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   "value": "<div class=\"t m0 h1a ff4 fs6 fc4 sc3 ls0 ws0 gsa\">A.1 - <span class=\"_ _f\"></span>PARTE<span class=\"_ _f\"></span> GENER<span class=\"_ _f\"></span>ALE<span class=\"_ _df\"> </span></div><div class=\"t m0 he ff4 fs5 fc4 sc3 ls0 ws0 gsb\">Sezio<span class=\"_ _1\"></span>ne 1 - D<span class=\"_ _1\"></span>ichiara<span class=\"_ _f\"></span>zione d<span class=\"_ _1\"></span>i confo<span class=\"_ _1\"></span>rmit\u00e0 <span class=\"_ _1\"></span>ai prin<span class=\"_ _f\"></span>cipi contab<span class=\"_ _f\"></span>ili internaz<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span>ona<span class=\"_ _1\"></span>li </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsc\">Il  bilancio <span class=\"_ _4\"> </span>consolidato <span class=\"_ _4\"> </span>\u00e8  stato <span class=\"_ _22\"> </span>r<span class=\"_ _2\"></span>edatto <span class=\"_ _22\"> </span>nella <span class=\"_ _4\"> </span>piena  conformit\u00e0 <span class=\"_ _4\"> </span>di  tutti <span class=\"_ _4\"> </span>i  Principi <span class=\"_ _4\"> </span>Contabili<span class=\"_ _1\"></span> <span class=\"_ _4\"> </span>Internazionali </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gsd\">(IAS/IFRS) <span class=\"_ _c\"> </span>emanati <span class=\"_ _c\"> </span>dall\u2019<span class=\"ff4\">Internat<span class=\"_ _2\"></span>ional <span class=\"_ _c\"> </span>Accounting <span class=\"_ _c\"> </span>Standard <span class=\"_ _c\"> </span>Board <span class=\"_ _c\"> </span>e <span class=\"_ _c\"> </span>d<span class=\"_ _2\"></span>elle <span class=\"_ _c\"> </span>relative <span class=\"_ _c\"> </span>interpretazioni </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls39 ws0 gse\">del<span class=\"ff5 lsc0\">l\u2019</span><span class=\"ls0\">International <span class=\"_ _0\"></span>Financial <span class=\"_ _16\"> </span>Reporting <span class=\"_ _9\"> </span>Interpretation <span class=\"_ _9\"> </span>Committee, <span class=\"_ _9\"> </span>vigenti <span class=\"_ _9\"> </span>alla <span class=\"_ _16\"> </span>data <span class=\"_ _9\"> </span>del <span class=\"_ _9\"> </span>31 <span class=\"_ _9\"> </span>dicembre <span class=\"_ _9\"> </span>202<span class=\"_ _2\"></span>5 <span class=\"_ _9\"> </span><span class=\"ls7e\">e </span></span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsf\">omologati <span class=\"_ _2\"></span>dalla Commissione <span class=\"_ _2\"></span>Europea secondo <span class=\"_ _2\"></span>la procedura <span class=\"_ _2\"></span>prevista dal <span class=\"_ _2\"></span>regolamento <span class=\"_ _2\"></span>UE n. <span class=\"_ _2\"></span>1606/2002 <span class=\"_ _2\"></span>del </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs10\">19 <span class=\"_ _2\"></span>luglio <span class=\"_ _2\"></span>2002, <span class=\"_ _d\"></span>nonch\u00e9 <span class=\"_ _2\"></span>dei <span class=\"_ _2\"></span>provvedimenti <span class=\"_ _2\"></span>emanati <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span><span class=\"ff5\">attuazione <span class=\"_ _2\"></span>dell\u2019art.9 <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>D.Lgs. <span class=\"_ _2\"></span>n.38/200<span class=\"_ _2\"></span>5 <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>dell\u2019art.43 </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs11\">del D. Lgs.18 agosto 2015, n.136. </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs12\">Si fa p<span class=\"_ _1\"></span>resente inoltre che<span class=\"_ _1\"></span> la Banca d\u2019Italia,<span class=\"_ _1\"></span> avendo i poteri i<span class=\"_ _1\"></span>n materia di <span class=\"_ _1\"></span>definizione dei p<span class=\"_ _1\"></span>rospetti contabili e <span class=\"_ _f\"></span>d<span class=\"_ _2\"></span>i </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs13\">definizione della Nota Integrativa del B<span class=\"_ _1\"></span>ilancio<span class=\"ff5\">, ha emanato <span class=\"_ _2\"></span>l\u20198\u00b0 ag<span class=\"_ _1\"></span>giornamento della Circolare n. 262/2005 \u201cIl </span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs14\">bilancio bancario: schemi e regole<span class=\"_ _1\"></span> di compilazione\u201d il 17 novembre 2022.       </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs15\">I <span class=\"_ _14\"> </span>principi <span class=\"_ _17\"> </span>contabili <span class=\"_ _14\"> </span>adottati <span class=\"_ _14\"> </span>per <span class=\"_ _14\"> </span>la <span class=\"_ _17\"> </span>predisposizione <span class=\"_ _14\"> </span>del <span class=\"_ _17\"> </span>presente <span class=\"_ _14\"> </span>bilancio, <span class=\"_ _14\"> </span>con <span class=\"_ _14\"> </span>riferimento <span class=\"_ _17\"> </span>alle <span class=\"_ _14\"> </span>fasi <span class=\"_ _14\"> </span>di </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs16\">classificazione, iscrizione, <span class=\"_ _2\"></span>valutazione e <span class=\"_ _2\"></span>cancellazione <span class=\"_ _2\"></span>delle at<span class=\"_ _2\"></span>tivit\u00e0 e <span class=\"_ _2\"></span>passivit\u00e0 <span class=\"_ _2\"></span>finanziarie, cos\u00ec <span class=\"_ _2\"></span>come <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>le </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs17\">modalit\u00e0 <span class=\"_ _f\"></span>di riconoscimento <span class=\"_ _f\"></span>dei <span class=\"_ _f\"></span>ricavi <span class=\"_ _f\"></span>e dei <span class=\"_ _f\"></span>costi, <span class=\"_ _1\"></span>risultano <span class=\"_ _f\"></span>invariati rispe<span class=\"_ _1\"></span>tto <span class=\"_ _1\"></span>al <span class=\"_ _f\"></span>31 di<span class=\"_ _1\"></span>cembre <span class=\"_ _f\"></span>202<span class=\"_ _2\"></span>4, ad <span class=\"_ _11\"></span>eccezione </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs18\">di quanto riportato nella segue<span class=\"_ _1\"></span>nte<span class=\"_ _2\"></span> Sezione 2.   </div>",
   "dimensions": {
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    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-764": {
   "value": "<div class=\"t m0 he ff4 fs5 fc4 sc3 ls0 ws0 gs1a\">Sezio<span class=\"_ _1\"></span>ne 2 - P<span class=\"_ _f\"></span>rincipi gene<span class=\"_ _1\"></span>rali d<span class=\"_ _f\"></span>i redazio<span class=\"_ _1\"></span>ne </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs1b\">Il <span class=\"_ _17\"> </span>bilancio <span class=\"_ _14\"> </span>consolidato <span class=\"_ _14\"> </span>\u00e8 <span class=\"_ _14\"> </span>stat<span class=\"_ _2\"></span>o <span class=\"_ _17\"> </span>predisposto <span class=\"_ _14\"> </span>sulla <span class=\"_ _14\"> </span>base <span class=\"_ _14\"> </span>delle <span class=\"_ _14\"> </span>\u201cIstruzioni <span class=\"_ _14\"> </span>per <span class=\"_ _17\"> </span>la <span class=\"_ _14\"> </span>r<span class=\"_ _2\"></span>edazione <span class=\"_ _17\"> </span>del <span class=\"_ _14\"> </span>bilancio </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs1c\">dell\u2019impresa <span class=\"_ _f\"></span>e del bilancio <span class=\"_ _f\"></span>consolidato delle <span class=\"_ _f\"></span>banche e delle<span class=\"_ _1\"></span> societ\u00e0 <span class=\"_ _1\"></span>finanziarie <span class=\"_ _f\"></span>ca<span class=\"_ _2\"></span>pogruppo <span class=\"_ _f\"></span>di <span class=\"_ _2\"></span>gruppi <span class=\"_ _f\"></span>bancari\u201d </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs1d\">emanate dalla Banca d\u2019Italia con il Provvedimento del<span class=\"_ _1\"></span> 22 dicembre 2005 <span class=\"_ _2\"></span>e succ<span class=\"_ _1\"></span>essivi aggiornamenti.<span class=\"_ _2\"></span><span class=\"ff4\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1e\">Il bilancio consolidato <span class=\"_ _2\"></span>\u00e8 costituito dallo Stato patrimoniale, Conto economico, <span class=\"_ _2\"></span>dal Prospetto della redditivit\u00e0 </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1f\">complessiva, <span class=\"_ _16\"> </span>dal <span class=\"_ _16\"> </span>Prospetto  delle  v<span class=\"_ _f\"></span>ar<span class=\"_ _2\"></span>iazioni <span class=\"_ _16\"> </span>di <span class=\"_ _16\"> </span>patrimonio  ne<span class=\"_ _1\"></span>tto,  dal <span class=\"_ _9\"> </span>Rendiconto  finanziario  e<span class=\"_ _1\"></span>  dalla <span class=\"_ _9\"> </span>N<span class=\"_ _2\"></span>ota </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs20\">integrativa <span class=\"_ _9\"> </span>e <span class=\"_ _16\"> </span>dalle <span class=\"_ _9\"> </span>relative <span class=\"_ _9\"> </span>informazioni  comp<span class=\"_ _1\"></span>arative <span class=\"_ _9\"> </span>al  31 <span class=\"_ _9\"> </span>dicembre <span class=\"_ _9\"> </span>202<span class=\"_ _2\"></span>4  e<span class=\"_ _1\"></span>d <span class=\"_ _9\"> </span>\u00e8 <span class=\"_ _16\"> </span>inoltre <span class=\"_ _9\"> </span>corredato  d<span class=\"_ _1\"></span>a <span class=\"_ _16\"> </span>una<span class=\"_ _1\"></span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs21\">Relazione <span class=\"_ _2\"></span>sulla <span class=\"_ _d\"></span>gestione, <span class=\"_ _2\"></span>sui <span class=\"_ _d\"></span>risultati <span class=\"_ _d\"></span>economici <span class=\"_ _d\"></span>conseguiti <span class=\"_ _2\"></span>e <span class=\"_ _d\"></span>sulla <span class=\"_ _d\"></span>situazione <span class=\"_ _d\"></span>patrimoniale <span class=\"_ _d\"></span>e <span class=\"_ _2\"></span>fin<span class=\"_ _2\"></span>anziaria <span class=\"_ _2\"></span>del </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs22\">Gruppo Credem. </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs23\">Il <span class=\"_ _d\"></span>bilancio <span class=\"_ _d\"></span>consolidato <span class=\"_ _0\"></span><span class=\"ff5\">\u00e8 <span class=\"_ _d\"></span>redatto <span class=\"_ _0\"></span>con <span class=\"_ _d\"></span>l\u2019applicazione <span class=\"_ _d\"></span>dei <span class=\"_ _d\"></span>principi <span class=\"_ _0\"></span>generali <span class=\"_ _d\"></span>previsti <span class=\"_ _d\"></span>dallo <span class=\"_ _0\"></span>IAS <span class=\"_ _d\"></span>1 <span class=\"_ _0\"></span>e <span class=\"_ _d\"></span>degli <span class=\"_ _d\"></span>specifici </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs24\">principi  contabili  omologati  dalla  Commissione  europea  e  illustrati  nella  Parte  A.2  della  pr<span class=\"_ _2\"></span>es<span class=\"_ _2\"></span>ente  Nota </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs25\">integrativa, <span class=\"_ _14\"> </span>nonch\u00e9 <span class=\"_ _15\"> </span>in <span class=\"_ _15\"> </span>aderenza <span class=\"_ _15\"> </span>con <span class=\"_ _15\"> </span>le <span class=\"_ _15\"> </span>assunzioni <span class=\"_ _15\"> </span>generali <span class=\"_ _15\"> </span>previste <span class=\"_ _15\"> </span>dal <span class=\"_ _14\"> </span>Qua<span class=\"_ _2\"></span>dro <span class=\"_ _14\"> </span>Sist<span class=\"_ _2\"></span>ematico <span class=\"_ _14\"> </span>per <span class=\"_ _15\"> </span>la </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs26\">preparazione e presentazione del bil<span class=\"_ _1\"></span>ancio elaborato dallo IASB.<span class=\"_ _2\"></span> </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs27\">Non sono state effettuate deroghe<span class=\"_ _1\"></span> all\u2019applicazione dei principi contabili IAS/IFRS<span class=\"ff4\">.<span class=\"_ _2\"></span> </span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs28\">In <span class=\"_ _2\"></span>conformit\u00e0 <span class=\"_ _d\"></span>a <span class=\"_ _2\"></span>quanto <span class=\"_ _d\"></span>disposto <span class=\"_ _2\"></span>dall\u2019art. <span class=\"_ _2\"></span>5<span class=\"_ _2\"></span>, <span class=\"_ _2\"></span>comma <span class=\"_ _d\"></span>2, <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>De<span class=\"_ _2\"></span>creto <span class=\"_ _2\"></span>Legislativo <span class=\"_ _2\"></span>n. <span class=\"_ _d\"></span>38 <span class=\"_ _2\"></span>del <span class=\"_ _d\"></span>28 <span class=\"_ _2\"></span>febbra<span class=\"_ _2\"></span>io <span class=\"_ _2\"></span>2005, <span class=\"_ _d\"></span>il </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs29\">bilancio \u00e8 r<span class=\"_ _2\"></span>edatto utilizzando l\u2019euro <span class=\"_ _2\"></span>come moneta di <span class=\"_ _2\"></span>conto, e <span class=\"_ _2\"></span>si fonda sull\u2019applicazione dei <span class=\"_ _2\"></span>seguenti principi </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs2a\">generali di redazione dettati dallo IAS 1: </div><div class=\"t m0 h5 ff14 fs1 fc1 sc0 ls0 ws0 gs2b\"><span class=\"_ _2c\"> </span><span class=\"ff4\">Continuit\u00e0 <span class=\"_ _2\"></span>aziendale. Gli <span class=\"_ _2\"></span>amministr<span class=\"_ _2\"></span>atori hanno <span class=\"_ _2\"></span>considerato appropriato <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>presupposto della <span class=\"_ _2\"></span>continuit\u00e0 </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs2c\">aziendale <span class=\"_ _0\"></span>in <span class=\"_ _9\"> </span>quanto <span class=\"_ _9\"> </span>a <span class=\"_ _9\"> </span>loro <span class=\"_ _9\"> </span>giudizio <span class=\"_ _0\"></span>non <span class=\"_ _9\"> </span>sono <span class=\"_ _9\"> </span>emerse <span class=\"_ _9\"> </span>incertezze <span class=\"_ _0\"></span>legate <span class=\"_ _9\"> </span>ad <span class=\"_ _0\"></span>e<span class=\"_ _2\"></span>venti <span class=\"_ _0\"></span>o <span class=\"_ _9\"> </span>circostante <span class=\"_ _9\"> </span>che,<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs2d\">considerati <span class=\"_ _4\"> </span>singolarmente <span class=\"_ _22\"> </span>o <span class=\"_ _4\"> </span>nel <span class=\"_ _4\"> </span>loro <span class=\"_ _4\"> </span>insieme, <span class=\"_ _4\"> </span>possano <span class=\"_ _4\"> </span>far <span class=\"_ _4\"> </span>sorgere <span class=\"_ _22\"> </span>dubbi <span class=\"_ _4\"> </span>riguardo <span class=\"_ _4\"> </span>alla <span class=\"_ _22\"> </span>con<span class=\"_ _2\"></span>tinuit\u00e0 </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs2e\">aziendale. <span class=\"_ _1\"></span>Conseguentemente le <span class=\"_ _f\"></span>att<span class=\"_ _2\"></span>ivit\u00e0, <span class=\"_ _f\"></span>passivit\u00e0 ed <span class=\"_ _f\"></span>o<span class=\"_ _2\"></span>perazioni \u201cfuori <span class=\"_ _f\"></span>bilancio\u201d sono <span class=\"_ _f\"></span>valutate secondo<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs2f\">valori di funzionamento, in quanto destinate a durare nel<span class=\"_ _1\"></span> tempo.<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff14 fs1 fc1 sc0 ls0 ws0 gs30\"><span class=\"_ _2c\"> </span><span class=\"ff4\">Competenza <span class=\"_ _e\"> </span>economica. <span class=\"_ _e\"> </span>Costi <span class=\"_ _10\"> </span>e <span class=\"_ _e\"> </span>ricavi <span class=\"_ _e\"> </span>vengono <span class=\"_ _e\"> </span>r<span class=\"_ _2\"></span>ilev<span class=\"_ _1\"></span>ati, <span class=\"_ _e\"> </span>a <span class=\"_ _10\"> </span>prescindere <span class=\"_ _e\"> </span>dal <span class=\"_ _e\"> </span>momento <span class=\"_ _10\"> </span>del <span class=\"_ _e\"> </span>loro </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs31\">regolamento monetario, per periodo di<span class=\"_ _1\"></span> maturazione economica e secondo il criterio di correlazione.<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff14 fs1 fc1 sc0 ls0 ws0 gs32\"><span class=\"_ _2c\"> </span><span class=\"ff4\">Coerenza di <span class=\"_ _f\"></span>presentazione. <span class=\"_ _1\"></span>La p<span class=\"_ _1\"></span>resentazione e<span class=\"_ _f\"></span> la classificaz<span class=\"_ _1\"></span>ione <span class=\"_ _1\"></span>delle <span class=\"_ _1\"></span>voci sono<span class=\"_ _f\"></span> mantenute cos<span class=\"_ _1\"></span>tanti <span class=\"_ _1\"></span>ne<span class=\"ls98\">l </span></span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs33\">tempo  allo  scopo  di  garant<span class=\"_ _2\"></span>ire  la  comparabilit\u00e0  delle  informazioni,  salvo  che  la  loro  variazione  sia </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs34\">richiesta <span class=\"_ _f\"></span>da <span class=\"_ _f\"></span>un <span class=\"_ _f\"></span>Principio <span class=\"_ _f\"></span>Cont<span class=\"_ _2\"></span>abile <span class=\"_ _f\"></span>Internazionale <span class=\"_ _f\"></span>o <span class=\"_ _1\"></span>da <span class=\"_ _f\"></span>una <span class=\"_ _f\"></span>Int<span class=\"_ _2\"></span>erpretazione <span class=\"_ _11\"></span>opp<span class=\"_ _2\"></span>ure <span class=\"_ _f\"></span>renda <span class=\"_ _f\"></span>pi\u00f9 <span class=\"_ _f\"></span>appropriata, </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs35\">in termini d<span class=\"_ _1\"></span>i significativit\u00e0 e d<span class=\"_ _1\"></span>i affidabilit\u00e0, la rappresentazione dei v<span class=\"_ _1\"></span>alori. Se un criterio d<span class=\"_ _1\"></span>i presentazione </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs36\">o<span class=\"_ _4\"> </span>di <span class=\"_ _2\"></span>classificazione<span class=\"_ _1\"></span> <span class=\"_ _2\"></span>viene <span class=\"_ _2\"></span>cambiato, <span class=\"_ _2\"></span>quello <span class=\"_ _2\"></span>nuovo si <span class=\"_ _2\"></span>applica <span class=\"_ _d\"></span><span class=\"ff5\">\u2013</span> <span class=\"_ _2\"></span>ove <span class=\"_ _2\"></span>possibile <span class=\"_ _2\"></span><span class=\"ff5\">\u2013</span> <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>modo <span class=\"_ _2\"></span>retroattivo; <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>tal </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs37\">caso <span class=\"_ _9\"> </span>vengono <span class=\"_ _0\"></span>anche <span class=\"_ _9\"> </span>indicati <span class=\"_ _0\"></span>la <span class=\"_ _9\"> </span>natura <span class=\"_ _0\"> </span>e <span class=\"_ _9\"> </span>il <span class=\"_ _0\"> </span>mo<span class=\"_ _2\"></span>tivo <span class=\"_ _0\"></span>della <span class=\"_ _0\"></span>variazione, <span class=\"_ _9\"> </span>nonch\u00e9 <span class=\"_ _0\"></span>le <span class=\"_ _9\"> </span>voci <span class=\"_ _0\"> </span>i<span class=\"_ _2\"></span>nteressat<span class=\"_ _2\"></span>e. <span class=\"_ _0\"></span>Nella </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs38\">presentazione e nella class<span class=\"_ _2\"></span>ificazione delle voci sono <span class=\"_ _2\"></span>adottati gli schemi predisposti <span class=\"_ _2\"></span>dalla Banca d\u2019Italia<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs39\">per <span class=\"_ _17\"> </span>i <span class=\"_ _14\"> </span>bilanci <span class=\"_ _14\"> </span>delle <span class=\"_ _14\"> </span>banche, <span class=\"_ _14\"> </span>contenuti <span class=\"_ _17\"> </span>nella <span class=\"_ _14\"> </span>circolare <span class=\"_ _14\"> </span>n. <span class=\"_ _14\"> </span>262 <span class=\"_ _14\"> </span>del <span class=\"_ _17\"> </span>22 <span class=\"_ _14\"> </span>dicembre <span class=\"_ _14\"> </span>2005 <span class=\"_ _14\"> </span>e <span class=\"_ _14\"> </span>successivi<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs3a\">aggiornamenti ed integrazioni.<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff14 fs1 fc1 sc0 ls0 ws0 gs3b\"><span class=\"_ _2c\"> </span><span class=\"ff4\">Aggregazione <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>rilevanza. <span class=\"_ _2\"></span>Tutt<span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>raggruppamenti significat<span class=\"_ _2\"></span>ivi d<span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>voci <span class=\"_ _2\"></span>con <span class=\"_ _2\"></span>natura <span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>funzione <span class=\"_ _2\"></span>simil<span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>sono </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs3c\">riportati <span class=\"_ _d\"></span>separatamente. <span class=\"_ _d\"></span>Gli <span class=\"_ _d\"></span>elementi <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>natura <span class=\"_ _d\"></span>o <span class=\"_ _0\"></span>funzione <span class=\"_ _d\"></span>diversa, <span class=\"_ _d\"></span>se <span class=\"_ _d\"></span>rilevanti, <span class=\"_ _d\"></span>vengono <span class=\"_ _d\"></span>presentat<span class=\"_ _2\"></span>i <span class=\"_ _d\"></span>in </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs3d\">modo distinto.<span class=\"_ _df\"> </span> </div>Divieto di compensazione.<span class=\"_ _1\"></span> Attivit\u00e0 e passivit\u00e0, costi e <span class=\"_ _1\"></span>ricavi non v<span class=\"_ _1\"></span>engono compensati tra loro, <span class=\"_ _1\"></span>salvo che<span class=\"_ _df\"> </span>ci\u00f2 <span class=\"_ _9\"> </span>non  sia<span class=\"_ _f\"></span>  richi<span class=\"_ _1\"></span>esto <span class=\"_ _9\"> </span>o <span class=\"_ _16\"> </span>permesso <span class=\"_ _9\"> </span>da <span class=\"_ _9\"> </span>un <span class=\"_ _16\"> </span>Principi<span class=\"_ _1\"></span>o <span class=\"_ _16\"> </span>Contabile <span class=\"_ _9\"> </span>Internazionale <span class=\"_ _9\"> </span>o  d<span class=\"_ _1\"></span>a <span class=\"_ _16\"> </span>una <span class=\"_ _9\"> </span>Interpretazi<span class=\"_ _1\"></span>one<span class=\"_ _df\"> </span>oppure dagli schemi predisposti dalla Banc<span class=\"_ _1\"></span>a d\u2019Italia per i bilanci delle banche.<span class=\"_ _df\"> </span><span class=\"_ _2c\"> </span><span class=\"ff4\">Informa<span class=\"ff5\">tiva comparativa. <span class=\"_ _f\"></span>Le informazioni <span class=\"_ _f\"></span>comparative d<span class=\"_ _1\"></span>ell\u2019esercizio p<span class=\"_ _1\"></span>recedente <span class=\"_ _1\"></span>sono <span class=\"_ _1\"></span>riportate <span class=\"_ _1\"></span>per <span class=\"_ _f\"></span>tutt<span class=\"_ _2\"></span>i<span class=\"_ _f\"></span> </span></span>i <span class=\"_ _f\"></span>dati contenu<span class=\"_ _1\"></span>ti <span class=\"_ _1\"></span>nei <span class=\"_ _1\"></span>prospetti <span class=\"_ _1\"></span>contabili <span class=\"_ _f\"></span>di <span class=\"_ _1\"></span>confronto. Le <span class=\"_ _f\"></span>modifiche <span class=\"_ _1\"></span>ai <span class=\"_ _f\"></span>dati comparativi <span class=\"_ _f\"></span>sono e<span class=\"_ _1\"></span>ffettuate <span class=\"_ _f\"></span>s<span class=\"_ _2\"></span>olo quando ritenute di importo significativ<span class=\"_ _1\"></span>o.<span class=\"_ _df\"> </span>Si <span class=\"_ _0\"></span>\u00e8 <span class=\"_ _d\"></span>t<span class=\"_ _2\"></span>en<span class=\"ff5\">uto <span class=\"_ _d\"></span>conto <span class=\"_ _9\"> </span>dei <span class=\"_ _d\"></span>documenti <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>tipo <span class=\"_ _0\"></span>interpretativo <span class=\"_ _0\"></span>e <span class=\"_ _0\"></span>di <span class=\"_ _d\"></span>s<span class=\"_ _2\"></span>upporto <span class=\"_ _d\"></span>all\u2019applicazione <span class=\"_ _0\"></span>dei <span class=\"_ _d\"></span>principi<span class=\"_ _d\"></span></span> <span class=\"_ _2\"></span>cont<span class=\"_ _2\"></span>abili, emanati  dagli  organismi  regolamentari  e  <span class=\"ls39\">di</span>  vigilanza <span class=\"_ _4\"> </span>europei  e <span class=\"_ _4\"> </span>dagli  standard <span class=\"_ _4\"> </span>setter, <span class=\"_ _4\"> </span>in  part<span class=\"_ _2\"></span>icolare <span class=\"_ _4\"> </span>la<span class=\"_ _1\"></span> com<span class=\"_ _f\"></span>unic<span class=\"_ _1\"></span>azi<span class=\"_ _1\"></span>one<span class=\"_ _1\"></span> <span class=\"_ _2\"></span><span class=\"ff5\">de<span class=\"_ _1\"></span>ll\u2019<span class=\"_ _f\"></span>ESMA del 2<span class=\"ff4\">4 <span class=\"_ _2\"></span>ott<span class=\"_ _1\"></span>obr<span class=\"_ _1\"></span>e 2025<span class=\"_ _f\"></span> </span></span>\u201cE<span class=\"_ _f\"></span>urop<span class=\"ff4\">ea<span class=\"_ _f\"></span>n<span class=\"_ _df\"> </span></span>commo<span class=\"_ _1\"></span>n<span class=\"_ _df\"> </span>enf<span class=\"_ _1\"></span>orce<span class=\"_ _f\"></span>ment<span class=\"_ _df\"> </span>prio<span class=\"_ _f\"></span>rities<span class=\"_ _df\"> </span>fo<span class=\"_ _1\"></span>r<span class=\"_ _df\"> </span>202<span class=\"_ _1\"></span>5<span class=\"_ _df\"> </span>annual<span class=\"_ _df\"> </span>co<span class=\"_ _1\"></span>rpo<span class=\"_ _1\"></span>rat<span class=\"_ _1\"></span>e <span class=\"_ _d\"></span>repor<span class=\"_ _1\"></span>ting<span class=\"_ _f\"></span><span class=\"ff5 lsc1\">\u201d,</span> <span class=\"_ _2\"></span><span class=\"fs1\">dove <span class=\"_ _2\"></span><span class=\"ls2\">si</span> <span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>videnziano <span class=\"_ _2\"></span><span class=\"ls1a\">le</span> <span class=\"_ _d\"></span>priorit\u00e0 <span class=\"_ _d\"></span>relative <span class=\"_ _2\"></span>all<span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>disclosure <span class=\"_ _2\"></span>sui <span class=\"_ _d\"></span>rendiconti <span class=\"_ _2\"></span>annuali, <span class=\"_ _9\"> </span>nonch\u00e9 </span>delle linee g<span class=\"_ _1\"></span>uida EBA \u201cGuidelines on the manage<span class=\"_ _1\"></span>ment of env<span class=\"_ _1\"></span>ironmental, social and g<span class=\"_ _1\"></span>overnance (ESG<span class=\"_ _2\"></span>) risks\u201d,<span class=\"fs24\"> </span>che <span class=\"_ _e\"> </span>stabiliscono <span class=\"_ _e\"> </span>i <span class=\"_ _e\"> </span>requisiti <span class=\"_ _e\"> </span>per <span class=\"_ _e\"> </span>le <span class=\"_ _e\"> </span>istituzioni <span class=\"_ _15\"> </span>in <span class=\"_ _e\"> </span>mat<span class=\"_ _2\"></span>eria <span class=\"_ _15\"> </span>di <span class=\"_ _e\"> </span>identificazione, <span class=\"_ _15\"> </span>misurazione, <span class=\"_ _e\"> </span>gest<span class=\"_ _2\"></span>ione <span class=\"_ _15\"> </span>e monitoraggio dei rischi ESG.<div class=\"t m0 he ff4 fs5 fc16 scf ls0 ws0 gs3f\">Pr<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>cip<span class=\"_ _f\"></span>i co<span class=\"_ _f\"></span>nta<span class=\"_ _f\"></span>bili<span class=\"_ _f\"></span> </div><div class=\"t m0 h5 ff4 fs1 fc4 sc3 ls0 ws0 gs40\">NUO<span class=\"_ _1\"></span>VI <span class=\"_ _f\"></span>IFRS <span class=\"_ _f\"></span>ACCOUNTI<span class=\"_ _1\"></span>NG<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>STAND<span class=\"_ _f\"></span>ARDS, <span class=\"_ _f\"></span>EMEND<span class=\"_ _f\"></span>AMENTI <span class=\"_ _f\"></span>ED <span class=\"_ _f\"></span>INTERP<span class=\"_ _f\"></span>RETAZION<span class=\"_ _1\"></span>I <span class=\"_ _f\"></span>APPLICA<span class=\"_ _f\"></span>TI DAL<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>1\u00b0 <span class=\"_ _f\"></span>GENNAIO <span class=\"_ _f\"></span>202<span class=\"_ _1\"></span>5  </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs41\">Il seguente emendamento \u00e8 stato applicato per la prima volta dal<span class=\"_ _1\"></span> Gruppo a partire dal 1\u00b0 gennaio 2025: <span class=\"_ _2\"></span> </div><div class=\"t m0 h218 ff14 fs1 fc1 sc0 ls0 ws0 gs42\"></div><div class=\"t m1 h6 ff5 fs2 fc1 sc2 ls0 ws0 gs43\">\u201cAme<span class=\"_ _1\"></span>ndm<span class=\"_ _1\"></span>ent<span class=\"_ _1\"></span>s <span class=\"_ _2\"></span>to <span class=\"_ _2\"></span>IAS 21 <span class=\"_ _2\"></span>The <span class=\"_ _2\"></span>Effe<span class=\"_ _f\"></span>cts <span class=\"_ _2\"></span>of <span class=\"_ _2\"></span>Chang<span class=\"_ _1\"></span>es <span class=\"_ _2\"></span>in Foreign Excha<span class=\"_ _f\"></span>nge <span class=\"_ _2\"></span>Rate<span class=\"_ _1\"></span>s: <span class=\"_ _2\"></span>Lack<span class=\"_ _1\"></span> <span class=\"_ _2\"></span>of <span class=\"_ _2\"></span>Excha<span class=\"_ _1\"></span>ngeab<span class=\"_ _1\"></span>ilit<span class=\"_ _1\"></span>y\u201d</div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls1b ws0 gs44\">. <span class=\"_ _2\"></span><span class=\"ls0\">Il </span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs45\">documento richiede ad <span class=\"_ _2\"></span>un\u2019entit\u00e0 di applicare <span class=\"_ _2\"></span>una metodologia da <span class=\"_ _2\"></span>applicare in maniera <span class=\"_ _2\"></span>coerente al <span class=\"_ _2\"></span>fine<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs46\">di  verificare  se  una  valuta  pu\u00f2<span class=\"_ _2\"></span>  essere  convertita  in  un\u2019altra  e,  qua<span class=\"_ _2\"></span>ndo  ci\u00f2  non  \u00e8  possibile, <span class=\"_ _22\"> </span>come </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs47\">determinare <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>tasso <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>cambio <span class=\"_ _2\"></span>da <span class=\"_ _2\"></span>utiliz<span class=\"ff5\">zar<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>l\u2019informativa <span class=\"_ _2\"></span>da <span class=\"_ _2\"></span>fornire <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>nota <span class=\"_ _2\"></span>integrativa. <span class=\"_ _2\"></span>L\u2019adozio<span class=\"_ _2\"></span>ne di<span class=\"_ _df\"> </span></span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs48\">tale emendamento non ha comportato effetti sul bilancio del Gruppo. </div><div class=\"t m0 h5 ff5 fs1 fc4 sc3 ls0 ws0 gs49\">NUO<span class=\"_ _1\"></span>VI <span class=\"_ _4\"> </span>IFRS <span class=\"_ _4\"> </span>ACCOU<span class=\"_ _1\"></span>NTIN<span class=\"_ _f\"></span>G <span class=\"_ _17\"> </span>STAN<span class=\"_ _f\"></span>DARDS, <span class=\"_ _4\"> </span>EMEN<span class=\"_ _f\"></span>DAMENT<span class=\"_ _1\"></span>I <span class=\"_ _4\"> </span>ED <span class=\"_ _4\"> </span>INTERP<span class=\"_ _1\"></span>RETA<span class=\"_ _f\"></span>ZIONI <span class=\"_ _4\"> </span>OMOL<span class=\"_ _1\"></span>OGAT<span class=\"_ _1\"></span>I <span class=\"_ _4\"> </span>DALL\u2019UN<span class=\"_ _f\"></span>IONE<span class=\"_ _f\"></span> </div><div class=\"t m0 h5 ff4 fs1 fc4 sc3 ls0 ws0 gs4a\">EUROP<span class=\"_ _f\"></span>EA, <span class=\"_ _f\"></span>NON <span class=\"_ _11\"></span>ANCORA <span class=\"_ _11\"></span>OBBLIG<span class=\"_ _f\"></span>ATORIAM<span class=\"_ _f\"></span>ENTE <span class=\"_ _f\"></span>APPL<span class=\"_ _1\"></span>ICABI<span class=\"_ _1\"></span>LI <span class=\"_ _f\"></span>E <span class=\"_ _f\"></span>NON<span class=\"_ _1\"></span> <span class=\"_ _f\"></span>ADOTT<span class=\"_ _1\"></span>ATI <span class=\"_ _f\"></span>IN <span class=\"_ _f\"></span>VIA <span class=\"_ _11\"></span>ANTICIP<span class=\"_ _f\"></span>ATA <span class=\"_ _f\"></span>DAL <span class=\"_ _f\"></span>GRUP<span class=\"_ _1\"></span>P<span class=\"_ _1\"></span>O </div><div class=\"t m0 h5 ff4 fs1 fc4 sc3 ls0 ws0 gs4b\">AL 31 <span class=\"_ _1\"></span>DIC<span class=\"_ _1\"></span>EMBRE<span class=\"_ _1\"></span> 20<span class=\"_ _1\"></span>25 </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs4c\">Alla data di riferimento del presente documento, gli organi competenti dell\u2019Unione Eu<span class=\"_ _1\"></span>ropea hanno concluso </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs4d\">il <span class=\"_ _2\"></span>processo <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>omologazione <span class=\"_ _2\"></span>necessario <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>l\u2019adozione<span class=\"_ _f\"></span> <span class=\"_ _d\"></span>degli <span class=\"_ _2\"></span>emendamen<span class=\"ff4\">ti <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>ei principi <span class=\"_ _2\"></span>sot<span class=\"_ _2\"></span>to <span class=\"_ _2\"></span>descritti, <span class=\"_ _2\"></span>ma </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs4e\">tali principi non <span class=\"_ _f\"></span>s<span class=\"_ _2\"></span>ono obbl<span class=\"_ _1\"></span>igatoriamente applicabili e non <span class=\"_ _1\"></span>sono stati adottati in vi<span class=\"_ _1\"></span>a anticipata dal Gruppo al <span class=\"_ _f\"></span>31 </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs4f\">dicembre 2025: </div><div class=\"t m0 h5 ff14 fs1 fc1 sc0 ls0 ws0 gs50\"><span class=\"_ _2c\"> </span><span class=\"ff5\">In <span class=\"_ _0\"></span>data <span class=\"_ _9\"> </span>30 <span class=\"_ _0\"> </span>maggio <span class=\"_ _9\"> </span>2024 <span class=\"_ _0\"></span>lo <span class=\"_ _9\"> </span>IASB <span class=\"_ _0\"></span>ha <span class=\"_ _9\"> </span>pubblicato <span class=\"_ _0\"></span>il <span class=\"_ _0\"></span>doc<span class=\"_ _2\"></span>umento <span class=\"_ _0\"></span>\u201c<span class=\"_ _df\"> </span></span></div><div class=\"t m1 h6 ff4 fs2 fc1 sc2 ls0 ws0 gs51\">Ame<span class=\"_ _f\"></span>ndments<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>to <span class=\"_ _0\"></span>the <span class=\"_ _0\"></span>Class<span class=\"_ _f\"></span>ification <span class=\"_ _0\"></span>and<span class=\"_ _f\"></span> </div><div class=\"t m1 h6 ff4 fs2 fc1 sc2 ls0 ws0 gs52\">Meas<span class=\"_ _f\"></span>urement<span class=\"_ _f\"></span> <span class=\"_ _9\"> </span>of <span class=\"_ _0\"></span>Financi<span class=\"_ _1\"></span>al <span class=\"_ _0\"></span>Inst<span class=\"_ _1\"></span>rume<span class=\"_ _1\"></span>nts<span class=\"ff5\">\u2014<span class=\"_ _f\"></span><span class=\"ff4\">Amendm<span class=\"_ _f\"></span>ents <span class=\"_ _0\"></span>to <span class=\"_ _0\"></span>IFRS <span class=\"_ _d\"></span>9 <span class=\"_ _9\"> </span>and <span class=\"_ _0\"></span>IFRS <span class=\"_ _d\"></span>7</span></span></div><div class=\"t m0 h5 ff28 fs1 fc1 sc0 ls0 ws0 gs53\">\u2033<span class=\"ff4 ls7d\">. <span class=\"_ _9\"> </span><span class=\"ls0\">Il <span class=\"_ _9\"> </span>documento <span class=\"_ _0\"></span>chiarisce </span></span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs54\">alcuni <span class=\"_ _2\"></span>aspetti <span class=\"_ _d\"></span>problematici <span class=\"_ _2\"></span>emersi <span class=\"_ _d\"></span>dalla <span class=\"_ _2\"></span>post<span class=\"_ _2\"></span>-<span class=\"ff5\">impleme<span class=\"_ _1\"></span>ntation <span class=\"_ _d\"></span>review <span class=\"_ _2\"></span>dell\u2019IFRS <span class=\"_ _2\"></span>9, <span class=\"_ _d\"></span>tra <span class=\"_ _2\"></span>cui <span class=\"_ _d\"></span>il <span class=\"_ _2\"></span>tratt<span class=\"_ _2\"></span>ame<span class=\"_ _1\"></span>nto </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs55\">contabile delle <span class=\"_ _2\"></span>attivit\u00e0 <span class=\"_ _2\"></span>finanziarie i <span class=\"_ _2\"></span>cui <span class=\"_ _2\"></span>rendimenti variano <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>raggiungimento <span class=\"_ _2\"></span>di obiettivi <span class=\"_ _2\"></span>ESG <span class=\"_ _2\"></span>(i.e. green </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs56\">bonds). In partic<span class=\"ff5\">olare, le modifiche hanno l\u2019obiettivo di:<span class=\"_ _df\"> </span></span></div><div class=\"t m0 h5 ff12 fs1 fc1 sc0 ls0 ws0 gs57\">o<span class=\"_ _25\"> </span><span class=\"ff4\">chiarire  la  classificazi<span class=\"_ _1\"></span>one  delle  attivit\u00e0  finanziarie  con <span class=\"_ _16\"> </span>rendimenti  variabili  e<span class=\"_ _1\"></span>  legati  ad  obiettivi<span class=\"_ _df\"> </span></span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs58\">ambientali, <span class=\"_ _d\"></span>sociali <span class=\"_ _d\"></span>e <span class=\"_ _0\"></span>di <span class=\"_ _d\"></span>governance <span class=\"_ _d\"></span>aziendale <span class=\"_ _0\"></span>(ESG) <span class=\"_ _d\"></span>ed <span class=\"_ _d\"></span>i <span class=\"_ _0\"></span>criteri <span class=\"_ _0\"></span>da <span class=\"_ _d\"></span>utilizzare <span class=\"_ _d\"></span>per <span class=\"_ _0\"></span>l\u2019assessment <span class=\"_ _0\"></span>del </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs59\">SPPI test; </div><div class=\"t m0 h5 ff12 fs1 fc1 sc0 ls0 ws0 gs5a\">o<span class=\"_ _25\"> </span><span class=\"ff4\">determinare <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>data di <span class=\"_ _2\"></span>regolamento <span class=\"_ _2\"></span>delle pass<span class=\"_ _2\"></span>ivit\u00e0 tramit<span class=\"_ _2\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _2\"></span>sistemi <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>pagamento <span class=\"_ _2\"></span>elettronici \u00e8<span class=\"_ _df\"> </span></span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs5b\">quella <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>cui la <span class=\"_ _2\"></span>passivit\u00e0 <span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>isu<span class=\"_ _1\"></span>lta <span class=\"_ _2\"></span>estinta. <span class=\"_ _2\"></span>Tuttavia, \u00e8 <span class=\"_ _2\"></span>consentito <span class=\"_ _2\"></span>ad <span class=\"_ _2\"></span>un\u2019entit\u00e0 <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>adottare <span class=\"_ _2\"></span>una <span class=\"_ _2\"></span>politica </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs5c\">contabile per <span class=\"_ _2\"></span>consentire <span class=\"_ _2\"></span>di eliminare contabilmente <span class=\"_ _2\"></span>una <span class=\"_ _2\"></span>passivit\u00e0 <span class=\"_ _2\"></span>finanzi<span class=\"_ _1\"></span>aria <span class=\"_ _2\"></span>prima <span class=\"_ _2\"></span>di<span class=\"_ _1\"></span> <span class=\"_ _2\"></span>consegnare </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs5d\">liquidit\u00e0 alla data di regolamento in presenz<span class=\"_ _1\"></span>a di determinate condizioni specifiche.<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs5e\">Con q<span class=\"_ _1\"></span>ueste modi<span class=\"_ _1\"></span>fiche, lo <span class=\"_ _f\"></span>IASB ha i<span class=\"_ _1\"></span>noltre introdotto <span class=\"_ _f\"></span>ulteriori requisiti <span class=\"_ _f\"></span>di informativa <span class=\"_ _f\"></span>r<span class=\"_ _2\"></span>iguardo <span class=\"_ _f\"></span>in particolare </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs5f\">ad investimenti in strumenti di capitale de<span class=\"_ _1\"></span>signati a FVOCI.<span class=\"_ _2\"></span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs60\">Le modifiche si <span class=\"_ _2\"></span>applicheranno a partire <span class=\"_ _2\"></span>dai bilanci degli esercizi che hanno <span class=\"_ _2\"></span>inizio dal 1\u00b0 <span class=\"_ _2\"></span>gennaio 2026. Gli </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs61\">amministratori  non<span class=\"_ _f\"></span>  si <span class=\"_ _16\"> </span>attendono <span class=\"_ _9\"> </span>un  eff<span class=\"_ _1\"></span>etto  signi<span class=\"_ _1\"></span>ficativo  sul <span class=\"_ _9\"> </span>bilancio  <span class=\"ff5\">del <span class=\"_ _9\"> </span>Gruppo  d<span class=\"_ _1\"></span>all\u2019adozione  di<span class=\"_ _1\"></span>  tali </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs62\">emendamenti. </div><div class=\"t m0 h5 ff14 fs1 fc1 sc0 ls0 ws0 gs63\"><span class=\"_ _2c\"> </span><span class=\"ff5\">In <span class=\"_ _2\"></span>data <span class=\"_ _2\"></span>18 dicembre <span class=\"_ _2\"></span>2024 <span class=\"_ _2\"></span>lo <span class=\"_ _2\"></span>IASB <span class=\"_ _2\"></span>ha p<span class=\"_ _2\"></span>ubblicato un <span class=\"_ _2\"></span>emendamento <span class=\"_ _2\"></span>denominato <span class=\"_ _2\"></span>\u201c</span></div><div class=\"t m1 h6 ff4 fs2 fc1 sc2 ls0 ws0 gs64\">Contr<span class=\"_ _1\"></span>acts Refe<span class=\"_ _1\"></span>rencin<span class=\"_ _f\"></span>g </div><div class=\"t m1 h6 ff4 fs2 fc1 sc2 ls0 ws0 gs65\">Nat<span class=\"_ _1\"></span>ure-de<span class=\"_ _1\"></span>pend<span class=\"_ _f\"></span>ent <span class=\"_ _4\"> </span>Elect<span class=\"_ _1\"></span>ricity<span class=\"_ _1\"></span> <span class=\"_ _4\"> </span><span class=\"ff5\">\u2013</span>  <span class=\"ff5\">Amendm<span class=\"_ _1\"></span>ent<span class=\"_ _1\"></span> <span class=\"_ _4\"> </span>to  IFRS <span class=\"_ _4\"> </span>9 <span class=\"_ _4\"> </span>and<span class=\"_ _1\"></span> <span class=\"_ _4\"> </span>IFR<span class=\"_ _f\"></span>S <span class=\"_ _4\"> </span>7\u201d<span class=\"_ _df\"> </span></span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs66\">. <span class=\"_ _4\"> </span>Il <span class=\"_ _22\"> </span>documento <span class=\"_ _4\"> </span>ha <span class=\"_ _4\"> </span>l\u2019obiettivo <span class=\"_ _22\"> </span>di </div>supportare <span class=\"_ _2\"></span>le entit\u00e0 <span class=\"_ _2\"></span>nel rendicontare <span class=\"_ _2\"></span>gli effetti <span class=\"_ _2\"></span>finanziari <span class=\"_ _2\"></span>dei contratti <span class=\"_ _2\"></span>di acquisto <span class=\"_ _2\"></span>di elettricit\u00e0 <span class=\"_ _2\"></span>prodotta<div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs6a\">da <span class=\"_ _2\"></span>fonti <span class=\"_ _2\"></span>rinnovabili <span class=\"_ _2\"></span>(spesso <span class=\"_ _2\"></span>strutturati <span class=\"_ _2\"></span>come <span class=\"_ _2\"></span>Power <span class=\"_ _2\"></span>Purchase <span class=\"_ _2\"></span>Agreements). <span class=\"_ _2\"></span>Sulla <span class=\"_ _2\"></span>base <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>tali <span class=\"_ _2\"></span>con<span class=\"_ _2\"></span>tratti, </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs6b\">la <span class=\"_ _16\"> </span>quantit\u00e0 <span class=\"_ _9\"> </span>di  elettricit\u00e0  ge<span class=\"_ _1\"></span>nerata  e<span class=\"_ _1\"></span>d <span class=\"_ _16\"> </span>acquistata  p<span class=\"_ _1\"></span>u\u00f2 <span class=\"_ _16\"> </span>variare <span class=\"_ _16\"> </span>in <span class=\"_ _16\"> </span>base <span class=\"_ _16\"> </span>a <span class=\"_ _16\"> </span>fattori  i<span class=\"_ _1\"></span>ncontrollab<span class=\"_ _2\"></span>ili <span class=\"_ _16\"> </span>quali <span class=\"_ _16\"> </span>le </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs6c\">condizioni <span class=\"_ _d\"></span>meteor<span class=\"_ _2\"></span>ologiche<span class=\"_ _1\"></span>. <span class=\"_ _0\"></span>Lo <span class=\"_ _0\"></span>IASB <span class=\"_ _0\"></span>ha <span class=\"_ _0\"></span>apportato <span class=\"_ _0\"></span>emendamenti <span class=\"_ _d\"></span>mir<span class=\"_ _2\"></span>ati <span class=\"_ _d\"></span>ai <span class=\"_ _0\"></span>principi <span class=\"_ _d\"></span>IFRS <span class=\"_ _0\"></span>9 <span class=\"_ _0\"></span>e <span class=\"_ _0\"></span>IFRS <span class=\"_ _0\"></span>7. <span class=\"_ _0\"></span>Gli </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs6d\">emendamenti includono: </div><div class=\"t m0 h5 ff12 fs1 fc1 sc0 ls0 ws0 gs6f\">o<span class=\"_ _25\"> </span><span class=\"ff5\">un chiarimento riguardo all\u2019applicazione dei requisiti di \u201cown use\u201d a questa tipol<span class=\"_ _1\"></span>ogia di contratti;<span class=\"_ _df\"> </span></span></div><div class=\"t m0 h5 ff12 fs1 fc1 sc0 ls0 ws0 gs70\">o<span class=\"_ _25\"> </span><span class=\"ff4\">dei criteri per consentire la contabilizzazione di tali contratti come strumenti di copertura; e,<span class=\"_ _df\"> </span></span></div><div class=\"t m0 h5 ff12 fs1 fc1 sc0 ls0 ws0 gs71\">o<span class=\"_ _25\"> </span><span class=\"ff4\">dei nu<span class=\"_ _1\"></span>ovi requisiti d<span class=\"_ _1\"></span>i informativa <span class=\"_ _f\"></span>per consentire agli <span class=\"_ _1\"></span>utilizzatori d<span class=\"_ _1\"></span>el bil<span class=\"_ _1\"></span>ancio di <span class=\"_ _1\"></span>comprendere l'e<span class=\"_ _1\"></span>ffetto<span class=\"_ _df\"> </span></span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs72\">di questi contratti sulle pe<span class=\"_ _1\"></span>rformance finanziarie e sui flussi di cassa<span class=\"_ _2\"></span> <span class=\"ff5\">di un\u2019entit\u00e0.<span class=\"_ _df\"> </span></span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs73\">La <span class=\"_ _14\"> </span>modifica <span class=\"_ _14\"> </span>si <span class=\"_ _15\"> </span>applicher\u00e0 <span class=\"_ _14\"> </span>dal <span class=\"_ _14\"> </span>1\u00b0 <span class=\"_ _15\"> </span>gennaio <span class=\"_ _14\"> </span>2026, <span class=\"_ _14\"> </span>ma <span class=\"_ _15\"> </span>\u00e8 <span class=\"_ _14\"> </span>consentita <span class=\"_ _14\"> </span>un\u2019applicazione <span class=\"_ _14\"> </span>anticipata. <span class=\"_ _15\"> </span>Gli </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs74\">amministratori <span class=\"_ _0\"></span>non <span class=\"_ _0\"></span>si <span class=\"_ _9\"> </span>attendono <span class=\"_ _0\"></span>un <span class=\"_ _0\"></span>effetto <span class=\"_ _0\"> </span>s<span class=\"_ _2\"></span>ignificativ<span class=\"_ _f\"></span>o<span class=\"_ _2\"></span> <span class=\"_ _9\"> </span>sul <span class=\"_ _0\"></span>bilancio <span class=\"_ _0\"></span><span class=\"ff5\">del <span class=\"_ _0\"></span>Gruppo <span class=\"_ _0\"></span>dall\u2019adozione <span class=\"_ _9\"> </span>di <span class=\"_ _0\"></span>tale </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs75\">principio. </div><div class=\"t m0 h5 ff14 fs1 fc1 sc0 ls0 ws0 gs76\"><span class=\"_ _2c\"> </span><span class=\"ff4\">In <span class=\"_ _2\"></span>data <span class=\"_ _2\"></span>18 luglio <span class=\"_ _2\"></span>2024 <span class=\"_ _2\"></span>lo IASB <span class=\"_ _2\"></span>ha <span class=\"_ _2\"></span>pubblicato un <span class=\"_ _2\"></span>documento <span class=\"_ _2\"></span>denominato </span></div><div class=\"t m1 h6 ff5 fs2 fc1 sc2 ls0 ws0 gs77\">\u201cAnnua<span class=\"_ _f\"></span>l <span class=\"_ _2\"></span>Impr<span class=\"_ _1\"></span>ovem<span class=\"_ _f\"></span>ents Volu<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span> </div><div class=\"t m1 h6 ff5 fs2 fc1 sc2 ls0 ws0 gs78\">11\u201d</div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs79\">. <span class=\"_ _0\"></span>Il <span class=\"_ _9\"> </span>documento <span class=\"_ _9\"> </span>include <span class=\"_ _9\"> </span>chiarimenti, <span class=\"_ _9\"> </span>semplificazioni, <span class=\"_ _9\"> </span>correzioni <span class=\"_ _9\"> </span>e <span class=\"_ _9\"> </span>cambiamenti <span class=\"_ _9\"> </span>volti <span class=\"_ _9\"> </span>a <span class=\"_ _9\"> </span>migliorare <span class=\"_ _9\"> </span>la </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs7a\">coerenza di diversi IFRS Accounting Standards. I princi<span class=\"_ _1\"></span>pi modificati sono:<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff12 fs1 fc1 sc0 ls0 ws0 gs7b\">o<span class=\"_ _25\"> </span><span class=\"ff4\">IFRS 1 First-time Adoption of International Financial Reporting Standards;<span class=\"_ _df\"> </span></span></div><div class=\"t m0 h5 ff12 fs1 fc1 sc0 ls0 ws0 gs7c\">o<span class=\"_ _25\"> </span><span class=\"ff4\">IFRS 7 Financial Instruments: Disclosures e le relative li<span class=\"_ _1\"></span>nee guida sull'implementazione dell'IFRS 7;<span class=\"_ _df\"> </span></span></div><div class=\"t m0 h5 ff12 fs1 fc1 sc0 ls0 ws0 gs7d\">o<span class=\"_ _25\"> </span><span class=\"ff4\">IFRS 9 Financial Instruments;<span class=\"_ _df\"> </span></span></div><div class=\"t m0 h5 ff12 fs1 fc1 sc0 ls0 ws0 gs7e\">o<span class=\"_ _25\"> </span><span class=\"ff4\">IFRS 10 Consolidated Financial Statements; e<span class=\"_ _df\"> </span></span></div><div class=\"t m0 h5 ff12 fs1 fc1 sc0 ls0 ws0 gs7f\">o<span class=\"_ _25\"> </span><span class=\"ff4\">IAS 7 Statement of Cash Flows.<span class=\"_ _df\"> </span></span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs80\">Le  modifiche <span class=\"_ _16\"> </span>si  applicheranno  d<span class=\"_ _1\"></span>al  1\u00b0  gennaio <span class=\"_ _16\"> </span>2026,  ma  \u00e8  consentita  u<span class=\"_ _1\"></span>n\u2019applicazione <span class=\"_ _16\"> </span>anticipata.  Gli </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs81\">amministratori  non<span class=\"_ _f\"></span>  si <span class=\"_ _16\"> </span>attendono <span class=\"_ _9\"> </span>un  eff<span class=\"_ _1\"></span>etto  signi<span class=\"_ _1\"></span>ficativo <span class=\"_ _16\"> </span>sul  bilancio <span class=\"_ _9\"> </span><span class=\"ff5\">del  Grup<span class=\"_ _1\"></span>po <span class=\"_ _16\"> </span>dall\u2019adozione <span class=\"_ _16\"> </span>di <span class=\"_ _16\"> </span>tali </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs82\">emendamenti.  </div><div class=\"t m0 h5 ff4 fs1 fc4 sc3 ls0 ws0 gs83\">NUO<span class=\"_ _1\"></span>VI <span class=\"_ _22\"> </span>IFRS <span class=\"_ _4\"> </span>ACC<span class=\"_ _f\"></span>OUNTING  STAN<span class=\"_ _1\"></span>DARD<span class=\"_ _1\"></span>S, <span class=\"_ _22\"> </span>EMEND<span class=\"_ _1\"></span>AMEN<span class=\"_ _f\"></span>TI <span class=\"_ _4\"> </span>ED <span class=\"_ _4\"> </span>IN<span class=\"_ _f\"></span>TERPRE<span class=\"_ _1\"></span>TAZI<span class=\"_ _f\"></span>ONI <span class=\"_ _4\"> </span>NON  ANCOR<span class=\"_ _f\"></span>A <span class=\"_ _4\"> </span>OMOL<span class=\"_ _f\"></span>OGATI </div><div class=\"t m0 h5 ff5 fs1 fc4 sc3 ls0 ws0 gs84\">DALL\u2019<span class=\"_ _f\"></span>UNIONE E<span class=\"_ _f\"></span>UROPEA<span class=\"_ _f\"></span><span class=\"ff4\"> </span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs85\">Alla data di <span class=\"_ _2\"></span>riferimento del pres<span class=\"_ _2\"></span>ente documento, gli or<span class=\"_ _2\"></span>gani competenti d<span class=\"_ _2\"></span>ell\u2019Unione Europea non <span class=\"_ _2\"></span>hanno </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs86\">ancora <span class=\"_ _f\"></span>concluso <span class=\"_ _f\"></span>il <span class=\"_ _f\"></span>pro<span class=\"_ _2\"></span>cesso <span class=\"_ _f\"></span>di <span class=\"_ _f\"></span>omologazione <span class=\"_ _f\"></span>necessario <span class=\"_ _f\"></span>per <span class=\"_ _f\"></span>l\u2019adozione <span class=\"_ _f\"></span>degli<span class=\"_ _2\"></span><span class=\"ff4\"> <span class=\"_ _f\"></span>emendamenti <span class=\"_ _f\"></span>e <span class=\"_ _1\"></span>dei <span class=\"_ _f\"></span>principi </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs87\">sotto descritti. </div><div class=\"t m0 h5 ff14 fs1 fc1 sc0 ls0 ws0 gs88\"><span class=\"_ _2c\"> </span><span class=\"ff4\">In <span class=\"_ _d\"></span>data <span class=\"_ _0\"></span>9 <span class=\"_ _0\"></span>aprile <span class=\"_ _d\"></span>2024 <span class=\"_ _0\"></span>lo <span class=\"_ _d\"></span>IASB <span class=\"_ _d\"></span>ha <span class=\"_ _0\"></span>pubblicato <span class=\"_ _d\"></span>un <span class=\"_ _0\"></span>nuovo <span class=\"_ _0\"></span>principio </span></div><div class=\"t m1 h6 ff4 fs2 fc1 sc2 ls0 ws0 gs89\">IFRS <span class=\"_ _2\"></span>18 <span class=\"_ _d\"></span>Presenta<span class=\"_ _f\"></span>tion <span class=\"_ _d\"></span>and <span class=\"_ _d\"></span>Disclo<span class=\"_ _f\"></span>sure <span class=\"_ _d\"></span>in </div><div class=\"t m1 h6 ff4 fs2 fc1 sc2 ls0 ws0 gs8a\">Fina<span class=\"_ _1\"></span>ncial <span class=\"_ _0\"></span>Stateme<span class=\"_ _1\"></span>nts</div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs8b\"> <span class=\"_ _9\"> </span>che <span class=\"_ _16\"> </span>sostitui<span class=\"_ _1\"></span>r\u00e0 <span class=\"_ _16\"> </span>il <span class=\"_ _9\"> </span>principio <span class=\"_ _16\"> </span>IAS <span class=\"_ _9\"> </span>1  P<span class=\"_ _1\"></span>resentation <span class=\"_ _16\"> </span>of <span class=\"_ _9\"> </span>Financial <span class=\"_ _9\"> </span>Stat<span class=\"_ _2\"></span>ements. <span class=\"_ _16\"> </span>Il <span class=\"_ _9\"> </span>nuovo<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs8c\">princi<span class=\"ff5\">pio  si <span class=\"_ _16\"> </span>pone <span class=\"_ _9\"> </span>l\u2019obiettivo  di <span class=\"_ _9\"> </span>migliorare  la  prese<span class=\"_ _1\"></span>ntazione  d<span class=\"_ _1\"></span>egli <span class=\"_ _16\"> </span>schemi  d<span class=\"_ _f\"></span>i  bilancio,  con <span class=\"_ _9\"> </span>particolare </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs8d\">riferimento allo schema del conto economico. In particolare, il nuov<span class=\"_ _1\"></span>o principio richiede di:<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff12 fs1 fc1 sc0 ls0 ws0 gs8e\">o<span class=\"_ _25\"> </span><span class=\"ff4\">Classificare <span class=\"_ _16\"> </span>i <span class=\"_ _16\"> </span>ricavi <span class=\"_ _9\"> </span>e  i <span class=\"_ _9\"> </span>costi  in <span class=\"_ _9\"> </span>tre  nu<span class=\"_ _f\"></span>o<span class=\"_ _2\"></span>ve <span class=\"_ _9\"> </span>categorie  (<span class=\"_ _1\"></span>sezione <span class=\"_ _16\"> </span>operativa,  sezi<span class=\"_ _1\"></span>one <span class=\"_ _16\"> </span>investimento <span class=\"_ _9\"> </span>e </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs8f\">sezione <span class=\"_ _0\"></span>finanziaria), <span class=\"_ _0\"></span>oltre <span class=\"_ _0\"></span>alle <span class=\"_ _9\"> </span>categorie <span class=\"_ _0\"></span>impost<span class=\"_ _2\"></span>e <span class=\"_ _0\"></span>e <span class=\"_ _0\"></span>attivit\u00e0 <span class=\"_ _0\"> </span>cessat<span class=\"_ _2\"></span>e <span class=\"_ _0\"></span>gi\u00e0 <span class=\"_ _0\"></span>presenti <span class=\"_ _0\"></span>nello <span class=\"_ _0\"></span>schema <span class=\"_ _9\"> </span>di </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs90\">conto economico;<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff12 fs1 fc1 sc0 ls0 ws0 gs91\">o<span class=\"_ _25\"> </span><span class=\"ff4\">Presentare due <span class=\"_ _2\"></span>nuovi sub-totali, <span class=\"_ _2\"></span>il risultato <span class=\"_ _2\"></span>operativo e il <span class=\"_ _2\"></span>risultato prima degli <span class=\"_ _2\"></span>interessi e tas<span class=\"_ _2\"></span>se (i.e. </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs92\">EBIT).<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs93\">Il nuovo principio inoltre: </div><div class=\"t m0 h5 ff12 fs1 fc1 sc0 ls0 ws0 gs94\">o<span class=\"_ _25\"> </span><span class=\"ff4\">richiede maggiori informazioni sugli indicatori di pe<span class=\"_ _1\"></span>rformance definiti dal management;<span class=\"_ _df\"> </span></span></div><div class=\"t m0 h5 ff12 fs1 fc1 sc0 ls0 ws0 gs95\">o<span class=\"_ _25\"> </span><span class=\"ff4\">introduce nuovi criteri per l'aggreg<span class=\"_ _1\"></span>azione e la disaggregazione delle informazioni; e,<span class=\"_ _df\"> </span></span></div><div class=\"t m0 h5 ff12 fs1 fc1 sc0 ls0 ws0 gs96\">o<span class=\"_ _25\"> </span><span class=\"ff4\">introduce alcune <span class=\"_ _f\"></span>mo<span class=\"_ _2\"></span>difiche allo schema <span class=\"_ _1\"></span>del rendiconto finanziario, tra cui <span class=\"_ _f\"></span>la richiesta di utilizzare il </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs97\">risultato <span class=\"_ _14\"> </span>operativo <span class=\"_ _17\"> </span>come <span class=\"_ _14\"> </span>punto <span class=\"_ _17\"> </span>di <span class=\"_ _17\"> </span>part<span class=\"_ _2\"></span>enza <span class=\"_ _17\"> </span>per <span class=\"_ _17\"> </span>la <span class=\"_ _14\"> </span>presentazione <span class=\"_ _14\"> </span>del <span class=\"_ _17\"> </span>rendiconto <span class=\"_ _14\"> </span>finanziario </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs98\">predisposto <span class=\"_ _d\"></span>con <span class=\"_ _d\"></span>il <span class=\"_ _d\"></span>metodo <span class=\"_ _d\"></span>indiretto <span class=\"_ _2\"></span>e <span class=\"_ _d\"></span>l\u2019eliminazione <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>alcune <span class=\"_ _d\"></span>opzioni <span class=\"_ _2\"></span>di <span class=\"_ _d\"></span>class<span class=\"_ _2\"></span>ificazi<span class=\"_ _1\"></span>one <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>alcune </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs99\">voci at<span class=\"_ _2\"></span>tualmente esistenti (come <span class=\"_ _2\"></span>ad esempio <span class=\"_ _2\"></span>interessi pagati, <span class=\"_ _2\"></span>interessi incassati, dividendi paga<span class=\"_ _2\"></span>ti </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs9a\">e dividendi incassati).<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs9b\">Il <span class=\"_ _d\"></span>nuovo <span class=\"_ _0\"></span>principio <span class=\"_ _0\"></span>entrer\u00e0 <span class=\"_ _0\"></span>in <span class=\"_ _0\"></span>vigore <span class=\"_ _d\"></span>dal <span class=\"_ _0\"></span>1\u00b0 <span class=\"_ _0\"></span>gennaio <span class=\"_ _d\"></span>2027, <span class=\"_ _0\"></span>ma <span class=\"_ _0\"></span>\u00e8 <span class=\"_ _d\"></span>cons<span class=\"_ _2\"></span>entita <span class=\"_ _d\"></span>un\u2019applicazione <span class=\"_ _d\"></span>ant<span class=\"_ _2\"></span>icipata<span class=\"_ _2\"></span><span class=\"ff4\">. <span class=\"_ _0\"></span>Al </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs9c\">momento <span class=\"_ _1\"></span>gli <span class=\"_ _f\"></span>amministratori s<span class=\"_ _1\"></span>tanno <span class=\"ff5\">v<span class=\"_ _f\"></span>alutando i <span class=\"_ _f\"></span>possibili <span class=\"_ _f\"></span>effetti de<span class=\"_ _1\"></span>ll\u2019introduzione <span class=\"_ _f\"></span>di questo <span class=\"_ _f\"></span>nuovo <span class=\"_ _f\"></span>principio </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs9d\">sul bilancio del Grupp<span class=\"_ _1\"></span>o.<span class=\"_ _2\"></span> </div><div class=\"t m0 h5 ff14 fs1 fc1 sc0 ls0 ws0 gs9e\"><span class=\"_ _2c\"> </span><span class=\"ff4\">In <span class=\"_ _9\"> </span>data <span class=\"_ _9\"> </span>9 <span class=\"_ _9\"> </span>maggio <span class=\"_ _0\"></span>2024 <span class=\"_ _9\"> </span>lo <span class=\"_ _9\"> </span>IASB <span class=\"_ _9\"> </span>ha <span class=\"_ _9\"> </span>pubblicato <span class=\"_ _9\"> </span>un <span class=\"_ _9\"> </span>nuovo <span class=\"_ _0\"></span>principio </span></div><div class=\"t m1 h6 ff4 fs2 fc1 sc2 ls0 ws0 gs9f\">IFRS <span class=\"_ _0\"></span>19 <span class=\"_ _0\"></span>Subsidi<span class=\"_ _1\"></span>arie<span class=\"_ _1\"></span>s <span class=\"_ _0\"></span>withou<span class=\"_ _1\"></span>t <span class=\"_ _0\"></span>Public </div><div class=\"t m1 h6 ff4 fs2 fc1 sc2 ls0 ws0 gsa0\">Acco<span class=\"_ _1\"></span>unta<span class=\"_ _1\"></span>bility<span class=\"_ _1\"></span>: <span class=\"_ _10\"> </span>Disclo<span class=\"_ _1\"></span>sures<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsa1\">. <span class=\"_ _e\"> </span>Il <span class=\"_ _10\"> </span>nuovo <span class=\"_ _10\"> </span>principio <span class=\"_ _e\"> </span>intr<span class=\"_ _2\"></span>oduce <span class=\"_ _e\"> </span>al<span class=\"_ _2\"></span>cune <span class=\"_ _e\"> </span>semp<span class=\"_ _2\"></span>lificazioni <span class=\"_ _e\"> </span>con <span class=\"_ _10\"> </span>riferimento </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gsa2\">all\u2019informativa <span class=\"_ _17\"> </span>richiesta <span class=\"_ _17\"> </span>dagli <span class=\"_ _14\"> </span>IFRS <span class=\"_ _14\"> </span>Accounting <span class=\"_ _17\"> </span>Standard <span class=\"_ _17\"> </span>n<span class=\"_ _2\"></span>el <span class=\"_ _17\"> </span>bilancio <span class=\"_ _17\"> </span>di <span class=\"_ _14\"> </span>esercizio <span class=\"_ _17\"> </span>di <span class=\"_ _14\"> </span>una <span class=\"_ _14\"> </span>societ\u00e0 </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsa3\">controllata, che rispetta i seguenti requi<span class=\"_ _1\"></span>siti:<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff12 fs1 fc1 sc0 ls0 ws0 gsa4\">o<span class=\"_ _25\"> </span><span class=\"ff4\">non <span class=\"_ _2\"></span>ha <span class=\"_ _d\"></span>emesso <span class=\"_ _2\"></span>st<span class=\"_ _2\"></span>rumenti <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>capitale <span class=\"_ _2\"></span>o <span class=\"_ _d\"></span>di <span class=\"_ _2\"></span>debito <span class=\"_ _d\"></span>quotati <span class=\"_ _2\"></span>su <span class=\"_ _d\"></span>un <span class=\"_ _2\"></span>mercato <span class=\"_ _0\"></span>regolamentato <span class=\"_ _2\"></span>e <span class=\"_ _d\"></span>non <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _d\"></span>in </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsa5\">procinto di emetterli;<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff12 fs1 fc1 sc0 ls0 ws0 gsa6\">o<span class=\"_ _25\"> </span><span class=\"ff4\">la propria societ\u00e0 controllante <span class=\"_ _1\"></span>predispone un bi<span class=\"_ _1\"></span>lancio consolidato in conformit\u00e0 con i <span class=\"_ _f\"></span>principi IFRS.<span class=\"_ _df\"> </span></span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsa8\">Il <span class=\"_ _0\"></span>nuovo <span class=\"_ _9\"> </span>principio <span class=\"_ _9\"> </span>entrer\u00e0 <span class=\"_ _9\"> </span>in <span class=\"_ _0\"></span>vigor<span class=\"_ _2\"></span>e <span class=\"_ _0\"></span>dal <span class=\"_ _9\"> </span>1\u00b0 <span class=\"_ _0\"> </span>gennaio <span class=\"_ _9\"> </span>2027, <span class=\"_ _9\"> </span>ma <span class=\"_ _9\"> </span>\u00e8 <span class=\"_ _9\"> </span>consent<span class=\"_ _2\"></span><span class=\"ff5\">ita <span class=\"_ _0\"></span>un\u2019applicazione <span class=\"_ _9\"> </span>anticipata. </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsa9\">Tale modifica non ha impatti sul Bilancio de<span class=\"_ _1\"></span>l Gruppo. <span class=\"_ _2\"></span> </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gsaa\">\u2022 <span class=\"_ _14\"> </span>In <span class=\"_ _14\"> </span>data <span class=\"_ _14\"> </span>13 <span class=\"_ _14\"> </span>novembre <span class=\"_ _14\"> </span>2025 <span class=\"_ _14\"> </span>lo <span class=\"_ _14\"> </span>IASB <span class=\"_ _17\"> </span>ha <span class=\"_ _15\"> </span>pubblicato <span class=\"_ _14\"> </span>un <span class=\"_ _14\"> </span>documento <span class=\"_ _14\"> </span>denominato <span class=\"_ _14\"> </span>\u201cTranslation <span class=\"_ _14\"> </span>to <span class=\"_ _14\"> </span>a </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsab\">Hyperinflationary <span class=\"_ _14\"> </span>Presentation <span class=\"_ _14\"> </span>Currency <span class=\"_ _15\"> </span><span class=\"ff5\">\u2013</span> <span class=\"_ _14\"> </span><span class=\"ff5\">Amendment <span class=\"_ _14\"> </span>to <span class=\"_ _14\"> </span>IAS <span class=\"_ _15\"> </span>21\u201d <span class=\"_ _14\"> </span>che <span class=\"_ _15\"> </span>chiarisce <span class=\"_ _14\"> </span>le <span class=\"_ _14\"> </span>procedure <span class=\"_ _17\"> </span>di<span class=\"_ _df\"> </span></span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gsad\">conversione per u<span class=\"_ _1\"></span>n\u2019entit\u00e0 la cui valuta <span class=\"_ _1\"></span>di presentazione \u00e8<span class=\"_ _1\"></span> quella di u<span class=\"_ _1\"></span>n\u2019economia iperinflazionata. L'entit\u00e0 </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsae\">applica le modifiche se:<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff12 fs1 fc1 sc0 ls0 ws0 gsaf\">o<span class=\"_ _1c\"> </span><span class=\"ff4\">la <span class=\"_ _0\"></span>sua <span class=\"_ _0\"></span>valuta <span class=\"_ _0\"></span>funzionale <span class=\"_ _0\"></span>\u00e8 <span class=\"_ _0\"></span>quella <span class=\"_ _9\"> </span>di <span class=\"_ _0\"></span>un'economia <span class=\"_ _0\"></span>non <span class=\"_ _0\"></span>iperinflazionata <span class=\"_ _0\"></span>e <span class=\"_ _0\"></span>sta <span class=\"_ _0\"></span>convertendo <span class=\"_ _0\"></span>i <span class=\"_ _0\"></span>suoi </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsb0\">risultati <span class=\"_ _4\"> </span>economici <span class=\"_ _4\"> </span>e <span class=\"_ _4\"> </span>la <span class=\"_ _4\"> </span>sua <span class=\"_ _4\"> </span>situazione <span class=\"_ _4\"> </span>patrimo<span class=\"_ _2\"></span>niale-finanziaria <span class=\"_ _4\"> </span>nella <span class=\"_ _4\"> </span>valuta <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>un'economia </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsb1\">iperinflazionata; oppure,<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff12 fs1 fc1 sc0 ls0 ws0 gsb2\">o<span class=\"_ _1c\"> </span><span class=\"ff4\">o sta <span class=\"_ _f\"></span>convertendo nell<span class=\"_ _1\"></span>a valuta <span class=\"_ _f\"></span>di un'economia <span class=\"_ _f\"></span>iperinflazionata i <span class=\"_ _f\"></span>r<span class=\"_ _2\"></span>isultati <span class=\"_ _1\"></span>economici <span class=\"_ _1\"></span>e l<span class=\"_ _1\"></span>a situazione<span class=\"_ _1\"></span> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsb3\">patrimoniale-finanziaria <span class=\"_ _2\"></span>di <span class=\"_ _d\"></span>una <span class=\"_ _2\"></span>gestione <span class=\"_ _d\"></span>estera <span class=\"_ _d\"></span>la <span class=\"_ _2\"></span>cui <span class=\"_ _d\"></span>valuta <span class=\"_ _2\"></span>funzionale <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _d\"></span>quella <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span><span class=\"ff5\">i <span class=\"_ _d\"></span>un\u2019economia<span class=\"_ _df\"> </span></span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsb4\">non iperinflazionata.<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsb5\">Le <span class=\"_ _2\"></span>modifiche <span class=\"_ _2\"></span>si <span class=\"_ _2\"></span>applicheranno <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>partire <span class=\"_ _2\"></span>dai <span class=\"_ _2\"></span>bilanci <span class=\"_ _2\"></span>degli <span class=\"_ _2\"></span>es<span class=\"_ _2\"></span>ercizi <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>avranno <span class=\"_ _2\"></span>inizio <span class=\"_ _2\"></span>dal <span class=\"_ _2\"></span>1\u00b0 <span class=\"_ _2\"></span>gennaio <span class=\"_ _2\"></span>2027.<span class=\"_ _2\"></span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsb6\">Gli <span class=\"_ _2\"></span>amministratori <span class=\"_ _2\"></span>non <span class=\"_ _d\"></span>si <span class=\"_ _2\"></span>attend<span class=\"ff5\">ono <span class=\"_ _d\"></span>un <span class=\"_ _2\"></span>effetto <span class=\"_ _2\"></span>significativo <span class=\"_ _2\"></span>sul <span class=\"_ _2\"></span>bilancio <span class=\"_ _d\"></span>del <span class=\"_ _2\"></span>Gruppo <span class=\"_ _2\"></span>dall\u2019adozione <span class=\"_ _2\"></span>di <span class=\"_ _d\"></span>tale </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsb7\">emendamento<span class=\"ls1b\">. </span> </div><div class=\"t m0 h5 ff14 fs1 fc1 sc0 ls0 ws0 gsb8\"><span class=\"_ _2c\"> </span><span class=\"ff4\">In <span class=\"_ _d\"></span>data <span class=\"_ _0\"></span>30 <span class=\"_ _0\"></span>gennaio <span class=\"_ _d\"></span>2014 <span class=\"_ _d\"></span>lo <span class=\"_ _0\"></span>IASB <span class=\"_ _d\"></span>ha <span class=\"_ _0\"></span>pubblicato <span class=\"_ _d\"></span>il <span class=\"_ _0\"></span>principio </span></div><div class=\"t m1 h6 ff4 fs2 fc1 sc2 ls0 ws0 gsb9\">IFRS <span class=\"_ _2\"></span>14 <span class=\"_ _d\"></span><span class=\"ff5\">\u2013</span> <span class=\"_ _0\"></span>Regula<span class=\"_ _f\"></span>tory <span class=\"_ _d\"></span>Defer<span class=\"_ _1\"></span>ral <span class=\"_ _2\"></span>Account<span class=\"_ _f\"></span>s<span class=\"sc0\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsba\">che </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsbb\">consente solo a<span class=\"_ _1\"></span> coloro che<span class=\"_ _1\"></span> adottano gli<span class=\"_ _1\"></span> IFRS pe<span class=\"_ _1\"></span>r la prima v<span class=\"_ _1\"></span>olta di <span class=\"_ _1\"></span>continuare a rile<span class=\"_ _1\"></span>vare gli <span class=\"_ _1\"></span>importi relativi </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsbc\">alle <span class=\"_ _f\"></span>at<span class=\"_ _2\"></span>tivit\u00e0 <span class=\"_ _1\"></span>soggette a<span class=\"_ _1\"></span> tariff<span class=\"_ _1\"></span>e re<span class=\"ff5\">golamentate <span class=\"_ _f\"></span>(\u201cRate Regulation <span class=\"_ _f\"></span>Activities\u201d) second<span class=\"_ _1\"></span>o i <span class=\"_ _f\"></span>precedenti principi<span class=\"_ _df\"> </span></span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsbd\">contabili adottati. Non essendo il Gruppo un first-time adopter, tale principio non risulta applicabile<span class=\"_ _1\"></span>.<span class=\"_ _df\"> </span></div><div class=\"t m0 he ff4 fs5 fc4 sc3 ls0 ws0 gsbe\">Conte<span class=\"_ _1\"></span>nuto<span class=\"_ _1\"></span> dei P<span class=\"_ _1\"></span>rospett<span class=\"_ _1\"></span>i Co<span class=\"_ _1\"></span>ntabili </div><div class=\"t m0 h5 ff4 fs1 fc4 sc3 ls0 ws0 gsbf\">Stat<span class=\"_ _1\"></span>o <span class=\"_ _17\"> </span>pat<span class=\"_ _1\"></span>rimoni<span class=\"_ _1\"></span>ale <span class=\"_ _4\"> </span>conso<span class=\"_ _1\"></span>lidat<span class=\"_ _f\"></span>o, <span class=\"_ _17\"> </span>conto <span class=\"_ _4\"> </span>econom<span class=\"_ _1\"></span>ico <span class=\"_ _4\"> </span>consol<span class=\"_ _1\"></span>idato<span class=\"_ _f\"></span> <span class=\"_ _17\"> </span>e <span class=\"_ _17\"> </span>prosp<span class=\"_ _1\"></span>etto<span class=\"_ _1\"></span> <span class=\"_ _4\"> </span>della <span class=\"_ _17\"> </span>reddit<span class=\"_ _f\"></span>ivit\u00e0 <span class=\"_ _17\"> </span>conso<span class=\"_ _f\"></span>lidata<span class=\"_ _f\"></span> </div><div class=\"t m0 h5 ff4 fs1 fc4 sc3 ls0 ws0 gsc0\">comp<span class=\"_ _1\"></span>lessiv<span class=\"_ _1\"></span>a </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsc1\">Gli <span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>chemi <span class=\"_ _2\"></span>dello <span class=\"_ _2\"></span>st<span class=\"_ _2\"></span>ato <span class=\"_ _2\"></span>patrimoniale <span class=\"_ _2\"></span>consolidato <span class=\"_ _d\"></span>e <span class=\"_ _2\"></span>del <span class=\"_ _d\"></span>conto <span class=\"_ _d\"></span>economico <span class=\"_ _2\"></span>consolidato <span class=\"_ _d\"></span>sono <span class=\"_ _2\"></span>costituiti <span class=\"_ _2\"></span>da <span class=\"_ _d\"></span>voci, </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gsc2\">sottovoci e d<span class=\"_ _1\"></span>a ul<span class=\"_ _1\"></span>teriori dettagli <span class=\"_ _1\"></span>informativi (<span class=\"_ _1\"></span>i \u201cdi <span class=\"_ _f\"></span>cui\u201d delle v<span class=\"_ _1\"></span>oci e s<span class=\"_ _1\"></span>ottov<span class=\"_ _2\"></span><span class=\"ff4\">oci). Nel <span class=\"_ _f\"></span>conto economico <span class=\"_ _1\"></span>consolidato </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsc3\">i ricavi so<span class=\"_ _2\"></span>no indicati senza segno, <span class=\"_ _2\"></span>mentre i <span class=\"_ _2\"></span>costi sono indicati <span class=\"_ _2\"></span>fra parentesi. Allo stesso<span class=\"_ _2\"></span> modo sono espost<span class=\"_ _2\"></span>e<span class=\"_ _1\"></span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsc4\">le componenti reddituali positive e neg<span class=\"_ _1\"></span>ative incluse nel prospetto della redditivit\u00e0 consolidata comple<span class=\"_ _1\"></span>ssiva<span class=\"_ _2\"></span>. </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gsc5\">Gli schemi riportano i corrispondenti dati di<span class=\"_ _1\"></span> raffronto relativi all\u2019esercizio precedente.<span class=\"_ _2\"></span><span class=\"ff4\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc4 sc3 ls0 ws0 gsc6\">Pros<span class=\"_ _1\"></span>petto<span class=\"_ _f\"></span> delle va<span class=\"_ _f\"></span>ri<span class=\"_ _2\"></span>azi<span class=\"_ _1\"></span>oni de<span class=\"_ _1\"></span>l pa<span class=\"_ _1\"></span>tri<span class=\"_ _1\"></span>monio<span class=\"_ _1\"></span> nett<span class=\"_ _1\"></span>o co<span class=\"_ _1\"></span>nsolid<span class=\"_ _1\"></span>ato </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsc7\">Il pros<span class=\"_ _2\"></span>petto delle variazioni <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>patrimonio <span class=\"_ _2\"></span>netto consolidato <span class=\"_ _2\"></span>\u00e8 quello previsto <span class=\"_ _2\"></span>dalla <span class=\"_ _2\"></span>Circolare n. <span class=\"_ _2\"></span>26<span class=\"_ _2\"></span>2/200<span class=\"_ _2\"></span>5, e </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gsc8\">successivi <span class=\"_ _15\"> </span>ag<span class=\"_ _2\"></span>giornamenti, <span class=\"_ _e\"> </span>della <span class=\"_ _e\"> </span>Banca <span class=\"_ _e\"> </span>d\u2019Italia. <span class=\"_ _e\"> </span>Nel <span class=\"_ _10\"> </span>prospetto <span class=\"_ _e\"> </span>viene <span class=\"_ _e\"> </span>riportata <span class=\"_ _10\"> </span>la <span class=\"_ _e\"> </span>composizione <span class=\"_ _15\"> </span>e <span class=\"_ _10\"> </span>la </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gsc9\">movimentazione <span class=\"_ _9\"> </span>dei <span class=\"_ _9\"> </span>conti <span class=\"_ _9\"> </span>di <span class=\"_ _16\"> </span>patrimonio <span class=\"_ _9\"> </span>nett<span class=\"_ _2\"></span>o <span class=\"_ _9\"> </span>consolidato <span class=\"_ _9\"> </span>intervenuta <span class=\"_ _9\"> </span>nell\u2019esercizio <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>riferimento <span class=\"_ _9\"> </span>ed <span class=\"_ _9\"> </span>in<span class=\"_ _2\"></span> </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gsca\">quello dell\u2019esercizio precedente, suddivis<span class=\"ff4\">i tra il capitale sociale, le riserve di capitale, di utili e da valutazione </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gscb\">di <span class=\"_ _d\"></span>attivit\u00e0 <span class=\"_ _0\"></span>o <span class=\"_ _0\"></span>passivit\u00e0 <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>bi<span class=\"_ _2\"></span>lancio <span class=\"_ _d\"></span>ed <span class=\"_ _d\"></span>il <span class=\"_ _0\"></span>risultato<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>economico. <span class=\"_ _d\"></span>Le <span class=\"_ _0\"></span>azioni <span class=\"_ _d\"></span>proprie <span class=\"_ _0\"></span>in <span class=\"_ _0\"></span>portafoglio <span class=\"_ _d\"></span>s<span class=\"_ _2\"></span>ono <span class=\"_ _d\"></span>portate <span class=\"_ _0\"></span>in </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gscc\">diminuzione del patrimonio netto. Non sono stati emessi strumenti di capitale diversi dalle azioni ordinarie. </div><div class=\"t m0 h5 ff4 fs1 fc4 sc3 ls0 ws0 gscd\">Rendi<span class=\"_ _f\"></span>conto fina<span class=\"_ _f\"></span>nziario<span class=\"_ _1\"></span> cons<span class=\"_ _1\"></span>olida<span class=\"_ _1\"></span>to </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsce\">Il <span class=\"_ _0\"></span>Rendiconto <span class=\"_ _9\"> </span>Finanziario <span class=\"_ _9\"> </span>consolidato <span class=\"_ _9\"> </span>fornisce <span class=\"_ _9\"> </span>informazioni <span class=\"_ _0\"></span>che <span class=\"_ _9\"> </span>permettono <span class=\"_ _9\"> </span>agli <span class=\"_ _0\"></span>utilizzatori <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>valutare <span class=\"_ _0\"></span>le </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gscf\">variazioni <span class=\"_ _f\"></span>nell\u2019attivo netto <span class=\"_ _f\"></span>della societ\u00e0, <span class=\"_ _f\"></span>la sua <span class=\"_ _f\"></span>struttura finan<span class=\"_ _1\"></span>zia<span class=\"ff4\">ria (compresa <span class=\"_ _f\"></span>la liquid<span class=\"_ _f\"></span>it<span class=\"_ _2\"></span>\u00e0 <span class=\"_ _1\"></span>e solv<span class=\"_ _1\"></span>ibilit\u00e0) e<span class=\"_ _1\"></span> la<span class=\"_ _f\"></span> sua </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsd0\">capacit\u00e0  di  i<span class=\"_ _1\"></span>nfluire  sull<span class=\"_ _1\"></span>a  dimensione  e  sulla  temp<span class=\"_ _1\"></span>istica  dei  flu<span class=\"_ _1\"></span>ssi  finanziari  allo <span class=\"_ _16\"> </span>scopo  di <span class=\"_ _16\"> </span>adeguarsi  alle<span class=\"_ _1\"></span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsd1\">circostanze e alle opportunit\u00e0.  </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsd2\">Lo <span class=\"_ _2\"></span>IAS <span class=\"_ _2\"></span>7 <span class=\"_ _2\"></span>stabilisce <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>rendiconto <span class=\"_ _2\"></span>finanziario <span class=\"_ _2\"></span>pu\u00f2 <span class=\"_ _2\"></span>essere <span class=\"_ _2\"></span>red<span class=\"_ _2\"></span><span class=\"ff5\">atto <span class=\"_ _2\"></span>seguendo, alt<span class=\"_ _2\"></span>ernativamente, <span class=\"_ _2\"></span>il \u201c<span class=\"_ _2\"></span>metodo </span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gsd3\">diretto\u201d o quello \u201cindiretto\u201d.<span class=\"ff4\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsd4\">La Banca d'Italia, cos\u00ec come previsto dalle istruzioni dell<span class=\"_ _1\"></span>a Circolare n.262/05, propone quindi i due alternativi </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsd5\">schemi <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>Rendiconto <span class=\"_ _d\"></span>Finanziario <span class=\"_ _d\"></span>nei <span class=\"_ _2\"></span>quali <span class=\"_ _2\"></span>i <span class=\"_ _d\"></span>flussi <span class=\"_ _2\"></span>corr<span class=\"_ _2\"></span>elati <span class=\"_ _2\"></span>all'a<span class=\"_ _2\"></span>ttivit\u00e0 <span class=\"_ _2\"></span>operativa <span class=\"_ _2\"></span>sono <span class=\"_ _d\"></span>esposti <span class=\"_ _2\"></span>con <span class=\"_ _2\"></span>il <span class=\"_ _d\"></span>metodo </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsd6\">diretto e <span class=\"_ _1\"></span>il metodo <span class=\"_ _f\"></span>indiretto, senza privi<span class=\"_ _1\"></span>legiarne uno i<span class=\"_ _1\"></span>n particolare, <span class=\"_ _1\"></span>lasciando di<span class=\"_ _1\"></span>screzionalit\u00e0 all'estensore de<span class=\"_ _1\"></span>l </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsd7\">bilancio. </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsd8\">Il <span class=\"_ _2\"></span>pros<span class=\"_ _2\"></span>petto <span class=\"_ _2\"></span>dei <span class=\"_ _2\"></span>flussi <span class=\"_ _d\"></span>finanziari <span class=\"_ _d\"></span>intervenuti <span class=\"_ _2\"></span>nel <span class=\"_ _2\"></span>p<span class=\"_ _2\"></span>eriodo <span class=\"_ _2\"></span>di <span class=\"_ _d\"></span>riferimento <span class=\"_ _d\"></span>del <span class=\"_ _2\"></span>bilancio<span class=\"_ _2\"></span> <span class=\"_ _2\"></span><span class=\"ff5\">e<span class=\"_ _2\"></span>d <span class=\"_ _2\"></span>in <span class=\"_ _d\"></span>quello <span class=\"_ _d\"></span>dell\u2019ese<span class=\"_ _1\"></span>rcizio </span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gsd9\">precedente <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>tato <span class=\"_ _2\"></span>predisposto <span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>eguendo <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>metodo <span class=\"_ _d\"></span>indiretto, <span class=\"_ _2\"></span>in <span class=\"_ _d\"></span>base <span class=\"_ _2\"></span>al <span class=\"_ _d\"></span>quale <span class=\"_ _2\"></span>i <span class=\"_ _d\"></span>flussi <span class=\"_ _2\"></span>derivanti <span class=\"_ _d\"></span>dall\u2019attivit\u00e0 </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gsda\">operativa sono rappresentati dal risulta<span class=\"_ _1\"></span>to dell\u2019esercizio rettificato degli<span class=\"_ _1\"></span> effetti delle operazioni di natura non<span class=\"_ _f\"></span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsdb\">monetaria. </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gsdc\">I <span class=\"_ _22\"> </span>flussi <span class=\"_ _4\"> </span>finanziari  sono <span class=\"_ _4\"> </span>suddivi<span class=\"_ _1\"></span>si <span class=\"_ _4\"> </span>tra <span class=\"_ _22\"> </span>quelli <span class=\"_ _22\"> </span>derivanti <span class=\"_ _4\"> </span>dall\u2019attivit\u00e0 <span class=\"_ _22\"> </span>operativa, <span class=\"_ _4\"> </span>quell<span class=\"_ _1\"></span>i <span class=\"_ _22\"> </span>generat<span class=\"_ _2\"></span>i  dall\u2019attivit\u00e0 <span class=\"_ _4\"> </span>di </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gsdd\">investimento e quelli p<span class=\"_ _1\"></span>rodotti dall\u2019attivit\u00e0 di provvista.<span class=\"_ _df\"> </span><span class=\"_ _2\"></span><span class=\"ff4\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsdf\">Nel prospetto i fl<span class=\"_ _1\"></span>ussi gene<span class=\"_ _1\"></span>ratisi nel <span class=\"_ _1\"></span>corso del pe<span class=\"_ _1\"></span>riodo sono indicati senza segno, mentre q<span class=\"_ _1\"></span>uelli assorbiti <span class=\"_ _1\"></span>sono </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gse0\">indicati fra parentesi. </div><div class=\"t m0 h5 ff4 fs1 fc4 sc3 ls0 ws0 gse1\">Conte<span class=\"_ _f\"></span>nuto del<span class=\"_ _1\"></span>la N<span class=\"_ _1\"></span>ota int<span class=\"_ _f\"></span>egrativa<span class=\"_ _f\"></span> consolid<span class=\"_ _1\"></span>ata </div>La Nota <span class=\"_ _f\"></span>integrativa consol<span class=\"_ _1\"></span>idata c<span class=\"_ _f\"></span>ompr<span class=\"_ _2\"></span>ende<span class=\"_ _1\"></span> le<span class=\"_ _1\"></span> informazioni <span class=\"_ _f\"></span>previste dalla <span class=\"_ _f\"></span>Circolare n. <span class=\"_ _1\"></span>262/2005, <span class=\"_ _1\"></span>e <span class=\"_ _f\"></span>s<span class=\"_ _2\"></span>ucce<span class=\"_ _1\"></span>ssive modifiche  e<span class=\"_ _2\"></span>d  integrazioni, <span class=\"_ _4\"> </span>della <span class=\"_ _4\"> </span>Banca <span class=\"_ _4\"> </span><span class=\"ff5\">d\u2019Italia  e <span class=\"_ _4\"> </span>le <span class=\"_ _4\"> </span>ulteriori <span class=\"_ _22\"> </span>informazioni <span class=\"_ _4\"> </span>previste  dai <span class=\"_ _4\"> </span>principi <span class=\"_ _4\"> </span>contabili </span>internazionali.  In <span class=\"_ _f\"></span>conformit\u00e0 a <span class=\"_ _f\"></span>quanto di<span class=\"_ _1\"></span>sposto <span class=\"_ _f\"></span>dall\u2019art. 5 <span class=\"_ _f\"></span>del <span class=\"ff4\">D. <span class=\"_ _f\"></span>Lgs n.<span class=\"_ _f\"></span> 38 <span class=\"_ _f\"></span>del 28 <span class=\"_ _f\"></span>febbraio <span class=\"_ _f\"></span>200<span class=\"_ _2\"></span>5, <span class=\"_ _f\"></span>il <span class=\"_ _1\"></span>bilancio <span class=\"_ _f\"></span>e la <span class=\"_ _f\"></span>nota inte<span class=\"_ _1\"></span>grativa </span>sono redatti in migliaia di euro. ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-797": {
   "value": "Sezio<span class=\"_ _1\"></span>ne 2 - P<span class=\"_ _f\"></span>rincipi gene<span class=\"_ _1\"></span>rali d<span class=\"_ _f\"></span>i redazio<span class=\"_ _1\"></span>ne Il <span class=\"_ _17\"> </span>bilancio <span class=\"_ _14\"> </span>consolidato <span class=\"_ _14\"> </span>\u00e8 <span class=\"_ _14\"> </span>stat<span class=\"_ _2\"></span>o <span class=\"_ _17\"> </span>predisposto <span class=\"_ _14\"> </span>sulla <span class=\"_ _14\"> </span>base <span class=\"_ _14\"> </span>delle <span class=\"_ _14\"> </span>\u201cIstruzioni <span class=\"_ _14\"> </span>per <span class=\"_ _17\"> </span>la <span class=\"_ _14\"> </span>r<span class=\"_ _2\"></span>edazione <span class=\"_ _17\"> </span>del <span class=\"_ _14\"> </span>bilancio dell\u2019impresa <span class=\"_ _f\"></span>e del bilancio <span class=\"_ _f\"></span>consolidato delle <span class=\"_ _f\"></span>banche e delle<span class=\"_ _1\"></span> societ\u00e0 <span class=\"_ _1\"></span>finanziarie <span class=\"_ _f\"></span>ca<span class=\"_ _2\"></span>pogruppo <span class=\"_ _f\"></span>di <span class=\"_ _2\"></span>gruppi <span class=\"_ _f\"></span>bancari\u201d emanate dalla Banca d\u2019Italia con il Provvedimento del<span class=\"_ _1\"></span> 22 dicembre 2005 <span class=\"_ _2\"></span>e succ<span class=\"_ _1\"></span>essivi aggiornamenti.<span class=\"_ _2\"></span><span class=\"ff4\"> </span>Il bilancio consolidato <span class=\"_ _2\"></span>\u00e8 costituito dallo Stato patrimoniale, Conto economico, <span class=\"_ _2\"></span>dal Prospetto della redditivit\u00e0 complessiva, <span class=\"_ _16\"> </span>dal <span class=\"_ _16\"> </span>Prospetto  delle  v<span class=\"_ _f\"></span>ar<span class=\"_ _2\"></span>iazioni <span class=\"_ _16\"> </span>di <span class=\"_ _16\"> </span>patrimonio  ne<span class=\"_ _1\"></span>tto,  dal <span class=\"_ _9\"> </span>Rendiconto  finanziario  e<span class=\"_ _1\"></span>  dalla <span class=\"_ _9\"> </span>N<span class=\"_ _2\"></span>ota integrativa <span class=\"_ _9\"> </span>e <span class=\"_ _16\"> </span>dalle <span class=\"_ _9\"> </span>relative <span class=\"_ _9\"> </span>informazioni  comp<span class=\"_ _1\"></span>arative <span class=\"_ _9\"> </span>al  31 <span class=\"_ _9\"> </span>dicembre <span class=\"_ _9\"> </span>202<span class=\"_ _2\"></span>4  e<span class=\"_ _1\"></span>d <span class=\"_ _9\"> </span>\u00e8 <span class=\"_ _16\"> </span>inoltre <span class=\"_ _9\"> </span>corredato  d<span class=\"_ _1\"></span>a <span class=\"_ _16\"> </span>una<span class=\"_ _1\"></span> Relazione <span class=\"_ _2\"></span>sulla <span class=\"_ _d\"></span>gestione, <span class=\"_ _2\"></span>sui <span class=\"_ _d\"></span>risultati <span class=\"_ _d\"></span>economici <span class=\"_ _d\"></span>conseguiti <span class=\"_ _2\"></span>e <span class=\"_ _d\"></span>sulla <span class=\"_ _d\"></span>situazione <span class=\"_ _d\"></span>patrimoniale <span class=\"_ _d\"></span>e <span class=\"_ _2\"></span>fin<span class=\"_ _2\"></span>anziaria <span class=\"_ _2\"></span>del Gruppo Credem. Il <span class=\"_ _d\"></span>bilancio <span class=\"_ _d\"></span>consolidato <span class=\"_ _0\"></span><span class=\"ff5\">\u00e8 <span class=\"_ _d\"></span>redatto <span class=\"_ _0\"></span>con <span class=\"_ _d\"></span>l\u2019applicazione <span class=\"_ _d\"></span>dei <span class=\"_ _d\"></span>principi <span class=\"_ _0\"></span>generali <span class=\"_ _d\"></span>previsti <span class=\"_ _d\"></span>dallo <span class=\"_ _0\"></span>IAS <span class=\"_ _d\"></span>1 <span class=\"_ _0\"></span>e <span class=\"_ _d\"></span>degli <span class=\"_ _d\"></span>specifici </span>principi  contabili  omologati  dalla  Commissione  europea  e  illustrati  nella  Parte  A.2  della  pr<span class=\"_ _2\"></span>es<span class=\"_ _2\"></span>ente  Nota integrativa, <span class=\"_ _14\"> </span>nonch\u00e9 <span class=\"_ _15\"> </span>in <span class=\"_ _15\"> </span>aderenza <span class=\"_ _15\"> </span>con <span class=\"_ _15\"> </span>le <span class=\"_ _15\"> </span>assunzioni <span class=\"_ _15\"> </span>generali <span class=\"_ _15\"> </span>previste <span class=\"_ _15\"> </span>dal <span class=\"_ _14\"> </span>Qua<span class=\"_ _2\"></span>dro <span class=\"_ _14\"> </span>Sist<span class=\"_ _2\"></span>ematico <span class=\"_ _14\"> </span>per <span class=\"_ _15\"> </span>la preparazione e presentazione del bil<span class=\"_ _1\"></span>ancio elaborato dallo IASB.<span class=\"_ _2\"></span> Non sono state effettuate deroghe<span class=\"_ _1\"></span> all\u2019applicazione dei principi contabili IAS/IFRS<span class=\"ff4\">.<span class=\"_ _2\"></span> </span>In <span class=\"_ _2\"></span>conformit\u00e0 <span class=\"_ _d\"></span>a <span class=\"_ _2\"></span>quanto <span class=\"_ _d\"></span>disposto <span class=\"_ _2\"></span>dall\u2019art. <span class=\"_ _2\"></span>5<span class=\"_ _2\"></span>, <span class=\"_ _2\"></span>comma <span class=\"_ _d\"></span>2, <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>De<span class=\"_ _2\"></span>creto <span class=\"_ _2\"></span>Legislativo <span class=\"_ _2\"></span>n. <span class=\"_ _d\"></span>38 <span class=\"_ _2\"></span>del <span class=\"_ _d\"></span>28 <span class=\"_ _2\"></span>febbra<span class=\"_ _2\"></span>io <span class=\"_ _2\"></span>2005, <span class=\"_ _d\"></span>il bilancio \u00e8 r<span class=\"_ _2\"></span>edatto utilizzando l\u2019euro <span class=\"_ _2\"></span>come moneta di <span class=\"_ _2\"></span>conto, e <span class=\"_ _2\"></span>si fonda sull\u2019applicazione dei <span class=\"_ _2\"></span>seguenti principi generali di redazione dettati dallo IAS 1: <span class=\"_ _2c\"> </span><span class=\"ff4\">Continuit\u00e0 <span class=\"_ _2\"></span>aziendale. Gli <span class=\"_ _2\"></span>amministr<span class=\"_ _2\"></span>atori hanno <span class=\"_ _2\"></span>considerato appropriato <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>presupposto della <span class=\"_ _2\"></span>continuit\u00e0 </span>aziendale <span class=\"_ _0\"></span>in <span class=\"_ _9\"> </span>quanto <span class=\"_ _9\"> </span>a <span class=\"_ _9\"> </span>loro <span class=\"_ _9\"> </span>giudizio <span class=\"_ _0\"></span>non <span class=\"_ _9\"> </span>sono <span class=\"_ _9\"> </span>emerse <span class=\"_ _9\"> </span>incertezze <span class=\"_ _0\"></span>legate <span class=\"_ _9\"> </span>ad <span class=\"_ _0\"></span>e<span class=\"_ _2\"></span>venti <span class=\"_ _0\"></span>o <span class=\"_ _9\"> </span>circostante <span class=\"_ _9\"> </span>che,<span class=\"_ _df\"> </span>considerati <span class=\"_ _4\"> </span>singolarmente <span class=\"_ _22\"> </span>o <span class=\"_ _4\"> </span>nel <span class=\"_ _4\"> </span>loro <span class=\"_ _4\"> </span>insieme, <span class=\"_ _4\"> </span>possano <span class=\"_ _4\"> </span>far <span class=\"_ _4\"> </span>sorgere <span class=\"_ _22\"> </span>dubbi <span class=\"_ _4\"> </span>riguardo <span class=\"_ _4\"> </span>alla <span class=\"_ _22\"> </span>con<span class=\"_ _2\"></span>tinuit\u00e0 aziendale. <span class=\"_ _1\"></span>Conseguentemente le <span class=\"_ _f\"></span>att<span class=\"_ _2\"></span>ivit\u00e0, <span class=\"_ _f\"></span>passivit\u00e0 ed <span class=\"_ _f\"></span>o<span class=\"_ _2\"></span>perazioni \u201cfuori <span class=\"_ _f\"></span>bilancio\u201d sono <span class=\"_ _f\"></span>valutate secondo<span class=\"_ _df\"> </span>valori di funzionamento, in quanto destinate a durare nel<span class=\"_ _1\"></span> tempo.<span class=\"_ _df\"> </span><span class=\"_ _2c\"> </span><span class=\"ff4\">Competenza <span class=\"_ _e\"> </span>economica. <span class=\"_ _e\"> </span>Costi <span class=\"_ _10\"> </span>e <span class=\"_ _e\"> </span>ricavi <span class=\"_ _e\"> </span>vengono <span class=\"_ _e\"> </span>r<span class=\"_ _2\"></span>ilev<span class=\"_ _1\"></span>ati, <span class=\"_ _e\"> </span>a <span class=\"_ _10\"> </span>prescindere <span class=\"_ _e\"> </span>dal <span class=\"_ _e\"> </span>momento <span class=\"_ _10\"> </span>del <span class=\"_ _e\"> </span>loro </span>regolamento monetario, per periodo di<span class=\"_ _1\"></span> maturazione economica e secondo il criterio di correlazione.<span class=\"_ _df\"> </span><span class=\"_ _2c\"> </span><span class=\"ff4\">Coerenza di <span class=\"_ _f\"></span>presentazione. <span class=\"_ _1\"></span>La p<span class=\"_ _1\"></span>resentazione e<span class=\"_ _f\"></span> la classificaz<span class=\"_ _1\"></span>ione <span class=\"_ _1\"></span>delle <span class=\"_ _1\"></span>voci sono<span class=\"_ _f\"></span> mantenute cos<span class=\"_ _1\"></span>tanti <span class=\"_ _1\"></span>ne<span class=\"ls98\">l </span></span>tempo  allo  scopo  di  garant<span class=\"_ _2\"></span>ire  la  comparabilit\u00e0  delle  informazioni,  salvo  che  la  loro  variazione  sia richiesta <span class=\"_ _f\"></span>da <span class=\"_ _f\"></span>un <span class=\"_ _f\"></span>Principio <span class=\"_ _f\"></span>Cont<span class=\"_ _2\"></span>abile <span class=\"_ _f\"></span>Internazionale <span class=\"_ _f\"></span>o <span class=\"_ _1\"></span>da <span class=\"_ _f\"></span>una <span class=\"_ _f\"></span>Int<span class=\"_ _2\"></span>erpretazione <span class=\"_ _11\"></span>opp<span class=\"_ _2\"></span>ure <span class=\"_ _f\"></span>renda <span class=\"_ _f\"></span>pi\u00f9 <span class=\"_ _f\"></span>appropriata, in termini d<span class=\"_ _1\"></span>i significativit\u00e0 e d<span class=\"_ _1\"></span>i affidabilit\u00e0, la rappresentazione dei v<span class=\"_ _1\"></span>alori. Se un criterio d<span class=\"_ _1\"></span>i presentazione o<span class=\"_ _4\"> </span>di <span class=\"_ _2\"></span>classificazione<span class=\"_ _1\"></span> <span class=\"_ _2\"></span>viene <span class=\"_ _2\"></span>cambiato, <span class=\"_ _2\"></span>quello <span class=\"_ _2\"></span>nuovo si <span class=\"_ _2\"></span>applica <span class=\"_ _d\"></span><span class=\"ff5\">\u2013</span> <span class=\"_ _2\"></span>ove <span class=\"_ _2\"></span>possibile <span class=\"_ _2\"></span><span class=\"ff5\">\u2013</span> <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>modo <span class=\"_ _2\"></span>retroattivo; <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>tal caso <span class=\"_ _9\"> </span>vengono <span class=\"_ _0\"></span>anche <span class=\"_ _9\"> </span>indicati <span class=\"_ _0\"></span>la <span class=\"_ _9\"> </span>natura <span class=\"_ _0\"> </span>e <span class=\"_ _9\"> </span>il <span class=\"_ _0\"> </span>mo<span class=\"_ _2\"></span>tivo <span class=\"_ _0\"></span>della <span class=\"_ _0\"></span>variazione, <span class=\"_ _9\"> </span>nonch\u00e9 <span class=\"_ _0\"></span>le <span class=\"_ _9\"> </span>voci <span class=\"_ _0\"> </span>i<span class=\"_ _2\"></span>nteressat<span class=\"_ _2\"></span>e. <span class=\"_ _0\"></span>Nella presentazione e nella class<span class=\"_ _2\"></span>ificazione delle voci sono <span class=\"_ _2\"></span>adottati gli schemi predisposti <span class=\"_ _2\"></span>dalla Banca d\u2019Italia<span class=\"_ _df\"> </span>per <span class=\"_ _17\"> </span>i <span class=\"_ _14\"> </span>bilanci <span class=\"_ _14\"> </span>delle <span class=\"_ _14\"> </span>banche, <span class=\"_ _14\"> </span>contenuti <span class=\"_ _17\"> </span>nella <span class=\"_ _14\"> </span>circolare <span class=\"_ _14\"> </span>n. <span class=\"_ _14\"> </span>262 <span class=\"_ _14\"> </span>del <span class=\"_ _17\"> </span>22 <span class=\"_ _14\"> </span>dicembre <span class=\"_ _14\"> </span>2005 <span class=\"_ _14\"> </span>e <span class=\"_ _14\"> </span>successivi<span class=\"_ _df\"> </span>aggiornamenti ed integrazioni.<span class=\"_ _df\"> </span><span class=\"_ _2c\"> </span><span class=\"ff4\">Aggregazione <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>rilevanza. <span class=\"_ _2\"></span>Tutt<span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>raggruppamenti significat<span class=\"_ _2\"></span>ivi d<span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>voci <span class=\"_ _2\"></span>con <span class=\"_ _2\"></span>natura <span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>funzione <span class=\"_ _2\"></span>simil<span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>sono </span>riportati <span class=\"_ _d\"></span>separatamente. <span class=\"_ _d\"></span>Gli <span class=\"_ _d\"></span>elementi <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>natura <span class=\"_ _d\"></span>o <span class=\"_ _0\"></span>funzione <span class=\"_ _d\"></span>diversa, <span class=\"_ _d\"></span>se <span class=\"_ _d\"></span>rilevanti, <span class=\"_ _d\"></span>vengono <span class=\"_ _d\"></span>presentat<span class=\"_ _2\"></span>i <span class=\"_ _d\"></span>in modo distinto.<span class=\"_ _df\"> </span><span class=\"_ _2c\"> </span><span class=\"ff4\">Divieto di compensazione.<span class=\"_ _1\"></span> Attivit\u00e0 e passivit\u00e0, costi e <span class=\"_ _1\"></span>ricavi non v<span class=\"_ _1\"></span>engono compensati tra loro, <span class=\"_ _1\"></span>salvo che<span class=\"_ _df\"> </span></span>ci\u00f2 <span class=\"_ _9\"> </span>non  sia<span class=\"_ _f\"></span>  richi<span class=\"_ _1\"></span>esto <span class=\"_ _9\"> </span>o <span class=\"_ _16\"> </span>permesso <span class=\"_ _9\"> </span>da <span class=\"_ _9\"> </span>un <span class=\"_ _16\"> </span>Principi<span class=\"_ _1\"></span>o <span class=\"_ _16\"> </span>Contabile <span class=\"_ _9\"> </span>Internazionale <span class=\"_ _9\"> </span>o  d<span class=\"_ _1\"></span>a <span class=\"_ _16\"> </span>una <span class=\"_ _9\"> </span>Interpretazi<span class=\"_ _1\"></span>one<span class=\"_ _df\"> </span>oppure dagli schemi predisposti dalla Banc<span class=\"_ _1\"></span>a d\u2019Italia per i bilanci delle banche.<span class=\"_ _df\"> </span><span class=\"_ _2c\"> </span><span class=\"ff4\">Informa<span class=\"ff5\">tiva comparativa. <span class=\"_ _f\"></span>Le informazioni <span class=\"_ _f\"></span>comparative d<span class=\"_ _1\"></span>ell\u2019esercizio p<span class=\"_ _1\"></span>recedente <span class=\"_ _1\"></span>sono <span class=\"_ _1\"></span>riportate <span class=\"_ _1\"></span>per <span class=\"_ _f\"></span>tutt<span class=\"_ _2\"></span>i<span class=\"_ _f\"></span> </span></span>i <span class=\"_ _f\"></span>dati contenu<span class=\"_ _1\"></span>ti <span class=\"_ _1\"></span>nei <span class=\"_ _1\"></span>prospetti <span class=\"_ _1\"></span>contabili <span class=\"_ _f\"></span>di <span class=\"_ _1\"></span>confronto. Le <span class=\"_ _f\"></span>modifiche <span class=\"_ _1\"></span>ai <span class=\"_ _f\"></span>dati comparativi <span class=\"_ _f\"></span>sono e<span class=\"_ _1\"></span>ffettuate <span class=\"_ _f\"></span>s<span class=\"_ _2\"></span>olo quando ritenute di importo significativ<span class=\"_ _1\"></span>o.<span class=\"_ _df\"> </span>Si <span class=\"_ _0\"></span>\u00e8 <span class=\"_ _d\"></span>t<span class=\"_ _2\"></span>en<span class=\"ff5\">uto <span class=\"_ _d\"></span>conto <span class=\"_ _9\"> </span>dei <span class=\"_ _d\"></span>documenti <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>tipo <span class=\"_ _0\"></span>interpretativo <span class=\"_ _0\"></span>e <span class=\"_ _0\"></span>di <span class=\"_ _d\"></span>s<span class=\"_ _2\"></span>upporto <span class=\"_ _d\"></span>all\u2019applicazione <span class=\"_ _0\"></span>dei <span class=\"_ _d\"></span>principi<span class=\"_ _d\"></span></span> <span class=\"_ _2\"></span>cont<span class=\"_ _2\"></span>abili, emanati  dagli  organismi  regolamentari  e  <span class=\"ls39\">di</span>  vigilanza <span class=\"_ _4\"> </span>europei  e <span class=\"_ _4\"> </span>dagli  standard <span class=\"_ _4\"> </span>setter, <span class=\"_ _4\"> </span>in  part<span class=\"_ _2\"></span>icolare <span class=\"_ _4\"> </span>la<span class=\"_ _1\"></span> com<span class=\"_ _f\"></span>unic<span class=\"_ _1\"></span>azi<span class=\"_ _1\"></span>one<span class=\"_ _1\"></span> <span class=\"_ _2\"></span><span class=\"ff5\">de<span class=\"_ _1\"></span>ll\u2019<span class=\"_ _f\"></span>ESMA del 2<span class=\"ff4\">4 <span class=\"_ _2\"></span>ott<span class=\"_ _1\"></span>obr<span class=\"_ _1\"></span>e 2025<span class=\"_ _f\"></span> </span></span>\u201cE<span class=\"_ _f\"></span>urop<span class=\"ff4\">ea<span class=\"_ _f\"></span>n<span class=\"_ _df\"> </span></span>commo<span class=\"_ _1\"></span>n<span class=\"_ _df\"> </span>enf<span class=\"_ _1\"></span>orce<span class=\"_ _f\"></span>ment<span class=\"_ _df\"> </span>prio<span class=\"_ _f\"></span>rities<span class=\"_ _df\"> </span>fo<span class=\"_ _1\"></span>r<span class=\"_ _df\"> </span>202<span class=\"_ _1\"></span>5<span class=\"_ _df\"> </span>annual<span class=\"_ _df\"> </span>co<span class=\"_ _1\"></span>rpo<span class=\"_ _1\"></span>rat<span class=\"_ _1\"></span>e <span class=\"_ _d\"></span>repor<span class=\"_ _1\"></span>ting<span class=\"_ _f\"></span><span class=\"ff5 lsc1\">\u201d,</span> <span class=\"_ _2\"></span><span class=\"fs1\">dove <span class=\"_ _2\"></span><span class=\"ls2\">si</span> <span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>videnziano <span class=\"_ _2\"></span><span class=\"ls1a\">le</span> <span class=\"_ _d\"></span>priorit\u00e0 <span class=\"_ _d\"></span>relative <span class=\"_ _2\"></span>all<span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>disclosure <span class=\"_ _2\"></span>sui <span class=\"_ _d\"></span>rendiconti <span class=\"_ _2\"></span>annuali, <span class=\"_ _9\"> </span>nonch\u00e9 </span>delle linee g<span class=\"_ _1\"></span>uida EBA \u201cGuidelines on the manage<span class=\"_ _1\"></span>ment of env<span class=\"_ _1\"></span>ironmental, social and g<span class=\"_ _1\"></span>overnance (ESG<span class=\"_ _2\"></span>) risks\u201d,<span class=\"fs24\"> </span>che <span class=\"_ _e\"> </span>stabiliscono <span class=\"_ _e\"> </span>i <span class=\"_ _e\"> </span>requisiti <span class=\"_ _e\"> </span>per <span class=\"_ _e\"> </span>le <span class=\"_ _e\"> </span>istituzioni <span class=\"_ _15\"> </span>in <span class=\"_ _e\"> </span>mat<span class=\"_ _2\"></span>eria <span class=\"_ _15\"> </span>di <span class=\"_ _e\"> </span>identificazione, <span class=\"_ _15\"> </span>misurazione, <span class=\"_ _e\"> </span>gest<span class=\"_ _2\"></span>ione <span class=\"_ _15\"> </span>e monitoraggio dei rischi ESG. Alcune <span class=\"_ _2\"></span>informazioni <span class=\"_ _2\"></span>contenute <span class=\"_ _2\"></span>nella <span class=\"_ _d\"></span>nota <span class=\"_ _2\"></span>integrativa <span class=\"_ _2\"></span>del <span class=\"_ _d\"></span>bilancio <span class=\"_ _2\"></span>consolidato, <span class=\"_ _2\"></span>quando <span class=\"_ _2\"></span>estratte <span class=\"_ _2\"></span>dal <span class=\"_ _2\"></span>for<span class=\"_ _2\"></span>mato XHTML <span class=\"_ _16\"> </span><span class=\"ff5\">in <span class=\"_ _9\"> </span>u<span class=\"_ _2\"></span>n\u2019istanza <span class=\"_ _9\"> </span>X<span class=\"_ _2\"></span>BRL, <span class=\"_ _9\"> </span>a  causa  d<span class=\"_ _f\"></span>i  taluni <span class=\"_ _9\"> </span>l<span class=\"_ _2\"></span>imiti <span class=\"_ _9\"> </span>t<span class=\"_ _2\"></span>ecnici <span class=\"_ _9\"> </span>potr<span class=\"_ _2\"></span>ebbe<span class=\"_ _1\"></span>ro  non <span class=\"_ _9\"> </span>essere  riprodotte <span class=\"_ _9\"> </span>in  maniera </span>identica rispetto alle corrispondenti informazioni vi<span class=\"_ _1\"></span>sualizzabili nel bilancio consolidato in formato XHTML<span class=\"_ _2\"></span>. Pr<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>cip<span class=\"_ _f\"></span>i co<span class=\"_ _f\"></span>nta<span class=\"_ _f\"></span>bili<span class=\"_ _f\"></span> NUO<span class=\"_ _1\"></span>VI <span class=\"_ _f\"></span>IFRS <span class=\"_ _f\"></span>ACCOUNTI<span class=\"_ _1\"></span>NG<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>STAND<span class=\"_ _f\"></span>ARDS, <span class=\"_ _f\"></span>EMEND<span class=\"_ _f\"></span>AMENTI <span class=\"_ _f\"></span>ED <span class=\"_ _f\"></span>INTERP<span class=\"_ _f\"></span>RETAZION<span class=\"_ _1\"></span>I <span class=\"_ _f\"></span>APPLICA<span class=\"_ _f\"></span>TI DAL<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>1\u00b0 <span class=\"_ _f\"></span>GENNAIO <span class=\"_ _f\"></span>202<span class=\"_ _1\"></span>5  Il seguente emendamento \u00e8 stato applicato per la prima volta dal<span class=\"_ _1\"></span> Gruppo a partire dal 1\u00b0 gennaio 2025: <span class=\"_ _2\"></span> \u201cAme<span class=\"_ _1\"></span>ndm<span class=\"_ _1\"></span>ent<span class=\"_ _1\"></span>s <span class=\"_ _2\"></span>to <span class=\"_ _2\"></span>IAS 21 <span class=\"_ _2\"></span>The <span class=\"_ _2\"></span>Effe<span class=\"_ _f\"></span>cts <span class=\"_ _2\"></span>of <span class=\"_ _2\"></span>Chang<span class=\"_ _1\"></span>es <span class=\"_ _2\"></span>in Foreign Excha<span class=\"_ _f\"></span>nge <span class=\"_ _2\"></span>Rate<span class=\"_ _1\"></span>s: <span class=\"_ _2\"></span>Lack<span class=\"_ _1\"></span> <span class=\"_ _2\"></span>of <span class=\"_ _2\"></span>Excha<span class=\"_ _1\"></span>ngeab<span class=\"_ _1\"></span>ilit<span class=\"_ _1\"></span>y\u201d. <span class=\"_ _2\"></span><span class=\"ls0\">Il </span>documento richiede ad <span class=\"_ _2\"></span>un\u2019entit\u00e0 di applicare <span class=\"_ _2\"></span>una metodologia da <span class=\"_ _2\"></span>applicare in maniera <span class=\"_ _2\"></span>coerente al <span class=\"_ _2\"></span>fine<span class=\"_ _df\"> </span>di  verificare  se  una  valuta  pu\u00f2<span class=\"_ _2\"></span>  essere  convertita  in  un\u2019altra  e,  qua<span class=\"_ _2\"></span>ndo  ci\u00f2  non  \u00e8  possibile, <span class=\"_ _22\"> </span>come determinare <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>tasso <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>cambio <span class=\"_ _2\"></span>da <span class=\"_ _2\"></span>utiliz<span class=\"ff5\">zar<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>l\u2019informativa <span class=\"_ _2\"></span>da <span class=\"_ _2\"></span>fornire <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>nota <span class=\"_ _2\"></span>integrativa. <span class=\"_ _2\"></span>L\u2019adozio<span class=\"_ _2\"></span>ne di<span class=\"_ _df\"> </span></span>tale emendamento non ha comportato effetti sul bilancio del Gruppo. NUO<span class=\"_ _1\"></span>VI <span class=\"_ _4\"> </span>IFRS <span class=\"_ _4\"> </span>ACCOU<span class=\"_ _1\"></span>NTIN<span class=\"_ _f\"></span>G <span class=\"_ _17\"> </span>STAN<span class=\"_ _f\"></span>DARDS, <span class=\"_ _4\"> </span>EMEN<span class=\"_ _f\"></span>DAMENT<span class=\"_ _1\"></span>I <span class=\"_ _4\"> </span>ED <span class=\"_ _4\"> </span>INTERP<span class=\"_ _1\"></span>RETA<span class=\"_ _f\"></span>ZIONI <span class=\"_ _4\"> </span>OMOL<span class=\"_ _1\"></span>OGAT<span class=\"_ _1\"></span>I <span class=\"_ _4\"> </span>DALL\u2019UN<span class=\"_ _f\"></span>IONE<span class=\"_ _f\"></span> EUROP<span class=\"_ _f\"></span>EA, <span class=\"_ _f\"></span>NON <span class=\"_ _11\"></span>ANCORA <span class=\"_ _11\"></span>OBBLIG<span class=\"_ _f\"></span>ATORIAM<span class=\"_ _f\"></span>ENTE <span class=\"_ _f\"></span>APPL<span class=\"_ _1\"></span>ICABI<span class=\"_ _1\"></span>LI <span class=\"_ _f\"></span>E <span class=\"_ _f\"></span>NON<span class=\"_ _1\"></span> <span class=\"_ _f\"></span>ADOTT<span class=\"_ _1\"></span>ATI <span class=\"_ _f\"></span>IN <span class=\"_ _f\"></span>VIA <span class=\"_ _11\"></span>ANTICIP<span class=\"_ _f\"></span>ATA <span class=\"_ _f\"></span>DAL <span class=\"_ _f\"></span>GRUP<span class=\"_ _1\"></span>P<span class=\"_ _1\"></span>O AL 31 <span class=\"_ _1\"></span>DIC<span class=\"_ _1\"></span>EMBRE<span class=\"_ _1\"></span> 20<span class=\"_ _1\"></span>25 Alla data di riferimento del presente documento, gli organi competenti dell\u2019Unione Eu<span class=\"_ _1\"></span>ropea hanno concluso il <span class=\"_ _2\"></span>processo <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>omologazione <span class=\"_ _2\"></span>necessario <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>l\u2019adozione<span class=\"_ _f\"></span> <span class=\"_ _d\"></span>degli <span class=\"_ _2\"></span>emendamen<span class=\"ff4\">ti <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>ei principi <span class=\"_ _2\"></span>sot<span class=\"_ _2\"></span>to <span class=\"_ _2\"></span>descritti, <span class=\"_ _2\"></span>ma </span>tali principi non <span class=\"_ _f\"></span>s<span class=\"_ _2\"></span>ono obbl<span class=\"_ _1\"></span>igatoriamente applicabili e non <span class=\"_ _1\"></span>sono stati adottati in vi<span class=\"_ _1\"></span>a anticipata dal Gruppo al <span class=\"_ _f\"></span>31 dicembre 2025: <span class=\"_ _2c\"> </span><span class=\"ff5\">In <span class=\"_ _0\"></span>data <span class=\"_ _9\"> </span>30 <span class=\"_ _0\"> </span>maggio <span class=\"_ _9\"> </span>2024 <span class=\"_ _0\"></span>lo <span class=\"_ _9\"> </span>IASB <span class=\"_ _0\"></span>ha <span class=\"_ _9\"> </span>pubblicato <span class=\"_ _0\"></span>il <span class=\"_ _0\"></span>doc<span class=\"_ _2\"></span>umento <span class=\"_ _0\"></span>\u201c<span class=\"_ _df\"> </span></span>Ame<span class=\"_ _f\"></span>ndments<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>to <span class=\"_ _0\"></span>the <span class=\"_ _0\"></span>Class<span class=\"_ _f\"></span>ification <span class=\"_ _0\"></span>and<span class=\"_ _f\"></span> Meas<span class=\"_ _f\"></span>urement<span class=\"_ _f\"></span> <span class=\"_ _9\"> </span>of <span class=\"_ _0\"></span>Financi<span class=\"_ _1\"></span>al <span class=\"_ _0\"></span>Inst<span class=\"_ _1\"></span>rume<span class=\"_ _1\"></span>nts<span class=\"ff5\">\u2014<span class=\"_ _f\"></span><span class=\"ff4\">Amendm<span class=\"_ _f\"></span>ents <span class=\"_ _0\"></span>to <span class=\"_ _0\"></span>IFRS <span class=\"_ _d\"></span>9 <span class=\"_ _9\"> </span>and <span class=\"_ _0\"></span>IFRS <span class=\"_ _d\"></span>7</span></span>\u2033<span class=\"ff4 ls7d\">. <span class=\"_ _9\"> </span><span class=\"ls0\">Il <span class=\"_ _9\"> </span>documento <span class=\"_ _0\"></span>chiarisce </span></span>alcuni <span class=\"_ _2\"></span>aspetti <span class=\"_ _d\"></span>problematici <span class=\"_ _2\"></span>emersi <span class=\"_ _d\"></span>dalla <span class=\"_ _2\"></span>post<span class=\"_ _2\"></span>-<span class=\"ff5\">impleme<span class=\"_ _1\"></span>ntation <span class=\"_ _d\"></span>review <span class=\"_ _2\"></span>dell\u2019IFRS <span class=\"_ _2\"></span>9, <span class=\"_ _d\"></span>tra <span class=\"_ _2\"></span>cui <span class=\"_ _d\"></span>il <span class=\"_ _2\"></span>tratt<span class=\"_ _2\"></span>ame<span class=\"_ _1\"></span>nto </span>contabile delle <span class=\"_ _2\"></span>attivit\u00e0 <span class=\"_ _2\"></span>finanziarie i <span class=\"_ _2\"></span>cui <span class=\"_ _2\"></span>rendimenti variano <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>raggiungimento <span class=\"_ _2\"></span>di obiettivi <span class=\"_ _2\"></span>ESG <span class=\"_ _2\"></span>(i.e. green bonds). In partic<span class=\"ff5\">olare, le modifiche hanno l\u2019obiettivo di:<span class=\"_ _df\"> </span></span>o<span class=\"_ _25\"> </span><span class=\"ff4\">chiarire  la  classificazi<span class=\"_ _1\"></span>one  delle  attivit\u00e0  finanziarie  con <span class=\"_ _16\"> </span>rendimenti  variabili  e<span class=\"_ _1\"></span>  legati  ad  obiettivi<span class=\"_ _df\"> </span></span>ambientali, <span class=\"_ _d\"></span>sociali <span class=\"_ _d\"></span>e <span class=\"_ _0\"></span>di <span class=\"_ _d\"></span>governance <span class=\"_ _d\"></span>aziendale <span class=\"_ _0\"></span>(ESG) <span class=\"_ _d\"></span>ed <span class=\"_ _d\"></span>i <span class=\"_ _0\"></span>criteri <span class=\"_ _0\"></span>da <span class=\"_ _d\"></span>utilizzare <span class=\"_ _d\"></span>per <span class=\"_ _0\"></span>l\u2019assessment <span class=\"_ _0\"></span>del SPPI test; o<span class=\"_ _25\"> </span><span class=\"ff4\">determinare <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>data di <span class=\"_ _2\"></span>regolamento <span class=\"_ _2\"></span>delle pass<span class=\"_ _2\"></span>ivit\u00e0 tramit<span class=\"_ _2\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _2\"></span>sistemi <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>pagamento <span class=\"_ _2\"></span>elettronici \u00e8<span class=\"_ _df\"> </span></span>quella <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>cui la <span class=\"_ _2\"></span>passivit\u00e0 <span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>isu<span class=\"_ _1\"></span>lta <span class=\"_ _2\"></span>estinta. <span class=\"_ _2\"></span>Tuttavia, \u00e8 <span class=\"_ _2\"></span>consentito <span class=\"_ _2\"></span>ad <span class=\"_ _2\"></span>un\u2019entit\u00e0 <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>adottare <span class=\"_ _2\"></span>una <span class=\"_ _2\"></span>politica contabile per <span class=\"_ _2\"></span>consentire <span class=\"_ _2\"></span>di eliminare contabilmente <span class=\"_ _2\"></span>una <span class=\"_ _2\"></span>passivit\u00e0 <span class=\"_ _2\"></span>finanzi<span class=\"_ _1\"></span>aria <span class=\"_ _2\"></span>prima <span class=\"_ _2\"></span>di<span class=\"_ _1\"></span> <span class=\"_ _2\"></span>consegnare liquidit\u00e0 alla data di regolamento in presenz<span class=\"_ _1\"></span>a di determinate condizioni specifiche.<span class=\"_ _df\"> </span>Con q<span class=\"_ _1\"></span>ueste modi<span class=\"_ _1\"></span>fiche, lo <span class=\"_ _f\"></span>IASB ha i<span class=\"_ _1\"></span>noltre introdotto <span class=\"_ _f\"></span>ulteriori requisiti <span class=\"_ _f\"></span>di informativa <span class=\"_ _f\"></span>r<span class=\"_ _2\"></span>iguardo <span class=\"_ _f\"></span>in particolare ad investimenti in strumenti di capitale de<span class=\"_ _1\"></span>signati a FVOCI.<span class=\"_ _2\"></span> Le modifiche si <span class=\"_ _2\"></span>applicheranno a partire <span class=\"_ _2\"></span>dai bilanci degli esercizi che hanno <span class=\"_ _2\"></span>inizio dal 1\u00b0 <span class=\"_ _2\"></span>gennaio 2026. Gli amministratori  non<span class=\"_ _f\"></span>  si <span class=\"_ _16\"> </span>attendono <span class=\"_ _9\"> </span>un  eff<span class=\"_ _1\"></span>etto  signi<span class=\"_ _1\"></span>ficativo  sul <span class=\"_ _9\"> </span>bilancio  <span class=\"ff5\">del <span class=\"_ _9\"> </span>Gruppo  d<span class=\"_ _1\"></span>all\u2019adozione  di<span class=\"_ _1\"></span>  tali </span>emendamenti. <span class=\"_ _2c\"> </span><span class=\"ff5\">In <span class=\"_ _2\"></span>data <span class=\"_ _2\"></span>18 dicembre <span class=\"_ _2\"></span>2024 <span class=\"_ _2\"></span>lo <span class=\"_ _2\"></span>IASB <span class=\"_ _2\"></span>ha p<span class=\"_ _2\"></span>ubblicato un <span class=\"_ _2\"></span>emendamento <span class=\"_ _2\"></span>denominato <span class=\"_ _2\"></span>\u201c</span>Contr<span class=\"_ _1\"></span>acts Refe<span class=\"_ _1\"></span>rencin<span class=\"_ _f\"></span>g Nat<span class=\"_ _1\"></span>ure-de<span class=\"_ _1\"></span>pend<span class=\"_ _f\"></span>ent <span class=\"_ _4\"> </span>Elect<span class=\"_ _1\"></span>ricity<span class=\"_ _1\"></span> <span class=\"_ _4\"> </span><span class=\"ff5\">\u2013</span>  <span class=\"ff5\">Amendm<span class=\"_ _1\"></span>ent<span class=\"_ _1\"></span> <span class=\"_ _4\"> </span>to  IFRS <span class=\"_ _4\"> </span>9 <span class=\"_ _4\"> </span>and<span class=\"_ _1\"></span> <span class=\"_ _4\"> </span>IFR<span class=\"_ _f\"></span>S <span class=\"_ _4\"> </span>7\u201d<span class=\"_ _df\"> </span></span>. <span class=\"_ _4\"> </span>Il <span class=\"_ _22\"> </span>documento <span class=\"_ _4\"> </span>ha <span class=\"_ _4\"> </span>l\u2019obiettivo <span class=\"_ _22\"> </span>di<div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs68\">supportare <span class=\"_ _2\"></span>le entit\u00e0 <span class=\"_ _2\"></span>nel rendicontare <span class=\"_ _2\"></span>gli effetti <span class=\"_ _2\"></span>finanziari <span class=\"_ _2\"></span>dei contratti <span class=\"_ _2\"></span>di acquisto <span class=\"_ _2\"></span>di elettricit\u00e0 <span class=\"_ _2\"></span>prodotta<span class=\"_ _1\"></span> </div>da <span class=\"_ _2\"></span>fonti <span class=\"_ _2\"></span>rinnovabili <span class=\"_ _2\"></span>(spesso <span class=\"_ _2\"></span>strutturati <span class=\"_ _2\"></span>come <span class=\"_ _2\"></span>Power <span class=\"_ _2\"></span>Purchase <span class=\"_ _2\"></span>Agreements). <span class=\"_ _2\"></span>Sulla <span class=\"_ _2\"></span>base <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>tali <span class=\"_ _2\"></span>con<span class=\"_ _2\"></span>tratti, la <span class=\"_ _16\"> </span>quantit\u00e0 <span class=\"_ _9\"> </span>di  elettricit\u00e0  ge<span class=\"_ _1\"></span>nerata  e<span class=\"_ _1\"></span>d <span class=\"_ _16\"> </span>acquistata  p<span class=\"_ _1\"></span>u\u00f2 <span class=\"_ _16\"> </span>variare <span class=\"_ _16\"> </span>in <span class=\"_ _16\"> </span>base <span class=\"_ _16\"> </span>a <span class=\"_ _16\"> </span>fattori  i<span class=\"_ _1\"></span>ncontrollab<span class=\"_ _2\"></span>ili <span class=\"_ _16\"> </span>quali <span class=\"_ _16\"> </span>le condizioni <span class=\"_ _d\"></span>meteor<span class=\"_ _2\"></span>ologiche<span class=\"_ _1\"></span>. <span class=\"_ _0\"></span>Lo <span class=\"_ _0\"></span>IASB <span class=\"_ _0\"></span>ha <span class=\"_ _0\"></span>apportato <span class=\"_ _0\"></span>emendamenti <span class=\"_ _d\"></span>mir<span class=\"_ _2\"></span>ati <span class=\"_ _d\"></span>ai <span class=\"_ _0\"></span>principi <span class=\"_ _d\"></span>IFRS <span class=\"_ _0\"></span>9 <span class=\"_ _0\"></span>e <span class=\"_ _0\"></span>IFRS <span class=\"_ _0\"></span>7. <span class=\"_ _0\"></span>Gli emendamenti includono: o<span class=\"_ _25\"> </span><span class=\"ff5\">un chiarimento riguardo all\u2019applicazione dei requisiti di \u201cown use\u201d a questa tipol<span class=\"_ _1\"></span>ogia di contratti;<span class=\"_ _df\"> </span></span>o<span class=\"_ _25\"> </span><span class=\"ff4\">dei criteri per consentire la contabilizzazione di tali contratti come strumenti di copertura; e,<span class=\"_ _df\"> </span></span>o<span class=\"_ _25\"> </span><span class=\"ff4\">dei nu<span class=\"_ _1\"></span>ovi requisiti d<span class=\"_ _1\"></span>i informativa <span class=\"_ _f\"></span>per consentire agli <span class=\"_ _1\"></span>utilizzatori d<span class=\"_ _1\"></span>el bil<span class=\"_ _1\"></span>ancio di <span class=\"_ _1\"></span>comprendere l'e<span class=\"_ _1\"></span>ffetto<span class=\"_ _df\"> </span></span>di questi contratti sulle pe<span class=\"_ _1\"></span>rformance finanziarie e sui flussi di cassa<span class=\"_ _2\"></span> <span class=\"ff5\">di un\u2019entit\u00e0.<span class=\"_ _df\"> </span></span>La <span class=\"_ _14\"> </span>modifica <span class=\"_ _14\"> </span>si <span class=\"_ _15\"> </span>applicher\u00e0 <span class=\"_ _14\"> </span>dal <span class=\"_ _14\"> </span>1\u00b0 <span class=\"_ _15\"> </span>gennaio <span class=\"_ _14\"> </span>2026, <span class=\"_ _14\"> </span>ma <span class=\"_ _15\"> </span>\u00e8 <span class=\"_ _14\"> </span>consentita <span class=\"_ _14\"> </span>un\u2019applicazione <span class=\"_ _14\"> </span>anticipata. <span class=\"_ _15\"> </span>Gli amministratori <span class=\"_ _0\"></span>non <span class=\"_ _0\"></span>si <span class=\"_ _9\"> </span>attendono <span class=\"_ _0\"></span>un <span class=\"_ _0\"></span>effetto <span class=\"_ _0\"> </span>s<span class=\"_ _2\"></span>ignificativ<span class=\"_ _f\"></span>o<span class=\"_ _2\"></span> <span class=\"_ _9\"> </span>sul <span class=\"_ _0\"></span>bilancio <span class=\"_ _0\"></span><span class=\"ff5\">del <span class=\"_ _0\"></span>Gruppo <span class=\"_ _0\"></span>dall\u2019adozione <span class=\"_ _9\"> </span>di <span class=\"_ _0\"></span>tale </span>principio. <span class=\"_ _2c\"> </span><span class=\"ff4\">In <span class=\"_ _2\"></span>data <span class=\"_ _2\"></span>18 luglio <span class=\"_ _2\"></span>2024 <span class=\"_ _2\"></span>lo IASB <span class=\"_ _2\"></span>ha <span class=\"_ _2\"></span>pubblicato un <span class=\"_ _2\"></span>documento <span class=\"_ _2\"></span>denominato </span>\u201cAnnua<span class=\"_ _f\"></span>l <span class=\"_ _2\"></span>Impr<span class=\"_ _1\"></span>ovem<span class=\"_ _f\"></span>ents Volu<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span> 11\u201d. <span class=\"_ _0\"></span>Il <span class=\"_ _9\"> </span>documento <span class=\"_ _9\"> </span>include <span class=\"_ _9\"> </span>chiarimenti, <span class=\"_ _9\"> </span>semplificazioni, <span class=\"_ _9\"> </span>correzioni <span class=\"_ _9\"> </span>e <span class=\"_ _9\"> </span>cambiamenti <span class=\"_ _9\"> </span>volti <span class=\"_ _9\"> </span>a <span class=\"_ _9\"> </span>migliorare <span class=\"_ _9\"> </span>la coerenza di diversi IFRS Accounting Standards. I princi<span class=\"_ _1\"></span>pi modificati sono:<span class=\"_ _df\"> </span>o<span class=\"_ _25\"> </span><span class=\"ff4\">IFRS 1 First-time Adoption of International Financial Reporting Standards;<span class=\"_ _df\"> </span></span>o<span class=\"_ _25\"> </span><span class=\"ff4\">IFRS 7 Financial Instruments: Disclosures e le relative li<span class=\"_ _1\"></span>nee guida sull'implementazione dell'IFRS 7;<span class=\"_ _df\"> </span></span>o<span class=\"_ _25\"> </span><span class=\"ff4\">IFRS 9 Financial Instruments;<span class=\"_ _df\"> </span></span>o<span class=\"_ _25\"> </span><span class=\"ff4\">IFRS 10 Consolidated Financial Statements; e<span class=\"_ _df\"> </span></span>o<span class=\"_ _25\"> </span><span class=\"ff4\">IAS 7 Statement of Cash Flows.<span class=\"_ _df\"> </span></span>Le  modifiche <span class=\"_ _16\"> </span>si  applicheranno  d<span class=\"_ _1\"></span>al  1\u00b0  gennaio <span class=\"_ _16\"> </span>2026,  ma  \u00e8  consentita  u<span class=\"_ _1\"></span>n\u2019applicazione <span class=\"_ _16\"> </span>anticipata.  Gli amministratori  non<span class=\"_ _f\"></span>  si <span class=\"_ _16\"> </span>attendono <span class=\"_ _9\"> </span>un  eff<span class=\"_ _1\"></span>etto  signi<span class=\"_ _1\"></span>ficativo <span class=\"_ _16\"> </span>sul  bilancio <span class=\"_ _9\"> </span><span class=\"ff5\">del  Grup<span class=\"_ _1\"></span>po <span class=\"_ _16\"> </span>dall\u2019adozione <span class=\"_ _16\"> </span>di <span class=\"_ _16\"> </span>tali </span>emendamenti.  NUO<span class=\"_ _1\"></span>VI <span class=\"_ _22\"> </span>IFRS <span class=\"_ _4\"> </span>ACC<span class=\"_ _f\"></span>OUNTING  STAN<span class=\"_ _1\"></span>DARD<span class=\"_ _1\"></span>S, <span class=\"_ _22\"> </span>EMEND<span class=\"_ _1\"></span>AMEN<span class=\"_ _f\"></span>TI <span class=\"_ _4\"> </span>ED <span class=\"_ _4\"> </span>IN<span class=\"_ _f\"></span>TERPRE<span class=\"_ _1\"></span>TAZI<span class=\"_ _f\"></span>ONI <span class=\"_ _4\"> </span>NON  ANCOR<span class=\"_ _f\"></span>A <span class=\"_ _4\"> </span>OMOL<span class=\"_ _f\"></span>OGATI DALL\u2019<span class=\"_ _f\"></span>UNIONE E<span class=\"_ _f\"></span>UROPEA<span class=\"_ _f\"></span><span class=\"ff4\"> </span>Alla data di <span class=\"_ _2\"></span>riferimento del pres<span class=\"_ _2\"></span>ente documento, gli or<span class=\"_ _2\"></span>gani competenti d<span class=\"_ _2\"></span>ell\u2019Unione Europea non <span class=\"_ _2\"></span>hanno ancora <span class=\"_ _f\"></span>concluso <span class=\"_ _f\"></span>il <span class=\"_ _f\"></span>pro<span class=\"_ _2\"></span>cesso <span class=\"_ _f\"></span>di <span class=\"_ _f\"></span>omologazione <span class=\"_ _f\"></span>necessario <span class=\"_ _f\"></span>per <span class=\"_ _f\"></span>l\u2019adozione <span class=\"_ _f\"></span>degli<span class=\"_ _2\"></span><span class=\"ff4\"> <span class=\"_ _f\"></span>emendamenti <span class=\"_ _f\"></span>e <span class=\"_ _1\"></span>dei <span class=\"_ _f\"></span>principi </span>sotto descritti. <span class=\"_ _2c\"> </span><span class=\"ff4\">In <span class=\"_ _d\"></span>data <span class=\"_ _0\"></span>9 <span class=\"_ _0\"></span>aprile <span class=\"_ _d\"></span>2024 <span class=\"_ _0\"></span>lo <span class=\"_ _d\"></span>IASB <span class=\"_ _d\"></span>ha <span class=\"_ _0\"></span>pubblicato <span class=\"_ _d\"></span>un <span class=\"_ _0\"></span>nuovo <span class=\"_ _0\"></span>principio </span>IFRS <span class=\"_ _2\"></span>18 <span class=\"_ _d\"></span>Presenta<span class=\"_ _f\"></span>tion <span class=\"_ _d\"></span>and <span class=\"_ _d\"></span>Disclo<span class=\"_ _f\"></span>sure <span class=\"_ _d\"></span>in Fina<span class=\"_ _1\"></span>ncial <span class=\"_ _0\"></span>Stateme<span class=\"_ _1\"></span>nts <span class=\"_ _9\"> </span>che <span class=\"_ _16\"> </span>sostitui<span class=\"_ _1\"></span>r\u00e0 <span class=\"_ _16\"> </span>il <span class=\"_ _9\"> </span>principio <span class=\"_ _16\"> </span>IAS <span class=\"_ _9\"> </span>1  P<span class=\"_ _1\"></span>resentation <span class=\"_ _16\"> </span>of <span class=\"_ _9\"> </span>Financial <span class=\"_ _9\"> </span>Stat<span class=\"_ _2\"></span>ements. <span class=\"_ _16\"> </span>Il <span class=\"_ _9\"> </span>nuovo<span class=\"_ _df\"> </span>princi<span class=\"ff5\">pio  si <span class=\"_ _16\"> </span>pone <span class=\"_ _9\"> </span>l\u2019obiettivo  di <span class=\"_ _9\"> </span>migliorare  la  prese<span class=\"_ _1\"></span>ntazione  d<span class=\"_ _1\"></span>egli <span class=\"_ _16\"> </span>schemi  d<span class=\"_ _f\"></span>i  bilancio,  con <span class=\"_ _9\"> </span>particolare </span>riferimento allo schema del conto economico. In particolare, il nuov<span class=\"_ _1\"></span>o principio richiede di:<span class=\"_ _df\"> </span>o<span class=\"_ _25\"> </span><span class=\"ff4\">Classificare <span class=\"_ _16\"> </span>i <span class=\"_ _16\"> </span>ricavi <span class=\"_ _9\"> </span>e  i <span class=\"_ _9\"> </span>costi  in <span class=\"_ _9\"> </span>tre  nu<span class=\"_ _f\"></span>o<span class=\"_ _2\"></span>ve <span class=\"_ _9\"> </span>categorie  (<span class=\"_ _1\"></span>sezione <span class=\"_ _16\"> </span>operativa,  sezi<span class=\"_ _1\"></span>one <span class=\"_ _16\"> </span>investimento <span class=\"_ _9\"> </span>e </span>sezione <span class=\"_ _0\"></span>finanziaria), <span class=\"_ _0\"></span>oltre <span class=\"_ _0\"></span>alle <span class=\"_ _9\"> </span>categorie <span class=\"_ _0\"></span>impost<span class=\"_ _2\"></span>e <span class=\"_ _0\"></span>e <span class=\"_ _0\"></span>attivit\u00e0 <span class=\"_ _0\"> </span>cessat<span class=\"_ _2\"></span>e <span class=\"_ _0\"></span>gi\u00e0 <span class=\"_ _0\"></span>presenti <span class=\"_ _0\"></span>nello <span class=\"_ _0\"></span>schema <span class=\"_ _9\"> </span>di conto economico;<span class=\"_ _df\"> </span>o<span class=\"_ _25\"> </span><span class=\"ff4\">Presentare due <span class=\"_ _2\"></span>nuovi sub-totali, <span class=\"_ _2\"></span>il risultato <span class=\"_ _2\"></span>operativo e il <span class=\"_ _2\"></span>risultato prima degli <span class=\"_ _2\"></span>interessi e tas<span class=\"_ _2\"></span>se (i.e. </span>EBIT).<span class=\"_ _df\"> </span>Il nuovo principio inoltre: o<span class=\"_ _25\"> </span><span class=\"ff4\">richiede maggiori informazioni sugli indicatori di pe<span class=\"_ _1\"></span>rformance definiti dal management;<span class=\"_ _df\"> </span></span>o<span class=\"_ _25\"> </span><span class=\"ff4\">introduce nuovi criteri per l'aggreg<span class=\"_ _1\"></span>azione e la disaggregazione delle informazioni; e,<span class=\"_ _df\"> </span></span>o<span class=\"_ _25\"> </span><span class=\"ff4\">introduce alcune <span class=\"_ _f\"></span>mo<span class=\"_ _2\"></span>difiche allo schema <span class=\"_ _1\"></span>del rendiconto finanziario, tra cui <span class=\"_ _f\"></span>la richiesta di utilizzare il </span>risultato <span class=\"_ _14\"> </span>operativo <span class=\"_ _17\"> </span>come <span class=\"_ _14\"> </span>punto <span class=\"_ _17\"> </span>di <span class=\"_ _17\"> </span>part<span class=\"_ _2\"></span>enza <span class=\"_ _17\"> </span>per <span class=\"_ _17\"> </span>la <span class=\"_ _14\"> </span>presentazione <span class=\"_ _14\"> </span>del <span class=\"_ _17\"> </span>rendiconto <span class=\"_ _14\"> </span>finanziario predisposto <span class=\"_ _d\"></span>con <span class=\"_ _d\"></span>il <span class=\"_ _d\"></span>metodo <span class=\"_ _d\"></span>indiretto <span class=\"_ _2\"></span>e <span class=\"_ _d\"></span>l\u2019eliminazione <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>alcune <span class=\"_ _d\"></span>opzioni <span class=\"_ _2\"></span>di <span class=\"_ _d\"></span>class<span class=\"_ _2\"></span>ificazi<span class=\"_ _1\"></span>one <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>alcune voci at<span class=\"_ _2\"></span>tualmente esistenti (come <span class=\"_ _2\"></span>ad esempio <span class=\"_ _2\"></span>interessi pagati, <span class=\"_ _2\"></span>interessi incassati, dividendi paga<span class=\"_ _2\"></span>ti e dividendi incassati).<span class=\"_ _df\"> </span>Il <span class=\"_ _d\"></span>nuovo <span class=\"_ _0\"></span>principio <span class=\"_ _0\"></span>entrer\u00e0 <span class=\"_ _0\"></span>in <span class=\"_ _0\"></span>vigore <span class=\"_ _d\"></span>dal <span class=\"_ _0\"></span>1\u00b0 <span class=\"_ _0\"></span>gennaio <span class=\"_ _d\"></span>2027, <span class=\"_ _0\"></span>ma <span class=\"_ _0\"></span>\u00e8 <span class=\"_ _d\"></span>cons<span class=\"_ _2\"></span>entita <span class=\"_ _d\"></span>un\u2019applicazione <span class=\"_ _d\"></span>ant<span class=\"_ _2\"></span>icipata<span class=\"_ _2\"></span><span class=\"ff4\">. <span class=\"_ _0\"></span>Al </span>momento <span class=\"_ _1\"></span>gli <span class=\"_ _f\"></span>amministratori s<span class=\"_ _1\"></span>tanno <span class=\"ff5\">v<span class=\"_ _f\"></span>alutando i <span class=\"_ _f\"></span>possibili <span class=\"_ _f\"></span>effetti de<span class=\"_ _1\"></span>ll\u2019introduzione <span class=\"_ _f\"></span>di questo <span class=\"_ _f\"></span>nuovo <span class=\"_ _f\"></span>principio </span>sul bilancio del Grupp<span class=\"_ _1\"></span>o.<span class=\"_ _2\"></span> <span class=\"_ _2c\"> </span><span class=\"ff4\">In <span class=\"_ _9\"> </span>data <span class=\"_ _9\"> </span>9 <span class=\"_ _9\"> </span>maggio <span class=\"_ _0\"></span>2024 <span class=\"_ _9\"> </span>lo <span class=\"_ _9\"> </span>IASB <span class=\"_ _9\"> </span>ha <span class=\"_ _9\"> </span>pubblicato <span class=\"_ _9\"> </span>un <span class=\"_ _9\"> </span>nuovo <span class=\"_ _0\"></span>principio </span>IFRS <span class=\"_ _0\"></span>19 <span class=\"_ _0\"></span>Subsidi<span class=\"_ _1\"></span>arie<span class=\"_ _1\"></span>s <span class=\"_ _0\"></span>withou<span class=\"_ _1\"></span>t <span class=\"_ _0\"></span>Public Acco<span class=\"_ _1\"></span>unta<span class=\"_ _1\"></span>bility<span class=\"_ _1\"></span>: <span class=\"_ _10\"> </span>Disclo<span class=\"_ _1\"></span>sures<span class=\"_ _df\"> </span>. <span class=\"_ _e\"> </span>Il <span class=\"_ _10\"> </span>nuovo <span class=\"_ _10\"> </span>principio <span class=\"_ _e\"> </span>intr<span class=\"_ _2\"></span>oduce <span class=\"_ _e\"> </span>al<span class=\"_ _2\"></span>cune <span class=\"_ _e\"> </span>semp<span class=\"_ _2\"></span>lificazioni <span class=\"_ _e\"> </span>con <span class=\"_ _10\"> </span>riferimento all\u2019informativa <span class=\"_ _17\"> </span>richiesta <span class=\"_ _17\"> </span>dagli <span class=\"_ _14\"> </span>IFRS <span class=\"_ _14\"> </span>Accounting <span class=\"_ _17\"> </span>Standard <span class=\"_ _17\"> </span>n<span class=\"_ _2\"></span>el <span class=\"_ _17\"> </span>bilancio <span class=\"_ _17\"> </span>di <span class=\"_ _14\"> </span>esercizio <span class=\"_ _17\"> </span>di <span class=\"_ _14\"> </span>una <span class=\"_ _14\"> </span>societ\u00e0 controllata, che rispetta i seguenti requi<span class=\"_ _1\"></span>siti:<span class=\"_ _df\"> </span>o<span class=\"_ _25\"> </span><span class=\"ff4\">non <span class=\"_ _2\"></span>ha <span class=\"_ _d\"></span>emesso <span class=\"_ _2\"></span>st<span class=\"_ _2\"></span>rumenti <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>capitale <span class=\"_ _2\"></span>o <span class=\"_ _d\"></span>di <span class=\"_ _2\"></span>debito <span class=\"_ _d\"></span>quotati <span class=\"_ _2\"></span>su <span class=\"_ _d\"></span>un <span class=\"_ _2\"></span>mercato <span class=\"_ _0\"></span>regolamentato <span class=\"_ _2\"></span>e <span class=\"_ _d\"></span>non <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _d\"></span>in </span>procinto di emetterli;<span class=\"_ _df\"> </span>o<span class=\"_ _25\"> </span><span class=\"ff4\">la propria societ\u00e0 controllante <span class=\"_ _1\"></span>predispone un bi<span class=\"_ _1\"></span>lancio consolidato in conformit\u00e0 con i <span class=\"_ _f\"></span>principi IFRS.<span class=\"_ _df\"> </span></span>Il <span class=\"_ _0\"></span>nuovo <span class=\"_ _9\"> </span>principio <span class=\"_ _9\"> </span>entrer\u00e0 <span class=\"_ _9\"> </span>in <span class=\"_ _0\"></span>vigor<span class=\"_ _2\"></span>e <span class=\"_ _0\"></span>dal <span class=\"_ _9\"> </span>1\u00b0 <span class=\"_ _0\"> </span>gennaio <span class=\"_ _9\"> </span>2027, <span class=\"_ _9\"> </span>ma <span class=\"_ _9\"> </span>\u00e8 <span class=\"_ _9\"> </span>consent<span class=\"_ _2\"></span><span class=\"ff5\">ita <span class=\"_ _0\"></span>un\u2019applicazione <span class=\"_ _9\"> </span>anticipata. </span>Tale modifica non ha impatti sul Bilancio de<span class=\"_ _1\"></span>l Gruppo. <span class=\"_ _2\"></span> \u2022 <span class=\"_ _14\"> </span>In <span class=\"_ _14\"> </span>data <span class=\"_ _14\"> </span>13 <span class=\"_ _14\"> </span>novembre <span class=\"_ _14\"> </span>2025 <span class=\"_ _14\"> </span>lo <span class=\"_ _14\"> </span>IASB <span class=\"_ _17\"> </span>ha <span class=\"_ _15\"> </span>pubblicato <span class=\"_ _14\"> </span>un <span class=\"_ _14\"> </span>documento <span class=\"_ _14\"> </span>denominato <span class=\"_ _14\"> </span>\u201cTranslation <span class=\"_ _14\"> </span>to <span class=\"_ _14\"> </span>a Hyperinflationary <span class=\"_ _14\"> </span>Presentation <span class=\"_ _14\"> </span>Currency <span class=\"_ _15\"> </span><span class=\"ff5\">\u2013</span> <span class=\"_ _14\"> </span><span class=\"ff5\">Amendment <span class=\"_ _14\"> </span>to <span class=\"_ _14\"> </span>IAS <span class=\"_ _15\"> </span>21\u201d <span class=\"_ _14\"> </span>che <span class=\"_ _15\"> </span>chiarisce <span class=\"_ _14\"> </span>le <span class=\"_ _14\"> </span>procedure <span class=\"_ _17\"> </span>di<span class=\"_ _df\"> </span></span>conversione per u<span class=\"_ _1\"></span>n\u2019entit\u00e0 la cui valuta <span class=\"_ _1\"></span>di presentazione \u00e8<span class=\"_ _1\"></span> quella di u<span class=\"_ _1\"></span>n\u2019economia iperinflazionata. L'entit\u00e0 applica le modifiche se:<span class=\"_ _df\"> </span>o<span class=\"_ _1c\"> </span><span class=\"ff4\">la <span class=\"_ _0\"></span>sua <span class=\"_ _0\"></span>valuta <span class=\"_ _0\"></span>funzionale <span class=\"_ _0\"></span>\u00e8 <span class=\"_ _0\"></span>quella <span class=\"_ _9\"> </span>di <span class=\"_ _0\"></span>un'economia <span class=\"_ _0\"></span>non <span class=\"_ _0\"></span>iperinflazionata <span class=\"_ _0\"></span>e <span class=\"_ _0\"></span>sta <span class=\"_ _0\"></span>convertendo <span class=\"_ _0\"></span>i <span class=\"_ _0\"></span>suoi </span>risultati <span class=\"_ _4\"> </span>economici <span class=\"_ _4\"> </span>e <span class=\"_ _4\"> </span>la <span class=\"_ _4\"> </span>sua <span class=\"_ _4\"> </span>situazione <span class=\"_ _4\"> </span>patrimo<span class=\"_ _2\"></span>niale-finanziaria <span class=\"_ _4\"> </span>nella <span class=\"_ _4\"> </span>valuta <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>un'economia iperinflazionata; oppure,<span class=\"_ _df\"> </span>o<span class=\"_ _1c\"> </span><span class=\"ff4\">o sta <span class=\"_ _f\"></span>convertendo nell<span class=\"_ _1\"></span>a valuta <span class=\"_ _f\"></span>di un'economia <span class=\"_ _f\"></span>iperinflazionata i <span class=\"_ _f\"></span>r<span class=\"_ _2\"></span>isultati <span class=\"_ _1\"></span>economici <span class=\"_ _1\"></span>e l<span class=\"_ _1\"></span>a situazione<span class=\"_ _1\"></span> </span>patrimoniale-finanziaria <span class=\"_ _2\"></span>di <span class=\"_ _d\"></span>una <span class=\"_ _2\"></span>gestione <span class=\"_ _d\"></span>estera <span class=\"_ _d\"></span>la <span class=\"_ _2\"></span>cui <span class=\"_ _d\"></span>valuta <span class=\"_ _2\"></span>funzionale <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _d\"></span>quella <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span><span class=\"ff5\">i <span class=\"_ _d\"></span>un\u2019economia<span class=\"_ _df\"> </span></span>non iperinflazionata.<span class=\"_ _df\"> </span>Le <span class=\"_ _2\"></span>modifiche <span class=\"_ _2\"></span>si <span class=\"_ _2\"></span>applicheranno <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>partire <span class=\"_ _2\"></span>dai <span class=\"_ _2\"></span>bilanci <span class=\"_ _2\"></span>degli <span class=\"_ _2\"></span>es<span class=\"_ _2\"></span>ercizi <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>avranno <span class=\"_ _2\"></span>inizio <span class=\"_ _2\"></span>dal <span class=\"_ _2\"></span>1\u00b0 <span class=\"_ _2\"></span>gennaio <span class=\"_ _2\"></span>2027.<span class=\"_ _2\"></span> Gli <span class=\"_ _2\"></span>amministratori <span class=\"_ _2\"></span>non <span class=\"_ _d\"></span>si <span class=\"_ _2\"></span>attend<span class=\"ff5\">ono <span class=\"_ _d\"></span>un <span class=\"_ _2\"></span>effetto <span class=\"_ _2\"></span>significativo <span class=\"_ _2\"></span>sul <span class=\"_ _2\"></span>bilancio <span class=\"_ _d\"></span>del <span class=\"_ _2\"></span>Gruppo <span class=\"_ _2\"></span>dall\u2019adozione <span class=\"_ _2\"></span>di <span class=\"_ _d\"></span>tale </span>emendamento<span class=\"ls1b\">. </span> <span class=\"_ _2c\"> </span><span class=\"ff4\">In <span class=\"_ _d\"></span>data <span class=\"_ _0\"></span>30 <span class=\"_ _0\"></span>gennaio <span class=\"_ _d\"></span>2014 <span class=\"_ _d\"></span>lo <span class=\"_ _0\"></span>IASB <span class=\"_ _d\"></span>ha <span class=\"_ _0\"></span>pubblicato <span class=\"_ _d\"></span>il <span class=\"_ _0\"></span>principio </span>IFRS <span class=\"_ _2\"></span>14 <span class=\"_ _d\"></span><span class=\"ff5\">\u2013</span> <span class=\"_ _0\"></span>Regula<span class=\"_ _f\"></span>tory <span class=\"_ _d\"></span>Defer<span class=\"_ _1\"></span>ral <span class=\"_ _2\"></span>Account<span class=\"_ _f\"></span>s<span class=\"sc0\"> </span>che consente solo a<span class=\"_ _1\"></span> coloro che<span class=\"_ _1\"></span> adottano gli<span class=\"_ _1\"></span> IFRS pe<span class=\"_ _1\"></span>r la prima v<span class=\"_ _1\"></span>olta di <span class=\"_ _1\"></span>continuare a rile<span class=\"_ _1\"></span>vare gli <span class=\"_ _1\"></span>importi relativi alle <span class=\"_ _f\"></span>at<span class=\"_ _2\"></span>tivit\u00e0 <span class=\"_ _1\"></span>soggette a<span class=\"_ _1\"></span> tariff<span class=\"_ _1\"></span>e re<span class=\"ff5\">golamentate <span class=\"_ _f\"></span>(\u201cRate Regulation <span class=\"_ _f\"></span>Activities\u201d) second<span class=\"_ _1\"></span>o i <span class=\"_ _f\"></span>precedenti principi<span class=\"_ _df\"> </span></span>contabili adottati. Non essendo il Gruppo un first-time adopter, tale principio non risulta applicabile<span class=\"_ _1\"></span>.<span class=\"_ _df\"> </span>Conte<span class=\"_ _1\"></span>nuto<span class=\"_ _1\"></span> dei P<span class=\"_ _1\"></span>rospett<span class=\"_ _1\"></span>i Co<span class=\"_ _1\"></span>ntabili Stat<span class=\"_ _1\"></span>o <span class=\"_ _17\"> </span>pat<span class=\"_ _1\"></span>rimoni<span class=\"_ _1\"></span>ale <span class=\"_ _4\"> </span>conso<span class=\"_ _1\"></span>lidat<span class=\"_ _f\"></span>o, <span class=\"_ _17\"> </span>conto <span class=\"_ _4\"> </span>econom<span class=\"_ _1\"></span>ico <span class=\"_ _4\"> </span>consol<span class=\"_ _1\"></span>idato<span class=\"_ _f\"></span> <span class=\"_ _17\"> </span>e <span class=\"_ _17\"> </span>prosp<span class=\"_ _1\"></span>etto<span class=\"_ _1\"></span> <span class=\"_ _4\"> </span>della <span class=\"_ _17\"> </span>reddit<span class=\"_ _f\"></span>ivit\u00e0 <span class=\"_ _17\"> </span>conso<span class=\"_ _f\"></span>lidata<span class=\"_ _f\"></span> comp<span class=\"_ _1\"></span>lessiv<span class=\"_ _1\"></span>a Gli <span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>chemi <span class=\"_ _2\"></span>dello <span class=\"_ _2\"></span>st<span class=\"_ _2\"></span>ato <span class=\"_ _2\"></span>patrimoniale <span class=\"_ _2\"></span>consolidato <span class=\"_ _d\"></span>e <span class=\"_ _2\"></span>del <span class=\"_ _d\"></span>conto <span class=\"_ _d\"></span>economico <span class=\"_ _2\"></span>consolidato <span class=\"_ _d\"></span>sono <span class=\"_ _2\"></span>costituiti <span class=\"_ _2\"></span>da <span class=\"_ _d\"></span>voci, sottovoci e d<span class=\"_ _1\"></span>a ul<span class=\"_ _1\"></span>teriori dettagli <span class=\"_ _1\"></span>informativi (<span class=\"_ _1\"></span>i \u201cdi <span class=\"_ _f\"></span>cui\u201d delle v<span class=\"_ _1\"></span>oci e s<span class=\"_ _1\"></span>ottov<span class=\"_ _2\"></span><span class=\"ff4\">oci). Nel <span class=\"_ _f\"></span>conto economico <span class=\"_ _1\"></span>consolidato </span>i ricavi so<span class=\"_ _2\"></span>no indicati senza segno, <span class=\"_ _2\"></span>mentre i <span class=\"_ _2\"></span>costi sono indicati <span class=\"_ _2\"></span>fra parentesi. Allo stesso<span class=\"_ _2\"></span> modo sono espost<span class=\"_ _2\"></span>e<span class=\"_ _1\"></span> le componenti reddituali positive e neg<span class=\"_ _1\"></span>ative incluse nel prospetto della redditivit\u00e0 consolidata comple<span class=\"_ _1\"></span>ssiva<span class=\"_ _2\"></span>. Gli schemi riportano i corrispondenti dati di<span class=\"_ _1\"></span> raffronto relativi all\u2019esercizio precedente.<span class=\"_ _2\"></span><span class=\"ff4\"> </span>Pros<span class=\"_ _1\"></span>petto<span class=\"_ _f\"></span> delle va<span class=\"_ _f\"></span>ri<span class=\"_ _2\"></span>azi<span class=\"_ _1\"></span>oni de<span class=\"_ _1\"></span>l pa<span class=\"_ _1\"></span>tri<span class=\"_ _1\"></span>monio<span class=\"_ _1\"></span> nett<span class=\"_ _1\"></span>o co<span class=\"_ _1\"></span>nsolid<span class=\"_ _1\"></span>ato Il pros<span class=\"_ _2\"></span>petto delle variazioni <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>patrimonio <span class=\"_ _2\"></span>netto consolidato <span class=\"_ _2\"></span>\u00e8 quello previsto <span class=\"_ _2\"></span>dalla <span class=\"_ _2\"></span>Circolare n. <span class=\"_ _2\"></span>26<span class=\"_ _2\"></span>2/200<span class=\"_ _2\"></span>5, e successivi <span class=\"_ _15\"> </span>ag<span class=\"_ _2\"></span>giornamenti, <span class=\"_ _e\"> </span>della <span class=\"_ _e\"> </span>Banca <span class=\"_ _e\"> </span>d\u2019Italia. <span class=\"_ _e\"> </span>Nel <span class=\"_ _10\"> </span>prospetto <span class=\"_ _e\"> </span>viene <span class=\"_ _e\"> </span>riportata <span class=\"_ _10\"> </span>la <span class=\"_ _e\"> </span>composizione <span class=\"_ _15\"> </span>e <span class=\"_ _10\"> </span>la movimentazione <span class=\"_ _9\"> </span>dei <span class=\"_ _9\"> </span>conti <span class=\"_ _9\"> </span>di <span class=\"_ _16\"> </span>patrimonio <span class=\"_ _9\"> </span>nett<span class=\"_ _2\"></span>o <span class=\"_ _9\"> </span>consolidato <span class=\"_ _9\"> </span>intervenuta <span class=\"_ _9\"> </span>nell\u2019esercizio <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>riferimento <span class=\"_ _9\"> </span>ed <span class=\"_ _9\"> </span>in<span class=\"_ _2\"></span> quello dell\u2019esercizio precedente, suddivis<span class=\"ff4\">i tra il capitale sociale, le riserve di capitale, di utili e da valutazione </span>di <span class=\"_ _d\"></span>attivit\u00e0 <span class=\"_ _0\"></span>o <span class=\"_ _0\"></span>passivit\u00e0 <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>bi<span class=\"_ _2\"></span>lancio <span class=\"_ _d\"></span>ed <span class=\"_ _d\"></span>il <span class=\"_ _0\"></span>risultato<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>economico. <span class=\"_ _d\"></span>Le <span class=\"_ _0\"></span>azioni <span class=\"_ _d\"></span>proprie <span class=\"_ _0\"></span>in <span class=\"_ _0\"></span>portafoglio <span class=\"_ _d\"></span>s<span class=\"_ _2\"></span>ono <span class=\"_ _d\"></span>portate <span class=\"_ _0\"></span>in diminuzione del patrimonio netto. Non sono stati emessi strumenti di capitale diversi dalle azioni ordinarie. Rendi<span class=\"_ _f\"></span>conto fina<span class=\"_ _f\"></span>nziario<span class=\"_ _1\"></span> cons<span class=\"_ _1\"></span>olida<span class=\"_ _1\"></span>to Il <span class=\"_ _0\"></span>Rendiconto <span class=\"_ _9\"> </span>Finanziario <span class=\"_ _9\"> </span>consolidato <span class=\"_ _9\"> </span>fornisce <span class=\"_ _9\"> </span>informazioni <span class=\"_ _0\"></span>che <span class=\"_ _9\"> </span>permettono <span class=\"_ _9\"> </span>agli <span class=\"_ _0\"></span>utilizzatori <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>valutare <span class=\"_ _0\"></span>le variazioni <span class=\"_ _f\"></span>nell\u2019attivo netto <span class=\"_ _f\"></span>della societ\u00e0, <span class=\"_ _f\"></span>la sua <span class=\"_ _f\"></span>struttura finan<span class=\"_ _1\"></span>zia<span class=\"ff4\">ria (compresa <span class=\"_ _f\"></span>la liquid<span class=\"_ _f\"></span>it<span class=\"_ _2\"></span>\u00e0 <span class=\"_ _1\"></span>e solv<span class=\"_ _1\"></span>ibilit\u00e0) e<span class=\"_ _1\"></span> la<span class=\"_ _f\"></span> sua </span>capacit\u00e0  di  i<span class=\"_ _1\"></span>nfluire  sull<span class=\"_ _1\"></span>a  dimensione  e  sulla  temp<span class=\"_ _1\"></span>istica  dei  flu<span class=\"_ _1\"></span>ssi  finanziari  allo <span class=\"_ _16\"> </span>scopo  di <span class=\"_ _16\"> </span>adeguarsi  alle<span class=\"_ _1\"></span> circostanze e alle opportunit\u00e0.  Lo <span class=\"_ _2\"></span>IAS <span class=\"_ _2\"></span>7 <span class=\"_ _2\"></span>stabilisce <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>rendiconto <span class=\"_ _2\"></span>finanziario <span class=\"_ _2\"></span>pu\u00f2 <span class=\"_ _2\"></span>essere <span class=\"_ _2\"></span>red<span class=\"_ _2\"></span><span class=\"ff5\">atto <span class=\"_ _2\"></span>seguendo, alt<span class=\"_ _2\"></span>ernativamente, <span class=\"_ _2\"></span>il \u201c<span class=\"_ _2\"></span>metodo </span>diretto\u201d o quello \u201cindiretto\u201d.<span class=\"ff4\"> </span>La Banca d'Italia, cos\u00ec come previsto dalle istruzioni dell<span class=\"_ _1\"></span>a Circolare n.262/05, propone quindi i due alternativi schemi <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>Rendiconto <span class=\"_ _d\"></span>Finanziario <span class=\"_ _d\"></span>nei <span class=\"_ _2\"></span>quali <span class=\"_ _2\"></span>i <span class=\"_ _d\"></span>flussi <span class=\"_ _2\"></span>corr<span class=\"_ _2\"></span>elati <span class=\"_ _2\"></span>all'a<span class=\"_ _2\"></span>ttivit\u00e0 <span class=\"_ _2\"></span>operativa <span class=\"_ _2\"></span>sono <span class=\"_ _d\"></span>esposti <span class=\"_ _2\"></span>con <span class=\"_ _2\"></span>il <span class=\"_ _d\"></span>metodo diretto e <span class=\"_ _1\"></span>il metodo <span class=\"_ _f\"></span>indiretto, senza privi<span class=\"_ _1\"></span>legiarne uno i<span class=\"_ _1\"></span>n particolare, <span class=\"_ _1\"></span>lasciando di<span class=\"_ _1\"></span>screzionalit\u00e0 all'estensore de<span class=\"_ _1\"></span>l bilancio. Il <span class=\"_ _2\"></span>pros<span class=\"_ _2\"></span>petto <span class=\"_ _2\"></span>dei <span class=\"_ _2\"></span>flussi <span class=\"_ _d\"></span>finanziari <span class=\"_ _d\"></span>intervenuti <span class=\"_ _2\"></span>nel <span class=\"_ _2\"></span>p<span class=\"_ _2\"></span>eriodo <span class=\"_ _2\"></span>di <span class=\"_ _d\"></span>riferimento <span class=\"_ _d\"></span>del <span class=\"_ _2\"></span>bilancio<span class=\"_ _2\"></span> <span class=\"_ _2\"></span><span class=\"ff5\">e<span class=\"_ _2\"></span>d <span class=\"_ _2\"></span>in <span class=\"_ _d\"></span>quello <span class=\"_ _d\"></span>dell\u2019ese<span class=\"_ _1\"></span>rcizio </span>precedente <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>tato <span class=\"_ _2\"></span>predisposto <span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>eguendo <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>metodo <span class=\"_ _d\"></span>indiretto, <span class=\"_ _2\"></span>in <span class=\"_ _d\"></span>base <span class=\"_ _2\"></span>al <span class=\"_ _d\"></span>quale <span class=\"_ _2\"></span>i <span class=\"_ _d\"></span>flussi <span class=\"_ _2\"></span>derivanti <span class=\"_ _d\"></span>dall\u2019attivit\u00e0 operativa sono rappresentati dal risulta<span class=\"_ _1\"></span>to dell\u2019esercizio rettificato degli<span class=\"_ _1\"></span> effetti delle operazioni di natura non<span class=\"_ _f\"></span> monetaria. I <span class=\"_ _22\"> </span>flussi <span class=\"_ _4\"> </span>finanziari  sono <span class=\"_ _4\"> </span>suddivi<span class=\"_ _1\"></span>si <span class=\"_ _4\"> </span>tra <span class=\"_ _22\"> </span>quelli <span class=\"_ _22\"> </span>derivanti <span class=\"_ _4\"> </span>dall\u2019attivit\u00e0 <span class=\"_ _22\"> </span>operativa, <span class=\"_ _4\"> </span>quell<span class=\"_ _1\"></span>i <span class=\"_ _22\"> </span>generat<span class=\"_ _2\"></span>i  dall\u2019attivit\u00e0 <span class=\"_ _4\"> </span>di investimento e quelli p<span class=\"_ _1\"></span>rodotti dall\u2019attivit\u00e0 di provvista.<span class=\"_ _df\"> </span>Nel prospetto i fl<span class=\"_ _1\"></span>ussi gene<span class=\"_ _1\"></span>ratisi nel <span class=\"_ _1\"></span>corso del pe<span class=\"_ _1\"></span>riodo sono indicati senza segno, mentre q<span class=\"_ _1\"></span>uelli assorbiti <span class=\"_ _1\"></span>sono indicati fra parentesi. Conte<span class=\"_ _f\"></span>nuto del<span class=\"_ _1\"></span>la N<span class=\"_ _1\"></span>ota int<span class=\"_ _f\"></span>egrativa<span class=\"_ _f\"></span> consolid<span class=\"_ _1\"></span>ata La Nota <span class=\"_ _f\"></span>integrativa consol<span class=\"_ _1\"></span>idata c<span class=\"_ _f\"></span>ompr<span class=\"_ _2\"></span>ende<span class=\"_ _1\"></span> le<span class=\"_ _1\"></span> informazioni <span class=\"_ _f\"></span>previste dalla <span class=\"_ _f\"></span>Circolare n. <span class=\"_ _1\"></span>262/2005, <span class=\"_ _1\"></span>e <span class=\"_ _f\"></span>s<span class=\"_ _2\"></span>ucce<span class=\"_ _1\"></span>ssive modifiche  e<span class=\"_ _2\"></span>d  integrazioni, <span class=\"_ _4\"> </span>della <span class=\"_ _4\"> </span>Banca <span class=\"_ _4\"> </span><span class=\"ff5\">d\u2019Italia  e <span class=\"_ _4\"> </span>le <span class=\"_ _4\"> </span>ulteriori <span class=\"_ _22\"> </span>informazioni <span class=\"_ _4\"> </span>previste  dai <span class=\"_ _4\"> </span>principi <span class=\"_ _4\"> </span>contabili </span>internazionali.  In <span class=\"_ _f\"></span>conformit\u00e0 a <span class=\"_ _f\"></span>quanto di<span class=\"_ _1\"></span>sposto <span class=\"_ _f\"></span>dall\u2019art. 5 <span class=\"_ _f\"></span>del <span class=\"ff4\">D. <span class=\"_ _f\"></span>Lgs n.<span class=\"_ _f\"></span> 38 <span class=\"_ _f\"></span>del 28 <span class=\"_ _f\"></span>febbraio <span class=\"_ _f\"></span>200<span class=\"_ _2\"></span>5, <span class=\"_ _f\"></span>il <span class=\"_ _1\"></span>bilancio <span class=\"_ _f\"></span>e la <span class=\"_ _f\"></span>nota inte<span class=\"_ _1\"></span>grativa </span>sono redatti in migliaia di euro. ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-825": {
   "value": "<span class=\"_ _2c\"> </span><span class=\"ff4\">Continuit\u00e0 <span class=\"_ _2\"></span>aziendale. Gli <span class=\"_ _2\"></span>amministr<span class=\"_ _2\"></span>atori hanno <span class=\"_ _2\"></span>considerato appropriato <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>presupposto della <span class=\"_ _2\"></span>continuit\u00e0 </span>aziendale <span class=\"_ _0\"></span>in <span class=\"_ _9\"> </span>quanto <span class=\"_ _9\"> </span>a <span class=\"_ _9\"> </span>loro <span class=\"_ _9\"> </span>giudizio <span class=\"_ _0\"></span>non <span class=\"_ _9\"> </span>sono <span class=\"_ _9\"> </span>emerse <span class=\"_ _9\"> </span>incertezze <span class=\"_ _0\"></span>legate <span class=\"_ _9\"> </span>ad <span class=\"_ _0\"></span>e<span class=\"_ _2\"></span>venti <span class=\"_ _0\"></span>o <span class=\"_ _9\"> </span>circostante <span class=\"_ _9\"> </span>che,<span class=\"_ _df\"> </span>considerati <span class=\"_ _4\"> </span>singolarmente <span class=\"_ _22\"> </span>o <span class=\"_ _4\"> </span>nel <span class=\"_ _4\"> </span>loro <span class=\"_ _4\"> </span>insieme, <span class=\"_ _4\"> </span>possano <span class=\"_ _4\"> </span>far <span class=\"_ _4\"> </span>sorgere <span class=\"_ _22\"> </span>dubbi <span class=\"_ _4\"> </span>riguardo <span class=\"_ _4\"> </span>alla <span class=\"_ _22\"> </span>con<span class=\"_ _2\"></span>tinuit\u00e0 aziendale. <span class=\"_ _1\"></span>Conseguentemente le <span class=\"_ _f\"></span>att<span class=\"_ _2\"></span>ivit\u00e0, <span class=\"_ _f\"></span>passivit\u00e0 ed <span class=\"_ _f\"></span>o<span class=\"_ _2\"></span>perazioni \u201cfuori <span class=\"_ _f\"></span>bilancio\u201d sono <span class=\"_ _f\"></span>valutate secondo<span class=\"_ _df\"> </span>valori di funzionamento, in quanto destinate a durare nel<span class=\"_ _1\"></span> tempo.<span class=\"_ _df\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-826": {
   "value": "Rendi<span class=\"_ _f\"></span>conto fina<span class=\"_ _f\"></span>nziario<span class=\"_ _1\"></span> cons<span class=\"_ _1\"></span>olida<span class=\"_ _1\"></span>to Il <span class=\"_ _0\"></span>Rendiconto <span class=\"_ _9\"> </span>Finanziario <span class=\"_ _9\"> </span>consolidato <span class=\"_ _9\"> </span>fornisce <span class=\"_ _9\"> </span>informazioni <span class=\"_ _0\"></span>che <span class=\"_ _9\"> </span>permettono <span class=\"_ _9\"> </span>agli <span class=\"_ _0\"></span>utilizzatori <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>valutare <span class=\"_ _0\"></span>le variazioni <span class=\"_ _f\"></span>nell\u2019attivo netto <span class=\"_ _f\"></span>della societ\u00e0, <span class=\"_ _f\"></span>la sua <span class=\"_ _f\"></span>struttura finan<span class=\"_ _1\"></span>zia<span class=\"ff4\">ria (compresa <span class=\"_ _f\"></span>la liquid<span class=\"_ _f\"></span>it<span class=\"_ _2\"></span>\u00e0 <span class=\"_ _1\"></span>e solv<span class=\"_ _1\"></span>ibilit\u00e0) e<span class=\"_ _1\"></span> la<span class=\"_ _f\"></span> sua </span>capacit\u00e0  di  i<span class=\"_ _1\"></span>nfluire  sull<span class=\"_ _1\"></span>a  dimensione  e  sulla  temp<span class=\"_ _1\"></span>istica  dei  flu<span class=\"_ _1\"></span>ssi  finanziari  allo <span class=\"_ _16\"> </span>scopo  di <span class=\"_ _16\"> </span>adeguarsi  alle<span class=\"_ _1\"></span> circostanze e alle opportunit\u00e0.  Lo <span class=\"_ _2\"></span>IAS <span class=\"_ _2\"></span>7 <span class=\"_ _2\"></span>stabilisce <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>rendiconto <span class=\"_ _2\"></span>finanziario <span class=\"_ _2\"></span>pu\u00f2 <span class=\"_ _2\"></span>essere <span class=\"_ _2\"></span>red<span class=\"_ _2\"></span><span class=\"ff5\">atto <span class=\"_ _2\"></span>seguendo, alt<span class=\"_ _2\"></span>ernativamente, <span class=\"_ _2\"></span>il \u201c<span class=\"_ _2\"></span>metodo </span>diretto\u201d o quello \u201cindiretto\u201d.<span class=\"ff4\"> </span>La Banca d'Italia, cos\u00ec come previsto dalle istruzioni dell<span class=\"_ _1\"></span>a Circolare n.262/05, propone quindi i due alternativi schemi <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>Rendiconto <span class=\"_ _d\"></span>Finanziario <span class=\"_ _d\"></span>nei <span class=\"_ _2\"></span>quali <span class=\"_ _2\"></span>i <span class=\"_ _d\"></span>flussi <span class=\"_ _2\"></span>corr<span class=\"_ _2\"></span>elati <span class=\"_ _2\"></span>all'a<span class=\"_ _2\"></span>ttivit\u00e0 <span class=\"_ _2\"></span>operativa <span class=\"_ _2\"></span>sono <span class=\"_ _d\"></span>esposti <span class=\"_ _2\"></span>con <span class=\"_ _2\"></span>il <span class=\"_ _d\"></span>metodo diretto e <span class=\"_ _1\"></span>il metodo <span class=\"_ _f\"></span>indiretto, senza privi<span class=\"_ _1\"></span>legiarne uno i<span class=\"_ _1\"></span>n particolare, <span class=\"_ _1\"></span>lasciando di<span class=\"_ _1\"></span>screzionalit\u00e0 all'estensore de<span class=\"_ _1\"></span>l bilancio. Il <span class=\"_ _2\"></span>pros<span class=\"_ _2\"></span>petto <span class=\"_ _2\"></span>dei <span class=\"_ _2\"></span>flussi <span class=\"_ _d\"></span>finanziari <span class=\"_ _d\"></span>intervenuti <span class=\"_ _2\"></span>nel <span class=\"_ _2\"></span>p<span class=\"_ _2\"></span>eriodo <span class=\"_ _2\"></span>di <span class=\"_ _d\"></span>riferimento <span class=\"_ _d\"></span>del <span class=\"_ _2\"></span>bilancio<span class=\"_ _2\"></span> <span class=\"_ _2\"></span><span class=\"ff5\">e<span class=\"_ _2\"></span>d <span class=\"_ _2\"></span>in <span class=\"_ _d\"></span>quello <span class=\"_ _d\"></span>dell\u2019ese<span class=\"_ _1\"></span>rcizio </span>precedente <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>tato <span class=\"_ _2\"></span>predisposto <span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>eguendo <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>metodo <span class=\"_ _d\"></span>indiretto, <span class=\"_ _2\"></span>in <span class=\"_ _d\"></span>base <span class=\"_ _2\"></span>al <span class=\"_ _d\"></span>quale <span class=\"_ _2\"></span>i <span class=\"_ _d\"></span>flussi <span class=\"_ _2\"></span>derivanti <span class=\"_ _d\"></span>dall\u2019attivit\u00e0 operativa sono rappresentati dal risulta<span class=\"_ _1\"></span>to dell\u2019esercizio rettificato degli<span class=\"_ _1\"></span> effetti delle operazioni di natura non<span class=\"_ _f\"></span> monetaria. I <span class=\"_ _22\"> </span>flussi <span class=\"_ _4\"> </span>finanziari  sono <span class=\"_ _4\"> </span>suddivi<span class=\"_ _1\"></span>si <span class=\"_ _4\"> </span>tra <span class=\"_ _22\"> </span>quelli <span class=\"_ _22\"> </span>derivanti <span class=\"_ _4\"> </span>dall\u2019attivit\u00e0 <span class=\"_ _22\"> </span>operativa, <span class=\"_ _4\"> </span>quell<span class=\"_ _1\"></span>i <span class=\"_ _22\"> </span>generat<span class=\"_ _2\"></span>i  dall\u2019attivit\u00e0 <span class=\"_ _4\"> </span>di investimento e quelli p<span class=\"_ _1\"></span>rodotti dall\u2019attivit\u00e0 di provvista.<span class=\"_ _df\"> </span>Nel prospetto i fl<span class=\"_ _1\"></span>ussi gene<span class=\"_ _1\"></span>ratisi nel <span class=\"_ _1\"></span>corso del pe<span class=\"_ _1\"></span>riodo sono indicati senza segno, mentre q<span class=\"_ _1\"></span>uelli assorbiti <span class=\"_ _1\"></span>sono indicati fra parentesi. Conte<span class=\"_ _f\"></span>nuto del<span class=\"_ _1\"></span>la N<span class=\"_ _1\"></span>ota int<span class=\"_ _f\"></span>egrativa<span class=\"_ _f\"></span> consolid<span class=\"_ _1\"></span>ata<div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gse3\">La Nota <span class=\"_ _f\"></span>integrativa consol<span class=\"_ _1\"></span>idata c<span class=\"_ _f\"></span>ompr<span class=\"_ _2\"></span>ende<span class=\"_ _1\"></span> le<span class=\"_ _1\"></span> informazioni <span class=\"_ _f\"></span>previste dalla <span class=\"_ _f\"></span>Circolare n. <span class=\"_ _1\"></span>262/2005, <span class=\"_ _1\"></span>e <span class=\"_ _f\"></span>s<span class=\"_ _2\"></span>ucce<span class=\"_ _1\"></span>ssive </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gse4\">modifiche  e<span class=\"_ _2\"></span>d  integrazioni, <span class=\"_ _4\"> </span>della <span class=\"_ _4\"> </span>Banca <span class=\"_ _4\"> </span><span class=\"ff5\">d\u2019Italia  e <span class=\"_ _4\"> </span>le <span class=\"_ _4\"> </span>ulteriori <span class=\"_ _22\"> </span>informazioni <span class=\"_ _4\"> </span>previste  dai <span class=\"_ _4\"> </span>principi <span class=\"_ _4\"> </span>contabili </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gse5\">internazionali.  </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gse6\">In <span class=\"_ _f\"></span>conformit\u00e0 a <span class=\"_ _f\"></span>quanto di<span class=\"_ _1\"></span>sposto <span class=\"_ _f\"></span>dall\u2019art. 5 <span class=\"_ _f\"></span>del <span class=\"ff4\">D. <span class=\"_ _f\"></span>Lgs n.<span class=\"_ _f\"></span> 38 <span class=\"_ _f\"></span>del 28 <span class=\"_ _f\"></span>febbraio <span class=\"_ _f\"></span>200<span class=\"_ _2\"></span>5, <span class=\"_ _f\"></span>il <span class=\"_ _1\"></span>bilancio <span class=\"_ _f\"></span>e la <span class=\"_ _f\"></span>nota inte<span class=\"_ _1\"></span>grativa </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gse7\">sono redatti in migliaia di euro. </div>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForCashFlowsExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-897": {
   "value": "In <span class=\"_ _f\"></span>conformit\u00e0 a <span class=\"_ _f\"></span>quanto di<span class=\"_ _1\"></span>sposto <span class=\"_ _f\"></span>dall\u2019art. 5 <span class=\"_ _f\"></span>del <span class=\"ff4\">D. <span class=\"_ _f\"></span>Lgs n.<span class=\"_ _f\"></span> 38 <span class=\"_ _f\"></span>del 28 <span class=\"_ _f\"></span>febbraio <span class=\"_ _f\"></span>200<span class=\"_ _2\"></span>5, <span class=\"_ _f\"></span>il <span class=\"_ _1\"></span>bilancio <span class=\"_ _f\"></span>e la <span class=\"_ _f\"></span>nota inte<span class=\"_ _1\"></span>grativa </span>sono redatti in migliaia di euro. ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-844": {
   "value": "<div class=\"t m0 he ff4 fs5 fc4 sc3 ls0 ws0 gse9\">Sezio<span class=\"_ _1\"></span>ne 3 - A<span class=\"_ _f\"></span>rea e me<span class=\"_ _1\"></span>todi d<span class=\"_ _f\"></span>i consolida<span class=\"_ _1\"></span>mento<span class=\"_ _1\"></span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsea\">Il <span class=\"_ _2\"></span>bilancio <span class=\"_ _d\"></span>consolidato <span class=\"_ _d\"></span>del <span class=\"_ _d\"></span>Gruppo <span class=\"_ _d\"></span>Credem <span class=\"_ _2\"></span>comprende <span class=\"_ _d\"></span>il <span class=\"_ _d\"></span>bilancio <span class=\"_ _d\"></span>di <span class=\"_ _2\"></span>Credito <span class=\"_ _d\"></span>Emiliano <span class=\"_ _d\"></span>spa <span class=\"_ _d\"></span>e <span class=\"_ _2\"></span>delle <span class=\"_ _d\"></span>societ\u00e0 <span class=\"_ _d\"></span>da </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gseb\">questa <span class=\"_ _f\"></span>contr<span class=\"_ _2\"></span>ollate, <span class=\"_ _f\"></span>includendo <span class=\"_ _f\"></span>n<span class=\"_ _2\"></span>el <span class=\"_ _f\"></span>perimetro di <span class=\"_ _f\"></span>consolidamento <span class=\"_ _1\"></span>anche <span class=\"_ _f\"></span>le societ\u00e0 <span class=\"_ _f\"></span>operanti <span class=\"_ _1\"></span>in <span class=\"_ _f\"></span>s<span class=\"_ _2\"></span>ettori <span class=\"_ _f\"></span>di attivit\u00e0<span class=\"_ _1\"></span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsec\">dissimili da <span class=\"_ _2\"></span>quello di <span class=\"_ _2\"></span>appartenenza <span class=\"_ _2\"></span>della Capogruppo. <span class=\"_ _2\"></span>Analogamente, so<span class=\"_ _2\"></span>no incluse <span class=\"_ _2\"></span>anche le <span class=\"_ _2\"></span>societ\u00e0 <span class=\"_ _2\"></span>veicolo </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gsed\">(SPE/SPV) <span class=\"_ _2\"></span>quando <span class=\"_ _d\"></span>ne <span class=\"_ _d\"></span>ricorrano <span class=\"_ _d\"></span>i <span class=\"_ _2\"></span>requisiti <span class=\"_ _d\"></span>di <span class=\"_ _2\"></span>effett<span class=\"_ _2\"></span>ivo <span class=\"_ _2\"></span>contro<span class=\"_ _2\"></span>llo, <span class=\"_ _2\"></span>anche <span class=\"_ _2\"></span>indipendentemente <span class=\"_ _d\"></span>dall\u2019esistenza <span class=\"_ _d\"></span>di </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsee\">una quota partecipativa. </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gsef\">Un\u2019impresa <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>grado <span class=\"_ _d\"></span>di <span class=\"_ _2\"></span>es<span class=\"ff4\">ercit<span class=\"_ _2\"></span>are <span class=\"_ _d\"></span>il <span class=\"_ _2\"></span>contr<span class=\"_ _2\"></span>ollo <span class=\"_ _2\"></span>se <span class=\"_ _d\"></span>\u00e8 <span class=\"_ _2\"></span>esposta <span class=\"_ _d\"></span>o <span class=\"_ _d\"></span>ha <span class=\"_ _2\"></span>diritto <span class=\"_ _d\"></span>a <span class=\"_ _d\"></span>rendimenti <span class=\"_ _2\"></span>variabili, <span class=\"_ _d\"></span>derivanti <span class=\"_ _d\"></span>dal </span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gsf0\">proprio  rapporto  con<span class=\"_ _f\"></span>  l\u2019entit\u00e0  ogge<span class=\"_ _1\"></span>tto  d\u2019investimento  e,  ne<span class=\"_ _f\"></span>l  frattempo,  ha  la<span class=\"_ _1\"></span>  capacit\u00e0  di  i<span class=\"_ _1\"></span>ncidere  su <span class=\"_ _16\"> </span>tali </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsf1\">rendimenti esercitando il proprio potere su tale entit\u00e0. </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsf2\">Sono <span class=\"_ _18\"> </span><span class=\"ls13\">no</span>rmalmente <span class=\"_ _18\"> </span>conside<span class=\"_ _1\"></span>rate <span class=\"_ _18\"> </span>controllate <span class=\"_ _18\"> </span>le <span class=\"_ _10\"> </span>imprese <span class=\"_ _18\"> </span>nelle <span class=\"_ _10\"> </span>quali <span class=\"_ _10\"> </span>la <span class=\"_ _18\"> </span>Capogruppo, <span class=\"_ _10\"> </span>direttamente <span class=\"_ _18\"> </span>o </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsf3\">indirettamente, <span class=\"_ _0\"> </span>poss<span class=\"_ _2\"></span>iede <span class=\"_ _0\"></span>p<span class=\"_ _2\"></span>i\u00f9 <span class=\"_ _9\"> </span>della <span class=\"_ _9\"> </span>met\u00e0 <span class=\"_ _9\"> </span>d<span class=\"_ _2\"></span>ei <span class=\"_ _0\"></span>d<span class=\"_ _2\"></span>iritti <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>voto <span class=\"_ _16\"> </span>o <span class=\"_ _9\"> </span>quando, <span class=\"_ _9\"> </span>pur <span class=\"_ _9\"> </span>con <span class=\"_ _9\"> </span>una <span class=\"_ _16\"> </span>quota <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>dir<span class=\"_ _2\"></span>itti <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>voto </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsf4\">inferiore, la <span class=\"_ _2\"></span>Capogruppo <span class=\"_ _2\"></span>ha il <span class=\"_ _2\"></span>potere <span class=\"_ _2\"></span>di nominare <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>maggioran<span class=\"_ _2\"></span>za <span class=\"_ _2\"></span>degli amministrat<span class=\"_ _2\"></span>ori della part<span class=\"_ _2\"></span>ecipata o <span class=\"_ _2\"></span>di </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsf5\">determinare <span class=\"_ _f\"></span>le <span class=\"_ _1\"></span>politiche <span class=\"_ _f\"></span>fi<span class=\"_ _2\"></span>nanziarie <span class=\"_ _f\"></span>ed <span class=\"_ _1\"></span>operative <span class=\"_ _f\"></span>della stessa. <span class=\"_ _f\"></span>Nella v<span class=\"_ _1\"></span>alutazione <span class=\"_ _f\"></span>dei d<span class=\"_ _1\"></span>iritti d<span class=\"_ _1\"></span>i <span class=\"_ _f\"></span>voto si <span class=\"_ _f\"></span>tiene <span class=\"_ _f\"></span>conto </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gsf6\">anche <span class=\"_ _d\"></span>dei <span class=\"_ _d\"></span>diritti <span class=\"_ _0\"></span>\u201cpotenziali\u201d <span class=\"_ _d\"></span>che <span class=\"_ _d\"></span>siano <span class=\"_ _d\"></span>correntemente <span class=\"_ _0\"></span>esercitabili <span class=\"_ _d\"></span>o <span class=\"_ _d\"></span>convertibili <span class=\"_ _d\"></span>in <span class=\"_ _0\"></span>diritt<span class=\"_ _2\"></span><span class=\"ff4\">i <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>voto <span class=\"_ _0\"></span>effettivi <span class=\"_ _d\"></span>in </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsf7\">qualsiasi momento. </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsf8\">Sono  normalmente  considerate  controllate  congiu<span class=\"_ _1\"></span>ntamente  le  imprese  nelle  quali  i  diritti  di  voto  ed<span class=\"_ _1\"></span>  il </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gsf9\">controllo <span class=\"_ _18\"> </span>dell\u2019attivit\u00e0 <span class=\"_ _19\"> </span>economica <span class=\"_ _18\"> </span>della <span class=\"_ _18\"> </span>partecipata <span class=\"_ _18\"> </span>sono <span class=\"_ _19\"> </span>condivisi <span class=\"_ _18\"> </span>in <span class=\"_ _18\"> </span>modo <span class=\"_ _19\"> </span>paritetico <span class=\"_ _18\"> </span>da <span class=\"_ _18\"> </span>Credem, </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsfa\">direttamente o <span class=\"_ _2\"></span>indirettamente, e da un altr<span class=\"_ _2\"></span>o soggetto. Inoltre viene qualificato <span class=\"_ _2\"></span>come sottoposto a <span class=\"_ _2\"></span>controllo<span class=\"_ _1\"></span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsfb\">congiunto un <span class=\"_ _2\"></span>investimento <span class=\"_ _2\"></span>partecipativo nel <span class=\"_ _2\"></span>quale, <span class=\"_ _2\"></span>pur in <span class=\"_ _2\"></span>assenza <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>una quota <span class=\"_ _2\"></span>paritetica <span class=\"_ _2\"></span>di diritt<span class=\"_ _2\"></span>i di <span class=\"_ _2\"></span>voto, <span class=\"_ _2\"></span>il<span class=\"_ _1\"></span> </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gsfc\">controllo <span class=\"_ _2\"></span>sull\u2019attivit\u00e0 <span class=\"_ _2\"></span>economica e <span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>ugli indiri<span class=\"ff4\">zzi <span class=\"_ _2\"></span>st<span class=\"_ _2\"></span>rategici della <span class=\"_ _2\"></span>partecipata <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _2\"></span>condiviso <span class=\"_ _2\"></span>con <span class=\"_ _2\"></span>altri <span class=\"_ _2\"></span>soggetti <span class=\"_ _2\"></span>in </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsfd\">virt\u00f9 di accordi contrattuali. </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsfe\">Sono <span class=\"_ _d\"></span>nor<span class=\"_ _2\"></span>malmente <span class=\"_ _d\"></span>considerate <span class=\"_ _d\"></span>collegate, <span class=\"_ _d\"></span>cio\u00e8 <span class=\"_ _d\"></span>sot<span class=\"_ _2\"></span>toposte <span class=\"_ _d\"></span>ad <span class=\"_ _0\"></span>infl<span class=\"_ _1\"></span>uenza <span class=\"_ _d\"></span>notevole, <span class=\"_ _d\"></span>l<span class=\"_ _2\"></span>e <span class=\"_ _d\"></span>imprese <span class=\"_ _d\"></span>nelle <span class=\"_ _0\"></span>quali <span class=\"_ _d\"></span>la </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsff\">capogruppo, <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>irettamente <span class=\"_ _d\"></span>o <span class=\"_ _d\"></span>indirettamente, <span class=\"_ _2\"></span>poss<span class=\"_ _2\"></span>iede<span class=\"_ _1\"></span> <span class=\"_ _d\"></span>a<span class=\"_ _2\"></span>lmeno <span class=\"_ _d\"></span>il <span class=\"_ _d\"></span>20% <span class=\"_ _d\"></span>dei <span class=\"_ _d\"></span>diritti <span class=\"_ _d\"></span>di <span class=\"_ _2\"></span>vot<span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>(ivi <span class=\"_ _d\"></span>inclusi <span class=\"_ _d\"></span>i <span class=\"_ _d\"></span>diritti <span class=\"_ _d\"></span>di </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs100\">voto \u201cpotenziali\u201d come sopra<span class=\"_ _1\"></span> definiti) o nelle<span class=\"_ _1\"></span> quali <span class=\"_ _2\"></span>\u2013<span class=\"ff4\"> pur con una<span class=\"_ _1\"></span> quota di diritti di<span class=\"_ _1\"></span> voto inferiore <span class=\"ff5\">\u2013</span> ha il potere </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs101\">di <span class=\"_ _4\"> </span>partecipare <span class=\"_ _4\"> </span>a<span class=\"_ _2\"></span>lla <span class=\"_ _4\"> </span>determinazio<span class=\"_ _2\"></span>ne <span class=\"_ _4\"> </span>delle <span class=\"_ _17\"> </span>politiche <span class=\"_ _4\"> </span>finanziarie <span class=\"_ _17\"> </span>e <span class=\"_ _17\"> </span>gestionali <span class=\"_ _4\"> </span>dell<span class=\"_ _2\"></span>a <span class=\"_ _17\"> </span>partecipata <span class=\"_ _17\"> </span>in <span class=\"_ _17\"> </span>virt\u00f9 <span class=\"_ _4\"> </span>di </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs102\">particolari legami giuridici qu<span class=\"_ _1\"></span>ali la part<span class=\"_ _2\"></span>ecipazi<span class=\"_ _1\"></span>one a patti di sindacato. <span class=\"_ _2\"></span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs103\">Le partecip<span class=\"_ _1\"></span>azioni controllate sono consolid<span class=\"_ _1\"></span>ate con il <span class=\"_ _1\"></span>metodo integ<span class=\"_ _1\"></span>rale, mentre le imprese colle<span class=\"_ _1\"></span>gate e le joi<span class=\"_ _1\"></span>nt </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs104\">venture sono consolidate in base al metodo del patrimonio netto. </div><div class=\"t m0 h5 ff4 fs1 fc4 sc3 ls0 ws0 gs105\">Criter<span class=\"_ _1\"></span>i e p<span class=\"_ _1\"></span>rincipi<span class=\"_ _1\"></span> di co<span class=\"_ _f\"></span>nsolidam<span class=\"_ _1\"></span>en<span class=\"_ _f\"></span>to </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs106\">I criteri adottati per la redazione de<span class=\"_ _1\"></span>l bilancio consolidato sono i seguenti: </div><div class=\"t m0 h5 ff14 fs1 fc1 sc0 ls0 ws0 gs107\"><span class=\"_ _2c\"> </span><span class=\"ff4\">i<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span> <span class=\"_ _14\"> </span>o<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>as<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>e <span class=\"_ _15\"> </span>d<span class=\"_ _2\"></span>el<span class=\"_ _2\"></span> <span class=\"_ _15\"> </span>pr<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>m<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span> <span class=\"_ _14\"> </span>c<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>ns<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>da<span class=\"_ _2\"></span>m<span class=\"_ _d\"></span>en<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>, <span class=\"_ _15\"> </span>i<span class=\"_ _2\"></span>l <span class=\"_ _15\"> </span>v<span class=\"_ _2\"></span>al<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span> <span class=\"_ _14\"> </span>d<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span> <span class=\"_ _17\"> </span>c<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>o <span class=\"_ _15\"> </span>d<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>ll<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span> <span class=\"_ _14\"> </span>p<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>rt<span class=\"_ _d\"></span>ec<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>p<span class=\"_ _2\"></span>az<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>i <span class=\"_ _15\"> </span>i<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span> <span class=\"_ _17\"> </span>s<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>t\u00e0<span class=\"_ _df\"> </span></span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs108\">c<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>ns<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>at<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>  in<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>gr<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>m<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>nt<span class=\"_ _d\"></span>e  \u00e8<span class=\"_ _2\"></span>  a<span class=\"_ _2\"></span>nn<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>at<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>  a  fr<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>  de<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>  pa<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>ri<span class=\"_ _2\"></span>m<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>io<span class=\"_ _d\"></span> <span class=\"_ _16\"> </span>n<span class=\"_ _2\"></span>et<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>  de<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>e  so<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>t\u00e0<span class=\"_ _2\"></span>  s<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>es<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>.  L<span class=\"_ _2\"></span>a<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs109\">c<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>nt<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>b<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>li<span class=\"_ _2\"></span>z<span class=\"_ _2\"></span>z<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>z<span class=\"_ _2\"></span>io<span class=\"_ _d\"></span>n<span class=\"_ _2\"></span>e <span class=\"_ _16\"> </span>de<span class=\"_ _2\"></span>g<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>i <span class=\"_ _16\"> </span>a<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>qu<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>i  ne<span class=\"_ _2\"></span>ll<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span> <span class=\"_ _9\"> </span>s<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>et<span class=\"_ _2\"></span>\u00e0<span class=\"_ _2\"></span> <span class=\"_ _9\"> </span>a<span class=\"_ _2\"></span>v<span class=\"_ _2\"></span>v<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>en<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span> <span class=\"_ _16\"> </span>in<span class=\"_ _2\"></span> <span class=\"_ _16\"> </span>ba<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span> <span class=\"_ _9\"> </span>a<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span> <span class=\"_ _9\"> </span>\u201c<span class=\"_ _2\"></span>m<span class=\"_ _2\"></span>et<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span> <span class=\"_ _9\"> </span>d<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>l\u2019<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>q<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>is<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>\u201d  co<span class=\"_ _2\"></span>m<span class=\"_ _2\"></span>e<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs10a\">d<span class=\"_ _2\"></span>ef<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>o d<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>l\u2019<span class=\"_ _2\"></span> I<span class=\"_ _2\"></span>FR<span class=\"_ _2\"></span>S<span class=\"_ _2\"></span> 3<span class=\"_ _2\"></span>, os<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span> co<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span> r<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>le<span class=\"_ _2\"></span>v<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>zi<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span> di<span class=\"_ _2\"></span> at<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>v<span class=\"_ _2\"></span>it<span class=\"_ _2\"></span>\u00e0<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span> pa<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>vi<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>\u00e0<span class=\"_ _2\"></span> e pa<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>v<span class=\"_ _2\"></span>it<span class=\"_ _2\"></span>\u00e0<span class=\"_ _2\"></span> po<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>z<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>li<span class=\"_ _2\"></span> d<span class=\"_ _2\"></span>el<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>e<span class=\"_ _0\"></span><span class=\"ff4\"> im<span class=\"_ _2\"></span>p<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>e<span class=\"_ _df\"> </span></span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs10b\">a<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>q<span class=\"_ _2\"></span>ui<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>e  al<span class=\"_ _2\"></span>  fa<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>r  va<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span> <span class=\"_ _9\"> </span>a<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span> <span class=\"_ _16\"> </span>da<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span> <span class=\"_ _16\"> </span>d<span class=\"_ _2\"></span>i  ac<span class=\"_ _2\"></span>q<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>is<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>z<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>on<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span> <span class=\"_ _16\"> </span>c<span class=\"_ _2\"></span>io<span class=\"_ _2\"></span>\u00e8<span class=\"_ _2\"></span>  da<span class=\"_ _2\"></span>l  mo<span class=\"_ _2\"></span>m<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>to<span class=\"_ _2\"></span>  in<span class=\"_ _2\"></span>  cu<span class=\"_ _2\"></span>i  si<span class=\"_ _2\"></span>  ot<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>en<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>  l\u2019<span class=\"_ _2\"></span>ef<span class=\"_ _2\"></span>f<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>tt<span class=\"_ _d\"></span>i<span class=\"_ _2\"></span>vo<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs10c\">c<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>nt<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>o <span class=\"_ _0\"></span>d<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>la<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>s<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>et<span class=\"_ _2\"></span>\u00e0<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>ac<span class=\"_ _2\"></span>q<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>it<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>.<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>P<span class=\"_ _2\"></span>er<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>nt<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>i<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>r<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>lt<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>e<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>no<span class=\"_ _2\"></span>m<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>d<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>u<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>c<span class=\"_ _2\"></span>on<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>at<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>a<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>q<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>is<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>n<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>l<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs10d\">c<span class=\"_ _2\"></span>or<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span> <span class=\"_ _9\"> </span>d<span class=\"_ _2\"></span>el<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>p<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>ri<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>d<span class=\"_ _2\"></span>i <span class=\"_ _9\"> </span>r<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>f<span class=\"_ _2\"></span>er<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>m<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>nt<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>s<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>i<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>cl<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>n<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>l<span class=\"_ _d\"></span> <span class=\"_ _0\"></span>b<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>la<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>c<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>ns<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>da<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>a<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>p<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>rt<span class=\"_ _d\"></span>ir<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>d<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>a <span class=\"_ _9\"> </span>da<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>d<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>ll<span class=\"_ _2\"></span>a<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs10e\">s<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>a <span class=\"_ _4\"> </span>a<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>qu<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>z<span class=\"_ _2\"></span>io<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>. <span class=\"_ _4\"> </span>P<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>m<span class=\"_ _2\"></span>en<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>, <span class=\"_ _4\"> </span>i<span class=\"_ _2\"></span> <span class=\"_ _4\"> </span>ri<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>lt<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span> <span class=\"_ _4\"> </span>ec<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>om<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span> <span class=\"_ _22\"> </span>d<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span> <span class=\"_ _4\"> </span>u<span class=\"_ _2\"></span>na<span class=\"_ _2\"></span> <span class=\"_ _4\"> </span>co<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>ll<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>a <span class=\"_ _4\"> </span>c<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>ut<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span> <span class=\"_ _4\"> </span>so<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span> <span class=\"_ _4\"> </span>in<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>us<span class=\"_ _d\"></span>i <span class=\"_ _4\"> </span>n<span class=\"_ _2\"></span>el<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs10f\">b<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>la<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>ol<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>at<span class=\"_ _d\"></span>o <span class=\"_ _2\"></span>f<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>a<span class=\"_ _d\"></span>ll<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span> d<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>n <span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>l <span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>nt<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>lo<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>\u00e8<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>es<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>;<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff14 fs1 fc1 sc0 ls0 ws0 gs110\"><span class=\"_ _2c\"> </span><span class=\"ff4\">l<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>e<span class=\"_ _2\"></span>v<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>nt<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>i <span class=\"_ _0\"></span>e<span class=\"_ _2\"></span>cc<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>nz<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>d<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>l <span class=\"_ _0\"></span>f<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>ir<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>va<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>d<span class=\"_ _2\"></span>el<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>pr<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>z<span class=\"_ _d\"></span>z<span class=\"_ _2\"></span>o <span class=\"_ _0\"></span>p<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>ga<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>r<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>pe<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>a<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>la<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>co<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>po<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>en<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>f<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>zi<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>e <span class=\"_ _0\"></span>d<span class=\"_ _2\"></span>i<span class=\"_ _df\"> </span></span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs111\">p<span class=\"_ _2\"></span>at<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>m<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>io<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>to<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>g<span class=\"_ _2\"></span>ua<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>o <span class=\"_ _d\"></span>c<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>n <span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>\u2019<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>f<span class=\"_ _2\"></span>f<span class=\"_ _2\"></span>et<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>l <span class=\"_ _2\"></span>f<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>ir<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>va<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>ll<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>at<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>v<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>t\u00e0<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>o<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>p<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>ss<span class=\"_ _d\"></span>i<span class=\"_ _2\"></span>vi<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>\u00e0<span class=\"_ _2\"></span>, <span class=\"_ _2\"></span>s<span class=\"_ _d\"></span>e <span class=\"_ _2\"></span>p<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>it<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>v<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>no<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs112\">r<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>ev<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>e <span class=\"_ _9\"> </span>q<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>i <span class=\"_ _9\"> </span>a<span class=\"_ _2\"></span>v<span class=\"_ _2\"></span>vi<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>m<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>nt<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span> <span class=\"_ _0\"> </span>n<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>la<span class=\"_ _2\"></span> <span class=\"_ _9\"> </span>vo<span class=\"_ _d\"></span>c<span class=\"_ _2\"></span>e <span class=\"_ _0\"></span>\u201c<span class=\"_ _d\"></span>At<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>v<span class=\"_ _2\"></span>it<span class=\"_ _2\"></span>\u00e0<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>i<span class=\"_ _2\"></span>m<span class=\"_ _2\"></span>m<span class=\"_ _2\"></span>at<span class=\"_ _d\"></span>er<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>i\u201d<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>s<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span> <span class=\"_ _9\"> </span>n<span class=\"_ _2\"></span>eg<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>v<span class=\"_ _2\"></span>e <span class=\"_ _9\"> </span>s<span class=\"_ _2\"></span>on<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>i<span class=\"_ _2\"></span>m<span class=\"_ _2\"></span>p<span class=\"_ _2\"></span>ut<span class=\"_ _d\"></span>at<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>a<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>c<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>o<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs113\">e<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>no<span class=\"_ _2\"></span>m<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>co<span class=\"_ _d\"></span>;<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff14 fs1 fc1 sc0 ls0 ws0 gs114\"><span class=\"_ _2c\"> </span><span class=\"ff5\">p<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span> gl<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span> e<span class=\"_ _2\"></span>v<span class=\"_ _2\"></span>en<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>li<span class=\"_ _2\"></span> a<span class=\"_ _2\"></span>cq<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>i d<span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>ul<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>io<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span> qu<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span> pa<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>ci<span class=\"_ _2\"></span>p<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>iv<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span> s<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>cc<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>v<span class=\"_ _2\"></span>e a<span class=\"_ _2\"></span>ll<span class=\"_ _2\"></span>\u2019<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>q<span class=\"_ _2\"></span>ui<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>z<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>on<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span> d<span class=\"_ _2\"></span>el<span class=\"_ _2\"></span> c<span class=\"_ _2\"></span>on<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>,<span class=\"_ _df\"> </span></span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs115\">d<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>ci<span class=\"_ _2\"></span>p<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>in<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>  s<span class=\"_ _2\"></span>p<span class=\"_ _2\"></span>ec<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>f<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>ca<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>m<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>nt<span class=\"_ _d\"></span>e <span class=\"_ _22\"> </span>d<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>  pr<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>p<span class=\"_ _2\"></span>io<span class=\"_ _2\"></span>  c<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>bi<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>e <span class=\"_ _4\"> </span>IA<span class=\"_ _2\"></span>S<span class=\"_ _2\"></span>2<span class=\"_ _2\"></span>7<span class=\"_ _2\"></span>, <span class=\"_ _22\"> </span>l<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>  e<span class=\"_ _2\"></span>v<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>nt<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>i <span class=\"_ _4\"> </span>di<span class=\"_ _2\"></span>f<span class=\"_ _2\"></span>f<span class=\"_ _2\"></span>er<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>z<span class=\"_ _2\"></span>e <span class=\"_ _4\"> </span>po<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>it<span class=\"_ _d\"></span>i<span class=\"_ _2\"></span>ve<span class=\"_ _2\"></span>  o<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs117\">n<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>ga<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>v<span class=\"_ _2\"></span>e,<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>c<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>m<span class=\"_ _2\"></span>e <span class=\"_ _0\"></span>s<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>pr<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>d<span class=\"_ _2\"></span>et<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>mi<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>, <span class=\"_ _0\"></span>c<span class=\"_ _2\"></span>h<span class=\"_ _2\"></span>e <span class=\"_ _9\"> </span>v<span class=\"_ _2\"></span>en<span class=\"_ _2\"></span>g<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>o <span class=\"_ _0\"></span>a<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>s<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>g<span class=\"_ _2\"></span>er<span class=\"_ _d\"></span>e<span class=\"_ _d\"></span> <span class=\"_ _d\"></span>a<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>s<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>g<span class=\"_ _2\"></span>ui<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>d<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>t<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>a<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>q<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>is<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>s<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>ss<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>v<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs118\">s<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>no<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>m<span class=\"_ _2\"></span>p<span class=\"_ _2\"></span>ut<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>ir<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>ta<span class=\"_ _2\"></span>m<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>a<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>p<span class=\"_ _2\"></span>at<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>m<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>ni<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>;<span class=\"_ _d\"></span> </div><div class=\"t m0 h5 ff14 fs1 fc1 sc0 ls0 ws0 gs119\"><span class=\"_ _2c\"> </span><span class=\"ff4\">a<span class=\"_ _2\"></span>d<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>o<span class=\"_ _2\"></span>g<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>i <span class=\"_ _9\"> </span>d<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>ta<span class=\"_ _2\"></span> <span class=\"_ _9\"> </span>d<span class=\"_ _2\"></span>i <span class=\"_ _9\"> </span>b<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>la<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>io<span class=\"_ _2\"></span> <span class=\"_ _9\"> </span>(<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>d <span class=\"_ _9\"> </span>o<span class=\"_ _2\"></span>gn<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span> <span class=\"_ _9\"> </span>vo<span class=\"_ _d\"></span>lt<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>c<span class=\"_ _2\"></span>h<span class=\"_ _2\"></span>e <span class=\"_ _9\"> </span>v<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>s<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>a <span class=\"_ _9\"> </span>e<span class=\"_ _2\"></span>v<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>de<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>z<span class=\"_ _2\"></span>a <span class=\"_ _9\"> </span>d<span class=\"_ _2\"></span>i <span class=\"_ _9\"> </span>p<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>it<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span> <span class=\"_ _9\"> </span>d<span class=\"_ _2\"></span>i <span class=\"_ _9\"> </span>v<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>lo<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>) <span class=\"_ _9\"> </span>v<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>e <span class=\"_ _0\"></span>v<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>if<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>a<span class=\"_ _df\"> </span></span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs11a\">l<span class=\"_ _2\"></span>\u2019<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>de<span class=\"_ _2\"></span>g<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>at<span class=\"_ _d\"></span>ez<span class=\"_ _2\"></span>z<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>  d<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>l <span class=\"_ _4\"> </span>va<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>e <span class=\"_ _4\"> </span>de<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>\u2019a<span class=\"_ _d\"></span>vv<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>m<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>nt<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>  (<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>.<span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>. <span class=\"_ _4\"> </span>im<span class=\"_ _2\"></span>p<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>ir<span class=\"_ _2\"></span>m<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>  t<span class=\"_ _2\"></span>es<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>)<span class=\"_ _2\"></span>.<span class=\"_ _2\"></span>  A<span class=\"_ _2\"></span>  t<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>  f<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>  v<span class=\"_ _0\"></span><span class=\"ff4\">i<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>e <span class=\"_ _22\"> </span>i<span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>ti<span class=\"_ _2\"></span>f<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>at<span class=\"_ _2\"></span>a<span class=\"_ _df\"> </span></span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs11b\">l<span class=\"_ _2\"></span>\u2019<span class=\"_ _2\"></span>un<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>\u00e0<span class=\"_ _2\"></span>  ge<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>er<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>ic<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>  di<span class=\"_ _2\"></span>  fl<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span> <span class=\"_ _16\"> </span>fi<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>zi<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>  cu<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span> <span class=\"_ _16\"> </span>at<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>b<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>ir<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>  l\u2019<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>v<span class=\"_ _2\"></span>v<span class=\"_ _2\"></span>ia<span class=\"_ _2\"></span>m<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>nt<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>.<span class=\"_ _2\"></span>  L\u2019<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>mm<span class=\"_ _d\"></span>on<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>e  d<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>l\u2019<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>v<span class=\"_ _2\"></span>en<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>e<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs11c\">r<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>uz<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>e <span class=\"_ _19\"> </span>d<span class=\"_ _2\"></span>i <span class=\"_ _19\"> </span>va<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>e <span class=\"_ _19\"> </span>\u00e8<span class=\"_ _2\"></span> <span class=\"_ _19\"> </span>da<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>o <span class=\"_ _19\"> </span>d<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>l\u2019<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>v<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>nt<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>e <span class=\"_ _19\"> </span>d<span class=\"_ _2\"></span>if<span class=\"_ _2\"></span>f<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>en<span class=\"_ _2\"></span>z<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span> <span class=\"_ _19\"> </span>ne<span class=\"_ _2\"></span>g<span class=\"_ _2\"></span>at<span class=\"_ _d\"></span>i<span class=\"_ _2\"></span>va<span class=\"_ _2\"></span> <span class=\"_ _18\"> </span>t<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span> <span class=\"_ _19\"> </span>il<span class=\"_ _2\"></span> <span class=\"_ _18\"> </span>v<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>e <span class=\"_ _19\"> </span>d<span class=\"_ _2\"></span>i <span class=\"_ _19\"> </span>i<span class=\"_ _2\"></span>sc<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>z<span class=\"_ _2\"></span>io<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>e<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs11d\">d<span class=\"_ _2\"></span>el<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>\u2019<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>v<span class=\"_ _2\"></span>v<span class=\"_ _2\"></span>ia<span class=\"_ _2\"></span>m<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>to<span class=\"_ _2\"></span> <span class=\"_ _4\"> </span>e<span class=\"_ _2\"></span>d <span class=\"_ _22\"> </span>i<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>  s<span class=\"_ _d\"></span>uo<span class=\"_ _2\"></span> <span class=\"_ _4\"> </span>va<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>or<span class=\"_ _d\"></span>e <span class=\"_ _4\"> </span>di<span class=\"_ _2\"></span> <span class=\"_ _22\"> </span>r<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>p<span class=\"_ _2\"></span>er<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span> <span class=\"_ _22\"> </span>d<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>er<span class=\"_ _0\"></span><span class=\"ff4\">m<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>na<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>  c<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>m<span class=\"_ _2\"></span>e <span class=\"_ _4\"> </span>i<span class=\"_ _2\"></span>l <span class=\"_ _4\"> </span>ma<span class=\"_ _2\"></span>g<span class=\"_ _2\"></span>g<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>re<span class=\"_ _2\"></span>  t<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span> <span class=\"_ _22\"> </span>i<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span> <span class=\"_ _22\"> </span>f<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span> <span class=\"_ _22\"> </span>v<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>e<span class=\"_ _df\"> </span></span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs11e\">d<span class=\"_ _2\"></span>el<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>\u2019<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>it<span class=\"_ _2\"></span>\u00e0<span class=\"_ _2\"></span> <span class=\"_ _9\"> </span>g<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>ne<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>tr<span class=\"_ _d\"></span>ic<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>d<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>f<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>us<span class=\"_ _d\"></span>si<span class=\"_ _2\"></span> <span class=\"_ _9\"> </span>f<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>na<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>z<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>ar<span class=\"_ _d\"></span>i,<span class=\"_ _2\"></span> <span class=\"_ _9\"> </span>a<span class=\"_ _2\"></span>l <span class=\"_ _9\"> </span>n<span class=\"_ _2\"></span>et<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span> <span class=\"_ _0\"> </span>d<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>g<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>i <span class=\"_ _9\"> </span>e<span class=\"_ _2\"></span>v<span class=\"_ _2\"></span>en<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>i <span class=\"_ _9\"> </span>c<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>st<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span> <span class=\"_ _9\"> </span>d<span class=\"_ _2\"></span>i <span class=\"_ _9\"> </span>v<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>nd<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>e<span class=\"_ _2\"></span>d <span class=\"_ _9\"> </span>i<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>r<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>at<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>v<span class=\"_ _2\"></span>o<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs11f\">v<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>lo<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>\u2019u<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>. <span class=\"_ _d\"></span>Le<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>ns<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>g<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>nt<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>re<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>f<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>he<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>v<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>or<span class=\"_ _d\"></span>e <span class=\"_ _2\"></span>v<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>go<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>ri<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>v<span class=\"_ _2\"></span>at<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>a<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>co<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>co<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>m<span class=\"_ _2\"></span>ic<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>;<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff14 fs1 fc1 sc0 ls0 ws0 gs120\"><span class=\"_ _2c\"> </span><span class=\"ff4\">g<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span> <span class=\"_ _16\"> </span>el<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>m<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>nt<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>  di  at<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>v<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>,  p<span class=\"_ _2\"></span><span class=\"ff5\">a<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>si<span class=\"_ _2\"></span>v<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>  e <span class=\"_ _9\"> </span>c<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>o  e<span class=\"_ _2\"></span>co<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>m<span class=\"_ _2\"></span>ic<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span> <span class=\"_ _16\"> </span>v<span class=\"_ _2\"></span>en<span class=\"_ _2\"></span>g<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span> <span class=\"_ _9\"> </span>i<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>gr<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>m<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>nt<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span> <span class=\"_ _16\"> </span>ac<span class=\"_ _2\"></span>q<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>it<span class=\"_ _d\"></span>i <span class=\"_ _16\"> </span>\u201c<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>in<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span> <span class=\"_ _16\"> </span>p<span class=\"_ _2\"></span>er<span class=\"_ _df\"> </span></span></span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs121\">l<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>ne<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>\u201d<span class=\"_ _2\"></span>;<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff14 fs1 fc1 sc0 ls0 ws0 gs122\"><span class=\"_ _2c\"> </span><span class=\"ff4\">l<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>  pa<span class=\"_ _2\"></span>rt<span class=\"_ _d\"></span>it<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>  de<span class=\"_ _2\"></span>b<span class=\"_ _2\"></span>it<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>e  e  cr<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>to<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>,  l<span class=\"_ _2\"></span>e  o<span class=\"_ _2\"></span>pe<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>z<span class=\"_ _2\"></span>io<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span> <span class=\"_ _16\"> </span>f<span class=\"_ _2\"></span>uo<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>  bi<span class=\"_ _2\"></span>la<span class=\"_ _d\"></span>nc<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>o  n<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>nc<span class=\"_ _2\"></span>h<span class=\"_ _2\"></span>\u00e9<span class=\"_ _2\"></span> <span class=\"_ _16\"> </span>i  pr<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>v<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>nt<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>  e  gl<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span> <span class=\"_ _16\"> </span>o<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>er<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>  ed  i<span class=\"_ _df\"> </span></span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs123\">p<span class=\"_ _2\"></span>ro<span class=\"_ _d\"></span>f<span class=\"_ _2\"></span>it<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>e<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>l<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>p<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>it<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>t<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>en<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>o<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>g<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>ne<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>d<span class=\"_ _2\"></span>a <span class=\"_ _d\"></span>r<span class=\"_ _d\"></span>a<span class=\"_ _2\"></span>p<span class=\"_ _2\"></span>po<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>i <span class=\"_ _0\"></span>t<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>a <span class=\"_ _0\"></span>so<span class=\"_ _d\"></span>c<span class=\"_ _2\"></span>ie<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>\u00e0<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>o<span class=\"_ _2\"></span>g<span class=\"_ _2\"></span>g<span class=\"_ _2\"></span>et<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>d<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>c<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>ns<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>d<span class=\"_ _0\"></span>a<span class=\"_ _2\"></span>m<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>nt<span class=\"_ _d\"></span>o <span class=\"_ _0\"></span>i<span class=\"_ _2\"></span>nt<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>g<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>e,<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs124\">s<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>no<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>a <span class=\"_ _d\"></span>di<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>or<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>is<span class=\"_ _d\"></span>i;<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff14 fs1 fc1 sc0 ls0 ws0 gs125\"><span class=\"_ _2c\"> </span><span class=\"ff5\">l<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>q<span class=\"_ _2\"></span>uo<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>d<span class=\"_ _2\"></span>i <span class=\"_ _0\"></span>p<span class=\"_ _2\"></span>at<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>m<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>ni<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>n<span class=\"_ _2\"></span>et<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>e<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>d<span class=\"_ _2\"></span>i <span class=\"_ _d\"></span>u<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>e <span class=\"_ _0\"></span>di<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>p<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>ri<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>d<span class=\"_ _2\"></span>i <span class=\"_ _d\"></span>p<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>in<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>z<span class=\"_ _2\"></span>a <span class=\"_ _d\"></span>d<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>\u201ct<span class=\"_ _d\"></span>er<span class=\"_ _2\"></span>z<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>\u201d<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>z<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>is<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>d<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>ll<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>s<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>et<span class=\"_ _2\"></span>\u00e0<span class=\"_ _df\"> </span></span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs126\">c<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>ns<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>at<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>s<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>no<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>i<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>e <span class=\"_ _d\"></span>i<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>a<span class=\"_ _2\"></span>p<span class=\"_ _2\"></span>po<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>e <span class=\"_ _0\"></span>v<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>ci<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>r<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>p<span class=\"_ _2\"></span>et<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>v<span class=\"_ _2\"></span>am<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>, <span class=\"_ _0\"></span>d<span class=\"_ _2\"></span>el<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>p<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>vo<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>di<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>s<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>to<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>pa<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>mo<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>e <span class=\"_ _0\"></span>e<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs127\">d<span class=\"_ _2\"></span>el<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>nt<span class=\"_ _d\"></span>o <span class=\"_ _d\"></span>ec<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>om<span class=\"_ _d\"></span>i<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>;<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff14 fs1 fc1 sc0 ls0 ws0 gs128\"><span class=\"_ _2c\"> </span><span class=\"ff4\">p<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span> <span class=\"_ _9\"> </span>i<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span> <span class=\"_ _9\"> </span>c<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>ns<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>am<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>o  de<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>le<span class=\"_ _2\"></span> <span class=\"_ _16\"> </span>so<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>\u00e0 <span class=\"_ _16\"> </span>co<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span> <span class=\"_ _9\"> </span>m<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>o  int<span class=\"_ _d\"></span>eg<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>e <span class=\"_ _16\"> </span>so<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span> <span class=\"_ _9\"> </span>s<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>i  ut<span class=\"_ _2\"></span>il<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>z<span class=\"_ _2\"></span>z<span class=\"_ _2\"></span>at<span class=\"_ _d\"></span>i  i <span class=\"_ _9\"> </span>b<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>an<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span> <span class=\"_ _4\"> </span>re<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>v<span class=\"_ _2\"></span>i<span class=\"_ _df\"> </span></span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs129\">a<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>\u2019e<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>ci<span class=\"_ _2\"></span>z<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span> <span class=\"_ _15\"> </span>o<span class=\"_ _d\"></span>gg<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>tt<span class=\"_ _d\"></span>o <span class=\"_ _10\"> </span>d<span class=\"_ _2\"></span>el<span class=\"_ _2\"></span> <span class=\"_ _e\"> </span>p<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>es<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span> <span class=\"_ _e\"> </span>b<span class=\"_ _2\"></span>il<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>io<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span> <span class=\"_ _18\"> </span><span class=\"ff4\">pr<span class=\"_ _d\"></span>ed<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>po<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span> <span class=\"_ _15\"> </span>e<span class=\"_ _2\"></span> <span class=\"_ _e\"> </span>a<span class=\"_ _2\"></span>p<span class=\"_ _2\"></span>p<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>va<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span> <span class=\"_ _e\"> </span>d<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>ll<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span> <span class=\"_ _e\"> </span>s<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>ng<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span> <span class=\"_ _e\"> </span>s<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>ci<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>\u00e0<span class=\"_ _2\"></span>,<span class=\"_ _df\"> </span></span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs12a\">e<span class=\"_ _2\"></span>ve<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>lm<span class=\"_ _d\"></span>en<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>  r<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>  c<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>nf<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>m<span class=\"_ _2\"></span>i <span class=\"_ _4\"> </span>a<span class=\"_ _2\"></span>i <span class=\"_ _22\"> </span>p<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>ip<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>  c<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>ta<span class=\"_ _2\"></span>b<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>  i<span class=\"_ _2\"></span>nt<span class=\"_ _d\"></span>er<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>zi<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>n<span class=\"_ _0\"></span>a<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>i <span class=\"_ _4\"> </span>s<span class=\"_ _2\"></span>eg<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>i <span class=\"_ _4\"> </span>n<span class=\"_ _2\"></span>el<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>  p<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>di<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>p<span class=\"_ _2\"></span>os<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>z<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>e<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs12b\">d<span class=\"_ _2\"></span>el<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>it<span class=\"_ _d\"></span>ua<span class=\"_ _2\"></span>z<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>so<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>at<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>;<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff14 fs1 fc1 sc0 ls0 ws0 gs12c\"><span class=\"_ _2c\"> </span><span class=\"ff4\">i<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>v<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>lo<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>d<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>l<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>br<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>d<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>ll<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>p<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>rt<span class=\"_ _d\"></span>ec<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>pa<span class=\"_ _2\"></span>z<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>i <span class=\"_ _d\"></span>r<span class=\"_ _d\"></span>il<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>v<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>nt<span class=\"_ _d\"></span>i,<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>d<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>en<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>da<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>c<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>po<span class=\"_ _2\"></span>g<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>p<span class=\"_ _2\"></span>po<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>o<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>d<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>so<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>\u00e0<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>d<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>l<span class=\"_ _df\"> </span></span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs12d\">g<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>p<span class=\"_ _2\"></span>po<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>a<span class=\"_ _2\"></span>f<span class=\"_ _2\"></span>f<span class=\"_ _2\"></span>er<span class=\"_ _d\"></span>en<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>s<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>et<span class=\"_ _2\"></span>\u00e0<span class=\"_ _2\"></span> <span class=\"_ _9\"> </span>co<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>da<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>c<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>i<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>m<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>do<span class=\"_ _2\"></span> <span class=\"_ _9\"> </span>d<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>p<span class=\"_ _2\"></span>at<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>m<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>io<span class=\"_ _2\"></span> <span class=\"_ _9\"> </span>n<span class=\"_ _2\"></span>et<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span> <span class=\"_ _9\"> </span>\u00e8 <span class=\"_ _9\"> </span>r<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>f<span class=\"_ _2\"></span>fr<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>at<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span> <span class=\"_ _9\"> </span>c<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>n<span class=\"_ _9\"> </span> <span class=\"_ _0\"> </span>l<span class=\"_ _2\"></span>a<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs12e\">p<span class=\"_ _2\"></span>er<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>nt<span class=\"_ _d\"></span>e  q<span class=\"_ _2\"></span>uo<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>  di<span class=\"_ _2\"></span>  pa<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>im<span class=\"_ _d\"></span>on<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>  de<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>e  pa<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>pa<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>.<span class=\"_ _2\"></span>  L\u2019<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>v<span class=\"_ _2\"></span>en<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>e  e<span class=\"_ _2\"></span>cc<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>za<span class=\"_ _2\"></span>  d<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>l  v<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>lo<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>e  d<span class=\"_ _2\"></span>i  l<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>b<span class=\"_ _2\"></span>ro<span class=\"_ _2\"></span> <span class=\"_ _17\"> </span><span class=\"ff4\">-<span class=\"_ _df\"> </span></span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs12f\">r<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>ul<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>nt<span class=\"_ _d\"></span>e  i<span class=\"_ _2\"></span>n  p<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>im<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>  a<span class=\"_ _2\"></span>p<span class=\"_ _2\"></span>pl<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>ca<span class=\"_ _2\"></span>z<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>e  a<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>  bi<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>an<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>  co<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>so<span class=\"_ _d\"></span>li<span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>to<span class=\"_ _2\"></span> <span class=\"_ _4\"> </span><span class=\"ff5\">\u2013<span class=\"_ _2\"></span></span>  \u00e8  i<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>us<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>  ne<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>  va<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>or<span class=\"_ _d\"></span>e  c<span class=\"_ _2\"></span>on<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>b<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>le<span class=\"_ _2\"></span>  d<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>ll<span class=\"_ _2\"></span>a<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs130\">p<span class=\"_ _2\"></span>ar<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>pa<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>.<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>L<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>va<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>z<span class=\"_ _2\"></span>io<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>n<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>v<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>p<span class=\"_ _2\"></span>at<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>mo<span class=\"_ _d\"></span>n<span class=\"_ _2\"></span>ia<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>, <span class=\"_ _9\"> </span>i<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>er<span class=\"_ _2\"></span>v<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>nu<span class=\"_ _2\"></span>t<span class=\"_ _0\"></span>e<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>n<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>gl<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>a<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>s<span class=\"_ _2\"></span>uc<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>vi<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>a<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>q<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>ll<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span> <span class=\"_ _0\"> </span>d<span class=\"_ _2\"></span>i<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs131\">p<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>im<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span> <span class=\"_ _0\"> </span>a<span class=\"_ _2\"></span>p<span class=\"_ _2\"></span>p<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>zi<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>, <span class=\"_ _9\"> </span>s<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>no<span class=\"_ _2\"></span> <span class=\"_ _9\"> </span>i<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>cr<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>a<span class=\"_ _2\"></span> <span class=\"_ _9\"> </span>v<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>e <span class=\"_ _9\"> </span>2<span class=\"_ _2\"></span>50<span class=\"_ _2\"></span> <span class=\"_ _9\"> </span>d<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>c<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>nt<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span> <span class=\"_ _9\"> </span>e<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>on<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>m<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>co<span class=\"_ _2\"></span> <span class=\"_ _9\"> </span>c<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>ns<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>at<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span> <span class=\"_ _9\"> </span>(<span class=\"_ _2\"></span>\u201c<span class=\"_ _2\"></span>ut<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span> <span class=\"_ _9\"> </span>(<span class=\"_ _2\"></span>pe<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>)<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs132\">d<span class=\"_ _2\"></span>el<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>pa<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>ip<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>z<span class=\"_ _2\"></span>io<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>\u201d<span class=\"_ _2\"></span>)<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>la<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>m<span class=\"_ _2\"></span>is<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>i <span class=\"_ _d\"></span>l<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>v<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>az<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>i <span class=\"_ _d\"></span>s<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>es<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>o <span class=\"_ _d\"></span>r<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>f<span class=\"_ _2\"></span>er<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>b<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>i <span class=\"_ _d\"></span>a <span class=\"_ _d\"></span>u<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>li<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>o<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>p<span class=\"_ _2\"></span>er<span class=\"_ _d\"></span>d<span class=\"_ _2\"></span>it<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>de<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>e<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs133\">p<span class=\"_ _2\"></span>ar<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>pa<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>;<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff14 fs1 fc1 sc0 ls0 ws0 gs134\"><span class=\"_ _2c\"> </span><span class=\"ff4\">s<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span> <span class=\"_ _14\"> </span>e<span class=\"_ _2\"></span>si<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span> <span class=\"_ _17\"> </span>e<span class=\"_ _2\"></span>v<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>en<span class=\"_ _2\"></span>z<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span> <span class=\"_ _17\"> </span>c<span class=\"_ _2\"></span>h<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span> <span class=\"_ _14\"> </span>i<span class=\"_ _2\"></span>l <span class=\"_ _14\"> </span>v<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>e <span class=\"_ _14\"> </span>d<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span> <span class=\"_ _14\"> </span>u<span class=\"_ _2\"></span>na<span class=\"_ _2\"></span> <span class=\"_ _14\"> </span>p<span class=\"_ _2\"></span>ar<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>p<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>zi<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>ne<span class=\"_ _2\"></span> <span class=\"_ _14\"> </span>r<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>va<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span> <span class=\"_ _17\"> </span>p<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span> <span class=\"_ _17\"> </span>a<span class=\"_ _2\"></span>v<span class=\"_ _2\"></span>er<span class=\"_ _2\"></span> <span class=\"_ _14\"> </span>s<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>b<span class=\"_ _2\"></span>it<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span> <span class=\"_ _14\"> </span>u<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>a<span class=\"_ _df\"> </span></span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs135\">r<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>uz<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>,  si<span class=\"_ _2\"></span>  pr<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>e  al<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>a  st<span class=\"_ _d\"></span>im<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>  de<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>  va<span class=\"_ _2\"></span>lo<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span> <span class=\"_ _16\"> </span>r<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>pe<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>b<span class=\"_ _2\"></span>il<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>  de<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>a  pa<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>pa<span class=\"_ _2\"></span>z<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>e  st<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>a,<span class=\"_ _2\"></span>  te<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>do<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs136\">c<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>nt<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>d<span class=\"_ _2\"></span>el<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>va<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>e <span class=\"_ _d\"></span>a<span class=\"_ _2\"></span>tt<span class=\"_ _d\"></span>u<span class=\"_ _2\"></span>al<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>f<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>us<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>fi<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>z<span class=\"_ _2\"></span>ia<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>f<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>ur<span class=\"_ _d\"></span>i <span class=\"_ _d\"></span>c<span class=\"_ _2\"></span>h<span class=\"_ _2\"></span>e <span class=\"_ _d\"></span>l<span class=\"_ _2\"></span>a <span class=\"_ _d\"></span>p<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>rt<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>p<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>zi<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>e <span class=\"_ _d\"></span>p<span class=\"_ _2\"></span>ot<span class=\"_ _2\"></span>r<span class=\"_ _9\"> </span>\u00e0<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>g<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>er<span class=\"_ _d\"></span>ar<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>, <span class=\"_ _d\"></span>i<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>us<span class=\"_ _2\"></span>o<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs137\">i<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>v<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>or<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>d<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>d<span class=\"_ _2\"></span>is<span class=\"_ _2\"></span>m<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>ss<span class=\"_ _d\"></span>io<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>f<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>na<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>d<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>\u2019<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>ve<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>im<span class=\"_ _d\"></span>en<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>. <span class=\"_ _0\"></span>Q<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>or<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>i<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>va<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>d<span class=\"_ _2\"></span>i <span class=\"_ _0\"></span>r<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>pe<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>r<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>lt<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>i<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>f<span class=\"_ _2\"></span>er<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>or<span class=\"_ _d\"></span>e <span class=\"_ _0\"></span>a<span class=\"_ _2\"></span>l<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs138\">v<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>lo<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>co<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>b<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>le<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>at<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>v<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>di<span class=\"_ _2\"></span>f<span class=\"_ _2\"></span>f<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>en<span class=\"_ _2\"></span>z<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>\u00e8<span class=\"_ _2\"></span> r<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>v<span class=\"_ _2\"></span>at<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>l <span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>nt<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>co<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>m<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>co<span class=\"_ _2\"></span>;<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff14 fs1 fc1 sc0 ls0 ws0 gs139\"><span class=\"_ _2c\"> </span><span class=\"ff4\">p<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span> <span class=\"_ _10\"> </span>i<span class=\"_ _2\"></span>l <span class=\"_ _10\"> </span>c<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>so<span class=\"_ _d\"></span>li<span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>m<span class=\"_ _2\"></span>en<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span> <span class=\"_ _10\"> </span>d<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>ll<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span> <span class=\"_ _10\"> </span>pa<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>pa<span class=\"_ _2\"></span>z<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>on<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span> <span class=\"_ _10\"> </span>i<span class=\"_ _2\"></span>n <span class=\"_ _10\"> </span>s<span class=\"_ _d\"></span>oc<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>t\u00e0<span class=\"_ _2\"></span> <span class=\"_ _10\"> </span>c<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>ga<span class=\"_ _0\"></span>t<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span> <span class=\"_ _10\"> </span>so<span class=\"_ _d\"></span>no<span class=\"_ _2\"></span> <span class=\"_ _10\"> </span>s<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>at<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span> <span class=\"_ _10\"> </span>u<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>il<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>z<span class=\"_ _2\"></span>z<span class=\"_ _2\"></span>at<span class=\"_ _d\"></span>i,<span class=\"_ _2\"></span> <span class=\"_ _10\"> </span>o<span class=\"_ _2\"></span>v<span class=\"_ _2\"></span>e<span class=\"_ _df\"> </span></span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs13a\">d<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>po<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>b<span class=\"_ _2\"></span>il<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>i <span class=\"_ _d\"></span>p<span class=\"_ _2\"></span>ro<span class=\"_ _2\"></span>g<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>i <span class=\"_ _d\"></span>di<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>b<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>ci<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span> <span class=\"_ _d\"></span><span class=\"ff5\">r<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>la<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>v<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>l\u2019<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>er<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>z<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>o<span class=\"_ _d\"></span>gg<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>tt<span class=\"_ _d\"></span>o <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>p<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>en<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>b<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>la<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>io<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span> <span class=\"_ _0\"></span></span>a<span class=\"_ _2\"></span>p<span class=\"_ _2\"></span>pr<span class=\"_ _d\"></span>o<span class=\"_ _2\"></span>va<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>i<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs13b\">r<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>pe<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>vi<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>C<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>g<span class=\"_ _2\"></span>li<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>A<span class=\"_ _2\"></span>m<span class=\"_ _2\"></span>m<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>is<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>zi<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>; <span class=\"_ _d\"></span>i<span class=\"_ _2\"></span>n <span class=\"_ _d\"></span>l<span class=\"_ _2\"></span>or<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>m<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>za<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>ta<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>de<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>at<span class=\"_ _d\"></span>i <span class=\"_ _d\"></span>i<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>at<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>de<span class=\"_ _2\"></span>g<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>lt<span class=\"_ _d\"></span>im<span class=\"_ _2\"></span>i<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs13c\">b<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>la<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>pp<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>va<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>(<span class=\"_ _2\"></span>g<span class=\"_ _2\"></span>en<span class=\"_ _d\"></span>er<span class=\"_ _d\"></span>a<span class=\"_ _2\"></span>lm<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>q<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>li<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span> 3<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>em<span class=\"_ _2\"></span>b<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>2<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>2<span class=\"_ _2\"></span>4<span class=\"_ _2\"></span>).<span class=\"_ _df\"> </span></div><div class=\"c w2cc h84 gs13e\"><div class=\"t m0 x0 h5 y50 ff4 fs1 fc4 sc3 ls0 ws0\">Part<span class=\"_ _1\"></span>ecipa<span class=\"_ _1\"></span>zioni <span class=\"_ _1\"></span>in so<span class=\"_ _1\"></span>ciet\u00e0 <span class=\"_ _f\"></span>controll<span class=\"_ _f\"></span>ate in via<span class=\"_ _1\"></span> escl<span class=\"_ _1\"></span>usiva<span class=\"_ _1\"></span> e co<span class=\"_ _f\"></span>llegate (<span class=\"_ _1\"></span>cons<span class=\"_ _f\"></span>olidate <span class=\"_ _1\"></span>al pa<span class=\"_ _1\"></span>trimo<span class=\"_ _f\"></span>nio netto<span class=\"_ _1\"></span>) al 31<span class=\"_ _1\"></span> dicem<span class=\"_ _f\"></span>bre 202<span class=\"_ _1\"></span>5 </div></div><div class=\"gs13f\"><table class=\"s w953 h493\" id=\"_ac353ea3-65e4-4c04-a12f-9a0721632150\"><tr><td class=\"c x2c5 y252f w2cd h21a\"><div class=\"t m0 xf0 h1f y304 ff4 fs7 fc1 sc0 ls0 ws0\">Denominazioni <span class=\"_ _1\"></span>imprese </div></td><td class=\"c x2c6 y252f w257 h21a\"><div class=\"t m0 x35 h1f y304 ff4 fs7 fc1 sc0 ls0 ws0\">Sede </div></td><td class=\"c x2c7 y2530 w954 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc1 sc0 ls0 ws0\">Tipo di<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x2c8 y2531 w2cf h21b\"><div class=\"t m0 x48 h1f y12eb ff4 fs7 fc1 sc0 ls0 ws0\">Rapporto di pa<span class=\"_ _1\"></span>rtecipazione </div></td><td class=\"c x2c9 y2530 w955 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc1 sc0 ls0 ws0\">Disponibilit<span class=\"_ _df\"> </span></div></td></tr><tr><td></td><td></td><td class=\"c x2ca y2532 w956 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc1 sc0 ls0 ws0\">rapporto<span class=\"_ _df\"> </span></div></td><td class=\"c x2c8 y252f w14 h21c\"><div class=\"t m0 x10 h1f y496 ff4 fs7 fc1 sc0 ls0 ws0\">Impresa partecipan<span class=\"_ _f\"></span>t<span class=\"_ _2\"></span>e </div></td><td class=\"c x2cb y252f w2d0 h21c\"><div class=\"t m0 x8e h1f y496 ff4 fs7 fc1 sc0 ls0 ws0\">Quota % </div></td><td class=\"c x2cc y2532 w957 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc1 sc0 ls0 ws0\">\u00e0 voti %<span class=\"_ _df\"> </span></div></td></tr><tr><td class=\"c x2c5 y2533 w2cd h21d\"><div class=\"t m0 x0 h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">A. Imprese </div></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2c5 y2534 w2cd hbc\"><div class=\"t m0 x0 h1f y74a ff4 fs7 fc1 sc0 ls0 ws0\">A. 1 Consolidate <span class=\"_ _1\"></span>integralmente </div></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2cd y2535 w2d1 hbc\"><div class=\"t m0 x37 h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">1. Credemleasing spa<span class=\"_ _f\"></span> </div></td><td class=\"c x2c6 y2535 w257 hbc\"><div class=\"t m0 x0 h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">Reggio Emilia<span class=\"_ _1\"></span> </div></td><td class=\"c x2ce y2535 w2ce hbc\"><div class=\"t m0 x39 h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">1 </div></td><td class=\"c x2c8 y2535 w14 hbc\"><div class=\"t m0 x2a h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">Credito Emilian<span class=\"_ _1\"></span>o </div></td><td class=\"c x2cb y2535 w2d0 hbc\"><div class=\"t m0 x2f h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">99,90% </div></td><td></td></tr><tr><td></td><td></td><td></td><td class=\"c x2cf y2536 w958 h494\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc1 sc0 ls0 ws0\">Magazzini Genera<span class=\"_ _f\"></span>l<span class=\"_ _2\"></span>i<span class=\"_ _df\"> </span></div></td><td class=\"c x2cb y2537 w2d0 h1bb\"><div class=\"t m0 x2e h1f y66a ff4 fs7 fc1 sc0 ls0 ws0\">0,10% </div></td><td></td></tr><tr><td></td><td></td><td></td><td class=\"c x2d0 y2538 w959 h484\" colspan=\"2\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc1 sc0 ls0 ws0\">delle Tagliate<span class=\"_ _df\"> </span></div></td><td></td></tr><tr><td class=\"c x2cd y2539 w2d1 hbc\"><div class=\"t m0 x37 h1f y74a ff4 fs7 fc1 sc0 ls0 ws0\">2. Credemfactor sp<span class=\"_ _f\"></span>a </div></td><td class=\"c x2c6 y2539 w257 hbc\"><div class=\"t m0 x0 h1f y74a ff4 fs7 fc1 sc0 ls0 ws0\">Reggio Emilia<span class=\"_ _1\"></span> </div></td><td class=\"c x2ce y2539 w2ce hbc\"><div class=\"t m0 x39 h1f y74a ff4 fs7 fc1 sc0 ls0 ws0\">1 </div></td><td class=\"c x2c8 y2539 w14 hbc\"><div class=\"t m0 x2a h1f y74a ff4 fs7 fc1 sc0 ls0 ws0\">Credito Emilian<span class=\"_ _1\"></span>o </div></td><td class=\"c x2cb y2539 w2d0 hbc\"><div class=\"t m0 x2f h1f y74a ff4 fs7 fc1 sc0 ls0 ws0\">99,00% </div></td><td></td></tr><tr><td></td><td></td><td></td><td class=\"c x2c8 y253a w14 hbc\"><div class=\"t m0 x55 h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">Credemleasing<span class=\"_ _1\"></span> </div></td><td class=\"c x2cb y253a w2d0 hbc\"><div class=\"t m0 x2e h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">1,00% </div></td><td></td></tr><tr><td class=\"c x2cd y253b w2d1 h21d\"><div class=\"t m0 x37 h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">3. Credem Private <span class=\"_ _f\"></span>Equity SGR spa* </div></td><td class=\"c x2c6 y253b w257 h21d\"><div class=\"t m0 x0 h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">Reggio Emilia<span class=\"_ _1\"></span> </div></td><td class=\"c x2ce y253b w2ce h21d\"><div class=\"t m0 x39 h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">1 </div></td><td class=\"c x2c8 y253b w14 h21d\"><div class=\"t m0 x2a h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">Credito Emilian<span class=\"_ _1\"></span>o </div></td><td class=\"c x2cb y253b w2d0 h21d\"><div class=\"t m0 x16a h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">87,50% </div></td><td></td></tr><tr><td></td><td></td><td></td><td class=\"c x2d1 y253c w95a h495\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">Credem Euromob<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span>liare<span class=\"_ _df\"> </span></div></td><td class=\"c x2cb y253d w2d0 h21e\"><div class=\"t m0 x116 h1f yc5f ff4 fs7 fc1 sc0 ls0 ws0\">12,50% </div></td><td></td></tr><tr><td></td><td></td><td></td><td class=\"c x2d2 y253e w95b h484\" colspan=\"2\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">Private banking<span class=\"_ _df\"> </span></div></td><td></td></tr><tr><td class=\"c x2d4 y253f w95c h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">4. Euromobil<span class=\"_ _1\"></span>iare Asset Manage<span class=\"_ _1\"></span>ment SGR spa<span class=\"_ _df\"> </span></div><div class=\"t m0 x2d3 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">Milano<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x2ce y2540 w2ce hbc\"><div class=\"t m0 x39 h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">1 </div></td><td class=\"c x2c8 y2540 w14 hbc\"><div class=\"t m0 x2a h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">Credito Emilia<span class=\"lsc2\">no</span> </div></td><td class=\"c x2cb y2540 w2d0 hbc\"><div class=\"t m0 x8e h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">100,00% </div></td><td></td></tr><tr><td class=\"c x2cd y2541 w2d1 h21d\"><div class=\"t m0 x37 h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">5. Euromobiliare<span class=\"_ _1\"></span> Advisory SIM sp<span class=\"_ _f\"></span>a<span class=\"_ _df\"> </span></div></td><td class=\"c x2c6 y2541 w257 h21d\"><div class=\"t m0 x0 h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">Milano </div></td><td class=\"c x2ce y2541 w2ce h21d\"><div class=\"t m0 x39 h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">1 </div></td><td class=\"c x2c8 y2541 w14 h21d\"><div class=\"t m0 x2a h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">Credito Emilian<span class=\"_ _1\"></span>o </div></td><td class=\"c x2cb y2541 w2d0 h21d\"><div class=\"t m0 x8e h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">100,00% </div></td><td></td></tr><tr><td class=\"c x2cd y2542 w2d1 h21f\"><div class=\"t m0 x37 h1f y12f1 ff4 fs7 fc1 sc0 ls0 ws0\">6. Credemtel sp<span class=\"_ _1\"></span>a </div></td><td class=\"c x2c6 y2542 w257 h21f\"><div class=\"t m0 x0 h1f y12f1 ff4 fs7 fc1 sc0 ls0 ws0\">Reggio Emilia<span class=\"_ _1\"></span> </div></td><td class=\"c x2ce y2542 w2ce h21f\"><div class=\"t m0 x39 h1f y12f1 ff4 fs7 fc1 sc0 ls0 ws0\">1 </div></td><td class=\"c x2c8 y2542 w14 h21f\"><div class=\"t m0 x2a h1f y12f1 ff4 fs7 fc1 sc0 ls0 ws0\">Credito Emilian<span class=\"_ _1\"></span>o </div></td><td class=\"c x2cb y2542 w2d0 h21f\"><div class=\"t m0 x8e h1f y12f1 ff4 fs7 fc1 sc0 ls0 ws0\">100,00% </div></td><td></td></tr><tr><td class=\"c x2cd y2543 w2d1 h21d\"><div class=\"t m0 x37 h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">7. Avvera spa </div></td><td class=\"c x2c6 y2543 w257 h21d\"><div class=\"t m0 x0 h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">Reggio Emilia<span class=\"_ _1\"></span> </div></td><td class=\"c x2ce y2543 w2ce h21d\"><div class=\"t m0 x39 h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">1 </div></td><td class=\"c x2c8 y2543 w14 h21d\"><div class=\"t m0 x2a h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">Credito Emilian<span class=\"_ _1\"></span>o </div></td><td class=\"c x2cb y2543 w2d0 h21d\"><div class=\"t m0 x8e h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">100,00% </div></td><td></td></tr><tr><td class=\"c x2cd y2544 w2d1 h21d\"><div class=\"t m0 x37 h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">8. Magazzini Ge<span class=\"_ _1\"></span>nerali delle Tagl<span class=\"_ _1\"></span>iate spa</div></td><td class=\"c x2c6 y2544 w257 h21d\"><div class=\"t m0 x0 h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">Reggio Emilia<span class=\"_ _1\"></span> </div></td><td class=\"c x2ce y2544 w2ce h21d\"><div class=\"t m0 x39 h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">1 </div></td><td class=\"c x2c8 y2544 w14 h21d\"><div class=\"t m0 x2a h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">Credito Emilian<span class=\"_ _1\"></span>o </div></td><td class=\"c x2cb y2544 w2d0 h21d\"><div class=\"t m0 x8e h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">100,00% </div></td><td></td></tr><tr><td class=\"c x2cd y2545 w2d1 h21d\"><div class=\"t m0 x37 h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">9.Credem Euromob<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span>liare Private <span class=\"_ _f\"></span>Banking spa </div></td><td class=\"c x2c6 y2545 w257 h21d\"><div class=\"t m0 x0 h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">Milano </div></td><td class=\"c x2ce y2545 w2ce h21d\"><div class=\"t m0 x39 h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">1 </div></td><td class=\"c x2c8 y2545 w14 h21d\"><div class=\"t m0 x2a h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">Credito Emilian<span class=\"_ _1\"></span>o </div></td><td class=\"c x2cb y2545 w2d0 h21d\"><div class=\"t m0 x8e h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">100,00% </div></td><td></td></tr><tr><td class=\"c x2cd y2546 w2d1 h21d\"><div class=\"t m0 x37 h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">10. Euromobil<span class=\"_ _1\"></span>iare Fiduciaria spa<span class=\"_ _df\"> </span></div></td><td class=\"c x2c6 y2546 w257 h21d\"><div class=\"t m0 x0 h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">Milano </div></td><td class=\"c x2ce y2546 w2ce h21d\"><div class=\"t m0 x39 h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">1 </div></td><td class=\"c x2c8 y2546 w14 h21d\"><div class=\"t m0 x2a h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">Credito Emilian<span class=\"_ _1\"></span>o </div></td><td class=\"c x2cb y2546 w2d0 h21d\"><div class=\"t m0 x8e h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">100,00% </div></td><td></td></tr><tr><td class=\"c x2cd y2547 w2d1 hbc\"><div class=\"t m0 x37 h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">11. Credemvita spa<span class=\"_ _f\"></span> </div></td><td class=\"c x2c6 y2547 w257 hbc\"><div class=\"t m0 x0 h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">Reggio Emilia<span class=\"_ _1\"></span> </div></td><td class=\"c x2ce y2547 w2ce hbc\"><div class=\"t m0 x39 h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">1 </div></td><td class=\"c x2c8 y2547 w14 hbc\"><div class=\"t m0 x2a h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">Credito Emilian<span class=\"_ _1\"></span>o </div></td><td class=\"c x2cb y2547 w2d0 hbc\"><div class=\"t m0 x8e h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">100,00% </div></td><td></td></tr><tr><td class=\"c x2cd y2548 w2d1 h21d\"><div class=\"t m0 x37 h1f y80 ff4 fs7 fc1 sc0 ls9 ws0\">12<span class=\"ls0\">. Credem CB srl</span><span class=\"ls0\"> </span></div></td><td class=\"c x2c6 y2548 w257 h21d\"><div class=\"t m0 x0 h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">Conegliano </div></td><td class=\"c x2ce y2548 w2ce h21d\"><div class=\"t m0 x39 h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">1 </div></td><td class=\"c x2c8 y2548 w14 h21d\"><div class=\"t m0 x2a h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">Credito Emilian<span class=\"_ _1\"></span>o </div></td><td class=\"c x2cb y2548 w2d0 h21d\"><div class=\"t m0 x16a h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">70,00% </div></td><td></td></tr><tr><td class=\"c x2c5 y2549 w2cd h21d\"><div class=\"t m0 x0 h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">A. 2 Consolidate c<span class=\"_ _f\"></span>o<span class=\"_ _2\"></span>n il me<span class=\"_ _1\"></span>todo del patri<span class=\"_ _1\"></span>monio netto<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2cd y254a w2d1 hbc\"><div class=\"t m0 x37 h1f y74a ff4 fs7 fc1 sc0 ls0 ws0\">1.Credemassicur<span class=\"_ _1\"></span>azioni spa </div></td><td class=\"c x2c6 y254a w257 hbc\"><div class=\"t m0 x0 h1f y74a ff4 fs7 fc1 sc0 ls0 ws0\">Reggio Emilia<span class=\"_ _1\"></span> </div></td><td class=\"c x2ce y254a w2ce hbc\"><div class=\"t m0 x130 h1f y66c ff4 fs7 fc1 sc0 ls0 ws0\">4 </div></td><td class=\"c x2c8 y254a w14 hbc\"><div class=\"t m0 x2a h1f y74a ff4 fs7 fc1 sc0 ls0 ws0\">Credito Emilian<span class=\"_ _1\"></span>o </div></td><td class=\"c x2cb y254a w2d0 hbc\"><div class=\"t m0 x2f h1f y74a ff4 fs7 fc1 sc0 ls0 ws0\">50,00% </div></td><td></td></tr><tr><td class=\"c x2cd y254b w2d1 hbc\"><div class=\"t m0 x37 h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">2. SBC Fin<span class=\"_ _f\"></span>t<span class=\"_ _2\"></span>ech Milan 22<span class=\"_ _1\"></span>24 s.r.l.<span class=\"_ _df\"> </span></div></td><td class=\"c x2c6 y254b w257 hbc\"><div class=\"t m0 x0 h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">Milano </div></td><td class=\"c x2ce y254b w2ce hbc\"><div class=\"t m0 x130 h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">4 </div></td><td class=\"c x2c8 y254b w14 hbc\"><div class=\"t m0 x35 h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">Credemtel </div></td><td class=\"c x2cb y254b w2d0 hbc\"><div class=\"t m0 x16a h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">45,92% </div></td><td></td></tr><tr><td class=\"c x2cd y254c w2d1 h21d\"><div class=\"t m0 x37 h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">3. Andxor srl </div></td><td class=\"c x2c6 y254c w257 h21d\"><div class=\"t m0 x0 h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">Cinisello Balsam<span class=\"_ _f\"></span>o </div></td><td class=\"c x2ce y254c w2ce h21d\"><div class=\"t m0 x130 h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">4 </div></td><td class=\"c x2c8 y254c w14 h21d\"><div class=\"t m0 x35 h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">Credemtel </div></td><td class=\"c x2cb y254c w2d0 h21d\"><div class=\"t m0 x2f h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">40,00% </div></td><td></td></tr><tr><td class=\"c x2cd y254d w2d1 h21d\"><div class=\"t m0 x37 h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">4. Mynet<span class=\"_ _1\"></span> srl </div></td><td class=\"c x2c6 y254d w257 h21d\"><div class=\"t m0 x0 h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">Udine </div></td><td class=\"c x2ce y254d w2ce h21d\"><div class=\"t m0 x130 h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">4 </div></td><td class=\"c x2c8 y254d w14 h21d\"><div class=\"t m0 x35 h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">Credemtel </div></td><td class=\"c x2cb y254d w2d0 h21d\"><div class=\"t m0 x116 h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">12,99% </div></td><td></td></tr><tr><td class=\"c x2cd y254e w2d1 hbc\"><div class=\"t m0 x34 h1f y74a ff4 fs7 fc1 sc0 ls0 ws0\"> 5. Flairb<span class=\"_ _1\"></span>it srl </div></td><td class=\"c x2c6 y254e w257 hbc\"><div class=\"t m0 x0 h1f y74a ff4 fs7 fc1 sc0 ls0 ws0\">Genova </div></td><td class=\"c x2ce y254e w2ce hbc\"><div class=\"t m0 x130 h1f y74a ff4 fs7 fc1 sc0 ls0 ws0\">4 </div></td><td class=\"c x2c8 y254e w14 hbc\"><div class=\"t m0 x35 h1f y74a ff4 fs7 fc1 sc0 ls0 ws0\">Credemtel </div></td><td class=\"c x2cb y254e w2d0 hbc\"><div class=\"t m0 x16a h1f y74a ff4 fs7 fc1 sc0 ls0 ws0\">10,00% </div></td><td></td></tr></table></div><div class=\"t m0 h1f ff4 fs7 fc4 sc3 ls0 ws0 gs140\">Lege<span class=\"_ _1\"></span>nda<span class=\"_ _1\"></span> </div><div class=\"t m0 h1f ff4 fs7 fc1 sc0 ls0 ws0 gs141\">Tipo di rappor<span class=\"_ _1\"></span>to: </div><div class=\"t m0 h1f ff4 fs7 fc1 sc0 ls0 ws0 gs142\">1 = maggioranza de<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span> diritti d<span class=\"ff5\">i vo<span class=\"_ _1\"></span>to nell\u2019assemb<span class=\"_ _1\"></span>lea ordinaria<span class=\"ff4\"> </span></span></div><div class=\"t m0 h1f ff4 fs7 fc1 sc0 ls0 ws0 gs143\">4 = altre forme d<span class=\"_ _1\"></span>i controllo </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs144\">*<span class=\"_ _4\"> </span>dal <span class=\"_ _d\"></span>02/02/2026 <span class=\"_ _d\"></span>CREDEM <span class=\"_ _d\"></span>EUROMOB<span class=\"_ _1\"></span>ILIARE <span class=\"_ _d\"></span>PRIVATE <span class=\"_ _2\"></span>ASSET <span class=\"_ _d\"></span>SOCIETA' <span class=\"_ _d\"></span>DI <span class=\"_ _d\"></span>GESTIONE <span class=\"_ _2\"></span>DEL <span class=\"_ _d\"></span>RISPA <span class=\"_ _d\"></span>RMIO <span class=\"_ _2\"></span>S.P.A. </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs145\">abbreviabile in CREDEM EUROMOBILIARE<span class=\"_ _1\"></span> PRIVATE ASSET SGR S.P.A.<span class=\"_ _df\"> </span></div>A.2 <span class=\"_ _1\"></span><span class=\"ff5\">\u2013<span class=\"ff4\"> PAR<span class=\"_ _f\"></span>TE RE<span class=\"_ _1\"></span>LAT<span class=\"_ _f\"></span>IVA A<span class=\"_ _1\"></span>LLE<span class=\"_ _1\"></span> PRINC<span class=\"_ _f\"></span>IPALI <span class=\"_ _f\"></span>VOCI D<span class=\"_ _1\"></span>I BI<span class=\"_ _1\"></span>LAN<span class=\"_ _f\"></span>CIO<span class=\"_ _df\"> </span></span></span>1 <span class=\"ls0\">- Attivit\u00e0<span class=\"_ _f\"></span> finanzia<span class=\"_ _1\"></span>rie valu<span class=\"_ _f\"></span>tate al fa<span class=\"_ _1\"></span>ir valu<span class=\"_ _1\"></span>e con<span class=\"_ _1\"></span> impa<span class=\"_ _1\"></span>tto a co<span class=\"_ _f\"></span>nto eco<span class=\"_ _1\"></span>nomico <span class=\"_ _f\"></span> </span>Criter<span class=\"_ _1\"></span>i di <span class=\"_ _1\"></span>iscrizio<span class=\"_ _f\"></span>ne L\u2019iscrizione iniziale <span class=\"_ _2\"></span>delle <span class=\"_ _2\"></span>att<span class=\"_ _2\"></span>ivit\u00e0<span class=\"_ _1\"></span> <span class=\"_ _2\"></span>finanziarie avviene <span class=\"_ _2\"></span>alla <span class=\"_ _2\"></span>data <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>regolamento <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>i titoli <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>debito e <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>titoli di capitale, alla data di erogazione p<span class=\"_ _1\"></span>er i finanziamenti ed alla data di sottoscrizione pe<span class=\"_ _1\"></span>r i contratti<span class=\"_ _d\"></span> <span class=\"_ _12\"></span>derivati. All<span class=\"ff5\">\u2019atto <span class=\"_ _d\"></span>della <span class=\"_ _d\"></span>rilevazione <span class=\"_ _2\"></span>iniziale <span class=\"_ _d\"></span>le <span class=\"_ _d\"></span>attivit\u00e0 <span class=\"_ _d\"></span>finanziarie <span class=\"_ _d\"></span>valutate <span class=\"_ _d\"></span>al <span class=\"_ _2\"></span>fair <span class=\"_ _0\"></span>value <span class=\"_ _2\"></span>con <span class=\"_ _0\"></span>impatto <span class=\"_ _2\"></span>a <span class=\"_ _d\"></span>conto <span class=\"_ _d\"></span>economico </span>vengono rile<span class=\"_ _1\"></span>vate al fai<span class=\"_ _1\"></span>r value, <span class=\"_ _1\"></span>senza considerare i<span class=\"_ _1\"></span> costi <span class=\"_ _f\"></span>o proventi d<span class=\"_ _1\"></span>i transazione d<span class=\"_ _1\"></span>irettamente att<span class=\"_ _1\"></span>ribuibili all<span class=\"_ _1\"></span>o strumento stesso. Criter<span class=\"_ _1\"></span>i di <span class=\"_ _f\"></span>classifica<span class=\"_ _f\"></span>zione Sono  classificate  in  questa  categoria  le  at<span class=\"_ _2\"></span>tivit\u00e0  finanziarie  diverse  da  quelle  classificate  tra <span class=\"_ _22\"> </span>le  At<span class=\"_ _2\"></span>tivit\u00e0 finanziarie valutate <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>fair value con <span class=\"_ _2\"></span>impatto <span class=\"_ _2\"></span>sulla redditivit\u00e0 complessiva <span class=\"_ _2\"></span>e t<span class=\"_ _2\"></span>ra le <span class=\"_ _2\"></span>Attivit\u00e0 finanziare <span class=\"_ _2\"></span>valutate<span class=\"_ _1\"></span> al costo ammortizzato. La voce, in particolare, include<span class=\"_ _1\"></span>:<span class=\"_ _2\"></span> <span class=\"_ _2c\"> </span><span class=\"ff4\">le attivit\u00e0 finanziarie detenute pe<span class=\"_ _1\"></span>r la negoziazione, essenzi<span class=\"_ _1\"></span>almente rappresentate da titoli di de<span class=\"_ _1\"></span>bito e di </span>capitale e dal valore positivo dei contratti derivati de<span class=\"_ _1\"></span>tenuti con finalit\u00e0 di negoziazione;<span class=\"_ _df\"> </span><span class=\"_ _2c\"> </span><span class=\"ff4\">le attivit\u00e0 finanziarie <span class=\"_ _1\"></span>obbligatoriamente v<span class=\"_ _1\"></span>alutate al fair<span class=\"_ _f\"></span> value, rappresentate d<span class=\"_ _1\"></span>alle attiv<span class=\"_ _1\"></span>it\u00e0 finanziarie <span class=\"_ _1\"></span>che </span>non <span class=\"_ _0\"> </span>s<span class=\"_ _2\"></span>oddisfano <span class=\"_ _0\"></span>i <span class=\"_ _0\"></span>requisiti <span class=\"_ _9\"> </span>per <span class=\"_ _0\"> </span>la <span class=\"_ _9\"> </span>valutazione <span class=\"_ _0\"></span>al <span class=\"_ _9\"> </span>costo <span class=\"_ _0\"> </span>amm<span class=\"_ _2\"></span>ortizz<span class=\"_ _1\"></span>ato <span class=\"_ _9\"> </span>o <span class=\"_ _9\"> </span>al <span class=\"_ _0\"></span>fair <span class=\"_ _9\"> </span>value <span class=\"_ _0\"></span>con <span class=\"_ _9\"> </span>impatto <span class=\"_ _0\"></span>s<span class=\"_ _2\"></span>ulla redditivit\u00e0 <span class=\"_ _14\"> </span>complessiva. <span class=\"_ _14\"> </span>Si <span class=\"_ _14\"> </span>tr<span class=\"_ _2\"></span>atta <span class=\"_ _14\"> </span>di <span class=\"_ _15\"> </span>attivit\u00e0 <span class=\"_ _14\"> </span>finanziarie <span class=\"_ _15\"> </span>i <span class=\"_ _14\"> </span>cui <span class=\"_ _15\"> </span>termini <span class=\"_ _14\"> </span>contrattuali <span class=\"_ _14\"> </span>non <span class=\"_ _15\"> </span>prevedono esclusivamente <span class=\"_ _2\"></span>rimbors<span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>del <span class=\"_ _d\"></span>capi<span class=\"_ _1\"></span>tale <span class=\"_ _d\"></span>e <span class=\"_ _2\"></span>pagamenti <span class=\"_ _d\"></span>dell\u2019interesse <span class=\"_ _d\"></span>sull\u2019importo <span class=\"_ _2\"></span>del <span class=\"_ _d\"></span>capitale <span class=\"_ _2\"></span>da <span class=\"_ _d\"></span>restituire (cd. \u201cSPPI<span class=\"_ _1\"></span> test\u201d non superato) opp<span class=\"_ _1\"></span>ure che non <span class=\"_ _1\"></span>sono detenute nel q<span class=\"_ _1\"></span>uadro di un <span class=\"_ _1\"></span>modello di business il<span class=\"_ _1\"></span> cui<span class=\"_ _df\"> </span>obiettivo <span class=\"_ _f\"></span>\u00e8 il<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>possesso d<span class=\"_ _1\"></span>i <span class=\"_ _f\"></span>attivit\u00e0 <span class=\"_ _1\"></span>finalizzato <span class=\"_ _f\"></span>alla <span class=\"_ _1\"></span>raccolta d<span class=\"_ _1\"></span>ei <span class=\"_ _f\"></span>flussi fi<span class=\"_ _1\"></span>nanziari <span class=\"_ _f\"></span>contr<span class=\"_ _2\"></span>attuali <span class=\"_ _f\"></span>(Business <span class=\"_ _f\"></span>model \u201cHold to Collect\u201d) o il cui obiettivo \u00e8 conseguito sia mediante la racc<span class=\"_ _1\"></span>olta dei flussi finanziari contrattuali che mediante la vendita di attivit\u00e0 fi<span class=\"ff5\">nanziarie (Business model \u201cHold to Collect and Sell\u201d);<span class=\"_ _df\"> </span></span><span class=\"_ _2c\"> </span><span class=\"ff4\">le <span class=\"_ _d\"></span>attivit\u00e0 <span class=\"_ _d\"></span>finanziarie <span class=\"_ _2\"></span>designate <span class=\"_ _d\"></span>al <span class=\"_ _d\"></span>fair <span class=\"_ _2\"></span>value, <span class=\"_ _d\"></span>ossia <span class=\"_ _d\"></span>le <span class=\"_ _2\"></span>att<span class=\"_ _2\"></span>ivit\u00e0 <span class=\"_ _2\"></span>finanziarie <span class=\"_ _2\"></span>cos\u00ec <span class=\"_ _d\"></span>definite <span class=\"_ _d\"></span>al <span class=\"_ _2\"></span>momento<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>della </span>rilevazione <span class=\"_ _16\"> </span>iniziale  e <span class=\"_ _9\"> </span>o<span class=\"_ _2\"></span>ve  ne<span class=\"_ _f\"></span>  su<span class=\"_ _2\"></span>ssistano  i <span class=\"_ _16\"> </span>presupposti. <span class=\"_ _16\"> </span>In <span class=\"_ _16\"> </span>relazione  a <span class=\"_ _16\"> </span>tale <span class=\"_ _16\"> </span>fattispecie,  un<span class=\"_ _2\"></span><span class=\"ff5\">\u2019entit\u00e0  pu<span class=\"_ _1\"></span>\u00f2 </span>designare i<span class=\"_ _1\"></span>rrevocabilmente all\u2019iscrizione <span class=\"_ _1\"></span>un\u2019attivit\u00e0 finanzi<span class=\"_ _1\"></span>aria come valu<span class=\"_ _1\"></span>tata al fair v<span class=\"_ _1\"></span>alue con <span class=\"_ _1\"></span>impatto a conto <span class=\"_ _17\"> </span>economico <span class=\"_ _4\"> </span>se, <span class=\"_ _17\"> </span>e <span class=\"_ _4\"> </span>solo <span class=\"_ _17\"> </span>se, <span class=\"_ _17\"> </span>cos\u00ec <span class=\"_ _17\"> </span>facendo <span class=\"_ _4\"> </span>elimina <span class=\"_ _17\"> </span>o <span class=\"_ _17\"> </span>riduce <span class=\"_ _17\"> </span>significativamente <span class=\"_ _4\"> </span>un\u2019inco<span class=\"_ _2\"></span>erenza valutativa.<span class=\"_ _df\"> </span>Trovano, quindi, evidenza in questa voce: <span class=\"_ _2c\"> </span><span class=\"ff4\">i titoli di debi<span class=\"_ _1\"></span>to e i finanziamenti che<span class=\"_ _1\"></span> sono inclusi nel <span class=\"_ _1\"></span>business model Trading (non riconducibil<span class=\"_ _1\"></span>i quindi ai </span>business model \u201cHold to Collect\u201d o \u201cHold to Collect and Sel<span class=\"_ _1\"></span>l\u201d) o che non superano il test SPPI;<span class=\"_ _df\"> </span><span class=\"_ _2c\"> </span><span class=\"ff4\">gli strumenti <span class=\"_ _f\"></span>di capitale <span class=\"_ _f\"></span>- non qu<span class=\"_ _1\"></span>alificabili <span class=\"_ _f\"></span>di controllo, <span class=\"_ _1\"></span>collegamento e <span class=\"_ _f\"></span>controllo cong<span class=\"_ _1\"></span>iunto - <span class=\"_ _1\"></span>detenuti <span class=\"_ _f\"></span>per<span class=\"_ _df\"> </span></span>finalit\u00e0 <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>negoziazi<span class=\"_ _1\"></span>one <span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>cui <span class=\"_ _2\"></span>non <span class=\"_ _2\"></span>si <span class=\"_ _2\"></span>sia <span class=\"_ _2\"></span>optato, in <span class=\"_ _2\"></span>sede <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>rilevazione iniziale, <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>designazione <span class=\"_ _2\"></span>al fair value con impatto sulla redditivit\u00e0 complessiva;<span class=\"_ _df\"> </span><span class=\"_ _2c\"> </span><span class=\"ff4\">le quote di OICR.<span class=\"_ _df\"> </span></span>La<span class=\"ls0\"> <span class=\"_ _17\"> </span>voce <span class=\"_ _14\"> </span>accoglie, <span class=\"_ _17\"> </span>inoltre, <span class=\"_ _17\"> </span>i <span class=\"_ _14\"> </span>contratti <span class=\"_ _14\"> </span>derivati, <span class=\"_ _17\"> </span>contabilizzati <span class=\"_ _17\"> </span>tra <span class=\"_ _14\"> </span>le <span class=\"_ _17\"> </span>attivit\u00e0 <span class=\"_ _14\"> </span>finanziarie <span class=\"_ _17\"> </span>detenute <span class=\"_ _17\"> </span>per <span class=\"_ _14\"> </span>la </span>negoziazione, che sono r<span class=\"_ _2\"></span>appresentati come attivit\u00e0 <span class=\"_ _2\"></span>se il fair value \u00e8 <span class=\"_ _2\"></span>positivo e come pass<span class=\"_ _2\"></span>ivit\u00e0<span class=\"_ _1\"></span> se il <span class=\"_ _2\"></span>fair value \u00e8 negativo. <span class=\"_ _2\"></span>E\u2019 <span class=\"_ _2\"></span>possibile compen<span class=\"_ _2\"></span>sare <span class=\"_ _2\"></span>i<span class=\"ff4\"> <span class=\"_ _2\"></span>valori correnti <span class=\"_ _2\"></span>positivi <span class=\"_ _2\"></span>e negativi <span class=\"_ _2\"></span>derivanti da <span class=\"_ _2\"></span>operazioni <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>essere <span class=\"_ _2\"></span>con </span>la <span class=\"_ _2\"></span>medesima controparte <span class=\"_ _2\"></span>soltanto qualora <span class=\"_ _2\"></span>si abbia cor<span class=\"_ _2\"></span>rentemente il <span class=\"_ _2\"></span>diritto legale <span class=\"_ _2\"></span>di compensare <span class=\"_ _2\"></span>gli importi rilevati  contabilmente  e <span class=\"_ _22\"> </span>s<span class=\"_ _2\"></span>i  intenda  procedere  al <span class=\"_ _4\"> </span>regolamento  su <span class=\"_ _22\"> </span>base <span class=\"_ _4\"> </span>net<span class=\"_ _1\"></span>t<span class=\"_ _2\"></span>a  delle  posizioni <span class=\"_ _22\"> </span>oggetto <span class=\"_ _4\"> </span>di compensazione.<span class=\"_ _df\"> </span>Fra i <span class=\"_ _f\"></span>derivati sono i<span class=\"_ _1\"></span>nclusi <span class=\"_ _f\"></span>anche quelli <span class=\"_ _f\"></span>i<span class=\"_ _2\"></span>ncorporati in <span class=\"_ _f\"></span>contratti finanziari <span class=\"_ _f\"></span>complessi - in cui <span class=\"_ _f\"></span>il contratto primario<span class=\"_ _f\"></span> \u00e8 una passivit\u00e0 finanziaria - che sono stati oggetto di rilevazione separata in quanto:<span class=\"_ _df\"> </span><span class=\"_ _2c\"> </span><span class=\"ff4\">le <span class=\"_ _d\"></span>lor<span class=\"_ _2\"></span>o <span class=\"_ _d\"></span>caratterist<span class=\"_ _2\"></span>iche <span class=\"_ _d\"></span>economiche <span class=\"_ _d\"></span>ed <span class=\"_ _d\"></span>i <span class=\"_ _0\"></span>rischi <span class=\"_ _d\"></span>non <span class=\"_ _0\"></span>sono <span class=\"_ _0\"></span>strettamente <span class=\"_ _d\"></span>correlati <span class=\"_ _0\"></span>alle <span class=\"_ _d\"></span>caratteristiche <span class=\"_ _d\"></span>del<span class=\"_ _df\"> </span></span>contratto sottostante;<span class=\"_ _df\"> </span><span class=\"_ _2c\"> </span><span class=\"ff4\">gli strumenti incorporati, anche se separati, soddisfano la definizione<span class=\"_ _1\"></span> di derivato;<span class=\"_ _df\"> </span></span><span class=\"_ _2c\"> </span><span class=\"ff4\">gli <span class=\"_ _d\"></span>strumenti <span class=\"_ _d\"></span>ibridi <span class=\"_ _2\"></span>cui <span class=\"_ _d\"></span>appartengono <span class=\"_ _d\"></span>non <span class=\"_ _2\"></span>so<span class=\"_ _2\"></span>no <span class=\"_ _2\"></span>valutat<span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>al <span class=\"_ _d\"></span>fair <span class=\"_ _d\"></span>value<span class=\"_ _1\"></span> <span class=\"_ _d\"></span>con <span class=\"_ _d\"></span>le <span class=\"_ _2\"></span>relative <span class=\"_ _d\"></span>variazioni <span class=\"_ _d\"></span>rilevate <span class=\"_ _d\"></span>a </span>Conto Economico.<span class=\"_ _df\"> </span>Riclas<span class=\"_ _f\"></span>sifiche<span class=\"_ _1\"></span> Secondo <span class=\"_ _0\"></span>le <span class=\"_ _9\"> </span>regole <span class=\"_ _0\"></span>generali <span class=\"_ _9\"> </span>previste <span class=\"_ _0\"> </span>dall\u2019IFRS <span class=\"_ _9\"> </span>9 <span class=\"_ _0\"> </span>in <span class=\"_ _9\"> </span>materia <span class=\"_ _9\"> </span>di <span class=\"_ _0\"> </span>r<span class=\"_ _2\"></span>icl<span class=\"_ _1\"></span>assificazione <span class=\"_ _0\"></span>delle <span class=\"_ _9\"> </span>attivit\u00e0 <span class=\"_ _9\"> </span>finanziarie <span class=\"_ _0\"></span>(ad eccezione dei <span class=\"_ _2\"></span>titoli <span class=\"_ _2\"></span>di capitale, <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>cui <span class=\"_ _2\"></span>non \u00e8 <span class=\"_ _2\"></span>ammessa<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>alcuna riclassifica), <span class=\"_ _2\"></span>non s<span class=\"_ _2\"></span>ono amm<span class=\"_ _2\"></span>esse riclassifiche verso altre <span class=\"_ _2\"></span>categorie di attivit\u00e0 <span class=\"_ _2\"></span>finanzi<span class=\"_ _1\"></span>arie salvo <span class=\"_ _2\"></span>il caso in <span class=\"_ _2\"></span>cui l\u2019entit\u00e0 <span class=\"_ _2\"></span>modifichi il proprio modello di <span class=\"_ _2\"></span>business per la g<span class=\"_ _1\"></span>estione delle <span class=\"_ _1\"></span>attivit\u00e0 finanziarie  <span class=\"_ _1\"></span>a seguito di<span class=\"_ _1\"></span> cambiamenti esterni o <span class=\"_ _1\"></span>intern<span class=\"_ _2\"></span>i i <span class=\"_ _f\"></span>quali siano rilevanti pe<span class=\"_ _1\"></span>r le<span class=\"_ _df\"> </span>operazioni <span class=\"_ _4\"> </span>dell'entit\u00e0 <span class=\"_ _17\"> </span>e <span class=\"_ _4\"> </span>dimostrabili <span class=\"_ _4\"> </span>alle <span class=\"_ _4\"> </span>part<span class=\"_ _2\"></span>i <span class=\"_ _4\"> </span>esterne. <span class=\"_ _4\"> </span>In <span class=\"_ _17\"> </span>tali <span class=\"_ _4\"> </span>casi, <span class=\"_ _4\"> </span>che <span class=\"_ _17\"> </span>ci <span class=\"_ _4\"> </span>si <span class=\"_ _4\"> </span>attende <span class=\"_ _4\"> </span>s<span class=\"_ _2\"></span>iano <span class=\"_ _4\"> </span>altamente<span class=\"_ _df\"> </span> infrequenti, <span class=\"_ _9\"> </span>le <span class=\"_ _9\"> </span>att<span class=\"_ _2\"></span>ivit\u00e0 <span class=\"_ _9\"> </span>finanziarie <span class=\"_ _9\"> </span>potranno <span class=\"_ _16\"> </span>essere <span class=\"_ _9\"> </span>riclassificate <span class=\"_ _9\"> </span>dalla <span class=\"_ _16\"> </span>categoria <span class=\"_ _9\"> </span>valutata <span class=\"_ _9\"> </span>al <span class=\"_ _16\"> </span>fair <span class=\"_ _9\"> </span>value <span class=\"_ _9\"> </span>con<span class=\"_ _df\"> </span>BILANCIO CONSO<span class=\"_ _1\"></span>LIDATO <span class=\"ff5\">\u2013</span> NOTA INT<span class=\"_ _f\"></span>E<span class=\"_ _2\"></span>GRATIVA 295<span class=\"_ _df\"> </span>Le <span class=\"_ _9\"> </span>partecipazioni <span class=\"_ _9\"> </span>sono <span class=\"_ _9\"> </span>iscritte <span class=\"_ _9\"> </span>alla <span class=\"_ _9\"> </span>data <span class=\"_ _16\"> </span>di <span class=\"_ _0\"></span>r<span class=\"_ _2\"></span>egolamento. <span class=\"_ _0\"></span>All\u2019atto <span class=\"_ _9\"> </span>della <span class=\"_ _9\"> </span>rilevazione <span class=\"_ _9\"> </span>iniziale <span class=\"_ _9\"> </span>le <span class=\"_ _9\"> </span>in<span class=\"_ _2\"></span><span class=\"ff4\">teressenze<span class=\"_ _df\"> </span></span>partecipative <span class=\"_ _0\"></span>sono <span class=\"_ _9\"> </span>contabilizzate <span class=\"_ _9\"> </span>al <span class=\"_ _9\"> </span>costo, <span class=\"_ _0\"></span>comprensivo <span class=\"_ _9\"> </span>dei <span class=\"_ _0\"></span>costi <span class=\"_ _9\"> </span>o <span class=\"_ _9\"> </span>proventi <span class=\"_ _0\"></span>direttamente <span class=\"_ _9\"> </span>attribuibili<span class=\"_ _1\"></span> <span class=\"_ _9\"> </span>alla<span class=\"_ _df\"> </span>transazione.<span class=\"_ _df\"> </span>Criter<span class=\"_ _1\"></span>i di <span class=\"_ _1\"></span>class<span class=\"_ _1\"></span>ificazi<span class=\"_ _1\"></span>one<span class=\"_ _df\"> </span>La voce include le interessenze de<span class=\"_ _1\"></span>tenute in societ\u00e0 controllate congiuntamente e collegate.<span class=\"_ _df\"> </span>Sono <span class=\"ff5\">considerate controllate congiu<span class=\"_ _1\"></span>ntamente le imprese nelle quali i diritti di voto ed il controllo del<span class=\"_ _1\"></span>l\u2019attivit\u00e0<span class=\"_ _df\"> </span></span>economica della partecipata sono condiv<span class=\"_ _1\"></span>isi in modo paritetico da Credem, direttamente o indi<span class=\"_ _1\"></span>rettamente, e<span class=\"_ _df\"> </span>da  un  altro  soggetto.  Inoltre  v<span class=\"_ _1\"></span>iene  qualificato  come  sottoposto  a  controllo  congiu<span class=\"_ _1\"></span>nto  un  investimento<span class=\"_ _df\"> </span>partecipativo  nel<span class=\"_ _1\"></span>  quale,  pur  in  assenz<span class=\"_ _1\"></span>a  di  una  q<span class=\"_ _1\"></span>uota  paritetica  di  di<span class=\"_ _1\"></span>ritti  di  voto,  il  con<span class=\"_ _f\"></span>t<span class=\"_ _2\"></span>rollo <span class=\"_ _16\"> </span>sull\u2019attivit\u00e0<span class=\"_ _df\"> </span>economica  e<span class=\"_ _1\"></span>  sugli <span class=\"_ _16\"> </span>indirizzi  strategici<span class=\"_ _1\"></span>  della  p<span class=\"_ _1\"></span>artecipata  \u00e8 <span class=\"_ _16\"> </span>condiviso  con <span class=\"_ _16\"> </span>altri  soggetti  in  vi<span class=\"_ _1\"></span>rt\u00f9  di <span class=\"_ _16\"> </span>accordi<span class=\"_ _df\"> </span>contrattuali.<span class=\"_ _df\"> </span>Sono <span class=\"_ _0\"></span>considerate <span class=\"_ _0\"></span>collegate, <span class=\"_ _0\"></span>cio\u00e8 <span class=\"_ _9\"> </span>sottoposte <span class=\"_ _0\"></span>ad <span class=\"_ _9\"> </span>influenza <span class=\"_ _d\"></span>not<span class=\"_ _2\"></span>evole<span class=\"_ _1\"></span>, <span class=\"_ _0\"></span>le <span class=\"_ _9\"> </span>imprese <span class=\"_ _0\"></span>nelle <span class=\"_ _0\"></span>quali <span class=\"_ _0\"></span>la <span class=\"_ _9\"> </span>capogruppo,<span class=\"_ _df\"> </span>direttamente <span class=\"_ _f\"></span>o indi<span class=\"_ _1\"></span>rettamente, <span class=\"_ _1\"></span>possiede <span class=\"_ _f\"></span>almeno <span class=\"_ _f\"></span>il 20% <span class=\"_ _f\"></span>dei <span class=\"_ _f\"></span>diritti <span class=\"_ _f\"></span>di v<span class=\"_ _1\"></span>oto (i<span class=\"_ _1\"></span>vi <span class=\"_ _f\"></span>inclusi <span class=\"_ _f\"></span>i diritti <span class=\"_ _f\"></span>di <span class=\"_ _1\"></span>voto <span class=\"_ _f\"></span>\u201cpoten<span class=\"_ _2\"></span>ziali\u201d)<span class=\"_ _df\"> </span>o<span class=\"_ _4\"> </span>nelle <span class=\"_ _d\"></span>quali <span class=\"_ _2\"></span><span class=\"ff5\">\u2013</span> <span class=\"_ _d\"></span>pur <span class=\"_ _2\"></span>con <span class=\"_ _d\"></span>una <span class=\"_ _2\"></span>quota <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>diritti <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>voto <span class=\"_ _d\"></span>inferiore <span class=\"_ _d\"></span><span class=\"ff5\">\u2013</span> <span class=\"_ _d\"></span>ha <span class=\"_ _2\"></span>il <span class=\"_ _d\"></span>potere <span class=\"_ _2\"></span>di <span class=\"_ _d\"></span>partecipare <span class=\"_ _2\"></span>alla <span class=\"_ _d\"></span>determinazione<span class=\"_ _df\"> </span>delle <span class=\"_ _4\"> </span>politiche <span class=\"_ _17\"> </span>finanziarie <span class=\"_ _17\"> </span>e <span class=\"_ _17\"> </span>gestionali <span class=\"_ _17\"> </span>della <span class=\"_ _17\"> </span>partecipata <span class=\"_ _17\"> </span>in <span class=\"_ _17\"> </span>virt\u00f9 <span class=\"_ _4\"> </span>di <span class=\"_ _17\"> </span>part<span class=\"_ _2\"></span>icolari<span class=\"_ _1\"></span> <span class=\"_ _17\"> </span>legami <span class=\"_ _17\"> </span>giuridici <span class=\"_ _4\"> </span>quali <span class=\"_ _17\"> </span>la<span class=\"_ _df\"> </span>partecipazione a patti di sindacato.<span class=\"_ _df\"> </span>Non <span class=\"_ _d\"></span>s<span class=\"_ _2\"></span>ono <span class=\"_ _d\"></span>considerate <span class=\"_ _d\"></span>sottoposte <span class=\"_ _0\"></span>ad <span class=\"_ _d\"></span>influenza <span class=\"_ _d\"></span>notevole <span class=\"_ _0\"></span>alcune <span class=\"_ _0\"></span>interessenze <span class=\"_ _d\"></span>superiori <span class=\"_ _0\"></span>al <span class=\"_ _d\"></span>20%, <span class=\"_ _0\"></span>nelle <span class=\"_ _d\"></span>quali,<span class=\"_ _df\"> </span>direttamente <span class=\"_ _f\"></span>o indi<span class=\"_ _1\"></span>rettamente, <span class=\"_ _1\"></span>il <span class=\"_ _f\"></span>Gr<span class=\"_ _2\"></span>uppo <span class=\"_ _f\"></span>detiene <span class=\"_ _f\"></span>esclusivamente <span class=\"_ _f\"></span>diritt<span class=\"_ _2\"></span>i <span class=\"_ _f\"></span>patrimoniali <span class=\"_ _1\"></span>su <span class=\"_ _1\"></span>una <span class=\"_ _f\"></span>porzione <span class=\"_ _f\"></span>dei <span class=\"_ _1\"></span>frutti<span class=\"_ _df\"> </span>degli investimenti,<span class=\"_ _1\"></span> non ha accesso alle <span class=\"_ _1\"></span>politiche di <span class=\"_ _f\"></span>g<span class=\"_ _2\"></span>estione e <span class=\"_ _1\"></span>pu\u00f2 esercitare diritti di <span class=\"_ _1\"></span>governance limitati all<span class=\"_ _1\"></span>a<span class=\"_ _df\"> </span>tutela degli interessi patrimoniali.<span class=\"_ _df\"> </span>Criter<span class=\"_ _1\"></span>i di <span class=\"_ _1\"></span>valuta<span class=\"_ _1\"></span>zione<span class=\"_ _df\"> </span>Le <span class=\"_ _4\"> </span>partecipazioni <span class=\"_ _4\"> </span>in <span class=\"_ _4\"> </span>societ\u00e0 <span class=\"_ _4\"> </span>collegate <span class=\"_ _4\"> </span>o <span class=\"_ _4\"> </span>controllate <span class=\"_ _4\"> </span>congiuntamente <span class=\"_ _4\"> </span>sono <span class=\"_ _4\"> </span>valutate <span class=\"_ _4\"> </span>con <span class=\"_ _4\"> </span>il <span class=\"_ _4\"> </span>metodo <span class=\"_ _4\"> </span>del<span class=\"_ _df\"> </span>patrimonio netto.<span class=\"_ _df\"> </span>Se <span class=\"_ _f\"></span>esistono <span class=\"_ _f\"></span>evidenze <span class=\"_ _f\"></span>che <span class=\"_ _f\"></span>il valore <span class=\"_ _11\"></span>di <span class=\"_ _f\"></span>una <span class=\"_ _1\"></span>partecipazione <span class=\"_ _f\"></span>possa av<span class=\"_ _1\"></span>er <span class=\"_ _f\"></span>subito <span class=\"_ _f\"></span>una <span class=\"_ _1\"></span>riduzione, <span class=\"_ _f\"></span>si <span class=\"_ _f\"></span>procede <span class=\"_ _f\"></span>alla <span class=\"_ _f\"></span>s<span class=\"_ _2\"></span>tima<span class=\"_ _df\"> </span>del <span class=\"_ _0\"></span>valore <span class=\"_ _9\"> </span>recuperabile <span class=\"_ _0\"> </span>della <span class=\"_ _9\"> </span>par<span class=\"_ _2\"></span>tecipazione<span class=\"_ _f\"></span> <span class=\"_ _9\"> </span>s<span class=\"_ _2\"></span>tessa, <span class=\"_ _0\"></span>t<span class=\"_ _2\"></span>enend<span class=\"_ _1\"></span>o <span class=\"_ _9\"> </span>conto <span class=\"_ _9\"> </span>del <span class=\"_ _0\"></span>valore <span class=\"_ _9\"> </span>attuale <span class=\"_ _0\"></span>dei <span class=\"_ _9\"> </span>flussi <span class=\"_ _9\"> </span>finanziari<span class=\"_ _df\"> </span>futuri che la partecipazio<span class=\"ff5\">ne potr\u00e0 generare, incluso il valore di dismissione finale de<span class=\"_ _1\"></span>ll\u2019investimento.<span class=\"_ _df\"> </span></span>Qualora  i<span class=\"_ _1\"></span>l <span class=\"_ _16\"> </span>valore <span class=\"_ _16\"> </span>di <span class=\"_ _9\"> </span>recupero  risulti <span class=\"_ _9\"> </span>inferiore  al <span class=\"_ _9\"> </span>valore  contabile, <span class=\"_ _9\"> </span>la  relativa <span class=\"_ _9\"> </span>differenza  \u00e8 <span class=\"_ _9\"> </span>rilevata  a <span class=\"_ _16\"> </span>conto<span class=\"_ _df\"> </span>economico.<span class=\"_ _df\"> </span>Qualora i motivi della perdita di valore siano rimossi a seguito di un evento verificatosi successivamente alla<span class=\"_ _df\"> </span>rilevazione <span class=\"_ _f\"></span>della <span class=\"_ _1\"></span>riduzione <span class=\"_ _f\"></span>di valore, <span class=\"_ _f\"></span>vengono <span class=\"_ _f\"></span>ef<span class=\"_ _2\"></span>fettuate <span class=\"_ _f\"></span>riprese d<span class=\"_ _1\"></span>i v<span class=\"_ _1\"></span>alore <span class=\"_ _1\"></span>con <span class=\"_ _f\"></span>imputazione <span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>conto e<span class=\"_ _1\"></span>conomico<span class=\"_ _df\"> </span>che non possono eccedere l\u2019ammontare delle p<span class=\"_ _1\"></span>erdite da impairment in precedenza registrate.<span class=\"_ _df\"> </span>Criter<span class=\"_ _1\"></span>i di <span class=\"_ _1\"></span>cancell<span class=\"_ _1\"></span>azion<span class=\"_ _f\"></span>e Le <span class=\"_ _2\"></span>partecipazioni <span class=\"_ _2\"></span>vengono <span class=\"_ _d\"></span>cancellate <span class=\"_ _2\"></span>quando <span class=\"_ _2\"></span>scadono <span class=\"_ _2\"></span>i <span class=\"_ _d\"></span>diritti <span class=\"_ _2\"></span>contrattuali <span class=\"_ _2\"></span>sui <span class=\"_ _d\"></span>flussi <span class=\"_ _2\"></span>finanziari <span class=\"_ _2\"></span>derivati <span class=\"_ _2\"></span>dalle attivit\u00e0 <span class=\"_ _1\"></span>stesse o<span class=\"_ _f\"></span> quando <span class=\"_ _1\"></span>l\u2019attivit\u00e0 <span class=\"_ _f\"></span>finanziaria vie<span class=\"_ _1\"></span>ne ce<span class=\"_ _f\"></span>d<span class=\"_ _2\"></span>uta t<span class=\"_ _f\"></span>r<span class=\"_ _2\"></span>asferendo <span class=\"_ _f\"></span>s<span class=\"_ _2\"></span>ostanzialmente<span class=\"_ _1\"></span> tutti <span class=\"_ _f\"></span>i rischi<span class=\"_ _f\"></span> e b<span class=\"_ _1\"></span>enefici ad<span class=\"ls0\"> essa connessi. </span>Criter<span class=\"_ _1\"></span>i di <span class=\"_ _1\"></span>rileva<span class=\"_ _f\"></span>zione dell<span class=\"_ _1\"></span>e com<span class=\"_ _f\"></span>ponenti <span class=\"_ _1\"></span>reddi<span class=\"_ _1\"></span>tuali<span class=\"_ _f\"></span><span class=\"sc0\"> </span>Le <span class=\"_ _9\"> </span>differenze <span class=\"_ _9\"> </span>negative <span class=\"_ _16\"> </span>di <span class=\"_ _9\"> </span>prima  i<span class=\"_ _1\"></span>scrizione, <span class=\"_ _9\"> </span>gli <span class=\"_ _9\"> </span>utili <span class=\"_ _16\"> </span>e <span class=\"_ _9\"> </span>le <span class=\"_ _16\"> </span>perdite <span class=\"_ _9\"> </span>delle <span class=\"_ _9\"> </span>partecipate <span class=\"_ _9\"> </span>r<span class=\"_ _2\"></span>ealizzate,<span class=\"_ _1\"></span> <span class=\"_ _16\"> </span>le <span class=\"_ _9\"> </span>perdite <span class=\"_ _9\"> </span>da impairment  e  le<span class=\"_ _1\"></span>  riprese  d<span class=\"_ _1\"></span>i  valore  ve<span class=\"_ _1\"></span>ngono  allocate  nell<span class=\"_ _1\"></span>a  voce  di <span class=\"_ _16\"> </span>conto  econom<span class=\"ff5\">ico  \u201cUtili  (Pe<span class=\"_ _1\"></span>rdite)  d<span class=\"_ _1\"></span>elle </span>partecipazioni\u201d, <span class=\"_ _0\"></span>me<span class=\"_ _2\"></span>ntre <span class=\"_ _9\"> </span>i <span class=\"_ _9\"> </span>dividendi <span class=\"_ _9\"> </span>incassati <span class=\"_ _9\"> </span>vengono <span class=\"_ _9\"> </span>allocati <span class=\"_ _16\"> </span>nella <span class=\"_ _0\"></span>voce <span class=\"_ _16\"> </span>\u201cDividendi <span class=\"_ _9\"> </span>e <span class=\"_ _9\"> </span>proventi <span class=\"_ _9\"> </span>simili\u201d <span class=\"_ _16\"> </span>nel momento in cui sorge il diritto a rice<span class=\"_ _1\"></span>verne il pagamento.<span class=\"_ _2\"></span> ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-894": {
   "value": "Sezio<span class=\"_ _1\"></span>ne 3 - A<span class=\"_ _f\"></span>rea e me<span class=\"_ _1\"></span>todi d<span class=\"_ _f\"></span>i consolida<span class=\"_ _1\"></span>mento<span class=\"_ _1\"></span> Il <span class=\"_ _2\"></span>bilancio <span class=\"_ _d\"></span>consolidato <span class=\"_ _d\"></span>del <span class=\"_ _d\"></span>Gruppo <span class=\"_ _d\"></span>Credem <span class=\"_ _2\"></span>comprende <span class=\"_ _d\"></span>il <span class=\"_ _d\"></span>bilancio <span class=\"_ _d\"></span>di <span class=\"_ _2\"></span>Credito <span class=\"_ _d\"></span>Emiliano <span class=\"_ _d\"></span>spa <span class=\"_ _d\"></span>e <span class=\"_ _2\"></span>delle <span class=\"_ _d\"></span>societ\u00e0 <span class=\"_ _d\"></span>da questa <span class=\"_ _f\"></span>contr<span class=\"_ _2\"></span>ollate, <span class=\"_ _f\"></span>includendo <span class=\"_ _f\"></span>n<span class=\"_ _2\"></span>el <span class=\"_ _f\"></span>perimetro di <span class=\"_ _f\"></span>consolidamento <span class=\"_ _1\"></span>anche <span class=\"_ _f\"></span>le societ\u00e0 <span class=\"_ _f\"></span>operanti <span class=\"_ _1\"></span>in <span class=\"_ _f\"></span>s<span class=\"_ _2\"></span>ettori <span class=\"_ _f\"></span>di attivit\u00e0<span class=\"_ _1\"></span> dissimili da <span class=\"_ _2\"></span>quello di <span class=\"_ _2\"></span>appartenenza <span class=\"_ _2\"></span>della Capogruppo. <span class=\"_ _2\"></span>Analogamente, so<span class=\"_ _2\"></span>no incluse <span class=\"_ _2\"></span>anche le <span class=\"_ _2\"></span>societ\u00e0 <span class=\"_ _2\"></span>veicolo (SPE/SPV) <span class=\"_ _2\"></span>quando <span class=\"_ _d\"></span>ne <span class=\"_ _d\"></span>ricorrano <span class=\"_ _d\"></span>i <span class=\"_ _2\"></span>requisiti <span class=\"_ _d\"></span>di <span class=\"_ _2\"></span>effett<span class=\"_ _2\"></span>ivo <span class=\"_ _2\"></span>contro<span class=\"_ _2\"></span>llo, <span class=\"_ _2\"></span>anche <span class=\"_ _2\"></span>indipendentemente <span class=\"_ _d\"></span>dall\u2019esistenza <span class=\"_ _d\"></span>di una quota partecipativa. Un\u2019impresa <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>grado <span class=\"_ _d\"></span>di <span class=\"_ _2\"></span>es<span class=\"ff4\">ercit<span class=\"_ _2\"></span>are <span class=\"_ _d\"></span>il <span class=\"_ _2\"></span>contr<span class=\"_ _2\"></span>ollo <span class=\"_ _2\"></span>se <span class=\"_ _d\"></span>\u00e8 <span class=\"_ _2\"></span>esposta <span class=\"_ _d\"></span>o <span class=\"_ _d\"></span>ha <span class=\"_ _2\"></span>diritto <span class=\"_ _d\"></span>a <span class=\"_ _d\"></span>rendimenti <span class=\"_ _2\"></span>variabili, <span class=\"_ _d\"></span>derivanti <span class=\"_ _d\"></span>dal </span>proprio  rapporto  con<span class=\"_ _f\"></span>  l\u2019entit\u00e0  ogge<span class=\"_ _1\"></span>tto  d\u2019investimento  e,  ne<span class=\"_ _f\"></span>l  frattempo,  ha  la<span class=\"_ _1\"></span>  capacit\u00e0  di  i<span class=\"_ _1\"></span>ncidere  su <span class=\"_ _16\"> </span>tali rendimenti esercitando il proprio potere su tale entit\u00e0. Sono <span class=\"_ _18\"> </span><span class=\"ls13\">no</span>rmalmente <span class=\"_ _18\"> </span>conside<span class=\"_ _1\"></span>rate <span class=\"_ _18\"> </span>controllate <span class=\"_ _18\"> </span>le <span class=\"_ _10\"> </span>imprese <span class=\"_ _18\"> </span>nelle <span class=\"_ _10\"> </span>quali <span class=\"_ _10\"> </span>la <span class=\"_ _18\"> </span>Capogruppo, <span class=\"_ _10\"> </span>direttamente <span class=\"_ _18\"> </span>o indirettamente, <span class=\"_ _0\"> </span>poss<span class=\"_ _2\"></span>iede <span class=\"_ _0\"></span>p<span class=\"_ _2\"></span>i\u00f9 <span class=\"_ _9\"> </span>della <span class=\"_ _9\"> </span>met\u00e0 <span class=\"_ _9\"> </span>d<span class=\"_ _2\"></span>ei <span class=\"_ _0\"></span>d<span class=\"_ _2\"></span>iritti <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>voto <span class=\"_ _16\"> </span>o <span class=\"_ _9\"> </span>quando, <span class=\"_ _9\"> </span>pur <span class=\"_ _9\"> </span>con <span class=\"_ _9\"> </span>una <span class=\"_ _16\"> </span>quota <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>dir<span class=\"_ _2\"></span>itti <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>voto inferiore, la <span class=\"_ _2\"></span>Capogruppo <span class=\"_ _2\"></span>ha il <span class=\"_ _2\"></span>potere <span class=\"_ _2\"></span>di nominare <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>maggioran<span class=\"_ _2\"></span>za <span class=\"_ _2\"></span>degli amministrat<span class=\"_ _2\"></span>ori della part<span class=\"_ _2\"></span>ecipata o <span class=\"_ _2\"></span>di determinare <span class=\"_ _f\"></span>le <span class=\"_ _1\"></span>politiche <span class=\"_ _f\"></span>fi<span class=\"_ _2\"></span>nanziarie <span class=\"_ _f\"></span>ed <span class=\"_ _1\"></span>operative <span class=\"_ _f\"></span>della stessa. <span class=\"_ _f\"></span>Nella v<span class=\"_ _1\"></span>alutazione <span class=\"_ _f\"></span>dei d<span class=\"_ _1\"></span>iritti d<span class=\"_ _1\"></span>i <span class=\"_ _f\"></span>voto si <span class=\"_ _f\"></span>tiene <span class=\"_ _f\"></span>conto anche <span class=\"_ _d\"></span>dei <span class=\"_ _d\"></span>diritti <span class=\"_ _0\"></span>\u201cpotenziali\u201d <span class=\"_ _d\"></span>che <span class=\"_ _d\"></span>siano <span class=\"_ _d\"></span>correntemente <span class=\"_ _0\"></span>esercitabili <span class=\"_ _d\"></span>o <span class=\"_ _d\"></span>convertibili <span class=\"_ _d\"></span>in <span class=\"_ _0\"></span>diritt<span class=\"_ _2\"></span><span class=\"ff4\">i <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>voto <span class=\"_ _0\"></span>effettivi <span class=\"_ _d\"></span>in </span>qualsiasi momento. Sono  normalmente  considerate  controllate  congiu<span class=\"_ _1\"></span>ntamente  le  imprese  nelle  quali  i  diritti  di  voto  ed<span class=\"_ _1\"></span>  il controllo <span class=\"_ _18\"> </span>dell\u2019attivit\u00e0 <span class=\"_ _19\"> </span>economica <span class=\"_ _18\"> </span>della <span class=\"_ _18\"> </span>partecipata <span class=\"_ _18\"> </span>sono <span class=\"_ _19\"> </span>condivisi <span class=\"_ _18\"> </span>in <span class=\"_ _18\"> </span>modo <span class=\"_ _19\"> </span>paritetico <span class=\"_ _18\"> </span>da <span class=\"_ _18\"> </span>Credem, direttamente o <span class=\"_ _2\"></span>indirettamente, e da un altr<span class=\"_ _2\"></span>o soggetto. Inoltre viene qualificato <span class=\"_ _2\"></span>come sottoposto a <span class=\"_ _2\"></span>controllo<span class=\"_ _1\"></span> congiunto un <span class=\"_ _2\"></span>investimento <span class=\"_ _2\"></span>partecipativo nel <span class=\"_ _2\"></span>quale, <span class=\"_ _2\"></span>pur in <span class=\"_ _2\"></span>assenza <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>una quota <span class=\"_ _2\"></span>paritetica <span class=\"_ _2\"></span>di diritt<span class=\"_ _2\"></span>i di <span class=\"_ _2\"></span>voto, <span class=\"_ _2\"></span>il<span class=\"_ _1\"></span> controllo <span class=\"_ _2\"></span>sull\u2019attivit\u00e0 <span class=\"_ _2\"></span>economica e <span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>ugli indiri<span class=\"ff4\">zzi <span class=\"_ _2\"></span>st<span class=\"_ _2\"></span>rategici della <span class=\"_ _2\"></span>partecipata <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _2\"></span>condiviso <span class=\"_ _2\"></span>con <span class=\"_ _2\"></span>altri <span class=\"_ _2\"></span>soggetti <span class=\"_ _2\"></span>in </span>virt\u00f9 di accordi contrattuali. Sono <span class=\"_ _d\"></span>nor<span class=\"_ _2\"></span>malmente <span class=\"_ _d\"></span>considerate <span class=\"_ _d\"></span>collegate, <span class=\"_ _d\"></span>cio\u00e8 <span class=\"_ _d\"></span>sot<span class=\"_ _2\"></span>toposte <span class=\"_ _d\"></span>ad <span class=\"_ _0\"></span>infl<span class=\"_ _1\"></span>uenza <span class=\"_ _d\"></span>notevole, <span class=\"_ _d\"></span>l<span class=\"_ _2\"></span>e <span class=\"_ _d\"></span>imprese <span class=\"_ _d\"></span>nelle <span class=\"_ _0\"></span>quali <span class=\"_ _d\"></span>la capogruppo, <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>irettamente <span class=\"_ _d\"></span>o <span class=\"_ _d\"></span>indirettamente, <span class=\"_ _2\"></span>poss<span class=\"_ _2\"></span>iede<span class=\"_ _1\"></span> <span class=\"_ _d\"></span>a<span class=\"_ _2\"></span>lmeno <span class=\"_ _d\"></span>il <span class=\"_ _d\"></span>20% <span class=\"_ _d\"></span>dei <span class=\"_ _d\"></span>diritti <span class=\"_ _d\"></span>di <span class=\"_ _2\"></span>vot<span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>(ivi <span class=\"_ _d\"></span>inclusi <span class=\"_ _d\"></span>i <span class=\"_ _d\"></span>diritti <span class=\"_ _d\"></span>di voto \u201cpotenziali\u201d come sopra<span class=\"_ _1\"></span> definiti) o nelle<span class=\"_ _1\"></span> quali <span class=\"_ _2\"></span>\u2013<span class=\"ff4\"> pur con una<span class=\"_ _1\"></span> quota di diritti di<span class=\"_ _1\"></span> voto inferiore <span class=\"ff5\">\u2013</span> ha il potere </span>di <span class=\"_ _4\"> </span>partecipare <span class=\"_ _4\"> </span>a<span class=\"_ _2\"></span>lla <span class=\"_ _4\"> </span>determinazio<span class=\"_ _2\"></span>ne <span class=\"_ _4\"> </span>delle <span class=\"_ _17\"> </span>politiche <span class=\"_ _4\"> </span>finanziarie <span class=\"_ _17\"> </span>e <span class=\"_ _17\"> </span>gestionali <span class=\"_ _4\"> </span>dell<span class=\"_ _2\"></span>a <span class=\"_ _17\"> </span>partecipata <span class=\"_ _17\"> </span>in <span class=\"_ _17\"> </span>virt\u00f9 <span class=\"_ _4\"> </span>di particolari legami giuridici qu<span class=\"_ _1\"></span>ali la part<span class=\"_ _2\"></span>ecipazi<span class=\"_ _1\"></span>one a patti di sindacato. <span class=\"_ _2\"></span> Le partecip<span class=\"_ _1\"></span>azioni controllate sono consolid<span class=\"_ _1\"></span>ate con il <span class=\"_ _1\"></span>metodo integ<span class=\"_ _1\"></span>rale, mentre le imprese colle<span class=\"_ _1\"></span>gate e le joi<span class=\"_ _1\"></span>nt venture sono consolidate in base al metodo del patrimonio netto. Criter<span class=\"_ _1\"></span>i e p<span class=\"_ _1\"></span>rincipi<span class=\"_ _1\"></span> di co<span class=\"_ _f\"></span>nsolidam<span class=\"_ _1\"></span>en<span class=\"_ _f\"></span>to I criteri adottati per la redazione de<span class=\"_ _1\"></span>l bilancio consolidato sono i seguenti: <span class=\"_ _2c\"> </span><span class=\"ff4\">i<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span> <span class=\"_ _14\"> </span>o<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>as<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>e <span class=\"_ _15\"> </span>d<span class=\"_ _2\"></span>el<span class=\"_ _2\"></span> <span class=\"_ _15\"> </span>pr<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>m<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span> <span class=\"_ _14\"> </span>c<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>ns<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>da<span class=\"_ _2\"></span>m<span class=\"_ _d\"></span>en<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>, <span class=\"_ _15\"> </span>i<span class=\"_ _2\"></span>l <span class=\"_ _15\"> </span>v<span class=\"_ _2\"></span>al<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span> <span class=\"_ _14\"> </span>d<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span> <span class=\"_ _17\"> </span>c<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>o <span class=\"_ _15\"> </span>d<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>ll<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span> <span class=\"_ _14\"> </span>p<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>rt<span class=\"_ _d\"></span>ec<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>p<span class=\"_ _2\"></span>az<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>i <span class=\"_ _15\"> </span>i<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span> <span class=\"_ _17\"> </span>s<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>t\u00e0<span class=\"_ _df\"> </span></span>c<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>ns<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>at<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>  in<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>gr<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>m<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>nt<span class=\"_ _d\"></span>e  \u00e8<span class=\"_ _2\"></span>  a<span class=\"_ _2\"></span>nn<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>at<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>  a  fr<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>  de<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>  pa<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>ri<span class=\"_ _2\"></span>m<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>io<span class=\"_ _d\"></span> <span class=\"_ _16\"> </span>n<span class=\"_ _2\"></span>et<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>  de<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>e  so<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>t\u00e0<span class=\"_ _2\"></span>  s<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>es<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>.  L<span class=\"_ _2\"></span>a<span class=\"_ _df\"> </span>c<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>nt<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>b<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>li<span class=\"_ _2\"></span>z<span class=\"_ _2\"></span>z<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>z<span class=\"_ _2\"></span>io<span class=\"_ _d\"></span>n<span class=\"_ _2\"></span>e <span class=\"_ _16\"> </span>de<span class=\"_ _2\"></span>g<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>i <span class=\"_ _16\"> </span>a<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>qu<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>i  ne<span class=\"_ _2\"></span>ll<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span> <span class=\"_ _9\"> </span>s<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>et<span class=\"_ _2\"></span>\u00e0<span class=\"_ _2\"></span> <span class=\"_ _9\"> </span>a<span class=\"_ _2\"></span>v<span class=\"_ _2\"></span>v<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>en<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span> <span class=\"_ _16\"> </span>in<span class=\"_ _2\"></span> <span class=\"_ _16\"> </span>ba<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span> <span class=\"_ _9\"> </span>a<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span> <span class=\"_ _9\"> </span>\u201c<span class=\"_ _2\"></span>m<span class=\"_ _2\"></span>et<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span> <span class=\"_ _9\"> </span>d<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>l\u2019<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>q<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>is<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>\u201d  co<span class=\"_ _2\"></span>m<span class=\"_ _2\"></span>e<span class=\"_ _df\"> </span>d<span class=\"_ _2\"></span>ef<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>o d<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>l\u2019<span class=\"_ _2\"></span> I<span class=\"_ _2\"></span>FR<span class=\"_ _2\"></span>S<span class=\"_ _2\"></span> 3<span class=\"_ _2\"></span>, os<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span> co<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span> r<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>le<span class=\"_ _2\"></span>v<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>zi<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span> di<span class=\"_ _2\"></span> at<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>v<span class=\"_ _2\"></span>it<span class=\"_ _2\"></span>\u00e0<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span> pa<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>vi<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>\u00e0<span class=\"_ _2\"></span> e pa<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>v<span class=\"_ _2\"></span>it<span class=\"_ _2\"></span>\u00e0<span class=\"_ _2\"></span> po<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>z<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>li<span class=\"_ _2\"></span> d<span class=\"_ _2\"></span>el<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>e<span class=\"_ _0\"></span><span class=\"ff4\"> im<span class=\"_ _2\"></span>p<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>e<span class=\"_ _df\"> </span></span>a<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>q<span class=\"_ _2\"></span>ui<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>e  al<span class=\"_ _2\"></span>  fa<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>r  va<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span> <span class=\"_ _9\"> </span>a<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span> <span class=\"_ _16\"> </span>da<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span> <span class=\"_ _16\"> </span>d<span class=\"_ _2\"></span>i  ac<span class=\"_ _2\"></span>q<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>is<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>z<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>on<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span> <span class=\"_ _16\"> </span>c<span class=\"_ _2\"></span>io<span class=\"_ _2\"></span>\u00e8<span class=\"_ _2\"></span>  da<span class=\"_ _2\"></span>l  mo<span class=\"_ _2\"></span>m<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>to<span class=\"_ _2\"></span>  in<span class=\"_ _2\"></span>  cu<span class=\"_ _2\"></span>i  si<span class=\"_ _2\"></span>  ot<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>en<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>  l\u2019<span class=\"_ _2\"></span>ef<span class=\"_ _2\"></span>f<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>tt<span class=\"_ _d\"></span>i<span class=\"_ _2\"></span>vo<span class=\"_ _df\"> </span>c<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>nt<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>o <span class=\"_ _0\"></span>d<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>la<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>s<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>et<span class=\"_ _2\"></span>\u00e0<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>ac<span class=\"_ _2\"></span>q<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>it<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>.<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>P<span class=\"_ _2\"></span>er<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>nt<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>i<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>r<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>lt<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>e<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>no<span class=\"_ _2\"></span>m<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>d<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>u<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>c<span class=\"_ _2\"></span>on<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>at<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>a<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>q<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>is<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>n<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>l<span class=\"_ _df\"> </span>c<span class=\"_ _2\"></span>or<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span> <span class=\"_ _9\"> </span>d<span class=\"_ _2\"></span>el<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>p<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>ri<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>d<span class=\"_ _2\"></span>i <span class=\"_ _9\"> </span>r<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>f<span class=\"_ _2\"></span>er<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>m<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>nt<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>s<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>i<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>cl<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>n<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>l<span class=\"_ _d\"></span> <span class=\"_ _0\"></span>b<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>la<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>c<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>ns<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>da<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>a<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>p<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>rt<span class=\"_ _d\"></span>ir<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>d<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>a <span class=\"_ _9\"> </span>da<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>d<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>ll<span class=\"_ _2\"></span>a<span class=\"_ _df\"> </span>s<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>a <span class=\"_ _4\"> </span>a<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>qu<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>z<span class=\"_ _2\"></span>io<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>. <span class=\"_ _4\"> </span>P<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>m<span class=\"_ _2\"></span>en<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>, <span class=\"_ _4\"> </span>i<span class=\"_ _2\"></span> <span class=\"_ _4\"> </span>ri<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>lt<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span> <span class=\"_ _4\"> </span>ec<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>om<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span> <span class=\"_ _22\"> </span>d<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span> <span class=\"_ _4\"> </span>u<span class=\"_ _2\"></span>na<span class=\"_ _2\"></span> <span class=\"_ _4\"> </span>co<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>ll<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>a <span class=\"_ _4\"> </span>c<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>ut<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span> <span class=\"_ _4\"> </span>so<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span> <span class=\"_ _4\"> </span>in<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>us<span class=\"_ _d\"></span>i <span class=\"_ _4\"> </span>n<span class=\"_ _2\"></span>el<span class=\"_ _df\"> </span>b<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>la<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>ol<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>at<span class=\"_ _d\"></span>o <span class=\"_ _2\"></span>f<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>a<span class=\"_ _d\"></span>ll<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span> d<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>n <span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>l <span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>nt<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>lo<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>\u00e8<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>es<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>;<span class=\"_ _df\"> </span><span class=\"_ _2c\"> </span><span class=\"ff4\">l<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>e<span class=\"_ _2\"></span>v<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>nt<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>i <span class=\"_ _0\"></span>e<span class=\"_ _2\"></span>cc<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>nz<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>d<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>l <span class=\"_ _0\"></span>f<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>ir<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>va<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>d<span class=\"_ _2\"></span>el<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>pr<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>z<span class=\"_ _d\"></span>z<span class=\"_ _2\"></span>o <span class=\"_ _0\"></span>p<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>ga<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>r<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>pe<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>a<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>la<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>co<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>po<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>en<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>f<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>zi<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>e <span class=\"_ _0\"></span>d<span class=\"_ _2\"></span>i<span class=\"_ _df\"> </span></span>p<span class=\"_ _2\"></span>at<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>m<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>io<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>to<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>g<span class=\"_ _2\"></span>ua<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>o <span class=\"_ _d\"></span>c<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>n <span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>\u2019<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>f<span class=\"_ _2\"></span>f<span class=\"_ _2\"></span>et<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>l <span class=\"_ _2\"></span>f<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>ir<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>va<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>ll<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>at<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>v<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>t\u00e0<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>o<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>p<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>ss<span class=\"_ _d\"></span>i<span class=\"_ _2\"></span>vi<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>\u00e0<span class=\"_ _2\"></span>, <span class=\"_ _2\"></span>s<span class=\"_ _d\"></span>e <span class=\"_ _2\"></span>p<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>it<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>v<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>no<span class=\"_ _df\"> </span>r<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>ev<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>e <span class=\"_ _9\"> </span>q<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>i <span class=\"_ _9\"> </span>a<span class=\"_ _2\"></span>v<span class=\"_ _2\"></span>vi<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>m<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>nt<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span> <span class=\"_ _0\"> </span>n<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>la<span class=\"_ _2\"></span> <span class=\"_ _9\"> </span>vo<span class=\"_ _d\"></span>c<span class=\"_ _2\"></span>e <span class=\"_ _0\"></span>\u201c<span class=\"_ _d\"></span>At<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>v<span class=\"_ _2\"></span>it<span class=\"_ _2\"></span>\u00e0<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>i<span class=\"_ _2\"></span>m<span class=\"_ _2\"></span>m<span class=\"_ _2\"></span>at<span class=\"_ _d\"></span>er<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>i\u201d<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>s<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span> <span class=\"_ _9\"> </span>n<span class=\"_ _2\"></span>eg<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>v<span class=\"_ _2\"></span>e <span class=\"_ _9\"> </span>s<span class=\"_ _2\"></span>on<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>i<span class=\"_ _2\"></span>m<span class=\"_ _2\"></span>p<span class=\"_ _2\"></span>ut<span class=\"_ _d\"></span>at<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>a<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>c<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>o<span class=\"_ _df\"> </span>e<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>no<span class=\"_ _2\"></span>m<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>co<span class=\"_ _d\"></span>;<span class=\"_ _df\"> </span><span class=\"_ _2c\"> </span><span class=\"ff5\">p<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span> gl<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span> e<span class=\"_ _2\"></span>v<span class=\"_ _2\"></span>en<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>li<span class=\"_ _2\"></span> a<span class=\"_ _2\"></span>cq<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>i d<span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>ul<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>io<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span> qu<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span> pa<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>ci<span class=\"_ _2\"></span>p<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>iv<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span> s<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>cc<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>v<span class=\"_ _2\"></span>e a<span class=\"_ _2\"></span>ll<span class=\"_ _2\"></span>\u2019<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>q<span class=\"_ _2\"></span>ui<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>z<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>on<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span> d<span class=\"_ _2\"></span>el<span class=\"_ _2\"></span> c<span class=\"_ _2\"></span>on<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>,<span class=\"_ _df\"> </span></span>d<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>ci<span class=\"_ _2\"></span>p<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>in<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>  s<span class=\"_ _2\"></span>p<span class=\"_ _2\"></span>ec<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>f<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>ca<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>m<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>nt<span class=\"_ _d\"></span>e <span class=\"_ _22\"> </span>d<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>  pr<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>p<span class=\"_ _2\"></span>io<span class=\"_ _2\"></span>  c<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>bi<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>e <span class=\"_ _4\"> </span>IA<span class=\"_ _2\"></span>S<span class=\"_ _2\"></span>2<span class=\"_ _2\"></span>7<span class=\"_ _2\"></span>, <span class=\"_ _22\"> </span>l<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>  e<span class=\"_ _2\"></span>v<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>nt<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>i <span class=\"_ _4\"> </span>di<span class=\"_ _2\"></span>f<span class=\"_ _2\"></span>f<span class=\"_ _2\"></span>er<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>z<span class=\"_ _2\"></span>e <span class=\"_ _4\"> </span>po<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>it<span class=\"_ _d\"></span>i<span class=\"_ _2\"></span>ve<span class=\"_ _2\"></span>  o<span class=\"_ _df\"> </span>n<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>ga<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>v<span class=\"_ _2\"></span>e,<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>c<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>m<span class=\"_ _2\"></span>e <span class=\"_ _0\"></span>s<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>pr<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>d<span class=\"_ _2\"></span>et<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>mi<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>, <span class=\"_ _0\"></span>c<span class=\"_ _2\"></span>h<span class=\"_ _2\"></span>e <span class=\"_ _9\"> </span>v<span class=\"_ _2\"></span>en<span class=\"_ _2\"></span>g<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>o <span class=\"_ _0\"></span>a<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>s<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>g<span class=\"_ _2\"></span>er<span class=\"_ _d\"></span>e<span class=\"_ _d\"></span> <span class=\"_ _d\"></span>a<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>s<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>g<span class=\"_ _2\"></span>ui<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>d<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>t<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>a<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>q<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>is<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>s<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>ss<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>v<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span> s<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>no<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>m<span class=\"_ _2\"></span>p<span class=\"_ _2\"></span>ut<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>ir<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>ta<span class=\"_ _2\"></span>m<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>a<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>p<span class=\"_ _2\"></span>at<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>m<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>ni<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>;<span class=\"_ _d\"></span> <span class=\"_ _2c\"> </span><span class=\"ff4\">a<span class=\"_ _2\"></span>d<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>o<span class=\"_ _2\"></span>g<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>i <span class=\"_ _9\"> </span>d<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>ta<span class=\"_ _2\"></span> <span class=\"_ _9\"> </span>d<span class=\"_ _2\"></span>i <span class=\"_ _9\"> </span>b<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>la<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>io<span class=\"_ _2\"></span> <span class=\"_ _9\"> </span>(<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>d <span class=\"_ _9\"> </span>o<span class=\"_ _2\"></span>gn<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span> <span class=\"_ _9\"> </span>vo<span class=\"_ _d\"></span>lt<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>c<span class=\"_ _2\"></span>h<span class=\"_ _2\"></span>e <span class=\"_ _9\"> </span>v<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>s<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>a <span class=\"_ _9\"> </span>e<span class=\"_ _2\"></span>v<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>de<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>z<span class=\"_ _2\"></span>a <span class=\"_ _9\"> </span>d<span class=\"_ _2\"></span>i <span class=\"_ _9\"> </span>p<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>it<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span> <span class=\"_ _9\"> </span>d<span class=\"_ _2\"></span>i <span class=\"_ _9\"> </span>v<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>lo<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>) <span class=\"_ _9\"> </span>v<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>e <span class=\"_ _0\"></span>v<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>if<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>a<span class=\"_ _df\"> </span></span>l<span class=\"_ _2\"></span>\u2019<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>de<span class=\"_ _2\"></span>g<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>at<span class=\"_ _d\"></span>ez<span class=\"_ _2\"></span>z<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>  d<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>l <span class=\"_ _4\"> </span>va<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>e <span class=\"_ _4\"> </span>de<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>\u2019a<span class=\"_ _d\"></span>vv<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>m<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>nt<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>  (<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>.<span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>. <span class=\"_ _4\"> </span>im<span class=\"_ _2\"></span>p<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>ir<span class=\"_ _2\"></span>m<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>  t<span class=\"_ _2\"></span>es<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>)<span class=\"_ _2\"></span>.<span class=\"_ _2\"></span>  A<span class=\"_ _2\"></span>  t<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>  f<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>  v<span class=\"_ _0\"></span><span class=\"ff4\">i<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>e <span class=\"_ _22\"> </span>i<span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>ti<span class=\"_ _2\"></span>f<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>at<span class=\"_ _2\"></span>a<span class=\"_ _df\"> </span></span>l<span class=\"_ _2\"></span>\u2019<span class=\"_ _2\"></span>un<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>\u00e0<span class=\"_ _2\"></span>  ge<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>er<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>ic<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>  di<span class=\"_ _2\"></span>  fl<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span> <span class=\"_ _16\"> </span>fi<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>zi<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>  cu<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span> <span class=\"_ _16\"> </span>at<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>b<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>ir<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>  l\u2019<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>v<span class=\"_ _2\"></span>v<span class=\"_ _2\"></span>ia<span class=\"_ _2\"></span>m<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>nt<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>.<span class=\"_ _2\"></span>  L\u2019<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>mm<span class=\"_ _d\"></span>on<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>e  d<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>l\u2019<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>v<span class=\"_ _2\"></span>en<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>e<span class=\"_ _df\"> </span>r<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>uz<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>e <span class=\"_ _19\"> </span>d<span class=\"_ _2\"></span>i <span class=\"_ _19\"> </span>va<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>e <span class=\"_ _19\"> </span>\u00e8<span class=\"_ _2\"></span> <span class=\"_ _19\"> </span>da<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>o <span class=\"_ _19\"> </span>d<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>l\u2019<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>v<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>nt<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>e <span class=\"_ _19\"> </span>d<span class=\"_ _2\"></span>if<span class=\"_ _2\"></span>f<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>en<span class=\"_ _2\"></span>z<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span> <span class=\"_ _19\"> </span>ne<span class=\"_ _2\"></span>g<span class=\"_ _2\"></span>at<span class=\"_ _d\"></span>i<span class=\"_ _2\"></span>va<span class=\"_ _2\"></span> <span class=\"_ _18\"> </span>t<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span> <span class=\"_ _19\"> </span>il<span class=\"_ _2\"></span> <span class=\"_ _18\"> </span>v<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>e <span class=\"_ _19\"> </span>d<span class=\"_ _2\"></span>i <span class=\"_ _19\"> </span>i<span class=\"_ _2\"></span>sc<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>z<span class=\"_ _2\"></span>io<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>e<span class=\"_ _df\"> </span>d<span class=\"_ _2\"></span>el<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>\u2019<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>v<span class=\"_ _2\"></span>v<span class=\"_ _2\"></span>ia<span class=\"_ _2\"></span>m<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>to<span class=\"_ _2\"></span> <span class=\"_ _4\"> </span>e<span class=\"_ _2\"></span>d <span class=\"_ _22\"> </span>i<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>  s<span class=\"_ _d\"></span>uo<span class=\"_ _2\"></span> <span class=\"_ _4\"> </span>va<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>or<span class=\"_ _d\"></span>e <span class=\"_ _4\"> </span>di<span class=\"_ _2\"></span> <span class=\"_ _22\"> </span>r<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>p<span class=\"_ _2\"></span>er<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span> <span class=\"_ _22\"> </span>d<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>er<span class=\"_ _0\"></span><span class=\"ff4\">m<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>na<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>  c<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>m<span class=\"_ _2\"></span>e <span class=\"_ _4\"> </span>i<span class=\"_ _2\"></span>l <span class=\"_ _4\"> </span>ma<span class=\"_ _2\"></span>g<span class=\"_ _2\"></span>g<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>re<span class=\"_ _2\"></span>  t<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span> <span class=\"_ _22\"> </span>i<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span> <span class=\"_ _22\"> </span>f<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span> <span class=\"_ _22\"> </span>v<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>e<span class=\"_ _df\"> </span></span>d<span class=\"_ _2\"></span>el<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>\u2019<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>it<span class=\"_ _2\"></span>\u00e0<span class=\"_ _2\"></span> <span class=\"_ _9\"> </span>g<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>ne<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>tr<span class=\"_ _d\"></span>ic<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>d<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>f<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>us<span class=\"_ _d\"></span>si<span class=\"_ _2\"></span> <span class=\"_ _9\"> </span>f<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>na<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>z<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>ar<span class=\"_ _d\"></span>i,<span class=\"_ _2\"></span> <span class=\"_ _9\"> </span>a<span class=\"_ _2\"></span>l <span class=\"_ _9\"> </span>n<span class=\"_ _2\"></span>et<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span> <span class=\"_ _0\"> </span>d<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>g<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>i <span class=\"_ _9\"> </span>e<span class=\"_ _2\"></span>v<span class=\"_ _2\"></span>en<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>i <span class=\"_ _9\"> </span>c<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>st<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span> <span class=\"_ _9\"> </span>d<span class=\"_ _2\"></span>i <span class=\"_ _9\"> </span>v<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>nd<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>e<span class=\"_ _2\"></span>d <span class=\"_ _9\"> </span>i<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>r<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>at<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>v<span class=\"_ _2\"></span>o<span class=\"_ _df\"> </span>v<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>lo<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>\u2019u<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>. <span class=\"_ _d\"></span>Le<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>ns<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>g<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>nt<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>re<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>f<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>he<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>v<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>or<span class=\"_ _d\"></span>e <span class=\"_ _2\"></span>v<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>go<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>ri<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>v<span class=\"_ _2\"></span>at<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>a<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>co<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>co<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>m<span class=\"_ _2\"></span>ic<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>;<span class=\"_ _df\"> </span><span class=\"_ _2c\"> </span><span class=\"ff4\">g<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span> <span class=\"_ _16\"> </span>el<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>m<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>nt<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>  di  at<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>v<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>,  p<span class=\"_ _2\"></span><span class=\"ff5\">a<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>si<span class=\"_ _2\"></span>v<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>  e <span class=\"_ _9\"> </span>c<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>o  e<span class=\"_ _2\"></span>co<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>m<span class=\"_ _2\"></span>ic<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span> <span class=\"_ _16\"> </span>v<span class=\"_ _2\"></span>en<span class=\"_ _2\"></span>g<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span> <span class=\"_ _9\"> </span>i<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>gr<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>m<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>nt<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span> <span class=\"_ _16\"> </span>ac<span class=\"_ _2\"></span>q<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>it<span class=\"_ _d\"></span>i <span class=\"_ _16\"> </span>\u201c<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>in<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span> <span class=\"_ _16\"> </span>p<span class=\"_ _2\"></span>er<span class=\"_ _df\"> </span></span></span>l<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>ne<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>\u201d<span class=\"_ _2\"></span>;<span class=\"_ _df\"> </span><span class=\"_ _2c\"> </span><span class=\"ff4\">l<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>  pa<span class=\"_ _2\"></span>rt<span class=\"_ _d\"></span>it<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>  de<span class=\"_ _2\"></span>b<span class=\"_ _2\"></span>it<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>e  e  cr<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>to<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>,  l<span class=\"_ _2\"></span>e  o<span class=\"_ _2\"></span>pe<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>z<span class=\"_ _2\"></span>io<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span> <span class=\"_ _16\"> </span>f<span class=\"_ _2\"></span>uo<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>  bi<span class=\"_ _2\"></span>la<span class=\"_ _d\"></span>nc<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>o  n<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>nc<span class=\"_ _2\"></span>h<span class=\"_ _2\"></span>\u00e9<span class=\"_ _2\"></span> <span class=\"_ _16\"> </span>i  pr<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>v<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>nt<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>  e  gl<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span> <span class=\"_ _16\"> </span>o<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>er<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>  ed  i<span class=\"_ _df\"> </span></span>p<span class=\"_ _2\"></span>ro<span class=\"_ _d\"></span>f<span class=\"_ _2\"></span>it<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>e<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>l<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>p<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>it<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>t<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>en<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>o<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>g<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>ne<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>d<span class=\"_ _2\"></span>a <span class=\"_ _d\"></span>r<span class=\"_ _d\"></span>a<span class=\"_ _2\"></span>p<span class=\"_ _2\"></span>po<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>i <span class=\"_ _0\"></span>t<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>a <span class=\"_ _0\"></span>so<span class=\"_ _d\"></span>c<span class=\"_ _2\"></span>ie<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>\u00e0<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>o<span class=\"_ _2\"></span>g<span class=\"_ _2\"></span>g<span class=\"_ _2\"></span>et<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>d<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>c<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>ns<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>d<span class=\"_ _0\"></span>a<span class=\"_ _2\"></span>m<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>nt<span class=\"_ _d\"></span>o <span class=\"_ _0\"></span>i<span class=\"_ _2\"></span>nt<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>g<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>e,<span class=\"_ _df\"> </span>s<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>no<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>a <span class=\"_ _d\"></span>di<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>or<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>is<span class=\"_ _d\"></span>i;<span class=\"_ _df\"> </span><span class=\"_ _2c\"> </span><span class=\"ff5\">l<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>q<span class=\"_ _2\"></span>uo<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>d<span class=\"_ _2\"></span>i <span class=\"_ _0\"></span>p<span class=\"_ _2\"></span>at<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>m<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>ni<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>n<span class=\"_ _2\"></span>et<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>e<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>d<span class=\"_ _2\"></span>i <span class=\"_ _d\"></span>u<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>e <span class=\"_ _0\"></span>di<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>p<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>ri<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>d<span class=\"_ _2\"></span>i <span class=\"_ _d\"></span>p<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>in<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>z<span class=\"_ _2\"></span>a <span class=\"_ _d\"></span>d<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>\u201ct<span class=\"_ _d\"></span>er<span class=\"_ _2\"></span>z<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>\u201d<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>z<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>is<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>d<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>ll<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>s<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>et<span class=\"_ _2\"></span>\u00e0<span class=\"_ _df\"> </span></span>c<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>ns<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>at<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>s<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>no<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>i<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>e <span class=\"_ _d\"></span>i<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>a<span class=\"_ _2\"></span>p<span class=\"_ _2\"></span>po<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>e <span class=\"_ _0\"></span>v<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>ci<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>r<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>p<span class=\"_ _2\"></span>et<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>v<span class=\"_ _2\"></span>am<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>, <span class=\"_ _0\"></span>d<span class=\"_ _2\"></span>el<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>p<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>vo<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>di<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>s<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>to<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>pa<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>mo<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>e <span class=\"_ _0\"></span>e<span class=\"_ _df\"> </span>d<span class=\"_ _2\"></span>el<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>nt<span class=\"_ _d\"></span>o <span class=\"_ _d\"></span>ec<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>om<span class=\"_ _d\"></span>i<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>;<span class=\"_ _df\"> </span><span class=\"_ _2c\"> </span><span class=\"ff4\">p<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span> <span class=\"_ _9\"> </span>i<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span> <span class=\"_ _9\"> </span>c<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>ns<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>am<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>o  de<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>le<span class=\"_ _2\"></span> <span class=\"_ _16\"> </span>so<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>\u00e0 <span class=\"_ _16\"> </span>co<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span> <span class=\"_ _9\"> </span>m<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>o  int<span class=\"_ _d\"></span>eg<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>e <span class=\"_ _16\"> </span>so<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span> <span class=\"_ _9\"> </span>s<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>i  ut<span class=\"_ _2\"></span>il<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>z<span class=\"_ _2\"></span>z<span class=\"_ _2\"></span>at<span class=\"_ _d\"></span>i  i <span class=\"_ _9\"> </span>b<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>an<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span> <span class=\"_ _4\"> </span>re<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>v<span class=\"_ _2\"></span>i<span class=\"_ _df\"> </span></span>a<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>\u2019e<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>ci<span class=\"_ _2\"></span>z<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span> <span class=\"_ _15\"> </span>o<span class=\"_ _d\"></span>gg<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>tt<span class=\"_ _d\"></span>o <span class=\"_ _10\"> </span>d<span class=\"_ _2\"></span>el<span class=\"_ _2\"></span> <span class=\"_ _e\"> </span>p<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>es<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span> <span class=\"_ _e\"> </span>b<span class=\"_ _2\"></span>il<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>io<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span> <span class=\"_ _18\"> </span><span class=\"ff4\">pr<span class=\"_ _d\"></span>ed<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>po<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span> <span class=\"_ _15\"> </span>e<span class=\"_ _2\"></span> <span class=\"_ _e\"> </span>a<span class=\"_ _2\"></span>p<span class=\"_ _2\"></span>p<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>va<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span> <span class=\"_ _e\"> </span>d<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>ll<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span> <span class=\"_ _e\"> </span>s<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>ng<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span> <span class=\"_ _e\"> </span>s<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>ci<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>\u00e0<span class=\"_ _2\"></span>,<span class=\"_ _df\"> </span></span>e<span class=\"_ _2\"></span>ve<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>lm<span class=\"_ _d\"></span>en<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>  r<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>  c<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>nf<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>m<span class=\"_ _2\"></span>i <span class=\"_ _4\"> </span>a<span class=\"_ _2\"></span>i <span class=\"_ _22\"> </span>p<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>ip<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>  c<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>ta<span class=\"_ _2\"></span>b<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>  i<span class=\"_ _2\"></span>nt<span class=\"_ _d\"></span>er<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>zi<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>n<span class=\"_ _0\"></span>a<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>i <span class=\"_ _4\"> </span>s<span class=\"_ _2\"></span>eg<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>i <span class=\"_ _4\"> </span>n<span class=\"_ _2\"></span>el<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>  p<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>di<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>p<span class=\"_ _2\"></span>os<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>z<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>e<span class=\"_ _df\"> </span>d<span class=\"_ _2\"></span>el<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>it<span class=\"_ _d\"></span>ua<span class=\"_ _2\"></span>z<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>so<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>at<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>;<span class=\"_ _df\"> </span><span class=\"_ _2c\"> </span><span class=\"ff4\">i<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>v<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>lo<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>d<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>l<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>br<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>d<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>ll<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>p<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>rt<span class=\"_ _d\"></span>ec<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>pa<span class=\"_ _2\"></span>z<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>i <span class=\"_ _d\"></span>r<span class=\"_ _d\"></span>il<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>v<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>nt<span class=\"_ _d\"></span>i,<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>d<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>en<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>da<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>c<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>po<span class=\"_ _2\"></span>g<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>p<span class=\"_ _2\"></span>po<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>o<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>d<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>so<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>\u00e0<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>d<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>l<span class=\"_ _df\"> </span></span>g<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>p<span class=\"_ _2\"></span>po<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>a<span class=\"_ _2\"></span>f<span class=\"_ _2\"></span>f<span class=\"_ _2\"></span>er<span class=\"_ _d\"></span>en<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>s<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>et<span class=\"_ _2\"></span>\u00e0<span class=\"_ _2\"></span> <span class=\"_ _9\"> </span>co<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>da<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>c<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>i<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>m<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>do<span class=\"_ _2\"></span> <span class=\"_ _9\"> </span>d<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>p<span class=\"_ _2\"></span>at<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>m<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>io<span class=\"_ _2\"></span> <span class=\"_ _9\"> </span>n<span class=\"_ _2\"></span>et<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span> <span class=\"_ _9\"> </span>\u00e8 <span class=\"_ _9\"> </span>r<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>f<span class=\"_ _2\"></span>fr<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>at<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span> <span class=\"_ _9\"> </span>c<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>n<span class=\"_ _9\"> </span> <span class=\"_ _0\"> </span>l<span class=\"_ _2\"></span>a<span class=\"_ _df\"> </span>p<span class=\"_ _2\"></span>er<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>nt<span class=\"_ _d\"></span>e  q<span class=\"_ _2\"></span>uo<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>  di<span class=\"_ _2\"></span>  pa<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>im<span class=\"_ _d\"></span>on<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>  de<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>e  pa<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>pa<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>.<span class=\"_ _2\"></span>  L\u2019<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>v<span class=\"_ _2\"></span>en<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>e  e<span class=\"_ _2\"></span>cc<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>za<span class=\"_ _2\"></span>  d<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>l  v<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>lo<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>e  d<span class=\"_ _2\"></span>i  l<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>b<span class=\"_ _2\"></span>ro<span class=\"_ _2\"></span> <span class=\"_ _17\"> </span><span class=\"ff4\">-<span class=\"_ _df\"> </span></span>r<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>ul<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>nt<span class=\"_ _d\"></span>e  i<span class=\"_ _2\"></span>n  p<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>im<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>  a<span class=\"_ _2\"></span>p<span class=\"_ _2\"></span>pl<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>ca<span class=\"_ _2\"></span>z<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>e  a<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>  bi<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>an<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>  co<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>so<span class=\"_ _d\"></span>li<span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>to<span class=\"_ _2\"></span> <span class=\"_ _4\"> </span><span class=\"ff5\">\u2013<span class=\"_ _2\"></span></span>  \u00e8  i<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>us<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>  ne<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>  va<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>or<span class=\"_ _d\"></span>e  c<span class=\"_ _2\"></span>on<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>b<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>le<span class=\"_ _2\"></span>  d<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>ll<span class=\"_ _2\"></span>a<span class=\"_ _df\"> </span>p<span class=\"_ _2\"></span>ar<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>pa<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>.<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>L<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>va<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>z<span class=\"_ _2\"></span>io<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>n<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>v<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>p<span class=\"_ _2\"></span>at<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>mo<span class=\"_ _d\"></span>n<span class=\"_ _2\"></span>ia<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>, <span class=\"_ _9\"> </span>i<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>er<span class=\"_ _2\"></span>v<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>nu<span class=\"_ _2\"></span>t<span class=\"_ _0\"></span>e<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>n<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>gl<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>a<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>s<span class=\"_ _2\"></span>uc<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>vi<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>a<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>q<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>ll<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span> <span class=\"_ _0\"> </span>d<span class=\"_ _2\"></span>i<span class=\"_ _df\"> </span>p<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>im<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span> <span class=\"_ _0\"> </span>a<span class=\"_ _2\"></span>p<span class=\"_ _2\"></span>p<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>zi<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>, <span class=\"_ _9\"> </span>s<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>no<span class=\"_ _2\"></span> <span class=\"_ _9\"> </span>i<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>cr<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>a<span class=\"_ _2\"></span> <span class=\"_ _9\"> </span>v<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>e <span class=\"_ _9\"> </span>2<span class=\"_ _2\"></span>50<span class=\"_ _2\"></span> <span class=\"_ _9\"> </span>d<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>c<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>nt<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span> <span class=\"_ _9\"> </span>e<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>on<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>m<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>co<span class=\"_ _2\"></span> <span class=\"_ _9\"> </span>c<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>ns<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>at<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span> <span class=\"_ _9\"> </span>(<span class=\"_ _2\"></span>\u201c<span class=\"_ _2\"></span>ut<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span> <span class=\"_ _9\"> </span>(<span class=\"_ _2\"></span>pe<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>)<span class=\"_ _df\"> </span>d<span class=\"_ _2\"></span>el<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>pa<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>ip<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>z<span class=\"_ _2\"></span>io<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>\u201d<span class=\"_ _2\"></span>)<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>la<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>m<span class=\"_ _2\"></span>is<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>i <span class=\"_ _d\"></span>l<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>v<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>az<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>i <span class=\"_ _d\"></span>s<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>es<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>o <span class=\"_ _d\"></span>r<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>f<span class=\"_ _2\"></span>er<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>b<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>i <span class=\"_ _d\"></span>a <span class=\"_ _d\"></span>u<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>li<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>o<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>p<span class=\"_ _2\"></span>er<span class=\"_ _d\"></span>d<span class=\"_ _2\"></span>it<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>de<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>e<span class=\"_ _df\"> </span>p<span class=\"_ _2\"></span>ar<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>pa<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>;<span class=\"_ _df\"> </span><span class=\"_ _2c\"> </span><span class=\"ff4\">s<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span> <span class=\"_ _14\"> </span>e<span class=\"_ _2\"></span>si<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span> <span class=\"_ _17\"> </span>e<span class=\"_ _2\"></span>v<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>en<span class=\"_ _2\"></span>z<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span> <span class=\"_ _17\"> </span>c<span class=\"_ _2\"></span>h<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span> <span class=\"_ _14\"> </span>i<span class=\"_ _2\"></span>l <span class=\"_ _14\"> </span>v<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>e <span class=\"_ _14\"> </span>d<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span> <span class=\"_ _14\"> </span>u<span class=\"_ _2\"></span>na<span class=\"_ _2\"></span> <span class=\"_ _14\"> </span>p<span class=\"_ _2\"></span>ar<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>p<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>zi<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>ne<span class=\"_ _2\"></span> <span class=\"_ _14\"> </span>r<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>va<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span> <span class=\"_ _17\"> </span>p<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span> <span class=\"_ _17\"> </span>a<span class=\"_ _2\"></span>v<span class=\"_ _2\"></span>er<span class=\"_ _2\"></span> <span class=\"_ _14\"> </span>s<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>b<span class=\"_ _2\"></span>it<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span> <span class=\"_ _14\"> </span>u<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>a<span class=\"_ _df\"> </span></span>r<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>uz<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>,  si<span class=\"_ _2\"></span>  pr<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>e  al<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>a  st<span class=\"_ _d\"></span>im<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>  de<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>  va<span class=\"_ _2\"></span>lo<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span> <span class=\"_ _16\"> </span>r<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>pe<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>b<span class=\"_ _2\"></span>il<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>  de<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>a  pa<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>pa<span class=\"_ _2\"></span>z<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>e  st<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>a,<span class=\"_ _2\"></span>  te<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>do<span class=\"_ _df\"> </span>c<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>nt<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>d<span class=\"_ _2\"></span>el<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>va<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>e <span class=\"_ _d\"></span>a<span class=\"_ _2\"></span>tt<span class=\"_ _d\"></span>u<span class=\"_ _2\"></span>al<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>f<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>us<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>fi<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>z<span class=\"_ _2\"></span>ia<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>f<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>ur<span class=\"_ _d\"></span>i <span class=\"_ _d\"></span>c<span class=\"_ _2\"></span>h<span class=\"_ _2\"></span>e <span class=\"_ _d\"></span>l<span class=\"_ _2\"></span>a <span class=\"_ _d\"></span>p<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>rt<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>p<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>zi<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>e <span class=\"_ _d\"></span>p<span class=\"_ _2\"></span>ot<span class=\"_ _2\"></span>r<span class=\"_ _9\"> </span>\u00e0<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>g<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>er<span class=\"_ _d\"></span>ar<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>, <span class=\"_ _d\"></span>i<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>us<span class=\"_ _2\"></span>o<span class=\"_ _df\"> </span>i<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>v<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>or<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>d<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>d<span class=\"_ _2\"></span>is<span class=\"_ _2\"></span>m<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>ss<span class=\"_ _d\"></span>io<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>f<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>na<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>d<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>\u2019<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>ve<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>im<span class=\"_ _d\"></span>en<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>. <span class=\"_ _0\"></span>Q<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>or<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>i<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>va<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>d<span class=\"_ _2\"></span>i <span class=\"_ _0\"></span>r<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>pe<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>r<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>lt<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>i<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>f<span class=\"_ _2\"></span>er<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>or<span class=\"_ _d\"></span>e <span class=\"_ _0\"></span>a<span class=\"_ _2\"></span>l<span class=\"_ _df\"> </span>v<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>lo<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>co<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>b<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>le<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>at<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>v<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>di<span class=\"_ _2\"></span>f<span class=\"_ _2\"></span>f<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>en<span class=\"_ _2\"></span>z<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>\u00e8<span class=\"_ _2\"></span> r<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>v<span class=\"_ _2\"></span>at<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>l <span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>nt<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>co<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>m<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>co<span class=\"_ _2\"></span>;<span class=\"_ _df\"> </span><span class=\"_ _2c\"> </span><span class=\"ff4\">p<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span> <span class=\"_ _10\"> </span>i<span class=\"_ _2\"></span>l <span class=\"_ _10\"> </span>c<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>so<span class=\"_ _d\"></span>li<span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>m<span class=\"_ _2\"></span>en<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span> <span class=\"_ _10\"> </span>d<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>ll<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span> <span class=\"_ _10\"> </span>pa<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>pa<span class=\"_ _2\"></span>z<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>on<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span> <span class=\"_ _10\"> </span>i<span class=\"_ _2\"></span>n <span class=\"_ _10\"> </span>s<span class=\"_ _d\"></span>oc<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>t\u00e0<span class=\"_ _2\"></span> <span class=\"_ _10\"> </span>c<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>ga<span class=\"_ _0\"></span>t<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span> <span class=\"_ _10\"> </span>so<span class=\"_ _d\"></span>no<span class=\"_ _2\"></span> <span class=\"_ _10\"> </span>s<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>at<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span> <span class=\"_ _10\"> </span>u<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>il<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>z<span class=\"_ _2\"></span>z<span class=\"_ _2\"></span>at<span class=\"_ _d\"></span>i,<span class=\"_ _2\"></span> <span class=\"_ _10\"> </span>o<span class=\"_ _2\"></span>v<span class=\"_ _2\"></span>e<span class=\"_ _df\"> </span></span>d<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>po<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>b<span class=\"_ _2\"></span>il<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>i <span class=\"_ _d\"></span>p<span class=\"_ _2\"></span>ro<span class=\"_ _2\"></span>g<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>i <span class=\"_ _d\"></span>di<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>b<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>ci<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span> <span class=\"_ _d\"></span><span class=\"ff5\">r<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>la<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>v<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>l\u2019<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>er<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>z<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>o<span class=\"_ _d\"></span>gg<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>tt<span class=\"_ _d\"></span>o <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>p<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>en<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>b<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>la<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>io<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span> <span class=\"_ _0\"></span></span>a<span class=\"_ _2\"></span>p<span class=\"_ _2\"></span>pr<span class=\"_ _d\"></span>o<span class=\"_ _2\"></span>va<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>i<span class=\"_ _df\"> </span>r<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>pe<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>vi<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>C<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>g<span class=\"_ _2\"></span>li<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>A<span class=\"_ _2\"></span>m<span class=\"_ _2\"></span>m<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>is<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>zi<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>; <span class=\"_ _d\"></span>i<span class=\"_ _2\"></span>n <span class=\"_ _d\"></span>l<span class=\"_ _2\"></span>or<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>m<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>za<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>ta<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>de<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>at<span class=\"_ _d\"></span>i <span class=\"_ _d\"></span>i<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>at<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>de<span class=\"_ _2\"></span>g<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>lt<span class=\"_ _d\"></span>im<span class=\"_ _2\"></span>i<span class=\"_ _df\"> </span>b<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>la<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>pp<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>va<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>(<span class=\"_ _2\"></span>g<span class=\"_ _2\"></span>en<span class=\"_ _d\"></span>er<span class=\"_ _d\"></span>a<span class=\"_ _2\"></span>lm<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>q<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>li<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span> 3<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>em<span class=\"_ _2\"></span>b<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>2<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>2<span class=\"_ _2\"></span>4<span class=\"_ _2\"></span>).<span class=\"_ _df\"> </span>Part<span class=\"_ _1\"></span>ecipa<span class=\"_ _1\"></span>zioni <span class=\"_ _1\"></span>in so<span class=\"_ _1\"></span>ciet\u00e0 <span class=\"_ _f\"></span>controll<span class=\"_ _f\"></span>ate in via<span class=\"_ _1\"></span> escl<span class=\"_ _1\"></span>usiva<span class=\"_ _1\"></span> e co<span class=\"_ _f\"></span>llegate (<span class=\"_ _1\"></span>cons<span class=\"_ _f\"></span>olidate <span class=\"_ _1\"></span>al pa<span class=\"_ _1\"></span>trimo<span class=\"_ _f\"></span>nio netto<span class=\"_ _1\"></span>) al 31<span class=\"_ _1\"></span> dicem<span class=\"_ _f\"></span>bre 202<span class=\"_ _1\"></span>5 <table class=\"s w953 h493\" id=\"_ac353ea3-65e4-4c04-a12f-9a0721632150\"><tr><td class=\"c x2c5 y252f w2cd h21a\"><div class=\"t m0 xf0 h1f y304 ff4 fs7 fc1 sc0 ls0 ws0\">Denominazioni <span class=\"_ _1\"></span>imprese </div></td><td class=\"c x2c6 y252f w257 h21a\"><div class=\"t m0 x35 h1f y304 ff4 fs7 fc1 sc0 ls0 ws0\">Sede </div></td><td class=\"c x2c7 y2530 w954 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc1 sc0 ls0 ws0\">Tipo di<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x2c8 y2531 w2cf h21b\"><div class=\"t m0 x48 h1f y12eb ff4 fs7 fc1 sc0 ls0 ws0\">Rapporto di pa<span class=\"_ _1\"></span>rtecipazione </div></td><td class=\"c x2c9 y2530 w955 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc1 sc0 ls0 ws0\">Disponibilit<span class=\"_ _df\"> </span></div></td></tr><tr><td></td><td></td><td class=\"c x2ca y2532 w956 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc1 sc0 ls0 ws0\">rapporto<span class=\"_ _df\"> </span></div></td><td class=\"c x2c8 y252f w14 h21c\"><div class=\"t m0 x10 h1f y496 ff4 fs7 fc1 sc0 ls0 ws0\">Impresa partecipan<span class=\"_ _f\"></span>t<span class=\"_ _2\"></span>e </div></td><td class=\"c x2cb y252f w2d0 h21c\"><div class=\"t m0 x8e h1f y496 ff4 fs7 fc1 sc0 ls0 ws0\">Quota % </div></td><td class=\"c x2cc y2532 w957 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc1 sc0 ls0 ws0\">\u00e0 voti %<span class=\"_ _df\"> </span></div></td></tr><tr><td class=\"c x2c5 y2533 w2cd h21d\"><div class=\"t m0 x0 h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">A. Imprese </div></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2c5 y2534 w2cd hbc\"><div class=\"t m0 x0 h1f y74a ff4 fs7 fc1 sc0 ls0 ws0\">A. 1 Consolidate <span class=\"_ _1\"></span>integralmente </div></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2cd y2535 w2d1 hbc\"><div class=\"t m0 x37 h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">1. Credemleasing spa<span class=\"_ _f\"></span> </div></td><td class=\"c x2c6 y2535 w257 hbc\"><div class=\"t m0 x0 h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">Reggio Emilia<span class=\"_ _1\"></span> </div></td><td class=\"c x2ce y2535 w2ce hbc\"><div class=\"t m0 x39 h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">1 </div></td><td class=\"c x2c8 y2535 w14 hbc\"><div class=\"t m0 x2a h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">Credito Emilian<span class=\"_ _1\"></span>o </div></td><td class=\"c x2cb y2535 w2d0 hbc\"><div class=\"t m0 x2f h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">99,90% </div></td><td></td></tr><tr><td></td><td></td><td></td><td class=\"c x2cf y2536 w958 h494\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc1 sc0 ls0 ws0\">Magazzini Genera<span class=\"_ _f\"></span>l<span class=\"_ _2\"></span>i<span class=\"_ _df\"> </span></div></td><td class=\"c x2cb y2537 w2d0 h1bb\"><div class=\"t m0 x2e h1f y66a ff4 fs7 fc1 sc0 ls0 ws0\">0,10% </div></td><td></td></tr><tr><td></td><td></td><td></td><td class=\"c x2d0 y2538 w959 h484\" colspan=\"2\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc1 sc0 ls0 ws0\">delle Tagliate<span class=\"_ _df\"> </span></div></td><td></td></tr><tr><td class=\"c x2cd y2539 w2d1 hbc\"><div class=\"t m0 x37 h1f y74a ff4 fs7 fc1 sc0 ls0 ws0\">2. Credemfactor sp<span class=\"_ _f\"></span>a </div></td><td class=\"c x2c6 y2539 w257 hbc\"><div class=\"t m0 x0 h1f y74a ff4 fs7 fc1 sc0 ls0 ws0\">Reggio Emilia<span class=\"_ _1\"></span> </div></td><td class=\"c x2ce y2539 w2ce hbc\"><div class=\"t m0 x39 h1f y74a ff4 fs7 fc1 sc0 ls0 ws0\">1 </div></td><td class=\"c x2c8 y2539 w14 hbc\"><div class=\"t m0 x2a h1f y74a ff4 fs7 fc1 sc0 ls0 ws0\">Credito Emilian<span class=\"_ _1\"></span>o </div></td><td class=\"c x2cb y2539 w2d0 hbc\"><div class=\"t m0 x2f h1f y74a ff4 fs7 fc1 sc0 ls0 ws0\">99,00% </div></td><td></td></tr><tr><td></td><td></td><td></td><td class=\"c x2c8 y253a w14 hbc\"><div class=\"t m0 x55 h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">Credemleasing<span class=\"_ _1\"></span> </div></td><td class=\"c x2cb y253a w2d0 hbc\"><div class=\"t m0 x2e h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">1,00% </div></td><td></td></tr><tr><td class=\"c x2cd y253b w2d1 h21d\"><div class=\"t m0 x37 h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">3. Credem Private <span class=\"_ _f\"></span>Equity SGR spa* </div></td><td class=\"c x2c6 y253b w257 h21d\"><div class=\"t m0 x0 h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">Reggio Emilia<span class=\"_ _1\"></span> </div></td><td class=\"c x2ce y253b w2ce h21d\"><div class=\"t m0 x39 h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">1 </div></td><td class=\"c x2c8 y253b w14 h21d\"><div class=\"t m0 x2a h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">Credito Emilian<span class=\"_ _1\"></span>o </div></td><td class=\"c x2cb y253b w2d0 h21d\"><div class=\"t m0 x16a h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">87,50% </div></td><td></td></tr><tr><td></td><td></td><td></td><td class=\"c x2d1 y253c w95a h495\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">Credem Euromob<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span>liare<span class=\"_ _df\"> </span></div></td><td class=\"c x2cb y253d w2d0 h21e\"><div class=\"t m0 x116 h1f yc5f ff4 fs7 fc1 sc0 ls0 ws0\">12,50% </div></td><td></td></tr><tr><td></td><td></td><td></td><td class=\"c x2d2 y253e w95b h484\" colspan=\"2\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">Private banking<span class=\"_ _df\"> </span></div></td><td></td></tr><tr><td class=\"c x2d4 y253f w95c h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">4. Euromobil<span class=\"_ _1\"></span>iare Asset Manage<span class=\"_ _1\"></span>ment SGR spa<span class=\"_ _df\"> </span></div><div class=\"t m0 x2d3 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">Milano<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x2ce y2540 w2ce hbc\"><div class=\"t m0 x39 h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">1 </div></td><td class=\"c x2c8 y2540 w14 hbc\"><div class=\"t m0 x2a h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">Credito Emilia<span class=\"lsc2\">no</span> </div></td><td class=\"c x2cb y2540 w2d0 hbc\"><div class=\"t m0 x8e h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">100,00% </div></td><td></td></tr><tr><td class=\"c x2cd y2541 w2d1 h21d\"><div class=\"t m0 x37 h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">5. Euromobiliare<span class=\"_ _1\"></span> Advisory SIM sp<span class=\"_ _f\"></span>a<span class=\"_ _df\"> </span></div></td><td class=\"c x2c6 y2541 w257 h21d\"><div class=\"t m0 x0 h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">Milano </div></td><td class=\"c x2ce y2541 w2ce h21d\"><div class=\"t m0 x39 h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">1 </div></td><td class=\"c x2c8 y2541 w14 h21d\"><div class=\"t m0 x2a h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">Credito Emilian<span class=\"_ _1\"></span>o </div></td><td class=\"c x2cb y2541 w2d0 h21d\"><div class=\"t m0 x8e h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">100,00% </div></td><td></td></tr><tr><td class=\"c x2cd y2542 w2d1 h21f\"><div class=\"t m0 x37 h1f y12f1 ff4 fs7 fc1 sc0 ls0 ws0\">6. Credemtel sp<span class=\"_ _1\"></span>a </div></td><td class=\"c x2c6 y2542 w257 h21f\"><div class=\"t m0 x0 h1f y12f1 ff4 fs7 fc1 sc0 ls0 ws0\">Reggio Emilia<span class=\"_ _1\"></span> </div></td><td class=\"c x2ce y2542 w2ce h21f\"><div class=\"t m0 x39 h1f y12f1 ff4 fs7 fc1 sc0 ls0 ws0\">1 </div></td><td class=\"c x2c8 y2542 w14 h21f\"><div class=\"t m0 x2a h1f y12f1 ff4 fs7 fc1 sc0 ls0 ws0\">Credito Emilian<span class=\"_ _1\"></span>o </div></td><td class=\"c x2cb y2542 w2d0 h21f\"><div class=\"t m0 x8e h1f y12f1 ff4 fs7 fc1 sc0 ls0 ws0\">100,00% </div></td><td></td></tr><tr><td class=\"c x2cd y2543 w2d1 h21d\"><div class=\"t m0 x37 h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">7. Avvera spa </div></td><td class=\"c x2c6 y2543 w257 h21d\"><div class=\"t m0 x0 h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">Reggio Emilia<span class=\"_ _1\"></span> </div></td><td class=\"c x2ce y2543 w2ce h21d\"><div class=\"t m0 x39 h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">1 </div></td><td class=\"c x2c8 y2543 w14 h21d\"><div class=\"t m0 x2a h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">Credito Emilian<span class=\"_ _1\"></span>o </div></td><td class=\"c x2cb y2543 w2d0 h21d\"><div class=\"t m0 x8e h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">100,00% </div></td><td></td></tr><tr><td class=\"c x2cd y2544 w2d1 h21d\"><div class=\"t m0 x37 h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">8. Magazzini Ge<span class=\"_ _1\"></span>nerali delle Tagl<span class=\"_ _1\"></span>iate spa</div></td><td class=\"c x2c6 y2544 w257 h21d\"><div class=\"t m0 x0 h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">Reggio Emilia<span class=\"_ _1\"></span> </div></td><td class=\"c x2ce y2544 w2ce h21d\"><div class=\"t m0 x39 h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">1 </div></td><td class=\"c x2c8 y2544 w14 h21d\"><div class=\"t m0 x2a h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">Credito Emilian<span class=\"_ _1\"></span>o </div></td><td class=\"c x2cb y2544 w2d0 h21d\"><div class=\"t m0 x8e h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">100,00% </div></td><td></td></tr><tr><td class=\"c x2cd y2545 w2d1 h21d\"><div class=\"t m0 x37 h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">9.Credem Euromob<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span>liare Private <span class=\"_ _f\"></span>Banking spa </div></td><td class=\"c x2c6 y2545 w257 h21d\"><div class=\"t m0 x0 h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">Milano </div></td><td class=\"c x2ce y2545 w2ce h21d\"><div class=\"t m0 x39 h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">1 </div></td><td class=\"c x2c8 y2545 w14 h21d\"><div class=\"t m0 x2a h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">Credito Emilian<span class=\"_ _1\"></span>o </div></td><td class=\"c x2cb y2545 w2d0 h21d\"><div class=\"t m0 x8e h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">100,00% </div></td><td></td></tr><tr><td class=\"c x2cd y2546 w2d1 h21d\"><div class=\"t m0 x37 h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">10. Euromobil<span class=\"_ _1\"></span>iare Fiduciaria spa<span class=\"_ _df\"> </span></div></td><td class=\"c x2c6 y2546 w257 h21d\"><div class=\"t m0 x0 h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">Milano </div></td><td class=\"c x2ce y2546 w2ce h21d\"><div class=\"t m0 x39 h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">1 </div></td><td class=\"c x2c8 y2546 w14 h21d\"><div class=\"t m0 x2a h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">Credito Emilian<span class=\"_ _1\"></span>o </div></td><td class=\"c x2cb y2546 w2d0 h21d\"><div class=\"t m0 x8e h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">100,00% </div></td><td></td></tr><tr><td class=\"c x2cd y2547 w2d1 hbc\"><div class=\"t m0 x37 h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">11. Credemvita spa<span class=\"_ _f\"></span> </div></td><td class=\"c x2c6 y2547 w257 hbc\"><div class=\"t m0 x0 h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">Reggio Emilia<span class=\"_ _1\"></span> </div></td><td class=\"c x2ce y2547 w2ce hbc\"><div class=\"t m0 x39 h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">1 </div></td><td class=\"c x2c8 y2547 w14 hbc\"><div class=\"t m0 x2a h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">Credito Emilian<span class=\"_ _1\"></span>o </div></td><td class=\"c x2cb y2547 w2d0 hbc\"><div class=\"t m0 x8e h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">100,00% </div></td><td></td></tr><tr><td class=\"c x2cd y2548 w2d1 h21d\"><div class=\"t m0 x37 h1f y80 ff4 fs7 fc1 sc0 ls9 ws0\">12<span class=\"ls0\">. Credem CB srl</span><span class=\"ls0\"> </span></div></td><td class=\"c x2c6 y2548 w257 h21d\"><div class=\"t m0 x0 h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">Conegliano </div></td><td class=\"c x2ce y2548 w2ce h21d\"><div class=\"t m0 x39 h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">1 </div></td><td class=\"c x2c8 y2548 w14 h21d\"><div class=\"t m0 x2a h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">Credito Emilian<span class=\"_ _1\"></span>o </div></td><td class=\"c x2cb y2548 w2d0 h21d\"><div class=\"t m0 x16a h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">70,00% </div></td><td></td></tr><tr><td class=\"c x2c5 y2549 w2cd h21d\"><div class=\"t m0 x0 h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">A. 2 Consolidate c<span class=\"_ _f\"></span>o<span class=\"_ _2\"></span>n il me<span class=\"_ _1\"></span>todo del patri<span class=\"_ _1\"></span>monio netto<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2cd y254a w2d1 hbc\"><div class=\"t m0 x37 h1f y74a ff4 fs7 fc1 sc0 ls0 ws0\">1.Credemassicur<span class=\"_ _1\"></span>azioni spa </div></td><td class=\"c x2c6 y254a w257 hbc\"><div class=\"t m0 x0 h1f y74a ff4 fs7 fc1 sc0 ls0 ws0\">Reggio Emilia<span class=\"_ _1\"></span> </div></td><td class=\"c x2ce y254a w2ce hbc\"><div class=\"t m0 x130 h1f y66c ff4 fs7 fc1 sc0 ls0 ws0\">4 </div></td><td class=\"c x2c8 y254a w14 hbc\"><div class=\"t m0 x2a h1f y74a ff4 fs7 fc1 sc0 ls0 ws0\">Credito Emilian<span class=\"_ _1\"></span>o </div></td><td class=\"c x2cb y254a w2d0 hbc\"><div class=\"t m0 x2f h1f y74a ff4 fs7 fc1 sc0 ls0 ws0\">50,00% </div></td><td></td></tr><tr><td class=\"c x2cd y254b w2d1 hbc\"><div class=\"t m0 x37 h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">2. SBC Fin<span class=\"_ _f\"></span>t<span class=\"_ _2\"></span>ech Milan 22<span class=\"_ _1\"></span>24 s.r.l.<span class=\"_ _df\"> </span></div></td><td class=\"c x2c6 y254b w257 hbc\"><div class=\"t m0 x0 h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">Milano </div></td><td class=\"c x2ce y254b w2ce hbc\"><div class=\"t m0 x130 h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">4 </div></td><td class=\"c x2c8 y254b w14 hbc\"><div class=\"t m0 x35 h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">Credemtel </div></td><td class=\"c x2cb y254b w2d0 hbc\"><div class=\"t m0 x16a h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">45,92% </div></td><td></td></tr><tr><td class=\"c x2cd y254c w2d1 h21d\"><div class=\"t m0 x37 h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">3. Andxor srl </div></td><td class=\"c x2c6 y254c w257 h21d\"><div class=\"t m0 x0 h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">Cinisello Balsam<span class=\"_ _f\"></span>o </div></td><td class=\"c x2ce y254c w2ce h21d\"><div class=\"t m0 x130 h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">4 </div></td><td class=\"c x2c8 y254c w14 h21d\"><div class=\"t m0 x35 h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">Credemtel </div></td><td class=\"c x2cb y254c w2d0 h21d\"><div class=\"t m0 x2f h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">40,00% </div></td><td></td></tr><tr><td class=\"c x2cd y254d w2d1 h21d\"><div class=\"t m0 x37 h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">4. Mynet<span class=\"_ _1\"></span> srl </div></td><td class=\"c x2c6 y254d w257 h21d\"><div class=\"t m0 x0 h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">Udine </div></td><td class=\"c x2ce y254d w2ce h21d\"><div class=\"t m0 x130 h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">4 </div></td><td class=\"c x2c8 y254d w14 h21d\"><div class=\"t m0 x35 h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">Credemtel </div></td><td class=\"c x2cb y254d w2d0 h21d\"><div class=\"t m0 x116 h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">12,99% </div></td><td></td></tr><tr><td class=\"c x2cd y254e w2d1 hbc\"><div class=\"t m0 x34 h1f y74a ff4 fs7 fc1 sc0 ls0 ws0\"> 5. Flairb<span class=\"_ _1\"></span>it srl </div></td><td class=\"c x2c6 y254e w257 hbc\"><div class=\"t m0 x0 h1f y74a ff4 fs7 fc1 sc0 ls0 ws0\">Genova </div></td><td class=\"c x2ce y254e w2ce hbc\"><div class=\"t m0 x130 h1f y74a ff4 fs7 fc1 sc0 ls0 ws0\">4 </div></td><td class=\"c x2c8 y254e w14 hbc\"><div class=\"t m0 x35 h1f y74a ff4 fs7 fc1 sc0 ls0 ws0\">Credemtel </div></td><td class=\"c x2cb y254e w2d0 hbc\"><div class=\"t m0 x16a h1f y74a ff4 fs7 fc1 sc0 ls0 ws0\">10,00% </div></td><td></td></tr></table>Lege<span class=\"_ _1\"></span>nda<span class=\"_ _1\"></span> Tipo di rappor<span class=\"_ _1\"></span>to: 1 = maggioranza de<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span> diritti d<span class=\"ff5\">i vo<span class=\"_ _1\"></span>to nell\u2019assemb<span class=\"_ _1\"></span>lea ordinaria<span class=\"ff4\"> </span></span>4 = altre forme d<span class=\"_ _1\"></span>i controllo *<span class=\"_ _4\"> </span>dal <span class=\"_ _d\"></span>02/02/2026 <span class=\"_ _d\"></span>CREDEM <span class=\"_ _d\"></span>EUROMOB<span class=\"_ _1\"></span>ILIARE <span class=\"_ _d\"></span>PRIVATE <span class=\"_ _2\"></span>ASSET <span class=\"_ _d\"></span>SOCIETA' <span class=\"_ _d\"></span>DI <span class=\"_ _d\"></span>GESTIONE <span class=\"_ _2\"></span>DEL <span class=\"_ _d\"></span>RISPA <span class=\"_ _d\"></span>RMIO <span class=\"_ _2\"></span>S.P.A. abbreviabile in CREDEM EUROMOBILIARE<span class=\"_ _1\"></span> PRIVATE ASSET SGR S.P.A.<span class=\"_ _df\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-891": {
   "value": "Sezio<span class=\"_ _1\"></span>ne 3 - A<span class=\"_ _f\"></span>rea e me<span class=\"_ _1\"></span>todi d<span class=\"_ _f\"></span>i consolida<span class=\"_ _1\"></span>mento<span class=\"_ _1\"></span> Il <span class=\"_ _2\"></span>bilancio <span class=\"_ _d\"></span>consolidato <span class=\"_ _d\"></span>del <span class=\"_ _d\"></span>Gruppo <span class=\"_ _d\"></span>Credem <span class=\"_ _2\"></span>comprende <span class=\"_ _d\"></span>il <span class=\"_ _d\"></span>bilancio <span class=\"_ _d\"></span>di <span class=\"_ _2\"></span>Credito <span class=\"_ _d\"></span>Emiliano <span class=\"_ _d\"></span>spa <span class=\"_ _d\"></span>e <span class=\"_ _2\"></span>delle <span class=\"_ _d\"></span>societ\u00e0 <span class=\"_ _d\"></span>da questa <span class=\"_ _f\"></span>contr<span class=\"_ _2\"></span>ollate, <span class=\"_ _f\"></span>includendo <span class=\"_ _f\"></span>n<span class=\"_ _2\"></span>el <span class=\"_ _f\"></span>perimetro di <span class=\"_ _f\"></span>consolidamento <span class=\"_ _1\"></span>anche <span class=\"_ _f\"></span>le societ\u00e0 <span class=\"_ _f\"></span>operanti <span class=\"_ _1\"></span>in <span class=\"_ _f\"></span>s<span class=\"_ _2\"></span>ettori <span class=\"_ _f\"></span>di attivit\u00e0<span class=\"_ _1\"></span> dissimili da <span class=\"_ _2\"></span>quello di <span class=\"_ _2\"></span>appartenenza <span class=\"_ _2\"></span>della Capogruppo. <span class=\"_ _2\"></span>Analogamente, so<span class=\"_ _2\"></span>no incluse <span class=\"_ _2\"></span>anche le <span class=\"_ _2\"></span>societ\u00e0 <span class=\"_ _2\"></span>veicolo (SPE/SPV) <span class=\"_ _2\"></span>quando <span class=\"_ _d\"></span>ne <span class=\"_ _d\"></span>ricorrano <span class=\"_ _d\"></span>i <span class=\"_ _2\"></span>requisiti <span class=\"_ _d\"></span>di <span class=\"_ _2\"></span>effett<span class=\"_ _2\"></span>ivo <span class=\"_ _2\"></span>contro<span class=\"_ _2\"></span>llo, <span class=\"_ _2\"></span>anche <span class=\"_ _2\"></span>indipendentemente <span class=\"_ _d\"></span>dall\u2019esistenza <span class=\"_ _d\"></span>di una quota partecipativa. Un\u2019impresa <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>grado <span class=\"_ _d\"></span>di <span class=\"_ _2\"></span>es<span class=\"ff4\">ercit<span class=\"_ _2\"></span>are <span class=\"_ _d\"></span>il <span class=\"_ _2\"></span>contr<span class=\"_ _2\"></span>ollo <span class=\"_ _2\"></span>se <span class=\"_ _d\"></span>\u00e8 <span class=\"_ _2\"></span>esposta <span class=\"_ _d\"></span>o <span class=\"_ _d\"></span>ha <span class=\"_ _2\"></span>diritto <span class=\"_ _d\"></span>a <span class=\"_ _d\"></span>rendimenti <span class=\"_ _2\"></span>variabili, <span class=\"_ _d\"></span>derivanti <span class=\"_ _d\"></span>dal </span>proprio  rapporto  con<span class=\"_ _f\"></span>  l\u2019entit\u00e0  ogge<span class=\"_ _1\"></span>tto  d\u2019investimento  e,  ne<span class=\"_ _f\"></span>l  frattempo,  ha  la<span class=\"_ _1\"></span>  capacit\u00e0  di  i<span class=\"_ _1\"></span>ncidere  su <span class=\"_ _16\"> </span>tali rendimenti esercitando il proprio potere su tale entit\u00e0. Sono <span class=\"_ _18\"> </span><span class=\"ls13\">no</span>rmalmente <span class=\"_ _18\"> </span>conside<span class=\"_ _1\"></span>rate <span class=\"_ _18\"> </span>controllate <span class=\"_ _18\"> </span>le <span class=\"_ _10\"> </span>imprese <span class=\"_ _18\"> </span>nelle <span class=\"_ _10\"> </span>quali <span class=\"_ _10\"> </span>la <span class=\"_ _18\"> </span>Capogruppo, <span class=\"_ _10\"> </span>direttamente <span class=\"_ _18\"> </span>o indirettamente, <span class=\"_ _0\"> </span>poss<span class=\"_ _2\"></span>iede <span class=\"_ _0\"></span>p<span class=\"_ _2\"></span>i\u00f9 <span class=\"_ _9\"> </span>della <span class=\"_ _9\"> </span>met\u00e0 <span class=\"_ _9\"> </span>d<span class=\"_ _2\"></span>ei <span class=\"_ _0\"></span>d<span class=\"_ _2\"></span>iritti <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>voto <span class=\"_ _16\"> </span>o <span class=\"_ _9\"> </span>quando, <span class=\"_ _9\"> </span>pur <span class=\"_ _9\"> </span>con <span class=\"_ _9\"> </span>una <span class=\"_ _16\"> </span>quota <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>dir<span class=\"_ _2\"></span>itti <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>voto inferiore, la <span class=\"_ _2\"></span>Capogruppo <span class=\"_ _2\"></span>ha il <span class=\"_ _2\"></span>potere <span class=\"_ _2\"></span>di nominare <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>maggioran<span class=\"_ _2\"></span>za <span class=\"_ _2\"></span>degli amministrat<span class=\"_ _2\"></span>ori della part<span class=\"_ _2\"></span>ecipata o <span class=\"_ _2\"></span>di determinare <span class=\"_ _f\"></span>le <span class=\"_ _1\"></span>politiche <span class=\"_ _f\"></span>fi<span class=\"_ _2\"></span>nanziarie <span class=\"_ _f\"></span>ed <span class=\"_ _1\"></span>operative <span class=\"_ _f\"></span>della stessa. <span class=\"_ _f\"></span>Nella v<span class=\"_ _1\"></span>alutazione <span class=\"_ _f\"></span>dei d<span class=\"_ _1\"></span>iritti d<span class=\"_ _1\"></span>i <span class=\"_ _f\"></span>voto si <span class=\"_ _f\"></span>tiene <span class=\"_ _f\"></span>conto anche <span class=\"_ _d\"></span>dei <span class=\"_ _d\"></span>diritti <span class=\"_ _0\"></span>\u201cpotenziali\u201d <span class=\"_ _d\"></span>che <span class=\"_ _d\"></span>siano <span class=\"_ _d\"></span>correntemente <span class=\"_ _0\"></span>esercitabili <span class=\"_ _d\"></span>o <span class=\"_ _d\"></span>convertibili <span class=\"_ _d\"></span>in <span class=\"_ _0\"></span>diritt<span class=\"_ _2\"></span><span class=\"ff4\">i <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>voto <span class=\"_ _0\"></span>effettivi <span class=\"_ _d\"></span>in </span>qualsiasi momento. Sono  normalmente  considerate  controllate  congiu<span class=\"_ _1\"></span>ntamente  le  imprese  nelle  quali  i  diritti  di  voto  ed<span class=\"_ _1\"></span>  il controllo <span class=\"_ _18\"> </span>dell\u2019attivit\u00e0 <span class=\"_ _19\"> </span>economica <span class=\"_ _18\"> </span>della <span class=\"_ _18\"> </span>partecipata <span class=\"_ _18\"> </span>sono <span class=\"_ _19\"> </span>condivisi <span class=\"_ _18\"> </span>in <span class=\"_ _18\"> </span>modo <span class=\"_ _19\"> </span>paritetico <span class=\"_ _18\"> </span>da <span class=\"_ _18\"> </span>Credem, direttamente o <span class=\"_ _2\"></span>indirettamente, e da un altr<span class=\"_ _2\"></span>o soggetto. Inoltre viene qualificato <span class=\"_ _2\"></span>come sottoposto a <span class=\"_ _2\"></span>controllo<span class=\"_ _1\"></span> congiunto un <span class=\"_ _2\"></span>investimento <span class=\"_ _2\"></span>partecipativo nel <span class=\"_ _2\"></span>quale, <span class=\"_ _2\"></span>pur in <span class=\"_ _2\"></span>assenza <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>una quota <span class=\"_ _2\"></span>paritetica <span class=\"_ _2\"></span>di diritt<span class=\"_ _2\"></span>i di <span class=\"_ _2\"></span>voto, <span class=\"_ _2\"></span>il<span class=\"_ _1\"></span> controllo <span class=\"_ _2\"></span>sull\u2019attivit\u00e0 <span class=\"_ _2\"></span>economica e <span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>ugli indiri<span class=\"ff4\">zzi <span class=\"_ _2\"></span>st<span class=\"_ _2\"></span>rategici della <span class=\"_ _2\"></span>partecipata <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _2\"></span>condiviso <span class=\"_ _2\"></span>con <span class=\"_ _2\"></span>altri <span class=\"_ _2\"></span>soggetti <span class=\"_ _2\"></span>in </span>virt\u00f9 di accordi contrattuali. Sono <span class=\"_ _d\"></span>nor<span class=\"_ _2\"></span>malmente <span class=\"_ _d\"></span>considerate <span class=\"_ _d\"></span>collegate, <span class=\"_ _d\"></span>cio\u00e8 <span class=\"_ _d\"></span>sot<span class=\"_ _2\"></span>toposte <span class=\"_ _d\"></span>ad <span class=\"_ _0\"></span>infl<span class=\"_ _1\"></span>uenza <span class=\"_ _d\"></span>notevole, <span class=\"_ _d\"></span>l<span class=\"_ _2\"></span>e <span class=\"_ _d\"></span>imprese <span class=\"_ _d\"></span>nelle <span class=\"_ _0\"></span>quali <span class=\"_ _d\"></span>la capogruppo, <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>irettamente <span class=\"_ _d\"></span>o <span class=\"_ _d\"></span>indirettamente, <span class=\"_ _2\"></span>poss<span class=\"_ _2\"></span>iede<span class=\"_ _1\"></span> <span class=\"_ _d\"></span>a<span class=\"_ _2\"></span>lmeno <span class=\"_ _d\"></span>il <span class=\"_ _d\"></span>20% <span class=\"_ _d\"></span>dei <span class=\"_ _d\"></span>diritti <span class=\"_ _d\"></span>di <span class=\"_ _2\"></span>vot<span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>(ivi <span class=\"_ _d\"></span>inclusi <span class=\"_ _d\"></span>i <span class=\"_ _d\"></span>diritti <span class=\"_ _d\"></span>di voto \u201cpotenziali\u201d come sopra<span class=\"_ _1\"></span> definiti) o nelle<span class=\"_ _1\"></span> quali <span class=\"_ _2\"></span>\u2013<span class=\"ff4\"> pur con una<span class=\"_ _1\"></span> quota di diritti di<span class=\"_ _1\"></span> voto inferiore <span class=\"ff5\">\u2013</span> ha il potere </span>di <span class=\"_ _4\"> </span>partecipare <span class=\"_ _4\"> </span>a<span class=\"_ _2\"></span>lla <span class=\"_ _4\"> </span>determinazio<span class=\"_ _2\"></span>ne <span class=\"_ _4\"> </span>delle <span class=\"_ _17\"> </span>politiche <span class=\"_ _4\"> </span>finanziarie <span class=\"_ _17\"> </span>e <span class=\"_ _17\"> </span>gestionali <span class=\"_ _4\"> </span>dell<span class=\"_ _2\"></span>a <span class=\"_ _17\"> </span>partecipata <span class=\"_ _17\"> </span>in <span class=\"_ _17\"> </span>virt\u00f9 <span class=\"_ _4\"> </span>di particolari legami giuridici qu<span class=\"_ _1\"></span>ali la part<span class=\"_ _2\"></span>ecipazi<span class=\"_ _1\"></span>one a patti di sindacato. <span class=\"_ _2\"></span> Le partecip<span class=\"_ _1\"></span>azioni controllate sono consolid<span class=\"_ _1\"></span>ate con il <span class=\"_ _1\"></span>metodo integ<span class=\"_ _1\"></span>rale, mentre le imprese colle<span class=\"_ _1\"></span>gate e le joi<span class=\"_ _1\"></span>nt venture sono consolidate in base al metodo del patrimonio netto. Criter<span class=\"_ _1\"></span>i e p<span class=\"_ _1\"></span>rincipi<span class=\"_ _1\"></span> di co<span class=\"_ _f\"></span>nsolidam<span class=\"_ _1\"></span>en<span class=\"_ _f\"></span>to I criteri adottati per la redazione de<span class=\"_ _1\"></span>l bilancio consolidato sono i seguenti: <span class=\"_ _2c\"> </span><span class=\"ff4\">i<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span> <span class=\"_ _14\"> </span>o<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>as<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>e <span class=\"_ _15\"> </span>d<span class=\"_ _2\"></span>el<span class=\"_ _2\"></span> <span class=\"_ _15\"> </span>pr<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>m<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span> <span class=\"_ _14\"> </span>c<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>ns<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>da<span class=\"_ _2\"></span>m<span class=\"_ _d\"></span>en<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>, <span class=\"_ _15\"> </span>i<span class=\"_ _2\"></span>l <span class=\"_ _15\"> </span>v<span class=\"_ _2\"></span>al<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span> <span class=\"_ _14\"> </span>d<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span> <span class=\"_ _17\"> </span>c<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>o <span class=\"_ _15\"> </span>d<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>ll<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span> <span class=\"_ _14\"> </span>p<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>rt<span class=\"_ _d\"></span>ec<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>p<span class=\"_ _2\"></span>az<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>i <span class=\"_ _15\"> </span>i<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span> <span class=\"_ _17\"> </span>s<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>t\u00e0<span class=\"_ _df\"> </span></span>c<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>ns<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>at<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>  in<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>gr<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>m<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>nt<span class=\"_ _d\"></span>e  \u00e8<span class=\"_ _2\"></span>  a<span class=\"_ _2\"></span>nn<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>at<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>  a  fr<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>  de<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>  pa<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>ri<span class=\"_ _2\"></span>m<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>io<span class=\"_ _d\"></span> <span class=\"_ _16\"> </span>n<span class=\"_ _2\"></span>et<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>  de<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>e  so<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>t\u00e0<span class=\"_ _2\"></span>  s<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>es<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>.  L<span class=\"_ _2\"></span>a<span class=\"_ _df\"> </span>c<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>nt<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>b<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>li<span class=\"_ _2\"></span>z<span class=\"_ _2\"></span>z<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>z<span class=\"_ _2\"></span>io<span class=\"_ _d\"></span>n<span class=\"_ _2\"></span>e <span class=\"_ _16\"> </span>de<span class=\"_ _2\"></span>g<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>i <span class=\"_ _16\"> </span>a<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>qu<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>i  ne<span class=\"_ _2\"></span>ll<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span> <span class=\"_ _9\"> </span>s<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>et<span class=\"_ _2\"></span>\u00e0<span class=\"_ _2\"></span> <span class=\"_ _9\"> </span>a<span class=\"_ _2\"></span>v<span class=\"_ _2\"></span>v<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>en<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span> <span class=\"_ _16\"> </span>in<span class=\"_ _2\"></span> <span class=\"_ _16\"> </span>ba<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span> <span class=\"_ _9\"> </span>a<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span> <span class=\"_ _9\"> </span>\u201c<span class=\"_ _2\"></span>m<span class=\"_ _2\"></span>et<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span> <span class=\"_ _9\"> </span>d<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>l\u2019<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>q<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>is<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>\u201d  co<span class=\"_ _2\"></span>m<span class=\"_ _2\"></span>e<span class=\"_ _df\"> </span>d<span class=\"_ _2\"></span>ef<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>o d<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>l\u2019<span class=\"_ _2\"></span> I<span class=\"_ _2\"></span>FR<span class=\"_ _2\"></span>S<span class=\"_ _2\"></span> 3<span class=\"_ _2\"></span>, os<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span> co<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span> r<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>le<span class=\"_ _2\"></span>v<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>zi<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span> di<span class=\"_ _2\"></span> at<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>v<span class=\"_ _2\"></span>it<span class=\"_ _2\"></span>\u00e0<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span> pa<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>vi<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>\u00e0<span class=\"_ _2\"></span> e pa<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>v<span class=\"_ _2\"></span>it<span class=\"_ _2\"></span>\u00e0<span class=\"_ _2\"></span> po<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>z<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>li<span class=\"_ _2\"></span> d<span class=\"_ _2\"></span>el<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>e<span class=\"_ _0\"></span><span class=\"ff4\"> im<span class=\"_ _2\"></span>p<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>e<span class=\"_ _df\"> </span></span>a<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>q<span class=\"_ _2\"></span>ui<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>e  al<span class=\"_ _2\"></span>  fa<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>r  va<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span> <span class=\"_ _9\"> </span>a<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span> <span class=\"_ _16\"> </span>da<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span> <span class=\"_ _16\"> </span>d<span class=\"_ _2\"></span>i  ac<span class=\"_ _2\"></span>q<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>is<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>z<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>on<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span> <span class=\"_ _16\"> </span>c<span class=\"_ _2\"></span>io<span class=\"_ _2\"></span>\u00e8<span class=\"_ _2\"></span>  da<span class=\"_ _2\"></span>l  mo<span class=\"_ _2\"></span>m<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>to<span class=\"_ _2\"></span>  in<span class=\"_ _2\"></span>  cu<span class=\"_ _2\"></span>i  si<span class=\"_ _2\"></span>  ot<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>en<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>  l\u2019<span class=\"_ _2\"></span>ef<span class=\"_ _2\"></span>f<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>tt<span class=\"_ _d\"></span>i<span class=\"_ _2\"></span>vo<span class=\"_ _df\"> </span>c<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>nt<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>o <span class=\"_ _0\"></span>d<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>la<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>s<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>et<span class=\"_ _2\"></span>\u00e0<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>ac<span class=\"_ _2\"></span>q<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>it<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>.<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>P<span class=\"_ _2\"></span>er<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>nt<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>i<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>r<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>lt<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>e<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>no<span class=\"_ _2\"></span>m<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>d<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>u<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>c<span class=\"_ _2\"></span>on<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>at<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>a<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>q<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>is<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>n<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>l<span class=\"_ _df\"> </span>c<span class=\"_ _2\"></span>or<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span> <span class=\"_ _9\"> </span>d<span class=\"_ _2\"></span>el<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>p<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>ri<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>d<span class=\"_ _2\"></span>i <span class=\"_ _9\"> </span>r<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>f<span class=\"_ _2\"></span>er<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>m<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>nt<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>s<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>i<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>cl<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>n<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>l<span class=\"_ _d\"></span> <span class=\"_ _0\"></span>b<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>la<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>c<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>ns<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>da<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>a<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>p<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>rt<span class=\"_ _d\"></span>ir<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>d<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>a <span class=\"_ _9\"> </span>da<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>d<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>ll<span class=\"_ _2\"></span>a<span class=\"_ _df\"> </span>s<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>a <span class=\"_ _4\"> </span>a<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>qu<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>z<span class=\"_ _2\"></span>io<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>. <span class=\"_ _4\"> </span>P<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>m<span class=\"_ _2\"></span>en<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>, <span class=\"_ _4\"> </span>i<span class=\"_ _2\"></span> <span class=\"_ _4\"> </span>ri<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>lt<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span> <span class=\"_ _4\"> </span>ec<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>om<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span> <span class=\"_ _22\"> </span>d<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span> <span class=\"_ _4\"> </span>u<span class=\"_ _2\"></span>na<span class=\"_ _2\"></span> <span class=\"_ _4\"> </span>co<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>ll<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>a <span class=\"_ _4\"> </span>c<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>ut<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span> <span class=\"_ _4\"> </span>so<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span> <span class=\"_ _4\"> </span>in<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>us<span class=\"_ _d\"></span>i <span class=\"_ _4\"> </span>n<span class=\"_ _2\"></span>el<span class=\"_ _df\"> </span>b<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>la<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>ol<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>at<span class=\"_ _d\"></span>o <span class=\"_ _2\"></span>f<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>a<span class=\"_ _d\"></span>ll<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span> d<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>n <span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>l <span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>nt<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>lo<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>\u00e8<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>es<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>;<span class=\"_ _df\"> </span><span class=\"_ _2c\"> </span><span class=\"ff4\">l<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>e<span class=\"_ _2\"></span>v<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>nt<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>i <span class=\"_ _0\"></span>e<span class=\"_ _2\"></span>cc<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>nz<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>d<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>l <span class=\"_ _0\"></span>f<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>ir<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>va<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>d<span class=\"_ _2\"></span>el<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>pr<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>z<span class=\"_ _d\"></span>z<span class=\"_ _2\"></span>o <span class=\"_ _0\"></span>p<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>ga<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>r<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>pe<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>a<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>la<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>co<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>po<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>en<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>f<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>zi<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>e <span class=\"_ _0\"></span>d<span class=\"_ _2\"></span>i<span class=\"_ _df\"> </span></span>p<span class=\"_ _2\"></span>at<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>m<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>io<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>to<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>g<span class=\"_ _2\"></span>ua<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>o <span class=\"_ _d\"></span>c<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>n <span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>\u2019<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>f<span class=\"_ _2\"></span>f<span class=\"_ _2\"></span>et<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>l <span class=\"_ _2\"></span>f<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>ir<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>va<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>ll<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>at<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>v<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>t\u00e0<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>o<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>p<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>ss<span class=\"_ _d\"></span>i<span class=\"_ _2\"></span>vi<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>\u00e0<span class=\"_ _2\"></span>, <span class=\"_ _2\"></span>s<span class=\"_ _d\"></span>e <span class=\"_ _2\"></span>p<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>it<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>v<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>no<span class=\"_ _df\"> </span>r<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>ev<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>e <span class=\"_ _9\"> </span>q<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>i <span class=\"_ _9\"> </span>a<span class=\"_ _2\"></span>v<span class=\"_ _2\"></span>vi<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>m<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>nt<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span> <span class=\"_ _0\"> </span>n<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>la<span class=\"_ _2\"></span> <span class=\"_ _9\"> </span>vo<span class=\"_ _d\"></span>c<span class=\"_ _2\"></span>e <span class=\"_ _0\"></span>\u201c<span class=\"_ _d\"></span>At<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>v<span class=\"_ _2\"></span>it<span class=\"_ _2\"></span>\u00e0<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>i<span class=\"_ _2\"></span>m<span class=\"_ _2\"></span>m<span class=\"_ _2\"></span>at<span class=\"_ _d\"></span>er<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>i\u201d<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>s<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span> <span class=\"_ _9\"> </span>n<span class=\"_ _2\"></span>eg<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>v<span class=\"_ _2\"></span>e <span class=\"_ _9\"> </span>s<span class=\"_ _2\"></span>on<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>i<span class=\"_ _2\"></span>m<span class=\"_ _2\"></span>p<span class=\"_ _2\"></span>ut<span class=\"_ _d\"></span>at<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>a<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>c<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>o<span class=\"_ _df\"> </span>e<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>no<span class=\"_ _2\"></span>m<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>co<span class=\"_ _d\"></span>;<span class=\"_ _df\"> </span><span class=\"_ _2c\"> </span><span class=\"ff5\">p<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span> gl<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span> e<span class=\"_ _2\"></span>v<span class=\"_ _2\"></span>en<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>li<span class=\"_ _2\"></span> a<span class=\"_ _2\"></span>cq<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>i d<span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>ul<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>io<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span> qu<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span> pa<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>ci<span class=\"_ _2\"></span>p<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>iv<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span> s<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>cc<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>v<span class=\"_ _2\"></span>e a<span class=\"_ _2\"></span>ll<span class=\"_ _2\"></span>\u2019<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>q<span class=\"_ _2\"></span>ui<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>z<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>on<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span> d<span class=\"_ _2\"></span>el<span class=\"_ _2\"></span> c<span class=\"_ _2\"></span>on<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>,<span class=\"_ _df\"> </span></span>d<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>ci<span class=\"_ _2\"></span>p<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>in<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>  s<span class=\"_ _2\"></span>p<span class=\"_ _2\"></span>ec<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>f<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>ca<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>m<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>nt<span class=\"_ _d\"></span>e <span class=\"_ _22\"> </span>d<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>  pr<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>p<span class=\"_ _2\"></span>io<span class=\"_ _2\"></span>  c<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>bi<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>e <span class=\"_ _4\"> </span>IA<span class=\"_ _2\"></span>S<span class=\"_ _2\"></span>2<span class=\"_ _2\"></span>7<span class=\"_ _2\"></span>, <span class=\"_ _22\"> </span>l<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>  e<span class=\"_ _2\"></span>v<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>nt<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>i <span class=\"_ _4\"> </span>di<span class=\"_ _2\"></span>f<span class=\"_ _2\"></span>f<span class=\"_ _2\"></span>er<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>z<span class=\"_ _2\"></span>e <span class=\"_ _4\"> </span>po<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>it<span class=\"_ _d\"></span>i<span class=\"_ _2\"></span>ve<span class=\"_ _2\"></span>  o<span class=\"_ _df\"> </span>n<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>ga<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>v<span class=\"_ _2\"></span>e,<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>c<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>m<span class=\"_ _2\"></span>e <span class=\"_ _0\"></span>s<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>pr<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>d<span class=\"_ _2\"></span>et<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>mi<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>, <span class=\"_ _0\"></span>c<span class=\"_ _2\"></span>h<span class=\"_ _2\"></span>e <span class=\"_ _9\"> </span>v<span class=\"_ _2\"></span>en<span class=\"_ _2\"></span>g<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>o <span class=\"_ _0\"></span>a<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>s<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>g<span class=\"_ _2\"></span>er<span class=\"_ _d\"></span>e<span class=\"_ _d\"></span> <span class=\"_ _d\"></span>a<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>s<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>g<span class=\"_ _2\"></span>ui<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>d<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>t<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>a<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>q<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>is<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>s<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>ss<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>v<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span> s<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>no<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>m<span class=\"_ _2\"></span>p<span class=\"_ _2\"></span>ut<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>ir<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>ta<span class=\"_ _2\"></span>m<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>a<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>p<span class=\"_ _2\"></span>at<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>m<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>ni<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>;<span class=\"_ _d\"></span> <span class=\"_ _2c\"> </span><span class=\"ff4\">a<span class=\"_ _2\"></span>d<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>o<span class=\"_ _2\"></span>g<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>i <span class=\"_ _9\"> </span>d<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>ta<span class=\"_ _2\"></span> <span class=\"_ _9\"> </span>d<span class=\"_ _2\"></span>i <span class=\"_ _9\"> </span>b<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>la<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>io<span class=\"_ _2\"></span> <span class=\"_ _9\"> </span>(<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>d <span class=\"_ _9\"> </span>o<span class=\"_ _2\"></span>gn<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span> <span class=\"_ _9\"> </span>vo<span class=\"_ _d\"></span>lt<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>c<span class=\"_ _2\"></span>h<span class=\"_ _2\"></span>e <span class=\"_ _9\"> </span>v<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>s<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>a <span class=\"_ _9\"> </span>e<span class=\"_ _2\"></span>v<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>de<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>z<span class=\"_ _2\"></span>a <span class=\"_ _9\"> </span>d<span class=\"_ _2\"></span>i <span class=\"_ _9\"> </span>p<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>it<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span> <span class=\"_ _9\"> </span>d<span class=\"_ _2\"></span>i <span class=\"_ _9\"> </span>v<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>lo<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>) <span class=\"_ _9\"> </span>v<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>e <span class=\"_ _0\"></span>v<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>if<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>a<span class=\"_ _df\"> </span></span>l<span class=\"_ _2\"></span>\u2019<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>de<span class=\"_ _2\"></span>g<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>at<span class=\"_ _d\"></span>ez<span class=\"_ _2\"></span>z<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>  d<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>l <span class=\"_ _4\"> </span>va<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>e <span class=\"_ _4\"> </span>de<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>\u2019a<span class=\"_ _d\"></span>vv<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>m<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>nt<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>  (<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>.<span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>. <span class=\"_ _4\"> </span>im<span class=\"_ _2\"></span>p<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>ir<span class=\"_ _2\"></span>m<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>  t<span class=\"_ _2\"></span>es<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>)<span class=\"_ _2\"></span>.<span class=\"_ _2\"></span>  A<span class=\"_ _2\"></span>  t<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>  f<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>  v<span class=\"_ _0\"></span><span class=\"ff4\">i<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>e <span class=\"_ _22\"> </span>i<span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>ti<span class=\"_ _2\"></span>f<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>at<span class=\"_ _2\"></span>a<span class=\"_ _df\"> </span></span>l<span class=\"_ _2\"></span>\u2019<span class=\"_ _2\"></span>un<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>\u00e0<span class=\"_ _2\"></span>  ge<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>er<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>ic<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>  di<span class=\"_ _2\"></span>  fl<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span> <span class=\"_ _16\"> </span>fi<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>zi<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>  cu<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span> <span class=\"_ _16\"> </span>at<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>b<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>ir<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>  l\u2019<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>v<span class=\"_ _2\"></span>v<span class=\"_ _2\"></span>ia<span class=\"_ _2\"></span>m<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>nt<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>.<span class=\"_ _2\"></span>  L\u2019<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>mm<span class=\"_ _d\"></span>on<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>e  d<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>l\u2019<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>v<span class=\"_ _2\"></span>en<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>e<span class=\"_ _df\"> </span>r<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>uz<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>e <span class=\"_ _19\"> </span>d<span class=\"_ _2\"></span>i <span class=\"_ _19\"> </span>va<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>e <span class=\"_ _19\"> </span>\u00e8<span class=\"_ _2\"></span> <span class=\"_ _19\"> </span>da<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>o <span class=\"_ _19\"> </span>d<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>l\u2019<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>v<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>nt<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>e <span class=\"_ _19\"> </span>d<span class=\"_ _2\"></span>if<span class=\"_ _2\"></span>f<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>en<span class=\"_ _2\"></span>z<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span> <span class=\"_ _19\"> </span>ne<span class=\"_ _2\"></span>g<span class=\"_ _2\"></span>at<span class=\"_ _d\"></span>i<span class=\"_ _2\"></span>va<span class=\"_ _2\"></span> <span class=\"_ _18\"> </span>t<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span> <span class=\"_ _19\"> </span>il<span class=\"_ _2\"></span> <span class=\"_ _18\"> </span>v<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>e <span class=\"_ _19\"> </span>d<span class=\"_ _2\"></span>i <span class=\"_ _19\"> </span>i<span class=\"_ _2\"></span>sc<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>z<span class=\"_ _2\"></span>io<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>e<span class=\"_ _df\"> </span>d<span class=\"_ _2\"></span>el<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>\u2019<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>v<span class=\"_ _2\"></span>v<span class=\"_ _2\"></span>ia<span class=\"_ _2\"></span>m<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>to<span class=\"_ _2\"></span> <span class=\"_ _4\"> </span>e<span class=\"_ _2\"></span>d <span class=\"_ _22\"> </span>i<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>  s<span class=\"_ _d\"></span>uo<span class=\"_ _2\"></span> <span class=\"_ _4\"> </span>va<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>or<span class=\"_ _d\"></span>e <span class=\"_ _4\"> </span>di<span class=\"_ _2\"></span> <span class=\"_ _22\"> </span>r<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>p<span class=\"_ _2\"></span>er<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span> <span class=\"_ _22\"> </span>d<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>er<span class=\"_ _0\"></span><span class=\"ff4\">m<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>na<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>  c<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>m<span class=\"_ _2\"></span>e <span class=\"_ _4\"> </span>i<span class=\"_ _2\"></span>l <span class=\"_ _4\"> </span>ma<span class=\"_ _2\"></span>g<span class=\"_ _2\"></span>g<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>re<span class=\"_ _2\"></span>  t<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span> <span class=\"_ _22\"> </span>i<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span> <span class=\"_ _22\"> </span>f<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span> <span class=\"_ _22\"> </span>v<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>e<span class=\"_ _df\"> </span></span>d<span class=\"_ _2\"></span>el<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>\u2019<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>it<span class=\"_ _2\"></span>\u00e0<span class=\"_ _2\"></span> <span class=\"_ _9\"> </span>g<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>ne<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>tr<span class=\"_ _d\"></span>ic<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>d<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>f<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>us<span class=\"_ _d\"></span>si<span class=\"_ _2\"></span> <span class=\"_ _9\"> </span>f<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>na<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>z<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>ar<span class=\"_ _d\"></span>i,<span class=\"_ _2\"></span> <span class=\"_ _9\"> </span>a<span class=\"_ _2\"></span>l <span class=\"_ _9\"> </span>n<span class=\"_ _2\"></span>et<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span> <span class=\"_ _0\"> </span>d<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>g<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>i <span class=\"_ _9\"> </span>e<span class=\"_ _2\"></span>v<span class=\"_ _2\"></span>en<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>i <span class=\"_ _9\"> </span>c<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>st<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span> <span class=\"_ _9\"> </span>d<span class=\"_ _2\"></span>i <span class=\"_ _9\"> </span>v<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>nd<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>e<span class=\"_ _2\"></span>d <span class=\"_ _9\"> </span>i<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>r<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>at<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>v<span class=\"_ _2\"></span>o<span class=\"_ _df\"> </span>v<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>lo<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>\u2019u<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>. <span class=\"_ _d\"></span>Le<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>ns<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>g<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>nt<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>re<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>f<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>he<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>v<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>or<span class=\"_ _d\"></span>e <span class=\"_ _2\"></span>v<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>go<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>ri<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>v<span class=\"_ _2\"></span>at<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>a<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>co<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>co<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>m<span class=\"_ _2\"></span>ic<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>;<span class=\"_ _df\"> </span><span class=\"_ _2c\"> </span><span class=\"ff4\">g<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span> <span class=\"_ _16\"> </span>el<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>m<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>nt<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>  di  at<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>v<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>,  p<span class=\"_ _2\"></span><span class=\"ff5\">a<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>si<span class=\"_ _2\"></span>v<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>  e <span class=\"_ _9\"> </span>c<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>o  e<span class=\"_ _2\"></span>co<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>m<span class=\"_ _2\"></span>ic<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span> <span class=\"_ _16\"> </span>v<span class=\"_ _2\"></span>en<span class=\"_ _2\"></span>g<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span> <span class=\"_ _9\"> </span>i<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>gr<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>m<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>nt<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span> <span class=\"_ _16\"> </span>ac<span class=\"_ _2\"></span>q<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>it<span class=\"_ _d\"></span>i <span class=\"_ _16\"> </span>\u201c<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>in<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span> <span class=\"_ _16\"> </span>p<span class=\"_ _2\"></span>er<span class=\"_ _df\"> </span></span></span>l<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>ne<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>\u201d<span class=\"_ _2\"></span>;<span class=\"_ _df\"> </span><span class=\"_ _2c\"> </span><span class=\"ff4\">l<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>  pa<span class=\"_ _2\"></span>rt<span class=\"_ _d\"></span>it<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>  de<span class=\"_ _2\"></span>b<span class=\"_ _2\"></span>it<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>e  e  cr<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>to<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>,  l<span class=\"_ _2\"></span>e  o<span class=\"_ _2\"></span>pe<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>z<span class=\"_ _2\"></span>io<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span> <span class=\"_ _16\"> </span>f<span class=\"_ _2\"></span>uo<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>  bi<span class=\"_ _2\"></span>la<span class=\"_ _d\"></span>nc<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>o  n<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>nc<span class=\"_ _2\"></span>h<span class=\"_ _2\"></span>\u00e9<span class=\"_ _2\"></span> <span class=\"_ _16\"> </span>i  pr<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>v<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>nt<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>  e  gl<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span> <span class=\"_ _16\"> </span>o<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>er<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>  ed  i<span class=\"_ _df\"> </span></span>p<span class=\"_ _2\"></span>ro<span class=\"_ _d\"></span>f<span class=\"_ _2\"></span>it<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>e<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>l<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>p<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>it<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>t<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>en<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>o<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>g<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>ne<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>d<span class=\"_ _2\"></span>a <span class=\"_ _d\"></span>r<span class=\"_ _d\"></span>a<span class=\"_ _2\"></span>p<span class=\"_ _2\"></span>po<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>i <span class=\"_ _0\"></span>t<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>a <span class=\"_ _0\"></span>so<span class=\"_ _d\"></span>c<span class=\"_ _2\"></span>ie<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>\u00e0<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>o<span class=\"_ _2\"></span>g<span class=\"_ _2\"></span>g<span class=\"_ _2\"></span>et<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>d<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>c<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>ns<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>d<span class=\"_ _0\"></span>a<span class=\"_ _2\"></span>m<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>nt<span class=\"_ _d\"></span>o <span class=\"_ _0\"></span>i<span class=\"_ _2\"></span>nt<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>g<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>e,<span class=\"_ _df\"> </span>s<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>no<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>a <span class=\"_ _d\"></span>di<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>or<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>is<span class=\"_ _d\"></span>i;<span class=\"_ _df\"> </span><span class=\"_ _2c\"> </span><span class=\"ff5\">l<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>q<span class=\"_ _2\"></span>uo<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>d<span class=\"_ _2\"></span>i <span class=\"_ _0\"></span>p<span class=\"_ _2\"></span>at<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>m<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>ni<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>n<span class=\"_ _2\"></span>et<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>e<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>d<span class=\"_ _2\"></span>i <span class=\"_ _d\"></span>u<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>e <span class=\"_ _0\"></span>di<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>p<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>ri<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>d<span class=\"_ _2\"></span>i <span class=\"_ _d\"></span>p<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>in<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>z<span class=\"_ _2\"></span>a <span class=\"_ _d\"></span>d<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>\u201ct<span class=\"_ _d\"></span>er<span class=\"_ _2\"></span>z<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>\u201d<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>z<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>is<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>d<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>ll<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>s<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>et<span class=\"_ _2\"></span>\u00e0<span class=\"_ _df\"> </span></span>c<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>ns<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>at<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>s<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>no<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>i<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>e <span class=\"_ _d\"></span>i<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>a<span class=\"_ _2\"></span>p<span class=\"_ _2\"></span>po<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>e <span class=\"_ _0\"></span>v<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>ci<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>r<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>p<span class=\"_ _2\"></span>et<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>v<span class=\"_ _2\"></span>am<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>, <span class=\"_ _0\"></span>d<span class=\"_ _2\"></span>el<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>p<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>vo<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>di<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>s<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>to<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>pa<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>mo<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>e <span class=\"_ _0\"></span>e<span class=\"_ _df\"> </span>d<span class=\"_ _2\"></span>el<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>nt<span class=\"_ _d\"></span>o <span class=\"_ _d\"></span>ec<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>om<span class=\"_ _d\"></span>i<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>;<span class=\"_ _df\"> </span><span class=\"_ _2c\"> </span><span class=\"ff4\">p<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span> <span class=\"_ _9\"> </span>i<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span> <span class=\"_ _9\"> </span>c<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>ns<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>am<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>o  de<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>le<span class=\"_ _2\"></span> <span class=\"_ _16\"> </span>so<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>\u00e0 <span class=\"_ _16\"> </span>co<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span> <span class=\"_ _9\"> </span>m<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>o  int<span class=\"_ _d\"></span>eg<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>e <span class=\"_ _16\"> </span>so<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span> <span class=\"_ _9\"> </span>s<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>i  ut<span class=\"_ _2\"></span>il<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>z<span class=\"_ _2\"></span>z<span class=\"_ _2\"></span>at<span class=\"_ _d\"></span>i  i <span class=\"_ _9\"> </span>b<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>an<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span> <span class=\"_ _4\"> </span>re<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>v<span class=\"_ _2\"></span>i<span class=\"_ _df\"> </span></span>a<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>\u2019e<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>ci<span class=\"_ _2\"></span>z<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span> <span class=\"_ _15\"> </span>o<span class=\"_ _d\"></span>gg<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>tt<span class=\"_ _d\"></span>o <span class=\"_ _10\"> </span>d<span class=\"_ _2\"></span>el<span class=\"_ _2\"></span> <span class=\"_ _e\"> </span>p<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>es<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span> <span class=\"_ _e\"> </span>b<span class=\"_ _2\"></span>il<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>io<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span> <span class=\"_ _18\"> </span><span class=\"ff4\">pr<span class=\"_ _d\"></span>ed<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>po<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span> <span class=\"_ _15\"> </span>e<span class=\"_ _2\"></span> <span class=\"_ _e\"> </span>a<span class=\"_ _2\"></span>p<span class=\"_ _2\"></span>p<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>va<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span> <span class=\"_ _e\"> </span>d<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>ll<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span> <span class=\"_ _e\"> </span>s<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>ng<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span> <span class=\"_ _e\"> </span>s<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>ci<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>\u00e0<span class=\"_ _2\"></span>,<span class=\"_ _df\"> </span></span>e<span class=\"_ _2\"></span>ve<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>lm<span class=\"_ _d\"></span>en<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>  r<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>  c<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>nf<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>m<span class=\"_ _2\"></span>i <span class=\"_ _4\"> </span>a<span class=\"_ _2\"></span>i <span class=\"_ _22\"> </span>p<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>ip<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>  c<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>ta<span class=\"_ _2\"></span>b<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>  i<span class=\"_ _2\"></span>nt<span class=\"_ _d\"></span>er<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>zi<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>n<span class=\"_ _0\"></span>a<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>i <span class=\"_ _4\"> </span>s<span class=\"_ _2\"></span>eg<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>i <span class=\"_ _4\"> </span>n<span class=\"_ _2\"></span>el<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>  p<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>di<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>p<span class=\"_ _2\"></span>os<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>z<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>e<span class=\"_ _df\"> </span>d<span class=\"_ _2\"></span>el<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>it<span class=\"_ _d\"></span>ua<span class=\"_ _2\"></span>z<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>so<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>at<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>;<span class=\"_ _df\"> </span><span class=\"_ _2c\"> </span><span class=\"ff4\">i<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>v<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>lo<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>d<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>l<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>br<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>d<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>ll<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>p<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>rt<span class=\"_ _d\"></span>ec<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>pa<span class=\"_ _2\"></span>z<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>i <span class=\"_ _d\"></span>r<span class=\"_ _d\"></span>il<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>v<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>nt<span class=\"_ _d\"></span>i,<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>d<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>en<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>da<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>c<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>po<span class=\"_ _2\"></span>g<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>p<span class=\"_ _2\"></span>po<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>o<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>d<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>so<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>\u00e0<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>d<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>l<span class=\"_ _df\"> </span></span>g<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>p<span class=\"_ _2\"></span>po<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>a<span class=\"_ _2\"></span>f<span class=\"_ _2\"></span>f<span class=\"_ _2\"></span>er<span class=\"_ _d\"></span>en<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>s<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>et<span class=\"_ _2\"></span>\u00e0<span class=\"_ _2\"></span> <span class=\"_ _9\"> </span>co<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>da<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>c<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>i<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>m<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>do<span class=\"_ _2\"></span> <span class=\"_ _9\"> </span>d<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>p<span class=\"_ _2\"></span>at<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>m<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>io<span class=\"_ _2\"></span> <span class=\"_ _9\"> </span>n<span class=\"_ _2\"></span>et<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span> <span class=\"_ _9\"> </span>\u00e8 <span class=\"_ _9\"> </span>r<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>f<span class=\"_ _2\"></span>fr<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>at<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span> <span class=\"_ _9\"> </span>c<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>n<span class=\"_ _9\"> </span> <span class=\"_ _0\"> </span>l<span class=\"_ _2\"></span>a<span class=\"_ _df\"> </span>p<span class=\"_ _2\"></span>er<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>nt<span class=\"_ _d\"></span>e  q<span class=\"_ _2\"></span>uo<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>  di<span class=\"_ _2\"></span>  pa<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>im<span class=\"_ _d\"></span>on<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>  de<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>e  pa<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>pa<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>.<span class=\"_ _2\"></span>  L\u2019<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>v<span class=\"_ _2\"></span>en<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>e  e<span class=\"_ _2\"></span>cc<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>za<span class=\"_ _2\"></span>  d<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>l  v<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>lo<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>e  d<span class=\"_ _2\"></span>i  l<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>b<span class=\"_ _2\"></span>ro<span class=\"_ _2\"></span> <span class=\"_ _17\"> </span><span class=\"ff4\">-<span class=\"_ _df\"> </span></span>r<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>ul<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>nt<span class=\"_ _d\"></span>e  i<span class=\"_ _2\"></span>n  p<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>im<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>  a<span class=\"_ _2\"></span>p<span class=\"_ _2\"></span>pl<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>ca<span class=\"_ _2\"></span>z<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>e  a<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>  bi<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>an<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>  co<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>so<span class=\"_ _d\"></span>li<span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>to<span class=\"_ _2\"></span> <span class=\"_ _4\"> </span><span class=\"ff5\">\u2013<span class=\"_ _2\"></span></span>  \u00e8  i<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>us<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>  ne<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>  va<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>or<span class=\"_ _d\"></span>e  c<span class=\"_ _2\"></span>on<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>b<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>le<span class=\"_ _2\"></span>  d<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>ll<span class=\"_ _2\"></span>a<span class=\"_ _df\"> </span>p<span class=\"_ _2\"></span>ar<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>pa<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>.<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>L<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>va<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>z<span class=\"_ _2\"></span>io<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>n<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>v<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>p<span class=\"_ _2\"></span>at<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>mo<span class=\"_ _d\"></span>n<span class=\"_ _2\"></span>ia<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>, <span class=\"_ _9\"> </span>i<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>er<span class=\"_ _2\"></span>v<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>nu<span class=\"_ _2\"></span>t<span class=\"_ _0\"></span>e<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>n<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>gl<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>a<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>s<span class=\"_ _2\"></span>uc<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>vi<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>a<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>q<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>ll<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span> <span class=\"_ _0\"> </span>d<span class=\"_ _2\"></span>i<span class=\"_ _df\"> </span>p<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>im<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span> <span class=\"_ _0\"> </span>a<span class=\"_ _2\"></span>p<span class=\"_ _2\"></span>p<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>zi<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>, <span class=\"_ _9\"> </span>s<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>no<span class=\"_ _2\"></span> <span class=\"_ _9\"> </span>i<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>cr<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>a<span class=\"_ _2\"></span> <span class=\"_ _9\"> </span>v<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>e <span class=\"_ _9\"> </span>2<span class=\"_ _2\"></span>50<span class=\"_ _2\"></span> <span class=\"_ _9\"> </span>d<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>c<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>nt<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span> <span class=\"_ _9\"> </span>e<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>on<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>m<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>co<span class=\"_ _2\"></span> <span class=\"_ _9\"> </span>c<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>ns<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>at<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span> <span class=\"_ _9\"> </span>(<span class=\"_ _2\"></span>\u201c<span class=\"_ _2\"></span>ut<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span> <span class=\"_ _9\"> </span>(<span class=\"_ _2\"></span>pe<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>)<span class=\"_ _df\"> </span>d<span class=\"_ _2\"></span>el<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>pa<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>ip<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>z<span class=\"_ _2\"></span>io<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>\u201d<span class=\"_ _2\"></span>)<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>la<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>m<span class=\"_ _2\"></span>is<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>i <span class=\"_ _d\"></span>l<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>v<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>az<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>i <span class=\"_ _d\"></span>s<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>es<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>o <span class=\"_ _d\"></span>r<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>f<span class=\"_ _2\"></span>er<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>b<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>i <span class=\"_ _d\"></span>a <span class=\"_ _d\"></span>u<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>li<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>o<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>p<span class=\"_ _2\"></span>er<span class=\"_ _d\"></span>d<span class=\"_ _2\"></span>it<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>de<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>e<span class=\"_ _df\"> </span>p<span class=\"_ _2\"></span>ar<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>pa<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>;<span class=\"_ _df\"> </span><span class=\"_ _2c\"> </span><span class=\"ff4\">s<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span> <span class=\"_ _14\"> </span>e<span class=\"_ _2\"></span>si<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span> <span class=\"_ _17\"> </span>e<span class=\"_ _2\"></span>v<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>en<span class=\"_ _2\"></span>z<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span> <span class=\"_ _17\"> </span>c<span class=\"_ _2\"></span>h<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span> <span class=\"_ _14\"> </span>i<span class=\"_ _2\"></span>l <span class=\"_ _14\"> </span>v<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>e <span class=\"_ _14\"> </span>d<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span> <span class=\"_ _14\"> </span>u<span class=\"_ _2\"></span>na<span class=\"_ _2\"></span> <span class=\"_ _14\"> </span>p<span class=\"_ _2\"></span>ar<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>p<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>zi<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>ne<span class=\"_ _2\"></span> <span class=\"_ _14\"> </span>r<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>va<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span> <span class=\"_ _17\"> </span>p<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span> <span class=\"_ _17\"> </span>a<span class=\"_ _2\"></span>v<span class=\"_ _2\"></span>er<span class=\"_ _2\"></span> <span class=\"_ _14\"> </span>s<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>b<span class=\"_ _2\"></span>it<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span> <span class=\"_ _14\"> </span>u<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>a<span class=\"_ _df\"> </span></span>r<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>uz<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>,  si<span class=\"_ _2\"></span>  pr<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>e  al<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>a  st<span class=\"_ _d\"></span>im<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>  de<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>  va<span class=\"_ _2\"></span>lo<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span> <span class=\"_ _16\"> </span>r<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>pe<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>b<span class=\"_ _2\"></span>il<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>  de<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>a  pa<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>pa<span class=\"_ _2\"></span>z<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>e  st<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>a,<span class=\"_ _2\"></span>  te<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>do<span class=\"_ _df\"> </span>c<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>nt<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>d<span class=\"_ _2\"></span>el<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>va<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>e <span class=\"_ _d\"></span>a<span class=\"_ _2\"></span>tt<span class=\"_ _d\"></span>u<span class=\"_ _2\"></span>al<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>f<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>us<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>fi<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>z<span class=\"_ _2\"></span>ia<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>f<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>ur<span class=\"_ _d\"></span>i <span class=\"_ _d\"></span>c<span class=\"_ _2\"></span>h<span class=\"_ _2\"></span>e <span class=\"_ _d\"></span>l<span class=\"_ _2\"></span>a <span class=\"_ _d\"></span>p<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>rt<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>p<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>zi<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>e <span class=\"_ _d\"></span>p<span class=\"_ _2\"></span>ot<span class=\"_ _2\"></span>r<span class=\"_ _9\"> </span>\u00e0<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>g<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>er<span class=\"_ _d\"></span>ar<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>, <span class=\"_ _d\"></span>i<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>us<span class=\"_ _2\"></span>o<span class=\"_ _df\"> </span>i<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>v<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>or<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>d<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>d<span class=\"_ _2\"></span>is<span class=\"_ _2\"></span>m<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>ss<span class=\"_ _d\"></span>io<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>f<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>na<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>d<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>\u2019<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>ve<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>im<span class=\"_ _d\"></span>en<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>. <span class=\"_ _0\"></span>Q<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>or<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>i<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>va<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>d<span class=\"_ _2\"></span>i <span class=\"_ _0\"></span>r<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>pe<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>r<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>lt<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>i<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>f<span class=\"_ _2\"></span>er<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>or<span class=\"_ _d\"></span>e <span class=\"_ _0\"></span>a<span class=\"_ _2\"></span>l<span class=\"_ _df\"> </span>v<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>lo<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>co<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>b<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>le<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>at<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>v<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>di<span class=\"_ _2\"></span>f<span class=\"_ _2\"></span>f<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>en<span class=\"_ _2\"></span>z<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>\u00e8<span class=\"_ _2\"></span> r<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>v<span class=\"_ _2\"></span>at<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>l <span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>nt<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>co<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>m<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>co<span class=\"_ _2\"></span>;<span class=\"_ _df\"> </span><span class=\"_ _2c\"> </span><span class=\"ff4\">p<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span> <span class=\"_ _10\"> </span>i<span class=\"_ _2\"></span>l <span class=\"_ _10\"> </span>c<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>so<span class=\"_ _d\"></span>li<span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>m<span class=\"_ _2\"></span>en<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span> <span class=\"_ _10\"> </span>d<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>ll<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span> <span class=\"_ _10\"> </span>pa<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>pa<span class=\"_ _2\"></span>z<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>on<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span> <span class=\"_ _10\"> </span>i<span class=\"_ _2\"></span>n <span class=\"_ _10\"> </span>s<span class=\"_ _d\"></span>oc<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>t\u00e0<span class=\"_ _2\"></span> <span class=\"_ _10\"> </span>c<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>ga<span class=\"_ _0\"></span>t<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span> <span class=\"_ _10\"> </span>so<span class=\"_ _d\"></span>no<span class=\"_ _2\"></span> <span class=\"_ _10\"> </span>s<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>at<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span> <span class=\"_ _10\"> </span>u<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>il<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>z<span class=\"_ _2\"></span>z<span class=\"_ _2\"></span>at<span class=\"_ _d\"></span>i,<span class=\"_ _2\"></span> <span class=\"_ _10\"> </span>o<span class=\"_ _2\"></span>v<span class=\"_ _2\"></span>e<span class=\"_ _df\"> </span></span>d<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>po<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>b<span class=\"_ _2\"></span>il<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>i <span class=\"_ _d\"></span>p<span class=\"_ _2\"></span>ro<span class=\"_ _2\"></span>g<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>i <span class=\"_ _d\"></span>di<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>b<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>ci<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span> <span class=\"_ _d\"></span><span class=\"ff5\">r<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>la<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>v<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>l\u2019<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>er<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>z<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>o<span class=\"_ _d\"></span>gg<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>tt<span class=\"_ _d\"></span>o <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>p<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>en<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>b<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>la<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>io<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span> <span class=\"_ _0\"></span></span>a<span class=\"_ _2\"></span>p<span class=\"_ _2\"></span>pr<span class=\"_ _d\"></span>o<span class=\"_ _2\"></span>va<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>i<span class=\"_ _df\"> </span>r<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>pe<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>vi<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>C<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>g<span class=\"_ _2\"></span>li<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>A<span class=\"_ _2\"></span>m<span class=\"_ _2\"></span>m<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>is<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>zi<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>; <span class=\"_ _d\"></span>i<span class=\"_ _2\"></span>n <span class=\"_ _d\"></span>l<span class=\"_ _2\"></span>or<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>m<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>za<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>ta<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>de<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>at<span class=\"_ _d\"></span>i <span class=\"_ _d\"></span>i<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>at<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>de<span class=\"_ _2\"></span>g<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>lt<span class=\"_ _d\"></span>im<span class=\"_ _2\"></span>i<span class=\"_ _df\"> </span>b<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>la<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>pp<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>va<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>(<span class=\"_ _2\"></span>g<span class=\"_ _2\"></span>en<span class=\"_ _d\"></span>er<span class=\"_ _d\"></span>a<span class=\"_ _2\"></span>lm<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>q<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>li<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span> 3<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>em<span class=\"_ _2\"></span>b<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>2<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>2<span class=\"_ _2\"></span>4<span class=\"_ _2\"></span>).<span class=\"_ _df\"> </span>Part<span class=\"_ _1\"></span>ecipa<span class=\"_ _1\"></span>zioni <span class=\"_ _1\"></span>in so<span class=\"_ _1\"></span>ciet\u00e0 <span class=\"_ _f\"></span>controll<span class=\"_ _f\"></span>ate in via<span class=\"_ _1\"></span> escl<span class=\"_ _1\"></span>usiva<span class=\"_ _1\"></span> e co<span class=\"_ _f\"></span>llegate (<span class=\"_ _1\"></span>cons<span class=\"_ _f\"></span>olidate <span class=\"_ _1\"></span>al pa<span class=\"_ _1\"></span>trimo<span class=\"_ _f\"></span>nio netto<span class=\"_ _1\"></span>) al 31<span class=\"_ _1\"></span> dicem<span class=\"_ _f\"></span>bre 202<span class=\"_ _1\"></span>5 <table class=\"s w953 h493\" id=\"_ac353ea3-65e4-4c04-a12f-9a0721632150\"><tr><td class=\"c x2c5 y252f w2cd h21a\"><div class=\"t m0 xf0 h1f y304 ff4 fs7 fc1 sc0 ls0 ws0\">Denominazioni <span class=\"_ _1\"></span>imprese </div></td><td class=\"c x2c6 y252f w257 h21a\"><div class=\"t m0 x35 h1f y304 ff4 fs7 fc1 sc0 ls0 ws0\">Sede </div></td><td class=\"c x2c7 y2530 w954 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc1 sc0 ls0 ws0\">Tipo di<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x2c8 y2531 w2cf h21b\"><div class=\"t m0 x48 h1f y12eb ff4 fs7 fc1 sc0 ls0 ws0\">Rapporto di pa<span class=\"_ _1\"></span>rtecipazione </div></td><td class=\"c x2c9 y2530 w955 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc1 sc0 ls0 ws0\">Disponibilit<span class=\"_ _df\"> </span></div></td></tr><tr><td></td><td></td><td class=\"c x2ca y2532 w956 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc1 sc0 ls0 ws0\">rapporto<span class=\"_ _df\"> </span></div></td><td class=\"c x2c8 y252f w14 h21c\"><div class=\"t m0 x10 h1f y496 ff4 fs7 fc1 sc0 ls0 ws0\">Impresa partecipan<span class=\"_ _f\"></span>t<span class=\"_ _2\"></span>e </div></td><td class=\"c x2cb y252f w2d0 h21c\"><div class=\"t m0 x8e h1f y496 ff4 fs7 fc1 sc0 ls0 ws0\">Quota % </div></td><td class=\"c x2cc y2532 w957 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc1 sc0 ls0 ws0\">\u00e0 voti %<span class=\"_ _df\"> </span></div></td></tr><tr><td class=\"c x2c5 y2533 w2cd h21d\"><div class=\"t m0 x0 h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">A. Imprese </div></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2c5 y2534 w2cd hbc\"><div class=\"t m0 x0 h1f y74a ff4 fs7 fc1 sc0 ls0 ws0\">A. 1 Consolidate <span class=\"_ _1\"></span>integralmente </div></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2cd y2535 w2d1 hbc\"><div class=\"t m0 x37 h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">1. Credemleasing spa<span class=\"_ _f\"></span> </div></td><td class=\"c x2c6 y2535 w257 hbc\"><div class=\"t m0 x0 h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">Reggio Emilia<span class=\"_ _1\"></span> </div></td><td class=\"c x2ce y2535 w2ce hbc\"><div class=\"t m0 x39 h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">1 </div></td><td class=\"c x2c8 y2535 w14 hbc\"><div class=\"t m0 x2a h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">Credito Emilian<span class=\"_ _1\"></span>o </div></td><td class=\"c x2cb y2535 w2d0 hbc\"><div class=\"t m0 x2f h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">99,90% </div></td><td></td></tr><tr><td></td><td></td><td></td><td class=\"c x2cf y2536 w958 h494\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc1 sc0 ls0 ws0\">Magazzini Genera<span class=\"_ _f\"></span>l<span class=\"_ _2\"></span>i<span class=\"_ _df\"> </span></div></td><td class=\"c x2cb y2537 w2d0 h1bb\"><div class=\"t m0 x2e h1f y66a ff4 fs7 fc1 sc0 ls0 ws0\">0,10% </div></td><td></td></tr><tr><td></td><td></td><td></td><td class=\"c x2d0 y2538 w959 h484\" colspan=\"2\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc1 sc0 ls0 ws0\">delle Tagliate<span class=\"_ _df\"> </span></div></td><td></td></tr><tr><td class=\"c x2cd y2539 w2d1 hbc\"><div class=\"t m0 x37 h1f y74a ff4 fs7 fc1 sc0 ls0 ws0\">2. Credemfactor sp<span class=\"_ _f\"></span>a </div></td><td class=\"c x2c6 y2539 w257 hbc\"><div class=\"t m0 x0 h1f y74a ff4 fs7 fc1 sc0 ls0 ws0\">Reggio Emilia<span class=\"_ _1\"></span> </div></td><td class=\"c x2ce y2539 w2ce hbc\"><div class=\"t m0 x39 h1f y74a ff4 fs7 fc1 sc0 ls0 ws0\">1 </div></td><td class=\"c x2c8 y2539 w14 hbc\"><div class=\"t m0 x2a h1f y74a ff4 fs7 fc1 sc0 ls0 ws0\">Credito Emilian<span class=\"_ _1\"></span>o </div></td><td class=\"c x2cb y2539 w2d0 hbc\"><div class=\"t m0 x2f h1f y74a ff4 fs7 fc1 sc0 ls0 ws0\">99,00% </div></td><td></td></tr><tr><td></td><td></td><td></td><td class=\"c x2c8 y253a w14 hbc\"><div class=\"t m0 x55 h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">Credemleasing<span class=\"_ _1\"></span> </div></td><td class=\"c x2cb y253a w2d0 hbc\"><div class=\"t m0 x2e h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">1,00% </div></td><td></td></tr><tr><td class=\"c x2cd y253b w2d1 h21d\"><div class=\"t m0 x37 h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">3. Credem Private <span class=\"_ _f\"></span>Equity SGR spa* </div></td><td class=\"c x2c6 y253b w257 h21d\"><div class=\"t m0 x0 h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">Reggio Emilia<span class=\"_ _1\"></span> </div></td><td class=\"c x2ce y253b w2ce h21d\"><div class=\"t m0 x39 h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">1 </div></td><td class=\"c x2c8 y253b w14 h21d\"><div class=\"t m0 x2a h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">Credito Emilian<span class=\"_ _1\"></span>o </div></td><td class=\"c x2cb y253b w2d0 h21d\"><div class=\"t m0 x16a h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">87,50% </div></td><td></td></tr><tr><td></td><td></td><td></td><td class=\"c x2d1 y253c w95a h495\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">Credem Euromob<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span>liare<span class=\"_ _df\"> </span></div></td><td class=\"c x2cb y253d w2d0 h21e\"><div class=\"t m0 x116 h1f yc5f ff4 fs7 fc1 sc0 ls0 ws0\">12,50% </div></td><td></td></tr><tr><td></td><td></td><td></td><td class=\"c x2d2 y253e w95b h484\" colspan=\"2\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">Private banking<span class=\"_ _df\"> </span></div></td><td></td></tr><tr><td class=\"c x2d4 y253f w95c h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">4. Euromobil<span class=\"_ _1\"></span>iare Asset Manage<span class=\"_ _1\"></span>ment SGR spa<span class=\"_ _df\"> </span></div><div class=\"t m0 x2d3 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">Milano<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x2ce y2540 w2ce hbc\"><div class=\"t m0 x39 h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">1 </div></td><td class=\"c x2c8 y2540 w14 hbc\"><div class=\"t m0 x2a h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">Credito Emilia<span class=\"lsc2\">no</span> </div></td><td class=\"c x2cb y2540 w2d0 hbc\"><div class=\"t m0 x8e h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">100,00% </div></td><td></td></tr><tr><td class=\"c x2cd y2541 w2d1 h21d\"><div class=\"t m0 x37 h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">5. Euromobiliare<span class=\"_ _1\"></span> Advisory SIM sp<span class=\"_ _f\"></span>a<span class=\"_ _df\"> </span></div></td><td class=\"c x2c6 y2541 w257 h21d\"><div class=\"t m0 x0 h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">Milano </div></td><td class=\"c x2ce y2541 w2ce h21d\"><div class=\"t m0 x39 h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">1 </div></td><td class=\"c x2c8 y2541 w14 h21d\"><div class=\"t m0 x2a h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">Credito Emilian<span class=\"_ _1\"></span>o </div></td><td class=\"c x2cb y2541 w2d0 h21d\"><div class=\"t m0 x8e h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">100,00% </div></td><td></td></tr><tr><td class=\"c x2cd y2542 w2d1 h21f\"><div class=\"t m0 x37 h1f y12f1 ff4 fs7 fc1 sc0 ls0 ws0\">6. Credemtel sp<span class=\"_ _1\"></span>a </div></td><td class=\"c x2c6 y2542 w257 h21f\"><div class=\"t m0 x0 h1f y12f1 ff4 fs7 fc1 sc0 ls0 ws0\">Reggio Emilia<span class=\"_ _1\"></span> </div></td><td class=\"c x2ce y2542 w2ce h21f\"><div class=\"t m0 x39 h1f y12f1 ff4 fs7 fc1 sc0 ls0 ws0\">1 </div></td><td class=\"c x2c8 y2542 w14 h21f\"><div class=\"t m0 x2a h1f y12f1 ff4 fs7 fc1 sc0 ls0 ws0\">Credito Emilian<span class=\"_ _1\"></span>o </div></td><td class=\"c x2cb y2542 w2d0 h21f\"><div class=\"t m0 x8e h1f y12f1 ff4 fs7 fc1 sc0 ls0 ws0\">100,00% </div></td><td></td></tr><tr><td class=\"c x2cd y2543 w2d1 h21d\"><div class=\"t m0 x37 h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">7. Avvera spa </div></td><td class=\"c x2c6 y2543 w257 h21d\"><div class=\"t m0 x0 h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">Reggio Emilia<span class=\"_ _1\"></span> </div></td><td class=\"c x2ce y2543 w2ce h21d\"><div class=\"t m0 x39 h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">1 </div></td><td class=\"c x2c8 y2543 w14 h21d\"><div class=\"t m0 x2a h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">Credito Emilian<span class=\"_ _1\"></span>o </div></td><td class=\"c x2cb y2543 w2d0 h21d\"><div class=\"t m0 x8e h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">100,00% </div></td><td></td></tr><tr><td class=\"c x2cd y2544 w2d1 h21d\"><div class=\"t m0 x37 h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">8. Magazzini Ge<span class=\"_ _1\"></span>nerali delle Tagl<span class=\"_ _1\"></span>iate spa</div></td><td class=\"c x2c6 y2544 w257 h21d\"><div class=\"t m0 x0 h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">Reggio Emilia<span class=\"_ _1\"></span> </div></td><td class=\"c x2ce y2544 w2ce h21d\"><div class=\"t m0 x39 h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">1 </div></td><td class=\"c x2c8 y2544 w14 h21d\"><div class=\"t m0 x2a h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">Credito Emilian<span class=\"_ _1\"></span>o </div></td><td class=\"c x2cb y2544 w2d0 h21d\"><div class=\"t m0 x8e h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">100,00% </div></td><td></td></tr><tr><td class=\"c x2cd y2545 w2d1 h21d\"><div class=\"t m0 x37 h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">9.Credem Euromob<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span>liare Private <span class=\"_ _f\"></span>Banking spa </div></td><td class=\"c x2c6 y2545 w257 h21d\"><div class=\"t m0 x0 h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">Milano </div></td><td class=\"c x2ce y2545 w2ce h21d\"><div class=\"t m0 x39 h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">1 </div></td><td class=\"c x2c8 y2545 w14 h21d\"><div class=\"t m0 x2a h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">Credito Emilian<span class=\"_ _1\"></span>o </div></td><td class=\"c x2cb y2545 w2d0 h21d\"><div class=\"t m0 x8e h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">100,00% </div></td><td></td></tr><tr><td class=\"c x2cd y2546 w2d1 h21d\"><div class=\"t m0 x37 h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">10. Euromobil<span class=\"_ _1\"></span>iare Fiduciaria spa<span class=\"_ _df\"> </span></div></td><td class=\"c x2c6 y2546 w257 h21d\"><div class=\"t m0 x0 h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">Milano </div></td><td class=\"c x2ce y2546 w2ce h21d\"><div class=\"t m0 x39 h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">1 </div></td><td class=\"c x2c8 y2546 w14 h21d\"><div class=\"t m0 x2a h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">Credito Emilian<span class=\"_ _1\"></span>o </div></td><td class=\"c x2cb y2546 w2d0 h21d\"><div class=\"t m0 x8e h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">100,00% </div></td><td></td></tr><tr><td class=\"c x2cd y2547 w2d1 hbc\"><div class=\"t m0 x37 h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">11. Credemvita spa<span class=\"_ _f\"></span> </div></td><td class=\"c x2c6 y2547 w257 hbc\"><div class=\"t m0 x0 h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">Reggio Emilia<span class=\"_ _1\"></span> </div></td><td class=\"c x2ce y2547 w2ce hbc\"><div class=\"t m0 x39 h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">1 </div></td><td class=\"c x2c8 y2547 w14 hbc\"><div class=\"t m0 x2a h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">Credito Emilian<span class=\"_ _1\"></span>o </div></td><td class=\"c x2cb y2547 w2d0 hbc\"><div class=\"t m0 x8e h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">100,00% </div></td><td></td></tr><tr><td class=\"c x2cd y2548 w2d1 h21d\"><div class=\"t m0 x37 h1f y80 ff4 fs7 fc1 sc0 ls9 ws0\">12<span class=\"ls0\">. Credem CB srl</span><span class=\"ls0\"> </span></div></td><td class=\"c x2c6 y2548 w257 h21d\"><div class=\"t m0 x0 h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">Conegliano </div></td><td class=\"c x2ce y2548 w2ce h21d\"><div class=\"t m0 x39 h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">1 </div></td><td class=\"c x2c8 y2548 w14 h21d\"><div class=\"t m0 x2a h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">Credito Emilian<span class=\"_ _1\"></span>o </div></td><td class=\"c x2cb y2548 w2d0 h21d\"><div class=\"t m0 x16a h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">70,00% </div></td><td></td></tr><tr><td class=\"c x2c5 y2549 w2cd h21d\"><div class=\"t m0 x0 h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">A. 2 Consolidate c<span class=\"_ _f\"></span>o<span class=\"_ _2\"></span>n il me<span class=\"_ _1\"></span>todo del patri<span class=\"_ _1\"></span>monio netto<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2cd y254a w2d1 hbc\"><div class=\"t m0 x37 h1f y74a ff4 fs7 fc1 sc0 ls0 ws0\">1.Credemassicur<span class=\"_ _1\"></span>azioni spa </div></td><td class=\"c x2c6 y254a w257 hbc\"><div class=\"t m0 x0 h1f y74a ff4 fs7 fc1 sc0 ls0 ws0\">Reggio Emilia<span class=\"_ _1\"></span> </div></td><td class=\"c x2ce y254a w2ce hbc\"><div class=\"t m0 x130 h1f y66c ff4 fs7 fc1 sc0 ls0 ws0\">4 </div></td><td class=\"c x2c8 y254a w14 hbc\"><div class=\"t m0 x2a h1f y74a ff4 fs7 fc1 sc0 ls0 ws0\">Credito Emilian<span class=\"_ _1\"></span>o </div></td><td class=\"c x2cb y254a w2d0 hbc\"><div class=\"t m0 x2f h1f y74a ff4 fs7 fc1 sc0 ls0 ws0\">50,00% </div></td><td></td></tr><tr><td class=\"c x2cd y254b w2d1 hbc\"><div class=\"t m0 x37 h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">2. SBC Fin<span class=\"_ _f\"></span>t<span class=\"_ _2\"></span>ech Milan 22<span class=\"_ _1\"></span>24 s.r.l.<span class=\"_ _df\"> </span></div></td><td class=\"c x2c6 y254b w257 hbc\"><div class=\"t m0 x0 h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">Milano </div></td><td class=\"c x2ce y254b w2ce hbc\"><div class=\"t m0 x130 h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">4 </div></td><td class=\"c x2c8 y254b w14 hbc\"><div class=\"t m0 x35 h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">Credemtel </div></td><td class=\"c x2cb y254b w2d0 hbc\"><div class=\"t m0 x16a h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">45,92% </div></td><td></td></tr><tr><td class=\"c x2cd y254c w2d1 h21d\"><div class=\"t m0 x37 h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">3. Andxor srl </div></td><td class=\"c x2c6 y254c w257 h21d\"><div class=\"t m0 x0 h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">Cinisello Balsam<span class=\"_ _f\"></span>o </div></td><td class=\"c x2ce y254c w2ce h21d\"><div class=\"t m0 x130 h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">4 </div></td><td class=\"c x2c8 y254c w14 h21d\"><div class=\"t m0 x35 h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">Credemtel </div></td><td class=\"c x2cb y254c w2d0 h21d\"><div class=\"t m0 x2f h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">40,00% </div></td><td></td></tr><tr><td class=\"c x2cd y254d w2d1 h21d\"><div class=\"t m0 x37 h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">4. Mynet<span class=\"_ _1\"></span> srl </div></td><td class=\"c x2c6 y254d w257 h21d\"><div class=\"t m0 x0 h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">Udine </div></td><td class=\"c x2ce y254d w2ce h21d\"><div class=\"t m0 x130 h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">4 </div></td><td class=\"c x2c8 y254d w14 h21d\"><div class=\"t m0 x35 h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">Credemtel </div></td><td class=\"c x2cb y254d w2d0 h21d\"><div class=\"t m0 x116 h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">12,99% </div></td><td></td></tr><tr><td class=\"c x2cd y254e w2d1 hbc\"><div class=\"t m0 x34 h1f y74a ff4 fs7 fc1 sc0 ls0 ws0\"> 5. Flairb<span class=\"_ _1\"></span>it srl </div></td><td class=\"c x2c6 y254e w257 hbc\"><div class=\"t m0 x0 h1f y74a ff4 fs7 fc1 sc0 ls0 ws0\">Genova </div></td><td class=\"c x2ce y254e w2ce hbc\"><div class=\"t m0 x130 h1f y74a ff4 fs7 fc1 sc0 ls0 ws0\">4 </div></td><td class=\"c x2c8 y254e w14 hbc\"><div class=\"t m0 x35 h1f y74a ff4 fs7 fc1 sc0 ls0 ws0\">Credemtel </div></td><td class=\"c x2cb y254e w2d0 hbc\"><div class=\"t m0 x16a h1f y74a ff4 fs7 fc1 sc0 ls0 ws0\">10,00% </div></td><td></td></tr></table>Lege<span class=\"_ _1\"></span>nda<span class=\"_ _1\"></span> Tipo di rappor<span class=\"_ _1\"></span>to: 1 = maggioranza de<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span> diritti d<span class=\"ff5\">i vo<span class=\"_ _1\"></span>to nell\u2019assemb<span class=\"_ _1\"></span>lea ordinaria<span class=\"ff4\"> </span></span>4 = altre forme d<span class=\"_ _1\"></span>i controllo *<span class=\"_ _4\"> </span>dal <span class=\"_ _d\"></span>02/02/2026 <span class=\"_ _d\"></span>CREDEM <span class=\"_ _d\"></span>EUROMOB<span class=\"_ _1\"></span>ILIARE <span class=\"_ _d\"></span>PRIVATE <span class=\"_ _2\"></span>ASSET <span class=\"_ _d\"></span>SOCIETA' <span class=\"_ _d\"></span>DI <span class=\"_ _d\"></span>GESTIONE <span class=\"_ _2\"></span>DEL <span class=\"_ _d\"></span>RISPA <span class=\"_ _d\"></span>RMIO <span class=\"_ _2\"></span>S.P.A. abbreviabile in CREDEM EUROMOBILIARE<span class=\"_ _1\"></span> PRIVATE ASSET SGR S.P.A.<span class=\"_ _df\"> </span><div class=\"t m0 hc ff4 fs4 fc4 sc3 lsfb ws0 gse5a\">B.<span class=\"_ _df\"> </span></div><div class=\"t m0 hc ff4 fs4 fc4 sc3 ls0 ws0 gse5b\">Inf<span class=\"_ _1\"></span>orm<span class=\"_ _f\"></span>ativa s<span class=\"_ _f\"></span>ulle e<span class=\"_ _f\"></span>ntit\u00e0 <span class=\"_ _f\"></span>strutt<span class=\"_ _f\"></span>urate (<span class=\"_ _1\"></span>div<span class=\"_ _f\"></span>erse da<span class=\"_ _f\"></span>lle so<span class=\"_ _f\"></span>ciet\u00e0 p<span class=\"_ _f\"></span>er la c<span class=\"_ _f\"></span>artola<span class=\"_ _1\"></span>riz<span class=\"_ _1\"></span>zazi<span class=\"_ _f\"></span>one)  </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gse5c\">Un\u2019entit\u00e0 <span class=\"_ _2\"></span>st<span class=\"_ _2\"></span>rutturata <span class=\"_ _d\"></span>\u00e8 <span class=\"_ _2\"></span>un\u2019entit\u00e0 <span class=\"_ _d\"></span>configurata <span class=\"_ _d\"></span><span class=\"ff4\">in <span class=\"_ _d\"></span>modo <span class=\"_ _d\"></span>tale <span class=\"_ _2\"></span>che <span class=\"_ _d\"></span>i <span class=\"_ _d\"></span>diritti <span class=\"_ _d\"></span>di <span class=\"_ _2\"></span>voto <span class=\"_ _d\"></span>o <span class=\"_ _d\"></span>diritti <span class=\"_ _d\"></span>similari <span class=\"_ _2\"></span>non </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gse5d\">sono ritenuti ril<span class=\"_ _1\"></span>evanti pe<span class=\"_ _1\"></span>r stabilire il <span class=\"_ _1\"></span>controllo, come nel <span class=\"_ _f\"></span>cas<span class=\"_ _2\"></span>o in <span class=\"_ _1\"></span>cui i <span class=\"_ _1\"></span>diritti di v<span class=\"_ _1\"></span>oto facciano soltanto </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gse5e\">riferimento  ad  attivit\u00e0  amministrative  e  le  attivit\u00e0  rilevanti  siano  condotte  attraverso <span class=\"_ _4\"> </span>accordi </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gse5f\">contrattuali.  </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gse60\">Per i v<span class=\"_ _1\"></span>eicoli a <span class=\"_ _1\"></span>destinazione sp<span class=\"_ _1\"></span>ecifica e fondi <span class=\"_ _1\"></span>di inv<span class=\"_ _1\"></span>estimento, il controllo \u00e8<span class=\"_ _f\"></span> ritenuto esistere lad<span class=\"_ _1\"></span>dove </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gse61\">il <span class=\"_ _2\"></span>Gruppo <span class=\"_ _2\"></span>dispone dei <span class=\"_ _2\"></span>diritti <span class=\"_ _2\"></span>contrattuali <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>gestire <span class=\"_ _2\"></span>le <span class=\"_ _2\"></span>attivit\u00e0 rilevanti <span class=\"_ _2\"></span>dell\u2019entit\u00e0 <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>risulta <span class=\"_ _2\"></span>esposto </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gse62\">ai rendimenti variabili delle stesse. </div><div class=\"t m0 he ff4 fs5 fc4 sc3 ls0 ws0 gse63\">B.1 En<span class=\"_ _1\"></span>tit\u00e0 str<span class=\"_ _1\"></span>uttura<span class=\"_ _f\"></span>te conso<span class=\"_ _1\"></span>lidate<span class=\"_ _1\"></span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gse64\">Non sono presenti nel Gruppo entit\u00e0 strutturate consolid<span class=\"_ _1\"></span>ate.<span class=\"_ _2\"></span> </div><div class=\"t m0 he ff4 fs5 fc4 sc3 ls0 ws0 gse65\">B.2 En<span class=\"_ _1\"></span>tit\u00e0 str<span class=\"_ _1\"></span>uttura<span class=\"_ _f\"></span>te non co<span class=\"_ _f\"></span>nsolidate co<span class=\"_ _f\"></span>ntabilmen<span class=\"_ _f\"></span>te </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gse66\">Non sono presenti nel Gruppo entit\u00e0 strutturate non consolid<span class=\"_ _1\"></span>ate contabilmente. </div><div class=\"t m0 he ff4 fs5 fc4 sc3 ls0 ws0 gse67\">B.2.1 E<span class=\"_ _1\"></span>ntit\u00e0 s<span class=\"_ _1\"></span>truttu<span class=\"_ _1\"></span>rate n<span class=\"_ _f\"></span>on conso<span class=\"_ _f\"></span>lidate ai fin<span class=\"_ _1\"></span>i vigilan<span class=\"_ _1\"></span>za </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gse68\">Non sono presenti nel Gruppo entit\u00e0 strutturate non consolid<span class=\"_ _1\"></span>ate ai fini vigilanza.<span class=\"_ _2\"></span> </div><div class=\"t m0 he ff4 fs5 fc4 sc3 ls0 ws0 gse69\">B.2.2 A<span class=\"_ _f\"></span>ltre entit\u00e0 s<span class=\"_ _1\"></span>truttu<span class=\"_ _1\"></span>rate <span class=\"_ _f\"></span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gse6a\">Non sono presenti nel Gruppo altre entit\u00e0 strutturate.<span class=\"_ _df\"> </span> </div>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-887": {
   "value": "Sezio<span class=\"_ _1\"></span>ne 3 - A<span class=\"_ _f\"></span>rea e me<span class=\"_ _1\"></span>todi d<span class=\"_ _f\"></span>i consolida<span class=\"_ _1\"></span>mento<span class=\"_ _1\"></span> Il <span class=\"_ _2\"></span>bilancio <span class=\"_ _d\"></span>consolidato <span class=\"_ _d\"></span>del <span class=\"_ _d\"></span>Gruppo <span class=\"_ _d\"></span>Credem <span class=\"_ _2\"></span>comprende <span class=\"_ _d\"></span>il <span class=\"_ _d\"></span>bilancio <span class=\"_ _d\"></span>di <span class=\"_ _2\"></span>Credito <span class=\"_ _d\"></span>Emiliano <span class=\"_ _d\"></span>spa <span class=\"_ _d\"></span>e <span class=\"_ _2\"></span>delle <span class=\"_ _d\"></span>societ\u00e0 <span class=\"_ _d\"></span>da questa <span class=\"_ _f\"></span>contr<span class=\"_ _2\"></span>ollate, <span class=\"_ _f\"></span>includendo <span class=\"_ _f\"></span>n<span class=\"_ _2\"></span>el <span class=\"_ _f\"></span>perimetro di <span class=\"_ _f\"></span>consolidamento <span class=\"_ _1\"></span>anche <span class=\"_ _f\"></span>le societ\u00e0 <span class=\"_ _f\"></span>operanti <span class=\"_ _1\"></span>in <span class=\"_ _f\"></span>s<span class=\"_ _2\"></span>ettori <span class=\"_ _f\"></span>di attivit\u00e0<span class=\"_ _1\"></span> dissimili da <span class=\"_ _2\"></span>quello di <span class=\"_ _2\"></span>appartenenza <span class=\"_ _2\"></span>della Capogruppo. <span class=\"_ _2\"></span>Analogamente, so<span class=\"_ _2\"></span>no incluse <span class=\"_ _2\"></span>anche le <span class=\"_ _2\"></span>societ\u00e0 <span class=\"_ _2\"></span>veicolo (SPE/SPV) <span class=\"_ _2\"></span>quando <span class=\"_ _d\"></span>ne <span class=\"_ _d\"></span>ricorrano <span class=\"_ _d\"></span>i <span class=\"_ _2\"></span>requisiti <span class=\"_ _d\"></span>di <span class=\"_ _2\"></span>effett<span class=\"_ _2\"></span>ivo <span class=\"_ _2\"></span>contro<span class=\"_ _2\"></span>llo, <span class=\"_ _2\"></span>anche <span class=\"_ _2\"></span>indipendentemente <span class=\"_ _d\"></span>dall\u2019esistenza <span class=\"_ _d\"></span>di una quota partecipativa. Un\u2019impresa <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>grado <span class=\"_ _d\"></span>di <span class=\"_ _2\"></span>es<span class=\"ff4\">ercit<span class=\"_ _2\"></span>are <span class=\"_ _d\"></span>il <span class=\"_ _2\"></span>contr<span class=\"_ _2\"></span>ollo <span class=\"_ _2\"></span>se <span class=\"_ _d\"></span>\u00e8 <span class=\"_ _2\"></span>esposta <span class=\"_ _d\"></span>o <span class=\"_ _d\"></span>ha <span class=\"_ _2\"></span>diritto <span class=\"_ _d\"></span>a <span class=\"_ _d\"></span>rendimenti <span class=\"_ _2\"></span>variabili, <span class=\"_ _d\"></span>derivanti <span class=\"_ _d\"></span>dal </span>proprio  rapporto  con<span class=\"_ _f\"></span>  l\u2019entit\u00e0  ogge<span class=\"_ _1\"></span>tto  d\u2019investimento  e,  ne<span class=\"_ _f\"></span>l  frattempo,  ha  la<span class=\"_ _1\"></span>  capacit\u00e0  di  i<span class=\"_ _1\"></span>ncidere  su <span class=\"_ _16\"> </span>tali rendimenti esercitando il proprio potere su tale entit\u00e0. Sono <span class=\"_ _18\"> </span><span class=\"ls13\">no</span>rmalmente <span class=\"_ _18\"> </span>conside<span class=\"_ _1\"></span>rate <span class=\"_ _18\"> </span>controllate <span class=\"_ _18\"> </span>le <span class=\"_ _10\"> </span>imprese <span class=\"_ _18\"> </span>nelle <span class=\"_ _10\"> </span>quali <span class=\"_ _10\"> </span>la <span class=\"_ _18\"> </span>Capogruppo, <span class=\"_ _10\"> </span>direttamente <span class=\"_ _18\"> </span>o indirettamente, <span class=\"_ _0\"> </span>poss<span class=\"_ _2\"></span>iede <span class=\"_ _0\"></span>p<span class=\"_ _2\"></span>i\u00f9 <span class=\"_ _9\"> </span>della <span class=\"_ _9\"> </span>met\u00e0 <span class=\"_ _9\"> </span>d<span class=\"_ _2\"></span>ei <span class=\"_ _0\"></span>d<span class=\"_ _2\"></span>iritti <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>voto <span class=\"_ _16\"> </span>o <span class=\"_ _9\"> </span>quando, <span class=\"_ _9\"> </span>pur <span class=\"_ _9\"> </span>con <span class=\"_ _9\"> </span>una <span class=\"_ _16\"> </span>quota <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>dir<span class=\"_ _2\"></span>itti <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>voto inferiore, la <span class=\"_ _2\"></span>Capogruppo <span class=\"_ _2\"></span>ha il <span class=\"_ _2\"></span>potere <span class=\"_ _2\"></span>di nominare <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>maggioran<span class=\"_ _2\"></span>za <span class=\"_ _2\"></span>degli amministrat<span class=\"_ _2\"></span>ori della part<span class=\"_ _2\"></span>ecipata o <span class=\"_ _2\"></span>di determinare <span class=\"_ _f\"></span>le <span class=\"_ _1\"></span>politiche <span class=\"_ _f\"></span>fi<span class=\"_ _2\"></span>nanziarie <span class=\"_ _f\"></span>ed <span class=\"_ _1\"></span>operative <span class=\"_ _f\"></span>della stessa. <span class=\"_ _f\"></span>Nella v<span class=\"_ _1\"></span>alutazione <span class=\"_ _f\"></span>dei d<span class=\"_ _1\"></span>iritti d<span class=\"_ _1\"></span>i <span class=\"_ _f\"></span>voto si <span class=\"_ _f\"></span>tiene <span class=\"_ _f\"></span>conto anche <span class=\"_ _d\"></span>dei <span class=\"_ _d\"></span>diritti <span class=\"_ _0\"></span>\u201cpotenziali\u201d <span class=\"_ _d\"></span>che <span class=\"_ _d\"></span>siano <span class=\"_ _d\"></span>correntemente <span class=\"_ _0\"></span>esercitabili <span class=\"_ _d\"></span>o <span class=\"_ _d\"></span>convertibili <span class=\"_ _d\"></span>in <span class=\"_ _0\"></span>diritt<span class=\"_ _2\"></span><span class=\"ff4\">i <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>voto <span class=\"_ _0\"></span>effettivi <span class=\"_ _d\"></span>in </span>qualsiasi momento. Sono  normalmente  considerate  controllate  congiu<span class=\"_ _1\"></span>ntamente  le  imprese  nelle  quali  i  diritti  di  voto  ed<span class=\"_ _1\"></span>  il controllo <span class=\"_ _18\"> </span>dell\u2019attivit\u00e0 <span class=\"_ _19\"> </span>economica <span class=\"_ _18\"> </span>della <span class=\"_ _18\"> </span>partecipata <span class=\"_ _18\"> </span>sono <span class=\"_ _19\"> </span>condivisi <span class=\"_ _18\"> </span>in <span class=\"_ _18\"> </span>modo <span class=\"_ _19\"> </span>paritetico <span class=\"_ _18\"> </span>da <span class=\"_ _18\"> </span>Credem, direttamente o <span class=\"_ _2\"></span>indirettamente, e da un altr<span class=\"_ _2\"></span>o soggetto. Inoltre viene qualificato <span class=\"_ _2\"></span>come sottoposto a <span class=\"_ _2\"></span>controllo<span class=\"_ _1\"></span> congiunto un <span class=\"_ _2\"></span>investimento <span class=\"_ _2\"></span>partecipativo nel <span class=\"_ _2\"></span>quale, <span class=\"_ _2\"></span>pur in <span class=\"_ _2\"></span>assenza <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>una quota <span class=\"_ _2\"></span>paritetica <span class=\"_ _2\"></span>di diritt<span class=\"_ _2\"></span>i di <span class=\"_ _2\"></span>voto, <span class=\"_ _2\"></span>il<span class=\"_ _1\"></span> controllo <span class=\"_ _2\"></span>sull\u2019attivit\u00e0 <span class=\"_ _2\"></span>economica e <span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>ugli indiri<span class=\"ff4\">zzi <span class=\"_ _2\"></span>st<span class=\"_ _2\"></span>rategici della <span class=\"_ _2\"></span>partecipata <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _2\"></span>condiviso <span class=\"_ _2\"></span>con <span class=\"_ _2\"></span>altri <span class=\"_ _2\"></span>soggetti <span class=\"_ _2\"></span>in </span>virt\u00f9 di accordi contrattuali. Sono <span class=\"_ _d\"></span>nor<span class=\"_ _2\"></span>malmente <span class=\"_ _d\"></span>considerate <span class=\"_ _d\"></span>collegate, <span class=\"_ _d\"></span>cio\u00e8 <span class=\"_ _d\"></span>sot<span class=\"_ _2\"></span>toposte <span class=\"_ _d\"></span>ad <span class=\"_ _0\"></span>infl<span class=\"_ _1\"></span>uenza <span class=\"_ _d\"></span>notevole, <span class=\"_ _d\"></span>l<span class=\"_ _2\"></span>e <span class=\"_ _d\"></span>imprese <span class=\"_ _d\"></span>nelle <span class=\"_ _0\"></span>quali <span class=\"_ _d\"></span>la capogruppo, <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>irettamente <span class=\"_ _d\"></span>o <span class=\"_ _d\"></span>indirettamente, <span class=\"_ _2\"></span>poss<span class=\"_ _2\"></span>iede<span class=\"_ _1\"></span> <span class=\"_ _d\"></span>a<span class=\"_ _2\"></span>lmeno <span class=\"_ _d\"></span>il <span class=\"_ _d\"></span>20% <span class=\"_ _d\"></span>dei <span class=\"_ _d\"></span>diritti <span class=\"_ _d\"></span>di <span class=\"_ _2\"></span>vot<span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>(ivi <span class=\"_ _d\"></span>inclusi <span class=\"_ _d\"></span>i <span class=\"_ _d\"></span>diritti <span class=\"_ _d\"></span>di voto \u201cpotenziali\u201d come sopra<span class=\"_ _1\"></span> definiti) o nelle<span class=\"_ _1\"></span> quali <span class=\"_ _2\"></span>\u2013<span class=\"ff4\"> pur con una<span class=\"_ _1\"></span> quota di diritti di<span class=\"_ _1\"></span> voto inferiore <span class=\"ff5\">\u2013</span> ha il potere </span>di <span class=\"_ _4\"> </span>partecipare <span class=\"_ _4\"> </span>a<span class=\"_ _2\"></span>lla <span class=\"_ _4\"> </span>determinazio<span class=\"_ _2\"></span>ne <span class=\"_ _4\"> </span>delle <span class=\"_ _17\"> </span>politiche <span class=\"_ _4\"> </span>finanziarie <span class=\"_ _17\"> </span>e <span class=\"_ _17\"> </span>gestionali <span class=\"_ _4\"> </span>dell<span class=\"_ _2\"></span>a <span class=\"_ _17\"> </span>partecipata <span class=\"_ _17\"> </span>in <span class=\"_ _17\"> </span>virt\u00f9 <span class=\"_ _4\"> </span>di particolari legami giuridici qu<span class=\"_ _1\"></span>ali la part<span class=\"_ _2\"></span>ecipazi<span class=\"_ _1\"></span>one a patti di sindacato. <span class=\"_ _2\"></span> Le partecip<span class=\"_ _1\"></span>azioni controllate sono consolid<span class=\"_ _1\"></span>ate con il <span class=\"_ _1\"></span>metodo integ<span class=\"_ _1\"></span>rale, mentre le imprese colle<span class=\"_ _1\"></span>gate e le joi<span class=\"_ _1\"></span>nt venture sono consolidate in base al metodo del patrimonio netto. Criter<span class=\"_ _1\"></span>i e p<span class=\"_ _1\"></span>rincipi<span class=\"_ _1\"></span> di co<span class=\"_ _f\"></span>nsolidam<span class=\"_ _1\"></span>en<span class=\"_ _f\"></span>to I criteri adottati per la redazione de<span class=\"_ _1\"></span>l bilancio consolidato sono i seguenti: <span class=\"_ _2c\"> </span><span class=\"ff4\">i<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span> <span class=\"_ _14\"> </span>o<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>as<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>e <span class=\"_ _15\"> </span>d<span class=\"_ _2\"></span>el<span class=\"_ _2\"></span> <span class=\"_ _15\"> </span>pr<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>m<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span> <span class=\"_ _14\"> </span>c<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>ns<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>da<span class=\"_ _2\"></span>m<span class=\"_ _d\"></span>en<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>, <span class=\"_ _15\"> </span>i<span class=\"_ _2\"></span>l <span class=\"_ _15\"> </span>v<span class=\"_ _2\"></span>al<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span> <span class=\"_ _14\"> </span>d<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span> <span class=\"_ _17\"> </span>c<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>o <span class=\"_ _15\"> </span>d<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>ll<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span> <span class=\"_ _14\"> </span>p<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>rt<span class=\"_ _d\"></span>ec<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>p<span class=\"_ _2\"></span>az<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>i <span class=\"_ _15\"> </span>i<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span> <span class=\"_ _17\"> </span>s<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>t\u00e0<span class=\"_ _df\"> </span></span>c<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>ns<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>at<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>  in<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>gr<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>m<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>nt<span class=\"_ _d\"></span>e  \u00e8<span class=\"_ _2\"></span>  a<span class=\"_ _2\"></span>nn<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>at<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>  a  fr<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>  de<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>  pa<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>ri<span class=\"_ _2\"></span>m<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>io<span class=\"_ _d\"></span> <span class=\"_ _16\"> </span>n<span class=\"_ _2\"></span>et<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>  de<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>e  so<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>t\u00e0<span class=\"_ _2\"></span>  s<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>es<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>.  L<span class=\"_ _2\"></span>a<span class=\"_ _df\"> </span>c<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>nt<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>b<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>li<span class=\"_ _2\"></span>z<span class=\"_ _2\"></span>z<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>z<span class=\"_ _2\"></span>io<span class=\"_ _d\"></span>n<span class=\"_ _2\"></span>e <span class=\"_ _16\"> </span>de<span class=\"_ _2\"></span>g<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>i <span class=\"_ _16\"> </span>a<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>qu<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>i  ne<span class=\"_ _2\"></span>ll<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span> <span class=\"_ _9\"> </span>s<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>et<span class=\"_ _2\"></span>\u00e0<span class=\"_ _2\"></span> <span class=\"_ _9\"> </span>a<span class=\"_ _2\"></span>v<span class=\"_ _2\"></span>v<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>en<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span> <span class=\"_ _16\"> </span>in<span class=\"_ _2\"></span> <span class=\"_ _16\"> </span>ba<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span> <span class=\"_ _9\"> </span>a<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span> <span class=\"_ _9\"> </span>\u201c<span class=\"_ _2\"></span>m<span class=\"_ _2\"></span>et<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span> <span class=\"_ _9\"> </span>d<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>l\u2019<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>q<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>is<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>\u201d  co<span class=\"_ _2\"></span>m<span class=\"_ _2\"></span>e<span class=\"_ _df\"> </span>d<span class=\"_ _2\"></span>ef<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>o d<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>l\u2019<span class=\"_ _2\"></span> I<span class=\"_ _2\"></span>FR<span class=\"_ _2\"></span>S<span class=\"_ _2\"></span> 3<span class=\"_ _2\"></span>, os<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span> co<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span> r<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>le<span class=\"_ _2\"></span>v<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>zi<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span> di<span class=\"_ _2\"></span> at<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>v<span class=\"_ _2\"></span>it<span class=\"_ _2\"></span>\u00e0<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span> pa<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>vi<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>\u00e0<span class=\"_ _2\"></span> e pa<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>v<span class=\"_ _2\"></span>it<span class=\"_ _2\"></span>\u00e0<span class=\"_ _2\"></span> po<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>z<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>li<span class=\"_ _2\"></span> d<span class=\"_ _2\"></span>el<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>e<span class=\"_ _0\"></span><span class=\"ff4\"> im<span class=\"_ _2\"></span>p<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>e<span class=\"_ _df\"> </span></span>a<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>q<span class=\"_ _2\"></span>ui<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>e  al<span class=\"_ _2\"></span>  fa<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>r  va<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span> <span class=\"_ _9\"> </span>a<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span> <span class=\"_ _16\"> </span>da<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span> <span class=\"_ _16\"> </span>d<span class=\"_ _2\"></span>i  ac<span class=\"_ _2\"></span>q<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>is<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>z<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>on<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span> <span class=\"_ _16\"> </span>c<span class=\"_ _2\"></span>io<span class=\"_ _2\"></span>\u00e8<span class=\"_ _2\"></span>  da<span class=\"_ _2\"></span>l  mo<span class=\"_ _2\"></span>m<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>to<span class=\"_ _2\"></span>  in<span class=\"_ _2\"></span>  cu<span class=\"_ _2\"></span>i  si<span class=\"_ _2\"></span>  ot<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>en<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>  l\u2019<span class=\"_ _2\"></span>ef<span class=\"_ _2\"></span>f<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>tt<span class=\"_ _d\"></span>i<span class=\"_ _2\"></span>vo<span class=\"_ _df\"> </span>c<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>nt<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>o <span class=\"_ _0\"></span>d<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>la<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>s<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>et<span class=\"_ _2\"></span>\u00e0<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>ac<span class=\"_ _2\"></span>q<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>it<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>.<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>P<span class=\"_ _2\"></span>er<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>nt<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>i<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>r<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>lt<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>e<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>no<span class=\"_ _2\"></span>m<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>d<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>u<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>c<span class=\"_ _2\"></span>on<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>at<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>a<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>q<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>is<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>n<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>l<span class=\"_ _df\"> </span>c<span class=\"_ _2\"></span>or<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span> <span class=\"_ _9\"> </span>d<span class=\"_ _2\"></span>el<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>p<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>ri<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>d<span class=\"_ _2\"></span>i <span class=\"_ _9\"> </span>r<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>f<span class=\"_ _2\"></span>er<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>m<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>nt<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>s<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>i<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>cl<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>n<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>l<span class=\"_ _d\"></span> <span class=\"_ _0\"></span>b<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>la<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>c<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>ns<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>da<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>a<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>p<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>rt<span class=\"_ _d\"></span>ir<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>d<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>a <span class=\"_ _9\"> </span>da<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>d<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>ll<span class=\"_ _2\"></span>a<span class=\"_ _df\"> </span>s<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>a <span class=\"_ _4\"> </span>a<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>qu<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>z<span class=\"_ _2\"></span>io<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>. <span class=\"_ _4\"> </span>P<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>m<span class=\"_ _2\"></span>en<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>, <span class=\"_ _4\"> </span>i<span class=\"_ _2\"></span> <span class=\"_ _4\"> </span>ri<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>lt<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span> <span class=\"_ _4\"> </span>ec<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>om<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span> <span class=\"_ _22\"> </span>d<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span> <span class=\"_ _4\"> </span>u<span class=\"_ _2\"></span>na<span class=\"_ _2\"></span> <span class=\"_ _4\"> </span>co<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>ll<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>a <span class=\"_ _4\"> </span>c<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>ut<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span> <span class=\"_ _4\"> </span>so<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span> <span class=\"_ _4\"> </span>in<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>us<span class=\"_ _d\"></span>i <span class=\"_ _4\"> </span>n<span class=\"_ _2\"></span>el<span class=\"_ _df\"> </span>b<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>la<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>ol<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>at<span class=\"_ _d\"></span>o <span class=\"_ _2\"></span>f<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>a<span class=\"_ _d\"></span>ll<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span> d<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>n <span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>l <span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>nt<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>lo<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>\u00e8<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>es<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>;<span class=\"_ _df\"> </span><span class=\"_ _2c\"> </span><span class=\"ff4\">l<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>e<span class=\"_ _2\"></span>v<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>nt<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>i <span class=\"_ _0\"></span>e<span class=\"_ _2\"></span>cc<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>nz<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>d<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>l <span class=\"_ _0\"></span>f<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>ir<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>va<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>d<span class=\"_ _2\"></span>el<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>pr<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>z<span class=\"_ _d\"></span>z<span class=\"_ _2\"></span>o <span class=\"_ _0\"></span>p<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>ga<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>r<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>pe<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>a<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>la<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>co<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>po<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>en<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>f<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>zi<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>e <span class=\"_ _0\"></span>d<span class=\"_ _2\"></span>i<span class=\"_ _df\"> </span></span>p<span class=\"_ _2\"></span>at<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>m<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>io<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>to<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>g<span class=\"_ _2\"></span>ua<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>o <span class=\"_ _d\"></span>c<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>n <span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>\u2019<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>f<span class=\"_ _2\"></span>f<span class=\"_ _2\"></span>et<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>l <span class=\"_ _2\"></span>f<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>ir<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>va<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>ll<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>at<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>v<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>t\u00e0<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>o<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>p<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>ss<span class=\"_ _d\"></span>i<span class=\"_ _2\"></span>vi<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>\u00e0<span class=\"_ _2\"></span>, <span class=\"_ _2\"></span>s<span class=\"_ _d\"></span>e <span class=\"_ _2\"></span>p<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>it<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>v<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>no<span class=\"_ _df\"> </span>r<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>ev<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>e <span class=\"_ _9\"> </span>q<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>i <span class=\"_ _9\"> </span>a<span class=\"_ _2\"></span>v<span class=\"_ _2\"></span>vi<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>m<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>nt<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span> <span class=\"_ _0\"> </span>n<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>la<span class=\"_ _2\"></span> <span class=\"_ _9\"> </span>vo<span class=\"_ _d\"></span>c<span class=\"_ _2\"></span>e <span class=\"_ _0\"></span>\u201c<span class=\"_ _d\"></span>At<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>v<span class=\"_ _2\"></span>it<span class=\"_ _2\"></span>\u00e0<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>i<span class=\"_ _2\"></span>m<span class=\"_ _2\"></span>m<span class=\"_ _2\"></span>at<span class=\"_ _d\"></span>er<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>i\u201d<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>s<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span> <span class=\"_ _9\"> </span>n<span class=\"_ _2\"></span>eg<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>v<span class=\"_ _2\"></span>e <span class=\"_ _9\"> </span>s<span class=\"_ _2\"></span>on<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>i<span class=\"_ _2\"></span>m<span class=\"_ _2\"></span>p<span class=\"_ _2\"></span>ut<span class=\"_ _d\"></span>at<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>a<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>c<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>o<span class=\"_ _df\"> </span>e<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>no<span class=\"_ _2\"></span>m<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>co<span class=\"_ _d\"></span>;<span class=\"_ _df\"> </span><span class=\"_ _2c\"> </span><span class=\"ff5\">p<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span> gl<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span> e<span class=\"_ _2\"></span>v<span class=\"_ _2\"></span>en<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>li<span class=\"_ _2\"></span> a<span class=\"_ _2\"></span>cq<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>i d<span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>ul<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>io<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span> qu<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span> pa<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>ci<span class=\"_ _2\"></span>p<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>iv<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span> s<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>cc<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>v<span class=\"_ _2\"></span>e a<span class=\"_ _2\"></span>ll<span class=\"_ _2\"></span>\u2019<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>q<span class=\"_ _2\"></span>ui<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>z<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>on<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span> d<span class=\"_ _2\"></span>el<span class=\"_ _2\"></span> c<span class=\"_ _2\"></span>on<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>,<span class=\"_ _df\"> </span></span>d<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>ci<span class=\"_ _2\"></span>p<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>in<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>  s<span class=\"_ _2\"></span>p<span class=\"_ _2\"></span>ec<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>f<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>ca<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>m<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>nt<span class=\"_ _d\"></span>e <span class=\"_ _22\"> </span>d<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>  pr<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>p<span class=\"_ _2\"></span>io<span class=\"_ _2\"></span>  c<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>bi<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>e <span class=\"_ _4\"> </span>IA<span class=\"_ _2\"></span>S<span class=\"_ _2\"></span>2<span class=\"_ _2\"></span>7<span class=\"_ _2\"></span>, <span class=\"_ _22\"> </span>l<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>  e<span class=\"_ _2\"></span>v<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>nt<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>i <span class=\"_ _4\"> </span>di<span class=\"_ _2\"></span>f<span class=\"_ _2\"></span>f<span class=\"_ _2\"></span>er<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>z<span class=\"_ _2\"></span>e <span class=\"_ _4\"> </span>po<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>it<span class=\"_ _d\"></span>i<span class=\"_ _2\"></span>ve<span class=\"_ _2\"></span>  o<span class=\"_ _df\"> </span>n<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>ga<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>v<span class=\"_ _2\"></span>e,<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>c<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>m<span class=\"_ _2\"></span>e <span class=\"_ _0\"></span>s<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>pr<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>d<span class=\"_ _2\"></span>et<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>mi<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>, <span class=\"_ _0\"></span>c<span class=\"_ _2\"></span>h<span class=\"_ _2\"></span>e <span class=\"_ _9\"> </span>v<span class=\"_ _2\"></span>en<span class=\"_ _2\"></span>g<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>o <span class=\"_ _0\"></span>a<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>s<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>g<span class=\"_ _2\"></span>er<span class=\"_ _d\"></span>e<span class=\"_ _d\"></span> <span class=\"_ _d\"></span>a<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>s<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>g<span class=\"_ _2\"></span>ui<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>d<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>t<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>a<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>q<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>is<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>s<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>ss<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>v<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span> s<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>no<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>m<span class=\"_ _2\"></span>p<span class=\"_ _2\"></span>ut<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>ir<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>ta<span class=\"_ _2\"></span>m<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>a<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>p<span class=\"_ _2\"></span>at<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>m<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>ni<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>;<span class=\"_ _d\"></span> <span class=\"_ _2c\"> </span><span class=\"ff4\">a<span class=\"_ _2\"></span>d<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>o<span class=\"_ _2\"></span>g<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>i <span class=\"_ _9\"> </span>d<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>ta<span class=\"_ _2\"></span> <span class=\"_ _9\"> </span>d<span class=\"_ _2\"></span>i <span class=\"_ _9\"> </span>b<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>la<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>io<span class=\"_ _2\"></span> <span class=\"_ _9\"> </span>(<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>d <span class=\"_ _9\"> </span>o<span class=\"_ _2\"></span>gn<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span> <span class=\"_ _9\"> </span>vo<span class=\"_ _d\"></span>lt<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>c<span class=\"_ _2\"></span>h<span class=\"_ _2\"></span>e <span class=\"_ _9\"> </span>v<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>s<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>a <span class=\"_ _9\"> </span>e<span class=\"_ _2\"></span>v<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>de<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>z<span class=\"_ _2\"></span>a <span class=\"_ _9\"> </span>d<span class=\"_ _2\"></span>i <span class=\"_ _9\"> </span>p<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>it<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span> <span class=\"_ _9\"> </span>d<span class=\"_ _2\"></span>i <span class=\"_ _9\"> </span>v<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>lo<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>) <span class=\"_ _9\"> </span>v<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>e <span class=\"_ _0\"></span>v<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>if<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>a<span class=\"_ _df\"> </span></span>l<span class=\"_ _2\"></span>\u2019<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>de<span class=\"_ _2\"></span>g<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>at<span class=\"_ _d\"></span>ez<span class=\"_ _2\"></span>z<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>  d<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>l <span class=\"_ _4\"> </span>va<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>e <span class=\"_ _4\"> </span>de<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>\u2019a<span class=\"_ _d\"></span>vv<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>m<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>nt<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>  (<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>.<span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>. <span class=\"_ _4\"> </span>im<span class=\"_ _2\"></span>p<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>ir<span class=\"_ _2\"></span>m<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>  t<span class=\"_ _2\"></span>es<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>)<span class=\"_ _2\"></span>.<span class=\"_ _2\"></span>  A<span class=\"_ _2\"></span>  t<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>  f<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>  v<span class=\"_ _0\"></span><span class=\"ff4\">i<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>e <span class=\"_ _22\"> </span>i<span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>ti<span class=\"_ _2\"></span>f<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>at<span class=\"_ _2\"></span>a<span class=\"_ _df\"> </span></span>l<span class=\"_ _2\"></span>\u2019<span class=\"_ _2\"></span>un<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>\u00e0<span class=\"_ _2\"></span>  ge<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>er<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>ic<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>  di<span class=\"_ _2\"></span>  fl<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span> <span class=\"_ _16\"> </span>fi<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>zi<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>  cu<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span> <span class=\"_ _16\"> </span>at<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>b<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>ir<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>  l\u2019<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>v<span class=\"_ _2\"></span>v<span class=\"_ _2\"></span>ia<span class=\"_ _2\"></span>m<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>nt<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>.<span class=\"_ _2\"></span>  L\u2019<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>mm<span class=\"_ _d\"></span>on<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>e  d<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>l\u2019<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>v<span class=\"_ _2\"></span>en<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>e<span class=\"_ _df\"> </span>r<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>uz<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>e <span class=\"_ _19\"> </span>d<span class=\"_ _2\"></span>i <span class=\"_ _19\"> </span>va<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>e <span class=\"_ _19\"> </span>\u00e8<span class=\"_ _2\"></span> <span class=\"_ _19\"> </span>da<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>o <span class=\"_ _19\"> </span>d<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>l\u2019<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>v<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>nt<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>e <span class=\"_ _19\"> </span>d<span class=\"_ _2\"></span>if<span class=\"_ _2\"></span>f<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>en<span class=\"_ _2\"></span>z<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span> <span class=\"_ _19\"> </span>ne<span class=\"_ _2\"></span>g<span class=\"_ _2\"></span>at<span class=\"_ _d\"></span>i<span class=\"_ _2\"></span>va<span class=\"_ _2\"></span> <span class=\"_ _18\"> </span>t<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span> <span class=\"_ _19\"> </span>il<span class=\"_ _2\"></span> <span class=\"_ _18\"> </span>v<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>e <span class=\"_ _19\"> </span>d<span class=\"_ _2\"></span>i <span class=\"_ _19\"> </span>i<span class=\"_ _2\"></span>sc<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>z<span class=\"_ _2\"></span>io<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>e<span class=\"_ _df\"> </span>d<span class=\"_ _2\"></span>el<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>\u2019<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>v<span class=\"_ _2\"></span>v<span class=\"_ _2\"></span>ia<span class=\"_ _2\"></span>m<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>to<span class=\"_ _2\"></span> <span class=\"_ _4\"> </span>e<span class=\"_ _2\"></span>d <span class=\"_ _22\"> </span>i<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>  s<span class=\"_ _d\"></span>uo<span class=\"_ _2\"></span> <span class=\"_ _4\"> </span>va<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>or<span class=\"_ _d\"></span>e <span class=\"_ _4\"> </span>di<span class=\"_ _2\"></span> <span class=\"_ _22\"> </span>r<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>p<span class=\"_ _2\"></span>er<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span> <span class=\"_ _22\"> </span>d<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>er<span class=\"_ _0\"></span><span class=\"ff4\">m<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>na<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>  c<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>m<span class=\"_ _2\"></span>e <span class=\"_ _4\"> </span>i<span class=\"_ _2\"></span>l <span class=\"_ _4\"> </span>ma<span class=\"_ _2\"></span>g<span class=\"_ _2\"></span>g<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>re<span class=\"_ _2\"></span>  t<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span> <span class=\"_ _22\"> </span>i<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span> <span class=\"_ _22\"> </span>f<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span> <span class=\"_ _22\"> </span>v<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>e<span class=\"_ _df\"> </span></span>d<span class=\"_ _2\"></span>el<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>\u2019<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>it<span class=\"_ _2\"></span>\u00e0<span class=\"_ _2\"></span> <span class=\"_ _9\"> </span>g<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>ne<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>tr<span class=\"_ _d\"></span>ic<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>d<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>f<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>us<span class=\"_ _d\"></span>si<span class=\"_ _2\"></span> <span class=\"_ _9\"> </span>f<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>na<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>z<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>ar<span class=\"_ _d\"></span>i,<span class=\"_ _2\"></span> <span class=\"_ _9\"> </span>a<span class=\"_ _2\"></span>l <span class=\"_ _9\"> </span>n<span class=\"_ _2\"></span>et<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span> <span class=\"_ _0\"> </span>d<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>g<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>i <span class=\"_ _9\"> </span>e<span class=\"_ _2\"></span>v<span class=\"_ _2\"></span>en<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>i <span class=\"_ _9\"> </span>c<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>st<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span> <span class=\"_ _9\"> </span>d<span class=\"_ _2\"></span>i <span class=\"_ _9\"> </span>v<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>nd<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>e<span class=\"_ _2\"></span>d <span class=\"_ _9\"> </span>i<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>r<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>at<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>v<span class=\"_ _2\"></span>o<span class=\"_ _df\"> </span>v<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>lo<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>\u2019u<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>. <span class=\"_ _d\"></span>Le<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>ns<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>g<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>nt<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>re<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>f<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>he<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>v<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>or<span class=\"_ _d\"></span>e <span class=\"_ _2\"></span>v<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>go<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>ri<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>v<span class=\"_ _2\"></span>at<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>a<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>co<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>co<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>m<span class=\"_ _2\"></span>ic<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>;<span class=\"_ _df\"> </span><span class=\"_ _2c\"> </span><span class=\"ff4\">g<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span> <span class=\"_ _16\"> </span>el<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>m<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>nt<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>  di  at<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>v<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>,  p<span class=\"_ _2\"></span><span class=\"ff5\">a<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>si<span class=\"_ _2\"></span>v<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>  e <span class=\"_ _9\"> </span>c<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>o  e<span class=\"_ _2\"></span>co<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>m<span class=\"_ _2\"></span>ic<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span> <span class=\"_ _16\"> </span>v<span class=\"_ _2\"></span>en<span class=\"_ _2\"></span>g<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span> <span class=\"_ _9\"> </span>i<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>gr<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>m<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>nt<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span> <span class=\"_ _16\"> </span>ac<span class=\"_ _2\"></span>q<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>it<span class=\"_ _d\"></span>i <span class=\"_ _16\"> </span>\u201c<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>in<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span> <span class=\"_ _16\"> </span>p<span class=\"_ _2\"></span>er<span class=\"_ _df\"> </span></span></span>l<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>ne<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>\u201d<span class=\"_ _2\"></span>;<span class=\"_ _df\"> </span><span class=\"_ _2c\"> </span><span class=\"ff4\">l<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>  pa<span class=\"_ _2\"></span>rt<span class=\"_ _d\"></span>it<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>  de<span class=\"_ _2\"></span>b<span class=\"_ _2\"></span>it<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>e  e  cr<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>to<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>,  l<span class=\"_ _2\"></span>e  o<span class=\"_ _2\"></span>pe<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>z<span class=\"_ _2\"></span>io<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span> <span class=\"_ _16\"> </span>f<span class=\"_ _2\"></span>uo<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>  bi<span class=\"_ _2\"></span>la<span class=\"_ _d\"></span>nc<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>o  n<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>nc<span class=\"_ _2\"></span>h<span class=\"_ _2\"></span>\u00e9<span class=\"_ _2\"></span> <span class=\"_ _16\"> </span>i  pr<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>v<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>nt<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>  e  gl<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span> <span class=\"_ _16\"> </span>o<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>er<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>  ed  i<span class=\"_ _df\"> </span></span>p<span class=\"_ _2\"></span>ro<span class=\"_ _d\"></span>f<span class=\"_ _2\"></span>it<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>e<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>l<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>p<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>it<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>t<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>en<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>o<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>g<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>ne<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>d<span class=\"_ _2\"></span>a <span class=\"_ _d\"></span>r<span class=\"_ _d\"></span>a<span class=\"_ _2\"></span>p<span class=\"_ _2\"></span>po<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>i <span class=\"_ _0\"></span>t<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>a <span class=\"_ _0\"></span>so<span class=\"_ _d\"></span>c<span class=\"_ _2\"></span>ie<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>\u00e0<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>o<span class=\"_ _2\"></span>g<span class=\"_ _2\"></span>g<span class=\"_ _2\"></span>et<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>d<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>c<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>ns<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>d<span class=\"_ _0\"></span>a<span class=\"_ _2\"></span>m<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>nt<span class=\"_ _d\"></span>o <span class=\"_ _0\"></span>i<span class=\"_ _2\"></span>nt<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>g<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>e,<span class=\"_ _df\"> </span>s<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>no<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>a <span class=\"_ _d\"></span>di<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>or<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>is<span class=\"_ _d\"></span>i;<span class=\"_ _df\"> </span><span class=\"_ _2c\"> </span><span class=\"ff5\">l<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>q<span class=\"_ _2\"></span>uo<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>d<span class=\"_ _2\"></span>i <span class=\"_ _0\"></span>p<span class=\"_ _2\"></span>at<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>m<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>ni<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>n<span class=\"_ _2\"></span>et<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>e<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>d<span class=\"_ _2\"></span>i <span class=\"_ _d\"></span>u<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>e <span class=\"_ _0\"></span>di<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>p<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>ri<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>d<span class=\"_ _2\"></span>i <span class=\"_ _d\"></span>p<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>in<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>z<span class=\"_ _2\"></span>a <span class=\"_ _d\"></span>d<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>\u201ct<span class=\"_ _d\"></span>er<span class=\"_ _2\"></span>z<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>\u201d<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>z<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>is<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>d<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>ll<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>s<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>et<span class=\"_ _2\"></span>\u00e0<span class=\"_ _df\"> </span></span>c<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>ns<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>at<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>s<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>no<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>i<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>e <span class=\"_ _d\"></span>i<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>a<span class=\"_ _2\"></span>p<span class=\"_ _2\"></span>po<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>e <span class=\"_ _0\"></span>v<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>ci<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>r<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>p<span class=\"_ _2\"></span>et<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>v<span class=\"_ _2\"></span>am<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>, <span class=\"_ _0\"></span>d<span class=\"_ _2\"></span>el<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>p<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>vo<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>di<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>s<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>to<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>pa<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>mo<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>e <span class=\"_ _0\"></span>e<span class=\"_ _df\"> </span>d<span class=\"_ _2\"></span>el<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>nt<span class=\"_ _d\"></span>o <span class=\"_ _d\"></span>ec<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>om<span class=\"_ _d\"></span>i<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>;<span class=\"_ _df\"> </span><span class=\"_ _2c\"> </span><span class=\"ff4\">p<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span> <span class=\"_ _9\"> </span>i<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span> <span class=\"_ _9\"> </span>c<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>ns<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>am<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>o  de<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>le<span class=\"_ _2\"></span> <span class=\"_ _16\"> </span>so<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>\u00e0 <span class=\"_ _16\"> </span>co<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span> <span class=\"_ _9\"> </span>m<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>o  int<span class=\"_ _d\"></span>eg<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>e <span class=\"_ _16\"> </span>so<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span> <span class=\"_ _9\"> </span>s<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>i  ut<span class=\"_ _2\"></span>il<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>z<span class=\"_ _2\"></span>z<span class=\"_ _2\"></span>at<span class=\"_ _d\"></span>i  i <span class=\"_ _9\"> </span>b<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>an<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span> <span class=\"_ _4\"> </span>re<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>v<span class=\"_ _2\"></span>i<span class=\"_ _df\"> </span></span>a<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>\u2019e<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>ci<span class=\"_ _2\"></span>z<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span> <span class=\"_ _15\"> </span>o<span class=\"_ _d\"></span>gg<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>tt<span class=\"_ _d\"></span>o <span class=\"_ _10\"> </span>d<span class=\"_ _2\"></span>el<span class=\"_ _2\"></span> <span class=\"_ _e\"> </span>p<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>es<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span> <span class=\"_ _e\"> </span>b<span class=\"_ _2\"></span>il<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>io<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span> <span class=\"_ _18\"> </span><span class=\"ff4\">pr<span class=\"_ _d\"></span>ed<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>po<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span> <span class=\"_ _15\"> </span>e<span class=\"_ _2\"></span> <span class=\"_ _e\"> </span>a<span class=\"_ _2\"></span>p<span class=\"_ _2\"></span>p<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>va<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span> <span class=\"_ _e\"> </span>d<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>ll<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span> <span class=\"_ _e\"> </span>s<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>ng<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span> <span class=\"_ _e\"> </span>s<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>ci<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>\u00e0<span class=\"_ _2\"></span>,<span class=\"_ _df\"> </span></span>e<span class=\"_ _2\"></span>ve<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>lm<span class=\"_ _d\"></span>en<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>  r<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>  c<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>nf<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>m<span class=\"_ _2\"></span>i <span class=\"_ _4\"> </span>a<span class=\"_ _2\"></span>i <span class=\"_ _22\"> </span>p<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>ip<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>  c<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>ta<span class=\"_ _2\"></span>b<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>  i<span class=\"_ _2\"></span>nt<span class=\"_ _d\"></span>er<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>zi<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>n<span class=\"_ _0\"></span>a<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>i <span class=\"_ _4\"> </span>s<span class=\"_ _2\"></span>eg<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>i <span class=\"_ _4\"> </span>n<span class=\"_ _2\"></span>el<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>  p<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>di<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>p<span class=\"_ _2\"></span>os<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>z<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>e<span class=\"_ _df\"> </span>d<span class=\"_ _2\"></span>el<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>it<span class=\"_ _d\"></span>ua<span class=\"_ _2\"></span>z<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>so<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>at<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>;<span class=\"_ _df\"> </span><span class=\"_ _2c\"> </span><span class=\"ff4\">i<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>v<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>lo<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>d<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>l<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>br<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>d<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>ll<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>p<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>rt<span class=\"_ _d\"></span>ec<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>pa<span class=\"_ _2\"></span>z<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>i <span class=\"_ _d\"></span>r<span class=\"_ _d\"></span>il<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>v<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>nt<span class=\"_ _d\"></span>i,<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>d<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>en<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>da<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>c<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>po<span class=\"_ _2\"></span>g<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>p<span class=\"_ _2\"></span>po<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>o<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>d<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>so<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>\u00e0<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>d<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>l<span class=\"_ _df\"> </span></span>g<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>p<span class=\"_ _2\"></span>po<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>a<span class=\"_ _2\"></span>f<span class=\"_ _2\"></span>f<span class=\"_ _2\"></span>er<span class=\"_ _d\"></span>en<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>s<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>et<span class=\"_ _2\"></span>\u00e0<span class=\"_ _2\"></span> <span class=\"_ _9\"> </span>co<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>da<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>c<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>i<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>m<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>do<span class=\"_ _2\"></span> <span class=\"_ _9\"> </span>d<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>p<span class=\"_ _2\"></span>at<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>m<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>io<span class=\"_ _2\"></span> <span class=\"_ _9\"> </span>n<span class=\"_ _2\"></span>et<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span> <span class=\"_ _9\"> </span>\u00e8 <span class=\"_ _9\"> </span>r<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>f<span class=\"_ _2\"></span>fr<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>at<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span> <span class=\"_ _9\"> </span>c<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>n<span class=\"_ _9\"> </span> <span class=\"_ _0\"> </span>l<span class=\"_ _2\"></span>a<span class=\"_ _df\"> </span>p<span class=\"_ _2\"></span>er<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>nt<span class=\"_ _d\"></span>e  q<span class=\"_ _2\"></span>uo<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>  di<span class=\"_ _2\"></span>  pa<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>im<span class=\"_ _d\"></span>on<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>  de<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>e  pa<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>pa<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>.<span class=\"_ _2\"></span>  L\u2019<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>v<span class=\"_ _2\"></span>en<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>e  e<span class=\"_ _2\"></span>cc<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>za<span class=\"_ _2\"></span>  d<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>l  v<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>lo<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>e  d<span class=\"_ _2\"></span>i  l<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>b<span class=\"_ _2\"></span>ro<span class=\"_ _2\"></span> <span class=\"_ _17\"> </span><span class=\"ff4\">-<span class=\"_ _df\"> </span></span>r<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>ul<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>nt<span class=\"_ _d\"></span>e  i<span class=\"_ _2\"></span>n  p<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>im<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>  a<span class=\"_ _2\"></span>p<span class=\"_ _2\"></span>pl<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>ca<span class=\"_ _2\"></span>z<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>e  a<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>  bi<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>an<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>  co<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>so<span class=\"_ _d\"></span>li<span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>to<span class=\"_ _2\"></span> <span class=\"_ _4\"> </span><span class=\"ff5\">\u2013<span class=\"_ _2\"></span></span>  \u00e8  i<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>us<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>  ne<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>  va<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>or<span class=\"_ _d\"></span>e  c<span class=\"_ _2\"></span>on<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>b<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>le<span class=\"_ _2\"></span>  d<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>ll<span class=\"_ _2\"></span>a<span class=\"_ _df\"> </span>p<span class=\"_ _2\"></span>ar<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>pa<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>.<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>L<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>va<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>z<span class=\"_ _2\"></span>io<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>n<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>v<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>p<span class=\"_ _2\"></span>at<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>mo<span class=\"_ _d\"></span>n<span class=\"_ _2\"></span>ia<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>, <span class=\"_ _9\"> </span>i<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>er<span class=\"_ _2\"></span>v<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>nu<span class=\"_ _2\"></span>t<span class=\"_ _0\"></span>e<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>n<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>gl<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>a<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>s<span class=\"_ _2\"></span>uc<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>vi<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>a<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>q<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>ll<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span> <span class=\"_ _0\"> </span>d<span class=\"_ _2\"></span>i<span class=\"_ _df\"> </span>p<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>im<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span> <span class=\"_ _0\"> </span>a<span class=\"_ _2\"></span>p<span class=\"_ _2\"></span>p<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>zi<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>, <span class=\"_ _9\"> </span>s<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>no<span class=\"_ _2\"></span> <span class=\"_ _9\"> </span>i<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>cr<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>a<span class=\"_ _2\"></span> <span class=\"_ _9\"> </span>v<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>e <span class=\"_ _9\"> </span>2<span class=\"_ _2\"></span>50<span class=\"_ _2\"></span> <span class=\"_ _9\"> </span>d<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>c<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>nt<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span> <span class=\"_ _9\"> </span>e<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>on<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>m<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>co<span class=\"_ _2\"></span> <span class=\"_ _9\"> </span>c<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>ns<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>at<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span> <span class=\"_ _9\"> </span>(<span class=\"_ _2\"></span>\u201c<span class=\"_ _2\"></span>ut<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span> <span class=\"_ _9\"> </span>(<span class=\"_ _2\"></span>pe<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>)<span class=\"_ _df\"> </span>d<span class=\"_ _2\"></span>el<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>pa<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>ip<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>z<span class=\"_ _2\"></span>io<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>\u201d<span class=\"_ _2\"></span>)<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>la<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>m<span class=\"_ _2\"></span>is<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>i <span class=\"_ _d\"></span>l<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>v<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>az<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>i <span class=\"_ _d\"></span>s<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>es<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>o <span class=\"_ _d\"></span>r<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>f<span class=\"_ _2\"></span>er<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>b<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>i <span class=\"_ _d\"></span>a <span class=\"_ _d\"></span>u<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>li<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>o<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>p<span class=\"_ _2\"></span>er<span class=\"_ _d\"></span>d<span class=\"_ _2\"></span>it<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>de<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>e<span class=\"_ _df\"> </span>p<span class=\"_ _2\"></span>ar<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>pa<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>;<span class=\"_ _df\"> </span><span class=\"_ _2c\"> </span><span class=\"ff4\">s<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span> <span class=\"_ _14\"> </span>e<span class=\"_ _2\"></span>si<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span> <span class=\"_ _17\"> </span>e<span class=\"_ _2\"></span>v<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>en<span class=\"_ _2\"></span>z<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span> <span class=\"_ _17\"> </span>c<span class=\"_ _2\"></span>h<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span> <span class=\"_ _14\"> </span>i<span class=\"_ _2\"></span>l <span class=\"_ _14\"> </span>v<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>e <span class=\"_ _14\"> </span>d<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span> <span class=\"_ _14\"> </span>u<span class=\"_ _2\"></span>na<span class=\"_ _2\"></span> <span class=\"_ _14\"> </span>p<span class=\"_ _2\"></span>ar<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>p<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>zi<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>ne<span class=\"_ _2\"></span> <span class=\"_ _14\"> </span>r<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>va<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span> <span class=\"_ _17\"> </span>p<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span> <span class=\"_ _17\"> </span>a<span class=\"_ _2\"></span>v<span class=\"_ _2\"></span>er<span class=\"_ _2\"></span> <span class=\"_ _14\"> </span>s<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>b<span class=\"_ _2\"></span>it<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span> <span class=\"_ _14\"> </span>u<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>a<span class=\"_ _df\"> </span></span>r<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>uz<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>,  si<span class=\"_ _2\"></span>  pr<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>e  al<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>a  st<span class=\"_ _d\"></span>im<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>  de<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>  va<span class=\"_ _2\"></span>lo<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span> <span class=\"_ _16\"> </span>r<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>pe<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>b<span class=\"_ _2\"></span>il<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>  de<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>a  pa<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>pa<span class=\"_ _2\"></span>z<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>e  st<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>a,<span class=\"_ _2\"></span>  te<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>do<span class=\"_ _df\"> </span>c<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>nt<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>d<span class=\"_ _2\"></span>el<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>va<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>e <span class=\"_ _d\"></span>a<span class=\"_ _2\"></span>tt<span class=\"_ _d\"></span>u<span class=\"_ _2\"></span>al<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>f<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>us<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>fi<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>z<span class=\"_ _2\"></span>ia<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>f<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>ur<span class=\"_ _d\"></span>i <span class=\"_ _d\"></span>c<span class=\"_ _2\"></span>h<span class=\"_ _2\"></span>e <span class=\"_ _d\"></span>l<span class=\"_ _2\"></span>a <span class=\"_ _d\"></span>p<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>rt<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>p<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>zi<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>e <span class=\"_ _d\"></span>p<span class=\"_ _2\"></span>ot<span class=\"_ _2\"></span>r<span class=\"_ _9\"> </span>\u00e0<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>g<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>er<span class=\"_ _d\"></span>ar<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>, <span class=\"_ _d\"></span>i<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>us<span class=\"_ _2\"></span>o<span class=\"_ _df\"> </span>i<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>v<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>or<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>d<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>d<span class=\"_ _2\"></span>is<span class=\"_ _2\"></span>m<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>ss<span class=\"_ _d\"></span>io<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>f<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>na<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>d<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>\u2019<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>ve<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>im<span class=\"_ _d\"></span>en<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>. <span class=\"_ _0\"></span>Q<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>or<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>i<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>va<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>d<span class=\"_ _2\"></span>i <span class=\"_ _0\"></span>r<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>pe<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>r<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>lt<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>i<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>f<span class=\"_ _2\"></span>er<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>or<span class=\"_ _d\"></span>e <span class=\"_ _0\"></span>a<span class=\"_ _2\"></span>l<span class=\"_ _df\"> </span>v<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>lo<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>co<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>b<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>le<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>at<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>v<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>di<span class=\"_ _2\"></span>f<span class=\"_ _2\"></span>f<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>en<span class=\"_ _2\"></span>z<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>\u00e8<span class=\"_ _2\"></span> r<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>v<span class=\"_ _2\"></span>at<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>l <span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>nt<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>co<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>m<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>co<span class=\"_ _2\"></span>;<span class=\"_ _df\"> </span><span class=\"_ _2c\"> </span><span class=\"ff4\">p<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span> <span class=\"_ _10\"> </span>i<span class=\"_ _2\"></span>l <span class=\"_ _10\"> </span>c<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>so<span class=\"_ _d\"></span>li<span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>m<span class=\"_ _2\"></span>en<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span> <span class=\"_ _10\"> </span>d<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>ll<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span> <span class=\"_ _10\"> </span>pa<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>pa<span class=\"_ _2\"></span>z<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>on<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span> <span class=\"_ _10\"> </span>i<span class=\"_ _2\"></span>n <span class=\"_ _10\"> </span>s<span class=\"_ _d\"></span>oc<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>t\u00e0<span class=\"_ _2\"></span> <span class=\"_ _10\"> </span>c<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>ga<span class=\"_ _0\"></span>t<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span> <span class=\"_ _10\"> </span>so<span class=\"_ _d\"></span>no<span class=\"_ _2\"></span> <span class=\"_ _10\"> </span>s<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>at<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span> <span class=\"_ _10\"> </span>u<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>il<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>z<span class=\"_ _2\"></span>z<span class=\"_ _2\"></span>at<span class=\"_ _d\"></span>i,<span class=\"_ _2\"></span> <span class=\"_ _10\"> </span>o<span class=\"_ _2\"></span>v<span class=\"_ _2\"></span>e<span class=\"_ _df\"> </span></span>d<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>po<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>b<span class=\"_ _2\"></span>il<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>i <span class=\"_ _d\"></span>p<span class=\"_ _2\"></span>ro<span class=\"_ _2\"></span>g<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>i <span class=\"_ _d\"></span>di<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>b<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>ci<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span> <span class=\"_ _d\"></span><span class=\"ff5\">r<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>la<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>v<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>l\u2019<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>er<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>z<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>o<span class=\"_ _d\"></span>gg<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>tt<span class=\"_ _d\"></span>o <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>p<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>en<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>b<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>la<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>io<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span> <span class=\"_ _0\"></span></span>a<span class=\"_ _2\"></span>p<span class=\"_ _2\"></span>pr<span class=\"_ _d\"></span>o<span class=\"_ _2\"></span>va<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>i<span class=\"_ _df\"> </span>r<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>pe<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>vi<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>C<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>g<span class=\"_ _2\"></span>li<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>A<span class=\"_ _2\"></span>m<span class=\"_ _2\"></span>m<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>is<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>zi<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>; <span class=\"_ _d\"></span>i<span class=\"_ _2\"></span>n <span class=\"_ _d\"></span>l<span class=\"_ _2\"></span>or<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>m<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>za<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>ta<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>de<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>at<span class=\"_ _d\"></span>i <span class=\"_ _d\"></span>i<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>at<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>de<span class=\"_ _2\"></span>g<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>lt<span class=\"_ _d\"></span>im<span class=\"_ _2\"></span>i<span class=\"_ _df\"> </span>b<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>la<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>pp<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>va<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>(<span class=\"_ _2\"></span>g<span class=\"_ _2\"></span>en<span class=\"_ _d\"></span>er<span class=\"_ _d\"></span>a<span class=\"_ _2\"></span>lm<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>q<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>li<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span> 3<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>em<span class=\"_ _2\"></span>b<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>2<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>2<span class=\"_ _2\"></span>4<span class=\"_ _2\"></span>).<span class=\"_ _df\"> </span>Part<span class=\"_ _1\"></span>ecipa<span class=\"_ _1\"></span>zioni <span class=\"_ _1\"></span>in so<span class=\"_ _1\"></span>ciet\u00e0 <span class=\"_ _f\"></span>controll<span class=\"_ _f\"></span>ate in via<span class=\"_ _1\"></span> escl<span class=\"_ _1\"></span>usiva<span class=\"_ _1\"></span> e co<span class=\"_ _f\"></span>llegate (<span class=\"_ _1\"></span>cons<span class=\"_ _f\"></span>olidate <span class=\"_ _1\"></span>al pa<span class=\"_ _1\"></span>trimo<span class=\"_ _f\"></span>nio netto<span class=\"_ _1\"></span>) al 31<span class=\"_ _1\"></span> dicem<span class=\"_ _f\"></span>bre 202<span class=\"_ _1\"></span>5 <table class=\"s w953 h493\" id=\"_ac353ea3-65e4-4c04-a12f-9a0721632150\"><tr><td class=\"c x2c5 y252f w2cd h21a\"><div class=\"t m0 xf0 h1f y304 ff4 fs7 fc1 sc0 ls0 ws0\">Denominazioni <span class=\"_ _1\"></span>imprese </div></td><td class=\"c x2c6 y252f w257 h21a\"><div class=\"t m0 x35 h1f y304 ff4 fs7 fc1 sc0 ls0 ws0\">Sede </div></td><td class=\"c x2c7 y2530 w954 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc1 sc0 ls0 ws0\">Tipo di<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x2c8 y2531 w2cf h21b\"><div class=\"t m0 x48 h1f y12eb ff4 fs7 fc1 sc0 ls0 ws0\">Rapporto di pa<span class=\"_ _1\"></span>rtecipazione </div></td><td class=\"c x2c9 y2530 w955 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc1 sc0 ls0 ws0\">Disponibilit<span class=\"_ _df\"> </span></div></td></tr><tr><td></td><td></td><td class=\"c x2ca y2532 w956 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc1 sc0 ls0 ws0\">rapporto<span class=\"_ _df\"> </span></div></td><td class=\"c x2c8 y252f w14 h21c\"><div class=\"t m0 x10 h1f y496 ff4 fs7 fc1 sc0 ls0 ws0\">Impresa partecipan<span class=\"_ _f\"></span>t<span class=\"_ _2\"></span>e </div></td><td class=\"c x2cb y252f w2d0 h21c\"><div class=\"t m0 x8e h1f y496 ff4 fs7 fc1 sc0 ls0 ws0\">Quota % </div></td><td class=\"c x2cc y2532 w957 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc1 sc0 ls0 ws0\">\u00e0 voti %<span class=\"_ _df\"> </span></div></td></tr><tr><td class=\"c x2c5 y2533 w2cd h21d\"><div class=\"t m0 x0 h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">A. Imprese </div></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2c5 y2534 w2cd hbc\"><div class=\"t m0 x0 h1f y74a ff4 fs7 fc1 sc0 ls0 ws0\">A. 1 Consolidate <span class=\"_ _1\"></span>integralmente </div></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2cd y2535 w2d1 hbc\"><div class=\"t m0 x37 h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">1. Credemleasing spa<span class=\"_ _f\"></span> </div></td><td class=\"c x2c6 y2535 w257 hbc\"><div class=\"t m0 x0 h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">Reggio Emilia<span class=\"_ _1\"></span> </div></td><td class=\"c x2ce y2535 w2ce hbc\"><div class=\"t m0 x39 h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">1 </div></td><td class=\"c x2c8 y2535 w14 hbc\"><div class=\"t m0 x2a h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">Credito Emilian<span class=\"_ _1\"></span>o </div></td><td class=\"c x2cb y2535 w2d0 hbc\"><div class=\"t m0 x2f h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">99,90% </div></td><td></td></tr><tr><td></td><td></td><td></td><td class=\"c x2cf y2536 w958 h494\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc1 sc0 ls0 ws0\">Magazzini Genera<span class=\"_ _f\"></span>l<span class=\"_ _2\"></span>i<span class=\"_ _df\"> </span></div></td><td class=\"c x2cb y2537 w2d0 h1bb\"><div class=\"t m0 x2e h1f y66a ff4 fs7 fc1 sc0 ls0 ws0\">0,10% </div></td><td></td></tr><tr><td></td><td></td><td></td><td class=\"c x2d0 y2538 w959 h484\" colspan=\"2\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc1 sc0 ls0 ws0\">delle Tagliate<span class=\"_ _df\"> </span></div></td><td></td></tr><tr><td class=\"c x2cd y2539 w2d1 hbc\"><div class=\"t m0 x37 h1f y74a ff4 fs7 fc1 sc0 ls0 ws0\">2. Credemfactor sp<span class=\"_ _f\"></span>a </div></td><td class=\"c x2c6 y2539 w257 hbc\"><div class=\"t m0 x0 h1f y74a ff4 fs7 fc1 sc0 ls0 ws0\">Reggio Emilia<span class=\"_ _1\"></span> </div></td><td class=\"c x2ce y2539 w2ce hbc\"><div class=\"t m0 x39 h1f y74a ff4 fs7 fc1 sc0 ls0 ws0\">1 </div></td><td class=\"c x2c8 y2539 w14 hbc\"><div class=\"t m0 x2a h1f y74a ff4 fs7 fc1 sc0 ls0 ws0\">Credito Emilian<span class=\"_ _1\"></span>o </div></td><td class=\"c x2cb y2539 w2d0 hbc\"><div class=\"t m0 x2f h1f y74a ff4 fs7 fc1 sc0 ls0 ws0\">99,00% </div></td><td></td></tr><tr><td></td><td></td><td></td><td class=\"c x2c8 y253a w14 hbc\"><div class=\"t m0 x55 h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">Credemleasing<span class=\"_ _1\"></span> </div></td><td class=\"c x2cb y253a w2d0 hbc\"><div class=\"t m0 x2e h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">1,00% </div></td><td></td></tr><tr><td class=\"c x2cd y253b w2d1 h21d\"><div class=\"t m0 x37 h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">3. Credem Private <span class=\"_ _f\"></span>Equity SGR spa* </div></td><td class=\"c x2c6 y253b w257 h21d\"><div class=\"t m0 x0 h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">Reggio Emilia<span class=\"_ _1\"></span> </div></td><td class=\"c x2ce y253b w2ce h21d\"><div class=\"t m0 x39 h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">1 </div></td><td class=\"c x2c8 y253b w14 h21d\"><div class=\"t m0 x2a h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">Credito Emilian<span class=\"_ _1\"></span>o </div></td><td class=\"c x2cb y253b w2d0 h21d\"><div class=\"t m0 x16a h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">87,50% </div></td><td></td></tr><tr><td></td><td></td><td></td><td class=\"c x2d1 y253c w95a h495\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">Credem Euromob<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span>liare<span class=\"_ _df\"> </span></div></td><td class=\"c x2cb y253d w2d0 h21e\"><div class=\"t m0 x116 h1f yc5f ff4 fs7 fc1 sc0 ls0 ws0\">12,50% </div></td><td></td></tr><tr><td></td><td></td><td></td><td class=\"c x2d2 y253e w95b h484\" colspan=\"2\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">Private banking<span class=\"_ _df\"> </span></div></td><td></td></tr><tr><td class=\"c x2d4 y253f w95c h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">4. Euromobil<span class=\"_ _1\"></span>iare Asset Manage<span class=\"_ _1\"></span>ment SGR spa<span class=\"_ _df\"> </span></div><div class=\"t m0 x2d3 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">Milano<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x2ce y2540 w2ce hbc\"><div class=\"t m0 x39 h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">1 </div></td><td class=\"c x2c8 y2540 w14 hbc\"><div class=\"t m0 x2a h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">Credito Emilia<span class=\"lsc2\">no</span> </div></td><td class=\"c x2cb y2540 w2d0 hbc\"><div class=\"t m0 x8e h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">100,00% </div></td><td></td></tr><tr><td class=\"c x2cd y2541 w2d1 h21d\"><div class=\"t m0 x37 h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">5. Euromobiliare<span class=\"_ _1\"></span> Advisory SIM sp<span class=\"_ _f\"></span>a<span class=\"_ _df\"> </span></div></td><td class=\"c x2c6 y2541 w257 h21d\"><div class=\"t m0 x0 h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">Milano </div></td><td class=\"c x2ce y2541 w2ce h21d\"><div class=\"t m0 x39 h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">1 </div></td><td class=\"c x2c8 y2541 w14 h21d\"><div class=\"t m0 x2a h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">Credito Emilian<span class=\"_ _1\"></span>o </div></td><td class=\"c x2cb y2541 w2d0 h21d\"><div class=\"t m0 x8e h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">100,00% </div></td><td></td></tr><tr><td class=\"c x2cd y2542 w2d1 h21f\"><div class=\"t m0 x37 h1f y12f1 ff4 fs7 fc1 sc0 ls0 ws0\">6. Credemtel sp<span class=\"_ _1\"></span>a </div></td><td class=\"c x2c6 y2542 w257 h21f\"><div class=\"t m0 x0 h1f y12f1 ff4 fs7 fc1 sc0 ls0 ws0\">Reggio Emilia<span class=\"_ _1\"></span> </div></td><td class=\"c x2ce y2542 w2ce h21f\"><div class=\"t m0 x39 h1f y12f1 ff4 fs7 fc1 sc0 ls0 ws0\">1 </div></td><td class=\"c x2c8 y2542 w14 h21f\"><div class=\"t m0 x2a h1f y12f1 ff4 fs7 fc1 sc0 ls0 ws0\">Credito Emilian<span class=\"_ _1\"></span>o </div></td><td class=\"c x2cb y2542 w2d0 h21f\"><div class=\"t m0 x8e h1f y12f1 ff4 fs7 fc1 sc0 ls0 ws0\">100,00% </div></td><td></td></tr><tr><td class=\"c x2cd y2543 w2d1 h21d\"><div class=\"t m0 x37 h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">7. Avvera spa </div></td><td class=\"c x2c6 y2543 w257 h21d\"><div class=\"t m0 x0 h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">Reggio Emilia<span class=\"_ _1\"></span> </div></td><td class=\"c x2ce y2543 w2ce h21d\"><div class=\"t m0 x39 h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">1 </div></td><td class=\"c x2c8 y2543 w14 h21d\"><div class=\"t m0 x2a h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">Credito Emilian<span class=\"_ _1\"></span>o </div></td><td class=\"c x2cb y2543 w2d0 h21d\"><div class=\"t m0 x8e h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">100,00% </div></td><td></td></tr><tr><td class=\"c x2cd y2544 w2d1 h21d\"><div class=\"t m0 x37 h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">8. Magazzini Ge<span class=\"_ _1\"></span>nerali delle Tagl<span class=\"_ _1\"></span>iate spa</div></td><td class=\"c x2c6 y2544 w257 h21d\"><div class=\"t m0 x0 h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">Reggio Emilia<span class=\"_ _1\"></span> </div></td><td class=\"c x2ce y2544 w2ce h21d\"><div class=\"t m0 x39 h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">1 </div></td><td class=\"c x2c8 y2544 w14 h21d\"><div class=\"t m0 x2a h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">Credito Emilian<span class=\"_ _1\"></span>o </div></td><td class=\"c x2cb y2544 w2d0 h21d\"><div class=\"t m0 x8e h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">100,00% </div></td><td></td></tr><tr><td class=\"c x2cd y2545 w2d1 h21d\"><div class=\"t m0 x37 h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">9.Credem Euromob<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span>liare Private <span class=\"_ _f\"></span>Banking spa </div></td><td class=\"c x2c6 y2545 w257 h21d\"><div class=\"t m0 x0 h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">Milano </div></td><td class=\"c x2ce y2545 w2ce h21d\"><div class=\"t m0 x39 h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">1 </div></td><td class=\"c x2c8 y2545 w14 h21d\"><div class=\"t m0 x2a h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">Credito Emilian<span class=\"_ _1\"></span>o </div></td><td class=\"c x2cb y2545 w2d0 h21d\"><div class=\"t m0 x8e h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">100,00% </div></td><td></td></tr><tr><td class=\"c x2cd y2546 w2d1 h21d\"><div class=\"t m0 x37 h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">10. Euromobil<span class=\"_ _1\"></span>iare Fiduciaria spa<span class=\"_ _df\"> </span></div></td><td class=\"c x2c6 y2546 w257 h21d\"><div class=\"t m0 x0 h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">Milano </div></td><td class=\"c x2ce y2546 w2ce h21d\"><div class=\"t m0 x39 h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">1 </div></td><td class=\"c x2c8 y2546 w14 h21d\"><div class=\"t m0 x2a h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">Credito Emilian<span class=\"_ _1\"></span>o </div></td><td class=\"c x2cb y2546 w2d0 h21d\"><div class=\"t m0 x8e h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">100,00% </div></td><td></td></tr><tr><td class=\"c x2cd y2547 w2d1 hbc\"><div class=\"t m0 x37 h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">11. Credemvita spa<span class=\"_ _f\"></span> </div></td><td class=\"c x2c6 y2547 w257 hbc\"><div class=\"t m0 x0 h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">Reggio Emilia<span class=\"_ _1\"></span> </div></td><td class=\"c x2ce y2547 w2ce hbc\"><div class=\"t m0 x39 h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">1 </div></td><td class=\"c x2c8 y2547 w14 hbc\"><div class=\"t m0 x2a h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">Credito Emilian<span class=\"_ _1\"></span>o </div></td><td class=\"c x2cb y2547 w2d0 hbc\"><div class=\"t m0 x8e h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">100,00% </div></td><td></td></tr><tr><td class=\"c x2cd y2548 w2d1 h21d\"><div class=\"t m0 x37 h1f y80 ff4 fs7 fc1 sc0 ls9 ws0\">12<span class=\"ls0\">. Credem CB srl</span><span class=\"ls0\"> </span></div></td><td class=\"c x2c6 y2548 w257 h21d\"><div class=\"t m0 x0 h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">Conegliano </div></td><td class=\"c x2ce y2548 w2ce h21d\"><div class=\"t m0 x39 h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">1 </div></td><td class=\"c x2c8 y2548 w14 h21d\"><div class=\"t m0 x2a h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">Credito Emilian<span class=\"_ _1\"></span>o </div></td><td class=\"c x2cb y2548 w2d0 h21d\"><div class=\"t m0 x16a h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">70,00% </div></td><td></td></tr><tr><td class=\"c x2c5 y2549 w2cd h21d\"><div class=\"t m0 x0 h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">A. 2 Consolidate c<span class=\"_ _f\"></span>o<span class=\"_ _2\"></span>n il me<span class=\"_ _1\"></span>todo del patri<span class=\"_ _1\"></span>monio netto<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2cd y254a w2d1 hbc\"><div class=\"t m0 x37 h1f y74a ff4 fs7 fc1 sc0 ls0 ws0\">1.Credemassicur<span class=\"_ _1\"></span>azioni spa </div></td><td class=\"c x2c6 y254a w257 hbc\"><div class=\"t m0 x0 h1f y74a ff4 fs7 fc1 sc0 ls0 ws0\">Reggio Emilia<span class=\"_ _1\"></span> </div></td><td class=\"c x2ce y254a w2ce hbc\"><div class=\"t m0 x130 h1f y66c ff4 fs7 fc1 sc0 ls0 ws0\">4 </div></td><td class=\"c x2c8 y254a w14 hbc\"><div class=\"t m0 x2a h1f y74a ff4 fs7 fc1 sc0 ls0 ws0\">Credito Emilian<span class=\"_ _1\"></span>o </div></td><td class=\"c x2cb y254a w2d0 hbc\"><div class=\"t m0 x2f h1f y74a ff4 fs7 fc1 sc0 ls0 ws0\">50,00% </div></td><td></td></tr><tr><td class=\"c x2cd y254b w2d1 hbc\"><div class=\"t m0 x37 h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">2. SBC Fin<span class=\"_ _f\"></span>t<span class=\"_ _2\"></span>ech Milan 22<span class=\"_ _1\"></span>24 s.r.l.<span class=\"_ _df\"> </span></div></td><td class=\"c x2c6 y254b w257 hbc\"><div class=\"t m0 x0 h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">Milano </div></td><td class=\"c x2ce y254b w2ce hbc\"><div class=\"t m0 x130 h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">4 </div></td><td class=\"c x2c8 y254b w14 hbc\"><div class=\"t m0 x35 h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">Credemtel </div></td><td class=\"c x2cb y254b w2d0 hbc\"><div class=\"t m0 x16a h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">45,92% </div></td><td></td></tr><tr><td class=\"c x2cd y254c w2d1 h21d\"><div class=\"t m0 x37 h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">3. Andxor srl </div></td><td class=\"c x2c6 y254c w257 h21d\"><div class=\"t m0 x0 h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">Cinisello Balsam<span class=\"_ _f\"></span>o </div></td><td class=\"c x2ce y254c w2ce h21d\"><div class=\"t m0 x130 h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">4 </div></td><td class=\"c x2c8 y254c w14 h21d\"><div class=\"t m0 x35 h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">Credemtel </div></td><td class=\"c x2cb y254c w2d0 h21d\"><div class=\"t m0 x2f h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">40,00% </div></td><td></td></tr><tr><td class=\"c x2cd y254d w2d1 h21d\"><div class=\"t m0 x37 h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">4. Mynet<span class=\"_ _1\"></span> srl </div></td><td class=\"c x2c6 y254d w257 h21d\"><div class=\"t m0 x0 h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">Udine </div></td><td class=\"c x2ce y254d w2ce h21d\"><div class=\"t m0 x130 h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">4 </div></td><td class=\"c x2c8 y254d w14 h21d\"><div class=\"t m0 x35 h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">Credemtel </div></td><td class=\"c x2cb y254d w2d0 h21d\"><div class=\"t m0 x116 h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">12,99% </div></td><td></td></tr><tr><td class=\"c x2cd y254e w2d1 hbc\"><div class=\"t m0 x34 h1f y74a ff4 fs7 fc1 sc0 ls0 ws0\"> 5. Flairb<span class=\"_ _1\"></span>it srl </div></td><td class=\"c x2c6 y254e w257 hbc\"><div class=\"t m0 x0 h1f y74a ff4 fs7 fc1 sc0 ls0 ws0\">Genova </div></td><td class=\"c x2ce y254e w2ce hbc\"><div class=\"t m0 x130 h1f y74a ff4 fs7 fc1 sc0 ls0 ws0\">4 </div></td><td class=\"c x2c8 y254e w14 hbc\"><div class=\"t m0 x35 h1f y74a ff4 fs7 fc1 sc0 ls0 ws0\">Credemtel </div></td><td class=\"c x2cb y254e w2d0 hbc\"><div class=\"t m0 x16a h1f y74a ff4 fs7 fc1 sc0 ls0 ws0\">10,00% </div></td><td></td></tr></table>Lege<span class=\"_ _1\"></span>nda<span class=\"_ _1\"></span> Tipo di rappor<span class=\"_ _1\"></span>to: 1 = maggioranza de<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span> diritti d<span class=\"ff5\">i vo<span class=\"_ _1\"></span>to nell\u2019assemb<span class=\"_ _1\"></span>lea ordinaria<span class=\"ff4\"> </span></span>4 = altre forme d<span class=\"_ _1\"></span>i controllo *<span class=\"_ _4\"> </span>dal <span class=\"_ _d\"></span>02/02/2026 <span class=\"_ _d\"></span>CREDEM <span class=\"_ _d\"></span>EUROMOB<span class=\"_ _1\"></span>ILIARE <span class=\"_ _d\"></span>PRIVATE <span class=\"_ _2\"></span>ASSET <span class=\"_ _d\"></span>SOCIETA' <span class=\"_ _d\"></span>DI <span class=\"_ _d\"></span>GESTIONE <span class=\"_ _2\"></span>DEL <span class=\"_ _d\"></span>RISPA <span class=\"_ _d\"></span>RMIO <span class=\"_ _2\"></span>S.P.A. abbreviabile in CREDEM EUROMOBILIARE<span class=\"_ _1\"></span> PRIVATE ASSET SGR S.P.A.<span class=\"_ _df\"> </span>Sezio<span class=\"_ _1\"></span>ne 7 - L<span class=\"_ _1\"></span>e pa<span class=\"_ _1\"></span>rtecipaz<span class=\"_ _f\"></span>ioni - Voce<span class=\"_ _1\"></span> 70 Il valore di bilancio della voce \u201cPartecipazioni\u201d ammonta a <span class=\"_ _2\"></span><span class=\"ff4 ls3\">6<span class=\"ff2a ls1b\">2,<span class=\"ls0 ws26\">6 </span></span><span class=\"ls0\">milioni di euro.<span class=\"fc4 sc3 ws67\"> </span></span></span>7.1 Pa<span class=\"_ _f\"></span>rtecipazio<span class=\"_ _f\"></span>ni: inform<span class=\"_ _1\"></span>azi<span class=\"_ _1\"></span>oni s<span class=\"_ _f\"></span>ui rapport<span class=\"_ _f\"></span>i parteci<span class=\"_ _1\"></span>pativ<span class=\"_ _1\"></span>i <table class=\"s wa2a h4ba\" id=\"_59ec7c2c-a502-4977-899c-49d4144bd260\"><tr><td></td><td></td><td></td><td></td><td class=\"c x3f0 y2711 w35c h19\"><div class=\"t m0 x39 h1f y1d ff4 fs7 fc7 sc6 ls0 ws0\">Rap<span class=\"_ _f\"></span>porto di <span class=\"_ _1\"></span>part<span class=\"_ _1\"></span>ecipa<span class=\"_ _f\"></span>zione </div></td><td></td></tr><tr><td class=\"c x2e0 y2712 w359 h16e\"><div class=\"t m0 xa3 h1f ya13 ff4 fs7 fc7 sc6 ls0 ws0\">Deno<span class=\"_ _f\"></span>minazi<span class=\"_ _1\"></span>oni <span class=\"_ _f\"></span> </div></td><td class=\"c x3f1 y2712 w35a h16e\"><div class=\"t m0 x8f h1f ya13 ff4 fs7 fc7 sc6 ls0 ws0\">Sede<span class=\"_ _f\"></span> legale<span class=\"_ _f\"></span> </div></td><td class=\"c x3f2 y2713 wa2b h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc7 sc6 ls0 ws0\">Tipo <span class=\"_ _f\"></span>di<span class=\"_ _df\"> </span></div></td><td></td><td></td><td class=\"c x3f3 y2713 wa2c h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc7 sc6 ls0 ws0\">Dispo<span class=\"_ _f\"></span>nibilit\u00e0<span class=\"_ _f\"></span> voti<span class=\"_ _df\"> </span></div></td></tr><tr><td></td><td></td><td class=\"c x3f4 y2714 wa2d h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc7 sc6 ls0 ws0\">rappo<span class=\"_ _1\"></span>rto<span class=\"_ _df\"> </span></div></td><td></td><td></td><td class=\"c x3f5 y2714 wa2e h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc7 sc6 ls0 ws0\">%<span class=\"_ _df\"> </span></div></td></tr><tr><td></td><td></td><td></td><td class=\"c x3f0 y2712 w35d h1c1\"><div class=\"t m0 xab h1f ye13 ff4 fs7 fc7 sc6 ls0 ws0\">Impr<span class=\"_ _f\"></span>esa part<span class=\"_ _f\"></span>ecipan<span class=\"_ _1\"></span>te </div></td><td class=\"c x3f6 y2712 w35e h1c1\"><div class=\"t m0 x8a h1f ye13 ff4 fs7 fc7 sc6 ls0 ws0\">Quot<span class=\"_ _1\"></span>a %<span class=\"_ _f\"></span> </div></td><td></td></tr><tr><td class=\"c x2e0 y2715 w359 h1e\"><div class=\"t m0 x10 h1f y1220 ff4 fs7 fc1 sc2 ls0 ws0\">A.<span class=\"_ _15\"> </span>Impr<span class=\"_ _f\"></span>ese con<span class=\"_ _1\"></span>trol<span class=\"_ _1\"></span>lat<span class=\"_ _1\"></span>e in m<span class=\"_ _f\"></span>odo con<span class=\"_ _f\"></span>giunto </div></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x3f7 y2716 w35f h69\"><div class=\"t m0 x10 h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">1. Credemassicur<span class=\"_ _1\"></span>azioni spa </div></td><td class=\"c x3f1 y2716 w360 h69\"><div class=\"t m0 x10 h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">Reggio Emilia<span class=\"_ _1\"></span> </div></td><td class=\"c x3f8 y2716 w163 h69\"><div class=\"t m0 x48 h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">1 </div></td><td class=\"c x3f0 y2716 w35d h69\"><div class=\"t m0 x55 h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">Credito Emiliano<span class=\"_ _1\"></span> </div></td><td class=\"c x3f6 y2716 w35e h69\"><div class=\"t m0 xab h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">50,00% </div></td><td></td></tr><tr><td class=\"c x262 y2717 wa2f h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc2 ls0 ws0\">B.<span class=\"_ _15\"> </span>Impre<span class=\"_ _1\"></span>se s<span class=\"_ _f\"></span>ottopo<span class=\"_ _f\"></span>ste a in<span class=\"_ _1\"></span>fluen<span class=\"_ _f\"></span>za<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x262 y2718 wa30 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc2 ls0 ws0\">not<span class=\"_ _1\"></span>evole<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x3f7 y2719 w35f h69\"><div class=\"t m0 x10 h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">1. SBC Fintech 2224<span class=\"_ _1\"></span> Milan srl </div></td><td class=\"c x3f1 y2719 w35a h69\"><div class=\"t m0 x163 h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">Milano </div></td><td class=\"c x3f8 y2719 w35b h69\"><div class=\"t m0 x48 h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">1 </div></td><td class=\"c x3f9 y2719 w28b h69\"><div class=\"t m0 x3a h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">Credemtel </div></td><td class=\"c x3f6 y2719 w1fb h69\"><div class=\"t m0 xab h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">45,92% </div></td><td></td></tr><tr><td class=\"c x3f7 y271a w35f h69\"><div class=\"t m0 x10 h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">2. Andxor srl<span class=\"_ _1\"></span> </div></td><td class=\"c x3f1 y271a w35a h69\"><div class=\"t m0 x163 h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">Cinisello Balsam<span class=\"_ _f\"></span>o </div></td><td class=\"c x3f8 y271a w35b h69\"><div class=\"t m0 x48 h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">1 </div></td><td class=\"c x3f9 y271a w28b h69\"><div class=\"t m0 x3a h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">Credemtel </div></td><td class=\"c x3f6 y271a w1fb h69\"><div class=\"t m0 x8a h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">40,00% </div></td><td></td></tr><tr><td class=\"c x3f7 y271b w35f h6a\"><div class=\"t m0 x10 h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">3<span class=\"ls3f\">. </span>Mynet srl </div></td><td class=\"c x3f1 y271b w35a h6a\"><div class=\"t m0 x163 h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">Udine </div></td><td class=\"c x3f8 y271b w35b h6a\"><div class=\"t m0 x48 h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">1 </div></td><td class=\"c x3f9 y271b w28b h6a\"><div class=\"t m0 x3a h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">Credemtel </div></td><td class=\"c x3f6 y271b w1fb h6a\"><div class=\"t m0 xab h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">12,99% </div></td><td></td></tr><tr><td class=\"c x3f7 y271c w35f h69\"><div class=\"t m0 x10 h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">4. Flairbit srl </div></td><td class=\"c x3f1 y271c w35a h69\"><div class=\"t m0 x163 h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">Genova </div></td><td class=\"c x3f8 y271c w35b h69\"><div class=\"t m0 x48 h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">1 </div></td><td class=\"c x3f9 y271c w28b h69\"><div class=\"t m0 x3a h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">Credemtel </div></td><td class=\"c x3f6 y271c w1fb h69\"><div class=\"t m0 xab h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">10,00% </div></td><td></td></tr></table>Lege<span class=\"_ _f\"></span>nda Tipo di rappor<span class=\"_ _1\"></span>to: 1 <span class=\"ff5\">\u2013</span> partecipazione<span class=\"_ _1\"></span> al capitale soc<span class=\"_ _1\"></span>iale<span class=\"_ _df\"> </span>7.2 P<span class=\"_ _1\"></span>arte<span class=\"_ _1\"></span>cipazio<span class=\"_ _f\"></span>ni signifi<span class=\"_ _1\"></span>cativ<span class=\"_ _1\"></span>e: v<span class=\"_ _f\"></span>alore di <span class=\"_ _1\"></span>bilanci<span class=\"_ _1\"></span>o, fa<span class=\"_ _f\"></span>ir value<span class=\"_ _1\"></span> e divid<span class=\"_ _f\"></span>endi per<span class=\"_ _1\"></span>cepit<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span> <table class=\"s wa31 h4bb\" id=\"_c3cf25a3-d82b-401f-a378-5d2529241b35\"><tr><td class=\"c x3fb y271d w361 h24e\"><div class=\"t m0 x22 h1f y1258 ff4 fs7 fc4 sc3 ls0 ws0\">Deno<span class=\"_ _f\"></span>minazi<span class=\"_ _1\"></span>oni </div></td><td></td><td class=\"c x3fc y271d w30a h24e\"><div class=\"t m0 x116 h1f y1258 ff4 fs7 fc4 sc3 ls0 ws0\">Val<span class=\"_ _1\"></span>ore di<span class=\"_ _1\"></span> bila<span class=\"_ _f\"></span>ncio </div></td><td class=\"c x3fd y271d w362 h24e\"><div class=\"t m0 x30 h1f y1258 ff4 fs7 fc4 sc3 ls0 ws0\">Fair<span class=\"_ _f\"></span> value </div></td><td class=\"c x3fe y271d w363 h24e\"><div class=\"t m0 x8e h1f y1258 ff4 fs7 fc4 sc3 ls0 ws0\">Divi<span class=\"_ _1\"></span>dendi <span class=\"_ _f\"></span>perce<span class=\"_ _1\"></span>piti </div></td></tr><tr><td class=\"c x3ff y271e w364 h49\"><div class=\"t m0 x15d h1f y32 ff4 fs7 fc1 sc2 ls0 ws0\">A. Im<span class=\"_ _1\"></span>pres<span class=\"_ _f\"></span>e cont<span class=\"_ _1\"></span>roll<span class=\"_ _1\"></span>ate in<span class=\"_ _1\"></span> mo<span class=\"_ _1\"></span>do con<span class=\"_ _f\"></span>giun<span class=\"_ _1\"></span>to </div></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x3ff y271f w364 he9\"><div class=\"t m0 x35 h1f yd81 ff4 fs7 fc1 sc0 ls9 ws0\">1.<span class=\"_ _27\"> </span><span class=\"ls0\">Credemassicurazioni spa</span><span class=\"ls0\"> </span></div></td><td></td><td class=\"c x3fc y271f w365 he9\"><div class=\"t m0 x11d h1f yd81 ff4 fs7 fc1 sc0 ls0 ws0\">59.650 </div></td><td class=\"c x400 y271f w366 he9\"><div class=\"t m0 x1de h1f yd81 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x3fe y271f w367 he9\"><div class=\"t m0 xeb h1f yd81 ff4 fs7 fc1 sc0 ls0 ws0\">4.713 </div></td></tr><tr><td class=\"c x3ff y2720 w364 h49\"><div class=\"t m0 x15d h1f y32 ff4 fs7 fc1 sc2 ls0 ws0\">B. Im<span class=\"_ _f\"></span>prese s<span class=\"_ _1\"></span>otto<span class=\"_ _1\"></span>post<span class=\"_ _1\"></span>e ad i<span class=\"_ _f\"></span>nfluen<span class=\"_ _f\"></span>za not<span class=\"_ _f\"></span>evole </div></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x3ff y2721 w364 he9\"><div class=\"t m0 x48 h1f yd81 ff4 fs7 fc1 sc0 ls9 ws0\">1.<span class=\"_ _b\"> </span><span class=\"ls0\">SBC Fintech 2224 Milan s<span class=\"_ _f\"></span>rl<span class=\"_ _df\"> </span></span></div></td><td></td><td class=\"c x3fc y2721 w365 he9\"><div class=\"t m0 xe5 h1f yd81 ff4 fs7 fc1 sc0 ls0 ws0\">584 </div></td><td class=\"c x400 y2721 w366 he9\"><div class=\"t m0 x1de h1f yd81 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x3fe y2721 w367 he9\"><div class=\"t m0 xe3 h1f yd81 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x3ff y2722 w364 he9\"><div class=\"t m0 x48 h1f yd81 ff4 fs7 fc1 sc0 ls2a ws0\">2.<span class=\"_ _33\"> </span><span class=\"ls0\">Andxor srl</span><span class=\"ls0\"> </span></div></td><td></td><td class=\"c x3fc y2722 w365 he9\"><div class=\"t m0 xec h1f yd81 ff4 fs7 fc1 sc0 ls0 ws0\">1.388 </div></td><td class=\"c x400 y2722 w366 he9\"><div class=\"t m0 x1de h1f yd81 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x3fe y2722 w367 he9\"><div class=\"t m0 x12a h1f yd81 ff4 fs7 fc1 sc0 ls0 ws0\">172 </div></td></tr><tr><td class=\"c x3ff y2723 w364 h24f\"><div class=\"t m0 x48 h1f y1567 ff4 fs7 fc1 sc0 ls27 ws0\">3.<span class=\"_ _35\"> </span><span class=\"ls0\">Mynet srl<span class=\"_ _df\"> </span></span></div></td><td></td><td class=\"c x3fc y2723 w365 h24f\"><div class=\"t m0 xe8 h1f y1567 ff4 fs7 fc1 sc0 ls0 ws0\">375 </div></td><td class=\"c x400 y2723 w366 h24f\"><div class=\"t m0 x1de h1f y1567 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x3fe y2723 w367 h24f\"><div class=\"t m0 xe3 h1f y1567 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x3ff y2724 w364 he9\"><div class=\"t m0 x48 h1f yd81 ff4 fs7 fc1 sc0 lsa ws0\">4.<span class=\"_ _35\"> </span><span class=\"ls0\">Flairbit srl</span><span class=\"ls0\"> </span></div></td><td></td><td class=\"c x3fc y2724 w365 he9\"><div class=\"t m0 xe5 h1f yd81 ff4 fs7 fc1 sc0 ls0 ws0\">584 </div></td><td class=\"c x400 y2724 w366 he9\"><div class=\"t m0 x1de h1f yd81 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x3fe y2724 w367 he9\"><div class=\"t m0 xe3 h1f yd81 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td></td><td class=\"c x3ff y2725 w364 h49\"><div class=\"t m0 x100 h1f y25f ff4 fs7 fc1 sc2 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale </div></td><td class=\"c x3fc y2725 w365 h49\"><div class=\"t m0 x11d h1f y25f ff4 fs7 fc1 sc2 ls0 ws0\">62.58<span class=\"_ _f\"></span>2 </div></td><td class=\"c x400 y2725 w366 h49\"><div class=\"t m0 x1de h1f y25f ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td><td class=\"c x3fe y2725 w367 h49\"><div class=\"t m0 x11f h1f y25f ff4 fs7 fc1 sc2 ls0 ws0\">4.885<span class=\"_ _f\"></span> </div></td></tr></table>La colonn<span class=\"_ _1\"></span>a fair <span class=\"_ _f\"></span>value non \u00e8<span class=\"_ _f\"></span> avvalorata perch\u00e9<span class=\"_ _1\"></span> non <span class=\"_ _f\"></span>sono presenti socie<span class=\"_ _f\"></span>t<span class=\"_ _2\"></span>\u00e0 q<span class=\"_ _1\"></span>uotate classificate<span class=\"_ _1\"></span> tra <span class=\"_ _f\"></span>le partecipazioni <span class=\"_ _f\"></span>significative.<span class=\"_ _df\"> </span>7.3 Pa<span class=\"_ _f\"></span>rtecipazi<span class=\"_ _1\"></span>oni si<span class=\"_ _1\"></span>gnifica<span class=\"_ _f\"></span>tive: i<span class=\"_ _1\"></span>nform<span class=\"_ _1\"></span>azio<span class=\"_ _1\"></span>ni co<span class=\"_ _f\"></span>ntabili<span class=\"_ _df\"> </span>Rettifich<span class=\"_ _f\"></span>e<span class=\"_ _2\"></span> <span class=\"_ _1\"></span>e<span class=\"_ _df\"> </span>Utile (P<span class=\"_ _1\"></span>erdita)<span class=\"_ _df\"> </span>ripres<span class=\"_ _1\"></span>e di val<span class=\"_ _1\"></span>ore<span class=\"_ _df\"> </span>Utile (P<span class=\"_ _1\"></span>erdita)<span class=\"_ _df\"> </span>Utile (P<span class=\"_ _1\"></span>erdita)<span class=\"_ _df\"> </span>dei grupp<span class=\"_ _f\"></span>i di<span class=\"_ _df\"> </span>Altre co<span class=\"_ _1\"></span>mpone<span class=\"_ _f\"></span>nti<span class=\"_ _df\"> </span>Redditivi<span class=\"_ _f\"></span>t\u00e0<span class=\"_ _df\"> </span>Denom<span class=\"_ _1\"></span>inazion<span class=\"_ _1\"></span>i<span class=\"_ _df\"> </span>Cassa e <span class=\"_ _1\"></span>disp<span class=\"_ _1\"></span>onibilit\u00e0<span class=\"_ _df\"> </span>Attivit\u00e0 f<span class=\"_ _f\"></span>in<span class=\"_ _2\"></span>anz<span class=\"_ _1\"></span>iarie<span class=\"_ _df\"> </span>Attivit\u00e0<span class=\"_ _df\"> </span>Passivi<span class=\"_ _1\"></span>t\u00e0<span class=\"_ _df\"> </span>Passivi<span class=\"_ _1\"></span>t\u00e0 non<span class=\"_ _df\"> </span>Ricavi t<span class=\"_ _f\"></span>o<span class=\"_ _2\"></span>tali<span class=\"_ _df\"> </span>Margine <span class=\"_ _1\"></span>di<span class=\"_ _df\"> </span>su attivit<span class=\"_ _f\"></span>\u00e0<span class=\"_ _df\"> </span>della op<span class=\"_ _f\"></span>e<span class=\"_ _2\"></span>rativ<span class=\"_ _f\"></span>it\u00e0<span class=\"_ _df\"> </span>de<span class=\"ls0\">lla <span class=\"_ _1\"></span>operativit\u00e0<span class=\"_ _df\"> </span></span>attivit\u00e0 i<span class=\"_ _f\"></span>n<span class=\"_ _2\"></span> via<span class=\"_ _df\"> </span>Utile (P<span class=\"_ _1\"></span>erdita)<span class=\"_ _df\"> </span>reddituali <span class=\"_ _1\"></span>al nett<span class=\"_ _f\"></span>o<span class=\"_ _df\"> </span>comple<span class=\"_ _f\"></span>ssiva (3) = (1)<span class=\"_ _df\"> </span>liquide<span class=\"_ _df\"> </span>non fina<span class=\"_ _f\"></span>nziarie<span class=\"_ _df\"> </span>finanzia<span class=\"_ _f\"></span>rie<span class=\"_ _df\"> </span>finanzia<span class=\"_ _f\"></span>rie<span class=\"_ _df\"> </span>interess<span class=\"_ _f\"></span>e<span class=\"_ _df\"> </span>materiali <span class=\"_ _f\"></span>ecorrent<span class=\"_ _f\"></span>e al lordo<span class=\"_ _df\"> </span>corrent<span class=\"_ _f\"></span>e al netto<span class=\"_ _df\"> </span>di dismi<span class=\"_ _f\"></span>s<span class=\"_ _2\"></span>si<span class=\"_ _1\"></span>one<span class=\"_ _df\"> </span>d'eserc<span class=\"_ _1\"></span>izio (1)<span class=\"_ _df\"> </span>delle i<span class=\"_ _1\"></span>mposte (<span class=\"_ _f\"></span>2)<span class=\"_ _df\"> </span>+ (<span class=\"ls4a\">2)<span class=\"_ _df\"> </span></span>immater<span class=\"_ _f\"></span>iali<span class=\"_ _df\"> </span>delle i<span class=\"_ _1\"></span>mposte<span class=\"_ _df\"> </span>delle i<span class=\"_ _1\"></span>mposte<span class=\"_ _df\"> </span>al netto d<span class=\"_ _f\"></span>elle<span class=\"_ _df\"> </span>imposte<span class=\"_ _df\"> </span>1.<span class=\"ls0\">Im<span class=\"_ _1\"></span>prese co<span class=\"_ _f\"></span>n<span class=\"_ _2\"></span>tr<span class=\"_ _f\"></span>o<span class=\"_ _2\"></span>llate i<span class=\"_ _f\"></span>n modo<span class=\"_ _df\"> </span></span>congiu<span class=\"_ _1\"></span>nto<span class=\"_ _df\"> </span>Credemassicurazioni<span class=\"_ _df\"> </span>1.272<span class=\"_ _df\"> </span>202.559<span class=\"_ _df\"> </span>21.118<span class=\"_ _df\"> </span>522<span class=\"_ _df\"> </span>125.775<span class=\"_ _df\"> </span>48.1235.035<span class=\"_ _df\"> </span>(1.755)<span class=\"_ _df\"> </span>19.321<span class=\"_ _df\"> </span>13.328<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>13.328<span class=\"_ _df\"> </span>666<span class=\"_ _df\"> </span>13.994<span class=\"_ _df\"> </span>2. Impr<span class=\"_ _f\"></span>e<span class=\"_ _2\"></span>se s<span class=\"_ _1\"></span>ottopo<span class=\"_ _1\"></span>ste ad i<span class=\"_ _1\"></span>nfluenza<span class=\"_ _df\"> </span>notevol<span class=\"_ _1\"></span>e  SBC Fintech 2224 Milan<span class=\"_ _df\"> </span>197<span class=\"_ _df\"> </span>1.078<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>4<span class=\"_ _df\"> </span>6<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-  Andxor<span class=\"_ _df\"> </span>872<span class=\"_ _df\"> </span>284<span class=\"_ _df\"> </span>15<span class=\"_ _df\"> </span>268<span class=\"_ _df\"> </span>102<span class=\"_ _df\"> </span>1.671<span class=\"_ _df\"> </span>3<span class=\"_ _df\"> </span>(4)<span class=\"_ _df\"> </span>558<span class=\"_ _df\"> </span>393<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>393<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>393  Mynet<span class=\"_ _df\"> </span>171<span class=\"_ _df\"> </span>891<span class=\"_ _df\"> </span>614<span class=\"_ _df\"> </span>308<span class=\"_ _df\"> </span>152<span class=\"_ _df\"> </span>1.239<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>(202)<span class=\"_ _df\"> </span>401<span class=\"_ _df\"> </span>390<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>390<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>390  Flairbit<span class=\"_ _df\"> </span>1.407<span class=\"_ _df\"> </span>561<span class=\"_ _df\"> </span>23<span class=\"_ _df\"> </span>94<span class=\"_ _df\"> </span>24<span class=\"_ _df\"> </span>1.468<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>(4)<span class=\"_ _df\"> </span>781<span class=\"_ _df\"> </span>707<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>707<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>707<span class=\"_ _df\"> </span>Nella tabella sono riportati i dati dei progetti di bilancio al 31 dicembre 2025 approvati dal Consiglio di Amministr<span class=\"_ _2\"></span>azione e forniti d<span class=\"_ _1\"></span>alle societ\u00e0.<div class=\"t m0 h5 ff4 fs1 fc4 sc3 ls0 ws0 gs954\">Ricon<span class=\"_ _f\"></span>ciliazione <span class=\"_ _f\"></span>tra le i<span class=\"_ _1\"></span>nform<span class=\"_ _1\"></span>azion<span class=\"_ _f\"></span>i di natur<span class=\"_ _f\"></span>a conta<span class=\"_ _1\"></span>bile e<span class=\"_ _1\"></span>d il v<span class=\"_ _1\"></span>alor<span class=\"_ _f\"></span>e<span class=\"_ _2\"></span> c<span class=\"_ _1\"></span>onta<span class=\"_ _1\"></span>bile d<span class=\"_ _1\"></span>elle p<span class=\"_ _1\"></span>arte<span class=\"_ _1\"></span>cipazi<span class=\"_ _1\"></span>oni </div><div class=\"gs955\"><table class=\"s wa56 h4be\" id=\"_b31a3db7-a814-478e-83c1-8138e26b2cee\"><tr><td></td><td></td><td class=\"c x436 y273c wa57 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">Patr<span class=\"_ _f\"></span>imonio<span class=\"_ _df\"> </span></div></td><td class=\"c x437 y273c wa58 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">Perc<span class=\"_ _1\"></span>entu<span class=\"_ _1\"></span>ale <span class=\"_ _f\"></span>di</div></td><td class=\"c x438 y273d wa59 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">Patr<span class=\"_ _f\"></span>imonio<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x439 y273c wa5a h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">Altr<span class=\"_ _1\"></span>e<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x43a y273c wa5b h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">Val<span class=\"_ _1\"></span>ore di<span class=\"_ _df\"> </span></div></td></tr><tr><td class=\"c x43b y273e w374 h253\"><div class=\"t m0 x171 h1f y293 ff4 fs7 fc4 sc3 ls0 ws0\">Deno<span class=\"_ _f\"></span>minazi<span class=\"_ _1\"></span>oni </div></td><td></td><td class=\"c x43c y273f wa5c h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">net<span class=\"_ _1\"></span>to (*)<span class=\"_ _df\"> </span></div></td><td class=\"c x43d y273f wa5d h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">inter<span class=\"_ _1\"></span>esse<span class=\"_ _1\"></span>nza</div></td><td class=\"c x43e y2740 wa5e h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">net<span class=\"_ _1\"></span>to di<span class=\"_ _df\"> </span></div></td><td class=\"c x43f y273e w376 h253\"><div class=\"t m0 x8a h1f y293 ff4 fs7 fc4 sc3 ls0 ws0\">Avvi<span class=\"_ _1\"></span>ame<span class=\"_ _1\"></span>nto </div></td><td class=\"c x440 y273f wa5f h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">post<span class=\"_ _1\"></span>e<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x441 y273f wa60 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">bilan<span class=\"_ _f\"></span>cio<span class=\"_ _df\"> </span></div></td></tr><tr><td></td><td></td><td></td><td></td><td class=\"c x442 y2741 wa61 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">perti<span class=\"_ _f\"></span>nenza<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x43b y2742 w378 h49\"><div class=\"t m0 x10 h1f y32 ff4 fs7 fc1 sc2 ls0 ws0\">A. Im<span class=\"_ _1\"></span>pres<span class=\"_ _f\"></span>e cont<span class=\"_ _1\"></span>rollat<span class=\"_ _f\"></span>e in mo<span class=\"_ _f\"></span>do cong<span class=\"_ _1\"></span>iun<span class=\"_ _f\"></span>to </div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x43b y2743 w378 h49\"><div class=\"t m0 x130 h1f y32 ff4 fs7 fc1 sc2 ls26 ws0\">  <span class=\"sc0 ls0\">Credemass<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span>curazion<span class=\"_ _1\"></span>i </span></div></td><td></td><td class=\"c x443 y2743 w379 h49\"><div class=\"t m0 x35 h1f y25f ff4 fs7 fc1 sc0 ls0 ws0\">98.652 </div></td><td class=\"c x444 y2743 w27c h49\"><div class=\"t m0 x26 h1f y25f ff4 fs7 fc1 sc0 ls0 ws0\">50,00% </div></td><td class=\"c x445 y2743 w37a h49\"><div class=\"t m0 x97 h1f y25f ff4 fs7 fc1 sc0 ls0 ws0\">42.662 </div></td><td class=\"c x446 y2743 waf h49\"><div class=\"t m0 x33 h1f y25f ff4 fs7 fc1 sc0 ls26 ws0\">   <span class=\"ls0\">10.324 </span></div></td><td></td><td class=\"c x447 y2743 w168 h49\"><div class=\"t m0 x36 h1f y25f ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x448 y2743 w37b h49\"><div class=\"t m0 x35 h1f y25f ff4 fs7 fc1 sc0 ls0 ws0\">59.650 </div></td></tr><tr><td class=\"c x43b y2744 w378 h82\"><div class=\"t m0 x48 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">SBC Fintech 2224 M<span class=\"_ _1\"></span>ilan </div></td><td></td><td class=\"c x443 y2744 w379 h82\"><div class=\"t m0 x38 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">1.271 </div></td><td class=\"c x444 y2744 w27c h82\"><div class=\"t m0 x34 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">45,92% </div></td><td class=\"c x445 y2744 w37a h82\"><div class=\"t m0 x12 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">584 </div></td><td class=\"c x446 y2744 waf h82\"><div class=\"t m0 x7 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x447 y2744 w168 h82\"><div class=\"t m0 x36 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x448 y2744 w37b h82\"><div class=\"t m0 x30 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">584 </div></td></tr><tr><td class=\"c x43b y2745 w378 h82\"><div class=\"t m0 x48 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">Andxor </div></td><td></td><td class=\"c x443 y2745 w379 h82\"><div class=\"t m0 x15 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">813 </div></td><td class=\"c x444 y2745 w27c h82\"><div class=\"t m0 x26 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">40,00% </div></td><td class=\"c x445 y2745 w37a h82\"><div class=\"t m0 x90 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">168 </div></td><td class=\"c x446 y2745 waf h82\"><div class=\"t m0 x97 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">1.062 </div></td><td></td><td class=\"c x447 y2745 w168 h82\"><div class=\"t m0 x36 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x448 y2745 w37b h82\"><div class=\"t m0 x37 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">1.388 </div></td></tr><tr><td class=\"c x43b y2746 w378 h82\"><div class=\"t m0 x48 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">Mynet </div></td><td></td><td class=\"c x443 y2746 w379 h82\"><div class=\"t m0 x38 h1f y66c ff4 fs7 fc1 sc0 ls0 ws0\">1.215 </div></td><td class=\"c x444 y2746 w27c h82\"><div class=\"t m0 x97 h1f y66c ff4 fs7 fc1 sc0 ls0 ws0\">12,99% </div></td><td class=\"c x445 y2746 w37a h82\"><div class=\"t m0 x90 h1f y66c ff4 fs7 fc1 sc0 ls9 ws0\">107<span class=\"ls0\"> </span></div></td><td class=\"c x446 y2746 waf h82\"><div class=\"t m0 x8f h1f y66c ff4 fs7 fc1 sc0 ls2a ws0\">217<span class=\"ls0\"> </span></div></td><td></td><td></td><td class=\"c x448 y2746 w37b h82\"><div class=\"t m0 x15 h1f y66c ff4 fs7 fc1 sc0 ls0 ws0\">375 </div></td></tr><tr><td class=\"c x43b y2747 w378 h82\"><div class=\"t m0 x48 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">Flairbit </div></td><td></td><td class=\"c x443 y2747 w379 h82\"><div class=\"t m0 x37 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">1.873 </div></td><td class=\"c x444 y2747 w27c h82\"><div class=\"t m0 x37 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">10,00% </div></td><td class=\"c x445 y2747 w37a h82\"><div class=\"t m0 x7 h1f y54 ff4 fs7 fc1 sc0 ls9 ws0\">117<span class=\"ls0\"> </span></div></td><td class=\"c x446 y2747 waf h82\"><div class=\"t m0 x15 h1f y54 ff4 fs7 fc1 sc0 lsa ws0\">402<span class=\"ls0\"> </span></div></td><td></td><td></td><td class=\"c x448 y2747 w37b h82\"><div class=\"t m0 x30 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">589 </div></td></tr><tr><td></td><td class=\"c x43b y2748 w378 h82\"><div class=\"t m0 x85 h1f y54 ff4 fs7 fc1 sc2 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale </div></td><td class=\"c x443 y2748 w379 h82\"><div class=\"t m0 x2c h1f y54 ff4 fs7 fc1 sc2 ls0 ws0\">97.7<span class=\"_ _f\"></span>83 </div></td><td class=\"c x444 y2748 w27c h82\"><div class=\"t m0 x8 h1f y54 ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td><td class=\"c x445 y2748 w37a h82\"><div class=\"t m0 x38 h1f y54 ff4 fs7 fc1 sc2 ls0 ws0\">43.63<span class=\"_ _f\"></span>7 </div></td><td class=\"c x446 y2748 waf h82\"><div class=\"t m0 x27 h1f y54 ff4 fs7 fc1 sc2 ls0 ws0\">12.00<span class=\"_ _f\"></span>5 </div></td><td></td><td class=\"c x447 y2748 w168 h82\"><div class=\"t m0 x36 h1f y54 ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td><td class=\"c x448 y2748 w37b h82\"><div class=\"t m0 x2c h1f y54 ff4 fs7 fc1 sc2 ls0 ws0\">62.58<span class=\"_ _f\"></span>2 </div></td></tr></table></div><div class=\"t m0 h30 ff4 fsb fc1 sc0 ls0 ws0 gs956\"> <span class=\"ff5\">(*) il patrimonio netto \u00e8 l<span class=\"_ _2\"></span>a somma delle \u201catti<span class=\"_ _2\"></span>vit\u00e0 finanziarie\u201d, delle \u201cAttivi<span class=\"_ _d\"></span>t\u00e0 non finanziarie\u201d al netto del<span class=\"_ _2\"></span>le \u201cPassivit\u00e0 </span></div><div class=\"t m0 h30 ff5 fsb fc1 sc0 ls0 ws0 gs957\">finanziarie\u201d e delle \u201cPassi<span class=\"_ _2\"></span>vit\u00e0 finanziarie\u201d riportate nel<span class=\"_ _2\"></span>la tabella 7.3.<span class=\"_ _2\"></span><span class=\"ff4\"> </span></div><div class=\"c w37c h4a gs958\"><div class=\"t m0 x10 h5 y477 ff4 fs1 fc4 sc3 ls0 ws0\">7.5 <span class=\"_ _1\"></span>Partecip<span class=\"_ _1\"></span>azio<span class=\"_ _f\"></span>ni: vari<span class=\"_ _1\"></span>azioni<span class=\"_ _1\"></span> ann<span class=\"_ _f\"></span>ue </div></div><div class=\"gs959\"><table class=\"s wa62 h4bf\" id=\"_758a7be1-7daa-4ba2-a7bb-5b91094c8eb4\"><tr><td></td><td class=\"c x44a y2749 w37d h49\"><div class=\"t m0 x11 h1f y32 ff4 fs7 fc4 sc3 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale </div></td><td></td><td class=\"c x44b y2749 w37e h49\"><div class=\"t m0 x11 h1f y32 ff4 fs7 fc4 sc3 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale </div></td><td></td></tr><tr><td></td><td class=\"c x44a y274a w37d h49\"><div class=\"t m0 x31 h1f y68b ff4 fs7 fc4 sc3 ls0 ws0\">31/12/<span class=\"_ _f\"></span>2025 </div></td><td class=\"c x44c y24be w993 h4c0\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/<span class=\"_ _df\"> </span></div></td><td class=\"c x44d y24be w994 h4c0\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc4 sc3 ls0 ws0\">2024<span class=\"_ _df\"> </span></div></td><td></td></tr><tr><td class=\"c x44e y274b w37f h82\"><div class=\"t m0 x10 h1f y54 ff4 fs7 fc1 sc2 ls0 ws0\">A. Es<span class=\"_ _1\"></span>iste<span class=\"_ _1\"></span>nze i<span class=\"_ _1\"></span>nzia<span class=\"_ _1\"></span>li </div></td><td></td><td class=\"c x44a y274b w37d h82\"><div class=\"t m0 xc h1f y32 ff4 fs7 fc1 sc2 ls0 ws0\">59.9<span class=\"_ _f\"></span>36 </div></td><td></td><td class=\"c x44b y274b w339 h82\"><div class=\"t m0 xc h1f y32 ff4 fs7 fc1 sc2 ls0 ws0\">54.95<span class=\"_ _1\"></span>5 </div></td></tr><tr><td class=\"c x44e y274c w37f h82\"><div class=\"t m0 x10 h1f y54 ff4 fs7 fc1 sc2 ls0 ws0\">B. A<span class=\"_ _1\"></span>umen<span class=\"_ _f\"></span>ti </div></td><td></td><td class=\"c x44a y274c w37d h82\"><div class=\"t m0 xe4 h1f y32 ff4 fs7 fc1 sc2 ls0 ws0\">7.53<span class=\"_ _1\"></span>2 </div></td><td></td><td class=\"c x44b y274c w339 h82\"><div class=\"t m0 xe4 h1f y32 ff4 fs7 fc1 sc2 ls0 ws0\">8.233<span class=\"_ _f\"></span> </div></td></tr><tr><td class=\"c x44e y274d w37f h82\"><div class=\"t m0 x16a h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">B.1 Acquisti </div></td><td></td><td class=\"c x44a y274d w37d h82\"><div class=\"t m0 x114 h1f y32 ff4 fs7 fc1 sc0 ls9 ws0\">115<span class=\"ls0\"> </span></div></td><td></td><td class=\"c x44b y274d w339 h82\"><div class=\"t m0 x191 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">315 </div></td></tr><tr><td class=\"c x44e y274e w37f h82\"><div class=\"t m0 x48 h1f y66c ff4 fs7 fc1 sc0 ls0 ws0\">- di cui operazio<span class=\"_ _1\"></span>ni di aggregaz<span class=\"_ _1\"></span>ione aziendale </div></td><td></td><td class=\"c x44a y274e w37d h82\"><div class=\"t m0 x189 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x44b y274e w339 h82\"><div class=\"t m0 x189 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y274f w37f h82\"><div class=\"t m0 x16a h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">B.2 Riprese di val<span class=\"_ _f\"></span>o<span class=\"_ _2\"></span>re </div></td><td></td><td class=\"c x44a y274f w37d h82\"><div class=\"t m0 x189 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x44b y274f w339 h82\"><div class=\"t m0 x189 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2750 w37f h82\"><div class=\"t m0 x16a h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">B.3 Rivalutazi<span class=\"_ _1\"></span>oni<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x44a y2750 w37d h82\"><div class=\"t m0 x114 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">151 </div></td><td></td><td class=\"c x44b y2750 w339 h82\"><div class=\"t m0 x189 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2751 w37f h82\"><div class=\"t m0 x16a h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">B.4 Altre variazi<span class=\"_ _1\"></span>oni </div></td><td></td><td class=\"c x44a y2751 w37d h82\"><div class=\"t m0 xe4 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">7.266 </div></td><td></td><td class=\"c x44b y2751 w339 h82\"><div class=\"t m0 xed h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">7.918 </div></td></tr><tr><td class=\"c x44e y2752 w37f h82\"><div class=\"t m0 x10 h1f y54 ff4 fs7 fc1 sc2 ls0 ws0\">C. Dim<span class=\"_ _f\"></span>inuzion<span class=\"_ _f\"></span>i </div></td><td></td><td class=\"c x44a y2752 w37d h82\"><div class=\"t m0 x11e h1f y32 ff4 fs7 fc1 sc2 ls0 ws0\">4.886<span class=\"_ _f\"></span> </div></td><td></td><td class=\"c x44b y2752 w339 h82\"><div class=\"t m0 xe3 h1f y32 ff4 fs7 fc1 sc2 ls0 ws0\">3.25<span class=\"_ _f\"></span>2 </div></td></tr><tr><td class=\"c x44e y2753 w37f h82\"><div class=\"t m0 x16a h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">C.1 Vendite </div></td><td></td><td class=\"c x44a y2753 w37d h82\"><div class=\"t m0 x189 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x44b y2753 w339 h82\"><div class=\"t m0 x189 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2754 w37f h254\"><div class=\"t m0 x48 h1f y66c ff4 fs7 fc1 sc0 ls0 ws0\">- di cui operazio<span class=\"_ _1\"></span>ni di aggregaz<span class=\"_ _1\"></span>ione aziendale </div></td><td></td><td class=\"c x44a y2754 w37d h254\"><div class=\"t m0 x189 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x44b y2754 w339 h254\"><div class=\"t m0 x189 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2755 w37f h82\"><div class=\"t m0 x16a h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">C.2 Rettifiche di <span class=\"_ _f\"></span>v<span class=\"_ _2\"></span>alore </div></td><td></td><td class=\"c x44a y2755 w37d h82\"><div class=\"t m0 x189 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x44b y2755 w339 h82\"><div class=\"t m0 x189 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2756 w37f h82\"><div class=\"t m0 x16a h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">C.3 Svalutazion<span class=\"_ _1\"></span>i </div></td><td></td><td class=\"c x44a y2756 w37d h82\"><div class=\"t m0 x24 h1f y32 ff4 fs7 fc1 sc0 ls2a ws0\">23<span class=\"ls0\"> </span></div></td><td></td><td class=\"c x44b y2756 w339 h82\"><div class=\"t m0 x191 h1f y32 ff4 fs7 fc1 sc0 ls9 ws0\">106<span class=\"ls0\"> </span></div></td></tr><tr><td class=\"c x44e y2757 w37f h82\"><div class=\"t m0 x16a h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">C.4 Altre variaz<span class=\"_ _1\"></span>ioni<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x44a y2757 w37d h82\"><div class=\"t m0 x11e h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">4.8<span class=\"ls29\">63</span> </div></td><td></td><td class=\"c x44b y2757 w339 h82\"><div class=\"t m0 xe3 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">3.146 </div></td></tr><tr><td class=\"c x44e y2758 w37f h82\"><div class=\"t m0 x10 h1f y54 ff4 fs7 fc1 sc2 ls0 ws0\">D. Rim<span class=\"_ _f\"></span>anenz<span class=\"_ _1\"></span>e fin<span class=\"_ _f\"></span>ali </div></td><td></td><td class=\"c x44a y2758 w37d h82\"><div class=\"t m0 xc h1f y32 ff4 fs7 fc1 sc2 ls0 ws0\">62.58<span class=\"_ _f\"></span>2 </div></td><td></td><td class=\"c x44b y2758 w339 h82\"><div class=\"t m0 xc h1f y32 ff4 fs7 fc1 sc2 ls0 ws0\">59.9<span class=\"_ _f\"></span>36 </div></td></tr><tr><td class=\"c x44e y2759 w37f h82\"><div class=\"t m0 x10 h1f y54 ff4 fs7 fc1 sc2 ls0 ws0\">E. Ri<span class=\"_ _1\"></span>valu<span class=\"_ _1\"></span>tazi<span class=\"_ _1\"></span>oni t<span class=\"_ _f\"></span>otali </div></td><td></td><td class=\"c x44a y2759 w37d h82\"><div class=\"t m0 x189 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"sc2\"> </span></div></td><td></td><td class=\"c x44b y2759 w339 h82\"><div class=\"t m0 x189 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"sc2\"> </span></div></td></tr><tr><td class=\"c x44e y275a w37f h82\"><div class=\"t m0 x10 h1f y66c ff4 fs7 fc1 sc2 ls0 ws0\">F. Ret<span class=\"_ _f\"></span>tifiche t<span class=\"_ _f\"></span>otali </div></td><td></td><td class=\"c x44a y275a w37d h82\"><div class=\"t m0 x189 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"sc2\"> </span></div></td><td></td><td class=\"c x44b y275a w339 h82\"><div class=\"t m0 x189 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"sc2\"> </span></div></td></tr></table></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs95a\">Le <span class=\"_ _0\"></span>variazioni <span class=\"_ _0\"></span>relative <span class=\"_ _0\"></span>al <span class=\"_ _9\"> </span>comparto <span class=\"_ _0\"> </span>delle <span class=\"_ _0\"></span>partecipazioni <span class=\"_ _0\"></span>re<span class=\"_ _2\"></span>cepiscono <span class=\"_ _9\"> </span>gli <span class=\"_ _0\"></span>utili <span class=\"_ _0\"></span>e <span class=\"_ _0\"></span>l<span class=\"_ _2\"></span>e <span class=\"_ _0\"></span>perdite </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs95b\">delle societ\u00e0 consolidate al patrimonio netto, i divi<span class=\"_ _1\"></span>dendi distribuiti, <span class=\"_ _2\"></span><span class=\"ls1a\">gli </span>acquisti effettuati. </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs95c\">Si <span class=\"_ _1\"></span>segnala <span class=\"_ _1\"></span>che nel <span class=\"_ _f\"></span>mese di <span class=\"_ _f\"></span>aprile 2025 SB<span class=\"_ _1\"></span>C ha <span class=\"_ _f\"></span>deliberato un <span class=\"_ _f\"></span>aumento di <span class=\"_ _f\"></span>capitale riservato </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs95d\">a Credemtel per l\u2019importo complessi<span class=\"ff4\">vo di Euro migliaia 115. </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs95e\">Per effe<span class=\"_ _1\"></span>tto di tale ope<span class=\"_ _1\"></span>razione <span class=\"ff5\">che si colloca <span class=\"_ _1\"></span>all\u2019interno de<span class=\"_ _1\"></span>ll\u2019iniziativa di </span></div><div class=\"t m1 h6 ff4 fs2 fc1 sc0 ls0 ws0 gs95f\">Corporate Venture </div><div class=\"t m1 h6 ff4 fs2 fc1 sc0 ls0 ws0 gs960\">Capital </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs961\">(CVC) <span class=\"_ _1\"></span>avviata d<span class=\"_ _1\"></span>al Grup<span class=\"_ _1\"></span>po Cred<span class=\"_ _1\"></span>em pe<span class=\"_ _1\"></span>r l\u2019acqui<span class=\"_ _1\"></span>sizione e <span class=\"_ _f\"></span>la gestione <span class=\"_ _1\"></span>di p<span class=\"_ _1\"></span>artecipazioni </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls1a ws0 gs962\">in </div><div class=\"t m1 h6 ff4 fs2 fc1 sc0 ls0 ws0 gs963\">startup</div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs964\"> <span class=\"_ _d\"></span>innovative <span class=\"_ _d\"></span>e <span class=\"_ _0\"></span>ad <span class=\"_ _d\"></span>alto <span class=\"_ _0\"></span>potenziale<span class=\"_ _1\"></span> <span class=\"_ _d\"></span>di <span class=\"_ _0\"></span>crescita, <span class=\"_ _0\"></span>la <span class=\"_ _d\"></span>partecipazione <span class=\"_ _d\"></span>di <span class=\"_ _0\"></span>Credemtel <span class=\"_ _d\"></span>in </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs965\">SBC passa dal 40,69% del 2024 al 45,92% del 2025.  </div><div class=\"t m0 h5 ff5 fs1 fc4 sc3 ls0 ws0 gs966\">7.6 Va<span class=\"_ _f\"></span>lutazioni<span class=\"_ _1\"></span> e a<span class=\"_ _1\"></span>ssunzi<span class=\"_ _1\"></span>oni s<span class=\"_ _1\"></span>igni<span class=\"_ _f\"></span>ficative <span class=\"_ _1\"></span>per s<span class=\"_ _1\"></span>tabi<span class=\"_ _1\"></span>lire l\u2019es<span class=\"_ _f\"></span>istenza d<span class=\"_ _f\"></span>i contro<span class=\"_ _1\"></span>llo con<span class=\"_ _f\"></span>giunto o<span class=\"_ _1\"></span> influe<span class=\"_ _f\"></span>nza no<span class=\"_ _f\"></span>tevole<span class=\"ff4 fc1 sc0\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs967\">Credito <span class=\"_ _f\"></span>Emiliano S.<span class=\"_ _1\"></span>p.A. <span class=\"_ _f\"></span>detiene <span class=\"_ _f\"></span>il 50% <span class=\"_ _1\"></span>di <span class=\"_ _f\"></span>Credemassicurazioni <span class=\"_ _f\"></span>S.p.A., l<span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>cui <span class=\"_ _f\"></span>restante q<span class=\"_ _f\"></span>uot<span class=\"_ _2\"></span>a </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs968\">di capitale sociale (50%) \u00e8 invece detenuta da Reale<span class=\"_ _1\"></span> Mutua Assicurazioni.<span class=\"_ _2\"></span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs969\">In tale contesto: </div><div class=\"t m0 h5 ff14 fs1 fc1 sc0 ls0 ws0 gs96a\"><span class=\"_ _27\"> </span><span class=\"ff4\">Credito <span class=\"_ _2\"></span>Emiliano <span class=\"_ _2\"></span>non <span class=\"_ _2\"></span>detiene <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>maggioranza <span class=\"_ _2\"></span>dei <span class=\"_ _2\"></span>diritti <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>voto, <span class=\"_ _2\"></span>non <span class=\"_ _2\"></span>potendo <span class=\"_ _2\"></span>da <span class=\"_ _2\"></span>solo<span class=\"_ _df\"> </span></span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs96b\">determinare <span class=\"_ _15\"> </span>le <span class=\"_ _e\"> </span>scelte <span class=\"_ _15\"> </span>societarie, <span class=\"_ _e\"> </span>non <span class=\"_ _e\"> </span>avendo <span class=\"_ _e\"> </span>la <span class=\"_ _15\"> </span>capacit\u00e0 <span class=\"_ _e\"> </span>prat<span class=\"_ _2\"></span>ica <span class=\"_ _15\"> </span>di <span class=\"_ _e\"> </span>condurre </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs96c\">unilateralmente <span class=\"_ _f\"></span>l<span class=\"_ _2\"></span>e <span class=\"_ _f\"></span>at<span class=\"_ _2\"></span>tivit\u00e0 <span class=\"_ _1\"></span>rilevanti d<span class=\"_ _1\"></span>ella <span class=\"_ _1\"></span>partecipata, per <span class=\"_ _f\"></span>le quali \u00e8<span class=\"_ _1\"></span> sempre <span class=\"_ _f\"></span>necessario<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs96d\">anche il consenso dell\u2019altro socio;<span class=\"_ _df\"> </span></div><span class=\"ff10\"> <span class=\"_ _8\"> </span><span class=\"ff5\">Credito <span class=\"_ _9\"> </span>Emiliano <span class=\"_ _9\"> </span>ha <span class=\"_ _9\"> </span>il <span class=\"_ _9\"> </span>potere <span class=\"_ _16\"> </span>di <span class=\"_ _0\"></span>veto <span class=\"_ _16\"> </span>sulle <span class=\"_ _0\"></span>scelte <span class=\"_ _9\"> </span>dell\u2019altro <span class=\"_ _16\"> </span>socio, <span class=\"_ _0\"></span>nel <span class=\"_ _9\"> </span>senso <span class=\"_ _16\"> </span>che <span class=\"_ _0\"></span>in<span class=\"_ _df\"> </span></span></span>mancanza <span class=\"_ _d\"></span>del <span class=\"_ _d\"></span>voto <span class=\"_ _d\"></span>favorevole <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>Credito <span class=\"_ _d\"></span>Emiliano <span class=\"_ _d\"></span>anche <span class=\"_ _0\"></span>l\u2019altro <span class=\"_ _d\"></span>socio <span class=\"_ _d\"></span>detentore <span class=\"_ _d\"></span>del<span class=\"_ _df\"> </span>restante 50% del capitale sociale non \u00e8 in grado di inc<span class=\"_ _1\"></span>idere sulla societ\u00e0.<span class=\"_ _df\"> </span>In relazione a Credemassicurazioni la posizione<span class=\"_ _1\"></span> di Credito Emiliano \u00e8 pertanto quella:<span class=\"_ _df\"> </span><span class=\"ff10\"> <span class=\"_ _8\"> </span><span class=\"ff4\">di un soggetto che \u00e8 esposto a rend<span class=\"_ _1\"></span>imenti variabili e che detiene comunque d<span class=\"_ _1\"></span>iritti su<span class=\"_ _df\"> </span></span></span>tali possibili rendimenti;<span class=\"_ _df\"> </span><span class=\"ff10\"> <span class=\"_ _8\"> </span><span class=\"ff4\">che ha una <span class=\"_ _2\"></span>propria capacit\u00e0 di <span class=\"_ _2\"></span>incide<span class=\"_ _1\"></span>re su <span class=\"_ _2\"></span>tali rendimenti solo <span class=\"_ _2\"></span>esercitando un potere<span class=\"_ _df\"> </span></span></span>di veto sulle scelte dell\u2019altro socio.<span class=\"_ _df\"> </span>Gli  accordi  in  essere  tr<span class=\"_ _2\"></span>a  i  soci  detentori  rispettivamente  il  50%  del  capitale  sociale<span class=\"_ _df\"> </span>prevedono:<span class=\"_ _df\"> </span><span class=\"ff10\"> <span class=\"_ _8\"> </span><span class=\"ff5\">diritto  con<span class=\"_ _f\"></span>t<span class=\"_ _2\"></span>emplato <span class=\"_ _9\"> </span>nell\u2019atto  d<span class=\"_ _1\"></span>i <span class=\"_ _16\"> </span>compravendita <span class=\"_ _9\"> </span>di  azioni,<span class=\"_ _1\"></span>  ci<span class=\"_ _f\"></span>r<span class=\"_ _2\"></span>coscritto <span class=\"_ _16\"> </span>entro <span class=\"_ _16\"> </span>precisi<span class=\"_ _df\"> </span></span></span>limiti temporali (ogni 5 anni), ad ese<span class=\"_ _1\"></span>rcitare opzioni call e put sulle rispettive azioni;<span class=\"_ _df\"> </span><span class=\"ff10\"> <span class=\"_ _8\"> </span><span class=\"ff4\">diritto <span class=\"_ _2\"></span>contemplato <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>apposito patt<span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>parasociale di <span class=\"_ _2\"></span>ottenere <span class=\"_ _2\"></span>esponenti <span class=\"_ _2\"></span>aziendali (l<span class=\"_ _2\"></span>a<span class=\"_ _df\"> </span></span></span>met\u00e0 <span class=\"_ _0\"></span>degli <span class=\"_ _d\"></span>amministrator<span class=\"_ _2\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>e, <span class=\"_ _0\"></span>a <span class=\"_ _d\"></span>rinnovi <span class=\"_ _0\"></span>alternati <span class=\"_ _0\"></span>del <span class=\"_ _d\"></span>Consiglio <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>Amministrazione, <span class=\"_ _0\"></span>il<span class=\"_ _df\"> </span>Presidente <span class=\"_ _17\"> </span>del <span class=\"_ _14\"> </span>Consiglio <span class=\"_ _14\"> </span>di <span class=\"_ _14\"> </span>Amministr<span class=\"_ _2\"></span>azione, <span class=\"_ _17\"> </span>i <span class=\"_ _14\"> </span>Sindaci <span class=\"_ _14\"> </span>e, <span class=\"_ _17\"> </span>a<span class=\"_ _2\"></span> <span class=\"_ _14\"> </span>rinnovi <span class=\"_ _17\"> </span>alternat<span class=\"_ _2\"></span>i, <span class=\"_ _17\"> </span>il<span class=\"_ _df\"> </span>Presidente <span class=\"_ _5\"> </span>de<span class=\"ff5\">l <span class=\"_ _5\"> </span>Collegio <span class=\"_ _5\"> </span>Sindacale). <span class=\"_ _5\"> </span>Siccome <span class=\"_ _5\"> </span>non <span class=\"_ _6\"> </span>vi <span class=\"_ _5\"> </span>sono <span class=\"_ _5\"> </span>nell\u2019ambito <span class=\"_ _5\"> </span>di<span class=\"_ _df\"> </span></span>Credemassicurazioni voti d<span class=\"_ _1\"></span>i consiglieri che <span class=\"_ _1\"></span>prevalgano su quelli di <span class=\"_ _1\"></span>altri Consiglieri (ad<span class=\"_ _df\"> </span>esempio <span class=\"_ _0\"></span>non <span class=\"_ _0\"></span>\u00e8 <span class=\"_ _0\"></span>contem<span class=\"_ _2\"></span>plata <span class=\"_ _0\"></span>la <span class=\"_ _0\"></span>prevalenza <span class=\"_ _0\"></span>del <span class=\"_ _9\"> </span>voto <span class=\"_ _0\"></span>del <span class=\"_ _9\"> </span>Presidente <span class=\"_ _0\"></span>del <span class=\"_ _0\"></span>Consi<span class=\"_ _2\"></span>glio <span class=\"_ _0\"></span>di<span class=\"_ _df\"> </span>Amministrazione), <span class=\"_ _d\"></span>la <span class=\"_ _0\"></span>designazio<span class=\"_ _2\"></span>ne <span class=\"_ _d\"></span>di <span class=\"_ _0\"></span>esponenti <span class=\"_ _0\"></span>aziendali <span class=\"_ _0\"></span>non <span class=\"_ _0\"></span>attr<span class=\"_ _2\"></span>ibuisce<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>a <span class=\"_ _0\"></span>nessun<span class=\"_ _df\"> </span>socio una prevalenza sulle scelte societarie;<span class=\"_ _df\"> </span><span class=\"ff10\"> <span class=\"_ _8\"> </span><span class=\"ff4\">obbligo a non trasferire le azioni a terzi per la durata del<span class=\"_ _1\"></span> patto parasociale.<span class=\"_ _df\"> </span></span></span>In <span class=\"_ _17\"> </span>tale <span class=\"_ _14\"> </span>contesto, <span class=\"_ _17\"> </span>i <span class=\"_ _17\"> </span>diritti <span class=\"_ _17\"> </span>di <span class=\"_ _14\"> </span>Credito <span class=\"_ _17\"> </span>Emiliano <span class=\"_ _17\"> </span>sono <span class=\"_ _17\"> </span>circos<span class=\"_ _2\"></span>critti <span class=\"_ _4\"> </span>alle <span class=\"_ _14\"> </span>atti<span class=\"_ _2\"></span>vit\u00e0 <span class=\"_ _17\"> </span>nette <span class=\"_ _17\"> </span>di<span class=\"_ _df\"> </span>Credemassicurazioni.<span class=\"_ _df\"> </span>Credito <span class=\"_ _f\"></span>Emiliano S.<span class=\"_ _1\"></span>p.A. <span class=\"_ _f\"></span>detiene <span class=\"_ _f\"></span>il 100% <span class=\"_ _f\"></span>di <span class=\"_ _f\"></span>Credemtel <span class=\"_ _1\"></span>S.p.A., <span class=\"_ _f\"></span>che <span class=\"_ _f\"></span>a sua <span class=\"_ _f\"></span>volta <span class=\"_ _1\"></span>detiene <span class=\"_ _f\"></span>il 45,92<span class=\"_ _df\"> </span>% di SBC.<span class=\"_ _df\"> </span>In tale contesto:<span class=\"_ _df\"> </span><span class=\"ff10\"> <span class=\"_ _8\"> </span><span class=\"ff4\">Credemtel <span class=\"_ _4\"> </span>non <span class=\"_ _22\"> </span>detiene <span class=\"_ _4\"> </span>la <span class=\"_ _4\"> </span>maggioranza <span class=\"_ _4\"> </span>dei <span class=\"_ _4\"> </span>diritti <span class=\"_ _4\"> </span>di <span class=\"_ _22\"> </span>voto, <span class=\"_ _4\"> </span>non <span class=\"_ _4\"> </span>potendo <span class=\"_ _4\"> </span>da <span class=\"_ _22\"> </span>s<span class=\"_ _2\"></span>olo<span class=\"_ _df\"> </span></span></span>determinare <span class=\"_ _15\"> </span>le <span class=\"_ _e\"> </span>scelte <span class=\"_ _e\"> </span>societarie, <span class=\"_ _15\"> </span>non <span class=\"_ _e\"> </span>avendo <span class=\"_ _e\"> </span>la <span class=\"_ _15\"> </span>capacit\u00e0 <span class=\"_ _e\"> </span>pratica <span class=\"_ _e\"> </span>di <span class=\"_ _e\"> </span>condurre<span class=\"_ _df\"> </span>unilateralmente <span class=\"_ _f\"></span>l<span class=\"_ _2\"></span>e <span class=\"_ _f\"></span>at<span class=\"_ _2\"></span>tivit\u00e0 <span class=\"_ _1\"></span>rilevanti d<span class=\"_ _1\"></span>ella <span class=\"_ _1\"></span>partecipata, per <span class=\"_ _f\"></span>le quali \u00e8<span class=\"_ _1\"></span> sempre <span class=\"_ _f\"></span>necessario<span class=\"_ _df\"> </span>anche il consenso degli altri soci;<span class=\"_ _df\"> </span><span class=\"ff10\"> <span class=\"_ _8\"> </span><span class=\"ff4\">Credemtel per\u00f2 ha il potere il veto, su specifici<span class=\"_ _1\"></span> argomenti, sulle scelte<span class=\"_ _2\"></span> degli altri soci,<span class=\"_ _df\"> </span></span></span>nel <span class=\"_ _2\"></span>senso <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>mancanza <span class=\"_ _2\"></span>del <span class=\"_ _d\"></span>voto <span class=\"_ _2\"></span>favorevole <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>Credemtel <span class=\"_ _2\"></span>anche <span class=\"_ _2\"></span>gli <span class=\"_ _2\"></span>altri <span class=\"_ _2\"></span>soci <span class=\"_ _2\"></span>non<span class=\"_ _df\"> </span>sono in grado di incidere sulla societ\u00e0.<span class=\"_ _df\"> </span>In relazione a SBC la posizione di Credemtel \u00e8 p<span class=\"_ _1\"></span>ertanto quella:<span class=\"_ _df\"> </span><span class=\"ff10\"> <span class=\"_ _8\"> </span><span class=\"ff4\">di un soggetto che \u00e8 esposto a re<span class=\"_ _1\"></span>ndimenti variabili e che detiene comunque diritti su<span class=\"_ _df\"> </span></span></span>tali possibili rendimenti;<span class=\"_ _df\"> </span><span class=\"ff10\"> <span class=\"_ _8\"> </span><span class=\"ff4\">che ha una <span class=\"_ _2\"></span>propria capacit\u00e0 di <span class=\"_ _2\"></span>incide<span class=\"_ _1\"></span>re su <span class=\"_ _2\"></span>tali rendimenti solo <span class=\"_ _2\"></span>esercitando un potere<span class=\"_ _df\"> </span></span></span>di veto sulle scelte degli altri soci.<span class=\"_ _df\"> </span>Gli  accordi  <span class=\"ls1a\">in</span> <span class=\"_ _4\"> </span>essere  tra  i  soci  <span class=\"ls39\">di</span> <span class=\"_ _22\"> </span>SBC  contemplano,  a <span class=\"_ _22\"> </span>favore <span class=\"_ _22\"> </span><span class=\"ls39\">di</span> <span class=\"_ _22\"> </span>Cr<span class=\"_ _2\"></span>edemtel  <span class=\"ls1a\">il</span>  diritto<span class=\"_ _df\"> </span>contemplato <span class=\"_ _f\"></span>in <span class=\"_ _f\"></span>apposito patto<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>parasociale <span class=\"_ _f\"></span>di ot<span class=\"_ _1\"></span>tenere <span class=\"_ _f\"></span>esponenti <span class=\"_ _1\"></span>aziendali <span class=\"_ _f\"></span>(un <span class=\"_ _f\"></span>consigliere<span class=\"_ _df\"> </span>di <span class=\"_ _17\"> </span>amministr<span class=\"_ _2\"></span>azione).<span class=\"_ _1\"></span> <span class=\"_ _14\"> </span>Sicc<span class=\"_ _f\"></span>ome <span class=\"_ _4\"> </span>non<span class=\"_ _f\"></span> <span class=\"_ _4\"> </span><span class=\"lsb2\">vi</span> <span class=\"_ _4\"> </span>sono <span class=\"_ _4\"> </span><span class=\"ff5\">n<span class=\"_ _1\"></span>ell<span class=\"_ _f\"></span>\u2019ambi<span class=\"_ _1\"></span>to<span class=\"ff4\"> <span class=\"_ _4\"> </span><span class=\"lsb2\">di</span> <span class=\"_ _4\"> </span>SB<span class=\"_ _f\"></span>C <span class=\"_ _4\"> </span>voti<span class=\"_ _1\"></span> <span class=\"_ _4\"> </span><span class=\"lsb2\">di</span> <span class=\"_ _4\"> </span>con<span class=\"_ _f\"></span>siglie<span class=\"_ _f\"></span>ri <span class=\"_ _4\"> </span>che<span class=\"_ _df\"> </span></span></span>pre<span class=\"_ _f\"></span>valga<span class=\"_ _f\"></span>no <span class=\"_ _17\"> </span><span class=\"lsd0\">su</span> <span class=\"_ _14\"> </span>que<span class=\"_ _f\"></span>lli <span class=\"_ _17\"> </span><span class=\"ls39\">di</span> <span class=\"_ _17\"> </span>altr<span class=\"_ _1\"></span>i <span class=\"_ _17\"> </span>con<span class=\"_ _f\"></span>siglie<span class=\"_ _f\"></span>ri, <span class=\"_ _14\"> </span><span class=\"ls1a\">la</span> <span class=\"_ _15\"> </span>designazione <span class=\"_ _14\"> </span><span class=\"ls39\">di</span> <span class=\"_ _15\"> </span>esponenti <span class=\"_ _14\"> </span>aziendali <span class=\"_ _17\"> </span>non<span class=\"_ _df\"> </span>attribuisce <span class=\"_ _f\"></span>a nessun socio <span class=\"_ _f\"></span>una prevalenz<span class=\"_ _1\"></span>a sulle <span class=\"_ _f\"></span>scelte soci<span class=\"_ _1\"></span>eta<span class=\"_ _f\"></span>rie.<span class=\"_ _df\"> </span>Credito Emiliano <span class=\"_ _1\"></span>S.p.A. <span class=\"_ _1\"></span>detiene il 100% di<span class=\"_ _1\"></span> Credemtel <span class=\"_ _1\"></span>S.p.A., che<span class=\"_ _1\"></span> a sua vol<span class=\"_ _1\"></span>ta detiene <span class=\"_ _1\"></span>il 40%<span class=\"_ _df\"> </span>di ANDXOR SOLUZIONI INFORMATICHE S.R.L. \u201cANDXOR\u201d.<span class=\"_ _df\"> </span>In tale contesto, per ANDXOR:<span class=\"_ _df\"> </span><span class=\"ff10\"> <span class=\"_ _8\"> </span><span class=\"ff4\">Credemtel <span class=\"_ _4\"> </span>non <span class=\"_ _22\"> </span>d<span class=\"_ _2\"></span>etiene <span class=\"_ _4\"> </span>la <span class=\"_ _22\"> </span>maggioranza <span class=\"_ _4\"> </span>dei <span class=\"_ _4\"> </span>diritti <span class=\"_ _4\"> </span>di <span class=\"_ _22\"> </span>vot<span class=\"_ _2\"></span>o, <span class=\"_ _4\"> </span>non <span class=\"_ _22\"> </span>pot<span class=\"_ _2\"></span>endo  da <span class=\"_ _4\"> </span>sola<span class=\"_ _df\"> </span></span></span>determinare <span class=\"_ _15\"> </span>le <span class=\"_ _e\"> </span>scelte <span class=\"_ _15\"> </span>societarie, <span class=\"_ _e\"> </span>non <span class=\"_ _e\"> </span>avendo <span class=\"_ _15\"> </span>la <span class=\"_ _e\"> </span>capacit\u00e0 <span class=\"_ _e\"> </span>pratica <span class=\"_ _e\"> </span>di <span class=\"_ _15\"> </span>condurre<span class=\"_ _df\"> </span>unilateralmente <span class=\"_ _f\"></span>l<span class=\"_ _2\"></span>e <span class=\"_ _f\"></span>at<span class=\"_ _2\"></span>tivit\u00e0 <span class=\"_ _1\"></span>rilevanti d<span class=\"_ _1\"></span>ella <span class=\"_ _1\"></span>partecipata, per <span class=\"_ _f\"></span>le quali \u00e8<span class=\"_ _1\"></span> sempre <span class=\"_ _f\"></span>necessario<span class=\"_ _df\"> </span>anche il consenso degli altri soci;<span class=\"_ _df\"> </span><span class=\"ff10\"> <span class=\"_ _8\"> </span><span class=\"ff4\">Credemtel ha <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>potere di <span class=\"_ _2\"></span>veto, su <span class=\"_ _2\"></span>specifici argomenti, <span class=\"_ _2\"></span>sulle scelte <span class=\"_ _2\"></span>degli altr<span class=\"_ _2\"></span>i soci, <span class=\"_ _2\"></span>nel<span class=\"_ _df\"> </span></span></span>senso che i<span class=\"_ _1\"></span>n mancanza del <span class=\"_ _1\"></span>voto favorevole <span class=\"_ _1\"></span>di Credemtel anche<span class=\"_ _1\"></span> gli altri soci d<span class=\"_ _1\"></span>etentori<span class=\"_ _df\"> </span>del restante 60% del capitale sociale<span class=\"_ _1\"></span> non sono<span class=\"_ _2\"></span> in grado di incidere sulla societ\u00e0.<span class=\"_ _df\"> </span>Pe<span class=\"_ _f\"></span>rtant<span class=\"_ _1\"></span>o l<span class=\"_ _1\"></span>a p<span class=\"_ _f\"></span>osizi<span class=\"_ _1\"></span>one <span class=\"_ _f\"></span><span class=\"ls39\">di<span class=\"ls0\"> C<span class=\"_ _f\"></span>redem<span class=\"_ _f\"></span>t<span class=\"_ _2\"></span>e<span class=\"_ _1\"></span>l \u00e8<span class=\"_ _f\"></span> que<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>a:<span class=\"_ _df\"> </span></span></span><span class=\"ff10\"> <span class=\"_ _8\"> </span><span class=\"ff4\">di un soggetto che \u00e8 esposto a re<span class=\"_ _1\"></span>ndimenti variabili e che detiene comunque<span class=\"_ _1\"></span> diritti su<span class=\"_ _df\"> </span></span></span>tali possibili rendimenti;<span class=\"_ _df\"> </span><span class=\"_ _27\"> </span><span class=\"ff4\">che ha <span class=\"_ _2\"></span>una propria capacit\u00e0 di <span class=\"_ _2\"></span>incide<span class=\"_ _1\"></span>re su <span class=\"_ _2\"></span>tali rendimenti s<span class=\"_ _2\"></span>olo esercitando un <span class=\"_ _2\"></span>potere<span class=\"_ _df\"> </span></span>di veto sulle scelte degli altri soci.<span class=\"_ _df\"> </span>Gli<span class=\"_ _f\"></span> ac<span class=\"_ _f\"></span>cordi <span class=\"_ _f\"></span><span class=\"ls1a\">in<span class=\"ls0\"> e<span class=\"_ _f\"></span>ssere <span class=\"_ _f\"></span><span class=\"ls14\">tra<span class=\"ls0\"> i<span class=\"_ _1\"></span> so<span class=\"_ _f\"></span>ci <span class=\"_ _1\"></span><span class=\"lsb2\">di<span class=\"ls0\"> AN<span class=\"_ _1\"></span>DXOR<span class=\"_ _f\"></span> con<span class=\"_ _f\"></span>templ<span class=\"_ _f\"></span>ano, <span class=\"_ _f\"></span>a f<span class=\"_ _1\"></span>avor<span class=\"_ _f\"></span>e <span class=\"ls39\">di<span class=\"_ _f\"></span><span class=\"ls0\"> Cre<span class=\"_ _1\"></span>dem<span class=\"_ _1\"></span>tel<span class=\"_ _1\"></span>:<span class=\"_ _df\"> </span></span></span></span></span></span></span></span></span><span class=\"_ _27\"> </span><span class=\"ff4\">diritto contemplato in apposito patto parasociale di ottenere esponenti aziendali (un<span class=\"_ _df\"> </span></span>consigliere di amministr<span class=\"_ _2\"></span>az<span class=\"ff5\">ione ed il <span class=\"_ _2\"></span>sindaco unico). Siccom<span class=\"_ _2\"></span>e non <span class=\"_ _2\"></span>vi sono nell\u2019ambito<span class=\"_ _df\"> </span></span>di <span class=\"_ _e\"> </span>ANDXOR <span class=\"_ _e\"> </span>voti <span class=\"_ _e\"> </span>di <span class=\"_ _e\"> </span>consiglieri <span class=\"_ _e\"> </span>che <span class=\"_ _15\"> </span>prevalgano <span class=\"_ _e\"> </span>su <span class=\"_ _e\"> </span>quelli <span class=\"_ _e\"> </span>di <span class=\"_ _e\"> </span>altr<span class=\"_ _2\"></span>i <span class=\"_ _15\"> </span>Consiglieri, <span class=\"_ _e\"> </span>la<span class=\"_ _df\"> </span>designazione <span class=\"_ _2\"></span>di <span class=\"_ _d\"></span>espon<span class=\"_ _2\"></span>enti <span class=\"_ _2\"></span>aziendali <span class=\"_ _d\"></span>non <span class=\"_ _d\"></span>at<span class=\"_ _2\"></span>tribuisce<span class=\"_ _1\"></span> <span class=\"_ _d\"></span>a <span class=\"_ _d\"></span>nessun <span class=\"_ _d\"></span>socio <span class=\"_ _0\"></span>una <span class=\"_ _d\"></span>prevalenza<span class=\"_ _df\"> </span>sulle scelte societarie;<span class=\"_ _df\"> </span><span class=\"_ _27\"> </span><span class=\"ff4\">diritto <span class=\"_ _d\"></span>di <span class=\"_ _0\"></span><span class=\"ls13\">co</span>-vendita <span class=\"_ _d\"></span>a <span class=\"_ _0\"></span>favore <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>Credemtel <span class=\"_ _d\"></span>qualora <span class=\"_ _0\"></span>venga <span class=\"_ _d\"></span>trasferita <span class=\"_ _d\"></span>per <span class=\"_ _0\"></span>atto <span class=\"_ _d\"></span>tra <span class=\"_ _d\"></span>vivi<span class=\"_ _df\"> </span></span>una <span class=\"_ _f\"></span>quota di<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>almeno <span class=\"_ _f\"></span>il 50% <span class=\"_ _f\"></span>del <span class=\"_ _f\"></span>capitale <span class=\"_ _f\"></span>sociale d<span class=\"_ _1\"></span>i <span class=\"_ _f\"></span>AND<span class=\"_ _2\"></span>XOR <span class=\"_ _f\"></span>per tu<span class=\"_ _f\"></span>tta la <span class=\"_ _f\"></span>durata <span class=\"_ _f\"></span>del p<span class=\"_ _1\"></span>atto<span class=\"_ _df\"> </span>parasociale attualmente in essere.<span class=\"_ _df\"> </span>Credito <span class=\"_ _0\"></span>Emiliano <span class=\"_ _9\"> </span>S.p.A. <span class=\"_ _9\"> </span>detiene <span class=\"_ _9\"> </span>il <span class=\"_ _0\"></span>100<span class=\"_ _2\"></span>% <span class=\"_ _0\"></span>di <span class=\"_ _9\"> </span>Credemtel <span class=\"_ _0\"></span>S.<span class=\"_ _2\"></span>p.A., <span class=\"_ _0\"></span>che <span class=\"_ _9\"> </span>a <span class=\"_ _9\"> </span>sua <span class=\"_ _9\"> </span>volta <span class=\"_ _9\"> </span>detiene <span class=\"_ _0\"></span>il<span class=\"_ _df\"> </span>12,99% di MYNET. In tale contesto:<span class=\"_ _df\"> </span><span class=\"_ _27\"> </span><span class=\"ff4\">Credemtel <span class=\"_ _4\"> </span>non <span class=\"_ _22\"> </span>deti<span class=\"_ _2\"></span>ene  la <span class=\"_ _4\"> </span>mag<span class=\"_ _2\"></span>gioranza <span class=\"_ _4\"> </span>dei<span class=\"_ _1\"></span> <span class=\"_ _4\"> </span>diritti <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>voto, <span class=\"_ _4\"> </span>no<span class=\"_ _1\"></span>n <span class=\"_ _4\"> </span>potendo <span class=\"_ _4\"> </span>da <span class=\"_ _22\"> </span>so<span class=\"_ _2\"></span>lo<span class=\"_ _df\"> </span></span>determinare <span class=\"_ _15\"> </span>le <span class=\"_ _e\"> </span>scelte <span class=\"_ _15\"> </span>societarie, <span class=\"_ _e\"> </span>non <span class=\"_ _e\"> </span>avendo <span class=\"_ _15\"> </span>la <span class=\"_ _e\"> </span>capacit\u00e0 <span class=\"_ _e\"> </span>pratica <span class=\"_ _e\"> </span>di <span class=\"_ _15\"> </span>condurre<span class=\"_ _df\"> </span>unilateralmente <span class=\"_ _f\"></span>l<span class=\"_ _2\"></span>e <span class=\"_ _f\"></span>at<span class=\"_ _2\"></span>tivit\u00e0 <span class=\"_ _1\"></span>rilevanti del<span class=\"_ _1\"></span>la partecipata, <span class=\"_ _f\"></span>per le <span class=\"_ _f\"></span>q<span class=\"_ _2\"></span>uali \u00e8<span class=\"_ _f\"></span> sempre ne<span class=\"_ _1\"></span>cessario<span class=\"_ _df\"> </span>anche il consenso degli altri soci;<span class=\"_ _df\"> </span><span class=\"_ _27\"> </span><span class=\"ff4\">Credemtel per\u00f2 ha il potere il veto, su specifici<span class=\"_ _1\"></span> argomenti, sulle scelte degli altri soci,<span class=\"_ _df\"> </span></span>nel <span class=\"_ _2\"></span>senso <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>mancanza <span class=\"_ _2\"></span>del <span class=\"_ _d\"></span>voto <span class=\"_ _2\"></span>favorevole <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>Credemtel <span class=\"_ _2\"></span>anche <span class=\"_ _2\"></span>gli <span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>ltri <span class=\"_ _2\"></span>soci <span class=\"_ _2\"></span>non<span class=\"_ _df\"> </span>sono in grado di incidere sulla societ\u00e0.<span class=\"_ _df\"> </span>In relazione a MYNET la posizi<span class=\"_ _1\"></span>one di Credemtel \u00e8 pertanto quella:<span class=\"_ _df\"> </span><span class=\"_ _27\"> </span><span class=\"ff4\">di un soggetto che \u00e8 esposto a rend<span class=\"_ _f\"></span>im<span class=\"_ _2\"></span>enti variabili e<span class=\"_ _1\"></span> che detiene comunque diritti su<span class=\"_ _df\"> </span></span>tali possibili rendimenti;<span class=\"_ _df\"> </span><span class=\"_ _27\"> </span><span class=\"ff4\">che ha <span class=\"_ _2\"></span>una propria capacit\u00e0 <span class=\"_ _2\"></span>di incidere su tali <span class=\"_ _2\"></span>rendimenti solo esercitando un potere<span class=\"_ _df\"> </span></span>di veto sulle scelte degli altri soci.<span class=\"_ _df\"> </span>Gli <span class=\"_ _0\"></span>accordi <span class=\"_ _9\"> </span>in <span class=\"_ _9\"> </span>essere <span class=\"_ _0\"></span>tra <span class=\"_ _9\"> </span>i <span class=\"_ _0\"> </span>s<span class=\"_ _2\"></span>oci <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>MYNET <span class=\"_ _9\"> </span>contemplano, <span class=\"_ _0\"></span>a <span class=\"_ _9\"> </span>favore <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>Credemtel <span class=\"_ _0\"></span>il <span class=\"_ _9\"> </span>diritto<span class=\"_ _df\"> </span>contemplato <span class=\"_ _f\"></span>in app<span class=\"_ _1\"></span>osito <span class=\"_ _1\"></span>patto <span class=\"_ _f\"></span>parasociale <span class=\"_ _f\"></span>di <span class=\"_ _1\"></span>ottenere <span class=\"_ _f\"></span>esponenti <span class=\"_ _f\"></span>a<span class=\"_ _2\"></span>ziendali <span class=\"_ _f\"></span>(un <span class=\"_ _f\"></span>consigliere<span class=\"_ _df\"> </span>di <span class=\"_ _15\"> </span>amministrazione) <span class=\"_ _15\"> </span>oltre <span class=\"_ _15\"> </span>alla <span class=\"_ _e\"> </span>designazione <span class=\"_ _14\"> </span>di <span class=\"_ _e\"> </span>un <span class=\"_ _15\"> </span>sindaco <span class=\"_ _15\"> </span>effettivo <span class=\"_ _15\"> </span>(con <span class=\"_ _15\"> </span>r<span class=\"_ _2\"></span>uolo <span class=\"_ _15\"> </span>di<span class=\"_ _df\"> </span>presidente del <span class=\"_ _2\"></span>collegio <span class=\"_ _2\"></span>sindacale) <span class=\"_ _2\"></span>ed <span class=\"_ _2\"></span>uno <span class=\"_ _2\"></span>supplente. Siccome <span class=\"_ _2\"></span>non <span class=\"_ _2\"></span>vi <span class=\"_ _2\"></span>sono <span class=\"_ _2\"></span>nell\u2019<span class=\"_ _1\"></span>ambito <span class=\"_ _2\"></span>di<span class=\"_ _df\"> </span>MYNET <span class=\"_ _d\"></span>voti <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>consiglieri <span class=\"_ _d\"></span>che <span class=\"_ _d\"></span>prevalgano <span class=\"_ _d\"></span>su <span class=\"_ _d\"></span>quelli <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>altri <span class=\"_ _d\"></span>c<span class=\"_ _2\"></span>onsi<span class=\"_ _2\"></span>glieri,<span class=\"_ _1\"></span> <span class=\"_ _d\"></span>la <span class=\"_ _0\"></span>designazione <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>i<span class=\"_ _df\"> </span>esponenti <span class=\"_ _f\"></span>aziendali non <span class=\"_ _f\"></span>attribuisce <span class=\"_ _f\"></span>a nessun <span class=\"_ _f\"></span>socio <span class=\"_ _f\"></span>una prevalenza <span class=\"_ _f\"></span>sulle <span class=\"_ _1\"></span>scelte <span class=\"_ _f\"></span>soci<span class=\"_ _2\"></span>etarie.<span class=\"_ _df\"> </span>Credito <span class=\"_ _11\"></span>Emiliano <span class=\"_ _11\"></span>S.p.A. <span class=\"_ _11\"></span>detiene <span class=\"_ _11\"></span><span class=\"ls1a\">il<span class=\"ls0\"> <span class=\"_ _11\"></span>1<span class=\"_ _2\"></span>00% <span class=\"_ _11\"></span><span class=\"ls39\">di<span class=\"ls0\"> <span class=\"_ _f\"></span>Credemtel <span class=\"_ _13\"></span>S.p.A., <span class=\"_ _11\"></span><span class=\"ls13\">che<span class=\"ls0\"> <span class=\"_ _11\"></span>a <span class=\"_ _f\"></span>sua <span class=\"_ _11\"></span>volta <span class=\"_ _11\"></span>detiene <span class=\"_ _11\"></span><span class=\"ls1a\">il<span class=\"ls0\"> <span class=\"_ _11\"></span>10<span class=\"_ _2\"></span>,00%<span class=\"_ _df\"> </span></span></span></span></span></span></span></span></span>di<span class=\"ls0\"> <span class=\"_ _f\"></span>FLAIRBIT.<span class=\"_ _df\"> </span></span>In<span class=\"ls0\"> <span class=\"_ _f\"></span>tale <span class=\"_ _f\"></span>con<span class=\"_ _f\"></span>testo:<span class=\"_ _df\"> </span></span><span class=\"_ _27\"> </span><span class=\"ff4\">Credemtel <span class=\"_ _4\"> </span>non <span class=\"_ _4\"> </span>detiene  la <span class=\"_ _4\"> </span>maggioranza <span class=\"_ _4\"> </span>dei <span class=\"_ _4\"> </span>diritti <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>voto, <span class=\"_ _4\"> </span>non  potendo <span class=\"_ _4\"> </span>da <span class=\"_ _4\"> </span>solo<span class=\"_ _df\"> </span></span>determinare <span class=\"_ _15\"> </span>le <span class=\"_ _e\"> </span>scelte <span class=\"_ _15\"> </span>societarie, <span class=\"_ _e\"> </span>non <span class=\"_ _e\"> </span>avendo <span class=\"_ _15\"> </span>la <span class=\"_ _e\"> </span>capacit\u00e0 <span class=\"_ _e\"> </span>pratica <span class=\"_ _e\"> </span>di <span class=\"_ _15\"> </span>condurre<span class=\"_ _df\"> </span>unilateralmente <span class=\"_ _f\"></span>l<span class=\"_ _2\"></span>e <span class=\"_ _f\"></span>at<span class=\"_ _2\"></span>tivit\u00e0 <span class=\"_ _1\"></span>rilevanti d<span class=\"_ _1\"></span>ella <span class=\"_ _1\"></span>partecipata, per <span class=\"_ _f\"></span>le quali \u00e8<span class=\"_ _1\"></span> sempre <span class=\"_ _f\"></span>necessario<span class=\"_ _df\"> </span>anche il consenso degli altri soci;<span class=\"_ _df\"> </span><span class=\"_ _27\"> </span><span class=\"ff4\">Credemtel per\u00f2 ha il potere il veto, su specifici<span class=\"_ _1\"></span> argomenti, sulle scelte degli altri soci,<span class=\"_ _df\"> </span></span>nel <span class=\"_ _2\"></span>senso <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>mancanza <span class=\"_ _2\"></span>del <span class=\"_ _d\"></span>voto <span class=\"_ _2\"></span>favorevole <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>Credemtel <span class=\"_ _2\"></span>anche <span class=\"_ _2\"></span>gli <span class=\"_ _2\"></span>altri <span class=\"_ _2\"></span>soci <span class=\"_ _2\"></span>non<span class=\"_ _df\"> </span>sono in grado di incidere sulla societ\u00e0.<span class=\"_ _df\"> </span>In relazione a FLAIRBIT la posizione di Crede<span class=\"_ _1\"></span>mtel \u00e8 pertanto quella:<span class=\"_ _df\"> </span><span class=\"_ _27\"> </span><span class=\"ff4\">di un soggetto che \u00e8 esposto a rend<span class=\"_ _f\"></span>im<span class=\"_ _2\"></span>enti variabili e<span class=\"_ _1\"></span> che detiene comunque diritti su<span class=\"_ _df\"> </span></span>tali possibili rendimenti;<span class=\"_ _df\"> </span><span class=\"_ _27\"> </span><span class=\"ff4\">che ha <span class=\"_ _2\"></span>una propria capacit\u00e0 di <span class=\"_ _2\"></span>incide<span class=\"_ _1\"></span>re su <span class=\"_ _2\"></span>tali rendimenti solo <span class=\"_ _2\"></span>esercitando un potere<span class=\"_ _df\"> </span></span>di veto sulle scelte degli altri soci.<span class=\"_ _df\"> </span>Gli <span class=\"_ _2\"></span>accor<span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>in <span class=\"_ _d\"></span>ess<span class=\"_ _2\"></span>ere <span class=\"_ _2\"></span>tra <span class=\"_ _d\"></span>i <span class=\"_ _d\"></span>soci <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>FLAIRBIT <span class=\"_ _2\"></span>cont<span class=\"_ _2\"></span>emplano, <span class=\"_ _2\"></span>a <span class=\"_ _d\"></span>favore <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>Credemtel <span class=\"_ _d\"></span>il <span class=\"_ _d\"></span>diritto<span class=\"_ _df\"> </span>contemplato <span class=\"_ _f\"></span>in app<span class=\"_ _1\"></span>osito <span class=\"_ _1\"></span>patto <span class=\"_ _f\"></span>parasociale <span class=\"_ _f\"></span>di <span class=\"_ _1\"></span>ottenere <span class=\"_ _f\"></span>esponenti <span class=\"_ _f\"></span>aziendali <span class=\"_ _f\"></span>(un consig<span class=\"_ _1\"></span>liere<span class=\"_ _df\"> </span>di <span class=\"_ _2\"></span>amministrazione). Si<span class=\"_ _2\"></span>ccome <span class=\"_ _2\"></span>non <span class=\"_ _2\"></span>vi <span class=\"_ _2\"></span>sono <span class=\"_ _2\"></span>nell<span class=\"ff5\">\u2019ambito <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>FLAIRBIT <span class=\"_ _2\"></span>voti <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>consiglieri <span class=\"_ _2\"></span>che<span class=\"_ _df\"> </span></span>prevalgano <span class=\"_ _4\"> </span>su <span class=\"_ _17\"> </span>quelli <span class=\"_ _4\"> </span>di <span class=\"_ _17\"> </span>altri <span class=\"_ _17\"> </span>consiglieri, <span class=\"_ _4\"> </span>la <span class=\"_ _4\"> </span>d<span class=\"_ _2\"></span>esignazi<span class=\"_ _1\"></span>one <span class=\"_ _17\"> </span>di <span class=\"_ _4\"> </span>esponenti <span class=\"_ _17\"> </span>aziendali <span class=\"_ _4\"> </span>non<span class=\"_ _df\"> </span>attribuisce a nessun socio una prevale<span class=\"_ _f\"></span>nza s<span class=\"_ _2\"></span>ulle scelte societarie.<span class=\"_ _df\"> </span>7.7 Im<span class=\"_ _1\"></span>peg<span class=\"_ _1\"></span>ni rife<span class=\"_ _1\"></span>riti a <span class=\"_ _1\"></span>part<span class=\"_ _1\"></span>ecipa<span class=\"_ _1\"></span>zioni<span class=\"_ _1\"></span> in s<span class=\"_ _1\"></span>ociet\u00e0<span class=\"_ _f\"></span> control<span class=\"_ _1\"></span>late in <span class=\"_ _1\"></span>modo<span class=\"_ _f\"></span> congiu<span class=\"_ _f\"></span>nto<span class=\"_ _df\"> </span>Credito <span class=\"_ _0\"></span>Emiliano <span class=\"_ _d\"></span>ha <span class=\"_ _0\"></span>sot<span class=\"_ _2\"></span>toscritto <span class=\"_ _0\"></span>con <span class=\"_ _0\"></span>Reale <span class=\"_ _d\"></span>M<span class=\"_ _2\"></span>utua <span class=\"_ _d\"></span>di <span class=\"_ _0\"> </span>Ass<span class=\"_ _2\"></span>icurazioni <span class=\"_ _d\"></span>accor<span class=\"_ _2\"></span>di <span class=\"_ _d\"></span>contrat<span class=\"_ _2\"></span>tuali<span class=\"_ _df\"> </span>volti a disciplinare pi\u00f9 compiutamente la partnership in Crede<span class=\"_ _1\"></span>massicurazioni.<span class=\"_ _df\"> </span>In <span class=\"_ _9\"> </span>tale <span class=\"_ _16\"> </span>contesto <span class=\"_ _16\"> </span>le <span class=\"_ _9\"> </span>clausole <span class=\"_ _16\"> </span>del <span class=\"_ _9\"> </span>cont<span class=\"_ _2\"></span>ratto <span class=\"_ _9\"> </span>di <span class=\"_ _16\"> </span>compravendita <span class=\"_ _9\"> </span>delle <span class=\"_ _16\"> </span>azion<span class=\"_ _2\"></span>i <span class=\"_ _9\"> </span>a <span class=\"_ _16\"> </span>suo <span class=\"_ _9\"> </span>t<span class=\"_ _2\"></span>empo<span class=\"_ _df\"> </span>perfezionato <span class=\"_ _2\"></span>tra <span class=\"_ _2\"></span>Credito <span class=\"_ _2\"></span>Emiliano <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>Reale <span class=\"_ _2\"></span>Mutua <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>Assicurazioni <span class=\"_ _2\"></span>hanno <span class=\"_ _2\"></span>espressamente<span class=\"_ _df\"> </span>convenuto <span class=\"_ _f\"></span>un\u2019opzione <span class=\"_ _f\"></span>put <span class=\"_ _f\"></span>in <span class=\"_ _1\"></span>capo <span class=\"_ _f\"></span>a Re<span class=\"_ _1\"></span>ale <span class=\"_ _f\"></span>Mutua <span class=\"_ _f\"></span>di <span class=\"_ _f\"></span>Ass<span class=\"_ _2\"></span>icurazioni <span class=\"_ _f\"></span>e <span class=\"_ _f\"></span>un\u2019opzione <span class=\"_ _f\"></span>call <span class=\"_ _f\"></span>in <span class=\"_ _f\"></span>ca<span class=\"_ _2\"></span>po<span class=\"_ _df\"> </span>a  Credi<span class=\"_ _1\"></span>to  Emiliano <span class=\"_ _16\"> </span>S.p.A. <span class=\"_ _9\"> </span>r<span class=\"_ _2\"></span>iguardante <span class=\"_ _16\"> </span>il  50% <span class=\"_ _16\"> </span>della <span class=\"_ _9\"> </span>part<span class=\"_ _2\"></span>ecipazione  di <span class=\"_ _9\"> </span>Reale  Mutua  ne<span class=\"_ _1\"></span>l<span class=\"_ _df\"> </span>capitale <span class=\"_ _17\"> </span>sociale <span class=\"_ _17\"> </span>di <span class=\"_ _17\"> </span>Cr<span class=\"_ _2\"></span>ede<span class=\"_ _1\"></span>massicurazioni. <span class=\"_ _14\"> </span>Entrambe <span class=\"_ _17\"> </span>le <span class=\"_ _17\"> </span>opzioni <span class=\"_ _14\"> </span>sono <span class=\"_ _17\"> </span>esercitabili <span class=\"_ _17\"> </span>allo<span class=\"_ _df\"> </span>scadere <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>ogni <span class=\"_ _0\"></span>quinquennio <span class=\"_ _d\"></span>dall\u2019acquisto <span class=\"_ _0\"></span>della <span class=\"_ _d\"></span>partecipazione <span class=\"_ _d\"></span>i<span class=\"_ _2\"></span>n <span class=\"_ _d\"></span>Credemassicurazioni<span class=\"_ _df\"> </span>da parte di Reale Mutua. A <span class=\"_ _2\"></span>distanza <span class=\"_ _d\"></span>di <span class=\"_ _2\"></span>10 <span class=\"_ _2\"></span>anni <span class=\"_ _2\"></span>dalla <span class=\"_ _d\"></span>sottoscrizione <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>primo <span class=\"_ _d\"></span>accordo <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>collaborazione, <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>Credito<span class=\"_ _df\"> </span>Emiliano <span class=\"_ _d\"></span>e <span class=\"_ _d\"></span>la <span class=\"_ _0\"></span>Societ\u00e0 <span class=\"_ _0\"></span>Reale <span class=\"_ _d\"></span>Mutua <span class=\"_ _d\"></span>di <span class=\"_ _0\"></span>Assicurazioni <span class=\"_ _d\"></span>hanno <span class=\"_ _0\"></span>rinnovato <span class=\"_ _d\"></span>la <span class=\"_ _0\"></span>loro <span class=\"_ _d\"></span>partnership<span class=\"_ _df\"> </span>paritetica  nella  s<span class=\"_ _2\"></span>ociet\u00e0  in  r<span class=\"_ _2\"></span>assegna.  Il  r<span class=\"_ _2\"></span>innovo  dell\u2019accordo  permett<span class=\"_ _2\"></span>er\u00e0  al <span class=\"_ _22\"> </span>gruppo <span class=\"_ _22\"> </span>di<span class=\"_ _df\"> </span>sviluppare <span class=\"_ _2\"></span>l\u2019offerta <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>prodotti<span class=\"ff4\"> <span class=\"_ _d\"></span>dei <span class=\"_ _d\"></span>rami <span class=\"_ _d\"></span>danni <span class=\"_ _2\"></span>e <span class=\"_ _d\"></span>di <span class=\"_ _2\"></span>accresc<span class=\"_ _2\"></span>ere <span class=\"_ _2\"></span>il <span class=\"_ _d\"></span>livello <span class=\"_ _d\"></span>di <span class=\"_ _2\"></span>servizio <span class=\"_ _d\"></span>offerto<span class=\"_ _df\"> </span></span>alla <span class=\"_ _d\"></span>propria <span class=\"_ _0\"></span>clientela, <span class=\"_ _d\"></span>grazie <span class=\"_ _0\"></span>al <span class=\"_ _d\"></span>s<span class=\"_ _2\"></span>upporto <span class=\"_ _d\"></span>di <span class=\"_ _0\"></span>un <span class=\"_ _d\"></span>primar<span class=\"_ _2\"></span>io <span class=\"_ _d\"></span>player <span class=\"_ _d\"></span>s<span class=\"_ _2\"></span>pecializzato <span class=\"_ _d\"></span>nel <span class=\"_ _d\"></span>settor<span class=\"_ _2\"></span>e<span class=\"_ _df\"> </span>della protection. Le parti hanno poi perfezionato un patto parasociale le<span class=\"_ _1\"></span> cui clausole contemplano:<span class=\"_ _df\"> </span><span class=\"ff10\"> <span class=\"_ _38\"> </span><span class=\"ff4\">Il <span class=\"_ _f\"></span>divieto d<span class=\"_ _1\"></span>i <span class=\"_ _f\"></span>t<span class=\"_ _2\"></span>rasferimento <span class=\"_ _f\"></span>delle <span class=\"_ _f\"></span>azioni e <span class=\"_ _f\"></span>dei <span class=\"_ _f\"></span>diritti di <span class=\"_ _f\"></span>opzione <span class=\"_ _f\"></span>a terzi, <span class=\"_ _f\"></span>diversi <span class=\"_ _f\"></span>da societ\u00e0<span class=\"_ _df\"> </span></span></span>controllate, per tutta la durata del<span class=\"_ _1\"></span> patto parasociale attualmente in essere;<span class=\"_ _df\"> </span><span class=\"ff10\"> <span class=\"_ _38\"> </span><span class=\"ff4\">Il <span class=\"_ _d\"></span>diritto <span class=\"_ _0\"></span>di <span class=\"_ _d\"></span>ciascuna <span class=\"_ _0\"></span>parte <span class=\"_ _0\"></span>ottenere <span class=\"_ _d\"></span>la <span class=\"_ _d\"></span>nomina <span class=\"_ _0\"></span>di <span class=\"_ _d\"></span>ot<span class=\"_ _2\"></span>tenere <span class=\"_ _d\"></span>la <span class=\"_ _d\"></span>no<span class=\"_ _2\"></span>mina <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>espon<span class=\"_ _2\"></span>enti<span class=\"_ _df\"> </span></span></span>az<span class=\"ls0\">iendali di propria desig<span class=\"_ _1\"></span>nazione (la met\u00e0 degli amministratori e, a rinnovi<span class=\"_ _1\"></span> alternati<span class=\"_ _df\"> </span></span>del <span class=\"_ _2\"></span>Consiglio <span class=\"_ _2\"></span>di <span class=\"_ _d\"></span>Amministrazione, <span class=\"_ _2\"></span>il <span class=\"_ _d\"></span>Presidente <span class=\"_ _2\"></span>del <span class=\"_ _d\"></span>Consiglio <span class=\"_ _2\"></span>di <span class=\"_ _d\"></span>Amministrazione, <span class=\"_ _2\"></span>i<span class=\"_ _df\"> </span>Sindaci e, a rinnovi alternati, il Preside<span class=\"_ _1\"></span>nte del Collegio Sindacale);<span class=\"_ _df\"> </span><span class=\"ff10\"> <span class=\"_ _38\"> </span><span class=\"ff4\">La  necessit\u00e0 <span class=\"_ _22\"> </span>di <span class=\"_ _4\"> </span>un  quorum  qualificato <span class=\"_ _22\"> </span>per <span class=\"_ _4\"> </span>le  deliberazioni  dei  componenti <span class=\"_ _22\"> </span>del<span class=\"_ _df\"> </span></span></span>Consiglio <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>Amministrazione rigu<span class=\"_ _1\"></span>ardanti particolari <span class=\"_ _f\"></span>tematiche (come<span class=\"_ _1\"></span>, tra <span class=\"_ _f\"></span>le altre,<span class=\"_ _1\"></span> la<span class=\"_ _df\"> </span>nomina <span class=\"_ _5\"> </span>del <span class=\"_ _6\"> </span>Direttore <span class=\"_ _5\"> </span>Generale, <span class=\"_ _5\"> </span>del <span class=\"_ _6\"> </span>Responsabile <span class=\"_ _5\"> </span>Sinistr<span class=\"_ _2\"></span>i, <span class=\"_ _5\"> </span>del <span class=\"_ _5\"> </span>Dirett<span class=\"_ _2\"></span>ore<span class=\"_ _df\"> </span>Commerciale, <span class=\"_ _0\"> </span>della <span class=\"_ _16\"> </span>funzione <span class=\"_ _0\"></span>di <span class=\"_ _9\"> </span>audi<span class=\"ff5\">t<span class=\"_ _2\"></span>ing, <span class=\"_ _9\"> </span>l\u2019approvazione <span class=\"_ _0\"></span>di <span class=\"_ _9\"> </span>oper<span class=\"_ _2\"></span>azioni <span class=\"_ _0\"> </span>di <span class=\"_ _16\"> </span>finanzi<span class=\"_ _1\"></span>a<span class=\"_ _df\"> </span></span>straordinaria, di accordi distributivi,<span class=\"_ _1\"></span> ecc).<span class=\"_ _df\"> </span>7.8 Im<span class=\"_ _1\"></span>peg<span class=\"_ _1\"></span>ni rife<span class=\"_ _1\"></span>riti a <span class=\"_ _f\"></span>partecipa<span class=\"_ _f\"></span>zioni in <span class=\"_ _f\"></span>societ\u00e0 <span class=\"_ _1\"></span>sottop<span class=\"_ _1\"></span>oste<span class=\"_ _1\"></span> ad <span class=\"_ _1\"></span>influe<span class=\"_ _f\"></span>nza note<span class=\"_ _1\"></span>vole<span class=\"_ _df\"> </span>Credemtel <span class=\"_ _d\"></span>ha <span class=\"_ _0\"></span>sottos<span class=\"_ _2\"></span>critto <span class=\"_ _d\"></span>con <span class=\"_ _0\"></span>i <span class=\"_ _d\"></span>soci <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>SBC <span class=\"_ _d\"></span>accordi <span class=\"_ _0\"></span>contrattuali <span class=\"_ _0\"></span>volti <span class=\"_ _0\"></span>a <span class=\"_ _d\"></span>discipl<span class=\"_ _2\"></span>inare <span class=\"_ _0\"></span>pi\u00f9<span class=\"_ _df\"> </span>compiutamente la partnership nella socie<span class=\"_ _1\"></span>t\u00e0.<span class=\"_ _df\"> </span>Le parti hanno poi perfezionato un patto parasociale le<span class=\"_ _1\"></span> cui clausole contemplano:<span class=\"_ _df\"> </span><span class=\"ff10\"> <span class=\"_ _38\"> </span><span class=\"ff4\">il <span class=\"_ _4\"> </span>diritto <span class=\"_ _4\"> </span>di <span class=\"_ _22\"> </span>Cr<span class=\"_ _2\"></span>edemtel <span class=\"_ _22\"> </span>di<span class=\"_ _2\"></span> <span class=\"_ _4\"> </span>ottenere <span class=\"_ _22\"> </span>la <span class=\"_ _4\"> </span>nomina <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>esponenti <span class=\"_ _4\"> </span>aziendali <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>propria<span class=\"_ _df\"> </span></span></span>designazione (un consigliere di amministrazione);<span class=\"_ _df\"> </span><span class=\"ff10\"> <span class=\"_ _38\"> </span><span class=\"ff4\">la <span class=\"_ _16\"> </span>necessit\u00e0 <span class=\"_ _9\"> </span>di  un <span class=\"_ _9\"> </span>quorum  q<span class=\"_ _1\"></span>ualificato <span class=\"_ _16\"> </span>per <span class=\"_ _9\"> </span>le  de<span class=\"_ _1\"></span>liberazioni <span class=\"_ _16\"> </span>riguardanti <span class=\"_ _16\"> </span>particolari<span class=\"_ _df\"> </span></span></span>tematiche <span class=\"_ _0\"></span>(come <span class=\"_ _d\"></span>le <span class=\"_ _0\"></span>modificazioni <span class=\"_ _0\"></span>dello <span class=\"_ _d\"></span>st<span class=\"_ _2\"></span>atuto, <span class=\"_ _d\"></span>il <span class=\"_ _0\"></span>trasferimento <span class=\"_ _0\"></span>di <span class=\"_ _d\"></span>part<span class=\"_ _2\"></span>ecipazi<span class=\"_ _1\"></span>oni<span class=\"_ _df\"> </span>sociali, <span class=\"_ _2\"></span>acquisizioni <span class=\"_ _2\"></span>e/o <span class=\"_ _d\"></span>dismissioni, <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>qualsiasi <span class=\"_ _2\"></span>forma <span class=\"_ _d\"></span>effettuate, <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>b<span class=\"_ _2\"></span>eni <span class=\"_ _2\"></span>im<span class=\"_ _2\"></span>mobili<span class=\"_ _df\"> </span>e/o <span class=\"_ _16\"> </span>di <span class=\"_ _9\"> </span>beni  mobil<span class=\"_ _1\"></span>i <span class=\"_ _16\"> </span>di <span class=\"_ _9\"> </span>valore  unitario <span class=\"_ _16\"> </span>superiore <span class=\"_ _9\"> </span>a  Euro <span class=\"_ _9\"> </span>20.000,00  e/<span class=\"_ _1\"></span>o  b<span class=\"_ _1\"></span>eni <span class=\"_ _16\"> </span>mobili<span class=\"_ _df\"> </span>registrati, <span class=\"_ _0\"></span>l\u2019assunzione <span class=\"_ _d\"></span>di <span class=\"_ _0\"></span>dipen<span class=\"_ _2\"></span>denti,<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>l\u2019assunzione <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>indebitamento <span class=\"_ _0\"></span>finanziario <span class=\"_ _0\"></span>e<span class=\"_ _df\"> </span>concessione di finanziamenti e garanzie).<span class=\"_ _df\"> </span>Credemtel <span class=\"_ _f\"></span>ha <span class=\"_ _1\"></span>sottoscritto con<span class=\"_ _1\"></span> <span class=\"_ _f\"></span>i soci <span class=\"_ _f\"></span>di <span class=\"_ _f\"></span>A<span class=\"_ _2\"></span>NDXOR <span class=\"_ _1\"></span>accordi <span class=\"_ _f\"></span>contrattuali <span class=\"_ _f\"></span>volti a <span class=\"_ _f\"></span>disciplinare <span class=\"_ _f\"></span>pi\u00f9<span class=\"_ _df\"> </span>compiutamente la partnership nella societ\u00e0.<span class=\"_ _df\"> </span>Le parti hanno poi perfezionato un patto parasociale le<span class=\"_ _1\"></span> cui clausole contemplano:<span class=\"_ _df\"> </span><span class=\"ff10\"> <span class=\"_ _38\"> </span><span class=\"ff4\">il <span class=\"_ _4\"> </span>diritto <span class=\"_ _4\"> </span>di <span class=\"_ _22\"> </span>Cr<span class=\"_ _2\"></span>edemtel <span class=\"_ _22\"> </span>di<span class=\"_ _2\"></span> <span class=\"_ _4\"> </span>ottenere <span class=\"_ _22\"> </span>la <span class=\"_ _4\"> </span>nomina <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>esponenti <span class=\"_ _4\"> </span>aziendali <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>propri<span class=\"_ _2\"></span><span class=\"ls73\">a<span class=\"_ _df\"> </span></span></span></span>designazione (un consigliere di amministrazione ed il sindaco unico);<span class=\"_ _df\"> </span><span class=\"ff10\"> <span class=\"_ _38\"> </span><span class=\"ff4\">il <span class=\"_ _1\"></span>diritto di <span class=\"_ _f\"></span>co-vendita a fav<span class=\"_ _1\"></span>ore di Cred<span class=\"_ _1\"></span>emtel qualora <span class=\"_ _f\"></span>venga trasferita p<span class=\"_ _1\"></span>er atto <span class=\"_ _f\"></span>t<span class=\"_ _2\"></span>ra v<span class=\"_ _1\"></span>ivi<span class=\"_ _df\"> </span></span></span>una <span class=\"_ _2\"></span>quota <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>almeno <span class=\"_ _2\"></span>il <span class=\"_ _d\"></span>50% <span class=\"_ _d\"></span>del <span class=\"_ _d\"></span>capitale <span class=\"_ _2\"></span>sociale <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>ANDXOR <span class=\"_ _d\"></span>per <span class=\"_ _2\"></span>tutta <span class=\"_ _d\"></span>la <span class=\"_ _d\"></span>durata <span class=\"_ _d\"></span>del<span class=\"_ _df\"> </span>patto parasociale attualmente in essere;<span class=\"_ _df\"> </span><span class=\"ff10\"> <span class=\"_ _38\"> </span><span class=\"ff4\">la <span class=\"_ _4\"> </span>necessit\u00e0 <span class=\"_ _4\"> </span>di  un <span class=\"_ _4\"> </span>quorum <span class=\"_ _4\"> </span>quali<span class=\"_ _1\"></span>ficato <span class=\"_ _4\"> </span>per <span class=\"_ _4\"> </span>le <span class=\"_ _22\"> </span>deliberazioni <span class=\"_ _4\"> </span>dei <span class=\"_ _22\"> </span>componenti <span class=\"_ _4\"> </span>del<span class=\"_ _df\"> </span></span></span>Consiglio <span class=\"_ _5\"> </span>di <span class=\"_ _20\"> </span>Amministr<span class=\"_ _2\"></span>azione <span class=\"_ _20\"> </span>riguardanti <span class=\"_ _5\"> </span>particolari <span class=\"_ _5\"> </span>tematiche <span class=\"_ _20\"> </span>(come <span class=\"_ _5\"> </span>le<span class=\"_ _df\"> </span>modificazioni <span class=\"_ _6\"> </span>dell\u2019atto <span class=\"_ _26\"> </span>costitutivo, <span class=\"_ _26\"> </span>la <span class=\"_ _6\"> </span>mo<span class=\"_ _2\"></span>dificaz<span class=\"_ _1\"></span>ione <span class=\"_ _26\"> </span>dell\u2019oggetto <span class=\"_ _26\"> </span>sociale,<span class=\"_ _df\"> </span>l<span class=\"ff5\">\u2019assunzione <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>finanziamenti <span class=\"_ _d\"></span>oltre <span class=\"_ _d\"></span>i <span class=\"_ _0\"></span>150.000 <span class=\"_ _d\"></span>euro, <span class=\"_ _d\"></span>la <span class=\"_ _d\"></span>compravendita <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>diritt<span class=\"_ _2\"></span>i <span class=\"_ _d\"></span>reali<span class=\"_ _df\"> </span></span>immobiliari, emissione d<span class=\"_ _1\"></span>i titoli di debito, distribuzione di riserve).<span class=\"_ _df\"> </span>Credemtel ha sottoscritto con i soci di MYNET accordi contrattuali volti a disciplinare pi\u00f9<span class=\"_ _df\"> </span>compiutamente la partnership nella societ\u00e0.<span class=\"_ _df\"> </span>Le parti hanno poi perfezionato un patto parasociale le<span class=\"_ _1\"></span> cui clausole contemplano:<span class=\"_ _df\"> </span><span class=\"ff10\"> <span class=\"_ _38\"> </span><span class=\"ff4\">il <span class=\"_ _4\"> </span>diritto <span class=\"_ _4\"> </span>di <span class=\"_ _22\"> </span>Cr<span class=\"_ _2\"></span>edemtel <span class=\"_ _22\"> </span>di<span class=\"_ _2\"></span> <span class=\"_ _4\"> </span>ottenere <span class=\"_ _22\"> </span>la <span class=\"_ _4\"> </span>nomina <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>esponenti <span class=\"_ _4\"> </span>aziendali <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>propria<span class=\"_ _df\"> </span></span></span>designazione (un <span class=\"_ _2\"></span>consigliere <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>amministrazione, <span class=\"_ _2\"></span>un <span class=\"_ _2\"></span>sindaco <span class=\"_ _2\"></span>effettivo <span class=\"_ _2\"></span>con <span class=\"_ _2\"></span>ruolo <span class=\"_ _2\"></span>di<span class=\"_ _df\"> </span>presidente del collegio sindacale ed un sindaco supplente)<span class=\"_ _1\"></span>;<span class=\"_ _df\"> </span><span class=\"_ _39\"> </span><span class=\"ff4\">la <span class=\"_ _16\"> </span>necessit\u00e0 <span class=\"_ _9\"> </span>di  un <span class=\"_ _9\"> </span>quorum  q<span class=\"_ _1\"></span>ualificato <span class=\"_ _16\"> </span>per <span class=\"_ _9\"> </span>le  de<span class=\"_ _1\"></span>liberazioni <span class=\"_ _16\"> </span>riguardanti <span class=\"_ _16\"> </span>particolari<span class=\"_ _df\"> </span></span>tematiche <span class=\"_ _5\"> </span>(come <span class=\"_ _6\"> </span>le <span class=\"_ _5\"> </span>modificazioni <span class=\"_ _5\"> </span>dell\u2019atto <span class=\"_ _6\"> </span>costitutivo, <span class=\"_ _5\"> </span>la <span class=\"_ _6\"> </span>modificaz<span class=\"_ _1\"></span>ione<span class=\"_ _df\"> </span>dell\u2019oggetto <span class=\"_ _1a\"> </span>sociale, <span class=\"_ _1a\"> </span>l\u2019assunzione <span class=\"_ _c\"> </span>di <span class=\"_ _1a\"> </span>finanziamenti <span class=\"_ _1a\"> </span>oltre <span class=\"_ _1a\"> </span>i <span class=\"_ _1a\"> </span>1.500.000 <span class=\"_ _1a\"> </span>euro,<span class=\"_ _df\"> </span>l\u2019emissione di <span class=\"_ _2\"></span>titoli <span class=\"_ _2\"></span>di debito, <span class=\"_ _2\"></span>l\u2019acquisizione o <span class=\"_ _2\"></span>dismissione di <span class=\"_ _2\"></span>beni <span class=\"_ _2\"></span>mobili o <span class=\"_ _2\"></span>immobili<span class=\"_ _df\"> </span>di valore superiore a 1.000.000 euro).<span class=\"_ _df\"> </span>Credemtel <span class=\"_ _2\"></span>ha <span class=\"_ _2\"></span>sot<span class=\"_ _2\"></span>toscritto <span class=\"_ _2\"></span>con <span class=\"_ _d\"></span>i <span class=\"_ _2\"></span>soci <span class=\"_ _d\"></span>di <span class=\"_ _2\"></span>FLAIRBIT <span class=\"_ _2\"></span>accordi <span class=\"_ _d\"></span>contrattu<span class=\"_ _2\"></span>ali <span class=\"_ _2\"></span>volti <span class=\"_ _d\"></span>a <span class=\"_ _2\"></span>disciplinare<span class=\"_ _df\"> </span>pi\u00f9 compiutamente la partnership nella societ\u00e0.<span class=\"_ _df\"> </span>Le parti hanno poi perfezionato un patto parasociale le<span class=\"_ _1\"></span> cui clausole contemplano:<span class=\"_ _df\"> </span><span class=\"_ _39\"> </span><span class=\"ff4\">il <span class=\"_ _4\"> </span>diritto <span class=\"_ _4\"> </span>di <span class=\"_ _22\"> </span>Cr<span class=\"_ _2\"></span>edemtel <span class=\"_ _22\"> </span>di<span class=\"_ _2\"></span> <span class=\"_ _4\"> </span>ottenere <span class=\"_ _22\"> </span>la <span class=\"_ _4\"> </span>nomina <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>esponenti <span class=\"_ _4\"> </span>aziendali <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>propria<span class=\"_ _df\"> </span></span>designazione (un consigliere di amministrazione);<span class=\"_ _df\"> </span><span class=\"_ _39\"> </span><span class=\"ff4\">la <span class=\"_ _16\"> </span>necessit\u00e0 <span class=\"_ _9\"> </span>di  un <span class=\"_ _9\"> </span>quorum  q<span class=\"_ _1\"></span>ualificato <span class=\"_ _16\"> </span>per <span class=\"_ _9\"> </span>le  de<span class=\"_ _1\"></span>liberazioni <span class=\"_ _16\"> </span>riguardanti <span class=\"_ _16\"> </span>particolari<span class=\"_ _df\"> </span></span>tematiche  (come <span class=\"_ _22\"> </span>le <span class=\"_ _22\"> </span>mo<span class=\"_ _2\"></span>dificazioni  dello  Statuto <span class=\"_ _4\"> </span>afferenti  all\u2019oggetto  s<span class=\"_ _2\"></span>ociale,  la<span class=\"_ _df\"> </span>stipula  di  cont<span class=\"_ _2\"></span>ratti <span class=\"_ _22\"> </span>di <span class=\"_ _22\"> </span>qualsiasi <span class=\"_ _4\"> </span>natura  con <span class=\"_ _4\"> </span>alcuna  parte  cor<span class=\"_ _2\"></span>relata <span class=\"_ _22\"> </span>di <span class=\"_ _4\"> </span>FLAIRBIT,<span class=\"_ _df\"> </span>l\u2019assunzione <span class=\"_ _1\"></span>di finanzi<span class=\"_ _1\"></span>amenti oltre <span class=\"_ _1\"></span>i 500.000 <span class=\"_ _1\"></span>euro, l<span class=\"_ _1\"></span>\u2019assunzione <span class=\"_ _1\"></span>di pe<span class=\"_ _1\"></span>rsonale con <span class=\"_ _f\"></span>un<span class=\"_ _df\"> </span>trattamento <span class=\"_ _15\"> </span>economico <span class=\"_ _15\"> </span>(retribuzione <span class=\"_ _14\"> </span>annua <span class=\"_ _e\"> </span>lorda) <span class=\"_ _15\"> </span>pari <span class=\"_ _15\"> </span>o <span class=\"_ _15\"> </span>superiore <span class=\"_ _15\"> </span>ad <span class=\"_ _15\"> </span>Euro<span class=\"_ _df\"> </span>100.000,00 (centomila) annui).<span class=\"_ _df\"> </span>7.10 Al<span class=\"_ _1\"></span>tre i<span class=\"_ _1\"></span>nform<span class=\"_ _1\"></span>azio<span class=\"_ _f\"></span>ni<span class=\"_ _df\"> </span>Credemassicurazioni, <span class=\"_ _9\"> </span>A<span class=\"_ _2\"></span>ndxor,  Flairbit  <span class=\"lse\">e  </span>M<span class=\"_ _1\"></span>ynet,  partecipazioni  p<span class=\"_ _1\"></span>er  le <span class=\"_ _9\"> </span>q<span class=\"_ _2\"></span>uali <span class=\"_ _16\"> </span>il  valore <span class=\"_ _9\"> </span>di<span class=\"_ _df\"> </span>bilancio r<span class=\"_ _2\"></span>isulta essere <span class=\"_ _2\"></span>superiore alla <span class=\"_ _2\"></span>quota <span class=\"_ _2\"></span>di pertinenza <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>patrimonio netto<span class=\"_ _2\"></span>, sono <span class=\"_ _2\"></span>state<span class=\"_ _df\"> </span>assoggettate a test d\u2019impairment dal q<span class=\"_ _1\"></span>uale \u00e8 emerso un valore r<span class=\"_ _1\"></span>ecuperabile superiore al<span class=\"_ _df\"> </span>valore <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>car<span class=\"_ _2\"></span>ico. <span class=\"_ _2\"></span>Si <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _d\"></span>quindi <span class=\"_ _d\"></span>ritenuto <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>la <span class=\"_ _d\"></span>differenza <span class=\"_ _2\"></span>negativa <span class=\"_ _d\"></span>fra <span class=\"_ _2\"></span>il <span class=\"_ _d\"></span>valore <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>car<span class=\"_ _2\"></span>ico <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>a<span class=\"_ _df\"> </span>quota <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>pertinenza <span class=\"_ _0\"></span>del <span class=\"_ _0\"> </span>patr<span class=\"_ _2\"></span>imonio <span class=\"_ _0\"></span>netto <span class=\"_ _0\"></span>di <span class=\"_ _9\"> </span>tali <span class=\"_ _0\"></span>partecipate<span class=\"fce\"> <span class=\"_ _9\"> </span></span>non <span class=\"_ _0\"></span>\u00e8 <span class=\"_ _0\"> </span>as<span class=\"_ _2\"></span>crivibi<span class=\"_ _1\"></span>le <span class=\"_ _0\"></span>a <span class=\"_ _9\"> </span>perdita<span class=\"_ _df\"> </span>durevole di valore <span class=\"_ _2\"></span>e, pertanto, <span class=\"_ _2\"></span>non sono <span class=\"_ _2\"></span>stati rettificati i <span class=\"_ _2\"></span>valori di <span class=\"_ _2\"></span>iscrizione. <span class=\"_ _2\"></span>Per maggiori<span class=\"_ _df\"> </span>dettagli <span class=\"_ _8\"> </span>sull\u2019impairment <span class=\"_ _30\"> </span>test <span class=\"_ _8\"> </span>effettuato <span class=\"_ _30\"> </span>riguardo <span class=\"_ _30\"> </span>l\u2019avviamento <span class=\"_ _8\"> </span>generato <span class=\"_ _30\"> </span>da<span class=\"_ _df\"> </span>Credemassicurazioni si rimanda alla Parte B <span class=\"ff5\">\u2013</span> <span class=\"ff5\">Sezione 10 \u201cAvviamento\u201d.<span class=\"_ _df\"> </span></span>Per Credemassicurazioni la differenza negativ<span class=\"_ _1\"></span>a \u00e8 ascrivibile alla quota di avviamento per<span class=\"_ _df\"> </span>10,3 <span class=\"_ _1\"></span>milioni <span class=\"_ _f\"></span>di euro, <span class=\"_ _f\"></span>mentre <span class=\"_ _f\"></span>per Andxor, Flairbi<span class=\"_ _1\"></span>t e<span class=\"_ _f\"></span> Mynet <span class=\"_ _f\"></span>la differenza <span class=\"_ _f\"></span>negativa \u00e8<span class=\"_ _1\"></span> <span class=\"_ _f\"></span>as<span class=\"_ _2\"></span>crivibile<span class=\"_ _df\"> </span>alla <span class=\"_ _2\"></span>quota <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>avviamento <span class=\"_ _2\"></span>rispettivamente per <span class=\"_ _2\"></span>1.062 <span class=\"_ _2\"></span>mila <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>euro<span class=\"_ _2\"></span>, <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>402 <span class=\"_ _2\"></span>mila <span class=\"_ _2\"></span>euro <span class=\"_ _d\"></span>e <span class=\"_ _2\"></span>per<span class=\"_ _df\"> </span>21<span class=\"ls0\">7 mila euro.</span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfJointVenturesExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-883": {
   "value": "Sezio<span class=\"_ _1\"></span>ne 3 - A<span class=\"_ _f\"></span>rea e me<span class=\"_ _1\"></span>todi d<span class=\"_ _f\"></span>i consolida<span class=\"_ _1\"></span>mento<span class=\"_ _1\"></span> Il <span class=\"_ _2\"></span>bilancio <span class=\"_ _d\"></span>consolidato <span class=\"_ _d\"></span>del <span class=\"_ _d\"></span>Gruppo <span class=\"_ _d\"></span>Credem <span class=\"_ _2\"></span>comprende <span class=\"_ _d\"></span>il <span class=\"_ _d\"></span>bilancio <span class=\"_ _d\"></span>di <span class=\"_ _2\"></span>Credito <span class=\"_ _d\"></span>Emiliano <span class=\"_ _d\"></span>spa <span class=\"_ _d\"></span>e <span class=\"_ _2\"></span>delle <span class=\"_ _d\"></span>societ\u00e0 <span class=\"_ _d\"></span>da questa <span class=\"_ _f\"></span>contr<span class=\"_ _2\"></span>ollate, <span class=\"_ _f\"></span>includendo <span class=\"_ _f\"></span>n<span class=\"_ _2\"></span>el <span class=\"_ _f\"></span>perimetro di <span class=\"_ _f\"></span>consolidamento <span class=\"_ _1\"></span>anche <span class=\"_ _f\"></span>le societ\u00e0 <span class=\"_ _f\"></span>operanti <span class=\"_ _1\"></span>in <span class=\"_ _f\"></span>s<span class=\"_ _2\"></span>ettori <span class=\"_ _f\"></span>di attivit\u00e0<span class=\"_ _1\"></span> dissimili da <span class=\"_ _2\"></span>quello di <span class=\"_ _2\"></span>appartenenza <span class=\"_ _2\"></span>della Capogruppo. <span class=\"_ _2\"></span>Analogamente, so<span class=\"_ _2\"></span>no incluse <span class=\"_ _2\"></span>anche le <span class=\"_ _2\"></span>societ\u00e0 <span class=\"_ _2\"></span>veicolo (SPE/SPV) <span class=\"_ _2\"></span>quando <span class=\"_ _d\"></span>ne <span class=\"_ _d\"></span>ricorrano <span class=\"_ _d\"></span>i <span class=\"_ _2\"></span>requisiti <span class=\"_ _d\"></span>di <span class=\"_ _2\"></span>effett<span class=\"_ _2\"></span>ivo <span class=\"_ _2\"></span>contro<span class=\"_ _2\"></span>llo, <span class=\"_ _2\"></span>anche <span class=\"_ _2\"></span>indipendentemente <span class=\"_ _d\"></span>dall\u2019esistenza <span class=\"_ _d\"></span>di una quota partecipativa. Un\u2019impresa <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>grado <span class=\"_ _d\"></span>di <span class=\"_ _2\"></span>es<span class=\"ff4\">ercit<span class=\"_ _2\"></span>are <span class=\"_ _d\"></span>il <span class=\"_ _2\"></span>contr<span class=\"_ _2\"></span>ollo <span class=\"_ _2\"></span>se <span class=\"_ _d\"></span>\u00e8 <span class=\"_ _2\"></span>esposta <span class=\"_ _d\"></span>o <span class=\"_ _d\"></span>ha <span class=\"_ _2\"></span>diritto <span class=\"_ _d\"></span>a <span class=\"_ _d\"></span>rendimenti <span class=\"_ _2\"></span>variabili, <span class=\"_ _d\"></span>derivanti <span class=\"_ _d\"></span>dal </span>proprio  rapporto  con<span class=\"_ _f\"></span>  l\u2019entit\u00e0  ogge<span class=\"_ _1\"></span>tto  d\u2019investimento  e,  ne<span class=\"_ _f\"></span>l  frattempo,  ha  la<span class=\"_ _1\"></span>  capacit\u00e0  di  i<span class=\"_ _1\"></span>ncidere  su <span class=\"_ _16\"> </span>tali rendimenti esercitando il proprio potere su tale entit\u00e0. Sono <span class=\"_ _18\"> </span><span class=\"ls13\">no</span>rmalmente <span class=\"_ _18\"> </span>conside<span class=\"_ _1\"></span>rate <span class=\"_ _18\"> </span>controllate <span class=\"_ _18\"> </span>le <span class=\"_ _10\"> </span>imprese <span class=\"_ _18\"> </span>nelle <span class=\"_ _10\"> </span>quali <span class=\"_ _10\"> </span>la <span class=\"_ _18\"> </span>Capogruppo, <span class=\"_ _10\"> </span>direttamente <span class=\"_ _18\"> </span>o indirettamente, <span class=\"_ _0\"> </span>poss<span class=\"_ _2\"></span>iede <span class=\"_ _0\"></span>p<span class=\"_ _2\"></span>i\u00f9 <span class=\"_ _9\"> </span>della <span class=\"_ _9\"> </span>met\u00e0 <span class=\"_ _9\"> </span>d<span class=\"_ _2\"></span>ei <span class=\"_ _0\"></span>d<span class=\"_ _2\"></span>iritti <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>voto <span class=\"_ _16\"> </span>o <span class=\"_ _9\"> </span>quando, <span class=\"_ _9\"> </span>pur <span class=\"_ _9\"> </span>con <span class=\"_ _9\"> </span>una <span class=\"_ _16\"> </span>quota <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>dir<span class=\"_ _2\"></span>itti <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>voto inferiore, la <span class=\"_ _2\"></span>Capogruppo <span class=\"_ _2\"></span>ha il <span class=\"_ _2\"></span>potere <span class=\"_ _2\"></span>di nominare <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>maggioran<span class=\"_ _2\"></span>za <span class=\"_ _2\"></span>degli amministrat<span class=\"_ _2\"></span>ori della part<span class=\"_ _2\"></span>ecipata o <span class=\"_ _2\"></span>di determinare <span class=\"_ _f\"></span>le <span class=\"_ _1\"></span>politiche <span class=\"_ _f\"></span>fi<span class=\"_ _2\"></span>nanziarie <span class=\"_ _f\"></span>ed <span class=\"_ _1\"></span>operative <span class=\"_ _f\"></span>della stessa. <span class=\"_ _f\"></span>Nella v<span class=\"_ _1\"></span>alutazione <span class=\"_ _f\"></span>dei d<span class=\"_ _1\"></span>iritti d<span class=\"_ _1\"></span>i <span class=\"_ _f\"></span>voto si <span class=\"_ _f\"></span>tiene <span class=\"_ _f\"></span>conto anche <span class=\"_ _d\"></span>dei <span class=\"_ _d\"></span>diritti <span class=\"_ _0\"></span>\u201cpotenziali\u201d <span class=\"_ _d\"></span>che <span class=\"_ _d\"></span>siano <span class=\"_ _d\"></span>correntemente <span class=\"_ _0\"></span>esercitabili <span class=\"_ _d\"></span>o <span class=\"_ _d\"></span>convertibili <span class=\"_ _d\"></span>in <span class=\"_ _0\"></span>diritt<span class=\"_ _2\"></span><span class=\"ff4\">i <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>voto <span class=\"_ _0\"></span>effettivi <span class=\"_ _d\"></span>in </span>qualsiasi momento. Sono  normalmente  considerate  controllate  congiu<span class=\"_ _1\"></span>ntamente  le  imprese  nelle  quali  i  diritti  di  voto  ed<span class=\"_ _1\"></span>  il controllo <span class=\"_ _18\"> </span>dell\u2019attivit\u00e0 <span class=\"_ _19\"> </span>economica <span class=\"_ _18\"> </span>della <span class=\"_ _18\"> </span>partecipata <span class=\"_ _18\"> </span>sono <span class=\"_ _19\"> </span>condivisi <span class=\"_ _18\"> </span>in <span class=\"_ _18\"> </span>modo <span class=\"_ _19\"> </span>paritetico <span class=\"_ _18\"> </span>da <span class=\"_ _18\"> </span>Credem, direttamente o <span class=\"_ _2\"></span>indirettamente, e da un altr<span class=\"_ _2\"></span>o soggetto. Inoltre viene qualificato <span class=\"_ _2\"></span>come sottoposto a <span class=\"_ _2\"></span>controllo<span class=\"_ _1\"></span> congiunto un <span class=\"_ _2\"></span>investimento <span class=\"_ _2\"></span>partecipativo nel <span class=\"_ _2\"></span>quale, <span class=\"_ _2\"></span>pur in <span class=\"_ _2\"></span>assenza <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>una quota <span class=\"_ _2\"></span>paritetica <span class=\"_ _2\"></span>di diritt<span class=\"_ _2\"></span>i di <span class=\"_ _2\"></span>voto, <span class=\"_ _2\"></span>il<span class=\"_ _1\"></span> controllo <span class=\"_ _2\"></span>sull\u2019attivit\u00e0 <span class=\"_ _2\"></span>economica e <span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>ugli indiri<span class=\"ff4\">zzi <span class=\"_ _2\"></span>st<span class=\"_ _2\"></span>rategici della <span class=\"_ _2\"></span>partecipata <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _2\"></span>condiviso <span class=\"_ _2\"></span>con <span class=\"_ _2\"></span>altri <span class=\"_ _2\"></span>soggetti <span class=\"_ _2\"></span>in </span>virt\u00f9 di accordi contrattuali. Sono <span class=\"_ _d\"></span>nor<span class=\"_ _2\"></span>malmente <span class=\"_ _d\"></span>considerate <span class=\"_ _d\"></span>collegate, <span class=\"_ _d\"></span>cio\u00e8 <span class=\"_ _d\"></span>sot<span class=\"_ _2\"></span>toposte <span class=\"_ _d\"></span>ad <span class=\"_ _0\"></span>infl<span class=\"_ _1\"></span>uenza <span class=\"_ _d\"></span>notevole, <span class=\"_ _d\"></span>l<span class=\"_ _2\"></span>e <span class=\"_ _d\"></span>imprese <span class=\"_ _d\"></span>nelle <span class=\"_ _0\"></span>quali <span class=\"_ _d\"></span>la capogruppo, <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>irettamente <span class=\"_ _d\"></span>o <span class=\"_ _d\"></span>indirettamente, <span class=\"_ _2\"></span>poss<span class=\"_ _2\"></span>iede<span class=\"_ _1\"></span> <span class=\"_ _d\"></span>a<span class=\"_ _2\"></span>lmeno <span class=\"_ _d\"></span>il <span class=\"_ _d\"></span>20% <span class=\"_ _d\"></span>dei <span class=\"_ _d\"></span>diritti <span class=\"_ _d\"></span>di <span class=\"_ _2\"></span>vot<span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>(ivi <span class=\"_ _d\"></span>inclusi <span class=\"_ _d\"></span>i <span class=\"_ _d\"></span>diritti <span class=\"_ _d\"></span>di voto \u201cpotenziali\u201d come sopra<span class=\"_ _1\"></span> definiti) o nelle<span class=\"_ _1\"></span> quali <span class=\"_ _2\"></span>\u2013<span class=\"ff4\"> pur con una<span class=\"_ _1\"></span> quota di diritti di<span class=\"_ _1\"></span> voto inferiore <span class=\"ff5\">\u2013</span> ha il potere </span>di <span class=\"_ _4\"> </span>partecipare <span class=\"_ _4\"> </span>a<span class=\"_ _2\"></span>lla <span class=\"_ _4\"> </span>determinazio<span class=\"_ _2\"></span>ne <span class=\"_ _4\"> </span>delle <span class=\"_ _17\"> </span>politiche <span class=\"_ _4\"> </span>finanziarie <span class=\"_ _17\"> </span>e <span class=\"_ _17\"> </span>gestionali <span class=\"_ _4\"> </span>dell<span class=\"_ _2\"></span>a <span class=\"_ _17\"> </span>partecipata <span class=\"_ _17\"> </span>in <span class=\"_ _17\"> </span>virt\u00f9 <span class=\"_ _4\"> </span>di particolari legami giuridici qu<span class=\"_ _1\"></span>ali la part<span class=\"_ _2\"></span>ecipazi<span class=\"_ _1\"></span>one a patti di sindacato. <span class=\"_ _2\"></span> Le partecip<span class=\"_ _1\"></span>azioni controllate sono consolid<span class=\"_ _1\"></span>ate con il <span class=\"_ _1\"></span>metodo integ<span class=\"_ _1\"></span>rale, mentre le imprese colle<span class=\"_ _1\"></span>gate e le joi<span class=\"_ _1\"></span>nt venture sono consolidate in base al metodo del patrimonio netto. Criter<span class=\"_ _1\"></span>i e p<span class=\"_ _1\"></span>rincipi<span class=\"_ _1\"></span> di co<span class=\"_ _f\"></span>nsolidam<span class=\"_ _1\"></span>en<span class=\"_ _f\"></span>to I criteri adottati per la redazione de<span class=\"_ _1\"></span>l bilancio consolidato sono i seguenti: <span class=\"_ _2c\"> </span><span class=\"ff4\">i<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span> <span class=\"_ _14\"> </span>o<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>as<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>e <span class=\"_ _15\"> </span>d<span class=\"_ _2\"></span>el<span class=\"_ _2\"></span> <span class=\"_ _15\"> </span>pr<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>m<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span> <span class=\"_ _14\"> </span>c<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>ns<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>da<span class=\"_ _2\"></span>m<span class=\"_ _d\"></span>en<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>, <span class=\"_ _15\"> </span>i<span class=\"_ _2\"></span>l <span class=\"_ _15\"> </span>v<span class=\"_ _2\"></span>al<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span> <span class=\"_ _14\"> </span>d<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span> <span class=\"_ _17\"> </span>c<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>o <span class=\"_ _15\"> </span>d<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>ll<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span> <span class=\"_ _14\"> </span>p<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>rt<span class=\"_ _d\"></span>ec<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>p<span class=\"_ _2\"></span>az<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>i <span class=\"_ _15\"> </span>i<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span> <span class=\"_ _17\"> </span>s<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>t\u00e0<span class=\"_ _df\"> </span></span>c<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>ns<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>at<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>  in<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>gr<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>m<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>nt<span class=\"_ _d\"></span>e  \u00e8<span class=\"_ _2\"></span>  a<span class=\"_ _2\"></span>nn<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>at<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>  a  fr<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>  de<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>  pa<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>ri<span class=\"_ _2\"></span>m<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>io<span class=\"_ _d\"></span> <span class=\"_ _16\"> </span>n<span class=\"_ _2\"></span>et<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>  de<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>e  so<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>t\u00e0<span class=\"_ _2\"></span>  s<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>es<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>.  L<span class=\"_ _2\"></span>a<span class=\"_ _df\"> </span>c<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>nt<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>b<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>li<span class=\"_ _2\"></span>z<span class=\"_ _2\"></span>z<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>z<span class=\"_ _2\"></span>io<span class=\"_ _d\"></span>n<span class=\"_ _2\"></span>e <span class=\"_ _16\"> </span>de<span class=\"_ _2\"></span>g<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>i <span class=\"_ _16\"> </span>a<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>qu<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>i  ne<span class=\"_ _2\"></span>ll<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span> <span class=\"_ _9\"> </span>s<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>et<span class=\"_ _2\"></span>\u00e0<span class=\"_ _2\"></span> <span class=\"_ _9\"> </span>a<span class=\"_ _2\"></span>v<span class=\"_ _2\"></span>v<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>en<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span> <span class=\"_ _16\"> </span>in<span class=\"_ _2\"></span> <span class=\"_ _16\"> </span>ba<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span> <span class=\"_ _9\"> </span>a<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span> <span class=\"_ _9\"> </span>\u201c<span class=\"_ _2\"></span>m<span class=\"_ _2\"></span>et<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span> <span class=\"_ _9\"> </span>d<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>l\u2019<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>q<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>is<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>\u201d  co<span class=\"_ _2\"></span>m<span class=\"_ _2\"></span>e<span class=\"_ _df\"> </span>d<span class=\"_ _2\"></span>ef<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>o d<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>l\u2019<span class=\"_ _2\"></span> I<span class=\"_ _2\"></span>FR<span class=\"_ _2\"></span>S<span class=\"_ _2\"></span> 3<span class=\"_ _2\"></span>, os<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span> co<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span> r<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>le<span class=\"_ _2\"></span>v<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>zi<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span> di<span class=\"_ _2\"></span> at<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>v<span class=\"_ _2\"></span>it<span class=\"_ _2\"></span>\u00e0<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span> pa<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>vi<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>\u00e0<span class=\"_ _2\"></span> e pa<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>v<span class=\"_ _2\"></span>it<span class=\"_ _2\"></span>\u00e0<span class=\"_ _2\"></span> po<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>z<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>li<span class=\"_ _2\"></span> d<span class=\"_ _2\"></span>el<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>e<span class=\"_ _0\"></span><span class=\"ff4\"> im<span class=\"_ _2\"></span>p<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>e<span class=\"_ _df\"> </span></span>a<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>q<span class=\"_ _2\"></span>ui<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>e  al<span class=\"_ _2\"></span>  fa<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>r  va<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span> <span class=\"_ _9\"> </span>a<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span> <span class=\"_ _16\"> </span>da<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span> <span class=\"_ _16\"> </span>d<span class=\"_ _2\"></span>i  ac<span class=\"_ _2\"></span>q<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>is<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>z<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>on<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span> <span class=\"_ _16\"> </span>c<span class=\"_ _2\"></span>io<span class=\"_ _2\"></span>\u00e8<span class=\"_ _2\"></span>  da<span class=\"_ _2\"></span>l  mo<span class=\"_ _2\"></span>m<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>to<span class=\"_ _2\"></span>  in<span class=\"_ _2\"></span>  cu<span class=\"_ _2\"></span>i  si<span class=\"_ _2\"></span>  ot<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>en<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>  l\u2019<span class=\"_ _2\"></span>ef<span class=\"_ _2\"></span>f<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>tt<span class=\"_ _d\"></span>i<span class=\"_ _2\"></span>vo<span class=\"_ _df\"> </span>c<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>nt<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>o <span class=\"_ _0\"></span>d<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>la<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>s<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>et<span class=\"_ _2\"></span>\u00e0<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>ac<span class=\"_ _2\"></span>q<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>it<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>.<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>P<span class=\"_ _2\"></span>er<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>nt<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>i<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>r<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>lt<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>e<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>no<span class=\"_ _2\"></span>m<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>d<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>u<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>c<span class=\"_ _2\"></span>on<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>at<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>a<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>q<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>is<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>n<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>l<span class=\"_ _df\"> </span>c<span class=\"_ _2\"></span>or<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span> <span class=\"_ _9\"> </span>d<span class=\"_ _2\"></span>el<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>p<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>ri<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>d<span class=\"_ _2\"></span>i <span class=\"_ _9\"> </span>r<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>f<span class=\"_ _2\"></span>er<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>m<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>nt<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>s<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>i<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>cl<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>n<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>l<span class=\"_ _d\"></span> <span class=\"_ _0\"></span>b<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>la<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>c<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>ns<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>da<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>a<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>p<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>rt<span class=\"_ _d\"></span>ir<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>d<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>a <span class=\"_ _9\"> </span>da<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>d<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>ll<span class=\"_ _2\"></span>a<span class=\"_ _df\"> </span>s<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>a <span class=\"_ _4\"> </span>a<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>qu<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>z<span class=\"_ _2\"></span>io<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>. <span class=\"_ _4\"> </span>P<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>m<span class=\"_ _2\"></span>en<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>, <span class=\"_ _4\"> </span>i<span class=\"_ _2\"></span> <span class=\"_ _4\"> </span>ri<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>lt<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span> <span class=\"_ _4\"> </span>ec<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>om<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span> <span class=\"_ _22\"> </span>d<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span> <span class=\"_ _4\"> </span>u<span class=\"_ _2\"></span>na<span class=\"_ _2\"></span> <span class=\"_ _4\"> </span>co<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>ll<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>a <span class=\"_ _4\"> </span>c<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>ut<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span> <span class=\"_ _4\"> </span>so<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span> <span class=\"_ _4\"> </span>in<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>us<span class=\"_ _d\"></span>i <span class=\"_ _4\"> </span>n<span class=\"_ _2\"></span>el<span class=\"_ _df\"> </span>b<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>la<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>ol<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>at<span class=\"_ _d\"></span>o <span class=\"_ _2\"></span>f<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>a<span class=\"_ _d\"></span>ll<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span> d<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>n <span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>l <span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>nt<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>lo<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>\u00e8<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>es<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>;<span class=\"_ _df\"> </span><span class=\"_ _2c\"> </span><span class=\"ff4\">l<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>e<span class=\"_ _2\"></span>v<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>nt<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>i <span class=\"_ _0\"></span>e<span class=\"_ _2\"></span>cc<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>nz<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>d<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>l <span class=\"_ _0\"></span>f<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>ir<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>va<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>d<span class=\"_ _2\"></span>el<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>pr<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>z<span class=\"_ _d\"></span>z<span class=\"_ _2\"></span>o <span class=\"_ _0\"></span>p<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>ga<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>r<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>pe<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>a<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>la<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>co<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>po<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>en<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>f<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>zi<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>e <span class=\"_ _0\"></span>d<span class=\"_ _2\"></span>i<span class=\"_ _df\"> </span></span>p<span class=\"_ _2\"></span>at<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>m<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>io<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>to<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>g<span class=\"_ _2\"></span>ua<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>o <span class=\"_ _d\"></span>c<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>n <span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>\u2019<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>f<span class=\"_ _2\"></span>f<span class=\"_ _2\"></span>et<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>l <span class=\"_ _2\"></span>f<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>ir<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>va<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>ll<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>at<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>v<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>t\u00e0<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>o<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>p<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>ss<span class=\"_ _d\"></span>i<span class=\"_ _2\"></span>vi<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>\u00e0<span class=\"_ _2\"></span>, <span class=\"_ _2\"></span>s<span class=\"_ _d\"></span>e <span class=\"_ _2\"></span>p<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>it<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>v<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>no<span class=\"_ _df\"> </span>r<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>ev<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>e <span class=\"_ _9\"> </span>q<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>i <span class=\"_ _9\"> </span>a<span class=\"_ _2\"></span>v<span class=\"_ _2\"></span>vi<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>m<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>nt<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span> <span class=\"_ _0\"> </span>n<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>la<span class=\"_ _2\"></span> <span class=\"_ _9\"> </span>vo<span class=\"_ _d\"></span>c<span class=\"_ _2\"></span>e <span class=\"_ _0\"></span>\u201c<span class=\"_ _d\"></span>At<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>v<span class=\"_ _2\"></span>it<span class=\"_ _2\"></span>\u00e0<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>i<span class=\"_ _2\"></span>m<span class=\"_ _2\"></span>m<span class=\"_ _2\"></span>at<span class=\"_ _d\"></span>er<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>i\u201d<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>s<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span> <span class=\"_ _9\"> </span>n<span class=\"_ _2\"></span>eg<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>v<span class=\"_ _2\"></span>e <span class=\"_ _9\"> </span>s<span class=\"_ _2\"></span>on<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>i<span class=\"_ _2\"></span>m<span class=\"_ _2\"></span>p<span class=\"_ _2\"></span>ut<span class=\"_ _d\"></span>at<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>a<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>c<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>o<span class=\"_ _df\"> </span>e<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>no<span class=\"_ _2\"></span>m<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>co<span class=\"_ _d\"></span>;<span class=\"_ _df\"> </span><span class=\"_ _2c\"> </span><span class=\"ff5\">p<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span> gl<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span> e<span class=\"_ _2\"></span>v<span class=\"_ _2\"></span>en<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>li<span class=\"_ _2\"></span> a<span class=\"_ _2\"></span>cq<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>i d<span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>ul<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>io<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span> qu<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span> pa<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>ci<span class=\"_ _2\"></span>p<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>iv<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span> s<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>cc<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>v<span class=\"_ _2\"></span>e a<span class=\"_ _2\"></span>ll<span class=\"_ _2\"></span>\u2019<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>q<span class=\"_ _2\"></span>ui<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>z<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>on<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span> d<span class=\"_ _2\"></span>el<span class=\"_ _2\"></span> c<span class=\"_ _2\"></span>on<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>,<span class=\"_ _df\"> </span></span>d<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>ci<span class=\"_ _2\"></span>p<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>in<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>  s<span class=\"_ _2\"></span>p<span class=\"_ _2\"></span>ec<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>f<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>ca<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>m<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>nt<span class=\"_ _d\"></span>e <span class=\"_ _22\"> </span>d<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>  pr<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>p<span class=\"_ _2\"></span>io<span class=\"_ _2\"></span>  c<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>bi<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>e <span class=\"_ _4\"> </span>IA<span class=\"_ _2\"></span>S<span class=\"_ _2\"></span>2<span class=\"_ _2\"></span>7<span class=\"_ _2\"></span>, <span class=\"_ _22\"> </span>l<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>  e<span class=\"_ _2\"></span>v<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>nt<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>i <span class=\"_ _4\"> </span>di<span class=\"_ _2\"></span>f<span class=\"_ _2\"></span>f<span class=\"_ _2\"></span>er<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>z<span class=\"_ _2\"></span>e <span class=\"_ _4\"> </span>po<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>it<span class=\"_ _d\"></span>i<span class=\"_ _2\"></span>ve<span class=\"_ _2\"></span>  o<span class=\"_ _df\"> </span>n<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>ga<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>v<span class=\"_ _2\"></span>e,<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>c<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>m<span class=\"_ _2\"></span>e <span class=\"_ _0\"></span>s<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>pr<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>d<span class=\"_ _2\"></span>et<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>mi<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>, <span class=\"_ _0\"></span>c<span class=\"_ _2\"></span>h<span class=\"_ _2\"></span>e <span class=\"_ _9\"> </span>v<span class=\"_ _2\"></span>en<span class=\"_ _2\"></span>g<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>o <span class=\"_ _0\"></span>a<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>s<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>g<span class=\"_ _2\"></span>er<span class=\"_ _d\"></span>e<span class=\"_ _d\"></span> <span class=\"_ _d\"></span>a<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>s<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>g<span class=\"_ _2\"></span>ui<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>d<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>t<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>a<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>q<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>is<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>s<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>ss<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>v<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span> s<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>no<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>m<span class=\"_ _2\"></span>p<span class=\"_ _2\"></span>ut<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>ir<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>ta<span class=\"_ _2\"></span>m<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>a<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>p<span class=\"_ _2\"></span>at<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>m<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>ni<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>;<span class=\"_ _d\"></span> <span class=\"_ _2c\"> </span><span class=\"ff4\">a<span class=\"_ _2\"></span>d<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>o<span class=\"_ _2\"></span>g<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>i <span class=\"_ _9\"> </span>d<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>ta<span class=\"_ _2\"></span> <span class=\"_ _9\"> </span>d<span class=\"_ _2\"></span>i <span class=\"_ _9\"> </span>b<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>la<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>io<span class=\"_ _2\"></span> <span class=\"_ _9\"> </span>(<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>d <span class=\"_ _9\"> </span>o<span class=\"_ _2\"></span>gn<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span> <span class=\"_ _9\"> </span>vo<span class=\"_ _d\"></span>lt<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>c<span class=\"_ _2\"></span>h<span class=\"_ _2\"></span>e <span class=\"_ _9\"> </span>v<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>s<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>a <span class=\"_ _9\"> </span>e<span class=\"_ _2\"></span>v<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>de<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>z<span class=\"_ _2\"></span>a <span class=\"_ _9\"> </span>d<span class=\"_ _2\"></span>i <span class=\"_ _9\"> </span>p<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>it<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span> <span class=\"_ _9\"> </span>d<span class=\"_ _2\"></span>i <span class=\"_ _9\"> </span>v<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>lo<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>) <span class=\"_ _9\"> </span>v<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>e <span class=\"_ _0\"></span>v<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>if<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>a<span class=\"_ _df\"> </span></span>l<span class=\"_ _2\"></span>\u2019<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>de<span class=\"_ _2\"></span>g<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>at<span class=\"_ _d\"></span>ez<span class=\"_ _2\"></span>z<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>  d<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>l <span class=\"_ _4\"> </span>va<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>e <span class=\"_ _4\"> </span>de<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>\u2019a<span class=\"_ _d\"></span>vv<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>m<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>nt<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>  (<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>.<span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>. <span class=\"_ _4\"> </span>im<span class=\"_ _2\"></span>p<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>ir<span class=\"_ _2\"></span>m<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>  t<span class=\"_ _2\"></span>es<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>)<span class=\"_ _2\"></span>.<span class=\"_ _2\"></span>  A<span class=\"_ _2\"></span>  t<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>  f<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>  v<span class=\"_ _0\"></span><span class=\"ff4\">i<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>e <span class=\"_ _22\"> </span>i<span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>ti<span class=\"_ _2\"></span>f<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>at<span class=\"_ _2\"></span>a<span class=\"_ _df\"> </span></span>l<span class=\"_ _2\"></span>\u2019<span class=\"_ _2\"></span>un<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>\u00e0<span class=\"_ _2\"></span>  ge<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>er<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>ic<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>  di<span class=\"_ _2\"></span>  fl<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span> <span class=\"_ _16\"> </span>fi<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>zi<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>  cu<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span> <span class=\"_ _16\"> </span>at<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>b<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>ir<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>  l\u2019<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>v<span class=\"_ _2\"></span>v<span class=\"_ _2\"></span>ia<span class=\"_ _2\"></span>m<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>nt<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>.<span class=\"_ _2\"></span>  L\u2019<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>mm<span class=\"_ _d\"></span>on<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>e  d<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>l\u2019<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>v<span class=\"_ _2\"></span>en<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>e<span class=\"_ _df\"> </span>r<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>uz<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>e <span class=\"_ _19\"> </span>d<span class=\"_ _2\"></span>i <span class=\"_ _19\"> </span>va<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>e <span class=\"_ _19\"> </span>\u00e8<span class=\"_ _2\"></span> <span class=\"_ _19\"> </span>da<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>o <span class=\"_ _19\"> </span>d<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>l\u2019<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>v<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>nt<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>e <span class=\"_ _19\"> </span>d<span class=\"_ _2\"></span>if<span class=\"_ _2\"></span>f<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>en<span class=\"_ _2\"></span>z<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span> <span class=\"_ _19\"> </span>ne<span class=\"_ _2\"></span>g<span class=\"_ _2\"></span>at<span class=\"_ _d\"></span>i<span class=\"_ _2\"></span>va<span class=\"_ _2\"></span> <span class=\"_ _18\"> </span>t<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span> <span class=\"_ _19\"> </span>il<span class=\"_ _2\"></span> <span class=\"_ _18\"> </span>v<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>e <span class=\"_ _19\"> </span>d<span class=\"_ _2\"></span>i <span class=\"_ _19\"> </span>i<span class=\"_ _2\"></span>sc<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>z<span class=\"_ _2\"></span>io<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>e<span class=\"_ _df\"> </span>d<span class=\"_ _2\"></span>el<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>\u2019<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>v<span class=\"_ _2\"></span>v<span class=\"_ _2\"></span>ia<span class=\"_ _2\"></span>m<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>to<span class=\"_ _2\"></span> <span class=\"_ _4\"> </span>e<span class=\"_ _2\"></span>d <span class=\"_ _22\"> </span>i<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>  s<span class=\"_ _d\"></span>uo<span class=\"_ _2\"></span> <span class=\"_ _4\"> </span>va<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>or<span class=\"_ _d\"></span>e <span class=\"_ _4\"> </span>di<span class=\"_ _2\"></span> <span class=\"_ _22\"> </span>r<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>p<span class=\"_ _2\"></span>er<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span> <span class=\"_ _22\"> </span>d<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>er<span class=\"_ _0\"></span><span class=\"ff4\">m<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>na<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>  c<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>m<span class=\"_ _2\"></span>e <span class=\"_ _4\"> </span>i<span class=\"_ _2\"></span>l <span class=\"_ _4\"> </span>ma<span class=\"_ _2\"></span>g<span class=\"_ _2\"></span>g<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>re<span class=\"_ _2\"></span>  t<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span> <span class=\"_ _22\"> </span>i<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span> <span class=\"_ _22\"> </span>f<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span> <span class=\"_ _22\"> </span>v<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>e<span class=\"_ _df\"> </span></span>d<span class=\"_ _2\"></span>el<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>\u2019<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>it<span class=\"_ _2\"></span>\u00e0<span class=\"_ _2\"></span> <span class=\"_ _9\"> </span>g<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>ne<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>tr<span class=\"_ _d\"></span>ic<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>d<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>f<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>us<span class=\"_ _d\"></span>si<span class=\"_ _2\"></span> <span class=\"_ _9\"> </span>f<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>na<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>z<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>ar<span class=\"_ _d\"></span>i,<span class=\"_ _2\"></span> <span class=\"_ _9\"> </span>a<span class=\"_ _2\"></span>l <span class=\"_ _9\"> </span>n<span class=\"_ _2\"></span>et<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span> <span class=\"_ _0\"> </span>d<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>g<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>i <span class=\"_ _9\"> </span>e<span class=\"_ _2\"></span>v<span class=\"_ _2\"></span>en<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>i <span class=\"_ _9\"> </span>c<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>st<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span> <span class=\"_ _9\"> </span>d<span class=\"_ _2\"></span>i <span class=\"_ _9\"> </span>v<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>nd<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>e<span class=\"_ _2\"></span>d <span class=\"_ _9\"> </span>i<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>r<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>at<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>v<span class=\"_ _2\"></span>o<span class=\"_ _df\"> </span>v<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>lo<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>\u2019u<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>. <span class=\"_ _d\"></span>Le<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>ns<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>g<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>nt<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>re<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>f<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>he<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>v<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>or<span class=\"_ _d\"></span>e <span class=\"_ _2\"></span>v<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>go<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>ri<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>v<span class=\"_ _2\"></span>at<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>a<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>co<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>co<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>m<span class=\"_ _2\"></span>ic<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>;<span class=\"_ _df\"> </span><span class=\"_ _2c\"> </span><span class=\"ff4\">g<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span> <span class=\"_ _16\"> </span>el<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>m<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>nt<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>  di  at<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>v<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>,  p<span class=\"_ _2\"></span><span class=\"ff5\">a<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>si<span class=\"_ _2\"></span>v<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>  e <span class=\"_ _9\"> </span>c<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>o  e<span class=\"_ _2\"></span>co<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>m<span class=\"_ _2\"></span>ic<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span> <span class=\"_ _16\"> </span>v<span class=\"_ _2\"></span>en<span class=\"_ _2\"></span>g<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span> <span class=\"_ _9\"> </span>i<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>gr<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>m<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>nt<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span> <span class=\"_ _16\"> </span>ac<span class=\"_ _2\"></span>q<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>it<span class=\"_ _d\"></span>i <span class=\"_ _16\"> </span>\u201c<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>in<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span> <span class=\"_ _16\"> </span>p<span class=\"_ _2\"></span>er<span class=\"_ _df\"> </span></span></span>l<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>ne<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>\u201d<span class=\"_ _2\"></span>;<span class=\"_ _df\"> </span><span class=\"_ _2c\"> </span><span class=\"ff4\">l<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>  pa<span class=\"_ _2\"></span>rt<span class=\"_ _d\"></span>it<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>  de<span class=\"_ _2\"></span>b<span class=\"_ _2\"></span>it<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>e  e  cr<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>to<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>,  l<span class=\"_ _2\"></span>e  o<span class=\"_ _2\"></span>pe<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>z<span class=\"_ _2\"></span>io<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span> <span class=\"_ _16\"> </span>f<span class=\"_ _2\"></span>uo<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>  bi<span class=\"_ _2\"></span>la<span class=\"_ _d\"></span>nc<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>o  n<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>nc<span class=\"_ _2\"></span>h<span class=\"_ _2\"></span>\u00e9<span class=\"_ _2\"></span> <span class=\"_ _16\"> </span>i  pr<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>v<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>nt<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>  e  gl<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span> <span class=\"_ _16\"> </span>o<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>er<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>  ed  i<span class=\"_ _df\"> </span></span>p<span class=\"_ _2\"></span>ro<span class=\"_ _d\"></span>f<span class=\"_ _2\"></span>it<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>e<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>l<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>p<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>it<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>t<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>en<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>o<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>g<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>ne<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>d<span class=\"_ _2\"></span>a <span class=\"_ _d\"></span>r<span class=\"_ _d\"></span>a<span class=\"_ _2\"></span>p<span class=\"_ _2\"></span>po<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>i <span class=\"_ _0\"></span>t<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>a <span class=\"_ _0\"></span>so<span class=\"_ _d\"></span>c<span class=\"_ _2\"></span>ie<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>\u00e0<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>o<span class=\"_ _2\"></span>g<span class=\"_ _2\"></span>g<span class=\"_ _2\"></span>et<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>d<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>c<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>ns<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>d<span class=\"_ _0\"></span>a<span class=\"_ _2\"></span>m<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>nt<span class=\"_ _d\"></span>o <span class=\"_ _0\"></span>i<span class=\"_ _2\"></span>nt<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>g<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>e,<span class=\"_ _df\"> </span>s<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>no<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>a <span class=\"_ _d\"></span>di<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>or<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>is<span class=\"_ _d\"></span>i;<span class=\"_ _df\"> </span><span class=\"_ _2c\"> </span><span class=\"ff5\">l<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>q<span class=\"_ _2\"></span>uo<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>d<span class=\"_ _2\"></span>i <span class=\"_ _0\"></span>p<span class=\"_ _2\"></span>at<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>m<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>ni<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>n<span class=\"_ _2\"></span>et<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>e<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>d<span class=\"_ _2\"></span>i <span class=\"_ _d\"></span>u<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>e <span class=\"_ _0\"></span>di<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>p<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>ri<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>d<span class=\"_ _2\"></span>i <span class=\"_ _d\"></span>p<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>in<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>z<span class=\"_ _2\"></span>a <span class=\"_ _d\"></span>d<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>\u201ct<span class=\"_ _d\"></span>er<span class=\"_ _2\"></span>z<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>\u201d<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>z<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>is<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>d<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>ll<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>s<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>et<span class=\"_ _2\"></span>\u00e0<span class=\"_ _df\"> </span></span>c<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>ns<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>at<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>s<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>no<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>i<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>e <span class=\"_ _d\"></span>i<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>a<span class=\"_ _2\"></span>p<span class=\"_ _2\"></span>po<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>e <span class=\"_ _0\"></span>v<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>ci<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>r<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>p<span class=\"_ _2\"></span>et<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>v<span class=\"_ _2\"></span>am<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>, <span class=\"_ _0\"></span>d<span class=\"_ _2\"></span>el<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>p<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>vo<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>di<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>s<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>to<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>pa<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>mo<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>e <span class=\"_ _0\"></span>e<span class=\"_ _df\"> </span>d<span class=\"_ _2\"></span>el<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>nt<span class=\"_ _d\"></span>o <span class=\"_ _d\"></span>ec<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>om<span class=\"_ _d\"></span>i<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>;<span class=\"_ _df\"> </span><span class=\"_ _2c\"> </span><span class=\"ff4\">p<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span> <span class=\"_ _9\"> </span>i<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span> <span class=\"_ _9\"> </span>c<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>ns<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>am<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>o  de<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>le<span class=\"_ _2\"></span> <span class=\"_ _16\"> </span>so<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>\u00e0 <span class=\"_ _16\"> </span>co<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span> <span class=\"_ _9\"> </span>m<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>o  int<span class=\"_ _d\"></span>eg<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>e <span class=\"_ _16\"> </span>so<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span> <span class=\"_ _9\"> </span>s<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>i  ut<span class=\"_ _2\"></span>il<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>z<span class=\"_ _2\"></span>z<span class=\"_ _2\"></span>at<span class=\"_ _d\"></span>i  i <span class=\"_ _9\"> </span>b<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>an<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span> <span class=\"_ _4\"> </span>re<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>v<span class=\"_ _2\"></span>i<span class=\"_ _df\"> </span></span>a<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>\u2019e<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>ci<span class=\"_ _2\"></span>z<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span> <span class=\"_ _15\"> </span>o<span class=\"_ _d\"></span>gg<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>tt<span class=\"_ _d\"></span>o <span class=\"_ _10\"> </span>d<span class=\"_ _2\"></span>el<span class=\"_ _2\"></span> <span class=\"_ _e\"> </span>p<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>es<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span> <span class=\"_ _e\"> </span>b<span class=\"_ _2\"></span>il<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>io<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span> <span class=\"_ _18\"> </span><span class=\"ff4\">pr<span class=\"_ _d\"></span>ed<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>po<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span> <span class=\"_ _15\"> </span>e<span class=\"_ _2\"></span> <span class=\"_ _e\"> </span>a<span class=\"_ _2\"></span>p<span class=\"_ _2\"></span>p<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>va<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span> <span class=\"_ _e\"> </span>d<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>ll<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span> <span class=\"_ _e\"> </span>s<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>ng<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span> <span class=\"_ _e\"> </span>s<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>ci<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>\u00e0<span class=\"_ _2\"></span>,<span class=\"_ _df\"> </span></span>e<span class=\"_ _2\"></span>ve<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>lm<span class=\"_ _d\"></span>en<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>  r<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>  c<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>nf<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>m<span class=\"_ _2\"></span>i <span class=\"_ _4\"> </span>a<span class=\"_ _2\"></span>i <span class=\"_ _22\"> </span>p<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>ip<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>  c<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>ta<span class=\"_ _2\"></span>b<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>  i<span class=\"_ _2\"></span>nt<span class=\"_ _d\"></span>er<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>zi<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>n<span class=\"_ _0\"></span>a<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>i <span class=\"_ _4\"> </span>s<span class=\"_ _2\"></span>eg<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>i <span class=\"_ _4\"> </span>n<span class=\"_ _2\"></span>el<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>  p<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>di<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>p<span class=\"_ _2\"></span>os<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>z<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>e<span class=\"_ _df\"> </span>d<span class=\"_ _2\"></span>el<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>it<span class=\"_ _d\"></span>ua<span class=\"_ _2\"></span>z<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>so<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>at<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>;<span class=\"_ _df\"> </span><span class=\"_ _2c\"> </span><span class=\"ff4\">i<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>v<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>lo<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>d<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>l<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>br<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>d<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>ll<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>p<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>rt<span class=\"_ _d\"></span>ec<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>pa<span class=\"_ _2\"></span>z<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>i <span class=\"_ _d\"></span>r<span class=\"_ _d\"></span>il<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>v<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>nt<span class=\"_ _d\"></span>i,<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>d<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>en<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>da<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>c<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>po<span class=\"_ _2\"></span>g<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>p<span class=\"_ _2\"></span>po<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>o<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>d<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>so<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>\u00e0<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>d<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>l<span class=\"_ _df\"> </span></span>g<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>p<span class=\"_ _2\"></span>po<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>a<span class=\"_ _2\"></span>f<span class=\"_ _2\"></span>f<span class=\"_ _2\"></span>er<span class=\"_ _d\"></span>en<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>s<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>et<span class=\"_ _2\"></span>\u00e0<span class=\"_ _2\"></span> <span class=\"_ _9\"> </span>co<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>da<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>c<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>i<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>m<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>do<span class=\"_ _2\"></span> <span class=\"_ _9\"> </span>d<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>p<span class=\"_ _2\"></span>at<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>m<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>io<span class=\"_ _2\"></span> <span class=\"_ _9\"> </span>n<span class=\"_ _2\"></span>et<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span> <span class=\"_ _9\"> </span>\u00e8 <span class=\"_ _9\"> </span>r<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>f<span class=\"_ _2\"></span>fr<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>at<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span> <span class=\"_ _9\"> </span>c<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>n<span class=\"_ _9\"> </span> <span class=\"_ _0\"> </span>l<span class=\"_ _2\"></span>a<span class=\"_ _df\"> </span>p<span class=\"_ _2\"></span>er<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>nt<span class=\"_ _d\"></span>e  q<span class=\"_ _2\"></span>uo<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>  di<span class=\"_ _2\"></span>  pa<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>im<span class=\"_ _d\"></span>on<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>  de<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>e  pa<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>pa<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>.<span class=\"_ _2\"></span>  L\u2019<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>v<span class=\"_ _2\"></span>en<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>e  e<span class=\"_ _2\"></span>cc<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>za<span class=\"_ _2\"></span>  d<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>l  v<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>lo<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>e  d<span class=\"_ _2\"></span>i  l<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>b<span class=\"_ _2\"></span>ro<span class=\"_ _2\"></span> <span class=\"_ _17\"> </span><span class=\"ff4\">-<span class=\"_ _df\"> </span></span>r<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>ul<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>nt<span class=\"_ _d\"></span>e  i<span class=\"_ _2\"></span>n  p<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>im<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>  a<span class=\"_ _2\"></span>p<span class=\"_ _2\"></span>pl<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>ca<span class=\"_ _2\"></span>z<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>e  a<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>  bi<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>an<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>  co<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>so<span class=\"_ _d\"></span>li<span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>to<span class=\"_ _2\"></span> <span class=\"_ _4\"> </span><span class=\"ff5\">\u2013<span class=\"_ _2\"></span></span>  \u00e8  i<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>us<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>  ne<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>  va<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>or<span class=\"_ _d\"></span>e  c<span class=\"_ _2\"></span>on<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>b<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>le<span class=\"_ _2\"></span>  d<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>ll<span class=\"_ _2\"></span>a<span class=\"_ _df\"> </span>p<span class=\"_ _2\"></span>ar<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>pa<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>.<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>L<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>va<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>z<span class=\"_ _2\"></span>io<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>n<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>v<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>p<span class=\"_ _2\"></span>at<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>mo<span class=\"_ _d\"></span>n<span class=\"_ _2\"></span>ia<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>, <span class=\"_ _9\"> </span>i<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>er<span class=\"_ _2\"></span>v<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>nu<span class=\"_ _2\"></span>t<span class=\"_ _0\"></span>e<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>n<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>gl<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>a<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>s<span class=\"_ _2\"></span>uc<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>vi<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>a<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>q<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>ll<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span> <span class=\"_ _0\"> </span>d<span class=\"_ _2\"></span>i<span class=\"_ _df\"> </span>p<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>im<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span> <span class=\"_ _0\"> </span>a<span class=\"_ _2\"></span>p<span class=\"_ _2\"></span>p<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>zi<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>, <span class=\"_ _9\"> </span>s<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>no<span class=\"_ _2\"></span> <span class=\"_ _9\"> </span>i<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>cr<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>a<span class=\"_ _2\"></span> <span class=\"_ _9\"> </span>v<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>e <span class=\"_ _9\"> </span>2<span class=\"_ _2\"></span>50<span class=\"_ _2\"></span> <span class=\"_ _9\"> </span>d<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>c<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>nt<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span> <span class=\"_ _9\"> </span>e<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>on<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>m<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>co<span class=\"_ _2\"></span> <span class=\"_ _9\"> </span>c<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>ns<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>at<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span> <span class=\"_ _9\"> </span>(<span class=\"_ _2\"></span>\u201c<span class=\"_ _2\"></span>ut<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span> <span class=\"_ _9\"> </span>(<span class=\"_ _2\"></span>pe<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>)<span class=\"_ _df\"> </span>d<span class=\"_ _2\"></span>el<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>pa<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>ip<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>z<span class=\"_ _2\"></span>io<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>\u201d<span class=\"_ _2\"></span>)<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>la<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>m<span class=\"_ _2\"></span>is<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>i <span class=\"_ _d\"></span>l<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>v<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>az<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>i <span class=\"_ _d\"></span>s<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>es<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>o <span class=\"_ _d\"></span>r<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>f<span class=\"_ _2\"></span>er<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>b<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>i <span class=\"_ _d\"></span>a <span class=\"_ _d\"></span>u<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>li<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>o<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>p<span class=\"_ _2\"></span>er<span class=\"_ _d\"></span>d<span class=\"_ _2\"></span>it<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>de<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>e<span class=\"_ _df\"> </span>p<span class=\"_ _2\"></span>ar<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>pa<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>;<span class=\"_ _df\"> </span><span class=\"_ _2c\"> </span><span class=\"ff4\">s<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span> <span class=\"_ _14\"> </span>e<span class=\"_ _2\"></span>si<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span> <span class=\"_ _17\"> </span>e<span class=\"_ _2\"></span>v<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>en<span class=\"_ _2\"></span>z<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span> <span class=\"_ _17\"> </span>c<span class=\"_ _2\"></span>h<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span> <span class=\"_ _14\"> </span>i<span class=\"_ _2\"></span>l <span class=\"_ _14\"> </span>v<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>e <span class=\"_ _14\"> </span>d<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span> <span class=\"_ _14\"> </span>u<span class=\"_ _2\"></span>na<span class=\"_ _2\"></span> <span class=\"_ _14\"> </span>p<span class=\"_ _2\"></span>ar<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>p<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>zi<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>ne<span class=\"_ _2\"></span> <span class=\"_ _14\"> </span>r<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>va<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span> <span class=\"_ _17\"> </span>p<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span> <span class=\"_ _17\"> </span>a<span class=\"_ _2\"></span>v<span class=\"_ _2\"></span>er<span class=\"_ _2\"></span> <span class=\"_ _14\"> </span>s<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>b<span class=\"_ _2\"></span>it<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span> <span class=\"_ _14\"> </span>u<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>a<span class=\"_ _df\"> </span></span>r<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>uz<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>,  si<span class=\"_ _2\"></span>  pr<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>e  al<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>a  st<span class=\"_ _d\"></span>im<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>  de<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>  va<span class=\"_ _2\"></span>lo<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span> <span class=\"_ _16\"> </span>r<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>pe<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>b<span class=\"_ _2\"></span>il<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>  de<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>a  pa<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>pa<span class=\"_ _2\"></span>z<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>e  st<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>a,<span class=\"_ _2\"></span>  te<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>do<span class=\"_ _df\"> </span>c<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>nt<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>d<span class=\"_ _2\"></span>el<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>va<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>e <span class=\"_ _d\"></span>a<span class=\"_ _2\"></span>tt<span class=\"_ _d\"></span>u<span class=\"_ _2\"></span>al<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>f<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>us<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>fi<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>z<span class=\"_ _2\"></span>ia<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>f<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>ur<span class=\"_ _d\"></span>i <span class=\"_ _d\"></span>c<span class=\"_ _2\"></span>h<span class=\"_ _2\"></span>e <span class=\"_ _d\"></span>l<span class=\"_ _2\"></span>a <span class=\"_ _d\"></span>p<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>rt<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>p<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>zi<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>e <span class=\"_ _d\"></span>p<span class=\"_ _2\"></span>ot<span class=\"_ _2\"></span>r<span class=\"_ _9\"> </span>\u00e0<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>g<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>er<span class=\"_ _d\"></span>ar<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>, <span class=\"_ _d\"></span>i<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>us<span class=\"_ _2\"></span>o<span class=\"_ _df\"> </span>i<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>v<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>or<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>d<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>d<span class=\"_ _2\"></span>is<span class=\"_ _2\"></span>m<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>ss<span class=\"_ _d\"></span>io<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>f<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>na<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>d<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>\u2019<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>ve<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>im<span class=\"_ _d\"></span>en<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>. <span class=\"_ _0\"></span>Q<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>or<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>i<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>va<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>d<span class=\"_ _2\"></span>i <span class=\"_ _0\"></span>r<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>pe<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>r<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>lt<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>i<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>f<span class=\"_ _2\"></span>er<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>or<span class=\"_ _d\"></span>e <span class=\"_ _0\"></span>a<span class=\"_ _2\"></span>l<span class=\"_ _df\"> </span>v<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>lo<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>co<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>b<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>le<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>at<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>v<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>di<span class=\"_ _2\"></span>f<span class=\"_ _2\"></span>f<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>en<span class=\"_ _2\"></span>z<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>\u00e8<span class=\"_ _2\"></span> r<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>v<span class=\"_ _2\"></span>at<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>l <span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>nt<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>co<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>m<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>co<span class=\"_ _2\"></span>;<span class=\"_ _df\"> </span><span class=\"_ _2c\"> </span><span class=\"ff4\">p<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span> <span class=\"_ _10\"> </span>i<span class=\"_ _2\"></span>l <span class=\"_ _10\"> </span>c<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>so<span class=\"_ _d\"></span>li<span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>m<span class=\"_ _2\"></span>en<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span> <span class=\"_ _10\"> </span>d<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>ll<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span> <span class=\"_ _10\"> </span>pa<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>pa<span class=\"_ _2\"></span>z<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>on<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span> <span class=\"_ _10\"> </span>i<span class=\"_ _2\"></span>n <span class=\"_ _10\"> </span>s<span class=\"_ _d\"></span>oc<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>t\u00e0<span class=\"_ _2\"></span> <span class=\"_ _10\"> </span>c<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>ga<span class=\"_ _0\"></span>t<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span> <span class=\"_ _10\"> </span>so<span class=\"_ _d\"></span>no<span class=\"_ _2\"></span> <span class=\"_ _10\"> </span>s<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>at<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span> <span class=\"_ _10\"> </span>u<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>il<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>z<span class=\"_ _2\"></span>z<span class=\"_ _2\"></span>at<span class=\"_ _d\"></span>i,<span class=\"_ _2\"></span> <span class=\"_ _10\"> </span>o<span class=\"_ _2\"></span>v<span class=\"_ _2\"></span>e<span class=\"_ _df\"> </span></span>d<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>po<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>b<span class=\"_ _2\"></span>il<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>i <span class=\"_ _d\"></span>p<span class=\"_ _2\"></span>ro<span class=\"_ _2\"></span>g<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>i <span class=\"_ _d\"></span>di<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>b<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>ci<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span> <span class=\"_ _d\"></span><span class=\"ff5\">r<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>la<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>v<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>l\u2019<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>er<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>z<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>o<span class=\"_ _d\"></span>gg<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>tt<span class=\"_ _d\"></span>o <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>p<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>en<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>b<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>la<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>io<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span> <span class=\"_ _0\"></span></span>a<span class=\"_ _2\"></span>p<span class=\"_ _2\"></span>pr<span class=\"_ _d\"></span>o<span class=\"_ _2\"></span>va<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>i<span class=\"_ _df\"> </span>r<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>pe<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>vi<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>C<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>g<span class=\"_ _2\"></span>li<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>A<span class=\"_ _2\"></span>m<span class=\"_ _2\"></span>m<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>is<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>zi<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>; <span class=\"_ _d\"></span>i<span class=\"_ _2\"></span>n <span class=\"_ _d\"></span>l<span class=\"_ _2\"></span>or<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>m<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>za<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>ta<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>de<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>at<span class=\"_ _d\"></span>i <span class=\"_ _d\"></span>i<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>at<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>de<span class=\"_ _2\"></span>g<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>lt<span class=\"_ _d\"></span>im<span class=\"_ _2\"></span>i<span class=\"_ _df\"> </span>b<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>la<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>pp<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>va<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>(<span class=\"_ _2\"></span>g<span class=\"_ _2\"></span>en<span class=\"_ _d\"></span>er<span class=\"_ _d\"></span>a<span class=\"_ _2\"></span>lm<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>q<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>li<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span> 3<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>em<span class=\"_ _2\"></span>b<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>2<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>2<span class=\"_ _2\"></span>4<span class=\"_ _2\"></span>).<span class=\"_ _df\"> </span>Part<span class=\"_ _1\"></span>ecipa<span class=\"_ _1\"></span>zioni <span class=\"_ _1\"></span>in so<span class=\"_ _1\"></span>ciet\u00e0 <span class=\"_ _f\"></span>controll<span class=\"_ _f\"></span>ate in via<span class=\"_ _1\"></span> escl<span class=\"_ _1\"></span>usiva<span class=\"_ _1\"></span> e co<span class=\"_ _f\"></span>llegate (<span class=\"_ _1\"></span>cons<span class=\"_ _f\"></span>olidate <span class=\"_ _1\"></span>al pa<span class=\"_ _1\"></span>trimo<span class=\"_ _f\"></span>nio netto<span class=\"_ _1\"></span>) al 31<span class=\"_ _1\"></span> dicem<span class=\"_ _f\"></span>bre 202<span class=\"_ _1\"></span>5 <table class=\"s w953 h493\" id=\"_ac353ea3-65e4-4c04-a12f-9a0721632150\"><tr><td class=\"c x2c5 y252f w2cd h21a\"><div class=\"t m0 xf0 h1f y304 ff4 fs7 fc1 sc0 ls0 ws0\">Denominazioni <span class=\"_ _1\"></span>imprese </div></td><td class=\"c x2c6 y252f w257 h21a\"><div class=\"t m0 x35 h1f y304 ff4 fs7 fc1 sc0 ls0 ws0\">Sede </div></td><td class=\"c x2c7 y2530 w954 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc1 sc0 ls0 ws0\">Tipo di<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x2c8 y2531 w2cf h21b\"><div class=\"t m0 x48 h1f y12eb ff4 fs7 fc1 sc0 ls0 ws0\">Rapporto di pa<span class=\"_ _1\"></span>rtecipazione </div></td><td class=\"c x2c9 y2530 w955 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc1 sc0 ls0 ws0\">Disponibilit<span class=\"_ _df\"> </span></div></td></tr><tr><td></td><td></td><td class=\"c x2ca y2532 w956 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc1 sc0 ls0 ws0\">rapporto<span class=\"_ _df\"> </span></div></td><td class=\"c x2c8 y252f w14 h21c\"><div class=\"t m0 x10 h1f y496 ff4 fs7 fc1 sc0 ls0 ws0\">Impresa partecipan<span class=\"_ _f\"></span>t<span class=\"_ _2\"></span>e </div></td><td class=\"c x2cb y252f w2d0 h21c\"><div class=\"t m0 x8e h1f y496 ff4 fs7 fc1 sc0 ls0 ws0\">Quota % </div></td><td class=\"c x2cc y2532 w957 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc1 sc0 ls0 ws0\">\u00e0 voti %<span class=\"_ _df\"> </span></div></td></tr><tr><td class=\"c x2c5 y2533 w2cd h21d\"><div class=\"t m0 x0 h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">A. Imprese </div></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2c5 y2534 w2cd hbc\"><div class=\"t m0 x0 h1f y74a ff4 fs7 fc1 sc0 ls0 ws0\">A. 1 Consolidate <span class=\"_ _1\"></span>integralmente </div></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2cd y2535 w2d1 hbc\"><div class=\"t m0 x37 h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">1. Credemleasing spa<span class=\"_ _f\"></span> </div></td><td class=\"c x2c6 y2535 w257 hbc\"><div class=\"t m0 x0 h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">Reggio Emilia<span class=\"_ _1\"></span> </div></td><td class=\"c x2ce y2535 w2ce hbc\"><div class=\"t m0 x39 h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">1 </div></td><td class=\"c x2c8 y2535 w14 hbc\"><div class=\"t m0 x2a h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">Credito Emilian<span class=\"_ _1\"></span>o </div></td><td class=\"c x2cb y2535 w2d0 hbc\"><div class=\"t m0 x2f h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">99,90% </div></td><td></td></tr><tr><td></td><td></td><td></td><td class=\"c x2cf y2536 w958 h494\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc1 sc0 ls0 ws0\">Magazzini Genera<span class=\"_ _f\"></span>l<span class=\"_ _2\"></span>i<span class=\"_ _df\"> </span></div></td><td class=\"c x2cb y2537 w2d0 h1bb\"><div class=\"t m0 x2e h1f y66a ff4 fs7 fc1 sc0 ls0 ws0\">0,10% </div></td><td></td></tr><tr><td></td><td></td><td></td><td class=\"c x2d0 y2538 w959 h484\" colspan=\"2\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc1 sc0 ls0 ws0\">delle Tagliate<span class=\"_ _df\"> </span></div></td><td></td></tr><tr><td class=\"c x2cd y2539 w2d1 hbc\"><div class=\"t m0 x37 h1f y74a ff4 fs7 fc1 sc0 ls0 ws0\">2. Credemfactor sp<span class=\"_ _f\"></span>a </div></td><td class=\"c x2c6 y2539 w257 hbc\"><div class=\"t m0 x0 h1f y74a ff4 fs7 fc1 sc0 ls0 ws0\">Reggio Emilia<span class=\"_ _1\"></span> </div></td><td class=\"c x2ce y2539 w2ce hbc\"><div class=\"t m0 x39 h1f y74a ff4 fs7 fc1 sc0 ls0 ws0\">1 </div></td><td class=\"c x2c8 y2539 w14 hbc\"><div class=\"t m0 x2a h1f y74a ff4 fs7 fc1 sc0 ls0 ws0\">Credito Emilian<span class=\"_ _1\"></span>o </div></td><td class=\"c x2cb y2539 w2d0 hbc\"><div class=\"t m0 x2f h1f y74a ff4 fs7 fc1 sc0 ls0 ws0\">99,00% </div></td><td></td></tr><tr><td></td><td></td><td></td><td class=\"c x2c8 y253a w14 hbc\"><div class=\"t m0 x55 h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">Credemleasing<span class=\"_ _1\"></span> </div></td><td class=\"c x2cb y253a w2d0 hbc\"><div class=\"t m0 x2e h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">1,00% </div></td><td></td></tr><tr><td class=\"c x2cd y253b w2d1 h21d\"><div class=\"t m0 x37 h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">3. Credem Private <span class=\"_ _f\"></span>Equity SGR spa* </div></td><td class=\"c x2c6 y253b w257 h21d\"><div class=\"t m0 x0 h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">Reggio Emilia<span class=\"_ _1\"></span> </div></td><td class=\"c x2ce y253b w2ce h21d\"><div class=\"t m0 x39 h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">1 </div></td><td class=\"c x2c8 y253b w14 h21d\"><div class=\"t m0 x2a h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">Credito Emilian<span class=\"_ _1\"></span>o </div></td><td class=\"c x2cb y253b w2d0 h21d\"><div class=\"t m0 x16a h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">87,50% </div></td><td></td></tr><tr><td></td><td></td><td></td><td class=\"c x2d1 y253c w95a h495\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">Credem Euromob<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span>liare<span class=\"_ _df\"> </span></div></td><td class=\"c x2cb y253d w2d0 h21e\"><div class=\"t m0 x116 h1f yc5f ff4 fs7 fc1 sc0 ls0 ws0\">12,50% </div></td><td></td></tr><tr><td></td><td></td><td></td><td class=\"c x2d2 y253e w95b h484\" colspan=\"2\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">Private banking<span class=\"_ _df\"> </span></div></td><td></td></tr><tr><td class=\"c x2d4 y253f w95c h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">4. Euromobil<span class=\"_ _1\"></span>iare Asset Manage<span class=\"_ _1\"></span>ment SGR spa<span class=\"_ _df\"> </span></div><div class=\"t m0 x2d3 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">Milano<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x2ce y2540 w2ce hbc\"><div class=\"t m0 x39 h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">1 </div></td><td class=\"c x2c8 y2540 w14 hbc\"><div class=\"t m0 x2a h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">Credito Emilia<span class=\"lsc2\">no</span> </div></td><td class=\"c x2cb y2540 w2d0 hbc\"><div class=\"t m0 x8e h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">100,00% </div></td><td></td></tr><tr><td class=\"c x2cd y2541 w2d1 h21d\"><div class=\"t m0 x37 h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">5. Euromobiliare<span class=\"_ _1\"></span> Advisory SIM sp<span class=\"_ _f\"></span>a<span class=\"_ _df\"> </span></div></td><td class=\"c x2c6 y2541 w257 h21d\"><div class=\"t m0 x0 h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">Milano </div></td><td class=\"c x2ce y2541 w2ce h21d\"><div class=\"t m0 x39 h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">1 </div></td><td class=\"c x2c8 y2541 w14 h21d\"><div class=\"t m0 x2a h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">Credito Emilian<span class=\"_ _1\"></span>o </div></td><td class=\"c x2cb y2541 w2d0 h21d\"><div class=\"t m0 x8e h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">100,00% </div></td><td></td></tr><tr><td class=\"c x2cd y2542 w2d1 h21f\"><div class=\"t m0 x37 h1f y12f1 ff4 fs7 fc1 sc0 ls0 ws0\">6. Credemtel sp<span class=\"_ _1\"></span>a </div></td><td class=\"c x2c6 y2542 w257 h21f\"><div class=\"t m0 x0 h1f y12f1 ff4 fs7 fc1 sc0 ls0 ws0\">Reggio Emilia<span class=\"_ _1\"></span> </div></td><td class=\"c x2ce y2542 w2ce h21f\"><div class=\"t m0 x39 h1f y12f1 ff4 fs7 fc1 sc0 ls0 ws0\">1 </div></td><td class=\"c x2c8 y2542 w14 h21f\"><div class=\"t m0 x2a h1f y12f1 ff4 fs7 fc1 sc0 ls0 ws0\">Credito Emilian<span class=\"_ _1\"></span>o </div></td><td class=\"c x2cb y2542 w2d0 h21f\"><div class=\"t m0 x8e h1f y12f1 ff4 fs7 fc1 sc0 ls0 ws0\">100,00% </div></td><td></td></tr><tr><td class=\"c x2cd y2543 w2d1 h21d\"><div class=\"t m0 x37 h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">7. Avvera spa </div></td><td class=\"c x2c6 y2543 w257 h21d\"><div class=\"t m0 x0 h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">Reggio Emilia<span class=\"_ _1\"></span> </div></td><td class=\"c x2ce y2543 w2ce h21d\"><div class=\"t m0 x39 h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">1 </div></td><td class=\"c x2c8 y2543 w14 h21d\"><div class=\"t m0 x2a h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">Credito Emilian<span class=\"_ _1\"></span>o </div></td><td class=\"c x2cb y2543 w2d0 h21d\"><div class=\"t m0 x8e h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">100,00% </div></td><td></td></tr><tr><td class=\"c x2cd y2544 w2d1 h21d\"><div class=\"t m0 x37 h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">8. Magazzini Ge<span class=\"_ _1\"></span>nerali delle Tagl<span class=\"_ _1\"></span>iate spa</div></td><td class=\"c x2c6 y2544 w257 h21d\"><div class=\"t m0 x0 h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">Reggio Emilia<span class=\"_ _1\"></span> </div></td><td class=\"c x2ce y2544 w2ce h21d\"><div class=\"t m0 x39 h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">1 </div></td><td class=\"c x2c8 y2544 w14 h21d\"><div class=\"t m0 x2a h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">Credito Emilian<span class=\"_ _1\"></span>o </div></td><td class=\"c x2cb y2544 w2d0 h21d\"><div class=\"t m0 x8e h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">100,00% </div></td><td></td></tr><tr><td class=\"c x2cd y2545 w2d1 h21d\"><div class=\"t m0 x37 h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">9.Credem Euromob<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span>liare Private <span class=\"_ _f\"></span>Banking spa </div></td><td class=\"c x2c6 y2545 w257 h21d\"><div class=\"t m0 x0 h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">Milano </div></td><td class=\"c x2ce y2545 w2ce h21d\"><div class=\"t m0 x39 h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">1 </div></td><td class=\"c x2c8 y2545 w14 h21d\"><div class=\"t m0 x2a h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">Credito Emilian<span class=\"_ _1\"></span>o </div></td><td class=\"c x2cb y2545 w2d0 h21d\"><div class=\"t m0 x8e h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">100,00% </div></td><td></td></tr><tr><td class=\"c x2cd y2546 w2d1 h21d\"><div class=\"t m0 x37 h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">10. Euromobil<span class=\"_ _1\"></span>iare Fiduciaria spa<span class=\"_ _df\"> </span></div></td><td class=\"c x2c6 y2546 w257 h21d\"><div class=\"t m0 x0 h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">Milano </div></td><td class=\"c x2ce y2546 w2ce h21d\"><div class=\"t m0 x39 h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">1 </div></td><td class=\"c x2c8 y2546 w14 h21d\"><div class=\"t m0 x2a h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">Credito Emilian<span class=\"_ _1\"></span>o </div></td><td class=\"c x2cb y2546 w2d0 h21d\"><div class=\"t m0 x8e h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">100,00% </div></td><td></td></tr><tr><td class=\"c x2cd y2547 w2d1 hbc\"><div class=\"t m0 x37 h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">11. Credemvita spa<span class=\"_ _f\"></span> </div></td><td class=\"c x2c6 y2547 w257 hbc\"><div class=\"t m0 x0 h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">Reggio Emilia<span class=\"_ _1\"></span> </div></td><td class=\"c x2ce y2547 w2ce hbc\"><div class=\"t m0 x39 h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">1 </div></td><td class=\"c x2c8 y2547 w14 hbc\"><div class=\"t m0 x2a h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">Credito Emilian<span class=\"_ _1\"></span>o </div></td><td class=\"c x2cb y2547 w2d0 hbc\"><div class=\"t m0 x8e h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">100,00% </div></td><td></td></tr><tr><td class=\"c x2cd y2548 w2d1 h21d\"><div class=\"t m0 x37 h1f y80 ff4 fs7 fc1 sc0 ls9 ws0\">12<span class=\"ls0\">. Credem CB srl</span><span class=\"ls0\"> </span></div></td><td class=\"c x2c6 y2548 w257 h21d\"><div class=\"t m0 x0 h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">Conegliano </div></td><td class=\"c x2ce y2548 w2ce h21d\"><div class=\"t m0 x39 h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">1 </div></td><td class=\"c x2c8 y2548 w14 h21d\"><div class=\"t m0 x2a h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">Credito Emilian<span class=\"_ _1\"></span>o </div></td><td class=\"c x2cb y2548 w2d0 h21d\"><div class=\"t m0 x16a h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">70,00% </div></td><td></td></tr><tr><td class=\"c x2c5 y2549 w2cd h21d\"><div class=\"t m0 x0 h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">A. 2 Consolidate c<span class=\"_ _f\"></span>o<span class=\"_ _2\"></span>n il me<span class=\"_ _1\"></span>todo del patri<span class=\"_ _1\"></span>monio netto<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2cd y254a w2d1 hbc\"><div class=\"t m0 x37 h1f y74a ff4 fs7 fc1 sc0 ls0 ws0\">1.Credemassicur<span class=\"_ _1\"></span>azioni spa </div></td><td class=\"c x2c6 y254a w257 hbc\"><div class=\"t m0 x0 h1f y74a ff4 fs7 fc1 sc0 ls0 ws0\">Reggio Emilia<span class=\"_ _1\"></span> </div></td><td class=\"c x2ce y254a w2ce hbc\"><div class=\"t m0 x130 h1f y66c ff4 fs7 fc1 sc0 ls0 ws0\">4 </div></td><td class=\"c x2c8 y254a w14 hbc\"><div class=\"t m0 x2a h1f y74a ff4 fs7 fc1 sc0 ls0 ws0\">Credito Emilian<span class=\"_ _1\"></span>o </div></td><td class=\"c x2cb y254a w2d0 hbc\"><div class=\"t m0 x2f h1f y74a ff4 fs7 fc1 sc0 ls0 ws0\">50,00% </div></td><td></td></tr><tr><td class=\"c x2cd y254b w2d1 hbc\"><div class=\"t m0 x37 h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">2. SBC Fin<span class=\"_ _f\"></span>t<span class=\"_ _2\"></span>ech Milan 22<span class=\"_ _1\"></span>24 s.r.l.<span class=\"_ _df\"> </span></div></td><td class=\"c x2c6 y254b w257 hbc\"><div class=\"t m0 x0 h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">Milano </div></td><td class=\"c x2ce y254b w2ce hbc\"><div class=\"t m0 x130 h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">4 </div></td><td class=\"c x2c8 y254b w14 hbc\"><div class=\"t m0 x35 h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">Credemtel </div></td><td class=\"c x2cb y254b w2d0 hbc\"><div class=\"t m0 x16a h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">45,92% </div></td><td></td></tr><tr><td class=\"c x2cd y254c w2d1 h21d\"><div class=\"t m0 x37 h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">3. Andxor srl </div></td><td class=\"c x2c6 y254c w257 h21d\"><div class=\"t m0 x0 h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">Cinisello Balsam<span class=\"_ _f\"></span>o </div></td><td class=\"c x2ce y254c w2ce h21d\"><div class=\"t m0 x130 h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">4 </div></td><td class=\"c x2c8 y254c w14 h21d\"><div class=\"t m0 x35 h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">Credemtel </div></td><td class=\"c x2cb y254c w2d0 h21d\"><div class=\"t m0 x2f h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">40,00% </div></td><td></td></tr><tr><td class=\"c x2cd y254d w2d1 h21d\"><div class=\"t m0 x37 h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">4. Mynet<span class=\"_ _1\"></span> srl </div></td><td class=\"c x2c6 y254d w257 h21d\"><div class=\"t m0 x0 h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">Udine </div></td><td class=\"c x2ce y254d w2ce h21d\"><div class=\"t m0 x130 h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">4 </div></td><td class=\"c x2c8 y254d w14 h21d\"><div class=\"t m0 x35 h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">Credemtel </div></td><td class=\"c x2cb y254d w2d0 h21d\"><div class=\"t m0 x116 h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">12,99% </div></td><td></td></tr><tr><td class=\"c x2cd y254e w2d1 hbc\"><div class=\"t m0 x34 h1f y74a ff4 fs7 fc1 sc0 ls0 ws0\"> 5. Flairb<span class=\"_ _1\"></span>it srl </div></td><td class=\"c x2c6 y254e w257 hbc\"><div class=\"t m0 x0 h1f y74a ff4 fs7 fc1 sc0 ls0 ws0\">Genova </div></td><td class=\"c x2ce y254e w2ce hbc\"><div class=\"t m0 x130 h1f y74a ff4 fs7 fc1 sc0 ls0 ws0\">4 </div></td><td class=\"c x2c8 y254e w14 hbc\"><div class=\"t m0 x35 h1f y74a ff4 fs7 fc1 sc0 ls0 ws0\">Credemtel </div></td><td class=\"c x2cb y254e w2d0 hbc\"><div class=\"t m0 x16a h1f y74a ff4 fs7 fc1 sc0 ls0 ws0\">10,00% </div></td><td></td></tr></table>Lege<span class=\"_ _1\"></span>nda<span class=\"_ _1\"></span> Tipo di rappor<span class=\"_ _1\"></span>to: 1 = maggioranza de<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span> diritti d<span class=\"ff5\">i vo<span class=\"_ _1\"></span>to nell\u2019assemb<span class=\"_ _1\"></span>lea ordinaria<span class=\"ff4\"> </span></span>4 = altre forme d<span class=\"_ _1\"></span>i controllo *<span class=\"_ _4\"> </span>dal <span class=\"_ _d\"></span>02/02/2026 <span class=\"_ _d\"></span>CREDEM <span class=\"_ _d\"></span>EUROMOB<span class=\"_ _1\"></span>ILIARE <span class=\"_ _d\"></span>PRIVATE <span class=\"_ _2\"></span>ASSET <span class=\"_ _d\"></span>SOCIETA' <span class=\"_ _d\"></span>DI <span class=\"_ _d\"></span>GESTIONE <span class=\"_ _2\"></span>DEL <span class=\"_ _d\"></span>RISPA <span class=\"_ _d\"></span>RMIO <span class=\"_ _2\"></span>S.P.A. abbreviabile in CREDEM EUROMOBILIARE<span class=\"_ _1\"></span> PRIVATE ASSET SGR S.P.A.<span class=\"_ _df\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-873": {
   "value": "Sezio<span class=\"_ _1\"></span>ne 3 - A<span class=\"_ _f\"></span>rea e me<span class=\"_ _1\"></span>todi d<span class=\"_ _f\"></span>i consolida<span class=\"_ _1\"></span>mento<span class=\"_ _1\"></span> Il <span class=\"_ _2\"></span>bilancio <span class=\"_ _d\"></span>consolidato <span class=\"_ _d\"></span>del <span class=\"_ _d\"></span>Gruppo <span class=\"_ _d\"></span>Credem <span class=\"_ _2\"></span>comprende <span class=\"_ _d\"></span>il <span class=\"_ _d\"></span>bilancio <span class=\"_ _d\"></span>di <span class=\"_ _2\"></span>Credito <span class=\"_ _d\"></span>Emiliano <span class=\"_ _d\"></span>spa <span class=\"_ _d\"></span>e <span class=\"_ _2\"></span>delle <span class=\"_ _d\"></span>societ\u00e0 <span class=\"_ _d\"></span>da questa <span class=\"_ _f\"></span>contr<span class=\"_ _2\"></span>ollate, <span class=\"_ _f\"></span>includendo <span class=\"_ _f\"></span>n<span class=\"_ _2\"></span>el <span class=\"_ _f\"></span>perimetro di <span class=\"_ _f\"></span>consolidamento <span class=\"_ _1\"></span>anche <span class=\"_ _f\"></span>le societ\u00e0 <span class=\"_ _f\"></span>operanti <span class=\"_ _1\"></span>in <span class=\"_ _f\"></span>s<span class=\"_ _2\"></span>ettori <span class=\"_ _f\"></span>di attivit\u00e0<span class=\"_ _1\"></span> dissimili da <span class=\"_ _2\"></span>quello di <span class=\"_ _2\"></span>appartenenza <span class=\"_ _2\"></span>della Capogruppo. <span class=\"_ _2\"></span>Analogamente, so<span class=\"_ _2\"></span>no incluse <span class=\"_ _2\"></span>anche le <span class=\"_ _2\"></span>societ\u00e0 <span class=\"_ _2\"></span>veicolo (SPE/SPV) <span class=\"_ _2\"></span>quando <span class=\"_ _d\"></span>ne <span class=\"_ _d\"></span>ricorrano <span class=\"_ _d\"></span>i <span class=\"_ _2\"></span>requisiti <span class=\"_ _d\"></span>di <span class=\"_ _2\"></span>effett<span class=\"_ _2\"></span>ivo <span class=\"_ _2\"></span>contro<span class=\"_ _2\"></span>llo, <span class=\"_ _2\"></span>anche <span class=\"_ _2\"></span>indipendentemente <span class=\"_ _d\"></span>dall\u2019esistenza <span class=\"_ _d\"></span>di una quota partecipativa. Un\u2019impresa <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>grado <span class=\"_ _d\"></span>di <span class=\"_ _2\"></span>es<span class=\"ff4\">ercit<span class=\"_ _2\"></span>are <span class=\"_ _d\"></span>il <span class=\"_ _2\"></span>contr<span class=\"_ _2\"></span>ollo <span class=\"_ _2\"></span>se <span class=\"_ _d\"></span>\u00e8 <span class=\"_ _2\"></span>esposta <span class=\"_ _d\"></span>o <span class=\"_ _d\"></span>ha <span class=\"_ _2\"></span>diritto <span class=\"_ _d\"></span>a <span class=\"_ _d\"></span>rendimenti <span class=\"_ _2\"></span>variabili, <span class=\"_ _d\"></span>derivanti <span class=\"_ _d\"></span>dal </span>proprio  rapporto  con<span class=\"_ _f\"></span>  l\u2019entit\u00e0  ogge<span class=\"_ _1\"></span>tto  d\u2019investimento  e,  ne<span class=\"_ _f\"></span>l  frattempo,  ha  la<span class=\"_ _1\"></span>  capacit\u00e0  di  i<span class=\"_ _1\"></span>ncidere  su <span class=\"_ _16\"> </span>tali rendimenti esercitando il proprio potere su tale entit\u00e0. Sono <span class=\"_ _18\"> </span><span class=\"ls13\">no</span>rmalmente <span class=\"_ _18\"> </span>conside<span class=\"_ _1\"></span>rate <span class=\"_ _18\"> </span>controllate <span class=\"_ _18\"> </span>le <span class=\"_ _10\"> </span>imprese <span class=\"_ _18\"> </span>nelle <span class=\"_ _10\"> </span>quali <span class=\"_ _10\"> </span>la <span class=\"_ _18\"> </span>Capogruppo, <span class=\"_ _10\"> </span>direttamente <span class=\"_ _18\"> </span>o indirettamente, <span class=\"_ _0\"> </span>poss<span class=\"_ _2\"></span>iede <span class=\"_ _0\"></span>p<span class=\"_ _2\"></span>i\u00f9 <span class=\"_ _9\"> </span>della <span class=\"_ _9\"> </span>met\u00e0 <span class=\"_ _9\"> </span>d<span class=\"_ _2\"></span>ei <span class=\"_ _0\"></span>d<span class=\"_ _2\"></span>iritti <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>voto <span class=\"_ _16\"> </span>o <span class=\"_ _9\"> </span>quando, <span class=\"_ _9\"> </span>pur <span class=\"_ _9\"> </span>con <span class=\"_ _9\"> </span>una <span class=\"_ _16\"> </span>quota <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>dir<span class=\"_ _2\"></span>itti <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>voto inferiore, la <span class=\"_ _2\"></span>Capogruppo <span class=\"_ _2\"></span>ha il <span class=\"_ _2\"></span>potere <span class=\"_ _2\"></span>di nominare <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>maggioran<span class=\"_ _2\"></span>za <span class=\"_ _2\"></span>degli amministrat<span class=\"_ _2\"></span>ori della part<span class=\"_ _2\"></span>ecipata o <span class=\"_ _2\"></span>di determinare <span class=\"_ _f\"></span>le <span class=\"_ _1\"></span>politiche <span class=\"_ _f\"></span>fi<span class=\"_ _2\"></span>nanziarie <span class=\"_ _f\"></span>ed <span class=\"_ _1\"></span>operative <span class=\"_ _f\"></span>della stessa. <span class=\"_ _f\"></span>Nella v<span class=\"_ _1\"></span>alutazione <span class=\"_ _f\"></span>dei d<span class=\"_ _1\"></span>iritti d<span class=\"_ _1\"></span>i <span class=\"_ _f\"></span>voto si <span class=\"_ _f\"></span>tiene <span class=\"_ _f\"></span>conto anche <span class=\"_ _d\"></span>dei <span class=\"_ _d\"></span>diritti <span class=\"_ _0\"></span>\u201cpotenziali\u201d <span class=\"_ _d\"></span>che <span class=\"_ _d\"></span>siano <span class=\"_ _d\"></span>correntemente <span class=\"_ _0\"></span>esercitabili <span class=\"_ _d\"></span>o <span class=\"_ _d\"></span>convertibili <span class=\"_ _d\"></span>in <span class=\"_ _0\"></span>diritt<span class=\"_ _2\"></span><span class=\"ff4\">i <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>voto <span class=\"_ _0\"></span>effettivi <span class=\"_ _d\"></span>in </span>qualsiasi momento. Sono  normalmente  considerate  controllate  congiu<span class=\"_ _1\"></span>ntamente  le  imprese  nelle  quali  i  diritti  di  voto  ed<span class=\"_ _1\"></span>  il controllo <span class=\"_ _18\"> </span>dell\u2019attivit\u00e0 <span class=\"_ _19\"> </span>economica <span class=\"_ _18\"> </span>della <span class=\"_ _18\"> </span>partecipata <span class=\"_ _18\"> </span>sono <span class=\"_ _19\"> </span>condivisi <span class=\"_ _18\"> </span>in <span class=\"_ _18\"> </span>modo <span class=\"_ _19\"> </span>paritetico <span class=\"_ _18\"> </span>da <span class=\"_ _18\"> </span>Credem, direttamente o <span class=\"_ _2\"></span>indirettamente, e da un altr<span class=\"_ _2\"></span>o soggetto. Inoltre viene qualificato <span class=\"_ _2\"></span>come sottoposto a <span class=\"_ _2\"></span>controllo<span class=\"_ _1\"></span> congiunto un <span class=\"_ _2\"></span>investimento <span class=\"_ _2\"></span>partecipativo nel <span class=\"_ _2\"></span>quale, <span class=\"_ _2\"></span>pur in <span class=\"_ _2\"></span>assenza <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>una quota <span class=\"_ _2\"></span>paritetica <span class=\"_ _2\"></span>di diritt<span class=\"_ _2\"></span>i di <span class=\"_ _2\"></span>voto, <span class=\"_ _2\"></span>il<span class=\"_ _1\"></span> controllo <span class=\"_ _2\"></span>sull\u2019attivit\u00e0 <span class=\"_ _2\"></span>economica e <span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>ugli indiri<span class=\"ff4\">zzi <span class=\"_ _2\"></span>st<span class=\"_ _2\"></span>rategici della <span class=\"_ _2\"></span>partecipata <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _2\"></span>condiviso <span class=\"_ _2\"></span>con <span class=\"_ _2\"></span>altri <span class=\"_ _2\"></span>soggetti <span class=\"_ _2\"></span>in </span>virt\u00f9 di accordi contrattuali. Sono <span class=\"_ _d\"></span>nor<span class=\"_ _2\"></span>malmente <span class=\"_ _d\"></span>considerate <span class=\"_ _d\"></span>collegate, <span class=\"_ _d\"></span>cio\u00e8 <span class=\"_ _d\"></span>sot<span class=\"_ _2\"></span>toposte <span class=\"_ _d\"></span>ad <span class=\"_ _0\"></span>infl<span class=\"_ _1\"></span>uenza <span class=\"_ _d\"></span>notevole, <span class=\"_ _d\"></span>l<span class=\"_ _2\"></span>e <span class=\"_ _d\"></span>imprese <span class=\"_ _d\"></span>nelle <span class=\"_ _0\"></span>quali <span class=\"_ _d\"></span>la capogruppo, <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>irettamente <span class=\"_ _d\"></span>o <span class=\"_ _d\"></span>indirettamente, <span class=\"_ _2\"></span>poss<span class=\"_ _2\"></span>iede<span class=\"_ _1\"></span> <span class=\"_ _d\"></span>a<span class=\"_ _2\"></span>lmeno <span class=\"_ _d\"></span>il <span class=\"_ _d\"></span>20% <span class=\"_ _d\"></span>dei <span class=\"_ _d\"></span>diritti <span class=\"_ _d\"></span>di <span class=\"_ _2\"></span>vot<span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>(ivi <span class=\"_ _d\"></span>inclusi <span class=\"_ _d\"></span>i <span class=\"_ _d\"></span>diritti <span class=\"_ _d\"></span>di voto \u201cpotenziali\u201d come sopra<span class=\"_ _1\"></span> definiti) o nelle<span class=\"_ _1\"></span> quali <span class=\"_ _2\"></span>\u2013<span class=\"ff4\"> pur con una<span class=\"_ _1\"></span> quota di diritti di<span class=\"_ _1\"></span> voto inferiore <span class=\"ff5\">\u2013</span> ha il potere </span>di <span class=\"_ _4\"> </span>partecipare <span class=\"_ _4\"> </span>a<span class=\"_ _2\"></span>lla <span class=\"_ _4\"> </span>determinazio<span class=\"_ _2\"></span>ne <span class=\"_ _4\"> </span>delle <span class=\"_ _17\"> </span>politiche <span class=\"_ _4\"> </span>finanziarie <span class=\"_ _17\"> </span>e <span class=\"_ _17\"> </span>gestionali <span class=\"_ _4\"> </span>dell<span class=\"_ _2\"></span>a <span class=\"_ _17\"> </span>partecipata <span class=\"_ _17\"> </span>in <span class=\"_ _17\"> </span>virt\u00f9 <span class=\"_ _4\"> </span>di particolari legami giuridici qu<span class=\"_ _1\"></span>ali la part<span class=\"_ _2\"></span>ecipazi<span class=\"_ _1\"></span>one a patti di sindacato. <span class=\"_ _2\"></span> Le partecip<span class=\"_ _1\"></span>azioni controllate sono consolid<span class=\"_ _1\"></span>ate con il <span class=\"_ _1\"></span>metodo integ<span class=\"_ _1\"></span>rale, mentre le imprese colle<span class=\"_ _1\"></span>gate e le joi<span class=\"_ _1\"></span>nt venture sono consolidate in base al metodo del patrimonio netto. Criter<span class=\"_ _1\"></span>i e p<span class=\"_ _1\"></span>rincipi<span class=\"_ _1\"></span> di co<span class=\"_ _f\"></span>nsolidam<span class=\"_ _1\"></span>en<span class=\"_ _f\"></span>to I criteri adottati per la redazione de<span class=\"_ _1\"></span>l bilancio consolidato sono i seguenti: <span class=\"_ _2c\"> </span><span class=\"ff4\">i<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span> <span class=\"_ _14\"> </span>o<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>as<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>e <span class=\"_ _15\"> </span>d<span class=\"_ _2\"></span>el<span class=\"_ _2\"></span> <span class=\"_ _15\"> </span>pr<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>m<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span> <span class=\"_ _14\"> </span>c<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>ns<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>da<span class=\"_ _2\"></span>m<span class=\"_ _d\"></span>en<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>, <span class=\"_ _15\"> </span>i<span class=\"_ _2\"></span>l <span class=\"_ _15\"> </span>v<span class=\"_ _2\"></span>al<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span> <span class=\"_ _14\"> </span>d<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span> <span class=\"_ _17\"> </span>c<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>o <span class=\"_ _15\"> </span>d<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>ll<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span> <span class=\"_ _14\"> </span>p<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>rt<span class=\"_ _d\"></span>ec<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>p<span class=\"_ _2\"></span>az<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>i <span class=\"_ _15\"> </span>i<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span> <span class=\"_ _17\"> </span>s<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>t\u00e0<span class=\"_ _df\"> </span></span>c<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>ns<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>at<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>  in<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>gr<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>m<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>nt<span class=\"_ _d\"></span>e  \u00e8<span class=\"_ _2\"></span>  a<span class=\"_ _2\"></span>nn<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>at<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>  a  fr<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>  de<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>  pa<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>ri<span class=\"_ _2\"></span>m<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>io<span class=\"_ _d\"></span> <span class=\"_ _16\"> </span>n<span class=\"_ _2\"></span>et<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>  de<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>e  so<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>t\u00e0<span class=\"_ _2\"></span>  s<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>es<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>.  L<span class=\"_ _2\"></span>a<span class=\"_ _df\"> </span>c<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>nt<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>b<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>li<span class=\"_ _2\"></span>z<span class=\"_ _2\"></span>z<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>z<span class=\"_ _2\"></span>io<span class=\"_ _d\"></span>n<span class=\"_ _2\"></span>e <span class=\"_ _16\"> </span>de<span class=\"_ _2\"></span>g<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>i <span class=\"_ _16\"> </span>a<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>qu<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>i  ne<span class=\"_ _2\"></span>ll<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span> <span class=\"_ _9\"> </span>s<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>et<span class=\"_ _2\"></span>\u00e0<span class=\"_ _2\"></span> <span class=\"_ _9\"> </span>a<span class=\"_ _2\"></span>v<span class=\"_ _2\"></span>v<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>en<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span> <span class=\"_ _16\"> </span>in<span class=\"_ _2\"></span> <span class=\"_ _16\"> </span>ba<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span> <span class=\"_ _9\"> </span>a<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span> <span class=\"_ _9\"> </span>\u201c<span class=\"_ _2\"></span>m<span class=\"_ _2\"></span>et<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span> <span class=\"_ _9\"> </span>d<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>l\u2019<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>q<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>is<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>\u201d  co<span class=\"_ _2\"></span>m<span class=\"_ _2\"></span>e<span class=\"_ _df\"> </span>d<span class=\"_ _2\"></span>ef<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>o d<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>l\u2019<span class=\"_ _2\"></span> I<span class=\"_ _2\"></span>FR<span class=\"_ _2\"></span>S<span class=\"_ _2\"></span> 3<span class=\"_ _2\"></span>, os<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span> co<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span> r<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>le<span class=\"_ _2\"></span>v<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>zi<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span> di<span class=\"_ _2\"></span> at<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>v<span class=\"_ _2\"></span>it<span class=\"_ _2\"></span>\u00e0<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span> pa<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>vi<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>\u00e0<span class=\"_ _2\"></span> e pa<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>v<span class=\"_ _2\"></span>it<span class=\"_ _2\"></span>\u00e0<span class=\"_ _2\"></span> po<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>z<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>li<span class=\"_ _2\"></span> d<span class=\"_ _2\"></span>el<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>e<span class=\"_ _0\"></span><span class=\"ff4\"> im<span class=\"_ _2\"></span>p<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>e<span class=\"_ _df\"> </span></span>a<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>q<span class=\"_ _2\"></span>ui<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>e  al<span class=\"_ _2\"></span>  fa<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>r  va<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span> <span class=\"_ _9\"> </span>a<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span> <span class=\"_ _16\"> </span>da<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span> <span class=\"_ _16\"> </span>d<span class=\"_ _2\"></span>i  ac<span class=\"_ _2\"></span>q<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>is<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>z<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>on<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span> <span class=\"_ _16\"> </span>c<span class=\"_ _2\"></span>io<span class=\"_ _2\"></span>\u00e8<span class=\"_ _2\"></span>  da<span class=\"_ _2\"></span>l  mo<span class=\"_ _2\"></span>m<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>to<span class=\"_ _2\"></span>  in<span class=\"_ _2\"></span>  cu<span class=\"_ _2\"></span>i  si<span class=\"_ _2\"></span>  ot<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>en<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>  l\u2019<span class=\"_ _2\"></span>ef<span class=\"_ _2\"></span>f<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>tt<span class=\"_ _d\"></span>i<span class=\"_ _2\"></span>vo<span class=\"_ _df\"> </span>c<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>nt<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>o <span class=\"_ _0\"></span>d<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>la<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>s<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>et<span class=\"_ _2\"></span>\u00e0<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>ac<span class=\"_ _2\"></span>q<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>it<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>.<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>P<span class=\"_ _2\"></span>er<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>nt<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>i<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>r<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>lt<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>e<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>no<span class=\"_ _2\"></span>m<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>d<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>u<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>c<span class=\"_ _2\"></span>on<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>at<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>a<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>q<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>is<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>n<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>l<span class=\"_ _df\"> </span>c<span class=\"_ _2\"></span>or<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span> <span class=\"_ _9\"> </span>d<span class=\"_ _2\"></span>el<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>p<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>ri<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>d<span class=\"_ _2\"></span>i <span class=\"_ _9\"> </span>r<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>f<span class=\"_ _2\"></span>er<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>m<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>nt<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>s<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>i<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>cl<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>n<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>l<span class=\"_ _d\"></span> <span class=\"_ _0\"></span>b<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>la<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>c<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>ns<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>da<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>a<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>p<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>rt<span class=\"_ _d\"></span>ir<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>d<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>a <span class=\"_ _9\"> </span>da<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>d<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>ll<span class=\"_ _2\"></span>a<span class=\"_ _df\"> </span>s<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>a <span class=\"_ _4\"> </span>a<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>qu<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>z<span class=\"_ _2\"></span>io<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>. <span class=\"_ _4\"> </span>P<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>m<span class=\"_ _2\"></span>en<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>, <span class=\"_ _4\"> </span>i<span class=\"_ _2\"></span> <span class=\"_ _4\"> </span>ri<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>lt<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span> <span class=\"_ _4\"> </span>ec<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>om<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span> <span class=\"_ _22\"> </span>d<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span> <span class=\"_ _4\"> </span>u<span class=\"_ _2\"></span>na<span class=\"_ _2\"></span> <span class=\"_ _4\"> </span>co<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>ll<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>a <span class=\"_ _4\"> </span>c<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>ut<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span> <span class=\"_ _4\"> </span>so<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span> <span class=\"_ _4\"> </span>in<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>us<span class=\"_ _d\"></span>i <span class=\"_ _4\"> </span>n<span class=\"_ _2\"></span>el<span class=\"_ _df\"> </span>b<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>la<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>ol<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>at<span class=\"_ _d\"></span>o <span class=\"_ _2\"></span>f<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>a<span class=\"_ _d\"></span>ll<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span> d<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>n <span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>l <span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>nt<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>lo<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>\u00e8<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>es<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>;<span class=\"_ _df\"> </span><span class=\"_ _2c\"> </span><span class=\"ff4\">l<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>e<span class=\"_ _2\"></span>v<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>nt<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>i <span class=\"_ _0\"></span>e<span class=\"_ _2\"></span>cc<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>nz<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>d<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>l <span class=\"_ _0\"></span>f<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>ir<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>va<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>d<span class=\"_ _2\"></span>el<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>pr<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>z<span class=\"_ _d\"></span>z<span class=\"_ _2\"></span>o <span class=\"_ _0\"></span>p<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>ga<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>r<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>pe<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>a<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>la<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>co<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>po<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>en<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>f<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>zi<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>e <span class=\"_ _0\"></span>d<span class=\"_ _2\"></span>i<span class=\"_ _df\"> </span></span>p<span class=\"_ _2\"></span>at<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>m<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>io<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>to<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>g<span class=\"_ _2\"></span>ua<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>o <span class=\"_ _d\"></span>c<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>n <span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>\u2019<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>f<span class=\"_ _2\"></span>f<span class=\"_ _2\"></span>et<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>l <span class=\"_ _2\"></span>f<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>ir<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>va<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>ll<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>at<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>v<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>t\u00e0<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>o<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>p<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>ss<span class=\"_ _d\"></span>i<span class=\"_ _2\"></span>vi<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>\u00e0<span class=\"_ _2\"></span>, <span class=\"_ _2\"></span>s<span class=\"_ _d\"></span>e <span class=\"_ _2\"></span>p<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>it<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>v<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>no<span class=\"_ _df\"> </span>r<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>ev<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>e <span class=\"_ _9\"> </span>q<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>i <span class=\"_ _9\"> </span>a<span class=\"_ _2\"></span>v<span class=\"_ _2\"></span>vi<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>m<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>nt<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span> <span class=\"_ _0\"> </span>n<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>la<span class=\"_ _2\"></span> <span class=\"_ _9\"> </span>vo<span class=\"_ _d\"></span>c<span class=\"_ _2\"></span>e <span class=\"_ _0\"></span>\u201c<span class=\"_ _d\"></span>At<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>v<span class=\"_ _2\"></span>it<span class=\"_ _2\"></span>\u00e0<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>i<span class=\"_ _2\"></span>m<span class=\"_ _2\"></span>m<span class=\"_ _2\"></span>at<span class=\"_ _d\"></span>er<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>i\u201d<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>s<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span> <span class=\"_ _9\"> </span>n<span class=\"_ _2\"></span>eg<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>v<span class=\"_ _2\"></span>e <span class=\"_ _9\"> </span>s<span class=\"_ _2\"></span>on<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>i<span class=\"_ _2\"></span>m<span class=\"_ _2\"></span>p<span class=\"_ _2\"></span>ut<span class=\"_ _d\"></span>at<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>a<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>c<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>o<span class=\"_ _df\"> </span>e<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>no<span class=\"_ _2\"></span>m<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>co<span class=\"_ _d\"></span>;<span class=\"_ _df\"> </span><span class=\"_ _2c\"> </span><span class=\"ff5\">p<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span> gl<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span> e<span class=\"_ _2\"></span>v<span class=\"_ _2\"></span>en<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>li<span class=\"_ _2\"></span> a<span class=\"_ _2\"></span>cq<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>i d<span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>ul<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>io<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span> qu<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span> pa<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>ci<span class=\"_ _2\"></span>p<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>iv<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span> s<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>cc<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>v<span class=\"_ _2\"></span>e a<span class=\"_ _2\"></span>ll<span class=\"_ _2\"></span>\u2019<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>q<span class=\"_ _2\"></span>ui<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>z<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>on<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span> d<span class=\"_ _2\"></span>el<span class=\"_ _2\"></span> c<span class=\"_ _2\"></span>on<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>,<span class=\"_ _df\"> </span></span>d<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>ci<span class=\"_ _2\"></span>p<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>in<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>  s<span class=\"_ _2\"></span>p<span class=\"_ _2\"></span>ec<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>f<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>ca<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>m<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>nt<span class=\"_ _d\"></span>e <span class=\"_ _22\"> </span>d<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>  pr<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>p<span class=\"_ _2\"></span>io<span class=\"_ _2\"></span>  c<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>bi<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>e <span class=\"_ _4\"> </span>IA<span class=\"_ _2\"></span>S<span class=\"_ _2\"></span>2<span class=\"_ _2\"></span>7<span class=\"_ _2\"></span>, <span class=\"_ _22\"> </span>l<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>  e<span class=\"_ _2\"></span>v<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>nt<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>i <span class=\"_ _4\"> </span>di<span class=\"_ _2\"></span>f<span class=\"_ _2\"></span>f<span class=\"_ _2\"></span>er<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>z<span class=\"_ _2\"></span>e <span class=\"_ _4\"> </span>po<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>it<span class=\"_ _d\"></span>i<span class=\"_ _2\"></span>ve<span class=\"_ _2\"></span>  o<span class=\"_ _df\"> </span>n<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>ga<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>v<span class=\"_ _2\"></span>e,<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>c<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>m<span class=\"_ _2\"></span>e <span class=\"_ _0\"></span>s<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>pr<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>d<span class=\"_ _2\"></span>et<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>mi<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>, <span class=\"_ _0\"></span>c<span class=\"_ _2\"></span>h<span class=\"_ _2\"></span>e <span class=\"_ _9\"> </span>v<span class=\"_ _2\"></span>en<span class=\"_ _2\"></span>g<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>o <span class=\"_ _0\"></span>a<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>s<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>g<span class=\"_ _2\"></span>er<span class=\"_ _d\"></span>e<span class=\"_ _d\"></span> <span class=\"_ _d\"></span>a<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>s<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>g<span class=\"_ _2\"></span>ui<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>d<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>t<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>a<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>q<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>is<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>s<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>ss<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>v<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span> s<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>no<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>m<span class=\"_ _2\"></span>p<span class=\"_ _2\"></span>ut<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>ir<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>ta<span class=\"_ _2\"></span>m<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>a<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>p<span class=\"_ _2\"></span>at<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>m<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>ni<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>;<span class=\"_ _d\"></span> <span class=\"_ _2c\"> </span><span class=\"ff4\">a<span class=\"_ _2\"></span>d<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>o<span class=\"_ _2\"></span>g<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>i <span class=\"_ _9\"> </span>d<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>ta<span class=\"_ _2\"></span> <span class=\"_ _9\"> </span>d<span class=\"_ _2\"></span>i <span class=\"_ _9\"> </span>b<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>la<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>io<span class=\"_ _2\"></span> <span class=\"_ _9\"> </span>(<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>d <span class=\"_ _9\"> </span>o<span class=\"_ _2\"></span>gn<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span> <span class=\"_ _9\"> </span>vo<span class=\"_ _d\"></span>lt<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>c<span class=\"_ _2\"></span>h<span class=\"_ _2\"></span>e <span class=\"_ _9\"> </span>v<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>s<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>a <span class=\"_ _9\"> </span>e<span class=\"_ _2\"></span>v<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>de<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>z<span class=\"_ _2\"></span>a <span class=\"_ _9\"> </span>d<span class=\"_ _2\"></span>i <span class=\"_ _9\"> </span>p<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>it<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span> <span class=\"_ _9\"> </span>d<span class=\"_ _2\"></span>i <span class=\"_ _9\"> </span>v<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>lo<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>) <span class=\"_ _9\"> </span>v<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>e <span class=\"_ _0\"></span>v<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>if<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>a<span class=\"_ _df\"> </span></span>l<span class=\"_ _2\"></span>\u2019<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>de<span class=\"_ _2\"></span>g<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>at<span class=\"_ _d\"></span>ez<span class=\"_ _2\"></span>z<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>  d<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>l <span class=\"_ _4\"> </span>va<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>e <span class=\"_ _4\"> </span>de<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>\u2019a<span class=\"_ _d\"></span>vv<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>m<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>nt<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>  (<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>.<span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>. <span class=\"_ _4\"> </span>im<span class=\"_ _2\"></span>p<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>ir<span class=\"_ _2\"></span>m<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>  t<span class=\"_ _2\"></span>es<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>)<span class=\"_ _2\"></span>.<span class=\"_ _2\"></span>  A<span class=\"_ _2\"></span>  t<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>  f<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>  v<span class=\"_ _0\"></span><span class=\"ff4\">i<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>e <span class=\"_ _22\"> </span>i<span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>ti<span class=\"_ _2\"></span>f<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>at<span class=\"_ _2\"></span>a<span class=\"_ _df\"> </span></span>l<span class=\"_ _2\"></span>\u2019<span class=\"_ _2\"></span>un<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>\u00e0<span class=\"_ _2\"></span>  ge<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>er<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>ic<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>  di<span class=\"_ _2\"></span>  fl<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span> <span class=\"_ _16\"> </span>fi<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>zi<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>  cu<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span> <span class=\"_ _16\"> </span>at<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>b<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>ir<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>  l\u2019<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>v<span class=\"_ _2\"></span>v<span class=\"_ _2\"></span>ia<span class=\"_ _2\"></span>m<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>nt<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>.<span class=\"_ _2\"></span>  L\u2019<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>mm<span class=\"_ _d\"></span>on<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>e  d<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>l\u2019<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>v<span class=\"_ _2\"></span>en<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>e<span class=\"_ _df\"> </span>r<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>uz<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>e <span class=\"_ _19\"> </span>d<span class=\"_ _2\"></span>i <span class=\"_ _19\"> </span>va<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>e <span class=\"_ _19\"> </span>\u00e8<span class=\"_ _2\"></span> <span class=\"_ _19\"> </span>da<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>o <span class=\"_ _19\"> </span>d<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>l\u2019<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>v<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>nt<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>e <span class=\"_ _19\"> </span>d<span class=\"_ _2\"></span>if<span class=\"_ _2\"></span>f<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>en<span class=\"_ _2\"></span>z<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span> <span class=\"_ _19\"> </span>ne<span class=\"_ _2\"></span>g<span class=\"_ _2\"></span>at<span class=\"_ _d\"></span>i<span class=\"_ _2\"></span>va<span class=\"_ _2\"></span> <span class=\"_ _18\"> </span>t<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span> <span class=\"_ _19\"> </span>il<span class=\"_ _2\"></span> <span class=\"_ _18\"> </span>v<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>e <span class=\"_ _19\"> </span>d<span class=\"_ _2\"></span>i <span class=\"_ _19\"> </span>i<span class=\"_ _2\"></span>sc<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>z<span class=\"_ _2\"></span>io<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>e<span class=\"_ _df\"> </span>d<span class=\"_ _2\"></span>el<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>\u2019<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>v<span class=\"_ _2\"></span>v<span class=\"_ _2\"></span>ia<span class=\"_ _2\"></span>m<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>to<span class=\"_ _2\"></span> <span class=\"_ _4\"> </span>e<span class=\"_ _2\"></span>d <span class=\"_ _22\"> </span>i<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>  s<span class=\"_ _d\"></span>uo<span class=\"_ _2\"></span> <span class=\"_ _4\"> </span>va<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>or<span class=\"_ _d\"></span>e <span class=\"_ _4\"> </span>di<span class=\"_ _2\"></span> <span class=\"_ _22\"> </span>r<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>p<span class=\"_ _2\"></span>er<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span> <span class=\"_ _22\"> </span>d<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>er<span class=\"_ _0\"></span><span class=\"ff4\">m<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>na<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>  c<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>m<span class=\"_ _2\"></span>e <span class=\"_ _4\"> </span>i<span class=\"_ _2\"></span>l <span class=\"_ _4\"> </span>ma<span class=\"_ _2\"></span>g<span class=\"_ _2\"></span>g<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>re<span class=\"_ _2\"></span>  t<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span> <span class=\"_ _22\"> </span>i<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span> <span class=\"_ _22\"> </span>f<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span> <span class=\"_ _22\"> </span>v<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>e<span class=\"_ _df\"> </span></span>d<span class=\"_ _2\"></span>el<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>\u2019<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>it<span class=\"_ _2\"></span>\u00e0<span class=\"_ _2\"></span> <span class=\"_ _9\"> </span>g<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>ne<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>tr<span class=\"_ _d\"></span>ic<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>d<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>f<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>us<span class=\"_ _d\"></span>si<span class=\"_ _2\"></span> <span class=\"_ _9\"> </span>f<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>na<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>z<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>ar<span class=\"_ _d\"></span>i,<span class=\"_ _2\"></span> <span class=\"_ _9\"> </span>a<span class=\"_ _2\"></span>l <span class=\"_ _9\"> </span>n<span class=\"_ _2\"></span>et<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span> <span class=\"_ _0\"> </span>d<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>g<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>i <span class=\"_ _9\"> </span>e<span class=\"_ _2\"></span>v<span class=\"_ _2\"></span>en<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>i <span class=\"_ _9\"> </span>c<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>st<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span> <span class=\"_ _9\"> </span>d<span class=\"_ _2\"></span>i <span class=\"_ _9\"> </span>v<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>nd<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>e<span class=\"_ _2\"></span>d <span class=\"_ _9\"> </span>i<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>r<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>at<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>v<span class=\"_ _2\"></span>o<span class=\"_ _df\"> </span>v<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>lo<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>\u2019u<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>. <span class=\"_ _d\"></span>Le<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>ns<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>g<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>nt<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>re<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>f<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>he<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>v<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>or<span class=\"_ _d\"></span>e <span class=\"_ _2\"></span>v<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>go<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>ri<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>v<span class=\"_ _2\"></span>at<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>a<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>co<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>co<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>m<span class=\"_ _2\"></span>ic<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>;<span class=\"_ _df\"> </span><span class=\"_ _2c\"> </span><span class=\"ff4\">g<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span> <span class=\"_ _16\"> </span>el<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>m<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>nt<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>  di  at<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>v<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>,  p<span class=\"_ _2\"></span><span class=\"ff5\">a<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>si<span class=\"_ _2\"></span>v<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>  e <span class=\"_ _9\"> </span>c<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>o  e<span class=\"_ _2\"></span>co<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>m<span class=\"_ _2\"></span>ic<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span> <span class=\"_ _16\"> </span>v<span class=\"_ _2\"></span>en<span class=\"_ _2\"></span>g<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span> <span class=\"_ _9\"> </span>i<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>gr<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>m<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>nt<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span> <span class=\"_ _16\"> </span>ac<span class=\"_ _2\"></span>q<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>it<span class=\"_ _d\"></span>i <span class=\"_ _16\"> </span>\u201c<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>in<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span> <span class=\"_ _16\"> </span>p<span class=\"_ _2\"></span>er<span class=\"_ _df\"> </span></span></span>l<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>ne<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>\u201d<span class=\"_ _2\"></span>;<span class=\"_ _df\"> </span><span class=\"_ _2c\"> </span><span class=\"ff4\">l<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>  pa<span class=\"_ _2\"></span>rt<span class=\"_ _d\"></span>it<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>  de<span class=\"_ _2\"></span>b<span class=\"_ _2\"></span>it<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>e  e  cr<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>to<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>,  l<span class=\"_ _2\"></span>e  o<span class=\"_ _2\"></span>pe<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>z<span class=\"_ _2\"></span>io<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span> <span class=\"_ _16\"> </span>f<span class=\"_ _2\"></span>uo<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>  bi<span class=\"_ _2\"></span>la<span class=\"_ _d\"></span>nc<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>o  n<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>nc<span class=\"_ _2\"></span>h<span class=\"_ _2\"></span>\u00e9<span class=\"_ _2\"></span> <span class=\"_ _16\"> </span>i  pr<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>v<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>nt<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>  e  gl<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span> <span class=\"_ _16\"> </span>o<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>er<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>  ed  i<span class=\"_ _df\"> </span></span>p<span class=\"_ _2\"></span>ro<span class=\"_ _d\"></span>f<span class=\"_ _2\"></span>it<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>e<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>l<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>p<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>it<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>t<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>en<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>o<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>g<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>ne<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>d<span class=\"_ _2\"></span>a <span class=\"_ _d\"></span>r<span class=\"_ _d\"></span>a<span class=\"_ _2\"></span>p<span class=\"_ _2\"></span>po<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>i <span class=\"_ _0\"></span>t<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>a <span class=\"_ _0\"></span>so<span class=\"_ _d\"></span>c<span class=\"_ _2\"></span>ie<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>\u00e0<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>o<span class=\"_ _2\"></span>g<span class=\"_ _2\"></span>g<span class=\"_ _2\"></span>et<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>d<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>c<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>ns<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>d<span class=\"_ _0\"></span>a<span class=\"_ _2\"></span>m<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>nt<span class=\"_ _d\"></span>o <span class=\"_ _0\"></span>i<span class=\"_ _2\"></span>nt<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>g<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>e,<span class=\"_ _df\"> </span>s<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>no<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>a <span class=\"_ _d\"></span>di<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>or<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>is<span class=\"_ _d\"></span>i;<span class=\"_ _df\"> </span><span class=\"_ _2c\"> </span><span class=\"ff5\">l<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>q<span class=\"_ _2\"></span>uo<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>d<span class=\"_ _2\"></span>i <span class=\"_ _0\"></span>p<span class=\"_ _2\"></span>at<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>m<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>ni<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>n<span class=\"_ _2\"></span>et<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>e<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>d<span class=\"_ _2\"></span>i <span class=\"_ _d\"></span>u<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>e <span class=\"_ _0\"></span>di<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>p<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>ri<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>d<span class=\"_ _2\"></span>i <span class=\"_ _d\"></span>p<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>in<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>z<span class=\"_ _2\"></span>a <span class=\"_ _d\"></span>d<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>\u201ct<span class=\"_ _d\"></span>er<span class=\"_ _2\"></span>z<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>\u201d<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>z<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>is<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>d<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>ll<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>s<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>et<span class=\"_ _2\"></span>\u00e0<span class=\"_ _df\"> </span></span>c<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>ns<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>at<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>s<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>no<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>i<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>e <span class=\"_ _d\"></span>i<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>a<span class=\"_ _2\"></span>p<span class=\"_ _2\"></span>po<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>e <span class=\"_ _0\"></span>v<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>ci<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>r<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>p<span class=\"_ _2\"></span>et<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>v<span class=\"_ _2\"></span>am<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>, <span class=\"_ _0\"></span>d<span class=\"_ _2\"></span>el<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>p<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>vo<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>di<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>s<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>to<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>pa<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>mo<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>e <span class=\"_ _0\"></span>e<span class=\"_ _df\"> </span>d<span class=\"_ _2\"></span>el<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>nt<span class=\"_ _d\"></span>o <span class=\"_ _d\"></span>ec<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>om<span class=\"_ _d\"></span>i<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>;<span class=\"_ _df\"> </span><span class=\"_ _2c\"> </span><span class=\"ff4\">p<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span> <span class=\"_ _9\"> </span>i<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span> <span class=\"_ _9\"> </span>c<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>ns<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>am<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>o  de<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>le<span class=\"_ _2\"></span> <span class=\"_ _16\"> </span>so<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>\u00e0 <span class=\"_ _16\"> </span>co<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span> <span class=\"_ _9\"> </span>m<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>o  int<span class=\"_ _d\"></span>eg<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>e <span class=\"_ _16\"> </span>so<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span> <span class=\"_ _9\"> </span>s<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>i  ut<span class=\"_ _2\"></span>il<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>z<span class=\"_ _2\"></span>z<span class=\"_ _2\"></span>at<span class=\"_ _d\"></span>i  i <span class=\"_ _9\"> </span>b<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>an<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span> <span class=\"_ _4\"> </span>re<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>v<span class=\"_ _2\"></span>i<span class=\"_ _df\"> </span></span>a<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>\u2019e<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>ci<span class=\"_ _2\"></span>z<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span> <span class=\"_ _15\"> </span>o<span class=\"_ _d\"></span>gg<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>tt<span class=\"_ _d\"></span>o <span class=\"_ _10\"> </span>d<span class=\"_ _2\"></span>el<span class=\"_ _2\"></span> <span class=\"_ _e\"> </span>p<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>es<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span> <span class=\"_ _e\"> </span>b<span class=\"_ _2\"></span>il<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>io<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span> <span class=\"_ _18\"> </span><span class=\"ff4\">pr<span class=\"_ _d\"></span>ed<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>po<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span> <span class=\"_ _15\"> </span>e<span class=\"_ _2\"></span> <span class=\"_ _e\"> </span>a<span class=\"_ _2\"></span>p<span class=\"_ _2\"></span>p<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>va<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span> <span class=\"_ _e\"> </span>d<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>ll<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span> <span class=\"_ _e\"> </span>s<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>ng<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span> <span class=\"_ _e\"> </span>s<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>ci<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>\u00e0<span class=\"_ _2\"></span>,<span class=\"_ _df\"> </span></span>e<span class=\"_ _2\"></span>ve<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>lm<span class=\"_ _d\"></span>en<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>  r<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>  c<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>nf<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>m<span class=\"_ _2\"></span>i <span class=\"_ _4\"> </span>a<span class=\"_ _2\"></span>i <span class=\"_ _22\"> </span>p<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>ip<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>  c<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>ta<span class=\"_ _2\"></span>b<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>  i<span class=\"_ _2\"></span>nt<span class=\"_ _d\"></span>er<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>zi<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>n<span class=\"_ _0\"></span>a<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>i <span class=\"_ _4\"> </span>s<span class=\"_ _2\"></span>eg<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>i <span class=\"_ _4\"> </span>n<span class=\"_ _2\"></span>el<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>  p<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>di<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>p<span class=\"_ _2\"></span>os<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>z<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>e<span class=\"_ _df\"> </span>d<span class=\"_ _2\"></span>el<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>it<span class=\"_ _d\"></span>ua<span class=\"_ _2\"></span>z<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>so<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>at<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>;<span class=\"_ _df\"> </span><span class=\"_ _2c\"> </span><span class=\"ff4\">i<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>v<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>lo<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>d<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>l<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>br<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>d<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>ll<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>p<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>rt<span class=\"_ _d\"></span>ec<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>pa<span class=\"_ _2\"></span>z<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>i <span class=\"_ _d\"></span>r<span class=\"_ _d\"></span>il<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>v<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>nt<span class=\"_ _d\"></span>i,<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>d<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>en<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>da<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>c<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>po<span class=\"_ _2\"></span>g<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>p<span class=\"_ _2\"></span>po<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>o<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>d<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>so<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>\u00e0<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>d<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>l<span class=\"_ _df\"> </span></span>g<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>p<span class=\"_ _2\"></span>po<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>a<span class=\"_ _2\"></span>f<span class=\"_ _2\"></span>f<span class=\"_ _2\"></span>er<span class=\"_ _d\"></span>en<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>s<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>et<span class=\"_ _2\"></span>\u00e0<span class=\"_ _2\"></span> <span class=\"_ _9\"> </span>co<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>da<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>c<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>i<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>m<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>do<span class=\"_ _2\"></span> <span class=\"_ _9\"> </span>d<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>p<span class=\"_ _2\"></span>at<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>m<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>io<span class=\"_ _2\"></span> <span class=\"_ _9\"> </span>n<span class=\"_ _2\"></span>et<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span> <span class=\"_ _9\"> </span>\u00e8 <span class=\"_ _9\"> </span>r<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>f<span class=\"_ _2\"></span>fr<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>at<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span> <span class=\"_ _9\"> </span>c<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>n<span class=\"_ _9\"> </span> <span class=\"_ _0\"> </span>l<span class=\"_ _2\"></span>a<span class=\"_ _df\"> </span>p<span class=\"_ _2\"></span>er<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>nt<span class=\"_ _d\"></span>e  q<span class=\"_ _2\"></span>uo<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>  di<span class=\"_ _2\"></span>  pa<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>im<span class=\"_ _d\"></span>on<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>  de<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>e  pa<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>pa<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>.<span class=\"_ _2\"></span>  L\u2019<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>v<span class=\"_ _2\"></span>en<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>e  e<span class=\"_ _2\"></span>cc<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>za<span class=\"_ _2\"></span>  d<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>l  v<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>lo<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>e  d<span class=\"_ _2\"></span>i  l<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>b<span class=\"_ _2\"></span>ro<span class=\"_ _2\"></span> <span class=\"_ _17\"> </span><span class=\"ff4\">-<span class=\"_ _df\"> </span></span>r<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>ul<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>nt<span class=\"_ _d\"></span>e  i<span class=\"_ _2\"></span>n  p<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>im<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>  a<span class=\"_ _2\"></span>p<span class=\"_ _2\"></span>pl<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>ca<span class=\"_ _2\"></span>z<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>e  a<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>  bi<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>an<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>  co<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>so<span class=\"_ _d\"></span>li<span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>to<span class=\"_ _2\"></span> <span class=\"_ _4\"> </span><span class=\"ff5\">\u2013<span class=\"_ _2\"></span></span>  \u00e8  i<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>us<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>  ne<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>  va<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>or<span class=\"_ _d\"></span>e  c<span class=\"_ _2\"></span>on<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>b<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>le<span class=\"_ _2\"></span>  d<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>ll<span class=\"_ _2\"></span>a<span class=\"_ _df\"> </span>p<span class=\"_ _2\"></span>ar<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>pa<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>.<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>L<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>va<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>z<span class=\"_ _2\"></span>io<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>n<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>v<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>p<span class=\"_ _2\"></span>at<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>mo<span class=\"_ _d\"></span>n<span class=\"_ _2\"></span>ia<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>, <span class=\"_ _9\"> </span>i<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>er<span class=\"_ _2\"></span>v<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>nu<span class=\"_ _2\"></span>t<span class=\"_ _0\"></span>e<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>n<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>gl<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>a<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>s<span class=\"_ _2\"></span>uc<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>vi<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>a<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>q<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>ll<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span> <span class=\"_ _0\"> </span>d<span class=\"_ _2\"></span>i<span class=\"_ _df\"> </span>p<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>im<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span> <span class=\"_ _0\"> </span>a<span class=\"_ _2\"></span>p<span class=\"_ _2\"></span>p<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>zi<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>, <span class=\"_ _9\"> </span>s<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>no<span class=\"_ _2\"></span> <span class=\"_ _9\"> </span>i<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>cr<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>a<span class=\"_ _2\"></span> <span class=\"_ _9\"> </span>v<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>e <span class=\"_ _9\"> </span>2<span class=\"_ _2\"></span>50<span class=\"_ _2\"></span> <span class=\"_ _9\"> </span>d<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>c<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>nt<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span> <span class=\"_ _9\"> </span>e<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>on<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>m<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>co<span class=\"_ _2\"></span> <span class=\"_ _9\"> </span>c<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>ns<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>at<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span> <span class=\"_ _9\"> </span>(<span class=\"_ _2\"></span>\u201c<span class=\"_ _2\"></span>ut<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span> <span class=\"_ _9\"> </span>(<span class=\"_ _2\"></span>pe<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>)<span class=\"_ _df\"> </span>d<span class=\"_ _2\"></span>el<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>pa<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>ip<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>z<span class=\"_ _2\"></span>io<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>\u201d<span class=\"_ _2\"></span>)<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>la<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>m<span class=\"_ _2\"></span>is<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>i <span class=\"_ _d\"></span>l<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>v<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>az<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>i <span class=\"_ _d\"></span>s<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>es<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>o <span class=\"_ _d\"></span>r<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>f<span class=\"_ _2\"></span>er<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>b<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>i <span class=\"_ _d\"></span>a <span class=\"_ _d\"></span>u<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>li<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>o<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>p<span class=\"_ _2\"></span>er<span class=\"_ _d\"></span>d<span class=\"_ _2\"></span>it<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>de<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>e<span class=\"_ _df\"> </span>p<span class=\"_ _2\"></span>ar<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>pa<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>;<span class=\"_ _df\"> </span><span class=\"_ _2c\"> </span><span class=\"ff4\">s<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span> <span class=\"_ _14\"> </span>e<span class=\"_ _2\"></span>si<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span> <span class=\"_ _17\"> </span>e<span class=\"_ _2\"></span>v<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>en<span class=\"_ _2\"></span>z<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span> <span class=\"_ _17\"> </span>c<span class=\"_ _2\"></span>h<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span> <span class=\"_ _14\"> </span>i<span class=\"_ _2\"></span>l <span class=\"_ _14\"> </span>v<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>e <span class=\"_ _14\"> </span>d<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span> <span class=\"_ _14\"> </span>u<span class=\"_ _2\"></span>na<span class=\"_ _2\"></span> <span class=\"_ _14\"> </span>p<span class=\"_ _2\"></span>ar<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>p<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>zi<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>ne<span class=\"_ _2\"></span> <span class=\"_ _14\"> </span>r<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>va<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span> <span class=\"_ _17\"> </span>p<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span> <span class=\"_ _17\"> </span>a<span class=\"_ _2\"></span>v<span class=\"_ _2\"></span>er<span class=\"_ _2\"></span> <span class=\"_ _14\"> </span>s<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>b<span class=\"_ _2\"></span>it<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span> <span class=\"_ _14\"> </span>u<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>a<span class=\"_ _df\"> </span></span>r<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>uz<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>,  si<span class=\"_ _2\"></span>  pr<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>e  al<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>a  st<span class=\"_ _d\"></span>im<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>  de<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>  va<span class=\"_ _2\"></span>lo<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span> <span class=\"_ _16\"> </span>r<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>pe<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>b<span class=\"_ _2\"></span>il<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>  de<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>a  pa<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>pa<span class=\"_ _2\"></span>z<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>e  st<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>a,<span class=\"_ _2\"></span>  te<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>do<span class=\"_ _df\"> </span>c<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>nt<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>d<span class=\"_ _2\"></span>el<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>va<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>e <span class=\"_ _d\"></span>a<span class=\"_ _2\"></span>tt<span class=\"_ _d\"></span>u<span class=\"_ _2\"></span>al<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>f<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>us<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>fi<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>z<span class=\"_ _2\"></span>ia<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>f<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>ur<span class=\"_ _d\"></span>i <span class=\"_ _d\"></span>c<span class=\"_ _2\"></span>h<span class=\"_ _2\"></span>e <span class=\"_ _d\"></span>l<span class=\"_ _2\"></span>a <span class=\"_ _d\"></span>p<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>rt<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>p<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>zi<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>e <span class=\"_ _d\"></span>p<span class=\"_ _2\"></span>ot<span class=\"_ _2\"></span>r<span class=\"_ _9\"> </span>\u00e0<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>g<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>er<span class=\"_ _d\"></span>ar<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>, <span class=\"_ _d\"></span>i<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>us<span class=\"_ _2\"></span>o<span class=\"_ _df\"> </span>i<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>v<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>or<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>d<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>d<span class=\"_ _2\"></span>is<span class=\"_ _2\"></span>m<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>ss<span class=\"_ _d\"></span>io<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>f<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>na<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>d<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>\u2019<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>ve<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>im<span class=\"_ _d\"></span>en<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>. <span class=\"_ _0\"></span>Q<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>or<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>i<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>va<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>d<span class=\"_ _2\"></span>i <span class=\"_ _0\"></span>r<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>pe<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>r<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>lt<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>i<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>f<span class=\"_ _2\"></span>er<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>or<span class=\"_ _d\"></span>e <span class=\"_ _0\"></span>a<span class=\"_ _2\"></span>l<span class=\"_ _df\"> </span>v<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>lo<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>co<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>b<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>le<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>at<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>v<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>di<span class=\"_ _2\"></span>f<span class=\"_ _2\"></span>f<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>en<span class=\"_ _2\"></span>z<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>\u00e8<span class=\"_ _2\"></span> r<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>v<span class=\"_ _2\"></span>at<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>l <span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>nt<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>co<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>m<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>co<span class=\"_ _2\"></span>;<span class=\"_ _df\"> </span><span class=\"_ _2c\"> </span><span class=\"ff4\">p<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span> <span class=\"_ _10\"> </span>i<span class=\"_ _2\"></span>l <span class=\"_ _10\"> </span>c<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>so<span class=\"_ _d\"></span>li<span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>m<span class=\"_ _2\"></span>en<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span> <span class=\"_ _10\"> </span>d<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>ll<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span> <span class=\"_ _10\"> </span>pa<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>pa<span class=\"_ _2\"></span>z<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>on<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span> <span class=\"_ _10\"> </span>i<span class=\"_ _2\"></span>n <span class=\"_ _10\"> </span>s<span class=\"_ _d\"></span>oc<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>t\u00e0<span class=\"_ _2\"></span> <span class=\"_ _10\"> </span>c<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>ga<span class=\"_ _0\"></span>t<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span> <span class=\"_ _10\"> </span>so<span class=\"_ _d\"></span>no<span class=\"_ _2\"></span> <span class=\"_ _10\"> </span>s<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>at<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span> <span class=\"_ _10\"> </span>u<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>il<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>z<span class=\"_ _2\"></span>z<span class=\"_ _2\"></span>at<span class=\"_ _d\"></span>i,<span class=\"_ _2\"></span> <span class=\"_ _10\"> </span>o<span class=\"_ _2\"></span>v<span class=\"_ _2\"></span>e<span class=\"_ _df\"> </span></span>d<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>po<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>b<span class=\"_ _2\"></span>il<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>i <span class=\"_ _d\"></span>p<span class=\"_ _2\"></span>ro<span class=\"_ _2\"></span>g<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>i <span class=\"_ _d\"></span>di<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>b<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>ci<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span> <span class=\"_ _d\"></span><span class=\"ff5\">r<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>la<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>v<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>l\u2019<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>er<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>z<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>o<span class=\"_ _d\"></span>gg<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>tt<span class=\"_ _d\"></span>o <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>p<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>en<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>b<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>la<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>io<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span> <span class=\"_ _0\"></span></span>a<span class=\"_ _2\"></span>p<span class=\"_ _2\"></span>pr<span class=\"_ _d\"></span>o<span class=\"_ _2\"></span>va<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>i<span class=\"_ _df\"> </span>r<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>pe<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>vi<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>C<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>g<span class=\"_ _2\"></span>li<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>A<span class=\"_ _2\"></span>m<span class=\"_ _2\"></span>m<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>is<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>zi<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>; <span class=\"_ _d\"></span>i<span class=\"_ _2\"></span>n <span class=\"_ _d\"></span>l<span class=\"_ _2\"></span>or<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>m<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>za<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>ta<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>de<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>at<span class=\"_ _d\"></span>i <span class=\"_ _d\"></span>i<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>at<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>de<span class=\"_ _2\"></span>g<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>lt<span class=\"_ _d\"></span>im<span class=\"_ _2\"></span>i<span class=\"_ _df\"> </span>b<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>la<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>pp<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>va<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>(<span class=\"_ _2\"></span>g<span class=\"_ _2\"></span>en<span class=\"_ _d\"></span>er<span class=\"_ _d\"></span>a<span class=\"_ _2\"></span>lm<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>q<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>li<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span> 3<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>em<span class=\"_ _2\"></span>b<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>2<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>2<span class=\"_ _2\"></span>4<span class=\"_ _2\"></span>).<span class=\"_ _df\"> </span>Part<span class=\"_ _1\"></span>ecipa<span class=\"_ _1\"></span>zioni <span class=\"_ _1\"></span>in so<span class=\"_ _1\"></span>ciet\u00e0 <span class=\"_ _f\"></span>controll<span class=\"_ _f\"></span>ate in via<span class=\"_ _1\"></span> escl<span class=\"_ _1\"></span>usiva<span class=\"_ _1\"></span> e co<span class=\"_ _f\"></span>llegate (<span class=\"_ _1\"></span>cons<span class=\"_ _f\"></span>olidate <span class=\"_ _1\"></span>al pa<span class=\"_ _1\"></span>trimo<span class=\"_ _f\"></span>nio netto<span class=\"_ _1\"></span>) al 31<span class=\"_ _1\"></span> dicem<span class=\"_ _f\"></span>bre 202<span class=\"_ _1\"></span>5 <table class=\"s w953 h493\" id=\"_ac353ea3-65e4-4c04-a12f-9a0721632150\"><tr><td class=\"c x2c5 y252f w2cd h21a\"><div class=\"t m0 xf0 h1f y304 ff4 fs7 fc1 sc0 ls0 ws0\">Denominazioni <span class=\"_ _1\"></span>imprese </div></td><td class=\"c x2c6 y252f w257 h21a\"><div class=\"t m0 x35 h1f y304 ff4 fs7 fc1 sc0 ls0 ws0\">Sede </div></td><td class=\"c x2c7 y2530 w954 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc1 sc0 ls0 ws0\">Tipo di<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x2c8 y2531 w2cf h21b\"><div class=\"t m0 x48 h1f y12eb ff4 fs7 fc1 sc0 ls0 ws0\">Rapporto di pa<span class=\"_ _1\"></span>rtecipazione </div></td><td class=\"c x2c9 y2530 w955 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc1 sc0 ls0 ws0\">Disponibilit<span class=\"_ _df\"> </span></div></td></tr><tr><td></td><td></td><td class=\"c x2ca y2532 w956 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc1 sc0 ls0 ws0\">rapporto<span class=\"_ _df\"> </span></div></td><td class=\"c x2c8 y252f w14 h21c\"><div class=\"t m0 x10 h1f y496 ff4 fs7 fc1 sc0 ls0 ws0\">Impresa partecipan<span class=\"_ _f\"></span>t<span class=\"_ _2\"></span>e </div></td><td class=\"c x2cb y252f w2d0 h21c\"><div class=\"t m0 x8e h1f y496 ff4 fs7 fc1 sc0 ls0 ws0\">Quota % </div></td><td class=\"c x2cc y2532 w957 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc1 sc0 ls0 ws0\">\u00e0 voti %<span class=\"_ _df\"> </span></div></td></tr><tr><td class=\"c x2c5 y2533 w2cd h21d\"><div class=\"t m0 x0 h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">A. Imprese </div></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2c5 y2534 w2cd hbc\"><div class=\"t m0 x0 h1f y74a ff4 fs7 fc1 sc0 ls0 ws0\">A. 1 Consolidate <span class=\"_ _1\"></span>integralmente </div></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2cd y2535 w2d1 hbc\"><div class=\"t m0 x37 h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">1. Credemleasing spa<span class=\"_ _f\"></span> </div></td><td class=\"c x2c6 y2535 w257 hbc\"><div class=\"t m0 x0 h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">Reggio Emilia<span class=\"_ _1\"></span> </div></td><td class=\"c x2ce y2535 w2ce hbc\"><div class=\"t m0 x39 h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">1 </div></td><td class=\"c x2c8 y2535 w14 hbc\"><div class=\"t m0 x2a h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">Credito Emilian<span class=\"_ _1\"></span>o </div></td><td class=\"c x2cb y2535 w2d0 hbc\"><div class=\"t m0 x2f h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">99,90% </div></td><td></td></tr><tr><td></td><td></td><td></td><td class=\"c x2cf y2536 w958 h494\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc1 sc0 ls0 ws0\">Magazzini Genera<span class=\"_ _f\"></span>l<span class=\"_ _2\"></span>i<span class=\"_ _df\"> </span></div></td><td class=\"c x2cb y2537 w2d0 h1bb\"><div class=\"t m0 x2e h1f y66a ff4 fs7 fc1 sc0 ls0 ws0\">0,10% </div></td><td></td></tr><tr><td></td><td></td><td></td><td class=\"c x2d0 y2538 w959 h484\" colspan=\"2\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc1 sc0 ls0 ws0\">delle Tagliate<span class=\"_ _df\"> </span></div></td><td></td></tr><tr><td class=\"c x2cd y2539 w2d1 hbc\"><div class=\"t m0 x37 h1f y74a ff4 fs7 fc1 sc0 ls0 ws0\">2. Credemfactor sp<span class=\"_ _f\"></span>a </div></td><td class=\"c x2c6 y2539 w257 hbc\"><div class=\"t m0 x0 h1f y74a ff4 fs7 fc1 sc0 ls0 ws0\">Reggio Emilia<span class=\"_ _1\"></span> </div></td><td class=\"c x2ce y2539 w2ce hbc\"><div class=\"t m0 x39 h1f y74a ff4 fs7 fc1 sc0 ls0 ws0\">1 </div></td><td class=\"c x2c8 y2539 w14 hbc\"><div class=\"t m0 x2a h1f y74a ff4 fs7 fc1 sc0 ls0 ws0\">Credito Emilian<span class=\"_ _1\"></span>o </div></td><td class=\"c x2cb y2539 w2d0 hbc\"><div class=\"t m0 x2f h1f y74a ff4 fs7 fc1 sc0 ls0 ws0\">99,00% </div></td><td></td></tr><tr><td></td><td></td><td></td><td class=\"c x2c8 y253a w14 hbc\"><div class=\"t m0 x55 h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">Credemleasing<span class=\"_ _1\"></span> </div></td><td class=\"c x2cb y253a w2d0 hbc\"><div class=\"t m0 x2e h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">1,00% </div></td><td></td></tr><tr><td class=\"c x2cd y253b w2d1 h21d\"><div class=\"t m0 x37 h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">3. Credem Private <span class=\"_ _f\"></span>Equity SGR spa* </div></td><td class=\"c x2c6 y253b w257 h21d\"><div class=\"t m0 x0 h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">Reggio Emilia<span class=\"_ _1\"></span> </div></td><td class=\"c x2ce y253b w2ce h21d\"><div class=\"t m0 x39 h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">1 </div></td><td class=\"c x2c8 y253b w14 h21d\"><div class=\"t m0 x2a h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">Credito Emilian<span class=\"_ _1\"></span>o </div></td><td class=\"c x2cb y253b w2d0 h21d\"><div class=\"t m0 x16a h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">87,50% </div></td><td></td></tr><tr><td></td><td></td><td></td><td class=\"c x2d1 y253c w95a h495\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">Credem Euromob<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span>liare<span class=\"_ _df\"> </span></div></td><td class=\"c x2cb y253d w2d0 h21e\"><div class=\"t m0 x116 h1f yc5f ff4 fs7 fc1 sc0 ls0 ws0\">12,50% </div></td><td></td></tr><tr><td></td><td></td><td></td><td class=\"c x2d2 y253e w95b h484\" colspan=\"2\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">Private banking<span class=\"_ _df\"> </span></div></td><td></td></tr><tr><td class=\"c x2d4 y253f w95c h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">4. Euromobil<span class=\"_ _1\"></span>iare Asset Manage<span class=\"_ _1\"></span>ment SGR spa<span class=\"_ _df\"> </span></div><div class=\"t m0 x2d3 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">Milano<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x2ce y2540 w2ce hbc\"><div class=\"t m0 x39 h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">1 </div></td><td class=\"c x2c8 y2540 w14 hbc\"><div class=\"t m0 x2a h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">Credito Emilia<span class=\"lsc2\">no</span> </div></td><td class=\"c x2cb y2540 w2d0 hbc\"><div class=\"t m0 x8e h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">100,00% </div></td><td></td></tr><tr><td class=\"c x2cd y2541 w2d1 h21d\"><div class=\"t m0 x37 h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">5. Euromobiliare<span class=\"_ _1\"></span> Advisory SIM sp<span class=\"_ _f\"></span>a<span class=\"_ _df\"> </span></div></td><td class=\"c x2c6 y2541 w257 h21d\"><div class=\"t m0 x0 h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">Milano </div></td><td class=\"c x2ce y2541 w2ce h21d\"><div class=\"t m0 x39 h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">1 </div></td><td class=\"c x2c8 y2541 w14 h21d\"><div class=\"t m0 x2a h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">Credito Emilian<span class=\"_ _1\"></span>o </div></td><td class=\"c x2cb y2541 w2d0 h21d\"><div class=\"t m0 x8e h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">100,00% </div></td><td></td></tr><tr><td class=\"c x2cd y2542 w2d1 h21f\"><div class=\"t m0 x37 h1f y12f1 ff4 fs7 fc1 sc0 ls0 ws0\">6. Credemtel sp<span class=\"_ _1\"></span>a </div></td><td class=\"c x2c6 y2542 w257 h21f\"><div class=\"t m0 x0 h1f y12f1 ff4 fs7 fc1 sc0 ls0 ws0\">Reggio Emilia<span class=\"_ _1\"></span> </div></td><td class=\"c x2ce y2542 w2ce h21f\"><div class=\"t m0 x39 h1f y12f1 ff4 fs7 fc1 sc0 ls0 ws0\">1 </div></td><td class=\"c x2c8 y2542 w14 h21f\"><div class=\"t m0 x2a h1f y12f1 ff4 fs7 fc1 sc0 ls0 ws0\">Credito Emilian<span class=\"_ _1\"></span>o </div></td><td class=\"c x2cb y2542 w2d0 h21f\"><div class=\"t m0 x8e h1f y12f1 ff4 fs7 fc1 sc0 ls0 ws0\">100,00% </div></td><td></td></tr><tr><td class=\"c x2cd y2543 w2d1 h21d\"><div class=\"t m0 x37 h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">7. Avvera spa </div></td><td class=\"c x2c6 y2543 w257 h21d\"><div class=\"t m0 x0 h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">Reggio Emilia<span class=\"_ _1\"></span> </div></td><td class=\"c x2ce y2543 w2ce h21d\"><div class=\"t m0 x39 h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">1 </div></td><td class=\"c x2c8 y2543 w14 h21d\"><div class=\"t m0 x2a h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">Credito Emilian<span class=\"_ _1\"></span>o </div></td><td class=\"c x2cb y2543 w2d0 h21d\"><div class=\"t m0 x8e h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">100,00% </div></td><td></td></tr><tr><td class=\"c x2cd y2544 w2d1 h21d\"><div class=\"t m0 x37 h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">8. Magazzini Ge<span class=\"_ _1\"></span>nerali delle Tagl<span class=\"_ _1\"></span>iate spa</div></td><td class=\"c x2c6 y2544 w257 h21d\"><div class=\"t m0 x0 h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">Reggio Emilia<span class=\"_ _1\"></span> </div></td><td class=\"c x2ce y2544 w2ce h21d\"><div class=\"t m0 x39 h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">1 </div></td><td class=\"c x2c8 y2544 w14 h21d\"><div class=\"t m0 x2a h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">Credito Emilian<span class=\"_ _1\"></span>o </div></td><td class=\"c x2cb y2544 w2d0 h21d\"><div class=\"t m0 x8e h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">100,00% </div></td><td></td></tr><tr><td class=\"c x2cd y2545 w2d1 h21d\"><div class=\"t m0 x37 h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">9.Credem Euromob<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span>liare Private <span class=\"_ _f\"></span>Banking spa </div></td><td class=\"c x2c6 y2545 w257 h21d\"><div class=\"t m0 x0 h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">Milano </div></td><td class=\"c x2ce y2545 w2ce h21d\"><div class=\"t m0 x39 h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">1 </div></td><td class=\"c x2c8 y2545 w14 h21d\"><div class=\"t m0 x2a h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">Credito Emilian<span class=\"_ _1\"></span>o </div></td><td class=\"c x2cb y2545 w2d0 h21d\"><div class=\"t m0 x8e h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">100,00% </div></td><td></td></tr><tr><td class=\"c x2cd y2546 w2d1 h21d\"><div class=\"t m0 x37 h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">10. Euromobil<span class=\"_ _1\"></span>iare Fiduciaria spa<span class=\"_ _df\"> </span></div></td><td class=\"c x2c6 y2546 w257 h21d\"><div class=\"t m0 x0 h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">Milano </div></td><td class=\"c x2ce y2546 w2ce h21d\"><div class=\"t m0 x39 h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">1 </div></td><td class=\"c x2c8 y2546 w14 h21d\"><div class=\"t m0 x2a h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">Credito Emilian<span class=\"_ _1\"></span>o </div></td><td class=\"c x2cb y2546 w2d0 h21d\"><div class=\"t m0 x8e h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">100,00% </div></td><td></td></tr><tr><td class=\"c x2cd y2547 w2d1 hbc\"><div class=\"t m0 x37 h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">11. Credemvita spa<span class=\"_ _f\"></span> </div></td><td class=\"c x2c6 y2547 w257 hbc\"><div class=\"t m0 x0 h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">Reggio Emilia<span class=\"_ _1\"></span> </div></td><td class=\"c x2ce y2547 w2ce hbc\"><div class=\"t m0 x39 h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">1 </div></td><td class=\"c x2c8 y2547 w14 hbc\"><div class=\"t m0 x2a h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">Credito Emilian<span class=\"_ _1\"></span>o </div></td><td class=\"c x2cb y2547 w2d0 hbc\"><div class=\"t m0 x8e h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">100,00% </div></td><td></td></tr><tr><td class=\"c x2cd y2548 w2d1 h21d\"><div class=\"t m0 x37 h1f y80 ff4 fs7 fc1 sc0 ls9 ws0\">12<span class=\"ls0\">. Credem CB srl</span><span class=\"ls0\"> </span></div></td><td class=\"c x2c6 y2548 w257 h21d\"><div class=\"t m0 x0 h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">Conegliano </div></td><td class=\"c x2ce y2548 w2ce h21d\"><div class=\"t m0 x39 h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">1 </div></td><td class=\"c x2c8 y2548 w14 h21d\"><div class=\"t m0 x2a h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">Credito Emilian<span class=\"_ _1\"></span>o </div></td><td class=\"c x2cb y2548 w2d0 h21d\"><div class=\"t m0 x16a h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">70,00% </div></td><td></td></tr><tr><td class=\"c x2c5 y2549 w2cd h21d\"><div class=\"t m0 x0 h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">A. 2 Consolidate c<span class=\"_ _f\"></span>o<span class=\"_ _2\"></span>n il me<span class=\"_ _1\"></span>todo del patri<span class=\"_ _1\"></span>monio netto<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2cd y254a w2d1 hbc\"><div class=\"t m0 x37 h1f y74a ff4 fs7 fc1 sc0 ls0 ws0\">1.Credemassicur<span class=\"_ _1\"></span>azioni spa </div></td><td class=\"c x2c6 y254a w257 hbc\"><div class=\"t m0 x0 h1f y74a ff4 fs7 fc1 sc0 ls0 ws0\">Reggio Emilia<span class=\"_ _1\"></span> </div></td><td class=\"c x2ce y254a w2ce hbc\"><div class=\"t m0 x130 h1f y66c ff4 fs7 fc1 sc0 ls0 ws0\">4 </div></td><td class=\"c x2c8 y254a w14 hbc\"><div class=\"t m0 x2a h1f y74a ff4 fs7 fc1 sc0 ls0 ws0\">Credito Emilian<span class=\"_ _1\"></span>o </div></td><td class=\"c x2cb y254a w2d0 hbc\"><div class=\"t m0 x2f h1f y74a ff4 fs7 fc1 sc0 ls0 ws0\">50,00% </div></td><td></td></tr><tr><td class=\"c x2cd y254b w2d1 hbc\"><div class=\"t m0 x37 h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">2. SBC Fin<span class=\"_ _f\"></span>t<span class=\"_ _2\"></span>ech Milan 22<span class=\"_ _1\"></span>24 s.r.l.<span class=\"_ _df\"> </span></div></td><td class=\"c x2c6 y254b w257 hbc\"><div class=\"t m0 x0 h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">Milano </div></td><td class=\"c x2ce y254b w2ce hbc\"><div class=\"t m0 x130 h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">4 </div></td><td class=\"c x2c8 y254b w14 hbc\"><div class=\"t m0 x35 h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">Credemtel </div></td><td class=\"c x2cb y254b w2d0 hbc\"><div class=\"t m0 x16a h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">45,92% </div></td><td></td></tr><tr><td class=\"c x2cd y254c w2d1 h21d\"><div class=\"t m0 x37 h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">3. Andxor srl </div></td><td class=\"c x2c6 y254c w257 h21d\"><div class=\"t m0 x0 h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">Cinisello Balsam<span class=\"_ _f\"></span>o </div></td><td class=\"c x2ce y254c w2ce h21d\"><div class=\"t m0 x130 h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">4 </div></td><td class=\"c x2c8 y254c w14 h21d\"><div class=\"t m0 x35 h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">Credemtel </div></td><td class=\"c x2cb y254c w2d0 h21d\"><div class=\"t m0 x2f h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">40,00% </div></td><td></td></tr><tr><td class=\"c x2cd y254d w2d1 h21d\"><div class=\"t m0 x37 h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">4. Mynet<span class=\"_ _1\"></span> srl </div></td><td class=\"c x2c6 y254d w257 h21d\"><div class=\"t m0 x0 h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">Udine </div></td><td class=\"c x2ce y254d w2ce h21d\"><div class=\"t m0 x130 h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">4 </div></td><td class=\"c x2c8 y254d w14 h21d\"><div class=\"t m0 x35 h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">Credemtel </div></td><td class=\"c x2cb y254d w2d0 h21d\"><div class=\"t m0 x116 h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">12,99% </div></td><td></td></tr><tr><td class=\"c x2cd y254e w2d1 hbc\"><div class=\"t m0 x34 h1f y74a ff4 fs7 fc1 sc0 ls0 ws0\"> 5. Flairb<span class=\"_ _1\"></span>it srl </div></td><td class=\"c x2c6 y254e w257 hbc\"><div class=\"t m0 x0 h1f y74a ff4 fs7 fc1 sc0 ls0 ws0\">Genova </div></td><td class=\"c x2ce y254e w2ce hbc\"><div class=\"t m0 x130 h1f y74a ff4 fs7 fc1 sc0 ls0 ws0\">4 </div></td><td class=\"c x2c8 y254e w14 hbc\"><div class=\"t m0 x35 h1f y74a ff4 fs7 fc1 sc0 ls0 ws0\">Credemtel </div></td><td class=\"c x2cb y254e w2d0 hbc\"><div class=\"t m0 x16a h1f y74a ff4 fs7 fc1 sc0 ls0 ws0\">10,00% </div></td><td></td></tr></table>Lege<span class=\"_ _1\"></span>nda<span class=\"_ _1\"></span> Tipo di rappor<span class=\"_ _1\"></span>to: 1 = maggioranza de<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span> diritti d<span class=\"ff5\">i vo<span class=\"_ _1\"></span>to nell\u2019assemb<span class=\"_ _1\"></span>lea ordinaria<span class=\"ff4\"> </span></span>4 = altre forme d<span class=\"_ _1\"></span>i controllo *<span class=\"_ _4\"> </span>dal <span class=\"_ _d\"></span>02/02/2026 <span class=\"_ _d\"></span>CREDEM <span class=\"_ _d\"></span>EUROMOB<span class=\"_ _1\"></span>ILIARE <span class=\"_ _d\"></span>PRIVATE <span class=\"_ _2\"></span>ASSET <span class=\"_ _d\"></span>SOCIETA' <span class=\"_ _d\"></span>DI <span class=\"_ _d\"></span>GESTIONE <span class=\"_ _2\"></span>DEL <span class=\"_ _d\"></span>RISPA <span class=\"_ _d\"></span>RMIO <span class=\"_ _2\"></span>S.P.A. abbreviabile in CREDEM EUROMOBILIARE<span class=\"_ _1\"></span> PRIVATE ASSET SGR S.P.A.<span class=\"_ _df\"> </span>BILANCIO CONSO<span class=\"_ _1\"></span>LIDATO <span class=\"ff5\">\u2013</span> NOTA INT<span class=\"_ _f\"></span>E<span class=\"_ _2\"></span>GRATIVA 295<span class=\"_ _df\"> </span>Le <span class=\"_ _9\"> </span>partecipazioni <span class=\"_ _9\"> </span>sono <span class=\"_ _9\"> </span>iscritte <span class=\"_ _9\"> </span>alla <span class=\"_ _9\"> </span>data <span class=\"_ _16\"> </span>di <span class=\"_ _0\"></span>r<span class=\"_ _2\"></span>egolamento. <span class=\"_ _0\"></span>All\u2019atto <span class=\"_ _9\"> </span>della <span class=\"_ _9\"> </span>rilevazione <span class=\"_ _9\"> </span>iniziale <span class=\"_ _9\"> </span>le <span class=\"_ _9\"> </span>in<span class=\"_ _2\"></span><span class=\"ff4\">teressenze<span class=\"_ _df\"> </span></span>partecipative <span class=\"_ _0\"></span>sono <span class=\"_ _9\"> </span>contabilizzate <span class=\"_ _9\"> </span>al <span class=\"_ _9\"> </span>costo, <span class=\"_ _0\"></span>comprensivo <span class=\"_ _9\"> </span>dei <span class=\"_ _0\"></span>costi <span class=\"_ _9\"> </span>o <span class=\"_ _9\"> </span>proventi <span class=\"_ _0\"></span>direttamente <span class=\"_ _9\"> </span>attribuibili<span class=\"_ _1\"></span> <span class=\"_ _9\"> </span>alla<span class=\"_ _df\"> </span>transazione.<span class=\"_ _df\"> </span>Criter<span class=\"_ _1\"></span>i di <span class=\"_ _1\"></span>class<span class=\"_ _1\"></span>ificazi<span class=\"_ _1\"></span>one<span class=\"_ _df\"> </span>La voce include le interessenze de<span class=\"_ _1\"></span>tenute in societ\u00e0 controllate congiuntamente e collegate.<span class=\"_ _df\"> </span>Sono <span class=\"ff5\">considerate controllate congiu<span class=\"_ _1\"></span>ntamente le imprese nelle quali i diritti di voto ed il controllo del<span class=\"_ _1\"></span>l\u2019attivit\u00e0<span class=\"_ _df\"> </span></span>economica della partecipata sono condiv<span class=\"_ _1\"></span>isi in modo paritetico da Credem, direttamente o indi<span class=\"_ _1\"></span>rettamente, e<span class=\"_ _df\"> </span>da  un  altro  soggetto.  Inoltre  v<span class=\"_ _1\"></span>iene  qualificato  come  sottoposto  a  controllo  congiu<span class=\"_ _1\"></span>nto  un  investimento<span class=\"_ _df\"> </span>partecipativo  nel<span class=\"_ _1\"></span>  quale,  pur  in  assenz<span class=\"_ _1\"></span>a  di  una  q<span class=\"_ _1\"></span>uota  paritetica  di  di<span class=\"_ _1\"></span>ritti  di  voto,  il  con<span class=\"_ _f\"></span>t<span class=\"_ _2\"></span>rollo <span class=\"_ _16\"> </span>sull\u2019attivit\u00e0<span class=\"_ _df\"> </span>economica  e<span class=\"_ _1\"></span>  sugli <span class=\"_ _16\"> </span>indirizzi  strategici<span class=\"_ _1\"></span>  della  p<span class=\"_ _1\"></span>artecipata  \u00e8 <span class=\"_ _16\"> </span>condiviso  con <span class=\"_ _16\"> </span>altri  soggetti  in  vi<span class=\"_ _1\"></span>rt\u00f9  di <span class=\"_ _16\"> </span>accordi<span class=\"_ _df\"> </span>contrattuali.<span class=\"_ _df\"> </span>Sono <span class=\"_ _0\"></span>considerate <span class=\"_ _0\"></span>collegate, <span class=\"_ _0\"></span>cio\u00e8 <span class=\"_ _9\"> </span>sottoposte <span class=\"_ _0\"></span>ad <span class=\"_ _9\"> </span>influenza <span class=\"_ _d\"></span>not<span class=\"_ _2\"></span>evole<span class=\"_ _1\"></span>, <span class=\"_ _0\"></span>le <span class=\"_ _9\"> </span>imprese <span class=\"_ _0\"></span>nelle <span class=\"_ _0\"></span>quali <span class=\"_ _0\"></span>la <span class=\"_ _9\"> </span>capogruppo,<span class=\"_ _df\"> </span>direttamente <span class=\"_ _f\"></span>o indi<span class=\"_ _1\"></span>rettamente, <span class=\"_ _1\"></span>possiede <span class=\"_ _f\"></span>almeno <span class=\"_ _f\"></span>il 20% <span class=\"_ _f\"></span>dei <span class=\"_ _f\"></span>diritti <span class=\"_ _f\"></span>di v<span class=\"_ _1\"></span>oto (i<span class=\"_ _1\"></span>vi <span class=\"_ _f\"></span>inclusi <span class=\"_ _f\"></span>i diritti <span class=\"_ _f\"></span>di <span class=\"_ _1\"></span>voto <span class=\"_ _f\"></span>\u201cpoten<span class=\"_ _2\"></span>ziali\u201d)<span class=\"_ _df\"> </span>o<span class=\"_ _4\"> </span>nelle <span class=\"_ _d\"></span>quali <span class=\"_ _2\"></span><span class=\"ff5\">\u2013</span> <span class=\"_ _d\"></span>pur <span class=\"_ _2\"></span>con <span class=\"_ _d\"></span>una <span class=\"_ _2\"></span>quota <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>diritti <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>voto <span class=\"_ _d\"></span>inferiore <span class=\"_ _d\"></span><span class=\"ff5\">\u2013</span> <span class=\"_ _d\"></span>ha <span class=\"_ _2\"></span>il <span class=\"_ _d\"></span>potere <span class=\"_ _2\"></span>di <span class=\"_ _d\"></span>partecipare <span class=\"_ _2\"></span>alla <span class=\"_ _d\"></span>determinazione<span class=\"_ _df\"> </span>delle <span class=\"_ _4\"> </span>politiche <span class=\"_ _17\"> </span>finanziarie <span class=\"_ _17\"> </span>e <span class=\"_ _17\"> </span>gestionali <span class=\"_ _17\"> </span>della <span class=\"_ _17\"> </span>partecipata <span class=\"_ _17\"> </span>in <span class=\"_ _17\"> </span>virt\u00f9 <span class=\"_ _4\"> </span>di <span class=\"_ _17\"> </span>part<span class=\"_ _2\"></span>icolari<span class=\"_ _1\"></span> <span class=\"_ _17\"> </span>legami <span class=\"_ _17\"> </span>giuridici <span class=\"_ _4\"> </span>quali <span class=\"_ _17\"> </span>la<span class=\"_ _df\"> </span>partecipazione a patti di sindacato.<span class=\"_ _df\"> </span>Non <span class=\"_ _d\"></span>s<span class=\"_ _2\"></span>ono <span class=\"_ _d\"></span>considerate <span class=\"_ _d\"></span>sottoposte <span class=\"_ _0\"></span>ad <span class=\"_ _d\"></span>influenza <span class=\"_ _d\"></span>notevole <span class=\"_ _0\"></span>alcune <span class=\"_ _0\"></span>interessenze <span class=\"_ _d\"></span>superiori <span class=\"_ _0\"></span>al <span class=\"_ _d\"></span>20%, <span class=\"_ _0\"></span>nelle <span class=\"_ _d\"></span>quali,<span class=\"_ _df\"> </span>direttamente <span class=\"_ _f\"></span>o indi<span class=\"_ _1\"></span>rettamente, <span class=\"_ _1\"></span>il <span class=\"_ _f\"></span>Gr<span class=\"_ _2\"></span>uppo <span class=\"_ _f\"></span>detiene <span class=\"_ _f\"></span>esclusivamente <span class=\"_ _f\"></span>diritt<span class=\"_ _2\"></span>i <span class=\"_ _f\"></span>patrimoniali <span class=\"_ _1\"></span>su <span class=\"_ _1\"></span>una <span class=\"_ _f\"></span>porzione <span class=\"_ _f\"></span>dei <span class=\"_ _1\"></span>frutti<span class=\"_ _df\"> </span>degli investimenti,<span class=\"_ _1\"></span> non ha accesso alle <span class=\"_ _1\"></span>politiche di <span class=\"_ _f\"></span>g<span class=\"_ _2\"></span>estione e <span class=\"_ _1\"></span>pu\u00f2 esercitare diritti di <span class=\"_ _1\"></span>governance limitati all<span class=\"_ _1\"></span>a<span class=\"_ _df\"> </span>tutela degli interessi patrimoniali.<span class=\"_ _df\"> </span>Criter<span class=\"_ _1\"></span>i di <span class=\"_ _1\"></span>valuta<span class=\"_ _1\"></span>zione<span class=\"_ _df\"> </span>Le <span class=\"_ _4\"> </span>partecipazioni <span class=\"_ _4\"> </span>in <span class=\"_ _4\"> </span>societ\u00e0 <span class=\"_ _4\"> </span>collegate <span class=\"_ _4\"> </span>o <span class=\"_ _4\"> </span>controllate <span class=\"_ _4\"> </span>congiuntamente <span class=\"_ _4\"> </span>sono <span class=\"_ _4\"> </span>valutate <span class=\"_ _4\"> </span>con <span class=\"_ _4\"> </span>il <span class=\"_ _4\"> </span>metodo <span class=\"_ _4\"> </span>del<span class=\"_ _df\"> </span>patrimonio netto.<span class=\"_ _df\"> </span>Se <span class=\"_ _f\"></span>esistono <span class=\"_ _f\"></span>evidenze <span class=\"_ _f\"></span>che <span class=\"_ _f\"></span>il valore <span class=\"_ _11\"></span>di <span class=\"_ _f\"></span>una <span class=\"_ _1\"></span>partecipazione <span class=\"_ _f\"></span>possa av<span class=\"_ _1\"></span>er <span class=\"_ _f\"></span>subito <span class=\"_ _f\"></span>una <span class=\"_ _1\"></span>riduzione, <span class=\"_ _f\"></span>si <span class=\"_ _f\"></span>procede <span class=\"_ _f\"></span>alla <span class=\"_ _f\"></span>s<span class=\"_ _2\"></span>tima<span class=\"_ _df\"> </span>del <span class=\"_ _0\"></span>valore <span class=\"_ _9\"> </span>recuperabile <span class=\"_ _0\"> </span>della <span class=\"_ _9\"> </span>par<span class=\"_ _2\"></span>tecipazione<span class=\"_ _f\"></span> <span class=\"_ _9\"> </span>s<span class=\"_ _2\"></span>tessa, <span class=\"_ _0\"></span>t<span class=\"_ _2\"></span>enend<span class=\"_ _1\"></span>o <span class=\"_ _9\"> </span>conto <span class=\"_ _9\"> </span>del <span class=\"_ _0\"></span>valore <span class=\"_ _9\"> </span>attuale <span class=\"_ _0\"></span>dei <span class=\"_ _9\"> </span>flussi <span class=\"_ _9\"> </span>finanziari<span class=\"_ _df\"> </span>futuri che la partecipazio<span class=\"ff5\">ne potr\u00e0 generare, incluso il valore di dismissione finale de<span class=\"_ _1\"></span>ll\u2019investimento.<span class=\"_ _df\"> </span></span>Qualora  i<span class=\"_ _1\"></span>l <span class=\"_ _16\"> </span>valore <span class=\"_ _16\"> </span>di <span class=\"_ _9\"> </span>recupero  risulti <span class=\"_ _9\"> </span>inferiore  al <span class=\"_ _9\"> </span>valore  contabile, <span class=\"_ _9\"> </span>la  relativa <span class=\"_ _9\"> </span>differenza  \u00e8 <span class=\"_ _9\"> </span>rilevata  a <span class=\"_ _16\"> </span>conto<span class=\"_ _df\"> </span>economico.<span class=\"_ _df\"> </span>Qualora i motivi della perdita di valore siano rimossi a seguito di un evento verificatosi successivamente alla<span class=\"_ _df\"> </span>rilevazione <span class=\"_ _f\"></span>della <span class=\"_ _1\"></span>riduzione <span class=\"_ _f\"></span>di valore, <span class=\"_ _f\"></span>vengono <span class=\"_ _f\"></span>ef<span class=\"_ _2\"></span>fettuate <span class=\"_ _f\"></span>riprese d<span class=\"_ _1\"></span>i v<span class=\"_ _1\"></span>alore <span class=\"_ _1\"></span>con <span class=\"_ _f\"></span>imputazione <span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>conto e<span class=\"_ _1\"></span>conomico<span class=\"_ _df\"> </span>che non possono eccedere l\u2019ammontare delle p<span class=\"_ _1\"></span>erdite da impairment in precedenza registrate.<span class=\"_ _df\"> </span>Criter<span class=\"_ _1\"></span>i di <span class=\"_ _1\"></span>cancell<span class=\"_ _1\"></span>azion<span class=\"_ _f\"></span>e Le <span class=\"_ _2\"></span>partecipazioni <span class=\"_ _2\"></span>vengono <span class=\"_ _d\"></span>cancellate <span class=\"_ _2\"></span>quando <span class=\"_ _2\"></span>scadono <span class=\"_ _2\"></span>i <span class=\"_ _d\"></span>diritti <span class=\"_ _2\"></span>contrattuali <span class=\"_ _2\"></span>sui <span class=\"_ _d\"></span>flussi <span class=\"_ _2\"></span>finanziari <span class=\"_ _2\"></span>derivati <span class=\"_ _2\"></span>dalle attivit\u00e0 <span class=\"_ _1\"></span>stesse o<span class=\"_ _f\"></span> quando <span class=\"_ _1\"></span>l\u2019attivit\u00e0 <span class=\"_ _f\"></span>finanziaria vie<span class=\"_ _1\"></span>ne ce<span class=\"_ _f\"></span>d<span class=\"_ _2\"></span>uta t<span class=\"_ _f\"></span>r<span class=\"_ _2\"></span>asferendo <span class=\"_ _f\"></span>s<span class=\"_ _2\"></span>ostanzialmente<span class=\"_ _1\"></span> tutti <span class=\"_ _f\"></span>i rischi<span class=\"_ _f\"></span> e b<span class=\"_ _1\"></span>enefici ad<span class=\"ls0\"> essa connessi. </span>Criter<span class=\"_ _1\"></span>i di <span class=\"_ _1\"></span>rileva<span class=\"_ _f\"></span>zione dell<span class=\"_ _1\"></span>e com<span class=\"_ _f\"></span>ponenti <span class=\"_ _1\"></span>reddi<span class=\"_ _1\"></span>tuali<span class=\"_ _f\"></span><span class=\"sc0\"> </span>Le <span class=\"_ _9\"> </span>differenze <span class=\"_ _9\"> </span>negative <span class=\"_ _16\"> </span>di <span class=\"_ _9\"> </span>prima  i<span class=\"_ _1\"></span>scrizione, <span class=\"_ _9\"> </span>gli <span class=\"_ _9\"> </span>utili <span class=\"_ _16\"> </span>e <span class=\"_ _9\"> </span>le <span class=\"_ _16\"> </span>perdite <span class=\"_ _9\"> </span>delle <span class=\"_ _9\"> </span>partecipate <span class=\"_ _9\"> </span>r<span class=\"_ _2\"></span>ealizzate,<span class=\"_ _1\"></span> <span class=\"_ _16\"> </span>le <span class=\"_ _9\"> </span>perdite <span class=\"_ _9\"> </span>da impairment  e  le<span class=\"_ _1\"></span>  riprese  d<span class=\"_ _1\"></span>i  valore  ve<span class=\"_ _1\"></span>ngono  allocate  nell<span class=\"_ _1\"></span>a  voce  di <span class=\"_ _16\"> </span>conto  econom<span class=\"ff5\">ico  \u201cUtili  (Pe<span class=\"_ _1\"></span>rdite)  d<span class=\"_ _1\"></span>elle </span>partecipazioni\u201d, <span class=\"_ _0\"></span>me<span class=\"_ _2\"></span>ntre <span class=\"_ _9\"> </span>i <span class=\"_ _9\"> </span>dividendi <span class=\"_ _9\"> </span>incassati <span class=\"_ _9\"> </span>vengono <span class=\"_ _9\"> </span>allocati <span class=\"_ _16\"> </span>nella <span class=\"_ _0\"></span>voce <span class=\"_ _16\"> </span>\u201cDividendi <span class=\"_ _9\"> </span>e <span class=\"_ _9\"> </span>proventi <span class=\"_ _9\"> </span>simili\u201d <span class=\"_ _16\"> </span>nel momento in cui sorge il diritto a rice<span class=\"_ _1\"></span>verne il pagamento.<span class=\"_ _2\"></span> ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-739": {
   "value": "Sezio<span class=\"_ _1\"></span>ne 4 -<span class=\"_ _1\"></span> Eventi <span class=\"_ _1\"></span>succes<span class=\"_ _1\"></span>sivi <span class=\"_ _f\"></span>alla data di <span class=\"_ _1\"></span>riferim<span class=\"_ _1\"></span>ento <span class=\"_ _1\"></span>del b<span class=\"_ _1\"></span>ilan<span class=\"_ _1\"></span>cio In <span class=\"_ _d\"></span>data <span class=\"_ _d\"></span>1 <span class=\"_ _d\"></span>gennaio <span class=\"_ _d\"></span>2026 <span class=\"_ _d\"></span>ha <span class=\"_ _0\"></span>avuto <span class=\"_ _2\"></span>efficacia <span class=\"_ _d\"></span>giuridica, <span class=\"_ _d\"></span>contabile <span class=\"_ _d\"></span>e <span class=\"_ _d\"></span>fiscale <span class=\"_ _d\"></span>l'operazione <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>scissione <span class=\"_ _d\"></span>parziale <span class=\"_ _d\"></span>di Euromobiliare Ad<span class=\"_ _1\"></span>visory Sim a be<span class=\"_ _1\"></span>neficio di <span class=\"_ _1\"></span>Euromobiliare Asset M<span class=\"_ _1\"></span>anagement SGR S<span class=\"_ _1\"></span>.p.A. e d<span class=\"_ _1\"></span>i Credito Emiliano<span class=\"_ _f\"></span> S.p.A. Per <span class=\"_ _2\"></span>maggiori <span class=\"_ _2\"></span>dettagli s<span class=\"_ _2\"></span>i ri<span class=\"_ _2\"></span>manda al <span class=\"_ _2\"></span>paragrafo <span class=\"_ _2\"></span>5<span class=\"_ _2\"></span> <span class=\"ff5\">\u201cPrincipali eventi <span class=\"_ _2\"></span>del Gr<span class=\"_ _2\"></span>uppo Credem\u201d <span class=\"_ _2\"></span>della <span class=\"_ _2\"></span>Relazione </span>sulla gestione.<span class=\"_ _df\"> </span>In <span class=\"_ _2\"></span>data <span class=\"_ _d\"></span>12 <span class=\"_ _2\"></span>febbraio <span class=\"_ _2\"></span>2026 <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _2\"></span>stato <span class=\"_ _2\"></span>sottoscritto <span class=\"_ _d\"></span>l\u2019acqui<span class=\"_ _1\"></span>sto <span class=\"_ _d\"></span>da <span class=\"_ _2\"></span>parte <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>Credemtel <span class=\"_ _2\"></span>S.p.A. <span class=\"_ _2\"></span>di <span class=\"_ _d\"></span>un\u2019ulteriore <span class=\"_ _2\"></span>quota <span class=\"_ _d\"></span>di<span class=\"_ _f\"></span> partecipazione <span class=\"_ _9\"> </span>al <span class=\"_ _9\"> </span>capitale <span class=\"_ _16\"> </span>sociale <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>Andxor <span class=\"_ _16\"> </span>Soluzioni<span class=\"_ _1\"></span> <span class=\"_ _16\"> </span>Informatiche <span class=\"_ _0\"></span>S.R.L., <span class=\"_ _16\"> </span>che <span class=\"_ _9\"> </span>passa <span class=\"_ _9\"> </span>cosi <span class=\"_ _16\"> </span>dal <span class=\"_ _9\"> </span>40<span class=\"_ _2\"></span>,00% <span class=\"_ _9\"> </span>al 75<span class=\"ls0\">,00<span class=\"ls1a\">%.</span> </span>Si <span class=\"_ _d\"></span>rende <span class=\"_ _0\"></span>noto <span class=\"_ _0\"></span>che, <span class=\"_ _d\"></span>a<span class=\"ls1a\">i <span class=\"_ _0\"></span></span>sensi <span class=\"_ _0\"></span>dello <span class=\"_ _0\"></span>IAS <span class=\"_ _d\"></span>10, <span class=\"_ _0\"></span>la <span class=\"_ _d\"></span>data <span class=\"_ _0\"></span>in <span class=\"_ _d\"></span>c<span class=\"_ _2\"></span>ui <span class=\"_ _d\"></span>il <span class=\"_ _0\"></span>bilancio <span class=\"_ _0\"></span>\u00e8 <span class=\"_ _d\"></span>s<span class=\"_ _2\"></span>tato <span class=\"_ _0\"></span>autorizzato <span class=\"_ _d\"></span>alla <span class=\"_ _d\"></span>pubblicazione <span class=\"_ _0\"></span>dal consiglio di amministrazione della banca \u00e8 <span class=\"ls1a\">il <span class=\"ls1\">12</span></span> marzo 2<span class=\"ls5\">02</span>6. Si segnala <span class=\"_ _f\"></span>inoltr<span class=\"_ _2\"></span>e che<span class=\"_ _1\"></span>, con riferimento al <span class=\"_ _1\"></span>quadro internazionale<span class=\"_ _1\"></span>, l'escalation <span class=\"_ _1\"></span>del confli<span class=\"_ _1\"></span>tto in Iran scop<span class=\"_ _1\"></span>piato tra fine <span class=\"_ _0\"></span>febbraio <span class=\"_ _9\"> </span>ed <span class=\"_ _9\"> </span>inizio <span class=\"_ _9\"> </span>marzo <span class=\"_ _9\"> </span>20<span class=\"_ _2\"></span>26 <span class=\"_ _0\"></span>e <span class=\"_ _9\"> </span>le <span class=\"_ _9\"> </span>conseguenti <span class=\"_ _0\"> </span>t<span class=\"_ _2\"></span>ensioni <span class=\"_ _0\"> </span>geopolitiche, <span class=\"_ _9\"> </span>seguite <span class=\"_ _9\"> </span>da <span class=\"_ _9\"> </span>effetti <span class=\"_ _9\"> </span>rilevanti <span class=\"_ _0\"></span>sui<span class=\"_ _df\"> </span>mercati <span class=\"_ _2\"></span>azionari e <span class=\"_ _2\"></span>sui <span class=\"_ _2\"></span>prezzi delle <span class=\"_ _2\"></span>risors<span class=\"_ _2\"></span>e energetiche, potrebbero <span class=\"_ _2\"></span>incidere <span class=\"_ _2\"></span>pesantemente sulle <span class=\"_ _2\"></span>prospettive di <span class=\"_ _10\"> </span>crescita <span class=\"_ _18\"> </span>dell'economia <span class=\"_ _10\"> </span>dell'eurozona. <span class=\"_ _18\"> </span>Le <span class=\"_ _10\"> </span>r<span class=\"_ _2\"></span>ipercussioni <span class=\"_ _10\"> </span>sul <span class=\"_ _18\"> </span>quadro <span class=\"_ _10\"> </span>macroeconomico <span class=\"_ _18\"> </span>globale, <span class=\"_ _10\"> </span>gi\u00e0<span class=\"_ _df\"> </span>caratterizzato <span class=\"_ _2\"></span>da <span class=\"_ _d\"></span>tensioni <span class=\"_ _2\"></span>conseguenti <span class=\"_ _2\"></span>agl<span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>eventi <span class=\"_ _2\"></span>del <span class=\"_ _d\"></span>2025 <span class=\"_ _d\"></span>quali <span class=\"_ _2\"></span>le <span class=\"_ _2\"></span>imposizion<span class=\"_ _2\"></span>i <span class=\"_ _d\"></span>di <span class=\"_ _2\"></span>dazi <span class=\"_ _d\"></span>ed <span class=\"_ _2\"></span>il <span class=\"_ _d\"></span>perdurare <span class=\"_ _2\"></span>delle<span class=\"_ _df\"> </span>tensioni legate <span class=\"_ _f\"></span>alla guerra Russo <span class=\"ff5\">\u2013</span> Uc<span class=\"_ _1\"></span>raina ed I<span class=\"_ _1\"></span>sraelo-Palestinese, \u00e8 p<span class=\"_ _1\"></span>ossibile che<span class=\"_ _1\"></span> determinino <span class=\"_ _1\"></span>conseguenze<span class=\"_ _df\"> </span>sull'economia <span class=\"_ _2\"></span>europea in <span class=\"_ _2\"></span>termin<span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>maggiore volatilit\u00e0 <span class=\"_ _2\"></span>(principalmente <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>causa <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>potenziale a<span class=\"_ _2\"></span>umento <span class=\"_ _2\"></span>de<div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs147\">costi <span class=\"_ _2\"></span>dell'energia <span class=\"_ _2\"></span>e <span class=\"_ _d\"></span>delle <span class=\"_ _2\"></span>mat<span class=\"_ _2\"></span>erie <span class=\"_ _2\"></span>prime <span class=\"_ _2\"></span>per <span class=\"_ _d\"></span>un <span class=\"_ _2\"></span>periodo <span class=\"_ _d\"></span>di <span class=\"_ _2\"></span>tempo <span class=\"_ _d\"></span>prolungato) <span class=\"_ _2\"></span>con <span class=\"_ _2\"></span>conseguenti <span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>mpatti <span class=\"_ _2\"></span>sulle </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs148\">attivit\u00e0 produttive.<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs149\">In <span class=\"_ _22\"> </span>particolare, <span class=\"_ _4\"> </span>il <span class=\"_ _22\"> </span>Gr<span class=\"_ _2\"></span>upp<span class=\"_ _1\"></span>o <span class=\"_ _4\"> </span>considera <span class=\"_ _22\"> </span>gli <span class=\"_ _4\"> </span>accadimenti  r<span class=\"_ _2\"></span>elativi  all<span class=\"_ _2\"></span>o  s<span class=\"_ _2\"></span>coppio  del <span class=\"_ _22\"> </span>confl<span class=\"_ _2\"></span>itto <span class=\"_ _4\"> </span>in  Iran <span class=\"_ _4\"> </span>un  evento<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs14a\">successivo <span class=\"_ _0\"></span>alla <span class=\"_ _0\"></span>chiusura <span class=\"_ _9\"> </span>di <span class=\"_ _0\"></span>bilancio <span class=\"_ _0\"> </span>di <span class=\"_ _9\"> </span>tipo <span class=\"_ _0\"></span>non <span class=\"_ _0\"> </span>r<span class=\"_ _2\"></span>ettificativo <span class=\"_ _0\"></span>(non-adjusting <span class=\"_ _0\"></span>event) <span class=\"_ _0\"></span>ai <span class=\"_ _0\"> </span>s<span class=\"_ _2\"></span>ensi <span class=\"_ _0\"></span>dello <span class=\"_ _0\"></span>IAS <span class=\"_ _0\"></span>10.<span class=\"_ _2\"></span> <span class=\"_ _0\"></span><span class=\"ls4\">Si </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs14b\">rimanda alla Relazione sulla Gestione per ulteriori de<span class=\"_ _1\"></span>ttagli<span class=\"_ _2\"></span>. </div>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-765": {
   "value": "Sezione 5 - Altri aspetti 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 (scenari corollario  che  presentano  rispettivamente  il  90%  e  10%  di  probabilit\u00e0 che  si  realizzi  uno  scenario migliore). 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, le  tensioni in Medio Oriente e l\u2019aumento delle tensioni commerciali 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. L\u2019ultima delivery  del provider, impiegata per l\u2019aggiornamento dei modelli in uso da dicembre 2025, si riferisce alla situazione dell\u2019Eurozona al 30 giugno 2025. In considerazione del persistente clima di incertezza derivante dall\u2019acuirsi delle tensioni geopolitiche globali, al fine di riflettere adeguatamente i potenziali rischi di instabilit\u00e0 ed i relativi impatti economici, il Gruppo ha ritenuto opportuno deliberare un inseverimento della ponderazione dello scenario Bad.  Le  ponderazioni  deliberate  per  gli  scenari  sono:  10%  good,  40%  bad,  50%  baseline  (in  vece  della ponderazione 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 2,5 milioni di euro. Rischi climatici ambientali ed utilizzo di overlay Per quanto  attiene  i  rischi  climatici ambientali, 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 con l\u2019obiettivo di introdurre i principali fattori di rischio  climatici e  ambientali  nei  modelli  contabili  IFRS  9.  A conclusione  delle attivit\u00e0  progettuali  \u00e8 stato utilizzato il modello Componenti Climatiche IFRS9 per l\u2019applicazione ai fini del calcolo delle svalutazioni collettive. La messa in produzione del motore di calcolo dell\u2019impairment, evoluto in coerenza con il nuovo impianto metodologico,  ha comportato  una maggiore  svalutazione  collettiva pari  a circa 5  milioni  di  euro; contestualmente il Gruppo ha proceduto con la rimozione del c.d. overlay ESG, precedentemente introdotto a far  tempo  da giugno 2024,  pari  a circa  9 milioni  di  euro  a livello  di  Gruppo.  Il  risultato  complessivo  \u00e8 consistito in un rilascio di svalutazione collettiva pari a circa 4 milioni di euro. Poich\u00e9 il Gruppo \u00e8 soggetto alla vigilanza da parte di diverse Autorit\u00e0 (BCE, Banca d\u2019Italia e CONSOB), gli approcci metodologici, le stime ed assunzioni utilizzate nella predisposizione del bilancio consolidato sono sottoposte a regolare attivit\u00e0 di revisione. Nel corso dell\u2019ultima ispezione che si \u00e8 conclusa nel 2025, la BCE ha suggerito al Gruppo l\u2019implementazione di una serie di affinamenti al framework IFRS9. Nel corso del 2025 il Gruppo ha avviato perci\u00f2 le attivit\u00e0 propedeutiche all\u2019aggiornamento del framework complessivo IFRS9, finalizzate a recepire le recenti evoluzioni adottate per i modelli IRB, oltre all\u2019integrazione di serie storiche pi\u00f9 aggiornate sia in termini di parametri che di scenari macroeconomici. In tale contesto sono state condotte simulazioni di impatto volte a stimare gli effetti economici attesi a seguito degli affinamenti metodologici previsti sul framework contabile nel corso del prossimo biennio. Tra questi, l'aggiornamento principale concerne l'evoluzione dei criteri di staging. Sulla base delle risultanze di tali analisi, a far data dal 31 dicembre 2025, si \u00e8 proceduto a quantificare un overlay di 20,8 milioni di euro.  Implementazione  della  normativa sull\u2019imposizione  minima globale  prevista per  i  gruppi  multinazionali  e nazionali nell\u2019ambito del c.d. Pillar 2 e correlate modifiche allo IAS 12 in materia di imposte sul reddito Si segnalano le modifiche apportate dallo IASB allo IAS 12 Imposte in materia di International Tax Reform - Pillar Two Model. Tra quasi 140 Paesi a livello globale, attraverso la Direttiva europea 2022/2053 l\u2019Unione Europea \u00e8 stata tra le prime giurisdizioni che ha raggiunto un accordo sulla riforma fiscale internazionale che introduce un'imposta minima globale (c.d. Global Minimum Tax) per le grandi imprese multinazionali. Nel dettaglio, questi Paesi, inclusa l\u2019Italia,  hanno aderito  al documento  dell'OCSE  Inclusive  Framework  on Base  Erosion  and  Profit Shifting, che introduce un modello a due pilastri (c.d. Pillar) per affrontare le problematiche fiscali derivanti dalla digitalizzazione dell'economia. In Europa, la Direttiva per attuare la componente di imposta minima della riforma OCSE \u00e8 stata approvata dalla Commissione europea lo scorso 12 dicembre 2022. A seguito del superamento delle riserve da parte di alcuni Paesi membri, \u00e8 stato raggiunto l\u2019accordo unanime in sede UE  per  l\u2019adozione  della  proposta  di  Direttiva  comunitaria  volta  a  realizzare  un  livello  minimo  di  tassazione effettiva del 15% dei gruppi multinazionali che presentano ricavi complessivi superiori a 750 milioni l\u2019anno. La Direttiva n. 2523/2022 \u00e8 stata pubblicata nella Gazzetta Ufficiale UE il 22 dicembre 2022 ed \u00e8 stata recepita nella legislazione nazionale con il decreto legislativo n. 209 del 27 dicembre 2023.  Figurano fra i soggetti passivi le imprese localizzate in Italia che fanno parte di un gruppo multinazionale o nazionale con ricavi annui pari o superiori a 750 milioni di euro, compresi i ricavi delle entit\u00e0 escluse (quali entit\u00e0 statali, organizzazioni internazionali,  organizzazioni  senza  scopo  di  lucro,  fondi  pensione,  fondi  di  investimento),  risultanti  nel bilancio  consolidato  della  controllante  capogruppo  in  almeno  due  dei  quattro  esercizi  immediatamente precedenti. L\u2019imposta minima nazionale sarebbe dovuta qualora per le imprese di un gruppo che operano in Italia si determini una situazione tale per cui l\u2019Etr si attesti al di sotto del 15% come tassazione minima. \u00c8 una facolt\u00e0 prevista dalla direttiva (e applicata dall\u2019Italia) per cui gli Stati possono introdurre un\u2019imposta minima nazionale.    Sono  previsti  specifici  requisiti  di  disclosure  per  le  societ\u00e0  impattate,  con  differenti  obblighi informativi  da  soddisfare  nei  periodi  in  cui  la  normativa  Pillar  Two  \u00e8  entrata  in  vigore.  Tali  requisiti  di disclosure sono applicabili a partire dai bilanci annuali che iniziano dal 1\u00b0 gennaio 2023 e non sono obbligatori nei resoconti intermedi redatti prima del 31 dicembre 2023. In particolare, le modifiche apportate al principio introducono una  eccezione  temporanea obbligatoria  che prevede  di non  rilevare  la fiscalit\u00e0  differita  che deriverebbe dall\u2019implementazione del Pillar Two Framework. Il Gruppo Credem, pur configurandosi come soggetto passivo a livello nazionale, risulta fuori dal perimetro di applicazione della normativa per mancanza del requisito di tassazione sotto la soglia minima prevista.  ",
   "dimensions": {
    "concept": "ifrs-full:ExplanationOfAssumptionAboutFutureWithSignificantRiskOfResultingInMaterialAdjustments",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-898": {
   "value": "Sezio<span class=\"_ _1\"></span>ne 5 - <span class=\"_ _1\"></span>Altri a<span class=\"_ _f\"></span>spetti P<span class=\"_ _f\"></span>ond<span class=\"_ _f\"></span>er<span class=\"_ _f\"></span>a<span class=\"_ _f\"></span>zio<span class=\"_ _f\"></span>n<span class=\"_ _f\"></span>e <span class=\"_ _f\"></span>de<span class=\"_ _f\"></span>gl<span class=\"_ _f\"></span>i <span class=\"_ _f\"></span>s<span class=\"_ _f\"></span>ce<span class=\"_ _1\"></span>na<span class=\"_ _f\"></span>ri <span class=\"_ _11\"></span>ma<span class=\"_ _f\"></span>cr<span class=\"_ _f\"></span>oe<span class=\"_ _f\"></span>co<span class=\"_ _f\"></span>nom<span class=\"_ _f\"></span>i<span class=\"_ _1\"></span>ci Gli <span class=\"_ _2\"></span>scenari <span class=\"_ _2\"></span>macroeconomici <span class=\"_ _2\"></span>per il <span class=\"_ _2\"></span>calcolo <span class=\"_ _d\"></span>delle <span class=\"_ _2\"></span>perdite att<span class=\"_ _2\"></span>ese <span class=\"_ _2\"></span>(ECL) so<span class=\"ws13\">no </span>forniti <span class=\"_ _2\"></span>d<span class=\"ws13\">a </span>u<span class=\"ws35\">n </span>provider <span class=\"_ _2\"></span>esterno. Nel dettaglio,  vengo<span class=\"ws36\">no </span>individuati <span class=\"_ _22\"> </span>tre <span class=\"_ _4\"> </span>Scenari:  Baseline <span class=\"_ _22\"> </span>(come <span class=\"_ _4\"> </span>indicato <span class=\"_ _4\"> </span>d<span class=\"ws37\">al </span>fo<span class=\"_ _1\"></span>rnitore),  Bad <span class=\"_ _4\"> </span>e  Good <span class=\"_ _2\"></span>(scenari corollario <span class=\"_ _15\"> </span>che <span class=\"_ _14\"> </span>presentano <span class=\"_ _15\"> </span>rispettivamente <span class=\"_ _14\"> </span>il <span class=\"_ _15\"> </span>90% <span class=\"_ _15\"> </span>e <span class=\"_ _14\"> </span>10% <span class=\"_ _15\"> </span>di <span class=\"_ _15\"> </span>probabilit<span class=\"ws38\">\u00e0 </span>che <span class=\"_ _14\"> </span>si <span class=\"_ _15\"> </span>realizzi <span class=\"_ _15\"> </span>uno <span class=\"_ _e\"> </span>scenario migliore). Per <span class=\"_ _0\"></span>tali <span class=\"_ _9\"> </span>diversi <span class=\"_ _9\"> </span>scenari, <span class=\"_ _0\"></span>sono <span class=\"_ _9\"> </span>fornite <span class=\"_ _0\"></span>inoltre <span class=\"_ _9\"> </span>le <span class=\"_ _0\"></span>relative <span class=\"_ _9\"> </span>probabilit<span class=\"ws1b\">\u00e0 </span>di <span class=\"_ _0\"></span>accadimento, <span class=\"_ _0\"></span>che <span class=\"_ _9\"> </span>vengono utilizzate <span class=\"_ _9\"> </span>per <span class=\"_ _16\"> </span>ponderare <span class=\"_ _9\"> </span>le <span class=\"_ _9\"> </span>di<span class=\"_ _2\"></span>verse <span class=\"_ _9\"> </span>stime <span class=\"_ _16\"> </span>di <span class=\"_ _9\"> </span>ECL <span class=\"_ _9\"> </span>d<span class=\"_ _2\"></span>erivanti <span class=\"_ _9\"> </span>e <span class=\"_ _9\"> </span>per<span class=\"_ _2\"></span>venire <span class=\"_ _0\"> </span>all<span class=\"ws39\">a </span>st<span class=\"_ _2\"></span>i<span class=\"ws3a\">ma </span>complessiv<span class=\"_ _1\"></span>a. <span class=\"_ _16\"> </span><span class=\"ws3b\">A </span>seguito dell\u2019emergenz<span class=\"ws14\">a </span>sanitari<span class=\"ws14\">a </span>l<span class=\"ff4\">egata <span class=\"_ _0\"></span>all<span class=\"ws14\">a </span>pande<span class=\"ws3c\">mia </span>Covid-1<span class=\"ws3d\">9 </span>e <span class=\"_ _d\"></span>d<span class=\"_ _2\"></span>el <span class=\"_ _d\"></span>c<span class=\"_ _2\"></span>onflitto <span class=\"_ _d\"></span>tr<span class=\"ws14\">a </span>Russi<span class=\"ws14\">a </span>e <span class=\"_ _0\"></span>Ucraina, <span class=\"_ _0\"></span>le <span class=\"_ _9\"> </span>tensioni <span class=\"_ _0\"></span>in </span>Medio Oriente e l\u2019aumento delle tensioni commerciali gli I<span class=\"_ _1\"></span>stituti so<span class=\"wsb\">no </span>stati chiamati <span class=\"wsb\">a </span>istituire meccani<span class=\"_ _1\"></span>s<span class=\"ws3e\">mi </span>di monitoraggio <span class=\"_ _d\"></span>degli <span class=\"_ _d\"></span>Scenari <span class=\"_ _d\"></span>sottostanti <span class=\"_ _d\"></span><span class=\"ws3f\">ai </span>modelli <span class=\"_ _2\"></span>e <span class=\"_ _d\"></span>dell<span class=\"ws40\">a </span>rela<span class=\"_ _2\"></span>tiv<span class=\"ws40\">a </span>sensitivity <span class=\"_ _d\"></span>i<span class=\"ws41\">n </span>contesti <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>forte <span class=\"_ _2\"></span>volatilit\u00e0. <span class=\"_ _2\"></span>In tale <span class=\"_ _2\"></span>contesto, il <span class=\"_ _2\"></span>Gruppo <span class=\"ws42\">ha </span>confermato <span class=\"_ _2\"></span>l\u2019utilizzo del <span class=\"_ _2\"></span>provider <span class=\"_ _2\"></span>gi<span class=\"ws43\">\u00e0 </span>i<span class=\"ws44\">n </span>uso valutando t<span class=\"_ _2\"></span>uttavi<span class=\"ws45\">a </span>tempo per <span class=\"_ _2\"></span>tempo l<span class=\"ws46\">a </span>ponderazione  d<span class=\"ws46\">a </span>att<span class=\"_ _2\"></span>ribuire  <span class=\"ws47\">ai </span>t<span class=\"_ _2\"></span>re  s<span class=\"_ _2\"></span>cenari <span class=\"_ _22\"> </span>macr<span class=\"_ _2\"></span>oeconomici <span class=\"_ _22\"> </span>disponibili. <span class=\"_ _2\"></span><span class=\"ff5\">L\u2019ulti<span class=\"ws48\">ma </span>delive<span class=\"_ _1\"></span>ry <span class=\"_ _4\"> </span>del<span class=\"ff4 ws49\"> <span class=\"ws0\">provider, </span></span></span>impiegat<span class=\"ws7\">a </span>per l\u2019ag<span class=\"_ _1\"></span>giornamento dei <span class=\"_ _1\"></span>modelli i<span class=\"ws8\">n </span>uso d<span class=\"_ _1\"></span><span class=\"ws7\">a <span class=\"ws0\">dicembre 2025, si <span class=\"_ _f\"></span>r<span class=\"_ _2\"></span>iferisce <span class=\"_ _1\"></span>all<span class=\"ws7\">a </span>situazione dell<span class=\"_ _1\"></span>\u2019Eurozona </span></span>al <span class=\"ws0\">30 <span class=\"_ _2\"></span>giug<span class=\"ws13\">no </span>2025. <span class=\"ff5\">I<span class=\"ws35\">n </span>con<span class=\"_ _1\"></span>siderazione <span class=\"_ _2\"></span>del persistente <span class=\"_ _2\"></span>cli<span class=\"ws4b\">ma </span>di <span class=\"_ _2\"></span>incertezz<span class=\"ws13\">a </span>derivante dall\u2019acuirsi <span class=\"_ _2\"></span>delle <span class=\"_ _2\"></span>tensioni </span></span>geopolitiche <span class=\"_ _d\"></span>globali, <span class=\"_ _0\"></span>al <span class=\"_ _0\"></span>fine <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>ri<span class=\"_ _2\"></span>flettere <span class=\"_ _d\"></span>adeguatamente <span class=\"_ _0\"></span>i <span class=\"_ _0\"></span>potenziali <span class=\"_ _0\"></span>rischi <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>instabilit<span class=\"ws14\">\u00e0 </span>ed <span class=\"_ _d\"></span>i <span class=\"_ _0\"></span>r<span class=\"_ _2\"></span>elativi <span class=\"_ _d\"></span>impatti economici, <span class=\"_ _2\"></span>il <span class=\"_ _d\"></span>Gruppo <span class=\"_ _2\"></span><span class=\"ws2f\">ha </span>r<span class=\"_ _2\"></span>itenuto <span class=\"_ _2\"></span>opportuno <span class=\"_ _2\"></span>deliberare <span class=\"_ _d\"></span>u<span class=\"ws4c\">n </span>inseverimento <span class=\"_ _2\"></span>dell<span class=\"wse\">a </span>ponderazione <span class=\"_ _2\"></span>dello <span class=\"_ _d\"></span>scenario Bad. <span class=\"_ _16\"> </span>Le <span class=\"_ _16\"> </span>ponderazioni <span class=\"_ _16\"> </span>deliberate  pe<span class=\"_ _1\"></span>r  gli <span class=\"_ _16\"> </span>scenari <span class=\"_ _16\"> </span>sono:  10% <span class=\"_ _16\"> </span>good,  40% <span class=\"_ _16\"> </span>bad, <span class=\"_ _16\"> </span>50% <span class=\"_ _16\"> </span>baseline <span class=\"_ _9\"> </span>(in  vece <span class=\"_ _16\"> </span>della ponderazione <span class=\"_ _f\"></span>standard: <span class=\"_ _f\"></span>10% <span class=\"_ _1\"></span>good, <span class=\"_ _f\"></span>10% <span class=\"_ _f\"></span>bad, <span class=\"_ _f\"></span>80% b<span class=\"_ _1\"></span>aseline). <span class=\"_ _2\"></span><span class=\"ff5\">L\u2019utilizzo <span class=\"_ _f\"></span>di <span class=\"_ _f\"></span>tale <span class=\"_ _f\"></span>pi\u00f9 <span class=\"_ _1\"></span>sever<span class=\"ws1f\">a </span>ponderazione <span class=\"_ _f\"></span>rispetto </span>a <span class=\"ws0\">quell</span>a <span class=\"ws0\">standard <span class=\"_ _1\"></span><span class=\"ws1d\">ha <span class=\"ws0\">portato ad <span class=\"_ _f\"></span>u<span class=\"ws1d\">na </span>maggiore quantificazione <span class=\"_ _1\"></span>delle rettifiche d<span class=\"_ _1\"></span>i valore p<span class=\"_ _1\"></span>er <span class=\"_ _2\"></span><span class=\"ls4\">2,5</span><span class=\"ws4d\"> </span>milioni d<span class=\"_ _1\"></span>i euro. </span></span></span>R<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>s<span class=\"_ _f\"></span>chi <span class=\"_ _11\"></span>cli<span class=\"_ _f\"></span>ma<span class=\"_ _f\"></span>t<span class=\"_ _f\"></span>ici <span class=\"_ _11\"></span>a<span class=\"_ _1\"></span>m<span class=\"_ _f\"></span>bi<span class=\"_ _f\"></span>e<span class=\"_ _1\"></span>nt<span class=\"_ _f\"></span>al<span class=\"_ _f\"></span>i <span class=\"_ _f\"></span>e<span class=\"_ _1\"></span>d <span class=\"_ _f\"></span>u<span class=\"_ _f\"></span>ti<span class=\"_ _f\"></span>li<span class=\"_ _f\"></span>zzo <span class=\"_ _13\"></span>di <span class=\"_ _11\"></span>ov<span class=\"_ _f\"></span>er<span class=\"_ _f\"></span>l<span class=\"_ _f\"></span>ay<span class=\"fc1 sc0 ws4e\"> </span>Per <span class=\"_ _0\"></span>quanto <span class=\"_ _9\"> </span>attiene <span class=\"_ _9\"> </span>i <span class=\"_ _9\"> </span>rischi <span class=\"_ _0\"> </span>clim<span class=\"_ _2\"></span>atici <span class=\"_ _0\"></span>ambientali, <span class=\"_ _0\"></span>n<span class=\"_ _2\"></span>ell\u2019ambito <span class=\"_ _0\"></span>del <span class=\"_ _9\"> </span>percorso <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>progressivo <span class=\"_ _0\"></span>allineamento <span class=\"_ _9\"> </span>alle aspettative dell<span class=\"wsb\">a </span>Banc<span class=\"ws45\">a </span>Ce<span class=\"_ _1\"></span>ntrale Europe<span class=\"wsb\">a </span>(BCE) in materi<span class=\"wsb\">a </span>di incl<span class=\"_ _2\"></span>usione delle tematiche E<span class=\"_ _2\"></span>SG nel Framework di <span class=\"_ _2\"></span>Risk <span class=\"_ _2\"></span>Manageme<span class=\"_ _1\"></span>nt, <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>Gruppo <span class=\"_ _2\"></span><span class=\"ws35\">ha </span>avviato <span class=\"_ _2\"></span>una progettualit\u00e0 <span class=\"_ _2\"></span><span class=\"ws35\">con </span>l\u2019obiettivo di <span class=\"_ _2\"></span>introdurre <span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>principali <span class=\"_ _2\"></span>fattori <span class=\"_ _2\"></span>di rischio <span class=\"_ _9\"> </span>climatici <span class=\"_ _0\"></span>e <span class=\"_ _9\"> </span>ambientali <span class=\"_ _9\"> </span>nei <span class=\"_ _9\"> </span>modelli <span class=\"_ _0\"> </span>contabili <span class=\"_ _9\"> </span>IFRS <span class=\"_ _9\"> </span>9. <span class=\"_ _9\"> </span><span class=\"ws4f\">A </span>conclusione <span class=\"_ _9\"> </span>delle <span class=\"_ _0\"></span>attivit\u00e0 <span class=\"_ _9\"> </span>progettuali <span class=\"_ _9\"> </span>\u00e8 stato utilizzato <span class=\"_ _d\"></span>il <span class=\"_ _0\"></span>mo<span class=\"ff5\">dello <span class=\"_ _d\"></span>Componenti <span class=\"_ _0\"></span>Climatiche <span class=\"_ _d\"></span>IFRS9 <span class=\"_ _0\"></span>per <span class=\"_ _0\"></span>l\u2019applicazione <span class=\"_ _d\"></span><span class=\"ws50\">ai </span>fini <span class=\"_ _0\"></span>del <span class=\"_ _d\"></span>calcolo <span class=\"_ _0\"></span>delle </span>svalutazioni <span class=\"ff4\">collettive. </span>L<span class=\"ws51\">a </span>mess<span class=\"ws51\">a </span>i<span class=\"ws50\">n </span>produzione <span class=\"_ _d\"></span>del <span class=\"_ _d\"></span>motor<span class=\"_ _2\"></span>e <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>calcolo <span class=\"_ _0\"></span>dell\u2019impairment, <span class=\"_ _d\"></span>evoluto <span class=\"_ _d\"></span>i<span class=\"ws50\">n </span>coerenz<span class=\"ws51\">a <span class=\"ws52\">con </span></span>il <span class=\"_ _d\"></span>n<span class=\"_ _2\"></span>uovo <span class=\"_ _d\"></span>impianto metodologico, <span class=\"_ _15\"> </span><span class=\"ws53\">ha </span>compor<span class=\"_ _2\"></span>tato <span class=\"_ _15\"> </span>u<span class=\"ws53\">na </span>maggiore <span class=\"_ _e\"> </span>svalut<span class=\"_ _2\"></span>azione <span class=\"_ _15\"> </span>collettiv<span class=\"ws54\">a </span>pari <span class=\"_ _e\"> </span><span class=\"ws54\">a </span>cir<span class=\"ws53\">ca </span>5 <span class=\"_ _e\"> </span>milioni <span class=\"_ _e\"> </span>di <span class=\"_ _e\"> </span>euro; contestualmente il Gruppo <span class=\"ws26\">ha </span>proce<span class=\"_ _1\"></span>duto <span class=\"ws26\">con </span>l<span class=\"wsb\">a </span>rimozione del c.d. ove<span class=\"_ _1\"></span>rlay ESG, precedentemente introdotto a <span class=\"ws0\">far <span class=\"_ _9\"> </span>tempo <span class=\"_ _16\"> </span>d</span>a <span class=\"ws0\">giug</span>no <span class=\"ws0\">2<span class=\"_ _1\"></span>024, <span class=\"_ _16\"> </span>pari <span class=\"_ _9\"> </span><span class=\"ws39\">a </span>circa <span class=\"_ _9\"> </span><span class=\"ws55\">9 </span>milioni <span class=\"_ _9\"> </span>di <span class=\"_ _16\"> </span>euro <span class=\"_ _9\"> </span><span class=\"ws39\">a </span>livello <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>Gruppo. <span class=\"_ _16\"> </span>Il <span class=\"_ _9\"> </span>risultato <span class=\"_ _16\"> </span>comples<span class=\"_ _2\"></span>sivo <span class=\"_ _9\"> </span>\u00e8 </span>consistito in un rilascio di svalutazione colle<span class=\"_ _1\"></span>ttiv<span class=\"wsb\">a </span>pari a cir<span class=\"ws26\">ca </span>4 milioni di euro. Poich\u00e9 <span class=\"_ _d\"></span>il <span class=\"_ _0\"></span>Gruppo <span class=\"_ _0\"></span>\u00e8 <span class=\"_ _0\"></span>soggetto <span class=\"_ _0\"></span>all<span class=\"ws14\">a </span>vigi<span class=\"_ _1\"></span>lanz<span class=\"ws14\">a </span>d<span class=\"ws14\">a </span>parte <span class=\"_ _d\"></span>di <span class=\"_ _0\"></span>diverse <span class=\"_ _0\"></span>Autorit\u00e0 <span class=\"_ _0\"></span>(BCE, <span class=\"_ _d\"></span>Banc<span class=\"ws14\">a </span>d\u2019Itali<span class=\"ws14\">a </span>e <span class=\"_ _d\"></span>CONSOB), <span class=\"_ _0\"></span>gli approcci metodologici, <span class=\"_ _2\"></span>le st<span class=\"_ _2\"></span>ime <span class=\"_ _2\"></span>ed assunzioni <span class=\"_ _2\"></span>utilizzate <span class=\"_ _2\"></span>nell<span class=\"ws13\">a </span>predisposizione del <span class=\"_ _2\"></span>bilancio <span class=\"_ _2\"></span>consolidato sono sottoposte <span class=\"ws45\">a </span>regolare at<span class=\"_ _2\"></span>tivit<span class=\"ws45\">\u00e0 </span>di revisione. Nel cors<span class=\"_ _2\"></span>o dell\u2019ulti<span class=\"ws56\">ma </span>ispezione che si <span class=\"_ _2\"></span>\u00e8 conclus<span class=\"ws45\">a </span>nel <span class=\"_ _2\"></span>2025, <span class=\"_ _2\"></span>l<span class=\"ws45\">a </span>BCE ha <span class=\"ws0\">suggerito al Gruppo l\u2019imple<span class=\"_ _1\"></span>mentazione di u<span class=\"ws26\">na </span>serie di affinamenti al framework IFRS9.<span class=\"ff4 ws57\"> </span></span>N<span class=\"ff5\">el<span class=\"ws51\"> </span>corso<span class=\"ws51\"> </span>del<span class=\"ws51\"> </span>2025<span class=\"ws51\"> </span>il<span class=\"ws51\"> </span>Gruppo<span class=\"ws51\"> </span>ha <span class=\"_ _d\"></span>avviato<span class=\"ws51\"> </span>perci\u00f2<span class=\"ws51\"> </span>le<span class=\"_ _1\"></span><span class=\"ws51\"> <span class=\"ws0\">attivit\u00e0</span> <span class=\"ws0\">propedeutiche</span> <span class=\"ws0\">all\u2019aggiornamento</span> <span class=\"ws0\">del<span class=\"ws58\"> </span>framework </span></span></span>complessivo <span class=\"_ _f\"></span>IFRS9, <span class=\"ff5\">finalizzate <span class=\"_ _f\"></span>a <span class=\"_ _f\"></span>r<span class=\"_ _2\"></span>ecepi<span class=\"_ _1\"></span>re <span class=\"_ _f\"></span>l<span class=\"_ _2\"></span>e <span class=\"_ _f\"></span>recenti ev<span class=\"_ _1\"></span>oluzioni <span class=\"_ _f\"></span>a<span class=\"_ _2\"></span>dottate <span class=\"_ _f\"></span>per i <span class=\"_ _f\"></span>modelli <span class=\"_ _f\"></span>IRB, oltre <span class=\"_ _f\"></span>all\u2019integrazione </span>di <span class=\"_ _2\"></span>serie <span class=\"_ _2\"></span>st<span class=\"_ _2\"></span>oriche <span class=\"_ _2\"></span>pi\u00f9 <span class=\"_ _2\"></span>aggiornate <span class=\"_ _2\"></span>sia <span class=\"_ _d\"></span>in <span class=\"_ _2\"></span>termini <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>parametri <span class=\"_ _d\"></span>che <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>scenari <span class=\"_ _2\"></span>macroeconomici. <span class=\"_ _2\"></span>In <span class=\"_ _d\"></span>tale <span class=\"_ _2\"></span>contesto sono<span class=\"ws59\"> </span>state<span class=\"ws5a\"> </span>condotte<span class=\"ws5b\"> </span>simulazioni<span class=\"ws5a\"> </span>d<span class=\"_ _1\"></span>i<span class=\"ws5a\"> </span>impatto<span class=\"ws5a\"> </span>volte<span class=\"ws5a\"> </span>a<span class=\"_ _1\"></span><span class=\"ws5b\"> <span class=\"ws0\">stimare<span class=\"ws5a\"> </span>gli<span class=\"ws5a\"> </span>e<span class=\"_ _f\"></span>ffett<span class=\"_ _2\"></span>i<span class=\"ws5a\"> </span>economici<span class=\"ws5a\"> </span>attesi<span class=\"_ _f\"></span><span class=\"ws5a\"> <span class=\"ws0\">a</span> <span class=\"ws0\">seguito</span> <span class=\"ws0\">degli </span></span></span></span>affinamenti<span class=\"ws5c\"> </span>metodologici<span class=\"ws5c\"> </span>previsti<span class=\"ws5c\"> </span>sul<span class=\"ws5c\"> </span>framework<span class=\"ws5c\"> </span>contabile<span class=\"ws5c\"> </span>nel<span class=\"ws5c\"> </span>corso<span class=\"ws5c\"> </span>del<span class=\"ws5c\"> </span>p<span class=\"_ _1\"></span>rossimo<span class=\"_ _2\"></span><span class=\"ws5d\"> </span>biennio.<span class=\"ws5e\"> </span>Tra<span class=\"ws5d\"> </span>questi, l'aggiornamento<span class=\"wsa\"> </span>principale<span class=\"wsa\"> </span>conce<span class=\"_ _1\"></span>rne<span class=\"wsa\"> </span>l'evoluzione<span class=\"wsa\"> </span>dei<span class=\"wsa\"> </span>criteri<span class=\"wsa\"> </span>d<span class=\"_ _1\"></span>i<span class=\"wsa\"> </span>staging.<span class=\"wsa\"> </span>Sulla<span class=\"wsa\"> </span>base<span class=\"wsa\"> </span>d<span class=\"_ _1\"></span>elle<span class=\"wsa\"> </span>risultanze<span class=\"wsa\"> </span>di<span class=\"wsa\"> </span>tali analisi, a far data dal 31 dicembre 2025, si \u00e8 procedu<span class=\"_ _f\"></span>t<span class=\"_ _2\"></span>o a quantificare un overlay di 20,8 milioni<span class=\"_ _1\"></span> di euro. <span class=\"_ _2\"></span> I<span class=\"_ _f\"></span>mp<span class=\"_ _f\"></span>le<span class=\"_ _f\"></span>m<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>nt<span class=\"_ _f\"></span>azi<span class=\"_ _f\"></span>o<span class=\"_ _f\"></span>ne  <span class=\"ff5\">d<span class=\"_ _f\"></span>e<span class=\"_ _f\"></span>ll<span class=\"_ _f\"></span>a  no<span class=\"_ _f\"></span>r<span class=\"_ _f\"></span>ma<span class=\"_ _f\"></span>t<span class=\"_ _f\"></span>iv<span class=\"_ _f\"></span><span class=\"ws5f\">a <span class=\"ws0\">su<span class=\"_ _f\"></span>ll<span class=\"_ _f\"></span>\u2019i<span class=\"_ _f\"></span>m<span class=\"_ _f\"></span>po<span class=\"_ _f\"></span>si<span class=\"_ _f\"></span>zi<span class=\"_ _1\"></span>o<span class=\"_ _f\"></span>ne <span class=\"_ _16\"> </span>m<span class=\"_ _f\"></span>ini<span class=\"_ _f\"></span>ma <span class=\"_ _0\"></span>gl<span class=\"_ _f\"></span>o<span class=\"_ _1\"></span>b<span class=\"_ _f\"></span>al<span class=\"_ _f\"></span>e  p<span class=\"_ _f\"></span>r<span class=\"_ _f\"></span>ev<span class=\"_ _f\"></span>is<span class=\"_ _f\"></span>t<span class=\"ws5f\">a </span>p<span class=\"_ _f\"></span>e<span class=\"_ _f\"></span>r  i <span class=\"_ _9\"> </span>gr<span class=\"_ _f\"></span>up<span class=\"_ _f\"></span>p<span class=\"_ _1\"></span>i <span class=\"_ _16\"> </span>m<span class=\"_ _f\"></span>ul<span class=\"_ _f\"></span>t<span class=\"_ _1\"></span>i<span class=\"_ _f\"></span>nazi<span class=\"_ _f\"></span>o<span class=\"_ _f\"></span>nal<span class=\"_ _f\"></span>i <span class=\"_ _16\"> </span>e </span></span></span>nazionali <span class=\"_ _11\"></span>nell\u2019ambito <span class=\"_ _f\"></span>del <span class=\"_ _f\"></span>c.d. <span class=\"_ _f\"></span>Pillar <span class=\"_ _f\"></span>2 <span class=\"_ _11\"></span>e <span class=\"_ _f\"></span>correlate <span class=\"_ _f\"></span>modifiche <span class=\"_ _f\"></span>allo <span class=\"_ _f\"></span>IAS <span class=\"_ _11\"></span>12 <span class=\"_ _f\"></span>in <span class=\"_ _f\"></span>materia <span class=\"_ _f\"></span>di <span class=\"_ _f\"></span>imposte <span class=\"_ _11\"></span>sul <span class=\"_ _f\"></span>reddito<span class=\"ff4 ws60\"> </span>Si <span class=\"_ _2\"></span>segnalano <span class=\"_ _2\"></span>le <span class=\"_ _2\"></span>modifiche <span class=\"_ _2\"></span>apportate <span class=\"_ _2\"></span>dallo <span class=\"_ _2\"></span>IASB <span class=\"_ _2\"></span>allo <span class=\"_ _2\"></span>IAS <span class=\"_ _2\"></span>12 <span class=\"_ _2\"></span>Imposte <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>materia <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>International <span class=\"_ _2\"></span>Tax <span class=\"_ _d\"></span>Reform <span class=\"_ _d\"></span><span class=\"ff29\">-</span><span class=\"ws61\"> </span>Pillar T<span class=\"ws62\">wo </span>Model. Tr<span class=\"ws7\">a </span>quasi 140 <span class=\"_ _f\"></span>Paesi a liv<span class=\"_ _1\"></span>ello globale, <span class=\"_ _f\"></span>at<span class=\"_ _2\"></span>traverso la <span class=\"_ _f\"></span>Direttiv<span class=\"ws7\">a </span>europe<span class=\"ws7\">a </span>2022/2053 <span class=\"_ _2\"></span><span class=\"ff5\">l\u2019Unione <span class=\"_ _f\"></span>Europe<span class=\"ws7\">a </span>\u00e8 stat<span class=\"ws16\">a </span>tr<span class=\"ws7\">a </span>le </span>prime giurisdizioni <span class=\"_ _f\"></span>che <span class=\"ws63\">ha </span>raggiunto <span class=\"_ _f\"></span>un <span class=\"_ _1\"></span>accordo <span class=\"_ _f\"></span>sulla riforma <span class=\"_ _f\"></span>fiscale <span class=\"_ _f\"></span>internazionale che <span class=\"_ _f\"></span>introduce <span class=\"_ _1\"></span>un'imposta minima <span class=\"_ _2\"></span>globale (c.d. <span class=\"_ _2\"></span>Global <span class=\"_ _2\"></span>Minimum <span class=\"_ _2\"></span>Tax) per <span class=\"_ _2\"></span>le <span class=\"_ _2\"></span>grandi imprese <span class=\"_ _2\"></span>multinazionali. <span class=\"_ _2\"></span>Nel dettaglio, <span class=\"_ _2\"></span>questi <span class=\"_ _2\"></span>Paesi, inclus<span class=\"ws59\">a </span>l\u2019Italia,  han<span class=\"_ _1\"></span><span class=\"ws59\">no <span class=\"ws0\">aderito  <span class=\"ws64\">al </span>documento  de<span class=\"_ _1\"></span>ll'OCSE  Inclusive  Framework  o<span class=\"ws65\">n </span>Base  Erosion <span class=\"_ _16\"> </span>and  Profit </span></span>Shifting, che <span class=\"_ _2\"></span>introduce <span class=\"_ _2\"></span>u<span class=\"ws35\">n </span>modello <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>due pilastr<span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>(c.d<span class=\"_ _1\"></span>. <span class=\"_ _2\"></span>Pillar) <span class=\"_ _2\"></span>per affrontar<span class=\"_ _2\"></span>e le <span class=\"_ _2\"></span>problematiche <span class=\"_ _2\"></span>fiscali derivanti dall<span class=\"ws14\">a </span>digitalizzazione <span class=\"_ _d\"></span>dell'econo<span class=\"_ _2\"></span>mia. <span class=\"_ _d\"></span>I<span class=\"ws66\">n </span>Europa, <span class=\"_ _0\"></span>l<span class=\"ws14\">a </span>Direttiv<span class=\"ws14\">a </span>per <span class=\"_ _0\"></span>attuare <span class=\"_ _0\"></span>l<span class=\"ws14\">a </span>componente <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>impost<span class=\"ws14\">a </span>minima dell<span class=\"ws45\">a </span>rifor<span class=\"ws56\">ma </span>OCSE \u00e8 stat<span class=\"ws45\">a </span>approvat<span class=\"ws45\">a </span>dall<span class=\"ws45\">a </span>Commissione <span class=\"_ _2\"></span>europe<span class=\"ws45\">a </span>lo scorso 12 <span class=\"_ _2\"></span>dice<span class=\"_ _1\"></span>mbre 2022. <span class=\"ws42\">A </span>s<span class=\"_ _2\"></span>egui<span class=\"_ _1\"></span>to <span class=\"_ _2\"></span>del superamento delle <span class=\"_ _2\"></span>riserve d<span class=\"ws43\">a </span>parte <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>alcuni Paesi membri, <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _2\"></span>stato raggiunto <span class=\"_ _2\"></span>l\u2019accordo unanime <span class=\"_ _2\"></span>i<span class=\"ws44\">n </span>sede UE<span class=\"_ _df\"> </span>per  l\u2019<span class=\"_ _1\"></span>adozione <span class=\"_ _16\"> </span>della  p<span class=\"_ _1\"></span>roposta  di <span class=\"_ _9\"> </span>D<span class=\"_ _2\"></span>irettiva <span class=\"_ _16\"> </span>comunitaria <span class=\"_ _16\"> </span>volta <span class=\"_ _16\"> </span>a <span class=\"_ _9\"> </span>r<span class=\"_ _2\"></span>ealizzare <span class=\"_ _9\"> </span>un  livello <span class=\"_ _16\"> </span>minimo  d<span class=\"ff4\">i  tassazione </span>effettiva <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>15% <span class=\"_ _d\"></span>dei <span class=\"_ _2\"></span>gruppi <span class=\"_ _2\"></span>mult<span class=\"_ _2\"></span>inazionali<span class=\"_ _1\"></span> <span class=\"_ _2\"></span>che <span class=\"_ _d\"></span>presentano <span class=\"_ _2\"></span>ricavi <span class=\"_ _d\"></span>complessivi <span class=\"_ _2\"></span>superiori <span class=\"_ _2\"></span>a <span class=\"_ _d\"></span>750 <span class=\"_ _2\"></span>milioni <span class=\"_ _2\"></span>l\u2019anno. La <span class=\"_ _f\"></span>Dir<span class=\"_ _2\"></span>ettiva <span class=\"_ _f\"></span>n. <span class=\"_ _f\"></span>2523/2022 <span class=\"_ _1\"></span>\u00e8 <span class=\"_ _f\"></span>stata <span class=\"_ _f\"></span>pubblicata <span class=\"_ _f\"></span>nella Gazz<span class=\"_ _1\"></span>etta Uf<span class=\"_ _1\"></span>ficiale <span class=\"_ _f\"></span>UE <span class=\"_ _1\"></span>il <span class=\"_ _f\"></span>22 d<span class=\"_ _1\"></span>icembre <span class=\"_ _f\"></span>2022 e<span class=\"_ _1\"></span>d <span class=\"_ _f\"></span>\u00e8 <span class=\"_ _1\"></span>stata <span class=\"_ _f\"></span>recepita nella <span class=\"_ _d\"></span>legislazione <span class=\"_ _d\"></span>nazionale <span class=\"_ _d\"></span>con <span class=\"_ _d\"></span>il <span class=\"_ _d\"></span>decreto <span class=\"_ _d\"></span>legislativo <span class=\"_ _d\"></span>n. <span class=\"_ _d\"></span>209 <span class=\"_ _d\"></span>del <span class=\"_ _d\"></span>27 <span class=\"_ _d\"></span>dicembre <span class=\"_ _2\"></span>2023<span class=\"_ _2\"></span>. <span class=\"_ _d\"></span> <span class=\"_ _0\"></span>Figurano <span class=\"_ _d\"></span>fra <span class=\"_ _2\"></span>i <span class=\"_ _d\"></span>soggetti passivi <span class=\"_ _f\"></span>le <span class=\"_ _f\"></span>imprese <span class=\"_ _f\"></span>localizzate <span class=\"_ _1\"></span>in <span class=\"_ _f\"></span>Italia <span class=\"_ _f\"></span>che <span class=\"_ _1\"></span>fanno <span class=\"_ _f\"></span>parte <span class=\"_ _f\"></span>di <span class=\"_ _f\"></span>un gruppo <span class=\"_ _f\"></span>multinazionale<span class=\"_ _1\"></span> <span class=\"_ _f\"></span>o <span class=\"_ _1\"></span>nazionale <span class=\"_ _f\"></span>con ricav<span class=\"_ _1\"></span>i <span class=\"_ _f\"></span>annui pari o superiori a 750 milioni di euro, compresi i r<span class=\"_ _2\"></span>icavi de<span class=\"_ _1\"></span>lle entit\u00e0 escluse (quali entit\u00e0 st<span class=\"_ _2\"></span>atali,<span class=\"_ _1\"></span> organizzazioni internazionali, <span class=\"_ _9\"> </span>organizzazioni <span class=\"_ _16\"> </span>senza <span class=\"_ _16\"> </span>scopo <span class=\"_ _16\"> </span>di <span class=\"_ _9\"> </span>lucro, <span class=\"_ _16\"> </span>fondi <span class=\"_ _9\"> </span>pensione,  fondi<span class=\"_ _1\"></span>  d<span class=\"_ _1\"></span>i <span class=\"_ _16\"> </span>investimento), <span class=\"_ _9\"> </span>risultanti  nel<span class=\"_ _f\"></span> bilancio <span class=\"_ _16\"> </span>consolidato <span class=\"_ _9\"> </span>della  controll<span class=\"_ _1\"></span>ante <span class=\"_ _16\"> </span>capogruppo <span class=\"_ _9\"> </span>in  almeno <span class=\"_ _9\"> </span>due <span class=\"_ _16\"> </span>dei <span class=\"_ _16\"> </span>quattro <span class=\"_ _16\"> </span>esercizi  immedi<span class=\"_ _1\"></span>atamente precedenti. L\u2019i<span class=\"_ _1\"></span>mposta <span class=\"_ _2\"></span>minima<span class=\"_ _1\"></span> nazionale sarebbe dovu<span class=\"_ _1\"></span>ta qualora per le imprese di un g<span class=\"_ _1\"></span>ruppo che operano in Italia si de<span class=\"_ _1\"></span>termini una si<span class=\"_ _f\"></span>t<span class=\"_ _2\"></span>uazione<span class=\"_ _1\"></span> tale per <span class=\"_ _1\"></span>cui l\u2019E<span class=\"_ _1\"></span>tr si attesti <span class=\"_ _1\"></span>al d<span class=\"_ _1\"></span>i sotto de<span class=\"_ _1\"></span>l 15% <span class=\"_ _1\"></span>come tassazione <span class=\"_ _1\"></span>minima. \u00c8<span class=\"_ _1\"></span> una facolt\u00e0 prevista <span class=\"_ _2\"></span>d<span class=\"ff5\">alla direttiva (e <span class=\"_ _2\"></span>applicata dall\u2019Italia) per cui <span class=\"_ _2\"></span>gli Stati <span class=\"_ _2\"></span>possono introdurre un\u2019imposta minima </span>nazionale. <span class=\"_ _9\"> </span> <span class=\"_ _9\"> </span>Sono  prev<span class=\"_ _1\"></span>isti <span class=\"_ _9\"> </span>specifici <span class=\"_ _9\"> </span>r<span class=\"_ _2\"></span>equi<span class=\"_ _1\"></span>siti <span class=\"_ _16\"> </span>di <span class=\"_ _9\"> </span>disclosure <span class=\"_ _9\"> </span>per <span class=\"_ _9\"> </span>le  soci<span class=\"_ _1\"></span>et\u00e0 <span class=\"_ _9\"> </span>impattate, <span class=\"_ _16\"> </span>con <span class=\"_ _9\"> </span>differenti <span class=\"_ _9\"> </span>o<span class=\"_ _2\"></span>bbli<span class=\"_ _1\"></span>ghi informativi  da  soddi<span class=\"_ _1\"></span>sfare  nei  periodi  in  cui  l<span class=\"_ _1\"></span>a  no<span class=\"_ _2\"></span>rmativa  Pillar  Two  \u00e8  entrata  in  vig<span class=\"_ _1\"></span>ore.  Tali  requisiti  di disclosure <span class=\"_ _1\"></span>sono appl<span class=\"_ _1\"></span>icabili <span class=\"_ _f\"></span>a partire dai <span class=\"_ _f\"></span>bilanci <span class=\"_ _f\"></span>annua<span class=\"_ _2\"></span>li <span class=\"_ _f\"></span>che iniziano d<span class=\"_ _1\"></span>al 1\u00b0 <span class=\"_ _f\"></span>gennaio 2023 <span class=\"_ _f\"></span>e non <span class=\"_ _f\"></span>sono obb<span class=\"_ _1\"></span>ligatori nei resoconti inte<span class=\"_ _1\"></span>rmedi redatti <span class=\"_ _1\"></span>prima del <span class=\"_ _1\"></span>31 dice<span class=\"_ _f\"></span>mbr<span class=\"_ _2\"></span>e 2<span class=\"_ _1\"></span>023. In particolare, <span class=\"_ _1\"></span>le modifiche ap<span class=\"_ _1\"></span>portate al princ<span class=\"_ _1\"></span>ipio introducono <span class=\"_ _0\"></span>una <span class=\"_ _9\"> </span>eccezione <span class=\"_ _0\"> </span>t<span class=\"_ _2\"></span>emporanea <span class=\"_ _0\"></span>obbligatoria <span class=\"_ _9\"> </span>che <span class=\"_ _0\"></span>prevede <span class=\"_ _9\"> </span>di <span class=\"_ _0\"></span>non <span class=\"_ _9\"> </span>rilevare <span class=\"_ _9\"> </span>la <span class=\"_ _0\"></span>fiscalit\u00e0 <span class=\"_ _9\"> </span>differita <span class=\"_ _9\"> </span>che deriverebbe dall\u2019implementazione de<span class=\"_ _1\"></span>l Pillar Two Framework.<span class=\"_ _2\"></span><span class=\"ff4\"> </span>Il <span class=\"_ _2\"></span>Gruppo <span class=\"_ _2\"></span>Credem, <span class=\"_ _2\"></span>pur <span class=\"_ _2\"></span>configurandosi <span class=\"_ _2\"></span>come <span class=\"_ _2\"></span>soggetto <span class=\"_ _2\"></span>passivo <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>liv<span class=\"_ _2\"></span>ello <span class=\"_ _2\"></span>nazionale, <span class=\"_ _2\"></span>risulta <span class=\"_ _2\"></span>fuori <span class=\"_ _2\"></span>dal <span class=\"_ _2\"></span>perimetro di applicazione della normativa per mancanza de<span class=\"_ _1\"></span>l requisito di tassazione sotto la soglia minima prevista.<span class=\"_ _df\"> </span>Emiss<span class=\"_ _f\"></span>ioni GHG <span class=\"_ _f\"></span>Credit<span class=\"_ _1\"></span> Il Gruppo <span class=\"_ _1\"></span>ha defi<span class=\"_ _1\"></span>nito un obiettivo d<span class=\"_ _1\"></span>i azzeramento de<span class=\"_ _1\"></span>lle emissioni ne<span class=\"_ _f\"></span>t<span class=\"_ _2\"></span>te al 2<span class=\"_ _1\"></span>050, in coerenza con il <span class=\"_ _f\"></span>percors<span class=\"_ _2\"></span>o di<span class=\"_ _df\"> </span><span class=\"_ _f\"></span> decarbonizzazione <span class=\"_ _d\"></span>r<span class=\"_ _2\"></span>iconosciuto <span class=\"_ _0\"></span>dallo <span class=\"_ _0\"></span>standard <span class=\"_ _0\"></span>SBTi <span class=\"_ _0\"></span>(scenario <span class=\"_ _0\"></span>1,5\u00b0C), <span class=\"_ _0\"></span>che <span class=\"_ _0\"></span>prevede <span class=\"_ _0\"></span>una <span class=\"_ _0\"> </span>r<span class=\"_ _2\"></span>iduzi<span class=\"_ _1\"></span>one <span class=\"_ _0\"></span>as<span class=\"_ _2\"></span>soluta<span class=\"_ _df\"> </span><span class=\"_ _f\"></span> delle <span class=\"_ _2f\"> </span>emissioni <span class=\"_ _2f\"> </span>lor<span class=\"_ _2\"></span>de <span class=\"_ _2f\"> </span>Scope <span class=\"_ _2f\"> </span>1 <span class=\"_ _1b\"> </span>e <span class=\"_ _2f\"> </span>2 <span class=\"_ _2f\"> </span>pari <span class=\"_ _2f\"> </span>al <span class=\"_ _2f\"> </span>90<span class=\"_ _2\"></span>% <span class=\"_ _2f\"> </span>rispetto <span class=\"_ _2f\"> </span>all\u2019anno <span class=\"_ _2f\"> </span>base <span class=\"_ _1b\"> </span>2023.<span class=\"_ _df\"> </span><span class=\"ff4\"> </span>Per <span class=\"_ _2\"></span>la <span class=\"_ _d\"></span>neutralizzazione <span class=\"_ _d\"></span>delle <span class=\"_ _2\"></span>emiss<span class=\"_ _2\"></span>ioni <span class=\"_ _2\"></span>residue <span class=\"_ _d\"></span>(scope <span class=\"_ _d\"></span>1 <span class=\"_ _d\"></span>e <span class=\"_ _2\"></span>2 <span class=\"_ _d\"></span>marked <span class=\"_ _2\"></span>based), <span class=\"_ _d\"></span>stimat<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>alla <span class=\"_ _d\"></span>fine <span class=\"_ _2\"></span>del <span class=\"_ _d\"></span>periodo <span class=\"_ _d\"></span>in<span class=\"_ _df\"> </span> circa <span class=\"_ _9\"> </span>10<span class=\"_ _2\"></span>% <span class=\"_ _0\"></span>rispetto <span class=\"_ _16\"> </span>alla <span class=\"_ _9\"> </span>baseline, <span class=\"_ _9\"> </span>a <span class=\"_ _9\"> </span>decorrere  d<span class=\"_ _1\"></span>al <span class=\"_ _9\"> </span>2025 <span class=\"_ _9\"> </span>so<span class=\"_ _2\"></span>no <span class=\"_ _0\"></span>stati  acq<span class=\"_ _f\"></span>uistat<span class=\"_ _2\"></span>i <span class=\"_ _9\"> </span>crediti <span class=\"_ _9\"> </span>di <span class=\"_ _16\"> </span>carboni<span class=\"_ _1\"></span>o <span class=\"_ _16\"> </span>certificati<span class=\"_ _df\"> </span><span class=\"_ _1\"></span> riconducibili a progetti di rimozione.<span class=\"_ _df\"> </span> Dal <span class=\"_ _2\"></span>2025 le <span class=\"_ _2\"></span>emissioni Scopo <span class=\"_ _2\"></span>1 e 2 <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>CO2 residue <span class=\"_ _2\"></span>(metodo <span class=\"_ _2\"></span>marked based) sono <span class=\"_ _2\"></span>state <span class=\"_ _2\"></span>compensate mediante<span class=\"_ _df\"> </span> l'acquisto <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>un <span class=\"_ _d\"></span>numero <span class=\"_ _2\"></span>equivalente <span class=\"_ _2\"></span>di <span class=\"_ _d\"></span>crediti <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>car<span class=\"_ _2\"></span>bonio <span class=\"_ _d\"></span><span class=\"sc2\">certi<span class=\"_ _1\"></span>ficati<span class=\"_ _1\"></span> <span class=\"_ _2\"></span>dallo Standard<span class=\"_ _1\"></span> <span class=\"_ _2\"></span>VCS <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>VER<span class=\"_ _f\"></span>RA<span class=\"_ _2\"></span><span class=\"sc0\">, <span class=\"_ _2\"></span>uno <span class=\"_ _2\"></span>degli<span class=\"_ _df\"> </span></span></span><span class=\"sc2\"><span class=\"sc0\"> </span></span>schemi  d<span class=\"_ _1\"></span>i  ce<span class=\"_ _1\"></span>rtificazione  di <span class=\"_ _16\"> </span>crediti  d<span class=\"_ _1\"></span>i  carbonio <span class=\"_ _9\"> </span>pi\u00f9  utilizzati  a <span class=\"_ _9\"> </span>livello  globale <span class=\"_ _16\"> </span>nel <span class=\"_ _16\"> </span>mercato<span class=\"_ _2\"></span>  volontario,  che<span class=\"_ _df\"> </span><span class=\"_ _f\"></span> garantisce <span class=\"_ _d\"></span>che <span class=\"_ _2\"></span>i <span class=\"_ _d\"></span>crediti <span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>iano <span class=\"_ _2\"></span>reali, <span class=\"_ _d\"></span>verificabili <span class=\"_ _2\"></span>e <span class=\"_ _d\"></span>addizionali <span class=\"_ _d\"></span>e <span class=\"_ _d\"></span>che <span class=\"_ _2\"></span>i <span class=\"_ _d\"></span>progetti <span class=\"_ _d\"></span>forniscano <span class=\"_ _d\"></span>contributi <span class=\"_ _2\"></span>misurabili<span class=\"_ _df\"> </span> allo sviluppo sostenibile.<span class=\"_ _df\"> </span> Nel corso del <span class=\"_ _f\"></span>20<span class=\"_ _2\"></span>25 <span class=\"_ _1\"></span>sono stati pe<span class=\"_ _1\"></span>rtanto acquistati n. <span class=\"_ _1\"></span>3.555 Carbon <span class=\"_ _1\"></span>Credit, corrispondenti <span class=\"_ _f\"></span>a n. 3.5<span class=\"_ _2\"></span>55 tonnellate<span class=\"_ _df\"> </span><span class=\"_ _1\"></span> di <span class=\"_ _4\"> </span>CO2 <span class=\"_ _17\"> </span>con <span class=\"_ _4\"> </span>l\u2019o<span class=\"_ _2\"></span>biettivo <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>com<span class=\"_ _2\"></span>pensare <span class=\"_ _4\"> </span>le <span class=\"_ _4\"> </span>residue <span class=\"_ _17\"> </span>emissioni <span class=\"_ _17\"> </span>di <span class=\"_ _4\"> </span>CO2 <span class=\"_ _17\"> </span>dirette <span class=\"_ _17\"> </span>ed <span class=\"_ _4\"> </span>indirette, <span class=\"_ _17\"> </span>per <span class=\"_ _17\"> </span>un <span class=\"_ _4\"> </span>cos<span class=\"_ _2\"></span>to<span class=\"_ _df\"> </span> complessivo pari <span class=\"_ _1\"></span>a circa <span class=\"_ _1\"></span>86 mila <span class=\"_ _f\"></span>euro, addebitato a <span class=\"_ _1\"></span>conto economic<span class=\"_ _1\"></span>o nella <span class=\"_ _1\"></span>voce \u201c190. Spe<span class=\"_ _1\"></span>se Amministrative:<span class=\"_ _df\"> </span> b) altre spese amministrative\u201d.<span class=\"_ _df\"> </span> I<span class=\"ff5\">l <span class=\"_ _f\"></span>progetto selezi<span class=\"_ _1\"></span>onato \u201c<span class=\"ff4 sc2\">Refo<span class=\"_ _f\"></span>resta<span class=\"_ _1\"></span>tion <span class=\"_ _f\"></span>in <span class=\"_ _f\"></span>grass<span class=\"_ _1\"></span>land <span class=\"_ _11\"></span>areas<span class=\"ff5 sc0\">\u201d <span class=\"_ _f\"></span>(VCS142), <span class=\"_ _f\"></span>rappresenta <span class=\"sc2\">un\u2019i<span class=\"_ _1\"></span>niziat<span class=\"_ _1\"></span>iva <span class=\"_ _f\"></span>di <span class=\"_ _f\"></span>rifor<span class=\"_ _f\"></span>estazione<span class=\"_ _df\"> </span></span></span></span></span><span class=\"ff5\"><span class=\"ff4 sc2\"><span class=\"ff5 sc0\"><span class=\"sc2\"><span class=\"_ _f\"></span> </span></span></span></span>(ARR<span class=\"_ _1\"></span>) ch<span class=\"_ _1\"></span>e ge<span class=\"_ _1\"></span>nera<span class=\"_ _1\"></span> credi<span class=\"_ _1\"></span>ti di <span class=\"_ _f\"></span>carbo<span class=\"_ _f\"></span>nio di ti<span class=\"_ _1\"></span>po re<span class=\"_ _1\"></span>mova<span class=\"_ _f\"></span>l<span class=\"sc0\">, in grado non solo di garantire<span class=\"_ _1\"></span> la rimozione effettiva de<span class=\"_ _1\"></span>lla<span class=\"_ _df\"> </span></span><span class=\"sc0\"> </span>CO<span class=\"ff1b ls0\">\u2082<span class=\"ff4\"> dall<span class=\"ff5\">\u2019<span class=\"_ _1\"></span><span class=\"ff4\">atmosfera, ma <span class=\"_ _f\"></span>anche di <span class=\"_ _f\"></span><span class=\"sc2\">genera<span class=\"_ _1\"></span>re <span class=\"_ _f\"></span>benefi<span class=\"_ _f\"></span>ci a<span class=\"_ _1\"></span>mbient<span class=\"_ _f\"></span>ali <span class=\"_ _1\"></span>e <span class=\"_ _f\"></span>socia<span class=\"_ _1\"></span>li <span class=\"_ _f\"></span>ad a<span class=\"_ _1\"></span>lto <span class=\"_ _f\"></span>impat<span class=\"_ _1\"></span>to<span class=\"sc0\"> <span class=\"_ _1\"></span><span class=\"ff5\">rendendolo <span class=\"_ _f\"></span>un\u2019opzione<span class=\"_ _df\"> </span></span></span></span></span></span></span></span><span class=\"ff1b ls0\"><span class=\"ff4\"><span class=\"ff5\"><span class=\"ff4\"><span class=\"sc2\"><span class=\"sc0\"><span class=\"ff5\"> </span></span></span></span></span></span></span>di <span class=\"_ _f\"></span>elevata <span class=\"_ _f\"></span>qualit\u00e0 <span class=\"_ _f\"></span>nel <span class=\"_ _f\"></span>panor<span class=\"_ _2\"></span>ama <span class=\"_ _f\"></span>dei <span class=\"_ _f\"></span>progetti <span class=\"_ _f\"></span>di <span class=\"_ _f\"></span>compensazione <span class=\"_ _f\"></span>del<span class=\"_ _2\"></span>le <span class=\"_ _f\"></span>emissioni <span class=\"_ _f\"></span>di <span class=\"_ _f\"></span>carbonio <span class=\"_ _f\"></span>(carbon <span class=\"_ _1\"></span>offsetting).<span class=\"_ _df\"> </span><span class=\"_ _2\"></span> Pow<span class=\"_ _1\"></span>er Pu<span class=\"_ _1\"></span>rchas<span class=\"_ _1\"></span>e Agre<span class=\"_ _f\"></span>ement<span class=\"_ _1\"></span> (PPAs<span class=\"_ _1\"></span>)<span class=\"_ _df\"> </span> Il  Gruppo  non  ha <span class=\"_ _16\"> </span>sottoscritto  alcun  contratto  di  fornitura  ricondu<span class=\"_ _1\"></span>cibile  alla  fattispecie  PPA;  trattasi,  in<span class=\"_ _df\"> </span><span class=\"_ _1\"></span> particolare, <span class=\"_ _22\"> </span>di <span class=\"_ _4\"> </span>accordi  di <span class=\"_ _4\"> </span>lunga  durata <span class=\"_ _4\"> </span>stipulati  con <span class=\"_ _4\"> </span>un <span class=\"_ _22\"> </span>produttore <span class=\"_ _4\"> </span>per  la <span class=\"_ _22\"> </span>for<span class=\"_ _2\"></span>nitura  di <span class=\"_ _4\"> </span>energia  elettrica<span class=\"_ _df\"> </span> rinnovabile ad un prezzo fisso.<span class=\"_ _df\"> </span> Riser<span class=\"_ _1\"></span>va Ex<span class=\"_ _1\"></span>trap<span class=\"_ _1\"></span>rofit<span class=\"_ _1\"></span>ti<span class=\"_ _df\"> </span> Nell\u2019estate <span class=\"_ _4\"> </span>del <span class=\"_ _4\"> </span>2023 <span class=\"_ _17\"> </span>il <span class=\"_ _17\"> </span>Governo <span class=\"_ _4\"> </span>istitu\u00ec <span class=\"_ _17\"> </span>un\u2019imposta <span class=\"_ _4\"> </span>straordinaria <span class=\"_ _17\"> </span>a <span class=\"_ _4\"> </span>carico <span class=\"_ _17\"> </span>delle <span class=\"_ _4\"> </span>banche, <span class=\"_ _4\"> </span>partendo <span class=\"_ _17\"> </span>dalla<span class=\"_ _df\"> </span> \u201cconstatazione\u201d che le <span class=\"_ _2\"></span>stesse stessero <span class=\"_ _2\"></span>traendo, in quel <span class=\"_ _2\"></span>periodo, notevoli vantaggi <span class=\"_ _2\"></span>dall\u2019incremento dei tassi<span class=\"_ _df\"> </span> di <span class=\"_ _d\"></span>interesse. <span class=\"_ _d\"></span>Il <span class=\"_ _d\"></span>pagamento <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>tale <span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>mposta, <span class=\"_ _d\"></span>poi, <span class=\"_ _d\"></span>a <span class=\"_ _d\"></span>seguito <span class=\"_ _d\"></span>del <span class=\"_ _d\"></span>dibattito <span class=\"_ _d\"></span>parlamentare <span class=\"_ _2\"></span>ed <span class=\"_ _d\"></span>alla <span class=\"_ _d\"></span>conversione <span class=\"_ _d\"></span>in<span class=\"_ _df\"> </span> legge <span class=\"_ _2\"></span>del <span class=\"_ _d\"></span>primo <span class=\"_ _d\"></span>decreto, <span class=\"_ _d\"></span>divenne <span class=\"_ _2\"></span>sost<span class=\"_ _2\"></span>itutiv<span class=\"_ _1\"></span>o <span class=\"_ _d\"></span>della <span class=\"_ _2\"></span>destinazione <span class=\"_ _d\"></span>di <span class=\"_ _2\"></span>part<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>degli <span class=\"_ _d\"></span>utili <span class=\"_ _2\"></span>del <span class=\"_ _d\"></span>bilancio <span class=\"_ _d\"></span>2023 <span class=\"_ _d\"></span>ad <span class=\"_ _2\"></span>una<span class=\"_ _df\"> </span> \u201criserva non <span class=\"_ _f\"></span>distribuibile\u201d, <span class=\"_ _1\"></span>determinata per <span class=\"_ _f\"></span>un importo <span class=\"_ _f\"></span>\u201c<span class=\"_ _2\"></span>non <span class=\"_ _1\"></span>inferiore <span class=\"_ _1\"></span>a due <span class=\"_ _1\"></span>volte e<span class=\"_ _1\"></span> mezza <span class=\"_ _f\"></span>l\u2019imposta calcolata<span class=\"_ _df\"> </span> ai sensi della disposizione normativa citata\u201d. <span class=\"ff4\"> </span>L\u2019assemblea <span class=\"_ _17\"> </span>dei <span class=\"_ _14\"> </span>Soci <span class=\"_ _15\"> </span>della <span class=\"_ _14\"> </span>Banca, <span class=\"_ _14\"> </span>in <span class=\"_ _14\"> </span>sede <span class=\"_ _14\"> </span>di <span class=\"_ _14\"> </span>deliberazione <span class=\"_ _14\"> </span>della <span class=\"_ _14\"> </span>propost<span class=\"_ _2\"></span>a <span class=\"_ _17\"> </span>di <span class=\"_ _14\"> </span>destinazione <span class=\"_ _14\"> </span>dell\u2019utile<span class=\"_ _df\"> </span> dell\u2019esercizio <span class=\"_ _2\"></span>conseguito <span class=\"_ _d\"></span>nel <span class=\"_ _2\"></span>bilancio <span class=\"_ _d\"></span>al <span class=\"_ _d\"></span>31.12.2023, <span class=\"_ _2\"></span>decise, <span class=\"_ _d\"></span>tra <span class=\"_ _d\"></span>l\u2019a<span class=\"ff4\">ltro, <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>destinare <span class=\"_ _2\"></span>95.044 <span class=\"_ _d\"></span>euro <span class=\"_ _2\"></span>migliaia <span class=\"_ _d\"></span>alla<span class=\"_ _df\"> </span></span><span class=\"ff4\"> </span>\u201cRiserva <span class=\"_ _2\"></span>Extraprofitti\u201d. <span class=\"_ _2\"></span>Si tratta <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>una <span class=\"_ _2\"></span>Riserva <span class=\"_ _2\"></span>\u201cnon <span class=\"_ _2\"></span>distribuibile\u201d, <span class=\"_ _2\"></span>salvo l\u2019asso<span class=\"_ _2\"></span>lvime<span class=\"_ _1\"></span>nto <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>un\u2019imposta <span class=\"_ _2\"></span>pari al<span class=\"_ _df\"> </span> 40% della stessa riserva.<div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs198\">A <span class=\"_ _0\"></span>seguito <span class=\"_ _0\"></span>dell\u2019approvazione <span class=\"_ _0\"></span>della <span class=\"_ _0\"></span>La <span class=\"_ _9\"> </span>Legge <span class=\"_ _d\"></span>di <span class=\"_ _9\"> </span>Bilancio <span class=\"_ _0\"></span>2026 <span class=\"_ _0\"></span>(Art. <span class=\"_ _0\"></span>1, <span class=\"_ _0\"></span>co<span class=\"_ _2\"></span><span class=\"ff4\">mmi <span class=\"_ _0\"></span>69 <span class=\"_ _9\"> </span>e <span class=\"_ _0\"></span>seguenti, <span class=\"_ _d\"></span>della<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>Legge <span class=\"_ _d\"></span>30 </span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs199\">dicembre <span class=\"_ _d\"></span>2025 <span class=\"_ _0\"></span>, <span class=\"_ _d\"></span>n. <span class=\"_ _0\"></span>199, <span class=\"_ _d\"></span>chiamata <span class=\"_ _0\"></span>\u201cBilancio <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>previsione <span class=\"_ _0\"></span>dello <span class=\"_ _d\"></span>Stat<span class=\"_ _2\"></span>o <span class=\"_ _d\"></span>per <span class=\"_ _0\"></span>l\u2019anno <span class=\"_ _d\"></span>finanziario <span class=\"_ _d\"></span>2026 <span class=\"_ _0\"></span>e <span class=\"_ _d\"></span>bilancio </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs19a\">pluriennale <span class=\"_ _1\"></span>per i<span class=\"_ _1\"></span>l t<span class=\"_ _1\"></span>riennio 2<span class=\"_ _1\"></span>026-<span class=\"ff5\">2028\u201d, pubb<span class=\"_ _1\"></span>licata i<span class=\"_ _1\"></span>n Gazzetta<span class=\"_ _1\"></span> Uffici<span class=\"_ _1\"></span>ale <span class=\"_ _1\"></span>del 30.12.2<span class=\"_ _1\"></span>025, Sup<span class=\"_ _1\"></span>plemento ordinario<span class=\"_ _1\"></span> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs19b\">n. <span class=\"_ _2\"></span>4<span class=\"_ _2\"></span>2/L, <span class=\"_ _2\"></span>Serie <span class=\"_ _d\"></span>generale,<span class=\"_ _1\"></span> <span class=\"_ _d\"></span>n. <span class=\"_ _2\"></span>30<span class=\"_ _2\"></span>1) <span class=\"_ _2\"></span>la <span class=\"_ _d\"></span>Banca <span class=\"_ _2\"></span>ha <span class=\"_ _d\"></span>deciso <span class=\"_ _d\"></span>di <span class=\"_ _2\"></span>approvare <span class=\"_ _2\"></span>la <span class=\"_ _d\"></span>proposta <span class=\"_ _d\"></span>di <span class=\"_ _2\"></span>affrancamento <span class=\"_ _d\"></span>dell<span class=\"_ _1\"></span>a <span class=\"_ _d\"></span>Riserva<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs19c\">Extraprofitti, <span class=\"_ _d\"></span>che <span class=\"_ _d\"></span>comporta <span class=\"_ _d\"></span>un <span class=\"_ _d\"></span>onere <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>Euro <span class=\"_ _d\"></span>migliaia <span class=\"_ _d\"></span>26.137 <span class=\"_ _0\"></span>che <span class=\"_ _d\"></span>\u00e8 <span class=\"_ _d\"></span>stato<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>imputato <span class=\"_ _d\"></span>contabilmente <span class=\"_ _2\"></span>a <span class=\"_ _0\"></span>diretta </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs19d\">decurtazione <span class=\"_ _d\"></span>del <span class=\"_ _d\"></span>patrimonio <span class=\"_ _d\"></span>nett<span class=\"_ _2\"></span>o, <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>base <span class=\"_ _d\"></span>ad <span class=\"_ _0\"></span><span class=\"ff5\">una <span class=\"_ _d\"></span>applicazione <span class=\"_ _d\"></span>per <span class=\"_ _d\"></span>analogia, <span class=\"_ _d\"></span>ai <span class=\"_ _d\"></span>sensi <span class=\"_ _d\"></span>d<span class=\"_ _2\"></span>ello <span class=\"_ _d\"></span>IAS <span class=\"_ _d\"></span>8 <span class=\"_ _d\"></span>\u201c<span class=\"_ _2\"></span>Principi<span class=\"_ _1\"></span> </span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs19e\">contabili, camb<span class=\"_ _1\"></span>iamenti nelle <span class=\"_ _1\"></span>stime contabili e<span class=\"_ _1\"></span>d errori\u201d, d<span class=\"_ _1\"></span>elle d<span class=\"_ _1\"></span>isposizioni del <span class=\"_ _1\"></span>par. 61A de<span class=\"_ _1\"></span>llo IAS <span class=\"_ _1\"></span>12 che richi<span class=\"_ _1\"></span>ede </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs19f\">di rilevare la fiscalit\u00e0 in coerenz<span class=\"_ _1\"></span>a con la posta di riferimento su cui \u00e8 comp<span class=\"_ _2\"></span><span class=\"ff5\">utata l\u2019imposta.</span> </div><div class=\"t m0 h5 ff4 fs1 fc4 sc3 ls0 ws0 gs1a0\">Altre <span class=\"_ _f\"></span>informazi<span class=\"_ _1\"></span>oni </div><div class=\"t m0 h5 ff4 fs1 fc4 sc3 ls0 ws0 gs1a1\">Aggre<span class=\"_ _f\"></span>gazione<span class=\"_ _1\"></span> azie<span class=\"_ _1\"></span>ndale<span class=\"_ _f\"></span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1a2\">Le  operazioni<span class=\"_ _1\"></span>  di  aggregazione  aziendale<span class=\"_ _1\"></span>  sono  disciplinate <span class=\"_ _16\"> </span>dal  Principio  contab<span class=\"_ _1\"></span>ile  internazionale  I<span class=\"_ _1\"></span>FRS  3 </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs1a3\">\u201cBusiness combination\u201d.<span class=\"ff4\"> </span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs1a4\">Il <span class=\"_ _9\"> </span>trasferimento <span class=\"_ _9\"> </span>del <span class=\"_ _9\"> </span>controllo <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>un\u2019impresa <span class=\"_ _9\"> </span>(o <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>un <span class=\"_ _9\"> </span>gruppo <span class=\"_ _9\"> </span>di <span class=\"_ _16\"> </span>att<span class=\"_ _2\"></span><span class=\"ff4\">ivit\u00e0 <span class=\"_ _9\"> </span>e <span class=\"_ _9\"> </span>beni <span class=\"_ _9\"> </span>integrati, <span class=\"_ _9\"> </span>condotti <span class=\"_ _9\"> </span>e <span class=\"_ _9\"> </span>gestiti </span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs1a5\">unitariamente) configura un\u2019operazione di aggregazi<span class=\"_ _1\"></span>one aziendale. <span class=\"_ _2\"></span><span class=\"ff4\"> </span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs1a6\">A <span class=\"_ _d\"></span>tal <span class=\"_ _d\"></span>fine <span class=\"_ _2\"></span>il <span class=\"_ _d\"></span>controllo <span class=\"_ _d\"></span>si <span class=\"_ _d\"></span>consid<span class=\"_ _1\"></span>era <span class=\"_ _d\"></span>trasferito <span class=\"_ _2\"></span>quando <span class=\"_ _d\"></span>l\u2019investitore <span class=\"_ _d\"></span>\u00e8 <span class=\"_ _2\"></span>espost<span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>a <span class=\"_ _d\"></span>rendimenti <span class=\"_ _2\"></span>variabili, <span class=\"_ _d\"></span>o <span class=\"_ _d\"></span>detiene </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1a7\">diritti <span class=\"_ _d\"></span>su <span class=\"_ _2\"></span>tali <span class=\"_ _d\"></span>rendimenti, <span class=\"_ _2\"></span>derivanti <span class=\"_ _d\"></span>dal <span class=\"_ _d\"></span>proprio <span class=\"_ _2\"></span>rapporto <span class=\"_ _d\"></span>con <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>part<span class=\"_ _2\"></span>ecipata <span class=\"_ _2\"></span>e <span class=\"_ _d\"></span>nel <span class=\"_ _2\"></span>contempo <span class=\"_ _d\"></span>ha <span class=\"_ _d\"></span>la <span class=\"_ _2\"></span>capacit\u00e0 <span class=\"_ _2\"></span>di </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1a8\">incidere sui rendimenti esercitando il proprio potere su tale<span class=\"_ _1\"></span> entit\u00e0. <span class=\"_ _2\"></span> </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs1a9\">L\u2019IFRS 3 <span class=\"_ _2\"></span>richiede c<span class=\"_ _2\"></span>he per <span class=\"_ _2\"></span>tutt<span class=\"_ _2\"></span>e le operazioni <span class=\"_ _2\"></span>di ag<span class=\"_ _2\"></span>gregazione venga <span class=\"_ _2\"></span>individuato <span class=\"_ _2\"></span>un acquirente. <span class=\"_ _2\"></span>Quest\u2019ultimo<span class=\"_ _2\"></span><span class=\"ff4\"> </span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs1aa\">deve essere identificato nel soggetto che ottiene<span class=\"_ _1\"></span> il controllo su un\u2019altra entit\u00e0 o gruppo di attivit\u00e0. <span class=\"_ _2\"></span><span class=\"ff4\"> </span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs1ab\">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=\"_ _9\"> </span>cui <span class=\"_ _0\"></span>l\u2019acquirente<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>ot<span class=\"_ _2\"></span>tiene <span class=\"_ _d\"></span>effettivamente <span class=\"_ _9\"> </span>il <span class=\"_ _0\"></span>controllo </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs1ac\">sull\u2019impresa <span class=\"_ _f\"></span>o <span class=\"_ _f\"></span>attivit\u00e0 <span class=\"_ _1\"></span>acquisite. <span class=\"_ _f\"></span>Quando<span class=\"ff4\"> <span class=\"_ _f\"></span><span class=\"ff5\">l\u2019operazione <span class=\"_ _f\"></span>avv<span class=\"_ _2\"></span>iene <span class=\"_ _f\"></span>tramite <span class=\"_ _f\"></span>un\u2019unica <span class=\"_ _f\"></span>operazione <span class=\"_ _f\"></span>di <span class=\"_ _f\"></span>scambio, <span class=\"_ _f\"></span>la d<span class=\"_ _f\"></span>at<span class=\"_ _2\"></span>a </span></span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1ad\">dello <span class=\"_ _2\"></span>scambio <span class=\"_ _d\"></span>normalmente <span class=\"_ _d\"></span>coincide <span class=\"_ _d\"></span>con <span class=\"_ _d\"></span>la <span class=\"_ _d\"></span>data <span class=\"_ _d\"></span>di <span class=\"_ _2\"></span>ac<span class=\"_ _2\"></span>quisizione. <span class=\"_ _2\"></span>T<span class=\"_ _2\"></span>uttavia, <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _d\"></span>sempre <span class=\"_ _d\"></span>necessario <span class=\"_ _d\"></span>verificare </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs1ae\">l\u2019eventuale <span class=\"_ _d\"></span>presenza <span class=\"_ _0\"></span>di <span class=\"_ _d\"></span>accordi <span class=\"_ _0\"></span>tra <span class=\"_ _0\"></span>le <span class=\"_ _d\"></span>parti <span class=\"_ _0\"></span>che <span class=\"_ _d\"></span>possano <span class=\"_ _0\"></span>comportare <span class=\"_ _d\"></span>un <span class=\"_ _d\"></span>t<span class=\"_ _2\"></span>rasferime<span class=\"ff4\">nto<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>del <span class=\"_ _d\"></span>controllo <span class=\"_ _0\"></span>prima </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1af\">della data dello scambio.  </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs1b0\">Il  corrispettivo <span class=\"_ _4\"> </span>trasferito  nell\u2019ambito  di <span class=\"_ _22\"> </span>un\u2019operazione <span class=\"_ _22\"> </span>di <span class=\"_ _4\"> </span>aggregazione  deve  essere <span class=\"_ _4\"> </span>determinato  come </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1b1\">sommatoria del <span class=\"_ _2\"></span>fair <span class=\"_ _2\"></span>value,<span class=\"_ _1\"></span> <span class=\"_ _2\"></span>alla dat<span class=\"_ _2\"></span>a dello <span class=\"_ _2\"></span>scambio, delle at<span class=\"_ _2\"></span>tivit\u00e0 cedute, delle <span class=\"_ _2\"></span>passivit\u00e0 <span class=\"_ _2\"></span>sostenute o <span class=\"_ _d\"></span>assunte </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs1b2\">e degli strumenti di capitale emessi dall\u2019acqui<span class=\"_ _1\"></span>rente in cambio del controllo. <span class=\"_ _2\"></span><span class=\"ff4\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1b3\">Nelle  operazioni <span class=\"_ _22\"> </span>ch<span class=\"_ _2\"></span>e  prevedono <span class=\"_ _22\"> </span>il <span class=\"_ _4\"> </span>pagamento  in  denaro <span class=\"_ _4\"> </span>(o  quando <span class=\"_ _22\"> </span>\u00e8 <span class=\"_ _4\"> </span>previsto  il <span class=\"_ _4\"> </span>pagamento  mediante </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1b4\">strumenti finanzi<span class=\"_ _1\"></span>ari assimil<span class=\"_ _1\"></span>abili <span class=\"_ _f\"></span>alla cassa) i<span class=\"_ _1\"></span>l prezz<span class=\"_ _1\"></span>o \u00e8<span class=\"_ _f\"></span> il cor<span class=\"_ _1\"></span>rispettivo pattuito, <span class=\"_ _f\"></span>eventualmente attualizz<span class=\"_ _1\"></span>ato nel </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1b5\">caso <span class=\"_ _2\"></span>in cui <span class=\"_ _2\"></span>sia <span class=\"_ _2\"></span>previsto un <span class=\"_ _2\"></span>pagamento rateale con <span class=\"_ _2\"></span>riferimento <span class=\"_ _2\"></span>ad un <span class=\"_ _2\"></span>periodo superiore <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>breve<span class=\"_ _1\"></span> <span class=\"_ _2\"></span>termine; nel </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs1b6\">caso in cui il pagamento avvenga tramite uno strumento<span class=\"_ _1\"></span> diverso dalla cassa, quindi mediante l\u2019<span class=\"_ _1\"></span>emissione <span class=\"_ _2\"></span><span class=\"ff4\">di </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1b7\">strumenti <span class=\"_ _2\"></span>rappresentativi di <span class=\"_ _2\"></span>capitale, il <span class=\"_ _2\"></span>prezzo <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _2\"></span>pari <span class=\"_ _2\"></span>al fair <span class=\"_ _2\"></span>value <span class=\"_ _2\"></span>del mezzo <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>pagamento <span class=\"_ _2\"></span>al netto <span class=\"_ _2\"></span>dei <span class=\"_ _2\"></span>costi </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs1b8\">direttamente attribuibili all\u2019<span class=\"_ _1\"></span>operazione di emissione di capitale.<span class=\"_ _2\"></span><span class=\"ff4\"> </span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs1b9\">Le operazioni <span class=\"_ _2\"></span>di ag<span class=\"_ _2\"></span>gregazione aziendale <span class=\"_ _2\"></span>sono cont<span class=\"_ _2\"></span>abilizz<span class=\"_ _1\"></span>ate <span class=\"_ _2\"></span>secondo <span class=\"_ _2\"></span>il \u201cme<span class=\"_ _2\"></span>todo <span class=\"_ _2\"></span>dell\u2019acquisizi<span class=\"_ _1\"></span>one\u201d, <span class=\"_ _2\"></span>in base </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1ba\">al quale le att<span class=\"_ _2\"></span>ivit\u00e0 identificab<span class=\"_ _1\"></span>ili acquisite (comprese <span class=\"_ _2\"></span>eventuali attivit\u00e0 immateriali in <span class=\"_ _2\"></span>precedenz<span class=\"_ _1\"></span>a n<span class=\"_ _2\"></span>on rilevate </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs1bb\">dall\u2019impresa  acquisita)  e <span class=\"_ _4\"> </span>le  passivit\u00e0 <span class=\"_ _4\"> </span>identifi<span class=\"_ _1\"></span>cabili  assunte <span class=\"_ _4\"> </span>(comprese  quelle  potenziali) <span class=\"_ _4\"> </span>devono  essere </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1bc\">rilevate ai rispettivi fair value all<span class=\"_ _1\"></span>a data di acquisizione. <span class=\"_ _2\"></span> </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs1bd\">L\u2019eccedenza tra il corrispettivo trasferito (rappresentato dal fair v<span class=\"_ _1\"></span>alue delle attivit\u00e0 trasferite, delle passivit\u00e0<span class=\"_ _1\"></span> </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs1be\">sostenute  o  de<span class=\"_ _1\"></span>gli  strumenti  d<span class=\"_ _1\"></span>i  capitale  e<span class=\"_ _1\"></span>messi  dall\u2019acqu<span class=\"_ _1\"></span>irente)  ed  il<span class=\"_ _1\"></span>  fair  value  <span class=\"ff4\">delle  attivit\u00e0 <span class=\"_ _16\"> </span>e  passivit\u00e0<span class=\"_ _1\"></span> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1bf\">acquisite  deve  essere  rilevata  come <span class=\"_ _22\"> </span>avviamento;  qualora <span class=\"_ _22\"> </span>que<span class=\"_ _2\"></span>ste  ultime  risultino,  invece,  superiori  alla </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1c0\">sommatoria <span class=\"_ _4\"> </span>del  corrispettivo, <span class=\"_ _4\"> </span>de<span class=\"_ _1\"></span>lle <span class=\"_ _4\"> </span>quote  di <span class=\"_ _4\"> </span>minoranza  e <span class=\"_ _4\"> </span>del <span class=\"_ _4\"> </span>fair <span class=\"_ _22\"> </span>value <span class=\"_ _4\"> </span>delle  quote <span class=\"_ _4\"> </span>gi\u00e0  po<span class=\"_ _2\"></span>ssedute,  la </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1c1\">differenza deve essere imputata a conto economico. </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs1c2\">La <span class=\"_ _18\"> </span>contabilizzazione <span class=\"_ _10\"> </span>dell\u2019operazione <span class=\"_ _18\"> </span>di <span class=\"_ _18\"> </span>aggregazione <span class=\"_ _18\"> </span>pu\u00f2 <span class=\"_ _18\"> </span>avvenire <span class=\"_ _18\"> </span>provvisoriamente <span class=\"_ _18\"> </span>entro <span class=\"_ _19\"> </span>la <span class=\"_ _10\"> </span>fine </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs1c3\">dell\u2019esercizio <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>cui l\u2019aggregazione <span class=\"_ _2\"></span>viene <span class=\"_ _2\"></span>realizzata <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>deve <span class=\"_ _2\"></span>essere <span class=\"_ _2\"></span>perfezionata <span class=\"_ _2\"></span>entro <span class=\"_ _2\"></span>dodici <span class=\"_ _2\"></span>mesi <span class=\"_ _2\"></span>dalla data </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1c4\">di acquisizione. </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1c5\">Le <span class=\"_ _f\"></span>fusioni <span class=\"_ _f\"></span>rientrano t<span class=\"_ _f\"></span>r<span class=\"_ _2\"></span>a <span class=\"_ _f\"></span>le <span class=\"_ _f\"></span>operazioni <span class=\"_ _f\"></span>di <span class=\"_ _f\"></span>concentrazione <span class=\"_ _f\"></span>tra imp<span class=\"_ _1\"></span>rese, <span class=\"_ _f\"></span>rappresentando <span class=\"_ _f\"></span>la <span class=\"_ _f\"></span>for<span class=\"_ _2\"></span>ma <span class=\"_ _f\"></span>di <span class=\"_ _f\"></span>aggregazione </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs1c6\">aziendale pi\u00f9 completa, in quanto comportano l\u2019unificazione sia giurid<span class=\"_ _1\"></span>ica che economica dei soggetti che vi </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1c7\">partecipano. </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1c8\">Le <span class=\"_ _4\"> </span>fusioni, <span class=\"_ _17\"> </span>siano <span class=\"_ _17\"> </span>ess<span class=\"_ _2\"></span>e <span class=\"_ _4\"> </span>propri<span class=\"_ _2\"></span><span class=\"ff5\">e, <span class=\"_ _4\"> </span>cio\u00e8 <span class=\"_ _17\"> </span>con <span class=\"_ _17\"> </span>la <span class=\"_ _17\"> </span>costituzione <span class=\"_ _17\"> </span>di <span class=\"_ _17\"> </span>un <span class=\"_ _17\"> </span>nuovo <span class=\"_ _4\"> </span>s<span class=\"_ _2\"></span>oggetto <span class=\"_ _4\"> </span>giuridico <span class=\"_ _17\"> </span>oppure <span class=\"_ _4\"> </span>\u201c<span class=\"_ _2\"></span>per<span class=\"_ _1\"></span> </span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs1c9\">incorporazione\u201d <span class=\"_ _2\"></span>con <span class=\"_ _d\"></span>la <span class=\"_ _d\"></span>confluenza <span class=\"_ _2\"></span>di <span class=\"_ _d\"></span>un\u2019impresa <span class=\"_ _2\"></span>in <span class=\"_ _d\"></span>un\u2019altra <span class=\"_ _d\"></span>impresa <span class=\"_ _2\"></span>gi\u00e0 <span class=\"_ _d\"></span>esistente, <span class=\"_ _2\"></span>sono <span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>rattate <span class=\"_ _2\"></span>secondo <span class=\"_ _d\"></span>i </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1ca\">criteri precedentemente illustrati, in particolare:  </div><div class=\"t m0 h5 ff14 fs1 fc1 sc0 ls0 ws0 gs1cb\"><span class=\"_ _2c\"> </span><span class=\"ff5\">se <span class=\"_ _17\"> </span>l\u2019operazione <span class=\"_ _4\"> </span>comporta <span class=\"_ _17\"> </span>il <span class=\"_ _17\"> </span>trasferimento <span class=\"_ _4\"> </span>del <span class=\"_ _4\"> </span>cont<span class=\"_ _2\"></span>rollo <span class=\"_ _4\"> </span>di <span class=\"_ _17\"> </span>un\u2019i<span class=\"_ _1\"></span>mpresa, <span class=\"_ _4\"> </span>essa <span class=\"_ _17\"> </span>viene <span class=\"_ _4\"> </span>tr<span class=\"_ _2\"></span>attata <span class=\"_ _4\"> </span>come </span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs1cc\">un\u2019operazione di aggregazione<span class=\"_ _1\"></span> ai sensi dell\u2019IFRS 3; </div><div class=\"t m0 h5 ff14 fs1 fc1 sc0 ls0 ws0 gs1cd\"><span class=\"_ _2c\"> </span><span class=\"ff5\">se <span class=\"_ _d\"></span>l\u2019operazione <span class=\"_ _2\"></span>non <span class=\"_ _d\"></span>comport<span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>il <span class=\"_ _d\"></span>trasferimento <span class=\"_ _d\"></span>del <span class=\"_ _2\"></span>contr<span class=\"_ _2\"></span>ollo, <span class=\"_ _2\"></span>essa <span class=\"_ _d\"></span>viene <span class=\"_ _d\"></span>contabilizzata <span class=\"_ _d\"></span>privilegiando <span class=\"_ _2\"></span>la </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1ce\">continuit\u00e0 dei valori della <span class=\"_ _2\"></span>societ\u00e0 <span class=\"_ _2\"></span>incorporata. Difatti, le operazioni di <span class=\"_ _2\"></span>aggregazione<span class=\"_ _1\"></span> aziendale <span class=\"_ _2\"></span>fra entit\u00e0 </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs1cf\">under <span class=\"_ _2\"></span>common <span class=\"_ _2\"></span>control <span class=\"_ _2\"></span>non r<span class=\"_ _2\"></span>ientrano nell\u2019ambito <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>applicazione <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>Principio cont<span class=\"_ _2\"></span>abile<span class=\"_ _1\"></span> <span class=\"_ _2\"></span>internazionale<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1d1\">IFRS <span class=\"_ _2\"></span>3, <span class=\"_ _2\"></span>n\u00e9 <span class=\"_ _2\"></span>sono <span class=\"_ _2\"></span>disciplinate <span class=\"_ _2\"></span>da <span class=\"_ _2\"></span>altri <span class=\"_ _2\"></span>IFRS; <span class=\"_ _2\"></span>vengono q<span class=\"_ _2\"></span>uindi <span class=\"_ _2\"></span>definite <span class=\"_ _2\"></span>facendo <span class=\"_ _2\"></span>riferimento <span class=\"_ _2\"></span>alle <span class=\"_ _2\"></span>dispos<span class=\"_ _2\"></span>izioni </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1d2\">contenute nello IAS 8 Accounting Policies, Change<span class=\"_ _1\"></span>s in Accounting Estimat<span class=\"_ _2\"></span>es and Errors. </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs1d3\">Nel corso dell\u2019esercizio non sono avvenu<span class=\"_ _1\"></span>te <span class=\"ff4\">o<span class=\"_ _2\"></span>perazioni di aggregazione aziendale.<span class=\"fc4 sc3\"> </span></span></div><div class=\"t m0 h5 ff4 fs1 fc4 sc3 ls0 ws0 gs1d4\">Revisi<span class=\"_ _1\"></span>one co<span class=\"_ _f\"></span>ntabile<span class=\"_ _f\"></span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1d5\">Il bilancio \u00e8 sottoposto a revisione contabile, ai sensi del D. Lgs<span class=\"_ _2\"></span>. 39/2010 e del Regolamento UE 537/2014, da </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1d6\">parte <span class=\"_ _d\"></span>della <span class=\"_ _d\"></span>s<span class=\"_ _2\"></span>ociet\u00e0 <span class=\"_ _d\"></span>Deloitte <span class=\"_ _d\"></span>&amp; <span class=\"_ _0\"></span>Touche <span class=\"_ _d\"></span>S.p.A., <span class=\"_ _d\"></span>cui <span class=\"_ _0\"></span>tale <span class=\"_ _d\"></span>incarico <span class=\"_ _0\"></span>\u00e8 <span class=\"_ _d\"></span>stato <span class=\"_ _0\"></span>affidato, <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>attuazione <span class=\"_ _0\"></span>della <span class=\"_ _d\"></span>Delibera </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs1d7\">assembleare del 28 aprile<span class=\"_ _1\"></span> 2022, fino all\u2019esercizio chiuso al 2031.<span class=\"_ _2\"></span><span class=\"ff4\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc4 sc3 ls0 ws0 gs1d8\">Utilizzo<span class=\"_ _f\"></span> di stim<span class=\"_ _1\"></span>e ed <span class=\"_ _1\"></span>ass<span class=\"_ _1\"></span>unzio<span class=\"_ _1\"></span>ni ne<span class=\"_ _f\"></span>lla predisp<span class=\"_ _1\"></span>osizi<span class=\"_ _1\"></span>one <span class=\"_ _f\"></span>del bilanc<span class=\"_ _1\"></span>io </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1d9\">In <span class=\"_ _d\"></span>conformit\u00e0 <span class=\"_ _d\"></span>agli <span class=\"_ _d\"></span>IFRS, <span class=\"_ _d\"></span>la <span class=\"_ _0\"></span>direzione <span class=\"_ _d\"></span>aziendale <span class=\"_ _d\"></span>deve <span class=\"_ _d\"></span>formulare <span class=\"_ _d\"></span>v<span class=\"_ _2\"></span>alutazioni, <span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>time <span class=\"_ _d\"></span>e <span class=\"_ _d\"></span>ipotesi <span class=\"_ _d\"></span>che <span class=\"_ _d\"></span>i<span class=\"_ _2\"></span>nfluenzano </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs1da\">l\u2019applicazione <span class=\"_ _2\"></span>dei <span class=\"_ _d\"></span>principi <span class=\"_ _2\"></span>contabili <span class=\"_ _d\"></span>e <span class=\"_ _2\"></span>gli <span class=\"_ _d\"></span>importi <span class=\"_ _d\"></span>delle <span class=\"_ _2\"></span>at<span class=\"_ _2\"></span>tivit\u00e0, <span class=\"_ _2\"></span>delle <span class=\"_ _2\"></span>passivi<span class=\"_ _2\"></span><span class=\"ff4\">t\u00e0, <span class=\"_ _d\"></span>dei <span class=\"_ _2\"></span>cost<span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>e <span class=\"_ _d\"></span>dei <span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>icavi <span class=\"_ _2\"></span>rilevati <span class=\"_ _d\"></span>in </span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs1db\">bilancio, <span class=\"_ _0\"></span>nonch\u00e9 <span class=\"_ _0\"></span>sull\u2019informativa <span class=\"_ _0\"></span>relativa <span class=\"_ _0\"></span>ad <span class=\"_ _0\"></span>attivit\u00e0 <span class=\"_ _9\"> </span>e <span class=\"_ _0\"></span>passivit\u00e0 <span class=\"_ _0\"></span>potenziali. <span class=\"_ _0\"></span>Le <span class=\"_ _0\"></span>stime <span class=\"_ _0\"></span>e <span class=\"_ _0\"></span>le <span class=\"_ _0\"></span>relative <span class=\"_ _0\"></span>ipotesi <span class=\"_ _0\"></span>si </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1dc\">basano <span class=\"_ _9\"> </span>sulle <span class=\"_ _0\"></span>esperienze <span class=\"_ _0\"></span>pregresse <span class=\"_ _9\"> </span>e <span class=\"_ _0\"></span>su <span class=\"_ _9\"> </span>altri <span class=\"_ _9\"> </span>fattori <span class=\"_ _0\"> </span>considerati <span class=\"_ _9\"> </span>ragionevoli <span class=\"_ _0\"></span>nella <span class=\"_ _0\"> </span>fat<span class=\"_ _2\"></span>tispecie <span class=\"_ _0\"></span>e <span class=\"_ _0\"> </span>s<span class=\"_ _2\"></span>ono <span class=\"_ _0\"></span>st<span class=\"_ _2\"></span>ate </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1dd\">adottate p<span class=\"_ _1\"></span>er <span class=\"_ _f\"></span>stimar<span class=\"_ _2\"></span>e <span class=\"_ _f\"></span>il <span class=\"_ _f\"></span>valore con<span class=\"_ _1\"></span>tabile <span class=\"_ _f\"></span>delle attivit\u00e0 <span class=\"_ _f\"></span>e <span class=\"_ _1\"></span>delle <span class=\"_ _f\"></span>passivit\u00e0 che <span class=\"_ _f\"></span>non <span class=\"_ _1\"></span>\u00e8 <span class=\"_ _f\"></span>facilmente <span class=\"_ _1\"></span>desumibile <span class=\"_ _f\"></span>da altre </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1de\">fonti. </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1df\">In <span class=\"_ _0\"></span>particolare <span class=\"_ _9\"> </span>sono <span class=\"_ _9\"> </span>stati <span class=\"_ _9\"> </span>adottati <span class=\"_ _9\"> </span>processi <span class=\"_ _9\"> </span>di <span class=\"_ _0\"></span>st<span class=\"_ _2\"></span>ima <span class=\"_ _0\"></span>a <span class=\"_ _9\"> </span>supporto <span class=\"_ _0\"></span>del <span class=\"_ _9\"> </span>valore <span class=\"_ _0\"></span>di <span class=\"_ _9\"> </span>iscrizione <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>alcune <span class=\"_ _9\"> </span>delle <span class=\"_ _9\"> </span>pi\u00f9 </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1e0\">rilevanti poste <span class=\"_ _2\"></span>valutative <span class=\"_ _2\"></span>iscritte nel <span class=\"_ _2\"></span>Bilanci<span class=\"_ _1\"></span>o <span class=\"_ _2\"></span>al 31 <span class=\"_ _2\"></span>dicembre 2025, <span class=\"_ _2\"></span>cos\u00ec come <span class=\"_ _2\"></span>previsto dai <span class=\"_ _2\"></span>principi contabili e </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1e1\">dalle <span class=\"_ _22\"> </span>nor<span class=\"_ _2\"></span>mative <span class=\"_ _22\"> </span>di <span class=\"_ _4\"> </span>riferimento <span class=\"_ _4\"> </span>sopra <span class=\"_ _4\"> </span>descritti. <span class=\"_ _4\"> </span>Detti <span class=\"_ _22\"> </span>pro<span class=\"_ _2\"></span>cessi  sono <span class=\"_ _4\"> </span>basati <span class=\"_ _4\"> </span>in <span class=\"_ _4\"> </span>larga  misura <span class=\"_ _4\"> </span>su <span class=\"_ _4\"> </span>stime <span class=\"_ _4\"> </span>di </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1e2\">recuperabilit\u00e0 <span class=\"_ _2\"></span>futura <span class=\"_ _2\"></span>dei <span class=\"_ _2\"></span>va<span class=\"_ _2\"></span>lori <span class=\"_ _2\"></span>iscritti <span class=\"_ _d\"></span>in <span class=\"_ _2\"></span>bilancio <span class=\"_ _2\"></span>second<span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>le <span class=\"_ _2\"></span>rego<span class=\"_ _2\"></span>le <span class=\"_ _2\"></span>dettate <span class=\"_ _2\"></span>dalle <span class=\"_ _2\"></span>norme <span class=\"_ _d\"></span>vigenti <span class=\"_ _2\"></span>e <span class=\"_ _d\"></span>sono <span class=\"_ _2\"></span>stati </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs1e3\">effettuati <span class=\"_ _9\"> </span>in <span class=\"_ _9\"> </span>un\u2019ottica <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>continuit\u00e0 <span class=\"_ _9\"> </span>aziendale, <span class=\"_ _9\"> </span>ossia <span class=\"_ _9\"> </span>prescindendo <span class=\"_ _9\"> </span>da <span class=\"_ _9\"> </span>ipotesi <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>liquidazione <span class=\"_ _0\"> </span>for<span class=\"_ _2\"></span>zata <span class=\"_ _0\"> </span>delle </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1e4\">poste oggetto di valutazione. </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1e5\">I <span class=\"_ _0\"></span>processi <span class=\"_ _9\"> </span>adott<span class=\"_ _2\"></span>ati <span class=\"_ _0\"></span>confortano <span class=\"_ _9\"> </span>i <span class=\"_ _0\"></span>valori <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>iscrizione <span class=\"_ _0\"></span>al <span class=\"_ _9\"> </span>31 <span class=\"_ _9\"> </span>dicem<span class=\"_ _2\"></span>bre <span class=\"_ _0\"></span>2025. <span class=\"_ _9\"> </span>Il <span class=\"_ _9\"> </span>processo <span class=\"_ _9\"> </span>valutativo <span class=\"_ _0\"></span>\u00e8 <span class=\"_ _9\"> </span>risultato </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1e6\">particolarmente <span class=\"_ _14\"> </span>complesso <span class=\"_ _15\"> </span>in <span class=\"_ _17\"> </span>cons<span class=\"_ _2\"></span>iderazione<span class=\"_ _1\"></span> <span class=\"_ _14\"> </span>della <span class=\"_ _14\"> </span>persist<span class=\"_ _2\"></span>ente <span class=\"_ _14\"> </span>incertezza <span class=\"_ _14\"> </span>riscontrabile <span class=\"_ _14\"> </span>nel <span class=\"_ _14\"> </span>contesto </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1e7\">macroeconomico e <span class=\"_ _2\"></span>di mercato, caratterizzato, s<span class=\"_ _2\"></span>ia da importanti livelli di volatilit\u00e0 <span class=\"_ _2\"></span>riscontrabili nei paramet<span class=\"_ _d\"></span>ri </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1e8\">finanziari <span class=\"_ _2\"></span>determinanti <span class=\"_ _2\"></span>ai <span class=\"_ _2\"></span>fini <span class=\"_ _2\"></span>della <span class=\"_ _2\"></span>valutazione, <span class=\"_ _2\"></span>sia <span class=\"_ _2\"></span>da <span class=\"_ _2\"></span>indicatori <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>deterior<span class=\"_ _2\"></span>amento <span class=\"_ _2\"></span>prospettico <span class=\"_ _2\"></span>dell<span class=\"_ _1\"></span>a <span class=\"_ _2\"></span>qualit\u00e0 </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1e9\">del credito ancora elevati. </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1ea\">I <span class=\"_ _19\"> </span>parametri <span class=\"_ _1a\"> </span>e <span class=\"_ _19\"> </span>le <span class=\"_ _19\"> </span>informazioni <span class=\"_ _19\"> </span>utilizzati <span class=\"_ _19\"> </span>per <span class=\"_ _1a\"> </span>la <span class=\"_ _19\"> </span>verifica <span class=\"_ _19\"> </span>dei <span class=\"_ _1a\"> </span>valori <span class=\"_ _19\"> </span>prima <span class=\"_ _1a\"> </span>menzi<span class=\"_ _1\"></span>onati <span class=\"_ _19\"> </span>sono <span class=\"_ _1a\"> </span>qui<span class=\"_ _1\"></span>ndi </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1eb\">significativamente  influenzati <span class=\"_ _22\"> </span>d<span class=\"_ _2\"></span>a  detti <span class=\"_ _22\"> </span>fat<span class=\"_ _2\"></span>tori  che  potr<span class=\"_ _2\"></span>ebbe<span class=\"_ _1\"></span>ro <span class=\"_ _22\"> </span>r<span class=\"_ _2\"></span>egistrare  rapidi  mutamenti <span class=\"_ _22\"> </span>ad<span class=\"_ _2\"></span>  oggi <span class=\"_ _22\"> </span>non </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1ec\">prevedibili, talch\u00e9 non si possono escludere conseguenti effetti sui futuri valori di bilancio. Per loro natura le </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1ed\">stime e le assunzioni utilizzate possono variare di periodo in periodo e, pertanto, non \u00e8 da escludere che n<span class=\"_ _2\"></span>ei </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1ee\">periodi <span class=\"_ _9\"> </span>successivi  gli<span class=\"_ _1\"></span>  attuali <span class=\"_ _9\"> </span>valori  iscritti <span class=\"_ _9\"> </span>in  bil<span class=\"_ _1\"></span>ancio <span class=\"_ _16\"> </span>possano <span class=\"_ _9\"> </span>differire,  anche<span class=\"_ _1\"></span>  i<span class=\"_ _1\"></span>n <span class=\"_ _16\"> </span>maniera  signi<span class=\"_ _1\"></span>ficativa, <span class=\"_ _16\"> </span>a </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1ef\">seguito del mutamento delle valutazioni sogge<span class=\"_ _1\"></span>ttive utilizzate.<span class=\"_ _2\"></span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1f0\">Le <span class=\"_ _f\"></span>stime <span class=\"_ _f\"></span>e <span class=\"_ _f\"></span>l<span class=\"_ _2\"></span>e <span class=\"_ _f\"></span>ipotesi <span class=\"_ _f\"></span>sono <span class=\"_ _1\"></span>riviste <span class=\"_ _f\"></span>regolarmente. <span class=\"_ _f\"></span>Le <span class=\"_ _1\"></span>eventuali <span class=\"_ _f\"></span>variazioni <span class=\"_ _f\"></span>conseguenti <span class=\"_ _f\"></span>a tali <span class=\"_ _11\"></span>r<span class=\"_ _2\"></span>evisioni <span class=\"_ _11\"></span>s<span class=\"_ _2\"></span>ono <span class=\"_ _f\"></span>rilevate </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1f1\">nel periodo in <span class=\"_ _2\"></span>cui la <span class=\"_ _2\"></span>revisione viene effettuata <span class=\"_ _2\"></span>qualora la <span class=\"_ _2\"></span>stessa interessi s<span class=\"_ _2\"></span>olo quel periodo. Nel <span class=\"_ _2\"></span>caso in <span class=\"_ _2\"></span>cui la </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1f2\">revisione <span class=\"_ _2\"></span>interessi <span class=\"_ _d\"></span>periodi <span class=\"_ _d\"></span>sia <span class=\"_ _d\"></span>correnti <span class=\"_ _d\"></span>sia <span class=\"_ _d\"></span>futuri, <span class=\"_ _d\"></span>la <span class=\"_ _d\"></span>variazione <span class=\"_ _2\"></span>\u00e8<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>rilevata <span class=\"_ _d\"></span>nel <span class=\"_ _d\"></span>periodo <span class=\"_ _2\"></span>in <span class=\"_ _d\"></span>cui <span class=\"_ _d\"></span>la <span class=\"_ _d\"></span>revisione <span class=\"_ _d\"></span>viene </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1f3\">effettuata e nei relativi periodi futuri. </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs1f4\">Le <span class=\"_ _d\"></span>principali <span class=\"_ _d\"></span>fatt<span class=\"_ _2\"></span>ispecie<span class=\"_ _f\"></span> <span class=\"_ _0\"></span>per <span class=\"_ _0\"></span>le <span class=\"_ _d\"></span>quali <span class=\"_ _d\"></span>\u00e8 <span class=\"_ _0\"></span>maggiormente <span class=\"_ _d\"></span>richiesto <span class=\"_ _0\"></span>l\u2019imp<span class=\"_ _1\"></span>iego <span class=\"_ _d\"></span>di <span class=\"_ _0\"></span>valutazioni <span class=\"_ _d\"></span>soggettive <span class=\"_ _d\"></span>da <span class=\"_ _0\"></span>parte </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1f5\">della Direzione sono: </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls1 ws0 gs1f6\">1.<span class=\"_ _1c\"> </span><span class=\"ls0\">la <span class=\"_ _22\"> </span>quantificazione  delle  perdit<span class=\"_ _2\"></span>e  per  riduzione  di  valore  dei  crediti <span class=\"_ _4\"> </span>(per  ulteriori  approfondimenti  si </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1f7\">rimanda a quanto riportato nella parte E- sezione 2 <span class=\"ff5\">\u2013</span> 2. Politiche di gesitone del rischio di credito); </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls4 ws0 gs1f8\">2.<span class=\"_ _2b\"> </span><span class=\"ff5 ls0\">l\u2019utilizzo <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>modelli <span class=\"_ _0\"></span>valutativi <span class=\"_ _0\"> </span>per<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>la <span class=\"_ _0\"></span>rilevazione <span class=\"_ _0\"></span>del <span class=\"_ _0\"></span>fair <span class=\"_ _9\"> </span>val<span class=\"_ _2\"></span><span class=\"ff4\">ue <span class=\"_ _0\"></span>degli <span class=\"_ _0\"></span>s<span class=\"_ _2\"></span>trumenti <span class=\"_ _0\"></span>finanziari <span class=\"_ _0\"></span>non <span class=\"_ _0\"></span>quot<span class=\"_ _2\"></span>ati <span class=\"_ _0\"></span>in </span></span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1f9\">mercati attivi;<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls6e ws0 gs1fa\">3.<span class=\"_ _3\"> </span><span class=\"ff5 ls0\">la  stima <span class=\"_ _9\"> </span>del <span class=\"_ _9\"> </span>valore <span class=\"_ _16\"> </span>recuperabile <span class=\"_ _9\"> </span>dell\u2019avviamento<span class=\"ff4\">  (per <span class=\"_ _9\"> </span>ulteriori <span class=\"_ _9\"> </span>approfondimenti <span class=\"_ _16\"> </span>si <span class=\"_ _9\"> </span>rimanda <span class=\"_ _16\"> </span>a <span class=\"_ _9\"> </span>quanto </span></span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1fb\">riportato nella parte B <span class=\"ff5\">\u2013</span> sezione 10 - Attivit\u00e0 immateriali);<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls4a ws0 gs1fc\">4.<span class=\"_ _3\"> </span><span class=\"ls0\">la quantificazione del TFR, dei fondi del personale e dei fondi per rischi e oneri;<span class=\"_ _df\"> </span></span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls2 ws0 gs1fd\">5.<span class=\"_ _2b\"> </span><span class=\"ls0\">le<span class=\"_ _1\"></span>  s<span class=\"_ _2\"></span>time  effettuate  per <span class=\"_ _4\"> </span>la  valutazione  delle <span class=\"_ _22\"> </span>passivit\u00e0 <span class=\"_ _4\"> </span>assicurative; <span class=\"_ _22\"> </span>il <span class=\"_ _4\"> </span>processo  di  for<span class=\"_ _2\"></span>mazione  delle<span class=\"_ _df\"> </span></span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs1fe\">Passivit\u00e0 Assicurative si <span class=\"_ _2\"></span>basa su complessi <span class=\"_ _2\"></span>processi di stima e <span class=\"_ _2\"></span>richiede l\u2019utilizzo di assunzioni e <span class=\"_ _2\"></span>ipo<span class=\"_ _2\"></span><span class=\"ff4\">tesi </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1ff\">di <span class=\"_ _2\"></span>natura <span class=\"_ _2\"></span>tecnica, <span class=\"_ _2\"></span>demografica, <span class=\"_ _2\"></span>attuariale <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>finanziaria <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>hanno <span class=\"_ _2\"></span>altr<span class=\"_ _2\"></span>es\u00ec <span class=\"_ _2\"></span>impatto s<span class=\"_ _2\"></span>ulla quantificazione<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs200\">della quota <span class=\"_ _2\"></span>del Margine sui <span class=\"_ _2\"></span>servizi <span class=\"_ _2\"></span>contrattuali <span class=\"_ _2\"></span>da rilasciare <span class=\"_ _2\"></span>nel conto<span class=\"_ _2\"></span> economico.<span class=\"_ _2\"></span><span class=\"ls49\">  </span>Tali valutazioni <span class=\"_ _2\"></span>sono </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs201\">prevalentemente <span class=\"_ _f\"></span>l<span class=\"_ _2\"></span>egate <span class=\"_ _f\"></span>sia all\u2019evoluzio<span class=\"ff4\">ne del <span class=\"_ _f\"></span>cont<span class=\"_ _2\"></span>esto socio-economico <span class=\"_ _f\"></span>nazionale e<span class=\"_ _1\"></span> internazionale, <span class=\"_ _f\"></span>s<span class=\"_ _2\"></span>ia </span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs202\">all\u2019andamento dei mercati finanziari, che<span class=\"_ _1\"></span> provocano conseguenti riflessi sull\u2019<span class=\"_ _1\"></span>andamento dei tassi, sulla<span class=\"_ _f\"></span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs203\">fluttuazione dei prezzi, sulle basi attuariali e, pi\u00f9 in generale, sul merito creditizi<span class=\"_ _2\"></span>o delle controparti. (per<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs204\">ulteriori approfondimenti <span class=\"_ _2\"></span>si <span class=\"_ _2\"></span>rimanda <span class=\"_ _2\"></span>a quanto <span class=\"_ _2\"></span>riportato<span class=\"_ _2\"></span> nella <span class=\"_ _2\"></span>parte A <span class=\"_ _d\"></span><span class=\"ff5\">\u2013</span> <span class=\"_ _2\"></span>Attivit\u00e0 <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>passivit\u00e0 as<span class=\"_ _2\"></span>sicurative,<span class=\"_ _f\"></span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs205\">scelte metodologiche del Gruppo).<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs206\">L\u2019evoluzione <span class=\"_ _d\"></span>di <span class=\"_ _0\"></span>tali <span class=\"_ _d\"></span>fatt<span class=\"_ _2\"></span>ori <span class=\"_ _d\"></span>potrebbe <span class=\"_ _d\"></span>determinare <span class=\"_ _0\"></span>la <span class=\"_ _0\"></span>necessit\u00e0, <span class=\"_ _d\"></span>nei <span class=\"_ _0\"></span>futuri <span class=\"_ _0\"></span>esercizi, <span class=\"_ _d\"></span>di <span class=\"_ _0\"></span>u<span class=\"_ _2\"></span><span class=\"ff4\">lteriori <span class=\"_ _d\"></span>cla<span class=\"_ _2\"></span>ssificazioni </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs207\">delle  esposizioni  creditizie  fra  le  esposizioni  deteriorate,  determinand<span class=\"_ _1\"></span>o  quindi  la  rilevazione  di  ulteriori </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs208\">rettifiche di <span class=\"_ _2\"></span>valore <span class=\"_ _2\"></span>inerenti <span class=\"_ _2\"></span>anche all<span class=\"_ _2\"></span>e esposizioni <span class=\"_ _2\"></span>creditizie non<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>deteriorate, per <span class=\"_ _2\"></span>effetto <span class=\"_ _2\"></span>dell\u2019aggiornamento<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs20a\">dei <span class=\"_ _d\"></span>parametr<span class=\"_ _2\"></span>i <span class=\"_ _d\"></span>creditizi. <span class=\"_ _0\"></span>In <span class=\"_ _0\"></span>aggiunta, <span class=\"_ _0\"></span>la <span class=\"_ _0\"></span>necessit\u00e0 <span class=\"_ _0\"></span>di <span class=\"_ _d\"></span>pro<span class=\"_ _2\"></span>cede<span class=\"_ _1\"></span>re <span class=\"_ _0\"></span>a <span class=\"_ _0\"></span>un <span class=\"_ _0\"></span>adeguamento <span class=\"_ _d\"></span>delle <span class=\"_ _0\"></span>rettifiche <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>valore </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs20b\">potrebbe d<span class=\"_ _1\"></span>erivare dall\u2019affe<span class=\"_ _1\"></span>rmarsi di uno scenario<span class=\"_ _f\"></span> macroeconomico diverso da<span class=\"_ _f\"></span> quello assunto nel<span class=\"_ _1\"></span>la stima de<span class=\"_ _1\"></span>i </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs20c\">parametri creditizi. </div><div class=\"t m0 h5 ff12 fs1 fc1 sc0 ls0 ws0 gs20d\">o<span class=\"_ _1c\"> </span><span class=\"ff5\">L\u2019evoluzi<span class=\"_ _1\"></span>one <span class=\"_ _22\"> </span>del <span class=\"_ _22\"> </span>mercato<span class=\"_ _2\"></span>  immobiliare  d\u2019altra <span class=\"_ _4\"> </span>parte,  in  termini  di <span class=\"_ _22\"> </span>correzione <span class=\"_ _22\"> </span>al <span class=\"_ _4\"> </span>ribasso  dei  prezzi  degli<span class=\"_ _df\"> </span></span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs20e\">immobili, <span class=\"_ _2\"></span>potr<span class=\"_ _2\"></span>ebbe<span class=\"_ _1\"></span> <span class=\"_ _d\"></span>influenzare <span class=\"_ _d\"></span>(i) <span class=\"_ _d\"></span>il <span class=\"_ _d\"></span>valore <span class=\"_ _2\"></span>degli <span class=\"_ _d\"></span>immobili <span class=\"_ _d\"></span>ricevuti <span class=\"_ _d\"></span>in <span class=\"_ _2\"></span>garanzia <span class=\"_ _d\"></span>richiedendo <span class=\"_ _d\"></span>un <span class=\"_ _d\"></span>adeguamento<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs20f\">delle <span class=\"_ _2\"></span>rettifiche <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>valore <span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>(ii) <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>capacit\u00e0 <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>alcune <span class=\"_ _2\"></span>contropart<span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>operanti <span class=\"_ _2\"></span>nel <span class=\"_ _2\"></span>settor<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>immobiliare <span class=\"_ _2\"></span>di onor<span class=\"_ _2\"></span>are <span class=\"_ _2\"></span>il </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs210\">proprio <span class=\"_ _2\"></span>debito. <span class=\"_ _d\"></span>Essendo <span class=\"_ _2\"></span>gli <span class=\"_ _2\"></span>immobili <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>G<span class=\"_ _2\"></span>ruppo <span class=\"_ _2\"></span>posizionati <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>Italia <span class=\"_ _2\"></span>non <span class=\"_ _d\"></span>ci <span class=\"_ _2\"></span>si <span class=\"_ _d\"></span>attendono <span class=\"_ _2\"></span>impatti <span class=\"_ _2\"></span>diretti <span class=\"_ _2\"></span>dalle<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs211\">tensioni <span class=\"_ _10\"> </span>geopolitiche <span class=\"_ _10\"> </span>mondiali <span class=\"_ _18\"> </span>(in <span class=\"_ _10\"> </span>ogni <span class=\"_ _10\"> </span>caso <span class=\"_ _10\"> </span>si <span class=\"_ _10\"> </span>evidenzia <span class=\"_ _10\"> </span>come <span class=\"_ _10\"> </span>il <span class=\"_ _10\"> </span>fair <span class=\"_ _10\"> </span>value <span class=\"_ _10\"> </span>degli <span class=\"_ _10\"> </span>immobili <span class=\"_ _10\"> </span>risulti </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls2 ws0 gs212\">si<span class=\"ls0\">stematicamente superiore al valore netto contabile<span class=\"_ _1\"></span> degli stessi).<span class=\"_ _df\"> </span></span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs213\">Infine, <span class=\"_ _0\"></span>con <span class=\"_ _9\"> </span>riferimento <span class=\"_ _9\"> </span>ai <span class=\"_ _9\"> </span>cambiamenti <span class=\"_ _0\"></span>avversi <span class=\"_ _9\"> </span>dei <span class=\"_ _0\"></span>rischi <span class=\"_ _9\"> </span>climatici <span class=\"_ _9\"> </span>si <span class=\"_ _0\"> </span>r<span class=\"_ _2\"></span>imanda <span class=\"_ _0\"></span>a <span class=\"_ _9\"> </span>quanto <span class=\"_ _0\"></span>gi\u00e0 <span class=\"_ _9\"> </span>riportato <span class=\"_ _9\"> </span>nella </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs214\">presenta Nota integrativa, Parte E, Sezi<span class=\"_ _1\"></span>one 2 <span class=\"_ _2\"></span><span class=\"ff5\">\u2013</span> Rischi del consolidato prudenziale.<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs215\">Con <span class=\"_ _4\"> </span>riferimento <span class=\"_ _4\"> </span>alle <span class=\"_ _4\"> </span>restant<span class=\"_ _2\"></span>i <span class=\"_ _4\"> </span>poste <span class=\"_ _4\"> </span>per <span class=\"_ _4\"> </span>le <span class=\"_ _4\"> </span>qua<span class=\"_ _2\"></span>li <span class=\"_ _4\"> </span>vengono <span class=\"_ _4\"> </span>utilizzate <span class=\"_ _4\"> </span>valutazioni <span class=\"_ _4\"> </span>s<span class=\"_ _2\"></span>oggettive,<span class=\"_ _1\"></span> <span class=\"_ _4\"> </span>s<span class=\"_ _2\"></span>ebbene<span class=\"_ _1\"></span> <span class=\"_ _17\"> </span>le </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs216\">valutazioni s<span class=\"_ _2\"></span>iano <span class=\"_ _2\"></span>state <span class=\"_ _2\"></span>effettuate sulla <span class=\"_ _2\"></span>base <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>informazioni <span class=\"_ _2\"></span>ritenute r<span class=\"_ _2\"></span>agionevol<span class=\"_ _1\"></span>i <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>sostenibili <span class=\"_ _2\"></span>al 31 <span class=\"_ _d\"></span>dicemb<span class=\"_ _1\"></span>re </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs217\">2025, <span class=\"_ _0\"></span>le <span class=\"_ _0\"></span>stesse <span class=\"_ _9\"> </span>potranno <span class=\"_ _0\"></span>subire <span class=\"_ _0\"></span>cambiamenti <span class=\"_ _0\"></span>al <span class=\"_ _0\"></span>momento <span class=\"_ _0\"></span>non <span class=\"_ _0\"></span>prevedibili <span class=\"_ _0\"></span>per <span class=\"_ _0\"></span>effetto <span class=\"_ _0\"></span>delle <span class=\"_ _0\"></span>evoluzioni <span class=\"_ _0\"></span>nei </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs218\">parametri alla base delle rispettive<span class=\"_ _1\"></span> valutazioni:<span class=\"_ _2\"></span> </div><div class=\"t m0 h5 ff14 fs1 fc1 sc0 ls0 ws0 gs219\"><span class=\"_ _2c\"> </span><span class=\"ff4\">condizioni <span class=\"_ _4\"> </span>economiche <span class=\"_ _4\"> </span>ed <span class=\"_ _4\"> </span>ind<span class=\"_ _2\"></span>ustriali <span class=\"_ _4\"> </span>generali <span class=\"_ _4\"> </span>delle <span class=\"_ _4\"> </span>aree <span class=\"_ _4\"> </span>in <span class=\"_ _4\"> </span>cui <span class=\"_ _4\"> </span>la <span class=\"_ _4\"> </span>Banca <span class=\"_ _4\"> </span>op<span class=\"_ _2\"></span>era <span class=\"_ _4\"> </span>o <span class=\"_ _4\"> </span>ha <span class=\"_ _4\"> </span>investimenti </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs21a\">significativi; </div><div class=\"t m0 h5 ff14 fs1 fc1 sc0 ls0 ws0 gs21b\"><span class=\"_ _2c\"> </span><span class=\"ff4\">esposizione ai vari rischi di mercato (es. rischio cambio);<span class=\"_ _df\"> </span></span></div><div class=\"t m0 h5 ff14 fs1 fc1 sc0 ls0 ws0 gs21c\"><span class=\"_ _2c\"> </span><span class=\"ff4\">cambiamenti <span class=\"_ _9\"> </span>legislativi, <span class=\"_ _9\"> </span>normativi, <span class=\"_ _9\"> </span>fiscali, <span class=\"_ _9\"> </span>inclusi <span class=\"_ _9\"> </span>i <span class=\"_ _16\"> </span>requisiti <span class=\"_ _9\"> </span>in <span class=\"_ _9\"> </span>materia <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>capitale <span class=\"_ _9\"> </span>r<span class=\"_ _2\"></span>egolamentare <span class=\"_ _9\"> </span>e <span class=\"_ _9\"> </span>di </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs21d\">liquidit\u00e0, anche tenuto conto della maggiore regolamentazi<span class=\"_ _1\"></span>one in risposta alla crisi finanziaria;<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff14 fs1 fc1 sc0 ls0 ws0 gs21e\"><span class=\"_ _2c\"> </span><span class=\"ff4\">cambiamenti climatici avversi che potrebbero influenzare il valore dell<span class=\"_ _1\"></span>e attivit\u00e0 detenute e/o la capacit\u00e0 </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs21f\">dei clienti di onorare il proprio debi<span class=\"_ _1\"></span>to. </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs220\">Altri <span class=\"_ _0\"></span>fattori <span class=\"_ _0\"></span>sconosciuti <span class=\"_ _0\"></span>ed <span class=\"_ _d\"></span>im<span class=\"_ _2\"></span>prevedibili<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>potrebbero <span class=\"_ _0\"></span>determinare <span class=\"_ _0\"></span>degli <span class=\"_ _0\"></span>scostamenti <span class=\"_ _0\"></span>materiali <span class=\"_ _0\"></span>tra <span class=\"_ _0\"></span>i <span class=\"_ _0\"></span>risultati </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs221\">effettivi e quelli previsti. </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs222\">Per maggiori dettagli si rimanda a quanto riportato nel<span class=\"_ _1\"></span>la parte \u201cE\u201d della presente Nota Integrativa<span class=\"_ _2\"></span><span class=\"ff4\">.<span class=\"_ _df\"> </span></span></div>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-859": {
   "value": "282  BILANCIO C<span class=\"_ _1\"></span>ONSOLIDATO <span class=\"ff5\">\u2013</span> NOTA INT<span class=\"_ _f\"></span>EGRATIVA<span class=\"_ _df\"> </span>Il Gruppo <span class=\"_ _1\"></span>ha defi<span class=\"_ _1\"></span>nito un obiettivo d<span class=\"_ _1\"></span>i azzeramento de<span class=\"_ _1\"></span>lle emissioni ne<span class=\"_ _f\"></span>t<span class=\"_ _2\"></span>te al 2<span class=\"_ _1\"></span>050, in coerenza con il <span class=\"_ _f\"></span>percors<span class=\"_ _2\"></span>o di<span class=\"_ _df\"> </span>decarbonizzazione <span class=\"_ _d\"></span>r<span class=\"_ _2\"></span>iconosciuto <span class=\"_ _0\"></span>dallo <span class=\"_ _0\"></span>standard <span class=\"_ _0\"></span>SBTi <span class=\"_ _0\"></span>(scenario <span class=\"_ _0\"></span>1,5\u00b0C), <span class=\"_ _0\"></span>che <span class=\"_ _0\"></span>prevede <span class=\"_ _0\"></span>una <span class=\"_ _0\"> </span>r<span class=\"_ _2\"></span>iduzi<span class=\"_ _1\"></span>one <span class=\"_ _0\"></span>as<span class=\"_ _2\"></span>soluta<span class=\"_ _df\"> </span>delle <span class=\"_ _2f\"> </span>emissioni <span class=\"_ _2f\"> </span>lor<span class=\"_ _2\"></span>de <span class=\"_ _2f\"> </span>Scope <span class=\"_ _2f\"> </span>1 <span class=\"_ _1b\"> </span>e <span class=\"_ _2f\"> </span>2 <span class=\"_ _2f\"> </span>pari <span class=\"_ _2f\"> </span>al <span class=\"_ _2f\"> </span>90<span class=\"_ _2\"></span>% <span class=\"_ _2f\"> </span>rispetto <span class=\"_ _2f\"> </span>all\u2019anno <span class=\"_ _2f\"> </span>base <span class=\"_ _1b\"> </span>2023.<span class=\"_ _df\"> </span>Per <span class=\"_ _2\"></span>la <span class=\"_ _d\"></span>neutralizzazione <span class=\"_ _d\"></span>delle <span class=\"_ _2\"></span>emiss<span class=\"_ _2\"></span>ioni <span class=\"_ _2\"></span>residue <span class=\"_ _d\"></span>(scope <span class=\"_ _d\"></span>1 <span class=\"_ _d\"></span>e <span class=\"_ _2\"></span>2 <span class=\"_ _d\"></span>marked <span class=\"_ _2\"></span>based), <span class=\"_ _d\"></span>stimat<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>alla <span class=\"_ _d\"></span>fine <span class=\"_ _2\"></span>del <span class=\"_ _d\"></span>periodo <span class=\"_ _d\"></span>in<span class=\"_ _df\"> </span>circa <span class=\"_ _9\"> </span>10<span class=\"_ _2\"></span>% <span class=\"_ _0\"></span>rispetto <span class=\"_ _16\"> </span>alla <span class=\"_ _9\"> </span>baseline, <span class=\"_ _9\"> </span>a <span class=\"_ _9\"> </span>decorrere  d<span class=\"_ _1\"></span>al <span class=\"_ _9\"> </span>2025 <span class=\"_ _9\"> </span>so<span class=\"_ _2\"></span>no <span class=\"_ _0\"></span>stati  acq<span class=\"_ _f\"></span>uistat<span class=\"_ _2\"></span>i <span class=\"_ _9\"> </span>crediti <span class=\"_ _9\"> </span>di <span class=\"_ _16\"> </span>carboni<span class=\"_ _1\"></span>o <span class=\"_ _16\"> </span>certificati<span class=\"_ _df\"> </span>riconducibili a progetti di rimozione.<span class=\"_ _df\"> </span>Dal <span class=\"_ _2\"></span>2025 le <span class=\"_ _2\"></span>emissioni Scopo <span class=\"_ _2\"></span>1 e 2 <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>CO2 residue <span class=\"_ _2\"></span>(metodo <span class=\"_ _2\"></span>marked based) sono <span class=\"_ _2\"></span>state <span class=\"_ _2\"></span>compensate mediante<span class=\"_ _df\"> </span>l'acquisto <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>un <span class=\"_ _d\"></span>numero <span class=\"_ _2\"></span>equivalente <span class=\"_ _2\"></span>di <span class=\"_ _d\"></span>crediti <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>car<span class=\"_ _2\"></span>bonio <span class=\"_ _d\"></span><span class=\"sc2\">certi<span class=\"_ _1\"></span>ficati<span class=\"_ _1\"></span> <span class=\"_ _2\"></span>dallo Standard<span class=\"_ _1\"></span> <span class=\"_ _2\"></span>VCS <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>VER<span class=\"_ _f\"></span>RA<span class=\"_ _2\"></span><span class=\"sc0\">, <span class=\"_ _2\"></span>uno <span class=\"_ _2\"></span>degli<span class=\"_ _df\"> </span></span></span>schemi  d<span class=\"_ _1\"></span>i  ce<span class=\"_ _1\"></span>rtificazione  di <span class=\"_ _16\"> </span>crediti  d<span class=\"_ _1\"></span>i  carbonio <span class=\"_ _9\"> </span>pi\u00f9  utilizzati  a <span class=\"_ _9\"> </span>livello  globale <span class=\"_ _16\"> </span>nel <span class=\"_ _16\"> </span>mercato<span class=\"_ _2\"></span>  volontario,  che<span class=\"_ _df\"> </span>garantisce <span class=\"_ _d\"></span>che <span class=\"_ _2\"></span>i <span class=\"_ _d\"></span>crediti <span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>iano <span class=\"_ _2\"></span>reali, <span class=\"_ _d\"></span>verificabili <span class=\"_ _2\"></span>e <span class=\"_ _d\"></span>addizionali <span class=\"_ _d\"></span>e <span class=\"_ _d\"></span>che <span class=\"_ _2\"></span>i <span class=\"_ _d\"></span>progetti <span class=\"_ _d\"></span>forniscano <span class=\"_ _d\"></span>contributi <span class=\"_ _2\"></span>misurabili<span class=\"_ _df\"> </span>allo sviluppo sostenibile.<span class=\"_ _df\"> </span>Nel corso del <span class=\"_ _f\"></span>20<span class=\"_ _2\"></span>25 <span class=\"_ _1\"></span>sono stati pe<span class=\"_ _1\"></span>rtanto acquistati n. <span class=\"_ _1\"></span>3.555 Carbon <span class=\"_ _1\"></span>Credit, corrispondenti <span class=\"_ _f\"></span>a n. 3.5<span class=\"_ _2\"></span>55 tonnellate<span class=\"_ _df\"> </span>di <span class=\"_ _4\"> </span>CO2 <span class=\"_ _17\"> </span>con <span class=\"_ _4\"> </span>l\u2019o<span class=\"_ _2\"></span>biettivo <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>com<span class=\"_ _2\"></span>pensare <span class=\"_ _4\"> </span>le <span class=\"_ _4\"> </span>residue <span class=\"_ _17\"> </span>emissioni <span class=\"_ _17\"> </span>di <span class=\"_ _4\"> </span>CO2 <span class=\"_ _17\"> </span>dirette <span class=\"_ _17\"> </span>ed <span class=\"_ _4\"> </span>indirette, <span class=\"_ _17\"> </span>per <span class=\"_ _17\"> </span>un <span class=\"_ _4\"> </span>cos<span class=\"_ _2\"></span>to<span class=\"_ _df\"> </span>complessivo pari <span class=\"_ _1\"></span>a circa <span class=\"_ _1\"></span>86 mila <span class=\"_ _f\"></span>euro, addebitato a <span class=\"_ _1\"></span>conto economic<span class=\"_ _1\"></span>o nella <span class=\"_ _1\"></span>voce \u201c190. Spe<span class=\"_ _1\"></span>se Amministrative:<span class=\"_ _df\"> </span>b) altre spese amministrative\u201d.<span class=\"_ _df\"> </span>I<span class=\"ff5\">l <span class=\"_ _f\"></span>progetto selezi<span class=\"_ _1\"></span>onato \u201c<span class=\"ff4 sc2\">Refo<span class=\"_ _f\"></span>resta<span class=\"_ _1\"></span>tion <span class=\"_ _f\"></span>in <span class=\"_ _f\"></span>grass<span class=\"_ _1\"></span>land <span class=\"_ _11\"></span>areas<span class=\"ff5 sc0\">\u201d <span class=\"_ _f\"></span>(VCS142), <span class=\"_ _f\"></span>rappresenta <span class=\"sc2\">un\u2019i<span class=\"_ _1\"></span>niziat<span class=\"_ _1\"></span>iva <span class=\"_ _f\"></span>di <span class=\"_ _f\"></span>rifor<span class=\"_ _f\"></span>estazione<span class=\"_ _df\"> </span></span></span></span></span>(ARR<span class=\"_ _1\"></span>) ch<span class=\"_ _1\"></span>e ge<span class=\"_ _1\"></span>nera<span class=\"_ _1\"></span> credi<span class=\"_ _1\"></span>ti di <span class=\"_ _f\"></span>carbo<span class=\"_ _f\"></span>nio di ti<span class=\"_ _1\"></span>po re<span class=\"_ _1\"></span>mova<span class=\"_ _f\"></span>l<span class=\"sc0\">, in grado non solo di garantire<span class=\"_ _1\"></span> la rimozione effettiva de<span class=\"_ _1\"></span>lla<span class=\"_ _df\"> </span></span>CO<span class=\"ff1b ls0\">\u2082<span class=\"ff4\"> dall<span class=\"ff5\">\u2019<span class=\"_ _1\"></span><span class=\"ff4\">atmosfera, ma <span class=\"_ _f\"></span>anche di <span class=\"_ _f\"></span><span class=\"sc2\">genera<span class=\"_ _1\"></span>re <span class=\"_ _f\"></span>benefi<span class=\"_ _f\"></span>ci a<span class=\"_ _1\"></span>mbient<span class=\"_ _f\"></span>ali <span class=\"_ _1\"></span>e <span class=\"_ _f\"></span>socia<span class=\"_ _1\"></span>li <span class=\"_ _f\"></span>ad a<span class=\"_ _1\"></span>lto <span class=\"_ _f\"></span>impat<span class=\"_ _1\"></span>to<span class=\"sc0\"> <span class=\"_ _1\"></span><span class=\"ff5\">rendendolo <span class=\"_ _f\"></span>un\u2019opzione<span class=\"_ _df\"> </span></span></span></span></span></span></span></span>di <span class=\"_ _f\"></span>elevata <span class=\"_ _f\"></span>qualit\u00e0 <span class=\"_ _f\"></span>nel <span class=\"_ _f\"></span>panor<span class=\"_ _2\"></span>ama <span class=\"_ _f\"></span>dei <span class=\"_ _f\"></span>progetti <span class=\"_ _f\"></span>di <span class=\"_ _f\"></span>compensazione <span class=\"_ _f\"></span>del<span class=\"_ _2\"></span>le <span class=\"_ _f\"></span>emissioni <span class=\"_ _f\"></span>di <span class=\"_ _f\"></span>carbonio <span class=\"_ _f\"></span>(carbon <span class=\"_ _1\"></span>offsetting).<span class=\"_ _df\"> </span>Pow<span class=\"_ _1\"></span>er Pu<span class=\"_ _1\"></span>rchas<span class=\"_ _1\"></span>e Agre<span class=\"_ _f\"></span>ement<span class=\"_ _1\"></span> (PPAs<span class=\"_ _1\"></span>)<span class=\"_ _df\"> </span>Il  Gruppo  non  ha <span class=\"_ _16\"> </span>sottoscritto  alcun  contratto  di  fornitura  ricondu<span class=\"_ _1\"></span>cibile  alla  fattispecie  PPA;  trattasi,  in<span class=\"_ _df\"> </span>particolare, <span class=\"_ _22\"> </span>di <span class=\"_ _4\"> </span>accordi  di <span class=\"_ _4\"> </span>lunga  durata <span class=\"_ _4\"> </span>stipulati  con <span class=\"_ _4\"> </span>un <span class=\"_ _22\"> </span>produttore <span class=\"_ _4\"> </span>per  la <span class=\"_ _22\"> </span>for<span class=\"_ _2\"></span>nitura  di <span class=\"_ _4\"> </span>energia  elettrica<span class=\"_ _df\"> </span>rinnovabile ad un prezzo fisso.<span class=\"_ _df\"> </span>Riser<span class=\"_ _1\"></span>va Ex<span class=\"_ _1\"></span>trap<span class=\"_ _1\"></span>rofit<span class=\"_ _1\"></span>ti<span class=\"_ _df\"> </span>Nell\u2019estate <span class=\"_ _4\"> </span>del <span class=\"_ _4\"> </span>2023 <span class=\"_ _17\"> </span>il <span class=\"_ _17\"> </span>Governo <span class=\"_ _4\"> </span>istitu\u00ec <span class=\"_ _17\"> </span>un\u2019imposta <span class=\"_ _4\"> </span>straordinaria <span class=\"_ _17\"> </span>a <span class=\"_ _4\"> </span>carico <span class=\"_ _17\"> </span>delle <span class=\"_ _4\"> </span>banche, <span class=\"_ _4\"> </span>partendo <span class=\"_ _17\"> </span>dalla<span class=\"_ _df\"> </span>\u201cconstatazione\u201d che le <span class=\"_ _2\"></span>stesse stessero <span class=\"_ _2\"></span>traendo, in quel <span class=\"_ _2\"></span>periodo, notevoli vantaggi <span class=\"_ _2\"></span>dall\u2019incremento dei tassi<span class=\"_ _df\"> </span>di <span class=\"_ _d\"></span>interesse. <span class=\"_ _d\"></span>Il <span class=\"_ _d\"></span>pagamento <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>tale <span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>mposta, <span class=\"_ _d\"></span>poi, <span class=\"_ _d\"></span>a <span class=\"_ _d\"></span>seguito <span class=\"_ _d\"></span>del <span class=\"_ _d\"></span>dibattito <span class=\"_ _d\"></span>parlamentare <span class=\"_ _2\"></span>ed <span class=\"_ _d\"></span>alla <span class=\"_ _d\"></span>conversione <span class=\"_ _d\"></span>in<span class=\"_ _df\"> </span>legge <span class=\"_ _2\"></span>del <span class=\"_ _d\"></span>primo <span class=\"_ _d\"></span>decreto, <span class=\"_ _d\"></span>divenne <span class=\"_ _2\"></span>sost<span class=\"_ _2\"></span>itutiv<span class=\"_ _1\"></span>o <span class=\"_ _d\"></span>della <span class=\"_ _2\"></span>destinazione <span class=\"_ _d\"></span>di <span class=\"_ _2\"></span>part<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>degli <span class=\"_ _d\"></span>utili <span class=\"_ _2\"></span>del <span class=\"_ _d\"></span>bilancio <span class=\"_ _d\"></span>2023 <span class=\"_ _d\"></span>ad <span class=\"_ _2\"></span>una<span class=\"_ _df\"> </span>\u201criserva non <span class=\"_ _f\"></span>distribuibile\u201d, <span class=\"_ _1\"></span>determinata per <span class=\"_ _f\"></span>un importo <span class=\"_ _f\"></span>\u201c<span class=\"_ _2\"></span>non <span class=\"_ _1\"></span>inferiore <span class=\"_ _1\"></span>a due <span class=\"_ _1\"></span>volte e<span class=\"_ _1\"></span> mezza <span class=\"_ _f\"></span>l\u2019imposta calcolata<span class=\"_ _df\"> </span>ai sensi della disposizione normativa citata\u201d. L\u2019assemblea <span class=\"_ _17\"> </span>dei <span class=\"_ _14\"> </span>Soci <span class=\"_ _15\"> </span>della <span class=\"_ _14\"> </span>Banca, <span class=\"_ _14\"> </span>in <span class=\"_ _14\"> </span>sede <span class=\"_ _14\"> </span>di <span class=\"_ _14\"> </span>deliberazione <span class=\"_ _14\"> </span>della <span class=\"_ _14\"> </span>propost<span class=\"_ _2\"></span>a <span class=\"_ _17\"> </span>di <span class=\"_ _14\"> </span>destinazione <span class=\"_ _14\"> </span>dell\u2019utile<span class=\"_ _df\"> </span>dell\u2019esercizio <span class=\"_ _2\"></span>conseguito <span class=\"_ _d\"></span>nel <span class=\"_ _2\"></span>bilancio <span class=\"_ _d\"></span>al <span class=\"_ _d\"></span>31.12.2023, <span class=\"_ _2\"></span>decise, <span class=\"_ _d\"></span>tra <span class=\"_ _d\"></span>l\u2019a<span class=\"ff4\">ltro, <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>destinare <span class=\"_ _2\"></span>95.044 <span class=\"_ _d\"></span>euro <span class=\"_ _2\"></span>migliaia <span class=\"_ _d\"></span>alla<span class=\"_ _df\"> </span></span>\u201cRiserva <span class=\"_ _2\"></span>Extraprofitti\u201d. <span class=\"_ _2\"></span>Si tratta <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>una <span class=\"_ _2\"></span>Riserva <span class=\"_ _2\"></span>\u201cnon <span class=\"_ _2\"></span>distribuibile\u201d, <span class=\"_ _2\"></span>salvo l\u2019asso<span class=\"_ _2\"></span>lvime<span class=\"_ _1\"></span>nto <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>un\u2019imposta <span class=\"_ _2\"></span>pari al<span class=\"_ _df\"> </span>40% della stessa riserva.",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForEnvironmentRelatedExpenseExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-860": {
   "value": "Aggre<span class=\"_ _f\"></span>gazione<span class=\"_ _1\"></span> azie<span class=\"_ _1\"></span>ndale<span class=\"_ _f\"></span> Le  operazioni<span class=\"_ _1\"></span>  di  aggregazione  aziendale<span class=\"_ _1\"></span>  sono  disciplinate <span class=\"_ _16\"> </span>dal  Principio  contab<span class=\"_ _1\"></span>ile  internazionale  I<span class=\"_ _1\"></span>FRS  3 \u201cBusiness combination\u201d.<span class=\"ff4\"> </span>Il <span class=\"_ _9\"> </span>trasferimento <span class=\"_ _9\"> </span>del <span class=\"_ _9\"> </span>controllo <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>un\u2019impresa <span class=\"_ _9\"> </span>(o <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>un <span class=\"_ _9\"> </span>gruppo <span class=\"_ _9\"> </span>di <span class=\"_ _16\"> </span>att<span class=\"_ _2\"></span><span class=\"ff4\">ivit\u00e0 <span class=\"_ _9\"> </span>e <span class=\"_ _9\"> </span>beni <span class=\"_ _9\"> </span>integrati, <span class=\"_ _9\"> </span>condotti <span class=\"_ _9\"> </span>e <span class=\"_ _9\"> </span>gestiti </span>unitariamente) configura un\u2019operazione di aggregazi<span class=\"_ _1\"></span>one aziendale. <span class=\"_ _2\"></span><span class=\"ff4\"> </span>A <span class=\"_ _d\"></span>tal <span class=\"_ _d\"></span>fine <span class=\"_ _2\"></span>il <span class=\"_ _d\"></span>controllo <span class=\"_ _d\"></span>si <span class=\"_ _d\"></span>consid<span class=\"_ _1\"></span>era <span class=\"_ _d\"></span>trasferito <span class=\"_ _2\"></span>quando <span class=\"_ _d\"></span>l\u2019investitore <span class=\"_ _d\"></span>\u00e8 <span class=\"_ _2\"></span>espost<span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>a <span class=\"_ _d\"></span>rendimenti <span class=\"_ _2\"></span>variabili, <span class=\"_ _d\"></span>o <span class=\"_ _d\"></span>detiene diritti <span class=\"_ _d\"></span>su <span class=\"_ _2\"></span>tali <span class=\"_ _d\"></span>rendimenti, <span class=\"_ _2\"></span>derivanti <span class=\"_ _d\"></span>dal <span class=\"_ _d\"></span>proprio <span class=\"_ _2\"></span>rapporto <span class=\"_ _d\"></span>con <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>part<span class=\"_ _2\"></span>ecipata <span class=\"_ _2\"></span>e <span class=\"_ _d\"></span>nel <span class=\"_ _2\"></span>contempo <span class=\"_ _d\"></span>ha <span class=\"_ _d\"></span>la <span class=\"_ _2\"></span>capacit\u00e0 <span class=\"_ _2\"></span>di incidere sui rendimenti esercitando il proprio potere su tale<span class=\"_ _1\"></span> entit\u00e0. <span class=\"_ _2\"></span> L\u2019IFRS 3 <span class=\"_ _2\"></span>richiede c<span class=\"_ _2\"></span>he per <span class=\"_ _2\"></span>tutt<span class=\"_ _2\"></span>e le operazioni <span class=\"_ _2\"></span>di ag<span class=\"_ _2\"></span>gregazione venga <span class=\"_ _2\"></span>individuato <span class=\"_ _2\"></span>un acquirente. <span class=\"_ _2\"></span>Quest\u2019ultimo<span class=\"_ _2\"></span><span class=\"ff4\"> </span>deve essere identificato nel soggetto che ottiene<span class=\"_ _1\"></span> il controllo su un\u2019altra entit\u00e0 o gruppo di attivit\u00e0. <span class=\"_ _2\"></span><span class=\"ff4\"> </span>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=\"_ _9\"> </span>cui <span class=\"_ _0\"></span>l\u2019acquirente<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>ot<span class=\"_ _2\"></span>tiene <span class=\"_ _d\"></span>effettivamente <span class=\"_ _9\"> </span>il <span class=\"_ _0\"></span>controllo sull\u2019impresa <span class=\"_ _f\"></span>o <span class=\"_ _f\"></span>attivit\u00e0 <span class=\"_ _1\"></span>acquisite. <span class=\"_ _f\"></span>Quando<span class=\"ff4\"> <span class=\"_ _f\"></span><span class=\"ff5\">l\u2019operazione <span class=\"_ _f\"></span>avv<span class=\"_ _2\"></span>iene <span class=\"_ _f\"></span>tramite <span class=\"_ _f\"></span>un\u2019unica <span class=\"_ _f\"></span>operazione <span class=\"_ _f\"></span>di <span class=\"_ _f\"></span>scambio, <span class=\"_ _f\"></span>la d<span class=\"_ _f\"></span>at<span class=\"_ _2\"></span>a </span></span>dello <span class=\"_ _2\"></span>scambio <span class=\"_ _d\"></span>normalmente <span class=\"_ _d\"></span>coincide <span class=\"_ _d\"></span>con <span class=\"_ _d\"></span>la <span class=\"_ _d\"></span>data <span class=\"_ _d\"></span>di <span class=\"_ _2\"></span>ac<span class=\"_ _2\"></span>quisizione. <span class=\"_ _2\"></span>T<span class=\"_ _2\"></span>uttavia, <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _d\"></span>sempre <span class=\"_ _d\"></span>necessario <span class=\"_ _d\"></span>verificare l\u2019eventuale <span class=\"_ _d\"></span>presenza <span class=\"_ _0\"></span>di <span class=\"_ _d\"></span>accordi <span class=\"_ _0\"></span>tra <span class=\"_ _0\"></span>le <span class=\"_ _d\"></span>parti <span class=\"_ _0\"></span>che <span class=\"_ _d\"></span>possano <span class=\"_ _0\"></span>comportare <span class=\"_ _d\"></span>un <span class=\"_ _d\"></span>t<span class=\"_ _2\"></span>rasferime<span class=\"ff4\">nto<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>del <span class=\"_ _d\"></span>controllo <span class=\"_ _0\"></span>prima </span>della data dello scambio.  Il  corrispettivo <span class=\"_ _4\"> </span>trasferito  nell\u2019ambito  di <span class=\"_ _22\"> </span>un\u2019operazione <span class=\"_ _22\"> </span>di <span class=\"_ _4\"> </span>aggregazione  deve  essere <span class=\"_ _4\"> </span>determinato  come sommatoria del <span class=\"_ _2\"></span>fair <span class=\"_ _2\"></span>value,<span class=\"_ _1\"></span> <span class=\"_ _2\"></span>alla dat<span class=\"_ _2\"></span>a dello <span class=\"_ _2\"></span>scambio, delle at<span class=\"_ _2\"></span>tivit\u00e0 cedute, delle <span class=\"_ _2\"></span>passivit\u00e0 <span class=\"_ _2\"></span>sostenute o <span class=\"_ _d\"></span>assunte e degli strumenti di capitale emessi dall\u2019acqui<span class=\"_ _1\"></span>rente in cambio del controllo. <span class=\"_ _2\"></span><span class=\"ff4\"> </span>Nelle  operazioni <span class=\"_ _22\"> </span>ch<span class=\"_ _2\"></span>e  prevedono <span class=\"_ _22\"> </span>il <span class=\"_ _4\"> </span>pagamento  in  denaro <span class=\"_ _4\"> </span>(o  quando <span class=\"_ _22\"> </span>\u00e8 <span class=\"_ _4\"> </span>previsto  il <span class=\"_ _4\"> </span>pagamento  mediante strumenti finanzi<span class=\"_ _1\"></span>ari assimil<span class=\"_ _1\"></span>abili <span class=\"_ _f\"></span>alla cassa) i<span class=\"_ _1\"></span>l prezz<span class=\"_ _1\"></span>o \u00e8<span class=\"_ _f\"></span> il cor<span class=\"_ _1\"></span>rispettivo pattuito, <span class=\"_ _f\"></span>eventualmente attualizz<span class=\"_ _1\"></span>ato nel caso <span class=\"_ _2\"></span>in cui <span class=\"_ _2\"></span>sia <span class=\"_ _2\"></span>previsto un <span class=\"_ _2\"></span>pagamento rateale con <span class=\"_ _2\"></span>riferimento <span class=\"_ _2\"></span>ad un <span class=\"_ _2\"></span>periodo superiore <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>breve<span class=\"_ _1\"></span> <span class=\"_ _2\"></span>termine; nel caso in cui il pagamento avvenga tramite uno strumento<span class=\"_ _1\"></span> diverso dalla cassa, quindi mediante l\u2019<span class=\"_ _1\"></span>emissione <span class=\"_ _2\"></span><span class=\"ff4\">di </span>strumenti <span class=\"_ _2\"></span>rappresentativi di <span class=\"_ _2\"></span>capitale, il <span class=\"_ _2\"></span>prezzo <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _2\"></span>pari <span class=\"_ _2\"></span>al fair <span class=\"_ _2\"></span>value <span class=\"_ _2\"></span>del mezzo <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>pagamento <span class=\"_ _2\"></span>al netto <span class=\"_ _2\"></span>dei <span class=\"_ _2\"></span>costi direttamente attribuibili all\u2019<span class=\"_ _1\"></span>operazione di emissione di capitale.<span class=\"_ _2\"></span><span class=\"ff4\"> </span>Le operazioni <span class=\"_ _2\"></span>di ag<span class=\"_ _2\"></span>gregazione aziendale <span class=\"_ _2\"></span>sono cont<span class=\"_ _2\"></span>abilizz<span class=\"_ _1\"></span>ate <span class=\"_ _2\"></span>secondo <span class=\"_ _2\"></span>il \u201cme<span class=\"_ _2\"></span>todo <span class=\"_ _2\"></span>dell\u2019acquisizi<span class=\"_ _1\"></span>one\u201d, <span class=\"_ _2\"></span>in base al quale le att<span class=\"_ _2\"></span>ivit\u00e0 identificab<span class=\"_ _1\"></span>ili acquisite (comprese <span class=\"_ _2\"></span>eventuali attivit\u00e0 immateriali in <span class=\"_ _2\"></span>precedenz<span class=\"_ _1\"></span>a n<span class=\"_ _2\"></span>on rilevate dall\u2019impresa  acquisita)  e <span class=\"_ _4\"> </span>le  passivit\u00e0 <span class=\"_ _4\"> </span>identifi<span class=\"_ _1\"></span>cabili  assunte <span class=\"_ _4\"> </span>(comprese  quelle  potenziali) <span class=\"_ _4\"> </span>devono  essere rilevate ai rispettivi fair value all<span class=\"_ _1\"></span>a data di acquisizione. <span class=\"_ _2\"></span> L\u2019eccedenza tra il corrispettivo trasferito (rappresentato dal fair v<span class=\"_ _1\"></span>alue delle attivit\u00e0 trasferite, delle passivit\u00e0<span class=\"_ _1\"></span> sostenute  o  de<span class=\"_ _1\"></span>gli  strumenti  d<span class=\"_ _1\"></span>i  capitale  e<span class=\"_ _1\"></span>messi  dall\u2019acqu<span class=\"_ _1\"></span>irente)  ed  il<span class=\"_ _1\"></span>  fair  value  <span class=\"ff4\">delle  attivit\u00e0 <span class=\"_ _16\"> </span>e  passivit\u00e0<span class=\"_ _1\"></span> </span>acquisite  deve  essere  rilevata  come <span class=\"_ _22\"> </span>avviamento;  qualora <span class=\"_ _22\"> </span>que<span class=\"_ _2\"></span>ste  ultime  risultino,  invece,  superiori  alla sommatoria <span class=\"_ _4\"> </span>del  corrispettivo, <span class=\"_ _4\"> </span>de<span class=\"_ _1\"></span>lle <span class=\"_ _4\"> </span>quote  di <span class=\"_ _4\"> </span>minoranza  e <span class=\"_ _4\"> </span>del <span class=\"_ _4\"> </span>fair <span class=\"_ _22\"> </span>value <span class=\"_ _4\"> </span>delle  quote <span class=\"_ _4\"> </span>gi\u00e0  po<span class=\"_ _2\"></span>ssedute,  la differenza deve essere imputata a conto economico. La <span class=\"_ _18\"> </span>contabilizzazione <span class=\"_ _10\"> </span>dell\u2019operazione <span class=\"_ _18\"> </span>di <span class=\"_ _18\"> </span>aggregazione <span class=\"_ _18\"> </span>pu\u00f2 <span class=\"_ _18\"> </span>avvenire <span class=\"_ _18\"> </span>provvisoriamente <span class=\"_ _18\"> </span>entro <span class=\"_ _19\"> </span>la <span class=\"_ _10\"> </span>fine dell\u2019esercizio <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>cui l\u2019aggregazione <span class=\"_ _2\"></span>viene <span class=\"_ _2\"></span>realizzata <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>deve <span class=\"_ _2\"></span>essere <span class=\"_ _2\"></span>perfezionata <span class=\"_ _2\"></span>entro <span class=\"_ _2\"></span>dodici <span class=\"_ _2\"></span>mesi <span class=\"_ _2\"></span>dalla data di acquisizione. Le <span class=\"_ _f\"></span>fusioni <span class=\"_ _f\"></span>rientrano t<span class=\"_ _f\"></span>r<span class=\"_ _2\"></span>a <span class=\"_ _f\"></span>le <span class=\"_ _f\"></span>operazioni <span class=\"_ _f\"></span>di <span class=\"_ _f\"></span>concentrazione <span class=\"_ _f\"></span>tra imp<span class=\"_ _1\"></span>rese, <span class=\"_ _f\"></span>rappresentando <span class=\"_ _f\"></span>la <span class=\"_ _f\"></span>for<span class=\"_ _2\"></span>ma <span class=\"_ _f\"></span>di <span class=\"_ _f\"></span>aggregazione aziendale pi\u00f9 completa, in quanto comportano l\u2019unificazione sia giurid<span class=\"_ _1\"></span>ica che economica dei soggetti che vi partecipano. Le <span class=\"_ _4\"> </span>fusioni, <span class=\"_ _17\"> </span>siano <span class=\"_ _17\"> </span>ess<span class=\"_ _2\"></span>e <span class=\"_ _4\"> </span>propri<span class=\"_ _2\"></span><span class=\"ff5\">e, <span class=\"_ _4\"> </span>cio\u00e8 <span class=\"_ _17\"> </span>con <span class=\"_ _17\"> </span>la <span class=\"_ _17\"> </span>costituzione <span class=\"_ _17\"> </span>di <span class=\"_ _17\"> </span>un <span class=\"_ _17\"> </span>nuovo <span class=\"_ _4\"> </span>s<span class=\"_ _2\"></span>oggetto <span class=\"_ _4\"> </span>giuridico <span class=\"_ _17\"> </span>oppure <span class=\"_ _4\"> </span>\u201c<span class=\"_ _2\"></span>per<span class=\"_ _1\"></span> </span>incorporazione\u201d <span class=\"_ _2\"></span>con <span class=\"_ _d\"></span>la <span class=\"_ _d\"></span>confluenza <span class=\"_ _2\"></span>di <span class=\"_ _d\"></span>un\u2019impresa <span class=\"_ _2\"></span>in <span class=\"_ _d\"></span>un\u2019altra <span class=\"_ _d\"></span>impresa <span class=\"_ _2\"></span>gi\u00e0 <span class=\"_ _d\"></span>esistente, <span class=\"_ _2\"></span>sono <span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>rattate <span class=\"_ _2\"></span>secondo <span class=\"_ _d\"></span>i criteri precedentemente illustrati, in particolare:  <span class=\"_ _2c\"> </span><span class=\"ff5\">se <span class=\"_ _17\"> </span>l\u2019operazione <span class=\"_ _4\"> </span>comporta <span class=\"_ _17\"> </span>il <span class=\"_ _17\"> </span>trasferimento <span class=\"_ _4\"> </span>del <span class=\"_ _4\"> </span>cont<span class=\"_ _2\"></span>rollo <span class=\"_ _4\"> </span>di <span class=\"_ _17\"> </span>un\u2019i<span class=\"_ _1\"></span>mpresa, <span class=\"_ _4\"> </span>essa <span class=\"_ _17\"> </span>viene <span class=\"_ _4\"> </span>tr<span class=\"_ _2\"></span>attata <span class=\"_ _4\"> </span>come </span>un\u2019operazione di aggregazione<span class=\"_ _1\"></span> ai sensi dell\u2019IFRS 3; <span class=\"_ _2c\"> </span><span class=\"ff5\">se <span class=\"_ _d\"></span>l\u2019operazione <span class=\"_ _2\"></span>non <span class=\"_ _d\"></span>comport<span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>il <span class=\"_ _d\"></span>trasferimento <span class=\"_ _d\"></span>del <span class=\"_ _2\"></span>contr<span class=\"_ _2\"></span>ollo, <span class=\"_ _2\"></span>essa <span class=\"_ _d\"></span>viene <span class=\"_ _d\"></span>contabilizzata <span class=\"_ _d\"></span>privilegiando <span class=\"_ _2\"></span>la </span>continuit\u00e0 dei valori della <span class=\"_ _2\"></span>societ\u00e0 <span class=\"_ _2\"></span>incorporata. Difatti, le operazioni di <span class=\"_ _2\"></span>aggregazione<span class=\"_ _1\"></span> aziendale <span class=\"_ _2\"></span>fra entit\u00e0 under <span class=\"_ _2\"></span>common <span class=\"_ _2\"></span>control <span class=\"_ _2\"></span>non r<span class=\"_ _2\"></span>ientrano nell\u2019ambito <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>applicazione <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>Principio cont<span class=\"_ _2\"></span>abile<span class=\"_ _1\"></span> <span class=\"_ _2\"></span>internazionale<span class=\"_ _df\"> </span>IFRS <span class=\"_ _2\"></span>3, <span class=\"_ _2\"></span>n\u00e9 <span class=\"_ _2\"></span>sono <span class=\"_ _2\"></span>disciplinate <span class=\"_ _2\"></span>da <span class=\"_ _2\"></span>altri <span class=\"_ _2\"></span>IFRS; <span class=\"_ _2\"></span>vengono q<span class=\"_ _2\"></span>uindi <span class=\"_ _2\"></span>definite <span class=\"_ _2\"></span>facendo <span class=\"_ _2\"></span>riferimento <span class=\"_ _2\"></span>alle <span class=\"_ _2\"></span>dispos<span class=\"_ _2\"></span>izioni contenute nello IAS 8 Accounting Policies, Change<span class=\"_ _1\"></span>s in Accounting Estimat<span class=\"_ _2\"></span>es and Errors. Nel corso dell\u2019esercizio non sono avvenu<span class=\"_ _1\"></span>te <span class=\"ff4\">o<span class=\"_ _2\"></span>perazioni di aggregazione aziendale.<span class=\"fc4 sc3\"> </span></span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-827": {
   "value": "Utilizzo<span class=\"_ _f\"></span> di stim<span class=\"_ _1\"></span>e ed <span class=\"_ _1\"></span>ass<span class=\"_ _1\"></span>unzio<span class=\"_ _1\"></span>ni ne<span class=\"_ _f\"></span>lla predisp<span class=\"_ _1\"></span>osizi<span class=\"_ _1\"></span>one <span class=\"_ _f\"></span>del bilanc<span class=\"_ _1\"></span>io In <span class=\"_ _d\"></span>conformit\u00e0 <span class=\"_ _d\"></span>agli <span class=\"_ _d\"></span>IFRS, <span class=\"_ _d\"></span>la <span class=\"_ _0\"></span>direzione <span class=\"_ _d\"></span>aziendale <span class=\"_ _d\"></span>deve <span class=\"_ _d\"></span>formulare <span class=\"_ _d\"></span>v<span class=\"_ _2\"></span>alutazioni, <span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>time <span class=\"_ _d\"></span>e <span class=\"_ _d\"></span>ipotesi <span class=\"_ _d\"></span>che <span class=\"_ _d\"></span>i<span class=\"_ _2\"></span>nfluenzano l\u2019applicazione <span class=\"_ _2\"></span>dei <span class=\"_ _d\"></span>principi <span class=\"_ _2\"></span>contabili <span class=\"_ _d\"></span>e <span class=\"_ _2\"></span>gli <span class=\"_ _d\"></span>importi <span class=\"_ _d\"></span>delle <span class=\"_ _2\"></span>at<span class=\"_ _2\"></span>tivit\u00e0, <span class=\"_ _2\"></span>delle <span class=\"_ _2\"></span>passivi<span class=\"_ _2\"></span><span class=\"ff4\">t\u00e0, <span class=\"_ _d\"></span>dei <span class=\"_ _2\"></span>cost<span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>e <span class=\"_ _d\"></span>dei <span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>icavi <span class=\"_ _2\"></span>rilevati <span class=\"_ _d\"></span>in </span>bilancio, <span class=\"_ _0\"></span>nonch\u00e9 <span class=\"_ _0\"></span>sull\u2019informativa <span class=\"_ _0\"></span>relativa <span class=\"_ _0\"></span>ad <span class=\"_ _0\"></span>attivit\u00e0 <span class=\"_ _9\"> </span>e <span class=\"_ _0\"></span>passivit\u00e0 <span class=\"_ _0\"></span>potenziali. <span class=\"_ _0\"></span>Le <span class=\"_ _0\"></span>stime <span class=\"_ _0\"></span>e <span class=\"_ _0\"></span>le <span class=\"_ _0\"></span>relative <span class=\"_ _0\"></span>ipotesi <span class=\"_ _0\"></span>si basano <span class=\"_ _9\"> </span>sulle <span class=\"_ _0\"></span>esperienze <span class=\"_ _0\"></span>pregresse <span class=\"_ _9\"> </span>e <span class=\"_ _0\"></span>su <span class=\"_ _9\"> </span>altri <span class=\"_ _9\"> </span>fattori <span class=\"_ _0\"> </span>considerati <span class=\"_ _9\"> </span>ragionevoli <span class=\"_ _0\"></span>nella <span class=\"_ _0\"> </span>fat<span class=\"_ _2\"></span>tispecie <span class=\"_ _0\"></span>e <span class=\"_ _0\"> </span>s<span class=\"_ _2\"></span>ono <span class=\"_ _0\"></span>st<span class=\"_ _2\"></span>ate adottate p<span class=\"_ _1\"></span>er <span class=\"_ _f\"></span>stimar<span class=\"_ _2\"></span>e <span class=\"_ _f\"></span>il <span class=\"_ _f\"></span>valore con<span class=\"_ _1\"></span>tabile <span class=\"_ _f\"></span>delle attivit\u00e0 <span class=\"_ _f\"></span>e <span class=\"_ _1\"></span>delle <span class=\"_ _f\"></span>passivit\u00e0 che <span class=\"_ _f\"></span>non <span class=\"_ _1\"></span>\u00e8 <span class=\"_ _f\"></span>facilmente <span class=\"_ _1\"></span>desumibile <span class=\"_ _f\"></span>da altre fonti. In <span class=\"_ _0\"></span>particolare <span class=\"_ _9\"> </span>sono <span class=\"_ _9\"> </span>stati <span class=\"_ _9\"> </span>adottati <span class=\"_ _9\"> </span>processi <span class=\"_ _9\"> </span>di <span class=\"_ _0\"></span>st<span class=\"_ _2\"></span>ima <span class=\"_ _0\"></span>a <span class=\"_ _9\"> </span>supporto <span class=\"_ _0\"></span>del <span class=\"_ _9\"> </span>valore <span class=\"_ _0\"></span>di <span class=\"_ _9\"> </span>iscrizione <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>alcune <span class=\"_ _9\"> </span>delle <span class=\"_ _9\"> </span>pi\u00f9 rilevanti poste <span class=\"_ _2\"></span>valutative <span class=\"_ _2\"></span>iscritte nel <span class=\"_ _2\"></span>Bilanci<span class=\"_ _1\"></span>o <span class=\"_ _2\"></span>al 31 <span class=\"_ _2\"></span>dicembre 2025, <span class=\"_ _2\"></span>cos\u00ec come <span class=\"_ _2\"></span>previsto dai <span class=\"_ _2\"></span>principi contabili e dalle <span class=\"_ _22\"> </span>nor<span class=\"_ _2\"></span>mative <span class=\"_ _22\"> </span>di <span class=\"_ _4\"> </span>riferimento <span class=\"_ _4\"> </span>sopra <span class=\"_ _4\"> </span>descritti. <span class=\"_ _4\"> </span>Detti <span class=\"_ _22\"> </span>pro<span class=\"_ _2\"></span>cessi  sono <span class=\"_ _4\"> </span>basati <span class=\"_ _4\"> </span>in <span class=\"_ _4\"> </span>larga  misura <span class=\"_ _4\"> </span>su <span class=\"_ _4\"> </span>stime <span class=\"_ _4\"> </span>di recuperabilit\u00e0 <span class=\"_ _2\"></span>futura <span class=\"_ _2\"></span>dei <span class=\"_ _2\"></span>va<span class=\"_ _2\"></span>lori <span class=\"_ _2\"></span>iscritti <span class=\"_ _d\"></span>in <span class=\"_ _2\"></span>bilancio <span class=\"_ _2\"></span>second<span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>le <span class=\"_ _2\"></span>rego<span class=\"_ _2\"></span>le <span class=\"_ _2\"></span>dettate <span class=\"_ _2\"></span>dalle <span class=\"_ _2\"></span>norme <span class=\"_ _d\"></span>vigenti <span class=\"_ _2\"></span>e <span class=\"_ _d\"></span>sono <span class=\"_ _2\"></span>stati effettuati <span class=\"_ _9\"> </span>in <span class=\"_ _9\"> </span>un\u2019ottica <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>continuit\u00e0 <span class=\"_ _9\"> </span>aziendale, <span class=\"_ _9\"> </span>ossia <span class=\"_ _9\"> </span>prescindendo <span class=\"_ _9\"> </span>da <span class=\"_ _9\"> </span>ipotesi <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>liquidazione <span class=\"_ _0\"> </span>for<span class=\"_ _2\"></span>zata <span class=\"_ _0\"> </span>delle poste oggetto di valutazione. I <span class=\"_ _0\"></span>processi <span class=\"_ _9\"> </span>adott<span class=\"_ _2\"></span>ati <span class=\"_ _0\"></span>confortano <span class=\"_ _9\"> </span>i <span class=\"_ _0\"></span>valori <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>iscrizione <span class=\"_ _0\"></span>al <span class=\"_ _9\"> </span>31 <span class=\"_ _9\"> </span>dicem<span class=\"_ _2\"></span>bre <span class=\"_ _0\"></span>2025. <span class=\"_ _9\"> </span>Il <span class=\"_ _9\"> </span>processo <span class=\"_ _9\"> </span>valutativo <span class=\"_ _0\"></span>\u00e8 <span class=\"_ _9\"> </span>risultato particolarmente <span class=\"_ _14\"> </span>complesso <span class=\"_ _15\"> </span>in <span class=\"_ _17\"> </span>cons<span class=\"_ _2\"></span>iderazione<span class=\"_ _1\"></span> <span class=\"_ _14\"> </span>della <span class=\"_ _14\"> </span>persist<span class=\"_ _2\"></span>ente <span class=\"_ _14\"> </span>incertezza <span class=\"_ _14\"> </span>riscontrabile <span class=\"_ _14\"> </span>nel <span class=\"_ _14\"> </span>contesto macroeconomico e <span class=\"_ _2\"></span>di mercato, caratterizzato, s<span class=\"_ _2\"></span>ia da importanti livelli di volatilit\u00e0 <span class=\"_ _2\"></span>riscontrabili nei paramet<span class=\"_ _d\"></span>ri finanziari <span class=\"_ _2\"></span>determinanti <span class=\"_ _2\"></span>ai <span class=\"_ _2\"></span>fini <span class=\"_ _2\"></span>della <span class=\"_ _2\"></span>valutazione, <span class=\"_ _2\"></span>sia <span class=\"_ _2\"></span>da <span class=\"_ _2\"></span>indicatori <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>deterior<span class=\"_ _2\"></span>amento <span class=\"_ _2\"></span>prospettico <span class=\"_ _2\"></span>dell<span class=\"_ _1\"></span>a <span class=\"_ _2\"></span>qualit\u00e0 del credito ancora elevati. I <span class=\"_ _19\"> </span>parametri <span class=\"_ _1a\"> </span>e <span class=\"_ _19\"> </span>le <span class=\"_ _19\"> </span>informazioni <span class=\"_ _19\"> </span>utilizzati <span class=\"_ _19\"> </span>per <span class=\"_ _1a\"> </span>la <span class=\"_ _19\"> </span>verifica <span class=\"_ _19\"> </span>dei <span class=\"_ _1a\"> </span>valori <span class=\"_ _19\"> </span>prima <span class=\"_ _1a\"> </span>menzi<span class=\"_ _1\"></span>onati <span class=\"_ _19\"> </span>sono <span class=\"_ _1a\"> </span>qui<span class=\"_ _1\"></span>ndi significativamente  influenzati <span class=\"_ _22\"> </span>d<span class=\"_ _2\"></span>a  detti <span class=\"_ _22\"> </span>fat<span class=\"_ _2\"></span>tori  che  potr<span class=\"_ _2\"></span>ebbe<span class=\"_ _1\"></span>ro <span class=\"_ _22\"> </span>r<span class=\"_ _2\"></span>egistrare  rapidi  mutamenti <span class=\"_ _22\"> </span>ad<span class=\"_ _2\"></span>  oggi <span class=\"_ _22\"> </span>non prevedibili, talch\u00e9 non si possono escludere conseguenti effetti sui futuri valori di bilancio. Per loro natura le stime e le assunzioni utilizzate possono variare di periodo in periodo e, pertanto, non \u00e8 da escludere che n<span class=\"_ _2\"></span>ei periodi <span class=\"_ _9\"> </span>successivi  gli<span class=\"_ _1\"></span>  attuali <span class=\"_ _9\"> </span>valori  iscritti <span class=\"_ _9\"> </span>in  bil<span class=\"_ _1\"></span>ancio <span class=\"_ _16\"> </span>possano <span class=\"_ _9\"> </span>differire,  anche<span class=\"_ _1\"></span>  i<span class=\"_ _1\"></span>n <span class=\"_ _16\"> </span>maniera  signi<span class=\"_ _1\"></span>ficativa, <span class=\"_ _16\"> </span>a seguito del mutamento delle valutazioni sogge<span class=\"_ _1\"></span>ttive utilizzate.<span class=\"_ _2\"></span> Le <span class=\"_ _f\"></span>stime <span class=\"_ _f\"></span>e <span class=\"_ _f\"></span>l<span class=\"_ _2\"></span>e <span class=\"_ _f\"></span>ipotesi <span class=\"_ _f\"></span>sono <span class=\"_ _1\"></span>riviste <span class=\"_ _f\"></span>regolarmente. <span class=\"_ _f\"></span>Le <span class=\"_ _1\"></span>eventuali <span class=\"_ _f\"></span>variazioni <span class=\"_ _f\"></span>conseguenti <span class=\"_ _f\"></span>a tali <span class=\"_ _11\"></span>r<span class=\"_ _2\"></span>evisioni <span class=\"_ _11\"></span>s<span class=\"_ _2\"></span>ono <span class=\"_ _f\"></span>rilevate nel periodo in <span class=\"_ _2\"></span>cui la <span class=\"_ _2\"></span>revisione viene effettuata <span class=\"_ _2\"></span>qualora la <span class=\"_ _2\"></span>stessa interessi s<span class=\"_ _2\"></span>olo quel periodo. Nel <span class=\"_ _2\"></span>caso in <span class=\"_ _2\"></span>cui la revisione <span class=\"_ _2\"></span>interessi <span class=\"_ _d\"></span>periodi <span class=\"_ _d\"></span>sia <span class=\"_ _d\"></span>correnti <span class=\"_ _d\"></span>sia <span class=\"_ _d\"></span>futuri, <span class=\"_ _d\"></span>la <span class=\"_ _d\"></span>variazione <span class=\"_ _2\"></span>\u00e8<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>rilevata <span class=\"_ _d\"></span>nel <span class=\"_ _d\"></span>periodo <span class=\"_ _2\"></span>in <span class=\"_ _d\"></span>cui <span class=\"_ _d\"></span>la <span class=\"_ _d\"></span>revisione <span class=\"_ _d\"></span>viene effettuata e nei relativi periodi futuri. Le <span class=\"_ _d\"></span>principali <span class=\"_ _d\"></span>fatt<span class=\"_ _2\"></span>ispecie<span class=\"_ _f\"></span> <span class=\"_ _0\"></span>per <span class=\"_ _0\"></span>le <span class=\"_ _d\"></span>quali <span class=\"_ _d\"></span>\u00e8 <span class=\"_ _0\"></span>maggiormente <span class=\"_ _d\"></span>richiesto <span class=\"_ _0\"></span>l\u2019imp<span class=\"_ _1\"></span>iego <span class=\"_ _d\"></span>di <span class=\"_ _0\"></span>valutazioni <span class=\"_ _d\"></span>soggettive <span class=\"_ _d\"></span>da <span class=\"_ _0\"></span>parte della Direzione sono: 1.<span class=\"_ _1c\"> </span><span class=\"ls0\">la <span class=\"_ _22\"> </span>quantificazione  delle  perdit<span class=\"_ _2\"></span>e  per  riduzione  di  valore  dei  crediti <span class=\"_ _4\"> </span>(per  ulteriori  approfondimenti  si </span>rimanda a quanto riportato nella parte E- sezione 2 <span class=\"ff5\">\u2013</span> 2. Politiche di gesitone del rischio di credito); 2.<span class=\"_ _2b\"> </span><span class=\"ff5 ls0\">l\u2019utilizzo <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>modelli <span class=\"_ _0\"></span>valutativi <span class=\"_ _0\"> </span>per<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>la <span class=\"_ _0\"></span>rilevazione <span class=\"_ _0\"></span>del <span class=\"_ _0\"></span>fair <span class=\"_ _9\"> </span>val<span class=\"_ _2\"></span><span class=\"ff4\">ue <span class=\"_ _0\"></span>degli <span class=\"_ _0\"></span>s<span class=\"_ _2\"></span>trumenti <span class=\"_ _0\"></span>finanziari <span class=\"_ _0\"></span>non <span class=\"_ _0\"></span>quot<span class=\"_ _2\"></span>ati <span class=\"_ _0\"></span>in </span></span>mercati attivi;<span class=\"_ _df\"> </span>3.<span class=\"_ _3\"> </span><span class=\"ff5 ls0\">la  stima <span class=\"_ _9\"> </span>del <span class=\"_ _9\"> </span>valore <span class=\"_ _16\"> </span>recuperabile <span class=\"_ _9\"> </span>dell\u2019avviamento<span class=\"ff4\">  (per <span class=\"_ _9\"> </span>ulteriori <span class=\"_ _9\"> </span>approfondimenti <span class=\"_ _16\"> </span>si <span class=\"_ _9\"> </span>rimanda <span class=\"_ _16\"> </span>a <span class=\"_ _9\"> </span>quanto </span></span>riportato nella parte B <span class=\"ff5\">\u2013</span> sezione 10 - Attivit\u00e0 immateriali);<span class=\"_ _df\"> </span>4.<span class=\"_ _3\"> </span><span class=\"ls0\">la quantificazione del TFR, dei fondi del personale e dei fondi per rischi e oneri;<span class=\"_ _df\"> </span></span>5.<span class=\"_ _2b\"> </span><span class=\"ls0\">le<span class=\"_ _1\"></span>  s<span class=\"_ _2\"></span>time  effettuate  per <span class=\"_ _4\"> </span>la  valutazione  delle <span class=\"_ _22\"> </span>passivit\u00e0 <span class=\"_ _4\"> </span>assicurative; <span class=\"_ _22\"> </span>il <span class=\"_ _4\"> </span>processo  di  for<span class=\"_ _2\"></span>mazione  delle<span class=\"_ _df\"> </span></span>Passivit\u00e0 Assicurative si <span class=\"_ _2\"></span>basa su complessi <span class=\"_ _2\"></span>processi di stima e <span class=\"_ _2\"></span>richiede l\u2019utilizzo di assunzioni e <span class=\"_ _2\"></span>ipo<span class=\"_ _2\"></span><span class=\"ff4\">tesi </span>di <span class=\"_ _2\"></span>natura <span class=\"_ _2\"></span>tecnica, <span class=\"_ _2\"></span>demografica, <span class=\"_ _2\"></span>attuariale <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>finanziaria <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>hanno <span class=\"_ _2\"></span>altr<span class=\"_ _2\"></span>es\u00ec <span class=\"_ _2\"></span>impatto s<span class=\"_ _2\"></span>ulla quantificazione<span class=\"_ _df\"> </span>della quota <span class=\"_ _2\"></span>del Margine sui <span class=\"_ _2\"></span>servizi <span class=\"_ _2\"></span>contrattuali <span class=\"_ _2\"></span>da rilasciare <span class=\"_ _2\"></span>nel conto<span class=\"_ _2\"></span> economico.<span class=\"_ _2\"></span><span class=\"ls49\">  </span>Tali valutazioni <span class=\"_ _2\"></span>sono prevalentemente <span class=\"_ _f\"></span>l<span class=\"_ _2\"></span>egate <span class=\"_ _f\"></span>sia all\u2019evoluzio<span class=\"ff4\">ne del <span class=\"_ _f\"></span>cont<span class=\"_ _2\"></span>esto socio-economico <span class=\"_ _f\"></span>nazionale e<span class=\"_ _1\"></span> internazionale, <span class=\"_ _f\"></span>s<span class=\"_ _2\"></span>ia </span>all\u2019andamento dei mercati finanziari, che<span class=\"_ _1\"></span> provocano conseguenti riflessi sull\u2019<span class=\"_ _1\"></span>andamento dei tassi, sulla<span class=\"_ _f\"></span> fluttuazione dei prezzi, sulle basi attuariali e, pi\u00f9 in generale, sul merito creditizi<span class=\"_ _2\"></span>o delle controparti. (per<span class=\"_ _df\"> </span>ulteriori approfondimenti <span class=\"_ _2\"></span>si <span class=\"_ _2\"></span>rimanda <span class=\"_ _2\"></span>a quanto <span class=\"_ _2\"></span>riportato<span class=\"_ _2\"></span> nella <span class=\"_ _2\"></span>parte A <span class=\"_ _d\"></span><span class=\"ff5\">\u2013</span> <span class=\"_ _2\"></span>Attivit\u00e0 <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>passivit\u00e0 as<span class=\"_ _2\"></span>sicurative,<span class=\"_ _f\"></span> scelte metodologiche del Gruppo).<span class=\"_ _df\"> </span>L\u2019evoluzione <span class=\"_ _d\"></span>di <span class=\"_ _0\"></span>tali <span class=\"_ _d\"></span>fatt<span class=\"_ _2\"></span>ori <span class=\"_ _d\"></span>potrebbe <span class=\"_ _d\"></span>determinare <span class=\"_ _0\"></span>la <span class=\"_ _0\"></span>necessit\u00e0, <span class=\"_ _d\"></span>nei <span class=\"_ _0\"></span>futuri <span class=\"_ _0\"></span>esercizi, <span class=\"_ _d\"></span>di <span class=\"_ _0\"></span>u<span class=\"_ _2\"></span><span class=\"ff4\">lteriori <span class=\"_ _d\"></span>cla<span class=\"_ _2\"></span>ssificazioni </span>delle  esposizioni  creditizie  fra  le  esposizioni  deteriorate,  determinand<span class=\"_ _1\"></span>o  quindi  la  rilevazione  di  ulteriori rettifiche di <span class=\"_ _2\"></span>valore <span class=\"_ _2\"></span>inerenti <span class=\"_ _2\"></span>anche all<span class=\"_ _2\"></span>e esposizioni <span class=\"_ _2\"></span>creditizie non<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>deteriorate, per <span class=\"_ _2\"></span>effetto <span class=\"_ _2\"></span>dell\u2019aggiornamento<span class=\"_ _df\"> </span>dei <span class=\"_ _d\"></span>parametr<span class=\"_ _2\"></span>i <span class=\"_ _d\"></span>creditizi. <span class=\"_ _0\"></span>In <span class=\"_ _0\"></span>aggiunta, <span class=\"_ _0\"></span>la <span class=\"_ _0\"></span>necessit\u00e0 <span class=\"_ _0\"></span>di <span class=\"_ _d\"></span>pro<span class=\"_ _2\"></span>cede<span class=\"_ _1\"></span>re <span class=\"_ _0\"></span>a <span class=\"_ _0\"></span>un <span class=\"_ _0\"></span>adeguamento <span class=\"_ _d\"></span>delle <span class=\"_ _0\"></span>rettifiche <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>valore potrebbe d<span class=\"_ _1\"></span>erivare dall\u2019affe<span class=\"_ _1\"></span>rmarsi di uno scenario<span class=\"_ _f\"></span> macroeconomico diverso da<span class=\"_ _f\"></span> quello assunto nel<span class=\"_ _1\"></span>la stima de<span class=\"_ _1\"></span>i parametri creditizi. o<span class=\"_ _1c\"> </span><span class=\"ff5\">L\u2019evoluzi<span class=\"_ _1\"></span>one <span class=\"_ _22\"> </span>del <span class=\"_ _22\"> </span>mercato<span class=\"_ _2\"></span>  immobiliare  d\u2019altra <span class=\"_ _4\"> </span>parte,  in  termini  di <span class=\"_ _22\"> </span>correzione <span class=\"_ _22\"> </span>al <span class=\"_ _4\"> </span>ribasso  dei  prezzi  degli<span class=\"_ _df\"> </span></span>immobili, <span class=\"_ _2\"></span>potr<span class=\"_ _2\"></span>ebbe<span class=\"_ _1\"></span> <span class=\"_ _d\"></span>influenzare <span class=\"_ _d\"></span>(i) <span class=\"_ _d\"></span>il <span class=\"_ _d\"></span>valore <span class=\"_ _2\"></span>degli <span class=\"_ _d\"></span>immobili <span class=\"_ _d\"></span>ricevuti <span class=\"_ _d\"></span>in <span class=\"_ _2\"></span>garanzia <span class=\"_ _d\"></span>richiedendo <span class=\"_ _d\"></span>un <span class=\"_ _d\"></span>adeguamento<span class=\"_ _df\"> </span>delle <span class=\"_ _2\"></span>rettifiche <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>valore <span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>(ii) <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>capacit\u00e0 <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>alcune <span class=\"_ _2\"></span>contropart<span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>operanti <span class=\"_ _2\"></span>nel <span class=\"_ _2\"></span>settor<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>immobiliare <span class=\"_ _2\"></span>di onor<span class=\"_ _2\"></span>are <span class=\"_ _2\"></span>il proprio <span class=\"_ _2\"></span>debito. <span class=\"_ _d\"></span>Essendo <span class=\"_ _2\"></span>gli <span class=\"_ _2\"></span>immobili <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>G<span class=\"_ _2\"></span>ruppo <span class=\"_ _2\"></span>posizionati <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>Italia <span class=\"_ _2\"></span>non <span class=\"_ _d\"></span>ci <span class=\"_ _2\"></span>si <span class=\"_ _d\"></span>attendono <span class=\"_ _2\"></span>impatti <span class=\"_ _2\"></span>diretti <span class=\"_ _2\"></span>dalle<span class=\"_ _df\"> </span>tensioni <span class=\"_ _10\"> </span>geopolitiche <span class=\"_ _10\"> </span>mondiali <span class=\"_ _18\"> </span>(in <span class=\"_ _10\"> </span>ogni <span class=\"_ _10\"> </span>caso <span class=\"_ _10\"> </span>si <span class=\"_ _10\"> </span>evidenzia <span class=\"_ _10\"> </span>come <span class=\"_ _10\"> </span>il <span class=\"_ _10\"> </span>fair <span class=\"_ _10\"> </span>value <span class=\"_ _10\"> </span>degli <span class=\"_ _10\"> </span>immobili <span class=\"_ _10\"> </span>risulti si<span class=\"ls0\">stematicamente superiore al valore netto contabile<span class=\"_ _1\"></span> degli stessi).<span class=\"_ _df\"> </span></span>Infine, <span class=\"_ _0\"></span>con <span class=\"_ _9\"> </span>riferimento <span class=\"_ _9\"> </span>ai <span class=\"_ _9\"> </span>cambiamenti <span class=\"_ _0\"></span>avversi <span class=\"_ _9\"> </span>dei <span class=\"_ _0\"></span>rischi <span class=\"_ _9\"> </span>climatici <span class=\"_ _9\"> </span>si <span class=\"_ _0\"> </span>r<span class=\"_ _2\"></span>imanda <span class=\"_ _0\"></span>a <span class=\"_ _9\"> </span>quanto <span class=\"_ _0\"></span>gi\u00e0 <span class=\"_ _9\"> </span>riportato <span class=\"_ _9\"> </span>nella presenta Nota integrativa, Parte E, Sezi<span class=\"_ _1\"></span>one 2 <span class=\"_ _2\"></span><span class=\"ff5\">\u2013</span> Rischi del consolidato prudenziale.<span class=\"_ _df\"> </span>Con <span class=\"_ _4\"> </span>riferimento <span class=\"_ _4\"> </span>alle <span class=\"_ _4\"> </span>restant<span class=\"_ _2\"></span>i <span class=\"_ _4\"> </span>poste <span class=\"_ _4\"> </span>per <span class=\"_ _4\"> </span>le <span class=\"_ _4\"> </span>qua<span class=\"_ _2\"></span>li <span class=\"_ _4\"> </span>vengono <span class=\"_ _4\"> </span>utilizzate <span class=\"_ _4\"> </span>valutazioni <span class=\"_ _4\"> </span>s<span class=\"_ _2\"></span>oggettive,<span class=\"_ _1\"></span> <span class=\"_ _4\"> </span>s<span class=\"_ _2\"></span>ebbene<span class=\"_ _1\"></span> <span class=\"_ _17\"> </span>le valutazioni s<span class=\"_ _2\"></span>iano <span class=\"_ _2\"></span>state <span class=\"_ _2\"></span>effettuate sulla <span class=\"_ _2\"></span>base <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>informazioni <span class=\"_ _2\"></span>ritenute r<span class=\"_ _2\"></span>agionevol<span class=\"_ _1\"></span>i <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>sostenibili <span class=\"_ _2\"></span>al 31 <span class=\"_ _d\"></span>dicemb<span class=\"_ _1\"></span>re 2025, <span class=\"_ _0\"></span>le <span class=\"_ _0\"></span>stesse <span class=\"_ _9\"> </span>potranno <span class=\"_ _0\"></span>subire <span class=\"_ _0\"></span>cambiamenti <span class=\"_ _0\"></span>al <span class=\"_ _0\"></span>momento <span class=\"_ _0\"></span>non <span class=\"_ _0\"></span>prevedibili <span class=\"_ _0\"></span>per <span class=\"_ _0\"></span>effetto <span class=\"_ _0\"></span>delle <span class=\"_ _0\"></span>evoluzioni <span class=\"_ _0\"></span>nei parametri alla base delle rispettive<span class=\"_ _1\"></span> valutazioni:<span class=\"_ _2\"></span> <span class=\"_ _2c\"> </span><span class=\"ff4\">condizioni <span class=\"_ _4\"> </span>economiche <span class=\"_ _4\"> </span>ed <span class=\"_ _4\"> </span>ind<span class=\"_ _2\"></span>ustriali <span class=\"_ _4\"> </span>generali <span class=\"_ _4\"> </span>delle <span class=\"_ _4\"> </span>aree <span class=\"_ _4\"> </span>in <span class=\"_ _4\"> </span>cui <span class=\"_ _4\"> </span>la <span class=\"_ _4\"> </span>Banca <span class=\"_ _4\"> </span>op<span class=\"_ _2\"></span>era <span class=\"_ _4\"> </span>o <span class=\"_ _4\"> </span>ha <span class=\"_ _4\"> </span>investimenti </span>significativi; <span class=\"_ _2c\"> </span><span class=\"ff4\">esposizione ai vari rischi di mercato (es. rischio cambio);<span class=\"_ _df\"> </span></span><span class=\"_ _2c\"> </span><span class=\"ff4\">cambiamenti <span class=\"_ _9\"> </span>legislativi, <span class=\"_ _9\"> </span>normativi, <span class=\"_ _9\"> </span>fiscali, <span class=\"_ _9\"> </span>inclusi <span class=\"_ _9\"> </span>i <span class=\"_ _16\"> </span>requisiti <span class=\"_ _9\"> </span>in <span class=\"_ _9\"> </span>materia <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>capitale <span class=\"_ _9\"> </span>r<span class=\"_ _2\"></span>egolamentare <span class=\"_ _9\"> </span>e <span class=\"_ _9\"> </span>di </span>liquidit\u00e0, anche tenuto conto della maggiore regolamentazi<span class=\"_ _1\"></span>one in risposta alla crisi finanziaria;<span class=\"_ _df\"> </span><span class=\"_ _2c\"> </span><span class=\"ff4\">cambiamenti climatici avversi che potrebbero influenzare il valore dell<span class=\"_ _1\"></span>e attivit\u00e0 detenute e/o la capacit\u00e0 </span>dei clienti di onorare il proprio debi<span class=\"_ _1\"></span>to. Altri <span class=\"_ _0\"></span>fattori <span class=\"_ _0\"></span>sconosciuti <span class=\"_ _0\"></span>ed <span class=\"_ _d\"></span>im<span class=\"_ _2\"></span>prevedibili<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>potrebbero <span class=\"_ _0\"></span>determinare <span class=\"_ _0\"></span>degli <span class=\"_ _0\"></span>scostamenti <span class=\"_ _0\"></span>materiali <span class=\"_ _0\"></span>tra <span class=\"_ _0\"></span>i <span class=\"_ _0\"></span>risultati effettivi e quelli previsti. Per maggiori dettagli si rimanda a quanto riportato nel<span class=\"_ _1\"></span>la parte \u201cE\u201d della presente Nota Integrativa<span class=\"_ _2\"></span><span class=\"ff4\">.<span class=\"_ _df\"> </span></span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-798": {
   "value": "Utilizzo<span class=\"_ _f\"></span> di stim<span class=\"_ _1\"></span>e ed <span class=\"_ _1\"></span>ass<span class=\"_ _1\"></span>unzio<span class=\"_ _1\"></span>ni ne<span class=\"_ _f\"></span>lla predisp<span class=\"_ _1\"></span>osizi<span class=\"_ _1\"></span>one <span class=\"_ _f\"></span>del bilanc<span class=\"_ _1\"></span>io In <span class=\"_ _d\"></span>conformit\u00e0 <span class=\"_ _d\"></span>agli <span class=\"_ _d\"></span>IFRS, <span class=\"_ _d\"></span>la <span class=\"_ _0\"></span>direzione <span class=\"_ _d\"></span>aziendale <span class=\"_ _d\"></span>deve <span class=\"_ _d\"></span>formulare <span class=\"_ _d\"></span>v<span class=\"_ _2\"></span>alutazioni, <span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>time <span class=\"_ _d\"></span>e <span class=\"_ _d\"></span>ipotesi <span class=\"_ _d\"></span>che <span class=\"_ _d\"></span>i<span class=\"_ _2\"></span>nfluenzano l\u2019applicazione <span class=\"_ _2\"></span>dei <span class=\"_ _d\"></span>principi <span class=\"_ _2\"></span>contabili <span class=\"_ _d\"></span>e <span class=\"_ _2\"></span>gli <span class=\"_ _d\"></span>importi <span class=\"_ _d\"></span>delle <span class=\"_ _2\"></span>at<span class=\"_ _2\"></span>tivit\u00e0, <span class=\"_ _2\"></span>delle <span class=\"_ _2\"></span>passivi<span class=\"_ _2\"></span><span class=\"ff4\">t\u00e0, <span class=\"_ _d\"></span>dei <span class=\"_ _2\"></span>cost<span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>e <span class=\"_ _d\"></span>dei <span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>icavi <span class=\"_ _2\"></span>rilevati <span class=\"_ _d\"></span>in </span>bilancio, <span class=\"_ _0\"></span>nonch\u00e9 <span class=\"_ _0\"></span>sull\u2019informativa <span class=\"_ _0\"></span>relativa <span class=\"_ _0\"></span>ad <span class=\"_ _0\"></span>attivit\u00e0 <span class=\"_ _9\"> </span>e <span class=\"_ _0\"></span>passivit\u00e0 <span class=\"_ _0\"></span>potenziali. <span class=\"_ _0\"></span>Le <span class=\"_ _0\"></span>stime <span class=\"_ _0\"></span>e <span class=\"_ _0\"></span>le <span class=\"_ _0\"></span>relative <span class=\"_ _0\"></span>ipotesi <span class=\"_ _0\"></span>si basano <span class=\"_ _9\"> </span>sulle <span class=\"_ _0\"></span>esperienze <span class=\"_ _0\"></span>pregresse <span class=\"_ _9\"> </span>e <span class=\"_ _0\"></span>su <span class=\"_ _9\"> </span>altri <span class=\"_ _9\"> </span>fattori <span class=\"_ _0\"> </span>considerati <span class=\"_ _9\"> </span>ragionevoli <span class=\"_ _0\"></span>nella <span class=\"_ _0\"> </span>fat<span class=\"_ _2\"></span>tispecie <span class=\"_ _0\"></span>e <span class=\"_ _0\"> </span>s<span class=\"_ _2\"></span>ono <span class=\"_ _0\"></span>st<span class=\"_ _2\"></span>ate adottate p<span class=\"_ _1\"></span>er <span class=\"_ _f\"></span>stimar<span class=\"_ _2\"></span>e <span class=\"_ _f\"></span>il <span class=\"_ _f\"></span>valore con<span class=\"_ _1\"></span>tabile <span class=\"_ _f\"></span>delle attivit\u00e0 <span class=\"_ _f\"></span>e <span class=\"_ _1\"></span>delle <span class=\"_ _f\"></span>passivit\u00e0 che <span class=\"_ _f\"></span>non <span class=\"_ _1\"></span>\u00e8 <span class=\"_ _f\"></span>facilmente <span class=\"_ _1\"></span>desumibile <span class=\"_ _f\"></span>da altre fonti. In <span class=\"_ _0\"></span>particolare <span class=\"_ _9\"> </span>sono <span class=\"_ _9\"> </span>stati <span class=\"_ _9\"> </span>adottati <span class=\"_ _9\"> </span>processi <span class=\"_ _9\"> </span>di <span class=\"_ _0\"></span>st<span class=\"_ _2\"></span>ima <span class=\"_ _0\"></span>a <span class=\"_ _9\"> </span>supporto <span class=\"_ _0\"></span>del <span class=\"_ _9\"> </span>valore <span class=\"_ _0\"></span>di <span class=\"_ _9\"> </span>iscrizione <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>alcune <span class=\"_ _9\"> </span>delle <span class=\"_ _9\"> </span>pi\u00f9 rilevanti poste <span class=\"_ _2\"></span>valutative <span class=\"_ _2\"></span>iscritte nel <span class=\"_ _2\"></span>Bilanci<span class=\"_ _1\"></span>o <span class=\"_ _2\"></span>al 31 <span class=\"_ _2\"></span>dicembre 2025, <span class=\"_ _2\"></span>cos\u00ec come <span class=\"_ _2\"></span>previsto dai <span class=\"_ _2\"></span>principi contabili e dalle <span class=\"_ _22\"> </span>nor<span class=\"_ _2\"></span>mative <span class=\"_ _22\"> </span>di <span class=\"_ _4\"> </span>riferimento <span class=\"_ _4\"> </span>sopra <span class=\"_ _4\"> </span>descritti. <span class=\"_ _4\"> </span>Detti <span class=\"_ _22\"> </span>pro<span class=\"_ _2\"></span>cessi  sono <span class=\"_ _4\"> </span>basati <span class=\"_ _4\"> </span>in <span class=\"_ _4\"> </span>larga  misura <span class=\"_ _4\"> </span>su <span class=\"_ _4\"> </span>stime <span class=\"_ _4\"> </span>di recuperabilit\u00e0 <span class=\"_ _2\"></span>futura <span class=\"_ _2\"></span>dei <span class=\"_ _2\"></span>va<span class=\"_ _2\"></span>lori <span class=\"_ _2\"></span>iscritti <span class=\"_ _d\"></span>in <span class=\"_ _2\"></span>bilancio <span class=\"_ _2\"></span>second<span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>le <span class=\"_ _2\"></span>rego<span class=\"_ _2\"></span>le <span class=\"_ _2\"></span>dettate <span class=\"_ _2\"></span>dalle <span class=\"_ _2\"></span>norme <span class=\"_ _d\"></span>vigenti <span class=\"_ _2\"></span>e <span class=\"_ _d\"></span>sono <span class=\"_ _2\"></span>stati effettuati <span class=\"_ _9\"> </span>in <span class=\"_ _9\"> </span>un\u2019ottica <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>continuit\u00e0 <span class=\"_ _9\"> </span>aziendale, <span class=\"_ _9\"> </span>ossia <span class=\"_ _9\"> </span>prescindendo <span class=\"_ _9\"> </span>da <span class=\"_ _9\"> </span>ipotesi <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>liquidazione <span class=\"_ _0\"> </span>for<span class=\"_ _2\"></span>zata <span class=\"_ _0\"> </span>delle poste oggetto di valutazione. I <span class=\"_ _0\"></span>processi <span class=\"_ _9\"> </span>adott<span class=\"_ _2\"></span>ati <span class=\"_ _0\"></span>confortano <span class=\"_ _9\"> </span>i <span class=\"_ _0\"></span>valori <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>iscrizione <span class=\"_ _0\"></span>al <span class=\"_ _9\"> </span>31 <span class=\"_ _9\"> </span>dicem<span class=\"_ _2\"></span>bre <span class=\"_ _0\"></span>2025. <span class=\"_ _9\"> </span>Il <span class=\"_ _9\"> </span>processo <span class=\"_ _9\"> </span>valutativo <span class=\"_ _0\"></span>\u00e8 <span class=\"_ _9\"> </span>risultato particolarmente <span class=\"_ _14\"> </span>complesso <span class=\"_ _15\"> </span>in <span class=\"_ _17\"> </span>cons<span class=\"_ _2\"></span>iderazione<span class=\"_ _1\"></span> <span class=\"_ _14\"> </span>della <span class=\"_ _14\"> </span>persist<span class=\"_ _2\"></span>ente <span class=\"_ _14\"> </span>incertezza <span class=\"_ _14\"> </span>riscontrabile <span class=\"_ _14\"> </span>nel <span class=\"_ _14\"> </span>contesto macroeconomico e <span class=\"_ _2\"></span>di mercato, caratterizzato, s<span class=\"_ _2\"></span>ia da importanti livelli di volatilit\u00e0 <span class=\"_ _2\"></span>riscontrabili nei paramet<span class=\"_ _d\"></span>ri finanziari <span class=\"_ _2\"></span>determinanti <span class=\"_ _2\"></span>ai <span class=\"_ _2\"></span>fini <span class=\"_ _2\"></span>della <span class=\"_ _2\"></span>valutazione, <span class=\"_ _2\"></span>sia <span class=\"_ _2\"></span>da <span class=\"_ _2\"></span>indicatori <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>deterior<span class=\"_ _2\"></span>amento <span class=\"_ _2\"></span>prospettico <span class=\"_ _2\"></span>dell<span class=\"_ _1\"></span>a <span class=\"_ _2\"></span>qualit\u00e0 del credito ancora elevati. I <span class=\"_ _19\"> </span>parametri <span class=\"_ _1a\"> </span>e <span class=\"_ _19\"> </span>le <span class=\"_ _19\"> </span>informazioni <span class=\"_ _19\"> </span>utilizzati <span class=\"_ _19\"> </span>per <span class=\"_ _1a\"> </span>la <span class=\"_ _19\"> </span>verifica <span class=\"_ _19\"> </span>dei <span class=\"_ _1a\"> </span>valori <span class=\"_ _19\"> </span>prima <span class=\"_ _1a\"> </span>menzi<span class=\"_ _1\"></span>onati <span class=\"_ _19\"> </span>sono <span class=\"_ _1a\"> </span>qui<span class=\"_ _1\"></span>ndi significativamente  influenzati <span class=\"_ _22\"> </span>d<span class=\"_ _2\"></span>a  detti <span class=\"_ _22\"> </span>fat<span class=\"_ _2\"></span>tori  che  potr<span class=\"_ _2\"></span>ebbe<span class=\"_ _1\"></span>ro <span class=\"_ _22\"> </span>r<span class=\"_ _2\"></span>egistrare  rapidi  mutamenti <span class=\"_ _22\"> </span>ad<span class=\"_ _2\"></span>  oggi <span class=\"_ _22\"> </span>non prevedibili, talch\u00e9 non si possono escludere conseguenti effetti sui futuri valori di bilancio. Per loro natura le stime e le assunzioni utilizzate possono variare di periodo in periodo e, pertanto, non \u00e8 da escludere che n<span class=\"_ _2\"></span>ei periodi <span class=\"_ _9\"> </span>successivi  gli<span class=\"_ _1\"></span>  attuali <span class=\"_ _9\"> </span>valori  iscritti <span class=\"_ _9\"> </span>in  bil<span class=\"_ _1\"></span>ancio <span class=\"_ _16\"> </span>possano <span class=\"_ _9\"> </span>differire,  anche<span class=\"_ _1\"></span>  i<span class=\"_ _1\"></span>n <span class=\"_ _16\"> </span>maniera  signi<span class=\"_ _1\"></span>ficativa, <span class=\"_ _16\"> </span>a seguito del mutamento delle valutazioni sogge<span class=\"_ _1\"></span>ttive utilizzate.<span class=\"_ _2\"></span> Le <span class=\"_ _f\"></span>stime <span class=\"_ _f\"></span>e <span class=\"_ _f\"></span>l<span class=\"_ _2\"></span>e <span class=\"_ _f\"></span>ipotesi <span class=\"_ _f\"></span>sono <span class=\"_ _1\"></span>riviste <span class=\"_ _f\"></span>regolarmente. <span class=\"_ _f\"></span>Le <span class=\"_ _1\"></span>eventuali <span class=\"_ _f\"></span>variazioni <span class=\"_ _f\"></span>conseguenti <span class=\"_ _f\"></span>a tali <span class=\"_ _11\"></span>r<span class=\"_ _2\"></span>evisioni <span class=\"_ _11\"></span>s<span class=\"_ _2\"></span>ono <span class=\"_ _f\"></span>rilevate nel periodo in <span class=\"_ _2\"></span>cui la <span class=\"_ _2\"></span>revisione viene effettuata <span class=\"_ _2\"></span>qualora la <span class=\"_ _2\"></span>stessa interessi s<span class=\"_ _2\"></span>olo quel periodo. Nel <span class=\"_ _2\"></span>caso in <span class=\"_ _2\"></span>cui la revisione <span class=\"_ _2\"></span>interessi <span class=\"_ _d\"></span>periodi <span class=\"_ _d\"></span>sia <span class=\"_ _d\"></span>correnti <span class=\"_ _d\"></span>sia <span class=\"_ _d\"></span>futuri, <span class=\"_ _d\"></span>la <span class=\"_ _d\"></span>variazione <span class=\"_ _2\"></span>\u00e8<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>rilevata <span class=\"_ _d\"></span>nel <span class=\"_ _d\"></span>periodo <span class=\"_ _2\"></span>in <span class=\"_ _d\"></span>cui <span class=\"_ _d\"></span>la <span class=\"_ _d\"></span>revisione <span class=\"_ _d\"></span>viene effettuata e nei relativi periodi futuri. Le <span class=\"_ _d\"></span>principali <span class=\"_ _d\"></span>fatt<span class=\"_ _2\"></span>ispecie<span class=\"_ _f\"></span> <span class=\"_ _0\"></span>per <span class=\"_ _0\"></span>le <span class=\"_ _d\"></span>quali <span class=\"_ _d\"></span>\u00e8 <span class=\"_ _0\"></span>maggiormente <span class=\"_ _d\"></span>richiesto <span class=\"_ _0\"></span>l\u2019imp<span class=\"_ _1\"></span>iego <span class=\"_ _d\"></span>di <span class=\"_ _0\"></span>valutazioni <span class=\"_ _d\"></span>soggettive <span class=\"_ _d\"></span>da <span class=\"_ _0\"></span>parte della Direzione sono: 1.<span class=\"_ _1c\"> </span><span class=\"ls0\">la <span class=\"_ _22\"> </span>quantificazione  delle  perdit<span class=\"_ _2\"></span>e  per  riduzione  di  valore  dei  crediti <span class=\"_ _4\"> </span>(per  ulteriori  approfondimenti  si </span>rimanda a quanto riportato nella parte E- sezione 2 <span class=\"ff5\">\u2013</span> 2. Politiche di gesitone del rischio di credito); 2.<span class=\"_ _2b\"> </span><span class=\"ff5 ls0\">l\u2019utilizzo <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>modelli <span class=\"_ _0\"></span>valutativi <span class=\"_ _0\"> </span>per<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>la <span class=\"_ _0\"></span>rilevazione <span class=\"_ _0\"></span>del <span class=\"_ _0\"></span>fair <span class=\"_ _9\"> </span>val<span class=\"_ _2\"></span><span class=\"ff4\">ue <span class=\"_ _0\"></span>degli <span class=\"_ _0\"></span>s<span class=\"_ _2\"></span>trumenti <span class=\"_ _0\"></span>finanziari <span class=\"_ _0\"></span>non <span class=\"_ _0\"></span>quot<span class=\"_ _2\"></span>ati <span class=\"_ _0\"></span>in </span></span>mercati attivi;<span class=\"_ _df\"> </span>3.<span class=\"_ _3\"> </span><span class=\"ff5 ls0\">la  stima <span class=\"_ _9\"> </span>del <span class=\"_ _9\"> </span>valore <span class=\"_ _16\"> </span>recuperabile <span class=\"_ _9\"> </span>dell\u2019avviamento<span class=\"ff4\">  (per <span class=\"_ _9\"> </span>ulteriori <span class=\"_ _9\"> </span>approfondimenti <span class=\"_ _16\"> </span>si <span class=\"_ _9\"> </span>rimanda <span class=\"_ _16\"> </span>a <span class=\"_ _9\"> </span>quanto </span></span>riportato nella parte B <span class=\"ff5\">\u2013</span> sezione 10 - Attivit\u00e0 immateriali);<span class=\"_ _df\"> </span>4.<span class=\"_ _3\"> </span><span class=\"ls0\">la quantificazione del TFR, dei fondi del personale e dei fondi per rischi e oneri;<span class=\"_ _df\"> </span></span>5.<span class=\"_ _2b\"> </span><span class=\"ls0\">le<span class=\"_ _1\"></span>  s<span class=\"_ _2\"></span>time  effettuate  per <span class=\"_ _4\"> </span>la  valutazione  delle <span class=\"_ _22\"> </span>passivit\u00e0 <span class=\"_ _4\"> </span>assicurative; <span class=\"_ _22\"> </span>il <span class=\"_ _4\"> </span>processo  di  for<span class=\"_ _2\"></span>mazione  delle<span class=\"_ _df\"> </span></span>Passivit\u00e0 Assicurative si <span class=\"_ _2\"></span>basa su complessi <span class=\"_ _2\"></span>processi di stima e <span class=\"_ _2\"></span>richiede l\u2019utilizzo di assunzioni e <span class=\"_ _2\"></span>ipo<span class=\"_ _2\"></span><span class=\"ff4\">tesi </span>di <span class=\"_ _2\"></span>natura <span class=\"_ _2\"></span>tecnica, <span class=\"_ _2\"></span>demografica, <span class=\"_ _2\"></span>attuariale <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>finanziaria <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>hanno <span class=\"_ _2\"></span>altr<span class=\"_ _2\"></span>es\u00ec <span class=\"_ _2\"></span>impatto s<span class=\"_ _2\"></span>ulla quantificazione<span class=\"_ _df\"> </span>della quota <span class=\"_ _2\"></span>del Margine sui <span class=\"_ _2\"></span>servizi <span class=\"_ _2\"></span>contrattuali <span class=\"_ _2\"></span>da rilasciare <span class=\"_ _2\"></span>nel conto<span class=\"_ _2\"></span> economico.<span class=\"_ _2\"></span><span class=\"ls49\">  </span>Tali valutazioni <span class=\"_ _2\"></span>sono prevalentemente <span class=\"_ _f\"></span>l<span class=\"_ _2\"></span>egate <span class=\"_ _f\"></span>sia all\u2019evoluzio<span class=\"ff4\">ne del <span class=\"_ _f\"></span>cont<span class=\"_ _2\"></span>esto socio-economico <span class=\"_ _f\"></span>nazionale e<span class=\"_ _1\"></span> internazionale, <span class=\"_ _f\"></span>s<span class=\"_ _2\"></span>ia </span>all\u2019andamento dei mercati finanziari, che<span class=\"_ _1\"></span> provocano conseguenti riflessi sull\u2019<span class=\"_ _1\"></span>andamento dei tassi, sulla<span class=\"_ _f\"></span> fluttuazione dei prezzi, sulle basi attuariali e, pi\u00f9 in generale, sul merito creditizi<span class=\"_ _2\"></span>o delle controparti. (per<span class=\"_ _df\"> </span>ulteriori approfondimenti <span class=\"_ _2\"></span>si <span class=\"_ _2\"></span>rimanda <span class=\"_ _2\"></span>a quanto <span class=\"_ _2\"></span>riportato<span class=\"_ _2\"></span> nella <span class=\"_ _2\"></span>parte A <span class=\"_ _d\"></span><span class=\"ff5\">\u2013</span> <span class=\"_ _2\"></span>Attivit\u00e0 <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>passivit\u00e0 as<span class=\"_ _2\"></span>sicurative,<span class=\"_ _f\"></span> scelte metodologiche del Gruppo).<span class=\"_ _df\"> </span>L\u2019evoluzione <span class=\"_ _d\"></span>di <span class=\"_ _0\"></span>tali <span class=\"_ _d\"></span>fatt<span class=\"_ _2\"></span>ori <span class=\"_ _d\"></span>potrebbe <span class=\"_ _d\"></span>determinare <span class=\"_ _0\"></span>la <span class=\"_ _0\"></span>necessit\u00e0, <span class=\"_ _d\"></span>nei <span class=\"_ _0\"></span>futuri <span class=\"_ _0\"></span>esercizi, <span class=\"_ _d\"></span>di <span class=\"_ _0\"></span>u<span class=\"_ _2\"></span><span class=\"ff4\">lteriori <span class=\"_ _d\"></span>cla<span class=\"_ _2\"></span>ssificazioni </span>delle  esposizioni  creditizie  fra  le  esposizioni  deteriorate,  determinand<span class=\"_ _1\"></span>o  quindi  la  rilevazione  di  ulteriori rettifiche di <span class=\"_ _2\"></span>valore <span class=\"_ _2\"></span>inerenti <span class=\"_ _2\"></span>anche all<span class=\"_ _2\"></span>e esposizioni <span class=\"_ _2\"></span>creditizie non<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>deteriorate, per <span class=\"_ _2\"></span>effetto <span class=\"_ _2\"></span>dell\u2019aggiornamento<span class=\"_ _df\"> </span>dei <span class=\"_ _d\"></span>parametr<span class=\"_ _2\"></span>i <span class=\"_ _d\"></span>creditizi. <span class=\"_ _0\"></span>In <span class=\"_ _0\"></span>aggiunta, <span class=\"_ _0\"></span>la <span class=\"_ _0\"></span>necessit\u00e0 <span class=\"_ _0\"></span>di <span class=\"_ _d\"></span>pro<span class=\"_ _2\"></span>cede<span class=\"_ _1\"></span>re <span class=\"_ _0\"></span>a <span class=\"_ _0\"></span>un <span class=\"_ _0\"></span>adeguamento <span class=\"_ _d\"></span>delle <span class=\"_ _0\"></span>rettifiche <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>valore potrebbe d<span class=\"_ _1\"></span>erivare dall\u2019affe<span class=\"_ _1\"></span>rmarsi di uno scenario<span class=\"_ _f\"></span> macroeconomico diverso da<span class=\"_ _f\"></span> quello assunto nel<span class=\"_ _1\"></span>la stima de<span class=\"_ _1\"></span>i parametri creditizi. o<span class=\"_ _1c\"> </span><span class=\"ff5\">L\u2019evoluzi<span class=\"_ _1\"></span>one <span class=\"_ _22\"> </span>del <span class=\"_ _22\"> </span>mercato<span class=\"_ _2\"></span>  immobiliare  d\u2019altra <span class=\"_ _4\"> </span>parte,  in  termini  di <span class=\"_ _22\"> </span>correzione <span class=\"_ _22\"> </span>al <span class=\"_ _4\"> </span>ribasso  dei  prezzi  degli<span class=\"_ _df\"> </span></span>immobili, <span class=\"_ _2\"></span>potr<span class=\"_ _2\"></span>ebbe<span class=\"_ _1\"></span> <span class=\"_ _d\"></span>influenzare <span class=\"_ _d\"></span>(i) <span class=\"_ _d\"></span>il <span class=\"_ _d\"></span>valore <span class=\"_ _2\"></span>degli <span class=\"_ _d\"></span>immobili <span class=\"_ _d\"></span>ricevuti <span class=\"_ _d\"></span>in <span class=\"_ _2\"></span>garanzia <span class=\"_ _d\"></span>richiedendo <span class=\"_ _d\"></span>un <span class=\"_ _d\"></span>adeguamento<span class=\"_ _df\"> </span>delle <span class=\"_ _2\"></span>rettifiche <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>valore <span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>(ii) <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>capacit\u00e0 <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>alcune <span class=\"_ _2\"></span>contropart<span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>operanti <span class=\"_ _2\"></span>nel <span class=\"_ _2\"></span>settor<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>immobiliare <span class=\"_ _2\"></span>di onor<span class=\"_ _2\"></span>are <span class=\"_ _2\"></span>il proprio <span class=\"_ _2\"></span>debito. <span class=\"_ _d\"></span>Essendo <span class=\"_ _2\"></span>gli <span class=\"_ _2\"></span>immobili <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>G<span class=\"_ _2\"></span>ruppo <span class=\"_ _2\"></span>posizionati <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>Italia <span class=\"_ _2\"></span>non <span class=\"_ _d\"></span>ci <span class=\"_ _2\"></span>si <span class=\"_ _d\"></span>attendono <span class=\"_ _2\"></span>impatti <span class=\"_ _2\"></span>diretti <span class=\"_ _2\"></span>dalle<span class=\"_ _df\"> </span>tensioni <span class=\"_ _10\"> </span>geopolitiche <span class=\"_ _10\"> </span>mondiali <span class=\"_ _18\"> </span>(in <span class=\"_ _10\"> </span>ogni <span class=\"_ _10\"> </span>caso <span class=\"_ _10\"> </span>si <span class=\"_ _10\"> </span>evidenzia <span class=\"_ _10\"> </span>come <span class=\"_ _10\"> </span>il <span class=\"_ _10\"> </span>fair <span class=\"_ _10\"> </span>value <span class=\"_ _10\"> </span>degli <span class=\"_ _10\"> </span>immobili <span class=\"_ _10\"> </span>risulti si<span class=\"ls0\">stematicamente superiore al valore netto contabile<span class=\"_ _1\"></span> degli stessi).<span class=\"_ _df\"> </span></span>Infine, <span class=\"_ _0\"></span>con <span class=\"_ _9\"> </span>riferimento <span class=\"_ _9\"> </span>ai <span class=\"_ _9\"> </span>cambiamenti <span class=\"_ _0\"></span>avversi <span class=\"_ _9\"> </span>dei <span class=\"_ _0\"></span>rischi <span class=\"_ _9\"> </span>climatici <span class=\"_ _9\"> </span>si <span class=\"_ _0\"> </span>r<span class=\"_ _2\"></span>imanda <span class=\"_ _0\"></span>a <span class=\"_ _9\"> </span>quanto <span class=\"_ _0\"></span>gi\u00e0 <span class=\"_ _9\"> </span>riportato <span class=\"_ _9\"> </span>nella presenta Nota integrativa, Parte E, Sezi<span class=\"_ _1\"></span>one 2 <span class=\"_ _2\"></span><span class=\"ff5\">\u2013</span> Rischi del consolidato prudenziale.<span class=\"_ _df\"> </span>Con <span class=\"_ _4\"> </span>riferimento <span class=\"_ _4\"> </span>alle <span class=\"_ _4\"> </span>restant<span class=\"_ _2\"></span>i <span class=\"_ _4\"> </span>poste <span class=\"_ _4\"> </span>per <span class=\"_ _4\"> </span>le <span class=\"_ _4\"> </span>qua<span class=\"_ _2\"></span>li <span class=\"_ _4\"> </span>vengono <span class=\"_ _4\"> </span>utilizzate <span class=\"_ _4\"> </span>valutazioni <span class=\"_ _4\"> </span>s<span class=\"_ _2\"></span>oggettive,<span class=\"_ _1\"></span> <span class=\"_ _4\"> </span>s<span class=\"_ _2\"></span>ebbene<span class=\"_ _1\"></span> <span class=\"_ _17\"> </span>le valutazioni s<span class=\"_ _2\"></span>iano <span class=\"_ _2\"></span>state <span class=\"_ _2\"></span>effettuate sulla <span class=\"_ _2\"></span>base <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>informazioni <span class=\"_ _2\"></span>ritenute r<span class=\"_ _2\"></span>agionevol<span class=\"_ _1\"></span>i <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>sostenibili <span class=\"_ _2\"></span>al 31 <span class=\"_ _d\"></span>dicemb<span class=\"_ _1\"></span>re 2025, <span class=\"_ _0\"></span>le <span class=\"_ _0\"></span>stesse <span class=\"_ _9\"> </span>potranno <span class=\"_ _0\"></span>subire <span class=\"_ _0\"></span>cambiamenti <span class=\"_ _0\"></span>al <span class=\"_ _0\"></span>momento <span class=\"_ _0\"></span>non <span class=\"_ _0\"></span>prevedibili <span class=\"_ _0\"></span>per <span class=\"_ _0\"></span>effetto <span class=\"_ _0\"></span>delle <span class=\"_ _0\"></span>evoluzioni <span class=\"_ _0\"></span>nei parametri alla base delle rispettive<span class=\"_ _1\"></span> valutazioni:<span class=\"_ _2\"></span> <span class=\"_ _2c\"> </span><span class=\"ff4\">condizioni <span class=\"_ _4\"> </span>economiche <span class=\"_ _4\"> </span>ed <span class=\"_ _4\"> </span>ind<span class=\"_ _2\"></span>ustriali <span class=\"_ _4\"> </span>generali <span class=\"_ _4\"> </span>delle <span class=\"_ _4\"> </span>aree <span class=\"_ _4\"> </span>in <span class=\"_ _4\"> </span>cui <span class=\"_ _4\"> </span>la <span class=\"_ _4\"> </span>Banca <span class=\"_ _4\"> </span>op<span class=\"_ _2\"></span>era <span class=\"_ _4\"> </span>o <span class=\"_ _4\"> </span>ha <span class=\"_ _4\"> </span>investimenti </span>significativi; <span class=\"_ _2c\"> </span><span class=\"ff4\">esposizione ai vari rischi di mercato (es. rischio cambio);<span class=\"_ _df\"> </span></span><span class=\"_ _2c\"> </span><span class=\"ff4\">cambiamenti <span class=\"_ _9\"> </span>legislativi, <span class=\"_ _9\"> </span>normativi, <span class=\"_ _9\"> </span>fiscali, <span class=\"_ _9\"> </span>inclusi <span class=\"_ _9\"> </span>i <span class=\"_ _16\"> </span>requisiti <span class=\"_ _9\"> </span>in <span class=\"_ _9\"> </span>materia <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>capitale <span class=\"_ _9\"> </span>r<span class=\"_ _2\"></span>egolamentare <span class=\"_ _9\"> </span>e <span class=\"_ _9\"> </span>di </span>liquidit\u00e0, anche tenuto conto della maggiore regolamentazi<span class=\"_ _1\"></span>one in risposta alla crisi finanziaria;<span class=\"_ _df\"> </span><span class=\"_ _2c\"> </span><span class=\"ff4\">cambiamenti climatici avversi che potrebbero influenzare il valore dell<span class=\"_ _1\"></span>e attivit\u00e0 detenute e/o la capacit\u00e0 </span>dei clienti di onorare il proprio debi<span class=\"_ _1\"></span>to. Altri <span class=\"_ _0\"></span>fattori <span class=\"_ _0\"></span>sconosciuti <span class=\"_ _0\"></span>ed <span class=\"_ _d\"></span>im<span class=\"_ _2\"></span>prevedibili<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>potrebbero <span class=\"_ _0\"></span>determinare <span class=\"_ _0\"></span>degli <span class=\"_ _0\"></span>scostamenti <span class=\"_ _0\"></span>materiali <span class=\"_ _0\"></span>tra <span class=\"_ _0\"></span>i <span class=\"_ _0\"></span>risultati effettivi e quelli previsti. Per maggiori dettagli si rimanda a quanto riportato nel<span class=\"_ _1\"></span>la parte \u201cE\u201d della presente Nota Integrativa<span class=\"_ _2\"></span><span class=\"ff4\">.<span class=\"_ _df\"> </span></span>A.2 <span class=\"_ _1\"></span><span class=\"ff5\">\u2013<span class=\"ff4\"> PAR<span class=\"_ _f\"></span>TE RE<span class=\"_ _1\"></span>LAT<span class=\"_ _f\"></span>IVA A<span class=\"_ _1\"></span>LLE<span class=\"_ _1\"></span> PRINC<span class=\"_ _f\"></span>IPALI <span class=\"_ _f\"></span>VOCI D<span class=\"_ _1\"></span>I BI<span class=\"_ _1\"></span>LAN<span class=\"_ _f\"></span>CIO<span class=\"_ _df\"> </span></span></span>1 <span class=\"ls0\">- Attivit\u00e0<span class=\"_ _f\"></span> finanzia<span class=\"_ _1\"></span>rie valu<span class=\"_ _f\"></span>tate al fa<span class=\"_ _1\"></span>ir valu<span class=\"_ _1\"></span>e con<span class=\"_ _1\"></span> impa<span class=\"_ _1\"></span>tto a co<span class=\"_ _f\"></span>nto eco<span class=\"_ _1\"></span>nomico <span class=\"_ _f\"></span> </span>Criter<span class=\"_ _1\"></span>i di <span class=\"_ _1\"></span>iscrizio<span class=\"_ _f\"></span>ne L\u2019iscrizione iniziale <span class=\"_ _2\"></span>delle <span class=\"_ _2\"></span>att<span class=\"_ _2\"></span>ivit\u00e0<span class=\"_ _1\"></span> <span class=\"_ _2\"></span>finanziarie avviene <span class=\"_ _2\"></span>alla <span class=\"_ _2\"></span>data <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>regolamento <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>i titoli <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>debito e <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>titoli di capitale, alla data di erogazione p<span class=\"_ _1\"></span>er i finanziamenti ed alla data di sottoscrizione pe<span class=\"_ _1\"></span>r i contratti<span class=\"_ _d\"></span> <span class=\"_ _12\"></span>derivati. All<span class=\"ff5\">\u2019atto <span class=\"_ _d\"></span>della <span class=\"_ _d\"></span>rilevazione <span class=\"_ _2\"></span>iniziale <span class=\"_ _d\"></span>le <span class=\"_ _d\"></span>attivit\u00e0 <span class=\"_ _d\"></span>finanziarie <span class=\"_ _d\"></span>valutate <span class=\"_ _d\"></span>al <span class=\"_ _2\"></span>fair <span class=\"_ _0\"></span>value <span class=\"_ _2\"></span>con <span class=\"_ _0\"></span>impatto <span class=\"_ _2\"></span>a <span class=\"_ _d\"></span>conto <span class=\"_ _d\"></span>economico </span>vengono rile<span class=\"_ _1\"></span>vate al fai<span class=\"_ _1\"></span>r value, <span class=\"_ _1\"></span>senza considerare i<span class=\"_ _1\"></span> costi <span class=\"_ _f\"></span>o proventi d<span class=\"_ _1\"></span>i transazione d<span class=\"_ _1\"></span>irettamente att<span class=\"_ _1\"></span>ribuibili all<span class=\"_ _1\"></span>o strumento stesso. Criter<span class=\"_ _1\"></span>i di <span class=\"_ _f\"></span>classifica<span class=\"_ _f\"></span>zione Sono  classificate  in  questa  categoria  le  at<span class=\"_ _2\"></span>tivit\u00e0  finanziarie  diverse  da  quelle  classificate  tra <span class=\"_ _22\"> </span>le  At<span class=\"_ _2\"></span>tivit\u00e0 finanziarie valutate <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>fair value con <span class=\"_ _2\"></span>impatto <span class=\"_ _2\"></span>sulla redditivit\u00e0 complessiva <span class=\"_ _2\"></span>e t<span class=\"_ _2\"></span>ra le <span class=\"_ _2\"></span>Attivit\u00e0 finanziare <span class=\"_ _2\"></span>valutate<span class=\"_ _1\"></span> al costo ammortizzato. La voce, in particolare, include<span class=\"_ _1\"></span>:<span class=\"_ _2\"></span> <span class=\"_ _2c\"> </span><span class=\"ff4\">le attivit\u00e0 finanziarie detenute pe<span class=\"_ _1\"></span>r la negoziazione, essenzi<span class=\"_ _1\"></span>almente rappresentate da titoli di de<span class=\"_ _1\"></span>bito e di </span>capitale e dal valore positivo dei contratti derivati de<span class=\"_ _1\"></span>tenuti con finalit\u00e0 di negoziazione;<span class=\"_ _df\"> </span><span class=\"_ _2c\"> </span><span class=\"ff4\">le attivit\u00e0 finanziarie <span class=\"_ _1\"></span>obbligatoriamente v<span class=\"_ _1\"></span>alutate al fair<span class=\"_ _f\"></span> value, rappresentate d<span class=\"_ _1\"></span>alle attiv<span class=\"_ _1\"></span>it\u00e0 finanziarie <span class=\"_ _1\"></span>che </span>non <span class=\"_ _0\"> </span>s<span class=\"_ _2\"></span>oddisfano <span class=\"_ _0\"></span>i <span class=\"_ _0\"></span>requisiti <span class=\"_ _9\"> </span>per <span class=\"_ _0\"> </span>la <span class=\"_ _9\"> </span>valutazione <span class=\"_ _0\"></span>al <span class=\"_ _9\"> </span>costo <span class=\"_ _0\"> </span>amm<span class=\"_ _2\"></span>ortizz<span class=\"_ _1\"></span>ato <span class=\"_ _9\"> </span>o <span class=\"_ _9\"> </span>al <span class=\"_ _0\"></span>fair <span class=\"_ _9\"> </span>value <span class=\"_ _0\"></span>con <span class=\"_ _9\"> </span>impatto <span class=\"_ _0\"></span>s<span class=\"_ _2\"></span>ulla redditivit\u00e0 <span class=\"_ _14\"> </span>complessiva. <span class=\"_ _14\"> </span>Si <span class=\"_ _14\"> </span>tr<span class=\"_ _2\"></span>atta <span class=\"_ _14\"> </span>di <span class=\"_ _15\"> </span>attivit\u00e0 <span class=\"_ _14\"> </span>finanziarie <span class=\"_ _15\"> </span>i <span class=\"_ _14\"> </span>cui <span class=\"_ _15\"> </span>termini <span class=\"_ _14\"> </span>contrattuali <span class=\"_ _14\"> </span>non <span class=\"_ _15\"> </span>prevedono esclusivamente <span class=\"_ _2\"></span>rimbors<span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>del <span class=\"_ _d\"></span>capi<span class=\"_ _1\"></span>tale <span class=\"_ _d\"></span>e <span class=\"_ _2\"></span>pagamenti <span class=\"_ _d\"></span>dell\u2019interesse <span class=\"_ _d\"></span>sull\u2019importo <span class=\"_ _2\"></span>del <span class=\"_ _d\"></span>capitale <span class=\"_ _2\"></span>da <span class=\"_ _d\"></span>restituire (cd. \u201cSPPI<span class=\"_ _1\"></span> test\u201d non superato) opp<span class=\"_ _1\"></span>ure che non <span class=\"_ _1\"></span>sono detenute nel q<span class=\"_ _1\"></span>uadro di un <span class=\"_ _1\"></span>modello di business il<span class=\"_ _1\"></span> cui<span class=\"_ _df\"> </span>obiettivo <span class=\"_ _f\"></span>\u00e8 il<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>possesso d<span class=\"_ _1\"></span>i <span class=\"_ _f\"></span>attivit\u00e0 <span class=\"_ _1\"></span>finalizzato <span class=\"_ _f\"></span>alla <span class=\"_ _1\"></span>raccolta d<span class=\"_ _1\"></span>ei <span class=\"_ _f\"></span>flussi fi<span class=\"_ _1\"></span>nanziari <span class=\"_ _f\"></span>contr<span class=\"_ _2\"></span>attuali <span class=\"_ _f\"></span>(Business <span class=\"_ _f\"></span>model \u201cHold to Collect\u201d) o il cui obiettivo \u00e8 conseguito sia mediante la racc<span class=\"_ _1\"></span>olta dei flussi finanziari contrattuali che mediante la vendita di attivit\u00e0 fi<span class=\"ff5\">nanziarie (Business model \u201cHold to Collect and Sell\u201d);<span class=\"_ _df\"> </span></span><span class=\"_ _2c\"> </span><span class=\"ff4\">le <span class=\"_ _d\"></span>attivit\u00e0 <span class=\"_ _d\"></span>finanziarie <span class=\"_ _2\"></span>designate <span class=\"_ _d\"></span>al <span class=\"_ _d\"></span>fair <span class=\"_ _2\"></span>value, <span class=\"_ _d\"></span>ossia <span class=\"_ _d\"></span>le <span class=\"_ _2\"></span>att<span class=\"_ _2\"></span>ivit\u00e0 <span class=\"_ _2\"></span>finanziarie <span class=\"_ _2\"></span>cos\u00ec <span class=\"_ _d\"></span>definite <span class=\"_ _d\"></span>al <span class=\"_ _2\"></span>momento<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>della </span>rilevazione <span class=\"_ _16\"> </span>iniziale  e <span class=\"_ _9\"> </span>o<span class=\"_ _2\"></span>ve  ne<span class=\"_ _f\"></span>  su<span class=\"_ _2\"></span>ssistano  i <span class=\"_ _16\"> </span>presupposti. <span class=\"_ _16\"> </span>In <span class=\"_ _16\"> </span>relazione  a <span class=\"_ _16\"> </span>tale <span class=\"_ _16\"> </span>fattispecie,  un<span class=\"_ _2\"></span><span class=\"ff5\">\u2019entit\u00e0  pu<span class=\"_ _1\"></span>\u00f2 </span>designare i<span class=\"_ _1\"></span>rrevocabilmente all\u2019iscrizione <span class=\"_ _1\"></span>un\u2019attivit\u00e0 finanzi<span class=\"_ _1\"></span>aria come valu<span class=\"_ _1\"></span>tata al fair v<span class=\"_ _1\"></span>alue con <span class=\"_ _1\"></span>impatto a conto <span class=\"_ _17\"> </span>economico <span class=\"_ _4\"> </span>se, <span class=\"_ _17\"> </span>e <span class=\"_ _4\"> </span>solo <span class=\"_ _17\"> </span>se, <span class=\"_ _17\"> </span>cos\u00ec <span class=\"_ _17\"> </span>facendo <span class=\"_ _4\"> </span>elimina <span class=\"_ _17\"> </span>o <span class=\"_ _17\"> </span>riduce <span class=\"_ _17\"> </span>significativamente <span class=\"_ _4\"> </span>un\u2019inco<span class=\"_ _2\"></span>erenza valutativa.<span class=\"_ _df\"> </span>Trovano, quindi, evidenza in questa voce: <span class=\"_ _2c\"> </span><span class=\"ff4\">i titoli di debi<span class=\"_ _1\"></span>to e i finanziamenti che<span class=\"_ _1\"></span> sono inclusi nel <span class=\"_ _1\"></span>business model Trading (non riconducibil<span class=\"_ _1\"></span>i quindi ai </span>business model \u201cHold to Collect\u201d o \u201cHold to Collect and Sel<span class=\"_ _1\"></span>l\u201d) o che non superano il test SPPI;<span class=\"_ _df\"> </span><span class=\"_ _2c\"> </span><span class=\"ff4\">gli strumenti <span class=\"_ _f\"></span>di capitale <span class=\"_ _f\"></span>- non qu<span class=\"_ _1\"></span>alificabili <span class=\"_ _f\"></span>di controllo, <span class=\"_ _1\"></span>collegamento e <span class=\"_ _f\"></span>controllo cong<span class=\"_ _1\"></span>iunto - <span class=\"_ _1\"></span>detenuti <span class=\"_ _f\"></span>per<span class=\"_ _df\"> </span></span>finalit\u00e0 <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>negoziazi<span class=\"_ _1\"></span>one <span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>cui <span class=\"_ _2\"></span>non <span class=\"_ _2\"></span>si <span class=\"_ _2\"></span>sia <span class=\"_ _2\"></span>optato, in <span class=\"_ _2\"></span>sede <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>rilevazione iniziale, <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>designazione <span class=\"_ _2\"></span>al fair value con impatto sulla redditivit\u00e0 complessiva;<span class=\"_ _df\"> </span><span class=\"_ _2c\"> </span><span class=\"ff4\">le quote di OICR.<span class=\"_ _df\"> </span></span>La<span class=\"ls0\"> <span class=\"_ _17\"> </span>voce <span class=\"_ _14\"> </span>accoglie, <span class=\"_ _17\"> </span>inoltre, <span class=\"_ _17\"> </span>i <span class=\"_ _14\"> </span>contratti <span class=\"_ _14\"> </span>derivati, <span class=\"_ _17\"> </span>contabilizzati <span class=\"_ _17\"> </span>tra <span class=\"_ _14\"> </span>le <span class=\"_ _17\"> </span>attivit\u00e0 <span class=\"_ _14\"> </span>finanziarie <span class=\"_ _17\"> </span>detenute <span class=\"_ _17\"> </span>per <span class=\"_ _14\"> </span>la </span>negoziazione, che sono r<span class=\"_ _2\"></span>appresentati come attivit\u00e0 <span class=\"_ _2\"></span>se il fair value \u00e8 <span class=\"_ _2\"></span>positivo e come pass<span class=\"_ _2\"></span>ivit\u00e0<span class=\"_ _1\"></span> se il <span class=\"_ _2\"></span>fair value \u00e8 negativo. <span class=\"_ _2\"></span>E\u2019 <span class=\"_ _2\"></span>possibile compen<span class=\"_ _2\"></span>sare <span class=\"_ _2\"></span>i<span class=\"ff4\"> <span class=\"_ _2\"></span>valori correnti <span class=\"_ _2\"></span>positivi <span class=\"_ _2\"></span>e negativi <span class=\"_ _2\"></span>derivanti da <span class=\"_ _2\"></span>operazioni <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>essere <span class=\"_ _2\"></span>con </span>la <span class=\"_ _2\"></span>medesima controparte <span class=\"_ _2\"></span>soltanto qualora <span class=\"_ _2\"></span>si abbia cor<span class=\"_ _2\"></span>rentemente il <span class=\"_ _2\"></span>diritto legale <span class=\"_ _2\"></span>di compensare <span class=\"_ _2\"></span>gli importi rilevati  contabilmente  e <span class=\"_ _22\"> </span>s<span class=\"_ _2\"></span>i  intenda  procedere  al <span class=\"_ _4\"> </span>regolamento  su <span class=\"_ _22\"> </span>base <span class=\"_ _4\"> </span>net<span class=\"_ _1\"></span>t<span class=\"_ _2\"></span>a  delle  posizioni <span class=\"_ _22\"> </span>oggetto <span class=\"_ _4\"> </span>di compensazione.<span class=\"_ _df\"> </span>Fra i <span class=\"_ _f\"></span>derivati sono i<span class=\"_ _1\"></span>nclusi <span class=\"_ _f\"></span>anche quelli <span class=\"_ _f\"></span>i<span class=\"_ _2\"></span>ncorporati in <span class=\"_ _f\"></span>contratti finanziari <span class=\"_ _f\"></span>complessi - in cui <span class=\"_ _f\"></span>il contratto primario<span class=\"_ _f\"></span> \u00e8 una passivit\u00e0 finanziaria - che sono stati oggetto di rilevazione separata in quanto:<span class=\"_ _df\"> </span><span class=\"_ _2c\"> </span><span class=\"ff4\">le <span class=\"_ _d\"></span>lor<span class=\"_ _2\"></span>o <span class=\"_ _d\"></span>caratterist<span class=\"_ _2\"></span>iche <span class=\"_ _d\"></span>economiche <span class=\"_ _d\"></span>ed <span class=\"_ _d\"></span>i <span class=\"_ _0\"></span>rischi <span class=\"_ _d\"></span>non <span class=\"_ _0\"></span>sono <span class=\"_ _0\"></span>strettamente <span class=\"_ _d\"></span>correlati <span class=\"_ _0\"></span>alle <span class=\"_ _d\"></span>caratteristiche <span class=\"_ _d\"></span>del<span class=\"_ _df\"> </span></span>contratto sottostante;<span class=\"_ _df\"> </span><span class=\"_ _2c\"> </span><span class=\"ff4\">gli strumenti incorporati, anche se separati, soddisfano la definizione<span class=\"_ _1\"></span> di derivato;<span class=\"_ _df\"> </span></span><span class=\"_ _2c\"> </span><span class=\"ff4\">gli <span class=\"_ _d\"></span>strumenti <span class=\"_ _d\"></span>ibridi <span class=\"_ _2\"></span>cui <span class=\"_ _d\"></span>appartengono <span class=\"_ _d\"></span>non <span class=\"_ _2\"></span>so<span class=\"_ _2\"></span>no <span class=\"_ _2\"></span>valutat<span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>al <span class=\"_ _d\"></span>fair <span class=\"_ _d\"></span>value<span class=\"_ _1\"></span> <span class=\"_ _d\"></span>con <span class=\"_ _d\"></span>le <span class=\"_ _2\"></span>relative <span class=\"_ _d\"></span>variazioni <span class=\"_ _d\"></span>rilevate <span class=\"_ _d\"></span>a </span>Conto Economico.<span class=\"_ _df\"> </span>Riclas<span class=\"_ _f\"></span>sifiche<span class=\"_ _1\"></span> Secondo <span class=\"_ _0\"></span>le <span class=\"_ _9\"> </span>regole <span class=\"_ _0\"></span>generali <span class=\"_ _9\"> </span>previste <span class=\"_ _0\"> </span>dall\u2019IFRS <span class=\"_ _9\"> </span>9 <span class=\"_ _0\"> </span>in <span class=\"_ _9\"> </span>materia <span class=\"_ _9\"> </span>di <span class=\"_ _0\"> </span>r<span class=\"_ _2\"></span>icl<span class=\"_ _1\"></span>assificazione <span class=\"_ _0\"></span>delle <span class=\"_ _9\"> </span>attivit\u00e0 <span class=\"_ _9\"> </span>finanziarie <span class=\"_ _0\"></span>(ad eccezione dei <span class=\"_ _2\"></span>titoli <span class=\"_ _2\"></span>di capitale, <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>cui <span class=\"_ _2\"></span>non \u00e8 <span class=\"_ _2\"></span>ammessa<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>alcuna riclassifica), <span class=\"_ _2\"></span>non s<span class=\"_ _2\"></span>ono amm<span class=\"_ _2\"></span>esse riclassifiche verso altre <span class=\"_ _2\"></span>categorie di attivit\u00e0 <span class=\"_ _2\"></span>finanzi<span class=\"_ _1\"></span>arie salvo <span class=\"_ _2\"></span>il caso in <span class=\"_ _2\"></span>cui l\u2019entit\u00e0 <span class=\"_ _2\"></span>modifichi il proprio modello di <span class=\"_ _2\"></span>business per la g<span class=\"_ _1\"></span>estione delle <span class=\"_ _1\"></span>attivit\u00e0 finanziarie  <span class=\"_ _1\"></span>a seguito di<span class=\"_ _1\"></span> cambiamenti esterni o <span class=\"_ _1\"></span>intern<span class=\"_ _2\"></span>i i <span class=\"_ _f\"></span>quali siano rilevanti pe<span class=\"_ _1\"></span>r le<span class=\"_ _df\"> </span>operazioni <span class=\"_ _4\"> </span>dell'entit\u00e0 <span class=\"_ _17\"> </span>e <span class=\"_ _4\"> </span>dimostrabili <span class=\"_ _4\"> </span>alle <span class=\"_ _4\"> </span>part<span class=\"_ _2\"></span>i <span class=\"_ _4\"> </span>esterne. <span class=\"_ _4\"> </span>In <span class=\"_ _17\"> </span>tali <span class=\"_ _4\"> </span>casi, <span class=\"_ _4\"> </span>che <span class=\"_ _17\"> </span>ci <span class=\"_ _4\"> </span>si <span class=\"_ _4\"> </span>attende <span class=\"_ _4\"> </span>s<span class=\"_ _2\"></span>iano <span class=\"_ _4\"> </span>altamente<span class=\"_ _df\"> </span>infrequenti, <span class=\"_ _9\"> </span>le <span class=\"_ _9\"> </span>att<span class=\"_ _2\"></span>ivit\u00e0 <span class=\"_ _9\"> </span>finanziarie <span class=\"_ _9\"> </span>potranno <span class=\"_ _16\"> </span>essere <span class=\"_ _9\"> </span>riclassificate <span class=\"_ _9\"> </span>dalla <span class=\"_ _16\"> </span>categoria <span class=\"_ _9\"> </span>valutata <span class=\"_ _9\"> </span>al <span class=\"_ _16\"> </span>fair <span class=\"_ _9\"> </span>value <span class=\"_ _9\"> </span>con<span class=\"_ _df\"> </span>impatt<span class=\"ff5\">o <span class=\"_ _2\"></span>a conto <span class=\"_ _2\"></span>economico in <span class=\"_ _2\"></span>una delle <span class=\"_ _2\"></span>altre <span class=\"_ _2\"></span>due categorie <span class=\"_ _2\"></span>previste dall\u2019IFRS 9 <span class=\"_ _2\"></span>(Attivit\u00e0 <span class=\"_ _2\"></span>finanziarie valutate<span class=\"_ _df\"> </span></span>al costo ammortizzato <span class=\"_ _1\"></span>o Attiv<span class=\"_ _1\"></span>it\u00e0 finan<span class=\"_ _1\"></span>ziarie valutate al <span class=\"_ _1\"></span>fair value <span class=\"_ _1\"></span>con impatto sul<span class=\"_ _1\"></span>la redditivi<span class=\"_ _1\"></span>t\u00e0 complessiva). Il<span class=\"_ _df\"> </span>valore <span class=\"_ _0\"></span>di <span class=\"_ _d\"></span>tr<span class=\"_ _2\"></span>asferimento <span class=\"_ _0\"></span>\u00e8 <span class=\"_ _d\"></span>rappresentat<span class=\"_ _2\"></span>o <span class=\"_ _0\"></span>dal <span class=\"_ _d\"></span>fair <span class=\"_ _0\"></span>value <span class=\"_ _0\"></span>al <span class=\"_ _0\"></span>momento <span class=\"_ _0\"></span>della <span class=\"_ _d\"></span>r<span class=\"_ _2\"></span>iclassificazione<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>e <span class=\"_ _0\"></span>gli <span class=\"_ _0\"></span>effetti <span class=\"_ _0\"></span>della<span class=\"_ _df\"> </span>riclassificazione <span class=\"_ _d\"></span>operano <span class=\"_ _0\"></span>in <span class=\"_ _d\"></span>ma<span class=\"_ _2\"></span>niera <span class=\"_ _d\"></span>prospettica <span class=\"_ _0\"></span>a <span class=\"_ _d\"></span>partire <span class=\"_ _0\"></span>dalla <span class=\"_ _0\"></span>data <span class=\"_ _d\"></span>di <span class=\"_ _0\"></span>riclassificazione. <span class=\"_ _d\"></span>In <span class=\"_ _0\"></span>questo <span class=\"_ _0\"></span>caso, <span class=\"_ _d\"></span>il<span class=\"_ _df\"> </span>tasso <span class=\"_ _d\"></span>di <span class=\"_ _2\"></span>interesse <span class=\"_ _d\"></span>effettivo <span class=\"_ _d\"></span>dell\u2019attivit\u00e0 <span class=\"_ _d\"></span>finanziaria <span class=\"_ _2\"></span>riclassificata <span class=\"_ _d\"></span>\u00e8<span class=\"ff4\"> <span class=\"_ _d\"></span>determinato <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>base <span class=\"_ _2\"></span>al <span class=\"_ _d\"></span>suo <span class=\"_ _d\"></span>fair <span class=\"_ _d\"></span>value <span class=\"_ _2\"></span>alla<span class=\"_ _df\"> </span></span>data <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>iclassificazione <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>tale <span class=\"_ _d\"></span>data <span class=\"_ _2\"></span>viene <span class=\"_ _2\"></span>consi<span class=\"_ _2\"></span>derata <span class=\"_ _2\"></span>come <span class=\"_ _2\"></span>data <span class=\"_ _d\"></span>di <span class=\"_ _2\"></span>rilevazione <span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>niziale <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>l\u2019allocazione <span class=\"_ _d\"></span>nei<span class=\"_ _df\"> </span>diversi stadi di rischio creditizio (stage assignment) ai fini <span class=\"_ _12\"></span><span class=\"ff5\">dell\u2019impairment.<span class=\"_ _df\"> </span></span>Criter<span class=\"_ _1\"></span>i di <span class=\"_ _1\"></span>valuta<span class=\"_ _1\"></span>zione<span class=\"_ _df\"> </span>Successivamente <span class=\"_ _0\"></span>alla <span class=\"_ _9\"> </span>rilevazione <span class=\"_ _9\"> </span>iniziale, <span class=\"_ _0\"></span>le <span class=\"_ _9\"> </span>attivit\u00e0 <span class=\"_ _9\"> </span>finanziarie <span class=\"_ _0\"></span>valutate <span class=\"_ _9\"> </span>al <span class=\"_ _9\"> </span>fair <span class=\"_ _9\"> </span>value <span class=\"_ _0\"></span>con <span class=\"_ _9\"> </span>impatto <span class=\"_ _9\"> </span>a <span class=\"_ _9\"> </span>conto<span class=\"_ _df\"> </span>economico <span class=\"_ _16\"> </span>sono <span class=\"_ _16\"> </span>valorizzate <span class=\"_ _9\"> </span>al  fair <span class=\"_ _16\"> </span>value. <span class=\"_ _9\"> </span>Gli  effetti <span class=\"_ _9\"> </span>dell\u2019applicazione  d<span class=\"_ _1\"></span>i <span class=\"_ _16\"> </span>tale  criterio <span class=\"_ _9\"> </span>di  v<span class=\"_ _1\"></span>alutazione <span class=\"_ _16\"> </span>sono<span class=\"_ _df\"> </span>imputati nel Conto Economico.<span class=\"_ _df\"> </span>Per<span class=\"ls0\"> la <span class=\"_ _f\"></span>d<span class=\"_ _2\"></span>eterminazione <span class=\"_ _1\"></span>del <span class=\"_ _1\"></span>fair value <span class=\"_ _f\"></span>d<span class=\"_ _2\"></span>egli <span class=\"_ _f\"></span>s<span class=\"_ _2\"></span>trumenti <span class=\"_ _1\"></span>finanziari <span class=\"_ _1\"></span>quotat<span class=\"_ _2\"></span>i <span class=\"_ _f\"></span>in un <span class=\"_ _1\"></span>mercato attivo, <span class=\"_ _f\"></span>vengono utilizzate<span class=\"_ _df\"> </span></span>quotazioni di<span class=\"_ _1\"></span> mercato. I<span class=\"_ _1\"></span>n assenza <span class=\"_ _1\"></span>di u<span class=\"_ _1\"></span>n mercato a<span class=\"_ _f\"></span>t<span class=\"_ _2\"></span>tivo, <span class=\"_ _f\"></span>vengono utilizzati <span class=\"_ _f\"></span>met<span class=\"_ _2\"></span>odi d<span class=\"_ _1\"></span>i stima e<span class=\"_ _1\"></span> modelli <span class=\"_ _f\"></span>valutativi<span class=\"_ _df\"> </span>comunemente <span class=\"_ _f\"></span>adott<span class=\"_ _2\"></span>ati, <span class=\"_ _f\"></span>che <span class=\"_ _1\"></span>tengono conto <span class=\"_ _f\"></span>di tutti <span class=\"_ _f\"></span>i <span class=\"_ _1\"></span>fattori <span class=\"_ _1\"></span>di <span class=\"_ _f\"></span>rischio <span class=\"_ _1\"></span>correlati <span class=\"_ _1\"></span>agli <span class=\"_ _f\"></span>st<span class=\"_ _2\"></span>rumenti <span class=\"_ _f\"></span>e <span class=\"_ _1\"></span>che <span class=\"_ _1\"></span>sono b<span class=\"_ _1\"></span>asati<span class=\"_ _df\"> </span>su d<span class=\"_ _1\"></span>ati rilev<span class=\"_ _1\"></span>abili sul <span class=\"_ _f\"></span>mercat<span class=\"_ _2\"></span>o q<span class=\"_ _1\"></span>uali: v<span class=\"_ _1\"></span>alutazione di <span class=\"_ _f\"></span>st<span class=\"_ _2\"></span>rumenti <span class=\"_ _f\"></span>quotati che <span class=\"_ _1\"></span>presentano analoghe <span class=\"_ _f\"></span>cara<span class=\"_ _2\"></span>tteristiche,<span class=\"_ _df\"> </span>calcoli <span class=\"_ _d\"></span>di <span class=\"_ _0\"></span>flussi <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>cassa <span class=\"_ _d\"></span>scontati, <span class=\"_ _0\"></span>modelli <span class=\"_ _d\"></span>di <span class=\"_ _0\"></span>determinazione <span class=\"_ _0\"></span>del <span class=\"_ _0\"></span>prezzo <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>opzioni, <span class=\"_ _d\"></span>valori <span class=\"_ _0\"></span>rilevati <span class=\"_ _0\"></span>in <span class=\"_ _d\"></span>recenti<span class=\"_ _df\"> </span>transazioni comparabili, ecc. <span class=\"_ _2\"></span>Per i <span class=\"_ _2\"></span>titoli di capitale <span class=\"_ _2\"></span>e per gli <span class=\"_ _2\"></span>strumenti derivati ch<span class=\"_ _2\"></span>e hanno per <span class=\"_ _2\"></span>oggetto titoli di<span class=\"_ _df\"> </span>capitale, non <span class=\"_ _2\"></span>quotati <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>un mercato <span class=\"_ _2\"></span>attivo, <span class=\"_ _2\"></span>il criterio <span class=\"_ _2\"></span>del cost<span class=\"_ _2\"></span>o \u00e8 <span class=\"_ _2\"></span>utilizzato quale <span class=\"_ _2\"></span>stima <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>el <span class=\"_ _2\"></span>fair value <span class=\"_ _2\"></span>soltanto<span class=\"_ _df\"> </span>in <span class=\"_ _d\"></span>via <span class=\"_ _d\"></span>r<span class=\"_ _2\"></span>esiduale <span class=\"_ _d\"></span>e <span class=\"_ _0\"></span>limitatamente <span class=\"_ _0\"></span>a <span class=\"_ _0\"></span>poche <span class=\"_ _d\"></span>circostanze, <span class=\"_ _0\"></span>ossia <span class=\"_ _0\"></span>in <span class=\"_ _d\"></span>caso <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>non <span class=\"_ _d\"></span>applicabilit\u00e0 <span class=\"_ _0\"></span>di <span class=\"_ _d\"></span>t<span class=\"_ _2\"></span>utti <span class=\"_ _d\"></span>i <span class=\"_ _0\"></span>metodi <span class=\"_ _d\"></span>di<span class=\"_ _df\"> </span>valutazione precedentemente richiamati, o<span class=\"_ _2\"></span>vve<span class=\"_ _1\"></span>ro <span class=\"_ _2\"></span>in presenza di <span class=\"_ _2\"></span>un\u2019ampia gamma di <span class=\"_ _2\"></span>possibili valutazioni del<span class=\"_ _df\"> </span>fair <span class=\"_ _f\"></span>value, <span class=\"_ _f\"></span>nel <span class=\"_ _f\"></span>cui <span class=\"_ _1\"></span>ambito <span class=\"_ _f\"></span>il <span class=\"_ _f\"></span>cost<span class=\"_ _2\"></span>o <span class=\"_ _f\"></span>rappresenta <span class=\"_ _f\"></span>la <span class=\"_ _f\"></span>stima p<span class=\"_ _1\"></span>i\u00f9 <span class=\"_ _f\"></span>significativa; <span class=\"_ _f\"></span>per <span class=\"_ _f\"></span>maggiori <span class=\"_ _f\"></span>dettagli <span class=\"_ _f\"></span>riguardo <span class=\"_ _1\"></span>il <span class=\"_ _f\"></span>calcolo<span class=\"_ _df\"> </span>del fair value si rimanda al paragrafo \u201cModalit\u00e0 di determinazione de<span class=\"_ _1\"></span>l fair value delle attivit\u00e0 e passivit\u00e0\u201d.<span class=\"_ _df\"> </span>Criter<span class=\"_ _1\"></span>i di <span class=\"_ _1\"></span>cancell<span class=\"_ _1\"></span>azion<span class=\"_ _f\"></span>e<span class=\"_ _df\"> </span>Le attivit\u00e0 finanziarie vengono cancell<span class=\"_ _1\"></span>ate dal bilancio solamente se la cessione ha comportato il sostanziale<span class=\"_ _df\"> </span>trasferimento di tutti i rischi e benefici connessi alle attivit\u00e0 stesse. Per contr<span class=\"_ _2\"></span>o, qualora sia stata mantenuta<span class=\"_ _df\"> </span>una <span class=\"_ _2\"></span>quota <span class=\"_ _d\"></span>parte <span class=\"_ _d\"></span>rilevante <span class=\"_ _2\"></span>dei <span class=\"_ _d\"></span>rischi <span class=\"_ _d\"></span>e <span class=\"_ _d\"></span>benefici <span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>elativi <span class=\"_ _2\"></span>al<span class=\"_ _2\"></span>le <span class=\"_ _2\"></span>att<span class=\"_ _2\"></span>ivit\u00e0 <span class=\"_ _2\"></span>finanziarie <span class=\"_ _2\"></span>ce<span class=\"_ _2\"></span>dute, <span class=\"_ _2\"></span>queste <span class=\"_ _d\"></span>continuano <span class=\"_ _d\"></span>ad<span class=\"_ _df\"> </span>essere iscritte <span class=\"_ _2\"></span>in bilancio, ancorch\u00e9 gi<span class=\"_ _2\"></span>uridicamente la titolarit\u00e0 <span class=\"_ _2\"></span>delle attivit\u00e0 <span class=\"_ _2\"></span>stesse sia <span class=\"_ _2\"></span>stata effettivamente<span class=\"_ _df\"> </span>trasferita.<span class=\"_ _df\"> </span>Nel  caso  in  cu<span class=\"_ _1\"></span>i  non  sia  possibile  accertare  il  sostanziale  trasferimento  dei  rischi  e  benefici,  le  attivit\u00e0<span class=\"_ _df\"> </span>finanziarie <span class=\"_ _0\"></span>vengono <span class=\"_ _9\"> </span>cancellate <span class=\"_ _9\"> </span>dal <span class=\"_ _9\"> </span>bilancio <span class=\"_ _0\"> </span>q<span class=\"_ _2\"></span>ualora <span class=\"_ _0\"></span>non <span class=\"_ _9\"> </span>sia <span class=\"_ _9\"> </span>st<span class=\"_ _2\"></span>ato <span class=\"_ _0\"></span>mantenuto <span class=\"_ _9\"> </span>alcun <span class=\"_ _0\"></span>t<span class=\"_ _2\"></span>ipo <span class=\"_ _0\"></span>di <span class=\"_ _9\"> </span>controllo <span class=\"_ _9\"> </span>sulle<span class=\"_ _df\"> </span>stesse. <span class=\"_ _d\"></span>In <span class=\"_ _0\"></span>caso <span class=\"_ _d\"></span>contrario, <span class=\"_ _d\"></span>la <span class=\"_ _0\"></span>conservazione, <span class=\"_ _d\"></span>anche <span class=\"_ _d\"></span>in <span class=\"_ _0\"></span>parte, <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>tale <span class=\"_ _0\"></span>controllo <span class=\"_ _d\"></span>comporta <span class=\"_ _0\"></span>il <span class=\"_ _d\"></span>mantenimento <span class=\"_ _d\"></span>in<span class=\"_ _df\"> </span>bil<span class=\"ff5\">ancio <span class=\"_ _2\"></span>delle <span class=\"_ _2\"></span>attivit\u00e0 <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>misura <span class=\"_ _2\"></span>pari <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>coinvolgimento <span class=\"_ _d\"></span>residuo, <span class=\"_ _2\"></span>misurato <span class=\"_ _2\"></span>dall\u2019esposizione a<span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>cambiamenti <span class=\"_ _2\"></span>di<span class=\"_ _df\"> </span></span>valore delle attivit\u00e0 cedute ed alle variazioni dei flu<span class=\"_ _1\"></span>ssi finanziari delle<span class=\"_ _2\"></span> stesse.<span class=\"_ _df\"> </span>Infine, le attivit\u00e0 finanziarie cedute vengono cancellate dal bilancio nel caso in cui vi sia la conservazione dei<span class=\"_ _df\"> </span>diritti <span class=\"_ _9\"> </span>contrattuali <span class=\"_ _0\"></span>a <span class=\"_ _9\"> </span>r<span class=\"_ _2\"></span>icev<span class=\"_ _1\"></span>ere <span class=\"_ _0\"></span>i <span class=\"_ _9\"> </span>r<span class=\"_ _2\"></span>elativi <span class=\"_ _0\"></span>flussi <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>cassa, <span class=\"_ _9\"> </span>con <span class=\"_ _9\"> </span>la <span class=\"_ _0\"></span>co<span class=\"_ _2\"></span>ntestuale <span class=\"_ _0\"></span>ass<span class=\"_ _2\"></span>unzione<span class=\"_ _1\"></span> <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>un\u2019obbligazione <span class=\"_ _0\"></span>a<span class=\"_ _df\"> </span>pagare detti flussi, e solo essi, senz<span class=\"_ _1\"></span>a un ritardo rilevante ad altri soggetti terzi.<span class=\"_ _df\"> </span>Criter<span class=\"_ _1\"></span>i di <span class=\"_ _1\"></span>rileva<span class=\"_ _f\"></span>zione dell<span class=\"_ _1\"></span>e com<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>nenti r<span class=\"_ _1\"></span>eddit<span class=\"_ _1\"></span>uali<span class=\"_ _df\"> </span>Gli <span class=\"_ _0\"></span>interessi <span class=\"_ _9\"> </span>attivi <span class=\"_ _9\"> </span>sui <span class=\"_ _0\"></span>t<span class=\"_ _2\"></span>itoli <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>debito <span class=\"_ _9\"> </span>ed <span class=\"_ _0\"></span>i <span class=\"_ _9\"> </span>differenziali <span class=\"_ _9\"> </span>ed <span class=\"_ _0\"></span>i <span class=\"_ _9\"> </span>margini <span class=\"_ _0\"> </span>dei <span class=\"_ _9\"> </span>contr<span class=\"_ _2\"></span>atti <span class=\"_ _0\"></span>derivati <span class=\"_ _9\"> </span>classificati <span class=\"_ _0\"></span>in <span class=\"_ _9\"> </span>tale<span class=\"_ _df\"> </span>categoria, ma <span class=\"_ _f\"></span>gestionalmente c<span class=\"_ _f\"></span>ollegati ad <span class=\"_ _f\"></span>at<span class=\"_ _2\"></span>tivit\u00e0 <span class=\"_ _f\"></span>o passivit\u00e0 <span class=\"_ _f\"></span>finanziarie v<span class=\"_ _1\"></span>alutate al <span class=\"_ _f\"></span>fair value sono <span class=\"_ _f\"></span>iscritti per<span class=\"_ _df\"> </span>competenza nelle voci di conto economico relativ<span class=\"_ _1\"></span>i agli interessi. I d<span class=\"_ _1\"></span>ifferenziali e<span class=\"_ _1\"></span> i <span class=\"_ _f\"></span>margini degli <span class=\"_ _f\"></span>altri contratti veng<span class=\"_ _1\"></span>ono rilev<span class=\"_ _1\"></span>ati nel<span class=\"_ _1\"></span> \u201cRisultato <span class=\"_ _f\"></span>netto dell\u2019attivi<span class=\"_ _1\"></span>t\u00e0 di <span class=\"_ _f\"></span>negoziazione\u201d.<span class=\"_ _df\"> </span>I <span class=\"_ _4\"> </span>dividendi <span class=\"_ _4\"> </span>s<span class=\"_ _2\"></span>ono <span class=\"_ _4\"> </span>rilevati <span class=\"_ _4\"> </span>p<span class=\"_ _2\"></span>er <span class=\"_ _4\"> </span>competenza <span class=\"_ _17\"> </span>economica <span class=\"_ _17\"> </span>riferita <span class=\"_ _17\"> </span>alla <span class=\"_ _17\"> </span>data <span class=\"_ _4\"> </span>di <span class=\"_ _17\"> </span>assunzione <span class=\"_ _4\"> </span>della <span class=\"_ _17\"> </span>delibera <span class=\"_ _4\"> </span>di<span class=\"_ _df\"> </span>distribuzione da parte dell\u2019<span class=\"_ _1\"></span>assemblea e sono esposti nella voce \u201cDividendi e proventi simili\u201d.<span class=\"_ _df\"> </span>Gli utili <span class=\"_ _f\"></span>e le perdite <span class=\"_ _1\"></span>realizzati dalla ce<span class=\"_ _1\"></span>ssione o rimb<span class=\"_ _1\"></span>orso o le<span class=\"_ _1\"></span> plus/minusvalenz<span class=\"_ _1\"></span>e derivanti dalle <span class=\"_ _f\"></span>variazio<span class=\"_ _2\"></span>ni di fair<span class=\"_ _df\"> </span>value  sono <span class=\"_ _4\"> </span>iscritti  nel  conto <span class=\"_ _4\"> </span>economico  del  periodo  nel <span class=\"_ _4\"> </span>quale  si  manifestano <span class=\"_ _4\"> </span>e  classificati  nella <span class=\"_ _22\"> </span>voce<span class=\"_ _df\"> </span>\u201cRisultato <span class=\"_ _4\"> </span>netto <span class=\"_ _4\"> </span>delle <span class=\"_ _4\"> </span>attivit\u00e0 <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>negoziazione\u201d, <span class=\"_ _4\"> </span>ad <span class=\"_ _17\"> </span>eccezione <span class=\"_ _4\"> </span>della <span class=\"_ _4\"> </span>quota <span class=\"_ _4\"> </span>r<span class=\"_ _2\"></span>elativa <span class=\"_ _4\"> </span>ai <span class=\"_ _4\"> </span>contratti <span class=\"_ _4\"> </span>derivati<span class=\"_ _df\"> </span>gestionalmente colleg<span class=\"_ _1\"></span>ati ad attivit\u00e0 <span class=\"ff5\">o passivit\u00e0 valutate al fair valu<span class=\"_ _f\"></span>e r<span class=\"_ _2\"></span>ilev<span class=\"_ _1\"></span>ata nel \u201cRisultato netto del<span class=\"_ _1\"></span>le attivit\u00e0<span class=\"_ _df\"> </span></span>e passivit\u00e0 finanziarie valutate al fair value\u201d<span class=\"ff4\">.<span class=\"_ _df\"> </span></span>L\u2019iscrizione iniziale <span class=\"_ _2\"></span>delle att<span class=\"_ _2\"></span>ivit\u00e0 finanziarie avviene <span class=\"_ _2\"></span>alla data <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>regolame<span class=\"_ _1\"></span>nto <span class=\"_ _2\"></span>per i <span class=\"_ _2\"></span>titoli <span class=\"_ _2\"></span>di debito <span class=\"_ _2\"></span>ed alla <span class=\"_ _2\"></span>data<span class=\"_ _df\"> </span>di erogazione per i <span class=\"_ _2\"></span>finanziamenti. All\u2019atto della rilevazione iniziale le at<span class=\"_ _2\"></span>tivit\u00e0 sono contabilizzate al fair value,<span class=\"_ _df\"> </span>comprensivo dei costi o proventi di transazione direttamente attri<span class=\"_ _1\"></span>buibili allo strumento<span class=\"_ _2\"></span> <span class=\"_ _13\"></span>stesso.<span class=\"_ _df\"> </span>Criter<span class=\"_ _1\"></span>i di <span class=\"_ _f\"></span>classifica<span class=\"_ _f\"></span>zione<span class=\"_ _df\"> </span>Sono incluse nella presente categoria le attivit\u00e0 finanziarie che<span class=\"_ _1\"></span> soddisfano entrambe le seguenti condizioni:<span class=\"_ _df\"> </span><span class=\"_ _2c\"> </span><span class=\"ff5\">l\u2019attivit\u00e0  finanziaria  \u00e8  possed<span class=\"ff4\">uta  secondo  un  modello  di  business  il  cui  obiettivo  \u00e8  conseguito  sia<span class=\"_ _df\"> </span></span></span>mediante <span class=\"_ _0\"></span>l\u2019incasso <span class=\"_ _9\"> </span>dei <span class=\"_ _9\"> </span>flussi <span class=\"_ _9\"> </span>finanziari <span class=\"_ _9\"> </span>previsti <span class=\"_ _9\"> </span>contrattualmente <span class=\"_ _0\"></span>che <span class=\"_ _9\"> </span>mediante <span class=\"_ _9\"> </span>la <span class=\"_ _9\"> </span>vendita <span class=\"_ _9\"> </span>(Business<span class=\"_ _df\"> </span>model \u201cHold to Collect and Sell \u2013<span class=\"ff4\"> </span>\u201cHTCS\u201d\u201d), e<span class=\"_ _df\"> </span><span class=\"_ _2c\"> </span><span class=\"ff5\">i <span class=\"_ _19\"> </span>termini <span class=\"_ _19\"> </span>contr<span class=\"_ _2\"></span>attuali <span class=\"_ _19\"> </span>dell\u2019attivit\u00e0 <span class=\"_ _19\"> </span>fin<span class=\"ff4\">anziaria <span class=\"_ _19\"> </span>prevedono, <span class=\"_ _19\"> </span>a <span class=\"_ _19\"> </span>determinate <span class=\"_ _19\"> </span>date, <span class=\"_ _19\"> </span>f<span class=\"_ _2\"></span>lussi <span class=\"_ _19\"> </span>finanziari<span class=\"_ _df\"> </span></span></span>rappresentati <span class=\"_ _4\"> </span>unicamente <span class=\"_ _4\"> </span>da <span class=\"_ _4\"> </span>pagamenti <span class=\"_ _4\"> </span>del<span class=\"_ _1\"></span> <span class=\"_ _4\"> </span>capitale <span class=\"_ _4\"> </span>e <span class=\"_ _4\"> </span>dell\u2019interesse <span class=\"_ _4\"> </span>s<span class=\"_ _2\"></span>ull\u2019<span class=\"_ _1\"></span>importo <span class=\"_ _4\"> </span>del <span class=\"_ _4\"> </span>capitale <span class=\"_ _4\"> </span>da<span class=\"_ _df\"> </span>restituire (cd. \u201cSPPI test\u201d superato).<span class=\"_ _df\"> </span>In particolare, vengono inclusi in questa voce:<span class=\"_ _df\"> </span><span class=\"_ _2c\"> </span><span class=\"ff4\">i <span class=\"_ _16\"> </span>titoli <span class=\"_ _9\"> </span>di <span class=\"_ _16\"> </span>debito <span class=\"_ _16\"> </span>che <span class=\"_ _9\"> </span>sono <span class=\"_ _16\"> </span>riconducibili <span class=\"_ _9\"> </span>ad <span class=\"_ _9\"> </span>un  business <span class=\"_ _9\"> </span>model <span class=\"_ _16\"> </span>Hold <span class=\"_ _9\"> </span>to  Colle<span class=\"_ _1\"></span>ct <span class=\"_ _16\"> </span>and <span class=\"_ _9\"> </span>Sell <span class=\"_ _9\"> </span>e  che <span class=\"_ _9\"> </span>hanno<span class=\"_ _df\"> </span></span>superato il test SPPI;<span class=\"_ _df\"> </span><span class=\"_ _2c\"> </span><span class=\"ff4\">i  finanziame<span class=\"_ _1\"></span>nti  che <span class=\"_ _9\"> </span>s<span class=\"_ _2\"></span>ono <span class=\"_ _16\"> </span>riconducibili <span class=\"_ _16\"> </span>ad <span class=\"_ _16\"> </span>un  b<span class=\"_ _1\"></span>usiness  mode<span class=\"_ _1\"></span>l <span class=\"_ _16\"> </span>Hold  to<span class=\"_ _1\"></span>  Collect <span class=\"_ _9\"> </span>and  Sell <span class=\"_ _16\"> </span>e  ch<span class=\"_ _1\"></span>e <span class=\"_ _16\"> </span>hanno<span class=\"_ _df\"> </span></span>superato il test SPPI.<span class=\"_ _df\"> </span>Riclas<span class=\"_ _f\"></span>sifiche<span class=\"_ _df\"> </span>Secondo <span class=\"_ _0\"></span>le <span class=\"_ _9\"> </span>r<span class=\"ff5\">egole <span class=\"_ _0\"></span>generali <span class=\"_ _9\"> </span>previste <span class=\"_ _9\"> </span>dall\u2019IFRS <span class=\"_ _0\"></span>9 <span class=\"_ _9\"> </span>in <span class=\"_ _0\"></span>mat<span class=\"_ _2\"></span>eria <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>riclassificazione <span class=\"_ _0\"></span>delle <span class=\"_ _9\"> </span>attivit\u00e0 <span class=\"_ _9\"> </span>finanziarie <span class=\"_ _0\"></span>(ad<span class=\"_ _df\"> </span></span>eccezione dei <span class=\"_ _2\"></span>titoli <span class=\"_ _2\"></span>di capitale, <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>cui <span class=\"_ _2\"></span>non \u00e8 <span class=\"_ _2\"></span>ammessa <span class=\"_ _2\"></span>alcuna r<span class=\"_ _2\"></span>iclassifica), non <span class=\"_ _2\"></span>sono <span class=\"_ _2\"></span>ammesse <span class=\"_ _2\"></span>riclassifiche<span class=\"_ _df\"> </span>verso <span class=\"_ _2\"></span>altre categorie <span class=\"_ _2\"></span>di attivit\u00e0 <span class=\"_ _2\"></span>finanziarie <span class=\"ls2\">sa</span>lvo <span class=\"ls1a\">il</span> <span class=\"_ _2\"></span>caso <span class=\"_ _2\"></span><span class=\"ls1a\">in</span> cui <span class=\"ff5\">l\u2019entit\u00e0</span> <span class=\"_ _2\"></span>modifichi <span class=\"ls1a\">il</span> proprio <span class=\"_ _2\"></span>modell<span class=\"_ _1\"></span>o <span class=\"_ _2\"></span><span class=\"ls39\">di</span> business<span class=\"_ _df\"> </span>per<span class=\"ls0\"> <span class=\"ls1a\">la</span> gestione delle<span class=\"_ _1\"></span> attivit\u00e0 finanziarie a seguito di cambiamenti esterni o interni i quali siano rilevanti per le<span class=\"_ _df\"> </span></span>operazioni dell'entit\u00e0 e dimostrabil<span class=\"_ _1\"></span>i alle parti esterne<span class=\"_ _2\"></span>.<span class=\"_ _df\"> </span>In tali casi, che ci si attende siano altamente infrequenti, le attivit<span class=\"_ _2\"></span>\u00e0 finanziarie p<span class=\"_ _1\"></span>otranno essere riclassificate<span class=\"_ _df\"> </span>dalla categoria <span class=\"_ _1\"></span>valutata al fair<span class=\"_ _1\"></span> value <span class=\"_ _1\"></span>con impatto sul<span class=\"_ _1\"></span>la redditiv<span class=\"_ _1\"></span>it\u00e0 complessiva in <span class=\"_ _f\"></span>una delle altre du<span class=\"_ _1\"></span>e categorie<span class=\"_ _df\"> </span>previste <span class=\"_ _2\"></span>dall\u2019IFRS <span class=\"_ _d\"></span>9 <span class=\"_ _d\"></span>(Attivit\u00e0 <span class=\"_ _2\"></span>finanzi<span class=\"ff4\">arie <span class=\"_ _d\"></span>valutate <span class=\"_ _2\"></span>al <span class=\"_ _d\"></span>costo <span class=\"_ _d\"></span>ammortizzato <span class=\"_ _2\"></span>o <span class=\"_ _d\"></span>Attivit\u00e0 <span class=\"_ _2\"></span>finanziarie <span class=\"_ _2\"></span>valut<span class=\"_ _2\"></span>ate <span class=\"_ _2\"></span>al <span class=\"_ _d\"></span>fair<span class=\"_ _df\"> </span></span>value con <span class=\"_ _2\"></span>impatto <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>conto economico). <span class=\"_ _2\"></span>Il va<span class=\"_ _2\"></span>lore di <span class=\"_ _2\"></span>trasferimento <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _2\"></span>rappresentato dal <span class=\"_ _2\"></span>fair <span class=\"_ _2\"></span>value al <span class=\"_ _2\"></span>momento<span class=\"_ _df\"> </span>della ricl<span class=\"_ _1\"></span>assificazione e g<span class=\"_ _1\"></span>li effetti del<span class=\"_ _1\"></span>la riclassificazione<span class=\"_ _1\"></span> operano in maniera prospettica a <span class=\"_ _f\"></span>partire dalla d<span class=\"_ _1\"></span>ata di<span class=\"_ _df\"> </span>riclassificazione. <span class=\"_ _d\"></span>Nel <span class=\"_ _d\"></span>caso <span class=\"_ _0\"></span>di <span class=\"_ _d\"></span>riclassifica <span class=\"_ _d\"></span>dalla <span class=\"_ _0\"></span>categoria <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>oggetto <span class=\"_ _d\"></span>a <span class=\"_ _0\"></span>quella <span class=\"_ _d\"></span>del <span class=\"_ _d\"></span>costo <span class=\"_ _0\"></span>ammortizzato, <span class=\"_ _d\"></span>l\u2019utile<span class=\"_ _df\"> </span>(perdita) <span class=\"_ _4\"> </span>cumulato <span class=\"_ _4\"> </span>rilevato <span class=\"_ _22\"> </span>nella <span class=\"_ _4\"> </span>riserva <span class=\"_ _4\"> </span>da <span class=\"_ _4\"> </span>valutazione <span class=\"_ _4\"> </span>\u00e8 <span class=\"_ _4\"> </span>portato <span class=\"_ _4\"> </span>a <span class=\"_ _4\"> </span>rettifica <span class=\"_ _4\"> </span>del  fair <span class=\"_ _4\"> </span>value <span class=\"_ _4\"> </span>dell\u2019a<span class=\"_ _2\"></span><span class=\"ff4\">t<span class=\"_ _2\"></span>tivit\u00e0<span class=\"_ _df\"> </span></span>finanziaria <span class=\"_ _d\"></span>alla <span class=\"_ _d\"></span>data <span class=\"_ _0\"></span>della <span class=\"_ _d\"></span>riclassificazione. <span class=\"_ _d\"></span>Nel <span class=\"_ _0\"></span>caso <span class=\"_ _d\"></span>invece <span class=\"_ _d\"></span>di <span class=\"_ _0\"></span>riclassifica <span class=\"_ _d\"></span>nella <span class=\"_ _d\"></span>categoria <span class=\"_ _0\"></span>del <span class=\"_ _d\"></span>fair <span class=\"_ _0\"></span>value <span class=\"_ _d\"></span>con<span class=\"_ _df\"> </span>impatto a conto economico, l'utile (perdita) cumulato rilevato precedentemente nella riserva da valutazione<span class=\"_ _df\"> </span>\u00e8 riclassificato dal patrimonio netto all'utile (pe<span class=\"_ _1\"></span>rdita) d'esercizio.<span class=\"_ _df\"> </span>Criter<span class=\"_ _1\"></span>i di <span class=\"_ _1\"></span>valuta<span class=\"_ _1\"></span>zione<span class=\"_ _df\"> </span>Successivamente <span class=\"_ _0\"></span>alla <span class=\"_ _9\"> </span>rilevazione <span class=\"_ _9\"> </span>iniziale, <span class=\"_ _0\"></span>le <span class=\"_ _9\"> </span>Attivit\u00e0 <span class=\"_ _9\"> </span>classificate <span class=\"_ _9\"> </span>al <span class=\"_ _9\"> </span>fair <span class=\"_ _9\"> </span>value <span class=\"_ _0\"></span>con <span class=\"_ _9\"> </span>impatto <span class=\"_ _0\"></span>s<span class=\"_ _2\"></span>ulla <span class=\"_ _0\"></span>redditivit\u00e0<span class=\"_ _df\"> </span>complessiva  so<span class=\"_ _2\"></span>no  valutate <span class=\"_ _4\"> </span>al <span class=\"_ _22\"> </span>f<span class=\"_ _2\"></span>air <span class=\"_ _22\"> </span>value, <span class=\"_ _4\"> </span>con <span class=\"_ _22\"> </span>la <span class=\"_ _4\"> </span>rilevazione  a <span class=\"_ _4\"> </span>Cont<span class=\"_ _2\"></span>o <span class=\"_ _22\"> </span>Economi<span class=\"_ _2\"></span>co <span class=\"_ _4\"> </span>degli  impatti <span class=\"_ _4\"> </span>derivanti<span class=\"_ _df\"> </span>dall\u2019applicazione  del  costo  ammort<span class=\"_ _2\"></span>izzato,  deg<span class=\"_ _1\"></span>li  effetti  dell\u2019im<span class=\"_ _2\"></span>pairment  e  dell\u2019eventuale  effetto  cambio,<span class=\"_ _df\"> </span>mentre gli altri utili o perdite derivanti da una variazione di fair value vengono rilevati in una specif<span class=\"_ _2\"></span>ica riserva<span class=\"_ _df\"> </span>di patr<span class=\"_ _2\"></span><span class=\"ff5\">imonio netto <span class=\"_ _2\"></span>finch\u00e9 l\u2019att<span class=\"_ _2\"></span>ivit\u00e0 finanziaria <span class=\"_ _2\"></span>non viene <span class=\"_ _2\"></span>cancellata. <span class=\"_ _2\"></span>Al mo<span class=\"_ _2\"></span>mento della dismissione, <span class=\"_ _2\"></span>totale <span class=\"_ _2\"></span>o<span class=\"_ _df\"> </span></span>parziale, l\u2019u<span class=\"_ _1\"></span>tile o la perdi<span class=\"_ _1\"></span>ta cumulati nella <span class=\"_ _f\"></span>r<span class=\"_ _2\"></span>iserva da <span class=\"_ _1\"></span>valutazione vengono riv<span class=\"_ _1\"></span>ersati, in tutto o <span class=\"_ _1\"></span>in parte, <span class=\"_ _f\"></span>a Conto<span class=\"_ _df\"> </span>Economico.<span class=\"_ _df\"> </span>Il fair value viene determinato sulla base dei criteri gi\u00e0 illustrati pe<span class=\"_ _1\"></span>r le Attivit\u00e0 finanziarie valutate al fair value<span class=\"_ _df\"> </span>con impatto a conto economico.<span class=\"_ _df\"> </span>Le Attivit\u00e0 fi<span class=\"_ _1\"></span>nanziarie valutate al fai<span class=\"_ _1\"></span>r value con <span class=\"_ _f\"></span>im<span class=\"_ _2\"></span>patto sulla redd<span class=\"_ _1\"></span>itivit\u00e0 complessiva <span class=\"ff5\">\u2013</span> sia sotto forma <span class=\"_ _1\"></span>di titoli<span class=\"_ _df\"> </span>di  debito  che <span class=\"_ _4\"> </span>di  crediti  <span class=\"ff5\">\u2013</span> <span class=\"_ _4\"> </span><span class=\"ff5\">sono<span class=\"_ _f\"></span> <span class=\"_ _4\"> </span>soggette  alla  verifica  dell\u2019incremento <span class=\"_ _22\"> </span>significativo  del <span class=\"_ _22\"> </span>r<span class=\"_ _2\"></span>ischio  creditizio<span class=\"_ _df\"> </span></span>(impairment) prevista dall\u2019IFRS<span class=\"_ _1\"></span> 9, al pari delle Attivit\u00e0 al costo ammortizzato, con conseguente rilevazi<span class=\"_ _1\"></span>one a<span class=\"_ _df\"> </span>conto economico di una rettifica di valore a copertura delle perdite attese. Pi\u00f9 in particolare, sugl<span class=\"_ _1\"></span>i strumenti<span class=\"_ _df\"> </span>classificati in st<span class=\"_ _2\"></span>age 1 (ossia s<span class=\"_ _2\"></span>ulle attivit\u00e0 finanziarie al <span class=\"_ _2\"></span>momento dell\u2019origination, ove non d<span class=\"_ _2\"></span>eteriorate, e s<span class=\"_ _2\"></span>ugli<span class=\"_ _df\"> </span>strumenti <span class=\"_ _0\"></span>per <span class=\"_ _0\"></span>cui <span class=\"_ _d\"></span>non <span class=\"_ _0\"></span>s<span class=\"_ _2\"></span>i <span class=\"_ _d\"></span>\u00e8 <span class=\"_ _0\"></span>verificato <span class=\"_ _0\"></span>un <span class=\"_ _0\"></span>significativo <span class=\"_ _d\"></span>incremento <span class=\"_ _0\"></span>del <span class=\"_ _0\"></span>risch<span class=\"_ _2\"></span>io <span class=\"_ _0\"></span>creditizio <span class=\"_ _d\"></span>r<span class=\"_ _2\"></span>ispetto <span class=\"_ _d\"></span>alla <span class=\"_ _0\"></span>data <span class=\"_ _0\"></span>di<span class=\"_ _df\"> </span>rilevazione <span class=\"_ _f\"></span>iniziale) <span class=\"_ _1\"></span>viene <span class=\"_ _f\"></span>contabilizzata, alla <span class=\"_ _f\"></span>data <span class=\"_ _f\"></span>di rilev<span class=\"_ _1\"></span>azione <span class=\"_ _1\"></span>iniziale <span class=\"_ _f\"></span>e <span class=\"_ _1\"></span>ad <span class=\"_ _f\"></span>o<span class=\"_ _2\"></span>gni <span class=\"_ _f\"></span>data <span class=\"_ _1\"></span>di <span class=\"_ _f\"></span>report<span class=\"_ _2\"></span>ing <span class=\"_ _f\"></span>successiva,<span class=\"_ _df\"> </span>una perdita attesa ad un anno. Invece, per gli strumenti classificati in stage 2 (bonis per i quali si<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>\u00e8 verificato<span class=\"_ _df\"> </span>un <span class=\"_ _22\"> </span>incremento <span class=\"_ _4\"> </span>significativo  del <span class=\"_ _4\"> </span>rischio <span class=\"_ _4\"> </span>c<span class=\"_ _1\"></span>reditizio <span class=\"_ _22\"> </span>rispetto <span class=\"_ _4\"> </span>alla <span class=\"_ _22\"> </span>data <span class=\"_ _4\"> </span>di  rilevazione <span class=\"_ _22\"> </span>in<span class=\"_ _2\"></span>iziale)  e <span class=\"_ _4\"> </span>in  st<span class=\"_ _2\"></span>age  3<span class=\"_ _df\"> </span>(esposizioni <span class=\"_ _0\"></span>deteriorate) <span class=\"_ _9\"> </span>viene <span class=\"_ _9\"> </span>contabilizzata <span class=\"_ _0\"> </span>una <span class=\"_ _9\"> </span>perdita <span class=\"_ _9\"> </span>att<span class=\"_ _2\"></span>e<span class=\"_ _1\"></span>sa <span class=\"_ _9\"> </span>per <span class=\"_ _9\"> </span>l\u2019intera <span class=\"_ _0\"></span>vita <span class=\"_ _9\"> </span>residua <span class=\"_ _9\"> </span>dello <span class=\"_ _0\"></span>s<span class=\"_ _2\"></span>trumento<span class=\"_ _df\"> </span>finanziario.<span class=\"_ _df\"> </span>2.1 <span class=\"ls0\">- Attivit\u00e0<span class=\"_ _f\"></span> finanzia<span class=\"_ _1\"></span>rie valu<span class=\"_ _f\"></span>tate al fa<span class=\"_ _f\"></span>ir value co<span class=\"_ _1\"></span>n impa<span class=\"_ _f\"></span>tto sulla <span class=\"_ _1\"></span>redditiv<span class=\"_ _1\"></span>it\u00e0 co<span class=\"_ _f\"></span>mplessiva (F<span class=\"_ _f\"></span>VOCI co<span class=\"_ _f\"></span>n riciclo)<span class=\"_ _df\"> </span></span>Criter<span class=\"_ _1\"></span>i di<span class=\"_ _df\"> </span> <span class=\"_ _1\"></span>iscrizio<span class=\"_ _f\"></span>ne<span class=\"_ _df\"> </span>Le attivit\u00e0 finanziarie veng<span class=\"_ _1\"></span>ono cancellate dal bilancio solamente se la cessione ha comportato il <span class=\"_ _1\"></span>sostanziale<span class=\"_ _df\"> </span>trasferimento di tutti i rischi e benefici connessi alle attivit\u00e0 stesse. Per contr<span class=\"_ _2\"></span>o, qualora sia stata mantenuta<span class=\"_ _df\"> </span>una <span class=\"_ _2\"></span>quota <span class=\"_ _d\"></span>parte <span class=\"_ _d\"></span>rilevante <span class=\"_ _d\"></span>dei <span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>ischi <span class=\"_ _2\"></span>e <span class=\"_ _d\"></span>benefici <span class=\"_ _d\"></span>relativi <span class=\"_ _2\"></span>alle <span class=\"_ _d\"></span>attivit\u00e0 <span class=\"_ _d\"></span>finanziarie <span class=\"_ _2\"></span>cedute, <span class=\"_ _d\"></span>queste <span class=\"_ _d\"></span>continuano <span class=\"_ _d\"></span>ad<span class=\"_ _df\"> </span>essere iscritte <span class=\"_ _2\"></span>in bilancio, ancorch\u00e9 gi<span class=\"_ _2\"></span>uridicamente la titolarit\u00e0 <span class=\"_ _2\"></span>delle attivit\u00e0 <span class=\"_ _2\"></span>stesse sia <span class=\"_ _2\"></span>stata effettivamente trasferita. Nel  caso  in  cu<span class=\"_ _1\"></span>i  non  sia  possibile  accertar<span class=\"_ _2\"></span>e  il <span class=\"_ _16\"> </span>sostanziale  trasferimento  dei <span class=\"_ _16\"> </span>rischi  e  benefici,  le  attivit\u00e0 finanziarie <span class=\"_ _0\"></span>vengono <span class=\"_ _9\"> </span>cancellate <span class=\"_ _9\"> </span>dal <span class=\"_ _9\"> </span>bilancio <span class=\"_ _0\"> </span>q<span class=\"_ _2\"></span>ualora <span class=\"_ _0\"></span>non <span class=\"_ _9\"> </span>sia <span class=\"_ _9\"> </span>st<span class=\"_ _2\"></span>ato <span class=\"_ _0\"></span>mantenuto <span class=\"_ _9\"> </span>alcun <span class=\"_ _0\"></span>t<span class=\"_ _2\"></span>ipo <span class=\"_ _0\"></span>di <span class=\"_ _9\"> </span>controllo <span class=\"_ _9\"> </span>sulle stesse. <span class=\"_ _d\"></span>In <span class=\"_ _0\"></span>caso <span class=\"_ _d\"></span>contrario, <span class=\"_ _d\"></span>la <span class=\"_ _0\"></span>conservazione, <span class=\"_ _d\"></span>anche <span class=\"_ _d\"></span>in <span class=\"_ _0\"></span>parte, <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>tale <span class=\"_ _0\"></span>controllo<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>comporta <span class=\"_ _d\"></span>il <span class=\"_ _0\"></span>mantenimento <span class=\"_ _d\"></span>in bilancio <span class=\"_ _2\"></span>delle at<span class=\"_ _2\"></span>tivit\u00e0 <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>misura <span class=\"_ _2\"></span>pari <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>coinvolgimento <span class=\"_ _d\"></span>residuo, <span class=\"_ _2\"></span>misurato <span class=\"_ _2\"></span>dall\u2019esposizione a<span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>cambiamenti <span class=\"_ _2\"></span>di valore delle attivit\u00e0 cedute ed alle variazioni dei flu<span class=\"_ _1\"></span>ssi finanziari delle<span class=\"_ _2\"></span> stesse. Infine, le attivit\u00e0 finanziarie cedute vengono cancellate dal bilancio nel caso in cui vi sia la conservazione dei diritti <span class=\"_ _9\"> </span>contrattuali <span class=\"_ _0\"></span>a <span class=\"_ _9\"> </span>r<span class=\"_ _2\"></span>icev<span class=\"_ _1\"></span>ere <span class=\"_ _0\"></span>i <span class=\"_ _9\"> </span>r<span class=\"_ _2\"></span>elativi <span class=\"_ _0\"></span>flussi <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>cassa, <span class=\"_ _9\"> </span>con <span class=\"_ _9\"> </span>la <span class=\"_ _0\"></span>co<span class=\"_ _2\"></span>ntestuale <span class=\"_ _0\"></span>ass<span class=\"_ _2\"></span>unzione<span class=\"_ _1\"></span> <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>un\u2019obbligazione <span class=\"_ _0\"></span>a pagare detti flussi, e solo essi, senz<span class=\"_ _1\"></span>a un ritardo rilevante ad<span class=\"_ _2\"></span> altri soggetti terzi. Criter<span class=\"_ _1\"></span>i di <span class=\"_ _1\"></span>rileva<span class=\"_ _f\"></span>zione dell<span class=\"_ _1\"></span>e com<span class=\"_ _f\"></span>ponenti <span class=\"_ _1\"></span>reddi<span class=\"_ _1\"></span>tuali<span class=\"_ _f\"></span> Gli interessi <span class=\"_ _2\"></span>attivi, <span class=\"_ _2\"></span>calcolati in <span class=\"_ _2\"></span>base <span class=\"_ _2\"></span>alla metodologia <span class=\"_ _2\"></span>del T.I.R., <span class=\"_ _2\"></span>vengono <span class=\"_ _2\"></span>contabilizzati p<span class=\"_ _2\"></span>er competenza <span class=\"_ _2\"></span>nelle voci \u201cInteressi attivi <span class=\"_ _f\"></span>e proventi assimilati\u201d, mentre gli utili<span class=\"_ _1\"></span> o le<span class=\"ff4\"> per<span class=\"_ _2\"></span>dite derivanti <span class=\"_ _f\"></span>da una variazione di </span>fair value vengono  rilevati  in <span class=\"_ _22\"> </span>una <span class=\"_ _4\"> </span>specifica  riserva <span class=\"_ _4\"> </span>di  patrimonio  netto  sino <span class=\"_ _22\"> </span>a <span class=\"_ _22\"> </span>che <span class=\"_ _22\"> </span>l\u2019att<span class=\"_ _2\"></span>ivit\u00e0  finanziaria  non <span class=\"_ _4\"> </span>vie<span class=\"_ _1\"></span>ne cancellata o <span class=\"_ _f\"></span>non vi<span class=\"_ _1\"></span>ene <span class=\"_ _1\"></span>rilevata una <span class=\"_ _f\"></span>perdita di <span class=\"_ _f\"></span>valore. Per <span class=\"_ _f\"></span>i titoli <span class=\"_ _f\"></span>di debito, <span class=\"_ _f\"></span>al momento d<span class=\"_ _1\"></span>ella <span class=\"_ _1\"></span>dismissione o d<span class=\"_ _1\"></span>ella rilevazione di una perdita di valore, l\u2019utile<span class=\"_ _1\"></span> o la perdita cumulati vengono riversati a conto economico<span class=\"_ _2\"></span><span class=\"ff4\">. </span>Qualora i motivi della perdita di valore siano rimossi a seguito di un e<span class=\"_ _1\"></span>vento verificatosi successivamente alla rilevazione <span class=\"_ _14\"> </span>della <span class=\"_ _14\"> </span>riduzione <span class=\"_ _14\"> </span>d<span class=\"_ _2\"></span>i <span class=\"_ _14\"> </span>valore, <span class=\"_ _14\"> </span>vengono <span class=\"_ _15\"> </span>effettuate <span class=\"_ _14\"> </span>riprese <span class=\"_ _15\"> </span>di <span class=\"_ _14\"> </span>valore <span class=\"_ _14\"> </span>con <span class=\"_ _15\"> </span>imputazione <span class=\"_ _14\"> </span>a <span class=\"_ _15\"> </span>conto economico, <span class=\"_ _f\"></span>nel <span class=\"_ _f\"></span>caso <span class=\"_ _1\"></span>dei <span class=\"_ _f\"></span>titoli <span class=\"_ _1\"></span>di <span class=\"_ _f\"></span>debito. <span class=\"_ _f\"></span>L\u2019ammontar<span class=\"_ _2\"></span>e <span class=\"_ _f\"></span>della <span class=\"_ _f\"></span>ripresa <span class=\"_ _1\"></span>non <span class=\"_ _f\"></span>pu\u00f2 <span class=\"_ _f\"></span>in <span class=\"_ _f\"></span>og<span class=\"_ _2\"></span>ni <span class=\"_ _f\"></span>caso <span class=\"_ _f\"></span>superar<span class=\"_ _2\"></span>e <span class=\"_ _f\"></span>la <span class=\"_ _f\"></span>differenza tra <span class=\"_ _0\"></span>il <span class=\"_ _0\"></span>valore <span class=\"_ _d\"></span>cont<span class=\"_ _2\"></span>abile<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>ed <span class=\"_ _0\"></span>il <span class=\"_ _d\"></span>costo <span class=\"_ _0\"></span>ammort<span class=\"_ _2\"></span>izzato <span class=\"_ _d\"></span>che <span class=\"_ _0\"></span>lo <span class=\"_ _d\"></span>s<span class=\"_ _2\"></span>trumento <span class=\"_ _0\"></span>avrebbe <span class=\"_ _0\"></span>avuto <span class=\"_ _0\"></span>in <span class=\"_ _d\"></span>assenza <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>precedenti rettifiche. 2.2 A<span class=\"_ _1\"></span>ttivit\u00e0 f<span class=\"_ _1\"></span>inanz<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span>arie<span class=\"_ _1\"></span> valuta<span class=\"_ _f\"></span>te al fair va<span class=\"_ _f\"></span>lue con im<span class=\"_ _1\"></span>patt<span class=\"_ _1\"></span>o sulla <span class=\"_ _1\"></span>redd<span class=\"_ _1\"></span>itivit\u00e0 co<span class=\"_ _f\"></span>mplessiva<span class=\"_ _f\"></span> (FVOCI s<span class=\"_ _1\"></span>enza ric<span class=\"_ _1\"></span>iclo) Criter<span class=\"_ _1\"></span>i di <span class=\"_ _1\"></span>iscrizi<span class=\"_ _1\"></span>one L\u2019iscrizione <span class=\"_ _d\"></span>iniziale <span class=\"_ _d\"></span>delle <span class=\"_ _0\"></span>attivit\u00e0 <span class=\"_ _d\"></span>finanziarie <span class=\"_ _d\"></span>avviene <span class=\"_ _d\"></span>alla <span class=\"_ _0\"></span>data <span class=\"_ _d\"></span>di<span class=\"_ _2\"></span><span class=\"ff4\"> <span class=\"_ _d\"></span></span>regolamento <span class=\"_ _d\"></span>per <span class=\"_ _0\"></span>i <span class=\"_ _d\"></span>titoli <span class=\"_ _d\"></span>di <span class=\"_ _0\"></span>capitale. <span class=\"_ _d\"></span>All\u2019atto della <span class=\"_ _9\"> </span>ril<span class=\"_ _2\"></span>evazione <span class=\"_ _9\"> </span>iniziale  le <span class=\"_ _9\"> </span>att<span class=\"_ _2\"></span>ivit\u00e0 <span class=\"_ _9\"> </span>sono  contabili<span class=\"_ _1\"></span>zzate <span class=\"_ _16\"> </span>al <span class=\"_ _16\"> </span>fair <span class=\"_ _16\"> </span>value<span class=\"_ _1\"></span>, <span class=\"_ _16\"> </span>comprensivo  d<span class=\"_ _1\"></span>ei <span class=\"_ _16\"> </span>costi <span class=\"_ _16\"> </span>o <span class=\"_ _9\"> </span>proventi  di transazione direttamente attribuib<span class=\"_ _1\"></span>ili allo strumento<span class=\"_ _2\"></span> <span class=\"_ _13\"></span>stesso. Criter<span class=\"_ _1\"></span>i di <span class=\"_ _1\"></span>class<span class=\"_ _1\"></span>ificazi<span class=\"_ _1\"></span>one Sono <span class=\"_ _9\"> </span>inclusi <span class=\"_ _16\"> </span>nella <span class=\"_ _9\"> </span>voce  gli <span class=\"_ _0\"> </span>s<span class=\"_ _2\"></span>trumenti <span class=\"_ _9\"> </span>di <span class=\"_ _16\"> </span>capitale, <span class=\"_ _9\"> </span>non  d<span class=\"_ _1\"></span>etenuti  p<span class=\"_ _1\"></span>er <span class=\"_ _9\"> </span>finalit\u00e0  di <span class=\"_ _9\"> </span>negoziazione, <span class=\"_ _9\"> </span>per  i <span class=\"_ _9\"> </span>quali <span class=\"_ _9\"> </span>al momento <span class=\"_ _2\"></span>della <span class=\"_ _2\"></span>rilevazione ini<span class=\"_ _2\"></span>ziale <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _2\"></span>stata <span class=\"_ _2\"></span>esercitata <span class=\"_ _2\"></span>l\u2019opzione p<span class=\"_ _2\"></span>er <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>designazione <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>fair <span class=\"_ _2\"></span>value c<span class=\"_ _2\"></span>on <span class=\"_ _2\"></span>impatto sulla redditivit\u00e0 complessiva. In <span class=\"_ _4\"> </span>particolare, <span class=\"_ _4\"> </span>vengono <span class=\"_ _22\"> </span>inclusi<span class=\"_ _2\"></span> <span class=\"_ _4\"> </span>in <span class=\"_ _22\"> </span>questa <span class=\"_ _4\"> </span>voce <span class=\"_ _4\"> </span>le <span class=\"_ _4\"> </span>interessenze <span class=\"_ _4\"> </span>azionarie, <span class=\"_ _4\"> </span>non <span class=\"_ _4\"> </span>qualificabili <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>controllo, collegamento  e <span class=\"_ _4\"> </span>controllo  congiunto,  che  non <span class=\"_ _4\"> </span>sono  detenute  con <span class=\"_ _4\"> </span>finalit\u00e0  di  negoziazione,  per <span class=\"_ _4\"> </span>cui  si <span class=\"_ _22\"> </span>\u00e8 esercitata l\u2019opzione per la designazione<span class=\"_ _1\"></span> al fair value con impat<span class=\"_ _2\"></span><span class=\"ff4\">to sulla redditivi<span class=\"_ _1\"></span>t\u00e0 complessiva.<span class=\"_ _2\"></span> </span>Riclas<span class=\"_ _f\"></span>sifiche<span class=\"_ _1\"></span> Secondo <span class=\"_ _d\"></span><span class=\"ff5\">le <span class=\"_ _d\"></span>regole <span class=\"_ _0\"></span>generali <span class=\"_ _d\"></span>previste <span class=\"_ _0\"></span>dall\u2019IFRS <span class=\"_ _d\"></span>9 <span class=\"_ _d\"></span>in <span class=\"_ _0\"></span>materia <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>riclassificazione <span class=\"_ _d\"></span>delle <span class=\"_ _d\"></span>at<span class=\"_ _2\"></span>tivit\u00e0 <span class=\"_ _d\"></span>finanziarie <span class=\"_ _d\"></span>per <span class=\"_ _0\"></span>i </span>titoli di capitale non \u00e8 ammessa alcuna riclassifica.<span class=\"sc2\"> </span>Criter<span class=\"_ _1\"></span>i di <span class=\"_ _1\"></span>valuta<span class=\"_ _1\"></span>zione<span class=\"_ _f\"></span> Successivamente <span class=\"_ _2\"></span>alla <span class=\"_ _2\"></span>ril<span class=\"_ _2\"></span>evazione <span class=\"_ _2\"></span>iniziale, <span class=\"_ _2\"></span>gli <span class=\"_ _2\"></span>st<span class=\"_ _2\"></span>rumenti <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>capitale <span class=\"_ _d\"></span>per <span class=\"_ _2\"></span>cui <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _d\"></span>stata <span class=\"_ _d\"></span>effettuata <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>scelta <span class=\"_ _d\"></span>per <span class=\"_ _2\"></span>la classificazione <span class=\"_ _d\"></span>nella <span class=\"_ _d\"></span>pres<span class=\"_ _2\"></span>ente <span class=\"_ _d\"></span>categoria <span class=\"_ _0\"></span>sono <span class=\"_ _d\"></span>valutati <span class=\"_ _0\"></span>al <span class=\"_ _d\"></span>fair <span class=\"_ _0\"></span>value <span class=\"_ _d\"></span>e <span class=\"_ _d\"></span>gl<span class=\"_ _2\"></span>i <span class=\"_ _d\"></span>importi <span class=\"_ _0\"></span>rilevati <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>cont<span class=\"_ _2\"></span>ropartita <span class=\"_ _d\"></span>del patrimonio <span class=\"_ _2\"></span>netto <span class=\"_ _2\"></span>(Prospetto <span class=\"_ _2\"></span>della <span class=\"_ _2\"></span>redditivit\u00e0 <span class=\"_ _2\"></span>complessiva) <span class=\"_ _2\"></span>non <span class=\"_ _2\"></span>devono <span class=\"_ _2\"></span>essere <span class=\"_ _2\"></span>successivamente <span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>rasferiti <span class=\"_ _2\"></span>a conto economico, ne<span class=\"_ _1\"></span>anche in caso di cessione<span class=\"_ _1\"></span>. La sola componente rife<span class=\"_ _1\"></span>ribile ai titoli di <span class=\"_ _1\"></span>capitale in que<span class=\"_ _1\"></span>stione che \u00e8 oggetto di rilevazi<span class=\"_ _1\"></span>one a conto <span class=\"_ _2\"></span>economico \u00e8 rappresentata <span class=\"_ _1\"></span>dai relativi dividendi.<span class=\"_ _2\"></span> Il fair value viene determinato sulla base dei criteri gi\u00e0 ill<span class=\"_ _1\"></span>ustrati per le Attivit\u00e0 finanziarie valutate al fair value con impatto a conto economico. Per <span class=\"_ _0\"></span>i <span class=\"_ _9\"> </span>titoli <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>capitale <span class=\"_ _9\"> </span>inclusi <span class=\"_ _0\"></span>in <span class=\"_ _16\"> </span>que<span class=\"_ _1\"></span>sta <span class=\"_ _9\"> </span>categoria, <span class=\"_ _9\"> </span>non <span class=\"_ _9\"> </span>quotati <span class=\"_ _9\"> </span>in <span class=\"_ _0\"></span>un <span class=\"_ _9\"> </span>mercato <span class=\"_ _9\"> </span>att<span class=\"_ _2\"></span>ivo, <span class=\"_ _0\"></span>il <span class=\"_ _9\"> </span>criterio <span class=\"_ _0\"></span>de<span class=\"_ _2\"></span>l <span class=\"_ _9\"> </span>costo <span class=\"_ _9\"> </span>\u00e8 utilizzato <span class=\"_ _d\"></span>quale <span class=\"_ _2\"></span>st<span class=\"_ _2\"></span>ima <span class=\"_ _d\"></span>del <span class=\"_ _d\"></span>fair <span class=\"_ _d\"></span>value <span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>oltanto <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>via <span class=\"_ _d\"></span>residuale <span class=\"_ _2\"></span>e <span class=\"_ _d\"></span>li<span class=\"_ _2\"></span>mitatamente <span class=\"_ _d\"></span>a <span class=\"_ _d\"></span>poche <span class=\"_ _2\"></span>circos<span class=\"_ _2\"></span>tanze,<span class=\"_ _1\"></span> <span class=\"_ _d\"></span>ossia <span class=\"_ _d\"></span>in<span class=\"_ _df\"> </span>caso <span class=\"_ _2\"></span>di <span class=\"_ _d\"></span>non <span class=\"_ _2\"></span>applicabilit\u00e0 <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>tutt<span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>metodi <span class=\"_ _2\"></span>di <span class=\"_ _d\"></span>valutazione<span class=\"_ _1\"></span> <span class=\"_ _2\"></span>preced<span class=\"_ _2\"></span>entemente <span class=\"_ _2\"></span>richiamati, <span class=\"_ _2\"></span>ovvero <span class=\"_ _2\"></span>in <span class=\"_ _d\"></span>presenza <span class=\"_ _2\"></span>di un\u2019ampia <span class=\"_ _9\"> </span>gamma  di <span class=\"_ _9\"> </span>possibili<span class=\"ff4\">  valutazioni <span class=\"_ _16\"> </span>del <span class=\"_ _9\"> </span>fair  value, <span class=\"_ _9\"> </span>nel  cui <span class=\"_ _16\"> </span>ambito <span class=\"_ _16\"> </span>il <span class=\"_ _9\"> </span>costo  rapprese<span class=\"_ _1\"></span>nta  la <span class=\"_ _9\"> </span>stima  pi\u00f9 </span>significativa.<span class=\"_ _df\"> </span>Criter<span class=\"_ _1\"></span>i di <span class=\"_ _1\"></span>cancell<span class=\"_ _1\"></span>azion<span class=\"_ _f\"></span>e<span class=\"_ _df\"> </span> Le attivit\u00e0 finanziarie veng<span class=\"_ _1\"></span>ono cancellate dal bilancio solamente se la cessione ha comportato il <span class=\"_ _1\"></span>sostanziale<span class=\"_ _df\"> </span> trasferimento di tutti i ri<span class=\"_ _2\"></span>schi e benefici connessi alle attivit\u00e0 stesse. Per contro, qualora sia stat<span class=\"_ _2\"></span>a mantenuta<span class=\"_ _df\"> </span><span class=\"_ _f\"></span> una <span class=\"_ _2\"></span>quota <span class=\"_ _d\"></span>parte <span class=\"_ _d\"></span>rilevante <span class=\"_ _2\"></span>dei <span class=\"_ _d\"></span>rischi <span class=\"_ _d\"></span>e <span class=\"_ _d\"></span>benefici <span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>elativi<span class=\"_ _1\"></span> <span class=\"_ _d\"></span>alle <span class=\"_ _d\"></span>attivit\u00e0 <span class=\"_ _d\"></span>finanziarie <span class=\"_ _2\"></span>cedute, <span class=\"_ _d\"></span>queste <span class=\"_ _d\"></span>continuano <span class=\"_ _2\"></span>ad<span class=\"_ _df\"> </span> essere iscritte <span class=\"_ _2\"></span>in bilancio, ancorch\u00e9 gi<span class=\"_ _2\"></span>uridicamente la t<span class=\"_ _2\"></span>itolarit\u00e0 <span class=\"_ _2\"></span>delle attivit\u00e0 stess<span class=\"_ _2\"></span>e sia stata <span class=\"_ _2\"></span>effettivamente<span class=\"_ _df\"> </span> trasferita.<span class=\"_ _df\"> </span> Nel  caso  in  cu<span class=\"_ _1\"></span>i  non  sia  possibile  accertare  il  sostanziale  trasferimento  d<span class=\"_ _1\"></span>ei  rischi  e  benefici,  le  attivit\u00e0<span class=\"_ _df\"> </span> finanziarie <span class=\"_ _0\"></span>vengono <span class=\"_ _9\"> </span>cancellate <span class=\"_ _9\"> </span>dal <span class=\"_ _9\"> </span>bilancio <span class=\"_ _0\"> </span>q<span class=\"_ _2\"></span>ualora <span class=\"_ _0\"></span>non <span class=\"_ _9\"> </span>sia <span class=\"_ _9\"> </span>st<span class=\"_ _2\"></span>ato <span class=\"_ _0\"></span>mantenuto <span class=\"_ _9\"> </span>alc<span class=\"_ _2\"></span>un <span class=\"_ _0\"></span>t<span class=\"_ _2\"></span>ipo <span class=\"_ _0\"></span>di <span class=\"_ _9\"> </span>controllo <span class=\"_ _9\"> </span>sulle<span class=\"_ _df\"> </span> stesse. <span class=\"_ _d\"></span>In <span class=\"_ _0\"></span>caso <span class=\"_ _d\"></span>contrario, <span class=\"_ _d\"></span>la <span class=\"_ _0\"></span>conservazione, <span class=\"_ _d\"></span>anche <span class=\"_ _d\"></span>in <span class=\"_ _0\"></span>parte, <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>tale <span class=\"_ _0\"></span>controllo <span class=\"_ _d\"></span>comporta <span class=\"_ _0\"></span>il <span class=\"_ _d\"></span>mantenimento <span class=\"_ _d\"></span>in<span class=\"_ _df\"> </span> bilancio <span class=\"_ _2\"></span>delle at<span class=\"_ _2\"></span>tivit\u00e0 <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>misura <span class=\"_ _2\"></span>pari <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>coinvolgimento <span class=\"_ _d\"></span>residuo, <span class=\"_ _2\"></span>misurato <span class=\"_ _2\"></span>dall\u2019esposizione a<span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>cambiamenti <span class=\"_ _2\"></span>di<span class=\"_ _df\"> </span> valore delle attivit\u00e0 cedute ed alle variazioni dei flussi finan<span class=\"_ _1\"></span>ziari delle<span class=\"_ _2\"></span> stesse.<span class=\"_ _df\"> </span> Infine, le attivit\u00e0 finanziarie cedute vengono cancellate dal bilancio nel caso in cui vi sia la conservazione dei<span class=\"_ _df\"> </span> diritti <span class=\"_ _9\"> </span>contrattuali <span class=\"_ _0\"></span>a <span class=\"_ _9\"> </span>r<span class=\"_ _2\"></span>icev<span class=\"_ _1\"></span>ere <span class=\"_ _0\"></span>i <span class=\"_ _9\"> </span>r<span class=\"_ _2\"></span>elativi <span class=\"_ _0\"></span>flussi <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>cassa, <span class=\"_ _9\"> </span>con <span class=\"_ _9\"> </span>la <span class=\"_ _0\"></span>co<span class=\"_ _d\"></span><span class=\"ff5\">ntestuale <span class=\"_ _0\"></span>assunzione <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>un\u2019obbligazione <span class=\"_ _0\"></span>a<span class=\"_ _df\"> </span></span><span class=\"ff5\"> </span>pagare detti flussi, e solo essi, senz<span class=\"_ _1\"></span>a un ritardo rilevante ad altri soggetti terzi.<span class=\"_ _df\"> </span>Criter<span class=\"_ _1\"></span>i di <span class=\"_ _1\"></span>rileva<span class=\"_ _f\"></span>zione dell<span class=\"_ _1\"></span>e com<span class=\"_ _f\"></span>ponenti <span class=\"_ _1\"></span>reddi<span class=\"_ _1\"></span>tuali<span class=\"_ _df\"> </span><span class=\"_ _f\"></span> I di<span class=\"_ _2\"></span>videndi vengono <span class=\"_ _2\"></span>contabilizzati <span class=\"_ _2\"></span>alla <span class=\"_ _2\"></span>voce \u201cDividendi <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>proventi s<span class=\"_ _2\"></span>imili\u201d n<span class=\"_ _2\"></span><span class=\"ff4\">el <span class=\"_ _2\"></span>momento in <span class=\"_ _2\"></span>cui <span class=\"_ _2\"></span>sorge <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>diritto <span class=\"_ _2\"></span>a<span class=\"_ _df\"> </span></span><span class=\"ff4\"> </span>riceverne <span class=\"_ _1\"></span>il p<span class=\"_ _1\"></span>agamento, me<span class=\"_ _1\"></span>ntre gli <span class=\"_ _f\"></span>utili o <span class=\"_ _f\"></span>le perdite <span class=\"_ _1\"></span>derivanti d<span class=\"_ _1\"></span>a una <span class=\"_ _f\"></span>variazione d<span class=\"_ _1\"></span>i fair value dei <span class=\"_ _f\"></span>titoli di <span class=\"_ _f\"></span>capitale<span class=\"_ _df\"> </span> vengono rilevati <span class=\"_ _1\"></span>in una <span class=\"_ _1\"></span>specifica riserva di p<span class=\"_ _1\"></span>atrimonio netto e <span class=\"_ _1\"></span>tale non vie<span class=\"_ _1\"></span>ne riversato a conto e<span class=\"_ _1\"></span>conomico nel<span class=\"_ _df\"> </span> caso di cessione e cancell<span class=\"_ _1\"></span>azione del titolo di capitale.<span class=\"_ _2\"></span> 3 <span class=\"ls0\">- Attivit<span class=\"_ _1\"></span>\u00e0 fin<span class=\"_ _1\"></span>anzia<span class=\"_ _1\"></span>rie valu<span class=\"_ _f\"></span>tate al cos<span class=\"_ _1\"></span>to a<span class=\"_ _1\"></span>mmort<span class=\"_ _1\"></span>izzato<span class=\"_ _1\"></span> </span>Criter<span class=\"_ _1\"></span>i di <span class=\"_ _1\"></span>iscrizi<span class=\"_ _1\"></span>one L\u2019iscrizione iniziale de<span class=\"_ _1\"></span>ll\u2019attivit\u00e0 finanziaria avviene alla data di reg<span class=\"_ _1\"></span>olamento per i titoli di de<span class=\"_ _1\"></span>bito ed a<span class=\"_ _2\"></span><span class=\"ff4\">lla data di </span>erogazione <span class=\"_ _d\"></span>nel <span class=\"_ _0\"></span>caso <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>crediti. <span class=\"_ _0\"></span>All\u2019atto <span class=\"_ _0\"></span>della <span class=\"_ _d\"></span>rilevazione <span class=\"_ _0\"></span>iniziale <span class=\"_ _d\"></span>le <span class=\"_ _0\"></span>attivit\u00e0 <span class=\"_ _0\"></span>sono <span class=\"_ _0\"></span>contabilizzate <span class=\"_ _d\"></span>al <span class=\"_ _0\"></span>fair <span class=\"_ _0\"></span>value, comprensivo dei costi o proventi di transazione direttamente attr<span class=\"_ _1\"></span>ibuibili allo strumento stesso.<span class=\"_ _2\"></span> In <span class=\"_ _0\"></span>particolare, <span class=\"_ _9\"> </span>per <span class=\"_ _9\"> </span>quel <span class=\"_ _0\"></span>che <span class=\"_ _9\"> </span>attiene <span class=\"_ _9\"> </span>ai <span class=\"_ _9\"> </span>crediti, <span class=\"_ _0\"></span>la <span class=\"_ _9\"> </span>data <span class=\"_ _9\"> </span>di <span class=\"_ _0\"> </span>ero<span class=\"_ _2\"></span>gazione <span class=\"_ _0\"></span>normalmente <span class=\"_ _9\"> </span>coincide <span class=\"_ _0\"></span>con <span class=\"_ _9\"> </span>la <span class=\"_ _9\"> </span>data <span class=\"_ _0\"></span>di sottoscrizione <span class=\"_ _f\"></span>del <span class=\"_ _f\"></span>contratt<span class=\"_ _2\"></span>o. <span class=\"_ _11\"></span>Qualora tale <span class=\"_ _11\"></span>coincidenza <span class=\"_ _f\"></span>non <span class=\"_ _1\"></span>si <span class=\"_ _f\"></span>manifest<span class=\"_ _2\"></span>i, <span class=\"_ _f\"></span>in <span class=\"_ _f\"></span>sede <span class=\"_ _f\"></span>di <span class=\"_ _f\"></span>sott<span class=\"_ _2\"></span>oscrizione <span class=\"_ _f\"></span>del <span class=\"_ _f\"></span>contratto si provv<span class=\"_ _1\"></span>ede <span class=\"_ _f\"></span>ad iscrivere <span class=\"_ _f\"></span>un impegno <span class=\"_ _1\"></span>ad e<span class=\"_ _1\"></span>rogare <span class=\"_ _1\"></span>fondi <span class=\"_ _1\"></span>che si <span class=\"_ _f\"></span>chiude <span class=\"_ _f\"></span>a<span class=\"_ _2\"></span>lla d<span class=\"_ _1\"></span>ata di <span class=\"_ _f\"></span>erogazione de<span class=\"_ _1\"></span>l fi<span class=\"_ _1\"></span>nanziamento. L\u2019iscrizione del credito avviene sull<span class=\"_ _1\"></span>a base del fair value dello stesso, pari all\u2019ammontare erogato, o prezzo di sottoscrizione, <span class=\"_ _2\"></span>comprensivo <span class=\"_ _2\"></span>dei <span class=\"_ _d\"></span>costi/proventi <span class=\"_ _2\"></span>direttamente <span class=\"_ _d\"></span>ricondu<span class=\"_ _1\"></span>cibili <span class=\"_ _2\"></span>al <span class=\"_ _d\"></span>singolo <span class=\"_ _2\"></span>credito <span class=\"_ _d\"></span>e <span class=\"_ _2\"></span>determ<span class=\"_ _2\"></span>inabili sin <span class=\"_ _2\"></span>dall\u2019origine <span class=\"_ _2\"></span>dell\u2019operazione, <span class=\"_ _d\"></span>ancorch\u00e9 <span class=\"_ _2\"></span>liquidati <span class=\"_ _d\"></span>in <span class=\"_ _2\"></span>un <span class=\"_ _2\"></span>momen<span class=\"_ _2\"></span>to <span class=\"_ _2\"></span>successivo. <span class=\"_ _2\"></span>Sono <span class=\"_ _d\"></span>esclusi <span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>co<span class=\"_ _2\"></span>sti <span class=\"_ _2\"></span>che, <span class=\"_ _2\"></span>pur<span class=\"_ _2\"></span> avendo <span class=\"_ _d\"></span>le <span class=\"_ _0\"></span>caratteristiche <span class=\"_ _d\"></span>s<span class=\"_ _2\"></span>uddette, <span class=\"_ _d\"></span>sono <span class=\"_ _0\"></span>oggetto <span class=\"_ _0\"></span>di <span class=\"_ _d\"></span>rimborso <span class=\"_ _0\"></span>da <span class=\"_ _d\"></span>parte <span class=\"_ _0\"></span>della <span class=\"_ _d\"></span>cont<span class=\"_ _2\"></span>roparte <span class=\"_ _d\"></span>debitrice <span class=\"_ _d\"></span>o <span class=\"_ _0\"></span>sono inquadrabili tra i normali costi interni di carattere <span class=\"_ _f\"></span>amministrativo. Criter<span class=\"_ _1\"></span>i di <span class=\"_ _f\"></span>classifica<span class=\"_ _f\"></span>zione Sono incluse<span class=\"_ _1\"></span> nella presente categoria le<span class=\"_ _1\"></span> attivit\u00e0 finanziarie <span class=\"_ _f\"></span>(<span class=\"_ _2\"></span>in particolare finanzi<span class=\"_ _1\"></span>amenti e titoli di<span class=\"_ _1\"></span> debito) che soddisfano entrambe le seguenti condizi<span class=\"_ _1\"></span>oni:<span class=\"_ _2\"></span> <span class=\"_ _2c\"> </span><span class=\"ff5\">l\u2019attivit\u00e0 finanziaria <span class=\"_ _2\"></span>\u00e8 possedu<span class=\"ff4\">ta secondo un modello di <span class=\"_ _2\"></span>business il cui obiettivo \u00e8 conseguito <span class=\"_ _2\"></span>me<span class=\"_ _1\"></span>diante<span class=\"_ _df\"> </span></span></span>l\u2019incasso dei flussi finanziari previsti contrattualmente (Bu<span class=\"_ _1\"></span>siness model \u201cHold to Collect\u201d <span class=\"_ _2\"></span>\u2013<span class=\"ff4\"> </span>\u201cHTC\u201d), e<span class=\"ff4\"> </span><span class=\"_ _2c\"> </span><span class=\"ff5\">i <span class=\"_ _19\"> </span>termini <span class=\"_ _19\"> </span>contr<span class=\"_ _2\"></span>attuali <span class=\"_ _19\"> </span>dell\u2019attivit\u00e0 <span class=\"_ _19\"> </span>finanzi<span class=\"_ _1\"></span>aria <span class=\"_ _19\"> </span>prevedono, <span class=\"_ _19\"> </span>a<span class=\"_ _2\"></span> <span class=\"_ _19\"> </span>determinate <span class=\"_ _19\"> </span>date,<span class=\"ff4\"> <span class=\"_ _1a\"> </span>flussi <span class=\"_ _19\"> </span>finanziari </span></span>rappresentati <span class=\"_ _4\"> </span>unicamente <span class=\"_ _4\"> </span>da <span class=\"_ _4\"> </span>pagamenti <span class=\"_ _4\"> </span>del<span class=\"_ _1\"></span> <span class=\"_ _4\"> </span>capitale <span class=\"_ _4\"> </span>e <span class=\"_ _4\"> </span>dell\u2019interesse <span class=\"_ _4\"> </span>s<span class=\"_ _2\"></span>ull\u2019<span class=\"_ _1\"></span>importo <span class=\"_ _4\"> </span>del <span class=\"_ _4\"> </span>capitale <span class=\"_ _4\"> </span>da restituire (cd. \u201cSPPI test\u201d superato).<span class=\"_ _df\"> </span>Pi\u00f9 in particolare, formano oggetto di rilevazi<span class=\"_ _1\"></span>one in questa voce:<span class=\"_ _2\"></span> <span class=\"_ _2c\"> </span><span class=\"ff4\">gli <span class=\"_ _9\"> </span>impieghi  con <span class=\"_ _9\"> </span>banche <span class=\"_ _9\"> </span>nelle  d<span class=\"_ _1\"></span>ivers<span class=\"_ _2\"></span>e <span class=\"_ _9\"> </span>forme <span class=\"_ _16\"> </span>tecniche <span class=\"_ _9\"> </span>che <span class=\"_ _9\"> </span>presentano  i <span class=\"_ _9\"> </span>requisiti <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>c<span class=\"_ _2\"></span>ui <span class=\"_ _9\"> </span>al <span class=\"_ _16\"> </span>paragrafo </span>precedente;<span class=\"_ _df\"> </span><span class=\"_ _2c\"> </span><span class=\"ff4\">gli <span class=\"_ _9\"> </span>impieghi <span class=\"_ _0\"></span>con <span class=\"_ _9\"> </span>clientela <span class=\"_ _9\"> </span>nelle <span class=\"_ _9\"> </span>diverse <span class=\"_ _0\"></span>for<span class=\"_ _2\"></span>me <span class=\"_ _0\"></span>tecniche <span class=\"_ _0\"></span>che <span class=\"_ _9\"> </span>presentano <span class=\"_ _9\"> </span>i <span class=\"_ _9\"> </span>requisiti <span class=\"_ _0\"> </span>di <span class=\"_ _9\"> </span>cui <span class=\"_ _9\"> </span>al <span class=\"_ _0\"> </span>paragr<span class=\"_ _2\"></span>afo </span>precedente;<span class=\"_ _df\"> </span><span class=\"_ _2c\"> </span><span class=\"ff4\">i titoli di debito che presentano i requisiti di cui al paragrafo <span class=\"_ _2\"></span>preced<span class=\"_ _1\"></span>ente.<span class=\"_ _df\"> </span></span>Sono <span class=\"_ _d\"></span>inoltre <span class=\"_ _0\"></span>inclusi <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>tale <span class=\"_ _0\"></span>categoria <span class=\"_ _d\"></span>i <span class=\"_ _d\"></span>crediti <span class=\"_ _d\"></span>di <span class=\"_ _0\"></span>funzionamento <span class=\"_ _d\"></span>connessi <span class=\"_ _d\"></span>con <span class=\"_ _0\"></span>la <span class=\"_ _d\"></span>prestazione <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>attivit\u00e0 <span class=\"_ _0\"></span>e <span class=\"_ _d\"></span>di servizi <span class=\"_ _2\"></span>finanziari <span class=\"_ _2\"></span>come <span class=\"_ _d\"></span>definiti <span class=\"_ _2\"></span>dal <span class=\"_ _d\"></span>T.U.B. <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>dal <span class=\"_ _d\"></span>T.U.F. <span class=\"_ _2\"></span>(ad <span class=\"_ _2\"></span>es<span class=\"_ _2\"></span>empio <span class=\"_ _2\"></span>per <span class=\"_ _d\"></span>distribuzione<span class=\"_ _1\"></span> <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>prodotti <span class=\"_ _d\"></span>finanziari <span class=\"_ _2\"></span>ed<span class=\"_ _df\"> </span>attivit\u00e0 di <span class=\"_ _12\"></span>servicing).<span class=\"_ _df\"> </span>Riclas<span class=\"_ _f\"></span>sifiche<span class=\"_ _1\"></span> Secondo <span class=\"_ _d\"></span>le <span class=\"_ _d\"></span>regole <span class=\"_ _0\"></span>generali <span class=\"_ _d\"></span>previst<span class=\"_ _2\"></span>e <span class=\"_ _d\"></span>dall\u2019IFRS <span class=\"_ _d\"></span>9 <span class=\"_ _d\"></span>in <span class=\"_ _0\"></span>materia <span class=\"_ _0\"></span>di <span class=\"_ _d\"></span>riclassificazione <span class=\"_ _d\"></span>delle <span class=\"_ _d\"></span>at<span class=\"_ _2\"></span>tivit\u00e0 <span class=\"_ _d\"></span>finanziarie, <span class=\"_ _d\"></span>non sono ammesse riclassifiche verso <span class=\"_ _2\"></span>altre categorie di attivit\u00e0 finanziarie salvo il cas<span class=\"_ _2\"></span>o in cui l\u2019entit\u00e0 modifichi il proprio <span class=\"_ _1\"></span>modello <span class=\"_ _f\"></span>di <span class=\"_ _1\"></span>business pe<span class=\"_ _1\"></span>r <span class=\"_ _1\"></span>la <span class=\"_ _f\"></span>gestione delle<span class=\"_ _1\"></span> <span class=\"_ _f\"></span>at<span class=\"_ _2\"></span>tivit\u00e0 <span class=\"_ _f\"></span>finanziarie a <span class=\"_ _f\"></span>seguito <span class=\"_ _1\"></span>di <span class=\"_ _f\"></span>cambiamenti esterni <span class=\"_ _f\"></span>o interni<span class=\"_ _df\"> </span>i quali siano rilevanti pe<span class=\"_ _1\"></span>r le operazioni del<span class=\"_ _1\"></span>l'entit\u00e0 e dimostrabili alle parti esterne. In tali<span class=\"_ _f\"></span> <span class=\"_ _2\"></span>casi, che ci<span class=\"_ _f\"></span> s<span class=\"_ _2\"></span>i at<span class=\"_ _1\"></span>tende siano <span class=\"_ _d\"></span>altamente <span class=\"_ _2\"></span>infrequenti, <span class=\"_ _d\"></span>le <span class=\"_ _d\"></span>attivit\u00e0 <span class=\"_ _d\"></span>finanziarie <span class=\"_ _2\"></span>potr<span class=\"_ _2\"></span>anno <span class=\"_ _2\"></span>essere <span class=\"_ _d\"></span>riclassificate <span class=\"_ _2\"></span>dalla <span class=\"_ _d\"></span>categoria <span class=\"_ _d\"></span>valutata <span class=\"_ _d\"></span>al costo <span class=\"_ _d\"></span>ammortizzato <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>una <span class=\"_ _2\"></span>dell<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>altre <span class=\"_ _d\"></span>due <span class=\"_ _2\"></span>categorie <span class=\"_ _d\"></span>previste <span class=\"_ _2\"></span>dall\u2019IFRS <span class=\"_ _2\"></span>9 <span class=\"_ _d\"></span>(Attivit\u00e0 <span class=\"_ _2\"></span>finanziarie <span class=\"_ _d\"></span>valutate <span class=\"_ _2\"></span>al <span class=\"_ _d\"></span>fair value <span class=\"_ _1\"></span>con imp<span class=\"_ _1\"></span>atto sulla <span class=\"_ _f\"></span>redditivit\u00e0 complessiva <span class=\"_ _f\"></span>o Attivit\u00e0 finanzi<span class=\"_ _f\"></span>ar<span class=\"_ _2\"></span>ie <span class=\"_ _f\"></span>valutate al <span class=\"_ _1\"></span>fair valu<span class=\"_ _1\"></span>e con <span class=\"_ _f\"></span>impatto a <span class=\"_ _f\"></span>conto economico). Il <span class=\"_ _2\"></span>valore <span class=\"_ _2\"></span>di t<span class=\"_ _2\"></span>rasferimento <span class=\"_ _2\"></span>\u00e8 rappresentato <span class=\"_ _2\"></span>dal <span class=\"_ _2\"></span>fair v<span class=\"_ _2\"></span>alue al <span class=\"_ _2\"></span>momento <span class=\"_ _2\"></span>della ric<span class=\"_ _2\"></span>lassificazione e <span class=\"_ _2\"></span>gli effetti della riclassificaz<span class=\"_ _1\"></span>ione operano in maniera prospettica<span class=\"_ _1\"></span> a partire dalla data<span class=\"_ _1\"></span> di ric<span class=\"_ _2\"></span>lassificazione. Gli utili<span class=\"_ _1\"></span> o le <span class=\"_ _f\"></span>perdite <span class=\"_ _f\"></span>risultanti <span class=\"_ _1\"></span>dalla <span class=\"_ _f\"></span>differenza <span class=\"_ _f\"></span>t<span class=\"_ _2\"></span>ra <span class=\"_ _f\"></span>il <span class=\"_ _f\"></span>cost<span class=\"_ _2\"></span>o <span class=\"_ _f\"></span>ammortizzato <span class=\"_ _f\"></span>dell'attivit\u00e0 <span class=\"_ _f\"></span>finanziaria <span class=\"_ _f\"></span>e <span class=\"_ _f\"></span>il <span class=\"_ _f\"></span>re<span class=\"_ _2\"></span>lativo <span class=\"_ _f\"></span>fair <span class=\"_ _1\"></span>value <span class=\"_ _f\"></span>sono rilevati a conto <span class=\"_ _1\"></span>economico nel <span class=\"_ _1\"></span>caso di riclassifica <span class=\"_ _f\"></span>tra le Attivit\u00e0 finan<span class=\"_ _1\"></span>ziarie valutate al <span class=\"_ _1\"></span>fair value <span class=\"_ _f\"></span>con <span class=\"_ _2\"></span>impatto a conto <span class=\"_ _9\"> </span>economico <span class=\"_ _0\"></span>e <span class=\"_ _9\"> </span>a <span class=\"_ _9\"> </span>Patrimonio <span class=\"_ _9\"> </span>netto, <span class=\"_ _9\"> </span>nell\u2019app<span class=\"_ _1\"></span>osita <span class=\"_ _9\"> </span>riserva <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>valutazione, <span class=\"_ _0\"> </span>nel <span class=\"_ _9\"> </span>caso <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>riclassifica <span class=\"_ _0\"></span>t<span class=\"_ _2\"></span>ra <span class=\"_ _0\"> </span>le Attivit\u00e0 finanziarie valutate al fair value con impatto sulla redditivi<span class=\"_ _1\"></span>t\u00e0 complessiva.<span class=\"_ _2\"></span> Criter<span class=\"_ _1\"></span>i di <span class=\"_ _1\"></span>valuta<span class=\"_ _1\"></span>zione<span class=\"_ _f\"></span> Successivamente <span class=\"_ _18\"> </span>alla <span class=\"_ _18\"> </span>ril<span class=\"_ _2\"></span>evazione <span class=\"_ _18\"> </span>iniziale, <span class=\"_ _19\"> </span>le <span class=\"_ _18\"> </span>attivit\u00e0 <span class=\"_ _18\"> </span>finan<span class=\"_ _2\"></span>ziarie <span class=\"_ _18\"> </span>in <span class=\"_ _18\"> </span>esame <span class=\"_ _19\"> </span>sono <span class=\"_ _18\"> </span>valutate <span class=\"_ _19\"> </span>al <span class=\"_ _18\"> </span>costo ammortizzato, util<span class=\"_ _1\"></span>izzando <span class=\"_ _1\"></span>il metodo d<span class=\"_ _1\"></span>el tasso <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>interesse e<span class=\"_ _1\"></span>ffettivo. In <span class=\"_ _1\"></span>questi termini, <span class=\"_ _f\"></span>l\u2019attivit\u00e0 \u00e8 <span class=\"_ _f\"></span>r<span class=\"_ _2\"></span>iconosciuta in bilancio p<span class=\"_ _2\"></span>er un ammontar<span class=\"_ _2\"></span>e pari <span class=\"_ _2\"></span>al valore di <span class=\"_ _2\"></span>prima iscrizione <span class=\"_ _2\"></span>diminuito <span class=\"_ _2\"></span>dei rimborsi <span class=\"_ _2\"></span>di capitale, <span class=\"_ _2\"></span>pi\u00f9 o meno l\u2019ammortamento cu<span class=\"_ _1\"></span>mulato (cal<span class=\"_ _1\"></span>colato col <span class=\"_ _f\"></span>richiamato metodo de<span class=\"_ _1\"></span>l tasso <span class=\"_ _f\"></span>di interesse <span class=\"_ _f\"></span>effettivo) della <span class=\"_ _1\"></span>differenza tra  t<span class=\"_ _2\"></span>ale  importo <span class=\"_ _22\"> </span>iniziale  e <span class=\"_ _4\"> </span>l\u2019importo <span class=\"_ _4\"> </span>alla  scadenza  (riconducibile  ti<span class=\"_ _2\"></span>picamente  ai  cos<span class=\"_ _2\"></span>ti/proventi  imputati direttamente alla <span class=\"_ _2\"></span>singola <span class=\"_ _2\"></span>attivit\u00e0) e <span class=\"_ _2\"></span>rettificato <span class=\"_ _2\"></span>dell\u2019eventuale fon<span class=\"_ _2\"></span>do a <span class=\"_ _2\"></span>copertura <span class=\"_ _2\"></span>delle <span class=\"_ _2\"></span>perdite attese. <span class=\"_ _2\"></span>Il <span class=\"_ _2\"></span>tasso di <span class=\"_ _4\"> </span>interesse <span class=\"_ _17\"> </span>effettivo <span class=\"_ _4\"> </span>\u00e8 <span class=\"_ _17\"> </span>individuato <span class=\"_ _17\"> </span>calcolando <span class=\"_ _4\"> </span>il <span class=\"_ _4\"> </span>t<span class=\"_ _2\"></span>asso <span class=\"_ _17\"> </span>che <span class=\"_ _4\"> </span>eguaglia <span class=\"_ _4\"> </span>il <span class=\"_ _4\"> </span>va<span class=\"_ _2\"></span>lore <span class=\"_ _4\"> </span>attuale <span class=\"_ _17\"> </span>dei <span class=\"_ _4\"> </span>flussi <span class=\"_ _17\"> </span>futuri dell\u2019attivit\u00e0, <span class=\"_ _15\"> </span>per <span class=\"_ _15\"> </span>capitale <span class=\"_ _e\"> </span>ed <span class=\"_ _15\"> </span>inter<span class=\"_ _2\"></span>esse, <span class=\"_ _15\"> </span>all\u2019ammontare <span class=\"_ _15\"> </span>erogato <span class=\"_ _e\"> </span>inclusiv<span class=\"_ _1\"></span>o <span class=\"_ _15\"> </span>dei <span class=\"_ _e\"> </span>costi/proventi <span class=\"_ _15\"> </span>r<span class=\"_ _2\"></span>icondotti all\u2019attivit\u00e0 <span class=\"_ _4\"> </span>finanziaria <span class=\"_ _4\"> </span>medesima. <span class=\"_ _4\"> </span>Tale <span class=\"_ _4\"> </span>modalit\u00e0 <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>contabilizzazione,<span class=\"_ _1\"></span> <span class=\"_ _4\"> </span>utilizzando <span class=\"_ _4\"> </span>una <span class=\"_ _4\"> </span>logica <span class=\"_ _4\"> </span>finanziaria, consente <span class=\"_ _15\"> </span>di <span class=\"_ _e\"> </span>distribuire <span class=\"_ _15\"> </span>l\u2019effetto <span class=\"_ _e\"> </span>economico <span class=\"_ _15\"> </span>dei <span class=\"_ _e\"> </span>costi/proventi <span class=\"_ _15\"> </span>direttamente <span class=\"_ _15\"> </span>attr<span class=\"_ _2\"></span>ibuibili <span class=\"_ _15\"> </span>ad <span class=\"_ _e\"> </span>un\u2019attivit\u00e0 finanziaria lungo la sua vita residua attesa. Il <span class=\"_ _d\"></span>metodo <span class=\"_ _0\"></span>del <span class=\"_ _d\"></span>costo <span class=\"_ _d\"></span>ammortizzato <span class=\"_ _d\"></span>non <span class=\"_ _0\"></span>viene <span class=\"_ _d\"></span>utilizzato <span class=\"_ _d\"></span>per <span class=\"_ _0\"></span>le <span class=\"_ _d\"></span>attivit\u00e0 <span class=\"_ _0\"></span><span class=\"ff5\">\u2013</span> <span class=\"_ _d\"></span>valorizzate <span class=\"_ _0\"></span>al <span class=\"_ _d\"></span>costo <span class=\"_ _d\"></span>stor<span class=\"_ _2\"></span>ico <span class=\"_ _d\"></span><span class=\"ff5\">\u2013</span> <span class=\"_ _d\"></span>la <span class=\"_ _0\"></span>cui<span class=\"_ _1\"></span> breve <span class=\"_ _0\"></span>durata <span class=\"_ _0\"></span>fa <span class=\"_ _0\"></span>ritenere <span class=\"_ _0\"></span>trascurabile <span class=\"_ _d\"></span>l\u2019effetto <span class=\"_ _9\"> </span>dell\u2019applicazione <span class=\"_ _d\"></span>della <span class=\"_ _0\"></span>logic<span class=\"_ _2\"></span>a <span class=\"_ _0\"></span>dell\u2019attualizzazione, <span class=\"_ _0\"></span>per <span class=\"_ _0\"></span>quelle senza una scadenza definita e per i crediti a revoca. I <span class=\"_ _4\"> </span>criteri <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>valutazione <span class=\"_ _4\"> </span>relativi <span class=\"_ _4\"> </span>agli <span class=\"_ _4\"> </span>accantonamenti <span class=\"_ _4\"> </span>per <span class=\"_ _17\"> </span>le <span class=\"_ _4\"> </span>perdite <span class=\"_ _4\"> </span>att<span class=\"_ _2\"></span>ese <span class=\"_ _4\"> </span>sono <span class=\"_ _4\"> </span>strettamente <span class=\"_ _4\"> </span>connessi all\u2019inclusione <span class=\"_ _2\"></span>degli <span class=\"_ _d\"></span>strumenti <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>esame <span class=\"_ _2\"></span>in <span class=\"_ _d\"></span>uno <span class=\"_ _d\"></span>dei <span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>re <span class=\"_ _2\"></span>stages <span class=\"_ _d\"></span>(s<span class=\"_ _2\"></span>tadi <span class=\"_ _2\"></span>di <span class=\"_ _d\"></span>rischio <span class=\"_ _d\"></span>creditizio) <span class=\"_ _2\"></span>previsti <span class=\"_ _d\"></span>dall\u2019IFRS <span class=\"_ _2\"></span>9,<span class=\"_ _2\"></span> l\u2019ultimo <span class=\"_ _d\"></span>dei <span class=\"_ _d\"></span>quali <span class=\"_ _d\"></span>(Stage <span class=\"_ _d\"></span>3<span class=\"_ _2\"></span>) <span class=\"_ _d\"></span>comprende <span class=\"_ _d\"></span>le <span class=\"_ _d\"></span>attivit\u00e0 <span class=\"_ _d\"></span>finanziarie <span class=\"_ _d\"></span>deterior<span class=\"_ _2\"></span>ate <span class=\"_ _d\"></span>e <span class=\"_ _d\"></span>i <span class=\"_ _d\"></span>restanti <span class=\"_ _d\"></span>(Stage <span class=\"_ _d\"></span>1 <span class=\"_ _0\"></span>e <span class=\"_ _d\"></span>2) <span class=\"_ _d\"></span>le <span class=\"_ _d\"></span>attivit\u00e0 finanziarie in bonis. Con <span class=\"_ _2\"></span>riferimento alla <span class=\"_ _2\"></span>rappresentazi<span class=\"_ _f\"></span>o<span class=\"_ _2\"></span>ne contabile <span class=\"_ _2\"></span>dei suddetti <span class=\"_ _2\"></span>effetti <span class=\"_ _2\"></span>valutativi, <span class=\"_ _2\"></span>le rettifiche di <span class=\"_ _2\"></span>valore <span class=\"_ _2\"></span>riferite a questa tipologia di attivit\u00e0 sono rile<span class=\"_ _1\"></span>vate nel Conto Economico:<span class=\"_ _2\"></span> <span class=\"_ _2c\"> </span><span class=\"ff5\">all\u2019atto dell\u2019iscrizione iniziale, per un ammontare pari alla perdita attesa a dodici<span class=\"_ _1\"></span> mesi;<span class=\"_ _df\"> </span></span><span class=\"_ _2c\"> </span><span class=\"ff5\">all\u2019atto <span class=\"_ _c\"> </span>della <span class=\"_ _c\"> </span>valutazione <span class=\"_ _c\"> </span>successiva <span class=\"_ _c\"> </span>dell\u2019attivit\u00e0, <span class=\"_ _c\"> </span>o<span class=\"_ _2\"></span><span class=\"ff4\">ve <span class=\"_ _c\"> </span>il <span class=\"_ _c\"> </span>rischio <span class=\"_ _c\"> </span>creditizio <span class=\"_ _c\"> </span>non <span class=\"_ _c\"> </span>sia <span class=\"_ _c\"> </span>risultato </span></span>significativamente <span class=\"_ _26\"> </span>incrementato <span class=\"_ _26\"> </span>rispetto <span class=\"_ _26\"> </span>all\u2019iscrizione <span class=\"_ _6\"> </span>iniziale, <span class=\"_ _26\"> </span>in <span class=\"_ _26\"> </span>relazione <span class=\"_ _26\"> </span>alle <span class=\"_ _26\"> </span>variazioni dell\u2019ammontare delle rettifiche<span class=\"_ _1\"></span> di valore per perdite attese nei dodici mesi successivi;<span class=\"_ _df\"> </span><span class=\"_ _2c\"> </span><span class=\"ff5\">all\u2019atto <span class=\"_ _2\"></span>della valutazione <span class=\"_ _2\"></span>successiva <span class=\"_ _2\"></span>dell\u2019<span class=\"_ _1\"></span>attivit\u00e0, <span class=\"_ _2\"></span>ove il <span class=\"_ _2\"></span>rischio <span class=\"_ _2\"></span>cred<span class=\"_ _1\"></span>itizio <span class=\"_ _2\"></span>sia r<span class=\"_ _2\"></span>isultato significativamente </span>incrementato rispetto all\u2019iscrizione ini<span class=\"_ _1\"></span>ziale, in relazione alla rilevazione di rettifiche di valore per perdite attese riferibili all\u2019inte<span class=\"_ _1\"></span>ra vita residua prevista contrattu<span class=\"_ _2\"></span>almente per l\u2019attivit\u00e0;<span class=\"_ _df\"> </span><span class=\"_ _2c\"> </span><span class=\"ff5\">all\u2019atto <span class=\"_ _14\"> </span>della <span class=\"_ _14\"> </span>valutazione <span class=\"_ _14\"> </span>successiva <span class=\"_ _14\"> </span>dell\u2019attivit\u00e0, <span class=\"_ _17\"> </span>ove <span class=\"_ _15\"> </span>\u2013<span class=\"ff4\"> <span class=\"_ _14\"> </span>dopo <span class=\"_ _14\"> </span>che <span class=\"_ _14\"> </span>si <span class=\"_ _14\"> </span>\u00e8 <span class=\"_ _14\"> </span>verificato <span class=\"_ _14\"> </span>un <span class=\"_ _14\"> </span>incremento<span class=\"_ _df\"> </span></span></span>significativo <span class=\"_ _f\"></span>del rischio d<span class=\"_ _1\"></span>i credito <span class=\"_ _f\"></span>r<span class=\"_ _2\"></span>ispetto <span class=\"_ _1\"></span>all\u2019iscrizione <span class=\"_ _f\"></span>iniziale \u2013<span class=\"ff4\"> </span>la <span class=\"_ _1\"></span>\u201csignificativit\u00e0\u201d d<span class=\"_ _1\"></span>i tale <span class=\"_ _f\"></span>incremento sia poi <span class=\"_ _d\"></span>venuta <span class=\"_ _d\"></span>meno, <span class=\"_ _d\"></span>i<span class=\"ff5\">n <span class=\"_ _d\"></span>relazione <span class=\"_ _d\"></span>all\u2019adeguamento <span class=\"_ _d\"></span>delle <span class=\"_ _2\"></span>rett<span class=\"_ _2\"></span>ifiche <span class=\"_ _2\"></span>di <span class=\"_ _d\"></span>valore <span class=\"_ _d\"></span>cumulate <span class=\"_ _d\"></span>per <span class=\"_ _d\"></span>tener <span class=\"_ _d\"></span>conto <span class=\"_ _d\"></span>del </span>passaggio <span class=\"_ _2\"></span>da <span class=\"_ _2\"></span>una <span class=\"_ _2\"></span>perdita <span class=\"_ _2\"></span>attesa lungo <span class=\"_ _2\"></span>l\u2019intera <span class=\"_ _2\"></span>vita <span class=\"_ _2\"></span>residua <span class=\"_ _2\"></span>dell<span class=\"_ _1\"></span>o <span class=\"_ _2\"></span>strumento <span class=\"_ _2\"></span>(\u201clifetime\u201d) <span class=\"_ _2\"></span>ad <span class=\"_ _2\"></span>una <span class=\"_ _2\"></span>a dodici<span class=\"_ _df\"> </span>mesi.<span class=\"_ _df\"> </span>Le attivit\u00e0 <span class=\"_ _2\"></span>finanziarie<span class=\"_ _1\"></span> in <span class=\"_ _2\"></span>esame, ove risultino in bonis, son<span class=\"_ _2\"></span>o sottoposte ad <span class=\"_ _2\"></span>una valutazione, volta a definire le rettifiche <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>valore <span class=\"_ _9\"> </span>da <span class=\"_ _9\"> </span>rilevare <span class=\"_ _9\"> </span>in <span class=\"_ _9\"> </span>bilancio, <span class=\"_ _0\"></span>a <span class=\"_ _16\"> </span>livello <span class=\"_ _0\"></span>di <span class=\"_ _9\"> </span>s<span class=\"_ _2\"></span>ingolo <span class=\"_ _0\"></span>rapporto <span class=\"_ _9\"> </span>creditizio <span class=\"_ _9\"> </span>(o <span class=\"_ _9\"> </span>\u201ctranche\u201d <span class=\"_ _0\"></span>di <span class=\"_ _9\"> </span>tit<span class=\"_ _2\"></span>olo), <span class=\"_ _0\"></span>in funzione <span class=\"_ _0\"></span>dei <span class=\"_ _0\"></span>parametri <span class=\"_ _9\"> </span>di <span class=\"_ _0\"></span>rischio <span class=\"_ _0\"></span>rappresentati <span class=\"_ _9\"> </span>da <span class=\"_ _0\"></span>probability <span class=\"_ _0\"></span>of <span class=\"_ _0\"></span>default <span class=\"_ _9\"> </span>(PD), <span class=\"_ _0\"></span>loss <span class=\"_ _0\"></span>giv<span class=\"_ _d\"></span>en <span class=\"_ _0\"></span>default <span class=\"_ _0\"></span>(LGD) <span class=\"_ _9\"> </span>ed exposure <span class=\"_ _22\"> </span>at <span class=\"_ _4\"> </span>default <span class=\"_ _22\"> </span>(EAD), <span class=\"_ _4\"> </span>derivati  dai <span class=\"_ _4\"> </span>modelli <span class=\"_ _22\"> </span>AIRB <span class=\"_ _4\"> </span>e <span class=\"_ _22\"> </span>oppor<span class=\"_ _2\"></span>tunamente  corr<span class=\"_ _2\"></span>etti <span class=\"_ _22\"> </span>per <span class=\"_ _4\"> </span>tener  conto<span class=\"_ _2\"></span>  delle previsioni del principio contabile IFRS 9. Se, oltre ad un incremento significativo del<span class=\"_ _1\"></span> rischio di credito, si riscontr<span class=\"_ _2\"></span>ano anche<span class=\"_ _1\"></span> oggett<span class=\"_ _2\"></span>ive evidenze di una perdita <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>valore, l\u2019importo <span class=\"_ _d\"></span>della perdita <span class=\"_ _2\"></span>viene <span class=\"_ _2\"></span>misurato <span class=\"_ _2\"></span>come <span class=\"_ _2\"></span>dif<span class=\"_ _1\"></span>ferenza <span class=\"_ _2\"></span>tra <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>valore <span class=\"_ _2\"></span>contabile<span class=\"_ _1\"></span> <span class=\"_ _2\"></span>dell\u2019attivit\u00e0 <span class=\"_ _d\"></span>\u2013<span class=\"ff4\"> </span>classificata come \u201cde<span class=\"_ _1\"></span>teriorata\u201d, al pari d<span class=\"_ _1\"></span>i tutti gli <span class=\"_ _1\"></span>altri rapporti intercorrenti con l<span class=\"_ _1\"></span>a medesima controparte \u2013<span class=\"ff4\"> <span class=\"ls7e\">e </span></span>il <span class=\"_ _d\"></span>valore <span class=\"_ _0\"></span>attuale <span class=\"_ _d\"></span>dei <span class=\"_ _d\"></span>f<span class=\"_ _2\"></span>uturi <span class=\"_ _d\"></span>flussi <span class=\"_ _0\"></span>finanziari <span class=\"_ _d\"></span>stimati, <span class=\"_ _0\"></span>scontati <span class=\"_ _d\"></span>al <span class=\"_ _0\"></span>tasso <span class=\"_ _d\"></span>di <span class=\"_ _0\"></span>interesse <span class=\"_ _d\"></span>effettivo <span class=\"_ _0\"></span>originario. <span class=\"_ _d\"></span>In <span class=\"_ _0\"></span>tale<span class=\"_ _df\"> </span><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs36b\">contesto,  \u00e8<span class=\"_ _1\"></span>  s<span class=\"_ _f\"></span>t<span class=\"_ _2\"></span>ata <span class=\"_ _9\"> </span>s<span class=\"_ _2\"></span>vilu<span class=\"_ _1\"></span>ppata <span class=\"_ _16\"> </span>una <span class=\"_ _16\"> </span>specifica <span class=\"_ _9\"> </span>metodologia  per <span class=\"_ _9\"> </span>il  trattamento <span class=\"_ _9\"> </span>contabile  d<span class=\"_ _1\"></span>a  ap<span class=\"_ _1\"></span>plicare  ad <span class=\"_ _9\"> </span>un<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs36c\">portafoglio di posizioni <span class=\"_ _2\"></span>a sofferenza che, <span class=\"_ _2\"></span>avendo maturato un <span class=\"_ _2\"></span>vintage significativo,<span class=\"_ _1\"></span> v<span class=\"_ _2\"></span>engono valutate anche<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs36d\">in <span class=\"_ _9\"> </span>un\u2019ottica <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>cessione <span class=\"_ _9\"> </span>(c<span class=\"_ _2\"></span>.d.\u201d <span class=\"_ _0\"> </span>P<span class=\"_ _2\"></span>ortafoglio<span class=\"ff4\"> <span class=\"_ _9\"> </span>sotto <span class=\"_ _9\"> </span></span>\u2013<span class=\"ff4\"> <span class=\"_ _16\"> </span></span>modello <span class=\"_ _0\"></span>St<span class=\"_ _2\"></span>age<span class=\"_ _f\"></span> <span class=\"_ _16\"> </span>3\u201d). <span class=\"_ _9\"> </span>Tale <span class=\"_ _9\"> </span>metodologia <span class=\"_ _9\"> </span>considera <span class=\"_ _9\"> </span>diversi<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs36e\">scenari  e <span class=\"_ _22\"> </span>s<span class=\"_ _2\"></span>tima  il <span class=\"_ _22\"> </span>valore <span class=\"_ _4\"> </span>recuperabile<span class=\"_ _1\"></span> <span class=\"_ _4\"> </span>delle  esposizioni  in <span class=\"_ _22\"> </span>bas<span class=\"_ _2\"></span>e  alla <span class=\"_ _22\"> </span>combinazione <span class=\"_ _4\"> </span>e <span class=\"_ _4\"> </span>alle  probabilit\u00e0 <span class=\"_ _4\"> </span>di<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs36f\">accadimento <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>tali <span class=\"_ _d\"></span>scenari, <span class=\"_ _2\"></span>oltre <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>ai <span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>elativi <span class=\"_ _2\"></span>flussi <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>cassa <span class=\"_ _2\"></span>stimati.<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>Al <span class=\"_ _2\"></span>31/12/2025 <span class=\"_ _d\"></span>non r<span class=\"_ _2\"></span>isultano <span class=\"_ _2\"></span>posizioni<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs370\">all'interno del s<span class=\"_ _2\"></span>uddetto portafoglio. <span class=\"_ _2\"></span><span class=\"ff5\">Rientrano nell\u2019ambito <span class=\"_ _2\"></span>delle attivit\u00e0 <span class=\"_ _2\"></span>deteriorate gli str<span class=\"_ _2\"></span>umenti finanziari ai<span class=\"_ _df\"> </span></span><span class=\"ff5\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs371\">quali <span class=\"_ _0\"></span>\u00e8 <span class=\"_ _0\"></span>stato <span class=\"_ _0\"></span>attribuito <span class=\"_ _0\"></span>lo <span class=\"_ _0\"></span>status <span class=\"_ _0\"></span>di <span class=\"_ _d\"></span>s<span class=\"_ _2\"></span>offerenza, <span class=\"_ _d\"></span>inadempienza <span class=\"_ _0\"></span>pro<span class=\"_ _2\"></span>babile <span class=\"_ _d\"></span>o <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>scaduto/sconfinante <span class=\"_ _0\"></span>da <span class=\"_ _0\"></span>oltre<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs372\">novanta giorni secondo le regole<span class=\"_ _1\"></span> di Banca d\u2019Italia, coe<span class=\"_ _1\"></span>renti con la normativa IAS/IFRS e di Vigi<span class=\"_ _1\"></span>lanza europea.<span class=\"_ _df\"> </span><span class=\"_ _2\"></span><span class=\"ff4\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs373\">I flussi <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>cassa <span class=\"_ _2\"></span>previsti tengono cont<span class=\"_ _2\"></span>o dei <span class=\"_ _2\"></span>tempi <span class=\"_ _2\"></span>di recupero <span class=\"_ _2\"></span>attesi e <span class=\"_ _2\"></span>del presumibile <span class=\"_ _2\"></span>valore <span class=\"_ _2\"></span>di realizzo <span class=\"_ _2\"></span>delle<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs374\">eventuali garanzie.<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs375\">Il <span class=\"_ _9\"> </span>tasso <span class=\"_ _9\"> </span>effettivo <span class=\"_ _9\"> </span>originario <span class=\"_ _16\"> </span>di <span class=\"_ _0\"></span>ciascuna <span class=\"_ _9\"> </span>att<span class=\"_ _2\"></span>ivit\u00e0 <span class=\"_ _0\"> </span>r<span class=\"_ _2\"></span>imane <span class=\"_ _0\"> </span>invariato <span class=\"_ _9\"> </span>nel <span class=\"_ _9\"> </span>t<span class=\"_ _2\"></span>empo <span class=\"_ _0\"></span>ancorch\u00e9 <span class=\"_ _9\"> </span>s<span class=\"_ _2\"></span>ia <span class=\"_ _9\"> </span>intervenuta <span class=\"_ _0\"> </span>una<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs376\">ristrutturazione <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>rapporto <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>abbia <span class=\"_ _2\"></span>comportato <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>variazi<span class=\"_ _2\"></span>one <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>tasso <span class=\"_ _2\"></span>contrattuale <span class=\"_ _2\"></span>ed <span class=\"_ _2\"></span>anche <span class=\"_ _2\"></span>qualora <span class=\"_ _2\"></span>il<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs377\">rapporto divenga, nella pratica, infruttifero di interessi contrattu<span class=\"_ _f\"></span>ali.<span class=\"_ _df\"> </span><span class=\"_ _2\"></span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs378\">Qualora i motivi della perdita di valore siano rimossi a seguito di un e<span class=\"_ _1\"></span>vento verificatosi successivamente alla<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs379\">rilevazione <span class=\"_ _14\"> </span>della <span class=\"_ _14\"> </span>riduzione <span class=\"_ _14\"> </span>di <span class=\"_ _14\"> </span>valore, <span class=\"_ _15\"> </span>vengono <span class=\"_ _14\"> </span>effettuate <span class=\"_ _14\"> </span>riprese <span class=\"_ _14\"> </span>di <span class=\"_ _15\"> </span>valore <span class=\"_ _14\"> </span>con <span class=\"_ _14\"> </span>imputazione <span class=\"_ _14\"> </span>a <span class=\"_ _14\"> </span>Conto<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs37a\">Economico.  La  ripresa  d<span class=\"_ _1\"></span>i  valore  non <span class=\"_ _16\"> </span>pu\u00f2  ecc<span class=\"_ _1\"></span>edere  il  costo  ammortizzato  che<span class=\"_ _1\"></span>  lo  strume<span class=\"_ _1\"></span>nto  finanziario<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs37b\">avrebbe <span class=\"_ _2\"></span>avuto <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>assenza <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>precedenti <span class=\"_ _2\"></span>rettifiche. I <span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>ipristini <span class=\"_ _2\"></span>di v<span class=\"_ _2\"></span>alore <span class=\"_ _2\"></span>conness<span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>con <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>trascorrere <span class=\"_ _2\"></span>del tempo<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs37c\">sono appostati nel margine di interesse.<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs37d\">In <span class=\"_ _0\"></span>alcuni <span class=\"_ _9\"> </span>casi, <span class=\"_ _0\"></span>durante <span class=\"_ _9\"> </span>la <span class=\"_ _9\"> </span>vita <span class=\"_ _9\"> </span>delle <span class=\"_ _0\"></span>att<span class=\"_ _2\"></span>ivit\u00e0 <span class=\"_ _0\"></span>finanziarie <span class=\"_ _0\"></span>in <span class=\"_ _9\"> </span>esame <span class=\"_ _0\"></span>e, <span class=\"_ _9\"> </span>in <span class=\"_ _9\"> </span>particolare, <span class=\"_ _0\"> </span>dei <span class=\"_ _9\"> </span>crediti, <span class=\"_ _0\"></span>le <span class=\"_ _9\"> </span>condizioni<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs37e\">contrattuali originarie sono ogge<span class=\"_ _1\"></span>tto di successiva modifica pe<span class=\"_ _1\"></span>r volon<span class=\"_ _2\"></span>t\u00e0 delle parti del contratto. Quando,<span class=\"_ _1\"></span> nel<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs37f\">corso <span class=\"_ _0\"></span>della <span class=\"_ _0\"></span>vita <span class=\"_ _0\"></span>di <span class=\"_ _0\"> </span>uno <span class=\"_ _9\"> </span>strumento, <span class=\"_ _0\"></span>le <span class=\"_ _0\"></span>clausole <span class=\"_ _0\"></span>contr<span class=\"_ _2\"></span>attuali <span class=\"_ _d\"></span>s<span class=\"_ _2\"></span>ono <span class=\"_ _d\"></span>o<span class=\"_ _2\"></span>ggetto <span class=\"_ _d\"></span>di <span class=\"_ _9\"> </span>modifica <span class=\"_ _0\"></span>occorre <span class=\"_ _0\"></span>verificare <span class=\"_ _0\"></span>se<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs380\">l\u2019attivit\u00e0 <span class=\"_ _d\"></span>originaria <span class=\"_ _d\"></span>deve <span class=\"_ _d\"></span>continuare <span class=\"_ _d\"></span>ad <span class=\"_ _d\"></span>essere <span class=\"_ _d\"></span>rilevata <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>bilancio <span class=\"_ _d\"></span>o <span class=\"_ _d\"></span>se, <span class=\"_ _d\"></span>al <span class=\"_ _d\"></span>contrario, <span class=\"_ _d\"></span>lo <span class=\"_ _d\"></span>strumento <span class=\"_ _d\"></span>origi<span class=\"_ _2\"></span><span class=\"ff4\">nario<span class=\"_ _df\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs381\">deve <span class=\"_ _4\"> </span>ess<span class=\"_ _2\"></span>ere <span class=\"_ _4\"> </span>oggetto <span class=\"_ _14\"> </span>di <span class=\"_ _17\"> </span>cancellazi<span class=\"_ _1\"></span>one <span class=\"_ _17\"> </span>dal <span class=\"_ _17\"> </span>bilancio <span class=\"_ _17\"> </span>(</div><div class=\"t m1 h6 ff4 fs2 fc1 sc0 ls0 ws0 gs382\">derecognition<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs383\">) <span class=\"_ _17\"> </span>e <span class=\"_ _17\"> </span>debba <span class=\"_ _17\"> </span>essere <span class=\"_ _17\"> </span>rilevato <span class=\"_ _17\"> </span>un <span class=\"_ _17\"> </span>nuovo<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs384\">strumento finanziario.<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs385\">In generale, le<span class=\"_ _2\"></span> modifiche di <span class=\"_ _2\"></span>un\u2019attivit\u00e0 <span class=\"_ _2\"></span>finanziaria conducono alla <span class=\"_ _2\"></span>cancellazione della st<span class=\"_ _2\"></span>essa ed all\u2019iscrizione<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs386\">di <span class=\"_ _2\"></span>una <span class=\"_ _d\"></span>nuova <span class=\"_ _d\"></span>at<span class=\"ff5\">tivit\u00e0 <span class=\"_ _d\"></span>quando <span class=\"_ _2\"></span>sono <span class=\"_ _d\"></span>\u201csostanziali\u201d. <span class=\"_ _2\"></span>La <span class=\"_ _d\"></span>valutazione <span class=\"_ _2\"></span>circa <span class=\"_ _d\"></span>la <span class=\"_ _d\"></span>\u201csostanzialit\u00e0\u201d <span class=\"_ _d\"></span>della <span class=\"_ _2\"></span>modifica <span class=\"_ _2\"></span>deve<span class=\"_ _df\"> </span></span><span class=\"ff5\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs387\">essere effettuata <span class=\"_ _2\"></span>considerando <span class=\"_ _2\"></span>sia elementi <span class=\"_ _2\"></span>qualitativi sia <span class=\"_ _2\"></span>elementi <span class=\"_ _2\"></span>quantitativi. In <span class=\"_ _2\"></span>alcuni casi, <span class=\"_ _2\"></span>infatti, <span class=\"_ _2\"></span>potr\u00e0<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs388\">risultare <span class=\"_ _1a\"> </span>chiaro, <span class=\"_ _19\"> </span>senza <span class=\"_ _1a\"> </span>il <span class=\"_ _19\"> </span>ricorso <span class=\"_ _1a\"> </span>a <span class=\"_ _19\"> </span>complesse <span class=\"_ _1a\"> </span>analisi, <span class=\"_ _1a\"> </span>che <span class=\"_ _19\"> </span>i <span class=\"_ _1a\"> </span>cambiamenti <span class=\"_ _19\"> </span>intr<span class=\"_ _2\"></span>odotti <span class=\"_ _19\"> </span>modificano<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs389\">sostanzialmente <span class=\"_ _d\"></span>le <span class=\"_ _d\"></span>carat<span class=\"_ _2\"></span>teristiche <span class=\"_ _d\"></span>e/o <span class=\"_ _d\"></span>i <span class=\"_ _0\"></span>flussi <span class=\"_ _d\"></span>contrattuali <span class=\"_ _d\"></span>di <span class=\"_ _0\"></span>una <span class=\"_ _d\"></span>determinata <span class=\"_ _0\"></span>attivit\u00e0 <span class=\"_ _d\"></span>mentre, <span class=\"_ _0\"></span>in <span class=\"_ _d\"></span>altri <span class=\"_ _0\"></span>casi,<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs38a\">dovranno <span class=\"_ _2\"></span>essere <span class=\"_ _d\"></span>svolte <span class=\"_ _d\"></span>ulteriori <span class=\"_ _2\"></span>analisi <span class=\"_ _d\"></span>(anche <span class=\"_ _2\"></span>di <span class=\"_ _d\"></span>tipo <span class=\"_ _2\"></span>quantitativo) <span class=\"_ _2\"></span>per <span class=\"_ _d\"></span>apprezzare <span class=\"_ _d\"></span>gli <span class=\"_ _2\"></span>effetti<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>delle <span class=\"_ _d\"></span>stesse <span class=\"_ _2\"></span>e<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs38b\">verificare <span class=\"_ _0\"></span>la <span class=\"_ _16\"> </span>necessit\u00e0 <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>proce<span class=\"_ _2\"></span>dere <span class=\"_ _0\"></span>o <span class=\"_ _16\"> </span>meno <span class=\"_ _9\"> </span>alla <span class=\"_ _9\"> </span>cancellazione <span class=\"_ _9\"> </span>dell\u2019attivit\u00e0 <span class=\"_ _16\"> </span>ed <span class=\"_ _0\"></span>alla <span class=\"_ _9\"> </span>iscr<span class=\"_ _2\"></span>izione <span class=\"_ _0\"> </span>d<span class=\"_ _2\"></span>i <span class=\"_ _9\"> </span>un <span class=\"_ _9\"> </span>nuovo<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs38c\">strumento finanziario.<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs38d\">Le <span class=\"_ _9\"> </span>analisi <span class=\"_ _9\"> </span>(quali-<span class=\"ff5\">quantitative) <span class=\"_ _9\"> </span>volte <span class=\"_ _9\"> </span>a <span class=\"_ _9\"> </span>definire <span class=\"_ _9\"> </span>la <span class=\"_ _9\"> </span>\u201csost<span class=\"_ _2\"></span>anzialit\u00e0\u201d <span class=\"_ _0\"></span>delle <span class=\"_ _9\"> </span>modifiche <span class=\"_ _9\"> </span>contrattuali <span class=\"_ _9\"> </span>apportat<span class=\"_ _2\"></span>e <span class=\"_ _0\"></span>ad<span class=\"_ _df\"> </span></span><span class=\"ff5\"><span class=\"_ _2\"></span></span> </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs38e\">un\u2019attivit\u00e0 finanziaria, dov<span class=\"_ _1\"></span>ranno pertant<span class=\"_ _2\"></span>o considerare:<span class=\"_ _df\"> </span><span class=\"ff4\"> </span></div><div class=\"t m0 h5 ff14 fs1 fc1 sc0 ls0 ws0 gs38f\"><span class=\"_ _2c\"> </span><span class=\"ff4\">le finalit\u00e0 <span class=\"_ _2\"></span>per cui le modifiche so<span class=\"_ _2\"></span>no state effettuate: ad <span class=\"_ _2\"></span>esempio, rinegoziazioni per motivi commerciali<span class=\"_ _df\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs390\">e concessioni per difficolt\u00e0 finanziarie della controparte:<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff14 fs1 fc1 sc0 ls0 ws0 gs391\"><span class=\"_ _2c\"> </span><span class=\"ff5\">le prime, <span class=\"_ _2\"></span>volte a <span class=\"_ _2\"></span>\u201ctrattenere\u201d il<span class=\"_ _2\"></span><span class=\"ff4\"> cliente, <span class=\"_ _2\"></span>vedono coinvolto un <span class=\"_ _2\"></span>debitore che <span class=\"_ _2\"></span>non versa <span class=\"_ _2\"></span>in una situazione <span class=\"_ _2\"></span>di<span class=\"_ _df\"> </span></span></span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs392\">difficolt\u00e0 <span class=\"_ _f\"></span>finanziaria. <span class=\"_ _1\"></span>In <span class=\"_ _f\"></span>q<span class=\"_ _2\"></span>uesta <span class=\"_ _f\"></span>casistica sono <span class=\"_ _f\"></span>incluse <span class=\"_ _f\"></span>tutte le<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>operazioni <span class=\"_ _f\"></span>di rineg<span class=\"_ _1\"></span>oziazione <span class=\"_ _f\"></span>ch<span class=\"_ _2\"></span>e <span class=\"_ _f\"></span>sono volte<span class=\"_ _df\"> </span><span class=\"_ _f\"></span> </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs393\">ad <span class=\"_ _f\"></span>adeguare l\u2019<span class=\"_ _1\"></span>onerosit\u00e0 del <span class=\"_ _f\"></span>debito <span class=\"_ _f\"></span>alle cond<span class=\"_ _1\"></span>izioni <span class=\"_ _f\"></span>d<span class=\"_ _2\"></span>i <span class=\"_ _f\"></span>mercato. Tali <span class=\"_ _f\"></span>oper<span class=\"ff4\">azioni comportano <span class=\"_ _f\"></span>una v<span class=\"_ _1\"></span>ariazione<span class=\"_ _df\"> </span></span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs394\">delle  condizioni  originarie  del  contratto,  solitamente  richieste<span class=\"_ _1\"></span>  dal  debitore,  che  attiene  ad  aspetti<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs395\">connessi <span class=\"_ _2\"></span>alla <span class=\"_ _2\"></span>oneros<span class=\"_ _2\"></span>it\u00e0 <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>debito, <span class=\"_ _2\"></span>con <span class=\"_ _2\"></span>un <span class=\"_ _2\"></span>cons<span class=\"_ _2\"></span>egue<span class=\"_ _1\"></span>nte <span class=\"_ _2\"></span>beneficio <span class=\"_ _d\"></span>economico <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>debitore <span class=\"_ _d\"></span>stesso. <span class=\"_ _2\"></span>In<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs396\">linea <span class=\"_ _9\"> </span>generale <span class=\"_ _16\"> </span>si <span class=\"_ _9\"> </span>r<span class=\"_ _2\"></span>itiene <span class=\"_ _9\"> </span>che,  og<span class=\"_ _1\"></span>niqualvolta <span class=\"_ _9\"> </span>la  b<span class=\"_ _1\"></span>anca <span class=\"_ _16\"> </span>effettui <span class=\"_ _9\"> </span>una  rine<span class=\"_ _1\"></span>goziazione <span class=\"_ _9\"> </span>al  fine<span class=\"_ _1\"></span>  d<span class=\"_ _1\"></span>i <span class=\"_ _9\"> </span>evit<span class=\"_ _2\"></span>are <span class=\"_ _9\"> </span>di<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs397\">perdere <span class=\"_ _f\"></span>il p<span class=\"_ _1\"></span>roprio cl<span class=\"_ _1\"></span>iente, <span class=\"_ _f\"></span>t<span class=\"_ _2\"></span>ale <span class=\"_ _f\"></span>rinegoziazione <span class=\"_ _1\"></span>debba e<span class=\"_ _1\"></span>ssere <span class=\"_ _1\"></span>considerata <span class=\"_ _f\"></span>come sostanziale <span class=\"_ _f\"></span>in <span class=\"_ _f\"></span>quan<span class=\"_ _2\"></span>to, <span class=\"_ _f\"></span>ove<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs398\">non <span class=\"_ _2\"></span>fosse <span class=\"_ _2\"></span>effettuata, <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>cliente <span class=\"_ _2\"></span>potrebbe <span class=\"_ _2\"></span>finanziarsi <span class=\"_ _2\"></span>presso <span class=\"_ _2\"></span>un <span class=\"_ _2\"></span>al<span class=\"_ _2\"></span>tro <span class=\"_ _2\"></span>intermediario <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>banca <span class=\"_ _2\"></span>subirebbe<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs399\">un decremento dei ricavi futuri previsti;<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff14 fs1 fc1 sc0 ls0 ws0 gs39a\"><span class=\"_ _2c\"> </span><span class=\"ff5\">le <span class=\"_ _d\"></span>s<span class=\"_ _2\"></span>econde, <span class=\"_ _d\"></span>effettuate <span class=\"_ _d\"></span>p<span class=\"_ _2\"></span>er <span class=\"_ _d\"></span>\u201cr<span class=\"_ _2\"></span>agioni <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>rischio <span class=\"_ _0\"></span>creditizio\u201d <span class=\"_ _d\"></span>(misure<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>for<span class=\"_ _2\"></span>bearance), <span class=\"_ _d\"></span>sono <span class=\"_ _d\"></span>r<span class=\"_ _2\"></span>iconducibili <span class=\"_ _d\"></span>al<span class=\"_ _df\"> </span></span><span class=\"ff5\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs39b\">tentativo della banca di <span class=\"_ _2\"></span>massimizzare il recovery dei cas<span class=\"_ _2\"></span>h flow del c<span class=\"_ _2\"></span>redito originario. I rischi <span class=\"_ _2\"></span>e i benefici<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs39c\">sottostanti, <span class=\"_ _e\"> </span>successivamente <span class=\"_ _15\"> </span>alle <span class=\"_ _e\"> </span>modifiche, <span class=\"_ _e\"> </span>di <span class=\"_ _e\"> </span>nor<span class=\"_ _2\"></span>ma, <span class=\"_ _e\"> </span>non <span class=\"_ _15\"> </span>s<span class=\"_ _2\"></span>ono <span class=\"_ _15\"> </span>sostanzialmente <span class=\"_ _e\"> </span>trasferiti <span class=\"_ _e\"> </span>e,<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs39d\">conseguentemente, <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>rappresentazione <span class=\"_ _2\"></span>contabile <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>offre <span class=\"_ _2\"></span>informazioni <span class=\"_ _2\"></span>pi\u00f9 <span class=\"_ _2\"></span>rilevanti <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>lettore <span class=\"_ _2\"></span>del<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs39e\">bilancio <span class=\"_ _0\"></span>(salvo <span class=\"_ _9\"> </span>quanto <span class=\"_ _9\"> </span>s<span class=\"_ _2\"></span>i <span class=\"_ _0\"></span>dir\u00e0 <span class=\"_ _9\"> </span>in <span class=\"_ _9\"> </span>seguito <span class=\"_ _9\"> </span>in <span class=\"_ _0\"></span>t<span class=\"_ _2\"></span>ema <span class=\"_ _0\"></span>di <span class=\"_ _9\"> </span>elementi <span class=\"_ _9\"> </span>oggettivi), <span class=\"_ _9\"> </span>\u00e8 <span class=\"_ _9\"> </span>quella <span class=\"_ _9\"> </span>effettuata <span class=\"_ _9\"> </span>tr<span class=\"_ _2\"></span>amite <span class=\"_ _0\"></span>il<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs39f\">\u201cmodification <span class=\"_ _0\"></span>accounting\u201d <span class=\"_ _0\"></span><span class=\"ff4\">- <span class=\"_ _9\"> </span>che <span class=\"_ _0\"></span>implica <span class=\"_ _0\"></span>la <span class=\"_ _0\"></span>rilevazione <span class=\"_ _0\"></span>a <span class=\"_ _0\"></span>conto <span class=\"_ _0\"></span>economico <span class=\"_ _9\"> </span>della <span class=\"_ _d\"></span>differenza <span class=\"_ _0\"></span>tr<span class=\"_ _2\"></span>a <span class=\"_ _0\"></span>valore<span class=\"_ _df\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs3a0\">contabile <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>valore <span class=\"_ _d\"></span>attuale <span class=\"_ _2\"></span>dei <span class=\"_ _2\"></span>flussi <span class=\"_ _d\"></span>di <span class=\"_ _2\"></span>cassa <span class=\"_ _2\"></span>modificati <span class=\"_ _2\"></span>scontati <span class=\"_ _d\"></span>al <span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>asso <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>interesse <span class=\"_ _2\"></span>originario <span class=\"_ _d\"></span>- <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>non<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs3a1\">tramite la derecognition;<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff14 fs1 fc1 sc0 ls0 ws0 gs3a2\"><span class=\"_ _2c\"> </span><span class=\"ff5\">la <span class=\"_ _0\"></span>presenza <span class=\"_ _9\"> </span>di <span class=\"_ _0\"></span>specifici <span class=\"_ _0\"></span>elemen<span class=\"_ _2\"></span>ti <span class=\"_ _0\"></span>oggettivi <span class=\"_ _0\"></span>(\u201ctrigger\u201d) <span class=\"_ _0\"></span>che <span class=\"_ _0\"></span>inc<span class=\"_ _2\"></span>idono <span class=\"_ _0\"></span>sulle <span class=\"_ _0\"></span>caratteristiche <span class=\"_ _0\"></span>e/o <span class=\"_ _9\"> </span>sui <span class=\"_ _0\"></span>flussi<span class=\"_ _df\"> </span></span><span class=\"ff5\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs3a3\">contrattuali <span class=\"_ _0\"></span>dello <span class=\"_ _0\"></span>strumento <span class=\"_ _0\"></span>finanziario <span class=\"_ _0\"></span>(quali, <span class=\"_ _0\"></span>a <span class=\"_ _0\"></span>solo <span class=\"_ _0\"></span>titolo <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>esempio, <span class=\"_ _0\"></span>il <span class=\"_ _0\"></span>cambi<span class=\"_ _2\"></span>amento <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>divisa <span class=\"_ _0\"></span>o <span class=\"_ _9\"> </span>la<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs3a4\">modifica della ti<span class=\"_ _2\"></span>pologia di rischio <span class=\"_ _2\"></span>a cui <span class=\"_ _2\"></span>si \u00e8 <span class=\"_ _2\"></span>esposti, ove <span class=\"_ _2\"></span>la si cor<span class=\"_ _2\"></span>reli a <span class=\"_ _2\"></span>parametri di equity <span class=\"_ _2\"></span>e comm<span class=\"_ _2\"></span>odity),<span class=\"_ _df\"> </span><span class=\"_ _1\"></span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs3a5\">che <span class=\"_ _1\"></span>si ritiene<span class=\"_ _1\"></span> comportino <span class=\"_ _1\"></span>la d<span class=\"_ _1\"></span>erecognition in <span class=\"_ _f\"></span>considerazione del <span class=\"_ _f\"></span>l<span class=\"_ _2\"></span>oro imp<span class=\"_ _1\"></span>atto (atteso <span class=\"_ _f\"></span>come significativo)<span class=\"_ _df\"> </span><span class=\"_ _1\"></span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs3a6\">sui flussi contrattuali originari.<span class=\"_ _df\"> </span></div>Criter<span class=\"_ _1\"></span>i di <span class=\"_ _1\"></span>cancell<span class=\"_ _1\"></span>azion<span class=\"_ _f\"></span>e Le attivit\u00e0 finanziarie veng<span class=\"_ _1\"></span>ono cancellate dal bilancio solamente se la cessione ha comportato il <span class=\"_ _1\"></span>sostanziale trasferimento di tutti i rischi e benefici connessi alle attivit\u00e0 stesse. Per contr<span class=\"_ _2\"></span>o, qualora sia stat<span class=\"_ _d\"></span>a mantenuta<span class=\"_ _1\"></span> una <span class=\"_ _2\"></span>quota <span class=\"_ _d\"></span>parte <span class=\"_ _d\"></span>rilevante <span class=\"_ _2\"></span>dei <span class=\"_ _d\"></span>rischi <span class=\"_ _d\"></span>e <span class=\"_ _d\"></span>benefici <span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>elativi<span class=\"_ _1\"></span> <span class=\"_ _d\"></span>alle <span class=\"_ _d\"></span>attivit\u00e0 <span class=\"_ _d\"></span>finanziarie <span class=\"_ _2\"></span>cedute, <span class=\"_ _d\"></span>queste <span class=\"_ _d\"></span>continuano <span class=\"_ _2\"></span>ad<span class=\"_ _df\"> </span>essere iscritte <span class=\"_ _2\"></span>in bilancio, ancorch\u00e9 gi<span class=\"_ _2\"></span>uridicamente la titolarit\u00e0 <span class=\"_ _2\"></span>delle attivit\u00e0 <span class=\"_ _2\"></span>stesse sia <span class=\"_ _2\"></span>stata effettivamente trasferita. Nel  caso  in  cui<span class=\"_ _1\"></span>  non  sia  possibile  accertare  il  sostanziale  trasferimento  de<span class=\"_ _1\"></span>i  rischi  e  benefici,  le  attivit\u00e0 finanziarie <span class=\"_ _0\"></span>vengono <span class=\"_ _9\"> </span>cancellate <span class=\"_ _9\"> </span>dal <span class=\"_ _9\"> </span>bilancio <span class=\"_ _0\"> </span>q<span class=\"_ _2\"></span>ualora <span class=\"_ _0\"></span>non <span class=\"_ _9\"> </span>sia <span class=\"_ _9\"> </span>st<span class=\"_ _2\"></span>ato <span class=\"_ _0\"></span>mantenuto <span class=\"_ _9\"> </span>alcun <span class=\"_ _0\"></span>t<span class=\"_ _2\"></span>ipo <span class=\"_ _0\"></span>di <span class=\"_ _9\"> </span>controllo <span class=\"_ _9\"> </span>sulle stesse. <span class=\"_ _d\"></span>In <span class=\"_ _0\"></span>caso <span class=\"_ _d\"></span>contrario, <span class=\"_ _d\"></span>la <span class=\"_ _0\"></span>conservazione, <span class=\"_ _d\"></span>anche <span class=\"_ _0\"></span>in <span class=\"_ _d\"></span>parte, <span class=\"_ _0\"></span>di <span class=\"_ _d\"></span>tale <span class=\"_ _d\"></span>cont<span class=\"_ _2\"></span>rollo <span class=\"_ _d\"></span>comporta <span class=\"_ _d\"></span>il <span class=\"_ _d\"></span>mantenimento <span class=\"_ _d\"></span>in bilancio <span class=\"_ _2\"></span>delle at<span class=\"_ _2\"></span>tivit\u00e0 <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>misura <span class=\"_ _2\"></span>pari <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>coinvolgimento <span class=\"_ _d\"></span>residuo, <span class=\"_ _2\"></span>misurato <span class=\"_ _2\"></span>dall\u2019esposizione a<span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>cambiamenti <span class=\"_ _2\"></span>di valore delle attivit\u00e0 cedute ed alle variazioni dei flu<span class=\"_ _1\"></span>ssi finanziari delle<span class=\"_ _2\"></span> stesse. Infine, le attivit\u00e0 finanziarie cedute vengono cancellate dal bilancio nel caso in cui vi sia la conservazione dei diritti <span class=\"_ _9\"> </span>contrattuali <span class=\"_ _0\"></span>a <span class=\"_ _9\"> </span>r<span class=\"_ _2\"></span>icev<span class=\"_ _1\"></span>ere <span class=\"_ _0\"></span>i <span class=\"_ _9\"> </span>r<span class=\"_ _2\"></span>elativi <span class=\"_ _0\"></span>flussi <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>cassa, <span class=\"_ _9\"> </span>con <span class=\"_ _9\"> </span>la <span class=\"_ _0\"></span>co<span class=\"_ _2\"></span>ntestuale <span class=\"_ _0\"></span>ass<span class=\"_ _2\"></span>unzione<span class=\"_ _1\"></span> <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>un\u2019obbligazione <span class=\"_ _0\"></span>a pagare detti flussi, e solo essi, senza un ritardo rilevante ad altri soggetti terzi. Criter<span class=\"_ _1\"></span>i di <span class=\"_ _1\"></span>rileva<span class=\"_ _f\"></span>zione dell<span class=\"_ _1\"></span>e com<span class=\"_ _f\"></span>ponenti <span class=\"_ _1\"></span>reddi<span class=\"_ _1\"></span>tuali<span class=\"_ _f\"></span> L\u2019allocazione <span class=\"_ _9\"> </span>delle <span class=\"_ _9\"> </span>componenti<span class=\"_ _2\"></span> <span class=\"_ _9\"> </span>reddituali <span class=\"_ _9\"> </span>nelle <span class=\"_ _16\"> </span>pertinenti <span class=\"_ _9\"> </span>voci  d<span class=\"_ _1\"></span>i <span class=\"_ _9\"> </span>cont<span class=\"_ _2\"></span>o <span class=\"_ _9\"> </span>economico <span class=\"_ _16\"> </span>avviene <span class=\"_ _9\"> </span>sulla <span class=\"_ _9\"> </span>base <span class=\"_ _16\"> </span>di quanto riportato di seguito: <span class=\"_ _2c\"> </span><span class=\"ff4\">Gli interessi att<span class=\"_ _2\"></span><span class=\"ff5\">ivi dei<span class=\"_ _1\"></span> crediti e dei titoli vengono allocati nella voce \u201cInteressi attivi e proventi assimilati\u201d </span></span>per competenza sulla base del tasso di interesse effettivo;<span class=\"_ _df\"> </span><span class=\"_ _2c\"> </span><span class=\"ff5\">Gli utili <span class=\"_ _f\"></span>e perdite d<span class=\"_ _1\"></span>a cessione <span class=\"_ _f\"></span>dei crediti e <span class=\"_ _f\"></span>dei titoli <span class=\"_ _1\"></span>vengono allocati <span class=\"_ _f\"></span>nella voce <span class=\"_ _1\"></span>\u201cUtili (pe<span class=\"_ _1\"></span>rdi<span class=\"_ _2\"></span><span class=\"ff4\">te) da <span class=\"_ _f\"></span>ce<span class=\"_ _2\"></span>ssione </span></span>o riacquisto di attivit\u00e0 finanziarie valutate al costo ammortizzato<span class=\"_ _1\"></span>\u201d;<span class=\"_ _df\"> </span><span class=\"_ _2c\"> </span><span class=\"ff4\">Le <span class=\"_ _9\"> </span>r<span class=\"_ _2\"></span>ettifiche <span class=\"_ _9\"> </span>da <span class=\"_ _9\"> </span>impairment, <span class=\"_ _16\"> </span>le <span class=\"_ _9\"> </span>perdite <span class=\"_ _9\"> </span>per <span class=\"_ _16\"> </span>cancellazioni <span class=\"_ _9\"> </span>e <span class=\"_ _16\"> </span>le <span class=\"_ _9\"> </span>riprese <span class=\"_ _16\"> </span>di <span class=\"_ _9\"> </span>valore <span class=\"_ _9\"> </span>dei <span class=\"_ _16\"> </span>crediti <span class=\"_ _9\"> </span>e <span class=\"_ _9\"> </span>dei<span class=\"_ _2\"></span> <span class=\"_ _9\"> </span>titoli </span>vengono <span class=\"_ _2\"></span>allocate <span class=\"_ _2\"></span>nella <span class=\"_ _2\"></span>voce <span class=\"_ _2\"></span>\u201cRe<span class=\"_ _2\"></span>ttifiche/riprese <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>valore <span class=\"_ _2\"></span>nette <span class=\"_ _d\"></span><span class=\"ff4\">per <span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>ischio <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>credito <span class=\"_ _2\"></span>relativo <span class=\"_ _2\"></span>ad <span class=\"_ _2\"></span>attivit\u00e0 </span>finanziarie valutate al costo ammortizzato\u201d.<span class=\"_ _df\"> </span><span class=\"_ _2c\"> </span><span class=\"ff5\">Gli <span class=\"_ _0\"></span>interessi <span class=\"_ _0\"></span>dovuti <span class=\"_ _0\"></span>al <span class=\"_ _d\"></span>trascorrere <span class=\"_ _0\"></span>del <span class=\"_ _d\"></span>tempo <span class=\"_ _0\"></span>sono <span class=\"_ _0\"></span>contabilizzati <span class=\"_ _0\"></span>nella <span class=\"_ _d\"></span>voce <span class=\"_ _0\"></span>\u201cInteressi <span class=\"_ _0\"></span>attivi <span class=\"_ _0\"></span>e <span class=\"_ _d\"></span>proventi </span>assimilati\u201d<span class=\"_ _df\"> </span>.<span class=\"ff4\"> </span>4 <span class=\"ls0\">- Operaz<span class=\"_ _1\"></span>ioni d<span class=\"_ _1\"></span>i co<span class=\"_ _1\"></span>pertu<span class=\"_ _1\"></span>ra<span class=\"_ _df\"> </span></span><span class=\"ls0\"> </span>Il <span class=\"_ _9\"> </span>Gruppo <span class=\"_ _16\"> </span>si <span class=\"_ _9\"> </span>a<span class=\"_ _2\"></span>vvale <span class=\"_ _9\"> </span><span class=\"ff5\">della <span class=\"_ _16\"> </span>facolt\u00e0, <span class=\"_ _16\"> </span>prevista <span class=\"_ _9\"> </span>in <span class=\"_ _16\"> </span>sede <span class=\"_ _16\"> </span>di <span class=\"_ _9\"> </span>introduzione <span class=\"_ _16\"> </span>dell\u2019IFRS <span class=\"_ _9\"> </span>9,  d<span class=\"_ _1\"></span>i <span class=\"_ _16\"> </span>continuare <span class=\"_ _9\"> </span>ad  appli<span class=\"_ _1\"></span>care<span class=\"_ _df\"> </span></span><span class=\"ff5\"> </span>integralmente <span class=\"_ _9\"> </span>le <span class=\"_ _9\"> </span>pre<span class=\"_ _2\"></span>visioni <span class=\"_ _9\"> </span>del <span class=\"_ _9\"> </span>principio <span class=\"_ _16\"> </span>contabile <span class=\"_ _9\"> </span>IAS <span class=\"_ _9\"> </span>39  in <span class=\"_ _9\"> </span>tema <span class=\"_ _9\"> </span>di <span class=\"_ _16\"> </span>\u201chedge <span class=\"_ _9\"> </span>accounting\u201d <span class=\"_ _16\"> </span>(nella <span class=\"_ _9\"> </span>versione<span class=\"_ _df\"> </span> carved <span class=\"_ _9\"> </span>out <span class=\"_ _16\"> </span>omologata <span class=\"_ _9\"> </span>dalla <span class=\"_ _9\"> </span>Commissione <span class=\"_ _9\"> </span>Europea) <span class=\"_ _16\"> </span>per <span class=\"_ _9\"> </span>ogni <span class=\"_ _9\"> </span>tipol<span class=\"_ _2\"></span>ogia <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>copertura  (sia<span class=\"_ _f\"></span>  pe<span class=\"_ _1\"></span>r <span class=\"_ _16\"> </span>le <span class=\"_ _9\"> </span>coperture<span class=\"_ _df\"> </span> specifiche che per le macro coperture).<span class=\"_ _df\"> </span> Criter<span class=\"_ _1\"></span>i di <span class=\"_ _1\"></span>iscrizi<span class=\"_ _1\"></span>one<span class=\"_ _df\"> </span> Gli <span class=\"_ _9\"> </span>strumenti <span class=\"_ _9\"> </span>derivati <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>copertura, <span class=\"_ _9\"> </span>al <span class=\"_ _9\"> </span>pari <span class=\"_ _16\"> </span>di <span class=\"_ _0\"> </span>t<span class=\"_ _2\"></span>utti <span class=\"_ _0\"></span>i <span class=\"_ _16\"> </span>derivati, <span class=\"_ _0\"></span>sono <span class=\"_ _9\"> </span>inizialmente <span class=\"_ _9\"> </span>iscritti <span class=\"_ _9\"> </span>e <span class=\"_ _16\"> </span>successivamente<span class=\"_ _df\"> </span><span class=\"_ _1\"></span> misurati al fair value.<span class=\"_ _df\"> </span> Criter<span class=\"_ _1\"></span>i di <span class=\"_ _1\"></span>class<span class=\"_ _1\"></span>ificazi<span class=\"_ _1\"></span>one: t<span class=\"_ _f\"></span>ipologia <span class=\"_ _f\"></span>di copert<span class=\"_ _1\"></span>ure<span class=\"_ _df\"> </span> Le <span class=\"_ _9\"> </span>o<span class=\"_ _2\"></span>perazioni <span class=\"_ _9\"> </span>di  cop<span class=\"_ _1\"></span>ertura  d<span class=\"_ _1\"></span>ei <span class=\"_ _16\"> </span>rischi <span class=\"_ _16\"> </span>sono <span class=\"_ _9\"> </span>finalizzate <span class=\"_ _16\"> </span>a <span class=\"_ _16\"> </span>neutralizzare <span class=\"_ _9\"> </span>potenziali  variazioni<span class=\"_ _1\"></span>  d<span class=\"_ _1\"></span>i <span class=\"_ _16\"> </span>fair  valu<span class=\"_ _f\"></span>e  o<span class=\"_ _df\"> </span> variazioni <span class=\"_ _2\"></span>di <span class=\"_ _d\"></span>flussi <span class=\"_ _d\"></span>di <span class=\"_ _2\"></span>cassa, <span class=\"_ _d\"></span>attribuibili <span class=\"_ _2\"></span>ad <span class=\"_ _d\"></span>un <span class=\"_ _2\"></span>determinato <span class=\"_ _d\"></span>rischio <span class=\"_ _d\"></span>e <span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>ilev<span class=\"_ _1\"></span>abili <span class=\"_ _d\"></span>su <span class=\"_ _2\"></span>un <span class=\"_ _d\"></span>determinato <span class=\"_ _d\"></span>elemento <span class=\"_ _2\"></span>o<span class=\"_ _df\"> </span> gruppo di elementi, nel caso in cui q<span class=\"_ _1\"></span>uel particolare rischio dovesse effettivamente manifestarsi.<span class=\"_ _df\"> </span><span class=\"_ _2\"></span> Le tipologie di coperture utilizz<span class=\"_ _1\"></span>ate sono <span class=\"_ _2\"></span>le <span class=\"_ _1\"></span>seguenti:<span class=\"_ _df\"> </span> <span class=\"_ _2c\"> </span><span class=\"ff5\">copertura di fair valu<span class=\"_ _1\"></span>e: ha l<span class=\"_ _1\"></span>\u2019obiettivo di<span class=\"_ _1\"></span> coprire l\u2019e<span class=\"_ _1\"></span>sposizione alla <span class=\"_ _1\"></span>variazione d<span class=\"_ _1\"></span>el fair valu<span class=\"_ _f\"></span>e (attribu<span class=\"_ _2\"></span><span class=\"ff4\">ibile alle<span class=\"_ _df\"> </span></span></span>diverse <span class=\"_ _9\"> </span>tipologie <span class=\"_ _16\"> </span>di <span class=\"_ _9\"> </span>rischio)  d<span class=\"_ _1\"></span>i <span class=\"_ _16\"> </span>attivit\u00e0 <span class=\"_ _16\"> </span>e <span class=\"_ _9\"> </span>passivit\u00e0 <span class=\"_ _16\"> </span>iscritte <span class=\"_ _9\"> </span>in <span class=\"_ _16\"> </span>bilancio <span class=\"_ _9\"> </span>o  p<span class=\"_ _f\"></span>o<span class=\"_ _2\"></span>rzioni <span class=\"_ _9\"> </span>di <span class=\"_ _16\"> </span>esse, <span class=\"_ _16\"> </span>di <span class=\"_ _9\"> </span>gruppi <span class=\"_ _16\"> </span>di<span class=\"_ _df\"> </span> attivit\u00e0/passivit\u00e0, <span class=\"_ _d\"></span>di <span class=\"_ _0\"></span>impegni <span class=\"_ _d\"></span>irrevocabili <span class=\"_ _d\"></span>e <span class=\"_ _0\"></span>di <span class=\"_ _d\"></span>port<span class=\"_ _2\"></span>afogli <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>attivit\u00e0 <span class=\"_ _0\"></span>e <span class=\"_ _d\"></span>passivit\u00e0 <span class=\"_ _0\"></span>finanziarie, <span class=\"_ _d\"></span>inclusi <span class=\"_ _0\"></span>i <span class=\"_ _d\"></span>core<span class=\"_ _df\"> </span> deposits, come <span class=\"_ _1\"></span>consentito dallo <span class=\"_ _f\"></span>IAS 39 omologato<span class=\"_ _1\"></span> dalla Commis<span class=\"_ _1\"></span>sione Europea.<span class=\"_ _1\"></span> Le cop<span class=\"_ _1\"></span>erture generiche<span class=\"_ _df\"> </span>di fair <span class=\"_ _2\"></span>value (\u201cmacr<span class=\"_ _2\"></span>o hedge\u201d) ha<span class=\"_ _2\"></span>nno l\u2019obiettivo <span class=\"_ _2\"></span>di ridurre <span class=\"_ _2\"></span>le <span class=\"_ _2\"></span>oscillazioni di fair <span class=\"_ _2\"></span>value, imp<span class=\"_ _2\"></span>utabili al <span class=\"_ _2\"></span>rischio<span class=\"_ _df\"> </span> di <span class=\"_ _0\"></span>tas<span class=\"_ _2\"></span>so <span class=\"_ _0\"></span>di <span class=\"_ _9\"> </span>interesse, <span class=\"_ _9\"> </span>di <span class=\"_ _0\"></span>un <span class=\"_ _9\"> </span>imp<span class=\"_ _2\"></span>orto <span class=\"_ _0\"></span>monetar<span class=\"_ _2\"></span>io, <span class=\"_ _0\"></span>riveniente <span class=\"_ _0\"></span>da <span class=\"_ _9\"> </span>un <span class=\"_ _9\"> </span>porta<span class=\"_ _2\"></span>foglio <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>attivit\u00e0 <span class=\"_ _9\"> </span>o <span class=\"_ _9\"> </span>di <span class=\"_ _0\"></span>passivit\u00e0<span class=\"_ _df\"> </span> finanziarie. Non <span class=\"_ _2\"></span>possono <span class=\"_ _2\"></span>essere <span class=\"_ _2\"></span>oggetto <span class=\"_ _2\"></span>di copertura <span class=\"_ _2\"></span>generica <span class=\"_ _2\"></span>importi <span class=\"_ _2\"></span>netti <span class=\"_ _2\"></span>derivanti dallo s<span class=\"_ _2\"></span>bilancio di<span class=\"_ _df\"> </span> attivit\u00e0 e passivit\u00e0;<span class=\"_ _df\"> </span> <span class=\"_ _2c\"> </span><span class=\"ff5\">copertura <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>flussi <span class=\"_ _2\"></span>finanziari: <span class=\"_ _2\"></span>ha <span class=\"_ _2\"></span>l\u2019obiett<span class=\"_ _2\"></span>ivo di <span class=\"_ _2\"></span>coprire <span class=\"_ _2\"></span>l\u2019esposizione <span class=\"_ _2\"></span>a <span class=\"_ _d\"></span>variazioni d<span class=\"_ _2\"></span>ei <span class=\"_ _2\"></span>flussi<span class=\"_ _2\"></span><span class=\"ff4\"> <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>cassa <span class=\"_ _2\"></span>futuri<span class=\"_ _df\"> </span></span></span><span class=\"ff5\"><span class=\"ff4\"> </span></span>attribuibili <span class=\"_ _16\"> </span>a  p<span class=\"_ _1\"></span>articolari  rischi  associati <span class=\"_ _16\"> </span>a  p<span class=\"_ _1\"></span>oste  de<span class=\"_ _1\"></span>l  bilanci<span class=\"_ _1\"></span>o.  Tale <span class=\"_ _16\"> </span>tipologia <span class=\"_ _16\"> </span>di  cope<span class=\"_ _1\"></span>rtura  \u00e8  u<span class=\"_ _1\"></span>tilizzata<span class=\"_ _df\"> </span> essenzialmente <span class=\"_ _2\"></span>per <span class=\"_ _d\"></span>stabilizzare <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>fl<span class=\"_ _2\"></span>usso <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>interessi <span class=\"_ _d\"></span>della <span class=\"_ _2\"></span>raccol<span class=\"_ _2\"></span>ta <span class=\"_ _2\"></span>a <span class=\"_ _d\"></span>tasso <span class=\"_ _2\"></span>variabile <span class=\"_ _2\"></span>nella <span class=\"_ _d\"></span>misura <span class=\"_ _2\"></span>in <span class=\"_ _d\"></span>cui<span class=\"_ _df\"> </span> quest\u2019ultima <span class=\"_ _2\"></span>finanzia <span class=\"_ _d\"></span>im<span class=\"ff4\">pieghi <span class=\"_ _d\"></span>a <span class=\"_ _d\"></span>tasso <span class=\"_ _2\"></span>fisso. <span class=\"_ _d\"></span>In <span class=\"_ _2\"></span>talune <span class=\"_ _d\"></span>circostanze, <span class=\"_ _2\"></span>analoghe <span class=\"_ _2\"></span>operazioni <span class=\"_ _d\"></span>sono <span class=\"_ _d\"></span>poste <span class=\"_ _d\"></span>in<span class=\"_ _df\"> </span></span><span class=\"ff4\"> </span>essere relativamente ad alcune tipologi<span class=\"_ _1\"></span>e di impieghi a tasso variabile.<span class=\"_ _df\"> </span>Per le <span class=\"_ _2\"></span>relazioni di <span class=\"_ _2\"></span>copertura dei <span class=\"_ _2\"></span>flussi finanziari, <span class=\"_ _2\"></span>l'utile o <span class=\"_ _2\"></span>la perdita <span class=\"_ _2\"></span>complessiva dello <span class=\"_ _2\"></span>strumento di copertura<span class=\"_ _df\"> </span> che <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _2\"></span>stato <span class=\"_ _2\"></span>rilevato <span class=\"_ _2\"></span>nell<span class=\"_ _1\"></span>e <span class=\"_ _2\"></span>altre <span class=\"_ _2\"></span>componenti <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>conto <span class=\"_ _2\"></span>economico <span class=\"_ _2\"></span>complessivo a <span class=\"_ _d\"></span>partire <span class=\"_ _2\"></span>dall'esercizio in <span class=\"_ _2\"></span>cui <span class=\"_ _2\"></span>la<span class=\"_ _df\"> </span> copertura <span class=\"_ _4\"> </span>era <span class=\"_ _4\"> </span>efficace, <span class=\"_ _4\"> </span>deve <span class=\"_ _22\"> </span>r<span class=\"_ _2\"></span>estare <span class=\"_ _4\"> </span>separatamente <span class=\"_ _4\"> </span>nel <span class=\"_ _4\"> </span>patrimonio <span class=\"_ _4\"> </span>netto <span class=\"_ _4\"> </span>sino <span class=\"_ _4\"> </span>a <span class=\"_ _4\"> </span>quand<span class=\"_ _1\"></span>o <span class=\"_ _4\"> </span>l'operazione<span class=\"_ _df\"> </span> programmata si verifica. Qualora <span class=\"_ _2\"></span>l'operazione programmata ci si at<span class=\"_ _2\"></span>tende non debba pi\u00f9 accadere, <span class=\"_ _2\"></span>qualsiasi<span class=\"_ _df\"> </span> correlato <span class=\"_ _d\"></span>utile <span class=\"_ _d\"></span>o <span class=\"_ _d\"></span>perdita <span class=\"_ _d\"></span>compless<span class=\"_ _2\"></span>ivo <span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>ullo <span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>trumento <span class=\"_ _d\"></span>di <span class=\"_ _2\"></span>copertura<span class=\"_ _d\"></span> <span class=\"_ _d\"></span>che <span class=\"_ _d\"></span>\u00e8 <span class=\"_ _d\"></span>stato <span class=\"_ _d\"></span>r<span class=\"_ _2\"></span>ilevato <span class=\"_ _2\"></span>nel <span class=\"_ _d\"></span>prospetto <span class=\"_ _d\"></span>delle<span class=\"_ _df\"> </span> altre compone<span class=\"_ _1\"></span>nti di <span class=\"_ _f\"></span>conto economico comple<span class=\"_ _1\"></span>ssivo dall'esercizio <span class=\"_ _f\"></span>i<span class=\"_ _2\"></span>n <span class=\"_ _1\"></span>cui la <span class=\"_ _f\"></span>copertura era e<span class=\"_ _1\"></span>fficace<span class=\"_ _2\"></span>, dev<span class=\"_ _1\"></span>e essere<span class=\"_ _df\"> </span> riclassificato dal patrimonio netto all\u2019util<span class=\"_ _1\"></span>e (perdita) d\u2019esercizio come rettifica da riclassificazione.<span class=\"_ _df\"> </span><div class=\"t m0 h5 ff4 fs1 fc4 sc3 ls0 ws0 gs412\">Criter<span class=\"_ _1\"></span>i di <span class=\"_ _1\"></span>rileva<span class=\"_ _f\"></span>zione dell<span class=\"_ _1\"></span>e com<span class=\"_ _f\"></span>ponenti <span class=\"_ _1\"></span>reddi<span class=\"_ _1\"></span>tuali<span class=\"_ _f\"></span> </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs413\">L\u2019allocazione <span class=\"_ _9\"> </span>delle <span class=\"_ _9\"> </span>componenti<span class=\"_ _2\"></span> <span class=\"_ _9\"> </span>reddituali <span class=\"_ _9\"> </span>nelle <span class=\"_ _16\"> </span>pertinenti <span class=\"_ _9\"> </span>voci  d<span class=\"_ _1\"></span>i <span class=\"_ _9\"> </span>cont<span class=\"_ _2\"></span>o <span class=\"_ _9\"> </span>economico <span class=\"_ _16\"> </span>avviene <span class=\"_ _9\"> </span>sulla <span class=\"_ _9\"> </span>base <span class=\"_ _16\"> </span>di </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs414\">quanto riportato di seguito: </div><div class=\"t m0 h5 ff14 fs1 fc1 sc0 ls0 ws0 gs415\"><span class=\"_ _2c\"> </span><span class=\"ff4\">i <span class=\"_ _0\"></span>differenziali <span class=\"_ _d\"></span>maturati <span class=\"_ _d\"></span>sugli <span class=\"_ _d\"></span>st<span class=\"_ _2\"></span>rumenti <span class=\"_ _d\"></span>derivati <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>copertura <span class=\"_ _0\"></span>del <span class=\"_ _d\"></span>ri<span class=\"_ _2\"></span>schio <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>t<span class=\"_ _2\"></span>asso <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>interesse <span class=\"_ _0\"></span>(oltre<span class=\"_ _1\"></span> <span class=\"_ _d\"></span>agli </span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs416\">interessi <span class=\"_ _0\"></span>delle <span class=\"_ _0\"></span>posizioni <span class=\"_ _0\"></span>oggetto <span class=\"_ _9\"> </span>di <span class=\"_ _0\"></span>copertura) <span class=\"_ _0\"></span>vengono <span class=\"_ _0\"></span>allocati <span class=\"_ _0\"></span>nella <span class=\"_ _0\"></span>voce <span class=\"_ _0\"></span>\u201cInteressi <span class=\"_ _9\"> </span>attivi <span class=\"_ _0\"></span>e <span class=\"_ _0\"></span>proventi </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs417\">assimilati\u201d o \u201cInteressi passivi e oneri assimilati\u201d;<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff14 fs1 fc1 sc0 ls0 ws0 gs418\"><span class=\"_ _2c\"> </span><span class=\"ff4\">le <span class=\"_ _d\"></span>plusvalenze <span class=\"_ _d\"></span>e <span class=\"_ _d\"></span>minusvalenze <span class=\"_ _d\"></span>derivanti <span class=\"_ _d\"></span>dalla <span class=\"_ _d\"></span>valutazione <span class=\"_ _d\"></span>d<span class=\"_ _2\"></span>egli <span class=\"_ _d\"></span>strumenti <span class=\"_ _d\"></span>derivati <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>copertura <span class=\"_ _d\"></span>e <span class=\"_ _d\"></span>delle </span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs419\">posizioni <span class=\"_ _4\"> </span>oggetto <span class=\"_ _14\"> </span>di <span class=\"_ _17\"> </span>copertura <span class=\"_ _17\"> </span>di <span class=\"_ _17\"> </span>fair <span class=\"_ _17\"> </span>value <span class=\"_ _17\"> </span>hedge <span class=\"_ _17\"> </span>vengono <span class=\"_ _14\"> </span>allocate <span class=\"_ _17\"> </span>nella <span class=\"_ _17\"> </span>voce <span class=\"_ _17\"> </span>\u201cRisultato <span class=\"_ _17\"> </span>netto </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs41a\">dell\u2019attivit\u00e0 di copertura\u201d;<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff14 fs1 fc1 sc0 ls0 ws0 gs41b\"><span class=\"_ _2c\"> </span><span class=\"ff4\">le plusvalenze e<span class=\"_ _1\"></span> le minusvalenze deriv<span class=\"_ _1\"></span>anti dalla v<span class=\"_ _1\"></span>alutazione degli strumenti de<span class=\"_ _1\"></span>rivat<span class=\"_ _2\"></span>i di<span class=\"_ _1\"></span> copertura di <span class=\"_ _1\"></span>cash </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs41c\">flow hedge (per la <span class=\"_ _2\"></span>parte efficace) vengono allocate <span class=\"_ _2\"></span>in una specifica riserva <span class=\"_ _2\"></span>di valutazione di patrimonio<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs41d\">netto <span class=\"_ _f\"></span>\u201cCopertura dei <span class=\"_ _f\"></span>flussi <span class=\"_ _f\"></span>finanziari\u201d, <span class=\"_ _1\"></span>al <span class=\"_ _f\"></span>nett<span class=\"_ _2\"></span>o <span class=\"_ _f\"></span>dell\u2019effetto <span class=\"_ _f\"></span>fiscale <span class=\"_ _1\"></span>differito. <span class=\"_ _f\"></span>Per <span class=\"_ _1\"></span>la <span class=\"_ _1\"></span>parte <span class=\"_ _f\"></span>inefficace <span class=\"_ _f\"></span>tali plu<span class=\"_ _1\"></span>s<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs41e\">e <span class=\"_ _15\"> </span>minus <span class=\"_ _15\"> </span>ven<span class=\"ff5\">gono <span class=\"_ _15\"> </span>contabilizzat<span class=\"_ _2\"></span>e <span class=\"_ _14\"> </span>a <span class=\"_ _e\"> </span>conto <span class=\"_ _15\"> </span>economico <span class=\"_ _15\"> </span>nella <span class=\"_ _15\"> </span>voce <span class=\"_ _15\"> </span>\u201cRisultato <span class=\"_ _e\"> </span>netto <span class=\"_ _15\"> </span>dell\u2019attivit\u00e0 <span class=\"_ _15\"> </span>di </span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs41f\">copertura\u201d.  Se <span class=\"_ _9\"> </span>lo  strumento  cop<span class=\"_ _1\"></span>erto  \u00e8 <span class=\"_ _16\"> </span>cancellato, <span class=\"_ _16\"> </span>scade <span class=\"_ _16\"> </span>o  si <span class=\"_ _16\"> </span>estingue <span class=\"_ _9\"> </span>allora  la  riserva  \u00e8<span class=\"_ _1\"></span>  riversata<span class=\"_ _f\"></span> </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs420\">immediatamente a conto economico contestualmente alla cancell<span class=\"_ _1\"></span>azione dell\u2019<span class=\"_ _2\"></span><span class=\"ff4\">elemento coperto.<span class=\"_ _df\"> </span></span></div><div class=\"t m0 h5 ff14 fs1 fc1 sc0 ls0 ws0 gs421\"><span class=\"_ _2c\"> </span><span class=\"ff4\">nel <span class=\"_ _9\"> </span>caso<span class=\"_ _2\"></span> <span class=\"_ _9\"> </span>di <span class=\"_ _16\"> </span>copertura <span class=\"_ _9\"> </span>di  fl<span class=\"_ _1\"></span>ussi <span class=\"_ _9\"> </span>finanziari, <span class=\"_ _16\"> </span>le <span class=\"_ _9\"> </span>variazioni <span class=\"_ _16\"> </span>di <span class=\"_ _9\"> </span>fair  valu<span class=\"_ _1\"></span>e <span class=\"_ _9\"> </span>d<span class=\"_ _2\"></span>el <span class=\"_ _9\"> </span>derivato <span class=\"_ _16\"> </span>sono <span class=\"_ _9\"> </span>imputate <span class=\"_ _16\"> </span>nella<span class=\"_ _df\"> </span></span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs422\">redditivit\u00e0 <span class=\"_ _2\"></span>complessiva, <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>la <span class=\"_ _d\"></span>quota <span class=\"_ _2\"></span>efficace <span class=\"_ _2\"></span>della <span class=\"_ _2\"></span>copertura, <span class=\"_ _d\"></span>e <span class=\"_ _2\"></span>sono <span class=\"_ _d\"></span>rilevate <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>Conto <span class=\"_ _d\"></span>Economico <span class=\"_ _2\"></span>solo </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs423\">quando, con rife<span class=\"_ _1\"></span>rimento alla <span class=\"_ _1\"></span>posta coperta, si<span class=\"_ _f\"></span> manifesta la variaz<span class=\"_ _f\"></span>ione dei flu<span class=\"_ _1\"></span>ssi di cassa<span class=\"_ _1\"></span> da compensare<span class=\"_ _f\"></span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs424\">o se la copertura risulta inefficace.<span class=\"_ _df\"> </span></div>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-733": {
   "value": "<div class=\"t m0 h1a ff4 fs6 fc4 sc3 ls0 ws0 gs224\">A.2 <span class=\"_ _1\"></span><span class=\"ff5\">\u2013<span class=\"ff4\"> PAR<span class=\"_ _f\"></span>TE RE<span class=\"_ _1\"></span>LAT<span class=\"_ _f\"></span>IVA A<span class=\"_ _1\"></span>LLE<span class=\"_ _1\"></span> PRINC<span class=\"_ _f\"></span>IPALI <span class=\"_ _f\"></span>VOCI D<span class=\"_ _1\"></span>I BI<span class=\"_ _1\"></span>LAN<span class=\"_ _f\"></span>CIO<span class=\"_ _df\"> </span></span></span></div><div class=\"t m0 he ff4 fs5 fc4 sc3 ls5b ws0 gs225\">1 <span class=\"ls0\">- Attivit\u00e0<span class=\"_ _f\"></span> finanzia<span class=\"_ _1\"></span>rie valu<span class=\"_ _f\"></span>tate al fa<span class=\"_ _1\"></span>ir valu<span class=\"_ _1\"></span>e con<span class=\"_ _1\"></span> impa<span class=\"_ _1\"></span>tto a co<span class=\"_ _f\"></span>nto eco<span class=\"_ _1\"></span>nomico <span class=\"_ _f\"></span> </span></div><div class=\"t m0 h5 ff4 fs1 fc4 sc3 ls0 ws0 gs226\">Criter<span class=\"_ _1\"></span>i di <span class=\"_ _1\"></span>iscrizio<span class=\"_ _f\"></span>ne </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs227\">L\u2019iscrizione iniziale <span class=\"_ _2\"></span>delle <span class=\"_ _2\"></span>att<span class=\"_ _2\"></span>ivit\u00e0<span class=\"_ _1\"></span> <span class=\"_ _2\"></span>finanziarie avviene <span class=\"_ _2\"></span>alla <span class=\"_ _2\"></span>data <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>regolamento <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>i titoli <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>debito e <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>titoli </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs228\">di capitale, alla data di erogazione p<span class=\"_ _1\"></span>er i finanziamenti ed alla data di sottoscrizione pe<span class=\"_ _1\"></span>r i contratti<span class=\"_ _d\"></span> <span class=\"_ _12\"></span>derivati. </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs229\">All<span class=\"ff5\">\u2019atto <span class=\"_ _d\"></span>della <span class=\"_ _d\"></span>rilevazione <span class=\"_ _2\"></span>iniziale <span class=\"_ _d\"></span>le <span class=\"_ _d\"></span>attivit\u00e0 <span class=\"_ _d\"></span>finanziarie <span class=\"_ _d\"></span>valutate <span class=\"_ _d\"></span>al <span class=\"_ _2\"></span>fair <span class=\"_ _0\"></span>value <span class=\"_ _2\"></span>con <span class=\"_ _0\"></span>impatto <span class=\"_ _2\"></span>a <span class=\"_ _d\"></span>conto <span class=\"_ _d\"></span>economico </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs22a\">vengono rile<span class=\"_ _1\"></span>vate al fai<span class=\"_ _1\"></span>r value, <span class=\"_ _1\"></span>senza considerare i<span class=\"_ _1\"></span> costi <span class=\"_ _f\"></span>o proventi d<span class=\"_ _1\"></span>i transazione d<span class=\"_ _1\"></span>irettamente att<span class=\"_ _1\"></span>ribuibili all<span class=\"_ _1\"></span>o </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs22b\">strumento stesso. </div><div class=\"t m0 h5 ff4 fs1 fc4 sc3 ls0 ws0 gs22c\">Criter<span class=\"_ _1\"></span>i di <span class=\"_ _f\"></span>classifica<span class=\"_ _f\"></span>zione </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs22d\">Sono  classificate  in  questa  categoria  le  at<span class=\"_ _2\"></span>tivit\u00e0  finanziarie  diverse  da  quelle  classificate  tra <span class=\"_ _22\"> </span>le  At<span class=\"_ _2\"></span>tivit\u00e0 </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs22e\">finanziarie valutate <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>fair value con <span class=\"_ _2\"></span>impatto <span class=\"_ _2\"></span>sulla redditivit\u00e0 complessiva <span class=\"_ _2\"></span>e t<span class=\"_ _2\"></span>ra le <span class=\"_ _2\"></span>Attivit\u00e0 finanziare <span class=\"_ _2\"></span>valutate<span class=\"_ _1\"></span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs22f\">al costo ammortizzato. La voce, in particolare, include<span class=\"_ _1\"></span>:<span class=\"_ _2\"></span> </div><div class=\"t m0 h5 ff14 fs1 fc1 sc0 ls0 ws0 gs230\"><span class=\"_ _2c\"> </span><span class=\"ff4\">le attivit\u00e0 finanziarie detenute pe<span class=\"_ _1\"></span>r la negoziazione, essenzi<span class=\"_ _1\"></span>almente rappresentate da titoli di de<span class=\"_ _1\"></span>bito e di </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs231\">capitale e dal valore positivo dei contratti derivati de<span class=\"_ _1\"></span>tenuti con finalit\u00e0 di negoziazione;<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff14 fs1 fc1 sc0 ls0 ws0 gs232\"><span class=\"_ _2c\"> </span><span class=\"ff4\">le attivit\u00e0 finanziarie <span class=\"_ _1\"></span>obbligatoriamente v<span class=\"_ _1\"></span>alutate al fair<span class=\"_ _f\"></span> value, rappresentate d<span class=\"_ _1\"></span>alle attiv<span class=\"_ _1\"></span>it\u00e0 finanziarie <span class=\"_ _1\"></span>che </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs233\">non <span class=\"_ _0\"> </span>s<span class=\"_ _2\"></span>oddisfano <span class=\"_ _0\"></span>i <span class=\"_ _0\"></span>requisiti <span class=\"_ _9\"> </span>per <span class=\"_ _0\"> </span>la <span class=\"_ _9\"> </span>valutazione <span class=\"_ _0\"></span>al <span class=\"_ _9\"> </span>costo <span class=\"_ _0\"> </span>amm<span class=\"_ _2\"></span>ortizz<span class=\"_ _1\"></span>ato <span class=\"_ _9\"> </span>o <span class=\"_ _9\"> </span>al <span class=\"_ _0\"></span>fair <span class=\"_ _9\"> </span>value <span class=\"_ _0\"></span>con <span class=\"_ _9\"> </span>impatto <span class=\"_ _0\"></span>s<span class=\"_ _2\"></span>ulla </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs234\">redditivit\u00e0 <span class=\"_ _14\"> </span>complessiva. <span class=\"_ _14\"> </span>Si <span class=\"_ _14\"> </span>tr<span class=\"_ _2\"></span>atta <span class=\"_ _14\"> </span>di <span class=\"_ _15\"> </span>attivit\u00e0 <span class=\"_ _14\"> </span>finanziarie <span class=\"_ _15\"> </span>i <span class=\"_ _14\"> </span>cui <span class=\"_ _15\"> </span>termini <span class=\"_ _14\"> </span>contrattuali <span class=\"_ _14\"> </span>non <span class=\"_ _15\"> </span>prevedono </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs235\">esclusivamente <span class=\"_ _2\"></span>rimbors<span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>del <span class=\"_ _d\"></span>capi<span class=\"_ _1\"></span>tale <span class=\"_ _d\"></span>e <span class=\"_ _2\"></span>pagamenti <span class=\"_ _d\"></span>dell\u2019interesse <span class=\"_ _d\"></span>sull\u2019importo <span class=\"_ _2\"></span>del <span class=\"_ _d\"></span>capitale <span class=\"_ _2\"></span>da <span class=\"_ _d\"></span>restituire </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs236\">(cd. \u201cSPPI<span class=\"_ _1\"></span> test\u201d non superato) opp<span class=\"_ _1\"></span>ure che non <span class=\"_ _1\"></span>sono detenute nel q<span class=\"_ _1\"></span>uadro di un <span class=\"_ _1\"></span>modello di business il<span class=\"_ _1\"></span> cui<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs237\">obiettivo <span class=\"_ _f\"></span>\u00e8 il<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>possesso d<span class=\"_ _1\"></span>i <span class=\"_ _f\"></span>attivit\u00e0 <span class=\"_ _1\"></span>finalizzato <span class=\"_ _f\"></span>alla <span class=\"_ _1\"></span>raccolta d<span class=\"_ _1\"></span>ei <span class=\"_ _f\"></span>flussi fi<span class=\"_ _1\"></span>nanziari <span class=\"_ _f\"></span>contr<span class=\"_ _2\"></span>attuali <span class=\"_ _f\"></span>(Business <span class=\"_ _f\"></span>model </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs238\">\u201cHold to Collect\u201d) o il cui obiettivo \u00e8 conseguito sia mediante la racc<span class=\"_ _1\"></span>olta dei flussi finanziari contrattuali </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs239\">che mediante la vendita di attivit\u00e0 fi<span class=\"ff5\">nanziarie (Business model \u201cHold to Collect and Sell\u201d);<span class=\"_ _df\"> </span></span></div><div class=\"t m0 h5 ff14 fs1 fc1 sc0 ls0 ws0 gs23a\"><span class=\"_ _2c\"> </span><span class=\"ff4\">le <span class=\"_ _d\"></span>attivit\u00e0 <span class=\"_ _d\"></span>finanziarie <span class=\"_ _2\"></span>designate <span class=\"_ _d\"></span>al <span class=\"_ _d\"></span>fair <span class=\"_ _2\"></span>value, <span class=\"_ _d\"></span>ossia <span class=\"_ _d\"></span>le <span class=\"_ _2\"></span>att<span class=\"_ _2\"></span>ivit\u00e0 <span class=\"_ _2\"></span>finanziarie <span class=\"_ _2\"></span>cos\u00ec <span class=\"_ _d\"></span>definite <span class=\"_ _d\"></span>al <span class=\"_ _2\"></span>momento<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>della </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs23b\">rilevazione <span class=\"_ _16\"> </span>iniziale  e <span class=\"_ _9\"> </span>o<span class=\"_ _2\"></span>ve  ne<span class=\"_ _f\"></span>  su<span class=\"_ _2\"></span>ssistano  i <span class=\"_ _16\"> </span>presupposti. <span class=\"_ _16\"> </span>In <span class=\"_ _16\"> </span>relazione  a <span class=\"_ _16\"> </span>tale <span class=\"_ _16\"> </span>fattispecie,  un<span class=\"_ _2\"></span><span class=\"ff5\">\u2019entit\u00e0  pu<span class=\"_ _1\"></span>\u00f2 </span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs23c\">designare i<span class=\"_ _1\"></span>rrevocabilmente all\u2019iscrizione <span class=\"_ _1\"></span>un\u2019attivit\u00e0 finanzi<span class=\"_ _1\"></span>aria come valu<span class=\"_ _1\"></span>tata al fair v<span class=\"_ _1\"></span>alue con <span class=\"_ _1\"></span>impatto a </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs23d\">conto <span class=\"_ _17\"> </span>economico <span class=\"_ _4\"> </span>se, <span class=\"_ _17\"> </span>e <span class=\"_ _4\"> </span>solo <span class=\"_ _17\"> </span>se, <span class=\"_ _17\"> </span>cos\u00ec <span class=\"_ _17\"> </span>facendo <span class=\"_ _4\"> </span>elimina <span class=\"_ _17\"> </span>o <span class=\"_ _17\"> </span>riduce <span class=\"_ _17\"> </span>significativamente <span class=\"_ _4\"> </span>un\u2019inco<span class=\"_ _2\"></span>erenza </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs23e\">valutativa.<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs23f\">Trovano, quindi, evidenza in questa voce: </div><div class=\"t m0 h5 ff14 fs1 fc1 sc0 ls0 ws0 gs240\"><span class=\"_ _2c\"> </span><span class=\"ff4\">i titoli di debi<span class=\"_ _1\"></span>to e i finanziamenti che<span class=\"_ _1\"></span> sono inclusi nel <span class=\"_ _1\"></span>business model Trading (non riconducibil<span class=\"_ _1\"></span>i quindi ai </span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs241\">business model \u201cHold to Collect\u201d o \u201cHold to Collect and Sel<span class=\"_ _1\"></span>l\u201d) o che non superano il test SPPI;<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff14 fs1 fc1 sc0 ls0 ws0 gs242\"><span class=\"_ _2c\"> </span><span class=\"ff4\">gli strumenti <span class=\"_ _f\"></span>di capitale <span class=\"_ _f\"></span>- non qu<span class=\"_ _1\"></span>alificabili <span class=\"_ _f\"></span>di controllo, <span class=\"_ _1\"></span>collegamento e <span class=\"_ _f\"></span>controllo cong<span class=\"_ _1\"></span>iunto - <span class=\"_ _1\"></span>detenuti <span class=\"_ _f\"></span>per<span class=\"_ _df\"> </span></span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs243\">finalit\u00e0 <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>negoziazi<span class=\"_ _1\"></span>one <span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>cui <span class=\"_ _2\"></span>non <span class=\"_ _2\"></span>si <span class=\"_ _2\"></span>sia <span class=\"_ _2\"></span>optato, in <span class=\"_ _2\"></span>sede <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>rilevazione iniziale, <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>designazione <span class=\"_ _2\"></span>al </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs244\">fair value con impatto sulla redditivit\u00e0 complessiva;<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff14 fs1 fc1 sc0 ls0 ws0 gs245\"><span class=\"_ _2c\"> </span><span class=\"ff4\">le quote di OICR.<span class=\"_ _df\"> </span></span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls3c ws0 gs246\">La<span class=\"ls0\"> <span class=\"_ _17\"> </span>voce <span class=\"_ _14\"> </span>accoglie, <span class=\"_ _17\"> </span>inoltre, <span class=\"_ _17\"> </span>i <span class=\"_ _14\"> </span>contratti <span class=\"_ _14\"> </span>derivati, <span class=\"_ _17\"> </span>contabilizzati <span class=\"_ _17\"> </span>tra <span class=\"_ _14\"> </span>le <span class=\"_ _17\"> </span>attivit\u00e0 <span class=\"_ _14\"> </span>finanziarie <span class=\"_ _17\"> </span>detenute <span class=\"_ _17\"> </span>per <span class=\"_ _14\"> </span>la </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs247\">negoziazione, che sono r<span class=\"_ _2\"></span>appresentati come attivit\u00e0 <span class=\"_ _2\"></span>se il fair value \u00e8 <span class=\"_ _2\"></span>positivo e come pass<span class=\"_ _2\"></span>ivit\u00e0<span class=\"_ _1\"></span> se il <span class=\"_ _2\"></span>fair value </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs248\">\u00e8 negativo. <span class=\"_ _2\"></span>E\u2019 <span class=\"_ _2\"></span>possibile compen<span class=\"_ _2\"></span>sare <span class=\"_ _2\"></span>i<span class=\"ff4\"> <span class=\"_ _2\"></span>valori correnti <span class=\"_ _2\"></span>positivi <span class=\"_ _2\"></span>e negativi <span class=\"_ _2\"></span>derivanti da <span class=\"_ _2\"></span>operazioni <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>essere <span class=\"_ _2\"></span>con </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs249\">la <span class=\"_ _2\"></span>medesima controparte <span class=\"_ _2\"></span>soltanto qualora <span class=\"_ _2\"></span>si abbia cor<span class=\"_ _2\"></span>rentemente il <span class=\"_ _2\"></span>diritto legale <span class=\"_ _2\"></span>di compensare <span class=\"_ _2\"></span>gli importi </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs24a\">rilevati  contabilmente  e <span class=\"_ _22\"> </span>s<span class=\"_ _2\"></span>i  intenda  procedere  al <span class=\"_ _4\"> </span>regolamento  su <span class=\"_ _22\"> </span>base <span class=\"_ _4\"> </span>net<span class=\"_ _1\"></span>t<span class=\"_ _2\"></span>a  delle  posizioni <span class=\"_ _22\"> </span>oggetto <span class=\"_ _4\"> </span>di </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs24b\">compensazione.<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs24c\">Fra i <span class=\"_ _f\"></span>derivati sono i<span class=\"_ _1\"></span>nclusi <span class=\"_ _f\"></span>anche quelli <span class=\"_ _f\"></span>i<span class=\"_ _2\"></span>ncorporati in <span class=\"_ _f\"></span>contratti finanziari <span class=\"_ _f\"></span>complessi - in cui <span class=\"_ _f\"></span>il contratto primario<span class=\"_ _f\"></span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs24d\">\u00e8 una passivit\u00e0 finanziaria - che sono stati oggetto di rilevazione separata in quanto:<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff14 fs1 fc1 sc0 ls0 ws0 gs24e\"><span class=\"_ _2c\"> </span><span class=\"ff4\">le <span class=\"_ _d\"></span>lor<span class=\"_ _2\"></span>o <span class=\"_ _d\"></span>caratterist<span class=\"_ _2\"></span>iche <span class=\"_ _d\"></span>economiche <span class=\"_ _d\"></span>ed <span class=\"_ _d\"></span>i <span class=\"_ _0\"></span>rischi <span class=\"_ _d\"></span>non <span class=\"_ _0\"></span>sono <span class=\"_ _0\"></span>strettamente <span class=\"_ _d\"></span>correlati <span class=\"_ _0\"></span>alle <span class=\"_ _d\"></span>caratteristiche <span class=\"_ _d\"></span>del<span class=\"_ _df\"> </span></span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs24f\">contratto sottostante;<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff14 fs1 fc1 sc0 ls0 ws0 gs250\"><span class=\"_ _2c\"> </span><span class=\"ff4\">gli strumenti incorporati, anche se separati, soddisfano la definizione<span class=\"_ _1\"></span> di derivato;<span class=\"_ _df\"> </span></span></div><div class=\"t m0 h5 ff14 fs1 fc1 sc0 ls0 ws0 gs251\"><span class=\"_ _2c\"> </span><span class=\"ff4\">gli <span class=\"_ _d\"></span>strumenti <span class=\"_ _d\"></span>ibridi <span class=\"_ _2\"></span>cui <span class=\"_ _d\"></span>appartengono <span class=\"_ _d\"></span>non <span class=\"_ _2\"></span>so<span class=\"_ _2\"></span>no <span class=\"_ _2\"></span>valutat<span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>al <span class=\"_ _d\"></span>fair <span class=\"_ _d\"></span>value<span class=\"_ _1\"></span> <span class=\"_ _d\"></span>con <span class=\"_ _d\"></span>le <span class=\"_ _2\"></span>relative <span class=\"_ _d\"></span>variazioni <span class=\"_ _d\"></span>rilevate <span class=\"_ _d\"></span>a </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs252\">Conto Economico.<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc4 sc3 ls0 ws0 gs253\">Riclas<span class=\"_ _f\"></span>sifiche<span class=\"_ _1\"></span> </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs254\">Secondo <span class=\"_ _0\"></span>le <span class=\"_ _9\"> </span>regole <span class=\"_ _0\"></span>generali <span class=\"_ _9\"> </span>previste <span class=\"_ _0\"> </span>dall\u2019IFRS <span class=\"_ _9\"> </span>9 <span class=\"_ _0\"> </span>in <span class=\"_ _9\"> </span>materia <span class=\"_ _9\"> </span>di <span class=\"_ _0\"> </span>r<span class=\"_ _2\"></span>icl<span class=\"_ _1\"></span>assificazione <span class=\"_ _0\"></span>delle <span class=\"_ _9\"> </span>attivit\u00e0 <span class=\"_ _9\"> </span>finanziarie <span class=\"_ _0\"></span>(ad </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs255\">eccezione dei <span class=\"_ _2\"></span>titoli <span class=\"_ _2\"></span>di capitale, <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>cui <span class=\"_ _2\"></span>non \u00e8 <span class=\"_ _2\"></span>ammessa<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>alcuna riclassifica), <span class=\"_ _2\"></span>non s<span class=\"_ _2\"></span>ono amm<span class=\"_ _2\"></span>esse riclassifiche </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs256\">verso altre <span class=\"_ _2\"></span>categorie di attivit\u00e0 <span class=\"_ _2\"></span>finanzi<span class=\"_ _1\"></span>arie salvo <span class=\"_ _2\"></span>il caso in <span class=\"_ _2\"></span>cui l\u2019entit\u00e0 <span class=\"_ _2\"></span>modifichi il proprio modello di <span class=\"_ _2\"></span>business </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs257\">per la g<span class=\"_ _1\"></span>estione delle <span class=\"_ _1\"></span>attivit\u00e0 finanziarie  <span class=\"_ _1\"></span>a seguito di<span class=\"_ _1\"></span> cambiamenti esterni o <span class=\"_ _1\"></span>intern<span class=\"_ _2\"></span>i i <span class=\"_ _f\"></span>quali siano rilevanti pe<span class=\"_ _1\"></span>r le<span class=\"_ _df\"> </span> </div>operazioni <span class=\"_ _4\"> </span>dell'entit\u00e0 <span class=\"_ _17\"> </span>e <span class=\"_ _4\"> </span>dimostrabili <span class=\"_ _4\"> </span>alle <span class=\"_ _4\"> </span>part<span class=\"_ _2\"></span>i <span class=\"_ _4\"> </span>esterne. <span class=\"_ _4\"> </span>In <span class=\"_ _17\"> </span>tali <span class=\"_ _4\"> </span>casi, <span class=\"_ _4\"> </span>che <span class=\"_ _17\"> </span>ci <span class=\"_ _4\"> </span>si <span class=\"_ _4\"> </span>attende <span class=\"_ _4\"> </span>s<span class=\"_ _2\"></span>iano <span class=\"_ _4\"> </span>altamente<span class=\"_ _df\"> </span> infrequenti, <span class=\"_ _9\"> </span>le <span class=\"_ _9\"> </span>att<span class=\"_ _2\"></span>ivit\u00e0 <span class=\"_ _9\"> </span>finanziarie <span class=\"_ _9\"> </span>potranno <span class=\"_ _16\"> </span>essere <span class=\"_ _9\"> </span>riclassificate <span class=\"_ _9\"> </span>dalla <span class=\"_ _16\"> </span>categoria <span class=\"_ _9\"> </span>valutata <span class=\"_ _9\"> </span>al <span class=\"_ _16\"> </span>fair <span class=\"_ _9\"> </span>value <span class=\"_ _9\"> </span>con<span class=\"_ _df\"> </span> impatt<span class=\"ff5\">o <span class=\"_ _2\"></span>a conto <span class=\"_ _2\"></span>economico in <span class=\"_ _2\"></span>una delle <span class=\"_ _2\"></span>altre <span class=\"_ _2\"></span>due categorie <span class=\"_ _2\"></span>previste dall\u2019IFRS 9 <span class=\"_ _2\"></span>(Attivit\u00e0 <span class=\"_ _2\"></span>finanziarie valutate<span class=\"_ _df\"> </span></span><span class=\"ff5\"> </span>al costo ammortizzato <span class=\"_ _1\"></span>o Attiv<span class=\"_ _1\"></span>it\u00e0 finan<span class=\"_ _1\"></span>ziarie valutate al <span class=\"_ _1\"></span>fair value <span class=\"_ _1\"></span>con impatto sul<span class=\"_ _1\"></span>la redditivi<span class=\"_ _1\"></span>t\u00e0 complessiva). Il<span class=\"_ _df\"> </span> valore <span class=\"_ _0\"></span>di <span class=\"_ _d\"></span>tr<span class=\"_ _2\"></span>asferimento <span class=\"_ _0\"></span>\u00e8 <span class=\"_ _d\"></span>rappresentat<span class=\"_ _2\"></span>o <span class=\"_ _0\"></span>dal <span class=\"_ _d\"></span>fair <span class=\"_ _0\"></span>value <span class=\"_ _0\"></span>al <span class=\"_ _0\"></span>momento <span class=\"_ _0\"></span>della <span class=\"_ _d\"></span>r<span class=\"_ _2\"></span>iclassificazione<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>e <span class=\"_ _0\"></span>gli <span class=\"_ _0\"></span>effetti <span class=\"_ _0\"></span>della<span class=\"_ _df\"> </span> riclassificazione <span class=\"_ _d\"></span>operano <span class=\"_ _0\"></span>in <span class=\"_ _d\"></span>ma<span class=\"_ _2\"></span>niera <span class=\"_ _d\"></span>prospettica <span class=\"_ _0\"></span>a <span class=\"_ _d\"></span>partire <span class=\"_ _0\"></span>dalla <span class=\"_ _0\"></span>data <span class=\"_ _d\"></span>di <span class=\"_ _0\"></span>riclassificazione. <span class=\"_ _d\"></span>In <span class=\"_ _0\"></span>questo <span class=\"_ _0\"></span>caso, <span class=\"_ _d\"></span>il<span class=\"_ _df\"> </span> tasso <span class=\"_ _d\"></span>di <span class=\"_ _2\"></span>interesse <span class=\"_ _d\"></span>effettivo <span class=\"_ _d\"></span>dell\u2019attivit\u00e0 <span class=\"_ _d\"></span>finanziaria <span class=\"_ _2\"></span>riclassificata <span class=\"_ _d\"></span>\u00e8<span class=\"ff4\"> <span class=\"_ _d\"></span>determinato <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>base <span class=\"_ _2\"></span>al <span class=\"_ _d\"></span>suo <span class=\"_ _d\"></span>fair <span class=\"_ _d\"></span>value <span class=\"_ _2\"></span>alla<span class=\"_ _df\"> </span></span><span class=\"ff4\"> </span>data <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>iclassificazione <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>tale <span class=\"_ _d\"></span>data <span class=\"_ _2\"></span>viene <span class=\"_ _2\"></span>consi<span class=\"_ _2\"></span>derata <span class=\"_ _2\"></span>come <span class=\"_ _2\"></span>data <span class=\"_ _d\"></span>di <span class=\"_ _2\"></span>rilevazione <span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>niziale <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>l\u2019allocazione <span class=\"_ _d\"></span>nei<span class=\"_ _df\"> </span> diversi stadi di rischio creditizio (stage assignment) ai fini <span class=\"_ _12\"></span><span class=\"ff5\">dell\u2019impairment.<span class=\"_ _df\"> </span></span><span class=\"ff5\"><span class=\"ff4\"> </span></span>Criter<span class=\"_ _1\"></span>i di <span class=\"_ _1\"></span>valuta<span class=\"_ _1\"></span>zione<span class=\"_ _df\"> </span><span class=\"_ _f\"></span> Successivamente <span class=\"_ _0\"></span>alla <span class=\"_ _9\"> </span>rilevazione <span class=\"_ _9\"> </span>iniziale, <span class=\"_ _0\"></span>le <span class=\"_ _9\"> </span>attivit\u00e0 <span class=\"_ _9\"> </span>finanziarie <span class=\"_ _0\"></span>valutate <span class=\"_ _9\"> </span>al <span class=\"_ _9\"> </span>fair <span class=\"_ _9\"> </span>value <span class=\"_ _0\"></span>con <span class=\"_ _9\"> </span>impatto <span class=\"_ _9\"> </span>a <span class=\"_ _9\"> </span>conto<span class=\"_ _df\"> </span><span class=\"_ _1\"></span> economico <span class=\"_ _16\"> </span>sono <span class=\"_ _16\"> </span>valorizzate <span class=\"_ _9\"> </span>al  fair <span class=\"_ _16\"> </span>value. <span class=\"_ _9\"> </span>Gli  effetti <span class=\"_ _9\"> </span>dell\u2019applicazione  d<span class=\"_ _1\"></span>i <span class=\"_ _16\"> </span>tale  criterio <span class=\"_ _9\"> </span>di  v<span class=\"_ _1\"></span>alutazione <span class=\"_ _16\"> </span>sono<span class=\"_ _df\"> </span> imputati nel Conto Economico.<span class=\"_ _df\"> </span> Per<span class=\"ls0\"> la <span class=\"_ _f\"></span>d<span class=\"_ _2\"></span>eterminazione <span class=\"_ _1\"></span>del <span class=\"_ _1\"></span>fair value <span class=\"_ _f\"></span>d<span class=\"_ _2\"></span>egli <span class=\"_ _f\"></span>s<span class=\"_ _2\"></span>trumenti <span class=\"_ _1\"></span>finanziari <span class=\"_ _1\"></span>quotat<span class=\"_ _2\"></span>i <span class=\"_ _f\"></span>in un <span class=\"_ _1\"></span>mercato attivo, <span class=\"_ _f\"></span>vengono utilizzate<span class=\"_ _df\"> </span></span><span class=\"ls0\"> </span>quotazioni di<span class=\"_ _1\"></span> mercato. I<span class=\"_ _1\"></span>n assenza <span class=\"_ _1\"></span>di u<span class=\"_ _1\"></span>n mercato a<span class=\"_ _f\"></span>t<span class=\"_ _2\"></span>tivo, <span class=\"_ _f\"></span>vengono utilizzati <span class=\"_ _f\"></span>met<span class=\"_ _2\"></span>odi d<span class=\"_ _1\"></span>i stima e<span class=\"_ _1\"></span> modelli <span class=\"_ _f\"></span>valutativi<span class=\"_ _df\"> </span> comunemente <span class=\"_ _f\"></span>adott<span class=\"_ _2\"></span>ati, <span class=\"_ _f\"></span>che <span class=\"_ _1\"></span>tengono conto <span class=\"_ _f\"></span>di tutti <span class=\"_ _f\"></span>i <span class=\"_ _1\"></span>fattori <span class=\"_ _1\"></span>di <span class=\"_ _f\"></span>rischio <span class=\"_ _1\"></span>correlati <span class=\"_ _1\"></span>agli <span class=\"_ _f\"></span>st<span class=\"_ _2\"></span>rumenti <span class=\"_ _f\"></span>e <span class=\"_ _1\"></span>che <span class=\"_ _1\"></span>sono b<span class=\"_ _1\"></span>asati<span class=\"_ _df\"> </span> su d<span class=\"_ _1\"></span>ati rilev<span class=\"_ _1\"></span>abili sul <span class=\"_ _f\"></span>mercat<span class=\"_ _2\"></span>o q<span class=\"_ _1\"></span>uali: v<span class=\"_ _1\"></span>alutazione di <span class=\"_ _f\"></span>st<span class=\"_ _2\"></span>rumenti <span class=\"_ _f\"></span>quotati che <span class=\"_ _1\"></span>presentano analoghe <span class=\"_ _f\"></span>cara<span class=\"_ _2\"></span>tteristiche,<span class=\"_ _df\"> </span> calcoli <span class=\"_ _d\"></span>di <span class=\"_ _0\"></span>flussi <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>cassa <span class=\"_ _d\"></span>scontati, <span class=\"_ _0\"></span>modelli <span class=\"_ _d\"></span>di <span class=\"_ _0\"></span>determinazione <span class=\"_ _0\"></span>del <span class=\"_ _0\"></span>prezzo <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>opzioni, <span class=\"_ _d\"></span>valori <span class=\"_ _0\"></span>rilevati <span class=\"_ _0\"></span>in <span class=\"_ _d\"></span>recenti<span class=\"_ _df\"> </span> transazioni comparabili, ecc. <span class=\"_ _2\"></span>Per i <span class=\"_ _2\"></span>titoli di capitale <span class=\"_ _2\"></span>e per gli <span class=\"_ _2\"></span>strumenti derivati ch<span class=\"_ _2\"></span>e hanno per <span class=\"_ _2\"></span>oggetto titoli di<span class=\"_ _df\"> </span> capitale, non <span class=\"_ _2\"></span>quotati <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>un mercato <span class=\"_ _2\"></span>attivo, <span class=\"_ _2\"></span>il criterio <span class=\"_ _2\"></span>del cost<span class=\"_ _2\"></span>o \u00e8 <span class=\"_ _2\"></span>utilizzato quale <span class=\"_ _2\"></span>stima <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>el <span class=\"_ _2\"></span>fair value <span class=\"_ _2\"></span>soltanto<span class=\"_ _df\"> </span> in <span class=\"_ _d\"></span>via <span class=\"_ _d\"></span>r<span class=\"_ _2\"></span>esiduale <span class=\"_ _d\"></span>e <span class=\"_ _0\"></span>limitatamente <span class=\"_ _0\"></span>a <span class=\"_ _0\"></span>poche <span class=\"_ _d\"></span>circostanze, <span class=\"_ _0\"></span>ossia <span class=\"_ _0\"></span>in <span class=\"_ _d\"></span>caso <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>non <span class=\"_ _d\"></span>applicabilit\u00e0 <span class=\"_ _0\"></span>di <span class=\"_ _d\"></span>t<span class=\"_ _2\"></span>utti <span class=\"_ _d\"></span>i <span class=\"_ _0\"></span>metodi <span class=\"_ _d\"></span>di<span class=\"_ _df\"> </span> valutazione precedentemente richiamati, o<span class=\"_ _2\"></span>vve<span class=\"_ _1\"></span>ro <span class=\"_ _2\"></span>in presenza di <span class=\"_ _2\"></span>un\u2019ampia gamma di <span class=\"_ _2\"></span>possibili valutazioni del<span class=\"_ _df\"> </span> fair <span class=\"_ _f\"></span>value, <span class=\"_ _f\"></span>nel <span class=\"_ _f\"></span>cui <span class=\"_ _1\"></span>ambito <span class=\"_ _f\"></span>il <span class=\"_ _f\"></span>cost<span class=\"_ _2\"></span>o <span class=\"_ _f\"></span>rappresenta <span class=\"_ _f\"></span>la <span class=\"_ _f\"></span>stima p<span class=\"_ _1\"></span>i\u00f9 <span class=\"_ _f\"></span>significativa; <span class=\"_ _f\"></span>per <span class=\"_ _f\"></span>maggiori <span class=\"_ _f\"></span>dettagli <span class=\"_ _f\"></span>riguardo <span class=\"_ _1\"></span>il <span class=\"_ _f\"></span>calcolo<span class=\"_ _df\"> </span> del fair value si rimanda al paragrafo \u201cModalit\u00e0 di determinazione de<span class=\"_ _1\"></span>l fair value delle attivit\u00e0 e passivit\u00e0\u201d.<span class=\"_ _df\"> </span><span class=\"_ _2\"></span><span class=\"ff4\"> </span>Criter<span class=\"_ _1\"></span>i di <span class=\"_ _1\"></span>cancell<span class=\"_ _1\"></span>azion<span class=\"_ _f\"></span>e<span class=\"_ _df\"> </span> Le attivit\u00e0 finanziarie vengono cancell<span class=\"_ _1\"></span>ate dal bilancio solamente se la cessione ha comportato il sostanziale<span class=\"_ _df\"> </span><span class=\"_ _f\"></span> trasferimento di tutti i rischi e benefici connessi alle attivit\u00e0 stesse. Per contr<span class=\"_ _2\"></span>o, qualora sia stata mantenuta<span class=\"_ _df\"> </span> una <span class=\"_ _2\"></span>quota <span class=\"_ _d\"></span>parte <span class=\"_ _d\"></span>rilevante <span class=\"_ _2\"></span>dei <span class=\"_ _d\"></span>rischi <span class=\"_ _d\"></span>e <span class=\"_ _d\"></span>benefici <span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>elativi <span class=\"_ _2\"></span>al<span class=\"_ _2\"></span>le <span class=\"_ _2\"></span>att<span class=\"_ _2\"></span>ivit\u00e0 <span class=\"_ _2\"></span>finanziarie <span class=\"_ _2\"></span>ce<span class=\"_ _2\"></span>dute, <span class=\"_ _2\"></span>queste <span class=\"_ _d\"></span>continuano <span class=\"_ _d\"></span>ad<span class=\"_ _df\"> </span> essere iscritte <span class=\"_ _2\"></span>in bilancio, ancorch\u00e9 gi<span class=\"_ _2\"></span>uridicamente la titolarit\u00e0 <span class=\"_ _2\"></span>delle attivit\u00e0 <span class=\"_ _2\"></span>stesse sia <span class=\"_ _2\"></span>stata effettivamente<span class=\"_ _df\"> </span> trasferita.<span class=\"_ _df\"> </span> Nel  caso  in  cu<span class=\"_ _1\"></span>i  non  sia  possibile  accertare  il  sostanziale  trasferimento  dei  rischi  e  benefici,  le  attivit\u00e0<span class=\"_ _df\"> </span> finanziarie <span class=\"_ _0\"></span>vengono <span class=\"_ _9\"> </span>cancellate <span class=\"_ _9\"> </span>dal <span class=\"_ _9\"> </span>bilancio <span class=\"_ _0\"> </span>q<span class=\"_ _2\"></span>ualora <span class=\"_ _0\"></span>non <span class=\"_ _9\"> </span>sia <span class=\"_ _9\"> </span>st<span class=\"_ _2\"></span>ato <span class=\"_ _0\"></span>mantenuto <span class=\"_ _9\"> </span>alcun <span class=\"_ _0\"></span>t<span class=\"_ _2\"></span>ipo <span class=\"_ _0\"></span>di <span class=\"_ _9\"> </span>controllo <span class=\"_ _9\"> </span>sulle<span class=\"_ _df\"> </span> stesse. <span class=\"_ _d\"></span>In <span class=\"_ _0\"></span>caso <span class=\"_ _d\"></span>contrario, <span class=\"_ _d\"></span>la <span class=\"_ _0\"></span>conservazione, <span class=\"_ _d\"></span>anche <span class=\"_ _d\"></span>in <span class=\"_ _0\"></span>parte, <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>tale <span class=\"_ _0\"></span>controllo <span class=\"_ _d\"></span>comporta <span class=\"_ _0\"></span>il <span class=\"_ _d\"></span>mantenimento <span class=\"_ _d\"></span>in<span class=\"_ _df\"> </span> bil<span class=\"ff5\">ancio <span class=\"_ _2\"></span>delle <span class=\"_ _2\"></span>attivit\u00e0 <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>misura <span class=\"_ _2\"></span>pari <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>coinvolgimento <span class=\"_ _d\"></span>residuo, <span class=\"_ _2\"></span>misurato <span class=\"_ _2\"></span>dall\u2019esposizione a<span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>cambiamenti <span class=\"_ _2\"></span>di<span class=\"_ _df\"> </span></span><span class=\"ff5\"> </span>valore delle attivit\u00e0 cedute ed alle variazioni dei flu<span class=\"_ _1\"></span>ssi finanziari delle<span class=\"_ _2\"></span> stesse.<span class=\"_ _df\"> </span> Infine, le attivit\u00e0 finanziarie cedute vengono cancellate dal bilancio nel caso in cui vi sia la conservazione dei<span class=\"_ _df\"> </span> diritti <span class=\"_ _9\"> </span>contrattuali <span class=\"_ _0\"></span>a <span class=\"_ _9\"> </span>r<span class=\"_ _2\"></span>icev<span class=\"_ _1\"></span>ere <span class=\"_ _0\"></span>i <span class=\"_ _9\"> </span>r<span class=\"_ _2\"></span>elativi <span class=\"_ _0\"></span>flussi <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>cassa, <span class=\"_ _9\"> </span>con <span class=\"_ _9\"> </span>la <span class=\"_ _0\"></span>co<span class=\"_ _2\"></span>ntestuale <span class=\"_ _0\"></span>ass<span class=\"_ _2\"></span>unzione<span class=\"_ _1\"></span> <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>un\u2019obbligazione <span class=\"_ _0\"></span>a<span class=\"_ _df\"> </span> pagare detti flussi, e solo essi, senz<span class=\"_ _1\"></span>a un ritardo rilevante ad altri soggetti terzi.<span class=\"_ _df\"> </span><span class=\"_ _2\"></span> Criter<span class=\"_ _1\"></span>i di <span class=\"_ _1\"></span>rileva<span class=\"_ _f\"></span>zione dell<span class=\"_ _1\"></span>e com<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>nenti r<span class=\"_ _1\"></span>eddit<span class=\"_ _1\"></span>uali<span class=\"_ _df\"> </span><span class=\"_ _1\"></span> Gli <span class=\"_ _0\"></span>interessi <span class=\"_ _9\"> </span>attivi <span class=\"_ _9\"> </span>sui <span class=\"_ _0\"></span>t<span class=\"_ _2\"></span>itoli <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>debito <span class=\"_ _9\"> </span>ed <span class=\"_ _0\"></span>i <span class=\"_ _9\"> </span>differenziali <span class=\"_ _9\"> </span>ed <span class=\"_ _0\"></span>i <span class=\"_ _9\"> </span>margini <span class=\"_ _0\"> </span>dei <span class=\"_ _9\"> </span>contr<span class=\"_ _2\"></span>atti <span class=\"_ _0\"></span>derivati <span class=\"_ _9\"> </span>classificati <span class=\"_ _0\"></span>in <span class=\"_ _9\"> </span>tale<span class=\"_ _df\"> </span> categoria, ma <span class=\"_ _f\"></span>gestionalmente c<span class=\"_ _f\"></span>ollegati ad <span class=\"_ _f\"></span>at<span class=\"_ _2\"></span>tivit\u00e0 <span class=\"_ _f\"></span>o passivit\u00e0 <span class=\"_ _f\"></span>finanziarie v<span class=\"_ _1\"></span>alutate al <span class=\"_ _f\"></span>fair value sono <span class=\"_ _f\"></span>iscritti per<span class=\"_ _df\"> </span><span class=\"_ _1\"></span> competenza nelle voci di conto economico relativ<span class=\"_ _1\"></span>i agli interessi. <span class=\"_ _2\"></span> I d<span class=\"_ _1\"></span>ifferenziali e<span class=\"_ _1\"></span> i <span class=\"_ _f\"></span>margini degli <span class=\"_ _f\"></span>altri contratti veng<span class=\"_ _1\"></span>ono rilev<span class=\"_ _1\"></span>ati nel<span class=\"_ _1\"></span> \u201cRisultato <span class=\"_ _f\"></span>netto dell\u2019attivi<span class=\"_ _1\"></span>t\u00e0 di <span class=\"_ _f\"></span>negoziazione\u201d.<span class=\"_ _df\"> </span><span class=\"_ _2\"></span><span class=\"ff4\"> </span>I <span class=\"_ _4\"> </span>dividendi <span class=\"_ _4\"> </span>s<span class=\"_ _2\"></span>ono <span class=\"_ _4\"> </span>rilevati <span class=\"_ _4\"> </span>p<span class=\"_ _2\"></span>er <span class=\"_ _4\"> </span>competenza <span class=\"_ _17\"> </span>economica <span class=\"_ _17\"> </span>riferita <span class=\"_ _17\"> </span>alla <span class=\"_ _17\"> </span>data <span class=\"_ _4\"> </span>di <span class=\"_ _17\"> </span>assunzione <span class=\"_ _4\"> </span>della <span class=\"_ _17\"> </span>delibera <span class=\"_ _4\"> </span>di<span class=\"_ _df\"> </span> distribuzione da parte dell\u2019<span class=\"_ _1\"></span>assemblea e sono esposti nella voce \u201cDividendi e proventi simili\u201d.<span class=\"_ _df\"> </span><span class=\"_ _2\"></span><span class=\"ff4\"> </span>Gli utili <span class=\"_ _f\"></span>e le perdite <span class=\"_ _1\"></span>realizzati dalla ce<span class=\"_ _1\"></span>ssione o rimb<span class=\"_ _1\"></span>orso o le<span class=\"_ _1\"></span> plus/minusvalenz<span class=\"_ _1\"></span>e derivanti dalle <span class=\"_ _f\"></span>variazio<span class=\"_ _2\"></span>ni di fair<span class=\"_ _df\"> </span> value  sono <span class=\"_ _4\"> </span>iscritti  nel  conto <span class=\"_ _4\"> </span>economico  del  periodo  nel <span class=\"_ _4\"> </span>quale  si  manifestano <span class=\"_ _4\"> </span>e  classificati  nella <span class=\"_ _22\"> </span>voce<span class=\"_ _df\"> </span> \u201cRisultato <span class=\"_ _4\"> </span>netto <span class=\"_ _4\"> </span>delle <span class=\"_ _4\"> </span>attivit\u00e0 <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>negoziazione\u201d, <span class=\"_ _4\"> </span>ad <span class=\"_ _17\"> </span>eccezione <span class=\"_ _4\"> </span>della <span class=\"_ _4\"> </span>quota <span class=\"_ _4\"> </span>r<span class=\"_ _2\"></span>elativa <span class=\"_ _4\"> </span>ai <span class=\"_ _4\"> </span>contratti <span class=\"_ _4\"> </span>derivati<span class=\"_ _df\"> </span> gestionalmente colleg<span class=\"_ _1\"></span>ati ad attivit\u00e0 <span class=\"ff5\">o passivit\u00e0 valutate al fair valu<span class=\"_ _f\"></span>e r<span class=\"_ _2\"></span>ilev<span class=\"_ _1\"></span>ata nel \u201cRisultato netto del<span class=\"_ _1\"></span>le attivit\u00e0<span class=\"_ _df\"> </span></span><span class=\"ff5\"> </span>e passivit\u00e0 finanziarie valutate al fair value\u201d<span class=\"ff4\">.<span class=\"_ _df\"> </span></span>L\u2019iscrizione iniziale <span class=\"_ _2\"></span>delle att<span class=\"_ _2\"></span>ivit\u00e0 finanziarie avviene <span class=\"_ _2\"></span>alla data <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>regolame<span class=\"_ _1\"></span>nto <span class=\"_ _2\"></span>per i <span class=\"_ _2\"></span>titoli <span class=\"_ _2\"></span>di debito <span class=\"_ _2\"></span>ed alla <span class=\"_ _2\"></span>data<span class=\"_ _df\"> </span>di erogazione per i <span class=\"_ _2\"></span>finanziamenti. All\u2019atto della rilevazione iniziale le at<span class=\"_ _2\"></span>tivit\u00e0 sono contabilizzate al fair value,<span class=\"_ _df\"> </span>comprensivo dei costi o proventi di transazione direttamente attri<span class=\"_ _1\"></span>buibili allo strumento<span class=\"_ _2\"></span> <span class=\"_ _13\"></span>stesso.<span class=\"_ _df\"> </span>Criter<span class=\"_ _1\"></span>i di <span class=\"_ _f\"></span>classifica<span class=\"_ _f\"></span>zione<span class=\"_ _df\"> </span>Sono incluse nella presente categoria le attivit\u00e0 finanziarie che<span class=\"_ _1\"></span> soddisfano entrambe le seguenti condizioni:<span class=\"_ _df\"> </span><span class=\"_ _2c\"> </span><span class=\"ff5\">l\u2019attivit\u00e0  finanziaria  \u00e8  possed<span class=\"ff4\">uta  secondo  un  modello  di  business  il  cui  obiettivo  \u00e8  conseguito  sia<span class=\"_ _df\"> </span></span></span>mediante <span class=\"_ _0\"></span>l\u2019incasso <span class=\"_ _9\"> </span>dei <span class=\"_ _9\"> </span>flussi <span class=\"_ _9\"> </span>finanziari <span class=\"_ _9\"> </span>previsti <span class=\"_ _9\"> </span>contrattualmente <span class=\"_ _0\"></span>che <span class=\"_ _9\"> </span>mediante <span class=\"_ _9\"> </span>la <span class=\"_ _9\"> </span>vendita <span class=\"_ _9\"> </span>(Business<span class=\"_ _df\"> </span>model \u201cHold to Collect and Sell \u2013<span class=\"ff4\"> </span>\u201cHTCS\u201d\u201d), e<span class=\"_ _df\"> </span><span class=\"_ _2c\"> </span><span class=\"ff5\">i <span class=\"_ _19\"> </span>termini <span class=\"_ _19\"> </span>contr<span class=\"_ _2\"></span>attuali <span class=\"_ _19\"> </span>dell\u2019attivit\u00e0 <span class=\"_ _19\"> </span>fin<span class=\"ff4\">anziaria <span class=\"_ _19\"> </span>prevedono, <span class=\"_ _19\"> </span>a <span class=\"_ _19\"> </span>determinate <span class=\"_ _19\"> </span>date, <span class=\"_ _19\"> </span>f<span class=\"_ _2\"></span>lussi <span class=\"_ _19\"> </span>finanziari<span class=\"_ _df\"> </span></span></span>rappresentati <span class=\"_ _4\"> </span>unicamente <span class=\"_ _4\"> </span>da <span class=\"_ _4\"> </span>pagamenti <span class=\"_ _4\"> </span>del<span class=\"_ _1\"></span> <span class=\"_ _4\"> </span>capitale <span class=\"_ _4\"> </span>e <span class=\"_ _4\"> </span>dell\u2019interesse <span class=\"_ _4\"> </span>s<span class=\"_ _2\"></span>ull\u2019<span class=\"_ _1\"></span>importo <span class=\"_ _4\"> </span>del <span class=\"_ _4\"> </span>capitale <span class=\"_ _4\"> </span>da<span class=\"_ _df\"> </span>restituire (cd. \u201cSPPI test\u201d superato).<span class=\"_ _df\"> </span>In particolare, vengono inclusi in questa voce:<span class=\"_ _df\"> </span><span class=\"_ _2c\"> </span><span class=\"ff4\">i <span class=\"_ _16\"> </span>titoli <span class=\"_ _9\"> </span>di <span class=\"_ _16\"> </span>debito <span class=\"_ _16\"> </span>che <span class=\"_ _9\"> </span>sono <span class=\"_ _16\"> </span>riconducibili <span class=\"_ _9\"> </span>ad <span class=\"_ _9\"> </span>un  business <span class=\"_ _9\"> </span>model <span class=\"_ _16\"> </span>Hold <span class=\"_ _9\"> </span>to  Colle<span class=\"_ _1\"></span>ct <span class=\"_ _16\"> </span>and <span class=\"_ _9\"> </span>Sell <span class=\"_ _9\"> </span>e  che <span class=\"_ _9\"> </span>hanno<span class=\"_ _df\"> </span></span>superato il test SPPI;<span class=\"_ _df\"> </span><span class=\"_ _2c\"> </span><span class=\"ff4\">i  finanziame<span class=\"_ _1\"></span>nti  che <span class=\"_ _9\"> </span>s<span class=\"_ _2\"></span>ono <span class=\"_ _16\"> </span>riconducibili <span class=\"_ _16\"> </span>ad <span class=\"_ _16\"> </span>un  b<span class=\"_ _1\"></span>usiness  mode<span class=\"_ _1\"></span>l <span class=\"_ _16\"> </span>Hold  to<span class=\"_ _1\"></span>  Collect <span class=\"_ _9\"> </span>and  Sell <span class=\"_ _16\"> </span>e  ch<span class=\"_ _1\"></span>e <span class=\"_ _16\"> </span>hanno<span class=\"_ _df\"> </span></span>superato il test SPPI.<span class=\"_ _df\"> </span>Riclas<span class=\"_ _f\"></span>sifiche<span class=\"_ _df\"> </span>Secondo <span class=\"_ _0\"></span>le <span class=\"_ _9\"> </span>r<span class=\"ff5\">egole <span class=\"_ _0\"></span>generali <span class=\"_ _9\"> </span>previste <span class=\"_ _9\"> </span>dall\u2019IFRS <span class=\"_ _0\"></span>9 <span class=\"_ _9\"> </span>in <span class=\"_ _0\"></span>mat<span class=\"_ _2\"></span>eria <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>riclassificazione <span class=\"_ _0\"></span>delle <span class=\"_ _9\"> </span>attivit\u00e0 <span class=\"_ _9\"> </span>finanziarie <span class=\"_ _0\"></span>(ad<span class=\"_ _df\"> </span></span>eccezione dei <span class=\"_ _2\"></span>titoli <span class=\"_ _2\"></span>di capitale, <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>cui <span class=\"_ _2\"></span>non \u00e8 <span class=\"_ _2\"></span>ammessa <span class=\"_ _2\"></span>alcuna r<span class=\"_ _2\"></span>iclassifica), non <span class=\"_ _2\"></span>sono <span class=\"_ _2\"></span>ammesse <span class=\"_ _2\"></span>riclassifiche<span class=\"_ _df\"> </span>verso <span class=\"_ _2\"></span>altre categorie <span class=\"_ _2\"></span>di attivit\u00e0 <span class=\"_ _2\"></span>finanziarie <span class=\"ls2\">sa</span>lvo <span class=\"ls1a\">il</span> <span class=\"_ _2\"></span>caso <span class=\"_ _2\"></span><span class=\"ls1a\">in</span> cui <span class=\"ff5\">l\u2019entit\u00e0</span> <span class=\"_ _2\"></span>modifichi <span class=\"ls1a\">il</span> proprio <span class=\"_ _2\"></span>modell<span class=\"_ _1\"></span>o <span class=\"_ _2\"></span><span class=\"ls39\">di</span> business<span class=\"_ _df\"> </span>per<span class=\"ls0\"> <span class=\"ls1a\">la</span> gestione delle<span class=\"_ _1\"></span> attivit\u00e0 finanziarie a seguito di cambiamenti esterni o interni i quali siano rilevanti per le<span class=\"_ _df\"> </span></span>operazioni dell'entit\u00e0 e dimostrabil<span class=\"_ _1\"></span>i alle parti esterne<span class=\"_ _2\"></span>.<span class=\"_ _df\"> </span>In tali casi, che ci si attende siano altamente infrequenti, le attivit<span class=\"_ _2\"></span>\u00e0 finanziarie p<span class=\"_ _1\"></span>otranno essere riclassificate<span class=\"_ _df\"> </span>dalla categoria <span class=\"_ _1\"></span>valutata al fair<span class=\"_ _1\"></span> value <span class=\"_ _1\"></span>con impatto sul<span class=\"_ _1\"></span>la redditiv<span class=\"_ _1\"></span>it\u00e0 complessiva in <span class=\"_ _f\"></span>una delle altre du<span class=\"_ _1\"></span>e categorie<span class=\"_ _df\"> </span>previste <span class=\"_ _2\"></span>dall\u2019IFRS <span class=\"_ _d\"></span>9 <span class=\"_ _d\"></span>(Attivit\u00e0 <span class=\"_ _2\"></span>finanzi<span class=\"ff4\">arie <span class=\"_ _d\"></span>valutate <span class=\"_ _2\"></span>al <span class=\"_ _d\"></span>costo <span class=\"_ _d\"></span>ammortizzato <span class=\"_ _2\"></span>o <span class=\"_ _d\"></span>Attivit\u00e0 <span class=\"_ _2\"></span>finanziarie <span class=\"_ _2\"></span>valut<span class=\"_ _2\"></span>ate <span class=\"_ _2\"></span>al <span class=\"_ _d\"></span>fair<span class=\"_ _df\"> </span></span>value con <span class=\"_ _2\"></span>impatto <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>conto economico). <span class=\"_ _2\"></span>Il va<span class=\"_ _2\"></span>lore di <span class=\"_ _2\"></span>trasferimento <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _2\"></span>rappresentato dal <span class=\"_ _2\"></span>fair <span class=\"_ _2\"></span>value al <span class=\"_ _2\"></span>momento<span class=\"_ _df\"> </span>della ricl<span class=\"_ _1\"></span>assificazione e g<span class=\"_ _1\"></span>li effetti del<span class=\"_ _1\"></span>la riclassificazione<span class=\"_ _1\"></span> operano in maniera prospettica a <span class=\"_ _f\"></span>partire dalla d<span class=\"_ _1\"></span>ata di<span class=\"_ _df\"> </span>riclassificazione. <span class=\"_ _d\"></span>Nel <span class=\"_ _d\"></span>caso <span class=\"_ _0\"></span>di <span class=\"_ _d\"></span>riclassifica <span class=\"_ _d\"></span>dalla <span class=\"_ _0\"></span>categoria <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>oggetto <span class=\"_ _d\"></span>a <span class=\"_ _0\"></span>quella <span class=\"_ _d\"></span>del <span class=\"_ _d\"></span>costo <span class=\"_ _0\"></span>ammortizzato, <span class=\"_ _d\"></span>l\u2019utile<span class=\"_ _df\"> </span>(perdita) <span class=\"_ _4\"> </span>cumulato <span class=\"_ _4\"> </span>rilevato <span class=\"_ _22\"> </span>nella <span class=\"_ _4\"> </span>riserva <span class=\"_ _4\"> </span>da <span class=\"_ _4\"> </span>valutazione <span class=\"_ _4\"> </span>\u00e8 <span class=\"_ _4\"> </span>portato <span class=\"_ _4\"> </span>a <span class=\"_ _4\"> </span>rettifica <span class=\"_ _4\"> </span>del  fair <span class=\"_ _4\"> </span>value <span class=\"_ _4\"> </span>dell\u2019a<span class=\"_ _2\"></span><span class=\"ff4\">t<span class=\"_ _2\"></span>tivit\u00e0<span class=\"_ _df\"> </span></span>finanziaria <span class=\"_ _d\"></span>alla <span class=\"_ _d\"></span>data <span class=\"_ _0\"></span>della <span class=\"_ _d\"></span>riclassificazione. <span class=\"_ _d\"></span>Nel <span class=\"_ _0\"></span>caso <span class=\"_ _d\"></span>invece <span class=\"_ _d\"></span>di <span class=\"_ _0\"></span>riclassifica <span class=\"_ _d\"></span>nella <span class=\"_ _d\"></span>categoria <span class=\"_ _0\"></span>del <span class=\"_ _d\"></span>fair <span class=\"_ _0\"></span>value <span class=\"_ _d\"></span>con<span class=\"_ _df\"> </span>impatto a conto economico, l'utile (perdita) cumulato rilevato precedentemente nella riserva da valutazione<span class=\"_ _df\"> </span>\u00e8 riclassificato dal patrimonio netto all'utile (pe<span class=\"_ _1\"></span>rdita) d'esercizio.<span class=\"_ _df\"> </span>Criter<span class=\"_ _1\"></span>i di <span class=\"_ _1\"></span>valuta<span class=\"_ _1\"></span>zione<span class=\"_ _df\"> </span>Successivamente <span class=\"_ _0\"></span>alla <span class=\"_ _9\"> </span>rilevazione <span class=\"_ _9\"> </span>iniziale, <span class=\"_ _0\"></span>le <span class=\"_ _9\"> </span>Attivit\u00e0 <span class=\"_ _9\"> </span>classificate <span class=\"_ _9\"> </span>al <span class=\"_ _9\"> </span>fair <span class=\"_ _9\"> </span>value <span class=\"_ _0\"></span>con <span class=\"_ _9\"> </span>impatto <span class=\"_ _0\"></span>s<span class=\"_ _2\"></span>ulla <span class=\"_ _0\"></span>redditivit\u00e0<span class=\"_ _df\"> </span>complessiva  so<span class=\"_ _2\"></span>no  valutate <span class=\"_ _4\"> </span>al <span class=\"_ _22\"> </span>f<span class=\"_ _2\"></span>air <span class=\"_ _22\"> </span>value, <span class=\"_ _4\"> </span>con <span class=\"_ _22\"> </span>la <span class=\"_ _4\"> </span>rilevazione  a <span class=\"_ _4\"> </span>Cont<span class=\"_ _2\"></span>o <span class=\"_ _22\"> </span>Economi<span class=\"_ _2\"></span>co <span class=\"_ _4\"> </span>degli  impatti <span class=\"_ _4\"> </span>derivanti<span class=\"_ _df\"> </span>dall\u2019applicazione  del  costo  ammort<span class=\"_ _2\"></span>izzato,  deg<span class=\"_ _1\"></span>li  effetti  dell\u2019im<span class=\"_ _2\"></span>pairment  e  dell\u2019eventuale  effetto  cambio,<span class=\"_ _df\"> </span>mentre gli altri utili o perdite derivanti da una variazione di fair value vengono rilevati in una specif<span class=\"_ _2\"></span>ica riserva<span class=\"_ _df\"> </span>di patr<span class=\"_ _2\"></span><span class=\"ff5\">imonio netto <span class=\"_ _2\"></span>finch\u00e9 l\u2019att<span class=\"_ _2\"></span>ivit\u00e0 finanziaria <span class=\"_ _2\"></span>non viene <span class=\"_ _2\"></span>cancellata. <span class=\"_ _2\"></span>Al mo<span class=\"_ _2\"></span>mento della dismissione, <span class=\"_ _2\"></span>totale <span class=\"_ _2\"></span>o<span class=\"_ _df\"> </span></span>parziale, l\u2019u<span class=\"_ _1\"></span>tile o la perdi<span class=\"_ _1\"></span>ta cumulati nella <span class=\"_ _f\"></span>r<span class=\"_ _2\"></span>iserva da <span class=\"_ _1\"></span>valutazione vengono riv<span class=\"_ _1\"></span>ersati, in tutto o <span class=\"_ _1\"></span>in parte, <span class=\"_ _f\"></span>a Conto<span class=\"_ _df\"> </span>Economico.<span class=\"_ _df\"> </span>Il fair value viene determinato sulla base dei criteri gi\u00e0 illustrati pe<span class=\"_ _1\"></span>r le Attivit\u00e0 finanziarie valutate al fair value<span class=\"_ _df\"> </span>con impatto a conto economico.<span class=\"_ _df\"> </span>Le Attivit\u00e0 fi<span class=\"_ _1\"></span>nanziarie valutate al fai<span class=\"_ _1\"></span>r value con <span class=\"_ _f\"></span>im<span class=\"_ _2\"></span>patto sulla redd<span class=\"_ _1\"></span>itivit\u00e0 complessiva <span class=\"ff5\">\u2013</span> sia sotto forma <span class=\"_ _1\"></span>di titoli<span class=\"_ _df\"> </span>di  debito  che <span class=\"_ _4\"> </span>di  crediti  <span class=\"ff5\">\u2013</span> <span class=\"_ _4\"> </span><span class=\"ff5\">sono<span class=\"_ _f\"></span> <span class=\"_ _4\"> </span>soggette  alla  verifica  dell\u2019incremento <span class=\"_ _22\"> </span>significativo  del <span class=\"_ _22\"> </span>r<span class=\"_ _2\"></span>ischio  creditizio<span class=\"_ _df\"> </span></span>(impairment) prevista dall\u2019IFRS<span class=\"_ _1\"></span> 9, al pari delle Attivit\u00e0 al costo ammortizzato, con conseguente rilevazi<span class=\"_ _1\"></span>one a<span class=\"_ _df\"> </span>conto economico di una rettifica di valore a copertura delle perdite attese. Pi\u00f9 in particolare, sugl<span class=\"_ _1\"></span>i strumenti<span class=\"_ _df\"> </span>classificati in st<span class=\"_ _2\"></span>age 1 (ossia s<span class=\"_ _2\"></span>ulle attivit\u00e0 finanziarie al <span class=\"_ _2\"></span>momento dell\u2019origination, ove non d<span class=\"_ _2\"></span>eteriorate, e s<span class=\"_ _2\"></span>ugli<span class=\"_ _df\"> </span>strumenti <span class=\"_ _0\"></span>per <span class=\"_ _0\"></span>cui <span class=\"_ _d\"></span>non <span class=\"_ _0\"></span>s<span class=\"_ _2\"></span>i <span class=\"_ _d\"></span>\u00e8 <span class=\"_ _0\"></span>verificato <span class=\"_ _0\"></span>un <span class=\"_ _0\"></span>significativo <span class=\"_ _d\"></span>incremento <span class=\"_ _0\"></span>del <span class=\"_ _0\"></span>risch<span class=\"_ _2\"></span>io <span class=\"_ _0\"></span>creditizio <span class=\"_ _d\"></span>r<span class=\"_ _2\"></span>ispetto <span class=\"_ _d\"></span>alla <span class=\"_ _0\"></span>data <span class=\"_ _0\"></span>di<span class=\"_ _df\"> </span>rilevazione <span class=\"_ _f\"></span>iniziale) <span class=\"_ _1\"></span>viene <span class=\"_ _f\"></span>contabilizzata, alla <span class=\"_ _f\"></span>data <span class=\"_ _f\"></span>di rilev<span class=\"_ _1\"></span>azione <span class=\"_ _1\"></span>iniziale <span class=\"_ _f\"></span>e <span class=\"_ _1\"></span>ad <span class=\"_ _f\"></span>o<span class=\"_ _2\"></span>gni <span class=\"_ _f\"></span>data <span class=\"_ _1\"></span>di <span class=\"_ _f\"></span>report<span class=\"_ _2\"></span>ing <span class=\"_ _f\"></span>successiva,<span class=\"_ _df\"> </span>una perdita attesa ad un anno. Invece, per gli strumenti classificati in stage 2 (bonis per i quali si<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>\u00e8 verificato<span class=\"_ _df\"> </span>un <span class=\"_ _22\"> </span>incremento <span class=\"_ _4\"> </span>significativo  del <span class=\"_ _4\"> </span>rischio <span class=\"_ _4\"> </span>c<span class=\"_ _1\"></span>reditizio <span class=\"_ _22\"> </span>rispetto <span class=\"_ _4\"> </span>alla <span class=\"_ _22\"> </span>data <span class=\"_ _4\"> </span>di  rilevazione <span class=\"_ _22\"> </span>in<span class=\"_ _2\"></span>iziale)  e <span class=\"_ _4\"> </span>in  st<span class=\"_ _2\"></span>age  3<span class=\"_ _df\"> </span>(esposizioni <span class=\"_ _0\"></span>deteriorate) <span class=\"_ _9\"> </span>viene <span class=\"_ _9\"> </span>contabilizzata <span class=\"_ _0\"> </span>una <span class=\"_ _9\"> </span>perdita <span class=\"_ _9\"> </span>att<span class=\"_ _2\"></span>e<span class=\"_ _1\"></span>sa <span class=\"_ _9\"> </span>per <span class=\"_ _9\"> </span>l\u2019intera <span class=\"_ _0\"></span>vita <span class=\"_ _9\"> </span>residua <span class=\"_ _9\"> </span>dello <span class=\"_ _0\"></span>s<span class=\"_ _2\"></span>trumento<span class=\"_ _df\"> </span>finanziario.<span class=\"_ _df\"> </span>2.1 <span class=\"ls0\">- Attivit\u00e0<span class=\"_ _f\"></span> finanzia<span class=\"_ _1\"></span>rie valu<span class=\"_ _f\"></span>tate al fa<span class=\"_ _f\"></span>ir value co<span class=\"_ _1\"></span>n impa<span class=\"_ _f\"></span>tto sulla <span class=\"_ _1\"></span>redditiv<span class=\"_ _1\"></span>it\u00e0 co<span class=\"_ _f\"></span>mplessiva (F<span class=\"_ _f\"></span>VOCI co<span class=\"_ _f\"></span>n riciclo)<span class=\"_ _df\"> </span></span>Criter<span class=\"_ _1\"></span>i di<span class=\"_ _df\"> </span> <span class=\"_ _1\"></span>iscrizio<span class=\"_ _f\"></span>ne<span class=\"_ _df\"> </span><div class=\"t m0 h5 ff4 fs1 fc4 sc3 ls0 ws0 gs2c4\">Criter<span class=\"_ _1\"></span>i di <span class=\"_ _1\"></span>cancell<span class=\"_ _1\"></span>azion<span class=\"_ _f\"></span>e </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs2c5\">Le attivit\u00e0 finanziarie veng<span class=\"_ _1\"></span>ono cancellate dal bilancio solamente se la cessione ha comportato il <span class=\"_ _1\"></span>sostanziale<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs2c6\">trasferimento di tutti i rischi e benefici connessi alle attivit\u00e0 stesse. Per contr<span class=\"_ _2\"></span>o, qualora sia stata mantenuta<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs2c7\">una <span class=\"_ _2\"></span>quota <span class=\"_ _d\"></span>parte <span class=\"_ _d\"></span>rilevante <span class=\"_ _d\"></span>dei <span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>ischi <span class=\"_ _2\"></span>e <span class=\"_ _d\"></span>benefici <span class=\"_ _d\"></span>relativi <span class=\"_ _2\"></span>alle <span class=\"_ _d\"></span>attivit\u00e0 <span class=\"_ _d\"></span>finanziarie <span class=\"_ _2\"></span>cedute, <span class=\"_ _d\"></span>queste <span class=\"_ _d\"></span>continuano <span class=\"_ _d\"></span>ad<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs2c9\">essere iscritte <span class=\"_ _2\"></span>in bilancio, ancorch\u00e9 gi<span class=\"_ _2\"></span>uridicamente la titolarit\u00e0 <span class=\"_ _2\"></span>delle attivit\u00e0 <span class=\"_ _2\"></span>stesse sia <span class=\"_ _2\"></span>stata effettivamente </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs2ca\">trasferita. </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs2cb\">Nel  caso  in  cu<span class=\"_ _1\"></span>i  non  sia  possibile  accertar<span class=\"_ _2\"></span>e  il <span class=\"_ _16\"> </span>sostanziale  trasferimento  dei <span class=\"_ _16\"> </span>rischi  e  benefici,  le  attivit\u00e0 </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs2cc\">finanziarie <span class=\"_ _0\"></span>vengono <span class=\"_ _9\"> </span>cancellate <span class=\"_ _9\"> </span>dal <span class=\"_ _9\"> </span>bilancio <span class=\"_ _0\"> </span>q<span class=\"_ _2\"></span>ualora <span class=\"_ _0\"></span>non <span class=\"_ _9\"> </span>sia <span class=\"_ _9\"> </span>st<span class=\"_ _2\"></span>ato <span class=\"_ _0\"></span>mantenuto <span class=\"_ _9\"> </span>alcun <span class=\"_ _0\"></span>t<span class=\"_ _2\"></span>ipo <span class=\"_ _0\"></span>di <span class=\"_ _9\"> </span>controllo <span class=\"_ _9\"> </span>sulle </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs2cd\">stesse. <span class=\"_ _d\"></span>In <span class=\"_ _0\"></span>caso <span class=\"_ _d\"></span>contrario, <span class=\"_ _d\"></span>la <span class=\"_ _0\"></span>conservazione, <span class=\"_ _d\"></span>anche <span class=\"_ _d\"></span>in <span class=\"_ _0\"></span>parte, <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>tale <span class=\"_ _0\"></span>controllo<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>comporta <span class=\"_ _d\"></span>il <span class=\"_ _0\"></span>mantenimento <span class=\"_ _d\"></span>in </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs2ce\">bilancio <span class=\"_ _2\"></span>delle at<span class=\"_ _2\"></span>tivit\u00e0 <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>misura <span class=\"_ _2\"></span>pari <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>coinvolgimento <span class=\"_ _d\"></span>residuo, <span class=\"_ _2\"></span>misurato <span class=\"_ _2\"></span>dall\u2019esposizione a<span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>cambiamenti <span class=\"_ _2\"></span>di </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs2cf\">valore delle attivit\u00e0 cedute ed alle variazioni dei flu<span class=\"_ _1\"></span>ssi finanziari delle<span class=\"_ _2\"></span> stesse. </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs2d0\">Infine, le attivit\u00e0 finanziarie cedute vengono cancellate dal bilancio nel caso in cui vi sia la conservazione dei </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs2d1\">diritti <span class=\"_ _9\"> </span>contrattuali <span class=\"_ _0\"></span>a <span class=\"_ _9\"> </span>r<span class=\"_ _2\"></span>icev<span class=\"_ _1\"></span>ere <span class=\"_ _0\"></span>i <span class=\"_ _9\"> </span>r<span class=\"_ _2\"></span>elativi <span class=\"_ _0\"></span>flussi <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>cassa, <span class=\"_ _9\"> </span>con <span class=\"_ _9\"> </span>la <span class=\"_ _0\"></span>co<span class=\"_ _2\"></span>ntestuale <span class=\"_ _0\"></span>ass<span class=\"_ _2\"></span>unzione<span class=\"_ _1\"></span> <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>un\u2019obbligazione <span class=\"_ _0\"></span>a </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs2d2\">pagare detti flussi, e solo essi, senz<span class=\"_ _1\"></span>a un ritardo rilevante ad<span class=\"_ _2\"></span> altri soggetti terzi. </div><div class=\"t m0 h5 ff4 fs1 fc4 sc3 ls0 ws0 gs2d3\">Criter<span class=\"_ _1\"></span>i di <span class=\"_ _1\"></span>rileva<span class=\"_ _f\"></span>zione dell<span class=\"_ _1\"></span>e com<span class=\"_ _f\"></span>ponenti <span class=\"_ _1\"></span>reddi<span class=\"_ _1\"></span>tuali<span class=\"_ _f\"></span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs2d4\">Gli interessi <span class=\"_ _2\"></span>attivi, <span class=\"_ _2\"></span>calcolati in <span class=\"_ _2\"></span>base <span class=\"_ _2\"></span>alla metodologia <span class=\"_ _2\"></span>del T.I.R., <span class=\"_ _2\"></span>vengono <span class=\"_ _2\"></span>contabilizzati p<span class=\"_ _2\"></span>er competenza <span class=\"_ _2\"></span>nelle </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs2d5\">voci \u201cInteressi attivi <span class=\"_ _f\"></span>e proventi assimilati\u201d, mentre gli utili<span class=\"_ _1\"></span> o le<span class=\"ff4\"> per<span class=\"_ _2\"></span>dite derivanti <span class=\"_ _f\"></span>da una variazione di </span></div><div class=\"t m1 h6 ff4 fs2 fc1 sc0 ls0 ws0 gs2d6\">fair value </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs2d7\">vengono  rilevati  in <span class=\"_ _22\"> </span>una <span class=\"_ _4\"> </span>specifica  riserva <span class=\"_ _4\"> </span>di  patrimonio  netto  sino <span class=\"_ _22\"> </span>a <span class=\"_ _22\"> </span>che <span class=\"_ _22\"> </span>l\u2019att<span class=\"_ _2\"></span>ivit\u00e0  finanziaria  non <span class=\"_ _4\"> </span>vie<span class=\"_ _1\"></span>ne </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs2d8\">cancellata o <span class=\"_ _f\"></span>non vi<span class=\"_ _1\"></span>ene <span class=\"_ _1\"></span>rilevata una <span class=\"_ _f\"></span>perdita di <span class=\"_ _f\"></span>valore. Per <span class=\"_ _f\"></span>i titoli <span class=\"_ _f\"></span>di debito, <span class=\"_ _f\"></span>al momento d<span class=\"_ _1\"></span>ella <span class=\"_ _1\"></span>dismissione o d<span class=\"_ _1\"></span>ella </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs2d9\">rilevazione di una perdita di valore, l\u2019utile<span class=\"_ _1\"></span> o la perdita cumulati vengono riversati a conto economico<span class=\"_ _2\"></span><span class=\"ff4\">. </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs2da\">Qualora i motivi della perdita di valore siano rimossi a seguito di un e<span class=\"_ _1\"></span>vento verificatosi successivamente alla </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs2db\">rilevazione <span class=\"_ _14\"> </span>della <span class=\"_ _14\"> </span>riduzione <span class=\"_ _14\"> </span>d<span class=\"_ _2\"></span>i <span class=\"_ _14\"> </span>valore, <span class=\"_ _14\"> </span>vengono <span class=\"_ _15\"> </span>effettuate <span class=\"_ _14\"> </span>riprese <span class=\"_ _15\"> </span>di <span class=\"_ _14\"> </span>valore <span class=\"_ _14\"> </span>con <span class=\"_ _15\"> </span>imputazione <span class=\"_ _14\"> </span>a <span class=\"_ _15\"> </span>conto </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs2dc\">economico, <span class=\"_ _f\"></span>nel <span class=\"_ _f\"></span>caso <span class=\"_ _1\"></span>dei <span class=\"_ _f\"></span>titoli <span class=\"_ _1\"></span>di <span class=\"_ _f\"></span>debito. <span class=\"_ _f\"></span>L\u2019ammontar<span class=\"_ _2\"></span>e <span class=\"_ _f\"></span>della <span class=\"_ _f\"></span>ripresa <span class=\"_ _1\"></span>non <span class=\"_ _f\"></span>pu\u00f2 <span class=\"_ _f\"></span>in <span class=\"_ _f\"></span>og<span class=\"_ _2\"></span>ni <span class=\"_ _f\"></span>caso <span class=\"_ _f\"></span>superar<span class=\"_ _2\"></span>e <span class=\"_ _f\"></span>la <span class=\"_ _f\"></span>differenza </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs2dd\">tra <span class=\"_ _0\"></span>il <span class=\"_ _0\"></span>valore <span class=\"_ _d\"></span>cont<span class=\"_ _2\"></span>abile<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>ed <span class=\"_ _0\"></span>il <span class=\"_ _d\"></span>costo <span class=\"_ _0\"></span>ammort<span class=\"_ _2\"></span>izzato <span class=\"_ _d\"></span>che <span class=\"_ _0\"></span>lo <span class=\"_ _d\"></span>s<span class=\"_ _2\"></span>trumento <span class=\"_ _0\"></span>avrebbe <span class=\"_ _0\"></span>avuto <span class=\"_ _0\"></span>in <span class=\"_ _d\"></span>assenza <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>precedenti </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs2de\">rettifiche. </div><div class=\"t m0 he ff4 fs5 fc4 sc3 ls0 ws0 gs2df\">2.2 A<span class=\"_ _1\"></span>ttivit\u00e0 f<span class=\"_ _1\"></span>inanz<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span>arie<span class=\"_ _1\"></span> valuta<span class=\"_ _f\"></span>te al fair va<span class=\"_ _f\"></span>lue con im<span class=\"_ _1\"></span>patt<span class=\"_ _1\"></span>o sulla <span class=\"_ _1\"></span>redd<span class=\"_ _1\"></span>itivit\u00e0 co<span class=\"_ _f\"></span>mplessiva<span class=\"_ _f\"></span> (FVOCI s<span class=\"_ _1\"></span>enza ric<span class=\"_ _1\"></span>iclo) </div><div class=\"t m0 h5 ff4 fs1 fc4 sc3 ls0 ws0 gs2e0\">Criter<span class=\"_ _1\"></span>i di <span class=\"_ _1\"></span>iscrizi<span class=\"_ _1\"></span>one </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs2e1\">L\u2019iscrizione <span class=\"_ _d\"></span>iniziale <span class=\"_ _d\"></span>delle <span class=\"_ _0\"></span>attivit\u00e0 <span class=\"_ _d\"></span>finanziarie <span class=\"_ _d\"></span>avviene <span class=\"_ _d\"></span>alla <span class=\"_ _0\"></span>data <span class=\"_ _d\"></span>di<span class=\"_ _2\"></span><span class=\"ff4\"> <span class=\"_ _d\"></span></span>regolamento <span class=\"_ _d\"></span>per <span class=\"_ _0\"></span>i <span class=\"_ _d\"></span>titoli <span class=\"_ _d\"></span>di <span class=\"_ _0\"></span>capitale. <span class=\"_ _d\"></span>All\u2019atto </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs2e2\">della <span class=\"_ _9\"> </span>ril<span class=\"_ _2\"></span>evazione <span class=\"_ _9\"> </span>iniziale  le <span class=\"_ _9\"> </span>att<span class=\"_ _2\"></span>ivit\u00e0 <span class=\"_ _9\"> </span>sono  contabili<span class=\"_ _1\"></span>zzate <span class=\"_ _16\"> </span>al <span class=\"_ _16\"> </span>fair <span class=\"_ _16\"> </span>value<span class=\"_ _1\"></span>, <span class=\"_ _16\"> </span>comprensivo  d<span class=\"_ _1\"></span>ei <span class=\"_ _16\"> </span>costi <span class=\"_ _16\"> </span>o <span class=\"_ _9\"> </span>proventi  di </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs2e3\">transazione direttamente attribuib<span class=\"_ _1\"></span>ili allo strumento<span class=\"_ _2\"></span> <span class=\"_ _13\"></span>stesso. </div><div class=\"t m0 h5 ff4 fs1 fc4 sc3 ls0 ws0 gs2e4\">Criter<span class=\"_ _1\"></span>i di <span class=\"_ _1\"></span>class<span class=\"_ _1\"></span>ificazi<span class=\"_ _1\"></span>one </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs2e5\">Sono <span class=\"_ _9\"> </span>inclusi <span class=\"_ _16\"> </span>nella <span class=\"_ _9\"> </span>voce  gli <span class=\"_ _0\"> </span>s<span class=\"_ _2\"></span>trumenti <span class=\"_ _9\"> </span>di <span class=\"_ _16\"> </span>capitale, <span class=\"_ _9\"> </span>non  d<span class=\"_ _1\"></span>etenuti  p<span class=\"_ _1\"></span>er <span class=\"_ _9\"> </span>finalit\u00e0  di <span class=\"_ _9\"> </span>negoziazione, <span class=\"_ _9\"> </span>per  i <span class=\"_ _9\"> </span>quali <span class=\"_ _9\"> </span>al </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs2e6\">momento <span class=\"_ _2\"></span>della <span class=\"_ _2\"></span>rilevazione ini<span class=\"_ _2\"></span>ziale <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _2\"></span>stata <span class=\"_ _2\"></span>esercitata <span class=\"_ _2\"></span>l\u2019opzione p<span class=\"_ _2\"></span>er <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>designazione <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>fair <span class=\"_ _2\"></span>value c<span class=\"_ _2\"></span>on <span class=\"_ _2\"></span>impatto </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs2e7\">sulla redditivit\u00e0 complessiva. </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs2e8\">In <span class=\"_ _4\"> </span>particolare, <span class=\"_ _4\"> </span>vengono <span class=\"_ _22\"> </span>inclusi<span class=\"_ _2\"></span> <span class=\"_ _4\"> </span>in <span class=\"_ _22\"> </span>questa <span class=\"_ _4\"> </span>voce <span class=\"_ _4\"> </span>le <span class=\"_ _4\"> </span>interessenze <span class=\"_ _4\"> </span>azionarie, <span class=\"_ _4\"> </span>non <span class=\"_ _4\"> </span>qualificabili <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>controllo, </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs2e9\">collegamento  e <span class=\"_ _4\"> </span>controllo  congiunto,  che  non <span class=\"_ _4\"> </span>sono  detenute  con <span class=\"_ _4\"> </span>finalit\u00e0  di  negoziazione,  per <span class=\"_ _4\"> </span>cui  si <span class=\"_ _22\"> </span>\u00e8 </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs2ea\">esercitata l\u2019opzione per la designazione<span class=\"_ _1\"></span> al fair value con impat<span class=\"_ _2\"></span><span class=\"ff4\">to sulla redditivi<span class=\"_ _1\"></span>t\u00e0 complessiva.<span class=\"_ _2\"></span> </span></div><div class=\"t m0 h5 ff4 fs1 fc4 sc3 ls0 ws0 gs2eb\">Riclas<span class=\"_ _f\"></span>sifiche<span class=\"_ _1\"></span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs2ec\">Secondo <span class=\"_ _d\"></span><span class=\"ff5\">le <span class=\"_ _d\"></span>regole <span class=\"_ _0\"></span>generali <span class=\"_ _d\"></span>previste <span class=\"_ _0\"></span>dall\u2019IFRS <span class=\"_ _d\"></span>9 <span class=\"_ _d\"></span>in <span class=\"_ _0\"></span>materia <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>riclassificazione <span class=\"_ _d\"></span>delle <span class=\"_ _d\"></span>at<span class=\"_ _2\"></span>tivit\u00e0 <span class=\"_ _d\"></span>finanziarie <span class=\"_ _d\"></span>per <span class=\"_ _0\"></span>i </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs2ed\">titoli di capitale non \u00e8 ammessa alcuna riclassifica.<span class=\"sc2\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc4 sc3 ls0 ws0 gs2ee\">Criter<span class=\"_ _1\"></span>i di <span class=\"_ _1\"></span>valuta<span class=\"_ _1\"></span>zione<span class=\"_ _f\"></span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs2ef\">Successivamente <span class=\"_ _2\"></span>alla <span class=\"_ _2\"></span>ril<span class=\"_ _2\"></span>evazione <span class=\"_ _2\"></span>iniziale, <span class=\"_ _2\"></span>gli <span class=\"_ _2\"></span>st<span class=\"_ _2\"></span>rumenti <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>capitale <span class=\"_ _d\"></span>per <span class=\"_ _2\"></span>cui <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _d\"></span>stata <span class=\"_ _d\"></span>effettuata <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>scelta <span class=\"_ _d\"></span>per <span class=\"_ _2\"></span>la </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs2f0\">classificazione <span class=\"_ _d\"></span>nella <span class=\"_ _d\"></span>pres<span class=\"_ _2\"></span>ente <span class=\"_ _d\"></span>categoria <span class=\"_ _0\"></span>sono <span class=\"_ _d\"></span>valutati <span class=\"_ _0\"></span>al <span class=\"_ _d\"></span>fair <span class=\"_ _0\"></span>value <span class=\"_ _d\"></span>e <span class=\"_ _d\"></span>gl<span class=\"_ _2\"></span>i <span class=\"_ _d\"></span>importi <span class=\"_ _0\"></span>rilevati <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>cont<span class=\"_ _2\"></span>ropartita <span class=\"_ _d\"></span>del </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs2f1\">patrimonio <span class=\"_ _2\"></span>netto <span class=\"_ _2\"></span>(Prospetto <span class=\"_ _2\"></span>della <span class=\"_ _2\"></span>redditivit\u00e0 <span class=\"_ _2\"></span>complessiva) <span class=\"_ _2\"></span>non <span class=\"_ _2\"></span>devono <span class=\"_ _2\"></span>essere <span class=\"_ _2\"></span>successivamente <span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>rasferiti <span class=\"_ _2\"></span>a </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs2f2\">conto economico, ne<span class=\"_ _1\"></span>anche in caso di cessione<span class=\"_ _1\"></span>. La sola componente rife<span class=\"_ _1\"></span>ribile ai titoli di <span class=\"_ _1\"></span>capitale in que<span class=\"_ _1\"></span>stione </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs2f3\">che \u00e8 oggetto di rilevazi<span class=\"_ _1\"></span>one a conto <span class=\"_ _2\"></span>economico \u00e8 rappresentata <span class=\"_ _1\"></span>dai relativi dividendi.<span class=\"_ _2\"></span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs2f4\">Il fair value viene determinato sulla base dei criteri gi\u00e0 ill<span class=\"_ _1\"></span>ustrati per le Attivit\u00e0 finanziarie valutate al fair value </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs2f5\">con impatto a conto economico. </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs2f6\">Per <span class=\"_ _0\"></span>i <span class=\"_ _9\"> </span>titoli <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>capitale <span class=\"_ _9\"> </span>inclusi <span class=\"_ _0\"></span>in <span class=\"_ _16\"> </span>que<span class=\"_ _1\"></span>sta <span class=\"_ _9\"> </span>categoria, <span class=\"_ _9\"> </span>non <span class=\"_ _9\"> </span>quotati <span class=\"_ _9\"> </span>in <span class=\"_ _0\"></span>un <span class=\"_ _9\"> </span>mercato <span class=\"_ _9\"> </span>att<span class=\"_ _2\"></span>ivo, <span class=\"_ _0\"></span>il <span class=\"_ _9\"> </span>criterio <span class=\"_ _0\"></span>de<span class=\"_ _2\"></span>l <span class=\"_ _9\"> </span>costo <span class=\"_ _9\"> </span>\u00e8 </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs2f7\">utilizzato <span class=\"_ _d\"></span>quale <span class=\"_ _2\"></span>st<span class=\"_ _2\"></span>ima <span class=\"_ _d\"></span>del <span class=\"_ _d\"></span>fair <span class=\"_ _d\"></span>value <span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>oltanto <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>via <span class=\"_ _d\"></span>residuale <span class=\"_ _2\"></span>e <span class=\"_ _d\"></span>li<span class=\"_ _2\"></span>mitatamente <span class=\"_ _d\"></span>a <span class=\"_ _d\"></span>poche <span class=\"_ _2\"></span>circos<span class=\"_ _2\"></span>tanze,<span class=\"_ _1\"></span> <span class=\"_ _d\"></span>ossia <span class=\"_ _d\"></span>in<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs2f9\">caso <span class=\"_ _2\"></span>di <span class=\"_ _d\"></span>non <span class=\"_ _2\"></span>applicabilit\u00e0 <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>tutt<span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>metodi <span class=\"_ _2\"></span>di <span class=\"_ _d\"></span>valutazione<span class=\"_ _1\"></span> <span class=\"_ _2\"></span>preced<span class=\"_ _2\"></span>entemente <span class=\"_ _2\"></span>richiamati, <span class=\"_ _2\"></span>ovvero <span class=\"_ _2\"></span>in <span class=\"_ _d\"></span>presenza <span class=\"_ _2\"></span>di </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs2fa\">un\u2019ampia <span class=\"_ _9\"> </span>gamma  di <span class=\"_ _9\"> </span>possibili<span class=\"ff4\">  valutazioni <span class=\"_ _16\"> </span>del <span class=\"_ _9\"> </span>fair  value, <span class=\"_ _9\"> </span>nel  cui <span class=\"_ _16\"> </span>ambito <span class=\"_ _16\"> </span>il <span class=\"_ _9\"> </span>costo  rapprese<span class=\"_ _1\"></span>nta  la <span class=\"_ _9\"> </span>stima  pi\u00f9 </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs2fb\">significativa.<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc4 sc3 ls0 ws0 gs2fd\">Criter<span class=\"_ _1\"></span>i di <span class=\"_ _1\"></span>cancell<span class=\"_ _1\"></span>azion<span class=\"_ _f\"></span>e<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs2fe\">Le attivit\u00e0 finanziarie veng<span class=\"_ _1\"></span>ono cancellate dal bilancio solamente se la cessione ha comportato il <span class=\"_ _1\"></span>sostanziale<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs2ff\">trasferimento di tutti i ri<span class=\"_ _2\"></span>schi e benefici connessi alle attivit\u00e0 stesse. Per contro, qualora sia stat<span class=\"_ _2\"></span>a mantenuta<span class=\"_ _df\"> </span><span class=\"_ _f\"></span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs300\">una <span class=\"_ _2\"></span>quota <span class=\"_ _d\"></span>parte <span class=\"_ _d\"></span>rilevante <span class=\"_ _2\"></span>dei <span class=\"_ _d\"></span>rischi <span class=\"_ _d\"></span>e <span class=\"_ _d\"></span>benefici <span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>elativi<span class=\"_ _1\"></span> <span class=\"_ _d\"></span>alle <span class=\"_ _d\"></span>attivit\u00e0 <span class=\"_ _d\"></span>finanziarie <span class=\"_ _2\"></span>cedute, <span class=\"_ _d\"></span>queste <span class=\"_ _d\"></span>continuano <span class=\"_ _2\"></span>ad<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs301\">essere iscritte <span class=\"_ _2\"></span>in bilancio, ancorch\u00e9 gi<span class=\"_ _2\"></span>uridicamente la t<span class=\"_ _2\"></span>itolarit\u00e0 <span class=\"_ _2\"></span>delle attivit\u00e0 stess<span class=\"_ _2\"></span>e sia stata <span class=\"_ _2\"></span>effettivamente<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs302\">trasferita.<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs303\">Nel  caso  in  cu<span class=\"_ _1\"></span>i  non  sia  possibile  accertare  il  sostanziale  trasferimento  d<span class=\"_ _1\"></span>ei  rischi  e  benefici,  le  attivit\u00e0<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs304\">finanziarie <span class=\"_ _0\"></span>vengono <span class=\"_ _9\"> </span>cancellate <span class=\"_ _9\"> </span>dal <span class=\"_ _9\"> </span>bilancio <span class=\"_ _0\"> </span>q<span class=\"_ _2\"></span>ualora <span class=\"_ _0\"></span>non <span class=\"_ _9\"> </span>sia <span class=\"_ _9\"> </span>st<span class=\"_ _2\"></span>ato <span class=\"_ _0\"></span>mantenuto <span class=\"_ _9\"> </span>alc<span class=\"_ _2\"></span>un <span class=\"_ _0\"></span>t<span class=\"_ _2\"></span>ipo <span class=\"_ _0\"></span>di <span class=\"_ _9\"> </span>controllo <span class=\"_ _9\"> </span>sulle<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs305\">stesse. <span class=\"_ _d\"></span>In <span class=\"_ _0\"></span>caso <span class=\"_ _d\"></span>contrario, <span class=\"_ _d\"></span>la <span class=\"_ _0\"></span>conservazione, <span class=\"_ _d\"></span>anche <span class=\"_ _d\"></span>in <span class=\"_ _0\"></span>parte, <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>tale <span class=\"_ _0\"></span>controllo <span class=\"_ _d\"></span>comporta <span class=\"_ _0\"></span>il <span class=\"_ _d\"></span>mantenimento <span class=\"_ _d\"></span>in<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs306\">bilancio <span class=\"_ _2\"></span>delle at<span class=\"_ _2\"></span>tivit\u00e0 <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>misura <span class=\"_ _2\"></span>pari <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>coinvolgimento <span class=\"_ _d\"></span>residuo, <span class=\"_ _2\"></span>misurato <span class=\"_ _2\"></span>dall\u2019esposizione a<span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>cambiamenti <span class=\"_ _2\"></span>di<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs307\">valore delle attivit\u00e0 cedute ed alle variazioni dei flussi finan<span class=\"_ _1\"></span>ziari delle<span class=\"_ _2\"></span> stesse.<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs308\">Infine, le attivit\u00e0 finanziarie cedute vengono cancellate dal bilancio nel caso in cui vi sia la conservazione dei<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs309\">diritti <span class=\"_ _9\"> </span>contrattuali <span class=\"_ _0\"></span>a <span class=\"_ _9\"> </span>r<span class=\"_ _2\"></span>icev<span class=\"_ _1\"></span>ere <span class=\"_ _0\"></span>i <span class=\"_ _9\"> </span>r<span class=\"_ _2\"></span>elativi <span class=\"_ _0\"></span>flussi <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>cassa, <span class=\"_ _9\"> </span>con <span class=\"_ _9\"> </span>la <span class=\"_ _0\"></span>co<span class=\"_ _d\"></span><span class=\"ff5\">ntestuale <span class=\"_ _0\"></span>assunzione <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>un\u2019obbligazione <span class=\"_ _0\"></span>a<span class=\"_ _df\"> </span></span><span class=\"ff5\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs30a\">pagare detti flussi, e solo essi, senz<span class=\"_ _1\"></span>a un ritardo rilevante ad altri soggetti terzi.<span class=\"_ _df\"> </span><span class=\"_ _2\"></span> </div><div class=\"t m0 h5 ff4 fs1 fc4 sc3 ls0 ws0 gs30b\">Criter<span class=\"_ _1\"></span>i di <span class=\"_ _1\"></span>rileva<span class=\"_ _f\"></span>zione dell<span class=\"_ _1\"></span>e com<span class=\"_ _f\"></span>ponenti <span class=\"_ _1\"></span>reddi<span class=\"_ _1\"></span>tuali<span class=\"_ _df\"> </span><span class=\"_ _f\"></span> </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs30c\">I di<span class=\"_ _2\"></span>videndi vengono <span class=\"_ _2\"></span>contabilizzati <span class=\"_ _2\"></span>alla <span class=\"_ _2\"></span>voce \u201cDividendi <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>proventi s<span class=\"_ _2\"></span>imili\u201d n<span class=\"_ _2\"></span><span class=\"ff4\">el <span class=\"_ _2\"></span>momento in <span class=\"_ _2\"></span>cui <span class=\"_ _2\"></span>sorge <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>diritto <span class=\"_ _2\"></span>a<span class=\"_ _df\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs30d\">riceverne <span class=\"_ _1\"></span>il p<span class=\"_ _1\"></span>agamento, me<span class=\"_ _1\"></span>ntre gli <span class=\"_ _f\"></span>utili o <span class=\"_ _f\"></span>le perdite <span class=\"_ _1\"></span>derivanti d<span class=\"_ _1\"></span>a una <span class=\"_ _f\"></span>variazione d<span class=\"_ _1\"></span>i </div><div class=\"t m1 h6 ff4 fs2 fc1 sc0 ls0 ws0 gs30e\">fair value</div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs30f\"> dei <span class=\"_ _f\"></span>titoli di <span class=\"_ _f\"></span>capitale<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs310\">vengono rilevati <span class=\"_ _1\"></span>in una <span class=\"_ _1\"></span>specifica riserva di p<span class=\"_ _1\"></span>atrimonio netto e <span class=\"_ _1\"></span>tale non vie<span class=\"_ _1\"></span>ne riversato a conto e<span class=\"_ _1\"></span>conomico nel<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs311\">caso di cessione e cancell<span class=\"_ _1\"></span>azione del titolo di capitale.<span class=\"_ _2\"></span> </div><div class=\"t m0 he ff4 fs5 fc4 sc3 ls64 ws0 gs312\">3 <span class=\"ls0\">- Attivit<span class=\"_ _1\"></span>\u00e0 fin<span class=\"_ _1\"></span>anzia<span class=\"_ _1\"></span>rie valu<span class=\"_ _f\"></span>tate al cos<span class=\"_ _1\"></span>to a<span class=\"_ _1\"></span>mmort<span class=\"_ _1\"></span>izzato<span class=\"_ _1\"></span> </span></div><div class=\"t m0 h5 ff4 fs1 fc4 sc3 ls0 ws0 gs313\">Criter<span class=\"_ _1\"></span>i di <span class=\"_ _1\"></span>iscrizi<span class=\"_ _1\"></span>one </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs314\">L\u2019iscrizione iniziale de<span class=\"_ _1\"></span>ll\u2019attivit\u00e0 finanziaria avviene alla data di reg<span class=\"_ _1\"></span>olamento per i titoli di de<span class=\"_ _1\"></span>bito ed a<span class=\"_ _2\"></span><span class=\"ff4\">lla data di </span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs315\">erogazione <span class=\"_ _d\"></span>nel <span class=\"_ _0\"></span>caso <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>crediti. <span class=\"_ _0\"></span>All\u2019atto <span class=\"_ _0\"></span>della <span class=\"_ _d\"></span>rilevazione <span class=\"_ _0\"></span>iniziale <span class=\"_ _d\"></span>le <span class=\"_ _0\"></span>attivit\u00e0 <span class=\"_ _0\"></span>sono <span class=\"_ _0\"></span>contabilizzate <span class=\"_ _d\"></span>al <span class=\"_ _0\"></span>fair <span class=\"_ _0\"></span>value, </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs316\">comprensivo dei costi o proventi di transazione direttamente attr<span class=\"_ _1\"></span>ibuibili allo strumento stesso.<span class=\"_ _2\"></span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs317\">In <span class=\"_ _0\"></span>particolare, <span class=\"_ _9\"> </span>per <span class=\"_ _9\"> </span>quel <span class=\"_ _0\"></span>che <span class=\"_ _9\"> </span>attiene <span class=\"_ _9\"> </span>ai <span class=\"_ _9\"> </span>crediti, <span class=\"_ _0\"></span>la <span class=\"_ _9\"> </span>data <span class=\"_ _9\"> </span>di <span class=\"_ _0\"> </span>ero<span class=\"_ _2\"></span>gazione <span class=\"_ _0\"></span>normalmente <span class=\"_ _9\"> </span>coincide <span class=\"_ _0\"></span>con <span class=\"_ _9\"> </span>la <span class=\"_ _9\"> </span>data <span class=\"_ _0\"></span>di </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs318\">sottoscrizione <span class=\"_ _f\"></span>del <span class=\"_ _f\"></span>contratt<span class=\"_ _2\"></span>o. <span class=\"_ _11\"></span>Qualora tale <span class=\"_ _11\"></span>coincidenza <span class=\"_ _f\"></span>non <span class=\"_ _1\"></span>si <span class=\"_ _f\"></span>manifest<span class=\"_ _2\"></span>i, <span class=\"_ _f\"></span>in <span class=\"_ _f\"></span>sede <span class=\"_ _f\"></span>di <span class=\"_ _f\"></span>sott<span class=\"_ _2\"></span>oscrizione <span class=\"_ _f\"></span>del <span class=\"_ _f\"></span>contratto </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs319\">si provv<span class=\"_ _1\"></span>ede <span class=\"_ _f\"></span>ad iscrivere <span class=\"_ _f\"></span>un impegno <span class=\"_ _1\"></span>ad e<span class=\"_ _1\"></span>rogare <span class=\"_ _1\"></span>fondi <span class=\"_ _1\"></span>che si <span class=\"_ _f\"></span>chiude <span class=\"_ _f\"></span>a<span class=\"_ _2\"></span>lla d<span class=\"_ _1\"></span>ata di <span class=\"_ _f\"></span>erogazione de<span class=\"_ _1\"></span>l fi<span class=\"_ _1\"></span>nanziamento. </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs31a\">L\u2019iscrizione del credito avviene sull<span class=\"_ _1\"></span>a base del fair value dello stesso, pari all\u2019ammontare erogato, o prezzo di </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs31b\">sottoscrizione, <span class=\"_ _2\"></span>comprensivo <span class=\"_ _2\"></span>dei <span class=\"_ _d\"></span>costi/proventi <span class=\"_ _2\"></span>direttamente <span class=\"_ _d\"></span>ricondu<span class=\"_ _1\"></span>cibili <span class=\"_ _2\"></span>al <span class=\"_ _d\"></span>singolo <span class=\"_ _2\"></span>credito <span class=\"_ _d\"></span>e <span class=\"_ _2\"></span>determ<span class=\"_ _2\"></span>inabili </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs31c\">sin <span class=\"_ _2\"></span>dall\u2019origine <span class=\"_ _2\"></span>dell\u2019operazione, <span class=\"_ _d\"></span>ancorch\u00e9 <span class=\"_ _2\"></span>liquidati <span class=\"_ _d\"></span>in <span class=\"_ _2\"></span>un <span class=\"_ _2\"></span>momen<span class=\"_ _2\"></span>to <span class=\"_ _2\"></span>successivo. <span class=\"_ _2\"></span>Sono <span class=\"_ _d\"></span>esclusi <span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>co<span class=\"_ _2\"></span>sti <span class=\"_ _2\"></span>che, <span class=\"_ _2\"></span>pur<span class=\"_ _2\"></span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs31d\">avendo <span class=\"_ _d\"></span>le <span class=\"_ _0\"></span>caratteristiche <span class=\"_ _d\"></span>s<span class=\"_ _2\"></span>uddette, <span class=\"_ _d\"></span>sono <span class=\"_ _0\"></span>oggetto <span class=\"_ _0\"></span>di <span class=\"_ _d\"></span>rimborso <span class=\"_ _0\"></span>da <span class=\"_ _d\"></span>parte <span class=\"_ _0\"></span>della <span class=\"_ _d\"></span>cont<span class=\"_ _2\"></span>roparte <span class=\"_ _d\"></span>debitrice <span class=\"_ _d\"></span>o <span class=\"_ _0\"></span>sono </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs31e\">inquadrabili tra i normali costi interni di carattere <span class=\"_ _f\"></span>amministrativo. </div><div class=\"t m0 h5 ff4 fs1 fc4 sc3 ls0 ws0 gs31f\">Criter<span class=\"_ _1\"></span>i di <span class=\"_ _f\"></span>classifica<span class=\"_ _f\"></span>zione </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs320\">Sono incluse<span class=\"_ _1\"></span> nella presente categoria le<span class=\"_ _1\"></span> attivit\u00e0 finanziarie <span class=\"_ _f\"></span>(<span class=\"_ _2\"></span>in particolare finanzi<span class=\"_ _1\"></span>amenti e titoli di<span class=\"_ _1\"></span> debito) che </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs321\">soddisfano entrambe le seguenti condizi<span class=\"_ _1\"></span>oni:<span class=\"_ _2\"></span> </div><div class=\"t m0 h5 ff14 fs1 fc1 sc0 ls0 ws0 gs322\"><span class=\"_ _2c\"> </span><span class=\"ff5\">l\u2019attivit\u00e0 finanziaria <span class=\"_ _2\"></span>\u00e8 possedu<span class=\"ff4\">ta secondo un modello di <span class=\"_ _2\"></span>business il cui obiettivo \u00e8 conseguito <span class=\"_ _2\"></span>me<span class=\"_ _1\"></span>diante<span class=\"_ _df\"> </span></span></span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs323\">l\u2019incasso dei flussi finanziari previsti contrattualmente (Bu<span class=\"_ _1\"></span>siness model \u201cHold to Collect\u201d <span class=\"_ _2\"></span>\u2013<span class=\"ff4\"> </span>\u201cHTC\u201d), e<span class=\"ff4\"> </span></div><div class=\"t m0 h5 ff14 fs1 fc1 sc0 ls0 ws0 gs324\"><span class=\"_ _2c\"> </span><span class=\"ff5\">i <span class=\"_ _19\"> </span>termini <span class=\"_ _19\"> </span>contr<span class=\"_ _2\"></span>attuali <span class=\"_ _19\"> </span>dell\u2019attivit\u00e0 <span class=\"_ _19\"> </span>finanzi<span class=\"_ _1\"></span>aria <span class=\"_ _19\"> </span>prevedono, <span class=\"_ _19\"> </span>a<span class=\"_ _2\"></span> <span class=\"_ _19\"> </span>determinate <span class=\"_ _19\"> </span>date,<span class=\"ff4\"> <span class=\"_ _1a\"> </span>flussi <span class=\"_ _19\"> </span>finanziari </span></span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs325\">rappresentati <span class=\"_ _4\"> </span>unicamente <span class=\"_ _4\"> </span>da <span class=\"_ _4\"> </span>pagamenti <span class=\"_ _4\"> </span>del<span class=\"_ _1\"></span> <span class=\"_ _4\"> </span>capitale <span class=\"_ _4\"> </span>e <span class=\"_ _4\"> </span>dell\u2019interesse <span class=\"_ _4\"> </span>s<span class=\"_ _2\"></span>ull\u2019<span class=\"_ _1\"></span>importo <span class=\"_ _4\"> </span>del <span class=\"_ _4\"> </span>capitale <span class=\"_ _4\"> </span>da </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs326\">restituire (cd. \u201cSPPI test\u201d superato).<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs327\">Pi\u00f9 in particolare, formano oggetto di rilevazi<span class=\"_ _1\"></span>one in questa voce:<span class=\"_ _2\"></span> </div><div class=\"t m0 h5 ff14 fs1 fc1 sc0 ls0 ws0 gs328\"><span class=\"_ _2c\"> </span><span class=\"ff4\">gli <span class=\"_ _9\"> </span>impieghi  con <span class=\"_ _9\"> </span>banche <span class=\"_ _9\"> </span>nelle  d<span class=\"_ _1\"></span>ivers<span class=\"_ _2\"></span>e <span class=\"_ _9\"> </span>forme <span class=\"_ _16\"> </span>tecniche <span class=\"_ _9\"> </span>che <span class=\"_ _9\"> </span>presentano  i <span class=\"_ _9\"> </span>requisiti <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>c<span class=\"_ _2\"></span>ui <span class=\"_ _9\"> </span>al <span class=\"_ _16\"> </span>paragrafo </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs329\">precedente;<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff14 fs1 fc1 sc0 ls0 ws0 gs32a\"><span class=\"_ _2c\"> </span><span class=\"ff4\">gli <span class=\"_ _9\"> </span>impieghi <span class=\"_ _0\"></span>con <span class=\"_ _9\"> </span>clientela <span class=\"_ _9\"> </span>nelle <span class=\"_ _9\"> </span>diverse <span class=\"_ _0\"></span>for<span class=\"_ _2\"></span>me <span class=\"_ _0\"></span>tecniche <span class=\"_ _0\"></span>che <span class=\"_ _9\"> </span>presentano <span class=\"_ _9\"> </span>i <span class=\"_ _9\"> </span>requisiti <span class=\"_ _0\"> </span>di <span class=\"_ _9\"> </span>cui <span class=\"_ _9\"> </span>al <span class=\"_ _0\"> </span>paragr<span class=\"_ _2\"></span>afo </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs32b\">precedente;<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff14 fs1 fc1 sc0 ls0 ws0 gs32c\"><span class=\"_ _2c\"> </span><span class=\"ff4\">i titoli di debito che presentano i requisiti di cui al paragrafo <span class=\"_ _2\"></span>preced<span class=\"_ _1\"></span>ente.<span class=\"_ _df\"> </span></span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs32d\">Sono <span class=\"_ _d\"></span>inoltre <span class=\"_ _0\"></span>inclusi <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>tale <span class=\"_ _0\"></span>categoria <span class=\"_ _d\"></span>i <span class=\"_ _d\"></span>crediti <span class=\"_ _d\"></span>di <span class=\"_ _0\"></span>funzionamento <span class=\"_ _d\"></span>connessi <span class=\"_ _d\"></span>con <span class=\"_ _0\"></span>la <span class=\"_ _d\"></span>prestazione <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>attivit\u00e0 <span class=\"_ _0\"></span>e <span class=\"_ _d\"></span>di </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs32e\">servizi <span class=\"_ _2\"></span>finanziari <span class=\"_ _2\"></span>come <span class=\"_ _d\"></span>definiti <span class=\"_ _2\"></span>dal <span class=\"_ _d\"></span>T.U.B. <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>dal <span class=\"_ _d\"></span>T.U.F. <span class=\"_ _2\"></span>(ad <span class=\"_ _2\"></span>es<span class=\"_ _2\"></span>empio <span class=\"_ _2\"></span>per <span class=\"_ _d\"></span>distribuzione<span class=\"_ _1\"></span> <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>prodotti <span class=\"_ _d\"></span>finanziari <span class=\"_ _2\"></span>ed<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs32f\">attivit\u00e0 di <span class=\"_ _12\"></span>servicing).<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc4 sc3 ls0 ws0 gs331\">Riclas<span class=\"_ _f\"></span>sifiche<span class=\"_ _1\"></span> </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs332\">Secondo <span class=\"_ _d\"></span>le <span class=\"_ _d\"></span>regole <span class=\"_ _0\"></span>generali <span class=\"_ _d\"></span>previst<span class=\"_ _2\"></span>e <span class=\"_ _d\"></span>dall\u2019IFRS <span class=\"_ _d\"></span>9 <span class=\"_ _d\"></span>in <span class=\"_ _0\"></span>materia <span class=\"_ _0\"></span>di <span class=\"_ _d\"></span>riclassificazione <span class=\"_ _d\"></span>delle <span class=\"_ _d\"></span>at<span class=\"_ _2\"></span>tivit\u00e0 <span class=\"_ _d\"></span>finanziarie, <span class=\"_ _d\"></span>non </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs333\">sono ammesse riclassifiche verso <span class=\"_ _2\"></span>altre categorie di attivit\u00e0 finanziarie salvo il cas<span class=\"_ _2\"></span>o in cui l\u2019entit\u00e0 modifichi il </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs334\">proprio <span class=\"_ _1\"></span>modello <span class=\"_ _f\"></span>di <span class=\"_ _1\"></span>business pe<span class=\"_ _1\"></span>r <span class=\"_ _1\"></span>la <span class=\"_ _f\"></span>gestione delle<span class=\"_ _1\"></span> <span class=\"_ _f\"></span>at<span class=\"_ _2\"></span>tivit\u00e0 <span class=\"_ _f\"></span>finanziarie a <span class=\"_ _f\"></span>seguito <span class=\"_ _1\"></span>di <span class=\"_ _f\"></span>cambiamenti esterni <span class=\"_ _f\"></span>o interni<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs336\">i quali siano rilevanti pe<span class=\"_ _1\"></span>r le operazioni del<span class=\"_ _1\"></span>l'entit\u00e0 e dimostrabili alle parti esterne. In tali<span class=\"_ _f\"></span> <span class=\"_ _2\"></span>casi, che ci<span class=\"_ _f\"></span> s<span class=\"_ _2\"></span>i at<span class=\"_ _1\"></span>tende </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs337\">siano <span class=\"_ _d\"></span>altamente <span class=\"_ _2\"></span>infrequenti, <span class=\"_ _d\"></span>le <span class=\"_ _d\"></span>attivit\u00e0 <span class=\"_ _d\"></span>finanziarie <span class=\"_ _2\"></span>potr<span class=\"_ _2\"></span>anno <span class=\"_ _2\"></span>essere <span class=\"_ _d\"></span>riclassificate <span class=\"_ _2\"></span>dalla <span class=\"_ _d\"></span>categoria <span class=\"_ _d\"></span>valutata <span class=\"_ _d\"></span>al </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs338\">costo <span class=\"_ _d\"></span>ammortizzato <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>una <span class=\"_ _2\"></span>dell<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>altre <span class=\"_ _d\"></span>due <span class=\"_ _2\"></span>categorie <span class=\"_ _d\"></span>previste <span class=\"_ _2\"></span>dall\u2019IFRS <span class=\"_ _2\"></span>9 <span class=\"_ _d\"></span>(Attivit\u00e0 <span class=\"_ _2\"></span>finanziarie <span class=\"_ _d\"></span>valutate <span class=\"_ _2\"></span>al <span class=\"_ _d\"></span>fair </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs339\">value <span class=\"_ _1\"></span>con imp<span class=\"_ _1\"></span>atto sulla <span class=\"_ _f\"></span>redditivit\u00e0 complessiva <span class=\"_ _f\"></span>o Attivit\u00e0 finanzi<span class=\"_ _f\"></span>ar<span class=\"_ _2\"></span>ie <span class=\"_ _f\"></span>valutate al <span class=\"_ _1\"></span>fair valu<span class=\"_ _1\"></span>e con <span class=\"_ _f\"></span>impatto a <span class=\"_ _f\"></span>conto </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs33a\">economico). Il <span class=\"_ _2\"></span>valore <span class=\"_ _2\"></span>di t<span class=\"_ _2\"></span>rasferimento <span class=\"_ _2\"></span>\u00e8 rappresentato <span class=\"_ _2\"></span>dal <span class=\"_ _2\"></span>fair v<span class=\"_ _2\"></span>alue al <span class=\"_ _2\"></span>momento <span class=\"_ _2\"></span>della ric<span class=\"_ _2\"></span>lassificazione e <span class=\"_ _2\"></span>gli </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs33b\">effetti della riclassificaz<span class=\"_ _1\"></span>ione operano in maniera prospettica<span class=\"_ _1\"></span> a partire dalla data<span class=\"_ _1\"></span> di ric<span class=\"_ _2\"></span>lassificazione. Gli utili<span class=\"_ _1\"></span> o </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs33c\">le <span class=\"_ _f\"></span>perdite <span class=\"_ _f\"></span>risultanti <span class=\"_ _1\"></span>dalla <span class=\"_ _f\"></span>differenza <span class=\"_ _f\"></span>t<span class=\"_ _2\"></span>ra <span class=\"_ _f\"></span>il <span class=\"_ _f\"></span>cost<span class=\"_ _2\"></span>o <span class=\"_ _f\"></span>ammortizzato <span class=\"_ _f\"></span>dell'attivit\u00e0 <span class=\"_ _f\"></span>finanziaria <span class=\"_ _f\"></span>e <span class=\"_ _f\"></span>il <span class=\"_ _f\"></span>re<span class=\"_ _2\"></span>lativo <span class=\"_ _f\"></span>fair <span class=\"_ _1\"></span>value <span class=\"_ _f\"></span>sono </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs33d\">rilevati a conto <span class=\"_ _1\"></span>economico nel <span class=\"_ _1\"></span>caso di riclassifica <span class=\"_ _f\"></span>tra le Attivit\u00e0 finan<span class=\"_ _1\"></span>ziarie valutate al <span class=\"_ _1\"></span>fair value <span class=\"_ _f\"></span>con <span class=\"_ _2\"></span>impatto a </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs33e\">conto <span class=\"_ _9\"> </span>economico <span class=\"_ _0\"></span>e <span class=\"_ _9\"> </span>a <span class=\"_ _9\"> </span>Patrimonio <span class=\"_ _9\"> </span>netto, <span class=\"_ _9\"> </span>nell\u2019app<span class=\"_ _1\"></span>osita <span class=\"_ _9\"> </span>riserva <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>valutazione, <span class=\"_ _0\"> </span>nel <span class=\"_ _9\"> </span>caso <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>riclassifica <span class=\"_ _0\"></span>t<span class=\"_ _2\"></span>ra <span class=\"_ _0\"> </span>le </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs33f\">Attivit\u00e0 finanziarie valutate al fair value con impatto sulla redditivi<span class=\"_ _1\"></span>t\u00e0 complessiva.<span class=\"_ _2\"></span> </div><div class=\"t m0 h5 ff4 fs1 fc4 sc3 ls0 ws0 gs340\">Criter<span class=\"_ _1\"></span>i di <span class=\"_ _1\"></span>valuta<span class=\"_ _1\"></span>zione<span class=\"_ _f\"></span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs341\">Successivamente <span class=\"_ _18\"> </span>alla <span class=\"_ _18\"> </span>ril<span class=\"_ _2\"></span>evazione <span class=\"_ _18\"> </span>iniziale, <span class=\"_ _19\"> </span>le <span class=\"_ _18\"> </span>attivit\u00e0 <span class=\"_ _18\"> </span>finan<span class=\"_ _2\"></span>ziarie <span class=\"_ _18\"> </span>in <span class=\"_ _18\"> </span>esame <span class=\"_ _19\"> </span>sono <span class=\"_ _18\"> </span>valutate <span class=\"_ _19\"> </span>al <span class=\"_ _18\"> </span>costo </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs342\">ammortizzato, util<span class=\"_ _1\"></span>izzando <span class=\"_ _1\"></span>il metodo d<span class=\"_ _1\"></span>el tasso <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>interesse e<span class=\"_ _1\"></span>ffettivo. In <span class=\"_ _1\"></span>questi termini, <span class=\"_ _f\"></span>l\u2019attivit\u00e0 \u00e8 <span class=\"_ _f\"></span>r<span class=\"_ _2\"></span>iconosciuta </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs343\">in bilancio p<span class=\"_ _2\"></span>er un ammontar<span class=\"_ _2\"></span>e pari <span class=\"_ _2\"></span>al valore di <span class=\"_ _2\"></span>prima iscrizione <span class=\"_ _2\"></span>diminuito <span class=\"_ _2\"></span>dei rimborsi <span class=\"_ _2\"></span>di capitale, <span class=\"_ _2\"></span>pi\u00f9 o meno </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs344\">l\u2019ammortamento cu<span class=\"_ _1\"></span>mulato (cal<span class=\"_ _1\"></span>colato col <span class=\"_ _f\"></span>richiamato metodo de<span class=\"_ _1\"></span>l tasso <span class=\"_ _f\"></span>di interesse <span class=\"_ _f\"></span>effettivo) della <span class=\"_ _1\"></span>differenza </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs345\">tra  t<span class=\"_ _2\"></span>ale  importo <span class=\"_ _22\"> </span>iniziale  e <span class=\"_ _4\"> </span>l\u2019importo <span class=\"_ _4\"> </span>alla  scadenza  (riconducibile  ti<span class=\"_ _2\"></span>picamente  ai  cos<span class=\"_ _2\"></span>ti/proventi  imputati </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs346\">direttamente alla <span class=\"_ _2\"></span>singola <span class=\"_ _2\"></span>attivit\u00e0) e <span class=\"_ _2\"></span>rettificato <span class=\"_ _2\"></span>dell\u2019eventuale fon<span class=\"_ _2\"></span>do a <span class=\"_ _2\"></span>copertura <span class=\"_ _2\"></span>delle <span class=\"_ _2\"></span>perdite attese. <span class=\"_ _2\"></span>Il <span class=\"_ _2\"></span>tasso </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs347\">di <span class=\"_ _4\"> </span>interesse <span class=\"_ _17\"> </span>effettivo <span class=\"_ _4\"> </span>\u00e8 <span class=\"_ _17\"> </span>individuato <span class=\"_ _17\"> </span>calcolando <span class=\"_ _4\"> </span>il <span class=\"_ _4\"> </span>t<span class=\"_ _2\"></span>asso <span class=\"_ _17\"> </span>che <span class=\"_ _4\"> </span>eguaglia <span class=\"_ _4\"> </span>il <span class=\"_ _4\"> </span>va<span class=\"_ _2\"></span>lore <span class=\"_ _4\"> </span>attuale <span class=\"_ _17\"> </span>dei <span class=\"_ _4\"> </span>flussi <span class=\"_ _17\"> </span>futuri </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs348\">dell\u2019attivit\u00e0, <span class=\"_ _15\"> </span>per <span class=\"_ _15\"> </span>capitale <span class=\"_ _e\"> </span>ed <span class=\"_ _15\"> </span>inter<span class=\"_ _2\"></span>esse, <span class=\"_ _15\"> </span>all\u2019ammontare <span class=\"_ _15\"> </span>erogato <span class=\"_ _e\"> </span>inclusiv<span class=\"_ _1\"></span>o <span class=\"_ _15\"> </span>dei <span class=\"_ _e\"> </span>costi/proventi <span class=\"_ _15\"> </span>r<span class=\"_ _2\"></span>icondotti </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs349\">all\u2019attivit\u00e0 <span class=\"_ _4\"> </span>finanziaria <span class=\"_ _4\"> </span>medesima. <span class=\"_ _4\"> </span>Tale <span class=\"_ _4\"> </span>modalit\u00e0 <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>contabilizzazione,<span class=\"_ _1\"></span> <span class=\"_ _4\"> </span>utilizzando <span class=\"_ _4\"> </span>una <span class=\"_ _4\"> </span>logica <span class=\"_ _4\"> </span>finanziaria, </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs34a\">consente <span class=\"_ _15\"> </span>di <span class=\"_ _e\"> </span>distribuire <span class=\"_ _15\"> </span>l\u2019effetto <span class=\"_ _e\"> </span>economico <span class=\"_ _15\"> </span>dei <span class=\"_ _e\"> </span>costi/proventi <span class=\"_ _15\"> </span>direttamente <span class=\"_ _15\"> </span>attr<span class=\"_ _2\"></span>ibuibili <span class=\"_ _15\"> </span>ad <span class=\"_ _e\"> </span>un\u2019attivit\u00e0 </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs34b\">finanziaria lungo la sua vita residua attesa. </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs34c\">Il <span class=\"_ _d\"></span>metodo <span class=\"_ _0\"></span>del <span class=\"_ _d\"></span>costo <span class=\"_ _d\"></span>ammortizzato <span class=\"_ _d\"></span>non <span class=\"_ _0\"></span>viene <span class=\"_ _d\"></span>utilizzato <span class=\"_ _d\"></span>per <span class=\"_ _0\"></span>le <span class=\"_ _d\"></span>attivit\u00e0 <span class=\"_ _0\"></span><span class=\"ff5\">\u2013</span> <span class=\"_ _d\"></span>valorizzate <span class=\"_ _0\"></span>al <span class=\"_ _d\"></span>costo <span class=\"_ _d\"></span>stor<span class=\"_ _2\"></span>ico <span class=\"_ _d\"></span><span class=\"ff5\">\u2013</span> <span class=\"_ _d\"></span>la <span class=\"_ _0\"></span>cui<span class=\"_ _1\"></span> </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs34d\">breve <span class=\"_ _0\"></span>durata <span class=\"_ _0\"></span>fa <span class=\"_ _0\"></span>ritenere <span class=\"_ _0\"></span>trascurabile <span class=\"_ _d\"></span>l\u2019effetto <span class=\"_ _9\"> </span>dell\u2019applicazione <span class=\"_ _d\"></span>della <span class=\"_ _0\"></span>logic<span class=\"_ _2\"></span>a <span class=\"_ _0\"></span>dell\u2019attualizzazione, <span class=\"_ _0\"></span>per <span class=\"_ _0\"></span>quelle </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs34e\">senza una scadenza definita e per i crediti a revoca. </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs34f\">I <span class=\"_ _4\"> </span>criteri <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>valutazione <span class=\"_ _4\"> </span>relativi <span class=\"_ _4\"> </span>agli <span class=\"_ _4\"> </span>accantonamenti <span class=\"_ _4\"> </span>per <span class=\"_ _17\"> </span>le <span class=\"_ _4\"> </span>perdite <span class=\"_ _4\"> </span>att<span class=\"_ _2\"></span>ese <span class=\"_ _4\"> </span>sono <span class=\"_ _4\"> </span>strettamente <span class=\"_ _4\"> </span>connessi </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs350\">all\u2019inclusione <span class=\"_ _2\"></span>degli <span class=\"_ _d\"></span>strumenti <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>esame <span class=\"_ _2\"></span>in <span class=\"_ _d\"></span>uno <span class=\"_ _d\"></span>dei <span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>re <span class=\"_ _2\"></span>stages <span class=\"_ _d\"></span>(s<span class=\"_ _2\"></span>tadi <span class=\"_ _2\"></span>di <span class=\"_ _d\"></span>rischio <span class=\"_ _d\"></span>creditizio) <span class=\"_ _2\"></span>previsti <span class=\"_ _d\"></span>dall\u2019IFRS <span class=\"_ _2\"></span>9,<span class=\"_ _2\"></span> </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs351\">l\u2019ultimo <span class=\"_ _d\"></span>dei <span class=\"_ _d\"></span>quali <span class=\"_ _d\"></span>(Stage <span class=\"_ _d\"></span>3<span class=\"_ _2\"></span>) <span class=\"_ _d\"></span>comprende <span class=\"_ _d\"></span>le <span class=\"_ _d\"></span>attivit\u00e0 <span class=\"_ _d\"></span>finanziarie <span class=\"_ _d\"></span>deterior<span class=\"_ _2\"></span>ate <span class=\"_ _d\"></span>e <span class=\"_ _d\"></span>i <span class=\"_ _d\"></span>restanti <span class=\"_ _d\"></span>(Stage <span class=\"_ _d\"></span>1 <span class=\"_ _0\"></span>e <span class=\"_ _d\"></span>2) <span class=\"_ _d\"></span>le <span class=\"_ _d\"></span>attivit\u00e0 </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs352\">finanziarie in bonis. </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs353\">Con <span class=\"_ _2\"></span>riferimento alla <span class=\"_ _2\"></span>rappresentazi<span class=\"_ _f\"></span>o<span class=\"_ _2\"></span>ne contabile <span class=\"_ _2\"></span>dei suddetti <span class=\"_ _2\"></span>effetti <span class=\"_ _2\"></span>valutativi, <span class=\"_ _2\"></span>le rettifiche di <span class=\"_ _2\"></span>valore <span class=\"_ _2\"></span>riferite a </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs354\">questa tipologia di attivit\u00e0 sono rile<span class=\"_ _1\"></span>vate nel Conto Economico:<span class=\"_ _2\"></span> </div><div class=\"t m0 h5 ff14 fs1 fc1 sc0 ls0 ws0 gs355\"><span class=\"_ _2c\"> </span><span class=\"ff5\">all\u2019atto dell\u2019iscrizione iniziale, per un ammontare pari alla perdita attesa a dodici<span class=\"_ _1\"></span> mesi;<span class=\"_ _df\"> </span></span></div><div class=\"t m0 h5 ff14 fs1 fc1 sc0 ls0 ws0 gs356\"><span class=\"_ _2c\"> </span><span class=\"ff5\">all\u2019atto <span class=\"_ _c\"> </span>della <span class=\"_ _c\"> </span>valutazione <span class=\"_ _c\"> </span>successiva <span class=\"_ _c\"> </span>dell\u2019attivit\u00e0, <span class=\"_ _c\"> </span>o<span class=\"_ _2\"></span><span class=\"ff4\">ve <span class=\"_ _c\"> </span>il <span class=\"_ _c\"> </span>rischio <span class=\"_ _c\"> </span>creditizio <span class=\"_ _c\"> </span>non <span class=\"_ _c\"> </span>sia <span class=\"_ _c\"> </span>risultato </span></span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs357\">significativamente <span class=\"_ _26\"> </span>incrementato <span class=\"_ _26\"> </span>rispetto <span class=\"_ _26\"> </span>all\u2019iscrizione <span class=\"_ _6\"> </span>iniziale, <span class=\"_ _26\"> </span>in <span class=\"_ _26\"> </span>relazione <span class=\"_ _26\"> </span>alle <span class=\"_ _26\"> </span>variazioni </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs358\">dell\u2019ammontare delle rettifiche<span class=\"_ _1\"></span> di valore per perdite attese nei dodici mesi successivi;<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff14 fs1 fc1 sc0 ls0 ws0 gs359\"><span class=\"_ _2c\"> </span><span class=\"ff5\">all\u2019atto <span class=\"_ _2\"></span>della valutazione <span class=\"_ _2\"></span>successiva <span class=\"_ _2\"></span>dell\u2019<span class=\"_ _1\"></span>attivit\u00e0, <span class=\"_ _2\"></span>ove il <span class=\"_ _2\"></span>rischio <span class=\"_ _2\"></span>cred<span class=\"_ _1\"></span>itizio <span class=\"_ _2\"></span>sia r<span class=\"_ _2\"></span>isultato significativamente </span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs35a\">incrementato rispetto all\u2019iscrizione ini<span class=\"_ _1\"></span>ziale, in relazione alla rilevazione di rettifiche di valore per perdite </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs35b\">attese riferibili all\u2019inte<span class=\"_ _1\"></span>ra vita residua prevista contrattu<span class=\"_ _2\"></span>almente per l\u2019attivit\u00e0;<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff14 fs1 fc1 sc0 ls0 ws0 gs35c\"><span class=\"_ _2c\"> </span><span class=\"ff5\">all\u2019atto <span class=\"_ _14\"> </span>della <span class=\"_ _14\"> </span>valutazione <span class=\"_ _14\"> </span>successiva <span class=\"_ _14\"> </span>dell\u2019attivit\u00e0, <span class=\"_ _17\"> </span>ove <span class=\"_ _15\"> </span>\u2013<span class=\"ff4\"> <span class=\"_ _14\"> </span>dopo <span class=\"_ _14\"> </span>che <span class=\"_ _14\"> </span>si <span class=\"_ _14\"> </span>\u00e8 <span class=\"_ _14\"> </span>verificato <span class=\"_ _14\"> </span>un <span class=\"_ _14\"> </span>incremento<span class=\"_ _df\"> </span></span></span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs35d\">significativo <span class=\"_ _f\"></span>del rischio d<span class=\"_ _1\"></span>i credito <span class=\"_ _f\"></span>r<span class=\"_ _2\"></span>ispetto <span class=\"_ _1\"></span>all\u2019iscrizione <span class=\"_ _f\"></span>iniziale \u2013<span class=\"ff4\"> </span>la <span class=\"_ _1\"></span>\u201csignificativit\u00e0\u201d d<span class=\"_ _1\"></span>i tale <span class=\"_ _f\"></span>incremento sia </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs35e\">poi <span class=\"_ _d\"></span>venuta <span class=\"_ _d\"></span>meno, <span class=\"_ _d\"></span>i<span class=\"ff5\">n <span class=\"_ _d\"></span>relazione <span class=\"_ _d\"></span>all\u2019adeguamento <span class=\"_ _d\"></span>delle <span class=\"_ _2\"></span>rett<span class=\"_ _2\"></span>ifiche <span class=\"_ _2\"></span>di <span class=\"_ _d\"></span>valore <span class=\"_ _d\"></span>cumulate <span class=\"_ _d\"></span>per <span class=\"_ _d\"></span>tener <span class=\"_ _d\"></span>conto <span class=\"_ _d\"></span>del </span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs35f\">passaggio <span class=\"_ _2\"></span>da <span class=\"_ _2\"></span>una <span class=\"_ _2\"></span>perdita <span class=\"_ _2\"></span>attesa lungo <span class=\"_ _2\"></span>l\u2019intera <span class=\"_ _2\"></span>vita <span class=\"_ _2\"></span>residua <span class=\"_ _2\"></span>dell<span class=\"_ _1\"></span>o <span class=\"_ _2\"></span>strumento <span class=\"_ _2\"></span>(\u201clifetime\u201d) <span class=\"_ _2\"></span>ad <span class=\"_ _2\"></span>una <span class=\"_ _2\"></span>a dodici<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs360\">mesi.<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs361\">Le attivit\u00e0 <span class=\"_ _2\"></span>finanziarie<span class=\"_ _1\"></span> in <span class=\"_ _2\"></span>esame, ove risultino in bonis, son<span class=\"_ _2\"></span>o sottoposte ad <span class=\"_ _2\"></span>una valutazione, volta a definire le </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs362\">rettifiche <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>valore <span class=\"_ _9\"> </span>da <span class=\"_ _9\"> </span>rilevare <span class=\"_ _9\"> </span>in <span class=\"_ _9\"> </span>bilancio, <span class=\"_ _0\"></span>a <span class=\"_ _16\"> </span>livello <span class=\"_ _0\"></span>di <span class=\"_ _9\"> </span>s<span class=\"_ _2\"></span>ingolo <span class=\"_ _0\"></span>rapporto <span class=\"_ _9\"> </span>creditizio <span class=\"_ _9\"> </span>(o <span class=\"_ _9\"> </span>\u201ctranche\u201d <span class=\"_ _0\"></span>di <span class=\"_ _9\"> </span>tit<span class=\"_ _2\"></span>olo), <span class=\"_ _0\"></span>in </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs363\">funzione <span class=\"_ _0\"></span>dei <span class=\"_ _0\"></span>parametri <span class=\"_ _9\"> </span>di <span class=\"_ _0\"></span>rischio <span class=\"_ _0\"></span>rappresentati <span class=\"_ _9\"> </span>da <span class=\"_ _0\"></span>probability <span class=\"_ _0\"></span>of <span class=\"_ _0\"></span>default <span class=\"_ _9\"> </span>(PD), <span class=\"_ _0\"></span>loss <span class=\"_ _0\"></span>giv<span class=\"_ _d\"></span>en <span class=\"_ _0\"></span>default <span class=\"_ _0\"></span>(LGD) <span class=\"_ _9\"> </span>ed </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs364\">exposure <span class=\"_ _22\"> </span>at <span class=\"_ _4\"> </span>default <span class=\"_ _22\"> </span>(EAD), <span class=\"_ _4\"> </span>derivati  dai <span class=\"_ _4\"> </span>modelli <span class=\"_ _22\"> </span>AIRB <span class=\"_ _4\"> </span>e <span class=\"_ _22\"> </span>oppor<span class=\"_ _2\"></span>tunamente  corr<span class=\"_ _2\"></span>etti <span class=\"_ _22\"> </span>per <span class=\"_ _4\"> </span>tener  conto<span class=\"_ _2\"></span>  delle </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs365\">previsioni del principio contabile IFRS 9. </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs366\">Se, oltre ad un incremento significativo del<span class=\"_ _1\"></span> rischio di credito, si riscontr<span class=\"_ _2\"></span>ano anche<span class=\"_ _1\"></span> oggett<span class=\"_ _2\"></span>ive evidenze di una </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs367\">perdita <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>valore, l\u2019importo <span class=\"_ _d\"></span>della perdita <span class=\"_ _2\"></span>viene <span class=\"_ _2\"></span>misurato <span class=\"_ _2\"></span>come <span class=\"_ _2\"></span>dif<span class=\"_ _1\"></span>ferenza <span class=\"_ _2\"></span>tra <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>valore <span class=\"_ _2\"></span>contabile<span class=\"_ _1\"></span> <span class=\"_ _2\"></span>dell\u2019attivit\u00e0 <span class=\"_ _d\"></span>\u2013<span class=\"ff4\"> </span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs368\">classificata come \u201cde<span class=\"_ _1\"></span>teriorata\u201d, al pari d<span class=\"_ _1\"></span>i tutti gli <span class=\"_ _1\"></span>altri rapporti intercorrenti con l<span class=\"_ _1\"></span>a medesima controparte \u2013<span class=\"ff4\"> <span class=\"ls7e\">e </span></span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs369\">il <span class=\"_ _d\"></span>valore <span class=\"_ _0\"></span>attuale <span class=\"_ _d\"></span>dei <span class=\"_ _d\"></span>f<span class=\"_ _2\"></span>uturi <span class=\"_ _d\"></span>flussi <span class=\"_ _0\"></span>finanziari <span class=\"_ _d\"></span>stimati, <span class=\"_ _0\"></span>scontati <span class=\"_ _d\"></span>al <span class=\"_ _0\"></span>tasso <span class=\"_ _d\"></span>di <span class=\"_ _0\"></span>interesse <span class=\"_ _d\"></span>effettivo <span class=\"_ _0\"></span>originario. <span class=\"_ _d\"></span>In <span class=\"_ _0\"></span>tale<span class=\"_ _df\"> </span> </div>contesto,  \u00e8<span class=\"_ _1\"></span>  s<span class=\"_ _f\"></span>t<span class=\"_ _2\"></span>ata <span class=\"_ _9\"> </span>s<span class=\"_ _2\"></span>vilu<span class=\"_ _1\"></span>ppata <span class=\"_ _16\"> </span>una <span class=\"_ _16\"> </span>specifica <span class=\"_ _9\"> </span>metodologia  per <span class=\"_ _9\"> </span>il  trattamento <span class=\"_ _9\"> </span>contabile  d<span class=\"_ _1\"></span>a  ap<span class=\"_ _1\"></span>plicare  ad <span class=\"_ _9\"> </span>un<span class=\"_ _df\"> </span> portafoglio di posizioni <span class=\"_ _2\"></span>a sofferenza che, <span class=\"_ _2\"></span>avendo maturato un <span class=\"_ _2\"></span>vintage significativo,<span class=\"_ _1\"></span> v<span class=\"_ _2\"></span>engono valutate anche<span class=\"_ _df\"> </span> in <span class=\"_ _9\"> </span>un\u2019ottica <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>cessione <span class=\"_ _9\"> </span>(c<span class=\"_ _2\"></span>.d.\u201d <span class=\"_ _0\"> </span>P<span class=\"_ _2\"></span>ortafoglio<span class=\"ff4\"> <span class=\"_ _9\"> </span>sotto <span class=\"_ _9\"> </span></span>\u2013<span class=\"ff4\"> <span class=\"_ _16\"> </span></span>modello <span class=\"_ _0\"></span>St<span class=\"_ _2\"></span>age<span class=\"_ _f\"></span> <span class=\"_ _16\"> </span>3\u201d). <span class=\"_ _9\"> </span>Tale <span class=\"_ _9\"> </span>metodologia <span class=\"_ _9\"> </span>considera <span class=\"_ _9\"> </span>diversi<span class=\"_ _df\"> </span> scenari  e <span class=\"_ _22\"> </span>s<span class=\"_ _2\"></span>tima  il <span class=\"_ _22\"> </span>valore <span class=\"_ _4\"> </span>recuperabile<span class=\"_ _1\"></span> <span class=\"_ _4\"> </span>delle  esposizioni  in <span class=\"_ _22\"> </span>bas<span class=\"_ _2\"></span>e  alla <span class=\"_ _22\"> </span>combinazione <span class=\"_ _4\"> </span>e <span class=\"_ _4\"> </span>alle  probabilit\u00e0 <span class=\"_ _4\"> </span>di<span class=\"_ _df\"> </span> accadimento <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>tali <span class=\"_ _d\"></span>scenari, <span class=\"_ _2\"></span>oltre <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>ai <span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>elativi <span class=\"_ _2\"></span>flussi <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>cassa <span class=\"_ _2\"></span>stimati.<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>Al <span class=\"_ _2\"></span>31/12/2025 <span class=\"_ _d\"></span>non r<span class=\"_ _2\"></span>isultano <span class=\"_ _2\"></span>posizioni<span class=\"_ _df\"> </span> all'interno del s<span class=\"_ _2\"></span>uddetto portafoglio. <span class=\"_ _2\"></span><span class=\"ff5\">Rientrano nell\u2019ambito <span class=\"_ _2\"></span>delle attivit\u00e0 <span class=\"_ _2\"></span>deteriorate gli str<span class=\"_ _2\"></span>umenti finanziari ai<span class=\"_ _df\"> </span></span><span class=\"ff5\"> </span>quali <span class=\"_ _0\"></span>\u00e8 <span class=\"_ _0\"></span>stato <span class=\"_ _0\"></span>attribuito <span class=\"_ _0\"></span>lo <span class=\"_ _0\"></span>status <span class=\"_ _0\"></span>di <span class=\"_ _d\"></span>s<span class=\"_ _2\"></span>offerenza, <span class=\"_ _d\"></span>inadempienza <span class=\"_ _0\"></span>pro<span class=\"_ _2\"></span>babile <span class=\"_ _d\"></span>o <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>scaduto/sconfinante <span class=\"_ _0\"></span>da <span class=\"_ _0\"></span>oltre<span class=\"_ _df\"> </span> novanta giorni secondo le regole<span class=\"_ _1\"></span> di Banca d\u2019Italia, coe<span class=\"_ _1\"></span>renti con la normativa IAS/IFRS e di Vigi<span class=\"_ _1\"></span>lanza europea.<span class=\"_ _df\"> </span><span class=\"_ _2\"></span><span class=\"ff4\"> </span>I flussi <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>cassa <span class=\"_ _2\"></span>previsti tengono cont<span class=\"_ _2\"></span>o dei <span class=\"_ _2\"></span>tempi <span class=\"_ _2\"></span>di recupero <span class=\"_ _2\"></span>attesi e <span class=\"_ _2\"></span>del presumibile <span class=\"_ _2\"></span>valore <span class=\"_ _2\"></span>di realizzo <span class=\"_ _2\"></span>delle<span class=\"_ _df\"> </span> eventuali garanzie.<span class=\"_ _df\"> </span> Il <span class=\"_ _9\"> </span>tasso <span class=\"_ _9\"> </span>effettivo <span class=\"_ _9\"> </span>originario <span class=\"_ _16\"> </span>di <span class=\"_ _0\"></span>ciascuna <span class=\"_ _9\"> </span>att<span class=\"_ _2\"></span>ivit\u00e0 <span class=\"_ _0\"> </span>r<span class=\"_ _2\"></span>imane <span class=\"_ _0\"> </span>invariato <span class=\"_ _9\"> </span>nel <span class=\"_ _9\"> </span>t<span class=\"_ _2\"></span>empo <span class=\"_ _0\"></span>ancorch\u00e9 <span class=\"_ _9\"> </span>s<span class=\"_ _2\"></span>ia <span class=\"_ _9\"> </span>intervenuta <span class=\"_ _0\"> </span>una<span class=\"_ _df\"> </span> ristrutturazione <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>rapporto <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>abbia <span class=\"_ _2\"></span>comportato <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>variazi<span class=\"_ _2\"></span>one <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>tasso <span class=\"_ _2\"></span>contrattuale <span class=\"_ _2\"></span>ed <span class=\"_ _2\"></span>anche <span class=\"_ _2\"></span>qualora <span class=\"_ _2\"></span>il<span class=\"_ _df\"> </span> rapporto divenga, nella pratica, infruttifero di interessi contrattu<span class=\"_ _f\"></span>ali.<span class=\"_ _df\"> </span><span class=\"_ _2\"></span> Qualora i motivi della perdita di valore siano rimossi a seguito di un e<span class=\"_ _1\"></span>vento verificatosi successivamente alla<span class=\"_ _df\"> </span> rilevazione <span class=\"_ _14\"> </span>della <span class=\"_ _14\"> </span>riduzione <span class=\"_ _14\"> </span>di <span class=\"_ _14\"> </span>valore, <span class=\"_ _15\"> </span>vengono <span class=\"_ _14\"> </span>effettuate <span class=\"_ _14\"> </span>riprese <span class=\"_ _14\"> </span>di <span class=\"_ _15\"> </span>valore <span class=\"_ _14\"> </span>con <span class=\"_ _14\"> </span>imputazione <span class=\"_ _14\"> </span>a <span class=\"_ _14\"> </span>Conto<span class=\"_ _df\"> </span> Economico.  La  ripresa  d<span class=\"_ _1\"></span>i  valore  non <span class=\"_ _16\"> </span>pu\u00f2  ecc<span class=\"_ _1\"></span>edere  il  costo  ammortizzato  che<span class=\"_ _1\"></span>  lo  strume<span class=\"_ _1\"></span>nto  finanziario<span class=\"_ _df\"> </span> avrebbe <span class=\"_ _2\"></span>avuto <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>assenza <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>precedenti <span class=\"_ _2\"></span>rettifiche. I <span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>ipristini <span class=\"_ _2\"></span>di v<span class=\"_ _2\"></span>alore <span class=\"_ _2\"></span>conness<span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>con <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>trascorrere <span class=\"_ _2\"></span>del tempo<span class=\"_ _df\"> </span> sono appostati nel margine di interesse.<span class=\"_ _df\"> </span> In <span class=\"_ _0\"></span>alcuni <span class=\"_ _9\"> </span>casi, <span class=\"_ _0\"></span>durante <span class=\"_ _9\"> </span>la <span class=\"_ _9\"> </span>vita <span class=\"_ _9\"> </span>delle <span class=\"_ _0\"></span>att<span class=\"_ _2\"></span>ivit\u00e0 <span class=\"_ _0\"></span>finanziarie <span class=\"_ _0\"></span>in <span class=\"_ _9\"> </span>esame <span class=\"_ _0\"></span>e, <span class=\"_ _9\"> </span>in <span class=\"_ _9\"> </span>particolare, <span class=\"_ _0\"> </span>dei <span class=\"_ _9\"> </span>crediti, <span class=\"_ _0\"></span>le <span class=\"_ _9\"> </span>condizioni<span class=\"_ _df\"> </span> contrattuali originarie sono ogge<span class=\"_ _1\"></span>tto di successiva modifica pe<span class=\"_ _1\"></span>r volon<span class=\"_ _2\"></span>t\u00e0 delle parti del contratto. Quando,<span class=\"_ _1\"></span> nel<span class=\"_ _df\"> </span> corso <span class=\"_ _0\"></span>della <span class=\"_ _0\"></span>vita <span class=\"_ _0\"></span>di <span class=\"_ _0\"> </span>uno <span class=\"_ _9\"> </span>strumento, <span class=\"_ _0\"></span>le <span class=\"_ _0\"></span>clausole <span class=\"_ _0\"></span>contr<span class=\"_ _2\"></span>attuali <span class=\"_ _d\"></span>s<span class=\"_ _2\"></span>ono <span class=\"_ _d\"></span>o<span class=\"_ _2\"></span>ggetto <span class=\"_ _d\"></span>di <span class=\"_ _9\"> </span>modifica <span class=\"_ _0\"></span>occorre <span class=\"_ _0\"></span>verificare <span class=\"_ _0\"></span>se<span class=\"_ _df\"> </span> l\u2019attivit\u00e0 <span class=\"_ _d\"></span>originaria <span class=\"_ _d\"></span>deve <span class=\"_ _d\"></span>continuare <span class=\"_ _d\"></span>ad <span class=\"_ _d\"></span>essere <span class=\"_ _d\"></span>rilevata <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>bilancio <span class=\"_ _d\"></span>o <span class=\"_ _d\"></span>se, <span class=\"_ _d\"></span>al <span class=\"_ _d\"></span>contrario, <span class=\"_ _d\"></span>lo <span class=\"_ _d\"></span>strumento <span class=\"_ _d\"></span>origi<span class=\"_ _2\"></span><span class=\"ff4\">nario<span class=\"_ _df\"> </span></span><span class=\"ff4\"> </span>deve <span class=\"_ _4\"> </span>ess<span class=\"_ _2\"></span>ere <span class=\"_ _4\"> </span>oggetto <span class=\"_ _14\"> </span>di <span class=\"_ _17\"> </span>cancellazi<span class=\"_ _1\"></span>one <span class=\"_ _17\"> </span>dal <span class=\"_ _17\"> </span>bilancio <span class=\"_ _17\"> </span>(derecognition<span class=\"_ _df\"> </span>) <span class=\"_ _17\"> </span>e <span class=\"_ _17\"> </span>debba <span class=\"_ _17\"> </span>essere <span class=\"_ _17\"> </span>rilevato <span class=\"_ _17\"> </span>un <span class=\"_ _17\"> </span>nuovo<span class=\"_ _df\"> </span> strumento finanziario.<span class=\"_ _df\"> </span> In generale, le<span class=\"_ _2\"></span> modifiche di <span class=\"_ _2\"></span>un\u2019attivit\u00e0 <span class=\"_ _2\"></span>finanziaria conducono alla <span class=\"_ _2\"></span>cancellazione della st<span class=\"_ _2\"></span>essa ed all\u2019iscrizione<span class=\"_ _df\"> </span> di <span class=\"_ _2\"></span>una <span class=\"_ _d\"></span>nuova <span class=\"_ _d\"></span>at<span class=\"ff5\">tivit\u00e0 <span class=\"_ _d\"></span>quando <span class=\"_ _2\"></span>sono <span class=\"_ _d\"></span>\u201csostanziali\u201d. <span class=\"_ _2\"></span>La <span class=\"_ _d\"></span>valutazione <span class=\"_ _2\"></span>circa <span class=\"_ _d\"></span>la <span class=\"_ _d\"></span>\u201csostanzialit\u00e0\u201d <span class=\"_ _d\"></span>della <span class=\"_ _2\"></span>modifica <span class=\"_ _2\"></span>deve<span class=\"_ _df\"> </span></span><span class=\"ff5\"> </span>essere effettuata <span class=\"_ _2\"></span>considerando <span class=\"_ _2\"></span>sia elementi <span class=\"_ _2\"></span>qualitativi sia <span class=\"_ _2\"></span>elementi <span class=\"_ _2\"></span>quantitativi. In <span class=\"_ _2\"></span>alcuni casi, <span class=\"_ _2\"></span>infatti, <span class=\"_ _2\"></span>potr\u00e0<span class=\"_ _df\"> </span> risultare <span class=\"_ _1a\"> </span>chiaro, <span class=\"_ _19\"> </span>senza <span class=\"_ _1a\"> </span>il <span class=\"_ _19\"> </span>ricorso <span class=\"_ _1a\"> </span>a <span class=\"_ _19\"> </span>complesse <span class=\"_ _1a\"> </span>analisi, <span class=\"_ _1a\"> </span>che <span class=\"_ _19\"> </span>i <span class=\"_ _1a\"> </span>cambiamenti <span class=\"_ _19\"> </span>intr<span class=\"_ _2\"></span>odotti <span class=\"_ _19\"> </span>modificano<span class=\"_ _df\"> </span> sostanzialmente <span class=\"_ _d\"></span>le <span class=\"_ _d\"></span>carat<span class=\"_ _2\"></span>teristiche <span class=\"_ _d\"></span>e/o <span class=\"_ _d\"></span>i <span class=\"_ _0\"></span>flussi <span class=\"_ _d\"></span>contrattuali <span class=\"_ _d\"></span>di <span class=\"_ _0\"></span>una <span class=\"_ _d\"></span>determinata <span class=\"_ _0\"></span>attivit\u00e0 <span class=\"_ _d\"></span>mentre, <span class=\"_ _0\"></span>in <span class=\"_ _d\"></span>altri <span class=\"_ _0\"></span>casi,<span class=\"_ _df\"> </span> dovranno <span class=\"_ _2\"></span>essere <span class=\"_ _d\"></span>svolte <span class=\"_ _d\"></span>ulteriori <span class=\"_ _2\"></span>analisi <span class=\"_ _d\"></span>(anche <span class=\"_ _2\"></span>di <span class=\"_ _d\"></span>tipo <span class=\"_ _2\"></span>quantitativo) <span class=\"_ _2\"></span>per <span class=\"_ _d\"></span>apprezzare <span class=\"_ _d\"></span>gli <span class=\"_ _2\"></span>effetti<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>delle <span class=\"_ _d\"></span>stesse <span class=\"_ _2\"></span>e<span class=\"_ _df\"> </span> verificare <span class=\"_ _0\"></span>la <span class=\"_ _16\"> </span>necessit\u00e0 <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>proce<span class=\"_ _2\"></span>dere <span class=\"_ _0\"></span>o <span class=\"_ _16\"> </span>meno <span class=\"_ _9\"> </span>alla <span class=\"_ _9\"> </span>cancellazione <span class=\"_ _9\"> </span>dell\u2019attivit\u00e0 <span class=\"_ _16\"> </span>ed <span class=\"_ _0\"></span>alla <span class=\"_ _9\"> </span>iscr<span class=\"_ _2\"></span>izione <span class=\"_ _0\"> </span>d<span class=\"_ _2\"></span>i <span class=\"_ _9\"> </span>un <span class=\"_ _9\"> </span>nuovo<span class=\"_ _df\"> </span> strumento finanziario.<span class=\"_ _df\"> </span> Le <span class=\"_ _9\"> </span>analisi <span class=\"_ _9\"> </span>(quali-<span class=\"ff5\">quantitative) <span class=\"_ _9\"> </span>volte <span class=\"_ _9\"> </span>a <span class=\"_ _9\"> </span>definire <span class=\"_ _9\"> </span>la <span class=\"_ _9\"> </span>\u201csost<span class=\"_ _2\"></span>anzialit\u00e0\u201d <span class=\"_ _0\"></span>delle <span class=\"_ _9\"> </span>modifiche <span class=\"_ _9\"> </span>contrattuali <span class=\"_ _9\"> </span>apportat<span class=\"_ _2\"></span>e <span class=\"_ _0\"></span>ad<span class=\"_ _df\"> </span></span><span class=\"ff5\"><span class=\"_ _2\"></span></span> un\u2019attivit\u00e0 finanziaria, dov<span class=\"_ _1\"></span>ranno pertant<span class=\"_ _2\"></span>o considerare:<span class=\"_ _df\"> </span><span class=\"ff4\"> </span><span class=\"_ _2c\"> </span><span class=\"ff4\">le finalit\u00e0 <span class=\"_ _2\"></span>per cui le modifiche so<span class=\"_ _2\"></span>no state effettuate: ad <span class=\"_ _2\"></span>esempio, rinegoziazioni per motivi commerciali<span class=\"_ _df\"> </span></span><span class=\"ff4\"> </span>e concessioni per difficolt\u00e0 finanziarie della controparte:<span class=\"_ _df\"> </span><span class=\"_ _2c\"> </span><span class=\"ff5\">le prime, <span class=\"_ _2\"></span>volte a <span class=\"_ _2\"></span>\u201ctrattenere\u201d il<span class=\"_ _2\"></span><span class=\"ff4\"> cliente, <span class=\"_ _2\"></span>vedono coinvolto un <span class=\"_ _2\"></span>debitore che <span class=\"_ _2\"></span>non versa <span class=\"_ _2\"></span>in una situazione <span class=\"_ _2\"></span>di<span class=\"_ _df\"> </span></span></span>difficolt\u00e0 <span class=\"_ _f\"></span>finanziaria. <span class=\"_ _1\"></span>In <span class=\"_ _f\"></span>q<span class=\"_ _2\"></span>uesta <span class=\"_ _f\"></span>casistica sono <span class=\"_ _f\"></span>incluse <span class=\"_ _f\"></span>tutte le<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>operazioni <span class=\"_ _f\"></span>di rineg<span class=\"_ _1\"></span>oziazione <span class=\"_ _f\"></span>ch<span class=\"_ _2\"></span>e <span class=\"_ _f\"></span>sono volte<span class=\"_ _df\"> </span><span class=\"_ _f\"></span> ad <span class=\"_ _f\"></span>adeguare l\u2019<span class=\"_ _1\"></span>onerosit\u00e0 del <span class=\"_ _f\"></span>debito <span class=\"_ _f\"></span>alle cond<span class=\"_ _1\"></span>izioni <span class=\"_ _f\"></span>d<span class=\"_ _2\"></span>i <span class=\"_ _f\"></span>mercato. Tali <span class=\"_ _f\"></span>oper<span class=\"ff4\">azioni comportano <span class=\"_ _f\"></span>una v<span class=\"_ _1\"></span>ariazione<span class=\"_ _df\"> </span></span>delle  condizioni  originarie  del  contratto,  solitamente  richieste<span class=\"_ _1\"></span>  dal  debitore,  che  attiene  ad  aspetti<span class=\"_ _df\"> </span> connessi <span class=\"_ _2\"></span>alla <span class=\"_ _2\"></span>oneros<span class=\"_ _2\"></span>it\u00e0 <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>debito, <span class=\"_ _2\"></span>con <span class=\"_ _2\"></span>un <span class=\"_ _2\"></span>cons<span class=\"_ _2\"></span>egue<span class=\"_ _1\"></span>nte <span class=\"_ _2\"></span>beneficio <span class=\"_ _d\"></span>economico <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>debitore <span class=\"_ _d\"></span>stesso. <span class=\"_ _2\"></span>In<span class=\"_ _df\"> </span> linea <span class=\"_ _9\"> </span>generale <span class=\"_ _16\"> </span>si <span class=\"_ _9\"> </span>r<span class=\"_ _2\"></span>itiene <span class=\"_ _9\"> </span>che,  og<span class=\"_ _1\"></span>niqualvolta <span class=\"_ _9\"> </span>la  b<span class=\"_ _1\"></span>anca <span class=\"_ _16\"> </span>effettui <span class=\"_ _9\"> </span>una  rine<span class=\"_ _1\"></span>goziazione <span class=\"_ _9\"> </span>al  fine<span class=\"_ _1\"></span>  d<span class=\"_ _1\"></span>i <span class=\"_ _9\"> </span>evit<span class=\"_ _2\"></span>are <span class=\"_ _9\"> </span>di<span class=\"_ _df\"> </span> perdere <span class=\"_ _f\"></span>il p<span class=\"_ _1\"></span>roprio cl<span class=\"_ _1\"></span>iente, <span class=\"_ _f\"></span>t<span class=\"_ _2\"></span>ale <span class=\"_ _f\"></span>rinegoziazione <span class=\"_ _1\"></span>debba e<span class=\"_ _1\"></span>ssere <span class=\"_ _1\"></span>considerata <span class=\"_ _f\"></span>come sostanziale <span class=\"_ _f\"></span>in <span class=\"_ _f\"></span>quan<span class=\"_ _2\"></span>to, <span class=\"_ _f\"></span>ove<span class=\"_ _df\"> </span> non <span class=\"_ _2\"></span>fosse <span class=\"_ _2\"></span>effettuata, <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>cliente <span class=\"_ _2\"></span>potrebbe <span class=\"_ _2\"></span>finanziarsi <span class=\"_ _2\"></span>presso <span class=\"_ _2\"></span>un <span class=\"_ _2\"></span>al<span class=\"_ _2\"></span>tro <span class=\"_ _2\"></span>intermediario <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>banca <span class=\"_ _2\"></span>subirebbe<span class=\"_ _df\"> </span> un decremento dei ricavi futuri previsti;<span class=\"_ _df\"> </span><span class=\"_ _2c\"> </span><span class=\"ff5\">le <span class=\"_ _d\"></span>s<span class=\"_ _2\"></span>econde, <span class=\"_ _d\"></span>effettuate <span class=\"_ _d\"></span>p<span class=\"_ _2\"></span>er <span class=\"_ _d\"></span>\u201cr<span class=\"_ _2\"></span>agioni <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>rischio <span class=\"_ _0\"></span>creditizio\u201d <span class=\"_ _d\"></span>(misure<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>for<span class=\"_ _2\"></span>bearance), <span class=\"_ _d\"></span>sono <span class=\"_ _d\"></span>r<span class=\"_ _2\"></span>iconducibili <span class=\"_ _d\"></span>al<span class=\"_ _df\"> </span></span><span class=\"ff5\"> </span>tentativo della banca di <span class=\"_ _2\"></span>massimizzare il recovery dei cas<span class=\"_ _2\"></span>h flow del c<span class=\"_ _2\"></span>redito originario. I rischi <span class=\"_ _2\"></span>e i benefici<span class=\"_ _df\"> </span> sottostanti, <span class=\"_ _e\"> </span>successivamente <span class=\"_ _15\"> </span>alle <span class=\"_ _e\"> </span>modifiche, <span class=\"_ _e\"> </span>di <span class=\"_ _e\"> </span>nor<span class=\"_ _2\"></span>ma, <span class=\"_ _e\"> </span>non <span class=\"_ _15\"> </span>s<span class=\"_ _2\"></span>ono <span class=\"_ _15\"> </span>sostanzialmente <span class=\"_ _e\"> </span>trasferiti <span class=\"_ _e\"> </span>e,<span class=\"_ _df\"> </span> conseguentemente, <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>rappresentazione <span class=\"_ _2\"></span>contabile <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>offre <span class=\"_ _2\"></span>informazioni <span class=\"_ _2\"></span>pi\u00f9 <span class=\"_ _2\"></span>rilevanti <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>lettore <span class=\"_ _2\"></span>del<span class=\"_ _df\"> </span> bilancio <span class=\"_ _0\"></span>(salvo <span class=\"_ _9\"> </span>quanto <span class=\"_ _9\"> </span>s<span class=\"_ _2\"></span>i <span class=\"_ _0\"></span>dir\u00e0 <span class=\"_ _9\"> </span>in <span class=\"_ _9\"> </span>seguito <span class=\"_ _9\"> </span>in <span class=\"_ _0\"></span>t<span class=\"_ _2\"></span>ema <span class=\"_ _0\"></span>di <span class=\"_ _9\"> </span>elementi <span class=\"_ _9\"> </span>oggettivi), <span class=\"_ _9\"> </span>\u00e8 <span class=\"_ _9\"> </span>quella <span class=\"_ _9\"> </span>effettuata <span class=\"_ _9\"> </span>tr<span class=\"_ _2\"></span>amite <span class=\"_ _0\"></span>il<span class=\"_ _df\"> </span> \u201cmodification <span class=\"_ _0\"></span>accounting\u201d <span class=\"_ _0\"></span><span class=\"ff4\">- <span class=\"_ _9\"> </span>che <span class=\"_ _0\"></span>implica <span class=\"_ _0\"></span>la <span class=\"_ _0\"></span>rilevazione <span class=\"_ _0\"></span>a <span class=\"_ _0\"></span>conto <span class=\"_ _0\"></span>economico <span class=\"_ _9\"> </span>della <span class=\"_ _d\"></span>differenza <span class=\"_ _0\"></span>tr<span class=\"_ _2\"></span>a <span class=\"_ _0\"></span>valore<span class=\"_ _df\"> </span></span><span class=\"ff4\"> </span>contabile <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>valore <span class=\"_ _d\"></span>attuale <span class=\"_ _2\"></span>dei <span class=\"_ _2\"></span>flussi <span class=\"_ _d\"></span>di <span class=\"_ _2\"></span>cassa <span class=\"_ _2\"></span>modificati <span class=\"_ _2\"></span>scontati <span class=\"_ _d\"></span>al <span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>asso <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>interesse <span class=\"_ _2\"></span>originario <span class=\"_ _d\"></span>- <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>non<span class=\"_ _df\"> </span> tramite la derecognition;<span class=\"_ _df\"> </span><span class=\"_ _2c\"> </span><span class=\"ff5\">la <span class=\"_ _0\"></span>presenza <span class=\"_ _9\"> </span>di <span class=\"_ _0\"></span>specifici <span class=\"_ _0\"></span>elemen<span class=\"_ _2\"></span>ti <span class=\"_ _0\"></span>oggettivi <span class=\"_ _0\"></span>(\u201ctrigger\u201d) <span class=\"_ _0\"></span>che <span class=\"_ _0\"></span>inc<span class=\"_ _2\"></span>idono <span class=\"_ _0\"></span>sulle <span class=\"_ _0\"></span>caratteristiche <span class=\"_ _0\"></span>e/o <span class=\"_ _9\"> </span>sui <span class=\"_ _0\"></span>flussi<span class=\"_ _df\"> </span></span><span class=\"ff5\"> </span>contrattuali <span class=\"_ _0\"></span>dello <span class=\"_ _0\"></span>strumento <span class=\"_ _0\"></span>finanziario <span class=\"_ _0\"></span>(quali, <span class=\"_ _0\"></span>a <span class=\"_ _0\"></span>solo <span class=\"_ _0\"></span>titolo <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>esempio, <span class=\"_ _0\"></span>il <span class=\"_ _0\"></span>cambi<span class=\"_ _2\"></span>amento <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>divisa <span class=\"_ _0\"></span>o <span class=\"_ _9\"> </span>la<span class=\"_ _df\"> </span> modifica della ti<span class=\"_ _2\"></span>pologia di rischio <span class=\"_ _2\"></span>a cui <span class=\"_ _2\"></span>si \u00e8 <span class=\"_ _2\"></span>esposti, ove <span class=\"_ _2\"></span>la si cor<span class=\"_ _2\"></span>reli a <span class=\"_ _2\"></span>parametri di equity <span class=\"_ _2\"></span>e comm<span class=\"_ _2\"></span>odity),<span class=\"_ _df\"> </span><span class=\"_ _1\"></span> che <span class=\"_ _1\"></span>si ritiene<span class=\"_ _1\"></span> comportino <span class=\"_ _1\"></span>la d<span class=\"_ _1\"></span>erecognition in <span class=\"_ _f\"></span>considerazione del <span class=\"_ _f\"></span>l<span class=\"_ _2\"></span>oro imp<span class=\"_ _1\"></span>atto (atteso <span class=\"_ _f\"></span>come significativo)<span class=\"_ _df\"> </span><span class=\"_ _1\"></span> sui flussi contrattuali originari.<span class=\"_ _df\"> </span><div class=\"t m0 h5 ff4 fs1 fc4 sc3 ls0 ws0 gs3a8\">Criter<span class=\"_ _1\"></span>i di <span class=\"_ _1\"></span>cancell<span class=\"_ _1\"></span>azion<span class=\"_ _f\"></span>e </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs3a9\">Le attivit\u00e0 finanziarie veng<span class=\"_ _1\"></span>ono cancellate dal bilancio solamente se la cessione ha comportato il <span class=\"_ _1\"></span>sostanziale </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs3aa\">trasferimento di tutti i rischi e benefici connessi alle attivit\u00e0 stesse. Per contr<span class=\"_ _2\"></span>o, qualora sia stat<span class=\"_ _d\"></span>a mantenuta<span class=\"_ _1\"></span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs3ab\">una <span class=\"_ _2\"></span>quota <span class=\"_ _d\"></span>parte <span class=\"_ _d\"></span>rilevante <span class=\"_ _2\"></span>dei <span class=\"_ _d\"></span>rischi <span class=\"_ _d\"></span>e <span class=\"_ _d\"></span>benefici <span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>elativi<span class=\"_ _1\"></span> <span class=\"_ _d\"></span>alle <span class=\"_ _d\"></span>attivit\u00e0 <span class=\"_ _d\"></span>finanziarie <span class=\"_ _2\"></span>cedute, <span class=\"_ _d\"></span>queste <span class=\"_ _d\"></span>continuano <span class=\"_ _2\"></span>ad<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs3ad\">essere iscritte <span class=\"_ _2\"></span>in bilancio, ancorch\u00e9 gi<span class=\"_ _2\"></span>uridicamente la titolarit\u00e0 <span class=\"_ _2\"></span>delle attivit\u00e0 <span class=\"_ _2\"></span>stesse sia <span class=\"_ _2\"></span>stata effettivamente </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs3ae\">trasferita. </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs3af\">Nel  caso  in  cui<span class=\"_ _1\"></span>  non  sia  possibile  accertare  il  sostanziale  trasferimento  de<span class=\"_ _1\"></span>i  rischi  e  benefici,  le  attivit\u00e0 </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs3b0\">finanziarie <span class=\"_ _0\"></span>vengono <span class=\"_ _9\"> </span>cancellate <span class=\"_ _9\"> </span>dal <span class=\"_ _9\"> </span>bilancio <span class=\"_ _0\"> </span>q<span class=\"_ _2\"></span>ualora <span class=\"_ _0\"></span>non <span class=\"_ _9\"> </span>sia <span class=\"_ _9\"> </span>st<span class=\"_ _2\"></span>ato <span class=\"_ _0\"></span>mantenuto <span class=\"_ _9\"> </span>alcun <span class=\"_ _0\"></span>t<span class=\"_ _2\"></span>ipo <span class=\"_ _0\"></span>di <span class=\"_ _9\"> </span>controllo <span class=\"_ _9\"> </span>sulle </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs3b1\">stesse. <span class=\"_ _d\"></span>In <span class=\"_ _0\"></span>caso <span class=\"_ _d\"></span>contrario, <span class=\"_ _d\"></span>la <span class=\"_ _0\"></span>conservazione, <span class=\"_ _d\"></span>anche <span class=\"_ _0\"></span>in <span class=\"_ _d\"></span>parte, <span class=\"_ _0\"></span>di <span class=\"_ _d\"></span>tale <span class=\"_ _d\"></span>cont<span class=\"_ _2\"></span>rollo <span class=\"_ _d\"></span>comporta <span class=\"_ _d\"></span>il <span class=\"_ _d\"></span>mantenimento <span class=\"_ _d\"></span>in </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs3b2\">bilancio <span class=\"_ _2\"></span>delle at<span class=\"_ _2\"></span>tivit\u00e0 <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>misura <span class=\"_ _2\"></span>pari <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>coinvolgimento <span class=\"_ _d\"></span>residuo, <span class=\"_ _2\"></span>misurato <span class=\"_ _2\"></span>dall\u2019esposizione a<span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>cambiamenti <span class=\"_ _2\"></span>di </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs3b3\">valore delle attivit\u00e0 cedute ed alle variazioni dei flu<span class=\"_ _1\"></span>ssi finanziari delle<span class=\"_ _2\"></span> stesse. </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs3b4\">Infine, le attivit\u00e0 finanziarie cedute vengono cancellate dal bilancio nel caso in cui vi sia la conservazione dei </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs3b5\">diritti <span class=\"_ _9\"> </span>contrattuali <span class=\"_ _0\"></span>a <span class=\"_ _9\"> </span>r<span class=\"_ _2\"></span>icev<span class=\"_ _1\"></span>ere <span class=\"_ _0\"></span>i <span class=\"_ _9\"> </span>r<span class=\"_ _2\"></span>elativi <span class=\"_ _0\"></span>flussi <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>cassa, <span class=\"_ _9\"> </span>con <span class=\"_ _9\"> </span>la <span class=\"_ _0\"></span>co<span class=\"_ _2\"></span>ntestuale <span class=\"_ _0\"></span>ass<span class=\"_ _2\"></span>unzione<span class=\"_ _1\"></span> <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>un\u2019obbligazione <span class=\"_ _0\"></span>a </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs3b6\">pagare detti flussi, e solo essi, senza un ritardo rilevante ad altri soggetti terzi. </div><div class=\"t m0 h5 ff4 fs1 fc4 sc3 ls0 ws0 gs3b7\">Criter<span class=\"_ _1\"></span>i di <span class=\"_ _1\"></span>rileva<span class=\"_ _f\"></span>zione dell<span class=\"_ _1\"></span>e com<span class=\"_ _f\"></span>ponenti <span class=\"_ _1\"></span>reddi<span class=\"_ _1\"></span>tuali<span class=\"_ _f\"></span> </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs3b8\">L\u2019allocazione <span class=\"_ _9\"> </span>delle <span class=\"_ _9\"> </span>componenti<span class=\"_ _2\"></span> <span class=\"_ _9\"> </span>reddituali <span class=\"_ _9\"> </span>nelle <span class=\"_ _16\"> </span>pertinenti <span class=\"_ _9\"> </span>voci  d<span class=\"_ _1\"></span>i <span class=\"_ _9\"> </span>cont<span class=\"_ _2\"></span>o <span class=\"_ _9\"> </span>economico <span class=\"_ _16\"> </span>avviene <span class=\"_ _9\"> </span>sulla <span class=\"_ _9\"> </span>base <span class=\"_ _16\"> </span>di </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs3b9\">quanto riportato di seguito: </div><div class=\"t m0 h5 ff14 fs1 fc1 sc0 ls0 ws0 gs3ba\"><span class=\"_ _2c\"> </span><span class=\"ff4\">Gli interessi att<span class=\"_ _2\"></span><span class=\"ff5\">ivi dei<span class=\"_ _1\"></span> crediti e dei titoli vengono allocati nella voce \u201cInteressi attivi e proventi assimilati\u201d </span></span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs3bb\">per competenza sulla base del tasso di interesse effettivo;<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff14 fs1 fc1 sc0 ls0 ws0 gs3bc\"><span class=\"_ _2c\"> </span><span class=\"ff5\">Gli utili <span class=\"_ _f\"></span>e perdite d<span class=\"_ _1\"></span>a cessione <span class=\"_ _f\"></span>dei crediti e <span class=\"_ _f\"></span>dei titoli <span class=\"_ _1\"></span>vengono allocati <span class=\"_ _f\"></span>nella voce <span class=\"_ _1\"></span>\u201cUtili (pe<span class=\"_ _1\"></span>rdi<span class=\"_ _2\"></span><span class=\"ff4\">te) da <span class=\"_ _f\"></span>ce<span class=\"_ _2\"></span>ssione </span></span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs3bd\">o riacquisto di attivit\u00e0 finanziarie valutate al costo ammortizzato<span class=\"_ _1\"></span>\u201d;<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff14 fs1 fc1 sc0 ls0 ws0 gs3be\"><span class=\"_ _2c\"> </span><span class=\"ff4\">Le <span class=\"_ _9\"> </span>r<span class=\"_ _2\"></span>ettifiche <span class=\"_ _9\"> </span>da <span class=\"_ _9\"> </span>impairment, <span class=\"_ _16\"> </span>le <span class=\"_ _9\"> </span>perdite <span class=\"_ _9\"> </span>per <span class=\"_ _16\"> </span>cancellazioni <span class=\"_ _9\"> </span>e <span class=\"_ _16\"> </span>le <span class=\"_ _9\"> </span>riprese <span class=\"_ _16\"> </span>di <span class=\"_ _9\"> </span>valore <span class=\"_ _9\"> </span>dei <span class=\"_ _16\"> </span>crediti <span class=\"_ _9\"> </span>e <span class=\"_ _9\"> </span>dei<span class=\"_ _2\"></span> <span class=\"_ _9\"> </span>titoli </span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs3bf\">vengono <span class=\"_ _2\"></span>allocate <span class=\"_ _2\"></span>nella <span class=\"_ _2\"></span>voce <span class=\"_ _2\"></span>\u201cRe<span class=\"_ _2\"></span>ttifiche/riprese <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>valore <span class=\"_ _2\"></span>nette <span class=\"_ _d\"></span><span class=\"ff4\">per <span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>ischio <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>credito <span class=\"_ _2\"></span>relativo <span class=\"_ _2\"></span>ad <span class=\"_ _2\"></span>attivit\u00e0 </span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs3c0\">finanziarie valutate al costo ammortizzato\u201d.<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff14 fs1 fc1 sc0 ls0 ws0 gs3c1\"><span class=\"_ _2c\"> </span><span class=\"ff5\">Gli <span class=\"_ _0\"></span>interessi <span class=\"_ _0\"></span>dovuti <span class=\"_ _0\"></span>al <span class=\"_ _d\"></span>trascorrere <span class=\"_ _0\"></span>del <span class=\"_ _d\"></span>tempo <span class=\"_ _0\"></span>sono <span class=\"_ _0\"></span>contabilizzati <span class=\"_ _0\"></span>nella <span class=\"_ _d\"></span>voce <span class=\"_ _0\"></span>\u201cInteressi <span class=\"_ _0\"></span>attivi <span class=\"_ _0\"></span>e <span class=\"_ _d\"></span>proventi </span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs3c2\">assimilati\u201d<span class=\"_ _df\"> </span>.<span class=\"ff4\"> </span></div><div class=\"t m0 he ff4 fs5 fc4 sc3 ls68 ws0 gs3c3\">4 <span class=\"ls0\">- Operaz<span class=\"_ _1\"></span>ioni d<span class=\"_ _1\"></span>i co<span class=\"_ _1\"></span>pertu<span class=\"_ _1\"></span>ra<span class=\"_ _df\"> </span></span><span class=\"ls0\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs3c4\">Il <span class=\"_ _9\"> </span>Gruppo <span class=\"_ _16\"> </span>si <span class=\"_ _9\"> </span>a<span class=\"_ _2\"></span>vvale <span class=\"_ _9\"> </span><span class=\"ff5\">della <span class=\"_ _16\"> </span>facolt\u00e0, <span class=\"_ _16\"> </span>prevista <span class=\"_ _9\"> </span>in <span class=\"_ _16\"> </span>sede <span class=\"_ _16\"> </span>di <span class=\"_ _9\"> </span>introduzione <span class=\"_ _16\"> </span>dell\u2019IFRS <span class=\"_ _9\"> </span>9,  d<span class=\"_ _1\"></span>i <span class=\"_ _16\"> </span>continuare <span class=\"_ _9\"> </span>ad  appli<span class=\"_ _1\"></span>care<span class=\"_ _df\"> </span></span><span class=\"ff5\"> </span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs3c5\">integralmente <span class=\"_ _9\"> </span>le <span class=\"_ _9\"> </span>pre<span class=\"_ _2\"></span>visioni <span class=\"_ _9\"> </span>del <span class=\"_ _9\"> </span>principio <span class=\"_ _16\"> </span>contabile <span class=\"_ _9\"> </span>IAS <span class=\"_ _9\"> </span>39  in <span class=\"_ _9\"> </span>tema <span class=\"_ _9\"> </span>di <span class=\"_ _16\"> </span>\u201chedge <span class=\"_ _9\"> </span>accounting\u201d <span class=\"_ _16\"> </span>(nella <span class=\"_ _9\"> </span>versione<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs3c6\">carved <span class=\"_ _9\"> </span>out <span class=\"_ _16\"> </span>omologata <span class=\"_ _9\"> </span>dalla <span class=\"_ _9\"> </span>Commissione <span class=\"_ _9\"> </span>Europea) <span class=\"_ _16\"> </span>per <span class=\"_ _9\"> </span>ogni <span class=\"_ _9\"> </span>tipol<span class=\"_ _2\"></span>ogia <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>copertura  (sia<span class=\"_ _f\"></span>  pe<span class=\"_ _1\"></span>r <span class=\"_ _16\"> </span>le <span class=\"_ _9\"> </span>coperture<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs3c7\">specifiche che per le macro coperture).<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc4 sc3 ls0 ws0 gs3c8\">Criter<span class=\"_ _1\"></span>i di <span class=\"_ _1\"></span>iscrizi<span class=\"_ _1\"></span>one<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs3c9\">Gli <span class=\"_ _9\"> </span>strumenti <span class=\"_ _9\"> </span>derivati <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>copertura, <span class=\"_ _9\"> </span>al <span class=\"_ _9\"> </span>pari <span class=\"_ _16\"> </span>di <span class=\"_ _0\"> </span>t<span class=\"_ _2\"></span>utti <span class=\"_ _0\"></span>i <span class=\"_ _16\"> </span>derivati, <span class=\"_ _0\"></span>sono <span class=\"_ _9\"> </span>inizialmente <span class=\"_ _9\"> </span>iscritti <span class=\"_ _9\"> </span>e <span class=\"_ _16\"> </span>successivamente<span class=\"_ _df\"> </span><span class=\"_ _1\"></span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs3ca\">misurati al fair value.<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc4 sc3 ls0 ws0 gs3cb\">Criter<span class=\"_ _1\"></span>i di <span class=\"_ _1\"></span>class<span class=\"_ _1\"></span>ificazi<span class=\"_ _1\"></span>one: t<span class=\"_ _f\"></span>ipologia <span class=\"_ _f\"></span>di copert<span class=\"_ _1\"></span>ure<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs3cc\">Le <span class=\"_ _9\"> </span>o<span class=\"_ _2\"></span>perazioni <span class=\"_ _9\"> </span>di  cop<span class=\"_ _1\"></span>ertura  d<span class=\"_ _1\"></span>ei <span class=\"_ _16\"> </span>rischi <span class=\"_ _16\"> </span>sono <span class=\"_ _9\"> </span>finalizzate <span class=\"_ _16\"> </span>a <span class=\"_ _16\"> </span>neutralizzare <span class=\"_ _9\"> </span>potenziali  variazioni<span class=\"_ _1\"></span>  d<span class=\"_ _1\"></span>i <span class=\"_ _16\"> </span>fair  valu<span class=\"_ _f\"></span>e  o<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs3cd\">variazioni <span class=\"_ _2\"></span>di <span class=\"_ _d\"></span>flussi <span class=\"_ _d\"></span>di <span class=\"_ _2\"></span>cassa, <span class=\"_ _d\"></span>attribuibili <span class=\"_ _2\"></span>ad <span class=\"_ _d\"></span>un <span class=\"_ _2\"></span>determinato <span class=\"_ _d\"></span>rischio <span class=\"_ _d\"></span>e <span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>ilev<span class=\"_ _1\"></span>abili <span class=\"_ _d\"></span>su <span class=\"_ _2\"></span>un <span class=\"_ _d\"></span>determinato <span class=\"_ _d\"></span>elemento <span class=\"_ _2\"></span>o<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs3ce\">gruppo di elementi, nel caso in cui q<span class=\"_ _1\"></span>uel particolare rischio dovesse effettivamente manifestarsi.<span class=\"_ _df\"> </span><span class=\"_ _2\"></span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs3cf\">Le tipologie di coperture utilizz<span class=\"_ _1\"></span>ate sono <span class=\"_ _2\"></span>le <span class=\"_ _1\"></span>seguenti:<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff14 fs1 fc1 sc0 ls0 ws0 gs3d0\"><span class=\"_ _2c\"> </span><span class=\"ff5\">copertura di fair valu<span class=\"_ _1\"></span>e: ha l<span class=\"_ _1\"></span>\u2019obiettivo di<span class=\"_ _1\"></span> coprire l\u2019e<span class=\"_ _1\"></span>sposizione alla <span class=\"_ _1\"></span>variazione d<span class=\"_ _1\"></span>el fair valu<span class=\"_ _f\"></span>e (attribu<span class=\"_ _2\"></span><span class=\"ff4\">ibile alle<span class=\"_ _df\"> </span></span></span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs3d1\">diverse <span class=\"_ _9\"> </span>tipologie <span class=\"_ _16\"> </span>di <span class=\"_ _9\"> </span>rischio)  d<span class=\"_ _1\"></span>i <span class=\"_ _16\"> </span>attivit\u00e0 <span class=\"_ _16\"> </span>e <span class=\"_ _9\"> </span>passivit\u00e0 <span class=\"_ _16\"> </span>iscritte <span class=\"_ _9\"> </span>in <span class=\"_ _16\"> </span>bilancio <span class=\"_ _9\"> </span>o  p<span class=\"_ _f\"></span>o<span class=\"_ _2\"></span>rzioni <span class=\"_ _9\"> </span>di <span class=\"_ _16\"> </span>esse, <span class=\"_ _16\"> </span>di <span class=\"_ _9\"> </span>gruppi <span class=\"_ _16\"> </span>di<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs3d2\">attivit\u00e0/passivit\u00e0, <span class=\"_ _d\"></span>di <span class=\"_ _0\"></span>impegni <span class=\"_ _d\"></span>irrevocabili <span class=\"_ _d\"></span>e <span class=\"_ _0\"></span>di <span class=\"_ _d\"></span>port<span class=\"_ _2\"></span>afogli <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>attivit\u00e0 <span class=\"_ _0\"></span>e <span class=\"_ _d\"></span>passivit\u00e0 <span class=\"_ _0\"></span>finanziarie, <span class=\"_ _d\"></span>inclusi <span class=\"_ _0\"></span>i <span class=\"_ _d\"></span>core<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs3d3\">deposits, come <span class=\"_ _1\"></span>consentito dallo <span class=\"_ _f\"></span>IAS 39 omologato<span class=\"_ _1\"></span> dalla Commis<span class=\"_ _1\"></span>sione Europea.<span class=\"_ _1\"></span> Le cop<span class=\"_ _1\"></span>erture generiche<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs3d4\">di fair <span class=\"_ _2\"></span>value (\u201cmacr<span class=\"_ _2\"></span>o hedge\u201d) ha<span class=\"_ _2\"></span>nno l\u2019obiettivo <span class=\"_ _2\"></span>di ridurre <span class=\"_ _2\"></span>le <span class=\"_ _2\"></span>oscillazioni di fair <span class=\"_ _2\"></span>value, imp<span class=\"_ _2\"></span>utabili al <span class=\"_ _2\"></span>rischio<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs3d5\">di <span class=\"_ _0\"></span>tas<span class=\"_ _2\"></span>so <span class=\"_ _0\"></span>di <span class=\"_ _9\"> </span>interesse, <span class=\"_ _9\"> </span>di <span class=\"_ _0\"></span>un <span class=\"_ _9\"> </span>imp<span class=\"_ _2\"></span>orto <span class=\"_ _0\"></span>monetar<span class=\"_ _2\"></span>io, <span class=\"_ _0\"></span>riveniente <span class=\"_ _0\"></span>da <span class=\"_ _9\"> </span>un <span class=\"_ _9\"> </span>porta<span class=\"_ _2\"></span>foglio <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>attivit\u00e0 <span class=\"_ _9\"> </span>o <span class=\"_ _9\"> </span>di <span class=\"_ _0\"></span>passivit\u00e0<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs3d6\">finanziarie. Non <span class=\"_ _2\"></span>possono <span class=\"_ _2\"></span>essere <span class=\"_ _2\"></span>oggetto <span class=\"_ _2\"></span>di copertura <span class=\"_ _2\"></span>generica <span class=\"_ _2\"></span>importi <span class=\"_ _2\"></span>netti <span class=\"_ _2\"></span>derivanti dallo s<span class=\"_ _2\"></span>bilancio di<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs3d7\">attivit\u00e0 e passivit\u00e0;<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff14 fs1 fc1 sc0 ls0 ws0 gs3d8\"><span class=\"_ _2c\"> </span><span class=\"ff5\">copertura <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>flussi <span class=\"_ _2\"></span>finanziari: <span class=\"_ _2\"></span>ha <span class=\"_ _2\"></span>l\u2019obiett<span class=\"_ _2\"></span>ivo di <span class=\"_ _2\"></span>coprire <span class=\"_ _2\"></span>l\u2019esposizione <span class=\"_ _2\"></span>a <span class=\"_ _d\"></span>variazioni d<span class=\"_ _2\"></span>ei <span class=\"_ _2\"></span>flussi<span class=\"_ _2\"></span><span class=\"ff4\"> <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>cassa <span class=\"_ _2\"></span>futuri<span class=\"_ _df\"> </span></span></span><span class=\"ff5\"><span class=\"ff4\"> </span></span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs3d9\">attribuibili <span class=\"_ _16\"> </span>a  p<span class=\"_ _1\"></span>articolari  rischi  associati <span class=\"_ _16\"> </span>a  p<span class=\"_ _1\"></span>oste  de<span class=\"_ _1\"></span>l  bilanci<span class=\"_ _1\"></span>o.  Tale <span class=\"_ _16\"> </span>tipologia <span class=\"_ _16\"> </span>di  cope<span class=\"_ _1\"></span>rtura  \u00e8  u<span class=\"_ _1\"></span>tilizzata<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs3da\">essenzialmente <span class=\"_ _2\"></span>per <span class=\"_ _d\"></span>stabilizzare <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>fl<span class=\"_ _2\"></span>usso <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>interessi <span class=\"_ _d\"></span>della <span class=\"_ _2\"></span>raccol<span class=\"_ _2\"></span>ta <span class=\"_ _2\"></span>a <span class=\"_ _d\"></span>tasso <span class=\"_ _2\"></span>variabile <span class=\"_ _2\"></span>nella <span class=\"_ _d\"></span>misura <span class=\"_ _2\"></span>in <span class=\"_ _d\"></span>cui<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs3db\">quest\u2019ultima <span class=\"_ _2\"></span>finanzia <span class=\"_ _d\"></span>im<span class=\"ff4\">pieghi <span class=\"_ _d\"></span>a <span class=\"_ _d\"></span>tasso <span class=\"_ _2\"></span>fisso. <span class=\"_ _d\"></span>In <span class=\"_ _2\"></span>talune <span class=\"_ _d\"></span>circostanze, <span class=\"_ _2\"></span>analoghe <span class=\"_ _2\"></span>operazioni <span class=\"_ _d\"></span>sono <span class=\"_ _d\"></span>poste <span class=\"_ _d\"></span>in<span class=\"_ _df\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs3dc\">essere relativamente ad alcune tipologi<span class=\"_ _1\"></span>e di impieghi a tasso variabile.<span class=\"_ _df\"> </span></div>Solo <span class=\"_ _16\"> </span>gli <span class=\"_ _9\"> </span>st<span class=\"_ _2\"></span>rumenti <span class=\"_ _9\"> </span>che  coinvolgono <span class=\"_ _9\"> </span>una  controparte <span class=\"_ _9\"> </span>esterna  al <span class=\"_ _9\"> </span>Gruppo  possono <span class=\"_ _9\"> </span>essere  designati <span class=\"_ _9\"> </span>come<span class=\"_ _df\"> </span> strumenti  di  copertura. <span class=\"_ _16\"> </span>Data  la  scelta  ese<span class=\"_ _1\"></span>rcitata  dal  Gruppo <span class=\"_ _16\"> </span>di  av<span class=\"_ _1\"></span>valersi  della  facolt\u00e0  d<span class=\"_ _1\"></span>i  continuare  ad<span class=\"_ _df\"> </span> applicare integralme<span class=\"_ _1\"></span>nte le regole dello <span class=\"_ _1\"></span>IAS 39 per <span class=\"_ _1\"></span>le relazioni di copertura, non <span class=\"_ _f\"></span>\u00e8 possibile designare i titoli d<span class=\"_ _1\"></span>i<span class=\"_ _df\"> </span> capitale <span class=\"_ _2\"></span>classificati <span class=\"_ _d\"></span>tra <span class=\"_ _2\"></span>le <span class=\"_ _d\"></span>Attivit\u00e0 <span class=\"_ _2\"></span>finanziarie <span class=\"_ _d\"></span>valutate <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>fair <span class=\"_ _d\"></span>value <span class=\"_ _2\"></span>con <span class=\"_ _d\"></span>impatto <span class=\"_ _d\"></span>sulla <span class=\"_ _2\"></span>redditivit\u00e0 <span class=\"_ _2\"></span>complessiva<span class=\"_ _df\"> </span> (FVOCI) <span class=\"_ _d\"></span>come <span class=\"_ _d\"></span>oggetti <span class=\"_ _d\"></span>coperti <span class=\"_ _d\"></span>per <span class=\"_ _d\"></span>il <span class=\"_ _d\"></span>r<span class=\"_ _2\"></span>ischio <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>prezzo <span class=\"_ _2\"></span>o<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>cambio, <span class=\"_ _d\"></span>dato <span class=\"_ _d\"></span>che <span class=\"_ _d\"></span>tali <span class=\"_ _d\"></span>strumenti <span class=\"_ _d\"></span>non <span class=\"_ _d\"></span>impatt<span class=\"_ _2\"></span>ano <span class=\"_ _d\"></span>il<span class=\"_ _df\"> </span> conto economico, nemmeno in caso di vendita (se non pe<span class=\"_ _1\"></span>r i dividendi che so<span class=\"_ _2\"></span>no rilevati a conto economico).<span class=\"_ _df\"> </span> Criter<span class=\"_ _1\"></span>i di <span class=\"_ _1\"></span>valuta<span class=\"_ _1\"></span>zione<span class=\"_ _df\"> </span><span class=\"_ _f\"></span> I derivati di copertura sono valutati al fair value. In particolare:<span class=\"_ _df\"> </span> <span class=\"_ _2c\"> </span><span class=\"ff5\">nel caso <span class=\"_ _2\"></span>di copertura <span class=\"_ _2\"></span>di fair value, si <span class=\"_ _2\"></span>compensa la variazione <span class=\"_ _2\"></span>del fair <span class=\"_ _2\"></span>value dell\u2019elemento coperto <span class=\"_ _2\"></span>con la<span class=\"_ _df\"> </span></span><span class=\"ff5\"> </span>variazione del fair <span class=\"_ _2\"></span>value dello strumento <span class=\"_ _2\"></span>di copertura. Tale compensazione \u00e8 <span class=\"_ _2\"></span>riconosciuta attraverso <span class=\"_ _2\"></span>la<span class=\"_ _df\"> </span><span class=\"_ _1\"></span> rilevazione <span class=\"_ _d\"></span>a <span class=\"_ _0\"></span>Conto <span class=\"_ _d\"></span>Economico <span class=\"_ _0\"></span>delle <span class=\"_ _d\"></span>variazioni <span class=\"_ _d\"></span>di <span class=\"_ _0\"></span>valore, <span class=\"_ _d\"></span>riferite<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>sia <span class=\"_ _0\"></span>all\u2019elemento <span class=\"_ _d\"></span>coperto <span class=\"_ _0\"></span>(per <span class=\"_ _d\"></span>quanto<span class=\"_ _df\"> </span> riguarda  le  variazioni  prodotte  dal  fat<span class=\"_ _2\"></span>tore  di  rischio  sot<span class=\"_ _2\"></span>tostante),  sia <span class=\"_ _22\"> </span>allo <span class=\"_ _22\"> </span>st<span class=\"_ _2\"></span>rumento  di  copertura.<span class=\"_ _df\"> </span> L\u2019eventuale <span class=\"_ _17\"> </span>differenza, <span class=\"_ _17\"> </span>che <span class=\"_ _14\"> </span>rappresenta <span class=\"_ _17\"> </span>la <span class=\"_ _14\"> </span>parziale <span class=\"_ _17\"> </span>inefficacia <span class=\"_ _17\"> </span>della <span class=\"_ _17\"> </span>copertura, <span class=\"_ _14\"> </span>ne <span class=\"_ _17\"> </span>cos<span class=\"_ _2\"></span>tituisce <span class=\"_ _17\"> </span>di<span class=\"_ _df\"> </span> conseguenza l\u2019effetto <span class=\"_ _2\"></span>economico <span class=\"_ _2\"></span>netto. Nel <span class=\"_ _2\"></span>caso di <span class=\"_ _2\"></span>operazioni di <span class=\"_ _2\"></span>copertura <span class=\"_ _2\"></span>generica di <span class=\"_ _2\"></span>fair value <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>un<span class=\"_ _df\"> </span><span class=\"_ _1\"></span> portafoglio <span class=\"_ _2\"></span>(\u201cmacro <span class=\"_ _d\"></span>hedge\u201d) <span class=\"_ _2\"></span>le <span class=\"_ _2\"></span>variazioni <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>fair <span class=\"_ _d\"></span>value <span class=\"_ _2\"></span>con <span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>iferimento <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>rischio <span class=\"_ _2\"></span>coperto <span class=\"_ _d\"></span>dell<span class=\"_ _1\"></span>e <span class=\"_ _2\"></span>att<span class=\"_ _2\"></span>ivit\u00e0 <span class=\"_ _2\"></span>e<span class=\"_ _df\"> </span> delle passiv<span class=\"_ _1\"></span>it\u00e0 oggetto di copertura sono impu<span class=\"_ _1\"></span>tate nello stato pa<span class=\"_ _1\"></span>trimoniale, rispettivamente,<span class=\"_ _1\"></span> nella voce<span class=\"_ _df\"> </span> 60. <span class=\"_ _4\"> </span>\u201c<span class=\"_ _2\"></span>Adeg<span class=\"_ _1\"></span>uamento <span class=\"_ _17\"> </span>di <span class=\"_ _4\"> </span>valor<span class=\"_ _2\"></span>e <span class=\"_ _4\"> </span>delle <span class=\"_ _17\"> </span>attivit\u00e0 <span class=\"_ _17\"> </span>finanziarie <span class=\"_ _4\"> </span>oggetto <span class=\"_ _17\"> </span>di <span class=\"_ _4\"> </span>c<span class=\"_ _2\"></span>op<span class=\"_ _2\"></span>ertura <span class=\"_ _4\"> </span>generica\u201d <span class=\"_ _17\"> </span>oppure <span class=\"_ _4\"> </span>50<span class=\"_ _2\"></span>.<span class=\"_ _df\"> </span> \u201cAdeguamento di valore delle passivit\u00e0 finanziarie ogg<span class=\"_ _1\"></span>etto di copertura generica\u201d;<span class=\"_ _df\"> </span><span class=\"_ _2c\"> </span><span class=\"ff4\">nel <span class=\"_ _9\"> </span>caso<span class=\"_ _2\"></span> <span class=\"_ _9\"> </span>di <span class=\"_ _16\"> </span>copertura <span class=\"_ _9\"> </span>di  fl<span class=\"_ _1\"></span>ussi <span class=\"_ _9\"> </span>finanziari, <span class=\"_ _16\"> </span>le <span class=\"_ _9\"> </span>variazioni <span class=\"_ _16\"> </span>di <span class=\"_ _9\"> </span>fair  valu<span class=\"_ _1\"></span>e <span class=\"_ _9\"> </span>d<span class=\"_ _2\"></span>el <span class=\"_ _9\"> </span>derivato <span class=\"_ _16\"> </span>sono <span class=\"_ _9\"> </span>imputate <span class=\"_ _16\"> </span>nella<span class=\"_ _df\"> </span></span>redditivit\u00e0 <span class=\"_ _2\"></span>complessiva, <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>la <span class=\"_ _d\"></span>quota <span class=\"_ _d\"></span>efficace <span class=\"_ _2\"></span>della <span class=\"_ _2\"></span>copertura, <span class=\"_ _2\"></span>e <span class=\"_ _d\"></span>sono <span class=\"_ _2\"></span>rilevate <span class=\"_ _2\"></span>a <span class=\"_ _d\"></span>Conto <span class=\"_ _2\"></span>Economico <span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>olo<span class=\"_ _df\"> </span> quando, con rife<span class=\"_ _1\"></span>rimento alla <span class=\"_ _1\"></span>posta coperta, <span class=\"_ _1\"></span>si manife<span class=\"_ _1\"></span>sta la v<span class=\"_ _1\"></span>ariazione d<span class=\"_ _1\"></span>ei flu<span class=\"_ _1\"></span>ssi di cassa <span class=\"_ _f\"></span>da compensare<span class=\"_ _df\"> </span> o se la copertura risulta inefficace;<span class=\"_ _df\"> </span><span class=\"_ _2c\"> </span><span class=\"ff4\">le <span class=\"_ _2\"></span>coperture di <span class=\"_ _2\"></span>un <span class=\"_ _2\"></span>investimento <span class=\"_ _2\"></span>netto in <span class=\"_ _2\"></span>valuta <span class=\"_ _2\"></span>sono <span class=\"_ _2\"></span>contabilizzate <span class=\"_ _2\"></span>allo stesso <span class=\"_ _2\"></span>modo <span class=\"_ _2\"></span>delle coperture <span class=\"_ _2\"></span>di<span class=\"_ _df\"> </span></span><span class=\"ff4\"> </span>flussi finanziari.<span class=\"_ _df\"> </span>Lo <span class=\"_ _2\"></span>strumento <span class=\"_ _2\"></span>derivato \u00e8 <span class=\"_ _2\"></span>designato <span class=\"_ _2\"></span>di copertura <span class=\"_ _2\"></span>se <span class=\"_ _2\"></span>esiste una <span class=\"_ _2\"></span>documentazione <span class=\"_ _2\"></span>formalizzata d<span class=\"_ _2\"></span>ella r<span class=\"_ _2\"></span>elazione<span class=\"_ _df\"> </span><span class=\"_ _1\"></span> tra lo <span class=\"_ _1\"></span>strumento cope<span class=\"_ _1\"></span>rto e lo<span class=\"_ _1\"></span> strumento <span class=\"_ _1\"></span>di copertura <span class=\"_ _1\"></span>e se<span class=\"_ _1\"></span> \u00e8 eff<span class=\"_ _1\"></span>icace nel<span class=\"_ _1\"></span> momento in cu<span class=\"_ _1\"></span>i la cope<span class=\"_ _1\"></span>rtura ha<span class=\"_ _1\"></span> inizio<span class=\"_ _df\"> </span> e, prospetticamente, durante tutta la vita del<span class=\"_ _1\"></span>la stessa.<span class=\"_ _df\"> </span> L'efficacia della copertura dipende dalla misura in cui le variazioni di fair value dello strumento coperto o dei<span class=\"_ _df\"> </span> relativi <span class=\"_ _4\"> </span>flussi <span class=\"_ _17\"> </span>finanziari <span class=\"_ _4\"> </span>att<span class=\"_ _2\"></span>esi <span class=\"_ _4\"> </span>risultano <span class=\"_ _4\"> </span>compensat<span class=\"_ _2\"></span>i <span class=\"_ _4\"> </span>da <span class=\"_ _17\"> </span>quelle <span class=\"_ _4\"> </span>dello <span class=\"_ _4\"> </span>s<span class=\"_ _2\"></span>trumento <span class=\"_ _4\"> </span>di <span class=\"_ _17\"> </span>copertura. <span class=\"_ _4\"> </span>Pertanto,<span class=\"_ _df\"> </span> l'efficacia <span class=\"_ _17\"> </span>\u00e8 <span class=\"_ _14\"> </span>apprezzata <span class=\"_ _14\"> </span>dal <span class=\"_ _14\"> </span>confronto <span class=\"_ _14\"> </span>delle <span class=\"_ _17\"> </span>s<span class=\"_ _2\"></span>uddette <span class=\"_ _17\"> </span>variazioni, <span class=\"_ _14\"> </span>tenuto <span class=\"_ _14\"> </span>conto <span class=\"_ _14\"> </span>dell'intento <span class=\"_ _17\"> </span>perseguito<span class=\"_ _df\"> </span> dall'impresa <span class=\"_ _2\"></span>nel <span class=\"_ _2\"></span>momento <span class=\"_ _d\"></span>in <span class=\"_ _2\"></span>cui <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>copertura <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _2\"></span>stata <span class=\"_ _d\"></span>posta <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>essere. <span class=\"_ _2\"></span>Si <span class=\"_ _2\"></span>ha <span class=\"_ _d\"></span>efficacia <span class=\"_ _2\"></span>quando <span class=\"_ _2\"></span>le <span class=\"_ _2\"></span>va<span class=\"_ _2\"></span>riazioni <span class=\"_ _2\"></span>di<span class=\"_ _df\"> </span> fair <span class=\"_ _2\"></span>value <span class=\"_ _2\"></span>(o <span class=\"_ _2\"></span>dei <span class=\"_ _2\"></span>flussi <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>cassa) <span class=\"_ _d\"></span>dello st<span class=\"_ _2\"></span>rumento <span class=\"_ _2\"></span>finanziario di <span class=\"_ _d\"></span>copertura <span class=\"_ _2\"></span>neutralizzano <span class=\"_ _2\"></span>quasi <span class=\"_ _2\"></span>integralmente,<span class=\"_ _df\"> </span> cio\u00e8 <span class=\"_ _4\"> </span>nei <span class=\"_ _4\"> </span>limiti <span class=\"_ _17\"> </span>stabiliti <span class=\"_ _17\"> </span>dall\u2019intervallo <span class=\"_ _4\"> </span>80<span class=\"_ _2\"></span><span class=\"ff4\">-125%, <span class=\"_ _4\"> </span>le <span class=\"_ _17\"> </span>variazioni<span class=\"_ _1\"></span> <span class=\"_ _17\"> </span>di <span class=\"_ _4\"> </span>fair <span class=\"_ _17\"> </span>value <span class=\"_ _4\"> </span>dello <span class=\"_ _4\"> </span>str<span class=\"_ _2\"></span>umento <span class=\"_ _4\"> </span>coperto, <span class=\"_ _4\"> </span>per<span class=\"_ _df\"> </span></span><span class=\"ff4\"> </span>l\u2019elemento di rischio ogg<span class=\"ff4\">etto di copertura.<span class=\"_ _df\"> </span></span><span class=\"ff4\"> </span>La valutazione dell'efficacia \u00e8 effettuata ad ogni chiusura di bi<span class=\"_ _1\"></span>lancio o di situazione infrannuale utilizzando:<span class=\"_ _df\"> </span><span class=\"_ _2\"></span> <span class=\"_ _2c\"> </span><span class=\"ff4\">test <span class=\"_ _10\"> </span>prospettici, <span class=\"_ _e\"> </span>che <span class=\"_ _10\"> </span>giustificano <span class=\"_ _e\"> </span>l'applicazione <span class=\"_ _10\"> </span>della <span class=\"_ _e\"> </span>contabilizzazione <span class=\"_ _e\"> </span>di <span class=\"_ _10\"> </span>copertura, <span class=\"_ _10\"> </span>in <span class=\"_ _e\"> </span>quanto<span class=\"_ _df\"> </span></span>dimostrano la sua efficacia attesa;<span class=\"_ _df\"> </span><span class=\"_ _2c\"> </span><span class=\"ff4\">test  retrospettivi<span class=\"_ _1\"></span>, <span class=\"_ _16\"> </span>che <span class=\"_ _16\"> </span>evidenziano  i<span class=\"_ _1\"></span>l <span class=\"_ _16\"> </span>grado <span class=\"_ _16\"> </span>di <span class=\"_ _9\"> </span>efficacia  della <span class=\"_ _9\"> </span>c<span class=\"_ _2\"></span>opertura <span class=\"_ _16\"> </span>raggiunto <span class=\"_ _16\"> </span>nel <span class=\"_ _9\"> </span>periodo  cui <span class=\"_ _9\"> </span>si<span class=\"_ _df\"> </span></span><span class=\"ff4\"> </span>riferiscono, ovvero, misurano quanto i risultati effettivi si siano di<span class=\"_ _1\"></span>scostati dalla copertura perfetta.<span class=\"_ _df\"> </span>Solo <span class=\"_ _d\"></span>gli <span class=\"_ _0\"></span>strumenti <span class=\"_ _d\"></span>che <span class=\"_ _0\"></span>coinvolgono <span class=\"_ _d\"></span>una<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>controparte <span class=\"_ _0\"></span>esterna <span class=\"_ _d\"></span>possono <span class=\"_ _0\"></span>essere <span class=\"_ _d\"></span>designati <span class=\"_ _d\"></span>come <span class=\"_ _0\"></span>strumenti <span class=\"_ _0\"></span>di<span class=\"_ _df\"> </span><span class=\"_ _f\"></span> copertura. Pertanto, <span class=\"_ _1\"></span>ogni risul<span class=\"_ _1\"></span>tato riconducibi<span class=\"_ _1\"></span>le a transazioni i<span class=\"_ _1\"></span>nterne e<span class=\"_ _1\"></span>ffettuate tra <span class=\"_ _1\"></span>diverse e<span class=\"_ _1\"></span>ntit\u00e0 del<span class=\"_ _1\"></span> Gruppo<span class=\"_ _df\"> </span> \u00e8 eliminato dal bilancio consolidato.<span class=\"_ _df\"> </span> Cessa<span class=\"_ _f\"></span>zione pro<span class=\"_ _1\"></span>spett<span class=\"_ _f\"></span>ica del<span class=\"_ _1\"></span>la co<span class=\"_ _f\"></span>ntabilizzazi<span class=\"_ _1\"></span>one d<span class=\"_ _1\"></span>i cop<span class=\"_ _1\"></span>ertur<span class=\"_ _1\"></span>a<span class=\"_ _df\"> </span> Se  le  verifi<span class=\"_ _1\"></span>che  non  confermano  l\u2019efficacia  de<span class=\"_ _1\"></span>lla  copertura,  da  que<span class=\"_ _1\"></span>l  momento  la  contabilizz<span class=\"_ _1\"></span>azione  delle<span class=\"_ _df\"> </span> operazioni di <span class=\"_ _2\"></span>copertura, <span class=\"_ _2\"></span>secondo quanto s<span class=\"_ _2\"></span>opra esposto, <span class=\"_ _2\"></span>viene<span class=\"_ _1\"></span> <span class=\"_ _2\"></span>interrotta <span class=\"_ _2\"></span>e il <span class=\"_ _2\"></span>contratto derivato di <span class=\"_ _2\"></span>copertura<span class=\"_ _df\"> </span> viene <span class=\"_ _1\"></span>riclassificato tra <span class=\"_ _f\"></span>gli strumenti <span class=\"_ _f\"></span>di negoziazione. <span class=\"_ _f\"></span>Inoltr<span class=\"_ _2\"></span>e, <span class=\"_ _f\"></span>le operazioni <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>copertura cessano ne<span class=\"_ _f\"></span>l momento<span class=\"_ _df\"> </span> in cui <span class=\"_ _2\"></span>lo <span class=\"_ _2\"></span>strumento di <span class=\"_ _2\"></span>copertura giunge a <span class=\"_ _2\"></span>scadenza, \u00e8 <span class=\"_ _2\"></span>venduto, <span class=\"_ _2\"></span>cessato o <span class=\"_ _2\"></span>esercitato, oppure <span class=\"_ _2\"></span>viene revocata<span class=\"_ _df\"> </span> la designazione.<span class=\"_ _df\"> </span> Per l<span class=\"_ _1\"></span>e rel<span class=\"_ _1\"></span>azioni d<span class=\"_ _1\"></span>i cop<span class=\"_ _1\"></span>ertura di<span class=\"_ _f\"></span> fair valu<span class=\"_ _1\"></span>e, lo <span class=\"_ _f\"></span>strumento finan<span class=\"_ _1\"></span>ziario <span class=\"_ _1\"></span>coperto non<span class=\"_ _1\"></span> \u00e8 <span class=\"_ _f\"></span>pi\u00f9 ret<span class=\"_ _1\"></span>tificato <span class=\"_ _1\"></span>per l<span class=\"_ _f\"></span>e variazioni<span class=\"_ _df\"> </span> di <span class=\"_ _f\"></span>fair valu<span class=\"_ _1\"></span>e <span class=\"_ _f\"></span>e qu<span class=\"_ _1\"></span>alsiasi <span class=\"_ _f\"></span>r<span class=\"_ _2\"></span>ettifica <span class=\"_ _f\"></span>al <span class=\"_ _f\"></span>valore con<span class=\"_ _f\"></span>t<span class=\"_ _2\"></span>abile <span class=\"_ _f\"></span>di <span class=\"_ _f\"></span>uno s<span class=\"_ _1\"></span>trumento <span class=\"_ _f\"></span>finanziario cop<span class=\"_ _1\"></span>erto <span class=\"_ _f\"></span>per <span class=\"_ _1\"></span>il <span class=\"_ _f\"></span>quale <span class=\"_ _f\"></span>\u00e8 utilizz<span class=\"_ _1\"></span>ato<span class=\"_ _df\"> </span> il criterio dell'interesse effettivo deve essere ammortizzata n<span class=\"_ _2\"></span>el conto economico. Nel caso di int<span class=\"_ _2\"></span>erruzione di<span class=\"_ _df\"> </span> una relazione di copertura generica di fair value, le rivalutazioni/svalutazioni cumulate iscritt<span class=\"_ _2\"></span>e nella voce 60.<span class=\"_ _df\"> </span> \u201cAdeguamento di <span class=\"_ _2\"></span>valore <span class=\"_ _2\"></span>delle at<span class=\"_ _2\"></span>tivit\u00e0 finanziarie <span class=\"_ _2\"></span>oggetto <span class=\"_ _2\"></span>di copert<span class=\"_ _2\"></span>ura generica\u201d <span class=\"_ _2\"></span>oppure 50. <span class=\"_ _2\"></span>\u201cA<span class=\"_ _2\"></span><span class=\"ff4\">deguamento<span class=\"_ _df\"> </span></span><span class=\"ff4\"> </span>di <span class=\"_ _2\"></span>valore <span class=\"_ _d\"></span>delle <span class=\"_ _d\"></span>passivit\u00e0 <span class=\"_ _d\"></span>finanziarie <span class=\"_ _d\"></span>oggetto <span class=\"_ _d\"></span>di <span class=\"_ _2\"></span>copertura <span class=\"_ _d\"></span>generica\u201d <span class=\"_ _d\"></span>sono <span class=\"_ _d\"></span>rilevate <span class=\"_ _2\"></span>a <span class=\"_ _d\"></span>conto<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>econo<span class=\"_ _2\"></span>mico <span class=\"_ _2\"></span>tr<span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>gli<span class=\"_ _df\"> </span> interessi <span class=\"_ _0\"> </span>at<span class=\"_ _2\"></span>tivi <span class=\"_ _0\"></span>o <span class=\"_ _9\"> </span>passivi <span class=\"_ _9\"> </span>lungo <span class=\"_ _0\"></span>la <span class=\"_ _9\"> </span>durata <span class=\"_ _9\"> </span>r<span class=\"_ _2\"></span>esidu<span class=\"_ _1\"></span>a <span class=\"_ _9\"> </span>delle <span class=\"_ _0\"></span>originarie <span class=\"_ _9\"> </span>relazioni <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>copertura, <span class=\"_ _9\"> </span>ferma <span class=\"_ _9\"> </span>restando <span class=\"_ _9\"> </span>la<span class=\"_ _df\"> </span> verifica che ne sussistano i presupposti.<span class=\"_ _df\"> </span><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs40a\">Per le <span class=\"_ _2\"></span>relazioni di <span class=\"_ _2\"></span>copertura dei <span class=\"_ _2\"></span>flussi finanziari, <span class=\"_ _2\"></span>l'utile o <span class=\"_ _2\"></span>la perdita <span class=\"_ _2\"></span>complessiva dello <span class=\"_ _2\"></span>strumento di copertura<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs40b\">che <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _2\"></span>stato <span class=\"_ _2\"></span>rilevato <span class=\"_ _2\"></span>nell<span class=\"_ _1\"></span>e <span class=\"_ _2\"></span>altre <span class=\"_ _2\"></span>componenti <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>conto <span class=\"_ _2\"></span>economico <span class=\"_ _2\"></span>complessivo a <span class=\"_ _d\"></span>partire <span class=\"_ _2\"></span>dall'esercizio in <span class=\"_ _2\"></span>cui <span class=\"_ _2\"></span>la<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs40c\">copertura <span class=\"_ _4\"> </span>era <span class=\"_ _4\"> </span>efficace, <span class=\"_ _4\"> </span>deve <span class=\"_ _22\"> </span>r<span class=\"_ _2\"></span>estare <span class=\"_ _4\"> </span>separatamente <span class=\"_ _4\"> </span>nel <span class=\"_ _4\"> </span>patrimonio <span class=\"_ _4\"> </span>netto <span class=\"_ _4\"> </span>sino <span class=\"_ _4\"> </span>a <span class=\"_ _4\"> </span>quand<span class=\"_ _1\"></span>o <span class=\"_ _4\"> </span>l'operazione<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs40d\">programmata si verifica. Qualora <span class=\"_ _2\"></span>l'operazione programmata ci si at<span class=\"_ _2\"></span>tende non debba pi\u00f9 accadere, <span class=\"_ _2\"></span>qualsiasi<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs40e\">correlato <span class=\"_ _d\"></span>utile <span class=\"_ _d\"></span>o <span class=\"_ _d\"></span>perdita <span class=\"_ _d\"></span>compless<span class=\"_ _2\"></span>ivo <span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>ullo <span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>trumento <span class=\"_ _d\"></span>di <span class=\"_ _2\"></span>copertura<span class=\"_ _d\"></span> <span class=\"_ _d\"></span>che <span class=\"_ _d\"></span>\u00e8 <span class=\"_ _d\"></span>stato <span class=\"_ _d\"></span>r<span class=\"_ _2\"></span>ilevato <span class=\"_ _2\"></span>nel <span class=\"_ _d\"></span>prospetto <span class=\"_ _d\"></span>delle<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs40f\">altre compone<span class=\"_ _1\"></span>nti di <span class=\"_ _f\"></span>conto economico comple<span class=\"_ _1\"></span>ssivo dall'esercizio <span class=\"_ _f\"></span>i<span class=\"_ _2\"></span>n <span class=\"_ _1\"></span>cui la <span class=\"_ _f\"></span>copertura era e<span class=\"_ _1\"></span>fficace<span class=\"_ _2\"></span>, dev<span class=\"_ _1\"></span>e essere<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs410\">riclassificato dal patrimonio netto all\u2019util<span class=\"_ _1\"></span>e (perdita) d\u2019esercizio come rettifica da riclassificazione.<span class=\"_ _df\"> </span> <span class=\"_ _2\"></span><span class=\"ff4\"> </span></div>Criter<span class=\"_ _1\"></span>i di <span class=\"_ _1\"></span>rileva<span class=\"_ _f\"></span>zione dell<span class=\"_ _1\"></span>e com<span class=\"_ _f\"></span>ponenti <span class=\"_ _1\"></span>reddi<span class=\"_ _1\"></span>tuali<span class=\"_ _f\"></span> L\u2019allocazione <span class=\"_ _9\"> </span>delle <span class=\"_ _9\"> </span>componenti<span class=\"_ _2\"></span> <span class=\"_ _9\"> </span>reddituali <span class=\"_ _9\"> </span>nelle <span class=\"_ _16\"> </span>pertinenti <span class=\"_ _9\"> </span>voci  d<span class=\"_ _1\"></span>i <span class=\"_ _9\"> </span>cont<span class=\"_ _2\"></span>o <span class=\"_ _9\"> </span>economico <span class=\"_ _16\"> </span>avviene <span class=\"_ _9\"> </span>sulla <span class=\"_ _9\"> </span>base <span class=\"_ _16\"> </span>di quanto riportato di seguito: <span class=\"_ _2c\"> </span><span class=\"ff4\">i <span class=\"_ _0\"></span>differenziali <span class=\"_ _d\"></span>maturati <span class=\"_ _d\"></span>sugli <span class=\"_ _d\"></span>st<span class=\"_ _2\"></span>rumenti <span class=\"_ _d\"></span>derivati <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>copertura <span class=\"_ _0\"></span>del <span class=\"_ _d\"></span>ri<span class=\"_ _2\"></span>schio <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>t<span class=\"_ _2\"></span>asso <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>interesse <span class=\"_ _0\"></span>(oltre<span class=\"_ _1\"></span> <span class=\"_ _d\"></span>agli </span>interessi <span class=\"_ _0\"></span>delle <span class=\"_ _0\"></span>posizioni <span class=\"_ _0\"></span>oggetto <span class=\"_ _9\"> </span>di <span class=\"_ _0\"></span>copertura) <span class=\"_ _0\"></span>vengono <span class=\"_ _0\"></span>allocati <span class=\"_ _0\"></span>nella <span class=\"_ _0\"></span>voce <span class=\"_ _0\"></span>\u201cInteressi <span class=\"_ _9\"> </span>attivi <span class=\"_ _0\"></span>e <span class=\"_ _0\"></span>proventi assimilati\u201d o \u201cInteressi passivi e oneri assimilati\u201d;<span class=\"_ _df\"> </span><span class=\"_ _2c\"> </span><span class=\"ff4\">le <span class=\"_ _d\"></span>plusvalenze <span class=\"_ _d\"></span>e <span class=\"_ _d\"></span>minusvalenze <span class=\"_ _d\"></span>derivanti <span class=\"_ _d\"></span>dalla <span class=\"_ _d\"></span>valutazione <span class=\"_ _d\"></span>d<span class=\"_ _2\"></span>egli <span class=\"_ _d\"></span>strumenti <span class=\"_ _d\"></span>derivati <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>copertura <span class=\"_ _d\"></span>e <span class=\"_ _d\"></span>delle </span>posizioni <span class=\"_ _4\"> </span>oggetto <span class=\"_ _14\"> </span>di <span class=\"_ _17\"> </span>copertura <span class=\"_ _17\"> </span>di <span class=\"_ _17\"> </span>fair <span class=\"_ _17\"> </span>value <span class=\"_ _17\"> </span>hedge <span class=\"_ _17\"> </span>vengono <span class=\"_ _14\"> </span>allocate <span class=\"_ _17\"> </span>nella <span class=\"_ _17\"> </span>voce <span class=\"_ _17\"> </span>\u201cRisultato <span class=\"_ _17\"> </span>netto dell\u2019attivit\u00e0 di copertura\u201d;<span class=\"_ _df\"> </span><span class=\"_ _2c\"> </span><span class=\"ff4\">le plusvalenze e<span class=\"_ _1\"></span> le minusvalenze deriv<span class=\"_ _1\"></span>anti dalla v<span class=\"_ _1\"></span>alutazione degli strumenti de<span class=\"_ _1\"></span>rivat<span class=\"_ _2\"></span>i di<span class=\"_ _1\"></span> copertura di <span class=\"_ _1\"></span>cash </span>flow hedge (per la <span class=\"_ _2\"></span>parte efficace) vengono allocate <span class=\"_ _2\"></span>in una specifica riserva <span class=\"_ _2\"></span>di valutazione di patrimonio<span class=\"_ _df\"> </span>netto <span class=\"_ _f\"></span>\u201cCopertura dei <span class=\"_ _f\"></span>flussi <span class=\"_ _f\"></span>finanziari\u201d, <span class=\"_ _1\"></span>al <span class=\"_ _f\"></span>nett<span class=\"_ _2\"></span>o <span class=\"_ _f\"></span>dell\u2019effetto <span class=\"_ _f\"></span>fiscale <span class=\"_ _1\"></span>differito. <span class=\"_ _f\"></span>Per <span class=\"_ _1\"></span>la <span class=\"_ _1\"></span>parte <span class=\"_ _f\"></span>inefficace <span class=\"_ _f\"></span>tali plu<span class=\"_ _1\"></span>s<span class=\"_ _df\"> </span>e <span class=\"_ _15\"> </span>minus <span class=\"_ _15\"> </span>ven<span class=\"ff5\">gono <span class=\"_ _15\"> </span>contabilizzat<span class=\"_ _2\"></span>e <span class=\"_ _14\"> </span>a <span class=\"_ _e\"> </span>conto <span class=\"_ _15\"> </span>economico <span class=\"_ _15\"> </span>nella <span class=\"_ _15\"> </span>voce <span class=\"_ _15\"> </span>\u201cRisultato <span class=\"_ _e\"> </span>netto <span class=\"_ _15\"> </span>dell\u2019attivit\u00e0 <span class=\"_ _15\"> </span>di </span>copertura\u201d.  Se <span class=\"_ _9\"> </span>lo  strumento  cop<span class=\"_ _1\"></span>erto  \u00e8 <span class=\"_ _16\"> </span>cancellato, <span class=\"_ _16\"> </span>scade <span class=\"_ _16\"> </span>o  si <span class=\"_ _16\"> </span>estingue <span class=\"_ _9\"> </span>allora  la  riserva  \u00e8<span class=\"_ _1\"></span>  riversata<span class=\"_ _f\"></span> immediatamente a conto economico contestualmente alla cancell<span class=\"_ _1\"></span>azione dell\u2019<span class=\"_ _2\"></span><span class=\"ff4\">elemento coperto.<span class=\"_ _df\"> </span></span><span class=\"_ _2c\"> </span><span class=\"ff4\">nel <span class=\"_ _9\"> </span>caso<span class=\"_ _2\"></span> <span class=\"_ _9\"> </span>di <span class=\"_ _16\"> </span>copertura <span class=\"_ _9\"> </span>di  fl<span class=\"_ _1\"></span>ussi <span class=\"_ _9\"> </span>finanziari, <span class=\"_ _16\"> </span>le <span class=\"_ _9\"> </span>variazioni <span class=\"_ _16\"> </span>di <span class=\"_ _9\"> </span>fair  valu<span class=\"_ _1\"></span>e <span class=\"_ _9\"> </span>d<span class=\"_ _2\"></span>el <span class=\"_ _9\"> </span>derivato <span class=\"_ _16\"> </span>sono <span class=\"_ _9\"> </span>imputate <span class=\"_ _16\"> </span>nella<span class=\"_ _df\"> </span></span>redditivit\u00e0 <span class=\"_ _2\"></span>complessiva, <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>la <span class=\"_ _d\"></span>quota <span class=\"_ _2\"></span>efficace <span class=\"_ _2\"></span>della <span class=\"_ _2\"></span>copertura, <span class=\"_ _d\"></span>e <span class=\"_ _2\"></span>sono <span class=\"_ _d\"></span>rilevate <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>Conto <span class=\"_ _d\"></span>Economico <span class=\"_ _2\"></span>solo quando, con rife<span class=\"_ _1\"></span>rimento alla <span class=\"_ _1\"></span>posta coperta, si<span class=\"_ _f\"></span> manifesta la variaz<span class=\"_ _f\"></span>ione dei flu<span class=\"_ _1\"></span>ssi di cassa<span class=\"_ _1\"></span> da compensare<span class=\"_ _f\"></span> o se la copertura risulta inefficace.<span class=\"_ _df\"> </span>5 <span class=\"ls0\">- Partecip<span class=\"_ _f\"></span>azioni </span>Criter<span class=\"_ _1\"></span>i di <span class=\"_ _1\"></span>iscrizi<span class=\"_ _1\"></span>one  Le <span class=\"_ _9\"> </span>partecipazioni <span class=\"_ _9\"> </span>sono <span class=\"_ _9\"> </span>iscritte <span class=\"_ _9\"> </span>alla <span class=\"_ _9\"> </span>data <span class=\"_ _16\"> </span>di <span class=\"_ _0\"></span>r<span class=\"_ _2\"></span>egolamento. <span class=\"_ _0\"></span>All\u2019atto <span class=\"_ _9\"> </span>della <span class=\"_ _9\"> </span>rilevazione <span class=\"_ _9\"> </span>iniziale <span class=\"_ _9\"> </span>le <span class=\"_ _9\"> </span>in<span class=\"_ _2\"></span><span class=\"ff4\">teressenze<span class=\"_ _df\"> </span></span><span class=\"ff4\"> </span>partecipative <span class=\"_ _0\"></span>sono <span class=\"_ _9\"> </span>contabilizzate <span class=\"_ _9\"> </span>al <span class=\"_ _9\"> </span>costo, <span class=\"_ _0\"></span>comprensivo <span class=\"_ _9\"> </span>dei <span class=\"_ _0\"></span>costi <span class=\"_ _9\"> </span>o <span class=\"_ _9\"> </span>proventi <span class=\"_ _0\"></span>direttamente <span class=\"_ _9\"> </span>attribuibili<span class=\"_ _1\"></span> <span class=\"_ _9\"> </span>alla<span class=\"_ _df\"> </span> transazione.<span class=\"_ _df\"> </span> Criter<span class=\"_ _1\"></span>i di <span class=\"_ _1\"></span>class<span class=\"_ _1\"></span>ificazi<span class=\"_ _1\"></span>one<span class=\"_ _df\"> </span> La voce include le interessenze de<span class=\"_ _1\"></span>tenute in societ\u00e0 controllate congiuntamente e collegate.<span class=\"_ _df\"> </span><span class=\"_ _2\"></span> Sono <span class=\"ff5\">considerate controllate congiu<span class=\"_ _1\"></span>ntamente le imprese nelle quali i diritti di voto ed il controllo del<span class=\"_ _1\"></span>l\u2019attivit\u00e0<span class=\"_ _df\"> </span></span><span class=\"ff5\"> </span>economica della partecipata sono condiv<span class=\"_ _1\"></span>isi in modo paritetico da Credem, direttamente o indi<span class=\"_ _1\"></span>rettamente, e<span class=\"_ _df\"> </span> da  un  altro  soggetto.  Inoltre  v<span class=\"_ _1\"></span>iene  qualificato  come  sottoposto  a  controllo  congiu<span class=\"_ _1\"></span>nto  un  investimento<span class=\"_ _df\"> </span> partecipativo  nel<span class=\"_ _1\"></span>  quale,  pur  in  assenz<span class=\"_ _1\"></span>a  di  una  q<span class=\"_ _1\"></span>uota  paritetica  di  di<span class=\"_ _1\"></span>ritti  di  voto,  il  con<span class=\"_ _f\"></span>t<span class=\"_ _2\"></span>rollo <span class=\"_ _16\"> </span>sull\u2019attivit\u00e0<span class=\"_ _df\"> </span> economica  e<span class=\"_ _1\"></span>  sugli <span class=\"_ _16\"> </span>indirizzi  strategici<span class=\"_ _1\"></span>  della  p<span class=\"_ _1\"></span>artecipata  \u00e8 <span class=\"_ _16\"> </span>condiviso  con <span class=\"_ _16\"> </span>altri  soggetti  in  vi<span class=\"_ _1\"></span>rt\u00f9  di <span class=\"_ _16\"> </span>accordi<span class=\"_ _df\"> </span> contrattuali.<span class=\"_ _df\"> </span> Sono <span class=\"_ _0\"></span>considerate <span class=\"_ _0\"></span>collegate, <span class=\"_ _0\"></span>cio\u00e8 <span class=\"_ _9\"> </span>sottoposte <span class=\"_ _0\"></span>ad <span class=\"_ _9\"> </span>influenza <span class=\"_ _d\"></span>not<span class=\"_ _2\"></span>evole<span class=\"_ _1\"></span>, <span class=\"_ _0\"></span>le <span class=\"_ _9\"> </span>imprese <span class=\"_ _0\"></span>nelle <span class=\"_ _0\"></span>quali <span class=\"_ _0\"></span>la <span class=\"_ _9\"> </span>capogruppo,<span class=\"_ _df\"> </span> direttamente <span class=\"_ _f\"></span>o indi<span class=\"_ _1\"></span>rettamente, <span class=\"_ _1\"></span>possiede <span class=\"_ _f\"></span>almeno <span class=\"_ _f\"></span>il 20% <span class=\"_ _f\"></span>dei <span class=\"_ _f\"></span>diritti <span class=\"_ _f\"></span>di v<span class=\"_ _1\"></span>oto (i<span class=\"_ _1\"></span>vi <span class=\"_ _f\"></span>inclusi <span class=\"_ _f\"></span>i diritti <span class=\"_ _f\"></span>di <span class=\"_ _1\"></span>voto <span class=\"_ _f\"></span>\u201cpoten<span class=\"_ _2\"></span>ziali\u201d)<span class=\"_ _df\"> </span> o<span class=\"_ _4\"> </span>nelle <span class=\"_ _d\"></span>quali <span class=\"_ _2\"></span><span class=\"ff5\">\u2013</span> <span class=\"_ _d\"></span>pur <span class=\"_ _2\"></span>con <span class=\"_ _d\"></span>una <span class=\"_ _2\"></span>quota <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>diritti <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>voto <span class=\"_ _d\"></span>inferiore <span class=\"_ _d\"></span><span class=\"ff5\">\u2013</span> <span class=\"_ _d\"></span>ha <span class=\"_ _2\"></span>il <span class=\"_ _d\"></span>potere <span class=\"_ _2\"></span>di <span class=\"_ _d\"></span>partecipare <span class=\"_ _2\"></span>alla <span class=\"_ _d\"></span>determinazione<span class=\"_ _df\"> </span>delle <span class=\"_ _4\"> </span>politiche <span class=\"_ _17\"> </span>finanziarie <span class=\"_ _17\"> </span>e <span class=\"_ _17\"> </span>gestionali <span class=\"_ _17\"> </span>della <span class=\"_ _17\"> </span>partecipata <span class=\"_ _17\"> </span>in <span class=\"_ _17\"> </span>virt\u00f9 <span class=\"_ _4\"> </span>di <span class=\"_ _17\"> </span>part<span class=\"_ _2\"></span>icolari<span class=\"_ _1\"></span> <span class=\"_ _17\"> </span>legami <span class=\"_ _17\"> </span>giuridici <span class=\"_ _4\"> </span>quali <span class=\"_ _17\"> </span>la<span class=\"_ _df\"> </span>partecipazione a patti di sindacato.<span class=\"_ _df\"> </span> Non <span class=\"_ _d\"></span>s<span class=\"_ _2\"></span>ono <span class=\"_ _d\"></span>considerate <span class=\"_ _d\"></span>sottoposte <span class=\"_ _0\"></span>ad <span class=\"_ _d\"></span>influenza <span class=\"_ _d\"></span>notevole <span class=\"_ _0\"></span>alcune <span class=\"_ _0\"></span>interessenze <span class=\"_ _d\"></span>superiori <span class=\"_ _0\"></span>al <span class=\"_ _d\"></span>20%, <span class=\"_ _0\"></span>nelle <span class=\"_ _d\"></span>quali,<span class=\"_ _df\"> </span>direttamente <span class=\"_ _f\"></span>o indi<span class=\"_ _1\"></span>rettamente, <span class=\"_ _1\"></span>il <span class=\"_ _f\"></span>Gr<span class=\"_ _2\"></span>uppo <span class=\"_ _f\"></span>detiene <span class=\"_ _f\"></span>esclusivamente <span class=\"_ _f\"></span>diritt<span class=\"_ _2\"></span>i <span class=\"_ _f\"></span>patrimoniali <span class=\"_ _1\"></span>su <span class=\"_ _1\"></span>una <span class=\"_ _f\"></span>porzione <span class=\"_ _f\"></span>dei <span class=\"_ _1\"></span>frutti<span class=\"_ _df\"> </span> degli investimenti,<span class=\"_ _1\"></span> non ha accesso alle <span class=\"_ _1\"></span>politiche di <span class=\"_ _f\"></span>g<span class=\"_ _2\"></span>estione e <span class=\"_ _1\"></span>pu\u00f2 esercitare diritti di <span class=\"_ _1\"></span>governance limitati all<span class=\"_ _1\"></span>a<span class=\"_ _df\"> </span> tutela degli interessi patrimoniali.<span class=\"_ _df\"> </span>Criter<span class=\"_ _1\"></span>i di <span class=\"_ _1\"></span>valuta<span class=\"_ _1\"></span>zione<span class=\"_ _df\"> </span><span class=\"_ _f\"></span> Le <span class=\"_ _4\"> </span>partecipazioni <span class=\"_ _4\"> </span>in <span class=\"_ _4\"> </span>societ\u00e0 <span class=\"_ _4\"> </span>collegate <span class=\"_ _4\"> </span>o <span class=\"_ _4\"> </span>controllate <span class=\"_ _4\"> </span>congiuntamente <span class=\"_ _4\"> </span>sono <span class=\"_ _4\"> </span>valutate <span class=\"_ _4\"> </span>con <span class=\"_ _4\"> </span>il <span class=\"_ _4\"> </span>metodo <span class=\"_ _4\"> </span>del<span class=\"_ _df\"> </span> patrimonio netto.<span class=\"_ _df\"> </span>Se <span class=\"_ _f\"></span>esistono <span class=\"_ _f\"></span>evidenze <span class=\"_ _f\"></span>che <span class=\"_ _f\"></span>il valore <span class=\"_ _11\"></span>di <span class=\"_ _f\"></span>una <span class=\"_ _1\"></span>partecipazione <span class=\"_ _f\"></span>possa av<span class=\"_ _1\"></span>er <span class=\"_ _f\"></span>subito <span class=\"_ _f\"></span>una <span class=\"_ _1\"></span>riduzione, <span class=\"_ _f\"></span>si <span class=\"_ _f\"></span>procede <span class=\"_ _f\"></span>alla <span class=\"_ _f\"></span>s<span class=\"_ _2\"></span>tima<span class=\"_ _df\"> </span> del <span class=\"_ _0\"></span>valore <span class=\"_ _9\"> </span>recuperabile <span class=\"_ _0\"> </span>della <span class=\"_ _9\"> </span>par<span class=\"_ _2\"></span>tecipazione<span class=\"_ _f\"></span> <span class=\"_ _9\"> </span>s<span class=\"_ _2\"></span>tessa, <span class=\"_ _0\"></span>t<span class=\"_ _2\"></span>enend<span class=\"_ _1\"></span>o <span class=\"_ _9\"> </span>conto <span class=\"_ _9\"> </span>del <span class=\"_ _0\"></span>valore <span class=\"_ _9\"> </span>attuale <span class=\"_ _0\"></span>dei <span class=\"_ _9\"> </span>flussi <span class=\"_ _9\"> </span>finanziari<span class=\"_ _df\"> </span> futuri che la partecipazio<span class=\"ff5\">ne potr\u00e0 generare, incluso il valore di dismissione finale de<span class=\"_ _1\"></span>ll\u2019investimento.<span class=\"_ _df\"> </span></span><span class=\"ff5\"><span class=\"_ _2\"></span><span class=\"ff4\"> </span></span>Qualora  i<span class=\"_ _1\"></span>l <span class=\"_ _16\"> </span>valore <span class=\"_ _16\"> </span>di <span class=\"_ _9\"> </span>recupero  risulti <span class=\"_ _9\"> </span>inferiore  al <span class=\"_ _9\"> </span>valore  contabile, <span class=\"_ _9\"> </span>la  relativa <span class=\"_ _9\"> </span>differenza  \u00e8 <span class=\"_ _9\"> </span>rilevata  a <span class=\"_ _16\"> </span>conto<span class=\"_ _df\"> </span><span class=\"_ _1\"></span> economico.<span class=\"_ _df\"> </span> Qualora i motivi della perdita di valore siano rimossi a seguito di un evento verificatosi successivamente alla<span class=\"_ _df\"> </span> rilevazione <span class=\"_ _f\"></span>della <span class=\"_ _1\"></span>riduzione <span class=\"_ _f\"></span>di valore, <span class=\"_ _f\"></span>vengono <span class=\"_ _f\"></span>ef<span class=\"_ _2\"></span>fettuate <span class=\"_ _f\"></span>riprese d<span class=\"_ _1\"></span>i v<span class=\"_ _1\"></span>alore <span class=\"_ _1\"></span>con <span class=\"_ _f\"></span>imputazione <span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>conto e<span class=\"_ _1\"></span>conomico<span class=\"_ _df\"> </span> che non possono eccedere l\u2019ammontare delle p<span class=\"_ _1\"></span>erdite da impairment in precedenza registrate.<span class=\"_ _df\"> </span><span class=\"_ _2\"></span><span class=\"ff4\"> </span>Criter<span class=\"_ _1\"></span>i di <span class=\"_ _1\"></span>cancell<span class=\"_ _1\"></span>azion<span class=\"_ _f\"></span>e Le <span class=\"_ _2\"></span>partecipazioni <span class=\"_ _2\"></span>vengono <span class=\"_ _d\"></span>cancellate <span class=\"_ _2\"></span>quando <span class=\"_ _2\"></span>scadono <span class=\"_ _2\"></span>i <span class=\"_ _d\"></span>diritti <span class=\"_ _2\"></span>contrattuali <span class=\"_ _2\"></span>sui <span class=\"_ _d\"></span>flussi <span class=\"_ _2\"></span>finanziari <span class=\"_ _2\"></span>derivati <span class=\"_ _2\"></span>dalle attivit\u00e0 <span class=\"_ _1\"></span>stesse o<span class=\"_ _f\"></span> quando <span class=\"_ _1\"></span>l\u2019attivit\u00e0 <span class=\"_ _f\"></span>finanziaria vie<span class=\"_ _1\"></span>ne ce<span class=\"_ _f\"></span>d<span class=\"_ _2\"></span>uta t<span class=\"_ _f\"></span>r<span class=\"_ _2\"></span>asferendo <span class=\"_ _f\"></span>s<span class=\"_ _2\"></span>ostanzialmente<span class=\"_ _1\"></span> tutti <span class=\"_ _f\"></span>i rischi<span class=\"_ _f\"></span> e b<span class=\"_ _1\"></span>enefici ad<span class=\"ls0\"> essa connessi. </span>Criter<span class=\"_ _1\"></span>i di <span class=\"_ _1\"></span>rileva<span class=\"_ _f\"></span>zione dell<span class=\"_ _1\"></span>e com<span class=\"_ _f\"></span>ponenti <span class=\"_ _1\"></span>reddi<span class=\"_ _1\"></span>tuali<span class=\"_ _f\"></span><span class=\"sc0\"> </span>Le <span class=\"_ _9\"> </span>differenze <span class=\"_ _9\"> </span>negative <span class=\"_ _16\"> </span>di <span class=\"_ _9\"> </span>prima  i<span class=\"_ _1\"></span>scrizione, <span class=\"_ _9\"> </span>gli <span class=\"_ _9\"> </span>utili <span class=\"_ _16\"> </span>e <span class=\"_ _9\"> </span>le <span class=\"_ _16\"> </span>perdite <span class=\"_ _9\"> </span>delle <span class=\"_ _9\"> </span>partecipate <span class=\"_ _9\"> </span>r<span class=\"_ _2\"></span>ealizzate,<span class=\"_ _1\"></span> <span class=\"_ _16\"> </span>le <span class=\"_ _9\"> </span>perdite <span class=\"_ _9\"> </span>da impairment  e  le<span class=\"_ _1\"></span>  riprese  d<span class=\"_ _1\"></span>i  valore  ve<span class=\"_ _1\"></span>ngono  allocate  nell<span class=\"_ _1\"></span>a  voce  di <span class=\"_ _16\"> </span>conto  econom<span class=\"ff5\">ico  \u201cUtili  (Pe<span class=\"_ _1\"></span>rdite)  d<span class=\"_ _1\"></span>elle </span>partecipazioni\u201d, <span class=\"_ _0\"></span>me<span class=\"_ _2\"></span>ntre <span class=\"_ _9\"> </span>i <span class=\"_ _9\"> </span>dividendi <span class=\"_ _9\"> </span>incassati <span class=\"_ _9\"> </span>vengono <span class=\"_ _9\"> </span>allocati <span class=\"_ _16\"> </span>nella <span class=\"_ _0\"></span>voce <span class=\"_ _16\"> </span>\u201cDividendi <span class=\"_ _9\"> </span>e <span class=\"_ _9\"> </span>proventi <span class=\"_ _9\"> </span>simili\u201d <span class=\"_ _16\"> </span>nel momento in cui sorge il diritto a rice<span class=\"_ _1\"></span>verne il pagamento.<span class=\"_ _2\"></span> 6 <span class=\"ls0\">- Attivit\u00e0<span class=\"_ _f\"></span> materia<span class=\"_ _1\"></span>li </span>Criter<span class=\"_ _1\"></span>i di <span class=\"_ _1\"></span>iscrizi<span class=\"_ _1\"></span>one Le <span class=\"_ _d\"></span>attivit\u00e0 <span class=\"_ _d\"></span>materiali <span class=\"_ _d\"></span>sono <span class=\"_ _d\"></span>inizialmente <span class=\"_ _d\"></span>iscritte <span class=\"_ _d\"></span>al <span class=\"_ _d\"></span>costo <span class=\"_ _d\"></span>che <span class=\"_ _2\"></span>comprende, <span class=\"_ _d\"></span>oltre <span class=\"_ _d\"></span>al <span class=\"_ _d\"></span>prezzo <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>acquisto, <span class=\"_ _2\"></span>tutti <span class=\"_ _d\"></span>gli eventuali oneri accessori direttamente imp<span class=\"_ _1\"></span>utabili all\u2019acquisto e alla messa in funzione del bene.<span class=\"_ _2\"></span><span class=\"ff4\"> </span>Le  spese  d<span class=\"_ _2\"></span>i  manutenzione  s<span class=\"_ _2\"></span>traordinaria  che  compor<span class=\"_ _2\"></span>tano  un  incre<span class=\"_ _2\"></span>mento  dei <span class=\"_ _22\"> </span>b<span class=\"_ _2\"></span>enefici  economici <span class=\"_ _22\"> </span>futuri vengono imputate ad increme<span class=\"_ _1\"></span>nto del valore dei cespi<span class=\"_ _1\"></span>ti, mentre gli altri costi di<span class=\"_ _1\"></span> manutenzione ordinaria sono<span class=\"_ _f\"></span> rilevati a Conto Economico. I contratti di leasing (in qualit\u00e0 di locatario) sono contabilizz<span class=\"_ _1\"></span>ati applicando l\u2019I<span class=\"_ _2\"></span><span class=\"ff4\">FRS 16 sulla base del cosiddetto </span>modello <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>diritto <span class=\"_ _2\"></span>d\u2019uso <span class=\"_ _2\"></span>(\u201cright <span class=\"_ _2\"></span>of <span class=\"_ _2\"></span>use\u201d). <span class=\"_ _2\"></span>Alla <span class=\"_ _2\"></span>data <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>rilevazione <span class=\"_ _2\"></span>iniziale <span class=\"_ _2\"></span>pertanto <span class=\"_ _d\"></span>il <span class=\"_ _2\"></span>valore <span class=\"_ _2\"></span>del dirit<span class=\"_ _2\"></span>to <span class=\"_ _2\"></span>d\u2019uso \u00e8 determinato <span class=\"_ _14\"> </span>pari <span class=\"_ _15\"> </span>al <span class=\"_ _14\"> </span>valore <span class=\"_ _14\"> </span>di <span class=\"_ _14\"> </span>iscrizione <span class=\"_ _14\"> </span>iniziale <span class=\"_ _14\"> </span>della <span class=\"_ _14\"> </span>Passivit\u00e0 <span class=\"_ _15\"> </span>per <span class=\"_ _14\"> </span>leasing, <span class=\"_ _14\"> </span>corrett<span class=\"_ _2\"></span>o <span class=\"_ _17\"> </span>per <span class=\"_ _15\"> </span>le <span class=\"_ _14\"> </span>seguenti co<span class=\"ls0\">mponenti: </span>\u2022 i pagamenti dovuti per il leasing effettuati alla data o prima della data <span class=\"_ _2\"></span>di decorrenza al netto degli incentivi al leasing ricevuti;<span class=\"_ _df\"> </span>\u2022 i costi iniziali diretti sostenuti dal locatario;<span class=\"_ _df\"> </span>\u2022  la  stima  dei  costi  che<span class=\"_ _1\"></span>  il  locatario  dovr\u00e0  sostene<span class=\"_ _1\"></span>re  per  lo  smantellamento  e  la  rimozione  dell\u2019attivit\u00e0 sottostante e pe<span class=\"_ _1\"></span>r il ripristino <span class=\"_ _1\"></span>del sito in <span class=\"_ _f\"></span>cui \u00e8 ubicata <span class=\"_ _1\"></span>o per il <span class=\"_ _1\"></span>ripristino de<span class=\"_ _1\"></span>ll'attivit\u00e0 sottostante nelle<span class=\"_ _1\"></span> condizioni previste dai termini e dalle condizioni de<span class=\"_ _1\"></span>l leasing.<span class=\"_ _df\"> </span>Nell\u2019identificazione <span class=\"_ _2\"></span>dei <span class=\"_ _d\"></span>diritti <span class=\"_ _d\"></span>d\u2019uso, <span class=\"_ _d\"></span>il <span class=\"_ _d\"></span>Gruppo <span class=\"_ _2\"></span>Cr<span class=\"_ _2\"></span>edem <span class=\"_ _2\"></span>applica <span class=\"_ _d\"></span>le <span class=\"_ _d\"></span>\u201csemplificazioni\u201d <span class=\"_ _2\"></span>cons<span class=\"_ _2\"></span>entite <span class=\"_ _2\"></span>dall\u2019IFRS <span class=\"_ _d\"></span>16 <span class=\"_ _2\"></span>e<span class=\"_ _df\"> </span>quindi non sono considerati i contratti aventi caratteristiche<span class=\"_ _1\"></span>:<span class=\"_ _df\"> </span>\u2022 Leasing di breve<span class=\"_ _1\"></span> durata, ovvero un leasing di brev<span class=\"_ _1\"></span>e durata \u00e8 un<span class=\"_ _1\"></span> leasing che, alla data<span class=\"_ _1\"></span> iniziale, ha una durata<span class=\"_ _f\"></span> ug<span class=\"ls0\">uale o inferiore ai 12 mesi;<span class=\"_ _df\"> </span></span>\u2022 Leasing \u201clow<span class=\"ff4\">-</span>value\u201d, ovvero Leasing il cui asset presenta un valore pari o inf<span class=\"_ _1\"></span>eriore ad Euro 5.000.<span class=\"_ _df\"> </span>Criter<span class=\"_ _1\"></span>i di <span class=\"_ _13\"></span>classifica<span class=\"_ _f\"></span>zione<span class=\"_ _1\"></span> Le <span class=\"_ _1\"></span>attivit\u00e0 <span class=\"_ _1\"></span>materiali co<span class=\"_ _1\"></span>mprendono <span class=\"_ _1\"></span>i <span class=\"_ _f\"></span>t<span class=\"_ _2\"></span>erreni,<span class=\"_ _1\"></span> gli<span class=\"_ _1\"></span> immobi<span class=\"_ _1\"></span>li strume<span class=\"_ _1\"></span>ntali, g<span class=\"_ _1\"></span>li i<span class=\"_ _1\"></span>nvestimenti <span class=\"_ _1\"></span>immobiliari, il <span class=\"_ _f\"></span>patr<span class=\"_ _2\"></span>imonio artistico di<span class=\"_ _1\"></span> pregi<span class=\"_ _1\"></span>o, gli <span class=\"_ _f\"></span>im<span class=\"_ _2\"></span>pianti <span class=\"_ _f\"></span>te<span class=\"_ _2\"></span>cnici, <span class=\"_ _f\"></span>i mobili e <span class=\"_ _f\"></span>gli arredi <span class=\"_ _1\"></span>nonch\u00e9 le <span class=\"_ _f\"></span>at<span class=\"_ _2\"></span>trezzature <span class=\"_ _1\"></span>di q<span class=\"_ _f\"></span>ualsiasi tipo che <span class=\"_ _f\"></span>si ritiene di utilizzare per pi\u00f9 di un periodo. Le att<span class=\"_ _2\"></span>ivit\u00e0 materiali detenute per essere utilizzate nella produzione o nella fo<span class=\"ff5 ls0\">rnitura <span class=\"_ _2\"></span>di beni <span class=\"_ _2\"></span>e s<span class=\"_ _2\"></span>ervizi sono <span class=\"_ _2\"></span>classificate come <span class=\"_ _2\"></span>\u201cattivit\u00e0 <span class=\"_ _2\"></span>ad <span class=\"_ _2\"></span>uso funzionale\u201d <span class=\"_ _2\"></span>secondo lo <span class=\"_ _2\"></span>IAS 16. <span class=\"_ _2\"></span>Gli <span class=\"_ _2\"></span>immobili </span>posseduti <span class=\"_ _1\"></span>con fi<span class=\"_ _1\"></span>nalit\u00e0 di<span class=\"_ _f\"></span> investimento <span class=\"_ _f\"></span>(per conseguire <span class=\"_ _f\"></span>canoni di <span class=\"_ _f\"></span>locazione <span class=\"_ _f\"></span>o per l\u2019<span class=\"_ _1\"></span>apprezzamento <span class=\"_ _1\"></span>del <span class=\"_ _f\"></span>capitale investito) sono classificati come \u201cattivit\u00e0 detenute a scopo di investimento\u201d in base allo IAS<span class=\"ff4\"> <span class=\"ls4a\">40.<span class=\"_ _f\"></span><span class=\"ls0\"> </span></span></span>La <span class=\"_ _2\"></span>voce <span class=\"_ _2\"></span>accoglie <span class=\"_ _2\"></span>anche att<span class=\"_ _2\"></span>ivit\u00e0 materiali <span class=\"_ _2\"></span>classificate <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>base <span class=\"_ _2\"></span>allo <span class=\"_ _2\"></span>IAS <span class=\"_ _2\"></span>2 <span class=\"_ _d\"></span>- <span class=\"_ _2\"></span>Rimanenze, ch<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>si <span class=\"_ _2\"></span>riferiscono <span class=\"_ _2\"></span>sia <span class=\"_ _2\"></span>a beni <span class=\"_ _0\"></span>derivanti <span class=\"_ _0\"></span>dall\u2019attivit\u00e0 <span class=\"_ _d\"></span>di <span class=\"_ _0\"></span>escussione <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>garanzie <span class=\"_ _0\"></span>o <span class=\"_ _0\"></span>dall\u2019acquisto <span class=\"_ _0\"></span>in <span class=\"_ _0\"></span>asta <span class=\"_ _0\"></span>ch<span class=\"_ _2\"></span>e <span class=\"_ _0\"></span>l\u2019impresa <span class=\"_ _0\"></span>ha <span class=\"_ _0\"></span>intenzione <span class=\"_ _0\"></span>di vendere <span class=\"_ _4\"> </span>nel <span class=\"_ _17\"> </span>prossimo <span class=\"_ _17\"> </span>futuro, <span class=\"_ _4\"> </span>senza <span class=\"_ _17\"> </span>effettuare <span class=\"_ _4\"> </span>rilevanti <span class=\"_ _17\"> </span>opere <span class=\"_ _4\"> </span>di <span class=\"_ _17\"> </span>ristrutturazione, <span class=\"_ _4\"> </span>e <span class=\"_ _17\"> </span>che <span class=\"_ _4\"> </span>no<span class=\"_ _2\"></span>n <span class=\"_ _4\"> </span>hanno <span class=\"_ _17\"> </span>i presupposti <span class=\"_ _d\"></span>per <span class=\"_ _0\"></span>essere <span class=\"_ _0\"></span>classificati <span class=\"_ _0\"></span>nelle <span class=\"_ _d\"></span>categorie <span class=\"_ _0\"></span>precedenti, <span class=\"_ _d\"></span>sia <span class=\"_ _0\"></span>al <span class=\"_ _0\"></span>portafoglio <span class=\"_ _0\"></span>immobiliare <span class=\"_ _d\"></span>delle <span class=\"_ _0\"></span>Societ\u00e0 immobiliari del <span class=\"_ _2\"></span>Gruppo, compre<span class=\"_ _2\"></span>nsivo di <span class=\"_ _2\"></span>aree edificabili, <span class=\"_ _2\"></span>immobili in <span class=\"_ _2\"></span>costruzione, immobili <span class=\"_ _2\"></span>ultimati in <span class=\"_ _2\"></span>vendita e iniziative di sviluppo immobili<span class=\"_ _1\"></span>are, acquistato e detenuto in un\u2019ottica di dismissione.<span class=\"_ _df\"> </span>Sono,  inf<span class=\"_ _1\"></span>ine,  iscritti  nel<span class=\"_ _1\"></span>le  attivit\u00e0  materiali <span class=\"_ _9\"> </span>i  beni  utilizzati <span class=\"_ _16\"> </span>nell\u2019am<span class=\"_ _2\"></span><span class=\"ff4\">bito  di <span class=\"_ _16\"> </span>contratti  di <span class=\"_ _16\"> </span>leasing <span class=\"_ _16\"> </span>finanziario,<span class=\"_ _df\"> </span></span><span class=\"ff4\"> </span>ancorch\u00e9 la titolarit\u00e0 giuridica degli<span class=\"_ _1\"></span> stessi rimanga alla so<span class=\"_ _2\"></span>ciet\u00e0 l<span class=\"_ _1\"></span>ocatrice.<span class=\"_ _df\"> </span><span class=\"_ _2\"></span> Criter<span class=\"_ _1\"></span>i di <span class=\"_ _1\"></span>valuta<span class=\"_ _1\"></span>zione<span class=\"_ _df\"> </span><span class=\"_ _f\"></span> Le attivit\u00e0 materiali sono valutate al costo, dedotti eventuali<span class=\"_ _1\"></span> ammortamenti e perdite di valore.<span class=\"_ _df\"> </span><span class=\"_ _2\"></span> Le <span class=\"_ _0\"></span>att<span class=\"_ _2\"></span>ivit\u00e0 <span class=\"_ _0\"></span>materiali <span class=\"_ _9\"> </span>sono <span class=\"_ _9\"> </span>sistematicamente <span class=\"_ _0\"></span>ammor<span class=\"_ _2\"></span>tizzate, <span class=\"_ _0\"></span>adottando <span class=\"_ _9\"> </span>come <span class=\"_ _9\"> </span>criterio <span class=\"_ _9\"> </span>di <span class=\"_ _0\"></span>ammortamento <span class=\"_ _9\"> </span>il<span class=\"_ _df\"> </span> metodo <span class=\"_ _2\"></span>a quote <span class=\"_ _2\"></span>costanti, lungo la <span class=\"_ _2\"></span>loro <span class=\"_ _2\"></span>vita utile. Il <span class=\"_ _2\"></span>valore <span class=\"_ _2\"></span>ammort<span class=\"_ _1\"></span>izzabile \u00e8 <span class=\"_ _2\"></span>rappresentato dal <span class=\"_ _2\"></span>costo <span class=\"_ _2\"></span>dei beni<span class=\"_ _df\"> </span> al <span class=\"_ _2\"></span>netto del <span class=\"_ _2\"></span>valore residuo <span class=\"_ _2\"></span>al t<span class=\"_ _2\"></span>ermin<span class=\"_ _1\"></span>e <span class=\"_ _2\"></span>del processo <span class=\"_ _2\"></span>di amm<span class=\"_ _2\"></span>ortamento, <span class=\"_ _2\"></span>se significativo. <span class=\"_ _2\"></span>Gli immobili <span class=\"_ _2\"></span>vengono<span class=\"_ _df\"> </span> ammortizzati <span class=\"_ _9\"> </span>per  u<span class=\"_ _f\"></span>na  quota <span class=\"_ _9\"> </span>ritenuta <span class=\"_ _9\"> </span>congrua  per <span class=\"_ _9\"> </span>rappresentare  i<span class=\"_ _1\"></span>l <span class=\"_ _9\"> </span>d<span class=\"_ _2\"></span>eperimento <span class=\"_ _9\"> </span>dei <span class=\"_ _16\"> </span>cespiti <span class=\"_ _9\"> </span>nel <span class=\"_ _16\"> </span>tempo <span class=\"_ _9\"> </span>a<span class=\"_ _df\"> </span><span class=\"_ _2\"></span> seguito <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>loro <span class=\"_ _2\"></span>utilizzo, <span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>enuto <span class=\"_ _2\"></span>conto <span class=\"_ _2\"></span>delle <span class=\"_ _2\"></span>spese <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>manutenzione <span class=\"_ _d\"></span>di <span class=\"_ _2\"></span>carattere <span class=\"_ _2\"></span>straordinario, <span class=\"_ _d\"></span>che<span class=\"_ _1\"></span> <span class=\"_ _2\"></span>vengo<span class=\"_ _2\"></span>no<span class=\"_ _df\"> </span> portate ad incremento del valore de<span class=\"_ _1\"></span>i cespiti<span class=\"_ _df\"> </span><span class=\"_ _2\"></span> Non vengono invece ammortizzati:<span class=\"_ _df\"> </span> <span class=\"_ _2c\"> </span><span class=\"ff4\">i t<span class=\"_ _2\"></span>erreni, siano essi st<span class=\"_ _2\"></span>ati acquisiti singolarmente o <span class=\"_ _2\"></span>incorporati nel valore dei fabbricati, in <span class=\"_ _2\"></span>quanto hanno<span class=\"_ _df\"> </span></span><span class=\"ff4\"> </span>vita utile indefinita;<span class=\"_ _df\"> </span><span class=\"_ _2c\"> </span><span class=\"ff4\">il <span class=\"_ _2\"></span>patrimonio <span class=\"_ _2\"></span>art<span class=\"_ _2\"></span>istico di <span class=\"_ _2\"></span>pregio, <span class=\"_ _d\"></span>gli <span class=\"_ _2\"></span>altri <span class=\"_ _2\"></span>beni <span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>torico <span class=\"_ _2\"></span>artistici <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>decorativi <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>quanto <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>loro <span class=\"_ _2\"></span>vita <span class=\"_ _2\"></span>utile <span class=\"_ _2\"></span>non<span class=\"_ _df\"> </span></span><span class=\"ff4\"> </span>pu\u00f2 essere stimata ed il loro valore \u00e8 normalmente de<span class=\"_ _1\"></span>stinato ad aumentare nel tempo.<span class=\"_ _df\"> </span>Se esiste qualche <span class=\"_ _2\"></span>indicazione che dimostr<span class=\"_ _2\"></span>i che un\u2019attivit\u00e0 mat<span class=\"_ _2\"></span>eriale<span class=\"_ _f\"></span> <span class=\"_ _2\"></span>valutata <span class=\"_ _2\"></span>al costo possa <span class=\"_ _2\"></span>aver su<span class=\"_ _2\"></span><span class=\"ff4\">bito una<span class=\"_ _df\"> </span></span><span class=\"ff4\"> </span>perdita <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>valore, <span class=\"_ _0\"></span>si <span class=\"_ _d\"></span>pro<span class=\"_ _2\"></span>cede<span class=\"_ _1\"></span> <span class=\"_ _d\"></span>al <span class=\"_ _0\"></span>confronto <span class=\"_ _d\"></span>t<span class=\"_ _2\"></span>ra <span class=\"_ _d\"></span>il <span class=\"_ _d\"></span>valore <span class=\"_ _0\"></span>di <span class=\"_ _d\"></span>carico <span class=\"_ _d\"></span>del <span class=\"_ _0\"></span>cespite <span class=\"_ _d\"></span>ed <span class=\"_ _0\"></span>il <span class=\"_ _d\"></span>suo <span class=\"_ _0\"></span>valore <span class=\"_ _d\"></span>di <span class=\"_ _0\"></span>recupero. <span class=\"_ _d\"></span>Le<span class=\"_ _df\"> </span> eventuali rettifiche vengono rilevate a Conto Economico.<span class=\"_ _df\"> </span> Qualora vengano meno <span class=\"_ _2\"></span>i motivi che hanno port<span class=\"_ _2\"></span>ato<span class=\"_ _1\"></span> alla rilevazione della perdita<span class=\"_ _2\"></span>, si <span class=\"_ _2\"></span>d\u00e0 luogo ad una r<span class=\"_ _2\"></span>ipresa di<span class=\"_ _df\"> </span><span class=\"_ _1\"></span> valore, che <span class=\"_ _2\"></span>non <span class=\"_ _2\"></span>pu\u00f2 s<span class=\"_ _2\"></span>uperare il <span class=\"_ _2\"></span>valore <span class=\"_ _2\"></span>che l\u2019attivit\u00e0 <span class=\"_ _2\"></span>avrebbe avuto, <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>netto <span class=\"_ _2\"></span>degl<span class=\"_ _1\"></span>i <span class=\"_ _2\"></span>ammortamenti calcolati, <span class=\"_ _2\"></span>in<span class=\"_ _df\"> </span> assenza di precedenti perdite di valore.<span class=\"_ _df\"> </span> Per quel <span class=\"_ _2\"></span>che attiene <span class=\"_ _2\"></span>alle att<span class=\"_ _2\"></span>ivit\u00e0 materiali <span class=\"_ _2\"></span>rilevate ai sensi <span class=\"_ _2\"></span>dello IAS<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>2, le <span class=\"_ _2\"></span>stesse sono <span class=\"_ _2\"></span>valutate al <span class=\"_ _2\"></span>minore tra <span class=\"_ _2\"></span>il<span class=\"_ _df\"> </span> costo <span class=\"_ _f\"></span>ed <span class=\"_ _f\"></span>il <span class=\"_ _1\"></span>valore <span class=\"_ _f\"></span>netto <span class=\"_ _1\"></span>di <span class=\"_ _f\"></span>realizzo, <span class=\"_ _f\"></span>fermo <span class=\"_ _f\"></span>rest<span class=\"_ _2\"></span>ando <span class=\"_ _f\"></span>che <span class=\"_ _f\"></span>si <span class=\"_ _f\"></span>procede <span class=\"_ _f\"></span>comunque <span class=\"_ _f\"></span>al <span class=\"_ _1\"></span>confronto <span class=\"_ _f\"></span>t<span class=\"_ _2\"></span>ra <span class=\"_ _f\"></span>il <span class=\"_ _f\"></span>valore <span class=\"_ _f\"></span>di <span class=\"_ _f\"></span>carico<span class=\"_ _df\"> </span> del <span class=\"_ _2\"></span>cespite <span class=\"_ _d\"></span>ed <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>suo <span class=\"_ _d\"></span>valore <span class=\"_ _2\"></span>di <span class=\"_ _d\"></span>recupero <span class=\"_ _2\"></span>ove <span class=\"_ _d\"></span>esista <span class=\"_ _2\"></span>qualche <span class=\"_ _2\"></span>in<span class=\"_ _2\"></span>dicazione <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>dimostr<span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>il <span class=\"_ _d\"></span>bene <span class=\"_ _0\"></span>possa <span class=\"_ _2\"></span>aver<span class=\"_ _df\"> </span> subito una perdita di valore. Le<span class=\"_ _1\"></span> eventuali rettifiche vengono rilevate a conto economico.<span class=\"_ _df\"> </span>7 <span class=\"ls0\">- Attivit\u00e0<span class=\"_ _f\"></span> immateria<span class=\"_ _f\"></span>li<span class=\"_ _df\"> </span></span><span class=\"ls0\"> </span>Criter<span class=\"_ _1\"></span>i di <span class=\"_ _1\"></span>iscrizi<span class=\"_ _1\"></span>one  Le  attivit\u00e0 <span class=\"_ _4\"> </span>immateriali  sono <span class=\"_ _22\"> </span>iscr<span class=\"_ _2\"></span>itte  come <span class=\"_ _22\"> </span>t<span class=\"_ _2\"></span>ali  se <span class=\"_ _22\"> </span>so<span class=\"_ _2\"></span>no  identificabili  e  t<span class=\"_ _2\"></span>rovano  origine  i<span class=\"_ _2\"></span>n  diritt<span class=\"_ _2\"></span>i  legal<span class=\"_ _2\"></span>i <span class=\"_ _22\"> </span>o<span class=\"_ _df\"> </span> contrattuali.<span class=\"_ _df\"> </span> Le <span class=\"_ _2\"></span>predett<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>attivit\u00e0 <span class=\"_ _d\"></span>sono <span class=\"_ _d\"></span>iscritte <span class=\"_ _2\"></span>ai <span class=\"_ _d\"></span>costi <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>acquisto, <span class=\"_ _2\"></span>comprensivi <span class=\"_ _d\"></span>degli <span class=\"_ _2\"></span>on<span class=\"_ _2\"></span>eri <span class=\"_ _2\"></span>accessori <span class=\"_ _d\"></span>ed <span class=\"_ _d\"></span>aumentati <span class=\"_ _d\"></span>delle<span class=\"_ _df\"> </span> spese <span class=\"_ _2\"></span>successive <span class=\"_ _d\"></span>sostenute <span class=\"_ _d\"></span>per <span class=\"_ _d\"></span>accrescerne <span class=\"_ _2\"></span>il <span class=\"_ _d\"></span>valore <span class=\"_ _2\"></span>o<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>la <span class=\"_ _d\"></span>capacit\u00e0 <span class=\"_ _2\"></span>produttiva <span class=\"_ _d\"></span>iniziale. <span class=\"_ _2\"></span>Gli <span class=\"_ _d\"></span>avviamenti <span class=\"_ _d\"></span>sono<span class=\"_ _df\"> </span> pari <span class=\"_ _f\"></span>alla di<span class=\"_ _1\"></span>fferenza <span class=\"_ _f\"></span>positiva tra <span class=\"_ _f\"></span>gli <span class=\"_ _f\"></span>oneri <span class=\"_ _f\"></span>s<span class=\"_ _2\"></span>ostenuti <span class=\"_ _f\"></span>per <span class=\"_ _f\"></span>acquisire <span class=\"_ _1\"></span>i <span class=\"_ _f\"></span>complessi <span class=\"_ _f\"></span>aziendali sottostanti<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>e <span class=\"_ _f\"></span>le p<span class=\"_ _1\"></span>ertinenti<span class=\"_ _df\"> </span> quote del fair value delle attivit\u00e0, delle passivi<span class=\"_ _1\"></span>t\u00e0 e delle passivit\u00e0 potenziali acquisite.<span class=\"_ _2\"></span> Qualora t<span class=\"_ _2\"></span>ale diff<span class=\"_ _1\"></span>erenza<span class=\"_ _df\"> </span> risulti ne<span class=\"_ _1\"></span>gativa <span class=\"_ _1\"></span>(badwill) <span class=\"_ _f\"></span>o nell\u2019ipotesi<span class=\"ff4\"> in<span class=\"_ _f\"></span> cui <span class=\"_ _1\"></span>il g<span class=\"_ _1\"></span>oodwill <span class=\"_ _f\"></span>non trovi <span class=\"_ _f\"></span>giustificazione <span class=\"_ _1\"></span>nelle cap<span class=\"_ _f\"></span>acit\u00e0 reddituali fu<span class=\"_ _f\"></span>t<span class=\"_ _2\"></span>ure<span class=\"_ _df\"> </span></span><span class=\"ff4\"> </span>della partecipata, la differenza stessa viene iscritta direttamente a conto economico.<span class=\"_ _df\"> </span> Criter<span class=\"_ _1\"></span>i di <span class=\"_ _1\"></span>class<span class=\"_ _1\"></span>ificazi<span class=\"_ _1\"></span>one<span class=\"_ _df\"> </span> Il <span class=\"_ _17\"> </span>portafoglio <span class=\"_ _14\"> </span>delle <span class=\"_ _4\"> </span>at<span class=\"_ _2\"></span>tivit\u00e0 <span class=\"_ _17\"> </span>immateriali <span class=\"_ _17\"> </span>include <span class=\"_ _17\"> </span>i <span class=\"_ _14\"> </span>fattori <span class=\"_ _17\"> </span>in<span class=\"_ _2\"></span>tangibili <span class=\"_ _17\"> </span>di <span class=\"_ _17\"> </span>produzione <span class=\"_ _17\"> </span>ad <span class=\"_ _14\"> </span>utilit\u00e0 <span class=\"_ _17\"> </span>pluriennale<span class=\"_ _df\"> </span> rappresentati <span class=\"_ _2\"></span>in <span class=\"_ _d\"></span>particolare <span class=\"_ _2\"></span>da <span class=\"_ _2\"></span>software, <span class=\"_ _2\"></span>benefici <span class=\"_ _2\"></span>legati <span class=\"_ _2\"></span>alla <span class=\"_ _d\"></span>relazione <span class=\"_ _2\"></span>con <span class=\"_ _d\"></span>la <span class=\"_ _2\"></span>clientela <span class=\"_ _2\"></span>(client <span class=\"_ _d\"></span>relationship) <span class=\"_ _2\"></span>e<span class=\"_ _df\"> </span> avviamenti.<span class=\"_ _df\"> </span> Criter<span class=\"_ _1\"></span>i di <span class=\"_ _1\"></span>valuta<span class=\"_ _1\"></span>zione<span class=\"_ _df\"> </span><span class=\"_ _f\"></span> Le  attivit\u00e0  immateriali  d<span class=\"_ _1\"></span>i  durata  limitata  vengono <span class=\"_ _16\"> </span>valutate  secondo  il  principio  de<span class=\"_ _1\"></span>l  costo  al  netto  deg<span class=\"_ _1\"></span>li<span class=\"_ _df\"> </span> ammortamenti e <span class=\"_ _2\"></span>delle perdite p<span class=\"_ _2\"></span>er riduzioni di <span class=\"_ _2\"></span>valore. Gli ammo<span class=\"_ _2\"></span>rtamenti sono <span class=\"_ _2\"></span>di durata pari <span class=\"_ _2\"></span>alla vit<span class=\"_ _2\"></span>a utile dei<span class=\"_ _df\"> </span> beni  d<span class=\"_ _1\"></span>a  ammortizzare  e <span class=\"_ _9\"> </span>s<span class=\"_ _2\"></span>ono <span class=\"_ _16\"> </span>basati  sul<span class=\"_ _1\"></span>  metodo <span class=\"_ _16\"> </span>a  qu<span class=\"_ _1\"></span>ote  costanti.  Se<span class=\"_ _1\"></span>  ricorrono  evi<span class=\"_ _1\"></span>denze  sintomatiche<span class=\"_ _df\"> </span> dell\u2019esistenza di perdite, le attivit\u00e0 immateriali sono sottoposte ad impairment test, registrando le eventuali<span class=\"_ _df\"> </span> perdite <span class=\"_ _17\"> </span>di <span class=\"_ _14\"> </span>valore; <span class=\"_ _14\"> </span>successive <span class=\"_ _17\"> </span>r<span class=\"_ _2\"></span>iprese <span class=\"_ _17\"> </span>di <span class=\"_ _14\"> </span>valore <span class=\"_ _14\"> </span>non <span class=\"_ _14\"> </span>possono <span class=\"_ _17\"> </span>eccedere <span class=\"_ _14\"> </span>l\u2019ammontare <span class=\"_ _14\"> </span>delle <span class=\"_ _17\"> </span>perdite <span class=\"_ _14\"> </span>da<span class=\"_ _df\"> </span> impairment in precedenza registrate.<span class=\"_ _df\"> </span> Gli <span class=\"_ _4\"> </span>avviamenti <span class=\"_ _4\"> </span>non <span class=\"_ _17\"> </span>sono <span class=\"_ _17\"> </span>assoggettati <span class=\"_ _4\"> </span>ad <span class=\"_ _17\"> </span>ammortamento, <span class=\"_ _4\"> </span>ma <span class=\"_ _17\"> </span>vengono <span class=\"_ _4\"> </span>periodicamente <span class=\"_ _17\"> </span>sottoposti <span class=\"_ _4\"> </span>ad<span class=\"_ _df\"> </span> impairment <span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>est. <span class=\"_ _2\"></span>L\u2019eventuale <span class=\"_ _d\"></span>differenza <span class=\"_ _d\"></span>negativa <span class=\"_ _d\"></span>tra <span class=\"_ _d\"></span>il <span class=\"_ _2\"></span>valore <span class=\"_ _d\"></span>re<span class=\"_ _2\"></span>cuperabile<span class=\"_ _1\"></span> <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>ciascuna <span class=\"_ _d\"></span>unit\u00e0 <span class=\"_ _d\"></span>generatrice <span class=\"_ _2\"></span>di<span class=\"_ _df\"> </span> flussi <span class=\"_ _2\"></span>finanziari <span class=\"_ _d\"></span>(CGU) <span class=\"_ _2\"></span>al <span class=\"_ _d\"></span>quale <span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>ppartiene <span class=\"_ _2\"></span>un <span class=\"_ _d\"></span>determinato <span class=\"_ _d\"></span>avviamento <span class=\"_ _d\"></span>e <span class=\"_ _d\"></span>il <span class=\"_ _2\"></span>valore <span class=\"_ _d\"></span>contabile <span class=\"_ _2\"></span>della <span class=\"_ _d\"></span>medesima<span class=\"_ _df\"> </span> costituisce <span class=\"_ _f\"></span>perdita <span class=\"_ _f\"></span>da <span class=\"_ _f\"></span>impairment<span class=\"_ _2\"></span>. <span class=\"_ _f\"></span>Il <span class=\"_ _f\"></span>valore <span class=\"_ _f\"></span>recuperabile <span class=\"_ _f\"></span>di <span class=\"_ _f\"></span>una CGU <span class=\"_ _f\"></span><span class=\"ff5\">\u2013<span class=\"ff4\"> <span class=\"_ _f\"></span>che <span class=\"_ _f\"></span>ne <span class=\"_ _1\"></span>rappresenta <span class=\"_ _f\"></span>una <span class=\"_ _f\"></span>stima de<span class=\"_ _f\"></span>l v<span class=\"_ _1\"></span>alore<span class=\"_ _df\"> </span></span></span><span class=\"ff5\"><span class=\"ff4\"> </span></span>economico <span class=\"ff5\">\u2013</span> <span class=\"_ _1\"></span><span class=\"ff5\">si ragguaglia <span class=\"_ _1\"></span>al maggi<span class=\"_ _1\"></span>ore tra il v<span class=\"_ _f\"></span>alor<span class=\"_ _2\"></span>e d\u2019<span class=\"_ _1\"></span>uso (valore attuale<span class=\"_ _1\"></span> dei fl<span class=\"_ _1\"></span>ussi di <span class=\"_ _1\"></span>cassa attes<span class=\"_ _2\"></span><span class=\"ff4\">i) <span class=\"_ _f\"></span>e il valore di<span class=\"_ _df\"> </span></span></span>scambio <span class=\"_ _d\"></span>(presumibile <span class=\"_ _d\"></span>valore <span class=\"_ _0\"></span>di <span class=\"_ _d\"></span>cessione <span class=\"_ _0\"></span>al <span class=\"_ _d\"></span>netto<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>dei <span class=\"_ _d\"></span>costi <span class=\"_ _0\"></span>di <span class=\"_ _d\"></span>transazione). <span class=\"_ _d\"></span>Eventuali <span class=\"_ _d\"></span>successive <span class=\"_ _0\"></span>riprese <span class=\"_ _d\"></span>di<span class=\"_ _df\"> </span> valore non possono essere registrate.<span class=\"_ _df\"> </span> Criter<span class=\"_ _1\"></span>i di <span class=\"_ _1\"></span>cancell<span class=\"_ _1\"></span>azion<span class=\"_ _f\"></span>e<span class=\"_ _df\"> </span> Le <span class=\"_ _17\"> </span>attivit\u00e0 <span class=\"_ _14\"> </span>immateriali <span class=\"_ _17\"> </span>vengono <span class=\"_ _17\"> </span>cancellate <span class=\"_ _17\"> </span>dal <span class=\"_ _14\"> </span>bilancio <span class=\"_ _17\"> </span>quando <span class=\"_ _17\"> </span>han<span class=\"_ _2\"></span>no <span class=\"_ _14\"> </span>esaurito <span class=\"_ _17\"> </span>integralmente <span class=\"_ _17\"> </span>le <span class=\"_ _14\"> </span>loro<span class=\"_ _df\"> </span> funzionalit\u00e0 <span class=\"_ _17\"> </span>economiche, <span class=\"_ _17\"> </span>ovvero<span class=\"_ _2\"></span> <span class=\"_ _17\"> </span>nel <span class=\"_ _17\"> </span>momento <span class=\"_ _14\"> </span>della <span class=\"_ _17\"> </span>dismissione <span class=\"_ _17\"> </span>o <span class=\"_ _14\"> </span>qualora <span class=\"_ _17\"> </span>non <span class=\"_ _17\"> </span>sono <span class=\"_ _14\"> </span>attesi <span class=\"_ _17\"> </span>benefici<span class=\"_ _df\"> </span> economici futuri.<span class=\"_ _df\"> </span> Criter<span class=\"_ _1\"></span>i di <span class=\"_ _1\"></span>rileva<span class=\"_ _f\"></span>zione dell<span class=\"_ _1\"></span>e com<span class=\"_ _f\"></span>ponenti <span class=\"_ _1\"></span>reddi<span class=\"_ _1\"></span>tuali<span class=\"_ _df\"> </span><span class=\"_ _f\"></span> L\u2019allocazione <span class=\"_ _9\"> </span>delle <span class=\"_ _9\"> </span>componenti<span class=\"_ _2\"></span> <span class=\"_ _9\"> </span>reddituali <span class=\"_ _9\"> </span>nelle <span class=\"_ _16\"> </span>pertine<span class=\"ff4\">nti  v<span class=\"_ _1\"></span>oci <span class=\"_ _16\"> </span>di <span class=\"_ _9\"> </span>conto  e<span class=\"_ _1\"></span>conomico <span class=\"_ _9\"> </span>avviene <span class=\"_ _16\"> </span>sulla <span class=\"_ _9\"> </span>base <span class=\"_ _9\"> </span>di<span class=\"_ _df\"> </span></span><span class=\"ff4\"> </span>quanto riportato di seguito:<span class=\"_ _df\"> </span>gli <span class=\"_ _f\"></span>amm<span class=\"_ _2\"></span>ortamenti <span class=\"_ _f\"></span>periodici, <span class=\"_ _f\"></span>le <span class=\"_ _1\"></span>perdite <span class=\"_ _f\"></span>durature di<span class=\"_ _f\"></span> valore <span class=\"_ _f\"></span>e <span class=\"_ _f\"></span>le <span class=\"_ _f\"></span>r<span class=\"_ _2\"></span>iprese<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>di <span class=\"_ _f\"></span>valore v<span class=\"_ _1\"></span>engono <span class=\"_ _f\"></span>allocate ne<span class=\"_ _1\"></span>lla <span class=\"_ _f\"></span>voce<span class=\"_ _df\"> </span>\u201cRettifiche/riprese di valore ne<span class=\"_ _1\"></span>tte su att<span class=\"_ _2\"></span>ivit\u00e0 imma<span class=\"_ _1\"></span>teriali\u201d.<span class=\"_ _df\"> </span><span class=\"_ _2c\"> </span><span class=\"ff4\">le <span class=\"_ _15\"> </span>per<span class=\"ff5\">dite <span class=\"_ _15\"> </span>durat<span class=\"_ _2\"></span>ure <span class=\"_ _14\"> </span>di <span class=\"_ _e\"> </span>valore <span class=\"_ _14\"> </span>dell\u2019avviamento <span class=\"_ _15\"> </span>vengono <span class=\"_ _15\"> </span>allocat<span class=\"_ _2\"></span>e <span class=\"_ _15\"> </span>nella <span class=\"_ _14\"> </span>voce <span class=\"_ _15\"> </span>\u201c<span class=\"_ _2\"></span>Rettifiche <span class=\"_ _14\"> </span>di <span class=\"_ _e\"> </span>valore<span class=\"_ _df\"> </span></span></span><span class=\"ff4\"><span class=\"ff5\"> </span></span>dell\u2019avviamento\u201d. Non \u00e8 ammessa la contabilizzazione<span class=\"_ _1\"></span> di eventuali successive riprese di valore.<span class=\"_ _df\"> </span>8 <span class=\"ls0\">- Attivit<span class=\"_ _1\"></span>\u00e0 no<span class=\"_ _1\"></span>n corr<span class=\"_ _1\"></span>enti e <span class=\"_ _1\"></span>gru<span class=\"_ _1\"></span>ppi d<span class=\"_ _1\"></span>i attivit\u00e0 in<span class=\"_ _f\"></span> via di dism<span class=\"_ _f\"></span>issione<span class=\"_ _df\"> </span></span><span class=\"ls0\"><span class=\"_ _1\"></span> </span>Vengono classificate nella voce dell\u2019attivo \u201cAttivit\u00e0 non correnti e gruppi di attivit\u00e0 in via di dismissione\u201d e in<span class=\"_ _df\"> </span> quella <span class=\"_ _9\"> </span>del <span class=\"_ _9\"> </span>passivo <span class=\"_ _9\"> </span>\u201cPassivit\u00e0 <span class=\"_ _9\"> </span>as<span class=\"_ _2\"></span>sociate <span class=\"_ _9\"> </span>ad <span class=\"_ _9\"> </span>attivit\u00e0 <span class=\"_ _9\"> </span>in <span class=\"_ _16\"> </span>via <span class=\"_ _0\"></span>di <span class=\"_ _9\"> </span>dis<span class=\"_ _2\"></span>missione\u201d <span class=\"_ _9\"> </span>attivit\u00e0 <span class=\"_ _9\"> </span>non <span class=\"_ _9\"> </span>corr<span class=\"_ _2\"></span>enti <span class=\"_ _0\"></span>o <span class=\"_ _9\"> </span>gr<span class=\"_ _2\"></span>uppi<span class=\"_ _1\"></span> <span class=\"_ _9\"> </span>di<span class=\"_ _df\"> </span> attivit\u00e0/passivit\u00e0 per i <span class=\"_ _2\"></span>quali \u00e8 st<span class=\"_ _2\"></span>ato avviato un processo di <span class=\"_ _2\"></span>dismissione<span class=\"_ _1\"></span> e <span class=\"_ _2\"></span>la loro vendita \u00e8 <span class=\"_ _2\"></span>ritenuta altamente<span class=\"_ _df\"> </span> probabile. Tali <span class=\"_ _2\"></span>attivit\u00e0/passivit\u00e0 <span class=\"_ _2\"></span>sono <span class=\"_ _2\"></span>valutate al <span class=\"_ _2\"></span>minore <span class=\"_ _2\"></span>tra <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>valore <span class=\"_ _2\"></span>di carico <span class=\"_ _2\"></span>ed <span class=\"_ _2\"></span>il loro <span class=\"_ _2\"></span>fair <span class=\"_ _2\"></span>value <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>netto <span class=\"_ _2\"></span>dei<span class=\"_ _df\"> </span> costi <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>cessione, <span class=\"_ _2\"></span>ad <span class=\"_ _2\"></span>eccezi<span class=\"_ _1\"></span>one <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>alcune <span class=\"_ _2\"></span>tipologie <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>a<span class=\"ff5\">tt<span class=\"_ _2\"></span>ivit\u00e0 <span class=\"_ _2\"></span>(es. <span class=\"_ _2\"></span>attivit\u00e0 <span class=\"_ _2\"></span>finanziarie<span class=\"_ _1\"></span> <span class=\"_ _2\"></span>rientranti <span class=\"_ _2\"></span>nell\u2019ambito <span class=\"_ _2\"></span>di<span class=\"_ _df\"> </span></span><span class=\"ff5\"> </span>applicazione <span class=\"_ _d\"></span>dell\u2019IFRS <span class=\"_ _9\"> </span>9) <span class=\"_ _0\"></span>per <span class=\"_ _0\"></span>cui <span class=\"_ _0\"></span>l\u2019IFRS <span class=\"_ _0\"></span>5 <span class=\"_ _9\"> </span>prevede <span class=\"_ _d\"></span>s<span class=\"_ _2\"></span>pecificatamente <span class=\"_ _d\"></span>che <span class=\"_ _9\"> </span>debbano <span class=\"_ _0\"></span>essere <span class=\"_ _0\"></span>applicati <span class=\"_ _0\"></span>i <span class=\"_ _0\"></span>criteri<span class=\"_ _df\"> </span> valutativi del principio contabile<span class=\"_ _1\"></span> di pertinenza.<span class=\"_ _df\"> </span><span class=\"_ _2\"></span> I <span class=\"_ _f\"></span>proventi ed <span class=\"_ _f\"></span>oneri <span class=\"_ _f\"></span>(al netto <span class=\"_ _f\"></span>dell\u2019effe<span class=\"ff4\">t<span class=\"_ _2\"></span>to <span class=\"_ _f\"></span>fiscale), <span class=\"_ _f\"></span>r<span class=\"_ _2\"></span>iconducibili <span class=\"_ _f\"></span>ad attivit\u00e0 <span class=\"_ _f\"></span>operative <span class=\"_ _f\"></span>cessate in <span class=\"_ _f\"></span>via <span class=\"_ _1\"></span>di <span class=\"_ _f\"></span>d<span class=\"_ _2\"></span>ismissione<span class=\"_ _df\"> </span></span><span class=\"ff4\"> </span>o rilevati come tali nel corso dell\u2019esercizi<span class=\"_ _1\"></span>o, sono esposti nel conto economico in voce<span class=\"_ _2\"></span><span class=\"ff4\"> <span class=\"_ _f\"></span>separata.<span class=\"_ _df\"> </span></span>9 <span class=\"ls0\">- Fisca<span class=\"_ _f\"></span>lit\u00e0 corren<span class=\"_ _1\"></span>te e <span class=\"_ _f\"></span>differita<span class=\"_ _df\"> </span></span><span class=\"ls0\"><span class=\"_ _1\"></span> </span>Criter<span class=\"_ _1\"></span>i di <span class=\"_ _1\"></span>iscrizi<span class=\"_ _1\"></span>one, d<span class=\"_ _1\"></span>i va<span class=\"_ _1\"></span>lutazi<span class=\"_ _1\"></span>one<span class=\"_ _1\"></span> e di ca<span class=\"_ _f\"></span>ncellazio<span class=\"_ _f\"></span>ne  Le <span class=\"_ _d\"></span>impost<span class=\"_ _2\"></span>e <span class=\"_ _d\"></span>sul <span class=\"_ _0\"></span>reddito, <span class=\"_ _0\"></span>calcolate <span class=\"_ _0\"></span>nel <span class=\"_ _0\"></span>rispetto <span class=\"_ _0\"></span>delle <span class=\"_ _0\"></span>legislazioni <span class=\"_ _0\"></span>fiscali <span class=\"_ _0\"></span>nazionali, <span class=\"_ _d\"></span>s<span class=\"_ _2\"></span>ono <span class=\"_ _0\"></span>contabilizzate <span class=\"_ _d\"></span>come<span class=\"_ _df\"> </span> costo <span class=\"_ _16\"> </span>in <span class=\"_ _16\"> </span>base <span class=\"_ _9\"> </span>al  criterio <span class=\"_ _9\"> </span>della <span class=\"_ _16\"> </span>competenza <span class=\"_ _9\"> </span>economica,  coerentemente <span class=\"_ _9\"> </span>con  le<span class=\"_ _1\"></span>  modali<span class=\"_ _f\"></span>t<span class=\"_ _2\"></span>\u00e0 <span class=\"_ _16\"> </span>di <span class=\"_ _9\"> </span>rilevazione <span class=\"_ _16\"> </span>in<span class=\"_ _df\"> </span> bilancio de<span class=\"_ _1\"></span>i costi e ricav<span class=\"_ _1\"></span>i che le <span class=\"_ _f\"></span>h<span class=\"_ _2\"></span>anno gene<span class=\"_ _1\"></span>rate. Esse rappresentano p<span class=\"_ _1\"></span>ertanto il sald<span class=\"_ _1\"></span>o della <span class=\"_ _1\"></span>fiscalit\u00e0 corrente<span class=\"_ _df\"> </span> e <span class=\"_ _2\"></span>differita <span class=\"_ _d\"></span>relativa <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>reddito <span class=\"_ _d\"></span>dell\u2019esercizio. <span class=\"_ _2\"></span>In <span class=\"_ _2\"></span>part<span class=\"_ _2\"></span>icolare, <span class=\"_ _2\"></span>tali <span class=\"_ _2\"></span>pos<span class=\"_ _2\"></span>te <span class=\"_ _2\"></span>accolgono <span class=\"_ _2\"></span>il <span class=\"_ _d\"></span>saldo <span class=\"_ _2\"></span>netto <span class=\"_ _d\"></span>tra <span class=\"_ _2\"></span>le <span class=\"_ _2\"></span>passivit\u00e0<span class=\"_ _df\"> </span> fiscali correnti d<span class=\"_ _1\"></span>ell\u2019esercizio, calcolate <span class=\"_ _1\"></span>in base ad<span class=\"ff4\"> </span>u<span class=\"_ _1\"></span>na prudenziale p<span class=\"_ _f\"></span>r<span class=\"_ _2\"></span>evisione d<span class=\"_ _1\"></span>ell\u2019onere tributario dov<span class=\"_ _1\"></span>uto per<span class=\"_ _df\"> </span> l\u2019esercizio, <span class=\"_ _1\"></span>determinato in <span class=\"_ _f\"></span>base alle <span class=\"_ _f\"></span>nor<span class=\"_ _2\"></span>me <span class=\"_ _f\"></span>t<span class=\"_ _2\"></span>ributarie <span class=\"_ _f\"></span>in vigore, <span class=\"_ _1\"></span>e le <span class=\"_ _f\"></span>att<span class=\"_ _2\"></span>ivit\u00e0 <span class=\"_ _f\"></span>fiscali correnti rapp<span class=\"_ _1\"></span>resentate dagl<span class=\"_ _1\"></span>i<span class=\"_ _df\"> </span> acconti <span class=\"_ _9\"> </span>e <span class=\"_ _16\"> </span>dagli <span class=\"_ _9\"> </span>altr<span class=\"_ _2\"></span>i <span class=\"_ _9\"> </span>crediti <span class=\"_ _16\"> </span>d\u2019imposta <span class=\"_ _16\"> </span>per <span class=\"_ _9\"> </span>ritenute <span class=\"_ _9\"> </span>d\u2019acconto  su<span class=\"_ _1\"></span>bite <span class=\"_ _9\"> </span>od <span class=\"_ _16\"> </span>altri<span class=\"_ _2\"></span><span class=\"ff4\">  </span>credi<span class=\"_ _1\"></span>ti <span class=\"_ _16\"> </span>d\u2019imposta <span class=\"_ _9\"> </span>di <span class=\"_ _16\"> </span>esercizi<span class=\"_ _df\"> </span> precedenti <span class=\"_ _16\"> </span>per  i<span class=\"_ _1\"></span>  quali<span class=\"_ _f\"></span>  le  societ<span class=\"_ _1\"></span>\u00e0  del<span class=\"_ _1\"></span>  Gruppo <span class=\"_ _16\"> </span>hanno <span class=\"_ _9\"> </span>r<span class=\"_ _2\"></span>ichiesto <span class=\"_ _9\"> </span>la  compensazione<span class=\"_ _1\"></span>  con <span class=\"_ _16\"> </span>imposte <span class=\"_ _16\"> </span>di <span class=\"_ _16\"> </span>esercizi<span class=\"_ _df\"> </span> successivi.<span class=\"_ _df\"> </span> Le <span class=\"_ _d\"></span>At<span class=\"_ _2\"></span>tivit\u00e0 <span class=\"_ _d\"></span>fiscali <span class=\"_ _0\"></span>correnti <span class=\"_ _0\"></span>accolgono <span class=\"_ _0\"></span>altres\u00ec <span class=\"_ _0\"></span>i <span class=\"_ _d\"></span>crediti <span class=\"_ _0\"></span>d\u2019imposta <span class=\"_ _0\"></span>per <span class=\"_ _d\"></span>i <span class=\"_ _0\"></span>quali <span class=\"_ _0\"></span>\u00e8 <span class=\"_ _0\"></span>stato <span class=\"_ _0\"></span>richiesto <span class=\"_ _0\"></span>il <span class=\"_ _d\"></span>r<span class=\"_ _2\"></span>imb<span class=\"_ _1\"></span>orso <span class=\"_ _0\"></span>al<span class=\"_ _2\"></span><span class=\"ff4\">le<span class=\"_ _df\"> </span></span><span class=\"ff4\"> </span>autorit\u00e0 fiscali competenti; le <span class=\"_ _2\"></span>somme versate <span class=\"_ _2\"></span>a titolo provvisorio nel cors<span class=\"_ _2\"></span>o di un procedimento contenzioso<span class=\"_ _df\"> </span> con <span class=\"_ _4\"> </span>l\u2019Amministrazione <span class=\"_ _17\"> </span>finanziaria <span class=\"_ _17\"> </span>vengono <span class=\"_ _4\"> </span>valutate <span class=\"_ _17\"> </span>secondo <span class=\"_ _17\"> </span>le <span class=\"_ _4\"> </span>logi<span class=\"_ _2\"></span>che <span class=\"_ _4\"> </span>dello <span class=\"_ _17\"> </span>IAS <span class=\"_ _4\"> </span>37 <span class=\"_ _17\"> </span>in <span class=\"_ _17\"> </span>relazione <span class=\"_ _17\"> </span>alle<span class=\"_ _df\"> </span> probabilit\u00e0 di impiego di<span class=\"_ _1\"></span> risorse economiche per <span class=\"_ _2\"></span>il loro adempimento.<span class=\"_ _df\"> </span> La <span class=\"_ _0\"></span>fiscalit\u00e0 <span class=\"_ _0\"></span>differita <span class=\"_ _0\"></span>viene <span class=\"_ _0\"></span>determinata <span class=\"_ _9\"> </span>in <span class=\"_ _0\"></span>base <span class=\"_ _0\"></span>al <span class=\"_ _0\"></span>crit<span class=\"_ _2\"></span>erio <span class=\"_ _d\"></span>del <span class=\"_ _0\"></span>cos<span class=\"_ _2\"></span>idde<span class=\"_ _1\"></span>tto <span class=\"_ _9\"> </span>\u201cbalance <span class=\"_ _0\"></span>sheet <span class=\"_ _0\"></span>liability <span class=\"_ _0\"></span>method\u201d,<span class=\"_ _df\"> </span> tenuto <span class=\"_ _d\"></span>conto <span class=\"_ _2\"></span>dell\u2019effetto <span class=\"_ _d\"></span>fiscale <span class=\"_ _2\"></span>connesso <span class=\"_ _d\"></span>alle <span class=\"_ _d\"></span>differenz<span class=\"_ _1\"></span>e <span class=\"_ _d\"></span>temporanee <span class=\"_ _d\"></span>tra <span class=\"_ _2\"></span>il <span class=\"_ _d\"></span>valore <span class=\"_ _d\"></span>contabile<span class=\"_ _1\"></span> <span class=\"_ _d\"></span>delle <span class=\"_ _2\"></span>att<span class=\"_ _2\"></span>ivit\u00e0 <span class=\"_ _2\"></span>e<span class=\"_ _df\"> </span> passivit\u00e0 <span class=\"_ _2\"></span>ed <span class=\"_ _2\"></span>il <span class=\"_ _d\"></span>loro <span class=\"_ _2\"></span>valore <span class=\"_ _d\"></span>fiscale <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>determineranno <span class=\"_ _d\"></span>importi <span class=\"_ _2\"></span>imponibili <span class=\"_ _2\"></span>o <span class=\"_ _d\"></span>deducibili <span class=\"_ _2\"></span>nei <span class=\"_ _2\"></span>futuri <span class=\"_ _d\"></span>periodi. <span class=\"_ _2\"></span>A <span class=\"_ _d\"></span>tali<span class=\"_ _df\"> </span> fini, <span class=\"_ _0\"> </span>s<span class=\"_ _2\"></span>i <span class=\"_ _9\"> </span>intendono <span class=\"_ _9\"> </span>\u201cdifferenze <span class=\"_ _9\"> </span>temporanee <span class=\"_ _9\"> </span>tas<span class=\"_ _2\"></span>sabili\u201d <span class=\"_ _0\"> </span>quelle <span class=\"_ _9\"> </span>che<span class=\"_ _2\"></span> <span class=\"_ _9\"> </span>nei <span class=\"_ _9\"> </span>periodi <span class=\"_ _9\"> </span>futuri <span class=\"_ _9\"> </span>determineranno <span class=\"_ _9\"> </span>importi<span class=\"_ _df\"> </span> imponibili  e  \u201cdifferenze  temporanee<span class=\"_ _1\"></span>  deducibili\u201d <span class=\"_ _22\"> </span>quelle  che  negli  esercizi  futuri  determineranno  importi<span class=\"_ _df\"> </span> deducibili.<span class=\"_ _df\"> </span> Le <span class=\"_ _2\"></span>imposte <span class=\"_ _2\"></span>ant<span class=\"_ _2\"></span>icipate <span class=\"_ _2\"></span>sono <span class=\"_ _2\"></span>rilevate <span class=\"_ _d\"></span>a <span class=\"_ _2\"></span>fronte <span class=\"_ _d\"></span>di <span class=\"_ _2\"></span>tutte <span class=\"_ _d\"></span>le <span class=\"_ _2\"></span>differenze <span class=\"_ _2\"></span>temporanee <span class=\"_ _d\"></span>deducibili, <span class=\"_ _2\"></span>dei <span class=\"_ _2\"></span>cr<span class=\"_ _2\"></span>editi <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>delle<span class=\"_ _df\"> </span> perdite <span class=\"_ _d\"></span>fiscali <span class=\"_ _0\"></span>non <span class=\"_ _0\"></span>utilizzate <span class=\"_ _d\"></span>e <span class=\"_ _0\"></span>r<span class=\"_ _2\"></span>ip<span class=\"_ _1\"></span>ortabili <span class=\"_ _0\"></span>a <span class=\"_ _0\"></span>nuovo, <span class=\"_ _d\"></span>nella <span class=\"_ _0\"></span>misura <span class=\"_ _0\"></span>in <span class=\"_ _d\"></span>cui <span class=\"_ _9\"> </span>sia <span class=\"_ _0\"></span>probabile <span class=\"_ _d\"></span>che <span class=\"_ _0\"></span>saranno <span class=\"_ _0\"></span>disponibi<span class=\"_ _1\"></span>li<span class=\"_ _df\"> </span> sufficienti imponibili fiscali futuri, <span class=\"_ _2\"></span>che possano consentire l\u2019utilizzo <span class=\"_ _2\"></span>delle<span class=\"_ _1\"></span> differenze <span class=\"_ _2\"></span>temporanee deducibili e<span class=\"_ _df\"> </span> dei crediti e delle perdite fiscali<span class=\"_ _1\"></span> riportati a nuovo, eccetto i casi in cui:<span class=\"_ _df\"> </span><span class=\"_ _2\"></span> <span class=\"_ _2c\"> </span><span class=\"ff5\">l\u2019imposta <span class=\"_ _2\"></span>differita attiva<span class=\"ff4\"> <span class=\"_ _2\"></span>collegata <span class=\"_ _2\"></span>alle differenze <span class=\"_ _2\"></span>temporanee deducibili <span class=\"_ _2\"></span>deriva dalla r<span class=\"_ _2\"></span>ilevazione iniziale<span class=\"_ _df\"> </span></span></span><span class=\"ff5\"><span class=\"ff4\"> </span></span>di un\u2019<span class=\"_ _1\"></span>attivit\u00e0 o passivit\u00e0 in <span class=\"_ _f\"></span>una transazione che non <span class=\"_ _f\"></span>r<span class=\"_ _2\"></span>appresenta un\u2019ag<span class=\"_ _1\"></span>gregazione aziendale e, <span class=\"_ _1\"></span>al tempo<span class=\"_ _df\"> </span> della transazione stessa, non influi<span class=\"_ _1\"></span>sce n\u00e9 sul risultato di bilancio,<span class=\"_ _2\"></span> n\u00e9 sul risultato fiscale;<span class=\"_ _df\"> </span><span class=\"_ _2c\"> </span><span class=\"ff4\">nel caso di <span class=\"_ _1\"></span>differenze temporanee <span class=\"_ _1\"></span>deducibili associate a p<span class=\"_ _1\"></span>artecipazioni in <span class=\"_ _f\"></span>s<span class=\"_ _2\"></span>ociet\u00e0 controllate, <span class=\"_ _1\"></span>collegate </span>e joint venture, l<span class=\"_ _2\"></span>e imposte differite <span class=\"_ _2\"></span>attive sono rilevate s<span class=\"_ _2\"></span>olo nella misura <span class=\"_ _2\"></span>in cui sia probabile c<span class=\"_ _2\"></span>he esse s<span class=\"_ _2\"></span>i riverseranno  nel  futuro  p<span class=\"_ _1\"></span>revedibile <span class=\"_ _16\"> </span>e  che  vi  saranno  suff<span class=\"_ _1\"></span>icienti  imponi<span class=\"_ _1\"></span>bili  fiscali  che<span class=\"_ _1\"></span>  consentano  il recupero di tali differenze temporanee.<span class=\"_ _df\"> </span>Le  imposte  differite  passive  sono  rilevate  su  tutte  le  differenz<span class=\"_ _1\"></span>e  temporanee  tassabili,  con  le  seguenti eccezioni: <span class=\"_ _2c\"> </span><span class=\"ff4\">le imposte d<span class=\"ff5\">ifferite passive derivano dalla rilevazione iniziale dell\u2019avviamento o <span class=\"_ _2\"></span>di un\u2019attivi<span class=\"_ _1\"></span>t\u00e0 o passivit\u00e0 </span></span>in  una  transazione  che  non  r<span class=\"_ _2\"></span>ap<span class=\"_ _1\"></span>presenta  un\u2019aggregazione  aziendale  e,  al  t<span class=\"_ _2\"></span>empo  dell<span class=\"_ _1\"></span>a  transazione stessa, non influenza n\u00e9 il risultato di bilanc<span class=\"_ _1\"></span>io n\u00e9 il risulta<span class=\"_ _2\"></span>to fiscale;<span class=\"_ _df\"> </span><span class=\"_ _2c\"> </span><span class=\"ff4\">il <span class=\"_ _1\"></span>riversamento <span class=\"_ _1\"></span>delle <span class=\"_ _1\"></span>differenze <span class=\"_ _f\"></span>temporanee i<span class=\"_ _1\"></span>mponibili, associate <span class=\"_ _f\"></span>a p<span class=\"_ _1\"></span>artecipazioni <span class=\"_ _f\"></span>in societ\u00e0 <span class=\"_ _f\"></span>controllate, </span>collegate e joint venture, pu\u00f2 essere contr<span class=\"_ _2\"></span>ollato, ed \u00e8 probab<span class=\"_ _1\"></span>ile che esso non s<span class=\"_ _2\"></span>i verifichi nel prevedibile futuro. La fiscalit\u00e0 <span class=\"_ _2\"></span>differita <span class=\"_ _2\"></span>viene calcolata <span class=\"_ _2\"></span>applicando le <span class=\"_ _2\"></span>aliquote di <span class=\"_ _2\"></span>imposizione stabilite <span class=\"_ _2\"></span>dalle disposizioni <span class=\"_ _2\"></span>di legge in <span class=\"_ _0\"></span>vigore <span class=\"_ _d\"></span>alle <span class=\"_ _0\"></span>differenze <span class=\"_ _0\"></span>tem<span class=\"_ _2\"></span>poranee <span class=\"_ _d\"></span>tass<span class=\"_ _2\"></span>abili<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>per <span class=\"_ _0\"></span>cui <span class=\"_ _0\"></span>esiste <span class=\"_ _0\"></span>la <span class=\"_ _0\"></span>probabilit\u00e0 <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>un <span class=\"_ _0\"></span>effettivo <span class=\"_ _0\"></span>sostenimento <span class=\"_ _0\"></span>di imposte ed alle diff<span class=\"_ _1\"></span>erenze temporanee deducibili p<span class=\"_ _1\"></span>er <span class=\"_ _2\"></span>cui si ritiene che<span class=\"_ _1\"></span> vi siano ammontari imponibil<span class=\"_ _1\"></span>i futuri al momento in cui si manifester\u00e0 la relativa dedu<span class=\"_ _1\"></span>cibilit\u00e0 fiscale (c.d. probability test). <span class=\"_ _2\"></span> Qualora <span class=\"_ _9\"> </span>le <span class=\"_ _9\"> </span>Attivit\u00e0 <span class=\"_ _9\"> </span>e <span class=\"_ _9\"> </span>Passivit\u00e0 <span class=\"_ _9\"> </span>fiscali <span class=\"_ _9\"> </span>differite <span class=\"_ _0\"> </span>s<span class=\"_ _2\"></span>i <span class=\"_ _0\"></span>riferiscano <span class=\"_ _9\"> </span>a <span class=\"_ _9\"> </span>componenti <span class=\"_ _9\"> </span>che <span class=\"_ _9\"> </span>hanno <span class=\"_ _9\"> </span>interessato <span class=\"_ _9\"> </span>il <span class=\"_ _9\"> </span>cont<span class=\"_ _d\"></span><span class=\"lsc5\">o </span>economico, la contropartita \u00e8 rapprese<span class=\"_ _1\"></span>ntata dalle imposte sul reddito.<span class=\"_ _2\"></span> Nei <span class=\"_ _2\"></span>casi <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>cui <span class=\"_ _2\"></span>le impost<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>anticipate <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>differite riguardino <span class=\"_ _2\"></span>transa<span class=\"_ _2\"></span>zi<span class=\"_ _1\"></span>oni <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>hanno <span class=\"_ _2\"></span>interessato <span class=\"_ _2\"></span>direttamente <span class=\"_ _2\"></span>il patrimonio netto <span class=\"_ _2\"></span>senza influenzare il cont<span class=\"_ _2\"></span>o economico (quali le <span class=\"_ _2\"></span>valutazioni <span class=\"_ _2\"></span>degli st<span class=\"_ _2\"></span>rumenti finanziari rilevati al fair value con impatto sulla redditivit\u00e0 complessiva o dei contratt<span class=\"_ _2\"></span>i derivati di<span class=\"_ _1\"></span> copertura di flussi finanziari), le <span class=\"_ _d\"></span>s<span class=\"_ _2\"></span>tesse <span class=\"_ _d\"></span>vengono <span class=\"_ _0\"></span>iscritte <span class=\"_ _0\"></span>in <span class=\"_ _0\"></span>contropartita <span class=\"_ _d\"></span>al <span class=\"_ _0\"></span>patrimonio <span class=\"_ _0\"></span>netto, <span class=\"_ _d\"></span>interessando <span class=\"_ _0\"></span>le <span class=\"_ _0\"></span>specifiche <span class=\"_ _d\"></span>r<span class=\"_ _2\"></span>iserve <span class=\"_ _0\"></span>quando previsto (es. riserve da valutazione). La <span class=\"_ _0\"></span>fiscalit\u00e0 <span class=\"_ _0\"></span>latente <span class=\"_ _d\"></span>sulle <span class=\"_ _0\"></span>poste <span class=\"_ _0\"></span>patr<span class=\"_ _2\"></span>imoniali <span class=\"_ _d\"></span>in <span class=\"_ _0\"></span>sospensione <span class=\"_ _0\"></span>d\u2019imposta <span class=\"_ _0\"></span>\u201ctassabili <span class=\"_ _0\"></span>in <span class=\"_ _0\"></span>ogni <span class=\"_ _d\"></span>caso<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>utilizzo\u201d <span class=\"_ _0\"></span>\u00e8 iscritta <span class=\"_ _9\"> </span>in <span class=\"_ _9\"> </span>bilancio <span class=\"_ _9\"> </span>in <span class=\"_ _9\"> </span>riduzione <span class=\"_ _9\"> </span>del <span class=\"_ _0\"></span>patr<span class=\"_ _2\"></span>imonio <span class=\"_ _9\"> </span>netto. <span class=\"_ _0\"> </span>La <span class=\"_ _16\"> </span>fiscalit\u00e0 <span class=\"_ _0\"></span>latente <span class=\"_ _9\"> </span>r<span class=\"_ _2\"></span>iferita <span class=\"_ _0\"></span>alle <span class=\"_ _9\"> </span>poste <span class=\"_ _9\"> </span>pa<span class=\"_ _2\"></span>trimoniali <span class=\"_ _9\"> </span>in sospensione d\u2019imposta \u201ctassabili soltanto in ipotesi di distribuzione\u201d non viene iscritta in bilancio, in quanto la <span class=\"_ _2\"></span>consistenza <span class=\"_ _2\"></span>delle r<span class=\"_ _2\"></span>iserve disponibili <span class=\"_ _2\"></span>gi\u00e0 <span class=\"_ _2\"></span>assoggettate <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>tassazione <span class=\"_ _2\"></span>consente di <span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>itenere che <span class=\"_ _2\"></span>non <span class=\"_ _2\"></span>saranno effettuate operazioni che ne comportino la tassazione. Criter<span class=\"_ _1\"></span>i di <span class=\"_ _1\"></span>rileva<span class=\"_ _f\"></span>zione dell<span class=\"_ _1\"></span>e com<span class=\"_ _f\"></span>ponenti <span class=\"_ _1\"></span>reddi<span class=\"_ _1\"></span>tuali<span class=\"_ _f\"></span> Attivit\u00e0  e  passivit\u00e0  fiscali  sono  imputate  al <span class=\"_ _22\"> </span>conto<span class=\"_ _2\"></span>  economico  (voce  \u201cImposte  sul  reddito  dell\u2019esercizio dell\u2019operativit\u00e0 <span class=\"_ _f\"></span>corrente\u201d), salv<span class=\"_ _1\"></span>o <span class=\"_ _1\"></span>quando <span class=\"_ _f\"></span>esse de<span class=\"_ _1\"></span>rivino d<span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>operazi<span class=\"_ _2\"></span><span class=\"ff4\">oni <span class=\"_ _f\"></span>i cu<span class=\"_ _f\"></span>i effetti <span class=\"_ _f\"></span>vanno attribuiti <span class=\"_ _f\"></span>direttamente </span>al <span class=\"_ _4\"> </span>patrimonio <span class=\"_ _22\"> </span>nett<span class=\"_ _2\"></span>o <span class=\"_ _22\"> </span>(nel <span class=\"_ _4\"> </span>qual <span class=\"_ _4\"> </span>caso <span class=\"_ _4\"> </span>veng<span class=\"_ _1\"></span>ono <span class=\"_ _4\"> </span>imputate <span class=\"_ _4\"> </span>al <span class=\"_ _4\"> </span>pa<span class=\"_ _1\"></span>trimonio) <span class=\"_ _4\"> </span>o <span class=\"_ _22\"> </span>da <span class=\"_ _4\"> </span>operazioni <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>ag<span class=\"_ _1\"></span>gregazione societaria (nel qual caso entrano nel computo del valore di<span class=\"_ _1\"></span> avviamento).<span class=\"_ _df\"> </span>10 - Fo<span class=\"_ _f\"></span>ndi per ris<span class=\"_ _1\"></span>chi ed <span class=\"_ _f\"></span>oneri Criter<span class=\"_ _1\"></span>i di <span class=\"_ _1\"></span>iscrizio<span class=\"_ _f\"></span>ne, class<span class=\"_ _1\"></span>ificazi<span class=\"_ _1\"></span>on<span class=\"_ _f\"></span>e e di canc<span class=\"_ _f\"></span>ellazione<span class=\"_ _f\"></span>  I fondi <span class=\"_ _1\"></span>per rischi<span class=\"_ _1\"></span> ed one<span class=\"_ _1\"></span>ri sono p<span class=\"_ _f\"></span>as<span class=\"_ _2\"></span>sivit\u00e0 d\u2019<span class=\"_ _1\"></span>ammontare o <span class=\"_ _f\"></span>scadenza incerti rilev<span class=\"_ _1\"></span>ati in bi<span class=\"_ _1\"></span>lancio quando <span class=\"_ _f\"></span>ricor<span class=\"_ _2\"></span>rono<span class=\"_ _1\"></span> le seguenti contestuali condizi<span class=\"_ _1\"></span>oni:<span class=\"_ _2\"></span> <span class=\"_ _2c\"> </span><span class=\"ff5\">esiste <span class=\"_ _0\"></span>un\u2019obbligazione <span class=\"_ _d\"></span>at<span class=\"_ _2\"></span>tuale <span class=\"_ _d\"></span>a<span class=\"_ _2\"></span>lla <span class=\"_ _d\"></span>data <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>riferime<span class=\"_ _2\"></span><span class=\"ff4\">nto <span class=\"_ _0\"></span>del <span class=\"_ _0\"></span>bilancio, <span class=\"_ _d\"></span>che <span class=\"_ _0\"></span>deriva <span class=\"_ _0\"></span>da <span class=\"_ _0\"></span>un <span class=\"_ _0\"></span>evento <span class=\"_ _0\"></span>pas<span class=\"_ _2\"></span>sato;<span class=\"_ _1\"></span> </span></span>l\u2019obbligazione d<span class=\"_ _1\"></span>eve essere di <span class=\"_ _1\"></span>tipo legale (<span class=\"_ _1\"></span>trova origine da <span class=\"_ _1\"></span>un contratto, normativa o al<span class=\"_ _f\"></span>t<span class=\"_ _2\"></span>ra disposizi<span class=\"_ _f\"></span>one di legge) <span class=\"_ _d\"></span>o <span class=\"_ _0\"></span>implicita <span class=\"_ _d\"></span>(nasce <span class=\"_ _0\"></span>nel <span class=\"_ _d\"></span>m<span class=\"_ _2\"></span>omento <span class=\"_ _d\"></span>in <span class=\"_ _0\"></span>cui <span class=\"_ _d\"></span>l\u2019impresa <span class=\"_ _0\"></span>genera <span class=\"_ _0\"></span>nei <span class=\"_ _d\"></span>confronti <span class=\"_ _0\"></span>di <span class=\"_ _d\"></span>t<span class=\"_ _2\"></span>erzi <span class=\"_ _d\"></span>l\u2019aspett<span class=\"_ _2\"></span>ativ<span class=\"ff4\">a <span class=\"_ _0\"></span>che<span class=\"_ _df\"> </span></span>assolver\u00e0 i propri impegni anche se non rientranti nella casistica <span class=\"_ _1\"></span>delle obbligazioni legali);<span class=\"_ _df\"> </span><span class=\"_ _2c\"> </span><span class=\"ff5\">\u00e8 <span class=\"_ _17\"> </span>probabile <span class=\"_ _17\"> </span>che <span class=\"_ _4\"> </span>s<span class=\"_ _2\"></span>i <span class=\"_ _4\"> </span>verifichi <span class=\"_ _17\"> </span>un\u2019uscita <span class=\"_ _17\"> </span>finanziaria <span class=\"_ _17\"> </span>per <span class=\"_ _17\"> </span>produrre <span class=\"_ _4\"> </span>benefici <span class=\"_ _17\"> </span>economici <span class=\"_ _17\"> </span>per <span class=\"_ _17\"> </span>adempiere </span>l\u2019obbligazione;<span class=\"_ _df\"> </span><span class=\"_ _2c\"> </span><span class=\"ff4\">\u00e8 possibile effettuare una stima attendibi<span class=\"ff5\">le dell\u2019ammontare dell\u2019obbligazione.<span class=\"_ _df\"> </span></span></span>Nella voce \u201cFondi per rischi ed oneri\u201d sono inclusi i fondi relativi a prestazioni di lungo termine, a <span class=\"_ _2\"></span>prestazioni successive alla cessazione del<span class=\"_ _1\"></span> rapporto di lavoro trattati dallo IAS 19 e i fondi pe<span class=\"_ _1\"></span>r rischi ed oneri tr<span class=\"_ _2\"></span>attat<span class=\"_ _2\"></span>i dallo<span class=\"_ _1\"></span> IAS 37. Criter<span class=\"_ _1\"></span>i di <span class=\"_ _1\"></span>valuta<span class=\"_ _1\"></span>zione<span class=\"_ _f\"></span> Gli <span class=\"_ _2\"></span>accantonamenti <span class=\"_ _d\"></span>vengono <span class=\"_ _d\"></span>attualizzati, <span class=\"_ _2\"></span>laddove <span class=\"_ _d\"></span>l\u2019elemento <span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>emporale <span class=\"_ _2\"></span>sia <span class=\"_ _d\"></span>significativo, <span class=\"_ _2\"></span>utilizzando <span class=\"_ _d\"></span>i <span class=\"_ _d\"></span>tassi correnti di mercato \u201cfree risk\u201d. L\u2019accantonamento \u00e8 rilevato a conto economico.<span class=\"_ _df\"> </span>Criter<span class=\"_ _1\"></span>i di <span class=\"_ _1\"></span>rileva<span class=\"_ _f\"></span>zione delle<span class=\"_ _1\"></span> com<span class=\"_ _1\"></span>pone<span class=\"_ _f\"></span>nti reddit<span class=\"_ _1\"></span>uali<span class=\"_ _f\"></span><span class=\"fc5 sc4\"> </span>Gli accantonamenti/recuperi <span class=\"_ _1\"></span>a fronte dei <span class=\"_ _f\"></span>fon<span class=\"_ _2\"></span>di per rischi <span class=\"_ _1\"></span>e oneri nonch\u00e9 l\u2019effetto de<span class=\"_ _1\"></span>rivante dal passaggio del tempo vengono allocati nella v<span class=\"_ _1\"></span>oce \u201cAccantonamenti netti ai fondi per rischi e oneri\u201d.<span class=\"_ _2\"></span><span class=\"ff4\"> </span>Fond<span class=\"_ _1\"></span>i di q<span class=\"_ _1\"></span>uiesce<span class=\"_ _f\"></span>nza e p<span class=\"_ _1\"></span>er ob<span class=\"_ _1\"></span>blighi<span class=\"_ _1\"></span> sim<span class=\"_ _1\"></span>ili I F<span class=\"_ _2\"></span>ondi di <span class=\"_ _2\"></span>quiescenza <span class=\"_ _2\"></span>sono cos<span class=\"_ _2\"></span>tituiti in <span class=\"_ _2\"></span>attuazione <span class=\"_ _2\"></span>di a<span class=\"_ _2\"></span>ccordi aziendali <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>si qualificano <span class=\"_ _2\"></span>come <span class=\"_ _2\"></span>piani <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>benefici definiti. <span class=\"_ _2\"></span>La <span class=\"_ _2\"></span>passivit\u00e0 <span class=\"_ _2\"></span>relativa <span class=\"_ _2\"></span>a t<span class=\"_ _2\"></span>al<span class=\"_ _1\"></span>i <span class=\"_ _2\"></span>piani <span class=\"_ _2\"></span>ed il <span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>elativo cost<span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>previdenz<span class=\"_ _1\"></span>iale <span class=\"_ _2\"></span>delle <span class=\"_ _2\"></span>prestazioni <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>lavoro <span class=\"_ _2\"></span>corrente sono determi<span class=\"ff5\">nati <span class=\"_ _2\"></span>sulla base di <span class=\"_ _2\"></span>ipotesi at<span class=\"_ _2\"></span>tuariali applicando il met<span class=\"_ _2\"></span>odo della \u201cProiezione <span class=\"_ _2\"></span>Unitaria del Cr<span class=\"_ _2\"></span>edito\u201d, </span>che <span class=\"_ _4\"> </span>prevede <span class=\"_ _4\"> </span>la <span class=\"_ _17\"> </span>proiezione <span class=\"_ _4\"> </span>degli <span class=\"_ _17\"> </span>esborsi <span class=\"_ _17\"> </span>futuri <span class=\"_ _4\"> </span>sulla <span class=\"_ _4\"> </span>base <span class=\"_ _17\"> </span>di <span class=\"_ _4\"> </span>analisi <span class=\"_ _17\"> </span>storiche <span class=\"_ _4\"> </span>st<span class=\"_ _2\"></span>atistiche <span class=\"_ _4\"> </span>e <span class=\"_ _4\"> </span>della <span class=\"_ _4\"> </span>curva demografica <span class=\"_ _9\"> </span>e  l<span class=\"_ _1\"></span>\u2019attualizzazione <span class=\"_ _16\"> </span>finanziaria <span class=\"_ _9\"> </span>di <span class=\"_ _16\"> </span>tali <span class=\"_ _16\"> </span><span class=\"ff4\">flussi <span class=\"_ _9\"> </span>s<span class=\"_ _2\"></span>ulla <span class=\"_ _9\"> </span>base <span class=\"_ _16\"> </span>di <span class=\"_ _9\"> </span>un <span class=\"_ _9\"> </span>t<span class=\"_ _2\"></span>asso <span class=\"_ _9\"> </span>di  i<span class=\"_ _1\"></span>nteresse <span class=\"_ _9\"> </span>di<span class=\"_ _2\"></span> <span class=\"_ _9\"> </span>mercato.  I<span class=\"_ _df\"> </span></span><span class=\"ff4\"><span class=\"_ _1\"></span> </span>contributi <span class=\"_ _18\"> </span>versati <span class=\"_ _18\"> </span>in <span class=\"_ _18\"> </span>ciascun <span class=\"_ _18\"> </span>esercizio <span class=\"_ _10\"> </span>s<span class=\"_ _2\"></span>ono <span class=\"_ _18\"> </span>considerati <span class=\"_ _10\"> </span>come <span class=\"_ _18\"> </span>unit\u00e0 <span class=\"_ _18\"> </span>separate, <span class=\"_ _18\"> </span>rilevate <span class=\"_ _18\"> </span>e <span class=\"_ _18\"> </span>valutate singolarmente <span class=\"_ _2\"></span>ai <span class=\"_ _d\"></span>fini <span class=\"_ _d\"></span>della <span class=\"_ _2\"></span>determinazione <span class=\"_ _d\"></span>dell'obbligazione <span class=\"_ _2\"></span>finale. <span class=\"_ _d\"></span>Il <span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>asso <span class=\"_ _d\"></span>utilizzato <span class=\"_ _2\"></span>per <span class=\"_ _d\"></span>l\u2019attual<span class=\"_ _2\"></span><span class=\"ff4\">izzazione <span class=\"_ _2\"></span>\u00e8 </span>determinato <span class=\"_ _16\"> </span>in <span class=\"_ _16\"> </span>base <span class=\"_ _9\"> </span>ai  rend<span class=\"_ _f\"></span>imenti  di <span class=\"_ _9\"> </span>mercato  rilev<span class=\"_ _1\"></span>ati  all<span class=\"_ _1\"></span>e <span class=\"_ _16\"> </span>date <span class=\"_ _9\"> </span>di  v<span class=\"_ _1\"></span>alutazione <span class=\"_ _9\"> </span>di  obbligazi<span class=\"_ _1\"></span>oni  di <span class=\"_ _9\"> </span>aziende primarie tenend<span class=\"_ _1\"></span>o conto della <span class=\"_ _1\"></span>durata media <span class=\"_ _1\"></span>residua del<span class=\"_ _1\"></span>la passivit\u00e0. I<span class=\"_ _1\"></span>l valore at<span class=\"_ _1\"></span>tuale del<span class=\"_ _1\"></span>l'obbligazione alla data di riferimento del bilancio \u00e8 inoltre rettificato del fair value delle eventuali<span class=\"_ _1\"></span> attivit\u00e0 a servizio del piano.<span class=\"_ _df\"> </span>Gli u<span class=\"_ _1\"></span>tili e<span class=\"_ _1\"></span> le <span class=\"_ _f\"></span>p<span class=\"_ _2\"></span>erdite <span class=\"_ _f\"></span>att<span class=\"_ _2\"></span>uariali <span class=\"_ _f\"></span>(ovv<span class=\"_ _2\"></span>ero l<span class=\"_ _1\"></span>e v<span class=\"_ _1\"></span>ariazioni nel <span class=\"_ _f\"></span>valore attuale d<span class=\"_ _1\"></span>ell\u2019obbligazione de<span class=\"_ _1\"></span>rivanti dalle <span class=\"_ _f\"></span>modifiche alle <span class=\"_ _2\"></span>ipotesi <span class=\"_ _2\"></span>att<span class=\"_ _2\"></span>uariali <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>dalle <span class=\"_ _2\"></span>rettifiche <span class=\"_ _2\"></span>basate <span class=\"_ _d\"></span><span class=\"ff5\">sull\u2019esperienz<span class=\"_ _1\"></span>a <span class=\"_ _2\"></span>passat<span class=\"_ _2\"></span>a) <span class=\"_ _2\"></span>sono <span class=\"_ _2\"></span>riconosciuti <span class=\"_ _2\"></span>nel <span class=\"_ _2\"></span>prospetto <span class=\"_ _2\"></span>della </span>redditivit\u00e0 complessiva. Fond<span class=\"_ _1\"></span>i <span class=\"_ _f\"></span><span class=\"ls39\">per<span class=\"ls0\"> ris<span class=\"_ _1\"></span>chi <span class=\"_ _f\"></span><span class=\"lse\">ed<span class=\"_ _2\"></span><span class=\"ls0\"> <span class=\"_ _f\"></span>oneri <span class=\"_ _f\"></span>a fro<span class=\"_ _1\"></span>nte <span class=\"_ _f\"></span><span class=\"ls39\">di<span class=\"_ _2\"></span><span class=\"ls0\"> <span class=\"_ _f\"></span>impegni<span class=\"_ _1\"></span> <span class=\"_ _f\"></span>e ga<span class=\"_ _1\"></span>ranzie<span class=\"_ _1\"></span> <span class=\"_ _f\"></span>rilasciate </span></span></span></span></span></span>La sottovoce dei fondi pe<span class=\"_ _1\"></span>r rischi ed oneri in e<span class=\"_ _1\"></span>same accoglie i fond<span class=\"_ _1\"></span>i per rischio di credi<span class=\"_ _1\"></span>to rilevat<span class=\"_ _2\"></span>i a fronte degli impegni ad <span class=\"_ _2\"></span>erogare <span class=\"_ _2\"></span>fondi ed <span class=\"_ _2\"></span>alle <span class=\"_ _2\"></span>garanzie rilasciate <span class=\"_ _2\"></span>che r<span class=\"_ _2\"></span>ientrano nel <span class=\"_ _2\"></span>perimetro <span class=\"_ _2\"></span>di applicazione <span class=\"_ _2\"></span>delle regole sull\u2019impairment <span class=\"_ _9\"> </span>ai <span class=\"_ _9\"> </span>sensi <span class=\"_ _9\"> </span>dell\u2019IFRS <span class=\"_ _9\"> </span>9. <span class=\"_ _16\"> </span>Per <span class=\"_ _0\"> </span>t<span class=\"_ _2\"></span>ali <span class=\"_ _9\"> </span>fattispecie <span class=\"_ _0\"> </span>s<span class=\"_ _2\"></span>ono <span class=\"_ _0\"></span>adott<span class=\"_ _2\"></span>ate, <span class=\"_ _9\"> </span>in <span class=\"_ _9\"> </span>linea <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>principio, <span class=\"_ _9\"> </span>le <span class=\"_ _9\"> </span>medesime modalit\u00e0 di allocazione tra i tre stage (stadi di rischio creditizio)<span class=\"_ _1\"></span> e di calcolo della perdita attesa esposte con riferimento alle attivit\u00e0 finanziarie valu<span class=\"_ _1\"></span>tate al costo ammortizzato o al fair value con impatto sulla redditiv<span class=\"_ _1\"></span>it\u00e0<span class=\"_ _2\"></span> complessiva. L\u2019aggregato accoglie, peraltro, <span class=\"ff4\">anche i fondi <span class=\"_ _2\"></span>per rischi ed oneri costituti a fronte di altre tipologie di impegni </span>e  d<span class=\"_ _1\"></span>i  garanzie<span class=\"_ _1\"></span>  rilasciate <span class=\"_ _16\"> </span>che, <span class=\"_ _16\"> </span>in <span class=\"_ _16\"> </span>virt\u00f9  d<span class=\"_ _1\"></span>elle  proprie<span class=\"_ _1\"></span>  peculi<span class=\"_ _1\"></span>arit\u00e0,  non  rie<span class=\"_ _1\"></span>ntrano  nel<span class=\"_ _1\"></span>  richiamato <span class=\"_ _16\"> </span>perimetro <span class=\"_ _16\"> </span>di applicazione dell\u2019impairment ai sensi del<span class=\"_ _1\"></span>l\u2019IFRS 9.<span class=\"ff4\"> </span>Altri <span class=\"_ _1\"></span>fondi<span class=\"_ _f\"></span> Gli <span class=\"_ _0\"></span>altri <span class=\"_ _0\"></span>fondi <span class=\"_ _0\"></span>per <span class=\"_ _d\"></span>r<span class=\"_ _2\"></span>ischi <span class=\"_ _d\"></span>ed <span class=\"_ _0\"></span>oneri <span class=\"_ _0\"></span>accolgono <span class=\"_ _0\"></span>gli <span class=\"_ _d\"></span>accantonamenti <span class=\"_ _0\"></span>relativi <span class=\"_ _0\"></span>ad <span class=\"_ _0\"></span>obbligazioni <span class=\"_ _d\"></span>l<span class=\"_ _2\"></span>egali <span class=\"_ _d\"></span>o <span class=\"_ _0\"></span>connessi <span class=\"_ _0\"></span>a rapporti di <span class=\"_ _2\"></span>lavoro oppure a contenziosi, anche <span class=\"_ _2\"></span>fiscali, originati da <span class=\"_ _2\"></span>un evento passato <span class=\"_ _2\"></span>per i quali sia probabile l\u2019esborso <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>risorse <span class=\"_ _9\"> </span>economiche <span class=\"_ _9\"> </span>per <span class=\"_ _9\"> </span>l\u2019adempimento <span class=\"_ _9\"> </span>delle <span class=\"_ _9\"> </span>obbligazioni <span class=\"_ _9\"> </span>stesse, <span class=\"_ _16\"> </span>sempre <span class=\"_ _0\"></span>che <span class=\"_ _9\"> </span>possa <span class=\"_ _9\"> </span>essere effettuata una stima attendibile del<span class=\"_ _1\"></span> relativo ammontare.<span class=\"_ _2\"></span> Conseguentemente, la rilevazione di un acc<span class=\"_ _1\"></span>antonamento avviene se e solo se:<span class=\"_ _2\"></span> <span class=\"_ _2c\"> </span><span class=\"ff5\">vi \u00e8 un\u2019obbligazione in corso (legale o implicita) quale<span class=\"ff4\"> risultato di un evento passato;<span class=\"_ _df\"> </span></span></span><span class=\"_ _2c\"> </span><span class=\"ff5\">\u00e8 probabil<span class=\"_ _1\"></span>e che <span class=\"_ _f\"></span>per adempiere <span class=\"_ _f\"></span>all\u2019obbligazione si <span class=\"_ _f\"></span>render\u00e0 nece<span class=\"_ _1\"></span>ssario l\u2019impie<span class=\"_ _1\"></span>go di<span class=\"_ _1\"></span> risorse <span class=\"_ _f\"></span>atte a <span class=\"_ _f\"></span>produrre </span>benefici economici; e<span class=\"_ _df\"> </span><span class=\"_ _2c\"> </span><span class=\"ff5\">pu\u00f2 essere effettuata una stima attendib<span class=\"_ _f\"></span>il<span class=\"_ _2\"></span>e dell\u2019imp<span class=\"_ _1\"></span>orto derivante dall\u2019adempimento dell\u2019obblig<span class=\"_ _2\"></span><span class=\"ff4\">azione. </span></span>L\u2019importo rilevato come <span class=\"_ _f\"></span>accantonamento rappresenta la migliore stima d<span class=\"_ _1\"></span>ella spesa richiesta p<span class=\"_ _1\"></span>er adempiere<span class=\"_ _df\"> </span>all\u2019obbligazione <span class=\"_ _10\"> </span>esistente <span class=\"_ _18\"> </span>alla <span class=\"_ _18\"> </span>data <span class=\"_ _18\"> </span>di <span class=\"_ _10\"> </span>riferimento <span class=\"_ _18\"> </span>del <span class=\"_ _18\"> </span>bilancio <span class=\"_ _18\"> </span>e <span class=\"_ _10\"> </span>r<span class=\"_ _2\"></span>iflette <span class=\"_ _10\"> </span>rischi <span class=\"_ _18\"> </span>ed <span class=\"_ _18\"> </span>incertezze <span class=\"_ _18\"> </span>che inevitabilmente <span class=\"_ _2\"></span>caratterizzano <span class=\"_ _2\"></span>una <span class=\"_ _2\"></span>plurali<span class=\"ff5\">t\u00e0 <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>fatti <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>circost<span class=\"_ _2\"></span>anze. Per <span class=\"_ _2\"></span>tener <span class=\"_ _2\"></span>conto <span class=\"_ _d\"></span>dell\u2019<span class=\"_ _1\"></span>elemento <span class=\"_ _2\"></span>temporale </span>gli <span class=\"_ _9\"> </span>accantonamenti  vengono <span class=\"_ _9\"> </span>at<span class=\"_ _2\"></span>tualizzati <span class=\"_ _9\"> </span>utilizzando  i <span class=\"_ _9\"> </span>tass<span class=\"_ _2\"></span>i <span class=\"_ _9\"> </span>correnti  di <span class=\"_ _9\"> </span>mercato.  L\u2019accantonamento <span class=\"_ _9\"> </span>e  gli<span class=\"_ _df\"> </span>incrementi dovuti al fattore temporale sono rilev<span class=\"_ _1\"></span>ati a Conto Economico.<span class=\"_ _df\"> </span>L\u2019accantonamento <span class=\"_ _2\"></span>viene <span class=\"_ _2\"></span>st<span class=\"_ _2\"></span>ornato <span class=\"_ _2\"></span>quando <span class=\"_ _2\"></span>diviene <span class=\"_ _d\"></span>improbabile <span class=\"_ _2\"></span>l\u2019<span class=\"_ _2\"></span>impiego <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>risors<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>atte <span class=\"_ _d\"></span>a <span class=\"_ _2\"></span>produrre <span class=\"_ _2\"></span>benefici economici per adempiere l\u2019obbligazione oppure qu<span class=\"_ _1\"></span>ando si estingue l\u2019obbligazione.<span class=\"_ _df\"> </span>Nella <span class=\"_ _2\"></span>voce s<span class=\"_ _2\"></span>ono <span class=\"_ _2\"></span>inclusi anche <span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>benefici a <span class=\"_ _d\"></span>lungo t<span class=\"_ _2\"></span>ermine ai <span class=\"_ _d\"></span>dipe<span class=\"_ _1\"></span>ndenti, <span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>cui <span class=\"_ _2\"></span>oneri <span class=\"_ _d\"></span>vengono determinati <span class=\"_ _2\"></span>con <span class=\"_ _2\"></span>i medesimi <span class=\"_ _d\"></span>criteri <span class=\"_ _d\"></span>attuariali <span class=\"_ _d\"></span>descritti <span class=\"_ _d\"></span>per <span class=\"_ _d\"></span>i <span class=\"_ _d\"></span>fondi <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>quiescenza. <span class=\"_ _2\"></span>Gli <span class=\"_ _0\"></span>utili <span class=\"_ _d\"></span>e <span class=\"_ _d\"></span>le <span class=\"_ _d\"></span>perdite <span class=\"_ _2\"></span>at<span class=\"_ _2\"></span>tuariali <span class=\"_ _d\"></span>vengono <span class=\"_ _d\"></span>rilevati tutti immediatamente nel conto economico.<span class=\"_ _df\"> </span>11 <span class=\"ls0\">- Passivit<span class=\"_ _1\"></span>\u00e0 fin<span class=\"_ _1\"></span>anz<span class=\"_ _1\"></span>iarie valu<span class=\"_ _f\"></span>tate al co<span class=\"_ _f\"></span>sto ammo<span class=\"_ _1\"></span>rtizz<span class=\"_ _1\"></span>ato </span>Criter<span class=\"_ _1\"></span>i di <span class=\"_ _1\"></span>iscrizio<span class=\"_ _f\"></span>ne La <span class=\"_ _17\"> </span>prima <span class=\"_ _17\"> </span>iscrizione <span class=\"_ _17\"> </span>di <span class=\"_ _4\"> </span>tali <span class=\"_ _17\"> </span>passivit\u00e0 <span class=\"_ _17\"> </span>finanziarie <span class=\"_ _4\"> </span>avviene <span class=\"_ _17\"> </span>alla <span class=\"_ _17\"> </span>data <span class=\"_ _17\"> </span>di <span class=\"_ _17\"> </span>sottoscrizione <span class=\"_ _17\"> </span>del <span class=\"_ _17\"> </span>contratto, <span class=\"_ _17\"> </span>che normalmente <span class=\"_ _d\"></span>coincide <span class=\"_ _d\"></span>con <span class=\"_ _d\"></span>il <span class=\"_ _d\"></span>momento <span class=\"_ _d\"></span>della <span class=\"_ _d\"></span>ricezione <span class=\"_ _d\"></span>delle <span class=\"_ _d\"></span>somme <span class=\"_ _d\"></span>raccolte <span class=\"_ _d\"></span>o<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>della <span class=\"_ _2\"></span>emissione <span class=\"_ _0\"></span>dei <span class=\"_ _d\"></span>titoli <span class=\"_ _d\"></span>di<span class=\"_ _2\"></span> debito.<span class=\"_ _df\"> </span><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs50d\">La <span class=\"_ _0\"></span>prima <span class=\"_ _0\"></span>iscrizione <span class=\"_ _d\"></span>\u00e8 <span class=\"_ _0\"></span>effet<span class=\"_ _2\"></span><span class=\"ff5\">tuata <span class=\"_ _d\"></span>sulla <span class=\"_ _0\"></span>base <span class=\"_ _0\"></span>del <span class=\"_ _d\"></span>fair<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>value <span class=\"_ _0\"></span>delle <span class=\"_ _0\"></span>pas<span class=\"_ _2\"></span>sivit\u00e0, <span class=\"_ _d\"></span>normalmente <span class=\"_ _0\"></span>pari <span class=\"_ _0\"></span>all\u2019ammontare<span class=\"_ _df\"> </span></span><span class=\"ff5\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs50e\">incassato <span class=\"_ _17\"> </span>o <span class=\"_ _4\"> </span>al <span class=\"_ _17\"> </span>prezzo <span class=\"_ _17\"> </span>di <span class=\"_ _4\"> </span>emissione, <span class=\"_ _4\"> </span>aument<span class=\"_ _2\"></span>ato <span class=\"_ _4\"> </span>degli <span class=\"_ _4\"> </span>e<span class=\"_ _2\"></span>ventuali <span class=\"_ _4\"> </span>costi/proventi <span class=\"_ _4\"> </span>aggiuntivi <span class=\"_ _17\"> </span>direttamente<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs50f\">attribuibili  alla  singola  operazione  di  provvista <span class=\"_ _22\"> </span>o<span class=\"_ _2\"></span>  di  emissione.  Sono  escl<span class=\"_ _2\"></span>usi  i  cost<span class=\"_ _2\"></span>i  interni  di  carattere<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs510\">amministrativo.<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs511\">In <span class=\"_ _1\"></span>relazione <span class=\"_ _1\"></span>ai d<span class=\"_ _1\"></span>ebiti <span class=\"_ _1\"></span>per l<span class=\"_ _1\"></span>easing, <span class=\"_ _1\"></span>alla <span class=\"_ _1\"></span>data di<span class=\"_ _f\"></span> decorrenza <span class=\"_ _1\"></span>il l<span class=\"_ _1\"></span>ocatario <span class=\"_ _f\"></span>deve valu<span class=\"_ _f\"></span>t<span class=\"_ _2\"></span>are i<span class=\"_ _1\"></span>l d<span class=\"_ _1\"></span>ebito p<span class=\"_ _1\"></span>er le<span class=\"_ _1\"></span>asing al <span class=\"_ _f\"></span>valore<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs512\">attuale <span class=\"_ _2\"></span>dei pagamenti <span class=\"_ _2\"></span>dovuti per<span class=\"_ _2\"></span> il <span class=\"_ _2\"></span>leasing non <span class=\"_ _2\"></span>gi\u00e0 <span class=\"_ _2\"></span>versati a <span class=\"_ _2\"></span>tale <span class=\"_ _2\"></span>data. <span class=\"_ _2\"></span>I pagamenti <span class=\"_ _2\"></span>dov<span class=\"_ _2\"></span>uti <span class=\"_ _2\"></span>per il <span class=\"_ _2\"></span>leasing <span class=\"_ _2\"></span>sono<span class=\"_ _df\"> </span> </div><div class=\"t m0 h1ec ff4 fs1 fc1 sc0 ls0 ws0 gs513\">attualizzati utilizz<span class=\"_ _1\"></span>ando il ta<span class=\"_ _1\"></span>sso di <span class=\"_ _1\"></span>interesse imp<span class=\"_ _1\"></span>licito del <span class=\"_ _f\"></span>leasing<span class=\"_ _2\"></span><span class=\"ff18 fs6\"> <span class=\"_ _1\"></span><span class=\"ff4 fs1\">o, se <span class=\"_ _1\"></span>tale tasso<span class=\"_ _1\"></span> non pu\u00f2<span class=\"_ _f\"></span> essere prontamente<span class=\"_ _df\"> </span></span></span><span class=\"ff18 fs6\"><span class=\"ff4 fs1\"> </span></span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs514\">determinato, al tasso di debito incrementale del locatario.<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs515\">In <span class=\"_ _17\"> </span>particolare, <span class=\"_ _17\"> </span>la <span class=\"_ _14\"> </span>passivit\u00e0 <span class=\"_ _14\"> </span>deve <span class=\"_ _17\"> </span>essere <span class=\"_ _17\"> </span>misurat<span class=\"_ _2\"></span>a <span class=\"_ _17\"> </span>utilizzando <span class=\"_ _14\"> </span>un <span class=\"_ _17\"> </span>modello <span class=\"_ _17\"> </span>analogo <span class=\"_ _14\"> </span>a <span class=\"_ _14\"> </span>quello <span class=\"_ _17\"> </span>del <span class=\"_ _17\"> </span>costo<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs516\">ammortizzato, dal momento che deve:  </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs517\">\u2022 <span class=\"_ _2\"></span>Aumentare <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>gli <span class=\"_ _2\"></span>interessi <span class=\"_ _2\"></span>maturati <span class=\"_ _2\"></span>nel corso <span class=\"_ _d\"></span>del periodo. <span class=\"_ _2\"></span>Il <span class=\"_ _2\"></span>calcolo <span class=\"_ _2\"></span>degli <span class=\"_ _2\"></span>interessi <span class=\"_ _2\"></span>avviene <span class=\"_ _2\"></span>sulla <span class=\"_ _2\"></span>base <span class=\"_ _2\"></span>del<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs518\">medesimo tasso utilizzato per l\u2019attualizzazione<span class=\"_ _1\"></span>; <span class=\"_ _2\"></span><span class=\"ff4\"> </span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs519\">\u2022 Ridursi per i<span class=\"ff4\"> pagamenti dovuti per il leasing effettuati dal locatario. </span><span class=\"ff4\"> </span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs51a\">Inoltre, <span class=\"_ _2\"></span>l\u2019importo <span class=\"_ _d\"></span>della <span class=\"_ _2\"></span>passivit\u00e0 <span class=\"_ _2\"></span>deve <span class=\"_ _d\"></span>essere <span class=\"_ _2\"></span>rivalutato <span class=\"_ _d\"></span>periodicamente,<span class=\"_ _1\"></span> <span class=\"_ _2\"></span>al <span class=\"_ _d\"></span>fine <span class=\"_ _2\"></span>di <span class=\"_ _d\"></span>considerare <span class=\"_ _2\"></span>un <span class=\"_ _d\"></span>eventuale<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs51b\">cambiamento:  </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs51c\">\u2022 Nella durata del leasing e/o in altre condizi<span class=\"_ _1\"></span>oni; <span class=\"_ _2\"></span><span class=\"ff4\"> </span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs51d\">\u2022 Nella valutazione dell\u2019opzione di acquisto del be<span class=\"_ _1\"></span>ne sottostante; <span class=\"_ _2\"></span><span class=\"ff4\"> </span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs51e\">\u2022 Nell\u2019importo atteso da pagare a titolo di garanzia del<span class=\"_ _1\"></span> valore residuo; <span class=\"_ _2\"></span><span class=\"ff4\"> </span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs51f\">\u2022 <span class=\"_ _2\"></span>Nei <span class=\"_ _2\"></span>futuri <span class=\"_ _2\"></span>pagamenti dovuti <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>leasing <span class=\"_ _2\"></span>come <span class=\"_ _2\"></span>risultato <span class=\"_ _2\"></span>di una <span class=\"_ _2\"></span>variazione <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>tasso <span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>dell\u2019i<span class=\"_ _1\"></span>ndice <span class=\"_ _2\"></span>utilizzato<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs520\">per definire l\u2019impo<span class=\"ff4\">rto dei pagamenti.<span class=\"_ _df\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc4 sc3 ls0 ws0 gs521\">Criter<span class=\"_ _1\"></span>i di <span class=\"_ _f\"></span>classifica<span class=\"_ _f\"></span>zione<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs522\">I <span class=\"_ _f\"></span>Debiti v<span class=\"_ _1\"></span>erso b<span class=\"_ _1\"></span>anche, <span class=\"_ _f\"></span>i <span class=\"_ _1\"></span>Debiti <span class=\"_ _f\"></span>verso clie<span class=\"_ _1\"></span>ntela <span class=\"_ _f\"></span>e i <span class=\"_ _f\"></span>Titoli <span class=\"_ _f\"></span>in circolazio<span class=\"_ _f\"></span>ne ricomprend<span class=\"_ _1\"></span>ono l<span class=\"_ _1\"></span>e <span class=\"_ _f\"></span>varie forme <span class=\"_ _f\"></span>di <span class=\"_ _f\"></span>provvista<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs523\">interbancaria <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>con <span class=\"_ _2\"></span>clientela, <span class=\"_ _2\"></span>le <span class=\"_ _2\"></span>operazioni <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>pronti <span class=\"_ _2\"></span>cont<span class=\"_ _2\"></span>ro <span class=\"_ _2\"></span>termine <span class=\"_ _2\"></span>con <span class=\"_ _2\"></span>obbligo <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>riacqui<span class=\"_ _2\"></span>sto <span class=\"_ _2\"></span>a <span class=\"_ _d\"></span>termine <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>la<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs524\">raccolta <span class=\"_ _9\"> </span>effettuata <span class=\"_ _9\"> </span>at<span class=\"_ _2\"></span>traverso <span class=\"_ _9\"> </span>certificati <span class=\"_ _0\"> </span>di <span class=\"_ _16\"> </span>deposito, <span class=\"_ _9\"> </span>titoli <span class=\"_ _9\"> </span>obbligazionari <span class=\"_ _9\"> </span>ed <span class=\"_ _9\"> </span>alt<span class=\"_ _2\"></span>ri <span class=\"_ _9\"> </span>strumenti <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>raccolta <span class=\"_ _16\"> </span>in<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs525\">circolazione, al netto degli eventuali ammontari riacquistati.<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs526\">Sono inoltre inclusi i debiti iscritti dall\u2019<span class=\"_ _1\"></span>impresa in qualit\u00e0<span class=\"_ _2\"></span><span class=\"ff4\"> </span>di locatario nell\u2019ambito di ope<span class=\"_ _1\"></span>razioni di leasing.<span class=\"_ _df\"> </span><span class=\"_ _2\"></span><span class=\"ff4\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc4 sc3 ls0 ws0 gs527\">Criter<span class=\"_ _1\"></span>i di <span class=\"_ _1\"></span>valuta<span class=\"_ _1\"></span>zione<span class=\"_ _df\"> </span><span class=\"_ _f\"></span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs528\">Dopo <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>ilev<span class=\"_ _1\"></span>azione <span class=\"_ _2\"></span>iniziale, <span class=\"_ _2\"></span>le <span class=\"_ _2\"></span>pas<span class=\"_ _2\"></span>sivit\u00e0 <span class=\"_ _2\"></span>finanziarie <span class=\"_ _2\"></span>vengono <span class=\"_ _2\"></span>valutate <span class=\"_ _d\"></span>al <span class=\"_ _2\"></span>costo <span class=\"_ _2\"></span>ammortizzato <span class=\"_ _2\"></span>col <span class=\"_ _2\"></span>metodo <span class=\"_ _d\"></span>del<span class=\"_ _df\"> </span><span class=\"_ _1\"></span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs529\">tasso di interesse effettivo.<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs52a\">Fanno  ecc<span class=\"_ _1\"></span>ezione <span class=\"_ _16\"> </span>le  passivi<span class=\"_ _1\"></span>t\u00e0  a <span class=\"_ _16\"> </span>breve <span class=\"_ _9\"> </span>t<span class=\"_ _2\"></span>ermine,  pe<span class=\"_ _1\"></span>r  le <span class=\"_ _16\"> </span>quali <span class=\"_ _9\"> </span>il  fattore  temporale <span class=\"_ _16\"> </span>risulta <span class=\"_ _16\"> </span>trascurabile<span class=\"_ _1\"></span>,  che<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs52b\">rimangono iscritte per il valore incassato.<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs52c\">Alla <span class=\"_ _16\"> </span>data <span class=\"_ _9\"> </span>di  decorrenza, <span class=\"_ _9\"> </span>i  pagamenti  d<span class=\"_ _1\"></span>ovuti <span class=\"_ _16\"> </span>per <span class=\"_ _16\"> </span>il <span class=\"_ _9\"> </span>l<span class=\"_ _2\"></span>easing, <span class=\"_ _16\"> </span>inclusi <span class=\"_ _9\"> </span>nella  valutazione <span class=\"_ _9\"> </span>d<span class=\"_ _2\"></span>ella <span class=\"_ _16\"> </span>Lease <span class=\"_ _16\"> </span>Liability,<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs52d\">comprendono:  </div><div class=\"t m0 h5 ff14 fs1 fc1 sc0 ls0 ws0 gs52e\"><span class=\"ff10\"> <span class=\"_ _2b\"> </span><span class=\"ff4\">I pagamenti fissi, al netto di eventuali incentivi al leasing da ricevere; </span></span><span class=\"ff10\"><span class=\"ff4\"> </span></span></div><div class=\"t m0 h5 ff14 fs1 fc1 sc0 ls0 ws0 gs52f\"><span class=\"ff10\"> <span class=\"_ _2b\"> </span><span class=\"ff4\">I pagame<span class=\"_ _1\"></span>nti variabili <span class=\"_ _f\"></span>dovuti per il<span class=\"_ _1\"></span> le<span class=\"_ _1\"></span>asing, che <span class=\"_ _f\"></span>dipendono da <span class=\"_ _f\"></span>u<span class=\"_ _2\"></span>n <span class=\"_ _1\"></span>indice <span class=\"_ _1\"></span>o da <span class=\"_ _f\"></span>un tasso, v<span class=\"_ _1\"></span>alutati ini<span class=\"_ _1\"></span>zialmente<span class=\"_ _df\"> </span></span></span><span class=\"ff10\"><span class=\"ff4\"> </span></span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs530\">utilizzando un indice o un tasso alla d<span class=\"_ _1\"></span>ata di decorrenza; <span class=\"_ _2\"></span> </div><div class=\"t m0 h5 ff14 fs1 fc1 sc0 ls0 ws0 gs531\"><span class=\"ff10\"> <span class=\"_ _2b\"> </span><span class=\"ff4\">Gli importi che si prevede che il locatar<span class=\"_ _2\"></span>io dov<span class=\"_ _1\"></span>r\u00e0 pagare a titolo di garanzia del valore residu<span class=\"_ _1\"></span>o; </span></span><span class=\"ff10\"><span class=\"ff4\"><span class=\"_ _2\"></span> </span></span></div><div class=\"t m0 h5 ff14 fs1 fc1 sc0 ls0 ws0 gs532\"><span class=\"ff10\"> <span class=\"_ _2b\"> </span><span class=\"ff4\">Il prezzo di esercizio dell'opzione di a<span class=\"_ _2\"></span>cquisto, se il locatario ha la ragionevole certezza di es<span class=\"_ _2\"></span>ercitare tale<span class=\"_ _df\"> </span></span></span><span class=\"ff10\"><span class=\"ff4\"> </span></span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs533\">opzione;<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff14 fs1 fc1 sc0 ls0 ws0 gs534\"><span class=\"ff10\"> <span class=\"_ _2b\"> </span><span class=\"ff4\">I <span class=\"_ _2\"></span>pagamenti <span class=\"_ _d\"></span>di <span class=\"_ _2\"></span>penalit\u00e0 <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>isoluzione<span class=\"_ _1\"></span> <span class=\"_ _2\"></span>del <span class=\"_ _d\"></span>leasing, <span class=\"_ _2\"></span>se <span class=\"_ _2\"></span>la <span class=\"_ _d\"></span>durata <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>lea<span class=\"_ _2\"></span>sing <span class=\"_ _2\"></span>tiene <span class=\"_ _d\"></span>conto <span class=\"_ _2\"></span>dell'esercizio, <span class=\"_ _2\"></span>da<span class=\"_ _df\"> </span></span></span><span class=\"ff10\"><span class=\"ff4\"> </span></span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs535\">parte del locatario, dell'opzi<span class=\"_ _1\"></span>one di risoluzione del leasing.<span class=\"_ _df\"> </span><span class=\"_ _2\"></span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs536\">Devono <span class=\"_ _d\"></span>essere <span class=\"_ _2\"></span>inclusi <span class=\"_ _d\"></span>nella <span class=\"_ _2\"></span>valutazione <span class=\"_ _d\"></span>della <span class=\"_ _2\"></span>Lease <span class=\"_ _d\"></span>Liability <span class=\"_ _2\"></span>solo <span class=\"_ _d\"></span>i <span class=\"_ _d\"></span>pagamenti <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>isultano <span class=\"_ _2\"></span>non <span class=\"_ _d\"></span>versati <span class=\"_ _2\"></span>alla<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs537\">data di <span class=\"_ _f\"></span>decorrenza del <span class=\"_ _f\"></span>cont<span class=\"_ _2\"></span>ratto. La <span class=\"_ _f\"></span>Lease Liability deve e<span class=\"_ _1\"></span>ssere rivalu<span class=\"_ _1\"></span>tata quando <span class=\"_ _f\"></span>vi \u00e8 una <span class=\"_ _f\"></span>lease modification<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs538\">(e.g.  una <span class=\"_ _4\"> </span>modifica <span class=\"_ _22\"> </span>d<span class=\"_ _2\"></span>el  p<span class=\"_ _2\"></span>erimetro <span class=\"_ _22\"> </span>del <span class=\"_ _4\"> </span>contratto), <span class=\"_ _22\"> </span>che <span class=\"_ _4\"> </span>non  \u00e8 <span class=\"_ _4\"> </span>contabilizzata/considerata <span class=\"_ _4\"> </span>come  contr<span class=\"_ _2\"></span>atto<span class=\"_ _df\"> </span><span class=\"_ _1\"></span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs539\">separato (IFRS 16.36 c).<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs53a\">Il  locatario  d<span class=\"_ _1\"></span>eve  rivalu<span class=\"_ _1\"></span>tare  i  pagamenti  d<span class=\"_ _1\"></span>ovuti  per  il <span class=\"_ _16\"> </span>leasing  (e<span class=\"_ _1\"></span>  quindi  la  Lease  Liabi<span class=\"_ _1\"></span>lity),  anche  qualora<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs53b\">intervenga una delle seguenti variazioni:<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff14 fs1 fc1 sc0 ls0 ws0 gs53c\"><span class=\"ff10\"> <span class=\"_ _2b\"> </span><span class=\"ff4\">La durata del contratto di leasing;<span class=\"_ _df\"> </span></span></span><span class=\"ff10\"><span class=\"ff4\"> </span></span></div><div class=\"t m0 h5 ff14 fs1 fc1 sc0 ls0 ws0 gs53d\"><span class=\"ff10\"> <span class=\"_ _2b\"> </span><span class=\"ff5\">La valutazione circa <span class=\"_ _2\"></span>la ragionevole certezza di esercizio, da <span class=\"_ _2\"></span>parte del locatario, <span class=\"_ _2\"></span>dell\u2019op<span class=\"_ _1\"></span>zione di acquisto<span class=\"_ _df\"> </span></span></span><span class=\"ff10\"><span class=\"ff5\"> </span></span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs53e\">del bene sottostante;<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff14 fs1 fc1 sc0 ls0 ws0 gs53f\"><span class=\"ff10\"> <span class=\"_ _2b\"> </span><span class=\"ff4\">Gli importi che si prevede il locatario dovr\u00e0 pagare a titolo di garanzi<span class=\"_ _1\"></span>e del valore residuo;<span class=\"_ _df\"> </span></span></span><span class=\"ff10\"><span class=\"ff4\"><span class=\"_ _2\"></span> </span></span></div><div class=\"t m0 h5 ff14 fs1 fc1 sc0 ls0 ws0 gs540\"><span class=\"ff10\"> <span class=\"_ _2b\"> </span><span class=\"ff5\">I futuri pagamenti dovuti per il leasing dipendenti da una variazione de<span class=\"_ _1\"></span>ll\u2019indice o del tasso. </span></span><span class=\"ff10\"><span class=\"ff5\"><span class=\"_ _2\"></span><span class=\"ff4\"> </span></span></span></div><div class=\"t m0 h5 ff14 fs1 fc1 sc0 ls0 ws0 gs541\"><span class=\"ff10\"> <span class=\"_ _2b\"> </span><span class=\"ff4 ls40\">In<span class=\"ls0\">-substance fixed lease payments.<span class=\"_ _df\"> </span></span></span></span><span class=\"ff10\"><span class=\"ff4 ls40\"><span class=\"ls0\"> </span></span></span></div>Criter<span class=\"_ _1\"></span>i di <span class=\"_ _1\"></span>cancell<span class=\"_ _1\"></span>azion<span class=\"_ _f\"></span>e<span class=\"_ _df\"> </span>Le <span class=\"_ _d\"></span>passivit\u00e0 <span class=\"_ _0\"> </span>finanziar<span class=\"_ _2\"></span>ie <span class=\"_ _d\"></span>sono <span class=\"_ _0\"></span>cancellate <span class=\"_ _0\"></span>dal <span class=\"_ _0\"></span>bilancio <span class=\"_ _0\"></span>quando <span class=\"_ _0\"></span>risultano <span class=\"_ _0\"></span>scadute <span class=\"_ _0\"></span>o <span class=\"_ _0\"></span>estinte. <span class=\"_ _d\"></span>La <span class=\"_ _0\"></span>cancellazione<span class=\"_ _df\"> </span>avviene <span class=\"_ _d\"></span>anche <span class=\"_ _2\"></span>in <span class=\"_ _d\"></span>presenza <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>riacquisto <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>t<span class=\"_ _2\"></span>i<span class=\"_ _1\"></span>toli <span class=\"_ _d\"></span>obbligazionari <span class=\"_ _d\"></span>precedentemente <span class=\"_ _d\"></span>emessi. <span class=\"_ _2\"></span>La <span class=\"_ _0\"></span>differenz<span class=\"_ _1\"></span>a <span class=\"_ _d\"></span>tra<span class=\"_ _df\"> </span>valore <span class=\"_ _14\"> </span>contabile <span class=\"_ _14\"> </span>della <span class=\"_ _15\"> </span>passivit\u00e0 <span class=\"_ _14\"> </span>e <span class=\"_ _15\"> </span>l\u2019ammontare <span class=\"_ _14\"> </span>corrispo<span class=\"_ _2\"></span><span class=\"ff4\">sto <span class=\"_ _14\"> </span>per <span class=\"_ _14\"> </span>acquistarla <span class=\"_ _14\"> </span>viene <span class=\"_ _15\"> </span>registrata <span class=\"_ _14\"> </span>a <span class=\"_ _15\"> </span>Conto<span class=\"_ _df\"> </span></span>Economico.<span class=\"_ _df\"> </span>Il <span class=\"_ _0\"></span>ricollocamento <span class=\"_ _9\"> </span>sul <span class=\"_ _9\"> </span>mercato <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>titoli <span class=\"_ _9\"> </span>propri <span class=\"_ _9\"> </span>successivamente <span class=\"_ _0\"></span>al <span class=\"_ _9\"> </span>loro <span class=\"_ _9\"> </span>riacquisto <span class=\"_ _9\"> </span>\u00e8 <span class=\"_ _9\"> </span>considerato <span class=\"_ _0\"></span>come <span class=\"_ _9\"> </span>una<span class=\"_ _df\"> </span>nuova emissione con iscrizione al nuovo prezzo di<span class=\"_ _1\"></span> collocamento.<span class=\"_ _df\"> </span>12 <span class=\"ls0\">- Passivit<span class=\"_ _1\"></span>\u00e0 fin<span class=\"_ _1\"></span>anz<span class=\"_ _1\"></span>iarie d<span class=\"_ _1\"></span>i negoz<span class=\"_ _f\"></span>iazione<span class=\"_ _df\"> </span></span>Criter<span class=\"_ _1\"></span>i di <span class=\"_ _f\"></span>iscrizione<span class=\"_ _df\"> </span>Gli strumenti <span class=\"_ _f\"></span>finanziari in <span class=\"_ _f\"></span>oggett<span class=\"_ _2\"></span>o <span class=\"_ _1\"></span>sono iscritti <span class=\"_ _f\"></span>alla data d<span class=\"_ _1\"></span>i sottosc<span class=\"_ _1\"></span>rizione <span class=\"_ _1\"></span>o alla <span class=\"_ _f\"></span>data di emissione<span class=\"_ _1\"></span> ad <span class=\"_ _f\"></span>un valore<span class=\"_ _df\"> </span>pari <span class=\"_ _2\"></span>al <span class=\"_ _d\"></span>fair <span class=\"_ _2\"></span>value <span class=\"_ _2\"></span>dello <span class=\"_ _2\"></span>strumento, <span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>enza <span class=\"_ _2\"></span>considerare <span class=\"_ _2\"></span>eventuali <span class=\"_ _2\"></span>costi <span class=\"_ _2\"></span>o <span class=\"_ _d\"></span>proventi <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>transazione <span class=\"_ _2\"></span>diretta<span class=\"_ _2\"></span>mente<span class=\"_ _df\"> </span>attribuibili agli strumenti stessi.<span class=\"_ _df\"> </span>In tale cat<span class=\"_ _2\"></span>egoria di passivit\u00e0 sono, in part<span class=\"_ _2\"></span>icolare, inclusi i contratti derivati <span class=\"_ _2\"></span>di trading con fair <span class=\"_ _2\"></span>value negativo,<span class=\"_ _df\"> </span>nonch\u00e9 i <span class=\"_ _2\"></span>derivati impliciti con fai<span class=\"_ _2\"></span>r value negativo presenti <span class=\"_ _2\"></span>in contr<span class=\"_ _2\"></span>atti complessi <span class=\"_ _2\"></span>- in <span class=\"_ _2\"></span>cui il <span class=\"_ _2\"></span>contratto primario<span class=\"_ _df\"> </span>\u00e8 una <span class=\"_ _1\"></span>passivit\u00e0 finanziaria - ma non <span class=\"_ _f\"></span>s<span class=\"_ _2\"></span>trettamente correl<span class=\"_ _1\"></span>ati agli ste<span class=\"_ _1\"></span>ssi. Inoltre, sono inc<span class=\"_ _1\"></span>luse le passiv<span class=\"_ _1\"></span>it\u00e0 che si<span class=\"_ _df\"> </span>originano da scoperti tecnici generati dall\u2019attivit\u00e0 di ne<span class=\"_ _1\"></span>goziazione di titoli.<span class=\"_ _df\"> </span>Criter<span class=\"_ _1\"></span>i di <span class=\"_ _1\"></span>valuta<span class=\"_ _1\"></span>zione<span class=\"_ _df\"> </span>Tutte <span class=\"_ _2\"></span>le <span class=\"_ _2\"></span>passivit\u00e0 <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>negoziazione<span class=\"_ _1\"></span> <span class=\"_ _2\"></span>sono <span class=\"_ _2\"></span>valutate <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>fair <span class=\"_ _2\"></span>value con <span class=\"_ _2\"></span>imputazione <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>risultato <span class=\"_ _2\"></span>della valutazione<span class=\"_ _df\"> </span>nel <span class=\"_ _2\"></span>Conto <span class=\"_ _d\"></span>Economico. <span class=\"_ _2\"></span><span class=\"ff5\">Per <span class=\"_ _2\"></span>maggiori <span class=\"_ _2\"></span>dettagli <span class=\"_ _d\"></span>si <span class=\"_ _2\"></span>veda <span class=\"_ _2\"></span>quanto <span class=\"_ _2\"></span>riportato <span class=\"_ _2\"></span>nel <span class=\"_ _d\"></span>successivo <span class=\"_ _2\"></span>paragrafo <span class=\"_ _2\"></span>\u201cModalit\u00e0 <span class=\"_ _2\"></span>di<span class=\"_ _df\"> </span></span>determinazione del fair value delle attivit\u00e0 e passivit\u00e0\u201d<span class=\"ff4\">.<span class=\"_ _df\"> </span></span>Criter<span class=\"_ _1\"></span>i di <span class=\"_ _1\"></span>cancell<span class=\"_ _1\"></span>azion<span class=\"_ _f\"></span>e<span class=\"_ _df\"> </span>Le <span class=\"_ _2\"></span>Passivit\u00e0 <span class=\"_ _2\"></span>finanziarie <span class=\"_ _2\"></span>detenute <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>negoziazione v<span class=\"_ _2\"></span>engono ca<span class=\"_ _2\"></span>ncellate <span class=\"_ _2\"></span>dal <span class=\"_ _2\"></span>bilancio <span class=\"_ _2\"></span>quando <span class=\"_ _2\"></span>scadono <span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>diritti<span class=\"_ _df\"> </span>contrattuali <span class=\"_ _17\"> </span>sui <span class=\"_ _17\"> </span>relativi <span class=\"_ _17\"> </span>flussi <span class=\"_ _17\"> </span>finanziari <span class=\"_ _4\"> </span>o <span class=\"_ _14\"> </span>quando <span class=\"_ _4\"> </span>la <span class=\"_ _17\"> </span>passivit<span class=\"_ _2\"></span>\u00e0 <span class=\"_ _17\"> </span>finanziaria <span class=\"_ _4\"> </span>\u00e8 <span class=\"_ _17\"> </span>ceduta <span class=\"_ _14\"> </span>con <span class=\"_ _17\"> </span>trasferimento<span class=\"_ _df\"> </span>sostanziale di tutti i rischi ed i benefi<span class=\"_ _1\"></span>ci derivanti dalla propriet\u00e0 della stessa.<span class=\"_ _df\"> </span>13 - Pa<span class=\"_ _f\"></span>ssivit\u00e0 fina<span class=\"_ _1\"></span>nziarie<span class=\"_ _f\"></span> designa<span class=\"_ _1\"></span>te al fa<span class=\"_ _1\"></span>ir value<span class=\"_ _df\"> </span>Criter<span class=\"_ _1\"></span>i di <span class=\"_ _1\"></span>iscrizi<span class=\"_ _1\"></span>one<span class=\"_ _df\"> </span>L\u2019iscrizione <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>tali <span class=\"_ _0\"></span>passivit\u00e0 <span class=\"_ _d\"></span>avviene <span class=\"_ _d\"></span>alla <span class=\"_ _d\"></span>data <span class=\"_ _0\"></span>di <span class=\"_ _d\"></span>emissione <span class=\"_ _d\"></span>in <span class=\"_ _0\"></span>misura <span class=\"_ _d\"></span>pari <span class=\"_ _d\"></span>al <span class=\"_ _0\"></span>loro <span class=\"_ _d\"></span>fair <span class=\"_ _d\"></span>value, <span class=\"_ _d\"></span>incluso <span class=\"_ _0\"></span>il <span class=\"_ _d\"></span>valo<span class=\"_ _2\"></span><span class=\"ff4\">re<span class=\"_ _df\"> </span></span>dell\u2019eventuale derivato embedded e al netto delle<span class=\"_ _1\"></span> commissioni di collocamento pagate.<span class=\"_ _df\"> </span>Criter<span class=\"_ _1\"></span>i di <span class=\"_ _f\"></span>classifica<span class=\"_ _f\"></span>zione<span class=\"_ _df\"> </span>Formano  oggetto  di  rilevazione  nella  presente  voce<span class=\"_ _1\"></span>  le  passivit\u00e0  finanziarie  designate  al  fair  value  con<span class=\"_ _df\"> </span>contropartita in Conto Economico,<span class=\"_ _1\"></span> s<span class=\"_ _2\"></span><span class=\"ff5\">ulla base de<span class=\"_ _1\"></span>lla facolt\u00e0 riconosciu<span class=\"_ _1\"></span>ta alle imprese (c.d. \u201cfair val<span class=\"_ _1\"></span>ue option\u201d)<span class=\"_ _df\"> </span></span>dall\u2019IFRS 9 e nel rispetto delle<span class=\"_ _1\"></span> casistiche previste dalla normativa di riferimento.<span class=\"_ _df\"> </span>Criter<span class=\"_ _1\"></span>i di <span class=\"_ _1\"></span>valuta<span class=\"_ _1\"></span>zione<span class=\"_ _df\"> </span>Tali <span class=\"_ _d\"></span>passivit\u00e0 <span class=\"_ _d\"></span>sono <span class=\"_ _d\"></span>valutate <span class=\"_ _d\"></span>al <span class=\"_ _d\"></span>fair <span class=\"_ _d\"></span>value<span class=\"_ _1\"></span> <span class=\"_ _d\"></span>con <span class=\"_ _d\"></span>imputazione <span class=\"_ _d\"></span>del <span class=\"_ _d\"></span>risulta<span class=\"_ _2\"></span>to <span class=\"_ _d\"></span>secondo <span class=\"_ _d\"></span>le <span class=\"_ _d\"></span>seguenti <span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>egole <span class=\"_ _2\"></span>previste<span class=\"_ _df\"> </span>dall\u2019IFRS 9:<span class=\"_ _df\"> </span><span class=\"_ _2c\"> </span><span class=\"ff4\">le variazioni d<span class=\"_ _2\"></span>i fair value ch<span class=\"_ _2\"></span>e sono <span class=\"_ _2\"></span>attribuib<span class=\"_ _1\"></span>ili alla <span class=\"_ _2\"></span>variazione del proprio <span class=\"_ _2\"></span>merito creditizio devono essere<span class=\"_ _df\"> </span></span>rilevate nel Prospetto della redditivit\u00e0 complessiva (P<span class=\"_ _1\"></span>atrimonio netto);<span class=\"_ _df\"> </span><span class=\"_ _2c\"> </span><span class=\"ff4\">le restanti variazioni di fair value devono essere rilevate nel Conto Economico.<span class=\"_ _df\"> </span></span>Gli <span class=\"_ _17\"> </span>importi <span class=\"_ _17\"> </span>rilevati <span class=\"_ _4\"> </span>nel <span class=\"_ _17\"> </span>Prospetto <span class=\"_ _17\"> </span>della <span class=\"_ _17\"> </span>redditivit\u00e0 <span class=\"_ _4\"> </span>complessiva <span class=\"_ _17\"> </span>non <span class=\"_ _17\"> </span>rigirano <span class=\"_ _17\"> </span>successivamente <span class=\"_ _17\"> </span>a <span class=\"_ _4\"> </span>cont<span class=\"_ _2\"></span>o<span class=\"_ _df\"> </span>economico. Tale <span class=\"_ _2\"></span>modalit\u00e0 <span class=\"_ _2\"></span>di co<span class=\"_ _2\"></span>ntabilizzazione non <span class=\"_ _2\"></span>deve <span class=\"_ _2\"></span>essere <span class=\"_ _2\"></span>applicata qualora <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>rilevazione <span class=\"_ _d\"></span>degli effetti<span class=\"_ _df\"> </span>del <span class=\"_ _9\"> </span>proprio <span class=\"_ _16\"> </span>merito <span class=\"_ _9\"> </span>di <span class=\"_ _16\"> </span>credito <span class=\"_ _9\"> </span>a <span class=\"_ _16\"> </span>Patrimonio <span class=\"_ _9\"> </span>netto <span class=\"_ _16\"> </span>determini <span class=\"_ _9\"> </span>o <span class=\"_ _16\"> </span>acce<span class=\"_ _1\"></span>ntui <span class=\"_ _9\"> </span>un  accou<span class=\"_ _1\"></span>nting <span class=\"_ _9\"> </span>mismat<span class=\"_ _2\"></span>ch <span class=\"_ _9\"> </span>a <span class=\"_ _16\"> </span>conto<span class=\"_ _df\"> </span>economico. In <span class=\"_ _2\"></span>questo <span class=\"_ _2\"></span>caso gli <span class=\"_ _2\"></span>utili o <span class=\"_ _2\"></span>le perdite <span class=\"_ _2\"></span>legate alla <span class=\"_ _2\"></span>passivit\u00e0, incluse <span class=\"_ _2\"></span>quelle che <span class=\"_ _2\"></span>si <span class=\"_ _2\"></span>determinano come<span class=\"_ _df\"> </span>effetto della variazione del<span class=\"_ _1\"></span> propr<span class=\"_ _2\"></span>io merito creditizio, devono essere rilev<span class=\"_ _1\"></span>ate a conto<span class=\"_ _2\"></span> economico.<span class=\"_ _df\"> </span>Per maggiori dettagli <span class=\"_ _2\"></span>si veda quant<span class=\"_ _2\"></span>o riportato nel successivo <span class=\"_ _2\"></span>paragrafo \u201cModalit\u00e0 di determinazione del <span class=\"_ _2\"></span>fair<span class=\"_ _df\"> </span>value delle attivit\u00e0 e passivit\u00e0\u201d.<span class=\"_ _df\"> </span>Le  pass<span class=\"_ _2\"></span>ivit\u00e0  finanziarie <span class=\"_ _4\"> </span>valutate <span class=\"_ _4\"> </span>al  fair <span class=\"_ _4\"> </span>value <span class=\"_ _22\"> </span>vengono <span class=\"_ _4\"> </span>cancellate <span class=\"_ _4\"> </span>dal  bilancio <span class=\"_ _4\"> </span>quando  s<span class=\"_ _2\"></span>cadono <span class=\"_ _22\"> </span>i <span class=\"_ _4\"> </span>diritti<span class=\"_ _df\"> </span>contrattuali  sui  relativi<span class=\"_ _1\"></span>  flussi  finanziari  o  qu<span class=\"_ _1\"></span>ando  questa  viene  e<span class=\"_ _1\"></span>stinta,  ovverosia  quando <span class=\"_ _16\"> </span>l'obbligazione<span class=\"_ _df\"> </span>specificata nel contratto \u00e8 adempiu<span class=\"_ _1\"></span>ta o cancellata o scaduta<span class=\"_ _2\"></span>.<span class=\"_ _df\"> </span>14 - Op<span class=\"_ _f\"></span>erazioni in <span class=\"_ _1\"></span>valuta<span class=\"_ _df\"> </span>Criter<span class=\"_ _1\"></span>i di <span class=\"_ _1\"></span>iscrizi<span class=\"_ _1\"></span>one<span class=\"_ _df\"> </span>Le <span class=\"_ _16\"> </span>operazioni <span class=\"_ _16\"> </span>in  valuta  e<span class=\"_ _1\"></span>stera  sono  reg<span class=\"_ _1\"></span>istrate,  al <span class=\"_ _16\"> </span>momento <span class=\"_ _16\"> </span>della <span class=\"_ _9\"> </span>r<span class=\"_ _2\"></span>ilevazione <span class=\"_ _16\"> </span>iniziale,  in <span class=\"_ _9\"> </span>divis<span class=\"_ _2\"></span>a  d<span class=\"_ _1\"></span>i  conto,<span class=\"_ _df\"> </span>applicando all\u2019importo in valuta estera il tasso di cambi<span class=\"_ _1\"></span>o in vigore alla data dell\u2019operazione.<span class=\"_ _df\"> </span>Criter<span class=\"_ _1\"></span>i di <span class=\"_ _1\"></span>class<span class=\"_ _1\"></span>ificazi<span class=\"_ _1\"></span>one<span class=\"_ _df\"> </span>Le <span class=\"_ _1\"></span>operazioni <span class=\"_ _1\"></span>in <span class=\"_ _1\"></span>valuta sono <span class=\"_ _f\"></span>costituite d<span class=\"_ _1\"></span>a tutte <span class=\"_ _1\"></span>le <span class=\"_ _1\"></span>attivit\u00e0 <span class=\"_ _1\"></span>e le<span class=\"_ _1\"></span> passi<span class=\"_ _f\"></span>vit\u00e0 denominate <span class=\"_ _f\"></span>in valute <span class=\"_ _f\"></span>diverse dall\u2019euro.<span class=\"_ _df\"> </span>Criter<span class=\"_ _1\"></span>i di <span class=\"_ _1\"></span>cancell<span class=\"_ _1\"></span>azion<span class=\"_ _f\"></span>e<span class=\"_ _df\"> </span>Si applicano i criteri indicati per le v<span class=\"_ _1\"></span>oci di bilancio corrispondenti.<span class=\"_ _df\"> </span>Il tasso di cambio utilizzato \u00e8 quello alla data di estinzione<span class=\"_ _1\"></span>.<span class=\"sc2\"> </span>Criter<span class=\"_ _1\"></span>i di <span class=\"_ _1\"></span>valuta<span class=\"_ _1\"></span>zione<span class=\"_ _df\"> </span>Ad  ogni <span class=\"_ _22\"> </span>chiusura <span class=\"_ _22\"> </span>di <span class=\"_ _4\"> </span>bilanc<span class=\"_ _1\"></span>io  o <span class=\"_ _4\"> </span>di  situazione  infrannuale,  le <span class=\"_ _22\"> </span>p<span class=\"_ _2\"></span>oste  di <span class=\"_ _22\"> </span>bilancio  in <span class=\"_ _4\"> </span>valuta  estera  vengono<span class=\"_ _df\"> </span>valorizzate come segue:<span class=\"_ _df\"> </span><span class=\"_ _2c\"> </span><span class=\"ff4\">le poste monetarie sono convertite al tasso di cambio alla data di chiusura;<span class=\"_ _df\"> </span></span><span class=\"_ _2c\"> </span><span class=\"ff4\">le <span class=\"_ _2\"></span>poste <span class=\"_ _2\"></span>non <span class=\"_ _2\"></span>monetarie <span class=\"_ _2\"></span>valutate <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>costo <span class=\"_ _2\"></span>storico s<span class=\"_ _2\"></span>ono convertite <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>asso di <span class=\"_ _2\"></span>cambio <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>essere <span class=\"_ _2\"></span>alla <span class=\"_ _2\"></span>data<span class=\"_ _df\"> </span></span>dell\u2019operazione;<span class=\"_ _df\"> </span><span class=\"_ _2c\"> </span><span class=\"ff4\">le <span class=\"_ _2\"></span>poste non <span class=\"_ _2\"></span>monetarie <span class=\"_ _2\"></span>valutate al <span class=\"_ _2\"></span>fair <span class=\"_ _2\"></span>value sono <span class=\"_ _2\"></span>convertite <span class=\"_ _2\"></span>utilizzando i <span class=\"_ _2\"></span>tassi <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>cambio in <span class=\"_ _2\"></span>essere <span class=\"_ _2\"></span>alla<span class=\"_ _df\"> </span></span>data di chiusura.<span class=\"_ _df\"> </span>Le differenze <span class=\"_ _2\"></span>di cambio <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>derivano dal <span class=\"_ _2\"></span>regolamento <span class=\"_ _2\"></span>di elementi <span class=\"_ _2\"></span>monetari o <span class=\"_ _2\"></span>dalla conversione <span class=\"_ _2\"></span>di elementi<span class=\"_ _df\"> </span>monetari <span class=\"_ _f\"></span>a <span class=\"_ _1\"></span>tassi <span class=\"_ _f\"></span>diversi <span class=\"_ _f\"></span>da <span class=\"_ _f\"></span>quelli d<span class=\"_ _1\"></span>i <span class=\"_ _f\"></span>conversione <span class=\"_ _f\"></span>iniziali, o <span class=\"_ _11\"></span>di <span class=\"_ _1\"></span>conversione <span class=\"_ _f\"></span>del <span class=\"_ _f\"></span>bilancio p<span class=\"_ _1\"></span>recedente, <span class=\"_ _f\"></span>sono ril<span class=\"_ _1\"></span>evate<span class=\"_ _df\"> </span>nel conto economico del periodo in cui sorgono.<span class=\"_ _df\"> </span>Quando <span class=\"_ _0\"></span>un <span class=\"_ _0\"></span>utile <span class=\"_ _0\"></span>o <span class=\"_ _9\"> </span>una <span class=\"_ _0\"></span>perdita <span class=\"_ _0\"></span>relativi <span class=\"_ _0\"></span>ad <span class=\"_ _0\"></span>un <span class=\"_ _9\"> </span>elemento <span class=\"_ _0\"></span>non <span class=\"_ _9\"> </span>monetario <span class=\"_ _0\"></span>sono <span class=\"_ _0\"></span>r<span class=\"_ _2\"></span>ilev<span class=\"_ _1\"></span>ati <span class=\"_ _0\"></span>a <span class=\"_ _9\"> </span>patrimonio <span class=\"_ _0\"></span>netto, <span class=\"_ _0\"></span>la<span class=\"_ _df\"> </span>differenza <span class=\"_ _2\"></span>cambio <span class=\"_ _2\"></span>relativa <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>tale <span class=\"_ _2\"></span>elemento <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _2\"></span>rilevata <span class=\"_ _d\"></span>anch\u2019essa <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>patrimonio. <span class=\"_ _2\"></span>Per <span class=\"_ _2\"></span>contro, <span class=\"_ _2\"></span>quando <span class=\"_ _2\"></span>un <span class=\"_ _2\"></span>utile <span class=\"_ _2\"></span>o<span class=\"_ _df\"> </span>una <span class=\"_ _9\"> </span>perdita <span class=\"_ _9\"> </span>so<span class=\"_ _2\"></span>no <span class=\"_ _9\"> </span>rilevati <span class=\"_ _9\"> </span>a <span class=\"_ _9\"> </span>conto <span class=\"_ _16\"> </span>economico, <span class=\"_ _0\"></span>\u00e8 <span class=\"_ _16\"> </span>rilevata <span class=\"_ _9\"> </span>in <span class=\"_ _9\"> </span>cont<span class=\"_ _2\"></span>o <span class=\"_ _9\"> </span>economico <span class=\"_ _9\"> </span>anche <span class=\"_ _9\"> </span>la <span class=\"_ _9\"> </span>relativa<span class=\"_ _2\"></span> <span class=\"_ _9\"> </span>differenza<span class=\"_ _df\"> </span>cambio.<span class=\"_ _df\"> </span>Criter<span class=\"_ _1\"></span>i di <span class=\"_ _1\"></span>rileva<span class=\"_ _f\"></span>zione dell<span class=\"_ _1\"></span>e com<span class=\"_ _f\"></span>ponenti <span class=\"_ _1\"></span>reddi<span class=\"_ _1\"></span>tuali<span class=\"_ _df\"> </span>Le differenze <span class=\"_ _2\"></span>di cambio <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>derivano dal <span class=\"_ _2\"></span>regolamento <span class=\"_ _2\"></span>di elementi <span class=\"_ _2\"></span>monetari o <span class=\"_ _2\"></span>dalla conversione <span class=\"_ _2\"></span>di elementi<span class=\"_ _df\"> </span>monetari <span class=\"_ _f\"></span>a <span class=\"_ _1\"></span>tassi <span class=\"_ _f\"></span>diversi <span class=\"_ _f\"></span>da <span class=\"_ _f\"></span>quelli d<span class=\"_ _1\"></span>i <span class=\"_ _f\"></span>conversione <span class=\"_ _f\"></span>iniziali, o <span class=\"_ _11\"></span>di <span class=\"_ _1\"></span>conversione <span class=\"_ _f\"></span>del <span class=\"_ _f\"></span>bilancio p<span class=\"_ _1\"></span>recedente, <span class=\"_ _f\"></span>sono ril<span class=\"_ _1\"></span>evate<span class=\"_ _df\"> </span>nel conto economico del periodo in cui sorgono nella voce <span class=\"ff5\">\u201cRisultato netto dell\u2019attivit\u00e0 di negoziazione\u201d.<span class=\"_ _df\"> </span></span>Quando <span class=\"_ _0\"></span>un <span class=\"_ _0\"></span>utile <span class=\"_ _0\"></span>o <span class=\"_ _9\"> </span>una <span class=\"_ _0\"></span>perdita <span class=\"_ _0\"></span>relat<span class=\"_ _2\"></span>ivi <span class=\"_ _d\"></span>ad <span class=\"_ _9\"> </span>un <span class=\"_ _0\"></span>elemento <span class=\"_ _9\"> </span>non <span class=\"_ _0\"></span>monetario <span class=\"_ _9\"> </span>sono <span class=\"_ _0\"></span>rilevati <span class=\"_ _0\"></span>a <span class=\"_ _0\"></span>patrimonio <span class=\"_ _0\"></span>netto, <span class=\"_ _9\"> </span>la<span class=\"_ _df\"> </span>differenza <span class=\"_ _2\"></span>cambio <span class=\"_ _2\"></span>relativa <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>tale <span class=\"_ _2\"></span>elemento <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _2\"></span>rilevata <span class=\"_ _d\"></span>anch\u2019essa <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>patrimonio. <span class=\"_ _2\"></span>Per <span class=\"_ _2\"></span>contro, <span class=\"_ _2\"></span>quando <span class=\"_ _2\"></span>un <span class=\"_ _2\"></span>utile <span class=\"_ _2\"></span>o<span class=\"_ _df\"> </span>una <span class=\"_ _9\"> </span>perdita <span class=\"_ _9\"> </span>sono <span class=\"_ _16\"> </span>rilevati <span class=\"_ _9\"> </span>a <span class=\"_ _9\"> </span>conto <span class=\"_ _9\"> </span>economico, <span class=\"_ _16\"> </span>\u00e8 <span class=\"_ _0\"></span>r<span class=\"_ _2\"></span>ilevata <span class=\"_ _9\"> </span>in <span class=\"_ _9\"> </span>conto <span class=\"_ _16\"> </span>economico <span class=\"_ _9\"> </span>a<span class=\"_ _2\"></span>nche <span class=\"_ _0\"> </span>la <span class=\"_ _16\"> </span>relativa <span class=\"_ _9\"> </span>differenza<span class=\"_ _df\"> </span>cambio.<span class=\"_ _df\"> </span>Criter<span class=\"_ _1\"></span>i di <span class=\"_ _1\"></span>cancell<span class=\"_ _1\"></span>azion<span class=\"_ _f\"></span>e<div class=\"t m0 he ff4 fs5 fc4 sc3 ls0 ws0 gs599\">15 <span class=\"ff5\">\u2013</span> Att<span class=\"_ _1\"></span>ivit\u00e0 e <span class=\"_ _1\"></span>pass<span class=\"_ _1\"></span>ivit\u00e0 a<span class=\"_ _f\"></span>ssicurativ<span class=\"_ _1\"></span>e </div><div class=\"t m0 h5 ff4 fs1 fc4 sc3 ls0 ws0 gs59a\">Le di<span class=\"_ _1\"></span>spos<span class=\"_ _1\"></span>izioni <span class=\"_ _1\"></span>norma<span class=\"_ _f\"></span>tive del <span class=\"_ _f\"></span>Principio<span class=\"_ _1\"></span> IFRS<span class=\"_ _1\"></span> 17 </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs59b\">Si <span class=\"_ _0\"></span>r<span class=\"_ _2\"></span>iportano <span class=\"_ _0\"></span>le <span class=\"_ _9\"> </span>principali<span class=\"_ _1\"></span> <span class=\"_ _9\"> </span>previsioni <span class=\"_ _0\"></span>del <span class=\"_ _9\"> </span>Principio <span class=\"_ _9\"> </span>IFRS <span class=\"_ _0\"></span>17 <span class=\"_ _9\"> </span>che <span class=\"_ _9\"> </span>determinano <span class=\"_ _9\"> </span>le <span class=\"_ _0\"></span>modalit\u00e0 <span class=\"_ _9\"> </span>di <span class=\"_ _0\"></span>valutazione <span class=\"_ _9\"> </span>delle </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs59c\">passivit\u00e0 <span class=\"_ _2\"></span>assicurative <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>relativi <span class=\"_ _2\"></span>effetti <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>conto <span class=\"_ _2\"></span>economico <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>contratti <span class=\"_ _2\"></span>assicurativi <span class=\"_ _2\"></span>soggetti <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>tale <span class=\"_ _2\"></span>logica </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs59d\">contabile: </div><div class=\"t m0 h5 ff14 fs1 fc1 sc0 ls0 ws0 gs59e\"><span class=\"_ _1a\"> </span><span class=\"ff4\">l<span class=\"ff5\">\u2019</span>iscrizione<span class=\"_ _1\"></span>  i<span class=\"_ _1\"></span>niziale  dell<span class=\"_ _1\"></span>a  p<span class=\"_ _f\"></span>as<span class=\"_ _2\"></span>sivit<span class=\"_ _2\"></span>\u00e0 <span class=\"_ _16\"> </span>assicurativa: <span class=\"_ _9\"> </span>al  momento <span class=\"_ _9\"> </span>della  sottoscrizione <span class=\"_ _9\"> </span>del  contratto <span class=\"_ _16\"> </span>con <span class=\"_ _9\"> </span>il </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs59f\">soggetto <span class=\"_ _2\"></span>as<span class=\"_ _2\"></span>sicurato, <span class=\"_ _2\"></span>il <span class=\"_ _d\"></span>Gruppo <span class=\"_ _d\"></span>riconosce <span class=\"_ _2\"></span>una <span class=\"_ _d\"></span>passivit\u00e0 <span class=\"_ _d\"></span>il <span class=\"_ _2\"></span>cui <span class=\"_ _d\"></span>ammontare <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _d\"></span>dato <span class=\"_ _2\"></span>dalla <span class=\"_ _d\"></span>somma <span class=\"_ _d\"></span>algeb<span class=\"_ _1\"></span>rica<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs5a0\">del <span class=\"_ _0\"></span>valore <span class=\"_ _9\"> </span>attuale <span class=\"_ _9\"> </span>dei <span class=\"_ _0\"></span>flussi <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>cassa <span class=\"_ _9\"> </span>attesi <span class=\"_ _0\"></span>contr<span class=\"_ _2\"></span>attuali <span class=\"_ _0\"></span>(Present <span class=\"_ _0\"></span>value <span class=\"_ _9\"> </span>future <span class=\"_ _0\"></span>cash <span class=\"_ _9\"> </span>flow  <span class=\"ff5\">\u2013</span> <span class=\"_ _0\"></span><span class=\"ff5\">\u201cPVFCF\u201d) <span class=\"_ _9\"> </span>e </span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs5a1\">inclusivi <span class=\"_ _2\"></span>anche <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>un <span class=\"_ _2\"></span>opportuno <span class=\"_ _2\"></span>Risk <span class=\"_ _2\"></span>adjustment <span class=\"_ _2\"></span>(\u201cRA\u201d) <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>presidio <span class=\"_ _d\"></span>dei rischi <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>tipo <span class=\"_ _2\"></span>non <span class=\"_ _2\"></span>finanzi<span class=\"_ _2\"></span><span class=\"ff4\">ario <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>del<span class=\"_ _df\"> </span></span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs5a2\">margine economico att<span class=\"_ _2\"></span>eso (Contractual Service Margin <span class=\"_ _2\"></span><span class=\"ff5\">\u2013</span> <span class=\"ff5\">\u201cCSM\u201d), che r<span class=\"_ _2\"></span>appresenta il valore attuale degli </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs5a3\">utili futuri sui contratti assicurativi;<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff14 fs1 fc1 sc0 ls0 ws0 gs5a4\"><span class=\"_ _1a\"> </span><span class=\"ff5\">i  raggruppamenti  di <span class=\"_ _22\"> </span>contr<span class=\"_ _2\"></span>atti:  l\u2019applicazione  dell\u2019IFRS  17 <span class=\"_ _4\"> </span>preved<span class=\"_ _1\"></span>e  l\u2019identificazione <span class=\"_ _22\"> </span>di <span class=\"_ _4\"> </span>\u201cportafogli\u201d<span class=\"_ _2\"></span><span class=\"ff4\">  di<span class=\"_ _df\"> </span></span></span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs5a5\">contratti <span class=\"_ _2\"></span>assicurativi <span class=\"_ _2\"></span>(ovvero di <span class=\"_ _2\"></span>gruppi di <span class=\"_ _2\"></span>contratti <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>condividono <span class=\"_ _2\"></span>rischi <span class=\"_ _2\"></span>simili <span class=\"_ _2\"></span>e gestiti <span class=\"_ _2\"></span>unitariamente).<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs5a6\">Ciascun <span class=\"_ _d\"></span>port<span class=\"_ _2\"></span>afoglio <span class=\"_ _d\"></span>viene <span class=\"_ _0\"></span>ulterio<span class=\"_ _2\"></span>rmente <span class=\"_ _d\"></span>suddiviso <span class=\"_ _0\"></span>in <span class=\"_ _0\"></span>gruppi <span class=\"_ _0\"></span>composti <span class=\"_ _0\"></span>da <span class=\"_ _0\"></span>contr<span class=\"_ _2\"></span>atti <span class=\"_ _d\"></span>con <span class=\"_ _0\"></span>caratterist<span class=\"_ _2\"></span>iche </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs5a7\">simili in termini <span class=\"_ _2\"></span>di profittabilit\u00e0 atte<span class=\"_ _2\"></span>sa, prevedendo pertanto <span class=\"_ _2\"></span>la distinzione<span class=\"_ _1\"></span> tr<span class=\"_ _2\"></span>a i contratti profittevoli (con </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs5a8\">margine economico atteso positivo)<span class=\"_ _1\"></span> e onerosi (con margine economico atteso negativo);<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff14 fs1 fc1 sc0 ls0 ws0 gs5a9\"><span class=\"_ _17\"> </span><span class=\"ff4\">i <span class=\"_ _16\"> </span>modelli<span class=\"_ _1\"></span> <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>misurazione <span class=\"_ _9\"> </span>previsti <span class=\"_ _16\"> </span>dal <span class=\"_ _0\"></span>principio: <span class=\"_ _9\"> </span>il <span class=\"_ _16\"> </span>principio <span class=\"_ _0\"></span>IFRS <span class=\"_ _9\"> </span>17<span class=\"_ _2\"></span> <span class=\"_ _9\"> </span>prevede <span class=\"_ _0\"></span>un <span class=\"_ _9\"> </span>modello <span class=\"_ _16\"> </span>di <span class=\"_ _0\"></span>misur<span class=\"_ _d\"></span>azione<span class=\"_ _df\"> </span></span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs5aa\">denominato General Model (\u201cGM\u201d) applicabile in linea di principio a tutti i contratti, ad eccezione<span class=\"_ _1\"></span> d<span class=\"_ _2\"></span>i quelli<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs5ab\">con partecipazione <span class=\"_ _1\"></span>diretta agli utili <span class=\"_ _1\"></span>finanziari, per i<span class=\"_ _1\"></span> quali viene appli<span class=\"_ _1\"></span>cato il Variable <span class=\"_ _1\"></span>Fee Approach (\u201cVFA\u201d),<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs5ac\">qualora siano <span class=\"_ _f\"></span>rispettati i cri<span class=\"_ _f\"></span>teri di <span class=\"_ _1\"></span>eleggibilit\u00e0 <span class=\"_ _1\"></span>dipendenti <span class=\"_ _1\"></span>dalla <span class=\"_ _1\"></span>natura stessa <span class=\"_ _f\"></span>della partecip<span class=\"_ _1\"></span>azione agli <span class=\"_ _f\"></span>utili.<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs5ad\">\u00c8 <span class=\"_ _16\"> </span>previsto <span class=\"_ _16\"> </span>inoltre <span class=\"_ _16\"> </span>un <span class=\"_ _9\"> </span>modello  semplificato <span class=\"_ _9\"> </span>opzionale  (Premium <span class=\"_ _16\"> </span>Allocation <span class=\"_ _9\"> </span>Approach  <span class=\"ff5\">\u2013<span class=\"_ _2\"></span></span> <span class=\"_ _16\"> </span><span class=\"ff5\">\u201cPAA\u201d) <span class=\"_ _9\"> </span>per  la<span class=\"_ _df\"> </span></span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs5ae\">valutazione <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>ella <span class=\"_ _2\"></span>passivit\u00e0 <span class=\"_ _d\"></span>per <span class=\"_ _0\"></span>cope<span class=\"_ _1\"></span>rtura <span class=\"_ _d\"></span>residua <span class=\"_ _d\"></span>denominata <span class=\"_ _d\"></span>Liability <span class=\"_ _0\"></span><span class=\"ff5\">for <span class=\"_ _d\"></span>Remaining <span class=\"_ _2\"></span>Coverage <span class=\"_ _d\"></span>(\u201c<span class=\"_ _2\"></span>LRC\u201d,<span class=\"_ _df\"> </span></span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs5af\">assimilabile <span class=\"_ _2\"></span>alla <span class=\"_ _2\"></span>Riserva <span class=\"_ _2\"></span>per <span class=\"_ _d\"></span>frazioni <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>premi <span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>al <span class=\"_ _d\"></span>riporto <span class=\"_ _2\"></span>premi) <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>contratti <span class=\"_ _d\"></span>con <span class=\"_ _2\"></span>periodo <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>cope<span class=\"_ _1\"></span>rtura<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs5b0\">uguale <span class=\"_ _0\"></span>o <span class=\"_ _9\"> </span>inferiore <span class=\"_ _9\"> </span>all'anno <span class=\"_ _0\"></span>e <span class=\"_ _9\"> </span>pe<span class=\"_ _2\"></span>r <span class=\"_ _0\"> </span>t<span class=\"_ _2\"></span>utti <span class=\"_ _0\"></span>i <span class=\"_ _9\"> </span>contratti <span class=\"_ _9\"> </span>nel <span class=\"_ _0\"></span>caso<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>in <span class=\"_ _9\"> </span>cui <span class=\"_ _0\"> </span>la <span class=\"_ _9\"> </span>valutazione <span class=\"_ _9\"> </span>non <span class=\"_ _0\"></span>s<span class=\"_ _2\"></span>ia <span class=\"_ _0\"></span>materialmente<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs5b1\">differente da quella risultante dall'app<span class=\"_ _1\"></span>licazione del General Model;<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff14 fs1 fc1 sc0 ls0 ws0 gs5b2\"><span class=\"_ _1a\"> </span><span class=\"ff5\">la <span class=\"_ _4\"> </span>mis<span class=\"_ _2\"></span>urazione <span class=\"_ _4\"> </span>successiva <span class=\"_ _17\"> </span>della <span class=\"_ _4\"> </span>pass<span class=\"_ _2\"></span>ivit\u00e0 <span class=\"_ _4\"> </span>assicurativa: <span class=\"_ _17\"> </span>l\u2019IFRS <span class=\"_ _17\"> </span>17 <span class=\"_ _17\"> </span>richiede <span class=\"_ _4\"> </span>un <span class=\"_ _17\"> </span>aggiornamento <span class=\"_ _17\"> </span>della<span class=\"_ _df\"> </span></span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs5b3\">misurazione <span class=\"_ _4\"> </span>ad <span class=\"_ _4\"> </span>ogni <span class=\"_ _4\"> </span>reporting <span class=\"_ _4\"> </span>period <span class=\"_ _4\"> </span>degli <span class=\"_ _4\"> </span>elementi <span class=\"_ _4\"> </span>sopra <span class=\"_ _17\"> </span>indicati <span class=\"_ _4\"> </span>(i <span class=\"_ _4\"> </span>flussi <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>cassa <span class=\"_ _17\"> </span>e <span class=\"_ _4\"> </span>il <span class=\"_ _4\"> </span>margine<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs5b4\">economico atteso), per verificare la congruit\u00e0 delle stime rispetto alle condizioni correnti di mercato. Gli </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs5b5\">effetti <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>eventuali <span class=\"_ _0\"></span>aggiornamenti <span class=\"_ _9\"> </span>sono <span class=\"_ _0\"></span>recepiti <span class=\"_ _0\"></span>alla <span class=\"_ _0\"></span>prima <span class=\"_ _0\"> </span>r<span class=\"_ _2\"></span>eporting <span class=\"_ _0\"></span>date <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>consuntivazione: <span class=\"_ _0\"></span>a <span class=\"_ _0\"></span>conto<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs5b6\">economico <span class=\"_ _d\"></span>qualora <span class=\"_ _0\"></span>i <span class=\"_ _d\"></span>cambiamenti <span class=\"_ _0\"></span>siano <span class=\"_ _d\"></span>r<span class=\"_ _2\"></span>iferiti <span class=\"_ _d\"></span>a <span class=\"_ _0\"></span>eventi <span class=\"_ _d\"></span>correnti <span class=\"_ _d\"></span>o <span class=\"_ _0\"></span>gi\u00e0 <span class=\"_ _d\"></span>avvenuti <span class=\"_ _d\"></span>oppure <span class=\"_ _0\"></span>a <span class=\"_ _0\"></span>riduzione <span class=\"_ _d\"></span>del<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs5b7\">margine economico atteso (CSM) q<span class=\"_ _1\"></span>ualora i cambiamenti siano rife<span class=\"_ _1\"></span>riti a eventi futuri. Con riferimento alle </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs5b8\">variazioni <span class=\"_ _e\"> </span>delle <span class=\"_ _e\"> </span>sole <span class=\"_ _10\"> </span>variabili <span class=\"_ _e\"> </span>finanziarie <span class=\"_ _e\"> </span>(<span class=\"_ _2\"></span>e <span class=\"_ _e\"> </span>non <span class=\"_ _e\"> </span>delle <span class=\"_ _10\"> </span>restanti, <span class=\"_ _e\"> </span>quindi <span class=\"_ _10\"> </span>principalmente <span class=\"_ _e\"> </span>r<span class=\"_ _2\"></span>el<span class=\"_ _2\"></span>ative <span class=\"_ _e\"> </span>al </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs5b9\">comportamento <span class=\"_ _18\"> </span>degli <span class=\"_ _10\"> </span>as<span class=\"_ _2\"></span>sicurati), <span class=\"_ _10\"> </span>\u00e8 <span class=\"_ _18\"> </span>rimessa <span class=\"_ _19\"> </span>scelta <span class=\"_ _18\"> </span>alle <span class=\"_ _10\"> </span>imprese <span class=\"_ _18\"> </span>di <span class=\"_ _18\"> </span>individuare <span class=\"_ _19\"> </span><span class=\"ff5\">\u2013</span> <span class=\"_ _19\"> </span>per <span class=\"_ _10\"> </span>ciascun<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs5ba\">raggruppamento <span class=\"_ _d\"></span>di <span class=\"_ _0\"></span>contratti <span class=\"_ _0\"></span><span class=\"ff5\">\u2013<span class=\"_ _2\"></span></span> <span class=\"_ _d\"></span>se <span class=\"_ _0\"></span>rappresentare <span class=\"_ _0\"></span>gli <span class=\"_ _0\"></span>effetti <span class=\"_ _0\"></span>delle<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>modifiche <span class=\"_ _d\"></span>nel <span class=\"_ _0\"></span>conto <span class=\"_ _0\"></span>economico <span class=\"_ _0\"></span>o <span class=\"_ _0\"></span>nel<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs5bb\">patrimonio netto (c.d. Opzi<span class=\"_ _1\"></span>one OCI);<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff14 fs1 fc1 sc0 ls0 ws0 gs5bc\"><span class=\"_ _17\"> </span><span class=\"ff4\">la <span class=\"_ _22\"> </span>misurazione  <span class=\"ff5\">del  ricavo  assicurativo:  l\u2019IFRS  17  prevede<span class=\"_ _1\"></span>  un\u2019esposizione  nel  conto  economico  della<span class=\"_ _df\"> </span></span></span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs5bd\">redditivit\u00e0 <span class=\"_ _9\"> </span>\u201cper <span class=\"_ _9\"> </span>margini\u201d <span class=\"_ _16\"> </span>consegui<span class=\"_ _1\"></span>ti <span class=\"_ _9\"> </span>nel <span class=\"_ _16\"> </span>corso <span class=\"_ _9\"> </span>della <span class=\"_ _9\"> </span>vita <span class=\"_ _9\"> </span>delle <span class=\"_ _9\"> </span>polizze, <span class=\"_ _9\"> </span>os<span class=\"_ _2\"></span>sia <span class=\"_ _9\"> </span>quando <span class=\"_ _0\"></span>l\u2019<span class=\"_ _2\"></span>impresa <span class=\"_ _9\"> </span>eroga <span class=\"_ _9\"> </span>i </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs5be\">servizi <span class=\"_ _17\"> </span>agli <span class=\"_ _14\"> </span>assicurati, <span class=\"_ _14\"> </span>non <span class=\"_ _14\"> </span>prevedendo <span class=\"_ _17\"> </span>p<span class=\"_ _2\"></span>ertanto <span class=\"_ _14\"> </span>la <span class=\"_ _17\"> </span>r<span class=\"_ _2\"></span>ilevazi<span class=\"_ _1\"></span>one <span class=\"_ _14\"> </span>di <span class=\"_ _14\"> </span>a<span class=\"_ _2\"></span>lcun <span class=\"_ _17\"> </span>ricavo <span class=\"_ _14\"> </span>al <span class=\"_ _14\"> </span>momento <span class=\"_ _14\"> </span>della<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs5bf\">sottoscrizione <span class=\"_ _f\"></span>del contratto. In <span class=\"_ _f\"></span>merito a <span class=\"_ _1\"></span>tale aspe<span class=\"_ _1\"></span>tto il <span class=\"_ _1\"></span>principio <span class=\"_ _f\"></span>\u00e8 asimmetrico in <span class=\"_ _f\"></span>quanto in <span class=\"_ _f\"></span>caso di <span class=\"_ _f\"></span>gruppi<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs5c0\">di contratti onerosi prevede la rilev<span class=\"_ _1\"></span>azione immediata delle perdite a conto economico;<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff14 fs1 fc1 sc0 ls0 ws0 gs5c1\"><span class=\"_ _17\"> </span><span class=\"ff4\">la misurazione <span class=\"_ _f\"></span>della <span class=\"_ _f\"></span>perfor<span class=\"_ _2\"></span>man<span class=\"ff5\">ce: <span class=\"_ _f\"></span>nell\u2019ottica di<span class=\"_ _1\"></span> un\u2019<span class=\"_ _1\"></span>informativa che<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>garantisca <span class=\"_ _1\"></span>una <span class=\"_ _f\"></span>migliore comp<span class=\"_ _1\"></span>arabilit\u00e0<span class=\"_ _df\"> </span></span></span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs5c2\">degli <span class=\"_ _4\"> </span>andamenti <span class=\"_ _4\"> </span>delle <span class=\"_ _17\"> </span>Compagnie, <span class=\"_ _4\"> </span>\u00e8 <span class=\"_ _17\"> </span>prevista <span class=\"_ _17\"> </span>una <span class=\"_ _4\"> </span>rappresentazione <span class=\"_ _4\"> </span>distinta <span class=\"_ _17\"> </span>e <span class=\"_ _4\"> </span>s<span class=\"_ _2\"></span>eparata <span class=\"_ _4\"> </span>delle <span class=\"_ _4\"> </span>due<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs5c3\">componenti principali che tipicamente concorrono a formare la redditivit\u00e0 delle impre<span class=\"_ _2\"></span>se assicuratrici: la </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs5c4\">prima, che <span class=\"_ _1\"></span>rappresenta il profitto d<span class=\"_ _1\"></span>erivante dall\u2019attivit\u00e0 assicu<span class=\"_ _1\"></span>rativa prestata (il <span class=\"_ _1\"></span>c.d. \u201cmargine<span class=\"_ _1\"></span> tecnico\u201d) e<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs5c5\">la <span class=\"_ _14\"> </span>seconda <span class=\"_ _17\"> </span>che <span class=\"_ _14\"> </span>raggruppa <span class=\"_ _14\"> </span>invece <span class=\"_ _14\"> </span>tutte <span class=\"_ _14\"> </span>le <span class=\"_ _14\"> </span>componenti <span class=\"_ _14\"> </span>di <span class=\"_ _17\"> </span>c<span class=\"_ _2\"></span>arattere <span class=\"_ _14\"> </span>\u201cfinanziario\u201d <span class=\"_ _14\"> </span>(i <span class=\"_ _17\"> </span>r<span class=\"_ _2\"></span>isulta<span class=\"_ _1\"></span>ti <span class=\"_ _14\"> </span>degli<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs5c6\">investimenti, <span class=\"_ _14\"> </span>gli <span class=\"_ _15\"> </span>effetti <span class=\"_ _15\"> </span>delle <span class=\"_ _15\"> </span>variabili <span class=\"_ _15\"> </span>finanziarie <span class=\"_ _15\"> </span>utilizzate <span class=\"_ _15\"> </span>nelle <span class=\"_ _15\"> </span>valutazioni <span class=\"_ _15\"> </span>dei <span class=\"_ _14\"> </span>cont<span class=\"_ _2\"></span>ratti, <span class=\"_ _14\"> </span>ecc.). <span class=\"_ _15\"> </span>I<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs5c7\">cambiamenti <span class=\"_ _d\"></span>nelle <span class=\"_ _0\"></span>stime <span class=\"_ _0\"></span>future <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>premi <span class=\"_ _0\"></span>collegati <span class=\"_ _d\"></span>a <span class=\"_ _9\"> </span>contratti <span class=\"_ _0\"></span>in <span class=\"_ _d\"></span>essere <span class=\"_ _0\"></span>alla <span class=\"_ _0\"></span>data <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>reporting <span class=\"_ _0\"></span>(flussi <span class=\"_ _d\"></span>di<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs5c8\">cassa da ricevere) e di pagamenti (flussi di cassa da riconoscere) so<span class=\"_ _2\"></span>no rilevati a conto economico lungo<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs5c9\">la durata residua contrattuale delle polizze di<span class=\"_ _1\"></span> riferimento.<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc4 sc3 ls0 ws0 gs5ca\">Scelte<span class=\"_ _1\"></span> met<span class=\"_ _1\"></span>odolo<span class=\"_ _f\"></span>giche del<span class=\"_ _1\"></span> Gru<span class=\"_ _1\"></span>pp<span class=\"_ _1\"></span>o </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs5cb\">Nell\u2019ambito <span class=\"_ _d\"></span><span class=\"ff4\">delle <span class=\"_ _d\"></span>Compagnie <span class=\"_ _0\"></span>assicurative <span class=\"_ _0\"></span>il <span class=\"_ _d\"></span>principio <span class=\"_ _d\"></span>IFRS <span class=\"_ _0\"></span>17 <span class=\"_ _0\"></span>risulta <span class=\"_ _d\"></span>applicabile <span class=\"_ _d\"></span>ai <span class=\"_ _0\"></span>prodotti <span class=\"_ _0\"></span>assicurativi <span class=\"_ _d\"></span>e <span class=\"_ _d\"></span>ai </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs5cc\">prodotti  finanziari <span class=\"_ _16\"> </span>con  e<span class=\"_ _1\"></span>lementi  di<span class=\"_ _1\"></span>  partecipazione <span class=\"_ _9\"> </span>d<span class=\"_ _2\"></span>iscrezionale  ag<span class=\"_ _1\"></span>li  u<span class=\"_ _1\"></span>tili  mentre  i <span class=\"_ _9\"> </span>prodot<span class=\"_ _2\"></span>ti  a <span class=\"_ _9\"> </span>prevalente </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs5cd\">contenuto <span class=\"_ _9\"> </span>finanziario <span class=\"_ _16\"> </span>sono <span class=\"_ _9\"> </span>classificati <span class=\"_ _16\"> </span>sotto <span class=\"_ _9\"> </span>IFRS9. <span class=\"_ _16\"> </span>Le <span class=\"_ _9\"> </span>principali <span class=\"_ _9\"> </span>scelte <span class=\"_ _16\"> </span>metodologiche <span class=\"_ _9\"> </span>affrontate <span class=\"_ _16\"> </span>hanno </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs5ce\">riguardato <span class=\"_ _d\"></span>la <span class=\"_ _2\"></span>quantificazione <span class=\"_ _d\"></span>dei <span class=\"_ _d\"></span>cash <span class=\"_ _d\"></span>flow <span class=\"_ _2\"></span>in <span class=\"_ _d\"></span>ottica <span class=\"_ _d\"></span>IFR<span class=\"_ _2\"></span>S <span class=\"_ _d\"></span>17, <span class=\"_ _2\"></span>la <span class=\"_ _0\"></span>definizione <span class=\"_ _2\"></span>della <span class=\"_ _d\"></span>curva <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>sconto <span class=\"_ _d\"></span>per <span class=\"_ _d\"></span>la <span class=\"_ _d\"></span>loro </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs5cf\">attualizzazione, <span class=\"_ _17\"> </span>nonch\u00e9 <span class=\"_ _17\"> </span>la <span class=\"_ _14\"> </span>quantificazione<span class=\"_ _1\"></span> <span class=\"_ _17\"> </span>d<span class=\"_ _2\"></span>el <span class=\"_ _17\"> </span>CSM <span class=\"_ _17\"> </span>per <span class=\"_ _17\"> </span>il <span class=\"_ _14\"> </span>bilancio <span class=\"_ _17\"> </span>consolidato <span class=\"_ _14\"> </span>del <span class=\"_ _17\"> </span>Gruppo, <span class=\"_ _17\"> </span>al <span class=\"_ _14\"> </span>fine <span class=\"_ _17\"> </span>di </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs5d0\">considerare <span class=\"_ _d\"></span>gli <span class=\"_ _0\"></span>effettivi <span class=\"_ _0\"></span>costi <span class=\"_ _0\"></span>di <span class=\"_ _0\"> </span>distr<span class=\"_ _2\"></span>ibuzi<span class=\"_ _1\"></span>one/gestione <span class=\"_ _0\"></span>nei <span class=\"_ _d\"></span>f<span class=\"_ _2\"></span>lussi <span class=\"_ _0\"></span>prospettici <span class=\"_ _0\"></span>delle <span class=\"_ _d\"></span>pass<span class=\"_ _2\"></span>ivit\u00e0 <span class=\"_ _d\"></span>as<span class=\"_ _d\"></span>sicurative <span class=\"_ _d\"></span>in </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs5d2\">luogo delle<span class=\"_ _1\"></span> provvigioni regolate <span class=\"_ _1\"></span>tr<span class=\"_ _2\"></span>a Crede<span class=\"_ _1\"></span>mvita e le <span class=\"_ _1\"></span>societ\u00e0 distributrici del <span class=\"_ _1\"></span>Gruppo. Di seguito sono <span class=\"_ _1\"></span>riportate<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs5d3\">le principali scelte metodologi<span class=\"_ _1\"></span>che ass<span class=\"_ _2\"></span>unte dal Gruppo:<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff14 fs1 fc1 sc0 ls0 ws0 gs5d4\"><span class=\"ff10\"> <span class=\"_ _2\"></span><span class=\"ff4\">Livello di <span class=\"_ _1\"></span>aggregazione e opzi<span class=\"_ _1\"></span>one <span class=\"ff5\">\u201c</span>carve out<span class=\"ff5\">\u201d</span> sulle coorti: il <span class=\"_ _1\"></span>livello di aggregazione permette di<span class=\"_ _1\"></span> definire la<span class=\"_ _df\"> </span></span></span><span class=\"ff10\"><span class=\"ff4\"> </span></span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs5d5\">granularit\u00e0 <span class=\"_ _0\"> </span>con <span class=\"_ _9\"> </span>cui <span class=\"_ _9\"> </span>viene <span class=\"_ _9\"> </span>valutata <span class=\"_ _9\"> </span>la <span class=\"_ _9\"> </span>redditivit\u00e0 <span class=\"_ _0\"></span>di <span class=\"_ _9\"> </span>un <span class=\"_ _9\"> </span>gruppo <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>contratti, <span class=\"_ _9\"> </span>andando <span class=\"_ _0\"> </span>a <span class=\"_ _9\"> </span>r<span class=\"_ _2\"></span>aggruppare <span class=\"_ _0\"></span>nel<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs5d6\">medesimo portafoglio quelli che:<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff12 fs1 fc1 sc0 ls0 ws0 gs5d7\">o<span class=\"ff10\"> <span class=\"_ _5\"> </span><span class=\"ff4\">presentano r<span class=\"_ _2\"></span>ischi simili e sono ge<span class=\"_ _1\"></span>stiti unitariamente;<span class=\"_ _df\"> </span></span></span><span class=\"ff10\"><span class=\"ff4\"> </span></span></div><div class=\"t m0 h5 ff12 fs1 fc1 sc0 ls0 ws0 gs5d8\">o<span class=\"ff10\"> <span class=\"_ _5\"> </span><span class=\"ff4\">hanno profitt<span class=\"_ _2\"></span>abilit\u00e0 attesa <span class=\"ff5\">simile all\u2019emissione (<span class=\"_ _1\"></span>c.d. bucket di profittabilit\u00e0); </span></span></span><span class=\"ff10\"><span class=\"ff4\"><span class=\"ff5\"><span class=\"ff4\"> </span></span></span></span></div><div class=\"t m0 h5 ff12 fs1 fc1 sc0 ls0 ws0 gs5d9\">o<span class=\"ff10\"> <span class=\"_ _5\"> </span><span class=\"ff4\">appartengono alla stess<span class=\"_ _2\"></span>a ge<span class=\"_ _1\"></span>nerazione (c.d. coorte annuale). </span></span><span class=\"ff10\"><span class=\"ff4\"> </span></span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs5da\">Con <span class=\"_ _9\"> </span>r<span class=\"_ _2\"></span>iferimento <span class=\"_ _9\"> </span>ai <span class=\"_ _9\"> </span>contratti  ap<span class=\"_ _f\"></span>partenenti <span class=\"_ _16\"> </span>a <span class=\"_ _9\"> </span>prodotti <span class=\"_ _16\"> </span>Multiramo <span class=\"_ _9\"> </span>o <span class=\"_ _16\"> </span>collegati <span class=\"_ _9\"> </span>ad <span class=\"_ _9\"> </span>una  Ge<span class=\"_ _1\"></span>stione <span class=\"_ _9\"> </span>Separata<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs5db\">valutati secondo <span class=\"_ _1\"></span>il princip<span class=\"_ _1\"></span>io IFRS17, il <span class=\"ff5\">Grup<span class=\"_ _1\"></span>po ha de<span class=\"_ _1\"></span>ciso di e<span class=\"_ _1\"></span>sercitare l\u2019opzi<span class=\"_ _1\"></span>one di <span class=\"_ _1\"></span>non applicare<span class=\"_ _1\"></span> il requisito<span class=\"_ _df\"> </span></span><span class=\"ff5\"> </span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs5dc\">della <span class=\"_ _2\"></span>Coorte <span class=\"_ _2\"></span>Annuale <span class=\"_ _2\"></span>(\u201cCarve <span class=\"_ _d\"></span>Out\u201d) <span class=\"_ _2\"></span>cos<span class=\"_ _2\"></span>\u00ec <span class=\"_ _2\"></span>come <span class=\"_ _2\"></span>previsto <span class=\"_ _2\"></span>dal <span class=\"_ _2\"></span>Regolamento <span class=\"_ _d\"></span>di <span class=\"_ _2\"></span>omologazione <span class=\"_ _2\"></span>dell\u2019IFRS <span class=\"_ _2\"></span>17 <span class=\"_ _d\"></span>a<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs5dd\">livello <span class=\"_ _d\"></span>europeo <span class=\"_ _d\"></span>e <span class=\"_ _0\"></span>quindi <span class=\"_ _d\"></span>aggregare <span class=\"_ _0\"></span>queste <span class=\"_ _d\"></span>tipologie <span class=\"_ _d\"></span>contr<span class=\"_ _2\"></span>attuali <span class=\"_ _d\"></span>solo <span class=\"_ _d\"></span>con <span class=\"_ _0\"></span>riguardo <span class=\"_ _0\"> </span>al <span class=\"_ _0\"></span>concetto <span class=\"_ _d\"></span>di <span class=\"_ _0\"></span>rischi<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs5de\">simili e gestione unitaria e all\u2019appartene<span class=\"_ _1\"></span>nza allo stesso bucket di profittabilit\u00e0;<span class=\"_ _df\"> </span><span class=\"_ _2\"></span><span class=\"ff4\"> </span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs5df\">L\u2019aggregazione in gruppi <span class=\"_ _2\"></span>di contratti \u00e8 <span class=\"_ _2\"></span>rimasta invariata rispetto all\u2019anno precedente, <span class=\"_ _2\"></span>ma integra i <span class=\"_ _2\"></span>nuovi<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs5e0\">portafogli <span class=\"_ _0\"></span>identificati <span class=\"_ _d\"></span>per <span class=\"_ _0\"></span>la <span class=\"_ _0\"></span>gestione <span class=\"_ _0\"></span>delle <span class=\"_ _0\"></span>nuove <span class=\"_ _d\"></span>t<span class=\"_ _2\"></span>ipologie <span class=\"_ _d\"></span>di <span class=\"_ _0\"></span>prodotti <span class=\"_ _0\"></span>entrati <span class=\"_ _0\"></span>in <span class=\"_ _d\"></span>collocamento <span class=\"_ _0\"></span>durante<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs5e1\">l\u2019anno. <span class=\"ff4\">Pi\u00f9 nel dettaglio:<span class=\"_ _df\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m0 h5 ff12 fs1 fc1 sc0 ls0 ws0 gs5e2\">o<span class=\"ff10\"> <span class=\"_ _5\"> </span><span class=\"ff4\">r<span class=\"_ _2\"></span>imane  i<span class=\"_ _1\"></span>nvariata  la  valutazione  ex-IFRS  9  delle  dalle  polizze  Unit  Li<span class=\"_ _1\"></span>nked  stand  alone<span class=\"_ _df\"> </span></span></span><span class=\"ff10\"><span class=\"ff4\"> </span></span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs5e3\">(portafoglio  1) <span class=\"_ _9\"> </span>e  dai  p<span class=\"_ _1\"></span>rodotti  F<span class=\"_ _f\"></span>ondo  Pensione <span class=\"_ _16\"> </span>e  P<span class=\"_ _f\"></span>IP  (portafoglio  2 <span class=\"_ _16\"> </span>Risparmio <span class=\"_ _16\"> </span>Gest<span class=\"_ _2\"></span>ito).<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs5e4\">Rispetto <span class=\"_ _16\"> </span>ai <span class=\"_ _16\"> </span>prodotti <span class=\"_ _16\"> </span>Unit <span class=\"_ _16\"> </span>Linke<span class=\"_ _1\"></span>d <span class=\"_ _16\"> </span>e <span class=\"_ _16\"> </span>Fondo <span class=\"_ _9\"> </span>Pensione  emessi <span class=\"_ _9\"> </span>nel  corso  d<span class=\"_ _1\"></span>ell\u2019anno <span class=\"_ _9\"> </span>non  si<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs5e5\">evidenziano <span class=\"_ _2\"></span>cambiamenti in <span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>ermini di <span class=\"_ _2\"></span>significativit\u00e0 <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>rischio <span class=\"_ _2\"></span>assicurativo <span class=\"_ _2\"></span>sottostante<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs5e6\">tali da determinare la necessit\u00e0 di una valutazione ex-<span class=\"ff5\">IFRS 17 di quest\u2019ul</span>timi;<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff12 fs1 fc1 sc0 ls0 ws0 gs5e7\">o<span class=\"ff10\"> <span class=\"_ _5\"> </span><span class=\"ff4\">r<span class=\"_ _2\"></span>imane invariata <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>valutazione <span class=\"_ _2\"></span>ex-IFRS <span class=\"_ _2\"></span>17 <span class=\"_ _d\"></span>dei prodotti <span class=\"_ _2\"></span>relativi <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>Gestione <span class=\"_ _2\"></span>Separate s<span class=\"_ _2\"></span>tand<span class=\"_ _df\"> </span></span></span><span class=\"ff10\"><span class=\"ff4\"> </span></span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs5e8\">alone, <span class=\"_ _2\"></span>Puro <span class=\"_ _d\"></span>Rischio <span class=\"_ _2\"></span>e <span class=\"_ _d\"></span>Multiramo. <span class=\"_ _2\"></span>Fermo <span class=\"_ _d\"></span>restando <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>necessit\u00e0 <span class=\"_ _d\"></span>di <span class=\"_ _2\"></span>suddividere <span class=\"_ _2\"></span>i <span class=\"_ _d\"></span>portafogli<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 lse ws0 gs5e9\">ex<span class=\"ls0\">-<span class=\"ff5\">IFRS 17 per p<span class=\"_ _1\"></span>rofittabilit\u00e0 attesa e<span class=\"_ _1\"></span> l\u2019esercizio <span class=\"_ _1\"></span>dell\u2019opzione di car<span class=\"ff4\">ve out d<span class=\"_ _1\"></span>i cui <span class=\"_ _1\"></span>sopra, sono<span class=\"_ _df\"> </span></span></span></span><span class=\"ls0\"><span class=\"ff5\"><span class=\"ff4\"> </span></span></span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs5ea\">identificabili macro portafogli separati per Gestione Separata 1, Gestioni Separate 2 e <span class=\"_ _2\"></span>per<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs5eb\">le <span class=\"_ _d\"></span>Specifiche <span class=\"_ _d\"></span>Provviste <span class=\"_ _0\"></span>collocate <span class=\"_ _d\"></span>durante <span class=\"_ _d\"></span>il <span class=\"_ _0\"></span>2023. <span class=\"_ _d\"></span>Inoltre <span class=\"_ _d\"></span>il <span class=\"_ _d\"></span>prodotto <span class=\"_ _0\"></span>Risparmio <span class=\"_ _d\"></span>Protetto,<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs5ec\">avente <span class=\"_ _2\"></span>come <span class=\"_ _d\"></span>sottostant<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>sia <span class=\"_ _d\"></span>la <span class=\"_ _2\"></span>Gestione <span class=\"_ _d\"></span>Separat<span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>2 <span class=\"_ _d\"></span>che <span class=\"_ _d\"></span>la <span class=\"_ _d\"></span>Gestione <span class=\"_ _2\"></span>Separata <span class=\"_ _d\"></span>3 <span class=\"_ _d\"></span>\u00e8 <span class=\"_ _2\"></span>st<span class=\"_ _2\"></span>ata<span class=\"_ _df\"> </span><span class=\"_ _1\"></span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs5ed\">identificato un macro portafoglio a s\u00e9 stante;<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff12 fs1 fc1 sc0 ls0 ws0 gs5ee\">o<span class=\"ff10\"> <span class=\"_ _5\"> </span><span class=\"ff4\">Per i prodott<span class=\"_ _2\"></span>i Multiramo sia la componente di Ramo I che la componente di Ramo III sono<span class=\"_ _df\"> </span></span></span><span class=\"ff10\"><span class=\"ff4\"> </span></span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs5ef\">soggette  alla <span class=\"_ _4\"> </span>valu<span class=\"_ _1\"></span>tazione <span class=\"_ _22\"> </span>cong<span class=\"_ _2\"></span>iunta  ex-IFRS17. <span class=\"_ _4\"> </span>Durante  il <span class=\"_ _22\"> </span>202<span class=\"_ _2\"></span>5  \u00e8 <span class=\"_ _4\"> </span>stata  finalizzata<span class=\"_ _2\"></span>  la<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs5f0\">creazione  e  collocamento  tramite  la  rete  d\u2019intermediazione  del  Gruppo  del  prodotto<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs5f1\">Multiramo <span class=\"_ _22\"> </span>Or<span class=\"_ _2\"></span>izzonte  by <span class=\"_ _4\"> </span>C<span class=\"_ _1\"></span>redemvita <span class=\"_ _4\"> </span>la  quale <span class=\"_ _22\"> </span>per <span class=\"_ _4\"> </span>la  componente <span class=\"_ _22\"> </span>di <span class=\"_ _4\"> </span>ramo <span class=\"_ _22\"> </span>I <span class=\"_ _4\"> </span>ha  come<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs5f2\">sottostante <span class=\"_ _d\"></span>una <span class=\"_ _d\"></span>nuova <span class=\"_ _d\"></span>gestione <span class=\"_ _d\"></span>separata <span class=\"_ _0\"></span>dedicata. <span class=\"_ _2\"></span>Pertanto <span class=\"_ _0\"></span>venendo <span class=\"_ _2\"></span>meno <span class=\"_ _d\"></span>il <span class=\"_ _0\"></span>principio<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs5f3\">della <span class=\"_ _4\"> </span>gestione <span class=\"_ _22\"> </span>u<span class=\"_ _2\"></span>nitaria <span class=\"_ _4\"> </span>con <span class=\"_ _4\"> </span>altri <span class=\"_ _4\"> </span>prodotti <span class=\"_ _4\"> </span>della  Com<span class=\"_ _2\"></span>pagnia  a<span class=\"_ _2\"></span>venti <span class=\"_ _4\"> </span>rischio <span class=\"_ _4\"> </span>simile, <span class=\"_ _22\"> </span>tal<span class=\"_ _2\"></span>e<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs5f4\">prodotto ha visto la necessit\u00e0 de<span class=\"_ _1\"></span>lla creazione di un portafoglio IFRS17 ded<span class=\"_ _1\"></span>icato, soggetto<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs5f5\">poi <span class=\"_ _9\"> </span>a  su<span class=\"_ _1\"></span>a <span class=\"_ _16\"> </span>volta <span class=\"_ _9\"> </span>alla <span class=\"_ _9\"> </span>segmentazione <span class=\"_ _9\"> </span>per  p<span class=\"_ _1\"></span>rofittabilit\u00e0 <span class=\"_ _16\"> </span>attesa. <span class=\"_ _9\"> </span>Tale <span class=\"_ _9\"> </span>marco  p<span class=\"_ _1\"></span>ortafogli<span class=\"_ _2\"></span>o <span class=\"_ _9\"> </span>si<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs5f6\">aggiunge <span class=\"_ _0\"></span>ai <span class=\"_ _9\"> </span>pre-esistenti <span class=\"_ _9\"> </span>macro <span class=\"_ _9\"> </span>port<span class=\"_ _2\"></span>afogli <span class=\"_ _0\"></span>inerenti <span class=\"_ _0\"></span>ai <span class=\"_ _9\"> </span>prodott<span class=\"_ _2\"></span>i <span class=\"_ _0\"></span>legati <span class=\"_ _9\"> </span>alle <span class=\"_ _9\"> </span>altre <span class=\"_ _9\"> </span>gestioni<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs5f7\">separate Gestione Separata 1. Gestione Se<span class=\"_ _1\"></span>parata 2 e Gestione Separata 3;<span class=\"_ _df\"> </span><span class=\"_ _2\"></span> </div><div class=\"t m0 h5 ff12 fs1 fc1 sc0 ls0 ws0 gs5f8\">o<span class=\"ff10\"> <span class=\"_ _5\"> </span><span class=\"ff4\">Per <span class=\"_ _2\"></span>i prodotti di <span class=\"_ _2\"></span>Puro Rischio non si <span class=\"_ _2\"></span>evid<span class=\"_ _1\"></span>enziano integrazioni r<span class=\"_ _2\"></span>ispetto agli anni prece<span class=\"_ _2\"></span>denti<span class=\"_ _df\"> </span></span></span><span class=\"ff10\"><span class=\"ff4\"> </span></span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs5f9\">rimanendo <span class=\"_ _d\"></span>i <span class=\"_ _0\"></span>prodotti <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>oggetto <span class=\"_ _d\"></span>class<span class=\"_ _2\"></span>ificati <span class=\"_ _d\"></span>all\u2019interno <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>1 <span class=\"_ _d\"></span>macro <span class=\"_ _0\"></span>portafoglio <span class=\"_ _d\"></span>valutato <span class=\"_ _0\"></span>al<span class=\"_ _df\"> </span><span class=\"_ _f\"></span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs5fa\">General Model;<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff12 fs1 fc1 sc0 ls0 ws0 gs5fb\">o<span class=\"ff10\"> <span class=\"_ _5\"> </span><span class=\"ff4\">Anche la <span class=\"_ _f\"></span>r<span class=\"_ _2\"></span>iassicurazione <span class=\"_ _f\"></span>ceduta \u00e8 <span class=\"_ _f\"></span>valutata interamente se<span class=\"_ _1\"></span>condo <span class=\"_ _f\"></span>IFRS 17 al <span class=\"_ _f\"></span>General <span class=\"_ _1\"></span>Model.<span class=\"_ _df\"> </span></span></span><span class=\"ff10\"><span class=\"ff4\"> </span></span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs5fc\">La <span class=\"_ _f\"></span>classificazione e<span class=\"_ _1\"></span> portafogliazione<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>dipende <span class=\"_ _1\"></span>da <span class=\"_ _f\"></span>t<span class=\"_ _2\"></span>rattato e <span class=\"_ _f\"></span>natura <span class=\"_ _f\"></span>e tipo <span class=\"_ _f\"></span>di <span class=\"_ _f\"></span>cont<span class=\"_ _2\"></span>ratto. <span class=\"_ _1\"></span>Sono<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs5fd\">pertanto  valutati  separatamente  i  trattati  di  riass<span class=\"_ _2\"></span>icurazioni  a  cope<span class=\"_ _1\"></span>rtura  delle  polizze<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs5fe\">relative <span class=\"_ _18\"> </span>a <span class=\"_ _19\"> </span>temporanea <span class=\"_ _18\"> </span>caso <span class=\"_ _18\"> </span>morte, <span class=\"_ _19\"> </span>cessione <span class=\"_ _18\"> </span>del <span class=\"_ _18\"> </span>quinto, <span class=\"_ _18\"> </span>credit <span class=\"_ _19\"> </span>protection <span class=\"_ _18\"> </span>e <span class=\"_ _18\"> </span>la<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs5ff\">riassicurazione legata al prodotto Orizzonte by Credemvita;<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff14 fs1 fc1 sc0 ls0 ws0 gs600\"><span class=\"ff10\"> <span class=\"_ _8\"> </span><span class=\"ff4\">Curva <span class=\"_ _2\"></span>di scont<span class=\"_ _2\"></span>o: il <span class=\"_ _2\"></span>Gruppo <span class=\"_ _2\"></span>ha deciso di <span class=\"_ _2\"></span>utilizzare un <span class=\"_ _2\"></span>approccio Bot<span class=\"_ _2\"></span>tom-<span class=\"ff5\">Up, che <span class=\"_ _2\"></span>prevede l\u2019utilizzo <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>tassi<span class=\"_ _df\"> </span></span></span></span><span class=\"ff10\"><span class=\"ff4\"><span class=\"ff5\"> </span></span></span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs601\">privi d<span class=\"_ _1\"></span>i rischio con l<span class=\"_ _1\"></span>\u2019aggiunta di un premio <span class=\"_ _1\"></span>di liquidit\u00e0. <span class=\"_ _1\"></span>Tale premio di li<span class=\"_ _1\"></span>quidit\u00e0 viene stimato sulla <span class=\"_ _1\"></span>base del<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs602\">rischio insito all\u2019interno <span class=\"ff4\">del portafoglio titoli, calcolato:<span class=\"_ _df\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m0 h5 ff12 fs1 fc1 sc0 ls0 ws0 gs603\">o<span class=\"ff10\"> <span class=\"_ _2f\"> </span><span class=\"ff4\">per singol<span class=\"_ _1\"></span>a Gestione Sep<span class=\"_ _1\"></span>arata quale base<span class=\"_ _1\"></span> di determinazione d<span class=\"_ _1\"></span>ella curva di <span class=\"_ _1\"></span>sconto dei portafogli I<span class=\"_ _f\"></span>FRS<span class=\"_ _df\"> </span></span></span><span class=\"ff10\"><span class=\"ff4\"> </span></span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs604\">17 legati a prodotti di Ramo I e Multiramo;<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff12 fs1 fc1 sc0 ls0 ws0 gs605\">o<span class=\"ff10\"> <span class=\"_ _2f\"> </span><span class=\"ff4\">per portafoglio <span class=\"_ _2\"></span>libero <span class=\"_ _2\"></span>quale sottost<span class=\"_ _2\"></span>ante di <span class=\"_ _2\"></span>determinazione della <span class=\"_ _2\"></span>curva <span class=\"_ _2\"></span>di sc<span class=\"_ _2\"></span>onto <span class=\"_ _2\"></span>dei pro<span class=\"_ _2\"></span>dotti di <span class=\"_ _2\"></span>puro<span class=\"_ _df\"> </span></span></span><span class=\"ff10\"><span class=\"ff4\"> </span></span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs606\">rischio e business cedu<span class=\"_ _1\"></span>to;<span class=\"_ _df\"> </span><span class=\"_ _2\"></span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs607\">In conformit\u00e0 a quanto enunciato dal principio IFRS 17, di seguito s<span class=\"_ _2\"></span>i riepilog<span class=\"_ _1\"></span>ano i tassi di sconto<span class=\"_ _2\"></span>, sud<span class=\"_ _1\"></span>divisi<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs608\">per <span class=\"_ _2\"></span>tipologia <span class=\"_ _2\"></span>di mo<span class=\"_ _2\"></span>dell<span class=\"_ _1\"></span>o <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>valutazione <span class=\"_ _2\"></span>IFRS 17<span class=\"_ _2\"></span>, <span class=\"_ _2\"></span>sottostanti <span class=\"_ _2\"></span>le valutazioni <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>31.12.2025. <span class=\"_ _2\"></span>S<span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>evidenzia <span class=\"_ _2\"></span>come<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs609\">la curva r<span class=\"_ _2\"></span>iportata \u00e8 <span class=\"_ _2\"></span>data dalla media ponderata <span class=\"_ _2\"></span>delle curve sott<span class=\"_ _2\"></span>ostanti ogni portafoglio IFRS <span class=\"_ _2\"></span>17 relativo <span class=\"_ _2\"></span>al<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs60a\">business diretto. </div><div class=\"gs60c\"><table class=\"s w95d h496\" id=\"_45577700-ee0d-45d5-9cbb-13d3f785c1fd\"><tr><td class=\"c x2d6 y2550 w95e h497\"><div class=\"t m0 x250 h5 y254f ff4 fs1 fc1 sc0 ls0 ws0\">Classificazione portafogli<span class=\"_ _df\"> </span></div></td><td></td><td></td><td class=\"c x2d7 y2551 w2d4 h221\"><div class=\"t m0 x161 h5 y35e ff4 fs1 fc1 sc0 ls0 ws0\">Curva al 31.12.2025 </div></td><td></td><td></td><td></td></tr><tr><td class=\"c x2d8 y2552 w95f h497\"><div class=\"t m0 x250 h5 y254f ff4 fs1 fc1 sc0 ls0 ws0\">IFRS 17<span class=\"_ _df\"> </span></div></td><td class=\"c x2d7 y2553 w2d5 h69\"><div class=\"t m0 x116 h5 y392 ff4 fs1 fc1 sc0 ls0 ws0\">1 anno </div></td><td class=\"c x2d9 y2553 waf h69\"><div class=\"t m0 x2e h5 y392 ff4 fs1 fc1 sc0 ls0 ws0\">5 anni </div></td><td class=\"c x2da y2553 w2d6 h69\"><div class=\"t m0 x116 h5 y392 ff4 fs1 fc1 sc0 ls0 ws0\">10 anni </div></td><td class=\"c x2db y2553 w2d7 h69\"><div class=\"t m0 x2f h5 y392 ff4 fs1 fc1 sc0 ls0 ws0\">15 anni </div></td><td class=\"c x2dc y2553 w2d8 h69\"><div class=\"t m0 x8e h5 y392 ff4 fs1 fc1 sc0 ls0 ws0\">20 anni </div></td><td class=\"c x2dd y2553 wab h69\"><div class=\"t m0 x8e h5 y2ea ff4 fs1 fc1 sc0 ls0 ws0\">30 anni </div></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td class=\"c x2dd y2554 wab h222\"><div class=\"t m0 x16a h5 yab9 ff4 fs1 fc1 sc0 ls0 ws0\">3,62% </div></td></tr><tr><td class=\"c x2de y2554 w2d3 h222\"><div class=\"t m0 x10 h5 y45 ff4 fs1 fc1 sc0 ls0 ws0\">Variable Fee Approach <span class=\"ff5\">\u2013</span> VFA </div></td><td class=\"c x2d7 y2554 w2d5 h222\"><div class=\"t m0 x2a h5 y45 ff4 fs1 fc1 sc0 ls0 ws0\">2,41% </div></td><td class=\"c x2d9 y2554 waf h222\"><div class=\"t m0 x2e h5 y45 ff4 fs1 fc1 sc0 ls0 ws0\">2,81% </div></td><td class=\"c x2da y2554 w2d6 h222\"><div class=\"t m0 x2e h5 y45 ff4 fs1 fc1 sc0 ls0 ws0\">3,19% </div></td><td class=\"c x2db y2554 w2d7 h222\"><div class=\"t m0 x16a h5 y45 ff4 fs1 fc1 sc0 ls0 ws0\">3,44% </div></td><td class=\"c x2dc y2554 w2d8 h222\"><div class=\"t m0 x16a h5 y45 ff4 fs1 fc1 sc0 ls0 ws0\">3,54% </div></td><td></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td class=\"c x2dd y2555 wab hf6\"><div class=\"t m0 x16a h5 yab9 ff4 fs1 fc1 sc0 ls0 ws0\">3,50% </div></td></tr><tr><td class=\"c x2de y2555 w2d3 hf6\"><div class=\"t m0 x10 h5 y45 ff4 fs1 fc1 sc0 ls0 ws0\">General Model <span class=\"ff5\">\u2013</span> <span class=\"ls1\">GM</span> </div></td><td class=\"c x2d7 y2555 w2d5 hf6\"><div class=\"t m0 x116 h5 y45 ff4 fs1 fc1 sc0 ls0 ws0\">2,29% </div></td><td class=\"c x2d9 y2555 waf hf6\"><div class=\"t m0 x2e h5 y45 ff4 fs1 fc1 sc0 ls0 ws0\">2,70% </div></td><td class=\"c x2da y2555 w2d6 hf6\"><div class=\"t m0 x2a h5 y45 ff4 fs1 fc1 sc0 ls0 ws0\">3,08% </div></td><td class=\"c x2db y2555 w2d7 hf6\"><div class=\"t m0 x16a h5 y45 ff4 fs1 fc1 sc0 ls0 ws0\">3,33% </div></td><td class=\"c x2dc y2555 w2d8 hf6\"><div class=\"t m0 x16a h5 y45 ff4 fs1 fc1 sc0 ls0 ws0\">3,43% </div></td><td></td></tr></table></div><div class=\"t m0 h5 ff14 fs1 fc1 sc0 ls0 ws0 gs60d\"><span class=\"_ _27\"> </span><span class=\"ff4\">Risk <span class=\"_ _d\"></span>adjustment: <span class=\"_ _d\"></span>viene <span class=\"_ _d\"></span>determi<span class=\"_ _2\"></span>nato <span class=\"_ _d\"></span>utilizzando <span class=\"_ _d\"></span>una <span class=\"_ _d\"></span>metodologia <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>tipo <span class=\"_ _d\"></span>Value <span class=\"_ _d\"></span>at <span class=\"_ _d\"></span>Risk <span class=\"_ _d\"></span>(VaR) <span class=\"_ _d\"></span>che <span class=\"_ _d\"></span>st<span class=\"_ _2\"></span>ima<span class=\"_ _df\"> </span></span><span class=\"ff4\"><span class=\"_ _f\"></span> </span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs60e\">l\u2019incertezza  dei <span class=\"_ _4\"> </span>rischi <span class=\"_ _22\"> </span>non <span class=\"_ _4\"> </span>finanziari <span class=\"_ _4\"> </span><span class=\"ff4\">sulla  base <span class=\"_ _4\"> </span>del  80\u00b0 <span class=\"_ _4\"> </span>percentile  della <span class=\"_ _4\"> </span>distribuzi<span class=\"_ _1\"></span>one <span class=\"_ _22\"> </span>di <span class=\"_ _4\"> </span>probabilit\u00e0<span class=\"_ _df\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs60f\">aggregata dei rischi tecnici insiti nel portafoglio.<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff14 fs1 fc1 sc0 ls0 ws0 gs610\"><span class=\"_ _27\"> </span><span class=\"ff4\">Variable  Fee <span class=\"_ _4\"> </span>App<span class=\"_ _1\"></span>roach <span class=\"_ _22\"> </span>(VFA): <span class=\"_ _4\"> </span>come  evidenziato  in  precedenza, <span class=\"_ _4\"> </span>il  VFA  \u00e8 <span class=\"_ _4\"> </span>un  modell<span class=\"_ _1\"></span>o <span class=\"_ _22\"> </span>previsto <span class=\"_ _4\"> </span>dallo<span class=\"_ _df\"> </span></span><span class=\"ff4\"><span class=\"_ _f\"></span> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs611\">Standard <span class=\"_ _d\"></span>obbligatorio <span class=\"_ _d\"></span>per <span class=\"_ _d\"></span>i <span class=\"_ _d\"></span>contratti <span class=\"_ _d\"></span>che <span class=\"_ _0\"></span>prevedono <span class=\"_ _d\"></span>una <span class=\"_ _d\"></span>significativa <span class=\"_ _d\"></span>partecipazione <span class=\"_ _d\"></span>discrezionale <span class=\"_ _d\"></span>agli<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs612\">utili <span class=\"_ _9\"> </span>finanziari <span class=\"_ _9\"> </span>da <span class=\"_ _9\"> </span>parte <span class=\"_ _9\"> </span>dell\u2019assicurato. <span class=\"_ _9\"> </span>Per <span class=\"_ _9\"> </span>determinare <span class=\"_ _9\"> </span>s<span class=\"_ _2\"></span>e <span class=\"_ _0\"> </span>la <span class=\"_ _16\"> </span>partecip<span class=\"_ _1\"></span>azione <span class=\"_ _9\"> </span>discrezionale <span class=\"_ _9\"> </span>agli <span class=\"_ _16\"> </span>utili <span class=\"_ _0\"></span>\u00e8<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs613\">significativa, <span class=\"_ _0\"></span>viene <span class=\"_ _9\"> </span>eseguito <span class=\"_ _9\"> </span>un <span class=\"_ _9\"> </span>test <span class=\"_ _9\"> </span>sia <span class=\"_ _9\"> </span>di <span class=\"_ _0\"> </span>nat<span class=\"_ _2\"></span>ura <span class=\"_ _0\"></span>qualitativa <span class=\"_ _0\"></span>che <span class=\"_ _9\"> </span>quantitativa <span class=\"_ _9\"> </span>per <span class=\"_ _9\"> </span>ve<span class=\"_ _2\"></span>rificare <span class=\"_ _0\"></span>i <span class=\"_ _9\"> </span>requisiti<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs614\">previsti. <span class=\"_ _0\"></span>Nell\u2019ambito <span class=\"_ _9\"> </span>dei <span class=\"_ _0\"></span>prodot<span class=\"_ _2\"></span>ti <span class=\"_ _0\"></span>di <span class=\"_ _9\"> </span>Credemvita <span class=\"_ _9\"> </span>vengono <span class=\"_ _0\"></span>misur<span class=\"_ _2\"></span>ati <span class=\"_ _0\"></span>con <span class=\"_ _9\"> </span>il <span class=\"_ _9\"> </span>Variable <span class=\"_ _0\"></span>Fee <span class=\"_ _9\"> </span>Approach <span class=\"_ _9\"> </span>tutti <span class=\"_ _9\"> </span>i<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs615\">contratti collegati ad una Gestione Se<span class=\"_ _1\"></span>parata, sia individuali che di tipo Multiramo.<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff14 fs1 fc1 sc0 ls0 ws0 gs616\"><span class=\"_ _27\"> </span><span class=\"ff4\">Coverage Unit: <span class=\"_ _2\"></span>le Coverage U<span class=\"_ _2\"></span>nit rappresentano i<span class=\"_ _2\"></span>l driver con <span class=\"_ _2\"></span>il quale viene determinato<span class=\"_ _2\"></span> il rilascio del CS<span class=\"_ _2\"></span>M<span class=\"_ _df\"> </span></span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs617\">a conto economico, tenendo in considerazione la quantit\u00e0 di serv<span class=\"_ _1\"></span>izi assicurativi e finanziari.<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff14 fs1 fc1 sc0 ls0 ws0 gs618\"><span class=\"_ _27\"> </span><span class=\"ff5\">Contr<span class=\"_ _2\"></span>act <span class=\"_ _9\"> </span>Boundaries: <span class=\"_ _16\"> </span>si <span class=\"_ _16\"> </span>intende <span class=\"_ _9\"> </span>l\u2019insieme  delle<span class=\"_ _1\"></span>  reg<span class=\"_ _1\"></span>ole  ch<span class=\"_ _1\"></span>e <span class=\"_ _16\"> </span>definisce <span class=\"_ _16\"> </span>in <span class=\"_ _9\"> </span>ch<span class=\"_ _2\"></span>e <span class=\"_ _9\"> </span>misura  una <span class=\"_ _9\"> </span>deter<span class=\"_ _2\"></span>minata<span class=\"_ _df\"> </span></span><span class=\"ff5\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls1 ws0 gs619\">op<span class=\"ff5 ls0\">zione rientri all\u2019interno <span class=\"_ _2\"></span>della pr<span class=\"_ _2\"></span>oiezione<span class=\"_ _1\"></span> d<span class=\"_ _2\"></span>ei flussi di <span class=\"_ _2\"></span>cassa di <span class=\"_ _2\"></span>un contratto<span class=\"_ _2\"></span> assicurativo.<span class=\"_ _2\"></span><span class=\"ff4\"> Il paragr<span class=\"_ _2\"></span>afo 34<span class=\"_ _df\"> </span></span></span><span class=\"ff5 ls0\"><span class=\"ff4\"> </span></span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs61a\">dello <span class=\"_ _4\"> </span>Standard, <span class=\"_ _4\"> </span>a <span class=\"_ _4\"> </span>tal <span class=\"_ _17\"> </span>proposito, <span class=\"_ _4\"> </span>stabilisce <span class=\"_ _4\"> </span>che <span class=\"_ _4\"> </span>i <span class=\"_ _4\"> </span>fl<span class=\"_ _2\"></span>ussi <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>cassa <span class=\"_ _4\"> </span>rientrano <span class=\"_ _17\"> </span>all\u2019interno <span class=\"_ _4\"> </span>del <span class=\"_ _4\"> </span>\u201cContract<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs61b\">Boundary\u201d <span class=\"_ _2\"></span>di un <span class=\"_ _2\"></span>contratto <span class=\"_ _2\"></span>assicurativo s<span class=\"_ _2\"></span>e der<span class=\"_ _2\"></span><span class=\"ff4\">ivano <span class=\"_ _2\"></span>da diritti <span class=\"_ _2\"></span>ed <span class=\"_ _2\"></span>obblighi che <span class=\"_ _2\"></span>esistono <span class=\"_ _2\"></span>durante <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>periodo<span class=\"_ _df\"> </span></span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs61c\">di reporting <span class=\"_ _1\"></span>in cui <span class=\"_ _1\"></span>la Compagnia <span class=\"_ _1\"></span>ha diritto a <span class=\"_ _f\"></span>ricevere dall\u2019assicurato i premi <span class=\"_ _f\"></span>o ha l\u2019obbligo <span class=\"_ _1\"></span>di fornire servizi<span class=\"_ _df\"> </span><span class=\"_ _1\"></span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs61d\">legati al contratto assicurativo s<span class=\"_ _f\"></span>t<span class=\"_ _2\"></span>esso. <span class=\"ff5\">L\u2019obbligo di fornire servizi legati al co</span>ntratto assicurativo te<span class=\"_ _1\"></span>rmina<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs61e\">pertanto nel m<span class=\"_ _f\"></span>o<span class=\"_ _2\"></span>mento <span class=\"_ _1\"></span>in cui <span class=\"_ _1\"></span>la Comp<span class=\"_ _1\"></span>agnia si trova<span class=\"_ _f\"></span> nelle condizioni <span class=\"_ _1\"></span>di de<span class=\"_ _1\"></span>finire nuov<span class=\"_ _1\"></span>amente un prezzo <span class=\"_ _1\"></span>per<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs61f\">i rischi coperti dal contratto assicu<span class=\"_ _1\"></span>rativo e/o ridefinire le coperture tali da riflettere pienamente i rischi.<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff14 fs1 fc1 sc0 ls0 ws0 gs620\"><span class=\"_ _27\"> </span><span class=\"ff4\">Quantificazione <span class=\"_ _9\"> </span>del <span class=\"_ _9\"> </span>CSM <span class=\"_ _9\"> </span>IFRS <span class=\"_ _0\"></span>1<span class=\"_ _2\"></span>7 <span class=\"_ _9\"> </span>per <span class=\"_ _0\"> </span>il <span class=\"_ _9\"> </span>Bilancio <span class=\"_ _9\"> </span>Consolidato: <span class=\"_ _9\"> </span>la <span class=\"_ _9\"> </span>gestione <span class=\"_ _0\"></span>d<span class=\"_ _2\"></span>elle <span class=\"_ _0\"></span>transa<span class=\"_ _2\"></span>zioni <span class=\"_ _0\"></span>infragruppo<span class=\"_ _df\"> </span></span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs621\">comporta  la  necessit\u00e0,  per  la  qu<span class=\"_ _1\"></span>antificazione  dei  flussi  di  cassa,  di  \u201csostituire\u201d  i  costi  infragrupp<span class=\"_ _1\"></span>o<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs622\">proiettati <span class=\"_ _9\"> </span>da <span class=\"_ _9\"> </span>Credemvita <span class=\"_ _9\"> </span>nella <span class=\"_ _16\"> </span>stima <span class=\"_ _9\"> </span>della <span class=\"_ _9\"> </span>propria <span class=\"_ _9\"> </span>situazione<span class=\"_ _2\"></span> <span class=\"_ _9\"> </span><span class=\"ff5\">contabile <span class=\"_ _9\"> </span>\u201cstand <span class=\"_ _16\"> </span>alone\u201d <span class=\"_ _0\"> </span>(tipicamente <span class=\"_ _9\"> </span>le<span class=\"_ _df\"> </span></span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs623\">provvigioni <span class=\"_ _2\"></span>pagate al<span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>rete <span class=\"_ _2\"></span>distributiva <span class=\"_ _2\"></span>bancaria) <span class=\"_ _2\"></span>con <span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>costi <span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>eali s<span class=\"_ _2\"></span>ostenuti dal <span class=\"_ _2\"></span>Gruppo <span class=\"_ _2\"></span>verso <span class=\"_ _d\"></span>economie<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs624\">terze. <span class=\"_ _9\"> </span>Tale <span class=\"_ _16\"> </span>operazione <span class=\"_ _9\"> </span>comporta <span class=\"_ _9\"> </span>la <span class=\"_ _16\"> </span>rilevazi<span class=\"_ _1\"></span>one <span class=\"_ _9\"> </span>di <span class=\"_ _16\"> </span>un <span class=\"_ _9\"> </span>profitto <span class=\"_ _16\"> </span>atteso <span class=\"_ _9\"> </span>(CSM) <span class=\"_ _9\"> </span>differente <span class=\"_ _9\"> </span>tra  C<span class=\"_ _f\"></span>r<span class=\"_ _2\"></span>edemv<span class=\"_ _1\"></span>ita<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs625\">\u201cstand alone\u201d e<span class=\"_ _1\"></span> il <span class=\"_ _f\"></span>G<span class=\"_ _2\"></span>ruppo <span class=\"_ _1\"></span>nel suo<span class=\"_ _1\"></span> insieme <span class=\"_ _1\"></span>per la misura<span class=\"_ _1\"></span> di <span class=\"_ _f\"></span>t<span class=\"_ _2\"></span>ale d<span class=\"_ _1\"></span>elta costi d<span class=\"_ _1\"></span>i cui <span class=\"_ _1\"></span>sopra. La<span class=\"_ _1\"></span> stessa <span class=\"_ _1\"></span>ESMA gi\u00e0<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs626\">nella <span class=\"_ _d\"></span>comunicazione <span class=\"_ _0\"></span>annuale <span class=\"_ _d\"></span>2023 <span class=\"_ _0\"></span>sulle <span class=\"_ _d\"></span>priorit\u00e0 <span class=\"_ _0\"></span>dei <span class=\"_ _d\"></span>bilanci <span class=\"_ _0\"></span>ha <span class=\"_ _d\"></span>evidenziato <span class=\"_ _0\"></span>l\u2019importanza <span class=\"_ _d\"></span>di <span class=\"_ _0\"></span>applicare <span class=\"_ _d\"></span>in<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs627\">modo  consistente  i  requisiti  di  consolidamento  ai  s<span class=\"ff5\">ensi  dell\u2019IFRS  10  al  fine  di  garantire  la  corretta<span class=\"_ _df\"> </span></span><span class=\"ff5\"> </span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs628\">applicazione <span class=\"_ _d\"></span>dell\u2019IFRS <span class=\"_ _d\"></span>17 <span class=\"_ _0\"></span>nel <span class=\"_ _d\"></span>bilancio <span class=\"_ _0\"></span>consolidato. <span class=\"_ _d\"></span>Nello <span class=\"_ _0\"></span>specifico, <span class=\"_ _d\"></span>ESMA <span class=\"_ _d\"></span>segnala <span class=\"_ _0\"></span>che <span class=\"_ _d\"></span>nel <span class=\"_ _0\"></span>caso <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>cui <span class=\"_ _0\"></span>le<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs629\">banche <span class=\"_ _2\"></span>del <span class=\"_ _d\"></span>gruppo <span class=\"_ _d\"></span>distribuiscano <span class=\"_ _d\"></span>i <span class=\"_ _2\"></span>prodott<span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>assicurativi, <span class=\"_ _d\"></span>il <span class=\"_ _2\"></span>CSM <span class=\"_ _d\"></span>a <span class=\"_ _d\"></span>livello <span class=\"_ _2\"></span>consolidato <span class=\"_ _d\"></span>spesso <span class=\"_ _d\"></span>differ<span class=\"_ _2\"></span>ir\u00e0 <span class=\"_ _d\"></span>da<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs62a\">quello assicurativ<span class=\"ls1\">o.<span class=\"_ _df\"> </span></span> </div><div class=\"t m0 h5 ff4 fs1 fc4 sc3 ls0 ws0 gs62b\">Princip<span class=\"_ _1\"></span>ali <span class=\"_ _1\"></span>differe<span class=\"_ _f\"></span>nze tra <span class=\"_ _f\"></span>il framew<span class=\"_ _f\"></span>ork IFRS <span class=\"_ _1\"></span>17 e<span class=\"_ _1\"></span> Solv<span class=\"_ _1\"></span>ency I<span class=\"_ _1\"></span>I<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs62c\">Le <span class=\"_ _9\"> </span>principali <span class=\"_ _16\"> </span>differenze <span class=\"_ _9\"> </span>tr<span class=\"_ _2\"></span>a <span class=\"_ _9\"> </span>lo <span class=\"_ _16\"> </span>Standard <span class=\"_ _9\"> </span>IFRS <span class=\"_ _9\"> </span>17  e <span class=\"_ _9\"> </span>Solvency <span class=\"_ _9\"> </span>II<span class=\"_ _2\"></span><span class=\"sc2\"> <span class=\"_ _16\"> </span></span>in <span class=\"_ _9\"> </span>relazione <span class=\"_ _9\"> </span>alla  valu<span class=\"_ _f\"></span>t<span class=\"_ _2\"></span>azione <span class=\"_ _9\"> </span>delle  p<span class=\"_ _1\"></span>assivit\u00e0<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs62d\">assicurative  sono<span class=\"_ _1\"></span>  prima<span class=\"_ _1\"></span>riamente  le<span class=\"_ _1\"></span>gate  all\u2019<span class=\"_ _1\"></span>identificazio<span class=\"ff4\">ne  dei  Cont<span class=\"_ _1\"></span>ract  Bound<span class=\"_ _f\"></span>ar<span class=\"_ _2\"></span>ies, <span class=\"_ _16\"> </span>alla  d<span class=\"_ _f\"></span>eterminazione<span class=\"_ _df\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs62e\">della curva <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>sconto <span class=\"_ _d\"></span>e alla <span class=\"_ _2\"></span>modalit\u00e0 <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>calcolo <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>Margine di <span class=\"_ _2\"></span>Prudenza <span class=\"_ _2\"></span>(rispettivamente <span class=\"_ _2\"></span>Risk <span class=\"_ _2\"></span>Adju<span class=\"_ _1\"></span>stment <span class=\"_ _2\"></span>o<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs62f\">Risk Margin).  </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs630\">In particolare:<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff14 fs1 fc1 sc0 ls0 ws0 gs631\"><span class=\"_ _33\"> </span><span class=\"ff4\">per <span class=\"_ _e\"> </span>quanto <span class=\"_ _e\"> </span>riguarda <span class=\"_ _e\"> </span>i <span class=\"_ _e\"> </span>Contract <span class=\"_ _e\"> </span>Boundaries, <span class=\"_ _15\"> </span>le <span class=\"_ _e\"> </span>principali <span class=\"_ _e\"> </span>differenze <span class=\"_ _10\"> </span>riguardano <span class=\"_ _e\"> </span>sia <span class=\"_ _e\"> </span>la <span class=\"_ _e\"> </span>logica <span class=\"_ _e\"> </span>di<span class=\"_ _df\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs632\">determinazione <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>la <span class=\"_ _d\"></span>periodici<span class=\"_ _1\"></span>t\u00e0 <span class=\"_ _d\"></span>della <span class=\"_ _2\"></span>valutazione. <span class=\"_ _2\"></span>In <span class=\"_ _2\"></span>Solvency <span class=\"_ _2\"></span>I<span class=\"_ _2\"></span>I <span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>Contract <span class=\"_ _2\"></span>Boundaries <span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>ono <span class=\"_ _2\"></span>basati <span class=\"_ _2\"></span>su<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs633\">una <span class=\"_ _1\"></span>logica <span class=\"_ _1\"></span>di rischi<span class=\"_ _1\"></span>o pe<span class=\"_ _1\"></span>r la <span class=\"_ _f\"></span>compagnia <span class=\"_ _1\"></span>e sono<span class=\"_ _f\"></span> determinati a<span class=\"_ _f\"></span> ciascuna <span class=\"_ _1\"></span>data di <span class=\"_ _f\"></span>valutazione; <span class=\"_ _1\"></span>in <span class=\"_ _1\"></span>IFRS 1<span class=\"_ _f\"></span>7<span class=\"_ _2\"></span> <span class=\"_ _1\"></span>invece<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs634\">sulla possibilit\u00e0 di re-<span class=\"ff5\">pricing da parte della Compagni<span class=\"_ _1\"></span>a e sono determinati all\u2019emissione dei contratti;<span class=\"_ _df\"> </span></span></div><div class=\"t m0 h5 ff14 fs1 fc1 sc0 ls0 ws0 gs635\"><span class=\"_ _33\"> </span><span class=\"ff4\">con riferimento alle curve di <span class=\"_ _2\"></span>sconto, la principale differenza riguarda la mo<span class=\"_ _2\"></span>dalit\u00e0 e la granularit\u00e0 con cui<span class=\"_ _df\"> </span></span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs636\">la stessa viene calcolata; in particolare, per Solvency <span class=\"_ _2\"></span>II esiste un'<span class=\"_ _2\"></span>unica curva di sconto composta da una<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs637\">curva base <span class=\"_ _1\"></span>priva di <span class=\"_ _1\"></span>rischio pi\u00f9 <span class=\"_ _1\"></span>un premio di li<span class=\"_ _1\"></span>quidit\u00e0 (Volatili<span class=\"_ _1\"></span>ty Adjustment), defi<span class=\"_ _1\"></span>nito dall\u2019Autorit\u00e0 europea<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs638\">delle  assicurazioni <span class=\"_ _16\"> </span>e  delle  pensioni  aziend<span class=\"_ _1\"></span>ali  o  professionali  (EIOPA)  sul<span class=\"_ _1\"></span>la  base  di  un  p<span class=\"_ _1\"></span>ortaf<span class=\"_ _2\"></span>oglio  di<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs639\">riferimento medio di <span class=\"_ _2\"></span>mercato. Nel Fr<span class=\"_ _2\"></span>amework IFRS 17 <span class=\"_ _2\"></span>invece \u00e8 pos<span class=\"_ _2\"></span>sibile<span class=\"_ _1\"></span> calcolare <span class=\"_ _2\"></span>le curve <span class=\"_ _2\"></span>di sconto <span class=\"_ _2\"></span>per<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs63a\">ogni <span class=\"_ _14\"> </span>portafoglio <span class=\"_ _14\"> </span>identificato <span class=\"_ _14\"> </span>sulla <span class=\"_ _14\"> </span>base <span class=\"_ _15\"> </span>degli <span class=\"_ _14\"> </span>specifici <span class=\"_ _14\"> </span>pool <span class=\"_ _14\"> </span>di <span class=\"_ _15\"> </span>attivi <span class=\"_ _14\"> </span>di <span class=\"_ _14\"> </span>r<span class=\"_ _2\"></span>iferimento<span class=\"_ _1\"></span> <span class=\"_ _14\"> </span>detenuti <span class=\"_ _15\"> </span>dalla<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs63b\">Compagnia;<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff14 fs1 fc1 sc0 ls0 ws0 gs63c\"><span class=\"_ _27\"> </span><span class=\"ff4\">per <span class=\"_ _2\"></span>il Margine di Prudenza la <span class=\"_ _2\"></span>differenza tra <span class=\"_ _2\"></span>Risk Margin e Risk <span class=\"_ _2\"></span>Adju<span class=\"_ _1\"></span>stment <span class=\"_ _2\"></span>\u00e8 dovuta sia ad <span class=\"_ _2\"></span>una differente<span class=\"_ _df\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs63d\">metodologia <span class=\"_ _9\"> </span>di <span class=\"_ _16\"> </span>calcolo <span class=\"_ _9\"> </span>che <span class=\"_ _9\"> </span>ad <span class=\"_ _9\"> </span>un <span class=\"_ _16\"> </span>dive<span class=\"_ _1\"></span>rso <span class=\"_ _16\"> </span>perimetro <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>r<span class=\"_ _2\"></span>ischi<span class=\"_ _1\"></span> <span class=\"_ _16\"> </span>identificati. <span class=\"_ _9\"> </span>Il <span class=\"_ _9\"> </span>Risk <span class=\"_ _16\"> </span>Margin <span class=\"_ _9\"> </span>Solvency <span class=\"_ _9\"> </span>II <span class=\"_ _16\"> </span>\u00e8<span class=\"_ _df\"> </span><span class=\"_ _1\"></span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs63e\">calcolato <span class=\"_ _f\"></span>con una <span class=\"_ _f\"></span>metodologia <span class=\"_ _f\"></span>C<span class=\"_ _2\"></span>ost <span class=\"_ _1\"></span>of <span class=\"_ _1\"></span>Capital, <span class=\"_ _f\"></span>applicata <span class=\"_ _1\"></span>al <span class=\"_ _f\"></span>r<span class=\"_ _2\"></span>equ<span class=\"_ _1\"></span>isito di <span class=\"_ _f\"></span>Capitale della <span class=\"_ _f\"></span>Compagnia <span class=\"_ _1\"></span>valutato<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs640\">con <span class=\"_ _2\"></span>un <span class=\"_ _2\"></span>percentile <span class=\"_ _d\"></span>al <span class=\"_ _2\"></span>99,5%, <span class=\"_ _d\"></span>considerando <span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>ischi <span class=\"_ _2\"></span>tecnici, <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>ischio <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>cr<span class=\"_ _2\"></span>edito <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>ischio <span class=\"_ _2\"></span>operativo; <span class=\"_ _2\"></span>per <span class=\"_ _d\"></span>il<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs641\">Risk  Adjustment  IFRS  17  il  Principio  non  prevede  una  metodologia  standard  ma  esclusivamente  la<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs642\">determinazione  dello <span class=\"_ _4\"> </span>stesso  sulla  base <span class=\"_ _4\"> </span>di  specifici <span class=\"_ _4\"> </span>rischi  non <span class=\"_ _4\"> </span>finanzi<span class=\"_ _1\"></span>ari, <span class=\"_ _4\"> </span>valu<span class=\"_ _1\"></span>tando  i<span class=\"_ _2\"></span>l  rischio <span class=\"_ _4\"> </span>ad  un<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs643\">determinato grado di confidenza prefissato dalla Compag<span class=\"_ _1\"></span>nia. <span class=\"_ _2\"></span> </div><div class=\"t m0 h5 ff4 fs1 fc4 sc3 ls0 ws0 gs370\">IFRS <span class=\"_ _1\"></span>9 Stru<span class=\"_ _1\"></span>ment<span class=\"_ _f\"></span>i finanzi<span class=\"_ _1\"></span>ari<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs372\">Le <span class=\"_ _e\"> </span>Compagnie <span class=\"_ _e\"> </span>as<span class=\"_ _2\"></span>sicurative <span class=\"_ _e\"> </span>gi<span class=\"_ _2\"></span>\u00e0 <span class=\"_ _e\"> </span>in <span class=\"_ _10\"> </span>sede <span class=\"_ _e\"> </span>di <span class=\"_ _e\"> </span>t<span class=\"_ _2\"></span>ransition <span class=\"_ _e\"> </span>al <span class=\"_ _10\"> </span>nuovo <span class=\"_ _e\"> </span>Principio <span class=\"_ _10\"> </span>ha <span class=\"_ _e\"> </span>condott<span class=\"_ _2\"></span>o <span class=\"_ _10\"> </span>un <span class=\"_ _e\"> </span>progetto<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs373\">implementativo <span class=\"_ _2\"></span>volto <span class=\"_ _2\"></span>ad <span class=\"_ _2\"></span>approfondire <span class=\"_ _2\"></span>le <span class=\"_ _2\"></span>diverse <span class=\"_ _2\"></span>aree <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>influenza <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>principio <span class=\"_ _2\"></span>IFRS <span class=\"_ _2\"></span>9 <span class=\"_ _d\"></span>in <span class=\"_ _2\"></span>concomitanza <span class=\"_ _2\"></span>con<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs374\">quello IFRS<span class=\"_ _1\"></span>17 al fine <span class=\"_ _1\"></span>di de<span class=\"_ _1\"></span>finire i <span class=\"_ _1\"></span>suoi impatti quali<span class=\"_ _f\"></span>t<span class=\"_ _2\"></span>ativi e<span class=\"_ _1\"></span> quantitativi<span class=\"_ _1\"></span>, nonch\u00e9 ad <span class=\"_ _1\"></span>individuare <span class=\"_ _1\"></span>ed implementare<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs375\">gli <span class=\"_ _f\"></span>interventi <span class=\"_ _f\"></span>appli<span class=\"ff5\">cat<span class=\"_ _2\"></span>ivi <span class=\"_ _f\"></span>ed <span class=\"_ _f\"></span>organizzativi <span class=\"_ _1\"></span>necessari. <span class=\"_ _f\"></span>In <span class=\"_ _1\"></span>particolare, <span class=\"_ _f\"></span>si \u00e8<span class=\"_ _1\"></span> <span class=\"_ _f\"></span>tenuto con<span class=\"_ _1\"></span>to <span class=\"_ _f\"></span>dell\u2019obiettivo <span class=\"_ _f\"></span>di pe<span class=\"_ _1\"></span>rseguire<span class=\"_ _df\"> </span></span><span class=\"ff5\"> </span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs376\">un\u2019adozione <span class=\"_ _14\"> </span>omogenea <span class=\"_ _14\"> </span>del <span class=\"_ _14\"> </span>principio <span class=\"_ _14\"> </span>contabile, <span class=\"_ _14\"> </span>pur <span class=\"_ _15\"> </span>in <span class=\"_ _14\"> </span>presenza <span class=\"_ _14\"> </span>di <span class=\"_ _14\"> </span>o<span class=\"_ _2\"></span>perativit\u00e0 <span class=\"_ _14\"> </span>assicurativa <span class=\"_ _14\"> </span>legata <span class=\"_ _14\"> </span>in<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs377\">particolare alle specificit\u00e0 di prodotto delle Gestioni Separate.<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs378\">Relativamente <span class=\"_ _14\"> </span>al <span class=\"_ _15\"> </span>percorso <span class=\"_ _15\"> </span>di <span class=\"_ _15\"> </span>adeguamento <span class=\"_ _14\"> </span>della <span class=\"_ _15\"> </span>Compagnia <span class=\"_ _15\"> </span>al <span class=\"_ _15\"> </span>principio <span class=\"_ _14\"> </span>contabile <span class=\"_ _15\"> </span>IFRS9, <span class=\"_ _15\"> </span>le <span class=\"_ _15\"> </span>scelte<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs379\">metodologiche e applicative so<span class=\"_ _2\"></span>no state definite in <span class=\"_ _2\"></span>coerenza con quanto previsto <span class=\"_ _2\"></span>nell\u2019ambi<span class=\"_ _1\"></span>to <span class=\"_ _2\"></span>del framework<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs37a\">gi\u00e0 in uso nel Gruppo.<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc4 sc3 ls0 ws0 gs37c\">Class<span class=\"_ _f\"></span>ificazione <span class=\"_ _1\"></span>e Mis<span class=\"_ _f\"></span>urazione<span class=\"_ _df\"> </span><span class=\"_ _f\"></span> </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs37e\">Per poter <span class=\"_ _2\"></span>rispettare il dettato <span class=\"_ _2\"></span>dell<span class=\"_ _1\"></span>\u2019IFRS 9 <span class=\"_ _2\"></span>\u2013<span class=\"ff4\"> <span class=\"_ _2\"></span>per cui la <span class=\"_ _2\"></span>classificazione<span class=\"_ _1\"></span> delle at<span class=\"_ _2\"></span>tivit\u00e0 finanziarie \u00e8 <span class=\"_ _2\"></span>guidata, da un<span class=\"_ _df\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs37f\">lato, <span class=\"_ _2\"></span>dalle <span class=\"_ _2\"></span>caratterist<span class=\"_ _2\"></span>iche <span class=\"_ _2\"></span>contrattuali <span class=\"_ _2\"></span>dei <span class=\"_ _2\"></span>flussi <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>cassa <span class=\"_ _d\"></span>degli<span class=\"_ _1\"></span> <span class=\"_ _2\"></span>st<span class=\"_ _2\"></span>rumenti <span class=\"_ _2\"></span>e, <span class=\"_ _2\"></span>dall\u2019altro, <span class=\"_ _2\"></span>dall\u2019intento <span class=\"_ _2\"></span>gestionale<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs380\">con <span class=\"_ _d\"></span>il <span class=\"_ _2\"></span>quale <span class=\"_ _d\"></span>sono <span class=\"_ _d\"></span>detenuti <span class=\"_ _d\"></span><span class=\"ff5\">\u2013</span> <span class=\"_ _d\"></span>sono <span class=\"_ _d\"></span>state <span class=\"_ _d\"></span>declinate <span class=\"_ _d\"></span>le <span class=\"_ _2\"></span>modalit\u00e0 <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>effettuazione <span class=\"_ _d\"></span>del <span class=\"_ _d\"></span>test <span class=\"_ _d\"></span>sulle <span class=\"_ _2\"></span>cara<span class=\"_ _2\"></span>tteristiche<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs381\">contrattuali <span class=\"_ _2\"></span>dei <span class=\"_ _2\"></span>cash <span class=\"_ _d\"></span>flow <span class=\"_ _2\"></span>(cosid<span class=\"_ _2\"></span>detto <span class=\"_ _2\"></span>SPPI <span class=\"_ _2\"></span>Test), <span class=\"_ _d\"></span>ed <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>tata <span class=\"_ _2\"></span>finalizzata <span class=\"_ _2\"></span>la <span class=\"_ _d\"></span>definizione <span class=\"_ _2\"></span>dei <span class=\"_ _d\"></span>business <span class=\"_ _d\"></span>model <span class=\"_ _2\"></span>a<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs384\">tendere.  </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs385\">Si  premette  che<span class=\"_ _1\"></span>,  data  la  composizione  del  portafoglio  di  p<span class=\"_ _1\"></span>ertinenza  della  compagnia  assicurativa  e <span class=\"_ _16\"> </span>le<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs386\">modalit\u00e0 con <span class=\"_ _2\"></span>cui lo stesso \u00e8 gestito, l\u2019introduzione dell\u2019IFRS 9 <span class=\"_ _2\"></span>non ha comportato impatti rilevanti in <span class=\"_ _2\"></span>termini<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs387\">di <span class=\"_ _1\"></span>misurazione <span class=\"_ _1\"></span>rispetto al <span class=\"_ _1\"></span>Principio contabile<span class=\"_ _1\"></span> IAS <span class=\"_ _f\"></span>39 precedentemente in <span class=\"_ _f\"></span>vigore, confermando come <span class=\"_ _1\"></span>metodo<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs388\">principale quello del fair value.<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs389\">Per q<span class=\"_ _1\"></span>uanto rigu<span class=\"_ _1\"></span>arda le <span class=\"_ _f\"></span>passivit\u00e0 f<span class=\"_ _1\"></span>inanziarie <span class=\"_ _f\"></span>s<span class=\"_ _2\"></span>i <span class=\"_ _f\"></span>s<span class=\"_ _2\"></span>pecifica <span class=\"_ _f\"></span>che il <span class=\"_ _f\"></span>Gruppo si \u00e8 <span class=\"_ _f\"></span>avvalso del<span class=\"_ _1\"></span>la possibi<span class=\"_ _1\"></span>lit\u00e0 di<span class=\"_ _1\"></span> de<span class=\"_ _1\"></span>signare<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs38a\">come <span class=\"_ _4\"> </span>passivit\u00e0 <span class=\"_ _4\"> </span>al <span class=\"_ _4\"> </span>fair <span class=\"_ _4\"> </span>value <span class=\"_ _4\"> </span>i <span class=\"_ _4\"> </span>prodotti <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>natura <span class=\"_ _4\"> </span>finanziaria <span class=\"_ _4\"> </span>eme<span class=\"_ _1\"></span>ssi <span class=\"_ _4\"> </span>da <span class=\"_ _4\"> </span>Credemvita<span class=\"_ _2\"></span> <span class=\"_ _4\"> </span>che <span class=\"_ _4\"> </span>non <span class=\"_ _4\"> </span>rientrano<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs38b\">nell\u2019ambito <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>applicazione <span class=\"_ _0\"></span>dell\u2019IFRS <span class=\"_ _d\"></span>17. <span class=\"_ _d\"></span>Ci\u00f2 <span class=\"_ _d\"></span>al <span class=\"_ _0\"></span>fine <span class=\"_ _d\"></span>di <span class=\"_ _0\"></span>eliminare <span class=\"_ _d\"></span>o <span class=\"_ _d\"></span>ridurre <span class=\"_ _d\"></span>le <span class=\"_ _0\"></span>possibili <span class=\"_ _d\"></span>\u201casimmetrie <span class=\"_ _d\"></span>contabili\u201d<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs38c\">rispetto agli <span class=\"_ _f\"></span>att<span class=\"_ _2\"></span>ivi <span class=\"_ _f\"></span>collegati e <span class=\"_ _f\"></span>valut<span class=\"_ _2\"></span>ati <span class=\"_ _1\"></span>anch\u2019essi <span class=\"_ _1\"></span>al fai<span class=\"_ _1\"></span>r value. <span class=\"_ _f\"></span>Si evidenzia <span class=\"_ _1\"></span>tuttavia, come <span class=\"_ _f\"></span>meglio dettagliato nel<span class=\"_ _df\"> </span><span class=\"_ _1\"></span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs38d\">paragr<span class=\"ff5\">afo s<span class=\"_ _2\"></span>ull\u2019<span class=\"_ _1\"></span>IFRS 17, <span class=\"_ _2\"></span>che a seguito <span class=\"_ _2\"></span>dell\u2019introduzione del nuovo <span class=\"_ _2\"></span>principio, una parte <span class=\"_ _2\"></span>dei prodotti <span class=\"_ _2\"></span>multiramo,<span class=\"_ _df\"> </span></span><span class=\"ff5\"> </span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs38e\">precedentemente <span class=\"_ _0\"></span>classificata <span class=\"_ _9\"> </span>ai <span class=\"_ _9\"> </span>sensi <span class=\"_ _9\"> </span>dell\u2019IFRS <span class=\"_ _0\"></span>4/IAS <span class=\"_ _9\"> </span>39 <span class=\"_ _9\"> </span>come <span class=\"_ _9\"> </span>strumenti <span class=\"_ _9\"> </span>finanziari, <span class=\"_ _0\"></span>viene <span class=\"_ _9\"> </span>ora <span class=\"_ _9\"> </span>attratta <span class=\"_ _9\"> </span>in<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs38f\">ambito di applicazione dell\u2019IFRS 17.<span class=\"_ _df\"> </span><span class=\"ff4\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc4 sc3 ls0 ws0 gs391\">Impa<span class=\"_ _f\"></span>irment<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs644\">Per  quel  che  riguarda  l\u2019Impairment  \u00e8  stata  defini<span class=\"_ _1\"></span>ta  dalla  Capogruppo  una  metodologia  comune  ed  un<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs645\">processo <span class=\"_ _d\"></span>accentrato <span class=\"_ _2\"></span>presso <span class=\"_ _d\"></span>la <span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>truttura <span class=\"_ _d\"></span>Risk <span class=\"_ _2\"></span>Management <span class=\"_ _d\"></span>per <span class=\"_ _2\"></span>la <span class=\"_ _d\"></span>quantificazione <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>ell\u2019Expected <span class=\"_ _2\"></span>credit <span class=\"_ _d\"></span>loss<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs646\">per t<span class=\"_ _2\"></span>utte le <span class=\"_ _2\"></span>societ\u00e0 <span class=\"_ _2\"></span>del Gruppo. <span class=\"_ _2\"></span>Pertanto, <span class=\"_ _2\"></span>per u<span class=\"_ _2\"></span>na <span class=\"_ _2\"></span>completa illus<span class=\"_ _2\"></span>trazione delle <span class=\"_ _2\"></span>scelte adott<span class=\"_ _2\"></span>ate dal <span class=\"_ _2\"></span>Gruppo <span class=\"_ _2\"></span>in<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs647\">merito <span class=\"_ _d\"></span>all\u2019applicazione <span class=\"_ _d\"></span>dell\u2019impairment <span class=\"_ _d\"></span>ai <span class=\"_ _d\"></span>s<span class=\"_ _2\"></span>ensi <span class=\"_ _d\"></span>dell\u2019IFRS <span class=\"_ _d\"></span>9 <span class=\"_ _d\"></span>si <span class=\"_ _d\"></span>r<span class=\"_ _2\"></span>invia <span class=\"_ _d\"></span>alla <span class=\"_ _d\"></span>parte <span class=\"_ _d\"></span>r<span class=\"_ _2\"></span>elativa <span class=\"_ _2\"></span>all<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>Prin<span class=\"_ _2\"></span>cipali <span class=\"_ _d\"></span>voci <span class=\"_ _d\"></span>di<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs648\">bilancio <span class=\"_ _1\"></span>(Attivit\u00e0 finn<span class=\"_ _1\"></span>ziarie <span class=\"_ _1\"></span>valutate al <span class=\"_ _f\"></span>fair v<span class=\"_ _1\"></span>alue <span class=\"_ _1\"></span>con imp<span class=\"_ _1\"></span>atto <span class=\"_ _1\"></span>sulla <span class=\"_ _1\"></span>redditivit\u00e0 complessiva <span class=\"_ _f\"></span>e Attivit\u00e0 <span class=\"_ _f\"></span>finanziarie<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs649\">valutate al cos<span class=\"_ _2\"></span>to ammortizzato) <span class=\"ff5\">e all\u2019illust</span>razione <span class=\"_ _2\"></span>riportata nella parte <span class=\"_ _2\"></span>E- sezione 2 <span class=\"_ _2\"></span><span class=\"ff5\">\u2013</span> 2. Politiche di gesitone<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs64a\">del rischio di credi<span class=\"_ _1\"></span>to <span class=\"_ _2\"></span>della Nota integrativa relativa al presidio de<span class=\"_ _1\"></span>i rischi del Bilancio Consolidato.<span class=\"_ _df\"> </span><span class=\"_ _2\"></span> </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs39a\">Si <span class=\"_ _9\"> </span>segnala, <span class=\"_ _9\"> </span>per <span class=\"_ _9\"> </span>completezza, <span class=\"_ _9\"> </span>c<span class=\"_ _2\"></span>he <span class=\"_ _0\"> </span>r<span class=\"_ _2\"></span>isulta <span class=\"_ _9\"> </span>applicabile <span class=\"_ _0\"> </span>anch<span class=\"_ _2\"></span>e <span class=\"_ _9\"> </span>alla <span class=\"_ _9\"> </span>Compagnia <span class=\"_ _9\"> </span>il <span class=\"_ _9\"> </span>documento <span class=\"_ _16\"> </span>di <span class=\"_ _0\"></span>\u201c<span class=\"_ _2\"></span>Impairment<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs64b\">Policy\u201d <span class=\"_ _16\"> </span>con <span class=\"_ _16\"> </span>riferimento <span class=\"_ _9\"> </span>alle  linee <span class=\"_ _9\"> </span>guida  me<span class=\"_ _1\"></span>todologiche <span class=\"_ _9\"> </span>d<span class=\"_ _2\"></span>efinite <span class=\"_ _16\"> </span>dal <span class=\"_ _16\"> </span>Gruppo <span class=\"_ _9\"> </span>in  app<span class=\"_ _1\"></span>licazione <span class=\"_ _16\"> </span>dell\u2019IFRS <span class=\"_ _9\"> </span>9  e<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs64c\">approvate dai competenti livelli di<span class=\"_ _1\"></span> governance.<span class=\"_ _df\"> </span><span class=\"_ _2\"></span> </div><div class=\"t m0 h5 ff4 fs1 fc4 sc3 ls0 ws0 gs64d\">Hedg<span class=\"_ _1\"></span>e acc<span class=\"_ _1\"></span>ounti<span class=\"_ _f\"></span>ng  </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs64e\">Per <span class=\"_ _2\"></span>quanto <span class=\"_ _2\"></span>riguarda l\u2019Hedge <span class=\"_ _2\"></span>Accounting, <span class=\"_ _2\"></span>l\u2019IFRS <span class=\"_ _2\"></span>9 <span class=\"_ _2\"></span>introduce<span class=\"_ _1\"></span> <span class=\"_ _2\"></span>modifiche esclusivamente <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>General <span class=\"_ _2\"></span>Hedge<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs64f\">e  sono  strettamente  legate  alla  scelta  di  avvalersi  dell\u2019opzione  opt<span class=\"ff4\">-in  / <span class=\"_ _4\"> </span>opt-out  (ossia  la  possibi<span class=\"_ _1\"></span>lit\u00e0  di<span class=\"_ _df\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs3a2\">implementare il <span class=\"_ _2\"></span>nuovo <span class=\"_ _2\"></span>standard IFRS <span class=\"_ _2\"></span>9 piuttosto <span class=\"_ _2\"></span>che mantenere <span class=\"_ _2\"></span>il vecchio <span class=\"_ _2\"></span>principio IAS <span class=\"_ _2\"></span>39). Il <span class=\"_ _2\"></span>Gruppo, sulla<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs650\">base <span class=\"_ _d\"></span>degli <span class=\"_ _2\"></span>approfondimenti <span class=\"_ _d\"></span>effett<span class=\"_ _2\"></span>uati <span class=\"_ _2\"></span>sulla <span class=\"_ _d\"></span>gestione <span class=\"_ _d\"></span>delle <span class=\"_ _d\"></span>operazioni <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>copertura, <span class=\"_ _d\"></span>ha <span class=\"_ _d\"></span>deciso <span class=\"_ _2\"></span>l\u2019esercizio, <span class=\"_ _d\"></span>in<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs651\">fase <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>FTA <span class=\"_ _4\"> </span>dell\u2019IFRS <span class=\"_ _4\"> </span>9, <span class=\"_ _4\"> </span>dell\u2019opzione <span class=\"_ _4\"> </span>opt<span class=\"_ _2\"></span><span class=\"ff4\">-out, <span class=\"_ _4\"> </span>confermando <span class=\"_ _4\"> </span>tale <span class=\"_ _4\"> </span>scelta <span class=\"_ _4\"> </span>fino <span class=\"_ _17\"> </span>ad <span class=\"_ _4\"> </span>oggi. <span class=\"_ _4\"> </span>Alla <span class=\"_ _4\"> </span>luce <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>tale<span class=\"_ _df\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs652\">indicazione, <span class=\"_ _1\"></span>anche <span class=\"_ _f\"></span>per le <span class=\"_ _1\"></span>Compagnie <span class=\"_ _f\"></span>as<span class=\"_ _2\"></span>sicurative <span class=\"_ _f\"></span>le operazioni<span class=\"_ _1\"></span> di <span class=\"_ _f\"></span>copertura continueranno <span class=\"_ _f\"></span>ad esse<span class=\"_ _1\"></span>re ge<span class=\"_ _1\"></span>stite<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs653\">nel rispetto di quanto previsto dal Grupp<span class=\"_ _1\"></span>o.<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc4 sc3 ls0 ws0 gs655\">Intera<span class=\"_ _f\"></span>zione tra<span class=\"_ _f\"></span> IFRS 17 <span class=\"_ _1\"></span>e IFR<span class=\"_ _1\"></span>S 9<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs656\">In <span class=\"_ _d\"></span>alcuni <span class=\"_ _d\"></span>casi, <span class=\"_ _0\"></span>l'interazione <span class=\"_ _d\"></span>tr<span class=\"_ _2\"></span>a <span class=\"_ _d\"></span>l'IFRS <span class=\"_ _0\"></span>17 <span class=\"_ _d\"></span>e <span class=\"_ _0\"></span>l'IFRS <span class=\"_ _d\"></span>9 <span class=\"_ _d\"></span>potrebbe <span class=\"_ _d\"></span>gener<span class=\"_ _2\"></span>are <span class=\"_ _d\"></span>mismatch <span class=\"_ _d\"></span>contabili <span class=\"_ _d\"></span>t<span class=\"_ _2\"></span>ra <span class=\"_ _d\"></span>le <span class=\"_ _d\"></span>modalit\u00e0 <span class=\"_ _0\"></span>di<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs657\">contabilizzazione <span class=\"_ _2\"></span>dei <span class=\"_ _0\"></span>contratti <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>assicurazione <span class=\"_ _d\"></span>e <span class=\"_ _d\"></span>delle <span class=\"_ _d\"></span>attivit\u00e0 <span class=\"_ _d\"></span>finanziarie <span class=\"_ _2\"></span>ad <span class=\"_ _d\"></span>essi <span class=\"_ _d\"></span>cor<span class=\"_ _2\"></span>relate. <span class=\"_ _d\"></span>Per <span class=\"_ _2\"></span>ridurre <span class=\"_ _d\"></span>t<span class=\"_ _2\"></span>ali<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs658\">mismatch, <span class=\"_ _2\"></span>l\u2019IFRS 17 <span class=\"_ _2\"></span>consente di effettuare <span class=\"_ _2\"></span>una <span class=\"_ _2\"></span>disaggregaz<span class=\"ff4\">ione dei <span class=\"_ _2\"></span>proventi ed <span class=\"_ _2\"></span>oneri <span class=\"_ _2\"></span>finanziari derivanti <span class=\"_ _2\"></span>da<span class=\"_ _df\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs659\">contratti <span class=\"_ _d\"></span>assicurativi <span class=\"_ _2\"></span>tra <span class=\"_ _d\"></span>il <span class=\"_ _d\"></span>conto <span class=\"_ _d\"></span>economico <span class=\"_ _2\"></span>(risultato<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>finanziario) <span class=\"_ _d\"></span>e <span class=\"_ _d\"></span>l\u2019Other <span class=\"_ _2\"></span>Compreh<span class=\"_ _2\"></span>ensive <span class=\"_ _2\"></span>Inc<span class=\"_ _2\"></span>ome <span class=\"_ _2\"></span>(OCI) <span class=\"_ _d\"></span>a<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs65a\">Patrimonio <span class=\"_ _9\"> </span>Netto. <span class=\"_ _0\"></span>La <span class=\"_ _9\"> </span>scelta <span class=\"_ _9\"> </span>di <span class=\"_ _0\"></span>effettuare <span class=\"_ _0\"></span>la <span class=\"_ _9\"> </span>disaggregazione <span class=\"_ _9\"> </span>\u00e8 <span class=\"_ _0\"></span>fat<span class=\"_ _2\"></span>ta <span class=\"_ _0\"></span>a <span class=\"_ _0\"> </span>livello <span class=\"_ _9\"> </span>di <span class=\"_ _0\"></span>portafoglio <span class=\"_ _9\"> </span>pe<span class=\"_ _2\"></span>r <span class=\"_ _9\"> </span>i <span class=\"_ _9\"> </span>contratti<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs65b\">assicurativi e deve essere presa in coerenza con il metodo di valutazione<span class=\"_ _1\"></span> degli attivi.<span class=\"_ _df\"> </span><span class=\"_ _2\"></span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs65c\">In particolare:<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff14 fs1 fc1 sc0 ls0 ws0 gs65d\"><span class=\"_ _17\"> </span><span class=\"ff4\">per quanto riguarda i contratti valutati con il Gene<span class=\"_ _1\"></span>ral Model, la rivalutazione finan<span class=\"_ _1\"></span>ziaria dei flussi di cassa<span class=\"_ _df\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs65e\">futuri e del risk adjustment a tassi storici \u00e8 contabil<span class=\"_ _1\"></span>izzata a conto economico, mentre la diffe<span class=\"_ _1\"></span>renza tr<span class=\"_ _2\"></span>a la<span class=\"_ _df\"> </span><span class=\"_ _f\"></span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs65f\">rivalutazione a tassi storici e quelli correnti \u00e8 contabili<span class=\"_ _1\"></span>zzata a Other Comprehensive Income;<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff14 fs1 fc1 sc0 ls0 ws0 gs660\"><span class=\"_ _17\"> </span><span class=\"ff5\">per <span class=\"_ _2\"></span>i contratti <span class=\"_ _2\"></span>valutati al Variable Fee <span class=\"_ _2\"></span>Approach, l\u2019IFRS 17 <span class=\"_ _2\"></span>preve<span class=\"_ _1\"></span>de <span class=\"_ _2\"></span>che il ri<span class=\"_ _2\"></span><span class=\"ff4\">sultato <span class=\"_ _2\"></span>finanziario dei contratti<span class=\"_ _df\"> </span></span></span><span class=\"ff5\"><span class=\"ff4\"> </span></span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs661\">assicurativi <span class=\"_ _0\"></span>sia <span class=\"_ _0\"></span>disaggregato <span class=\"_ _d\"></span>tra <span class=\"_ _0\"></span>conto <span class=\"_ _0\"></span>economico <span class=\"_ _0\"></span>e <span class=\"_ _0\"></span>Other <span class=\"_ _0\"></span>Comprehensive <span class=\"_ _d\"></span>Income: <span class=\"_ _0\"></span>in <span class=\"_ _0\"></span>sostanza <span class=\"_ _0\"></span>viene<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs662\">riclassificata <span class=\"_ _17\"> </span>a <span class=\"_ _17\"> </span>Other <span class=\"_ _4\"> </span>Comprehensive <span class=\"_ _17\"> </span>Income <span class=\"_ _17\"> </span>la <span class=\"_ _17\"> </span>differenza <span class=\"_ _17\"> </span>tra <span class=\"_ _17\"> </span>il <span class=\"_ _4\"> </span>risultat<span class=\"_ _2\"></span>o <span class=\"_ _4\"> </span>finanziario <span class=\"_ _17\"> </span>dei <span class=\"_ _17\"> </span>contratti<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs663\">assicurativi <span class=\"_ _2\"></span>e <span class=\"_ _d\"></span>il <span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>isultato <span class=\"_ _d\"></span>finanziario <span class=\"_ _2\"></span>a <span class=\"_ _d\"></span>conto <span class=\"_ _2\"></span>economico <span class=\"_ _d\"></span>derivante <span class=\"_ _2\"></span>dagli <span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>trumenti <span class=\"_ _2\"></span>finanziari <span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>ottostanti,<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs664\">compresa la variazione di expected credi<span class=\"_ _1\"></span>t loss rilevata nel periodo (c.d. Mirroring).<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs665\">Ai sensi dell\u2019IFRS 9, Credemvita ha adott<span class=\"_ _2\"></span>ato il business model Hold To Collect and <span class=\"_ _2\"></span><span class=\"ff4\">Sell per tutti gli st<span class=\"_ _2\"></span>rumenti<span class=\"_ _df\"> </span></span><span class=\"ff4\"><span class=\"_ _1\"></span> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs666\">finanziari afferenti <span class=\"_ _2\"></span>i port<span class=\"_ _2\"></span>afogli delle <span class=\"_ _2\"></span>gestioni separate <span class=\"_ _2\"></span>mentre <span class=\"_ _2\"></span>per quelli coll<span class=\"_ _2\"></span>egati ai <span class=\"_ _2\"></span>prodotti <span class=\"_ _2\"></span>linked e <span class=\"_ _2\"></span>ai fondi<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs667\">pensione <span class=\"_ _f\"></span>a<span class=\"_ _2\"></span>perti <span class=\"_ _1\"></span>ha adottato i<span class=\"_ _1\"></span>l Bu<span class=\"_ _1\"></span>siness Mod<span class=\"_ _1\"></span>el <span class=\"_ _1\"></span>Other con <span class=\"_ _f\"></span>la conseguente v<span class=\"_ _1\"></span>alutazione al <span class=\"_ _f\"></span>fair value <span class=\"_ _1\"></span>con impatto<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls73 ws0 gs668\">a <span class=\"_ _2\"></span><span class=\"ls0\">conto economico. <span class=\"_ _2\"></span>Limitatamente a <span class=\"_ _2\"></span>una <span class=\"_ _2\"></span>parte <span class=\"_ _2\"></span>dei titoli presenti <span class=\"_ _2\"></span>nel por<span class=\"_ _2\"></span>tafoglio di <span class=\"_ _2\"></span>propriet\u00e0 <span class=\"_ _2\"></span>Cred<span class=\"_ _1\"></span>emvita ha<span class=\"_ _df\"> </span></span><span class=\"ls0\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs669\">adottato il modello Hold To Collect.<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs66a\">Si <span class=\"_ _0\"></span>evidenzia, <span class=\"_ _0\"></span>inoltre, <span class=\"_ _0\"></span>che <span class=\"_ _0\"></span>l\u2019intr<span class=\"_ _2\"></span>odu<span class=\"_ _1\"></span>zione <span class=\"_ _0\"></span>dell\u2019IFRS <span class=\"_ _0\"></span>17<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>determina <span class=\"_ _0\"></span>il <span class=\"_ _0\"></span>venir <span class=\"_ _0\"></span>meno <span class=\"_ _0\"></span>del <span class=\"_ _0\"></span>tr<span class=\"_ _2\"></span>attamento, <span class=\"_ _0\"></span>denominato<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs66b\">Shadow <span class=\"ff5\">Accounting, previsto dal<span class=\"_ _1\"></span>l\u2019IFRS 4, che approssimava la correlazione<span class=\"_ _1\"></span> tra due valori non omoge<span class=\"_ _1\"></span>nei: 1) il<span class=\"_ _df\"> </span></span><span class=\"ff5\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs66c\">valore della riserva tecnica relativa ai contratti valutati al cos<span class=\"_ _2\"></span>to (con partecip<span class=\"_ _1\"></span>azione discrezionale agli utili) e<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs66d\">2) il valore dei relativi attivi valutati al fair value.<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs66e\">Il <span class=\"_ _d\"></span>principio <span class=\"_ _d\"></span>IFRS <span class=\"_ _0\"></span>17 <span class=\"_ _0\"></span>ha <span class=\"_ _d\"></span>intro<span class=\"_ _2\"></span>dotto <span class=\"_ _d\"></span>maggiore <span class=\"_ _d\"></span>cor<span class=\"_ _2\"></span>relazione <span class=\"_ _d\"></span>tra <span class=\"_ _0\"></span>la <span class=\"_ _d\"></span>valutazione <span class=\"_ _d\"></span>delle <span class=\"_ _0\"></span>passivit\u00e0 <span class=\"_ _d\"></span>as<span class=\"_ _2\"></span>sicurative <span class=\"_ _d\"></span>e <span class=\"_ _d\"></span>gli<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs66f\">investimenti sott<span class=\"_ _2\"></span>ostanti, sia in <span class=\"_ _2\"></span>periodi di <span class=\"_ _2\"></span>aumento dei <span class=\"_ _2\"></span>valori di <span class=\"_ _2\"></span>Fair Value <span class=\"_ _2\"></span>(riduzione dei t<span class=\"_ _2\"></span>assi <span class=\"_ _2\"></span>di mercato) <span class=\"_ _2\"></span>sia<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs670\">in periodi di riduzione dei valori di fair value<span class=\"_ _1\"></span> (aumento dei tassi di mercato).<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs671\">A parit\u00e0 <span class=\"_ _2\"></span>di valore degli attivi, mis<span class=\"_ _2\"></span>urati in <span class=\"_ _2\"></span>entrambi i principi contabili al <span class=\"_ _2\"></span>fair value, l<span class=\"_ _2\"></span>\u2019IFRS 17 introduce infatti <span class=\"_ _2\"></span>la<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs672\">logica <span class=\"_ _2\"></span>forwar<span class=\"_ _2\"></span>d <span class=\"_ _2\"></span>looking <span class=\"_ _2\"></span>anche <span class=\"_ _d\"></span>sui <span class=\"_ _d\"></span>passivi, <span class=\"_ _2\"></span>garantendo <span class=\"_ _d\"></span>pertanto <span class=\"_ _2\"></span>un<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>confr<span class=\"_ _2\"></span>onto <span class=\"_ _2\"></span>omogeneo <span class=\"_ _2\"></span>con <span class=\"_ _d\"></span>le <span class=\"_ _2\"></span>variazioni <span class=\"_ _d\"></span>di<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs673\">fair  value <span class=\"_ _4\"> </span>degli  attivi, <span class=\"_ _22\"> </span>e <span class=\"_ _4\"> </span>pertanto  maggiormente <span class=\"_ _4\"> </span>efficac<span class=\"_ _1\"></span>e  risp<span class=\"_ _2\"></span>etto  al <span class=\"_ _4\"> </span>passato.  Inoltre, <span class=\"_ _22\"> </span>per <span class=\"_ _4\"> </span>il  modello  di<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs674\">misurazione  V<span class=\"_ _1\"></span>FA,  l\u2019<span class=\"_ _1\"></span>adozione  dell\u2019opzione<span class=\"_ _1\"></span>  OCI <span class=\"_ _16\"> </span>(c.d.  Mirroring), <span class=\"_ _9\"> </span>compor<span class=\"_ _2\"></span>ta <span class=\"_ _16\"> </span>che <span class=\"_ _16\"> </span>tale  maggi<span class=\"_ _1\"></span>ore  correlazione<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs675\">rispet<span class=\"ff5\">to a quanto previsto dall\u2019IFRS 4, veng<span class=\"_ _1\"></span>a contribuita al patrimonio netto.<span class=\"_ _df\"> </span></span></div><div class=\"t m0 he ff4 fs5 fc4 sc3 ls5b ws0 gs676\">16 <span class=\"ls0\">- Altre<span class=\"_ _1\"></span> informa<span class=\"_ _f\"></span>zioni </span></div><div class=\"t m0 h5 ff5 fs1 fc4 sc3 ls0 ws0 gs677\">Trat<span class=\"_ _1\"></span>tament<span class=\"_ _1\"></span>o conta<span class=\"_ _f\"></span>bile delle oper<span class=\"_ _f\"></span>azioni con rife<span class=\"_ _1\"></span>riment<span class=\"_ _1\"></span>o al Credi<span class=\"_ _1\"></span>ti d\u2019im<span class=\"_ _1\"></span>posta<span class=\"_ _f\"></span> <span class=\"_ _2\"></span>ai sensi del D<span class=\"_ _1\"></span>.L. n. 18/20<span class=\"_ _1\"></span>20 (\u201cCur<span class=\"_ _1\"></span>a </div><div class=\"t m0 h5 ff5 fs1 fc4 sc3 ls0 ws0 gs678\">Italia<span class=\"_ _1\"></span>\u201d) e D<span class=\"_ _1\"></span>.L n. <span class=\"_ _1\"></span>34/2<span class=\"_ _1\"></span>020 <span class=\"_ _f\"></span>(\u201cRilanci<span class=\"_ _1\"></span>o\u201d)<span class=\"ff4\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs679\">Il <span class=\"_ _2\"></span>D<span class=\"_ _2\"></span>L <span class=\"_ _2\"></span><span class=\"ff5\">n. <span class=\"_ _d\"></span>18/2020 <span class=\"_ _d\"></span>(c.d. <span class=\"_ _2\"></span>\u201cCura <span class=\"_ _d\"></span>Italia\u201d) <span class=\"_ _2\"></span>e <span class=\"_ _d\"></span>il <span class=\"_ _d\"></span>DL <span class=\"_ _d\"></span>n. <span class=\"_ _2\"></span>34/2020 <span class=\"_ _d\"></span>(c.d. <span class=\"_ _2\"></span>\u201cRilancio\u201d) <span class=\"_ _d\"></span>convertiti <span class=\"_ _d\"></span>in <span class=\"_ _2\"></span>legge, <span class=\"_ _2\"></span>con <span class=\"_ _d\"></span>modificazioni, </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs67a\">rispettivamente <span class=\"_ _2\"></span>dalla <span class=\"_ _2\"></span>Legge <span class=\"_ _2\"></span>n. <span class=\"_ _d\"></span>27 <span class=\"_ _2\"></span>del <span class=\"_ _d\"></span>24 <span class=\"_ _2\"></span>aprile <span class=\"_ _2\"></span>2020 <span class=\"_ _d\"></span>e <span class=\"_ _2\"></span>dalla <span class=\"_ _2\"></span>Legge <span class=\"_ _2\"></span>n. <span class=\"_ _2\"></span>77<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>17 <span class=\"_ _2\"></span>luglio <span class=\"_ _2\"></span>2020 <span class=\"_ _d\"></span>hanno <span class=\"_ _2\"></span>introdotto </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs67b\">misure <span class=\"_ _f\"></span>fiscali d<span class=\"_ _1\"></span>i <span class=\"_ _f\"></span>incentivazione <span class=\"_ _1\"></span>per <span class=\"_ _1\"></span>le spe<span class=\"_ _f\"></span>s<span class=\"_ _2\"></span>e <span class=\"_ _f\"></span>sostenute <span class=\"_ _f\"></span>per inve<span class=\"_ _1\"></span>stimenti <span class=\"_ _1\"></span>(es. <span class=\"_ _f\"></span>eco e<span class=\"_ _1\"></span> <span class=\"_ _f\"></span>s<span class=\"_ _2\"></span>ismabonus): <span class=\"_ _f\"></span>detti i<span class=\"_ _1\"></span>ncentivi </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs67c\">fiscali si <span class=\"_ _1\"></span>applicano a famiglie ed <span class=\"_ _1\"></span>imprese, sono commisurati a una <span class=\"_ _1\"></span>percentuale della spe<span class=\"_ _1\"></span>sa sostenuta e sono </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs67d\">erogati <span class=\"_ _4\"> </span>sotto  forma <span class=\"_ _4\"> </span>di <span class=\"_ _22\"> </span>cr<span class=\"_ _2\"></span>editi  d\u2019imposta <span class=\"_ _4\"> </span>o <span class=\"_ _22\"> </span>di <span class=\"_ _4\"> </span>detrazioni <span class=\"_ _4\"> </span>d\u2019i<span class=\"_ _1\"></span>mposta <span class=\"_ _4\"> </span>(trasf<span class=\"_ _2\"></span><span class=\"ff4\">ormabili  s<span class=\"_ _2\"></span>u  opzione <span class=\"_ _4\"> </span>in <span class=\"_ _22\"> </span>cre<span class=\"_ _2\"></span>diti </span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs67e\">d\u2019imposta). <span class=\"ff4\"> </span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs67f\">Nell\u2019ambito <span class=\"_ _16\"> </span>di <span class=\"_ _16\"> </span>tali  operazioni<span class=\"_ _1\"></span>,  esiste  l<span class=\"_ _1\"></span>a  possib<span class=\"_ _1\"></span>ilit\u00e0  pe<span class=\"_ _1\"></span>r  il <span class=\"_ _16\"> </span>beneficiario, <span class=\"_ _16\"> </span>di <span class=\"_ _16\"> </span>cedere  a <span class=\"_ _16\"> </span>terzi <span class=\"_ _16\"> </span>detti  i<span class=\"_ _f\"></span>ncentivi  ad </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs680\">acquirenti <span class=\"_ _2\"></span>che <span class=\"_ _d\"></span>potranno <span class=\"_ _d\"></span>utilizzarli <span class=\"_ _2\"></span>in <span class=\"_ _d\"></span>compensazione <span class=\"_ _2\"></span>di <span class=\"_ _d\"></span>imposte <span class=\"_ _d\"></span>e <span class=\"_ _d\"></span>contributi, <span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>econdo <span class=\"_ _2\"></span>le <span class=\"_ _d\"></span>medesime <span class=\"_ _2\"></span>re<span class=\"_ _d\"></span>gole </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs681\">previste <span class=\"_ _9\"> </span>per  il <span class=\"_ _9\"> </span>beneficiario  originario, <span class=\"_ _9\"> </span>oppure  p<span class=\"_ _f\"></span>o<span class=\"_ _2\"></span>ssono <span class=\"_ _16\"> </span>ulteriormente <span class=\"_ _9\"> </span>cederli  (<span class=\"_ _1\"></span>in <span class=\"_ _16\"> </span>tutto  o <span class=\"_ _9\"> </span>in  pa<span class=\"_ _f\"></span>r<span class=\"_ _2\"></span>te) <span class=\"_ _9\"> </span>a  terzi. </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs682\">Nessuno <span class=\"_ _9\"> </span>dei <span class=\"_ _16\"> </span>crediti <span class=\"_ _9\"> </span>in  esame <span class=\"_ _9\"> </span>\u00e8 <span class=\"_ _16\"> </span>rimborsabile <span class=\"_ _9\"> </span>(in <span class=\"_ _9\"> </span>tutt<span class=\"_ _2\"></span>o <span class=\"_ _9\"> </span>o  in <span class=\"_ _0\"> </span>part<span class=\"_ _2\"></span>e) <span class=\"_ _9\"> </span>direttamente <span class=\"_ _9\"> </span>dal<span class=\"_ _2\"></span>lo <span class=\"_ _9\"> </span>Stato  e <span class=\"_ _9\"> </span>non <span class=\"_ _9\"> </span>vi <span class=\"_ _16\"> </span>\u00e8 <span class=\"_ _9\"> </span>la<span class=\"_ _2\"></span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs683\">possibilit\u00e0  di <span class=\"_ _4\"> </span>riportare <span class=\"_ _4\"> </span>a  nuovo, <span class=\"_ _4\"> </span>n\u00e9 <span class=\"_ _4\"> </span><span class=\"ff5\">chiede<span class=\"_ _1\"></span>re <span class=\"_ _4\"> </span>a  r<span class=\"_ _2\"></span>imborso, <span class=\"_ _22\"> </span>la <span class=\"_ _4\"> </span>quota  part<span class=\"_ _2\"></span>e  non <span class=\"_ _4\"> </span>compensata  nell\u2019anno <span class=\"_ _4\"> </span>di </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs684\">riferimento per motivi di incapienza. </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs685\">Come previsto dal Documento B<span class=\"_ _f\"></span>anca d'Italia/Consob/Ivass n. 9 del genn<span class=\"_ _1\"></span>aio 2021, le caratteristiche princip<span class=\"_ _1\"></span>ali </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs686\">dei crediti d\u2019imposta introdotti dai Decreti <span class=\"ff4\">sono: </span></div><div class=\"t m0 h5 ff14 fs1 fc1 sc0 ls0 ws0 gs687\"><span class=\"_ _2c\"> </span><span class=\"ff4\">la possibilit\u00e0 di utilizzo in compensazione in un arco di tempo limitato;<span class=\"_ _df\"> </span></span></div><div class=\"t m0 h5 ff14 fs1 fc1 sc0 ls0 ws0 gs688\"><span class=\"_ _2c\"> </span><span class=\"ff4\">la cedibilit\u00e0 a terzi acquirenti<span class=\"_ _df\"> </span></span></div><div class=\"t m0 h5 ff14 fs1 fc1 sc0 ls0 ws0 gs689\"><span class=\"_ _2c\"> </span><span class=\"ff5\">la non rimborsabilit\u00e0 (da parte dell\u2019Erario).<span class=\"_ _df\"> </span></span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs68a\">Secondo <span class=\"_ _f\"></span>tale <span class=\"_ _f\"></span>Documento, <span class=\"_ _f\"></span>per i<span class=\"_ _1\"></span>l <span class=\"_ _f\"></span>soggetto <span class=\"_ _1\"></span>beneficiario, <span class=\"_ _f\"></span>una <span class=\"_ _f\"></span>volta <span class=\"_ _f\"></span>acquistati d<span class=\"_ _1\"></span>a <span class=\"_ _f\"></span>un <span class=\"_ _f\"></span>soggetto terzo, <span class=\"_ _1\"></span>le <span class=\"_ _f\"></span>peculiarit\u00e0 </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs68b\">dei <span class=\"_ _e\"> </span>crediti <span class=\"_ _10\"> </span>non <span class=\"_ _e\"> </span>permettono <span class=\"_ _e\"> </span>una <span class=\"_ _10\"> </span>loro <span class=\"_ _e\"> </span>immediata <span class=\"_ _10\"> </span>riconducib<span class=\"_ _1\"></span>ilit\u00e0 <span class=\"_ _10\"> </span>a <span class=\"_ _e\"> </span>uno <span class=\"_ _e\"> </span>specifico <span class=\"_ _e\"> </span>principio<span class=\"_ _2\"></span> <span class=\"_ _e\"> </span>contabile </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs68d\">internazionale. <span class=\"_ _d\"></span>In <span class=\"_ _d\"></span>t<span class=\"_ _2\"></span>al <span class=\"_ _d\"></span>senso, <span class=\"_ _0\"></span>la <span class=\"_ _d\"></span>Banca <span class=\"_ _d\"></span>ha <span class=\"_ _0\"></span>definito <span class=\"_ _d\"></span>una </div><div class=\"t m1 h6 ff4 fs2 fc1 sc0 ls0 ws0 gs68e\">accounting <span class=\"_ _d\"></span>policy</div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs68f\"> <span class=\"_ _d\"></span>per <span class=\"_ _0\"></span>il <span class=\"_ _d\"></span>tr<span class=\"_ _2\"></span>attamento <span class=\"_ _d\"></span>contabile <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>t<span class=\"_ _2\"></span>ali </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs691\">tipologie <span class=\"_ _f\"></span>di <span class=\"_ _f\"></span>crediti <span class=\"_ _f\"></span>d\u2019impost<span class=\"_ _2\"></span>a <span class=\"_ _f\"></span>ai<span class=\"ff4\"> s<span class=\"_ _f\"></span>ensi <span class=\"_ _1\"></span>dei <span class=\"_ _f\"></span>paragrafi <span class=\"_ _f\"></span>10<span class=\"_ _2\"></span> <span class=\"_ _f\"></span>e <span class=\"_ _f\"></span>11 <span class=\"_ _1\"></span>dello <span class=\"_ _f\"></span>IAS <span class=\"_ _f\"></span>8<span class=\"_ _2\"></span>, <span class=\"_ _f\"></span>al <span class=\"_ _f\"></span>fine <span class=\"_ _f\"></span>di d<span class=\"_ _1\"></span>efinire <span class=\"_ _f\"></span>la <span class=\"_ _f\"></span>modalit<span class=\"_ _2\"></span>\u00e0 <span class=\"_ _f\"></span>di <span class=\"_ _f\"></span>rilevazione </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs692\">iniziale, misurazione <span class=\"_ _2\"></span>e conseguent<span class=\"_ _2\"></span>e classificazione, tenendo <span class=\"_ _2\"></span>conto <span class=\"_ _2\"></span>del costo <span class=\"_ _2\"></span>sostenuto <span class=\"_ _2\"></span>dal cessionario per </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs693\">l\u2019acquisto <span class=\"_ _4\"> </span>dei <span class=\"_ _4\"> </span>crediti, <span class=\"_ _4\"> </span>delle <span class=\"_ _4\"> </span>lor<span class=\"_ _2\"></span>o <span class=\"_ _4\"> </span>caratteristiche <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>utiliz<span class=\"_ _2\"></span>zabilit\u00e0 <span class=\"_ _17\"> </span>e <span class=\"_ _4\"> </span>dell\u2019esigenza <span class=\"_ _4\"> </span>di <span class=\"_ _17\"> </span>rilevare, <span class=\"_ _4\"> </span>in <span class=\"_ _4\"> </span>base <span class=\"_ _4\"> </span>alla </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs694\">competenza economica, il provento ottenuto. </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs695\">Come <span class=\"_ _4\"> </span>previsto <span class=\"_ _4\"> </span>dal <span class=\"_ _4\"> </span>Documento <span class=\"_ _4\"> </span>Banca <span class=\"_ _4\"> </span>d'Italia/Consob/Ivass <span class=\"_ _17\"> </span>n. <span class=\"_ _4\"> </span>9 <span class=\"_ _4\"> </span>di <span class=\"_ _17\"> </span>gennaio <span class=\"_ _4\"> </span>2021, <span class=\"_ _4\"> </span>al <span class=\"_ _4\"> </span>fi<span class=\"_ _2\"></span>ne <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>definire <span class=\"_ _4\"> </span>il </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs696\">trattamento <span class=\"_ _d\"></span>contabile <span class=\"_ _2\"></span>da <span class=\"_ _d\"></span>adottare <span class=\"_ _d\"></span>ai <span class=\"_ _d\"></span>crediti <span class=\"_ _2\"></span>d\u2019imposta <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>es<span class=\"ff4\">ame, <span class=\"_ _d\"></span>si <span class=\"_ _d\"></span>far\u00e0 <span class=\"_ _d\"></span>riferimento <span class=\"_ _d\"></span>ad <span class=\"_ _d\"></span>alcune<span class=\"_ _1\"></span> <span class=\"_ _d\"></span>disposizioni </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs697\">contenute nel principio contabile IFRS 9 pe<span class=\"_ _1\"></span>r gli strumenti finanziari.<span class=\"_ _2\"></span> </div><div class=\"t m0 h5 ff4 fs1 fc4 sc3 ls0 ws0 gs698\">Criter<span class=\"_ _1\"></span>i di <span class=\"_ _1\"></span>iscrizi<span class=\"_ _1\"></span>one </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs699\">La <span class=\"_ _16\"> </span>prima <span class=\"_ _16\"> </span>iscrizione <span class=\"_ _9\"> </span>di  un <span class=\"_ _9\"> </span>credito  d\u2019imposta <span class=\"_ _16\"> </span>ai <span class=\"_ _9\"> </span>s<span class=\"_ _2\"></span>ensi <span class=\"_ _9\"> </span>del  D.L<span class=\"_ _1\"></span>. <span class=\"_ _16\"> </span>n.  18/2020 <span class=\"_ _9\"> </span>(\u201cCura  Italia\u201d) <span class=\"_ _9\"> </span>e  D.L <span class=\"_ _9\"> </span>n. <span class=\"_ _16\"> </span>34/2020 </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs69a\">(\u201cRilancio\u201d) av<span class=\"_ _1\"></span>viene alla data d<span class=\"_ _1\"></span>i acc<span class=\"_ _1\"></span>ettazione del <span class=\"_ _f\"></span>cr<span class=\"_ _2\"></span>edito sul<span class=\"_ _1\"></span> cassetto fi<span class=\"_ _1\"></span>scale del<span class=\"_ _1\"></span>la Banca. <span class=\"_ _1\"></span>L\u2019iscrizione avviene </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs69b\">al prezzo dell\u2019operazione di acquisizi<span class=\"_ _1\"></span>one dal beneficiario e dovr\u00e0 scontare:<span class=\"_ _2\"></span><span class=\"ff4\"> </span></div><div class=\"t m0 h5 ff14 fs1 fc1 sc0 ls0 ws0 gs69c\"><span class=\"_ _2c\"> </span><span class=\"ff4\">a) il valore temporale del denaro e </span></div><div class=\"t m0 h5 ff14 fs1 fc1 sc0 ls0 ws0 gs69d\"><span class=\"_ _2c\"> </span><span class=\"ff4\">b) la capacit\u00e0 di utilizzarlo entro la relativa scadenza temporale.<span class=\"_ _df\"> </span></span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs69e\">Tale  prezzo <span class=\"_ _4\"> </span>soddisfa <span class=\"_ _22\"> </span>la <span class=\"_ _4\"> </span>condizione <span class=\"_ _4\"> </span>dell\u2019I<span class=\"_ _1\"></span>FRS <span class=\"_ _4\"> </span>9 <span class=\"_ _22\"> </span>secondo <span class=\"_ _4\"> </span>cui  l<span class=\"_ _2\"></span>e  att<span class=\"_ _2\"></span>ivit\u00e0  e <span class=\"_ _4\"> </span>le  pass<span class=\"_ _2\"></span>ivit\u00e0  finanziarie <span class=\"_ _4\"> </span>vanno </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs69f\">inizialmente rilevate al fair value che dovr\u00e0 essere assimilato, nella gerarchia del fair value prevista dall\u2019I<span class=\"_ _1\"></span>FRS </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs6a0\">13, ad un fair value di livello 3.<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs6a1\">Sono <span class=\"_ _9\"> </span>oggetto <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>potenziale <span class=\"_ _9\"> </span>inclusione <span class=\"_ _9\"> </span>nel <span class=\"_ _9\"> </span>calcolo <span class=\"_ _9\"> </span>del <span class=\"_ _9\"> </span>fair <span class=\"_ _16\"> </span>value <span class=\"_ _9\"> </span>i <span class=\"_ _9\"> </span>costi <span class=\"_ _9\"> </span>marginali <span class=\"_ _9\"> </span>direttamente <span class=\"_ _9\"> </span>attribuibili </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs6a2\">all'acquisizione <span class=\"_ _1\"></span>del cred<span class=\"_ _1\"></span>ito d\u2019i<span class=\"_ _1\"></span>mpo<span class=\"_ _2\"></span>sta, consid<span class=\"_ _1\"></span>erando ch<span class=\"_ _1\"></span>e i<span class=\"_ _1\"></span>l costo <span class=\"_ _1\"></span>marginale <span class=\"_ _1\"></span>\u00e8 un <span class=\"_ _f\"></span>cost<span class=\"_ _2\"></span>o ch<span class=\"_ _1\"></span>e non <span class=\"_ _f\"></span>sarebbe stato </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs6a3\">sostenu<span class=\"ff5\">to <span class=\"_ _2\"></span>se <span class=\"_ _2\"></span>l'entit\u00e0 <span class=\"_ _2\"></span>non <span class=\"_ _2\"></span>avesse <span class=\"_ _2\"></span>acquistato <span class=\"_ _d\"></span>il <span class=\"_ _2\"></span>credito <span class=\"_ _2\"></span>d\u2019imp<span class=\"_ _1\"></span>osta <span class=\"_ _2\"></span>(quale <span class=\"_ _2\"></span>ad <span class=\"_ _2\"></span>esempio <span class=\"_ _d\"></span>la <span class=\"_ _2\"></span>commissione <span class=\"_ _2\"></span>pagata </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs6a4\">ad agenti, consulenti e mediatori, ai sensi del<span class=\"_ _1\"></span> paragrafo B5.4.8 del IFRS9).<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs6a5\">Sono <span class=\"_ _0\"></span>esclusi <span class=\"_ _d\"></span>i <span class=\"_ _0\"></span>cost<span class=\"_ _2\"></span>i <span class=\"_ _d\"></span>che, <span class=\"_ _0\"></span>pur <span class=\"_ _0\"></span>avendo <span class=\"_ _0\"></span>le <span class=\"_ _0\"></span>carat<span class=\"_ _2\"></span>teristiche <span class=\"_ _d\"></span>suddette, <span class=\"_ _0\"></span>sono <span class=\"_ _0\"></span>oggetto <span class=\"_ _0\"></span>di<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>rimborso <span class=\"_ _0\"></span>da <span class=\"_ _0\"></span>parte <span class=\"_ _0\"></span>della </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs6a6\">controparte debitrice o sono inquadrabili tra i normali costi interni<span class=\"_ _1\"></span> di carattere amministrativo.<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc4 sc3 ls0 ws0 gs6a7\">Criter<span class=\"_ _1\"></span>i di <span class=\"_ _1\"></span>class<span class=\"_ _1\"></span>ificazi<span class=\"_ _1\"></span>one </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs6a8\">Come previsto dal Documento Banca d'Italia/Consob/Ivass n. 9 di gennaio 2021, tenuto conto che tali cre<span class=\"_ _d\"></span>diti </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs6a9\">d\u2019imposta <span class=\"_ _f\"></span>acquistati <span class=\"_ _f\"></span>non <span class=\"_ _f\"></span>r<span class=\"_ _2\"></span>appresentano, <span class=\"_ _f\"></span>ai <span class=\"_ _f\"></span>sensi <span class=\"_ _f\"></span>dei <span class=\"_ _f\"></span>principi <span class=\"_ _f\"></span>con<span class=\"_ _2\"></span>tabili <span class=\"_ _f\"></span>internazionali, <span class=\"_ _f\"></span>attivit\u00e0 <span class=\"_ _f\"></span>fiscali, <span class=\"_ _1\"></span>contributi </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs6aa\">pubblici, <span class=\"_ _f\"></span>attivit\u00e0 immateriali <span class=\"_ _f\"></span>o <span class=\"_ _f\"></span>at<span class=\"_ _2\"></span>tivit\u00e0 <span class=\"_ _f\"></span>finanziarie, <span class=\"_ _f\"></span>la classificazione <span class=\"_ _f\"></span>pi\u00f9 <span class=\"_ _f\"></span>a<span class=\"_ _2\"></span>ppropriata, <span class=\"_ _f\"></span>ai fi<span class=\"_ _1\"></span>ni <span class=\"_ _f\"></span>d<span class=\"_ _2\"></span>ella <span class=\"_ _f\"></span>presentazione </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs6ab\">in bilancio, <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _2\"></span><span class=\"ff5\">quella <span class=\"_ _2\"></span>residuale alla <span class=\"_ _2\"></span>voce <span class=\"_ _2\"></span>120 dello <span class=\"_ _2\"></span>stato <span class=\"_ _2\"></span>patrimoniale<span class=\"_ _1\"></span> <span class=\"_ _2\"></span> \u201c<span class=\"_ _2\"></span>Altre Att<span class=\"_ _2\"></span>ivit\u00e0\u201d dello st<span class=\"_ _2\"></span>ato patrimoniale, </span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs6ac\">in linea con i paragrafi 54 e 55 dell<span class=\"_ _1\"></span>o IAS 1 \u201cPresentazione del bilancio\u201d.<span class=\"_ _2\"></span><span class=\"ff4\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc4 sc3 ls0 ws0 gs6ad\">Criter<span class=\"_ _1\"></span>i di <span class=\"_ _1\"></span>valuta<span class=\"_ _1\"></span>zione<span class=\"_ _f\"></span> </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs6ae\">Successivamente all<span class=\"_ _1\"></span>a rilevazione <span class=\"_ _1\"></span>iniziale, i <span class=\"_ _1\"></span>crediti d\u2019<span class=\"_ _1\"></span>imposta ai sensi de<span class=\"_ _1\"></span>l D.L. n.<span class=\"_ _1\"></span> 18/2020 (\u201cCura<span class=\"_ _f\"></span> Italia\u201d) e D.L n.<span class=\"_ _f\"></span> </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs6af\">34/2020  (\u201cRilancio\u201d)  che  sono  detenuti  per  essere <span class=\"_ _22\"> </span>utilizzati  in <span class=\"_ _22\"> </span>compensazione  di <span class=\"_ _22\"> </span>imposte <span class=\"_ _22\"> </span>e  cont<span class=\"_ _2\"></span>ributi<span class=\"_ _1\"></span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs6b0\">(secondo <span class=\"_ _d\"></span>le <span class=\"_ _0\"></span>medesime <span class=\"_ _0\"></span>regole <span class=\"_ _d\"></span>pr<span class=\"_ _2\"></span>eviste <span class=\"_ _d\"></span>per <span class=\"_ _0\"></span>il <span class=\"_ _0\"></span>benefici<span class=\"_ _1\"></span>ario <span class=\"_ _0\"></span>originario), <span class=\"_ _0\"></span>sono <span class=\"_ _0\"></span>valutati <span class=\"_ _d\"></span>al <span class=\"_ _0\"></span>costo <span class=\"_ _9\"> </span>ammortizzato, </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs6b1\">utilizzando il metodo del tasso di interesse effe<span class=\"_ _1\"></span>ttivo. <span class=\"_ _2\"></span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs6b2\">Come <span class=\"_ _f\"></span>previsto dal <span class=\"_ _f\"></span>Documento <span class=\"_ _f\"></span>Banca d<span class=\"_ _1\"></span>'Italia/Consob/Ivass <span class=\"_ _f\"></span>n. 9<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>di <span class=\"_ _f\"></span>gennaio <span class=\"_ _1\"></span>2021, <span class=\"_ _f\"></span>per la <span class=\"_ _f\"></span>valutazione <span class=\"_ _f\"></span>successiva </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs6b3\">dei  crediti <span class=\"_ _22\"> </span>d\u2019imposta <span class=\"_ _4\"> </span>ai  sensi <span class=\"_ _22\"> </span>del <span class=\"_ _22\"> </span>D.L. <span class=\"_ _4\"> </span>n.  18/2020 <span class=\"_ _22\"> </span>(\u201cCura <span class=\"_ _4\"> </span>Italia\u201d)  e <span class=\"_ _22\"> </span>D.L <span class=\"_ _4\"> </span>n.  3<span class=\"_ _2\"></span>4/2020  (\u201cRilancio\u201d) <span class=\"_ _22\"> </span>al <span class=\"_ _4\"> </span>costo<span class=\"_ _f\"></span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs6b4\">ammortizzato, viene considerato: </div><div class=\"t m0 h5 ff14 fs1 fc1 sc0 ls0 ws0 gs6b5\"><span class=\"_ _2c\"> </span><span class=\"ff4\">il valore temporale del denaro; </span></div><div class=\"t m0 h5 ff14 fs1 fc1 sc0 ls0 ws0 gs6b6\"><span class=\"_ _2c\"> </span><span class=\"ff5\">l\u2019utilizzo <span class=\"_ _d\"></span>di <span class=\"_ _0\"></span>un <span class=\"_ _d\"></span>tas<span class=\"_ _2\"></span>so <span class=\"_ _d\"></span>d\u2019interesse <span class=\"_ _d\"></span>effettivo, <span class=\"_ _d\"></span>determinato <span class=\"_ _0\"></span>all\u2019origine <span class=\"_ _d\"></span>in <span class=\"_ _0\"></span>maniera <span class=\"_ _d\"></span>tale <span class=\"_ _0\"></span>che <span class=\"_ _d\"></span>i <span class=\"_ _0\"></span>flussi <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>cas<span class=\"_ _2\"></span>sa </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs6b7\">attualizzati <span class=\"_ _d\"></span>connessi <span class=\"_ _d\"></span>con <span class=\"_ _d\"></span>le <span class=\"_ _d\"></span>compensazioni <span class=\"_ _d\"></span>attese <span class=\"_ _0\"></span>future <span class=\"_ _d\"></span>st<span class=\"_ _2\"></span>imate <span class=\"_ _d\"></span>lungo <span class=\"_ _d\"></span>la <span class=\"_ _d\"></span>durata <span class=\"_ _0\"></span>prevista <span class=\"_ _d\"></span>del <span class=\"_ _d\"></span>credito<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs6b8\">d\u2019imposta eguaglino il prezzo d\u2019acqu<span class=\"_ _1\"></span>isto dei crediti d\u2019imposta. </div><div class=\"t m0 h5 ff14 fs1 fc1 sc0 ls0 ws0 gs6b9\"><span class=\"_ _2c\"> </span><span class=\"ff5\">i flussi di utilizzo del credito d\u2019imposta tramite le compensazioni<span class=\"_ _1\"></span>.<span class=\"_ _df\"> </span></span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs6ba\">Per calcolare <span class=\"_ _1\"></span>il tasso di inte<span class=\"_ _1\"></span>resse effe<span class=\"_ _1\"></span>ttivo vengono, <span class=\"_ _1\"></span>quindi, stimate le compensazioni <span class=\"_ _1\"></span>attese, tenendo conto </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs6bb\">di <span class=\"_ _0\"></span>tutti <span class=\"_ _0\"></span>i <span class=\"_ _0\"></span>termini <span class=\"_ _0\"></span>relativi <span class=\"_ _0\"></span>al <span class=\"_ _0\"> </span>cr<span class=\"_ _2\"></span>edit<span class=\"_ _1\"></span>o <span class=\"_ _0\"></span>d\u2019imposta, <span class=\"_ _0\"></span>compreso <span class=\"_ _0\"></span>il <span class=\"_ _0\"></span>fatto <span class=\"_ _0\"></span>che, <span class=\"_ _0\"></span>dopo <span class=\"_ _0\"></span>aver <span class=\"_ _0\"> </span>valutato <span class=\"_ _9\"> </span>la <span class=\"_ _0\"></span>possibilit\u00e0 <span class=\"_ _0\"></span>e <span class=\"_ _0\"></span>gli </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs6bc\">eventuali <span class=\"_ _0\"></span>impatt<span class=\"_ _2\"></span>i <span class=\"_ _0\"></span>a <span class=\"_ _9\"> </span>conto <span class=\"_ _9\"> </span>economico <span class=\"_ _0\"></span>di <span class=\"_ _9\"> </span>una <span class=\"_ _9\"> </span>nuova <span class=\"_ _9\"> </span>cessione <span class=\"_ _9\"> </span>degli <span class=\"_ _0\"></span>st<span class=\"_ _2\"></span>essi <span class=\"_ _0\"></span>ad <span class=\"_ _9\"> </span>un <span class=\"_ _9\"> </span>terzo <span class=\"_ _9\"> </span>soggetto, <span class=\"_ _9\"> </span>il <span class=\"_ _9\"> </span>credito<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs6bd\">d<span class=\"ff5\">\u2019imposta non utilizzato in ciascun periodo di<span class=\"_ _1\"></span> compensazione sar\u00e0 perso. </span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs6be\">Tale <span class=\"_ _4\"> </span>mo<span class=\"_ _2\"></span>dalit\u00e0 <span class=\"_ _4\"> </span>di <span class=\"_ _17\"> </span>contabilizzazi<span class=\"_ _2\"></span>one, <span class=\"_ _4\"> </span>utilizzando <span class=\"_ _17\"> </span>una <span class=\"_ _14\"> </span>logica <span class=\"_ _4\"> </span>fin<span class=\"_ _2\"></span>anziaria, <span class=\"_ _4\"> </span>consente <span class=\"_ _17\"> </span>di <span class=\"_ _14\"> </span>distribuire <span class=\"_ _4\"> </span>l\u2019effetto<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs6bf\">economico dei costi/proventi lungo la vita residua attesa del<span class=\"_ _1\"></span> credito. </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs6c0\">Utilizzando <span class=\"_ _f\"></span>il metodo <span class=\"_ _f\"></span>del <span class=\"_ _f\"></span>cos<span class=\"_ _2\"></span>to <span class=\"_ _f\"></span>ammortizzato, con <span class=\"_ _f\"></span>riferimento <span class=\"_ _f\"></span>al calcolo <span class=\"_ _f\"></span>del <span class=\"_ _f\"></span>valore contabile <span class=\"_ _f\"></span>lordo d<span class=\"_ _1\"></span>el <span class=\"_ _f\"></span>credito<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs6c1\">d\u2019imposta, si pro<span class=\"_ _2\"></span>cede periodicamente alla r<span class=\"_ _2\"></span>evisione delle st<span class=\"_ _2\"></span>ime dei flussi <span class=\"_ _2\"></span>di cassa <span class=\"_ _2\"></span>ed alla <span class=\"_ _2\"></span>rettifica del valore<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs6c2\">contabile <span class=\"_ _f\"></span>lor<span class=\"_ _2\"></span>do <span class=\"_ _f\"></span>per riflettere i<span class=\"_ _1\"></span> flu<span class=\"ff5\">ssi <span class=\"_ _f\"></span>finanziari effe<span class=\"_ _1\"></span>ttivi e <span class=\"_ _f\"></span>rideterminati: nell\u2019effettuare <span class=\"_ _1\"></span>tali rettifi<span class=\"_ _1\"></span>che, si <span class=\"_ _f\"></span>procede </span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs6c3\">scontando i <span class=\"_ _1\"></span>nuovi fl<span class=\"_ _1\"></span>ussi finanziari <span class=\"_ _1\"></span>all\u2019originario tasso <span class=\"_ _f\"></span>di interesse <span class=\"_ _1\"></span>effettivo. Tale<span class=\"_ _f\"></span> contabilizzazione consentir\u00e0 </div>quindi <span class=\"_ _2\"></span>di <span class=\"_ _d\"></span>rilevare <span class=\"_ _2\"></span>\u201cpro<span class=\"_ _2\"></span><span class=\"ff4\">-</span>rata\u201d <span class=\"_ _2\"></span>temporis <span class=\"_ _d\"></span>durante <span class=\"_ _d\"></span>la <span class=\"_ _2\"></span>vita <span class=\"_ _d\"></span>di <span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>ale <span class=\"_ _2\"></span>credito <span class=\"_ _d\"></span>d\u2019imposta <span class=\"_ _2\"></span>i <span class=\"_ _d\"></span>proventi<span class=\"_ _1\"></span>, <span class=\"_ _d\"></span>nonch\u00e9 <span class=\"_ _2\"></span>di <span class=\"_ _d\"></span>rilevare immediatamente le eventuali perdite dell\u2019operazione.<span class=\"ff4\"> </span>Ne <span class=\"_ _15\"> </span>consegue <span class=\"_ _15\"> </span>che, <span class=\"_ _15\"> </span>qualor<span class=\"_ _2\"></span>a <span class=\"_ _15\"> </span>dalla <span class=\"_ _15\"> </span>revisione <span class=\"_ _15\"> </span>delle <span class=\"_ _15\"> </span>stime <span class=\"_ _e\"> </span>circa <span class=\"_ _15\"> </span>l\u2019utilizzo <span class=\"_ _15\"> </span>del <span class=\"_ _e\"> </span>credito <span class=\"_ _15\"> </span>d\u2019imposta <span class=\"_ _e\"> </span>tramite compensazione <span class=\"_ _1\"></span>emerga la necessit\u00e0 d<span class=\"_ _1\"></span>i rettifica<span class=\"ff5\">re il <span class=\"_ _f\"></span>valore contabile l<span class=\"_ _1\"></span>ordo del cred<span class=\"_ _1\"></span>ito d\u2019imposta pe<span class=\"_ _1\"></span>r riflettere<span class=\"_ _1\"></span> </span>gli <span class=\"_ _9\"> </span>utilizzi <span class=\"_ _9\"> </span>stimat<span class=\"_ _2\"></span>i, <span class=\"_ _9\"> </span>effettivi <span class=\"_ _9\"> </span>e <span class=\"_ _9\"> </span>rideterminati, <span class=\"_ _16\"> </span>si <span class=\"_ _9\"> </span>proceder\u00e0 <span class=\"_ _9\"> </span>a <span class=\"_ _16\"> </span>ricalcolare <span class=\"_ _9\"> </span>il <span class=\"_ _9\"> </span>valore <span class=\"_ _16\"> </span>contabile <span class=\"_ _9\"> </span>lordo <span class=\"_ _9\"> </span>del <span class=\"_ _9\"> </span>credito d\u2019imposta <span class=\"_ _f\"></span>come il <span class=\"_ _f\"></span>valore <span class=\"_ _1\"></span>attuale <span class=\"_ _f\"></span>delle nuove<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>stime <span class=\"_ _1\"></span>degli <span class=\"_ _1\"></span>utilizzi d<span class=\"_ _1\"></span>el <span class=\"_ _1\"></span>credito d\u2019imposta <span class=\"_ _f\"></span>t<span class=\"_ _2\"></span>ramite <span class=\"_ _f\"></span>compensazione attualizzati <span class=\"_ _d\"></span>all\u2019originario <span class=\"_ _2\"></span>tasso <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>interesse <span class=\"_ _2\"></span>effettivo. <span class=\"_ _d\"></span>In <span class=\"_ _d\"></span>tale <span class=\"_ _d\"></span>rideterminazione, <span class=\"_ _2\"></span>tenuto <span class=\"_ _d\"></span>conto <span class=\"_ _d\"></span>dell\u2019assenza <span class=\"_ _d\"></span>di rimborsabilit\u00e0 <span class=\"_ _0\"></span>da <span class=\"_ _0\"></span>parte <span class=\"_ _d\"></span>della <span class=\"_ _0\"></span>controparte <span class=\"_ _0\"></span>(vale <span class=\"_ _d\"></span>a <span class=\"_ _0\"></span>dire <span class=\"_ _0\"></span>dell\u2019Erario), <span class=\"_ _0\"></span>sarebbe <span class=\"_ _d\"></span>inclusa <span class=\"_ _0\"></span>quindi <span class=\"_ _0\"></span>una <span class=\"_ _0\"></span>svalutazione derivante da un eventuale mancato utilizzo dei cred<span class=\"_ _1\"></span>iti d\u2019imposta acquistati.<span class=\"_ _2\"></span><span class=\"ff4\"> </span>Criter<span class=\"_ _1\"></span>i di <span class=\"_ _1\"></span>cancell<span class=\"_ _1\"></span>azion<span class=\"_ _f\"></span>e I crediti d\u2019imposta <span class=\"_ _2\"></span>vengono cancellati quando scadono i <span class=\"_ _2\"></span>diritti di compensazione dei crediti <span class=\"_ _2\"></span>stessi o quando i crediti d\u2019imposta vengono ceduti trasfere<span class=\"ff4\">ndo sostanzialmente tutti i rischi e benefici.<span class=\"_ _df\"> </span></span>Criter<span class=\"_ _1\"></span>i di <span class=\"_ _1\"></span>rileva<span class=\"_ _f\"></span>zione dell<span class=\"_ _1\"></span>e com<span class=\"_ _f\"></span>ponenti <span class=\"_ _1\"></span>reddi<span class=\"_ _1\"></span>tuali<span class=\"_ _f\"></span> Come <span class=\"_ _0\"></span>previsto <span class=\"_ _9\"> </span>dal <span class=\"_ _9\"> </span>Documento <span class=\"_ _9\"> </span>Banca <span class=\"_ _0\"></span>d'Italia/Consob/Ivass <span class=\"_ _9\"> </span>n. <span class=\"_ _9\"> </span>9 <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>gennaio <span class=\"_ _9\"> </span>2021, <span class=\"_ _9\"> </span>la <span class=\"_ _0\"></span>r<span class=\"_ _2\"></span>appresentazione <span class=\"_ _0\"></span>dei proventi e degl<span class=\"_ _1\"></span>i oneri derivanti dall\u2019acquisto e utilizzo dei crediti d\u2019imposta ai sensi de<span class=\"_ _1\"></span>l D.L. n. 18/2020 (\u201cCura<span class=\"_ _1\"></span> Italia\u201d) e D.L n. 34/2020 (\u201cRilancio\u201d) riflette la modalit\u00e0 di gestione<span class=\"_ _1\"></span> adottata.<span class=\"_ _2\"></span><span class=\"ff4\"> </span>Nel caso di <span class=\"_ _2\"></span>crediti d\u2019imposta detenuti per essere utilizzati in <span class=\"_ _2\"></span>compensazi<span class=\"_ _1\"></span>one di <span class=\"_ _2\"></span>imposte e contributi valutati al <span class=\"_ _0\"></span>cos<span class=\"_ _2\"></span>to <span class=\"_ _9\"> </span>ammortizzato, <span class=\"_ _0\"></span>la <span class=\"_ _9\"> </span>rilevazione <span class=\"_ _0\"></span>d<span class=\"_ _2\"></span>ella <span class=\"_ _0\"></span>componente <span class=\"_ _9\"> </span>interessi <span class=\"_ _9\"> </span>viene <span class=\"_ _9\"> </span>effettuata <span class=\"_ _9\"> </span>nella <span class=\"_ _9\"> </span>voce <span class=\"_ _0\"></span>1<span class=\"_ _2\"></span>0 <span class=\"_ _9\"> </span>di <span class=\"_ _0\"></span>conto economico <span class=\"_ _2\"></span>\u201c<span class=\"_ _2\"></span>Interessi <span class=\"_ _2\"></span>Attivi\u201d <span class=\"_ _d\"></span>e <span class=\"_ _2\"></span>vengono <span class=\"_ _d\"></span>rilevate <span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>ra <span class=\"_ _d\"></span>gli <span class=\"_ _2\"></span>interessi <span class=\"_ _d\"></span>attivi <span class=\"_ _2\"></span>o <span class=\"_ _d\"></span>passivi <span class=\"_ _d\"></span>anche <span class=\"_ _2\"></span>le <span class=\"_ _d\"></span>variazioni <span class=\"_ _d\"></span>di <span class=\"_ _2\"></span>valore dovute <span class=\"_ _d\"></span>ai <span class=\"_ _d\"></span>cambiamenti <span class=\"_ _2\"></span>di <span class=\"_ _d\"></span>s<span class=\"_ _2\"></span>tima <span class=\"_ _2\"></span>delle <span class=\"_ _d\"></span>te<span class=\"_ _2\"></span>mpistiche <span class=\"_ _2\"></span>di <span class=\"_ _d\"></span>compensazione <span class=\"_ _d\"></span>dei <span class=\"_ _d\"></span>flussi <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>cass<span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>attesi, <span class=\"_ _d\"></span>ai <span class=\"_ _d\"></span>sensi <span class=\"_ _d\"></span>del paragrafo B5.4.6 dell\u2019IFRS 9.<span class=\"ff4\"> </span>Eventuali <span class=\"_ _9\"> </span>rettifiche <span class=\"_ _16\"> </span>conseguenti <span class=\"_ _16\"> </span>il <span class=\"_ _9\"> </span>non <span class=\"_ _16\"> </span>integrale <span class=\"_ _9\"> </span>recupero  tramite <span class=\"_ _9\"> </span>compensazione <span class=\"_ _9\"> </span>dei  crediti,<span class=\"_ _1\"></span> <span class=\"_ _16\"> </span>dopo <span class=\"_ _9\"> </span>aver valutato <span class=\"_ _f\"></span>la possibili<span class=\"_ _1\"></span>t\u00e0 e<span class=\"_ _1\"></span> <span class=\"_ _f\"></span>gli eventuali <span class=\"_ _f\"></span>impatti <span class=\"_ _1\"></span>a <span class=\"_ _f\"></span>cont<span class=\"_ _2\"></span>o economico <span class=\"_ _f\"></span>di <span class=\"_ _f\"></span>una nu<span class=\"_ _f\"></span>o<span class=\"_ _2\"></span>va <span class=\"_ _f\"></span>cessione d<span class=\"_ _1\"></span>egli <span class=\"_ _f\"></span>st<span class=\"_ _2\"></span>essi <span class=\"_ _f\"></span>ad u<span class=\"_ _1\"></span>n <span class=\"_ _1\"></span>terzo soggetto, <span class=\"_ _d\"></span>sono <span class=\"_ _2\"></span>rilevate <span class=\"_ _d\"></span>nella <span class=\"_ _2\"></span>voce <span class=\"_ _d\"></span><span class=\"ff5\">130<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>di <span class=\"_ _d\"></span>conto <span class=\"_ _d\"></span>economico <span class=\"_ _2\"></span>\u201c<span class=\"_ _2\"></span></span>Rettifiche<span class=\"_ _1\"></span>/riprese <span class=\"_ _d\"></span>di <span class=\"_ _2\"></span>valore <span class=\"_ _d\"></span>nette <span class=\"_ _d\"></span>per <span class=\"_ _d\"></span>rischio <span class=\"_ _2\"></span>di credito di: a) attivit\u00e0 finanziarie valutate al costo ammortizzato\u201d. <span class=\"ff4\"> </span>In <span class=\"_ _2\"></span>caso <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>cessione <span class=\"_ _2\"></span>degl<span class=\"_ _1\"></span>i <span class=\"_ _2\"></span>stessi <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>terzi <span class=\"_ _2\"></span>sogge<span class=\"_ _1\"></span>tti, <span class=\"_ _2\"></span>le <span class=\"_ _2\"></span>eventuali plus/minusvalenze <span class=\"_ _2\"></span>tra <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>valore <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>cessione ed <span class=\"_ _2\"></span>il valore <span class=\"_ _2\"></span>netto <span class=\"_ _2\"></span>contabile dei <span class=\"_ _2\"></span>crediti <span class=\"_ _2\"></span>alla <span class=\"_ _2\"></span>data <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>cessione <span class=\"_ _2\"></span>sono <span class=\"_ _2\"></span>rilevati <span class=\"_ _2\"></span>nella <span class=\"_ _2\"></span>voce 10<span class=\"_ _2\"></span>0 <span class=\"_ _2\"></span>di conto <span class=\"_ _2\"></span>economico <span class=\"_ _2\"></span>\u201cUtili (perdite) da cessione o riacqui<span class=\"_ _1\"></span>sto di: a) attivi<span class=\"_ _2\"></span><span class=\"ff5\">t\u00e0 finanziarie valutate al costo ammortizzato\u201d. </span> Azioni <span class=\"_ _1\"></span>prop<span class=\"_ _1\"></span>rie Le eventuali <span class=\"_ _2\"></span>azioni <span class=\"_ _2\"></span>proprie detenute <span class=\"_ _2\"></span>sono <span class=\"_ _2\"></span>portate <span class=\"_ _2\"></span>in riduzione <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>patrimonio netto. <span class=\"_ _2\"></span>Analogamente, il <span class=\"_ _2\"></span>costo originario  delle  stesse  e <span class=\"_ _16\"> </span>gli  utili  o  le<span class=\"_ _1\"></span>  perdite  derivanti  dall<span class=\"_ _1\"></span>a  loro  successiva  v<span class=\"_ _2\"></span>endita  sono  rilevati  come movimenti del patrimonio netto. Rate<span class=\"_ _1\"></span>i e r<span class=\"_ _1\"></span>isconti<span class=\"_ _f\"></span> I ratei <span class=\"_ _2\"></span>ed i risconti che <span class=\"_ _2\"></span>accolgono oneri e pro<span class=\"_ _2\"></span>venti di competenza del periodo mat<span class=\"_ _2\"></span>urati su <span class=\"_ _2\"></span>attivit\u00e0<span class=\"_ _1\"></span> e <span class=\"_ _2\"></span>passivit\u00e0 sono iscritti in bilancio a rettifica del<span class=\"_ _1\"></span>le attivit\u00e0 e passivit\u00e0 a <span class=\"_ _2\"></span>cui si riferiscono. Spese<span class=\"_ _1\"></span> per <span class=\"_ _1\"></span>miglio<span class=\"_ _f\"></span>rie su be<span class=\"_ _1\"></span>ni di <span class=\"_ _1\"></span>ter<span class=\"_ _1\"></span>zi I <span class=\"_ _2\"></span>costi <span class=\"_ _d\"></span>di <span class=\"_ _2\"></span>ristr<span class=\"_ _2\"></span>utturazione<span class=\"_ _1\"></span> <span class=\"_ _2\"></span>di <span class=\"_ _d\"></span>immobili <span class=\"_ _2\"></span>non <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>propriet\u00e0 <span class=\"_ _2\"></span>vengono <span class=\"_ _d\"></span>capitalizzati <span class=\"_ _2\"></span>in <span class=\"_ _d\"></span>considerazione <span class=\"_ _2\"></span>del <span class=\"_ _d\"></span>fatto <span class=\"_ _d\"></span>che<span class=\"_ _1\"></span> per la d<span class=\"_ _1\"></span>urata del contratto di<span class=\"_ _1\"></span> affitto la <span class=\"_ _1\"></span>societ\u00e0 utilizzatrice <span class=\"_ _1\"></span>ha il controllo d<span class=\"_ _1\"></span>ei beni e pu<span class=\"_ _1\"></span>\u00f2 trarre da essi bene<span class=\"_ _f\"></span>fic<span class=\"_ _2\"></span>i economici <span class=\"_ _d\"></span>futuri. <span class=\"_ _d\"></span>I <span class=\"_ _d\"></span>suddetti <span class=\"_ _d\"></span>costi, <span class=\"_ _d\"></span>classificati <span class=\"_ _d\"></span>tr<span class=\"_ _2\"></span>a <span class=\"_ _d\"></span>le <span class=\"_ _d\"></span>Altre <span class=\"_ _d\"></span>attivit\u00e0 <span class=\"_ _d\"></span>come <span class=\"_ _d\"></span>previsto <span class=\"_ _d\"></span>dalle <span class=\"_ _d\"></span>Istruzioni <span class=\"_ _d\"></span>della <span class=\"_ _d\"></span>Banca d\u2019Italia, vengono ammortizzati per un pe<span class=\"_ _1\"></span>riodo non superiore alla durata del contratto di affitto.<span class=\"_ _2\"></span><span class=\"ff4\"> </span>Trat<span class=\"_ _1\"></span>tament<span class=\"_ _1\"></span>o di <span class=\"_ _1\"></span>fine <span class=\"_ _f\"></span>rapport<span class=\"_ _1\"></span>o del p<span class=\"_ _f\"></span>ersonale<span class=\"_ _f\"></span> Il trattamento di <span class=\"_ _2\"></span>fine rapporto si configura come un \u201c<span class=\"_ _2\"></span>bene<span class=\"_ _1\"></span>ficio successivo al <span class=\"_ _2\"></span>rapporto di lavoro\u201d classificato come: <span class=\"_ _2c\"> </span><span class=\"ff5\">\u201cpiano a contr<span class=\"_ _2\"></span>ibuzi<span class=\"_ _1\"></span>one definita\u201d per le quote di tratt<span class=\"_ _2\"></span>amento di fine rapporto del pe<span class=\"_ _1\"></span>rsonale maturande a </span>partire dal <span class=\"_ _f\"></span>1\u00b0 gennaio <span class=\"_ _f\"></span>2007 (data <span class=\"_ _f\"></span>di entrata <span class=\"_ _1\"></span>in v<span class=\"_ _1\"></span>igore d<span class=\"_ _1\"></span>ella <span class=\"_ _f\"></span>r<span class=\"_ _2\"></span>iforma <span class=\"_ _f\"></span>della <span class=\"_ _1\"></span>previdenza comp<span class=\"_ _1\"></span>lementare di <span class=\"_ _f\"></span>cui<span class=\"_ _df\"> </span>al <span class=\"_ _d\"></span>Decreto <span class=\"_ _d\"></span>Legislativ<span class=\"_ _1\"></span>o <span class=\"_ _d\"></span>5 <span class=\"_ _d\"></span>dicembre <span class=\"_ _d\"></span>2005 <span class=\"_ _d\"></span>n. <span class=\"_ _d\"></span>252) <span class=\"_ _2\"></span>sia <span class=\"_ _d\"></span>nel <span class=\"_ _d\"></span>caso <span class=\"_ _d\"></span>di <span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>pzione <span class=\"_ _2\"></span>da <span class=\"_ _d\"></span>parte <span class=\"_ _d\"></span>del <span class=\"_ _d\"></span>dipendente <span class=\"_ _d\"></span>per <span class=\"_ _2\"></span>la previdenza <span class=\"_ _0\"></span>complementare, <span class=\"_ _0\"></span>sia <span class=\"_ _0\"></span>nel <span class=\"_ _0\"></span>caso <span class=\"_ _9\"> </span>di <span class=\"_ _0\"></span>destin<span class=\"ff5\">azione <span class=\"_ _0\"></span>al <span class=\"_ _9\"> </span>fondo <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>Tesoreria <span class=\"_ _9\"> </span>presso <span class=\"_ _d\"></span>l\u2019INPS. <span class=\"_ _0\"></span>Per <span class=\"_ _9\"> </span>tali<span class=\"_ _df\"> </span></span>quote <span class=\"_ _d\"></span>l\u2019importo <span class=\"_ _0\"></span>contabilizzato <span class=\"_ _d\"></span>tra <span class=\"_ _d\"></span>i <span class=\"_ _d\"></span>costi <span class=\"_ _0\"></span>del <span class=\"_ _d\"></span>personale <span class=\"_ _d\"></span>\u00e8 <span class=\"_ _0\"></span>determinato <span class=\"_ _0\"></span>sulla <span class=\"_ _d\"></span>base <span class=\"_ _d\"></span>dei <span class=\"_ _0\"></span>contributi <span class=\"_ _d\"></span>dovuti senza l\u2019applicazione di metodologie di<span class=\"_ _1\"></span> calcolo attuariali;<span class=\"_ _2\"></span><span class=\"ff4\"> </span><span class=\"ff10\"> <span class=\"_ _2b\"> </span><span class=\"ff5\">\u201cpiano <span class=\"_ _17\"> </span>a <span class=\"_ _4\"> </span>benefici <span class=\"_ _4\"> </span>definiti\u201d <span class=\"_ _17\"> </span>e <span class=\"_ _4\"> </span>pertanto <span class=\"_ _17\"> </span>\u00e8<span class=\"ff4\"> <span class=\"_ _17\"> </span>iscritto <span class=\"_ _4\"> </span>sulla <span class=\"_ _4\"> </span>base <span class=\"_ _17\"> </span>del <span class=\"_ _4\"> </span>suo <span class=\"_ _17\"> </span>valore <span class=\"_ _17\"> </span>attuariale <span class=\"_ _4\"> </span>determinato </span></span></span>utilizzando <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>metodo <span class=\"_ _2\"></span>della \u201cProiezione <span class=\"_ _2\"></span>Unitaria <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>Credito\u201d, <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>cui <span class=\"_ _2\"></span>dettagli <span class=\"_ _2\"></span>si <span class=\"_ _2\"></span>rimanda <span class=\"_ _2\"></span>alla <span class=\"_ _2\"></span>Sezione <span class=\"_ _2\"></span>9 della parte B di Nota Integrativa.  Tali <span class=\"_ _d\"></span>quote <span class=\"_ _d\"></span>riferite <span class=\"_ _d\"></span>al <span class=\"_ _d\"></span>piano <span class=\"_ _d\"></span>a <span class=\"_ _0\"></span>benefici <span class=\"_ _d\"></span>definiti <span class=\"_ _d\"></span>sono<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>iscritte <span class=\"_ _d\"></span>sulla <span class=\"_ _d\"></span>base <span class=\"_ _d\"></span>del <span class=\"_ _d\"></span>loro <span class=\"_ _0\"></span>valore <span class=\"_ _d\"></span>attuariale <span class=\"_ _d\"></span>determinato utilizzando <span class=\"_ _0\"></span>il <span class=\"_ _9\"> </span>metodo <span class=\"_ _9\"> </span>della <span class=\"_ _9\"> </span>\u201cProiezione <span class=\"_ _0\"></span>Unitaria <span class=\"_ _9\"> </span>del <span class=\"_ _9\"> </span>Credito\u201d, <span class=\"_ _9\"> </span>senza <span class=\"_ _9\"> </span>applicazione <span class=\"_ _0\"></span>del <span class=\"_ _9\"> </span>pro<span class=\"_ _2\"></span><span class=\"ff4\">-r<span class=\"_ _2\"></span>ata <span class=\"_ _0\"></span>del <span class=\"_ _0\"></span>s<span class=\"_ _2\"></span>ervizio </span>prestato <span class=\"_ _2\"></span>in quanto <span class=\"_ _2\"></span>il costo <span class=\"_ _2\"></span>previdenziale (\u201ccurrent <span class=\"_ _2\"></span>service cost<span class=\"_ _2\"></span>\u201d) del <span class=\"_ _2\"></span>TFR \u00e8 <span class=\"_ _2\"></span>quasi <span class=\"_ _2\"></span>inter<span class=\"_ _2\"></span><span class=\"ff4\">amente maturat<span class=\"_ _2\"></span>o e <span class=\"_ _2\"></span>la<span class=\"_ _1\"></span> </span>rivalutazione d<span class=\"_ _1\"></span>ello stesso, pe<span class=\"_ _1\"></span>r gli anni<span class=\"_ _1\"></span> a veni<span class=\"_ _1\"></span>re, non si<span class=\"_ _1\"></span> ritiene d<span class=\"_ _1\"></span>ia luogo a<span class=\"_ _f\"></span> significativi bene<span class=\"_ _1\"></span>fici per i dipe<span class=\"_ _1\"></span>ndenti. Ai <span class=\"_ _9\"> </span>fini  d<span class=\"_ _1\"></span>ell'attualizzazione, <span class=\"_ _9\"> </span>il <span class=\"_ _16\"> </span>tasso  utili<span class=\"_ _1\"></span>zzato <span class=\"_ _16\"> </span>\u00e8 <span class=\"_ _9\"> </span>determinato <span class=\"_ _16\"> </span>con <span class=\"_ _9\"> </span>riferimento <span class=\"_ _16\"> </span>al <span class=\"_ _9\"> </span>rendimento  d<span class=\"_ _1\"></span>i <span class=\"_ _16\"> </span>mercato <span class=\"_ _16\"> </span>di<span class=\"_ _1\"></span> obbligazioni d<span class=\"_ _1\"></span>i aziende primarie tene<span class=\"_ _1\"></span>ndo conto dell<span class=\"_ _1\"></span>a durata media residua d<span class=\"_ _1\"></span>ella passivit\u00e0, p<span class=\"_ _1\"></span>onderata in base alla <span class=\"_ _9\"> </span>percentuale <span class=\"_ _16\"> </span>dell<span class=\"_ _1\"></span>'importo <span class=\"_ _16\"> </span>pagato <span class=\"_ _9\"> </span>e <span class=\"_ _9\"> </span>anticipato, <span class=\"_ _16\"> </span>per<span class=\"_ _1\"></span> <span class=\"_ _9\"> </span>ciascuna <span class=\"_ _16\"> </span>scadenza, <span class=\"_ _9\"> </span>rispetto <span class=\"_ _9\"> </span>al <span class=\"_ _16\"> </span>totale <span class=\"_ _9\"> </span>da <span class=\"_ _9\"> </span>pagare <span class=\"_ _16\"> </span>e anticipare fino all'estinzione<span class=\"_ _1\"></span> finale dell\u2019intera <span class=\"_ _2\"></span><span class=\"ff4\">obbligazione. </span>I costi <span class=\"_ _f\"></span>per il <span class=\"_ _f\"></span>s<span class=\"_ _2\"></span>e<span class=\"_ _1\"></span>rvizio d<span class=\"_ _1\"></span>el <span class=\"_ _1\"></span>piano sono <span class=\"_ _f\"></span>contabilizzati tra <span class=\"_ _f\"></span>i costi <span class=\"_ _1\"></span>del <span class=\"_ _f\"></span>per<span class=\"_ _2\"></span>sonale, <span class=\"_ _f\"></span>mentr<span class=\"_ _2\"></span>e <span class=\"_ _f\"></span>gli utili <span class=\"_ _f\"></span>e le <span class=\"_ _f\"></span>perdite attuariali sono rilevati nel prospetto della redd<span class=\"_ _1\"></span>itivit\u00e0 complessiva.<span class=\"_ _2\"></span> Paga<span class=\"_ _f\"></span>menti ba<span class=\"_ _1\"></span>sati<span class=\"_ _1\"></span> su a<span class=\"_ _1\"></span>zioni I <span class=\"_ _d\"></span>piani <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>remunerazione <span class=\"_ _d\"></span>del <span class=\"_ _d\"></span>per<span class=\"_ _2\"></span>sonale <span class=\"_ _d\"></span>basati <span class=\"_ _d\"></span>su <span class=\"_ _d\"></span>azioni, <span class=\"_ _d\"></span>le <span class=\"_ _d\"></span>quali <span class=\"_ _d\"></span>s<span class=\"_ _2\"></span>ono <span class=\"_ _d\"></span>regolate <span class=\"_ _d\"></span>con <span class=\"_ _d\"></span>azioni <span class=\"_ _d\"></span>e <span class=\"_ _d\"></span>non <span class=\"_ _d\"></span>per <span class=\"_ _d\"></span>cassa, vengono <span class=\"_ _2\"></span>rilevati <span class=\"_ _d\"></span>nel <span class=\"_ _d\"></span>conto <span class=\"_ _d\"></span>economico,<span class=\"_ _1\"></span> <span class=\"_ _d\"></span>con <span class=\"_ _d\"></span>un <span class=\"_ _2\"></span>corrispondente <span class=\"_ _2\"></span>incremento <span class=\"_ _d\"></span>del <span class=\"_ _d\"></span>patrimonio <span class=\"_ _2\"></span>nett<span class=\"_ _2\"></span>o, <span class=\"_ _2\"></span>sulla <span class=\"_ _d\"></span>base del <span class=\"_ _0\"> </span>fair <span class=\"_ _16\"> </span>value <span class=\"_ _9\"> </span>degli <span class=\"_ _9\"> </span>strumenti <span class=\"_ _9\"> </span>finanziari <span class=\"_ _9\"> </span>attr<span class=\"_ _2\"></span>ibuiti <span class=\"_ _0\"></span>alla <span class=\"_ _9\"> </span>data <span class=\"_ _16\"> </span>di <span class=\"_ _0\"> </span>assegnazio<span class=\"_ _2\"></span><span class=\"ff5\">ne, <span class=\"_ _9\"> </span>suddividendo <span class=\"_ _9\"> </span>l\u2019onere <span class=\"_ _9\"> </span>lungo <span class=\"_ _9\"> </span>il </span>periodo previsto dal piano. In <span class=\"_ _d\"></span>presenza <span class=\"_ _d\"></span>di <span class=\"_ _0\"></span>opzioni, <span class=\"_ _d\"></span>il <span class=\"_ _d\"></span>fair <span class=\"_ _0\"></span>value <span class=\"_ _d\"></span>delle <span class=\"_ _0\"></span>stesse <span class=\"_ _0\"></span>\u00e8 <span class=\"_ _d\"></span>calcolato <span class=\"_ _d\"></span>utilizzando <span class=\"_ _d\"></span>un <span class=\"_ _0\"></span>modello <span class=\"_ _d\"></span>che <span class=\"_ _d\"></span>considera, <span class=\"_ _0\"></span>oltre <span class=\"_ _d\"></span>ad informazioni quali il prezzo <span class=\"_ _2\"></span>di esercizio e <span class=\"_ _2\"></span>la vita dell\u2019opzione, il prezzo <span class=\"_ _2\"></span>corrente<span class=\"_ _2\"></span><span class=\"ff4\"> delle azioni e la <span class=\"_ _2\"></span>loro volatilit\u00e0 </span>attesa, <span class=\"_ _9\"> </span>i <span class=\"_ _9\"> </span>dividendi <span class=\"_ _0\"></span>at<span class=\"_ _2\"></span>tesi <span class=\"_ _9\"> </span>e <span class=\"_ _9\"> </span>il <span class=\"_ _9\"> </span>tasso <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>interesse <span class=\"_ _9\"> </span>risk<span class=\"_ _2\"></span>-free, <span class=\"_ _0\"></span>anch<span class=\"_ _2\"></span>e <span class=\"_ _0\"> </span>le <span class=\"_ _16\"> </span>caratteristiche <span class=\"_ _0\"></span>s<span class=\"_ _2\"></span>peci<span class=\"_ _1\"></span>fiche <span class=\"_ _9\"> </span>del <span class=\"_ _9\"> </span>piano <span class=\"_ _9\"> </span>in essere. <span class=\"_ _1\"></span>Nel modello <span class=\"_ _f\"></span>di valorizzazione <span class=\"_ _1\"></span>sono valu<span class=\"_ _1\"></span>tate in <span class=\"_ _f\"></span>modo<span class=\"_ _2\"></span> <span class=\"_ _1\"></span>distinto <span class=\"ff5\">l\u2019opzi<span class=\"_ _1\"></span>one<span class=\"ff4\"> e <span class=\"_ _f\"></span><span class=\"ls1a\">la<span class=\"ls0\"> probabi<span class=\"_ _1\"></span>lit\u00e0 <span class=\"ls39\">di</span> <span class=\"_ _f\"></span>realizzazio<span class=\"lsc6\">ne</span> </span></span></span></span>delle cond<span class=\"_ _1\"></span>izioni <span class=\"ls1a\">in</span> base <span class=\"_ _f\"></span>all<span class=\"_ _2\"></span>e qu<span class=\"_ _1\"></span>ali <span class=\"ls1a\">le</span> opzioni <span class=\"_ _1\"></span>sono state assegnate. La combinazione dei due valori fornisce il fair value d<span class=\"_ _1\"></span>ello strumento assegnato.<span class=\"_ _2\"></span> L\u2019eventuale <span class=\"_ _d\"></span>riduzione <span class=\"_ _2\"></span>del <span class=\"_ _0\"></span>numero <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>strumenti <span class=\"_ _d\"></span>finanziari <span class=\"_ _d\"></span>assegnati <span class=\"_ _d\"></span>\u00e8 <span class=\"_ _d\"></span>contabilizzata <span class=\"_ _d\"></span>come <span class=\"_ _d\"></span>cancellazione <span class=\"_ _0\"></span><span class=\"ff4\">di </span>una parte degli stessi. Benefi<span class=\"_ _f\"></span>ci ai di<span class=\"_ _1\"></span>pende<span class=\"_ _f\"></span>nti Si <span class=\"_ _2\"></span>definiscono <span class=\"_ _2\"></span>benefici <span class=\"_ _d\"></span>ai <span class=\"_ _2\"></span>dipendenti <span class=\"_ _2\"></span>tutt<span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>ipi <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>remunerazione <span class=\"_ _2\"></span>erogati <span class=\"_ _d\"></span>dall\u2019azienda <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>cambio <span class=\"_ _d\"></span>dell\u2019attivit\u00e0 lavorativa svolta dai dipendenti. I benefici<span class=\"_ _1\"></span> ai dipendenti si suddividono tr<span class=\"_ _2\"></span>a: <span class=\"ff10\"> <span class=\"_ _2b\"> </span><span class=\"ff4\">benefici <span class=\"_ _f\"></span>a breve <span class=\"_ _f\"></span>termine (<span class=\"_ _1\"></span>diversi dai <span class=\"_ _f\"></span>benefici <span class=\"_ _f\"></span>dovuti ai <span class=\"_ _f\"></span>dipendenti <span class=\"_ _f\"></span>per la <span class=\"_ _f\"></span>cessazione d<span class=\"_ _1\"></span>el <span class=\"_ _f\"></span>rapporto<span class=\"_ _2\"></span> <span class=\"_ _f\"></span>di <span class=\"_ _1\"></span>lavoro </span></span>e <span class=\"_ _f\"></span>dai <span class=\"_ _f\"></span>benefici <span class=\"_ _f\"></span>retr<span class=\"_ _2\"></span>ibutivi <span class=\"_ _11\"></span>s<span class=\"_ _2\"></span>otto <span class=\"_ _f\"></span>forma <span class=\"_ _f\"></span>di <span class=\"_ _f\"></span>partecipazione <span class=\"_ _f\"></span>al <span class=\"_ _1\"></span>capitale) <span class=\"_ _f\"></span>che <span class=\"_ _f\"></span>s<span class=\"_ _2\"></span>i <span class=\"_ _f\"></span>prevede <span class=\"_ _f\"></span>di <span class=\"_ _f\"></span>liquidare <span class=\"_ _f\"></span>intera<span class=\"_ _2\"></span>mente entro <span class=\"_ _2\"></span>dodici <span class=\"_ _2\"></span>mesi <span class=\"_ _2\"></span>dal <span class=\"_ _2\"></span>termine <span class=\"_ _2\"></span>dell\u2019esercizio n<span class=\"_ _2\"></span>el <span class=\"_ _2\"></span>quale <span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>dipendent<span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>hanno <span class=\"_ _2\"></span>prestato <span class=\"_ _2\"></span>l\u2019attivit\u00e0 <span class=\"_ _2\"></span>lavorativa <span class=\"_ _2\"></span>e rilevati <span class=\"_ _2\"></span>interamente <span class=\"_ _2\"></span>a <span class=\"_ _d\"></span>conto <span class=\"_ _2\"></span>economico <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>momento <span class=\"_ _2\"></span>della <span class=\"_ _2\"></span>mat<span class=\"_ _2\"></span>urazione<span class=\"_ _f\"></span> <span class=\"_ _d\"></span>(rientrano <span class=\"_ _d\"></span>in <span class=\"_ _2\"></span>tale <span class=\"_ _2\"></span>categoria, <span class=\"_ _2\"></span>ad esempio, i salari, gli stipendi e le<span class=\"_ _1\"></span> prestazioni \u201cstraordinarie\u201d);<span class=\"_ _2\"></span><span class=\"ff4\"> </span><span class=\"ff10\"> <span class=\"_ _2b\"> </span><span class=\"ff4\">benefici successivi <span class=\"_ _f\"></span>al rapport<span class=\"_ _2\"></span>o di l<span class=\"_ _1\"></span>avoro dovuti d<span class=\"_ _1\"></span>opo la conclu<span class=\"_ _1\"></span>sione del rapp<span class=\"_ _1\"></span>orto di lavoro che <span class=\"_ _1\"></span>obbligano </span></span>l\u2019impresa <span class=\"_ _d\"></span>ad <span class=\"_ _d\"></span>un\u2019erogazione <span class=\"_ _d\"></span>futur<span class=\"_ _2\"></span>a <span class=\"_ _d\"></span>nei <span class=\"_ _d\"></span>confronti <span class=\"_ _0\"></span>dei <span class=\"_ _d\"></span>dipendenti. <span class=\"_ _d\"></span>Tra <span class=\"_ _0\"></span>questi, <span class=\"_ _d\"></span>rientrano <span class=\"_ _d\"></span>il <span class=\"_ _d\"></span>tr<span class=\"_ _2\"></span>attamento <span class=\"_ _d\"></span>di fine rapporto e i fond<span class=\"_ _1\"></span>i pensione che, a loro vol<span class=\"_ _1\"></span>ta si suddiv<span class=\"_ _1\"></span>idono in piani a<span class=\"_ _2\"></span> contribuzione<span class=\"_ _1\"></span> definita e piani a benefici definiti o fondi di quiescenza aziendale; <span class=\"ff10\"> <span class=\"_ _2b\"> </span><span class=\"ff4\">benefici <span class=\"_ _d\"></span>a <span class=\"_ _0\"></span>lungo <span class=\"_ _d\"></span>termine, <span class=\"_ _0\"></span>diversi <span class=\"_ _d\"></span>dai <span class=\"_ _0\"></span>precedenti, <span class=\"_ _d\"></span>che <span class=\"_ _d\"></span>non <span class=\"_ _0\"></span>si <span class=\"_ _0\"></span>prevede <span class=\"_ _d\"></span>siano <span class=\"_ _0\"></span>estinti <span class=\"_ _d\"></span>interamente <span class=\"_ _d\"></span>entro <span class=\"_ _0\"></span>i </span></span>dodici <span class=\"_ _d\"></span>m<span class=\"_ _2\"></span>esi <span class=\"_ _d\"></span>successivi <span class=\"_ _0\"></span>al <span class=\"_ _0\"></span>temine <span class=\"_ _0\"></span>dell\u2019esercizio <span class=\"_ _0\"></span>in <span class=\"_ _0\"></span>cui <span class=\"_ _0\"></span>i <span class=\"_ _0\"></span>dipendenti <span class=\"_ _9\"> </span><span class=\"ff4\">hanno <span class=\"_ _0\"></span>svolto <span class=\"_ _0\"> </span>le <span class=\"_ _0\"></span>proprie <span class=\"_ _0\"></span>prestazioni </span>lavorative. Il costo <span class=\"_ _2\"></span>\u00e8 allocato sul periodo di servizio <span class=\"_ _2\"></span>lavorativo prestato dal <span class=\"_ _2\"></span>bene<span class=\"_ _1\"></span>ficiario in base <span class=\"_ _2\"></span>al valore attuariale <span class=\"_ _0\"></span>determinato <span class=\"_ _0\"></span>utilizzando <span class=\"_ _0\"></span>il <span class=\"_ _0\"></span>metodo <span class=\"_ _0\"></span>della <span class=\"_ _0\"></span>\u201cProiezione <span class=\"_ _0\"></span>Unitaria <span class=\"_ _0\"></span>del <span class=\"_ _0\"></span>Credito\u201d. <span class=\"_ _0\"></span>Gli <span class=\"_ _9\"> </span>utili <span class=\"_ _0\"></span>e <span class=\"_ _d\"></span>perdite attuariali sono rilevate a conto economico. Proce<span class=\"_ _1\"></span>dura<span class=\"_ _1\"></span> di I<span class=\"_ _1\"></span>mpai<span class=\"_ _1\"></span>rment<span class=\"_ _1\"></span> test<span class=\"_ _1\"></span> sugl<span class=\"_ _1\"></span>i av<span class=\"_ _1\"></span>viam<span class=\"_ _1\"></span>enti L\u2019avviamento <span class=\"_ _9\"> </span>iscritto <span class=\"_ _9\"> </span>a <span class=\"_ _16\"> </span>seguito <span class=\"_ _9\"> </span>di <span class=\"_ _16\"> </span>acquisizi<span class=\"_ _f\"></span>o<span class=\"_ _2\"></span>ni <span class=\"_ _9\"> </span>viene <span class=\"_ _9\"> </span>ass<span class=\"_ _2\"></span>oggettato <span class=\"_ _9\"> </span>ad <span class=\"_ _9\"> </span>impairment <span class=\"_ _9\"> </span>t<span class=\"_ _2\"></span>est <span class=\"_ _9\"> </span>almeno <span class=\"_ _9\"> </span>una <span class=\"_ _9\"> </span>volta all\u2019anno <span class=\"_ _4\"> </span>e <span class=\"_ _14\"> </span>comunque <span class=\"_ _17\"> </span>quando <span class=\"_ _14\"> </span>vi <span class=\"_ _17\"> </span>siano <span class=\"_ _17\"> </span>segnali <span class=\"_ _17\"> </span>di <span class=\"_ _17\"> </span>deterioramento. <span class=\"_ _17\"> </span>Ai<span class=\"_ _2\"></span><span class=\"ff4\"> <span class=\"_ _17\"> </span>fini <span class=\"_ _17\"> </span>d<span class=\"_ _2\"></span>el <span class=\"_ _4\"> </span>test, <span class=\"_ _14\"> </span>una <span class=\"_ _17\"> </span>volta <span class=\"_ _17\"> </span>allocato </span>l\u2019avviamento <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>unit\u00e0 <span class=\"_ _d\"></span>generatrici <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>flussi <span class=\"_ _2\"></span>finanziari <span class=\"_ _d\"></span>(CGU) <span class=\"_ _2\"></span>si <span class=\"_ _2\"></span>pone <span class=\"_ _2\"></span>a <span class=\"_ _d\"></span>confronto <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>valore <span class=\"_ _d\"></span>contabile <span class=\"_ _2\"></span>ed <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>valore recuperabile di tali unit\u00e0, rappresentato dal maggi<span class=\"_ _1\"></span>ore fra il fair value<span class=\"_ _1\"></span>, al netto di eventuali costi di ve<span class=\"_ _2\"></span>ndita, ed<span class=\"_ _1\"></span> il <span class=\"_ _2\"></span>valore <span class=\"_ _2\"></span>d\u2019uso. <span class=\"_ _d\"></span>L\u2019apposita <span class=\"_ _2\"></span>informativa <span class=\"_ _2\"></span>presentata <span class=\"_ _d\"></span>nella <span class=\"_ _2\"></span>sezione <span class=\"_ _2\"></span>1<span class=\"_ _2\"></span>0 <span class=\"_ _2\"></span>dell\u2019attivo <span class=\"_ _2\"></span>della <span class=\"_ _2\"></span>nota <span class=\"_ _d\"></span>integrativa <span class=\"_ _2\"></span>fornisce maggiori informazioni. Ricono<span class=\"_ _1\"></span>sci<span class=\"_ _1\"></span>mento<span class=\"_ _1\"></span> dei <span class=\"_ _1\"></span>ricav<span class=\"_ _1\"></span>i e d<span class=\"_ _1\"></span>ei c<span class=\"_ _1\"></span>osti<span class=\"_ _df\"> </span> Il Gruppo <span class=\"_ _1\"></span>rileva i <span class=\"_ _1\"></span>ricavi per un <span class=\"_ _f\"></span>im<span class=\"_ _2\"></span>porto che rifle<span class=\"_ _1\"></span>tte il corrispe<span class=\"_ _1\"></span>ttivo <span class=\"ff5\">a cui l\u2019entit\u00e0 ritiene<span class=\"_ _1\"></span> di ave<span class=\"_ _1\"></span>re diritto in camb<span class=\"_ _1\"></span>io<span class=\"_ _df\"> </span></span><span class=\"ff5\"> </span>del trasferimento di merci o servizi al cliente.<span class=\"_ _df\"> </span> L\u2019IFRS <span class=\"_ _d\"></span>15 <span class=\"_ _9\"> </span><span class=\"ff4\">-Ricavi <span class=\"_ _d\"></span>da <span class=\"_ _0\"></span>contratti <span class=\"_ _0\"></span>con <span class=\"_ _d\"></span>clienti, <span class=\"_ _0\"></span>ha <span class=\"_ _0\"></span>sostituito <span class=\"_ _0\"></span>lo <span class=\"_ _0\"></span>IAS <span class=\"_ _d\"></span>18 <span class=\"_ _0\"></span></span>\u2013<span class=\"ff4\"> <span class=\"_ _9\"> </span>Ricavi, <span class=\"_ _d\"></span>lo <span class=\"_ _0\"></span>IAS <span class=\"_ _0\"></span>11 <span class=\"_ _d\"></span></span>\u2013<span class=\"_ _2\"></span><span class=\"ff4\"> <span class=\"_ _d\"></span>Lavori <span class=\"_ _0\"></span>su <span class=\"_ _0\"></span>ordinazione,<span class=\"_ _df\"> </span></span><span class=\"ff4\"> </span>nonch\u00e9 le interpretazioni Sic 31, IFRIC 13 e IFRIC 15.<span class=\"_ _df\"> </span> Il principio <span class=\"_ _1\"></span>stabilisce un <span class=\"_ _f\"></span>mo<span class=\"_ _2\"></span>dello d<span class=\"_ _1\"></span>i riconoscimento de<span class=\"_ _1\"></span>i ricavi, <span class=\"_ _1\"></span>si applica a tutti i<span class=\"_ _f\"></span> contratti con clie<span class=\"_ _1\"></span>nti, eccezion<span class=\"_ _df\"> </span> fatta <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>i contratti <span class=\"_ _2\"></span>che rientrano <span class=\"_ _2\"></span>nell\u2019ambito <span class=\"_ _2\"></span>di applicazione <span class=\"_ _2\"></span>di I<span class=\"_ _2\"></span>FRS 4<span class=\"_ _2\"></span>, IFRS <span class=\"_ _2\"></span>9, IFRS <span class=\"_ _2\"></span>16, <span class=\"_ _2\"></span>quindi p<span class=\"_ _2\"></span>er <span class=\"_ _2\"></span>i contr<span class=\"_ _2\"></span>atti<span class=\"_ _df\"> </span><span class=\"_ _f\"></span> assicurativi e<span class=\"_ _1\"></span> pe<span class=\"_ _1\"></span>r gli <span class=\"_ _f\"></span>strumenti fi<span class=\"_ _1\"></span>nanziari e<span class=\"_ _1\"></span> i <span class=\"_ _f\"></span>contratti di <span class=\"_ _f\"></span>leasing. Il<span class=\"_ _1\"></span> princ<span class=\"_ _1\"></span>ipio introduce<span class=\"_ _1\"></span> un <span class=\"_ _f\"></span>modello in <span class=\"_ _f\"></span>cinque <span class=\"_ _f\"></span>fas<span class=\"_ _2\"></span>i<span class=\"_ _df\"> </span> che si applica nella fase di<span class=\"_ _1\"></span> contabilizzazione dei ricavi derivanti da contratti con i clienti: <span class=\"_ _2\"></span> <span class=\"_ _2c\"> </span><span class=\"ff5\">l\u2019identificazione del contratto con il cliente;<span class=\"_ _df\"> </span></span><span class=\"ff5\"> </span><span class=\"_ _2c\"> </span><span class=\"ff5 ls1a\">l\u2019i</span><span class=\"ff4\">dentificazione delle performance obligation del contratto;<span class=\"_ _df\"> </span></span><span class=\"ff4\"> </span><span class=\"_ _2c\"> </span><span class=\"ff4\">la determinazione del prezzo;<span class=\"_ _df\"> </span></span><span class=\"ff4\"> </span><span class=\"_ _2c\"> </span><span class=\"ff5\">l\u2019allocazione del prezzo alle performance obligation del contratto;<span class=\"_ _df\"> </span></span><span class=\"ff5\"> </span><span class=\"_ _2c\"> </span><span class=\"ff5\">i criteri di iscrizione del ricavo quando l\u2019entit\u00e0 soddisfa ciascu<span class=\"_ _1\"></span>na performance obligation.<span class=\"_ _df\"> </span></span>Il <span class=\"ff5\">principio <span class=\"_ _1\"></span>comporta l\u2019esercizio d<span class=\"_ _1\"></span>i un g<span class=\"_ _1\"></span>iudizio da parte d<span class=\"_ _1\"></span>elle entit\u00e0, ch<span class=\"_ _1\"></span>e prenda <span class=\"_ _1\"></span>in considerazione tutti i <span class=\"_ _1\"></span>fatti e<span class=\"_ _df\"> </span></span><span class=\"ff5\"><span class=\"_ _f\"></span> </span>le <span class=\"_ _2\"></span>circost<span class=\"_ _2\"></span>anze <span class=\"_ _2\"></span>rilevanti <span class=\"_ _d\"></span>nell\u2019applicazione<span class=\"_ _f\"></span> <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>ogni <span class=\"_ _d\"></span>fase <span class=\"_ _2\"></span>del <span class=\"_ _d\"></span>modello <span class=\"_ _d\"></span>ai <span class=\"_ _2\"></span>contratti <span class=\"_ _d\"></span>con <span class=\"_ _d\"></span>i <span class=\"_ _2\"></span>propri <span class=\"_ _2\"></span>clienti. <span class=\"_ _d\"></span>Il <span class=\"_ _d\"></span>principio<span class=\"_ _df\"> </span>specifica <span class=\"_ _2\"></span>inoltre <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>conta<span class=\"ff5\">bilizzazione dei <span class=\"_ _2\"></span>costi <span class=\"_ _2\"></span>incrementali <span class=\"_ _2\"></span>legati <span class=\"_ _2\"></span>all\u2019ottenimento <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>un <span class=\"_ _2\"></span>contratto e <span class=\"_ _2\"></span>dei <span class=\"_ _2\"></span>costi<span class=\"_ _df\"> </span></span><span class=\"ff5\"> </span>direttamente <span class=\"_ _17\"> </span>legati <span class=\"_ _17\"> </span>al <span class=\"_ _17\"> </span>completamento <span class=\"_ _17\"> </span>di <span class=\"_ _17\"> </span>un <span class=\"_ _17\"> </span>contratto. <span class=\"_ _17\"> </span>Il <span class=\"_ _17\"> </span>Gruppo <span class=\"_ _4\"> </span>esercita <span class=\"_ _17\"> </span>un <span class=\"_ _17\"> </span>giudizio <span class=\"_ _17\"> </span>che <span class=\"_ _14\"> </span>prende <span class=\"_ _4\"> </span>in<span class=\"_ _df\"> </span>considerazione <span class=\"_ _2\"></span>tutti <span class=\"_ _d\"></span>i <span class=\"_ _d\"></span>fatti <span class=\"_ _d\"></span>e <span class=\"_ _d\"></span>le <span class=\"_ _d\"></span>circostanze <span class=\"_ _d\"></span>rilevanti <span class=\"_ _2\"></span>nell\u2019applicazi<span class=\"_ _2\"></span><span class=\"ff4\">one <span class=\"_ _d\"></span>ai <span class=\"_ _d\"></span>contratti <span class=\"_ _d\"></span>con <span class=\"_ _d\"></span>i <span class=\"_ _d\"></span>propri <span class=\"_ _2\"></span>clienti <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>ogni<span class=\"_ _df\"> </span></span><span class=\"ff4\"> </span>fase del modello a cinque fasi introdotto dall\u2019<span class=\"_ _1\"></span>IFRS 15.<span class=\"_ _df\"> </span>I ricavi possono essere riconosciuti:<span class=\"_ _df\"> </span><span class=\"_ _2c\"> </span><span class=\"ff5\">in <span class=\"_ _2\"></span>un <span class=\"_ _d\"></span>momento <span class=\"_ _2\"></span>preciso<span class=\"_ _2\"></span>, <span class=\"_ _2\"></span>quando <span class=\"_ _d\"></span>l\u2019entit\u00e0 <span class=\"_ _2\"></span>adempie <span class=\"_ _2\"></span>l\u2019obbligazione <span class=\"_ _d\"></span>di <span class=\"_ _2\"></span>fare <span class=\"_ _d\"></span>trasferendo <span class=\"_ _2\"></span>al <span class=\"_ _d\"></span>cliente <span class=\"_ _d\"></span>il <span class=\"_ _2\"></span>bene <span class=\"_ _2\"></span>o<span class=\"_ _df\"> </span></span>servizio promesso, o<span class=\"_ _df\"> </span> <span class=\"_ _2c\"> </span><span class=\"ff5\">nel <span class=\"_ _d\"></span>corso <span class=\"_ _2\"></span>del <span class=\"_ _d\"></span>tempo, <span class=\"_ _d\"></span>mano <span class=\"_ _d\"></span>a <span class=\"_ _2\"></span>mano <span class=\"_ _d\"></span>che <span class=\"_ _2\"></span>l\u2019entit\u00e0 <span class=\"_ _d\"></span>adempie <span class=\"_ _2\"></span>l\u2019obbligazione <span class=\"_ _d\"></span>di <span class=\"_ _2\"></span>fare <span class=\"_ _d\"></span>trasferendo <span class=\"_ _2\"></span>al <span class=\"_ _d\"></span>cliente <span class=\"_ _d\"></span>il<span class=\"_ _df\"> </span></span><span class=\"ff5\"> </span>bene o servizio promesso.<span class=\"_ _df\"> </span>Il bene \u00e8 trasferito quando, o nel corso del pe<span class=\"_ _1\"></span>riodo in cui, il cliente ne acquisisce il controllo.<span class=\"_ _df\"> </span><span class=\"_ _2\"></span> In particolare:<span class=\"_ _df\"> </span> <span class=\"_ _2c\"> </span><span class=\"ff4 ls39\">per<span class=\"ls0\"> <span class=\"_ _d\"></span>gli s<span class=\"_ _2\"></span>trumenti <span class=\"_ _2\"></span>finanziari class<span class=\"_ _2\"></span>ificati HTC <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>HTCS, <span class=\"_ _2\"></span>gli <span class=\"_ _2\"></span>interessi <span class=\"_ _2\"></span>corr<span class=\"_ _2\"></span>ispettivi sono <span class=\"_ _2\"></span>riconosciuti <span class=\"_ _2\"></span>pro <span class=\"_ _2\"></span>rata<span class=\"_ _df\"> </span></span></span><span class=\"ff4 ls39\"><span class=\"ls0\"> </span></span>temporis sulla <span class=\"_ _2\"></span>base <span class=\"_ _2\"></span>del tasso <span class=\"_ _2\"></span>di interesse <span class=\"_ _2\"></span>contrattuale o <span class=\"_ _2\"></span>di quello <span class=\"_ _2\"></span>effettivo nel <span class=\"_ _2\"></span>caso di <span class=\"_ _2\"></span>applicazione del<span class=\"_ _df\"> </span> costo ammortizzato. La <span class=\"_ _1\"></span>voce interessi attivi (ovv<span class=\"_ _1\"></span>ero interessi passivi) <span class=\"_ _1\"></span>comprende anche i di<span class=\"_ _1\"></span>fferenziali o<span class=\"_ _df\"> </span>i <span class=\"_ _f\"></span>margini, <span class=\"_ _f\"></span>positivi <span class=\"_ _f\"></span>(o <span class=\"_ _f\"></span>negativi), <span class=\"_ _1\"></span>maturati <span class=\"_ _f\"></span>s<span class=\"_ _2\"></span>ino <span class=\"_ _f\"></span>alla <span class=\"_ _f\"></span>data <span class=\"_ _f\"></span>di <span class=\"_ _f\"></span>riferimento <span class=\"_ _f\"></span>del <span class=\"_ _f\"></span>bilancio, <span class=\"_ _f\"></span>relati<span class=\"_ _2\"></span>vi <span class=\"_ _11\"></span>a contratti <span class=\"_ _f\"></span>derivati<span class=\"_ _df\"> </span> finanziari:<span class=\"_ _df\"> </span>o<span class=\"_ _c\"> </span><span class=\"ff4\">di copertura di attivit\u00e0 e passivit\u00e0 che generano <span class=\"_ _f\"></span>interessi;<span class=\"_ _df\"> </span></span>o<span class=\"_ _c\"> </span><span class=\"ff4 ls13\">cla<span class=\"ls0\">ssificati <span class=\"_ _2\"></span>nello <span class=\"_ _2\"></span>Stato <span class=\"_ _2\"></span>Patrimoniale <span class=\"_ _2\"></span>nel <span class=\"_ _2\"></span>portafoglio <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>negoziazi<span class=\"_ _1\"></span>one, <span class=\"_ _2\"></span>ma <span class=\"_ _2\"></span>gestionalmente <span class=\"_ _2\"></span>collegati ad<span class=\"_ _df\"> </span></span></span><span class=\"ff4 ls13\"><span class=\"ls0\"> </span></span>attivit\u00e0 e/o passivit\u00e0 finanziarie valu<span class=\"_ _1\"></span>tate al fair value (fair value option);<span class=\"_ _df\"> </span>o<span class=\"_ _c\"> </span><span class=\"ff4\">connessi <span class=\"_ _0\"></span>gestionalmente <span class=\"_ _d\"></span>con <span class=\"_ _d\"></span>at<span class=\"_ _2\"></span>tivit\u00e0 <span class=\"_ _d\"></span>e <span class=\"_ _0\"></span>passivit\u00e0 <span class=\"_ _d\"></span>classificate <span class=\"_ _d\"></span>nel <span class=\"_ _d\"></span>port<span class=\"_ _2\"></span>afoglio <span class=\"_ _0\"></span>di <span class=\"_ _d\"></span>negoziazione <span class=\"_ _d\"></span>e<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>che<span class=\"_ _df\"> </span></span><span class=\"ff4\"> </span>prevedono la liquidazione di d<span class=\"_ _1\"></span>ifferenziali o di margini a pi\u00f9<span class=\"_ _2\"></span> scad<span class=\"_ _1\"></span>enze;<span class=\"_ _df\"> </span><span class=\"_ _2c\"> </span><span class=\"ff4\">gli interessi <span class=\"_ _2\"></span>di mora, eventualmente previsti in <span class=\"_ _2\"></span>via contrattuale, sono contabilizzati a <span class=\"_ _2\"></span>Conto Economico<span class=\"_ _df\"> </span></span><span class=\"ff4\"> </span>solo al momento del loro effettivo incasso;<span class=\"_ _df\"> </span><span class=\"_ _2c\"> </span><span class=\"ff4\">i <span class=\"_ _4\"> </span>dividendi <span class=\"_ _4\"> </span>s<span class=\"ff5\">ono <span class=\"_ _4\"> </span>rilevati <span class=\"_ _22\"> </span>a <span class=\"_ _4\"> </span>Conto <span class=\"_ _4\"> </span>Economico <span class=\"_ _4\"> </span>nel <span class=\"_ _22\"> </span>cor<span class=\"_ _2\"></span>so <span class=\"_ _22\"> </span>dell\u2019esercizio <span class=\"_ _4\"> </span>in <span class=\"_ _4\"> </span>cui <span class=\"_ _22\"> </span>ne <span class=\"_ _4\"> </span>viene <span class=\"_ _4\"> </span>deliberata <span class=\"_ _4\"> </span>la<span class=\"_ _df\"> </span></span></span><span class=\"ff4\"><span class=\"ff5\"> </span></span>distribuzione;<span class=\"_ _df\"> </span><span class=\"_ _2c\"> </span><span class=\"ff5\">le <span class=\"_ _d\"></span>comm<span class=\"_ _2\"></span>issioni <span class=\"_ _d\"></span>per <span class=\"_ _d\"></span>ricavi <span class=\"_ _d\"></span>da <span class=\"_ _0\"></span>servizi<span class=\"_ _1\"></span> <span class=\"_ _d\"></span>s<span class=\"_ _2\"></span>ono <span class=\"_ _d\"></span>iscritte, <span class=\"_ _d\"></span>sulla <span class=\"_ _d\"></span>base <span class=\"_ _0\"></span>dell\u2019esistenza <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>accordi <span class=\"_ _0\"></span>contrattuali, <span class=\"_ _d\"></span>nel<span class=\"_ _df\"> </span></span><span class=\"ff5\"> </span>periodo in cui i servizi stessi sono stati prest<span class=\"_ _2\"></span>ati. Le commissioni <span class=\"_ _1\"></span>considerate nel costo ammortizzato ai<span class=\"_ _df\"> </span> fini della determinazione del tasso di interesse effettivo, sono rilev<span class=\"_ _1\"></span>ate tra gli interessi;<span class=\"_ _df\"> </span><span class=\"_ _2c\"> </span><span class=\"ff4\">gli <span class=\"_ _17\"> </span>utili <span class=\"_ _14\"> </span>e <span class=\"_ _17\"> </span>perdite <span class=\"_ _14\"> </span>derivanti <span class=\"_ _17\"> </span>dalla <span class=\"_ _17\"> </span>negoziazione <span class=\"_ _14\"> </span>di <span class=\"_ _17\"> </span>strumenti <span class=\"_ _14\"> </span>finanziari <span class=\"_ _4\"> </span>s<span class=\"_ _2\"></span>ono <span class=\"_ _17\"> </span>riconosciuti <span class=\"_ _17\"> </span>al <span class=\"_ _17\"> </span>Conto<span class=\"_ _df\"> </span></span>Economico <span class=\"_ _f\"></span>al momento <span class=\"_ _f\"></span>del p<span class=\"_ _1\"></span>erfezionamento <span class=\"_ _1\"></span>della v<span class=\"_ _1\"></span>endita, <span class=\"_ _f\"></span>s<span class=\"_ _2\"></span>ulla <span class=\"_ _f\"></span>base d<span class=\"_ _1\"></span>ella <span class=\"_ _f\"></span>d<span class=\"_ _2\"></span>ifferenza <span class=\"_ _f\"></span>tra il <span class=\"_ _f\"></span>corrispettivo<span class=\"_ _df\"> </span>pagato o incassato ed il valore di iscrizione d<span class=\"_ _1\"></span>egli strumenti stessi;<span class=\"_ _df\"> </span><span class=\"_ _2c\"> </span><span class=\"ff4\">i <span class=\"_ _d\"></span>ricavi <span class=\"_ _2\"></span>derivanti <span class=\"_ _d\"></span>dalla <span class=\"_ _2\"></span>vendita <span class=\"_ _d\"></span>di <span class=\"_ _2\"></span>at<span class=\"_ _2\"></span>tivit\u00e0 <span class=\"_ _2\"></span>non <span class=\"_ _d\"></span>finanziarie <span class=\"_ _2\"></span>sono <span class=\"_ _d\"></span>rilevati <span class=\"_ _2\"></span>al <span class=\"_ _d\"></span>momento <span class=\"_ _d\"></span>del <span class=\"_ _d\"></span>perfezionamento<span class=\"_ _df\"> </span></span><span class=\"ff4\"> </span>della vendita, ovvero quando \u00e8 ademp<span class=\"_ _1\"></span>iuta l\u2019obbligazione di fare nei confronti del cliente.<span class=\"_ _df\"> </span>Costi<span class=\"_ _1\"></span> sos<span class=\"_ _1\"></span>tenut<span class=\"_ _1\"></span>i per <span class=\"_ _f\"></span>l\u2019ottenim<span class=\"_ _1\"></span>ento<span class=\"_ _1\"></span> del <span class=\"_ _1\"></span>contr<span class=\"_ _1\"></span>atto<span class=\"ff4\"> </span>I costi <span class=\"_ _f\"></span>sostenuti per <span class=\"_ _f\"></span>l'ottenimento del <span class=\"_ _f\"></span>contratto<span class=\"_ _2\"></span> <span class=\"_ _1\"></span>sono i<span class=\"_ _1\"></span> co<span class=\"_ _1\"></span>sti che <span class=\"_ _f\"></span>l'entit\u00e0 sostiene <span class=\"_ _f\"></span>per ottenere il <span class=\"_ _1\"></span>contratto con<span class=\"_ _f\"></span> il <span class=\"_ _d\"></span>cliente <span class=\"_ _2\"></span>e <span class=\"_ _0\"></span>che <span class=\"_ _d\"></span>non <span class=\"_ _d\"></span>avrebbe <span class=\"_ _d\"></span>sostenuto <span class=\"_ _d\"></span>se <span class=\"_ _d\"></span>non <span class=\"_ _d\"></span>avesse <span class=\"_ _d\"></span>ottenuto <span class=\"_ _d\"></span>il <span class=\"_ _d\"></span>contratto. <span class=\"_ _d\"></span>Il <span class=\"_ _d\"></span>Gruppo <span class=\"_ _d\"></span>rileva <span class=\"_ _d\"></span>come <span class=\"_ _d\"></span>att<span class=\"_ _2\"></span>ivit\u00e0 <span class=\"_ _2\"></span>i costi sostenuti per l'adempi<span class=\"_ _1\"></span>ment<span class=\"_ _2\"></span>o del contratto soltanto se qu<span class=\"_ _1\"></span>esti soddisfano tutte le condizioni segue<span class=\"_ _1\"></span>nti:<span class=\"_ _d\"></span> sono incrementali <span class=\"_ _2\"></span><span class=\"ff5\">\u2013</span> <span class=\"_ _2\"></span>Il Gruppo <span class=\"_ _2\"></span>li sostiene per <span class=\"_ _2\"></span>ottenere il <span class=\"_ _2\"></span>contratto con <span class=\"_ _2\"></span>il cliente e <span class=\"_ _2\"></span>non li <span class=\"_ _2\"></span>avrebbe sost<span class=\"_ _2\"></span>enuti se non avesse ottenuto il contratto; si prevede di recuperarli.<span class=\"_ _df\"> </span>I costi s<span class=\"_ _2\"></span>ono rilev<span class=\"_ _1\"></span>ati a <span class=\"_ _2\"></span>Conto Economico secondo il <span class=\"_ _2\"></span>principi<span class=\"_ _1\"></span>o della competenza; i <span class=\"_ _2\"></span>costi relativi all\u2019ot<span class=\"_ _2\"></span><span class=\"ff4\">tenimento </span>e <span class=\"_ _0\"></span>l\u2019adempimento <span class=\"_ _0\"></span>dei <span class=\"_ _0\"></span>contratti <span class=\"_ _0\"></span>con <span class=\"_ _0\"></span>la <span class=\"_ _0\"></span>clientela <span class=\"_ _d\"></span>s<span class=\"_ _2\"></span>ono <span class=\"_ _0\"></span>rilevati <span class=\"_ _d\"></span>a <span class=\"_ _0\"></span>C<span class=\"_ _2\"></span>onto <span class=\"_ _0\"></span>Economico <span class=\"_ _0\"></span>nei <span class=\"_ _d\"></span>periodi <span class=\"_ _0\"></span>nei <span class=\"_ _0\"></span>quali <span class=\"_ _0\"></span>sono contabilizzati i relativi ricavi. Attivi<span class=\"_ _1\"></span>t\u00e0 fi<span class=\"_ _1\"></span>nanzia<span class=\"_ _f\"></span>rie deter<span class=\"_ _1\"></span>iora<span class=\"_ _1\"></span>te a<span class=\"_ _1\"></span>cquisi<span class=\"_ _1\"></span>te o<span class=\"_ _1\"></span> origina<span class=\"_ _f\"></span>te<span class=\"fs5\"> </span>Secondo <span class=\"_ _f\"></span>quant<span class=\"_ _2\"></span>o <span class=\"_ _1\"></span>previsto dal <span class=\"_ _f\"></span>principio <span class=\"_ _f\"></span>contabile IFRS 9, <span class=\"_ _f\"></span>i crediti <span class=\"_ _f\"></span>co<span class=\"_ _2\"></span>nsiderati <span class=\"_ _f\"></span>deteriorat<span class=\"_ _2\"></span>i <span class=\"_ _f\"></span>gi\u00e0 dal <span class=\"_ _f\"></span>momento della rilevazione iniziale <span class=\"_ _1\"></span>in bilancio, in ragione<span class=\"_ _1\"></span> dell\u2019elevato rischio d<span class=\"_ _1\"></span>i credito associato, ve<span class=\"_ _1\"></span>ngono definiti Purchased or <span class=\"_ _17\"> </span>Originated<span class=\"_ _1\"></span> <span class=\"_ _17\"> </span>Credit <span class=\"_ _4\"> </span>Impaired <span class=\"_ _17\"> </span>Asset <span class=\"_ _17\"> </span>(POCI).<span class=\"_ _1\"></span> <span class=\"_ _4\"> </span>Cons<span class=\"_ _2\"></span>eguentemente, <span class=\"_ _4\"> </span>qualora <span class=\"_ _17\"> </span>all\u2019atto <span class=\"_ _14\"> </span>dell\u2019iscrizione <span class=\"_ _4\"> </span>iniziale un\u2019esposizione <span class=\"_ _d\"></span>creditizia <span class=\"_ _0\"></span>iscritta <span class=\"_ _0\"></span>nella <span class=\"_ _d\"></span>voce <span class=\"_ _0\"></span>30 <span class=\"_ _0\"></span>\u201cAttivit\u00e0 <span class=\"_ _0\"></span>finanziarie <span class=\"_ _d\"></span>valutate <span class=\"_ _0\"></span>al <span class=\"_ _0\"></span>fair <span class=\"_ _0\"></span>value <span class=\"_ _d\"></span>con <span class=\"_ _0\"></span>impatto <span class=\"_ _0\"></span>sulla redditivit\u00e0 <span class=\"_ _2\"></span>complessiva\u201d <span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>nella <span class=\"_ _2\"></span>voce <span class=\"_ _2\"></span>40 <span class=\"_ _2\"></span>\u201cAttivit\u00e0 <span class=\"_ _2\"></span>finanziarie <span class=\"_ _2\"></span>valutat<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>costo <span class=\"_ _2\"></span>ammortizzato\u201d, <span class=\"_ _2\"></span>risulti essere deterior<span class=\"ff5\">ata, la stessa \u00e8 <span class=\"_ _f\"></span>qualificata quale \u201cAttivit\u00e0 finan<span class=\"_ _1\"></span>ziarie deteriorate acqui<span class=\"_ _1\"></span>site o originate\u201d (P<span class=\"_ _f\"></span>u<span class=\"_ _2\"></span>rchased or </span>Originated Credit Impaired <span class=\"ff5\">\u2013</span> POCI). Ai fini del calcolo <span class=\"_ _2\"></span>degli interessi attivi, dalla <span class=\"_ _2\"></span>rilevazione iniziale e lungo tutt<span class=\"_ _2\"></span>a la vita attesa dello strument<span class=\"_ _2\"></span>o, <span class=\"_ _2\"></span>si applica <span class=\"_ _9\"> </span>il <span class=\"_ _16\"> </span>tasso <span class=\"_ _9\"> </span>di <span class=\"_ _16\"> </span>interesse <span class=\"_ _9\"> </span>effettivo <span class=\"_ _9\"> </span>corretto <span class=\"_ _16\"> </span>per <span class=\"_ _9\"> </span>il <span class=\"_ _9\"> </span>rischio  d<span class=\"_ _1\"></span>i <span class=\"_ _9\"> </span>credito <span class=\"_ _16\"> </span>al <span class=\"_ _9\"> </span>costo <span class=\"_ _9\"> </span>amm<span class=\"_ _2\"></span>ortizzato <span class=\"_ _0\"></span>dell'attivit\u00e0 finanziaria <span class=\"_ _d\"></span>(c.d. <span class=\"_ _0\"></span>\u201cCredit <span class=\"_ _0\"></span>Adjusted <span class=\"_ _0\"></span>Effective <span class=\"_ _d\"></span>Interest <span class=\"_ _0\"></span>Rate\u201d <span class=\"_ _0\"></span>o <span class=\"_ _0\"></span>\u201cCEIR\u201d), <span class=\"_ _d\"></span>anche <span class=\"_ _0\"></span>in <span class=\"_ _0\"></span>ipotesi <span class=\"_ _d\"></span>di <span class=\"_ _0\"></span>miglioramento <span class=\"_ _0\"></span>del rischio di cr<span class=\"_ _2\"></span>edito dell\u2019attivi<span class=\"ff4\">t\u00e0 fin<span class=\"_ _2\"></span>anziaria (cfr. IFRS <span class=\"_ _2\"></span>9, parr. 5<span class=\"_ _2\"></span>.4.1-5.4.2). L'EIR <span class=\"_ _2\"></span>rettificato per <span class=\"_ _2\"></span>il credito <span class=\"_ _2\"></span>\u00e8 il t<span class=\"_ _2\"></span>asso </span>di <span class=\"_ _d\"></span>interesse <span class=\"_ _0\"></span>che, <span class=\"_ _0\"></span>al <span class=\"_ _0\"></span>momento <span class=\"_ _0\"></span>dell<span class=\"_ _1\"></span>a <span class=\"_ _0\"></span>rilevazione <span class=\"_ _d\"></span>iniziale, <span class=\"_ _0\"></span>attualizza <span class=\"_ _0\"></span>i <span class=\"_ _0\"></span>flussi <span class=\"_ _0\"></span>di <span class=\"_ _d\"></span>cass<span class=\"_ _2\"></span>a <span class=\"_ _d\"></span>futuri <span class=\"_ _0\"></span>stimati <span class=\"_ _d\"></span>(incluse <span class=\"_ _0\"></span>le perdite <span class=\"_ _0\"></span>su <span class=\"_ _0\"></span>crediti) <span class=\"_ _0\"></span>al <span class=\"_ _0\"></span>cost<span class=\"_ _2\"></span>o <span class=\"_ _0\"></span>ammortizzato <span class=\"_ _0\"></span>dell'attivit\u00e0 <span class=\"_ _9\"> </span>finanziaria <span class=\"_ _d\"></span>POCI. <span class=\"_ _0\"></span>Ai <span class=\"_ _9\"> </span>fini <span class=\"_ _0\"></span>del <span class=\"_ _0\"></span>calcolo <span class=\"_ _0\"></span>del <span class=\"_ _0\"></span>C<span class=\"_ _2\"></span>EIR <span class=\"_ _0\"></span>occorre stimare i flussi di cassa attesi conside<span class=\"_ _1\"></span>rando:<span class=\"_ _2\"></span> o<span class=\"_ _c\"> </span><span class=\"ff5\">tutt<span class=\"_ _2\"></span>i <span class=\"_ _14\"> </span>i <span class=\"_ _14\"> </span>termini <span class=\"_ _14\"> </span>contrattuali <span class=\"_ _14\"> </span>dell\u2019attivit\u00e0 <span class=\"_ _14\"> </span>finanziaria <span class=\"_ _14\"> </span>(ad <span class=\"_ _14\"> </span>esempio, <span class=\"_ _14\"> </span>r<span class=\"_ _2\"></span>imborsi <span class=\"_ _17\"> </span>di <span class=\"_ _15\"> </span>capitale <span class=\"_ _14\"> </span>anticipati, </span>estensioni ecc.), tutt<span class=\"_ _2\"></span>e le commissioni e <span class=\"_ _2\"></span>punti base <span class=\"_ _2\"></span>pagati o r<span class=\"_ _2\"></span>icevuti tra <span class=\"_ _2\"></span>le controparti di un <span class=\"_ _2\"></span>contratto che sono <span class=\"_ _2\"></span>parte integrante del tasso di interesse effettivo, i <span class=\"_ _2\"></span>costi del<span class=\"_ _1\"></span>l\u2019operazione e <span class=\"_ _2\"></span>tutti gli altri premi o sconti; o<span class=\"_ _c\"> </span><span class=\"ff4\">le perdite attese lifetime.<span class=\"_ _df\"> </span></span>Alla data di riferimento <span class=\"_ _2\"></span>del bilancio, il Gruppo, in<span class=\"_ _2\"></span> <span class=\"ff5\">linea con <span class=\"_ _2\"></span>le disposizioni dell\u2019IFRS 9 parr. 5.5.13<span class=\"_ _2\"></span></span>-5.5.14, rileva a <span class=\"_ _4\"> </span>conto <span class=\"_ _4\"> </span>economico, <span class=\"_ _4\"> </span>in <span class=\"_ _22\"> </span>cont<span class=\"_ _2\"></span>ropartita <span class=\"_ _4\"> </span>all\u2019attivit\u00e0 <span class=\"_ _4\"> </span>finanziaria,  le<span class=\"_ _2\"></span> <span class=\"_ _4\"> </span>variazioni  cum<span class=\"_ _2\"></span>ulate <span class=\"_ _22\"> </span>d<span class=\"_ _2\"></span>elle <span class=\"_ _22\"> </span>p<span class=\"_ _2\"></span>erdite <span class=\"_ _22\"> </span>at<span class=\"_ _2\"></span>tese derivanti dal <span class=\"_ _2\"></span>cambiamento <span class=\"_ _2\"></span>delle st<span class=\"_ _2\"></span>ime dei <span class=\"_ _2\"></span>flussi finanziari <span class=\"_ _2\"></span>futuri come <span class=\"_ _2\"></span>utile o <span class=\"_ _2\"></span>per<span class=\"_ _2\"></span>dita <span class=\"_ _2\"></span>per r<span class=\"_ _2\"></span>iduzi<span class=\"_ _1\"></span>one <span class=\"_ _2\"></span>di valore lungo <span class=\"_ _2\"></span>tutta <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>vita <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>credito <span class=\"_ _2\"></span>dal <span class=\"_ _2\"></span>momento <span class=\"_ _2\"></span>della <span class=\"_ _2\"></span>rilevazione <span class=\"_ _2\"></span>iniziale. <span class=\"_ _2\"></span>Ai <span class=\"_ _2\"></span>fini <span class=\"_ _2\"></span>dell\u2019attualizzazione <span class=\"_ _2\"></span>della <span class=\"_ _2\"></span>perdita attesa, si utilizza il CEIR<span class=\"_ _1\"></span> come fatt<span class=\"_ _2\"></span>ore di sconto.  Tale <span class=\"_ _d\"></span>circos<span class=\"_ _2\"></span>tanza <span class=\"_ _d\"></span>implica <span class=\"_ _0\"></span>che <span class=\"_ _0\"></span>un\u2019attivit\u00e0 <span class=\"_ _0\"></span>POCI <span class=\"_ _d\"></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=\"_ _d\"></span>modello <span class=\"_ _0\"></span>\u201clifetime <span class=\"_ _0\"></span>expected<span class=\"_ _f\"></span> credit <span class=\"_ _9\"> </span>loss\u201d. <span class=\"_ _9\"> </span>La <span class=\"_ _16\"> </span>conseguenza <span class=\"_ _0\"></span>d<span class=\"_ _2\"></span>iretta <span class=\"_ _9\"> </span>\u00e8 <span class=\"_ _9\"> </span>che <span class=\"_ _9\"> </span>una <span class=\"_ _16\"> </span>volta <span class=\"_ _9\"> </span>che <span class=\"_ _9\"> </span>viene <span class=\"_ _16\"> </span>attribuita <span class=\"_ _9\"> </span>la <span class=\"_ _9\"> </span>qualifica <span class=\"_ _9\"> </span>POCI <span class=\"_ _16\"> </span>ad <span class=\"_ _9\"> </span>un\u2019attivit\u00e0 finanziaria  essa  non  potr\u00e0  mai  essere  r<span class=\"_ _2\"></span>iclassificata<span class=\"_ _1\"></span>  in  Stage<span class=\"_ _2\"></span>  1  diversi  da  POCI  e  dovr\u00e0  sempre  essere a<span class=\"ff5\">ssoggettata <span class=\"_ _d\"></span>al <span class=\"_ _2\"></span>mo<span class=\"_ _2\"></span>dell<span class=\"_ _1\"></span>o <span class=\"_ _d\"></span>di <span class=\"_ _2\"></span>imp<span class=\"_ _2\"></span>airment <span class=\"_ _2\"></span>\u201c<span class=\"_ _2\"></span>lifetime<span class=\"_ _1\"></span>\u201d. <span class=\"_ _d\"></span>La <span class=\"_ _d\"></span>variazione <span class=\"_ _2\"></span>positiva <span class=\"_ _d\"></span>delle <span class=\"_ _2\"></span>p<span class=\"_ _2\"></span>erdite <span class=\"_ _2\"></span>att<span class=\"_ _2\"></span>ese <span class=\"_ _2\"></span>lungo <span class=\"_ _d\"></span>tutta <span class=\"_ _d\"></span>la </span>vita <span class=\"_ _f\"></span>del <span class=\"_ _1\"></span>credito <span class=\"_ _f\"></span>deve essere <span class=\"_ _f\"></span>contabilizzata <span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>conto <span class=\"_ _f\"></span>economico an<span class=\"_ _f\"></span>che se <span class=\"_ _f\"></span>l\u2019ammontare <span class=\"_ _1\"></span>di <span class=\"_ _f\"></span>tali pe<span class=\"_ _1\"></span>rdite <span class=\"_ _f\"></span>\u00e8 infe<span class=\"_ _1\"></span>riore rispetto <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>quello <span class=\"_ _2\"></span>considerato <span class=\"_ _d\"></span>per <span class=\"_ _2\"></span>la <span class=\"_ _d\"></span>determinazione <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>tasso <span class=\"_ _2\"></span>interno <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>rendimento <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>il <span class=\"_ _d\"></span>calcolo <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>costo ammortizzato, alla data di prima rilevazi<span class=\"_ _1\"></span>one.<span class=\"_ _2\"></span> Per quanto concerne <span class=\"_ _2\"></span>la contabilizzazione degli <span class=\"_ _2\"></span>interessi attivi, essi <span class=\"_ _2\"></span>continuano ad essere <span class=\"_ _2\"></span>calcolati sul cost<span class=\"_ _2\"></span>o<span class=\"_ _1\"></span> ammortizzato  (al <span class=\"_ _22\"> </span>netto <span class=\"_ _4\"> </span>de<span class=\"_ _1\"></span>lle <span class=\"_ _22\"> </span>rett<span class=\"_ _2\"></span>ifiche  di  valore),  applicando <span class=\"_ _4\"> </span>ad  esso <span class=\"_ _22\"> </span>il <span class=\"_ _4\"> </span>CEIR<span class=\"_ _1\"></span>  e <span class=\"_ _4\"> </span>iscritti  in  contropartita all\u2019attivit\u00e0 finanziaria.<span class=\"ff4\"> </span>I <span class=\"_ _17\"> </span>crediti <span class=\"_ _17\"> </span>POCI <span class=\"_ _4\"> </span>iscritt<span class=\"_ _2\"></span>i <span class=\"_ _4\"> </span>nel <span class=\"_ _17\"> </span>bilancio <span class=\"_ _17\"> </span>del <span class=\"_ _17\"> </span>Gruppo, <span class=\"_ _17\"> </span>coerentemente <span class=\"_ _17\"> </span>alle <span class=\"_ _17\"> </span>disposizioni <span class=\"_ _17\"> </span>del <span class=\"_ _17\"> </span>Principio <span class=\"_ _17\"> </span>IFRS9, <span class=\"_ _17\"> </span>si distinguono due fattispecie di:   o<span class=\"_ _c\"> </span><span class=\"ff4\">Attivit\u00e0 <span class=\"_ _4\"> </span>f<span class=\"ff5\">inanziarie  acquistate <span class=\"_ _4\"> </span>deteriorate  (di <span class=\"_ _4\"> </span>seguito,  anche  \u201cPCI\u201d), <span class=\"_ _4\"> </span>le  esposizioni <span class=\"_ _4\"> </span>creditizie  gi\u00e0 </span></span>deteriorate al momento dell\u2019acquisto, anche nel<span class=\"_ _1\"></span>l\u2019ambito di operazioni di aggregazione aziendale;<span class=\"_ _df\"> </span>o<span class=\"_ _c\"> </span><span class=\"ff5\">Attivit\u00e0 finanziarie originate <span class=\"_ _1\"></span>deteriorate (d<span class=\"_ _1\"></span>i seguito, <span class=\"_ _1\"></span>anche \u201cOCI\u201d)<span class=\"ff4\">, le <span class=\"_ _1\"></span>esposizioni cred<span class=\"_ _1\"></span>itizie originate i<span class=\"_ _1\"></span>n </span></span>caso <span class=\"_ _2\"></span>di operazioni <span class=\"_ _2\"></span>di ristrutturazione <span class=\"_ _2\"></span>di esposizioni <span class=\"_ _2\"></span>deteriorate <span class=\"_ _2\"></span>che hanno <span class=\"_ _2\"></span>determinato <span class=\"_ _2\"></span>l\u2019erogazione<span class=\"_ _1\"></span> di nuova finanza, ovvero introdotto modifiche<span class=\"_ _1\"></span> sostanziali alle condizioni originarie contrattuali.<span class=\"_ _df\"> </span>Per <span class=\"_ _2\"></span>il <span class=\"_ _d\"></span>Gruppo <span class=\"_ _d\"></span><span class=\"ff5\">CREDEM <span class=\"_ _d\"></span>la <span class=\"_ _2\"></span>fattispecie <span class=\"_ _2\"></span>riconducibile <span class=\"_ _d\"></span>ai <span class=\"_ _2\"></span>PCI <span class=\"_ _d\"></span>\u00e8 <span class=\"_ _d\"></span>quella <span class=\"_ _2\"></span>derivante <span class=\"_ _d\"></span>dall\u2019operazione <span class=\"_ _2\"></span>di <span class=\"_ _d\"></span>aggregazione </span>aziendale <span class=\"_ _f\"></span>d<span class=\"_ _2\"></span>ella <span class=\"_ _f\"></span>Cassa di <span class=\"_ _1\"></span>Risparmio di<span class=\"_ _1\"></span> Cento, <span class=\"_ _f\"></span>mentre i <span class=\"_ _1\"></span>crediti <span class=\"_ _1\"></span>rientranti ne<span class=\"_ _f\"></span>lla categoria OC<span class=\"_ _1\"></span>I, <span class=\"_ _1\"></span>presenti nell\u2019attivo<span class=\"_ _1\"></span> di <span class=\"_ _2\"></span>Bilancio <span class=\"_ _d\"></span>della <span class=\"_ _d\"></span>Societ\u00e0 <span class=\"_ _d\"></span>Avvera, <span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>ono <span class=\"_ _2\"></span>tutti<span class=\"_ _2\"></span> <span class=\"ls72\">as</span>cr<span class=\"_ _2\"></span>ivib<span class=\"_ _1\"></span>ili <span class=\"_ _2\"></span>ad <span class=\"_ _d\"></span>operazi<span class=\"_ _2\"></span>oni <span class=\"_ _2\"></span>di <span class=\"_ _d\"></span>Cessione <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>el <span class=\"_ _2\"></span>Quinto <span class=\"_ _d\"></span>ed <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>particolare relativi <span class=\"_ _2\"></span>ad <span class=\"_ _2\"></span>operazioni con <span class=\"_ _2\"></span>cont<span class=\"_ _2\"></span>estuale conso<span class=\"_ _2\"></span>lidame<span class=\"_ _1\"></span>nto <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>esposizioni <span class=\"_ _2\"></span>su <span class=\"_ _2\"></span>Credito <span class=\"_ _2\"></span>Emiliano <span class=\"_ _2\"></span>afferenti <span class=\"_ _2\"></span>cliente<span class=\"_ _1\"></span>la che <span class=\"_ _2\"></span>presenta <span class=\"_ _2\"></span>elementi <span class=\"_ _d\"></span>di <span class=\"_ _2\"></span>difficolt\u00e0 <span class=\"_ _2\"></span>finanziaria <span class=\"_ _2\"></span>(scaduti <span class=\"_ _d\"></span>o <span class=\"_ _2\"></span>rating <span class=\"_ _2\"></span>non <span class=\"_ _2\"></span>positivi <span class=\"_ _d\"></span>o <span class=\"_ _2\"></span>p<span class=\"_ _2\"></span>recedenti <span class=\"_ _2\"></span>concessioni) <span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>gi\u00e0 classificata a default. Con <span class=\"_ _16\"> </span>riferimento <span class=\"_ _16\"> </span>ai <span class=\"_ _16\"> </span>crediti <span class=\"_ _16\"> </span>deteriorati <span class=\"_ _16\"> </span>acqui<span class=\"_ _1\"></span>stati  nell<span class=\"_ _1\"></span>\u2019ambito  de<span class=\"_ _1\"></span>ll\u2019operazione <span class=\"_ _16\"> </span>di <span class=\"_ _9\"> </span>a<span class=\"_ _2\"></span>ggregazione <span class=\"_ _16\"> </span>aziendale <span class=\"_ _9\"> </span>s<span class=\"_ _2\"></span>i precisa <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>il r<span class=\"_ _2\"></span>ispetto <span class=\"_ _2\"></span>del trattamento <span class=\"_ _2\"></span>contabile <span class=\"_ _2\"></span>sopra <span class=\"_ _2\"></span>illustrato \u00e8 <span class=\"_ _2\"></span>stato <span class=\"_ _2\"></span>ottenuto <span class=\"_ _2\"></span>sotto <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>pr<span class=\"_ _2\"></span>ofilo sostanziale attraverso <span class=\"_ _2\"></span>la contabilizzazione n<span class=\"_ _2\"></span>egli interessi <span class=\"_ _2\"></span>attivi, <span class=\"_ _2\"></span>pro<span class=\"_ _2\"></span>-<span class=\"ff5\">rata temporis, <span class=\"_ _2\"></span>dell\u2019effetto r<span class=\"_ _2\"></span>eversal dei minor<span class=\"_ _2\"></span>i valori</span><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs73e\">attribuiti ai crediti deteriorati in sede di Purchase Price Allocation. Tale approccio \u00e8 ritenuto una ragionevole </div>approssim<span class=\"ff5\">azione del <span class=\"_ _2\"></span>\u201ccredit</span>-<span class=\"ff5\">adjusted <span class=\"_ _2\"></span>effective interest <span class=\"_ _2\"></span>rate\u201d, <span class=\"_ _2\"></span>in quanto <span class=\"_ _2\"></span>il t<span class=\"_ _2\"></span>asso di <span class=\"_ _2\"></span>interesse contrattuale <span class=\"_ _2\"></span>\u00e8, </span>di fatto, integrato dal maggior rendime<span class=\"_ _1\"></span>nto derivante dal minor valore attribuito ai crediti acquisiti.<div class=\"t m0 he ff4 fs5 fc4 sc3 ls0 ws0 gs740\">Moda<span class=\"_ _f\"></span>lit\u00e0 di determ<span class=\"_ _f\"></span>inazion<span class=\"_ _1\"></span>e del fa<span class=\"_ _f\"></span>ir value d<span class=\"_ _1\"></span>elle attivit<span class=\"_ _1\"></span>\u00e0 e p<span class=\"_ _f\"></span>assivit\u00e0<span class=\"_ _1\"></span> </div><div class=\"t m0 he ff4 fs5 fc4 sc3 ls0 ws0 gs741\">Asp<span class=\"_ _1\"></span>etti ge<span class=\"_ _1\"></span>nerali<span class=\"sc0\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs742\">Gli <span class=\"_ _0\"></span>strumenti <span class=\"_ _9\"> </span>finanziari <span class=\"_ _0\"></span>valutati <span class=\"_ _0\"></span>al <span class=\"_ _9\"> </span>fair <span class=\"_ _0\"></span>value <span class=\"_ _0\"></span>includono <span class=\"_ _0\"> </span>l<span class=\"_ _2\"></span>e <span class=\"_ _0\"></span>attivit\u00e0 <span class=\"_ _0\"></span>e <span class=\"_ _9\"> </span>le <span class=\"_ _0\"></span>passivit\u00e0 <span class=\"_ _9\"> </span>finanziarie <span class=\"_ _0\"></span>detenute <span class=\"_ _0\"></span>per <span class=\"_ _9\"> </span>la </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs743\">negoziazione, <span class=\"_ _0\"></span>g<span class=\"_ _2\"></span>li <span class=\"_ _0\"></span>s<span class=\"_ _2\"></span>trumenti <span class=\"_ _9\"> </span>finanziari <span class=\"_ _9\"> </span>designati <span class=\"_ _0\"></span>al <span class=\"_ _16\"> </span>fair <span class=\"_ _9\"> </span>value, <span class=\"_ _9\"> </span>gli <span class=\"_ _16\"> </span>strumenti <span class=\"_ _0\"></span>derivati <span class=\"_ _9\"> </span>e, <span class=\"_ _9\"> </span>infine, <span class=\"_ _16\"> </span>gli <span class=\"_ _9\"> </span>str<span class=\"_ _2\"></span>umenti </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs744\">classificati come valutati al fair value<span class=\"_ _1\"></span> con impatto sulla redditivit\u00e0 complessiva.<span class=\"_ _2\"></span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs745\">Il principi<span class=\"_ _1\"></span>o IFRS13 definisce il </div><div class=\"t m1 h6 ff4 fs2 fc1 sc0 ls0 ws0 gs746\">fair value </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs747\">come il prezzo <span class=\"_ _1\"></span>che si percepirebbe per <span class=\"_ _1\"></span>la vendita di un\u2019attivi<span class=\"_ _1\"></span>t\u00e0 ovvero </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs748\">che si pagherebbe <span class=\"_ _2\"></span>per il <span class=\"_ _2\"></span>trasferimento di una pas<span class=\"_ _2\"></span>sivit\u00e0 in <span class=\"_ _2\"></span>una regolare operazione nel <span class=\"_ _2\"></span>mercato <span class=\"_ _2\"></span>princip<span class=\"_ _1\"></span>ale (o </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs749\">pi\u00f9 <span class=\"_ _d\"></span>vantaggioso) <span class=\"_ _2\"></span>alla <span class=\"_ _0\"></span>data <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>valutazione<span class=\"_ _1\"></span>, <span class=\"_ _d\"></span>alle <span class=\"_ _d\"></span>correnti <span class=\"_ _d\"></span>condizioni <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>mercato <span class=\"_ _d\"></span>(ossia <span class=\"_ _d\"></span>un <span class=\"_ _d\"></span>prezzo <span class=\"_ _2\"></span>di <span class=\"_ _d\"></span>chiusura), </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs74a\">indipendentemente <span class=\"_ _2\"></span>dal fat<span class=\"_ _2\"></span>to <span class=\"_ _2\"></span>ch<span class=\"_ _1\"></span>e <span class=\"_ _2\"></span>quel prezzo <span class=\"_ _2\"></span>sia <span class=\"_ _2\"></span>osservabile <span class=\"_ _2\"></span>direttamente <span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>venga s<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>imato<span class=\"_ _1\"></span> <span class=\"_ _2\"></span>utilizzando </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs74b\">un\u2019altra tecnica di valutazione.<span class=\"ff4\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs74c\">Le <span class=\"_ _d\"></span>funzioni <span class=\"_ _d\"></span>coinvolte <span class=\"_ _d\"></span>nei <span class=\"_ _d\"></span>processi <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>determinazione <span class=\"_ _d\"></span>del <span class=\"_ _d\"></span>fair <span class=\"_ _0\"></span>value <span class=\"_ _d\"></span>includono <span class=\"_ _d\"></span>le <span class=\"_ _d\"></span>funzioni <span class=\"_ _d\"></span>amministrative, <span class=\"_ _d\"></span>le </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs74d\">funzioni di front office Finanza e le funzioni<span class=\"_ _1\"></span> di Risk Management.<span class=\"_ _2\"></span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs74e\">Gli u<span class=\"_ _1\"></span>ffici <span class=\"_ _f\"></span>amm<span class=\"_ _2\"></span>inistrativi, <span class=\"_ _f\"></span>d<span class=\"_ _2\"></span><span class=\"ff5\">irettamente <span class=\"_ _f\"></span>responsabili de<span class=\"_ _1\"></span>lla red<span class=\"_ _f\"></span>azion<span class=\"_ _2\"></span>e <span class=\"_ _1\"></span>dell\u2019informativa <span class=\"_ _f\"></span>finanziaria, sono <span class=\"_ _f\"></span>chiamati </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs74f\">a <span class=\"_ _9\"> </span>presidiare <span class=\"_ _9\"> </span>le <span class=\"_ _9\"> </span>r<span class=\"_ _2\"></span>egole <span class=\"_ _0\"> </span>util<span class=\"_ _2\"></span>izzate <span class=\"_ _9\"> </span>per <span class=\"_ _9\"> </span>la <span class=\"_ _9\"> </span>determinazione <span class=\"_ _16\"> </span>del <span class=\"_ _9\"> </span>Fair <span class=\"_ _9\"> </span>Value <span class=\"_ _9\"> </span>nel <span class=\"_ _16\"> </span>rispetto <span class=\"_ _9\"> </span>dei <span class=\"_ _9\"> </span>principi <span class=\"_ _16\"> </span>contabili <span class=\"_ _0\"> </span>d<span class=\"_ _2\"></span>i </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs750\">riferimento. </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs751\">Gli <span class=\"_ _16\"> </span>uffici <span class=\"_ _9\"> </span>Finanza, <span class=\"_ _16\"> </span>a <span class=\"_ _16\"> </span>loro  v<span class=\"_ _f\"></span>o<span class=\"_ _2\"></span>lta, <span class=\"_ _9\"> </span>detengono <span class=\"_ _16\"> </span>le <span class=\"_ _9\"> </span>c<span class=\"_ _2\"></span>onoscenze  l<span class=\"_ _1\"></span>egate  all<span class=\"_ _1\"></span>e <span class=\"_ _16\"> </span>tecniche <span class=\"_ _9\"> </span>di  v<span class=\"_ _1\"></span>alutazione  app<span class=\"_ _1\"></span>licate  e<span class=\"_ _f\"></span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs752\">presiedono i sistemi informativi utili<span class=\"_ _1\"></span>zzati nei processi di determinazione del fair value.<span class=\"_ _2\"></span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs753\">Infine gli<span class=\"_ _1\"></span> uffici della fu<span class=\"_ _1\"></span>nzione Risk Manage<span class=\"_ _1\"></span>ment sono chiamati a v<span class=\"_ _1\"></span>alidare le tecn<span class=\"_ _1\"></span>iche di v<span class=\"_ _1\"></span>alutazione utilizzate<span class=\"_ _2\"></span>, </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs754\">inclusi <span class=\"_ _f\"></span>i relativi <span class=\"_ _f\"></span>modelli <span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>i <span class=\"_ _f\"></span>param<span class=\"_ _2\"></span>etri <span class=\"_ _1\"></span>utilizzati. <span class=\"_ _f\"></span>Tali uffici <span class=\"_ _f\"></span>verificano la <span class=\"_ _f\"></span>potenziale <span class=\"_ _f\"></span>pres<span class=\"_ _2\"></span>enza <span class=\"_ _f\"></span>di u<span class=\"_ _f\"></span>n<span class=\"_ _2\"></span> <span class=\"_ _f\"></span>mercat<span class=\"_ _2\"></span>o <span class=\"_ _f\"></span>attivo </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs755\">e <span class=\"_ _2\"></span>analizzano <span class=\"_ _d\"></span>le <span class=\"_ _d\"></span>possibili <span class=\"_ _d\"></span>fonti <span class=\"_ _d\"></span>disponibili. <span class=\"_ _2\"></span>In <span class=\"_ _d\"></span>generale, <span class=\"_ _d\"></span>il <span class=\"_ _d\"></span>Gruppo <span class=\"_ _d\"></span>determina <span class=\"_ _d\"></span>il <span class=\"_ _2\"></span>fa<span class=\"_ _2\"></span>ir <span class=\"_ _2\"></span>value <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>attivit\u00e0 <span class=\"_ _d\"></span>e <span class=\"_ _d\"></span>passivit\u00e0 </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs756\">finanziarie <span class=\"_ _1\"></span>secondo tecniche di valu<span class=\"_ _1\"></span>tazione scelte in <span class=\"_ _1\"></span>base alla natura de<span class=\"_ _1\"></span>gli strumenti d<span class=\"_ _1\"></span>etenuti ed in b<span class=\"_ _1\"></span>ase alle </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs757\">informazioni disponibili al momento della valu<span class=\"_ _1\"></span>tazione.<span class=\"_ _2\"></span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs758\">Sulla base delle informazioni disponibili al momento dell<span class=\"_ _1\"></span>a valutazione, gli strumenti finanziari sono s<span class=\"_ _d\"></span>uddivisi </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs759\">tra quelli il <span class=\"_ _2\"></span>cui prezzo \u00e8 quotato <span class=\"_ _2\"></span>in un mercato attivo <span class=\"_ _2\"></span>da quelli<span class=\"_ _1\"></span> per<span class=\"_ _2\"></span> i quali un <span class=\"_ _2\"></span>mercato attivo al <span class=\"_ _2\"></span>mo<span class=\"_ _1\"></span>mento della </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs75a\">valutazione non esiste. </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs75b\">La g<span class=\"_ _1\"></span>erarchia de<span class=\"_ _1\"></span>l fai<span class=\"_ _1\"></span>r value <span class=\"_ _f\"></span>att<span class=\"_ _2\"></span>ribuisce <span class=\"_ _f\"></span>la massima p<span class=\"_ _1\"></span>riorit\u00e0 ai <span class=\"_ _f\"></span>prezzi qu<span class=\"_ _1\"></span>otati (non <span class=\"_ _f\"></span>r<span class=\"_ _2\"></span>ettificati)<span class=\"_ _1\"></span> in <span class=\"_ _f\"></span>mercati att<span class=\"_ _2\"></span>ivi <span class=\"_ _f\"></span>per </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs75c\">attivit\u00e0 o passivit\u00e0 identiche (d<span class=\"_ _1\"></span>ati di livello 1) e la priorit\u00e0 minima agli input non osservabili (dati di Live<span class=\"_ _1\"></span>llo 3).<span class=\"_ _d\"></span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs75d\">Gli input di Livello 1 sono prezzi quotati (non rettificati) in me<span class=\"_ _1\"></span>rcati attivi per attivit\u00e0 e passivit\u00e0 identiche a cui </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs75e\">l\u2019entit\u00e0<span class=\"ff4\"> <span class=\"_ _2\"></span>pu\u00f2 <span class=\"_ _2\"></span>accedere <span class=\"_ _d\"></span>alla <span class=\"_ _2\"></span>data <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>valutazione. <span class=\"_ _2\"></span>Un <span class=\"_ _d\"></span>prezzo <span class=\"_ _2\"></span>quotato <span class=\"_ _2\"></span>in <span class=\"_ _d\"></span>un <span class=\"_ _2\"></span>mercato <span class=\"_ _2\"></span>attivo <span class=\"_ _d\"></span>fornisce <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>prova <span class=\"_ _2\"></span>pi\u00f9 </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs75f\">attendibile <span class=\"_ _f\"></span>del fair value <span class=\"_ _f\"></span>e, quando <span class=\"_ _1\"></span>disponibile, <span class=\"_ _f\"></span>deve essere <span class=\"_ _1\"></span>utilizzato senza <span class=\"_ _1\"></span>alcuna <span class=\"_ _1\"></span>rettifica pe<span class=\"_ _1\"></span>r valu<span class=\"_ _1\"></span>tare il <span class=\"_ _f\"></span>fair </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs760\">value. </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs761\">Gli <span class=\"_ _16\"> </span>input <span class=\"_ _9\"> </span>di  Live<span class=\"_ _1\"></span>llo  2 <span class=\"_ _9\"> </span>sono  input <span class=\"_ _16\"> </span>diversi <span class=\"_ _9\"> </span>dai  prezz<span class=\"_ _1\"></span>i <span class=\"_ _16\"> </span>quotati  inc<span class=\"_ _1\"></span>lusi  ne<span class=\"_ _f\"></span>l  Livello <span class=\"_ _9\"> </span>1  osservabili <span class=\"_ _9\"> </span>direttamente <span class=\"_ _16\"> </span>o </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs762\">indirettamente per l\u2019attivit\u00e0 o per la passivit\u00e0.<span class=\"ff4\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs763\">Allo <span class=\"_ _d\"></span>stesso <span class=\"_ _d\"></span>modo, <span class=\"_ _d\"></span>per <span class=\"_ _d\"></span>quanto <span class=\"_ _d\"></span>conce<span class=\"_ _1\"></span>rne <span class=\"_ _d\"></span>il <span class=\"_ _d\"></span>Livello <span class=\"_ _d\"></span>3, <span class=\"_ _d\"></span>non <span class=\"_ _d\"></span>sono <span class=\"_ _d\"></span>considerate <span class=\"_ _d\"></span>osservabili <span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>utte <span class=\"_ _d\"></span>le <span class=\"_ _d\"></span>altre <span class=\"_ _d\"></span>variabili </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs764\">impiegate <span class=\"_ _0\"></span>nelle <span class=\"_ _9\"> </span>tecniche <span class=\"_ _9\"> </span>valutative <span class=\"_ _0\"> </span>che <span class=\"_ _9\"> </span>non <span class=\"_ _9\"> </span>possono <span class=\"_ _9\"> </span>essere <span class=\"_ _0\"> </span>cor<span class=\"_ _2\"></span>roborate <span class=\"_ _0\"></span>sulla <span class=\"_ _0\"></span>base <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>dati <span class=\"_ _9\"> </span>osservabili <span class=\"_ _0\"></span>di </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs765\">mercato (Livello 3). </div><div class=\"t m0 h5 ff5 fs1 fc4 sc3 ls0 ws0 gs766\">La p<span class=\"_ _1\"></span>resenz<span class=\"_ _1\"></span>a di<span class=\"_ _1\"></span> mer<span class=\"_ _1\"></span>cati <span class=\"_ _1\"></span>attivi <span class=\"_ _1\"></span>e l\u2019ut<span class=\"_ _f\"></span>ilizzo di p<span class=\"_ _1\"></span>rezzi <span class=\"_ _1\"></span>quota<span class=\"_ _f\"></span>ti (Mark<span class=\"_ _1\"></span> to Ma<span class=\"_ _f\"></span>rket)<span class=\"ff4\"> </span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs767\">In <span class=\"_ _0\"></span>linea <span class=\"_ _0\"></span>generale, <span class=\"_ _0\"></span>il <span class=\"_ _9\"> </span>processo <span class=\"_ _0\"></span>per <span class=\"_ _0\"></span>l\u2019applicazione <span class=\"_ _0\"></span>del <span class=\"_ _0\"></span>Mark <span class=\"_ _9\"> </span>to <span class=\"_ _0\"></span>Market<span class=\"_ _2\"></span><span class=\"ff4\"> <span class=\"_ _9\"> </span>\u00e8 <span class=\"_ _0\"></span>largamente <span class=\"_ _0\"></span>automatizzato. <span class=\"_ _0\"></span>Tutti <span class=\"_ _9\"> </span>gli </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs768\">strumenti <span class=\"_ _9\"> </span>finanziari <span class=\"_ _0\"></span>quotati <span class=\"_ _9\"> </span>detenuti <span class=\"_ _9\"> </span>(azioni, <span class=\"_ _9\"> </span>obbligazioni <span class=\"_ _9\"> </span>e <span class=\"_ _0\"> </span>s<span class=\"_ _2\"></span>trumenti <span class=\"_ _0\"></span>finanziari <span class=\"_ _9\"> </span>derivati) <span class=\"_ _9\"> </span>sono<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>valutati, <span class=\"_ _9\"> </span>in </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs769\">presenza <span class=\"_ _4\"> </span>di <span class=\"_ _17\"> </span>mercati <span class=\"_ _17\"> </span>attivi, <span class=\"_ _4\"> </span>me<span class=\"_ _2\"></span>diante <span class=\"_ _4\"> </span>i <span class=\"_ _4\"> </span>risp<span class=\"_ _2\"></span>ettivi <span class=\"_ _4\"> </span>prezzi <span class=\"_ _17\"> </span>quotati <span class=\"_ _17\"> </span>(valutazioni <span class=\"_ _4\"> </span>al <span class=\"_ _17\"> </span>Mark <span class=\"_ _4\"> </span>t<span class=\"_ _2\"></span>o <span class=\"_ _4\"> </span>Mark<span class=\"_ _2\"></span>et) <span class=\"_ _4\"> </span>per <span class=\"_ _4\"> </span>la </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls39 ws0 gs76a\">de<span class=\"ls0\">terminazione del P&amp;L giornaliero. </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs76b\">Relativamente ai principali Information Provide<span class=\"_ _1\"></span>rs, si distingue tra:<span class=\"_ _2\"></span> </div><div class=\"t m0 h5 ff14 fs1 fc1 sc0 ls0 ws0 gs76c\"><span class=\"_ _2c\"> </span><span class=\"ff4\">Market <span class=\"_ _2\"></span>paramet<span class=\"_ _2\"></span>ers <span class=\"_ _2\"></span>a <span class=\"_ _d\"></span>cui <span class=\"_ _d\"></span>\u00e8 <span class=\"_ _d\"></span>agganciato <span class=\"_ _d\"></span>un <span class=\"_ _d\"></span>RIC <span class=\"_ _d\"></span>Refinitiv: <span class=\"_ _2\"></span>in <span class=\"_ _d\"></span>quest<span class=\"_ _2\"></span>o <span class=\"_ _d\"></span>caso <span class=\"_ _d\"></span>il <span class=\"_ _2\"></span>prezzo <span class=\"_ _d\"></span>viene <span class=\"_ _d\"></span>recuperato <span class=\"_ _d\"></span>real </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs76d\">time da Refinitiv attraverso la piattaforma ATS;<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff14 fs1 fc1 sc0 ls0 ws0 gs76e\"><span class=\"_ _2c\"> </span><span class=\"ff4 ls4\">St<span class=\"ls0\">rumenti <span class=\"_ _2\"></span>ai <span class=\"_ _2\"></span>quali <span class=\"_ _2\"></span>pu\u00f2 <span class=\"_ _d\"></span>essere <span class=\"_ _2\"></span>agganciata <span class=\"_ _2\"></span>sia <span class=\"_ _d\"></span>una <span class=\"_ _2\"></span>contribuzione <span class=\"_ _2\"></span>Refinitiv <span class=\"_ _2\"></span>che <span class=\"_ _d\"></span>Bloomberg. <span class=\"_ _2\"></span>Nel <span class=\"_ _2\"></span>dett<span class=\"_ _2\"></span>aglio<span class=\"_ _1\"></span> </span></span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs76f\">all\u2019interno <span class=\"_ _9\"> </span>dell\u2019ATS <span class=\"_ _16\"> </span>sono <span class=\"_ _9\"> </span>state  i<span class=\"_ _f\"></span>mplementate  reg<span class=\"_ _1\"></span>ole <span class=\"_ _9\"> </span>che <span class=\"_ _16\"> </span>consentono <span class=\"_ _16\"> </span>la <span class=\"_ _9\"> </span>comparazione <span class=\"_ _9\"> </span>tr<span class=\"_ _2\"></span>a <span class=\"_ _9\"> </span>le <span class=\"_ _9\"> </span>fonti <span class=\"_ _16\"> </span>e </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs770\">seleziona <span class=\"_ _f\"></span>quella <span class=\"_ _f\"></span>ritenuta <span class=\"_ _f\"></span>valida <span class=\"_ _1\"></span>in <span class=\"_ _f\"></span>termini <span class=\"_ _1\"></span>di <span class=\"_ _f\"></span>liquidit\u00e0, <span class=\"_ _1\"></span>aggiornamento <span class=\"_ _f\"></span>giornaliero <span class=\"_ _1\"></span>e <span class=\"_ _f\"></span>delta <span class=\"_ _f\"></span>spread. <span class=\"_ _f\"></span>Il <span class=\"_ _f\"></span>m<span class=\"_ _2\"></span>odulo<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs771\">ATS <span class=\"_ _d\"></span>considera <span class=\"_ _0\"></span>una <span class=\"_ _d\"></span>fonte <span class=\"_ _0\"></span>primaria <span class=\"_ _0\"></span>per <span class=\"_ _d\"></span>o<span class=\"_ _2\"></span>gni <span class=\"_ _d\"></span>categoria <span class=\"_ _d\"></span>di <span class=\"_ _0\"></span>strumento, <span class=\"_ _0\"></span>e <span class=\"_ _d\"></span>at<span class=\"_ _2\"></span>tribuisce <span class=\"_ _d\"></span>il <span class=\"_ _d\"></span>livello <span class=\"_ _0\"></span>di <span class=\"_ _d\"></span>fair<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>value </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs772\">associato ad ogni parametro;<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff14 fs1 fc1 sc0 ls0 ws0 gs773\"><span class=\"_ _2c\"> </span><span class=\"ff4\">Parametri EOD: ma<span class=\"_ _1\"></span>rket parameters aggiornati una volta al<span class=\"_ _f\"></span> giorno (es vo<span class=\"_ _2\"></span>latilit\u00e0 cap and Floor)<span class=\"_ _f\"></span> <span class=\"_ _2\"></span>disponib<span class=\"_ _1\"></span>ili<span class=\"_ _df\"> </span></span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs774\">dal provider The ICE.<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs775\">Qualora <span class=\"_ _d\"></span>le <span class=\"_ _d\"></span>informazioni <span class=\"_ _d\"></span>Refinitiv <span class=\"_ _d\"></span>e <span class=\"_ _d\"></span>Bloomberg <span class=\"_ _d\"></span>non <span class=\"_ _d\"></span>siano <span class=\"_ _d\"></span>disponibili <span class=\"_ _d\"></span>si <span class=\"_ _d\"></span>utilizzano <span class=\"_ _d\"></span>altri <span class=\"_ _d\"></span>Information <span class=\"_ _d\"></span>Providers </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs776\">indipendenti. </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs777\">Se un\u2019attivit\u00e0 o <span class=\"_ _2\"></span>passivit\u00e0 valutata al </div><div class=\"t m1 h6 ff4 fs2 fc1 sc0 ls0 ws0 gs778\">fair value </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs779\">ha un prezzo <span class=\"_ _2\"></span>denaro e <span class=\"_ _2\"></span>un prezzo lettera <span class=\"_ _2\"></span>(pe<span class=\"_ _1\"></span>r <span class=\"_ _2\"></span>esem<span class=\"_ _1\"></span>pio un dato </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs77a\">proveniente <span class=\"_ _f\"></span>da u<span class=\"_ _1\"></span>n <span class=\"_ _f\"></span>mercat<span class=\"_ _2\"></span>o <span class=\"_ _f\"></span>a <span class=\"_ _f\"></span>scambi <span class=\"_ _f\"></span>dirett<span class=\"_ _2\"></span>i <span class=\"_ _f\"></span>e <span class=\"_ _1\"></span>assistiti), <span class=\"_ _f\"></span>per <span class=\"_ _f\"></span>valutare <span class=\"_ _1\"></span>il </div><div class=\"t m1 h6 ff4 fs2 fc1 sc0 ls0 ws0 gs77b\">fair <span class=\"_ _f\"></span>value </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs77c\">deve <span class=\"_ _f\"></span>essere <span class=\"_ _f\"></span>utilizzato<span class=\"_ _2\"></span> <span class=\"_ _f\"></span>il <span class=\"_ _f\"></span>prezzo </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs77d\">rientrante <span class=\"_ _1\"></span>nello <span class=\"_ _f\"></span>scarto de<span class=\"_ _1\"></span>naro-lettera (<span class=\"_ _df\"> </span></div><div class=\"t m1 h6 ff4 fs2 fc1 sc0 ls0 ws0 gs77e\">bid-ask <span class=\"_ _f\"></span>spread</div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs77f\">) <span class=\"_ _f\"></span>pi\u00f9 <span class=\"_ _1\"></span>rappresentativo d<span class=\"_ _1\"></span>el </div><div class=\"t m1 h6 ff4 fs2 fc1 sc0 ls0 ws0 gs780\">fair <span class=\"_ _f\"></span>value </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs781\">in <span class=\"_ _f\"></span>quelle circostanze </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs783\">specifiche, ind<span class=\"_ _1\"></span>ipendentemente da come tale <span class=\"_ _1\"></span>dato \u00e8 classificato<span class=\"_ _1\"></span> ne<span class=\"_ _1\"></span>lla gerarchia del<span class=\"_ _1\"></span> </div><div class=\"t m1 h6 ff4 fs2 fc1 sc0 ls0 ws0 gs784\">fair value </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs785\">(Livello 1, 2<span class=\"_ _1\"></span> o 3).<span class=\"_ _1\"></span> </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs786\">\u00c8 consentito <span class=\"_ _2\"></span>l\u2019utilizz<span class=\"_ _1\"></span>o di <span class=\"_ _2\"></span>prezzi denaro <span class=\"_ _2\"></span>per posizioni attive e <span class=\"_ _2\"></span>di prezzi lettera <span class=\"_ _2\"></span>per posizioni passive, <span class=\"_ _2\"></span>ma non <span class=\"_ _2\"></span>\u00e8<span class=\"_ _1\"></span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs787\">obbligatorio </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs788\">Il <span class=\"_ _2\"></span>Gr<span class=\"_ _2\"></span>uppo <span class=\"_ _2\"></span>utilizza <span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>ia <span class=\"_ _2\"></span>per <span class=\"_ _d\"></span>le <span class=\"_ _d\"></span>proprie <span class=\"_ _2\"></span>posizioni <span class=\"_ _2\"></span>at<span class=\"_ _2\"></span>tive <span class=\"_ _2\"></span>che <span class=\"_ _d\"></span>per <span class=\"_ _2\"></span>le <span class=\"_ _d\"></span>passive <span class=\"_ _2\"></span>i <span class=\"_ _d\"></span>prezzi <span class=\"_ _d\"></span>Mid, <span class=\"_ _2\"></span>per <span class=\"_ _d\"></span>i <span class=\"_ _2\"></span>cui <span class=\"_ _d\"></span>calcoli <span class=\"_ _d\"></span>vengono </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs789\">considerati i prezzi rientranti nello scarto denaro <span class=\"ff5\">\u2013</span> lettera (Bid/Ask spread) pi\u00f9 rappresentativi. </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs78a\">Generalmente <span class=\"_ _2\"></span>l\u2019acquisizione <span class=\"_ _2\"></span>dei <span class=\"_ _d\"></span>prezzi <span class=\"_ _2\"></span>quotati<span class=\"ff4\"> <span class=\"_ _d\"></span>avviene <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>via <span class=\"_ _2\"></span>auto<span class=\"_ _2\"></span>matica, <span class=\"_ _2\"></span>su <span class=\"_ _2\"></span>base <span class=\"_ _d\"></span>giornalie<span class=\"_ _1\"></span>ra, <span class=\"_ _2\"></span>at<span class=\"_ _2\"></span>traverso <span class=\"_ _2\"></span>lo<span class=\"_ _1\"></span> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs78b\">scarico delle informazioni da primari Information Provide<span class=\"_ _1\"></span>r indipendenti.<span class=\"_ _2\"></span> </div><div class=\"t m0 h5 ff5 fs1 fc4 sc3 ls0 ws0 gs78c\">L\u2019util<span class=\"_ _1\"></span>izzo d<span class=\"_ _1\"></span>i tecni<span class=\"_ _f\"></span>che di va<span class=\"_ _f\"></span>lutazio<span class=\"_ _f\"></span>ne (Mark<span class=\"_ _1\"></span> to <span class=\"_ _1\"></span>Model<span class=\"_ _1\"></span>)<span class=\"ff4\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs78d\">Nel determinare <span class=\"_ _1\"></span>il fair v<span class=\"_ _1\"></span>alue degli strumenti <span class=\"_ _1\"></span>finanziari si ricor<span class=\"ff5\">re al <span class=\"_ _f\"></span>Mark to Model qu<span class=\"_ _1\"></span>alora l\u2019analisi evi<span class=\"_ _1\"></span>denzi che </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs78e\">per gli strumenti detenuti non esistano prezzi quotati nel mercat<span class=\"_ _1\"></span>o principale (o pi\u00f9 vantaggioso).<span class=\"_ _2\"></span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs78f\">Le <span class=\"_ _4\"> </span>tecniche <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>valutazione <span class=\"_ _4\"> </span>utilizzate <span class=\"_ _4\"> </span>per <span class=\"_ _17\"> </span>valutare <span class=\"_ _4\"> </span>il </div><div class=\"t m1 h6 ff4 fs2 fc1 sc0 ls0 ws0 gs790\">fair <span class=\"_ _4\"> </span>value </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs791\">devono <span class=\"_ _4\"> </span>massimizzare <span class=\"_ _4\"> </span>l\u2019utilizzo <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>input </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs792\">o<span class=\"ff5\">sservabili rilevanti e ridu<span class=\"_ _1\"></span>rre al minimo l\u2019utilizzo di input non osservabili. <span class=\"_ _2\"></span><span class=\"ff4\"> </span></span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs793\">Gli <span class=\"_ _16\"> </span>input <span class=\"_ _9\"> </span>di  Live<span class=\"_ _1\"></span>llo  2 <span class=\"_ _9\"> </span>sono  input <span class=\"_ _9\"> </span>diversi  d<span class=\"_ _1\"></span>ai <span class=\"_ _16\"> </span>prezzi <span class=\"_ _9\"> </span>quot<span class=\"_ _2\"></span>ati <span class=\"_ _16\"> </span>inclusi <span class=\"_ _9\"> </span>nel  Li<span class=\"_ _1\"></span>vello <span class=\"_ _16\"> </span>1 <span class=\"_ _16\"> </span>osservabili <span class=\"_ _9\"> </span>direttamente  o<span class=\"_ _f\"></span> </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs794\">indirettamente per l\u2019attivit\u00e0 o per la passivit\u00e0.<span class=\"ff4\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs795\">Gli input di livello 2 comprendono: </div><div class=\"t m0 h5 ff14 fs1 fc1 sc0 ls0 ws0 gs796\"><span class=\"_ _2c\"> </span><span class=\"ff4\">prezzi<span class=\"_ _1\"></span> quotati per attivit\u00e0 o passivit\u00e0 similari in mercati attivi;<span class=\"_ _df\"> </span></span></div><div class=\"t m0 h5 ff14 fs1 fc1 sc0 ls0 ws0 gs797\"><span class=\"_ _2c\"> </span><span class=\"ff4\">prezzi<span class=\"_ _1\"></span> quotati per attivit\u00e0 o passivit\u00e0 identiche o similari in mercati non attivi;<span class=\"_ _df\"> </span></span></div><div class=\"t m0 h5 ff14 fs1 fc1 sc0 ls0 ws0 gs798\"><span class=\"_ _2c\"> </span><span class=\"ff5\">dati div<span class=\"_ _1\"></span>ersi dai prezzi quotati osservabili per l\u2019attivit\u00e0 o passivit\u00e0 (per esempio t<span class=\"_ _2\"></span><span class=\"ff4\">assi di interesse e curve<span class=\"_ _df\"> </span></span></span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs799\">dei rendimenti osservabili a intervall<span class=\"_ _1\"></span>i comunemente quotati, volatilit\u00e0 implicite e spread creditizi);<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff14 fs1 fc1 sc0 ls0 ws0 gs79a\"><span class=\"_ _2c\"> </span><span class=\"ff4\">inpu<span class=\"_ _1\"></span>t corroborati dal mercato.<span class=\"_ _df\"> </span></span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs79b\">Gli inpu<span class=\"_ _1\"></span>t non osservabi<span class=\"_ _1\"></span>li, Livell<span class=\"_ _1\"></span>o 3, dev<span class=\"_ _1\"></span>ono essere utili<span class=\"_ _1\"></span>zzati per va<span class=\"_ _f\"></span>lutare il </div><div class=\"t m1 h6 ff4 fs2 fc1 sc0 ls0 ws0 gs79c\">fair valu<span class=\"_ _f\"></span>e </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs79d\">nella misura <span class=\"_ _1\"></span>in cu<span class=\"_ _1\"></span>i gli <span class=\"_ _1\"></span>input<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs79e\">osservabili rilevanti non siano disponibili, consentendo pertanto situazioni di scarsa attivit\u00e0 del mercato per </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs79f\">l\u2019attivit\u00e0 o <span class=\"_ _f\"></span>passivit\u00e0 alla <span class=\"_ _f\"></span>data di <span class=\"_ _1\"></span>valutazione. Tuttavia, <span class=\"_ _f\"></span>la finalit\u00e0 <span class=\"_ _1\"></span>della v<span class=\"_ _1\"></span>alutazione del </div><div class=\"t m1 h6 ff4 fs2 fc1 sc0 ls0 ws0 gs7a0\">fair value<span class=\"_ _1\"></span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs7a1\">resta la stessa, </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs7a2\">ossia <span class=\"_ _1\"></span>un p<span class=\"_ _1\"></span>rezzo d<span class=\"_ _1\"></span>i chi<span class=\"_ _1\"></span>usura alla<span class=\"_ _f\"></span> data di<span class=\"_ _f\"></span> valutazione <span class=\"_ _f\"></span>dal punto <span class=\"_ _f\"></span>di vista <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>un <span class=\"_ _f\"></span>operatore di <span class=\"_ _f\"></span>mercato che<span class=\"_ _1\"></span> possied<span class=\"_ _1\"></span>e </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs7a3\">l\u2019attivit\u00e0 <span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>passivit\u00e0. <span class=\"_ _2\"></span>Pertanto, <span class=\"_ _2\"></span>gli <span class=\"_ _2\"></span>input <span class=\"_ _2\"></span>non <span class=\"_ _2\"></span>osservabili <span class=\"_ _2\"></span>devono <span class=\"_ _2\"></span>riflettere <span class=\"_ _2\"></span>le <span class=\"_ _2\"></span>assunzioni <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>gli <span class=\"_ _2\"></span>operator<span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>di<span class=\"_ _1\"></span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs7a4\">mercato u<span class=\"_ _1\"></span>tilizzerebbero <span class=\"_ _f\"></span>nel <span class=\"ff5\">d<span class=\"_ _1\"></span>eterminare i<span class=\"_ _1\"></span>l <span class=\"_ _f\"></span>prezzo de<span class=\"_ _1\"></span>ll\u2019attivit\u00e0 o <span class=\"_ _f\"></span>passivit\u00e0, <span class=\"_ _f\"></span>incluse <span class=\"_ _f\"></span>l<span class=\"_ _2\"></span>e <span class=\"_ _f\"></span>assunzioni <span class=\"_ _1\"></span>circa il<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>rischio.<span class=\"_ _df\"> </span></span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs7a5\">Le <span class=\"_ _2\"></span>rettifiche <span class=\"_ _2\"></span>agli input <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>Livello 2 <span class=\"_ _d\"></span>varieranno <span class=\"_ _2\"></span>in<span class=\"_ _1\"></span> <span class=\"_ _2\"></span>funzione <span class=\"_ _2\"></span>di fatt<span class=\"_ _2\"></span>ori <span class=\"_ _2\"></span>specifi<span class=\"_ _1\"></span>ci <span class=\"_ _2\"></span>dell\u2019attivit\u00e0 <span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>della passivit\u00e0. <span class=\"_ _2\"></span>Tali </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs7a6\">fattori comprendono i seguenti ele<span class=\"_ _1\"></span>menti: </div><div class=\"t m0 h5 ff14 fs1 fc1 sc0 ls0 ws0 gs7a7\"><span class=\"_ _2c\"> </span><span class=\"ff4\">la c<span class=\"ff5\">ondizione o l\u2019ubicazione dell\u2019attivit\u00e0; </span></span></div><div class=\"t m0 h5 ff14 fs1 fc1 sc0 ls0 ws0 gs7a8\"><span class=\"_ _2c\"> </span><span class=\"ff5\">la misura in cui gli input fanno riferimento a elementi comparabili all\u2019attivit\u00e0 o alla passiv<span class=\"_ _1\"></span>it\u00e0; e </span></div><div class=\"t m0 h5 ff14 fs1 fc1 sc0 ls0 ws0 gs7a9\"><span class=\"_ _2c\"> </span><span class=\"ff4\">il volume o il livello di attivit\u00e0 nei mercati in cui gli input sono osservati.<span class=\"_ _df\"> </span></span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs7aa\">L\u2019utilizzo <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>in<span class=\"_ _2\"></span>put <span class=\"_ _d\"></span>non <span class=\"_ _d\"></span>o<span class=\"_ _2\"></span>sservabi<span class=\"ff4\">li <span class=\"_ _d\"></span>significativi <span class=\"_ _d\"></span>o <span class=\"_ _0\"></span>eventuali <span class=\"_ _d\"></span>rett<span class=\"_ _2\"></span>ifiche <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>un <span class=\"_ _0\"></span>input <span class=\"_ _d\"></span>di <span class=\"_ _0\"></span>Livello <span class=\"_ _d\"></span>2 <span class=\"_ _0\"></span>significativo <span class=\"_ _0\"></span>per </span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs7ab\">l\u2019intera valutazione de<span class=\"_ _1\"></span>llo strumento, possono comportare nell<span class=\"_ _1\"></span>a valutazione del </div><div class=\"t m1 h6 ff4 fs2 fc1 sc0 ls0 ws0 gs7ac\">fair value </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs7ad\">una classificazione </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs7ae\">a Livello 3 nella gerarchia del<span class=\"_ _1\"></span> </div><div class=\"t m1 h6 ff4 fs2 fc1 sc0 ls0 ws0 gs7af\">fair value</div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs7b0\">. </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs7b1\">L\u2019utilizzo <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>una <span class=\"_ _0\"></span>tecnica <span class=\"_ _d\"></span>d<span class=\"_ _2\"></span>i <span class=\"_ _d\"></span>valutazione <span class=\"_ _d\"></span>ha <span class=\"_ _0\"></span>l\u2019obiettivo <span class=\"_ _d\"></span>di <span class=\"_ _0\"></span>stimare <span class=\"_ _d\"></span>il <span class=\"_ _0\"></span>prezzo <span class=\"_ _d\"></span>a <span class=\"_ _0\"></span>cui <span class=\"_ _d\"></span>avrebbe <span class=\"_ _d\"></span>luogo <span class=\"_ _0\"></span>una <span class=\"_ _0\"></span>regolare </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs7b2\">operazione <span class=\"_ _2\"></span>di v<span class=\"_ _2\"></span>endita <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>una at<span class=\"_ _2\"></span>tivit\u00e0 o <span class=\"_ _d\"></span>di <span class=\"_ _2\"></span>trasferimento <span class=\"_ _2\"></span>di una <span class=\"_ _2\"></span>passivit\u00e0 <span class=\"_ _2\"></span>tra <span class=\"_ _d\"></span>operatori <span class=\"_ _2\"></span>di mercato <span class=\"_ _2\"></span>alla <span class=\"_ _2\"></span>data <span class=\"_ _2\"></span>di </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs7b3\">valutazione, <span class=\"_ _d\"></span>alle <span class=\"_ _d\"></span>condizioni <span class=\"_ _0\"></span>di <span class=\"_ _d\"></span>mercat<span class=\"_ _2\"></span>o <span class=\"_ _d\"></span>correnti. <span class=\"_ _d\"></span>Tr<span class=\"_ _2\"></span>e <span class=\"_ _d\"></span>tecniche <span class=\"_ _d\"></span>di <span class=\"_ _0\"></span>valutazione <span class=\"_ _d\"></span>ampiamente <span class=\"_ _0\"></span>utilizzate <span class=\"_ _d\"></span>s<span class=\"_ _2\"></span>ono <span class=\"_ _d\"></span>il </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs7b4\">metodo <span class=\"_ _9\"> </span>basato <span class=\"_ _16\"> </span>sulla <span class=\"_ _0\"></span>valutazione <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>mercato, <span class=\"_ _16\"> </span>il </div><div class=\"t m1 h6 ff4 fs2 fc1 sc0 ls0 ws0 gs7b5\">metodo <span class=\"_ _16\"> </span>del <span class=\"_ _0\"></span>co<span class=\"_ _2\"></span>sto </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs7b6\">e <span class=\"_ _9\"> </span>il <span class=\"_ _9\"> </span>metodo <span class=\"_ _9\"> </span>reddituale. <span class=\"_ _9\"> </span>Un\u2019entit\u00e0 <span class=\"_ _16\"> </span>deve<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs7b7\">utilizzare tecniche di valutazione coerenti con uno o pi\u00f9 di<span class=\"_ _1\"></span> questi metodi per valutare il </div><div class=\"t m1 h6 ff4 fs2 fc1 sc0 ls0 ws0 gs7b8\">fair value</div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs7b9\">. </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs7ba\">Esempi dei princ<span class=\"_ _1\"></span>ipali parametri osservabili di mercato di cu<span class=\"_ _1\"></span>i si servono le pi<span class=\"_ _1\"></span>\u00f9 comuni tecniche di valutazione<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs7bb\">applicate sono i seguenti:<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff14 fs1 fc1 sc0 ls0 ws0 gs7bc\"><span class=\"_ _2c\"> </span><span class=\"ff5\">curva <span class=\"_ _2\"></span>dei tassi <span class=\"_ _2\"></span>Risk Free. <span class=\"_ _2\"></span>Sulla base <span class=\"_ _2\"></span>delle rilevazioni <span class=\"_ _2\"></span>storicizzate nell\u2019applicativo <span class=\"_ _2\"></span>di Front <span class=\"_ _2\"></span>Office (Murex) </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs7bd\">viene <span class=\"_ _9\"> </span>ricavata <span class=\"_ _9\"> </span>una <span class=\"_ _9\"> </span>curva <span class=\"_ _9\"> </span>tassi <span class=\"_ _9\"> </span>Euro <span class=\"_ _9\"> </span>c.d. <span class=\"_ _9\"> </span>Risk-Free, <span class=\"_ _9\"> </span>att<span class=\"_ _2\"></span>raverso <span class=\"_ _0\"></span>un <span class=\"_ _9\"> </span>bootstrapping <span class=\"_ _9\"> </span>dei <span class=\"_ _9\"> </span>tassi <span class=\"_ _9\"> </span>impliciti <span class=\"_ _9\"> </span>in </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs7be\">depositi, swap e Forward Rate Agreeme<span class=\"_ _1\"></span>nt;<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff14 fs1 fc1 sc0 ls0 ws0 gs7bf\"><span class=\"_ _2c\"> </span><span class=\"ff4\">tass<span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>cambio. <span class=\"_ _2\"></span>Il <span class=\"_ _d\"></span>sistema <span class=\"_ _2\"></span>Murex <span class=\"_ _d\"></span>acquisisce<span class=\"_ _1\"></span> <span class=\"_ _2\"></span>giornalmente, <span class=\"_ _d\"></span>in <span class=\"_ _2\"></span>automat<span class=\"_ _2\"></span>ico, <span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>tassi <span class=\"_ _d\"></span>di <span class=\"_ _2\"></span>cambio <span class=\"_ _2\"></span>spot <span class=\"_ _2\"></span>fixing<span class=\"_ _df\"> </span></span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs7c0\">BCE dall\u2019in<span class=\"ff4\">foprovider Reuters;<span class=\"_ _df\"> </span></span></div><div class=\"t m0 h5 ff14 fs1 fc1 sc0 ls0 ws0 gs7c1\"><span class=\"_ _2c\"> </span><span class=\"ff4\">curve <span class=\"_ _d\"></span>di <span class=\"_ _0\"></span>volatilit\u00e0. <span class=\"_ _d\"></span>Vengono <span class=\"_ _0\"></span>mappate <span class=\"_ _d\"></span>le <span class=\"_ _d\"></span>curve <span class=\"_ _0\"></span>di <span class=\"_ _d\"></span>volatilit\u00e0 <span class=\"_ _0\"></span>rilevate <span class=\"_ _d\"></span>da <span class=\"_ _0\"></span>fonte <span class=\"_ _d\"></span>est<span class=\"_ _2\"></span>erna <span class=\"_ _d\"></span>precedentemente </span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs7c2\">individuata <span class=\"_ _22\"> </span>(Bloomberg), <span class=\"_ _22\"> </span>e <span class=\"_ _4\"> </span>storicizzate  nell\u2019applicativo <span class=\"_ _4\"> </span>di <span class=\"_ _22\"> </span>front <span class=\"_ _4\"> </span>office  (Murex); <span class=\"_ _22\"> </span>va <span class=\"_ _4\"> </span>sottolineato <span class=\"_ _22\"> </span>che </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs7c3\">l\u2019operativit\u00e0 del Gruppo in cont<span class=\"ff4\">o proprio si concentra prevalentemente su strumenti di tasso.<span class=\"_ _df\"> </span></span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs7c4\">Diversamente, qualora le t<span class=\"_ _2\"></span>ecniche di valutazione si <span class=\"_ _2\"></span>basino in via prevalente <span class=\"_ _2\"></span>su parametri <span class=\"_ _2\"></span>non osservab<span class=\"_ _1\"></span>ili sul </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs7c5\">mercato, <span class=\"_ _0\"></span>vengono <span class=\"_ _d\"></span>s<span class=\"_ _2\"></span>volti<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>processi <span class=\"_ _d\"></span>di <span class=\"_ _0\"></span>stima <span class=\"_ _0\"></span>interni. <span class=\"_ _0\"></span>Ci\u00f2 <span class=\"_ _0\"></span>avviene<span class=\"_ _f\"></span> <span class=\"_ _0\"> </span>li<span class=\"_ _2\"></span>mitatamente <span class=\"_ _0\"></span>ai <span class=\"_ _d\"></span>casi<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>in <span class=\"_ _0\"></span>cui <span class=\"_ _d\"></span>i <span class=\"_ _0\"></span>relativi <span class=\"_ _d\"></span>dati <span class=\"_ _0\"></span>di </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs7c6\">mercato non siano disponibili o non siano ritenu<span class=\"_ _1\"></span>ti affidabili.<span class=\"_ _2\"></span> </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs7c7\">L\u2019utilizzo <span class=\"_ _4\"> </span>delle  t<span class=\"_ _2\"></span>ecniche <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>valutazione <span class=\"_ _22\"> </span>ch<span class=\"_ _2\"></span>e <span class=\"_ _22\"> </span>fanno <span class=\"_ _4\"> </span>uso <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>dati <span class=\"_ _4\"> </span>osservabili <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>mercato <span class=\"_ _4\"> </span>o <span class=\"_ _4\"> </span>di <span class=\"_ _22\"> </span>d<span class=\"_ _2\"></span>ati <span class=\"_ _4\"> </span>stimati<span class=\"_ _f\"></span> </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs7c8\">internamente, implicano l\u2019utilizzo di modelli<span class=\"_ _1\"></span> valutativi all\u2019i<span class=\"_ _2\"></span><span class=\"ff4\">nterno dei quali sono calati tali parametri. </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs7c9\">Il <span class=\"_ _1\"></span>metodo redd<span class=\"_ _1\"></span>ituale converte <span class=\"_ _f\"></span>import<span class=\"_ _2\"></span>i <span class=\"_ _1\"></span>futuri (<span class=\"_ _1\"></span>per e<span class=\"_ _1\"></span>sempio, <span class=\"_ _1\"></span>flussi finanzi<span class=\"_ _1\"></span>ari o <span class=\"_ _f\"></span>r<span class=\"_ _2\"></span>icavi <span class=\"_ _f\"></span>e costi) <span class=\"_ _1\"></span>in u<span class=\"_ _f\"></span>n unico importo </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs7ca\">corrente <span class=\"_ _d\"></span>(ossia <span class=\"_ _d\"></span>attualizzato). <span class=\"_ _2\"></span>Quando <span class=\"_ _d\"></span>si <span class=\"_ _2\"></span>utilizza <span class=\"_ _d\"></span>il <span class=\"_ _2\"></span>met<span class=\"_ _2\"></span>odo <span class=\"_ _2\"></span>reddituale, <span class=\"_ _d\"></span>la <span class=\"_ _d\"></span>valutazione <span class=\"_ _2\"></span>del </div><div class=\"t m1 h6 ff4 fs2 fc1 sc0 ls0 ws0 gs7cb\">fair <span class=\"_ _d\"></span>value </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs7cc\">riflette <span class=\"_ _d\"></span>le </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs7cd\">attuali aspettative del mercato su tali importi futuri.  </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs7cf\">A titolo esemplificativo, tali tecniche di valutazione<span class=\"_ _1\"></span> comprendono: </div><div class=\"t m0 h5 ff14 fs1 fc1 sc0 ls0 ws0 gs7d0\"><span class=\"_ _2c\"> </span><span class=\"ff4\">tecniche de<span class=\"_ _1\"></span>l valore attuale; </span></div><div class=\"t m0 h5 ff14 fs1 fc1 sc0 ls0 ws0 gs7d1\"><span class=\"_ _2c\"> </span><span class=\"ff4\">modell<span class=\"_ _1\"></span>i di misurazione del prezz<span class=\"_ _2\"></span>o delle opzioni, quali la formula di Black<span class=\"_ _2\"></span>-Scholes-Merton che incor<span class=\"_ _2\"></span>pora </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs7d2\">tecniche  d<span class=\"_ _1\"></span>i  calcolo <span class=\"_ _16\"> </span>del  v<span class=\"_ _1\"></span>alore  attuale  e <span class=\"_ _9\"> </span>r<span class=\"_ _2\"></span>iflettono  sia <span class=\"_ _9\"> </span>il  valore  temporale,<span class=\"_ _1\"></span>  sia <span class=\"_ _16\"> </span>il  v<span class=\"_ _1\"></span>alore  intrinseco  d<span class=\"_ _1\"></span>i<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs7d3\">un\u2019opzione.<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs7d4\">Qualora pe<span class=\"_ _1\"></span>r\u00f2 si <span class=\"_ _1\"></span>faccia <span class=\"_ _1\"></span>ricorso <span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>modelli <span class=\"_ _f\"></span>va<span class=\"_ _2\"></span>lutativi <span class=\"_ _f\"></span>proprietari, l\u2019affidabilit\u00e0 <span class=\"_ _f\"></span>degli stessi \u00e8 <span class=\"_ _f\"></span>testata confrontando,<span class=\"_ _1\"></span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs7d5\">per <span class=\"_ _2\"></span>strumenti <span class=\"_ _2\"></span>simili <span class=\"_ _2\"></span>quotati, <span class=\"_ _2\"></span>le valutazioni <span class=\"_ _2\"></span>fornite <span class=\"_ _2\"></span>da <span class=\"_ _2\"></span>tali <span class=\"_ _2\"></span>tecniche <span class=\"_ _2\"></span>con <span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>relativi <span class=\"_ _2\"></span>prezzi <span class=\"_ _2\"></span>quotati <span class=\"_ _2\"></span>(back testing). </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs7d6\">Inoltre, l\u2019affidabilit\u00e0 di tali tecniche \u00e8 verificata, ex post, monitorando nel<span class=\"_ _1\"></span> tempo i risultati ottenuti.<span class=\"_ _2\"></span><span class=\"ff4\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs7d7\">La g<span class=\"_ _1\"></span>erarchia de<span class=\"_ _1\"></span>l fai<span class=\"_ _1\"></span>r value <span class=\"_ _f\"></span>att<span class=\"_ _2\"></span>ribuisce <span class=\"_ _f\"></span>la massima prio<span class=\"_ _1\"></span>rit\u00e0 ai <span class=\"_ _1\"></span>prezzi <span class=\"_ _f\"></span>quotat<span class=\"_ _2\"></span>i <span class=\"_ _f\"></span>(non rettificati) <span class=\"_ _f\"></span>in mercati <span class=\"_ _1\"></span>attivi <span class=\"_ _1\"></span>per </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs7d8\">attivit\u00e0 o passivit\u00e0 identiche (d<span class=\"_ _1\"></span>ati di livello 1) e la priorit\u00e0 minima agli input non osservabili (dati di live<span class=\"_ _1\"></span>llo 3).<span class=\"_ _d\"></span> </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs7d9\">L\u2019attivit\u00e0 <span class=\"_ _9\"> </span>di <span class=\"_ _16\"> </span>attribuzione <span class=\"_ _9\"> </span>dei <span class=\"_ _16\"> </span>livelli <span class=\"_ _9\"> </span>di <span class=\"_ _16\"> </span>fair <span class=\"_ _9\"> </span>val<span class=\"_ _2\"></span><span class=\"ff4\">ue <span class=\"_ _9\"> </span>av<span class=\"_ _2\"></span>viene <span class=\"_ _9\"> </span>trimestr<span class=\"_ _2\"></span>almente <span class=\"_ _9\"> </span>alle <span class=\"_ _9\"> </span>date <span class=\"_ _16\"> </span>contabili <span class=\"_ _9\"> </span>di  rife<span class=\"_ _1\"></span>rimento </span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs7da\">basandosi <span class=\"_ _2\"></span>sulla <span class=\"_ _2\"></span>verifica della <span class=\"_ _d\"></span>presenza di <span class=\"_ _2\"></span>un <span class=\"_ _d\"></span>mercato <span class=\"_ _2\"></span>principale <span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>pi\u00f9 <span class=\"_ _2\"></span>vantaggioso <span class=\"_ _2\"></span>nell\u2019<span class=\"_ _1\"></span>intervallo <span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>emporale<span class=\"_ _f\"></span> </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs7db\">antecedente <span class=\"_ _0\"></span>la <span class=\"_ _0\"></span>data <span class=\"_ _9\"> </span>contabile <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>riferimento. <span class=\"_ _0\"></span>L\u2019attivit\u00e0 <span class=\"_ _0\"></span>prevede <span class=\"_ _0\"></span>la <span class=\"_ _9\"> </span>verifica <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>alcun<span class=\"_ _2\"></span><span class=\"ff4\">i <span class=\"_ _0\"></span>principi <span class=\"_ _0\"></span>necessari <span class=\"_ _9\"> </span>alla </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs7dc\">definizione <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>presenza <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>un <span class=\"_ _2\"></span>mercato <span class=\"_ _2\"></span>attivo <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>ogni <span class=\"_ _2\"></span>strumento <span class=\"_ _2\"></span>finanziario <span class=\"_ _2\"></span>identificati <span class=\"_ _2\"></span>dalla d<span class=\"_ _2\"></span>isponibilit\u00e0 <span class=\"_ _2\"></span>di </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs7dd\">valorizzazioni eseguibili, continue e con scarto denaro-lettera (bid-ask spread) contenuti. </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs7de\">Il <span class=\"_ _0\"></span>rispetto <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>tali <span class=\"_ _9\"> </span>condizioni <span class=\"_ _0\"></span>determina <span class=\"_ _0\"></span>il <span class=\"_ _0\"></span>livello <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>fair <span class=\"_ _9\"> </span>value <span class=\"_ _0\"></span>dello <span class=\"_ _0\"></span>strumento <span class=\"_ _0\"></span>analizzato. <span class=\"_ _0\"></span>Qualora <span class=\"_ _0\"></span>non <span class=\"_ _0\"></span>siano </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs7df\">presenti <span class=\"_ _2\"></span>quotazioni <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>mercato, <span class=\"_ _d\"></span>l\u2019utilizzo <span class=\"_ _2\"></span>di <span class=\"_ _d\"></span>tecniche <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>valutazione <span class=\"_ _2\"></span>viene <span class=\"_ _d\"></span>effettuata <span class=\"_ _d\"></span>ad <span class=\"_ _d\"></span>ogni <span class=\"_ _2\"></span>dat<span class=\"_ _2\"></span>a <span class=\"_ _d\"></span>contabile </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs7e0\">massimizzando l\u2019util<span class=\"_ _1\"></span>izzo di <span class=\"_ _1\"></span>input osservabili rilevanti <span class=\"_ _1\"></span>e riducendo al minimo l<span class=\"_ _1\"></span>\u2019utilizzo d<span class=\"_ _1\"></span>i input non osservabi<span class=\"_ _1\"></span>li. </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs7e1\">La  ve<span class=\"_ _1\"></span>rifica  d<span class=\"_ _1\"></span>i  tali <span class=\"_ _16\"> </span>parametri  di<span class=\"_ _1\"></span>  inpu<span class=\"_ _1\"></span>t  in <span class=\"_ _16\"> </span>funzione <span class=\"_ _16\"> </span>della  d<span class=\"_ _1\"></span>isponibilit\u00e0  determina <span class=\"_ _16\"> </span>il <span class=\"_ _16\"> </span>livello <span class=\"_ _16\"> </span>di <span class=\"_ _16\"> </span>fair  value<span class=\"_ _1\"></span>  dello </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs7e2\">strumento. </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs7e3\">Ad <span class=\"_ _9\"> </span>ogni <span class=\"_ _9\"> </span>data <span class=\"_ _9\"> </span>contabile <span class=\"_ _16\"> </span>viene <span class=\"_ _9\"> </span>inoltre <span class=\"_ _9\"> </span>effettuata <span class=\"_ _16\"> </span>una <span class=\"_ _0\"> </span>analisi <span class=\"_ _16\"> </span>comparativa <span class=\"_ _9\"> </span>dei <span class=\"_ _0\"> </span>li<span class=\"_ _2\"></span>velli <span class=\"_ _16\"> </span>di <span class=\"_ _9\"> </span>fair <span class=\"_ _9\"> </span>value <span class=\"_ _9\"> </span>r<span class=\"_ _2\"></span>ispetto <span class=\"_ _9\"> </span>al </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs7e4\">trimestre <span class=\"_ _2\"></span>preced<span class=\"_ _1\"></span>ente e <span class=\"_ _2\"></span>l\u2019inizio d<span class=\"_ _2\"></span>ell\u2019esercizi<span class=\"_ _1\"></span>o <span class=\"_ _2\"></span>di riferimento <span class=\"_ _2\"></span>al fine <span class=\"_ _2\"></span>di individuare i <span class=\"_ _2\"></span>trasferimenti <span class=\"_ _2\"></span>di livelli di <span class=\"_ _2\"></span>fair </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs7e5\">value <span class=\"_ _15\"> </span>avvenuti <span class=\"_ _15\"> </span>nel <span class=\"_ _15\"> </span>corso <span class=\"_ _e\"> </span>dell\u2019esercizi<span class=\"_ _1\"></span>o <span class=\"_ _15\"> </span>di <span class=\"_ _15\"> </span>r<span class=\"_ _2\"></span>iferimento <span class=\"_ _14\"> </span>e <span class=\"_ _e\"> </span>le <span class=\"_ _15\"> </span>circostanze <span class=\"_ _15\"> </span>che <span class=\"_ _15\"> </span>hanno <span class=\"_ _15\"> </span>determinato <span class=\"_ _15\"> </span>t<span class=\"_ _2\"></span>ale<span class=\"_ _1\"></span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs7e6\">trasferimento. </div><div class=\"t m0 h5 ff4 fs1 fc4 sc3 ls0 ws0 gs7e7\">Fond<span class=\"_ _1\"></span>i imm<span class=\"_ _1\"></span>obili<span class=\"_ _1\"></span>ari ch<span class=\"_ _1\"></span>iusi<span class=\"_ _1\"></span> </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs7e8\">Al fine di tene<span class=\"_ _1\"></span>re in considerazione l\u2019ind<span class=\"_ _1\"></span>isponibilit\u00e0 di valutazioni continuative de<span class=\"_ _1\"></span>i fondi immobiliari chiusi non </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs7e9\">quotati, dovu<span class=\"_ _1\"></span>te a illi<span class=\"_ _1\"></span>quidit\u00e0, assenza di u<span class=\"_ _1\"></span>n mercato liqu<span class=\"_ _1\"></span>ido e <span class=\"_ _1\"></span>la specificit\u00e0 del <span class=\"_ _1\"></span>sottostante, la metod<span class=\"_ _1\"></span>ol<span class=\"_ _2\"></span>ogia alla </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs7ea\">base <span class=\"_ _f\"></span>dell\u2019individuazione <span class=\"_ _f\"></span>del <span class=\"_ _1\"></span>fair <span class=\"_ _1\"></span>value <span class=\"_ _f\"></span>attribuibile <span class=\"_ _f\"></span>al capitale<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>sociale <span class=\"_ _f\"></span>della <span class=\"_ _f\"></span>s<span class=\"_ _2\"></span>ociet\u00e0 <span class=\"_ _f\"></span>avviene <span class=\"_ _f\"></span>considerando v<span class=\"_ _1\"></span>alore </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs7eb\">del <span class=\"_ _f\"></span>NAV pi\u00f9 <span class=\"_ _f\"></span>aggiornato disponib<span class=\"_ _1\"></span>ile <span class=\"_ _f\"></span>(di norma<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>riferito <span class=\"_ _f\"></span>alla <span class=\"_ _f\"></span>chiusura <span class=\"_ _1\"></span>del <span class=\"_ _f\"></span>semestre prece<span class=\"_ _f\"></span>dente)<span class=\"_ _2\"></span> opportunamente </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs7ec\">rettificato al fine di <span class=\"ff5\">riflettere la scarsa liquidit\u00e0 dell\u2019asset.</span> </div><div class=\"t m0 h5 ff4 fs1 fc4 sc3 ls0 ws0 gs7ed\">Pass<span class=\"_ _f\"></span>ivit\u00e0 di pr<span class=\"_ _1\"></span>opria <span class=\"_ _f\"></span>emissione<span class=\"_ _f\"></span><span class=\"fc5 sc4\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs7ee\">Per <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>determinazione <span class=\"_ _2\"></span>del fair <span class=\"_ _d\"></span>value <span class=\"_ _2\"></span>delle <span class=\"_ _2\"></span>passivit\u00e0 <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>propria <span class=\"_ _2\"></span>emissione <span class=\"_ _2\"></span>valutate <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>fair <span class=\"_ _2\"></span>value, si <span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>iene conto </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs7ef\">anche del proprio rischio emittente. </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs7f0\">La <span class=\"_ _2\"></span>costruzione <span class=\"_ _2\"></span>di una <span class=\"_ _2\"></span>o <span class=\"_ _d\"></span>pi\u00f9 cur<span class=\"_ _2\"></span><span class=\"ff5\">ve di <span class=\"_ _2\"></span>credit <span class=\"_ _2\"></span>spread <span class=\"_ _2\"></span>si <span class=\"_ _2\"></span>rende <span class=\"_ _2\"></span>necessaria, <span class=\"_ _2\"></span>nell\u2019ambito <span class=\"_ _2\"></span>dell<span class=\"_ _1\"></span>a <span class=\"_ _2\"></span>fair <span class=\"_ _2\"></span>value <span class=\"_ _2\"></span>option, <span class=\"_ _2\"></span>al </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs7f1\">fine <span class=\"_ _f\"></span>di valorizz<span class=\"_ _1\"></span>are <span class=\"_ _1\"></span>gli <span class=\"_ _1\"></span>strumenti <span class=\"_ _1\"></span>non <span class=\"_ _f\"></span>negoziati su <span class=\"_ _f\"></span>mercati <span class=\"_ _1\"></span>attivi <span class=\"_ _f\"></span>con un <span class=\"_ _f\"></span>full <span class=\"_ _1\"></span>fair <span class=\"_ _f\"></span>val<span class=\"_ _2\"></span>ue. <span class=\"_ _f\"></span>Il <span class=\"_ _1\"></span>concetto di <span class=\"_ _f\"></span>full <span class=\"_ _f\"></span>fair v<span class=\"_ _1\"></span>alue </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs7f2\">comprende, <span class=\"_ _4\"> </span>rispetto <span class=\"_ _17\"> </span>alla <span class=\"_ _4\"> </span>semplice <span class=\"_ _17\"> </span>attualizzazione <span class=\"_ _4\"> </span>sulla <span class=\"_ _17\"> </span>curv<span class=\"_ _2\"></span>a <span class=\"_ _4\"> </span>risk <span class=\"_ _17\"> </span>free <span class=\"_ _4\"> </span>dei <span class=\"_ _4\"> </span>cash <span class=\"_ _17\"> </span>flows <span class=\"_ _17\"> </span>generati <span class=\"_ _4\"> </span>dallo </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs7f3\">strumento, <span class=\"_ _0\"></span>un <span class=\"_ _9\"> </span>ulteriore <span class=\"_ _0\"></span>aggiustamento <span class=\"_ _0\"></span>che <span class=\"_ _0\"></span>tenga <span class=\"_ _0\"></span>conto <span class=\"_ _9\"> </span>del <span class=\"_ _0\"></span>rischio <span class=\"_ _0\"></span>emittente: <span class=\"_ _0\"></span>l\u2019aggiustamento, <span class=\"_ _0\"></span>ovvero <span class=\"_ _9\"> </span>il </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs7f4\">credit spread, <span class=\"_ _f\"></span>as<span class=\"_ _2\"></span>sume la <span class=\"_ _1\"></span>forma di uno <span class=\"_ _1\"></span>spread additivo sulla cu<span class=\"_ _f\"></span>r<span class=\"_ _2\"></span>va risk free <span class=\"_ _1\"></span>ed \u00e8 <span class=\"_ _f\"></span>d<span class=\"_ _2\"></span>i entit\u00e0 d<span class=\"_ _1\"></span>iversa sulle diverse </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs7f5\">scadenze  temporali.  Il  credit  spread  r<span class=\"_ _2\"></span>elativo  ad  un  emittente,  inoltre,  esprimendo <span class=\"_ _22\"> </span>un\u2019indica<span class=\"_ _2\"></span>zione  sulla </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs7f6\">probabilit\u00e0 <span class=\"_ _14\"> </span>e <span class=\"_ _15\"> </span>sull\u2019entit\u00e0 <span class=\"_ _15\"> </span>del <span class=\"_ _14\"> </span>r<span class=\"_ _2\"></span>imborso <span class=\"_ _14\"> </span>dell\u2019emissione, <span class=\"_ _14\"> </span>\u00e8 <span class=\"_ _15\"> </span>diverso <span class=\"_ _15\"> </span>in <span class=\"_ _15\"> </span>base <span class=\"_ _15\"> </span>alla <span class=\"_ _14\"> </span>seniority <span class=\"_ _15\"> </span>dell\u2019emissione: </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs7f7\">un\u2019emissione senior avr\u00e0 un credi<span class=\"_ _1\"></span>t spre<span class=\"_ _2\"></span>ad inferiore rispetto ad un\u2019<span class=\"_ _1\"></span>emissione subordinata.<span class=\"ff4\"> </span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs7f8\">L\u2019applicazione d<span class=\"_ _2\"></span>ella Fair<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>Value <span class=\"_ _2\"></span>Option <span class=\"_ _2\"></span>alle <span class=\"_ _2\"></span>passivit\u00e0 <span class=\"_ _2\"></span>finanziarie <span class=\"_ _2\"></span>prevede che <span class=\"_ _2\"></span>si <span class=\"_ _d\"></span>dia e<span class=\"_ _2\"></span>videnza d<span class=\"_ _2\"></span>ell\u2019ammontare </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs7f9\">delle variazioni di </div><div class=\"t m1 h6 ff4 fs2 fc1 sc0 ls0 ws0 gs7fa\">fair value</div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs7fb\"> attribuibili a variazioni del solo rischio creditizio dello strum<span class=\"_ _2\"></span>ento. </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs7fc\">I <span class=\"_ _2\"></span>fat<span class=\"_ _2\"></span>tori <span class=\"_ _2\"></span>di <span class=\"_ _d\"></span>rischio <span class=\"_ _2\"></span>dovuti <span class=\"_ _d\"></span>al <span class=\"_ _d\"></span>merito <span class=\"_ _2\"></span>creditizio <span class=\"_ _2\"></span>vengono <span class=\"_ _d\"></span>incorporati <span class=\"_ _d\"></span>nella <span class=\"_ _2\"></span>curva <span class=\"_ _d\"></span>di <span class=\"_ _2\"></span>att<span class=\"_ _2\"></span>ualizz<span class=\"_ _1\"></span>azione <span class=\"_ _2\"></span>(us<span class=\"_ _2\"></span>ata <span class=\"_ _2\"></span>per <span class=\"_ _d\"></span>il </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs7fd\">calcolo del Fair Value) applicando alla curva risk free uno spread ch<span class=\"_ _1\"></span>e renda conto del rischio emittente.<span class=\"_ _2\"></span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs7fe\">Con <span class=\"_ _f\"></span>t<span class=\"_ _2\"></span>ale <span class=\"_ _f\"></span>metodo v<span class=\"_ _1\"></span>alutativo <span class=\"_ _f\"></span>\u00e8 possibile <span class=\"_ _f\"></span>separare i<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>diversi <span class=\"_ _f\"></span>component<span class=\"_ _2\"></span>i <span class=\"_ _f\"></span>di <span class=\"_ _1\"></span>rischio, <span class=\"_ _f\"></span>rischio tasso <span class=\"_ _f\"></span>e risc<span class=\"_ _f\"></span>hio credito.  </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs7ff\">Le <span class=\"_ _d\"></span>curve <span class=\"_ _d\"></span>rett<span class=\"_ _2\"></span>ificate <span class=\"_ _d\"></span>per <span class=\"_ _d\"></span>il <span class=\"_ _d\"></span>merito <span class=\"_ _0\"></span>di <span class=\"_ _d\"></span>credito <span class=\"_ _d\"></span>dell\u2019emittente <span class=\"_ _d\"></span>s<span class=\"_ _2\"></span>i <span class=\"_ _d\"></span>ottengono <span class=\"_ _d\"></span>sommando <span class=\"_ _d\"></span>ai <span class=\"_ _0\"></span>tassi <span class=\"_ _d\"></span>zero <span class=\"_ _d\"></span>coupon <span class=\"_ _d\"></span>(o </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs800\">tassi  risk  free<span class=\"_ _1\"></span>)  un  cred<span class=\"_ _1\"></span>it  spread  che<span class=\"_ _1\"></span>  esprime  il <span class=\"_ _16\"> </span>merito  c<span class=\"_ _1\"></span>reditiz<span class=\"ff5\">io  dell\u2019emittente  stesso.  Tali<span class=\"_ _1\"></span>  curve<span class=\"_ _1\"></span>  sono </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs801\">utilizzate per la valutazione di<span class=\"_ _1\"></span> obbligazioni non quotate sui mercati attivi.<span class=\"_ _2\"></span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs802\">Con <span class=\"_ _f\"></span>la valu<span class=\"_ _1\"></span>tazione <span class=\"_ _f\"></span>al </div><div class=\"t m1 h6 ff4 fs2 fc1 sc0 ls0 ws0 gs803\">Fair <span class=\"_ _1\"></span>Value</div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs804\"> <span class=\"_ _f\"></span>per tutti <span class=\"_ _f\"></span>gli <span class=\"_ _f\"></span>strumenti relativ<span class=\"_ _1\"></span>i <span class=\"_ _f\"></span>a un <span class=\"_ _f\"></span>singolo <span class=\"_ _f\"></span>emittente (<span class=\"_ _1\"></span>e <span class=\"_ _f\"></span>anche p<span class=\"_ _f\"></span>er quelli <span class=\"_ _f\"></span>emessi </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs805\">dal Gruppo), si possono costruire quattro curve: </div><div class=\"t m0 h5 ff14 fs1 fc1 sc0 ls0 ws0 gs806\"><span class=\"_ _2c\"> </span><span class=\"ff4\">una curva seni<span class=\"_ _1\"></span>or preferred;<span class=\"_ _df\"> </span></span></div><div class=\"t m0 h5 ff14 fs1 fc1 sc0 ls0 ws0 gs807\"><span class=\"_ _2c\"> </span><span class=\"ff4\">una curva seni<span class=\"_ _1\"></span>or non preferred;<span class=\"_ _df\"> </span></span></div><div class=\"t m0 h5 ff14 fs1 fc1 sc0 ls0 ws0 gs808\"><span class=\"_ _2c\"> </span><span class=\"ff4\">una curva sub<span class=\"_ _1\"></span>ordinata;<span class=\"_ _df\"> </span></span></div><div class=\"t m0 h5 ff14 fs1 fc1 sc0 ls0 ws0 gs809\"><span class=\"_ _2c\"> </span><span class=\"ff4\">una curva cove<span class=\"_ _1\"></span>red.<span class=\"_ _df\"> </span></span></div><div class=\"t m0 hc ff4 fs4 fc1 sc0 ls0 ws0 gs28c\">318  BILANCIO CON<span class=\"_ _f\"></span>S<span class=\"_ _2\"></span>OLIDATO <span class=\"ff5\">\u2013</span> NOTA I<span class=\"_ _1\"></span>NTEGRATIVA<span class=\"_ _1\"></span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs80b\">Per <span class=\"_ _d\"></span>la <span class=\"_ _d\"></span>determinazione <span class=\"_ _d\"></span>delle <span class=\"_ _2\"></span>curve <span class=\"_ _d\"></span>dei <span class=\"_ _d\"></span>credit <span class=\"_ _d\"></span>s<span class=\"_ _2\"></span>pread, <span class=\"_ _2\"></span>Credem <span class=\"_ _d\"></span>si <span class=\"_ _d\"></span>avvale <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>un <span class=\"_ _d\"></span>servizio <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>fornitura <span class=\"_ _d\"></span>esterna <span class=\"_ _d\"></span>di </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs80c\">curve bancarie da parte del provider Confluence/UBS. </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs80d\">La <span class=\"_ _d\"></span>metodologia <span class=\"_ _2\"></span>alla <span class=\"_ _d\"></span>base <span class=\"_ _d\"></span>dell<span class=\"_ _1\"></span>a <span class=\"_ _d\"></span>costruzione <span class=\"_ _2\"></span>delle <span class=\"_ _d\"></span>credit <span class=\"_ _2\"></span>curves <span class=\"_ _d\"></span>\u00e8 <span class=\"_ _d\"></span>basata <span class=\"_ _2\"></span>sul <span class=\"_ _d\"></span>principio <span class=\"_ _2\"></span>che <span class=\"_ _d\"></span>per <span class=\"_ _d\"></span>costruire <span class=\"_ _d\"></span>una </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs80e\">credit <span class=\"_ _22\"> </span>curve <span class=\"_ _4\"> </span>su  varie <span class=\"_ _4\"> </span>scadenz<span class=\"_ _1\"></span>e <span class=\"_ _4\"> </span>corrette,  sarebbe <span class=\"_ _22\"> </span>necessario <span class=\"_ _4\"> </span>avere  molti <span class=\"_ _4\"> </span>dati  disponibili  di <span class=\"_ _4\"> </span>mercato <span class=\"_ _22\"> </span>e </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs80f\">strumenti  con  d<span class=\"_ _1\"></span>iverse <span class=\"_ _16\"> </span>scadenze, <span class=\"_ _16\"> </span>in  quanto <span class=\"_ _16\"> </span>basterebbe <span class=\"_ _16\"> </span>eseguire  il <span class=\"_ _16\"> </span>classico  b<span class=\"_ _1\"></span>oot<span class=\"_ _2\"></span>-strapping  method <span class=\"_ _16\"> </span>per </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs810\">costruire <span class=\"_ _1\"></span>la <span class=\"_ _f\"></span>curva. <span class=\"_ _1\"></span>In <span class=\"_ _f\"></span>molti ca<span class=\"_ _1\"></span>si <span class=\"_ _1\"></span>per\u00f2, <span class=\"_ _f\"></span>come <span class=\"_ _1\"></span>in <span class=\"_ _f\"></span>Credem, <span class=\"_ _1\"></span>non <span class=\"_ _f\"></span>c\u2019\u00e8 u<span class=\"_ _1\"></span>n <span class=\"_ _1\"></span>numero <span class=\"_ _f\"></span>sufficiente <span class=\"_ _f\"></span>d<span class=\"_ _2\"></span>i <span class=\"_ _f\"></span>osservazioni <span class=\"_ _f\"></span>per poter<span class=\"_ _1\"></span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs811\">applicare <span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>ale <span class=\"_ _2\"></span>metodologia. <span class=\"_ _d\"></span>Confluence, <span class=\"_ _d\"></span>per <span class=\"_ _2\"></span>ov<span class=\"_ _2\"></span>viare <span class=\"_ _2\"></span>a<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>questo <span class=\"_ _d\"></span>problema, <span class=\"_ _2\"></span>utilizza <span class=\"_ _d\"></span>una <span class=\"_ _d\"></span>curva <span class=\"_ _d\"></span>di <span class=\"_ _2\"></span>co<span class=\"_ _2\"></span>mparables </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs812\">scelti <span class=\"_ _0\"></span>per <span class=\"_ _d\"></span>s<span class=\"_ _2\"></span>ettore <span class=\"_ _0\"></span>per <span class=\"_ _0\"></span>costruire <span class=\"_ _d\"></span>la <span class=\"_ _0\"></span>shape <span class=\"_ _0\"></span>della <span class=\"_ _0\"></span>curva, <span class=\"_ _0\"> </span>e <span class=\"_ _0\"></span>success<span class=\"_ _2\"></span>ivamente <span class=\"_ _d\"></span>valuta <span class=\"_ _0\"></span>gli <span class=\"_ _0\"></span>spread <span class=\"_ _0\"></span>delle <span class=\"_ _0\"></span>emissioni </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs813\">outstanding per determinare di consegu<span class=\"_ _1\"></span>enza lo spread delle curve. <span class=\"_ _2\"></span> </div><div class=\"t m0 h5 ff4 fs1 fc4 sc3 ls0 ws0 gs814\">Criter<span class=\"_ _1\"></span>i di <span class=\"_ _1\"></span>deter<span class=\"_ _1\"></span>minazi<span class=\"_ _1\"></span>one<span class=\"_ _1\"></span> del fa<span class=\"_ _f\"></span>ir value<span class=\"_ _1\"></span> di at<span class=\"_ _f\"></span>tivit\u00e0 e p<span class=\"_ _1\"></span>assi<span class=\"_ _1\"></span>vit\u00e0 <span class=\"_ _1\"></span>non m<span class=\"_ _f\"></span>isurate a<span class=\"_ _f\"></span>l fair val<span class=\"_ _1\"></span>ue su<span class=\"_ _1\"></span> bas<span class=\"_ _1\"></span>e ricor<span class=\"_ _1\"></span>rent<span class=\"_ _f\"></span>e <span class=\"_ _2\"></span> </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs815\">Di seguito si riportano le informazi<span class=\"_ _1\"></span>oni richieste dall\u2019IFRS 13. <span class=\"_ _2\"></span><span class=\"ff4\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs816\">Per i r<span class=\"_ _2\"></span>apporti creditizi attivi e <span class=\"_ _2\"></span>passivi non <span class=\"_ _2\"></span>misurati al <span class=\"_ _2\"></span>fair value su <span class=\"_ _2\"></span>base ricorrente, <span class=\"_ _2\"></span>il fair value, r<span class=\"_ _2\"></span>ipo<span class=\"_ _2\"></span>rtato <span class=\"_ _2\"></span>nelle<span class=\"_ _1\"></span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs817\">tabelle presenti nelle note illu<span class=\"_ _1\"></span>strative, \u00e8 stato <span class=\"_ _2\"></span>determinato con i <span class=\"_ _1\"></span>seguenti criteri:<span class=\"_ _2\"></span> </div><div class=\"t m0 h5 ff14 fs1 fc1 sc0 ls0 ws0 gs818\"><span class=\"_ _2c\"> </span><span class=\"ff4\">per le attiv<span class=\"_ _1\"></span>it\u00e0 e passivit\u00e0 a vist<span class=\"_ _1\"></span>a, con scadenza a<span class=\"_ _1\"></span> breve termine (entro 12<span class=\"_ _1\"></span> mesi) o indeterminata, il<span class=\"_ _f\"></span> valore<span class=\"_ _df\"> </span></span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs819\">di iscrizione; stessa impostazione \u00e8 stata utilizzata per i crediti non performing;<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff14 fs1 fc1 sc0 ls0 ws0 gs81a\"><span class=\"_ _2c\"> </span><span class=\"ff4\">per <span class=\"_ _d\"></span>i <span class=\"_ _d\"></span>tit<span class=\"_ _2\"></span>oli <span class=\"_ _d\"></span>emessi <span class=\"_ _d\"></span>a <span class=\"_ _0\"></span>tasso<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>variabile <span class=\"_ _d\"></span>e <span class=\"_ _0\"></span>per <span class=\"_ _0\"></span>quelli <span class=\"_ _d\"></span>a <span class=\"_ _0\"></span>tasso <span class=\"_ _0\"></span>fisso <span class=\"_ _0\"></span>a <span class=\"_ _d\"></span>breve <span class=\"_ _d\"></span>termin<span class=\"_ _2\"></span>e <span class=\"_ _d\"></span>(entro <span class=\"_ _0\"></span>12 <span class=\"_ _9\"> </span>mesi) <span class=\"_ _0\"></span>il <span class=\"_ _0\"></span>valore </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs81b\">contabile \u00e8 stato assunto come app<span class=\"_ _1\"></span>rossimazione del fair value;<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff14 fs1 fc1 sc0 ls0 ws0 gs81c\"><span class=\"_ _2c\"> </span><span class=\"ff4\">per  le <span class=\"_ _4\"> </span>attivit\u00e0  e <span class=\"_ _4\"> </span>passivit\u00e0  a <span class=\"_ _4\"> </span>me<span class=\"_ _1\"></span>dio <span class=\"_ _22\"> </span>a <span class=\"_ _4\"> </span>lungo  t<span class=\"_ _2\"></span>ermine, <span class=\"_ _4\"> </span>la  valutazione <span class=\"_ _22\"> </span>\u00e8 <span class=\"_ _4\"> </span>stata <span class=\"_ _4\"> </span>determinata<span class=\"_ _1\"></span> <span class=\"_ _4\"> </span>me<span class=\"_ _1\"></span>diante<span class=\"_ _df\"> </span></span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs81d\">l\u2019attualizzazione <span class=\"_ _9\"> </span>dei <span class=\"_ _0\"></span>fl<span class=\"_ _2\"></span>ussi <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>cassa <span class=\"_ _9\"> </span>futuri. <span class=\"_ _9\"> </span>Tale <span class=\"_ _9\"> </span>operazione <span class=\"_ _9\"> </span>\u00e8 <span class=\"_ _9\"> </span>s<span class=\"_ _2\"></span>tata <span class=\"_ _9\"> </span>eseguita <span class=\"_ _0\"> </span>utilizzando <span class=\"_ _9\"> </span>tass<span class=\"_ _2\"></span>i <span class=\"_ _9\"> </span>privi<span class=\"_ _1\"></span> <span class=\"_ _9\"> </span>di<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs81e\">rischio  e,  pe<span class=\"_ _1\"></span>r  le  attivit\u00e0,  correggendo  i  fl<span class=\"_ _1\"></span>ussi  di  cassa  futuri,  tene<span class=\"_ _1\"></span>ndo  conto  della  rischi<span class=\"_ _1\"></span>osit\u00e0  della<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs81f\">controparte mediante parametri di PD (Probabili<span class=\"_ _1\"></span>ty of Default) e di LGD (Loss Given Default);<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff14 fs1 fc1 sc0 ls0 ws0 gs820\"><span class=\"_ _2c\"> </span><span class=\"ff4\">per  i  titoli  emessi  a  tasso  fis<span class=\"_ _1\"></span>so  a  medio  lungo  temine  la  valutazione<span class=\"_ _1\"></span>  \u00e8  stata  effettuata  mediante<span class=\"_ _df\"> </span></span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs821\">l\u2019attualizzazione dei flussi di cassa futuri, corretta pe<span class=\"_ _1\"></span>r il ris<span class=\"_ _2\"></span><span class=\"ff4\">chio emittente associato a Credem.<span class=\"_ _df\"> </span></span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs822\">Per  tali  strumenti,  la  determinazione  del  fair <span class=\"_ _22\"> </span>value  si  basa <span class=\"_ _22\"> </span>anche  sull\u2019utilizzo <span class=\"_ _22\"> </span>di  parametr<span class=\"_ _2\"></span>i  interni  non </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs823\">direttamente <span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>sservabi<span class=\"_ _1\"></span>li <span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>ul <span class=\"_ _2\"></span>mercato <span class=\"_ _d\"></span>ed <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _d\"></span>calcolato <span class=\"_ _d\"></span>solo <span class=\"_ _2\"></span>ai <span class=\"_ _d\"></span>fini <span class=\"_ _2\"></span>di <span class=\"_ _d\"></span>adempiere <span class=\"_ _2\"></span>alle <span class=\"_ _d\"></span>richieste <span class=\"_ _d\"></span>di <span class=\"_ _2\"></span>informat<span class=\"_ _2\"></span>iva <span class=\"_ _2\"></span>e </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs824\">non ha alcun impatto sullo stato patrimoniale e sul conto econo<span class=\"_ _1\"></span>mico.<span class=\"_ _2\"></span> </div>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-766": {
   "value": "A.2 <span class=\"_ _1\"></span><span class=\"ff5\">\u2013<span class=\"ff4\"> PAR<span class=\"_ _f\"></span>TE RE<span class=\"_ _1\"></span>LAT<span class=\"_ _f\"></span>IVA A<span class=\"_ _1\"></span>LLE<span class=\"_ _1\"></span> PRINC<span class=\"_ _f\"></span>IPALI <span class=\"_ _f\"></span>VOCI D<span class=\"_ _1\"></span>I BI<span class=\"_ _1\"></span>LAN<span class=\"_ _f\"></span>CIO<span class=\"_ _df\"> </span></span></span>1 <span class=\"ls0\">- Attivit\u00e0<span class=\"_ _f\"></span> finanzia<span class=\"_ _1\"></span>rie valu<span class=\"_ _f\"></span>tate al fa<span class=\"_ _1\"></span>ir valu<span class=\"_ _1\"></span>e con<span class=\"_ _1\"></span> impa<span class=\"_ _1\"></span>tto a co<span class=\"_ _f\"></span>nto eco<span class=\"_ _1\"></span>nomico <span class=\"_ _f\"></span> </span>Criter<span class=\"_ _1\"></span>i di <span class=\"_ _1\"></span>iscrizio<span class=\"_ _f\"></span>ne L\u2019iscrizione iniziale <span class=\"_ _2\"></span>delle <span class=\"_ _2\"></span>att<span class=\"_ _2\"></span>ivit\u00e0<span class=\"_ _1\"></span> <span class=\"_ _2\"></span>finanziarie avviene <span class=\"_ _2\"></span>alla <span class=\"_ _2\"></span>data <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>regolamento <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>i titoli <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>debito e <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>titoli di capitale, alla data di erogazione p<span class=\"_ _1\"></span>er i finanziamenti ed alla data di sottoscrizione pe<span class=\"_ _1\"></span>r i contratti<span class=\"_ _d\"></span> <span class=\"_ _12\"></span>derivati. All<span class=\"ff5\">\u2019atto <span class=\"_ _d\"></span>della <span class=\"_ _d\"></span>rilevazione <span class=\"_ _2\"></span>iniziale <span class=\"_ _d\"></span>le <span class=\"_ _d\"></span>attivit\u00e0 <span class=\"_ _d\"></span>finanziarie <span class=\"_ _d\"></span>valutate <span class=\"_ _d\"></span>al <span class=\"_ _2\"></span>fair <span class=\"_ _0\"></span>value <span class=\"_ _2\"></span>con <span class=\"_ _0\"></span>impatto <span class=\"_ _2\"></span>a <span class=\"_ _d\"></span>conto <span class=\"_ _d\"></span>economico </span>vengono rile<span class=\"_ _1\"></span>vate al fai<span class=\"_ _1\"></span>r value, <span class=\"_ _1\"></span>senza considerare i<span class=\"_ _1\"></span> costi <span class=\"_ _f\"></span>o proventi d<span class=\"_ _1\"></span>i transazione d<span class=\"_ _1\"></span>irettamente att<span class=\"_ _1\"></span>ribuibili all<span class=\"_ _1\"></span>o strumento stesso. Criter<span class=\"_ _1\"></span>i di <span class=\"_ _f\"></span>classifica<span class=\"_ _f\"></span>zione Sono  classificate  in  questa  categoria  le  at<span class=\"_ _2\"></span>tivit\u00e0  finanziarie  diverse  da  quelle  classificate  tra <span class=\"_ _22\"> </span>le  At<span class=\"_ _2\"></span>tivit\u00e0 finanziarie valutate <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>fair value con <span class=\"_ _2\"></span>impatto <span class=\"_ _2\"></span>sulla redditivit\u00e0 complessiva <span class=\"_ _2\"></span>e t<span class=\"_ _2\"></span>ra le <span class=\"_ _2\"></span>Attivit\u00e0 finanziare <span class=\"_ _2\"></span>valutate<span class=\"_ _1\"></span> al costo ammortizzato. La voce, in particolare, include<span class=\"_ _1\"></span>:<span class=\"_ _2\"></span> <span class=\"_ _2c\"> </span><span class=\"ff4\">le attivit\u00e0 finanziarie detenute pe<span class=\"_ _1\"></span>r la negoziazione, essenzi<span class=\"_ _1\"></span>almente rappresentate da titoli di de<span class=\"_ _1\"></span>bito e di </span>capitale e dal valore positivo dei contratti derivati de<span class=\"_ _1\"></span>tenuti con finalit\u00e0 di negoziazione;<span class=\"_ _df\"> </span><span class=\"_ _2c\"> </span><span class=\"ff4\">le attivit\u00e0 finanziarie <span class=\"_ _1\"></span>obbligatoriamente v<span class=\"_ _1\"></span>alutate al fair<span class=\"_ _f\"></span> value, rappresentate d<span class=\"_ _1\"></span>alle attiv<span class=\"_ _1\"></span>it\u00e0 finanziarie <span class=\"_ _1\"></span>che </span>non <span class=\"_ _0\"> </span>s<span class=\"_ _2\"></span>oddisfano <span class=\"_ _0\"></span>i <span class=\"_ _0\"></span>requisiti <span class=\"_ _9\"> </span>per <span class=\"_ _0\"> </span>la <span class=\"_ _9\"> </span>valutazione <span class=\"_ _0\"></span>al <span class=\"_ _9\"> </span>costo <span class=\"_ _0\"> </span>amm<span class=\"_ _2\"></span>ortizz<span class=\"_ _1\"></span>ato <span class=\"_ _9\"> </span>o <span class=\"_ _9\"> </span>al <span class=\"_ _0\"></span>fair <span class=\"_ _9\"> </span>value <span class=\"_ _0\"></span>con <span class=\"_ _9\"> </span>impatto <span class=\"_ _0\"></span>s<span class=\"_ _2\"></span>ulla redditivit\u00e0 <span class=\"_ _14\"> </span>complessiva. <span class=\"_ _14\"> </span>Si <span class=\"_ _14\"> </span>tr<span class=\"_ _2\"></span>atta <span class=\"_ _14\"> </span>di <span class=\"_ _15\"> </span>attivit\u00e0 <span class=\"_ _14\"> </span>finanziarie <span class=\"_ _15\"> </span>i <span class=\"_ _14\"> </span>cui <span class=\"_ _15\"> </span>termini <span class=\"_ _14\"> </span>contrattuali <span class=\"_ _14\"> </span>non <span class=\"_ _15\"> </span>prevedono esclusivamente <span class=\"_ _2\"></span>rimbors<span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>del <span class=\"_ _d\"></span>capi<span class=\"_ _1\"></span>tale <span class=\"_ _d\"></span>e <span class=\"_ _2\"></span>pagamenti <span class=\"_ _d\"></span>dell\u2019interesse <span class=\"_ _d\"></span>sull\u2019importo <span class=\"_ _2\"></span>del <span class=\"_ _d\"></span>capitale <span class=\"_ _2\"></span>da <span class=\"_ _d\"></span>restituire (cd. \u201cSPPI<span class=\"_ _1\"></span> test\u201d non superato) opp<span class=\"_ _1\"></span>ure che non <span class=\"_ _1\"></span>sono detenute nel q<span class=\"_ _1\"></span>uadro di un <span class=\"_ _1\"></span>modello di business il<span class=\"_ _1\"></span> cui<span class=\"_ _df\"> </span>obiettivo <span class=\"_ _f\"></span>\u00e8 il<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>possesso d<span class=\"_ _1\"></span>i <span class=\"_ _f\"></span>attivit\u00e0 <span class=\"_ _1\"></span>finalizzato <span class=\"_ _f\"></span>alla <span class=\"_ _1\"></span>raccolta d<span class=\"_ _1\"></span>ei <span class=\"_ _f\"></span>flussi fi<span class=\"_ _1\"></span>nanziari <span class=\"_ _f\"></span>contr<span class=\"_ _2\"></span>attuali <span class=\"_ _f\"></span>(Business <span class=\"_ _f\"></span>model \u201cHold to Collect\u201d) o il cui obiettivo \u00e8 conseguito sia mediante la racc<span class=\"_ _1\"></span>olta dei flussi finanziari contrattuali che mediante la vendita di attivit\u00e0 fi<span class=\"ff5\">nanziarie (Business model \u201cHold to Collect and Sell\u201d);<span class=\"_ _df\"> </span></span><span class=\"_ _2c\"> </span><span class=\"ff4\">le <span class=\"_ _d\"></span>attivit\u00e0 <span class=\"_ _d\"></span>finanziarie <span class=\"_ _2\"></span>designate <span class=\"_ _d\"></span>al <span class=\"_ _d\"></span>fair <span class=\"_ _2\"></span>value, <span class=\"_ _d\"></span>ossia <span class=\"_ _d\"></span>le <span class=\"_ _2\"></span>att<span class=\"_ _2\"></span>ivit\u00e0 <span class=\"_ _2\"></span>finanziarie <span class=\"_ _2\"></span>cos\u00ec <span class=\"_ _d\"></span>definite <span class=\"_ _d\"></span>al <span class=\"_ _2\"></span>momento<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>della </span>rilevazione <span class=\"_ _16\"> </span>iniziale  e <span class=\"_ _9\"> </span>o<span class=\"_ _2\"></span>ve  ne<span class=\"_ _f\"></span>  su<span class=\"_ _2\"></span>ssistano  i <span class=\"_ _16\"> </span>presupposti. <span class=\"_ _16\"> </span>In <span class=\"_ _16\"> </span>relazione  a <span class=\"_ _16\"> </span>tale <span class=\"_ _16\"> </span>fattispecie,  un<span class=\"_ _2\"></span><span class=\"ff5\">\u2019entit\u00e0  pu<span class=\"_ _1\"></span>\u00f2 </span>designare i<span class=\"_ _1\"></span>rrevocabilmente all\u2019iscrizione <span class=\"_ _1\"></span>un\u2019attivit\u00e0 finanzi<span class=\"_ _1\"></span>aria come valu<span class=\"_ _1\"></span>tata al fair v<span class=\"_ _1\"></span>alue con <span class=\"_ _1\"></span>impatto a conto <span class=\"_ _17\"> </span>economico <span class=\"_ _4\"> </span>se, <span class=\"_ _17\"> </span>e <span class=\"_ _4\"> </span>solo <span class=\"_ _17\"> </span>se, <span class=\"_ _17\"> </span>cos\u00ec <span class=\"_ _17\"> </span>facendo <span class=\"_ _4\"> </span>elimina <span class=\"_ _17\"> </span>o <span class=\"_ _17\"> </span>riduce <span class=\"_ _17\"> </span>significativamente <span class=\"_ _4\"> </span>un\u2019inco<span class=\"_ _2\"></span>erenza valutativa.<span class=\"_ _df\"> </span>Trovano, quindi, evidenza in questa voce: <span class=\"_ _2c\"> </span><span class=\"ff4\">i titoli di debi<span class=\"_ _1\"></span>to e i finanziamenti che<span class=\"_ _1\"></span> sono inclusi nel <span class=\"_ _1\"></span>business model Trading (non riconducibil<span class=\"_ _1\"></span>i quindi ai </span>business model \u201cHold to Collect\u201d o \u201cHold to Collect and Sel<span class=\"_ _1\"></span>l\u201d) o che non superano il test SPPI;<span class=\"_ _df\"> </span><span class=\"_ _2c\"> </span><span class=\"ff4\">gli strumenti <span class=\"_ _f\"></span>di capitale <span class=\"_ _f\"></span>- non qu<span class=\"_ _1\"></span>alificabili <span class=\"_ _f\"></span>di controllo, <span class=\"_ _1\"></span>collegamento e <span class=\"_ _f\"></span>controllo cong<span class=\"_ _1\"></span>iunto - <span class=\"_ _1\"></span>detenuti <span class=\"_ _f\"></span>per<span class=\"_ _df\"> </span></span>finalit\u00e0 <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>negoziazi<span class=\"_ _1\"></span>one <span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>cui <span class=\"_ _2\"></span>non <span class=\"_ _2\"></span>si <span class=\"_ _2\"></span>sia <span class=\"_ _2\"></span>optato, in <span class=\"_ _2\"></span>sede <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>rilevazione iniziale, <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>designazione <span class=\"_ _2\"></span>al fair value con impatto sulla redditivit\u00e0 complessiva;<span class=\"_ _df\"> </span><span class=\"_ _2c\"> </span><span class=\"ff4\">le quote di OICR.<span class=\"_ _df\"> </span></span>La<span class=\"ls0\"> <span class=\"_ _17\"> </span>voce <span class=\"_ _14\"> </span>accoglie, <span class=\"_ _17\"> </span>inoltre, <span class=\"_ _17\"> </span>i <span class=\"_ _14\"> </span>contratti <span class=\"_ _14\"> </span>derivati, <span class=\"_ _17\"> </span>contabilizzati <span class=\"_ _17\"> </span>tra <span class=\"_ _14\"> </span>le <span class=\"_ _17\"> </span>attivit\u00e0 <span class=\"_ _14\"> </span>finanziarie <span class=\"_ _17\"> </span>detenute <span class=\"_ _17\"> </span>per <span class=\"_ _14\"> </span>la </span>negoziazione, che sono r<span class=\"_ _2\"></span>appresentati come attivit\u00e0 <span class=\"_ _2\"></span>se il fair value \u00e8 <span class=\"_ _2\"></span>positivo e come pass<span class=\"_ _2\"></span>ivit\u00e0<span class=\"_ _1\"></span> se il <span class=\"_ _2\"></span>fair value \u00e8 negativo. <span class=\"_ _2\"></span>E\u2019 <span class=\"_ _2\"></span>possibile compen<span class=\"_ _2\"></span>sare <span class=\"_ _2\"></span>i<span class=\"ff4\"> <span class=\"_ _2\"></span>valori correnti <span class=\"_ _2\"></span>positivi <span class=\"_ _2\"></span>e negativi <span class=\"_ _2\"></span>derivanti da <span class=\"_ _2\"></span>operazioni <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>essere <span class=\"_ _2\"></span>con </span>la <span class=\"_ _2\"></span>medesima controparte <span class=\"_ _2\"></span>soltanto qualora <span class=\"_ _2\"></span>si abbia cor<span class=\"_ _2\"></span>rentemente il <span class=\"_ _2\"></span>diritto legale <span class=\"_ _2\"></span>di compensare <span class=\"_ _2\"></span>gli importi rilevati  contabilmente  e <span class=\"_ _22\"> </span>s<span class=\"_ _2\"></span>i  intenda  procedere  al <span class=\"_ _4\"> </span>regolamento  su <span class=\"_ _22\"> </span>base <span class=\"_ _4\"> </span>net<span class=\"_ _1\"></span>t<span class=\"_ _2\"></span>a  delle  posizioni <span class=\"_ _22\"> </span>oggetto <span class=\"_ _4\"> </span>di compensazione.<span class=\"_ _df\"> </span>Fra i <span class=\"_ _f\"></span>derivati sono i<span class=\"_ _1\"></span>nclusi <span class=\"_ _f\"></span>anche quelli <span class=\"_ _f\"></span>i<span class=\"_ _2\"></span>ncorporati in <span class=\"_ _f\"></span>contratti finanziari <span class=\"_ _f\"></span>complessi - in cui <span class=\"_ _f\"></span>il contratto primario<span class=\"_ _f\"></span> \u00e8 una passivit\u00e0 finanziaria - che sono stati oggetto di rilevazione separata in quanto:<span class=\"_ _df\"> </span><span class=\"_ _2c\"> </span><span class=\"ff4\">le <span class=\"_ _d\"></span>lor<span class=\"_ _2\"></span>o <span class=\"_ _d\"></span>caratterist<span class=\"_ _2\"></span>iche <span class=\"_ _d\"></span>economiche <span class=\"_ _d\"></span>ed <span class=\"_ _d\"></span>i <span class=\"_ _0\"></span>rischi <span class=\"_ _d\"></span>non <span class=\"_ _0\"></span>sono <span class=\"_ _0\"></span>strettamente <span class=\"_ _d\"></span>correlati <span class=\"_ _0\"></span>alle <span class=\"_ _d\"></span>caratteristiche <span class=\"_ _d\"></span>del<span class=\"_ _df\"> </span></span>contratto sottostante;<span class=\"_ _df\"> </span><span class=\"_ _2c\"> </span><span class=\"ff4\">gli strumenti incorporati, anche se separati, soddisfano la definizione<span class=\"_ _1\"></span> di derivato;<span class=\"_ _df\"> </span></span><span class=\"_ _2c\"> </span><span class=\"ff4\">gli <span class=\"_ _d\"></span>strumenti <span class=\"_ _d\"></span>ibridi <span class=\"_ _2\"></span>cui <span class=\"_ _d\"></span>appartengono <span class=\"_ _d\"></span>non <span class=\"_ _2\"></span>so<span class=\"_ _2\"></span>no <span class=\"_ _2\"></span>valutat<span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>al <span class=\"_ _d\"></span>fair <span class=\"_ _d\"></span>value<span class=\"_ _1\"></span> <span class=\"_ _d\"></span>con <span class=\"_ _d\"></span>le <span class=\"_ _2\"></span>relative <span class=\"_ _d\"></span>variazioni <span class=\"_ _d\"></span>rilevate <span class=\"_ _d\"></span>a </span>Conto Economico.<span class=\"_ _df\"> </span>Riclas<span class=\"_ _f\"></span>sifiche<span class=\"_ _1\"></span> Secondo <span class=\"_ _0\"></span>le <span class=\"_ _9\"> </span>regole <span class=\"_ _0\"></span>generali <span class=\"_ _9\"> </span>previste <span class=\"_ _0\"> </span>dall\u2019IFRS <span class=\"_ _9\"> </span>9 <span class=\"_ _0\"> </span>in <span class=\"_ _9\"> </span>materia <span class=\"_ _9\"> </span>di <span class=\"_ _0\"> </span>r<span class=\"_ _2\"></span>icl<span class=\"_ _1\"></span>assificazione <span class=\"_ _0\"></span>delle <span class=\"_ _9\"> </span>attivit\u00e0 <span class=\"_ _9\"> </span>finanziarie <span class=\"_ _0\"></span>(ad eccezione dei <span class=\"_ _2\"></span>titoli <span class=\"_ _2\"></span>di capitale, <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>cui <span class=\"_ _2\"></span>non \u00e8 <span class=\"_ _2\"></span>ammessa<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>alcuna riclassifica), <span class=\"_ _2\"></span>non s<span class=\"_ _2\"></span>ono amm<span class=\"_ _2\"></span>esse riclassifiche verso altre <span class=\"_ _2\"></span>categorie di attivit\u00e0 <span class=\"_ _2\"></span>finanzi<span class=\"_ _1\"></span>arie salvo <span class=\"_ _2\"></span>il caso in <span class=\"_ _2\"></span>cui l\u2019entit\u00e0 <span class=\"_ _2\"></span>modifichi il proprio modello di <span class=\"_ _2\"></span>business per la g<span class=\"_ _1\"></span>estione delle <span class=\"_ _1\"></span>attivit\u00e0 finanziarie  <span class=\"_ _1\"></span>a seguito di<span class=\"_ _1\"></span> cambiamenti esterni o <span class=\"_ _1\"></span>intern<span class=\"_ _2\"></span>i i <span class=\"_ _f\"></span>quali siano rilevanti pe<span class=\"_ _1\"></span>r le<span class=\"_ _df\"> </span><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs259\">operazioni <span class=\"_ _4\"> </span>dell'entit\u00e0 <span class=\"_ _17\"> </span>e <span class=\"_ _4\"> </span>dimostrabili <span class=\"_ _4\"> </span>alle <span class=\"_ _4\"> </span>part<span class=\"_ _2\"></span>i <span class=\"_ _4\"> </span>esterne. <span class=\"_ _4\"> </span>In <span class=\"_ _17\"> </span>tali <span class=\"_ _4\"> </span>casi, <span class=\"_ _4\"> </span>che <span class=\"_ _17\"> </span>ci <span class=\"_ _4\"> </span>si <span class=\"_ _4\"> </span>attende <span class=\"_ _4\"> </span>s<span class=\"_ _2\"></span>iano <span class=\"_ _4\"> </span>altamente<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs25a\">infrequenti, <span class=\"_ _9\"> </span>le <span class=\"_ _9\"> </span>att<span class=\"_ _2\"></span>ivit\u00e0 <span class=\"_ _9\"> </span>finanziarie <span class=\"_ _9\"> </span>potranno <span class=\"_ _16\"> </span>essere <span class=\"_ _9\"> </span>riclassificate <span class=\"_ _9\"> </span>dalla <span class=\"_ _16\"> </span>categoria <span class=\"_ _9\"> </span>valutata <span class=\"_ _9\"> </span>al <span class=\"_ _16\"> </span>fair <span class=\"_ _9\"> </span>value <span class=\"_ _9\"> </span>con<span class=\"_ _df\"> </span> </div>impatt<span class=\"ff5\">o <span class=\"_ _2\"></span>a conto <span class=\"_ _2\"></span>economico in <span class=\"_ _2\"></span>una delle <span class=\"_ _2\"></span>altre <span class=\"_ _2\"></span>due categorie <span class=\"_ _2\"></span>previste dall\u2019IFRS 9 <span class=\"_ _2\"></span>(Attivit\u00e0 <span class=\"_ _2\"></span>finanziarie valutate<span class=\"_ _df\"> </span></span>al costo ammortizzato <span class=\"_ _1\"></span>o Attiv<span class=\"_ _1\"></span>it\u00e0 finan<span class=\"_ _1\"></span>ziarie valutate al <span class=\"_ _1\"></span>fair value <span class=\"_ _1\"></span>con impatto sul<span class=\"_ _1\"></span>la redditivi<span class=\"_ _1\"></span>t\u00e0 complessiva). Il<span class=\"_ _df\"> </span>valore <span class=\"_ _0\"></span>di <span class=\"_ _d\"></span>tr<span class=\"_ _2\"></span>asferimento <span class=\"_ _0\"></span>\u00e8 <span class=\"_ _d\"></span>rappresentat<span class=\"_ _2\"></span>o <span class=\"_ _0\"></span>dal <span class=\"_ _d\"></span>fair <span class=\"_ _0\"></span>value <span class=\"_ _0\"></span>al <span class=\"_ _0\"></span>momento <span class=\"_ _0\"></span>della <span class=\"_ _d\"></span>r<span class=\"_ _2\"></span>iclassificazione<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>e <span class=\"_ _0\"></span>gli <span class=\"_ _0\"></span>effetti <span class=\"_ _0\"></span>della<span class=\"_ _df\"> </span>riclassificazione <span class=\"_ _d\"></span>operano <span class=\"_ _0\"></span>in <span class=\"_ _d\"></span>ma<span class=\"_ _2\"></span>niera <span class=\"_ _d\"></span>prospettica <span class=\"_ _0\"></span>a <span class=\"_ _d\"></span>partire <span class=\"_ _0\"></span>dalla <span class=\"_ _0\"></span>data <span class=\"_ _d\"></span>di <span class=\"_ _0\"></span>riclassificazione. <span class=\"_ _d\"></span>In <span class=\"_ _0\"></span>questo <span class=\"_ _0\"></span>caso, <span class=\"_ _d\"></span>il<span class=\"_ _df\"> </span>tasso <span class=\"_ _d\"></span>di <span class=\"_ _2\"></span>interesse <span class=\"_ _d\"></span>effettivo <span class=\"_ _d\"></span>dell\u2019attivit\u00e0 <span class=\"_ _d\"></span>finanziaria <span class=\"_ _2\"></span>riclassificata <span class=\"_ _d\"></span>\u00e8<span class=\"ff4\"> <span class=\"_ _d\"></span>determinato <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>base <span class=\"_ _2\"></span>al <span class=\"_ _d\"></span>suo <span class=\"_ _d\"></span>fair <span class=\"_ _d\"></span>value <span class=\"_ _2\"></span>alla<span class=\"_ _df\"> </span></span>data <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>iclassificazione <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>tale <span class=\"_ _d\"></span>data <span class=\"_ _2\"></span>viene <span class=\"_ _2\"></span>consi<span class=\"_ _2\"></span>derata <span class=\"_ _2\"></span>come <span class=\"_ _2\"></span>data <span class=\"_ _d\"></span>di <span class=\"_ _2\"></span>rilevazione <span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>niziale <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>l\u2019allocazione <span class=\"_ _d\"></span>nei<span class=\"_ _df\"> </span>diversi stadi di rischio creditizio (stage assignment) ai fini <span class=\"_ _12\"></span><span class=\"ff5\">dell\u2019impairment.<span class=\"_ _df\"> </span></span>Criter<span class=\"_ _1\"></span>i di <span class=\"_ _1\"></span>valuta<span class=\"_ _1\"></span>zione<span class=\"_ _df\"> </span>Successivamente <span class=\"_ _0\"></span>alla <span class=\"_ _9\"> </span>rilevazione <span class=\"_ _9\"> </span>iniziale, <span class=\"_ _0\"></span>le <span class=\"_ _9\"> </span>attivit\u00e0 <span class=\"_ _9\"> </span>finanziarie <span class=\"_ _0\"></span>valutate <span class=\"_ _9\"> </span>al <span class=\"_ _9\"> </span>fair <span class=\"_ _9\"> </span>value <span class=\"_ _0\"></span>con <span class=\"_ _9\"> </span>impatto <span class=\"_ _9\"> </span>a <span class=\"_ _9\"> </span>conto<span class=\"_ _df\"> </span>economico <span class=\"_ _16\"> </span>sono <span class=\"_ _16\"> </span>valorizzate <span class=\"_ _9\"> </span>al  fair <span class=\"_ _16\"> </span>value. <span class=\"_ _9\"> </span>Gli  effetti <span class=\"_ _9\"> </span>dell\u2019applicazione  d<span class=\"_ _1\"></span>i <span class=\"_ _16\"> </span>tale  criterio <span class=\"_ _9\"> </span>di  v<span class=\"_ _1\"></span>alutazione <span class=\"_ _16\"> </span>sono<span class=\"_ _df\"> </span>imputati nel Conto Economico.<span class=\"_ _df\"> </span>Per<span class=\"ls0\"> la <span class=\"_ _f\"></span>d<span class=\"_ _2\"></span>eterminazione <span class=\"_ _1\"></span>del <span class=\"_ _1\"></span>fair value <span class=\"_ _f\"></span>d<span class=\"_ _2\"></span>egli <span class=\"_ _f\"></span>s<span class=\"_ _2\"></span>trumenti <span class=\"_ _1\"></span>finanziari <span class=\"_ _1\"></span>quotat<span class=\"_ _2\"></span>i <span class=\"_ _f\"></span>in un <span class=\"_ _1\"></span>mercato attivo, <span class=\"_ _f\"></span>vengono utilizzate<span class=\"_ _df\"> </span></span>quotazioni di<span class=\"_ _1\"></span> mercato. I<span class=\"_ _1\"></span>n assenza <span class=\"_ _1\"></span>di u<span class=\"_ _1\"></span>n mercato a<span class=\"_ _f\"></span>t<span class=\"_ _2\"></span>tivo, <span class=\"_ _f\"></span>vengono utilizzati <span class=\"_ _f\"></span>met<span class=\"_ _2\"></span>odi d<span class=\"_ _1\"></span>i stima e<span class=\"_ _1\"></span> modelli <span class=\"_ _f\"></span>valutativi<span class=\"_ _df\"> </span>comunemente <span class=\"_ _f\"></span>adott<span class=\"_ _2\"></span>ati, <span class=\"_ _f\"></span>che <span class=\"_ _1\"></span>tengono conto <span class=\"_ _f\"></span>di tutti <span class=\"_ _f\"></span>i <span class=\"_ _1\"></span>fattori <span class=\"_ _1\"></span>di <span class=\"_ _f\"></span>rischio <span class=\"_ _1\"></span>correlati <span class=\"_ _1\"></span>agli <span class=\"_ _f\"></span>st<span class=\"_ _2\"></span>rumenti <span class=\"_ _f\"></span>e <span class=\"_ _1\"></span>che <span class=\"_ _1\"></span>sono b<span class=\"_ _1\"></span>asati<span class=\"_ _df\"> </span>su d<span class=\"_ _1\"></span>ati rilev<span class=\"_ _1\"></span>abili sul <span class=\"_ _f\"></span>mercat<span class=\"_ _2\"></span>o q<span class=\"_ _1\"></span>uali: v<span class=\"_ _1\"></span>alutazione di <span class=\"_ _f\"></span>st<span class=\"_ _2\"></span>rumenti <span class=\"_ _f\"></span>quotati che <span class=\"_ _1\"></span>presentano analoghe <span class=\"_ _f\"></span>cara<span class=\"_ _2\"></span>tteristiche,<span class=\"_ _df\"> </span>calcoli <span class=\"_ _d\"></span>di <span class=\"_ _0\"></span>flussi <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>cassa <span class=\"_ _d\"></span>scontati, <span class=\"_ _0\"></span>modelli <span class=\"_ _d\"></span>di <span class=\"_ _0\"></span>determinazione <span class=\"_ _0\"></span>del <span class=\"_ _0\"></span>prezzo <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>opzioni, <span class=\"_ _d\"></span>valori <span class=\"_ _0\"></span>rilevati <span class=\"_ _0\"></span>in <span class=\"_ _d\"></span>recenti<span class=\"_ _df\"> </span>transazioni comparabili, ecc. <span class=\"_ _2\"></span>Per i <span class=\"_ _2\"></span>titoli di capitale <span class=\"_ _2\"></span>e per gli <span class=\"_ _2\"></span>strumenti derivati ch<span class=\"_ _2\"></span>e hanno per <span class=\"_ _2\"></span>oggetto titoli di<span class=\"_ _df\"> </span>capitale, non <span class=\"_ _2\"></span>quotati <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>un mercato <span class=\"_ _2\"></span>attivo, <span class=\"_ _2\"></span>il criterio <span class=\"_ _2\"></span>del cost<span class=\"_ _2\"></span>o \u00e8 <span class=\"_ _2\"></span>utilizzato quale <span class=\"_ _2\"></span>stima <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>el <span class=\"_ _2\"></span>fair value <span class=\"_ _2\"></span>soltanto<span class=\"_ _df\"> </span>in <span class=\"_ _d\"></span>via <span class=\"_ _d\"></span>r<span class=\"_ _2\"></span>esiduale <span class=\"_ _d\"></span>e <span class=\"_ _0\"></span>limitatamente <span class=\"_ _0\"></span>a <span class=\"_ _0\"></span>poche <span class=\"_ _d\"></span>circostanze, <span class=\"_ _0\"></span>ossia <span class=\"_ _0\"></span>in <span class=\"_ _d\"></span>caso <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>non <span class=\"_ _d\"></span>applicabilit\u00e0 <span class=\"_ _0\"></span>di <span class=\"_ _d\"></span>t<span class=\"_ _2\"></span>utti <span class=\"_ _d\"></span>i <span class=\"_ _0\"></span>metodi <span class=\"_ _d\"></span>di<span class=\"_ _df\"> </span>valutazione precedentemente richiamati, o<span class=\"_ _2\"></span>vve<span class=\"_ _1\"></span>ro <span class=\"_ _2\"></span>in presenza di <span class=\"_ _2\"></span>un\u2019ampia gamma di <span class=\"_ _2\"></span>possibili valutazioni del<span class=\"_ _df\"> </span>fair <span class=\"_ _f\"></span>value, <span class=\"_ _f\"></span>nel <span class=\"_ _f\"></span>cui <span class=\"_ _1\"></span>ambito <span class=\"_ _f\"></span>il <span class=\"_ _f\"></span>cost<span class=\"_ _2\"></span>o <span class=\"_ _f\"></span>rappresenta <span class=\"_ _f\"></span>la <span class=\"_ _f\"></span>stima p<span class=\"_ _1\"></span>i\u00f9 <span class=\"_ _f\"></span>significativa; <span class=\"_ _f\"></span>per <span class=\"_ _f\"></span>maggiori <span class=\"_ _f\"></span>dettagli <span class=\"_ _f\"></span>riguardo <span class=\"_ _1\"></span>il <span class=\"_ _f\"></span>calcolo<span class=\"_ _df\"> </span>del fair value si rimanda al paragrafo \u201cModalit\u00e0 di determinazione de<span class=\"_ _1\"></span>l fair value delle attivit\u00e0 e passivit\u00e0\u201d.<span class=\"_ _df\"> </span>Criter<span class=\"_ _1\"></span>i di <span class=\"_ _1\"></span>cancell<span class=\"_ _1\"></span>azion<span class=\"_ _f\"></span>e<span class=\"_ _df\"> </span>Le attivit\u00e0 finanziarie vengono cancell<span class=\"_ _1\"></span>ate dal bilancio solamente se la cessione ha comportato il sostanziale<span class=\"_ _df\"> </span>trasferimento di tutti i rischi e benefici connessi alle attivit\u00e0 stesse. Per contr<span class=\"_ _2\"></span>o, qualora sia stata mantenuta<span class=\"_ _df\"> </span>una <span class=\"_ _2\"></span>quota <span class=\"_ _d\"></span>parte <span class=\"_ _d\"></span>rilevante <span class=\"_ _2\"></span>dei <span class=\"_ _d\"></span>rischi <span class=\"_ _d\"></span>e <span class=\"_ _d\"></span>benefici <span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>elativi <span class=\"_ _2\"></span>al<span class=\"_ _2\"></span>le <span class=\"_ _2\"></span>att<span class=\"_ _2\"></span>ivit\u00e0 <span class=\"_ _2\"></span>finanziarie <span class=\"_ _2\"></span>ce<span class=\"_ _2\"></span>dute, <span class=\"_ _2\"></span>queste <span class=\"_ _d\"></span>continuano <span class=\"_ _d\"></span>ad<span class=\"_ _df\"> </span>essere iscritte <span class=\"_ _2\"></span>in bilancio, ancorch\u00e9 gi<span class=\"_ _2\"></span>uridicamente la titolarit\u00e0 <span class=\"_ _2\"></span>delle attivit\u00e0 <span class=\"_ _2\"></span>stesse sia <span class=\"_ _2\"></span>stata effettivamente<span class=\"_ _df\"> </span>trasferita.<span class=\"_ _df\"> </span>Nel  caso  in  cu<span class=\"_ _1\"></span>i  non  sia  possibile  accertare  il  sostanziale  trasferimento  dei  rischi  e  benefici,  le  attivit\u00e0<span class=\"_ _df\"> </span>finanziarie <span class=\"_ _0\"></span>vengono <span class=\"_ _9\"> </span>cancellate <span class=\"_ _9\"> </span>dal <span class=\"_ _9\"> </span>bilancio <span class=\"_ _0\"> </span>q<span class=\"_ _2\"></span>ualora <span class=\"_ _0\"></span>non <span class=\"_ _9\"> </span>sia <span class=\"_ _9\"> </span>st<span class=\"_ _2\"></span>ato <span class=\"_ _0\"></span>mantenuto <span class=\"_ _9\"> </span>alcun <span class=\"_ _0\"></span>t<span class=\"_ _2\"></span>ipo <span class=\"_ _0\"></span>di <span class=\"_ _9\"> </span>controllo <span class=\"_ _9\"> </span>sulle<span class=\"_ _df\"> </span>stesse. <span class=\"_ _d\"></span>In <span class=\"_ _0\"></span>caso <span class=\"_ _d\"></span>contrario, <span class=\"_ _d\"></span>la <span class=\"_ _0\"></span>conservazione, <span class=\"_ _d\"></span>anche <span class=\"_ _d\"></span>in <span class=\"_ _0\"></span>parte, <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>tale <span class=\"_ _0\"></span>controllo <span class=\"_ _d\"></span>comporta <span class=\"_ _0\"></span>il <span class=\"_ _d\"></span>mantenimento <span class=\"_ _d\"></span>in<span class=\"_ _df\"> </span>bil<span class=\"ff5\">ancio <span class=\"_ _2\"></span>delle <span class=\"_ _2\"></span>attivit\u00e0 <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>misura <span class=\"_ _2\"></span>pari <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>coinvolgimento <span class=\"_ _d\"></span>residuo, <span class=\"_ _2\"></span>misurato <span class=\"_ _2\"></span>dall\u2019esposizione a<span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>cambiamenti <span class=\"_ _2\"></span>di<span class=\"_ _df\"> </span></span>valore delle attivit\u00e0 cedute ed alle variazioni dei flu<span class=\"_ _1\"></span>ssi finanziari delle<span class=\"_ _2\"></span> stesse.<span class=\"_ _df\"> </span>Infine, le attivit\u00e0 finanziarie cedute vengono cancellate dal bilancio nel caso in cui vi sia la conservazione dei<span class=\"_ _df\"> </span>diritti <span class=\"_ _9\"> </span>contrattuali <span class=\"_ _0\"></span>a <span class=\"_ _9\"> </span>r<span class=\"_ _2\"></span>icev<span class=\"_ _1\"></span>ere <span class=\"_ _0\"></span>i <span class=\"_ _9\"> </span>r<span class=\"_ _2\"></span>elativi <span class=\"_ _0\"></span>flussi <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>cassa, <span class=\"_ _9\"> </span>con <span class=\"_ _9\"> </span>la <span class=\"_ _0\"></span>co<span class=\"_ _2\"></span>ntestuale <span class=\"_ _0\"></span>ass<span class=\"_ _2\"></span>unzione<span class=\"_ _1\"></span> <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>un\u2019obbligazione <span class=\"_ _0\"></span>a<span class=\"_ _df\"> </span>pagare detti flussi, e solo essi, senz<span class=\"_ _1\"></span>a un ritardo rilevante ad altri soggetti terzi.<span class=\"_ _df\"> </span>Criter<span class=\"_ _1\"></span>i di <span class=\"_ _1\"></span>rileva<span class=\"_ _f\"></span>zione dell<span class=\"_ _1\"></span>e com<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>nenti r<span class=\"_ _1\"></span>eddit<span class=\"_ _1\"></span>uali<span class=\"_ _df\"> </span>Gli <span class=\"_ _0\"></span>interessi <span class=\"_ _9\"> </span>attivi <span class=\"_ _9\"> </span>sui <span class=\"_ _0\"></span>t<span class=\"_ _2\"></span>itoli <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>debito <span class=\"_ _9\"> </span>ed <span class=\"_ _0\"></span>i <span class=\"_ _9\"> </span>differenziali <span class=\"_ _9\"> </span>ed <span class=\"_ _0\"></span>i <span class=\"_ _9\"> </span>margini <span class=\"_ _0\"> </span>dei <span class=\"_ _9\"> </span>contr<span class=\"_ _2\"></span>atti <span class=\"_ _0\"></span>derivati <span class=\"_ _9\"> </span>classificati <span class=\"_ _0\"></span>in <span class=\"_ _9\"> </span>tale<span class=\"_ _df\"> </span>categoria, ma <span class=\"_ _f\"></span>gestionalmente c<span class=\"_ _f\"></span>ollegati ad <span class=\"_ _f\"></span>at<span class=\"_ _2\"></span>tivit\u00e0 <span class=\"_ _f\"></span>o passivit\u00e0 <span class=\"_ _f\"></span>finanziarie v<span class=\"_ _1\"></span>alutate al <span class=\"_ _f\"></span>fair value sono <span class=\"_ _f\"></span>iscritti per<span class=\"_ _df\"> </span>competenza nelle voci di conto economico relativ<span class=\"_ _1\"></span>i agli interessi. I d<span class=\"_ _1\"></span>ifferenziali e<span class=\"_ _1\"></span> i <span class=\"_ _f\"></span>margini degli <span class=\"_ _f\"></span>altri contratti veng<span class=\"_ _1\"></span>ono rilev<span class=\"_ _1\"></span>ati nel<span class=\"_ _1\"></span> \u201cRisultato <span class=\"_ _f\"></span>netto dell\u2019attivi<span class=\"_ _1\"></span>t\u00e0 di <span class=\"_ _f\"></span>negoziazione\u201d.<span class=\"_ _df\"> </span>I <span class=\"_ _4\"> </span>dividendi <span class=\"_ _4\"> </span>s<span class=\"_ _2\"></span>ono <span class=\"_ _4\"> </span>rilevati <span class=\"_ _4\"> </span>p<span class=\"_ _2\"></span>er <span class=\"_ _4\"> </span>competenza <span class=\"_ _17\"> </span>economica <span class=\"_ _17\"> </span>riferita <span class=\"_ _17\"> </span>alla <span class=\"_ _17\"> </span>data <span class=\"_ _4\"> </span>di <span class=\"_ _17\"> </span>assunzione <span class=\"_ _4\"> </span>della <span class=\"_ _17\"> </span>delibera <span class=\"_ _4\"> </span>di<span class=\"_ _df\"> </span>distribuzione da parte dell\u2019<span class=\"_ _1\"></span>assemblea e sono esposti nella voce \u201cDividendi e proventi simili\u201d.<span class=\"_ _df\"> </span>Gli utili <span class=\"_ _f\"></span>e le perdite <span class=\"_ _1\"></span>realizzati dalla ce<span class=\"_ _1\"></span>ssione o rimb<span class=\"_ _1\"></span>orso o le<span class=\"_ _1\"></span> plus/minusvalenz<span class=\"_ _1\"></span>e derivanti dalle <span class=\"_ _f\"></span>variazio<span class=\"_ _2\"></span>ni di fair<span class=\"_ _df\"> </span>value  sono <span class=\"_ _4\"> </span>iscritti  nel  conto <span class=\"_ _4\"> </span>economico  del  periodo  nel <span class=\"_ _4\"> </span>quale  si  manifestano <span class=\"_ _4\"> </span>e  classificati  nella <span class=\"_ _22\"> </span>voce<span class=\"_ _df\"> </span>\u201cRisultato <span class=\"_ _4\"> </span>netto <span class=\"_ _4\"> </span>delle <span class=\"_ _4\"> </span>attivit\u00e0 <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>negoziazione\u201d, <span class=\"_ _4\"> </span>ad <span class=\"_ _17\"> </span>eccezione <span class=\"_ _4\"> </span>della <span class=\"_ _4\"> </span>quota <span class=\"_ _4\"> </span>r<span class=\"_ _2\"></span>elativa <span class=\"_ _4\"> </span>ai <span class=\"_ _4\"> </span>contratti <span class=\"_ _4\"> </span>derivati<span class=\"_ _df\"> </span>gestionalmente colleg<span class=\"_ _1\"></span>ati ad attivit\u00e0 <span class=\"ff5\">o passivit\u00e0 valutate al fair valu<span class=\"_ _f\"></span>e r<span class=\"_ _2\"></span>ilev<span class=\"_ _1\"></span>ata nel \u201cRisultato netto del<span class=\"_ _1\"></span>le attivit\u00e0<span class=\"_ _df\"> </span></span>e passivit\u00e0 finanziarie valutate al fair value\u201d<span class=\"ff4\">.<span class=\"_ _df\"> </span></span><div class=\"t m0 h5 ff4 fs1 fc4 sc3 ls0 ws0 gs704\">Ricono<span class=\"_ _1\"></span>sci<span class=\"_ _1\"></span>mento<span class=\"_ _1\"></span> dei <span class=\"_ _1\"></span>ricav<span class=\"_ _1\"></span>i e d<span class=\"_ _1\"></span>ei c<span class=\"_ _1\"></span>osti<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs705\">Il Gruppo <span class=\"_ _1\"></span>rileva i <span class=\"_ _1\"></span>ricavi per un <span class=\"_ _f\"></span>im<span class=\"_ _2\"></span>porto che rifle<span class=\"_ _1\"></span>tte il corrispe<span class=\"_ _1\"></span>ttivo <span class=\"ff5\">a cui l\u2019entit\u00e0 ritiene<span class=\"_ _1\"></span> di ave<span class=\"_ _1\"></span>re diritto in camb<span class=\"_ _1\"></span>io<span class=\"_ _df\"> </span></span><span class=\"ff5\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs706\">del trasferimento di merci o servizi al cliente.<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs707\">L\u2019IFRS <span class=\"_ _d\"></span>15 <span class=\"_ _9\"> </span><span class=\"ff4\">-Ricavi <span class=\"_ _d\"></span>da <span class=\"_ _0\"></span>contratti <span class=\"_ _0\"></span>con <span class=\"_ _d\"></span>clienti, <span class=\"_ _0\"></span>ha <span class=\"_ _0\"></span>sostituito <span class=\"_ _0\"></span>lo <span class=\"_ _0\"></span>IAS <span class=\"_ _d\"></span>18 <span class=\"_ _0\"></span></span>\u2013<span class=\"ff4\"> <span class=\"_ _9\"> </span>Ricavi, <span class=\"_ _d\"></span>lo <span class=\"_ _0\"></span>IAS <span class=\"_ _0\"></span>11 <span class=\"_ _d\"></span></span>\u2013<span class=\"_ _2\"></span><span class=\"ff4\"> <span class=\"_ _d\"></span>Lavori <span class=\"_ _0\"></span>su <span class=\"_ _0\"></span>ordinazione,<span class=\"_ _df\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs708\">nonch\u00e9 le interpretazioni Sic 31, IFRIC 13 e IFRIC 15.<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs709\">Il principio <span class=\"_ _1\"></span>stabilisce un <span class=\"_ _f\"></span>mo<span class=\"_ _2\"></span>dello d<span class=\"_ _1\"></span>i riconoscimento de<span class=\"_ _1\"></span>i ricavi, <span class=\"_ _1\"></span>si applica a tutti i<span class=\"_ _f\"></span> contratti con clie<span class=\"_ _1\"></span>nti, eccezion<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs70a\">fatta <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>i contratti <span class=\"_ _2\"></span>che rientrano <span class=\"_ _2\"></span>nell\u2019ambito <span class=\"_ _2\"></span>di applicazione <span class=\"_ _2\"></span>di I<span class=\"_ _2\"></span>FRS 4<span class=\"_ _2\"></span>, IFRS <span class=\"_ _2\"></span>9, IFRS <span class=\"_ _2\"></span>16, <span class=\"_ _2\"></span>quindi p<span class=\"_ _2\"></span>er <span class=\"_ _2\"></span>i contr<span class=\"_ _2\"></span>atti<span class=\"_ _df\"> </span><span class=\"_ _f\"></span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs70b\">assicurativi e<span class=\"_ _1\"></span> pe<span class=\"_ _1\"></span>r gli <span class=\"_ _f\"></span>strumenti fi<span class=\"_ _1\"></span>nanziari e<span class=\"_ _1\"></span> i <span class=\"_ _f\"></span>contratti di <span class=\"_ _f\"></span>leasing. Il<span class=\"_ _1\"></span> princ<span class=\"_ _1\"></span>ipio introduce<span class=\"_ _1\"></span> un <span class=\"_ _f\"></span>modello in <span class=\"_ _f\"></span>cinque <span class=\"_ _f\"></span>fas<span class=\"_ _2\"></span>i<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs70c\">che si applica nella fase di<span class=\"_ _1\"></span> contabilizzazione dei ricavi derivanti da contratti con i clienti: <span class=\"_ _2\"></span> </div><div class=\"t m0 h5 ff14 fs1 fc1 sc0 ls0 ws0 gs70d\"><span class=\"_ _2c\"> </span><span class=\"ff5\">l\u2019identificazione del contratto con il cliente;<span class=\"_ _df\"> </span></span><span class=\"ff5\"> </span></div><div class=\"t m0 h5 ff14 fs1 fc1 sc0 ls0 ws0 gs70e\"><span class=\"_ _2c\"> </span><span class=\"ff5 ls1a\">l\u2019i</span><span class=\"ff4\">dentificazione delle performance obligation del contratto;<span class=\"_ _df\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m0 h5 ff14 fs1 fc1 sc0 ls0 ws0 gs70f\"><span class=\"_ _2c\"> </span><span class=\"ff4\">la determinazione del prezzo;<span class=\"_ _df\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m0 h5 ff14 fs1 fc1 sc0 ls0 ws0 gs710\"><span class=\"_ _2c\"> </span><span class=\"ff5\">l\u2019allocazione del prezzo alle performance obligation del contratto;<span class=\"_ _df\"> </span></span><span class=\"ff5\"> </span></div><div class=\"t m0 h5 ff14 fs1 fc1 sc0 ls0 ws0 gs711\"><span class=\"_ _2c\"> </span><span class=\"ff5\">i criteri di iscrizione del ricavo quando l\u2019entit\u00e0 soddisfa ciascu<span class=\"_ _1\"></span>na performance obligation.<span class=\"_ _df\"> </span></span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs712\">Il <span class=\"ff5\">principio <span class=\"_ _1\"></span>comporta l\u2019esercizio d<span class=\"_ _1\"></span>i un g<span class=\"_ _1\"></span>iudizio da parte d<span class=\"_ _1\"></span>elle entit\u00e0, ch<span class=\"_ _1\"></span>e prenda <span class=\"_ _1\"></span>in considerazione tutti i <span class=\"_ _1\"></span>fatti e<span class=\"_ _df\"> </span></span><span class=\"ff5\"><span class=\"_ _f\"></span> </span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs713\">le <span class=\"_ _2\"></span>circost<span class=\"_ _2\"></span>anze <span class=\"_ _2\"></span>rilevanti <span class=\"_ _d\"></span>nell\u2019applicazione<span class=\"_ _f\"></span> <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>ogni <span class=\"_ _d\"></span>fase <span class=\"_ _2\"></span>del <span class=\"_ _d\"></span>modello <span class=\"_ _d\"></span>ai <span class=\"_ _2\"></span>contratti <span class=\"_ _d\"></span>con <span class=\"_ _d\"></span>i <span class=\"_ _2\"></span>propri <span class=\"_ _2\"></span>clienti. <span class=\"_ _d\"></span>Il <span class=\"_ _d\"></span>principio<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs714\">specifica <span class=\"_ _2\"></span>inoltre <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>conta<span class=\"ff5\">bilizzazione dei <span class=\"_ _2\"></span>costi <span class=\"_ _2\"></span>incrementali <span class=\"_ _2\"></span>legati <span class=\"_ _2\"></span>all\u2019ottenimento <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>un <span class=\"_ _2\"></span>contratto e <span class=\"_ _2\"></span>dei <span class=\"_ _2\"></span>costi<span class=\"_ _df\"> </span></span><span class=\"ff5\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs715\">direttamente <span class=\"_ _17\"> </span>legati <span class=\"_ _17\"> </span>al <span class=\"_ _17\"> </span>completamento <span class=\"_ _17\"> </span>di <span class=\"_ _17\"> </span>un <span class=\"_ _17\"> </span>contratto. <span class=\"_ _17\"> </span>Il <span class=\"_ _17\"> </span>Gruppo <span class=\"_ _4\"> </span>esercita <span class=\"_ _17\"> </span>un <span class=\"_ _17\"> </span>giudizio <span class=\"_ _17\"> </span>che <span class=\"_ _14\"> </span>prende <span class=\"_ _4\"> </span>in<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs716\">considerazione <span class=\"_ _2\"></span>tutti <span class=\"_ _d\"></span>i <span class=\"_ _d\"></span>fatti <span class=\"_ _d\"></span>e <span class=\"_ _d\"></span>le <span class=\"_ _d\"></span>circostanze <span class=\"_ _d\"></span>rilevanti <span class=\"_ _2\"></span>nell\u2019applicazi<span class=\"_ _2\"></span><span class=\"ff4\">one <span class=\"_ _d\"></span>ai <span class=\"_ _d\"></span>contratti <span class=\"_ _d\"></span>con <span class=\"_ _d\"></span>i <span class=\"_ _d\"></span>propri <span class=\"_ _2\"></span>clienti <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>ogni<span class=\"_ _df\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs717\">fase del modello a cinque fasi introdotto dall\u2019<span class=\"_ _1\"></span>IFRS 15.<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs718\">I ricavi possono essere riconosciuti:<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff14 fs1 fc1 sc0 ls0 ws0 gs719\"><span class=\"_ _2c\"> </span><span class=\"ff5\">in <span class=\"_ _2\"></span>un <span class=\"_ _d\"></span>momento <span class=\"_ _2\"></span>preciso<span class=\"_ _2\"></span>, <span class=\"_ _2\"></span>quando <span class=\"_ _d\"></span>l\u2019entit\u00e0 <span class=\"_ _2\"></span>adempie <span class=\"_ _2\"></span>l\u2019obbligazione <span class=\"_ _d\"></span>di <span class=\"_ _2\"></span>fare <span class=\"_ _d\"></span>trasferendo <span class=\"_ _2\"></span>al <span class=\"_ _d\"></span>cliente <span class=\"_ _d\"></span>il <span class=\"_ _2\"></span>bene <span class=\"_ _2\"></span>o<span class=\"_ _df\"> </span></span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs71a\">servizio promesso, o<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff14 fs1 fc1 sc0 ls0 ws0 gs71b\"><span class=\"_ _2c\"> </span><span class=\"ff5\">nel <span class=\"_ _d\"></span>corso <span class=\"_ _2\"></span>del <span class=\"_ _d\"></span>tempo, <span class=\"_ _d\"></span>mano <span class=\"_ _d\"></span>a <span class=\"_ _2\"></span>mano <span class=\"_ _d\"></span>che <span class=\"_ _2\"></span>l\u2019entit\u00e0 <span class=\"_ _d\"></span>adempie <span class=\"_ _2\"></span>l\u2019obbligazione <span class=\"_ _d\"></span>di <span class=\"_ _2\"></span>fare <span class=\"_ _d\"></span>trasferendo <span class=\"_ _2\"></span>al <span class=\"_ _d\"></span>cliente <span class=\"_ _d\"></span>il<span class=\"_ _df\"> </span></span><span class=\"ff5\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs71c\">bene o servizio promesso.<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs71d\">Il bene \u00e8 trasferito quando, o nel corso del pe<span class=\"_ _1\"></span>riodo in cui, il cliente ne acquisisce il controllo.<span class=\"_ _df\"> </span><span class=\"_ _2\"></span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs71e\">In particolare:<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff14 fs1 fc1 sc0 ls0 ws0 gs71f\"><span class=\"_ _2c\"> </span><span class=\"ff4 ls39\">per<span class=\"ls0\"> <span class=\"_ _d\"></span>gli s<span class=\"_ _2\"></span>trumenti <span class=\"_ _2\"></span>finanziari class<span class=\"_ _2\"></span>ificati HTC <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>HTCS, <span class=\"_ _2\"></span>gli <span class=\"_ _2\"></span>interessi <span class=\"_ _2\"></span>corr<span class=\"_ _2\"></span>ispettivi sono <span class=\"_ _2\"></span>riconosciuti <span class=\"_ _2\"></span>pro <span class=\"_ _2\"></span>rata<span class=\"_ _df\"> </span></span></span><span class=\"ff4 ls39\"><span class=\"ls0\"> </span></span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs720\">temporis sulla <span class=\"_ _2\"></span>base <span class=\"_ _2\"></span>del tasso <span class=\"_ _2\"></span>di interesse <span class=\"_ _2\"></span>contrattuale o <span class=\"_ _2\"></span>di quello <span class=\"_ _2\"></span>effettivo nel <span class=\"_ _2\"></span>caso di <span class=\"_ _2\"></span>applicazione del<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs721\">costo ammortizzato. La <span class=\"_ _1\"></span>voce interessi attivi (ovv<span class=\"_ _1\"></span>ero interessi passivi) <span class=\"_ _1\"></span>comprende anche i di<span class=\"_ _1\"></span>fferenziali o<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs722\">i <span class=\"_ _f\"></span>margini, <span class=\"_ _f\"></span>positivi <span class=\"_ _f\"></span>(o <span class=\"_ _f\"></span>negativi), <span class=\"_ _1\"></span>maturati <span class=\"_ _f\"></span>s<span class=\"_ _2\"></span>ino <span class=\"_ _f\"></span>alla <span class=\"_ _f\"></span>data <span class=\"_ _f\"></span>di <span class=\"_ _f\"></span>riferimento <span class=\"_ _f\"></span>del <span class=\"_ _f\"></span>bilancio, <span class=\"_ _f\"></span>relati<span class=\"_ _2\"></span>vi <span class=\"_ _11\"></span>a contratti <span class=\"_ _f\"></span>derivati<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs723\">finanziari:<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff12 fs1 fc1 sc0 ls0 ws0 gs724\">o<span class=\"_ _c\"> </span><span class=\"ff4\">di copertura di attivit\u00e0 e passivit\u00e0 che generano <span class=\"_ _f\"></span>interessi;<span class=\"_ _df\"> </span></span></div><div class=\"t m0 h5 ff12 fs1 fc1 sc0 ls0 ws0 gs725\">o<span class=\"_ _c\"> </span><span class=\"ff4 ls13\">cla<span class=\"ls0\">ssificati <span class=\"_ _2\"></span>nello <span class=\"_ _2\"></span>Stato <span class=\"_ _2\"></span>Patrimoniale <span class=\"_ _2\"></span>nel <span class=\"_ _2\"></span>portafoglio <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>negoziazi<span class=\"_ _1\"></span>one, <span class=\"_ _2\"></span>ma <span class=\"_ _2\"></span>gestionalmente <span class=\"_ _2\"></span>collegati ad<span class=\"_ _df\"> </span></span></span><span class=\"ff4 ls13\"><span class=\"ls0\"> </span></span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs726\">attivit\u00e0 e/o passivit\u00e0 finanziarie valu<span class=\"_ _1\"></span>tate al fair value (fair value option);<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff12 fs1 fc1 sc0 ls0 ws0 gs727\">o<span class=\"_ _c\"> </span><span class=\"ff4\">connessi <span class=\"_ _0\"></span>gestionalmente <span class=\"_ _d\"></span>con <span class=\"_ _d\"></span>at<span class=\"_ _2\"></span>tivit\u00e0 <span class=\"_ _d\"></span>e <span class=\"_ _0\"></span>passivit\u00e0 <span class=\"_ _d\"></span>classificate <span class=\"_ _d\"></span>nel <span class=\"_ _d\"></span>port<span class=\"_ _2\"></span>afoglio <span class=\"_ _0\"></span>di <span class=\"_ _d\"></span>negoziazione <span class=\"_ _d\"></span>e<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>che<span class=\"_ _df\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs728\">prevedono la liquidazione di d<span class=\"_ _1\"></span>ifferenziali o di margini a pi\u00f9<span class=\"_ _2\"></span> scad<span class=\"_ _1\"></span>enze;<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff14 fs1 fc1 sc0 ls0 ws0 gs729\"><span class=\"_ _2c\"> </span><span class=\"ff4\">gli interessi <span class=\"_ _2\"></span>di mora, eventualmente previsti in <span class=\"_ _2\"></span>via contrattuale, sono contabilizzati a <span class=\"_ _2\"></span>Conto Economico<span class=\"_ _df\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs72a\">solo al momento del loro effettivo incasso;<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff14 fs1 fc1 sc0 ls0 ws0 gs72b\"><span class=\"_ _2c\"> </span><span class=\"ff4\">i <span class=\"_ _4\"> </span>dividendi <span class=\"_ _4\"> </span>s<span class=\"ff5\">ono <span class=\"_ _4\"> </span>rilevati <span class=\"_ _22\"> </span>a <span class=\"_ _4\"> </span>Conto <span class=\"_ _4\"> </span>Economico <span class=\"_ _4\"> </span>nel <span class=\"_ _22\"> </span>cor<span class=\"_ _2\"></span>so <span class=\"_ _22\"> </span>dell\u2019esercizio <span class=\"_ _4\"> </span>in <span class=\"_ _4\"> </span>cui <span class=\"_ _22\"> </span>ne <span class=\"_ _4\"> </span>viene <span class=\"_ _4\"> </span>deliberata <span class=\"_ _4\"> </span>la<span class=\"_ _df\"> </span></span></span><span class=\"ff4\"><span class=\"ff5\"> </span></span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs72c\">distribuzione;<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff14 fs1 fc1 sc0 ls0 ws0 gs72d\"><span class=\"_ _2c\"> </span><span class=\"ff5\">le <span class=\"_ _d\"></span>comm<span class=\"_ _2\"></span>issioni <span class=\"_ _d\"></span>per <span class=\"_ _d\"></span>ricavi <span class=\"_ _d\"></span>da <span class=\"_ _0\"></span>servizi<span class=\"_ _1\"></span> <span class=\"_ _d\"></span>s<span class=\"_ _2\"></span>ono <span class=\"_ _d\"></span>iscritte, <span class=\"_ _d\"></span>sulla <span class=\"_ _d\"></span>base <span class=\"_ _0\"></span>dell\u2019esistenza <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>accordi <span class=\"_ _0\"></span>contrattuali, <span class=\"_ _d\"></span>nel<span class=\"_ _df\"> </span></span><span class=\"ff5\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs72e\">periodo in cui i servizi stessi sono stati prest<span class=\"_ _2\"></span>ati. Le commissioni <span class=\"_ _1\"></span>considerate nel costo ammortizzato ai<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs72f\">fini della determinazione del tasso di interesse effettivo, sono rilev<span class=\"_ _1\"></span>ate tra gli interessi;<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff14 fs1 fc1 sc0 ls0 ws0 gs730\"><span class=\"_ _2c\"> </span><span class=\"ff4\">gli <span class=\"_ _17\"> </span>utili <span class=\"_ _14\"> </span>e <span class=\"_ _17\"> </span>perdite <span class=\"_ _14\"> </span>derivanti <span class=\"_ _17\"> </span>dalla <span class=\"_ _17\"> </span>negoziazione <span class=\"_ _14\"> </span>di <span class=\"_ _17\"> </span>strumenti <span class=\"_ _14\"> </span>finanziari <span class=\"_ _4\"> </span>s<span class=\"_ _2\"></span>ono <span class=\"_ _17\"> </span>riconosciuti <span class=\"_ _17\"> </span>al <span class=\"_ _17\"> </span>Conto<span class=\"_ _df\"> </span></span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs731\">Economico <span class=\"_ _f\"></span>al momento <span class=\"_ _f\"></span>del p<span class=\"_ _1\"></span>erfezionamento <span class=\"_ _1\"></span>della v<span class=\"_ _1\"></span>endita, <span class=\"_ _f\"></span>s<span class=\"_ _2\"></span>ulla <span class=\"_ _f\"></span>base d<span class=\"_ _1\"></span>ella <span class=\"_ _f\"></span>d<span class=\"_ _2\"></span>ifferenza <span class=\"_ _f\"></span>tra il <span class=\"_ _f\"></span>corrispettivo<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs732\">pagato o incassato ed il valore di iscrizione d<span class=\"_ _1\"></span>egli strumenti stessi;<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff14 fs1 fc1 sc0 ls0 ws0 gs733\"><span class=\"_ _2c\"> </span><span class=\"ff4\">i <span class=\"_ _d\"></span>ricavi <span class=\"_ _2\"></span>derivanti <span class=\"_ _d\"></span>dalla <span class=\"_ _2\"></span>vendita <span class=\"_ _d\"></span>di <span class=\"_ _2\"></span>at<span class=\"_ _2\"></span>tivit\u00e0 <span class=\"_ _2\"></span>non <span class=\"_ _d\"></span>finanziarie <span class=\"_ _2\"></span>sono <span class=\"_ _d\"></span>rilevati <span class=\"_ _2\"></span>al <span class=\"_ _d\"></span>momento <span class=\"_ _d\"></span>del <span class=\"_ _d\"></span>perfezionamento<span class=\"_ _df\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs734\">della vendita, ovvero quando \u00e8 ademp<span class=\"_ _1\"></span>iuta l\u2019obbligazione di fare nei confronti del cliente.<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff5 fs1 fc4 sc3 ls0 ws0 gs735\">Costi<span class=\"_ _1\"></span> sos<span class=\"_ _1\"></span>tenut<span class=\"_ _1\"></span>i per <span class=\"_ _f\"></span>l\u2019ottenim<span class=\"_ _1\"></span>ento<span class=\"_ _1\"></span> del <span class=\"_ _1\"></span>contr<span class=\"_ _1\"></span>atto<span class=\"ff4\"> </span></div>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradingIncomeAndExpenseExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-828": {
   "value": "A.2 <span class=\"_ _1\"></span><span class=\"ff5\">\u2013<span class=\"ff4\"> PAR<span class=\"_ _f\"></span>TE RE<span class=\"_ _1\"></span>LAT<span class=\"_ _f\"></span>IVA A<span class=\"_ _1\"></span>LLE<span class=\"_ _1\"></span> PRINC<span class=\"_ _f\"></span>IPALI <span class=\"_ _f\"></span>VOCI D<span class=\"_ _1\"></span>I BI<span class=\"_ _1\"></span>LAN<span class=\"_ _f\"></span>CIO<span class=\"_ _df\"> </span></span></span>1 <span class=\"ls0\">- Attivit\u00e0<span class=\"_ _f\"></span> finanzia<span class=\"_ _1\"></span>rie valu<span class=\"_ _f\"></span>tate al fa<span class=\"_ _1\"></span>ir valu<span class=\"_ _1\"></span>e con<span class=\"_ _1\"></span> impa<span class=\"_ _1\"></span>tto a co<span class=\"_ _f\"></span>nto eco<span class=\"_ _1\"></span>nomico <span class=\"_ _f\"></span> </span>Criter<span class=\"_ _1\"></span>i di <span class=\"_ _1\"></span>iscrizio<span class=\"_ _f\"></span>ne L\u2019iscrizione iniziale <span class=\"_ _2\"></span>delle <span class=\"_ _2\"></span>att<span class=\"_ _2\"></span>ivit\u00e0<span class=\"_ _1\"></span> <span class=\"_ _2\"></span>finanziarie avviene <span class=\"_ _2\"></span>alla <span class=\"_ _2\"></span>data <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>regolamento <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>i titoli <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>debito e <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>titoli di capitale, alla data di erogazione p<span class=\"_ _1\"></span>er i finanziamenti ed alla data di sottoscrizione pe<span class=\"_ _1\"></span>r i contratti<span class=\"_ _d\"></span> <span class=\"_ _12\"></span>derivati. All<span class=\"ff5\">\u2019atto <span class=\"_ _d\"></span>della <span class=\"_ _d\"></span>rilevazione <span class=\"_ _2\"></span>iniziale <span class=\"_ _d\"></span>le <span class=\"_ _d\"></span>attivit\u00e0 <span class=\"_ _d\"></span>finanziarie <span class=\"_ _d\"></span>valutate <span class=\"_ _d\"></span>al <span class=\"_ _2\"></span>fair <span class=\"_ _0\"></span>value <span class=\"_ _2\"></span>con <span class=\"_ _0\"></span>impatto <span class=\"_ _2\"></span>a <span class=\"_ _d\"></span>conto <span class=\"_ _d\"></span>economico </span>vengono rile<span class=\"_ _1\"></span>vate al fai<span class=\"_ _1\"></span>r value, <span class=\"_ _1\"></span>senza considerare i<span class=\"_ _1\"></span> costi <span class=\"_ _f\"></span>o proventi d<span class=\"_ _1\"></span>i transazione d<span class=\"_ _1\"></span>irettamente att<span class=\"_ _1\"></span>ribuibili all<span class=\"_ _1\"></span>o strumento stesso. Criter<span class=\"_ _1\"></span>i di <span class=\"_ _f\"></span>classifica<span class=\"_ _f\"></span>zione Sono  classificate  in  questa  categoria  le  at<span class=\"_ _2\"></span>tivit\u00e0  finanziarie  diverse  da  quelle  classificate  tra <span class=\"_ _22\"> </span>le  At<span class=\"_ _2\"></span>tivit\u00e0 finanziarie valutate <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>fair value con <span class=\"_ _2\"></span>impatto <span class=\"_ _2\"></span>sulla redditivit\u00e0 complessiva <span class=\"_ _2\"></span>e t<span class=\"_ _2\"></span>ra le <span class=\"_ _2\"></span>Attivit\u00e0 finanziare <span class=\"_ _2\"></span>valutate<span class=\"_ _1\"></span> al costo ammortizzato. La voce, in particolare, include<span class=\"_ _1\"></span>:<span class=\"_ _2\"></span> <span class=\"_ _2c\"> </span><span class=\"ff4\">le attivit\u00e0 finanziarie detenute pe<span class=\"_ _1\"></span>r la negoziazione, essenzi<span class=\"_ _1\"></span>almente rappresentate da titoli di de<span class=\"_ _1\"></span>bito e di </span>capitale e dal valore positivo dei contratti derivati de<span class=\"_ _1\"></span>tenuti con finalit\u00e0 di negoziazione;<span class=\"_ _df\"> </span><span class=\"_ _2c\"> </span><span class=\"ff4\">le attivit\u00e0 finanziarie <span class=\"_ _1\"></span>obbligatoriamente v<span class=\"_ _1\"></span>alutate al fair<span class=\"_ _f\"></span> value, rappresentate d<span class=\"_ _1\"></span>alle attiv<span class=\"_ _1\"></span>it\u00e0 finanziarie <span class=\"_ _1\"></span>che </span>non <span class=\"_ _0\"> </span>s<span class=\"_ _2\"></span>oddisfano <span class=\"_ _0\"></span>i <span class=\"_ _0\"></span>requisiti <span class=\"_ _9\"> </span>per <span class=\"_ _0\"> </span>la <span class=\"_ _9\"> </span>valutazione <span class=\"_ _0\"></span>al <span class=\"_ _9\"> </span>costo <span class=\"_ _0\"> </span>amm<span class=\"_ _2\"></span>ortizz<span class=\"_ _1\"></span>ato <span class=\"_ _9\"> </span>o <span class=\"_ _9\"> </span>al <span class=\"_ _0\"></span>fair <span class=\"_ _9\"> </span>value <span class=\"_ _0\"></span>con <span class=\"_ _9\"> </span>impatto <span class=\"_ _0\"></span>s<span class=\"_ _2\"></span>ulla redditivit\u00e0 <span class=\"_ _14\"> </span>complessiva. <span class=\"_ _14\"> </span>Si <span class=\"_ _14\"> </span>tr<span class=\"_ _2\"></span>atta <span class=\"_ _14\"> </span>di <span class=\"_ _15\"> </span>attivit\u00e0 <span class=\"_ _14\"> </span>finanziarie <span class=\"_ _15\"> </span>i <span class=\"_ _14\"> </span>cui <span class=\"_ _15\"> </span>termini <span class=\"_ _14\"> </span>contrattuali <span class=\"_ _14\"> </span>non <span class=\"_ _15\"> </span>prevedono esclusivamente <span class=\"_ _2\"></span>rimbors<span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>del <span class=\"_ _d\"></span>capi<span class=\"_ _1\"></span>tale <span class=\"_ _d\"></span>e <span class=\"_ _2\"></span>pagamenti <span class=\"_ _d\"></span>dell\u2019interesse <span class=\"_ _d\"></span>sull\u2019importo <span class=\"_ _2\"></span>del <span class=\"_ _d\"></span>capitale <span class=\"_ _2\"></span>da <span class=\"_ _d\"></span>restituire (cd. \u201cSPPI<span class=\"_ _1\"></span> test\u201d non superato) opp<span class=\"_ _1\"></span>ure che non <span class=\"_ _1\"></span>sono detenute nel q<span class=\"_ _1\"></span>uadro di un <span class=\"_ _1\"></span>modello di business il<span class=\"_ _1\"></span> cui<span class=\"_ _df\"> </span>obiettivo <span class=\"_ _f\"></span>\u00e8 il<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>possesso d<span class=\"_ _1\"></span>i <span class=\"_ _f\"></span>attivit\u00e0 <span class=\"_ _1\"></span>finalizzato <span class=\"_ _f\"></span>alla <span class=\"_ _1\"></span>raccolta d<span class=\"_ _1\"></span>ei <span class=\"_ _f\"></span>flussi fi<span class=\"_ _1\"></span>nanziari <span class=\"_ _f\"></span>contr<span class=\"_ _2\"></span>attuali <span class=\"_ _f\"></span>(Business <span class=\"_ _f\"></span>model \u201cHold to Collect\u201d) o il cui obiettivo \u00e8 conseguito sia mediante la racc<span class=\"_ _1\"></span>olta dei flussi finanziari contrattuali che mediante la vendita di attivit\u00e0 fi<span class=\"ff5\">nanziarie (Business model \u201cHold to Collect and Sell\u201d);<span class=\"_ _df\"> </span></span><span class=\"_ _2c\"> </span><span class=\"ff4\">le <span class=\"_ _d\"></span>attivit\u00e0 <span class=\"_ _d\"></span>finanziarie <span class=\"_ _2\"></span>designate <span class=\"_ _d\"></span>al <span class=\"_ _d\"></span>fair <span class=\"_ _2\"></span>value, <span class=\"_ _d\"></span>ossia <span class=\"_ _d\"></span>le <span class=\"_ _2\"></span>att<span class=\"_ _2\"></span>ivit\u00e0 <span class=\"_ _2\"></span>finanziarie <span class=\"_ _2\"></span>cos\u00ec <span class=\"_ _d\"></span>definite <span class=\"_ _d\"></span>al <span class=\"_ _2\"></span>momento<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>della </span>rilevazione <span class=\"_ _16\"> </span>iniziale  e <span class=\"_ _9\"> </span>o<span class=\"_ _2\"></span>ve  ne<span class=\"_ _f\"></span>  su<span class=\"_ _2\"></span>ssistano  i <span class=\"_ _16\"> </span>presupposti. <span class=\"_ _16\"> </span>In <span class=\"_ _16\"> </span>relazione  a <span class=\"_ _16\"> </span>tale <span class=\"_ _16\"> </span>fattispecie,  un<span class=\"_ _2\"></span><span class=\"ff5\">\u2019entit\u00e0  pu<span class=\"_ _1\"></span>\u00f2 </span>designare i<span class=\"_ _1\"></span>rrevocabilmente all\u2019iscrizione <span class=\"_ _1\"></span>un\u2019attivit\u00e0 finanzi<span class=\"_ _1\"></span>aria come valu<span class=\"_ _1\"></span>tata al fair v<span class=\"_ _1\"></span>alue con <span class=\"_ _1\"></span>impatto a conto <span class=\"_ _17\"> </span>economico <span class=\"_ _4\"> </span>se, <span class=\"_ _17\"> </span>e <span class=\"_ _4\"> </span>solo <span class=\"_ _17\"> </span>se, <span class=\"_ _17\"> </span>cos\u00ec <span class=\"_ _17\"> </span>facendo <span class=\"_ _4\"> </span>elimina <span class=\"_ _17\"> </span>o <span class=\"_ _17\"> </span>riduce <span class=\"_ _17\"> </span>significativamente <span class=\"_ _4\"> </span>un\u2019inco<span class=\"_ _2\"></span>erenza valutativa.<span class=\"_ _df\"> </span>Trovano, quindi, evidenza in questa voce: <span class=\"_ _2c\"> </span><span class=\"ff4\">i titoli di debi<span class=\"_ _1\"></span>to e i finanziamenti che<span class=\"_ _1\"></span> sono inclusi nel <span class=\"_ _1\"></span>business model Trading (non riconducibil<span class=\"_ _1\"></span>i quindi ai </span>business model \u201cHold to Collect\u201d o \u201cHold to Collect and Sel<span class=\"_ _1\"></span>l\u201d) o che non superano il test SPPI;<span class=\"_ _df\"> </span><span class=\"_ _2c\"> </span><span class=\"ff4\">gli strumenti <span class=\"_ _f\"></span>di capitale <span class=\"_ _f\"></span>- non qu<span class=\"_ _1\"></span>alificabili <span class=\"_ _f\"></span>di controllo, <span class=\"_ _1\"></span>collegamento e <span class=\"_ _f\"></span>controllo cong<span class=\"_ _1\"></span>iunto - <span class=\"_ _1\"></span>detenuti <span class=\"_ _f\"></span>per<span class=\"_ _df\"> </span></span>finalit\u00e0 <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>negoziazi<span class=\"_ _1\"></span>one <span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>cui <span class=\"_ _2\"></span>non <span class=\"_ _2\"></span>si <span class=\"_ _2\"></span>sia <span class=\"_ _2\"></span>optato, in <span class=\"_ _2\"></span>sede <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>rilevazione iniziale, <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>designazione <span class=\"_ _2\"></span>al fair value con impatto sulla redditivit\u00e0 complessiva;<span class=\"_ _df\"> </span><span class=\"_ _2c\"> </span><span class=\"ff4\">le quote di OICR.<span class=\"_ _df\"> </span></span>La<span class=\"ls0\"> <span class=\"_ _17\"> </span>voce <span class=\"_ _14\"> </span>accoglie, <span class=\"_ _17\"> </span>inoltre, <span class=\"_ _17\"> </span>i <span class=\"_ _14\"> </span>contratti <span class=\"_ _14\"> </span>derivati, <span class=\"_ _17\"> </span>contabilizzati <span class=\"_ _17\"> </span>tra <span class=\"_ _14\"> </span>le <span class=\"_ _17\"> </span>attivit\u00e0 <span class=\"_ _14\"> </span>finanziarie <span class=\"_ _17\"> </span>detenute <span class=\"_ _17\"> </span>per <span class=\"_ _14\"> </span>la </span>negoziazione, che sono r<span class=\"_ _2\"></span>appresentati come attivit\u00e0 <span class=\"_ _2\"></span>se il fair value \u00e8 <span class=\"_ _2\"></span>positivo e come pass<span class=\"_ _2\"></span>ivit\u00e0<span class=\"_ _1\"></span> se il <span class=\"_ _2\"></span>fair value \u00e8 negativo. <span class=\"_ _2\"></span>E\u2019 <span class=\"_ _2\"></span>possibile compen<span class=\"_ _2\"></span>sare <span class=\"_ _2\"></span>i<span class=\"ff4\"> <span class=\"_ _2\"></span>valori correnti <span class=\"_ _2\"></span>positivi <span class=\"_ _2\"></span>e negativi <span class=\"_ _2\"></span>derivanti da <span class=\"_ _2\"></span>operazioni <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>essere <span class=\"_ _2\"></span>con </span>la <span class=\"_ _2\"></span>medesima controparte <span class=\"_ _2\"></span>soltanto qualora <span class=\"_ _2\"></span>si abbia cor<span class=\"_ _2\"></span>rentemente il <span class=\"_ _2\"></span>diritto legale <span class=\"_ _2\"></span>di compensare <span class=\"_ _2\"></span>gli importi rilevati  contabilmente  e <span class=\"_ _22\"> </span>s<span class=\"_ _2\"></span>i  intenda  procedere  al <span class=\"_ _4\"> </span>regolamento  su <span class=\"_ _22\"> </span>base <span class=\"_ _4\"> </span>net<span class=\"_ _1\"></span>t<span class=\"_ _2\"></span>a  delle  posizioni <span class=\"_ _22\"> </span>oggetto <span class=\"_ _4\"> </span>di compensazione.<span class=\"_ _df\"> </span>Fra i <span class=\"_ _f\"></span>derivati sono i<span class=\"_ _1\"></span>nclusi <span class=\"_ _f\"></span>anche quelli <span class=\"_ _f\"></span>i<span class=\"_ _2\"></span>ncorporati in <span class=\"_ _f\"></span>contratti finanziari <span class=\"_ _f\"></span>complessi - in cui <span class=\"_ _f\"></span>il contratto primario<span class=\"_ _f\"></span> \u00e8 una passivit\u00e0 finanziaria - che sono stati oggetto di rilevazione separata in quanto:<span class=\"_ _df\"> </span><span class=\"_ _2c\"> </span><span class=\"ff4\">le <span class=\"_ _d\"></span>lor<span class=\"_ _2\"></span>o <span class=\"_ _d\"></span>caratterist<span class=\"_ _2\"></span>iche <span class=\"_ _d\"></span>economiche <span class=\"_ _d\"></span>ed <span class=\"_ _d\"></span>i <span class=\"_ _0\"></span>rischi <span class=\"_ _d\"></span>non <span class=\"_ _0\"></span>sono <span class=\"_ _0\"></span>strettamente <span class=\"_ _d\"></span>correlati <span class=\"_ _0\"></span>alle <span class=\"_ _d\"></span>caratteristiche <span class=\"_ _d\"></span>del<span class=\"_ _df\"> </span></span>contratto sottostante;<span class=\"_ _df\"> </span><span class=\"_ _2c\"> </span><span class=\"ff4\">gli strumenti incorporati, anche se separati, soddisfano la definizione<span class=\"_ _1\"></span> di derivato;<span class=\"_ _df\"> </span></span><span class=\"_ _2c\"> </span><span class=\"ff4\">gli <span class=\"_ _d\"></span>strumenti <span class=\"_ _d\"></span>ibridi <span class=\"_ _2\"></span>cui <span class=\"_ _d\"></span>appartengono <span class=\"_ _d\"></span>non <span class=\"_ _2\"></span>so<span class=\"_ _2\"></span>no <span class=\"_ _2\"></span>valutat<span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>al <span class=\"_ _d\"></span>fair <span class=\"_ _d\"></span>value<span class=\"_ _1\"></span> <span class=\"_ _d\"></span>con <span class=\"_ _d\"></span>le <span class=\"_ _2\"></span>relative <span class=\"_ _d\"></span>variazioni <span class=\"_ _d\"></span>rilevate <span class=\"_ _d\"></span>a </span>Conto Economico.<span class=\"_ _df\"> </span>Riclas<span class=\"_ _f\"></span>sifiche<span class=\"_ _1\"></span> Secondo <span class=\"_ _0\"></span>le <span class=\"_ _9\"> </span>regole <span class=\"_ _0\"></span>generali <span class=\"_ _9\"> </span>previste <span class=\"_ _0\"> </span>dall\u2019IFRS <span class=\"_ _9\"> </span>9 <span class=\"_ _0\"> </span>in <span class=\"_ _9\"> </span>materia <span class=\"_ _9\"> </span>di <span class=\"_ _0\"> </span>r<span class=\"_ _2\"></span>icl<span class=\"_ _1\"></span>assificazione <span class=\"_ _0\"></span>delle <span class=\"_ _9\"> </span>attivit\u00e0 <span class=\"_ _9\"> </span>finanziarie <span class=\"_ _0\"></span>(ad eccezione dei <span class=\"_ _2\"></span>titoli <span class=\"_ _2\"></span>di capitale, <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>cui <span class=\"_ _2\"></span>non \u00e8 <span class=\"_ _2\"></span>ammessa<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>alcuna riclassifica), <span class=\"_ _2\"></span>non s<span class=\"_ _2\"></span>ono amm<span class=\"_ _2\"></span>esse riclassifiche verso altre <span class=\"_ _2\"></span>categorie di attivit\u00e0 <span class=\"_ _2\"></span>finanzi<span class=\"_ _1\"></span>arie salvo <span class=\"_ _2\"></span>il caso in <span class=\"_ _2\"></span>cui l\u2019entit\u00e0 <span class=\"_ _2\"></span>modifichi il proprio modello di <span class=\"_ _2\"></span>business per la g<span class=\"_ _1\"></span>estione delle <span class=\"_ _1\"></span>attivit\u00e0 finanziarie  <span class=\"_ _1\"></span>a seguito di<span class=\"_ _1\"></span> cambiamenti esterni o <span class=\"_ _1\"></span>intern<span class=\"_ _2\"></span>i i <span class=\"_ _f\"></span>quali siano rilevanti pe<span class=\"_ _1\"></span>r le<span class=\"_ _df\"> </span>operazioni <span class=\"_ _4\"> </span>dell'entit\u00e0 <span class=\"_ _17\"> </span>e <span class=\"_ _4\"> </span>dimostrabili <span class=\"_ _4\"> </span>alle <span class=\"_ _4\"> </span>part<span class=\"_ _2\"></span>i <span class=\"_ _4\"> </span>esterne. <span class=\"_ _4\"> </span>In <span class=\"_ _17\"> </span>tali <span class=\"_ _4\"> </span>casi, <span class=\"_ _4\"> </span>che <span class=\"_ _17\"> </span>ci <span class=\"_ _4\"> </span>si <span class=\"_ _4\"> </span>attende <span class=\"_ _4\"> </span>s<span class=\"_ _2\"></span>iano <span class=\"_ _4\"> </span>altamente<span class=\"_ _df\"> </span> infrequenti, <span class=\"_ _9\"> </span>le <span class=\"_ _9\"> </span>att<span class=\"_ _2\"></span>ivit\u00e0 <span class=\"_ _9\"> </span>finanziarie <span class=\"_ _9\"> </span>potranno <span class=\"_ _16\"> </span>essere <span class=\"_ _9\"> </span>riclassificate <span class=\"_ _9\"> </span>dalla <span class=\"_ _16\"> </span>categoria <span class=\"_ _9\"> </span>valutata <span class=\"_ _9\"> </span>al <span class=\"_ _16\"> </span>fair <span class=\"_ _9\"> </span>value <span class=\"_ _9\"> </span>con<span class=\"_ _df\"> </span> impatt<span class=\"ff5\">o <span class=\"_ _2\"></span>a conto <span class=\"_ _2\"></span>economico in <span class=\"_ _2\"></span>una delle <span class=\"_ _2\"></span>altre <span class=\"_ _2\"></span>due categorie <span class=\"_ _2\"></span>previste dall\u2019IFRS 9 <span class=\"_ _2\"></span>(Attivit\u00e0 <span class=\"_ _2\"></span>finanziarie valutate<span class=\"_ _df\"> </span></span><span class=\"ff5\"> </span>al costo ammortizzato <span class=\"_ _1\"></span>o Attiv<span class=\"_ _1\"></span>it\u00e0 finan<span class=\"_ _1\"></span>ziarie valutate al <span class=\"_ _1\"></span>fair value <span class=\"_ _1\"></span>con impatto sul<span class=\"_ _1\"></span>la redditivi<span class=\"_ _1\"></span>t\u00e0 complessiva). Il<span class=\"_ _df\"> </span> valore <span class=\"_ _0\"></span>di <span class=\"_ _d\"></span>tr<span class=\"_ _2\"></span>asferimento <span class=\"_ _0\"></span>\u00e8 <span class=\"_ _d\"></span>rappresentat<span class=\"_ _2\"></span>o <span class=\"_ _0\"></span>dal <span class=\"_ _d\"></span>fair <span class=\"_ _0\"></span>value <span class=\"_ _0\"></span>al <span class=\"_ _0\"></span>momento <span class=\"_ _0\"></span>della <span class=\"_ _d\"></span>r<span class=\"_ _2\"></span>iclassificazione<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>e <span class=\"_ _0\"></span>gli <span class=\"_ _0\"></span>effetti <span class=\"_ _0\"></span>della<span class=\"_ _df\"> </span> riclassificazione <span class=\"_ _d\"></span>operano <span class=\"_ _0\"></span>in <span class=\"_ _d\"></span>ma<span class=\"_ _2\"></span>niera <span class=\"_ _d\"></span>prospettica <span class=\"_ _0\"></span>a <span class=\"_ _d\"></span>partire <span class=\"_ _0\"></span>dalla <span class=\"_ _0\"></span>data <span class=\"_ _d\"></span>di <span class=\"_ _0\"></span>riclassificazione. <span class=\"_ _d\"></span>In <span class=\"_ _0\"></span>questo <span class=\"_ _0\"></span>caso, <span class=\"_ _d\"></span>il<span class=\"_ _df\"> </span> tasso <span class=\"_ _d\"></span>di <span class=\"_ _2\"></span>interesse <span class=\"_ _d\"></span>effettivo <span class=\"_ _d\"></span>dell\u2019attivit\u00e0 <span class=\"_ _d\"></span>finanziaria <span class=\"_ _2\"></span>riclassificata <span class=\"_ _d\"></span>\u00e8<span class=\"ff4\"> <span class=\"_ _d\"></span>determinato <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>base <span class=\"_ _2\"></span>al <span class=\"_ _d\"></span>suo <span class=\"_ _d\"></span>fair <span class=\"_ _d\"></span>value <span class=\"_ _2\"></span>alla<span class=\"_ _df\"> </span></span><span class=\"ff4\"> </span>data <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>iclassificazione <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>tale <span class=\"_ _d\"></span>data <span class=\"_ _2\"></span>viene <span class=\"_ _2\"></span>consi<span class=\"_ _2\"></span>derata <span class=\"_ _2\"></span>come <span class=\"_ _2\"></span>data <span class=\"_ _d\"></span>di <span class=\"_ _2\"></span>rilevazione <span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>niziale <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>l\u2019allocazione <span class=\"_ _d\"></span>nei<span class=\"_ _df\"> </span> diversi stadi di rischio creditizio (stage assignment) ai fini <span class=\"_ _12\"></span><span class=\"ff5\">dell\u2019impairment.<span class=\"_ _df\"> </span></span><span class=\"ff5\"><span class=\"ff4\"> </span></span>Criter<span class=\"_ _1\"></span>i di <span class=\"_ _1\"></span>valuta<span class=\"_ _1\"></span>zione<span class=\"_ _df\"> </span><span class=\"_ _f\"></span> Successivamente <span class=\"_ _0\"></span>alla <span class=\"_ _9\"> </span>rilevazione <span class=\"_ _9\"> </span>iniziale, <span class=\"_ _0\"></span>le <span class=\"_ _9\"> </span>attivit\u00e0 <span class=\"_ _9\"> </span>finanziarie <span class=\"_ _0\"></span>valutate <span class=\"_ _9\"> </span>al <span class=\"_ _9\"> </span>fair <span class=\"_ _9\"> </span>value <span class=\"_ _0\"></span>con <span class=\"_ _9\"> </span>impatto <span class=\"_ _9\"> </span>a <span class=\"_ _9\"> </span>conto<span class=\"_ _df\"> </span><span class=\"_ _1\"></span> economico <span class=\"_ _16\"> </span>sono <span class=\"_ _16\"> </span>valorizzate <span class=\"_ _9\"> </span>al  fair <span class=\"_ _16\"> </span>value. <span class=\"_ _9\"> </span>Gli  effetti <span class=\"_ _9\"> </span>dell\u2019applicazione  d<span class=\"_ _1\"></span>i <span class=\"_ _16\"> </span>tale  criterio <span class=\"_ _9\"> </span>di  v<span class=\"_ _1\"></span>alutazione <span class=\"_ _16\"> </span>sono<span class=\"_ _df\"> </span> imputati nel Conto Economico.<span class=\"_ _df\"> </span> Per<span class=\"ls0\"> la <span class=\"_ _f\"></span>d<span class=\"_ _2\"></span>eterminazione <span class=\"_ _1\"></span>del <span class=\"_ _1\"></span>fair value <span class=\"_ _f\"></span>d<span class=\"_ _2\"></span>egli <span class=\"_ _f\"></span>s<span class=\"_ _2\"></span>trumenti <span class=\"_ _1\"></span>finanziari <span class=\"_ _1\"></span>quotat<span class=\"_ _2\"></span>i <span class=\"_ _f\"></span>in un <span class=\"_ _1\"></span>mercato attivo, <span class=\"_ _f\"></span>vengono utilizzate<span class=\"_ _df\"> </span></span><span class=\"ls0\"> </span>quotazioni di<span class=\"_ _1\"></span> mercato. I<span class=\"_ _1\"></span>n assenza <span class=\"_ _1\"></span>di u<span class=\"_ _1\"></span>n mercato a<span class=\"_ _f\"></span>t<span class=\"_ _2\"></span>tivo, <span class=\"_ _f\"></span>vengono utilizzati <span class=\"_ _f\"></span>met<span class=\"_ _2\"></span>odi d<span class=\"_ _1\"></span>i stima e<span class=\"_ _1\"></span> modelli <span class=\"_ _f\"></span>valutativi<span class=\"_ _df\"> </span> comunemente <span class=\"_ _f\"></span>adott<span class=\"_ _2\"></span>ati, <span class=\"_ _f\"></span>che <span class=\"_ _1\"></span>tengono conto <span class=\"_ _f\"></span>di tutti <span class=\"_ _f\"></span>i <span class=\"_ _1\"></span>fattori <span class=\"_ _1\"></span>di <span class=\"_ _f\"></span>rischio <span class=\"_ _1\"></span>correlati <span class=\"_ _1\"></span>agli <span class=\"_ _f\"></span>st<span class=\"_ _2\"></span>rumenti <span class=\"_ _f\"></span>e <span class=\"_ _1\"></span>che <span class=\"_ _1\"></span>sono b<span class=\"_ _1\"></span>asati<span class=\"_ _df\"> </span> su d<span class=\"_ _1\"></span>ati rilev<span class=\"_ _1\"></span>abili sul <span class=\"_ _f\"></span>mercat<span class=\"_ _2\"></span>o q<span class=\"_ _1\"></span>uali: v<span class=\"_ _1\"></span>alutazione di <span class=\"_ _f\"></span>st<span class=\"_ _2\"></span>rumenti <span class=\"_ _f\"></span>quotati che <span class=\"_ _1\"></span>presentano analoghe <span class=\"_ _f\"></span>cara<span class=\"_ _2\"></span>tteristiche,<span class=\"_ _df\"> </span> calcoli <span class=\"_ _d\"></span>di <span class=\"_ _0\"></span>flussi <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>cassa <span class=\"_ _d\"></span>scontati, <span class=\"_ _0\"></span>modelli <span class=\"_ _d\"></span>di <span class=\"_ _0\"></span>determinazione <span class=\"_ _0\"></span>del <span class=\"_ _0\"></span>prezzo <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>opzioni, <span class=\"_ _d\"></span>valori <span class=\"_ _0\"></span>rilevati <span class=\"_ _0\"></span>in <span class=\"_ _d\"></span>recenti<span class=\"_ _df\"> </span> transazioni comparabili, ecc. <span class=\"_ _2\"></span>Per i <span class=\"_ _2\"></span>titoli di capitale <span class=\"_ _2\"></span>e per gli <span class=\"_ _2\"></span>strumenti derivati ch<span class=\"_ _2\"></span>e hanno per <span class=\"_ _2\"></span>oggetto titoli di<span class=\"_ _df\"> </span> capitale, non <span class=\"_ _2\"></span>quotati <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>un mercato <span class=\"_ _2\"></span>attivo, <span class=\"_ _2\"></span>il criterio <span class=\"_ _2\"></span>del cost<span class=\"_ _2\"></span>o \u00e8 <span class=\"_ _2\"></span>utilizzato quale <span class=\"_ _2\"></span>stima <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>el <span class=\"_ _2\"></span>fair value <span class=\"_ _2\"></span>soltanto<span class=\"_ _df\"> </span> in <span class=\"_ _d\"></span>via <span class=\"_ _d\"></span>r<span class=\"_ _2\"></span>esiduale <span class=\"_ _d\"></span>e <span class=\"_ _0\"></span>limitatamente <span class=\"_ _0\"></span>a <span class=\"_ _0\"></span>poche <span class=\"_ _d\"></span>circostanze, <span class=\"_ _0\"></span>ossia <span class=\"_ _0\"></span>in <span class=\"_ _d\"></span>caso <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>non <span class=\"_ _d\"></span>applicabilit\u00e0 <span class=\"_ _0\"></span>di <span class=\"_ _d\"></span>t<span class=\"_ _2\"></span>utti <span class=\"_ _d\"></span>i <span class=\"_ _0\"></span>metodi <span class=\"_ _d\"></span>di<span class=\"_ _df\"> </span> valutazione precedentemente richiamati, o<span class=\"_ _2\"></span>vve<span class=\"_ _1\"></span>ro <span class=\"_ _2\"></span>in presenza di <span class=\"_ _2\"></span>un\u2019ampia gamma di <span class=\"_ _2\"></span>possibili valutazioni del<span class=\"_ _df\"> </span> fair <span class=\"_ _f\"></span>value, <span class=\"_ _f\"></span>nel <span class=\"_ _f\"></span>cui <span class=\"_ _1\"></span>ambito <span class=\"_ _f\"></span>il <span class=\"_ _f\"></span>cost<span class=\"_ _2\"></span>o <span class=\"_ _f\"></span>rappresenta <span class=\"_ _f\"></span>la <span class=\"_ _f\"></span>stima p<span class=\"_ _1\"></span>i\u00f9 <span class=\"_ _f\"></span>significativa; <span class=\"_ _f\"></span>per <span class=\"_ _f\"></span>maggiori <span class=\"_ _f\"></span>dettagli <span class=\"_ _f\"></span>riguardo <span class=\"_ _1\"></span>il <span class=\"_ _f\"></span>calcolo<span class=\"_ _df\"> </span> del fair value si rimanda al paragrafo \u201cModalit\u00e0 di determinazione de<span class=\"_ _1\"></span>l fair value delle attivit\u00e0 e passivit\u00e0\u201d.<span class=\"_ _df\"> </span><span class=\"_ _2\"></span><span class=\"ff4\"> </span>Criter<span class=\"_ _1\"></span>i di <span class=\"_ _1\"></span>cancell<span class=\"_ _1\"></span>azion<span class=\"_ _f\"></span>e<span class=\"_ _df\"> </span> Le attivit\u00e0 finanziarie vengono cancell<span class=\"_ _1\"></span>ate dal bilancio solamente se la cessione ha comportato il sostanziale<span class=\"_ _df\"> </span><span class=\"_ _f\"></span> trasferimento di tutti i rischi e benefici connessi alle attivit\u00e0 stesse. Per contr<span class=\"_ _2\"></span>o, qualora sia stata mantenuta<span class=\"_ _df\"> </span> una <span class=\"_ _2\"></span>quota <span class=\"_ _d\"></span>parte <span class=\"_ _d\"></span>rilevante <span class=\"_ _2\"></span>dei <span class=\"_ _d\"></span>rischi <span class=\"_ _d\"></span>e <span class=\"_ _d\"></span>benefici <span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>elativi <span class=\"_ _2\"></span>al<span class=\"_ _2\"></span>le <span class=\"_ _2\"></span>att<span class=\"_ _2\"></span>ivit\u00e0 <span class=\"_ _2\"></span>finanziarie <span class=\"_ _2\"></span>ce<span class=\"_ _2\"></span>dute, <span class=\"_ _2\"></span>queste <span class=\"_ _d\"></span>continuano <span class=\"_ _d\"></span>ad<span class=\"_ _df\"> </span> essere iscritte <span class=\"_ _2\"></span>in bilancio, ancorch\u00e9 gi<span class=\"_ _2\"></span>uridicamente la titolarit\u00e0 <span class=\"_ _2\"></span>delle attivit\u00e0 <span class=\"_ _2\"></span>stesse sia <span class=\"_ _2\"></span>stata effettivamente<span class=\"_ _df\"> </span> trasferita.<span class=\"_ _df\"> </span> Nel  caso  in  cu<span class=\"_ _1\"></span>i  non  sia  possibile  accertare  il  sostanziale  trasferimento  dei  rischi  e  benefici,  le  attivit\u00e0<span class=\"_ _df\"> </span> finanziarie <span class=\"_ _0\"></span>vengono <span class=\"_ _9\"> </span>cancellate <span class=\"_ _9\"> </span>dal <span class=\"_ _9\"> </span>bilancio <span class=\"_ _0\"> </span>q<span class=\"_ _2\"></span>ualora <span class=\"_ _0\"></span>non <span class=\"_ _9\"> </span>sia <span class=\"_ _9\"> </span>st<span class=\"_ _2\"></span>ato <span class=\"_ _0\"></span>mantenuto <span class=\"_ _9\"> </span>alcun <span class=\"_ _0\"></span>t<span class=\"_ _2\"></span>ipo <span class=\"_ _0\"></span>di <span class=\"_ _9\"> </span>controllo <span class=\"_ _9\"> </span>sulle<span class=\"_ _df\"> </span> stesse. <span class=\"_ _d\"></span>In <span class=\"_ _0\"></span>caso <span class=\"_ _d\"></span>contrario, <span class=\"_ _d\"></span>la <span class=\"_ _0\"></span>conservazione, <span class=\"_ _d\"></span>anche <span class=\"_ _d\"></span>in <span class=\"_ _0\"></span>parte, <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>tale <span class=\"_ _0\"></span>controllo <span class=\"_ _d\"></span>comporta <span class=\"_ _0\"></span>il <span class=\"_ _d\"></span>mantenimento <span class=\"_ _d\"></span>in<span class=\"_ _df\"> </span> bil<span class=\"ff5\">ancio <span class=\"_ _2\"></span>delle <span class=\"_ _2\"></span>attivit\u00e0 <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>misura <span class=\"_ _2\"></span>pari <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>coinvolgimento <span class=\"_ _d\"></span>residuo, <span class=\"_ _2\"></span>misurato <span class=\"_ _2\"></span>dall\u2019esposizione a<span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>cambiamenti <span class=\"_ _2\"></span>di<span class=\"_ _df\"> </span></span><span class=\"ff5\"> </span>valore delle attivit\u00e0 cedute ed alle variazioni dei flu<span class=\"_ _1\"></span>ssi finanziari delle<span class=\"_ _2\"></span> stesse.<span class=\"_ _df\"> </span> Infine, le attivit\u00e0 finanziarie cedute vengono cancellate dal bilancio nel caso in cui vi sia la conservazione dei<span class=\"_ _df\"> </span> diritti <span class=\"_ _9\"> </span>contrattuali <span class=\"_ _0\"></span>a <span class=\"_ _9\"> </span>r<span class=\"_ _2\"></span>icev<span class=\"_ _1\"></span>ere <span class=\"_ _0\"></span>i <span class=\"_ _9\"> </span>r<span class=\"_ _2\"></span>elativi <span class=\"_ _0\"></span>flussi <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>cassa, <span class=\"_ _9\"> </span>con <span class=\"_ _9\"> </span>la <span class=\"_ _0\"></span>co<span class=\"_ _2\"></span>ntestuale <span class=\"_ _0\"></span>ass<span class=\"_ _2\"></span>unzione<span class=\"_ _1\"></span> <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>un\u2019obbligazione <span class=\"_ _0\"></span>a<span class=\"_ _df\"> </span> pagare detti flussi, e solo essi, senz<span class=\"_ _1\"></span>a un ritardo rilevante ad altri soggetti terzi.<span class=\"_ _df\"> </span><span class=\"_ _2\"></span> Criter<span class=\"_ _1\"></span>i di <span class=\"_ _1\"></span>rileva<span class=\"_ _f\"></span>zione dell<span class=\"_ _1\"></span>e com<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>nenti r<span class=\"_ _1\"></span>eddit<span class=\"_ _1\"></span>uali<span class=\"_ _df\"> </span><span class=\"_ _1\"></span> Gli <span class=\"_ _0\"></span>interessi <span class=\"_ _9\"> </span>attivi <span class=\"_ _9\"> </span>sui <span class=\"_ _0\"></span>t<span class=\"_ _2\"></span>itoli <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>debito <span class=\"_ _9\"> </span>ed <span class=\"_ _0\"></span>i <span class=\"_ _9\"> </span>differenziali <span class=\"_ _9\"> </span>ed <span class=\"_ _0\"></span>i <span class=\"_ _9\"> </span>margini <span class=\"_ _0\"> </span>dei <span class=\"_ _9\"> </span>contr<span class=\"_ _2\"></span>atti <span class=\"_ _0\"></span>derivati <span class=\"_ _9\"> </span>classificati <span class=\"_ _0\"></span>in <span class=\"_ _9\"> </span>tale<span class=\"_ _df\"> </span> categoria, ma <span class=\"_ _f\"></span>gestionalmente c<span class=\"_ _f\"></span>ollegati ad <span class=\"_ _f\"></span>at<span class=\"_ _2\"></span>tivit\u00e0 <span class=\"_ _f\"></span>o passivit\u00e0 <span class=\"_ _f\"></span>finanziarie v<span class=\"_ _1\"></span>alutate al <span class=\"_ _f\"></span>fair value sono <span class=\"_ _f\"></span>iscritti per<span class=\"_ _df\"> </span><span class=\"_ _1\"></span> competenza nelle voci di conto economico relativ<span class=\"_ _1\"></span>i agli interessi. <span class=\"_ _2\"></span> I d<span class=\"_ _1\"></span>ifferenziali e<span class=\"_ _1\"></span> i <span class=\"_ _f\"></span>margini degli <span class=\"_ _f\"></span>altri contratti veng<span class=\"_ _1\"></span>ono rilev<span class=\"_ _1\"></span>ati nel<span class=\"_ _1\"></span> \u201cRisultato <span class=\"_ _f\"></span>netto dell\u2019attivi<span class=\"_ _1\"></span>t\u00e0 di <span class=\"_ _f\"></span>negoziazione\u201d.<span class=\"_ _df\"> </span><span class=\"_ _2\"></span><span class=\"ff4\"> </span>I <span class=\"_ _4\"> </span>dividendi <span class=\"_ _4\"> </span>s<span class=\"_ _2\"></span>ono <span class=\"_ _4\"> </span>rilevati <span class=\"_ _4\"> </span>p<span class=\"_ _2\"></span>er <span class=\"_ _4\"> </span>competenza <span class=\"_ _17\"> </span>economica <span class=\"_ _17\"> </span>riferita <span class=\"_ _17\"> </span>alla <span class=\"_ _17\"> </span>data <span class=\"_ _4\"> </span>di <span class=\"_ _17\"> </span>assunzione <span class=\"_ _4\"> </span>della <span class=\"_ _17\"> </span>delibera <span class=\"_ _4\"> </span>di<span class=\"_ _df\"> </span> distribuzione da parte dell\u2019<span class=\"_ _1\"></span>assemblea e sono esposti nella voce \u201cDividendi e proventi simili\u201d.<span class=\"_ _df\"> </span><span class=\"_ _2\"></span><span class=\"ff4\"> </span>Gli utili <span class=\"_ _f\"></span>e le perdite <span class=\"_ _1\"></span>realizzati dalla ce<span class=\"_ _1\"></span>ssione o rimb<span class=\"_ _1\"></span>orso o le<span class=\"_ _1\"></span> plus/minusvalenz<span class=\"_ _1\"></span>e derivanti dalle <span class=\"_ _f\"></span>variazio<span class=\"_ _2\"></span>ni di fair<span class=\"_ _df\"> </span> value  sono <span class=\"_ _4\"> </span>iscritti  nel  conto <span class=\"_ _4\"> </span>economico  del  periodo  nel <span class=\"_ _4\"> </span>quale  si  manifestano <span class=\"_ _4\"> </span>e  classificati  nella <span class=\"_ _22\"> </span>voce<span class=\"_ _df\"> </span> \u201cRisultato <span class=\"_ _4\"> </span>netto <span class=\"_ _4\"> </span>delle <span class=\"_ _4\"> </span>attivit\u00e0 <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>negoziazione\u201d, <span class=\"_ _4\"> </span>ad <span class=\"_ _17\"> </span>eccezione <span class=\"_ _4\"> </span>della <span class=\"_ _4\"> </span>quota <span class=\"_ _4\"> </span>r<span class=\"_ _2\"></span>elativa <span class=\"_ _4\"> </span>ai <span class=\"_ _4\"> </span>contratti <span class=\"_ _4\"> </span>derivati<span class=\"_ _df\"> </span> gestionalmente colleg<span class=\"_ _1\"></span>ati ad attivit\u00e0 <span class=\"ff5\">o passivit\u00e0 valutate al fair valu<span class=\"_ _f\"></span>e r<span class=\"_ _2\"></span>ilev<span class=\"_ _1\"></span>ata nel \u201cRisultato netto del<span class=\"_ _1\"></span>le attivit\u00e0<span class=\"_ _df\"> </span></span><span class=\"ff5\"> </span>e passivit\u00e0 finanziarie valutate al fair value\u201d<span class=\"ff4\">.<span class=\"_ _df\"> </span></span>L\u2019iscrizione iniziale <span class=\"_ _2\"></span>delle att<span class=\"_ _2\"></span>ivit\u00e0 finanziarie avviene <span class=\"_ _2\"></span>alla data <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>regolame<span class=\"_ _1\"></span>nto <span class=\"_ _2\"></span>per i <span class=\"_ _2\"></span>titoli <span class=\"_ _2\"></span>di debito <span class=\"_ _2\"></span>ed alla <span class=\"_ _2\"></span>data<span class=\"_ _df\"> </span>di erogazione per i <span class=\"_ _2\"></span>finanziamenti. All\u2019atto della rilevazione iniziale le at<span class=\"_ _2\"></span>tivit\u00e0 sono contabilizzate al fair value,<span class=\"_ _df\"> </span>comprensivo dei costi o proventi di transazione direttamente attri<span class=\"_ _1\"></span>buibili allo strumento<span class=\"_ _2\"></span> <span class=\"_ _13\"></span>stesso.<span class=\"_ _df\"> </span>Criter<span class=\"_ _1\"></span>i di <span class=\"_ _f\"></span>classifica<span class=\"_ _f\"></span>zione<span class=\"_ _df\"> </span>Sono incluse nella presente categoria le attivit\u00e0 finanziarie che<span class=\"_ _1\"></span> soddisfano entrambe le seguenti condizioni:<span class=\"_ _df\"> </span><span class=\"_ _2c\"> </span><span class=\"ff5\">l\u2019attivit\u00e0  finanziaria  \u00e8  possed<span class=\"ff4\">uta  secondo  un  modello  di  business  il  cui  obiettivo  \u00e8  conseguito  sia<span class=\"_ _df\"> </span></span></span>mediante <span class=\"_ _0\"></span>l\u2019incasso <span class=\"_ _9\"> </span>dei <span class=\"_ _9\"> </span>flussi <span class=\"_ _9\"> </span>finanziari <span class=\"_ _9\"> </span>previsti <span class=\"_ _9\"> </span>contrattualmente <span class=\"_ _0\"></span>che <span class=\"_ _9\"> </span>mediante <span class=\"_ _9\"> </span>la <span class=\"_ _9\"> </span>vendita <span class=\"_ _9\"> </span>(Business<span class=\"_ _df\"> </span>model \u201cHold to Collect and Sell \u2013<span class=\"ff4\"> </span>\u201cHTCS\u201d\u201d), e<span class=\"_ _df\"> </span><span class=\"_ _2c\"> </span><span class=\"ff5\">i <span class=\"_ _19\"> </span>termini <span class=\"_ _19\"> </span>contr<span class=\"_ _2\"></span>attuali <span class=\"_ _19\"> </span>dell\u2019attivit\u00e0 <span class=\"_ _19\"> </span>fin<span class=\"ff4\">anziaria <span class=\"_ _19\"> </span>prevedono, <span class=\"_ _19\"> </span>a <span class=\"_ _19\"> </span>determinate <span class=\"_ _19\"> </span>date, <span class=\"_ _19\"> </span>f<span class=\"_ _2\"></span>lussi <span class=\"_ _19\"> </span>finanziari<span class=\"_ _df\"> </span></span></span>rappresentati <span class=\"_ _4\"> </span>unicamente <span class=\"_ _4\"> </span>da <span class=\"_ _4\"> </span>pagamenti <span class=\"_ _4\"> </span>del<span class=\"_ _1\"></span> <span class=\"_ _4\"> </span>capitale <span class=\"_ _4\"> </span>e <span class=\"_ _4\"> </span>dell\u2019interesse <span class=\"_ _4\"> </span>s<span class=\"_ _2\"></span>ull\u2019<span class=\"_ _1\"></span>importo <span class=\"_ _4\"> </span>del <span class=\"_ _4\"> </span>capitale <span class=\"_ _4\"> </span>da<span class=\"_ _df\"> </span>restituire (cd. \u201cSPPI test\u201d superato).<span class=\"_ _df\"> </span>In particolare, vengono inclusi in questa voce:<span class=\"_ _df\"> </span><span class=\"_ _2c\"> </span><span class=\"ff4\">i <span class=\"_ _16\"> </span>titoli <span class=\"_ _9\"> </span>di <span class=\"_ _16\"> </span>debito <span class=\"_ _16\"> </span>che <span class=\"_ _9\"> </span>sono <span class=\"_ _16\"> </span>riconducibili <span class=\"_ _9\"> </span>ad <span class=\"_ _9\"> </span>un  business <span class=\"_ _9\"> </span>model <span class=\"_ _16\"> </span>Hold <span class=\"_ _9\"> </span>to  Colle<span class=\"_ _1\"></span>ct <span class=\"_ _16\"> </span>and <span class=\"_ _9\"> </span>Sell <span class=\"_ _9\"> </span>e  che <span class=\"_ _9\"> </span>hanno<span class=\"_ _df\"> </span></span>superato il test SPPI;<span class=\"_ _df\"> </span><span class=\"_ _2c\"> </span><span class=\"ff4\">i  finanziame<span class=\"_ _1\"></span>nti  che <span class=\"_ _9\"> </span>s<span class=\"_ _2\"></span>ono <span class=\"_ _16\"> </span>riconducibili <span class=\"_ _16\"> </span>ad <span class=\"_ _16\"> </span>un  b<span class=\"_ _1\"></span>usiness  mode<span class=\"_ _1\"></span>l <span class=\"_ _16\"> </span>Hold  to<span class=\"_ _1\"></span>  Collect <span class=\"_ _9\"> </span>and  Sell <span class=\"_ _16\"> </span>e  ch<span class=\"_ _1\"></span>e <span class=\"_ _16\"> </span>hanno<span class=\"_ _df\"> </span></span>superato il test SPPI.<span class=\"_ _df\"> </span>Riclas<span class=\"_ _f\"></span>sifiche<span class=\"_ _df\"> </span>Secondo <span class=\"_ _0\"></span>le <span class=\"_ _9\"> </span>r<span class=\"ff5\">egole <span class=\"_ _0\"></span>generali <span class=\"_ _9\"> </span>previste <span class=\"_ _9\"> </span>dall\u2019IFRS <span class=\"_ _0\"></span>9 <span class=\"_ _9\"> </span>in <span class=\"_ _0\"></span>mat<span class=\"_ _2\"></span>eria <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>riclassificazione <span class=\"_ _0\"></span>delle <span class=\"_ _9\"> </span>attivit\u00e0 <span class=\"_ _9\"> </span>finanziarie <span class=\"_ _0\"></span>(ad<span class=\"_ _df\"> </span></span>eccezione dei <span class=\"_ _2\"></span>titoli <span class=\"_ _2\"></span>di capitale, <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>cui <span class=\"_ _2\"></span>non \u00e8 <span class=\"_ _2\"></span>ammessa <span class=\"_ _2\"></span>alcuna r<span class=\"_ _2\"></span>iclassifica), non <span class=\"_ _2\"></span>sono <span class=\"_ _2\"></span>ammesse <span class=\"_ _2\"></span>riclassifiche<span class=\"_ _df\"> </span>verso <span class=\"_ _2\"></span>altre categorie <span class=\"_ _2\"></span>di attivit\u00e0 <span class=\"_ _2\"></span>finanziarie <span class=\"ls2\">sa</span>lvo <span class=\"ls1a\">il</span> <span class=\"_ _2\"></span>caso <span class=\"_ _2\"></span><span class=\"ls1a\">in</span> cui <span class=\"ff5\">l\u2019entit\u00e0</span> <span class=\"_ _2\"></span>modifichi <span class=\"ls1a\">il</span> proprio <span class=\"_ _2\"></span>modell<span class=\"_ _1\"></span>o <span class=\"_ _2\"></span><span class=\"ls39\">di</span> business<span class=\"_ _df\"> </span>per<span class=\"ls0\"> <span class=\"ls1a\">la</span> gestione delle<span class=\"_ _1\"></span> attivit\u00e0 finanziarie a seguito di cambiamenti esterni o interni i quali siano rilevanti per le<span class=\"_ _df\"> </span></span>operazioni dell'entit\u00e0 e dimostrabil<span class=\"_ _1\"></span>i alle parti esterne<span class=\"_ _2\"></span>.<span class=\"_ _df\"> </span>In tali casi, che ci si attende siano altamente infrequenti, le attivit<span class=\"_ _2\"></span>\u00e0 finanziarie p<span class=\"_ _1\"></span>otranno essere riclassificate<span class=\"_ _df\"> </span>dalla categoria <span class=\"_ _1\"></span>valutata al fair<span class=\"_ _1\"></span> value <span class=\"_ _1\"></span>con impatto sul<span class=\"_ _1\"></span>la redditiv<span class=\"_ _1\"></span>it\u00e0 complessiva in <span class=\"_ _f\"></span>una delle altre du<span class=\"_ _1\"></span>e categorie<span class=\"_ _df\"> </span>previste <span class=\"_ _2\"></span>dall\u2019IFRS <span class=\"_ _d\"></span>9 <span class=\"_ _d\"></span>(Attivit\u00e0 <span class=\"_ _2\"></span>finanzi<span class=\"ff4\">arie <span class=\"_ _d\"></span>valutate <span class=\"_ _2\"></span>al <span class=\"_ _d\"></span>costo <span class=\"_ _d\"></span>ammortizzato <span class=\"_ _2\"></span>o <span class=\"_ _d\"></span>Attivit\u00e0 <span class=\"_ _2\"></span>finanziarie <span class=\"_ _2\"></span>valut<span class=\"_ _2\"></span>ate <span class=\"_ _2\"></span>al <span class=\"_ _d\"></span>fair<span class=\"_ _df\"> </span></span>value con <span class=\"_ _2\"></span>impatto <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>conto economico). <span class=\"_ _2\"></span>Il va<span class=\"_ _2\"></span>lore di <span class=\"_ _2\"></span>trasferimento <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _2\"></span>rappresentato dal <span class=\"_ _2\"></span>fair <span class=\"_ _2\"></span>value al <span class=\"_ _2\"></span>momento<span class=\"_ _df\"> </span>della ricl<span class=\"_ _1\"></span>assificazione e g<span class=\"_ _1\"></span>li effetti del<span class=\"_ _1\"></span>la riclassificazione<span class=\"_ _1\"></span> operano in maniera prospettica a <span class=\"_ _f\"></span>partire dalla d<span class=\"_ _1\"></span>ata di<span class=\"_ _df\"> </span>riclassificazione. <span class=\"_ _d\"></span>Nel <span class=\"_ _d\"></span>caso <span class=\"_ _0\"></span>di <span class=\"_ _d\"></span>riclassifica <span class=\"_ _d\"></span>dalla <span class=\"_ _0\"></span>categoria <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>oggetto <span class=\"_ _d\"></span>a <span class=\"_ _0\"></span>quella <span class=\"_ _d\"></span>del <span class=\"_ _d\"></span>costo <span class=\"_ _0\"></span>ammortizzato, <span class=\"_ _d\"></span>l\u2019utile<span class=\"_ _df\"> </span>(perdita) <span class=\"_ _4\"> </span>cumulato <span class=\"_ _4\"> </span>rilevato <span class=\"_ _22\"> </span>nella <span class=\"_ _4\"> </span>riserva <span class=\"_ _4\"> </span>da <span class=\"_ _4\"> </span>valutazione <span class=\"_ _4\"> </span>\u00e8 <span class=\"_ _4\"> </span>portato <span class=\"_ _4\"> </span>a <span class=\"_ _4\"> </span>rettifica <span class=\"_ _4\"> </span>del  fair <span class=\"_ _4\"> </span>value <span class=\"_ _4\"> </span>dell\u2019a<span class=\"_ _2\"></span><span class=\"ff4\">t<span class=\"_ _2\"></span>tivit\u00e0<span class=\"_ _df\"> </span></span>finanziaria <span class=\"_ _d\"></span>alla <span class=\"_ _d\"></span>data <span class=\"_ _0\"></span>della <span class=\"_ _d\"></span>riclassificazione. <span class=\"_ _d\"></span>Nel <span class=\"_ _0\"></span>caso <span class=\"_ _d\"></span>invece <span class=\"_ _d\"></span>di <span class=\"_ _0\"></span>riclassifica <span class=\"_ _d\"></span>nella <span class=\"_ _d\"></span>categoria <span class=\"_ _0\"></span>del <span class=\"_ _d\"></span>fair <span class=\"_ _0\"></span>value <span class=\"_ _d\"></span>con<span class=\"_ _df\"> </span>impatto a conto economico, l'utile (perdita) cumulato rilevato precedentemente nella riserva da valutazione<span class=\"_ _df\"> </span>\u00e8 riclassificato dal patrimonio netto all'utile (pe<span class=\"_ _1\"></span>rdita) d'esercizio.<span class=\"_ _df\"> </span>Criter<span class=\"_ _1\"></span>i di <span class=\"_ _1\"></span>valuta<span class=\"_ _1\"></span>zione<span class=\"_ _df\"> </span>Successivamente <span class=\"_ _0\"></span>alla <span class=\"_ _9\"> </span>rilevazione <span class=\"_ _9\"> </span>iniziale, <span class=\"_ _0\"></span>le <span class=\"_ _9\"> </span>Attivit\u00e0 <span class=\"_ _9\"> </span>classificate <span class=\"_ _9\"> </span>al <span class=\"_ _9\"> </span>fair <span class=\"_ _9\"> </span>value <span class=\"_ _0\"></span>con <span class=\"_ _9\"> </span>impatto <span class=\"_ _0\"></span>s<span class=\"_ _2\"></span>ulla <span class=\"_ _0\"></span>redditivit\u00e0<span class=\"_ _df\"> </span>complessiva  so<span class=\"_ _2\"></span>no  valutate <span class=\"_ _4\"> </span>al <span class=\"_ _22\"> </span>f<span class=\"_ _2\"></span>air <span class=\"_ _22\"> </span>value, <span class=\"_ _4\"> </span>con <span class=\"_ _22\"> </span>la <span class=\"_ _4\"> </span>rilevazione  a <span class=\"_ _4\"> </span>Cont<span class=\"_ _2\"></span>o <span class=\"_ _22\"> </span>Economi<span class=\"_ _2\"></span>co <span class=\"_ _4\"> </span>degli  impatti <span class=\"_ _4\"> </span>derivanti<span class=\"_ _df\"> </span>dall\u2019applicazione  del  costo  ammort<span class=\"_ _2\"></span>izzato,  deg<span class=\"_ _1\"></span>li  effetti  dell\u2019im<span class=\"_ _2\"></span>pairment  e  dell\u2019eventuale  effetto  cambio,<span class=\"_ _df\"> </span>mentre gli altri utili o perdite derivanti da una variazione di fair value vengono rilevati in una specif<span class=\"_ _2\"></span>ica riserva<span class=\"_ _df\"> </span>di patr<span class=\"_ _2\"></span><span class=\"ff5\">imonio netto <span class=\"_ _2\"></span>finch\u00e9 l\u2019att<span class=\"_ _2\"></span>ivit\u00e0 finanziaria <span class=\"_ _2\"></span>non viene <span class=\"_ _2\"></span>cancellata. <span class=\"_ _2\"></span>Al mo<span class=\"_ _2\"></span>mento della dismissione, <span class=\"_ _2\"></span>totale <span class=\"_ _2\"></span>o<span class=\"_ _df\"> </span></span>parziale, l\u2019u<span class=\"_ _1\"></span>tile o la perdi<span class=\"_ _1\"></span>ta cumulati nella <span class=\"_ _f\"></span>r<span class=\"_ _2\"></span>iserva da <span class=\"_ _1\"></span>valutazione vengono riv<span class=\"_ _1\"></span>ersati, in tutto o <span class=\"_ _1\"></span>in parte, <span class=\"_ _f\"></span>a Conto<span class=\"_ _df\"> </span>Economico.<span class=\"_ _df\"> </span>Il fair value viene determinato sulla base dei criteri gi\u00e0 illustrati pe<span class=\"_ _1\"></span>r le Attivit\u00e0 finanziarie valutate al fair value<span class=\"_ _df\"> </span>con impatto a conto economico.<span class=\"_ _df\"> </span>Le Attivit\u00e0 fi<span class=\"_ _1\"></span>nanziarie valutate al fai<span class=\"_ _1\"></span>r value con <span class=\"_ _f\"></span>im<span class=\"_ _2\"></span>patto sulla redd<span class=\"_ _1\"></span>itivit\u00e0 complessiva <span class=\"ff5\">\u2013</span> sia sotto forma <span class=\"_ _1\"></span>di titoli<span class=\"_ _df\"> </span>di  debito  che <span class=\"_ _4\"> </span>di  crediti  <span class=\"ff5\">\u2013</span> <span class=\"_ _4\"> </span><span class=\"ff5\">sono<span class=\"_ _f\"></span> <span class=\"_ _4\"> </span>soggette  alla  verifica  dell\u2019incremento <span class=\"_ _22\"> </span>significativo  del <span class=\"_ _22\"> </span>r<span class=\"_ _2\"></span>ischio  creditizio<span class=\"_ _df\"> </span></span>(impairment) prevista dall\u2019IFRS<span class=\"_ _1\"></span> 9, al pari delle Attivit\u00e0 al costo ammortizzato, con conseguente rilevazi<span class=\"_ _1\"></span>one a<span class=\"_ _df\"> </span>conto economico di una rettifica di valore a copertura delle perdite attese. Pi\u00f9 in particolare, sugl<span class=\"_ _1\"></span>i strumenti<span class=\"_ _df\"> </span>classificati in st<span class=\"_ _2\"></span>age 1 (ossia s<span class=\"_ _2\"></span>ulle attivit\u00e0 finanziarie al <span class=\"_ _2\"></span>momento dell\u2019origination, ove non d<span class=\"_ _2\"></span>eteriorate, e s<span class=\"_ _2\"></span>ugli<span class=\"_ _df\"> </span>strumenti <span class=\"_ _0\"></span>per <span class=\"_ _0\"></span>cui <span class=\"_ _d\"></span>non <span class=\"_ _0\"></span>s<span class=\"_ _2\"></span>i <span class=\"_ _d\"></span>\u00e8 <span class=\"_ _0\"></span>verificato <span class=\"_ _0\"></span>un <span class=\"_ _0\"></span>significativo <span class=\"_ _d\"></span>incremento <span class=\"_ _0\"></span>del <span class=\"_ _0\"></span>risch<span class=\"_ _2\"></span>io <span class=\"_ _0\"></span>creditizio <span class=\"_ _d\"></span>r<span class=\"_ _2\"></span>ispetto <span class=\"_ _d\"></span>alla <span class=\"_ _0\"></span>data <span class=\"_ _0\"></span>di<span class=\"_ _df\"> </span>rilevazione <span class=\"_ _f\"></span>iniziale) <span class=\"_ _1\"></span>viene <span class=\"_ _f\"></span>contabilizzata, alla <span class=\"_ _f\"></span>data <span class=\"_ _f\"></span>di rilev<span class=\"_ _1\"></span>azione <span class=\"_ _1\"></span>iniziale <span class=\"_ _f\"></span>e <span class=\"_ _1\"></span>ad <span class=\"_ _f\"></span>o<span class=\"_ _2\"></span>gni <span class=\"_ _f\"></span>data <span class=\"_ _1\"></span>di <span class=\"_ _f\"></span>report<span class=\"_ _2\"></span>ing <span class=\"_ _f\"></span>successiva,<span class=\"_ _df\"> </span>una perdita attesa ad un anno. Invece, per gli strumenti classificati in stage 2 (bonis per i quali si<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>\u00e8 verificato<span class=\"_ _df\"> </span>un <span class=\"_ _22\"> </span>incremento <span class=\"_ _4\"> </span>significativo  del <span class=\"_ _4\"> </span>rischio <span class=\"_ _4\"> </span>c<span class=\"_ _1\"></span>reditizio <span class=\"_ _22\"> </span>rispetto <span class=\"_ _4\"> </span>alla <span class=\"_ _22\"> </span>data <span class=\"_ _4\"> </span>di  rilevazione <span class=\"_ _22\"> </span>in<span class=\"_ _2\"></span>iziale)  e <span class=\"_ _4\"> </span>in  st<span class=\"_ _2\"></span>age  3<span class=\"_ _df\"> </span>(esposizioni <span class=\"_ _0\"></span>deteriorate) <span class=\"_ _9\"> </span>viene <span class=\"_ _9\"> </span>contabilizzata <span class=\"_ _0\"> </span>una <span class=\"_ _9\"> </span>perdita <span class=\"_ _9\"> </span>att<span class=\"_ _2\"></span>e<span class=\"_ _1\"></span>sa <span class=\"_ _9\"> </span>per <span class=\"_ _9\"> </span>l\u2019intera <span class=\"_ _0\"></span>vita <span class=\"_ _9\"> </span>residua <span class=\"_ _9\"> </span>dello <span class=\"_ _0\"></span>s<span class=\"_ _2\"></span>trumento<span class=\"_ _df\"> </span>finanziario.<span class=\"_ _df\"> </span>2.1 <span class=\"ls0\">- Attivit\u00e0<span class=\"_ _f\"></span> finanzia<span class=\"_ _1\"></span>rie valu<span class=\"_ _f\"></span>tate al fa<span class=\"_ _f\"></span>ir value co<span class=\"_ _1\"></span>n impa<span class=\"_ _f\"></span>tto sulla <span class=\"_ _1\"></span>redditiv<span class=\"_ _1\"></span>it\u00e0 co<span class=\"_ _f\"></span>mplessiva (F<span class=\"_ _f\"></span>VOCI co<span class=\"_ _f\"></span>n riciclo)<span class=\"_ _df\"> </span></span>Criter<span class=\"_ _1\"></span>i di<span class=\"_ _df\"> </span> <span class=\"_ _1\"></span>iscrizio<span class=\"_ _f\"></span>ne<span class=\"_ _df\"> </span>Le attivit\u00e0 finanziarie veng<span class=\"_ _1\"></span>ono cancellate dal bilancio solamente se la cessione ha comportato il <span class=\"_ _1\"></span>sostanziale<span class=\"_ _df\"> </span>trasferimento di tutti i rischi e benefici connessi alle attivit\u00e0 stesse. Per contr<span class=\"_ _2\"></span>o, qualora sia stata mantenuta<span class=\"_ _df\"> </span>una <span class=\"_ _2\"></span>quota <span class=\"_ _d\"></span>parte <span class=\"_ _d\"></span>rilevante <span class=\"_ _d\"></span>dei <span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>ischi <span class=\"_ _2\"></span>e <span class=\"_ _d\"></span>benefici <span class=\"_ _d\"></span>relativi <span class=\"_ _2\"></span>alle <span class=\"_ _d\"></span>attivit\u00e0 <span class=\"_ _d\"></span>finanziarie <span class=\"_ _2\"></span>cedute, <span class=\"_ _d\"></span>queste <span class=\"_ _d\"></span>continuano <span class=\"_ _d\"></span>ad<span class=\"_ _df\"> </span>essere iscritte <span class=\"_ _2\"></span>in bilancio, ancorch\u00e9 gi<span class=\"_ _2\"></span>uridicamente la titolarit\u00e0 <span class=\"_ _2\"></span>delle attivit\u00e0 <span class=\"_ _2\"></span>stesse sia <span class=\"_ _2\"></span>stata effettivamente trasferita. Nel  caso  in  cu<span class=\"_ _1\"></span>i  non  sia  possibile  accertar<span class=\"_ _2\"></span>e  il <span class=\"_ _16\"> </span>sostanziale  trasferimento  dei <span class=\"_ _16\"> </span>rischi  e  benefici,  le  attivit\u00e0 finanziarie <span class=\"_ _0\"></span>vengono <span class=\"_ _9\"> </span>cancellate <span class=\"_ _9\"> </span>dal <span class=\"_ _9\"> </span>bilancio <span class=\"_ _0\"> </span>q<span class=\"_ _2\"></span>ualora <span class=\"_ _0\"></span>non <span class=\"_ _9\"> </span>sia <span class=\"_ _9\"> </span>st<span class=\"_ _2\"></span>ato <span class=\"_ _0\"></span>mantenuto <span class=\"_ _9\"> </span>alcun <span class=\"_ _0\"></span>t<span class=\"_ _2\"></span>ipo <span class=\"_ _0\"></span>di <span class=\"_ _9\"> </span>controllo <span class=\"_ _9\"> </span>sulle stesse. <span class=\"_ _d\"></span>In <span class=\"_ _0\"></span>caso <span class=\"_ _d\"></span>contrario, <span class=\"_ _d\"></span>la <span class=\"_ _0\"></span>conservazione, <span class=\"_ _d\"></span>anche <span class=\"_ _d\"></span>in <span class=\"_ _0\"></span>parte, <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>tale <span class=\"_ _0\"></span>controllo<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>comporta <span class=\"_ _d\"></span>il <span class=\"_ _0\"></span>mantenimento <span class=\"_ _d\"></span>in bilancio <span class=\"_ _2\"></span>delle at<span class=\"_ _2\"></span>tivit\u00e0 <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>misura <span class=\"_ _2\"></span>pari <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>coinvolgimento <span class=\"_ _d\"></span>residuo, <span class=\"_ _2\"></span>misurato <span class=\"_ _2\"></span>dall\u2019esposizione a<span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>cambiamenti <span class=\"_ _2\"></span>di valore delle attivit\u00e0 cedute ed alle variazioni dei flu<span class=\"_ _1\"></span>ssi finanziari delle<span class=\"_ _2\"></span> stesse. Infine, le attivit\u00e0 finanziarie cedute vengono cancellate dal bilancio nel caso in cui vi sia la conservazione dei diritti <span class=\"_ _9\"> </span>contrattuali <span class=\"_ _0\"></span>a <span class=\"_ _9\"> </span>r<span class=\"_ _2\"></span>icev<span class=\"_ _1\"></span>ere <span class=\"_ _0\"></span>i <span class=\"_ _9\"> </span>r<span class=\"_ _2\"></span>elativi <span class=\"_ _0\"></span>flussi <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>cassa, <span class=\"_ _9\"> </span>con <span class=\"_ _9\"> </span>la <span class=\"_ _0\"></span>co<span class=\"_ _2\"></span>ntestuale <span class=\"_ _0\"></span>ass<span class=\"_ _2\"></span>unzione<span class=\"_ _1\"></span> <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>un\u2019obbligazione <span class=\"_ _0\"></span>a pagare detti flussi, e solo essi, senz<span class=\"_ _1\"></span>a un ritardo rilevante ad<span class=\"_ _2\"></span> altri soggetti terzi. Criter<span class=\"_ _1\"></span>i di <span class=\"_ _1\"></span>rileva<span class=\"_ _f\"></span>zione dell<span class=\"_ _1\"></span>e com<span class=\"_ _f\"></span>ponenti <span class=\"_ _1\"></span>reddi<span class=\"_ _1\"></span>tuali<span class=\"_ _f\"></span> Gli interessi <span class=\"_ _2\"></span>attivi, <span class=\"_ _2\"></span>calcolati in <span class=\"_ _2\"></span>base <span class=\"_ _2\"></span>alla metodologia <span class=\"_ _2\"></span>del T.I.R., <span class=\"_ _2\"></span>vengono <span class=\"_ _2\"></span>contabilizzati p<span class=\"_ _2\"></span>er competenza <span class=\"_ _2\"></span>nelle voci \u201cInteressi attivi <span class=\"_ _f\"></span>e proventi assimilati\u201d, mentre gli utili<span class=\"_ _1\"></span> o le<span class=\"ff4\"> per<span class=\"_ _2\"></span>dite derivanti <span class=\"_ _f\"></span>da una variazione di </span>fair value vengono  rilevati  in <span class=\"_ _22\"> </span>una <span class=\"_ _4\"> </span>specifica  riserva <span class=\"_ _4\"> </span>di  patrimonio  netto  sino <span class=\"_ _22\"> </span>a <span class=\"_ _22\"> </span>che <span class=\"_ _22\"> </span>l\u2019att<span class=\"_ _2\"></span>ivit\u00e0  finanziaria  non <span class=\"_ _4\"> </span>vie<span class=\"_ _1\"></span>ne cancellata o <span class=\"_ _f\"></span>non vi<span class=\"_ _1\"></span>ene <span class=\"_ _1\"></span>rilevata una <span class=\"_ _f\"></span>perdita di <span class=\"_ _f\"></span>valore. Per <span class=\"_ _f\"></span>i titoli <span class=\"_ _f\"></span>di debito, <span class=\"_ _f\"></span>al momento d<span class=\"_ _1\"></span>ella <span class=\"_ _1\"></span>dismissione o d<span class=\"_ _1\"></span>ella rilevazione di una perdita di valore, l\u2019utile<span class=\"_ _1\"></span> o la perdita cumulati vengono riversati a conto economico<span class=\"_ _2\"></span><span class=\"ff4\">. </span>Qualora i motivi della perdita di valore siano rimossi a seguito di un e<span class=\"_ _1\"></span>vento verificatosi successivamente alla rilevazione <span class=\"_ _14\"> </span>della <span class=\"_ _14\"> </span>riduzione <span class=\"_ _14\"> </span>d<span class=\"_ _2\"></span>i <span class=\"_ _14\"> </span>valore, <span class=\"_ _14\"> </span>vengono <span class=\"_ _15\"> </span>effettuate <span class=\"_ _14\"> </span>riprese <span class=\"_ _15\"> </span>di <span class=\"_ _14\"> </span>valore <span class=\"_ _14\"> </span>con <span class=\"_ _15\"> </span>imputazione <span class=\"_ _14\"> </span>a <span class=\"_ _15\"> </span>conto economico, <span class=\"_ _f\"></span>nel <span class=\"_ _f\"></span>caso <span class=\"_ _1\"></span>dei <span class=\"_ _f\"></span>titoli <span class=\"_ _1\"></span>di <span class=\"_ _f\"></span>debito. <span class=\"_ _f\"></span>L\u2019ammontar<span class=\"_ _2\"></span>e <span class=\"_ _f\"></span>della <span class=\"_ _f\"></span>ripresa <span class=\"_ _1\"></span>non <span class=\"_ _f\"></span>pu\u00f2 <span class=\"_ _f\"></span>in <span class=\"_ _f\"></span>og<span class=\"_ _2\"></span>ni <span class=\"_ _f\"></span>caso <span class=\"_ _f\"></span>superar<span class=\"_ _2\"></span>e <span class=\"_ _f\"></span>la <span class=\"_ _f\"></span>differenza tra <span class=\"_ _0\"></span>il <span class=\"_ _0\"></span>valore <span class=\"_ _d\"></span>cont<span class=\"_ _2\"></span>abile<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>ed <span class=\"_ _0\"></span>il <span class=\"_ _d\"></span>costo <span class=\"_ _0\"></span>ammort<span class=\"_ _2\"></span>izzato <span class=\"_ _d\"></span>che <span class=\"_ _0\"></span>lo <span class=\"_ _d\"></span>s<span class=\"_ _2\"></span>trumento <span class=\"_ _0\"></span>avrebbe <span class=\"_ _0\"></span>avuto <span class=\"_ _0\"></span>in <span class=\"_ _d\"></span>assenza <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>precedenti rettifiche. 2.2 A<span class=\"_ _1\"></span>ttivit\u00e0 f<span class=\"_ _1\"></span>inanz<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span>arie<span class=\"_ _1\"></span> valuta<span class=\"_ _f\"></span>te al fair va<span class=\"_ _f\"></span>lue con im<span class=\"_ _1\"></span>patt<span class=\"_ _1\"></span>o sulla <span class=\"_ _1\"></span>redd<span class=\"_ _1\"></span>itivit\u00e0 co<span class=\"_ _f\"></span>mplessiva<span class=\"_ _f\"></span> (FVOCI s<span class=\"_ _1\"></span>enza ric<span class=\"_ _1\"></span>iclo) Criter<span class=\"_ _1\"></span>i di <span class=\"_ _1\"></span>iscrizi<span class=\"_ _1\"></span>one L\u2019iscrizione <span class=\"_ _d\"></span>iniziale <span class=\"_ _d\"></span>delle <span class=\"_ _0\"></span>attivit\u00e0 <span class=\"_ _d\"></span>finanziarie <span class=\"_ _d\"></span>avviene <span class=\"_ _d\"></span>alla <span class=\"_ _0\"></span>data <span class=\"_ _d\"></span>di<span class=\"_ _2\"></span><span class=\"ff4\"> <span class=\"_ _d\"></span></span>regolamento <span class=\"_ _d\"></span>per <span class=\"_ _0\"></span>i <span class=\"_ _d\"></span>titoli <span class=\"_ _d\"></span>di <span class=\"_ _0\"></span>capitale. <span class=\"_ _d\"></span>All\u2019atto della <span class=\"_ _9\"> </span>ril<span class=\"_ _2\"></span>evazione <span class=\"_ _9\"> </span>iniziale  le <span class=\"_ _9\"> </span>att<span class=\"_ _2\"></span>ivit\u00e0 <span class=\"_ _9\"> </span>sono  contabili<span class=\"_ _1\"></span>zzate <span class=\"_ _16\"> </span>al <span class=\"_ _16\"> </span>fair <span class=\"_ _16\"> </span>value<span class=\"_ _1\"></span>, <span class=\"_ _16\"> </span>comprensivo  d<span class=\"_ _1\"></span>ei <span class=\"_ _16\"> </span>costi <span class=\"_ _16\"> </span>o <span class=\"_ _9\"> </span>proventi  di transazione direttamente attribuib<span class=\"_ _1\"></span>ili allo strumento<span class=\"_ _2\"></span> <span class=\"_ _13\"></span>stesso. Criter<span class=\"_ _1\"></span>i di <span class=\"_ _1\"></span>class<span class=\"_ _1\"></span>ificazi<span class=\"_ _1\"></span>one Sono <span class=\"_ _9\"> </span>inclusi <span class=\"_ _16\"> </span>nella <span class=\"_ _9\"> </span>voce  gli <span class=\"_ _0\"> </span>s<span class=\"_ _2\"></span>trumenti <span class=\"_ _9\"> </span>di <span class=\"_ _16\"> </span>capitale, <span class=\"_ _9\"> </span>non  d<span class=\"_ _1\"></span>etenuti  p<span class=\"_ _1\"></span>er <span class=\"_ _9\"> </span>finalit\u00e0  di <span class=\"_ _9\"> </span>negoziazione, <span class=\"_ _9\"> </span>per  i <span class=\"_ _9\"> </span>quali <span class=\"_ _9\"> </span>al momento <span class=\"_ _2\"></span>della <span class=\"_ _2\"></span>rilevazione ini<span class=\"_ _2\"></span>ziale <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _2\"></span>stata <span class=\"_ _2\"></span>esercitata <span class=\"_ _2\"></span>l\u2019opzione p<span class=\"_ _2\"></span>er <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>designazione <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>fair <span class=\"_ _2\"></span>value c<span class=\"_ _2\"></span>on <span class=\"_ _2\"></span>impatto sulla redditivit\u00e0 complessiva. In <span class=\"_ _4\"> </span>particolare, <span class=\"_ _4\"> </span>vengono <span class=\"_ _22\"> </span>inclusi<span class=\"_ _2\"></span> <span class=\"_ _4\"> </span>in <span class=\"_ _22\"> </span>questa <span class=\"_ _4\"> </span>voce <span class=\"_ _4\"> </span>le <span class=\"_ _4\"> </span>interessenze <span class=\"_ _4\"> </span>azionarie, <span class=\"_ _4\"> </span>non <span class=\"_ _4\"> </span>qualificabili <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>controllo, collegamento  e <span class=\"_ _4\"> </span>controllo  congiunto,  che  non <span class=\"_ _4\"> </span>sono  detenute  con <span class=\"_ _4\"> </span>finalit\u00e0  di  negoziazione,  per <span class=\"_ _4\"> </span>cui  si <span class=\"_ _22\"> </span>\u00e8 esercitata l\u2019opzione per la designazione<span class=\"_ _1\"></span> al fair value con impat<span class=\"_ _2\"></span><span class=\"ff4\">to sulla redditivi<span class=\"_ _1\"></span>t\u00e0 complessiva.<span class=\"_ _2\"></span> </span>Riclas<span class=\"_ _f\"></span>sifiche<span class=\"_ _1\"></span> Secondo <span class=\"_ _d\"></span><span class=\"ff5\">le <span class=\"_ _d\"></span>regole <span class=\"_ _0\"></span>generali <span class=\"_ _d\"></span>previste <span class=\"_ _0\"></span>dall\u2019IFRS <span class=\"_ _d\"></span>9 <span class=\"_ _d\"></span>in <span class=\"_ _0\"></span>materia <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>riclassificazione <span class=\"_ _d\"></span>delle <span class=\"_ _d\"></span>at<span class=\"_ _2\"></span>tivit\u00e0 <span class=\"_ _d\"></span>finanziarie <span class=\"_ _d\"></span>per <span class=\"_ _0\"></span>i </span>titoli di capitale non \u00e8 ammessa alcuna riclassifica.<span class=\"sc2\"> </span>Criter<span class=\"_ _1\"></span>i di <span class=\"_ _1\"></span>valuta<span class=\"_ _1\"></span>zione<span class=\"_ _f\"></span> Successivamente <span class=\"_ _2\"></span>alla <span class=\"_ _2\"></span>ril<span class=\"_ _2\"></span>evazione <span class=\"_ _2\"></span>iniziale, <span class=\"_ _2\"></span>gli <span class=\"_ _2\"></span>st<span class=\"_ _2\"></span>rumenti <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>capitale <span class=\"_ _d\"></span>per <span class=\"_ _2\"></span>cui <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _d\"></span>stata <span class=\"_ _d\"></span>effettuata <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>scelta <span class=\"_ _d\"></span>per <span class=\"_ _2\"></span>la classificazione <span class=\"_ _d\"></span>nella <span class=\"_ _d\"></span>pres<span class=\"_ _2\"></span>ente <span class=\"_ _d\"></span>categoria <span class=\"_ _0\"></span>sono <span class=\"_ _d\"></span>valutati <span class=\"_ _0\"></span>al <span class=\"_ _d\"></span>fair <span class=\"_ _0\"></span>value <span class=\"_ _d\"></span>e <span class=\"_ _d\"></span>gl<span class=\"_ _2\"></span>i <span class=\"_ _d\"></span>importi <span class=\"_ _0\"></span>rilevati <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>cont<span class=\"_ _2\"></span>ropartita <span class=\"_ _d\"></span>del patrimonio <span class=\"_ _2\"></span>netto <span class=\"_ _2\"></span>(Prospetto <span class=\"_ _2\"></span>della <span class=\"_ _2\"></span>redditivit\u00e0 <span class=\"_ _2\"></span>complessiva) <span class=\"_ _2\"></span>non <span class=\"_ _2\"></span>devono <span class=\"_ _2\"></span>essere <span class=\"_ _2\"></span>successivamente <span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>rasferiti <span class=\"_ _2\"></span>a conto economico, ne<span class=\"_ _1\"></span>anche in caso di cessione<span class=\"_ _1\"></span>. La sola componente rife<span class=\"_ _1\"></span>ribile ai titoli di <span class=\"_ _1\"></span>capitale in que<span class=\"_ _1\"></span>stione che \u00e8 oggetto di rilevazi<span class=\"_ _1\"></span>one a conto <span class=\"_ _2\"></span>economico \u00e8 rappresentata <span class=\"_ _1\"></span>dai relativi dividendi.<span class=\"_ _2\"></span> Il fair value viene determinato sulla base dei criteri gi\u00e0 ill<span class=\"_ _1\"></span>ustrati per le Attivit\u00e0 finanziarie valutate al fair value con impatto a conto economico. Per <span class=\"_ _0\"></span>i <span class=\"_ _9\"> </span>titoli <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>capitale <span class=\"_ _9\"> </span>inclusi <span class=\"_ _0\"></span>in <span class=\"_ _16\"> </span>que<span class=\"_ _1\"></span>sta <span class=\"_ _9\"> </span>categoria, <span class=\"_ _9\"> </span>non <span class=\"_ _9\"> </span>quotati <span class=\"_ _9\"> </span>in <span class=\"_ _0\"></span>un <span class=\"_ _9\"> </span>mercato <span class=\"_ _9\"> </span>att<span class=\"_ _2\"></span>ivo, <span class=\"_ _0\"></span>il <span class=\"_ _9\"> </span>criterio <span class=\"_ _0\"></span>de<span class=\"_ _2\"></span>l <span class=\"_ _9\"> </span>costo <span class=\"_ _9\"> </span>\u00e8 utilizzato <span class=\"_ _d\"></span>quale <span class=\"_ _2\"></span>st<span class=\"_ _2\"></span>ima <span class=\"_ _d\"></span>del <span class=\"_ _d\"></span>fair <span class=\"_ _d\"></span>value <span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>oltanto <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>via <span class=\"_ _d\"></span>residuale <span class=\"_ _2\"></span>e <span class=\"_ _d\"></span>li<span class=\"_ _2\"></span>mitatamente <span class=\"_ _d\"></span>a <span class=\"_ _d\"></span>poche <span class=\"_ _2\"></span>circos<span class=\"_ _2\"></span>tanze,<span class=\"_ _1\"></span> <span class=\"_ _d\"></span>ossia <span class=\"_ _d\"></span>in<span class=\"_ _df\"> </span>caso <span class=\"_ _2\"></span>di <span class=\"_ _d\"></span>non <span class=\"_ _2\"></span>applicabilit\u00e0 <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>tutt<span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>metodi <span class=\"_ _2\"></span>di <span class=\"_ _d\"></span>valutazione<span class=\"_ _1\"></span> <span class=\"_ _2\"></span>preced<span class=\"_ _2\"></span>entemente <span class=\"_ _2\"></span>richiamati, <span class=\"_ _2\"></span>ovvero <span class=\"_ _2\"></span>in <span class=\"_ _d\"></span>presenza <span class=\"_ _2\"></span>di un\u2019ampia <span class=\"_ _9\"> </span>gamma  di <span class=\"_ _9\"> </span>possibili<span class=\"ff4\">  valutazioni <span class=\"_ _16\"> </span>del <span class=\"_ _9\"> </span>fair  value, <span class=\"_ _9\"> </span>nel  cui <span class=\"_ _16\"> </span>ambito <span class=\"_ _16\"> </span>il <span class=\"_ _9\"> </span>costo  rapprese<span class=\"_ _1\"></span>nta  la <span class=\"_ _9\"> </span>stima  pi\u00f9 </span>significativa.<span class=\"_ _df\"> </span>Criter<span class=\"_ _1\"></span>i di <span class=\"_ _1\"></span>cancell<span class=\"_ _1\"></span>azion<span class=\"_ _f\"></span>e<span class=\"_ _df\"> </span> Le attivit\u00e0 finanziarie veng<span class=\"_ _1\"></span>ono cancellate dal bilancio solamente se la cessione ha comportato il <span class=\"_ _1\"></span>sostanziale<span class=\"_ _df\"> </span> trasferimento di tutti i ri<span class=\"_ _2\"></span>schi e benefici connessi alle attivit\u00e0 stesse. Per contro, qualora sia stat<span class=\"_ _2\"></span>a mantenuta<span class=\"_ _df\"> </span><span class=\"_ _f\"></span> una <span class=\"_ _2\"></span>quota <span class=\"_ _d\"></span>parte <span class=\"_ _d\"></span>rilevante <span class=\"_ _2\"></span>dei <span class=\"_ _d\"></span>rischi <span class=\"_ _d\"></span>e <span class=\"_ _d\"></span>benefici <span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>elativi<span class=\"_ _1\"></span> <span class=\"_ _d\"></span>alle <span class=\"_ _d\"></span>attivit\u00e0 <span class=\"_ _d\"></span>finanziarie <span class=\"_ _2\"></span>cedute, <span class=\"_ _d\"></span>queste <span class=\"_ _d\"></span>continuano <span class=\"_ _2\"></span>ad<span class=\"_ _df\"> </span> essere iscritte <span class=\"_ _2\"></span>in bilancio, ancorch\u00e9 gi<span class=\"_ _2\"></span>uridicamente la t<span class=\"_ _2\"></span>itolarit\u00e0 <span class=\"_ _2\"></span>delle attivit\u00e0 stess<span class=\"_ _2\"></span>e sia stata <span class=\"_ _2\"></span>effettivamente<span class=\"_ _df\"> </span> trasferita.<span class=\"_ _df\"> </span> Nel  caso  in  cu<span class=\"_ _1\"></span>i  non  sia  possibile  accertare  il  sostanziale  trasferimento  d<span class=\"_ _1\"></span>ei  rischi  e  benefici,  le  attivit\u00e0<span class=\"_ _df\"> </span> finanziarie <span class=\"_ _0\"></span>vengono <span class=\"_ _9\"> </span>cancellate <span class=\"_ _9\"> </span>dal <span class=\"_ _9\"> </span>bilancio <span class=\"_ _0\"> </span>q<span class=\"_ _2\"></span>ualora <span class=\"_ _0\"></span>non <span class=\"_ _9\"> </span>sia <span class=\"_ _9\"> </span>st<span class=\"_ _2\"></span>ato <span class=\"_ _0\"></span>mantenuto <span class=\"_ _9\"> </span>alc<span class=\"_ _2\"></span>un <span class=\"_ _0\"></span>t<span class=\"_ _2\"></span>ipo <span class=\"_ _0\"></span>di <span class=\"_ _9\"> </span>controllo <span class=\"_ _9\"> </span>sulle<span class=\"_ _df\"> </span> stesse. <span class=\"_ _d\"></span>In <span class=\"_ _0\"></span>caso <span class=\"_ _d\"></span>contrario, <span class=\"_ _d\"></span>la <span class=\"_ _0\"></span>conservazione, <span class=\"_ _d\"></span>anche <span class=\"_ _d\"></span>in <span class=\"_ _0\"></span>parte, <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>tale <span class=\"_ _0\"></span>controllo <span class=\"_ _d\"></span>comporta <span class=\"_ _0\"></span>il <span class=\"_ _d\"></span>mantenimento <span class=\"_ _d\"></span>in<span class=\"_ _df\"> </span> bilancio <span class=\"_ _2\"></span>delle at<span class=\"_ _2\"></span>tivit\u00e0 <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>misura <span class=\"_ _2\"></span>pari <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>coinvolgimento <span class=\"_ _d\"></span>residuo, <span class=\"_ _2\"></span>misurato <span class=\"_ _2\"></span>dall\u2019esposizione a<span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>cambiamenti <span class=\"_ _2\"></span>di<span class=\"_ _df\"> </span> valore delle attivit\u00e0 cedute ed alle variazioni dei flussi finan<span class=\"_ _1\"></span>ziari delle<span class=\"_ _2\"></span> stesse.<span class=\"_ _df\"> </span> Infine, le attivit\u00e0 finanziarie cedute vengono cancellate dal bilancio nel caso in cui vi sia la conservazione dei<span class=\"_ _df\"> </span> diritti <span class=\"_ _9\"> </span>contrattuali <span class=\"_ _0\"></span>a <span class=\"_ _9\"> </span>r<span class=\"_ _2\"></span>icev<span class=\"_ _1\"></span>ere <span class=\"_ _0\"></span>i <span class=\"_ _9\"> </span>r<span class=\"_ _2\"></span>elativi <span class=\"_ _0\"></span>flussi <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>cassa, <span class=\"_ _9\"> </span>con <span class=\"_ _9\"> </span>la <span class=\"_ _0\"></span>co<span class=\"_ _d\"></span><span class=\"ff5\">ntestuale <span class=\"_ _0\"></span>assunzione <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>un\u2019obbligazione <span class=\"_ _0\"></span>a<span class=\"_ _df\"> </span></span><span class=\"ff5\"> </span>pagare detti flussi, e solo essi, senz<span class=\"_ _1\"></span>a un ritardo rilevante ad altri soggetti terzi.<span class=\"_ _df\"> </span>Criter<span class=\"_ _1\"></span>i di <span class=\"_ _1\"></span>rileva<span class=\"_ _f\"></span>zione dell<span class=\"_ _1\"></span>e com<span class=\"_ _f\"></span>ponenti <span class=\"_ _1\"></span>reddi<span class=\"_ _1\"></span>tuali<span class=\"_ _df\"> </span><span class=\"_ _f\"></span> I di<span class=\"_ _2\"></span>videndi vengono <span class=\"_ _2\"></span>contabilizzati <span class=\"_ _2\"></span>alla <span class=\"_ _2\"></span>voce \u201cDividendi <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>proventi s<span class=\"_ _2\"></span>imili\u201d n<span class=\"_ _2\"></span><span class=\"ff4\">el <span class=\"_ _2\"></span>momento in <span class=\"_ _2\"></span>cui <span class=\"_ _2\"></span>sorge <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>diritto <span class=\"_ _2\"></span>a<span class=\"_ _df\"> </span></span><span class=\"ff4\"> </span>riceverne <span class=\"_ _1\"></span>il p<span class=\"_ _1\"></span>agamento, me<span class=\"_ _1\"></span>ntre gli <span class=\"_ _f\"></span>utili o <span class=\"_ _f\"></span>le perdite <span class=\"_ _1\"></span>derivanti d<span class=\"_ _1\"></span>a una <span class=\"_ _f\"></span>variazione d<span class=\"_ _1\"></span>i fair value dei <span class=\"_ _f\"></span>titoli di <span class=\"_ _f\"></span>capitale<span class=\"_ _df\"> </span> vengono rilevati <span class=\"_ _1\"></span>in una <span class=\"_ _1\"></span>specifica riserva di p<span class=\"_ _1\"></span>atrimonio netto e <span class=\"_ _1\"></span>tale non vie<span class=\"_ _1\"></span>ne riversato a conto e<span class=\"_ _1\"></span>conomico nel<span class=\"_ _df\"> </span> caso di cessione e cancell<span class=\"_ _1\"></span>azione del titolo di capitale.<span class=\"_ _2\"></span> 3 <span class=\"ls0\">- Attivit<span class=\"_ _1\"></span>\u00e0 fin<span class=\"_ _1\"></span>anzia<span class=\"_ _1\"></span>rie valu<span class=\"_ _f\"></span>tate al cos<span class=\"_ _1\"></span>to a<span class=\"_ _1\"></span>mmort<span class=\"_ _1\"></span>izzato<span class=\"_ _1\"></span> </span>Criter<span class=\"_ _1\"></span>i di <span class=\"_ _1\"></span>iscrizi<span class=\"_ _1\"></span>one L\u2019iscrizione iniziale de<span class=\"_ _1\"></span>ll\u2019attivit\u00e0 finanziaria avviene alla data di reg<span class=\"_ _1\"></span>olamento per i titoli di de<span class=\"_ _1\"></span>bito ed a<span class=\"_ _2\"></span><span class=\"ff4\">lla data di </span>erogazione <span class=\"_ _d\"></span>nel <span class=\"_ _0\"></span>caso <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>crediti. <span class=\"_ _0\"></span>All\u2019atto <span class=\"_ _0\"></span>della <span class=\"_ _d\"></span>rilevazione <span class=\"_ _0\"></span>iniziale <span class=\"_ _d\"></span>le <span class=\"_ _0\"></span>attivit\u00e0 <span class=\"_ _0\"></span>sono <span class=\"_ _0\"></span>contabilizzate <span class=\"_ _d\"></span>al <span class=\"_ _0\"></span>fair <span class=\"_ _0\"></span>value, comprensivo dei costi o proventi di transazione direttamente attr<span class=\"_ _1\"></span>ibuibili allo strumento stesso.<span class=\"_ _2\"></span> In <span class=\"_ _0\"></span>particolare, <span class=\"_ _9\"> </span>per <span class=\"_ _9\"> </span>quel <span class=\"_ _0\"></span>che <span class=\"_ _9\"> </span>attiene <span class=\"_ _9\"> </span>ai <span class=\"_ _9\"> </span>crediti, <span class=\"_ _0\"></span>la <span class=\"_ _9\"> </span>data <span class=\"_ _9\"> </span>di <span class=\"_ _0\"> </span>ero<span class=\"_ _2\"></span>gazione <span class=\"_ _0\"></span>normalmente <span class=\"_ _9\"> </span>coincide <span class=\"_ _0\"></span>con <span class=\"_ _9\"> </span>la <span class=\"_ _9\"> </span>data <span class=\"_ _0\"></span>di sottoscrizione <span class=\"_ _f\"></span>del <span class=\"_ _f\"></span>contratt<span class=\"_ _2\"></span>o. <span class=\"_ _11\"></span>Qualora tale <span class=\"_ _11\"></span>coincidenza <span class=\"_ _f\"></span>non <span class=\"_ _1\"></span>si <span class=\"_ _f\"></span>manifest<span class=\"_ _2\"></span>i, <span class=\"_ _f\"></span>in <span class=\"_ _f\"></span>sede <span class=\"_ _f\"></span>di <span class=\"_ _f\"></span>sott<span class=\"_ _2\"></span>oscrizione <span class=\"_ _f\"></span>del <span class=\"_ _f\"></span>contratto si provv<span class=\"_ _1\"></span>ede <span class=\"_ _f\"></span>ad iscrivere <span class=\"_ _f\"></span>un impegno <span class=\"_ _1\"></span>ad e<span class=\"_ _1\"></span>rogare <span class=\"_ _1\"></span>fondi <span class=\"_ _1\"></span>che si <span class=\"_ _f\"></span>chiude <span class=\"_ _f\"></span>a<span class=\"_ _2\"></span>lla d<span class=\"_ _1\"></span>ata di <span class=\"_ _f\"></span>erogazione de<span class=\"_ _1\"></span>l fi<span class=\"_ _1\"></span>nanziamento. L\u2019iscrizione del credito avviene sull<span class=\"_ _1\"></span>a base del fair value dello stesso, pari all\u2019ammontare erogato, o prezzo di sottoscrizione, <span class=\"_ _2\"></span>comprensivo <span class=\"_ _2\"></span>dei <span class=\"_ _d\"></span>costi/proventi <span class=\"_ _2\"></span>direttamente <span class=\"_ _d\"></span>ricondu<span class=\"_ _1\"></span>cibili <span class=\"_ _2\"></span>al <span class=\"_ _d\"></span>singolo <span class=\"_ _2\"></span>credito <span class=\"_ _d\"></span>e <span class=\"_ _2\"></span>determ<span class=\"_ _2\"></span>inabili sin <span class=\"_ _2\"></span>dall\u2019origine <span class=\"_ _2\"></span>dell\u2019operazione, <span class=\"_ _d\"></span>ancorch\u00e9 <span class=\"_ _2\"></span>liquidati <span class=\"_ _d\"></span>in <span class=\"_ _2\"></span>un <span class=\"_ _2\"></span>momen<span class=\"_ _2\"></span>to <span class=\"_ _2\"></span>successivo. <span class=\"_ _2\"></span>Sono <span class=\"_ _d\"></span>esclusi <span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>co<span class=\"_ _2\"></span>sti <span class=\"_ _2\"></span>che, <span class=\"_ _2\"></span>pur<span class=\"_ _2\"></span> avendo <span class=\"_ _d\"></span>le <span class=\"_ _0\"></span>caratteristiche <span class=\"_ _d\"></span>s<span class=\"_ _2\"></span>uddette, <span class=\"_ _d\"></span>sono <span class=\"_ _0\"></span>oggetto <span class=\"_ _0\"></span>di <span class=\"_ _d\"></span>rimborso <span class=\"_ _0\"></span>da <span class=\"_ _d\"></span>parte <span class=\"_ _0\"></span>della <span class=\"_ _d\"></span>cont<span class=\"_ _2\"></span>roparte <span class=\"_ _d\"></span>debitrice <span class=\"_ _d\"></span>o <span class=\"_ _0\"></span>sono inquadrabili tra i normali costi interni di carattere <span class=\"_ _f\"></span>amministrativo. Criter<span class=\"_ _1\"></span>i di <span class=\"_ _f\"></span>classifica<span class=\"_ _f\"></span>zione Sono incluse<span class=\"_ _1\"></span> nella presente categoria le<span class=\"_ _1\"></span> attivit\u00e0 finanziarie <span class=\"_ _f\"></span>(<span class=\"_ _2\"></span>in particolare finanzi<span class=\"_ _1\"></span>amenti e titoli di<span class=\"_ _1\"></span> debito) che soddisfano entrambe le seguenti condizi<span class=\"_ _1\"></span>oni:<span class=\"_ _2\"></span> <span class=\"_ _2c\"> </span><span class=\"ff5\">l\u2019attivit\u00e0 finanziaria <span class=\"_ _2\"></span>\u00e8 possedu<span class=\"ff4\">ta secondo un modello di <span class=\"_ _2\"></span>business il cui obiettivo \u00e8 conseguito <span class=\"_ _2\"></span>me<span class=\"_ _1\"></span>diante<span class=\"_ _df\"> </span></span></span>l\u2019incasso dei flussi finanziari previsti contrattualmente (Bu<span class=\"_ _1\"></span>siness model \u201cHold to Collect\u201d <span class=\"_ _2\"></span>\u2013<span class=\"ff4\"> </span>\u201cHTC\u201d), e<span class=\"ff4\"> </span><span class=\"_ _2c\"> </span><span class=\"ff5\">i <span class=\"_ _19\"> </span>termini <span class=\"_ _19\"> </span>contr<span class=\"_ _2\"></span>attuali <span class=\"_ _19\"> </span>dell\u2019attivit\u00e0 <span class=\"_ _19\"> </span>finanzi<span class=\"_ _1\"></span>aria <span class=\"_ _19\"> </span>prevedono, <span class=\"_ _19\"> </span>a<span class=\"_ _2\"></span> <span class=\"_ _19\"> </span>determinate <span class=\"_ _19\"> </span>date,<span class=\"ff4\"> <span class=\"_ _1a\"> </span>flussi <span class=\"_ _19\"> </span>finanziari </span></span>rappresentati <span class=\"_ _4\"> </span>unicamente <span class=\"_ _4\"> </span>da <span class=\"_ _4\"> </span>pagamenti <span class=\"_ _4\"> </span>del<span class=\"_ _1\"></span> <span class=\"_ _4\"> </span>capitale <span class=\"_ _4\"> </span>e <span class=\"_ _4\"> </span>dell\u2019interesse <span class=\"_ _4\"> </span>s<span class=\"_ _2\"></span>ull\u2019<span class=\"_ _1\"></span>importo <span class=\"_ _4\"> </span>del <span class=\"_ _4\"> </span>capitale <span class=\"_ _4\"> </span>da restituire (cd. \u201cSPPI test\u201d superato).<span class=\"_ _df\"> </span>Pi\u00f9 in particolare, formano oggetto di rilevazi<span class=\"_ _1\"></span>one in questa voce:<span class=\"_ _2\"></span> <span class=\"_ _2c\"> </span><span class=\"ff4\">gli <span class=\"_ _9\"> </span>impieghi  con <span class=\"_ _9\"> </span>banche <span class=\"_ _9\"> </span>nelle  d<span class=\"_ _1\"></span>ivers<span class=\"_ _2\"></span>e <span class=\"_ _9\"> </span>forme <span class=\"_ _16\"> </span>tecniche <span class=\"_ _9\"> </span>che <span class=\"_ _9\"> </span>presentano  i <span class=\"_ _9\"> </span>requisiti <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>c<span class=\"_ _2\"></span>ui <span class=\"_ _9\"> </span>al <span class=\"_ _16\"> </span>paragrafo </span>precedente;<span class=\"_ _df\"> </span><span class=\"_ _2c\"> </span><span class=\"ff4\">gli <span class=\"_ _9\"> </span>impieghi <span class=\"_ _0\"></span>con <span class=\"_ _9\"> </span>clientela <span class=\"_ _9\"> </span>nelle <span class=\"_ _9\"> </span>diverse <span class=\"_ _0\"></span>for<span class=\"_ _2\"></span>me <span class=\"_ _0\"></span>tecniche <span class=\"_ _0\"></span>che <span class=\"_ _9\"> </span>presentano <span class=\"_ _9\"> </span>i <span class=\"_ _9\"> </span>requisiti <span class=\"_ _0\"> </span>di <span class=\"_ _9\"> </span>cui <span class=\"_ _9\"> </span>al <span class=\"_ _0\"> </span>paragr<span class=\"_ _2\"></span>afo </span>precedente;<span class=\"_ _df\"> </span><span class=\"_ _2c\"> </span><span class=\"ff4\">i titoli di debito che presentano i requisiti di cui al paragrafo <span class=\"_ _2\"></span>preced<span class=\"_ _1\"></span>ente.<span class=\"_ _df\"> </span></span>Sono <span class=\"_ _d\"></span>inoltre <span class=\"_ _0\"></span>inclusi <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>tale <span class=\"_ _0\"></span>categoria <span class=\"_ _d\"></span>i <span class=\"_ _d\"></span>crediti <span class=\"_ _d\"></span>di <span class=\"_ _0\"></span>funzionamento <span class=\"_ _d\"></span>connessi <span class=\"_ _d\"></span>con <span class=\"_ _0\"></span>la <span class=\"_ _d\"></span>prestazione <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>attivit\u00e0 <span class=\"_ _0\"></span>e <span class=\"_ _d\"></span>di servizi <span class=\"_ _2\"></span>finanziari <span class=\"_ _2\"></span>come <span class=\"_ _d\"></span>definiti <span class=\"_ _2\"></span>dal <span class=\"_ _d\"></span>T.U.B. <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>dal <span class=\"_ _d\"></span>T.U.F. <span class=\"_ _2\"></span>(ad <span class=\"_ _2\"></span>es<span class=\"_ _2\"></span>empio <span class=\"_ _2\"></span>per <span class=\"_ _d\"></span>distribuzione<span class=\"_ _1\"></span> <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>prodotti <span class=\"_ _d\"></span>finanziari <span class=\"_ _2\"></span>ed<span class=\"_ _df\"> </span>attivit\u00e0 di <span class=\"_ _12\"></span>servicing).<span class=\"_ _df\"> </span>Riclas<span class=\"_ _f\"></span>sifiche<span class=\"_ _1\"></span> Secondo <span class=\"_ _d\"></span>le <span class=\"_ _d\"></span>regole <span class=\"_ _0\"></span>generali <span class=\"_ _d\"></span>previst<span class=\"_ _2\"></span>e <span class=\"_ _d\"></span>dall\u2019IFRS <span class=\"_ _d\"></span>9 <span class=\"_ _d\"></span>in <span class=\"_ _0\"></span>materia <span class=\"_ _0\"></span>di <span class=\"_ _d\"></span>riclassificazione <span class=\"_ _d\"></span>delle <span class=\"_ _d\"></span>at<span class=\"_ _2\"></span>tivit\u00e0 <span class=\"_ _d\"></span>finanziarie, <span class=\"_ _d\"></span>non sono ammesse riclassifiche verso <span class=\"_ _2\"></span>altre categorie di attivit\u00e0 finanziarie salvo il cas<span class=\"_ _2\"></span>o in cui l\u2019entit\u00e0 modifichi il proprio <span class=\"_ _1\"></span>modello <span class=\"_ _f\"></span>di <span class=\"_ _1\"></span>business pe<span class=\"_ _1\"></span>r <span class=\"_ _1\"></span>la <span class=\"_ _f\"></span>gestione delle<span class=\"_ _1\"></span> <span class=\"_ _f\"></span>at<span class=\"_ _2\"></span>tivit\u00e0 <span class=\"_ _f\"></span>finanziarie a <span class=\"_ _f\"></span>seguito <span class=\"_ _1\"></span>di <span class=\"_ _f\"></span>cambiamenti esterni <span class=\"_ _f\"></span>o interni<span class=\"_ _df\"> </span>i quali siano rilevanti pe<span class=\"_ _1\"></span>r le operazioni del<span class=\"_ _1\"></span>l'entit\u00e0 e dimostrabili alle parti esterne. In tali<span class=\"_ _f\"></span> <span class=\"_ _2\"></span>casi, che ci<span class=\"_ _f\"></span> s<span class=\"_ _2\"></span>i at<span class=\"_ _1\"></span>tende siano <span class=\"_ _d\"></span>altamente <span class=\"_ _2\"></span>infrequenti, <span class=\"_ _d\"></span>le <span class=\"_ _d\"></span>attivit\u00e0 <span class=\"_ _d\"></span>finanziarie <span class=\"_ _2\"></span>potr<span class=\"_ _2\"></span>anno <span class=\"_ _2\"></span>essere <span class=\"_ _d\"></span>riclassificate <span class=\"_ _2\"></span>dalla <span class=\"_ _d\"></span>categoria <span class=\"_ _d\"></span>valutata <span class=\"_ _d\"></span>al costo <span class=\"_ _d\"></span>ammortizzato <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>una <span class=\"_ _2\"></span>dell<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>altre <span class=\"_ _d\"></span>due <span class=\"_ _2\"></span>categorie <span class=\"_ _d\"></span>previste <span class=\"_ _2\"></span>dall\u2019IFRS <span class=\"_ _2\"></span>9 <span class=\"_ _d\"></span>(Attivit\u00e0 <span class=\"_ _2\"></span>finanziarie <span class=\"_ _d\"></span>valutate <span class=\"_ _2\"></span>al <span class=\"_ _d\"></span>fair value <span class=\"_ _1\"></span>con imp<span class=\"_ _1\"></span>atto sulla <span class=\"_ _f\"></span>redditivit\u00e0 complessiva <span class=\"_ _f\"></span>o Attivit\u00e0 finanzi<span class=\"_ _f\"></span>ar<span class=\"_ _2\"></span>ie <span class=\"_ _f\"></span>valutate al <span class=\"_ _1\"></span>fair valu<span class=\"_ _1\"></span>e con <span class=\"_ _f\"></span>impatto a <span class=\"_ _f\"></span>conto economico). Il <span class=\"_ _2\"></span>valore <span class=\"_ _2\"></span>di t<span class=\"_ _2\"></span>rasferimento <span class=\"_ _2\"></span>\u00e8 rappresentato <span class=\"_ _2\"></span>dal <span class=\"_ _2\"></span>fair v<span class=\"_ _2\"></span>alue al <span class=\"_ _2\"></span>momento <span class=\"_ _2\"></span>della ric<span class=\"_ _2\"></span>lassificazione e <span class=\"_ _2\"></span>gli effetti della riclassificaz<span class=\"_ _1\"></span>ione operano in maniera prospettica<span class=\"_ _1\"></span> a partire dalla data<span class=\"_ _1\"></span> di ric<span class=\"_ _2\"></span>lassificazione. Gli utili<span class=\"_ _1\"></span> o le <span class=\"_ _f\"></span>perdite <span class=\"_ _f\"></span>risultanti <span class=\"_ _1\"></span>dalla <span class=\"_ _f\"></span>differenza <span class=\"_ _f\"></span>t<span class=\"_ _2\"></span>ra <span class=\"_ _f\"></span>il <span class=\"_ _f\"></span>cost<span class=\"_ _2\"></span>o <span class=\"_ _f\"></span>ammortizzato <span class=\"_ _f\"></span>dell'attivit\u00e0 <span class=\"_ _f\"></span>finanziaria <span class=\"_ _f\"></span>e <span class=\"_ _f\"></span>il <span class=\"_ _f\"></span>re<span class=\"_ _2\"></span>lativo <span class=\"_ _f\"></span>fair <span class=\"_ _1\"></span>value <span class=\"_ _f\"></span>sono rilevati a conto <span class=\"_ _1\"></span>economico nel <span class=\"_ _1\"></span>caso di riclassifica <span class=\"_ _f\"></span>tra le Attivit\u00e0 finan<span class=\"_ _1\"></span>ziarie valutate al <span class=\"_ _1\"></span>fair value <span class=\"_ _f\"></span>con <span class=\"_ _2\"></span>impatto a conto <span class=\"_ _9\"> </span>economico <span class=\"_ _0\"></span>e <span class=\"_ _9\"> </span>a <span class=\"_ _9\"> </span>Patrimonio <span class=\"_ _9\"> </span>netto, <span class=\"_ _9\"> </span>nell\u2019app<span class=\"_ _1\"></span>osita <span class=\"_ _9\"> </span>riserva <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>valutazione, <span class=\"_ _0\"> </span>nel <span class=\"_ _9\"> </span>caso <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>riclassifica <span class=\"_ _0\"></span>t<span class=\"_ _2\"></span>ra <span class=\"_ _0\"> </span>le Attivit\u00e0 finanziarie valutate al fair value con impatto sulla redditivi<span class=\"_ _1\"></span>t\u00e0 complessiva.<span class=\"_ _2\"></span> Criter<span class=\"_ _1\"></span>i di <span class=\"_ _1\"></span>valuta<span class=\"_ _1\"></span>zione<span class=\"_ _f\"></span> Successivamente <span class=\"_ _18\"> </span>alla <span class=\"_ _18\"> </span>ril<span class=\"_ _2\"></span>evazione <span class=\"_ _18\"> </span>iniziale, <span class=\"_ _19\"> </span>le <span class=\"_ _18\"> </span>attivit\u00e0 <span class=\"_ _18\"> </span>finan<span class=\"_ _2\"></span>ziarie <span class=\"_ _18\"> </span>in <span class=\"_ _18\"> </span>esame <span class=\"_ _19\"> </span>sono <span class=\"_ _18\"> </span>valutate <span class=\"_ _19\"> </span>al <span class=\"_ _18\"> </span>costo ammortizzato, util<span class=\"_ _1\"></span>izzando <span class=\"_ _1\"></span>il metodo d<span class=\"_ _1\"></span>el tasso <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>interesse e<span class=\"_ _1\"></span>ffettivo. In <span class=\"_ _1\"></span>questi termini, <span class=\"_ _f\"></span>l\u2019attivit\u00e0 \u00e8 <span class=\"_ _f\"></span>r<span class=\"_ _2\"></span>iconosciuta in bilancio p<span class=\"_ _2\"></span>er un ammontar<span class=\"_ _2\"></span>e pari <span class=\"_ _2\"></span>al valore di <span class=\"_ _2\"></span>prima iscrizione <span class=\"_ _2\"></span>diminuito <span class=\"_ _2\"></span>dei rimborsi <span class=\"_ _2\"></span>di capitale, <span class=\"_ _2\"></span>pi\u00f9 o meno l\u2019ammortamento cu<span class=\"_ _1\"></span>mulato (cal<span class=\"_ _1\"></span>colato col <span class=\"_ _f\"></span>richiamato metodo de<span class=\"_ _1\"></span>l tasso <span class=\"_ _f\"></span>di interesse <span class=\"_ _f\"></span>effettivo) della <span class=\"_ _1\"></span>differenza tra  t<span class=\"_ _2\"></span>ale  importo <span class=\"_ _22\"> </span>iniziale  e <span class=\"_ _4\"> </span>l\u2019importo <span class=\"_ _4\"> </span>alla  scadenza  (riconducibile  ti<span class=\"_ _2\"></span>picamente  ai  cos<span class=\"_ _2\"></span>ti/proventi  imputati direttamente alla <span class=\"_ _2\"></span>singola <span class=\"_ _2\"></span>attivit\u00e0) e <span class=\"_ _2\"></span>rettificato <span class=\"_ _2\"></span>dell\u2019eventuale fon<span class=\"_ _2\"></span>do a <span class=\"_ _2\"></span>copertura <span class=\"_ _2\"></span>delle <span class=\"_ _2\"></span>perdite attese. <span class=\"_ _2\"></span>Il <span class=\"_ _2\"></span>tasso di <span class=\"_ _4\"> </span>interesse <span class=\"_ _17\"> </span>effettivo <span class=\"_ _4\"> </span>\u00e8 <span class=\"_ _17\"> </span>individuato <span class=\"_ _17\"> </span>calcolando <span class=\"_ _4\"> </span>il <span class=\"_ _4\"> </span>t<span class=\"_ _2\"></span>asso <span class=\"_ _17\"> </span>che <span class=\"_ _4\"> </span>eguaglia <span class=\"_ _4\"> </span>il <span class=\"_ _4\"> </span>va<span class=\"_ _2\"></span>lore <span class=\"_ _4\"> </span>attuale <span class=\"_ _17\"> </span>dei <span class=\"_ _4\"> </span>flussi <span class=\"_ _17\"> </span>futuri dell\u2019attivit\u00e0, <span class=\"_ _15\"> </span>per <span class=\"_ _15\"> </span>capitale <span class=\"_ _e\"> </span>ed <span class=\"_ _15\"> </span>inter<span class=\"_ _2\"></span>esse, <span class=\"_ _15\"> </span>all\u2019ammontare <span class=\"_ _15\"> </span>erogato <span class=\"_ _e\"> </span>inclusiv<span class=\"_ _1\"></span>o <span class=\"_ _15\"> </span>dei <span class=\"_ _e\"> </span>costi/proventi <span class=\"_ _15\"> </span>r<span class=\"_ _2\"></span>icondotti all\u2019attivit\u00e0 <span class=\"_ _4\"> </span>finanziaria <span class=\"_ _4\"> </span>medesima. <span class=\"_ _4\"> </span>Tale <span class=\"_ _4\"> </span>modalit\u00e0 <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>contabilizzazione,<span class=\"_ _1\"></span> <span class=\"_ _4\"> </span>utilizzando <span class=\"_ _4\"> </span>una <span class=\"_ _4\"> </span>logica <span class=\"_ _4\"> </span>finanziaria, consente <span class=\"_ _15\"> </span>di <span class=\"_ _e\"> </span>distribuire <span class=\"_ _15\"> </span>l\u2019effetto <span class=\"_ _e\"> </span>economico <span class=\"_ _15\"> </span>dei <span class=\"_ _e\"> </span>costi/proventi <span class=\"_ _15\"> </span>direttamente <span class=\"_ _15\"> </span>attr<span class=\"_ _2\"></span>ibuibili <span class=\"_ _15\"> </span>ad <span class=\"_ _e\"> </span>un\u2019attivit\u00e0 finanziaria lungo la sua vita residua attesa. Il <span class=\"_ _d\"></span>metodo <span class=\"_ _0\"></span>del <span class=\"_ _d\"></span>costo <span class=\"_ _d\"></span>ammortizzato <span class=\"_ _d\"></span>non <span class=\"_ _0\"></span>viene <span class=\"_ _d\"></span>utilizzato <span class=\"_ _d\"></span>per <span class=\"_ _0\"></span>le <span class=\"_ _d\"></span>attivit\u00e0 <span class=\"_ _0\"></span><span class=\"ff5\">\u2013</span> <span class=\"_ _d\"></span>valorizzate <span class=\"_ _0\"></span>al <span class=\"_ _d\"></span>costo <span class=\"_ _d\"></span>stor<span class=\"_ _2\"></span>ico <span class=\"_ _d\"></span><span class=\"ff5\">\u2013</span> <span class=\"_ _d\"></span>la <span class=\"_ _0\"></span>cui<span class=\"_ _1\"></span> breve <span class=\"_ _0\"></span>durata <span class=\"_ _0\"></span>fa <span class=\"_ _0\"></span>ritenere <span class=\"_ _0\"></span>trascurabile <span class=\"_ _d\"></span>l\u2019effetto <span class=\"_ _9\"> </span>dell\u2019applicazione <span class=\"_ _d\"></span>della <span class=\"_ _0\"></span>logic<span class=\"_ _2\"></span>a <span class=\"_ _0\"></span>dell\u2019attualizzazione, <span class=\"_ _0\"></span>per <span class=\"_ _0\"></span>quelle senza una scadenza definita e per i crediti a revoca. I <span class=\"_ _4\"> </span>criteri <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>valutazione <span class=\"_ _4\"> </span>relativi <span class=\"_ _4\"> </span>agli <span class=\"_ _4\"> </span>accantonamenti <span class=\"_ _4\"> </span>per <span class=\"_ _17\"> </span>le <span class=\"_ _4\"> </span>perdite <span class=\"_ _4\"> </span>att<span class=\"_ _2\"></span>ese <span class=\"_ _4\"> </span>sono <span class=\"_ _4\"> </span>strettamente <span class=\"_ _4\"> </span>connessi all\u2019inclusione <span class=\"_ _2\"></span>degli <span class=\"_ _d\"></span>strumenti <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>esame <span class=\"_ _2\"></span>in <span class=\"_ _d\"></span>uno <span class=\"_ _d\"></span>dei <span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>re <span class=\"_ _2\"></span>stages <span class=\"_ _d\"></span>(s<span class=\"_ _2\"></span>tadi <span class=\"_ _2\"></span>di <span class=\"_ _d\"></span>rischio <span class=\"_ _d\"></span>creditizio) <span class=\"_ _2\"></span>previsti <span class=\"_ _d\"></span>dall\u2019IFRS <span class=\"_ _2\"></span>9,<span class=\"_ _2\"></span> l\u2019ultimo <span class=\"_ _d\"></span>dei <span class=\"_ _d\"></span>quali <span class=\"_ _d\"></span>(Stage <span class=\"_ _d\"></span>3<span class=\"_ _2\"></span>) <span class=\"_ _d\"></span>comprende <span class=\"_ _d\"></span>le <span class=\"_ _d\"></span>attivit\u00e0 <span class=\"_ _d\"></span>finanziarie <span class=\"_ _d\"></span>deterior<span class=\"_ _2\"></span>ate <span class=\"_ _d\"></span>e <span class=\"_ _d\"></span>i <span class=\"_ _d\"></span>restanti <span class=\"_ _d\"></span>(Stage <span class=\"_ _d\"></span>1 <span class=\"_ _0\"></span>e <span class=\"_ _d\"></span>2) <span class=\"_ _d\"></span>le <span class=\"_ _d\"></span>attivit\u00e0 finanziarie in bonis. Con <span class=\"_ _2\"></span>riferimento alla <span class=\"_ _2\"></span>rappresentazi<span class=\"_ _f\"></span>o<span class=\"_ _2\"></span>ne contabile <span class=\"_ _2\"></span>dei suddetti <span class=\"_ _2\"></span>effetti <span class=\"_ _2\"></span>valutativi, <span class=\"_ _2\"></span>le rettifiche di <span class=\"_ _2\"></span>valore <span class=\"_ _2\"></span>riferite a questa tipologia di attivit\u00e0 sono rile<span class=\"_ _1\"></span>vate nel Conto Economico:<span class=\"_ _2\"></span> <span class=\"_ _2c\"> </span><span class=\"ff5\">all\u2019atto dell\u2019iscrizione iniziale, per un ammontare pari alla perdita attesa a dodici<span class=\"_ _1\"></span> mesi;<span class=\"_ _df\"> </span></span><span class=\"_ _2c\"> </span><span class=\"ff5\">all\u2019atto <span class=\"_ _c\"> </span>della <span class=\"_ _c\"> </span>valutazione <span class=\"_ _c\"> </span>successiva <span class=\"_ _c\"> </span>dell\u2019attivit\u00e0, <span class=\"_ _c\"> </span>o<span class=\"_ _2\"></span><span class=\"ff4\">ve <span class=\"_ _c\"> </span>il <span class=\"_ _c\"> </span>rischio <span class=\"_ _c\"> </span>creditizio <span class=\"_ _c\"> </span>non <span class=\"_ _c\"> </span>sia <span class=\"_ _c\"> </span>risultato </span></span>significativamente <span class=\"_ _26\"> </span>incrementato <span class=\"_ _26\"> </span>rispetto <span class=\"_ _26\"> </span>all\u2019iscrizione <span class=\"_ _6\"> </span>iniziale, <span class=\"_ _26\"> </span>in <span class=\"_ _26\"> </span>relazione <span class=\"_ _26\"> </span>alle <span class=\"_ _26\"> </span>variazioni dell\u2019ammontare delle rettifiche<span class=\"_ _1\"></span> di valore per perdite attese nei dodici mesi successivi;<span class=\"_ _df\"> </span><span class=\"_ _2c\"> </span><span class=\"ff5\">all\u2019atto <span class=\"_ _2\"></span>della valutazione <span class=\"_ _2\"></span>successiva <span class=\"_ _2\"></span>dell\u2019<span class=\"_ _1\"></span>attivit\u00e0, <span class=\"_ _2\"></span>ove il <span class=\"_ _2\"></span>rischio <span class=\"_ _2\"></span>cred<span class=\"_ _1\"></span>itizio <span class=\"_ _2\"></span>sia r<span class=\"_ _2\"></span>isultato significativamente </span>incrementato rispetto all\u2019iscrizione ini<span class=\"_ _1\"></span>ziale, in relazione alla rilevazione di rettifiche di valore per perdite attese riferibili all\u2019inte<span class=\"_ _1\"></span>ra vita residua prevista contrattu<span class=\"_ _2\"></span>almente per l\u2019attivit\u00e0;<span class=\"_ _df\"> </span><span class=\"_ _2c\"> </span><span class=\"ff5\">all\u2019atto <span class=\"_ _14\"> </span>della <span class=\"_ _14\"> </span>valutazione <span class=\"_ _14\"> </span>successiva <span class=\"_ _14\"> </span>dell\u2019attivit\u00e0, <span class=\"_ _17\"> </span>ove <span class=\"_ _15\"> </span>\u2013<span class=\"ff4\"> <span class=\"_ _14\"> </span>dopo <span class=\"_ _14\"> </span>che <span class=\"_ _14\"> </span>si <span class=\"_ _14\"> </span>\u00e8 <span class=\"_ _14\"> </span>verificato <span class=\"_ _14\"> </span>un <span class=\"_ _14\"> </span>incremento<span class=\"_ _df\"> </span></span></span>significativo <span class=\"_ _f\"></span>del rischio d<span class=\"_ _1\"></span>i credito <span class=\"_ _f\"></span>r<span class=\"_ _2\"></span>ispetto <span class=\"_ _1\"></span>all\u2019iscrizione <span class=\"_ _f\"></span>iniziale \u2013<span class=\"ff4\"> </span>la <span class=\"_ _1\"></span>\u201csignificativit\u00e0\u201d d<span class=\"_ _1\"></span>i tale <span class=\"_ _f\"></span>incremento sia poi <span class=\"_ _d\"></span>venuta <span class=\"_ _d\"></span>meno, <span class=\"_ _d\"></span>i<span class=\"ff5\">n <span class=\"_ _d\"></span>relazione <span class=\"_ _d\"></span>all\u2019adeguamento <span class=\"_ _d\"></span>delle <span class=\"_ _2\"></span>rett<span class=\"_ _2\"></span>ifiche <span class=\"_ _2\"></span>di <span class=\"_ _d\"></span>valore <span class=\"_ _d\"></span>cumulate <span class=\"_ _d\"></span>per <span class=\"_ _d\"></span>tener <span class=\"_ _d\"></span>conto <span class=\"_ _d\"></span>del </span>passaggio <span class=\"_ _2\"></span>da <span class=\"_ _2\"></span>una <span class=\"_ _2\"></span>perdita <span class=\"_ _2\"></span>attesa lungo <span class=\"_ _2\"></span>l\u2019intera <span class=\"_ _2\"></span>vita <span class=\"_ _2\"></span>residua <span class=\"_ _2\"></span>dell<span class=\"_ _1\"></span>o <span class=\"_ _2\"></span>strumento <span class=\"_ _2\"></span>(\u201clifetime\u201d) <span class=\"_ _2\"></span>ad <span class=\"_ _2\"></span>una <span class=\"_ _2\"></span>a dodici<span class=\"_ _df\"> </span>mesi.<span class=\"_ _df\"> </span>Le attivit\u00e0 <span class=\"_ _2\"></span>finanziarie<span class=\"_ _1\"></span> in <span class=\"_ _2\"></span>esame, ove risultino in bonis, son<span class=\"_ _2\"></span>o sottoposte ad <span class=\"_ _2\"></span>una valutazione, volta a definire le rettifiche <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>valore <span class=\"_ _9\"> </span>da <span class=\"_ _9\"> </span>rilevare <span class=\"_ _9\"> </span>in <span class=\"_ _9\"> </span>bilancio, <span class=\"_ _0\"></span>a <span class=\"_ _16\"> </span>livello <span class=\"_ _0\"></span>di <span class=\"_ _9\"> </span>s<span class=\"_ _2\"></span>ingolo <span class=\"_ _0\"></span>rapporto <span class=\"_ _9\"> </span>creditizio <span class=\"_ _9\"> </span>(o <span class=\"_ _9\"> </span>\u201ctranche\u201d <span class=\"_ _0\"></span>di <span class=\"_ _9\"> </span>tit<span class=\"_ _2\"></span>olo), <span class=\"_ _0\"></span>in funzione <span class=\"_ _0\"></span>dei <span class=\"_ _0\"></span>parametri <span class=\"_ _9\"> </span>di <span class=\"_ _0\"></span>rischio <span class=\"_ _0\"></span>rappresentati <span class=\"_ _9\"> </span>da <span class=\"_ _0\"></span>probability <span class=\"_ _0\"></span>of <span class=\"_ _0\"></span>default <span class=\"_ _9\"> </span>(PD), <span class=\"_ _0\"></span>loss <span class=\"_ _0\"></span>giv<span class=\"_ _d\"></span>en <span class=\"_ _0\"></span>default <span class=\"_ _0\"></span>(LGD) <span class=\"_ _9\"> </span>ed exposure <span class=\"_ _22\"> </span>at <span class=\"_ _4\"> </span>default <span class=\"_ _22\"> </span>(EAD), <span class=\"_ _4\"> </span>derivati  dai <span class=\"_ _4\"> </span>modelli <span class=\"_ _22\"> </span>AIRB <span class=\"_ _4\"> </span>e <span class=\"_ _22\"> </span>oppor<span class=\"_ _2\"></span>tunamente  corr<span class=\"_ _2\"></span>etti <span class=\"_ _22\"> </span>per <span class=\"_ _4\"> </span>tener  conto<span class=\"_ _2\"></span>  delle previsioni del principio contabile IFRS 9. Se, oltre ad un incremento significativo del<span class=\"_ _1\"></span> rischio di credito, si riscontr<span class=\"_ _2\"></span>ano anche<span class=\"_ _1\"></span> oggett<span class=\"_ _2\"></span>ive evidenze di una perdita <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>valore, l\u2019importo <span class=\"_ _d\"></span>della perdita <span class=\"_ _2\"></span>viene <span class=\"_ _2\"></span>misurato <span class=\"_ _2\"></span>come <span class=\"_ _2\"></span>dif<span class=\"_ _1\"></span>ferenza <span class=\"_ _2\"></span>tra <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>valore <span class=\"_ _2\"></span>contabile<span class=\"_ _1\"></span> <span class=\"_ _2\"></span>dell\u2019attivit\u00e0 <span class=\"_ _d\"></span>\u2013<span class=\"ff4\"> </span>classificata come \u201cde<span class=\"_ _1\"></span>teriorata\u201d, al pari d<span class=\"_ _1\"></span>i tutti gli <span class=\"_ _1\"></span>altri rapporti intercorrenti con l<span class=\"_ _1\"></span>a medesima controparte \u2013<span class=\"ff4\"> <span class=\"ls7e\">e </span></span>il <span class=\"_ _d\"></span>valore <span class=\"_ _0\"></span>attuale <span class=\"_ _d\"></span>dei <span class=\"_ _d\"></span>f<span class=\"_ _2\"></span>uturi <span class=\"_ _d\"></span>flussi <span class=\"_ _0\"></span>finanziari <span class=\"_ _d\"></span>stimati, <span class=\"_ _0\"></span>scontati <span class=\"_ _d\"></span>al <span class=\"_ _0\"></span>tasso <span class=\"_ _d\"></span>di <span class=\"_ _0\"></span>interesse <span class=\"_ _d\"></span>effettivo <span class=\"_ _0\"></span>originario. <span class=\"_ _d\"></span>In <span class=\"_ _0\"></span>tale<span class=\"_ _df\"> </span>contesto,  \u00e8<span class=\"_ _1\"></span>  s<span class=\"_ _f\"></span>t<span class=\"_ _2\"></span>ata <span class=\"_ _9\"> </span>s<span class=\"_ _2\"></span>vilu<span class=\"_ _1\"></span>ppata <span class=\"_ _16\"> </span>una <span class=\"_ _16\"> </span>specifica <span class=\"_ _9\"> </span>metodologia  per <span class=\"_ _9\"> </span>il  trattamento <span class=\"_ _9\"> </span>contabile  d<span class=\"_ _1\"></span>a  ap<span class=\"_ _1\"></span>plicare  ad <span class=\"_ _9\"> </span>un<span class=\"_ _df\"> </span> portafoglio di posizioni <span class=\"_ _2\"></span>a sofferenza che, <span class=\"_ _2\"></span>avendo maturato un <span class=\"_ _2\"></span>vintage significativo,<span class=\"_ _1\"></span> v<span class=\"_ _2\"></span>engono valutate anche<span class=\"_ _df\"> </span> in <span class=\"_ _9\"> </span>un\u2019ottica <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>cessione <span class=\"_ _9\"> </span>(c<span class=\"_ _2\"></span>.d.\u201d <span class=\"_ _0\"> </span>P<span class=\"_ _2\"></span>ortafoglio<span class=\"ff4\"> <span class=\"_ _9\"> </span>sotto <span class=\"_ _9\"> </span></span>\u2013<span class=\"ff4\"> <span class=\"_ _16\"> </span></span>modello <span class=\"_ _0\"></span>St<span class=\"_ _2\"></span>age<span class=\"_ _f\"></span> <span class=\"_ _16\"> </span>3\u201d). <span class=\"_ _9\"> </span>Tale <span class=\"_ _9\"> </span>metodologia <span class=\"_ _9\"> </span>considera <span class=\"_ _9\"> </span>diversi<span class=\"_ _df\"> </span> scenari  e <span class=\"_ _22\"> </span>s<span class=\"_ _2\"></span>tima  il <span class=\"_ _22\"> </span>valore <span class=\"_ _4\"> </span>recuperabile<span class=\"_ _1\"></span> <span class=\"_ _4\"> </span>delle  esposizioni  in <span class=\"_ _22\"> </span>bas<span class=\"_ _2\"></span>e  alla <span class=\"_ _22\"> </span>combinazione <span class=\"_ _4\"> </span>e <span class=\"_ _4\"> </span>alle  probabilit\u00e0 <span class=\"_ _4\"> </span>di<span class=\"_ _df\"> </span> accadimento <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>tali <span class=\"_ _d\"></span>scenari, <span class=\"_ _2\"></span>oltre <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>ai <span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>elativi <span class=\"_ _2\"></span>flussi <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>cassa <span class=\"_ _2\"></span>stimati.<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>Al <span class=\"_ _2\"></span>31/12/2025 <span class=\"_ _d\"></span>non r<span class=\"_ _2\"></span>isultano <span class=\"_ _2\"></span>posizioni<span class=\"_ _df\"> </span> all'interno del s<span class=\"_ _2\"></span>uddetto portafoglio. <span class=\"_ _2\"></span><span class=\"ff5\">Rientrano nell\u2019ambito <span class=\"_ _2\"></span>delle attivit\u00e0 <span class=\"_ _2\"></span>deteriorate gli str<span class=\"_ _2\"></span>umenti finanziari ai<span class=\"_ _df\"> </span></span><span class=\"ff5\"> </span>quali <span class=\"_ _0\"></span>\u00e8 <span class=\"_ _0\"></span>stato <span class=\"_ _0\"></span>attribuito <span class=\"_ _0\"></span>lo <span class=\"_ _0\"></span>status <span class=\"_ _0\"></span>di <span class=\"_ _d\"></span>s<span class=\"_ _2\"></span>offerenza, <span class=\"_ _d\"></span>inadempienza <span class=\"_ _0\"></span>pro<span class=\"_ _2\"></span>babile <span class=\"_ _d\"></span>o <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>scaduto/sconfinante <span class=\"_ _0\"></span>da <span class=\"_ _0\"></span>oltre<span class=\"_ _df\"> </span> novanta giorni secondo le regole<span class=\"_ _1\"></span> di Banca d\u2019Italia, coe<span class=\"_ _1\"></span>renti con la normativa IAS/IFRS e di Vigi<span class=\"_ _1\"></span>lanza europea.<span class=\"_ _df\"> </span><span class=\"_ _2\"></span><span class=\"ff4\"> </span>I flussi <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>cassa <span class=\"_ _2\"></span>previsti tengono cont<span class=\"_ _2\"></span>o dei <span class=\"_ _2\"></span>tempi <span class=\"_ _2\"></span>di recupero <span class=\"_ _2\"></span>attesi e <span class=\"_ _2\"></span>del presumibile <span class=\"_ _2\"></span>valore <span class=\"_ _2\"></span>di realizzo <span class=\"_ _2\"></span>delle<span class=\"_ _df\"> </span> eventuali garanzie.<span class=\"_ _df\"> </span> Il <span class=\"_ _9\"> </span>tasso <span class=\"_ _9\"> </span>effettivo <span class=\"_ _9\"> </span>originario <span class=\"_ _16\"> </span>di <span class=\"_ _0\"></span>ciascuna <span class=\"_ _9\"> </span>att<span class=\"_ _2\"></span>ivit\u00e0 <span class=\"_ _0\"> </span>r<span class=\"_ _2\"></span>imane <span class=\"_ _0\"> </span>invariato <span class=\"_ _9\"> </span>nel <span class=\"_ _9\"> </span>t<span class=\"_ _2\"></span>empo <span class=\"_ _0\"></span>ancorch\u00e9 <span class=\"_ _9\"> </span>s<span class=\"_ _2\"></span>ia <span class=\"_ _9\"> </span>intervenuta <span class=\"_ _0\"> </span>una<span class=\"_ _df\"> </span> ristrutturazione <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>rapporto <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>abbia <span class=\"_ _2\"></span>comportato <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>variazi<span class=\"_ _2\"></span>one <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>tasso <span class=\"_ _2\"></span>contrattuale <span class=\"_ _2\"></span>ed <span class=\"_ _2\"></span>anche <span class=\"_ _2\"></span>qualora <span class=\"_ _2\"></span>il<span class=\"_ _df\"> </span> rapporto divenga, nella pratica, infruttifero di interessi contrattu<span class=\"_ _f\"></span>ali.<span class=\"_ _df\"> </span><span class=\"_ _2\"></span> Qualora i motivi della perdita di valore siano rimossi a seguito di un e<span class=\"_ _1\"></span>vento verificatosi successivamente alla<span class=\"_ _df\"> </span> rilevazione <span class=\"_ _14\"> </span>della <span class=\"_ _14\"> </span>riduzione <span class=\"_ _14\"> </span>di <span class=\"_ _14\"> </span>valore, <span class=\"_ _15\"> </span>vengono <span class=\"_ _14\"> </span>effettuate <span class=\"_ _14\"> </span>riprese <span class=\"_ _14\"> </span>di <span class=\"_ _15\"> </span>valore <span class=\"_ _14\"> </span>con <span class=\"_ _14\"> </span>imputazione <span class=\"_ _14\"> </span>a <span class=\"_ _14\"> </span>Conto<span class=\"_ _df\"> </span> Economico.  La  ripresa  d<span class=\"_ _1\"></span>i  valore  non <span class=\"_ _16\"> </span>pu\u00f2  ecc<span class=\"_ _1\"></span>edere  il  costo  ammortizzato  che<span class=\"_ _1\"></span>  lo  strume<span class=\"_ _1\"></span>nto  finanziario<span class=\"_ _df\"> </span> avrebbe <span class=\"_ _2\"></span>avuto <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>assenza <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>precedenti <span class=\"_ _2\"></span>rettifiche. I <span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>ipristini <span class=\"_ _2\"></span>di v<span class=\"_ _2\"></span>alore <span class=\"_ _2\"></span>conness<span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>con <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>trascorrere <span class=\"_ _2\"></span>del tempo<span class=\"_ _df\"> </span> sono appostati nel margine di interesse.<span class=\"_ _df\"> </span> In <span class=\"_ _0\"></span>alcuni <span class=\"_ _9\"> </span>casi, <span class=\"_ _0\"></span>durante <span class=\"_ _9\"> </span>la <span class=\"_ _9\"> </span>vita <span class=\"_ _9\"> </span>delle <span class=\"_ _0\"></span>att<span class=\"_ _2\"></span>ivit\u00e0 <span class=\"_ _0\"></span>finanziarie <span class=\"_ _0\"></span>in <span class=\"_ _9\"> </span>esame <span class=\"_ _0\"></span>e, <span class=\"_ _9\"> </span>in <span class=\"_ _9\"> </span>particolare, <span class=\"_ _0\"> </span>dei <span class=\"_ _9\"> </span>crediti, <span class=\"_ _0\"></span>le <span class=\"_ _9\"> </span>condizioni<span class=\"_ _df\"> </span> contrattuali originarie sono ogge<span class=\"_ _1\"></span>tto di successiva modifica pe<span class=\"_ _1\"></span>r volon<span class=\"_ _2\"></span>t\u00e0 delle parti del contratto. Quando,<span class=\"_ _1\"></span> nel<span class=\"_ _df\"> </span> corso <span class=\"_ _0\"></span>della <span class=\"_ _0\"></span>vita <span class=\"_ _0\"></span>di <span class=\"_ _0\"> </span>uno <span class=\"_ _9\"> </span>strumento, <span class=\"_ _0\"></span>le <span class=\"_ _0\"></span>clausole <span class=\"_ _0\"></span>contr<span class=\"_ _2\"></span>attuali <span class=\"_ _d\"></span>s<span class=\"_ _2\"></span>ono <span class=\"_ _d\"></span>o<span class=\"_ _2\"></span>ggetto <span class=\"_ _d\"></span>di <span class=\"_ _9\"> </span>modifica <span class=\"_ _0\"></span>occorre <span class=\"_ _0\"></span>verificare <span class=\"_ _0\"></span>se<span class=\"_ _df\"> </span> l\u2019attivit\u00e0 <span class=\"_ _d\"></span>originaria <span class=\"_ _d\"></span>deve <span class=\"_ _d\"></span>continuare <span class=\"_ _d\"></span>ad <span class=\"_ _d\"></span>essere <span class=\"_ _d\"></span>rilevata <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>bilancio <span class=\"_ _d\"></span>o <span class=\"_ _d\"></span>se, <span class=\"_ _d\"></span>al <span class=\"_ _d\"></span>contrario, <span class=\"_ _d\"></span>lo <span class=\"_ _d\"></span>strumento <span class=\"_ _d\"></span>origi<span class=\"_ _2\"></span><span class=\"ff4\">nario<span class=\"_ _df\"> </span></span><span class=\"ff4\"> </span>deve <span class=\"_ _4\"> </span>ess<span class=\"_ _2\"></span>ere <span class=\"_ _4\"> </span>oggetto <span class=\"_ _14\"> </span>di <span class=\"_ _17\"> </span>cancellazi<span class=\"_ _1\"></span>one <span class=\"_ _17\"> </span>dal <span class=\"_ _17\"> </span>bilancio <span class=\"_ _17\"> </span>(derecognition<span class=\"_ _df\"> </span>) <span class=\"_ _17\"> </span>e <span class=\"_ _17\"> </span>debba <span class=\"_ _17\"> </span>essere <span class=\"_ _17\"> </span>rilevato <span class=\"_ _17\"> </span>un <span class=\"_ _17\"> </span>nuovo<span class=\"_ _df\"> </span> strumento finanziario.<span class=\"_ _df\"> </span> In generale, le<span class=\"_ _2\"></span> modifiche di <span class=\"_ _2\"></span>un\u2019attivit\u00e0 <span class=\"_ _2\"></span>finanziaria conducono alla <span class=\"_ _2\"></span>cancellazione della st<span class=\"_ _2\"></span>essa ed all\u2019iscrizione<span class=\"_ _df\"> </span> di <span class=\"_ _2\"></span>una <span class=\"_ _d\"></span>nuova <span class=\"_ _d\"></span>at<span class=\"ff5\">tivit\u00e0 <span class=\"_ _d\"></span>quando <span class=\"_ _2\"></span>sono <span class=\"_ _d\"></span>\u201csostanziali\u201d. <span class=\"_ _2\"></span>La <span class=\"_ _d\"></span>valutazione <span class=\"_ _2\"></span>circa <span class=\"_ _d\"></span>la <span class=\"_ _d\"></span>\u201csostanzialit\u00e0\u201d <span class=\"_ _d\"></span>della <span class=\"_ _2\"></span>modifica <span class=\"_ _2\"></span>deve<span class=\"_ _df\"> </span></span><span class=\"ff5\"> </span>essere effettuata <span class=\"_ _2\"></span>considerando <span class=\"_ _2\"></span>sia elementi <span class=\"_ _2\"></span>qualitativi sia <span class=\"_ _2\"></span>elementi <span class=\"_ _2\"></span>quantitativi. In <span class=\"_ _2\"></span>alcuni casi, <span class=\"_ _2\"></span>infatti, <span class=\"_ _2\"></span>potr\u00e0<span class=\"_ _df\"> </span> risultare <span class=\"_ _1a\"> </span>chiaro, <span class=\"_ _19\"> </span>senza <span class=\"_ _1a\"> </span>il <span class=\"_ _19\"> </span>ricorso <span class=\"_ _1a\"> </span>a <span class=\"_ _19\"> </span>complesse <span class=\"_ _1a\"> </span>analisi, <span class=\"_ _1a\"> </span>che <span class=\"_ _19\"> </span>i <span class=\"_ _1a\"> </span>cambiamenti <span class=\"_ _19\"> </span>intr<span class=\"_ _2\"></span>odotti <span class=\"_ _19\"> </span>modificano<span class=\"_ _df\"> </span> sostanzialmente <span class=\"_ _d\"></span>le <span class=\"_ _d\"></span>carat<span class=\"_ _2\"></span>teristiche <span class=\"_ _d\"></span>e/o <span class=\"_ _d\"></span>i <span class=\"_ _0\"></span>flussi <span class=\"_ _d\"></span>contrattuali <span class=\"_ _d\"></span>di <span class=\"_ _0\"></span>una <span class=\"_ _d\"></span>determinata <span class=\"_ _0\"></span>attivit\u00e0 <span class=\"_ _d\"></span>mentre, <span class=\"_ _0\"></span>in <span class=\"_ _d\"></span>altri <span class=\"_ _0\"></span>casi,<span class=\"_ _df\"> </span> dovranno <span class=\"_ _2\"></span>essere <span class=\"_ _d\"></span>svolte <span class=\"_ _d\"></span>ulteriori <span class=\"_ _2\"></span>analisi <span class=\"_ _d\"></span>(anche <span class=\"_ _2\"></span>di <span class=\"_ _d\"></span>tipo <span class=\"_ _2\"></span>quantitativo) <span class=\"_ _2\"></span>per <span class=\"_ _d\"></span>apprezzare <span class=\"_ _d\"></span>gli <span class=\"_ _2\"></span>effetti<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>delle <span class=\"_ _d\"></span>stesse <span class=\"_ _2\"></span>e<span class=\"_ _df\"> </span> verificare <span class=\"_ _0\"></span>la <span class=\"_ _16\"> </span>necessit\u00e0 <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>proce<span class=\"_ _2\"></span>dere <span class=\"_ _0\"></span>o <span class=\"_ _16\"> </span>meno <span class=\"_ _9\"> </span>alla <span class=\"_ _9\"> </span>cancellazione <span class=\"_ _9\"> </span>dell\u2019attivit\u00e0 <span class=\"_ _16\"> </span>ed <span class=\"_ _0\"></span>alla <span class=\"_ _9\"> </span>iscr<span class=\"_ _2\"></span>izione <span class=\"_ _0\"> </span>d<span class=\"_ _2\"></span>i <span class=\"_ _9\"> </span>un <span class=\"_ _9\"> </span>nuovo<span class=\"_ _df\"> </span> strumento finanziario.<span class=\"_ _df\"> </span> Le <span class=\"_ _9\"> </span>analisi <span class=\"_ _9\"> </span>(quali-<span class=\"ff5\">quantitative) <span class=\"_ _9\"> </span>volte <span class=\"_ _9\"> </span>a <span class=\"_ _9\"> </span>definire <span class=\"_ _9\"> </span>la <span class=\"_ _9\"> </span>\u201csost<span class=\"_ _2\"></span>anzialit\u00e0\u201d <span class=\"_ _0\"></span>delle <span class=\"_ _9\"> </span>modifiche <span class=\"_ _9\"> </span>contrattuali <span class=\"_ _9\"> </span>apportat<span class=\"_ _2\"></span>e <span class=\"_ _0\"></span>ad<span class=\"_ _df\"> </span></span><span class=\"ff5\"><span class=\"_ _2\"></span></span> un\u2019attivit\u00e0 finanziaria, dov<span class=\"_ _1\"></span>ranno pertant<span class=\"_ _2\"></span>o considerare:<span class=\"_ _df\"> </span><span class=\"ff4\"> </span><span class=\"_ _2c\"> </span><span class=\"ff4\">le finalit\u00e0 <span class=\"_ _2\"></span>per cui le modifiche so<span class=\"_ _2\"></span>no state effettuate: ad <span class=\"_ _2\"></span>esempio, rinegoziazioni per motivi commerciali<span class=\"_ _df\"> </span></span><span class=\"ff4\"> </span>e concessioni per difficolt\u00e0 finanziarie della controparte:<span class=\"_ _df\"> </span><span class=\"_ _2c\"> </span><span class=\"ff5\">le prime, <span class=\"_ _2\"></span>volte a <span class=\"_ _2\"></span>\u201ctrattenere\u201d il<span class=\"_ _2\"></span><span class=\"ff4\"> cliente, <span class=\"_ _2\"></span>vedono coinvolto un <span class=\"_ _2\"></span>debitore che <span class=\"_ _2\"></span>non versa <span class=\"_ _2\"></span>in una situazione <span class=\"_ _2\"></span>di<span class=\"_ _df\"> </span></span></span>difficolt\u00e0 <span class=\"_ _f\"></span>finanziaria. <span class=\"_ _1\"></span>In <span class=\"_ _f\"></span>q<span class=\"_ _2\"></span>uesta <span class=\"_ _f\"></span>casistica sono <span class=\"_ _f\"></span>incluse <span class=\"_ _f\"></span>tutte le<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>operazioni <span class=\"_ _f\"></span>di rineg<span class=\"_ _1\"></span>oziazione <span class=\"_ _f\"></span>ch<span class=\"_ _2\"></span>e <span class=\"_ _f\"></span>sono volte<span class=\"_ _df\"> </span><span class=\"_ _f\"></span> ad <span class=\"_ _f\"></span>adeguare l\u2019<span class=\"_ _1\"></span>onerosit\u00e0 del <span class=\"_ _f\"></span>debito <span class=\"_ _f\"></span>alle cond<span class=\"_ _1\"></span>izioni <span class=\"_ _f\"></span>d<span class=\"_ _2\"></span>i <span class=\"_ _f\"></span>mercato. Tali <span class=\"_ _f\"></span>oper<span class=\"ff4\">azioni comportano <span class=\"_ _f\"></span>una v<span class=\"_ _1\"></span>ariazione<span class=\"_ _df\"> </span></span>delle  condizioni  originarie  del  contratto,  solitamente  richieste<span class=\"_ _1\"></span>  dal  debitore,  che  attiene  ad  aspetti<span class=\"_ _df\"> </span> connessi <span class=\"_ _2\"></span>alla <span class=\"_ _2\"></span>oneros<span class=\"_ _2\"></span>it\u00e0 <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>debito, <span class=\"_ _2\"></span>con <span class=\"_ _2\"></span>un <span class=\"_ _2\"></span>cons<span class=\"_ _2\"></span>egue<span class=\"_ _1\"></span>nte <span class=\"_ _2\"></span>beneficio <span class=\"_ _d\"></span>economico <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>debitore <span class=\"_ _d\"></span>stesso. <span class=\"_ _2\"></span>In<span class=\"_ _df\"> </span> linea <span class=\"_ _9\"> </span>generale <span class=\"_ _16\"> </span>si <span class=\"_ _9\"> </span>r<span class=\"_ _2\"></span>itiene <span class=\"_ _9\"> </span>che,  og<span class=\"_ _1\"></span>niqualvolta <span class=\"_ _9\"> </span>la  b<span class=\"_ _1\"></span>anca <span class=\"_ _16\"> </span>effettui <span class=\"_ _9\"> </span>una  rine<span class=\"_ _1\"></span>goziazione <span class=\"_ _9\"> </span>al  fine<span class=\"_ _1\"></span>  d<span class=\"_ _1\"></span>i <span class=\"_ _9\"> </span>evit<span class=\"_ _2\"></span>are <span class=\"_ _9\"> </span>di<span class=\"_ _df\"> </span> perdere <span class=\"_ _f\"></span>il p<span class=\"_ _1\"></span>roprio cl<span class=\"_ _1\"></span>iente, <span class=\"_ _f\"></span>t<span class=\"_ _2\"></span>ale <span class=\"_ _f\"></span>rinegoziazione <span class=\"_ _1\"></span>debba e<span class=\"_ _1\"></span>ssere <span class=\"_ _1\"></span>considerata <span class=\"_ _f\"></span>come sostanziale <span class=\"_ _f\"></span>in <span class=\"_ _f\"></span>quan<span class=\"_ _2\"></span>to, <span class=\"_ _f\"></span>ove<span class=\"_ _df\"> </span> non <span class=\"_ _2\"></span>fosse <span class=\"_ _2\"></span>effettuata, <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>cliente <span class=\"_ _2\"></span>potrebbe <span class=\"_ _2\"></span>finanziarsi <span class=\"_ _2\"></span>presso <span class=\"_ _2\"></span>un <span class=\"_ _2\"></span>al<span class=\"_ _2\"></span>tro <span class=\"_ _2\"></span>intermediario <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>banca <span class=\"_ _2\"></span>subirebbe<span class=\"_ _df\"> </span> un decremento dei ricavi futuri previsti;<span class=\"_ _df\"> </span><span class=\"_ _2c\"> </span><span class=\"ff5\">le <span class=\"_ _d\"></span>s<span class=\"_ _2\"></span>econde, <span class=\"_ _d\"></span>effettuate <span class=\"_ _d\"></span>p<span class=\"_ _2\"></span>er <span class=\"_ _d\"></span>\u201cr<span class=\"_ _2\"></span>agioni <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>rischio <span class=\"_ _0\"></span>creditizio\u201d <span class=\"_ _d\"></span>(misure<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>for<span class=\"_ _2\"></span>bearance), <span class=\"_ _d\"></span>sono <span class=\"_ _d\"></span>r<span class=\"_ _2\"></span>iconducibili <span class=\"_ _d\"></span>al<span class=\"_ _df\"> </span></span><span class=\"ff5\"> </span>tentativo della banca di <span class=\"_ _2\"></span>massimizzare il recovery dei cas<span class=\"_ _2\"></span>h flow del c<span class=\"_ _2\"></span>redito originario. I rischi <span class=\"_ _2\"></span>e i benefici<span class=\"_ _df\"> </span> sottostanti, <span class=\"_ _e\"> </span>successivamente <span class=\"_ _15\"> </span>alle <span class=\"_ _e\"> </span>modifiche, <span class=\"_ _e\"> </span>di <span class=\"_ _e\"> </span>nor<span class=\"_ _2\"></span>ma, <span class=\"_ _e\"> </span>non <span class=\"_ _15\"> </span>s<span class=\"_ _2\"></span>ono <span class=\"_ _15\"> </span>sostanzialmente <span class=\"_ _e\"> </span>trasferiti <span class=\"_ _e\"> </span>e,<span class=\"_ _df\"> </span> conseguentemente, <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>rappresentazione <span class=\"_ _2\"></span>contabile <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>offre <span class=\"_ _2\"></span>informazioni <span class=\"_ _2\"></span>pi\u00f9 <span class=\"_ _2\"></span>rilevanti <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>lettore <span class=\"_ _2\"></span>del<span class=\"_ _df\"> </span> bilancio <span class=\"_ _0\"></span>(salvo <span class=\"_ _9\"> </span>quanto <span class=\"_ _9\"> </span>s<span class=\"_ _2\"></span>i <span class=\"_ _0\"></span>dir\u00e0 <span class=\"_ _9\"> </span>in <span class=\"_ _9\"> </span>seguito <span class=\"_ _9\"> </span>in <span class=\"_ _0\"></span>t<span class=\"_ _2\"></span>ema <span class=\"_ _0\"></span>di <span class=\"_ _9\"> </span>elementi <span class=\"_ _9\"> </span>oggettivi), <span class=\"_ _9\"> </span>\u00e8 <span class=\"_ _9\"> </span>quella <span class=\"_ _9\"> </span>effettuata <span class=\"_ _9\"> </span>tr<span class=\"_ _2\"></span>amite <span class=\"_ _0\"></span>il<span class=\"_ _df\"> </span> \u201cmodification <span class=\"_ _0\"></span>accounting\u201d <span class=\"_ _0\"></span><span class=\"ff4\">- <span class=\"_ _9\"> </span>che <span class=\"_ _0\"></span>implica <span class=\"_ _0\"></span>la <span class=\"_ _0\"></span>rilevazione <span class=\"_ _0\"></span>a <span class=\"_ _0\"></span>conto <span class=\"_ _0\"></span>economico <span class=\"_ _9\"> </span>della <span class=\"_ _d\"></span>differenza <span class=\"_ _0\"></span>tr<span class=\"_ _2\"></span>a <span class=\"_ _0\"></span>valore<span class=\"_ _df\"> </span></span><span class=\"ff4\"> </span>contabile <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>valore <span class=\"_ _d\"></span>attuale <span class=\"_ _2\"></span>dei <span class=\"_ _2\"></span>flussi <span class=\"_ _d\"></span>di <span class=\"_ _2\"></span>cassa <span class=\"_ _2\"></span>modificati <span class=\"_ _2\"></span>scontati <span class=\"_ _d\"></span>al <span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>asso <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>interesse <span class=\"_ _2\"></span>originario <span class=\"_ _d\"></span>- <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>non<span class=\"_ _df\"> </span> tramite la derecognition;<span class=\"_ _df\"> </span><span class=\"_ _2c\"> </span><span class=\"ff5\">la <span class=\"_ _0\"></span>presenza <span class=\"_ _9\"> </span>di <span class=\"_ _0\"></span>specifici <span class=\"_ _0\"></span>elemen<span class=\"_ _2\"></span>ti <span class=\"_ _0\"></span>oggettivi <span class=\"_ _0\"></span>(\u201ctrigger\u201d) <span class=\"_ _0\"></span>che <span class=\"_ _0\"></span>inc<span class=\"_ _2\"></span>idono <span class=\"_ _0\"></span>sulle <span class=\"_ _0\"></span>caratteristiche <span class=\"_ _0\"></span>e/o <span class=\"_ _9\"> </span>sui <span class=\"_ _0\"></span>flussi<span class=\"_ _df\"> </span></span><span class=\"ff5\"> </span>contrattuali <span class=\"_ _0\"></span>dello <span class=\"_ _0\"></span>strumento <span class=\"_ _0\"></span>finanziario <span class=\"_ _0\"></span>(quali, <span class=\"_ _0\"></span>a <span class=\"_ _0\"></span>solo <span class=\"_ _0\"></span>titolo <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>esempio, <span class=\"_ _0\"></span>il <span class=\"_ _0\"></span>cambi<span class=\"_ _2\"></span>amento <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>divisa <span class=\"_ _0\"></span>o <span class=\"_ _9\"> </span>la<span class=\"_ _df\"> </span> modifica della ti<span class=\"_ _2\"></span>pologia di rischio <span class=\"_ _2\"></span>a cui <span class=\"_ _2\"></span>si \u00e8 <span class=\"_ _2\"></span>esposti, ove <span class=\"_ _2\"></span>la si cor<span class=\"_ _2\"></span>reli a <span class=\"_ _2\"></span>parametri di equity <span class=\"_ _2\"></span>e comm<span class=\"_ _2\"></span>odity),<span class=\"_ _df\"> </span><span class=\"_ _1\"></span> che <span class=\"_ _1\"></span>si ritiene<span class=\"_ _1\"></span> comportino <span class=\"_ _1\"></span>la d<span class=\"_ _1\"></span>erecognition in <span class=\"_ _f\"></span>considerazione del <span class=\"_ _f\"></span>l<span class=\"_ _2\"></span>oro imp<span class=\"_ _1\"></span>atto (atteso <span class=\"_ _f\"></span>come significativo)<span class=\"_ _df\"> </span><span class=\"_ _1\"></span> sui flussi contrattuali originari.<span class=\"_ _df\"> </span>Criter<span class=\"_ _1\"></span>i di <span class=\"_ _1\"></span>cancell<span class=\"_ _1\"></span>azion<span class=\"_ _f\"></span>e Le attivit\u00e0 finanziarie veng<span class=\"_ _1\"></span>ono cancellate dal bilancio solamente se la cessione ha comportato il <span class=\"_ _1\"></span>sostanziale trasferimento di tutti i rischi e benefici connessi alle attivit\u00e0 stesse. Per contr<span class=\"_ _2\"></span>o, qualora sia stat<span class=\"_ _d\"></span>a mantenuta<span class=\"_ _1\"></span> una <span class=\"_ _2\"></span>quota <span class=\"_ _d\"></span>parte <span class=\"_ _d\"></span>rilevante <span class=\"_ _2\"></span>dei <span class=\"_ _d\"></span>rischi <span class=\"_ _d\"></span>e <span class=\"_ _d\"></span>benefici <span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>elativi<span class=\"_ _1\"></span> <span class=\"_ _d\"></span>alle <span class=\"_ _d\"></span>attivit\u00e0 <span class=\"_ _d\"></span>finanziarie <span class=\"_ _2\"></span>cedute, <span class=\"_ _d\"></span>queste <span class=\"_ _d\"></span>continuano <span class=\"_ _2\"></span>ad<span class=\"_ _df\"> </span>essere iscritte <span class=\"_ _2\"></span>in bilancio, ancorch\u00e9 gi<span class=\"_ _2\"></span>uridicamente la titolarit\u00e0 <span class=\"_ _2\"></span>delle attivit\u00e0 <span class=\"_ _2\"></span>stesse sia <span class=\"_ _2\"></span>stata effettivamente trasferita. Nel  caso  in  cui<span class=\"_ _1\"></span>  non  sia  possibile  accertare  il  sostanziale  trasferimento  de<span class=\"_ _1\"></span>i  rischi  e  benefici,  le  attivit\u00e0 finanziarie <span class=\"_ _0\"></span>vengono <span class=\"_ _9\"> </span>cancellate <span class=\"_ _9\"> </span>dal <span class=\"_ _9\"> </span>bilancio <span class=\"_ _0\"> </span>q<span class=\"_ _2\"></span>ualora <span class=\"_ _0\"></span>non <span class=\"_ _9\"> </span>sia <span class=\"_ _9\"> </span>st<span class=\"_ _2\"></span>ato <span class=\"_ _0\"></span>mantenuto <span class=\"_ _9\"> </span>alcun <span class=\"_ _0\"></span>t<span class=\"_ _2\"></span>ipo <span class=\"_ _0\"></span>di <span class=\"_ _9\"> </span>controllo <span class=\"_ _9\"> </span>sulle stesse. <span class=\"_ _d\"></span>In <span class=\"_ _0\"></span>caso <span class=\"_ _d\"></span>contrario, <span class=\"_ _d\"></span>la <span class=\"_ _0\"></span>conservazione, <span class=\"_ _d\"></span>anche <span class=\"_ _0\"></span>in <span class=\"_ _d\"></span>parte, <span class=\"_ _0\"></span>di <span class=\"_ _d\"></span>tale <span class=\"_ _d\"></span>cont<span class=\"_ _2\"></span>rollo <span class=\"_ _d\"></span>comporta <span class=\"_ _d\"></span>il <span class=\"_ _d\"></span>mantenimento <span class=\"_ _d\"></span>in bilancio <span class=\"_ _2\"></span>delle at<span class=\"_ _2\"></span>tivit\u00e0 <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>misura <span class=\"_ _2\"></span>pari <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>coinvolgimento <span class=\"_ _d\"></span>residuo, <span class=\"_ _2\"></span>misurato <span class=\"_ _2\"></span>dall\u2019esposizione a<span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>cambiamenti <span class=\"_ _2\"></span>di valore delle attivit\u00e0 cedute ed alle variazioni dei flu<span class=\"_ _1\"></span>ssi finanziari delle<span class=\"_ _2\"></span> stesse. Infine, le attivit\u00e0 finanziarie cedute vengono cancellate dal bilancio nel caso in cui vi sia la conservazione dei diritti <span class=\"_ _9\"> </span>contrattuali <span class=\"_ _0\"></span>a <span class=\"_ _9\"> </span>r<span class=\"_ _2\"></span>icev<span class=\"_ _1\"></span>ere <span class=\"_ _0\"></span>i <span class=\"_ _9\"> </span>r<span class=\"_ _2\"></span>elativi <span class=\"_ _0\"></span>flussi <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>cassa, <span class=\"_ _9\"> </span>con <span class=\"_ _9\"> </span>la <span class=\"_ _0\"></span>co<span class=\"_ _2\"></span>ntestuale <span class=\"_ _0\"></span>ass<span class=\"_ _2\"></span>unzione<span class=\"_ _1\"></span> <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>un\u2019obbligazione <span class=\"_ _0\"></span>a pagare detti flussi, e solo essi, senza un ritardo rilevante ad altri soggetti terzi. Criter<span class=\"_ _1\"></span>i di <span class=\"_ _1\"></span>rileva<span class=\"_ _f\"></span>zione dell<span class=\"_ _1\"></span>e com<span class=\"_ _f\"></span>ponenti <span class=\"_ _1\"></span>reddi<span class=\"_ _1\"></span>tuali<span class=\"_ _f\"></span> L\u2019allocazione <span class=\"_ _9\"> </span>delle <span class=\"_ _9\"> </span>componenti<span class=\"_ _2\"></span> <span class=\"_ _9\"> </span>reddituali <span class=\"_ _9\"> </span>nelle <span class=\"_ _16\"> </span>pertinenti <span class=\"_ _9\"> </span>voci  d<span class=\"_ _1\"></span>i <span class=\"_ _9\"> </span>cont<span class=\"_ _2\"></span>o <span class=\"_ _9\"> </span>economico <span class=\"_ _16\"> </span>avviene <span class=\"_ _9\"> </span>sulla <span class=\"_ _9\"> </span>base <span class=\"_ _16\"> </span>di quanto riportato di seguito: <span class=\"_ _2c\"> </span><span class=\"ff4\">Gli interessi att<span class=\"_ _2\"></span><span class=\"ff5\">ivi dei<span class=\"_ _1\"></span> crediti e dei titoli vengono allocati nella voce \u201cInteressi attivi e proventi assimilati\u201d </span></span>per competenza sulla base del tasso di interesse effettivo;<span class=\"_ _df\"> </span><span class=\"_ _2c\"> </span><span class=\"ff5\">Gli utili <span class=\"_ _f\"></span>e perdite d<span class=\"_ _1\"></span>a cessione <span class=\"_ _f\"></span>dei crediti e <span class=\"_ _f\"></span>dei titoli <span class=\"_ _1\"></span>vengono allocati <span class=\"_ _f\"></span>nella voce <span class=\"_ _1\"></span>\u201cUtili (pe<span class=\"_ _1\"></span>rdi<span class=\"_ _2\"></span><span class=\"ff4\">te) da <span class=\"_ _f\"></span>ce<span class=\"_ _2\"></span>ssione </span></span>o riacquisto di attivit\u00e0 finanziarie valutate al costo ammortizzato<span class=\"_ _1\"></span>\u201d;<span class=\"_ _df\"> </span><span class=\"_ _2c\"> </span><span class=\"ff4\">Le <span class=\"_ _9\"> </span>r<span class=\"_ _2\"></span>ettifiche <span class=\"_ _9\"> </span>da <span class=\"_ _9\"> </span>impairment, <span class=\"_ _16\"> </span>le <span class=\"_ _9\"> </span>perdite <span class=\"_ _9\"> </span>per <span class=\"_ _16\"> </span>cancellazioni <span class=\"_ _9\"> </span>e <span class=\"_ _16\"> </span>le <span class=\"_ _9\"> </span>riprese <span class=\"_ _16\"> </span>di <span class=\"_ _9\"> </span>valore <span class=\"_ _9\"> </span>dei <span class=\"_ _16\"> </span>crediti <span class=\"_ _9\"> </span>e <span class=\"_ _9\"> </span>dei<span class=\"_ _2\"></span> <span class=\"_ _9\"> </span>titoli </span>vengono <span class=\"_ _2\"></span>allocate <span class=\"_ _2\"></span>nella <span class=\"_ _2\"></span>voce <span class=\"_ _2\"></span>\u201cRe<span class=\"_ _2\"></span>ttifiche/riprese <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>valore <span class=\"_ _2\"></span>nette <span class=\"_ _d\"></span><span class=\"ff4\">per <span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>ischio <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>credito <span class=\"_ _2\"></span>relativo <span class=\"_ _2\"></span>ad <span class=\"_ _2\"></span>attivit\u00e0 </span>finanziarie valutate al costo ammortizzato\u201d.<span class=\"_ _df\"> </span><span class=\"_ _2c\"> </span><span class=\"ff5\">Gli <span class=\"_ _0\"></span>interessi <span class=\"_ _0\"></span>dovuti <span class=\"_ _0\"></span>al <span class=\"_ _d\"></span>trascorrere <span class=\"_ _0\"></span>del <span class=\"_ _d\"></span>tempo <span class=\"_ _0\"></span>sono <span class=\"_ _0\"></span>contabilizzati <span class=\"_ _0\"></span>nella <span class=\"_ _d\"></span>voce <span class=\"_ _0\"></span>\u201cInteressi <span class=\"_ _0\"></span>attivi <span class=\"_ _0\"></span>e <span class=\"_ _d\"></span>proventi </span>assimilati\u201d<span class=\"_ _df\"> </span>.<span class=\"ff4\"> </span>4 <span class=\"ls0\">- Operaz<span class=\"_ _1\"></span>ioni d<span class=\"_ _1\"></span>i co<span class=\"_ _1\"></span>pertu<span class=\"_ _1\"></span>ra<span class=\"_ _df\"> </span></span><span class=\"ls0\"> </span>Il <span class=\"_ _9\"> </span>Gruppo <span class=\"_ _16\"> </span>si <span class=\"_ _9\"> </span>a<span class=\"_ _2\"></span>vvale <span class=\"_ _9\"> </span><span class=\"ff5\">della <span class=\"_ _16\"> </span>facolt\u00e0, <span class=\"_ _16\"> </span>prevista <span class=\"_ _9\"> </span>in <span class=\"_ _16\"> </span>sede <span class=\"_ _16\"> </span>di <span class=\"_ _9\"> </span>introduzione <span class=\"_ _16\"> </span>dell\u2019IFRS <span class=\"_ _9\"> </span>9,  d<span class=\"_ _1\"></span>i <span class=\"_ _16\"> </span>continuare <span class=\"_ _9\"> </span>ad  appli<span class=\"_ _1\"></span>care<span class=\"_ _df\"> </span></span><span class=\"ff5\"> </span>integralmente <span class=\"_ _9\"> </span>le <span class=\"_ _9\"> </span>pre<span class=\"_ _2\"></span>visioni <span class=\"_ _9\"> </span>del <span class=\"_ _9\"> </span>principio <span class=\"_ _16\"> </span>contabile <span class=\"_ _9\"> </span>IAS <span class=\"_ _9\"> </span>39  in <span class=\"_ _9\"> </span>tema <span class=\"_ _9\"> </span>di <span class=\"_ _16\"> </span>\u201chedge <span class=\"_ _9\"> </span>accounting\u201d <span class=\"_ _16\"> </span>(nella <span class=\"_ _9\"> </span>versione<span class=\"_ _df\"> </span> carved <span class=\"_ _9\"> </span>out <span class=\"_ _16\"> </span>omologata <span class=\"_ _9\"> </span>dalla <span class=\"_ _9\"> </span>Commissione <span class=\"_ _9\"> </span>Europea) <span class=\"_ _16\"> </span>per <span class=\"_ _9\"> </span>ogni <span class=\"_ _9\"> </span>tipol<span class=\"_ _2\"></span>ogia <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>copertura  (sia<span class=\"_ _f\"></span>  pe<span class=\"_ _1\"></span>r <span class=\"_ _16\"> </span>le <span class=\"_ _9\"> </span>coperture<span class=\"_ _df\"> </span> specifiche che per le macro coperture).<span class=\"_ _df\"> </span> Criter<span class=\"_ _1\"></span>i di <span class=\"_ _1\"></span>iscrizi<span class=\"_ _1\"></span>one<span class=\"_ _df\"> </span> Gli <span class=\"_ _9\"> </span>strumenti <span class=\"_ _9\"> </span>derivati <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>copertura, <span class=\"_ _9\"> </span>al <span class=\"_ _9\"> </span>pari <span class=\"_ _16\"> </span>di <span class=\"_ _0\"> </span>t<span class=\"_ _2\"></span>utti <span class=\"_ _0\"></span>i <span class=\"_ _16\"> </span>derivati, <span class=\"_ _0\"></span>sono <span class=\"_ _9\"> </span>inizialmente <span class=\"_ _9\"> </span>iscritti <span class=\"_ _9\"> </span>e <span class=\"_ _16\"> </span>successivamente<span class=\"_ _df\"> </span><span class=\"_ _1\"></span> misurati al fair value.<span class=\"_ _df\"> </span> Criter<span class=\"_ _1\"></span>i di <span class=\"_ _1\"></span>class<span class=\"_ _1\"></span>ificazi<span class=\"_ _1\"></span>one: t<span class=\"_ _f\"></span>ipologia <span class=\"_ _f\"></span>di copert<span class=\"_ _1\"></span>ure<span class=\"_ _df\"> </span> Le <span class=\"_ _9\"> </span>o<span class=\"_ _2\"></span>perazioni <span class=\"_ _9\"> </span>di  cop<span class=\"_ _1\"></span>ertura  d<span class=\"_ _1\"></span>ei <span class=\"_ _16\"> </span>rischi <span class=\"_ _16\"> </span>sono <span class=\"_ _9\"> </span>finalizzate <span class=\"_ _16\"> </span>a <span class=\"_ _16\"> </span>neutralizzare <span class=\"_ _9\"> </span>potenziali  variazioni<span class=\"_ _1\"></span>  d<span class=\"_ _1\"></span>i <span class=\"_ _16\"> </span>fair  valu<span class=\"_ _f\"></span>e  o<span class=\"_ _df\"> </span> variazioni <span class=\"_ _2\"></span>di <span class=\"_ _d\"></span>flussi <span class=\"_ _d\"></span>di <span class=\"_ _2\"></span>cassa, <span class=\"_ _d\"></span>attribuibili <span class=\"_ _2\"></span>ad <span class=\"_ _d\"></span>un <span class=\"_ _2\"></span>determinato <span class=\"_ _d\"></span>rischio <span class=\"_ _d\"></span>e <span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>ilev<span class=\"_ _1\"></span>abili <span class=\"_ _d\"></span>su <span class=\"_ _2\"></span>un <span class=\"_ _d\"></span>determinato <span class=\"_ _d\"></span>elemento <span class=\"_ _2\"></span>o<span class=\"_ _df\"> </span> gruppo di elementi, nel caso in cui q<span class=\"_ _1\"></span>uel particolare rischio dovesse effettivamente manifestarsi.<span class=\"_ _df\"> </span><span class=\"_ _2\"></span> Le tipologie di coperture utilizz<span class=\"_ _1\"></span>ate sono <span class=\"_ _2\"></span>le <span class=\"_ _1\"></span>seguenti:<span class=\"_ _df\"> </span> <span class=\"_ _2c\"> </span><span class=\"ff5\">copertura di fair valu<span class=\"_ _1\"></span>e: ha l<span class=\"_ _1\"></span>\u2019obiettivo di<span class=\"_ _1\"></span> coprire l\u2019e<span class=\"_ _1\"></span>sposizione alla <span class=\"_ _1\"></span>variazione d<span class=\"_ _1\"></span>el fair valu<span class=\"_ _f\"></span>e (attribu<span class=\"_ _2\"></span><span class=\"ff4\">ibile alle<span class=\"_ _df\"> </span></span></span>diverse <span class=\"_ _9\"> </span>tipologie <span class=\"_ _16\"> </span>di <span class=\"_ _9\"> </span>rischio)  d<span class=\"_ _1\"></span>i <span class=\"_ _16\"> </span>attivit\u00e0 <span class=\"_ _16\"> </span>e <span class=\"_ _9\"> </span>passivit\u00e0 <span class=\"_ _16\"> </span>iscritte <span class=\"_ _9\"> </span>in <span class=\"_ _16\"> </span>bilancio <span class=\"_ _9\"> </span>o  p<span class=\"_ _f\"></span>o<span class=\"_ _2\"></span>rzioni <span class=\"_ _9\"> </span>di <span class=\"_ _16\"> </span>esse, <span class=\"_ _16\"> </span>di <span class=\"_ _9\"> </span>gruppi <span class=\"_ _16\"> </span>di<span class=\"_ _df\"> </span> attivit\u00e0/passivit\u00e0, <span class=\"_ _d\"></span>di <span class=\"_ _0\"></span>impegni <span class=\"_ _d\"></span>irrevocabili <span class=\"_ _d\"></span>e <span class=\"_ _0\"></span>di <span class=\"_ _d\"></span>port<span class=\"_ _2\"></span>afogli <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>attivit\u00e0 <span class=\"_ _0\"></span>e <span class=\"_ _d\"></span>passivit\u00e0 <span class=\"_ _0\"></span>finanziarie, <span class=\"_ _d\"></span>inclusi <span class=\"_ _0\"></span>i <span class=\"_ _d\"></span>core<span class=\"_ _df\"> </span> deposits, come <span class=\"_ _1\"></span>consentito dallo <span class=\"_ _f\"></span>IAS 39 omologato<span class=\"_ _1\"></span> dalla Commis<span class=\"_ _1\"></span>sione Europea.<span class=\"_ _1\"></span> Le cop<span class=\"_ _1\"></span>erture generiche<span class=\"_ _df\"> </span>di fair <span class=\"_ _2\"></span>value (\u201cmacr<span class=\"_ _2\"></span>o hedge\u201d) ha<span class=\"_ _2\"></span>nno l\u2019obiettivo <span class=\"_ _2\"></span>di ridurre <span class=\"_ _2\"></span>le <span class=\"_ _2\"></span>oscillazioni di fair <span class=\"_ _2\"></span>value, imp<span class=\"_ _2\"></span>utabili al <span class=\"_ _2\"></span>rischio<span class=\"_ _df\"> </span> di <span class=\"_ _0\"></span>tas<span class=\"_ _2\"></span>so <span class=\"_ _0\"></span>di <span class=\"_ _9\"> </span>interesse, <span class=\"_ _9\"> </span>di <span class=\"_ _0\"></span>un <span class=\"_ _9\"> </span>imp<span class=\"_ _2\"></span>orto <span class=\"_ _0\"></span>monetar<span class=\"_ _2\"></span>io, <span class=\"_ _0\"></span>riveniente <span class=\"_ _0\"></span>da <span class=\"_ _9\"> </span>un <span class=\"_ _9\"> </span>porta<span class=\"_ _2\"></span>foglio <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>attivit\u00e0 <span class=\"_ _9\"> </span>o <span class=\"_ _9\"> </span>di <span class=\"_ _0\"></span>passivit\u00e0<span class=\"_ _df\"> </span> finanziarie. Non <span class=\"_ _2\"></span>possono <span class=\"_ _2\"></span>essere <span class=\"_ _2\"></span>oggetto <span class=\"_ _2\"></span>di copertura <span class=\"_ _2\"></span>generica <span class=\"_ _2\"></span>importi <span class=\"_ _2\"></span>netti <span class=\"_ _2\"></span>derivanti dallo s<span class=\"_ _2\"></span>bilancio di<span class=\"_ _df\"> </span> attivit\u00e0 e passivit\u00e0;<span class=\"_ _df\"> </span> <span class=\"_ _2c\"> </span><span class=\"ff5\">copertura <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>flussi <span class=\"_ _2\"></span>finanziari: <span class=\"_ _2\"></span>ha <span class=\"_ _2\"></span>l\u2019obiett<span class=\"_ _2\"></span>ivo di <span class=\"_ _2\"></span>coprire <span class=\"_ _2\"></span>l\u2019esposizione <span class=\"_ _2\"></span>a <span class=\"_ _d\"></span>variazioni d<span class=\"_ _2\"></span>ei <span class=\"_ _2\"></span>flussi<span class=\"_ _2\"></span><span class=\"ff4\"> <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>cassa <span class=\"_ _2\"></span>futuri<span class=\"_ _df\"> </span></span></span><span class=\"ff5\"><span class=\"ff4\"> </span></span>attribuibili <span class=\"_ _16\"> </span>a  p<span class=\"_ _1\"></span>articolari  rischi  associati <span class=\"_ _16\"> </span>a  p<span class=\"_ _1\"></span>oste  de<span class=\"_ _1\"></span>l  bilanci<span class=\"_ _1\"></span>o.  Tale <span class=\"_ _16\"> </span>tipologia <span class=\"_ _16\"> </span>di  cope<span class=\"_ _1\"></span>rtura  \u00e8  u<span class=\"_ _1\"></span>tilizzata<span class=\"_ _df\"> </span> essenzialmente <span class=\"_ _2\"></span>per <span class=\"_ _d\"></span>stabilizzare <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>fl<span class=\"_ _2\"></span>usso <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>interessi <span class=\"_ _d\"></span>della <span class=\"_ _2\"></span>raccol<span class=\"_ _2\"></span>ta <span class=\"_ _2\"></span>a <span class=\"_ _d\"></span>tasso <span class=\"_ _2\"></span>variabile <span class=\"_ _2\"></span>nella <span class=\"_ _d\"></span>misura <span class=\"_ _2\"></span>in <span class=\"_ _d\"></span>cui<span class=\"_ _df\"> </span> quest\u2019ultima <span class=\"_ _2\"></span>finanzia <span class=\"_ _d\"></span>im<span class=\"ff4\">pieghi <span class=\"_ _d\"></span>a <span class=\"_ _d\"></span>tasso <span class=\"_ _2\"></span>fisso. <span class=\"_ _d\"></span>In <span class=\"_ _2\"></span>talune <span class=\"_ _d\"></span>circostanze, <span class=\"_ _2\"></span>analoghe <span class=\"_ _2\"></span>operazioni <span class=\"_ _d\"></span>sono <span class=\"_ _d\"></span>poste <span class=\"_ _d\"></span>in<span class=\"_ _df\"> </span></span><span class=\"ff4\"> </span>essere relativamente ad alcune tipologi<span class=\"_ _1\"></span>e di impieghi a tasso variabile.<span class=\"_ _df\"> </span><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs3de\">Solo <span class=\"_ _16\"> </span>gli <span class=\"_ _9\"> </span>st<span class=\"_ _2\"></span>rumenti <span class=\"_ _9\"> </span>che  coinvolgono <span class=\"_ _9\"> </span>una  controparte <span class=\"_ _9\"> </span>esterna  al <span class=\"_ _9\"> </span>Gruppo  possono <span class=\"_ _9\"> </span>essere  designati <span class=\"_ _9\"> </span>come<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs3df\">strumenti  di  copertura. <span class=\"_ _16\"> </span>Data  la  scelta  ese<span class=\"_ _1\"></span>rcitata  dal  Gruppo <span class=\"_ _16\"> </span>di  av<span class=\"_ _1\"></span>valersi  della  facolt\u00e0  d<span class=\"_ _1\"></span>i  continuare  ad<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1d3\">applicare integralme<span class=\"_ _1\"></span>nte le regole dello <span class=\"_ _1\"></span>IAS 39 per <span class=\"_ _1\"></span>le relazioni di copertura, non <span class=\"_ _f\"></span>\u00e8 possibile designare i titoli d<span class=\"_ _1\"></span>i<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs3e0\">capitale <span class=\"_ _2\"></span>classificati <span class=\"_ _d\"></span>tra <span class=\"_ _2\"></span>le <span class=\"_ _d\"></span>Attivit\u00e0 <span class=\"_ _2\"></span>finanziarie <span class=\"_ _d\"></span>valutate <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>fair <span class=\"_ _d\"></span>value <span class=\"_ _2\"></span>con <span class=\"_ _d\"></span>impatto <span class=\"_ _d\"></span>sulla <span class=\"_ _2\"></span>redditivit\u00e0 <span class=\"_ _2\"></span>complessiva<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs3e1\">(FVOCI) <span class=\"_ _d\"></span>come <span class=\"_ _d\"></span>oggetti <span class=\"_ _d\"></span>coperti <span class=\"_ _d\"></span>per <span class=\"_ _d\"></span>il <span class=\"_ _d\"></span>r<span class=\"_ _2\"></span>ischio <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>prezzo <span class=\"_ _2\"></span>o<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>cambio, <span class=\"_ _d\"></span>dato <span class=\"_ _d\"></span>che <span class=\"_ _d\"></span>tali <span class=\"_ _d\"></span>strumenti <span class=\"_ _d\"></span>non <span class=\"_ _d\"></span>impatt<span class=\"_ _2\"></span>ano <span class=\"_ _d\"></span>il<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs3e2\">conto economico, nemmeno in caso di vendita (se non pe<span class=\"_ _1\"></span>r i dividendi che so<span class=\"_ _2\"></span>no rilevati a conto economico).<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc4 sc3 ls0 ws0 gs3e3\">Criter<span class=\"_ _1\"></span>i di <span class=\"_ _1\"></span>valuta<span class=\"_ _1\"></span>zione<span class=\"_ _df\"> </span><span class=\"_ _f\"></span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs3e4\">I derivati di copertura sono valutati al fair value. In particolare:<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff14 fs1 fc1 sc0 ls0 ws0 gs3e5\"><span class=\"_ _2c\"> </span><span class=\"ff5\">nel caso <span class=\"_ _2\"></span>di copertura <span class=\"_ _2\"></span>di fair value, si <span class=\"_ _2\"></span>compensa la variazione <span class=\"_ _2\"></span>del fair <span class=\"_ _2\"></span>value dell\u2019elemento coperto <span class=\"_ _2\"></span>con la<span class=\"_ _df\"> </span></span><span class=\"ff5\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs3e6\">variazione del fair <span class=\"_ _2\"></span>value dello strumento <span class=\"_ _2\"></span>di copertura. Tale compensazione \u00e8 <span class=\"_ _2\"></span>riconosciuta attraverso <span class=\"_ _2\"></span>la<span class=\"_ _df\"> </span><span class=\"_ _1\"></span> </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs3e7\">rilevazione <span class=\"_ _d\"></span>a <span class=\"_ _0\"></span>Conto <span class=\"_ _d\"></span>Economico <span class=\"_ _0\"></span>delle <span class=\"_ _d\"></span>variazioni <span class=\"_ _d\"></span>di <span class=\"_ _0\"></span>valore, <span class=\"_ _d\"></span>riferite<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>sia <span class=\"_ _0\"></span>all\u2019elemento <span class=\"_ _d\"></span>coperto <span class=\"_ _0\"></span>(per <span class=\"_ _d\"></span>quanto<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs3e8\">riguarda  le  variazioni  prodotte  dal  fat<span class=\"_ _2\"></span>tore  di  rischio  sot<span class=\"_ _2\"></span>tostante),  sia <span class=\"_ _22\"> </span>allo <span class=\"_ _22\"> </span>st<span class=\"_ _2\"></span>rumento  di  copertura.<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs3e9\">L\u2019eventuale <span class=\"_ _17\"> </span>differenza, <span class=\"_ _17\"> </span>che <span class=\"_ _14\"> </span>rappresenta <span class=\"_ _17\"> </span>la <span class=\"_ _14\"> </span>parziale <span class=\"_ _17\"> </span>inefficacia <span class=\"_ _17\"> </span>della <span class=\"_ _17\"> </span>copertura, <span class=\"_ _14\"> </span>ne <span class=\"_ _17\"> </span>cos<span class=\"_ _2\"></span>tituisce <span class=\"_ _17\"> </span>di<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs3ea\">conseguenza l\u2019effetto <span class=\"_ _2\"></span>economico <span class=\"_ _2\"></span>netto. Nel <span class=\"_ _2\"></span>caso di <span class=\"_ _2\"></span>operazioni di <span class=\"_ _2\"></span>copertura <span class=\"_ _2\"></span>generica di <span class=\"_ _2\"></span>fair value <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>un<span class=\"_ _df\"> </span><span class=\"_ _1\"></span> </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs3eb\">portafoglio <span class=\"_ _2\"></span>(\u201cmacro <span class=\"_ _d\"></span>hedge\u201d) <span class=\"_ _2\"></span>le <span class=\"_ _2\"></span>variazioni <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>fair <span class=\"_ _d\"></span>value <span class=\"_ _2\"></span>con <span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>iferimento <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>rischio <span class=\"_ _2\"></span>coperto <span class=\"_ _d\"></span>dell<span class=\"_ _1\"></span>e <span class=\"_ _2\"></span>att<span class=\"_ _2\"></span>ivit\u00e0 <span class=\"_ _2\"></span>e<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs3ec\">delle passiv<span class=\"_ _1\"></span>it\u00e0 oggetto di copertura sono impu<span class=\"_ _1\"></span>tate nello stato pa<span class=\"_ _1\"></span>trimoniale, rispettivamente,<span class=\"_ _1\"></span> nella voce<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs3ed\">60. <span class=\"_ _4\"> </span>\u201c<span class=\"_ _2\"></span>Adeg<span class=\"_ _1\"></span>uamento <span class=\"_ _17\"> </span>di <span class=\"_ _4\"> </span>valor<span class=\"_ _2\"></span>e <span class=\"_ _4\"> </span>delle <span class=\"_ _17\"> </span>attivit\u00e0 <span class=\"_ _17\"> </span>finanziarie <span class=\"_ _4\"> </span>oggetto <span class=\"_ _17\"> </span>di <span class=\"_ _4\"> </span>c<span class=\"_ _2\"></span>op<span class=\"_ _2\"></span>ertura <span class=\"_ _4\"> </span>generica\u201d <span class=\"_ _17\"> </span>oppure <span class=\"_ _4\"> </span>50<span class=\"_ _2\"></span>.<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs3ee\">\u201cAdeguamento di valore delle passivit\u00e0 finanziarie ogg<span class=\"_ _1\"></span>etto di copertura generica\u201d;<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff14 fs1 fc1 sc0 ls0 ws0 gs3ef\"><span class=\"_ _2c\"> </span><span class=\"ff4\">nel <span class=\"_ _9\"> </span>caso<span class=\"_ _2\"></span> <span class=\"_ _9\"> </span>di <span class=\"_ _16\"> </span>copertura <span class=\"_ _9\"> </span>di  fl<span class=\"_ _1\"></span>ussi <span class=\"_ _9\"> </span>finanziari, <span class=\"_ _16\"> </span>le <span class=\"_ _9\"> </span>variazioni <span class=\"_ _16\"> </span>di <span class=\"_ _9\"> </span>fair  valu<span class=\"_ _1\"></span>e <span class=\"_ _9\"> </span>d<span class=\"_ _2\"></span>el <span class=\"_ _9\"> </span>derivato <span class=\"_ _16\"> </span>sono <span class=\"_ _9\"> </span>imputate <span class=\"_ _16\"> </span>nella<span class=\"_ _df\"> </span></span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs3f0\">redditivit\u00e0 <span class=\"_ _2\"></span>complessiva, <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>la <span class=\"_ _d\"></span>quota <span class=\"_ _d\"></span>efficace <span class=\"_ _2\"></span>della <span class=\"_ _2\"></span>copertura, <span class=\"_ _2\"></span>e <span class=\"_ _d\"></span>sono <span class=\"_ _2\"></span>rilevate <span class=\"_ _2\"></span>a <span class=\"_ _d\"></span>Conto <span class=\"_ _2\"></span>Economico <span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>olo<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs3f1\">quando, con rife<span class=\"_ _1\"></span>rimento alla <span class=\"_ _1\"></span>posta coperta, <span class=\"_ _1\"></span>si manife<span class=\"_ _1\"></span>sta la v<span class=\"_ _1\"></span>ariazione d<span class=\"_ _1\"></span>ei flu<span class=\"_ _1\"></span>ssi di cassa <span class=\"_ _f\"></span>da compensare<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs3f2\">o se la copertura risulta inefficace;<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff14 fs1 fc1 sc0 ls0 ws0 gs3f3\"><span class=\"_ _2c\"> </span><span class=\"ff4\">le <span class=\"_ _2\"></span>coperture di <span class=\"_ _2\"></span>un <span class=\"_ _2\"></span>investimento <span class=\"_ _2\"></span>netto in <span class=\"_ _2\"></span>valuta <span class=\"_ _2\"></span>sono <span class=\"_ _2\"></span>contabilizzate <span class=\"_ _2\"></span>allo stesso <span class=\"_ _2\"></span>modo <span class=\"_ _2\"></span>delle coperture <span class=\"_ _2\"></span>di<span class=\"_ _df\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs3f4\">flussi finanziari.<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs3f5\">Lo <span class=\"_ _2\"></span>strumento <span class=\"_ _2\"></span>derivato \u00e8 <span class=\"_ _2\"></span>designato <span class=\"_ _2\"></span>di copertura <span class=\"_ _2\"></span>se <span class=\"_ _2\"></span>esiste una <span class=\"_ _2\"></span>documentazione <span class=\"_ _2\"></span>formalizzata d<span class=\"_ _2\"></span>ella r<span class=\"_ _2\"></span>elazione<span class=\"_ _df\"> </span><span class=\"_ _1\"></span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs3f6\">tra lo <span class=\"_ _1\"></span>strumento cope<span class=\"_ _1\"></span>rto e lo<span class=\"_ _1\"></span> strumento <span class=\"_ _1\"></span>di copertura <span class=\"_ _1\"></span>e se<span class=\"_ _1\"></span> \u00e8 eff<span class=\"_ _1\"></span>icace nel<span class=\"_ _1\"></span> momento in cu<span class=\"_ _1\"></span>i la cope<span class=\"_ _1\"></span>rtura ha<span class=\"_ _1\"></span> inizio<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs3f7\">e, prospetticamente, durante tutta la vita del<span class=\"_ _1\"></span>la stessa.<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs3f8\">L'efficacia della copertura dipende dalla misura in cui le variazioni di fair value dello strumento coperto o dei<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs3f9\">relativi <span class=\"_ _4\"> </span>flussi <span class=\"_ _17\"> </span>finanziari <span class=\"_ _4\"> </span>att<span class=\"_ _2\"></span>esi <span class=\"_ _4\"> </span>risultano <span class=\"_ _4\"> </span>compensat<span class=\"_ _2\"></span>i <span class=\"_ _4\"> </span>da <span class=\"_ _17\"> </span>quelle <span class=\"_ _4\"> </span>dello <span class=\"_ _4\"> </span>s<span class=\"_ _2\"></span>trumento <span class=\"_ _4\"> </span>di <span class=\"_ _17\"> </span>copertura. <span class=\"_ _4\"> </span>Pertanto,<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs3fa\">l'efficacia <span class=\"_ _17\"> </span>\u00e8 <span class=\"_ _14\"> </span>apprezzata <span class=\"_ _14\"> </span>dal <span class=\"_ _14\"> </span>confronto <span class=\"_ _14\"> </span>delle <span class=\"_ _17\"> </span>s<span class=\"_ _2\"></span>uddette <span class=\"_ _17\"> </span>variazioni, <span class=\"_ _14\"> </span>tenuto <span class=\"_ _14\"> </span>conto <span class=\"_ _14\"> </span>dell'intento <span class=\"_ _17\"> </span>perseguito<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs3fb\">dall'impresa <span class=\"_ _2\"></span>nel <span class=\"_ _2\"></span>momento <span class=\"_ _d\"></span>in <span class=\"_ _2\"></span>cui <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>copertura <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _2\"></span>stata <span class=\"_ _d\"></span>posta <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>essere. <span class=\"_ _2\"></span>Si <span class=\"_ _2\"></span>ha <span class=\"_ _d\"></span>efficacia <span class=\"_ _2\"></span>quando <span class=\"_ _2\"></span>le <span class=\"_ _2\"></span>va<span class=\"_ _2\"></span>riazioni <span class=\"_ _2\"></span>di<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs3fc\">fair <span class=\"_ _2\"></span>value <span class=\"_ _2\"></span>(o <span class=\"_ _2\"></span>dei <span class=\"_ _2\"></span>flussi <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>cassa) <span class=\"_ _d\"></span>dello st<span class=\"_ _2\"></span>rumento <span class=\"_ _2\"></span>finanziario di <span class=\"_ _d\"></span>copertura <span class=\"_ _2\"></span>neutralizzano <span class=\"_ _2\"></span>quasi <span class=\"_ _2\"></span>integralmente,<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs3fd\">cio\u00e8 <span class=\"_ _4\"> </span>nei <span class=\"_ _4\"> </span>limiti <span class=\"_ _17\"> </span>stabiliti <span class=\"_ _17\"> </span>dall\u2019intervallo <span class=\"_ _4\"> </span>80<span class=\"_ _2\"></span><span class=\"ff4\">-125%, <span class=\"_ _4\"> </span>le <span class=\"_ _17\"> </span>variazioni<span class=\"_ _1\"></span> <span class=\"_ _17\"> </span>di <span class=\"_ _4\"> </span>fair <span class=\"_ _17\"> </span>value <span class=\"_ _4\"> </span>dello <span class=\"_ _4\"> </span>str<span class=\"_ _2\"></span>umento <span class=\"_ _4\"> </span>coperto, <span class=\"_ _4\"> </span>per<span class=\"_ _df\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs3fe\">l\u2019elemento di rischio ogg<span class=\"ff4\">etto di copertura.<span class=\"_ _df\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs3ff\">La valutazione dell'efficacia \u00e8 effettuata ad ogni chiusura di bi<span class=\"_ _1\"></span>lancio o di situazione infrannuale utilizzando:<span class=\"_ _df\"> </span><span class=\"_ _2\"></span> </div><div class=\"t m0 h5 ff14 fs1 fc1 sc0 ls0 ws0 gs400\"><span class=\"_ _2c\"> </span><span class=\"ff4\">test <span class=\"_ _10\"> </span>prospettici, <span class=\"_ _e\"> </span>che <span class=\"_ _10\"> </span>giustificano <span class=\"_ _e\"> </span>l'applicazione <span class=\"_ _10\"> </span>della <span class=\"_ _e\"> </span>contabilizzazione <span class=\"_ _e\"> </span>di <span class=\"_ _10\"> </span>copertura, <span class=\"_ _10\"> </span>in <span class=\"_ _e\"> </span>quanto<span class=\"_ _df\"> </span></span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs401\">dimostrano la sua efficacia attesa;<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff14 fs1 fc1 sc0 ls0 ws0 gs279\"><span class=\"_ _2c\"> </span><span class=\"ff4\">test  retrospettivi<span class=\"_ _1\"></span>, <span class=\"_ _16\"> </span>che <span class=\"_ _16\"> </span>evidenziano  i<span class=\"_ _1\"></span>l <span class=\"_ _16\"> </span>grado <span class=\"_ _16\"> </span>di <span class=\"_ _9\"> </span>efficacia  della <span class=\"_ _9\"> </span>c<span class=\"_ _2\"></span>opertura <span class=\"_ _16\"> </span>raggiunto <span class=\"_ _16\"> </span>nel <span class=\"_ _9\"> </span>periodo  cui <span class=\"_ _9\"> </span>si<span class=\"_ _df\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs402\">riferiscono, ovvero, misurano quanto i risultati effettivi si siano di<span class=\"_ _1\"></span>scostati dalla copertura perfetta.<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs27b\">Solo <span class=\"_ _d\"></span>gli <span class=\"_ _0\"></span>strumenti <span class=\"_ _d\"></span>che <span class=\"_ _0\"></span>coinvolgono <span class=\"_ _d\"></span>una<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>controparte <span class=\"_ _0\"></span>esterna <span class=\"_ _d\"></span>possono <span class=\"_ _0\"></span>essere <span class=\"_ _d\"></span>designati <span class=\"_ _d\"></span>come <span class=\"_ _0\"></span>strumenti <span class=\"_ _0\"></span>di<span class=\"_ _df\"> </span><span class=\"_ _f\"></span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs27c\">copertura. Pertanto, <span class=\"_ _1\"></span>ogni risul<span class=\"_ _1\"></span>tato riconducibi<span class=\"_ _1\"></span>le a transazioni i<span class=\"_ _1\"></span>nterne e<span class=\"_ _1\"></span>ffettuate tra <span class=\"_ _1\"></span>diverse e<span class=\"_ _1\"></span>ntit\u00e0 del<span class=\"_ _1\"></span> Gruppo<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs27d\">\u00e8 eliminato dal bilancio consolidato.<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc4 sc3 ls0 ws0 gs403\">Cessa<span class=\"_ _f\"></span>zione pro<span class=\"_ _1\"></span>spett<span class=\"_ _f\"></span>ica del<span class=\"_ _1\"></span>la co<span class=\"_ _f\"></span>ntabilizzazi<span class=\"_ _1\"></span>one d<span class=\"_ _1\"></span>i cop<span class=\"_ _1\"></span>ertur<span class=\"_ _1\"></span>a<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs1fc\">Se  le  verifi<span class=\"_ _1\"></span>che  non  confermano  l\u2019efficacia  de<span class=\"_ _1\"></span>lla  copertura,  da  que<span class=\"_ _1\"></span>l  momento  la  contabilizz<span class=\"_ _1\"></span>azione  delle<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1fd\">operazioni di <span class=\"_ _2\"></span>copertura, <span class=\"_ _2\"></span>secondo quanto s<span class=\"_ _2\"></span>opra esposto, <span class=\"_ _2\"></span>viene<span class=\"_ _1\"></span> <span class=\"_ _2\"></span>interrotta <span class=\"_ _2\"></span>e il <span class=\"_ _2\"></span>contratto derivato di <span class=\"_ _2\"></span>copertura<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs281\">viene <span class=\"_ _1\"></span>riclassificato tra <span class=\"_ _f\"></span>gli strumenti <span class=\"_ _f\"></span>di negoziazione. <span class=\"_ _f\"></span>Inoltr<span class=\"_ _2\"></span>e, <span class=\"_ _f\"></span>le operazioni <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>copertura cessano ne<span class=\"_ _f\"></span>l momento<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs282\">in cui <span class=\"_ _2\"></span>lo <span class=\"_ _2\"></span>strumento di <span class=\"_ _2\"></span>copertura giunge a <span class=\"_ _2\"></span>scadenza, \u00e8 <span class=\"_ _2\"></span>venduto, <span class=\"_ _2\"></span>cessato o <span class=\"_ _2\"></span>esercitato, oppure <span class=\"_ _2\"></span>viene revocata<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs404\">la designazione.<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs405\">Per l<span class=\"_ _1\"></span>e rel<span class=\"_ _1\"></span>azioni d<span class=\"_ _1\"></span>i cop<span class=\"_ _1\"></span>ertura di<span class=\"_ _f\"></span> fair valu<span class=\"_ _1\"></span>e, lo <span class=\"_ _f\"></span>strumento finan<span class=\"_ _1\"></span>ziario <span class=\"_ _1\"></span>coperto non<span class=\"_ _1\"></span> \u00e8 <span class=\"_ _f\"></span>pi\u00f9 ret<span class=\"_ _1\"></span>tificato <span class=\"_ _1\"></span>per l<span class=\"_ _f\"></span>e variazioni<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs406\">di <span class=\"_ _f\"></span>fair valu<span class=\"_ _1\"></span>e <span class=\"_ _f\"></span>e qu<span class=\"_ _1\"></span>alsiasi <span class=\"_ _f\"></span>r<span class=\"_ _2\"></span>ettifica <span class=\"_ _f\"></span>al <span class=\"_ _f\"></span>valore con<span class=\"_ _f\"></span>t<span class=\"_ _2\"></span>abile <span class=\"_ _f\"></span>di <span class=\"_ _f\"></span>uno s<span class=\"_ _1\"></span>trumento <span class=\"_ _f\"></span>finanziario cop<span class=\"_ _1\"></span>erto <span class=\"_ _f\"></span>per <span class=\"_ _1\"></span>il <span class=\"_ _f\"></span>quale <span class=\"_ _f\"></span>\u00e8 utilizz<span class=\"_ _1\"></span>ato<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs407\">il criterio dell'interesse effettivo deve essere ammortizzata n<span class=\"_ _2\"></span>el conto economico. Nel caso di int<span class=\"_ _2\"></span>erruzione di<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs408\">una relazione di copertura generica di fair value, le rivalutazioni/svalutazioni cumulate iscritt<span class=\"_ _2\"></span>e nella voce 60.<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs288\">\u201cAdeguamento di <span class=\"_ _2\"></span>valore <span class=\"_ _2\"></span>delle at<span class=\"_ _2\"></span>tivit\u00e0 finanziarie <span class=\"_ _2\"></span>oggetto <span class=\"_ _2\"></span>di copert<span class=\"_ _2\"></span>ura generica\u201d <span class=\"_ _2\"></span>oppure 50. <span class=\"_ _2\"></span>\u201cA<span class=\"_ _2\"></span><span class=\"ff4\">deguamento<span class=\"_ _df\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs206\">di <span class=\"_ _2\"></span>valore <span class=\"_ _d\"></span>delle <span class=\"_ _d\"></span>passivit\u00e0 <span class=\"_ _d\"></span>finanziarie <span class=\"_ _d\"></span>oggetto <span class=\"_ _d\"></span>di <span class=\"_ _2\"></span>copertura <span class=\"_ _d\"></span>generica\u201d <span class=\"_ _d\"></span>sono <span class=\"_ _d\"></span>rilevate <span class=\"_ _2\"></span>a <span class=\"_ _d\"></span>conto<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>econo<span class=\"_ _2\"></span>mico <span class=\"_ _2\"></span>tr<span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>gli<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs207\">interessi <span class=\"_ _0\"> </span>at<span class=\"_ _2\"></span>tivi <span class=\"_ _0\"></span>o <span class=\"_ _9\"> </span>passivi <span class=\"_ _9\"> </span>lungo <span class=\"_ _0\"></span>la <span class=\"_ _9\"> </span>durata <span class=\"_ _9\"> </span>r<span class=\"_ _2\"></span>esidu<span class=\"_ _1\"></span>a <span class=\"_ _9\"> </span>delle <span class=\"_ _0\"></span>originarie <span class=\"_ _9\"> </span>relazioni <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>copertura, <span class=\"_ _9\"> </span>ferma <span class=\"_ _9\"> </span>restando <span class=\"_ _9\"> </span>la<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs208\">verifica che ne sussistano i presupposti.<span class=\"_ _df\"> </span><span class=\"fc4 sc3\"> </span></div>Per le <span class=\"_ _2\"></span>relazioni di <span class=\"_ _2\"></span>copertura dei <span class=\"_ _2\"></span>flussi finanziari, <span class=\"_ _2\"></span>l'utile o <span class=\"_ _2\"></span>la perdita <span class=\"_ _2\"></span>complessiva dello <span class=\"_ _2\"></span>strumento di copertura<span class=\"_ _df\"> </span> che <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _2\"></span>stato <span class=\"_ _2\"></span>rilevato <span class=\"_ _2\"></span>nell<span class=\"_ _1\"></span>e <span class=\"_ _2\"></span>altre <span class=\"_ _2\"></span>componenti <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>conto <span class=\"_ _2\"></span>economico <span class=\"_ _2\"></span>complessivo a <span class=\"_ _d\"></span>partire <span class=\"_ _2\"></span>dall'esercizio in <span class=\"_ _2\"></span>cui <span class=\"_ _2\"></span>la<span class=\"_ _df\"> </span> copertura <span class=\"_ _4\"> </span>era <span class=\"_ _4\"> </span>efficace, <span class=\"_ _4\"> </span>deve <span class=\"_ _22\"> </span>r<span class=\"_ _2\"></span>estare <span class=\"_ _4\"> </span>separatamente <span class=\"_ _4\"> </span>nel <span class=\"_ _4\"> </span>patrimonio <span class=\"_ _4\"> </span>netto <span class=\"_ _4\"> </span>sino <span class=\"_ _4\"> </span>a <span class=\"_ _4\"> </span>quand<span class=\"_ _1\"></span>o <span class=\"_ _4\"> </span>l'operazione<span class=\"_ _df\"> </span> programmata si verifica. Qualora <span class=\"_ _2\"></span>l'operazione programmata ci si at<span class=\"_ _2\"></span>tende non debba pi\u00f9 accadere, <span class=\"_ _2\"></span>qualsiasi<span class=\"_ _df\"> </span> correlato <span class=\"_ _d\"></span>utile <span class=\"_ _d\"></span>o <span class=\"_ _d\"></span>perdita <span class=\"_ _d\"></span>compless<span class=\"_ _2\"></span>ivo <span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>ullo <span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>trumento <span class=\"_ _d\"></span>di <span class=\"_ _2\"></span>copertura<span class=\"_ _d\"></span> <span class=\"_ _d\"></span>che <span class=\"_ _d\"></span>\u00e8 <span class=\"_ _d\"></span>stato <span class=\"_ _d\"></span>r<span class=\"_ _2\"></span>ilevato <span class=\"_ _2\"></span>nel <span class=\"_ _d\"></span>prospetto <span class=\"_ _d\"></span>delle<span class=\"_ _df\"> </span> altre compone<span class=\"_ _1\"></span>nti di <span class=\"_ _f\"></span>conto economico comple<span class=\"_ _1\"></span>ssivo dall'esercizio <span class=\"_ _f\"></span>i<span class=\"_ _2\"></span>n <span class=\"_ _1\"></span>cui la <span class=\"_ _f\"></span>copertura era e<span class=\"_ _1\"></span>fficace<span class=\"_ _2\"></span>, dev<span class=\"_ _1\"></span>e essere<span class=\"_ _df\"> </span> riclassificato dal patrimonio netto all\u2019util<span class=\"_ _1\"></span>e (perdita) d\u2019esercizio come rettifica da riclassificazione.<span class=\"_ _df\"> </span>Criter<span class=\"_ _1\"></span>i di <span class=\"_ _1\"></span>rileva<span class=\"_ _f\"></span>zione dell<span class=\"_ _1\"></span>e com<span class=\"_ _f\"></span>ponenti <span class=\"_ _1\"></span>reddi<span class=\"_ _1\"></span>tuali<span class=\"_ _f\"></span> L\u2019allocazione <span class=\"_ _9\"> </span>delle <span class=\"_ _9\"> </span>componenti<span class=\"_ _2\"></span> <span class=\"_ _9\"> </span>reddituali <span class=\"_ _9\"> </span>nelle <span class=\"_ _16\"> </span>pertinenti <span class=\"_ _9\"> </span>voci  d<span class=\"_ _1\"></span>i <span class=\"_ _9\"> </span>cont<span class=\"_ _2\"></span>o <span class=\"_ _9\"> </span>economico <span class=\"_ _16\"> </span>avviene <span class=\"_ _9\"> </span>sulla <span class=\"_ _9\"> </span>base <span class=\"_ _16\"> </span>di quanto riportato di seguito: <span class=\"_ _2c\"> </span><span class=\"ff4\">i <span class=\"_ _0\"></span>differenziali <span class=\"_ _d\"></span>maturati <span class=\"_ _d\"></span>sugli <span class=\"_ _d\"></span>st<span class=\"_ _2\"></span>rumenti <span class=\"_ _d\"></span>derivati <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>copertura <span class=\"_ _0\"></span>del <span class=\"_ _d\"></span>ri<span class=\"_ _2\"></span>schio <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>t<span class=\"_ _2\"></span>asso <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>interesse <span class=\"_ _0\"></span>(oltre<span class=\"_ _1\"></span> <span class=\"_ _d\"></span>agli </span>interessi <span class=\"_ _0\"></span>delle <span class=\"_ _0\"></span>posizioni <span class=\"_ _0\"></span>oggetto <span class=\"_ _9\"> </span>di <span class=\"_ _0\"></span>copertura) <span class=\"_ _0\"></span>vengono <span class=\"_ _0\"></span>allocati <span class=\"_ _0\"></span>nella <span class=\"_ _0\"></span>voce <span class=\"_ _0\"></span>\u201cInteressi <span class=\"_ _9\"> </span>attivi <span class=\"_ _0\"></span>e <span class=\"_ _0\"></span>proventi assimilati\u201d o \u201cInteressi passivi e oneri assimilati\u201d;<span class=\"_ _df\"> </span><span class=\"_ _2c\"> </span><span class=\"ff4\">le <span class=\"_ _d\"></span>plusvalenze <span class=\"_ _d\"></span>e <span class=\"_ _d\"></span>minusvalenze <span class=\"_ _d\"></span>derivanti <span class=\"_ _d\"></span>dalla <span class=\"_ _d\"></span>valutazione <span class=\"_ _d\"></span>d<span class=\"_ _2\"></span>egli <span class=\"_ _d\"></span>strumenti <span class=\"_ _d\"></span>derivati <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>copertura <span class=\"_ _d\"></span>e <span class=\"_ _d\"></span>delle </span>posizioni <span class=\"_ _4\"> </span>oggetto <span class=\"_ _14\"> </span>di <span class=\"_ _17\"> </span>copertura <span class=\"_ _17\"> </span>di <span class=\"_ _17\"> </span>fair <span class=\"_ _17\"> </span>value <span class=\"_ _17\"> </span>hedge <span class=\"_ _17\"> </span>vengono <span class=\"_ _14\"> </span>allocate <span class=\"_ _17\"> </span>nella <span class=\"_ _17\"> </span>voce <span class=\"_ _17\"> </span>\u201cRisultato <span class=\"_ _17\"> </span>netto dell\u2019attivit\u00e0 di copertura\u201d;<span class=\"_ _df\"> </span><span class=\"_ _2c\"> </span><span class=\"ff4\">le plusvalenze e<span class=\"_ _1\"></span> le minusvalenze deriv<span class=\"_ _1\"></span>anti dalla v<span class=\"_ _1\"></span>alutazione degli strumenti de<span class=\"_ _1\"></span>rivat<span class=\"_ _2\"></span>i di<span class=\"_ _1\"></span> copertura di <span class=\"_ _1\"></span>cash </span>flow hedge (per la <span class=\"_ _2\"></span>parte efficace) vengono allocate <span class=\"_ _2\"></span>in una specifica riserva <span class=\"_ _2\"></span>di valutazione di patrimonio<span class=\"_ _df\"> </span>netto <span class=\"_ _f\"></span>\u201cCopertura dei <span class=\"_ _f\"></span>flussi <span class=\"_ _f\"></span>finanziari\u201d, <span class=\"_ _1\"></span>al <span class=\"_ _f\"></span>nett<span class=\"_ _2\"></span>o <span class=\"_ _f\"></span>dell\u2019effetto <span class=\"_ _f\"></span>fiscale <span class=\"_ _1\"></span>differito. <span class=\"_ _f\"></span>Per <span class=\"_ _1\"></span>la <span class=\"_ _1\"></span>parte <span class=\"_ _f\"></span>inefficace <span class=\"_ _f\"></span>tali plu<span class=\"_ _1\"></span>s<span class=\"_ _df\"> </span>e <span class=\"_ _15\"> </span>minus <span class=\"_ _15\"> </span>ven<span class=\"ff5\">gono <span class=\"_ _15\"> </span>contabilizzat<span class=\"_ _2\"></span>e <span class=\"_ _14\"> </span>a <span class=\"_ _e\"> </span>conto <span class=\"_ _15\"> </span>economico <span class=\"_ _15\"> </span>nella <span class=\"_ _15\"> </span>voce <span class=\"_ _15\"> </span>\u201cRisultato <span class=\"_ _e\"> </span>netto <span class=\"_ _15\"> </span>dell\u2019attivit\u00e0 <span class=\"_ _15\"> </span>di </span>copertura\u201d.  Se <span class=\"_ _9\"> </span>lo  strumento  cop<span class=\"_ _1\"></span>erto  \u00e8 <span class=\"_ _16\"> </span>cancellato, <span class=\"_ _16\"> </span>scade <span class=\"_ _16\"> </span>o  si <span class=\"_ _16\"> </span>estingue <span class=\"_ _9\"> </span>allora  la  riserva  \u00e8<span class=\"_ _1\"></span>  riversata<span class=\"_ _f\"></span> immediatamente a conto economico contestualmente alla cancell<span class=\"_ _1\"></span>azione dell\u2019<span class=\"_ _2\"></span><span class=\"ff4\">elemento coperto.<span class=\"_ _df\"> </span></span><span class=\"_ _2c\"> </span><span class=\"ff4\">nel <span class=\"_ _9\"> </span>caso<span class=\"_ _2\"></span> <span class=\"_ _9\"> </span>di <span class=\"_ _16\"> </span>copertura <span class=\"_ _9\"> </span>di  fl<span class=\"_ _1\"></span>ussi <span class=\"_ _9\"> </span>finanziari, <span class=\"_ _16\"> </span>le <span class=\"_ _9\"> </span>variazioni <span class=\"_ _16\"> </span>di <span class=\"_ _9\"> </span>fair  valu<span class=\"_ _1\"></span>e <span class=\"_ _9\"> </span>d<span class=\"_ _2\"></span>el <span class=\"_ _9\"> </span>derivato <span class=\"_ _16\"> </span>sono <span class=\"_ _9\"> </span>imputate <span class=\"_ _16\"> </span>nella<span class=\"_ _df\"> </span></span>redditivit\u00e0 <span class=\"_ _2\"></span>complessiva, <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>la <span class=\"_ _d\"></span>quota <span class=\"_ _2\"></span>efficace <span class=\"_ _2\"></span>della <span class=\"_ _2\"></span>copertura, <span class=\"_ _d\"></span>e <span class=\"_ _2\"></span>sono <span class=\"_ _d\"></span>rilevate <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>Conto <span class=\"_ _d\"></span>Economico <span class=\"_ _2\"></span>solo quando, con rife<span class=\"_ _1\"></span>rimento alla <span class=\"_ _1\"></span>posta coperta, si<span class=\"_ _f\"></span> manifesta la variaz<span class=\"_ _f\"></span>ione dei flu<span class=\"_ _1\"></span>ssi di cassa<span class=\"_ _1\"></span> da compensare<span class=\"_ _f\"></span> o se la copertura risulta inefficace.<span class=\"_ _df\"> </span><div class=\"t m0 he ff4 fs5 fc4 sc3 ls5b ws0 gs507\">11 <span class=\"ls0\">- Passivit<span class=\"_ _1\"></span>\u00e0 fin<span class=\"_ _1\"></span>anz<span class=\"_ _1\"></span>iarie valu<span class=\"_ _f\"></span>tate al co<span class=\"_ _f\"></span>sto ammo<span class=\"_ _1\"></span>rtizz<span class=\"_ _1\"></span>ato </span></div><div class=\"t m0 h5 ff4 fs1 fc4 sc3 ls0 ws0 gs508\">Criter<span class=\"_ _1\"></span>i di <span class=\"_ _1\"></span>iscrizio<span class=\"_ _f\"></span>ne </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs509\">La <span class=\"_ _17\"> </span>prima <span class=\"_ _17\"> </span>iscrizione <span class=\"_ _17\"> </span>di <span class=\"_ _4\"> </span>tali <span class=\"_ _17\"> </span>passivit\u00e0 <span class=\"_ _17\"> </span>finanziarie <span class=\"_ _4\"> </span>avviene <span class=\"_ _17\"> </span>alla <span class=\"_ _17\"> </span>data <span class=\"_ _17\"> </span>di <span class=\"_ _17\"> </span>sottoscrizione <span class=\"_ _17\"> </span>del <span class=\"_ _17\"> </span>contratto, <span class=\"_ _17\"> </span>che </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs50a\">normalmente <span class=\"_ _d\"></span>coincide <span class=\"_ _d\"></span>con <span class=\"_ _d\"></span>il <span class=\"_ _d\"></span>momento <span class=\"_ _d\"></span>della <span class=\"_ _d\"></span>ricezione <span class=\"_ _d\"></span>delle <span class=\"_ _d\"></span>somme <span class=\"_ _d\"></span>raccolte <span class=\"_ _d\"></span>o<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>della <span class=\"_ _2\"></span>emissione <span class=\"_ _0\"></span>dei <span class=\"_ _d\"></span>titoli <span class=\"_ _d\"></span>di<span class=\"_ _2\"></span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs50b\">debito.<span class=\"_ _df\"> </span> </div>La <span class=\"_ _0\"></span>prima <span class=\"_ _0\"></span>iscrizione <span class=\"_ _d\"></span>\u00e8 <span class=\"_ _0\"></span>effet<span class=\"_ _2\"></span><span class=\"ff5\">tuata <span class=\"_ _d\"></span>sulla <span class=\"_ _0\"></span>base <span class=\"_ _0\"></span>del <span class=\"_ _d\"></span>fair<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>value <span class=\"_ _0\"></span>delle <span class=\"_ _0\"></span>pas<span class=\"_ _2\"></span>sivit\u00e0, <span class=\"_ _d\"></span>normalmente <span class=\"_ _0\"></span>pari <span class=\"_ _0\"></span>all\u2019ammontare<span class=\"_ _df\"> </span></span><span class=\"ff5\"> </span>incassato <span class=\"_ _17\"> </span>o <span class=\"_ _4\"> </span>al <span class=\"_ _17\"> </span>prezzo <span class=\"_ _17\"> </span>di <span class=\"_ _4\"> </span>emissione, <span class=\"_ _4\"> </span>aument<span class=\"_ _2\"></span>ato <span class=\"_ _4\"> </span>degli <span class=\"_ _4\"> </span>e<span class=\"_ _2\"></span>ventuali <span class=\"_ _4\"> </span>costi/proventi <span class=\"_ _4\"> </span>aggiuntivi <span class=\"_ _17\"> </span>direttamente<span class=\"_ _df\"> </span> attribuibili  alla  singola  operazione  di  provvista <span class=\"_ _22\"> </span>o<span class=\"_ _2\"></span>  di  emissione.  Sono  escl<span class=\"_ _2\"></span>usi  i  cost<span class=\"_ _2\"></span>i  interni  di  carattere<span class=\"_ _df\"> </span> amministrativo.<span class=\"_ _df\"> </span> In <span class=\"_ _1\"></span>relazione <span class=\"_ _1\"></span>ai d<span class=\"_ _1\"></span>ebiti <span class=\"_ _1\"></span>per l<span class=\"_ _1\"></span>easing, <span class=\"_ _1\"></span>alla <span class=\"_ _1\"></span>data di<span class=\"_ _f\"></span> decorrenza <span class=\"_ _1\"></span>il l<span class=\"_ _1\"></span>ocatario <span class=\"_ _f\"></span>deve valu<span class=\"_ _f\"></span>t<span class=\"_ _2\"></span>are i<span class=\"_ _1\"></span>l d<span class=\"_ _1\"></span>ebito p<span class=\"_ _1\"></span>er le<span class=\"_ _1\"></span>asing al <span class=\"_ _f\"></span>valore<span class=\"_ _df\"> </span> attuale <span class=\"_ _2\"></span>dei pagamenti <span class=\"_ _2\"></span>dovuti per<span class=\"_ _2\"></span> il <span class=\"_ _2\"></span>leasing non <span class=\"_ _2\"></span>gi\u00e0 <span class=\"_ _2\"></span>versati a <span class=\"_ _2\"></span>tale <span class=\"_ _2\"></span>data. <span class=\"_ _2\"></span>I pagamenti <span class=\"_ _2\"></span>dov<span class=\"_ _2\"></span>uti <span class=\"_ _2\"></span>per il <span class=\"_ _2\"></span>leasing <span class=\"_ _2\"></span>sono<span class=\"_ _df\"> </span> attualizzati utilizz<span class=\"_ _1\"></span>ando il ta<span class=\"_ _1\"></span>sso di <span class=\"_ _1\"></span>interesse imp<span class=\"_ _1\"></span>licito del <span class=\"_ _f\"></span>leasing<span class=\"_ _2\"></span><span class=\"ff18 fs6\"> <span class=\"_ _1\"></span><span class=\"ff4 fs1\">o, se <span class=\"_ _1\"></span>tale tasso<span class=\"_ _1\"></span> non pu\u00f2<span class=\"_ _f\"></span> essere prontamente<span class=\"_ _df\"> </span></span></span><span class=\"ff18 fs6\"><span class=\"ff4 fs1\"> </span></span>determinato, al tasso di debito incrementale del locatario.<span class=\"_ _df\"> </span> In <span class=\"_ _17\"> </span>particolare, <span class=\"_ _17\"> </span>la <span class=\"_ _14\"> </span>passivit\u00e0 <span class=\"_ _14\"> </span>deve <span class=\"_ _17\"> </span>essere <span class=\"_ _17\"> </span>misurat<span class=\"_ _2\"></span>a <span class=\"_ _17\"> </span>utilizzando <span class=\"_ _14\"> </span>un <span class=\"_ _17\"> </span>modello <span class=\"_ _17\"> </span>analogo <span class=\"_ _14\"> </span>a <span class=\"_ _14\"> </span>quello <span class=\"_ _17\"> </span>del <span class=\"_ _17\"> </span>costo<span class=\"_ _df\"> </span> ammortizzato, dal momento che deve:  \u2022 <span class=\"_ _2\"></span>Aumentare <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>gli <span class=\"_ _2\"></span>interessi <span class=\"_ _2\"></span>maturati <span class=\"_ _2\"></span>nel corso <span class=\"_ _d\"></span>del periodo. <span class=\"_ _2\"></span>Il <span class=\"_ _2\"></span>calcolo <span class=\"_ _2\"></span>degli <span class=\"_ _2\"></span>interessi <span class=\"_ _2\"></span>avviene <span class=\"_ _2\"></span>sulla <span class=\"_ _2\"></span>base <span class=\"_ _2\"></span>del<span class=\"_ _df\"> </span> medesimo tasso utilizzato per l\u2019attualizzazione<span class=\"_ _1\"></span>; <span class=\"_ _2\"></span><span class=\"ff4\"> </span>\u2022 Ridursi per i<span class=\"ff4\"> pagamenti dovuti per il leasing effettuati dal locatario. </span><span class=\"ff4\"> </span>Inoltre, <span class=\"_ _2\"></span>l\u2019importo <span class=\"_ _d\"></span>della <span class=\"_ _2\"></span>passivit\u00e0 <span class=\"_ _2\"></span>deve <span class=\"_ _d\"></span>essere <span class=\"_ _2\"></span>rivalutato <span class=\"_ _d\"></span>periodicamente,<span class=\"_ _1\"></span> <span class=\"_ _2\"></span>al <span class=\"_ _d\"></span>fine <span class=\"_ _2\"></span>di <span class=\"_ _d\"></span>considerare <span class=\"_ _2\"></span>un <span class=\"_ _d\"></span>eventuale<span class=\"_ _df\"> </span> cambiamento:  \u2022 Nella durata del leasing e/o in altre condizi<span class=\"_ _1\"></span>oni; <span class=\"_ _2\"></span><span class=\"ff4\"> </span>\u2022 Nella valutazione dell\u2019opzione di acquisto del be<span class=\"_ _1\"></span>ne sottostante; <span class=\"_ _2\"></span><span class=\"ff4\"> </span>\u2022 Nell\u2019importo atteso da pagare a titolo di garanzia del<span class=\"_ _1\"></span> valore residuo; <span class=\"_ _2\"></span><span class=\"ff4\"> </span>\u2022 <span class=\"_ _2\"></span>Nei <span class=\"_ _2\"></span>futuri <span class=\"_ _2\"></span>pagamenti dovuti <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>leasing <span class=\"_ _2\"></span>come <span class=\"_ _2\"></span>risultato <span class=\"_ _2\"></span>di una <span class=\"_ _2\"></span>variazione <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>tasso <span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>dell\u2019i<span class=\"_ _1\"></span>ndice <span class=\"_ _2\"></span>utilizzato<span class=\"_ _df\"> </span> per definire l\u2019impo<span class=\"ff4\">rto dei pagamenti.<span class=\"_ _df\"> </span></span><span class=\"ff4\"> </span>Criter<span class=\"_ _1\"></span>i di <span class=\"_ _f\"></span>classifica<span class=\"_ _f\"></span>zione<span class=\"_ _df\"> </span> I <span class=\"_ _f\"></span>Debiti v<span class=\"_ _1\"></span>erso b<span class=\"_ _1\"></span>anche, <span class=\"_ _f\"></span>i <span class=\"_ _1\"></span>Debiti <span class=\"_ _f\"></span>verso clie<span class=\"_ _1\"></span>ntela <span class=\"_ _f\"></span>e i <span class=\"_ _f\"></span>Titoli <span class=\"_ _f\"></span>in circolazio<span class=\"_ _f\"></span>ne ricomprend<span class=\"_ _1\"></span>ono l<span class=\"_ _1\"></span>e <span class=\"_ _f\"></span>varie forme <span class=\"_ _f\"></span>di <span class=\"_ _f\"></span>provvista<span class=\"_ _df\"> </span> interbancaria <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>con <span class=\"_ _2\"></span>clientela, <span class=\"_ _2\"></span>le <span class=\"_ _2\"></span>operazioni <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>pronti <span class=\"_ _2\"></span>cont<span class=\"_ _2\"></span>ro <span class=\"_ _2\"></span>termine <span class=\"_ _2\"></span>con <span class=\"_ _2\"></span>obbligo <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>riacqui<span class=\"_ _2\"></span>sto <span class=\"_ _2\"></span>a <span class=\"_ _d\"></span>termine <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>la<span class=\"_ _df\"> </span> raccolta <span class=\"_ _9\"> </span>effettuata <span class=\"_ _9\"> </span>at<span class=\"_ _2\"></span>traverso <span class=\"_ _9\"> </span>certificati <span class=\"_ _0\"> </span>di <span class=\"_ _16\"> </span>deposito, <span class=\"_ _9\"> </span>titoli <span class=\"_ _9\"> </span>obbligazionari <span class=\"_ _9\"> </span>ed <span class=\"_ _9\"> </span>alt<span class=\"_ _2\"></span>ri <span class=\"_ _9\"> </span>strumenti <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>raccolta <span class=\"_ _16\"> </span>in<span class=\"_ _df\"> </span> circolazione, al netto degli eventuali ammontari riacquistati.<span class=\"_ _df\"> </span> Sono inoltre inclusi i debiti iscritti dall\u2019<span class=\"_ _1\"></span>impresa in qualit\u00e0<span class=\"_ _2\"></span><span class=\"ff4\"> </span>di locatario nell\u2019ambito di ope<span class=\"_ _1\"></span>razioni di leasing.<span class=\"_ _df\"> </span><span class=\"_ _2\"></span><span class=\"ff4\"> </span>Criter<span class=\"_ _1\"></span>i di <span class=\"_ _1\"></span>valuta<span class=\"_ _1\"></span>zione<span class=\"_ _df\"> </span><span class=\"_ _f\"></span> Dopo <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>ilev<span class=\"_ _1\"></span>azione <span class=\"_ _2\"></span>iniziale, <span class=\"_ _2\"></span>le <span class=\"_ _2\"></span>pas<span class=\"_ _2\"></span>sivit\u00e0 <span class=\"_ _2\"></span>finanziarie <span class=\"_ _2\"></span>vengono <span class=\"_ _2\"></span>valutate <span class=\"_ _d\"></span>al <span class=\"_ _2\"></span>costo <span class=\"_ _2\"></span>ammortizzato <span class=\"_ _2\"></span>col <span class=\"_ _2\"></span>metodo <span class=\"_ _d\"></span>del<span class=\"_ _df\"> </span><span class=\"_ _1\"></span> tasso di interesse effettivo.<span class=\"_ _df\"> </span> Fanno  ecc<span class=\"_ _1\"></span>ezione <span class=\"_ _16\"> </span>le  passivi<span class=\"_ _1\"></span>t\u00e0  a <span class=\"_ _16\"> </span>breve <span class=\"_ _9\"> </span>t<span class=\"_ _2\"></span>ermine,  pe<span class=\"_ _1\"></span>r  le <span class=\"_ _16\"> </span>quali <span class=\"_ _9\"> </span>il  fattore  temporale <span class=\"_ _16\"> </span>risulta <span class=\"_ _16\"> </span>trascurabile<span class=\"_ _1\"></span>,  che<span class=\"_ _df\"> </span> rimangono iscritte per il valore incassato.<span class=\"_ _df\"> </span> Alla <span class=\"_ _16\"> </span>data <span class=\"_ _9\"> </span>di  decorrenza, <span class=\"_ _9\"> </span>i  pagamenti  d<span class=\"_ _1\"></span>ovuti <span class=\"_ _16\"> </span>per <span class=\"_ _16\"> </span>il <span class=\"_ _9\"> </span>l<span class=\"_ _2\"></span>easing, <span class=\"_ _16\"> </span>inclusi <span class=\"_ _9\"> </span>nella  valutazione <span class=\"_ _9\"> </span>d<span class=\"_ _2\"></span>ella <span class=\"_ _16\"> </span>Lease <span class=\"_ _16\"> </span>Liability,<span class=\"_ _df\"> </span> comprendono:  <span class=\"ff10\"> <span class=\"_ _2b\"> </span><span class=\"ff4\">I pagamenti fissi, al netto di eventuali incentivi al leasing da ricevere; </span></span><span class=\"ff10\"><span class=\"ff4\"> </span></span><span class=\"ff10\"> <span class=\"_ _2b\"> </span><span class=\"ff4\">I pagame<span class=\"_ _1\"></span>nti variabili <span class=\"_ _f\"></span>dovuti per il<span class=\"_ _1\"></span> le<span class=\"_ _1\"></span>asing, che <span class=\"_ _f\"></span>dipendono da <span class=\"_ _f\"></span>u<span class=\"_ _2\"></span>n <span class=\"_ _1\"></span>indice <span class=\"_ _1\"></span>o da <span class=\"_ _f\"></span>un tasso, v<span class=\"_ _1\"></span>alutati ini<span class=\"_ _1\"></span>zialmente<span class=\"_ _df\"> </span></span></span><span class=\"ff10\"><span class=\"ff4\"> </span></span>utilizzando un indice o un tasso alla d<span class=\"_ _1\"></span>ata di decorrenza; <span class=\"_ _2\"></span> <span class=\"ff10\"> <span class=\"_ _2b\"> </span><span class=\"ff4\">Gli importi che si prevede che il locatar<span class=\"_ _2\"></span>io dov<span class=\"_ _1\"></span>r\u00e0 pagare a titolo di garanzia del valore residu<span class=\"_ _1\"></span>o; </span></span><span class=\"ff10\"><span class=\"ff4\"><span class=\"_ _2\"></span> </span></span><span class=\"ff10\"> <span class=\"_ _2b\"> </span><span class=\"ff4\">Il prezzo di esercizio dell'opzione di a<span class=\"_ _2\"></span>cquisto, se il locatario ha la ragionevole certezza di es<span class=\"_ _2\"></span>ercitare tale<span class=\"_ _df\"> </span></span></span><span class=\"ff10\"><span class=\"ff4\"> </span></span>opzione;<span class=\"_ _df\"> </span> <span class=\"ff10\"> <span class=\"_ _2b\"> </span><span class=\"ff4\">I <span class=\"_ _2\"></span>pagamenti <span class=\"_ _d\"></span>di <span class=\"_ _2\"></span>penalit\u00e0 <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>isoluzione<span class=\"_ _1\"></span> <span class=\"_ _2\"></span>del <span class=\"_ _d\"></span>leasing, <span class=\"_ _2\"></span>se <span class=\"_ _2\"></span>la <span class=\"_ _d\"></span>durata <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>lea<span class=\"_ _2\"></span>sing <span class=\"_ _2\"></span>tiene <span class=\"_ _d\"></span>conto <span class=\"_ _2\"></span>dell'esercizio, <span class=\"_ _2\"></span>da<span class=\"_ _df\"> </span></span></span><span class=\"ff10\"><span class=\"ff4\"> </span></span>parte del locatario, dell'opzi<span class=\"_ _1\"></span>one di risoluzione del leasing.<span class=\"_ _df\"> </span><span class=\"_ _2\"></span> Devono <span class=\"_ _d\"></span>essere <span class=\"_ _2\"></span>inclusi <span class=\"_ _d\"></span>nella <span class=\"_ _2\"></span>valutazione <span class=\"_ _d\"></span>della <span class=\"_ _2\"></span>Lease <span class=\"_ _d\"></span>Liability <span class=\"_ _2\"></span>solo <span class=\"_ _d\"></span>i <span class=\"_ _d\"></span>pagamenti <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>isultano <span class=\"_ _2\"></span>non <span class=\"_ _d\"></span>versati <span class=\"_ _2\"></span>alla<span class=\"_ _df\"> </span> data di <span class=\"_ _f\"></span>decorrenza del <span class=\"_ _f\"></span>cont<span class=\"_ _2\"></span>ratto. La <span class=\"_ _f\"></span>Lease Liability deve e<span class=\"_ _1\"></span>ssere rivalu<span class=\"_ _1\"></span>tata quando <span class=\"_ _f\"></span>vi \u00e8 una <span class=\"_ _f\"></span>lease modification<span class=\"_ _df\"> </span> (e.g.  una <span class=\"_ _4\"> </span>modifica <span class=\"_ _22\"> </span>d<span class=\"_ _2\"></span>el  p<span class=\"_ _2\"></span>erimetro <span class=\"_ _22\"> </span>del <span class=\"_ _4\"> </span>contratto), <span class=\"_ _22\"> </span>che <span class=\"_ _4\"> </span>non  \u00e8 <span class=\"_ _4\"> </span>contabilizzata/considerata <span class=\"_ _4\"> </span>come  contr<span class=\"_ _2\"></span>atto<span class=\"_ _df\"> </span><span class=\"_ _1\"></span> separato (IFRS 16.36 c).<span class=\"_ _df\"> </span> Il  locatario  d<span class=\"_ _1\"></span>eve  rivalu<span class=\"_ _1\"></span>tare  i  pagamenti  d<span class=\"_ _1\"></span>ovuti  per  il <span class=\"_ _16\"> </span>leasing  (e<span class=\"_ _1\"></span>  quindi  la  Lease  Liabi<span class=\"_ _1\"></span>lity),  anche  qualora<span class=\"_ _df\"> </span> intervenga una delle seguenti variazioni:<span class=\"_ _df\"> </span> <span class=\"ff10\"> <span class=\"_ _2b\"> </span><span class=\"ff4\">La durata del contratto di leasing;<span class=\"_ _df\"> </span></span></span><span class=\"ff10\"><span class=\"ff4\"> </span></span><span class=\"ff10\"> <span class=\"_ _2b\"> </span><span class=\"ff5\">La valutazione circa <span class=\"_ _2\"></span>la ragionevole certezza di esercizio, da <span class=\"_ _2\"></span>parte del locatario, <span class=\"_ _2\"></span>dell\u2019op<span class=\"_ _1\"></span>zione di acquisto<span class=\"_ _df\"> </span></span></span><span class=\"ff10\"><span class=\"ff5\"> </span></span>del bene sottostante;<span class=\"_ _df\"> </span> <span class=\"ff10\"> <span class=\"_ _2b\"> </span><span class=\"ff4\">Gli importi che si prevede il locatario dovr\u00e0 pagare a titolo di garanzi<span class=\"_ _1\"></span>e del valore residuo;<span class=\"_ _df\"> </span></span></span><span class=\"ff10\"><span class=\"ff4\"><span class=\"_ _2\"></span> </span></span><span class=\"ff10\"> <span class=\"_ _2b\"> </span><span class=\"ff5\">I futuri pagamenti dovuti per il leasing dipendenti da una variazione de<span class=\"_ _1\"></span>ll\u2019indice o del tasso. </span></span><span class=\"ff10\"><span class=\"ff5\"><span class=\"_ _2\"></span><span class=\"ff4\"> </span></span></span><span class=\"ff10\"> <span class=\"_ _2b\"> </span><span class=\"ff4 ls40\">In<span class=\"ls0\">-substance fixed lease payments.<span class=\"_ _df\"> </span></span></span></span><div class=\"t m0 h5 ff4 fs1 fc4 sc3 ls0 ws0 gs543\">Criter<span class=\"_ _1\"></span>i di <span class=\"_ _1\"></span>cancell<span class=\"_ _1\"></span>azion<span class=\"_ _f\"></span>e<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs544\">Le <span class=\"_ _d\"></span>passivit\u00e0 <span class=\"_ _0\"> </span>finanziar<span class=\"_ _2\"></span>ie <span class=\"_ _d\"></span>sono <span class=\"_ _0\"></span>cancellate <span class=\"_ _0\"></span>dal <span class=\"_ _0\"></span>bilancio <span class=\"_ _0\"></span>quando <span class=\"_ _0\"></span>risultano <span class=\"_ _0\"></span>scadute <span class=\"_ _0\"></span>o <span class=\"_ _0\"></span>estinte. <span class=\"_ _d\"></span>La <span class=\"_ _0\"></span>cancellazione<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs545\">avviene <span class=\"_ _d\"></span>anche <span class=\"_ _2\"></span>in <span class=\"_ _d\"></span>presenza <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>riacquisto <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>t<span class=\"_ _2\"></span>i<span class=\"_ _1\"></span>toli <span class=\"_ _d\"></span>obbligazionari <span class=\"_ _d\"></span>precedentemente <span class=\"_ _d\"></span>emessi. <span class=\"_ _2\"></span>La <span class=\"_ _0\"></span>differenz<span class=\"_ _1\"></span>a <span class=\"_ _d\"></span>tra<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs546\">valore <span class=\"_ _14\"> </span>contabile <span class=\"_ _14\"> </span>della <span class=\"_ _15\"> </span>passivit\u00e0 <span class=\"_ _14\"> </span>e <span class=\"_ _15\"> </span>l\u2019ammontare <span class=\"_ _14\"> </span>corrispo<span class=\"_ _2\"></span><span class=\"ff4\">sto <span class=\"_ _14\"> </span>per <span class=\"_ _14\"> </span>acquistarla <span class=\"_ _14\"> </span>viene <span class=\"_ _15\"> </span>registrata <span class=\"_ _14\"> </span>a <span class=\"_ _15\"> </span>Conto<span class=\"_ _df\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs547\">Economico.<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs548\">Il <span class=\"_ _0\"></span>ricollocamento <span class=\"_ _9\"> </span>sul <span class=\"_ _9\"> </span>mercato <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>titoli <span class=\"_ _9\"> </span>propri <span class=\"_ _9\"> </span>successivamente <span class=\"_ _0\"></span>al <span class=\"_ _9\"> </span>loro <span class=\"_ _9\"> </span>riacquisto <span class=\"_ _9\"> </span>\u00e8 <span class=\"_ _9\"> </span>considerato <span class=\"_ _0\"></span>come <span class=\"_ _9\"> </span>una<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs549\">nuova emissione con iscrizione al nuovo prezzo di<span class=\"_ _1\"></span> collocamento.<span class=\"_ _df\"> </span><span class=\"_ _2\"></span> </div><div class=\"t m0 he ff4 fs5 fc4 sc3 ls5b ws0 gs54a\">12 <span class=\"ls0\">- Passivit<span class=\"_ _1\"></span>\u00e0 fin<span class=\"_ _1\"></span>anz<span class=\"_ _1\"></span>iarie d<span class=\"_ _1\"></span>i negoz<span class=\"_ _f\"></span>iazione<span class=\"_ _df\"> </span></span><span class=\"ls0\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc4 sc3 ls0 ws0 gs54b\">Criter<span class=\"_ _1\"></span>i di <span class=\"_ _f\"></span>iscrizione<span class=\"_ _df\"> </span><span class=\"_ _f\"></span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs54c\">Gli strumenti <span class=\"_ _f\"></span>finanziari in <span class=\"_ _f\"></span>oggett<span class=\"_ _2\"></span>o <span class=\"_ _1\"></span>sono iscritti <span class=\"_ _f\"></span>alla data d<span class=\"_ _1\"></span>i sottosc<span class=\"_ _1\"></span>rizione <span class=\"_ _1\"></span>o alla <span class=\"_ _f\"></span>data di emissione<span class=\"_ _1\"></span> ad <span class=\"_ _f\"></span>un valore<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs54d\">pari <span class=\"_ _2\"></span>al <span class=\"_ _d\"></span>fair <span class=\"_ _2\"></span>value <span class=\"_ _2\"></span>dello <span class=\"_ _2\"></span>strumento, <span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>enza <span class=\"_ _2\"></span>considerare <span class=\"_ _2\"></span>eventuali <span class=\"_ _2\"></span>costi <span class=\"_ _2\"></span>o <span class=\"_ _d\"></span>proventi <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>transazione <span class=\"_ _2\"></span>diretta<span class=\"_ _2\"></span>mente<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs54e\">attribuibili agli strumenti stessi.<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs54f\">In tale cat<span class=\"_ _2\"></span>egoria di passivit\u00e0 sono, in part<span class=\"_ _2\"></span>icolare, inclusi i contratti derivati <span class=\"_ _2\"></span>di trading con fair <span class=\"_ _2\"></span>value negativo,<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs550\">nonch\u00e9 i <span class=\"_ _2\"></span>derivati impliciti con fai<span class=\"_ _2\"></span>r value negativo presenti <span class=\"_ _2\"></span>in contr<span class=\"_ _2\"></span>atti complessi <span class=\"_ _2\"></span>- in <span class=\"_ _2\"></span>cui il <span class=\"_ _2\"></span>contratto primario<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs551\">\u00e8 una <span class=\"_ _1\"></span>passivit\u00e0 finanziaria - ma non <span class=\"_ _f\"></span>s<span class=\"_ _2\"></span>trettamente correl<span class=\"_ _1\"></span>ati agli ste<span class=\"_ _1\"></span>ssi. Inoltre, sono inc<span class=\"_ _1\"></span>luse le passiv<span class=\"_ _1\"></span>it\u00e0 che si<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs552\">originano da scoperti tecnici generati dall\u2019attivit\u00e0 di ne<span class=\"_ _1\"></span>goziazione di titoli.<span class=\"_ _df\"> </span><span class=\"_ _2\"></span><span class=\"ff4\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc4 sc3 ls0 ws0 gs553\">Criter<span class=\"_ _1\"></span>i di <span class=\"_ _1\"></span>valuta<span class=\"_ _1\"></span>zione<span class=\"_ _df\"> </span><span class=\"_ _f\"></span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs554\">Tutte <span class=\"_ _2\"></span>le <span class=\"_ _2\"></span>passivit\u00e0 <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>negoziazione<span class=\"_ _1\"></span> <span class=\"_ _2\"></span>sono <span class=\"_ _2\"></span>valutate <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>fair <span class=\"_ _2\"></span>value con <span class=\"_ _2\"></span>imputazione <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>risultato <span class=\"_ _2\"></span>della valutazione<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs555\">nel <span class=\"_ _2\"></span>Conto <span class=\"_ _d\"></span>Economico. <span class=\"_ _2\"></span><span class=\"ff5\">Per <span class=\"_ _2\"></span>maggiori <span class=\"_ _2\"></span>dettagli <span class=\"_ _d\"></span>si <span class=\"_ _2\"></span>veda <span class=\"_ _2\"></span>quanto <span class=\"_ _2\"></span>riportato <span class=\"_ _2\"></span>nel <span class=\"_ _d\"></span>successivo <span class=\"_ _2\"></span>paragrafo <span class=\"_ _2\"></span>\u201cModalit\u00e0 <span class=\"_ _2\"></span>di<span class=\"_ _df\"> </span></span><span class=\"ff5\"> </span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs556\">determinazione del fair value delle attivit\u00e0 e passivit\u00e0\u201d<span class=\"ff4\">.<span class=\"_ _df\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc4 sc3 ls0 ws0 gs557\">Criter<span class=\"_ _1\"></span>i di <span class=\"_ _1\"></span>cancell<span class=\"_ _1\"></span>azion<span class=\"_ _f\"></span>e<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs558\">Le <span class=\"_ _2\"></span>Passivit\u00e0 <span class=\"_ _2\"></span>finanziarie <span class=\"_ _2\"></span>detenute <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>negoziazione v<span class=\"_ _2\"></span>engono ca<span class=\"_ _2\"></span>ncellate <span class=\"_ _2\"></span>dal <span class=\"_ _2\"></span>bilancio <span class=\"_ _2\"></span>quando <span class=\"_ _2\"></span>scadono <span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>diritti<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs559\">contrattuali <span class=\"_ _17\"> </span>sui <span class=\"_ _17\"> </span>relativi <span class=\"_ _17\"> </span>flussi <span class=\"_ _17\"> </span>finanziari <span class=\"_ _4\"> </span>o <span class=\"_ _14\"> </span>quando <span class=\"_ _4\"> </span>la <span class=\"_ _17\"> </span>passivit<span class=\"_ _2\"></span>\u00e0 <span class=\"_ _17\"> </span>finanziaria <span class=\"_ _4\"> </span>\u00e8 <span class=\"_ _17\"> </span>ceduta <span class=\"_ _14\"> </span>con <span class=\"_ _17\"> </span>trasferimento<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs55a\">sostanziale di tutti i rischi ed i benefi<span class=\"_ _1\"></span>ci derivanti dalla propriet\u00e0 della stessa.<span class=\"_ _df\"> </span> </div><div class=\"t m0 he ff4 fs5 fc4 sc3 ls0 ws0 gs55b\">13 - Pa<span class=\"_ _f\"></span>ssivit\u00e0 fina<span class=\"_ _1\"></span>nziarie<span class=\"_ _f\"></span> designa<span class=\"_ _1\"></span>te al fa<span class=\"_ _1\"></span>ir value<span class=\"_ _df\"> </span><span class=\"_ _f\"></span> </div><div class=\"t m0 h5 ff4 fs1 fc4 sc3 ls0 ws0 gs55c\">Criter<span class=\"_ _1\"></span>i di <span class=\"_ _1\"></span>iscrizi<span class=\"_ _1\"></span>one<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs55d\">L\u2019iscrizione <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>tali <span class=\"_ _0\"></span>passivit\u00e0 <span class=\"_ _d\"></span>avviene <span class=\"_ _d\"></span>alla <span class=\"_ _d\"></span>data <span class=\"_ _0\"></span>di <span class=\"_ _d\"></span>emissione <span class=\"_ _d\"></span>in <span class=\"_ _0\"></span>misura <span class=\"_ _d\"></span>pari <span class=\"_ _d\"></span>al <span class=\"_ _0\"></span>loro <span class=\"_ _d\"></span>fair <span class=\"_ _d\"></span>value, <span class=\"_ _d\"></span>incluso <span class=\"_ _0\"></span>il <span class=\"_ _d\"></span>valo<span class=\"_ _2\"></span><span class=\"ff4\">re<span class=\"_ _df\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs55e\">dell\u2019eventuale derivato embedded e al netto delle<span class=\"_ _1\"></span> commissioni di collocamento pagate.<span class=\"_ _df\"> </span><span class=\"_ _2\"></span><span class=\"ff4\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc4 sc3 ls0 ws0 gs55f\">Criter<span class=\"_ _1\"></span>i di <span class=\"_ _f\"></span>classifica<span class=\"_ _f\"></span>zione<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs560\">Formano  oggetto  di  rilevazione  nella  presente  voce<span class=\"_ _1\"></span>  le  passivit\u00e0  finanziarie  designate  al  fair  value  con<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs561\">contropartita in Conto Economico,<span class=\"_ _1\"></span> s<span class=\"_ _2\"></span><span class=\"ff5\">ulla base de<span class=\"_ _1\"></span>lla facolt\u00e0 riconosciu<span class=\"_ _1\"></span>ta alle imprese (c.d. \u201cfair val<span class=\"_ _1\"></span>ue option\u201d)<span class=\"_ _df\"> </span></span><span class=\"ff5\"> </span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs562\">dall\u2019IFRS 9 e nel rispetto delle<span class=\"_ _1\"></span> casistiche previste dalla normativa di riferimento.<span class=\"_ _df\"> </span><span class=\"_ _2\"></span><span class=\"ff4\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc4 sc3 ls0 ws0 gs563\">Criter<span class=\"_ _1\"></span>i di <span class=\"_ _1\"></span>valuta<span class=\"_ _1\"></span>zione<span class=\"_ _df\"> </span><span class=\"_ _f\"></span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs564\">Tali <span class=\"_ _d\"></span>passivit\u00e0 <span class=\"_ _d\"></span>sono <span class=\"_ _d\"></span>valutate <span class=\"_ _d\"></span>al <span class=\"_ _d\"></span>fair <span class=\"_ _d\"></span>value<span class=\"_ _1\"></span> <span class=\"_ _d\"></span>con <span class=\"_ _d\"></span>imputazione <span class=\"_ _d\"></span>del <span class=\"_ _d\"></span>risulta<span class=\"_ _2\"></span>to <span class=\"_ _d\"></span>secondo <span class=\"_ _d\"></span>le <span class=\"_ _d\"></span>seguenti <span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>egole <span class=\"_ _2\"></span>previste<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs565\">dall\u2019IFRS 9:<span class=\"_ _df\"> </span><span class=\"ff4\"> </span></div><div class=\"t m0 h5 ff14 fs1 fc1 sc0 ls0 ws0 gs566\"><span class=\"_ _2c\"> </span><span class=\"ff4\">le variazioni d<span class=\"_ _2\"></span>i fair value ch<span class=\"_ _2\"></span>e sono <span class=\"_ _2\"></span>attribuib<span class=\"_ _1\"></span>ili alla <span class=\"_ _2\"></span>variazione del proprio <span class=\"_ _2\"></span>merito creditizio devono essere<span class=\"_ _df\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs567\">rilevate nel Prospetto della redditivit\u00e0 complessiva (P<span class=\"_ _1\"></span>atrimonio netto);<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff14 fs1 fc1 sc0 ls0 ws0 gs568\"><span class=\"_ _2c\"> </span><span class=\"ff4\">le restanti variazioni di fair value devono essere rilevate nel Conto Economico.<span class=\"_ _df\"> </span></span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs569\">Gli <span class=\"_ _17\"> </span>importi <span class=\"_ _17\"> </span>rilevati <span class=\"_ _4\"> </span>nel <span class=\"_ _17\"> </span>Prospetto <span class=\"_ _17\"> </span>della <span class=\"_ _17\"> </span>redditivit\u00e0 <span class=\"_ _4\"> </span>complessiva <span class=\"_ _17\"> </span>non <span class=\"_ _17\"> </span>rigirano <span class=\"_ _17\"> </span>successivamente <span class=\"_ _17\"> </span>a <span class=\"_ _4\"> </span>cont<span class=\"_ _2\"></span>o<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs56a\">economico. Tale <span class=\"_ _2\"></span>modalit\u00e0 <span class=\"_ _2\"></span>di co<span class=\"_ _2\"></span>ntabilizzazione non <span class=\"_ _2\"></span>deve <span class=\"_ _2\"></span>essere <span class=\"_ _2\"></span>applicata qualora <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>rilevazione <span class=\"_ _d\"></span>degli effetti<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs56b\">del <span class=\"_ _9\"> </span>proprio <span class=\"_ _16\"> </span>merito <span class=\"_ _9\"> </span>di <span class=\"_ _16\"> </span>credito <span class=\"_ _9\"> </span>a <span class=\"_ _16\"> </span>Patrimonio <span class=\"_ _9\"> </span>netto <span class=\"_ _16\"> </span>determini <span class=\"_ _9\"> </span>o <span class=\"_ _16\"> </span>acce<span class=\"_ _1\"></span>ntui <span class=\"_ _9\"> </span>un  accou<span class=\"_ _1\"></span>nting <span class=\"_ _9\"> </span>mismat<span class=\"_ _2\"></span>ch <span class=\"_ _9\"> </span>a <span class=\"_ _16\"> </span>conto<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs56c\">economico. In <span class=\"_ _2\"></span>questo <span class=\"_ _2\"></span>caso gli <span class=\"_ _2\"></span>utili o <span class=\"_ _2\"></span>le perdite <span class=\"_ _2\"></span>legate alla <span class=\"_ _2\"></span>passivit\u00e0, incluse <span class=\"_ _2\"></span>quelle che <span class=\"_ _2\"></span>si <span class=\"_ _2\"></span>determinano come<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs56d\">effetto della variazione del<span class=\"_ _1\"></span> propr<span class=\"_ _2\"></span>io merito creditizio, devono essere rilev<span class=\"_ _1\"></span>ate a conto<span class=\"_ _2\"></span> economico.<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs56e\">Per maggiori dettagli <span class=\"_ _2\"></span>si veda quant<span class=\"_ _2\"></span>o riportato nel successivo <span class=\"_ _2\"></span>paragrafo \u201cModalit\u00e0 di determinazione del <span class=\"_ _2\"></span>fair<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs56f\">value delle attivit\u00e0 e passivit\u00e0\u201d.<span class=\"_ _df\"> </span></div>Le  pass<span class=\"_ _2\"></span>ivit\u00e0  finanziarie <span class=\"_ _4\"> </span>valutate <span class=\"_ _4\"> </span>al  fair <span class=\"_ _4\"> </span>value <span class=\"_ _22\"> </span>vengono <span class=\"_ _4\"> </span>cancellate <span class=\"_ _4\"> </span>dal  bilancio <span class=\"_ _4\"> </span>quando  s<span class=\"_ _2\"></span>cadono <span class=\"_ _22\"> </span>i <span class=\"_ _4\"> </span>diritti<span class=\"_ _df\"> </span>contrattuali  sui  relativi<span class=\"_ _1\"></span>  flussi  finanziari  o  qu<span class=\"_ _1\"></span>ando  questa  viene  e<span class=\"_ _1\"></span>stinta,  ovverosia  quando <span class=\"_ _16\"> </span>l'obbligazione<span class=\"_ _df\"> </span>specificata nel contratto \u00e8 adempiu<span class=\"_ _1\"></span>ta o cancellata o scaduta<span class=\"_ _2\"></span>.<span class=\"_ _df\"> </span>14 - Op<span class=\"_ _f\"></span>erazioni in <span class=\"_ _1\"></span>valuta<span class=\"_ _df\"> </span>Criter<span class=\"_ _1\"></span>i di <span class=\"_ _1\"></span>iscrizi<span class=\"_ _1\"></span>one<span class=\"_ _df\"> </span>Le <span class=\"_ _16\"> </span>operazioni <span class=\"_ _16\"> </span>in  valuta  e<span class=\"_ _1\"></span>stera  sono  reg<span class=\"_ _1\"></span>istrate,  al <span class=\"_ _16\"> </span>momento <span class=\"_ _16\"> </span>della <span class=\"_ _9\"> </span>r<span class=\"_ _2\"></span>ilevazione <span class=\"_ _16\"> </span>iniziale,  in <span class=\"_ _9\"> </span>divis<span class=\"_ _2\"></span>a  d<span class=\"_ _1\"></span>i  conto,<span class=\"_ _df\"> </span>applicando all\u2019importo in valuta estera il tasso di cambi<span class=\"_ _1\"></span>o in vigore alla data dell\u2019operazione.<span class=\"_ _df\"> </span>Criter<span class=\"_ _1\"></span>i di <span class=\"_ _1\"></span>class<span class=\"_ _1\"></span>ificazi<span class=\"_ _1\"></span>one<span class=\"_ _df\"> </span>Le <span class=\"_ _1\"></span>operazioni <span class=\"_ _1\"></span>in <span class=\"_ _1\"></span>valuta sono <span class=\"_ _f\"></span>costituite d<span class=\"_ _1\"></span>a tutte <span class=\"_ _1\"></span>le <span class=\"_ _1\"></span>attivit\u00e0 <span class=\"_ _1\"></span>e le<span class=\"_ _1\"></span> passi<span class=\"_ _f\"></span>vit\u00e0 denominate <span class=\"_ _f\"></span>in valute <span class=\"_ _f\"></span>diverse dall\u2019euro.<span class=\"_ _df\"> </span>Criter<span class=\"_ _1\"></span>i di <span class=\"_ _1\"></span>cancell<span class=\"_ _1\"></span>azion<span class=\"_ _f\"></span>e<span class=\"_ _df\"> </span>Si applicano i criteri indicati per le v<span class=\"_ _1\"></span>oci di bilancio corrispondenti.<span class=\"_ _df\"> </span>Il tasso di cambio utilizzato \u00e8 quello alla data di estinzione<span class=\"_ _1\"></span>.<span class=\"sc2\"> </span>Criter<span class=\"_ _1\"></span>i di <span class=\"_ _1\"></span>valuta<span class=\"_ _1\"></span>zione<span class=\"_ _df\"> </span>Ad  ogni <span class=\"_ _22\"> </span>chiusura <span class=\"_ _22\"> </span>di <span class=\"_ _4\"> </span>bilanc<span class=\"_ _1\"></span>io  o <span class=\"_ _4\"> </span>di  situazione  infrannuale,  le <span class=\"_ _22\"> </span>p<span class=\"_ _2\"></span>oste  di <span class=\"_ _22\"> </span>bilancio  in <span class=\"_ _4\"> </span>valuta  estera  vengono<span class=\"_ _df\"> </span>valorizzate come segue:<span class=\"_ _df\"> </span><span class=\"_ _2c\"> </span><span class=\"ff4\">le poste monetarie sono convertite al tasso di cambio alla data di chiusura;<span class=\"_ _df\"> </span></span><span class=\"_ _2c\"> </span><span class=\"ff4\">le <span class=\"_ _2\"></span>poste <span class=\"_ _2\"></span>non <span class=\"_ _2\"></span>monetarie <span class=\"_ _2\"></span>valutate <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>costo <span class=\"_ _2\"></span>storico s<span class=\"_ _2\"></span>ono convertite <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>asso di <span class=\"_ _2\"></span>cambio <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>essere <span class=\"_ _2\"></span>alla <span class=\"_ _2\"></span>data<span class=\"_ _df\"> </span></span>dell\u2019operazione;<span class=\"_ _df\"> </span><span class=\"_ _2c\"> </span><span class=\"ff4\">le <span class=\"_ _2\"></span>poste non <span class=\"_ _2\"></span>monetarie <span class=\"_ _2\"></span>valutate al <span class=\"_ _2\"></span>fair <span class=\"_ _2\"></span>value sono <span class=\"_ _2\"></span>convertite <span class=\"_ _2\"></span>utilizzando i <span class=\"_ _2\"></span>tassi <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>cambio in <span class=\"_ _2\"></span>essere <span class=\"_ _2\"></span>alla<span class=\"_ _df\"> </span></span>data di chiusura.<span class=\"_ _df\"> </span>Le differenze <span class=\"_ _2\"></span>di cambio <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>derivano dal <span class=\"_ _2\"></span>regolamento <span class=\"_ _2\"></span>di elementi <span class=\"_ _2\"></span>monetari o <span class=\"_ _2\"></span>dalla conversione <span class=\"_ _2\"></span>di elementi<span class=\"_ _df\"> </span>monetari <span class=\"_ _f\"></span>a <span class=\"_ _1\"></span>tassi <span class=\"_ _f\"></span>diversi <span class=\"_ _f\"></span>da <span class=\"_ _f\"></span>quelli d<span class=\"_ _1\"></span>i <span class=\"_ _f\"></span>conversione <span class=\"_ _f\"></span>iniziali, o <span class=\"_ _11\"></span>di <span class=\"_ _1\"></span>conversione <span class=\"_ _f\"></span>del <span class=\"_ _f\"></span>bilancio p<span class=\"_ _1\"></span>recedente, <span class=\"_ _f\"></span>sono ril<span class=\"_ _1\"></span>evate<span class=\"_ _df\"> </span>nel conto economico del periodo in cui sorgono.<span class=\"_ _df\"> </span>Quando <span class=\"_ _0\"></span>un <span class=\"_ _0\"></span>utile <span class=\"_ _0\"></span>o <span class=\"_ _9\"> </span>una <span class=\"_ _0\"></span>perdita <span class=\"_ _0\"></span>relativi <span class=\"_ _0\"></span>ad <span class=\"_ _0\"></span>un <span class=\"_ _9\"> </span>elemento <span class=\"_ _0\"></span>non <span class=\"_ _9\"> </span>monetario <span class=\"_ _0\"></span>sono <span class=\"_ _0\"></span>r<span class=\"_ _2\"></span>ilev<span class=\"_ _1\"></span>ati <span class=\"_ _0\"></span>a <span class=\"_ _9\"> </span>patrimonio <span class=\"_ _0\"></span>netto, <span class=\"_ _0\"></span>la<span class=\"_ _df\"> </span>differenza <span class=\"_ _2\"></span>cambio <span class=\"_ _2\"></span>relativa <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>tale <span class=\"_ _2\"></span>elemento <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _2\"></span>rilevata <span class=\"_ _d\"></span>anch\u2019essa <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>patrimonio. <span class=\"_ _2\"></span>Per <span class=\"_ _2\"></span>contro, <span class=\"_ _2\"></span>quando <span class=\"_ _2\"></span>un <span class=\"_ _2\"></span>utile <span class=\"_ _2\"></span>o<span class=\"_ _df\"> </span>una <span class=\"_ _9\"> </span>perdita <span class=\"_ _9\"> </span>so<span class=\"_ _2\"></span>no <span class=\"_ _9\"> </span>rilevati <span class=\"_ _9\"> </span>a <span class=\"_ _9\"> </span>conto <span class=\"_ _16\"> </span>economico, <span class=\"_ _0\"></span>\u00e8 <span class=\"_ _16\"> </span>rilevata <span class=\"_ _9\"> </span>in <span class=\"_ _9\"> </span>cont<span class=\"_ _2\"></span>o <span class=\"_ _9\"> </span>economico <span class=\"_ _9\"> </span>anche <span class=\"_ _9\"> </span>la <span class=\"_ _9\"> </span>relativa<span class=\"_ _2\"></span> <span class=\"_ _9\"> </span>differenza<span class=\"_ _df\"> </span>cambio.<span class=\"_ _df\"> </span>Criter<span class=\"_ _1\"></span>i di <span class=\"_ _1\"></span>rileva<span class=\"_ _f\"></span>zione dell<span class=\"_ _1\"></span>e com<span class=\"_ _f\"></span>ponenti <span class=\"_ _1\"></span>reddi<span class=\"_ _1\"></span>tuali<span class=\"_ _df\"> </span>Le differenze <span class=\"_ _2\"></span>di cambio <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>derivano dal <span class=\"_ _2\"></span>regolamento <span class=\"_ _2\"></span>di elementi <span class=\"_ _2\"></span>monetari o <span class=\"_ _2\"></span>dalla conversione <span class=\"_ _2\"></span>di elementi<span class=\"_ _df\"> </span>monetari <span class=\"_ _f\"></span>a <span class=\"_ _1\"></span>tassi <span class=\"_ _f\"></span>diversi <span class=\"_ _f\"></span>da <span class=\"_ _f\"></span>quelli d<span class=\"_ _1\"></span>i <span class=\"_ _f\"></span>conversione <span class=\"_ _f\"></span>iniziali, o <span class=\"_ _11\"></span>di <span class=\"_ _1\"></span>conversione <span class=\"_ _f\"></span>del <span class=\"_ _f\"></span>bilancio p<span class=\"_ _1\"></span>recedente, <span class=\"_ _f\"></span>sono ril<span class=\"_ _1\"></span>evate<span class=\"_ _df\"> </span>nel conto economico del periodo in cui sorgono nella voce <span class=\"ff5\">\u201cRisultato netto dell\u2019attivit\u00e0 di negoziazione\u201d.<span class=\"_ _df\"> </span></span>Quando <span class=\"_ _0\"></span>un <span class=\"_ _0\"></span>utile <span class=\"_ _0\"></span>o <span class=\"_ _9\"> </span>una <span class=\"_ _0\"></span>perdita <span class=\"_ _0\"></span>relat<span class=\"_ _2\"></span>ivi <span class=\"_ _d\"></span>ad <span class=\"_ _9\"> </span>un <span class=\"_ _0\"></span>elemento <span class=\"_ _9\"> </span>non <span class=\"_ _0\"></span>monetario <span class=\"_ _9\"> </span>sono <span class=\"_ _0\"></span>rilevati <span class=\"_ _0\"></span>a <span class=\"_ _0\"></span>patrimonio <span class=\"_ _0\"></span>netto, <span class=\"_ _9\"> </span>la<span class=\"_ _df\"> </span>differenza <span class=\"_ _2\"></span>cambio <span class=\"_ _2\"></span>relativa <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>tale <span class=\"_ _2\"></span>elemento <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _2\"></span>rilevata <span class=\"_ _d\"></span>anch\u2019essa <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>patrimonio. <span class=\"_ _2\"></span>Per <span class=\"_ _2\"></span>contro, <span class=\"_ _2\"></span>quando <span class=\"_ _2\"></span>un <span class=\"_ _2\"></span>utile <span class=\"_ _2\"></span>o<span class=\"_ _df\"> </span>una <span class=\"_ _9\"> </span>perdita <span class=\"_ _9\"> </span>sono <span class=\"_ _16\"> </span>rilevati <span class=\"_ _9\"> </span>a <span class=\"_ _9\"> </span>conto <span class=\"_ _9\"> </span>economico, <span class=\"_ _16\"> </span>\u00e8 <span class=\"_ _0\"></span>r<span class=\"_ _2\"></span>ilevata <span class=\"_ _9\"> </span>in <span class=\"_ _9\"> </span>conto <span class=\"_ _16\"> </span>economico <span class=\"_ _9\"> </span>a<span class=\"_ _2\"></span>nche <span class=\"_ _0\"> </span>la <span class=\"_ _16\"> </span>relativa <span class=\"_ _9\"> </span>differenza<span class=\"_ _df\"> </span>cambio.<span class=\"_ _df\"> </span>Criter<span class=\"_ _1\"></span>i di <span class=\"_ _1\"></span>cancell<span class=\"_ _1\"></span>azion<span class=\"_ _f\"></span>e",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-888": {
   "value": "A.2 <span class=\"_ _1\"></span><span class=\"ff5\">\u2013<span class=\"ff4\"> PAR<span class=\"_ _f\"></span>TE RE<span class=\"_ _1\"></span>LAT<span class=\"_ _f\"></span>IVA A<span class=\"_ _1\"></span>LLE<span class=\"_ _1\"></span> PRINC<span class=\"_ _f\"></span>IPALI <span class=\"_ _f\"></span>VOCI D<span class=\"_ _1\"></span>I BI<span class=\"_ _1\"></span>LAN<span class=\"_ _f\"></span>CIO<span class=\"_ _df\"> </span></span></span>1 <span class=\"ls0\">- Attivit\u00e0<span class=\"_ _f\"></span> finanzia<span class=\"_ _1\"></span>rie valu<span class=\"_ _f\"></span>tate al fa<span class=\"_ _1\"></span>ir valu<span class=\"_ _1\"></span>e con<span class=\"_ _1\"></span> impa<span class=\"_ _1\"></span>tto a co<span class=\"_ _f\"></span>nto eco<span class=\"_ _1\"></span>nomico <span class=\"_ _f\"></span> </span>Criter<span class=\"_ _1\"></span>i di <span class=\"_ _1\"></span>iscrizio<span class=\"_ _f\"></span>ne L\u2019iscrizione iniziale <span class=\"_ _2\"></span>delle <span class=\"_ _2\"></span>att<span class=\"_ _2\"></span>ivit\u00e0<span class=\"_ _1\"></span> <span class=\"_ _2\"></span>finanziarie avviene <span class=\"_ _2\"></span>alla <span class=\"_ _2\"></span>data <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>regolamento <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>i titoli <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>debito e <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>titoli di capitale, alla data di erogazione p<span class=\"_ _1\"></span>er i finanziamenti ed alla data di sottoscrizione pe<span class=\"_ _1\"></span>r i contratti<span class=\"_ _d\"></span> <span class=\"_ _12\"></span>derivati. All<span class=\"ff5\">\u2019atto <span class=\"_ _d\"></span>della <span class=\"_ _d\"></span>rilevazione <span class=\"_ _2\"></span>iniziale <span class=\"_ _d\"></span>le <span class=\"_ _d\"></span>attivit\u00e0 <span class=\"_ _d\"></span>finanziarie <span class=\"_ _d\"></span>valutate <span class=\"_ _d\"></span>al <span class=\"_ _2\"></span>fair <span class=\"_ _0\"></span>value <span class=\"_ _2\"></span>con <span class=\"_ _0\"></span>impatto <span class=\"_ _2\"></span>a <span class=\"_ _d\"></span>conto <span class=\"_ _d\"></span>economico </span>vengono rile<span class=\"_ _1\"></span>vate al fai<span class=\"_ _1\"></span>r value, <span class=\"_ _1\"></span>senza considerare i<span class=\"_ _1\"></span> costi <span class=\"_ _f\"></span>o proventi d<span class=\"_ _1\"></span>i transazione d<span class=\"_ _1\"></span>irettamente att<span class=\"_ _1\"></span>ribuibili all<span class=\"_ _1\"></span>o strumento stesso. Criter<span class=\"_ _1\"></span>i di <span class=\"_ _f\"></span>classifica<span class=\"_ _f\"></span>zione Sono  classificate  in  questa  categoria  le  at<span class=\"_ _2\"></span>tivit\u00e0  finanziarie  diverse  da  quelle  classificate  tra <span class=\"_ _22\"> </span>le  At<span class=\"_ _2\"></span>tivit\u00e0 finanziarie valutate <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>fair value con <span class=\"_ _2\"></span>impatto <span class=\"_ _2\"></span>sulla redditivit\u00e0 complessiva <span class=\"_ _2\"></span>e t<span class=\"_ _2\"></span>ra le <span class=\"_ _2\"></span>Attivit\u00e0 finanziare <span class=\"_ _2\"></span>valutate<span class=\"_ _1\"></span> al costo ammortizzato. La voce, in particolare, include<span class=\"_ _1\"></span>:<span class=\"_ _2\"></span> <span class=\"_ _2c\"> </span><span class=\"ff4\">le attivit\u00e0 finanziarie detenute pe<span class=\"_ _1\"></span>r la negoziazione, essenzi<span class=\"_ _1\"></span>almente rappresentate da titoli di de<span class=\"_ _1\"></span>bito e di </span>capitale e dal valore positivo dei contratti derivati de<span class=\"_ _1\"></span>tenuti con finalit\u00e0 di negoziazione;<span class=\"_ _df\"> </span><span class=\"_ _2c\"> </span><span class=\"ff4\">le attivit\u00e0 finanziarie <span class=\"_ _1\"></span>obbligatoriamente v<span class=\"_ _1\"></span>alutate al fair<span class=\"_ _f\"></span> value, rappresentate d<span class=\"_ _1\"></span>alle attiv<span class=\"_ _1\"></span>it\u00e0 finanziarie <span class=\"_ _1\"></span>che </span>non <span class=\"_ _0\"> </span>s<span class=\"_ _2\"></span>oddisfano <span class=\"_ _0\"></span>i <span class=\"_ _0\"></span>requisiti <span class=\"_ _9\"> </span>per <span class=\"_ _0\"> </span>la <span class=\"_ _9\"> </span>valutazione <span class=\"_ _0\"></span>al <span class=\"_ _9\"> </span>costo <span class=\"_ _0\"> </span>amm<span class=\"_ _2\"></span>ortizz<span class=\"_ _1\"></span>ato <span class=\"_ _9\"> </span>o <span class=\"_ _9\"> </span>al <span class=\"_ _0\"></span>fair <span class=\"_ _9\"> </span>value <span class=\"_ _0\"></span>con <span class=\"_ _9\"> </span>impatto <span class=\"_ _0\"></span>s<span class=\"_ _2\"></span>ulla redditivit\u00e0 <span class=\"_ _14\"> </span>complessiva. <span class=\"_ _14\"> </span>Si <span class=\"_ _14\"> </span>tr<span class=\"_ _2\"></span>atta <span class=\"_ _14\"> </span>di <span class=\"_ _15\"> </span>attivit\u00e0 <span class=\"_ _14\"> </span>finanziarie <span class=\"_ _15\"> </span>i <span class=\"_ _14\"> </span>cui <span class=\"_ _15\"> </span>termini <span class=\"_ _14\"> </span>contrattuali <span class=\"_ _14\"> </span>non <span class=\"_ _15\"> </span>prevedono esclusivamente <span class=\"_ _2\"></span>rimbors<span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>del <span class=\"_ _d\"></span>capi<span class=\"_ _1\"></span>tale <span class=\"_ _d\"></span>e <span class=\"_ _2\"></span>pagamenti <span class=\"_ _d\"></span>dell\u2019interesse <span class=\"_ _d\"></span>sull\u2019importo <span class=\"_ _2\"></span>del <span class=\"_ _d\"></span>capitale <span class=\"_ _2\"></span>da <span class=\"_ _d\"></span>restituire (cd. \u201cSPPI<span class=\"_ _1\"></span> test\u201d non superato) opp<span class=\"_ _1\"></span>ure che non <span class=\"_ _1\"></span>sono detenute nel q<span class=\"_ _1\"></span>uadro di un <span class=\"_ _1\"></span>modello di business il<span class=\"_ _1\"></span> cui<span class=\"_ _df\"> </span>obiettivo <span class=\"_ _f\"></span>\u00e8 il<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>possesso d<span class=\"_ _1\"></span>i <span class=\"_ _f\"></span>attivit\u00e0 <span class=\"_ _1\"></span>finalizzato <span class=\"_ _f\"></span>alla <span class=\"_ _1\"></span>raccolta d<span class=\"_ _1\"></span>ei <span class=\"_ _f\"></span>flussi fi<span class=\"_ _1\"></span>nanziari <span class=\"_ _f\"></span>contr<span class=\"_ _2\"></span>attuali <span class=\"_ _f\"></span>(Business <span class=\"_ _f\"></span>model \u201cHold to Collect\u201d) o il cui obiettivo \u00e8 conseguito sia mediante la racc<span class=\"_ _1\"></span>olta dei flussi finanziari contrattuali che mediante la vendita di attivit\u00e0 fi<span class=\"ff5\">nanziarie (Business model \u201cHold to Collect and Sell\u201d);<span class=\"_ _df\"> </span></span><span class=\"_ _2c\"> </span><span class=\"ff4\">le <span class=\"_ _d\"></span>attivit\u00e0 <span class=\"_ _d\"></span>finanziarie <span class=\"_ _2\"></span>designate <span class=\"_ _d\"></span>al <span class=\"_ _d\"></span>fair <span class=\"_ _2\"></span>value, <span class=\"_ _d\"></span>ossia <span class=\"_ _d\"></span>le <span class=\"_ _2\"></span>att<span class=\"_ _2\"></span>ivit\u00e0 <span class=\"_ _2\"></span>finanziarie <span class=\"_ _2\"></span>cos\u00ec <span class=\"_ _d\"></span>definite <span class=\"_ _d\"></span>al <span class=\"_ _2\"></span>momento<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>della </span>rilevazione <span class=\"_ _16\"> </span>iniziale  e <span class=\"_ _9\"> </span>o<span class=\"_ _2\"></span>ve  ne<span class=\"_ _f\"></span>  su<span class=\"_ _2\"></span>ssistano  i <span class=\"_ _16\"> </span>presupposti. <span class=\"_ _16\"> </span>In <span class=\"_ _16\"> </span>relazione  a <span class=\"_ _16\"> </span>tale <span class=\"_ _16\"> </span>fattispecie,  un<span class=\"_ _2\"></span><span class=\"ff5\">\u2019entit\u00e0  pu<span class=\"_ _1\"></span>\u00f2 </span>designare i<span class=\"_ _1\"></span>rrevocabilmente all\u2019iscrizione <span class=\"_ _1\"></span>un\u2019attivit\u00e0 finanzi<span class=\"_ _1\"></span>aria come valu<span class=\"_ _1\"></span>tata al fair v<span class=\"_ _1\"></span>alue con <span class=\"_ _1\"></span>impatto a conto <span class=\"_ _17\"> </span>economico <span class=\"_ _4\"> </span>se, <span class=\"_ _17\"> </span>e <span class=\"_ _4\"> </span>solo <span class=\"_ _17\"> </span>se, <span class=\"_ _17\"> </span>cos\u00ec <span class=\"_ _17\"> </span>facendo <span class=\"_ _4\"> </span>elimina <span class=\"_ _17\"> </span>o <span class=\"_ _17\"> </span>riduce <span class=\"_ _17\"> </span>significativamente <span class=\"_ _4\"> </span>un\u2019inco<span class=\"_ _2\"></span>erenza valutativa.<span class=\"_ _df\"> </span>Trovano, quindi, evidenza in questa voce: <span class=\"_ _2c\"> </span><span class=\"ff4\">i titoli di debi<span class=\"_ _1\"></span>to e i finanziamenti che<span class=\"_ _1\"></span> sono inclusi nel <span class=\"_ _1\"></span>business model Trading (non riconducibil<span class=\"_ _1\"></span>i quindi ai </span>business model \u201cHold to Collect\u201d o \u201cHold to Collect and Sel<span class=\"_ _1\"></span>l\u201d) o che non superano il test SPPI;<span class=\"_ _df\"> </span><span class=\"_ _2c\"> </span><span class=\"ff4\">gli strumenti <span class=\"_ _f\"></span>di capitale <span class=\"_ _f\"></span>- non qu<span class=\"_ _1\"></span>alificabili <span class=\"_ _f\"></span>di controllo, <span class=\"_ _1\"></span>collegamento e <span class=\"_ _f\"></span>controllo cong<span class=\"_ _1\"></span>iunto - <span class=\"_ _1\"></span>detenuti <span class=\"_ _f\"></span>per<span class=\"_ _df\"> </span></span>finalit\u00e0 <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>negoziazi<span class=\"_ _1\"></span>one <span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>cui <span class=\"_ _2\"></span>non <span class=\"_ _2\"></span>si <span class=\"_ _2\"></span>sia <span class=\"_ _2\"></span>optato, in <span class=\"_ _2\"></span>sede <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>rilevazione iniziale, <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>designazione <span class=\"_ _2\"></span>al fair value con impatto sulla redditivit\u00e0 complessiva;<span class=\"_ _df\"> </span><span class=\"_ _2c\"> </span><span class=\"ff4\">le quote di OICR.<span class=\"_ _df\"> </span></span>La<span class=\"ls0\"> <span class=\"_ _17\"> </span>voce <span class=\"_ _14\"> </span>accoglie, <span class=\"_ _17\"> </span>inoltre, <span class=\"_ _17\"> </span>i <span class=\"_ _14\"> </span>contratti <span class=\"_ _14\"> </span>derivati, <span class=\"_ _17\"> </span>contabilizzati <span class=\"_ _17\"> </span>tra <span class=\"_ _14\"> </span>le <span class=\"_ _17\"> </span>attivit\u00e0 <span class=\"_ _14\"> </span>finanziarie <span class=\"_ _17\"> </span>detenute <span class=\"_ _17\"> </span>per <span class=\"_ _14\"> </span>la </span>negoziazione, che sono r<span class=\"_ _2\"></span>appresentati come attivit\u00e0 <span class=\"_ _2\"></span>se il fair value \u00e8 <span class=\"_ _2\"></span>positivo e come pass<span class=\"_ _2\"></span>ivit\u00e0<span class=\"_ _1\"></span> se il <span class=\"_ _2\"></span>fair value \u00e8 negativo. <span class=\"_ _2\"></span>E\u2019 <span class=\"_ _2\"></span>possibile compen<span class=\"_ _2\"></span>sare <span class=\"_ _2\"></span>i<span class=\"ff4\"> <span class=\"_ _2\"></span>valori correnti <span class=\"_ _2\"></span>positivi <span class=\"_ _2\"></span>e negativi <span class=\"_ _2\"></span>derivanti da <span class=\"_ _2\"></span>operazioni <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>essere <span class=\"_ _2\"></span>con </span>la <span class=\"_ _2\"></span>medesima controparte <span class=\"_ _2\"></span>soltanto qualora <span class=\"_ _2\"></span>si abbia cor<span class=\"_ _2\"></span>rentemente il <span class=\"_ _2\"></span>diritto legale <span class=\"_ _2\"></span>di compensare <span class=\"_ _2\"></span>gli importi rilevati  contabilmente  e <span class=\"_ _22\"> </span>s<span class=\"_ _2\"></span>i  intenda  procedere  al <span class=\"_ _4\"> </span>regolamento  su <span class=\"_ _22\"> </span>base <span class=\"_ _4\"> </span>net<span class=\"_ _1\"></span>t<span class=\"_ _2\"></span>a  delle  posizioni <span class=\"_ _22\"> </span>oggetto <span class=\"_ _4\"> </span>di compensazione.<span class=\"_ _df\"> </span>Fra i <span class=\"_ _f\"></span>derivati sono i<span class=\"_ _1\"></span>nclusi <span class=\"_ _f\"></span>anche quelli <span class=\"_ _f\"></span>i<span class=\"_ _2\"></span>ncorporati in <span class=\"_ _f\"></span>contratti finanziari <span class=\"_ _f\"></span>complessi - in cui <span class=\"_ _f\"></span>il contratto primario<span class=\"_ _f\"></span> \u00e8 una passivit\u00e0 finanziaria - che sono stati oggetto di rilevazione separata in quanto:<span class=\"_ _df\"> </span><span class=\"_ _2c\"> </span><span class=\"ff4\">le <span class=\"_ _d\"></span>lor<span class=\"_ _2\"></span>o <span class=\"_ _d\"></span>caratterist<span class=\"_ _2\"></span>iche <span class=\"_ _d\"></span>economiche <span class=\"_ _d\"></span>ed <span class=\"_ _d\"></span>i <span class=\"_ _0\"></span>rischi <span class=\"_ _d\"></span>non <span class=\"_ _0\"></span>sono <span class=\"_ _0\"></span>strettamente <span class=\"_ _d\"></span>correlati <span class=\"_ _0\"></span>alle <span class=\"_ _d\"></span>caratteristiche <span class=\"_ _d\"></span>del<span class=\"_ _df\"> </span></span>contratto sottostante;<span class=\"_ _df\"> </span><span class=\"_ _2c\"> </span><span class=\"ff4\">gli strumenti incorporati, anche se separati, soddisfano la definizione<span class=\"_ _1\"></span> di derivato;<span class=\"_ _df\"> </span></span><span class=\"_ _2c\"> </span><span class=\"ff4\">gli <span class=\"_ _d\"></span>strumenti <span class=\"_ _d\"></span>ibridi <span class=\"_ _2\"></span>cui <span class=\"_ _d\"></span>appartengono <span class=\"_ _d\"></span>non <span class=\"_ _2\"></span>so<span class=\"_ _2\"></span>no <span class=\"_ _2\"></span>valutat<span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>al <span class=\"_ _d\"></span>fair <span class=\"_ _d\"></span>value<span class=\"_ _1\"></span> <span class=\"_ _d\"></span>con <span class=\"_ _d\"></span>le <span class=\"_ _2\"></span>relative <span class=\"_ _d\"></span>variazioni <span class=\"_ _d\"></span>rilevate <span class=\"_ _d\"></span>a </span>Conto Economico.<span class=\"_ _df\"> </span>Riclas<span class=\"_ _f\"></span>sifiche<span class=\"_ _1\"></span> Secondo <span class=\"_ _0\"></span>le <span class=\"_ _9\"> </span>regole <span class=\"_ _0\"></span>generali <span class=\"_ _9\"> </span>previste <span class=\"_ _0\"> </span>dall\u2019IFRS <span class=\"_ _9\"> </span>9 <span class=\"_ _0\"> </span>in <span class=\"_ _9\"> </span>materia <span class=\"_ _9\"> </span>di <span class=\"_ _0\"> </span>r<span class=\"_ _2\"></span>icl<span class=\"_ _1\"></span>assificazione <span class=\"_ _0\"></span>delle <span class=\"_ _9\"> </span>attivit\u00e0 <span class=\"_ _9\"> </span>finanziarie <span class=\"_ _0\"></span>(ad eccezione dei <span class=\"_ _2\"></span>titoli <span class=\"_ _2\"></span>di capitale, <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>cui <span class=\"_ _2\"></span>non \u00e8 <span class=\"_ _2\"></span>ammessa<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>alcuna riclassifica), <span class=\"_ _2\"></span>non s<span class=\"_ _2\"></span>ono amm<span class=\"_ _2\"></span>esse riclassifiche verso altre <span class=\"_ _2\"></span>categorie di attivit\u00e0 <span class=\"_ _2\"></span>finanzi<span class=\"_ _1\"></span>arie salvo <span class=\"_ _2\"></span>il caso in <span class=\"_ _2\"></span>cui l\u2019entit\u00e0 <span class=\"_ _2\"></span>modifichi il proprio modello di <span class=\"_ _2\"></span>business per la g<span class=\"_ _1\"></span>estione delle <span class=\"_ _1\"></span>attivit\u00e0 finanziarie  <span class=\"_ _1\"></span>a seguito di<span class=\"_ _1\"></span> cambiamenti esterni o <span class=\"_ _1\"></span>intern<span class=\"_ _2\"></span>i i <span class=\"_ _f\"></span>quali siano rilevanti pe<span class=\"_ _1\"></span>r le<span class=\"_ _df\"> </span>operazioni <span class=\"_ _4\"> </span>dell'entit\u00e0 <span class=\"_ _17\"> </span>e <span class=\"_ _4\"> </span>dimostrabili <span class=\"_ _4\"> </span>alle <span class=\"_ _4\"> </span>part<span class=\"_ _2\"></span>i <span class=\"_ _4\"> </span>esterne. <span class=\"_ _4\"> </span>In <span class=\"_ _17\"> </span>tali <span class=\"_ _4\"> </span>casi, <span class=\"_ _4\"> </span>che <span class=\"_ _17\"> </span>ci <span class=\"_ _4\"> </span>si <span class=\"_ _4\"> </span>attende <span class=\"_ _4\"> </span>s<span class=\"_ _2\"></span>iano <span class=\"_ _4\"> </span>altamente<span class=\"_ _df\"> </span> infrequenti, <span class=\"_ _9\"> </span>le <span class=\"_ _9\"> </span>att<span class=\"_ _2\"></span>ivit\u00e0 <span class=\"_ _9\"> </span>finanziarie <span class=\"_ _9\"> </span>potranno <span class=\"_ _16\"> </span>essere <span class=\"_ _9\"> </span>riclassificate <span class=\"_ _9\"> </span>dalla <span class=\"_ _16\"> </span>categoria <span class=\"_ _9\"> </span>valutata <span class=\"_ _9\"> </span>al <span class=\"_ _16\"> </span>fair <span class=\"_ _9\"> </span>value <span class=\"_ _9\"> </span>con<span class=\"_ _df\"> </span>impatt<span class=\"ff5\">o <span class=\"_ _2\"></span>a conto <span class=\"_ _2\"></span>economico in <span class=\"_ _2\"></span>una delle <span class=\"_ _2\"></span>altre <span class=\"_ _2\"></span>due categorie <span class=\"_ _2\"></span>previste dall\u2019IFRS 9 <span class=\"_ _2\"></span>(Attivit\u00e0 <span class=\"_ _2\"></span>finanziarie valutate<span class=\"_ _df\"> </span></span>al costo ammortizzato <span class=\"_ _1\"></span>o Attiv<span class=\"_ _1\"></span>it\u00e0 finan<span class=\"_ _1\"></span>ziarie valutate al <span class=\"_ _1\"></span>fair value <span class=\"_ _1\"></span>con impatto sul<span class=\"_ _1\"></span>la redditivi<span class=\"_ _1\"></span>t\u00e0 complessiva). Il<span class=\"_ _df\"> </span>valore <span class=\"_ _0\"></span>di <span class=\"_ _d\"></span>tr<span class=\"_ _2\"></span>asferimento <span class=\"_ _0\"></span>\u00e8 <span class=\"_ _d\"></span>rappresentat<span class=\"_ _2\"></span>o <span class=\"_ _0\"></span>dal <span class=\"_ _d\"></span>fair <span class=\"_ _0\"></span>value <span class=\"_ _0\"></span>al <span class=\"_ _0\"></span>momento <span class=\"_ _0\"></span>della <span class=\"_ _d\"></span>r<span class=\"_ _2\"></span>iclassificazione<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>e <span class=\"_ _0\"></span>gli <span class=\"_ _0\"></span>effetti <span class=\"_ _0\"></span>della<span class=\"_ _df\"> </span>riclassificazione <span class=\"_ _d\"></span>operano <span class=\"_ _0\"></span>in <span class=\"_ _d\"></span>ma<span class=\"_ _2\"></span>niera <span class=\"_ _d\"></span>prospettica <span class=\"_ _0\"></span>a <span class=\"_ _d\"></span>partire <span class=\"_ _0\"></span>dalla <span class=\"_ _0\"></span>data <span class=\"_ _d\"></span>di <span class=\"_ _0\"></span>riclassificazione. <span class=\"_ _d\"></span>In <span class=\"_ _0\"></span>questo <span class=\"_ _0\"></span>caso, <span class=\"_ _d\"></span>il<span class=\"_ _df\"> </span>tasso <span class=\"_ _d\"></span>di <span class=\"_ _2\"></span>interesse <span class=\"_ _d\"></span>effettivo <span class=\"_ _d\"></span>dell\u2019attivit\u00e0 <span class=\"_ _d\"></span>finanziaria <span class=\"_ _2\"></span>riclassificata <span class=\"_ _d\"></span>\u00e8<span class=\"ff4\"> <span class=\"_ _d\"></span>determinato <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>base <span class=\"_ _2\"></span>al <span class=\"_ _d\"></span>suo <span class=\"_ _d\"></span>fair <span class=\"_ _d\"></span>value <span class=\"_ _2\"></span>alla<span class=\"_ _df\"> </span></span>data <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>iclassificazione <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>tale <span class=\"_ _d\"></span>data <span class=\"_ _2\"></span>viene <span class=\"_ _2\"></span>consi<span class=\"_ _2\"></span>derata <span class=\"_ _2\"></span>come <span class=\"_ _2\"></span>data <span class=\"_ _d\"></span>di <span class=\"_ _2\"></span>rilevazione <span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>niziale <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>l\u2019allocazione <span class=\"_ _d\"></span>nei<span class=\"_ _df\"> </span>diversi stadi di rischio creditizio (stage assignment) ai fini <span class=\"_ _12\"></span><span class=\"ff5\">dell\u2019impairment.<span class=\"_ _df\"> </span></span>Criter<span class=\"_ _1\"></span>i di <span class=\"_ _1\"></span>valuta<span class=\"_ _1\"></span>zione<span class=\"_ _df\"> </span>Successivamente <span class=\"_ _0\"></span>alla <span class=\"_ _9\"> </span>rilevazione <span class=\"_ _9\"> </span>iniziale, <span class=\"_ _0\"></span>le <span class=\"_ _9\"> </span>attivit\u00e0 <span class=\"_ _9\"> </span>finanziarie <span class=\"_ _0\"></span>valutate <span class=\"_ _9\"> </span>al <span class=\"_ _9\"> </span>fair <span class=\"_ _9\"> </span>value <span class=\"_ _0\"></span>con <span class=\"_ _9\"> </span>impatto <span class=\"_ _9\"> </span>a <span class=\"_ _9\"> </span>conto<span class=\"_ _df\"> </span>economico <span class=\"_ _16\"> </span>sono <span class=\"_ _16\"> </span>valorizzate <span class=\"_ _9\"> </span>al  fair <span class=\"_ _16\"> </span>value. <span class=\"_ _9\"> </span>Gli  effetti <span class=\"_ _9\"> </span>dell\u2019applicazione  d<span class=\"_ _1\"></span>i <span class=\"_ _16\"> </span>tale  criterio <span class=\"_ _9\"> </span>di  v<span class=\"_ _1\"></span>alutazione <span class=\"_ _16\"> </span>sono<span class=\"_ _df\"> </span>imputati nel Conto Economico.<span class=\"_ _df\"> </span>Per<span class=\"ls0\"> la <span class=\"_ _f\"></span>d<span class=\"_ _2\"></span>eterminazione <span class=\"_ _1\"></span>del <span class=\"_ _1\"></span>fair value <span class=\"_ _f\"></span>d<span class=\"_ _2\"></span>egli <span class=\"_ _f\"></span>s<span class=\"_ _2\"></span>trumenti <span class=\"_ _1\"></span>finanziari <span class=\"_ _1\"></span>quotat<span class=\"_ _2\"></span>i <span class=\"_ _f\"></span>in un <span class=\"_ _1\"></span>mercato attivo, <span class=\"_ _f\"></span>vengono utilizzate<span class=\"_ _df\"> </span></span>quotazioni di<span class=\"_ _1\"></span> mercato. I<span class=\"_ _1\"></span>n assenza <span class=\"_ _1\"></span>di u<span class=\"_ _1\"></span>n mercato a<span class=\"_ _f\"></span>t<span class=\"_ _2\"></span>tivo, <span class=\"_ _f\"></span>vengono utilizzati <span class=\"_ _f\"></span>met<span class=\"_ _2\"></span>odi d<span class=\"_ _1\"></span>i stima e<span class=\"_ _1\"></span> modelli <span class=\"_ _f\"></span>valutativi<span class=\"_ _df\"> </span>comunemente <span class=\"_ _f\"></span>adott<span class=\"_ _2\"></span>ati, <span class=\"_ _f\"></span>che <span class=\"_ _1\"></span>tengono conto <span class=\"_ _f\"></span>di tutti <span class=\"_ _f\"></span>i <span class=\"_ _1\"></span>fattori <span class=\"_ _1\"></span>di <span class=\"_ _f\"></span>rischio <span class=\"_ _1\"></span>correlati <span class=\"_ _1\"></span>agli <span class=\"_ _f\"></span>st<span class=\"_ _2\"></span>rumenti <span class=\"_ _f\"></span>e <span class=\"_ _1\"></span>che <span class=\"_ _1\"></span>sono b<span class=\"_ _1\"></span>asati<span class=\"_ _df\"> </span>su d<span class=\"_ _1\"></span>ati rilev<span class=\"_ _1\"></span>abili sul <span class=\"_ _f\"></span>mercat<span class=\"_ _2\"></span>o q<span class=\"_ _1\"></span>uali: v<span class=\"_ _1\"></span>alutazione di <span class=\"_ _f\"></span>st<span class=\"_ _2\"></span>rumenti <span class=\"_ _f\"></span>quotati che <span class=\"_ _1\"></span>presentano analoghe <span class=\"_ _f\"></span>cara<span class=\"_ _2\"></span>tteristiche,<span class=\"_ _df\"> </span>calcoli <span class=\"_ _d\"></span>di <span class=\"_ _0\"></span>flussi <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>cassa <span class=\"_ _d\"></span>scontati, <span class=\"_ _0\"></span>modelli <span class=\"_ _d\"></span>di <span class=\"_ _0\"></span>determinazione <span class=\"_ _0\"></span>del <span class=\"_ _0\"></span>prezzo <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>opzioni, <span class=\"_ _d\"></span>valori <span class=\"_ _0\"></span>rilevati <span class=\"_ _0\"></span>in <span class=\"_ _d\"></span>recenti<span class=\"_ _df\"> </span>transazioni comparabili, ecc. <span class=\"_ _2\"></span>Per i <span class=\"_ _2\"></span>titoli di capitale <span class=\"_ _2\"></span>e per gli <span class=\"_ _2\"></span>strumenti derivati ch<span class=\"_ _2\"></span>e hanno per <span class=\"_ _2\"></span>oggetto titoli di<span class=\"_ _df\"> </span>capitale, non <span class=\"_ _2\"></span>quotati <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>un mercato <span class=\"_ _2\"></span>attivo, <span class=\"_ _2\"></span>il criterio <span class=\"_ _2\"></span>del cost<span class=\"_ _2\"></span>o \u00e8 <span class=\"_ _2\"></span>utilizzato quale <span class=\"_ _2\"></span>stima <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>el <span class=\"_ _2\"></span>fair value <span class=\"_ _2\"></span>soltanto<span class=\"_ _df\"> </span>in <span class=\"_ _d\"></span>via <span class=\"_ _d\"></span>r<span class=\"_ _2\"></span>esiduale <span class=\"_ _d\"></span>e <span class=\"_ _0\"></span>limitatamente <span class=\"_ _0\"></span>a <span class=\"_ _0\"></span>poche <span class=\"_ _d\"></span>circostanze, <span class=\"_ _0\"></span>ossia <span class=\"_ _0\"></span>in <span class=\"_ _d\"></span>caso <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>non <span class=\"_ _d\"></span>applicabilit\u00e0 <span class=\"_ _0\"></span>di <span class=\"_ _d\"></span>t<span class=\"_ _2\"></span>utti <span class=\"_ _d\"></span>i <span class=\"_ _0\"></span>metodi <span class=\"_ _d\"></span>di<span class=\"_ _df\"> </span>valutazione precedentemente richiamati, o<span class=\"_ _2\"></span>vve<span class=\"_ _1\"></span>ro <span class=\"_ _2\"></span>in presenza di <span class=\"_ _2\"></span>un\u2019ampia gamma di <span class=\"_ _2\"></span>possibili valutazioni del<span class=\"_ _df\"> </span>fair <span class=\"_ _f\"></span>value, <span class=\"_ _f\"></span>nel <span class=\"_ _f\"></span>cui <span class=\"_ _1\"></span>ambito <span class=\"_ _f\"></span>il <span class=\"_ _f\"></span>cost<span class=\"_ _2\"></span>o <span class=\"_ _f\"></span>rappresenta <span class=\"_ _f\"></span>la <span class=\"_ _f\"></span>stima p<span class=\"_ _1\"></span>i\u00f9 <span class=\"_ _f\"></span>significativa; <span class=\"_ _f\"></span>per <span class=\"_ _f\"></span>maggiori <span class=\"_ _f\"></span>dettagli <span class=\"_ _f\"></span>riguardo <span class=\"_ _1\"></span>il <span class=\"_ _f\"></span>calcolo<span class=\"_ _df\"> </span>del fair value si rimanda al paragrafo \u201cModalit\u00e0 di determinazione de<span class=\"_ _1\"></span>l fair value delle attivit\u00e0 e passivit\u00e0\u201d.<span class=\"_ _df\"> </span>Criter<span class=\"_ _1\"></span>i di <span class=\"_ _1\"></span>cancell<span class=\"_ _1\"></span>azion<span class=\"_ _f\"></span>e<span class=\"_ _df\"> </span>Le attivit\u00e0 finanziarie vengono cancell<span class=\"_ _1\"></span>ate dal bilancio solamente se la cessione ha comportato il sostanziale<span class=\"_ _df\"> </span>trasferimento di tutti i rischi e benefici connessi alle attivit\u00e0 stesse. Per contr<span class=\"_ _2\"></span>o, qualora sia stata mantenuta<span class=\"_ _df\"> </span>una <span class=\"_ _2\"></span>quota <span class=\"_ _d\"></span>parte <span class=\"_ _d\"></span>rilevante <span class=\"_ _2\"></span>dei <span class=\"_ _d\"></span>rischi <span class=\"_ _d\"></span>e <span class=\"_ _d\"></span>benefici <span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>elativi <span class=\"_ _2\"></span>al<span class=\"_ _2\"></span>le <span class=\"_ _2\"></span>att<span class=\"_ _2\"></span>ivit\u00e0 <span class=\"_ _2\"></span>finanziarie <span class=\"_ _2\"></span>ce<span class=\"_ _2\"></span>dute, <span class=\"_ _2\"></span>queste <span class=\"_ _d\"></span>continuano <span class=\"_ _d\"></span>ad<span class=\"_ _df\"> </span>essere iscritte <span class=\"_ _2\"></span>in bilancio, ancorch\u00e9 gi<span class=\"_ _2\"></span>uridicamente la titolarit\u00e0 <span class=\"_ _2\"></span>delle attivit\u00e0 <span class=\"_ _2\"></span>stesse sia <span class=\"_ _2\"></span>stata effettivamente<span class=\"_ _df\"> </span>trasferita.<span class=\"_ _df\"> </span>Nel  caso  in  cu<span class=\"_ _1\"></span>i  non  sia  possibile  accertare  il  sostanziale  trasferimento  dei  rischi  e  benefici,  le  attivit\u00e0<span class=\"_ _df\"> </span>finanziarie <span class=\"_ _0\"></span>vengono <span class=\"_ _9\"> </span>cancellate <span class=\"_ _9\"> </span>dal <span class=\"_ _9\"> </span>bilancio <span class=\"_ _0\"> </span>q<span class=\"_ _2\"></span>ualora <span class=\"_ _0\"></span>non <span class=\"_ _9\"> </span>sia <span class=\"_ _9\"> </span>st<span class=\"_ _2\"></span>ato <span class=\"_ _0\"></span>mantenuto <span class=\"_ _9\"> </span>alcun <span class=\"_ _0\"></span>t<span class=\"_ _2\"></span>ipo <span class=\"_ _0\"></span>di <span class=\"_ _9\"> </span>controllo <span class=\"_ _9\"> </span>sulle<span class=\"_ _df\"> </span>stesse. <span class=\"_ _d\"></span>In <span class=\"_ _0\"></span>caso <span class=\"_ _d\"></span>contrario, <span class=\"_ _d\"></span>la <span class=\"_ _0\"></span>conservazione, <span class=\"_ _d\"></span>anche <span class=\"_ _d\"></span>in <span class=\"_ _0\"></span>parte, <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>tale <span class=\"_ _0\"></span>controllo <span class=\"_ _d\"></span>comporta <span class=\"_ _0\"></span>il <span class=\"_ _d\"></span>mantenimento <span class=\"_ _d\"></span>in<span class=\"_ _df\"> </span>bil<span class=\"ff5\">ancio <span class=\"_ _2\"></span>delle <span class=\"_ _2\"></span>attivit\u00e0 <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>misura <span class=\"_ _2\"></span>pari <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>coinvolgimento <span class=\"_ _d\"></span>residuo, <span class=\"_ _2\"></span>misurato <span class=\"_ _2\"></span>dall\u2019esposizione a<span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>cambiamenti <span class=\"_ _2\"></span>di<span class=\"_ _df\"> </span></span>valore delle attivit\u00e0 cedute ed alle variazioni dei flu<span class=\"_ _1\"></span>ssi finanziari delle<span class=\"_ _2\"></span> stesse.<span class=\"_ _df\"> </span>Infine, le attivit\u00e0 finanziarie cedute vengono cancellate dal bilancio nel caso in cui vi sia la conservazione dei<span class=\"_ _df\"> </span>diritti <span class=\"_ _9\"> </span>contrattuali <span class=\"_ _0\"></span>a <span class=\"_ _9\"> </span>r<span class=\"_ _2\"></span>icev<span class=\"_ _1\"></span>ere <span class=\"_ _0\"></span>i <span class=\"_ _9\"> </span>r<span class=\"_ _2\"></span>elativi <span class=\"_ _0\"></span>flussi <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>cassa, <span class=\"_ _9\"> </span>con <span class=\"_ _9\"> </span>la <span class=\"_ _0\"></span>co<span class=\"_ _2\"></span>ntestuale <span class=\"_ _0\"></span>ass<span class=\"_ _2\"></span>unzione<span class=\"_ _1\"></span> <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>un\u2019obbligazione <span class=\"_ _0\"></span>a<span class=\"_ _df\"> </span>pagare detti flussi, e solo essi, senz<span class=\"_ _1\"></span>a un ritardo rilevante ad altri soggetti terzi.<span class=\"_ _df\"> </span>Criter<span class=\"_ _1\"></span>i di <span class=\"_ _1\"></span>rileva<span class=\"_ _f\"></span>zione dell<span class=\"_ _1\"></span>e com<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>nenti r<span class=\"_ _1\"></span>eddit<span class=\"_ _1\"></span>uali<span class=\"_ _df\"> </span>Gli <span class=\"_ _0\"></span>interessi <span class=\"_ _9\"> </span>attivi <span class=\"_ _9\"> </span>sui <span class=\"_ _0\"></span>t<span class=\"_ _2\"></span>itoli <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>debito <span class=\"_ _9\"> </span>ed <span class=\"_ _0\"></span>i <span class=\"_ _9\"> </span>differenziali <span class=\"_ _9\"> </span>ed <span class=\"_ _0\"></span>i <span class=\"_ _9\"> </span>margini <span class=\"_ _0\"> </span>dei <span class=\"_ _9\"> </span>contr<span class=\"_ _2\"></span>atti <span class=\"_ _0\"></span>derivati <span class=\"_ _9\"> </span>classificati <span class=\"_ _0\"></span>in <span class=\"_ _9\"> </span>tale<span class=\"_ _df\"> </span>categoria, ma <span class=\"_ _f\"></span>gestionalmente c<span class=\"_ _f\"></span>ollegati ad <span class=\"_ _f\"></span>at<span class=\"_ _2\"></span>tivit\u00e0 <span class=\"_ _f\"></span>o passivit\u00e0 <span class=\"_ _f\"></span>finanziarie v<span class=\"_ _1\"></span>alutate al <span class=\"_ _f\"></span>fair value sono <span class=\"_ _f\"></span>iscritti per<span class=\"_ _df\"> </span>competenza nelle voci di conto economico relativ<span class=\"_ _1\"></span>i agli interessi. I d<span class=\"_ _1\"></span>ifferenziali e<span class=\"_ _1\"></span> i <span class=\"_ _f\"></span>margini degli <span class=\"_ _f\"></span>altri contratti veng<span class=\"_ _1\"></span>ono rilev<span class=\"_ _1\"></span>ati nel<span class=\"_ _1\"></span> \u201cRisultato <span class=\"_ _f\"></span>netto dell\u2019attivi<span class=\"_ _1\"></span>t\u00e0 di <span class=\"_ _f\"></span>negoziazione\u201d.<span class=\"_ _df\"> </span>I <span class=\"_ _4\"> </span>dividendi <span class=\"_ _4\"> </span>s<span class=\"_ _2\"></span>ono <span class=\"_ _4\"> </span>rilevati <span class=\"_ _4\"> </span>p<span class=\"_ _2\"></span>er <span class=\"_ _4\"> </span>competenza <span class=\"_ _17\"> </span>economica <span class=\"_ _17\"> </span>riferita <span class=\"_ _17\"> </span>alla <span class=\"_ _17\"> </span>data <span class=\"_ _4\"> </span>di <span class=\"_ _17\"> </span>assunzione <span class=\"_ _4\"> </span>della <span class=\"_ _17\"> </span>delibera <span class=\"_ _4\"> </span>di<span class=\"_ _df\"> </span>distribuzione da parte dell\u2019<span class=\"_ _1\"></span>assemblea e sono esposti nella voce \u201cDividendi e proventi simili\u201d.<span class=\"_ _df\"> </span>Gli utili <span class=\"_ _f\"></span>e le perdite <span class=\"_ _1\"></span>realizzati dalla ce<span class=\"_ _1\"></span>ssione o rimb<span class=\"_ _1\"></span>orso o le<span class=\"_ _1\"></span> plus/minusvalenz<span class=\"_ _1\"></span>e derivanti dalle <span class=\"_ _f\"></span>variazio<span class=\"_ _2\"></span>ni di fair<span class=\"_ _df\"> </span>value  sono <span class=\"_ _4\"> </span>iscritti  nel  conto <span class=\"_ _4\"> </span>economico  del  periodo  nel <span class=\"_ _4\"> </span>quale  si  manifestano <span class=\"_ _4\"> </span>e  classificati  nella <span class=\"_ _22\"> </span>voce<span class=\"_ _df\"> </span>\u201cRisultato <span class=\"_ _4\"> </span>netto <span class=\"_ _4\"> </span>delle <span class=\"_ _4\"> </span>attivit\u00e0 <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>negoziazione\u201d, <span class=\"_ _4\"> </span>ad <span class=\"_ _17\"> </span>eccezione <span class=\"_ _4\"> </span>della <span class=\"_ _4\"> </span>quota <span class=\"_ _4\"> </span>r<span class=\"_ _2\"></span>elativa <span class=\"_ _4\"> </span>ai <span class=\"_ _4\"> </span>contratti <span class=\"_ _4\"> </span>derivati<span class=\"_ _df\"> </span>gestionalmente colleg<span class=\"_ _1\"></span>ati ad attivit\u00e0 <span class=\"ff5\">o passivit\u00e0 valutate al fair valu<span class=\"_ _f\"></span>e r<span class=\"_ _2\"></span>ilev<span class=\"_ _1\"></span>ata nel \u201cRisultato netto del<span class=\"_ _1\"></span>le attivit\u00e0<span class=\"_ _df\"> </span></span>e passivit\u00e0 finanziarie valutate al fair value\u201d<span class=\"ff4\">.<span class=\"_ _df\"> </span></span>4 <span class=\"ls0\">- Operaz<span class=\"_ _1\"></span>ioni d<span class=\"_ _1\"></span>i co<span class=\"_ _1\"></span>pertu<span class=\"_ _1\"></span>ra<span class=\"_ _df\"> </span></span><span class=\"ls0\"> </span>Il <span class=\"_ _9\"> </span>Gruppo <span class=\"_ _16\"> </span>si <span class=\"_ _9\"> </span>a<span class=\"_ _2\"></span>vvale <span class=\"_ _9\"> </span><span class=\"ff5\">della <span class=\"_ _16\"> </span>facolt\u00e0, <span class=\"_ _16\"> </span>prevista <span class=\"_ _9\"> </span>in <span class=\"_ _16\"> </span>sede <span class=\"_ _16\"> </span>di <span class=\"_ _9\"> </span>introduzione <span class=\"_ _16\"> </span>dell\u2019IFRS <span class=\"_ _9\"> </span>9,  d<span class=\"_ _1\"></span>i <span class=\"_ _16\"> </span>continuare <span class=\"_ _9\"> </span>ad  appli<span class=\"_ _1\"></span>care<span class=\"_ _df\"> </span></span><span class=\"ff5\"> </span>integralmente <span class=\"_ _9\"> </span>le <span class=\"_ _9\"> </span>pre<span class=\"_ _2\"></span>visioni <span class=\"_ _9\"> </span>del <span class=\"_ _9\"> </span>principio <span class=\"_ _16\"> </span>contabile <span class=\"_ _9\"> </span>IAS <span class=\"_ _9\"> </span>39  in <span class=\"_ _9\"> </span>tema <span class=\"_ _9\"> </span>di <span class=\"_ _16\"> </span>\u201chedge <span class=\"_ _9\"> </span>accounting\u201d <span class=\"_ _16\"> </span>(nella <span class=\"_ _9\"> </span>versione<span class=\"_ _df\"> </span> carved <span class=\"_ _9\"> </span>out <span class=\"_ _16\"> </span>omologata <span class=\"_ _9\"> </span>dalla <span class=\"_ _9\"> </span>Commissione <span class=\"_ _9\"> </span>Europea) <span class=\"_ _16\"> </span>per <span class=\"_ _9\"> </span>ogni <span class=\"_ _9\"> </span>tipol<span class=\"_ _2\"></span>ogia <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>copertura  (sia<span class=\"_ _f\"></span>  pe<span class=\"_ _1\"></span>r <span class=\"_ _16\"> </span>le <span class=\"_ _9\"> </span>coperture<span class=\"_ _df\"> </span> specifiche che per le macro coperture).<span class=\"_ _df\"> </span> Criter<span class=\"_ _1\"></span>i di <span class=\"_ _1\"></span>iscrizi<span class=\"_ _1\"></span>one<span class=\"_ _df\"> </span> Gli <span class=\"_ _9\"> </span>strumenti <span class=\"_ _9\"> </span>derivati <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>copertura, <span class=\"_ _9\"> </span>al <span class=\"_ _9\"> </span>pari <span class=\"_ _16\"> </span>di <span class=\"_ _0\"> </span>t<span class=\"_ _2\"></span>utti <span class=\"_ _0\"></span>i <span class=\"_ _16\"> </span>derivati, <span class=\"_ _0\"></span>sono <span class=\"_ _9\"> </span>inizialmente <span class=\"_ _9\"> </span>iscritti <span class=\"_ _9\"> </span>e <span class=\"_ _16\"> </span>successivamente<span class=\"_ _df\"> </span><span class=\"_ _1\"></span> misurati al fair value.<span class=\"_ _df\"> </span> Criter<span class=\"_ _1\"></span>i di <span class=\"_ _1\"></span>class<span class=\"_ _1\"></span>ificazi<span class=\"_ _1\"></span>one: t<span class=\"_ _f\"></span>ipologia <span class=\"_ _f\"></span>di copert<span class=\"_ _1\"></span>ure<span class=\"_ _df\"> </span> Le <span class=\"_ _9\"> </span>o<span class=\"_ _2\"></span>perazioni <span class=\"_ _9\"> </span>di  cop<span class=\"_ _1\"></span>ertura  d<span class=\"_ _1\"></span>ei <span class=\"_ _16\"> </span>rischi <span class=\"_ _16\"> </span>sono <span class=\"_ _9\"> </span>finalizzate <span class=\"_ _16\"> </span>a <span class=\"_ _16\"> </span>neutralizzare <span class=\"_ _9\"> </span>potenziali  variazioni<span class=\"_ _1\"></span>  d<span class=\"_ _1\"></span>i <span class=\"_ _16\"> </span>fair  valu<span class=\"_ _f\"></span>e  o<span class=\"_ _df\"> </span> variazioni <span class=\"_ _2\"></span>di <span class=\"_ _d\"></span>flussi <span class=\"_ _d\"></span>di <span class=\"_ _2\"></span>cassa, <span class=\"_ _d\"></span>attribuibili <span class=\"_ _2\"></span>ad <span class=\"_ _d\"></span>un <span class=\"_ _2\"></span>determinato <span class=\"_ _d\"></span>rischio <span class=\"_ _d\"></span>e <span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>ilev<span class=\"_ _1\"></span>abili <span class=\"_ _d\"></span>su <span class=\"_ _2\"></span>un <span class=\"_ _d\"></span>determinato <span class=\"_ _d\"></span>elemento <span class=\"_ _2\"></span>o<span class=\"_ _df\"> </span> gruppo di elementi, nel caso in cui q<span class=\"_ _1\"></span>uel particolare rischio dovesse effettivamente manifestarsi.<span class=\"_ _df\"> </span><span class=\"_ _2\"></span> Le tipologie di coperture utilizz<span class=\"_ _1\"></span>ate sono <span class=\"_ _2\"></span>le <span class=\"_ _1\"></span>seguenti:<span class=\"_ _df\"> </span> <span class=\"_ _2c\"> </span><span class=\"ff5\">copertura di fair valu<span class=\"_ _1\"></span>e: ha l<span class=\"_ _1\"></span>\u2019obiettivo di<span class=\"_ _1\"></span> coprire l\u2019e<span class=\"_ _1\"></span>sposizione alla <span class=\"_ _1\"></span>variazione d<span class=\"_ _1\"></span>el fair valu<span class=\"_ _f\"></span>e (attribu<span class=\"_ _2\"></span><span class=\"ff4\">ibile alle<span class=\"_ _df\"> </span></span></span>diverse <span class=\"_ _9\"> </span>tipologie <span class=\"_ _16\"> </span>di <span class=\"_ _9\"> </span>rischio)  d<span class=\"_ _1\"></span>i <span class=\"_ _16\"> </span>attivit\u00e0 <span class=\"_ _16\"> </span>e <span class=\"_ _9\"> </span>passivit\u00e0 <span class=\"_ _16\"> </span>iscritte <span class=\"_ _9\"> </span>in <span class=\"_ _16\"> </span>bilancio <span class=\"_ _9\"> </span>o  p<span class=\"_ _f\"></span>o<span class=\"_ _2\"></span>rzioni <span class=\"_ _9\"> </span>di <span class=\"_ _16\"> </span>esse, <span class=\"_ _16\"> </span>di <span class=\"_ _9\"> </span>gruppi <span class=\"_ _16\"> </span>di<span class=\"_ _df\"> </span> attivit\u00e0/passivit\u00e0, <span class=\"_ _d\"></span>di <span class=\"_ _0\"></span>impegni <span class=\"_ _d\"></span>irrevocabili <span class=\"_ _d\"></span>e <span class=\"_ _0\"></span>di <span class=\"_ _d\"></span>port<span class=\"_ _2\"></span>afogli <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>attivit\u00e0 <span class=\"_ _0\"></span>e <span class=\"_ _d\"></span>passivit\u00e0 <span class=\"_ _0\"></span>finanziarie, <span class=\"_ _d\"></span>inclusi <span class=\"_ _0\"></span>i <span class=\"_ _d\"></span>core<span class=\"_ _df\"> </span> deposits, come <span class=\"_ _1\"></span>consentito dallo <span class=\"_ _f\"></span>IAS 39 omologato<span class=\"_ _1\"></span> dalla Commis<span class=\"_ _1\"></span>sione Europea.<span class=\"_ _1\"></span> Le cop<span class=\"_ _1\"></span>erture generiche<span class=\"_ _df\"> </span>di fair <span class=\"_ _2\"></span>value (\u201cmacr<span class=\"_ _2\"></span>o hedge\u201d) ha<span class=\"_ _2\"></span>nno l\u2019obiettivo <span class=\"_ _2\"></span>di ridurre <span class=\"_ _2\"></span>le <span class=\"_ _2\"></span>oscillazioni di fair <span class=\"_ _2\"></span>value, imp<span class=\"_ _2\"></span>utabili al <span class=\"_ _2\"></span>rischio<span class=\"_ _df\"> </span> di <span class=\"_ _0\"></span>tas<span class=\"_ _2\"></span>so <span class=\"_ _0\"></span>di <span class=\"_ _9\"> </span>interesse, <span class=\"_ _9\"> </span>di <span class=\"_ _0\"></span>un <span class=\"_ _9\"> </span>imp<span class=\"_ _2\"></span>orto <span class=\"_ _0\"></span>monetar<span class=\"_ _2\"></span>io, <span class=\"_ _0\"></span>riveniente <span class=\"_ _0\"></span>da <span class=\"_ _9\"> </span>un <span class=\"_ _9\"> </span>porta<span class=\"_ _2\"></span>foglio <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>attivit\u00e0 <span class=\"_ _9\"> </span>o <span class=\"_ _9\"> </span>di <span class=\"_ _0\"></span>passivit\u00e0<span class=\"_ _df\"> </span> finanziarie. Non <span class=\"_ _2\"></span>possono <span class=\"_ _2\"></span>essere <span class=\"_ _2\"></span>oggetto <span class=\"_ _2\"></span>di copertura <span class=\"_ _2\"></span>generica <span class=\"_ _2\"></span>importi <span class=\"_ _2\"></span>netti <span class=\"_ _2\"></span>derivanti dallo s<span class=\"_ _2\"></span>bilancio di<span class=\"_ _df\"> </span> attivit\u00e0 e passivit\u00e0;<span class=\"_ _df\"> </span> <span class=\"_ _2c\"> </span><span class=\"ff5\">copertura <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>flussi <span class=\"_ _2\"></span>finanziari: <span class=\"_ _2\"></span>ha <span class=\"_ _2\"></span>l\u2019obiett<span class=\"_ _2\"></span>ivo di <span class=\"_ _2\"></span>coprire <span class=\"_ _2\"></span>l\u2019esposizione <span class=\"_ _2\"></span>a <span class=\"_ _d\"></span>variazioni d<span class=\"_ _2\"></span>ei <span class=\"_ _2\"></span>flussi<span class=\"_ _2\"></span><span class=\"ff4\"> <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>cassa <span class=\"_ _2\"></span>futuri<span class=\"_ _df\"> </span></span></span><span class=\"ff5\"><span class=\"ff4\"> </span></span>attribuibili <span class=\"_ _16\"> </span>a  p<span class=\"_ _1\"></span>articolari  rischi  associati <span class=\"_ _16\"> </span>a  p<span class=\"_ _1\"></span>oste  de<span class=\"_ _1\"></span>l  bilanci<span class=\"_ _1\"></span>o.  Tale <span class=\"_ _16\"> </span>tipologia <span class=\"_ _16\"> </span>di  cope<span class=\"_ _1\"></span>rtura  \u00e8  u<span class=\"_ _1\"></span>tilizzata<span class=\"_ _df\"> </span> essenzialmente <span class=\"_ _2\"></span>per <span class=\"_ _d\"></span>stabilizzare <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>fl<span class=\"_ _2\"></span>usso <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>interessi <span class=\"_ _d\"></span>della <span class=\"_ _2\"></span>raccol<span class=\"_ _2\"></span>ta <span class=\"_ _2\"></span>a <span class=\"_ _d\"></span>tasso <span class=\"_ _2\"></span>variabile <span class=\"_ _2\"></span>nella <span class=\"_ _d\"></span>misura <span class=\"_ _2\"></span>in <span class=\"_ _d\"></span>cui<span class=\"_ _df\"> </span> quest\u2019ultima <span class=\"_ _2\"></span>finanzia <span class=\"_ _d\"></span>im<span class=\"ff4\">pieghi <span class=\"_ _d\"></span>a <span class=\"_ _d\"></span>tasso <span class=\"_ _2\"></span>fisso. <span class=\"_ _d\"></span>In <span class=\"_ _2\"></span>talune <span class=\"_ _d\"></span>circostanze, <span class=\"_ _2\"></span>analoghe <span class=\"_ _2\"></span>operazioni <span class=\"_ _d\"></span>sono <span class=\"_ _d\"></span>poste <span class=\"_ _d\"></span>in<span class=\"_ _df\"> </span></span><span class=\"ff4\"> </span>essere relativamente ad alcune tipologi<span class=\"_ _1\"></span>e di impieghi a tasso variabile.<span class=\"_ _df\"> </span>Solo <span class=\"_ _16\"> </span>gli <span class=\"_ _9\"> </span>st<span class=\"_ _2\"></span>rumenti <span class=\"_ _9\"> </span>che  coinvolgono <span class=\"_ _9\"> </span>una  controparte <span class=\"_ _9\"> </span>esterna  al <span class=\"_ _9\"> </span>Gruppo  possono <span class=\"_ _9\"> </span>essere  designati <span class=\"_ _9\"> </span>come<span class=\"_ _df\"> </span> strumenti  di  copertura. <span class=\"_ _16\"> </span>Data  la  scelta  ese<span class=\"_ _1\"></span>rcitata  dal  Gruppo <span class=\"_ _16\"> </span>di  av<span class=\"_ _1\"></span>valersi  della  facolt\u00e0  d<span class=\"_ _1\"></span>i  continuare  ad<span class=\"_ _df\"> </span> applicare integralme<span class=\"_ _1\"></span>nte le regole dello <span class=\"_ _1\"></span>IAS 39 per <span class=\"_ _1\"></span>le relazioni di copertura, non <span class=\"_ _f\"></span>\u00e8 possibile designare i titoli d<span class=\"_ _1\"></span>i<span class=\"_ _df\"> </span> capitale <span class=\"_ _2\"></span>classificati <span class=\"_ _d\"></span>tra <span class=\"_ _2\"></span>le <span class=\"_ _d\"></span>Attivit\u00e0 <span class=\"_ _2\"></span>finanziarie <span class=\"_ _d\"></span>valutate <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>fair <span class=\"_ _d\"></span>value <span class=\"_ _2\"></span>con <span class=\"_ _d\"></span>impatto <span class=\"_ _d\"></span>sulla <span class=\"_ _2\"></span>redditivit\u00e0 <span class=\"_ _2\"></span>complessiva<span class=\"_ _df\"> </span> (FVOCI) <span class=\"_ _d\"></span>come <span class=\"_ _d\"></span>oggetti <span class=\"_ _d\"></span>coperti <span class=\"_ _d\"></span>per <span class=\"_ _d\"></span>il <span class=\"_ _d\"></span>r<span class=\"_ _2\"></span>ischio <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>prezzo <span class=\"_ _2\"></span>o<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>cambio, <span class=\"_ _d\"></span>dato <span class=\"_ _d\"></span>che <span class=\"_ _d\"></span>tali <span class=\"_ _d\"></span>strumenti <span class=\"_ _d\"></span>non <span class=\"_ _d\"></span>impatt<span class=\"_ _2\"></span>ano <span class=\"_ _d\"></span>il<span class=\"_ _df\"> </span> conto economico, nemmeno in caso di vendita (se non pe<span class=\"_ _1\"></span>r i dividendi che so<span class=\"_ _2\"></span>no rilevati a conto economico).<span class=\"_ _df\"> </span> Criter<span class=\"_ _1\"></span>i di <span class=\"_ _1\"></span>valuta<span class=\"_ _1\"></span>zione<span class=\"_ _df\"> </span><span class=\"_ _f\"></span> I derivati di copertura sono valutati al fair value. In particolare:<span class=\"_ _df\"> </span> <span class=\"_ _2c\"> </span><span class=\"ff5\">nel caso <span class=\"_ _2\"></span>di copertura <span class=\"_ _2\"></span>di fair value, si <span class=\"_ _2\"></span>compensa la variazione <span class=\"_ _2\"></span>del fair <span class=\"_ _2\"></span>value dell\u2019elemento coperto <span class=\"_ _2\"></span>con la<span class=\"_ _df\"> </span></span><span class=\"ff5\"> </span>variazione del fair <span class=\"_ _2\"></span>value dello strumento <span class=\"_ _2\"></span>di copertura. Tale compensazione \u00e8 <span class=\"_ _2\"></span>riconosciuta attraverso <span class=\"_ _2\"></span>la<span class=\"_ _df\"> </span><span class=\"_ _1\"></span> rilevazione <span class=\"_ _d\"></span>a <span class=\"_ _0\"></span>Conto <span class=\"_ _d\"></span>Economico <span class=\"_ _0\"></span>delle <span class=\"_ _d\"></span>variazioni <span class=\"_ _d\"></span>di <span class=\"_ _0\"></span>valore, <span class=\"_ _d\"></span>riferite<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>sia <span class=\"_ _0\"></span>all\u2019elemento <span class=\"_ _d\"></span>coperto <span class=\"_ _0\"></span>(per <span class=\"_ _d\"></span>quanto<span class=\"_ _df\"> </span> riguarda  le  variazioni  prodotte  dal  fat<span class=\"_ _2\"></span>tore  di  rischio  sot<span class=\"_ _2\"></span>tostante),  sia <span class=\"_ _22\"> </span>allo <span class=\"_ _22\"> </span>st<span class=\"_ _2\"></span>rumento  di  copertura.<span class=\"_ _df\"> </span> L\u2019eventuale <span class=\"_ _17\"> </span>differenza, <span class=\"_ _17\"> </span>che <span class=\"_ _14\"> </span>rappresenta <span class=\"_ _17\"> </span>la <span class=\"_ _14\"> </span>parziale <span class=\"_ _17\"> </span>inefficacia <span class=\"_ _17\"> </span>della <span class=\"_ _17\"> </span>copertura, <span class=\"_ _14\"> </span>ne <span class=\"_ _17\"> </span>cos<span class=\"_ _2\"></span>tituisce <span class=\"_ _17\"> </span>di<span class=\"_ _df\"> </span> conseguenza l\u2019effetto <span class=\"_ _2\"></span>economico <span class=\"_ _2\"></span>netto. Nel <span class=\"_ _2\"></span>caso di <span class=\"_ _2\"></span>operazioni di <span class=\"_ _2\"></span>copertura <span class=\"_ _2\"></span>generica di <span class=\"_ _2\"></span>fair value <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>un<span class=\"_ _df\"> </span><span class=\"_ _1\"></span> portafoglio <span class=\"_ _2\"></span>(\u201cmacro <span class=\"_ _d\"></span>hedge\u201d) <span class=\"_ _2\"></span>le <span class=\"_ _2\"></span>variazioni <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>fair <span class=\"_ _d\"></span>value <span class=\"_ _2\"></span>con <span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>iferimento <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>rischio <span class=\"_ _2\"></span>coperto <span class=\"_ _d\"></span>dell<span class=\"_ _1\"></span>e <span class=\"_ _2\"></span>att<span class=\"_ _2\"></span>ivit\u00e0 <span class=\"_ _2\"></span>e<span class=\"_ _df\"> </span> delle passiv<span class=\"_ _1\"></span>it\u00e0 oggetto di copertura sono impu<span class=\"_ _1\"></span>tate nello stato pa<span class=\"_ _1\"></span>trimoniale, rispettivamente,<span class=\"_ _1\"></span> nella voce<span class=\"_ _df\"> </span> 60. <span class=\"_ _4\"> </span>\u201c<span class=\"_ _2\"></span>Adeg<span class=\"_ _1\"></span>uamento <span class=\"_ _17\"> </span>di <span class=\"_ _4\"> </span>valor<span class=\"_ _2\"></span>e <span class=\"_ _4\"> </span>delle <span class=\"_ _17\"> </span>attivit\u00e0 <span class=\"_ _17\"> </span>finanziarie <span class=\"_ _4\"> </span>oggetto <span class=\"_ _17\"> </span>di <span class=\"_ _4\"> </span>c<span class=\"_ _2\"></span>op<span class=\"_ _2\"></span>ertura <span class=\"_ _4\"> </span>generica\u201d <span class=\"_ _17\"> </span>oppure <span class=\"_ _4\"> </span>50<span class=\"_ _2\"></span>.<span class=\"_ _df\"> </span> \u201cAdeguamento di valore delle passivit\u00e0 finanziarie ogg<span class=\"_ _1\"></span>etto di copertura generica\u201d;<span class=\"_ _df\"> </span><span class=\"_ _2c\"> </span><span class=\"ff4\">nel <span class=\"_ _9\"> </span>caso<span class=\"_ _2\"></span> <span class=\"_ _9\"> </span>di <span class=\"_ _16\"> </span>copertura <span class=\"_ _9\"> </span>di  fl<span class=\"_ _1\"></span>ussi <span class=\"_ _9\"> </span>finanziari, <span class=\"_ _16\"> </span>le <span class=\"_ _9\"> </span>variazioni <span class=\"_ _16\"> </span>di <span class=\"_ _9\"> </span>fair  valu<span class=\"_ _1\"></span>e <span class=\"_ _9\"> </span>d<span class=\"_ _2\"></span>el <span class=\"_ _9\"> </span>derivato <span class=\"_ _16\"> </span>sono <span class=\"_ _9\"> </span>imputate <span class=\"_ _16\"> </span>nella<span class=\"_ _df\"> </span></span>redditivit\u00e0 <span class=\"_ _2\"></span>complessiva, <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>la <span class=\"_ _d\"></span>quota <span class=\"_ _d\"></span>efficace <span class=\"_ _2\"></span>della <span class=\"_ _2\"></span>copertura, <span class=\"_ _2\"></span>e <span class=\"_ _d\"></span>sono <span class=\"_ _2\"></span>rilevate <span class=\"_ _2\"></span>a <span class=\"_ _d\"></span>Conto <span class=\"_ _2\"></span>Economico <span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>olo<span class=\"_ _df\"> </span> quando, con rife<span class=\"_ _1\"></span>rimento alla <span class=\"_ _1\"></span>posta coperta, <span class=\"_ _1\"></span>si manife<span class=\"_ _1\"></span>sta la v<span class=\"_ _1\"></span>ariazione d<span class=\"_ _1\"></span>ei flu<span class=\"_ _1\"></span>ssi di cassa <span class=\"_ _f\"></span>da compensare<span class=\"_ _df\"> </span> o se la copertura risulta inefficace;<span class=\"_ _df\"> </span><span class=\"_ _2c\"> </span><span class=\"ff4\">le <span class=\"_ _2\"></span>coperture di <span class=\"_ _2\"></span>un <span class=\"_ _2\"></span>investimento <span class=\"_ _2\"></span>netto in <span class=\"_ _2\"></span>valuta <span class=\"_ _2\"></span>sono <span class=\"_ _2\"></span>contabilizzate <span class=\"_ _2\"></span>allo stesso <span class=\"_ _2\"></span>modo <span class=\"_ _2\"></span>delle coperture <span class=\"_ _2\"></span>di<span class=\"_ _df\"> </span></span><span class=\"ff4\"> </span>flussi finanziari.<span class=\"_ _df\"> </span>Lo <span class=\"_ _2\"></span>strumento <span class=\"_ _2\"></span>derivato \u00e8 <span class=\"_ _2\"></span>designato <span class=\"_ _2\"></span>di copertura <span class=\"_ _2\"></span>se <span class=\"_ _2\"></span>esiste una <span class=\"_ _2\"></span>documentazione <span class=\"_ _2\"></span>formalizzata d<span class=\"_ _2\"></span>ella r<span class=\"_ _2\"></span>elazione<span class=\"_ _df\"> </span><span class=\"_ _1\"></span> tra lo <span class=\"_ _1\"></span>strumento cope<span class=\"_ _1\"></span>rto e lo<span class=\"_ _1\"></span> strumento <span class=\"_ _1\"></span>di copertura <span class=\"_ _1\"></span>e se<span class=\"_ _1\"></span> \u00e8 eff<span class=\"_ _1\"></span>icace nel<span class=\"_ _1\"></span> momento in cu<span class=\"_ _1\"></span>i la cope<span class=\"_ _1\"></span>rtura ha<span class=\"_ _1\"></span> inizio<span class=\"_ _df\"> </span> e, prospetticamente, durante tutta la vita del<span class=\"_ _1\"></span>la stessa.<span class=\"_ _df\"> </span> L'efficacia della copertura dipende dalla misura in cui le variazioni di fair value dello strumento coperto o dei<span class=\"_ _df\"> </span> relativi <span class=\"_ _4\"> </span>flussi <span class=\"_ _17\"> </span>finanziari <span class=\"_ _4\"> </span>att<span class=\"_ _2\"></span>esi <span class=\"_ _4\"> </span>risultano <span class=\"_ _4\"> </span>compensat<span class=\"_ _2\"></span>i <span class=\"_ _4\"> </span>da <span class=\"_ _17\"> </span>quelle <span class=\"_ _4\"> </span>dello <span class=\"_ _4\"> </span>s<span class=\"_ _2\"></span>trumento <span class=\"_ _4\"> </span>di <span class=\"_ _17\"> </span>copertura. <span class=\"_ _4\"> </span>Pertanto,<span class=\"_ _df\"> </span> l'efficacia <span class=\"_ _17\"> </span>\u00e8 <span class=\"_ _14\"> </span>apprezzata <span class=\"_ _14\"> </span>dal <span class=\"_ _14\"> </span>confronto <span class=\"_ _14\"> </span>delle <span class=\"_ _17\"> </span>s<span class=\"_ _2\"></span>uddette <span class=\"_ _17\"> </span>variazioni, <span class=\"_ _14\"> </span>tenuto <span class=\"_ _14\"> </span>conto <span class=\"_ _14\"> </span>dell'intento <span class=\"_ _17\"> </span>perseguito<span class=\"_ _df\"> </span> dall'impresa <span class=\"_ _2\"></span>nel <span class=\"_ _2\"></span>momento <span class=\"_ _d\"></span>in <span class=\"_ _2\"></span>cui <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>copertura <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _2\"></span>stata <span class=\"_ _d\"></span>posta <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>essere. <span class=\"_ _2\"></span>Si <span class=\"_ _2\"></span>ha <span class=\"_ _d\"></span>efficacia <span class=\"_ _2\"></span>quando <span class=\"_ _2\"></span>le <span class=\"_ _2\"></span>va<span class=\"_ _2\"></span>riazioni <span class=\"_ _2\"></span>di<span class=\"_ _df\"> </span> fair <span class=\"_ _2\"></span>value <span class=\"_ _2\"></span>(o <span class=\"_ _2\"></span>dei <span class=\"_ _2\"></span>flussi <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>cassa) <span class=\"_ _d\"></span>dello st<span class=\"_ _2\"></span>rumento <span class=\"_ _2\"></span>finanziario di <span class=\"_ _d\"></span>copertura <span class=\"_ _2\"></span>neutralizzano <span class=\"_ _2\"></span>quasi <span class=\"_ _2\"></span>integralmente,<span class=\"_ _df\"> </span> cio\u00e8 <span class=\"_ _4\"> </span>nei <span class=\"_ _4\"> </span>limiti <span class=\"_ _17\"> </span>stabiliti <span class=\"_ _17\"> </span>dall\u2019intervallo <span class=\"_ _4\"> </span>80<span class=\"_ _2\"></span><span class=\"ff4\">-125%, <span class=\"_ _4\"> </span>le <span class=\"_ _17\"> </span>variazioni<span class=\"_ _1\"></span> <span class=\"_ _17\"> </span>di <span class=\"_ _4\"> </span>fair <span class=\"_ _17\"> </span>value <span class=\"_ _4\"> </span>dello <span class=\"_ _4\"> </span>str<span class=\"_ _2\"></span>umento <span class=\"_ _4\"> </span>coperto, <span class=\"_ _4\"> </span>per<span class=\"_ _df\"> </span></span><span class=\"ff4\"> </span>l\u2019elemento di rischio ogg<span class=\"ff4\">etto di copertura.<span class=\"_ _df\"> </span></span><span class=\"ff4\"> </span>La valutazione dell'efficacia \u00e8 effettuata ad ogni chiusura di bi<span class=\"_ _1\"></span>lancio o di situazione infrannuale utilizzando:<span class=\"_ _df\"> </span><span class=\"_ _2\"></span> <span class=\"_ _2c\"> </span><span class=\"ff4\">test <span class=\"_ _10\"> </span>prospettici, <span class=\"_ _e\"> </span>che <span class=\"_ _10\"> </span>giustificano <span class=\"_ _e\"> </span>l'applicazione <span class=\"_ _10\"> </span>della <span class=\"_ _e\"> </span>contabilizzazione <span class=\"_ _e\"> </span>di <span class=\"_ _10\"> </span>copertura, <span class=\"_ _10\"> </span>in <span class=\"_ _e\"> </span>quanto<span class=\"_ _df\"> </span></span>dimostrano la sua efficacia attesa;<span class=\"_ _df\"> </span><span class=\"_ _2c\"> </span><span class=\"ff4\">test  retrospettivi<span class=\"_ _1\"></span>, <span class=\"_ _16\"> </span>che <span class=\"_ _16\"> </span>evidenziano  i<span class=\"_ _1\"></span>l <span class=\"_ _16\"> </span>grado <span class=\"_ _16\"> </span>di <span class=\"_ _9\"> </span>efficacia  della <span class=\"_ _9\"> </span>c<span class=\"_ _2\"></span>opertura <span class=\"_ _16\"> </span>raggiunto <span class=\"_ _16\"> </span>nel <span class=\"_ _9\"> </span>periodo  cui <span class=\"_ _9\"> </span>si<span class=\"_ _df\"> </span></span><span class=\"ff4\"> </span>riferiscono, ovvero, misurano quanto i risultati effettivi si siano di<span class=\"_ _1\"></span>scostati dalla copertura perfetta.<span class=\"_ _df\"> </span>Solo <span class=\"_ _d\"></span>gli <span class=\"_ _0\"></span>strumenti <span class=\"_ _d\"></span>che <span class=\"_ _0\"></span>coinvolgono <span class=\"_ _d\"></span>una<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>controparte <span class=\"_ _0\"></span>esterna <span class=\"_ _d\"></span>possono <span class=\"_ _0\"></span>essere <span class=\"_ _d\"></span>designati <span class=\"_ _d\"></span>come <span class=\"_ _0\"></span>strumenti <span class=\"_ _0\"></span>di<span class=\"_ _df\"> </span><span class=\"_ _f\"></span> copertura. Pertanto, <span class=\"_ _1\"></span>ogni risul<span class=\"_ _1\"></span>tato riconducibi<span class=\"_ _1\"></span>le a transazioni i<span class=\"_ _1\"></span>nterne e<span class=\"_ _1\"></span>ffettuate tra <span class=\"_ _1\"></span>diverse e<span class=\"_ _1\"></span>ntit\u00e0 del<span class=\"_ _1\"></span> Gruppo<span class=\"_ _df\"> </span> \u00e8 eliminato dal bilancio consolidato.<span class=\"_ _df\"> </span> Cessa<span class=\"_ _f\"></span>zione pro<span class=\"_ _1\"></span>spett<span class=\"_ _f\"></span>ica del<span class=\"_ _1\"></span>la co<span class=\"_ _f\"></span>ntabilizzazi<span class=\"_ _1\"></span>one d<span class=\"_ _1\"></span>i cop<span class=\"_ _1\"></span>ertur<span class=\"_ _1\"></span>a<span class=\"_ _df\"> </span> Se  le  verifi<span class=\"_ _1\"></span>che  non  confermano  l\u2019efficacia  de<span class=\"_ _1\"></span>lla  copertura,  da  que<span class=\"_ _1\"></span>l  momento  la  contabilizz<span class=\"_ _1\"></span>azione  delle<span class=\"_ _df\"> </span> operazioni di <span class=\"_ _2\"></span>copertura, <span class=\"_ _2\"></span>secondo quanto s<span class=\"_ _2\"></span>opra esposto, <span class=\"_ _2\"></span>viene<span class=\"_ _1\"></span> <span class=\"_ _2\"></span>interrotta <span class=\"_ _2\"></span>e il <span class=\"_ _2\"></span>contratto derivato di <span class=\"_ _2\"></span>copertura<span class=\"_ _df\"> </span> viene <span class=\"_ _1\"></span>riclassificato tra <span class=\"_ _f\"></span>gli strumenti <span class=\"_ _f\"></span>di negoziazione. <span class=\"_ _f\"></span>Inoltr<span class=\"_ _2\"></span>e, <span class=\"_ _f\"></span>le operazioni <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>copertura cessano ne<span class=\"_ _f\"></span>l momento<span class=\"_ _df\"> </span> in cui <span class=\"_ _2\"></span>lo <span class=\"_ _2\"></span>strumento di <span class=\"_ _2\"></span>copertura giunge a <span class=\"_ _2\"></span>scadenza, \u00e8 <span class=\"_ _2\"></span>venduto, <span class=\"_ _2\"></span>cessato o <span class=\"_ _2\"></span>esercitato, oppure <span class=\"_ _2\"></span>viene revocata<span class=\"_ _df\"> </span> la designazione.<span class=\"_ _df\"> </span> Per l<span class=\"_ _1\"></span>e rel<span class=\"_ _1\"></span>azioni d<span class=\"_ _1\"></span>i cop<span class=\"_ _1\"></span>ertura di<span class=\"_ _f\"></span> fair valu<span class=\"_ _1\"></span>e, lo <span class=\"_ _f\"></span>strumento finan<span class=\"_ _1\"></span>ziario <span class=\"_ _1\"></span>coperto non<span class=\"_ _1\"></span> \u00e8 <span class=\"_ _f\"></span>pi\u00f9 ret<span class=\"_ _1\"></span>tificato <span class=\"_ _1\"></span>per l<span class=\"_ _f\"></span>e variazioni<span class=\"_ _df\"> </span> di <span class=\"_ _f\"></span>fair valu<span class=\"_ _1\"></span>e <span class=\"_ _f\"></span>e qu<span class=\"_ _1\"></span>alsiasi <span class=\"_ _f\"></span>r<span class=\"_ _2\"></span>ettifica <span class=\"_ _f\"></span>al <span class=\"_ _f\"></span>valore con<span class=\"_ _f\"></span>t<span class=\"_ _2\"></span>abile <span class=\"_ _f\"></span>di <span class=\"_ _f\"></span>uno s<span class=\"_ _1\"></span>trumento <span class=\"_ _f\"></span>finanziario cop<span class=\"_ _1\"></span>erto <span class=\"_ _f\"></span>per <span class=\"_ _1\"></span>il <span class=\"_ _f\"></span>quale <span class=\"_ _f\"></span>\u00e8 utilizz<span class=\"_ _1\"></span>ato<span class=\"_ _df\"> </span> il criterio dell'interesse effettivo deve essere ammortizzata n<span class=\"_ _2\"></span>el conto economico. Nel caso di int<span class=\"_ _2\"></span>erruzione di<span class=\"_ _df\"> </span> una relazione di copertura generica di fair value, le rivalutazioni/svalutazioni cumulate iscritt<span class=\"_ _2\"></span>e nella voce 60.<span class=\"_ _df\"> </span> \u201cAdeguamento di <span class=\"_ _2\"></span>valore <span class=\"_ _2\"></span>delle at<span class=\"_ _2\"></span>tivit\u00e0 finanziarie <span class=\"_ _2\"></span>oggetto <span class=\"_ _2\"></span>di copert<span class=\"_ _2\"></span>ura generica\u201d <span class=\"_ _2\"></span>oppure 50. <span class=\"_ _2\"></span>\u201cA<span class=\"_ _2\"></span><span class=\"ff4\">deguamento<span class=\"_ _df\"> </span></span><span class=\"ff4\"> </span>di <span class=\"_ _2\"></span>valore <span class=\"_ _d\"></span>delle <span class=\"_ _d\"></span>passivit\u00e0 <span class=\"_ _d\"></span>finanziarie <span class=\"_ _d\"></span>oggetto <span class=\"_ _d\"></span>di <span class=\"_ _2\"></span>copertura <span class=\"_ _d\"></span>generica\u201d <span class=\"_ _d\"></span>sono <span class=\"_ _d\"></span>rilevate <span class=\"_ _2\"></span>a <span class=\"_ _d\"></span>conto<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>econo<span class=\"_ _2\"></span>mico <span class=\"_ _2\"></span>tr<span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>gli<span class=\"_ _df\"> </span> interessi <span class=\"_ _0\"> </span>at<span class=\"_ _2\"></span>tivi <span class=\"_ _0\"></span>o <span class=\"_ _9\"> </span>passivi <span class=\"_ _9\"> </span>lungo <span class=\"_ _0\"></span>la <span class=\"_ _9\"> </span>durata <span class=\"_ _9\"> </span>r<span class=\"_ _2\"></span>esidu<span class=\"_ _1\"></span>a <span class=\"_ _9\"> </span>delle <span class=\"_ _0\"></span>originarie <span class=\"_ _9\"> </span>relazioni <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>copertura, <span class=\"_ _9\"> </span>ferma <span class=\"_ _9\"> </span>restando <span class=\"_ _9\"> </span>la<span class=\"_ _df\"> </span> verifica che ne sussistano i presupposti.<span class=\"_ _df\"> </span>Per le <span class=\"_ _2\"></span>relazioni di <span class=\"_ _2\"></span>copertura dei <span class=\"_ _2\"></span>flussi finanziari, <span class=\"_ _2\"></span>l'utile o <span class=\"_ _2\"></span>la perdita <span class=\"_ _2\"></span>complessiva dello <span class=\"_ _2\"></span>strumento di copertura<span class=\"_ _df\"> </span> che <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _2\"></span>stato <span class=\"_ _2\"></span>rilevato <span class=\"_ _2\"></span>nell<span class=\"_ _1\"></span>e <span class=\"_ _2\"></span>altre <span class=\"_ _2\"></span>componenti <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>conto <span class=\"_ _2\"></span>economico <span class=\"_ _2\"></span>complessivo a <span class=\"_ _d\"></span>partire <span class=\"_ _2\"></span>dall'esercizio in <span class=\"_ _2\"></span>cui <span class=\"_ _2\"></span>la<span class=\"_ _df\"> </span> copertura <span class=\"_ _4\"> </span>era <span class=\"_ _4\"> </span>efficace, <span class=\"_ _4\"> </span>deve <span class=\"_ _22\"> </span>r<span class=\"_ _2\"></span>estare <span class=\"_ _4\"> </span>separatamente <span class=\"_ _4\"> </span>nel <span class=\"_ _4\"> </span>patrimonio <span class=\"_ _4\"> </span>netto <span class=\"_ _4\"> </span>sino <span class=\"_ _4\"> </span>a <span class=\"_ _4\"> </span>quand<span class=\"_ _1\"></span>o <span class=\"_ _4\"> </span>l'operazione<span class=\"_ _df\"> </span> programmata si verifica. Qualora <span class=\"_ _2\"></span>l'operazione programmata ci si at<span class=\"_ _2\"></span>tende non debba pi\u00f9 accadere, <span class=\"_ _2\"></span>qualsiasi<span class=\"_ _df\"> </span> correlato <span class=\"_ _d\"></span>utile <span class=\"_ _d\"></span>o <span class=\"_ _d\"></span>perdita <span class=\"_ _d\"></span>compless<span class=\"_ _2\"></span>ivo <span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>ullo <span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>trumento <span class=\"_ _d\"></span>di <span class=\"_ _2\"></span>copertura<span class=\"_ _d\"></span> <span class=\"_ _d\"></span>che <span class=\"_ _d\"></span>\u00e8 <span class=\"_ _d\"></span>stato <span class=\"_ _d\"></span>r<span class=\"_ _2\"></span>ilevato <span class=\"_ _2\"></span>nel <span class=\"_ _d\"></span>prospetto <span class=\"_ _d\"></span>delle<span class=\"_ _df\"> </span> altre compone<span class=\"_ _1\"></span>nti di <span class=\"_ _f\"></span>conto economico comple<span class=\"_ _1\"></span>ssivo dall'esercizio <span class=\"_ _f\"></span>i<span class=\"_ _2\"></span>n <span class=\"_ _1\"></span>cui la <span class=\"_ _f\"></span>copertura era e<span class=\"_ _1\"></span>fficace<span class=\"_ _2\"></span>, dev<span class=\"_ _1\"></span>e essere<span class=\"_ _df\"> </span> riclassificato dal patrimonio netto all\u2019util<span class=\"_ _1\"></span>e (perdita) d\u2019esercizio come rettifica da riclassificazione.<span class=\"_ _df\"> </span>Criter<span class=\"_ _1\"></span>i di <span class=\"_ _1\"></span>rileva<span class=\"_ _f\"></span>zione dell<span class=\"_ _1\"></span>e com<span class=\"_ _f\"></span>ponenti <span class=\"_ _1\"></span>reddi<span class=\"_ _1\"></span>tuali<span class=\"_ _f\"></span> L\u2019allocazione <span class=\"_ _9\"> </span>delle <span class=\"_ _9\"> </span>componenti<span class=\"_ _2\"></span> <span class=\"_ _9\"> </span>reddituali <span class=\"_ _9\"> </span>nelle <span class=\"_ _16\"> </span>pertinenti <span class=\"_ _9\"> </span>voci  d<span class=\"_ _1\"></span>i <span class=\"_ _9\"> </span>cont<span class=\"_ _2\"></span>o <span class=\"_ _9\"> </span>economico <span class=\"_ _16\"> </span>avviene <span class=\"_ _9\"> </span>sulla <span class=\"_ _9\"> </span>base <span class=\"_ _16\"> </span>di quanto riportato di seguito: <span class=\"_ _2c\"> </span><span class=\"ff4\">i <span class=\"_ _0\"></span>differenziali <span class=\"_ _d\"></span>maturati <span class=\"_ _d\"></span>sugli <span class=\"_ _d\"></span>st<span class=\"_ _2\"></span>rumenti <span class=\"_ _d\"></span>derivati <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>copertura <span class=\"_ _0\"></span>del <span class=\"_ _d\"></span>ri<span class=\"_ _2\"></span>schio <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>t<span class=\"_ _2\"></span>asso <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>interesse <span class=\"_ _0\"></span>(oltre<span class=\"_ _1\"></span> <span class=\"_ _d\"></span>agli </span>interessi <span class=\"_ _0\"></span>delle <span class=\"_ _0\"></span>posizioni <span class=\"_ _0\"></span>oggetto <span class=\"_ _9\"> </span>di <span class=\"_ _0\"></span>copertura) <span class=\"_ _0\"></span>vengono <span class=\"_ _0\"></span>allocati <span class=\"_ _0\"></span>nella <span class=\"_ _0\"></span>voce <span class=\"_ _0\"></span>\u201cInteressi <span class=\"_ _9\"> </span>attivi <span class=\"_ _0\"></span>e <span class=\"_ _0\"></span>proventi assimilati\u201d o \u201cInteressi passivi e oneri assimilati\u201d;<span class=\"_ _df\"> </span><span class=\"_ _2c\"> </span><span class=\"ff4\">le <span class=\"_ _d\"></span>plusvalenze <span class=\"_ _d\"></span>e <span class=\"_ _d\"></span>minusvalenze <span class=\"_ _d\"></span>derivanti <span class=\"_ _d\"></span>dalla <span class=\"_ _d\"></span>valutazione <span class=\"_ _d\"></span>d<span class=\"_ _2\"></span>egli <span class=\"_ _d\"></span>strumenti <span class=\"_ _d\"></span>derivati <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>copertura <span class=\"_ _d\"></span>e <span class=\"_ _d\"></span>delle </span>posizioni <span class=\"_ _4\"> </span>oggetto <span class=\"_ _14\"> </span>di <span class=\"_ _17\"> </span>copertura <span class=\"_ _17\"> </span>di <span class=\"_ _17\"> </span>fair <span class=\"_ _17\"> </span>value <span class=\"_ _17\"> </span>hedge <span class=\"_ _17\"> </span>vengono <span class=\"_ _14\"> </span>allocate <span class=\"_ _17\"> </span>nella <span class=\"_ _17\"> </span>voce <span class=\"_ _17\"> </span>\u201cRisultato <span class=\"_ _17\"> </span>netto dell\u2019attivit\u00e0 di copertura\u201d;<span class=\"_ _df\"> </span><span class=\"_ _2c\"> </span><span class=\"ff4\">le plusvalenze e<span class=\"_ _1\"></span> le minusvalenze deriv<span class=\"_ _1\"></span>anti dalla v<span class=\"_ _1\"></span>alutazione degli strumenti de<span class=\"_ _1\"></span>rivat<span class=\"_ _2\"></span>i di<span class=\"_ _1\"></span> copertura di <span class=\"_ _1\"></span>cash </span>flow hedge (per la <span class=\"_ _2\"></span>parte efficace) vengono allocate <span class=\"_ _2\"></span>in una specifica riserva <span class=\"_ _2\"></span>di valutazione di patrimonio<span class=\"_ _df\"> </span>netto <span class=\"_ _f\"></span>\u201cCopertura dei <span class=\"_ _f\"></span>flussi <span class=\"_ _f\"></span>finanziari\u201d, <span class=\"_ _1\"></span>al <span class=\"_ _f\"></span>nett<span class=\"_ _2\"></span>o <span class=\"_ _f\"></span>dell\u2019effetto <span class=\"_ _f\"></span>fiscale <span class=\"_ _1\"></span>differito. <span class=\"_ _f\"></span>Per <span class=\"_ _1\"></span>la <span class=\"_ _1\"></span>parte <span class=\"_ _f\"></span>inefficace <span class=\"_ _f\"></span>tali plu<span class=\"_ _1\"></span>s<span class=\"_ _df\"> </span>e <span class=\"_ _15\"> </span>minus <span class=\"_ _15\"> </span>ven<span class=\"ff5\">gono <span class=\"_ _15\"> </span>contabilizzat<span class=\"_ _2\"></span>e <span class=\"_ _14\"> </span>a <span class=\"_ _e\"> </span>conto <span class=\"_ _15\"> </span>economico <span class=\"_ _15\"> </span>nella <span class=\"_ _15\"> </span>voce <span class=\"_ _15\"> </span>\u201cRisultato <span class=\"_ _e\"> </span>netto <span class=\"_ _15\"> </span>dell\u2019attivit\u00e0 <span class=\"_ _15\"> </span>di </span>copertura\u201d.  Se <span class=\"_ _9\"> </span>lo  strumento  cop<span class=\"_ _1\"></span>erto  \u00e8 <span class=\"_ _16\"> </span>cancellato, <span class=\"_ _16\"> </span>scade <span class=\"_ _16\"> </span>o  si <span class=\"_ _16\"> </span>estingue <span class=\"_ _9\"> </span>allora  la  riserva  \u00e8<span class=\"_ _1\"></span>  riversata<span class=\"_ _f\"></span> immediatamente a conto economico contestualmente alla cancell<span class=\"_ _1\"></span>azione dell\u2019<span class=\"_ _2\"></span><span class=\"ff4\">elemento coperto.<span class=\"_ _df\"> </span></span><span class=\"_ _2c\"> </span><span class=\"ff4\">nel <span class=\"_ _9\"> </span>caso<span class=\"_ _2\"></span> <span class=\"_ _9\"> </span>di <span class=\"_ _16\"> </span>copertura <span class=\"_ _9\"> </span>di  fl<span class=\"_ _1\"></span>ussi <span class=\"_ _9\"> </span>finanziari, <span class=\"_ _16\"> </span>le <span class=\"_ _9\"> </span>variazioni <span class=\"_ _16\"> </span>di <span class=\"_ _9\"> </span>fair  valu<span class=\"_ _1\"></span>e <span class=\"_ _9\"> </span>d<span class=\"_ _2\"></span>el <span class=\"_ _9\"> </span>derivato <span class=\"_ _16\"> </span>sono <span class=\"_ _9\"> </span>imputate <span class=\"_ _16\"> </span>nella<span class=\"_ _df\"> </span></span>redditivit\u00e0 <span class=\"_ _2\"></span>complessiva, <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>la <span class=\"_ _d\"></span>quota <span class=\"_ _2\"></span>efficace <span class=\"_ _2\"></span>della <span class=\"_ _2\"></span>copertura, <span class=\"_ _d\"></span>e <span class=\"_ _2\"></span>sono <span class=\"_ _d\"></span>rilevate <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>Conto <span class=\"_ _d\"></span>Economico <span class=\"_ _2\"></span>solo quando, con rife<span class=\"_ _1\"></span>rimento alla <span class=\"_ _1\"></span>posta coperta, si<span class=\"_ _f\"></span> manifesta la variaz<span class=\"_ _f\"></span>ione dei flu<span class=\"_ _1\"></span>ssi di cassa<span class=\"_ _1\"></span> da compensare<span class=\"_ _f\"></span> o se la copertura risulta inefficace.<span class=\"_ _df\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-892": {
   "value": "A.2 <span class=\"_ _1\"></span><span class=\"ff5\">\u2013<span class=\"ff4\"> PAR<span class=\"_ _f\"></span>TE RE<span class=\"_ _1\"></span>LAT<span class=\"_ _f\"></span>IVA A<span class=\"_ _1\"></span>LLE<span class=\"_ _1\"></span> PRINC<span class=\"_ _f\"></span>IPALI <span class=\"_ _f\"></span>VOCI D<span class=\"_ _1\"></span>I BI<span class=\"_ _1\"></span>LAN<span class=\"_ _f\"></span>CIO<span class=\"_ _df\"> </span></span></span>1 <span class=\"ls0\">- Attivit\u00e0<span class=\"_ _f\"></span> finanzia<span class=\"_ _1\"></span>rie valu<span class=\"_ _f\"></span>tate al fa<span class=\"_ _1\"></span>ir valu<span class=\"_ _1\"></span>e con<span class=\"_ _1\"></span> impa<span class=\"_ _1\"></span>tto a co<span class=\"_ _f\"></span>nto eco<span class=\"_ _1\"></span>nomico <span class=\"_ _f\"></span> </span>Criter<span class=\"_ _1\"></span>i di <span class=\"_ _1\"></span>iscrizio<span class=\"_ _f\"></span>ne L\u2019iscrizione iniziale <span class=\"_ _2\"></span>delle <span class=\"_ _2\"></span>att<span class=\"_ _2\"></span>ivit\u00e0<span class=\"_ _1\"></span> <span class=\"_ _2\"></span>finanziarie avviene <span class=\"_ _2\"></span>alla <span class=\"_ _2\"></span>data <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>regolamento <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>i titoli <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>debito e <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>titoli di capitale, alla data di erogazione p<span class=\"_ _1\"></span>er i finanziamenti ed alla data di sottoscrizione pe<span class=\"_ _1\"></span>r i contratti<span class=\"_ _d\"></span> <span class=\"_ _12\"></span>derivati. All<span class=\"ff5\">\u2019atto <span class=\"_ _d\"></span>della <span class=\"_ _d\"></span>rilevazione <span class=\"_ _2\"></span>iniziale <span class=\"_ _d\"></span>le <span class=\"_ _d\"></span>attivit\u00e0 <span class=\"_ _d\"></span>finanziarie <span class=\"_ _d\"></span>valutate <span class=\"_ _d\"></span>al <span class=\"_ _2\"></span>fair <span class=\"_ _0\"></span>value <span class=\"_ _2\"></span>con <span class=\"_ _0\"></span>impatto <span class=\"_ _2\"></span>a <span class=\"_ _d\"></span>conto <span class=\"_ _d\"></span>economico </span>vengono rile<span class=\"_ _1\"></span>vate al fai<span class=\"_ _1\"></span>r value, <span class=\"_ _1\"></span>senza considerare i<span class=\"_ _1\"></span> costi <span class=\"_ _f\"></span>o proventi d<span class=\"_ _1\"></span>i transazione d<span class=\"_ _1\"></span>irettamente att<span class=\"_ _1\"></span>ribuibili all<span class=\"_ _1\"></span>o strumento stesso. Criter<span class=\"_ _1\"></span>i di <span class=\"_ _f\"></span>classifica<span class=\"_ _f\"></span>zione Sono  classificate  in  questa  categoria  le  at<span class=\"_ _2\"></span>tivit\u00e0  finanziarie  diverse  da  quelle  classificate  tra <span class=\"_ _22\"> </span>le  At<span class=\"_ _2\"></span>tivit\u00e0 finanziarie valutate <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>fair value con <span class=\"_ _2\"></span>impatto <span class=\"_ _2\"></span>sulla redditivit\u00e0 complessiva <span class=\"_ _2\"></span>e t<span class=\"_ _2\"></span>ra le <span class=\"_ _2\"></span>Attivit\u00e0 finanziare <span class=\"_ _2\"></span>valutate<span class=\"_ _1\"></span> al costo ammortizzato. La voce, in particolare, include<span class=\"_ _1\"></span>:<span class=\"_ _2\"></span> <span class=\"_ _2c\"> </span><span class=\"ff4\">le attivit\u00e0 finanziarie detenute pe<span class=\"_ _1\"></span>r la negoziazione, essenzi<span class=\"_ _1\"></span>almente rappresentate da titoli di de<span class=\"_ _1\"></span>bito e di </span>capitale e dal valore positivo dei contratti derivati de<span class=\"_ _1\"></span>tenuti con finalit\u00e0 di negoziazione;<span class=\"_ _df\"> </span><span class=\"_ _2c\"> </span><span class=\"ff4\">le attivit\u00e0 finanziarie <span class=\"_ _1\"></span>obbligatoriamente v<span class=\"_ _1\"></span>alutate al fair<span class=\"_ _f\"></span> value, rappresentate d<span class=\"_ _1\"></span>alle attiv<span class=\"_ _1\"></span>it\u00e0 finanziarie <span class=\"_ _1\"></span>che </span>non <span class=\"_ _0\"> </span>s<span class=\"_ _2\"></span>oddisfano <span class=\"_ _0\"></span>i <span class=\"_ _0\"></span>requisiti <span class=\"_ _9\"> </span>per <span class=\"_ _0\"> </span>la <span class=\"_ _9\"> </span>valutazione <span class=\"_ _0\"></span>al <span class=\"_ _9\"> </span>costo <span class=\"_ _0\"> </span>amm<span class=\"_ _2\"></span>ortizz<span class=\"_ _1\"></span>ato <span class=\"_ _9\"> </span>o <span class=\"_ _9\"> </span>al <span class=\"_ _0\"></span>fair <span class=\"_ _9\"> </span>value <span class=\"_ _0\"></span>con <span class=\"_ _9\"> </span>impatto <span class=\"_ _0\"></span>s<span class=\"_ _2\"></span>ulla redditivit\u00e0 <span class=\"_ _14\"> </span>complessiva. <span class=\"_ _14\"> </span>Si <span class=\"_ _14\"> </span>tr<span class=\"_ _2\"></span>atta <span class=\"_ _14\"> </span>di <span class=\"_ _15\"> </span>attivit\u00e0 <span class=\"_ _14\"> </span>finanziarie <span class=\"_ _15\"> </span>i <span class=\"_ _14\"> </span>cui <span class=\"_ _15\"> </span>termini <span class=\"_ _14\"> </span>contrattuali <span class=\"_ _14\"> </span>non <span class=\"_ _15\"> </span>prevedono esclusivamente <span class=\"_ _2\"></span>rimbors<span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>del <span class=\"_ _d\"></span>capi<span class=\"_ _1\"></span>tale <span class=\"_ _d\"></span>e <span class=\"_ _2\"></span>pagamenti <span class=\"_ _d\"></span>dell\u2019interesse <span class=\"_ _d\"></span>sull\u2019importo <span class=\"_ _2\"></span>del <span class=\"_ _d\"></span>capitale <span class=\"_ _2\"></span>da <span class=\"_ _d\"></span>restituire (cd. \u201cSPPI<span class=\"_ _1\"></span> test\u201d non superato) opp<span class=\"_ _1\"></span>ure che non <span class=\"_ _1\"></span>sono detenute nel q<span class=\"_ _1\"></span>uadro di un <span class=\"_ _1\"></span>modello di business il<span class=\"_ _1\"></span> cui<span class=\"_ _df\"> </span>obiettivo <span class=\"_ _f\"></span>\u00e8 il<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>possesso d<span class=\"_ _1\"></span>i <span class=\"_ _f\"></span>attivit\u00e0 <span class=\"_ _1\"></span>finalizzato <span class=\"_ _f\"></span>alla <span class=\"_ _1\"></span>raccolta d<span class=\"_ _1\"></span>ei <span class=\"_ _f\"></span>flussi fi<span class=\"_ _1\"></span>nanziari <span class=\"_ _f\"></span>contr<span class=\"_ _2\"></span>attuali <span class=\"_ _f\"></span>(Business <span class=\"_ _f\"></span>model \u201cHold to Collect\u201d) o il cui obiettivo \u00e8 conseguito sia mediante la racc<span class=\"_ _1\"></span>olta dei flussi finanziari contrattuali che mediante la vendita di attivit\u00e0 fi<span class=\"ff5\">nanziarie (Business model \u201cHold to Collect and Sell\u201d);<span class=\"_ _df\"> </span></span><span class=\"_ _2c\"> </span><span class=\"ff4\">le <span class=\"_ _d\"></span>attivit\u00e0 <span class=\"_ _d\"></span>finanziarie <span class=\"_ _2\"></span>designate <span class=\"_ _d\"></span>al <span class=\"_ _d\"></span>fair <span class=\"_ _2\"></span>value, <span class=\"_ _d\"></span>ossia <span class=\"_ _d\"></span>le <span class=\"_ _2\"></span>att<span class=\"_ _2\"></span>ivit\u00e0 <span class=\"_ _2\"></span>finanziarie <span class=\"_ _2\"></span>cos\u00ec <span class=\"_ _d\"></span>definite <span class=\"_ _d\"></span>al <span class=\"_ _2\"></span>momento<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>della </span>rilevazione <span class=\"_ _16\"> </span>iniziale  e <span class=\"_ _9\"> </span>o<span class=\"_ _2\"></span>ve  ne<span class=\"_ _f\"></span>  su<span class=\"_ _2\"></span>ssistano  i <span class=\"_ _16\"> </span>presupposti. <span class=\"_ _16\"> </span>In <span class=\"_ _16\"> </span>relazione  a <span class=\"_ _16\"> </span>tale <span class=\"_ _16\"> </span>fattispecie,  un<span class=\"_ _2\"></span><span class=\"ff5\">\u2019entit\u00e0  pu<span class=\"_ _1\"></span>\u00f2 </span>designare i<span class=\"_ _1\"></span>rrevocabilmente all\u2019iscrizione <span class=\"_ _1\"></span>un\u2019attivit\u00e0 finanzi<span class=\"_ _1\"></span>aria come valu<span class=\"_ _1\"></span>tata al fair v<span class=\"_ _1\"></span>alue con <span class=\"_ _1\"></span>impatto a conto <span class=\"_ _17\"> </span>economico <span class=\"_ _4\"> </span>se, <span class=\"_ _17\"> </span>e <span class=\"_ _4\"> </span>solo <span class=\"_ _17\"> </span>se, <span class=\"_ _17\"> </span>cos\u00ec <span class=\"_ _17\"> </span>facendo <span class=\"_ _4\"> </span>elimina <span class=\"_ _17\"> </span>o <span class=\"_ _17\"> </span>riduce <span class=\"_ _17\"> </span>significativamente <span class=\"_ _4\"> </span>un\u2019inco<span class=\"_ _2\"></span>erenza valutativa.<span class=\"_ _df\"> </span>Trovano, quindi, evidenza in questa voce: <span class=\"_ _2c\"> </span><span class=\"ff4\">i titoli di debi<span class=\"_ _1\"></span>to e i finanziamenti che<span class=\"_ _1\"></span> sono inclusi nel <span class=\"_ _1\"></span>business model Trading (non riconducibil<span class=\"_ _1\"></span>i quindi ai </span>business model \u201cHold to Collect\u201d o \u201cHold to Collect and Sel<span class=\"_ _1\"></span>l\u201d) o che non superano il test SPPI;<span class=\"_ _df\"> </span><span class=\"_ _2c\"> </span><span class=\"ff4\">gli strumenti <span class=\"_ _f\"></span>di capitale <span class=\"_ _f\"></span>- non qu<span class=\"_ _1\"></span>alificabili <span class=\"_ _f\"></span>di controllo, <span class=\"_ _1\"></span>collegamento e <span class=\"_ _f\"></span>controllo cong<span class=\"_ _1\"></span>iunto - <span class=\"_ _1\"></span>detenuti <span class=\"_ _f\"></span>per<span class=\"_ _df\"> </span></span>finalit\u00e0 <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>negoziazi<span class=\"_ _1\"></span>one <span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>cui <span class=\"_ _2\"></span>non <span class=\"_ _2\"></span>si <span class=\"_ _2\"></span>sia <span class=\"_ _2\"></span>optato, in <span class=\"_ _2\"></span>sede <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>rilevazione iniziale, <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>designazione <span class=\"_ _2\"></span>al fair value con impatto sulla redditivit\u00e0 complessiva;<span class=\"_ _df\"> </span><span class=\"_ _2c\"> </span><span class=\"ff4\">le quote di OICR.<span class=\"_ _df\"> </span></span>La<span class=\"ls0\"> <span class=\"_ _17\"> </span>voce <span class=\"_ _14\"> </span>accoglie, <span class=\"_ _17\"> </span>inoltre, <span class=\"_ _17\"> </span>i <span class=\"_ _14\"> </span>contratti <span class=\"_ _14\"> </span>derivati, <span class=\"_ _17\"> </span>contabilizzati <span class=\"_ _17\"> </span>tra <span class=\"_ _14\"> </span>le <span class=\"_ _17\"> </span>attivit\u00e0 <span class=\"_ _14\"> </span>finanziarie <span class=\"_ _17\"> </span>detenute <span class=\"_ _17\"> </span>per <span class=\"_ _14\"> </span>la </span>negoziazione, che sono r<span class=\"_ _2\"></span>appresentati come attivit\u00e0 <span class=\"_ _2\"></span>se il fair value \u00e8 <span class=\"_ _2\"></span>positivo e come pass<span class=\"_ _2\"></span>ivit\u00e0<span class=\"_ _1\"></span> se il <span class=\"_ _2\"></span>fair value \u00e8 negativo. <span class=\"_ _2\"></span>E\u2019 <span class=\"_ _2\"></span>possibile compen<span class=\"_ _2\"></span>sare <span class=\"_ _2\"></span>i<span class=\"ff4\"> <span class=\"_ _2\"></span>valori correnti <span class=\"_ _2\"></span>positivi <span class=\"_ _2\"></span>e negativi <span class=\"_ _2\"></span>derivanti da <span class=\"_ _2\"></span>operazioni <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>essere <span class=\"_ _2\"></span>con </span>la <span class=\"_ _2\"></span>medesima controparte <span class=\"_ _2\"></span>soltanto qualora <span class=\"_ _2\"></span>si abbia cor<span class=\"_ _2\"></span>rentemente il <span class=\"_ _2\"></span>diritto legale <span class=\"_ _2\"></span>di compensare <span class=\"_ _2\"></span>gli importi rilevati  contabilmente  e <span class=\"_ _22\"> </span>s<span class=\"_ _2\"></span>i  intenda  procedere  al <span class=\"_ _4\"> </span>regolamento  su <span class=\"_ _22\"> </span>base <span class=\"_ _4\"> </span>net<span class=\"_ _1\"></span>t<span class=\"_ _2\"></span>a  delle  posizioni <span class=\"_ _22\"> </span>oggetto <span class=\"_ _4\"> </span>di compensazione.<span class=\"_ _df\"> </span>Fra i <span class=\"_ _f\"></span>derivati sono i<span class=\"_ _1\"></span>nclusi <span class=\"_ _f\"></span>anche quelli <span class=\"_ _f\"></span>i<span class=\"_ _2\"></span>ncorporati in <span class=\"_ _f\"></span>contratti finanziari <span class=\"_ _f\"></span>complessi - in cui <span class=\"_ _f\"></span>il contratto primario<span class=\"_ _f\"></span> \u00e8 una passivit\u00e0 finanziaria - che sono stati oggetto di rilevazione separata in quanto:<span class=\"_ _df\"> </span><span class=\"_ _2c\"> </span><span class=\"ff4\">le <span class=\"_ _d\"></span>lor<span class=\"_ _2\"></span>o <span class=\"_ _d\"></span>caratterist<span class=\"_ _2\"></span>iche <span class=\"_ _d\"></span>economiche <span class=\"_ _d\"></span>ed <span class=\"_ _d\"></span>i <span class=\"_ _0\"></span>rischi <span class=\"_ _d\"></span>non <span class=\"_ _0\"></span>sono <span class=\"_ _0\"></span>strettamente <span class=\"_ _d\"></span>correlati <span class=\"_ _0\"></span>alle <span class=\"_ _d\"></span>caratteristiche <span class=\"_ _d\"></span>del<span class=\"_ _df\"> </span></span>contratto sottostante;<span class=\"_ _df\"> </span><span class=\"_ _2c\"> </span><span class=\"ff4\">gli strumenti incorporati, anche se separati, soddisfano la definizione<span class=\"_ _1\"></span> di derivato;<span class=\"_ _df\"> </span></span><span class=\"_ _2c\"> </span><span class=\"ff4\">gli <span class=\"_ _d\"></span>strumenti <span class=\"_ _d\"></span>ibridi <span class=\"_ _2\"></span>cui <span class=\"_ _d\"></span>appartengono <span class=\"_ _d\"></span>non <span class=\"_ _2\"></span>so<span class=\"_ _2\"></span>no <span class=\"_ _2\"></span>valutat<span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>al <span class=\"_ _d\"></span>fair <span class=\"_ _d\"></span>value<span class=\"_ _1\"></span> <span class=\"_ _d\"></span>con <span class=\"_ _d\"></span>le <span class=\"_ _2\"></span>relative <span class=\"_ _d\"></span>variazioni <span class=\"_ _d\"></span>rilevate <span class=\"_ _d\"></span>a </span>Conto Economico.<span class=\"_ _df\"> </span>Riclas<span class=\"_ _f\"></span>sifiche<span class=\"_ _1\"></span> Secondo <span class=\"_ _0\"></span>le <span class=\"_ _9\"> </span>regole <span class=\"_ _0\"></span>generali <span class=\"_ _9\"> </span>previste <span class=\"_ _0\"> </span>dall\u2019IFRS <span class=\"_ _9\"> </span>9 <span class=\"_ _0\"> </span>in <span class=\"_ _9\"> </span>materia <span class=\"_ _9\"> </span>di <span class=\"_ _0\"> </span>r<span class=\"_ _2\"></span>icl<span class=\"_ _1\"></span>assificazione <span class=\"_ _0\"></span>delle <span class=\"_ _9\"> </span>attivit\u00e0 <span class=\"_ _9\"> </span>finanziarie <span class=\"_ _0\"></span>(ad eccezione dei <span class=\"_ _2\"></span>titoli <span class=\"_ _2\"></span>di capitale, <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>cui <span class=\"_ _2\"></span>non \u00e8 <span class=\"_ _2\"></span>ammessa<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>alcuna riclassifica), <span class=\"_ _2\"></span>non s<span class=\"_ _2\"></span>ono amm<span class=\"_ _2\"></span>esse riclassifiche verso altre <span class=\"_ _2\"></span>categorie di attivit\u00e0 <span class=\"_ _2\"></span>finanzi<span class=\"_ _1\"></span>arie salvo <span class=\"_ _2\"></span>il caso in <span class=\"_ _2\"></span>cui l\u2019entit\u00e0 <span class=\"_ _2\"></span>modifichi il proprio modello di <span class=\"_ _2\"></span>business per la g<span class=\"_ _1\"></span>estione delle <span class=\"_ _1\"></span>attivit\u00e0 finanziarie  <span class=\"_ _1\"></span>a seguito di<span class=\"_ _1\"></span> cambiamenti esterni o <span class=\"_ _1\"></span>intern<span class=\"_ _2\"></span>i i <span class=\"_ _f\"></span>quali siano rilevanti pe<span class=\"_ _1\"></span>r le<span class=\"_ _df\"> </span>operazioni <span class=\"_ _4\"> </span>dell'entit\u00e0 <span class=\"_ _17\"> </span>e <span class=\"_ _4\"> </span>dimostrabili <span class=\"_ _4\"> </span>alle <span class=\"_ _4\"> </span>part<span class=\"_ _2\"></span>i <span class=\"_ _4\"> </span>esterne. <span class=\"_ _4\"> </span>In <span class=\"_ _17\"> </span>tali <span class=\"_ _4\"> </span>casi, <span class=\"_ _4\"> </span>che <span class=\"_ _17\"> </span>ci <span class=\"_ _4\"> </span>si <span class=\"_ _4\"> </span>attende <span class=\"_ _4\"> </span>s<span class=\"_ _2\"></span>iano <span class=\"_ _4\"> </span>altamente<span class=\"_ _df\"> </span> infrequenti, <span class=\"_ _9\"> </span>le <span class=\"_ _9\"> </span>att<span class=\"_ _2\"></span>ivit\u00e0 <span class=\"_ _9\"> </span>finanziarie <span class=\"_ _9\"> </span>potranno <span class=\"_ _16\"> </span>essere <span class=\"_ _9\"> </span>riclassificate <span class=\"_ _9\"> </span>dalla <span class=\"_ _16\"> </span>categoria <span class=\"_ _9\"> </span>valutata <span class=\"_ _9\"> </span>al <span class=\"_ _16\"> </span>fair <span class=\"_ _9\"> </span>value <span class=\"_ _9\"> </span>con<span class=\"_ _df\"> </span>impatt<span class=\"ff5\">o <span class=\"_ _2\"></span>a conto <span class=\"_ _2\"></span>economico in <span class=\"_ _2\"></span>una delle <span class=\"_ _2\"></span>altre <span class=\"_ _2\"></span>due categorie <span class=\"_ _2\"></span>previste dall\u2019IFRS 9 <span class=\"_ _2\"></span>(Attivit\u00e0 <span class=\"_ _2\"></span>finanziarie valutate<span class=\"_ _df\"> </span></span>al costo ammortizzato <span class=\"_ _1\"></span>o Attiv<span class=\"_ _1\"></span>it\u00e0 finan<span class=\"_ _1\"></span>ziarie valutate al <span class=\"_ _1\"></span>fair value <span class=\"_ _1\"></span>con impatto sul<span class=\"_ _1\"></span>la redditivi<span class=\"_ _1\"></span>t\u00e0 complessiva). Il<span class=\"_ _df\"> </span>valore <span class=\"_ _0\"></span>di <span class=\"_ _d\"></span>tr<span class=\"_ _2\"></span>asferimento <span class=\"_ _0\"></span>\u00e8 <span class=\"_ _d\"></span>rappresentat<span class=\"_ _2\"></span>o <span class=\"_ _0\"></span>dal <span class=\"_ _d\"></span>fair <span class=\"_ _0\"></span>value <span class=\"_ _0\"></span>al <span class=\"_ _0\"></span>momento <span class=\"_ _0\"></span>della <span class=\"_ _d\"></span>r<span class=\"_ _2\"></span>iclassificazione<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>e <span class=\"_ _0\"></span>gli <span class=\"_ _0\"></span>effetti <span class=\"_ _0\"></span>della<span class=\"_ _df\"> </span>riclassificazione <span class=\"_ _d\"></span>operano <span class=\"_ _0\"></span>in <span class=\"_ _d\"></span>ma<span class=\"_ _2\"></span>niera <span class=\"_ _d\"></span>prospettica <span class=\"_ _0\"></span>a <span class=\"_ _d\"></span>partire <span class=\"_ _0\"></span>dalla <span class=\"_ _0\"></span>data <span class=\"_ _d\"></span>di <span class=\"_ _0\"></span>riclassificazione. <span class=\"_ _d\"></span>In <span class=\"_ _0\"></span>questo <span class=\"_ _0\"></span>caso, <span class=\"_ _d\"></span>il<span class=\"_ _df\"> </span>tasso <span class=\"_ _d\"></span>di <span class=\"_ _2\"></span>interesse <span class=\"_ _d\"></span>effettivo <span class=\"_ _d\"></span>dell\u2019attivit\u00e0 <span class=\"_ _d\"></span>finanziaria <span class=\"_ _2\"></span>riclassificata <span class=\"_ _d\"></span>\u00e8<span class=\"ff4\"> <span class=\"_ _d\"></span>determinato <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>base <span class=\"_ _2\"></span>al <span class=\"_ _d\"></span>suo <span class=\"_ _d\"></span>fair <span class=\"_ _d\"></span>value <span class=\"_ _2\"></span>alla<span class=\"_ _df\"> </span></span>data <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>iclassificazione <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>tale <span class=\"_ _d\"></span>data <span class=\"_ _2\"></span>viene <span class=\"_ _2\"></span>consi<span class=\"_ _2\"></span>derata <span class=\"_ _2\"></span>come <span class=\"_ _2\"></span>data <span class=\"_ _d\"></span>di <span class=\"_ _2\"></span>rilevazione <span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>niziale <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>l\u2019allocazione <span class=\"_ _d\"></span>nei<span class=\"_ _df\"> </span>diversi stadi di rischio creditizio (stage assignment) ai fini <span class=\"_ _12\"></span><span class=\"ff5\">dell\u2019impairment.<span class=\"_ _df\"> </span></span>Criter<span class=\"_ _1\"></span>i di <span class=\"_ _1\"></span>valuta<span class=\"_ _1\"></span>zione<span class=\"_ _df\"> </span>Successivamente <span class=\"_ _0\"></span>alla <span class=\"_ _9\"> </span>rilevazione <span class=\"_ _9\"> </span>iniziale, <span class=\"_ _0\"></span>le <span class=\"_ _9\"> </span>attivit\u00e0 <span class=\"_ _9\"> </span>finanziarie <span class=\"_ _0\"></span>valutate <span class=\"_ _9\"> </span>al <span class=\"_ _9\"> </span>fair <span class=\"_ _9\"> </span>value <span class=\"_ _0\"></span>con <span class=\"_ _9\"> </span>impatto <span class=\"_ _9\"> </span>a <span class=\"_ _9\"> </span>conto<span class=\"_ _df\"> </span>economico <span class=\"_ _16\"> </span>sono <span class=\"_ _16\"> </span>valorizzate <span class=\"_ _9\"> </span>al  fair <span class=\"_ _16\"> </span>value. <span class=\"_ _9\"> </span>Gli  effetti <span class=\"_ _9\"> </span>dell\u2019applicazione  d<span class=\"_ _1\"></span>i <span class=\"_ _16\"> </span>tale  criterio <span class=\"_ _9\"> </span>di  v<span class=\"_ _1\"></span>alutazione <span class=\"_ _16\"> </span>sono<span class=\"_ _df\"> </span>imputati nel Conto Economico.<span class=\"_ _df\"> </span>Per<span class=\"ls0\"> la <span class=\"_ _f\"></span>d<span class=\"_ _2\"></span>eterminazione <span class=\"_ _1\"></span>del <span class=\"_ _1\"></span>fair value <span class=\"_ _f\"></span>d<span class=\"_ _2\"></span>egli <span class=\"_ _f\"></span>s<span class=\"_ _2\"></span>trumenti <span class=\"_ _1\"></span>finanziari <span class=\"_ _1\"></span>quotat<span class=\"_ _2\"></span>i <span class=\"_ _f\"></span>in un <span class=\"_ _1\"></span>mercato attivo, <span class=\"_ _f\"></span>vengono utilizzate<span class=\"_ _df\"> </span></span>quotazioni di<span class=\"_ _1\"></span> mercato. I<span class=\"_ _1\"></span>n assenza <span class=\"_ _1\"></span>di u<span class=\"_ _1\"></span>n mercato a<span class=\"_ _f\"></span>t<span class=\"_ _2\"></span>tivo, <span class=\"_ _f\"></span>vengono utilizzati <span class=\"_ _f\"></span>met<span class=\"_ _2\"></span>odi d<span class=\"_ _1\"></span>i stima e<span class=\"_ _1\"></span> modelli <span class=\"_ _f\"></span>valutativi<span class=\"_ _df\"> </span>comunemente <span class=\"_ _f\"></span>adott<span class=\"_ _2\"></span>ati, <span class=\"_ _f\"></span>che <span class=\"_ _1\"></span>tengono conto <span class=\"_ _f\"></span>di tutti <span class=\"_ _f\"></span>i <span class=\"_ _1\"></span>fattori <span class=\"_ _1\"></span>di <span class=\"_ _f\"></span>rischio <span class=\"_ _1\"></span>correlati <span class=\"_ _1\"></span>agli <span class=\"_ _f\"></span>st<span class=\"_ _2\"></span>rumenti <span class=\"_ _f\"></span>e <span class=\"_ _1\"></span>che <span class=\"_ _1\"></span>sono b<span class=\"_ _1\"></span>asati<span class=\"_ _df\"> </span>su d<span class=\"_ _1\"></span>ati rilev<span class=\"_ _1\"></span>abili sul <span class=\"_ _f\"></span>mercat<span class=\"_ _2\"></span>o q<span class=\"_ _1\"></span>uali: v<span class=\"_ _1\"></span>alutazione di <span class=\"_ _f\"></span>st<span class=\"_ _2\"></span>rumenti <span class=\"_ _f\"></span>quotati che <span class=\"_ _1\"></span>presentano analoghe <span class=\"_ _f\"></span>cara<span class=\"_ _2\"></span>tteristiche,<span class=\"_ _df\"> </span>calcoli <span class=\"_ _d\"></span>di <span class=\"_ _0\"></span>flussi <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>cassa <span class=\"_ _d\"></span>scontati, <span class=\"_ _0\"></span>modelli <span class=\"_ _d\"></span>di <span class=\"_ _0\"></span>determinazione <span class=\"_ _0\"></span>del <span class=\"_ _0\"></span>prezzo <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>opzioni, <span class=\"_ _d\"></span>valori <span class=\"_ _0\"></span>rilevati <span class=\"_ _0\"></span>in <span class=\"_ _d\"></span>recenti<span class=\"_ _df\"> </span>transazioni comparabili, ecc. <span class=\"_ _2\"></span>Per i <span class=\"_ _2\"></span>titoli di capitale <span class=\"_ _2\"></span>e per gli <span class=\"_ _2\"></span>strumenti derivati ch<span class=\"_ _2\"></span>e hanno per <span class=\"_ _2\"></span>oggetto titoli di<span class=\"_ _df\"> </span>capitale, non <span class=\"_ _2\"></span>quotati <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>un mercato <span class=\"_ _2\"></span>attivo, <span class=\"_ _2\"></span>il criterio <span class=\"_ _2\"></span>del cost<span class=\"_ _2\"></span>o \u00e8 <span class=\"_ _2\"></span>utilizzato quale <span class=\"_ _2\"></span>stima <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>el <span class=\"_ _2\"></span>fair value <span class=\"_ _2\"></span>soltanto<span class=\"_ _df\"> </span>in <span class=\"_ _d\"></span>via <span class=\"_ _d\"></span>r<span class=\"_ _2\"></span>esiduale <span class=\"_ _d\"></span>e <span class=\"_ _0\"></span>limitatamente <span class=\"_ _0\"></span>a <span class=\"_ _0\"></span>poche <span class=\"_ _d\"></span>circostanze, <span class=\"_ _0\"></span>ossia <span class=\"_ _0\"></span>in <span class=\"_ _d\"></span>caso <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>non <span class=\"_ _d\"></span>applicabilit\u00e0 <span class=\"_ _0\"></span>di <span class=\"_ _d\"></span>t<span class=\"_ _2\"></span>utti <span class=\"_ _d\"></span>i <span class=\"_ _0\"></span>metodi <span class=\"_ _d\"></span>di<span class=\"_ _df\"> </span>valutazione precedentemente richiamati, o<span class=\"_ _2\"></span>vve<span class=\"_ _1\"></span>ro <span class=\"_ _2\"></span>in presenza di <span class=\"_ _2\"></span>un\u2019ampia gamma di <span class=\"_ _2\"></span>possibili valutazioni del<span class=\"_ _df\"> </span>fair <span class=\"_ _f\"></span>value, <span class=\"_ _f\"></span>nel <span class=\"_ _f\"></span>cui <span class=\"_ _1\"></span>ambito <span class=\"_ _f\"></span>il <span class=\"_ _f\"></span>cost<span class=\"_ _2\"></span>o <span class=\"_ _f\"></span>rappresenta <span class=\"_ _f\"></span>la <span class=\"_ _f\"></span>stima p<span class=\"_ _1\"></span>i\u00f9 <span class=\"_ _f\"></span>significativa; <span class=\"_ _f\"></span>per <span class=\"_ _f\"></span>maggiori <span class=\"_ _f\"></span>dettagli <span class=\"_ _f\"></span>riguardo <span class=\"_ _1\"></span>il <span class=\"_ _f\"></span>calcolo<span class=\"_ _df\"> </span>del fair value si rimanda al paragrafo \u201cModalit\u00e0 di determinazione de<span class=\"_ _1\"></span>l fair value delle attivit\u00e0 e passivit\u00e0\u201d.<span class=\"_ _df\"> </span>Criter<span class=\"_ _1\"></span>i di <span class=\"_ _1\"></span>cancell<span class=\"_ _1\"></span>azion<span class=\"_ _f\"></span>e<span class=\"_ _df\"> </span>Le attivit\u00e0 finanziarie vengono cancell<span class=\"_ _1\"></span>ate dal bilancio solamente se la cessione ha comportato il sostanziale<span class=\"_ _df\"> </span>trasferimento di tutti i rischi e benefici connessi alle attivit\u00e0 stesse. Per contr<span class=\"_ _2\"></span>o, qualora sia stata mantenuta<span class=\"_ _df\"> </span>una <span class=\"_ _2\"></span>quota <span class=\"_ _d\"></span>parte <span class=\"_ _d\"></span>rilevante <span class=\"_ _2\"></span>dei <span class=\"_ _d\"></span>rischi <span class=\"_ _d\"></span>e <span class=\"_ _d\"></span>benefici <span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>elativi <span class=\"_ _2\"></span>al<span class=\"_ _2\"></span>le <span class=\"_ _2\"></span>att<span class=\"_ _2\"></span>ivit\u00e0 <span class=\"_ _2\"></span>finanziarie <span class=\"_ _2\"></span>ce<span class=\"_ _2\"></span>dute, <span class=\"_ _2\"></span>queste <span class=\"_ _d\"></span>continuano <span class=\"_ _d\"></span>ad<span class=\"_ _df\"> </span>essere iscritte <span class=\"_ _2\"></span>in bilancio, ancorch\u00e9 gi<span class=\"_ _2\"></span>uridicamente la titolarit\u00e0 <span class=\"_ _2\"></span>delle attivit\u00e0 <span class=\"_ _2\"></span>stesse sia <span class=\"_ _2\"></span>stata effettivamente<span class=\"_ _df\"> </span>trasferita.<span class=\"_ _df\"> </span>Nel  caso  in  cu<span class=\"_ _1\"></span>i  non  sia  possibile  accertare  il  sostanziale  trasferimento  dei  rischi  e  benefici,  le  attivit\u00e0<span class=\"_ _df\"> </span>finanziarie <span class=\"_ _0\"></span>vengono <span class=\"_ _9\"> </span>cancellate <span class=\"_ _9\"> </span>dal <span class=\"_ _9\"> </span>bilancio <span class=\"_ _0\"> </span>q<span class=\"_ _2\"></span>ualora <span class=\"_ _0\"></span>non <span class=\"_ _9\"> </span>sia <span class=\"_ _9\"> </span>st<span class=\"_ _2\"></span>ato <span class=\"_ _0\"></span>mantenuto <span class=\"_ _9\"> </span>alcun <span class=\"_ _0\"></span>t<span class=\"_ _2\"></span>ipo <span class=\"_ _0\"></span>di <span class=\"_ _9\"> </span>controllo <span class=\"_ _9\"> </span>sulle<span class=\"_ _df\"> </span>stesse. <span class=\"_ _d\"></span>In <span class=\"_ _0\"></span>caso <span class=\"_ _d\"></span>contrario, <span class=\"_ _d\"></span>la <span class=\"_ _0\"></span>conservazione, <span class=\"_ _d\"></span>anche <span class=\"_ _d\"></span>in <span class=\"_ _0\"></span>parte, <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>tale <span class=\"_ _0\"></span>controllo <span class=\"_ _d\"></span>comporta <span class=\"_ _0\"></span>il <span class=\"_ _d\"></span>mantenimento <span class=\"_ _d\"></span>in<span class=\"_ _df\"> </span>bil<span class=\"ff5\">ancio <span class=\"_ _2\"></span>delle <span class=\"_ _2\"></span>attivit\u00e0 <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>misura <span class=\"_ _2\"></span>pari <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>coinvolgimento <span class=\"_ _d\"></span>residuo, <span class=\"_ _2\"></span>misurato <span class=\"_ _2\"></span>dall\u2019esposizione a<span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>cambiamenti <span class=\"_ _2\"></span>di<span class=\"_ _df\"> </span></span>valore delle attivit\u00e0 cedute ed alle variazioni dei flu<span class=\"_ _1\"></span>ssi finanziari delle<span class=\"_ _2\"></span> stesse.<span class=\"_ _df\"> </span>Infine, le attivit\u00e0 finanziarie cedute vengono cancellate dal bilancio nel caso in cui vi sia la conservazione dei<span class=\"_ _df\"> </span>diritti <span class=\"_ _9\"> </span>contrattuali <span class=\"_ _0\"></span>a <span class=\"_ _9\"> </span>r<span class=\"_ _2\"></span>icev<span class=\"_ _1\"></span>ere <span class=\"_ _0\"></span>i <span class=\"_ _9\"> </span>r<span class=\"_ _2\"></span>elativi <span class=\"_ _0\"></span>flussi <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>cassa, <span class=\"_ _9\"> </span>con <span class=\"_ _9\"> </span>la <span class=\"_ _0\"></span>co<span class=\"_ _2\"></span>ntestuale <span class=\"_ _0\"></span>ass<span class=\"_ _2\"></span>unzione<span class=\"_ _1\"></span> <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>un\u2019obbligazione <span class=\"_ _0\"></span>a<span class=\"_ _df\"> </span>pagare detti flussi, e solo essi, senz<span class=\"_ _1\"></span>a un ritardo rilevante ad altri soggetti terzi.<span class=\"_ _df\"> </span>Criter<span class=\"_ _1\"></span>i di <span class=\"_ _1\"></span>rileva<span class=\"_ _f\"></span>zione dell<span class=\"_ _1\"></span>e com<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>nenti r<span class=\"_ _1\"></span>eddit<span class=\"_ _1\"></span>uali<span class=\"_ _df\"> </span>Gli <span class=\"_ _0\"></span>interessi <span class=\"_ _9\"> </span>attivi <span class=\"_ _9\"> </span>sui <span class=\"_ _0\"></span>t<span class=\"_ _2\"></span>itoli <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>debito <span class=\"_ _9\"> </span>ed <span class=\"_ _0\"></span>i <span class=\"_ _9\"> </span>differenziali <span class=\"_ _9\"> </span>ed <span class=\"_ _0\"></span>i <span class=\"_ _9\"> </span>margini <span class=\"_ _0\"> </span>dei <span class=\"_ _9\"> </span>contr<span class=\"_ _2\"></span>atti <span class=\"_ _0\"></span>derivati <span class=\"_ _9\"> </span>classificati <span class=\"_ _0\"></span>in <span class=\"_ _9\"> </span>tale<span class=\"_ _df\"> </span>categoria, ma <span class=\"_ _f\"></span>gestionalmente c<span class=\"_ _f\"></span>ollegati ad <span class=\"_ _f\"></span>at<span class=\"_ _2\"></span>tivit\u00e0 <span class=\"_ _f\"></span>o passivit\u00e0 <span class=\"_ _f\"></span>finanziarie v<span class=\"_ _1\"></span>alutate al <span class=\"_ _f\"></span>fair value sono <span class=\"_ _f\"></span>iscritti per<span class=\"_ _df\"> </span>competenza nelle voci di conto economico relativ<span class=\"_ _1\"></span>i agli interessi. I d<span class=\"_ _1\"></span>ifferenziali e<span class=\"_ _1\"></span> i <span class=\"_ _f\"></span>margini degli <span class=\"_ _f\"></span>altri contratti veng<span class=\"_ _1\"></span>ono rilev<span class=\"_ _1\"></span>ati nel<span class=\"_ _1\"></span> \u201cRisultato <span class=\"_ _f\"></span>netto dell\u2019attivi<span class=\"_ _1\"></span>t\u00e0 di <span class=\"_ _f\"></span>negoziazione\u201d.<span class=\"_ _df\"> </span>I <span class=\"_ _4\"> </span>dividendi <span class=\"_ _4\"> </span>s<span class=\"_ _2\"></span>ono <span class=\"_ _4\"> </span>rilevati <span class=\"_ _4\"> </span>p<span class=\"_ _2\"></span>er <span class=\"_ _4\"> </span>competenza <span class=\"_ _17\"> </span>economica <span class=\"_ _17\"> </span>riferita <span class=\"_ _17\"> </span>alla <span class=\"_ _17\"> </span>data <span class=\"_ _4\"> </span>di <span class=\"_ _17\"> </span>assunzione <span class=\"_ _4\"> </span>della <span class=\"_ _17\"> </span>delibera <span class=\"_ _4\"> </span>di<span class=\"_ _df\"> </span>distribuzione da parte dell\u2019<span class=\"_ _1\"></span>assemblea e sono esposti nella voce \u201cDividendi e proventi simili\u201d.<span class=\"_ _df\"> </span>Gli utili <span class=\"_ _f\"></span>e le perdite <span class=\"_ _1\"></span>realizzati dalla ce<span class=\"_ _1\"></span>ssione o rimb<span class=\"_ _1\"></span>orso o le<span class=\"_ _1\"></span> plus/minusvalenz<span class=\"_ _1\"></span>e derivanti dalle <span class=\"_ _f\"></span>variazio<span class=\"_ _2\"></span>ni di fair<span class=\"_ _df\"> </span>value  sono <span class=\"_ _4\"> </span>iscritti  nel  conto <span class=\"_ _4\"> </span>economico  del  periodo  nel <span class=\"_ _4\"> </span>quale  si  manifestano <span class=\"_ _4\"> </span>e  classificati  nella <span class=\"_ _22\"> </span>voce<span class=\"_ _df\"> </span>\u201cRisultato <span class=\"_ _4\"> </span>netto <span class=\"_ _4\"> </span>delle <span class=\"_ _4\"> </span>attivit\u00e0 <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>negoziazione\u201d, <span class=\"_ _4\"> </span>ad <span class=\"_ _17\"> </span>eccezione <span class=\"_ _4\"> </span>della <span class=\"_ _4\"> </span>quota <span class=\"_ _4\"> </span>r<span class=\"_ _2\"></span>elativa <span class=\"_ _4\"> </span>ai <span class=\"_ _4\"> </span>contratti <span class=\"_ _4\"> </span>derivati<span class=\"_ _df\"> </span>gestionalmente colleg<span class=\"_ _1\"></span>ati ad attivit\u00e0 <span class=\"ff5\">o passivit\u00e0 valutate al fair valu<span class=\"_ _f\"></span>e r<span class=\"_ _2\"></span>ilev<span class=\"_ _1\"></span>ata nel \u201cRisultato netto del<span class=\"_ _1\"></span>le attivit\u00e0<span class=\"_ _df\"> </span></span>e passivit\u00e0 finanziarie valutate al fair value\u201d<span class=\"ff4\">.<span class=\"_ _df\"> </span></span>4 <span class=\"ls0\">- Operaz<span class=\"_ _1\"></span>ioni d<span class=\"_ _1\"></span>i co<span class=\"_ _1\"></span>pertu<span class=\"_ _1\"></span>ra<span class=\"_ _df\"> </span></span><span class=\"ls0\"> </span>Il <span class=\"_ _9\"> </span>Gruppo <span class=\"_ _16\"> </span>si <span class=\"_ _9\"> </span>a<span class=\"_ _2\"></span>vvale <span class=\"_ _9\"> </span><span class=\"ff5\">della <span class=\"_ _16\"> </span>facolt\u00e0, <span class=\"_ _16\"> </span>prevista <span class=\"_ _9\"> </span>in <span class=\"_ _16\"> </span>sede <span class=\"_ _16\"> </span>di <span class=\"_ _9\"> </span>introduzione <span class=\"_ _16\"> </span>dell\u2019IFRS <span class=\"_ _9\"> </span>9,  d<span class=\"_ _1\"></span>i <span class=\"_ _16\"> </span>continuare <span class=\"_ _9\"> </span>ad  appli<span class=\"_ _1\"></span>care<span class=\"_ _df\"> </span></span><span class=\"ff5\"> </span>integralmente <span class=\"_ _9\"> </span>le <span class=\"_ _9\"> </span>pre<span class=\"_ _2\"></span>visioni <span class=\"_ _9\"> </span>del <span class=\"_ _9\"> </span>principio <span class=\"_ _16\"> </span>contabile <span class=\"_ _9\"> </span>IAS <span class=\"_ _9\"> </span>39  in <span class=\"_ _9\"> </span>tema <span class=\"_ _9\"> </span>di <span class=\"_ _16\"> </span>\u201chedge <span class=\"_ _9\"> </span>accounting\u201d <span class=\"_ _16\"> </span>(nella <span class=\"_ _9\"> </span>versione<span class=\"_ _df\"> </span> carved <span class=\"_ _9\"> </span>out <span class=\"_ _16\"> </span>omologata <span class=\"_ _9\"> </span>dalla <span class=\"_ _9\"> </span>Commissione <span class=\"_ _9\"> </span>Europea) <span class=\"_ _16\"> </span>per <span class=\"_ _9\"> </span>ogni <span class=\"_ _9\"> </span>tipol<span class=\"_ _2\"></span>ogia <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>copertura  (sia<span class=\"_ _f\"></span>  pe<span class=\"_ _1\"></span>r <span class=\"_ _16\"> </span>le <span class=\"_ _9\"> </span>coperture<span class=\"_ _df\"> </span> specifiche che per le macro coperture).<span class=\"_ _df\"> </span> Criter<span class=\"_ _1\"></span>i di <span class=\"_ _1\"></span>iscrizi<span class=\"_ _1\"></span>one<span class=\"_ _df\"> </span> Gli <span class=\"_ _9\"> </span>strumenti <span class=\"_ _9\"> </span>derivati <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>copertura, <span class=\"_ _9\"> </span>al <span class=\"_ _9\"> </span>pari <span class=\"_ _16\"> </span>di <span class=\"_ _0\"> </span>t<span class=\"_ _2\"></span>utti <span class=\"_ _0\"></span>i <span class=\"_ _16\"> </span>derivati, <span class=\"_ _0\"></span>sono <span class=\"_ _9\"> </span>inizialmente <span class=\"_ _9\"> </span>iscritti <span class=\"_ _9\"> </span>e <span class=\"_ _16\"> </span>successivamente<span class=\"_ _df\"> </span><span class=\"_ _1\"></span> misurati al fair value.<span class=\"_ _df\"> </span> Criter<span class=\"_ _1\"></span>i di <span class=\"_ _1\"></span>class<span class=\"_ _1\"></span>ificazi<span class=\"_ _1\"></span>one: t<span class=\"_ _f\"></span>ipologia <span class=\"_ _f\"></span>di copert<span class=\"_ _1\"></span>ure<span class=\"_ _df\"> </span> Le <span class=\"_ _9\"> </span>o<span class=\"_ _2\"></span>perazioni <span class=\"_ _9\"> </span>di  cop<span class=\"_ _1\"></span>ertura  d<span class=\"_ _1\"></span>ei <span class=\"_ _16\"> </span>rischi <span class=\"_ _16\"> </span>sono <span class=\"_ _9\"> </span>finalizzate <span class=\"_ _16\"> </span>a <span class=\"_ _16\"> </span>neutralizzare <span class=\"_ _9\"> </span>potenziali  variazioni<span class=\"_ _1\"></span>  d<span class=\"_ _1\"></span>i <span class=\"_ _16\"> </span>fair  valu<span class=\"_ _f\"></span>e  o<span class=\"_ _df\"> </span> variazioni <span class=\"_ _2\"></span>di <span class=\"_ _d\"></span>flussi <span class=\"_ _d\"></span>di <span class=\"_ _2\"></span>cassa, <span class=\"_ _d\"></span>attribuibili <span class=\"_ _2\"></span>ad <span class=\"_ _d\"></span>un <span class=\"_ _2\"></span>determinato <span class=\"_ _d\"></span>rischio <span class=\"_ _d\"></span>e <span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>ilev<span class=\"_ _1\"></span>abili <span class=\"_ _d\"></span>su <span class=\"_ _2\"></span>un <span class=\"_ _d\"></span>determinato <span class=\"_ _d\"></span>elemento <span class=\"_ _2\"></span>o<span class=\"_ _df\"> </span> gruppo di elementi, nel caso in cui q<span class=\"_ _1\"></span>uel particolare rischio dovesse effettivamente manifestarsi.<span class=\"_ _df\"> </span><span class=\"_ _2\"></span> Le tipologie di coperture utilizz<span class=\"_ _1\"></span>ate sono <span class=\"_ _2\"></span>le <span class=\"_ _1\"></span>seguenti:<span class=\"_ _df\"> </span> <span class=\"_ _2c\"> </span><span class=\"ff5\">copertura di fair valu<span class=\"_ _1\"></span>e: ha l<span class=\"_ _1\"></span>\u2019obiettivo di<span class=\"_ _1\"></span> coprire l\u2019e<span class=\"_ _1\"></span>sposizione alla <span class=\"_ _1\"></span>variazione d<span class=\"_ _1\"></span>el fair valu<span class=\"_ _f\"></span>e (attribu<span class=\"_ _2\"></span><span class=\"ff4\">ibile alle<span class=\"_ _df\"> </span></span></span>diverse <span class=\"_ _9\"> </span>tipologie <span class=\"_ _16\"> </span>di <span class=\"_ _9\"> </span>rischio)  d<span class=\"_ _1\"></span>i <span class=\"_ _16\"> </span>attivit\u00e0 <span class=\"_ _16\"> </span>e <span class=\"_ _9\"> </span>passivit\u00e0 <span class=\"_ _16\"> </span>iscritte <span class=\"_ _9\"> </span>in <span class=\"_ _16\"> </span>bilancio <span class=\"_ _9\"> </span>o  p<span class=\"_ _f\"></span>o<span class=\"_ _2\"></span>rzioni <span class=\"_ _9\"> </span>di <span class=\"_ _16\"> </span>esse, <span class=\"_ _16\"> </span>di <span class=\"_ _9\"> </span>gruppi <span class=\"_ _16\"> </span>di<span class=\"_ _df\"> </span> attivit\u00e0/passivit\u00e0, <span class=\"_ _d\"></span>di <span class=\"_ _0\"></span>impegni <span class=\"_ _d\"></span>irrevocabili <span class=\"_ _d\"></span>e <span class=\"_ _0\"></span>di <span class=\"_ _d\"></span>port<span class=\"_ _2\"></span>afogli <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>attivit\u00e0 <span class=\"_ _0\"></span>e <span class=\"_ _d\"></span>passivit\u00e0 <span class=\"_ _0\"></span>finanziarie, <span class=\"_ _d\"></span>inclusi <span class=\"_ _0\"></span>i <span class=\"_ _d\"></span>core<span class=\"_ _df\"> </span> deposits, come <span class=\"_ _1\"></span>consentito dallo <span class=\"_ _f\"></span>IAS 39 omologato<span class=\"_ _1\"></span> dalla Commis<span class=\"_ _1\"></span>sione Europea.<span class=\"_ _1\"></span> Le cop<span class=\"_ _1\"></span>erture generiche<span class=\"_ _df\"> </span>di fair <span class=\"_ _2\"></span>value (\u201cmacr<span class=\"_ _2\"></span>o hedge\u201d) ha<span class=\"_ _2\"></span>nno l\u2019obiettivo <span class=\"_ _2\"></span>di ridurre <span class=\"_ _2\"></span>le <span class=\"_ _2\"></span>oscillazioni di fair <span class=\"_ _2\"></span>value, imp<span class=\"_ _2\"></span>utabili al <span class=\"_ _2\"></span>rischio<span class=\"_ _df\"> </span> di <span class=\"_ _0\"></span>tas<span class=\"_ _2\"></span>so <span class=\"_ _0\"></span>di <span class=\"_ _9\"> </span>interesse, <span class=\"_ _9\"> </span>di <span class=\"_ _0\"></span>un <span class=\"_ _9\"> </span>imp<span class=\"_ _2\"></span>orto <span class=\"_ _0\"></span>monetar<span class=\"_ _2\"></span>io, <span class=\"_ _0\"></span>riveniente <span class=\"_ _0\"></span>da <span class=\"_ _9\"> </span>un <span class=\"_ _9\"> </span>porta<span class=\"_ _2\"></span>foglio <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>attivit\u00e0 <span class=\"_ _9\"> </span>o <span class=\"_ _9\"> </span>di <span class=\"_ _0\"></span>passivit\u00e0<span class=\"_ _df\"> </span> finanziarie. Non <span class=\"_ _2\"></span>possono <span class=\"_ _2\"></span>essere <span class=\"_ _2\"></span>oggetto <span class=\"_ _2\"></span>di copertura <span class=\"_ _2\"></span>generica <span class=\"_ _2\"></span>importi <span class=\"_ _2\"></span>netti <span class=\"_ _2\"></span>derivanti dallo s<span class=\"_ _2\"></span>bilancio di<span class=\"_ _df\"> </span> attivit\u00e0 e passivit\u00e0;<span class=\"_ _df\"> </span> <span class=\"_ _2c\"> </span><span class=\"ff5\">copertura <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>flussi <span class=\"_ _2\"></span>finanziari: <span class=\"_ _2\"></span>ha <span class=\"_ _2\"></span>l\u2019obiett<span class=\"_ _2\"></span>ivo di <span class=\"_ _2\"></span>coprire <span class=\"_ _2\"></span>l\u2019esposizione <span class=\"_ _2\"></span>a <span class=\"_ _d\"></span>variazioni d<span class=\"_ _2\"></span>ei <span class=\"_ _2\"></span>flussi<span class=\"_ _2\"></span><span class=\"ff4\"> <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>cassa <span class=\"_ _2\"></span>futuri<span class=\"_ _df\"> </span></span></span><span class=\"ff5\"><span class=\"ff4\"> </span></span>attribuibili <span class=\"_ _16\"> </span>a  p<span class=\"_ _1\"></span>articolari  rischi  associati <span class=\"_ _16\"> </span>a  p<span class=\"_ _1\"></span>oste  de<span class=\"_ _1\"></span>l  bilanci<span class=\"_ _1\"></span>o.  Tale <span class=\"_ _16\"> </span>tipologia <span class=\"_ _16\"> </span>di  cope<span class=\"_ _1\"></span>rtura  \u00e8  u<span class=\"_ _1\"></span>tilizzata<span class=\"_ _df\"> </span> essenzialmente <span class=\"_ _2\"></span>per <span class=\"_ _d\"></span>stabilizzare <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>fl<span class=\"_ _2\"></span>usso <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>interessi <span class=\"_ _d\"></span>della <span class=\"_ _2\"></span>raccol<span class=\"_ _2\"></span>ta <span class=\"_ _2\"></span>a <span class=\"_ _d\"></span>tasso <span class=\"_ _2\"></span>variabile <span class=\"_ _2\"></span>nella <span class=\"_ _d\"></span>misura <span class=\"_ _2\"></span>in <span class=\"_ _d\"></span>cui<span class=\"_ _df\"> </span> quest\u2019ultima <span class=\"_ _2\"></span>finanzia <span class=\"_ _d\"></span>im<span class=\"ff4\">pieghi <span class=\"_ _d\"></span>a <span class=\"_ _d\"></span>tasso <span class=\"_ _2\"></span>fisso. <span class=\"_ _d\"></span>In <span class=\"_ _2\"></span>talune <span class=\"_ _d\"></span>circostanze, <span class=\"_ _2\"></span>analoghe <span class=\"_ _2\"></span>operazioni <span class=\"_ _d\"></span>sono <span class=\"_ _d\"></span>poste <span class=\"_ _d\"></span>in<span class=\"_ _df\"> </span></span><span class=\"ff4\"> </span>essere relativamente ad alcune tipologi<span class=\"_ _1\"></span>e di impieghi a tasso variabile.<span class=\"_ _df\"> </span>Solo <span class=\"_ _16\"> </span>gli <span class=\"_ _9\"> </span>st<span class=\"_ _2\"></span>rumenti <span class=\"_ _9\"> </span>che  coinvolgono <span class=\"_ _9\"> </span>una  controparte <span class=\"_ _9\"> </span>esterna  al <span class=\"_ _9\"> </span>Gruppo  possono <span class=\"_ _9\"> </span>essere  designati <span class=\"_ _9\"> </span>come<span class=\"_ _df\"> </span>strumenti  di  copertura. <span class=\"_ _16\"> </span>Data  la  scelta  ese<span class=\"_ _1\"></span>rcitata  dal  Gruppo <span class=\"_ _16\"> </span>di  av<span class=\"_ _1\"></span>valersi  della  facolt\u00e0  d<span class=\"_ _1\"></span>i  continuare  ad<span class=\"_ _df\"> </span>applicare integralme<span class=\"_ _1\"></span>nte le regole dello <span class=\"_ _1\"></span>IAS 39 per <span class=\"_ _1\"></span>le relazioni di copertura, non <span class=\"_ _f\"></span>\u00e8 possibile designare i titoli d<span class=\"_ _1\"></span>i<span class=\"_ _df\"> </span>capitale <span class=\"_ _2\"></span>classificati <span class=\"_ _d\"></span>tra <span class=\"_ _2\"></span>le <span class=\"_ _d\"></span>Attivit\u00e0 <span class=\"_ _2\"></span>finanziarie <span class=\"_ _d\"></span>valutate <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>fair <span class=\"_ _d\"></span>value <span class=\"_ _2\"></span>con <span class=\"_ _d\"></span>impatto <span class=\"_ _d\"></span>sulla <span class=\"_ _2\"></span>redditivit\u00e0 <span class=\"_ _2\"></span>complessiva<span class=\"_ _df\"> </span>(FVOCI) <span class=\"_ _d\"></span>come <span class=\"_ _d\"></span>oggetti <span class=\"_ _d\"></span>coperti <span class=\"_ _d\"></span>per <span class=\"_ _d\"></span>il <span class=\"_ _d\"></span>r<span class=\"_ _2\"></span>ischio <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>prezzo <span class=\"_ _2\"></span>o<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>cambio, <span class=\"_ _d\"></span>dato <span class=\"_ _d\"></span>che <span class=\"_ _d\"></span>tali <span class=\"_ _d\"></span>strumenti <span class=\"_ _d\"></span>non <span class=\"_ _d\"></span>impatt<span class=\"_ _2\"></span>ano <span class=\"_ _d\"></span>il<span class=\"_ _df\"> </span>conto economico, nemmeno in caso di vendita (se non pe<span class=\"_ _1\"></span>r i dividendi che so<span class=\"_ _2\"></span>no rilevati a conto economico).<span class=\"_ _df\"> </span>Criter<span class=\"_ _1\"></span>i di <span class=\"_ _1\"></span>valuta<span class=\"_ _1\"></span>zione<span class=\"_ _df\"> </span>I derivati di copertura sono valutati al fair value. In particolare:<span class=\"_ _df\"> </span><span class=\"_ _2c\"> </span><span class=\"ff5\">nel caso <span class=\"_ _2\"></span>di copertura <span class=\"_ _2\"></span>di fair value, si <span class=\"_ _2\"></span>compensa la variazione <span class=\"_ _2\"></span>del fair <span class=\"_ _2\"></span>value dell\u2019elemento coperto <span class=\"_ _2\"></span>con la<span class=\"_ _df\"> </span></span>variazione del fair <span class=\"_ _2\"></span>value dello strumento <span class=\"_ _2\"></span>di copertura. Tale compensazione \u00e8 <span class=\"_ _2\"></span>riconosciuta attraverso <span class=\"_ _2\"></span>la<span class=\"_ _df\"> </span>rilevazione <span class=\"_ _d\"></span>a <span class=\"_ _0\"></span>Conto <span class=\"_ _d\"></span>Economico <span class=\"_ _0\"></span>delle <span class=\"_ _d\"></span>variazioni <span class=\"_ _d\"></span>di <span class=\"_ _0\"></span>valore, <span class=\"_ _d\"></span>riferite<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>sia <span class=\"_ _0\"></span>all\u2019elemento <span class=\"_ _d\"></span>coperto <span class=\"_ _0\"></span>(per <span class=\"_ _d\"></span>quanto<span class=\"_ _df\"> </span>riguarda  le  variazioni  prodotte  dal  fat<span class=\"_ _2\"></span>tore  di  rischio  sot<span class=\"_ _2\"></span>tostante),  sia <span class=\"_ _22\"> </span>allo <span class=\"_ _22\"> </span>st<span class=\"_ _2\"></span>rumento  di  copertura.<span class=\"_ _df\"> </span>L\u2019eventuale <span class=\"_ _17\"> </span>differenza, <span class=\"_ _17\"> </span>che <span class=\"_ _14\"> </span>rappresenta <span class=\"_ _17\"> </span>la <span class=\"_ _14\"> </span>parziale <span class=\"_ _17\"> </span>inefficacia <span class=\"_ _17\"> </span>della <span class=\"_ _17\"> </span>copertura, <span class=\"_ _14\"> </span>ne <span class=\"_ _17\"> </span>cos<span class=\"_ _2\"></span>tituisce <span class=\"_ _17\"> </span>di<span class=\"_ _df\"> </span>conseguenza l\u2019effetto <span class=\"_ _2\"></span>economico <span class=\"_ _2\"></span>netto. Nel <span class=\"_ _2\"></span>caso di <span class=\"_ _2\"></span>operazioni di <span class=\"_ _2\"></span>copertura <span class=\"_ _2\"></span>generica di <span class=\"_ _2\"></span>fair value <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>un<span class=\"_ _df\"> </span>portafoglio <span class=\"_ _2\"></span>(\u201cmacro <span class=\"_ _d\"></span>hedge\u201d) <span class=\"_ _2\"></span>le <span class=\"_ _2\"></span>variazioni <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>fair <span class=\"_ _d\"></span>value <span class=\"_ _2\"></span>con <span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>iferimento <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>rischio <span class=\"_ _2\"></span>coperto <span class=\"_ _d\"></span>dell<span class=\"_ _1\"></span>e <span class=\"_ _2\"></span>att<span class=\"_ _2\"></span>ivit\u00e0 <span class=\"_ _2\"></span>e<span class=\"_ _df\"> </span>delle passiv<span class=\"_ _1\"></span>it\u00e0 oggetto di copertura sono impu<span class=\"_ _1\"></span>tate nello stato pa<span class=\"_ _1\"></span>trimoniale, rispettivamente,<span class=\"_ _1\"></span> nella voce<span class=\"_ _df\"> </span>60. <span class=\"_ _4\"> </span>\u201c<span class=\"_ _2\"></span>Adeg<span class=\"_ _1\"></span>uamento <span class=\"_ _17\"> </span>di <span class=\"_ _4\"> </span>valor<span class=\"_ _2\"></span>e <span class=\"_ _4\"> </span>delle <span class=\"_ _17\"> </span>attivit\u00e0 <span class=\"_ _17\"> </span>finanziarie <span class=\"_ _4\"> </span>oggetto <span class=\"_ _17\"> </span>di <span class=\"_ _4\"> </span>c<span class=\"_ _2\"></span>op<span class=\"_ _2\"></span>ertura <span class=\"_ _4\"> </span>generica\u201d <span class=\"_ _17\"> </span>oppure <span class=\"_ _4\"> </span>50<span class=\"_ _2\"></span>.<span class=\"_ _df\"> </span>\u201cAdeguamento di valore delle passivit\u00e0 finanziarie ogg<span class=\"_ _1\"></span>etto di copertura generica\u201d;<span class=\"_ _df\"> </span><span class=\"_ _2c\"> </span><span class=\"ff4\">nel <span class=\"_ _9\"> </span>caso<span class=\"_ _2\"></span> <span class=\"_ _9\"> </span>di <span class=\"_ _16\"> </span>copertura <span class=\"_ _9\"> </span>di  fl<span class=\"_ _1\"></span>ussi <span class=\"_ _9\"> </span>finanziari, <span class=\"_ _16\"> </span>le <span class=\"_ _9\"> </span>variazioni <span class=\"_ _16\"> </span>di <span class=\"_ _9\"> </span>fair  valu<span class=\"_ _1\"></span>e <span class=\"_ _9\"> </span>d<span class=\"_ _2\"></span>el <span class=\"_ _9\"> </span>derivato <span class=\"_ _16\"> </span>sono <span class=\"_ _9\"> </span>imputate <span class=\"_ _16\"> </span>nella<span class=\"_ _df\"> </span></span>redditivit\u00e0 <span class=\"_ _2\"></span>complessiva, <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>la <span class=\"_ _d\"></span>quota <span class=\"_ _d\"></span>efficace <span class=\"_ _2\"></span>della <span class=\"_ _2\"></span>copertura, <span class=\"_ _2\"></span>e <span class=\"_ _d\"></span>sono <span class=\"_ _2\"></span>rilevate <span class=\"_ _2\"></span>a <span class=\"_ _d\"></span>Conto <span class=\"_ _2\"></span>Economico <span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>olo<span class=\"_ _df\"> </span>quando, con rife<span class=\"_ _1\"></span>rimento alla <span class=\"_ _1\"></span>posta coperta, <span class=\"_ _1\"></span>si manife<span class=\"_ _1\"></span>sta la v<span class=\"_ _1\"></span>ariazione d<span class=\"_ _1\"></span>ei flu<span class=\"_ _1\"></span>ssi di cassa <span class=\"_ _f\"></span>da compensare<span class=\"_ _df\"> </span>o se la copertura risulta inefficace;<span class=\"_ _df\"> </span><span class=\"_ _2c\"> </span><span class=\"ff4\">le <span class=\"_ _2\"></span>coperture di <span class=\"_ _2\"></span>un <span class=\"_ _2\"></span>investimento <span class=\"_ _2\"></span>netto in <span class=\"_ _2\"></span>valuta <span class=\"_ _2\"></span>sono <span class=\"_ _2\"></span>contabilizzate <span class=\"_ _2\"></span>allo stesso <span class=\"_ _2\"></span>modo <span class=\"_ _2\"></span>delle coperture <span class=\"_ _2\"></span>di<span class=\"_ _df\"> </span></span>flussi finanziari.<span class=\"_ _df\"> </span>Lo <span class=\"_ _2\"></span>strumento <span class=\"_ _2\"></span>derivato \u00e8 <span class=\"_ _2\"></span>designato <span class=\"_ _2\"></span>di copertura <span class=\"_ _2\"></span>se <span class=\"_ _2\"></span>esiste una <span class=\"_ _2\"></span>documentazione <span class=\"_ _2\"></span>formalizzata d<span class=\"_ _2\"></span>ella r<span class=\"_ _2\"></span>elazione<span class=\"_ _df\"> </span>tra lo <span class=\"_ _1\"></span>strumento cope<span class=\"_ _1\"></span>rto e lo<span class=\"_ _1\"></span> strumento <span class=\"_ _1\"></span>di copertura <span class=\"_ _1\"></span>e se<span class=\"_ _1\"></span> \u00e8 eff<span class=\"_ _1\"></span>icace nel<span class=\"_ _1\"></span> momento in cu<span class=\"_ _1\"></span>i la cope<span class=\"_ _1\"></span>rtura ha<span class=\"_ _1\"></span> inizio<span class=\"_ _df\"> </span>e, prospetticamente, durante tutta la vita del<span class=\"_ _1\"></span>la stessa.<span class=\"_ _df\"> </span>L'efficacia della copertura dipende dalla misura in cui le variazioni di fair value dello strumento coperto o dei<span class=\"_ _df\"> </span>relativi <span class=\"_ _4\"> </span>flussi <span class=\"_ _17\"> </span>finanziari <span class=\"_ _4\"> </span>att<span class=\"_ _2\"></span>esi <span class=\"_ _4\"> </span>risultano <span class=\"_ _4\"> </span>compensat<span class=\"_ _2\"></span>i <span class=\"_ _4\"> </span>da <span class=\"_ _17\"> </span>quelle <span class=\"_ _4\"> </span>dello <span class=\"_ _4\"> </span>s<span class=\"_ _2\"></span>trumento <span class=\"_ _4\"> </span>di <span class=\"_ _17\"> </span>copertura. <span class=\"_ _4\"> </span>Pertanto,<span class=\"_ _df\"> </span>l'efficacia <span class=\"_ _17\"> </span>\u00e8 <span class=\"_ _14\"> </span>apprezzata <span class=\"_ _14\"> </span>dal <span class=\"_ _14\"> </span>confronto <span class=\"_ _14\"> </span>delle <span class=\"_ _17\"> </span>s<span class=\"_ _2\"></span>uddette <span class=\"_ _17\"> </span>variazioni, <span class=\"_ _14\"> </span>tenuto <span class=\"_ _14\"> </span>conto <span class=\"_ _14\"> </span>dell'intento <span class=\"_ _17\"> </span>perseguito<span class=\"_ _df\"> </span>dall'impresa <span class=\"_ _2\"></span>nel <span class=\"_ _2\"></span>momento <span class=\"_ _d\"></span>in <span class=\"_ _2\"></span>cui <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>copertura <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _2\"></span>stata <span class=\"_ _d\"></span>posta <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>essere. <span class=\"_ _2\"></span>Si <span class=\"_ _2\"></span>ha <span class=\"_ _d\"></span>efficacia <span class=\"_ _2\"></span>quando <span class=\"_ _2\"></span>le <span class=\"_ _2\"></span>va<span class=\"_ _2\"></span>riazioni <span class=\"_ _2\"></span>di<span class=\"_ _df\"> </span>fair <span class=\"_ _2\"></span>value <span class=\"_ _2\"></span>(o <span class=\"_ _2\"></span>dei <span class=\"_ _2\"></span>flussi <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>cassa) <span class=\"_ _d\"></span>dello st<span class=\"_ _2\"></span>rumento <span class=\"_ _2\"></span>finanziario di <span class=\"_ _d\"></span>copertura <span class=\"_ _2\"></span>neutralizzano <span class=\"_ _2\"></span>quasi <span class=\"_ _2\"></span>integralmente,<span class=\"_ _df\"> </span>cio\u00e8 <span class=\"_ _4\"> </span>nei <span class=\"_ _4\"> </span>limiti <span class=\"_ _17\"> </span>stabiliti <span class=\"_ _17\"> </span>dall\u2019intervallo <span class=\"_ _4\"> </span>80<span class=\"_ _2\"></span><span class=\"ff4\">-125%, <span class=\"_ _4\"> </span>le <span class=\"_ _17\"> </span>variazioni<span class=\"_ _1\"></span> <span class=\"_ _17\"> </span>di <span class=\"_ _4\"> </span>fair <span class=\"_ _17\"> </span>value <span class=\"_ _4\"> </span>dello <span class=\"_ _4\"> </span>str<span class=\"_ _2\"></span>umento <span class=\"_ _4\"> </span>coperto, <span class=\"_ _4\"> </span>per<span class=\"_ _df\"> </span></span>l\u2019elemento di rischio ogg<span class=\"ff4\">etto di copertura.<span class=\"_ _df\"> </span></span>La valutazione dell'efficacia \u00e8 effettuata ad ogni chiusura di bi<span class=\"_ _1\"></span>lancio o di situazione infrannuale utilizzando:<span class=\"_ _df\"> </span><span class=\"_ _2c\"> </span><span class=\"ff4\">test <span class=\"_ _10\"> </span>prospettici, <span class=\"_ _e\"> </span>che <span class=\"_ _10\"> </span>giustificano <span class=\"_ _e\"> </span>l'applicazione <span class=\"_ _10\"> </span>della <span class=\"_ _e\"> </span>contabilizzazione <span class=\"_ _e\"> </span>di <span class=\"_ _10\"> </span>copertura, <span class=\"_ _10\"> </span>in <span class=\"_ _e\"> </span>quanto<span class=\"_ _df\"> </span></span>dimostrano la sua efficacia attesa;<span class=\"_ _df\"> </span><span class=\"_ _2c\"> </span><span class=\"ff4\">test  retrospettivi<span class=\"_ _1\"></span>, <span class=\"_ _16\"> </span>che <span class=\"_ _16\"> </span>evidenziano  i<span class=\"_ _1\"></span>l <span class=\"_ _16\"> </span>grado <span class=\"_ _16\"> </span>di <span class=\"_ _9\"> </span>efficacia  della <span class=\"_ _9\"> </span>c<span class=\"_ _2\"></span>opertura <span class=\"_ _16\"> </span>raggiunto <span class=\"_ _16\"> </span>nel <span class=\"_ _9\"> </span>periodo  cui <span class=\"_ _9\"> </span>si<span class=\"_ _df\"> </span></span>riferiscono, ovvero, misurano quanto i risultati effettivi si siano di<span class=\"_ _1\"></span>scostati dalla copertura perfetta.<span class=\"_ _df\"> </span>Solo <span class=\"_ _d\"></span>gli <span class=\"_ _0\"></span>strumenti <span class=\"_ _d\"></span>che <span class=\"_ _0\"></span>coinvolgono <span class=\"_ _d\"></span>una<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>controparte <span class=\"_ _0\"></span>esterna <span class=\"_ _d\"></span>possono <span class=\"_ _0\"></span>essere <span class=\"_ _d\"></span>designati <span class=\"_ _d\"></span>come <span class=\"_ _0\"></span>strumenti <span class=\"_ _0\"></span>di<span class=\"_ _df\"> </span>copertura. Pertanto, <span class=\"_ _1\"></span>ogni risul<span class=\"_ _1\"></span>tato riconducibi<span class=\"_ _1\"></span>le a transazioni i<span class=\"_ _1\"></span>nterne e<span class=\"_ _1\"></span>ffettuate tra <span class=\"_ _1\"></span>diverse e<span class=\"_ _1\"></span>ntit\u00e0 del<span class=\"_ _1\"></span> Gruppo<span class=\"_ _df\"> </span>\u00e8 eliminato dal bilancio consolidato.<span class=\"_ _df\"> </span>Cessa<span class=\"_ _f\"></span>zione pro<span class=\"_ _1\"></span>spett<span class=\"_ _f\"></span>ica del<span class=\"_ _1\"></span>la co<span class=\"_ _f\"></span>ntabilizzazi<span class=\"_ _1\"></span>one d<span class=\"_ _1\"></span>i cop<span class=\"_ _1\"></span>ertur<span class=\"_ _1\"></span>a<span class=\"_ _df\"> </span>Se  le  verifi<span class=\"_ _1\"></span>che  non  confermano  l\u2019efficacia  de<span class=\"_ _1\"></span>lla  copertura,  da  que<span class=\"_ _1\"></span>l  momento  la  contabilizz<span class=\"_ _1\"></span>azione  delle<span class=\"_ _df\"> </span>operazioni di <span class=\"_ _2\"></span>copertura, <span class=\"_ _2\"></span>secondo quanto s<span class=\"_ _2\"></span>opra esposto, <span class=\"_ _2\"></span>viene<span class=\"_ _1\"></span> <span class=\"_ _2\"></span>interrotta <span class=\"_ _2\"></span>e il <span class=\"_ _2\"></span>contratto derivato di <span class=\"_ _2\"></span>copertura<span class=\"_ _df\"> </span>viene <span class=\"_ _1\"></span>riclassificato tra <span class=\"_ _f\"></span>gli strumenti <span class=\"_ _f\"></span>di negoziazione. <span class=\"_ _f\"></span>Inoltr<span class=\"_ _2\"></span>e, <span class=\"_ _f\"></span>le operazioni <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>copertura cessano ne<span class=\"_ _f\"></span>l momento<span class=\"_ _df\"> </span>in cui <span class=\"_ _2\"></span>lo <span class=\"_ _2\"></span>strumento di <span class=\"_ _2\"></span>copertura giunge a <span class=\"_ _2\"></span>scadenza, \u00e8 <span class=\"_ _2\"></span>venduto, <span class=\"_ _2\"></span>cessato o <span class=\"_ _2\"></span>esercitato, oppure <span class=\"_ _2\"></span>viene revocata<span class=\"_ _df\"> </span>la designazione.<span class=\"_ _df\"> </span>Per l<span class=\"_ _1\"></span>e rel<span class=\"_ _1\"></span>azioni d<span class=\"_ _1\"></span>i cop<span class=\"_ _1\"></span>ertura di<span class=\"_ _f\"></span> fair valu<span class=\"_ _1\"></span>e, lo <span class=\"_ _f\"></span>strumento finan<span class=\"_ _1\"></span>ziario <span class=\"_ _1\"></span>coperto non<span class=\"_ _1\"></span> \u00e8 <span class=\"_ _f\"></span>pi\u00f9 ret<span class=\"_ _1\"></span>tificato <span class=\"_ _1\"></span>per l<span class=\"_ _f\"></span>e variazioni<span class=\"_ _df\"> </span>di <span class=\"_ _f\"></span>fair valu<span class=\"_ _1\"></span>e <span class=\"_ _f\"></span>e qu<span class=\"_ _1\"></span>alsiasi <span class=\"_ _f\"></span>r<span class=\"_ _2\"></span>ettifica <span class=\"_ _f\"></span>al <span class=\"_ _f\"></span>valore con<span class=\"_ _f\"></span>t<span class=\"_ _2\"></span>abile <span class=\"_ _f\"></span>di <span class=\"_ _f\"></span>uno s<span class=\"_ _1\"></span>trumento <span class=\"_ _f\"></span>finanziario cop<span class=\"_ _1\"></span>erto <span class=\"_ _f\"></span>per <span class=\"_ _1\"></span>il <span class=\"_ _f\"></span>quale <span class=\"_ _f\"></span>\u00e8 utilizz<span class=\"_ _1\"></span>ato<span class=\"_ _df\"> </span>il criterio dell'interesse effettivo deve essere ammortizzata n<span class=\"_ _2\"></span>el conto economico. Nel caso di int<span class=\"_ _2\"></span>erruzione di<span class=\"_ _df\"> </span>una relazione di copertura generica di fair value, le rivalutazioni/svalutazioni cumulate iscritt<span class=\"_ _2\"></span>e nella voce 60.<span class=\"_ _df\"> </span>\u201cAdeguamento di <span class=\"_ _2\"></span>valore <span class=\"_ _2\"></span>delle at<span class=\"_ _2\"></span>tivit\u00e0 finanziarie <span class=\"_ _2\"></span>oggetto <span class=\"_ _2\"></span>di copert<span class=\"_ _2\"></span>ura generica\u201d <span class=\"_ _2\"></span>oppure 50. <span class=\"_ _2\"></span>\u201cA<span class=\"_ _2\"></span><span class=\"ff4\">deguamento<span class=\"_ _df\"> </span></span>di <span class=\"_ _2\"></span>valore <span class=\"_ _d\"></span>delle <span class=\"_ _d\"></span>passivit\u00e0 <span class=\"_ _d\"></span>finanziarie <span class=\"_ _d\"></span>oggetto <span class=\"_ _d\"></span>di <span class=\"_ _2\"></span>copertura <span class=\"_ _d\"></span>generica\u201d <span class=\"_ _d\"></span>sono <span class=\"_ _d\"></span>rilevate <span class=\"_ _2\"></span>a <span class=\"_ _d\"></span>conto<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>econo<span class=\"_ _2\"></span>mico <span class=\"_ _2\"></span>tr<span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>gli<span class=\"_ _df\"> </span>interessi <span class=\"_ _0\"> </span>at<span class=\"_ _2\"></span>tivi <span class=\"_ _0\"></span>o <span class=\"_ _9\"> </span>passivi <span class=\"_ _9\"> </span>lungo <span class=\"_ _0\"></span>la <span class=\"_ _9\"> </span>durata <span class=\"_ _9\"> </span>r<span class=\"_ _2\"></span>esidu<span class=\"_ _1\"></span>a <span class=\"_ _9\"> </span>delle <span class=\"_ _0\"></span>originarie <span class=\"_ _9\"> </span>relazioni <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>copertura, <span class=\"_ _9\"> </span>ferma <span class=\"_ _9\"> </span>restando <span class=\"_ _9\"> </span>la<span class=\"_ _df\"> </span>verifica che ne sussistano i presupposti.<span class=\"_ _df\"> </span>Per le <span class=\"_ _2\"></span>relazioni di <span class=\"_ _2\"></span>copertura dei <span class=\"_ _2\"></span>flussi finanziari, <span class=\"_ _2\"></span>l'utile o <span class=\"_ _2\"></span>la perdita <span class=\"_ _2\"></span>complessiva dello <span class=\"_ _2\"></span>strumento di copertura<span class=\"_ _df\"> </span>che <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _2\"></span>stato <span class=\"_ _2\"></span>rilevato <span class=\"_ _2\"></span>nell<span class=\"_ _1\"></span>e <span class=\"_ _2\"></span>altre <span class=\"_ _2\"></span>componenti <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>conto <span class=\"_ _2\"></span>economico <span class=\"_ _2\"></span>complessivo a <span class=\"_ _d\"></span>partire <span class=\"_ _2\"></span>dall'esercizio in <span class=\"_ _2\"></span>cui <span class=\"_ _2\"></span>la<span class=\"_ _df\"> </span>copertura <span class=\"_ _4\"> </span>era <span class=\"_ _4\"> </span>efficace, <span class=\"_ _4\"> </span>deve <span class=\"_ _22\"> </span>r<span class=\"_ _2\"></span>estare <span class=\"_ _4\"> </span>separatamente <span class=\"_ _4\"> </span>nel <span class=\"_ _4\"> </span>patrimonio <span class=\"_ _4\"> </span>netto <span class=\"_ _4\"> </span>sino <span class=\"_ _4\"> </span>a <span class=\"_ _4\"> </span>quand<span class=\"_ _1\"></span>o <span class=\"_ _4\"> </span>l'operazione<span class=\"_ _df\"> </span>programmata si verifica. Qualora <span class=\"_ _2\"></span>l'operazione programmata ci si at<span class=\"_ _2\"></span>tende non debba pi\u00f9 accadere, <span class=\"_ _2\"></span>qualsiasi<span class=\"_ _df\"> </span>correlato <span class=\"_ _d\"></span>utile <span class=\"_ _d\"></span>o <span class=\"_ _d\"></span>perdita <span class=\"_ _d\"></span>compless<span class=\"_ _2\"></span>ivo <span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>ullo <span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>trumento <span class=\"_ _d\"></span>di <span class=\"_ _2\"></span>copertura<span class=\"_ _d\"></span> <span class=\"_ _d\"></span>che <span class=\"_ _d\"></span>\u00e8 <span class=\"_ _d\"></span>stato <span class=\"_ _d\"></span>r<span class=\"_ _2\"></span>ilevato <span class=\"_ _2\"></span>nel <span class=\"_ _d\"></span>prospetto <span class=\"_ _d\"></span>delle<span class=\"_ _df\"> </span>altre compone<span class=\"_ _1\"></span>nti di <span class=\"_ _f\"></span>conto economico comple<span class=\"_ _1\"></span>ssivo dall'esercizio <span class=\"_ _f\"></span>i<span class=\"_ _2\"></span>n <span class=\"_ _1\"></span>cui la <span class=\"_ _f\"></span>copertura era e<span class=\"_ _1\"></span>fficace<span class=\"_ _2\"></span>, dev<span class=\"_ _1\"></span>e essere<span class=\"_ _df\"> </span>riclassificato dal patrimonio netto all\u2019util<span class=\"_ _1\"></span>e (perdita) d\u2019esercizio come rettifica da riclassificazione.<span class=\"_ _df\"> </span> Criter<span class=\"_ _1\"></span>i di <span class=\"_ _1\"></span>rileva<span class=\"_ _f\"></span>zione dell<span class=\"_ _1\"></span>e com<span class=\"_ _f\"></span>ponenti <span class=\"_ _1\"></span>reddi<span class=\"_ _1\"></span>tuali<span class=\"_ _f\"></span> L\u2019allocazione <span class=\"_ _9\"> </span>delle <span class=\"_ _9\"> </span>componenti<span class=\"_ _2\"></span> <span class=\"_ _9\"> </span>reddituali <span class=\"_ _9\"> </span>nelle <span class=\"_ _16\"> </span>pertinenti <span class=\"_ _9\"> </span>voci  d<span class=\"_ _1\"></span>i <span class=\"_ _9\"> </span>cont<span class=\"_ _2\"></span>o <span class=\"_ _9\"> </span>economico <span class=\"_ _16\"> </span>avviene <span class=\"_ _9\"> </span>sulla <span class=\"_ _9\"> </span>base <span class=\"_ _16\"> </span>di quanto riportato di seguito: <span class=\"_ _2c\"> </span><span class=\"ff4\">i <span class=\"_ _0\"></span>differenziali <span class=\"_ _d\"></span>maturati <span class=\"_ _d\"></span>sugli <span class=\"_ _d\"></span>st<span class=\"_ _2\"></span>rumenti <span class=\"_ _d\"></span>derivati <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>copertura <span class=\"_ _0\"></span>del <span class=\"_ _d\"></span>ri<span class=\"_ _2\"></span>schio <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>t<span class=\"_ _2\"></span>asso <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>interesse <span class=\"_ _0\"></span>(oltre<span class=\"_ _1\"></span> <span class=\"_ _d\"></span>agli </span>interessi <span class=\"_ _0\"></span>delle <span class=\"_ _0\"></span>posizioni <span class=\"_ _0\"></span>oggetto <span class=\"_ _9\"> </span>di <span class=\"_ _0\"></span>copertura) <span class=\"_ _0\"></span>vengono <span class=\"_ _0\"></span>allocati <span class=\"_ _0\"></span>nella <span class=\"_ _0\"></span>voce <span class=\"_ _0\"></span>\u201cInteressi <span class=\"_ _9\"> </span>attivi <span class=\"_ _0\"></span>e <span class=\"_ _0\"></span>proventi assimilati\u201d o \u201cInteressi passivi e oneri assimilati\u201d;<span class=\"_ _df\"> </span><span class=\"_ _2c\"> </span><span class=\"ff4\">le <span class=\"_ _d\"></span>plusvalenze <span class=\"_ _d\"></span>e <span class=\"_ _d\"></span>minusvalenze <span class=\"_ _d\"></span>derivanti <span class=\"_ _d\"></span>dalla <span class=\"_ _d\"></span>valutazione <span class=\"_ _d\"></span>d<span class=\"_ _2\"></span>egli <span class=\"_ _d\"></span>strumenti <span class=\"_ _d\"></span>derivati <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>copertura <span class=\"_ _d\"></span>e <span class=\"_ _d\"></span>delle </span>posizioni <span class=\"_ _4\"> </span>oggetto <span class=\"_ _14\"> </span>di <span class=\"_ _17\"> </span>copertura <span class=\"_ _17\"> </span>di <span class=\"_ _17\"> </span>fair <span class=\"_ _17\"> </span>value <span class=\"_ _17\"> </span>hedge <span class=\"_ _17\"> </span>vengono <span class=\"_ _14\"> </span>allocate <span class=\"_ _17\"> </span>nella <span class=\"_ _17\"> </span>voce <span class=\"_ _17\"> </span>\u201cRisultato <span class=\"_ _17\"> </span>netto dell\u2019attivit\u00e0 di copertura\u201d;<span class=\"_ _df\"> </span><span class=\"_ _2c\"> </span><span class=\"ff4\">le plusvalenze e<span class=\"_ _1\"></span> le minusvalenze deriv<span class=\"_ _1\"></span>anti dalla v<span class=\"_ _1\"></span>alutazione degli strumenti de<span class=\"_ _1\"></span>rivat<span class=\"_ _2\"></span>i di<span class=\"_ _1\"></span> copertura di <span class=\"_ _1\"></span>cash </span>flow hedge (per la <span class=\"_ _2\"></span>parte efficace) vengono allocate <span class=\"_ _2\"></span>in una specifica riserva <span class=\"_ _2\"></span>di valutazione di patrimonio<span class=\"_ _df\"> </span>netto <span class=\"_ _f\"></span>\u201cCopertura dei <span class=\"_ _f\"></span>flussi <span class=\"_ _f\"></span>finanziari\u201d, <span class=\"_ _1\"></span>al <span class=\"_ _f\"></span>nett<span class=\"_ _2\"></span>o <span class=\"_ _f\"></span>dell\u2019effetto <span class=\"_ _f\"></span>fiscale <span class=\"_ _1\"></span>differito. <span class=\"_ _f\"></span>Per <span class=\"_ _1\"></span>la <span class=\"_ _1\"></span>parte <span class=\"_ _f\"></span>inefficace <span class=\"_ _f\"></span>tali plu<span class=\"_ _1\"></span>s<span class=\"_ _df\"> </span>e <span class=\"_ _15\"> </span>minus <span class=\"_ _15\"> </span>ven<span class=\"ff5\">gono <span class=\"_ _15\"> </span>contabilizzat<span class=\"_ _2\"></span>e <span class=\"_ _14\"> </span>a <span class=\"_ _e\"> </span>conto <span class=\"_ _15\"> </span>economico <span class=\"_ _15\"> </span>nella <span class=\"_ _15\"> </span>voce <span class=\"_ _15\"> </span>\u201cRisultato <span class=\"_ _e\"> </span>netto <span class=\"_ _15\"> </span>dell\u2019attivit\u00e0 <span class=\"_ _15\"> </span>di </span>copertura\u201d.  Se <span class=\"_ _9\"> </span>lo  strumento  cop<span class=\"_ _1\"></span>erto  \u00e8 <span class=\"_ _16\"> </span>cancellato, <span class=\"_ _16\"> </span>scade <span class=\"_ _16\"> </span>o  si <span class=\"_ _16\"> </span>estingue <span class=\"_ _9\"> </span>allora  la  riserva  \u00e8<span class=\"_ _1\"></span>  riversata<span class=\"_ _f\"></span> immediatamente a conto economico contestualmente alla cancell<span class=\"_ _1\"></span>azione dell\u2019<span class=\"_ _2\"></span><span class=\"ff4\">elemento coperto.<span class=\"_ _df\"> </span></span><span class=\"_ _2c\"> </span><span class=\"ff4\">nel <span class=\"_ _9\"> </span>caso<span class=\"_ _2\"></span> <span class=\"_ _9\"> </span>di <span class=\"_ _16\"> </span>copertura <span class=\"_ _9\"> </span>di  fl<span class=\"_ _1\"></span>ussi <span class=\"_ _9\"> </span>finanziari, <span class=\"_ _16\"> </span>le <span class=\"_ _9\"> </span>variazioni <span class=\"_ _16\"> </span>di <span class=\"_ _9\"> </span>fair  valu<span class=\"_ _1\"></span>e <span class=\"_ _9\"> </span>d<span class=\"_ _2\"></span>el <span class=\"_ _9\"> </span>derivato <span class=\"_ _16\"> </span>sono <span class=\"_ _9\"> </span>imputate <span class=\"_ _16\"> </span>nella<span class=\"_ _df\"> </span></span>redditivit\u00e0 <span class=\"_ _2\"></span>complessiva, <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>la <span class=\"_ _d\"></span>quota <span class=\"_ _2\"></span>efficace <span class=\"_ _2\"></span>della <span class=\"_ _2\"></span>copertura, <span class=\"_ _d\"></span>e <span class=\"_ _2\"></span>sono <span class=\"_ _d\"></span>rilevate <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>Conto <span class=\"_ _d\"></span>Economico <span class=\"_ _2\"></span>solo quando, con rife<span class=\"_ _1\"></span>rimento alla <span class=\"_ _1\"></span>posta coperta, si<span class=\"_ _f\"></span> manifesta la variaz<span class=\"_ _f\"></span>ione dei flu<span class=\"_ _1\"></span>ssi di cassa<span class=\"_ _1\"></span> da compensare<span class=\"_ _f\"></span> o se la copertura risulta inefficace.<span class=\"_ _df\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-845": {
   "value": "<div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs25c\">impatt<span class=\"ff5\">o <span class=\"_ _2\"></span>a conto <span class=\"_ _2\"></span>economico in <span class=\"_ _2\"></span>una delle <span class=\"_ _2\"></span>altre <span class=\"_ _2\"></span>due categorie <span class=\"_ _2\"></span>previste dall\u2019IFRS 9 <span class=\"_ _2\"></span>(Attivit\u00e0 <span class=\"_ _2\"></span>finanziarie valutate<span class=\"_ _df\"> </span></span><span class=\"ff5\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs25d\">al costo ammortizzato <span class=\"_ _1\"></span>o Attiv<span class=\"_ _1\"></span>it\u00e0 finan<span class=\"_ _1\"></span>ziarie valutate al <span class=\"_ _1\"></span>fair value <span class=\"_ _1\"></span>con impatto sul<span class=\"_ _1\"></span>la redditivi<span class=\"_ _1\"></span>t\u00e0 complessiva). Il<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs25e\">valore <span class=\"_ _0\"></span>di <span class=\"_ _d\"></span>tr<span class=\"_ _2\"></span>asferimento <span class=\"_ _0\"></span>\u00e8 <span class=\"_ _d\"></span>rappresentat<span class=\"_ _2\"></span>o <span class=\"_ _0\"></span>dal <span class=\"_ _d\"></span>fair <span class=\"_ _0\"></span>value <span class=\"_ _0\"></span>al <span class=\"_ _0\"></span>momento <span class=\"_ _0\"></span>della <span class=\"_ _d\"></span>r<span class=\"_ _2\"></span>iclassificazione<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>e <span class=\"_ _0\"></span>gli <span class=\"_ _0\"></span>effetti <span class=\"_ _0\"></span>della<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs25f\">riclassificazione <span class=\"_ _d\"></span>operano <span class=\"_ _0\"></span>in <span class=\"_ _d\"></span>ma<span class=\"_ _2\"></span>niera <span class=\"_ _d\"></span>prospettica <span class=\"_ _0\"></span>a <span class=\"_ _d\"></span>partire <span class=\"_ _0\"></span>dalla <span class=\"_ _0\"></span>data <span class=\"_ _d\"></span>di <span class=\"_ _0\"></span>riclassificazione. <span class=\"_ _d\"></span>In <span class=\"_ _0\"></span>questo <span class=\"_ _0\"></span>caso, <span class=\"_ _d\"></span>il<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs260\">tasso <span class=\"_ _d\"></span>di <span class=\"_ _2\"></span>interesse <span class=\"_ _d\"></span>effettivo <span class=\"_ _d\"></span>dell\u2019attivit\u00e0 <span class=\"_ _d\"></span>finanziaria <span class=\"_ _2\"></span>riclassificata <span class=\"_ _d\"></span>\u00e8<span class=\"ff4\"> <span class=\"_ _d\"></span>determinato <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>base <span class=\"_ _2\"></span>al <span class=\"_ _d\"></span>suo <span class=\"_ _d\"></span>fair <span class=\"_ _d\"></span>value <span class=\"_ _2\"></span>alla<span class=\"_ _df\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs261\">data <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>iclassificazione <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>tale <span class=\"_ _d\"></span>data <span class=\"_ _2\"></span>viene <span class=\"_ _2\"></span>consi<span class=\"_ _2\"></span>derata <span class=\"_ _2\"></span>come <span class=\"_ _2\"></span>data <span class=\"_ _d\"></span>di <span class=\"_ _2\"></span>rilevazione <span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>niziale <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>l\u2019allocazione <span class=\"_ _d\"></span>nei<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs262\">diversi stadi di rischio creditizio (stage assignment) ai fini <span class=\"_ _12\"></span><span class=\"ff5\">dell\u2019impairment.<span class=\"_ _df\"> </span></span><span class=\"ff5\"><span class=\"ff4\"> </span></span></div><div class=\"t m0 h5 ff4 fs1 fc4 sc3 ls0 ws0 gs263\">Criter<span class=\"_ _1\"></span>i di <span class=\"_ _1\"></span>valuta<span class=\"_ _1\"></span>zione<span class=\"_ _df\"> </span><span class=\"_ _f\"></span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs264\">Successivamente <span class=\"_ _0\"></span>alla <span class=\"_ _9\"> </span>rilevazione <span class=\"_ _9\"> </span>iniziale, <span class=\"_ _0\"></span>le <span class=\"_ _9\"> </span>attivit\u00e0 <span class=\"_ _9\"> </span>finanziarie <span class=\"_ _0\"></span>valutate <span class=\"_ _9\"> </span>al <span class=\"_ _9\"> </span>fair <span class=\"_ _9\"> </span>value <span class=\"_ _0\"></span>con <span class=\"_ _9\"> </span>impatto <span class=\"_ _9\"> </span>a <span class=\"_ _9\"> </span>conto<span class=\"_ _df\"> </span><span class=\"_ _1\"></span> </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs265\">economico <span class=\"_ _16\"> </span>sono <span class=\"_ _16\"> </span>valorizzate <span class=\"_ _9\"> </span>al  fair <span class=\"_ _16\"> </span>value. <span class=\"_ _9\"> </span>Gli  effetti <span class=\"_ _9\"> </span>dell\u2019applicazione  d<span class=\"_ _1\"></span>i <span class=\"_ _16\"> </span>tale  criterio <span class=\"_ _9\"> </span>di  v<span class=\"_ _1\"></span>alutazione <span class=\"_ _16\"> </span>sono<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs266\">imputati nel Conto Economico.<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 lse ws0 gs267\">Per<span class=\"ls0\"> la <span class=\"_ _f\"></span>d<span class=\"_ _2\"></span>eterminazione <span class=\"_ _1\"></span>del <span class=\"_ _1\"></span>fair value <span class=\"_ _f\"></span>d<span class=\"_ _2\"></span>egli <span class=\"_ _f\"></span>s<span class=\"_ _2\"></span>trumenti <span class=\"_ _1\"></span>finanziari <span class=\"_ _1\"></span>quotat<span class=\"_ _2\"></span>i <span class=\"_ _f\"></span>in un <span class=\"_ _1\"></span>mercato attivo, <span class=\"_ _f\"></span>vengono utilizzate<span class=\"_ _df\"> </span></span><span class=\"ls0\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs268\">quotazioni di<span class=\"_ _1\"></span> mercato. I<span class=\"_ _1\"></span>n assenza <span class=\"_ _1\"></span>di u<span class=\"_ _1\"></span>n mercato a<span class=\"_ _f\"></span>t<span class=\"_ _2\"></span>tivo, <span class=\"_ _f\"></span>vengono utilizzati <span class=\"_ _f\"></span>met<span class=\"_ _2\"></span>odi d<span class=\"_ _1\"></span>i stima e<span class=\"_ _1\"></span> modelli <span class=\"_ _f\"></span>valutativi<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs269\">comunemente <span class=\"_ _f\"></span>adott<span class=\"_ _2\"></span>ati, <span class=\"_ _f\"></span>che <span class=\"_ _1\"></span>tengono conto <span class=\"_ _f\"></span>di tutti <span class=\"_ _f\"></span>i <span class=\"_ _1\"></span>fattori <span class=\"_ _1\"></span>di <span class=\"_ _f\"></span>rischio <span class=\"_ _1\"></span>correlati <span class=\"_ _1\"></span>agli <span class=\"_ _f\"></span>st<span class=\"_ _2\"></span>rumenti <span class=\"_ _f\"></span>e <span class=\"_ _1\"></span>che <span class=\"_ _1\"></span>sono b<span class=\"_ _1\"></span>asati<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs26a\">su d<span class=\"_ _1\"></span>ati rilev<span class=\"_ _1\"></span>abili sul <span class=\"_ _f\"></span>mercat<span class=\"_ _2\"></span>o q<span class=\"_ _1\"></span>uali: v<span class=\"_ _1\"></span>alutazione di <span class=\"_ _f\"></span>st<span class=\"_ _2\"></span>rumenti <span class=\"_ _f\"></span>quotati che <span class=\"_ _1\"></span>presentano analoghe <span class=\"_ _f\"></span>cara<span class=\"_ _2\"></span>tteristiche,<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs26b\">calcoli <span class=\"_ _d\"></span>di <span class=\"_ _0\"></span>flussi <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>cassa <span class=\"_ _d\"></span>scontati, <span class=\"_ _0\"></span>modelli <span class=\"_ _d\"></span>di <span class=\"_ _0\"></span>determinazione <span class=\"_ _0\"></span>del <span class=\"_ _0\"></span>prezzo <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>opzioni, <span class=\"_ _d\"></span>valori <span class=\"_ _0\"></span>rilevati <span class=\"_ _0\"></span>in <span class=\"_ _d\"></span>recenti<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs26c\">transazioni comparabili, ecc. <span class=\"_ _2\"></span>Per i <span class=\"_ _2\"></span>titoli di capitale <span class=\"_ _2\"></span>e per gli <span class=\"_ _2\"></span>strumenti derivati ch<span class=\"_ _2\"></span>e hanno per <span class=\"_ _2\"></span>oggetto titoli di<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs26d\">capitale, non <span class=\"_ _2\"></span>quotati <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>un mercato <span class=\"_ _2\"></span>attivo, <span class=\"_ _2\"></span>il criterio <span class=\"_ _2\"></span>del cost<span class=\"_ _2\"></span>o \u00e8 <span class=\"_ _2\"></span>utilizzato quale <span class=\"_ _2\"></span>stima <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>el <span class=\"_ _2\"></span>fair value <span class=\"_ _2\"></span>soltanto<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs26e\">in <span class=\"_ _d\"></span>via <span class=\"_ _d\"></span>r<span class=\"_ _2\"></span>esiduale <span class=\"_ _d\"></span>e <span class=\"_ _0\"></span>limitatamente <span class=\"_ _0\"></span>a <span class=\"_ _0\"></span>poche <span class=\"_ _d\"></span>circostanze, <span class=\"_ _0\"></span>ossia <span class=\"_ _0\"></span>in <span class=\"_ _d\"></span>caso <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>non <span class=\"_ _d\"></span>applicabilit\u00e0 <span class=\"_ _0\"></span>di <span class=\"_ _d\"></span>t<span class=\"_ _2\"></span>utti <span class=\"_ _d\"></span>i <span class=\"_ _0\"></span>metodi <span class=\"_ _d\"></span>di<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs26f\">valutazione precedentemente richiamati, o<span class=\"_ _2\"></span>vve<span class=\"_ _1\"></span>ro <span class=\"_ _2\"></span>in presenza di <span class=\"_ _2\"></span>un\u2019ampia gamma di <span class=\"_ _2\"></span>possibili valutazioni del<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs270\">fair <span class=\"_ _f\"></span>value, <span class=\"_ _f\"></span>nel <span class=\"_ _f\"></span>cui <span class=\"_ _1\"></span>ambito <span class=\"_ _f\"></span>il <span class=\"_ _f\"></span>cost<span class=\"_ _2\"></span>o <span class=\"_ _f\"></span>rappresenta <span class=\"_ _f\"></span>la <span class=\"_ _f\"></span>stima p<span class=\"_ _1\"></span>i\u00f9 <span class=\"_ _f\"></span>significativa; <span class=\"_ _f\"></span>per <span class=\"_ _f\"></span>maggiori <span class=\"_ _f\"></span>dettagli <span class=\"_ _f\"></span>riguardo <span class=\"_ _1\"></span>il <span class=\"_ _f\"></span>calcolo<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs271\">del fair value si rimanda al paragrafo \u201cModalit\u00e0 di determinazione de<span class=\"_ _1\"></span>l fair value delle attivit\u00e0 e passivit\u00e0\u201d.<span class=\"_ _df\"> </span><span class=\"_ _2\"></span><span class=\"ff4\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc4 sc3 ls0 ws0 gs272\">Criter<span class=\"_ _1\"></span>i di <span class=\"_ _1\"></span>cancell<span class=\"_ _1\"></span>azion<span class=\"_ _f\"></span>e<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs273\">Le attivit\u00e0 finanziarie vengono cancell<span class=\"_ _1\"></span>ate dal bilancio solamente se la cessione ha comportato il sostanziale<span class=\"_ _df\"> </span><span class=\"_ _f\"></span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs274\">trasferimento di tutti i rischi e benefici connessi alle attivit\u00e0 stesse. Per contr<span class=\"_ _2\"></span>o, qualora sia stata mantenuta<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs275\">una <span class=\"_ _2\"></span>quota <span class=\"_ _d\"></span>parte <span class=\"_ _d\"></span>rilevante <span class=\"_ _2\"></span>dei <span class=\"_ _d\"></span>rischi <span class=\"_ _d\"></span>e <span class=\"_ _d\"></span>benefici <span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>elativi <span class=\"_ _2\"></span>al<span class=\"_ _2\"></span>le <span class=\"_ _2\"></span>att<span class=\"_ _2\"></span>ivit\u00e0 <span class=\"_ _2\"></span>finanziarie <span class=\"_ _2\"></span>ce<span class=\"_ _2\"></span>dute, <span class=\"_ _2\"></span>queste <span class=\"_ _d\"></span>continuano <span class=\"_ _d\"></span>ad<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs276\">essere iscritte <span class=\"_ _2\"></span>in bilancio, ancorch\u00e9 gi<span class=\"_ _2\"></span>uridicamente la titolarit\u00e0 <span class=\"_ _2\"></span>delle attivit\u00e0 <span class=\"_ _2\"></span>stesse sia <span class=\"_ _2\"></span>stata effettivamente<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs277\">trasferita.<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs278\">Nel  caso  in  cu<span class=\"_ _1\"></span>i  non  sia  possibile  accertare  il  sostanziale  trasferimento  dei  rischi  e  benefici,  le  attivit\u00e0<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs279\">finanziarie <span class=\"_ _0\"></span>vengono <span class=\"_ _9\"> </span>cancellate <span class=\"_ _9\"> </span>dal <span class=\"_ _9\"> </span>bilancio <span class=\"_ _0\"> </span>q<span class=\"_ _2\"></span>ualora <span class=\"_ _0\"></span>non <span class=\"_ _9\"> </span>sia <span class=\"_ _9\"> </span>st<span class=\"_ _2\"></span>ato <span class=\"_ _0\"></span>mantenuto <span class=\"_ _9\"> </span>alcun <span class=\"_ _0\"></span>t<span class=\"_ _2\"></span>ipo <span class=\"_ _0\"></span>di <span class=\"_ _9\"> </span>controllo <span class=\"_ _9\"> </span>sulle<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs27a\">stesse. <span class=\"_ _d\"></span>In <span class=\"_ _0\"></span>caso <span class=\"_ _d\"></span>contrario, <span class=\"_ _d\"></span>la <span class=\"_ _0\"></span>conservazione, <span class=\"_ _d\"></span>anche <span class=\"_ _d\"></span>in <span class=\"_ _0\"></span>parte, <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>tale <span class=\"_ _0\"></span>controllo <span class=\"_ _d\"></span>comporta <span class=\"_ _0\"></span>il <span class=\"_ _d\"></span>mantenimento <span class=\"_ _d\"></span>in<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs27b\">bil<span class=\"ff5\">ancio <span class=\"_ _2\"></span>delle <span class=\"_ _2\"></span>attivit\u00e0 <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>misura <span class=\"_ _2\"></span>pari <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>coinvolgimento <span class=\"_ _d\"></span>residuo, <span class=\"_ _2\"></span>misurato <span class=\"_ _2\"></span>dall\u2019esposizione a<span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>cambiamenti <span class=\"_ _2\"></span>di<span class=\"_ _df\"> </span></span><span class=\"ff5\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs27c\">valore delle attivit\u00e0 cedute ed alle variazioni dei flu<span class=\"_ _1\"></span>ssi finanziari delle<span class=\"_ _2\"></span> stesse.<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs27d\">Infine, le attivit\u00e0 finanziarie cedute vengono cancellate dal bilancio nel caso in cui vi sia la conservazione dei<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs27e\">diritti <span class=\"_ _9\"> </span>contrattuali <span class=\"_ _0\"></span>a <span class=\"_ _9\"> </span>r<span class=\"_ _2\"></span>icev<span class=\"_ _1\"></span>ere <span class=\"_ _0\"></span>i <span class=\"_ _9\"> </span>r<span class=\"_ _2\"></span>elativi <span class=\"_ _0\"></span>flussi <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>cassa, <span class=\"_ _9\"> </span>con <span class=\"_ _9\"> </span>la <span class=\"_ _0\"></span>co<span class=\"_ _2\"></span>ntestuale <span class=\"_ _0\"></span>ass<span class=\"_ _2\"></span>unzione<span class=\"_ _1\"></span> <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>un\u2019obbligazione <span class=\"_ _0\"></span>a<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs27f\">pagare detti flussi, e solo essi, senz<span class=\"_ _1\"></span>a un ritardo rilevante ad altri soggetti terzi.<span class=\"_ _df\"> </span><span class=\"_ _2\"></span> </div><div class=\"t m0 h5 ff4 fs1 fc4 sc3 ls0 ws0 gs280\">Criter<span class=\"_ _1\"></span>i di <span class=\"_ _1\"></span>rileva<span class=\"_ _f\"></span>zione dell<span class=\"_ _1\"></span>e com<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>nenti r<span class=\"_ _1\"></span>eddit<span class=\"_ _1\"></span>uali<span class=\"_ _df\"> </span><span class=\"_ _1\"></span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs281\">Gli <span class=\"_ _0\"></span>interessi <span class=\"_ _9\"> </span>attivi <span class=\"_ _9\"> </span>sui <span class=\"_ _0\"></span>t<span class=\"_ _2\"></span>itoli <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>debito <span class=\"_ _9\"> </span>ed <span class=\"_ _0\"></span>i <span class=\"_ _9\"> </span>differenziali <span class=\"_ _9\"> </span>ed <span class=\"_ _0\"></span>i <span class=\"_ _9\"> </span>margini <span class=\"_ _0\"> </span>dei <span class=\"_ _9\"> </span>contr<span class=\"_ _2\"></span>atti <span class=\"_ _0\"></span>derivati <span class=\"_ _9\"> </span>classificati <span class=\"_ _0\"></span>in <span class=\"_ _9\"> </span>tale<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs282\">categoria, ma <span class=\"_ _f\"></span>gestionalmente c<span class=\"_ _f\"></span>ollegati ad <span class=\"_ _f\"></span>at<span class=\"_ _2\"></span>tivit\u00e0 <span class=\"_ _f\"></span>o passivit\u00e0 <span class=\"_ _f\"></span>finanziarie v<span class=\"_ _1\"></span>alutate al <span class=\"_ _f\"></span>fair value sono <span class=\"_ _f\"></span>iscritti per<span class=\"_ _df\"> </span><span class=\"_ _1\"></span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs283\">competenza nelle voci di conto economico relativ<span class=\"_ _1\"></span>i agli interessi. <span class=\"_ _2\"></span> </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs284\">I d<span class=\"_ _1\"></span>ifferenziali e<span class=\"_ _1\"></span> i <span class=\"_ _f\"></span>margini degli <span class=\"_ _f\"></span>altri contratti veng<span class=\"_ _1\"></span>ono rilev<span class=\"_ _1\"></span>ati nel<span class=\"_ _1\"></span> \u201cRisultato <span class=\"_ _f\"></span>netto dell\u2019attivi<span class=\"_ _1\"></span>t\u00e0 di <span class=\"_ _f\"></span>negoziazione\u201d.<span class=\"_ _df\"> </span><span class=\"_ _2\"></span><span class=\"ff4\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs285\">I <span class=\"_ _4\"> </span>dividendi <span class=\"_ _4\"> </span>s<span class=\"_ _2\"></span>ono <span class=\"_ _4\"> </span>rilevati <span class=\"_ _4\"> </span>p<span class=\"_ _2\"></span>er <span class=\"_ _4\"> </span>competenza <span class=\"_ _17\"> </span>economica <span class=\"_ _17\"> </span>riferita <span class=\"_ _17\"> </span>alla <span class=\"_ _17\"> </span>data <span class=\"_ _4\"> </span>di <span class=\"_ _17\"> </span>assunzione <span class=\"_ _4\"> </span>della <span class=\"_ _17\"> </span>delibera <span class=\"_ _4\"> </span>di<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs286\">distribuzione da parte dell\u2019<span class=\"_ _1\"></span>assemblea e sono esposti nella voce \u201cDividendi e proventi simili\u201d.<span class=\"_ _df\"> </span><span class=\"_ _2\"></span><span class=\"ff4\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs287\">Gli utili <span class=\"_ _f\"></span>e le perdite <span class=\"_ _1\"></span>realizzati dalla ce<span class=\"_ _1\"></span>ssione o rimb<span class=\"_ _1\"></span>orso o le<span class=\"_ _1\"></span> plus/minusvalenz<span class=\"_ _1\"></span>e derivanti dalle <span class=\"_ _f\"></span>variazio<span class=\"_ _2\"></span>ni di fair<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs288\">value  sono <span class=\"_ _4\"> </span>iscritti  nel  conto <span class=\"_ _4\"> </span>economico  del  periodo  nel <span class=\"_ _4\"> </span>quale  si  manifestano <span class=\"_ _4\"> </span>e  classificati  nella <span class=\"_ _22\"> </span>voce<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs206\">\u201cRisultato <span class=\"_ _4\"> </span>netto <span class=\"_ _4\"> </span>delle <span class=\"_ _4\"> </span>attivit\u00e0 <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>negoziazione\u201d, <span class=\"_ _4\"> </span>ad <span class=\"_ _17\"> </span>eccezione <span class=\"_ _4\"> </span>della <span class=\"_ _4\"> </span>quota <span class=\"_ _4\"> </span>r<span class=\"_ _2\"></span>elativa <span class=\"_ _4\"> </span>ai <span class=\"_ _4\"> </span>contratti <span class=\"_ _4\"> </span>derivati<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs289\">gestionalmente colleg<span class=\"_ _1\"></span>ati ad attivit\u00e0 <span class=\"ff5\">o passivit\u00e0 valutate al fair valu<span class=\"_ _f\"></span>e r<span class=\"_ _2\"></span>ilev<span class=\"_ _1\"></span>ata nel \u201cRisultato netto del<span class=\"_ _1\"></span>le attivit\u00e0<span class=\"_ _df\"> </span></span><span class=\"ff5\"> </span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs28a\">e passivit\u00e0 finanziarie valutate al fair value\u201d<span class=\"ff4\">.<span class=\"_ _df\"> </span></span><span class=\"ff4\"> </span></div>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-896": {
   "value": "Criter<span class=\"_ _1\"></span>i di <span class=\"_ _1\"></span>cancell<span class=\"_ _1\"></span>azion<span class=\"_ _f\"></span>e<span class=\"_ _df\"> </span> Le attivit\u00e0 finanziarie vengono cancell<span class=\"_ _1\"></span>ate dal bilancio solamente se la cessione ha comportato il sostanziale<span class=\"_ _df\"> </span><span class=\"_ _f\"></span> trasferimento di tutti i rischi e benefici connessi alle attivit\u00e0 stesse. Per contr<span class=\"_ _2\"></span>o, qualora sia stata mantenuta<span class=\"_ _df\"> </span> una <span class=\"_ _2\"></span>quota <span class=\"_ _d\"></span>parte <span class=\"_ _d\"></span>rilevante <span class=\"_ _2\"></span>dei <span class=\"_ _d\"></span>rischi <span class=\"_ _d\"></span>e <span class=\"_ _d\"></span>benefici <span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>elativi <span class=\"_ _2\"></span>al<span class=\"_ _2\"></span>le <span class=\"_ _2\"></span>att<span class=\"_ _2\"></span>ivit\u00e0 <span class=\"_ _2\"></span>finanziarie <span class=\"_ _2\"></span>ce<span class=\"_ _2\"></span>dute, <span class=\"_ _2\"></span>queste <span class=\"_ _d\"></span>continuano <span class=\"_ _d\"></span>ad<span class=\"_ _df\"> </span> essere iscritte <span class=\"_ _2\"></span>in bilancio, ancorch\u00e9 gi<span class=\"_ _2\"></span>uridicamente la titolarit\u00e0 <span class=\"_ _2\"></span>delle attivit\u00e0 <span class=\"_ _2\"></span>stesse sia <span class=\"_ _2\"></span>stata effettivamente<span class=\"_ _df\"> </span> trasferita.<span class=\"_ _df\"> </span> Nel  caso  in  cu<span class=\"_ _1\"></span>i  non  sia  possibile  accertare  il  sostanziale  trasferimento  dei  rischi  e  benefici,  le  attivit\u00e0<span class=\"_ _df\"> </span> finanziarie <span class=\"_ _0\"></span>vengono <span class=\"_ _9\"> </span>cancellate <span class=\"_ _9\"> </span>dal <span class=\"_ _9\"> </span>bilancio <span class=\"_ _0\"> </span>q<span class=\"_ _2\"></span>ualora <span class=\"_ _0\"></span>non <span class=\"_ _9\"> </span>sia <span class=\"_ _9\"> </span>st<span class=\"_ _2\"></span>ato <span class=\"_ _0\"></span>mantenuto <span class=\"_ _9\"> </span>alcun <span class=\"_ _0\"></span>t<span class=\"_ _2\"></span>ipo <span class=\"_ _0\"></span>di <span class=\"_ _9\"> </span>controllo <span class=\"_ _9\"> </span>sulle<span class=\"_ _df\"> </span> stesse. <span class=\"_ _d\"></span>In <span class=\"_ _0\"></span>caso <span class=\"_ _d\"></span>contrario, <span class=\"_ _d\"></span>la <span class=\"_ _0\"></span>conservazione, <span class=\"_ _d\"></span>anche <span class=\"_ _d\"></span>in <span class=\"_ _0\"></span>parte, <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>tale <span class=\"_ _0\"></span>controllo <span class=\"_ _d\"></span>comporta <span class=\"_ _0\"></span>il <span class=\"_ _d\"></span>mantenimento <span class=\"_ _d\"></span>in<span class=\"_ _df\"> </span> bil<span class=\"ff5\">ancio <span class=\"_ _2\"></span>delle <span class=\"_ _2\"></span>attivit\u00e0 <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>misura <span class=\"_ _2\"></span>pari <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>coinvolgimento <span class=\"_ _d\"></span>residuo, <span class=\"_ _2\"></span>misurato <span class=\"_ _2\"></span>dall\u2019esposizione a<span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>cambiamenti <span class=\"_ _2\"></span>di<span class=\"_ _df\"> </span></span><span class=\"ff5\"> </span>valore delle attivit\u00e0 cedute ed alle variazioni dei flu<span class=\"_ _1\"></span>ssi finanziari delle<span class=\"_ _2\"></span> stesse.<span class=\"_ _df\"> </span> Infine, le attivit\u00e0 finanziarie cedute vengono cancellate dal bilancio nel caso in cui vi sia la conservazione dei<span class=\"_ _df\"> </span> diritti <span class=\"_ _9\"> </span>contrattuali <span class=\"_ _0\"></span>a <span class=\"_ _9\"> </span>r<span class=\"_ _2\"></span>icev<span class=\"_ _1\"></span>ere <span class=\"_ _0\"></span>i <span class=\"_ _9\"> </span>r<span class=\"_ _2\"></span>elativi <span class=\"_ _0\"></span>flussi <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>cassa, <span class=\"_ _9\"> </span>con <span class=\"_ _9\"> </span>la <span class=\"_ _0\"></span>co<span class=\"_ _2\"></span>ntestuale <span class=\"_ _0\"></span>ass<span class=\"_ _2\"></span>unzione<span class=\"_ _1\"></span> <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>un\u2019obbligazione <span class=\"_ _0\"></span>a<span class=\"_ _df\"> </span> pagare detti flussi, e solo essi, senz<span class=\"_ _1\"></span>a un ritardo rilevante ad altri soggetti terzi.<span class=\"_ _df\"> </span><span class=\"_ _2\"></span> Criter<span class=\"_ _1\"></span>i di<span class=\"_ _df\"> </span>cancell<span class=\"_ _1\"></span>azion<span class=\"_ _f\"></span>e Le attivit\u00e0 finanziarie veng<span class=\"_ _1\"></span>ono cancellate dal bilancio solamente se la cessione ha comportato il <span class=\"_ _1\"></span>sostanziale<span class=\"_ _df\"> </span> trasferimento di tutti i rischi e benefici connessi alle attivit\u00e0 stesse. Per contr<span class=\"_ _2\"></span>o, qualora sia stata mantenuta<span class=\"_ _df\"> </span> una <span class=\"_ _2\"></span>quota <span class=\"_ _d\"></span>parte <span class=\"_ _d\"></span>rilevante <span class=\"_ _d\"></span>dei <span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>ischi <span class=\"_ _2\"></span>e <span class=\"_ _d\"></span>benefici <span class=\"_ _d\"></span>relativi <span class=\"_ _2\"></span>alle <span class=\"_ _d\"></span>attivit\u00e0 <span class=\"_ _d\"></span>finanziarie <span class=\"_ _2\"></span>cedute, <span class=\"_ _d\"></span>queste <span class=\"_ _d\"></span>continuano <span class=\"_ _d\"></span>ad<span class=\"_ _df\"> </span>essere iscritte <span class=\"_ _2\"></span>in bilancio, ancorch\u00e9 gi<span class=\"_ _2\"></span>uridicamente la titolarit\u00e0 <span class=\"_ _2\"></span>delle attivit\u00e0 <span class=\"_ _2\"></span>stesse sia <span class=\"_ _2\"></span>stata effettivamente trasferita. Nel  caso  in  cu<span class=\"_ _1\"></span>i  non  sia  possibile  accertar<span class=\"_ _2\"></span>e  il <span class=\"_ _16\"> </span>sostanziale  trasferimento  dei <span class=\"_ _16\"> </span>rischi  e  benefici,  le  attivit\u00e0 finanziarie <span class=\"_ _0\"></span>vengono <span class=\"_ _9\"> </span>cancellate <span class=\"_ _9\"> </span>dal <span class=\"_ _9\"> </span>bilancio <span class=\"_ _0\"> </span>q<span class=\"_ _2\"></span>ualora <span class=\"_ _0\"></span>non <span class=\"_ _9\"> </span>sia <span class=\"_ _9\"> </span>st<span class=\"_ _2\"></span>ato <span class=\"_ _0\"></span>mantenuto <span class=\"_ _9\"> </span>alcun <span class=\"_ _0\"></span>t<span class=\"_ _2\"></span>ipo <span class=\"_ _0\"></span>di <span class=\"_ _9\"> </span>controllo <span class=\"_ _9\"> </span>sulle stesse. <span class=\"_ _d\"></span>In <span class=\"_ _0\"></span>caso <span class=\"_ _d\"></span>contrario, <span class=\"_ _d\"></span>la <span class=\"_ _0\"></span>conservazione, <span class=\"_ _d\"></span>anche <span class=\"_ _d\"></span>in <span class=\"_ _0\"></span>parte, <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>tale <span class=\"_ _0\"></span>controllo<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>comporta <span class=\"_ _d\"></span>il <span class=\"_ _0\"></span>mantenimento <span class=\"_ _d\"></span>in bilancio <span class=\"_ _2\"></span>delle at<span class=\"_ _2\"></span>tivit\u00e0 <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>misura <span class=\"_ _2\"></span>pari <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>coinvolgimento <span class=\"_ _d\"></span>residuo, <span class=\"_ _2\"></span>misurato <span class=\"_ _2\"></span>dall\u2019esposizione a<span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>cambiamenti <span class=\"_ _2\"></span>di valore delle attivit\u00e0 cedute ed alle variazioni dei flu<span class=\"_ _1\"></span>ssi finanziari delle<span class=\"_ _2\"></span> stesse. Infine, le attivit\u00e0 finanziarie cedute vengono cancellate dal bilancio nel caso in cui vi sia la conservazione dei diritti <span class=\"_ _9\"> </span>contrattuali <span class=\"_ _0\"></span>a <span class=\"_ _9\"> </span>r<span class=\"_ _2\"></span>icev<span class=\"_ _1\"></span>ere <span class=\"_ _0\"></span>i <span class=\"_ _9\"> </span>r<span class=\"_ _2\"></span>elativi <span class=\"_ _0\"></span>flussi <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>cassa, <span class=\"_ _9\"> </span>con <span class=\"_ _9\"> </span>la <span class=\"_ _0\"></span>co<span class=\"_ _2\"></span>ntestuale <span class=\"_ _0\"></span>ass<span class=\"_ _2\"></span>unzione<span class=\"_ _1\"></span> <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>un\u2019obbligazione <span class=\"_ _0\"></span>a pagare detti flussi, e solo essi, senz<span class=\"_ _1\"></span>a un ritardo rilevante ad<span class=\"_ _2\"></span> altri soggetti terzi. Criter<span class=\"_ _1\"></span>i di <span class=\"_ _1\"></span>cancell<span class=\"_ _1\"></span>azion<span class=\"_ _f\"></span>e<span class=\"_ _df\"> </span> Le attivit\u00e0 finanziarie veng<span class=\"_ _1\"></span>ono cancellate dal bilancio solamente se la cessione ha comportato il <span class=\"_ _1\"></span>sostanziale<span class=\"_ _df\"> </span> trasferimento di tutti i ri<span class=\"_ _2\"></span>schi e benefici connessi alle attivit\u00e0 stesse. Per contro, qualora sia stat<span class=\"_ _2\"></span>a mantenuta<span class=\"_ _df\"> </span><span class=\"_ _f\"></span> una <span class=\"_ _2\"></span>quota <span class=\"_ _d\"></span>parte <span class=\"_ _d\"></span>rilevante <span class=\"_ _2\"></span>dei <span class=\"_ _d\"></span>rischi <span class=\"_ _d\"></span>e <span class=\"_ _d\"></span>benefici <span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>elativi<span class=\"_ _1\"></span> <span class=\"_ _d\"></span>alle <span class=\"_ _d\"></span>attivit\u00e0 <span class=\"_ _d\"></span>finanziarie <span class=\"_ _2\"></span>cedute, <span class=\"_ _d\"></span>queste <span class=\"_ _d\"></span>continuano <span class=\"_ _2\"></span>ad<span class=\"_ _df\"> </span> essere iscritte <span class=\"_ _2\"></span>in bilancio, ancorch\u00e9 gi<span class=\"_ _2\"></span>uridicamente la t<span class=\"_ _2\"></span>itolarit\u00e0 <span class=\"_ _2\"></span>delle attivit\u00e0 stess<span class=\"_ _2\"></span>e sia stata <span class=\"_ _2\"></span>effettivamente<span class=\"_ _df\"> </span> trasferita.<span class=\"_ _df\"> </span> Nel  caso  in  cu<span class=\"_ _1\"></span>i  non  sia  possibile  accertare  il  sostanziale  trasferimento  d<span class=\"_ _1\"></span>ei  rischi  e  benefici,  le  attivit\u00e0<span class=\"_ _df\"> </span> finanziarie <span class=\"_ _0\"></span>vengono <span class=\"_ _9\"> </span>cancellate <span class=\"_ _9\"> </span>dal <span class=\"_ _9\"> </span>bilancio <span class=\"_ _0\"> </span>q<span class=\"_ _2\"></span>ualora <span class=\"_ _0\"></span>non <span class=\"_ _9\"> </span>sia <span class=\"_ _9\"> </span>st<span class=\"_ _2\"></span>ato <span class=\"_ _0\"></span>mantenuto <span class=\"_ _9\"> </span>alc<span class=\"_ _2\"></span>un <span class=\"_ _0\"></span>t<span class=\"_ _2\"></span>ipo <span class=\"_ _0\"></span>di <span class=\"_ _9\"> </span>controllo <span class=\"_ _9\"> </span>sulle<span class=\"_ _df\"> </span> stesse. <span class=\"_ _d\"></span>In <span class=\"_ _0\"></span>caso <span class=\"_ _d\"></span>contrario, <span class=\"_ _d\"></span>la <span class=\"_ _0\"></span>conservazione, <span class=\"_ _d\"></span>anche <span class=\"_ _d\"></span>in <span class=\"_ _0\"></span>parte, <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>tale <span class=\"_ _0\"></span>controllo <span class=\"_ _d\"></span>comporta <span class=\"_ _0\"></span>il <span class=\"_ _d\"></span>mantenimento <span class=\"_ _d\"></span>in<span class=\"_ _df\"> </span> bilancio <span class=\"_ _2\"></span>delle at<span class=\"_ _2\"></span>tivit\u00e0 <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>misura <span class=\"_ _2\"></span>pari <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>coinvolgimento <span class=\"_ _d\"></span>residuo, <span class=\"_ _2\"></span>misurato <span class=\"_ _2\"></span>dall\u2019esposizione a<span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>cambiamenti <span class=\"_ _2\"></span>di<span class=\"_ _df\"> </span> valore delle attivit\u00e0 cedute ed alle variazioni dei flussi finan<span class=\"_ _1\"></span>ziari delle<span class=\"_ _2\"></span> stesse.<span class=\"_ _df\"> </span> Infine, le attivit\u00e0 finanziarie cedute vengono cancellate dal bilancio nel caso in cui vi sia la conservazione dei<span class=\"_ _df\"> </span> diritti <span class=\"_ _9\"> </span>contrattuali <span class=\"_ _0\"></span>a <span class=\"_ _9\"> </span>r<span class=\"_ _2\"></span>icev<span class=\"_ _1\"></span>ere <span class=\"_ _0\"></span>i <span class=\"_ _9\"> </span>r<span class=\"_ _2\"></span>elativi <span class=\"_ _0\"></span>flussi <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>cassa, <span class=\"_ _9\"> </span>con <span class=\"_ _9\"> </span>la <span class=\"_ _0\"></span>co<span class=\"_ _d\"></span><span class=\"ff5\">ntestuale <span class=\"_ _0\"></span>assunzione <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>un\u2019obbligazione <span class=\"_ _0\"></span>a<span class=\"_ _df\"> </span></span><span class=\"ff5\"> </span>pagare detti flussi, e solo essi, senz<span class=\"_ _1\"></span>a un ritardo rilevante ad altri soggetti terzi.<span class=\"_ _df\"> </span>Criter<span class=\"_ _1\"></span>i di <span class=\"_ _1\"></span>cancell<span class=\"_ _1\"></span>azion<span class=\"_ _f\"></span>e Le attivit\u00e0 finanziarie veng<span class=\"_ _1\"></span>ono cancellate dal bilancio solamente se la cessione ha comportato il <span class=\"_ _1\"></span>sostanziale trasferimento di tutti i rischi e benefici connessi alle attivit\u00e0 stesse. Per contr<span class=\"_ _2\"></span>o, qualora sia stat<span class=\"_ _d\"></span>a mantenuta<span class=\"_ _1\"></span> una <span class=\"_ _2\"></span>quota <span class=\"_ _d\"></span>parte <span class=\"_ _d\"></span>rilevante <span class=\"_ _2\"></span>dei <span class=\"_ _d\"></span>rischi <span class=\"_ _d\"></span>e <span class=\"_ _d\"></span>benefici <span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>elativi<span class=\"_ _1\"></span> <span class=\"_ _d\"></span>alle <span class=\"_ _d\"></span>attivit\u00e0 <span class=\"_ _d\"></span>finanziarie <span class=\"_ _2\"></span>cedute, <span class=\"_ _d\"></span>queste <span class=\"_ _d\"></span>continuano <span class=\"_ _2\"></span>ad<span class=\"_ _df\"> </span>essere iscritte <span class=\"_ _2\"></span>in bilancio, ancorch\u00e9 gi<span class=\"_ _2\"></span>uridicamente la titolarit\u00e0 <span class=\"_ _2\"></span>delle attivit\u00e0 <span class=\"_ _2\"></span>stesse sia <span class=\"_ _2\"></span>stata effettivamente trasferita. Nel  caso  in  cui<span class=\"_ _1\"></span>  non  sia  possibile  accertare  il  sostanziale  trasferimento  de<span class=\"_ _1\"></span>i  rischi  e  benefici,  le  attivit\u00e0 finanziarie <span class=\"_ _0\"></span>vengono <span class=\"_ _9\"> </span>cancellate <span class=\"_ _9\"> </span>dal <span class=\"_ _9\"> </span>bilancio <span class=\"_ _0\"> </span>q<span class=\"_ _2\"></span>ualora <span class=\"_ _0\"></span>non <span class=\"_ _9\"> </span>sia <span class=\"_ _9\"> </span>st<span class=\"_ _2\"></span>ato <span class=\"_ _0\"></span>mantenuto <span class=\"_ _9\"> </span>alcun <span class=\"_ _0\"></span>t<span class=\"_ _2\"></span>ipo <span class=\"_ _0\"></span>di <span class=\"_ _9\"> </span>controllo <span class=\"_ _9\"> </span>sulle stesse. <span class=\"_ _d\"></span>In <span class=\"_ _0\"></span>caso <span class=\"_ _d\"></span>contrario, <span class=\"_ _d\"></span>la <span class=\"_ _0\"></span>conservazione, <span class=\"_ _d\"></span>anche <span class=\"_ _0\"></span>in <span class=\"_ _d\"></span>parte, <span class=\"_ _0\"></span>di <span class=\"_ _d\"></span>tale <span class=\"_ _d\"></span>cont<span class=\"_ _2\"></span>rollo <span class=\"_ _d\"></span>comporta <span class=\"_ _d\"></span>il <span class=\"_ _d\"></span>mantenimento <span class=\"_ _d\"></span>in bilancio <span class=\"_ _2\"></span>delle at<span class=\"_ _2\"></span>tivit\u00e0 <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>misura <span class=\"_ _2\"></span>pari <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>coinvolgimento <span class=\"_ _d\"></span>residuo, <span class=\"_ _2\"></span>misurato <span class=\"_ _2\"></span>dall\u2019esposizione a<span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>cambiamenti <span class=\"_ _2\"></span>di valore delle attivit\u00e0 cedute ed alle variazioni dei flu<span class=\"_ _1\"></span>ssi finanziari delle<span class=\"_ _2\"></span> stesse. Infine, le attivit\u00e0 finanziarie cedute vengono cancellate dal bilancio nel caso in cui vi sia la conservazione dei diritti <span class=\"_ _9\"> </span>contrattuali <span class=\"_ _0\"></span>a <span class=\"_ _9\"> </span>r<span class=\"_ _2\"></span>icev<span class=\"_ _1\"></span>ere <span class=\"_ _0\"></span>i <span class=\"_ _9\"> </span>r<span class=\"_ _2\"></span>elativi <span class=\"_ _0\"></span>flussi <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>cassa, <span class=\"_ _9\"> </span>con <span class=\"_ _9\"> </span>la <span class=\"_ _0\"></span>co<span class=\"_ _2\"></span>ntestuale <span class=\"_ _0\"></span>ass<span class=\"_ _2\"></span>unzione<span class=\"_ _1\"></span> <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>un\u2019obbligazione <span class=\"_ _0\"></span>a pagare detti flussi, e solo essi, senza un ritardo rilevante ad altri soggetti terzi. Criter<span class=\"_ _1\"></span>i di <span class=\"_ _1\"></span>cancell<span class=\"_ _1\"></span>azion<span class=\"_ _f\"></span>e Le <span class=\"_ _2\"></span>partecipazioni <span class=\"_ _2\"></span>vengono <span class=\"_ _d\"></span>cancellate <span class=\"_ _2\"></span>quando <span class=\"_ _2\"></span>scadono <span class=\"_ _2\"></span>i <span class=\"_ _d\"></span>diritti <span class=\"_ _2\"></span>contrattuali <span class=\"_ _2\"></span>sui <span class=\"_ _d\"></span>flussi <span class=\"_ _2\"></span>finanziari <span class=\"_ _2\"></span>derivati <span class=\"_ _2\"></span>dalle attivit\u00e0 <span class=\"_ _1\"></span>stesse o<span class=\"_ _f\"></span> quando <span class=\"_ _1\"></span>l\u2019attivit\u00e0 <span class=\"_ _f\"></span>finanziaria vie<span class=\"_ _1\"></span>ne ce<span class=\"_ _f\"></span>d<span class=\"_ _2\"></span>uta t<span class=\"_ _f\"></span>r<span class=\"_ _2\"></span>asferendo <span class=\"_ _f\"></span>s<span class=\"_ _2\"></span>ostanzialmente<span class=\"_ _1\"></span> tutti <span class=\"_ _f\"></span>i rischi<span class=\"_ _f\"></span> e b<span class=\"_ _1\"></span>enefici ad<span class=\"ls0\"> essa connessi. </span><div class=\"t m0 h5 ff4 fs1 fc4 sc3 ls0 ws0 gs476\">Criter<span class=\"_ _1\"></span>i di <span class=\"_ _1\"></span>cancell<span class=\"_ _1\"></span>azion<span class=\"_ _f\"></span>e<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs477\">Le <span class=\"_ _17\"> </span>attivit\u00e0 <span class=\"_ _14\"> </span>immateriali <span class=\"_ _17\"> </span>vengono <span class=\"_ _17\"> </span>cancellate <span class=\"_ _17\"> </span>dal <span class=\"_ _14\"> </span>bilancio <span class=\"_ _17\"> </span>quando <span class=\"_ _17\"> </span>han<span class=\"_ _2\"></span>no <span class=\"_ _14\"> </span>esaurito <span class=\"_ _17\"> </span>integralmente <span class=\"_ _17\"> </span>le <span class=\"_ _14\"> </span>loro<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs478\">funzionalit\u00e0 <span class=\"_ _17\"> </span>economiche, <span class=\"_ _17\"> </span>ovvero<span class=\"_ _2\"></span> <span class=\"_ _17\"> </span>nel <span class=\"_ _17\"> </span>momento <span class=\"_ _14\"> </span>della <span class=\"_ _17\"> </span>dismissione <span class=\"_ _17\"> </span>o <span class=\"_ _14\"> </span>qualora <span class=\"_ _17\"> </span>non <span class=\"_ _17\"> </span>sono <span class=\"_ _14\"> </span>attesi <span class=\"_ _17\"> </span>benefici<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs479\">economici futuri.<span class=\"_ _df\"> </span> </div>Criter<span class=\"_ _1\"></span>i di <span class=\"_ _1\"></span>cancell<span class=\"_ _1\"></span>azion<span class=\"_ _f\"></span>e<span class=\"_ _df\"> </span> Le <span class=\"_ _d\"></span>passivit\u00e0 <span class=\"_ _0\"> </span>finanziar<span class=\"_ _2\"></span>ie <span class=\"_ _d\"></span>sono <span class=\"_ _0\"></span>cancellate <span class=\"_ _0\"></span>dal <span class=\"_ _0\"></span>bilancio <span class=\"_ _0\"></span>quando <span class=\"_ _0\"></span>risultano <span class=\"_ _0\"></span>scadute <span class=\"_ _0\"></span>o <span class=\"_ _0\"></span>estinte. <span class=\"_ _d\"></span>La <span class=\"_ _0\"></span>cancellazione<span class=\"_ _df\"> </span> avviene <span class=\"_ _d\"></span>anche <span class=\"_ _2\"></span>in <span class=\"_ _d\"></span>presenza <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>riacquisto <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>t<span class=\"_ _2\"></span>i<span class=\"_ _1\"></span>toli <span class=\"_ _d\"></span>obbligazionari <span class=\"_ _d\"></span>precedentemente <span class=\"_ _d\"></span>emessi. <span class=\"_ _2\"></span>La <span class=\"_ _0\"></span>differenz<span class=\"_ _1\"></span>a <span class=\"_ _d\"></span>tra<span class=\"_ _df\"> </span> valore <span class=\"_ _14\"> </span>contabile <span class=\"_ _14\"> </span>della <span class=\"_ _15\"> </span>passivit\u00e0 <span class=\"_ _14\"> </span>e <span class=\"_ _15\"> </span>l\u2019ammontare <span class=\"_ _14\"> </span>corrispo<span class=\"_ _2\"></span><span class=\"ff4\">sto <span class=\"_ _14\"> </span>per <span class=\"_ _14\"> </span>acquistarla <span class=\"_ _14\"> </span>viene <span class=\"_ _15\"> </span>registrata <span class=\"_ _14\"> </span>a <span class=\"_ _15\"> </span>Conto<span class=\"_ _df\"> </span></span><span class=\"ff4\"> </span>Economico.<span class=\"_ _df\"> </span> Il <span class=\"_ _0\"></span>ricollocamento <span class=\"_ _9\"> </span>sul <span class=\"_ _9\"> </span>mercato <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>titoli <span class=\"_ _9\"> </span>propri <span class=\"_ _9\"> </span>successivamente <span class=\"_ _0\"></span>al <span class=\"_ _9\"> </span>loro <span class=\"_ _9\"> </span>riacquisto <span class=\"_ _9\"> </span>\u00e8 <span class=\"_ _9\"> </span>considerato <span class=\"_ _0\"></span>come <span class=\"_ _9\"> </span>una<span class=\"_ _df\"> </span> nuova emissione con iscrizione al nuovo prezzo di<span class=\"_ _1\"></span> collocamento.<span class=\"_ _df\"> </span>Criter<span class=\"_ _1\"></span>i di <span class=\"_ _1\"></span>cancell<span class=\"_ _1\"></span>azion<span class=\"_ _f\"></span>e<span class=\"_ _df\"> </span> Le <span class=\"_ _2\"></span>Passivit\u00e0 <span class=\"_ _2\"></span>finanziarie <span class=\"_ _2\"></span>detenute <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>negoziazione v<span class=\"_ _2\"></span>engono ca<span class=\"_ _2\"></span>ncellate <span class=\"_ _2\"></span>dal <span class=\"_ _2\"></span>bilancio <span class=\"_ _2\"></span>quando <span class=\"_ _2\"></span>scadono <span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>diritti<span class=\"_ _df\"> </span> contrattuali <span class=\"_ _17\"> </span>sui <span class=\"_ _17\"> </span>relativi <span class=\"_ _17\"> </span>flussi <span class=\"_ _17\"> </span>finanziari <span class=\"_ _4\"> </span>o <span class=\"_ _14\"> </span>quando <span class=\"_ _4\"> </span>la <span class=\"_ _17\"> </span>passivit<span class=\"_ _2\"></span>\u00e0 <span class=\"_ _17\"> </span>finanziaria <span class=\"_ _4\"> </span>\u00e8 <span class=\"_ _17\"> </span>ceduta <span class=\"_ _14\"> </span>con <span class=\"_ _17\"> </span>trasferimento<span class=\"_ _df\"> </span> sostanziale di tutti i rischi ed i benefi<span class=\"_ _1\"></span>ci derivanti dalla propriet\u00e0 della stessa.<span class=\"_ _df\"> </span> <div class=\"t m0 hc ff4 fs4 fc1 sc0 ls0 ws0 gs571\">BILANCIO CONSO<span class=\"_ _1\"></span>LIDATO <span class=\"ff5\">\u2013</span> NOTA INT<span class=\"_ _f\"></span>E<span class=\"_ _2\"></span>GRATIVA <span class=\"ls25\">303<span class=\"_ _1\"></span><span class=\"ls0\"> </span></span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs572\">Le  pass<span class=\"_ _2\"></span>ivit\u00e0  finanziarie <span class=\"_ _4\"> </span>valutate <span class=\"_ _4\"> </span>al  fair <span class=\"_ _4\"> </span>value <span class=\"_ _22\"> </span>vengono <span class=\"_ _4\"> </span>cancellate <span class=\"_ _4\"> </span>dal  bilancio <span class=\"_ _4\"> </span>quando  s<span class=\"_ _2\"></span>cadono <span class=\"_ _22\"> </span>i <span class=\"_ _4\"> </span>diritti<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs573\">contrattuali  sui  relativi<span class=\"_ _1\"></span>  flussi  finanziari  o  qu<span class=\"_ _1\"></span>ando  questa  viene  e<span class=\"_ _1\"></span>stinta,  ovverosia  quando <span class=\"_ _16\"> </span>l'obbligazione<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs574\">specificata nel contratto \u00e8 adempiu<span class=\"_ _1\"></span>ta o cancellata o scaduta<span class=\"_ _2\"></span>.<span class=\"_ _df\"> </span> </div>Criter<span class=\"_ _1\"></span>i di <span class=\"_ _1\"></span>cancell<span class=\"_ _1\"></span>azion<span class=\"_ _f\"></span>e<span class=\"_ _df\"> </span><span class=\"fc5 sc4\"> </span>Si applicano i criteri indicati per le v<span class=\"_ _1\"></span>oci di bilancio corrispondenti.<span class=\"_ _df\"> </span> Il tasso di cambio utilizzato \u00e8 quello alla data di estinzione<span class=\"_ _1\"></span>.<div class=\"t m0 h5 ff4 fs1 fc4 sc3 ls0 ws0 gs6c5\">Criter<span class=\"_ _1\"></span>i di <span class=\"_ _1\"></span>cancell<span class=\"_ _1\"></span>azion<span class=\"_ _f\"></span>e </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs6c6\">I crediti d\u2019imposta <span class=\"_ _2\"></span>vengono cancellati quando scadono i <span class=\"_ _2\"></span>diritti di compensazione dei crediti <span class=\"_ _2\"></span>stessi o quando </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs6c7\">i crediti d\u2019imposta vengono ceduti trasfere<span class=\"ff4\">ndo sostanzialmente tutti i rischi e benefici.<span class=\"_ _df\"> </span></span><span class=\"ff4\"> </span></div>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerecognitionOfFinancialInstrumentsExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-767": {
   "value": "<div class=\"t m0 hc ff4 fs4 fc1 sc0 ls0 ws0 gs28c\">288  BILANCIO CON<span class=\"_ _1\"></span>SOLIDATO <span class=\"ff5\">\u2013</span> NOTA I<span class=\"_ _1\"></span>NTEGRATIVA<span class=\"_ _1\"></span> </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs28d\">L\u2019iscrizione iniziale <span class=\"_ _2\"></span>delle att<span class=\"_ _2\"></span>ivit\u00e0 finanziarie avviene <span class=\"_ _2\"></span>alla data <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>regolame<span class=\"_ _1\"></span>nto <span class=\"_ _2\"></span>per i <span class=\"_ _2\"></span>titoli <span class=\"_ _2\"></span>di debito <span class=\"_ _2\"></span>ed alla <span class=\"_ _2\"></span>data<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs28e\">di erogazione per i <span class=\"_ _2\"></span>finanziamenti. All\u2019atto della rilevazione iniziale le at<span class=\"_ _2\"></span>tivit\u00e0 sono contabilizzate al fair value,<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs28f\">comprensivo dei costi o proventi di transazione direttamente attri<span class=\"_ _1\"></span>buibili allo strumento<span class=\"_ _2\"></span> <span class=\"_ _13\"></span>stesso.<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc4 sc3 ls0 ws0 gs291\">Criter<span class=\"_ _1\"></span>i di <span class=\"_ _f\"></span>classifica<span class=\"_ _f\"></span>zione<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs292\">Sono incluse nella presente categoria le attivit\u00e0 finanziarie che<span class=\"_ _1\"></span> soddisfano entrambe le seguenti condizioni:<span class=\"_ _df\"> </span><span class=\"_ _2\"></span> </div><div class=\"t m0 h5 ff14 fs1 fc1 sc0 ls0 ws0 gs293\"><span class=\"_ _2c\"> </span><span class=\"ff5\">l\u2019attivit\u00e0  finanziaria  \u00e8  possed<span class=\"ff4\">uta  secondo  un  modello  di  business  il  cui  obiettivo  \u00e8  conseguito  sia<span class=\"_ _df\"> </span></span></span><span class=\"ff5\"><span class=\"ff4\"> </span></span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs294\">mediante <span class=\"_ _0\"></span>l\u2019incasso <span class=\"_ _9\"> </span>dei <span class=\"_ _9\"> </span>flussi <span class=\"_ _9\"> </span>finanziari <span class=\"_ _9\"> </span>previsti <span class=\"_ _9\"> </span>contrattualmente <span class=\"_ _0\"></span>che <span class=\"_ _9\"> </span>mediante <span class=\"_ _9\"> </span>la <span class=\"_ _9\"> </span>vendita <span class=\"_ _9\"> </span>(Business<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs295\">model \u201cHold to Collect and Sell \u2013<span class=\"ff4\"> </span>\u201cHTCS\u201d\u201d), e<span class=\"_ _df\"> </span><span class=\"ff4\"> </span></div><div class=\"t m0 h5 ff14 fs1 fc1 sc0 ls0 ws0 gs296\"><span class=\"_ _2c\"> </span><span class=\"ff5\">i <span class=\"_ _19\"> </span>termini <span class=\"_ _19\"> </span>contr<span class=\"_ _2\"></span>attuali <span class=\"_ _19\"> </span>dell\u2019attivit\u00e0 <span class=\"_ _19\"> </span>fin<span class=\"ff4\">anziaria <span class=\"_ _19\"> </span>prevedono, <span class=\"_ _19\"> </span>a <span class=\"_ _19\"> </span>determinate <span class=\"_ _19\"> </span>date, <span class=\"_ _19\"> </span>f<span class=\"_ _2\"></span>lussi <span class=\"_ _19\"> </span>finanziari<span class=\"_ _df\"> </span></span></span><span class=\"ff5\"><span class=\"ff4\"> </span></span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs297\">rappresentati <span class=\"_ _4\"> </span>unicamente <span class=\"_ _4\"> </span>da <span class=\"_ _4\"> </span>pagamenti <span class=\"_ _4\"> </span>del<span class=\"_ _1\"></span> <span class=\"_ _4\"> </span>capitale <span class=\"_ _4\"> </span>e <span class=\"_ _4\"> </span>dell\u2019interesse <span class=\"_ _4\"> </span>s<span class=\"_ _2\"></span>ull\u2019<span class=\"_ _1\"></span>importo <span class=\"_ _4\"> </span>del <span class=\"_ _4\"> </span>capitale <span class=\"_ _4\"> </span>da<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs298\">restituire (cd. \u201cSPPI test\u201d superato).<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs299\">In particolare, vengono inclusi in questa voce:<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff14 fs1 fc1 sc0 ls0 ws0 gs29a\"><span class=\"_ _2c\"> </span><span class=\"ff4\">i <span class=\"_ _16\"> </span>titoli <span class=\"_ _9\"> </span>di <span class=\"_ _16\"> </span>debito <span class=\"_ _16\"> </span>che <span class=\"_ _9\"> </span>sono <span class=\"_ _16\"> </span>riconducibili <span class=\"_ _9\"> </span>ad <span class=\"_ _9\"> </span>un  business <span class=\"_ _9\"> </span>model <span class=\"_ _16\"> </span>Hold <span class=\"_ _9\"> </span>to  Colle<span class=\"_ _1\"></span>ct <span class=\"_ _16\"> </span>and <span class=\"_ _9\"> </span>Sell <span class=\"_ _9\"> </span>e  che <span class=\"_ _9\"> </span>hanno<span class=\"_ _df\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs29b\">superato il test SPPI;<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff14 fs1 fc1 sc0 ls0 ws0 gs29c\"><span class=\"_ _2c\"> </span><span class=\"ff4\">i  finanziame<span class=\"_ _1\"></span>nti  che <span class=\"_ _9\"> </span>s<span class=\"_ _2\"></span>ono <span class=\"_ _16\"> </span>riconducibili <span class=\"_ _16\"> </span>ad <span class=\"_ _16\"> </span>un  b<span class=\"_ _1\"></span>usiness  mode<span class=\"_ _1\"></span>l <span class=\"_ _16\"> </span>Hold  to<span class=\"_ _1\"></span>  Collect <span class=\"_ _9\"> </span>and  Sell <span class=\"_ _16\"> </span>e  ch<span class=\"_ _1\"></span>e <span class=\"_ _16\"> </span>hanno<span class=\"_ _df\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs29d\">superato il test SPPI.<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc4 sc3 ls0 ws0 gs29e\">Riclas<span class=\"_ _f\"></span>sifiche<span class=\"_ _df\"> </span><span class=\"_ _1\"></span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs29f\">Secondo <span class=\"_ _0\"></span>le <span class=\"_ _9\"> </span>r<span class=\"ff5\">egole <span class=\"_ _0\"></span>generali <span class=\"_ _9\"> </span>previste <span class=\"_ _9\"> </span>dall\u2019IFRS <span class=\"_ _0\"></span>9 <span class=\"_ _9\"> </span>in <span class=\"_ _0\"></span>mat<span class=\"_ _2\"></span>eria <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>riclassificazione <span class=\"_ _0\"></span>delle <span class=\"_ _9\"> </span>attivit\u00e0 <span class=\"_ _9\"> </span>finanziarie <span class=\"_ _0\"></span>(ad<span class=\"_ _df\"> </span></span><span class=\"ff5\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs2a0\">eccezione dei <span class=\"_ _2\"></span>titoli <span class=\"_ _2\"></span>di capitale, <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>cui <span class=\"_ _2\"></span>non \u00e8 <span class=\"_ _2\"></span>ammessa <span class=\"_ _2\"></span>alcuna r<span class=\"_ _2\"></span>iclassifica), non <span class=\"_ _2\"></span>sono <span class=\"_ _2\"></span>ammesse <span class=\"_ _2\"></span>riclassifiche<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs2a1\">verso <span class=\"_ _2\"></span>altre categorie <span class=\"_ _2\"></span>di attivit\u00e0 <span class=\"_ _2\"></span>finanziarie <span class=\"ls2\">sa</span>lvo <span class=\"ls1a\">il</span> <span class=\"_ _2\"></span>caso <span class=\"_ _2\"></span><span class=\"ls1a\">in</span> cui <span class=\"ff5\">l\u2019entit\u00e0</span> <span class=\"_ _2\"></span>modifichi <span class=\"ls1a\">il</span> proprio <span class=\"_ _2\"></span>modell<span class=\"_ _1\"></span>o <span class=\"_ _2\"></span><span class=\"ls39\">di</span> business<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls39 ws0 gs2a2\">per<span class=\"ls0\"> <span class=\"ls1a\">la</span> gestione delle<span class=\"_ _1\"></span> attivit\u00e0 finanziarie a seguito di cambiamenti esterni o interni i quali siano rilevanti per le<span class=\"_ _df\"> </span></span><span class=\"ls0\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs2a3\">operazioni dell'entit\u00e0 e dimostrabil<span class=\"_ _1\"></span>i alle parti esterne<span class=\"_ _2\"></span>.<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs2a4\">In tali casi, che ci si attende siano altamente infrequenti, le attivit<span class=\"_ _2\"></span>\u00e0 finanziarie p<span class=\"_ _1\"></span>otranno essere riclassificate<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs2a5\">dalla categoria <span class=\"_ _1\"></span>valutata al fair<span class=\"_ _1\"></span> value <span class=\"_ _1\"></span>con impatto sul<span class=\"_ _1\"></span>la redditiv<span class=\"_ _1\"></span>it\u00e0 complessiva in <span class=\"_ _f\"></span>una delle altre du<span class=\"_ _1\"></span>e categorie<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs2a6\">previste <span class=\"_ _2\"></span>dall\u2019IFRS <span class=\"_ _d\"></span>9 <span class=\"_ _d\"></span>(Attivit\u00e0 <span class=\"_ _2\"></span>finanzi<span class=\"ff4\">arie <span class=\"_ _d\"></span>valutate <span class=\"_ _2\"></span>al <span class=\"_ _d\"></span>costo <span class=\"_ _d\"></span>ammortizzato <span class=\"_ _2\"></span>o <span class=\"_ _d\"></span>Attivit\u00e0 <span class=\"_ _2\"></span>finanziarie <span class=\"_ _2\"></span>valut<span class=\"_ _2\"></span>ate <span class=\"_ _2\"></span>al <span class=\"_ _d\"></span>fair<span class=\"_ _df\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs2a7\">value con <span class=\"_ _2\"></span>impatto <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>conto economico). <span class=\"_ _2\"></span>Il va<span class=\"_ _2\"></span>lore di <span class=\"_ _2\"></span>trasferimento <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _2\"></span>rappresentato dal <span class=\"_ _2\"></span>fair <span class=\"_ _2\"></span>value al <span class=\"_ _2\"></span>momento<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs2a8\">della ricl<span class=\"_ _1\"></span>assificazione e g<span class=\"_ _1\"></span>li effetti del<span class=\"_ _1\"></span>la riclassificazione<span class=\"_ _1\"></span> operano in maniera prospettica a <span class=\"_ _f\"></span>partire dalla d<span class=\"_ _1\"></span>ata di<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs2a9\">riclassificazione. <span class=\"_ _d\"></span>Nel <span class=\"_ _d\"></span>caso <span class=\"_ _0\"></span>di <span class=\"_ _d\"></span>riclassifica <span class=\"_ _d\"></span>dalla <span class=\"_ _0\"></span>categoria <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>oggetto <span class=\"_ _d\"></span>a <span class=\"_ _0\"></span>quella <span class=\"_ _d\"></span>del <span class=\"_ _d\"></span>costo <span class=\"_ _0\"></span>ammortizzato, <span class=\"_ _d\"></span>l\u2019utile<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs2aa\">(perdita) <span class=\"_ _4\"> </span>cumulato <span class=\"_ _4\"> </span>rilevato <span class=\"_ _22\"> </span>nella <span class=\"_ _4\"> </span>riserva <span class=\"_ _4\"> </span>da <span class=\"_ _4\"> </span>valutazione <span class=\"_ _4\"> </span>\u00e8 <span class=\"_ _4\"> </span>portato <span class=\"_ _4\"> </span>a <span class=\"_ _4\"> </span>rettifica <span class=\"_ _4\"> </span>del  fair <span class=\"_ _4\"> </span>value <span class=\"_ _4\"> </span>dell\u2019a<span class=\"_ _2\"></span><span class=\"ff4\">t<span class=\"_ _2\"></span>tivit\u00e0<span class=\"_ _df\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs2ab\">finanziaria <span class=\"_ _d\"></span>alla <span class=\"_ _d\"></span>data <span class=\"_ _0\"></span>della <span class=\"_ _d\"></span>riclassificazione. <span class=\"_ _d\"></span>Nel <span class=\"_ _0\"></span>caso <span class=\"_ _d\"></span>invece <span class=\"_ _d\"></span>di <span class=\"_ _0\"></span>riclassifica <span class=\"_ _d\"></span>nella <span class=\"_ _d\"></span>categoria <span class=\"_ _0\"></span>del <span class=\"_ _d\"></span>fair <span class=\"_ _0\"></span>value <span class=\"_ _d\"></span>con<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs2ac\">impatto a conto economico, l'utile (perdita) cumulato rilevato precedentemente nella riserva da valutazione<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs2ad\">\u00e8 riclassificato dal patrimonio netto all'utile (pe<span class=\"_ _1\"></span>rdita) d'esercizio.<span class=\"_ _df\"> </span><span class=\"_ _2\"></span> </div><div class=\"t m0 h5 ff4 fs1 fc4 sc3 ls0 ws0 gs2ae\">Criter<span class=\"_ _1\"></span>i di <span class=\"_ _1\"></span>valuta<span class=\"_ _1\"></span>zione<span class=\"_ _df\"> </span><span class=\"_ _f\"></span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs2af\">Successivamente <span class=\"_ _0\"></span>alla <span class=\"_ _9\"> </span>rilevazione <span class=\"_ _9\"> </span>iniziale, <span class=\"_ _0\"></span>le <span class=\"_ _9\"> </span>Attivit\u00e0 <span class=\"_ _9\"> </span>classificate <span class=\"_ _9\"> </span>al <span class=\"_ _9\"> </span>fair <span class=\"_ _9\"> </span>value <span class=\"_ _0\"></span>con <span class=\"_ _9\"> </span>impatto <span class=\"_ _0\"></span>s<span class=\"_ _2\"></span>ulla <span class=\"_ _0\"></span>redditivit\u00e0<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs2b0\">complessiva  so<span class=\"_ _2\"></span>no  valutate <span class=\"_ _4\"> </span>al <span class=\"_ _22\"> </span>f<span class=\"_ _2\"></span>air <span class=\"_ _22\"> </span>value, <span class=\"_ _4\"> </span>con <span class=\"_ _22\"> </span>la <span class=\"_ _4\"> </span>rilevazione  a <span class=\"_ _4\"> </span>Cont<span class=\"_ _2\"></span>o <span class=\"_ _22\"> </span>Economi<span class=\"_ _2\"></span>co <span class=\"_ _4\"> </span>degli  impatti <span class=\"_ _4\"> </span>derivanti<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs2b1\">dall\u2019applicazione  del  costo  ammort<span class=\"_ _2\"></span>izzato,  deg<span class=\"_ _1\"></span>li  effetti  dell\u2019im<span class=\"_ _2\"></span>pairment  e  dell\u2019eventuale  effetto  cambio,<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs2b2\">mentre gli altri utili o perdite derivanti da una variazione di fair value vengono rilevati in una specif<span class=\"_ _2\"></span>ica riserva<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs2b3\">di patr<span class=\"_ _2\"></span><span class=\"ff5\">imonio netto <span class=\"_ _2\"></span>finch\u00e9 l\u2019att<span class=\"_ _2\"></span>ivit\u00e0 finanziaria <span class=\"_ _2\"></span>non viene <span class=\"_ _2\"></span>cancellata. <span class=\"_ _2\"></span>Al mo<span class=\"_ _2\"></span>mento della dismissione, <span class=\"_ _2\"></span>totale <span class=\"_ _2\"></span>o<span class=\"_ _df\"> </span></span><span class=\"ff5\"> </span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs2b4\">parziale, l\u2019u<span class=\"_ _1\"></span>tile o la perdi<span class=\"_ _1\"></span>ta cumulati nella <span class=\"_ _f\"></span>r<span class=\"_ _2\"></span>iserva da <span class=\"_ _1\"></span>valutazione vengono riv<span class=\"_ _1\"></span>ersati, in tutto o <span class=\"_ _1\"></span>in parte, <span class=\"_ _f\"></span>a Conto<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs2b5\">Economico.<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs2b6\">Il fair value viene determinato sulla base dei criteri gi\u00e0 illustrati pe<span class=\"_ _1\"></span>r le Attivit\u00e0 finanziarie valutate al fair value<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs2b7\">con impatto a conto economico.<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs2b8\">Le Attivit\u00e0 fi<span class=\"_ _1\"></span>nanziarie valutate al fai<span class=\"_ _1\"></span>r value con <span class=\"_ _f\"></span>im<span class=\"_ _2\"></span>patto sulla redd<span class=\"_ _1\"></span>itivit\u00e0 complessiva <span class=\"ff5\">\u2013</span> sia sotto forma <span class=\"_ _1\"></span>di titoli<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs2b9\">di  debito  che <span class=\"_ _4\"> </span>di  crediti  <span class=\"ff5\">\u2013</span> <span class=\"_ _4\"> </span><span class=\"ff5\">sono<span class=\"_ _f\"></span> <span class=\"_ _4\"> </span>soggette  alla  verifica  dell\u2019incremento <span class=\"_ _22\"> </span>significativo  del <span class=\"_ _22\"> </span>r<span class=\"_ _2\"></span>ischio  creditizio<span class=\"_ _df\"> </span></span><span class=\"ff5\"> </span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs2ba\">(impairment) prevista dall\u2019IFRS<span class=\"_ _1\"></span> 9, al pari delle Attivit\u00e0 al costo ammortizzato, con conseguente rilevazi<span class=\"_ _1\"></span>one a<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs2bb\">conto economico di una rettifica di valore a copertura delle perdite attese. Pi\u00f9 in particolare, sugl<span class=\"_ _1\"></span>i strumenti<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs2bc\">classificati in st<span class=\"_ _2\"></span>age 1 (ossia s<span class=\"_ _2\"></span>ulle attivit\u00e0 finanziarie al <span class=\"_ _2\"></span>momento dell\u2019origination, ove non d<span class=\"_ _2\"></span>eteriorate, e s<span class=\"_ _2\"></span>ugli<span class=\"_ _df\"> </span><span class=\"_ _1\"></span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs2bd\">strumenti <span class=\"_ _0\"></span>per <span class=\"_ _0\"></span>cui <span class=\"_ _d\"></span>non <span class=\"_ _0\"></span>s<span class=\"_ _2\"></span>i <span class=\"_ _d\"></span>\u00e8 <span class=\"_ _0\"></span>verificato <span class=\"_ _0\"></span>un <span class=\"_ _0\"></span>significativo <span class=\"_ _d\"></span>incremento <span class=\"_ _0\"></span>del <span class=\"_ _0\"></span>risch<span class=\"_ _2\"></span>io <span class=\"_ _0\"></span>creditizio <span class=\"_ _d\"></span>r<span class=\"_ _2\"></span>ispetto <span class=\"_ _d\"></span>alla <span class=\"_ _0\"></span>data <span class=\"_ _0\"></span>di<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs2be\">rilevazione <span class=\"_ _f\"></span>iniziale) <span class=\"_ _1\"></span>viene <span class=\"_ _f\"></span>contabilizzata, alla <span class=\"_ _f\"></span>data <span class=\"_ _f\"></span>di rilev<span class=\"_ _1\"></span>azione <span class=\"_ _1\"></span>iniziale <span class=\"_ _f\"></span>e <span class=\"_ _1\"></span>ad <span class=\"_ _f\"></span>o<span class=\"_ _2\"></span>gni <span class=\"_ _f\"></span>data <span class=\"_ _1\"></span>di <span class=\"_ _f\"></span>report<span class=\"_ _2\"></span>ing <span class=\"_ _f\"></span>successiva,<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs2bf\">una perdita attesa ad un anno. Invece, per gli strumenti classificati in stage 2 (bonis per i quali si<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>\u00e8 verificato<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs2c0\">un <span class=\"_ _22\"> </span>incremento <span class=\"_ _4\"> </span>significativo  del <span class=\"_ _4\"> </span>rischio <span class=\"_ _4\"> </span>c<span class=\"_ _1\"></span>reditizio <span class=\"_ _22\"> </span>rispetto <span class=\"_ _4\"> </span>alla <span class=\"_ _22\"> </span>data <span class=\"_ _4\"> </span>di  rilevazione <span class=\"_ _22\"> </span>in<span class=\"_ _2\"></span>iziale)  e <span class=\"_ _4\"> </span>in  st<span class=\"_ _2\"></span>age  3<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs2c1\">(esposizioni <span class=\"_ _0\"></span>deteriorate) <span class=\"_ _9\"> </span>viene <span class=\"_ _9\"> </span>contabilizzata <span class=\"_ _0\"> </span>una <span class=\"_ _9\"> </span>perdita <span class=\"_ _9\"> </span>att<span class=\"_ _2\"></span>e<span class=\"_ _1\"></span>sa <span class=\"_ _9\"> </span>per <span class=\"_ _9\"> </span>l\u2019intera <span class=\"_ _0\"></span>vita <span class=\"_ _9\"> </span>residua <span class=\"_ _9\"> </span>dello <span class=\"_ _0\"></span>s<span class=\"_ _2\"></span>trumento<span class=\"_ _df\"> </span><span class=\"ff4\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs2c2\">finanziario.<span class=\"_ _df\"> </span> </div>Criter<span class=\"_ _1\"></span>i di <span class=\"_ _1\"></span>cancell<span class=\"_ _1\"></span>azion<span class=\"_ _f\"></span>e Le attivit\u00e0 finanziarie veng<span class=\"_ _1\"></span>ono cancellate dal bilancio solamente se la cessione ha comportato il <span class=\"_ _1\"></span>sostanziale<span class=\"_ _df\"> </span> trasferimento di tutti i rischi e benefici connessi alle attivit\u00e0 stesse. Per contr<span class=\"_ _2\"></span>o, qualora sia stata mantenuta<span class=\"_ _df\"> </span> una <span class=\"_ _2\"></span>quota <span class=\"_ _d\"></span>parte <span class=\"_ _d\"></span>rilevante <span class=\"_ _d\"></span>dei <span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>ischi <span class=\"_ _2\"></span>e <span class=\"_ _d\"></span>benefici <span class=\"_ _d\"></span>relativi <span class=\"_ _2\"></span>alle <span class=\"_ _d\"></span>attivit\u00e0 <span class=\"_ _d\"></span>finanziarie <span class=\"_ _2\"></span>cedute, <span class=\"_ _d\"></span>queste <span class=\"_ _d\"></span>continuano <span class=\"_ _d\"></span>ad<span class=\"_ _df\"> </span>essere iscritte <span class=\"_ _2\"></span>in bilancio, ancorch\u00e9 gi<span class=\"_ _2\"></span>uridicamente la titolarit\u00e0 <span class=\"_ _2\"></span>delle attivit\u00e0 <span class=\"_ _2\"></span>stesse sia <span class=\"_ _2\"></span>stata effettivamente trasferita. Nel  caso  in  cu<span class=\"_ _1\"></span>i  non  sia  possibile  accertar<span class=\"_ _2\"></span>e  il <span class=\"_ _16\"> </span>sostanziale  trasferimento  dei <span class=\"_ _16\"> </span>rischi  e  benefici,  le  attivit\u00e0 finanziarie <span class=\"_ _0\"></span>vengono <span class=\"_ _9\"> </span>cancellate <span class=\"_ _9\"> </span>dal <span class=\"_ _9\"> </span>bilancio <span class=\"_ _0\"> </span>q<span class=\"_ _2\"></span>ualora <span class=\"_ _0\"></span>non <span class=\"_ _9\"> </span>sia <span class=\"_ _9\"> </span>st<span class=\"_ _2\"></span>ato <span class=\"_ _0\"></span>mantenuto <span class=\"_ _9\"> </span>alcun <span class=\"_ _0\"></span>t<span class=\"_ _2\"></span>ipo <span class=\"_ _0\"></span>di <span class=\"_ _9\"> </span>controllo <span class=\"_ _9\"> </span>sulle stesse. <span class=\"_ _d\"></span>In <span class=\"_ _0\"></span>caso <span class=\"_ _d\"></span>contrario, <span class=\"_ _d\"></span>la <span class=\"_ _0\"></span>conservazione, <span class=\"_ _d\"></span>anche <span class=\"_ _d\"></span>in <span class=\"_ _0\"></span>parte, <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>tale <span class=\"_ _0\"></span>controllo<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>comporta <span class=\"_ _d\"></span>il <span class=\"_ _0\"></span>mantenimento <span class=\"_ _d\"></span>in bilancio <span class=\"_ _2\"></span>delle at<span class=\"_ _2\"></span>tivit\u00e0 <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>misura <span class=\"_ _2\"></span>pari <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>coinvolgimento <span class=\"_ _d\"></span>residuo, <span class=\"_ _2\"></span>misurato <span class=\"_ _2\"></span>dall\u2019esposizione a<span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>cambiamenti <span class=\"_ _2\"></span>di valore delle attivit\u00e0 cedute ed alle variazioni dei flu<span class=\"_ _1\"></span>ssi finanziari delle<span class=\"_ _2\"></span> stesse. Infine, le attivit\u00e0 finanziarie cedute vengono cancellate dal bilancio nel caso in cui vi sia la conservazione dei diritti <span class=\"_ _9\"> </span>contrattuali <span class=\"_ _0\"></span>a <span class=\"_ _9\"> </span>r<span class=\"_ _2\"></span>icev<span class=\"_ _1\"></span>ere <span class=\"_ _0\"></span>i <span class=\"_ _9\"> </span>r<span class=\"_ _2\"></span>elativi <span class=\"_ _0\"></span>flussi <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>cassa, <span class=\"_ _9\"> </span>con <span class=\"_ _9\"> </span>la <span class=\"_ _0\"></span>co<span class=\"_ _2\"></span>ntestuale <span class=\"_ _0\"></span>ass<span class=\"_ _2\"></span>unzione<span class=\"_ _1\"></span> <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>un\u2019obbligazione <span class=\"_ _0\"></span>a pagare detti flussi, e solo essi, senz<span class=\"_ _1\"></span>a un ritardo rilevante ad<span class=\"_ _2\"></span> altri soggetti terzi. Criter<span class=\"_ _1\"></span>i di <span class=\"_ _1\"></span>rileva<span class=\"_ _f\"></span>zione dell<span class=\"_ _1\"></span>e com<span class=\"_ _f\"></span>ponenti <span class=\"_ _1\"></span>reddi<span class=\"_ _1\"></span>tuali<span class=\"_ _f\"></span> Gli interessi <span class=\"_ _2\"></span>attivi, <span class=\"_ _2\"></span>calcolati in <span class=\"_ _2\"></span>base <span class=\"_ _2\"></span>alla metodologia <span class=\"_ _2\"></span>del T.I.R., <span class=\"_ _2\"></span>vengono <span class=\"_ _2\"></span>contabilizzati p<span class=\"_ _2\"></span>er competenza <span class=\"_ _2\"></span>nelle voci \u201cInteressi attivi <span class=\"_ _f\"></span>e proventi assimilati\u201d, mentre gli utili<span class=\"_ _1\"></span> o le<span class=\"ff4\"> per<span class=\"_ _2\"></span>dite derivanti <span class=\"_ _f\"></span>da una variazione di </span>fair value vengono  rilevati  in <span class=\"_ _22\"> </span>una <span class=\"_ _4\"> </span>specifica  riserva <span class=\"_ _4\"> </span>di  patrimonio  netto  sino <span class=\"_ _22\"> </span>a <span class=\"_ _22\"> </span>che <span class=\"_ _22\"> </span>l\u2019att<span class=\"_ _2\"></span>ivit\u00e0  finanziaria  non <span class=\"_ _4\"> </span>vie<span class=\"_ _1\"></span>ne cancellata o <span class=\"_ _f\"></span>non vi<span class=\"_ _1\"></span>ene <span class=\"_ _1\"></span>rilevata una <span class=\"_ _f\"></span>perdita di <span class=\"_ _f\"></span>valore. Per <span class=\"_ _f\"></span>i titoli <span class=\"_ _f\"></span>di debito, <span class=\"_ _f\"></span>al momento d<span class=\"_ _1\"></span>ella <span class=\"_ _1\"></span>dismissione o d<span class=\"_ _1\"></span>ella rilevazione di una perdita di valore, l\u2019utile<span class=\"_ _1\"></span> o la perdita cumulati vengono riversati a conto economico<span class=\"_ _2\"></span><span class=\"ff4\">. </span>Qualora i motivi della perdita di valore siano rimossi a seguito di un e<span class=\"_ _1\"></span>vento verificatosi successivamente alla rilevazione <span class=\"_ _14\"> </span>della <span class=\"_ _14\"> </span>riduzione <span class=\"_ _14\"> </span>d<span class=\"_ _2\"></span>i <span class=\"_ _14\"> </span>valore, <span class=\"_ _14\"> </span>vengono <span class=\"_ _15\"> </span>effettuate <span class=\"_ _14\"> </span>riprese <span class=\"_ _15\"> </span>di <span class=\"_ _14\"> </span>valore <span class=\"_ _14\"> </span>con <span class=\"_ _15\"> </span>imputazione <span class=\"_ _14\"> </span>a <span class=\"_ _15\"> </span>conto economico, <span class=\"_ _f\"></span>nel <span class=\"_ _f\"></span>caso <span class=\"_ _1\"></span>dei <span class=\"_ _f\"></span>titoli <span class=\"_ _1\"></span>di <span class=\"_ _f\"></span>debito. <span class=\"_ _f\"></span>L\u2019ammontar<span class=\"_ _2\"></span>e <span class=\"_ _f\"></span>della <span class=\"_ _f\"></span>ripresa <span class=\"_ _1\"></span>non <span class=\"_ _f\"></span>pu\u00f2 <span class=\"_ _f\"></span>in <span class=\"_ _f\"></span>og<span class=\"_ _2\"></span>ni <span class=\"_ _f\"></span>caso <span class=\"_ _f\"></span>superar<span class=\"_ _2\"></span>e <span class=\"_ _f\"></span>la <span class=\"_ _f\"></span>differenza tra <span class=\"_ _0\"></span>il <span class=\"_ _0\"></span>valore <span class=\"_ _d\"></span>cont<span class=\"_ _2\"></span>abile<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>ed <span class=\"_ _0\"></span>il <span class=\"_ _d\"></span>costo <span class=\"_ _0\"></span>ammort<span class=\"_ _2\"></span>izzato <span class=\"_ _d\"></span>che <span class=\"_ _0\"></span>lo <span class=\"_ _d\"></span>s<span class=\"_ _2\"></span>trumento <span class=\"_ _0\"></span>avrebbe <span class=\"_ _0\"></span>avuto <span class=\"_ _0\"></span>in <span class=\"_ _d\"></span>assenza <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>precedenti rettifiche. 2.2 A<span class=\"_ _1\"></span>ttivit\u00e0 f<span class=\"_ _1\"></span>inanz<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span>arie<span class=\"_ _1\"></span> valuta<span class=\"_ _f\"></span>te al fair va<span class=\"_ _f\"></span>lue con im<span class=\"_ _1\"></span>patt<span class=\"_ _1\"></span>o sulla <span class=\"_ _1\"></span>redd<span class=\"_ _1\"></span>itivit\u00e0 co<span class=\"_ _f\"></span>mplessiva<span class=\"_ _f\"></span> (FVOCI s<span class=\"_ _1\"></span>enza ric<span class=\"_ _1\"></span>iclo) Criter<span class=\"_ _1\"></span>i di <span class=\"_ _1\"></span>iscrizi<span class=\"_ _1\"></span>one L\u2019iscrizione <span class=\"_ _d\"></span>iniziale <span class=\"_ _d\"></span>delle <span class=\"_ _0\"></span>attivit\u00e0 <span class=\"_ _d\"></span>finanziarie <span class=\"_ _d\"></span>avviene <span class=\"_ _d\"></span>alla <span class=\"_ _0\"></span>data <span class=\"_ _d\"></span>di<span class=\"_ _2\"></span><span class=\"ff4\"> <span class=\"_ _d\"></span></span>regolamento <span class=\"_ _d\"></span>per <span class=\"_ _0\"></span>i <span class=\"_ _d\"></span>titoli <span class=\"_ _d\"></span>di <span class=\"_ _0\"></span>capitale. <span class=\"_ _d\"></span>All\u2019atto della <span class=\"_ _9\"> </span>ril<span class=\"_ _2\"></span>evazione <span class=\"_ _9\"> </span>iniziale  le <span class=\"_ _9\"> </span>att<span class=\"_ _2\"></span>ivit\u00e0 <span class=\"_ _9\"> </span>sono  contabili<span class=\"_ _1\"></span>zzate <span class=\"_ _16\"> </span>al <span class=\"_ _16\"> </span>fair <span class=\"_ _16\"> </span>value<span class=\"_ _1\"></span>, <span class=\"_ _16\"> </span>comprensivo  d<span class=\"_ _1\"></span>ei <span class=\"_ _16\"> </span>costi <span class=\"_ _16\"> </span>o <span class=\"_ _9\"> </span>proventi  di transazione direttamente attribuib<span class=\"_ _1\"></span>ili allo strumento<span class=\"_ _2\"></span> <span class=\"_ _13\"></span>stesso. Criter<span class=\"_ _1\"></span>i di <span class=\"_ _1\"></span>class<span class=\"_ _1\"></span>ificazi<span class=\"_ _1\"></span>one Sono <span class=\"_ _9\"> </span>inclusi <span class=\"_ _16\"> </span>nella <span class=\"_ _9\"> </span>voce  gli <span class=\"_ _0\"> </span>s<span class=\"_ _2\"></span>trumenti <span class=\"_ _9\"> </span>di <span class=\"_ _16\"> </span>capitale, <span class=\"_ _9\"> </span>non  d<span class=\"_ _1\"></span>etenuti  p<span class=\"_ _1\"></span>er <span class=\"_ _9\"> </span>finalit\u00e0  di <span class=\"_ _9\"> </span>negoziazione, <span class=\"_ _9\"> </span>per  i <span class=\"_ _9\"> </span>quali <span class=\"_ _9\"> </span>al momento <span class=\"_ _2\"></span>della <span class=\"_ _2\"></span>rilevazione ini<span class=\"_ _2\"></span>ziale <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _2\"></span>stata <span class=\"_ _2\"></span>esercitata <span class=\"_ _2\"></span>l\u2019opzione p<span class=\"_ _2\"></span>er <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>designazione <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>fair <span class=\"_ _2\"></span>value c<span class=\"_ _2\"></span>on <span class=\"_ _2\"></span>impatto sulla redditivit\u00e0 complessiva. In <span class=\"_ _4\"> </span>particolare, <span class=\"_ _4\"> </span>vengono <span class=\"_ _22\"> </span>inclusi<span class=\"_ _2\"></span> <span class=\"_ _4\"> </span>in <span class=\"_ _22\"> </span>questa <span class=\"_ _4\"> </span>voce <span class=\"_ _4\"> </span>le <span class=\"_ _4\"> </span>interessenze <span class=\"_ _4\"> </span>azionarie, <span class=\"_ _4\"> </span>non <span class=\"_ _4\"> </span>qualificabili <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>controllo, collegamento  e <span class=\"_ _4\"> </span>controllo  congiunto,  che  non <span class=\"_ _4\"> </span>sono  detenute  con <span class=\"_ _4\"> </span>finalit\u00e0  di  negoziazione,  per <span class=\"_ _4\"> </span>cui  si <span class=\"_ _22\"> </span>\u00e8 esercitata l\u2019opzione per la designazione<span class=\"_ _1\"></span> al fair value con impat<span class=\"_ _2\"></span><span class=\"ff4\">to sulla redditivi<span class=\"_ _1\"></span>t\u00e0 complessiva.<span class=\"_ _2\"></span> </span>Riclas<span class=\"_ _f\"></span>sifiche<span class=\"_ _1\"></span> Secondo <span class=\"_ _d\"></span><span class=\"ff5\">le <span class=\"_ _d\"></span>regole <span class=\"_ _0\"></span>generali <span class=\"_ _d\"></span>previste <span class=\"_ _0\"></span>dall\u2019IFRS <span class=\"_ _d\"></span>9 <span class=\"_ _d\"></span>in <span class=\"_ _0\"></span>materia <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>riclassificazione <span class=\"_ _d\"></span>delle <span class=\"_ _d\"></span>at<span class=\"_ _2\"></span>tivit\u00e0 <span class=\"_ _d\"></span>finanziarie <span class=\"_ _d\"></span>per <span class=\"_ _0\"></span>i </span>titoli di capitale non \u00e8 ammessa alcuna riclassifica.<span class=\"sc2\"> </span>Criter<span class=\"_ _1\"></span>i di <span class=\"_ _1\"></span>valuta<span class=\"_ _1\"></span>zione<span class=\"_ _f\"></span> Successivamente <span class=\"_ _2\"></span>alla <span class=\"_ _2\"></span>ril<span class=\"_ _2\"></span>evazione <span class=\"_ _2\"></span>iniziale, <span class=\"_ _2\"></span>gli <span class=\"_ _2\"></span>st<span class=\"_ _2\"></span>rumenti <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>capitale <span class=\"_ _d\"></span>per <span class=\"_ _2\"></span>cui <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _d\"></span>stata <span class=\"_ _d\"></span>effettuata <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>scelta <span class=\"_ _d\"></span>per <span class=\"_ _2\"></span>la classificazione <span class=\"_ _d\"></span>nella <span class=\"_ _d\"></span>pres<span class=\"_ _2\"></span>ente <span class=\"_ _d\"></span>categoria <span class=\"_ _0\"></span>sono <span class=\"_ _d\"></span>valutati <span class=\"_ _0\"></span>al <span class=\"_ _d\"></span>fair <span class=\"_ _0\"></span>value <span class=\"_ _d\"></span>e <span class=\"_ _d\"></span>gl<span class=\"_ _2\"></span>i <span class=\"_ _d\"></span>importi <span class=\"_ _0\"></span>rilevati <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>cont<span class=\"_ _2\"></span>ropartita <span class=\"_ _d\"></span>del patrimonio <span class=\"_ _2\"></span>netto <span class=\"_ _2\"></span>(Prospetto <span class=\"_ _2\"></span>della <span class=\"_ _2\"></span>redditivit\u00e0 <span class=\"_ _2\"></span>complessiva) <span class=\"_ _2\"></span>non <span class=\"_ _2\"></span>devono <span class=\"_ _2\"></span>essere <span class=\"_ _2\"></span>successivamente <span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>rasferiti <span class=\"_ _2\"></span>a conto economico, ne<span class=\"_ _1\"></span>anche in caso di cessione<span class=\"_ _1\"></span>. La sola componente rife<span class=\"_ _1\"></span>ribile ai titoli di <span class=\"_ _1\"></span>capitale in que<span class=\"_ _1\"></span>stione che \u00e8 oggetto di rilevazi<span class=\"_ _1\"></span>one a conto <span class=\"_ _2\"></span>economico \u00e8 rappresentata <span class=\"_ _1\"></span>dai relativi dividendi.<span class=\"_ _2\"></span> Il fair value viene determinato sulla base dei criteri gi\u00e0 ill<span class=\"_ _1\"></span>ustrati per le Attivit\u00e0 finanziarie valutate al fair value con impatto a conto economico. Per <span class=\"_ _0\"></span>i <span class=\"_ _9\"> </span>titoli <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>capitale <span class=\"_ _9\"> </span>inclusi <span class=\"_ _0\"></span>in <span class=\"_ _16\"> </span>que<span class=\"_ _1\"></span>sta <span class=\"_ _9\"> </span>categoria, <span class=\"_ _9\"> </span>non <span class=\"_ _9\"> </span>quotati <span class=\"_ _9\"> </span>in <span class=\"_ _0\"></span>un <span class=\"_ _9\"> </span>mercato <span class=\"_ _9\"> </span>att<span class=\"_ _2\"></span>ivo, <span class=\"_ _0\"></span>il <span class=\"_ _9\"> </span>criterio <span class=\"_ _0\"></span>de<span class=\"_ _2\"></span>l <span class=\"_ _9\"> </span>costo <span class=\"_ _9\"> </span>\u00e8 utilizzato <span class=\"_ _d\"></span>quale <span class=\"_ _2\"></span>st<span class=\"_ _2\"></span>ima <span class=\"_ _d\"></span>del <span class=\"_ _d\"></span>fair <span class=\"_ _d\"></span>value <span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>oltanto <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>via <span class=\"_ _d\"></span>residuale <span class=\"_ _2\"></span>e <span class=\"_ _d\"></span>li<span class=\"_ _2\"></span>mitatamente <span class=\"_ _d\"></span>a <span class=\"_ _d\"></span>poche <span class=\"_ _2\"></span>circos<span class=\"_ _2\"></span>tanze,<span class=\"_ _1\"></span> <span class=\"_ _d\"></span>ossia <span class=\"_ _d\"></span>in<span class=\"_ _df\"> </span>caso <span class=\"_ _2\"></span>di <span class=\"_ _d\"></span>non <span class=\"_ _2\"></span>applicabilit\u00e0 <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>tutt<span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>metodi <span class=\"_ _2\"></span>di <span class=\"_ _d\"></span>valutazione<span class=\"_ _1\"></span> <span class=\"_ _2\"></span>preced<span class=\"_ _2\"></span>entemente <span class=\"_ _2\"></span>richiamati, <span class=\"_ _2\"></span>ovvero <span class=\"_ _2\"></span>in <span class=\"_ _d\"></span>presenza <span class=\"_ _2\"></span>di un\u2019ampia <span class=\"_ _9\"> </span>gamma  di <span class=\"_ _9\"> </span>possibili<span class=\"ff4\">  valutazioni <span class=\"_ _16\"> </span>del <span class=\"_ _9\"> </span>fair  value, <span class=\"_ _9\"> </span>nel  cui <span class=\"_ _16\"> </span>ambito <span class=\"_ _16\"> </span>il <span class=\"_ _9\"> </span>costo  rapprese<span class=\"_ _1\"></span>nta  la <span class=\"_ _9\"> </span>stima  pi\u00f9 </span>significativa.<span class=\"_ _df\"> </span>Criter<span class=\"_ _1\"></span>i di <span class=\"_ _1\"></span>cancell<span class=\"_ _1\"></span>azion<span class=\"_ _f\"></span>e<span class=\"_ _df\"> </span>Le attivit\u00e0 finanziarie veng<span class=\"_ _1\"></span>ono cancellate dal bilancio solamente se la cessione ha comportato il <span class=\"_ _1\"></span>sostanziale<span class=\"_ _df\"> </span>trasferimento di tutti i ri<span class=\"_ _2\"></span>schi e benefici connessi alle attivit\u00e0 stesse. Per contro, qualora sia stat<span class=\"_ _2\"></span>a mantenuta<span class=\"_ _df\"> </span>una <span class=\"_ _2\"></span>quota <span class=\"_ _d\"></span>parte <span class=\"_ _d\"></span>rilevante <span class=\"_ _2\"></span>dei <span class=\"_ _d\"></span>rischi <span class=\"_ _d\"></span>e <span class=\"_ _d\"></span>benefici <span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>elativi<span class=\"_ _1\"></span> <span class=\"_ _d\"></span>alle <span class=\"_ _d\"></span>attivit\u00e0 <span class=\"_ _d\"></span>finanziarie <span class=\"_ _2\"></span>cedute, <span class=\"_ _d\"></span>queste <span class=\"_ _d\"></span>continuano <span class=\"_ _2\"></span>ad<span class=\"_ _df\"> </span>essere iscritte <span class=\"_ _2\"></span>in bilancio, ancorch\u00e9 gi<span class=\"_ _2\"></span>uridicamente la t<span class=\"_ _2\"></span>itolarit\u00e0 <span class=\"_ _2\"></span>delle attivit\u00e0 stess<span class=\"_ _2\"></span>e sia stata <span class=\"_ _2\"></span>effettivamente<span class=\"_ _df\"> </span>trasferita.<span class=\"_ _df\"> </span>Nel  caso  in  cu<span class=\"_ _1\"></span>i  non  sia  possibile  accertare  il  sostanziale  trasferimento  d<span class=\"_ _1\"></span>ei  rischi  e  benefici,  le  attivit\u00e0<span class=\"_ _df\"> </span>finanziarie <span class=\"_ _0\"></span>vengono <span class=\"_ _9\"> </span>cancellate <span class=\"_ _9\"> </span>dal <span class=\"_ _9\"> </span>bilancio <span class=\"_ _0\"> </span>q<span class=\"_ _2\"></span>ualora <span class=\"_ _0\"></span>non <span class=\"_ _9\"> </span>sia <span class=\"_ _9\"> </span>st<span class=\"_ _2\"></span>ato <span class=\"_ _0\"></span>mantenuto <span class=\"_ _9\"> </span>alc<span class=\"_ _2\"></span>un <span class=\"_ _0\"></span>t<span class=\"_ _2\"></span>ipo <span class=\"_ _0\"></span>di <span class=\"_ _9\"> </span>controllo <span class=\"_ _9\"> </span>sulle<span class=\"_ _df\"> </span>stesse. <span class=\"_ _d\"></span>In <span class=\"_ _0\"></span>caso <span class=\"_ _d\"></span>contrario, <span class=\"_ _d\"></span>la <span class=\"_ _0\"></span>conservazione, <span class=\"_ _d\"></span>anche <span class=\"_ _d\"></span>in <span class=\"_ _0\"></span>parte, <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>tale <span class=\"_ _0\"></span>controllo <span class=\"_ _d\"></span>comporta <span class=\"_ _0\"></span>il <span class=\"_ _d\"></span>mantenimento <span class=\"_ _d\"></span>in<span class=\"_ _df\"> </span>bilancio <span class=\"_ _2\"></span>delle at<span class=\"_ _2\"></span>tivit\u00e0 <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>misura <span class=\"_ _2\"></span>pari <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>coinvolgimento <span class=\"_ _d\"></span>residuo, <span class=\"_ _2\"></span>misurato <span class=\"_ _2\"></span>dall\u2019esposizione a<span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>cambiamenti <span class=\"_ _2\"></span>di<span class=\"_ _df\"> </span>valore delle attivit\u00e0 cedute ed alle variazioni dei flussi finan<span class=\"_ _1\"></span>ziari delle<span class=\"_ _2\"></span> stesse.<span class=\"_ _df\"> </span>Infine, le attivit\u00e0 finanziarie cedute vengono cancellate dal bilancio nel caso in cui vi sia la conservazione dei<span class=\"_ _df\"> </span>diritti <span class=\"_ _9\"> </span>contrattuali <span class=\"_ _0\"></span>a <span class=\"_ _9\"> </span>r<span class=\"_ _2\"></span>icev<span class=\"_ _1\"></span>ere <span class=\"_ _0\"></span>i <span class=\"_ _9\"> </span>r<span class=\"_ _2\"></span>elativi <span class=\"_ _0\"></span>flussi <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>cassa, <span class=\"_ _9\"> </span>con <span class=\"_ _9\"> </span>la <span class=\"_ _0\"></span>co<span class=\"_ _d\"></span><span class=\"ff5\">ntestuale <span class=\"_ _0\"></span>assunzione <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>un\u2019obbligazione <span class=\"_ _0\"></span>a<span class=\"_ _df\"> </span></span>pagare detti flussi, e solo essi, senz<span class=\"_ _1\"></span>a un ritardo rilevante ad altri soggetti terzi.<span class=\"_ _df\"> </span>Criter<span class=\"_ _1\"></span>i di <span class=\"_ _1\"></span>rileva<span class=\"_ _f\"></span>zione dell<span class=\"_ _1\"></span>e com<span class=\"_ _f\"></span>ponenti <span class=\"_ _1\"></span>reddi<span class=\"_ _1\"></span>tuali<span class=\"_ _df\"> </span>I di<span class=\"_ _2\"></span>videndi vengono <span class=\"_ _2\"></span>contabilizzati <span class=\"_ _2\"></span>alla <span class=\"_ _2\"></span>voce \u201cDividendi <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>proventi s<span class=\"_ _2\"></span>imili\u201d n<span class=\"_ _2\"></span><span class=\"ff4\">el <span class=\"_ _2\"></span>momento in <span class=\"_ _2\"></span>cui <span class=\"_ _2\"></span>sorge <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>diritto <span class=\"_ _2\"></span>a<span class=\"_ _df\"> </span></span>riceverne <span class=\"_ _1\"></span>il p<span class=\"_ _1\"></span>agamento, me<span class=\"_ _1\"></span>ntre gli <span class=\"_ _f\"></span>utili o <span class=\"_ _f\"></span>le perdite <span class=\"_ _1\"></span>derivanti d<span class=\"_ _1\"></span>a una <span class=\"_ _f\"></span>variazione d<span class=\"_ _1\"></span>ifair value dei <span class=\"_ _f\"></span>titoli di <span class=\"_ _f\"></span>capitale<span class=\"_ _df\"> </span>vengono rilevati <span class=\"_ _1\"></span>in una <span class=\"_ _1\"></span>specifica riserva di p<span class=\"_ _1\"></span>atrimonio netto e <span class=\"_ _1\"></span>tale non vie<span class=\"_ _1\"></span>ne riversato a conto e<span class=\"_ _1\"></span>conomico nel<span class=\"_ _df\"> </span>caso di cessione e cancell<span class=\"_ _1\"></span>azione del titolo di capitale.",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForAvailableforsaleFinancialAssetsExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-899": {
   "value": "288  BILANCIO CON<span class=\"_ _1\"></span>SOLIDATO <span class=\"ff5\">\u2013</span> NOTA I<span class=\"_ _1\"></span>NTEGRATIVA<span class=\"_ _1\"></span> L\u2019iscrizione iniziale <span class=\"_ _2\"></span>delle att<span class=\"_ _2\"></span>ivit\u00e0 finanziarie avviene <span class=\"_ _2\"></span>alla data <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>regolame<span class=\"_ _1\"></span>nto <span class=\"_ _2\"></span>per i <span class=\"_ _2\"></span>titoli <span class=\"_ _2\"></span>di debito <span class=\"_ _2\"></span>ed alla <span class=\"_ _2\"></span>data<span class=\"_ _df\"> </span> di erogazione per i <span class=\"_ _2\"></span>finanziamenti. All\u2019atto della rilevazione iniziale le at<span class=\"_ _2\"></span>tivit\u00e0 sono contabilizzate al fair value,<span class=\"_ _df\"> </span> comprensivo dei costi o proventi di transazione direttamente attri<span class=\"_ _1\"></span>buibili allo strumento<span class=\"_ _2\"></span> <span class=\"_ _13\"></span>stesso.<span class=\"_ _df\"> </span>Criter<span class=\"_ _1\"></span>i di <span class=\"_ _f\"></span>classifica<span class=\"_ _f\"></span>zione<span class=\"_ _df\"> </span> Sono incluse nella presente categoria le attivit\u00e0 finanziarie che<span class=\"_ _1\"></span> soddisfano entrambe le seguenti condizioni:<span class=\"_ _df\"> </span><span class=\"_ _2\"></span> <span class=\"_ _2c\"> </span><span class=\"ff5\">l\u2019attivit\u00e0  finanziaria  \u00e8  possed<span class=\"ff4\">uta  secondo  un  modello  di  business  il  cui  obiettivo  \u00e8  conseguito  sia<span class=\"_ _df\"> </span></span></span><span class=\"ff5\"><span class=\"ff4\"> </span></span>mediante <span class=\"_ _0\"></span>l\u2019incasso <span class=\"_ _9\"> </span>dei <span class=\"_ _9\"> </span>flussi <span class=\"_ _9\"> </span>finanziari <span class=\"_ _9\"> </span>previsti <span class=\"_ _9\"> </span>contrattualmente <span class=\"_ _0\"></span>che <span class=\"_ _9\"> </span>mediante <span class=\"_ _9\"> </span>la <span class=\"_ _9\"> </span>vendita <span class=\"_ _9\"> </span>(Business<span class=\"_ _df\"> </span>model \u201cHold to Collect and Sell \u2013<span class=\"ff4\"> </span>\u201cHTCS\u201d\u201d), e<span class=\"_ _df\"> </span><span class=\"ff4\"> </span><span class=\"_ _2c\"> </span><span class=\"ff5\">i <span class=\"_ _19\"> </span>termini <span class=\"_ _19\"> </span>contr<span class=\"_ _2\"></span>attuali <span class=\"_ _19\"> </span>dell\u2019attivit\u00e0 <span class=\"_ _19\"> </span>fin<span class=\"ff4\">anziaria <span class=\"_ _19\"> </span>prevedono, <span class=\"_ _19\"> </span>a <span class=\"_ _19\"> </span>determinate <span class=\"_ _19\"> </span>date, <span class=\"_ _19\"> </span>f<span class=\"_ _2\"></span>lussi <span class=\"_ _19\"> </span>finanziari<span class=\"_ _df\"> </span></span></span><span class=\"ff5\"><span class=\"ff4\"> </span></span>rappresentati <span class=\"_ _4\"> </span>unicamente <span class=\"_ _4\"> </span>da <span class=\"_ _4\"> </span>pagamenti <span class=\"_ _4\"> </span>del<span class=\"_ _1\"></span> <span class=\"_ _4\"> </span>capitale <span class=\"_ _4\"> </span>e <span class=\"_ _4\"> </span>dell\u2019interesse <span class=\"_ _4\"> </span>s<span class=\"_ _2\"></span>ull\u2019<span class=\"_ _1\"></span>importo <span class=\"_ _4\"> </span>del <span class=\"_ _4\"> </span>capitale <span class=\"_ _4\"> </span>da<span class=\"_ _df\"> </span> restituire (cd. \u201cSPPI test\u201d superato).<span class=\"_ _df\"> </span>In particolare, vengono inclusi in questa voce:<span class=\"_ _df\"> </span> <span class=\"_ _2c\"> </span><span class=\"ff4\">i <span class=\"_ _16\"> </span>titoli <span class=\"_ _9\"> </span>di <span class=\"_ _16\"> </span>debito <span class=\"_ _16\"> </span>che <span class=\"_ _9\"> </span>sono <span class=\"_ _16\"> </span>riconducibili <span class=\"_ _9\"> </span>ad <span class=\"_ _9\"> </span>un  business <span class=\"_ _9\"> </span>model <span class=\"_ _16\"> </span>Hold <span class=\"_ _9\"> </span>to  Colle<span class=\"_ _1\"></span>ct <span class=\"_ _16\"> </span>and <span class=\"_ _9\"> </span>Sell <span class=\"_ _9\"> </span>e  che <span class=\"_ _9\"> </span>hanno<span class=\"_ _df\"> </span></span><span class=\"ff4\"> </span>superato il test SPPI;<span class=\"_ _df\"> </span><span class=\"_ _2c\"> </span><span class=\"ff4\">i  finanziame<span class=\"_ _1\"></span>nti  che <span class=\"_ _9\"> </span>s<span class=\"_ _2\"></span>ono <span class=\"_ _16\"> </span>riconducibili <span class=\"_ _16\"> </span>ad <span class=\"_ _16\"> </span>un  b<span class=\"_ _1\"></span>usiness  mode<span class=\"_ _1\"></span>l <span class=\"_ _16\"> </span>Hold  to<span class=\"_ _1\"></span>  Collect <span class=\"_ _9\"> </span>and  Sell <span class=\"_ _16\"> </span>e  ch<span class=\"_ _1\"></span>e <span class=\"_ _16\"> </span>hanno<span class=\"_ _df\"> </span></span><span class=\"ff4\"> </span>superato il test SPPI.<span class=\"_ _df\"> </span>Riclas<span class=\"_ _f\"></span>sifiche<span class=\"_ _df\"> </span><span class=\"_ _1\"></span> Secondo <span class=\"_ _0\"></span>le <span class=\"_ _9\"> </span>r<span class=\"ff5\">egole <span class=\"_ _0\"></span>generali <span class=\"_ _9\"> </span>previste <span class=\"_ _9\"> </span>dall\u2019IFRS <span class=\"_ _0\"></span>9 <span class=\"_ _9\"> </span>in <span class=\"_ _0\"></span>mat<span class=\"_ _2\"></span>eria <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>riclassificazione <span class=\"_ _0\"></span>delle <span class=\"_ _9\"> </span>attivit\u00e0 <span class=\"_ _9\"> </span>finanziarie <span class=\"_ _0\"></span>(ad<span class=\"_ _df\"> </span></span><span class=\"ff5\"> </span>eccezione dei <span class=\"_ _2\"></span>titoli <span class=\"_ _2\"></span>di capitale, <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>cui <span class=\"_ _2\"></span>non \u00e8 <span class=\"_ _2\"></span>ammessa <span class=\"_ _2\"></span>alcuna r<span class=\"_ _2\"></span>iclassifica), non <span class=\"_ _2\"></span>sono <span class=\"_ _2\"></span>ammesse <span class=\"_ _2\"></span>riclassifiche<span class=\"_ _df\"> </span> verso <span class=\"_ _2\"></span>altre categorie <span class=\"_ _2\"></span>di attivit\u00e0 <span class=\"_ _2\"></span>finanziarie <span class=\"ls2\">sa</span>lvo <span class=\"ls1a\">il</span> <span class=\"_ _2\"></span>caso <span class=\"_ _2\"></span><span class=\"ls1a\">in</span> cui <span class=\"ff5\">l\u2019entit\u00e0</span> <span class=\"_ _2\"></span>modifichi <span class=\"ls1a\">il</span> proprio <span class=\"_ _2\"></span>modell<span class=\"_ _1\"></span>o <span class=\"_ _2\"></span><span class=\"ls39\">di</span> business<span class=\"_ _df\"> </span> per<span class=\"ls0\"> <span class=\"ls1a\">la</span> gestione delle<span class=\"_ _1\"></span> attivit\u00e0 finanziarie a seguito di cambiamenti esterni o interni i quali siano rilevanti per le<span class=\"_ _df\"> </span></span><span class=\"ls0\"> </span>operazioni dell'entit\u00e0 e dimostrabil<span class=\"_ _1\"></span>i alle parti esterne<span class=\"_ _2\"></span>.<span class=\"_ _df\"> </span> In tali casi, che ci si attende siano altamente infrequenti, le attivit<span class=\"_ _2\"></span>\u00e0 finanziarie p<span class=\"_ _1\"></span>otranno essere riclassificate<span class=\"_ _df\"> </span> dalla categoria <span class=\"_ _1\"></span>valutata al fair<span class=\"_ _1\"></span> value <span class=\"_ _1\"></span>con impatto sul<span class=\"_ _1\"></span>la redditiv<span class=\"_ _1\"></span>it\u00e0 complessiva in <span class=\"_ _f\"></span>una delle altre du<span class=\"_ _1\"></span>e categorie<span class=\"_ _df\"> </span> previste <span class=\"_ _2\"></span>dall\u2019IFRS <span class=\"_ _d\"></span>9 <span class=\"_ _d\"></span>(Attivit\u00e0 <span class=\"_ _2\"></span>finanzi<span class=\"ff4\">arie <span class=\"_ _d\"></span>valutate <span class=\"_ _2\"></span>al <span class=\"_ _d\"></span>costo <span class=\"_ _d\"></span>ammortizzato <span class=\"_ _2\"></span>o <span class=\"_ _d\"></span>Attivit\u00e0 <span class=\"_ _2\"></span>finanziarie <span class=\"_ _2\"></span>valut<span class=\"_ _2\"></span>ate <span class=\"_ _2\"></span>al <span class=\"_ _d\"></span>fair<span class=\"_ _df\"> </span></span><span class=\"ff4\"> </span>value con <span class=\"_ _2\"></span>impatto <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>conto economico). <span class=\"_ _2\"></span>Il va<span class=\"_ _2\"></span>lore di <span class=\"_ _2\"></span>trasferimento <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _2\"></span>rappresentato dal <span class=\"_ _2\"></span>fair <span class=\"_ _2\"></span>value al <span class=\"_ _2\"></span>momento<span class=\"_ _df\"> </span> della ricl<span class=\"_ _1\"></span>assificazione e g<span class=\"_ _1\"></span>li effetti del<span class=\"_ _1\"></span>la riclassificazione<span class=\"_ _1\"></span> operano in maniera prospettica a <span class=\"_ _f\"></span>partire dalla d<span class=\"_ _1\"></span>ata di<span class=\"_ _df\"> </span> riclassificazione. <span class=\"_ _d\"></span>Nel <span class=\"_ _d\"></span>caso <span class=\"_ _0\"></span>di <span class=\"_ _d\"></span>riclassifica <span class=\"_ _d\"></span>dalla <span class=\"_ _0\"></span>categoria <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>oggetto <span class=\"_ _d\"></span>a <span class=\"_ _0\"></span>quella <span class=\"_ _d\"></span>del <span class=\"_ _d\"></span>costo <span class=\"_ _0\"></span>ammortizzato, <span class=\"_ _d\"></span>l\u2019utile<span class=\"_ _df\"> </span> (perdita) <span class=\"_ _4\"> </span>cumulato <span class=\"_ _4\"> </span>rilevato <span class=\"_ _22\"> </span>nella <span class=\"_ _4\"> </span>riserva <span class=\"_ _4\"> </span>da <span class=\"_ _4\"> </span>valutazione <span class=\"_ _4\"> </span>\u00e8 <span class=\"_ _4\"> </span>portato <span class=\"_ _4\"> </span>a <span class=\"_ _4\"> </span>rettifica <span class=\"_ _4\"> </span>del  fair <span class=\"_ _4\"> </span>value <span class=\"_ _4\"> </span>dell\u2019a<span class=\"_ _2\"></span><span class=\"ff4\">t<span class=\"_ _2\"></span>tivit\u00e0<span class=\"_ _df\"> </span></span><span class=\"ff4\"> </span>finanziaria <span class=\"_ _d\"></span>alla <span class=\"_ _d\"></span>data <span class=\"_ _0\"></span>della <span class=\"_ _d\"></span>riclassificazione. <span class=\"_ _d\"></span>Nel <span class=\"_ _0\"></span>caso <span class=\"_ _d\"></span>invece <span class=\"_ _d\"></span>di <span class=\"_ _0\"></span>riclassifica <span class=\"_ _d\"></span>nella <span class=\"_ _d\"></span>categoria <span class=\"_ _0\"></span>del <span class=\"_ _d\"></span>fair <span class=\"_ _0\"></span>value <span class=\"_ _d\"></span>con<span class=\"_ _df\"> </span> impatto a conto economico, l'utile (perdita) cumulato rilevato precedentemente nella riserva da valutazione<span class=\"_ _df\"> </span> \u00e8 riclassificato dal patrimonio netto all'utile (pe<span class=\"_ _1\"></span>rdita) d'esercizio.<span class=\"_ _df\"> </span><span class=\"_ _2\"></span> Criter<span class=\"_ _1\"></span>i di <span class=\"_ _1\"></span>valuta<span class=\"_ _1\"></span>zione<span class=\"_ _df\"> </span><span class=\"_ _f\"></span> Successivamente <span class=\"_ _0\"></span>alla <span class=\"_ _9\"> </span>rilevazione <span class=\"_ _9\"> </span>iniziale, <span class=\"_ _0\"></span>le <span class=\"_ _9\"> </span>Attivit\u00e0 <span class=\"_ _9\"> </span>classificate <span class=\"_ _9\"> </span>al <span class=\"_ _9\"> </span>fair <span class=\"_ _9\"> </span>value <span class=\"_ _0\"></span>con <span class=\"_ _9\"> </span>impatto <span class=\"_ _0\"></span>s<span class=\"_ _2\"></span>ulla <span class=\"_ _0\"></span>redditivit\u00e0<span class=\"_ _df\"> </span> complessiva  so<span class=\"_ _2\"></span>no  valutate <span class=\"_ _4\"> </span>al <span class=\"_ _22\"> </span>f<span class=\"_ _2\"></span>air <span class=\"_ _22\"> </span>value, <span class=\"_ _4\"> </span>con <span class=\"_ _22\"> </span>la <span class=\"_ _4\"> </span>rilevazione  a <span class=\"_ _4\"> </span>Cont<span class=\"_ _2\"></span>o <span class=\"_ _22\"> </span>Economi<span class=\"_ _2\"></span>co <span class=\"_ _4\"> </span>degli  impatti <span class=\"_ _4\"> </span>derivanti<span class=\"_ _df\"> </span> dall\u2019applicazione  del  costo  ammort<span class=\"_ _2\"></span>izzato,  deg<span class=\"_ _1\"></span>li  effetti  dell\u2019im<span class=\"_ _2\"></span>pairment  e  dell\u2019eventuale  effetto  cambio,<span class=\"_ _df\"> </span> mentre gli altri utili o perdite derivanti da una variazione di fair value vengono rilevati in una specif<span class=\"_ _2\"></span>ica riserva<span class=\"_ _df\"> </span> di patr<span class=\"_ _2\"></span><span class=\"ff5\">imonio netto <span class=\"_ _2\"></span>finch\u00e9 l\u2019att<span class=\"_ _2\"></span>ivit\u00e0 finanziaria <span class=\"_ _2\"></span>non viene <span class=\"_ _2\"></span>cancellata. <span class=\"_ _2\"></span>Al mo<span class=\"_ _2\"></span>mento della dismissione, <span class=\"_ _2\"></span>totale <span class=\"_ _2\"></span>o<span class=\"_ _df\"> </span></span><span class=\"ff5\"> </span>parziale, l\u2019u<span class=\"_ _1\"></span>tile o la perdi<span class=\"_ _1\"></span>ta cumulati nella <span class=\"_ _f\"></span>r<span class=\"_ _2\"></span>iserva da <span class=\"_ _1\"></span>valutazione vengono riv<span class=\"_ _1\"></span>ersati, in tutto o <span class=\"_ _1\"></span>in parte, <span class=\"_ _f\"></span>a Conto<span class=\"_ _df\"> </span> Economico.<span class=\"_ _df\"> </span> Il fair value viene determinato sulla base dei criteri gi\u00e0 illustrati pe<span class=\"_ _1\"></span>r le Attivit\u00e0 finanziarie valutate al fair value<span class=\"_ _df\"> </span> con impatto a conto economico.<span class=\"_ _df\"> </span> Le Attivit\u00e0 fi<span class=\"_ _1\"></span>nanziarie valutate al fai<span class=\"_ _1\"></span>r value con <span class=\"_ _f\"></span>im<span class=\"_ _2\"></span>patto sulla redd<span class=\"_ _1\"></span>itivit\u00e0 complessiva <span class=\"ff5\">\u2013</span> sia sotto forma <span class=\"_ _1\"></span>di titoli<span class=\"_ _df\"> </span> di  debito  che <span class=\"_ _4\"> </span>di  crediti  <span class=\"ff5\">\u2013</span> <span class=\"_ _4\"> </span><span class=\"ff5\">sono<span class=\"_ _f\"></span> <span class=\"_ _4\"> </span>soggette  alla  verifica  dell\u2019incremento <span class=\"_ _22\"> </span>significativo  del <span class=\"_ _22\"> </span>r<span class=\"_ _2\"></span>ischio  creditizio<span class=\"_ _df\"> </span></span><span class=\"ff5\"> </span>(impairment) prevista dall\u2019IFRS<span class=\"_ _1\"></span> 9, al pari delle Attivit\u00e0 al costo ammortizzato, con conseguente rilevazi<span class=\"_ _1\"></span>one a<span class=\"_ _df\"> </span> conto economico di una rettifica di valore a copertura delle perdite attese. Pi\u00f9 in particolare, sugl<span class=\"_ _1\"></span>i strumenti<span class=\"_ _df\"> </span> classificati in st<span class=\"_ _2\"></span>age 1 (ossia s<span class=\"_ _2\"></span>ulle attivit\u00e0 finanziarie al <span class=\"_ _2\"></span>momento dell\u2019origination, ove non d<span class=\"_ _2\"></span>eteriorate, e s<span class=\"_ _2\"></span>ugli<span class=\"_ _df\"> </span><span class=\"_ _1\"></span> strumenti <span class=\"_ _0\"></span>per <span class=\"_ _0\"></span>cui <span class=\"_ _d\"></span>non <span class=\"_ _0\"></span>s<span class=\"_ _2\"></span>i <span class=\"_ _d\"></span>\u00e8 <span class=\"_ _0\"></span>verificato <span class=\"_ _0\"></span>un <span class=\"_ _0\"></span>significativo <span class=\"_ _d\"></span>incremento <span class=\"_ _0\"></span>del <span class=\"_ _0\"></span>risch<span class=\"_ _2\"></span>io <span class=\"_ _0\"></span>creditizio <span class=\"_ _d\"></span>r<span class=\"_ _2\"></span>ispetto <span class=\"_ _d\"></span>alla <span class=\"_ _0\"></span>data <span class=\"_ _0\"></span>di<span class=\"_ _df\"> </span> rilevazione <span class=\"_ _f\"></span>iniziale) <span class=\"_ _1\"></span>viene <span class=\"_ _f\"></span>contabilizzata, alla <span class=\"_ _f\"></span>data <span class=\"_ _f\"></span>di rilev<span class=\"_ _1\"></span>azione <span class=\"_ _1\"></span>iniziale <span class=\"_ _f\"></span>e <span class=\"_ _1\"></span>ad <span class=\"_ _f\"></span>o<span class=\"_ _2\"></span>gni <span class=\"_ _f\"></span>data <span class=\"_ _1\"></span>di <span class=\"_ _f\"></span>report<span class=\"_ _2\"></span>ing <span class=\"_ _f\"></span>successiva,<span class=\"_ _df\"> </span> una perdita attesa ad un anno. Invece, per gli strumenti classificati in stage 2 (bonis per i quali si<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>\u00e8 verificato<span class=\"_ _df\"> </span> un <span class=\"_ _22\"> </span>incremento <span class=\"_ _4\"> </span>significativo  del <span class=\"_ _4\"> </span>rischio <span class=\"_ _4\"> </span>c<span class=\"_ _1\"></span>reditizio <span class=\"_ _22\"> </span>rispetto <span class=\"_ _4\"> </span>alla <span class=\"_ _22\"> </span>data <span class=\"_ _4\"> </span>di  rilevazione <span class=\"_ _22\"> </span>in<span class=\"_ _2\"></span>iziale)  e <span class=\"_ _4\"> </span>in  st<span class=\"_ _2\"></span>age  3<span class=\"_ _df\"> </span> (esposizioni <span class=\"_ _0\"></span>deteriorate) <span class=\"_ _9\"> </span>viene <span class=\"_ _9\"> </span>contabilizzata <span class=\"_ _0\"> </span>una <span class=\"_ _9\"> </span>perdita <span class=\"_ _9\"> </span>att<span class=\"_ _2\"></span>e<span class=\"_ _1\"></span>sa <span class=\"_ _9\"> </span>per <span class=\"_ _9\"> </span>l\u2019intera <span class=\"_ _0\"></span>vita <span class=\"_ _9\"> </span>residua <span class=\"_ _9\"> </span>dello <span class=\"_ _0\"></span>s<span class=\"_ _2\"></span>trumento<span class=\"_ _df\"> </span><span class=\"ff4\"> </span>finanziario.<span class=\"_ _df\"> </span>Criter<span class=\"_ _1\"></span>i di <span class=\"_ _1\"></span>cancell<span class=\"_ _1\"></span>azion<span class=\"_ _f\"></span>e Le attivit\u00e0 finanziarie veng<span class=\"_ _1\"></span>ono cancellate dal bilancio solamente se la cessione ha comportato il <span class=\"_ _1\"></span>sostanziale<span class=\"_ _df\"> </span> trasferimento di tutti i rischi e benefici connessi alle attivit\u00e0 stesse. Per contr<span class=\"_ _2\"></span>o, qualora sia stata mantenuta<span class=\"_ _df\"> </span> una <span class=\"_ _2\"></span>quota <span class=\"_ _d\"></span>parte <span class=\"_ _d\"></span>rilevante <span class=\"_ _d\"></span>dei <span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>ischi <span class=\"_ _2\"></span>e <span class=\"_ _d\"></span>benefici <span class=\"_ _d\"></span>relativi <span class=\"_ _2\"></span>alle <span class=\"_ _d\"></span>attivit\u00e0 <span class=\"_ _d\"></span>finanziarie <span class=\"_ _2\"></span>cedute, <span class=\"_ _d\"></span>queste <span class=\"_ _d\"></span>continuano <span class=\"_ _d\"></span>ad<span class=\"_ _df\"> </span>essere iscritte <span class=\"_ _2\"></span>in bilancio, ancorch\u00e9 gi<span class=\"_ _2\"></span>uridicamente la titolarit\u00e0 <span class=\"_ _2\"></span>delle attivit\u00e0 <span class=\"_ _2\"></span>stesse sia <span class=\"_ _2\"></span>stata effettivamente trasferita. Nel  caso  in  cu<span class=\"_ _1\"></span>i  non  sia  possibile  accertar<span class=\"_ _2\"></span>e  il <span class=\"_ _16\"> </span>sostanziale  trasferimento  dei <span class=\"_ _16\"> </span>rischi  e  benefici,  le  attivit\u00e0 finanziarie <span class=\"_ _0\"></span>vengono <span class=\"_ _9\"> </span>cancellate <span class=\"_ _9\"> </span>dal <span class=\"_ _9\"> </span>bilancio <span class=\"_ _0\"> </span>q<span class=\"_ _2\"></span>ualora <span class=\"_ _0\"></span>non <span class=\"_ _9\"> </span>sia <span class=\"_ _9\"> </span>st<span class=\"_ _2\"></span>ato <span class=\"_ _0\"></span>mantenuto <span class=\"_ _9\"> </span>alcun <span class=\"_ _0\"></span>t<span class=\"_ _2\"></span>ipo <span class=\"_ _0\"></span>di <span class=\"_ _9\"> </span>controllo <span class=\"_ _9\"> </span>sulle stesse. <span class=\"_ _d\"></span>In <span class=\"_ _0\"></span>caso <span class=\"_ _d\"></span>contrario, <span class=\"_ _d\"></span>la <span class=\"_ _0\"></span>conservazione, <span class=\"_ _d\"></span>anche <span class=\"_ _d\"></span>in <span class=\"_ _0\"></span>parte, <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>tale <span class=\"_ _0\"></span>controllo<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>comporta <span class=\"_ _d\"></span>il <span class=\"_ _0\"></span>mantenimento <span class=\"_ _d\"></span>in bilancio <span class=\"_ _2\"></span>delle at<span class=\"_ _2\"></span>tivit\u00e0 <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>misura <span class=\"_ _2\"></span>pari <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>coinvolgimento <span class=\"_ _d\"></span>residuo, <span class=\"_ _2\"></span>misurato <span class=\"_ _2\"></span>dall\u2019esposizione a<span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>cambiamenti <span class=\"_ _2\"></span>di valore delle attivit\u00e0 cedute ed alle variazioni dei flu<span class=\"_ _1\"></span>ssi finanziari delle<span class=\"_ _2\"></span> stesse. Infine, le attivit\u00e0 finanziarie cedute vengono cancellate dal bilancio nel caso in cui vi sia la conservazione dei diritti <span class=\"_ _9\"> </span>contrattuali <span class=\"_ _0\"></span>a <span class=\"_ _9\"> </span>r<span class=\"_ _2\"></span>icev<span class=\"_ _1\"></span>ere <span class=\"_ _0\"></span>i <span class=\"_ _9\"> </span>r<span class=\"_ _2\"></span>elativi <span class=\"_ _0\"></span>flussi <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>cassa, <span class=\"_ _9\"> </span>con <span class=\"_ _9\"> </span>la <span class=\"_ _0\"></span>co<span class=\"_ _2\"></span>ntestuale <span class=\"_ _0\"></span>ass<span class=\"_ _2\"></span>unzione<span class=\"_ _1\"></span> <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>un\u2019obbligazione <span class=\"_ _0\"></span>a pagare detti flussi, e solo essi, senz<span class=\"_ _1\"></span>a un ritardo rilevante ad<span class=\"_ _2\"></span> altri soggetti terzi. Criter<span class=\"_ _1\"></span>i di <span class=\"_ _1\"></span>rileva<span class=\"_ _f\"></span>zione dell<span class=\"_ _1\"></span>e com<span class=\"_ _f\"></span>ponenti <span class=\"_ _1\"></span>reddi<span class=\"_ _1\"></span>tuali<span class=\"_ _f\"></span> Gli interessi <span class=\"_ _2\"></span>attivi, <span class=\"_ _2\"></span>calcolati in <span class=\"_ _2\"></span>base <span class=\"_ _2\"></span>alla metodologia <span class=\"_ _2\"></span>del T.I.R., <span class=\"_ _2\"></span>vengono <span class=\"_ _2\"></span>contabilizzati p<span class=\"_ _2\"></span>er competenza <span class=\"_ _2\"></span>nelle voci \u201cInteressi attivi <span class=\"_ _f\"></span>e proventi assimilati\u201d, mentre gli utili<span class=\"_ _1\"></span> o le<span class=\"ff4\"> per<span class=\"_ _2\"></span>dite derivanti <span class=\"_ _f\"></span>da una variazione di </span>fair value vengono  rilevati  in <span class=\"_ _22\"> </span>una <span class=\"_ _4\"> </span>specifica  riserva <span class=\"_ _4\"> </span>di  patrimonio  netto  sino <span class=\"_ _22\"> </span>a <span class=\"_ _22\"> </span>che <span class=\"_ _22\"> </span>l\u2019att<span class=\"_ _2\"></span>ivit\u00e0  finanziaria  non <span class=\"_ _4\"> </span>vie<span class=\"_ _1\"></span>ne cancellata o <span class=\"_ _f\"></span>non vi<span class=\"_ _1\"></span>ene <span class=\"_ _1\"></span>rilevata una <span class=\"_ _f\"></span>perdita di <span class=\"_ _f\"></span>valore. Per <span class=\"_ _f\"></span>i titoli <span class=\"_ _f\"></span>di debito, <span class=\"_ _f\"></span>al momento d<span class=\"_ _1\"></span>ella <span class=\"_ _1\"></span>dismissione o d<span class=\"_ _1\"></span>ella rilevazione di una perdita di valore, l\u2019utile<span class=\"_ _1\"></span> o la perdita cumulati vengono riversati a conto economico<span class=\"_ _2\"></span><span class=\"ff4\">. </span>Qualora i motivi della perdita di valore siano rimossi a seguito di un e<span class=\"_ _1\"></span>vento verificatosi successivamente alla rilevazione <span class=\"_ _14\"> </span>della <span class=\"_ _14\"> </span>riduzione <span class=\"_ _14\"> </span>d<span class=\"_ _2\"></span>i <span class=\"_ _14\"> </span>valore, <span class=\"_ _14\"> </span>vengono <span class=\"_ _15\"> </span>effettuate <span class=\"_ _14\"> </span>riprese <span class=\"_ _15\"> </span>di <span class=\"_ _14\"> </span>valore <span class=\"_ _14\"> </span>con <span class=\"_ _15\"> </span>imputazione <span class=\"_ _14\"> </span>a <span class=\"_ _15\"> </span>conto economico, <span class=\"_ _f\"></span>nel <span class=\"_ _f\"></span>caso <span class=\"_ _1\"></span>dei <span class=\"_ _f\"></span>titoli <span class=\"_ _1\"></span>di <span class=\"_ _f\"></span>debito. <span class=\"_ _f\"></span>L\u2019ammontar<span class=\"_ _2\"></span>e <span class=\"_ _f\"></span>della <span class=\"_ _f\"></span>ripresa <span class=\"_ _1\"></span>non <span class=\"_ _f\"></span>pu\u00f2 <span class=\"_ _f\"></span>in <span class=\"_ _f\"></span>og<span class=\"_ _2\"></span>ni <span class=\"_ _f\"></span>caso <span class=\"_ _f\"></span>superar<span class=\"_ _2\"></span>e <span class=\"_ _f\"></span>la <span class=\"_ _f\"></span>differenza tra <span class=\"_ _0\"></span>il <span class=\"_ _0\"></span>valore <span class=\"_ _d\"></span>cont<span class=\"_ _2\"></span>abile<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>ed <span class=\"_ _0\"></span>il <span class=\"_ _d\"></span>costo <span class=\"_ _0\"></span>ammort<span class=\"_ _2\"></span>izzato <span class=\"_ _d\"></span>che <span class=\"_ _0\"></span>lo <span class=\"_ _d\"></span>s<span class=\"_ _2\"></span>trumento <span class=\"_ _0\"></span>avrebbe <span class=\"_ _0\"></span>avuto <span class=\"_ _0\"></span>in <span class=\"_ _d\"></span>assenza <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>precedenti rettifiche. 2.2 A<span class=\"_ _1\"></span>ttivit\u00e0 f<span class=\"_ _1\"></span>inanz<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span>arie<span class=\"_ _1\"></span> valuta<span class=\"_ _f\"></span>te al fair va<span class=\"_ _f\"></span>lue con im<span class=\"_ _1\"></span>patt<span class=\"_ _1\"></span>o sulla <span class=\"_ _1\"></span>redd<span class=\"_ _1\"></span>itivit\u00e0 co<span class=\"_ _f\"></span>mplessiva<span class=\"_ _f\"></span> (FVOCI s<span class=\"_ _1\"></span>enza ric<span class=\"_ _1\"></span>iclo) Criter<span class=\"_ _1\"></span>i di <span class=\"_ _1\"></span>iscrizi<span class=\"_ _1\"></span>one L\u2019iscrizione <span class=\"_ _d\"></span>iniziale <span class=\"_ _d\"></span>delle <span class=\"_ _0\"></span>attivit\u00e0 <span class=\"_ _d\"></span>finanziarie <span class=\"_ _d\"></span>avviene <span class=\"_ _d\"></span>alla <span class=\"_ _0\"></span>data <span class=\"_ _d\"></span>di<span class=\"_ _2\"></span><span class=\"ff4\"> <span class=\"_ _d\"></span></span>regolamento <span class=\"_ _d\"></span>per <span class=\"_ _0\"></span>i <span class=\"_ _d\"></span>titoli <span class=\"_ _d\"></span>di <span class=\"_ _0\"></span>capitale. <span class=\"_ _d\"></span>All\u2019atto della <span class=\"_ _9\"> </span>ril<span class=\"_ _2\"></span>evazione <span class=\"_ _9\"> </span>iniziale  le <span class=\"_ _9\"> </span>att<span class=\"_ _2\"></span>ivit\u00e0 <span class=\"_ _9\"> </span>sono  contabili<span class=\"_ _1\"></span>zzate <span class=\"_ _16\"> </span>al <span class=\"_ _16\"> </span>fair <span class=\"_ _16\"> </span>value<span class=\"_ _1\"></span>, <span class=\"_ _16\"> </span>comprensivo  d<span class=\"_ _1\"></span>ei <span class=\"_ _16\"> </span>costi <span class=\"_ _16\"> </span>o <span class=\"_ _9\"> </span>proventi  di transazione direttamente attribuib<span class=\"_ _1\"></span>ili allo strumento<span class=\"_ _2\"></span> <span class=\"_ _13\"></span>stesso. Criter<span class=\"_ _1\"></span>i di <span class=\"_ _1\"></span>class<span class=\"_ _1\"></span>ificazi<span class=\"_ _1\"></span>one Sono <span class=\"_ _9\"> </span>inclusi <span class=\"_ _16\"> </span>nella <span class=\"_ _9\"> </span>voce  gli <span class=\"_ _0\"> </span>s<span class=\"_ _2\"></span>trumenti <span class=\"_ _9\"> </span>di <span class=\"_ _16\"> </span>capitale, <span class=\"_ _9\"> </span>non  d<span class=\"_ _1\"></span>etenuti  p<span class=\"_ _1\"></span>er <span class=\"_ _9\"> </span>finalit\u00e0  di <span class=\"_ _9\"> </span>negoziazione, <span class=\"_ _9\"> </span>per  i <span class=\"_ _9\"> </span>quali <span class=\"_ _9\"> </span>al momento <span class=\"_ _2\"></span>della <span class=\"_ _2\"></span>rilevazione ini<span class=\"_ _2\"></span>ziale <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _2\"></span>stata <span class=\"_ _2\"></span>esercitata <span class=\"_ _2\"></span>l\u2019opzione p<span class=\"_ _2\"></span>er <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>designazione <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>fair <span class=\"_ _2\"></span>value c<span class=\"_ _2\"></span>on <span class=\"_ _2\"></span>impatto sulla redditivit\u00e0 complessiva. In <span class=\"_ _4\"> </span>particolare, <span class=\"_ _4\"> </span>vengono <span class=\"_ _22\"> </span>inclusi<span class=\"_ _2\"></span> <span class=\"_ _4\"> </span>in <span class=\"_ _22\"> </span>questa <span class=\"_ _4\"> </span>voce <span class=\"_ _4\"> </span>le <span class=\"_ _4\"> </span>interessenze <span class=\"_ _4\"> </span>azionarie, <span class=\"_ _4\"> </span>non <span class=\"_ _4\"> </span>qualificabili <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>controllo, collegamento  e <span class=\"_ _4\"> </span>controllo  congiunto,  che  non <span class=\"_ _4\"> </span>sono  detenute  con <span class=\"_ _4\"> </span>finalit\u00e0  di  negoziazione,  per <span class=\"_ _4\"> </span>cui  si <span class=\"_ _22\"> </span>\u00e8 esercitata l\u2019opzione per la designazione<span class=\"_ _1\"></span> al fair value con impat<span class=\"_ _2\"></span><span class=\"ff4\">to sulla redditivi<span class=\"_ _1\"></span>t\u00e0 complessiva.<span class=\"_ _2\"></span> </span>Riclas<span class=\"_ _f\"></span>sifiche<span class=\"_ _1\"></span> Secondo <span class=\"_ _d\"></span><span class=\"ff5\">le <span class=\"_ _d\"></span>regole <span class=\"_ _0\"></span>generali <span class=\"_ _d\"></span>previste <span class=\"_ _0\"></span>dall\u2019IFRS <span class=\"_ _d\"></span>9 <span class=\"_ _d\"></span>in <span class=\"_ _0\"></span>materia <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>riclassificazione <span class=\"_ _d\"></span>delle <span class=\"_ _d\"></span>at<span class=\"_ _2\"></span>tivit\u00e0 <span class=\"_ _d\"></span>finanziarie <span class=\"_ _d\"></span>per <span class=\"_ _0\"></span>i </span>titoli di capitale non \u00e8 ammessa alcuna riclassifica.<span class=\"sc2\"> </span>Criter<span class=\"_ _1\"></span>i di <span class=\"_ _1\"></span>valuta<span class=\"_ _1\"></span>zione<span class=\"_ _f\"></span> Successivamente <span class=\"_ _2\"></span>alla <span class=\"_ _2\"></span>ril<span class=\"_ _2\"></span>evazione <span class=\"_ _2\"></span>iniziale, <span class=\"_ _2\"></span>gli <span class=\"_ _2\"></span>st<span class=\"_ _2\"></span>rumenti <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>capitale <span class=\"_ _d\"></span>per <span class=\"_ _2\"></span>cui <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _d\"></span>stata <span class=\"_ _d\"></span>effettuata <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>scelta <span class=\"_ _d\"></span>per <span class=\"_ _2\"></span>la classificazione <span class=\"_ _d\"></span>nella <span class=\"_ _d\"></span>pres<span class=\"_ _2\"></span>ente <span class=\"_ _d\"></span>categoria <span class=\"_ _0\"></span>sono <span class=\"_ _d\"></span>valutati <span class=\"_ _0\"></span>al <span class=\"_ _d\"></span>fair <span class=\"_ _0\"></span>value <span class=\"_ _d\"></span>e <span class=\"_ _d\"></span>gl<span class=\"_ _2\"></span>i <span class=\"_ _d\"></span>importi <span class=\"_ _0\"></span>rilevati <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>cont<span class=\"_ _2\"></span>ropartita <span class=\"_ _d\"></span>del patrimonio <span class=\"_ _2\"></span>netto <span class=\"_ _2\"></span>(Prospetto <span class=\"_ _2\"></span>della <span class=\"_ _2\"></span>redditivit\u00e0 <span class=\"_ _2\"></span>complessiva) <span class=\"_ _2\"></span>non <span class=\"_ _2\"></span>devono <span class=\"_ _2\"></span>essere <span class=\"_ _2\"></span>successivamente <span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>rasferiti <span class=\"_ _2\"></span>a conto economico, ne<span class=\"_ _1\"></span>anche in caso di cessione<span class=\"_ _1\"></span>. La sola componente rife<span class=\"_ _1\"></span>ribile ai titoli di <span class=\"_ _1\"></span>capitale in que<span class=\"_ _1\"></span>stione che \u00e8 oggetto di rilevazi<span class=\"_ _1\"></span>one a conto <span class=\"_ _2\"></span>economico \u00e8 rappresentata <span class=\"_ _1\"></span>dai relativi dividendi.<span class=\"_ _2\"></span> Il fair value viene determinato sulla base dei criteri gi\u00e0 ill<span class=\"_ _1\"></span>ustrati per le Attivit\u00e0 finanziarie valutate al fair value con impatto a conto economico. Per <span class=\"_ _0\"></span>i <span class=\"_ _9\"> </span>titoli <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>capitale <span class=\"_ _9\"> </span>inclusi <span class=\"_ _0\"></span>in <span class=\"_ _16\"> </span>que<span class=\"_ _1\"></span>sta <span class=\"_ _9\"> </span>categoria, <span class=\"_ _9\"> </span>non <span class=\"_ _9\"> </span>quotati <span class=\"_ _9\"> </span>in <span class=\"_ _0\"></span>un <span class=\"_ _9\"> </span>mercato <span class=\"_ _9\"> </span>att<span class=\"_ _2\"></span>ivo, <span class=\"_ _0\"></span>il <span class=\"_ _9\"> </span>criterio <span class=\"_ _0\"></span>de<span class=\"_ _2\"></span>l <span class=\"_ _9\"> </span>costo <span class=\"_ _9\"> </span>\u00e8 utilizzato <span class=\"_ _d\"></span>quale <span class=\"_ _2\"></span>st<span class=\"_ _2\"></span>ima <span class=\"_ _d\"></span>del <span class=\"_ _d\"></span>fair <span class=\"_ _d\"></span>value <span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>oltanto <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>via <span class=\"_ _d\"></span>residuale <span class=\"_ _2\"></span>e <span class=\"_ _d\"></span>li<span class=\"_ _2\"></span>mitatamente <span class=\"_ _d\"></span>a <span class=\"_ _d\"></span>poche <span class=\"_ _2\"></span>circos<span class=\"_ _2\"></span>tanze,<span class=\"_ _1\"></span> <span class=\"_ _d\"></span>ossia <span class=\"_ _d\"></span>in<span class=\"_ _df\"> </span>caso <span class=\"_ _2\"></span>di <span class=\"_ _d\"></span>non <span class=\"_ _2\"></span>applicabilit\u00e0 <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>tutt<span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>metodi <span class=\"_ _2\"></span>di <span class=\"_ _d\"></span>valutazione<span class=\"_ _1\"></span> <span class=\"_ _2\"></span>preced<span class=\"_ _2\"></span>entemente <span class=\"_ _2\"></span>richiamati, <span class=\"_ _2\"></span>ovvero <span class=\"_ _2\"></span>in <span class=\"_ _d\"></span>presenza <span class=\"_ _2\"></span>di un\u2019ampia <span class=\"_ _9\"> </span>gamma  di <span class=\"_ _9\"> </span>possibili<span class=\"ff4\">  valutazioni <span class=\"_ _16\"> </span>del <span class=\"_ _9\"> </span>fair  value, <span class=\"_ _9\"> </span>nel  cui <span class=\"_ _16\"> </span>ambito <span class=\"_ _16\"> </span>il <span class=\"_ _9\"> </span>costo  rapprese<span class=\"_ _1\"></span>nta  la <span class=\"_ _9\"> </span>stima  pi\u00f9 </span>significativa.<span class=\"_ _df\"> </span>Criter<span class=\"_ _1\"></span>i di <span class=\"_ _1\"></span>cancell<span class=\"_ _1\"></span>azion<span class=\"_ _f\"></span>e<span class=\"_ _df\"> </span> Le attivit\u00e0 finanziarie veng<span class=\"_ _1\"></span>ono cancellate dal bilancio solamente se la cessione ha comportato il <span class=\"_ _1\"></span>sostanziale<span class=\"_ _df\"> </span> trasferimento di tutti i ri<span class=\"_ _2\"></span>schi e benefici connessi alle attivit\u00e0 stesse. Per contro, qualora sia stat<span class=\"_ _2\"></span>a mantenuta<span class=\"_ _df\"> </span><span class=\"_ _f\"></span> una <span class=\"_ _2\"></span>quota <span class=\"_ _d\"></span>parte <span class=\"_ _d\"></span>rilevante <span class=\"_ _2\"></span>dei <span class=\"_ _d\"></span>rischi <span class=\"_ _d\"></span>e <span class=\"_ _d\"></span>benefici <span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>elativi<span class=\"_ _1\"></span> <span class=\"_ _d\"></span>alle <span class=\"_ _d\"></span>attivit\u00e0 <span class=\"_ _d\"></span>finanziarie <span class=\"_ _2\"></span>cedute, <span class=\"_ _d\"></span>queste <span class=\"_ _d\"></span>continuano <span class=\"_ _2\"></span>ad<span class=\"_ _df\"> </span> essere iscritte <span class=\"_ _2\"></span>in bilancio, ancorch\u00e9 gi<span class=\"_ _2\"></span>uridicamente la t<span class=\"_ _2\"></span>itolarit\u00e0 <span class=\"_ _2\"></span>delle attivit\u00e0 stess<span class=\"_ _2\"></span>e sia stata <span class=\"_ _2\"></span>effettivamente<span class=\"_ _df\"> </span> trasferita.<span class=\"_ _df\"> </span> Nel  caso  in  cu<span class=\"_ _1\"></span>i  non  sia  possibile  accertare  il  sostanziale  trasferimento  d<span class=\"_ _1\"></span>ei  rischi  e  benefici,  le  attivit\u00e0<span class=\"_ _df\"> </span> finanziarie <span class=\"_ _0\"></span>vengono <span class=\"_ _9\"> </span>cancellate <span class=\"_ _9\"> </span>dal <span class=\"_ _9\"> </span>bilancio <span class=\"_ _0\"> </span>q<span class=\"_ _2\"></span>ualora <span class=\"_ _0\"></span>non <span class=\"_ _9\"> </span>sia <span class=\"_ _9\"> </span>st<span class=\"_ _2\"></span>ato <span class=\"_ _0\"></span>mantenuto <span class=\"_ _9\"> </span>alc<span class=\"_ _2\"></span>un <span class=\"_ _0\"></span>t<span class=\"_ _2\"></span>ipo <span class=\"_ _0\"></span>di <span class=\"_ _9\"> </span>controllo <span class=\"_ _9\"> </span>sulle<span class=\"_ _df\"> </span> stesse. <span class=\"_ _d\"></span>In <span class=\"_ _0\"></span>caso <span class=\"_ _d\"></span>contrario, <span class=\"_ _d\"></span>la <span class=\"_ _0\"></span>conservazione, <span class=\"_ _d\"></span>anche <span class=\"_ _d\"></span>in <span class=\"_ _0\"></span>parte, <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>tale <span class=\"_ _0\"></span>controllo <span class=\"_ _d\"></span>comporta <span class=\"_ _0\"></span>il <span class=\"_ _d\"></span>mantenimento <span class=\"_ _d\"></span>in<span class=\"_ _df\"> </span> bilancio <span class=\"_ _2\"></span>delle at<span class=\"_ _2\"></span>tivit\u00e0 <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>misura <span class=\"_ _2\"></span>pari <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>coinvolgimento <span class=\"_ _d\"></span>residuo, <span class=\"_ _2\"></span>misurato <span class=\"_ _2\"></span>dall\u2019esposizione a<span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>cambiamenti <span class=\"_ _2\"></span>di<span class=\"_ _df\"> </span> valore delle attivit\u00e0 cedute ed alle variazioni dei flussi finan<span class=\"_ _1\"></span>ziari delle<span class=\"_ _2\"></span> stesse.<span class=\"_ _df\"> </span> Infine, le attivit\u00e0 finanziarie cedute vengono cancellate dal bilancio nel caso in cui vi sia la conservazione dei<span class=\"_ _df\"> </span> diritti <span class=\"_ _9\"> </span>contrattuali <span class=\"_ _0\"></span>a <span class=\"_ _9\"> </span>r<span class=\"_ _2\"></span>icev<span class=\"_ _1\"></span>ere <span class=\"_ _0\"></span>i <span class=\"_ _9\"> </span>r<span class=\"_ _2\"></span>elativi <span class=\"_ _0\"></span>flussi <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>cassa, <span class=\"_ _9\"> </span>con <span class=\"_ _9\"> </span>la <span class=\"_ _0\"></span>co<span class=\"_ _d\"></span><span class=\"ff5\">ntestuale <span class=\"_ _0\"></span>assunzione <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>un\u2019obbligazione <span class=\"_ _0\"></span>a<span class=\"_ _df\"> </span></span><span class=\"ff5\"> </span>pagare detti flussi, e solo essi, senz<span class=\"_ _1\"></span>a un ritardo rilevante ad altri soggetti terzi.<span class=\"_ _df\"> </span>Criter<span class=\"_ _1\"></span>i di <span class=\"_ _1\"></span>rileva<span class=\"_ _f\"></span>zione dell<span class=\"_ _1\"></span>e com<span class=\"_ _f\"></span>ponenti <span class=\"_ _1\"></span>reddi<span class=\"_ _1\"></span>tuali<span class=\"_ _df\"> </span><span class=\"_ _f\"></span> I di<span class=\"_ _2\"></span>videndi vengono <span class=\"_ _2\"></span>contabilizzati <span class=\"_ _2\"></span>alla <span class=\"_ _2\"></span>voce \u201cDividendi <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>proventi s<span class=\"_ _2\"></span>imili\u201d n<span class=\"_ _2\"></span><span class=\"ff4\">el <span class=\"_ _2\"></span>momento in <span class=\"_ _2\"></span>cui <span class=\"_ _2\"></span>sorge <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>diritto <span class=\"_ _2\"></span>a<span class=\"_ _df\"> </span></span><span class=\"ff4\"> </span>riceverne <span class=\"_ _1\"></span>il p<span class=\"_ _1\"></span>agamento, me<span class=\"_ _1\"></span>ntre gli <span class=\"_ _f\"></span>utili o <span class=\"_ _f\"></span>le perdite <span class=\"_ _1\"></span>derivanti d<span class=\"_ _1\"></span>a una <span class=\"_ _f\"></span>variazione d<span class=\"_ _1\"></span>i fair value dei <span class=\"_ _f\"></span>titoli di <span class=\"_ _f\"></span>capitale<span class=\"_ _df\"> </span> vengono rilevati <span class=\"_ _1\"></span>in una <span class=\"_ _1\"></span>specifica riserva di p<span class=\"_ _1\"></span>atrimonio netto e <span class=\"_ _1\"></span>tale non vie<span class=\"_ _1\"></span>ne riversato a conto e<span class=\"_ _1\"></span>conomico nel<span class=\"_ _df\"> </span> caso di cessione e cancell<span class=\"_ _1\"></span>azione del titolo di capitale.<span class=\"_ _2\"></span> 3 <span class=\"ls0\">- Attivit<span class=\"_ _1\"></span>\u00e0 fin<span class=\"_ _1\"></span>anzia<span class=\"_ _1\"></span>rie valu<span class=\"_ _f\"></span>tate al cos<span class=\"_ _1\"></span>to a<span class=\"_ _1\"></span>mmort<span class=\"_ _1\"></span>izzato<span class=\"_ _1\"></span> </span>Criter<span class=\"_ _1\"></span>i di <span class=\"_ _1\"></span>iscrizi<span class=\"_ _1\"></span>one L\u2019iscrizione iniziale de<span class=\"_ _1\"></span>ll\u2019attivit\u00e0 finanziaria avviene alla data di reg<span class=\"_ _1\"></span>olamento per i titoli di de<span class=\"_ _1\"></span>bito ed a<span class=\"_ _2\"></span><span class=\"ff4\">lla data di </span>erogazione <span class=\"_ _d\"></span>nel <span class=\"_ _0\"></span>caso <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>crediti. <span class=\"_ _0\"></span>All\u2019atto <span class=\"_ _0\"></span>della <span class=\"_ _d\"></span>rilevazione <span class=\"_ _0\"></span>iniziale <span class=\"_ _d\"></span>le <span class=\"_ _0\"></span>attivit\u00e0 <span class=\"_ _0\"></span>sono <span class=\"_ _0\"></span>contabilizzate <span class=\"_ _d\"></span>al <span class=\"_ _0\"></span>fair <span class=\"_ _0\"></span>value, comprensivo dei costi o proventi di transazione direttamente attr<span class=\"_ _1\"></span>ibuibili allo strumento stesso.<span class=\"_ _2\"></span> In <span class=\"_ _0\"></span>particolare, <span class=\"_ _9\"> </span>per <span class=\"_ _9\"> </span>quel <span class=\"_ _0\"></span>che <span class=\"_ _9\"> </span>attiene <span class=\"_ _9\"> </span>ai <span class=\"_ _9\"> </span>crediti, <span class=\"_ _0\"></span>la <span class=\"_ _9\"> </span>data <span class=\"_ _9\"> </span>di <span class=\"_ _0\"> </span>ero<span class=\"_ _2\"></span>gazione <span class=\"_ _0\"></span>normalmente <span class=\"_ _9\"> </span>coincide <span class=\"_ _0\"></span>con <span class=\"_ _9\"> </span>la <span class=\"_ _9\"> </span>data <span class=\"_ _0\"></span>di sottoscrizione <span class=\"_ _f\"></span>del <span class=\"_ _f\"></span>contratt<span class=\"_ _2\"></span>o. <span class=\"_ _11\"></span>Qualora tale <span class=\"_ _11\"></span>coincidenza <span class=\"_ _f\"></span>non <span class=\"_ _1\"></span>si <span class=\"_ _f\"></span>manifest<span class=\"_ _2\"></span>i, <span class=\"_ _f\"></span>in <span class=\"_ _f\"></span>sede <span class=\"_ _f\"></span>di <span class=\"_ _f\"></span>sott<span class=\"_ _2\"></span>oscrizione <span class=\"_ _f\"></span>del <span class=\"_ _f\"></span>contratto si provv<span class=\"_ _1\"></span>ede <span class=\"_ _f\"></span>ad iscrivere <span class=\"_ _f\"></span>un impegno <span class=\"_ _1\"></span>ad e<span class=\"_ _1\"></span>rogare <span class=\"_ _1\"></span>fondi <span class=\"_ _1\"></span>che si <span class=\"_ _f\"></span>chiude <span class=\"_ _f\"></span>a<span class=\"_ _2\"></span>lla d<span class=\"_ _1\"></span>ata di <span class=\"_ _f\"></span>erogazione de<span class=\"_ _1\"></span>l fi<span class=\"_ _1\"></span>nanziamento. L\u2019iscrizione del credito avviene sull<span class=\"_ _1\"></span>a base del fair value dello stesso, pari all\u2019ammontare erogato, o prezzo di sottoscrizione, <span class=\"_ _2\"></span>comprensivo <span class=\"_ _2\"></span>dei <span class=\"_ _d\"></span>costi/proventi <span class=\"_ _2\"></span>direttamente <span class=\"_ _d\"></span>ricondu<span class=\"_ _1\"></span>cibili <span class=\"_ _2\"></span>al <span class=\"_ _d\"></span>singolo <span class=\"_ _2\"></span>credito <span class=\"_ _d\"></span>e <span class=\"_ _2\"></span>determ<span class=\"_ _2\"></span>inabili sin <span class=\"_ _2\"></span>dall\u2019origine <span class=\"_ _2\"></span>dell\u2019operazione, <span class=\"_ _d\"></span>ancorch\u00e9 <span class=\"_ _2\"></span>liquidati <span class=\"_ _d\"></span>in <span class=\"_ _2\"></span>un <span class=\"_ _2\"></span>momen<span class=\"_ _2\"></span>to <span class=\"_ _2\"></span>successivo. <span class=\"_ _2\"></span>Sono <span class=\"_ _d\"></span>esclusi <span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>co<span class=\"_ _2\"></span>sti <span class=\"_ _2\"></span>che, <span class=\"_ _2\"></span>pur<span class=\"_ _2\"></span> avendo <span class=\"_ _d\"></span>le <span class=\"_ _0\"></span>caratteristiche <span class=\"_ _d\"></span>s<span class=\"_ _2\"></span>uddette, <span class=\"_ _d\"></span>sono <span class=\"_ _0\"></span>oggetto <span class=\"_ _0\"></span>di <span class=\"_ _d\"></span>rimborso <span class=\"_ _0\"></span>da <span class=\"_ _d\"></span>parte <span class=\"_ _0\"></span>della <span class=\"_ _d\"></span>cont<span class=\"_ _2\"></span>roparte <span class=\"_ _d\"></span>debitrice <span class=\"_ _d\"></span>o <span class=\"_ _0\"></span>sono inquadrabili tra i normali costi interni di carattere <span class=\"_ _f\"></span>amministrativo. Criter<span class=\"_ _1\"></span>i di <span class=\"_ _f\"></span>classifica<span class=\"_ _f\"></span>zione Sono incluse<span class=\"_ _1\"></span> nella presente categoria le<span class=\"_ _1\"></span> attivit\u00e0 finanziarie <span class=\"_ _f\"></span>(<span class=\"_ _2\"></span>in particolare finanzi<span class=\"_ _1\"></span>amenti e titoli di<span class=\"_ _1\"></span> debito) che soddisfano entrambe le seguenti condizi<span class=\"_ _1\"></span>oni:<span class=\"_ _2\"></span> <span class=\"_ _2c\"> </span><span class=\"ff5\">l\u2019attivit\u00e0 finanziaria <span class=\"_ _2\"></span>\u00e8 possedu<span class=\"ff4\">ta secondo un modello di <span class=\"_ _2\"></span>business il cui obiettivo \u00e8 conseguito <span class=\"_ _2\"></span>me<span class=\"_ _1\"></span>diante<span class=\"_ _df\"> </span></span></span>l\u2019incasso dei flussi finanziari previsti contrattualmente (Bu<span class=\"_ _1\"></span>siness model \u201cHold to Collect\u201d <span class=\"_ _2\"></span>\u2013<span class=\"ff4\"> </span>\u201cHTC\u201d), e<span class=\"ff4\"> </span><span class=\"_ _2c\"> </span><span class=\"ff5\">i <span class=\"_ _19\"> </span>termini <span class=\"_ _19\"> </span>contr<span class=\"_ _2\"></span>attuali <span class=\"_ _19\"> </span>dell\u2019attivit\u00e0 <span class=\"_ _19\"> </span>finanzi<span class=\"_ _1\"></span>aria <span class=\"_ _19\"> </span>prevedono, <span class=\"_ _19\"> </span>a<span class=\"_ _2\"></span> <span class=\"_ _19\"> </span>determinate <span class=\"_ _19\"> </span>date,<span class=\"ff4\"> <span class=\"_ _1a\"> </span>flussi <span class=\"_ _19\"> </span>finanziari </span></span>rappresentati <span class=\"_ _4\"> </span>unicamente <span class=\"_ _4\"> </span>da <span class=\"_ _4\"> </span>pagamenti <span class=\"_ _4\"> </span>del<span class=\"_ _1\"></span> <span class=\"_ _4\"> </span>capitale <span class=\"_ _4\"> </span>e <span class=\"_ _4\"> </span>dell\u2019interesse <span class=\"_ _4\"> </span>s<span class=\"_ _2\"></span>ull\u2019<span class=\"_ _1\"></span>importo <span class=\"_ _4\"> </span>del <span class=\"_ _4\"> </span>capitale <span class=\"_ _4\"> </span>da restituire (cd. \u201cSPPI test\u201d superato).<span class=\"_ _df\"> </span>Pi\u00f9 in particolare, formano oggetto di rilevazi<span class=\"_ _1\"></span>one in questa voce:<span class=\"_ _2\"></span> <span class=\"_ _2c\"> </span><span class=\"ff4\">gli <span class=\"_ _9\"> </span>impieghi  con <span class=\"_ _9\"> </span>banche <span class=\"_ _9\"> </span>nelle  d<span class=\"_ _1\"></span>ivers<span class=\"_ _2\"></span>e <span class=\"_ _9\"> </span>forme <span class=\"_ _16\"> </span>tecniche <span class=\"_ _9\"> </span>che <span class=\"_ _9\"> </span>presentano  i <span class=\"_ _9\"> </span>requisiti <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>c<span class=\"_ _2\"></span>ui <span class=\"_ _9\"> </span>al <span class=\"_ _16\"> </span>paragrafo </span>precedente;<span class=\"_ _df\"> </span><span class=\"_ _2c\"> </span><span class=\"ff4\">gli <span class=\"_ _9\"> </span>impieghi <span class=\"_ _0\"></span>con <span class=\"_ _9\"> </span>clientela <span class=\"_ _9\"> </span>nelle <span class=\"_ _9\"> </span>diverse <span class=\"_ _0\"></span>for<span class=\"_ _2\"></span>me <span class=\"_ _0\"></span>tecniche <span class=\"_ _0\"></span>che <span class=\"_ _9\"> </span>presentano <span class=\"_ _9\"> </span>i <span class=\"_ _9\"> </span>requisiti <span class=\"_ _0\"> </span>di <span class=\"_ _9\"> </span>cui <span class=\"_ _9\"> </span>al <span class=\"_ _0\"> </span>paragr<span class=\"_ _2\"></span>afo </span>precedente;<span class=\"_ _df\"> </span><span class=\"_ _2c\"> </span><span class=\"ff4\">i titoli di debito che presentano i requisiti di cui al paragrafo <span class=\"_ _2\"></span>preced<span class=\"_ _1\"></span>ente.<span class=\"_ _df\"> </span></span>Sono <span class=\"_ _d\"></span>inoltre <span class=\"_ _0\"></span>inclusi <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>tale <span class=\"_ _0\"></span>categoria <span class=\"_ _d\"></span>i <span class=\"_ _d\"></span>crediti <span class=\"_ _d\"></span>di <span class=\"_ _0\"></span>funzionamento <span class=\"_ _d\"></span>connessi <span class=\"_ _d\"></span>con <span class=\"_ _0\"></span>la <span class=\"_ _d\"></span>prestazione <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>attivit\u00e0 <span class=\"_ _0\"></span>e <span class=\"_ _d\"></span>di servizi <span class=\"_ _2\"></span>finanziari <span class=\"_ _2\"></span>come <span class=\"_ _d\"></span>definiti <span class=\"_ _2\"></span>dal <span class=\"_ _d\"></span>T.U.B. <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>dal <span class=\"_ _d\"></span>T.U.F. <span class=\"_ _2\"></span>(ad <span class=\"_ _2\"></span>es<span class=\"_ _2\"></span>empio <span class=\"_ _2\"></span>per <span class=\"_ _d\"></span>distribuzione<span class=\"_ _1\"></span> <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>prodotti <span class=\"_ _d\"></span>finanziari <span class=\"_ _2\"></span>ed<span class=\"_ _df\"> </span>attivit\u00e0 di <span class=\"_ _12\"></span>servicing).<span class=\"_ _df\"> </span>Riclas<span class=\"_ _f\"></span>sifiche<span class=\"_ _1\"></span> Secondo <span class=\"_ _d\"></span>le <span class=\"_ _d\"></span>regole <span class=\"_ _0\"></span>generali <span class=\"_ _d\"></span>previst<span class=\"_ _2\"></span>e <span class=\"_ _d\"></span>dall\u2019IFRS <span class=\"_ _d\"></span>9 <span class=\"_ _d\"></span>in <span class=\"_ _0\"></span>materia <span class=\"_ _0\"></span>di <span class=\"_ _d\"></span>riclassificazione <span class=\"_ _d\"></span>delle <span class=\"_ _d\"></span>at<span class=\"_ _2\"></span>tivit\u00e0 <span class=\"_ _d\"></span>finanziarie, <span class=\"_ _d\"></span>non sono ammesse riclassifiche verso <span class=\"_ _2\"></span>altre categorie di attivit\u00e0 finanziarie salvo il cas<span class=\"_ _2\"></span>o in cui l\u2019entit\u00e0 modifichi il proprio <span class=\"_ _1\"></span>modello <span class=\"_ _f\"></span>di <span class=\"_ _1\"></span>business pe<span class=\"_ _1\"></span>r <span class=\"_ _1\"></span>la <span class=\"_ _f\"></span>gestione delle<span class=\"_ _1\"></span> <span class=\"_ _f\"></span>at<span class=\"_ _2\"></span>tivit\u00e0 <span class=\"_ _f\"></span>finanziarie a <span class=\"_ _f\"></span>seguito <span class=\"_ _1\"></span>di <span class=\"_ _f\"></span>cambiamenti esterni <span class=\"_ _f\"></span>o interni<span class=\"_ _df\"> </span>i quali siano rilevanti pe<span class=\"_ _1\"></span>r le operazioni del<span class=\"_ _1\"></span>l'entit\u00e0 e dimostrabili alle parti esterne. In tali<span class=\"_ _f\"></span> <span class=\"_ _2\"></span>casi, che ci<span class=\"_ _f\"></span> s<span class=\"_ _2\"></span>i at<span class=\"_ _1\"></span>tende siano <span class=\"_ _d\"></span>altamente <span class=\"_ _2\"></span>infrequenti, <span class=\"_ _d\"></span>le <span class=\"_ _d\"></span>attivit\u00e0 <span class=\"_ _d\"></span>finanziarie <span class=\"_ _2\"></span>potr<span class=\"_ _2\"></span>anno <span class=\"_ _2\"></span>essere <span class=\"_ _d\"></span>riclassificate <span class=\"_ _2\"></span>dalla <span class=\"_ _d\"></span>categoria <span class=\"_ _d\"></span>valutata <span class=\"_ _d\"></span>al costo <span class=\"_ _d\"></span>ammortizzato <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>una <span class=\"_ _2\"></span>dell<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>altre <span class=\"_ _d\"></span>due <span class=\"_ _2\"></span>categorie <span class=\"_ _d\"></span>previste <span class=\"_ _2\"></span>dall\u2019IFRS <span class=\"_ _2\"></span>9 <span class=\"_ _d\"></span>(Attivit\u00e0 <span class=\"_ _2\"></span>finanziarie <span class=\"_ _d\"></span>valutate <span class=\"_ _2\"></span>al <span class=\"_ _d\"></span>fair value <span class=\"_ _1\"></span>con imp<span class=\"_ _1\"></span>atto sulla <span class=\"_ _f\"></span>redditivit\u00e0 complessiva <span class=\"_ _f\"></span>o Attivit\u00e0 finanzi<span class=\"_ _f\"></span>ar<span class=\"_ _2\"></span>ie <span class=\"_ _f\"></span>valutate al <span class=\"_ _1\"></span>fair valu<span class=\"_ _1\"></span>e con <span class=\"_ _f\"></span>impatto a <span class=\"_ _f\"></span>conto economico). Il <span class=\"_ _2\"></span>valore <span class=\"_ _2\"></span>di t<span class=\"_ _2\"></span>rasferimento <span class=\"_ _2\"></span>\u00e8 rappresentato <span class=\"_ _2\"></span>dal <span class=\"_ _2\"></span>fair v<span class=\"_ _2\"></span>alue al <span class=\"_ _2\"></span>momento <span class=\"_ _2\"></span>della ric<span class=\"_ _2\"></span>lassificazione e <span class=\"_ _2\"></span>gli effetti della riclassificaz<span class=\"_ _1\"></span>ione operano in maniera prospettica<span class=\"_ _1\"></span> a partire dalla data<span class=\"_ _1\"></span> di ric<span class=\"_ _2\"></span>lassificazione. Gli utili<span class=\"_ _1\"></span> o le <span class=\"_ _f\"></span>perdite <span class=\"_ _f\"></span>risultanti <span class=\"_ _1\"></span>dalla <span class=\"_ _f\"></span>differenza <span class=\"_ _f\"></span>t<span class=\"_ _2\"></span>ra <span class=\"_ _f\"></span>il <span class=\"_ _f\"></span>cost<span class=\"_ _2\"></span>o <span class=\"_ _f\"></span>ammortizzato <span class=\"_ _f\"></span>dell'attivit\u00e0 <span class=\"_ _f\"></span>finanziaria <span class=\"_ _f\"></span>e <span class=\"_ _f\"></span>il <span class=\"_ _f\"></span>re<span class=\"_ _2\"></span>lativo <span class=\"_ _f\"></span>fair <span class=\"_ _1\"></span>value <span class=\"_ _f\"></span>sono rilevati a conto <span class=\"_ _1\"></span>economico nel <span class=\"_ _1\"></span>caso di riclassifica <span class=\"_ _f\"></span>tra le Attivit\u00e0 finan<span class=\"_ _1\"></span>ziarie valutate al <span class=\"_ _1\"></span>fair value <span class=\"_ _f\"></span>con <span class=\"_ _2\"></span>impatto a conto <span class=\"_ _9\"> </span>economico <span class=\"_ _0\"></span>e <span class=\"_ _9\"> </span>a <span class=\"_ _9\"> </span>Patrimonio <span class=\"_ _9\"> </span>netto, <span class=\"_ _9\"> </span>nell\u2019app<span class=\"_ _1\"></span>osita <span class=\"_ _9\"> </span>riserva <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>valutazione, <span class=\"_ _0\"> </span>nel <span class=\"_ _9\"> </span>caso <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>riclassifica <span class=\"_ _0\"></span>t<span class=\"_ _2\"></span>ra <span class=\"_ _0\"> </span>le Attivit\u00e0 finanziarie valutate al fair value con impatto sulla redditivi<span class=\"_ _1\"></span>t\u00e0 complessiva.<span class=\"_ _2\"></span> Criter<span class=\"_ _1\"></span>i di <span class=\"_ _1\"></span>valuta<span class=\"_ _1\"></span>zione<span class=\"_ _f\"></span> Successivamente <span class=\"_ _18\"> </span>alla <span class=\"_ _18\"> </span>ril<span class=\"_ _2\"></span>evazione <span class=\"_ _18\"> </span>iniziale, <span class=\"_ _19\"> </span>le <span class=\"_ _18\"> </span>attivit\u00e0 <span class=\"_ _18\"> </span>finan<span class=\"_ _2\"></span>ziarie <span class=\"_ _18\"> </span>in <span class=\"_ _18\"> </span>esame <span class=\"_ _19\"> </span>sono <span class=\"_ _18\"> </span>valutate <span class=\"_ _19\"> </span>al <span class=\"_ _18\"> </span>costo ammortizzato, util<span class=\"_ _1\"></span>izzando <span class=\"_ _1\"></span>il metodo d<span class=\"_ _1\"></span>el tasso <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>interesse e<span class=\"_ _1\"></span>ffettivo. In <span class=\"_ _1\"></span>questi termini, <span class=\"_ _f\"></span>l\u2019attivit\u00e0 \u00e8 <span class=\"_ _f\"></span>r<span class=\"_ _2\"></span>iconosciuta in bilancio p<span class=\"_ _2\"></span>er un ammontar<span class=\"_ _2\"></span>e pari <span class=\"_ _2\"></span>al valore di <span class=\"_ _2\"></span>prima iscrizione <span class=\"_ _2\"></span>diminuito <span class=\"_ _2\"></span>dei rimborsi <span class=\"_ _2\"></span>di capitale, <span class=\"_ _2\"></span>pi\u00f9 o meno l\u2019ammortamento cu<span class=\"_ _1\"></span>mulato (cal<span class=\"_ _1\"></span>colato col <span class=\"_ _f\"></span>richiamato metodo de<span class=\"_ _1\"></span>l tasso <span class=\"_ _f\"></span>di interesse <span class=\"_ _f\"></span>effettivo) della <span class=\"_ _1\"></span>differenza tra  t<span class=\"_ _2\"></span>ale  importo <span class=\"_ _22\"> </span>iniziale  e <span class=\"_ _4\"> </span>l\u2019importo <span class=\"_ _4\"> </span>alla  scadenza  (riconducibile  ti<span class=\"_ _2\"></span>picamente  ai  cos<span class=\"_ _2\"></span>ti/proventi  imputati direttamente alla <span class=\"_ _2\"></span>singola <span class=\"_ _2\"></span>attivit\u00e0) e <span class=\"_ _2\"></span>rettificato <span class=\"_ _2\"></span>dell\u2019eventuale fon<span class=\"_ _2\"></span>do a <span class=\"_ _2\"></span>copertura <span class=\"_ _2\"></span>delle <span class=\"_ _2\"></span>perdite attese. <span class=\"_ _2\"></span>Il <span class=\"_ _2\"></span>tasso di <span class=\"_ _4\"> </span>interesse <span class=\"_ _17\"> </span>effettivo <span class=\"_ _4\"> </span>\u00e8 <span class=\"_ _17\"> </span>individuato <span class=\"_ _17\"> </span>calcolando <span class=\"_ _4\"> </span>il <span class=\"_ _4\"> </span>t<span class=\"_ _2\"></span>asso <span class=\"_ _17\"> </span>che <span class=\"_ _4\"> </span>eguaglia <span class=\"_ _4\"> </span>il <span class=\"_ _4\"> </span>va<span class=\"_ _2\"></span>lore <span class=\"_ _4\"> </span>attuale <span class=\"_ _17\"> </span>dei <span class=\"_ _4\"> </span>flussi <span class=\"_ _17\"> </span>futuri dell\u2019attivit\u00e0, <span class=\"_ _15\"> </span>per <span class=\"_ _15\"> </span>capitale <span class=\"_ _e\"> </span>ed <span class=\"_ _15\"> </span>inter<span class=\"_ _2\"></span>esse, <span class=\"_ _15\"> </span>all\u2019ammontare <span class=\"_ _15\"> </span>erogato <span class=\"_ _e\"> </span>inclusiv<span class=\"_ _1\"></span>o <span class=\"_ _15\"> </span>dei <span class=\"_ _e\"> </span>costi/proventi <span class=\"_ _15\"> </span>r<span class=\"_ _2\"></span>icondotti all\u2019attivit\u00e0 <span class=\"_ _4\"> </span>finanziaria <span class=\"_ _4\"> </span>medesima. <span class=\"_ _4\"> </span>Tale <span class=\"_ _4\"> </span>modalit\u00e0 <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>contabilizzazione,<span class=\"_ _1\"></span> <span class=\"_ _4\"> </span>utilizzando <span class=\"_ _4\"> </span>una <span class=\"_ _4\"> </span>logica <span class=\"_ _4\"> </span>finanziaria, consente <span class=\"_ _15\"> </span>di <span class=\"_ _e\"> </span>distribuire <span class=\"_ _15\"> </span>l\u2019effetto <span class=\"_ _e\"> </span>economico <span class=\"_ _15\"> </span>dei <span class=\"_ _e\"> </span>costi/proventi <span class=\"_ _15\"> </span>direttamente <span class=\"_ _15\"> </span>attr<span class=\"_ _2\"></span>ibuibili <span class=\"_ _15\"> </span>ad <span class=\"_ _e\"> </span>un\u2019attivit\u00e0 finanziaria lungo la sua vita residua attesa. Il <span class=\"_ _d\"></span>metodo <span class=\"_ _0\"></span>del <span class=\"_ _d\"></span>costo <span class=\"_ _d\"></span>ammortizzato <span class=\"_ _d\"></span>non <span class=\"_ _0\"></span>viene <span class=\"_ _d\"></span>utilizzato <span class=\"_ _d\"></span>per <span class=\"_ _0\"></span>le <span class=\"_ _d\"></span>attivit\u00e0 <span class=\"_ _0\"></span><span class=\"ff5\">\u2013</span> <span class=\"_ _d\"></span>valorizzate <span class=\"_ _0\"></span>al <span class=\"_ _d\"></span>costo <span class=\"_ _d\"></span>stor<span class=\"_ _2\"></span>ico <span class=\"_ _d\"></span><span class=\"ff5\">\u2013</span> <span class=\"_ _d\"></span>la <span class=\"_ _0\"></span>cui<span class=\"_ _1\"></span> breve <span class=\"_ _0\"></span>durata <span class=\"_ _0\"></span>fa <span class=\"_ _0\"></span>ritenere <span class=\"_ _0\"></span>trascurabile <span class=\"_ _d\"></span>l\u2019effetto <span class=\"_ _9\"> </span>dell\u2019applicazione <span class=\"_ _d\"></span>della <span class=\"_ _0\"></span>logic<span class=\"_ _2\"></span>a <span class=\"_ _0\"></span>dell\u2019attualizzazione, <span class=\"_ _0\"></span>per <span class=\"_ _0\"></span>quelle senza una scadenza definita e per i crediti a revoca. I <span class=\"_ _4\"> </span>criteri <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>valutazione <span class=\"_ _4\"> </span>relativi <span class=\"_ _4\"> </span>agli <span class=\"_ _4\"> </span>accantonamenti <span class=\"_ _4\"> </span>per <span class=\"_ _17\"> </span>le <span class=\"_ _4\"> </span>perdite <span class=\"_ _4\"> </span>att<span class=\"_ _2\"></span>ese <span class=\"_ _4\"> </span>sono <span class=\"_ _4\"> </span>strettamente <span class=\"_ _4\"> </span>connessi all\u2019inclusione <span class=\"_ _2\"></span>degli <span class=\"_ _d\"></span>strumenti <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>esame <span class=\"_ _2\"></span>in <span class=\"_ _d\"></span>uno <span class=\"_ _d\"></span>dei <span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>re <span class=\"_ _2\"></span>stages <span class=\"_ _d\"></span>(s<span class=\"_ _2\"></span>tadi <span class=\"_ _2\"></span>di <span class=\"_ _d\"></span>rischio <span class=\"_ _d\"></span>creditizio) <span class=\"_ _2\"></span>previsti <span class=\"_ _d\"></span>dall\u2019IFRS <span class=\"_ _2\"></span>9,<span class=\"_ _2\"></span> l\u2019ultimo <span class=\"_ _d\"></span>dei <span class=\"_ _d\"></span>quali <span class=\"_ _d\"></span>(Stage <span class=\"_ _d\"></span>3<span class=\"_ _2\"></span>) <span class=\"_ _d\"></span>comprende <span class=\"_ _d\"></span>le <span class=\"_ _d\"></span>attivit\u00e0 <span class=\"_ _d\"></span>finanziarie <span class=\"_ _d\"></span>deterior<span class=\"_ _2\"></span>ate <span class=\"_ _d\"></span>e <span class=\"_ _d\"></span>i <span class=\"_ _d\"></span>restanti <span class=\"_ _d\"></span>(Stage <span class=\"_ _d\"></span>1 <span class=\"_ _0\"></span>e <span class=\"_ _d\"></span>2) <span class=\"_ _d\"></span>le <span class=\"_ _d\"></span>attivit\u00e0 finanziarie in bonis. Con <span class=\"_ _2\"></span>riferimento alla <span class=\"_ _2\"></span>rappresentazi<span class=\"_ _f\"></span>o<span class=\"_ _2\"></span>ne contabile <span class=\"_ _2\"></span>dei suddetti <span class=\"_ _2\"></span>effetti <span class=\"_ _2\"></span>valutativi, <span class=\"_ _2\"></span>le rettifiche di <span class=\"_ _2\"></span>valore <span class=\"_ _2\"></span>riferite a questa tipologia di attivit\u00e0 sono rile<span class=\"_ _1\"></span>vate nel Conto Economico:<span class=\"_ _2\"></span> <span class=\"_ _2c\"> </span><span class=\"ff5\">all\u2019atto dell\u2019iscrizione iniziale, per un ammontare pari alla perdita attesa a dodici<span class=\"_ _1\"></span> mesi;<span class=\"_ _df\"> </span></span><span class=\"_ _2c\"> </span><span class=\"ff5\">all\u2019atto <span class=\"_ _c\"> </span>della <span class=\"_ _c\"> </span>valutazione <span class=\"_ _c\"> </span>successiva <span class=\"_ _c\"> </span>dell\u2019attivit\u00e0, <span class=\"_ _c\"> </span>o<span class=\"_ _2\"></span><span class=\"ff4\">ve <span class=\"_ _c\"> </span>il <span class=\"_ _c\"> </span>rischio <span class=\"_ _c\"> </span>creditizio <span class=\"_ _c\"> </span>non <span class=\"_ _c\"> </span>sia <span class=\"_ _c\"> </span>risultato </span></span>significativamente <span class=\"_ _26\"> </span>incrementato <span class=\"_ _26\"> </span>rispetto <span class=\"_ _26\"> </span>all\u2019iscrizione <span class=\"_ _6\"> </span>iniziale, <span class=\"_ _26\"> </span>in <span class=\"_ _26\"> </span>relazione <span class=\"_ _26\"> </span>alle <span class=\"_ _26\"> </span>variazioni dell\u2019ammontare delle rettifiche<span class=\"_ _1\"></span> di valore per perdite attese nei dodici mesi successivi;<span class=\"_ _df\"> </span><span class=\"_ _2c\"> </span><span class=\"ff5\">all\u2019atto <span class=\"_ _2\"></span>della valutazione <span class=\"_ _2\"></span>successiva <span class=\"_ _2\"></span>dell\u2019<span class=\"_ _1\"></span>attivit\u00e0, <span class=\"_ _2\"></span>ove il <span class=\"_ _2\"></span>rischio <span class=\"_ _2\"></span>cred<span class=\"_ _1\"></span>itizio <span class=\"_ _2\"></span>sia r<span class=\"_ _2\"></span>isultato significativamente </span>incrementato rispetto all\u2019iscrizione ini<span class=\"_ _1\"></span>ziale, in relazione alla rilevazione di rettifiche di valore per perdite attese riferibili all\u2019inte<span class=\"_ _1\"></span>ra vita residua prevista contrattu<span class=\"_ _2\"></span>almente per l\u2019attivit\u00e0;<span class=\"_ _df\"> </span><span class=\"_ _2c\"> </span><span class=\"ff5\">all\u2019atto <span class=\"_ _14\"> </span>della <span class=\"_ _14\"> </span>valutazione <span class=\"_ _14\"> </span>successiva <span class=\"_ _14\"> </span>dell\u2019attivit\u00e0, <span class=\"_ _17\"> </span>ove <span class=\"_ _15\"> </span>\u2013<span class=\"ff4\"> <span class=\"_ _14\"> </span>dopo <span class=\"_ _14\"> </span>che <span class=\"_ _14\"> </span>si <span class=\"_ _14\"> </span>\u00e8 <span class=\"_ _14\"> </span>verificato <span class=\"_ _14\"> </span>un <span class=\"_ _14\"> </span>incremento<span class=\"_ _df\"> </span></span></span>significativo <span class=\"_ _f\"></span>del rischio d<span class=\"_ _1\"></span>i credito <span class=\"_ _f\"></span>r<span class=\"_ _2\"></span>ispetto <span class=\"_ _1\"></span>all\u2019iscrizione <span class=\"_ _f\"></span>iniziale \u2013<span class=\"ff4\"> </span>la <span class=\"_ _1\"></span>\u201csignificativit\u00e0\u201d d<span class=\"_ _1\"></span>i tale <span class=\"_ _f\"></span>incremento sia poi <span class=\"_ _d\"></span>venuta <span class=\"_ _d\"></span>meno, <span class=\"_ _d\"></span>i<span class=\"ff5\">n <span class=\"_ _d\"></span>relazione <span class=\"_ _d\"></span>all\u2019adeguamento <span class=\"_ _d\"></span>delle <span class=\"_ _2\"></span>rett<span class=\"_ _2\"></span>ifiche <span class=\"_ _2\"></span>di <span class=\"_ _d\"></span>valore <span class=\"_ _d\"></span>cumulate <span class=\"_ _d\"></span>per <span class=\"_ _d\"></span>tener <span class=\"_ _d\"></span>conto <span class=\"_ _d\"></span>del </span>passaggio <span class=\"_ _2\"></span>da <span class=\"_ _2\"></span>una <span class=\"_ _2\"></span>perdita <span class=\"_ _2\"></span>attesa lungo <span class=\"_ _2\"></span>l\u2019intera <span class=\"_ _2\"></span>vita <span class=\"_ _2\"></span>residua <span class=\"_ _2\"></span>dell<span class=\"_ _1\"></span>o <span class=\"_ _2\"></span>strumento <span class=\"_ _2\"></span>(\u201clifetime\u201d) <span class=\"_ _2\"></span>ad <span class=\"_ _2\"></span>una <span class=\"_ _2\"></span>a dodici<span class=\"_ _df\"> </span>mesi.<span class=\"_ _df\"> </span>Le attivit\u00e0 <span class=\"_ _2\"></span>finanziarie<span class=\"_ _1\"></span> in <span class=\"_ _2\"></span>esame, ove risultino in bonis, son<span class=\"_ _2\"></span>o sottoposte ad <span class=\"_ _2\"></span>una valutazione, volta a definire le rettifiche <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>valore <span class=\"_ _9\"> </span>da <span class=\"_ _9\"> </span>rilevare <span class=\"_ _9\"> </span>in <span class=\"_ _9\"> </span>bilancio, <span class=\"_ _0\"></span>a <span class=\"_ _16\"> </span>livello <span class=\"_ _0\"></span>di <span class=\"_ _9\"> </span>s<span class=\"_ _2\"></span>ingolo <span class=\"_ _0\"></span>rapporto <span class=\"_ _9\"> </span>creditizio <span class=\"_ _9\"> </span>(o <span class=\"_ _9\"> </span>\u201ctranche\u201d <span class=\"_ _0\"></span>di <span class=\"_ _9\"> </span>tit<span class=\"_ _2\"></span>olo), <span class=\"_ _0\"></span>in funzione <span class=\"_ _0\"></span>dei <span class=\"_ _0\"></span>parametri <span class=\"_ _9\"> </span>di <span class=\"_ _0\"></span>rischio <span class=\"_ _0\"></span>rappresentati <span class=\"_ _9\"> </span>da <span class=\"_ _0\"></span>probability <span class=\"_ _0\"></span>of <span class=\"_ _0\"></span>default <span class=\"_ _9\"> </span>(PD), <span class=\"_ _0\"></span>loss <span class=\"_ _0\"></span>giv<span class=\"_ _d\"></span>en <span class=\"_ _0\"></span>default <span class=\"_ _0\"></span>(LGD) <span class=\"_ _9\"> </span>ed exposure <span class=\"_ _22\"> </span>at <span class=\"_ _4\"> </span>default <span class=\"_ _22\"> </span>(EAD), <span class=\"_ _4\"> </span>derivati  dai <span class=\"_ _4\"> </span>modelli <span class=\"_ _22\"> </span>AIRB <span class=\"_ _4\"> </span>e <span class=\"_ _22\"> </span>oppor<span class=\"_ _2\"></span>tunamente  corr<span class=\"_ _2\"></span>etti <span class=\"_ _22\"> </span>per <span class=\"_ _4\"> </span>tener  conto<span class=\"_ _2\"></span>  delle previsioni del principio contabile IFRS 9. Se, oltre ad un incremento significativo del<span class=\"_ _1\"></span> rischio di credito, si riscontr<span class=\"_ _2\"></span>ano anche<span class=\"_ _1\"></span> oggett<span class=\"_ _2\"></span>ive evidenze di una perdita <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>valore, l\u2019importo <span class=\"_ _d\"></span>della perdita <span class=\"_ _2\"></span>viene <span class=\"_ _2\"></span>misurato <span class=\"_ _2\"></span>come <span class=\"_ _2\"></span>dif<span class=\"_ _1\"></span>ferenza <span class=\"_ _2\"></span>tra <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>valore <span class=\"_ _2\"></span>contabile<span class=\"_ _1\"></span> <span class=\"_ _2\"></span>dell\u2019attivit\u00e0 <span class=\"_ _d\"></span>\u2013<span class=\"ff4\"> </span>classificata come \u201cde<span class=\"_ _1\"></span>teriorata\u201d, al pari d<span class=\"_ _1\"></span>i tutti gli <span class=\"_ _1\"></span>altri rapporti intercorrenti con l<span class=\"_ _1\"></span>a medesima controparte \u2013<span class=\"ff4\"> <span class=\"ls7e\">e </span></span>il <span class=\"_ _d\"></span>valore <span class=\"_ _0\"></span>attuale <span class=\"_ _d\"></span>dei <span class=\"_ _d\"></span>f<span class=\"_ _2\"></span>uturi <span class=\"_ _d\"></span>flussi <span class=\"_ _0\"></span>finanziari <span class=\"_ _d\"></span>stimati, <span class=\"_ _0\"></span>scontati <span class=\"_ _d\"></span>al <span class=\"_ _0\"></span>tasso <span class=\"_ _d\"></span>di <span class=\"_ _0\"></span>interesse <span class=\"_ _d\"></span>effettivo <span class=\"_ _0\"></span>originario. <span class=\"_ _d\"></span>In <span class=\"_ _0\"></span>tale<span class=\"_ _df\"> </span>contesto,  \u00e8<span class=\"_ _1\"></span>  s<span class=\"_ _f\"></span>t<span class=\"_ _2\"></span>ata <span class=\"_ _9\"> </span>s<span class=\"_ _2\"></span>vilu<span class=\"_ _1\"></span>ppata <span class=\"_ _16\"> </span>una <span class=\"_ _16\"> </span>specifica <span class=\"_ _9\"> </span>metodologia  per <span class=\"_ _9\"> </span>il  trattamento <span class=\"_ _9\"> </span>contabile  d<span class=\"_ _1\"></span>a  ap<span class=\"_ _1\"></span>plicare  ad <span class=\"_ _9\"> </span>un<span class=\"_ _df\"> </span> portafoglio di posizioni <span class=\"_ _2\"></span>a sofferenza che, <span class=\"_ _2\"></span>avendo maturato un <span class=\"_ _2\"></span>vintage significativo,<span class=\"_ _1\"></span> v<span class=\"_ _2\"></span>engono valutate anche<span class=\"_ _df\"> </span> in <span class=\"_ _9\"> </span>un\u2019ottica <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>cessione <span class=\"_ _9\"> </span>(c<span class=\"_ _2\"></span>.d.\u201d <span class=\"_ _0\"> </span>P<span class=\"_ _2\"></span>ortafoglio<span class=\"ff4\"> <span class=\"_ _9\"> </span>sotto <span class=\"_ _9\"> </span></span>\u2013<span class=\"ff4\"> <span class=\"_ _16\"> </span></span>modello <span class=\"_ _0\"></span>St<span class=\"_ _2\"></span>age<span class=\"_ _f\"></span> <span class=\"_ _16\"> </span>3\u201d). <span class=\"_ _9\"> </span>Tale <span class=\"_ _9\"> </span>metodologia <span class=\"_ _9\"> </span>considera <span class=\"_ _9\"> </span>diversi<span class=\"_ _df\"> </span> scenari  e <span class=\"_ _22\"> </span>s<span class=\"_ _2\"></span>tima  il <span class=\"_ _22\"> </span>valore <span class=\"_ _4\"> </span>recuperabile<span class=\"_ _1\"></span> <span class=\"_ _4\"> </span>delle  esposizioni  in <span class=\"_ _22\"> </span>bas<span class=\"_ _2\"></span>e  alla <span class=\"_ _22\"> </span>combinazione <span class=\"_ _4\"> </span>e <span class=\"_ _4\"> </span>alle  probabilit\u00e0 <span class=\"_ _4\"> </span>di<span class=\"_ _df\"> </span> accadimento <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>tali <span class=\"_ _d\"></span>scenari, <span class=\"_ _2\"></span>oltre <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>ai <span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>elativi <span class=\"_ _2\"></span>flussi <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>cassa <span class=\"_ _2\"></span>stimati.<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>Al <span class=\"_ _2\"></span>31/12/2025 <span class=\"_ _d\"></span>non r<span class=\"_ _2\"></span>isultano <span class=\"_ _2\"></span>posizioni<span class=\"_ _df\"> </span> all'interno del s<span class=\"_ _2\"></span>uddetto portafoglio. <span class=\"_ _2\"></span><span class=\"ff5\">Rientrano nell\u2019ambito <span class=\"_ _2\"></span>delle attivit\u00e0 <span class=\"_ _2\"></span>deteriorate gli str<span class=\"_ _2\"></span>umenti finanziari ai<span class=\"_ _df\"> </span></span><span class=\"ff5\"> </span>quali <span class=\"_ _0\"></span>\u00e8 <span class=\"_ _0\"></span>stato <span class=\"_ _0\"></span>attribuito <span class=\"_ _0\"></span>lo <span class=\"_ _0\"></span>status <span class=\"_ _0\"></span>di <span class=\"_ _d\"></span>s<span class=\"_ _2\"></span>offerenza, <span class=\"_ _d\"></span>inadempienza <span class=\"_ _0\"></span>pro<span class=\"_ _2\"></span>babile <span class=\"_ _d\"></span>o <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>scaduto/sconfinante <span class=\"_ _0\"></span>da <span class=\"_ _0\"></span>oltre<span class=\"_ _df\"> </span> novanta giorni secondo le regole<span class=\"_ _1\"></span> di Banca d\u2019Italia, coe<span class=\"_ _1\"></span>renti con la normativa IAS/IFRS e di Vigi<span class=\"_ _1\"></span>lanza europea.<span class=\"_ _df\"> </span><span class=\"_ _2\"></span><span class=\"ff4\"> </span>I flussi <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>cassa <span class=\"_ _2\"></span>previsti tengono cont<span class=\"_ _2\"></span>o dei <span class=\"_ _2\"></span>tempi <span class=\"_ _2\"></span>di recupero <span class=\"_ _2\"></span>attesi e <span class=\"_ _2\"></span>del presumibile <span class=\"_ _2\"></span>valore <span class=\"_ _2\"></span>di realizzo <span class=\"_ _2\"></span>delle<span class=\"_ _df\"> </span> eventuali garanzie.<span class=\"_ _df\"> </span> Il <span class=\"_ _9\"> </span>tasso <span class=\"_ _9\"> </span>effettivo <span class=\"_ _9\"> </span>originario <span class=\"_ _16\"> </span>di <span class=\"_ _0\"></span>ciascuna <span class=\"_ _9\"> </span>att<span class=\"_ _2\"></span>ivit\u00e0 <span class=\"_ _0\"> </span>r<span class=\"_ _2\"></span>imane <span class=\"_ _0\"> </span>invariato <span class=\"_ _9\"> </span>nel <span class=\"_ _9\"> </span>t<span class=\"_ _2\"></span>empo <span class=\"_ _0\"></span>ancorch\u00e9 <span class=\"_ _9\"> </span>s<span class=\"_ _2\"></span>ia <span class=\"_ _9\"> </span>intervenuta <span class=\"_ _0\"> </span>una<span class=\"_ _df\"> </span> ristrutturazione <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>rapporto <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>abbia <span class=\"_ _2\"></span>comportato <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>variazi<span class=\"_ _2\"></span>one <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>tasso <span class=\"_ _2\"></span>contrattuale <span class=\"_ _2\"></span>ed <span class=\"_ _2\"></span>anche <span class=\"_ _2\"></span>qualora <span class=\"_ _2\"></span>il<span class=\"_ _df\"> </span> rapporto divenga, nella pratica, infruttifero di interessi contrattu<span class=\"_ _f\"></span>ali.<span class=\"_ _df\"> </span><span class=\"_ _2\"></span> Qualora i motivi della perdita di valore siano rimossi a seguito di un e<span class=\"_ _1\"></span>vento verificatosi successivamente alla<span class=\"_ _df\"> </span> rilevazione <span class=\"_ _14\"> </span>della <span class=\"_ _14\"> </span>riduzione <span class=\"_ _14\"> </span>di <span class=\"_ _14\"> </span>valore, <span class=\"_ _15\"> </span>vengono <span class=\"_ _14\"> </span>effettuate <span class=\"_ _14\"> </span>riprese <span class=\"_ _14\"> </span>di <span class=\"_ _15\"> </span>valore <span class=\"_ _14\"> </span>con <span class=\"_ _14\"> </span>imputazione <span class=\"_ _14\"> </span>a <span class=\"_ _14\"> </span>Conto<span class=\"_ _df\"> </span> Economico.  La  ripresa  d<span class=\"_ _1\"></span>i  valore  non <span class=\"_ _16\"> </span>pu\u00f2  ecc<span class=\"_ _1\"></span>edere  il  costo  ammortizzato  che<span class=\"_ _1\"></span>  lo  strume<span class=\"_ _1\"></span>nto  finanziario<span class=\"_ _df\"> </span> avrebbe <span class=\"_ _2\"></span>avuto <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>assenza <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>precedenti <span class=\"_ _2\"></span>rettifiche. I <span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>ipristini <span class=\"_ _2\"></span>di v<span class=\"_ _2\"></span>alore <span class=\"_ _2\"></span>conness<span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>con <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>trascorrere <span class=\"_ _2\"></span>del tempo<span class=\"_ _df\"> </span> sono appostati nel margine di interesse.<span class=\"_ _df\"> </span> In <span class=\"_ _0\"></span>alcuni <span class=\"_ _9\"> </span>casi, <span class=\"_ _0\"></span>durante <span class=\"_ _9\"> </span>la <span class=\"_ _9\"> </span>vita <span class=\"_ _9\"> </span>delle <span class=\"_ _0\"></span>att<span class=\"_ _2\"></span>ivit\u00e0 <span class=\"_ _0\"></span>finanziarie <span class=\"_ _0\"></span>in <span class=\"_ _9\"> </span>esame <span class=\"_ _0\"></span>e, <span class=\"_ _9\"> </span>in <span class=\"_ _9\"> </span>particolare, <span class=\"_ _0\"> </span>dei <span class=\"_ _9\"> </span>crediti, <span class=\"_ _0\"></span>le <span class=\"_ _9\"> </span>condizioni<span class=\"_ _df\"> </span> contrattuali originarie sono ogge<span class=\"_ _1\"></span>tto di successiva modifica pe<span class=\"_ _1\"></span>r volon<span class=\"_ _2\"></span>t\u00e0 delle parti del contratto. Quando,<span class=\"_ _1\"></span> nel<span class=\"_ _df\"> </span> corso <span class=\"_ _0\"></span>della <span class=\"_ _0\"></span>vita <span class=\"_ _0\"></span>di <span class=\"_ _0\"> </span>uno <span class=\"_ _9\"> </span>strumento, <span class=\"_ _0\"></span>le <span class=\"_ _0\"></span>clausole <span class=\"_ _0\"></span>contr<span class=\"_ _2\"></span>attuali <span class=\"_ _d\"></span>s<span class=\"_ _2\"></span>ono <span class=\"_ _d\"></span>o<span class=\"_ _2\"></span>ggetto <span class=\"_ _d\"></span>di <span class=\"_ _9\"> </span>modifica <span class=\"_ _0\"></span>occorre <span class=\"_ _0\"></span>verificare <span class=\"_ _0\"></span>se<span class=\"_ _df\"> </span> l\u2019attivit\u00e0 <span class=\"_ _d\"></span>originaria <span class=\"_ _d\"></span>deve <span class=\"_ _d\"></span>continuare <span class=\"_ _d\"></span>ad <span class=\"_ _d\"></span>essere <span class=\"_ _d\"></span>rilevata <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>bilancio <span class=\"_ _d\"></span>o <span class=\"_ _d\"></span>se, <span class=\"_ _d\"></span>al <span class=\"_ _d\"></span>contrario, <span class=\"_ _d\"></span>lo <span class=\"_ _d\"></span>strumento <span class=\"_ _d\"></span>origi<span class=\"_ _2\"></span><span class=\"ff4\">nario<span class=\"_ _df\"> </span></span><span class=\"ff4\"> </span>deve <span class=\"_ _4\"> </span>ess<span class=\"_ _2\"></span>ere <span class=\"_ _4\"> </span>oggetto <span class=\"_ _14\"> </span>di <span class=\"_ _17\"> </span>cancellazi<span class=\"_ _1\"></span>one <span class=\"_ _17\"> </span>dal <span class=\"_ _17\"> </span>bilancio <span class=\"_ _17\"> </span>(derecognition<span class=\"_ _df\"> </span>) <span class=\"_ _17\"> </span>e <span class=\"_ _17\"> </span>debba <span class=\"_ _17\"> </span>essere <span class=\"_ _17\"> </span>rilevato <span class=\"_ _17\"> </span>un <span class=\"_ _17\"> </span>nuovo<span class=\"_ _df\"> </span> strumento finanziario.<span class=\"_ _df\"> </span> In generale, le<span class=\"_ _2\"></span> modifiche di <span class=\"_ _2\"></span>un\u2019attivit\u00e0 <span class=\"_ _2\"></span>finanziaria conducono alla <span class=\"_ _2\"></span>cancellazione della st<span class=\"_ _2\"></span>essa ed all\u2019iscrizione<span class=\"_ _df\"> </span> di <span class=\"_ _2\"></span>una <span class=\"_ _d\"></span>nuova <span class=\"_ _d\"></span>at<span class=\"ff5\">tivit\u00e0 <span class=\"_ _d\"></span>quando <span class=\"_ _2\"></span>sono <span class=\"_ _d\"></span>\u201csostanziali\u201d. <span class=\"_ _2\"></span>La <span class=\"_ _d\"></span>valutazione <span class=\"_ _2\"></span>circa <span class=\"_ _d\"></span>la <span class=\"_ _d\"></span>\u201csostanzialit\u00e0\u201d <span class=\"_ _d\"></span>della <span class=\"_ _2\"></span>modifica <span class=\"_ _2\"></span>deve<span class=\"_ _df\"> </span></span><span class=\"ff5\"> </span>essere effettuata <span class=\"_ _2\"></span>considerando <span class=\"_ _2\"></span>sia elementi <span class=\"_ _2\"></span>qualitativi sia <span class=\"_ _2\"></span>elementi <span class=\"_ _2\"></span>quantitativi. In <span class=\"_ _2\"></span>alcuni casi, <span class=\"_ _2\"></span>infatti, <span class=\"_ _2\"></span>potr\u00e0<span class=\"_ _df\"> </span> risultare <span class=\"_ _1a\"> </span>chiaro, <span class=\"_ _19\"> </span>senza <span class=\"_ _1a\"> </span>il <span class=\"_ _19\"> </span>ricorso <span class=\"_ _1a\"> </span>a <span class=\"_ _19\"> </span>complesse <span class=\"_ _1a\"> </span>analisi, <span class=\"_ _1a\"> </span>che <span class=\"_ _19\"> </span>i <span class=\"_ _1a\"> </span>cambiamenti <span class=\"_ _19\"> </span>intr<span class=\"_ _2\"></span>odotti <span class=\"_ _19\"> </span>modificano<span class=\"_ _df\"> </span> sostanzialmente <span class=\"_ _d\"></span>le <span class=\"_ _d\"></span>carat<span class=\"_ _2\"></span>teristiche <span class=\"_ _d\"></span>e/o <span class=\"_ _d\"></span>i <span class=\"_ _0\"></span>flussi <span class=\"_ _d\"></span>contrattuali <span class=\"_ _d\"></span>di <span class=\"_ _0\"></span>una <span class=\"_ _d\"></span>determinata <span class=\"_ _0\"></span>attivit\u00e0 <span class=\"_ _d\"></span>mentre, <span class=\"_ _0\"></span>in <span class=\"_ _d\"></span>altri <span class=\"_ _0\"></span>casi,<span class=\"_ _df\"> </span> dovranno <span class=\"_ _2\"></span>essere <span class=\"_ _d\"></span>svolte <span class=\"_ _d\"></span>ulteriori <span class=\"_ _2\"></span>analisi <span class=\"_ _d\"></span>(anche <span class=\"_ _2\"></span>di <span class=\"_ _d\"></span>tipo <span class=\"_ _2\"></span>quantitativo) <span class=\"_ _2\"></span>per <span class=\"_ _d\"></span>apprezzare <span class=\"_ _d\"></span>gli <span class=\"_ _2\"></span>effetti<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>delle <span class=\"_ _d\"></span>stesse <span class=\"_ _2\"></span>e<span class=\"_ _df\"> </span> verificare <span class=\"_ _0\"></span>la <span class=\"_ _16\"> </span>necessit\u00e0 <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>proce<span class=\"_ _2\"></span>dere <span class=\"_ _0\"></span>o <span class=\"_ _16\"> </span>meno <span class=\"_ _9\"> </span>alla <span class=\"_ _9\"> </span>cancellazione <span class=\"_ _9\"> </span>dell\u2019attivit\u00e0 <span class=\"_ _16\"> </span>ed <span class=\"_ _0\"></span>alla <span class=\"_ _9\"> </span>iscr<span class=\"_ _2\"></span>izione <span class=\"_ _0\"> </span>d<span class=\"_ _2\"></span>i <span class=\"_ _9\"> </span>un <span class=\"_ _9\"> </span>nuovo<span class=\"_ _df\"> </span> strumento finanziario.<span class=\"_ _df\"> </span> Le <span class=\"_ _9\"> </span>analisi <span class=\"_ _9\"> </span>(quali-<span class=\"ff5\">quantitative) <span class=\"_ _9\"> </span>volte <span class=\"_ _9\"> </span>a <span class=\"_ _9\"> </span>definire <span class=\"_ _9\"> </span>la <span class=\"_ _9\"> </span>\u201csost<span class=\"_ _2\"></span>anzialit\u00e0\u201d <span class=\"_ _0\"></span>delle <span class=\"_ _9\"> </span>modifiche <span class=\"_ _9\"> </span>contrattuali <span class=\"_ _9\"> </span>apportat<span class=\"_ _2\"></span>e <span class=\"_ _0\"></span>ad<span class=\"_ _df\"> </span></span><span class=\"ff5\"><span class=\"_ _2\"></span></span> un\u2019attivit\u00e0 finanziaria, dov<span class=\"_ _1\"></span>ranno pertant<span class=\"_ _2\"></span>o considerare:<span class=\"_ _df\"> </span><span class=\"ff4\"> </span><span class=\"_ _2c\"> </span><span class=\"ff4\">le finalit\u00e0 <span class=\"_ _2\"></span>per cui le modifiche so<span class=\"_ _2\"></span>no state effettuate: ad <span class=\"_ _2\"></span>esempio, rinegoziazioni per motivi commerciali<span class=\"_ _df\"> </span></span><span class=\"ff4\"> </span>e concessioni per difficolt\u00e0 finanziarie della controparte:<span class=\"_ _df\"> </span><span class=\"_ _2c\"> </span><span class=\"ff5\">le prime, <span class=\"_ _2\"></span>volte a <span class=\"_ _2\"></span>\u201ctrattenere\u201d il<span class=\"_ _2\"></span><span class=\"ff4\"> cliente, <span class=\"_ _2\"></span>vedono coinvolto un <span class=\"_ _2\"></span>debitore che <span class=\"_ _2\"></span>non versa <span class=\"_ _2\"></span>in una situazione <span class=\"_ _2\"></span>di<span class=\"_ _df\"> </span></span></span>difficolt\u00e0 <span class=\"_ _f\"></span>finanziaria. <span class=\"_ _1\"></span>In <span class=\"_ _f\"></span>q<span class=\"_ _2\"></span>uesta <span class=\"_ _f\"></span>casistica sono <span class=\"_ _f\"></span>incluse <span class=\"_ _f\"></span>tutte le<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>operazioni <span class=\"_ _f\"></span>di rineg<span class=\"_ _1\"></span>oziazione <span class=\"_ _f\"></span>ch<span class=\"_ _2\"></span>e <span class=\"_ _f\"></span>sono volte<span class=\"_ _df\"> </span><span class=\"_ _f\"></span> ad <span class=\"_ _f\"></span>adeguare l\u2019<span class=\"_ _1\"></span>onerosit\u00e0 del <span class=\"_ _f\"></span>debito <span class=\"_ _f\"></span>alle cond<span class=\"_ _1\"></span>izioni <span class=\"_ _f\"></span>d<span class=\"_ _2\"></span>i <span class=\"_ _f\"></span>mercato. Tali <span class=\"_ _f\"></span>oper<span class=\"ff4\">azioni comportano <span class=\"_ _f\"></span>una v<span class=\"_ _1\"></span>ariazione<span class=\"_ _df\"> </span></span>delle  condizioni  originarie  del  contratto,  solitamente  richieste<span class=\"_ _1\"></span>  dal  debitore,  che  attiene  ad  aspetti<span class=\"_ _df\"> </span> connessi <span class=\"_ _2\"></span>alla <span class=\"_ _2\"></span>oneros<span class=\"_ _2\"></span>it\u00e0 <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>debito, <span class=\"_ _2\"></span>con <span class=\"_ _2\"></span>un <span class=\"_ _2\"></span>cons<span class=\"_ _2\"></span>egue<span class=\"_ _1\"></span>nte <span class=\"_ _2\"></span>beneficio <span class=\"_ _d\"></span>economico <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>debitore <span class=\"_ _d\"></span>stesso. <span class=\"_ _2\"></span>In<span class=\"_ _df\"> </span> linea <span class=\"_ _9\"> </span>generale <span class=\"_ _16\"> </span>si <span class=\"_ _9\"> </span>r<span class=\"_ _2\"></span>itiene <span class=\"_ _9\"> </span>che,  og<span class=\"_ _1\"></span>niqualvolta <span class=\"_ _9\"> </span>la  b<span class=\"_ _1\"></span>anca <span class=\"_ _16\"> </span>effettui <span class=\"_ _9\"> </span>una  rine<span class=\"_ _1\"></span>goziazione <span class=\"_ _9\"> </span>al  fine<span class=\"_ _1\"></span>  d<span class=\"_ _1\"></span>i <span class=\"_ _9\"> </span>evit<span class=\"_ _2\"></span>are <span class=\"_ _9\"> </span>di<span class=\"_ _df\"> </span> perdere <span class=\"_ _f\"></span>il p<span class=\"_ _1\"></span>roprio cl<span class=\"_ _1\"></span>iente, <span class=\"_ _f\"></span>t<span class=\"_ _2\"></span>ale <span class=\"_ _f\"></span>rinegoziazione <span class=\"_ _1\"></span>debba e<span class=\"_ _1\"></span>ssere <span class=\"_ _1\"></span>considerata <span class=\"_ _f\"></span>come sostanziale <span class=\"_ _f\"></span>in <span class=\"_ _f\"></span>quan<span class=\"_ _2\"></span>to, <span class=\"_ _f\"></span>ove<span class=\"_ _df\"> </span> non <span class=\"_ _2\"></span>fosse <span class=\"_ _2\"></span>effettuata, <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>cliente <span class=\"_ _2\"></span>potrebbe <span class=\"_ _2\"></span>finanziarsi <span class=\"_ _2\"></span>presso <span class=\"_ _2\"></span>un <span class=\"_ _2\"></span>al<span class=\"_ _2\"></span>tro <span class=\"_ _2\"></span>intermediario <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>banca <span class=\"_ _2\"></span>subirebbe<span class=\"_ _df\"> </span> un decremento dei ricavi futuri previsti;<span class=\"_ _df\"> </span><span class=\"_ _2c\"> </span><span class=\"ff5\">le <span class=\"_ _d\"></span>s<span class=\"_ _2\"></span>econde, <span class=\"_ _d\"></span>effettuate <span class=\"_ _d\"></span>p<span class=\"_ _2\"></span>er <span class=\"_ _d\"></span>\u201cr<span class=\"_ _2\"></span>agioni <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>rischio <span class=\"_ _0\"></span>creditizio\u201d <span class=\"_ _d\"></span>(misure<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>for<span class=\"_ _2\"></span>bearance), <span class=\"_ _d\"></span>sono <span class=\"_ _d\"></span>r<span class=\"_ _2\"></span>iconducibili <span class=\"_ _d\"></span>al<span class=\"_ _df\"> </span></span><span class=\"ff5\"> </span>tentativo della banca di <span class=\"_ _2\"></span>massimizzare il recovery dei cas<span class=\"_ _2\"></span>h flow del c<span class=\"_ _2\"></span>redito originario. I rischi <span class=\"_ _2\"></span>e i benefici<span class=\"_ _df\"> </span> sottostanti, <span class=\"_ _e\"> </span>successivamente <span class=\"_ _15\"> </span>alle <span class=\"_ _e\"> </span>modifiche, <span class=\"_ _e\"> </span>di <span class=\"_ _e\"> </span>nor<span class=\"_ _2\"></span>ma, <span class=\"_ _e\"> </span>non <span class=\"_ _15\"> </span>s<span class=\"_ _2\"></span>ono <span class=\"_ _15\"> </span>sostanzialmente <span class=\"_ _e\"> </span>trasferiti <span class=\"_ _e\"> </span>e,<span class=\"_ _df\"> </span> conseguentemente, <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>rappresentazione <span class=\"_ _2\"></span>contabile <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>offre <span class=\"_ _2\"></span>informazioni <span class=\"_ _2\"></span>pi\u00f9 <span class=\"_ _2\"></span>rilevanti <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>lettore <span class=\"_ _2\"></span>del<span class=\"_ _df\"> </span> bilancio <span class=\"_ _0\"></span>(salvo <span class=\"_ _9\"> </span>quanto <span class=\"_ _9\"> </span>s<span class=\"_ _2\"></span>i <span class=\"_ _0\"></span>dir\u00e0 <span class=\"_ _9\"> </span>in <span class=\"_ _9\"> </span>seguito <span class=\"_ _9\"> </span>in <span class=\"_ _0\"></span>t<span class=\"_ _2\"></span>ema <span class=\"_ _0\"></span>di <span class=\"_ _9\"> </span>elementi <span class=\"_ _9\"> </span>oggettivi), <span class=\"_ _9\"> </span>\u00e8 <span class=\"_ _9\"> </span>quella <span class=\"_ _9\"> </span>effettuata <span class=\"_ _9\"> </span>tr<span class=\"_ _2\"></span>amite <span class=\"_ _0\"></span>il<span class=\"_ _df\"> </span> \u201cmodification <span class=\"_ _0\"></span>accounting\u201d <span class=\"_ _0\"></span><span class=\"ff4\">- <span class=\"_ _9\"> </span>che <span class=\"_ _0\"></span>implica <span class=\"_ _0\"></span>la <span class=\"_ _0\"></span>rilevazione <span class=\"_ _0\"></span>a <span class=\"_ _0\"></span>conto <span class=\"_ _0\"></span>economico <span class=\"_ _9\"> </span>della <span class=\"_ _d\"></span>differenza <span class=\"_ _0\"></span>tr<span class=\"_ _2\"></span>a <span class=\"_ _0\"></span>valore<span class=\"_ _df\"> </span></span><span class=\"ff4\"> </span>contabile <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>valore <span class=\"_ _d\"></span>attuale <span class=\"_ _2\"></span>dei <span class=\"_ _2\"></span>flussi <span class=\"_ _d\"></span>di <span class=\"_ _2\"></span>cassa <span class=\"_ _2\"></span>modificati <span class=\"_ _2\"></span>scontati <span class=\"_ _d\"></span>al <span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>asso <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>interesse <span class=\"_ _2\"></span>originario <span class=\"_ _d\"></span>- <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>non<span class=\"_ _df\"> </span> tramite la derecognition;<span class=\"_ _df\"> </span><span class=\"_ _2c\"> </span><span class=\"ff5\">la <span class=\"_ _0\"></span>presenza <span class=\"_ _9\"> </span>di <span class=\"_ _0\"></span>specifici <span class=\"_ _0\"></span>elemen<span class=\"_ _2\"></span>ti <span class=\"_ _0\"></span>oggettivi <span class=\"_ _0\"></span>(\u201ctrigger\u201d) <span class=\"_ _0\"></span>che <span class=\"_ _0\"></span>inc<span class=\"_ _2\"></span>idono <span class=\"_ _0\"></span>sulle <span class=\"_ _0\"></span>caratteristiche <span class=\"_ _0\"></span>e/o <span class=\"_ _9\"> </span>sui <span class=\"_ _0\"></span>flussi<span class=\"_ _df\"> </span></span><span class=\"ff5\"> </span>contrattuali <span class=\"_ _0\"></span>dello <span class=\"_ _0\"></span>strumento <span class=\"_ _0\"></span>finanziario <span class=\"_ _0\"></span>(quali, <span class=\"_ _0\"></span>a <span class=\"_ _0\"></span>solo <span class=\"_ _0\"></span>titolo <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>esempio, <span class=\"_ _0\"></span>il <span class=\"_ _0\"></span>cambi<span class=\"_ _2\"></span>amento <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>divisa <span class=\"_ _0\"></span>o <span class=\"_ _9\"> </span>la<span class=\"_ _df\"> </span> modifica della ti<span class=\"_ _2\"></span>pologia di rischio <span class=\"_ _2\"></span>a cui <span class=\"_ _2\"></span>si \u00e8 <span class=\"_ _2\"></span>esposti, ove <span class=\"_ _2\"></span>la si cor<span class=\"_ _2\"></span>reli a <span class=\"_ _2\"></span>parametri di equity <span class=\"_ _2\"></span>e comm<span class=\"_ _2\"></span>odity),<span class=\"_ _df\"> </span><span class=\"_ _1\"></span> che <span class=\"_ _1\"></span>si ritiene<span class=\"_ _1\"></span> comportino <span class=\"_ _1\"></span>la d<span class=\"_ _1\"></span>erecognition in <span class=\"_ _f\"></span>considerazione del <span class=\"_ _f\"></span>l<span class=\"_ _2\"></span>oro imp<span class=\"_ _1\"></span>atto (atteso <span class=\"_ _f\"></span>come significativo)<span class=\"_ _df\"> </span><span class=\"_ _1\"></span> sui flussi contrattuali originari.<span class=\"_ _df\"> </span>Criter<span class=\"_ _1\"></span>i di <span class=\"_ _1\"></span>cancell<span class=\"_ _1\"></span>azion<span class=\"_ _f\"></span>e Le attivit\u00e0 finanziarie veng<span class=\"_ _1\"></span>ono cancellate dal bilancio solamente se la cessione ha comportato il <span class=\"_ _1\"></span>sostanziale trasferimento di tutti i rischi e benefici connessi alle attivit\u00e0 stesse. Per contr<span class=\"_ _2\"></span>o, qualora sia stat<span class=\"_ _d\"></span>a mantenuta<span class=\"_ _1\"></span> una <span class=\"_ _2\"></span>quota <span class=\"_ _d\"></span>parte <span class=\"_ _d\"></span>rilevante <span class=\"_ _2\"></span>dei <span class=\"_ _d\"></span>rischi <span class=\"_ _d\"></span>e <span class=\"_ _d\"></span>benefici <span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>elativi<span class=\"_ _1\"></span> <span class=\"_ _d\"></span>alle <span class=\"_ _d\"></span>attivit\u00e0 <span class=\"_ _d\"></span>finanziarie <span class=\"_ _2\"></span>cedute, <span class=\"_ _d\"></span>queste <span class=\"_ _d\"></span>continuano <span class=\"_ _2\"></span>ad<span class=\"_ _df\"> </span>essere iscritte <span class=\"_ _2\"></span>in bilancio, ancorch\u00e9 gi<span class=\"_ _2\"></span>uridicamente la titolarit\u00e0 <span class=\"_ _2\"></span>delle attivit\u00e0 <span class=\"_ _2\"></span>stesse sia <span class=\"_ _2\"></span>stata effettivamente trasferita. Nel  caso  in  cui<span class=\"_ _1\"></span>  non  sia  possibile  accertare  il  sostanziale  trasferimento  de<span class=\"_ _1\"></span>i  rischi  e  benefici,  le  attivit\u00e0 finanziarie <span class=\"_ _0\"></span>vengono <span class=\"_ _9\"> </span>cancellate <span class=\"_ _9\"> </span>dal <span class=\"_ _9\"> </span>bilancio <span class=\"_ _0\"> </span>q<span class=\"_ _2\"></span>ualora <span class=\"_ _0\"></span>non <span class=\"_ _9\"> </span>sia <span class=\"_ _9\"> </span>st<span class=\"_ _2\"></span>ato <span class=\"_ _0\"></span>mantenuto <span class=\"_ _9\"> </span>alcun <span class=\"_ _0\"></span>t<span class=\"_ _2\"></span>ipo <span class=\"_ _0\"></span>di <span class=\"_ _9\"> </span>controllo <span class=\"_ _9\"> </span>sulle stesse. <span class=\"_ _d\"></span>In <span class=\"_ _0\"></span>caso <span class=\"_ _d\"></span>contrario, <span class=\"_ _d\"></span>la <span class=\"_ _0\"></span>conservazione, <span class=\"_ _d\"></span>anche <span class=\"_ _0\"></span>in <span class=\"_ _d\"></span>parte, <span class=\"_ _0\"></span>di <span class=\"_ _d\"></span>tale <span class=\"_ _d\"></span>cont<span class=\"_ _2\"></span>rollo <span class=\"_ _d\"></span>comporta <span class=\"_ _d\"></span>il <span class=\"_ _d\"></span>mantenimento <span class=\"_ _d\"></span>in bilancio <span class=\"_ _2\"></span>delle at<span class=\"_ _2\"></span>tivit\u00e0 <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>misura <span class=\"_ _2\"></span>pari <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>coinvolgimento <span class=\"_ _d\"></span>residuo, <span class=\"_ _2\"></span>misurato <span class=\"_ _2\"></span>dall\u2019esposizione a<span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>cambiamenti <span class=\"_ _2\"></span>di valore delle attivit\u00e0 cedute ed alle variazioni dei flu<span class=\"_ _1\"></span>ssi finanziari delle<span class=\"_ _2\"></span> stesse. Infine, le attivit\u00e0 finanziarie cedute vengono cancellate dal bilancio nel caso in cui vi sia la conservazione dei diritti <span class=\"_ _9\"> </span>contrattuali <span class=\"_ _0\"></span>a <span class=\"_ _9\"> </span>r<span class=\"_ _2\"></span>icev<span class=\"_ _1\"></span>ere <span class=\"_ _0\"></span>i <span class=\"_ _9\"> </span>r<span class=\"_ _2\"></span>elativi <span class=\"_ _0\"></span>flussi <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>cassa, <span class=\"_ _9\"> </span>con <span class=\"_ _9\"> </span>la <span class=\"_ _0\"></span>co<span class=\"_ _2\"></span>ntestuale <span class=\"_ _0\"></span>ass<span class=\"_ _2\"></span>unzione<span class=\"_ _1\"></span> <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>un\u2019obbligazione <span class=\"_ _0\"></span>a pagare detti flussi, e solo essi, senza un ritardo rilevante ad altri soggetti terzi. Criter<span class=\"_ _1\"></span>i di <span class=\"_ _1\"></span>rileva<span class=\"_ _f\"></span>zione dell<span class=\"_ _1\"></span>e com<span class=\"_ _f\"></span>ponenti <span class=\"_ _1\"></span>reddi<span class=\"_ _1\"></span>tuali<span class=\"_ _f\"></span> L\u2019allocazione <span class=\"_ _9\"> </span>delle <span class=\"_ _9\"> </span>componenti<span class=\"_ _2\"></span> <span class=\"_ _9\"> </span>reddituali <span class=\"_ _9\"> </span>nelle <span class=\"_ _16\"> </span>pertinenti <span class=\"_ _9\"> </span>voci  d<span class=\"_ _1\"></span>i <span class=\"_ _9\"> </span>cont<span class=\"_ _2\"></span>o <span class=\"_ _9\"> </span>economico <span class=\"_ _16\"> </span>avviene <span class=\"_ _9\"> </span>sulla <span class=\"_ _9\"> </span>base <span class=\"_ _16\"> </span>di quanto riportato di seguito: <span class=\"_ _2c\"> </span><span class=\"ff4\">Gli interessi att<span class=\"_ _2\"></span><span class=\"ff5\">ivi dei<span class=\"_ _1\"></span> crediti e dei titoli vengono allocati nella voce \u201cInteressi attivi e proventi assimilati\u201d </span></span>per competenza sulla base del tasso di interesse effettivo;<span class=\"_ _df\"> </span><span class=\"_ _2c\"> </span><span class=\"ff5\">Gli utili <span class=\"_ _f\"></span>e perdite d<span class=\"_ _1\"></span>a cessione <span class=\"_ _f\"></span>dei crediti e <span class=\"_ _f\"></span>dei titoli <span class=\"_ _1\"></span>vengono allocati <span class=\"_ _f\"></span>nella voce <span class=\"_ _1\"></span>\u201cUtili (pe<span class=\"_ _1\"></span>rdi<span class=\"_ _2\"></span><span class=\"ff4\">te) da <span class=\"_ _f\"></span>ce<span class=\"_ _2\"></span>ssione </span></span>o riacquisto di attivit\u00e0 finanziarie valutate al costo ammortizzato<span class=\"_ _1\"></span>\u201d;<span class=\"_ _df\"> </span><span class=\"_ _2c\"> </span><span class=\"ff4\">Le <span class=\"_ _9\"> </span>r<span class=\"_ _2\"></span>ettifiche <span class=\"_ _9\"> </span>da <span class=\"_ _9\"> </span>impairment, <span class=\"_ _16\"> </span>le <span class=\"_ _9\"> </span>perdite <span class=\"_ _9\"> </span>per <span class=\"_ _16\"> </span>cancellazioni <span class=\"_ _9\"> </span>e <span class=\"_ _16\"> </span>le <span class=\"_ _9\"> </span>riprese <span class=\"_ _16\"> </span>di <span class=\"_ _9\"> </span>valore <span class=\"_ _9\"> </span>dei <span class=\"_ _16\"> </span>crediti <span class=\"_ _9\"> </span>e <span class=\"_ _9\"> </span>dei<span class=\"_ _2\"></span> <span class=\"_ _9\"> </span>titoli </span>vengono <span class=\"_ _2\"></span>allocate <span class=\"_ _2\"></span>nella <span class=\"_ _2\"></span>voce <span class=\"_ _2\"></span>\u201cRe<span class=\"_ _2\"></span>ttifiche/riprese <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>valore <span class=\"_ _2\"></span>nette <span class=\"_ _d\"></span><span class=\"ff4\">per <span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>ischio <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>credito <span class=\"_ _2\"></span>relativo <span class=\"_ _2\"></span>ad <span class=\"_ _2\"></span>attivit\u00e0 </span>finanziarie valutate al costo ammortizzato\u201d.<span class=\"_ _df\"> </span><span class=\"_ _2c\"> </span><span class=\"ff5\">Gli <span class=\"_ _0\"></span>interessi <span class=\"_ _0\"></span>dovuti <span class=\"_ _0\"></span>al <span class=\"_ _d\"></span>trascorrere <span class=\"_ _0\"></span>del <span class=\"_ _d\"></span>tempo <span class=\"_ _0\"></span>sono <span class=\"_ _0\"></span>contabilizzati <span class=\"_ _0\"></span>nella <span class=\"_ _d\"></span>voce <span class=\"_ _0\"></span>\u201cInteressi <span class=\"_ _0\"></span>attivi <span class=\"_ _0\"></span>e <span class=\"_ _d\"></span>proventi </span>assimilati\u201d<span class=\"_ _df\"> </span>.<span class=\"ff4\"> </span>4 <span class=\"ls0\">- Operaz<span class=\"_ _1\"></span>ioni d<span class=\"_ _1\"></span>i co<span class=\"_ _1\"></span>pertu<span class=\"_ _1\"></span>ra<span class=\"_ _df\"> </span></span><span class=\"ls0\"> </span>Il <span class=\"_ _9\"> </span>Gruppo <span class=\"_ _16\"> </span>si <span class=\"_ _9\"> </span>a<span class=\"_ _2\"></span>vvale <span class=\"_ _9\"> </span><span class=\"ff5\">della <span class=\"_ _16\"> </span>facolt\u00e0, <span class=\"_ _16\"> </span>prevista <span class=\"_ _9\"> </span>in <span class=\"_ _16\"> </span>sede <span class=\"_ _16\"> </span>di <span class=\"_ _9\"> </span>introduzione <span class=\"_ _16\"> </span>dell\u2019IFRS <span class=\"_ _9\"> </span>9,  d<span class=\"_ _1\"></span>i <span class=\"_ _16\"> </span>continuare <span class=\"_ _9\"> </span>ad  appli<span class=\"_ _1\"></span>care<span class=\"_ _df\"> </span></span><span class=\"ff5\"> </span>integralmente <span class=\"_ _9\"> </span>le <span class=\"_ _9\"> </span>pre<span class=\"_ _2\"></span>visioni <span class=\"_ _9\"> </span>del <span class=\"_ _9\"> </span>principio <span class=\"_ _16\"> </span>contabile <span class=\"_ _9\"> </span>IAS <span class=\"_ _9\"> </span>39  in <span class=\"_ _9\"> </span>tema <span class=\"_ _9\"> </span>di <span class=\"_ _16\"> </span>\u201chedge <span class=\"_ _9\"> </span>accounting\u201d <span class=\"_ _16\"> </span>(nella <span class=\"_ _9\"> </span>versione<span class=\"_ _df\"> </span> carved <span class=\"_ _9\"> </span>out <span class=\"_ _16\"> </span>omologata <span class=\"_ _9\"> </span>dalla <span class=\"_ _9\"> </span>Commissione <span class=\"_ _9\"> </span>Europea) <span class=\"_ _16\"> </span>per <span class=\"_ _9\"> </span>ogni <span class=\"_ _9\"> </span>tipol<span class=\"_ _2\"></span>ogia <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>copertura  (sia<span class=\"_ _f\"></span>  pe<span class=\"_ _1\"></span>r <span class=\"_ _16\"> </span>le <span class=\"_ _9\"> </span>coperture<span class=\"_ _df\"> </span> specifiche che per le macro coperture).<span class=\"_ _df\"> </span> Criter<span class=\"_ _1\"></span>i di <span class=\"_ _1\"></span>iscrizi<span class=\"_ _1\"></span>one<span class=\"_ _df\"> </span> Gli <span class=\"_ _9\"> </span>strumenti <span class=\"_ _9\"> </span>derivati <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>copertura, <span class=\"_ _9\"> </span>al <span class=\"_ _9\"> </span>pari <span class=\"_ _16\"> </span>di <span class=\"_ _0\"> </span>t<span class=\"_ _2\"></span>utti <span class=\"_ _0\"></span>i <span class=\"_ _16\"> </span>derivati, <span class=\"_ _0\"></span>sono <span class=\"_ _9\"> </span>inizialmente <span class=\"_ _9\"> </span>iscritti <span class=\"_ _9\"> </span>e <span class=\"_ _16\"> </span>successivamente<span class=\"_ _df\"> </span><span class=\"_ _1\"></span> misurati al fair value.<span class=\"_ _df\"> </span> Criter<span class=\"_ _1\"></span>i di <span class=\"_ _1\"></span>class<span class=\"_ _1\"></span>ificazi<span class=\"_ _1\"></span>one: t<span class=\"_ _f\"></span>ipologia <span class=\"_ _f\"></span>di copert<span class=\"_ _1\"></span>ure<span class=\"_ _df\"> </span> Le <span class=\"_ _9\"> </span>o<span class=\"_ _2\"></span>perazioni <span class=\"_ _9\"> </span>di  cop<span class=\"_ _1\"></span>ertura  d<span class=\"_ _1\"></span>ei <span class=\"_ _16\"> </span>rischi <span class=\"_ _16\"> </span>sono <span class=\"_ _9\"> </span>finalizzate <span class=\"_ _16\"> </span>a <span class=\"_ _16\"> </span>neutralizzare <span class=\"_ _9\"> </span>potenziali  variazioni<span class=\"_ _1\"></span>  d<span class=\"_ _1\"></span>i <span class=\"_ _16\"> </span>fair  valu<span class=\"_ _f\"></span>e  o<span class=\"_ _df\"> </span> variazioni <span class=\"_ _2\"></span>di <span class=\"_ _d\"></span>flussi <span class=\"_ _d\"></span>di <span class=\"_ _2\"></span>cassa, <span class=\"_ _d\"></span>attribuibili <span class=\"_ _2\"></span>ad <span class=\"_ _d\"></span>un <span class=\"_ _2\"></span>determinato <span class=\"_ _d\"></span>rischio <span class=\"_ _d\"></span>e <span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>ilev<span class=\"_ _1\"></span>abili <span class=\"_ _d\"></span>su <span class=\"_ _2\"></span>un <span class=\"_ _d\"></span>determinato <span class=\"_ _d\"></span>elemento <span class=\"_ _2\"></span>o<span class=\"_ _df\"> </span> gruppo di elementi, nel caso in cui q<span class=\"_ _1\"></span>uel particolare rischio dovesse effettivamente manifestarsi.<span class=\"_ _df\"> </span><span class=\"_ _2\"></span> Le tipologie di coperture utilizz<span class=\"_ _1\"></span>ate sono <span class=\"_ _2\"></span>le <span class=\"_ _1\"></span>seguenti:<span class=\"_ _df\"> </span> <span class=\"_ _2c\"> </span><span class=\"ff5\">copertura di fair valu<span class=\"_ _1\"></span>e: ha l<span class=\"_ _1\"></span>\u2019obiettivo di<span class=\"_ _1\"></span> coprire l\u2019e<span class=\"_ _1\"></span>sposizione alla <span class=\"_ _1\"></span>variazione d<span class=\"_ _1\"></span>el fair valu<span class=\"_ _f\"></span>e (attribu<span class=\"_ _2\"></span><span class=\"ff4\">ibile alle<span class=\"_ _df\"> </span></span></span>diverse <span class=\"_ _9\"> </span>tipologie <span class=\"_ _16\"> </span>di <span class=\"_ _9\"> </span>rischio)  d<span class=\"_ _1\"></span>i <span class=\"_ _16\"> </span>attivit\u00e0 <span class=\"_ _16\"> </span>e <span class=\"_ _9\"> </span>passivit\u00e0 <span class=\"_ _16\"> </span>iscritte <span class=\"_ _9\"> </span>in <span class=\"_ _16\"> </span>bilancio <span class=\"_ _9\"> </span>o  p<span class=\"_ _f\"></span>o<span class=\"_ _2\"></span>rzioni <span class=\"_ _9\"> </span>di <span class=\"_ _16\"> </span>esse, <span class=\"_ _16\"> </span>di <span class=\"_ _9\"> </span>gruppi <span class=\"_ _16\"> </span>di<span class=\"_ _df\"> </span> attivit\u00e0/passivit\u00e0, <span class=\"_ _d\"></span>di <span class=\"_ _0\"></span>impegni <span class=\"_ _d\"></span>irrevocabili <span class=\"_ _d\"></span>e <span class=\"_ _0\"></span>di <span class=\"_ _d\"></span>port<span class=\"_ _2\"></span>afogli <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>attivit\u00e0 <span class=\"_ _0\"></span>e <span class=\"_ _d\"></span>passivit\u00e0 <span class=\"_ _0\"></span>finanziarie, <span class=\"_ _d\"></span>inclusi <span class=\"_ _0\"></span>i <span class=\"_ _d\"></span>core<span class=\"_ _df\"> </span> deposits, come <span class=\"_ _1\"></span>consentito dallo <span class=\"_ _f\"></span>IAS 39 omologato<span class=\"_ _1\"></span> dalla Commis<span class=\"_ _1\"></span>sione Europea.<span class=\"_ _1\"></span> Le cop<span class=\"_ _1\"></span>erture generiche<span class=\"_ _df\"> </span>di fair <span class=\"_ _2\"></span>value (\u201cmacr<span class=\"_ _2\"></span>o hedge\u201d) ha<span class=\"_ _2\"></span>nno l\u2019obiettivo <span class=\"_ _2\"></span>di ridurre <span class=\"_ _2\"></span>le <span class=\"_ _2\"></span>oscillazioni di fair <span class=\"_ _2\"></span>value, imp<span class=\"_ _2\"></span>utabili al <span class=\"_ _2\"></span>rischio<span class=\"_ _df\"> </span> di <span class=\"_ _0\"></span>tas<span class=\"_ _2\"></span>so <span class=\"_ _0\"></span>di <span class=\"_ _9\"> </span>interesse, <span class=\"_ _9\"> </span>di <span class=\"_ _0\"></span>un <span class=\"_ _9\"> </span>imp<span class=\"_ _2\"></span>orto <span class=\"_ _0\"></span>monetar<span class=\"_ _2\"></span>io, <span class=\"_ _0\"></span>riveniente <span class=\"_ _0\"></span>da <span class=\"_ _9\"> </span>un <span class=\"_ _9\"> </span>porta<span class=\"_ _2\"></span>foglio <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>attivit\u00e0 <span class=\"_ _9\"> </span>o <span class=\"_ _9\"> </span>di <span class=\"_ _0\"></span>passivit\u00e0<span class=\"_ _df\"> </span> finanziarie. Non <span class=\"_ _2\"></span>possono <span class=\"_ _2\"></span>essere <span class=\"_ _2\"></span>oggetto <span class=\"_ _2\"></span>di copertura <span class=\"_ _2\"></span>generica <span class=\"_ _2\"></span>importi <span class=\"_ _2\"></span>netti <span class=\"_ _2\"></span>derivanti dallo s<span class=\"_ _2\"></span>bilancio di<span class=\"_ _df\"> </span> attivit\u00e0 e passivit\u00e0;<span class=\"_ _df\"> </span> <span class=\"_ _2c\"> </span><span class=\"ff5\">copertura <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>flussi <span class=\"_ _2\"></span>finanziari: <span class=\"_ _2\"></span>ha <span class=\"_ _2\"></span>l\u2019obiett<span class=\"_ _2\"></span>ivo di <span class=\"_ _2\"></span>coprire <span class=\"_ _2\"></span>l\u2019esposizione <span class=\"_ _2\"></span>a <span class=\"_ _d\"></span>variazioni d<span class=\"_ _2\"></span>ei <span class=\"_ _2\"></span>flussi<span class=\"_ _2\"></span><span class=\"ff4\"> <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>cassa <span class=\"_ _2\"></span>futuri<span class=\"_ _df\"> </span></span></span><span class=\"ff5\"><span class=\"ff4\"> </span></span>attribuibili <span class=\"_ _16\"> </span>a  p<span class=\"_ _1\"></span>articolari  rischi  associati <span class=\"_ _16\"> </span>a  p<span class=\"_ _1\"></span>oste  de<span class=\"_ _1\"></span>l  bilanci<span class=\"_ _1\"></span>o.  Tale <span class=\"_ _16\"> </span>tipologia <span class=\"_ _16\"> </span>di  cope<span class=\"_ _1\"></span>rtura  \u00e8  u<span class=\"_ _1\"></span>tilizzata<span class=\"_ _df\"> </span> essenzialmente <span class=\"_ _2\"></span>per <span class=\"_ _d\"></span>stabilizzare <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>fl<span class=\"_ _2\"></span>usso <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>interessi <span class=\"_ _d\"></span>della <span class=\"_ _2\"></span>raccol<span class=\"_ _2\"></span>ta <span class=\"_ _2\"></span>a <span class=\"_ _d\"></span>tasso <span class=\"_ _2\"></span>variabile <span class=\"_ _2\"></span>nella <span class=\"_ _d\"></span>misura <span class=\"_ _2\"></span>in <span class=\"_ _d\"></span>cui<span class=\"_ _df\"> </span> quest\u2019ultima <span class=\"_ _2\"></span>finanzia <span class=\"_ _d\"></span>im<span class=\"ff4\">pieghi <span class=\"_ _d\"></span>a <span class=\"_ _d\"></span>tasso <span class=\"_ _2\"></span>fisso. <span class=\"_ _d\"></span>In <span class=\"_ _2\"></span>talune <span class=\"_ _d\"></span>circostanze, <span class=\"_ _2\"></span>analoghe <span class=\"_ _2\"></span>operazioni <span class=\"_ _d\"></span>sono <span class=\"_ _d\"></span>poste <span class=\"_ _d\"></span>in<span class=\"_ _df\"> </span></span><span class=\"ff4\"> </span>essere relativamente ad alcune tipologi<span class=\"_ _1\"></span>e di impieghi a tasso variabile.<span class=\"_ _df\"> </span>Solo <span class=\"_ _16\"> </span>gli <span class=\"_ _9\"> </span>st<span class=\"_ _2\"></span>rumenti <span class=\"_ _9\"> </span>che  coinvolgono <span class=\"_ _9\"> </span>una  controparte <span class=\"_ _9\"> </span>esterna  al <span class=\"_ _9\"> </span>Gruppo  possono <span class=\"_ _9\"> </span>essere  designati <span class=\"_ _9\"> </span>come<span class=\"_ _df\"> </span> strumenti  di  copertura. <span class=\"_ _16\"> </span>Data  la  scelta  ese<span class=\"_ _1\"></span>rcitata  dal  Gruppo <span class=\"_ _16\"> </span>di  av<span class=\"_ _1\"></span>valersi  della  facolt\u00e0  d<span class=\"_ _1\"></span>i  continuare  ad<span class=\"_ _df\"> </span> applicare integralme<span class=\"_ _1\"></span>nte le regole dello <span class=\"_ _1\"></span>IAS 39 per <span class=\"_ _1\"></span>le relazioni di copertura, non <span class=\"_ _f\"></span>\u00e8 possibile designare i titoli d<span class=\"_ _1\"></span>i<span class=\"_ _df\"> </span> capitale <span class=\"_ _2\"></span>classificati <span class=\"_ _d\"></span>tra <span class=\"_ _2\"></span>le <span class=\"_ _d\"></span>Attivit\u00e0 <span class=\"_ _2\"></span>finanziarie <span class=\"_ _d\"></span>valutate <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>fair <span class=\"_ _d\"></span>value <span class=\"_ _2\"></span>con <span class=\"_ _d\"></span>impatto <span class=\"_ _d\"></span>sulla <span class=\"_ _2\"></span>redditivit\u00e0 <span class=\"_ _2\"></span>complessiva<span class=\"_ _df\"> </span> (FVOCI) <span class=\"_ _d\"></span>come <span class=\"_ _d\"></span>oggetti <span class=\"_ _d\"></span>coperti <span class=\"_ _d\"></span>per <span class=\"_ _d\"></span>il <span class=\"_ _d\"></span>r<span class=\"_ _2\"></span>ischio <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>prezzo <span class=\"_ _2\"></span>o<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>cambio, <span class=\"_ _d\"></span>dato <span class=\"_ _d\"></span>che <span class=\"_ _d\"></span>tali <span class=\"_ _d\"></span>strumenti <span class=\"_ _d\"></span>non <span class=\"_ _d\"></span>impatt<span class=\"_ _2\"></span>ano <span class=\"_ _d\"></span>il<span class=\"_ _df\"> </span> conto economico, nemmeno in caso di vendita (se non pe<span class=\"_ _1\"></span>r i dividendi che so<span class=\"_ _2\"></span>no rilevati a conto economico).<span class=\"_ _df\"> </span> Criter<span class=\"_ _1\"></span>i di <span class=\"_ _1\"></span>valuta<span class=\"_ _1\"></span>zione<span class=\"_ _df\"> </span><span class=\"_ _f\"></span> I derivati di copertura sono valutati al fair value. In particolare:<span class=\"_ _df\"> </span> <span class=\"_ _2c\"> </span><span class=\"ff5\">nel caso <span class=\"_ _2\"></span>di copertura <span class=\"_ _2\"></span>di fair value, si <span class=\"_ _2\"></span>compensa la variazione <span class=\"_ _2\"></span>del fair <span class=\"_ _2\"></span>value dell\u2019elemento coperto <span class=\"_ _2\"></span>con la<span class=\"_ _df\"> </span></span><span class=\"ff5\"> </span>variazione del fair <span class=\"_ _2\"></span>value dello strumento <span class=\"_ _2\"></span>di copertura. Tale compensazione \u00e8 <span class=\"_ _2\"></span>riconosciuta attraverso <span class=\"_ _2\"></span>la<span class=\"_ _df\"> </span><span class=\"_ _1\"></span> rilevazione <span class=\"_ _d\"></span>a <span class=\"_ _0\"></span>Conto <span class=\"_ _d\"></span>Economico <span class=\"_ _0\"></span>delle <span class=\"_ _d\"></span>variazioni <span class=\"_ _d\"></span>di <span class=\"_ _0\"></span>valore, <span class=\"_ _d\"></span>riferite<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>sia <span class=\"_ _0\"></span>all\u2019elemento <span class=\"_ _d\"></span>coperto <span class=\"_ _0\"></span>(per <span class=\"_ _d\"></span>quanto<span class=\"_ _df\"> </span> riguarda  le  variazioni  prodotte  dal  fat<span class=\"_ _2\"></span>tore  di  rischio  sot<span class=\"_ _2\"></span>tostante),  sia <span class=\"_ _22\"> </span>allo <span class=\"_ _22\"> </span>st<span class=\"_ _2\"></span>rumento  di  copertura.<span class=\"_ _df\"> </span> L\u2019eventuale <span class=\"_ _17\"> </span>differenza, <span class=\"_ _17\"> </span>che <span class=\"_ _14\"> </span>rappresenta <span class=\"_ _17\"> </span>la <span class=\"_ _14\"> </span>parziale <span class=\"_ _17\"> </span>inefficacia <span class=\"_ _17\"> </span>della <span class=\"_ _17\"> </span>copertura, <span class=\"_ _14\"> </span>ne <span class=\"_ _17\"> </span>cos<span class=\"_ _2\"></span>tituisce <span class=\"_ _17\"> </span>di<span class=\"_ _df\"> </span> conseguenza l\u2019effetto <span class=\"_ _2\"></span>economico <span class=\"_ _2\"></span>netto. Nel <span class=\"_ _2\"></span>caso di <span class=\"_ _2\"></span>operazioni di <span class=\"_ _2\"></span>copertura <span class=\"_ _2\"></span>generica di <span class=\"_ _2\"></span>fair value <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>un<span class=\"_ _df\"> </span><span class=\"_ _1\"></span> portafoglio <span class=\"_ _2\"></span>(\u201cmacro <span class=\"_ _d\"></span>hedge\u201d) <span class=\"_ _2\"></span>le <span class=\"_ _2\"></span>variazioni <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>fair <span class=\"_ _d\"></span>value <span class=\"_ _2\"></span>con <span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>iferimento <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>rischio <span class=\"_ _2\"></span>coperto <span class=\"_ _d\"></span>dell<span class=\"_ _1\"></span>e <span class=\"_ _2\"></span>att<span class=\"_ _2\"></span>ivit\u00e0 <span class=\"_ _2\"></span>e<span class=\"_ _df\"> </span> delle passiv<span class=\"_ _1\"></span>it\u00e0 oggetto di copertura sono impu<span class=\"_ _1\"></span>tate nello stato pa<span class=\"_ _1\"></span>trimoniale, rispettivamente,<span class=\"_ _1\"></span> nella voce<span class=\"_ _df\"> </span> 60. <span class=\"_ _4\"> </span>\u201c<span class=\"_ _2\"></span>Adeg<span class=\"_ _1\"></span>uamento <span class=\"_ _17\"> </span>di <span class=\"_ _4\"> </span>valor<span class=\"_ _2\"></span>e <span class=\"_ _4\"> </span>delle <span class=\"_ _17\"> </span>attivit\u00e0 <span class=\"_ _17\"> </span>finanziarie <span class=\"_ _4\"> </span>oggetto <span class=\"_ _17\"> </span>di <span class=\"_ _4\"> </span>c<span class=\"_ _2\"></span>op<span class=\"_ _2\"></span>ertura <span class=\"_ _4\"> </span>generica\u201d <span class=\"_ _17\"> </span>oppure <span class=\"_ _4\"> </span>50<span class=\"_ _2\"></span>.<span class=\"_ _df\"> </span> \u201cAdeguamento di valore delle passivit\u00e0 finanziarie ogg<span class=\"_ _1\"></span>etto di copertura generica\u201d;<span class=\"_ _df\"> </span><span class=\"_ _2c\"> </span><span class=\"ff4\">nel <span class=\"_ _9\"> </span>caso<span class=\"_ _2\"></span> <span class=\"_ _9\"> </span>di <span class=\"_ _16\"> </span>copertura <span class=\"_ _9\"> </span>di  fl<span class=\"_ _1\"></span>ussi <span class=\"_ _9\"> </span>finanziari, <span class=\"_ _16\"> </span>le <span class=\"_ _9\"> </span>variazioni <span class=\"_ _16\"> </span>di <span class=\"_ _9\"> </span>fair  valu<span class=\"_ _1\"></span>e <span class=\"_ _9\"> </span>d<span class=\"_ _2\"></span>el <span class=\"_ _9\"> </span>derivato <span class=\"_ _16\"> </span>sono <span class=\"_ _9\"> </span>imputate <span class=\"_ _16\"> </span>nella<span class=\"_ _df\"> </span></span>redditivit\u00e0 <span class=\"_ _2\"></span>complessiva, <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>la <span class=\"_ _d\"></span>quota <span class=\"_ _d\"></span>efficace <span class=\"_ _2\"></span>della <span class=\"_ _2\"></span>copertura, <span class=\"_ _2\"></span>e <span class=\"_ _d\"></span>sono <span class=\"_ _2\"></span>rilevate <span class=\"_ _2\"></span>a <span class=\"_ _d\"></span>Conto <span class=\"_ _2\"></span>Economico <span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>olo<span class=\"_ _df\"> </span> quando, con rife<span class=\"_ _1\"></span>rimento alla <span class=\"_ _1\"></span>posta coperta, <span class=\"_ _1\"></span>si manife<span class=\"_ _1\"></span>sta la v<span class=\"_ _1\"></span>ariazione d<span class=\"_ _1\"></span>ei flu<span class=\"_ _1\"></span>ssi di cassa <span class=\"_ _f\"></span>da compensare<span class=\"_ _df\"> </span> o se la copertura risulta inefficace;<span class=\"_ _df\"> </span><span class=\"_ _2c\"> </span><span class=\"ff4\">le <span class=\"_ _2\"></span>coperture di <span class=\"_ _2\"></span>un <span class=\"_ _2\"></span>investimento <span class=\"_ _2\"></span>netto in <span class=\"_ _2\"></span>valuta <span class=\"_ _2\"></span>sono <span class=\"_ _2\"></span>contabilizzate <span class=\"_ _2\"></span>allo stesso <span class=\"_ _2\"></span>modo <span class=\"_ _2\"></span>delle coperture <span class=\"_ _2\"></span>di<span class=\"_ _df\"> </span></span><span class=\"ff4\"> </span>flussi finanziari.<span class=\"_ _df\"> </span>Lo <span class=\"_ _2\"></span>strumento <span class=\"_ _2\"></span>derivato \u00e8 <span class=\"_ _2\"></span>designato <span class=\"_ _2\"></span>di copertura <span class=\"_ _2\"></span>se <span class=\"_ _2\"></span>esiste una <span class=\"_ _2\"></span>documentazione <span class=\"_ _2\"></span>formalizzata d<span class=\"_ _2\"></span>ella r<span class=\"_ _2\"></span>elazione<span class=\"_ _df\"> </span><span class=\"_ _1\"></span> tra lo <span class=\"_ _1\"></span>strumento cope<span class=\"_ _1\"></span>rto e lo<span class=\"_ _1\"></span> strumento <span class=\"_ _1\"></span>di copertura <span class=\"_ _1\"></span>e se<span class=\"_ _1\"></span> \u00e8 eff<span class=\"_ _1\"></span>icace nel<span class=\"_ _1\"></span> momento in cu<span class=\"_ _1\"></span>i la cope<span class=\"_ _1\"></span>rtura ha<span class=\"_ _1\"></span> inizio<span class=\"_ _df\"> </span> e, prospetticamente, durante tutta la vita del<span class=\"_ _1\"></span>la stessa.<span class=\"_ _df\"> </span> L'efficacia della copertura dipende dalla misura in cui le variazioni di fair value dello strumento coperto o dei<span class=\"_ _df\"> </span> relativi <span class=\"_ _4\"> </span>flussi <span class=\"_ _17\"> </span>finanziari <span class=\"_ _4\"> </span>att<span class=\"_ _2\"></span>esi <span class=\"_ _4\"> </span>risultano <span class=\"_ _4\"> </span>compensat<span class=\"_ _2\"></span>i <span class=\"_ _4\"> </span>da <span class=\"_ _17\"> </span>quelle <span class=\"_ _4\"> </span>dello <span class=\"_ _4\"> </span>s<span class=\"_ _2\"></span>trumento <span class=\"_ _4\"> </span>di <span class=\"_ _17\"> </span>copertura. <span class=\"_ _4\"> </span>Pertanto,<span class=\"_ _df\"> </span> l'efficacia <span class=\"_ _17\"> </span>\u00e8 <span class=\"_ _14\"> </span>apprezzata <span class=\"_ _14\"> </span>dal <span class=\"_ _14\"> </span>confronto <span class=\"_ _14\"> </span>delle <span class=\"_ _17\"> </span>s<span class=\"_ _2\"></span>uddette <span class=\"_ _17\"> </span>variazioni, <span class=\"_ _14\"> </span>tenuto <span class=\"_ _14\"> </span>conto <span class=\"_ _14\"> </span>dell'intento <span class=\"_ _17\"> </span>perseguito<span class=\"_ _df\"> </span> dall'impresa <span class=\"_ _2\"></span>nel <span class=\"_ _2\"></span>momento <span class=\"_ _d\"></span>in <span class=\"_ _2\"></span>cui <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>copertura <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _2\"></span>stata <span class=\"_ _d\"></span>posta <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>essere. <span class=\"_ _2\"></span>Si <span class=\"_ _2\"></span>ha <span class=\"_ _d\"></span>efficacia <span class=\"_ _2\"></span>quando <span class=\"_ _2\"></span>le <span class=\"_ _2\"></span>va<span class=\"_ _2\"></span>riazioni <span class=\"_ _2\"></span>di<span class=\"_ _df\"> </span> fair <span class=\"_ _2\"></span>value <span class=\"_ _2\"></span>(o <span class=\"_ _2\"></span>dei <span class=\"_ _2\"></span>flussi <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>cassa) <span class=\"_ _d\"></span>dello st<span class=\"_ _2\"></span>rumento <span class=\"_ _2\"></span>finanziario di <span class=\"_ _d\"></span>copertura <span class=\"_ _2\"></span>neutralizzano <span class=\"_ _2\"></span>quasi <span class=\"_ _2\"></span>integralmente,<span class=\"_ _df\"> </span> cio\u00e8 <span class=\"_ _4\"> </span>nei <span class=\"_ _4\"> </span>limiti <span class=\"_ _17\"> </span>stabiliti <span class=\"_ _17\"> </span>dall\u2019intervallo <span class=\"_ _4\"> </span>80<span class=\"_ _2\"></span><span class=\"ff4\">-125%, <span class=\"_ _4\"> </span>le <span class=\"_ _17\"> </span>variazioni<span class=\"_ _1\"></span> <span class=\"_ _17\"> </span>di <span class=\"_ _4\"> </span>fair <span class=\"_ _17\"> </span>value <span class=\"_ _4\"> </span>dello <span class=\"_ _4\"> </span>str<span class=\"_ _2\"></span>umento <span class=\"_ _4\"> </span>coperto, <span class=\"_ _4\"> </span>per<span class=\"_ _df\"> </span></span><span class=\"ff4\"> </span>l\u2019elemento di rischio ogg<span class=\"ff4\">etto di copertura.<span class=\"_ _df\"> </span></span><span class=\"ff4\"> </span>La valutazione dell'efficacia \u00e8 effettuata ad ogni chiusura di bi<span class=\"_ _1\"></span>lancio o di situazione infrannuale utilizzando:<span class=\"_ _df\"> </span><span class=\"_ _2\"></span> <span class=\"_ _2c\"> </span><span class=\"ff4\">test <span class=\"_ _10\"> </span>prospettici, <span class=\"_ _e\"> </span>che <span class=\"_ _10\"> </span>giustificano <span class=\"_ _e\"> </span>l'applicazione <span class=\"_ _10\"> </span>della <span class=\"_ _e\"> </span>contabilizzazione <span class=\"_ _e\"> </span>di <span class=\"_ _10\"> </span>copertura, <span class=\"_ _10\"> </span>in <span class=\"_ _e\"> </span>quanto<span class=\"_ _df\"> </span></span>dimostrano la sua efficacia attesa;<span class=\"_ _df\"> </span><span class=\"_ _2c\"> </span><span class=\"ff4\">test  retrospettivi<span class=\"_ _1\"></span>, <span class=\"_ _16\"> </span>che <span class=\"_ _16\"> </span>evidenziano  i<span class=\"_ _1\"></span>l <span class=\"_ _16\"> </span>grado <span class=\"_ _16\"> </span>di <span class=\"_ _9\"> </span>efficacia  della <span class=\"_ _9\"> </span>c<span class=\"_ _2\"></span>opertura <span class=\"_ _16\"> </span>raggiunto <span class=\"_ _16\"> </span>nel <span class=\"_ _9\"> </span>periodo  cui <span class=\"_ _9\"> </span>si<span class=\"_ _df\"> </span></span><span class=\"ff4\"> </span>riferiscono, ovvero, misurano quanto i risultati effettivi si siano di<span class=\"_ _1\"></span>scostati dalla copertura perfetta.<span class=\"_ _df\"> </span>Solo <span class=\"_ _d\"></span>gli <span class=\"_ _0\"></span>strumenti <span class=\"_ _d\"></span>che <span class=\"_ _0\"></span>coinvolgono <span class=\"_ _d\"></span>una<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>controparte <span class=\"_ _0\"></span>esterna <span class=\"_ _d\"></span>possono <span class=\"_ _0\"></span>essere <span class=\"_ _d\"></span>designati <span class=\"_ _d\"></span>come <span class=\"_ _0\"></span>strumenti <span class=\"_ _0\"></span>di<span class=\"_ _df\"> </span><span class=\"_ _f\"></span> copertura. Pertanto, <span class=\"_ _1\"></span>ogni risul<span class=\"_ _1\"></span>tato riconducibi<span class=\"_ _1\"></span>le a transazioni i<span class=\"_ _1\"></span>nterne e<span class=\"_ _1\"></span>ffettuate tra <span class=\"_ _1\"></span>diverse e<span class=\"_ _1\"></span>ntit\u00e0 del<span class=\"_ _1\"></span> Gruppo<span class=\"_ _df\"> </span> \u00e8 eliminato dal bilancio consolidato.<span class=\"_ _df\"> </span> Cessa<span class=\"_ _f\"></span>zione pro<span class=\"_ _1\"></span>spett<span class=\"_ _f\"></span>ica del<span class=\"_ _1\"></span>la co<span class=\"_ _f\"></span>ntabilizzazi<span class=\"_ _1\"></span>one d<span class=\"_ _1\"></span>i cop<span class=\"_ _1\"></span>ertur<span class=\"_ _1\"></span>a<span class=\"_ _df\"> </span> Se  le  verifi<span class=\"_ _1\"></span>che  non  confermano  l\u2019efficacia  de<span class=\"_ _1\"></span>lla  copertura,  da  que<span class=\"_ _1\"></span>l  momento  la  contabilizz<span class=\"_ _1\"></span>azione  delle<span class=\"_ _df\"> </span> operazioni di <span class=\"_ _2\"></span>copertura, <span class=\"_ _2\"></span>secondo quanto s<span class=\"_ _2\"></span>opra esposto, <span class=\"_ _2\"></span>viene<span class=\"_ _1\"></span> <span class=\"_ _2\"></span>interrotta <span class=\"_ _2\"></span>e il <span class=\"_ _2\"></span>contratto derivato di <span class=\"_ _2\"></span>copertura<span class=\"_ _df\"> </span> viene <span class=\"_ _1\"></span>riclassificato tra <span class=\"_ _f\"></span>gli strumenti <span class=\"_ _f\"></span>di negoziazione. <span class=\"_ _f\"></span>Inoltr<span class=\"_ _2\"></span>e, <span class=\"_ _f\"></span>le operazioni <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>copertura cessano ne<span class=\"_ _f\"></span>l momento<span class=\"_ _df\"> </span> in cui <span class=\"_ _2\"></span>lo <span class=\"_ _2\"></span>strumento di <span class=\"_ _2\"></span>copertura giunge a <span class=\"_ _2\"></span>scadenza, \u00e8 <span class=\"_ _2\"></span>venduto, <span class=\"_ _2\"></span>cessato o <span class=\"_ _2\"></span>esercitato, oppure <span class=\"_ _2\"></span>viene revocata<span class=\"_ _df\"> </span> la designazione.<span class=\"_ _df\"> </span> Per l<span class=\"_ _1\"></span>e rel<span class=\"_ _1\"></span>azioni d<span class=\"_ _1\"></span>i cop<span class=\"_ _1\"></span>ertura di<span class=\"_ _f\"></span> fair valu<span class=\"_ _1\"></span>e, lo <span class=\"_ _f\"></span>strumento finan<span class=\"_ _1\"></span>ziario <span class=\"_ _1\"></span>coperto non<span class=\"_ _1\"></span> \u00e8 <span class=\"_ _f\"></span>pi\u00f9 ret<span class=\"_ _1\"></span>tificato <span class=\"_ _1\"></span>per l<span class=\"_ _f\"></span>e variazioni<span class=\"_ _df\"> </span> di <span class=\"_ _f\"></span>fair valu<span class=\"_ _1\"></span>e <span class=\"_ _f\"></span>e qu<span class=\"_ _1\"></span>alsiasi <span class=\"_ _f\"></span>r<span class=\"_ _2\"></span>ettifica <span class=\"_ _f\"></span>al <span class=\"_ _f\"></span>valore con<span class=\"_ _f\"></span>t<span class=\"_ _2\"></span>abile <span class=\"_ _f\"></span>di <span class=\"_ _f\"></span>uno s<span class=\"_ _1\"></span>trumento <span class=\"_ _f\"></span>finanziario cop<span class=\"_ _1\"></span>erto <span class=\"_ _f\"></span>per <span class=\"_ _1\"></span>il <span class=\"_ _f\"></span>quale <span class=\"_ _f\"></span>\u00e8 utilizz<span class=\"_ _1\"></span>ato<span class=\"_ _df\"> </span> il criterio dell'interesse effettivo deve essere ammortizzata n<span class=\"_ _2\"></span>el conto economico. Nel caso di int<span class=\"_ _2\"></span>erruzione di<span class=\"_ _df\"> </span> una relazione di copertura generica di fair value, le rivalutazioni/svalutazioni cumulate iscritt<span class=\"_ _2\"></span>e nella voce 60.<span class=\"_ _df\"> </span> \u201cAdeguamento di <span class=\"_ _2\"></span>valore <span class=\"_ _2\"></span>delle at<span class=\"_ _2\"></span>tivit\u00e0 finanziarie <span class=\"_ _2\"></span>oggetto <span class=\"_ _2\"></span>di copert<span class=\"_ _2\"></span>ura generica\u201d <span class=\"_ _2\"></span>oppure 50. <span class=\"_ _2\"></span>\u201cA<span class=\"_ _2\"></span><span class=\"ff4\">deguamento<span class=\"_ _df\"> </span></span><span class=\"ff4\"> </span>di <span class=\"_ _2\"></span>valore <span class=\"_ _d\"></span>delle <span class=\"_ _d\"></span>passivit\u00e0 <span class=\"_ _d\"></span>finanziarie <span class=\"_ _d\"></span>oggetto <span class=\"_ _d\"></span>di <span class=\"_ _2\"></span>copertura <span class=\"_ _d\"></span>generica\u201d <span class=\"_ _d\"></span>sono <span class=\"_ _d\"></span>rilevate <span class=\"_ _2\"></span>a <span class=\"_ _d\"></span>conto<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>econo<span class=\"_ _2\"></span>mico <span class=\"_ _2\"></span>tr<span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>gli<span class=\"_ _df\"> </span> interessi <span class=\"_ _0\"> </span>at<span class=\"_ _2\"></span>tivi <span class=\"_ _0\"></span>o <span class=\"_ _9\"> </span>passivi <span class=\"_ _9\"> </span>lungo <span class=\"_ _0\"></span>la <span class=\"_ _9\"> </span>durata <span class=\"_ _9\"> </span>r<span class=\"_ _2\"></span>esidu<span class=\"_ _1\"></span>a <span class=\"_ _9\"> </span>delle <span class=\"_ _0\"></span>originarie <span class=\"_ _9\"> </span>relazioni <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>copertura, <span class=\"_ _9\"> </span>ferma <span class=\"_ _9\"> </span>restando <span class=\"_ _9\"> </span>la<span class=\"_ _df\"> </span> verifica che ne sussistano i presupposti.<span class=\"_ _df\"> </span>Per le <span class=\"_ _2\"></span>relazioni di <span class=\"_ _2\"></span>copertura dei <span class=\"_ _2\"></span>flussi finanziari, <span class=\"_ _2\"></span>l'utile o <span class=\"_ _2\"></span>la perdita <span class=\"_ _2\"></span>complessiva dello <span class=\"_ _2\"></span>strumento di copertura<span class=\"_ _df\"> </span> che <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _2\"></span>stato <span class=\"_ _2\"></span>rilevato <span class=\"_ _2\"></span>nell<span class=\"_ _1\"></span>e <span class=\"_ _2\"></span>altre <span class=\"_ _2\"></span>componenti <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>conto <span class=\"_ _2\"></span>economico <span class=\"_ _2\"></span>complessivo a <span class=\"_ _d\"></span>partire <span class=\"_ _2\"></span>dall'esercizio in <span class=\"_ _2\"></span>cui <span class=\"_ _2\"></span>la<span class=\"_ _df\"> </span> copertura <span class=\"_ _4\"> </span>era <span class=\"_ _4\"> </span>efficace, <span class=\"_ _4\"> </span>deve <span class=\"_ _22\"> </span>r<span class=\"_ _2\"></span>estare <span class=\"_ _4\"> </span>separatamente <span class=\"_ _4\"> </span>nel <span class=\"_ _4\"> </span>patrimonio <span class=\"_ _4\"> </span>netto <span class=\"_ _4\"> </span>sino <span class=\"_ _4\"> </span>a <span class=\"_ _4\"> </span>quand<span class=\"_ _1\"></span>o <span class=\"_ _4\"> </span>l'operazione<span class=\"_ _df\"> </span> programmata si verifica. Qualora <span class=\"_ _2\"></span>l'operazione programmata ci si at<span class=\"_ _2\"></span>tende non debba pi\u00f9 accadere, <span class=\"_ _2\"></span>qualsiasi<span class=\"_ _df\"> </span> correlato <span class=\"_ _d\"></span>utile <span class=\"_ _d\"></span>o <span class=\"_ _d\"></span>perdita <span class=\"_ _d\"></span>compless<span class=\"_ _2\"></span>ivo <span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>ullo <span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>trumento <span class=\"_ _d\"></span>di <span class=\"_ _2\"></span>copertura<span class=\"_ _d\"></span> <span class=\"_ _d\"></span>che <span class=\"_ _d\"></span>\u00e8 <span class=\"_ _d\"></span>stato <span class=\"_ _d\"></span>r<span class=\"_ _2\"></span>ilevato <span class=\"_ _2\"></span>nel <span class=\"_ _d\"></span>prospetto <span class=\"_ _d\"></span>delle<span class=\"_ _df\"> </span> altre compone<span class=\"_ _1\"></span>nti di <span class=\"_ _f\"></span>conto economico comple<span class=\"_ _1\"></span>ssivo dall'esercizio <span class=\"_ _f\"></span>i<span class=\"_ _2\"></span>n <span class=\"_ _1\"></span>cui la <span class=\"_ _f\"></span>copertura era e<span class=\"_ _1\"></span>fficace<span class=\"_ _2\"></span>, dev<span class=\"_ _1\"></span>e essere<span class=\"_ _df\"> </span> riclassificato dal patrimonio netto all\u2019util<span class=\"_ _1\"></span>e (perdita) d\u2019esercizio come rettifica da riclassificazione.<span class=\"_ _df\"> </span> <span class=\"_ _2\"></span><span class=\"ff4\"> </span>Criter<span class=\"_ _1\"></span>i di <span class=\"_ _1\"></span>rileva<span class=\"_ _f\"></span>zione dell<span class=\"_ _1\"></span>e com<span class=\"_ _f\"></span>ponenti <span class=\"_ _1\"></span>reddi<span class=\"_ _1\"></span>tuali<span class=\"_ _f\"></span> L\u2019allocazione <span class=\"_ _9\"> </span>delle <span class=\"_ _9\"> </span>componenti<span class=\"_ _2\"></span> <span class=\"_ _9\"> </span>reddituali <span class=\"_ _9\"> </span>nelle <span class=\"_ _16\"> </span>pertinenti <span class=\"_ _9\"> </span>voci  d<span class=\"_ _1\"></span>i <span class=\"_ _9\"> </span>cont<span class=\"_ _2\"></span>o <span class=\"_ _9\"> </span>economico <span class=\"_ _16\"> </span>avviene <span class=\"_ _9\"> </span>sulla <span class=\"_ _9\"> </span>base <span class=\"_ _16\"> </span>di quanto riportato di seguito: <span class=\"_ _2c\"> </span><span class=\"ff4\">i <span class=\"_ _0\"></span>differenziali <span class=\"_ _d\"></span>maturati <span class=\"_ _d\"></span>sugli <span class=\"_ _d\"></span>st<span class=\"_ _2\"></span>rumenti <span class=\"_ _d\"></span>derivati <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>copertura <span class=\"_ _0\"></span>del <span class=\"_ _d\"></span>ri<span class=\"_ _2\"></span>schio <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>t<span class=\"_ _2\"></span>asso <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>interesse <span class=\"_ _0\"></span>(oltre<span class=\"_ _1\"></span> <span class=\"_ _d\"></span>agli </span>interessi <span class=\"_ _0\"></span>delle <span class=\"_ _0\"></span>posizioni <span class=\"_ _0\"></span>oggetto <span class=\"_ _9\"> </span>di <span class=\"_ _0\"></span>copertura) <span class=\"_ _0\"></span>vengono <span class=\"_ _0\"></span>allocati <span class=\"_ _0\"></span>nella <span class=\"_ _0\"></span>voce <span class=\"_ _0\"></span>\u201cInteressi <span class=\"_ _9\"> </span>attivi <span class=\"_ _0\"></span>e <span class=\"_ _0\"></span>proventi assimilati\u201d o \u201cInteressi passivi e oneri assimilati\u201d;<span class=\"_ _df\"> </span><span class=\"_ _2c\"> </span><span class=\"ff4\">le <span class=\"_ _d\"></span>plusvalenze <span class=\"_ _d\"></span>e <span class=\"_ _d\"></span>minusvalenze <span class=\"_ _d\"></span>derivanti <span class=\"_ _d\"></span>dalla <span class=\"_ _d\"></span>valutazione <span class=\"_ _d\"></span>d<span class=\"_ _2\"></span>egli <span class=\"_ _d\"></span>strumenti <span class=\"_ _d\"></span>derivati <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>copertura <span class=\"_ _d\"></span>e <span class=\"_ _d\"></span>delle </span>posizioni <span class=\"_ _4\"> </span>oggetto <span class=\"_ _14\"> </span>di <span class=\"_ _17\"> </span>copertura <span class=\"_ _17\"> </span>di <span class=\"_ _17\"> </span>fair <span class=\"_ _17\"> </span>value <span class=\"_ _17\"> </span>hedge <span class=\"_ _17\"> </span>vengono <span class=\"_ _14\"> </span>allocate <span class=\"_ _17\"> </span>nella <span class=\"_ _17\"> </span>voce <span class=\"_ _17\"> </span>\u201cRisultato <span class=\"_ _17\"> </span>netto dell\u2019attivit\u00e0 di copertura\u201d;<span class=\"_ _df\"> </span><span class=\"_ _2c\"> </span><span class=\"ff4\">le plusvalenze e<span class=\"_ _1\"></span> le minusvalenze deriv<span class=\"_ _1\"></span>anti dalla v<span class=\"_ _1\"></span>alutazione degli strumenti de<span class=\"_ _1\"></span>rivat<span class=\"_ _2\"></span>i di<span class=\"_ _1\"></span> copertura di <span class=\"_ _1\"></span>cash </span>flow hedge (per la <span class=\"_ _2\"></span>parte efficace) vengono allocate <span class=\"_ _2\"></span>in una specifica riserva <span class=\"_ _2\"></span>di valutazione di patrimonio<span class=\"_ _df\"> </span>netto <span class=\"_ _f\"></span>\u201cCopertura dei <span class=\"_ _f\"></span>flussi <span class=\"_ _f\"></span>finanziari\u201d, <span class=\"_ _1\"></span>al <span class=\"_ _f\"></span>nett<span class=\"_ _2\"></span>o <span class=\"_ _f\"></span>dell\u2019effetto <span class=\"_ _f\"></span>fiscale <span class=\"_ _1\"></span>differito. <span class=\"_ _f\"></span>Per <span class=\"_ _1\"></span>la <span class=\"_ _1\"></span>parte <span class=\"_ _f\"></span>inefficace <span class=\"_ _f\"></span>tali plu<span class=\"_ _1\"></span>s<span class=\"_ _df\"> </span>e <span class=\"_ _15\"> </span>minus <span class=\"_ _15\"> </span>ven<span class=\"ff5\">gono <span class=\"_ _15\"> </span>contabilizzat<span class=\"_ _2\"></span>e <span class=\"_ _14\"> </span>a <span class=\"_ _e\"> </span>conto <span class=\"_ _15\"> </span>economico <span class=\"_ _15\"> </span>nella <span class=\"_ _15\"> </span>voce <span class=\"_ _15\"> </span>\u201cRisultato <span class=\"_ _e\"> </span>netto <span class=\"_ _15\"> </span>dell\u2019attivit\u00e0 <span class=\"_ _15\"> </span>di </span>copertura\u201d.  Se <span class=\"_ _9\"> </span>lo  strumento  cop<span class=\"_ _1\"></span>erto  \u00e8 <span class=\"_ _16\"> </span>cancellato, <span class=\"_ _16\"> </span>scade <span class=\"_ _16\"> </span>o  si <span class=\"_ _16\"> </span>estingue <span class=\"_ _9\"> </span>allora  la  riserva  \u00e8<span class=\"_ _1\"></span>  riversata<span class=\"_ _f\"></span> immediatamente a conto economico contestualmente alla cancell<span class=\"_ _1\"></span>azione dell\u2019<span class=\"_ _2\"></span><span class=\"ff4\">elemento coperto.<span class=\"_ _df\"> </span></span><span class=\"_ _2c\"> </span><span class=\"ff4\">nel <span class=\"_ _9\"> </span>caso<span class=\"_ _2\"></span> <span class=\"_ _9\"> </span>di <span class=\"_ _16\"> </span>copertura <span class=\"_ _9\"> </span>di  fl<span class=\"_ _1\"></span>ussi <span class=\"_ _9\"> </span>finanziari, <span class=\"_ _16\"> </span>le <span class=\"_ _9\"> </span>variazioni <span class=\"_ _16\"> </span>di <span class=\"_ _9\"> </span>fair  valu<span class=\"_ _1\"></span>e <span class=\"_ _9\"> </span>d<span class=\"_ _2\"></span>el <span class=\"_ _9\"> </span>derivato <span class=\"_ _16\"> </span>sono <span class=\"_ _9\"> </span>imputate <span class=\"_ _16\"> </span>nella<span class=\"_ _df\"> </span></span>redditivit\u00e0 <span class=\"_ _2\"></span>complessiva, <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>la <span class=\"_ _d\"></span>quota <span class=\"_ _2\"></span>efficace <span class=\"_ _2\"></span>della <span class=\"_ _2\"></span>copertura, <span class=\"_ _d\"></span>e <span class=\"_ _2\"></span>sono <span class=\"_ _d\"></span>rilevate <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>Conto <span class=\"_ _d\"></span>Economico <span class=\"_ _2\"></span>solo quando, con rife<span class=\"_ _1\"></span>rimento alla <span class=\"_ _1\"></span>posta coperta, si<span class=\"_ _f\"></span> manifesta la variaz<span class=\"_ _f\"></span>ione dei flu<span class=\"_ _1\"></span>ssi di cassa<span class=\"_ _1\"></span> da compensare<span class=\"_ _f\"></span> o se la copertura risulta inefficace.<span class=\"_ _df\"> </span>5 <span class=\"ls0\">- Partecip<span class=\"_ _f\"></span>azioni </span>Criter<span class=\"_ _1\"></span>i di <span class=\"_ _1\"></span>iscrizi<span class=\"_ _1\"></span>one  Le <span class=\"_ _9\"> </span>partecipazioni <span class=\"_ _9\"> </span>sono <span class=\"_ _9\"> </span>iscritte <span class=\"_ _9\"> </span>alla <span class=\"_ _9\"> </span>data <span class=\"_ _16\"> </span>di <span class=\"_ _0\"></span>r<span class=\"_ _2\"></span>egolamento. <span class=\"_ _0\"></span>All\u2019atto <span class=\"_ _9\"> </span>della <span class=\"_ _9\"> </span>rilevazione <span class=\"_ _9\"> </span>iniziale <span class=\"_ _9\"> </span>le <span class=\"_ _9\"> </span>in<span class=\"_ _2\"></span><span class=\"ff4\">teressenze<span class=\"_ _df\"> </span></span><span class=\"ff4\"> </span>partecipative <span class=\"_ _0\"></span>sono <span class=\"_ _9\"> </span>contabilizzate <span class=\"_ _9\"> </span>al <span class=\"_ _9\"> </span>costo, <span class=\"_ _0\"></span>comprensivo <span class=\"_ _9\"> </span>dei <span class=\"_ _0\"></span>costi <span class=\"_ _9\"> </span>o <span class=\"_ _9\"> </span>proventi <span class=\"_ _0\"></span>direttamente <span class=\"_ _9\"> </span>attribuibili<span class=\"_ _1\"></span> <span class=\"_ _9\"> </span>alla<span class=\"_ _df\"> </span> transazione.<span class=\"_ _df\"> </span> Criter<span class=\"_ _1\"></span>i di <span class=\"_ _1\"></span>class<span class=\"_ _1\"></span>ificazi<span class=\"_ _1\"></span>one<span class=\"_ _df\"> </span> La voce include le interessenze de<span class=\"_ _1\"></span>tenute in societ\u00e0 controllate congiuntamente e collegate.<span class=\"_ _df\"> </span><span class=\"_ _2\"></span> Sono <span class=\"ff5\">considerate controllate congiu<span class=\"_ _1\"></span>ntamente le imprese nelle quali i diritti di voto ed il controllo del<span class=\"_ _1\"></span>l\u2019attivit\u00e0<span class=\"_ _df\"> </span></span><span class=\"ff5\"> </span>economica della partecipata sono condiv<span class=\"_ _1\"></span>isi in modo paritetico da Credem, direttamente o indi<span class=\"_ _1\"></span>rettamente, e<span class=\"_ _df\"> </span> da  un  altro  soggetto.  Inoltre  v<span class=\"_ _1\"></span>iene  qualificato  come  sottoposto  a  controllo  congiu<span class=\"_ _1\"></span>nto  un  investimento<span class=\"_ _df\"> </span> partecipativo  nel<span class=\"_ _1\"></span>  quale,  pur  in  assenz<span class=\"_ _1\"></span>a  di  una  q<span class=\"_ _1\"></span>uota  paritetica  di  di<span class=\"_ _1\"></span>ritti  di  voto,  il  con<span class=\"_ _f\"></span>t<span class=\"_ _2\"></span>rollo <span class=\"_ _16\"> </span>sull\u2019attivit\u00e0<span class=\"_ _df\"> </span> economica  e<span class=\"_ _1\"></span>  sugli <span class=\"_ _16\"> </span>indirizzi  strategici<span class=\"_ _1\"></span>  della  p<span class=\"_ _1\"></span>artecipata  \u00e8 <span class=\"_ _16\"> </span>condiviso  con <span class=\"_ _16\"> </span>altri  soggetti  in  vi<span class=\"_ _1\"></span>rt\u00f9  di <span class=\"_ _16\"> </span>accordi<span class=\"_ _df\"> </span> contrattuali.<span class=\"_ _df\"> </span> Sono <span class=\"_ _0\"></span>considerate <span class=\"_ _0\"></span>collegate, <span class=\"_ _0\"></span>cio\u00e8 <span class=\"_ _9\"> </span>sottoposte <span class=\"_ _0\"></span>ad <span class=\"_ _9\"> </span>influenza <span class=\"_ _d\"></span>not<span class=\"_ _2\"></span>evole<span class=\"_ _1\"></span>, <span class=\"_ _0\"></span>le <span class=\"_ _9\"> </span>imprese <span class=\"_ _0\"></span>nelle <span class=\"_ _0\"></span>quali <span class=\"_ _0\"></span>la <span class=\"_ _9\"> </span>capogruppo,<span class=\"_ _df\"> </span> direttamente <span class=\"_ _f\"></span>o indi<span class=\"_ _1\"></span>rettamente, <span class=\"_ _1\"></span>possiede <span class=\"_ _f\"></span>almeno <span class=\"_ _f\"></span>il 20% <span class=\"_ _f\"></span>dei <span class=\"_ _f\"></span>diritti <span class=\"_ _f\"></span>di v<span class=\"_ _1\"></span>oto (i<span class=\"_ _1\"></span>vi <span class=\"_ _f\"></span>inclusi <span class=\"_ _f\"></span>i diritti <span class=\"_ _f\"></span>di <span class=\"_ _1\"></span>voto <span class=\"_ _f\"></span>\u201cpoten<span class=\"_ _2\"></span>ziali\u201d)<span class=\"_ _df\"> </span> o<span class=\"_ _4\"> </span>nelle <span class=\"_ _d\"></span>quali <span class=\"_ _2\"></span><span class=\"ff5\">\u2013</span> <span class=\"_ _d\"></span>pur <span class=\"_ _2\"></span>con <span class=\"_ _d\"></span>una <span class=\"_ _2\"></span>quota <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>diritti <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>voto <span class=\"_ _d\"></span>inferiore <span class=\"_ _d\"></span><span class=\"ff5\">\u2013</span> <span class=\"_ _d\"></span>ha <span class=\"_ _2\"></span>il <span class=\"_ _d\"></span>potere <span class=\"_ _2\"></span>di <span class=\"_ _d\"></span>partecipare <span class=\"_ _2\"></span>alla <span class=\"_ _d\"></span>determinazione<span class=\"_ _df\"> </span>delle <span class=\"_ _4\"> </span>politiche <span class=\"_ _17\"> </span>finanziarie <span class=\"_ _17\"> </span>e <span class=\"_ _17\"> </span>gestionali <span class=\"_ _17\"> </span>della <span class=\"_ _17\"> </span>partecipata <span class=\"_ _17\"> </span>in <span class=\"_ _17\"> </span>virt\u00f9 <span class=\"_ _4\"> </span>di <span class=\"_ _17\"> </span>part<span class=\"_ _2\"></span>icolari<span class=\"_ _1\"></span> <span class=\"_ _17\"> </span>legami <span class=\"_ _17\"> </span>giuridici <span class=\"_ _4\"> </span>quali <span class=\"_ _17\"> </span>la<span class=\"_ _df\"> </span>partecipazione a patti di sindacato.<span class=\"_ _df\"> </span> Non <span class=\"_ _d\"></span>s<span class=\"_ _2\"></span>ono <span class=\"_ _d\"></span>considerate <span class=\"_ _d\"></span>sottoposte <span class=\"_ _0\"></span>ad <span class=\"_ _d\"></span>influenza <span class=\"_ _d\"></span>notevole <span class=\"_ _0\"></span>alcune <span class=\"_ _0\"></span>interessenze <span class=\"_ _d\"></span>superiori <span class=\"_ _0\"></span>al <span class=\"_ _d\"></span>20%, <span class=\"_ _0\"></span>nelle <span class=\"_ _d\"></span>quali,<span class=\"_ _df\"> </span>direttamente <span class=\"_ _f\"></span>o indi<span class=\"_ _1\"></span>rettamente, <span class=\"_ _1\"></span>il <span class=\"_ _f\"></span>Gr<span class=\"_ _2\"></span>uppo <span class=\"_ _f\"></span>detiene <span class=\"_ _f\"></span>esclusivamente <span class=\"_ _f\"></span>diritt<span class=\"_ _2\"></span>i <span class=\"_ _f\"></span>patrimoniali <span class=\"_ _1\"></span>su <span class=\"_ _1\"></span>una <span class=\"_ _f\"></span>porzione <span class=\"_ _f\"></span>dei <span class=\"_ _1\"></span>frutti<span class=\"_ _df\"> </span> degli investimenti,<span class=\"_ _1\"></span> non ha accesso alle <span class=\"_ _1\"></span>politiche di <span class=\"_ _f\"></span>g<span class=\"_ _2\"></span>estione e <span class=\"_ _1\"></span>pu\u00f2 esercitare diritti di <span class=\"_ _1\"></span>governance limitati all<span class=\"_ _1\"></span>a<span class=\"_ _df\"> </span> tutela degli interessi patrimoniali.<span class=\"_ _df\"> </span>Criter<span class=\"_ _1\"></span>i di <span class=\"_ _1\"></span>valuta<span class=\"_ _1\"></span>zione<span class=\"_ _df\"> </span><span class=\"_ _f\"></span> Le <span class=\"_ _4\"> </span>partecipazioni <span class=\"_ _4\"> </span>in <span class=\"_ _4\"> </span>societ\u00e0 <span class=\"_ _4\"> </span>collegate <span class=\"_ _4\"> </span>o <span class=\"_ _4\"> </span>controllate <span class=\"_ _4\"> </span>congiuntamente <span class=\"_ _4\"> </span>sono <span class=\"_ _4\"> </span>valutate <span class=\"_ _4\"> </span>con <span class=\"_ _4\"> </span>il <span class=\"_ _4\"> </span>metodo <span class=\"_ _4\"> </span>del<span class=\"_ _df\"> </span> patrimonio netto.<span class=\"_ _df\"> </span>Se <span class=\"_ _f\"></span>esistono <span class=\"_ _f\"></span>evidenze <span class=\"_ _f\"></span>che <span class=\"_ _f\"></span>il valore <span class=\"_ _11\"></span>di <span class=\"_ _f\"></span>una <span class=\"_ _1\"></span>partecipazione <span class=\"_ _f\"></span>possa av<span class=\"_ _1\"></span>er <span class=\"_ _f\"></span>subito <span class=\"_ _f\"></span>una <span class=\"_ _1\"></span>riduzione, <span class=\"_ _f\"></span>si <span class=\"_ _f\"></span>procede <span class=\"_ _f\"></span>alla <span class=\"_ _f\"></span>s<span class=\"_ _2\"></span>tima<span class=\"_ _df\"> </span> del <span class=\"_ _0\"></span>valore <span class=\"_ _9\"> </span>recuperabile <span class=\"_ _0\"> </span>della <span class=\"_ _9\"> </span>par<span class=\"_ _2\"></span>tecipazione<span class=\"_ _f\"></span> <span class=\"_ _9\"> </span>s<span class=\"_ _2\"></span>tessa, <span class=\"_ _0\"></span>t<span class=\"_ _2\"></span>enend<span class=\"_ _1\"></span>o <span class=\"_ _9\"> </span>conto <span class=\"_ _9\"> </span>del <span class=\"_ _0\"></span>valore <span class=\"_ _9\"> </span>attuale <span class=\"_ _0\"></span>dei <span class=\"_ _9\"> </span>flussi <span class=\"_ _9\"> </span>finanziari<span class=\"_ _df\"> </span> futuri che la partecipazio<span class=\"ff5\">ne potr\u00e0 generare, incluso il valore di dismissione finale de<span class=\"_ _1\"></span>ll\u2019investimento.<span class=\"_ _df\"> </span></span><span class=\"ff5\"><span class=\"_ _2\"></span><span class=\"ff4\"> </span></span>Qualora  i<span class=\"_ _1\"></span>l <span class=\"_ _16\"> </span>valore <span class=\"_ _16\"> </span>di <span class=\"_ _9\"> </span>recupero  risulti <span class=\"_ _9\"> </span>inferiore  al <span class=\"_ _9\"> </span>valore  contabile, <span class=\"_ _9\"> </span>la  relativa <span class=\"_ _9\"> </span>differenza  \u00e8 <span class=\"_ _9\"> </span>rilevata  a <span class=\"_ _16\"> </span>conto<span class=\"_ _df\"> </span><span class=\"_ _1\"></span> economico.<span class=\"_ _df\"> </span> Qualora i motivi della perdita di valore siano rimossi a seguito di un evento verificatosi successivamente alla<span class=\"_ _df\"> </span> rilevazione <span class=\"_ _f\"></span>della <span class=\"_ _1\"></span>riduzione <span class=\"_ _f\"></span>di valore, <span class=\"_ _f\"></span>vengono <span class=\"_ _f\"></span>ef<span class=\"_ _2\"></span>fettuate <span class=\"_ _f\"></span>riprese d<span class=\"_ _1\"></span>i v<span class=\"_ _1\"></span>alore <span class=\"_ _1\"></span>con <span class=\"_ _f\"></span>imputazione <span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>conto e<span class=\"_ _1\"></span>conomico<span class=\"_ _df\"> </span> che non possono eccedere l\u2019ammontare delle p<span class=\"_ _1\"></span>erdite da impairment in precedenza registrate.<span class=\"_ _df\"> </span>Criter<span class=\"_ _1\"></span>i di <span class=\"_ _1\"></span>cancell<span class=\"_ _1\"></span>azion<span class=\"_ _f\"></span>e Le <span class=\"_ _2\"></span>partecipazioni <span class=\"_ _2\"></span>vengono <span class=\"_ _d\"></span>cancellate <span class=\"_ _2\"></span>quando <span class=\"_ _2\"></span>scadono <span class=\"_ _2\"></span>i <span class=\"_ _d\"></span>diritti <span class=\"_ _2\"></span>contrattuali <span class=\"_ _2\"></span>sui <span class=\"_ _d\"></span>flussi <span class=\"_ _2\"></span>finanziari <span class=\"_ _2\"></span>derivati <span class=\"_ _2\"></span>dalle attivit\u00e0 <span class=\"_ _1\"></span>stesse o<span class=\"_ _f\"></span> quando <span class=\"_ _1\"></span>l\u2019attivit\u00e0 <span class=\"_ _f\"></span>finanziaria vie<span class=\"_ _1\"></span>ne ce<span class=\"_ _f\"></span>d<span class=\"_ _2\"></span>uta t<span class=\"_ _f\"></span>r<span class=\"_ _2\"></span>asferendo <span class=\"_ _f\"></span>s<span class=\"_ _2\"></span>ostanzialmente<span class=\"_ _1\"></span> tutti <span class=\"_ _f\"></span>i rischi<span class=\"_ _f\"></span> e b<span class=\"_ _1\"></span>enefici ad<span class=\"ls0\"> essa connessi. </span>Criter<span class=\"_ _1\"></span>i di <span class=\"_ _1\"></span>rileva<span class=\"_ _f\"></span>zione dell<span class=\"_ _1\"></span>e com<span class=\"_ _f\"></span>ponenti <span class=\"_ _1\"></span>reddi<span class=\"_ _1\"></span>tuali<span class=\"_ _f\"></span><span class=\"sc0\"> </span>Le <span class=\"_ _9\"> </span>differenze <span class=\"_ _9\"> </span>negative <span class=\"_ _16\"> </span>di <span class=\"_ _9\"> </span>prima  i<span class=\"_ _1\"></span>scrizione, <span class=\"_ _9\"> </span>gli <span class=\"_ _9\"> </span>utili <span class=\"_ _16\"> </span>e <span class=\"_ _9\"> </span>le <span class=\"_ _16\"> </span>perdite <span class=\"_ _9\"> </span>delle <span class=\"_ _9\"> </span>partecipate <span class=\"_ _9\"> </span>r<span class=\"_ _2\"></span>ealizzate,<span class=\"_ _1\"></span> <span class=\"_ _16\"> </span>le <span class=\"_ _9\"> </span>perdite <span class=\"_ _9\"> </span>da impairment  e  le<span class=\"_ _1\"></span>  riprese  d<span class=\"_ _1\"></span>i  valore  ve<span class=\"_ _1\"></span>ngono  allocate  nell<span class=\"_ _1\"></span>a  voce  di <span class=\"_ _16\"> </span>conto  econom<span class=\"ff5\">ico  \u201cUtili  (Pe<span class=\"_ _1\"></span>rdite)  d<span class=\"_ _1\"></span>elle </span>partecipazioni\u201d, <span class=\"_ _0\"></span>me<span class=\"_ _2\"></span>ntre <span class=\"_ _9\"> </span>i <span class=\"_ _9\"> </span>dividendi <span class=\"_ _9\"> </span>incassati <span class=\"_ _9\"> </span>vengono <span class=\"_ _9\"> </span>allocati <span class=\"_ _16\"> </span>nella <span class=\"_ _0\"></span>voce <span class=\"_ _16\"> </span>\u201cDividendi <span class=\"_ _9\"> </span>e <span class=\"_ _9\"> </span>proventi <span class=\"_ _9\"> </span>simili\u201d <span class=\"_ _16\"> </span>nel momento in cui sorge il diritto a rice<span class=\"_ _1\"></span>verne il pagamento.<span class=\"_ _2\"></span> ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-861": {
   "value": "288  BILANCIO CON<span class=\"_ _1\"></span>SOLIDATO <span class=\"ff5\">\u2013</span> NOTA I<span class=\"_ _1\"></span>NTEGRATIVA<span class=\"_ _1\"></span> L\u2019iscrizione iniziale <span class=\"_ _2\"></span>delle att<span class=\"_ _2\"></span>ivit\u00e0 finanziarie avviene <span class=\"_ _2\"></span>alla data <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>regolame<span class=\"_ _1\"></span>nto <span class=\"_ _2\"></span>per i <span class=\"_ _2\"></span>titoli <span class=\"_ _2\"></span>di debito <span class=\"_ _2\"></span>ed alla <span class=\"_ _2\"></span>data<span class=\"_ _df\"> </span> di erogazione per i <span class=\"_ _2\"></span>finanziamenti. All\u2019atto della rilevazione iniziale le at<span class=\"_ _2\"></span>tivit\u00e0 sono contabilizzate al fair value,<span class=\"_ _df\"> </span> comprensivo dei costi o proventi di transazione direttamente attri<span class=\"_ _1\"></span>buibili allo strumento<span class=\"_ _2\"></span> <span class=\"_ _13\"></span>stesso.<span class=\"_ _df\"> </span>Criter<span class=\"_ _1\"></span>i di <span class=\"_ _f\"></span>classifica<span class=\"_ _f\"></span>zione<span class=\"_ _df\"> </span> Sono incluse nella presente categoria le attivit\u00e0 finanziarie che<span class=\"_ _1\"></span> soddisfano entrambe le seguenti condizioni:<span class=\"_ _df\"> </span><span class=\"_ _2\"></span> <span class=\"_ _2c\"> </span><span class=\"ff5\">l\u2019attivit\u00e0  finanziaria  \u00e8  possed<span class=\"ff4\">uta  secondo  un  modello  di  business  il  cui  obiettivo  \u00e8  conseguito  sia<span class=\"_ _df\"> </span></span></span><span class=\"ff5\"><span class=\"ff4\"> </span></span>mediante <span class=\"_ _0\"></span>l\u2019incasso <span class=\"_ _9\"> </span>dei <span class=\"_ _9\"> </span>flussi <span class=\"_ _9\"> </span>finanziari <span class=\"_ _9\"> </span>previsti <span class=\"_ _9\"> </span>contrattualmente <span class=\"_ _0\"></span>che <span class=\"_ _9\"> </span>mediante <span class=\"_ _9\"> </span>la <span class=\"_ _9\"> </span>vendita <span class=\"_ _9\"> </span>(Business<span class=\"_ _df\"> </span>model \u201cHold to Collect and Sell \u2013<span class=\"ff4\"> </span>\u201cHTCS\u201d\u201d), e<span class=\"_ _df\"> </span><span class=\"ff4\"> </span><span class=\"_ _2c\"> </span><span class=\"ff5\">i <span class=\"_ _19\"> </span>termini <span class=\"_ _19\"> </span>contr<span class=\"_ _2\"></span>attuali <span class=\"_ _19\"> </span>dell\u2019attivit\u00e0 <span class=\"_ _19\"> </span>fin<span class=\"ff4\">anziaria <span class=\"_ _19\"> </span>prevedono, <span class=\"_ _19\"> </span>a <span class=\"_ _19\"> </span>determinate <span class=\"_ _19\"> </span>date, <span class=\"_ _19\"> </span>f<span class=\"_ _2\"></span>lussi <span class=\"_ _19\"> </span>finanziari<span class=\"_ _df\"> </span></span></span><span class=\"ff5\"><span class=\"ff4\"> </span></span>rappresentati <span class=\"_ _4\"> </span>unicamente <span class=\"_ _4\"> </span>da <span class=\"_ _4\"> </span>pagamenti <span class=\"_ _4\"> </span>del<span class=\"_ _1\"></span> <span class=\"_ _4\"> </span>capitale <span class=\"_ _4\"> </span>e <span class=\"_ _4\"> </span>dell\u2019interesse <span class=\"_ _4\"> </span>s<span class=\"_ _2\"></span>ull\u2019<span class=\"_ _1\"></span>importo <span class=\"_ _4\"> </span>del <span class=\"_ _4\"> </span>capitale <span class=\"_ _4\"> </span>da<span class=\"_ _df\"> </span> restituire (cd. \u201cSPPI test\u201d superato).<span class=\"_ _df\"> </span>In particolare, vengono inclusi in questa voce:<span class=\"_ _df\"> </span> <span class=\"_ _2c\"> </span><span class=\"ff4\">i <span class=\"_ _16\"> </span>titoli <span class=\"_ _9\"> </span>di <span class=\"_ _16\"> </span>debito <span class=\"_ _16\"> </span>che <span class=\"_ _9\"> </span>sono <span class=\"_ _16\"> </span>riconducibili <span class=\"_ _9\"> </span>ad <span class=\"_ _9\"> </span>un  business <span class=\"_ _9\"> </span>model <span class=\"_ _16\"> </span>Hold <span class=\"_ _9\"> </span>to  Colle<span class=\"_ _1\"></span>ct <span class=\"_ _16\"> </span>and <span class=\"_ _9\"> </span>Sell <span class=\"_ _9\"> </span>e  che <span class=\"_ _9\"> </span>hanno<span class=\"_ _df\"> </span></span><span class=\"ff4\"> </span>superato il test SPPI;<span class=\"_ _df\"> </span><span class=\"_ _2c\"> </span><span class=\"ff4\">i  finanziame<span class=\"_ _1\"></span>nti  che <span class=\"_ _9\"> </span>s<span class=\"_ _2\"></span>ono <span class=\"_ _16\"> </span>riconducibili <span class=\"_ _16\"> </span>ad <span class=\"_ _16\"> </span>un  b<span class=\"_ _1\"></span>usiness  mode<span class=\"_ _1\"></span>l <span class=\"_ _16\"> </span>Hold  to<span class=\"_ _1\"></span>  Collect <span class=\"_ _9\"> </span>and  Sell <span class=\"_ _16\"> </span>e  ch<span class=\"_ _1\"></span>e <span class=\"_ _16\"> </span>hanno<span class=\"_ _df\"> </span></span><span class=\"ff4\"> </span>superato il test SPPI.<span class=\"_ _df\"> </span>Riclas<span class=\"_ _f\"></span>sifiche<span class=\"_ _df\"> </span><span class=\"_ _1\"></span> Secondo <span class=\"_ _0\"></span>le <span class=\"_ _9\"> </span>r<span class=\"ff5\">egole <span class=\"_ _0\"></span>generali <span class=\"_ _9\"> </span>previste <span class=\"_ _9\"> </span>dall\u2019IFRS <span class=\"_ _0\"></span>9 <span class=\"_ _9\"> </span>in <span class=\"_ _0\"></span>mat<span class=\"_ _2\"></span>eria <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>riclassificazione <span class=\"_ _0\"></span>delle <span class=\"_ _9\"> </span>attivit\u00e0 <span class=\"_ _9\"> </span>finanziarie <span class=\"_ _0\"></span>(ad<span class=\"_ _df\"> </span></span><span class=\"ff5\"> </span>eccezione dei <span class=\"_ _2\"></span>titoli <span class=\"_ _2\"></span>di capitale, <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>cui <span class=\"_ _2\"></span>non \u00e8 <span class=\"_ _2\"></span>ammessa <span class=\"_ _2\"></span>alcuna r<span class=\"_ _2\"></span>iclassifica), non <span class=\"_ _2\"></span>sono <span class=\"_ _2\"></span>ammesse <span class=\"_ _2\"></span>riclassifiche<span class=\"_ _df\"> </span> verso <span class=\"_ _2\"></span>altre categorie <span class=\"_ _2\"></span>di attivit\u00e0 <span class=\"_ _2\"></span>finanziarie <span class=\"ls2\">sa</span>lvo <span class=\"ls1a\">il</span> <span class=\"_ _2\"></span>caso <span class=\"_ _2\"></span><span class=\"ls1a\">in</span> cui <span class=\"ff5\">l\u2019entit\u00e0</span> <span class=\"_ _2\"></span>modifichi <span class=\"ls1a\">il</span> proprio <span class=\"_ _2\"></span>modell<span class=\"_ _1\"></span>o <span class=\"_ _2\"></span><span class=\"ls39\">di</span> business<span class=\"_ _df\"> </span> per<span class=\"ls0\"> <span class=\"ls1a\">la</span> gestione delle<span class=\"_ _1\"></span> attivit\u00e0 finanziarie a seguito di cambiamenti esterni o interni i quali siano rilevanti per le<span class=\"_ _df\"> </span></span><span class=\"ls0\"> </span>operazioni dell'entit\u00e0 e dimostrabil<span class=\"_ _1\"></span>i alle parti esterne<span class=\"_ _2\"></span>.<span class=\"_ _df\"> </span> In tali casi, che ci si attende siano altamente infrequenti, le attivit<span class=\"_ _2\"></span>\u00e0 finanziarie p<span class=\"_ _1\"></span>otranno essere riclassificate<span class=\"_ _df\"> </span> dalla categoria <span class=\"_ _1\"></span>valutata al fair<span class=\"_ _1\"></span> value <span class=\"_ _1\"></span>con impatto sul<span class=\"_ _1\"></span>la redditiv<span class=\"_ _1\"></span>it\u00e0 complessiva in <span class=\"_ _f\"></span>una delle altre du<span class=\"_ _1\"></span>e categorie<span class=\"_ _df\"> </span> previste <span class=\"_ _2\"></span>dall\u2019IFRS <span class=\"_ _d\"></span>9 <span class=\"_ _d\"></span>(Attivit\u00e0 <span class=\"_ _2\"></span>finanzi<span class=\"ff4\">arie <span class=\"_ _d\"></span>valutate <span class=\"_ _2\"></span>al <span class=\"_ _d\"></span>costo <span class=\"_ _d\"></span>ammortizzato <span class=\"_ _2\"></span>o <span class=\"_ _d\"></span>Attivit\u00e0 <span class=\"_ _2\"></span>finanziarie <span class=\"_ _2\"></span>valut<span class=\"_ _2\"></span>ate <span class=\"_ _2\"></span>al <span class=\"_ _d\"></span>fair<span class=\"_ _df\"> </span></span><span class=\"ff4\"> </span>value con <span class=\"_ _2\"></span>impatto <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>conto economico). <span class=\"_ _2\"></span>Il va<span class=\"_ _2\"></span>lore di <span class=\"_ _2\"></span>trasferimento <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _2\"></span>rappresentato dal <span class=\"_ _2\"></span>fair <span class=\"_ _2\"></span>value al <span class=\"_ _2\"></span>momento<span class=\"_ _df\"> </span> della ricl<span class=\"_ _1\"></span>assificazione e g<span class=\"_ _1\"></span>li effetti del<span class=\"_ _1\"></span>la riclassificazione<span class=\"_ _1\"></span> operano in maniera prospettica a <span class=\"_ _f\"></span>partire dalla d<span class=\"_ _1\"></span>ata di<span class=\"_ _df\"> </span> riclassificazione. <span class=\"_ _d\"></span>Nel <span class=\"_ _d\"></span>caso <span class=\"_ _0\"></span>di <span class=\"_ _d\"></span>riclassifica <span class=\"_ _d\"></span>dalla <span class=\"_ _0\"></span>categoria <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>oggetto <span class=\"_ _d\"></span>a <span class=\"_ _0\"></span>quella <span class=\"_ _d\"></span>del <span class=\"_ _d\"></span>costo <span class=\"_ _0\"></span>ammortizzato, <span class=\"_ _d\"></span>l\u2019utile<span class=\"_ _df\"> </span> (perdita) <span class=\"_ _4\"> </span>cumulato <span class=\"_ _4\"> </span>rilevato <span class=\"_ _22\"> </span>nella <span class=\"_ _4\"> </span>riserva <span class=\"_ _4\"> </span>da <span class=\"_ _4\"> </span>valutazione <span class=\"_ _4\"> </span>\u00e8 <span class=\"_ _4\"> </span>portato <span class=\"_ _4\"> </span>a <span class=\"_ _4\"> </span>rettifica <span class=\"_ _4\"> </span>del  fair <span class=\"_ _4\"> </span>value <span class=\"_ _4\"> </span>dell\u2019a<span class=\"_ _2\"></span><span class=\"ff4\">t<span class=\"_ _2\"></span>tivit\u00e0<span class=\"_ _df\"> </span></span><span class=\"ff4\"> </span>finanziaria <span class=\"_ _d\"></span>alla <span class=\"_ _d\"></span>data <span class=\"_ _0\"></span>della <span class=\"_ _d\"></span>riclassificazione. <span class=\"_ _d\"></span>Nel <span class=\"_ _0\"></span>caso <span class=\"_ _d\"></span>invece <span class=\"_ _d\"></span>di <span class=\"_ _0\"></span>riclassifica <span class=\"_ _d\"></span>nella <span class=\"_ _d\"></span>categoria <span class=\"_ _0\"></span>del <span class=\"_ _d\"></span>fair <span class=\"_ _0\"></span>value <span class=\"_ _d\"></span>con<span class=\"_ _df\"> </span> impatto a conto economico, l'utile (perdita) cumulato rilevato precedentemente nella riserva da valutazione<span class=\"_ _df\"> </span> \u00e8 riclassificato dal patrimonio netto all'utile (pe<span class=\"_ _1\"></span>rdita) d'esercizio.<span class=\"_ _df\"> </span><span class=\"_ _2\"></span> Criter<span class=\"_ _1\"></span>i di <span class=\"_ _1\"></span>valuta<span class=\"_ _1\"></span>zione<span class=\"_ _df\"> </span><span class=\"_ _f\"></span> Successivamente <span class=\"_ _0\"></span>alla <span class=\"_ _9\"> </span>rilevazione <span class=\"_ _9\"> </span>iniziale, <span class=\"_ _0\"></span>le <span class=\"_ _9\"> </span>Attivit\u00e0 <span class=\"_ _9\"> </span>classificate <span class=\"_ _9\"> </span>al <span class=\"_ _9\"> </span>fair <span class=\"_ _9\"> </span>value <span class=\"_ _0\"></span>con <span class=\"_ _9\"> </span>impatto <span class=\"_ _0\"></span>s<span class=\"_ _2\"></span>ulla <span class=\"_ _0\"></span>redditivit\u00e0<span class=\"_ _df\"> </span> complessiva  so<span class=\"_ _2\"></span>no  valutate <span class=\"_ _4\"> </span>al <span class=\"_ _22\"> </span>f<span class=\"_ _2\"></span>air <span class=\"_ _22\"> </span>value, <span class=\"_ _4\"> </span>con <span class=\"_ _22\"> </span>la <span class=\"_ _4\"> </span>rilevazione  a <span class=\"_ _4\"> </span>Cont<span class=\"_ _2\"></span>o <span class=\"_ _22\"> </span>Economi<span class=\"_ _2\"></span>co <span class=\"_ _4\"> </span>degli  impatti <span class=\"_ _4\"> </span>derivanti<span class=\"_ _df\"> </span> dall\u2019applicazione  del  costo  ammort<span class=\"_ _2\"></span>izzato,  deg<span class=\"_ _1\"></span>li  effetti  dell\u2019im<span class=\"_ _2\"></span>pairment  e  dell\u2019eventuale  effetto  cambio,<span class=\"_ _df\"> </span> mentre gli altri utili o perdite derivanti da una variazione di fair value vengono rilevati in una specif<span class=\"_ _2\"></span>ica riserva<span class=\"_ _df\"> </span> di patr<span class=\"_ _2\"></span><span class=\"ff5\">imonio netto <span class=\"_ _2\"></span>finch\u00e9 l\u2019att<span class=\"_ _2\"></span>ivit\u00e0 finanziaria <span class=\"_ _2\"></span>non viene <span class=\"_ _2\"></span>cancellata. <span class=\"_ _2\"></span>Al mo<span class=\"_ _2\"></span>mento della dismissione, <span class=\"_ _2\"></span>totale <span class=\"_ _2\"></span>o<span class=\"_ _df\"> </span></span><span class=\"ff5\"> </span>parziale, l\u2019u<span class=\"_ _1\"></span>tile o la perdi<span class=\"_ _1\"></span>ta cumulati nella <span class=\"_ _f\"></span>r<span class=\"_ _2\"></span>iserva da <span class=\"_ _1\"></span>valutazione vengono riv<span class=\"_ _1\"></span>ersati, in tutto o <span class=\"_ _1\"></span>in parte, <span class=\"_ _f\"></span>a Conto<span class=\"_ _df\"> </span> Economico.<span class=\"_ _df\"> </span> Il fair value viene determinato sulla base dei criteri gi\u00e0 illustrati pe<span class=\"_ _1\"></span>r le Attivit\u00e0 finanziarie valutate al fair value<span class=\"_ _df\"> </span> con impatto a conto economico.<span class=\"_ _df\"> </span> Le Attivit\u00e0 fi<span class=\"_ _1\"></span>nanziarie valutate al fai<span class=\"_ _1\"></span>r value con <span class=\"_ _f\"></span>im<span class=\"_ _2\"></span>patto sulla redd<span class=\"_ _1\"></span>itivit\u00e0 complessiva <span class=\"ff5\">\u2013</span> sia sotto forma <span class=\"_ _1\"></span>di titoli<span class=\"_ _df\"> </span> di  debito  che <span class=\"_ _4\"> </span>di  crediti  <span class=\"ff5\">\u2013</span> <span class=\"_ _4\"> </span><span class=\"ff5\">sono<span class=\"_ _f\"></span> <span class=\"_ _4\"> </span>soggette  alla  verifica  dell\u2019incremento <span class=\"_ _22\"> </span>significativo  del <span class=\"_ _22\"> </span>r<span class=\"_ _2\"></span>ischio  creditizio<span class=\"_ _df\"> </span></span><span class=\"ff5\"> </span>(impairment) prevista dall\u2019IFRS<span class=\"_ _1\"></span> 9, al pari delle Attivit\u00e0 al costo ammortizzato, con conseguente rilevazi<span class=\"_ _1\"></span>one a<span class=\"_ _df\"> </span> conto economico di una rettifica di valore a copertura delle perdite attese. Pi\u00f9 in particolare, sugl<span class=\"_ _1\"></span>i strumenti<span class=\"_ _df\"> </span> classificati in st<span class=\"_ _2\"></span>age 1 (ossia s<span class=\"_ _2\"></span>ulle attivit\u00e0 finanziarie al <span class=\"_ _2\"></span>momento dell\u2019origination, ove non d<span class=\"_ _2\"></span>eteriorate, e s<span class=\"_ _2\"></span>ugli<span class=\"_ _df\"> </span><span class=\"_ _1\"></span> strumenti <span class=\"_ _0\"></span>per <span class=\"_ _0\"></span>cui <span class=\"_ _d\"></span>non <span class=\"_ _0\"></span>s<span class=\"_ _2\"></span>i <span class=\"_ _d\"></span>\u00e8 <span class=\"_ _0\"></span>verificato <span class=\"_ _0\"></span>un <span class=\"_ _0\"></span>significativo <span class=\"_ _d\"></span>incremento <span class=\"_ _0\"></span>del <span class=\"_ _0\"></span>risch<span class=\"_ _2\"></span>io <span class=\"_ _0\"></span>creditizio <span class=\"_ _d\"></span>r<span class=\"_ _2\"></span>ispetto <span class=\"_ _d\"></span>alla <span class=\"_ _0\"></span>data <span class=\"_ _0\"></span>di<span class=\"_ _df\"> </span> rilevazione <span class=\"_ _f\"></span>iniziale) <span class=\"_ _1\"></span>viene <span class=\"_ _f\"></span>contabilizzata, alla <span class=\"_ _f\"></span>data <span class=\"_ _f\"></span>di rilev<span class=\"_ _1\"></span>azione <span class=\"_ _1\"></span>iniziale <span class=\"_ _f\"></span>e <span class=\"_ _1\"></span>ad <span class=\"_ _f\"></span>o<span class=\"_ _2\"></span>gni <span class=\"_ _f\"></span>data <span class=\"_ _1\"></span>di <span class=\"_ _f\"></span>report<span class=\"_ _2\"></span>ing <span class=\"_ _f\"></span>successiva,<span class=\"_ _df\"> </span> una perdita attesa ad un anno. Invece, per gli strumenti classificati in stage 2 (bonis per i quali si<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>\u00e8 verificato<span class=\"_ _df\"> </span> un <span class=\"_ _22\"> </span>incremento <span class=\"_ _4\"> </span>significativo  del <span class=\"_ _4\"> </span>rischio <span class=\"_ _4\"> </span>c<span class=\"_ _1\"></span>reditizio <span class=\"_ _22\"> </span>rispetto <span class=\"_ _4\"> </span>alla <span class=\"_ _22\"> </span>data <span class=\"_ _4\"> </span>di  rilevazione <span class=\"_ _22\"> </span>in<span class=\"_ _2\"></span>iziale)  e <span class=\"_ _4\"> </span>in  st<span class=\"_ _2\"></span>age  3<span class=\"_ _df\"> </span> (esposizioni <span class=\"_ _0\"></span>deteriorate) <span class=\"_ _9\"> </span>viene <span class=\"_ _9\"> </span>contabilizzata <span class=\"_ _0\"> </span>una <span class=\"_ _9\"> </span>perdita <span class=\"_ _9\"> </span>att<span class=\"_ _2\"></span>e<span class=\"_ _1\"></span>sa <span class=\"_ _9\"> </span>per <span class=\"_ _9\"> </span>l\u2019intera <span class=\"_ _0\"></span>vita <span class=\"_ _9\"> </span>residua <span class=\"_ _9\"> </span>dello <span class=\"_ _0\"></span>s<span class=\"_ _2\"></span>trumento<span class=\"_ _df\"> </span><span class=\"ff4\"> </span>finanziario.<span class=\"_ _df\"> </span>Criter<span class=\"_ _1\"></span>i di <span class=\"_ _1\"></span>cancell<span class=\"_ _1\"></span>azion<span class=\"_ _f\"></span>e Le attivit\u00e0 finanziarie veng<span class=\"_ _1\"></span>ono cancellate dal bilancio solamente se la cessione ha comportato il <span class=\"_ _1\"></span>sostanziale<span class=\"_ _df\"> </span> trasferimento di tutti i rischi e benefici connessi alle attivit\u00e0 stesse. Per contr<span class=\"_ _2\"></span>o, qualora sia stata mantenuta<span class=\"_ _df\"> </span> una <span class=\"_ _2\"></span>quota <span class=\"_ _d\"></span>parte <span class=\"_ _d\"></span>rilevante <span class=\"_ _d\"></span>dei <span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>ischi <span class=\"_ _2\"></span>e <span class=\"_ _d\"></span>benefici <span class=\"_ _d\"></span>relativi <span class=\"_ _2\"></span>alle <span class=\"_ _d\"></span>attivit\u00e0 <span class=\"_ _d\"></span>finanziarie <span class=\"_ _2\"></span>cedute, <span class=\"_ _d\"></span>queste <span class=\"_ _d\"></span>continuano <span class=\"_ _d\"></span>ad<span class=\"_ _df\"> </span>essere iscritte <span class=\"_ _2\"></span>in bilancio, ancorch\u00e9 gi<span class=\"_ _2\"></span>uridicamente la titolarit\u00e0 <span class=\"_ _2\"></span>delle attivit\u00e0 <span class=\"_ _2\"></span>stesse sia <span class=\"_ _2\"></span>stata effettivamente trasferita. Nel  caso  in  cu<span class=\"_ _1\"></span>i  non  sia  possibile  accertar<span class=\"_ _2\"></span>e  il <span class=\"_ _16\"> </span>sostanziale  trasferimento  dei <span class=\"_ _16\"> </span>rischi  e  benefici,  le  attivit\u00e0 finanziarie <span class=\"_ _0\"></span>vengono <span class=\"_ _9\"> </span>cancellate <span class=\"_ _9\"> </span>dal <span class=\"_ _9\"> </span>bilancio <span class=\"_ _0\"> </span>q<span class=\"_ _2\"></span>ualora <span class=\"_ _0\"></span>non <span class=\"_ _9\"> </span>sia <span class=\"_ _9\"> </span>st<span class=\"_ _2\"></span>ato <span class=\"_ _0\"></span>mantenuto <span class=\"_ _9\"> </span>alcun <span class=\"_ _0\"></span>t<span class=\"_ _2\"></span>ipo <span class=\"_ _0\"></span>di <span class=\"_ _9\"> </span>controllo <span class=\"_ _9\"> </span>sulle stesse. <span class=\"_ _d\"></span>In <span class=\"_ _0\"></span>caso <span class=\"_ _d\"></span>contrario, <span class=\"_ _d\"></span>la <span class=\"_ _0\"></span>conservazione, <span class=\"_ _d\"></span>anche <span class=\"_ _d\"></span>in <span class=\"_ _0\"></span>parte, <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>tale <span class=\"_ _0\"></span>controllo<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>comporta <span class=\"_ _d\"></span>il <span class=\"_ _0\"></span>mantenimento <span class=\"_ _d\"></span>in bilancio <span class=\"_ _2\"></span>delle at<span class=\"_ _2\"></span>tivit\u00e0 <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>misura <span class=\"_ _2\"></span>pari <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>coinvolgimento <span class=\"_ _d\"></span>residuo, <span class=\"_ _2\"></span>misurato <span class=\"_ _2\"></span>dall\u2019esposizione a<span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>cambiamenti <span class=\"_ _2\"></span>di valore delle attivit\u00e0 cedute ed alle variazioni dei flu<span class=\"_ _1\"></span>ssi finanziari delle<span class=\"_ _2\"></span> stesse. Infine, le attivit\u00e0 finanziarie cedute vengono cancellate dal bilancio nel caso in cui vi sia la conservazione dei diritti <span class=\"_ _9\"> </span>contrattuali <span class=\"_ _0\"></span>a <span class=\"_ _9\"> </span>r<span class=\"_ _2\"></span>icev<span class=\"_ _1\"></span>ere <span class=\"_ _0\"></span>i <span class=\"_ _9\"> </span>r<span class=\"_ _2\"></span>elativi <span class=\"_ _0\"></span>flussi <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>cassa, <span class=\"_ _9\"> </span>con <span class=\"_ _9\"> </span>la <span class=\"_ _0\"></span>co<span class=\"_ _2\"></span>ntestuale <span class=\"_ _0\"></span>ass<span class=\"_ _2\"></span>unzione<span class=\"_ _1\"></span> <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>un\u2019obbligazione <span class=\"_ _0\"></span>a pagare detti flussi, e solo essi, senz<span class=\"_ _1\"></span>a un ritardo rilevante ad<span class=\"_ _2\"></span> altri soggetti terzi. Criter<span class=\"_ _1\"></span>i di <span class=\"_ _1\"></span>rileva<span class=\"_ _f\"></span>zione dell<span class=\"_ _1\"></span>e com<span class=\"_ _f\"></span>ponenti <span class=\"_ _1\"></span>reddi<span class=\"_ _1\"></span>tuali<span class=\"_ _f\"></span> Gli interessi <span class=\"_ _2\"></span>attivi, <span class=\"_ _2\"></span>calcolati in <span class=\"_ _2\"></span>base <span class=\"_ _2\"></span>alla metodologia <span class=\"_ _2\"></span>del T.I.R., <span class=\"_ _2\"></span>vengono <span class=\"_ _2\"></span>contabilizzati p<span class=\"_ _2\"></span>er competenza <span class=\"_ _2\"></span>nelle voci \u201cInteressi attivi <span class=\"_ _f\"></span>e proventi assimilati\u201d, mentre gli utili<span class=\"_ _1\"></span> o le<span class=\"ff4\"> per<span class=\"_ _2\"></span>dite derivanti <span class=\"_ _f\"></span>da una variazione di </span>fair value vengono  rilevati  in <span class=\"_ _22\"> </span>una <span class=\"_ _4\"> </span>specifica  riserva <span class=\"_ _4\"> </span>di  patrimonio  netto  sino <span class=\"_ _22\"> </span>a <span class=\"_ _22\"> </span>che <span class=\"_ _22\"> </span>l\u2019att<span class=\"_ _2\"></span>ivit\u00e0  finanziaria  non <span class=\"_ _4\"> </span>vie<span class=\"_ _1\"></span>ne cancellata o <span class=\"_ _f\"></span>non vi<span class=\"_ _1\"></span>ene <span class=\"_ _1\"></span>rilevata una <span class=\"_ _f\"></span>perdita di <span class=\"_ _f\"></span>valore. Per <span class=\"_ _f\"></span>i titoli <span class=\"_ _f\"></span>di debito, <span class=\"_ _f\"></span>al momento d<span class=\"_ _1\"></span>ella <span class=\"_ _1\"></span>dismissione o d<span class=\"_ _1\"></span>ella rilevazione di una perdita di valore, l\u2019utile<span class=\"_ _1\"></span> o la perdita cumulati vengono riversati a conto economico<span class=\"_ _2\"></span><span class=\"ff4\">. </span>Qualora i motivi della perdita di valore siano rimossi a seguito di un e<span class=\"_ _1\"></span>vento verificatosi successivamente alla rilevazione <span class=\"_ _14\"> </span>della <span class=\"_ _14\"> </span>riduzione <span class=\"_ _14\"> </span>d<span class=\"_ _2\"></span>i <span class=\"_ _14\"> </span>valore, <span class=\"_ _14\"> </span>vengono <span class=\"_ _15\"> </span>effettuate <span class=\"_ _14\"> </span>riprese <span class=\"_ _15\"> </span>di <span class=\"_ _14\"> </span>valore <span class=\"_ _14\"> </span>con <span class=\"_ _15\"> </span>imputazione <span class=\"_ _14\"> </span>a <span class=\"_ _15\"> </span>conto economico, <span class=\"_ _f\"></span>nel <span class=\"_ _f\"></span>caso <span class=\"_ _1\"></span>dei <span class=\"_ _f\"></span>titoli <span class=\"_ _1\"></span>di <span class=\"_ _f\"></span>debito. <span class=\"_ _f\"></span>L\u2019ammontar<span class=\"_ _2\"></span>e <span class=\"_ _f\"></span>della <span class=\"_ _f\"></span>ripresa <span class=\"_ _1\"></span>non <span class=\"_ _f\"></span>pu\u00f2 <span class=\"_ _f\"></span>in <span class=\"_ _f\"></span>og<span class=\"_ _2\"></span>ni <span class=\"_ _f\"></span>caso <span class=\"_ _f\"></span>superar<span class=\"_ _2\"></span>e <span class=\"_ _f\"></span>la <span class=\"_ _f\"></span>differenza tra <span class=\"_ _0\"></span>il <span class=\"_ _0\"></span>valore <span class=\"_ _d\"></span>cont<span class=\"_ _2\"></span>abile<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>ed <span class=\"_ _0\"></span>il <span class=\"_ _d\"></span>costo <span class=\"_ _0\"></span>ammort<span class=\"_ _2\"></span>izzato <span class=\"_ _d\"></span>che <span class=\"_ _0\"></span>lo <span class=\"_ _d\"></span>s<span class=\"_ _2\"></span>trumento <span class=\"_ _0\"></span>avrebbe <span class=\"_ _0\"></span>avuto <span class=\"_ _0\"></span>in <span class=\"_ _d\"></span>assenza <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>precedenti rettifiche. 2.2 A<span class=\"_ _1\"></span>ttivit\u00e0 f<span class=\"_ _1\"></span>inanz<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span>arie<span class=\"_ _1\"></span> valuta<span class=\"_ _f\"></span>te al fair va<span class=\"_ _f\"></span>lue con im<span class=\"_ _1\"></span>patt<span class=\"_ _1\"></span>o sulla <span class=\"_ _1\"></span>redd<span class=\"_ _1\"></span>itivit\u00e0 co<span class=\"_ _f\"></span>mplessiva<span class=\"_ _f\"></span> (FVOCI s<span class=\"_ _1\"></span>enza ric<span class=\"_ _1\"></span>iclo) Criter<span class=\"_ _1\"></span>i di <span class=\"_ _1\"></span>iscrizi<span class=\"_ _1\"></span>one L\u2019iscrizione <span class=\"_ _d\"></span>iniziale <span class=\"_ _d\"></span>delle <span class=\"_ _0\"></span>attivit\u00e0 <span class=\"_ _d\"></span>finanziarie <span class=\"_ _d\"></span>avviene <span class=\"_ _d\"></span>alla <span class=\"_ _0\"></span>data <span class=\"_ _d\"></span>di<span class=\"_ _2\"></span><span class=\"ff4\"> <span class=\"_ _d\"></span></span>regolamento <span class=\"_ _d\"></span>per <span class=\"_ _0\"></span>i <span class=\"_ _d\"></span>titoli <span class=\"_ _d\"></span>di <span class=\"_ _0\"></span>capitale. <span class=\"_ _d\"></span>All\u2019atto della <span class=\"_ _9\"> </span>ril<span class=\"_ _2\"></span>evazione <span class=\"_ _9\"> </span>iniziale  le <span class=\"_ _9\"> </span>att<span class=\"_ _2\"></span>ivit\u00e0 <span class=\"_ _9\"> </span>sono  contabili<span class=\"_ _1\"></span>zzate <span class=\"_ _16\"> </span>al <span class=\"_ _16\"> </span>fair <span class=\"_ _16\"> </span>value<span class=\"_ _1\"></span>, <span class=\"_ _16\"> </span>comprensivo  d<span class=\"_ _1\"></span>ei <span class=\"_ _16\"> </span>costi <span class=\"_ _16\"> </span>o <span class=\"_ _9\"> </span>proventi  di transazione direttamente attribuib<span class=\"_ _1\"></span>ili allo strumento<span class=\"_ _2\"></span> <span class=\"_ _13\"></span>stesso. Criter<span class=\"_ _1\"></span>i di <span class=\"_ _1\"></span>class<span class=\"_ _1\"></span>ificazi<span class=\"_ _1\"></span>one Sono <span class=\"_ _9\"> </span>inclusi <span class=\"_ _16\"> </span>nella <span class=\"_ _9\"> </span>voce  gli <span class=\"_ _0\"> </span>s<span class=\"_ _2\"></span>trumenti <span class=\"_ _9\"> </span>di <span class=\"_ _16\"> </span>capitale, <span class=\"_ _9\"> </span>non  d<span class=\"_ _1\"></span>etenuti  p<span class=\"_ _1\"></span>er <span class=\"_ _9\"> </span>finalit\u00e0  di <span class=\"_ _9\"> </span>negoziazione, <span class=\"_ _9\"> </span>per  i <span class=\"_ _9\"> </span>quali <span class=\"_ _9\"> </span>al momento <span class=\"_ _2\"></span>della <span class=\"_ _2\"></span>rilevazione ini<span class=\"_ _2\"></span>ziale <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _2\"></span>stata <span class=\"_ _2\"></span>esercitata <span class=\"_ _2\"></span>l\u2019opzione p<span class=\"_ _2\"></span>er <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>designazione <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>fair <span class=\"_ _2\"></span>value c<span class=\"_ _2\"></span>on <span class=\"_ _2\"></span>impatto sulla redditivit\u00e0 complessiva. In <span class=\"_ _4\"> </span>particolare, <span class=\"_ _4\"> </span>vengono <span class=\"_ _22\"> </span>inclusi<span class=\"_ _2\"></span> <span class=\"_ _4\"> </span>in <span class=\"_ _22\"> </span>questa <span class=\"_ _4\"> </span>voce <span class=\"_ _4\"> </span>le <span class=\"_ _4\"> </span>interessenze <span class=\"_ _4\"> </span>azionarie, <span class=\"_ _4\"> </span>non <span class=\"_ _4\"> </span>qualificabili <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>controllo, collegamento  e <span class=\"_ _4\"> </span>controllo  congiunto,  che  non <span class=\"_ _4\"> </span>sono  detenute  con <span class=\"_ _4\"> </span>finalit\u00e0  di  negoziazione,  per <span class=\"_ _4\"> </span>cui  si <span class=\"_ _22\"> </span>\u00e8 esercitata l\u2019opzione per la designazione<span class=\"_ _1\"></span> al fair value con impat<span class=\"_ _2\"></span><span class=\"ff4\">to sulla redditivi<span class=\"_ _1\"></span>t\u00e0 complessiva.<span class=\"_ _2\"></span> </span>Riclas<span class=\"_ _f\"></span>sifiche<span class=\"_ _1\"></span> Secondo <span class=\"_ _d\"></span><span class=\"ff5\">le <span class=\"_ _d\"></span>regole <span class=\"_ _0\"></span>generali <span class=\"_ _d\"></span>previste <span class=\"_ _0\"></span>dall\u2019IFRS <span class=\"_ _d\"></span>9 <span class=\"_ _d\"></span>in <span class=\"_ _0\"></span>materia <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>riclassificazione <span class=\"_ _d\"></span>delle <span class=\"_ _d\"></span>at<span class=\"_ _2\"></span>tivit\u00e0 <span class=\"_ _d\"></span>finanziarie <span class=\"_ _d\"></span>per <span class=\"_ _0\"></span>i </span>titoli di capitale non \u00e8 ammessa alcuna riclassifica.<span class=\"sc2\"> </span>Criter<span class=\"_ _1\"></span>i di <span class=\"_ _1\"></span>valuta<span class=\"_ _1\"></span>zione<span class=\"_ _f\"></span> Successivamente <span class=\"_ _2\"></span>alla <span class=\"_ _2\"></span>ril<span class=\"_ _2\"></span>evazione <span class=\"_ _2\"></span>iniziale, <span class=\"_ _2\"></span>gli <span class=\"_ _2\"></span>st<span class=\"_ _2\"></span>rumenti <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>capitale <span class=\"_ _d\"></span>per <span class=\"_ _2\"></span>cui <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _d\"></span>stata <span class=\"_ _d\"></span>effettuata <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>scelta <span class=\"_ _d\"></span>per <span class=\"_ _2\"></span>la classificazione <span class=\"_ _d\"></span>nella <span class=\"_ _d\"></span>pres<span class=\"_ _2\"></span>ente <span class=\"_ _d\"></span>categoria <span class=\"_ _0\"></span>sono <span class=\"_ _d\"></span>valutati <span class=\"_ _0\"></span>al <span class=\"_ _d\"></span>fair <span class=\"_ _0\"></span>value <span class=\"_ _d\"></span>e <span class=\"_ _d\"></span>gl<span class=\"_ _2\"></span>i <span class=\"_ _d\"></span>importi <span class=\"_ _0\"></span>rilevati <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>cont<span class=\"_ _2\"></span>ropartita <span class=\"_ _d\"></span>del patrimonio <span class=\"_ _2\"></span>netto <span class=\"_ _2\"></span>(Prospetto <span class=\"_ _2\"></span>della <span class=\"_ _2\"></span>redditivit\u00e0 <span class=\"_ _2\"></span>complessiva) <span class=\"_ _2\"></span>non <span class=\"_ _2\"></span>devono <span class=\"_ _2\"></span>essere <span class=\"_ _2\"></span>successivamente <span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>rasferiti <span class=\"_ _2\"></span>a conto economico, ne<span class=\"_ _1\"></span>anche in caso di cessione<span class=\"_ _1\"></span>. La sola componente rife<span class=\"_ _1\"></span>ribile ai titoli di <span class=\"_ _1\"></span>capitale in que<span class=\"_ _1\"></span>stione che \u00e8 oggetto di rilevazi<span class=\"_ _1\"></span>one a conto <span class=\"_ _2\"></span>economico \u00e8 rappresentata <span class=\"_ _1\"></span>dai relativi dividendi.<span class=\"_ _2\"></span> Il fair value viene determinato sulla base dei criteri gi\u00e0 ill<span class=\"_ _1\"></span>ustrati per le Attivit\u00e0 finanziarie valutate al fair value con impatto a conto economico. Per <span class=\"_ _0\"></span>i <span class=\"_ _9\"> </span>titoli <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>capitale <span class=\"_ _9\"> </span>inclusi <span class=\"_ _0\"></span>in <span class=\"_ _16\"> </span>que<span class=\"_ _1\"></span>sta <span class=\"_ _9\"> </span>categoria, <span class=\"_ _9\"> </span>non <span class=\"_ _9\"> </span>quotati <span class=\"_ _9\"> </span>in <span class=\"_ _0\"></span>un <span class=\"_ _9\"> </span>mercato <span class=\"_ _9\"> </span>att<span class=\"_ _2\"></span>ivo, <span class=\"_ _0\"></span>il <span class=\"_ _9\"> </span>criterio <span class=\"_ _0\"></span>de<span class=\"_ _2\"></span>l <span class=\"_ _9\"> </span>costo <span class=\"_ _9\"> </span>\u00e8 utilizzato <span class=\"_ _d\"></span>quale <span class=\"_ _2\"></span>st<span class=\"_ _2\"></span>ima <span class=\"_ _d\"></span>del <span class=\"_ _d\"></span>fair <span class=\"_ _d\"></span>value <span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>oltanto <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>via <span class=\"_ _d\"></span>residuale <span class=\"_ _2\"></span>e <span class=\"_ _d\"></span>li<span class=\"_ _2\"></span>mitatamente <span class=\"_ _d\"></span>a <span class=\"_ _d\"></span>poche <span class=\"_ _2\"></span>circos<span class=\"_ _2\"></span>tanze,<span class=\"_ _1\"></span> <span class=\"_ _d\"></span>ossia <span class=\"_ _d\"></span>in<span class=\"_ _df\"> </span>caso <span class=\"_ _2\"></span>di <span class=\"_ _d\"></span>non <span class=\"_ _2\"></span>applicabilit\u00e0 <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>tutt<span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>metodi <span class=\"_ _2\"></span>di <span class=\"_ _d\"></span>valutazione<span class=\"_ _1\"></span> <span class=\"_ _2\"></span>preced<span class=\"_ _2\"></span>entemente <span class=\"_ _2\"></span>richiamati, <span class=\"_ _2\"></span>ovvero <span class=\"_ _2\"></span>in <span class=\"_ _d\"></span>presenza <span class=\"_ _2\"></span>di un\u2019ampia <span class=\"_ _9\"> </span>gamma  di <span class=\"_ _9\"> </span>possibili<span class=\"ff4\">  valutazioni <span class=\"_ _16\"> </span>del <span class=\"_ _9\"> </span>fair  value, <span class=\"_ _9\"> </span>nel  cui <span class=\"_ _16\"> </span>ambito <span class=\"_ _16\"> </span>il <span class=\"_ _9\"> </span>costo  rapprese<span class=\"_ _1\"></span>nta  la <span class=\"_ _9\"> </span>stima  pi\u00f9 </span>significativa.<span class=\"_ _df\"> </span>Criter<span class=\"_ _1\"></span>i di <span class=\"_ _1\"></span>cancell<span class=\"_ _1\"></span>azion<span class=\"_ _f\"></span>e<span class=\"_ _df\"> </span> Le attivit\u00e0 finanziarie veng<span class=\"_ _1\"></span>ono cancellate dal bilancio solamente se la cessione ha comportato il <span class=\"_ _1\"></span>sostanziale<span class=\"_ _df\"> </span> trasferimento di tutti i ri<span class=\"_ _2\"></span>schi e benefici connessi alle attivit\u00e0 stesse. Per contro, qualora sia stat<span class=\"_ _2\"></span>a mantenuta<span class=\"_ _df\"> </span><span class=\"_ _f\"></span> una <span class=\"_ _2\"></span>quota <span class=\"_ _d\"></span>parte <span class=\"_ _d\"></span>rilevante <span class=\"_ _2\"></span>dei <span class=\"_ _d\"></span>rischi <span class=\"_ _d\"></span>e <span class=\"_ _d\"></span>benefici <span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>elativi<span class=\"_ _1\"></span> <span class=\"_ _d\"></span>alle <span class=\"_ _d\"></span>attivit\u00e0 <span class=\"_ _d\"></span>finanziarie <span class=\"_ _2\"></span>cedute, <span class=\"_ _d\"></span>queste <span class=\"_ _d\"></span>continuano <span class=\"_ _2\"></span>ad<span class=\"_ _df\"> </span> essere iscritte <span class=\"_ _2\"></span>in bilancio, ancorch\u00e9 gi<span class=\"_ _2\"></span>uridicamente la t<span class=\"_ _2\"></span>itolarit\u00e0 <span class=\"_ _2\"></span>delle attivit\u00e0 stess<span class=\"_ _2\"></span>e sia stata <span class=\"_ _2\"></span>effettivamente<span class=\"_ _df\"> </span> trasferita.<span class=\"_ _df\"> </span> Nel  caso  in  cu<span class=\"_ _1\"></span>i  non  sia  possibile  accertare  il  sostanziale  trasferimento  d<span class=\"_ _1\"></span>ei  rischi  e  benefici,  le  attivit\u00e0<span class=\"_ _df\"> </span> finanziarie <span class=\"_ _0\"></span>vengono <span class=\"_ _9\"> </span>cancellate <span class=\"_ _9\"> </span>dal <span class=\"_ _9\"> </span>bilancio <span class=\"_ _0\"> </span>q<span class=\"_ _2\"></span>ualora <span class=\"_ _0\"></span>non <span class=\"_ _9\"> </span>sia <span class=\"_ _9\"> </span>st<span class=\"_ _2\"></span>ato <span class=\"_ _0\"></span>mantenuto <span class=\"_ _9\"> </span>alc<span class=\"_ _2\"></span>un <span class=\"_ _0\"></span>t<span class=\"_ _2\"></span>ipo <span class=\"_ _0\"></span>di <span class=\"_ _9\"> </span>controllo <span class=\"_ _9\"> </span>sulle<span class=\"_ _df\"> </span> stesse. <span class=\"_ _d\"></span>In <span class=\"_ _0\"></span>caso <span class=\"_ _d\"></span>contrario, <span class=\"_ _d\"></span>la <span class=\"_ _0\"></span>conservazione, <span class=\"_ _d\"></span>anche <span class=\"_ _d\"></span>in <span class=\"_ _0\"></span>parte, <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>tale <span class=\"_ _0\"></span>controllo <span class=\"_ _d\"></span>comporta <span class=\"_ _0\"></span>il <span class=\"_ _d\"></span>mantenimento <span class=\"_ _d\"></span>in<span class=\"_ _df\"> </span> bilancio <span class=\"_ _2\"></span>delle at<span class=\"_ _2\"></span>tivit\u00e0 <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>misura <span class=\"_ _2\"></span>pari <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>coinvolgimento <span class=\"_ _d\"></span>residuo, <span class=\"_ _2\"></span>misurato <span class=\"_ _2\"></span>dall\u2019esposizione a<span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>cambiamenti <span class=\"_ _2\"></span>di<span class=\"_ _df\"> </span> valore delle attivit\u00e0 cedute ed alle variazioni dei flussi finan<span class=\"_ _1\"></span>ziari delle<span class=\"_ _2\"></span> stesse.<span class=\"_ _df\"> </span> Infine, le attivit\u00e0 finanziarie cedute vengono cancellate dal bilancio nel caso in cui vi sia la conservazione dei<span class=\"_ _df\"> </span> diritti <span class=\"_ _9\"> </span>contrattuali <span class=\"_ _0\"></span>a <span class=\"_ _9\"> </span>r<span class=\"_ _2\"></span>icev<span class=\"_ _1\"></span>ere <span class=\"_ _0\"></span>i <span class=\"_ _9\"> </span>r<span class=\"_ _2\"></span>elativi <span class=\"_ _0\"></span>flussi <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>cassa, <span class=\"_ _9\"> </span>con <span class=\"_ _9\"> </span>la <span class=\"_ _0\"></span>co<span class=\"_ _d\"></span><span class=\"ff5\">ntestuale <span class=\"_ _0\"></span>assunzione <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>un\u2019obbligazione <span class=\"_ _0\"></span>a<span class=\"_ _df\"> </span></span><span class=\"ff5\"> </span>pagare detti flussi, e solo essi, senz<span class=\"_ _1\"></span>a un ritardo rilevante ad altri soggetti terzi.<span class=\"_ _df\"> </span>Criter<span class=\"_ _1\"></span>i di <span class=\"_ _1\"></span>rileva<span class=\"_ _f\"></span>zione dell<span class=\"_ _1\"></span>e com<span class=\"_ _f\"></span>ponenti <span class=\"_ _1\"></span>reddi<span class=\"_ _1\"></span>tuali<span class=\"_ _df\"> </span><span class=\"_ _f\"></span> I di<span class=\"_ _2\"></span>videndi vengono <span class=\"_ _2\"></span>contabilizzati <span class=\"_ _2\"></span>alla <span class=\"_ _2\"></span>voce \u201cDividendi <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>proventi s<span class=\"_ _2\"></span>imili\u201d n<span class=\"_ _2\"></span><span class=\"ff4\">el <span class=\"_ _2\"></span>momento in <span class=\"_ _2\"></span>cui <span class=\"_ _2\"></span>sorge <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>diritto <span class=\"_ _2\"></span>a<span class=\"_ _df\"> </span></span><span class=\"ff4\"> </span>riceverne <span class=\"_ _1\"></span>il p<span class=\"_ _1\"></span>agamento, me<span class=\"_ _1\"></span>ntre gli <span class=\"_ _f\"></span>utili o <span class=\"_ _f\"></span>le perdite <span class=\"_ _1\"></span>derivanti d<span class=\"_ _1\"></span>a una <span class=\"_ _f\"></span>variazione d<span class=\"_ _1\"></span>i fair value dei <span class=\"_ _f\"></span>titoli di <span class=\"_ _f\"></span>capitale<span class=\"_ _df\"> </span> vengono rilevati <span class=\"_ _1\"></span>in una <span class=\"_ _1\"></span>specifica riserva di p<span class=\"_ _1\"></span>atrimonio netto e <span class=\"_ _1\"></span>tale non vie<span class=\"_ _1\"></span>ne riversato a conto e<span class=\"_ _1\"></span>conomico nel<span class=\"_ _df\"> </span> caso di cessione e cancell<span class=\"_ _1\"></span>azione del titolo di capitale.<span class=\"_ _2\"></span> 3 <span class=\"ls0\">- Attivit<span class=\"_ _1\"></span>\u00e0 fin<span class=\"_ _1\"></span>anzia<span class=\"_ _1\"></span>rie valu<span class=\"_ _f\"></span>tate al cos<span class=\"_ _1\"></span>to a<span class=\"_ _1\"></span>mmort<span class=\"_ _1\"></span>izzato<span class=\"_ _1\"></span> </span>Criter<span class=\"_ _1\"></span>i di <span class=\"_ _1\"></span>iscrizi<span class=\"_ _1\"></span>one L\u2019iscrizione iniziale de<span class=\"_ _1\"></span>ll\u2019attivit\u00e0 finanziaria avviene alla data di reg<span class=\"_ _1\"></span>olamento per i titoli di de<span class=\"_ _1\"></span>bito ed a<span class=\"_ _2\"></span><span class=\"ff4\">lla data di </span>erogazione <span class=\"_ _d\"></span>nel <span class=\"_ _0\"></span>caso <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>crediti. <span class=\"_ _0\"></span>All\u2019atto <span class=\"_ _0\"></span>della <span class=\"_ _d\"></span>rilevazione <span class=\"_ _0\"></span>iniziale <span class=\"_ _d\"></span>le <span class=\"_ _0\"></span>attivit\u00e0 <span class=\"_ _0\"></span>sono <span class=\"_ _0\"></span>contabilizzate <span class=\"_ _d\"></span>al <span class=\"_ _0\"></span>fair <span class=\"_ _0\"></span>value, comprensivo dei costi o proventi di transazione direttamente attr<span class=\"_ _1\"></span>ibuibili allo strumento stesso.<span class=\"_ _2\"></span> In <span class=\"_ _0\"></span>particolare, <span class=\"_ _9\"> </span>per <span class=\"_ _9\"> </span>quel <span class=\"_ _0\"></span>che <span class=\"_ _9\"> </span>attiene <span class=\"_ _9\"> </span>ai <span class=\"_ _9\"> </span>crediti, <span class=\"_ _0\"></span>la <span class=\"_ _9\"> </span>data <span class=\"_ _9\"> </span>di <span class=\"_ _0\"> </span>ero<span class=\"_ _2\"></span>gazione <span class=\"_ _0\"></span>normalmente <span class=\"_ _9\"> </span>coincide <span class=\"_ _0\"></span>con <span class=\"_ _9\"> </span>la <span class=\"_ _9\"> </span>data <span class=\"_ _0\"></span>di sottoscrizione <span class=\"_ _f\"></span>del <span class=\"_ _f\"></span>contratt<span class=\"_ _2\"></span>o. <span class=\"_ _11\"></span>Qualora tale <span class=\"_ _11\"></span>coincidenza <span class=\"_ _f\"></span>non <span class=\"_ _1\"></span>si <span class=\"_ _f\"></span>manifest<span class=\"_ _2\"></span>i, <span class=\"_ _f\"></span>in <span class=\"_ _f\"></span>sede <span class=\"_ _f\"></span>di <span class=\"_ _f\"></span>sott<span class=\"_ _2\"></span>oscrizione <span class=\"_ _f\"></span>del <span class=\"_ _f\"></span>contratto si provv<span class=\"_ _1\"></span>ede <span class=\"_ _f\"></span>ad iscrivere <span class=\"_ _f\"></span>un impegno <span class=\"_ _1\"></span>ad e<span class=\"_ _1\"></span>rogare <span class=\"_ _1\"></span>fondi <span class=\"_ _1\"></span>che si <span class=\"_ _f\"></span>chiude <span class=\"_ _f\"></span>a<span class=\"_ _2\"></span>lla d<span class=\"_ _1\"></span>ata di <span class=\"_ _f\"></span>erogazione de<span class=\"_ _1\"></span>l fi<span class=\"_ _1\"></span>nanziamento. L\u2019iscrizione del credito avviene sull<span class=\"_ _1\"></span>a base del fair value dello stesso, pari all\u2019ammontare erogato, o prezzo di sottoscrizione, <span class=\"_ _2\"></span>comprensivo <span class=\"_ _2\"></span>dei <span class=\"_ _d\"></span>costi/proventi <span class=\"_ _2\"></span>direttamente <span class=\"_ _d\"></span>ricondu<span class=\"_ _1\"></span>cibili <span class=\"_ _2\"></span>al <span class=\"_ _d\"></span>singolo <span class=\"_ _2\"></span>credito <span class=\"_ _d\"></span>e <span class=\"_ _2\"></span>determ<span class=\"_ _2\"></span>inabili sin <span class=\"_ _2\"></span>dall\u2019origine <span class=\"_ _2\"></span>dell\u2019operazione, <span class=\"_ _d\"></span>ancorch\u00e9 <span class=\"_ _2\"></span>liquidati <span class=\"_ _d\"></span>in <span class=\"_ _2\"></span>un <span class=\"_ _2\"></span>momen<span class=\"_ _2\"></span>to <span class=\"_ _2\"></span>successivo. <span class=\"_ _2\"></span>Sono <span class=\"_ _d\"></span>esclusi <span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>co<span class=\"_ _2\"></span>sti <span class=\"_ _2\"></span>che, <span class=\"_ _2\"></span>pur<span class=\"_ _2\"></span> avendo <span class=\"_ _d\"></span>le <span class=\"_ _0\"></span>caratteristiche <span class=\"_ _d\"></span>s<span class=\"_ _2\"></span>uddette, <span class=\"_ _d\"></span>sono <span class=\"_ _0\"></span>oggetto <span class=\"_ _0\"></span>di <span class=\"_ _d\"></span>rimborso <span class=\"_ _0\"></span>da <span class=\"_ _d\"></span>parte <span class=\"_ _0\"></span>della <span class=\"_ _d\"></span>cont<span class=\"_ _2\"></span>roparte <span class=\"_ _d\"></span>debitrice <span class=\"_ _d\"></span>o <span class=\"_ _0\"></span>sono inquadrabili tra i normali costi interni di carattere <span class=\"_ _f\"></span>amministrativo. Criter<span class=\"_ _1\"></span>i di <span class=\"_ _f\"></span>classifica<span class=\"_ _f\"></span>zione Sono incluse<span class=\"_ _1\"></span> nella presente categoria le<span class=\"_ _1\"></span> attivit\u00e0 finanziarie <span class=\"_ _f\"></span>(<span class=\"_ _2\"></span>in particolare finanzi<span class=\"_ _1\"></span>amenti e titoli di<span class=\"_ _1\"></span> debito) che soddisfano entrambe le seguenti condizi<span class=\"_ _1\"></span>oni:<span class=\"_ _2\"></span> <span class=\"_ _2c\"> </span><span class=\"ff5\">l\u2019attivit\u00e0 finanziaria <span class=\"_ _2\"></span>\u00e8 possedu<span class=\"ff4\">ta secondo un modello di <span class=\"_ _2\"></span>business il cui obiettivo \u00e8 conseguito <span class=\"_ _2\"></span>me<span class=\"_ _1\"></span>diante<span class=\"_ _df\"> </span></span></span>l\u2019incasso dei flussi finanziari previsti contrattualmente (Bu<span class=\"_ _1\"></span>siness model \u201cHold to Collect\u201d <span class=\"_ _2\"></span>\u2013<span class=\"ff4\"> </span>\u201cHTC\u201d), e<span class=\"ff4\"> </span><span class=\"_ _2c\"> </span><span class=\"ff5\">i <span class=\"_ _19\"> </span>termini <span class=\"_ _19\"> </span>contr<span class=\"_ _2\"></span>attuali <span class=\"_ _19\"> </span>dell\u2019attivit\u00e0 <span class=\"_ _19\"> </span>finanzi<span class=\"_ _1\"></span>aria <span class=\"_ _19\"> </span>prevedono, <span class=\"_ _19\"> </span>a<span class=\"_ _2\"></span> <span class=\"_ _19\"> </span>determinate <span class=\"_ _19\"> </span>date,<span class=\"ff4\"> <span class=\"_ _1a\"> </span>flussi <span class=\"_ _19\"> </span>finanziari </span></span>rappresentati <span class=\"_ _4\"> </span>unicamente <span class=\"_ _4\"> </span>da <span class=\"_ _4\"> </span>pagamenti <span class=\"_ _4\"> </span>del<span class=\"_ _1\"></span> <span class=\"_ _4\"> </span>capitale <span class=\"_ _4\"> </span>e <span class=\"_ _4\"> </span>dell\u2019interesse <span class=\"_ _4\"> </span>s<span class=\"_ _2\"></span>ull\u2019<span class=\"_ _1\"></span>importo <span class=\"_ _4\"> </span>del <span class=\"_ _4\"> </span>capitale <span class=\"_ _4\"> </span>da restituire (cd. \u201cSPPI test\u201d superato).<span class=\"_ _df\"> </span>Pi\u00f9 in particolare, formano oggetto di rilevazi<span class=\"_ _1\"></span>one in questa voce:<span class=\"_ _2\"></span> <span class=\"_ _2c\"> </span><span class=\"ff4\">gli <span class=\"_ _9\"> </span>impieghi  con <span class=\"_ _9\"> </span>banche <span class=\"_ _9\"> </span>nelle  d<span class=\"_ _1\"></span>ivers<span class=\"_ _2\"></span>e <span class=\"_ _9\"> </span>forme <span class=\"_ _16\"> </span>tecniche <span class=\"_ _9\"> </span>che <span class=\"_ _9\"> </span>presentano  i <span class=\"_ _9\"> </span>requisiti <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>c<span class=\"_ _2\"></span>ui <span class=\"_ _9\"> </span>al <span class=\"_ _16\"> </span>paragrafo </span>precedente;<span class=\"_ _df\"> </span><span class=\"_ _2c\"> </span><span class=\"ff4\">gli <span class=\"_ _9\"> </span>impieghi <span class=\"_ _0\"></span>con <span class=\"_ _9\"> </span>clientela <span class=\"_ _9\"> </span>nelle <span class=\"_ _9\"> </span>diverse <span class=\"_ _0\"></span>for<span class=\"_ _2\"></span>me <span class=\"_ _0\"></span>tecniche <span class=\"_ _0\"></span>che <span class=\"_ _9\"> </span>presentano <span class=\"_ _9\"> </span>i <span class=\"_ _9\"> </span>requisiti <span class=\"_ _0\"> </span>di <span class=\"_ _9\"> </span>cui <span class=\"_ _9\"> </span>al <span class=\"_ _0\"> </span>paragr<span class=\"_ _2\"></span>afo </span>precedente;<span class=\"_ _df\"> </span><span class=\"_ _2c\"> </span><span class=\"ff4\">i titoli di debito che presentano i requisiti di cui al paragrafo <span class=\"_ _2\"></span>preced<span class=\"_ _1\"></span>ente.<span class=\"_ _df\"> </span></span>Sono <span class=\"_ _d\"></span>inoltre <span class=\"_ _0\"></span>inclusi <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>tale <span class=\"_ _0\"></span>categoria <span class=\"_ _d\"></span>i <span class=\"_ _d\"></span>crediti <span class=\"_ _d\"></span>di <span class=\"_ _0\"></span>funzionamento <span class=\"_ _d\"></span>connessi <span class=\"_ _d\"></span>con <span class=\"_ _0\"></span>la <span class=\"_ _d\"></span>prestazione <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>attivit\u00e0 <span class=\"_ _0\"></span>e <span class=\"_ _d\"></span>di servizi <span class=\"_ _2\"></span>finanziari <span class=\"_ _2\"></span>come <span class=\"_ _d\"></span>definiti <span class=\"_ _2\"></span>dal <span class=\"_ _d\"></span>T.U.B. <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>dal <span class=\"_ _d\"></span>T.U.F. <span class=\"_ _2\"></span>(ad <span class=\"_ _2\"></span>es<span class=\"_ _2\"></span>empio <span class=\"_ _2\"></span>per <span class=\"_ _d\"></span>distribuzione<span class=\"_ _1\"></span> <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>prodotti <span class=\"_ _d\"></span>finanziari <span class=\"_ _2\"></span>ed<span class=\"_ _df\"> </span>attivit\u00e0 di <span class=\"_ _12\"></span>servicing).<span class=\"_ _df\"> </span>Riclas<span class=\"_ _f\"></span>sifiche<span class=\"_ _1\"></span> Secondo <span class=\"_ _d\"></span>le <span class=\"_ _d\"></span>regole <span class=\"_ _0\"></span>generali <span class=\"_ _d\"></span>previst<span class=\"_ _2\"></span>e <span class=\"_ _d\"></span>dall\u2019IFRS <span class=\"_ _d\"></span>9 <span class=\"_ _d\"></span>in <span class=\"_ _0\"></span>materia <span class=\"_ _0\"></span>di <span class=\"_ _d\"></span>riclassificazione <span class=\"_ _d\"></span>delle <span class=\"_ _d\"></span>at<span class=\"_ _2\"></span>tivit\u00e0 <span class=\"_ _d\"></span>finanziarie, <span class=\"_ _d\"></span>non sono ammesse riclassifiche verso <span class=\"_ _2\"></span>altre categorie di attivit\u00e0 finanziarie salvo il cas<span class=\"_ _2\"></span>o in cui l\u2019entit\u00e0 modifichi il proprio <span class=\"_ _1\"></span>modello <span class=\"_ _f\"></span>di <span class=\"_ _1\"></span>business pe<span class=\"_ _1\"></span>r <span class=\"_ _1\"></span>la <span class=\"_ _f\"></span>gestione delle<span class=\"_ _1\"></span> <span class=\"_ _f\"></span>at<span class=\"_ _2\"></span>tivit\u00e0 <span class=\"_ _f\"></span>finanziarie a <span class=\"_ _f\"></span>seguito <span class=\"_ _1\"></span>di <span class=\"_ _f\"></span>cambiamenti esterni <span class=\"_ _f\"></span>o interni<span class=\"_ _df\"> </span>i quali siano rilevanti pe<span class=\"_ _1\"></span>r le operazioni del<span class=\"_ _1\"></span>l'entit\u00e0 e dimostrabili alle parti esterne. In tali<span class=\"_ _f\"></span> <span class=\"_ _2\"></span>casi, che ci<span class=\"_ _f\"></span> s<span class=\"_ _2\"></span>i at<span class=\"_ _1\"></span>tende siano <span class=\"_ _d\"></span>altamente <span class=\"_ _2\"></span>infrequenti, <span class=\"_ _d\"></span>le <span class=\"_ _d\"></span>attivit\u00e0 <span class=\"_ _d\"></span>finanziarie <span class=\"_ _2\"></span>potr<span class=\"_ _2\"></span>anno <span class=\"_ _2\"></span>essere <span class=\"_ _d\"></span>riclassificate <span class=\"_ _2\"></span>dalla <span class=\"_ _d\"></span>categoria <span class=\"_ _d\"></span>valutata <span class=\"_ _d\"></span>al costo <span class=\"_ _d\"></span>ammortizzato <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>una <span class=\"_ _2\"></span>dell<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>altre <span class=\"_ _d\"></span>due <span class=\"_ _2\"></span>categorie <span class=\"_ _d\"></span>previste <span class=\"_ _2\"></span>dall\u2019IFRS <span class=\"_ _2\"></span>9 <span class=\"_ _d\"></span>(Attivit\u00e0 <span class=\"_ _2\"></span>finanziarie <span class=\"_ _d\"></span>valutate <span class=\"_ _2\"></span>al <span class=\"_ _d\"></span>fair value <span class=\"_ _1\"></span>con imp<span class=\"_ _1\"></span>atto sulla <span class=\"_ _f\"></span>redditivit\u00e0 complessiva <span class=\"_ _f\"></span>o Attivit\u00e0 finanzi<span class=\"_ _f\"></span>ar<span class=\"_ _2\"></span>ie <span class=\"_ _f\"></span>valutate al <span class=\"_ _1\"></span>fair valu<span class=\"_ _1\"></span>e con <span class=\"_ _f\"></span>impatto a <span class=\"_ _f\"></span>conto economico). Il <span class=\"_ _2\"></span>valore <span class=\"_ _2\"></span>di t<span class=\"_ _2\"></span>rasferimento <span class=\"_ _2\"></span>\u00e8 rappresentato <span class=\"_ _2\"></span>dal <span class=\"_ _2\"></span>fair v<span class=\"_ _2\"></span>alue al <span class=\"_ _2\"></span>momento <span class=\"_ _2\"></span>della ric<span class=\"_ _2\"></span>lassificazione e <span class=\"_ _2\"></span>gli effetti della riclassificaz<span class=\"_ _1\"></span>ione operano in maniera prospettica<span class=\"_ _1\"></span> a partire dalla data<span class=\"_ _1\"></span> di ric<span class=\"_ _2\"></span>lassificazione. Gli utili<span class=\"_ _1\"></span> o le <span class=\"_ _f\"></span>perdite <span class=\"_ _f\"></span>risultanti <span class=\"_ _1\"></span>dalla <span class=\"_ _f\"></span>differenza <span class=\"_ _f\"></span>t<span class=\"_ _2\"></span>ra <span class=\"_ _f\"></span>il <span class=\"_ _f\"></span>cost<span class=\"_ _2\"></span>o <span class=\"_ _f\"></span>ammortizzato <span class=\"_ _f\"></span>dell'attivit\u00e0 <span class=\"_ _f\"></span>finanziaria <span class=\"_ _f\"></span>e <span class=\"_ _f\"></span>il <span class=\"_ _f\"></span>re<span class=\"_ _2\"></span>lativo <span class=\"_ _f\"></span>fair <span class=\"_ _1\"></span>value <span class=\"_ _f\"></span>sono rilevati a conto <span class=\"_ _1\"></span>economico nel <span class=\"_ _1\"></span>caso di riclassifica <span class=\"_ _f\"></span>tra le Attivit\u00e0 finan<span class=\"_ _1\"></span>ziarie valutate al <span class=\"_ _1\"></span>fair value <span class=\"_ _f\"></span>con <span class=\"_ _2\"></span>impatto a conto <span class=\"_ _9\"> </span>economico <span class=\"_ _0\"></span>e <span class=\"_ _9\"> </span>a <span class=\"_ _9\"> </span>Patrimonio <span class=\"_ _9\"> </span>netto, <span class=\"_ _9\"> </span>nell\u2019app<span class=\"_ _1\"></span>osita <span class=\"_ _9\"> </span>riserva <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>valutazione, <span class=\"_ _0\"> </span>nel <span class=\"_ _9\"> </span>caso <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>riclassifica <span class=\"_ _0\"></span>t<span class=\"_ _2\"></span>ra <span class=\"_ _0\"> </span>le Attivit\u00e0 finanziarie valutate al fair value con impatto sulla redditivi<span class=\"_ _1\"></span>t\u00e0 complessiva.<span class=\"_ _2\"></span> Criter<span class=\"_ _1\"></span>i di <span class=\"_ _1\"></span>valuta<span class=\"_ _1\"></span>zione<span class=\"_ _f\"></span> Successivamente <span class=\"_ _18\"> </span>alla <span class=\"_ _18\"> </span>ril<span class=\"_ _2\"></span>evazione <span class=\"_ _18\"> </span>iniziale, <span class=\"_ _19\"> </span>le <span class=\"_ _18\"> </span>attivit\u00e0 <span class=\"_ _18\"> </span>finan<span class=\"_ _2\"></span>ziarie <span class=\"_ _18\"> </span>in <span class=\"_ _18\"> </span>esame <span class=\"_ _19\"> </span>sono <span class=\"_ _18\"> </span>valutate <span class=\"_ _19\"> </span>al <span class=\"_ _18\"> </span>costo ammortizzato, util<span class=\"_ _1\"></span>izzando <span class=\"_ _1\"></span>il metodo d<span class=\"_ _1\"></span>el tasso <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>interesse e<span class=\"_ _1\"></span>ffettivo. In <span class=\"_ _1\"></span>questi termini, <span class=\"_ _f\"></span>l\u2019attivit\u00e0 \u00e8 <span class=\"_ _f\"></span>r<span class=\"_ _2\"></span>iconosciuta in bilancio p<span class=\"_ _2\"></span>er un ammontar<span class=\"_ _2\"></span>e pari <span class=\"_ _2\"></span>al valore di <span class=\"_ _2\"></span>prima iscrizione <span class=\"_ _2\"></span>diminuito <span class=\"_ _2\"></span>dei rimborsi <span class=\"_ _2\"></span>di capitale, <span class=\"_ _2\"></span>pi\u00f9 o meno l\u2019ammortamento cu<span class=\"_ _1\"></span>mulato (cal<span class=\"_ _1\"></span>colato col <span class=\"_ _f\"></span>richiamato metodo de<span class=\"_ _1\"></span>l tasso <span class=\"_ _f\"></span>di interesse <span class=\"_ _f\"></span>effettivo) della <span class=\"_ _1\"></span>differenza tra  t<span class=\"_ _2\"></span>ale  importo <span class=\"_ _22\"> </span>iniziale  e <span class=\"_ _4\"> </span>l\u2019importo <span class=\"_ _4\"> </span>alla  scadenza  (riconducibile  ti<span class=\"_ _2\"></span>picamente  ai  cos<span class=\"_ _2\"></span>ti/proventi  imputati direttamente alla <span class=\"_ _2\"></span>singola <span class=\"_ _2\"></span>attivit\u00e0) e <span class=\"_ _2\"></span>rettificato <span class=\"_ _2\"></span>dell\u2019eventuale fon<span class=\"_ _2\"></span>do a <span class=\"_ _2\"></span>copertura <span class=\"_ _2\"></span>delle <span class=\"_ _2\"></span>perdite attese. <span class=\"_ _2\"></span>Il <span class=\"_ _2\"></span>tasso di <span class=\"_ _4\"> </span>interesse <span class=\"_ _17\"> </span>effettivo <span class=\"_ _4\"> </span>\u00e8 <span class=\"_ _17\"> </span>individuato <span class=\"_ _17\"> </span>calcolando <span class=\"_ _4\"> </span>il <span class=\"_ _4\"> </span>t<span class=\"_ _2\"></span>asso <span class=\"_ _17\"> </span>che <span class=\"_ _4\"> </span>eguaglia <span class=\"_ _4\"> </span>il <span class=\"_ _4\"> </span>va<span class=\"_ _2\"></span>lore <span class=\"_ _4\"> </span>attuale <span class=\"_ _17\"> </span>dei <span class=\"_ _4\"> </span>flussi <span class=\"_ _17\"> </span>futuri dell\u2019attivit\u00e0, <span class=\"_ _15\"> </span>per <span class=\"_ _15\"> </span>capitale <span class=\"_ _e\"> </span>ed <span class=\"_ _15\"> </span>inter<span class=\"_ _2\"></span>esse, <span class=\"_ _15\"> </span>all\u2019ammontare <span class=\"_ _15\"> </span>erogato <span class=\"_ _e\"> </span>inclusiv<span class=\"_ _1\"></span>o <span class=\"_ _15\"> </span>dei <span class=\"_ _e\"> </span>costi/proventi <span class=\"_ _15\"> </span>r<span class=\"_ _2\"></span>icondotti all\u2019attivit\u00e0 <span class=\"_ _4\"> </span>finanziaria <span class=\"_ _4\"> </span>medesima. <span class=\"_ _4\"> </span>Tale <span class=\"_ _4\"> </span>modalit\u00e0 <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>contabilizzazione,<span class=\"_ _1\"></span> <span class=\"_ _4\"> </span>utilizzando <span class=\"_ _4\"> </span>una <span class=\"_ _4\"> </span>logica <span class=\"_ _4\"> </span>finanziaria, consente <span class=\"_ _15\"> </span>di <span class=\"_ _e\"> </span>distribuire <span class=\"_ _15\"> </span>l\u2019effetto <span class=\"_ _e\"> </span>economico <span class=\"_ _15\"> </span>dei <span class=\"_ _e\"> </span>costi/proventi <span class=\"_ _15\"> </span>direttamente <span class=\"_ _15\"> </span>attr<span class=\"_ _2\"></span>ibuibili <span class=\"_ _15\"> </span>ad <span class=\"_ _e\"> </span>un\u2019attivit\u00e0 finanziaria lungo la sua vita residua attesa. Il <span class=\"_ _d\"></span>metodo <span class=\"_ _0\"></span>del <span class=\"_ _d\"></span>costo <span class=\"_ _d\"></span>ammortizzato <span class=\"_ _d\"></span>non <span class=\"_ _0\"></span>viene <span class=\"_ _d\"></span>utilizzato <span class=\"_ _d\"></span>per <span class=\"_ _0\"></span>le <span class=\"_ _d\"></span>attivit\u00e0 <span class=\"_ _0\"></span><span class=\"ff5\">\u2013</span> <span class=\"_ _d\"></span>valorizzate <span class=\"_ _0\"></span>al <span class=\"_ _d\"></span>costo <span class=\"_ _d\"></span>stor<span class=\"_ _2\"></span>ico <span class=\"_ _d\"></span><span class=\"ff5\">\u2013</span> <span class=\"_ _d\"></span>la <span class=\"_ _0\"></span>cui<span class=\"_ _1\"></span> breve <span class=\"_ _0\"></span>durata <span class=\"_ _0\"></span>fa <span class=\"_ _0\"></span>ritenere <span class=\"_ _0\"></span>trascurabile <span class=\"_ _d\"></span>l\u2019effetto <span class=\"_ _9\"> </span>dell\u2019applicazione <span class=\"_ _d\"></span>della <span class=\"_ _0\"></span>logic<span class=\"_ _2\"></span>a <span class=\"_ _0\"></span>dell\u2019attualizzazione, <span class=\"_ _0\"></span>per <span class=\"_ _0\"></span>quelle senza una scadenza definita e per i crediti a revoca. I <span class=\"_ _4\"> </span>criteri <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>valutazione <span class=\"_ _4\"> </span>relativi <span class=\"_ _4\"> </span>agli <span class=\"_ _4\"> </span>accantonamenti <span class=\"_ _4\"> </span>per <span class=\"_ _17\"> </span>le <span class=\"_ _4\"> </span>perdite <span class=\"_ _4\"> </span>att<span class=\"_ _2\"></span>ese <span class=\"_ _4\"> </span>sono <span class=\"_ _4\"> </span>strettamente <span class=\"_ _4\"> </span>connessi all\u2019inclusione <span class=\"_ _2\"></span>degli <span class=\"_ _d\"></span>strumenti <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>esame <span class=\"_ _2\"></span>in <span class=\"_ _d\"></span>uno <span class=\"_ _d\"></span>dei <span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>re <span class=\"_ _2\"></span>stages <span class=\"_ _d\"></span>(s<span class=\"_ _2\"></span>tadi <span class=\"_ _2\"></span>di <span class=\"_ _d\"></span>rischio <span class=\"_ _d\"></span>creditizio) <span class=\"_ _2\"></span>previsti <span class=\"_ _d\"></span>dall\u2019IFRS <span class=\"_ _2\"></span>9,<span class=\"_ _2\"></span> l\u2019ultimo <span class=\"_ _d\"></span>dei <span class=\"_ _d\"></span>quali <span class=\"_ _d\"></span>(Stage <span class=\"_ _d\"></span>3<span class=\"_ _2\"></span>) <span class=\"_ _d\"></span>comprende <span class=\"_ _d\"></span>le <span class=\"_ _d\"></span>attivit\u00e0 <span class=\"_ _d\"></span>finanziarie <span class=\"_ _d\"></span>deterior<span class=\"_ _2\"></span>ate <span class=\"_ _d\"></span>e <span class=\"_ _d\"></span>i <span class=\"_ _d\"></span>restanti <span class=\"_ _d\"></span>(Stage <span class=\"_ _d\"></span>1 <span class=\"_ _0\"></span>e <span class=\"_ _d\"></span>2) <span class=\"_ _d\"></span>le <span class=\"_ _d\"></span>attivit\u00e0 finanziarie in bonis. Con <span class=\"_ _2\"></span>riferimento alla <span class=\"_ _2\"></span>rappresentazi<span class=\"_ _f\"></span>o<span class=\"_ _2\"></span>ne contabile <span class=\"_ _2\"></span>dei suddetti <span class=\"_ _2\"></span>effetti <span class=\"_ _2\"></span>valutativi, <span class=\"_ _2\"></span>le rettifiche di <span class=\"_ _2\"></span>valore <span class=\"_ _2\"></span>riferite a questa tipologia di attivit\u00e0 sono rile<span class=\"_ _1\"></span>vate nel Conto Economico:<span class=\"_ _2\"></span> <span class=\"_ _2c\"> </span><span class=\"ff5\">all\u2019atto dell\u2019iscrizione iniziale, per un ammontare pari alla perdita attesa a dodici<span class=\"_ _1\"></span> mesi;<span class=\"_ _df\"> </span></span><span class=\"_ _2c\"> </span><span class=\"ff5\">all\u2019atto <span class=\"_ _c\"> </span>della <span class=\"_ _c\"> </span>valutazione <span class=\"_ _c\"> </span>successiva <span class=\"_ _c\"> </span>dell\u2019attivit\u00e0, <span class=\"_ _c\"> </span>o<span class=\"_ _2\"></span><span class=\"ff4\">ve <span class=\"_ _c\"> </span>il <span class=\"_ _c\"> </span>rischio <span class=\"_ _c\"> </span>creditizio <span class=\"_ _c\"> </span>non <span class=\"_ _c\"> </span>sia <span class=\"_ _c\"> </span>risultato </span></span>significativamente <span class=\"_ _26\"> </span>incrementato <span class=\"_ _26\"> </span>rispetto <span class=\"_ _26\"> </span>all\u2019iscrizione <span class=\"_ _6\"> </span>iniziale, <span class=\"_ _26\"> </span>in <span class=\"_ _26\"> </span>relazione <span class=\"_ _26\"> </span>alle <span class=\"_ _26\"> </span>variazioni dell\u2019ammontare delle rettifiche<span class=\"_ _1\"></span> di valore per perdite attese nei dodici mesi successivi;<span class=\"_ _df\"> </span><span class=\"_ _2c\"> </span><span class=\"ff5\">all\u2019atto <span class=\"_ _2\"></span>della valutazione <span class=\"_ _2\"></span>successiva <span class=\"_ _2\"></span>dell\u2019<span class=\"_ _1\"></span>attivit\u00e0, <span class=\"_ _2\"></span>ove il <span class=\"_ _2\"></span>rischio <span class=\"_ _2\"></span>cred<span class=\"_ _1\"></span>itizio <span class=\"_ _2\"></span>sia r<span class=\"_ _2\"></span>isultato significativamente </span>incrementato rispetto all\u2019iscrizione ini<span class=\"_ _1\"></span>ziale, in relazione alla rilevazione di rettifiche di valore per perdite attese riferibili all\u2019inte<span class=\"_ _1\"></span>ra vita residua prevista contrattu<span class=\"_ _2\"></span>almente per l\u2019attivit\u00e0;<span class=\"_ _df\"> </span><span class=\"_ _2c\"> </span><span class=\"ff5\">all\u2019atto <span class=\"_ _14\"> </span>della <span class=\"_ _14\"> </span>valutazione <span class=\"_ _14\"> </span>successiva <span class=\"_ _14\"> </span>dell\u2019attivit\u00e0, <span class=\"_ _17\"> </span>ove <span class=\"_ _15\"> </span>\u2013<span class=\"ff4\"> <span class=\"_ _14\"> </span>dopo <span class=\"_ _14\"> </span>che <span class=\"_ _14\"> </span>si <span class=\"_ _14\"> </span>\u00e8 <span class=\"_ _14\"> </span>verificato <span class=\"_ _14\"> </span>un <span class=\"_ _14\"> </span>incremento<span class=\"_ _df\"> </span></span></span>significativo <span class=\"_ _f\"></span>del rischio d<span class=\"_ _1\"></span>i credito <span class=\"_ _f\"></span>r<span class=\"_ _2\"></span>ispetto <span class=\"_ _1\"></span>all\u2019iscrizione <span class=\"_ _f\"></span>iniziale \u2013<span class=\"ff4\"> </span>la <span class=\"_ _1\"></span>\u201csignificativit\u00e0\u201d d<span class=\"_ _1\"></span>i tale <span class=\"_ _f\"></span>incremento sia poi <span class=\"_ _d\"></span>venuta <span class=\"_ _d\"></span>meno, <span class=\"_ _d\"></span>i<span class=\"ff5\">n <span class=\"_ _d\"></span>relazione <span class=\"_ _d\"></span>all\u2019adeguamento <span class=\"_ _d\"></span>delle <span class=\"_ _2\"></span>rett<span class=\"_ _2\"></span>ifiche <span class=\"_ _2\"></span>di <span class=\"_ _d\"></span>valore <span class=\"_ _d\"></span>cumulate <span class=\"_ _d\"></span>per <span class=\"_ _d\"></span>tener <span class=\"_ _d\"></span>conto <span class=\"_ _d\"></span>del </span>passaggio <span class=\"_ _2\"></span>da <span class=\"_ _2\"></span>una <span class=\"_ _2\"></span>perdita <span class=\"_ _2\"></span>attesa lungo <span class=\"_ _2\"></span>l\u2019intera <span class=\"_ _2\"></span>vita <span class=\"_ _2\"></span>residua <span class=\"_ _2\"></span>dell<span class=\"_ _1\"></span>o <span class=\"_ _2\"></span>strumento <span class=\"_ _2\"></span>(\u201clifetime\u201d) <span class=\"_ _2\"></span>ad <span class=\"_ _2\"></span>una <span class=\"_ _2\"></span>a dodici<span class=\"_ _df\"> </span>mesi.<span class=\"_ _df\"> </span>Le attivit\u00e0 <span class=\"_ _2\"></span>finanziarie<span class=\"_ _1\"></span> in <span class=\"_ _2\"></span>esame, ove risultino in bonis, son<span class=\"_ _2\"></span>o sottoposte ad <span class=\"_ _2\"></span>una valutazione, volta a definire le rettifiche <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>valore <span class=\"_ _9\"> </span>da <span class=\"_ _9\"> </span>rilevare <span class=\"_ _9\"> </span>in <span class=\"_ _9\"> </span>bilancio, <span class=\"_ _0\"></span>a <span class=\"_ _16\"> </span>livello <span class=\"_ _0\"></span>di <span class=\"_ _9\"> </span>s<span class=\"_ _2\"></span>ingolo <span class=\"_ _0\"></span>rapporto <span class=\"_ _9\"> </span>creditizio <span class=\"_ _9\"> </span>(o <span class=\"_ _9\"> </span>\u201ctranche\u201d <span class=\"_ _0\"></span>di <span class=\"_ _9\"> </span>tit<span class=\"_ _2\"></span>olo), <span class=\"_ _0\"></span>in funzione <span class=\"_ _0\"></span>dei <span class=\"_ _0\"></span>parametri <span class=\"_ _9\"> </span>di <span class=\"_ _0\"></span>rischio <span class=\"_ _0\"></span>rappresentati <span class=\"_ _9\"> </span>da <span class=\"_ _0\"></span>probability <span class=\"_ _0\"></span>of <span class=\"_ _0\"></span>default <span class=\"_ _9\"> </span>(PD), <span class=\"_ _0\"></span>loss <span class=\"_ _0\"></span>giv<span class=\"_ _d\"></span>en <span class=\"_ _0\"></span>default <span class=\"_ _0\"></span>(LGD) <span class=\"_ _9\"> </span>ed exposure <span class=\"_ _22\"> </span>at <span class=\"_ _4\"> </span>default <span class=\"_ _22\"> </span>(EAD), <span class=\"_ _4\"> </span>derivati  dai <span class=\"_ _4\"> </span>modelli <span class=\"_ _22\"> </span>AIRB <span class=\"_ _4\"> </span>e <span class=\"_ _22\"> </span>oppor<span class=\"_ _2\"></span>tunamente  corr<span class=\"_ _2\"></span>etti <span class=\"_ _22\"> </span>per <span class=\"_ _4\"> </span>tener  conto<span class=\"_ _2\"></span>  delle previsioni del principio contabile IFRS 9. Se, oltre ad un incremento significativo del<span class=\"_ _1\"></span> rischio di credito, si riscontr<span class=\"_ _2\"></span>ano anche<span class=\"_ _1\"></span> oggett<span class=\"_ _2\"></span>ive evidenze di una perdita <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>valore, l\u2019importo <span class=\"_ _d\"></span>della perdita <span class=\"_ _2\"></span>viene <span class=\"_ _2\"></span>misurato <span class=\"_ _2\"></span>come <span class=\"_ _2\"></span>dif<span class=\"_ _1\"></span>ferenza <span class=\"_ _2\"></span>tra <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>valore <span class=\"_ _2\"></span>contabile<span class=\"_ _1\"></span> <span class=\"_ _2\"></span>dell\u2019attivit\u00e0 <span class=\"_ _d\"></span>\u2013<span class=\"ff4\"> </span>classificata come \u201cde<span class=\"_ _1\"></span>teriorata\u201d, al pari d<span class=\"_ _1\"></span>i tutti gli <span class=\"_ _1\"></span>altri rapporti intercorrenti con l<span class=\"_ _1\"></span>a medesima controparte \u2013<span class=\"ff4\"> <span class=\"ls7e\">e </span></span>il <span class=\"_ _d\"></span>valore <span class=\"_ _0\"></span>attuale <span class=\"_ _d\"></span>dei <span class=\"_ _d\"></span>f<span class=\"_ _2\"></span>uturi <span class=\"_ _d\"></span>flussi <span class=\"_ _0\"></span>finanziari <span class=\"_ _d\"></span>stimati, <span class=\"_ _0\"></span>scontati <span class=\"_ _d\"></span>al <span class=\"_ _0\"></span>tasso <span class=\"_ _d\"></span>di <span class=\"_ _0\"></span>interesse <span class=\"_ _d\"></span>effettivo <span class=\"_ _0\"></span>originario. <span class=\"_ _d\"></span>In <span class=\"_ _0\"></span>tale<span class=\"_ _df\"> </span>contesto,  \u00e8<span class=\"_ _1\"></span>  s<span class=\"_ _f\"></span>t<span class=\"_ _2\"></span>ata <span class=\"_ _9\"> </span>s<span class=\"_ _2\"></span>vilu<span class=\"_ _1\"></span>ppata <span class=\"_ _16\"> </span>una <span class=\"_ _16\"> </span>specifica <span class=\"_ _9\"> </span>metodologia  per <span class=\"_ _9\"> </span>il  trattamento <span class=\"_ _9\"> </span>contabile  d<span class=\"_ _1\"></span>a  ap<span class=\"_ _1\"></span>plicare  ad <span class=\"_ _9\"> </span>un<span class=\"_ _df\"> </span> portafoglio di posizioni <span class=\"_ _2\"></span>a sofferenza che, <span class=\"_ _2\"></span>avendo maturato un <span class=\"_ _2\"></span>vintage significativo,<span class=\"_ _1\"></span> v<span class=\"_ _2\"></span>engono valutate anche<span class=\"_ _df\"> </span> in <span class=\"_ _9\"> </span>un\u2019ottica <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>cessione <span class=\"_ _9\"> </span>(c<span class=\"_ _2\"></span>.d.\u201d <span class=\"_ _0\"> </span>P<span class=\"_ _2\"></span>ortafoglio<span class=\"ff4\"> <span class=\"_ _9\"> </span>sotto <span class=\"_ _9\"> </span></span>\u2013<span class=\"ff4\"> <span class=\"_ _16\"> </span></span>modello <span class=\"_ _0\"></span>St<span class=\"_ _2\"></span>age<span class=\"_ _f\"></span> <span class=\"_ _16\"> </span>3\u201d). <span class=\"_ _9\"> </span>Tale <span class=\"_ _9\"> </span>metodologia <span class=\"_ _9\"> </span>considera <span class=\"_ _9\"> </span>diversi<span class=\"_ _df\"> </span> scenari  e <span class=\"_ _22\"> </span>s<span class=\"_ _2\"></span>tima  il <span class=\"_ _22\"> </span>valore <span class=\"_ _4\"> </span>recuperabile<span class=\"_ _1\"></span> <span class=\"_ _4\"> </span>delle  esposizioni  in <span class=\"_ _22\"> </span>bas<span class=\"_ _2\"></span>e  alla <span class=\"_ _22\"> </span>combinazione <span class=\"_ _4\"> </span>e <span class=\"_ _4\"> </span>alle  probabilit\u00e0 <span class=\"_ _4\"> </span>di<span class=\"_ _df\"> </span> accadimento <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>tali <span class=\"_ _d\"></span>scenari, <span class=\"_ _2\"></span>oltre <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>ai <span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>elativi <span class=\"_ _2\"></span>flussi <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>cassa <span class=\"_ _2\"></span>stimati.<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>Al <span class=\"_ _2\"></span>31/12/2025 <span class=\"_ _d\"></span>non r<span class=\"_ _2\"></span>isultano <span class=\"_ _2\"></span>posizioni<span class=\"_ _df\"> </span> all'interno del s<span class=\"_ _2\"></span>uddetto portafoglio. <span class=\"_ _2\"></span><span class=\"ff5\">Rientrano nell\u2019ambito <span class=\"_ _2\"></span>delle attivit\u00e0 <span class=\"_ _2\"></span>deteriorate gli str<span class=\"_ _2\"></span>umenti finanziari ai<span class=\"_ _df\"> </span></span><span class=\"ff5\"> </span>quali <span class=\"_ _0\"></span>\u00e8 <span class=\"_ _0\"></span>stato <span class=\"_ _0\"></span>attribuito <span class=\"_ _0\"></span>lo <span class=\"_ _0\"></span>status <span class=\"_ _0\"></span>di <span class=\"_ _d\"></span>s<span class=\"_ _2\"></span>offerenza, <span class=\"_ _d\"></span>inadempienza <span class=\"_ _0\"></span>pro<span class=\"_ _2\"></span>babile <span class=\"_ _d\"></span>o <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>scaduto/sconfinante <span class=\"_ _0\"></span>da <span class=\"_ _0\"></span>oltre<span class=\"_ _df\"> </span> novanta giorni secondo le regole<span class=\"_ _1\"></span> di Banca d\u2019Italia, coe<span class=\"_ _1\"></span>renti con la normativa IAS/IFRS e di Vigi<span class=\"_ _1\"></span>lanza europea.<span class=\"_ _df\"> </span><span class=\"_ _2\"></span><span class=\"ff4\"> </span>I flussi <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>cassa <span class=\"_ _2\"></span>previsti tengono cont<span class=\"_ _2\"></span>o dei <span class=\"_ _2\"></span>tempi <span class=\"_ _2\"></span>di recupero <span class=\"_ _2\"></span>attesi e <span class=\"_ _2\"></span>del presumibile <span class=\"_ _2\"></span>valore <span class=\"_ _2\"></span>di realizzo <span class=\"_ _2\"></span>delle<span class=\"_ _df\"> </span> eventuali garanzie.<span class=\"_ _df\"> </span> Il <span class=\"_ _9\"> </span>tasso <span class=\"_ _9\"> </span>effettivo <span class=\"_ _9\"> </span>originario <span class=\"_ _16\"> </span>di <span class=\"_ _0\"></span>ciascuna <span class=\"_ _9\"> </span>att<span class=\"_ _2\"></span>ivit\u00e0 <span class=\"_ _0\"> </span>r<span class=\"_ _2\"></span>imane <span class=\"_ _0\"> </span>invariato <span class=\"_ _9\"> </span>nel <span class=\"_ _9\"> </span>t<span class=\"_ _2\"></span>empo <span class=\"_ _0\"></span>ancorch\u00e9 <span class=\"_ _9\"> </span>s<span class=\"_ _2\"></span>ia <span class=\"_ _9\"> </span>intervenuta <span class=\"_ _0\"> </span>una<span class=\"_ _df\"> </span> ristrutturazione <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>rapporto <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>abbia <span class=\"_ _2\"></span>comportato <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>variazi<span class=\"_ _2\"></span>one <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>tasso <span class=\"_ _2\"></span>contrattuale <span class=\"_ _2\"></span>ed <span class=\"_ _2\"></span>anche <span class=\"_ _2\"></span>qualora <span class=\"_ _2\"></span>il<span class=\"_ _df\"> </span> rapporto divenga, nella pratica, infruttifero di interessi contrattu<span class=\"_ _f\"></span>ali.<span class=\"_ _df\"> </span><span class=\"_ _2\"></span> Qualora i motivi della perdita di valore siano rimossi a seguito di un e<span class=\"_ _1\"></span>vento verificatosi successivamente alla<span class=\"_ _df\"> </span> rilevazione <span class=\"_ _14\"> </span>della <span class=\"_ _14\"> </span>riduzione <span class=\"_ _14\"> </span>di <span class=\"_ _14\"> </span>valore, <span class=\"_ _15\"> </span>vengono <span class=\"_ _14\"> </span>effettuate <span class=\"_ _14\"> </span>riprese <span class=\"_ _14\"> </span>di <span class=\"_ _15\"> </span>valore <span class=\"_ _14\"> </span>con <span class=\"_ _14\"> </span>imputazione <span class=\"_ _14\"> </span>a <span class=\"_ _14\"> </span>Conto<span class=\"_ _df\"> </span> Economico.  La  ripresa  d<span class=\"_ _1\"></span>i  valore  non <span class=\"_ _16\"> </span>pu\u00f2  ecc<span class=\"_ _1\"></span>edere  il  costo  ammortizzato  che<span class=\"_ _1\"></span>  lo  strume<span class=\"_ _1\"></span>nto  finanziario<span class=\"_ _df\"> </span> avrebbe <span class=\"_ _2\"></span>avuto <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>assenza <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>precedenti <span class=\"_ _2\"></span>rettifiche. I <span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>ipristini <span class=\"_ _2\"></span>di v<span class=\"_ _2\"></span>alore <span class=\"_ _2\"></span>conness<span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>con <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>trascorrere <span class=\"_ _2\"></span>del tempo<span class=\"_ _df\"> </span> sono appostati nel margine di interesse.<span class=\"_ _df\"> </span> In <span class=\"_ _0\"></span>alcuni <span class=\"_ _9\"> </span>casi, <span class=\"_ _0\"></span>durante <span class=\"_ _9\"> </span>la <span class=\"_ _9\"> </span>vita <span class=\"_ _9\"> </span>delle <span class=\"_ _0\"></span>att<span class=\"_ _2\"></span>ivit\u00e0 <span class=\"_ _0\"></span>finanziarie <span class=\"_ _0\"></span>in <span class=\"_ _9\"> </span>esame <span class=\"_ _0\"></span>e, <span class=\"_ _9\"> </span>in <span class=\"_ _9\"> </span>particolare, <span class=\"_ _0\"> </span>dei <span class=\"_ _9\"> </span>crediti, <span class=\"_ _0\"></span>le <span class=\"_ _9\"> </span>condizioni<span class=\"_ _df\"> </span> contrattuali originarie sono ogge<span class=\"_ _1\"></span>tto di successiva modifica pe<span class=\"_ _1\"></span>r volon<span class=\"_ _2\"></span>t\u00e0 delle parti del contratto. Quando,<span class=\"_ _1\"></span> nel<span class=\"_ _df\"> </span> corso <span class=\"_ _0\"></span>della <span class=\"_ _0\"></span>vita <span class=\"_ _0\"></span>di <span class=\"_ _0\"> </span>uno <span class=\"_ _9\"> </span>strumento, <span class=\"_ _0\"></span>le <span class=\"_ _0\"></span>clausole <span class=\"_ _0\"></span>contr<span class=\"_ _2\"></span>attuali <span class=\"_ _d\"></span>s<span class=\"_ _2\"></span>ono <span class=\"_ _d\"></span>o<span class=\"_ _2\"></span>ggetto <span class=\"_ _d\"></span>di <span class=\"_ _9\"> </span>modifica <span class=\"_ _0\"></span>occorre <span class=\"_ _0\"></span>verificare <span class=\"_ _0\"></span>se<span class=\"_ _df\"> </span> l\u2019attivit\u00e0 <span class=\"_ _d\"></span>originaria <span class=\"_ _d\"></span>deve <span class=\"_ _d\"></span>continuare <span class=\"_ _d\"></span>ad <span class=\"_ _d\"></span>essere <span class=\"_ _d\"></span>rilevata <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>bilancio <span class=\"_ _d\"></span>o <span class=\"_ _d\"></span>se, <span class=\"_ _d\"></span>al <span class=\"_ _d\"></span>contrario, <span class=\"_ _d\"></span>lo <span class=\"_ _d\"></span>strumento <span class=\"_ _d\"></span>origi<span class=\"_ _2\"></span><span class=\"ff4\">nario<span class=\"_ _df\"> </span></span><span class=\"ff4\"> </span>deve <span class=\"_ _4\"> </span>ess<span class=\"_ _2\"></span>ere <span class=\"_ _4\"> </span>oggetto <span class=\"_ _14\"> </span>di <span class=\"_ _17\"> </span>cancellazi<span class=\"_ _1\"></span>one <span class=\"_ _17\"> </span>dal <span class=\"_ _17\"> </span>bilancio <span class=\"_ _17\"> </span>(derecognition<span class=\"_ _df\"> </span>) <span class=\"_ _17\"> </span>e <span class=\"_ _17\"> </span>debba <span class=\"_ _17\"> </span>essere <span class=\"_ _17\"> </span>rilevato <span class=\"_ _17\"> </span>un <span class=\"_ _17\"> </span>nuovo<span class=\"_ _df\"> </span> strumento finanziario.<span class=\"_ _df\"> </span> In generale, le<span class=\"_ _2\"></span> modifiche di <span class=\"_ _2\"></span>un\u2019attivit\u00e0 <span class=\"_ _2\"></span>finanziaria conducono alla <span class=\"_ _2\"></span>cancellazione della st<span class=\"_ _2\"></span>essa ed all\u2019iscrizione<span class=\"_ _df\"> </span> di <span class=\"_ _2\"></span>una <span class=\"_ _d\"></span>nuova <span class=\"_ _d\"></span>at<span class=\"ff5\">tivit\u00e0 <span class=\"_ _d\"></span>quando <span class=\"_ _2\"></span>sono <span class=\"_ _d\"></span>\u201csostanziali\u201d. <span class=\"_ _2\"></span>La <span class=\"_ _d\"></span>valutazione <span class=\"_ _2\"></span>circa <span class=\"_ _d\"></span>la <span class=\"_ _d\"></span>\u201csostanzialit\u00e0\u201d <span class=\"_ _d\"></span>della <span class=\"_ _2\"></span>modifica <span class=\"_ _2\"></span>deve<span class=\"_ _df\"> </span></span><span class=\"ff5\"> </span>essere effettuata <span class=\"_ _2\"></span>considerando <span class=\"_ _2\"></span>sia elementi <span class=\"_ _2\"></span>qualitativi sia <span class=\"_ _2\"></span>elementi <span class=\"_ _2\"></span>quantitativi. In <span class=\"_ _2\"></span>alcuni casi, <span class=\"_ _2\"></span>infatti, <span class=\"_ _2\"></span>potr\u00e0<span class=\"_ _df\"> </span> risultare <span class=\"_ _1a\"> </span>chiaro, <span class=\"_ _19\"> </span>senza <span class=\"_ _1a\"> </span>il <span class=\"_ _19\"> </span>ricorso <span class=\"_ _1a\"> </span>a <span class=\"_ _19\"> </span>complesse <span class=\"_ _1a\"> </span>analisi, <span class=\"_ _1a\"> </span>che <span class=\"_ _19\"> </span>i <span class=\"_ _1a\"> </span>cambiamenti <span class=\"_ _19\"> </span>intr<span class=\"_ _2\"></span>odotti <span class=\"_ _19\"> </span>modificano<span class=\"_ _df\"> </span> sostanzialmente <span class=\"_ _d\"></span>le <span class=\"_ _d\"></span>carat<span class=\"_ _2\"></span>teristiche <span class=\"_ _d\"></span>e/o <span class=\"_ _d\"></span>i <span class=\"_ _0\"></span>flussi <span class=\"_ _d\"></span>contrattuali <span class=\"_ _d\"></span>di <span class=\"_ _0\"></span>una <span class=\"_ _d\"></span>determinata <span class=\"_ _0\"></span>attivit\u00e0 <span class=\"_ _d\"></span>mentre, <span class=\"_ _0\"></span>in <span class=\"_ _d\"></span>altri <span class=\"_ _0\"></span>casi,<span class=\"_ _df\"> </span> dovranno <span class=\"_ _2\"></span>essere <span class=\"_ _d\"></span>svolte <span class=\"_ _d\"></span>ulteriori <span class=\"_ _2\"></span>analisi <span class=\"_ _d\"></span>(anche <span class=\"_ _2\"></span>di <span class=\"_ _d\"></span>tipo <span class=\"_ _2\"></span>quantitativo) <span class=\"_ _2\"></span>per <span class=\"_ _d\"></span>apprezzare <span class=\"_ _d\"></span>gli <span class=\"_ _2\"></span>effetti<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>delle <span class=\"_ _d\"></span>stesse <span class=\"_ _2\"></span>e<span class=\"_ _df\"> </span> verificare <span class=\"_ _0\"></span>la <span class=\"_ _16\"> </span>necessit\u00e0 <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>proce<span class=\"_ _2\"></span>dere <span class=\"_ _0\"></span>o <span class=\"_ _16\"> </span>meno <span class=\"_ _9\"> </span>alla <span class=\"_ _9\"> </span>cancellazione <span class=\"_ _9\"> </span>dell\u2019attivit\u00e0 <span class=\"_ _16\"> </span>ed <span class=\"_ _0\"></span>alla <span class=\"_ _9\"> </span>iscr<span class=\"_ _2\"></span>izione <span class=\"_ _0\"> </span>d<span class=\"_ _2\"></span>i <span class=\"_ _9\"> </span>un <span class=\"_ _9\"> </span>nuovo<span class=\"_ _df\"> </span> strumento finanziario.<span class=\"_ _df\"> </span> Le <span class=\"_ _9\"> </span>analisi <span class=\"_ _9\"> </span>(quali-<span class=\"ff5\">quantitative) <span class=\"_ _9\"> </span>volte <span class=\"_ _9\"> </span>a <span class=\"_ _9\"> </span>definire <span class=\"_ _9\"> </span>la <span class=\"_ _9\"> </span>\u201csost<span class=\"_ _2\"></span>anzialit\u00e0\u201d <span class=\"_ _0\"></span>delle <span class=\"_ _9\"> </span>modifiche <span class=\"_ _9\"> </span>contrattuali <span class=\"_ _9\"> </span>apportat<span class=\"_ _2\"></span>e <span class=\"_ _0\"></span>ad<span class=\"_ _df\"> </span></span><span class=\"ff5\"><span class=\"_ _2\"></span></span> un\u2019attivit\u00e0 finanziaria, dov<span class=\"_ _1\"></span>ranno pertant<span class=\"_ _2\"></span>o considerare:<span class=\"_ _df\"> </span><span class=\"ff4\"> </span><span class=\"_ _2c\"> </span><span class=\"ff4\">le finalit\u00e0 <span class=\"_ _2\"></span>per cui le modifiche so<span class=\"_ _2\"></span>no state effettuate: ad <span class=\"_ _2\"></span>esempio, rinegoziazioni per motivi commerciali<span class=\"_ _df\"> </span></span><span class=\"ff4\"> </span>e concessioni per difficolt\u00e0 finanziarie della controparte:<span class=\"_ _df\"> </span><span class=\"_ _2c\"> </span><span class=\"ff5\">le prime, <span class=\"_ _2\"></span>volte a <span class=\"_ _2\"></span>\u201ctrattenere\u201d il<span class=\"_ _2\"></span><span class=\"ff4\"> cliente, <span class=\"_ _2\"></span>vedono coinvolto un <span class=\"_ _2\"></span>debitore che <span class=\"_ _2\"></span>non versa <span class=\"_ _2\"></span>in una situazione <span class=\"_ _2\"></span>di<span class=\"_ _df\"> </span></span></span>difficolt\u00e0 <span class=\"_ _f\"></span>finanziaria. <span class=\"_ _1\"></span>In <span class=\"_ _f\"></span>q<span class=\"_ _2\"></span>uesta <span class=\"_ _f\"></span>casistica sono <span class=\"_ _f\"></span>incluse <span class=\"_ _f\"></span>tutte le<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>operazioni <span class=\"_ _f\"></span>di rineg<span class=\"_ _1\"></span>oziazione <span class=\"_ _f\"></span>ch<span class=\"_ _2\"></span>e <span class=\"_ _f\"></span>sono volte<span class=\"_ _df\"> </span><span class=\"_ _f\"></span> ad <span class=\"_ _f\"></span>adeguare l\u2019<span class=\"_ _1\"></span>onerosit\u00e0 del <span class=\"_ _f\"></span>debito <span class=\"_ _f\"></span>alle cond<span class=\"_ _1\"></span>izioni <span class=\"_ _f\"></span>d<span class=\"_ _2\"></span>i <span class=\"_ _f\"></span>mercato. Tali <span class=\"_ _f\"></span>oper<span class=\"ff4\">azioni comportano <span class=\"_ _f\"></span>una v<span class=\"_ _1\"></span>ariazione<span class=\"_ _df\"> </span></span>delle  condizioni  originarie  del  contratto,  solitamente  richieste<span class=\"_ _1\"></span>  dal  debitore,  che  attiene  ad  aspetti<span class=\"_ _df\"> </span> connessi <span class=\"_ _2\"></span>alla <span class=\"_ _2\"></span>oneros<span class=\"_ _2\"></span>it\u00e0 <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>debito, <span class=\"_ _2\"></span>con <span class=\"_ _2\"></span>un <span class=\"_ _2\"></span>cons<span class=\"_ _2\"></span>egue<span class=\"_ _1\"></span>nte <span class=\"_ _2\"></span>beneficio <span class=\"_ _d\"></span>economico <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>debitore <span class=\"_ _d\"></span>stesso. <span class=\"_ _2\"></span>In<span class=\"_ _df\"> </span> linea <span class=\"_ _9\"> </span>generale <span class=\"_ _16\"> </span>si <span class=\"_ _9\"> </span>r<span class=\"_ _2\"></span>itiene <span class=\"_ _9\"> </span>che,  og<span class=\"_ _1\"></span>niqualvolta <span class=\"_ _9\"> </span>la  b<span class=\"_ _1\"></span>anca <span class=\"_ _16\"> </span>effettui <span class=\"_ _9\"> </span>una  rine<span class=\"_ _1\"></span>goziazione <span class=\"_ _9\"> </span>al  fine<span class=\"_ _1\"></span>  d<span class=\"_ _1\"></span>i <span class=\"_ _9\"> </span>evit<span class=\"_ _2\"></span>are <span class=\"_ _9\"> </span>di<span class=\"_ _df\"> </span> perdere <span class=\"_ _f\"></span>il p<span class=\"_ _1\"></span>roprio cl<span class=\"_ _1\"></span>iente, <span class=\"_ _f\"></span>t<span class=\"_ _2\"></span>ale <span class=\"_ _f\"></span>rinegoziazione <span class=\"_ _1\"></span>debba e<span class=\"_ _1\"></span>ssere <span class=\"_ _1\"></span>considerata <span class=\"_ _f\"></span>come sostanziale <span class=\"_ _f\"></span>in <span class=\"_ _f\"></span>quan<span class=\"_ _2\"></span>to, <span class=\"_ _f\"></span>ove<span class=\"_ _df\"> </span> non <span class=\"_ _2\"></span>fosse <span class=\"_ _2\"></span>effettuata, <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>cliente <span class=\"_ _2\"></span>potrebbe <span class=\"_ _2\"></span>finanziarsi <span class=\"_ _2\"></span>presso <span class=\"_ _2\"></span>un <span class=\"_ _2\"></span>al<span class=\"_ _2\"></span>tro <span class=\"_ _2\"></span>intermediario <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>banca <span class=\"_ _2\"></span>subirebbe<span class=\"_ _df\"> </span> un decremento dei ricavi futuri previsti;<span class=\"_ _df\"> </span><span class=\"_ _2c\"> </span><span class=\"ff5\">le <span class=\"_ _d\"></span>s<span class=\"_ _2\"></span>econde, <span class=\"_ _d\"></span>effettuate <span class=\"_ _d\"></span>p<span class=\"_ _2\"></span>er <span class=\"_ _d\"></span>\u201cr<span class=\"_ _2\"></span>agioni <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>rischio <span class=\"_ _0\"></span>creditizio\u201d <span class=\"_ _d\"></span>(misure<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>for<span class=\"_ _2\"></span>bearance), <span class=\"_ _d\"></span>sono <span class=\"_ _d\"></span>r<span class=\"_ _2\"></span>iconducibili <span class=\"_ _d\"></span>al<span class=\"_ _df\"> </span></span><span class=\"ff5\"> </span>tentativo della banca di <span class=\"_ _2\"></span>massimizzare il recovery dei cas<span class=\"_ _2\"></span>h flow del c<span class=\"_ _2\"></span>redito originario. I rischi <span class=\"_ _2\"></span>e i benefici<span class=\"_ _df\"> </span> sottostanti, <span class=\"_ _e\"> </span>successivamente <span class=\"_ _15\"> </span>alle <span class=\"_ _e\"> </span>modifiche, <span class=\"_ _e\"> </span>di <span class=\"_ _e\"> </span>nor<span class=\"_ _2\"></span>ma, <span class=\"_ _e\"> </span>non <span class=\"_ _15\"> </span>s<span class=\"_ _2\"></span>ono <span class=\"_ _15\"> </span>sostanzialmente <span class=\"_ _e\"> </span>trasferiti <span class=\"_ _e\"> </span>e,<span class=\"_ _df\"> </span> conseguentemente, <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>rappresentazione <span class=\"_ _2\"></span>contabile <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>offre <span class=\"_ _2\"></span>informazioni <span class=\"_ _2\"></span>pi\u00f9 <span class=\"_ _2\"></span>rilevanti <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>lettore <span class=\"_ _2\"></span>del<span class=\"_ _df\"> </span> bilancio <span class=\"_ _0\"></span>(salvo <span class=\"_ _9\"> </span>quanto <span class=\"_ _9\"> </span>s<span class=\"_ _2\"></span>i <span class=\"_ _0\"></span>dir\u00e0 <span class=\"_ _9\"> </span>in <span class=\"_ _9\"> </span>seguito <span class=\"_ _9\"> </span>in <span class=\"_ _0\"></span>t<span class=\"_ _2\"></span>ema <span class=\"_ _0\"></span>di <span class=\"_ _9\"> </span>elementi <span class=\"_ _9\"> </span>oggettivi), <span class=\"_ _9\"> </span>\u00e8 <span class=\"_ _9\"> </span>quella <span class=\"_ _9\"> </span>effettuata <span class=\"_ _9\"> </span>tr<span class=\"_ _2\"></span>amite <span class=\"_ _0\"></span>il<span class=\"_ _df\"> </span> \u201cmodification <span class=\"_ _0\"></span>accounting\u201d <span class=\"_ _0\"></span><span class=\"ff4\">- <span class=\"_ _9\"> </span>che <span class=\"_ _0\"></span>implica <span class=\"_ _0\"></span>la <span class=\"_ _0\"></span>rilevazione <span class=\"_ _0\"></span>a <span class=\"_ _0\"></span>conto <span class=\"_ _0\"></span>economico <span class=\"_ _9\"> </span>della <span class=\"_ _d\"></span>differenza <span class=\"_ _0\"></span>tr<span class=\"_ _2\"></span>a <span class=\"_ _0\"></span>valore<span class=\"_ _df\"> </span></span><span class=\"ff4\"> </span>contabile <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>valore <span class=\"_ _d\"></span>attuale <span class=\"_ _2\"></span>dei <span class=\"_ _2\"></span>flussi <span class=\"_ _d\"></span>di <span class=\"_ _2\"></span>cassa <span class=\"_ _2\"></span>modificati <span class=\"_ _2\"></span>scontati <span class=\"_ _d\"></span>al <span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>asso <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>interesse <span class=\"_ _2\"></span>originario <span class=\"_ _d\"></span>- <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>non<span class=\"_ _df\"> </span> tramite la derecognition;<span class=\"_ _df\"> </span><span class=\"_ _2c\"> </span><span class=\"ff5\">la <span class=\"_ _0\"></span>presenza <span class=\"_ _9\"> </span>di <span class=\"_ _0\"></span>specifici <span class=\"_ _0\"></span>elemen<span class=\"_ _2\"></span>ti <span class=\"_ _0\"></span>oggettivi <span class=\"_ _0\"></span>(\u201ctrigger\u201d) <span class=\"_ _0\"></span>che <span class=\"_ _0\"></span>inc<span class=\"_ _2\"></span>idono <span class=\"_ _0\"></span>sulle <span class=\"_ _0\"></span>caratteristiche <span class=\"_ _0\"></span>e/o <span class=\"_ _9\"> </span>sui <span class=\"_ _0\"></span>flussi<span class=\"_ _df\"> </span></span><span class=\"ff5\"> </span>contrattuali <span class=\"_ _0\"></span>dello <span class=\"_ _0\"></span>strumento <span class=\"_ _0\"></span>finanziario <span class=\"_ _0\"></span>(quali, <span class=\"_ _0\"></span>a <span class=\"_ _0\"></span>solo <span class=\"_ _0\"></span>titolo <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>esempio, <span class=\"_ _0\"></span>il <span class=\"_ _0\"></span>cambi<span class=\"_ _2\"></span>amento <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>divisa <span class=\"_ _0\"></span>o <span class=\"_ _9\"> </span>la<span class=\"_ _df\"> </span> modifica della ti<span class=\"_ _2\"></span>pologia di rischio <span class=\"_ _2\"></span>a cui <span class=\"_ _2\"></span>si \u00e8 <span class=\"_ _2\"></span>esposti, ove <span class=\"_ _2\"></span>la si cor<span class=\"_ _2\"></span>reli a <span class=\"_ _2\"></span>parametri di equity <span class=\"_ _2\"></span>e comm<span class=\"_ _2\"></span>odity),<span class=\"_ _df\"> </span><span class=\"_ _1\"></span> che <span class=\"_ _1\"></span>si ritiene<span class=\"_ _1\"></span> comportino <span class=\"_ _1\"></span>la d<span class=\"_ _1\"></span>erecognition in <span class=\"_ _f\"></span>considerazione del <span class=\"_ _f\"></span>l<span class=\"_ _2\"></span>oro imp<span class=\"_ _1\"></span>atto (atteso <span class=\"_ _f\"></span>come significativo)<span class=\"_ _df\"> </span><span class=\"_ _1\"></span> sui flussi contrattuali originari.<span class=\"_ _df\"> </span>Criter<span class=\"_ _1\"></span>i di <span class=\"_ _1\"></span>cancell<span class=\"_ _1\"></span>azion<span class=\"_ _f\"></span>e Le attivit\u00e0 finanziarie veng<span class=\"_ _1\"></span>ono cancellate dal bilancio solamente se la cessione ha comportato il <span class=\"_ _1\"></span>sostanziale trasferimento di tutti i rischi e benefici connessi alle attivit\u00e0 stesse. Per contr<span class=\"_ _2\"></span>o, qualora sia stat<span class=\"_ _d\"></span>a mantenuta<span class=\"_ _1\"></span> una <span class=\"_ _2\"></span>quota <span class=\"_ _d\"></span>parte <span class=\"_ _d\"></span>rilevante <span class=\"_ _2\"></span>dei <span class=\"_ _d\"></span>rischi <span class=\"_ _d\"></span>e <span class=\"_ _d\"></span>benefici <span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>elativi<span class=\"_ _1\"></span> <span class=\"_ _d\"></span>alle <span class=\"_ _d\"></span>attivit\u00e0 <span class=\"_ _d\"></span>finanziarie <span class=\"_ _2\"></span>cedute, <span class=\"_ _d\"></span>queste <span class=\"_ _d\"></span>continuano <span class=\"_ _2\"></span>ad<span class=\"_ _df\"> </span>essere iscritte <span class=\"_ _2\"></span>in bilancio, ancorch\u00e9 gi<span class=\"_ _2\"></span>uridicamente la titolarit\u00e0 <span class=\"_ _2\"></span>delle attivit\u00e0 <span class=\"_ _2\"></span>stesse sia <span class=\"_ _2\"></span>stata effettivamente trasferita. Nel  caso  in  cui<span class=\"_ _1\"></span>  non  sia  possibile  accertare  il  sostanziale  trasferimento  de<span class=\"_ _1\"></span>i  rischi  e  benefici,  le  attivit\u00e0 finanziarie <span class=\"_ _0\"></span>vengono <span class=\"_ _9\"> </span>cancellate <span class=\"_ _9\"> </span>dal <span class=\"_ _9\"> </span>bilancio <span class=\"_ _0\"> </span>q<span class=\"_ _2\"></span>ualora <span class=\"_ _0\"></span>non <span class=\"_ _9\"> </span>sia <span class=\"_ _9\"> </span>st<span class=\"_ _2\"></span>ato <span class=\"_ _0\"></span>mantenuto <span class=\"_ _9\"> </span>alcun <span class=\"_ _0\"></span>t<span class=\"_ _2\"></span>ipo <span class=\"_ _0\"></span>di <span class=\"_ _9\"> </span>controllo <span class=\"_ _9\"> </span>sulle stesse. <span class=\"_ _d\"></span>In <span class=\"_ _0\"></span>caso <span class=\"_ _d\"></span>contrario, <span class=\"_ _d\"></span>la <span class=\"_ _0\"></span>conservazione, <span class=\"_ _d\"></span>anche <span class=\"_ _0\"></span>in <span class=\"_ _d\"></span>parte, <span class=\"_ _0\"></span>di <span class=\"_ _d\"></span>tale <span class=\"_ _d\"></span>cont<span class=\"_ _2\"></span>rollo <span class=\"_ _d\"></span>comporta <span class=\"_ _d\"></span>il <span class=\"_ _d\"></span>mantenimento <span class=\"_ _d\"></span>in bilancio <span class=\"_ _2\"></span>delle at<span class=\"_ _2\"></span>tivit\u00e0 <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>misura <span class=\"_ _2\"></span>pari <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>coinvolgimento <span class=\"_ _d\"></span>residuo, <span class=\"_ _2\"></span>misurato <span class=\"_ _2\"></span>dall\u2019esposizione a<span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>cambiamenti <span class=\"_ _2\"></span>di valore delle attivit\u00e0 cedute ed alle variazioni dei flu<span class=\"_ _1\"></span>ssi finanziari delle<span class=\"_ _2\"></span> stesse. Infine, le attivit\u00e0 finanziarie cedute vengono cancellate dal bilancio nel caso in cui vi sia la conservazione dei diritti <span class=\"_ _9\"> </span>contrattuali <span class=\"_ _0\"></span>a <span class=\"_ _9\"> </span>r<span class=\"_ _2\"></span>icev<span class=\"_ _1\"></span>ere <span class=\"_ _0\"></span>i <span class=\"_ _9\"> </span>r<span class=\"_ _2\"></span>elativi <span class=\"_ _0\"></span>flussi <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>cassa, <span class=\"_ _9\"> </span>con <span class=\"_ _9\"> </span>la <span class=\"_ _0\"></span>co<span class=\"_ _2\"></span>ntestuale <span class=\"_ _0\"></span>ass<span class=\"_ _2\"></span>unzione<span class=\"_ _1\"></span> <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>un\u2019obbligazione <span class=\"_ _0\"></span>a pagare detti flussi, e solo essi, senza un ritardo rilevante ad altri soggetti terzi. Criter<span class=\"_ _1\"></span>i di <span class=\"_ _1\"></span>rileva<span class=\"_ _f\"></span>zione dell<span class=\"_ _1\"></span>e com<span class=\"_ _f\"></span>ponenti <span class=\"_ _1\"></span>reddi<span class=\"_ _1\"></span>tuali<span class=\"_ _f\"></span> L\u2019allocazione <span class=\"_ _9\"> </span>delle <span class=\"_ _9\"> </span>componenti<span class=\"_ _2\"></span> <span class=\"_ _9\"> </span>reddituali <span class=\"_ _9\"> </span>nelle <span class=\"_ _16\"> </span>pertinenti <span class=\"_ _9\"> </span>voci  d<span class=\"_ _1\"></span>i <span class=\"_ _9\"> </span>cont<span class=\"_ _2\"></span>o <span class=\"_ _9\"> </span>economico <span class=\"_ _16\"> </span>avviene <span class=\"_ _9\"> </span>sulla <span class=\"_ _9\"> </span>base <span class=\"_ _16\"> </span>di quanto riportato di seguito: <span class=\"_ _2c\"> </span><span class=\"ff4\">Gli interessi att<span class=\"_ _2\"></span><span class=\"ff5\">ivi dei<span class=\"_ _1\"></span> crediti e dei titoli vengono allocati nella voce \u201cInteressi attivi e proventi assimilati\u201d </span></span>per competenza sulla base del tasso di interesse effettivo;<span class=\"_ _df\"> </span><span class=\"_ _2c\"> </span><span class=\"ff5\">Gli utili <span class=\"_ _f\"></span>e perdite d<span class=\"_ _1\"></span>a cessione <span class=\"_ _f\"></span>dei crediti e <span class=\"_ _f\"></span>dei titoli <span class=\"_ _1\"></span>vengono allocati <span class=\"_ _f\"></span>nella voce <span class=\"_ _1\"></span>\u201cUtili (pe<span class=\"_ _1\"></span>rdi<span class=\"_ _2\"></span><span class=\"ff4\">te) da <span class=\"_ _f\"></span>ce<span class=\"_ _2\"></span>ssione </span></span>o riacquisto di attivit\u00e0 finanziarie valutate al costo ammortizzato<span class=\"_ _1\"></span>\u201d;<span class=\"_ _df\"> </span><span class=\"_ _2c\"> </span><span class=\"ff4\">Le <span class=\"_ _9\"> </span>r<span class=\"_ _2\"></span>ettifiche <span class=\"_ _9\"> </span>da <span class=\"_ _9\"> </span>impairment, <span class=\"_ _16\"> </span>le <span class=\"_ _9\"> </span>perdite <span class=\"_ _9\"> </span>per <span class=\"_ _16\"> </span>cancellazioni <span class=\"_ _9\"> </span>e <span class=\"_ _16\"> </span>le <span class=\"_ _9\"> </span>riprese <span class=\"_ _16\"> </span>di <span class=\"_ _9\"> </span>valore <span class=\"_ _9\"> </span>dei <span class=\"_ _16\"> </span>crediti <span class=\"_ _9\"> </span>e <span class=\"_ _9\"> </span>dei<span class=\"_ _2\"></span> <span class=\"_ _9\"> </span>titoli </span>vengono <span class=\"_ _2\"></span>allocate <span class=\"_ _2\"></span>nella <span class=\"_ _2\"></span>voce <span class=\"_ _2\"></span>\u201cRe<span class=\"_ _2\"></span>ttifiche/riprese <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>valore <span class=\"_ _2\"></span>nette <span class=\"_ _d\"></span><span class=\"ff4\">per <span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>ischio <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>credito <span class=\"_ _2\"></span>relativo <span class=\"_ _2\"></span>ad <span class=\"_ _2\"></span>attivit\u00e0 </span>finanziarie valutate al costo ammortizzato\u201d.<span class=\"_ _df\"> </span><span class=\"_ _2c\"> </span><span class=\"ff5\">Gli <span class=\"_ _0\"></span>interessi <span class=\"_ _0\"></span>dovuti <span class=\"_ _0\"></span>al <span class=\"_ _d\"></span>trascorrere <span class=\"_ _0\"></span>del <span class=\"_ _d\"></span>tempo <span class=\"_ _0\"></span>sono <span class=\"_ _0\"></span>contabilizzati <span class=\"_ _0\"></span>nella <span class=\"_ _d\"></span>voce <span class=\"_ _0\"></span>\u201cInteressi <span class=\"_ _0\"></span>attivi <span class=\"_ _0\"></span>e <span class=\"_ _d\"></span>proventi </span>assimilati\u201d<span class=\"_ _df\"> </span>BILANCIO CONSO<span class=\"_ _1\"></span>LIDATO <span class=\"ff5\">\u2013</span> NOTA INT<span class=\"_ _f\"></span>E<span class=\"_ _2\"></span>GRATIVA 295<span class=\"_ _df\"> </span>Le <span class=\"_ _9\"> </span>partecipazioni <span class=\"_ _9\"> </span>sono <span class=\"_ _9\"> </span>iscritte <span class=\"_ _9\"> </span>alla <span class=\"_ _9\"> </span>data <span class=\"_ _16\"> </span>di <span class=\"_ _0\"></span>r<span class=\"_ _2\"></span>egolamento. <span class=\"_ _0\"></span>All\u2019atto <span class=\"_ _9\"> </span>della <span class=\"_ _9\"> </span>rilevazione <span class=\"_ _9\"> </span>iniziale <span class=\"_ _9\"> </span>le <span class=\"_ _9\"> </span>in<span class=\"_ _2\"></span><span class=\"ff4\">teressenze<span class=\"_ _df\"> </span></span>partecipative <span class=\"_ _0\"></span>sono <span class=\"_ _9\"> </span>contabilizzate <span class=\"_ _9\"> </span>al <span class=\"_ _9\"> </span>costo, <span class=\"_ _0\"></span>comprensivo <span class=\"_ _9\"> </span>dei <span class=\"_ _0\"></span>costi <span class=\"_ _9\"> </span>o <span class=\"_ _9\"> </span>proventi <span class=\"_ _0\"></span>direttamente <span class=\"_ _9\"> </span>attribuibili<span class=\"_ _1\"></span> <span class=\"_ _9\"> </span>alla<span class=\"_ _df\"> </span>transazione.<span class=\"_ _df\"> </span>Criter<span class=\"_ _1\"></span>i di <span class=\"_ _1\"></span>class<span class=\"_ _1\"></span>ificazi<span class=\"_ _1\"></span>one<span class=\"_ _df\"> </span>La voce include le interessenze de<span class=\"_ _1\"></span>tenute in societ\u00e0 controllate congiuntamente e collegate.<span class=\"_ _df\"> </span>Sono <span class=\"ff5\">considerate controllate congiu<span class=\"_ _1\"></span>ntamente le imprese nelle quali i diritti di voto ed il controllo del<span class=\"_ _1\"></span>l\u2019attivit\u00e0<span class=\"_ _df\"> </span></span>economica della partecipata sono condiv<span class=\"_ _1\"></span>isi in modo paritetico da Credem, direttamente o indi<span class=\"_ _1\"></span>rettamente, e<span class=\"_ _df\"> </span>da  un  altro  soggetto.  Inoltre  v<span class=\"_ _1\"></span>iene  qualificato  come  sottoposto  a  controllo  congiu<span class=\"_ _1\"></span>nto  un  investimento<span class=\"_ _df\"> </span>partecipativo  nel<span class=\"_ _1\"></span>  quale,  pur  in  assenz<span class=\"_ _1\"></span>a  di  una  q<span class=\"_ _1\"></span>uota  paritetica  di  di<span class=\"_ _1\"></span>ritti  di  voto,  il  con<span class=\"_ _f\"></span>t<span class=\"_ _2\"></span>rollo <span class=\"_ _16\"> </span>sull\u2019attivit\u00e0<span class=\"_ _df\"> </span>economica  e<span class=\"_ _1\"></span>  sugli <span class=\"_ _16\"> </span>indirizzi  strategici<span class=\"_ _1\"></span>  della  p<span class=\"_ _1\"></span>artecipata  \u00e8 <span class=\"_ _16\"> </span>condiviso  con <span class=\"_ _16\"> </span>altri  soggetti  in  vi<span class=\"_ _1\"></span>rt\u00f9  di <span class=\"_ _16\"> </span>accordi<span class=\"_ _df\"> </span>contrattuali.<span class=\"_ _df\"> </span>Sono <span class=\"_ _0\"></span>considerate <span class=\"_ _0\"></span>collegate, <span class=\"_ _0\"></span>cio\u00e8 <span class=\"_ _9\"> </span>sottoposte <span class=\"_ _0\"></span>ad <span class=\"_ _9\"> </span>influenza <span class=\"_ _d\"></span>not<span class=\"_ _2\"></span>evole<span class=\"_ _1\"></span>, <span class=\"_ _0\"></span>le <span class=\"_ _9\"> </span>imprese <span class=\"_ _0\"></span>nelle <span class=\"_ _0\"></span>quali <span class=\"_ _0\"></span>la <span class=\"_ _9\"> </span>capogruppo,<span class=\"_ _df\"> </span>direttamente <span class=\"_ _f\"></span>o indi<span class=\"_ _1\"></span>rettamente, <span class=\"_ _1\"></span>possiede <span class=\"_ _f\"></span>almeno <span class=\"_ _f\"></span>il 20% <span class=\"_ _f\"></span>dei <span class=\"_ _f\"></span>diritti <span class=\"_ _f\"></span>di v<span class=\"_ _1\"></span>oto (i<span class=\"_ _1\"></span>vi <span class=\"_ _f\"></span>inclusi <span class=\"_ _f\"></span>i diritti <span class=\"_ _f\"></span>di <span class=\"_ _1\"></span>voto <span class=\"_ _f\"></span>\u201cpoten<span class=\"_ _2\"></span>ziali\u201d)<span class=\"_ _df\"> </span>o<span class=\"_ _4\"> </span>nelle <span class=\"_ _d\"></span>quali <span class=\"_ _2\"></span><span class=\"ff5\">\u2013</span> <span class=\"_ _d\"></span>pur <span class=\"_ _2\"></span>con <span class=\"_ _d\"></span>una <span class=\"_ _2\"></span>quota <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>diritti <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>voto <span class=\"_ _d\"></span>inferiore <span class=\"_ _d\"></span><span class=\"ff5\">\u2013</span> <span class=\"_ _d\"></span>ha <span class=\"_ _2\"></span>il <span class=\"_ _d\"></span>potere <span class=\"_ _2\"></span>di <span class=\"_ _d\"></span>partecipare <span class=\"_ _2\"></span>alla <span class=\"_ _d\"></span>determinazione<span class=\"_ _df\"> </span>delle <span class=\"_ _4\"> </span>politiche <span class=\"_ _17\"> </span>finanziarie <span class=\"_ _17\"> </span>e <span class=\"_ _17\"> </span>gestionali <span class=\"_ _17\"> </span>della <span class=\"_ _17\"> </span>partecipata <span class=\"_ _17\"> </span>in <span class=\"_ _17\"> </span>virt\u00f9 <span class=\"_ _4\"> </span>di <span class=\"_ _17\"> </span>part<span class=\"_ _2\"></span>icolari<span class=\"_ _1\"></span> <span class=\"_ _17\"> </span>legami <span class=\"_ _17\"> </span>giuridici <span class=\"_ _4\"> </span>quali <span class=\"_ _17\"> </span>la<span class=\"_ _df\"> </span>partecipazione a patti di sindacato.<span class=\"_ _df\"> </span>Non <span class=\"_ _d\"></span>s<span class=\"_ _2\"></span>ono <span class=\"_ _d\"></span>considerate <span class=\"_ _d\"></span>sottoposte <span class=\"_ _0\"></span>ad <span class=\"_ _d\"></span>influenza <span class=\"_ _d\"></span>notevole <span class=\"_ _0\"></span>alcune <span class=\"_ _0\"></span>interessenze <span class=\"_ _d\"></span>superiori <span class=\"_ _0\"></span>al <span class=\"_ _d\"></span>20%, <span class=\"_ _0\"></span>nelle <span class=\"_ _d\"></span>quali,<span class=\"_ _df\"> </span>direttamente <span class=\"_ _f\"></span>o indi<span class=\"_ _1\"></span>rettamente, <span class=\"_ _1\"></span>il <span class=\"_ _f\"></span>Gr<span class=\"_ _2\"></span>uppo <span class=\"_ _f\"></span>detiene <span class=\"_ _f\"></span>esclusivamente <span class=\"_ _f\"></span>diritt<span class=\"_ _2\"></span>i <span class=\"_ _f\"></span>patrimoniali <span class=\"_ _1\"></span>su <span class=\"_ _1\"></span>una <span class=\"_ _f\"></span>porzione <span class=\"_ _f\"></span>dei <span class=\"_ _1\"></span>frutti<span class=\"_ _df\"> </span>degli investimenti,<span class=\"_ _1\"></span> non ha accesso alle <span class=\"_ _1\"></span>politiche di <span class=\"_ _f\"></span>g<span class=\"_ _2\"></span>estione e <span class=\"_ _1\"></span>pu\u00f2 esercitare diritti di <span class=\"_ _1\"></span>governance limitati all<span class=\"_ _1\"></span>a<span class=\"_ _df\"> </span>tutela degli interessi patrimoniali.<span class=\"_ _df\"> </span>Criter<span class=\"_ _1\"></span>i di <span class=\"_ _1\"></span>valuta<span class=\"_ _1\"></span>zione<span class=\"_ _df\"> </span>Le <span class=\"_ _4\"> </span>partecipazioni <span class=\"_ _4\"> </span>in <span class=\"_ _4\"> </span>societ\u00e0 <span class=\"_ _4\"> </span>collegate <span class=\"_ _4\"> </span>o <span class=\"_ _4\"> </span>controllate <span class=\"_ _4\"> </span>congiuntamente <span class=\"_ _4\"> </span>sono <span class=\"_ _4\"> </span>valutate <span class=\"_ _4\"> </span>con <span class=\"_ _4\"> </span>il <span class=\"_ _4\"> </span>metodo <span class=\"_ _4\"> </span>del<span class=\"_ _df\"> </span>patrimonio netto.<span class=\"_ _df\"> </span>Se <span class=\"_ _f\"></span>esistono <span class=\"_ _f\"></span>evidenze <span class=\"_ _f\"></span>che <span class=\"_ _f\"></span>il valore <span class=\"_ _11\"></span>di <span class=\"_ _f\"></span>una <span class=\"_ _1\"></span>partecipazione <span class=\"_ _f\"></span>possa av<span class=\"_ _1\"></span>er <span class=\"_ _f\"></span>subito <span class=\"_ _f\"></span>una <span class=\"_ _1\"></span>riduzione, <span class=\"_ _f\"></span>si <span class=\"_ _f\"></span>procede <span class=\"_ _f\"></span>alla <span class=\"_ _f\"></span>s<span class=\"_ _2\"></span>tima<span class=\"_ _df\"> </span>del <span class=\"_ _0\"></span>valore <span class=\"_ _9\"> </span>recuperabile <span class=\"_ _0\"> </span>della <span class=\"_ _9\"> </span>par<span class=\"_ _2\"></span>tecipazione<span class=\"_ _f\"></span> <span class=\"_ _9\"> </span>s<span class=\"_ _2\"></span>tessa, <span class=\"_ _0\"></span>t<span class=\"_ _2\"></span>enend<span class=\"_ _1\"></span>o <span class=\"_ _9\"> </span>conto <span class=\"_ _9\"> </span>del <span class=\"_ _0\"></span>valore <span class=\"_ _9\"> </span>attuale <span class=\"_ _0\"></span>dei <span class=\"_ _9\"> </span>flussi <span class=\"_ _9\"> </span>finanziari<span class=\"_ _df\"> </span>futuri che la partecipazio<span class=\"ff5\">ne potr\u00e0 generare, incluso il valore di dismissione finale de<span class=\"_ _1\"></span>ll\u2019investimento.<span class=\"_ _df\"> </span></span>Qualora  i<span class=\"_ _1\"></span>l <span class=\"_ _16\"> </span>valore <span class=\"_ _16\"> </span>di <span class=\"_ _9\"> </span>recupero  risulti <span class=\"_ _9\"> </span>inferiore  al <span class=\"_ _9\"> </span>valore  contabile, <span class=\"_ _9\"> </span>la  relativa <span class=\"_ _9\"> </span>differenza  \u00e8 <span class=\"_ _9\"> </span>rilevata  a <span class=\"_ _16\"> </span>conto<span class=\"_ _df\"> </span>economico.<span class=\"_ _df\"> </span>Qualora i motivi della perdita di valore siano rimossi a seguito di un evento verificatosi successivamente alla<span class=\"_ _df\"> </span>rilevazione <span class=\"_ _f\"></span>della <span class=\"_ _1\"></span>riduzione <span class=\"_ _f\"></span>di valore, <span class=\"_ _f\"></span>vengono <span class=\"_ _f\"></span>ef<span class=\"_ _2\"></span>fettuate <span class=\"_ _f\"></span>riprese d<span class=\"_ _1\"></span>i v<span class=\"_ _1\"></span>alore <span class=\"_ _1\"></span>con <span class=\"_ _f\"></span>imputazione <span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>conto e<span class=\"_ _1\"></span>conomico<span class=\"_ _df\"> </span>che non possono eccedere l\u2019ammontare delle p<span class=\"_ _1\"></span>erdite da impairment in precedenza registrate.<span class=\"_ _df\"> </span>Criter<span class=\"_ _1\"></span>i di <span class=\"_ _1\"></span>cancell<span class=\"_ _1\"></span>azion<span class=\"_ _f\"></span>e Le <span class=\"_ _2\"></span>partecipazioni <span class=\"_ _2\"></span>vengono <span class=\"_ _d\"></span>cancellate <span class=\"_ _2\"></span>quando <span class=\"_ _2\"></span>scadono <span class=\"_ _2\"></span>i <span class=\"_ _d\"></span>diritti <span class=\"_ _2\"></span>contrattuali <span class=\"_ _2\"></span>sui <span class=\"_ _d\"></span>flussi <span class=\"_ _2\"></span>finanziari <span class=\"_ _2\"></span>derivati <span class=\"_ _2\"></span>dalle attivit\u00e0 <span class=\"_ _1\"></span>stesse o<span class=\"_ _f\"></span> quando <span class=\"_ _1\"></span>l\u2019attivit\u00e0 <span class=\"_ _f\"></span>finanziaria vie<span class=\"_ _1\"></span>ne ce<span class=\"_ _f\"></span>d<span class=\"_ _2\"></span>uta t<span class=\"_ _f\"></span>r<span class=\"_ _2\"></span>asferendo <span class=\"_ _f\"></span>s<span class=\"_ _2\"></span>ostanzialmente<span class=\"_ _1\"></span> tutti <span class=\"_ _f\"></span>i rischi<span class=\"_ _f\"></span> e b<span class=\"_ _1\"></span>enefici ad<span class=\"ls0\"> essa connessi. </span>Criter<span class=\"_ _1\"></span>i di <span class=\"_ _1\"></span>rileva<span class=\"_ _f\"></span>zione dell<span class=\"_ _1\"></span>e com<span class=\"_ _f\"></span>ponenti <span class=\"_ _1\"></span>reddi<span class=\"_ _1\"></span>tuali<span class=\"_ _f\"></span><span class=\"sc0\"> </span>Le <span class=\"_ _9\"> </span>differenze <span class=\"_ _9\"> </span>negative <span class=\"_ _16\"> </span>di <span class=\"_ _9\"> </span>prima  i<span class=\"_ _1\"></span>scrizione, <span class=\"_ _9\"> </span>gli <span class=\"_ _9\"> </span>utili <span class=\"_ _16\"> </span>e <span class=\"_ _9\"> </span>le <span class=\"_ _16\"> </span>perdite <span class=\"_ _9\"> </span>delle <span class=\"_ _9\"> </span>partecipate <span class=\"_ _9\"> </span>r<span class=\"_ _2\"></span>ealizzate,<span class=\"_ _1\"></span> <span class=\"_ _16\"> </span>le <span class=\"_ _9\"> </span>perdite <span class=\"_ _9\"> </span>da impairment  e  le<span class=\"_ _1\"></span>  riprese  d<span class=\"_ _1\"></span>i  valore  ve<span class=\"_ _1\"></span>ngono  allocate  nell<span class=\"_ _1\"></span>a  voce  di <span class=\"_ _16\"> </span>conto  econom<span class=\"ff5\">ico  \u201cUtili  (Pe<span class=\"_ _1\"></span>rdite)  d<span class=\"_ _1\"></span>elle </span>partecipazioni\u201d, <span class=\"_ _0\"></span>me<span class=\"_ _2\"></span>ntre <span class=\"_ _9\"> </span>i <span class=\"_ _9\"> </span>dividendi <span class=\"_ _9\"> </span>incassati <span class=\"_ _9\"> </span>vengono <span class=\"_ _9\"> </span>allocati <span class=\"_ _16\"> </span>nella <span class=\"_ _0\"></span>voce <span class=\"_ _16\"> </span>\u201cDividendi <span class=\"_ _9\"> </span>e <span class=\"_ _9\"> </span>proventi <span class=\"_ _9\"> </span>simili\u201d <span class=\"_ _16\"> </span>nel momento in cui sorge il diritto a rice<span class=\"_ _1\"></span>verne il pagamento.<span class=\"_ _2\"></span> 6 <span class=\"ls0\">- Attivit\u00e0<span class=\"_ _f\"></span> materia<span class=\"_ _1\"></span>li </span>Criter<span class=\"_ _1\"></span>i di <span class=\"_ _1\"></span>iscrizi<span class=\"_ _1\"></span>one Le <span class=\"_ _d\"></span>attivit\u00e0 <span class=\"_ _d\"></span>materiali <span class=\"_ _d\"></span>sono <span class=\"_ _d\"></span>inizialmente <span class=\"_ _d\"></span>iscritte <span class=\"_ _d\"></span>al <span class=\"_ _d\"></span>costo <span class=\"_ _d\"></span>che <span class=\"_ _2\"></span>comprende, <span class=\"_ _d\"></span>oltre <span class=\"_ _d\"></span>al <span class=\"_ _d\"></span>prezzo <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>acquisto, <span class=\"_ _2\"></span>tutti <span class=\"_ _d\"></span>gli eventuali oneri accessori direttamente imp<span class=\"_ _1\"></span>utabili all\u2019acquisto e alla messa in funzione del bene.<span class=\"_ _2\"></span><span class=\"ff4\"> </span>Le  spese  d<span class=\"_ _2\"></span>i  manutenzione  s<span class=\"_ _2\"></span>traordinaria  che  compor<span class=\"_ _2\"></span>tano  un  incre<span class=\"_ _2\"></span>mento  dei <span class=\"_ _22\"> </span>b<span class=\"_ _2\"></span>enefici  economici <span class=\"_ _22\"> </span>futuri vengono imputate ad increme<span class=\"_ _1\"></span>nto del valore dei cespi<span class=\"_ _1\"></span>ti, mentre gli altri costi di<span class=\"_ _1\"></span> manutenzione ordinaria sono<span class=\"_ _f\"></span> rilevati a Conto Economico. I contratti di leasing (in qualit\u00e0 di locatario) sono contabilizz<span class=\"_ _1\"></span>ati applicando l\u2019I<span class=\"_ _2\"></span><span class=\"ff4\">FRS 16 sulla base del cosiddetto </span>modello <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>diritto <span class=\"_ _2\"></span>d\u2019uso <span class=\"_ _2\"></span>(\u201cright <span class=\"_ _2\"></span>of <span class=\"_ _2\"></span>use\u201d). <span class=\"_ _2\"></span>Alla <span class=\"_ _2\"></span>data <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>rilevazione <span class=\"_ _2\"></span>iniziale <span class=\"_ _2\"></span>pertanto <span class=\"_ _d\"></span>il <span class=\"_ _2\"></span>valore <span class=\"_ _2\"></span>del dirit<span class=\"_ _2\"></span>to <span class=\"_ _2\"></span>d\u2019uso \u00e8 determinato <span class=\"_ _14\"> </span>pari <span class=\"_ _15\"> </span>al <span class=\"_ _14\"> </span>valore <span class=\"_ _14\"> </span>di <span class=\"_ _14\"> </span>iscrizione <span class=\"_ _14\"> </span>iniziale <span class=\"_ _14\"> </span>della <span class=\"_ _14\"> </span>Passivit\u00e0 <span class=\"_ _15\"> </span>per <span class=\"_ _14\"> </span>leasing, <span class=\"_ _14\"> </span>corrett<span class=\"_ _2\"></span>o <span class=\"_ _17\"> </span>per <span class=\"_ _15\"> </span>le <span class=\"_ _14\"> </span>seguenti co<span class=\"ls0\">mponenti: </span>\u2022 i pagamenti dovuti per il leasing effettuati alla data o prima della data <span class=\"_ _2\"></span>di decorrenza al netto degli incentivi al leasing ricevuti;<span class=\"_ _df\"> </span>\u2022 i costi iniziali diretti sostenuti dal locatario;<span class=\"_ _df\"> </span>\u2022  la  stima  dei  costi  che<span class=\"_ _1\"></span>  il  locatario  dovr\u00e0  sostene<span class=\"_ _1\"></span>re  per  lo  smantellamento  e  la  rimozione  dell\u2019attivit\u00e0 sottostante e pe<span class=\"_ _1\"></span>r il ripristino <span class=\"_ _1\"></span>del sito in <span class=\"_ _f\"></span>cui \u00e8 ubicata <span class=\"_ _1\"></span>o per il <span class=\"_ _1\"></span>ripristino de<span class=\"_ _1\"></span>ll'attivit\u00e0 sottostante nelle<span class=\"_ _1\"></span> condizioni previste dai termini e dalle condizioni de<span class=\"_ _1\"></span>l leasing.<span class=\"_ _df\"> </span>Nell\u2019identificazione <span class=\"_ _2\"></span>dei <span class=\"_ _d\"></span>diritti <span class=\"_ _d\"></span>d\u2019uso, <span class=\"_ _d\"></span>il <span class=\"_ _d\"></span>Gruppo <span class=\"_ _2\"></span>Cr<span class=\"_ _2\"></span>edem <span class=\"_ _2\"></span>applica <span class=\"_ _d\"></span>le <span class=\"_ _d\"></span>\u201csemplificazioni\u201d <span class=\"_ _2\"></span>cons<span class=\"_ _2\"></span>entite <span class=\"_ _2\"></span>dall\u2019IFRS <span class=\"_ _d\"></span>16 <span class=\"_ _2\"></span>e<span class=\"_ _df\"> </span>quindi non sono considerati i contratti aventi caratteristiche<span class=\"_ _1\"></span>:<span class=\"_ _df\"> </span>\u2022 Leasing di breve<span class=\"_ _1\"></span> durata, ovvero un leasing di brev<span class=\"_ _1\"></span>e durata \u00e8 un<span class=\"_ _1\"></span> leasing che, alla data<span class=\"_ _1\"></span> iniziale, ha una durata<span class=\"_ _f\"></span> ug<span class=\"ls0\">uale o inferiore ai 12 mesi;<span class=\"_ _df\"> </span></span>\u2022 Leasing \u201clow<span class=\"ff4\">-</span>value\u201d, ovvero Leasing il cui asset presenta un valore pari o inf<span class=\"_ _1\"></span>eriore ad Euro 5.000.<span class=\"_ _df\"> </span>Criter<span class=\"_ _1\"></span>i di <span class=\"_ _13\"></span>classifica<span class=\"_ _f\"></span>zione<span class=\"_ _1\"></span> Le <span class=\"_ _1\"></span>attivit\u00e0 <span class=\"_ _1\"></span>materiali co<span class=\"_ _1\"></span>mprendono <span class=\"_ _1\"></span>i <span class=\"_ _f\"></span>t<span class=\"_ _2\"></span>erreni,<span class=\"_ _1\"></span> gli<span class=\"_ _1\"></span> immobi<span class=\"_ _1\"></span>li strume<span class=\"_ _1\"></span>ntali, g<span class=\"_ _1\"></span>li i<span class=\"_ _1\"></span>nvestimenti <span class=\"_ _1\"></span>immobiliari, il <span class=\"_ _f\"></span>patr<span class=\"_ _2\"></span>imonio artistico di<span class=\"_ _1\"></span> pregi<span class=\"_ _1\"></span>o, gli <span class=\"_ _f\"></span>im<span class=\"_ _2\"></span>pianti <span class=\"_ _f\"></span>te<span class=\"_ _2\"></span>cnici, <span class=\"_ _f\"></span>i mobili e <span class=\"_ _f\"></span>gli arredi <span class=\"_ _1\"></span>nonch\u00e9 le <span class=\"_ _f\"></span>at<span class=\"_ _2\"></span>trezzature <span class=\"_ _1\"></span>di q<span class=\"_ _f\"></span>ualsiasi tipo che <span class=\"_ _f\"></span>si ritiene di utilizzare per pi\u00f9 di un periodo. Le att<span class=\"_ _2\"></span>ivit\u00e0 materiali detenute per essere utilizzate nella produzione o nella fo<span class=\"ff5 ls0\">rnitura <span class=\"_ _2\"></span>di beni <span class=\"_ _2\"></span>e s<span class=\"_ _2\"></span>ervizi sono <span class=\"_ _2\"></span>classificate come <span class=\"_ _2\"></span>\u201cattivit\u00e0 <span class=\"_ _2\"></span>ad <span class=\"_ _2\"></span>uso funzionale\u201d <span class=\"_ _2\"></span>secondo lo <span class=\"_ _2\"></span>IAS 16. <span class=\"_ _2\"></span>Gli <span class=\"_ _2\"></span>immobili </span>posseduti <span class=\"_ _1\"></span>con fi<span class=\"_ _1\"></span>nalit\u00e0 di<span class=\"_ _f\"></span> investimento <span class=\"_ _f\"></span>(per conseguire <span class=\"_ _f\"></span>canoni di <span class=\"_ _f\"></span>locazione <span class=\"_ _f\"></span>o per l\u2019<span class=\"_ _1\"></span>apprezzamento <span class=\"_ _1\"></span>del <span class=\"_ _f\"></span>capitale investito) sono classificati come \u201cattivit\u00e0 detenute a scopo di investimento\u201d in base allo IAS<span class=\"ff4\"> <span class=\"ls4a\">40.<span class=\"_ _f\"></span><span class=\"ls0\"> </span></span></span>La <span class=\"_ _2\"></span>voce <span class=\"_ _2\"></span>accoglie <span class=\"_ _2\"></span>anche att<span class=\"_ _2\"></span>ivit\u00e0 materiali <span class=\"_ _2\"></span>classificate <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>base <span class=\"_ _2\"></span>allo <span class=\"_ _2\"></span>IAS <span class=\"_ _2\"></span>2 <span class=\"_ _d\"></span>- <span class=\"_ _2\"></span>Rimanenze, ch<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>si <span class=\"_ _2\"></span>riferiscono <span class=\"_ _2\"></span>sia <span class=\"_ _2\"></span>a beni <span class=\"_ _0\"></span>derivanti <span class=\"_ _0\"></span>dall\u2019attivit\u00e0 <span class=\"_ _d\"></span>di <span class=\"_ _0\"></span>escussione <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>garanzie <span class=\"_ _0\"></span>o <span class=\"_ _0\"></span>dall\u2019acquisto <span class=\"_ _0\"></span>in <span class=\"_ _0\"></span>asta <span class=\"_ _0\"></span>ch<span class=\"_ _2\"></span>e <span class=\"_ _0\"></span>l\u2019impresa <span class=\"_ _0\"></span>ha <span class=\"_ _0\"></span>intenzione <span class=\"_ _0\"></span>di vendere <span class=\"_ _4\"> </span>nel <span class=\"_ _17\"> </span>prossimo <span class=\"_ _17\"> </span>futuro, <span class=\"_ _4\"> </span>senza <span class=\"_ _17\"> </span>effettuare <span class=\"_ _4\"> </span>rilevanti <span class=\"_ _17\"> </span>opere <span class=\"_ _4\"> </span>di <span class=\"_ _17\"> </span>ristrutturazione, <span class=\"_ _4\"> </span>e <span class=\"_ _17\"> </span>che <span class=\"_ _4\"> </span>no<span class=\"_ _2\"></span>n <span class=\"_ _4\"> </span>hanno <span class=\"_ _17\"> </span>i presupposti <span class=\"_ _d\"></span>per <span class=\"_ _0\"></span>essere <span class=\"_ _0\"></span>classificati <span class=\"_ _0\"></span>nelle <span class=\"_ _d\"></span>categorie <span class=\"_ _0\"></span>precedenti, <span class=\"_ _d\"></span>sia <span class=\"_ _0\"></span>al <span class=\"_ _0\"></span>portafoglio <span class=\"_ _0\"></span>immobiliare <span class=\"_ _d\"></span>delle <span class=\"_ _0\"></span>Societ\u00e0 immobiliari del <span class=\"_ _2\"></span>Gruppo, compre<span class=\"_ _2\"></span>nsivo di <span class=\"_ _2\"></span>aree edificabili, <span class=\"_ _2\"></span>immobili in <span class=\"_ _2\"></span>costruzione, immobili <span class=\"_ _2\"></span>ultimati in <span class=\"_ _2\"></span>vendita e iniziative di sviluppo immobili<span class=\"_ _1\"></span>are, acquistato e detenuto in un\u2019ottica di dismissione.<span class=\"_ _df\"> </span>Sono,  inf<span class=\"_ _1\"></span>ine,  iscritti  nel<span class=\"_ _1\"></span>le  attivit\u00e0  materiali <span class=\"_ _9\"> </span>i  beni  utilizzati <span class=\"_ _16\"> </span>nell\u2019am<span class=\"_ _2\"></span><span class=\"ff4\">bito  di <span class=\"_ _16\"> </span>contratti  di <span class=\"_ _16\"> </span>leasing <span class=\"_ _16\"> </span>finanziario,<span class=\"_ _df\"> </span></span><span class=\"ff4\"> </span>ancorch\u00e9 la titolarit\u00e0 giuridica degli<span class=\"_ _1\"></span> stessi rimanga alla so<span class=\"_ _2\"></span>ciet\u00e0 l<span class=\"_ _1\"></span>ocatrice.<span class=\"_ _df\"> </span><span class=\"_ _2\"></span> Criter<span class=\"_ _1\"></span>i di <span class=\"_ _1\"></span>valuta<span class=\"_ _1\"></span>zione<span class=\"_ _df\"> </span><span class=\"_ _f\"></span> Le attivit\u00e0 materiali sono valutate al costo, dedotti eventuali<span class=\"_ _1\"></span> ammortamenti e perdite di valore.<span class=\"_ _df\"> </span><span class=\"_ _2\"></span> Le <span class=\"_ _0\"></span>att<span class=\"_ _2\"></span>ivit\u00e0 <span class=\"_ _0\"></span>materiali <span class=\"_ _9\"> </span>sono <span class=\"_ _9\"> </span>sistematicamente <span class=\"_ _0\"></span>ammor<span class=\"_ _2\"></span>tizzate, <span class=\"_ _0\"></span>adottando <span class=\"_ _9\"> </span>come <span class=\"_ _9\"> </span>criterio <span class=\"_ _9\"> </span>di <span class=\"_ _0\"></span>ammortamento <span class=\"_ _9\"> </span>il<span class=\"_ _df\"> </span> metodo <span class=\"_ _2\"></span>a quote <span class=\"_ _2\"></span>costanti, lungo la <span class=\"_ _2\"></span>loro <span class=\"_ _2\"></span>vita utile. Il <span class=\"_ _2\"></span>valore <span class=\"_ _2\"></span>ammort<span class=\"_ _1\"></span>izzabile \u00e8 <span class=\"_ _2\"></span>rappresentato dal <span class=\"_ _2\"></span>costo <span class=\"_ _2\"></span>dei beni<span class=\"_ _df\"> </span> al <span class=\"_ _2\"></span>netto del <span class=\"_ _2\"></span>valore residuo <span class=\"_ _2\"></span>al t<span class=\"_ _2\"></span>ermin<span class=\"_ _1\"></span>e <span class=\"_ _2\"></span>del processo <span class=\"_ _2\"></span>di amm<span class=\"_ _2\"></span>ortamento, <span class=\"_ _2\"></span>se significativo. <span class=\"_ _2\"></span>Gli immobili <span class=\"_ _2\"></span>vengono<span class=\"_ _df\"> </span> ammortizzati <span class=\"_ _9\"> </span>per  u<span class=\"_ _f\"></span>na  quota <span class=\"_ _9\"> </span>ritenuta <span class=\"_ _9\"> </span>congrua  per <span class=\"_ _9\"> </span>rappresentare  i<span class=\"_ _1\"></span>l <span class=\"_ _9\"> </span>d<span class=\"_ _2\"></span>eperimento <span class=\"_ _9\"> </span>dei <span class=\"_ _16\"> </span>cespiti <span class=\"_ _9\"> </span>nel <span class=\"_ _16\"> </span>tempo <span class=\"_ _9\"> </span>a<span class=\"_ _df\"> </span>seguito <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>loro <span class=\"_ _2\"></span>utilizzo, <span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>enuto <span class=\"_ _2\"></span>conto <span class=\"_ _2\"></span>delle <span class=\"_ _2\"></span>spese <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>manutenzione <span class=\"_ _d\"></span>di <span class=\"_ _2\"></span>carattere <span class=\"_ _2\"></span>straordinario, <span class=\"_ _d\"></span>che<span class=\"_ _1\"></span> <span class=\"_ _2\"></span>vengo<span class=\"_ _2\"></span>no<span class=\"_ _df\"> </span> portate ad incremento del valore de<span class=\"_ _1\"></span>i cespiti<span class=\"_ _df\"> </span><span class=\"_ _2\"></span> Non vengono invece ammortizzati:<span class=\"_ _df\"> </span> <span class=\"_ _2c\"> </span><span class=\"ff4\">i t<span class=\"_ _2\"></span>erreni, siano essi st<span class=\"_ _2\"></span>ati acquisiti singolarmente o <span class=\"_ _2\"></span>incorporati nel valore dei fabbricati, in <span class=\"_ _2\"></span>quanto hanno<span class=\"_ _df\"> </span></span><span class=\"ff4\"> </span>vita utile indefinita;<span class=\"_ _df\"> </span><span class=\"_ _2c\"> </span><span class=\"ff4\">il <span class=\"_ _2\"></span>patrimonio <span class=\"_ _2\"></span>art<span class=\"_ _2\"></span>istico di <span class=\"_ _2\"></span>pregio, <span class=\"_ _d\"></span>gli <span class=\"_ _2\"></span>altri <span class=\"_ _2\"></span>beni <span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>torico <span class=\"_ _2\"></span>artistici <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>decorativi <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>quanto <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>loro <span class=\"_ _2\"></span>vita <span class=\"_ _2\"></span>utile <span class=\"_ _2\"></span>non<span class=\"_ _df\"> </span></span><span class=\"ff4\"> </span>pu\u00f2 essere stimata ed il loro valore \u00e8 normalmente de<span class=\"_ _1\"></span>stinato ad aumentare nel tempo.<span class=\"_ _df\"> </span>Se esiste qualche <span class=\"_ _2\"></span>indicazione che dimostr<span class=\"_ _2\"></span>i che un\u2019attivit\u00e0 mat<span class=\"_ _2\"></span>eriale<span class=\"_ _f\"></span> <span class=\"_ _2\"></span>valutata <span class=\"_ _2\"></span>al costo possa <span class=\"_ _2\"></span>aver su<span class=\"_ _2\"></span><span class=\"ff4\">bito una<span class=\"_ _df\"> </span></span><span class=\"ff4\"> </span>perdita <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>valore, <span class=\"_ _0\"></span>si <span class=\"_ _d\"></span>pro<span class=\"_ _2\"></span>cede<span class=\"_ _1\"></span> <span class=\"_ _d\"></span>al <span class=\"_ _0\"></span>confronto <span class=\"_ _d\"></span>t<span class=\"_ _2\"></span>ra <span class=\"_ _d\"></span>il <span class=\"_ _d\"></span>valore <span class=\"_ _0\"></span>di <span class=\"_ _d\"></span>carico <span class=\"_ _d\"></span>del <span class=\"_ _0\"></span>cespite <span class=\"_ _d\"></span>ed <span class=\"_ _0\"></span>il <span class=\"_ _d\"></span>suo <span class=\"_ _0\"></span>valore <span class=\"_ _d\"></span>di <span class=\"_ _0\"></span>recupero. <span class=\"_ _d\"></span>Le<span class=\"_ _df\"> </span> eventuali rettifiche vengono rilevate a Conto Economico.<span class=\"_ _df\"> </span> Qualora vengano meno <span class=\"_ _2\"></span>i motivi che hanno port<span class=\"_ _2\"></span>ato<span class=\"_ _1\"></span> alla rilevazione della perdita<span class=\"_ _2\"></span>, si <span class=\"_ _2\"></span>d\u00e0 luogo ad una r<span class=\"_ _2\"></span>ipresa di<span class=\"_ _df\"> </span><span class=\"_ _1\"></span> valore, che <span class=\"_ _2\"></span>non <span class=\"_ _2\"></span>pu\u00f2 s<span class=\"_ _2\"></span>uperare il <span class=\"_ _2\"></span>valore <span class=\"_ _2\"></span>che l\u2019attivit\u00e0 <span class=\"_ _2\"></span>avrebbe avuto, <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>netto <span class=\"_ _2\"></span>degl<span class=\"_ _1\"></span>i <span class=\"_ _2\"></span>ammortamenti calcolati, <span class=\"_ _2\"></span>in<span class=\"_ _df\"> </span> assenza di precedenti perdite di valore.<span class=\"_ _df\"> </span> Per quel <span class=\"_ _2\"></span>che attiene <span class=\"_ _2\"></span>alle att<span class=\"_ _2\"></span>ivit\u00e0 materiali <span class=\"_ _2\"></span>rilevate ai sensi <span class=\"_ _2\"></span>dello IAS<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>2, le <span class=\"_ _2\"></span>stesse sono <span class=\"_ _2\"></span>valutate al <span class=\"_ _2\"></span>minore tra <span class=\"_ _2\"></span>il<span class=\"_ _df\"> </span> costo <span class=\"_ _f\"></span>ed <span class=\"_ _f\"></span>il <span class=\"_ _1\"></span>valore <span class=\"_ _f\"></span>netto <span class=\"_ _1\"></span>di <span class=\"_ _f\"></span>realizzo, <span class=\"_ _f\"></span>fermo <span class=\"_ _f\"></span>rest<span class=\"_ _2\"></span>ando <span class=\"_ _f\"></span>che <span class=\"_ _f\"></span>si <span class=\"_ _f\"></span>procede <span class=\"_ _f\"></span>comunque <span class=\"_ _f\"></span>al <span class=\"_ _1\"></span>confronto <span class=\"_ _f\"></span>t<span class=\"_ _2\"></span>ra <span class=\"_ _f\"></span>il <span class=\"_ _f\"></span>valore <span class=\"_ _f\"></span>di <span class=\"_ _f\"></span>carico<span class=\"_ _df\"> </span> del <span class=\"_ _2\"></span>cespite <span class=\"_ _d\"></span>ed <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>suo <span class=\"_ _d\"></span>valore <span class=\"_ _2\"></span>di <span class=\"_ _d\"></span>recupero <span class=\"_ _2\"></span>ove <span class=\"_ _d\"></span>esista <span class=\"_ _2\"></span>qualche <span class=\"_ _2\"></span>in<span class=\"_ _2\"></span>dicazione <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>dimostr<span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>il <span class=\"_ _d\"></span>bene <span class=\"_ _0\"></span>possa <span class=\"_ _2\"></span>aver<span class=\"_ _df\"> </span> subito una perdita di valore. Le<span class=\"_ _1\"></span> eventuali rettifiche vengono rilevate a conto economico.<span class=\"_ _df\"> </span>7 <span class=\"ls0\">- Attivit\u00e0<span class=\"_ _f\"></span> immateria<span class=\"_ _f\"></span>li<span class=\"_ _df\"> </span></span><span class=\"ls0\"> </span>Criter<span class=\"_ _1\"></span>i di <span class=\"_ _1\"></span>iscrizi<span class=\"_ _1\"></span>one  Le  attivit\u00e0 <span class=\"_ _4\"> </span>immateriali  sono <span class=\"_ _22\"> </span>iscr<span class=\"_ _2\"></span>itte  come <span class=\"_ _22\"> </span>t<span class=\"_ _2\"></span>ali  se <span class=\"_ _22\"> </span>so<span class=\"_ _2\"></span>no  identificabili  e  t<span class=\"_ _2\"></span>rovano  origine  i<span class=\"_ _2\"></span>n  diritt<span class=\"_ _2\"></span>i  legal<span class=\"_ _2\"></span>i <span class=\"_ _22\"> </span>o<span class=\"_ _df\"> </span> contrattuali.<span class=\"_ _df\"> </span> Le <span class=\"_ _2\"></span>predett<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>attivit\u00e0 <span class=\"_ _d\"></span>sono <span class=\"_ _d\"></span>iscritte <span class=\"_ _2\"></span>ai <span class=\"_ _d\"></span>costi <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>acquisto, <span class=\"_ _2\"></span>comprensivi <span class=\"_ _d\"></span>degli <span class=\"_ _2\"></span>on<span class=\"_ _2\"></span>eri <span class=\"_ _2\"></span>accessori <span class=\"_ _d\"></span>ed <span class=\"_ _d\"></span>aumentati <span class=\"_ _d\"></span>delle<span class=\"_ _df\"> </span> spese <span class=\"_ _2\"></span>successive <span class=\"_ _d\"></span>sostenute <span class=\"_ _d\"></span>per <span class=\"_ _d\"></span>accrescerne <span class=\"_ _2\"></span>il <span class=\"_ _d\"></span>valore <span class=\"_ _2\"></span>o<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>la <span class=\"_ _d\"></span>capacit\u00e0 <span class=\"_ _2\"></span>produttiva <span class=\"_ _d\"></span>iniziale. <span class=\"_ _2\"></span>Gli <span class=\"_ _d\"></span>avviamenti <span class=\"_ _d\"></span>sono<span class=\"_ _df\"> </span> pari <span class=\"_ _f\"></span>alla di<span class=\"_ _1\"></span>fferenza <span class=\"_ _f\"></span>positiva tra <span class=\"_ _f\"></span>gli <span class=\"_ _f\"></span>oneri <span class=\"_ _f\"></span>s<span class=\"_ _2\"></span>ostenuti <span class=\"_ _f\"></span>per <span class=\"_ _f\"></span>acquisire <span class=\"_ _1\"></span>i <span class=\"_ _f\"></span>complessi <span class=\"_ _f\"></span>aziendali sottostanti<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>e <span class=\"_ _f\"></span>le p<span class=\"_ _1\"></span>ertinenti<span class=\"_ _df\"> </span> quote del fair value delle attivit\u00e0, delle passivi<span class=\"_ _1\"></span>t\u00e0 e delle passivit\u00e0 potenziali acquisite.<span class=\"_ _2\"></span> Qualora t<span class=\"_ _2\"></span>ale diff<span class=\"_ _1\"></span>erenza<span class=\"_ _df\"> </span> risulti ne<span class=\"_ _1\"></span>gativa <span class=\"_ _1\"></span>(badwill) <span class=\"_ _f\"></span>o nell\u2019ipotesi<span class=\"ff4\"> in<span class=\"_ _f\"></span> cui <span class=\"_ _1\"></span>il g<span class=\"_ _1\"></span>oodwill <span class=\"_ _f\"></span>non trovi <span class=\"_ _f\"></span>giustificazione <span class=\"_ _1\"></span>nelle cap<span class=\"_ _f\"></span>acit\u00e0 reddituali fu<span class=\"_ _f\"></span>t<span class=\"_ _2\"></span>ure<span class=\"_ _df\"> </span></span><span class=\"ff4\"> </span>della partecipata, la differenza stessa viene iscritta direttamente a conto economico.<span class=\"_ _df\"> </span> Criter<span class=\"_ _1\"></span>i di <span class=\"_ _1\"></span>class<span class=\"_ _1\"></span>ificazi<span class=\"_ _1\"></span>one<span class=\"_ _df\"> </span> Il <span class=\"_ _17\"> </span>portafoglio <span class=\"_ _14\"> </span>delle <span class=\"_ _4\"> </span>at<span class=\"_ _2\"></span>tivit\u00e0 <span class=\"_ _17\"> </span>immateriali <span class=\"_ _17\"> </span>include <span class=\"_ _17\"> </span>i <span class=\"_ _14\"> </span>fattori <span class=\"_ _17\"> </span>in<span class=\"_ _2\"></span>tangibili <span class=\"_ _17\"> </span>di <span class=\"_ _17\"> </span>produzione <span class=\"_ _17\"> </span>ad <span class=\"_ _14\"> </span>utilit\u00e0 <span class=\"_ _17\"> </span>pluriennale<span class=\"_ _df\"> </span> rappresentati <span class=\"_ _2\"></span>in <span class=\"_ _d\"></span>particolare <span class=\"_ _2\"></span>da <span class=\"_ _2\"></span>software, <span class=\"_ _2\"></span>benefici <span class=\"_ _2\"></span>legati <span class=\"_ _2\"></span>alla <span class=\"_ _d\"></span>relazione <span class=\"_ _2\"></span>con <span class=\"_ _d\"></span>la <span class=\"_ _2\"></span>clientela <span class=\"_ _2\"></span>(client <span class=\"_ _d\"></span>relationship) <span class=\"_ _2\"></span>e<span class=\"_ _df\"> </span> avviamenti.<span class=\"_ _df\"> </span> Criter<span class=\"_ _1\"></span>i di <span class=\"_ _1\"></span>valuta<span class=\"_ _1\"></span>zione<span class=\"_ _df\"> </span><span class=\"_ _f\"></span> Le  attivit\u00e0  immateriali  d<span class=\"_ _1\"></span>i  durata  limitata  vengono <span class=\"_ _16\"> </span>valutate  secondo  il  principio  de<span class=\"_ _1\"></span>l  costo  al  netto  deg<span class=\"_ _1\"></span>li<span class=\"_ _df\"> </span> ammortamenti e <span class=\"_ _2\"></span>delle perdite p<span class=\"_ _2\"></span>er riduzioni di <span class=\"_ _2\"></span>valore. Gli ammo<span class=\"_ _2\"></span>rtamenti sono <span class=\"_ _2\"></span>di durata pari <span class=\"_ _2\"></span>alla vit<span class=\"_ _2\"></span>a utile dei<span class=\"_ _df\"> </span> beni  d<span class=\"_ _1\"></span>a  ammortizzare  e <span class=\"_ _9\"> </span>s<span class=\"_ _2\"></span>ono <span class=\"_ _16\"> </span>basati  sul<span class=\"_ _1\"></span>  metodo <span class=\"_ _16\"> </span>a  qu<span class=\"_ _1\"></span>ote  costanti.  Se<span class=\"_ _1\"></span>  ricorrono  evi<span class=\"_ _1\"></span>denze  sintomatiche<span class=\"_ _df\"> </span> dell\u2019esistenza di perdite, le attivit\u00e0 immateriali sono sottoposte ad impairment test, registrando le eventuali<span class=\"_ _df\"> </span> perdite <span class=\"_ _17\"> </span>di <span class=\"_ _14\"> </span>valore; <span class=\"_ _14\"> </span>successive <span class=\"_ _17\"> </span>r<span class=\"_ _2\"></span>iprese <span class=\"_ _17\"> </span>di <span class=\"_ _14\"> </span>valore <span class=\"_ _14\"> </span>non <span class=\"_ _14\"> </span>possono <span class=\"_ _17\"> </span>eccedere <span class=\"_ _14\"> </span>l\u2019ammontare <span class=\"_ _14\"> </span>delle <span class=\"_ _17\"> </span>perdite <span class=\"_ _14\"> </span>da<span class=\"_ _df\"> </span> impairment in precedenza registrate.<span class=\"_ _df\"> </span> Gli <span class=\"_ _4\"> </span>avviamenti <span class=\"_ _4\"> </span>non <span class=\"_ _17\"> </span>sono <span class=\"_ _17\"> </span>assoggettati <span class=\"_ _4\"> </span>ad <span class=\"_ _17\"> </span>ammortamento, <span class=\"_ _4\"> </span>ma <span class=\"_ _17\"> </span>vengono <span class=\"_ _4\"> </span>periodicamente <span class=\"_ _17\"> </span>sottoposti <span class=\"_ _4\"> </span>ad<span class=\"_ _df\"> </span> impairment <span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>est. <span class=\"_ _2\"></span>L\u2019eventuale <span class=\"_ _d\"></span>differenza <span class=\"_ _d\"></span>negativa <span class=\"_ _d\"></span>tra <span class=\"_ _d\"></span>il <span class=\"_ _2\"></span>valore <span class=\"_ _d\"></span>re<span class=\"_ _2\"></span>cuperabile<span class=\"_ _1\"></span> <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>ciascuna <span class=\"_ _d\"></span>unit\u00e0 <span class=\"_ _d\"></span>generatrice <span class=\"_ _2\"></span>di<span class=\"_ _df\"> </span> flussi <span class=\"_ _2\"></span>finanziari <span class=\"_ _d\"></span>(CGU) <span class=\"_ _2\"></span>al <span class=\"_ _d\"></span>quale <span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>ppartiene <span class=\"_ _2\"></span>un <span class=\"_ _d\"></span>determinato <span class=\"_ _d\"></span>avviamento <span class=\"_ _d\"></span>e <span class=\"_ _d\"></span>il <span class=\"_ _2\"></span>valore <span class=\"_ _d\"></span>contabile <span class=\"_ _2\"></span>della <span class=\"_ _d\"></span>medesima<span class=\"_ _df\"> </span> costituisce <span class=\"_ _f\"></span>perdita <span class=\"_ _f\"></span>da <span class=\"_ _f\"></span>impairment<span class=\"_ _2\"></span>. <span class=\"_ _f\"></span>Il <span class=\"_ _f\"></span>valore <span class=\"_ _f\"></span>recuperabile <span class=\"_ _f\"></span>di <span class=\"_ _f\"></span>una CGU <span class=\"_ _f\"></span><span class=\"ff5\">\u2013<span class=\"ff4\"> <span class=\"_ _f\"></span>che <span class=\"_ _f\"></span>ne <span class=\"_ _1\"></span>rappresenta <span class=\"_ _f\"></span>una <span class=\"_ _f\"></span>stima de<span class=\"_ _f\"></span>l v<span class=\"_ _1\"></span>alore<span class=\"_ _df\"> </span></span></span><span class=\"ff5\"><span class=\"ff4\"> </span></span>economico <span class=\"ff5\">\u2013</span> <span class=\"_ _1\"></span><span class=\"ff5\">si ragguaglia <span class=\"_ _1\"></span>al maggi<span class=\"_ _1\"></span>ore tra il v<span class=\"_ _f\"></span>alor<span class=\"_ _2\"></span>e d\u2019<span class=\"_ _1\"></span>uso (valore attuale<span class=\"_ _1\"></span> dei fl<span class=\"_ _1\"></span>ussi di <span class=\"_ _1\"></span>cassa attes<span class=\"_ _2\"></span><span class=\"ff4\">i) <span class=\"_ _f\"></span>e il valore di<span class=\"_ _df\"> </span></span></span>scambio <span class=\"_ _d\"></span>(presumibile <span class=\"_ _d\"></span>valore <span class=\"_ _0\"></span>di <span class=\"_ _d\"></span>cessione <span class=\"_ _0\"></span>al <span class=\"_ _d\"></span>netto<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>dei <span class=\"_ _d\"></span>costi <span class=\"_ _0\"></span>di <span class=\"_ _d\"></span>transazione). <span class=\"_ _d\"></span>Eventuali <span class=\"_ _d\"></span>successive <span class=\"_ _0\"></span>riprese <span class=\"_ _d\"></span>di<span class=\"_ _df\"> </span> valore non possono essere registrate.<span class=\"_ _df\"> </span> Criter<span class=\"_ _1\"></span>i di <span class=\"_ _1\"></span>cancell<span class=\"_ _1\"></span>azion<span class=\"_ _f\"></span>e<span class=\"_ _df\"> </span> Le <span class=\"_ _17\"> </span>attivit\u00e0 <span class=\"_ _14\"> </span>immateriali <span class=\"_ _17\"> </span>vengono <span class=\"_ _17\"> </span>cancellate <span class=\"_ _17\"> </span>dal <span class=\"_ _14\"> </span>bilancio <span class=\"_ _17\"> </span>quando <span class=\"_ _17\"> </span>han<span class=\"_ _2\"></span>no <span class=\"_ _14\"> </span>esaurito <span class=\"_ _17\"> </span>integralmente <span class=\"_ _17\"> </span>le <span class=\"_ _14\"> </span>loro<span class=\"_ _df\"> </span> funzionalit\u00e0 <span class=\"_ _17\"> </span>economiche, <span class=\"_ _17\"> </span>ovvero<span class=\"_ _2\"></span> <span class=\"_ _17\"> </span>nel <span class=\"_ _17\"> </span>momento <span class=\"_ _14\"> </span>della <span class=\"_ _17\"> </span>dismissione <span class=\"_ _17\"> </span>o <span class=\"_ _14\"> </span>qualora <span class=\"_ _17\"> </span>non <span class=\"_ _17\"> </span>sono <span class=\"_ _14\"> </span>attesi <span class=\"_ _17\"> </span>benefici<span class=\"_ _df\"> </span> economici futuri.<span class=\"_ _df\"> </span> Criter<span class=\"_ _1\"></span>i di <span class=\"_ _1\"></span>rileva<span class=\"_ _f\"></span>zione dell<span class=\"_ _1\"></span>e com<span class=\"_ _f\"></span>ponenti <span class=\"_ _1\"></span>reddi<span class=\"_ _1\"></span>tuali<span class=\"_ _df\"> </span><span class=\"_ _f\"></span> L\u2019allocazione <span class=\"_ _9\"> </span>delle <span class=\"_ _9\"> </span>componenti<span class=\"_ _2\"></span> <span class=\"_ _9\"> </span>reddituali <span class=\"_ _9\"> </span>nelle <span class=\"_ _16\"> </span>pertine<span class=\"ff4\">nti  v<span class=\"_ _1\"></span>oci <span class=\"_ _16\"> </span>di <span class=\"_ _9\"> </span>conto  e<span class=\"_ _1\"></span>conomico <span class=\"_ _9\"> </span>avviene <span class=\"_ _16\"> </span>sulla <span class=\"_ _9\"> </span>base <span class=\"_ _9\"> </span>di<span class=\"_ _df\"> </span></span><span class=\"ff4\"> </span>quanto riportato di seguito:<span class=\"_ _df\"> </span> <span class=\"_ _2c\"> </span><span class=\"ff4\">gli <span class=\"_ _f\"></span>amm<span class=\"_ _2\"></span>ortamenti <span class=\"_ _f\"></span>periodici, <span class=\"_ _f\"></span>le <span class=\"_ _1\"></span>perdite <span class=\"_ _f\"></span>durature di<span class=\"_ _f\"></span> valore <span class=\"_ _f\"></span>e <span class=\"_ _f\"></span>le <span class=\"_ _f\"></span>r<span class=\"_ _2\"></span>iprese<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>di <span class=\"_ _f\"></span>valore v<span class=\"_ _1\"></span>engono <span class=\"_ _f\"></span>allocate ne<span class=\"_ _1\"></span>lla <span class=\"_ _f\"></span>voce<span class=\"_ _df\"> </span></span><span class=\"ff4\"></span>\u201cRettifiche/riprese di valore ne<span class=\"_ _1\"></span>tte su att<span class=\"_ _2\"></span>ivit\u00e0 imma<span class=\"_ _1\"></span>teriali\u201d.<span class=\"_ _df\"> </span><span class=\"_ _2c\"> </span><span class=\"ff4\">le <span class=\"_ _15\"> </span>per<span class=\"ff5\">dite <span class=\"_ _15\"> </span>durat<span class=\"_ _2\"></span>ure <span class=\"_ _14\"> </span>di <span class=\"_ _e\"> </span>valore <span class=\"_ _14\"> </span>dell\u2019avviamento <span class=\"_ _15\"> </span>vengono <span class=\"_ _15\"> </span>allocat<span class=\"_ _2\"></span>e <span class=\"_ _15\"> </span>nella <span class=\"_ _14\"> </span>voce <span class=\"_ _15\"> </span>\u201c<span class=\"_ _2\"></span>Rettifiche <span class=\"_ _14\"> </span>di <span class=\"_ _e\"> </span>valore<span class=\"_ _df\"> </span></span></span><span class=\"ff4\"><span class=\"ff5\"> </span></span>dell\u2019avviamento\u201d. Non \u00e8 ammessa la contabilizzazione<span class=\"_ _1\"></span> di eventuali successive riprese di valore.<span class=\"_ _df\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-768": {
   "value": "3 <span class=\"ls0\">- Attivit<span class=\"_ _1\"></span>\u00e0 fin<span class=\"_ _1\"></span>anzia<span class=\"_ _1\"></span>rie valu<span class=\"_ _f\"></span>tate al cos<span class=\"_ _1\"></span>to a<span class=\"_ _1\"></span>mmort<span class=\"_ _1\"></span>izzato<span class=\"_ _1\"></span> </span>Criter<span class=\"_ _1\"></span>i di <span class=\"_ _1\"></span>iscrizi<span class=\"_ _1\"></span>one L\u2019iscrizione iniziale de<span class=\"_ _1\"></span>ll\u2019attivit\u00e0 finanziaria avviene alla data di reg<span class=\"_ _1\"></span>olamento per i titoli di de<span class=\"_ _1\"></span>bito ed a<span class=\"_ _2\"></span><span class=\"ff4\">lla data di </span>erogazione <span class=\"_ _d\"></span>nel <span class=\"_ _0\"></span>caso <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>crediti. <span class=\"_ _0\"></span>All\u2019atto <span class=\"_ _0\"></span>della <span class=\"_ _d\"></span>rilevazione <span class=\"_ _0\"></span>iniziale <span class=\"_ _d\"></span>le <span class=\"_ _0\"></span>attivit\u00e0 <span class=\"_ _0\"></span>sono <span class=\"_ _0\"></span>contabilizzate <span class=\"_ _d\"></span>al <span class=\"_ _0\"></span>fair <span class=\"_ _0\"></span>value, comprensivo dei costi o proventi di transazione direttamente attr<span class=\"_ _1\"></span>ibuibili allo strumento stesso.<span class=\"_ _2\"></span> In <span class=\"_ _0\"></span>particolare, <span class=\"_ _9\"> </span>per <span class=\"_ _9\"> </span>quel <span class=\"_ _0\"></span>che <span class=\"_ _9\"> </span>attiene <span class=\"_ _9\"> </span>ai <span class=\"_ _9\"> </span>crediti, <span class=\"_ _0\"></span>la <span class=\"_ _9\"> </span>data <span class=\"_ _9\"> </span>di <span class=\"_ _0\"> </span>ero<span class=\"_ _2\"></span>gazione <span class=\"_ _0\"></span>normalmente <span class=\"_ _9\"> </span>coincide <span class=\"_ _0\"></span>con <span class=\"_ _9\"> </span>la <span class=\"_ _9\"> </span>data <span class=\"_ _0\"></span>di sottoscrizione <span class=\"_ _f\"></span>del <span class=\"_ _f\"></span>contratt<span class=\"_ _2\"></span>o. <span class=\"_ _11\"></span>Qualora tale <span class=\"_ _11\"></span>coincidenza <span class=\"_ _f\"></span>non <span class=\"_ _1\"></span>si <span class=\"_ _f\"></span>manifest<span class=\"_ _2\"></span>i, <span class=\"_ _f\"></span>in <span class=\"_ _f\"></span>sede <span class=\"_ _f\"></span>di <span class=\"_ _f\"></span>sott<span class=\"_ _2\"></span>oscrizione <span class=\"_ _f\"></span>del <span class=\"_ _f\"></span>contratto si provv<span class=\"_ _1\"></span>ede <span class=\"_ _f\"></span>ad iscrivere <span class=\"_ _f\"></span>un impegno <span class=\"_ _1\"></span>ad e<span class=\"_ _1\"></span>rogare <span class=\"_ _1\"></span>fondi <span class=\"_ _1\"></span>che si <span class=\"_ _f\"></span>chiude <span class=\"_ _f\"></span>a<span class=\"_ _2\"></span>lla d<span class=\"_ _1\"></span>ata di <span class=\"_ _f\"></span>erogazione de<span class=\"_ _1\"></span>l fi<span class=\"_ _1\"></span>nanziamento. L\u2019iscrizione del credito avviene sull<span class=\"_ _1\"></span>a base del fair value dello stesso, pari all\u2019ammontare erogato, o prezzo di sottoscrizione, <span class=\"_ _2\"></span>comprensivo <span class=\"_ _2\"></span>dei <span class=\"_ _d\"></span>costi/proventi <span class=\"_ _2\"></span>direttamente <span class=\"_ _d\"></span>ricondu<span class=\"_ _1\"></span>cibili <span class=\"_ _2\"></span>al <span class=\"_ _d\"></span>singolo <span class=\"_ _2\"></span>credito <span class=\"_ _d\"></span>e <span class=\"_ _2\"></span>determ<span class=\"_ _2\"></span>inabili sin <span class=\"_ _2\"></span>dall\u2019origine <span class=\"_ _2\"></span>dell\u2019operazione, <span class=\"_ _d\"></span>ancorch\u00e9 <span class=\"_ _2\"></span>liquidati <span class=\"_ _d\"></span>in <span class=\"_ _2\"></span>un <span class=\"_ _2\"></span>momen<span class=\"_ _2\"></span>to <span class=\"_ _2\"></span>successivo. <span class=\"_ _2\"></span>Sono <span class=\"_ _d\"></span>esclusi <span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>co<span class=\"_ _2\"></span>sti <span class=\"_ _2\"></span>che, <span class=\"_ _2\"></span>pur<span class=\"_ _2\"></span> avendo <span class=\"_ _d\"></span>le <span class=\"_ _0\"></span>caratteristiche <span class=\"_ _d\"></span>s<span class=\"_ _2\"></span>uddette, <span class=\"_ _d\"></span>sono <span class=\"_ _0\"></span>oggetto <span class=\"_ _0\"></span>di <span class=\"_ _d\"></span>rimborso <span class=\"_ _0\"></span>da <span class=\"_ _d\"></span>parte <span class=\"_ _0\"></span>della <span class=\"_ _d\"></span>cont<span class=\"_ _2\"></span>roparte <span class=\"_ _d\"></span>debitrice <span class=\"_ _d\"></span>o <span class=\"_ _0\"></span>sono inquadrabili tra i normali costi interni di carattere <span class=\"_ _f\"></span>amministrativo. Criter<span class=\"_ _1\"></span>i di <span class=\"_ _f\"></span>classifica<span class=\"_ _f\"></span>zione Sono incluse<span class=\"_ _1\"></span> nella presente categoria le<span class=\"_ _1\"></span> attivit\u00e0 finanziarie <span class=\"_ _f\"></span>(<span class=\"_ _2\"></span>in particolare finanzi<span class=\"_ _1\"></span>amenti e titoli di<span class=\"_ _1\"></span> debito) che soddisfano entrambe le seguenti condizi<span class=\"_ _1\"></span>oni:<span class=\"_ _2\"></span> <span class=\"_ _2c\"> </span><span class=\"ff5\">l\u2019attivit\u00e0 finanziaria <span class=\"_ _2\"></span>\u00e8 possedu<span class=\"ff4\">ta secondo un modello di <span class=\"_ _2\"></span>business il cui obiettivo \u00e8 conseguito <span class=\"_ _2\"></span>me<span class=\"_ _1\"></span>diante<span class=\"_ _df\"> </span></span></span>l\u2019incasso dei flussi finanziari previsti contrattualmente (Bu<span class=\"_ _1\"></span>siness model \u201cHold to Collect\u201d <span class=\"_ _2\"></span>\u2013<span class=\"ff4\"> </span>\u201cHTC\u201d), e<span class=\"ff4\"> </span><span class=\"_ _2c\"> </span><span class=\"ff5\">i <span class=\"_ _19\"> </span>termini <span class=\"_ _19\"> </span>contr<span class=\"_ _2\"></span>attuali <span class=\"_ _19\"> </span>dell\u2019attivit\u00e0 <span class=\"_ _19\"> </span>finanzi<span class=\"_ _1\"></span>aria <span class=\"_ _19\"> </span>prevedono, <span class=\"_ _19\"> </span>a<span class=\"_ _2\"></span> <span class=\"_ _19\"> </span>determinate <span class=\"_ _19\"> </span>date,<span class=\"ff4\"> <span class=\"_ _1a\"> </span>flussi <span class=\"_ _19\"> </span>finanziari </span></span>rappresentati <span class=\"_ _4\"> </span>unicamente <span class=\"_ _4\"> </span>da <span class=\"_ _4\"> </span>pagamenti <span class=\"_ _4\"> </span>del<span class=\"_ _1\"></span> <span class=\"_ _4\"> </span>capitale <span class=\"_ _4\"> </span>e <span class=\"_ _4\"> </span>dell\u2019interesse <span class=\"_ _4\"> </span>s<span class=\"_ _2\"></span>ull\u2019<span class=\"_ _1\"></span>importo <span class=\"_ _4\"> </span>del <span class=\"_ _4\"> </span>capitale <span class=\"_ _4\"> </span>da restituire (cd. \u201cSPPI test\u201d superato).<span class=\"_ _df\"> </span>Pi\u00f9 in particolare, formano oggetto di rilevazi<span class=\"_ _1\"></span>one in questa voce:<span class=\"_ _2\"></span> <span class=\"_ _2c\"> </span><span class=\"ff4\">gli <span class=\"_ _9\"> </span>impieghi  con <span class=\"_ _9\"> </span>banche <span class=\"_ _9\"> </span>nelle  d<span class=\"_ _1\"></span>ivers<span class=\"_ _2\"></span>e <span class=\"_ _9\"> </span>forme <span class=\"_ _16\"> </span>tecniche <span class=\"_ _9\"> </span>che <span class=\"_ _9\"> </span>presentano  i <span class=\"_ _9\"> </span>requisiti <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>c<span class=\"_ _2\"></span>ui <span class=\"_ _9\"> </span>al <span class=\"_ _16\"> </span>paragrafo </span>precedente;<span class=\"_ _df\"> </span><span class=\"_ _2c\"> </span><span class=\"ff4\">gli <span class=\"_ _9\"> </span>impieghi <span class=\"_ _0\"></span>con <span class=\"_ _9\"> </span>clientela <span class=\"_ _9\"> </span>nelle <span class=\"_ _9\"> </span>diverse <span class=\"_ _0\"></span>for<span class=\"_ _2\"></span>me <span class=\"_ _0\"></span>tecniche <span class=\"_ _0\"></span>che <span class=\"_ _9\"> </span>presentano <span class=\"_ _9\"> </span>i <span class=\"_ _9\"> </span>requisiti <span class=\"_ _0\"> </span>di <span class=\"_ _9\"> </span>cui <span class=\"_ _9\"> </span>al <span class=\"_ _0\"> </span>paragr<span class=\"_ _2\"></span>afo </span>precedente;<span class=\"_ _df\"> </span><span class=\"_ _2c\"> </span><span class=\"ff4\">i titoli di debito che presentano i requisiti di cui al paragrafo <span class=\"_ _2\"></span>preced<span class=\"_ _1\"></span>ente.<span class=\"_ _df\"> </span></span>Sono <span class=\"_ _d\"></span>inoltre <span class=\"_ _0\"></span>inclusi <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>tale <span class=\"_ _0\"></span>categoria <span class=\"_ _d\"></span>i <span class=\"_ _d\"></span>crediti <span class=\"_ _d\"></span>di <span class=\"_ _0\"></span>funzionamento <span class=\"_ _d\"></span>connessi <span class=\"_ _d\"></span>con <span class=\"_ _0\"></span>la <span class=\"_ _d\"></span>prestazione <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>attivit\u00e0 <span class=\"_ _0\"></span>e <span class=\"_ _d\"></span>di servizi <span class=\"_ _2\"></span>finanziari <span class=\"_ _2\"></span>come <span class=\"_ _d\"></span>definiti <span class=\"_ _2\"></span>dal <span class=\"_ _d\"></span>T.U.B. <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>dal <span class=\"_ _d\"></span>T.U.F. <span class=\"_ _2\"></span>(ad <span class=\"_ _2\"></span>es<span class=\"_ _2\"></span>empio <span class=\"_ _2\"></span>per <span class=\"_ _d\"></span>distribuzione<span class=\"_ _1\"></span> <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>prodotti <span class=\"_ _d\"></span>finanziari <span class=\"_ _2\"></span>ed<span class=\"_ _df\"> </span>attivit\u00e0 di <span class=\"_ _12\"></span>servicing).<span class=\"_ _df\"> </span>Riclas<span class=\"_ _f\"></span>sifiche<span class=\"_ _1\"></span> Secondo <span class=\"_ _d\"></span>le <span class=\"_ _d\"></span>regole <span class=\"_ _0\"></span>generali <span class=\"_ _d\"></span>previst<span class=\"_ _2\"></span>e <span class=\"_ _d\"></span>dall\u2019IFRS <span class=\"_ _d\"></span>9 <span class=\"_ _d\"></span>in <span class=\"_ _0\"></span>materia <span class=\"_ _0\"></span>di <span class=\"_ _d\"></span>riclassificazione <span class=\"_ _d\"></span>delle <span class=\"_ _d\"></span>at<span class=\"_ _2\"></span>tivit\u00e0 <span class=\"_ _d\"></span>finanziarie, <span class=\"_ _d\"></span>non sono ammesse riclassifiche verso <span class=\"_ _2\"></span>altre categorie di attivit\u00e0 finanziarie salvo il cas<span class=\"_ _2\"></span>o in cui l\u2019entit\u00e0 modifichi il proprio <span class=\"_ _1\"></span>modello <span class=\"_ _f\"></span>di <span class=\"_ _1\"></span>business pe<span class=\"_ _1\"></span>r <span class=\"_ _1\"></span>la <span class=\"_ _f\"></span>gestione delle<span class=\"_ _1\"></span> <span class=\"_ _f\"></span>at<span class=\"_ _2\"></span>tivit\u00e0 <span class=\"_ _f\"></span>finanziarie a <span class=\"_ _f\"></span>seguito <span class=\"_ _1\"></span>di <span class=\"_ _f\"></span>cambiamenti esterni <span class=\"_ _f\"></span>o interni<span class=\"_ _df\"> </span>i quali siano rilevanti pe<span class=\"_ _1\"></span>r le operazioni del<span class=\"_ _1\"></span>l'entit\u00e0 e dimostrabili alle parti esterne. In tali<span class=\"_ _f\"></span> <span class=\"_ _2\"></span>casi, che ci<span class=\"_ _f\"></span> s<span class=\"_ _2\"></span>i at<span class=\"_ _1\"></span>tende siano <span class=\"_ _d\"></span>altamente <span class=\"_ _2\"></span>infrequenti, <span class=\"_ _d\"></span>le <span class=\"_ _d\"></span>attivit\u00e0 <span class=\"_ _d\"></span>finanziarie <span class=\"_ _2\"></span>potr<span class=\"_ _2\"></span>anno <span class=\"_ _2\"></span>essere <span class=\"_ _d\"></span>riclassificate <span class=\"_ _2\"></span>dalla <span class=\"_ _d\"></span>categoria <span class=\"_ _d\"></span>valutata <span class=\"_ _d\"></span>al costo <span class=\"_ _d\"></span>ammortizzato <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>una <span class=\"_ _2\"></span>dell<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>altre <span class=\"_ _d\"></span>due <span class=\"_ _2\"></span>categorie <span class=\"_ _d\"></span>previste <span class=\"_ _2\"></span>dall\u2019IFRS <span class=\"_ _2\"></span>9 <span class=\"_ _d\"></span>(Attivit\u00e0 <span class=\"_ _2\"></span>finanziarie <span class=\"_ _d\"></span>valutate <span class=\"_ _2\"></span>al <span class=\"_ _d\"></span>fair value <span class=\"_ _1\"></span>con imp<span class=\"_ _1\"></span>atto sulla <span class=\"_ _f\"></span>redditivit\u00e0 complessiva <span class=\"_ _f\"></span>o Attivit\u00e0 finanzi<span class=\"_ _f\"></span>ar<span class=\"_ _2\"></span>ie <span class=\"_ _f\"></span>valutate al <span class=\"_ _1\"></span>fair valu<span class=\"_ _1\"></span>e con <span class=\"_ _f\"></span>impatto a <span class=\"_ _f\"></span>conto economico). Il <span class=\"_ _2\"></span>valore <span class=\"_ _2\"></span>di t<span class=\"_ _2\"></span>rasferimento <span class=\"_ _2\"></span>\u00e8 rappresentato <span class=\"_ _2\"></span>dal <span class=\"_ _2\"></span>fair v<span class=\"_ _2\"></span>alue al <span class=\"_ _2\"></span>momento <span class=\"_ _2\"></span>della ric<span class=\"_ _2\"></span>lassificazione e <span class=\"_ _2\"></span>gli effetti della riclassificaz<span class=\"_ _1\"></span>ione operano in maniera prospettica<span class=\"_ _1\"></span> a partire dalla data<span class=\"_ _1\"></span> di ric<span class=\"_ _2\"></span>lassificazione. Gli utili<span class=\"_ _1\"></span> o le <span class=\"_ _f\"></span>perdite <span class=\"_ _f\"></span>risultanti <span class=\"_ _1\"></span>dalla <span class=\"_ _f\"></span>differenza <span class=\"_ _f\"></span>t<span class=\"_ _2\"></span>ra <span class=\"_ _f\"></span>il <span class=\"_ _f\"></span>cost<span class=\"_ _2\"></span>o <span class=\"_ _f\"></span>ammortizzato <span class=\"_ _f\"></span>dell'attivit\u00e0 <span class=\"_ _f\"></span>finanziaria <span class=\"_ _f\"></span>e <span class=\"_ _f\"></span>il <span class=\"_ _f\"></span>re<span class=\"_ _2\"></span>lativo <span class=\"_ _f\"></span>fair <span class=\"_ _1\"></span>value <span class=\"_ _f\"></span>sono rilevati a conto <span class=\"_ _1\"></span>economico nel <span class=\"_ _1\"></span>caso di riclassifica <span class=\"_ _f\"></span>tra le Attivit\u00e0 finan<span class=\"_ _1\"></span>ziarie valutate al <span class=\"_ _1\"></span>fair value <span class=\"_ _f\"></span>con <span class=\"_ _2\"></span>impatto a conto <span class=\"_ _9\"> </span>economico <span class=\"_ _0\"></span>e <span class=\"_ _9\"> </span>a <span class=\"_ _9\"> </span>Patrimonio <span class=\"_ _9\"> </span>netto, <span class=\"_ _9\"> </span>nell\u2019app<span class=\"_ _1\"></span>osita <span class=\"_ _9\"> </span>riserva <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>valutazione, <span class=\"_ _0\"> </span>nel <span class=\"_ _9\"> </span>caso <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>riclassifica <span class=\"_ _0\"></span>t<span class=\"_ _2\"></span>ra <span class=\"_ _0\"> </span>le Attivit\u00e0 finanziarie valutate al fair value con impatto sulla redditivi<span class=\"_ _1\"></span>t\u00e0 complessiva.<span class=\"_ _2\"></span> Criter<span class=\"_ _1\"></span>i di <span class=\"_ _1\"></span>valuta<span class=\"_ _1\"></span>zione<span class=\"_ _f\"></span> Successivamente <span class=\"_ _18\"> </span>alla <span class=\"_ _18\"> </span>ril<span class=\"_ _2\"></span>evazione <span class=\"_ _18\"> </span>iniziale, <span class=\"_ _19\"> </span>le <span class=\"_ _18\"> </span>attivit\u00e0 <span class=\"_ _18\"> </span>finan<span class=\"_ _2\"></span>ziarie <span class=\"_ _18\"> </span>in <span class=\"_ _18\"> </span>esame <span class=\"_ _19\"> </span>sono <span class=\"_ _18\"> </span>valutate <span class=\"_ _19\"> </span>al <span class=\"_ _18\"> </span>costo ammortizzato, util<span class=\"_ _1\"></span>izzando <span class=\"_ _1\"></span>il metodo d<span class=\"_ _1\"></span>el tasso <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>interesse e<span class=\"_ _1\"></span>ffettivo. In <span class=\"_ _1\"></span>questi termini, <span class=\"_ _f\"></span>l\u2019attivit\u00e0 \u00e8 <span class=\"_ _f\"></span>r<span class=\"_ _2\"></span>iconosciuta in bilancio p<span class=\"_ _2\"></span>er un ammontar<span class=\"_ _2\"></span>e pari <span class=\"_ _2\"></span>al valore di <span class=\"_ _2\"></span>prima iscrizione <span class=\"_ _2\"></span>diminuito <span class=\"_ _2\"></span>dei rimborsi <span class=\"_ _2\"></span>di capitale, <span class=\"_ _2\"></span>pi\u00f9 o meno l\u2019ammortamento cu<span class=\"_ _1\"></span>mulato (cal<span class=\"_ _1\"></span>colato col <span class=\"_ _f\"></span>richiamato metodo de<span class=\"_ _1\"></span>l tasso <span class=\"_ _f\"></span>di interesse <span class=\"_ _f\"></span>effettivo) della <span class=\"_ _1\"></span>differenza tra  t<span class=\"_ _2\"></span>ale  importo <span class=\"_ _22\"> </span>iniziale  e <span class=\"_ _4\"> </span>l\u2019importo <span class=\"_ _4\"> </span>alla  scadenza  (riconducibile  ti<span class=\"_ _2\"></span>picamente  ai  cos<span class=\"_ _2\"></span>ti/proventi  imputati direttamente alla <span class=\"_ _2\"></span>singola <span class=\"_ _2\"></span>attivit\u00e0) e <span class=\"_ _2\"></span>rettificato <span class=\"_ _2\"></span>dell\u2019eventuale fon<span class=\"_ _2\"></span>do a <span class=\"_ _2\"></span>copertura <span class=\"_ _2\"></span>delle <span class=\"_ _2\"></span>perdite attese. <span class=\"_ _2\"></span>Il <span class=\"_ _2\"></span>tasso di <span class=\"_ _4\"> </span>interesse <span class=\"_ _17\"> </span>effettivo <span class=\"_ _4\"> </span>\u00e8 <span class=\"_ _17\"> </span>individuato <span class=\"_ _17\"> </span>calcolando <span class=\"_ _4\"> </span>il <span class=\"_ _4\"> </span>t<span class=\"_ _2\"></span>asso <span class=\"_ _17\"> </span>che <span class=\"_ _4\"> </span>eguaglia <span class=\"_ _4\"> </span>il <span class=\"_ _4\"> </span>va<span class=\"_ _2\"></span>lore <span class=\"_ _4\"> </span>attuale <span class=\"_ _17\"> </span>dei <span class=\"_ _4\"> </span>flussi <span class=\"_ _17\"> </span>futuri dell\u2019attivit\u00e0, <span class=\"_ _15\"> </span>per <span class=\"_ _15\"> </span>capitale <span class=\"_ _e\"> </span>ed <span class=\"_ _15\"> </span>inter<span class=\"_ _2\"></span>esse, <span class=\"_ _15\"> </span>all\u2019ammontare <span class=\"_ _15\"> </span>erogato <span class=\"_ _e\"> </span>inclusiv<span class=\"_ _1\"></span>o <span class=\"_ _15\"> </span>dei <span class=\"_ _e\"> </span>costi/proventi <span class=\"_ _15\"> </span>r<span class=\"_ _2\"></span>icondotti all\u2019attivit\u00e0 <span class=\"_ _4\"> </span>finanziaria <span class=\"_ _4\"> </span>medesima. <span class=\"_ _4\"> </span>Tale <span class=\"_ _4\"> </span>modalit\u00e0 <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>contabilizzazione,<span class=\"_ _1\"></span> <span class=\"_ _4\"> </span>utilizzando <span class=\"_ _4\"> </span>una <span class=\"_ _4\"> </span>logica <span class=\"_ _4\"> </span>finanziaria, consente <span class=\"_ _15\"> </span>di <span class=\"_ _e\"> </span>distribuire <span class=\"_ _15\"> </span>l\u2019effetto <span class=\"_ _e\"> </span>economico <span class=\"_ _15\"> </span>dei <span class=\"_ _e\"> </span>costi/proventi <span class=\"_ _15\"> </span>direttamente <span class=\"_ _15\"> </span>attr<span class=\"_ _2\"></span>ibuibili <span class=\"_ _15\"> </span>ad <span class=\"_ _e\"> </span>un\u2019attivit\u00e0 finanziaria lungo la sua vita residua attesa. Il <span class=\"_ _d\"></span>metodo <span class=\"_ _0\"></span>del <span class=\"_ _d\"></span>costo <span class=\"_ _d\"></span>ammortizzato <span class=\"_ _d\"></span>non <span class=\"_ _0\"></span>viene <span class=\"_ _d\"></span>utilizzato <span class=\"_ _d\"></span>per <span class=\"_ _0\"></span>le <span class=\"_ _d\"></span>attivit\u00e0 <span class=\"_ _0\"></span><span class=\"ff5\">\u2013</span> <span class=\"_ _d\"></span>valorizzate <span class=\"_ _0\"></span>al <span class=\"_ _d\"></span>costo <span class=\"_ _d\"></span>stor<span class=\"_ _2\"></span>ico <span class=\"_ _d\"></span><span class=\"ff5\">\u2013</span> <span class=\"_ _d\"></span>la <span class=\"_ _0\"></span>cui<span class=\"_ _1\"></span> breve <span class=\"_ _0\"></span>durata <span class=\"_ _0\"></span>fa <span class=\"_ _0\"></span>ritenere <span class=\"_ _0\"></span>trascurabile <span class=\"_ _d\"></span>l\u2019effetto <span class=\"_ _9\"> </span>dell\u2019applicazione <span class=\"_ _d\"></span>della <span class=\"_ _0\"></span>logic<span class=\"_ _2\"></span>a <span class=\"_ _0\"></span>dell\u2019attualizzazione, <span class=\"_ _0\"></span>per <span class=\"_ _0\"></span>quelle senza una scadenza definita e per i crediti a revoca. I <span class=\"_ _4\"> </span>criteri <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>valutazione <span class=\"_ _4\"> </span>relativi <span class=\"_ _4\"> </span>agli <span class=\"_ _4\"> </span>accantonamenti <span class=\"_ _4\"> </span>per <span class=\"_ _17\"> </span>le <span class=\"_ _4\"> </span>perdite <span class=\"_ _4\"> </span>att<span class=\"_ _2\"></span>ese <span class=\"_ _4\"> </span>sono <span class=\"_ _4\"> </span>strettamente <span class=\"_ _4\"> </span>connessi all\u2019inclusione <span class=\"_ _2\"></span>degli <span class=\"_ _d\"></span>strumenti <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>esame <span class=\"_ _2\"></span>in <span class=\"_ _d\"></span>uno <span class=\"_ _d\"></span>dei <span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>re <span class=\"_ _2\"></span>stages <span class=\"_ _d\"></span>(s<span class=\"_ _2\"></span>tadi <span class=\"_ _2\"></span>di <span class=\"_ _d\"></span>rischio <span class=\"_ _d\"></span>creditizio) <span class=\"_ _2\"></span>previsti <span class=\"_ _d\"></span>dall\u2019IFRS <span class=\"_ _2\"></span>9,<span class=\"_ _2\"></span> l\u2019ultimo <span class=\"_ _d\"></span>dei <span class=\"_ _d\"></span>quali <span class=\"_ _d\"></span>(Stage <span class=\"_ _d\"></span>3<span class=\"_ _2\"></span>) <span class=\"_ _d\"></span>comprende <span class=\"_ _d\"></span>le <span class=\"_ _d\"></span>attivit\u00e0 <span class=\"_ _d\"></span>finanziarie <span class=\"_ _d\"></span>deterior<span class=\"_ _2\"></span>ate <span class=\"_ _d\"></span>e <span class=\"_ _d\"></span>i <span class=\"_ _d\"></span>restanti <span class=\"_ _d\"></span>(Stage <span class=\"_ _d\"></span>1 <span class=\"_ _0\"></span>e <span class=\"_ _d\"></span>2) <span class=\"_ _d\"></span>le <span class=\"_ _d\"></span>attivit\u00e0 finanziarie in bonis. Con <span class=\"_ _2\"></span>riferimento alla <span class=\"_ _2\"></span>rappresentazi<span class=\"_ _f\"></span>o<span class=\"_ _2\"></span>ne contabile <span class=\"_ _2\"></span>dei suddetti <span class=\"_ _2\"></span>effetti <span class=\"_ _2\"></span>valutativi, <span class=\"_ _2\"></span>le rettifiche di <span class=\"_ _2\"></span>valore <span class=\"_ _2\"></span>riferite a questa tipologia di attivit\u00e0 sono rile<span class=\"_ _1\"></span>vate nel Conto Economico:<span class=\"_ _2\"></span> <span class=\"_ _2c\"> </span><span class=\"ff5\">all\u2019atto dell\u2019iscrizione iniziale, per un ammontare pari alla perdita attesa a dodici<span class=\"_ _1\"></span> mesi;<span class=\"_ _df\"> </span></span><span class=\"_ _2c\"> </span><span class=\"ff5\">all\u2019atto <span class=\"_ _c\"> </span>della <span class=\"_ _c\"> </span>valutazione <span class=\"_ _c\"> </span>successiva <span class=\"_ _c\"> </span>dell\u2019attivit\u00e0, <span class=\"_ _c\"> </span>o<span class=\"_ _2\"></span><span class=\"ff4\">ve <span class=\"_ _c\"> </span>il <span class=\"_ _c\"> </span>rischio <span class=\"_ _c\"> </span>creditizio <span class=\"_ _c\"> </span>non <span class=\"_ _c\"> </span>sia <span class=\"_ _c\"> </span>risultato </span></span>significativamente <span class=\"_ _26\"> </span>incrementato <span class=\"_ _26\"> </span>rispetto <span class=\"_ _26\"> </span>all\u2019iscrizione <span class=\"_ _6\"> </span>iniziale, <span class=\"_ _26\"> </span>in <span class=\"_ _26\"> </span>relazione <span class=\"_ _26\"> </span>alle <span class=\"_ _26\"> </span>variazioni dell\u2019ammontare delle rettifiche<span class=\"_ _1\"></span> di valore per perdite attese nei dodici mesi successivi;<span class=\"_ _df\"> </span><span class=\"_ _2c\"> </span><span class=\"ff5\">all\u2019atto <span class=\"_ _2\"></span>della valutazione <span class=\"_ _2\"></span>successiva <span class=\"_ _2\"></span>dell\u2019<span class=\"_ _1\"></span>attivit\u00e0, <span class=\"_ _2\"></span>ove il <span class=\"_ _2\"></span>rischio <span class=\"_ _2\"></span>cred<span class=\"_ _1\"></span>itizio <span class=\"_ _2\"></span>sia r<span class=\"_ _2\"></span>isultato significativamente </span>incrementato rispetto all\u2019iscrizione ini<span class=\"_ _1\"></span>ziale, in relazione alla rilevazione di rettifiche di valore per perdite attese riferibili all\u2019inte<span class=\"_ _1\"></span>ra vita residua prevista contrattu<span class=\"_ _2\"></span>almente per l\u2019attivit\u00e0;<span class=\"_ _df\"> </span><span class=\"_ _2c\"> </span><span class=\"ff5\">all\u2019atto <span class=\"_ _14\"> </span>della <span class=\"_ _14\"> </span>valutazione <span class=\"_ _14\"> </span>successiva <span class=\"_ _14\"> </span>dell\u2019attivit\u00e0, <span class=\"_ _17\"> </span>ove <span class=\"_ _15\"> </span>\u2013<span class=\"ff4\"> <span class=\"_ _14\"> </span>dopo <span class=\"_ _14\"> </span>che <span class=\"_ _14\"> </span>si <span class=\"_ _14\"> </span>\u00e8 <span class=\"_ _14\"> </span>verificato <span class=\"_ _14\"> </span>un <span class=\"_ _14\"> </span>incremento<span class=\"_ _df\"> </span></span></span>significativo <span class=\"_ _f\"></span>del rischio d<span class=\"_ _1\"></span>i credito <span class=\"_ _f\"></span>r<span class=\"_ _2\"></span>ispetto <span class=\"_ _1\"></span>all\u2019iscrizione <span class=\"_ _f\"></span>iniziale \u2013<span class=\"ff4\"> </span>la <span class=\"_ _1\"></span>\u201csignificativit\u00e0\u201d d<span class=\"_ _1\"></span>i tale <span class=\"_ _f\"></span>incremento sia poi <span class=\"_ _d\"></span>venuta <span class=\"_ _d\"></span>meno, <span class=\"_ _d\"></span>i<span class=\"ff5\">n <span class=\"_ _d\"></span>relazione <span class=\"_ _d\"></span>all\u2019adeguamento <span class=\"_ _d\"></span>delle <span class=\"_ _2\"></span>rett<span class=\"_ _2\"></span>ifiche <span class=\"_ _2\"></span>di <span class=\"_ _d\"></span>valore <span class=\"_ _d\"></span>cumulate <span class=\"_ _d\"></span>per <span class=\"_ _d\"></span>tener <span class=\"_ _d\"></span>conto <span class=\"_ _d\"></span>del </span>passaggio <span class=\"_ _2\"></span>da <span class=\"_ _2\"></span>una <span class=\"_ _2\"></span>perdita <span class=\"_ _2\"></span>attesa lungo <span class=\"_ _2\"></span>l\u2019intera <span class=\"_ _2\"></span>vita <span class=\"_ _2\"></span>residua <span class=\"_ _2\"></span>dell<span class=\"_ _1\"></span>o <span class=\"_ _2\"></span>strumento <span class=\"_ _2\"></span>(\u201clifetime\u201d) <span class=\"_ _2\"></span>ad <span class=\"_ _2\"></span>una <span class=\"_ _2\"></span>a dodici<span class=\"_ _df\"> </span>mesi.<span class=\"_ _df\"> </span>Le attivit\u00e0 <span class=\"_ _2\"></span>finanziarie<span class=\"_ _1\"></span> in <span class=\"_ _2\"></span>esame, ove risultino in bonis, son<span class=\"_ _2\"></span>o sottoposte ad <span class=\"_ _2\"></span>una valutazione, volta a definire le rettifiche <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>valore <span class=\"_ _9\"> </span>da <span class=\"_ _9\"> </span>rilevare <span class=\"_ _9\"> </span>in <span class=\"_ _9\"> </span>bilancio, <span class=\"_ _0\"></span>a <span class=\"_ _16\"> </span>livello <span class=\"_ _0\"></span>di <span class=\"_ _9\"> </span>s<span class=\"_ _2\"></span>ingolo <span class=\"_ _0\"></span>rapporto <span class=\"_ _9\"> </span>creditizio <span class=\"_ _9\"> </span>(o <span class=\"_ _9\"> </span>\u201ctranche\u201d <span class=\"_ _0\"></span>di <span class=\"_ _9\"> </span>tit<span class=\"_ _2\"></span>olo), <span class=\"_ _0\"></span>in funzione <span class=\"_ _0\"></span>dei <span class=\"_ _0\"></span>parametri <span class=\"_ _9\"> </span>di <span class=\"_ _0\"></span>rischio <span class=\"_ _0\"></span>rappresentati <span class=\"_ _9\"> </span>da <span class=\"_ _0\"></span>probability <span class=\"_ _0\"></span>of <span class=\"_ _0\"></span>default <span class=\"_ _9\"> </span>(PD), <span class=\"_ _0\"></span>loss <span class=\"_ _0\"></span>giv<span class=\"_ _d\"></span>en <span class=\"_ _0\"></span>default <span class=\"_ _0\"></span>(LGD) <span class=\"_ _9\"> </span>ed exposure <span class=\"_ _22\"> </span>at <span class=\"_ _4\"> </span>default <span class=\"_ _22\"> </span>(EAD), <span class=\"_ _4\"> </span>derivati  dai <span class=\"_ _4\"> </span>modelli <span class=\"_ _22\"> </span>AIRB <span class=\"_ _4\"> </span>e <span class=\"_ _22\"> </span>oppor<span class=\"_ _2\"></span>tunamente  corr<span class=\"_ _2\"></span>etti <span class=\"_ _22\"> </span>per <span class=\"_ _4\"> </span>tener  conto<span class=\"_ _2\"></span>  delle previsioni del principio contabile IFRS 9. Se, oltre ad un incremento significativo del<span class=\"_ _1\"></span> rischio di credito, si riscontr<span class=\"_ _2\"></span>ano anche<span class=\"_ _1\"></span> oggett<span class=\"_ _2\"></span>ive evidenze di una perdita <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>valore, l\u2019importo <span class=\"_ _d\"></span>della perdita <span class=\"_ _2\"></span>viene <span class=\"_ _2\"></span>misurato <span class=\"_ _2\"></span>come <span class=\"_ _2\"></span>dif<span class=\"_ _1\"></span>ferenza <span class=\"_ _2\"></span>tra <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>valore <span class=\"_ _2\"></span>contabile<span class=\"_ _1\"></span> <span class=\"_ _2\"></span>dell\u2019attivit\u00e0 <span class=\"_ _d\"></span>\u2013<span class=\"ff4\"> </span>classificata come \u201cde<span class=\"_ _1\"></span>teriorata\u201d, al pari d<span class=\"_ _1\"></span>i tutti gli <span class=\"_ _1\"></span>altri rapporti intercorrenti con l<span class=\"_ _1\"></span>a medesima controparte \u2013<span class=\"ff4\"> <span class=\"ls7e\">e </span></span>il <span class=\"_ _d\"></span>valore <span class=\"_ _0\"></span>attuale <span class=\"_ _d\"></span>dei <span class=\"_ _d\"></span>f<span class=\"_ _2\"></span>uturi <span class=\"_ _d\"></span>flussi <span class=\"_ _0\"></span>finanziari <span class=\"_ _d\"></span>stimati, <span class=\"_ _0\"></span>scontati <span class=\"_ _d\"></span>al <span class=\"_ _0\"></span>tasso <span class=\"_ _d\"></span>di <span class=\"_ _0\"></span>interesse <span class=\"_ _d\"></span>effettivo <span class=\"_ _0\"></span>originario. <span class=\"_ _d\"></span>In <span class=\"_ _0\"></span>tale<span class=\"_ _df\"> </span>contesto,  \u00e8<span class=\"_ _1\"></span>  s<span class=\"_ _f\"></span>t<span class=\"_ _2\"></span>ata <span class=\"_ _9\"> </span>s<span class=\"_ _2\"></span>vilu<span class=\"_ _1\"></span>ppata <span class=\"_ _16\"> </span>una <span class=\"_ _16\"> </span>specifica <span class=\"_ _9\"> </span>metodologia  per <span class=\"_ _9\"> </span>il  trattamento <span class=\"_ _9\"> </span>contabile  d<span class=\"_ _1\"></span>a  ap<span class=\"_ _1\"></span>plicare  ad <span class=\"_ _9\"> </span>un<span class=\"_ _df\"> </span>portafoglio di posizioni <span class=\"_ _2\"></span>a sofferenza che, <span class=\"_ _2\"></span>avendo maturato un <span class=\"_ _2\"></span>vintage significativo,<span class=\"_ _1\"></span> v<span class=\"_ _2\"></span>engono valutate anche<span class=\"_ _df\"> </span>in <span class=\"_ _9\"> </span>un\u2019ottica <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>cessione <span class=\"_ _9\"> </span>(c<span class=\"_ _2\"></span>.d.\u201d <span class=\"_ _0\"> </span>P<span class=\"_ _2\"></span>ortafoglio<span class=\"ff4\"> <span class=\"_ _9\"> </span>sotto <span class=\"_ _9\"> </span></span>\u2013<span class=\"ff4\"> <span class=\"_ _16\"> </span></span>modello <span class=\"_ _0\"></span>St<span class=\"_ _2\"></span>age<span class=\"_ _f\"></span> <span class=\"_ _16\"> </span>3\u201d). <span class=\"_ _9\"> </span>Tale <span class=\"_ _9\"> </span>metodologia <span class=\"_ _9\"> </span>considera <span class=\"_ _9\"> </span>diversi<span class=\"_ _df\"> </span>scenari  e <span class=\"_ _22\"> </span>s<span class=\"_ _2\"></span>tima  il <span class=\"_ _22\"> </span>valore <span class=\"_ _4\"> </span>recuperabile<span class=\"_ _1\"></span> <span class=\"_ _4\"> </span>delle  esposizioni  in <span class=\"_ _22\"> </span>bas<span class=\"_ _2\"></span>e  alla <span class=\"_ _22\"> </span>combinazione <span class=\"_ _4\"> </span>e <span class=\"_ _4\"> </span>alle  probabilit\u00e0 <span class=\"_ _4\"> </span>di<span class=\"_ _df\"> </span>accadimento <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>tali <span class=\"_ _d\"></span>scenari, <span class=\"_ _2\"></span>oltre <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>ai <span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>elativi <span class=\"_ _2\"></span>flussi <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>cassa <span class=\"_ _2\"></span>stimati.<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>Al <span class=\"_ _2\"></span>31/12/2025 <span class=\"_ _d\"></span>non r<span class=\"_ _2\"></span>isultano <span class=\"_ _2\"></span>posizioni<span class=\"_ _df\"> </span>all'interno del s<span class=\"_ _2\"></span>uddetto portafoglio. <span class=\"_ _2\"></span><span class=\"ff5\">Rientrano nell\u2019ambito <span class=\"_ _2\"></span>delle attivit\u00e0 <span class=\"_ _2\"></span>deteriorate gli str<span class=\"_ _2\"></span>umenti finanziari ai<span class=\"_ _df\"> </span></span>quali <span class=\"_ _0\"></span>\u00e8 <span class=\"_ _0\"></span>stato <span class=\"_ _0\"></span>attribuito <span class=\"_ _0\"></span>lo <span class=\"_ _0\"></span>status <span class=\"_ _0\"></span>di <span class=\"_ _d\"></span>s<span class=\"_ _2\"></span>offerenza, <span class=\"_ _d\"></span>inadempienza <span class=\"_ _0\"></span>pro<span class=\"_ _2\"></span>babile <span class=\"_ _d\"></span>o <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>scaduto/sconfinante <span class=\"_ _0\"></span>da <span class=\"_ _0\"></span>oltre<span class=\"_ _df\"> </span>novanta giorni secondo le regole<span class=\"_ _1\"></span> di Banca d\u2019Italia, coe<span class=\"_ _1\"></span>renti con la normativa IAS/IFRS e di Vigi<span class=\"_ _1\"></span>lanza europea.<span class=\"_ _df\"> </span>I flussi <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>cassa <span class=\"_ _2\"></span>previsti tengono cont<span class=\"_ _2\"></span>o dei <span class=\"_ _2\"></span>tempi <span class=\"_ _2\"></span>di recupero <span class=\"_ _2\"></span>attesi e <span class=\"_ _2\"></span>del presumibile <span class=\"_ _2\"></span>valore <span class=\"_ _2\"></span>di realizzo <span class=\"_ _2\"></span>delle<span class=\"_ _df\"> </span>eventuali garanzie.<span class=\"_ _df\"> </span>Il <span class=\"_ _9\"> </span>tasso <span class=\"_ _9\"> </span>effettivo <span class=\"_ _9\"> </span>originario <span class=\"_ _16\"> </span>di <span class=\"_ _0\"></span>ciascuna <span class=\"_ _9\"> </span>att<span class=\"_ _2\"></span>ivit\u00e0 <span class=\"_ _0\"> </span>r<span class=\"_ _2\"></span>imane <span class=\"_ _0\"> </span>invariato <span class=\"_ _9\"> </span>nel <span class=\"_ _9\"> </span>t<span class=\"_ _2\"></span>empo <span class=\"_ _0\"></span>ancorch\u00e9 <span class=\"_ _9\"> </span>s<span class=\"_ _2\"></span>ia <span class=\"_ _9\"> </span>intervenuta <span class=\"_ _0\"> </span>una<span class=\"_ _df\"> </span>ristrutturazione <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>rapporto <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>abbia <span class=\"_ _2\"></span>comportato <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>variazi<span class=\"_ _2\"></span>one <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>tasso <span class=\"_ _2\"></span>contrattuale <span class=\"_ _2\"></span>ed <span class=\"_ _2\"></span>anche <span class=\"_ _2\"></span>qualora <span class=\"_ _2\"></span>il<span class=\"_ _df\"> </span>rapporto divenga, nella pratica, infruttifero di interessi contrattu<span class=\"_ _f\"></span>ali.<span class=\"_ _df\"> </span>Qualora i motivi della perdita di valore siano rimossi a seguito di un e<span class=\"_ _1\"></span>vento verificatosi successivamente alla<span class=\"_ _df\"> </span>rilevazione <span class=\"_ _14\"> </span>della <span class=\"_ _14\"> </span>riduzione <span class=\"_ _14\"> </span>di <span class=\"_ _14\"> </span>valore, <span class=\"_ _15\"> </span>vengono <span class=\"_ _14\"> </span>effettuate <span class=\"_ _14\"> </span>riprese <span class=\"_ _14\"> </span>di <span class=\"_ _15\"> </span>valore <span class=\"_ _14\"> </span>con <span class=\"_ _14\"> </span>imputazione <span class=\"_ _14\"> </span>a <span class=\"_ _14\"> </span>Conto<span class=\"_ _df\"> </span>Economico.  La  ripresa  d<span class=\"_ _1\"></span>i  valore  non <span class=\"_ _16\"> </span>pu\u00f2  ecc<span class=\"_ _1\"></span>edere  il  costo  ammortizzato  che<span class=\"_ _1\"></span>  lo  strume<span class=\"_ _1\"></span>nto  finanziario<span class=\"_ _df\"> </span>avrebbe <span class=\"_ _2\"></span>avuto <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>assenza <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>precedenti <span class=\"_ _2\"></span>rettifiche. I <span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>ipristini <span class=\"_ _2\"></span>di v<span class=\"_ _2\"></span>alore <span class=\"_ _2\"></span>conness<span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>con <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>trascorrere <span class=\"_ _2\"></span>del tempo<span class=\"_ _df\"> </span>sono appostati nel margine di interesse.<span class=\"_ _df\"> </span>In <span class=\"_ _0\"></span>alcuni <span class=\"_ _9\"> </span>casi, <span class=\"_ _0\"></span>durante <span class=\"_ _9\"> </span>la <span class=\"_ _9\"> </span>vita <span class=\"_ _9\"> </span>delle <span class=\"_ _0\"></span>att<span class=\"_ _2\"></span>ivit\u00e0 <span class=\"_ _0\"></span>finanziarie <span class=\"_ _0\"></span>in <span class=\"_ _9\"> </span>esame <span class=\"_ _0\"></span>e, <span class=\"_ _9\"> </span>in <span class=\"_ _9\"> </span>particolare, <span class=\"_ _0\"> </span>dei <span class=\"_ _9\"> </span>crediti, <span class=\"_ _0\"></span>le <span class=\"_ _9\"> </span>condizioni<span class=\"_ _df\"> </span>contrattuali originarie sono ogge<span class=\"_ _1\"></span>tto di successiva modifica pe<span class=\"_ _1\"></span>r volon<span class=\"_ _2\"></span>t\u00e0 delle parti del contratto. Quando,<span class=\"_ _1\"></span> nel<span class=\"_ _df\"> </span>corso <span class=\"_ _0\"></span>della <span class=\"_ _0\"></span>vita <span class=\"_ _0\"></span>di <span class=\"_ _0\"> </span>uno <span class=\"_ _9\"> </span>strumento, <span class=\"_ _0\"></span>le <span class=\"_ _0\"></span>clausole <span class=\"_ _0\"></span>contr<span class=\"_ _2\"></span>attuali <span class=\"_ _d\"></span>s<span class=\"_ _2\"></span>ono <span class=\"_ _d\"></span>o<span class=\"_ _2\"></span>ggetto <span class=\"_ _d\"></span>di <span class=\"_ _9\"> </span>modifica <span class=\"_ _0\"></span>occorre <span class=\"_ _0\"></span>verificare <span class=\"_ _0\"></span>se<span class=\"_ _df\"> </span>l\u2019attivit\u00e0 <span class=\"_ _d\"></span>originaria <span class=\"_ _d\"></span>deve <span class=\"_ _d\"></span>continuare <span class=\"_ _d\"></span>ad <span class=\"_ _d\"></span>essere <span class=\"_ _d\"></span>rilevata <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>bilancio <span class=\"_ _d\"></span>o <span class=\"_ _d\"></span>se, <span class=\"_ _d\"></span>al <span class=\"_ _d\"></span>contrario, <span class=\"_ _d\"></span>lo <span class=\"_ _d\"></span>strumento <span class=\"_ _d\"></span>origi<span class=\"_ _2\"></span><span class=\"ff4\">nario<span class=\"_ _df\"> </span></span>deve <span class=\"_ _4\"> </span>ess<span class=\"_ _2\"></span>ere <span class=\"_ _4\"> </span>oggetto <span class=\"_ _14\"> </span>di <span class=\"_ _17\"> </span>cancellazi<span class=\"_ _1\"></span>one <span class=\"_ _17\"> </span>dal <span class=\"_ _17\"> </span>bilancio <span class=\"_ _17\"> </span>(derecognition<span class=\"_ _df\"> </span>) <span class=\"_ _17\"> </span>e <span class=\"_ _17\"> </span>debba <span class=\"_ _17\"> </span>essere <span class=\"_ _17\"> </span>rilevato <span class=\"_ _17\"> </span>un <span class=\"_ _17\"> </span>nuovo<span class=\"_ _df\"> </span>strumento finanziario.<span class=\"_ _df\"> </span>In generale, le<span class=\"_ _2\"></span> modifiche di <span class=\"_ _2\"></span>un\u2019attivit\u00e0 <span class=\"_ _2\"></span>finanziaria conducono alla <span class=\"_ _2\"></span>cancellazione della st<span class=\"_ _2\"></span>essa ed all\u2019iscrizione<span class=\"_ _df\"> </span>di <span class=\"_ _2\"></span>una <span class=\"_ _d\"></span>nuova <span class=\"_ _d\"></span>at<span class=\"ff5\">tivit\u00e0 <span class=\"_ _d\"></span>quando <span class=\"_ _2\"></span>sono <span class=\"_ _d\"></span>\u201csostanziali\u201d. <span class=\"_ _2\"></span>La <span class=\"_ _d\"></span>valutazione <span class=\"_ _2\"></span>circa <span class=\"_ _d\"></span>la <span class=\"_ _d\"></span>\u201csostanzialit\u00e0\u201d <span class=\"_ _d\"></span>della <span class=\"_ _2\"></span>modifica <span class=\"_ _2\"></span>deve<span class=\"_ _df\"> </span></span>essere effettuata <span class=\"_ _2\"></span>considerando <span class=\"_ _2\"></span>sia elementi <span class=\"_ _2\"></span>qualitativi sia <span class=\"_ _2\"></span>elementi <span class=\"_ _2\"></span>quantitativi. In <span class=\"_ _2\"></span>alcuni casi, <span class=\"_ _2\"></span>infatti, <span class=\"_ _2\"></span>potr\u00e0<span class=\"_ _df\"> </span>risultare <span class=\"_ _1a\"> </span>chiaro, <span class=\"_ _19\"> </span>senza <span class=\"_ _1a\"> </span>il <span class=\"_ _19\"> </span>ricorso <span class=\"_ _1a\"> </span>a <span class=\"_ _19\"> </span>complesse <span class=\"_ _1a\"> </span>analisi, <span class=\"_ _1a\"> </span>che <span class=\"_ _19\"> </span>i <span class=\"_ _1a\"> </span>cambiamenti <span class=\"_ _19\"> </span>intr<span class=\"_ _2\"></span>odotti <span class=\"_ _19\"> </span>modificano<span class=\"_ _df\"> </span>sostanzialmente <span class=\"_ _d\"></span>le <span class=\"_ _d\"></span>carat<span class=\"_ _2\"></span>teristiche <span class=\"_ _d\"></span>e/o <span class=\"_ _d\"></span>i <span class=\"_ _0\"></span>flussi <span class=\"_ _d\"></span>contrattuali <span class=\"_ _d\"></span>di <span class=\"_ _0\"></span>una <span class=\"_ _d\"></span>determinata <span class=\"_ _0\"></span>attivit\u00e0 <span class=\"_ _d\"></span>mentre, <span class=\"_ _0\"></span>in <span class=\"_ _d\"></span>altri <span class=\"_ _0\"></span>casi,<span class=\"_ _df\"> </span>dovranno <span class=\"_ _2\"></span>essere <span class=\"_ _d\"></span>svolte <span class=\"_ _d\"></span>ulteriori <span class=\"_ _2\"></span>analisi <span class=\"_ _d\"></span>(anche <span class=\"_ _2\"></span>di <span class=\"_ _d\"></span>tipo <span class=\"_ _2\"></span>quantitativo) <span class=\"_ _2\"></span>per <span class=\"_ _d\"></span>apprezzare <span class=\"_ _d\"></span>gli <span class=\"_ _2\"></span>effetti<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>delle <span class=\"_ _d\"></span>stesse <span class=\"_ _2\"></span>e<span class=\"_ _df\"> </span>verificare <span class=\"_ _0\"></span>la <span class=\"_ _16\"> </span>necessit\u00e0 <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>proce<span class=\"_ _2\"></span>dere <span class=\"_ _0\"></span>o <span class=\"_ _16\"> </span>meno <span class=\"_ _9\"> </span>alla <span class=\"_ _9\"> </span>cancellazione <span class=\"_ _9\"> </span>dell\u2019attivit\u00e0 <span class=\"_ _16\"> </span>ed <span class=\"_ _0\"></span>alla <span class=\"_ _9\"> </span>iscr<span class=\"_ _2\"></span>izione <span class=\"_ _0\"> </span>d<span class=\"_ _2\"></span>i <span class=\"_ _9\"> </span>un <span class=\"_ _9\"> </span>nuovo<span class=\"_ _df\"> </span>strumento finanziario.<span class=\"_ _df\"> </span>Le <span class=\"_ _9\"> </span>analisi <span class=\"_ _9\"> </span>(quali-<span class=\"ff5\">quantitative) <span class=\"_ _9\"> </span>volte <span class=\"_ _9\"> </span>a <span class=\"_ _9\"> </span>definire <span class=\"_ _9\"> </span>la <span class=\"_ _9\"> </span>\u201csost<span class=\"_ _2\"></span>anzialit\u00e0\u201d <span class=\"_ _0\"></span>delle <span class=\"_ _9\"> </span>modifiche <span class=\"_ _9\"> </span>contrattuali <span class=\"_ _9\"> </span>apportat<span class=\"_ _2\"></span>e <span class=\"_ _0\"></span>ad<span class=\"_ _df\"> </span></span>un\u2019attivit\u00e0 finanziaria, dov<span class=\"_ _1\"></span>ranno pertant<span class=\"_ _2\"></span>o considerare:<span class=\"_ _df\"> </span><span class=\"_ _2c\"> </span><span class=\"ff4\">le finalit\u00e0 <span class=\"_ _2\"></span>per cui le modifiche so<span class=\"_ _2\"></span>no state effettuate: ad <span class=\"_ _2\"></span>esempio, rinegoziazioni per motivi commerciali<span class=\"_ _df\"> </span></span>e concessioni per difficolt\u00e0 finanziarie della controparte:<span class=\"_ _df\"> </span><span class=\"_ _2c\"> </span><span class=\"ff5\">le prime, <span class=\"_ _2\"></span>volte a <span class=\"_ _2\"></span>\u201ctrattenere\u201d il<span class=\"_ _2\"></span><span class=\"ff4\"> cliente, <span class=\"_ _2\"></span>vedono coinvolto un <span class=\"_ _2\"></span>debitore che <span class=\"_ _2\"></span>non versa <span class=\"_ _2\"></span>in una situazione <span class=\"_ _2\"></span>di<span class=\"_ _df\"> </span></span></span>difficolt\u00e0 <span class=\"_ _f\"></span>finanziaria. <span class=\"_ _1\"></span>In <span class=\"_ _f\"></span>q<span class=\"_ _2\"></span>uesta <span class=\"_ _f\"></span>casistica sono <span class=\"_ _f\"></span>incluse <span class=\"_ _f\"></span>tutte le<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>operazioni <span class=\"_ _f\"></span>di rineg<span class=\"_ _1\"></span>oziazione <span class=\"_ _f\"></span>ch<span class=\"_ _2\"></span>e <span class=\"_ _f\"></span>sono volte<span class=\"_ _df\"> </span>ad <span class=\"_ _f\"></span>adeguare l\u2019<span class=\"_ _1\"></span>onerosit\u00e0 del <span class=\"_ _f\"></span>debito <span class=\"_ _f\"></span>alle cond<span class=\"_ _1\"></span>izioni <span class=\"_ _f\"></span>d<span class=\"_ _2\"></span>i <span class=\"_ _f\"></span>mercato. Tali <span class=\"_ _f\"></span>oper<span class=\"ff4\">azioni comportano <span class=\"_ _f\"></span>una v<span class=\"_ _1\"></span>ariazione<span class=\"_ _df\"> </span></span>delle  condizioni  originarie  del  contratto,  solitamente  richieste<span class=\"_ _1\"></span>  dal  debitore,  che  attiene  ad  aspetti<span class=\"_ _df\"> </span>connessi <span class=\"_ _2\"></span>alla <span class=\"_ _2\"></span>oneros<span class=\"_ _2\"></span>it\u00e0 <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>debito, <span class=\"_ _2\"></span>con <span class=\"_ _2\"></span>un <span class=\"_ _2\"></span>cons<span class=\"_ _2\"></span>egue<span class=\"_ _1\"></span>nte <span class=\"_ _2\"></span>beneficio <span class=\"_ _d\"></span>economico <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>debitore <span class=\"_ _d\"></span>stesso. <span class=\"_ _2\"></span>In<span class=\"_ _df\"> </span>linea <span class=\"_ _9\"> </span>generale <span class=\"_ _16\"> </span>si <span class=\"_ _9\"> </span>r<span class=\"_ _2\"></span>itiene <span class=\"_ _9\"> </span>che,  og<span class=\"_ _1\"></span>niqualvolta <span class=\"_ _9\"> </span>la  b<span class=\"_ _1\"></span>anca <span class=\"_ _16\"> </span>effettui <span class=\"_ _9\"> </span>una  rine<span class=\"_ _1\"></span>goziazione <span class=\"_ _9\"> </span>al  fine<span class=\"_ _1\"></span>  d<span class=\"_ _1\"></span>i <span class=\"_ _9\"> </span>evit<span class=\"_ _2\"></span>are <span class=\"_ _9\"> </span>di<span class=\"_ _df\"> </span>perdere <span class=\"_ _f\"></span>il p<span class=\"_ _1\"></span>roprio cl<span class=\"_ _1\"></span>iente, <span class=\"_ _f\"></span>t<span class=\"_ _2\"></span>ale <span class=\"_ _f\"></span>rinegoziazione <span class=\"_ _1\"></span>debba e<span class=\"_ _1\"></span>ssere <span class=\"_ _1\"></span>considerata <span class=\"_ _f\"></span>come sostanziale <span class=\"_ _f\"></span>in <span class=\"_ _f\"></span>quan<span class=\"_ _2\"></span>to, <span class=\"_ _f\"></span>ove<span class=\"_ _df\"> </span>non <span class=\"_ _2\"></span>fosse <span class=\"_ _2\"></span>effettuata, <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>cliente <span class=\"_ _2\"></span>potrebbe <span class=\"_ _2\"></span>finanziarsi <span class=\"_ _2\"></span>presso <span class=\"_ _2\"></span>un <span class=\"_ _2\"></span>al<span class=\"_ _2\"></span>tro <span class=\"_ _2\"></span>intermediario <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>banca <span class=\"_ _2\"></span>subirebbe<span class=\"_ _df\"> </span>un decremento dei ricavi futuri previsti;<span class=\"_ _df\"> </span><span class=\"_ _2c\"> </span><span class=\"ff5\">le <span class=\"_ _d\"></span>s<span class=\"_ _2\"></span>econde, <span class=\"_ _d\"></span>effettuate <span class=\"_ _d\"></span>p<span class=\"_ _2\"></span>er <span class=\"_ _d\"></span>\u201cr<span class=\"_ _2\"></span>agioni <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>rischio <span class=\"_ _0\"></span>creditizio\u201d <span class=\"_ _d\"></span>(misure<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>for<span class=\"_ _2\"></span>bearance), <span class=\"_ _d\"></span>sono <span class=\"_ _d\"></span>r<span class=\"_ _2\"></span>iconducibili <span class=\"_ _d\"></span>al<span class=\"_ _df\"> </span></span>tentativo della banca di <span class=\"_ _2\"></span>massimizzare il recovery dei cas<span class=\"_ _2\"></span>h flow del c<span class=\"_ _2\"></span>redito originario. I rischi <span class=\"_ _2\"></span>e i benefici<span class=\"_ _df\"> </span>sottostanti, <span class=\"_ _e\"> </span>successivamente <span class=\"_ _15\"> </span>alle <span class=\"_ _e\"> </span>modifiche, <span class=\"_ _e\"> </span>di <span class=\"_ _e\"> </span>nor<span class=\"_ _2\"></span>ma, <span class=\"_ _e\"> </span>non <span class=\"_ _15\"> </span>s<span class=\"_ _2\"></span>ono <span class=\"_ _15\"> </span>sostanzialmente <span class=\"_ _e\"> </span>trasferiti <span class=\"_ _e\"> </span>e,<span class=\"_ _df\"> </span>conseguentemente, <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>rappresentazione <span class=\"_ _2\"></span>contabile <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>offre <span class=\"_ _2\"></span>informazioni <span class=\"_ _2\"></span>pi\u00f9 <span class=\"_ _2\"></span>rilevanti <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>lettore <span class=\"_ _2\"></span>del<span class=\"_ _df\"> </span>bilancio <span class=\"_ _0\"></span>(salvo <span class=\"_ _9\"> </span>quanto <span class=\"_ _9\"> </span>s<span class=\"_ _2\"></span>i <span class=\"_ _0\"></span>dir\u00e0 <span class=\"_ _9\"> </span>in <span class=\"_ _9\"> </span>seguito <span class=\"_ _9\"> </span>in <span class=\"_ _0\"></span>t<span class=\"_ _2\"></span>ema <span class=\"_ _0\"></span>di <span class=\"_ _9\"> </span>elementi <span class=\"_ _9\"> </span>oggettivi), <span class=\"_ _9\"> </span>\u00e8 <span class=\"_ _9\"> </span>quella <span class=\"_ _9\"> </span>effettuata <span class=\"_ _9\"> </span>tr<span class=\"_ _2\"></span>amite <span class=\"_ _0\"></span>il<span class=\"_ _df\"> </span>\u201cmodification <span class=\"_ _0\"></span>accounting\u201d <span class=\"_ _0\"></span><span class=\"ff4\">- <span class=\"_ _9\"> </span>che <span class=\"_ _0\"></span>implica <span class=\"_ _0\"></span>la <span class=\"_ _0\"></span>rilevazione <span class=\"_ _0\"></span>a <span class=\"_ _0\"></span>conto <span class=\"_ _0\"></span>economico <span class=\"_ _9\"> </span>della <span class=\"_ _d\"></span>differenza <span class=\"_ _0\"></span>tr<span class=\"_ _2\"></span>a <span class=\"_ _0\"></span>valore<span class=\"_ _df\"> </span></span>contabile <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>valore <span class=\"_ _d\"></span>attuale <span class=\"_ _2\"></span>dei <span class=\"_ _2\"></span>flussi <span class=\"_ _d\"></span>di <span class=\"_ _2\"></span>cassa <span class=\"_ _2\"></span>modificati <span class=\"_ _2\"></span>scontati <span class=\"_ _d\"></span>al <span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>asso <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>interesse <span class=\"_ _2\"></span>originario <span class=\"_ _d\"></span>- <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>non<span class=\"_ _df\"> </span>tramite la derecognition;<span class=\"_ _df\"> </span><span class=\"_ _2c\"> </span><span class=\"ff5\">la <span class=\"_ _0\"></span>presenza <span class=\"_ _9\"> </span>di <span class=\"_ _0\"></span>specifici <span class=\"_ _0\"></span>elemen<span class=\"_ _2\"></span>ti <span class=\"_ _0\"></span>oggettivi <span class=\"_ _0\"></span>(\u201ctrigger\u201d) <span class=\"_ _0\"></span>che <span class=\"_ _0\"></span>inc<span class=\"_ _2\"></span>idono <span class=\"_ _0\"></span>sulle <span class=\"_ _0\"></span>caratteristiche <span class=\"_ _0\"></span>e/o <span class=\"_ _9\"> </span>sui <span class=\"_ _0\"></span>flussi<span class=\"_ _df\"> </span></span>contrattuali <span class=\"_ _0\"></span>dello <span class=\"_ _0\"></span>strumento <span class=\"_ _0\"></span>finanziario <span class=\"_ _0\"></span>(quali, <span class=\"_ _0\"></span>a <span class=\"_ _0\"></span>solo <span class=\"_ _0\"></span>titolo <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>esempio, <span class=\"_ _0\"></span>il <span class=\"_ _0\"></span>cambi<span class=\"_ _2\"></span>amento <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>divisa <span class=\"_ _0\"></span>o <span class=\"_ _9\"> </span>la<span class=\"_ _df\"> </span>modifica della ti<span class=\"_ _2\"></span>pologia di rischio <span class=\"_ _2\"></span>a cui <span class=\"_ _2\"></span>si \u00e8 <span class=\"_ _2\"></span>esposti, ove <span class=\"_ _2\"></span>la si cor<span class=\"_ _2\"></span>reli a <span class=\"_ _2\"></span>parametri di equity <span class=\"_ _2\"></span>e comm<span class=\"_ _2\"></span>odity),<span class=\"_ _df\"> </span>che <span class=\"_ _1\"></span>si ritiene<span class=\"_ _1\"></span> comportino <span class=\"_ _1\"></span>la d<span class=\"_ _1\"></span>erecognition in <span class=\"_ _f\"></span>considerazione del <span class=\"_ _f\"></span>l<span class=\"_ _2\"></span>oro imp<span class=\"_ _1\"></span>atto (atteso <span class=\"_ _f\"></span>come significativo)<span class=\"_ _df\"> </span>sui flussi contrattuali originari.<span class=\"_ _df\"> </span>Criter<span class=\"_ _1\"></span>i di <span class=\"_ _1\"></span>cancell<span class=\"_ _1\"></span>azion<span class=\"_ _f\"></span>e Le attivit\u00e0 finanziarie veng<span class=\"_ _1\"></span>ono cancellate dal bilancio solamente se la cessione ha comportato il <span class=\"_ _1\"></span>sostanziale trasferimento di tutti i rischi e benefici connessi alle attivit\u00e0 stesse. Per contr<span class=\"_ _2\"></span>o, qualora sia stat<span class=\"_ _d\"></span>a mantenuta<span class=\"_ _1\"></span> una <span class=\"_ _2\"></span>quota <span class=\"_ _d\"></span>parte <span class=\"_ _d\"></span>rilevante <span class=\"_ _2\"></span>dei <span class=\"_ _d\"></span>rischi <span class=\"_ _d\"></span>e <span class=\"_ _d\"></span>benefici <span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>elativi<span class=\"_ _1\"></span> <span class=\"_ _d\"></span>alle <span class=\"_ _d\"></span>attivit\u00e0 <span class=\"_ _d\"></span>finanziarie <span class=\"_ _2\"></span>cedute, <span class=\"_ _d\"></span>queste <span class=\"_ _d\"></span>continuano <span class=\"_ _2\"></span>ad<span class=\"_ _df\"> </span> essere iscritte <span class=\"_ _2\"></span>in bilancio, ancorch\u00e9 gi<span class=\"_ _2\"></span>uridicamente la titolarit\u00e0 <span class=\"_ _2\"></span>delle attivit\u00e0 <span class=\"_ _2\"></span>stesse sia <span class=\"_ _2\"></span>stata effettivamente trasferita. Nel  caso  in  cui<span class=\"_ _1\"></span>  non  sia  possibile  accertare  il  sostanziale  trasferimento  de<span class=\"_ _1\"></span>i  rischi  e  benefici,  le  attivit\u00e0 finanziarie <span class=\"_ _0\"></span>vengono <span class=\"_ _9\"> </span>cancellate <span class=\"_ _9\"> </span>dal <span class=\"_ _9\"> </span>bilancio <span class=\"_ _0\"> </span>q<span class=\"_ _2\"></span>ualora <span class=\"_ _0\"></span>non <span class=\"_ _9\"> </span>sia <span class=\"_ _9\"> </span>st<span class=\"_ _2\"></span>ato <span class=\"_ _0\"></span>mantenuto <span class=\"_ _9\"> </span>alcun <span class=\"_ _0\"></span>t<span class=\"_ _2\"></span>ipo <span class=\"_ _0\"></span>di <span class=\"_ _9\"> </span>controllo <span class=\"_ _9\"> </span>sulle stesse. <span class=\"_ _d\"></span>In <span class=\"_ _0\"></span>caso <span class=\"_ _d\"></span>contrario, <span class=\"_ _d\"></span>la <span class=\"_ _0\"></span>conservazione, <span class=\"_ _d\"></span>anche <span class=\"_ _0\"></span>in <span class=\"_ _d\"></span>parte, <span class=\"_ _0\"></span>di <span class=\"_ _d\"></span>tale <span class=\"_ _d\"></span>cont<span class=\"_ _2\"></span>rollo <span class=\"_ _d\"></span>comporta <span class=\"_ _d\"></span>il <span class=\"_ _d\"></span>mantenimento <span class=\"_ _d\"></span>in bilancio <span class=\"_ _2\"></span>delle at<span class=\"_ _2\"></span>tivit\u00e0 <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>misura <span class=\"_ _2\"></span>pari <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>coinvolgimento <span class=\"_ _d\"></span>residuo, <span class=\"_ _2\"></span>misurato <span class=\"_ _2\"></span>dall\u2019esposizione a<span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>cambiamenti <span class=\"_ _2\"></span>di valore delle attivit\u00e0 cedute ed alle variazioni dei flu<span class=\"_ _1\"></span>ssi finanziari delle<span class=\"_ _2\"></span> stesse. Infine, le attivit\u00e0 finanziarie cedute vengono cancellate dal bilancio nel caso in cui vi sia la conservazione dei diritti <span class=\"_ _9\"> </span>contrattuali <span class=\"_ _0\"></span>a <span class=\"_ _9\"> </span>r<span class=\"_ _2\"></span>icev<span class=\"_ _1\"></span>ere <span class=\"_ _0\"></span>i <span class=\"_ _9\"> </span>r<span class=\"_ _2\"></span>elativi <span class=\"_ _0\"></span>flussi <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>cassa, <span class=\"_ _9\"> </span>con <span class=\"_ _9\"> </span>la <span class=\"_ _0\"></span>co<span class=\"_ _2\"></span>ntestuale <span class=\"_ _0\"></span>ass<span class=\"_ _2\"></span>unzione<span class=\"_ _1\"></span> <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>un\u2019obbligazione <span class=\"_ _0\"></span>a pagare detti flussi, e solo essi, senza un ritardo rilevante ad altri soggetti terzi. Criter<span class=\"_ _1\"></span>i di <span class=\"_ _1\"></span>rileva<span class=\"_ _f\"></span>zione dell<span class=\"_ _1\"></span>e com<span class=\"_ _f\"></span>ponenti <span class=\"_ _1\"></span>reddi<span class=\"_ _1\"></span>tuali<span class=\"_ _f\"></span> L\u2019allocazione <span class=\"_ _9\"> </span>delle <span class=\"_ _9\"> </span>componenti<span class=\"_ _2\"></span> <span class=\"_ _9\"> </span>reddituali <span class=\"_ _9\"> </span>nelle <span class=\"_ _16\"> </span>pertinenti <span class=\"_ _9\"> </span>voci  d<span class=\"_ _1\"></span>i <span class=\"_ _9\"> </span>cont<span class=\"_ _2\"></span>o <span class=\"_ _9\"> </span>economico <span class=\"_ _16\"> </span>avviene <span class=\"_ _9\"> </span>sulla <span class=\"_ _9\"> </span>base <span class=\"_ _16\"> </span>di quanto riportato di seguito: <span class=\"_ _2c\"> </span><span class=\"ff4\">Gli interessi att<span class=\"_ _2\"></span><span class=\"ff5\">ivi dei<span class=\"_ _1\"></span> crediti e dei titoli vengono allocati nella voce \u201cInteressi attivi e proventi assimilati\u201d </span></span>per competenza sulla base del tasso di interesse effettivo;<span class=\"_ _df\"> </span><span class=\"_ _2c\"> </span><span class=\"ff5\">Gli utili <span class=\"_ _f\"></span>e perdite d<span class=\"_ _1\"></span>a cessione <span class=\"_ _f\"></span>dei crediti e <span class=\"_ _f\"></span>dei titoli <span class=\"_ _1\"></span>vengono allocati <span class=\"_ _f\"></span>nella voce <span class=\"_ _1\"></span>\u201cUtili (pe<span class=\"_ _1\"></span>rdi<span class=\"_ _2\"></span><span class=\"ff4\">te) da <span class=\"_ _f\"></span>ce<span class=\"_ _2\"></span>ssione </span></span>o riacquisto di attivit\u00e0 finanziarie valutate al costo ammortizzato<span class=\"_ _1\"></span>\u201d;<span class=\"_ _df\"> </span><span class=\"_ _2c\"> </span><span class=\"ff4\">Le <span class=\"_ _9\"> </span>r<span class=\"_ _2\"></span>ettifiche <span class=\"_ _9\"> </span>da <span class=\"_ _9\"> </span>impairment, <span class=\"_ _16\"> </span>le <span class=\"_ _9\"> </span>perdite <span class=\"_ _9\"> </span>per <span class=\"_ _16\"> </span>cancellazioni <span class=\"_ _9\"> </span>e <span class=\"_ _16\"> </span>le <span class=\"_ _9\"> </span>riprese <span class=\"_ _16\"> </span>di <span class=\"_ _9\"> </span>valore <span class=\"_ _9\"> </span>dei <span class=\"_ _16\"> </span>crediti <span class=\"_ _9\"> </span>e <span class=\"_ _9\"> </span>dei<span class=\"_ _2\"></span> <span class=\"_ _9\"> </span>titoli </span>vengono <span class=\"_ _2\"></span>allocate <span class=\"_ _2\"></span>nella <span class=\"_ _2\"></span>voce <span class=\"_ _2\"></span>\u201cRe<span class=\"_ _2\"></span>ttifiche/riprese <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>valore <span class=\"_ _2\"></span>nette <span class=\"_ _d\"></span><span class=\"ff4\">per <span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>ischio <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>credito <span class=\"_ _2\"></span>relativo <span class=\"_ _2\"></span>ad <span class=\"_ _2\"></span>attivit\u00e0 </span>finanziarie valutate al costo ammortizzato\u201d.<span class=\"_ _df\"> </span><span class=\"_ _2c\"> </span><span class=\"ff5\">Gli <span class=\"_ _0\"></span>interessi <span class=\"_ _0\"></span>dovuti <span class=\"_ _0\"></span>al <span class=\"_ _d\"></span>trascorrere <span class=\"_ _0\"></span>del <span class=\"_ _d\"></span>tempo <span class=\"_ _0\"></span>sono <span class=\"_ _0\"></span>contabilizzati <span class=\"_ _0\"></span>nella <span class=\"_ _d\"></span>voce <span class=\"_ _0\"></span>\u201cInteressi <span class=\"_ _0\"></span>attivi <span class=\"_ _0\"></span>e <span class=\"_ _d\"></span>proventi </span>assimilati\u201d<span class=\"_ _df\"> </span>.<span class=\"ff4\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForHeldtomaturityInvestmentsExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-769": {
   "value": "4 <span class=\"ls0\">- Operaz<span class=\"_ _1\"></span>ioni d<span class=\"_ _1\"></span>i co<span class=\"_ _1\"></span>pertu<span class=\"_ _1\"></span>ra<span class=\"_ _df\"> </span></span>Il <span class=\"_ _9\"> </span>Gruppo <span class=\"_ _16\"> </span>si <span class=\"_ _9\"> </span>a<span class=\"_ _2\"></span>vvale <span class=\"_ _9\"> </span><span class=\"ff5\">della <span class=\"_ _16\"> </span>facolt\u00e0, <span class=\"_ _16\"> </span>prevista <span class=\"_ _9\"> </span>in <span class=\"_ _16\"> </span>sede <span class=\"_ _16\"> </span>di <span class=\"_ _9\"> </span>introduzione <span class=\"_ _16\"> </span>dell\u2019IFRS <span class=\"_ _9\"> </span>9,  d<span class=\"_ _1\"></span>i <span class=\"_ _16\"> </span>continuare <span class=\"_ _9\"> </span>ad  appli<span class=\"_ _1\"></span>care<span class=\"_ _df\"> </span></span>integralmente <span class=\"_ _9\"> </span>le <span class=\"_ _9\"> </span>pre<span class=\"_ _2\"></span>visioni <span class=\"_ _9\"> </span>del <span class=\"_ _9\"> </span>principio <span class=\"_ _16\"> </span>contabile <span class=\"_ _9\"> </span>IAS <span class=\"_ _9\"> </span>39  in <span class=\"_ _9\"> </span>tema <span class=\"_ _9\"> </span>di <span class=\"_ _16\"> </span>\u201chedge <span class=\"_ _9\"> </span>accounting\u201d <span class=\"_ _16\"> </span>(nella <span class=\"_ _9\"> </span>versione<span class=\"_ _df\"> </span>carved <span class=\"_ _9\"> </span>out <span class=\"_ _16\"> </span>omologata <span class=\"_ _9\"> </span>dalla <span class=\"_ _9\"> </span>Commissione <span class=\"_ _9\"> </span>Europea) <span class=\"_ _16\"> </span>per <span class=\"_ _9\"> </span>ogni <span class=\"_ _9\"> </span>tipol<span class=\"_ _2\"></span>ogia <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>copertura  (sia<span class=\"_ _f\"></span>  pe<span class=\"_ _1\"></span>r <span class=\"_ _16\"> </span>le <span class=\"_ _9\"> </span>coperture<span class=\"_ _df\"> </span>specifiche che per le macro coperture).<span class=\"_ _df\"> </span>Criter<span class=\"_ _1\"></span>i di <span class=\"_ _1\"></span>iscrizi<span class=\"_ _1\"></span>one<span class=\"_ _df\"> </span>Gli <span class=\"_ _9\"> </span>strumenti <span class=\"_ _9\"> </span>derivati <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>copertura, <span class=\"_ _9\"> </span>al <span class=\"_ _9\"> </span>pari <span class=\"_ _16\"> </span>di <span class=\"_ _0\"> </span>t<span class=\"_ _2\"></span>utti <span class=\"_ _0\"></span>i <span class=\"_ _16\"> </span>derivati, <span class=\"_ _0\"></span>sono <span class=\"_ _9\"> </span>inizialmente <span class=\"_ _9\"> </span>iscritti <span class=\"_ _9\"> </span>e <span class=\"_ _16\"> </span>successivamente<span class=\"_ _df\"> </span>misurati al fair value.<span class=\"_ _df\"> </span>Criter<span class=\"_ _1\"></span>i di <span class=\"_ _1\"></span>class<span class=\"_ _1\"></span>ificazi<span class=\"_ _1\"></span>one: t<span class=\"_ _f\"></span>ipologia <span class=\"_ _f\"></span>di copert<span class=\"_ _1\"></span>ure<span class=\"_ _df\"> </span>Le <span class=\"_ _9\"> </span>o<span class=\"_ _2\"></span>perazioni <span class=\"_ _9\"> </span>di  cop<span class=\"_ _1\"></span>ertura  d<span class=\"_ _1\"></span>ei <span class=\"_ _16\"> </span>rischi <span class=\"_ _16\"> </span>sono <span class=\"_ _9\"> </span>finalizzate <span class=\"_ _16\"> </span>a <span class=\"_ _16\"> </span>neutralizzare <span class=\"_ _9\"> </span>potenziali  variazioni<span class=\"_ _1\"></span>  d<span class=\"_ _1\"></span>i <span class=\"_ _16\"> </span>fair  valu<span class=\"_ _f\"></span>e  o<span class=\"_ _df\"> </span>variazioni <span class=\"_ _2\"></span>di <span class=\"_ _d\"></span>flussi <span class=\"_ _d\"></span>di <span class=\"_ _2\"></span>cassa, <span class=\"_ _d\"></span>attribuibili <span class=\"_ _2\"></span>ad <span class=\"_ _d\"></span>un <span class=\"_ _2\"></span>determinato <span class=\"_ _d\"></span>rischio <span class=\"_ _d\"></span>e <span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>ilev<span class=\"_ _1\"></span>abili <span class=\"_ _d\"></span>su <span class=\"_ _2\"></span>un <span class=\"_ _d\"></span>determinato <span class=\"_ _d\"></span>elemento <span class=\"_ _2\"></span>o<span class=\"_ _df\"> </span>gruppo di elementi, nel caso in cui q<span class=\"_ _1\"></span>uel particolare rischio dovesse effettivamente manifestarsi.<span class=\"_ _df\"> </span>Le tipologie di coperture utilizz<span class=\"_ _1\"></span>ate sono <span class=\"_ _2\"></span>le <span class=\"_ _1\"></span>seguenti:<span class=\"_ _df\"> </span><span class=\"_ _2c\"> </span><span class=\"ff5\">copertura di fair valu<span class=\"_ _1\"></span>e: ha l<span class=\"_ _1\"></span>\u2019obiettivo di<span class=\"_ _1\"></span> coprire l\u2019e<span class=\"_ _1\"></span>sposizione alla <span class=\"_ _1\"></span>variazione d<span class=\"_ _1\"></span>el fair valu<span class=\"_ _f\"></span>e (attribu<span class=\"_ _2\"></span><span class=\"ff4\">ibile alle<span class=\"_ _df\"> </span></span></span>diverse <span class=\"_ _9\"> </span>tipologie <span class=\"_ _16\"> </span>di <span class=\"_ _9\"> </span>rischio)  d<span class=\"_ _1\"></span>i <span class=\"_ _16\"> </span>attivit\u00e0 <span class=\"_ _16\"> </span>e <span class=\"_ _9\"> </span>passivit\u00e0 <span class=\"_ _16\"> </span>iscritte <span class=\"_ _9\"> </span>in <span class=\"_ _16\"> </span>bilancio <span class=\"_ _9\"> </span>o  p<span class=\"_ _f\"></span>o<span class=\"_ _2\"></span>rzioni <span class=\"_ _9\"> </span>di <span class=\"_ _16\"> </span>esse, <span class=\"_ _16\"> </span>di <span class=\"_ _9\"> </span>gruppi <span class=\"_ _16\"> </span>di<span class=\"_ _df\"> </span>attivit\u00e0/passivit\u00e0, <span class=\"_ _d\"></span>di <span class=\"_ _0\"></span>impegni <span class=\"_ _d\"></span>irrevocabili <span class=\"_ _d\"></span>e <span class=\"_ _0\"></span>di <span class=\"_ _d\"></span>port<span class=\"_ _2\"></span>afogli <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>attivit\u00e0 <span class=\"_ _0\"></span>e <span class=\"_ _d\"></span>passivit\u00e0 <span class=\"_ _0\"></span>finanziarie, <span class=\"_ _d\"></span>inclusi <span class=\"_ _0\"></span>i <span class=\"_ _d\"></span>core<span class=\"_ _df\"> </span>deposits, come <span class=\"_ _1\"></span>consentito dallo <span class=\"_ _f\"></span>IAS 39 omologato<span class=\"_ _1\"></span> dalla Commis<span class=\"_ _1\"></span>sione Europea.<span class=\"_ _1\"></span> Le cop<span class=\"_ _1\"></span>erture generiche<span class=\"_ _df\"> </span>di fair <span class=\"_ _2\"></span>value (\u201cmacr<span class=\"_ _2\"></span>o hedge\u201d) ha<span class=\"_ _2\"></span>nno l\u2019obiettivo <span class=\"_ _2\"></span>di ridurre <span class=\"_ _2\"></span>le <span class=\"_ _2\"></span>oscillazioni di fair <span class=\"_ _2\"></span>value, imp<span class=\"_ _2\"></span>utabili al <span class=\"_ _2\"></span>rischio<span class=\"_ _df\"> </span>di <span class=\"_ _0\"></span>tas<span class=\"_ _2\"></span>so <span class=\"_ _0\"></span>di <span class=\"_ _9\"> </span>interesse, <span class=\"_ _9\"> </span>di <span class=\"_ _0\"></span>un <span class=\"_ _9\"> </span>imp<span class=\"_ _2\"></span>orto <span class=\"_ _0\"></span>monetar<span class=\"_ _2\"></span>io, <span class=\"_ _0\"></span>riveniente <span class=\"_ _0\"></span>da <span class=\"_ _9\"> </span>un <span class=\"_ _9\"> </span>porta<span class=\"_ _2\"></span>foglio <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>attivit\u00e0 <span class=\"_ _9\"> </span>o <span class=\"_ _9\"> </span>di <span class=\"_ _0\"></span>passivit\u00e0<span class=\"_ _df\"> </span>finanziarie. Non <span class=\"_ _2\"></span>possono <span class=\"_ _2\"></span>essere <span class=\"_ _2\"></span>oggetto <span class=\"_ _2\"></span>di copertura <span class=\"_ _2\"></span>generica <span class=\"_ _2\"></span>importi <span class=\"_ _2\"></span>netti <span class=\"_ _2\"></span>derivanti dallo s<span class=\"_ _2\"></span>bilancio di<span class=\"_ _df\"> </span>attivit\u00e0 e passivit\u00e0;<span class=\"_ _df\"> </span><span class=\"_ _2c\"> </span><span class=\"ff5\">copertura <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>flussi <span class=\"_ _2\"></span>finanziari: <span class=\"_ _2\"></span>ha <span class=\"_ _2\"></span>l\u2019obiett<span class=\"_ _2\"></span>ivo di <span class=\"_ _2\"></span>coprire <span class=\"_ _2\"></span>l\u2019esposizione <span class=\"_ _2\"></span>a <span class=\"_ _d\"></span>variazioni d<span class=\"_ _2\"></span>ei <span class=\"_ _2\"></span>flussi<span class=\"_ _2\"></span><span class=\"ff4\"> <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>cassa <span class=\"_ _2\"></span>futuri<span class=\"_ _df\"> </span></span></span>attribuibili <span class=\"_ _16\"> </span>a  p<span class=\"_ _1\"></span>articolari  rischi  associati <span class=\"_ _16\"> </span>a  p<span class=\"_ _1\"></span>oste  de<span class=\"_ _1\"></span>l  bilanci<span class=\"_ _1\"></span>o.  Tale <span class=\"_ _16\"> </span>tipologia <span class=\"_ _16\"> </span>di  cope<span class=\"_ _1\"></span>rtura  \u00e8  u<span class=\"_ _1\"></span>tilizzata<span class=\"_ _df\"> </span>essenzialmente <span class=\"_ _2\"></span>per <span class=\"_ _d\"></span>stabilizzare <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>fl<span class=\"_ _2\"></span>usso <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>interessi <span class=\"_ _d\"></span>della <span class=\"_ _2\"></span>raccol<span class=\"_ _2\"></span>ta <span class=\"_ _2\"></span>a <span class=\"_ _d\"></span>tasso <span class=\"_ _2\"></span>variabile <span class=\"_ _2\"></span>nella <span class=\"_ _d\"></span>misura <span class=\"_ _2\"></span>in <span class=\"_ _d\"></span>cui<span class=\"_ _df\"> </span>quest\u2019ultima <span class=\"_ _2\"></span>finanzia <span class=\"_ _d\"></span>im<span class=\"ff4\">pieghi <span class=\"_ _d\"></span>a <span class=\"_ _d\"></span>tasso <span class=\"_ _2\"></span>fisso. <span class=\"_ _d\"></span>In <span class=\"_ _2\"></span>talune <span class=\"_ _d\"></span>circostanze, <span class=\"_ _2\"></span>analoghe <span class=\"_ _2\"></span>operazioni <span class=\"_ _d\"></span>sono <span class=\"_ _d\"></span>poste <span class=\"_ _d\"></span>in<span class=\"_ _df\"> </span></span>essere relativamente ad alcune tipologi<span class=\"_ _1\"></span>e di impieghi a tasso variabile.<span class=\"_ _df\"> </span>Solo <span class=\"_ _16\"> </span>gli <span class=\"_ _9\"> </span>st<span class=\"_ _2\"></span>rumenti <span class=\"_ _9\"> </span>che  coinvolgono <span class=\"_ _9\"> </span>una  controparte <span class=\"_ _9\"> </span>esterna  al <span class=\"_ _9\"> </span>Gruppo  possono <span class=\"_ _9\"> </span>essere  designati <span class=\"_ _9\"> </span>come<span class=\"_ _df\"> </span>strumenti  di  copertura. <span class=\"_ _16\"> </span>Data  la  scelta  ese<span class=\"_ _1\"></span>rcitata  dal  Gruppo <span class=\"_ _16\"> </span>di  av<span class=\"_ _1\"></span>valersi  della  facolt\u00e0  d<span class=\"_ _1\"></span>i  continuare  ad<span class=\"_ _df\"> </span>applicare integralme<span class=\"_ _1\"></span>nte le regole dello <span class=\"_ _1\"></span>IAS 39 per <span class=\"_ _1\"></span>le relazioni di copertura, non <span class=\"_ _f\"></span>\u00e8 possibile designare i titoli d<span class=\"_ _1\"></span>i<span class=\"_ _df\"> </span>capitale <span class=\"_ _2\"></span>classificati <span class=\"_ _d\"></span>tra <span class=\"_ _2\"></span>le <span class=\"_ _d\"></span>Attivit\u00e0 <span class=\"_ _2\"></span>finanziarie <span class=\"_ _d\"></span>valutate <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>fair <span class=\"_ _d\"></span>value <span class=\"_ _2\"></span>con <span class=\"_ _d\"></span>impatto <span class=\"_ _d\"></span>sulla <span class=\"_ _2\"></span>redditivit\u00e0 <span class=\"_ _2\"></span>complessiva<span class=\"_ _df\"> </span>(FVOCI) <span class=\"_ _d\"></span>come <span class=\"_ _d\"></span>oggetti <span class=\"_ _d\"></span>coperti <span class=\"_ _d\"></span>per <span class=\"_ _d\"></span>il <span class=\"_ _d\"></span>r<span class=\"_ _2\"></span>ischio <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>prezzo <span class=\"_ _2\"></span>o<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>cambio, <span class=\"_ _d\"></span>dato <span class=\"_ _d\"></span>che <span class=\"_ _d\"></span>tali <span class=\"_ _d\"></span>strumenti <span class=\"_ _d\"></span>non <span class=\"_ _d\"></span>impatt<span class=\"_ _2\"></span>ano <span class=\"_ _d\"></span>il<span class=\"_ _df\"> </span>conto economico, nemmeno in caso di vendita (se non pe<span class=\"_ _1\"></span>r i dividendi che so<span class=\"_ _2\"></span>no rilevati a conto economico).<span class=\"_ _df\"> </span>Criter<span class=\"_ _1\"></span>i di <span class=\"_ _1\"></span>valuta<span class=\"_ _1\"></span>zione<span class=\"_ _df\"> </span>I derivati di copertura sono valutati al fair value. In particolare:<span class=\"_ _df\"> </span><span class=\"_ _2c\"> </span><span class=\"ff5\">nel caso <span class=\"_ _2\"></span>di copertura <span class=\"_ _2\"></span>di fair value, si <span class=\"_ _2\"></span>compensa la variazione <span class=\"_ _2\"></span>del fair <span class=\"_ _2\"></span>value dell\u2019elemento coperto <span class=\"_ _2\"></span>con la<span class=\"_ _df\"> </span></span>variazione del fair <span class=\"_ _2\"></span>value dello strumento <span class=\"_ _2\"></span>di copertura. Tale compensazione \u00e8 <span class=\"_ _2\"></span>riconosciuta attraverso <span class=\"_ _2\"></span>la<span class=\"_ _df\"> </span>rilevazione <span class=\"_ _d\"></span>a <span class=\"_ _0\"></span>Conto <span class=\"_ _d\"></span>Economico <span class=\"_ _0\"></span>delle <span class=\"_ _d\"></span>variazioni <span class=\"_ _d\"></span>di <span class=\"_ _0\"></span>valore, <span class=\"_ _d\"></span>riferite<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>sia <span class=\"_ _0\"></span>all\u2019elemento <span class=\"_ _d\"></span>coperto <span class=\"_ _0\"></span>(per <span class=\"_ _d\"></span>quanto<span class=\"_ _df\"> </span>riguarda  le  variazioni  prodotte  dal  fat<span class=\"_ _2\"></span>tore  di  rischio  sot<span class=\"_ _2\"></span>tostante),  sia <span class=\"_ _22\"> </span>allo <span class=\"_ _22\"> </span>st<span class=\"_ _2\"></span>rumento  di  copertura.<span class=\"_ _df\"> </span>L\u2019eventuale <span class=\"_ _17\"> </span>differenza, <span class=\"_ _17\"> </span>che <span class=\"_ _14\"> </span>rappresenta <span class=\"_ _17\"> </span>la <span class=\"_ _14\"> </span>parziale <span class=\"_ _17\"> </span>inefficacia <span class=\"_ _17\"> </span>della <span class=\"_ _17\"> </span>copertura, <span class=\"_ _14\"> </span>ne <span class=\"_ _17\"> </span>cos<span class=\"_ _2\"></span>tituisce <span class=\"_ _17\"> </span>di<span class=\"_ _df\"> </span>conseguenza l\u2019effetto <span class=\"_ _2\"></span>economico <span class=\"_ _2\"></span>netto. Nel <span class=\"_ _2\"></span>caso di <span class=\"_ _2\"></span>operazioni di <span class=\"_ _2\"></span>copertura <span class=\"_ _2\"></span>generica di <span class=\"_ _2\"></span>fair value <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>un<span class=\"_ _df\"> </span>portafoglio <span class=\"_ _2\"></span>(\u201cmacro <span class=\"_ _d\"></span>hedge\u201d) <span class=\"_ _2\"></span>le <span class=\"_ _2\"></span>variazioni <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>fair <span class=\"_ _d\"></span>value <span class=\"_ _2\"></span>con <span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>iferimento <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>rischio <span class=\"_ _2\"></span>coperto <span class=\"_ _d\"></span>dell<span class=\"_ _1\"></span>e <span class=\"_ _2\"></span>att<span class=\"_ _2\"></span>ivit\u00e0 <span class=\"_ _2\"></span>e<span class=\"_ _df\"> </span>delle passiv<span class=\"_ _1\"></span>it\u00e0 oggetto di copertura sono impu<span class=\"_ _1\"></span>tate nello stato pa<span class=\"_ _1\"></span>trimoniale, rispettivamente,<span class=\"_ _1\"></span> nella voce<span class=\"_ _df\"> </span>60. <span class=\"_ _4\"> </span>\u201c<span class=\"_ _2\"></span>Adeg<span class=\"_ _1\"></span>uamento <span class=\"_ _17\"> </span>di <span class=\"_ _4\"> </span>valor<span class=\"_ _2\"></span>e <span class=\"_ _4\"> </span>delle <span class=\"_ _17\"> </span>attivit\u00e0 <span class=\"_ _17\"> </span>finanziarie <span class=\"_ _4\"> </span>oggetto <span class=\"_ _17\"> </span>di <span class=\"_ _4\"> </span>c<span class=\"_ _2\"></span>op<span class=\"_ _2\"></span>ertura <span class=\"_ _4\"> </span>generica\u201d <span class=\"_ _17\"> </span>oppure <span class=\"_ _4\"> </span>50<span class=\"_ _2\"></span>.<span class=\"_ _df\"> </span>\u201cAdeguamento di valore delle passivit\u00e0 finanziarie ogg<span class=\"_ _1\"></span>etto di copertura generica\u201d;<span class=\"_ _df\"> </span><span class=\"_ _2c\"> </span><span class=\"ff4\">nel <span class=\"_ _9\"> </span>caso<span class=\"_ _2\"></span> <span class=\"_ _9\"> </span>di <span class=\"_ _16\"> </span>copertura <span class=\"_ _9\"> </span>di  fl<span class=\"_ _1\"></span>ussi <span class=\"_ _9\"> </span>finanziari, <span class=\"_ _16\"> </span>le <span class=\"_ _9\"> </span>variazioni <span class=\"_ _16\"> </span>di <span class=\"_ _9\"> </span>fair  valu<span class=\"_ _1\"></span>e <span class=\"_ _9\"> </span>d<span class=\"_ _2\"></span>el <span class=\"_ _9\"> </span>derivato <span class=\"_ _16\"> </span>sono <span class=\"_ _9\"> </span>imputate <span class=\"_ _16\"> </span>nella<span class=\"_ _df\"> </span></span>redditivit\u00e0 <span class=\"_ _2\"></span>complessiva, <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>la <span class=\"_ _d\"></span>quota <span class=\"_ _d\"></span>efficace <span class=\"_ _2\"></span>della <span class=\"_ _2\"></span>copertura, <span class=\"_ _2\"></span>e <span class=\"_ _d\"></span>sono <span class=\"_ _2\"></span>rilevate <span class=\"_ _2\"></span>a <span class=\"_ _d\"></span>Conto <span class=\"_ _2\"></span>Economico <span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>olo<span class=\"_ _df\"> </span>quando, con rife<span class=\"_ _1\"></span>rimento alla <span class=\"_ _1\"></span>posta coperta, <span class=\"_ _1\"></span>si manife<span class=\"_ _1\"></span>sta la v<span class=\"_ _1\"></span>ariazione d<span class=\"_ _1\"></span>ei flu<span class=\"_ _1\"></span>ssi di cassa <span class=\"_ _f\"></span>da compensare<span class=\"_ _df\"> </span>o se la copertura risulta inefficace;<span class=\"_ _df\"> </span><span class=\"_ _2c\"> </span><span class=\"ff4\">le <span class=\"_ _2\"></span>coperture di <span class=\"_ _2\"></span>un <span class=\"_ _2\"></span>investimento <span class=\"_ _2\"></span>netto in <span class=\"_ _2\"></span>valuta <span class=\"_ _2\"></span>sono <span class=\"_ _2\"></span>contabilizzate <span class=\"_ _2\"></span>allo stesso <span class=\"_ _2\"></span>modo <span class=\"_ _2\"></span>delle coperture <span class=\"_ _2\"></span>di<span class=\"_ _df\"> </span></span>flussi finanziari.<span class=\"_ _df\"> </span>Lo <span class=\"_ _2\"></span>strumento <span class=\"_ _2\"></span>derivato \u00e8 <span class=\"_ _2\"></span>designato <span class=\"_ _2\"></span>di copertura <span class=\"_ _2\"></span>se <span class=\"_ _2\"></span>esiste una <span class=\"_ _2\"></span>documentazione <span class=\"_ _2\"></span>formalizzata d<span class=\"_ _2\"></span>ella r<span class=\"_ _2\"></span>elazione<span class=\"_ _df\"> </span>tra lo <span class=\"_ _1\"></span>strumento cope<span class=\"_ _1\"></span>rto e lo<span class=\"_ _1\"></span> strumento <span class=\"_ _1\"></span>di copertura <span class=\"_ _1\"></span>e se<span class=\"_ _1\"></span> \u00e8 eff<span class=\"_ _1\"></span>icace nel<span class=\"_ _1\"></span> momento in cu<span class=\"_ _1\"></span>i la cope<span class=\"_ _1\"></span>rtura ha<span class=\"_ _1\"></span> inizio<span class=\"_ _df\"> </span>e, prospetticamente, durante tutta la vita del<span class=\"_ _1\"></span>la stessa.<span class=\"_ _df\"> </span>L'efficacia della copertura dipende dalla misura in cui le variazioni di fair value dello strumento coperto o dei<span class=\"_ _df\"> </span>relativi <span class=\"_ _4\"> </span>flussi <span class=\"_ _17\"> </span>finanziari <span class=\"_ _4\"> </span>att<span class=\"_ _2\"></span>esi <span class=\"_ _4\"> </span>risultano <span class=\"_ _4\"> </span>compensat<span class=\"_ _2\"></span>i <span class=\"_ _4\"> </span>da <span class=\"_ _17\"> </span>quelle <span class=\"_ _4\"> </span>dello <span class=\"_ _4\"> </span>s<span class=\"_ _2\"></span>trumento <span class=\"_ _4\"> </span>di <span class=\"_ _17\"> </span>copertura. <span class=\"_ _4\"> </span>Pertanto,<span class=\"_ _df\"> </span>l'efficacia <span class=\"_ _17\"> </span>\u00e8 <span class=\"_ _14\"> </span>apprezzata <span class=\"_ _14\"> </span>dal <span class=\"_ _14\"> </span>confronto <span class=\"_ _14\"> </span>delle <span class=\"_ _17\"> </span>s<span class=\"_ _2\"></span>uddette <span class=\"_ _17\"> </span>variazioni, <span class=\"_ _14\"> </span>tenuto <span class=\"_ _14\"> </span>conto <span class=\"_ _14\"> </span>dell'intento <span class=\"_ _17\"> </span>perseguito<span class=\"_ _df\"> </span>dall'impresa <span class=\"_ _2\"></span>nel <span class=\"_ _2\"></span>momento <span class=\"_ _d\"></span>in <span class=\"_ _2\"></span>cui <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>copertura <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _2\"></span>stata <span class=\"_ _d\"></span>posta <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>essere. <span class=\"_ _2\"></span>Si <span class=\"_ _2\"></span>ha <span class=\"_ _d\"></span>efficacia <span class=\"_ _2\"></span>quando <span class=\"_ _2\"></span>le <span class=\"_ _2\"></span>va<span class=\"_ _2\"></span>riazioni <span class=\"_ _2\"></span>di<span class=\"_ _df\"> </span>fair <span class=\"_ _2\"></span>value <span class=\"_ _2\"></span>(o <span class=\"_ _2\"></span>dei <span class=\"_ _2\"></span>flussi <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>cassa) <span class=\"_ _d\"></span>dello st<span class=\"_ _2\"></span>rumento <span class=\"_ _2\"></span>finanziario di <span class=\"_ _d\"></span>copertura <span class=\"_ _2\"></span>neutralizzano <span class=\"_ _2\"></span>quasi <span class=\"_ _2\"></span>integralmente,<span class=\"_ _df\"> </span>cio\u00e8 <span class=\"_ _4\"> </span>nei <span class=\"_ _4\"> </span>limiti <span class=\"_ _17\"> </span>stabiliti <span class=\"_ _17\"> </span>dall\u2019intervallo <span class=\"_ _4\"> </span>80<span class=\"_ _2\"></span><span class=\"ff4\">-125%, <span class=\"_ _4\"> </span>le <span class=\"_ _17\"> </span>variazioni<span class=\"_ _1\"></span> <span class=\"_ _17\"> </span>di <span class=\"_ _4\"> </span>fair <span class=\"_ _17\"> </span>value <span class=\"_ _4\"> </span>dello <span class=\"_ _4\"> </span>str<span class=\"_ _2\"></span>umento <span class=\"_ _4\"> </span>coperto, <span class=\"_ _4\"> </span>per<span class=\"_ _df\"> </span></span>l\u2019elemento di rischio ogg<span class=\"ff4\">etto di copertura.<span class=\"_ _df\"> </span></span>La valutazione dell'efficacia \u00e8 effettuata ad ogni chiusura di bi<span class=\"_ _1\"></span>lancio o di situazione infrannuale utilizzando:<span class=\"_ _df\"> </span><span class=\"_ _2c\"> </span><span class=\"ff4\">test <span class=\"_ _10\"> </span>prospettici, <span class=\"_ _e\"> </span>che <span class=\"_ _10\"> </span>giustificano <span class=\"_ _e\"> </span>l'applicazione <span class=\"_ _10\"> </span>della <span class=\"_ _e\"> </span>contabilizzazione <span class=\"_ _e\"> </span>di <span class=\"_ _10\"> </span>copertura, <span class=\"_ _10\"> </span>in <span class=\"_ _e\"> </span>quanto<span class=\"_ _df\"> </span></span>dimostrano la sua efficacia attesa;<span class=\"_ _df\"> </span><span class=\"_ _2c\"> </span><span class=\"ff4\">test  retrospettivi<span class=\"_ _1\"></span>, <span class=\"_ _16\"> </span>che <span class=\"_ _16\"> </span>evidenziano  i<span class=\"_ _1\"></span>l <span class=\"_ _16\"> </span>grado <span class=\"_ _16\"> </span>di <span class=\"_ _9\"> </span>efficacia  della <span class=\"_ _9\"> </span>c<span class=\"_ _2\"></span>opertura <span class=\"_ _16\"> </span>raggiunto <span class=\"_ _16\"> </span>nel <span class=\"_ _9\"> </span>periodo  cui <span class=\"_ _9\"> </span>si<span class=\"_ _df\"> </span></span>riferiscono, ovvero, misurano quanto i risultati effettivi si siano di<span class=\"_ _1\"></span>scostati dalla copertura perfetta.<span class=\"_ _df\"> </span>Solo <span class=\"_ _d\"></span>gli <span class=\"_ _0\"></span>strumenti <span class=\"_ _d\"></span>che <span class=\"_ _0\"></span>coinvolgono <span class=\"_ _d\"></span>una<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>controparte <span class=\"_ _0\"></span>esterna <span class=\"_ _d\"></span>possono <span class=\"_ _0\"></span>essere <span class=\"_ _d\"></span>designati <span class=\"_ _d\"></span>come <span class=\"_ _0\"></span>strumenti <span class=\"_ _0\"></span>di<span class=\"_ _df\"> </span>copertura. Pertanto, <span class=\"_ _1\"></span>ogni risul<span class=\"_ _1\"></span>tato riconducibi<span class=\"_ _1\"></span>le a transazioni i<span class=\"_ _1\"></span>nterne e<span class=\"_ _1\"></span>ffettuate tra <span class=\"_ _1\"></span>diverse e<span class=\"_ _1\"></span>ntit\u00e0 del<span class=\"_ _1\"></span> Gruppo<span class=\"_ _df\"> </span>\u00e8 eliminato dal bilancio consolidato.<span class=\"_ _df\"> </span>Cessa<span class=\"_ _f\"></span>zione pro<span class=\"_ _1\"></span>spett<span class=\"_ _f\"></span>ica del<span class=\"_ _1\"></span>la co<span class=\"_ _f\"></span>ntabilizzazi<span class=\"_ _1\"></span>one d<span class=\"_ _1\"></span>i cop<span class=\"_ _1\"></span>ertur<span class=\"_ _1\"></span>a<span class=\"_ _df\"> </span>Se  le  verifi<span class=\"_ _1\"></span>che  non  confermano  l\u2019efficacia  de<span class=\"_ _1\"></span>lla  copertura,  da  que<span class=\"_ _1\"></span>l  momento  la  contabilizz<span class=\"_ _1\"></span>azione  delle<span class=\"_ _df\"> </span>operazioni di <span class=\"_ _2\"></span>copertura, <span class=\"_ _2\"></span>secondo quanto s<span class=\"_ _2\"></span>opra esposto, <span class=\"_ _2\"></span>viene<span class=\"_ _1\"></span> <span class=\"_ _2\"></span>interrotta <span class=\"_ _2\"></span>e il <span class=\"_ _2\"></span>contratto derivato di <span class=\"_ _2\"></span>copertura<span class=\"_ _df\"> </span>viene <span class=\"_ _1\"></span>riclassificato tra <span class=\"_ _f\"></span>gli strumenti <span class=\"_ _f\"></span>di negoziazione. <span class=\"_ _f\"></span>Inoltr<span class=\"_ _2\"></span>e, <span class=\"_ _f\"></span>le operazioni <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>copertura cessano ne<span class=\"_ _f\"></span>l momento<span class=\"_ _df\"> </span>in cui <span class=\"_ _2\"></span>lo <span class=\"_ _2\"></span>strumento di <span class=\"_ _2\"></span>copertura giunge a <span class=\"_ _2\"></span>scadenza, \u00e8 <span class=\"_ _2\"></span>venduto, <span class=\"_ _2\"></span>cessato o <span class=\"_ _2\"></span>esercitato, oppure <span class=\"_ _2\"></span>viene revocata<span class=\"_ _df\"> </span>la designazione.<span class=\"_ _df\"> </span>Per l<span class=\"_ _1\"></span>e rel<span class=\"_ _1\"></span>azioni d<span class=\"_ _1\"></span>i cop<span class=\"_ _1\"></span>ertura di<span class=\"_ _f\"></span> fair valu<span class=\"_ _1\"></span>e, lo <span class=\"_ _f\"></span>strumento finan<span class=\"_ _1\"></span>ziario <span class=\"_ _1\"></span>coperto non<span class=\"_ _1\"></span> \u00e8 <span class=\"_ _f\"></span>pi\u00f9 ret<span class=\"_ _1\"></span>tificato <span class=\"_ _1\"></span>per l<span class=\"_ _f\"></span>e variazioni<span class=\"_ _df\"> </span>di <span class=\"_ _f\"></span>fair valu<span class=\"_ _1\"></span>e <span class=\"_ _f\"></span>e qu<span class=\"_ _1\"></span>alsiasi <span class=\"_ _f\"></span>r<span class=\"_ _2\"></span>ettifica <span class=\"_ _f\"></span>al <span class=\"_ _f\"></span>valore con<span class=\"_ _f\"></span>t<span class=\"_ _2\"></span>abile <span class=\"_ _f\"></span>di <span class=\"_ _f\"></span>uno s<span class=\"_ _1\"></span>trumento <span class=\"_ _f\"></span>finanziario cop<span class=\"_ _1\"></span>erto <span class=\"_ _f\"></span>per <span class=\"_ _1\"></span>il <span class=\"_ _f\"></span>quale <span class=\"_ _f\"></span>\u00e8 utilizz<span class=\"_ _1\"></span>ato<span class=\"_ _df\"> </span>il criterio dell'interesse effettivo deve essere ammortizzata n<span class=\"_ _2\"></span>el conto economico. Nel caso di int<span class=\"_ _2\"></span>erruzione di<span class=\"_ _df\"> </span>una relazione di copertura generica di fair value, le rivalutazioni/svalutazioni cumulate iscritt<span class=\"_ _2\"></span>e nella voce 60.<span class=\"_ _df\"> </span>\u201cAdeguamento di <span class=\"_ _2\"></span>valore <span class=\"_ _2\"></span>delle at<span class=\"_ _2\"></span>tivit\u00e0 finanziarie <span class=\"_ _2\"></span>oggetto <span class=\"_ _2\"></span>di copert<span class=\"_ _2\"></span>ura generica\u201d <span class=\"_ _2\"></span>oppure 50. <span class=\"_ _2\"></span>\u201cA<span class=\"_ _2\"></span><span class=\"ff4\">deguamento<span class=\"_ _df\"> </span></span>di <span class=\"_ _2\"></span>valore <span class=\"_ _d\"></span>delle <span class=\"_ _d\"></span>passivit\u00e0 <span class=\"_ _d\"></span>finanziarie <span class=\"_ _d\"></span>oggetto <span class=\"_ _d\"></span>di <span class=\"_ _2\"></span>copertura <span class=\"_ _d\"></span>generica\u201d <span class=\"_ _d\"></span>sono <span class=\"_ _d\"></span>rilevate <span class=\"_ _2\"></span>a <span class=\"_ _d\"></span>conto<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>econo<span class=\"_ _2\"></span>mico <span class=\"_ _2\"></span>tr<span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>gli<span class=\"_ _df\"> </span>interessi <span class=\"_ _0\"> </span>at<span class=\"_ _2\"></span>tivi <span class=\"_ _0\"></span>o <span class=\"_ _9\"> </span>passivi <span class=\"_ _9\"> </span>lungo <span class=\"_ _0\"></span>la <span class=\"_ _9\"> </span>durata <span class=\"_ _9\"> </span>r<span class=\"_ _2\"></span>esidu<span class=\"_ _1\"></span>a <span class=\"_ _9\"> </span>delle <span class=\"_ _0\"></span>originarie <span class=\"_ _9\"> </span>relazioni <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>copertura, <span class=\"_ _9\"> </span>ferma <span class=\"_ _9\"> </span>restando <span class=\"_ _9\"> </span>la<span class=\"_ _df\"> </span>verifica che ne sussistano i presupposti.<span class=\"_ _df\"> </span>Per le <span class=\"_ _2\"></span>relazioni di <span class=\"_ _2\"></span>copertura dei <span class=\"_ _2\"></span>flussi finanziari, <span class=\"_ _2\"></span>l'utile o <span class=\"_ _2\"></span>la perdita <span class=\"_ _2\"></span>complessiva dello <span class=\"_ _2\"></span>strumento di copertura<span class=\"_ _df\"> </span>che <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _2\"></span>stato <span class=\"_ _2\"></span>rilevato <span class=\"_ _2\"></span>nell<span class=\"_ _1\"></span>e <span class=\"_ _2\"></span>altre <span class=\"_ _2\"></span>componenti <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>conto <span class=\"_ _2\"></span>economico <span class=\"_ _2\"></span>complessivo a <span class=\"_ _d\"></span>partire <span class=\"_ _2\"></span>dall'esercizio in <span class=\"_ _2\"></span>cui <span class=\"_ _2\"></span>la<span class=\"_ _df\"> </span>copertura <span class=\"_ _4\"> </span>era <span class=\"_ _4\"> </span>efficace, <span class=\"_ _4\"> </span>deve <span class=\"_ _22\"> </span>r<span class=\"_ _2\"></span>estare <span class=\"_ _4\"> </span>separatamente <span class=\"_ _4\"> </span>nel <span class=\"_ _4\"> </span>patrimonio <span class=\"_ _4\"> </span>netto <span class=\"_ _4\"> </span>sino <span class=\"_ _4\"> </span>a <span class=\"_ _4\"> </span>quand<span class=\"_ _1\"></span>o <span class=\"_ _4\"> </span>l'operazione<span class=\"_ _df\"> </span>programmata si verifica. Qualora <span class=\"_ _2\"></span>l'operazione programmata ci si at<span class=\"_ _2\"></span>tende non debba pi\u00f9 accadere, <span class=\"_ _2\"></span>qualsiasi<span class=\"_ _df\"> </span>correlato <span class=\"_ _d\"></span>utile <span class=\"_ _d\"></span>o <span class=\"_ _d\"></span>perdita <span class=\"_ _d\"></span>compless<span class=\"_ _2\"></span>ivo <span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>ullo <span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>trumento <span class=\"_ _d\"></span>di <span class=\"_ _2\"></span>copertura<span class=\"_ _d\"></span> <span class=\"_ _d\"></span>che <span class=\"_ _d\"></span>\u00e8 <span class=\"_ _d\"></span>stato <span class=\"_ _d\"></span>r<span class=\"_ _2\"></span>ilevato <span class=\"_ _2\"></span>nel <span class=\"_ _d\"></span>prospetto <span class=\"_ _d\"></span>delle<span class=\"_ _df\"> </span>altre compone<span class=\"_ _1\"></span>nti di <span class=\"_ _f\"></span>conto economico comple<span class=\"_ _1\"></span>ssivo dall'esercizio <span class=\"_ _f\"></span>i<span class=\"_ _2\"></span>n <span class=\"_ _1\"></span>cui la <span class=\"_ _f\"></span>copertura era e<span class=\"_ _1\"></span>fficace<span class=\"_ _2\"></span>, dev<span class=\"_ _1\"></span>e essere<span class=\"_ _df\"> </span>riclassificato dal patrimonio netto all\u2019util<span class=\"_ _1\"></span>e (perdita) d\u2019esercizio come rettifica da riclassificazione.<span class=\"_ _df\"> </span> Criter<span class=\"_ _1\"></span>i di <span class=\"_ _1\"></span>rileva<span class=\"_ _f\"></span>zione dell<span class=\"_ _1\"></span>e com<span class=\"_ _f\"></span>ponenti <span class=\"_ _1\"></span>reddi<span class=\"_ _1\"></span>tuali<span class=\"_ _f\"></span> L\u2019allocazione <span class=\"_ _9\"> </span>delle <span class=\"_ _9\"> </span>componenti<span class=\"_ _2\"></span> <span class=\"_ _9\"> </span>reddituali <span class=\"_ _9\"> </span>nelle <span class=\"_ _16\"> </span>pertinenti <span class=\"_ _9\"> </span>voci  d<span class=\"_ _1\"></span>i <span class=\"_ _9\"> </span>cont<span class=\"_ _2\"></span>o <span class=\"_ _9\"> </span>economico <span class=\"_ _16\"> </span>avviene <span class=\"_ _9\"> </span>sulla <span class=\"_ _9\"> </span>base <span class=\"_ _16\"> </span>di quanto riportato di seguito: <span class=\"_ _2c\"> </span><span class=\"ff4\">i <span class=\"_ _0\"></span>differenziali <span class=\"_ _d\"></span>maturati <span class=\"_ _d\"></span>sugli <span class=\"_ _d\"></span>st<span class=\"_ _2\"></span>rumenti <span class=\"_ _d\"></span>derivati <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>copertura <span class=\"_ _0\"></span>del <span class=\"_ _d\"></span>ri<span class=\"_ _2\"></span>schio <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>t<span class=\"_ _2\"></span>asso <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>interesse <span class=\"_ _0\"></span>(oltre<span class=\"_ _1\"></span> <span class=\"_ _d\"></span>agli </span>interessi <span class=\"_ _0\"></span>delle <span class=\"_ _0\"></span>posizioni <span class=\"_ _0\"></span>oggetto <span class=\"_ _9\"> </span>di <span class=\"_ _0\"></span>copertura) <span class=\"_ _0\"></span>vengono <span class=\"_ _0\"></span>allocati <span class=\"_ _0\"></span>nella <span class=\"_ _0\"></span>voce <span class=\"_ _0\"></span>\u201cInteressi <span class=\"_ _9\"> </span>attivi <span class=\"_ _0\"></span>e <span class=\"_ _0\"></span>proventi assimilati\u201d o \u201cInteressi passivi e oneri assimilati\u201d;<span class=\"_ _df\"> </span><span class=\"_ _2c\"> </span><span class=\"ff4\">le <span class=\"_ _d\"></span>plusvalenze <span class=\"_ _d\"></span>e <span class=\"_ _d\"></span>minusvalenze <span class=\"_ _d\"></span>derivanti <span class=\"_ _d\"></span>dalla <span class=\"_ _d\"></span>valutazione <span class=\"_ _d\"></span>d<span class=\"_ _2\"></span>egli <span class=\"_ _d\"></span>strumenti <span class=\"_ _d\"></span>derivati <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>copertura <span class=\"_ _d\"></span>e <span class=\"_ _d\"></span>delle </span>posizioni <span class=\"_ _4\"> </span>oggetto <span class=\"_ _14\"> </span>di <span class=\"_ _17\"> </span>copertura <span class=\"_ _17\"> </span>di <span class=\"_ _17\"> </span>fair <span class=\"_ _17\"> </span>value <span class=\"_ _17\"> </span>hedge <span class=\"_ _17\"> </span>vengono <span class=\"_ _14\"> </span>allocate <span class=\"_ _17\"> </span>nella <span class=\"_ _17\"> </span>voce <span class=\"_ _17\"> </span>\u201cRisultato <span class=\"_ _17\"> </span>netto dell\u2019attivit\u00e0 di copertura\u201d;<span class=\"_ _df\"> </span><span class=\"_ _2c\"> </span><span class=\"ff4\">le plusvalenze e<span class=\"_ _1\"></span> le minusvalenze deriv<span class=\"_ _1\"></span>anti dalla v<span class=\"_ _1\"></span>alutazione degli strumenti de<span class=\"_ _1\"></span>rivat<span class=\"_ _2\"></span>i di<span class=\"_ _1\"></span> copertura di <span class=\"_ _1\"></span>cash </span>flow hedge (per la <span class=\"_ _2\"></span>parte efficace) vengono allocate <span class=\"_ _2\"></span>in una specifica riserva <span class=\"_ _2\"></span>di valutazione di patrimonio<span class=\"_ _df\"> </span>netto <span class=\"_ _f\"></span>\u201cCopertura dei <span class=\"_ _f\"></span>flussi <span class=\"_ _f\"></span>finanziari\u201d, <span class=\"_ _1\"></span>al <span class=\"_ _f\"></span>nett<span class=\"_ _2\"></span>o <span class=\"_ _f\"></span>dell\u2019effetto <span class=\"_ _f\"></span>fiscale <span class=\"_ _1\"></span>differito. <span class=\"_ _f\"></span>Per <span class=\"_ _1\"></span>la <span class=\"_ _1\"></span>parte <span class=\"_ _f\"></span>inefficace <span class=\"_ _f\"></span>tali plu<span class=\"_ _1\"></span>s<span class=\"_ _df\"> </span>e <span class=\"_ _15\"> </span>minus <span class=\"_ _15\"> </span>ven<span class=\"ff5\">gono <span class=\"_ _15\"> </span>contabilizzat<span class=\"_ _2\"></span>e <span class=\"_ _14\"> </span>a <span class=\"_ _e\"> </span>conto <span class=\"_ _15\"> </span>economico <span class=\"_ _15\"> </span>nella <span class=\"_ _15\"> </span>voce <span class=\"_ _15\"> </span>\u201cRisultato <span class=\"_ _e\"> </span>netto <span class=\"_ _15\"> </span>dell\u2019attivit\u00e0 <span class=\"_ _15\"> </span>di </span>copertura\u201d.  Se <span class=\"_ _9\"> </span>lo  strumento  cop<span class=\"_ _1\"></span>erto  \u00e8 <span class=\"_ _16\"> </span>cancellato, <span class=\"_ _16\"> </span>scade <span class=\"_ _16\"> </span>o  si <span class=\"_ _16\"> </span>estingue <span class=\"_ _9\"> </span>allora  la  riserva  \u00e8<span class=\"_ _1\"></span>  riversata<span class=\"_ _f\"></span> immediatamente a conto economico contestualmente alla cancell<span class=\"_ _1\"></span>azione dell\u2019<span class=\"_ _2\"></span><span class=\"ff4\">elemento coperto.<span class=\"_ _df\"> </span></span><span class=\"_ _2c\"> </span><span class=\"ff4\">nel <span class=\"_ _9\"> </span>caso<span class=\"_ _2\"></span> <span class=\"_ _9\"> </span>di <span class=\"_ _16\"> </span>copertura <span class=\"_ _9\"> </span>di  fl<span class=\"_ _1\"></span>ussi <span class=\"_ _9\"> </span>finanziari, <span class=\"_ _16\"> </span>le <span class=\"_ _9\"> </span>variazioni <span class=\"_ _16\"> </span>di <span class=\"_ _9\"> </span>fair  valu<span class=\"_ _1\"></span>e <span class=\"_ _9\"> </span>d<span class=\"_ _2\"></span>el <span class=\"_ _9\"> </span>derivato <span class=\"_ _16\"> </span>sono <span class=\"_ _9\"> </span>imputate <span class=\"_ _16\"> </span>nella<span class=\"_ _df\"> </span></span>redditivit\u00e0 <span class=\"_ _2\"></span>complessiva, <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>la <span class=\"_ _d\"></span>quota <span class=\"_ _2\"></span>efficace <span class=\"_ _2\"></span>della <span class=\"_ _2\"></span>copertura, <span class=\"_ _d\"></span>e <span class=\"_ _2\"></span>sono <span class=\"_ _d\"></span>rilevate <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>Conto <span class=\"_ _d\"></span>Economico <span class=\"_ _2\"></span>solo quando, con rife<span class=\"_ _1\"></span>rimento alla <span class=\"_ _1\"></span>posta coperta, si<span class=\"_ _f\"></span> manifesta la variaz<span class=\"_ _f\"></span>ione dei flu<span class=\"_ _1\"></span>ssi di cassa<span class=\"_ _1\"></span> da compensare<span class=\"_ _f\"></span> o se la copertura risulta inefficace.<span class=\"_ _df\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForHedgingExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-829": {
   "value": "<div class=\"t m0 he ff4 fs5 fc4 sc3 ls96 ws0 gs426\">5 <span class=\"ls0\">- Partecip<span class=\"_ _f\"></span>azioni </span></div><div class=\"t m0 h5 ff4 fs1 fc4 sc3 ls0 ws0 gs427\">Criter<span class=\"_ _1\"></span>i di <span class=\"_ _1\"></span>iscrizi<span class=\"_ _1\"></span>one  </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs2e2\">Le <span class=\"_ _9\"> </span>partecipazioni <span class=\"_ _9\"> </span>sono <span class=\"_ _9\"> </span>iscritte <span class=\"_ _9\"> </span>alla <span class=\"_ _9\"> </span>data <span class=\"_ _16\"> </span>di <span class=\"_ _0\"></span>r<span class=\"_ _2\"></span>egolamento. <span class=\"_ _0\"></span>All\u2019atto <span class=\"_ _9\"> </span>della <span class=\"_ _9\"> </span>rilevazione <span class=\"_ _9\"> </span>iniziale <span class=\"_ _9\"> </span>le <span class=\"_ _9\"> </span>in<span class=\"_ _2\"></span><span class=\"ff4\">teressenze<span class=\"_ _df\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs2e3\">partecipative <span class=\"_ _0\"></span>sono <span class=\"_ _9\"> </span>contabilizzate <span class=\"_ _9\"> </span>al <span class=\"_ _9\"> </span>costo, <span class=\"_ _0\"></span>comprensivo <span class=\"_ _9\"> </span>dei <span class=\"_ _0\"></span>costi <span class=\"_ _9\"> </span>o <span class=\"_ _9\"> </span>proventi <span class=\"_ _0\"></span>direttamente <span class=\"_ _9\"> </span>attribuibili<span class=\"_ _1\"></span> <span class=\"_ _9\"> </span>alla<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs428\">transazione.<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc4 sc3 ls0 ws0 gs429\">Criter<span class=\"_ _1\"></span>i di <span class=\"_ _1\"></span>class<span class=\"_ _1\"></span>ificazi<span class=\"_ _1\"></span>one<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs2e6\">La voce include le interessenze de<span class=\"_ _1\"></span>tenute in societ\u00e0 controllate congiuntamente e collegate.<span class=\"_ _df\"> </span><span class=\"_ _2\"></span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs2e7\">Sono <span class=\"ff5\">considerate controllate congiu<span class=\"_ _1\"></span>ntamente le imprese nelle quali i diritti di voto ed il controllo del<span class=\"_ _1\"></span>l\u2019attivit\u00e0<span class=\"_ _df\"> </span></span><span class=\"ff5\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs2e8\">economica della partecipata sono condiv<span class=\"_ _1\"></span>isi in modo paritetico da Credem, direttamente o indi<span class=\"_ _1\"></span>rettamente, e<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs2e9\">da  un  altro  soggetto.  Inoltre  v<span class=\"_ _1\"></span>iene  qualificato  come  sottoposto  a  controllo  congiu<span class=\"_ _1\"></span>nto  un  investimento<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs2ea\">partecipativo  nel<span class=\"_ _1\"></span>  quale,  pur  in  assenz<span class=\"_ _1\"></span>a  di  una  q<span class=\"_ _1\"></span>uota  paritetica  di  di<span class=\"_ _1\"></span>ritti  di  voto,  il  con<span class=\"_ _f\"></span>t<span class=\"_ _2\"></span>rollo <span class=\"_ _16\"> </span>sull\u2019attivit\u00e0<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs42a\">economica  e<span class=\"_ _1\"></span>  sugli <span class=\"_ _16\"> </span>indirizzi  strategici<span class=\"_ _1\"></span>  della  p<span class=\"_ _1\"></span>artecipata  \u00e8 <span class=\"_ _16\"> </span>condiviso  con <span class=\"_ _16\"> </span>altri  soggetti  in  vi<span class=\"_ _1\"></span>rt\u00f9  di <span class=\"_ _16\"> </span>accordi<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs42b\">contrattuali.<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs42c\">Sono <span class=\"_ _0\"></span>considerate <span class=\"_ _0\"></span>collegate, <span class=\"_ _0\"></span>cio\u00e8 <span class=\"_ _9\"> </span>sottoposte <span class=\"_ _0\"></span>ad <span class=\"_ _9\"> </span>influenza <span class=\"_ _d\"></span>not<span class=\"_ _2\"></span>evole<span class=\"_ _1\"></span>, <span class=\"_ _0\"></span>le <span class=\"_ _9\"> </span>imprese <span class=\"_ _0\"></span>nelle <span class=\"_ _0\"></span>quali <span class=\"_ _0\"></span>la <span class=\"_ _9\"> </span>capogruppo,<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs42d\">direttamente <span class=\"_ _f\"></span>o indi<span class=\"_ _1\"></span>rettamente, <span class=\"_ _1\"></span>possiede <span class=\"_ _f\"></span>almeno <span class=\"_ _f\"></span>il 20% <span class=\"_ _f\"></span>dei <span class=\"_ _f\"></span>diritti <span class=\"_ _f\"></span>di v<span class=\"_ _1\"></span>oto (i<span class=\"_ _1\"></span>vi <span class=\"_ _f\"></span>inclusi <span class=\"_ _f\"></span>i diritti <span class=\"_ _f\"></span>di <span class=\"_ _1\"></span>voto <span class=\"_ _f\"></span>\u201cpoten<span class=\"_ _2\"></span>ziali\u201d)<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs42e\">o<span class=\"_ _4\"> </span>nelle <span class=\"_ _d\"></span>quali <span class=\"_ _2\"></span><span class=\"ff5\">\u2013</span> <span class=\"_ _d\"></span>pur <span class=\"_ _2\"></span>con <span class=\"_ _d\"></span>una <span class=\"_ _2\"></span>quota <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>diritti <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>voto <span class=\"_ _d\"></span>inferiore <span class=\"_ _d\"></span><span class=\"ff5\">\u2013</span> <span class=\"_ _d\"></span>ha <span class=\"_ _2\"></span>il <span class=\"_ _d\"></span>potere <span class=\"_ _2\"></span>di <span class=\"_ _d\"></span>partecipare <span class=\"_ _2\"></span>alla <span class=\"_ _d\"></span>determinazione<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs42f\">delle <span class=\"_ _4\"> </span>politiche <span class=\"_ _17\"> </span>finanziarie <span class=\"_ _17\"> </span>e <span class=\"_ _17\"> </span>gestionali <span class=\"_ _17\"> </span>della <span class=\"_ _17\"> </span>partecipata <span class=\"_ _17\"> </span>in <span class=\"_ _17\"> </span>virt\u00f9 <span class=\"_ _4\"> </span>di <span class=\"_ _17\"> </span>part<span class=\"_ _2\"></span>icolari<span class=\"_ _1\"></span> <span class=\"_ _17\"> </span>legami <span class=\"_ _17\"> </span>giuridici <span class=\"_ _4\"> </span>quali <span class=\"_ _17\"> </span>la<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs430\">partecipazione a patti di sindacato.<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs431\">Non <span class=\"_ _d\"></span>s<span class=\"_ _2\"></span>ono <span class=\"_ _d\"></span>considerate <span class=\"_ _d\"></span>sottoposte <span class=\"_ _0\"></span>ad <span class=\"_ _d\"></span>influenza <span class=\"_ _d\"></span>notevole <span class=\"_ _0\"></span>alcune <span class=\"_ _0\"></span>interessenze <span class=\"_ _d\"></span>superiori <span class=\"_ _0\"></span>al <span class=\"_ _d\"></span>20%, <span class=\"_ _0\"></span>nelle <span class=\"_ _d\"></span>quali,<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs432\">direttamente <span class=\"_ _f\"></span>o indi<span class=\"_ _1\"></span>rettamente, <span class=\"_ _1\"></span>il <span class=\"_ _f\"></span>Gr<span class=\"_ _2\"></span>uppo <span class=\"_ _f\"></span>detiene <span class=\"_ _f\"></span>esclusivamente <span class=\"_ _f\"></span>diritt<span class=\"_ _2\"></span>i <span class=\"_ _f\"></span>patrimoniali <span class=\"_ _1\"></span>su <span class=\"_ _1\"></span>una <span class=\"_ _f\"></span>porzione <span class=\"_ _f\"></span>dei <span class=\"_ _1\"></span>frutti<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs433\">degli investimenti,<span class=\"_ _1\"></span> non ha accesso alle <span class=\"_ _1\"></span>politiche di <span class=\"_ _f\"></span>g<span class=\"_ _2\"></span>estione e <span class=\"_ _1\"></span>pu\u00f2 esercitare diritti di <span class=\"_ _1\"></span>governance limitati all<span class=\"_ _1\"></span>a<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs434\">tutela degli interessi patrimoniali.<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc4 sc3 ls0 ws0 gs435\">Criter<span class=\"_ _1\"></span>i di <span class=\"_ _1\"></span>valuta<span class=\"_ _1\"></span>zione<span class=\"_ _df\"> </span><span class=\"_ _f\"></span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs2f6\">Le <span class=\"_ _4\"> </span>partecipazioni <span class=\"_ _4\"> </span>in <span class=\"_ _4\"> </span>societ\u00e0 <span class=\"_ _4\"> </span>collegate <span class=\"_ _4\"> </span>o <span class=\"_ _4\"> </span>controllate <span class=\"_ _4\"> </span>congiuntamente <span class=\"_ _4\"> </span>sono <span class=\"_ _4\"> </span>valutate <span class=\"_ _4\"> </span>con <span class=\"_ _4\"> </span>il <span class=\"_ _4\"> </span>metodo <span class=\"_ _4\"> </span>del<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs2f7\">patrimonio netto.<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs437\">Se <span class=\"_ _f\"></span>esistono <span class=\"_ _f\"></span>evidenze <span class=\"_ _f\"></span>che <span class=\"_ _f\"></span>il valore <span class=\"_ _11\"></span>di <span class=\"_ _f\"></span>una <span class=\"_ _1\"></span>partecipazione <span class=\"_ _f\"></span>possa av<span class=\"_ _1\"></span>er <span class=\"_ _f\"></span>subito <span class=\"_ _f\"></span>una <span class=\"_ _1\"></span>riduzione, <span class=\"_ _f\"></span>si <span class=\"_ _f\"></span>procede <span class=\"_ _f\"></span>alla <span class=\"_ _f\"></span>s<span class=\"_ _2\"></span>tima<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs438\">del <span class=\"_ _0\"></span>valore <span class=\"_ _9\"> </span>recuperabile <span class=\"_ _0\"> </span>della <span class=\"_ _9\"> </span>par<span class=\"_ _2\"></span>tecipazione<span class=\"_ _f\"></span> <span class=\"_ _9\"> </span>s<span class=\"_ _2\"></span>tessa, <span class=\"_ _0\"></span>t<span class=\"_ _2\"></span>enend<span class=\"_ _1\"></span>o <span class=\"_ _9\"> </span>conto <span class=\"_ _9\"> </span>del <span class=\"_ _0\"></span>valore <span class=\"_ _9\"> </span>attuale <span class=\"_ _0\"></span>dei <span class=\"_ _9\"> </span>flussi <span class=\"_ _9\"> </span>finanziari<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs439\">futuri che la partecipazio<span class=\"ff5\">ne potr\u00e0 generare, incluso il valore di dismissione finale de<span class=\"_ _1\"></span>ll\u2019investimento.<span class=\"_ _df\"> </span></span><span class=\"ff5\"><span class=\"_ _2\"></span><span class=\"ff4\"> </span></span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs43a\">Qualora  i<span class=\"_ _1\"></span>l <span class=\"_ _16\"> </span>valore <span class=\"_ _16\"> </span>di <span class=\"_ _9\"> </span>recupero  risulti <span class=\"_ _9\"> </span>inferiore  al <span class=\"_ _9\"> </span>valore  contabile, <span class=\"_ _9\"> </span>la  relativa <span class=\"_ _9\"> </span>differenza  \u00e8 <span class=\"_ _9\"> </span>rilevata  a <span class=\"_ _16\"> </span>conto<span class=\"_ _df\"> </span><span class=\"_ _1\"></span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs43b\">economico.<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs43d\">Qualora i motivi della perdita di valore siano rimossi a seguito di un evento verificatosi successivamente alla<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs43e\">rilevazione <span class=\"_ _f\"></span>della <span class=\"_ _1\"></span>riduzione <span class=\"_ _f\"></span>di valore, <span class=\"_ _f\"></span>vengono <span class=\"_ _f\"></span>ef<span class=\"_ _2\"></span>fettuate <span class=\"_ _f\"></span>riprese d<span class=\"_ _1\"></span>i v<span class=\"_ _1\"></span>alore <span class=\"_ _1\"></span>con <span class=\"_ _f\"></span>imputazione <span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>conto e<span class=\"_ _1\"></span>conomico<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs43f\">che non possono eccedere l\u2019ammontare delle p<span class=\"_ _1\"></span>erdite da impairment in precedenza registrate.<span class=\"_ _df\"> </span><span class=\"_ _2\"></span><span class=\"ff4\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc4 sc3 ls0 ws0 gs441\">Criter<span class=\"_ _1\"></span>i di <span class=\"_ _1\"></span>cancell<span class=\"_ _1\"></span>azion<span class=\"_ _f\"></span>e </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs442\">Le <span class=\"_ _2\"></span>partecipazioni <span class=\"_ _2\"></span>vengono <span class=\"_ _d\"></span>cancellate <span class=\"_ _2\"></span>quando <span class=\"_ _2\"></span>scadono <span class=\"_ _2\"></span>i <span class=\"_ _d\"></span>diritti <span class=\"_ _2\"></span>contrattuali <span class=\"_ _2\"></span>sui <span class=\"_ _d\"></span>flussi <span class=\"_ _2\"></span>finanziari <span class=\"_ _2\"></span>derivati <span class=\"_ _2\"></span>dalle </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs443\">attivit\u00e0 <span class=\"_ _1\"></span>stesse o<span class=\"_ _f\"></span> quando <span class=\"_ _1\"></span>l\u2019attivit\u00e0 <span class=\"_ _f\"></span>finanziaria vie<span class=\"_ _1\"></span>ne ce<span class=\"_ _f\"></span>d<span class=\"_ _2\"></span>uta t<span class=\"_ _f\"></span>r<span class=\"_ _2\"></span>asferendo <span class=\"_ _f\"></span>s<span class=\"_ _2\"></span>ostanzialmente<span class=\"_ _1\"></span> tutti <span class=\"_ _f\"></span>i rischi<span class=\"_ _f\"></span> e b<span class=\"_ _1\"></span>enefici </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls73 ws0 gs444\">ad<span class=\"ls0\"> essa connessi. </span></div><div class=\"t m0 h5 ff4 fs1 fc4 sc3 ls0 ws0 gs445\">Criter<span class=\"_ _1\"></span>i di <span class=\"_ _1\"></span>rileva<span class=\"_ _f\"></span>zione dell<span class=\"_ _1\"></span>e com<span class=\"_ _f\"></span>ponenti <span class=\"_ _1\"></span>reddi<span class=\"_ _1\"></span>tuali<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs446\">Le <span class=\"_ _9\"> </span>differenze <span class=\"_ _9\"> </span>negative <span class=\"_ _16\"> </span>di <span class=\"_ _9\"> </span>prima  i<span class=\"_ _1\"></span>scrizione, <span class=\"_ _9\"> </span>gli <span class=\"_ _9\"> </span>utili <span class=\"_ _16\"> </span>e <span class=\"_ _9\"> </span>le <span class=\"_ _16\"> </span>perdite <span class=\"_ _9\"> </span>delle <span class=\"_ _9\"> </span>partecipate <span class=\"_ _9\"> </span>r<span class=\"_ _2\"></span>ealizzate,<span class=\"_ _1\"></span> <span class=\"_ _16\"> </span>le <span class=\"_ _9\"> </span>perdite <span class=\"_ _9\"> </span>da </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs447\">impairment  e  le<span class=\"_ _1\"></span>  riprese  d<span class=\"_ _1\"></span>i  valore  ve<span class=\"_ _1\"></span>ngono  allocate  nell<span class=\"_ _1\"></span>a  voce  di <span class=\"_ _16\"> </span>conto  econom<span class=\"ff5\">ico  \u201cUtili  (Pe<span class=\"_ _1\"></span>rdite)  d<span class=\"_ _1\"></span>elle </span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs448\">partecipazioni\u201d, <span class=\"_ _0\"></span>me<span class=\"_ _2\"></span>ntre <span class=\"_ _9\"> </span>i <span class=\"_ _9\"> </span>dividendi <span class=\"_ _9\"> </span>incassati <span class=\"_ _9\"> </span>vengono <span class=\"_ _9\"> </span>allocati <span class=\"_ _16\"> </span>nella <span class=\"_ _0\"></span>voce <span class=\"_ _16\"> </span>\u201cDividendi <span class=\"_ _9\"> </span>e <span class=\"_ _9\"> </span>proventi <span class=\"_ _9\"> </span>simili\u201d <span class=\"_ _16\"> </span>nel </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs449\">momento in cui sorge il diritto a rice<span class=\"_ _1\"></span>verne il pagamento.<span class=\"_ _2\"></span> </div>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociates",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-770": {
   "value": "5 <span class=\"ls0\">- Partecip<span class=\"_ _f\"></span>azioni </span>Criter<span class=\"_ _1\"></span>i di <span class=\"_ _1\"></span>iscrizi<span class=\"_ _1\"></span>one  Le <span class=\"_ _9\"> </span>partecipazioni <span class=\"_ _9\"> </span>sono <span class=\"_ _9\"> </span>iscritte <span class=\"_ _9\"> </span>alla <span class=\"_ _9\"> </span>data <span class=\"_ _16\"> </span>di <span class=\"_ _0\"></span>r<span class=\"_ _2\"></span>egolamento. <span class=\"_ _0\"></span>All\u2019atto <span class=\"_ _9\"> </span>della <span class=\"_ _9\"> </span>rilevazione <span class=\"_ _9\"> </span>iniziale <span class=\"_ _9\"> </span>le <span class=\"_ _9\"> </span>in<span class=\"_ _2\"></span><span class=\"ff4\">teressenze<span class=\"_ _df\"> </span></span><span class=\"ff4\"> </span>partecipative <span class=\"_ _0\"></span>sono <span class=\"_ _9\"> </span>contabilizzate <span class=\"_ _9\"> </span>al <span class=\"_ _9\"> </span>costo, <span class=\"_ _0\"></span>comprensivo <span class=\"_ _9\"> </span>dei <span class=\"_ _0\"></span>costi <span class=\"_ _9\"> </span>o <span class=\"_ _9\"> </span>proventi <span class=\"_ _0\"></span>direttamente <span class=\"_ _9\"> </span>attribuibili<span class=\"_ _1\"></span> <span class=\"_ _9\"> </span>alla<span class=\"_ _df\"> </span> transazione.<span class=\"_ _df\"> </span> Criter<span class=\"_ _1\"></span>i di <span class=\"_ _1\"></span>class<span class=\"_ _1\"></span>ificazi<span class=\"_ _1\"></span>one<span class=\"_ _df\"> </span> La voce include le interessenze de<span class=\"_ _1\"></span>tenute in societ\u00e0 controllate congiuntamente e collegate.<span class=\"_ _df\"> </span><span class=\"_ _2\"></span> Sono <span class=\"ff5\">considerate controllate congiu<span class=\"_ _1\"></span>ntamente le imprese nelle quali i diritti di voto ed il controllo del<span class=\"_ _1\"></span>l\u2019attivit\u00e0<span class=\"_ _df\"> </span></span><span class=\"ff5\"> </span>economica della partecipata sono condiv<span class=\"_ _1\"></span>isi in modo paritetico da Credem, direttamente o indi<span class=\"_ _1\"></span>rettamente, e<span class=\"_ _df\"> </span> da  un  altro  soggetto.  Inoltre  v<span class=\"_ _1\"></span>iene  qualificato  come  sottoposto  a  controllo  congiu<span class=\"_ _1\"></span>nto  un  investimento<span class=\"_ _df\"> </span> partecipativo  nel<span class=\"_ _1\"></span>  quale,  pur  in  assenz<span class=\"_ _1\"></span>a  di  una  q<span class=\"_ _1\"></span>uota  paritetica  di  di<span class=\"_ _1\"></span>ritti  di  voto,  il  con<span class=\"_ _f\"></span>t<span class=\"_ _2\"></span>rollo <span class=\"_ _16\"> </span>sull\u2019attivit\u00e0<span class=\"_ _df\"> </span> economica  e<span class=\"_ _1\"></span>  sugli <span class=\"_ _16\"> </span>indirizzi  strategici<span class=\"_ _1\"></span>  della  p<span class=\"_ _1\"></span>artecipata  \u00e8 <span class=\"_ _16\"> </span>condiviso  con <span class=\"_ _16\"> </span>altri  soggetti  in  vi<span class=\"_ _1\"></span>rt\u00f9  di <span class=\"_ _16\"> </span>accordi<span class=\"_ _df\"> </span> contrattuali.<span class=\"_ _df\"> </span> Sono <span class=\"_ _0\"></span>considerate <span class=\"_ _0\"></span>collegate, <span class=\"_ _0\"></span>cio\u00e8 <span class=\"_ _9\"> </span>sottoposte <span class=\"_ _0\"></span>ad <span class=\"_ _9\"> </span>influenza <span class=\"_ _d\"></span>not<span class=\"_ _2\"></span>evole<span class=\"_ _1\"></span>, <span class=\"_ _0\"></span>le <span class=\"_ _9\"> </span>imprese <span class=\"_ _0\"></span>nelle <span class=\"_ _0\"></span>quali <span class=\"_ _0\"></span>la <span class=\"_ _9\"> </span>capogruppo,<span class=\"_ _df\"> </span> direttamente <span class=\"_ _f\"></span>o indi<span class=\"_ _1\"></span>rettamente, <span class=\"_ _1\"></span>possiede <span class=\"_ _f\"></span>almeno <span class=\"_ _f\"></span>il 20% <span class=\"_ _f\"></span>dei <span class=\"_ _f\"></span>diritti <span class=\"_ _f\"></span>di v<span class=\"_ _1\"></span>oto (i<span class=\"_ _1\"></span>vi <span class=\"_ _f\"></span>inclusi <span class=\"_ _f\"></span>i diritti <span class=\"_ _f\"></span>di <span class=\"_ _1\"></span>voto <span class=\"_ _f\"></span>\u201cpoten<span class=\"_ _2\"></span>ziali\u201d)<span class=\"_ _df\"> </span> o<span class=\"_ _4\"> </span>nelle <span class=\"_ _d\"></span>quali <span class=\"_ _2\"></span><span class=\"ff5\">\u2013</span> <span class=\"_ _d\"></span>pur <span class=\"_ _2\"></span>con <span class=\"_ _d\"></span>una <span class=\"_ _2\"></span>quota <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>diritti <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>voto <span class=\"_ _d\"></span>inferiore <span class=\"_ _d\"></span><span class=\"ff5\">\u2013</span> <span class=\"_ _d\"></span>ha <span class=\"_ _2\"></span>il <span class=\"_ _d\"></span>potere <span class=\"_ _2\"></span>di <span class=\"_ _d\"></span>partecipare <span class=\"_ _2\"></span>alla <span class=\"_ _d\"></span>determinazione<span class=\"_ _df\"> </span>delle <span class=\"_ _4\"> </span>politiche <span class=\"_ _17\"> </span>finanziarie <span class=\"_ _17\"> </span>e <span class=\"_ _17\"> </span>gestionali <span class=\"_ _17\"> </span>della <span class=\"_ _17\"> </span>partecipata <span class=\"_ _17\"> </span>in <span class=\"_ _17\"> </span>virt\u00f9 <span class=\"_ _4\"> </span>di <span class=\"_ _17\"> </span>part<span class=\"_ _2\"></span>icolari<span class=\"_ _1\"></span> <span class=\"_ _17\"> </span>legami <span class=\"_ _17\"> </span>giuridici <span class=\"_ _4\"> </span>quali <span class=\"_ _17\"> </span>la<span class=\"_ _df\"> </span>partecipazione a patti di sindacato.<span class=\"_ _df\"> </span> Non <span class=\"_ _d\"></span>s<span class=\"_ _2\"></span>ono <span class=\"_ _d\"></span>considerate <span class=\"_ _d\"></span>sottoposte <span class=\"_ _0\"></span>ad <span class=\"_ _d\"></span>influenza <span class=\"_ _d\"></span>notevole <span class=\"_ _0\"></span>alcune <span class=\"_ _0\"></span>interessenze <span class=\"_ _d\"></span>superiori <span class=\"_ _0\"></span>al <span class=\"_ _d\"></span>20%, <span class=\"_ _0\"></span>nelle <span class=\"_ _d\"></span>quali,<span class=\"_ _df\"> </span>direttamente <span class=\"_ _f\"></span>o indi<span class=\"_ _1\"></span>rettamente, <span class=\"_ _1\"></span>il <span class=\"_ _f\"></span>Gr<span class=\"_ _2\"></span>uppo <span class=\"_ _f\"></span>detiene <span class=\"_ _f\"></span>esclusivamente <span class=\"_ _f\"></span>diritt<span class=\"_ _2\"></span>i <span class=\"_ _f\"></span>patrimoniali <span class=\"_ _1\"></span>su <span class=\"_ _1\"></span>una <span class=\"_ _f\"></span>porzione <span class=\"_ _f\"></span>dei <span class=\"_ _1\"></span>frutti<span class=\"_ _df\"> </span> degli investimenti,<span class=\"_ _1\"></span> non ha accesso alle <span class=\"_ _1\"></span>politiche di <span class=\"_ _f\"></span>g<span class=\"_ _2\"></span>estione e <span class=\"_ _1\"></span>pu\u00f2 esercitare diritti di <span class=\"_ _1\"></span>governance limitati all<span class=\"_ _1\"></span>a<span class=\"_ _df\"> </span> tutela degli interessi patrimoniali.<span class=\"_ _df\"> </span>Criter<span class=\"_ _1\"></span>i di <span class=\"_ _1\"></span>valuta<span class=\"_ _1\"></span>zione<span class=\"_ _df\"> </span><span class=\"_ _f\"></span> Le <span class=\"_ _4\"> </span>partecipazioni <span class=\"_ _4\"> </span>in <span class=\"_ _4\"> </span>societ\u00e0 <span class=\"_ _4\"> </span>collegate <span class=\"_ _4\"> </span>o <span class=\"_ _4\"> </span>controllate <span class=\"_ _4\"> </span>congiuntamente <span class=\"_ _4\"> </span>sono <span class=\"_ _4\"> </span>valutate <span class=\"_ _4\"> </span>con <span class=\"_ _4\"> </span>il <span class=\"_ _4\"> </span>metodo <span class=\"_ _4\"> </span>del<span class=\"_ _df\"> </span> patrimonio netto.<span class=\"_ _df\"> </span>Se <span class=\"_ _f\"></span>esistono <span class=\"_ _f\"></span>evidenze <span class=\"_ _f\"></span>che <span class=\"_ _f\"></span>il valore <span class=\"_ _11\"></span>di <span class=\"_ _f\"></span>una <span class=\"_ _1\"></span>partecipazione <span class=\"_ _f\"></span>possa av<span class=\"_ _1\"></span>er <span class=\"_ _f\"></span>subito <span class=\"_ _f\"></span>una <span class=\"_ _1\"></span>riduzione, <span class=\"_ _f\"></span>si <span class=\"_ _f\"></span>procede <span class=\"_ _f\"></span>alla <span class=\"_ _f\"></span>s<span class=\"_ _2\"></span>tima<span class=\"_ _df\"> </span> del <span class=\"_ _0\"></span>valore <span class=\"_ _9\"> </span>recuperabile <span class=\"_ _0\"> </span>della <span class=\"_ _9\"> </span>par<span class=\"_ _2\"></span>tecipazione<span class=\"_ _f\"></span> <span class=\"_ _9\"> </span>s<span class=\"_ _2\"></span>tessa, <span class=\"_ _0\"></span>t<span class=\"_ _2\"></span>enend<span class=\"_ _1\"></span>o <span class=\"_ _9\"> </span>conto <span class=\"_ _9\"> </span>del <span class=\"_ _0\"></span>valore <span class=\"_ _9\"> </span>attuale <span class=\"_ _0\"></span>dei <span class=\"_ _9\"> </span>flussi <span class=\"_ _9\"> </span>finanziari<span class=\"_ _df\"> </span> futuri che la partecipazio<span class=\"ff5\">ne potr\u00e0 generare, incluso il valore di dismissione finale de<span class=\"_ _1\"></span>ll\u2019investimento.<span class=\"_ _df\"> </span></span><span class=\"ff5\"><span class=\"_ _2\"></span><span class=\"ff4\"> </span></span>Qualora  i<span class=\"_ _1\"></span>l <span class=\"_ _16\"> </span>valore <span class=\"_ _16\"> </span>di <span class=\"_ _9\"> </span>recupero  risulti <span class=\"_ _9\"> </span>inferiore  al <span class=\"_ _9\"> </span>valore  contabile, <span class=\"_ _9\"> </span>la  relativa <span class=\"_ _9\"> </span>differenza  \u00e8 <span class=\"_ _9\"> </span>rilevata  a <span class=\"_ _16\"> </span>conto<span class=\"_ _df\"> </span><span class=\"_ _1\"></span> economico.<span class=\"_ _df\"> </span> Qualora i motivi della perdita di valore siano rimossi a seguito di un evento verificatosi successivamente alla<span class=\"_ _df\"> </span> rilevazione <span class=\"_ _f\"></span>della <span class=\"_ _1\"></span>riduzione <span class=\"_ _f\"></span>di valore, <span class=\"_ _f\"></span>vengono <span class=\"_ _f\"></span>ef<span class=\"_ _2\"></span>fettuate <span class=\"_ _f\"></span>riprese d<span class=\"_ _1\"></span>i v<span class=\"_ _1\"></span>alore <span class=\"_ _1\"></span>con <span class=\"_ _f\"></span>imputazione <span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>conto e<span class=\"_ _1\"></span>conomico<span class=\"_ _df\"> </span> che non possono eccedere l\u2019ammontare delle p<span class=\"_ _1\"></span>erdite da impairment in precedenza registrate.<span class=\"_ _df\"> </span><span class=\"_ _2\"></span><span class=\"ff4\"> </span>Criter<span class=\"_ _1\"></span>i di <span class=\"_ _1\"></span>cancell<span class=\"_ _1\"></span>azion<span class=\"_ _f\"></span>e Le <span class=\"_ _2\"></span>partecipazioni <span class=\"_ _2\"></span>vengono <span class=\"_ _d\"></span>cancellate <span class=\"_ _2\"></span>quando <span class=\"_ _2\"></span>scadono <span class=\"_ _2\"></span>i <span class=\"_ _d\"></span>diritti <span class=\"_ _2\"></span>contrattuali <span class=\"_ _2\"></span>sui <span class=\"_ _d\"></span>flussi <span class=\"_ _2\"></span>finanziari <span class=\"_ _2\"></span>derivati <span class=\"_ _2\"></span>dalle attivit\u00e0 <span class=\"_ _1\"></span>stesse o<span class=\"_ _f\"></span> quando <span class=\"_ _1\"></span>l\u2019attivit\u00e0 <span class=\"_ _f\"></span>finanziaria vie<span class=\"_ _1\"></span>ne ce<span class=\"_ _f\"></span>d<span class=\"_ _2\"></span>uta t<span class=\"_ _f\"></span>r<span class=\"_ _2\"></span>asferendo <span class=\"_ _f\"></span>s<span class=\"_ _2\"></span>ostanzialmente<span class=\"_ _1\"></span> tutti <span class=\"_ _f\"></span>i rischi<span class=\"_ _f\"></span> e b<span class=\"_ _1\"></span>enefici ad<span class=\"ls0\"> essa connessi. </span>Criter<span class=\"_ _1\"></span>i di <span class=\"_ _1\"></span>rileva<span class=\"_ _f\"></span>zione dell<span class=\"_ _1\"></span>e com<span class=\"_ _f\"></span>ponenti <span class=\"_ _1\"></span>reddi<span class=\"_ _1\"></span>tuali<span class=\"_ _f\"></span><span class=\"sc0\"> </span>Le <span class=\"_ _9\"> </span>differenze <span class=\"_ _9\"> </span>negative <span class=\"_ _16\"> </span>di <span class=\"_ _9\"> </span>prima  i<span class=\"_ _1\"></span>scrizione, <span class=\"_ _9\"> </span>gli <span class=\"_ _9\"> </span>utili <span class=\"_ _16\"> </span>e <span class=\"_ _9\"> </span>le <span class=\"_ _16\"> </span>perdite <span class=\"_ _9\"> </span>delle <span class=\"_ _9\"> </span>partecipate <span class=\"_ _9\"> </span>r<span class=\"_ _2\"></span>ealizzate,<span class=\"_ _1\"></span> <span class=\"_ _16\"> </span>le <span class=\"_ _9\"> </span>perdite <span class=\"_ _9\"> </span>da impairment  e  le<span class=\"_ _1\"></span>  riprese  d<span class=\"_ _1\"></span>i  valore  ve<span class=\"_ _1\"></span>ngono  allocate  nell<span class=\"_ _1\"></span>a  voce  di <span class=\"_ _16\"> </span>conto  econom<span class=\"ff5\">ico  \u201cUtili  (Pe<span class=\"_ _1\"></span>rdite)  d<span class=\"_ _1\"></span>elle </span>partecipazioni\u201d, <span class=\"_ _0\"></span>me<span class=\"_ _2\"></span>ntre <span class=\"_ _9\"> </span>i <span class=\"_ _9\"> </span>dividendi <span class=\"_ _9\"> </span>incassati <span class=\"_ _9\"> </span>vengono <span class=\"_ _9\"> </span>allocati <span class=\"_ _16\"> </span>nella <span class=\"_ _0\"></span>voce <span class=\"_ _16\"> </span>\u201cDividendi <span class=\"_ _9\"> </span>e <span class=\"_ _9\"> </span>proventi <span class=\"_ _9\"> </span>simili\u201d <span class=\"_ _16\"> </span>nel momento in cui sorge il diritto a rice<span class=\"_ _1\"></span>verne il pagamento.<span class=\"_ _2\"></span> ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-799": {
   "value": "5 <span class=\"ls0\">- Partecip<span class=\"_ _f\"></span>azioni </span>Criter<span class=\"_ _1\"></span>i di <span class=\"_ _1\"></span>iscrizi<span class=\"_ _1\"></span>one  Le <span class=\"_ _9\"> </span>partecipazioni <span class=\"_ _9\"> </span>sono <span class=\"_ _9\"> </span>iscritte <span class=\"_ _9\"> </span>alla <span class=\"_ _9\"> </span>data <span class=\"_ _16\"> </span>di <span class=\"_ _0\"></span>r<span class=\"_ _2\"></span>egolamento. <span class=\"_ _0\"></span>All\u2019atto <span class=\"_ _9\"> </span>della <span class=\"_ _9\"> </span>rilevazione <span class=\"_ _9\"> </span>iniziale <span class=\"_ _9\"> </span>le <span class=\"_ _9\"> </span>in<span class=\"_ _2\"></span><span class=\"ff4\">teressenze<span class=\"_ _df\"> </span></span><span class=\"ff4\"> </span>partecipative <span class=\"_ _0\"></span>sono <span class=\"_ _9\"> </span>contabilizzate <span class=\"_ _9\"> </span>al <span class=\"_ _9\"> </span>costo, <span class=\"_ _0\"></span>comprensivo <span class=\"_ _9\"> </span>dei <span class=\"_ _0\"></span>costi <span class=\"_ _9\"> </span>o <span class=\"_ _9\"> </span>proventi <span class=\"_ _0\"></span>direttamente <span class=\"_ _9\"> </span>attribuibili<span class=\"_ _1\"></span> <span class=\"_ _9\"> </span>alla<span class=\"_ _df\"> </span> transazione.<span class=\"_ _df\"> </span> Criter<span class=\"_ _1\"></span>i di <span class=\"_ _1\"></span>class<span class=\"_ _1\"></span>ificazi<span class=\"_ _1\"></span>one<span class=\"_ _df\"> </span> La voce include le interessenze de<span class=\"_ _1\"></span>tenute in societ\u00e0 controllate congiuntamente e collegate.<span class=\"_ _df\"> </span><span class=\"_ _2\"></span> Sono <span class=\"ff5\">considerate controllate congiu<span class=\"_ _1\"></span>ntamente le imprese nelle quali i diritti di voto ed il controllo del<span class=\"_ _1\"></span>l\u2019attivit\u00e0<span class=\"_ _df\"> </span></span><span class=\"ff5\"> </span>economica della partecipata sono condiv<span class=\"_ _1\"></span>isi in modo paritetico da Credem, direttamente o indi<span class=\"_ _1\"></span>rettamente, e<span class=\"_ _df\"> </span> da  un  altro  soggetto.  Inoltre  v<span class=\"_ _1\"></span>iene  qualificato  come  sottoposto  a  controllo  congiu<span class=\"_ _1\"></span>nto  un  investimento<span class=\"_ _df\"> </span> partecipativo  nel<span class=\"_ _1\"></span>  quale,  pur  in  assenz<span class=\"_ _1\"></span>a  di  una  q<span class=\"_ _1\"></span>uota  paritetica  di  di<span class=\"_ _1\"></span>ritti  di  voto,  il  con<span class=\"_ _f\"></span>t<span class=\"_ _2\"></span>rollo <span class=\"_ _16\"> </span>sull\u2019attivit\u00e0<span class=\"_ _df\"> </span> economica  e<span class=\"_ _1\"></span>  sugli <span class=\"_ _16\"> </span>indirizzi  strategici<span class=\"_ _1\"></span>  della  p<span class=\"_ _1\"></span>artecipata  \u00e8 <span class=\"_ _16\"> </span>condiviso  con <span class=\"_ _16\"> </span>altri  soggetti  in  vi<span class=\"_ _1\"></span>rt\u00f9  di <span class=\"_ _16\"> </span>accordi<span class=\"_ _df\"> </span> contrattuali.<span class=\"_ _df\"> </span> Sono <span class=\"_ _0\"></span>considerate <span class=\"_ _0\"></span>collegate, <span class=\"_ _0\"></span>cio\u00e8 <span class=\"_ _9\"> </span>sottoposte <span class=\"_ _0\"></span>ad <span class=\"_ _9\"> </span>influenza <span class=\"_ _d\"></span>not<span class=\"_ _2\"></span>evole<span class=\"_ _1\"></span>, <span class=\"_ _0\"></span>le <span class=\"_ _9\"> </span>imprese <span class=\"_ _0\"></span>nelle <span class=\"_ _0\"></span>quali <span class=\"_ _0\"></span>la <span class=\"_ _9\"> </span>capogruppo,<span class=\"_ _df\"> </span> direttamente <span class=\"_ _f\"></span>o indi<span class=\"_ _1\"></span>rettamente, <span class=\"_ _1\"></span>possiede <span class=\"_ _f\"></span>almeno <span class=\"_ _f\"></span>il 20% <span class=\"_ _f\"></span>dei <span class=\"_ _f\"></span>diritti <span class=\"_ _f\"></span>di v<span class=\"_ _1\"></span>oto (i<span class=\"_ _1\"></span>vi <span class=\"_ _f\"></span>inclusi <span class=\"_ _f\"></span>i diritti <span class=\"_ _f\"></span>di <span class=\"_ _1\"></span>voto <span class=\"_ _f\"></span>\u201cpoten<span class=\"_ _2\"></span>ziali\u201d)<span class=\"_ _df\"> </span> o<span class=\"_ _4\"> </span>nelle <span class=\"_ _d\"></span>quali <span class=\"_ _2\"></span><span class=\"ff5\">\u2013</span> <span class=\"_ _d\"></span>pur <span class=\"_ _2\"></span>con <span class=\"_ _d\"></span>una <span class=\"_ _2\"></span>quota <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>diritti <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>voto <span class=\"_ _d\"></span>inferiore <span class=\"_ _d\"></span><span class=\"ff5\">\u2013</span> <span class=\"_ _d\"></span>ha <span class=\"_ _2\"></span>il <span class=\"_ _d\"></span>potere <span class=\"_ _2\"></span>di <span class=\"_ _d\"></span>partecipare <span class=\"_ _2\"></span>alla <span class=\"_ _d\"></span>determinazione<span class=\"_ _df\"> </span>delle <span class=\"_ _4\"> </span>politiche <span class=\"_ _17\"> </span>finanziarie <span class=\"_ _17\"> </span>e <span class=\"_ _17\"> </span>gestionali <span class=\"_ _17\"> </span>della <span class=\"_ _17\"> </span>partecipata <span class=\"_ _17\"> </span>in <span class=\"_ _17\"> </span>virt\u00f9 <span class=\"_ _4\"> </span>di <span class=\"_ _17\"> </span>part<span class=\"_ _2\"></span>icolari<span class=\"_ _1\"></span> <span class=\"_ _17\"> </span>legami <span class=\"_ _17\"> </span>giuridici <span class=\"_ _4\"> </span>quali <span class=\"_ _17\"> </span>la<span class=\"_ _df\"> </span>partecipazione a patti di sindacato.<span class=\"_ _df\"> </span> Non <span class=\"_ _d\"></span>s<span class=\"_ _2\"></span>ono <span class=\"_ _d\"></span>considerate <span class=\"_ _d\"></span>sottoposte <span class=\"_ _0\"></span>ad <span class=\"_ _d\"></span>influenza <span class=\"_ _d\"></span>notevole <span class=\"_ _0\"></span>alcune <span class=\"_ _0\"></span>interessenze <span class=\"_ _d\"></span>superiori <span class=\"_ _0\"></span>al <span class=\"_ _d\"></span>20%, <span class=\"_ _0\"></span>nelle <span class=\"_ _d\"></span>quali,<span class=\"_ _df\"> </span>direttamente <span class=\"_ _f\"></span>o indi<span class=\"_ _1\"></span>rettamente, <span class=\"_ _1\"></span>il <span class=\"_ _f\"></span>Gr<span class=\"_ _2\"></span>uppo <span class=\"_ _f\"></span>detiene <span class=\"_ _f\"></span>esclusivamente <span class=\"_ _f\"></span>diritt<span class=\"_ _2\"></span>i <span class=\"_ _f\"></span>patrimoniali <span class=\"_ _1\"></span>su <span class=\"_ _1\"></span>una <span class=\"_ _f\"></span>porzione <span class=\"_ _f\"></span>dei <span class=\"_ _1\"></span>frutti<span class=\"_ _df\"> </span> degli investimenti,<span class=\"_ _1\"></span> non ha accesso alle <span class=\"_ _1\"></span>politiche di <span class=\"_ _f\"></span>g<span class=\"_ _2\"></span>estione e <span class=\"_ _1\"></span>pu\u00f2 esercitare diritti di <span class=\"_ _1\"></span>governance limitati all<span class=\"_ _1\"></span>a<span class=\"_ _df\"> </span> tutela degli interessi patrimoniali.<span class=\"_ _df\"> </span>Criter<span class=\"_ _1\"></span>i di <span class=\"_ _1\"></span>valuta<span class=\"_ _1\"></span>zione<span class=\"_ _df\"> </span><span class=\"_ _f\"></span> Le <span class=\"_ _4\"> </span>partecipazioni <span class=\"_ _4\"> </span>in <span class=\"_ _4\"> </span>societ\u00e0 <span class=\"_ _4\"> </span>collegate <span class=\"_ _4\"> </span>o <span class=\"_ _4\"> </span>controllate <span class=\"_ _4\"> </span>congiuntamente <span class=\"_ _4\"> </span>sono <span class=\"_ _4\"> </span>valutate <span class=\"_ _4\"> </span>con <span class=\"_ _4\"> </span>il <span class=\"_ _4\"> </span>metodo <span class=\"_ _4\"> </span>del<span class=\"_ _df\"> </span> patrimonio netto.<span class=\"_ _df\"> </span>Se <span class=\"_ _f\"></span>esistono <span class=\"_ _f\"></span>evidenze <span class=\"_ _f\"></span>che <span class=\"_ _f\"></span>il valore <span class=\"_ _11\"></span>di <span class=\"_ _f\"></span>una <span class=\"_ _1\"></span>partecipazione <span class=\"_ _f\"></span>possa av<span class=\"_ _1\"></span>er <span class=\"_ _f\"></span>subito <span class=\"_ _f\"></span>una <span class=\"_ _1\"></span>riduzione, <span class=\"_ _f\"></span>si <span class=\"_ _f\"></span>procede <span class=\"_ _f\"></span>alla <span class=\"_ _f\"></span>s<span class=\"_ _2\"></span>tima<span class=\"_ _df\"> </span> del <span class=\"_ _0\"></span>valore <span class=\"_ _9\"> </span>recuperabile <span class=\"_ _0\"> </span>della <span class=\"_ _9\"> </span>par<span class=\"_ _2\"></span>tecipazione<span class=\"_ _f\"></span> <span class=\"_ _9\"> </span>s<span class=\"_ _2\"></span>tessa, <span class=\"_ _0\"></span>t<span class=\"_ _2\"></span>enend<span class=\"_ _1\"></span>o <span class=\"_ _9\"> </span>conto <span class=\"_ _9\"> </span>del <span class=\"_ _0\"></span>valore <span class=\"_ _9\"> </span>attuale <span class=\"_ _0\"></span>dei <span class=\"_ _9\"> </span>flussi <span class=\"_ _9\"> </span>finanziari<span class=\"_ _df\"> </span> futuri che la partecipazio<span class=\"ff5\">ne potr\u00e0 generare, incluso il valore di dismissione finale de<span class=\"_ _1\"></span>ll\u2019investimento.<span class=\"_ _df\"> </span></span><span class=\"ff5\"><span class=\"_ _2\"></span><span class=\"ff4\"> </span></span>Qualora  i<span class=\"_ _1\"></span>l <span class=\"_ _16\"> </span>valore <span class=\"_ _16\"> </span>di <span class=\"_ _9\"> </span>recupero  risulti <span class=\"_ _9\"> </span>inferiore  al <span class=\"_ _9\"> </span>valore  contabile, <span class=\"_ _9\"> </span>la  relativa <span class=\"_ _9\"> </span>differenza  \u00e8 <span class=\"_ _9\"> </span>rilevata  a <span class=\"_ _16\"> </span>conto<span class=\"_ _df\"> </span><span class=\"_ _1\"></span> economico.<span class=\"_ _df\"> </span> Qualora i motivi della perdita di valore siano rimossi a seguito di un evento verificatosi successivamente alla<span class=\"_ _df\"> </span> rilevazione <span class=\"_ _f\"></span>della <span class=\"_ _1\"></span>riduzione <span class=\"_ _f\"></span>di valore, <span class=\"_ _f\"></span>vengono <span class=\"_ _f\"></span>ef<span class=\"_ _2\"></span>fettuate <span class=\"_ _f\"></span>riprese d<span class=\"_ _1\"></span>i v<span class=\"_ _1\"></span>alore <span class=\"_ _1\"></span>con <span class=\"_ _f\"></span>imputazione <span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>conto e<span class=\"_ _1\"></span>conomico<span class=\"_ _df\"> </span> che non possono eccedere l\u2019ammontare delle p<span class=\"_ _1\"></span>erdite da impairment in precedenza registrate.<span class=\"_ _df\"> </span>Criter<span class=\"_ _1\"></span>i di <span class=\"_ _1\"></span>cancell<span class=\"_ _1\"></span>azion<span class=\"_ _f\"></span>e Le <span class=\"_ _2\"></span>partecipazioni <span class=\"_ _2\"></span>vengono <span class=\"_ _d\"></span>cancellate <span class=\"_ _2\"></span>quando <span class=\"_ _2\"></span>scadono <span class=\"_ _2\"></span>i <span class=\"_ _d\"></span>diritti <span class=\"_ _2\"></span>contrattuali <span class=\"_ _2\"></span>sui <span class=\"_ _d\"></span>flussi <span class=\"_ _2\"></span>finanziari <span class=\"_ _2\"></span>derivati <span class=\"_ _2\"></span>dalle attivit\u00e0 <span class=\"_ _1\"></span>stesse o<span class=\"_ _f\"></span> quando <span class=\"_ _1\"></span>l\u2019attivit\u00e0 <span class=\"_ _f\"></span>finanziaria vie<span class=\"_ _1\"></span>ne ce<span class=\"_ _f\"></span>d<span class=\"_ _2\"></span>uta t<span class=\"_ _f\"></span>r<span class=\"_ _2\"></span>asferendo <span class=\"_ _f\"></span>s<span class=\"_ _2\"></span>ostanzialmente<span class=\"_ _1\"></span> tutti <span class=\"_ _f\"></span>i rischi<span class=\"_ _f\"></span> e b<span class=\"_ _1\"></span>enefici ad<span class=\"ls0\"> essa connessi. </span>Criter<span class=\"_ _1\"></span>i di <span class=\"_ _1\"></span>rileva<span class=\"_ _f\"></span>zione dell<span class=\"_ _1\"></span>e com<span class=\"_ _f\"></span>ponenti <span class=\"_ _1\"></span>reddi<span class=\"_ _1\"></span>tuali<span class=\"_ _f\"></span><span class=\"sc0\"> </span>Le <span class=\"_ _9\"> </span>differenze <span class=\"_ _9\"> </span>negative <span class=\"_ _16\"> </span>di <span class=\"_ _9\"> </span>prima  i<span class=\"_ _1\"></span>scrizione, <span class=\"_ _9\"> </span>gli <span class=\"_ _9\"> </span>utili <span class=\"_ _16\"> </span>e <span class=\"_ _9\"> </span>le <span class=\"_ _16\"> </span>perdite <span class=\"_ _9\"> </span>delle <span class=\"_ _9\"> </span>partecipate <span class=\"_ _9\"> </span>r<span class=\"_ _2\"></span>ealizzate,<span class=\"_ _1\"></span> <span class=\"_ _16\"> </span>le <span class=\"_ _9\"> </span>perdite <span class=\"_ _9\"> </span>da impairment  e  le<span class=\"_ _1\"></span>  riprese  d<span class=\"_ _1\"></span>i  valore  ve<span class=\"_ _1\"></span>ngono  allocate  nell<span class=\"_ _1\"></span>a  voce  di <span class=\"_ _16\"> </span>conto  econom<span class=\"ff5\">ico  \u201cUtili  (Pe<span class=\"_ _1\"></span>rdite)  d<span class=\"_ _1\"></span>elle </span>partecipazioni\u201d, <span class=\"_ _0\"></span>me<span class=\"_ _2\"></span>ntre <span class=\"_ _9\"> </span>i <span class=\"_ _9\"> </span>dividendi <span class=\"_ _9\"> </span>incassati <span class=\"_ _9\"> </span>vengono <span class=\"_ _9\"> </span>allocati <span class=\"_ _16\"> </span>nella <span class=\"_ _0\"></span>voce <span class=\"_ _16\"> </span>\u201cDividendi <span class=\"_ _9\"> </span>e <span class=\"_ _9\"> </span>proventi <span class=\"_ _9\"> </span>simili\u201d <span class=\"_ _16\"> </span>nel momento in cui sorge il diritto a rice<span class=\"_ _1\"></span>verne il pagamento.<span class=\"_ _2\"></span> ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsInJointVentures",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-830": {
   "value": "6 <span class=\"ls0\">- Attivit\u00e0<span class=\"_ _f\"></span> materia<span class=\"_ _1\"></span>li </span>Criter<span class=\"_ _1\"></span>i di <span class=\"_ _1\"></span>iscrizi<span class=\"_ _1\"></span>one Le <span class=\"_ _d\"></span>attivit\u00e0 <span class=\"_ _d\"></span>materiali <span class=\"_ _d\"></span>sono <span class=\"_ _d\"></span>inizialmente <span class=\"_ _d\"></span>iscritte <span class=\"_ _d\"></span>al <span class=\"_ _d\"></span>costo <span class=\"_ _d\"></span>che <span class=\"_ _2\"></span>comprende, <span class=\"_ _d\"></span>oltre <span class=\"_ _d\"></span>al <span class=\"_ _d\"></span>prezzo <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>acquisto, <span class=\"_ _2\"></span>tutti <span class=\"_ _d\"></span>gli eventuali oneri accessori direttamente imp<span class=\"_ _1\"></span>utabili all\u2019acquisto e alla messa in funzione del bene.<span class=\"_ _2\"></span><span class=\"ff4\"> </span>Le  spese  d<span class=\"_ _2\"></span>i  manutenzione  s<span class=\"_ _2\"></span>traordinaria  che  compor<span class=\"_ _2\"></span>tano  un  incre<span class=\"_ _2\"></span>mento  dei <span class=\"_ _22\"> </span>b<span class=\"_ _2\"></span>enefici  economici <span class=\"_ _22\"> </span>futuri vengono imputate ad increme<span class=\"_ _1\"></span>nto del valore dei cespi<span class=\"_ _1\"></span>ti, mentre gli altri costi di<span class=\"_ _1\"></span> manutenzione ordinaria sono<span class=\"_ _f\"></span> rilevati a Conto Economico. I contratti di leasing (in qualit\u00e0 di locatario) sono contabilizz<span class=\"_ _1\"></span>ati applicando l\u2019I<span class=\"_ _2\"></span><span class=\"ff4\">FRS 16 sulla base del cosiddetto </span>modello <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>diritto <span class=\"_ _2\"></span>d\u2019uso <span class=\"_ _2\"></span>(\u201cright <span class=\"_ _2\"></span>of <span class=\"_ _2\"></span>use\u201d). <span class=\"_ _2\"></span>Alla <span class=\"_ _2\"></span>data <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>rilevazione <span class=\"_ _2\"></span>iniziale <span class=\"_ _2\"></span>pertanto <span class=\"_ _d\"></span>il <span class=\"_ _2\"></span>valore <span class=\"_ _2\"></span>del dirit<span class=\"_ _2\"></span>to <span class=\"_ _2\"></span>d\u2019uso \u00e8 determinato <span class=\"_ _14\"> </span>pari <span class=\"_ _15\"> </span>al <span class=\"_ _14\"> </span>valore <span class=\"_ _14\"> </span>di <span class=\"_ _14\"> </span>iscrizione <span class=\"_ _14\"> </span>iniziale <span class=\"_ _14\"> </span>della <span class=\"_ _14\"> </span>Passivit\u00e0 <span class=\"_ _15\"> </span>per <span class=\"_ _14\"> </span>leasing, <span class=\"_ _14\"> </span>corrett<span class=\"_ _2\"></span>o <span class=\"_ _17\"> </span>per <span class=\"_ _15\"> </span>le <span class=\"_ _14\"> </span>seguenti co<span class=\"ls0\">mponenti: </span>\u2022 i pagamenti dovuti per il leasing effettuati alla data o prima della data <span class=\"_ _2\"></span>di decorrenza al netto degli incentivi al leasing ricevuti;<span class=\"_ _df\"> </span>\u2022 i costi iniziali diretti sostenuti dal locatario;<span class=\"_ _df\"> </span>\u2022  la  stima  dei  costi  che<span class=\"_ _1\"></span>  il  locatario  dovr\u00e0  sostene<span class=\"_ _1\"></span>re  per  lo  smantellamento  e  la  rimozione  dell\u2019attivit\u00e0 sottostante e pe<span class=\"_ _1\"></span>r il ripristino <span class=\"_ _1\"></span>del sito in <span class=\"_ _f\"></span>cui \u00e8 ubicata <span class=\"_ _1\"></span>o per il <span class=\"_ _1\"></span>ripristino de<span class=\"_ _1\"></span>ll'attivit\u00e0 sottostante nelle<span class=\"_ _1\"></span> condizioni previste dai termini e dalle condizioni de<span class=\"_ _1\"></span>l leasing.<span class=\"_ _df\"> </span>Nell\u2019identificazione <span class=\"_ _2\"></span>dei <span class=\"_ _d\"></span>diritti <span class=\"_ _d\"></span>d\u2019uso, <span class=\"_ _d\"></span>il <span class=\"_ _d\"></span>Gruppo <span class=\"_ _2\"></span>Cr<span class=\"_ _2\"></span>edem <span class=\"_ _2\"></span>applica <span class=\"_ _d\"></span>le <span class=\"_ _d\"></span>\u201csemplificazioni\u201d <span class=\"_ _2\"></span>cons<span class=\"_ _2\"></span>entite <span class=\"_ _2\"></span>dall\u2019IFRS <span class=\"_ _d\"></span>16 <span class=\"_ _2\"></span>e<span class=\"_ _df\"> </span>quindi non sono considerati i contratti aventi caratteristiche<span class=\"_ _1\"></span>:<span class=\"_ _df\"> </span>\u2022 Leasing di breve<span class=\"_ _1\"></span> durata, ovvero un leasing di brev<span class=\"_ _1\"></span>e durata \u00e8 un<span class=\"_ _1\"></span> leasing che, alla data<span class=\"_ _1\"></span> iniziale, ha una durata<span class=\"_ _f\"></span> ug<span class=\"ls0\">uale o inferiore ai 12 mesi;<span class=\"_ _df\"> </span></span>\u2022 Leasing \u201clow<span class=\"ff4\">-</span>value\u201d, ovvero Leasing il cui asset presenta un valore pari o inf<span class=\"_ _1\"></span>eriore ad Euro 5.000.<span class=\"_ _df\"> </span>Criter<span class=\"_ _1\"></span>i di <span class=\"_ _13\"></span>classifica<span class=\"_ _f\"></span>zione<span class=\"_ _1\"></span> Le <span class=\"_ _1\"></span>attivit\u00e0 <span class=\"_ _1\"></span>materiali co<span class=\"_ _1\"></span>mprendono <span class=\"_ _1\"></span>i <span class=\"_ _f\"></span>t<span class=\"_ _2\"></span>erreni,<span class=\"_ _1\"></span> gli<span class=\"_ _1\"></span> immobi<span class=\"_ _1\"></span>li strume<span class=\"_ _1\"></span>ntali, g<span class=\"_ _1\"></span>li i<span class=\"_ _1\"></span>nvestimenti <span class=\"_ _1\"></span>immobiliari, il <span class=\"_ _f\"></span>patr<span class=\"_ _2\"></span>imonio artistico di<span class=\"_ _1\"></span> pregi<span class=\"_ _1\"></span>o, gli <span class=\"_ _f\"></span>im<span class=\"_ _2\"></span>pianti <span class=\"_ _f\"></span>te<span class=\"_ _2\"></span>cnici, <span class=\"_ _f\"></span>i mobili e <span class=\"_ _f\"></span>gli arredi <span class=\"_ _1\"></span>nonch\u00e9 le <span class=\"_ _f\"></span>at<span class=\"_ _2\"></span>trezzature <span class=\"_ _1\"></span>di q<span class=\"_ _f\"></span>ualsiasi tipo che <span class=\"_ _f\"></span>si ritiene di utilizzare per pi\u00f9 di un periodo. Le att<span class=\"_ _2\"></span>ivit\u00e0 materiali detenute per essere utilizzate nella produzione o nella fo<span class=\"ff5 ls0\">rnitura <span class=\"_ _2\"></span>di beni <span class=\"_ _2\"></span>e s<span class=\"_ _2\"></span>ervizi sono <span class=\"_ _2\"></span>classificate come <span class=\"_ _2\"></span>\u201cattivit\u00e0 <span class=\"_ _2\"></span>ad <span class=\"_ _2\"></span>uso funzionale\u201d <span class=\"_ _2\"></span>secondo lo <span class=\"_ _2\"></span>IAS 16. <span class=\"_ _2\"></span>Gli <span class=\"_ _2\"></span>immobili </span>posseduti <span class=\"_ _1\"></span>con fi<span class=\"_ _1\"></span>nalit\u00e0 di<span class=\"_ _f\"></span> investimento <span class=\"_ _f\"></span>(per conseguire <span class=\"_ _f\"></span>canoni di <span class=\"_ _f\"></span>locazione <span class=\"_ _f\"></span>o per l\u2019<span class=\"_ _1\"></span>apprezzamento <span class=\"_ _1\"></span>del <span class=\"_ _f\"></span>capitale investito) sono classificati come \u201cattivit\u00e0 detenute a scopo di investimento\u201d in base allo IAS<span class=\"ff4\"> <span class=\"ls4a\">40.<span class=\"_ _f\"></span><span class=\"ls0\"> </span></span></span>La <span class=\"_ _2\"></span>voce <span class=\"_ _2\"></span>accoglie <span class=\"_ _2\"></span>anche att<span class=\"_ _2\"></span>ivit\u00e0 materiali <span class=\"_ _2\"></span>classificate <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>base <span class=\"_ _2\"></span>allo <span class=\"_ _2\"></span>IAS <span class=\"_ _2\"></span>2 <span class=\"_ _d\"></span>- <span class=\"_ _2\"></span>Rimanenze, ch<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>si <span class=\"_ _2\"></span>riferiscono <span class=\"_ _2\"></span>sia <span class=\"_ _2\"></span>a beni <span class=\"_ _0\"></span>derivanti <span class=\"_ _0\"></span>dall\u2019attivit\u00e0 <span class=\"_ _d\"></span>di <span class=\"_ _0\"></span>escussione <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>garanzie <span class=\"_ _0\"></span>o <span class=\"_ _0\"></span>dall\u2019acquisto <span class=\"_ _0\"></span>in <span class=\"_ _0\"></span>asta <span class=\"_ _0\"></span>ch<span class=\"_ _2\"></span>e <span class=\"_ _0\"></span>l\u2019impresa <span class=\"_ _0\"></span>ha <span class=\"_ _0\"></span>intenzione <span class=\"_ _0\"></span>di vendere <span class=\"_ _4\"> </span>nel <span class=\"_ _17\"> </span>prossimo <span class=\"_ _17\"> </span>futuro, <span class=\"_ _4\"> </span>senza <span class=\"_ _17\"> </span>effettuare <span class=\"_ _4\"> </span>rilevanti <span class=\"_ _17\"> </span>opere <span class=\"_ _4\"> </span>di <span class=\"_ _17\"> </span>ristrutturazione, <span class=\"_ _4\"> </span>e <span class=\"_ _17\"> </span>che <span class=\"_ _4\"> </span>no<span class=\"_ _2\"></span>n <span class=\"_ _4\"> </span>hanno <span class=\"_ _17\"> </span>i presupposti <span class=\"_ _d\"></span>per <span class=\"_ _0\"></span>essere <span class=\"_ _0\"></span>classificati <span class=\"_ _0\"></span>nelle <span class=\"_ _d\"></span>categorie <span class=\"_ _0\"></span>precedenti, <span class=\"_ _d\"></span>sia <span class=\"_ _0\"></span>al <span class=\"_ _0\"></span>portafoglio <span class=\"_ _0\"></span>immobiliare <span class=\"_ _d\"></span>delle <span class=\"_ _0\"></span>Societ\u00e0 immobiliari del <span class=\"_ _2\"></span>Gruppo, compre<span class=\"_ _2\"></span>nsivo di <span class=\"_ _2\"></span>aree edificabili, <span class=\"_ _2\"></span>immobili in <span class=\"_ _2\"></span>costruzione, immobili <span class=\"_ _2\"></span>ultimati in <span class=\"_ _2\"></span>vendita e iniziative di sviluppo immobili<span class=\"_ _1\"></span>are, acquistato e detenuto in un\u2019ottica di dismissione.<span class=\"_ _df\"> </span>Sono,  inf<span class=\"_ _1\"></span>ine,  iscritti  nel<span class=\"_ _1\"></span>le  attivit\u00e0  materiali <span class=\"_ _9\"> </span>i  beni  utilizzati <span class=\"_ _16\"> </span>nell\u2019am<span class=\"_ _2\"></span><span class=\"ff4\">bito  di <span class=\"_ _16\"> </span>contratti  di <span class=\"_ _16\"> </span>leasing <span class=\"_ _16\"> </span>finanziario,<span class=\"_ _df\"> </span></span><span class=\"ff4\"> </span>ancorch\u00e9 la titolarit\u00e0 giuridica degli<span class=\"_ _1\"></span> stessi rimanga alla so<span class=\"_ _2\"></span>ciet\u00e0 l<span class=\"_ _1\"></span>ocatrice.<span class=\"_ _df\"> </span><span class=\"_ _2\"></span> Criter<span class=\"_ _1\"></span>i di <span class=\"_ _1\"></span>valuta<span class=\"_ _1\"></span>zione<span class=\"_ _df\"> </span><span class=\"_ _f\"></span> Le attivit\u00e0 materiali sono valutate al costo, dedotti eventuali<span class=\"_ _1\"></span> ammortamenti e perdite di valore.<span class=\"_ _df\"> </span><span class=\"_ _2\"></span> Le <span class=\"_ _0\"></span>att<span class=\"_ _2\"></span>ivit\u00e0 <span class=\"_ _0\"></span>materiali <span class=\"_ _9\"> </span>sono <span class=\"_ _9\"> </span>sistematicamente <span class=\"_ _0\"></span>ammor<span class=\"_ _2\"></span>tizzate, <span class=\"_ _0\"></span>adottando <span class=\"_ _9\"> </span>come <span class=\"_ _9\"> </span>criterio <span class=\"_ _9\"> </span>di <span class=\"_ _0\"></span>ammortamento <span class=\"_ _9\"> </span>il<span class=\"_ _df\"> </span> metodo <span class=\"_ _2\"></span>a quote <span class=\"_ _2\"></span>costanti, lungo la <span class=\"_ _2\"></span>loro <span class=\"_ _2\"></span>vita utile. Il <span class=\"_ _2\"></span>valore <span class=\"_ _2\"></span>ammort<span class=\"_ _1\"></span>izzabile \u00e8 <span class=\"_ _2\"></span>rappresentato dal <span class=\"_ _2\"></span>costo <span class=\"_ _2\"></span>dei beni<span class=\"_ _df\"> </span> al <span class=\"_ _2\"></span>netto del <span class=\"_ _2\"></span>valore residuo <span class=\"_ _2\"></span>al t<span class=\"_ _2\"></span>ermin<span class=\"_ _1\"></span>e <span class=\"_ _2\"></span>del processo <span class=\"_ _2\"></span>di amm<span class=\"_ _2\"></span>ortamento, <span class=\"_ _2\"></span>se significativo. <span class=\"_ _2\"></span>Gli immobili <span class=\"_ _2\"></span>vengono<span class=\"_ _df\"> </span> ammortizzati <span class=\"_ _9\"> </span>per  u<span class=\"_ _f\"></span>na  quota <span class=\"_ _9\"> </span>ritenuta <span class=\"_ _9\"> </span>congrua  per <span class=\"_ _9\"> </span>rappresentare  i<span class=\"_ _1\"></span>l <span class=\"_ _9\"> </span>d<span class=\"_ _2\"></span>eperimento <span class=\"_ _9\"> </span>dei <span class=\"_ _16\"> </span>cespiti <span class=\"_ _9\"> </span>nel <span class=\"_ _16\"> </span>tempo <span class=\"_ _9\"> </span>a<span class=\"_ _df\"> </span><span class=\"_ _2\"></span> seguito <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>loro <span class=\"_ _2\"></span>utilizzo, <span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>enuto <span class=\"_ _2\"></span>conto <span class=\"_ _2\"></span>delle <span class=\"_ _2\"></span>spese <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>manutenzione <span class=\"_ _d\"></span>di <span class=\"_ _2\"></span>carattere <span class=\"_ _2\"></span>straordinario, <span class=\"_ _d\"></span>che<span class=\"_ _1\"></span> <span class=\"_ _2\"></span>vengo<span class=\"_ _2\"></span>no<span class=\"_ _df\"> </span> portate ad incremento del valore de<span class=\"_ _1\"></span>i cespiti<span class=\"_ _df\"> </span><span class=\"_ _2\"></span> Non vengono invece ammortizzati:<span class=\"_ _df\"> </span> <span class=\"_ _2c\"> </span><span class=\"ff4\">i t<span class=\"_ _2\"></span>erreni, siano essi st<span class=\"_ _2\"></span>ati acquisiti singolarmente o <span class=\"_ _2\"></span>incorporati nel valore dei fabbricati, in <span class=\"_ _2\"></span>quanto hanno<span class=\"_ _df\"> </span></span><span class=\"ff4\"> </span>vita utile indefinita;<span class=\"_ _df\"> </span><span class=\"_ _2c\"> </span><span class=\"ff4\">il <span class=\"_ _2\"></span>patrimonio <span class=\"_ _2\"></span>art<span class=\"_ _2\"></span>istico di <span class=\"_ _2\"></span>pregio, <span class=\"_ _d\"></span>gli <span class=\"_ _2\"></span>altri <span class=\"_ _2\"></span>beni <span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>torico <span class=\"_ _2\"></span>artistici <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>decorativi <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>quanto <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>loro <span class=\"_ _2\"></span>vita <span class=\"_ _2\"></span>utile <span class=\"_ _2\"></span>non<span class=\"_ _df\"> </span></span><span class=\"ff4\"> </span>pu\u00f2 essere stimata ed il loro valore \u00e8 normalmente de<span class=\"_ _1\"></span>stinato ad aumentare nel tempo.<span class=\"_ _df\"> </span>Se esiste qualche <span class=\"_ _2\"></span>indicazione che dimostr<span class=\"_ _2\"></span>i che un\u2019attivit\u00e0 mat<span class=\"_ _2\"></span>eriale<span class=\"_ _f\"></span> <span class=\"_ _2\"></span>valutata <span class=\"_ _2\"></span>al costo possa <span class=\"_ _2\"></span>aver su<span class=\"_ _2\"></span><span class=\"ff4\">bito una<span class=\"_ _df\"> </span></span><span class=\"ff4\"> </span>perdita <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>valore, <span class=\"_ _0\"></span>si <span class=\"_ _d\"></span>pro<span class=\"_ _2\"></span>cede<span class=\"_ _1\"></span> <span class=\"_ _d\"></span>al <span class=\"_ _0\"></span>confronto <span class=\"_ _d\"></span>t<span class=\"_ _2\"></span>ra <span class=\"_ _d\"></span>il <span class=\"_ _d\"></span>valore <span class=\"_ _0\"></span>di <span class=\"_ _d\"></span>carico <span class=\"_ _d\"></span>del <span class=\"_ _0\"></span>cespite <span class=\"_ _d\"></span>ed <span class=\"_ _0\"></span>il <span class=\"_ _d\"></span>suo <span class=\"_ _0\"></span>valore <span class=\"_ _d\"></span>di <span class=\"_ _0\"></span>recupero. <span class=\"_ _d\"></span>Le<span class=\"_ _df\"> </span> eventuali rettifiche vengono rilevate a Conto Economico.<span class=\"_ _df\"> </span> Qualora vengano meno <span class=\"_ _2\"></span>i motivi che hanno port<span class=\"_ _2\"></span>ato<span class=\"_ _1\"></span> alla rilevazione della perdita<span class=\"_ _2\"></span>, si <span class=\"_ _2\"></span>d\u00e0 luogo ad una r<span class=\"_ _2\"></span>ipresa di<span class=\"_ _df\"> </span><span class=\"_ _1\"></span> valore, che <span class=\"_ _2\"></span>non <span class=\"_ _2\"></span>pu\u00f2 s<span class=\"_ _2\"></span>uperare il <span class=\"_ _2\"></span>valore <span class=\"_ _2\"></span>che l\u2019attivit\u00e0 <span class=\"_ _2\"></span>avrebbe avuto, <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>netto <span class=\"_ _2\"></span>degl<span class=\"_ _1\"></span>i <span class=\"_ _2\"></span>ammortamenti calcolati, <span class=\"_ _2\"></span>in<span class=\"_ _df\"> </span> assenza di precedenti perdite di valore.<span class=\"_ _df\"> </span> Per quel <span class=\"_ _2\"></span>che attiene <span class=\"_ _2\"></span>alle att<span class=\"_ _2\"></span>ivit\u00e0 materiali <span class=\"_ _2\"></span>rilevate ai sensi <span class=\"_ _2\"></span>dello IAS<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>2, le <span class=\"_ _2\"></span>stesse sono <span class=\"_ _2\"></span>valutate al <span class=\"_ _2\"></span>minore tra <span class=\"_ _2\"></span>il<span class=\"_ _df\"> </span> costo <span class=\"_ _f\"></span>ed <span class=\"_ _f\"></span>il <span class=\"_ _1\"></span>valore <span class=\"_ _f\"></span>netto <span class=\"_ _1\"></span>di <span class=\"_ _f\"></span>realizzo, <span class=\"_ _f\"></span>fermo <span class=\"_ _f\"></span>rest<span class=\"_ _2\"></span>ando <span class=\"_ _f\"></span>che <span class=\"_ _f\"></span>si <span class=\"_ _f\"></span>procede <span class=\"_ _f\"></span>comunque <span class=\"_ _f\"></span>al <span class=\"_ _1\"></span>confronto <span class=\"_ _f\"></span>t<span class=\"_ _2\"></span>ra <span class=\"_ _f\"></span>il <span class=\"_ _f\"></span>valore <span class=\"_ _f\"></span>di <span class=\"_ _f\"></span>carico<span class=\"_ _df\"> </span> del <span class=\"_ _2\"></span>cespite <span class=\"_ _d\"></span>ed <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>suo <span class=\"_ _d\"></span>valore <span class=\"_ _2\"></span>di <span class=\"_ _d\"></span>recupero <span class=\"_ _2\"></span>ove <span class=\"_ _d\"></span>esista <span class=\"_ _2\"></span>qualche <span class=\"_ _2\"></span>in<span class=\"_ _2\"></span>dicazione <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>dimostr<span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>il <span class=\"_ _d\"></span>bene <span class=\"_ _0\"></span>possa <span class=\"_ _2\"></span>aver<span class=\"_ _df\"> </span> subito una perdita di valore. Le<span class=\"_ _1\"></span> eventuali rettifiche vengono rilevate a conto economico.<span class=\"_ _df\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-800": {
   "value": "6 <span class=\"ls0\">- Attivit\u00e0<span class=\"_ _f\"></span> materia<span class=\"_ _1\"></span>li </span>Criter<span class=\"_ _1\"></span>i di <span class=\"_ _1\"></span>iscrizi<span class=\"_ _1\"></span>one Le <span class=\"_ _d\"></span>attivit\u00e0 <span class=\"_ _d\"></span>materiali <span class=\"_ _d\"></span>sono <span class=\"_ _d\"></span>inizialmente <span class=\"_ _d\"></span>iscritte <span class=\"_ _d\"></span>al <span class=\"_ _d\"></span>costo <span class=\"_ _d\"></span>che <span class=\"_ _2\"></span>comprende, <span class=\"_ _d\"></span>oltre <span class=\"_ _d\"></span>al <span class=\"_ _d\"></span>prezzo <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>acquisto, <span class=\"_ _2\"></span>tutti <span class=\"_ _d\"></span>gli eventuali oneri accessori direttamente imp<span class=\"_ _1\"></span>utabili all\u2019acquisto e alla messa in funzione del bene.<span class=\"_ _2\"></span><span class=\"ff4\"> </span>Le  spese  d<span class=\"_ _2\"></span>i  manutenzione  s<span class=\"_ _2\"></span>traordinaria  che  compor<span class=\"_ _2\"></span>tano  un  incre<span class=\"_ _2\"></span>mento  dei <span class=\"_ _22\"> </span>b<span class=\"_ _2\"></span>enefici  economici <span class=\"_ _22\"> </span>futuri vengono imputate ad increme<span class=\"_ _1\"></span>nto del valore dei cespi<span class=\"_ _1\"></span>ti, mentre gli altri costi di<span class=\"_ _1\"></span> manutenzione ordinaria sono<span class=\"_ _f\"></span> rilevati a Conto Economico. I contratti di leasing (in qualit\u00e0 di locatario) sono contabilizz<span class=\"_ _1\"></span>ati applicando l\u2019I<span class=\"_ _2\"></span><span class=\"ff4\">FRS 16 sulla base del cosiddetto </span>modello <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>diritto <span class=\"_ _2\"></span>d\u2019uso <span class=\"_ _2\"></span>(\u201cright <span class=\"_ _2\"></span>of <span class=\"_ _2\"></span>use\u201d). <span class=\"_ _2\"></span>Alla <span class=\"_ _2\"></span>data <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>rilevazione <span class=\"_ _2\"></span>iniziale <span class=\"_ _2\"></span>pertanto <span class=\"_ _d\"></span>il <span class=\"_ _2\"></span>valore <span class=\"_ _2\"></span>del dirit<span class=\"_ _2\"></span>to <span class=\"_ _2\"></span>d\u2019uso \u00e8 determinato <span class=\"_ _14\"> </span>pari <span class=\"_ _15\"> </span>al <span class=\"_ _14\"> </span>valore <span class=\"_ _14\"> </span>di <span class=\"_ _14\"> </span>iscrizione <span class=\"_ _14\"> </span>iniziale <span class=\"_ _14\"> </span>della <span class=\"_ _14\"> </span>Passivit\u00e0 <span class=\"_ _15\"> </span>per <span class=\"_ _14\"> </span>leasing, <span class=\"_ _14\"> </span>corrett<span class=\"_ _2\"></span>o <span class=\"_ _17\"> </span>per <span class=\"_ _15\"> </span>le <span class=\"_ _14\"> </span>seguenti co<span class=\"ls0\">mponenti: </span>\u2022 i pagamenti dovuti per il leasing effettuati alla data o prima della data <span class=\"_ _2\"></span>di decorrenza al netto degli incentivi al leasing ricevuti;<span class=\"_ _df\"> </span>\u2022 i costi iniziali diretti sostenuti dal locatario;<span class=\"_ _df\"> </span>\u2022  la  stima  dei  costi  che<span class=\"_ _1\"></span>  il  locatario  dovr\u00e0  sostene<span class=\"_ _1\"></span>re  per  lo  smantellamento  e  la  rimozione  dell\u2019attivit\u00e0 sottostante e pe<span class=\"_ _1\"></span>r il ripristino <span class=\"_ _1\"></span>del sito in <span class=\"_ _f\"></span>cui \u00e8 ubicata <span class=\"_ _1\"></span>o per il <span class=\"_ _1\"></span>ripristino de<span class=\"_ _1\"></span>ll'attivit\u00e0 sottostante nelle<span class=\"_ _1\"></span> condizioni previste dai termini e dalle condizioni de<span class=\"_ _1\"></span>l leasing.<span class=\"_ _df\"> </span>Nell\u2019identificazione <span class=\"_ _2\"></span>dei <span class=\"_ _d\"></span>diritti <span class=\"_ _d\"></span>d\u2019uso, <span class=\"_ _d\"></span>il <span class=\"_ _d\"></span>Gruppo <span class=\"_ _2\"></span>Cr<span class=\"_ _2\"></span>edem <span class=\"_ _2\"></span>applica <span class=\"_ _d\"></span>le <span class=\"_ _d\"></span>\u201csemplificazioni\u201d <span class=\"_ _2\"></span>cons<span class=\"_ _2\"></span>entite <span class=\"_ _2\"></span>dall\u2019IFRS <span class=\"_ _d\"></span>16 <span class=\"_ _2\"></span>e<span class=\"_ _df\"> </span>quindi non sono considerati i contratti aventi caratteristiche<span class=\"_ _1\"></span>:<span class=\"_ _df\"> </span>\u2022 Leasing di breve<span class=\"_ _1\"></span> durata, ovvero un leasing di brev<span class=\"_ _1\"></span>e durata \u00e8 un<span class=\"_ _1\"></span> leasing che, alla data<span class=\"_ _1\"></span> iniziale, ha una durata<span class=\"_ _f\"></span> ug<span class=\"ls0\">uale o inferiore ai 12 mesi;<span class=\"_ _df\"> </span></span>\u2022 Leasing \u201clow<span class=\"ff4\">-</span>value\u201d, ovvero Leasing il cui asset presenta un valore pari o inf<span class=\"_ _1\"></span>eriore ad Euro 5.000.<span class=\"_ _df\"> </span>Criter<span class=\"_ _1\"></span>i di <span class=\"_ _13\"></span>classifica<span class=\"_ _f\"></span>zione<span class=\"_ _1\"></span> Le <span class=\"_ _1\"></span>attivit\u00e0 <span class=\"_ _1\"></span>materiali co<span class=\"_ _1\"></span>mprendono <span class=\"_ _1\"></span>i <span class=\"_ _f\"></span>t<span class=\"_ _2\"></span>erreni,<span class=\"_ _1\"></span> gli<span class=\"_ _1\"></span> immobi<span class=\"_ _1\"></span>li strume<span class=\"_ _1\"></span>ntali, g<span class=\"_ _1\"></span>li i<span class=\"_ _1\"></span>nvestimenti <span class=\"_ _1\"></span>immobiliari, il <span class=\"_ _f\"></span>patr<span class=\"_ _2\"></span>imonio artistico di<span class=\"_ _1\"></span> pregi<span class=\"_ _1\"></span>o, gli <span class=\"_ _f\"></span>im<span class=\"_ _2\"></span>pianti <span class=\"_ _f\"></span>te<span class=\"_ _2\"></span>cnici, <span class=\"_ _f\"></span>i mobili e <span class=\"_ _f\"></span>gli arredi <span class=\"_ _1\"></span>nonch\u00e9 le <span class=\"_ _f\"></span>at<span class=\"_ _2\"></span>trezzature <span class=\"_ _1\"></span>di q<span class=\"_ _f\"></span>ualsiasi tipo che <span class=\"_ _f\"></span>si ritiene di utilizzare per pi\u00f9 di un periodo. Le att<span class=\"_ _2\"></span>ivit\u00e0 materiali detenute per essere utilizzate nella produzione o nella fo<span class=\"ff5 ls0\">rnitura <span class=\"_ _2\"></span>di beni <span class=\"_ _2\"></span>e s<span class=\"_ _2\"></span>ervizi sono <span class=\"_ _2\"></span>classificate come <span class=\"_ _2\"></span>\u201cattivit\u00e0 <span class=\"_ _2\"></span>ad <span class=\"_ _2\"></span>uso funzionale\u201d <span class=\"_ _2\"></span>secondo lo <span class=\"_ _2\"></span>IAS 16. <span class=\"_ _2\"></span>Gli <span class=\"_ _2\"></span>immobili </span>posseduti <span class=\"_ _1\"></span>con fi<span class=\"_ _1\"></span>nalit\u00e0 di<span class=\"_ _f\"></span> investimento <span class=\"_ _f\"></span>(per conseguire <span class=\"_ _f\"></span>canoni di <span class=\"_ _f\"></span>locazione <span class=\"_ _f\"></span>o per l\u2019<span class=\"_ _1\"></span>apprezzamento <span class=\"_ _1\"></span>del <span class=\"_ _f\"></span>capitale investito) sono classificati come \u201cattivit\u00e0 detenute a scopo di investimento\u201d in base allo IAS<span class=\"ff4\"> <span class=\"ls4a\">40.<span class=\"_ _f\"></span><span class=\"ls0\"> </span></span></span>La <span class=\"_ _2\"></span>voce <span class=\"_ _2\"></span>accoglie <span class=\"_ _2\"></span>anche att<span class=\"_ _2\"></span>ivit\u00e0 materiali <span class=\"_ _2\"></span>classificate <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>base <span class=\"_ _2\"></span>allo <span class=\"_ _2\"></span>IAS <span class=\"_ _2\"></span>2 <span class=\"_ _d\"></span>- <span class=\"_ _2\"></span>Rimanenze, ch<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>si <span class=\"_ _2\"></span>riferiscono <span class=\"_ _2\"></span>sia <span class=\"_ _2\"></span>a beni <span class=\"_ _0\"></span>derivanti <span class=\"_ _0\"></span>dall\u2019attivit\u00e0 <span class=\"_ _d\"></span>di <span class=\"_ _0\"></span>escussione <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>garanzie <span class=\"_ _0\"></span>o <span class=\"_ _0\"></span>dall\u2019acquisto <span class=\"_ _0\"></span>in <span class=\"_ _0\"></span>asta <span class=\"_ _0\"></span>ch<span class=\"_ _2\"></span>e <span class=\"_ _0\"></span>l\u2019impresa <span class=\"_ _0\"></span>ha <span class=\"_ _0\"></span>intenzione <span class=\"_ _0\"></span>di vendere <span class=\"_ _4\"> </span>nel <span class=\"_ _17\"> </span>prossimo <span class=\"_ _17\"> </span>futuro, <span class=\"_ _4\"> </span>senza <span class=\"_ _17\"> </span>effettuare <span class=\"_ _4\"> </span>rilevanti <span class=\"_ _17\"> </span>opere <span class=\"_ _4\"> </span>di <span class=\"_ _17\"> </span>ristrutturazione, <span class=\"_ _4\"> </span>e <span class=\"_ _17\"> </span>che <span class=\"_ _4\"> </span>no<span class=\"_ _2\"></span>n <span class=\"_ _4\"> </span>hanno <span class=\"_ _17\"> </span>i presupposti <span class=\"_ _d\"></span>per <span class=\"_ _0\"></span>essere <span class=\"_ _0\"></span>classificati <span class=\"_ _0\"></span>nelle <span class=\"_ _d\"></span>categorie <span class=\"_ _0\"></span>precedenti, <span class=\"_ _d\"></span>sia <span class=\"_ _0\"></span>al <span class=\"_ _0\"></span>portafoglio <span class=\"_ _0\"></span>immobiliare <span class=\"_ _d\"></span>delle <span class=\"_ _0\"></span>Societ\u00e0 immobiliari del <span class=\"_ _2\"></span>Gruppo, compre<span class=\"_ _2\"></span>nsivo di <span class=\"_ _2\"></span>aree edificabili, <span class=\"_ _2\"></span>immobili in <span class=\"_ _2\"></span>costruzione, immobili <span class=\"_ _2\"></span>ultimati in <span class=\"_ _2\"></span>vendita e iniziative di sviluppo immobili<span class=\"_ _1\"></span>are, acquistato e detenuto in un\u2019ottica di dismissione.<span class=\"_ _df\"> </span>Sono,  inf<span class=\"_ _1\"></span>ine,  iscritti  nel<span class=\"_ _1\"></span>le  attivit\u00e0  materiali <span class=\"_ _9\"> </span>i  beni  utilizzati <span class=\"_ _16\"> </span>nell\u2019am<span class=\"_ _2\"></span><span class=\"ff4\">bito  di <span class=\"_ _16\"> </span>contratti  di <span class=\"_ _16\"> </span>leasing <span class=\"_ _16\"> </span>finanziario,<span class=\"_ _df\"> </span></span><span class=\"ff4\"> </span>ancorch\u00e9 la titolarit\u00e0 giuridica degli<span class=\"_ _1\"></span> stessi rimanga alla so<span class=\"_ _2\"></span>ciet\u00e0 l<span class=\"_ _1\"></span>ocatrice.<span class=\"_ _df\"> </span><span class=\"_ _2\"></span> Criter<span class=\"_ _1\"></span>i di <span class=\"_ _1\"></span>valuta<span class=\"_ _1\"></span>zione<span class=\"_ _df\"> </span><span class=\"_ _f\"></span> Le attivit\u00e0 materiali sono valutate al costo, dedotti eventuali<span class=\"_ _1\"></span> ammortamenti e perdite di valore.<span class=\"_ _df\"> </span><span class=\"_ _2\"></span> Le <span class=\"_ _0\"></span>att<span class=\"_ _2\"></span>ivit\u00e0 <span class=\"_ _0\"></span>materiali <span class=\"_ _9\"> </span>sono <span class=\"_ _9\"> </span>sistematicamente <span class=\"_ _0\"></span>ammor<span class=\"_ _2\"></span>tizzate, <span class=\"_ _0\"></span>adottando <span class=\"_ _9\"> </span>come <span class=\"_ _9\"> </span>criterio <span class=\"_ _9\"> </span>di <span class=\"_ _0\"></span>ammortamento <span class=\"_ _9\"> </span>il<span class=\"_ _df\"> </span> metodo <span class=\"_ _2\"></span>a quote <span class=\"_ _2\"></span>costanti, lungo la <span class=\"_ _2\"></span>loro <span class=\"_ _2\"></span>vita utile. Il <span class=\"_ _2\"></span>valore <span class=\"_ _2\"></span>ammort<span class=\"_ _1\"></span>izzabile \u00e8 <span class=\"_ _2\"></span>rappresentato dal <span class=\"_ _2\"></span>costo <span class=\"_ _2\"></span>dei beni<span class=\"_ _df\"> </span> al <span class=\"_ _2\"></span>netto del <span class=\"_ _2\"></span>valore residuo <span class=\"_ _2\"></span>al t<span class=\"_ _2\"></span>ermin<span class=\"_ _1\"></span>e <span class=\"_ _2\"></span>del processo <span class=\"_ _2\"></span>di amm<span class=\"_ _2\"></span>ortamento, <span class=\"_ _2\"></span>se significativo. <span class=\"_ _2\"></span>Gli immobili <span class=\"_ _2\"></span>vengono<span class=\"_ _df\"> </span> ammortizzati <span class=\"_ _9\"> </span>per  u<span class=\"_ _f\"></span>na  quota <span class=\"_ _9\"> </span>ritenuta <span class=\"_ _9\"> </span>congrua  per <span class=\"_ _9\"> </span>rappresentare  i<span class=\"_ _1\"></span>l <span class=\"_ _9\"> </span>d<span class=\"_ _2\"></span>eperimento <span class=\"_ _9\"> </span>dei <span class=\"_ _16\"> </span>cespiti <span class=\"_ _9\"> </span>nel <span class=\"_ _16\"> </span>tempo <span class=\"_ _9\"> </span>a<span class=\"_ _df\"> </span><span class=\"_ _2\"></span> seguito <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>loro <span class=\"_ _2\"></span>utilizzo, <span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>enuto <span class=\"_ _2\"></span>conto <span class=\"_ _2\"></span>delle <span class=\"_ _2\"></span>spese <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>manutenzione <span class=\"_ _d\"></span>di <span class=\"_ _2\"></span>carattere <span class=\"_ _2\"></span>straordinario, <span class=\"_ _d\"></span>che<span class=\"_ _1\"></span> <span class=\"_ _2\"></span>vengo<span class=\"_ _2\"></span>no<span class=\"_ _df\"> </span> portate ad incremento del valore de<span class=\"_ _1\"></span>i cespiti<span class=\"_ _df\"> </span><span class=\"_ _2\"></span> Non vengono invece ammortizzati:<span class=\"_ _df\"> </span> <span class=\"_ _2c\"> </span><span class=\"ff4\">i t<span class=\"_ _2\"></span>erreni, siano essi st<span class=\"_ _2\"></span>ati acquisiti singolarmente o <span class=\"_ _2\"></span>incorporati nel valore dei fabbricati, in <span class=\"_ _2\"></span>quanto hanno<span class=\"_ _df\"> </span></span><span class=\"ff4\"> </span>vita utile indefinita;<span class=\"_ _df\"> </span><span class=\"_ _2c\"> </span><span class=\"ff4\">il <span class=\"_ _2\"></span>patrimonio <span class=\"_ _2\"></span>art<span class=\"_ _2\"></span>istico di <span class=\"_ _2\"></span>pregio, <span class=\"_ _d\"></span>gli <span class=\"_ _2\"></span>altri <span class=\"_ _2\"></span>beni <span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>torico <span class=\"_ _2\"></span>artistici <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>decorativi <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>quanto <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>loro <span class=\"_ _2\"></span>vita <span class=\"_ _2\"></span>utile <span class=\"_ _2\"></span>non<span class=\"_ _df\"> </span></span><span class=\"ff4\"> </span>pu\u00f2 essere stimata ed il loro valore \u00e8 normalmente de<span class=\"_ _1\"></span>stinato ad aumentare nel tempo.<span class=\"_ _df\"> </span>Se esiste qualche <span class=\"_ _2\"></span>indicazione che dimostr<span class=\"_ _2\"></span>i che un\u2019attivit\u00e0 mat<span class=\"_ _2\"></span>eriale<span class=\"_ _f\"></span> <span class=\"_ _2\"></span>valutata <span class=\"_ _2\"></span>al costo possa <span class=\"_ _2\"></span>aver su<span class=\"_ _2\"></span><span class=\"ff4\">bito una<span class=\"_ _df\"> </span></span><span class=\"ff4\"> </span>perdita <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>valore, <span class=\"_ _0\"></span>si <span class=\"_ _d\"></span>pro<span class=\"_ _2\"></span>cede<span class=\"_ _1\"></span> <span class=\"_ _d\"></span>al <span class=\"_ _0\"></span>confronto <span class=\"_ _d\"></span>t<span class=\"_ _2\"></span>ra <span class=\"_ _d\"></span>il <span class=\"_ _d\"></span>valore <span class=\"_ _0\"></span>di <span class=\"_ _d\"></span>carico <span class=\"_ _d\"></span>del <span class=\"_ _0\"></span>cespite <span class=\"_ _d\"></span>ed <span class=\"_ _0\"></span>il <span class=\"_ _d\"></span>suo <span class=\"_ _0\"></span>valore <span class=\"_ _d\"></span>di <span class=\"_ _0\"></span>recupero. <span class=\"_ _d\"></span>Le<span class=\"_ _df\"> </span> eventuali rettifiche vengono rilevate a Conto Economico.<span class=\"_ _df\"> </span> Qualora vengano meno <span class=\"_ _2\"></span>i motivi che hanno port<span class=\"_ _2\"></span>ato<span class=\"_ _1\"></span> alla rilevazione della perdita<span class=\"_ _2\"></span>, si <span class=\"_ _2\"></span>d\u00e0 luogo ad una r<span class=\"_ _2\"></span>ipresa di<span class=\"_ _df\"> </span><span class=\"_ _1\"></span> valore, che <span class=\"_ _2\"></span>non <span class=\"_ _2\"></span>pu\u00f2 s<span class=\"_ _2\"></span>uperare il <span class=\"_ _2\"></span>valore <span class=\"_ _2\"></span>che l\u2019attivit\u00e0 <span class=\"_ _2\"></span>avrebbe avuto, <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>netto <span class=\"_ _2\"></span>degl<span class=\"_ _1\"></span>i <span class=\"_ _2\"></span>ammortamenti calcolati, <span class=\"_ _2\"></span>in<span class=\"_ _df\"> </span> assenza di precedenti perdite di valore.<span class=\"_ _df\"> </span> Per quel <span class=\"_ _2\"></span>che attiene <span class=\"_ _2\"></span>alle att<span class=\"_ _2\"></span>ivit\u00e0 materiali <span class=\"_ _2\"></span>rilevate ai sensi <span class=\"_ _2\"></span>dello IAS<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>2, le <span class=\"_ _2\"></span>stesse sono <span class=\"_ _2\"></span>valutate al <span class=\"_ _2\"></span>minore tra <span class=\"_ _2\"></span>il<span class=\"_ _df\"> </span> costo <span class=\"_ _f\"></span>ed <span class=\"_ _f\"></span>il <span class=\"_ _1\"></span>valore <span class=\"_ _f\"></span>netto <span class=\"_ _1\"></span>di <span class=\"_ _f\"></span>realizzo, <span class=\"_ _f\"></span>fermo <span class=\"_ _f\"></span>rest<span class=\"_ _2\"></span>ando <span class=\"_ _f\"></span>che <span class=\"_ _f\"></span>si <span class=\"_ _f\"></span>procede <span class=\"_ _f\"></span>comunque <span class=\"_ _f\"></span>al <span class=\"_ _1\"></span>confronto <span class=\"_ _f\"></span>t<span class=\"_ _2\"></span>ra <span class=\"_ _f\"></span>il <span class=\"_ _f\"></span>valore <span class=\"_ _f\"></span>di <span class=\"_ _f\"></span>carico<span class=\"_ _df\"> </span> del <span class=\"_ _2\"></span>cespite <span class=\"_ _d\"></span>ed <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>suo <span class=\"_ _d\"></span>valore <span class=\"_ _2\"></span>di <span class=\"_ _d\"></span>recupero <span class=\"_ _2\"></span>ove <span class=\"_ _d\"></span>esista <span class=\"_ _2\"></span>qualche <span class=\"_ _2\"></span>in<span class=\"_ _2\"></span>dicazione <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>dimostr<span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>il <span class=\"_ _d\"></span>bene <span class=\"_ _0\"></span>possa <span class=\"_ _2\"></span>aver<span class=\"_ _df\"> </span> subito una perdita di valore. Le<span class=\"_ _1\"></span> eventuali rettifiche vengono rilevate a conto economico.<span class=\"_ _df\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-846": {
   "value": "6 <span class=\"ls0\">- Attivit\u00e0<span class=\"_ _f\"></span> materia<span class=\"_ _1\"></span>li </span>Criter<span class=\"_ _1\"></span>i di <span class=\"_ _1\"></span>iscrizi<span class=\"_ _1\"></span>one Le <span class=\"_ _d\"></span>attivit\u00e0 <span class=\"_ _d\"></span>materiali <span class=\"_ _d\"></span>sono <span class=\"_ _d\"></span>inizialmente <span class=\"_ _d\"></span>iscritte <span class=\"_ _d\"></span>al <span class=\"_ _d\"></span>costo <span class=\"_ _d\"></span>che <span class=\"_ _2\"></span>comprende, <span class=\"_ _d\"></span>oltre <span class=\"_ _d\"></span>al <span class=\"_ _d\"></span>prezzo <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>acquisto, <span class=\"_ _2\"></span>tutti <span class=\"_ _d\"></span>gli eventuali oneri accessori direttamente imp<span class=\"_ _1\"></span>utabili all\u2019acquisto e alla messa in funzione del bene.<span class=\"_ _2\"></span><span class=\"ff4\"> </span>Le  spese  d<span class=\"_ _2\"></span>i  manutenzione  s<span class=\"_ _2\"></span>traordinaria  che  compor<span class=\"_ _2\"></span>tano  un  incre<span class=\"_ _2\"></span>mento  dei <span class=\"_ _22\"> </span>b<span class=\"_ _2\"></span>enefici  economici <span class=\"_ _22\"> </span>futuri vengono imputate ad increme<span class=\"_ _1\"></span>nto del valore dei cespi<span class=\"_ _1\"></span>ti, mentre gli altri costi di<span class=\"_ _1\"></span> manutenzione ordinaria sono<span class=\"_ _f\"></span> rilevati a Conto Economico. I contratti di leasing (in qualit\u00e0 di locatario) sono contabilizz<span class=\"_ _1\"></span>ati applicando l\u2019I<span class=\"_ _2\"></span><span class=\"ff4\">FRS 16 sulla base del cosiddetto </span>modello <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>diritto <span class=\"_ _2\"></span>d\u2019uso <span class=\"_ _2\"></span>(\u201cright <span class=\"_ _2\"></span>of <span class=\"_ _2\"></span>use\u201d). <span class=\"_ _2\"></span>Alla <span class=\"_ _2\"></span>data <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>rilevazione <span class=\"_ _2\"></span>iniziale <span class=\"_ _2\"></span>pertanto <span class=\"_ _d\"></span>il <span class=\"_ _2\"></span>valore <span class=\"_ _2\"></span>del dirit<span class=\"_ _2\"></span>to <span class=\"_ _2\"></span>d\u2019uso \u00e8 determinato <span class=\"_ _14\"> </span>pari <span class=\"_ _15\"> </span>al <span class=\"_ _14\"> </span>valore <span class=\"_ _14\"> </span>di <span class=\"_ _14\"> </span>iscrizione <span class=\"_ _14\"> </span>iniziale <span class=\"_ _14\"> </span>della <span class=\"_ _14\"> </span>Passivit\u00e0 <span class=\"_ _15\"> </span>per <span class=\"_ _14\"> </span>leasing, <span class=\"_ _14\"> </span>corrett<span class=\"_ _2\"></span>o <span class=\"_ _17\"> </span>per <span class=\"_ _15\"> </span>le <span class=\"_ _14\"> </span>seguenti co<span class=\"ls0\">mponenti: </span>\u2022 i pagamenti dovuti per il leasing effettuati alla data o prima della data <span class=\"_ _2\"></span>di decorrenza al netto degli incentivi al leasing ricevuti;<span class=\"_ _df\"> </span>\u2022 i costi iniziali diretti sostenuti dal locatario;<span class=\"_ _df\"> </span>\u2022  la  stima  dei  costi  che<span class=\"_ _1\"></span>  il  locatario  dovr\u00e0  sostene<span class=\"_ _1\"></span>re  per  lo  smantellamento  e  la  rimozione  dell\u2019attivit\u00e0 sottostante e pe<span class=\"_ _1\"></span>r il ripristino <span class=\"_ _1\"></span>del sito in <span class=\"_ _f\"></span>cui \u00e8 ubicata <span class=\"_ _1\"></span>o per il <span class=\"_ _1\"></span>ripristino de<span class=\"_ _1\"></span>ll'attivit\u00e0 sottostante nelle<span class=\"_ _1\"></span> condizioni previste dai termini e dalle condizioni de<span class=\"_ _1\"></span>l leasing.<span class=\"_ _df\"> </span>Nell\u2019identificazione <span class=\"_ _2\"></span>dei <span class=\"_ _d\"></span>diritti <span class=\"_ _d\"></span>d\u2019uso, <span class=\"_ _d\"></span>il <span class=\"_ _d\"></span>Gruppo <span class=\"_ _2\"></span>Cr<span class=\"_ _2\"></span>edem <span class=\"_ _2\"></span>applica <span class=\"_ _d\"></span>le <span class=\"_ _d\"></span>\u201csemplificazioni\u201d <span class=\"_ _2\"></span>cons<span class=\"_ _2\"></span>entite <span class=\"_ _2\"></span>dall\u2019IFRS <span class=\"_ _d\"></span>16 <span class=\"_ _2\"></span>e<span class=\"_ _df\"> </span>quindi non sono considerati i contratti aventi caratteristiche<span class=\"_ _1\"></span>:<span class=\"_ _df\"> </span>\u2022 Leasing di breve<span class=\"_ _1\"></span> durata, ovvero un leasing di brev<span class=\"_ _1\"></span>e durata \u00e8 un<span class=\"_ _1\"></span> leasing che, alla data<span class=\"_ _1\"></span> iniziale, ha una durata<span class=\"_ _f\"></span> ug<span class=\"ls0\">uale o inferiore ai 12 mesi;<span class=\"_ _df\"> </span></span>\u2022 Leasing \u201clow<span class=\"ff4\">-</span>value\u201d, ovvero Leasing il cui asset presenta un valore pari o inf<span class=\"_ _1\"></span>eriore ad Euro 5.000.<span class=\"_ _df\"> </span>Criter<span class=\"_ _1\"></span>i di <span class=\"_ _13\"></span>classifica<span class=\"_ _f\"></span>zione<span class=\"_ _1\"></span> Le <span class=\"_ _1\"></span>attivit\u00e0 <span class=\"_ _1\"></span>materiali co<span class=\"_ _1\"></span>mprendono <span class=\"_ _1\"></span>i <span class=\"_ _f\"></span>t<span class=\"_ _2\"></span>erreni,<span class=\"_ _1\"></span> gli<span class=\"_ _1\"></span> immobi<span class=\"_ _1\"></span>li strume<span class=\"_ _1\"></span>ntali, g<span class=\"_ _1\"></span>li i<span class=\"_ _1\"></span>nvestimenti <span class=\"_ _1\"></span>immobiliari, il <span class=\"_ _f\"></span>patr<span class=\"_ _2\"></span>imonio artistico di<span class=\"_ _1\"></span> pregi<span class=\"_ _1\"></span>o, gli <span class=\"_ _f\"></span>im<span class=\"_ _2\"></span>pianti <span class=\"_ _f\"></span>te<span class=\"_ _2\"></span>cnici, <span class=\"_ _f\"></span>i mobili e <span class=\"_ _f\"></span>gli arredi <span class=\"_ _1\"></span>nonch\u00e9 le <span class=\"_ _f\"></span>at<span class=\"_ _2\"></span>trezzature <span class=\"_ _1\"></span>di q<span class=\"_ _f\"></span>ualsiasi tipo che <span class=\"_ _f\"></span>si ritiene di utilizzare per pi\u00f9 di un periodo. Le att<span class=\"_ _2\"></span>ivit\u00e0 materiali detenute per essere utilizzate nella produzione o nella fo<span class=\"ff5 ls0\">rnitura <span class=\"_ _2\"></span>di beni <span class=\"_ _2\"></span>e s<span class=\"_ _2\"></span>ervizi sono <span class=\"_ _2\"></span>classificate come <span class=\"_ _2\"></span>\u201cattivit\u00e0 <span class=\"_ _2\"></span>ad <span class=\"_ _2\"></span>uso funzionale\u201d <span class=\"_ _2\"></span>secondo lo <span class=\"_ _2\"></span>IAS 16. <span class=\"_ _2\"></span>Gli <span class=\"_ _2\"></span>immobili </span>posseduti <span class=\"_ _1\"></span>con fi<span class=\"_ _1\"></span>nalit\u00e0 di<span class=\"_ _f\"></span> investimento <span class=\"_ _f\"></span>(per conseguire <span class=\"_ _f\"></span>canoni di <span class=\"_ _f\"></span>locazione <span class=\"_ _f\"></span>o per l\u2019<span class=\"_ _1\"></span>apprezzamento <span class=\"_ _1\"></span>del <span class=\"_ _f\"></span>capitale investito) sono classificati come \u201cattivit\u00e0 detenute a scopo di investimento\u201d in base allo IAS<span class=\"ff4\"> <span class=\"ls4a\">40.<span class=\"_ _f\"></span><span class=\"ls0\"> </span></span></span>La <span class=\"_ _2\"></span>voce <span class=\"_ _2\"></span>accoglie <span class=\"_ _2\"></span>anche att<span class=\"_ _2\"></span>ivit\u00e0 materiali <span class=\"_ _2\"></span>classificate <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>base <span class=\"_ _2\"></span>allo <span class=\"_ _2\"></span>IAS <span class=\"_ _2\"></span>2 <span class=\"_ _d\"></span>- <span class=\"_ _2\"></span>Rimanenze, ch<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>si <span class=\"_ _2\"></span>riferiscono <span class=\"_ _2\"></span>sia <span class=\"_ _2\"></span>a beni <span class=\"_ _0\"></span>derivanti <span class=\"_ _0\"></span>dall\u2019attivit\u00e0 <span class=\"_ _d\"></span>di <span class=\"_ _0\"></span>escussione <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>garanzie <span class=\"_ _0\"></span>o <span class=\"_ _0\"></span>dall\u2019acquisto <span class=\"_ _0\"></span>in <span class=\"_ _0\"></span>asta <span class=\"_ _0\"></span>ch<span class=\"_ _2\"></span>e <span class=\"_ _0\"></span>l\u2019impresa <span class=\"_ _0\"></span>ha <span class=\"_ _0\"></span>intenzione <span class=\"_ _0\"></span>di vendere <span class=\"_ _4\"> </span>nel <span class=\"_ _17\"> </span>prossimo <span class=\"_ _17\"> </span>futuro, <span class=\"_ _4\"> </span>senza <span class=\"_ _17\"> </span>effettuare <span class=\"_ _4\"> </span>rilevanti <span class=\"_ _17\"> </span>opere <span class=\"_ _4\"> </span>di <span class=\"_ _17\"> </span>ristrutturazione, <span class=\"_ _4\"> </span>e <span class=\"_ _17\"> </span>che <span class=\"_ _4\"> </span>no<span class=\"_ _2\"></span>n <span class=\"_ _4\"> </span>hanno <span class=\"_ _17\"> </span>i presupposti <span class=\"_ _d\"></span>per <span class=\"_ _0\"></span>essere <span class=\"_ _0\"></span>classificati <span class=\"_ _0\"></span>nelle <span class=\"_ _d\"></span>categorie <span class=\"_ _0\"></span>precedenti, <span class=\"_ _d\"></span>sia <span class=\"_ _0\"></span>al <span class=\"_ _0\"></span>portafoglio <span class=\"_ _0\"></span>immobiliare <span class=\"_ _d\"></span>delle <span class=\"_ _0\"></span>Societ\u00e0 immobiliari del <span class=\"_ _2\"></span>Gruppo, compre<span class=\"_ _2\"></span>nsivo di <span class=\"_ _2\"></span>aree edificabili, <span class=\"_ _2\"></span>immobili in <span class=\"_ _2\"></span>costruzione, immobili <span class=\"_ _2\"></span>ultimati in <span class=\"_ _2\"></span>vendita e iniziative di sviluppo immobili<span class=\"_ _1\"></span>are, acquistato e detenuto in un\u2019ottica di dismissione.<span class=\"_ _df\"> </span><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs44f\">Sono,  inf<span class=\"_ _1\"></span>ine,  iscritti  nel<span class=\"_ _1\"></span>le  attivit\u00e0  materiali <span class=\"_ _9\"> </span>i  beni  utilizzati <span class=\"_ _16\"> </span>nell\u2019am<span class=\"_ _2\"></span><span class=\"ff4\">bito  di <span class=\"_ _16\"> </span>contratti  di <span class=\"_ _16\"> </span>leasing <span class=\"_ _16\"> </span>finanziario,<span class=\"_ _df\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs450\">ancorch\u00e9 la titolarit\u00e0 giuridica degli<span class=\"_ _1\"></span> stessi rimanga alla so<span class=\"_ _2\"></span>ciet\u00e0 l<span class=\"_ _1\"></span>ocatrice.<span class=\"_ _df\"> </span><span class=\"_ _2\"></span> </div><div class=\"t m0 h5 ff4 fs1 fc4 sc3 ls0 ws0 gs451\">Criter<span class=\"_ _1\"></span>i di <span class=\"_ _1\"></span>valuta<span class=\"_ _1\"></span>zione<span class=\"_ _df\"> </span><span class=\"_ _f\"></span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs452\">Le attivit\u00e0 materiali sono valutate al costo, dedotti eventuali<span class=\"_ _1\"></span> ammortamenti e perdite di valore.<span class=\"_ _df\"> </span><span class=\"_ _2\"></span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs453\">Le <span class=\"_ _0\"></span>att<span class=\"_ _2\"></span>ivit\u00e0 <span class=\"_ _0\"></span>materiali <span class=\"_ _9\"> </span>sono <span class=\"_ _9\"> </span>sistematicamente <span class=\"_ _0\"></span>ammor<span class=\"_ _2\"></span>tizzate, <span class=\"_ _0\"></span>adottando <span class=\"_ _9\"> </span>come <span class=\"_ _9\"> </span>criterio <span class=\"_ _9\"> </span>di <span class=\"_ _0\"></span>ammortamento <span class=\"_ _9\"> </span>il<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs454\">metodo <span class=\"_ _2\"></span>a quote <span class=\"_ _2\"></span>costanti, lungo la <span class=\"_ _2\"></span>loro <span class=\"_ _2\"></span>vita utile. Il <span class=\"_ _2\"></span>valore <span class=\"_ _2\"></span>ammort<span class=\"_ _1\"></span>izzabile \u00e8 <span class=\"_ _2\"></span>rappresentato dal <span class=\"_ _2\"></span>costo <span class=\"_ _2\"></span>dei beni<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs2c6\">al <span class=\"_ _2\"></span>netto del <span class=\"_ _2\"></span>valore residuo <span class=\"_ _2\"></span>al t<span class=\"_ _2\"></span>ermin<span class=\"_ _1\"></span>e <span class=\"_ _2\"></span>del processo <span class=\"_ _2\"></span>di amm<span class=\"_ _2\"></span>ortamento, <span class=\"_ _2\"></span>se significativo. <span class=\"_ _2\"></span>Gli immobili <span class=\"_ _2\"></span>vengono<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs2c7\">ammortizzati <span class=\"_ _9\"> </span>per  u<span class=\"_ _f\"></span>na  quota <span class=\"_ _9\"> </span>ritenuta <span class=\"_ _9\"> </span>congrua  per <span class=\"_ _9\"> </span>rappresentare  i<span class=\"_ _1\"></span>l <span class=\"_ _9\"> </span>d<span class=\"_ _2\"></span>eperimento <span class=\"_ _9\"> </span>dei <span class=\"_ _16\"> </span>cespiti <span class=\"_ _9\"> </span>nel <span class=\"_ _16\"> </span>tempo <span class=\"_ _9\"> </span>a<span class=\"_ _df\"> </span><span class=\"_ _2\"></span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs456\">seguito <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>loro <span class=\"_ _2\"></span>utilizzo, <span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>enuto <span class=\"_ _2\"></span>conto <span class=\"_ _2\"></span>delle <span class=\"_ _2\"></span>spese <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>manutenzione <span class=\"_ _d\"></span>di <span class=\"_ _2\"></span>carattere <span class=\"_ _2\"></span>straordinario, <span class=\"_ _d\"></span>che<span class=\"_ _1\"></span> <span class=\"_ _2\"></span>vengo<span class=\"_ _2\"></span>no<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs457\">portate ad incremento del valore de<span class=\"_ _1\"></span>i cespiti<span class=\"_ _df\"> </span><span class=\"_ _2\"></span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs458\">Non vengono invece ammortizzati:<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff14 fs1 fc1 sc0 ls0 ws0 gs459\"><span class=\"_ _2c\"> </span><span class=\"ff4\">i t<span class=\"_ _2\"></span>erreni, siano essi st<span class=\"_ _2\"></span>ati acquisiti singolarmente o <span class=\"_ _2\"></span>incorporati nel valore dei fabbricati, in <span class=\"_ _2\"></span>quanto hanno<span class=\"_ _df\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs45a\">vita utile indefinita;<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff14 fs1 fc1 sc0 ls0 ws0 gs45b\"><span class=\"_ _2c\"> </span><span class=\"ff4\">il <span class=\"_ _2\"></span>patrimonio <span class=\"_ _2\"></span>art<span class=\"_ _2\"></span>istico di <span class=\"_ _2\"></span>pregio, <span class=\"_ _d\"></span>gli <span class=\"_ _2\"></span>altri <span class=\"_ _2\"></span>beni <span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>torico <span class=\"_ _2\"></span>artistici <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>decorativi <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>quanto <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>loro <span class=\"_ _2\"></span>vita <span class=\"_ _2\"></span>utile <span class=\"_ _2\"></span>non<span class=\"_ _df\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs45c\">pu\u00f2 essere stimata ed il loro valore \u00e8 normalmente de<span class=\"_ _1\"></span>stinato ad aumentare nel tempo.<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs45d\">Se esiste qualche <span class=\"_ _2\"></span>indicazione che dimostr<span class=\"_ _2\"></span>i che un\u2019attivit\u00e0 mat<span class=\"_ _2\"></span>eriale<span class=\"_ _f\"></span> <span class=\"_ _2\"></span>valutata <span class=\"_ _2\"></span>al costo possa <span class=\"_ _2\"></span>aver su<span class=\"_ _2\"></span><span class=\"ff4\">bito una<span class=\"_ _df\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs45e\">perdita <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>valore, <span class=\"_ _0\"></span>si <span class=\"_ _d\"></span>pro<span class=\"_ _2\"></span>cede<span class=\"_ _1\"></span> <span class=\"_ _d\"></span>al <span class=\"_ _0\"></span>confronto <span class=\"_ _d\"></span>t<span class=\"_ _2\"></span>ra <span class=\"_ _d\"></span>il <span class=\"_ _d\"></span>valore <span class=\"_ _0\"></span>di <span class=\"_ _d\"></span>carico <span class=\"_ _d\"></span>del <span class=\"_ _0\"></span>cespite <span class=\"_ _d\"></span>ed <span class=\"_ _0\"></span>il <span class=\"_ _d\"></span>suo <span class=\"_ _0\"></span>valore <span class=\"_ _d\"></span>di <span class=\"_ _0\"></span>recupero. <span class=\"_ _d\"></span>Le<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs45f\">eventuali rettifiche vengono rilevate a Conto Economico.<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs460\">Qualora vengano meno <span class=\"_ _2\"></span>i motivi che hanno port<span class=\"_ _2\"></span>ato<span class=\"_ _1\"></span> alla rilevazione della perdita<span class=\"_ _2\"></span>, si <span class=\"_ _2\"></span>d\u00e0 luogo ad una r<span class=\"_ _2\"></span>ipresa di<span class=\"_ _df\"> </span><span class=\"_ _1\"></span> </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs461\">valore, che <span class=\"_ _2\"></span>non <span class=\"_ _2\"></span>pu\u00f2 s<span class=\"_ _2\"></span>uperare il <span class=\"_ _2\"></span>valore <span class=\"_ _2\"></span>che l\u2019attivit\u00e0 <span class=\"_ _2\"></span>avrebbe avuto, <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>netto <span class=\"_ _2\"></span>degl<span class=\"_ _1\"></span>i <span class=\"_ _2\"></span>ammortamenti calcolati, <span class=\"_ _2\"></span>in<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs462\">assenza di precedenti perdite di valore.<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs463\">Per quel <span class=\"_ _2\"></span>che attiene <span class=\"_ _2\"></span>alle att<span class=\"_ _2\"></span>ivit\u00e0 materiali <span class=\"_ _2\"></span>rilevate ai sensi <span class=\"_ _2\"></span>dello IAS<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>2, le <span class=\"_ _2\"></span>stesse sono <span class=\"_ _2\"></span>valutate al <span class=\"_ _2\"></span>minore tra <span class=\"_ _2\"></span>il<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs464\">costo <span class=\"_ _f\"></span>ed <span class=\"_ _f\"></span>il <span class=\"_ _1\"></span>valore <span class=\"_ _f\"></span>netto <span class=\"_ _1\"></span>di <span class=\"_ _f\"></span>realizzo, <span class=\"_ _f\"></span>fermo <span class=\"_ _f\"></span>rest<span class=\"_ _2\"></span>ando <span class=\"_ _f\"></span>che <span class=\"_ _f\"></span>si <span class=\"_ _f\"></span>procede <span class=\"_ _f\"></span>comunque <span class=\"_ _f\"></span>al <span class=\"_ _1\"></span>confronto <span class=\"_ _f\"></span>t<span class=\"_ _2\"></span>ra <span class=\"_ _f\"></span>il <span class=\"_ _f\"></span>valore <span class=\"_ _f\"></span>di <span class=\"_ _f\"></span>carico<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs465\">del <span class=\"_ _2\"></span>cespite <span class=\"_ _d\"></span>ed <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>suo <span class=\"_ _d\"></span>valore <span class=\"_ _2\"></span>di <span class=\"_ _d\"></span>recupero <span class=\"_ _2\"></span>ove <span class=\"_ _d\"></span>esista <span class=\"_ _2\"></span>qualche <span class=\"_ _2\"></span>in<span class=\"_ _2\"></span>dicazione <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>dimostr<span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>il <span class=\"_ _d\"></span>bene <span class=\"_ _0\"></span>possa <span class=\"_ _2\"></span>aver<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs466\">subito una perdita di valore. Le<span class=\"_ _1\"></span> eventuali rettifiche vengono rilevate a conto economico.<span class=\"_ _df\"> </span><span class=\"_ _2\"></span> </div>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-900": {
   "value": "6 <span class=\"ls0\">- Attivit\u00e0<span class=\"_ _f\"></span> materia<span class=\"_ _1\"></span>li </span>Criter<span class=\"_ _1\"></span>i di <span class=\"_ _1\"></span>iscrizi<span class=\"_ _1\"></span>one Le <span class=\"_ _d\"></span>attivit\u00e0 <span class=\"_ _d\"></span>materiali <span class=\"_ _d\"></span>sono <span class=\"_ _d\"></span>inizialmente <span class=\"_ _d\"></span>iscritte <span class=\"_ _d\"></span>al <span class=\"_ _d\"></span>costo <span class=\"_ _d\"></span>che <span class=\"_ _2\"></span>comprende, <span class=\"_ _d\"></span>oltre <span class=\"_ _d\"></span>al <span class=\"_ _d\"></span>prezzo <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>acquisto, <span class=\"_ _2\"></span>tutti <span class=\"_ _d\"></span>gli eventuali oneri accessori direttamente imp<span class=\"_ _1\"></span>utabili all\u2019acquisto e alla messa in funzione del bene.<span class=\"_ _2\"></span><span class=\"ff4\"> </span>Le  spese  d<span class=\"_ _2\"></span>i  manutenzione  s<span class=\"_ _2\"></span>traordinaria  che  compor<span class=\"_ _2\"></span>tano  un  incre<span class=\"_ _2\"></span>mento  dei <span class=\"_ _22\"> </span>b<span class=\"_ _2\"></span>enefici  economici <span class=\"_ _22\"> </span>futuri vengono imputate ad increme<span class=\"_ _1\"></span>nto del valore dei cespi<span class=\"_ _1\"></span>ti, mentre gli altri costi di<span class=\"_ _1\"></span> manutenzione ordinaria sono<span class=\"_ _f\"></span> rilevati a Conto Economico. I contratti di leasing (in qualit\u00e0 di locatario) sono contabilizz<span class=\"_ _1\"></span>ati applicando l\u2019I<span class=\"_ _2\"></span><span class=\"ff4\">FRS 16 sulla base del cosiddetto </span>modello <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>diritto <span class=\"_ _2\"></span>d\u2019uso <span class=\"_ _2\"></span>(\u201cright <span class=\"_ _2\"></span>of <span class=\"_ _2\"></span>use\u201d). <span class=\"_ _2\"></span>Alla <span class=\"_ _2\"></span>data <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>rilevazione <span class=\"_ _2\"></span>iniziale <span class=\"_ _2\"></span>pertanto <span class=\"_ _d\"></span>il <span class=\"_ _2\"></span>valore <span class=\"_ _2\"></span>del dirit<span class=\"_ _2\"></span>to <span class=\"_ _2\"></span>d\u2019uso \u00e8 determinato <span class=\"_ _14\"> </span>pari <span class=\"_ _15\"> </span>al <span class=\"_ _14\"> </span>valore <span class=\"_ _14\"> </span>di <span class=\"_ _14\"> </span>iscrizione <span class=\"_ _14\"> </span>iniziale <span class=\"_ _14\"> </span>della <span class=\"_ _14\"> </span>Passivit\u00e0 <span class=\"_ _15\"> </span>per <span class=\"_ _14\"> </span>leasing, <span class=\"_ _14\"> </span>corrett<span class=\"_ _2\"></span>o <span class=\"_ _17\"> </span>per <span class=\"_ _15\"> </span>le <span class=\"_ _14\"> </span>seguenti co<span class=\"ls0\">mponenti: </span>\u2022 i pagamenti dovuti per il leasing effettuati alla data o prima della data <span class=\"_ _2\"></span>di decorrenza al netto degli incentivi al leasing ricevuti;<span class=\"_ _df\"> </span>\u2022 i costi iniziali diretti sostenuti dal locatario;<span class=\"_ _df\"> </span>\u2022  la  stima  dei  costi  che<span class=\"_ _1\"></span>  il  locatario  dovr\u00e0  sostene<span class=\"_ _1\"></span>re  per  lo  smantellamento  e  la  rimozione  dell\u2019attivit\u00e0 sottostante e pe<span class=\"_ _1\"></span>r il ripristino <span class=\"_ _1\"></span>del sito in <span class=\"_ _f\"></span>cui \u00e8 ubicata <span class=\"_ _1\"></span>o per il <span class=\"_ _1\"></span>ripristino de<span class=\"_ _1\"></span>ll'attivit\u00e0 sottostante nelle<span class=\"_ _1\"></span> condizioni previste dai termini e dalle condizioni de<span class=\"_ _1\"></span>l leasing.<span class=\"_ _df\"> </span>Nell\u2019identificazione <span class=\"_ _2\"></span>dei <span class=\"_ _d\"></span>diritti <span class=\"_ _d\"></span>d\u2019uso, <span class=\"_ _d\"></span>il <span class=\"_ _d\"></span>Gruppo <span class=\"_ _2\"></span>Cr<span class=\"_ _2\"></span>edem <span class=\"_ _2\"></span>applica <span class=\"_ _d\"></span>le <span class=\"_ _d\"></span>\u201csemplificazioni\u201d <span class=\"_ _2\"></span>cons<span class=\"_ _2\"></span>entite <span class=\"_ _2\"></span>dall\u2019IFRS <span class=\"_ _d\"></span>16 <span class=\"_ _2\"></span>e<span class=\"_ _df\"> </span>quindi non sono considerati i contratti aventi caratteristiche<span class=\"_ _1\"></span>:<span class=\"_ _df\"> </span>\u2022 Leasing di breve<span class=\"_ _1\"></span> durata, ovvero un leasing di brev<span class=\"_ _1\"></span>e durata \u00e8 un<span class=\"_ _1\"></span> leasing che, alla data<span class=\"_ _1\"></span> iniziale, ha una durata<span class=\"_ _f\"></span> ug<span class=\"ls0\">uale o inferiore ai 12 mesi;<span class=\"_ _df\"> </span></span>\u2022 Leasing \u201clow<span class=\"ff4\">-</span>value\u201d, ovvero Leasing il cui asset presenta un valore pari o inf<span class=\"_ _1\"></span>eriore ad Euro 5.000.<span class=\"_ _df\"> </span>Criter<span class=\"_ _1\"></span>i di <span class=\"_ _13\"></span>classifica<span class=\"_ _f\"></span>zione<span class=\"_ _1\"></span> Le <span class=\"_ _1\"></span>attivit\u00e0 <span class=\"_ _1\"></span>materiali co<span class=\"_ _1\"></span>mprendono <span class=\"_ _1\"></span>i <span class=\"_ _f\"></span>t<span class=\"_ _2\"></span>erreni,<span class=\"_ _1\"></span> gli<span class=\"_ _1\"></span> immobi<span class=\"_ _1\"></span>li strume<span class=\"_ _1\"></span>ntali, g<span class=\"_ _1\"></span>li i<span class=\"_ _1\"></span>nvestimenti <span class=\"_ _1\"></span>immobiliari, il <span class=\"_ _f\"></span>patr<span class=\"_ _2\"></span>imonio artistico di<span class=\"_ _1\"></span> pregi<span class=\"_ _1\"></span>o, gli <span class=\"_ _f\"></span>im<span class=\"_ _2\"></span>pianti <span class=\"_ _f\"></span>te<span class=\"_ _2\"></span>cnici, <span class=\"_ _f\"></span>i mobili e <span class=\"_ _f\"></span>gli arredi <span class=\"_ _1\"></span>nonch\u00e9 le <span class=\"_ _f\"></span>at<span class=\"_ _2\"></span>trezzature <span class=\"_ _1\"></span>di q<span class=\"_ _f\"></span>ualsiasi tipo che <span class=\"_ _f\"></span>si ritiene di utilizzare per pi\u00f9 di un periodo. Le att<span class=\"_ _2\"></span>ivit\u00e0 materiali detenute per essere utilizzate nella produzione o nella fo<span class=\"ff5 ls0\">rnitura <span class=\"_ _2\"></span>di beni <span class=\"_ _2\"></span>e s<span class=\"_ _2\"></span>ervizi sono <span class=\"_ _2\"></span>classificate come <span class=\"_ _2\"></span>\u201cattivit\u00e0 <span class=\"_ _2\"></span>ad <span class=\"_ _2\"></span>uso funzionale\u201d <span class=\"_ _2\"></span>secondo lo <span class=\"_ _2\"></span>IAS 16. <span class=\"_ _2\"></span>Gli <span class=\"_ _2\"></span>immobili </span>posseduti <span class=\"_ _1\"></span>con fi<span class=\"_ _1\"></span>nalit\u00e0 di<span class=\"_ _f\"></span> investimento <span class=\"_ _f\"></span>(per conseguire <span class=\"_ _f\"></span>canoni di <span class=\"_ _f\"></span>locazione <span class=\"_ _f\"></span>o per l\u2019<span class=\"_ _1\"></span>apprezzamento <span class=\"_ _1\"></span>del <span class=\"_ _f\"></span>capitale investito) sono classificati come \u201cattivit\u00e0 detenute a scopo di investimento\u201d in base allo IAS<span class=\"ff4\"> <span class=\"ls4a\">40.<span class=\"_ _f\"></span><span class=\"ls0\"> </span></span></span>La <span class=\"_ _2\"></span>voce <span class=\"_ _2\"></span>accoglie <span class=\"_ _2\"></span>anche att<span class=\"_ _2\"></span>ivit\u00e0 materiali <span class=\"_ _2\"></span>classificate <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>base <span class=\"_ _2\"></span>allo <span class=\"_ _2\"></span>IAS <span class=\"_ _2\"></span>2 <span class=\"_ _d\"></span>- <span class=\"_ _2\"></span>Rimanenze, ch<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>si <span class=\"_ _2\"></span>riferiscono <span class=\"_ _2\"></span>sia <span class=\"_ _2\"></span>a beni <span class=\"_ _0\"></span>derivanti <span class=\"_ _0\"></span>dall\u2019attivit\u00e0 <span class=\"_ _d\"></span>di <span class=\"_ _0\"></span>escussione <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>garanzie <span class=\"_ _0\"></span>o <span class=\"_ _0\"></span>dall\u2019acquisto <span class=\"_ _0\"></span>in <span class=\"_ _0\"></span>asta <span class=\"_ _0\"></span>ch<span class=\"_ _2\"></span>e <span class=\"_ _0\"></span>l\u2019impresa <span class=\"_ _0\"></span>ha <span class=\"_ _0\"></span>intenzione <span class=\"_ _0\"></span>di vendere <span class=\"_ _4\"> </span>nel <span class=\"_ _17\"> </span>prossimo <span class=\"_ _17\"> </span>futuro, <span class=\"_ _4\"> </span>senza <span class=\"_ _17\"> </span>effettuare <span class=\"_ _4\"> </span>rilevanti <span class=\"_ _17\"> </span>opere <span class=\"_ _4\"> </span>di <span class=\"_ _17\"> </span>ristrutturazione, <span class=\"_ _4\"> </span>e <span class=\"_ _17\"> </span>che <span class=\"_ _4\"> </span>no<span class=\"_ _2\"></span>n <span class=\"_ _4\"> </span>hanno <span class=\"_ _17\"> </span>i presupposti <span class=\"_ _d\"></span>per <span class=\"_ _0\"></span>essere <span class=\"_ _0\"></span>classificati <span class=\"_ _0\"></span>nelle <span class=\"_ _d\"></span>categorie <span class=\"_ _0\"></span>precedenti, <span class=\"_ _d\"></span>sia <span class=\"_ _0\"></span>al <span class=\"_ _0\"></span>portafoglio <span class=\"_ _0\"></span>immobiliare <span class=\"_ _d\"></span>delle <span class=\"_ _0\"></span>Societ\u00e0 immobiliari del <span class=\"_ _2\"></span>Gruppo, compre<span class=\"_ _2\"></span>nsivo di <span class=\"_ _2\"></span>aree edificabili, <span class=\"_ _2\"></span>immobili in <span class=\"_ _2\"></span>costruzione, immobili <span class=\"_ _2\"></span>ultimati in <span class=\"_ _2\"></span>vendita e iniziative di sviluppo immobili<span class=\"_ _1\"></span>are, acquistato e detenuto in un\u2019ottica di dismissione.<span class=\"_ _df\"> </span>Sono,  inf<span class=\"_ _1\"></span>ine,  iscritti  nel<span class=\"_ _1\"></span>le  attivit\u00e0  materiali <span class=\"_ _9\"> </span>i  beni  utilizzati <span class=\"_ _16\"> </span>nell\u2019am<span class=\"_ _2\"></span><span class=\"ff4\">bito  di <span class=\"_ _16\"> </span>contratti  di <span class=\"_ _16\"> </span>leasing <span class=\"_ _16\"> </span>finanziario,<span class=\"_ _df\"> </span></span><span class=\"ff4\"> </span>ancorch\u00e9 la titolarit\u00e0 giuridica degli<span class=\"_ _1\"></span> stessi rimanga alla so<span class=\"_ _2\"></span>ciet\u00e0 l<span class=\"_ _1\"></span>ocatrice.<span class=\"_ _df\"> </span><span class=\"_ _2\"></span> Criter<span class=\"_ _1\"></span>i di <span class=\"_ _1\"></span>valuta<span class=\"_ _1\"></span>zione<span class=\"_ _df\"> </span><span class=\"_ _f\"></span> Le attivit\u00e0 materiali sono valutate al costo, dedotti eventuali<span class=\"_ _1\"></span> ammortamenti e perdite di valore.<span class=\"_ _df\"> </span><span class=\"_ _2\"></span> Le <span class=\"_ _0\"></span>att<span class=\"_ _2\"></span>ivit\u00e0 <span class=\"_ _0\"></span>materiali <span class=\"_ _9\"> </span>sono <span class=\"_ _9\"> </span>sistematicamente <span class=\"_ _0\"></span>ammor<span class=\"_ _2\"></span>tizzate, <span class=\"_ _0\"></span>adottando <span class=\"_ _9\"> </span>come <span class=\"_ _9\"> </span>criterio <span class=\"_ _9\"> </span>di <span class=\"_ _0\"></span>ammortamento <span class=\"_ _9\"> </span>il<span class=\"_ _df\"> </span> metodo <span class=\"_ _2\"></span>a quote <span class=\"_ _2\"></span>costanti, lungo la <span class=\"_ _2\"></span>loro <span class=\"_ _2\"></span>vita utile. Il <span class=\"_ _2\"></span>valore <span class=\"_ _2\"></span>ammort<span class=\"_ _1\"></span>izzabile \u00e8 <span class=\"_ _2\"></span>rappresentato dal <span class=\"_ _2\"></span>costo <span class=\"_ _2\"></span>dei beni<span class=\"_ _df\"> </span> al <span class=\"_ _2\"></span>netto del <span class=\"_ _2\"></span>valore residuo <span class=\"_ _2\"></span>al t<span class=\"_ _2\"></span>ermin<span class=\"_ _1\"></span>e <span class=\"_ _2\"></span>del processo <span class=\"_ _2\"></span>di amm<span class=\"_ _2\"></span>ortamento, <span class=\"_ _2\"></span>se significativo. <span class=\"_ _2\"></span>Gli immobili <span class=\"_ _2\"></span>vengono<span class=\"_ _df\"> </span> ammortizzati <span class=\"_ _9\"> </span>per  u<span class=\"_ _f\"></span>na  quota <span class=\"_ _9\"> </span>ritenuta <span class=\"_ _9\"> </span>congrua  per <span class=\"_ _9\"> </span>rappresentare  i<span class=\"_ _1\"></span>l <span class=\"_ _9\"> </span>d<span class=\"_ _2\"></span>eperimento <span class=\"_ _9\"> </span>dei <span class=\"_ _16\"> </span>cespiti <span class=\"_ _9\"> </span>nel <span class=\"_ _16\"> </span>tempo <span class=\"_ _9\"> </span>a<span class=\"_ _df\"> </span><span class=\"_ _2\"></span> seguito <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>loro <span class=\"_ _2\"></span>utilizzo, <span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>enuto <span class=\"_ _2\"></span>conto <span class=\"_ _2\"></span>delle <span class=\"_ _2\"></span>spese <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>manutenzione <span class=\"_ _d\"></span>di <span class=\"_ _2\"></span>carattere <span class=\"_ _2\"></span>straordinario, <span class=\"_ _d\"></span>che<span class=\"_ _1\"></span> <span class=\"_ _2\"></span>vengo<span class=\"_ _2\"></span>no<span class=\"_ _df\"> </span> portate ad incremento del valore de<span class=\"_ _1\"></span>i cespiti<span class=\"_ _df\"> </span><span class=\"_ _2\"></span> Non vengono invece ammortizzati:<span class=\"_ _df\"> </span> <span class=\"_ _2c\"> </span><span class=\"ff4\">i t<span class=\"_ _2\"></span>erreni, siano essi st<span class=\"_ _2\"></span>ati acquisiti singolarmente o <span class=\"_ _2\"></span>incorporati nel valore dei fabbricati, in <span class=\"_ _2\"></span>quanto hanno<span class=\"_ _df\"> </span></span><span class=\"ff4\"> </span>vita utile indefinita;<span class=\"_ _df\"> </span><span class=\"_ _2c\"> </span><span class=\"ff4\">il <span class=\"_ _2\"></span>patrimonio <span class=\"_ _2\"></span>art<span class=\"_ _2\"></span>istico di <span class=\"_ _2\"></span>pregio, <span class=\"_ _d\"></span>gli <span class=\"_ _2\"></span>altri <span class=\"_ _2\"></span>beni <span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>torico <span class=\"_ _2\"></span>artistici <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>decorativi <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>quanto <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>loro <span class=\"_ _2\"></span>vita <span class=\"_ _2\"></span>utile <span class=\"_ _2\"></span>non<span class=\"_ _df\"> </span></span><span class=\"ff4\"> </span>pu\u00f2 essere stimata ed il loro valore \u00e8 normalmente de<span class=\"_ _1\"></span>stinato ad aumentare nel tempo.<span class=\"_ _df\"> </span>Se esiste qualche <span class=\"_ _2\"></span>indicazione che dimostr<span class=\"_ _2\"></span>i che un\u2019attivit\u00e0 mat<span class=\"_ _2\"></span>eriale<span class=\"_ _f\"></span> <span class=\"_ _2\"></span>valutata <span class=\"_ _2\"></span>al costo possa <span class=\"_ _2\"></span>aver su<span class=\"_ _2\"></span><span class=\"ff4\">bito una<span class=\"_ _df\"> </span></span><span class=\"ff4\"> </span>perdita <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>valore, <span class=\"_ _0\"></span>si <span class=\"_ _d\"></span>pro<span class=\"_ _2\"></span>cede<span class=\"_ _1\"></span> <span class=\"_ _d\"></span>al <span class=\"_ _0\"></span>confronto <span class=\"_ _d\"></span>t<span class=\"_ _2\"></span>ra <span class=\"_ _d\"></span>il <span class=\"_ _d\"></span>valore <span class=\"_ _0\"></span>di <span class=\"_ _d\"></span>carico <span class=\"_ _d\"></span>del <span class=\"_ _0\"></span>cespite <span class=\"_ _d\"></span>ed <span class=\"_ _0\"></span>il <span class=\"_ _d\"></span>suo <span class=\"_ _0\"></span>valore <span class=\"_ _d\"></span>di <span class=\"_ _0\"></span>recupero. <span class=\"_ _d\"></span>Le<span class=\"_ _df\"> </span> eventuali rettifiche vengono rilevate a Conto Economico.<span class=\"_ _df\"> </span> Qualora vengano meno <span class=\"_ _2\"></span>i motivi che hanno port<span class=\"_ _2\"></span>ato<span class=\"_ _1\"></span> alla rilevazione della perdita<span class=\"_ _2\"></span>, si <span class=\"_ _2\"></span>d\u00e0 luogo ad una r<span class=\"_ _2\"></span>ipresa di<span class=\"_ _df\"> </span><span class=\"_ _1\"></span> valore, che <span class=\"_ _2\"></span>non <span class=\"_ _2\"></span>pu\u00f2 s<span class=\"_ _2\"></span>uperare il <span class=\"_ _2\"></span>valore <span class=\"_ _2\"></span>che l\u2019attivit\u00e0 <span class=\"_ _2\"></span>avrebbe avuto, <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>netto <span class=\"_ _2\"></span>degl<span class=\"_ _1\"></span>i <span class=\"_ _2\"></span>ammortamenti calcolati, <span class=\"_ _2\"></span>in<span class=\"_ _df\"> </span> assenza di precedenti perdite di valore.<span class=\"_ _df\"> </span> Per quel <span class=\"_ _2\"></span>che attiene <span class=\"_ _2\"></span>alle att<span class=\"_ _2\"></span>ivit\u00e0 materiali <span class=\"_ _2\"></span>rilevate ai sensi <span class=\"_ _2\"></span>dello IAS<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>2, le <span class=\"_ _2\"></span>stesse sono <span class=\"_ _2\"></span>valutate al <span class=\"_ _2\"></span>minore tra <span class=\"_ _2\"></span>il<span class=\"_ _df\"> </span> costo <span class=\"_ _f\"></span>ed <span class=\"_ _f\"></span>il <span class=\"_ _1\"></span>valore <span class=\"_ _f\"></span>netto <span class=\"_ _1\"></span>di <span class=\"_ _f\"></span>realizzo, <span class=\"_ _f\"></span>fermo <span class=\"_ _f\"></span>rest<span class=\"_ _2\"></span>ando <span class=\"_ _f\"></span>che <span class=\"_ _f\"></span>si <span class=\"_ _f\"></span>procede <span class=\"_ _f\"></span>comunque <span class=\"_ _f\"></span>al <span class=\"_ _1\"></span>confronto <span class=\"_ _f\"></span>t<span class=\"_ _2\"></span>ra <span class=\"_ _f\"></span>il <span class=\"_ _f\"></span>valore <span class=\"_ _f\"></span>di <span class=\"_ _f\"></span>carico<span class=\"_ _df\"> </span> del <span class=\"_ _2\"></span>cespite <span class=\"_ _d\"></span>ed <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>suo <span class=\"_ _d\"></span>valore <span class=\"_ _2\"></span>di <span class=\"_ _d\"></span>recupero <span class=\"_ _2\"></span>ove <span class=\"_ _d\"></span>esista <span class=\"_ _2\"></span>qualche <span class=\"_ _2\"></span>in<span class=\"_ _2\"></span>dicazione <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>dimostr<span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>il <span class=\"_ _d\"></span>bene <span class=\"_ _0\"></span>possa <span class=\"_ _2\"></span>aver<span class=\"_ _df\"> </span> subito una perdita di valore. Le<span class=\"_ _1\"></span> eventuali rettifiche vengono rilevate a conto economico.<span class=\"_ _df\"> </span><span class=\"_ _2\"></span> ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentPropertyExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-771": {
   "value": "6 <span class=\"ls0\">- Attivit\u00e0<span class=\"_ _f\"></span> materia<span class=\"_ _1\"></span>li </span>Criter<span class=\"_ _1\"></span>i di <span class=\"_ _1\"></span>iscrizi<span class=\"_ _1\"></span>one Le <span class=\"_ _d\"></span>attivit\u00e0 <span class=\"_ _d\"></span>materiali <span class=\"_ _d\"></span>sono <span class=\"_ _d\"></span>inizialmente <span class=\"_ _d\"></span>iscritte <span class=\"_ _d\"></span>al <span class=\"_ _d\"></span>costo <span class=\"_ _d\"></span>che <span class=\"_ _2\"></span>comprende, <span class=\"_ _d\"></span>oltre <span class=\"_ _d\"></span>al <span class=\"_ _d\"></span>prezzo <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>acquisto, <span class=\"_ _2\"></span>tutti <span class=\"_ _d\"></span>gli eventuali oneri accessori direttamente imp<span class=\"_ _1\"></span>utabili all\u2019acquisto e alla messa in funzione del bene.<span class=\"_ _2\"></span><span class=\"ff4\"> </span>Le  spese  d<span class=\"_ _2\"></span>i  manutenzione  s<span class=\"_ _2\"></span>traordinaria  che  compor<span class=\"_ _2\"></span>tano  un  incre<span class=\"_ _2\"></span>mento  dei <span class=\"_ _22\"> </span>b<span class=\"_ _2\"></span>enefici  economici <span class=\"_ _22\"> </span>futuri vengono imputate ad increme<span class=\"_ _1\"></span>nto del valore dei cespi<span class=\"_ _1\"></span>ti, mentre gli altri costi di<span class=\"_ _1\"></span> manutenzione ordinaria sono<span class=\"_ _f\"></span> rilevati a Conto Economico. I contratti di leasing (in qualit\u00e0 di locatario) sono contabilizz<span class=\"_ _1\"></span>ati applicando l\u2019I<span class=\"_ _2\"></span><span class=\"ff4\">FRS 16 sulla base del cosiddetto </span>modello <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>diritto <span class=\"_ _2\"></span>d\u2019uso <span class=\"_ _2\"></span>(\u201cright <span class=\"_ _2\"></span>of <span class=\"_ _2\"></span>use\u201d). <span class=\"_ _2\"></span>Alla <span class=\"_ _2\"></span>data <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>rilevazione <span class=\"_ _2\"></span>iniziale <span class=\"_ _2\"></span>pertanto <span class=\"_ _d\"></span>il <span class=\"_ _2\"></span>valore <span class=\"_ _2\"></span>del dirit<span class=\"_ _2\"></span>to <span class=\"_ _2\"></span>d\u2019uso \u00e8 determinato <span class=\"_ _14\"> </span>pari <span class=\"_ _15\"> </span>al <span class=\"_ _14\"> </span>valore <span class=\"_ _14\"> </span>di <span class=\"_ _14\"> </span>iscrizione <span class=\"_ _14\"> </span>iniziale <span class=\"_ _14\"> </span>della <span class=\"_ _14\"> </span>Passivit\u00e0 <span class=\"_ _15\"> </span>per <span class=\"_ _14\"> </span>leasing, <span class=\"_ _14\"> </span>corrett<span class=\"_ _2\"></span>o <span class=\"_ _17\"> </span>per <span class=\"_ _15\"> </span>le <span class=\"_ _14\"> </span>seguenti co<span class=\"ls0\">mponenti: </span>\u2022 i pagamenti dovuti per il leasing effettuati alla data o prima della data <span class=\"_ _2\"></span>di decorrenza al netto degli incentivi al leasing ricevuti;<span class=\"_ _df\"> </span>\u2022 i costi iniziali diretti sostenuti dal locatario;<span class=\"_ _df\"> </span>\u2022  la  stima  dei  costi  che<span class=\"_ _1\"></span>  il  locatario  dovr\u00e0  sostene<span class=\"_ _1\"></span>re  per  lo  smantellamento  e  la  rimozione  dell\u2019attivit\u00e0 sottostante e pe<span class=\"_ _1\"></span>r il ripristino <span class=\"_ _1\"></span>del sito in <span class=\"_ _f\"></span>cui \u00e8 ubicata <span class=\"_ _1\"></span>o per il <span class=\"_ _1\"></span>ripristino de<span class=\"_ _1\"></span>ll'attivit\u00e0 sottostante nelle<span class=\"_ _1\"></span> condizioni previste dai termini e dalle condizioni de<span class=\"_ _1\"></span>l leasing.<span class=\"_ _df\"> </span>Nell\u2019identificazione <span class=\"_ _2\"></span>dei <span class=\"_ _d\"></span>diritti <span class=\"_ _d\"></span>d\u2019uso, <span class=\"_ _d\"></span>il <span class=\"_ _d\"></span>Gruppo <span class=\"_ _2\"></span>Cr<span class=\"_ _2\"></span>edem <span class=\"_ _2\"></span>applica <span class=\"_ _d\"></span>le <span class=\"_ _d\"></span>\u201csemplificazioni\u201d <span class=\"_ _2\"></span>cons<span class=\"_ _2\"></span>entite <span class=\"_ _2\"></span>dall\u2019IFRS <span class=\"_ _d\"></span>16 <span class=\"_ _2\"></span>e<span class=\"_ _df\"> </span>quindi non sono considerati i contratti aventi caratteristiche<span class=\"_ _1\"></span>:<span class=\"_ _df\"> </span>\u2022 Leasing di breve<span class=\"_ _1\"></span> durata, ovvero un leasing di brev<span class=\"_ _1\"></span>e durata \u00e8 un<span class=\"_ _1\"></span> leasing che, alla data<span class=\"_ _1\"></span> iniziale, ha una durata<span class=\"_ _f\"></span> ug<span class=\"ls0\">uale o inferiore ai 12 mesi;<span class=\"_ _df\"> </span></span>\u2022 Leasing \u201clow<span class=\"ff4\">-</span>value\u201d, ovvero Leasing il cui asset presenta un valore pari o inf<span class=\"_ _1\"></span>eriore ad Euro 5.000.<span class=\"_ _df\"> </span>Criter<span class=\"_ _1\"></span>i di <span class=\"_ _13\"></span>classifica<span class=\"_ _f\"></span>zione<span class=\"_ _1\"></span> Le <span class=\"_ _1\"></span>attivit\u00e0 <span class=\"_ _1\"></span>materiali co<span class=\"_ _1\"></span>mprendono <span class=\"_ _1\"></span>i <span class=\"_ _f\"></span>t<span class=\"_ _2\"></span>erreni,<span class=\"_ _1\"></span> gli<span class=\"_ _1\"></span> immobi<span class=\"_ _1\"></span>li strume<span class=\"_ _1\"></span>ntali, g<span class=\"_ _1\"></span>li i<span class=\"_ _1\"></span>nvestimenti <span class=\"_ _1\"></span>immobiliari, il <span class=\"_ _f\"></span>patr<span class=\"_ _2\"></span>imonio artistico di<span class=\"_ _1\"></span> pregi<span class=\"_ _1\"></span>o, gli <span class=\"_ _f\"></span>im<span class=\"_ _2\"></span>pianti <span class=\"_ _f\"></span>te<span class=\"_ _2\"></span>cnici, <span class=\"_ _f\"></span>i mobili e <span class=\"_ _f\"></span>gli arredi <span class=\"_ _1\"></span>nonch\u00e9 le <span class=\"_ _f\"></span>at<span class=\"_ _2\"></span>trezzature <span class=\"_ _1\"></span>di q<span class=\"_ _f\"></span>ualsiasi tipo che <span class=\"_ _f\"></span>si ritiene di utilizzare per pi\u00f9 di un periodo. Le att<span class=\"_ _2\"></span>ivit\u00e0 materiali detenute per essere utilizzate nella produzione o nella fo<span class=\"ff5 ls0\">rnitura <span class=\"_ _2\"></span>di beni <span class=\"_ _2\"></span>e s<span class=\"_ _2\"></span>ervizi sono <span class=\"_ _2\"></span>classificate come <span class=\"_ _2\"></span>\u201cattivit\u00e0 <span class=\"_ _2\"></span>ad <span class=\"_ _2\"></span>uso funzionale\u201d <span class=\"_ _2\"></span>secondo lo <span class=\"_ _2\"></span>IAS 16. <span class=\"_ _2\"></span>Gli <span class=\"_ _2\"></span>immobili </span>posseduti <span class=\"_ _1\"></span>con fi<span class=\"_ _1\"></span>nalit\u00e0 di<span class=\"_ _f\"></span> investimento <span class=\"_ _f\"></span>(per conseguire <span class=\"_ _f\"></span>canoni di <span class=\"_ _f\"></span>locazione <span class=\"_ _f\"></span>o per l\u2019<span class=\"_ _1\"></span>apprezzamento <span class=\"_ _1\"></span>del <span class=\"_ _f\"></span>capitale investito) sono classificati come \u201cattivit\u00e0 detenute a scopo di investimento\u201d in base allo IAS<span class=\"ff4\"> <span class=\"ls4a\">40.<span class=\"_ _f\"></span><span class=\"ls0\"> </span></span></span>La <span class=\"_ _2\"></span>voce <span class=\"_ _2\"></span>accoglie <span class=\"_ _2\"></span>anche att<span class=\"_ _2\"></span>ivit\u00e0 materiali <span class=\"_ _2\"></span>classificate <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>base <span class=\"_ _2\"></span>allo <span class=\"_ _2\"></span>IAS <span class=\"_ _2\"></span>2 <span class=\"_ _d\"></span>- <span class=\"_ _2\"></span>Rimanenze, ch<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>si <span class=\"_ _2\"></span>riferiscono <span class=\"_ _2\"></span>sia <span class=\"_ _2\"></span>a beni <span class=\"_ _0\"></span>derivanti <span class=\"_ _0\"></span>dall\u2019attivit\u00e0 <span class=\"_ _d\"></span>di <span class=\"_ _0\"></span>escussione <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>garanzie <span class=\"_ _0\"></span>o <span class=\"_ _0\"></span>dall\u2019acquisto <span class=\"_ _0\"></span>in <span class=\"_ _0\"></span>asta <span class=\"_ _0\"></span>ch<span class=\"_ _2\"></span>e <span class=\"_ _0\"></span>l\u2019impresa <span class=\"_ _0\"></span>ha <span class=\"_ _0\"></span>intenzione <span class=\"_ _0\"></span>di vendere <span class=\"_ _4\"> </span>nel <span class=\"_ _17\"> </span>prossimo <span class=\"_ _17\"> </span>futuro, <span class=\"_ _4\"> </span>senza <span class=\"_ _17\"> </span>effettuare <span class=\"_ _4\"> </span>rilevanti <span class=\"_ _17\"> </span>opere <span class=\"_ _4\"> </span>di <span class=\"_ _17\"> </span>ristrutturazione, <span class=\"_ _4\"> </span>e <span class=\"_ _17\"> </span>che <span class=\"_ _4\"> </span>no<span class=\"_ _2\"></span>n <span class=\"_ _4\"> </span>hanno <span class=\"_ _17\"> </span>i presupposti <span class=\"_ _d\"></span>per <span class=\"_ _0\"></span>essere <span class=\"_ _0\"></span>classificati <span class=\"_ _0\"></span>nelle <span class=\"_ _d\"></span>categorie <span class=\"_ _0\"></span>precedenti, <span class=\"_ _d\"></span>sia <span class=\"_ _0\"></span>al <span class=\"_ _0\"></span>portafoglio <span class=\"_ _0\"></span>immobiliare <span class=\"_ _d\"></span>delle <span class=\"_ _0\"></span>Societ\u00e0 immobiliari del <span class=\"_ _2\"></span>Gruppo, compre<span class=\"_ _2\"></span>nsivo di <span class=\"_ _2\"></span>aree edificabili, <span class=\"_ _2\"></span>immobili in <span class=\"_ _2\"></span>costruzione, immobili <span class=\"_ _2\"></span>ultimati in <span class=\"_ _2\"></span>vendita e iniziative di sviluppo immobili<span class=\"_ _1\"></span>are, acquistato e detenuto in un\u2019ottica di dismissione.<span class=\"_ _df\"> </span>Sono,  inf<span class=\"_ _1\"></span>ine,  iscritti  nel<span class=\"_ _1\"></span>le  attivit\u00e0  materiali <span class=\"_ _9\"> </span>i  beni  utilizzati <span class=\"_ _16\"> </span>nell\u2019am<span class=\"_ _2\"></span><span class=\"ff4\">bito  di <span class=\"_ _16\"> </span>contratti  di <span class=\"_ _16\"> </span>leasing <span class=\"_ _16\"> </span>finanziario,<span class=\"_ _df\"> </span></span>ancorch\u00e9 la titolarit\u00e0 giuridica degli<span class=\"_ _1\"></span> stessi rimanga alla so<span class=\"_ _2\"></span>ciet\u00e0 l<span class=\"_ _1\"></span>ocatrice.<span class=\"_ _df\"> </span>Criter<span class=\"_ _1\"></span>i di <span class=\"_ _1\"></span>valuta<span class=\"_ _1\"></span>zione<span class=\"_ _df\"> </span>Le attivit\u00e0 materiali sono valutate al costo, dedotti eventuali<span class=\"_ _1\"></span> ammortamenti e perdite di valore.<span class=\"_ _df\"> </span>Le <span class=\"_ _0\"></span>att<span class=\"_ _2\"></span>ivit\u00e0 <span class=\"_ _0\"></span>materiali <span class=\"_ _9\"> </span>sono <span class=\"_ _9\"> </span>sistematicamente <span class=\"_ _0\"></span>ammor<span class=\"_ _2\"></span>tizzate, <span class=\"_ _0\"></span>adottando <span class=\"_ _9\"> </span>come <span class=\"_ _9\"> </span>criterio <span class=\"_ _9\"> </span>di <span class=\"_ _0\"></span>ammortamento <span class=\"_ _9\"> </span>il<span class=\"_ _df\"> </span>metodo <span class=\"_ _2\"></span>a quote <span class=\"_ _2\"></span>costanti, lungo la <span class=\"_ _2\"></span>loro <span class=\"_ _2\"></span>vita utile. Il <span class=\"_ _2\"></span>valore <span class=\"_ _2\"></span>ammort<span class=\"_ _1\"></span>izzabile \u00e8 <span class=\"_ _2\"></span>rappresentato dal <span class=\"_ _2\"></span>costo <span class=\"_ _2\"></span>dei beni<span class=\"_ _df\"> </span>al <span class=\"_ _2\"></span>netto del <span class=\"_ _2\"></span>valore residuo <span class=\"_ _2\"></span>al t<span class=\"_ _2\"></span>ermin<span class=\"_ _1\"></span>e <span class=\"_ _2\"></span>del processo <span class=\"_ _2\"></span>di amm<span class=\"_ _2\"></span>ortamento, <span class=\"_ _2\"></span>se significativo. <span class=\"_ _2\"></span>Gli immobili <span class=\"_ _2\"></span>vengono<span class=\"_ _df\"> </span>ammortizzati <span class=\"_ _9\"> </span>per  u<span class=\"_ _f\"></span>na  quota <span class=\"_ _9\"> </span>ritenuta <span class=\"_ _9\"> </span>congrua  per <span class=\"_ _9\"> </span>rappresentare  i<span class=\"_ _1\"></span>l <span class=\"_ _9\"> </span>d<span class=\"_ _2\"></span>eperimento <span class=\"_ _9\"> </span>dei <span class=\"_ _16\"> </span>cespiti <span class=\"_ _9\"> </span>nel <span class=\"_ _16\"> </span>tempo <span class=\"_ _9\"> </span>a<span class=\"_ _df\"> </span>seguito <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>loro <span class=\"_ _2\"></span>utilizzo, <span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>enuto <span class=\"_ _2\"></span>conto <span class=\"_ _2\"></span>delle <span class=\"_ _2\"></span>spese <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>manutenzione <span class=\"_ _d\"></span>di <span class=\"_ _2\"></span>carattere <span class=\"_ _2\"></span>straordinario, <span class=\"_ _d\"></span>che<span class=\"_ _1\"></span> <span class=\"_ _2\"></span>vengo<span class=\"_ _2\"></span>no<span class=\"_ _df\"> </span>portate ad incremento del valore de<span class=\"_ _1\"></span>i cespiti<span class=\"_ _df\"> </span>Non vengono invece ammortizzati:<span class=\"_ _df\"> </span><span class=\"_ _2c\"> </span><span class=\"ff4\">i t<span class=\"_ _2\"></span>erreni, siano essi st<span class=\"_ _2\"></span>ati acquisiti singolarmente o <span class=\"_ _2\"></span>incorporati nel valore dei fabbricati, in <span class=\"_ _2\"></span>quanto hanno<span class=\"_ _df\"> </span></span>vita utile indefinita;<span class=\"_ _df\"> </span><span class=\"_ _2c\"> </span><span class=\"ff4\">il <span class=\"_ _2\"></span>patrimonio <span class=\"_ _2\"></span>art<span class=\"_ _2\"></span>istico di <span class=\"_ _2\"></span>pregio, <span class=\"_ _d\"></span>gli <span class=\"_ _2\"></span>altri <span class=\"_ _2\"></span>beni <span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>torico <span class=\"_ _2\"></span>artistici <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>decorativi <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>quanto <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>loro <span class=\"_ _2\"></span>vita <span class=\"_ _2\"></span>utile <span class=\"_ _2\"></span>non<span class=\"_ _df\"> </span></span>pu\u00f2 essere stimata ed il loro valore \u00e8 normalmente de<span class=\"_ _1\"></span>stinato ad aumentare nel tempo.<span class=\"_ _df\"> </span>Se esiste qualche <span class=\"_ _2\"></span>indicazione che dimostr<span class=\"_ _2\"></span>i che un\u2019attivit\u00e0 mat<span class=\"_ _2\"></span>eriale<span class=\"_ _f\"></span> <span class=\"_ _2\"></span>valutata <span class=\"_ _2\"></span>al costo possa <span class=\"_ _2\"></span>aver su<span class=\"_ _2\"></span><span class=\"ff4\">bito una<span class=\"_ _df\"> </span></span>perdita <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>valore, <span class=\"_ _0\"></span>si <span class=\"_ _d\"></span>pro<span class=\"_ _2\"></span>cede<span class=\"_ _1\"></span> <span class=\"_ _d\"></span>al <span class=\"_ _0\"></span>confronto <span class=\"_ _d\"></span>t<span class=\"_ _2\"></span>ra <span class=\"_ _d\"></span>il <span class=\"_ _d\"></span>valore <span class=\"_ _0\"></span>di <span class=\"_ _d\"></span>carico <span class=\"_ _d\"></span>del <span class=\"_ _0\"></span>cespite <span class=\"_ _d\"></span>ed <span class=\"_ _0\"></span>il <span class=\"_ _d\"></span>suo <span class=\"_ _0\"></span>valore <span class=\"_ _d\"></span>di <span class=\"_ _0\"></span>recupero. <span class=\"_ _d\"></span>Le<span class=\"_ _df\"> </span>eventuali rettifiche vengono rilevate a Conto Economico.<span class=\"_ _df\"> </span>Qualora vengano meno <span class=\"_ _2\"></span>i motivi che hanno port<span class=\"_ _2\"></span>ato<span class=\"_ _1\"></span> alla rilevazione della perdita<span class=\"_ _2\"></span>, si <span class=\"_ _2\"></span>d\u00e0 luogo ad una r<span class=\"_ _2\"></span>ipresa di<span class=\"_ _df\"> </span>valore, che <span class=\"_ _2\"></span>non <span class=\"_ _2\"></span>pu\u00f2 s<span class=\"_ _2\"></span>uperare il <span class=\"_ _2\"></span>valore <span class=\"_ _2\"></span>che l\u2019attivit\u00e0 <span class=\"_ _2\"></span>avrebbe avuto, <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>netto <span class=\"_ _2\"></span>degl<span class=\"_ _1\"></span>i <span class=\"_ _2\"></span>ammortamenti calcolati, <span class=\"_ _2\"></span>in<span class=\"_ _df\"> </span>assenza di precedenti perdite di valore.<span class=\"_ _df\"> </span>Per quel <span class=\"_ _2\"></span>che attiene <span class=\"_ _2\"></span>alle att<span class=\"_ _2\"></span>ivit\u00e0 materiali <span class=\"_ _2\"></span>rilevate ai sensi <span class=\"_ _2\"></span>dello IAS<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>2, le <span class=\"_ _2\"></span>stesse sono <span class=\"_ _2\"></span>valutate al <span class=\"_ _2\"></span>minore tra <span class=\"_ _2\"></span>il<span class=\"_ _df\"> </span>costo <span class=\"_ _f\"></span>ed <span class=\"_ _f\"></span>il <span class=\"_ _1\"></span>valore <span class=\"_ _f\"></span>netto <span class=\"_ _1\"></span>di <span class=\"_ _f\"></span>realizzo, <span class=\"_ _f\"></span>fermo <span class=\"_ _f\"></span>rest<span class=\"_ _2\"></span>ando <span class=\"_ _f\"></span>che <span class=\"_ _f\"></span>si <span class=\"_ _f\"></span>procede <span class=\"_ _f\"></span>comunque <span class=\"_ _f\"></span>al <span class=\"_ _1\"></span>confronto <span class=\"_ _f\"></span>t<span class=\"_ _2\"></span>ra <span class=\"_ _f\"></span>il <span class=\"_ _f\"></span>valore <span class=\"_ _f\"></span>di <span class=\"_ _f\"></span>carico<span class=\"_ _df\"> </span>del <span class=\"_ _2\"></span>cespite <span class=\"_ _d\"></span>ed <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>suo <span class=\"_ _d\"></span>valore <span class=\"_ _2\"></span>di <span class=\"_ _d\"></span>recupero <span class=\"_ _2\"></span>ove <span class=\"_ _d\"></span>esista <span class=\"_ _2\"></span>qualche <span class=\"_ _2\"></span>in<span class=\"_ _2\"></span>dicazione <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>dimostr<span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>il <span class=\"_ _d\"></span>bene <span class=\"_ _0\"></span>possa <span class=\"_ _2\"></span>aver<span class=\"_ _df\"> </span>subito una perdita di valore. Le<span class=\"_ _1\"></span> eventuali rettifiche vengono rilevate a conto economico.<span class=\"_ _df\"> </span>\u00e0<span class=\"_ _f\"></span> immateria<span class=\"_ _f\"></span>li<span class=\"_ _df\"> </span>Criter<span class=\"_ _1\"></span>i di <span class=\"_ _1\"></span>iscrizi<span class=\"_ _1\"></span>one Le  attivit\u00e0 <span class=\"_ _4\"> </span>immateriali  sono <span class=\"_ _22\"> </span>iscr<span class=\"_ _2\"></span>itte  come <span class=\"_ _22\"> </span>t<span class=\"_ _2\"></span>ali  se <span class=\"_ _22\"> </span>so<span class=\"_ _2\"></span>no  identificabili  e  t<span class=\"_ _2\"></span>rovano  origine  i<span class=\"_ _2\"></span>n  diritt<span class=\"_ _2\"></span>i  legal<span class=\"_ _2\"></span>i <span class=\"_ _22\"> </span>o<span class=\"_ _df\"> </span>contrattuali.<span class=\"_ _df\"> </span>Le <span class=\"_ _2\"></span>predett<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>attivit\u00e0 <span class=\"_ _d\"></span>sono <span class=\"_ _d\"></span>iscritte <span class=\"_ _2\"></span>ai <span class=\"_ _d\"></span>costi <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>acquisto, <span class=\"_ _2\"></span>comprensivi <span class=\"_ _d\"></span>degli <span class=\"_ _2\"></span>on<span class=\"_ _2\"></span>eri <span class=\"_ _2\"></span>accessori <span class=\"_ _d\"></span>ed <span class=\"_ _d\"></span>aumentati <span class=\"_ _d\"></span>delle<span class=\"_ _df\"> </span>spese <span class=\"_ _2\"></span>successive <span class=\"_ _d\"></span>sostenute <span class=\"_ _d\"></span>per <span class=\"_ _d\"></span>accrescerne <span class=\"_ _2\"></span>il <span class=\"_ _d\"></span>valore <span class=\"_ _2\"></span>o<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>la <span class=\"_ _d\"></span>capacit\u00e0 <span class=\"_ _2\"></span>produttiva <span class=\"_ _d\"></span>iniziale. <span class=\"_ _2\"></span>Gli <span class=\"_ _d\"></span>avviamenti <span class=\"_ _d\"></span>sono<span class=\"_ _df\"> </span>pari <span class=\"_ _f\"></span>alla di<span class=\"_ _1\"></span>fferenza <span class=\"_ _f\"></span>positiva tra <span class=\"_ _f\"></span>gli <span class=\"_ _f\"></span>oneri <span class=\"_ _f\"></span>s<span class=\"_ _2\"></span>ostenuti <span class=\"_ _f\"></span>per <span class=\"_ _f\"></span>acquisire <span class=\"_ _1\"></span>i <span class=\"_ _f\"></span>complessi <span class=\"_ _f\"></span>aziendali sottostanti<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>e <span class=\"_ _f\"></span>le p<span class=\"_ _1\"></span>ertinenti<span class=\"_ _df\"> </span>quote del fair value delle attivit\u00e0, delle passivi<span class=\"_ _1\"></span>t\u00e0 e delle passivit\u00e0 potenziali acquisite.<span class=\"_ _2\"></span> Qualora t<span class=\"_ _2\"></span>ale diff<span class=\"_ _1\"></span>erenza<span class=\"_ _df\"> </span>risulti ne<span class=\"_ _1\"></span>gativa <span class=\"_ _1\"></span>(badwill) <span class=\"_ _f\"></span>o nell\u2019ipotesi<span class=\"ff4\"> in<span class=\"_ _f\"></span> cui <span class=\"_ _1\"></span>il g<span class=\"_ _1\"></span>oodwill <span class=\"_ _f\"></span>non trovi <span class=\"_ _f\"></span>giustificazione <span class=\"_ _1\"></span>nelle cap<span class=\"_ _f\"></span>acit\u00e0 reddituali fu<span class=\"_ _f\"></span>t<span class=\"_ _2\"></span>ure<span class=\"_ _df\"> </span></span>della partecipata, la differenza stessa viene iscritta direttamente a conto economico.<span class=\"_ _df\"> </span>Criter<span class=\"_ _1\"></span>i di <span class=\"_ _1\"></span>class<span class=\"_ _1\"></span>ificazi<span class=\"_ _1\"></span>one<span class=\"_ _df\"> </span>Il <span class=\"_ _17\"> </span>portafoglio <span class=\"_ _14\"> </span>delle <span class=\"_ _4\"> </span>at<span class=\"_ _2\"></span>tivit\u00e0 <span class=\"_ _17\"> </span>immateriali <span class=\"_ _17\"> </span>include <span class=\"_ _17\"> </span>i <span class=\"_ _14\"> </span>fattori <span class=\"_ _17\"> </span>in<span class=\"_ _2\"></span>tangibili <span class=\"_ _17\"> </span>di <span class=\"_ _17\"> </span>produzione <span class=\"_ _17\"> </span>ad <span class=\"_ _14\"> </span>utilit\u00e0 <span class=\"_ _17\"> </span>pluriennale<span class=\"_ _df\"> </span>rappresentati <span class=\"_ _2\"></span>in <span class=\"_ _d\"></span>particolare <span class=\"_ _2\"></span>da <span class=\"_ _2\"></span>software, <span class=\"_ _2\"></span>benefici <span class=\"_ _2\"></span>legati <span class=\"_ _2\"></span>alla <span class=\"_ _d\"></span>relazione <span class=\"_ _2\"></span>con <span class=\"_ _d\"></span>la <span class=\"_ _2\"></span>clientela <span class=\"_ _2\"></span>(client <span class=\"_ _d\"></span>relationship) <span class=\"_ _2\"></span>e<span class=\"_ _df\"> </span>avviamenti.<span class=\"_ _df\"> </span>Criter<span class=\"_ _1\"></span>i di <span class=\"_ _1\"></span>valuta<span class=\"_ _1\"></span>zione<span class=\"_ _df\"> </span>Le  attivit\u00e0  immateriali  d<span class=\"_ _1\"></span>i  durata  limitata  vengono <span class=\"_ _16\"> </span>valutate  secondo  il  principio  de<span class=\"_ _1\"></span>l  costo  al  netto  deg<span class=\"_ _1\"></span>li<span class=\"_ _df\"> </span>ammortamenti e <span class=\"_ _2\"></span>delle perdite p<span class=\"_ _2\"></span>er riduzioni di <span class=\"_ _2\"></span>valore. Gli ammo<span class=\"_ _2\"></span>rtamenti sono <span class=\"_ _2\"></span>di durata pari <span class=\"_ _2\"></span>alla vit<span class=\"_ _2\"></span>a utile dei<span class=\"_ _df\"> </span>beni  d<span class=\"_ _1\"></span>a  ammortizzare  e <span class=\"_ _9\"> </span>s<span class=\"_ _2\"></span>ono <span class=\"_ _16\"> </span>basati  sul<span class=\"_ _1\"></span>  metodo <span class=\"_ _16\"> </span>a  qu<span class=\"_ _1\"></span>ote  costanti.  Se<span class=\"_ _1\"></span>  ricorrono  evi<span class=\"_ _1\"></span>denze  sintomatiche<span class=\"_ _df\"> </span>dell\u2019esistenza di perdite, le attivit\u00e0 immateriali sono sottoposte ad impairment test, registrando le eventuali<span class=\"_ _df\"> </span>perdite <span class=\"_ _17\"> </span>di <span class=\"_ _14\"> </span>valore; <span class=\"_ _14\"> </span>successive <span class=\"_ _17\"> </span>r<span class=\"_ _2\"></span>iprese <span class=\"_ _17\"> </span>di <span class=\"_ _14\"> </span>valore <span class=\"_ _14\"> </span>non <span class=\"_ _14\"> </span>possono <span class=\"_ _17\"> </span>eccedere <span class=\"_ _14\"> </span>l\u2019ammontare <span class=\"_ _14\"> </span>delle <span class=\"_ _17\"> </span>perdite <span class=\"_ _14\"> </span>da<span class=\"_ _df\"> </span>impairment in precedenza registrate.<span class=\"_ _df\"> </span>Gli <span class=\"_ _4\"> </span>avviamenti <span class=\"_ _4\"> </span>non <span class=\"_ _17\"> </span>sono <span class=\"_ _17\"> </span>assoggettati <span class=\"_ _4\"> </span>ad <span class=\"_ _17\"> </span>ammortamento, <span class=\"_ _4\"> </span>ma <span class=\"_ _17\"> </span>vengono <span class=\"_ _4\"> </span>periodicamente <span class=\"_ _17\"> </span>sottoposti <span class=\"_ _4\"> </span>ad<span class=\"_ _df\"> </span>impairment <span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>est. <span class=\"_ _2\"></span>L\u2019eventuale <span class=\"_ _d\"></span>differenza <span class=\"_ _d\"></span>negativa <span class=\"_ _d\"></span>tra <span class=\"_ _d\"></span>il <span class=\"_ _2\"></span>valore <span class=\"_ _d\"></span>re<span class=\"_ _2\"></span>cuperabile<span class=\"_ _1\"></span> <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>ciascuna <span class=\"_ _d\"></span>unit\u00e0 <span class=\"_ _d\"></span>generatrice <span class=\"_ _2\"></span>di<span class=\"_ _df\"> </span>flussi <span class=\"_ _2\"></span>finanziari <span class=\"_ _d\"></span>(CGU) <span class=\"_ _2\"></span>al <span class=\"_ _d\"></span>quale <span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>ppartiene <span class=\"_ _2\"></span>un <span class=\"_ _d\"></span>determinato <span class=\"_ _d\"></span>avviamento <span class=\"_ _d\"></span>e <span class=\"_ _d\"></span>il <span class=\"_ _2\"></span>valore <span class=\"_ _d\"></span>contabile <span class=\"_ _2\"></span>della <span class=\"_ _d\"></span>medesima<span class=\"_ _df\"> </span>costituisce <span class=\"_ _f\"></span>perdita <span class=\"_ _f\"></span>da <span class=\"_ _f\"></span>impairment<span class=\"_ _2\"></span>. <span class=\"_ _f\"></span>Il <span class=\"_ _f\"></span>valore <span class=\"_ _f\"></span>recuperabile <span class=\"_ _f\"></span>di <span class=\"_ _f\"></span>una CGU <span class=\"_ _f\"></span><span class=\"ff5\">\u2013<span class=\"ff4\"> <span class=\"_ _f\"></span>che <span class=\"_ _f\"></span>ne <span class=\"_ _1\"></span>rappresenta <span class=\"_ _f\"></span>una <span class=\"_ _f\"></span>stima de<span class=\"_ _f\"></span>l v<span class=\"_ _1\"></span>alore<span class=\"_ _df\"> </span></span></span>economico <span class=\"ff5\">\u2013</span> <span class=\"_ _1\"></span><span class=\"ff5\">si ragguaglia <span class=\"_ _1\"></span>al maggi<span class=\"_ _1\"></span>ore tra il v<span class=\"_ _f\"></span>alor<span class=\"_ _2\"></span>e d\u2019<span class=\"_ _1\"></span>uso (valore attuale<span class=\"_ _1\"></span> dei fl<span class=\"_ _1\"></span>ussi di <span class=\"_ _1\"></span>cassa attes<span class=\"_ _2\"></span><span class=\"ff4\">i) <span class=\"_ _f\"></span>e il valore di<span class=\"_ _df\"> </span></span></span>scambio <span class=\"_ _d\"></span>(presumibile <span class=\"_ _d\"></span>valore <span class=\"_ _0\"></span>di <span class=\"_ _d\"></span>cessione <span class=\"_ _0\"></span>al <span class=\"_ _d\"></span>netto<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>dei <span class=\"_ _d\"></span>costi <span class=\"_ _0\"></span>di <span class=\"_ _d\"></span>transazione). <span class=\"_ _d\"></span>Eventuali <span class=\"_ _d\"></span>successive <span class=\"_ _0\"></span>riprese <span class=\"_ _d\"></span>di<span class=\"_ _df\"> </span>valore non possono essere registrate.<span class=\"_ _df\"> </span>Criter<span class=\"_ _1\"></span>i di <span class=\"_ _1\"></span>cancell<span class=\"_ _1\"></span>azion<span class=\"_ _f\"></span>e<span class=\"_ _df\"> </span>Le <span class=\"_ _17\"> </span>attivit\u00e0 <span class=\"_ _14\"> </span>immateriali <span class=\"_ _17\"> </span>vengono <span class=\"_ _17\"> </span>cancellate <span class=\"_ _17\"> </span>dal <span class=\"_ _14\"> </span>bilancio <span class=\"_ _17\"> </span>quando <span class=\"_ _17\"> </span>han<span class=\"_ _2\"></span>no <span class=\"_ _14\"> </span>esaurito <span class=\"_ _17\"> </span>integralmente <span class=\"_ _17\"> </span>le <span class=\"_ _14\"> </span>loro<span class=\"_ _df\"> </span>funzionalit\u00e0 <span class=\"_ _17\"> </span>economiche, <span class=\"_ _17\"> </span>ovvero<span class=\"_ _2\"></span> <span class=\"_ _17\"> </span>nel <span class=\"_ _17\"> </span>momento <span class=\"_ _14\"> </span>della <span class=\"_ _17\"> </span>dismissione <span class=\"_ _17\"> </span>o <span class=\"_ _14\"> </span>qualora <span class=\"_ _17\"> </span>non <span class=\"_ _17\"> </span>sono <span class=\"_ _14\"> </span>attesi <span class=\"_ _17\"> </span>benefici<span class=\"_ _df\"> </span>economici futuri.<span class=\"_ _df\"> </span>Criter<span class=\"_ _1\"></span>i di <span class=\"_ _1\"></span>rileva<span class=\"_ _f\"></span>zione dell<span class=\"_ _1\"></span>e com<span class=\"_ _f\"></span>ponenti <span class=\"_ _1\"></span>reddi<span class=\"_ _1\"></span>tuali<span class=\"_ _df\"> </span>L\u2019allocazione <span class=\"_ _9\"> </span>delle <span class=\"_ _9\"> </span>componenti<span class=\"_ _2\"></span> <span class=\"_ _9\"> </span>reddituali <span class=\"_ _9\"> </span>nelle <span class=\"_ _16\"> </span>pertine<span class=\"ff4\">nti  v<span class=\"_ _1\"></span>oci <span class=\"_ _16\"> </span>di <span class=\"_ _9\"> </span>conto  e<span class=\"_ _1\"></span>conomico <span class=\"_ _9\"> </span>avviene <span class=\"_ _16\"> </span>sulla <span class=\"_ _9\"> </span>base <span class=\"_ _9\"> </span>di<span class=\"_ _df\"> </span></span>quanto riportato di seguito:<span class=\"_ _df\"> </span><span class=\"_ _2c\"> </span><span class=\"ff4\">gli <span class=\"_ _f\"></span>amm<span class=\"_ _2\"></span>ortamenti <span class=\"_ _f\"></span>periodici, <span class=\"_ _f\"></span>le <span class=\"_ _1\"></span>perdite <span class=\"_ _f\"></span>durature di<span class=\"_ _f\"></span> valore <span class=\"_ _f\"></span>e <span class=\"_ _f\"></span>le <span class=\"_ _f\"></span>r<span class=\"_ _2\"></span>iprese<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>di <span class=\"_ _f\"></span>valore v<span class=\"_ _1\"></span>engono <span class=\"_ _f\"></span>allocate ne<span class=\"_ _1\"></span>lla <span class=\"_ _f\"></span>voce<span class=\"_ _df\"> </span></span>\u201cRettifiche/riprese di valore ne<span class=\"_ _1\"></span>tte su att<span class=\"_ _2\"></span>ivit\u00e0 imma<span class=\"_ _1\"></span>teriali\u201d.<span class=\"_ _df\"> </span><span class=\"_ _2c\"> </span><span class=\"ff4\">le <span class=\"_ _15\"> </span>per<span class=\"ff5\">dite <span class=\"_ _15\"> </span>durat<span class=\"_ _2\"></span>ure <span class=\"_ _14\"> </span>di <span class=\"_ _e\"> </span>valore <span class=\"_ _14\"> </span>dell\u2019avviamento <span class=\"_ _15\"> </span>vengono <span class=\"_ _15\"> </span>allocat<span class=\"_ _2\"></span>e <span class=\"_ _15\"> </span>nella <span class=\"_ _14\"> </span>voce <span class=\"_ _15\"> </span>\u201c<span class=\"_ _2\"></span>Rettifiche <span class=\"_ _14\"> </span>di <span class=\"_ _e\"> </span>valore<span class=\"_ _df\"> </span></span></span>dell\u2019avviamento\u201d. Non \u00e8 ammessa la contabilizzazione<span class=\"_ _1\"></span> di eventuali successive riprese di valore.<span class=\"_ _df\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-874": {
   "value": "<div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs44b\">Le  spese  d<span class=\"_ _2\"></span>i  manutenzione  s<span class=\"_ _2\"></span>traordinaria  che  compor<span class=\"_ _2\"></span>tano  un  incre<span class=\"_ _2\"></span>mento  dei <span class=\"_ _22\"> </span>b<span class=\"_ _2\"></span>enefici  economici <span class=\"_ _22\"> </span>futuri </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs44c\">vengono imputate ad increme<span class=\"_ _1\"></span>nto del valore dei cespi<span class=\"_ _1\"></span>ti, mentre gli altri costi di<span class=\"_ _1\"></span> manutenzione ordinaria sono<span class=\"_ _f\"></span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs44d\">rilevati a Conto Economico. </div>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForRepairsAndMaintenanceExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-831": {
   "value": "7 <span class=\"ls0\">- Attivit\u00e0<span class=\"_ _f\"></span> immateria<span class=\"_ _f\"></span>li<span class=\"_ _df\"> </span></span><span class=\"ls0\"> </span>Criter<span class=\"_ _1\"></span>i di <span class=\"_ _1\"></span>iscrizi<span class=\"_ _1\"></span>one  Le  attivit\u00e0 <span class=\"_ _4\"> </span>immateriali  sono <span class=\"_ _22\"> </span>iscr<span class=\"_ _2\"></span>itte  come <span class=\"_ _22\"> </span>t<span class=\"_ _2\"></span>ali  se <span class=\"_ _22\"> </span>so<span class=\"_ _2\"></span>no  identificabili  e  t<span class=\"_ _2\"></span>rovano  origine  i<span class=\"_ _2\"></span>n  diritt<span class=\"_ _2\"></span>i  legal<span class=\"_ _2\"></span>i <span class=\"_ _22\"> </span>o<span class=\"_ _df\"> </span> contrattuali.<span class=\"_ _df\"> </span> Le <span class=\"_ _2\"></span>predett<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>attivit\u00e0 <span class=\"_ _d\"></span>sono <span class=\"_ _d\"></span>iscritte <span class=\"_ _2\"></span>ai <span class=\"_ _d\"></span>costi <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>acquisto, <span class=\"_ _2\"></span>comprensivi <span class=\"_ _d\"></span>degli <span class=\"_ _2\"></span>on<span class=\"_ _2\"></span>eri <span class=\"_ _2\"></span>accessori <span class=\"_ _d\"></span>ed <span class=\"_ _d\"></span>aumentati <span class=\"_ _d\"></span>delle<span class=\"_ _df\"> </span> spese <span class=\"_ _2\"></span>successive <span class=\"_ _d\"></span>sostenute <span class=\"_ _d\"></span>per <span class=\"_ _d\"></span>accrescerne <span class=\"_ _2\"></span>il <span class=\"_ _d\"></span>valore <span class=\"_ _2\"></span>o<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>la <span class=\"_ _d\"></span>capacit\u00e0 <span class=\"_ _2\"></span>produttiva <span class=\"_ _d\"></span>iniziale. <span class=\"_ _2\"></span>Gli <span class=\"_ _d\"></span>avviamenti <span class=\"_ _d\"></span>sono<span class=\"_ _df\"> </span> pari <span class=\"_ _f\"></span>alla di<span class=\"_ _1\"></span>fferenza <span class=\"_ _f\"></span>positiva tra <span class=\"_ _f\"></span>gli <span class=\"_ _f\"></span>oneri <span class=\"_ _f\"></span>s<span class=\"_ _2\"></span>ostenuti <span class=\"_ _f\"></span>per <span class=\"_ _f\"></span>acquisire <span class=\"_ _1\"></span>i <span class=\"_ _f\"></span>complessi <span class=\"_ _f\"></span>aziendali sottostanti<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>e <span class=\"_ _f\"></span>le p<span class=\"_ _1\"></span>ertinenti<span class=\"_ _df\"> </span> quote del fair value delle attivit\u00e0, delle passivi<span class=\"_ _1\"></span>t\u00e0 e delle passivit\u00e0 potenziali acquisite.<span class=\"_ _2\"></span> Qualora t<span class=\"_ _2\"></span>ale diff<span class=\"_ _1\"></span>erenza<span class=\"_ _df\"> </span> risulti ne<span class=\"_ _1\"></span>gativa <span class=\"_ _1\"></span>(badwill) <span class=\"_ _f\"></span>o nell\u2019ipotesi<span class=\"ff4\"> in<span class=\"_ _f\"></span> cui <span class=\"_ _1\"></span>il g<span class=\"_ _1\"></span>oodwill <span class=\"_ _f\"></span>non trovi <span class=\"_ _f\"></span>giustificazione <span class=\"_ _1\"></span>nelle cap<span class=\"_ _f\"></span>acit\u00e0 reddituali fu<span class=\"_ _f\"></span>t<span class=\"_ _2\"></span>ure<span class=\"_ _df\"> </span></span><span class=\"ff4\"> </span>della partecipata, la differenza stessa viene iscritta direttamente a conto economico.<span class=\"_ _df\"> </span> Criter<span class=\"_ _1\"></span>i di <span class=\"_ _1\"></span>class<span class=\"_ _1\"></span>ificazi<span class=\"_ _1\"></span>one<span class=\"_ _df\"> </span> Il <span class=\"_ _17\"> </span>portafoglio <span class=\"_ _14\"> </span>delle <span class=\"_ _4\"> </span>at<span class=\"_ _2\"></span>tivit\u00e0 <span class=\"_ _17\"> </span>immateriali <span class=\"_ _17\"> </span>include <span class=\"_ _17\"> </span>i <span class=\"_ _14\"> </span>fattori <span class=\"_ _17\"> </span>in<span class=\"_ _2\"></span>tangibili <span class=\"_ _17\"> </span>di <span class=\"_ _17\"> </span>produzione <span class=\"_ _17\"> </span>ad <span class=\"_ _14\"> </span>utilit\u00e0 <span class=\"_ _17\"> </span>pluriennale<span class=\"_ _df\"> </span> rappresentati <span class=\"_ _2\"></span>in <span class=\"_ _d\"></span>particolare <span class=\"_ _2\"></span>da <span class=\"_ _2\"></span>software, <span class=\"_ _2\"></span>benefici <span class=\"_ _2\"></span>legati <span class=\"_ _2\"></span>alla <span class=\"_ _d\"></span>relazione <span class=\"_ _2\"></span>con <span class=\"_ _d\"></span>la <span class=\"_ _2\"></span>clientela <span class=\"_ _2\"></span>(client <span class=\"_ _d\"></span>relationship) <span class=\"_ _2\"></span>e<span class=\"_ _df\"> </span> avviamenti.<span class=\"_ _df\"> </span> Criter<span class=\"_ _1\"></span>i di <span class=\"_ _1\"></span>valuta<span class=\"_ _1\"></span>zione<span class=\"_ _df\"> </span><span class=\"_ _f\"></span> Le  attivit\u00e0  immateriali  d<span class=\"_ _1\"></span>i  durata  limitata  vengono <span class=\"_ _16\"> </span>valutate  secondo  il  principio  de<span class=\"_ _1\"></span>l  costo  al  netto  deg<span class=\"_ _1\"></span>li<span class=\"_ _df\"> </span> ammortamenti e <span class=\"_ _2\"></span>delle perdite p<span class=\"_ _2\"></span>er riduzioni di <span class=\"_ _2\"></span>valore. Gli ammo<span class=\"_ _2\"></span>rtamenti sono <span class=\"_ _2\"></span>di durata pari <span class=\"_ _2\"></span>alla vit<span class=\"_ _2\"></span>a utile dei<span class=\"_ _df\"> </span> beni  d<span class=\"_ _1\"></span>a  ammortizzare  e <span class=\"_ _9\"> </span>s<span class=\"_ _2\"></span>ono <span class=\"_ _16\"> </span>basati  sul<span class=\"_ _1\"></span>  metodo <span class=\"_ _16\"> </span>a  qu<span class=\"_ _1\"></span>ote  costanti.  Se<span class=\"_ _1\"></span>  ricorrono  evi<span class=\"_ _1\"></span>denze  sintomatiche<span class=\"_ _df\"> </span> dell\u2019esistenza di perdite, le attivit\u00e0 immateriali sono sottoposte ad impairment test, registrando le eventuali<span class=\"_ _df\"> </span> perdite <span class=\"_ _17\"> </span>di <span class=\"_ _14\"> </span>valore; <span class=\"_ _14\"> </span>successive <span class=\"_ _17\"> </span>r<span class=\"_ _2\"></span>iprese <span class=\"_ _17\"> </span>di <span class=\"_ _14\"> </span>valore <span class=\"_ _14\"> </span>non <span class=\"_ _14\"> </span>possono <span class=\"_ _17\"> </span>eccedere <span class=\"_ _14\"> </span>l\u2019ammontare <span class=\"_ _14\"> </span>delle <span class=\"_ _17\"> </span>perdite <span class=\"_ _14\"> </span>da<span class=\"_ _df\"> </span> impairment in precedenza registrate.<span class=\"_ _df\"> </span> Gli <span class=\"_ _4\"> </span>avviamenti <span class=\"_ _4\"> </span>non <span class=\"_ _17\"> </span>sono <span class=\"_ _17\"> </span>assoggettati <span class=\"_ _4\"> </span>ad <span class=\"_ _17\"> </span>ammortamento, <span class=\"_ _4\"> </span>ma <span class=\"_ _17\"> </span>vengono <span class=\"_ _4\"> </span>periodicamente <span class=\"_ _17\"> </span>sottoposti <span class=\"_ _4\"> </span>ad<span class=\"_ _df\"> </span> impairment <span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>est. <span class=\"_ _2\"></span>L\u2019eventuale <span class=\"_ _d\"></span>differenza <span class=\"_ _d\"></span>negativa <span class=\"_ _d\"></span>tra <span class=\"_ _d\"></span>il <span class=\"_ _2\"></span>valore <span class=\"_ _d\"></span>re<span class=\"_ _2\"></span>cuperabile<span class=\"_ _1\"></span> <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>ciascuna <span class=\"_ _d\"></span>unit\u00e0 <span class=\"_ _d\"></span>generatrice <span class=\"_ _2\"></span>di<span class=\"_ _df\"> </span> flussi <span class=\"_ _2\"></span>finanziari <span class=\"_ _d\"></span>(CGU) <span class=\"_ _2\"></span>al <span class=\"_ _d\"></span>quale <span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>ppartiene <span class=\"_ _2\"></span>un <span class=\"_ _d\"></span>determinato <span class=\"_ _d\"></span>avviamento <span class=\"_ _d\"></span>e <span class=\"_ _d\"></span>il <span class=\"_ _2\"></span>valore <span class=\"_ _d\"></span>contabile <span class=\"_ _2\"></span>della <span class=\"_ _d\"></span>medesima<span class=\"_ _df\"> </span> costituisce <span class=\"_ _f\"></span>perdita <span class=\"_ _f\"></span>da <span class=\"_ _f\"></span>impairment<span class=\"_ _2\"></span>. <span class=\"_ _f\"></span>Il <span class=\"_ _f\"></span>valore <span class=\"_ _f\"></span>recuperabile <span class=\"_ _f\"></span>di <span class=\"_ _f\"></span>una CGU <span class=\"_ _f\"></span><span class=\"ff5\">\u2013<span class=\"ff4\"> <span class=\"_ _f\"></span>che <span class=\"_ _f\"></span>ne <span class=\"_ _1\"></span>rappresenta <span class=\"_ _f\"></span>una <span class=\"_ _f\"></span>stima de<span class=\"_ _f\"></span>l v<span class=\"_ _1\"></span>alore<span class=\"_ _df\"> </span></span></span><span class=\"ff5\"><span class=\"ff4\"> </span></span>economico <span class=\"ff5\">\u2013</span> <span class=\"_ _1\"></span><span class=\"ff5\">si ragguaglia <span class=\"_ _1\"></span>al maggi<span class=\"_ _1\"></span>ore tra il v<span class=\"_ _f\"></span>alor<span class=\"_ _2\"></span>e d\u2019<span class=\"_ _1\"></span>uso (valore attuale<span class=\"_ _1\"></span> dei fl<span class=\"_ _1\"></span>ussi di <span class=\"_ _1\"></span>cassa attes<span class=\"_ _2\"></span><span class=\"ff4\">i) <span class=\"_ _f\"></span>e il valore di<span class=\"_ _df\"> </span></span></span>scambio <span class=\"_ _d\"></span>(presumibile <span class=\"_ _d\"></span>valore <span class=\"_ _0\"></span>di <span class=\"_ _d\"></span>cessione <span class=\"_ _0\"></span>al <span class=\"_ _d\"></span>netto<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>dei <span class=\"_ _d\"></span>costi <span class=\"_ _0\"></span>di <span class=\"_ _d\"></span>transazione). <span class=\"_ _d\"></span>Eventuali <span class=\"_ _d\"></span>successive <span class=\"_ _0\"></span>riprese <span class=\"_ _d\"></span>di<span class=\"_ _df\"> </span> valore non possono essere registrate.<span class=\"_ _df\"> </span> Criter<span class=\"_ _1\"></span>i di <span class=\"_ _1\"></span>cancell<span class=\"_ _1\"></span>azion<span class=\"_ _f\"></span>e<span class=\"_ _df\"> </span> Le <span class=\"_ _17\"> </span>attivit\u00e0 <span class=\"_ _14\"> </span>immateriali <span class=\"_ _17\"> </span>vengono <span class=\"_ _17\"> </span>cancellate <span class=\"_ _17\"> </span>dal <span class=\"_ _14\"> </span>bilancio <span class=\"_ _17\"> </span>quando <span class=\"_ _17\"> </span>han<span class=\"_ _2\"></span>no <span class=\"_ _14\"> </span>esaurito <span class=\"_ _17\"> </span>integralmente <span class=\"_ _17\"> </span>le <span class=\"_ _14\"> </span>loro<span class=\"_ _df\"> </span> funzionalit\u00e0 <span class=\"_ _17\"> </span>economiche, <span class=\"_ _17\"> </span>ovvero<span class=\"_ _2\"></span> <span class=\"_ _17\"> </span>nel <span class=\"_ _17\"> </span>momento <span class=\"_ _14\"> </span>della <span class=\"_ _17\"> </span>dismissione <span class=\"_ _17\"> </span>o <span class=\"_ _14\"> </span>qualora <span class=\"_ _17\"> </span>non <span class=\"_ _17\"> </span>sono <span class=\"_ _14\"> </span>attesi <span class=\"_ _17\"> </span>benefici<span class=\"_ _df\"> </span> economici futuri.<span class=\"_ _df\"> </span> Criter<span class=\"_ _1\"></span>i di <span class=\"_ _1\"></span>rileva<span class=\"_ _f\"></span>zione dell<span class=\"_ _1\"></span>e com<span class=\"_ _f\"></span>ponenti <span class=\"_ _1\"></span>reddi<span class=\"_ _1\"></span>tuali<span class=\"_ _df\"> </span><span class=\"_ _f\"></span> L\u2019allocazione <span class=\"_ _9\"> </span>delle <span class=\"_ _9\"> </span>componenti<span class=\"_ _2\"></span> <span class=\"_ _9\"> </span>reddituali <span class=\"_ _9\"> </span>nelle <span class=\"_ _16\"> </span>pertine<span class=\"ff4\">nti  v<span class=\"_ _1\"></span>oci <span class=\"_ _16\"> </span>di <span class=\"_ _9\"> </span>conto  e<span class=\"_ _1\"></span>conomico <span class=\"_ _9\"> </span>avviene <span class=\"_ _16\"> </span>sulla <span class=\"_ _9\"> </span>base <span class=\"_ _9\"> </span>di<span class=\"_ _df\"> </span></span><span class=\"ff4\"> </span>quanto riportato di seguito:<span class=\"_ _df\"> </span><div class=\"t m0 h5 ff14 fs1 fc1 sc0 ls0 ws0 gs47b\"><span class=\"_ _2c\"> </span><span class=\"ff4\">gli <span class=\"_ _f\"></span>amm<span class=\"_ _2\"></span>ortamenti <span class=\"_ _f\"></span>periodici, <span class=\"_ _f\"></span>le <span class=\"_ _1\"></span>perdite <span class=\"_ _f\"></span>durature di<span class=\"_ _f\"></span> valore <span class=\"_ _f\"></span>e <span class=\"_ _f\"></span>le <span class=\"_ _f\"></span>r<span class=\"_ _2\"></span>iprese<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>di <span class=\"_ _f\"></span>valore v<span class=\"_ _1\"></span>engono <span class=\"_ _f\"></span>allocate ne<span class=\"_ _1\"></span>lla <span class=\"_ _f\"></span>voce<span class=\"_ _df\"> </span></span><span class=\"ff4\"></span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs47c\">\u201cRettifiche/riprese di valore ne<span class=\"_ _1\"></span>tte su att<span class=\"_ _2\"></span>ivit\u00e0 imma<span class=\"_ _1\"></span>teriali\u201d.<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff14 fs1 fc1 sc0 ls0 ws0 gs3aa\"><span class=\"_ _2c\"> </span><span class=\"ff4\">le <span class=\"_ _15\"> </span>per<span class=\"ff5\">dite <span class=\"_ _15\"> </span>durat<span class=\"_ _2\"></span>ure <span class=\"_ _14\"> </span>di <span class=\"_ _e\"> </span>valore <span class=\"_ _14\"> </span>dell\u2019avviamento <span class=\"_ _15\"> </span>vengono <span class=\"_ _15\"> </span>allocat<span class=\"_ _2\"></span>e <span class=\"_ _15\"> </span>nella <span class=\"_ _14\"> </span>voce <span class=\"_ _15\"> </span>\u201c<span class=\"_ _2\"></span>Rettifiche <span class=\"_ _14\"> </span>di <span class=\"_ _e\"> </span>valore<span class=\"_ _df\"> </span></span></span><span class=\"ff4\"><span class=\"ff5\"> </span></span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs47d\">dell\u2019avviamento\u201d. Non \u00e8 ammessa la contabilizzazione<span class=\"_ _1\"></span> di eventuali successive riprese di valore.<span class=\"_ _df\"> </span></div>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForResearchAndDevelopmentExpenseExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-847": {
   "value": "7 <span class=\"ls0\">- Attivit\u00e0<span class=\"_ _f\"></span> immateria<span class=\"_ _f\"></span>li<span class=\"_ _df\"> </span></span><span class=\"ls0\"> </span>Criter<span class=\"_ _1\"></span>i di <span class=\"_ _1\"></span>iscrizi<span class=\"_ _1\"></span>one  Le  attivit\u00e0 <span class=\"_ _4\"> </span>immateriali  sono <span class=\"_ _22\"> </span>iscr<span class=\"_ _2\"></span>itte  come <span class=\"_ _22\"> </span>t<span class=\"_ _2\"></span>ali  se <span class=\"_ _22\"> </span>so<span class=\"_ _2\"></span>no  identificabili  e  t<span class=\"_ _2\"></span>rovano  origine  i<span class=\"_ _2\"></span>n  diritt<span class=\"_ _2\"></span>i  legal<span class=\"_ _2\"></span>i <span class=\"_ _22\"> </span>o<span class=\"_ _df\"> </span> contrattuali.<span class=\"_ _df\"> </span> Le <span class=\"_ _2\"></span>predett<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>attivit\u00e0 <span class=\"_ _d\"></span>sono <span class=\"_ _d\"></span>iscritte <span class=\"_ _2\"></span>ai <span class=\"_ _d\"></span>costi <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>acquisto, <span class=\"_ _2\"></span>comprensivi <span class=\"_ _d\"></span>degli <span class=\"_ _2\"></span>on<span class=\"_ _2\"></span>eri <span class=\"_ _2\"></span>accessori <span class=\"_ _d\"></span>ed <span class=\"_ _d\"></span>aumentati <span class=\"_ _d\"></span>delle<span class=\"_ _df\"> </span> spese <span class=\"_ _2\"></span>successive <span class=\"_ _d\"></span>sostenute <span class=\"_ _d\"></span>per <span class=\"_ _d\"></span>accrescerne <span class=\"_ _2\"></span>il <span class=\"_ _d\"></span>valore <span class=\"_ _2\"></span>o<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>la <span class=\"_ _d\"></span>capacit\u00e0 <span class=\"_ _2\"></span>produttiva <span class=\"_ _d\"></span>iniziale. <span class=\"_ _2\"></span>Gli <span class=\"_ _d\"></span>avviamenti <span class=\"_ _d\"></span>sono<span class=\"_ _df\"> </span> pari <span class=\"_ _f\"></span>alla di<span class=\"_ _1\"></span>fferenza <span class=\"_ _f\"></span>positiva tra <span class=\"_ _f\"></span>gli <span class=\"_ _f\"></span>oneri <span class=\"_ _f\"></span>s<span class=\"_ _2\"></span>ostenuti <span class=\"_ _f\"></span>per <span class=\"_ _f\"></span>acquisire <span class=\"_ _1\"></span>i <span class=\"_ _f\"></span>complessi <span class=\"_ _f\"></span>aziendali sottostanti<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>e <span class=\"_ _f\"></span>le p<span class=\"_ _1\"></span>ertinenti<span class=\"_ _df\"> </span> quote del fair value delle attivit\u00e0, delle passivi<span class=\"_ _1\"></span>t\u00e0 e delle passivit\u00e0 potenziali acquisite.<span class=\"_ _2\"></span> Qualora t<span class=\"_ _2\"></span>ale diff<span class=\"_ _1\"></span>erenza<span class=\"_ _df\"> </span> risulti ne<span class=\"_ _1\"></span>gativa <span class=\"_ _1\"></span>(badwill) <span class=\"_ _f\"></span>o nell\u2019ipotesi<span class=\"ff4\"> in<span class=\"_ _f\"></span> cui <span class=\"_ _1\"></span>il g<span class=\"_ _1\"></span>oodwill <span class=\"_ _f\"></span>non trovi <span class=\"_ _f\"></span>giustificazione <span class=\"_ _1\"></span>nelle cap<span class=\"_ _f\"></span>acit\u00e0 reddituali fu<span class=\"_ _f\"></span>t<span class=\"_ _2\"></span>ure<span class=\"_ _df\"> </span></span><span class=\"ff4\"> </span>della partecipata, la differenza stessa viene iscritta direttamente a conto economico.<span class=\"_ _df\"> </span> Criter<span class=\"_ _1\"></span>i di <span class=\"_ _1\"></span>class<span class=\"_ _1\"></span>ificazi<span class=\"_ _1\"></span>one<span class=\"_ _df\"> </span> Il <span class=\"_ _17\"> </span>portafoglio <span class=\"_ _14\"> </span>delle <span class=\"_ _4\"> </span>at<span class=\"_ _2\"></span>tivit\u00e0 <span class=\"_ _17\"> </span>immateriali <span class=\"_ _17\"> </span>include <span class=\"_ _17\"> </span>i <span class=\"_ _14\"> </span>fattori <span class=\"_ _17\"> </span>in<span class=\"_ _2\"></span>tangibili <span class=\"_ _17\"> </span>di <span class=\"_ _17\"> </span>produzione <span class=\"_ _17\"> </span>ad <span class=\"_ _14\"> </span>utilit\u00e0 <span class=\"_ _17\"> </span>pluriennale<span class=\"_ _df\"> </span> rappresentati <span class=\"_ _2\"></span>in <span class=\"_ _d\"></span>particolare <span class=\"_ _2\"></span>da <span class=\"_ _2\"></span>software, <span class=\"_ _2\"></span>benefici <span class=\"_ _2\"></span>legati <span class=\"_ _2\"></span>alla <span class=\"_ _d\"></span>relazione <span class=\"_ _2\"></span>con <span class=\"_ _d\"></span>la <span class=\"_ _2\"></span>clientela <span class=\"_ _2\"></span>(client <span class=\"_ _d\"></span>relationship) <span class=\"_ _2\"></span>e<span class=\"_ _df\"> </span> avviamenti.<span class=\"_ _df\"> </span> Criter<span class=\"_ _1\"></span>i di <span class=\"_ _1\"></span>valuta<span class=\"_ _1\"></span>zione<span class=\"_ _df\"> </span><span class=\"_ _f\"></span> Le  attivit\u00e0  immateriali  d<span class=\"_ _1\"></span>i  durata  limitata  vengono <span class=\"_ _16\"> </span>valutate  secondo  il  principio  de<span class=\"_ _1\"></span>l  costo  al  netto  deg<span class=\"_ _1\"></span>li<span class=\"_ _df\"> </span> ammortamenti e <span class=\"_ _2\"></span>delle perdite p<span class=\"_ _2\"></span>er riduzioni di <span class=\"_ _2\"></span>valore. Gli ammo<span class=\"_ _2\"></span>rtamenti sono <span class=\"_ _2\"></span>di durata pari <span class=\"_ _2\"></span>alla vit<span class=\"_ _2\"></span>a utile dei<span class=\"_ _df\"> </span> beni  d<span class=\"_ _1\"></span>a  ammortizzare  e <span class=\"_ _9\"> </span>s<span class=\"_ _2\"></span>ono <span class=\"_ _16\"> </span>basati  sul<span class=\"_ _1\"></span>  metodo <span class=\"_ _16\"> </span>a  qu<span class=\"_ _1\"></span>ote  costanti.  Se<span class=\"_ _1\"></span>  ricorrono  evi<span class=\"_ _1\"></span>denze  sintomatiche<span class=\"_ _df\"> </span> dell\u2019esistenza di perdite, le attivit\u00e0 immateriali sono sottoposte ad impairment test, registrando le eventuali<span class=\"_ _df\"> </span> perdite <span class=\"_ _17\"> </span>di <span class=\"_ _14\"> </span>valore; <span class=\"_ _14\"> </span>successive <span class=\"_ _17\"> </span>r<span class=\"_ _2\"></span>iprese <span class=\"_ _17\"> </span>di <span class=\"_ _14\"> </span>valore <span class=\"_ _14\"> </span>non <span class=\"_ _14\"> </span>possono <span class=\"_ _17\"> </span>eccedere <span class=\"_ _14\"> </span>l\u2019ammontare <span class=\"_ _14\"> </span>delle <span class=\"_ _17\"> </span>perdite <span class=\"_ _14\"> </span>da<span class=\"_ _df\"> </span> impairment in precedenza registrate.<span class=\"_ _df\"> </span> Gli <span class=\"_ _4\"> </span>avviamenti <span class=\"_ _4\"> </span>non <span class=\"_ _17\"> </span>sono <span class=\"_ _17\"> </span>assoggettati <span class=\"_ _4\"> </span>ad <span class=\"_ _17\"> </span>ammortamento, <span class=\"_ _4\"> </span>ma <span class=\"_ _17\"> </span>vengono <span class=\"_ _4\"> </span>periodicamente <span class=\"_ _17\"> </span>sottoposti <span class=\"_ _4\"> </span>ad<span class=\"_ _df\"> </span> impairment <span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>est. <span class=\"_ _2\"></span>L\u2019eventuale <span class=\"_ _d\"></span>differenza <span class=\"_ _d\"></span>negativa <span class=\"_ _d\"></span>tra <span class=\"_ _d\"></span>il <span class=\"_ _2\"></span>valore <span class=\"_ _d\"></span>re<span class=\"_ _2\"></span>cuperabile<span class=\"_ _1\"></span> <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>ciascuna <span class=\"_ _d\"></span>unit\u00e0 <span class=\"_ _d\"></span>generatrice <span class=\"_ _2\"></span>di<span class=\"_ _df\"> </span> flussi <span class=\"_ _2\"></span>finanziari <span class=\"_ _d\"></span>(CGU) <span class=\"_ _2\"></span>al <span class=\"_ _d\"></span>quale <span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>ppartiene <span class=\"_ _2\"></span>un <span class=\"_ _d\"></span>determinato <span class=\"_ _d\"></span>avviamento <span class=\"_ _d\"></span>e <span class=\"_ _d\"></span>il <span class=\"_ _2\"></span>valore <span class=\"_ _d\"></span>contabile <span class=\"_ _2\"></span>della <span class=\"_ _d\"></span>medesima<span class=\"_ _df\"> </span> costituisce <span class=\"_ _f\"></span>perdita <span class=\"_ _f\"></span>da <span class=\"_ _f\"></span>impairment<span class=\"_ _2\"></span>. <span class=\"_ _f\"></span>Il <span class=\"_ _f\"></span>valore <span class=\"_ _f\"></span>recuperabile <span class=\"_ _f\"></span>di <span class=\"_ _f\"></span>una CGU <span class=\"_ _f\"></span><span class=\"ff5\">\u2013<span class=\"ff4\"> <span class=\"_ _f\"></span>che <span class=\"_ _f\"></span>ne <span class=\"_ _1\"></span>rappresenta <span class=\"_ _f\"></span>una <span class=\"_ _f\"></span>stima de<span class=\"_ _f\"></span>l v<span class=\"_ _1\"></span>alore<span class=\"_ _df\"> </span></span></span><span class=\"ff5\"><span class=\"ff4\"> </span></span>economico <span class=\"ff5\">\u2013</span> <span class=\"_ _1\"></span><span class=\"ff5\">si ragguaglia <span class=\"_ _1\"></span>al maggi<span class=\"_ _1\"></span>ore tra il v<span class=\"_ _f\"></span>alor<span class=\"_ _2\"></span>e d\u2019<span class=\"_ _1\"></span>uso (valore attuale<span class=\"_ _1\"></span> dei fl<span class=\"_ _1\"></span>ussi di <span class=\"_ _1\"></span>cassa attes<span class=\"_ _2\"></span><span class=\"ff4\">i) <span class=\"_ _f\"></span>e il valore di<span class=\"_ _df\"> </span></span></span>scambio <span class=\"_ _d\"></span>(presumibile <span class=\"_ _d\"></span>valore <span class=\"_ _0\"></span>di <span class=\"_ _d\"></span>cessione <span class=\"_ _0\"></span>al <span class=\"_ _d\"></span>netto<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>dei <span class=\"_ _d\"></span>costi <span class=\"_ _0\"></span>di <span class=\"_ _d\"></span>transazione). <span class=\"_ _d\"></span>Eventuali <span class=\"_ _d\"></span>successive <span class=\"_ _0\"></span>riprese <span class=\"_ _d\"></span>di<span class=\"_ _df\"> </span> valore non possono essere registrate.<span class=\"_ _df\"> </span> Criter<span class=\"_ _1\"></span>i di <span class=\"_ _1\"></span>cancell<span class=\"_ _1\"></span>azion<span class=\"_ _f\"></span>e<span class=\"_ _df\"> </span> Le <span class=\"_ _17\"> </span>attivit\u00e0 <span class=\"_ _14\"> </span>immateriali <span class=\"_ _17\"> </span>vengono <span class=\"_ _17\"> </span>cancellate <span class=\"_ _17\"> </span>dal <span class=\"_ _14\"> </span>bilancio <span class=\"_ _17\"> </span>quando <span class=\"_ _17\"> </span>han<span class=\"_ _2\"></span>no <span class=\"_ _14\"> </span>esaurito <span class=\"_ _17\"> </span>integralmente <span class=\"_ _17\"> </span>le <span class=\"_ _14\"> </span>loro<span class=\"_ _df\"> </span> funzionalit\u00e0 <span class=\"_ _17\"> </span>economiche, <span class=\"_ _17\"> </span>ovvero<span class=\"_ _2\"></span> <span class=\"_ _17\"> </span>nel <span class=\"_ _17\"> </span>momento <span class=\"_ _14\"> </span>della <span class=\"_ _17\"> </span>dismissione <span class=\"_ _17\"> </span>o <span class=\"_ _14\"> </span>qualora <span class=\"_ _17\"> </span>non <span class=\"_ _17\"> </span>sono <span class=\"_ _14\"> </span>attesi <span class=\"_ _17\"> </span>benefici<span class=\"_ _df\"> </span> economici futuri.<span class=\"_ _df\"> </span> Criter<span class=\"_ _1\"></span>i di <span class=\"_ _1\"></span>rileva<span class=\"_ _f\"></span>zione dell<span class=\"_ _1\"></span>e com<span class=\"_ _f\"></span>ponenti <span class=\"_ _1\"></span>reddi<span class=\"_ _1\"></span>tuali<span class=\"_ _df\"> </span><span class=\"_ _f\"></span> L\u2019allocazione <span class=\"_ _9\"> </span>delle <span class=\"_ _9\"> </span>componenti<span class=\"_ _2\"></span> <span class=\"_ _9\"> </span>reddituali <span class=\"_ _9\"> </span>nelle <span class=\"_ _16\"> </span>pertine<span class=\"ff4\">nti  v<span class=\"_ _1\"></span>oci <span class=\"_ _16\"> </span>di <span class=\"_ _9\"> </span>conto  e<span class=\"_ _1\"></span>conomico <span class=\"_ _9\"> </span>avviene <span class=\"_ _16\"> </span>sulla <span class=\"_ _9\"> </span>base <span class=\"_ _9\"> </span>di<span class=\"_ _df\"> </span></span><span class=\"ff4\"> </span>quanto riportato di seguito:<span class=\"_ _df\"> </span><span class=\"_ _2c\"> </span><span class=\"ff4\">gli <span class=\"_ _f\"></span>amm<span class=\"_ _2\"></span>ortamenti <span class=\"_ _f\"></span>periodici, <span class=\"_ _f\"></span>le <span class=\"_ _1\"></span>perdite <span class=\"_ _f\"></span>durature di<span class=\"_ _f\"></span> valore <span class=\"_ _f\"></span>e <span class=\"_ _f\"></span>le <span class=\"_ _f\"></span>r<span class=\"_ _2\"></span>iprese<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>di <span class=\"_ _f\"></span>valore v<span class=\"_ _1\"></span>engono <span class=\"_ _f\"></span>allocate ne<span class=\"_ _1\"></span>lla <span class=\"_ _f\"></span>voce<span class=\"_ _df\"> </span></span><span class=\"ff4\"></span>\u201cRettifiche/riprese di valore ne<span class=\"_ _1\"></span>tte su att<span class=\"_ _2\"></span>ivit\u00e0 imma<span class=\"_ _1\"></span>teriali\u201d.<span class=\"_ _df\"> </span><span class=\"_ _2c\"> </span><span class=\"ff4\">le <span class=\"_ _15\"> </span>per<span class=\"ff5\">dite <span class=\"_ _15\"> </span>durat<span class=\"_ _2\"></span>ure <span class=\"_ _14\"> </span>di <span class=\"_ _e\"> </span>valore <span class=\"_ _14\"> </span>dell\u2019avviamento <span class=\"_ _15\"> </span>vengono <span class=\"_ _15\"> </span>allocat<span class=\"_ _2\"></span>e <span class=\"_ _15\"> </span>nella <span class=\"_ _14\"> </span>voce <span class=\"_ _15\"> </span>\u201c<span class=\"_ _2\"></span>Rettifiche <span class=\"_ _14\"> </span>di <span class=\"_ _e\"> </span>valore<span class=\"_ _df\"> </span></span></span><span class=\"ff4\"><span class=\"ff5\"> </span></span>dell\u2019avviamento\u201d. Non \u00e8 ammessa la contabilizzazione<span class=\"_ _1\"></span> di eventuali successive riprese di valore.<span class=\"_ _df\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-901": {
   "value": "7 <span class=\"ls0\">- Attivit\u00e0<span class=\"_ _f\"></span> immateria<span class=\"_ _f\"></span>li<span class=\"_ _df\"> </span></span><span class=\"ls0\"> </span>Criter<span class=\"_ _1\"></span>i di <span class=\"_ _1\"></span>iscrizi<span class=\"_ _1\"></span>one  Le  attivit\u00e0 <span class=\"_ _4\"> </span>immateriali  sono <span class=\"_ _22\"> </span>iscr<span class=\"_ _2\"></span>itte  come <span class=\"_ _22\"> </span>t<span class=\"_ _2\"></span>ali  se <span class=\"_ _22\"> </span>so<span class=\"_ _2\"></span>no  identificabili  e  t<span class=\"_ _2\"></span>rovano  origine  i<span class=\"_ _2\"></span>n  diritt<span class=\"_ _2\"></span>i  legal<span class=\"_ _2\"></span>i <span class=\"_ _22\"> </span>o<span class=\"_ _df\"> </span> contrattuali.<span class=\"_ _df\"> </span> Le <span class=\"_ _2\"></span>predett<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>attivit\u00e0 <span class=\"_ _d\"></span>sono <span class=\"_ _d\"></span>iscritte <span class=\"_ _2\"></span>ai <span class=\"_ _d\"></span>costi <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>acquisto, <span class=\"_ _2\"></span>comprensivi <span class=\"_ _d\"></span>degli <span class=\"_ _2\"></span>on<span class=\"_ _2\"></span>eri <span class=\"_ _2\"></span>accessori <span class=\"_ _d\"></span>ed <span class=\"_ _d\"></span>aumentati <span class=\"_ _d\"></span>delle<span class=\"_ _df\"> </span> spese <span class=\"_ _2\"></span>successive <span class=\"_ _d\"></span>sostenute <span class=\"_ _d\"></span>per <span class=\"_ _d\"></span>accrescerne <span class=\"_ _2\"></span>il <span class=\"_ _d\"></span>valore <span class=\"_ _2\"></span>o<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>la <span class=\"_ _d\"></span>capacit\u00e0 <span class=\"_ _2\"></span>produttiva <span class=\"_ _d\"></span>iniziale. <span class=\"_ _2\"></span>Gli <span class=\"_ _d\"></span>avviamenti <span class=\"_ _d\"></span>sono<span class=\"_ _df\"> </span> pari <span class=\"_ _f\"></span>alla di<span class=\"_ _1\"></span>fferenza <span class=\"_ _f\"></span>positiva tra <span class=\"_ _f\"></span>gli <span class=\"_ _f\"></span>oneri <span class=\"_ _f\"></span>s<span class=\"_ _2\"></span>ostenuti <span class=\"_ _f\"></span>per <span class=\"_ _f\"></span>acquisire <span class=\"_ _1\"></span>i <span class=\"_ _f\"></span>complessi <span class=\"_ _f\"></span>aziendali sottostanti<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>e <span class=\"_ _f\"></span>le p<span class=\"_ _1\"></span>ertinenti<span class=\"_ _df\"> </span> quote del fair value delle attivit\u00e0, delle passivi<span class=\"_ _1\"></span>t\u00e0 e delle passivit\u00e0 potenziali acquisite.<span class=\"_ _2\"></span> Qualora t<span class=\"_ _2\"></span>ale diff<span class=\"_ _1\"></span>erenza<span class=\"_ _df\"> </span> risulti ne<span class=\"_ _1\"></span>gativa <span class=\"_ _1\"></span>(badwill) <span class=\"_ _f\"></span>o nell\u2019ipotesi<span class=\"ff4\"> in<span class=\"_ _f\"></span> cui <span class=\"_ _1\"></span>il g<span class=\"_ _1\"></span>oodwill <span class=\"_ _f\"></span>non trovi <span class=\"_ _f\"></span>giustificazione <span class=\"_ _1\"></span>nelle cap<span class=\"_ _f\"></span>acit\u00e0 reddituali fu<span class=\"_ _f\"></span>t<span class=\"_ _2\"></span>ure<span class=\"_ _df\"> </span></span><span class=\"ff4\"> </span>della partecipata, la differenza stessa viene iscritta direttamente a conto economico.<span class=\"_ _df\"> </span> Criter<span class=\"_ _1\"></span>i di <span class=\"_ _1\"></span>class<span class=\"_ _1\"></span>ificazi<span class=\"_ _1\"></span>one<span class=\"_ _df\"> </span> Il <span class=\"_ _17\"> </span>portafoglio <span class=\"_ _14\"> </span>delle <span class=\"_ _4\"> </span>at<span class=\"_ _2\"></span>tivit\u00e0 <span class=\"_ _17\"> </span>immateriali <span class=\"_ _17\"> </span>include <span class=\"_ _17\"> </span>i <span class=\"_ _14\"> </span>fattori <span class=\"_ _17\"> </span>in<span class=\"_ _2\"></span>tangibili <span class=\"_ _17\"> </span>di <span class=\"_ _17\"> </span>produzione <span class=\"_ _17\"> </span>ad <span class=\"_ _14\"> </span>utilit\u00e0 <span class=\"_ _17\"> </span>pluriennale<span class=\"_ _df\"> </span> rappresentati <span class=\"_ _2\"></span>in <span class=\"_ _d\"></span>particolare <span class=\"_ _2\"></span>da <span class=\"_ _2\"></span>software, <span class=\"_ _2\"></span>benefici <span class=\"_ _2\"></span>legati <span class=\"_ _2\"></span>alla <span class=\"_ _d\"></span>relazione <span class=\"_ _2\"></span>con <span class=\"_ _d\"></span>la <span class=\"_ _2\"></span>clientela <span class=\"_ _2\"></span>(client <span class=\"_ _d\"></span>relationship) <span class=\"_ _2\"></span>e<span class=\"_ _df\"> </span> avviamenti.<span class=\"_ _df\"> </span> Criter<span class=\"_ _1\"></span>i di <span class=\"_ _1\"></span>valuta<span class=\"_ _1\"></span>zione<span class=\"_ _df\"> </span><span class=\"_ _f\"></span> Le  attivit\u00e0  immateriali  d<span class=\"_ _1\"></span>i  durata  limitata  vengono <span class=\"_ _16\"> </span>valutate  secondo  il  principio  de<span class=\"_ _1\"></span>l  costo  al  netto  deg<span class=\"_ _1\"></span>li<span class=\"_ _df\"> </span> ammortamenti e <span class=\"_ _2\"></span>delle perdite p<span class=\"_ _2\"></span>er riduzioni di <span class=\"_ _2\"></span>valore. Gli ammo<span class=\"_ _2\"></span>rtamenti sono <span class=\"_ _2\"></span>di durata pari <span class=\"_ _2\"></span>alla vit<span class=\"_ _2\"></span>a utile dei<span class=\"_ _df\"> </span> beni  d<span class=\"_ _1\"></span>a  ammortizzare  e <span class=\"_ _9\"> </span>s<span class=\"_ _2\"></span>ono <span class=\"_ _16\"> </span>basati  sul<span class=\"_ _1\"></span>  metodo <span class=\"_ _16\"> </span>a  qu<span class=\"_ _1\"></span>ote  costanti.  Se<span class=\"_ _1\"></span>  ricorrono  evi<span class=\"_ _1\"></span>denze  sintomatiche<span class=\"_ _df\"> </span> dell\u2019esistenza di perdite, le attivit\u00e0 immateriali sono sottoposte ad impairment test, registrando le eventuali<span class=\"_ _df\"> </span> perdite <span class=\"_ _17\"> </span>di <span class=\"_ _14\"> </span>valore; <span class=\"_ _14\"> </span>successive <span class=\"_ _17\"> </span>r<span class=\"_ _2\"></span>iprese <span class=\"_ _17\"> </span>di <span class=\"_ _14\"> </span>valore <span class=\"_ _14\"> </span>non <span class=\"_ _14\"> </span>possono <span class=\"_ _17\"> </span>eccedere <span class=\"_ _14\"> </span>l\u2019ammontare <span class=\"_ _14\"> </span>delle <span class=\"_ _17\"> </span>perdite <span class=\"_ _14\"> </span>da<span class=\"_ _df\"> </span> impairment in precedenza registrate.<span class=\"_ _df\"> </span> Gli <span class=\"_ _4\"> </span>avviamenti <span class=\"_ _4\"> </span>non <span class=\"_ _17\"> </span>sono <span class=\"_ _17\"> </span>assoggettati <span class=\"_ _4\"> </span>ad <span class=\"_ _17\"> </span>ammortamento, <span class=\"_ _4\"> </span>ma <span class=\"_ _17\"> </span>vengono <span class=\"_ _4\"> </span>periodicamente <span class=\"_ _17\"> </span>sottoposti <span class=\"_ _4\"> </span>ad<span class=\"_ _df\"> </span> impairment <span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>est. <span class=\"_ _2\"></span>L\u2019eventuale <span class=\"_ _d\"></span>differenza <span class=\"_ _d\"></span>negativa <span class=\"_ _d\"></span>tra <span class=\"_ _d\"></span>il <span class=\"_ _2\"></span>valore <span class=\"_ _d\"></span>re<span class=\"_ _2\"></span>cuperabile<span class=\"_ _1\"></span> <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>ciascuna <span class=\"_ _d\"></span>unit\u00e0 <span class=\"_ _d\"></span>generatrice <span class=\"_ _2\"></span>di<span class=\"_ _df\"> </span> flussi <span class=\"_ _2\"></span>finanziari <span class=\"_ _d\"></span>(CGU) <span class=\"_ _2\"></span>al <span class=\"_ _d\"></span>quale <span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>ppartiene <span class=\"_ _2\"></span>un <span class=\"_ _d\"></span>determinato <span class=\"_ _d\"></span>avviamento <span class=\"_ _d\"></span>e <span class=\"_ _d\"></span>il <span class=\"_ _2\"></span>valore <span class=\"_ _d\"></span>contabile <span class=\"_ _2\"></span>della <span class=\"_ _d\"></span>medesima<span class=\"_ _df\"> </span> costituisce <span class=\"_ _f\"></span>perdita <span class=\"_ _f\"></span>da <span class=\"_ _f\"></span>impairment<span class=\"_ _2\"></span>. <span class=\"_ _f\"></span>Il <span class=\"_ _f\"></span>valore <span class=\"_ _f\"></span>recuperabile <span class=\"_ _f\"></span>di <span class=\"_ _f\"></span>una CGU <span class=\"_ _f\"></span><span class=\"ff5\">\u2013<span class=\"ff4\"> <span class=\"_ _f\"></span>che <span class=\"_ _f\"></span>ne <span class=\"_ _1\"></span>rappresenta <span class=\"_ _f\"></span>una <span class=\"_ _f\"></span>stima de<span class=\"_ _f\"></span>l v<span class=\"_ _1\"></span>alore<span class=\"_ _df\"> </span></span></span><span class=\"ff5\"><span class=\"ff4\"> </span></span>economico <span class=\"ff5\">\u2013</span> <span class=\"_ _1\"></span><span class=\"ff5\">si ragguaglia <span class=\"_ _1\"></span>al maggi<span class=\"_ _1\"></span>ore tra il v<span class=\"_ _f\"></span>alor<span class=\"_ _2\"></span>e d\u2019<span class=\"_ _1\"></span>uso (valore attuale<span class=\"_ _1\"></span> dei fl<span class=\"_ _1\"></span>ussi di <span class=\"_ _1\"></span>cassa attes<span class=\"_ _2\"></span><span class=\"ff4\">i) <span class=\"_ _f\"></span>e il valore di<span class=\"_ _df\"> </span></span></span><span class=\"ff5\"><span class=\"ff4\"><span class=\"_ _1\"></span> </span></span>scambio <span class=\"_ _d\"></span>(presumibile <span class=\"_ _d\"></span>valore <span class=\"_ _0\"></span>di <span class=\"_ _d\"></span>cessione <span class=\"_ _0\"></span>al <span class=\"_ _d\"></span>netto<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>dei <span class=\"_ _d\"></span>costi <span class=\"_ _0\"></span>di <span class=\"_ _d\"></span>transazione). <span class=\"_ _d\"></span>Eventuali <span class=\"_ _d\"></span>successive <span class=\"_ _0\"></span>riprese <span class=\"_ _d\"></span>di<span class=\"_ _df\"> </span> valore non possono essere registrate.<span class=\"_ _df\"> </span> Criter<span class=\"_ _1\"></span>i di <span class=\"_ _1\"></span>cancell<span class=\"_ _1\"></span>azion<span class=\"_ _f\"></span>e<span class=\"_ _df\"> </span> Le <span class=\"_ _17\"> </span>attivit\u00e0 <span class=\"_ _14\"> </span>immateriali <span class=\"_ _17\"> </span>vengono <span class=\"_ _17\"> </span>cancellate <span class=\"_ _17\"> </span>dal <span class=\"_ _14\"> </span>bilancio <span class=\"_ _17\"> </span>quando <span class=\"_ _17\"> </span>han<span class=\"_ _2\"></span>no <span class=\"_ _14\"> </span>esaurito <span class=\"_ _17\"> </span>integralmente <span class=\"_ _17\"> </span>le <span class=\"_ _14\"> </span>loro<span class=\"_ _df\"> </span> funzionalit\u00e0 <span class=\"_ _17\"> </span>economiche, <span class=\"_ _17\"> </span>ovvero<span class=\"_ _2\"></span> <span class=\"_ _17\"> </span>nel <span class=\"_ _17\"> </span>momento <span class=\"_ _14\"> </span>della <span class=\"_ _17\"> </span>dismissione <span class=\"_ _17\"> </span>o <span class=\"_ _14\"> </span>qualora <span class=\"_ _17\"> </span>non <span class=\"_ _17\"> </span>sono <span class=\"_ _14\"> </span>attesi <span class=\"_ _17\"> </span>benefici<span class=\"_ _df\"> </span> economici futuri.<span class=\"_ _df\"> </span> Criter<span class=\"_ _1\"></span>i di <span class=\"_ _1\"></span>rileva<span class=\"_ _f\"></span>zione dell<span class=\"_ _1\"></span>e com<span class=\"_ _f\"></span>ponenti <span class=\"_ _1\"></span>reddi<span class=\"_ _1\"></span>tuali<span class=\"_ _df\"> </span><span class=\"_ _f\"></span> L\u2019allocazione <span class=\"_ _9\"> </span>delle <span class=\"_ _9\"> </span>componenti<span class=\"_ _2\"></span> <span class=\"_ _9\"> </span>reddituali <span class=\"_ _9\"> </span>nelle <span class=\"_ _16\"> </span>pertine<span class=\"ff4\">nti  v<span class=\"_ _1\"></span>oci <span class=\"_ _16\"> </span>di <span class=\"_ _9\"> </span>conto  e<span class=\"_ _1\"></span>conomico <span class=\"_ _9\"> </span>avviene <span class=\"_ _16\"> </span>sulla <span class=\"_ _9\"> </span>base <span class=\"_ _9\"> </span>di<span class=\"_ _df\"> </span></span><span class=\"ff4\"> </span>quanto riportato di seguito:<span class=\"_ _df\"> </span> <span class=\"_ _2c\"> </span><span class=\"ff4\">gli <span class=\"_ _f\"></span>amm<span class=\"_ _2\"></span>ortamenti <span class=\"_ _f\"></span>periodici, <span class=\"_ _f\"></span>le <span class=\"_ _1\"></span>perdite <span class=\"_ _f\"></span>durature di<span class=\"_ _f\"></span> valore <span class=\"_ _f\"></span>e <span class=\"_ _f\"></span>le <span class=\"_ _f\"></span>r<span class=\"_ _2\"></span>iprese<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>di <span class=\"_ _f\"></span>valore v<span class=\"_ _1\"></span>engono <span class=\"_ _f\"></span>allocate ne<span class=\"_ _1\"></span>lla <span class=\"_ _f\"></span>voce<span class=\"_ _df\"> </span></span><span class=\"ff4\"></span>\u201cRettifiche/riprese di valore ne<span class=\"_ _1\"></span>tte su att<span class=\"_ _2\"></span>ivit\u00e0 imma<span class=\"_ _1\"></span>teriali\u201d.<span class=\"_ _df\"> </span><span class=\"_ _2c\"> </span><span class=\"ff4\">le <span class=\"_ _15\"> </span>per<span class=\"ff5\">dite <span class=\"_ _15\"> </span>durat<span class=\"_ _2\"></span>ure <span class=\"_ _14\"> </span>di <span class=\"_ _e\"> </span>valore <span class=\"_ _14\"> </span>dell\u2019avviamento <span class=\"_ _15\"> </span>vengono <span class=\"_ _15\"> </span>allocat<span class=\"_ _2\"></span>e <span class=\"_ _15\"> </span>nella <span class=\"_ _14\"> </span>voce <span class=\"_ _15\"> </span>\u201c<span class=\"_ _2\"></span>Rettifiche <span class=\"_ _14\"> </span>di <span class=\"_ _e\"> </span>valore<span class=\"_ _df\"> </span></span></span><span class=\"ff4\"><span class=\"ff5\"> </span></span>dell\u2019avviamento\u201d. Non \u00e8 ammessa la contabilizzazione<span class=\"_ _1\"></span> di eventuali successive riprese di valore.<span class=\"_ _df\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-801": {
   "value": "7 <span class=\"ls0\">- Attivit\u00e0<span class=\"_ _f\"></span> immateria<span class=\"_ _f\"></span>li<span class=\"_ _df\"> </span></span>Criter<span class=\"_ _1\"></span>i di <span class=\"_ _1\"></span>iscrizi<span class=\"_ _1\"></span>one Le  attivit\u00e0 <span class=\"_ _4\"> </span>immateriali  sono <span class=\"_ _22\"> </span>iscr<span class=\"_ _2\"></span>itte  come <span class=\"_ _22\"> </span>t<span class=\"_ _2\"></span>ali  se <span class=\"_ _22\"> </span>so<span class=\"_ _2\"></span>no  identificabili  e  t<span class=\"_ _2\"></span>rovano  origine  i<span class=\"_ _2\"></span>n  diritt<span class=\"_ _2\"></span>i  legal<span class=\"_ _2\"></span>i <span class=\"_ _22\"> </span>o<span class=\"_ _df\"> </span>contrattuali.<span class=\"_ _df\"> </span>Le <span class=\"_ _2\"></span>predett<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>attivit\u00e0 <span class=\"_ _d\"></span>sono <span class=\"_ _d\"></span>iscritte <span class=\"_ _2\"></span>ai <span class=\"_ _d\"></span>costi <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>acquisto, <span class=\"_ _2\"></span>comprensivi <span class=\"_ _d\"></span>degli <span class=\"_ _2\"></span>on<span class=\"_ _2\"></span>eri <span class=\"_ _2\"></span>accessori <span class=\"_ _d\"></span>ed <span class=\"_ _d\"></span>aumentati <span class=\"_ _d\"></span>delle<span class=\"_ _df\"> </span>spese <span class=\"_ _2\"></span>successive <span class=\"_ _d\"></span>sostenute <span class=\"_ _d\"></span>per <span class=\"_ _d\"></span>accrescerne <span class=\"_ _2\"></span>il <span class=\"_ _d\"></span>valore <span class=\"_ _2\"></span>o<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>la <span class=\"_ _d\"></span>capacit\u00e0 <span class=\"_ _2\"></span>produttiva <span class=\"_ _d\"></span>iniziale. <span class=\"_ _2\"></span>Gli <span class=\"_ _d\"></span>avviamenti <span class=\"_ _d\"></span>sono<span class=\"_ _df\"> </span>pari <span class=\"_ _f\"></span>alla di<span class=\"_ _1\"></span>fferenza <span class=\"_ _f\"></span>positiva tra <span class=\"_ _f\"></span>gli <span class=\"_ _f\"></span>oneri <span class=\"_ _f\"></span>s<span class=\"_ _2\"></span>ostenuti <span class=\"_ _f\"></span>per <span class=\"_ _f\"></span>acquisire <span class=\"_ _1\"></span>i <span class=\"_ _f\"></span>complessi <span class=\"_ _f\"></span>aziendali sottostanti<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>e <span class=\"_ _f\"></span>le p<span class=\"_ _1\"></span>ertinenti<span class=\"_ _df\"> </span>quote del fair value delle attivit\u00e0, delle passivi<span class=\"_ _1\"></span>t\u00e0 e delle passivit\u00e0 potenziali acquisite.<span class=\"_ _2\"></span> Qualora t<span class=\"_ _2\"></span>ale diff<span class=\"_ _1\"></span>erenza<span class=\"_ _df\"> </span>risulti ne<span class=\"_ _1\"></span>gativa <span class=\"_ _1\"></span>(badwill) <span class=\"_ _f\"></span>o nell\u2019ipotesi<span class=\"ff4\"> in<span class=\"_ _f\"></span> cui <span class=\"_ _1\"></span>il g<span class=\"_ _1\"></span>oodwill <span class=\"_ _f\"></span>non trovi <span class=\"_ _f\"></span>giustificazione <span class=\"_ _1\"></span>nelle cap<span class=\"_ _f\"></span>acit\u00e0 reddituali fu<span class=\"_ _f\"></span>t<span class=\"_ _2\"></span>ure<span class=\"_ _df\"> </span></span>della partecipata, la differenza stessa viene iscritta direttamente a conto economico.<span class=\"_ _df\"> </span>Criter<span class=\"_ _1\"></span>i di <span class=\"_ _1\"></span>class<span class=\"_ _1\"></span>ificazi<span class=\"_ _1\"></span>one<span class=\"_ _df\"> </span>Il <span class=\"_ _17\"> </span>portafoglio <span class=\"_ _14\"> </span>delle <span class=\"_ _4\"> </span>at<span class=\"_ _2\"></span>tivit\u00e0 <span class=\"_ _17\"> </span>immateriali <span class=\"_ _17\"> </span>include <span class=\"_ _17\"> </span>i <span class=\"_ _14\"> </span>fattori <span class=\"_ _17\"> </span>in<span class=\"_ _2\"></span>tangibili <span class=\"_ _17\"> </span>di <span class=\"_ _17\"> </span>produzione <span class=\"_ _17\"> </span>ad <span class=\"_ _14\"> </span>utilit\u00e0 <span class=\"_ _17\"> </span>pluriennale<span class=\"_ _df\"> </span>rappresentati <span class=\"_ _2\"></span>in <span class=\"_ _d\"></span>particolare <span class=\"_ _2\"></span>da <span class=\"_ _2\"></span>software, <span class=\"_ _2\"></span>benefici <span class=\"_ _2\"></span>legati <span class=\"_ _2\"></span>alla <span class=\"_ _d\"></span>relazione <span class=\"_ _2\"></span>con <span class=\"_ _d\"></span>la <span class=\"_ _2\"></span>clientela <span class=\"_ _2\"></span>(client <span class=\"_ _d\"></span>relationship) <span class=\"_ _2\"></span>e<span class=\"_ _df\"> </span>avviamenti.<span class=\"_ _df\"> </span>Criter<span class=\"_ _1\"></span>i di <span class=\"_ _1\"></span>valuta<span class=\"_ _1\"></span>zione<span class=\"_ _df\"> </span>Le  attivit\u00e0  immateriali  d<span class=\"_ _1\"></span>i  durata  limitata  vengono <span class=\"_ _16\"> </span>valutate  secondo  il  principio  de<span class=\"_ _1\"></span>l  costo  al  netto  deg<span class=\"_ _1\"></span>li<span class=\"_ _df\"> </span>ammortamenti e <span class=\"_ _2\"></span>delle perdite p<span class=\"_ _2\"></span>er riduzioni di <span class=\"_ _2\"></span>valore. Gli ammo<span class=\"_ _2\"></span>rtamenti sono <span class=\"_ _2\"></span>di durata pari <span class=\"_ _2\"></span>alla vit<span class=\"_ _2\"></span>a utile dei<span class=\"_ _df\"> </span>beni  d<span class=\"_ _1\"></span>a  ammortizzare  e <span class=\"_ _9\"> </span>s<span class=\"_ _2\"></span>ono <span class=\"_ _16\"> </span>basati  sul<span class=\"_ _1\"></span>  metodo <span class=\"_ _16\"> </span>a  qu<span class=\"_ _1\"></span>ote  costanti.  Se<span class=\"_ _1\"></span>  ricorrono  evi<span class=\"_ _1\"></span>denze  sintomatiche<span class=\"_ _df\"> </span>dell\u2019esistenza di perdite, le attivit\u00e0 immateriali sono sottoposte ad impairment test, registrando le eventuali<span class=\"_ _df\"> </span>perdite <span class=\"_ _17\"> </span>di <span class=\"_ _14\"> </span>valore; <span class=\"_ _14\"> </span>successive <span class=\"_ _17\"> </span>r<span class=\"_ _2\"></span>iprese <span class=\"_ _17\"> </span>di <span class=\"_ _14\"> </span>valore <span class=\"_ _14\"> </span>non <span class=\"_ _14\"> </span>possono <span class=\"_ _17\"> </span>eccedere <span class=\"_ _14\"> </span>l\u2019ammontare <span class=\"_ _14\"> </span>delle <span class=\"_ _17\"> </span>perdite <span class=\"_ _14\"> </span>da<span class=\"_ _df\"> </span>impairment in precedenza registrate.<span class=\"_ _df\"> </span>Gli <span class=\"_ _4\"> </span>avviamenti <span class=\"_ _4\"> </span>non <span class=\"_ _17\"> </span>sono <span class=\"_ _17\"> </span>assoggettati <span class=\"_ _4\"> </span>ad <span class=\"_ _17\"> </span>ammortamento, <span class=\"_ _4\"> </span>ma <span class=\"_ _17\"> </span>vengono <span class=\"_ _4\"> </span>periodicamente <span class=\"_ _17\"> </span>sottoposti <span class=\"_ _4\"> </span>ad<span class=\"_ _df\"> </span>impairment <span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>est. <span class=\"_ _2\"></span>L\u2019eventuale <span class=\"_ _d\"></span>differenza <span class=\"_ _d\"></span>negativa <span class=\"_ _d\"></span>tra <span class=\"_ _d\"></span>il <span class=\"_ _2\"></span>valore <span class=\"_ _d\"></span>re<span class=\"_ _2\"></span>cuperabile<span class=\"_ _1\"></span> <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>ciascuna <span class=\"_ _d\"></span>unit\u00e0 <span class=\"_ _d\"></span>generatrice <span class=\"_ _2\"></span>di<span class=\"_ _df\"> </span>flussi <span class=\"_ _2\"></span>finanziari <span class=\"_ _d\"></span>(CGU) <span class=\"_ _2\"></span>al <span class=\"_ _d\"></span>quale <span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>ppartiene <span class=\"_ _2\"></span>un <span class=\"_ _d\"></span>determinato <span class=\"_ _d\"></span>avviamento <span class=\"_ _d\"></span>e <span class=\"_ _d\"></span>il <span class=\"_ _2\"></span>valore <span class=\"_ _d\"></span>contabile <span class=\"_ _2\"></span>della <span class=\"_ _d\"></span>medesima<span class=\"_ _df\"> </span>costituisce <span class=\"_ _f\"></span>perdita <span class=\"_ _f\"></span>da <span class=\"_ _f\"></span>impairment<span class=\"_ _2\"></span>. <span class=\"_ _f\"></span>Il <span class=\"_ _f\"></span>valore <span class=\"_ _f\"></span>recuperabile <span class=\"_ _f\"></span>di <span class=\"_ _f\"></span>una CGU <span class=\"_ _f\"></span><span class=\"ff5\">\u2013<span class=\"ff4\"> <span class=\"_ _f\"></span>che <span class=\"_ _f\"></span>ne <span class=\"_ _1\"></span>rappresenta <span class=\"_ _f\"></span>una <span class=\"_ _f\"></span>stima de<span class=\"_ _f\"></span>l v<span class=\"_ _1\"></span>alore<span class=\"_ _df\"> </span></span></span>economico <span class=\"ff5\">\u2013</span> <span class=\"_ _1\"></span><span class=\"ff5\">si ragguaglia <span class=\"_ _1\"></span>al maggi<span class=\"_ _1\"></span>ore tra il v<span class=\"_ _f\"></span>alor<span class=\"_ _2\"></span>e d\u2019<span class=\"_ _1\"></span>uso (valore attuale<span class=\"_ _1\"></span> dei fl<span class=\"_ _1\"></span>ussi di <span class=\"_ _1\"></span>cassa attes<span class=\"_ _2\"></span><span class=\"ff4\">i) <span class=\"_ _f\"></span>e il valore di<span class=\"_ _df\"> </span></span></span>scambio <span class=\"_ _d\"></span>(presumibile <span class=\"_ _d\"></span>valore <span class=\"_ _0\"></span>di <span class=\"_ _d\"></span>cessione <span class=\"_ _0\"></span>al <span class=\"_ _d\"></span>netto<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>dei <span class=\"_ _d\"></span>costi <span class=\"_ _0\"></span>di <span class=\"_ _d\"></span>transazione). <span class=\"_ _d\"></span>Eventuali <span class=\"_ _d\"></span>successive <span class=\"_ _0\"></span>riprese <span class=\"_ _d\"></span>di<span class=\"_ _df\"> </span> valore non possono essere registrate.<span class=\"_ _df\"> </span> Criter<span class=\"_ _1\"></span>i di <span class=\"_ _1\"></span>cancell<span class=\"_ _1\"></span>azion<span class=\"_ _f\"></span>e<span class=\"_ _df\"> </span> Le <span class=\"_ _17\"> </span>attivit\u00e0 <span class=\"_ _14\"> </span>immateriali <span class=\"_ _17\"> </span>vengono <span class=\"_ _17\"> </span>cancellate <span class=\"_ _17\"> </span>dal <span class=\"_ _14\"> </span>bilancio <span class=\"_ _17\"> </span>quando <span class=\"_ _17\"> </span>han<span class=\"_ _2\"></span>no <span class=\"_ _14\"> </span>esaurito <span class=\"_ _17\"> </span>integralmente <span class=\"_ _17\"> </span>le <span class=\"_ _14\"> </span>loro<span class=\"_ _df\"> </span> funzionalit\u00e0 <span class=\"_ _17\"> </span>economiche, <span class=\"_ _17\"> </span>ovvero<span class=\"_ _2\"></span> <span class=\"_ _17\"> </span>nel <span class=\"_ _17\"> </span>momento <span class=\"_ _14\"> </span>della <span class=\"_ _17\"> </span>dismissione <span class=\"_ _17\"> </span>o <span class=\"_ _14\"> </span>qualora <span class=\"_ _17\"> </span>non <span class=\"_ _17\"> </span>sono <span class=\"_ _14\"> </span>attesi <span class=\"_ _17\"> </span>benefici<span class=\"_ _df\"> </span> economici futuri.<span class=\"_ _df\"> </span> Criter<span class=\"_ _1\"></span>i di <span class=\"_ _1\"></span>rileva<span class=\"_ _f\"></span>zione dell<span class=\"_ _1\"></span>e com<span class=\"_ _f\"></span>ponenti <span class=\"_ _1\"></span>reddi<span class=\"_ _1\"></span>tuali<span class=\"_ _df\"> </span><span class=\"_ _f\"></span> L\u2019allocazione <span class=\"_ _9\"> </span>delle <span class=\"_ _9\"> </span>componenti<span class=\"_ _2\"></span> <span class=\"_ _9\"> </span>reddituali <span class=\"_ _9\"> </span>nelle <span class=\"_ _16\"> </span>pertine<span class=\"ff4\">nti  v<span class=\"_ _1\"></span>oci <span class=\"_ _16\"> </span>di <span class=\"_ _9\"> </span>conto  e<span class=\"_ _1\"></span>conomico <span class=\"_ _9\"> </span>avviene <span class=\"_ _16\"> </span>sulla <span class=\"_ _9\"> </span>base <span class=\"_ _9\"> </span>di<span class=\"_ _df\"> </span></span><span class=\"ff4\"> </span>quanto riportato di seguito:<span class=\"_ _df\"> </span> <span class=\"_ _2c\"> </span><span class=\"ff4\">gli <span class=\"_ _f\"></span>amm<span class=\"_ _2\"></span>ortamenti <span class=\"_ _f\"></span>periodici, <span class=\"_ _f\"></span>le <span class=\"_ _1\"></span>perdite <span class=\"_ _f\"></span>durature di<span class=\"_ _f\"></span> valore <span class=\"_ _f\"></span>e <span class=\"_ _f\"></span>le <span class=\"_ _f\"></span>r<span class=\"_ _2\"></span>iprese<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>di <span class=\"_ _f\"></span>valore v<span class=\"_ _1\"></span>engono <span class=\"_ _f\"></span>allocate ne<span class=\"_ _1\"></span>lla <span class=\"_ _f\"></span>voce<span class=\"_ _df\"> </span></span><span class=\"ff4\"></span>\u201cRettifiche/riprese di valore ne<span class=\"_ _1\"></span>tte su att<span class=\"_ _2\"></span>ivit\u00e0 imma<span class=\"_ _1\"></span>teriali\u201d.<span class=\"_ _df\"> </span><span class=\"_ _2c\"> </span><span class=\"ff4\">le <span class=\"_ _15\"> </span>per<span class=\"ff5\">dite <span class=\"_ _15\"> </span>durat<span class=\"_ _2\"></span>ure <span class=\"_ _14\"> </span>di <span class=\"_ _e\"> </span>valore <span class=\"_ _14\"> </span>dell\u2019avviamento <span class=\"_ _15\"> </span>vengono <span class=\"_ _15\"> </span>allocat<span class=\"_ _2\"></span>e <span class=\"_ _15\"> </span>nella <span class=\"_ _14\"> </span>voce <span class=\"_ _15\"> </span>\u201c<span class=\"_ _2\"></span>Rettifiche <span class=\"_ _14\"> </span>di <span class=\"_ _e\"> </span>valore<span class=\"_ _df\"> </span></span></span><span class=\"ff4\"><span class=\"ff5\"> </span></span>dell\u2019avviamento\u201d. Non \u00e8 ammessa la contabilizzazione<span class=\"_ _1\"></span> di eventuali successive riprese di valore.<span class=\"_ _df\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-875": {
   "value": "<div class=\"t m0 h5 ff4 fs1 fc4 sc3 ls0 ws0 gs468\">Criter<span class=\"_ _1\"></span>i di <span class=\"_ _1\"></span>valuta<span class=\"_ _1\"></span>zione<span class=\"_ _df\"> </span><span class=\"_ _f\"></span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs469\">Le  attivit\u00e0  immateriali  d<span class=\"_ _1\"></span>i  durata  limitata  vengono <span class=\"_ _16\"> </span>valutate  secondo  il  principio  de<span class=\"_ _1\"></span>l  costo  al  netto  deg<span class=\"_ _1\"></span>li<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs46a\">ammortamenti e <span class=\"_ _2\"></span>delle perdite p<span class=\"_ _2\"></span>er riduzioni di <span class=\"_ _2\"></span>valore. Gli ammo<span class=\"_ _2\"></span>rtamenti sono <span class=\"_ _2\"></span>di durata pari <span class=\"_ _2\"></span>alla vit<span class=\"_ _2\"></span>a utile dei<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs46b\">beni  d<span class=\"_ _1\"></span>a  ammortizzare  e <span class=\"_ _9\"> </span>s<span class=\"_ _2\"></span>ono <span class=\"_ _16\"> </span>basati  sul<span class=\"_ _1\"></span>  metodo <span class=\"_ _16\"> </span>a  qu<span class=\"_ _1\"></span>ote  costanti.  Se<span class=\"_ _1\"></span>  ricorrono  evi<span class=\"_ _1\"></span>denze  sintomatiche<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs46c\">dell\u2019esistenza di perdite, le attivit\u00e0 immateriali sono sottoposte ad impairment test, registrando le eventuali<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs46d\">perdite <span class=\"_ _17\"> </span>di <span class=\"_ _14\"> </span>valore; <span class=\"_ _14\"> </span>successive <span class=\"_ _17\"> </span>r<span class=\"_ _2\"></span>iprese <span class=\"_ _17\"> </span>di <span class=\"_ _14\"> </span>valore <span class=\"_ _14\"> </span>non <span class=\"_ _14\"> </span>possono <span class=\"_ _17\"> </span>eccedere <span class=\"_ _14\"> </span>l\u2019ammontare <span class=\"_ _14\"> </span>delle <span class=\"_ _17\"> </span>perdite <span class=\"_ _14\"> </span>da<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs46e\">impairment in precedenza registrate.<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs46f\">Gli <span class=\"_ _4\"> </span>avviamenti <span class=\"_ _4\"> </span>non <span class=\"_ _17\"> </span>sono <span class=\"_ _17\"> </span>assoggettati <span class=\"_ _4\"> </span>ad <span class=\"_ _17\"> </span>ammortamento, <span class=\"_ _4\"> </span>ma <span class=\"_ _17\"> </span>vengono <span class=\"_ _4\"> </span>periodicamente <span class=\"_ _17\"> </span>sottoposti <span class=\"_ _4\"> </span>ad<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs470\">impairment <span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>est. <span class=\"_ _2\"></span>L\u2019eventuale <span class=\"_ _d\"></span>differenza <span class=\"_ _d\"></span>negativa <span class=\"_ _d\"></span>tra <span class=\"_ _d\"></span>il <span class=\"_ _2\"></span>valore <span class=\"_ _d\"></span>re<span class=\"_ _2\"></span>cuperabile<span class=\"_ _1\"></span> <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>ciascuna <span class=\"_ _d\"></span>unit\u00e0 <span class=\"_ _d\"></span>generatrice <span class=\"_ _2\"></span>di<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs471\">flussi <span class=\"_ _2\"></span>finanziari <span class=\"_ _d\"></span>(CGU) <span class=\"_ _2\"></span>al <span class=\"_ _d\"></span>quale <span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>ppartiene <span class=\"_ _2\"></span>un <span class=\"_ _d\"></span>determinato <span class=\"_ _d\"></span>avviamento <span class=\"_ _d\"></span>e <span class=\"_ _d\"></span>il <span class=\"_ _2\"></span>valore <span class=\"_ _d\"></span>contabile <span class=\"_ _2\"></span>della <span class=\"_ _d\"></span>medesima<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs472\">costituisce <span class=\"_ _f\"></span>perdita <span class=\"_ _f\"></span>da <span class=\"_ _f\"></span>impairment<span class=\"_ _2\"></span>. <span class=\"_ _f\"></span>Il <span class=\"_ _f\"></span>valore <span class=\"_ _f\"></span>recuperabile <span class=\"_ _f\"></span>di <span class=\"_ _f\"></span>una CGU <span class=\"_ _f\"></span><span class=\"ff5\">\u2013<span class=\"ff4\"> <span class=\"_ _f\"></span>che <span class=\"_ _f\"></span>ne <span class=\"_ _1\"></span>rappresenta <span class=\"_ _f\"></span>una <span class=\"_ _f\"></span>stima de<span class=\"_ _f\"></span>l v<span class=\"_ _1\"></span>alore<span class=\"_ _df\"> </span></span></span><span class=\"ff5\"><span class=\"ff4\"> </span></span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs473\">economico <span class=\"ff5\">\u2013</span> <span class=\"_ _1\"></span><span class=\"ff5\">si ragguaglia <span class=\"_ _1\"></span>al maggi<span class=\"_ _1\"></span>ore tra il v<span class=\"_ _f\"></span>alor<span class=\"_ _2\"></span>e d\u2019<span class=\"_ _1\"></span>uso (valore attuale<span class=\"_ _1\"></span> dei fl<span class=\"_ _1\"></span>ussi di <span class=\"_ _1\"></span>cassa attes<span class=\"_ _2\"></span><span class=\"ff4\">i) <span class=\"_ _f\"></span>e il valore di<span class=\"_ _df\"> </span></span></span><span class=\"ff5\"><span class=\"ff4\"><span class=\"_ _1\"></span> </span></span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs259\">scambio <span class=\"_ _d\"></span>(presumibile <span class=\"_ _d\"></span>valore <span class=\"_ _0\"></span>di <span class=\"_ _d\"></span>cessione <span class=\"_ _0\"></span>al <span class=\"_ _d\"></span>netto<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>dei <span class=\"_ _d\"></span>costi <span class=\"_ _0\"></span>di <span class=\"_ _d\"></span>transazione). <span class=\"_ _d\"></span>Eventuali <span class=\"_ _d\"></span>successive <span class=\"_ _0\"></span>riprese <span class=\"_ _d\"></span>di<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs25a\">valore non possono essere registrate.<span class=\"_ _df\"> </span> </div>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-884": {
   "value": "Criter<span class=\"_ _1\"></span>i di <span class=\"_ _1\"></span>valuta<span class=\"_ _1\"></span>zione<span class=\"_ _df\"> </span><span class=\"_ _f\"></span> Le  attivit\u00e0  immateriali  d<span class=\"_ _1\"></span>i  durata  limitata  vengono <span class=\"_ _16\"> </span>valutate  secondo  il  principio  de<span class=\"_ _1\"></span>l  costo  al  netto  deg<span class=\"_ _1\"></span>li<span class=\"_ _df\"> </span> ammortamenti e <span class=\"_ _2\"></span>delle perdite p<span class=\"_ _2\"></span>er riduzioni di <span class=\"_ _2\"></span>valore. Gli ammo<span class=\"_ _2\"></span>rtamenti sono <span class=\"_ _2\"></span>di durata pari <span class=\"_ _2\"></span>alla vit<span class=\"_ _2\"></span>a utile dei<span class=\"_ _df\"> </span> beni  d<span class=\"_ _1\"></span>a  ammortizzare  e <span class=\"_ _9\"> </span>s<span class=\"_ _2\"></span>ono <span class=\"_ _16\"> </span>basati  sul<span class=\"_ _1\"></span>  metodo <span class=\"_ _16\"> </span>a  qu<span class=\"_ _1\"></span>ote  costanti.  Se<span class=\"_ _1\"></span>  ricorrono  evi<span class=\"_ _1\"></span>denze  sintomatiche<span class=\"_ _df\"> </span> dell\u2019esistenza di perdite, le attivit\u00e0 immateriali sono sottoposte ad impairment test, registrando le eventuali<span class=\"_ _df\"> </span> perdite <span class=\"_ _17\"> </span>di <span class=\"_ _14\"> </span>valore; <span class=\"_ _14\"> </span>successive <span class=\"_ _17\"> </span>r<span class=\"_ _2\"></span>iprese <span class=\"_ _17\"> </span>di <span class=\"_ _14\"> </span>valore <span class=\"_ _14\"> </span>non <span class=\"_ _14\"> </span>possono <span class=\"_ _17\"> </span>eccedere <span class=\"_ _14\"> </span>l\u2019ammontare <span class=\"_ _14\"> </span>delle <span class=\"_ _17\"> </span>perdite <span class=\"_ _14\"> </span>da<span class=\"_ _df\"> </span> impairment in precedenza registrate.<span class=\"_ _df\"> </span> Gli <span class=\"_ _4\"> </span>avviamenti <span class=\"_ _4\"> </span>non <span class=\"_ _17\"> </span>sono <span class=\"_ _17\"> </span>assoggettati <span class=\"_ _4\"> </span>ad <span class=\"_ _17\"> </span>ammortamento, <span class=\"_ _4\"> </span>ma <span class=\"_ _17\"> </span>vengono <span class=\"_ _4\"> </span>periodicamente <span class=\"_ _17\"> </span>sottoposti <span class=\"_ _4\"> </span>ad<span class=\"_ _df\"> </span> impairment <span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>est. <span class=\"_ _2\"></span>L\u2019eventuale <span class=\"_ _d\"></span>differenza <span class=\"_ _d\"></span>negativa <span class=\"_ _d\"></span>tra <span class=\"_ _d\"></span>il <span class=\"_ _2\"></span>valore <span class=\"_ _d\"></span>re<span class=\"_ _2\"></span>cuperabile<span class=\"_ _1\"></span> <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>ciascuna <span class=\"_ _d\"></span>unit\u00e0 <span class=\"_ _d\"></span>generatrice <span class=\"_ _2\"></span>di<span class=\"_ _df\"> </span> flussi <span class=\"_ _2\"></span>finanziari <span class=\"_ _d\"></span>(CGU) <span class=\"_ _2\"></span>al <span class=\"_ _d\"></span>quale <span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>ppartiene <span class=\"_ _2\"></span>un <span class=\"_ _d\"></span>determinato <span class=\"_ _d\"></span>avviamento <span class=\"_ _d\"></span>e <span class=\"_ _d\"></span>il <span class=\"_ _2\"></span>valore <span class=\"_ _d\"></span>contabile <span class=\"_ _2\"></span>della <span class=\"_ _d\"></span>medesima<span class=\"_ _df\"> </span> costituisce <span class=\"_ _f\"></span>perdita <span class=\"_ _f\"></span>da <span class=\"_ _f\"></span>impairment<span class=\"_ _2\"></span>. <span class=\"_ _f\"></span>Il <span class=\"_ _f\"></span>valore <span class=\"_ _f\"></span>recuperabile <span class=\"_ _f\"></span>di <span class=\"_ _f\"></span>una CGU <span class=\"_ _f\"></span><span class=\"ff5\">\u2013<span class=\"ff4\"> <span class=\"_ _f\"></span>che <span class=\"_ _f\"></span>ne <span class=\"_ _1\"></span>rappresenta <span class=\"_ _f\"></span>una <span class=\"_ _f\"></span>stima de<span class=\"_ _f\"></span>l v<span class=\"_ _1\"></span>alore<span class=\"_ _df\"> </span></span></span><span class=\"ff5\"><span class=\"ff4\"> </span></span>economico <span class=\"ff5\">\u2013</span> <span class=\"_ _1\"></span><span class=\"ff5\">si ragguaglia <span class=\"_ _1\"></span>al maggi<span class=\"_ _1\"></span>ore tra il v<span class=\"_ _f\"></span>alor<span class=\"_ _2\"></span>e d\u2019<span class=\"_ _1\"></span>uso (valore attuale<span class=\"_ _1\"></span> dei fl<span class=\"_ _1\"></span>ussi di <span class=\"_ _1\"></span>cassa attes<span class=\"_ _2\"></span><span class=\"ff4\">i) <span class=\"_ _f\"></span>e il valore di<span class=\"_ _df\"> </span></span></span>scambio <span class=\"_ _d\"></span>(presumibile <span class=\"_ _d\"></span>valore <span class=\"_ _0\"></span>di <span class=\"_ _d\"></span>cessione <span class=\"_ _0\"></span>al <span class=\"_ _d\"></span>netto<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>dei <span class=\"_ _d\"></span>costi <span class=\"_ _0\"></span>di <span class=\"_ _d\"></span>transazione). <span class=\"_ _d\"></span>Eventuali <span class=\"_ _d\"></span>successive <span class=\"_ _0\"></span>riprese <span class=\"_ _d\"></span>di<span class=\"_ _df\"> </span> valore non possono essere registrate.<span class=\"_ _df\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-802": {
   "value": "<div class=\"t m0 he ff4 fs5 fc4 sc3 lsa5 ws0 gs47f\">8 <span class=\"ls0\">- Attivit<span class=\"_ _1\"></span>\u00e0 no<span class=\"_ _1\"></span>n corr<span class=\"_ _1\"></span>enti e <span class=\"_ _1\"></span>gru<span class=\"_ _1\"></span>ppi d<span class=\"_ _1\"></span>i attivit\u00e0 in<span class=\"_ _f\"></span> via di dism<span class=\"_ _f\"></span>issione<span class=\"_ _df\"> </span></span><span class=\"ls0\"><span class=\"_ _1\"></span> </span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs480\">Vengono classificate nella voce dell\u2019attivo \u201cAttivit\u00e0 non correnti e gruppi di attivit\u00e0 in via di dismissione\u201d e in<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs481\">quella <span class=\"_ _9\"> </span>del <span class=\"_ _9\"> </span>passivo <span class=\"_ _9\"> </span>\u201cPassivit\u00e0 <span class=\"_ _9\"> </span>as<span class=\"_ _2\"></span>sociate <span class=\"_ _9\"> </span>ad <span class=\"_ _9\"> </span>attivit\u00e0 <span class=\"_ _9\"> </span>in <span class=\"_ _16\"> </span>via <span class=\"_ _0\"></span>di <span class=\"_ _9\"> </span>dis<span class=\"_ _2\"></span>missione\u201d <span class=\"_ _9\"> </span>attivit\u00e0 <span class=\"_ _9\"> </span>non <span class=\"_ _9\"> </span>corr<span class=\"_ _2\"></span>enti <span class=\"_ _0\"></span>o <span class=\"_ _9\"> </span>gr<span class=\"_ _2\"></span>uppi<span class=\"_ _1\"></span> <span class=\"_ _9\"> </span>di<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs482\">attivit\u00e0/passivit\u00e0 per i <span class=\"_ _2\"></span>quali \u00e8 st<span class=\"_ _2\"></span>ato avviato un processo di <span class=\"_ _2\"></span>dismissione<span class=\"_ _1\"></span> e <span class=\"_ _2\"></span>la loro vendita \u00e8 <span class=\"_ _2\"></span>ritenuta altamente<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs483\">probabile. Tali <span class=\"_ _2\"></span>attivit\u00e0/passivit\u00e0 <span class=\"_ _2\"></span>sono <span class=\"_ _2\"></span>valutate al <span class=\"_ _2\"></span>minore <span class=\"_ _2\"></span>tra <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>valore <span class=\"_ _2\"></span>di carico <span class=\"_ _2\"></span>ed <span class=\"_ _2\"></span>il loro <span class=\"_ _2\"></span>fair <span class=\"_ _2\"></span>value <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>netto <span class=\"_ _2\"></span>dei<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs484\">costi <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>cessione, <span class=\"_ _2\"></span>ad <span class=\"_ _2\"></span>eccezi<span class=\"_ _1\"></span>one <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>alcune <span class=\"_ _2\"></span>tipologie <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>a<span class=\"ff5\">tt<span class=\"_ _2\"></span>ivit\u00e0 <span class=\"_ _2\"></span>(es. <span class=\"_ _2\"></span>attivit\u00e0 <span class=\"_ _2\"></span>finanziarie<span class=\"_ _1\"></span> <span class=\"_ _2\"></span>rientranti <span class=\"_ _2\"></span>nell\u2019ambito <span class=\"_ _2\"></span>di<span class=\"_ _df\"> </span></span><span class=\"ff5\"> </span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs485\">applicazione <span class=\"_ _d\"></span>dell\u2019IFRS <span class=\"_ _9\"> </span>9) <span class=\"_ _0\"></span>per <span class=\"_ _0\"></span>cui <span class=\"_ _0\"></span>l\u2019IFRS <span class=\"_ _0\"></span>5 <span class=\"_ _9\"> </span>prevede <span class=\"_ _d\"></span>s<span class=\"_ _2\"></span>pecificatamente <span class=\"_ _d\"></span>che <span class=\"_ _9\"> </span>debbano <span class=\"_ _0\"></span>essere <span class=\"_ _0\"></span>applicati <span class=\"_ _0\"></span>i <span class=\"_ _0\"></span>criteri<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs486\">valutativi del principio contabile<span class=\"_ _1\"></span> di pertinenza.<span class=\"_ _df\"> </span><span class=\"_ _2\"></span> </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs487\">I <span class=\"_ _f\"></span>proventi ed <span class=\"_ _f\"></span>oneri <span class=\"_ _f\"></span>(al netto <span class=\"_ _f\"></span>dell\u2019effe<span class=\"ff4\">t<span class=\"_ _2\"></span>to <span class=\"_ _f\"></span>fiscale), <span class=\"_ _f\"></span>r<span class=\"_ _2\"></span>iconducibili <span class=\"_ _f\"></span>ad attivit\u00e0 <span class=\"_ _f\"></span>operative <span class=\"_ _f\"></span>cessate in <span class=\"_ _f\"></span>via <span class=\"_ _1\"></span>di <span class=\"_ _f\"></span>d<span class=\"_ _2\"></span>ismissione<span class=\"_ _df\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs488\">o rilevati come tali nel corso dell\u2019esercizi<span class=\"_ _1\"></span>o, sono esposti nel conto economico in voce<span class=\"_ _2\"></span><span class=\"ff4\"> <span class=\"_ _f\"></span>separata.<span class=\"_ _df\"> </span></span></div>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleAndDiscontinuedOperationsExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-772": {
   "value": "8 <span class=\"ls0\">- Attivit<span class=\"_ _1\"></span>\u00e0 no<span class=\"_ _1\"></span>n corr<span class=\"_ _1\"></span>enti e <span class=\"_ _1\"></span>gru<span class=\"_ _1\"></span>ppi d<span class=\"_ _1\"></span>i attivit\u00e0 in<span class=\"_ _f\"></span> via di dism<span class=\"_ _f\"></span>issione<span class=\"_ _df\"> </span></span>Vengono classificate nella voce dell\u2019attivo \u201cAttivit\u00e0 non correnti e gruppi di attivit\u00e0 in via di dismissione\u201d e in<span class=\"_ _df\"> </span>quella <span class=\"_ _9\"> </span>del <span class=\"_ _9\"> </span>passivo <span class=\"_ _9\"> </span>\u201cPassivit\u00e0 <span class=\"_ _9\"> </span>as<span class=\"_ _2\"></span>sociate <span class=\"_ _9\"> </span>ad <span class=\"_ _9\"> </span>attivit\u00e0 <span class=\"_ _9\"> </span>in <span class=\"_ _16\"> </span>via <span class=\"_ _0\"></span>di <span class=\"_ _9\"> </span>dis<span class=\"_ _2\"></span>missione\u201d <span class=\"_ _9\"> </span>attivit\u00e0 <span class=\"_ _9\"> </span>non <span class=\"_ _9\"> </span>corr<span class=\"_ _2\"></span>enti <span class=\"_ _0\"></span>o <span class=\"_ _9\"> </span>gr<span class=\"_ _2\"></span>uppi<span class=\"_ _1\"></span> <span class=\"_ _9\"> </span>di<span class=\"_ _df\"> </span>attivit\u00e0/passivit\u00e0 per i <span class=\"_ _2\"></span>quali \u00e8 st<span class=\"_ _2\"></span>ato avviato un processo di <span class=\"_ _2\"></span>dismissione<span class=\"_ _1\"></span> e <span class=\"_ _2\"></span>la loro vendita \u00e8 <span class=\"_ _2\"></span>ritenuta altamente<span class=\"_ _df\"> </span>probabile. Tali <span class=\"_ _2\"></span>attivit\u00e0/passivit\u00e0 <span class=\"_ _2\"></span>sono <span class=\"_ _2\"></span>valutate al <span class=\"_ _2\"></span>minore <span class=\"_ _2\"></span>tra <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>valore <span class=\"_ _2\"></span>di carico <span class=\"_ _2\"></span>ed <span class=\"_ _2\"></span>il loro <span class=\"_ _2\"></span>fair <span class=\"_ _2\"></span>value <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>netto <span class=\"_ _2\"></span>dei<span class=\"_ _df\"> </span>costi <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>cessione, <span class=\"_ _2\"></span>ad <span class=\"_ _2\"></span>eccezi<span class=\"_ _1\"></span>one <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>alcune <span class=\"_ _2\"></span>tipologie <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>a<span class=\"ff5\">tt<span class=\"_ _2\"></span>ivit\u00e0 <span class=\"_ _2\"></span>(es. <span class=\"_ _2\"></span>attivit\u00e0 <span class=\"_ _2\"></span>finanziarie<span class=\"_ _1\"></span> <span class=\"_ _2\"></span>rientranti <span class=\"_ _2\"></span>nell\u2019ambito <span class=\"_ _2\"></span>di<span class=\"_ _df\"> </span></span>applicazione <span class=\"_ _d\"></span>dell\u2019IFRS <span class=\"_ _9\"> </span>9) <span class=\"_ _0\"></span>per <span class=\"_ _0\"></span>cui <span class=\"_ _0\"></span>l\u2019IFRS <span class=\"_ _0\"></span>5 <span class=\"_ _9\"> </span>prevede <span class=\"_ _d\"></span>s<span class=\"_ _2\"></span>pecificatamente <span class=\"_ _d\"></span>che <span class=\"_ _9\"> </span>debbano <span class=\"_ _0\"></span>essere <span class=\"_ _0\"></span>applicati <span class=\"_ _0\"></span>i <span class=\"_ _0\"></span>criteri<span class=\"_ _df\"> </span>valutativi del principio contabile<span class=\"_ _1\"></span> di pertinenza.<span class=\"_ _df\"> </span>I <span class=\"_ _f\"></span>proventi ed <span class=\"_ _f\"></span>oneri <span class=\"_ _f\"></span>(al netto <span class=\"_ _f\"></span>dell\u2019effe<span class=\"ff4\">t<span class=\"_ _2\"></span>to <span class=\"_ _f\"></span>fiscale), <span class=\"_ _f\"></span>r<span class=\"_ _2\"></span>iconducibili <span class=\"_ _f\"></span>ad attivit\u00e0 <span class=\"_ _f\"></span>operative <span class=\"_ _f\"></span>cessate in <span class=\"_ _f\"></span>via <span class=\"_ _1\"></span>di <span class=\"_ _f\"></span>d<span class=\"_ _2\"></span>ismissione<span class=\"_ _df\"> </span></span>o rilevati come tali nel corso dell\u2019esercizi<span class=\"_ _1\"></span>o, sono esposti nel conto economico in voce<span class=\"_ _2\"></span><span class=\"ff4\"> <span class=\"_ _f\"></span>separata.<span class=\"_ _df\"> </span></span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-862": {
   "value": "8 <span class=\"ls0\">- Attivit<span class=\"_ _1\"></span>\u00e0 no<span class=\"_ _1\"></span>n corr<span class=\"_ _1\"></span>enti e <span class=\"_ _1\"></span>gru<span class=\"_ _1\"></span>ppi d<span class=\"_ _1\"></span>i attivit\u00e0 in<span class=\"_ _f\"></span> via di dism<span class=\"_ _f\"></span>issione<span class=\"_ _df\"> </span></span>Vengono classificate nella voce dell\u2019attivo \u201cAttivit\u00e0 non correnti e gruppi di attivit\u00e0 in via di dismissione\u201d e in<span class=\"_ _df\"> </span>quella <span class=\"_ _9\"> </span>del <span class=\"_ _9\"> </span>passivo <span class=\"_ _9\"> </span>\u201cPassivit\u00e0 <span class=\"_ _9\"> </span>as<span class=\"_ _2\"></span>sociate <span class=\"_ _9\"> </span>ad <span class=\"_ _9\"> </span>attivit\u00e0 <span class=\"_ _9\"> </span>in <span class=\"_ _16\"> </span>via <span class=\"_ _0\"></span>di <span class=\"_ _9\"> </span>dis<span class=\"_ _2\"></span>missione\u201d <span class=\"_ _9\"> </span>attivit\u00e0 <span class=\"_ _9\"> </span>non <span class=\"_ _9\"> </span>corr<span class=\"_ _2\"></span>enti <span class=\"_ _0\"></span>o <span class=\"_ _9\"> </span>gr<span class=\"_ _2\"></span>uppi<span class=\"_ _1\"></span> <span class=\"_ _9\"> </span>di<span class=\"_ _df\"> </span>attivit\u00e0/passivit\u00e0 per i <span class=\"_ _2\"></span>quali \u00e8 st<span class=\"_ _2\"></span>ato avviato un processo di <span class=\"_ _2\"></span>dismissione<span class=\"_ _1\"></span> e <span class=\"_ _2\"></span>la loro vendita \u00e8 <span class=\"_ _2\"></span>ritenuta altamente<span class=\"_ _df\"> </span>probabile. Tali <span class=\"_ _2\"></span>attivit\u00e0/passivit\u00e0 <span class=\"_ _2\"></span>sono <span class=\"_ _2\"></span>valutate al <span class=\"_ _2\"></span>minore <span class=\"_ _2\"></span>tra <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>valore <span class=\"_ _2\"></span>di carico <span class=\"_ _2\"></span>ed <span class=\"_ _2\"></span>il loro <span class=\"_ _2\"></span>fair <span class=\"_ _2\"></span>value <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>netto <span class=\"_ _2\"></span>dei<span class=\"_ _df\"> </span>costi <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>cessione, <span class=\"_ _2\"></span>ad <span class=\"_ _2\"></span>eccezi<span class=\"_ _1\"></span>one <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>alcune <span class=\"_ _2\"></span>tipologie <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>a<span class=\"ff5\">tt<span class=\"_ _2\"></span>ivit\u00e0 <span class=\"_ _2\"></span>(es. <span class=\"_ _2\"></span>attivit\u00e0 <span class=\"_ _2\"></span>finanziarie<span class=\"_ _1\"></span> <span class=\"_ _2\"></span>rientranti <span class=\"_ _2\"></span>nell\u2019ambito <span class=\"_ _2\"></span>di<span class=\"_ _df\"> </span></span>applicazione <span class=\"_ _d\"></span>dell\u2019IFRS <span class=\"_ _9\"> </span>9) <span class=\"_ _0\"></span>per <span class=\"_ _0\"></span>cui <span class=\"_ _0\"></span>l\u2019IFRS <span class=\"_ _0\"></span>5 <span class=\"_ _9\"> </span>prevede <span class=\"_ _d\"></span>s<span class=\"_ _2\"></span>pecificatamente <span class=\"_ _d\"></span>che <span class=\"_ _9\"> </span>debbano <span class=\"_ _0\"></span>essere <span class=\"_ _0\"></span>applicati <span class=\"_ _0\"></span>i <span class=\"_ _0\"></span>criteri<span class=\"_ _df\"> </span>valutativi del principio contabile<span class=\"_ _1\"></span> di pertinenza.<span class=\"_ _df\"> </span>I <span class=\"_ _f\"></span>proventi ed <span class=\"_ _f\"></span>oneri <span class=\"_ _f\"></span>(al netto <span class=\"_ _f\"></span>dell\u2019effe<span class=\"ff4\">t<span class=\"_ _2\"></span>to <span class=\"_ _f\"></span>fiscale), <span class=\"_ _f\"></span>r<span class=\"_ _2\"></span>iconducibili <span class=\"_ _f\"></span>ad attivit\u00e0 <span class=\"_ _f\"></span>operative <span class=\"_ _f\"></span>cessate in <span class=\"_ _f\"></span>via <span class=\"_ _1\"></span>di <span class=\"_ _f\"></span>d<span class=\"_ _2\"></span>ismissione<span class=\"_ _df\"> </span></span>o rilevati come tali nel corso dell\u2019esercizi<span class=\"_ _1\"></span>o, sono esposti nel conto economico in voce<span class=\"_ _2\"></span><span class=\"ff4\"> <span class=\"_ _f\"></span>separata.<span class=\"_ _df\"> </span></span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForDiscontinuedOperationsExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-773": {
   "value": "<div class=\"t m0 he ff4 fs5 fc4 sc3 ls97 ws0 gs48a\">9 <span class=\"ls0\">- Fisca<span class=\"_ _f\"></span>lit\u00e0 corren<span class=\"_ _1\"></span>te e <span class=\"_ _f\"></span>differita<span class=\"_ _df\"> </span></span><span class=\"ls0\"><span class=\"_ _1\"></span> </span></div><div class=\"t m0 h5 ff4 fs1 fc4 sc3 ls0 ws0 gs48b\">Criter<span class=\"_ _1\"></span>i di <span class=\"_ _1\"></span>iscrizi<span class=\"_ _1\"></span>one, d<span class=\"_ _1\"></span>i va<span class=\"_ _1\"></span>lutazi<span class=\"_ _1\"></span>one<span class=\"_ _1\"></span> e di ca<span class=\"_ _f\"></span>ncellazio<span class=\"_ _f\"></span>ne  </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs48c\">Le <span class=\"_ _d\"></span>impost<span class=\"_ _2\"></span>e <span class=\"_ _d\"></span>sul <span class=\"_ _0\"></span>reddito, <span class=\"_ _0\"></span>calcolate <span class=\"_ _0\"></span>nel <span class=\"_ _0\"></span>rispetto <span class=\"_ _0\"></span>delle <span class=\"_ _0\"></span>legislazioni <span class=\"_ _0\"></span>fiscali <span class=\"_ _0\"></span>nazionali, <span class=\"_ _d\"></span>s<span class=\"_ _2\"></span>ono <span class=\"_ _0\"></span>contabilizzate <span class=\"_ _d\"></span>come<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs48d\">costo <span class=\"_ _16\"> </span>in <span class=\"_ _16\"> </span>base <span class=\"_ _9\"> </span>al  criterio <span class=\"_ _9\"> </span>della <span class=\"_ _16\"> </span>competenza <span class=\"_ _9\"> </span>economica,  coerentemente <span class=\"_ _9\"> </span>con  le<span class=\"_ _1\"></span>  modali<span class=\"_ _f\"></span>t<span class=\"_ _2\"></span>\u00e0 <span class=\"_ _16\"> </span>di <span class=\"_ _9\"> </span>rilevazione <span class=\"_ _16\"> </span>in<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs48e\">bilancio de<span class=\"_ _1\"></span>i costi e ricav<span class=\"_ _1\"></span>i che le <span class=\"_ _f\"></span>h<span class=\"_ _2\"></span>anno gene<span class=\"_ _1\"></span>rate. Esse rappresentano p<span class=\"_ _1\"></span>ertanto il sald<span class=\"_ _1\"></span>o della <span class=\"_ _1\"></span>fiscalit\u00e0 corrente<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs48f\">e <span class=\"_ _2\"></span>differita <span class=\"_ _d\"></span>relativa <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>reddito <span class=\"_ _d\"></span>dell\u2019esercizio. <span class=\"_ _2\"></span>In <span class=\"_ _2\"></span>part<span class=\"_ _2\"></span>icolare, <span class=\"_ _2\"></span>tali <span class=\"_ _2\"></span>pos<span class=\"_ _2\"></span>te <span class=\"_ _2\"></span>accolgono <span class=\"_ _2\"></span>il <span class=\"_ _d\"></span>saldo <span class=\"_ _2\"></span>netto <span class=\"_ _d\"></span>tra <span class=\"_ _2\"></span>le <span class=\"_ _2\"></span>passivit\u00e0<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs490\">fiscali correnti d<span class=\"_ _1\"></span>ell\u2019esercizio, calcolate <span class=\"_ _1\"></span>in base ad<span class=\"ff4\"> </span>u<span class=\"_ _1\"></span>na prudenziale p<span class=\"_ _f\"></span>r<span class=\"_ _2\"></span>evisione d<span class=\"_ _1\"></span>ell\u2019onere tributario dov<span class=\"_ _1\"></span>uto per<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs491\">l\u2019esercizio, <span class=\"_ _1\"></span>determinato in <span class=\"_ _f\"></span>base alle <span class=\"_ _f\"></span>nor<span class=\"_ _2\"></span>me <span class=\"_ _f\"></span>t<span class=\"_ _2\"></span>ributarie <span class=\"_ _f\"></span>in vigore, <span class=\"_ _1\"></span>e le <span class=\"_ _f\"></span>att<span class=\"_ _2\"></span>ivit\u00e0 <span class=\"_ _f\"></span>fiscali correnti rapp<span class=\"_ _1\"></span>resentate dagl<span class=\"_ _1\"></span>i<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs492\">acconti <span class=\"_ _9\"> </span>e <span class=\"_ _16\"> </span>dagli <span class=\"_ _9\"> </span>altr<span class=\"_ _2\"></span>i <span class=\"_ _9\"> </span>crediti <span class=\"_ _16\"> </span>d\u2019imposta <span class=\"_ _16\"> </span>per <span class=\"_ _9\"> </span>ritenute <span class=\"_ _9\"> </span>d\u2019acconto  su<span class=\"_ _1\"></span>bite <span class=\"_ _9\"> </span>od <span class=\"_ _16\"> </span>altri<span class=\"_ _2\"></span><span class=\"ff4\">  </span>credi<span class=\"_ _1\"></span>ti <span class=\"_ _16\"> </span>d\u2019imposta <span class=\"_ _9\"> </span>di <span class=\"_ _16\"> </span>esercizi<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs493\">precedenti <span class=\"_ _16\"> </span>per  i<span class=\"_ _1\"></span>  quali<span class=\"_ _f\"></span>  le  societ<span class=\"_ _1\"></span>\u00e0  del<span class=\"_ _1\"></span>  Gruppo <span class=\"_ _16\"> </span>hanno <span class=\"_ _9\"> </span>r<span class=\"_ _2\"></span>ichiesto <span class=\"_ _9\"> </span>la  compensazione<span class=\"_ _1\"></span>  con <span class=\"_ _16\"> </span>imposte <span class=\"_ _16\"> </span>di <span class=\"_ _16\"> </span>esercizi<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs494\">successivi.<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs495\">Le <span class=\"_ _d\"></span>At<span class=\"_ _2\"></span>tivit\u00e0 <span class=\"_ _d\"></span>fiscali <span class=\"_ _0\"></span>correnti <span class=\"_ _0\"></span>accolgono <span class=\"_ _0\"></span>altres\u00ec <span class=\"_ _0\"></span>i <span class=\"_ _d\"></span>crediti <span class=\"_ _0\"></span>d\u2019imposta <span class=\"_ _0\"></span>per <span class=\"_ _d\"></span>i <span class=\"_ _0\"></span>quali <span class=\"_ _0\"></span>\u00e8 <span class=\"_ _0\"></span>stato <span class=\"_ _0\"></span>richiesto <span class=\"_ _0\"></span>il <span class=\"_ _d\"></span>r<span class=\"_ _2\"></span>imb<span class=\"_ _1\"></span>orso <span class=\"_ _0\"></span>al<span class=\"_ _2\"></span><span class=\"ff4\">le<span class=\"_ _df\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs496\">autorit\u00e0 fiscali competenti; le <span class=\"_ _2\"></span>somme versate <span class=\"_ _2\"></span>a titolo provvisorio nel cors<span class=\"_ _2\"></span>o di un procedimento contenzioso<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs497\">con <span class=\"_ _4\"> </span>l\u2019Amministrazione <span class=\"_ _17\"> </span>finanziaria <span class=\"_ _17\"> </span>vengono <span class=\"_ _4\"> </span>valutate <span class=\"_ _17\"> </span>secondo <span class=\"_ _17\"> </span>le <span class=\"_ _4\"> </span>logi<span class=\"_ _2\"></span>che <span class=\"_ _4\"> </span>dello <span class=\"_ _17\"> </span>IAS <span class=\"_ _4\"> </span>37 <span class=\"_ _17\"> </span>in <span class=\"_ _17\"> </span>relazione <span class=\"_ _17\"> </span>alle<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs498\">probabilit\u00e0 di impiego di<span class=\"_ _1\"></span> risorse economiche per <span class=\"_ _2\"></span>il loro adempimento.<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs499\">La <span class=\"_ _0\"></span>fiscalit\u00e0 <span class=\"_ _0\"></span>differita <span class=\"_ _0\"></span>viene <span class=\"_ _0\"></span>determinata <span class=\"_ _9\"> </span>in <span class=\"_ _0\"></span>base <span class=\"_ _0\"></span>al <span class=\"_ _0\"></span>crit<span class=\"_ _2\"></span>erio <span class=\"_ _d\"></span>del <span class=\"_ _0\"></span>cos<span class=\"_ _2\"></span>idde<span class=\"_ _1\"></span>tto <span class=\"_ _9\"> </span>\u201cbalance <span class=\"_ _0\"></span>sheet <span class=\"_ _0\"></span>liability <span class=\"_ _0\"></span>method\u201d,<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs49a\">tenuto <span class=\"_ _d\"></span>conto <span class=\"_ _2\"></span>dell\u2019effetto <span class=\"_ _d\"></span>fiscale <span class=\"_ _2\"></span>connesso <span class=\"_ _d\"></span>alle <span class=\"_ _d\"></span>differenz<span class=\"_ _1\"></span>e <span class=\"_ _d\"></span>temporanee <span class=\"_ _d\"></span>tra <span class=\"_ _2\"></span>il <span class=\"_ _d\"></span>valore <span class=\"_ _d\"></span>contabile<span class=\"_ _1\"></span> <span class=\"_ _d\"></span>delle <span class=\"_ _2\"></span>att<span class=\"_ _2\"></span>ivit\u00e0 <span class=\"_ _2\"></span>e<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs49b\">passivit\u00e0 <span class=\"_ _2\"></span>ed <span class=\"_ _2\"></span>il <span class=\"_ _d\"></span>loro <span class=\"_ _2\"></span>valore <span class=\"_ _d\"></span>fiscale <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>determineranno <span class=\"_ _d\"></span>importi <span class=\"_ _2\"></span>imponibili <span class=\"_ _2\"></span>o <span class=\"_ _d\"></span>deducibili <span class=\"_ _2\"></span>nei <span class=\"_ _2\"></span>futuri <span class=\"_ _d\"></span>periodi. <span class=\"_ _2\"></span>A <span class=\"_ _d\"></span>tali<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs49c\">fini, <span class=\"_ _0\"> </span>s<span class=\"_ _2\"></span>i <span class=\"_ _9\"> </span>intendono <span class=\"_ _9\"> </span>\u201cdifferenze <span class=\"_ _9\"> </span>temporanee <span class=\"_ _9\"> </span>tas<span class=\"_ _2\"></span>sabili\u201d <span class=\"_ _0\"> </span>quelle <span class=\"_ _9\"> </span>che<span class=\"_ _2\"></span> <span class=\"_ _9\"> </span>nei <span class=\"_ _9\"> </span>periodi <span class=\"_ _9\"> </span>futuri <span class=\"_ _9\"> </span>determineranno <span class=\"_ _9\"> </span>importi<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs49d\">imponibili  e  \u201cdifferenze  temporanee<span class=\"_ _1\"></span>  deducibili\u201d <span class=\"_ _22\"> </span>quelle  che  negli  esercizi  futuri  determineranno  importi<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs49e\">deducibili.<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs49f\">Le <span class=\"_ _2\"></span>imposte <span class=\"_ _2\"></span>ant<span class=\"_ _2\"></span>icipate <span class=\"_ _2\"></span>sono <span class=\"_ _2\"></span>rilevate <span class=\"_ _d\"></span>a <span class=\"_ _2\"></span>fronte <span class=\"_ _d\"></span>di <span class=\"_ _2\"></span>tutte <span class=\"_ _d\"></span>le <span class=\"_ _2\"></span>differenze <span class=\"_ _2\"></span>temporanee <span class=\"_ _d\"></span>deducibili, <span class=\"_ _2\"></span>dei <span class=\"_ _2\"></span>cr<span class=\"_ _2\"></span>editi <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>delle<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs4a0\">perdite <span class=\"_ _d\"></span>fiscali <span class=\"_ _0\"></span>non <span class=\"_ _0\"></span>utilizzate <span class=\"_ _d\"></span>e <span class=\"_ _0\"></span>r<span class=\"_ _2\"></span>ip<span class=\"_ _1\"></span>ortabili <span class=\"_ _0\"></span>a <span class=\"_ _0\"></span>nuovo, <span class=\"_ _d\"></span>nella <span class=\"_ _0\"></span>misura <span class=\"_ _0\"></span>in <span class=\"_ _d\"></span>cui <span class=\"_ _9\"> </span>sia <span class=\"_ _0\"></span>probabile <span class=\"_ _d\"></span>che <span class=\"_ _0\"></span>saranno <span class=\"_ _0\"></span>disponibi<span class=\"_ _1\"></span>li<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs4a1\">sufficienti imponibili fiscali futuri, <span class=\"_ _2\"></span>che possano consentire l\u2019utilizzo <span class=\"_ _2\"></span>delle<span class=\"_ _1\"></span> differenze <span class=\"_ _2\"></span>temporanee deducibili e<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs4a2\">dei crediti e delle perdite fiscali<span class=\"_ _1\"></span> riportati a nuovo, eccetto i casi in cui:<span class=\"_ _df\"> </span><span class=\"_ _2\"></span> </div><div class=\"t m0 h5 ff14 fs1 fc1 sc0 ls0 ws0 gs4a3\"><span class=\"_ _2c\"> </span><span class=\"ff5\">l\u2019imposta <span class=\"_ _2\"></span>differita attiva<span class=\"ff4\"> <span class=\"_ _2\"></span>collegata <span class=\"_ _2\"></span>alle differenze <span class=\"_ _2\"></span>temporanee deducibili <span class=\"_ _2\"></span>deriva dalla r<span class=\"_ _2\"></span>ilevazione iniziale<span class=\"_ _df\"> </span></span></span><span class=\"ff5\"><span class=\"ff4\"> </span></span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs4a4\">di un\u2019<span class=\"_ _1\"></span>attivit\u00e0 o passivit\u00e0 in <span class=\"_ _f\"></span>una transazione che non <span class=\"_ _f\"></span>r<span class=\"_ _2\"></span>appresenta un\u2019ag<span class=\"_ _1\"></span>gregazione aziendale e, <span class=\"_ _1\"></span>al tempo<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs4a5\">della transazione stessa, non influi<span class=\"_ _1\"></span>sce n\u00e9 sul risultato di bilancio,<span class=\"_ _2\"></span> n\u00e9 sul risultato fiscale;<span class=\"_ _df\"> </span></div><span class=\"_ _2c\"> </span><span class=\"ff4\">nel caso di <span class=\"_ _1\"></span>differenze temporanee <span class=\"_ _1\"></span>deducibili associate a p<span class=\"_ _1\"></span>artecipazioni in <span class=\"_ _f\"></span>s<span class=\"_ _2\"></span>ociet\u00e0 controllate, <span class=\"_ _1\"></span>collegate </span>e joint venture, l<span class=\"_ _2\"></span>e imposte differite <span class=\"_ _2\"></span>attive sono rilevate s<span class=\"_ _2\"></span>olo nella misura <span class=\"_ _2\"></span>in cui sia probabile c<span class=\"_ _2\"></span>he esse s<span class=\"_ _2\"></span>i riverseranno  nel  futuro  p<span class=\"_ _1\"></span>revedibile <span class=\"_ _16\"> </span>e  che  vi  saranno  suff<span class=\"_ _1\"></span>icienti  imponi<span class=\"_ _1\"></span>bili  fiscali  che<span class=\"_ _1\"></span>  consentano  il recupero di tali differenze temporanee.<span class=\"_ _df\"> </span>Le  imposte  differite  passive  sono  rilevate  su  tutte  le  differenz<span class=\"_ _1\"></span>e  temporanee  tassabili,  con  le  seguenti eccezioni: <span class=\"_ _2c\"> </span><span class=\"ff4\">le imposte d<span class=\"ff5\">ifferite passive derivano dalla rilevazione iniziale dell\u2019avviamento o <span class=\"_ _2\"></span>di un\u2019attivi<span class=\"_ _1\"></span>t\u00e0 o passivit\u00e0 </span></span>in  una  transazione  che  non  r<span class=\"_ _2\"></span>ap<span class=\"_ _1\"></span>presenta  un\u2019aggregazione  aziendale  e,  al  t<span class=\"_ _2\"></span>empo  dell<span class=\"_ _1\"></span>a  transazione stessa, non influenza n\u00e9 il risultato di bilanc<span class=\"_ _1\"></span>io n\u00e9 il risulta<span class=\"_ _2\"></span>to fiscale;<span class=\"_ _df\"> </span><span class=\"_ _2c\"> </span><span class=\"ff4\">il <span class=\"_ _1\"></span>riversamento <span class=\"_ _1\"></span>delle <span class=\"_ _1\"></span>differenze <span class=\"_ _f\"></span>temporanee i<span class=\"_ _1\"></span>mponibili, associate <span class=\"_ _f\"></span>a p<span class=\"_ _1\"></span>artecipazioni <span class=\"_ _f\"></span>in societ\u00e0 <span class=\"_ _f\"></span>controllate, </span>collegate e joint venture, pu\u00f2 essere contr<span class=\"_ _2\"></span>ollato, ed \u00e8 probab<span class=\"_ _1\"></span>ile che esso non s<span class=\"_ _2\"></span>i verifichi nel prevedibile futuro. La fiscalit\u00e0 <span class=\"_ _2\"></span>differita <span class=\"_ _2\"></span>viene calcolata <span class=\"_ _2\"></span>applicando le <span class=\"_ _2\"></span>aliquote di <span class=\"_ _2\"></span>imposizione stabilite <span class=\"_ _2\"></span>dalle disposizioni <span class=\"_ _2\"></span>di legge in <span class=\"_ _0\"></span>vigore <span class=\"_ _d\"></span>alle <span class=\"_ _0\"></span>differenze <span class=\"_ _0\"></span>tem<span class=\"_ _2\"></span>poranee <span class=\"_ _d\"></span>tass<span class=\"_ _2\"></span>abili<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>per <span class=\"_ _0\"></span>cui <span class=\"_ _0\"></span>esiste <span class=\"_ _0\"></span>la <span class=\"_ _0\"></span>probabilit\u00e0 <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>un <span class=\"_ _0\"></span>effettivo <span class=\"_ _0\"></span>sostenimento <span class=\"_ _0\"></span>di imposte ed alle diff<span class=\"_ _1\"></span>erenze temporanee deducibili p<span class=\"_ _1\"></span>er <span class=\"_ _2\"></span>cui si ritiene che<span class=\"_ _1\"></span> vi siano ammontari imponibil<span class=\"_ _1\"></span>i futuri al momento in cui si manifester\u00e0 la relativa dedu<span class=\"_ _1\"></span>cibilit\u00e0 fiscale (c.d. probability test). <span class=\"_ _2\"></span> Qualora <span class=\"_ _9\"> </span>le <span class=\"_ _9\"> </span>Attivit\u00e0 <span class=\"_ _9\"> </span>e <span class=\"_ _9\"> </span>Passivit\u00e0 <span class=\"_ _9\"> </span>fiscali <span class=\"_ _9\"> </span>differite <span class=\"_ _0\"> </span>s<span class=\"_ _2\"></span>i <span class=\"_ _0\"></span>riferiscano <span class=\"_ _9\"> </span>a <span class=\"_ _9\"> </span>componenti <span class=\"_ _9\"> </span>che <span class=\"_ _9\"> </span>hanno <span class=\"_ _9\"> </span>interessato <span class=\"_ _9\"> </span>il <span class=\"_ _9\"> </span>cont<span class=\"_ _d\"></span><span class=\"lsc5\">o </span>economico, la contropartita \u00e8 rapprese<span class=\"_ _1\"></span>ntata dalle imposte sul reddito.<span class=\"_ _2\"></span> Nei <span class=\"_ _2\"></span>casi <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>cui <span class=\"_ _2\"></span>le impost<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>anticipate <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>differite riguardino <span class=\"_ _2\"></span>transa<span class=\"_ _2\"></span>zi<span class=\"_ _1\"></span>oni <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>hanno <span class=\"_ _2\"></span>interessato <span class=\"_ _2\"></span>direttamente <span class=\"_ _2\"></span>il patrimonio netto <span class=\"_ _2\"></span>senza influenzare il cont<span class=\"_ _2\"></span>o economico (quali le <span class=\"_ _2\"></span>valutazioni <span class=\"_ _2\"></span>degli st<span class=\"_ _2\"></span>rumenti finanziari rilevati al fair value con impatto sulla redditivit\u00e0 complessiva o dei contratt<span class=\"_ _2\"></span>i derivati di<span class=\"_ _1\"></span> copertura di flussi finanziari), le <span class=\"_ _d\"></span>s<span class=\"_ _2\"></span>tesse <span class=\"_ _d\"></span>vengono <span class=\"_ _0\"></span>iscritte <span class=\"_ _0\"></span>in <span class=\"_ _0\"></span>contropartita <span class=\"_ _d\"></span>al <span class=\"_ _0\"></span>patrimonio <span class=\"_ _0\"></span>netto, <span class=\"_ _d\"></span>interessando <span class=\"_ _0\"></span>le <span class=\"_ _0\"></span>specifiche <span class=\"_ _d\"></span>r<span class=\"_ _2\"></span>iserve <span class=\"_ _0\"></span>quando previsto (es. riserve da valutazione). La <span class=\"_ _0\"></span>fiscalit\u00e0 <span class=\"_ _0\"></span>latente <span class=\"_ _d\"></span>sulle <span class=\"_ _0\"></span>poste <span class=\"_ _0\"></span>patr<span class=\"_ _2\"></span>imoniali <span class=\"_ _d\"></span>in <span class=\"_ _0\"></span>sospensione <span class=\"_ _0\"></span>d\u2019imposta <span class=\"_ _0\"></span>\u201ctassabili <span class=\"_ _0\"></span>in <span class=\"_ _0\"></span>ogni <span class=\"_ _d\"></span>caso<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>utilizzo\u201d <span class=\"_ _0\"></span>\u00e8 iscritta <span class=\"_ _9\"> </span>in <span class=\"_ _9\"> </span>bilancio <span class=\"_ _9\"> </span>in <span class=\"_ _9\"> </span>riduzione <span class=\"_ _9\"> </span>del <span class=\"_ _0\"></span>patr<span class=\"_ _2\"></span>imonio <span class=\"_ _9\"> </span>netto. <span class=\"_ _0\"> </span>La <span class=\"_ _16\"> </span>fiscalit\u00e0 <span class=\"_ _0\"></span>latente <span class=\"_ _9\"> </span>r<span class=\"_ _2\"></span>iferita <span class=\"_ _0\"></span>alle <span class=\"_ _9\"> </span>poste <span class=\"_ _9\"> </span>pa<span class=\"_ _2\"></span>trimoniali <span class=\"_ _9\"> </span>in sospensione d\u2019imposta \u201ctassabili soltanto in ipotesi di distribuzione\u201d non viene iscritta in bilancio, in quanto la <span class=\"_ _2\"></span>consistenza <span class=\"_ _2\"></span>delle r<span class=\"_ _2\"></span>iserve disponibili <span class=\"_ _2\"></span>gi\u00e0 <span class=\"_ _2\"></span>assoggettate <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>tassazione <span class=\"_ _2\"></span>consente di <span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>itenere che <span class=\"_ _2\"></span>non <span class=\"_ _2\"></span>saranno effettuate operazioni che ne comportino la tassazione. Criter<span class=\"_ _1\"></span>i di <span class=\"_ _1\"></span>rileva<span class=\"_ _f\"></span>zione dell<span class=\"_ _1\"></span>e com<span class=\"_ _f\"></span>ponenti <span class=\"_ _1\"></span>reddi<span class=\"_ _1\"></span>tuali<span class=\"_ _f\"></span> Attivit\u00e0  e  passivit\u00e0  fiscali  sono  imputate  al <span class=\"_ _22\"> </span>conto<span class=\"_ _2\"></span>  economico  (voce  \u201cImposte  sul  reddito  dell\u2019esercizio dell\u2019operativit\u00e0 <span class=\"_ _f\"></span>corrente\u201d), salv<span class=\"_ _1\"></span>o <span class=\"_ _1\"></span>quando <span class=\"_ _f\"></span>esse de<span class=\"_ _1\"></span>rivino d<span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>operazi<span class=\"_ _2\"></span><span class=\"ff4\">oni <span class=\"_ _f\"></span>i cu<span class=\"_ _f\"></span>i effetti <span class=\"_ _f\"></span>vanno attribuiti <span class=\"_ _f\"></span>direttamente </span>al <span class=\"_ _4\"> </span>patrimonio <span class=\"_ _22\"> </span>nett<span class=\"_ _2\"></span>o <span class=\"_ _22\"> </span>(nel <span class=\"_ _4\"> </span>qual <span class=\"_ _4\"> </span>caso <span class=\"_ _4\"> </span>veng<span class=\"_ _1\"></span>ono <span class=\"_ _4\"> </span>imputate <span class=\"_ _4\"> </span>al <span class=\"_ _4\"> </span>pa<span class=\"_ _1\"></span>trimonio) <span class=\"_ _4\"> </span>o <span class=\"_ _22\"> </span>da <span class=\"_ _4\"> </span>operazioni <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>ag<span class=\"_ _1\"></span>gregazione societaria (nel qual caso entrano nel computo del valore di<span class=\"_ _1\"></span> avviamento).<span class=\"_ _df\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-876": {
   "value": "9 <span class=\"ls0\">- Fisca<span class=\"_ _f\"></span>lit\u00e0 corren<span class=\"_ _1\"></span>te e <span class=\"_ _f\"></span>differita<span class=\"_ _df\"> </span></span>Criter<span class=\"_ _1\"></span>i di <span class=\"_ _1\"></span>iscrizi<span class=\"_ _1\"></span>one, d<span class=\"_ _1\"></span>i va<span class=\"_ _1\"></span>lutazi<span class=\"_ _1\"></span>one<span class=\"_ _1\"></span> e di ca<span class=\"_ _f\"></span>ncellazio<span class=\"_ _f\"></span>ne Le <span class=\"_ _d\"></span>impost<span class=\"_ _2\"></span>e <span class=\"_ _d\"></span>sul <span class=\"_ _0\"></span>reddito, <span class=\"_ _0\"></span>calcolate <span class=\"_ _0\"></span>nel <span class=\"_ _0\"></span>rispetto <span class=\"_ _0\"></span>delle <span class=\"_ _0\"></span>legislazioni <span class=\"_ _0\"></span>fiscali <span class=\"_ _0\"></span>nazionali, <span class=\"_ _d\"></span>s<span class=\"_ _2\"></span>ono <span class=\"_ _0\"></span>contabilizzate <span class=\"_ _d\"></span>come<span class=\"_ _df\"> </span>costo <span class=\"_ _16\"> </span>in <span class=\"_ _16\"> </span>base <span class=\"_ _9\"> </span>al  criterio <span class=\"_ _9\"> </span>della <span class=\"_ _16\"> </span>competenza <span class=\"_ _9\"> </span>economica,  coerentemente <span class=\"_ _9\"> </span>con  le<span class=\"_ _1\"></span>  modali<span class=\"_ _f\"></span>t<span class=\"_ _2\"></span>\u00e0 <span class=\"_ _16\"> </span>di <span class=\"_ _9\"> </span>rilevazione <span class=\"_ _16\"> </span>in<span class=\"_ _df\"> </span>bilancio de<span class=\"_ _1\"></span>i costi e ricav<span class=\"_ _1\"></span>i che le <span class=\"_ _f\"></span>h<span class=\"_ _2\"></span>anno gene<span class=\"_ _1\"></span>rate. Esse rappresentano p<span class=\"_ _1\"></span>ertanto il sald<span class=\"_ _1\"></span>o della <span class=\"_ _1\"></span>fiscalit\u00e0 corrente<span class=\"_ _df\"> </span>e <span class=\"_ _2\"></span>differita <span class=\"_ _d\"></span>relativa <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>reddito <span class=\"_ _d\"></span>dell\u2019esercizio. <span class=\"_ _2\"></span>In <span class=\"_ _2\"></span>part<span class=\"_ _2\"></span>icolare, <span class=\"_ _2\"></span>tali <span class=\"_ _2\"></span>pos<span class=\"_ _2\"></span>te <span class=\"_ _2\"></span>accolgono <span class=\"_ _2\"></span>il <span class=\"_ _d\"></span>saldo <span class=\"_ _2\"></span>netto <span class=\"_ _d\"></span>tra <span class=\"_ _2\"></span>le <span class=\"_ _2\"></span>passivit\u00e0<span class=\"_ _df\"> </span>fiscali correnti d<span class=\"_ _1\"></span>ell\u2019esercizio, calcolate <span class=\"_ _1\"></span>in base ad<span class=\"ff4\"> </span>u<span class=\"_ _1\"></span>na prudenziale p<span class=\"_ _f\"></span>r<span class=\"_ _2\"></span>evisione d<span class=\"_ _1\"></span>ell\u2019onere tributario dov<span class=\"_ _1\"></span>uto per<span class=\"_ _df\"> </span>l\u2019esercizio, <span class=\"_ _1\"></span>determinato in <span class=\"_ _f\"></span>base alle <span class=\"_ _f\"></span>nor<span class=\"_ _2\"></span>me <span class=\"_ _f\"></span>t<span class=\"_ _2\"></span>ributarie <span class=\"_ _f\"></span>in vigore, <span class=\"_ _1\"></span>e le <span class=\"_ _f\"></span>att<span class=\"_ _2\"></span>ivit\u00e0 <span class=\"_ _f\"></span>fiscali correnti rapp<span class=\"_ _1\"></span>resentate dagl<span class=\"_ _1\"></span>i<span class=\"_ _df\"> </span>acconti <span class=\"_ _9\"> </span>e <span class=\"_ _16\"> </span>dagli <span class=\"_ _9\"> </span>altr<span class=\"_ _2\"></span>i <span class=\"_ _9\"> </span>crediti <span class=\"_ _16\"> </span>d\u2019imposta <span class=\"_ _16\"> </span>per <span class=\"_ _9\"> </span>ritenute <span class=\"_ _9\"> </span>d\u2019acconto  su<span class=\"_ _1\"></span>bite <span class=\"_ _9\"> </span>od <span class=\"_ _16\"> </span>altri<span class=\"_ _2\"></span><span class=\"ff4\">  </span>credi<span class=\"_ _1\"></span>ti <span class=\"_ _16\"> </span>d\u2019imposta <span class=\"_ _9\"> </span>di <span class=\"_ _16\"> </span>esercizi<span class=\"_ _df\"> </span>precedenti <span class=\"_ _16\"> </span>per  i<span class=\"_ _1\"></span>  quali<span class=\"_ _f\"></span>  le  societ<span class=\"_ _1\"></span>\u00e0  del<span class=\"_ _1\"></span>  Gruppo <span class=\"_ _16\"> </span>hanno <span class=\"_ _9\"> </span>r<span class=\"_ _2\"></span>ichiesto <span class=\"_ _9\"> </span>la  compensazione<span class=\"_ _1\"></span>  con <span class=\"_ _16\"> </span>imposte <span class=\"_ _16\"> </span>di <span class=\"_ _16\"> </span>esercizi<span class=\"_ _df\"> </span>successivi.<span class=\"_ _df\"> </span>Le <span class=\"_ _d\"></span>At<span class=\"_ _2\"></span>tivit\u00e0 <span class=\"_ _d\"></span>fiscali <span class=\"_ _0\"></span>correnti <span class=\"_ _0\"></span>accolgono <span class=\"_ _0\"></span>altres\u00ec <span class=\"_ _0\"></span>i <span class=\"_ _d\"></span>crediti <span class=\"_ _0\"></span>d\u2019imposta <span class=\"_ _0\"></span>per <span class=\"_ _d\"></span>i <span class=\"_ _0\"></span>quali <span class=\"_ _0\"></span>\u00e8 <span class=\"_ _0\"></span>stato <span class=\"_ _0\"></span>richiesto <span class=\"_ _0\"></span>il <span class=\"_ _d\"></span>r<span class=\"_ _2\"></span>imb<span class=\"_ _1\"></span>orso <span class=\"_ _0\"></span>al<span class=\"_ _2\"></span><span class=\"ff4\">le<span class=\"_ _df\"> </span></span>autorit\u00e0 fiscali competenti; le <span class=\"_ _2\"></span>somme versate <span class=\"_ _2\"></span>a titolo provvisorio nel cors<span class=\"_ _2\"></span>o di un procedimento contenzioso<span class=\"_ _df\"> </span>con <span class=\"_ _4\"> </span>l\u2019Amministrazione <span class=\"_ _17\"> </span>finanziaria <span class=\"_ _17\"> </span>vengono <span class=\"_ _4\"> </span>valutate <span class=\"_ _17\"> </span>secondo <span class=\"_ _17\"> </span>le <span class=\"_ _4\"> </span>logi<span class=\"_ _2\"></span>che <span class=\"_ _4\"> </span>dello <span class=\"_ _17\"> </span>IAS <span class=\"_ _4\"> </span>37 <span class=\"_ _17\"> </span>in <span class=\"_ _17\"> </span>relazione <span class=\"_ _17\"> </span>alle<span class=\"_ _df\"> </span>probabilit\u00e0 di impiego di<span class=\"_ _1\"></span> risorse economiche per <span class=\"_ _2\"></span>il loro adempimento.<span class=\"_ _df\"> </span>La <span class=\"_ _0\"></span>fiscalit\u00e0 <span class=\"_ _0\"></span>differita <span class=\"_ _0\"></span>viene <span class=\"_ _0\"></span>determinata <span class=\"_ _9\"> </span>in <span class=\"_ _0\"></span>base <span class=\"_ _0\"></span>al <span class=\"_ _0\"></span>crit<span class=\"_ _2\"></span>erio <span class=\"_ _d\"></span>del <span class=\"_ _0\"></span>cos<span class=\"_ _2\"></span>idde<span class=\"_ _1\"></span>tto <span class=\"_ _9\"> </span>\u201cbalance <span class=\"_ _0\"></span>sheet <span class=\"_ _0\"></span>liability <span class=\"_ _0\"></span>method\u201d,<span class=\"_ _df\"> </span>tenuto <span class=\"_ _d\"></span>conto <span class=\"_ _2\"></span>dell\u2019effetto <span class=\"_ _d\"></span>fiscale <span class=\"_ _2\"></span>connesso <span class=\"_ _d\"></span>alle <span class=\"_ _d\"></span>differenz<span class=\"_ _1\"></span>e <span class=\"_ _d\"></span>temporanee <span class=\"_ _d\"></span>tra <span class=\"_ _2\"></span>il <span class=\"_ _d\"></span>valore <span class=\"_ _d\"></span>contabile<span class=\"_ _1\"></span> <span class=\"_ _d\"></span>delle <span class=\"_ _2\"></span>att<span class=\"_ _2\"></span>ivit\u00e0 <span class=\"_ _2\"></span>e<span class=\"_ _df\"> </span>passivit\u00e0 <span class=\"_ _2\"></span>ed <span class=\"_ _2\"></span>il <span class=\"_ _d\"></span>loro <span class=\"_ _2\"></span>valore <span class=\"_ _d\"></span>fiscale <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>determineranno <span class=\"_ _d\"></span>importi <span class=\"_ _2\"></span>imponibili <span class=\"_ _2\"></span>o <span class=\"_ _d\"></span>deducibili <span class=\"_ _2\"></span>nei <span class=\"_ _2\"></span>futuri <span class=\"_ _d\"></span>periodi. <span class=\"_ _2\"></span>A <span class=\"_ _d\"></span>tali<span class=\"_ _df\"> </span>fini, <span class=\"_ _0\"> </span>s<span class=\"_ _2\"></span>i <span class=\"_ _9\"> </span>intendono <span class=\"_ _9\"> </span>\u201cdifferenze <span class=\"_ _9\"> </span>temporanee <span class=\"_ _9\"> </span>tas<span class=\"_ _2\"></span>sabili\u201d <span class=\"_ _0\"> </span>quelle <span class=\"_ _9\"> </span>che<span class=\"_ _2\"></span> <span class=\"_ _9\"> </span>nei <span class=\"_ _9\"> </span>periodi <span class=\"_ _9\"> </span>futuri <span class=\"_ _9\"> </span>determineranno <span class=\"_ _9\"> </span>importi<span class=\"_ _df\"> </span>imponibili  e  \u201cdifferenze  temporanee<span class=\"_ _1\"></span>  deducibili\u201d <span class=\"_ _22\"> </span>quelle  che  negli  esercizi  futuri  determineranno  importi<span class=\"_ _df\"> </span>deducibili.<span class=\"_ _df\"> </span>Le <span class=\"_ _2\"></span>imposte <span class=\"_ _2\"></span>ant<span class=\"_ _2\"></span>icipate <span class=\"_ _2\"></span>sono <span class=\"_ _2\"></span>rilevate <span class=\"_ _d\"></span>a <span class=\"_ _2\"></span>fronte <span class=\"_ _d\"></span>di <span class=\"_ _2\"></span>tutte <span class=\"_ _d\"></span>le <span class=\"_ _2\"></span>differenze <span class=\"_ _2\"></span>temporanee <span class=\"_ _d\"></span>deducibili, <span class=\"_ _2\"></span>dei <span class=\"_ _2\"></span>cr<span class=\"_ _2\"></span>editi <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>delle<span class=\"_ _df\"> </span>perdite <span class=\"_ _d\"></span>fiscali <span class=\"_ _0\"></span>non <span class=\"_ _0\"></span>utilizzate <span class=\"_ _d\"></span>e <span class=\"_ _0\"></span>r<span class=\"_ _2\"></span>ip<span class=\"_ _1\"></span>ortabili <span class=\"_ _0\"></span>a <span class=\"_ _0\"></span>nuovo, <span class=\"_ _d\"></span>nella <span class=\"_ _0\"></span>misura <span class=\"_ _0\"></span>in <span class=\"_ _d\"></span>cui <span class=\"_ _9\"> </span>sia <span class=\"_ _0\"></span>probabile <span class=\"_ _d\"></span>che <span class=\"_ _0\"></span>saranno <span class=\"_ _0\"></span>disponibi<span class=\"_ _1\"></span>li<span class=\"_ _df\"> </span>sufficienti imponibili fiscali futuri, <span class=\"_ _2\"></span>che possano consentire l\u2019utilizzo <span class=\"_ _2\"></span>delle<span class=\"_ _1\"></span> differenze <span class=\"_ _2\"></span>temporanee deducibili e<span class=\"_ _df\"> </span>dei crediti e delle perdite fiscali<span class=\"_ _1\"></span> riportati a nuovo, eccetto i casi in cui:<span class=\"_ _df\"> </span><span class=\"_ _2c\"> </span><span class=\"ff5\">l\u2019imposta <span class=\"_ _2\"></span>differita attiva<span class=\"ff4\"> <span class=\"_ _2\"></span>collegata <span class=\"_ _2\"></span>alle differenze <span class=\"_ _2\"></span>temporanee deducibili <span class=\"_ _2\"></span>deriva dalla r<span class=\"_ _2\"></span>ilevazione iniziale<span class=\"_ _df\"> </span></span></span>di un\u2019<span class=\"_ _1\"></span>attivit\u00e0 o passivit\u00e0 in <span class=\"_ _f\"></span>una transazione che non <span class=\"_ _f\"></span>r<span class=\"_ _2\"></span>appresenta un\u2019ag<span class=\"_ _1\"></span>gregazione aziendale e, <span class=\"_ _1\"></span>al tempo<span class=\"_ _df\"> </span>della transazione stessa, non influi<span class=\"_ _1\"></span>sce n\u00e9 sul risultato di bilancio,<span class=\"_ _2\"></span> n\u00e9 sul risultato fiscale;<span class=\"_ _df\"> </span><span class=\"_ _2c\"> </span><span class=\"ff4\">nel caso di <span class=\"_ _1\"></span>differenze temporanee <span class=\"_ _1\"></span>deducibili associate a p<span class=\"_ _1\"></span>artecipazioni in <span class=\"_ _f\"></span>s<span class=\"_ _2\"></span>ociet\u00e0 controllate, <span class=\"_ _1\"></span>collegate </span>e joint venture, l<span class=\"_ _2\"></span>e imposte differite <span class=\"_ _2\"></span>attive sono rilevate s<span class=\"_ _2\"></span>olo nella misura <span class=\"_ _2\"></span>in cui sia probabile c<span class=\"_ _2\"></span>he esse s<span class=\"_ _2\"></span>i riverseranno  nel  futuro  p<span class=\"_ _1\"></span>revedibile <span class=\"_ _16\"> </span>e  che  vi  saranno  suff<span class=\"_ _1\"></span>icienti  imponi<span class=\"_ _1\"></span>bili  fiscali  che<span class=\"_ _1\"></span>  consentano  il recupero di tali differenze temporanee.<span class=\"_ _df\"> </span>Le  imposte  differite  passive  sono  rilevate  su  tutte  le  differenz<span class=\"_ _1\"></span>e  temporanee  tassabili,  con  le  seguenti eccezioni: <span class=\"_ _2c\"> </span><span class=\"ff4\">le imposte d<span class=\"ff5\">ifferite passive derivano dalla rilevazione iniziale dell\u2019avviamento o <span class=\"_ _2\"></span>di un\u2019attivi<span class=\"_ _1\"></span>t\u00e0 o passivit\u00e0 </span></span>in  una  transazione  che  non  r<span class=\"_ _2\"></span>ap<span class=\"_ _1\"></span>presenta  un\u2019aggregazione  aziendale  e,  al  t<span class=\"_ _2\"></span>empo  dell<span class=\"_ _1\"></span>a  transazione stessa, non influenza n\u00e9 il risultato di bilanc<span class=\"_ _1\"></span>io n\u00e9 il risulta<span class=\"_ _2\"></span>to fiscale;<span class=\"_ _df\"> </span><span class=\"_ _2c\"> </span><span class=\"ff4\">il <span class=\"_ _1\"></span>riversamento <span class=\"_ _1\"></span>delle <span class=\"_ _1\"></span>differenze <span class=\"_ _f\"></span>temporanee i<span class=\"_ _1\"></span>mponibili, associate <span class=\"_ _f\"></span>a p<span class=\"_ _1\"></span>artecipazioni <span class=\"_ _f\"></span>in societ\u00e0 <span class=\"_ _f\"></span>controllate, </span>collegate e joint venture, pu\u00f2 essere contr<span class=\"_ _2\"></span>ollato, ed \u00e8 probab<span class=\"_ _1\"></span>ile che esso non s<span class=\"_ _2\"></span>i verifichi nel prevedibile futuro. La fiscalit\u00e0 <span class=\"_ _2\"></span>differita <span class=\"_ _2\"></span>viene calcolata <span class=\"_ _2\"></span>applicando le <span class=\"_ _2\"></span>aliquote di <span class=\"_ _2\"></span>imposizione stabilite <span class=\"_ _2\"></span>dalle disposizioni <span class=\"_ _2\"></span>di legge in <span class=\"_ _0\"></span>vigore <span class=\"_ _d\"></span>alle <span class=\"_ _0\"></span>differenze <span class=\"_ _0\"></span>tem<span class=\"_ _2\"></span>poranee <span class=\"_ _d\"></span>tass<span class=\"_ _2\"></span>abili<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>per <span class=\"_ _0\"></span>cui <span class=\"_ _0\"></span>esiste <span class=\"_ _0\"></span>la <span class=\"_ _0\"></span>probabilit\u00e0 <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>un <span class=\"_ _0\"></span>effettivo <span class=\"_ _0\"></span>sostenimento <span class=\"_ _0\"></span>di imposte ed alle diff<span class=\"_ _1\"></span>erenze temporanee deducibili p<span class=\"_ _1\"></span>er <span class=\"_ _2\"></span>cui si ritiene che<span class=\"_ _1\"></span> vi siano ammontari imponibil<span class=\"_ _1\"></span>i futuri al momento in cui si manifester\u00e0 la relativa dedu<span class=\"_ _1\"></span>cibilit\u00e0 fiscale (c.d. probability test). <span class=\"_ _2\"></span> Qualora <span class=\"_ _9\"> </span>le <span class=\"_ _9\"> </span>Attivit\u00e0 <span class=\"_ _9\"> </span>e <span class=\"_ _9\"> </span>Passivit\u00e0 <span class=\"_ _9\"> </span>fiscali <span class=\"_ _9\"> </span>differite <span class=\"_ _0\"> </span>s<span class=\"_ _2\"></span>i <span class=\"_ _0\"></span>riferiscano <span class=\"_ _9\"> </span>a <span class=\"_ _9\"> </span>componenti <span class=\"_ _9\"> </span>che <span class=\"_ _9\"> </span>hanno <span class=\"_ _9\"> </span>interessato <span class=\"_ _9\"> </span>il <span class=\"_ _9\"> </span>cont<span class=\"_ _d\"></span><span class=\"lsc5\">o </span>economico, la contropartita \u00e8 rapprese<span class=\"_ _1\"></span>ntata dalle imposte sul reddito.<span class=\"_ _2\"></span> Nei <span class=\"_ _2\"></span>casi <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>cui <span class=\"_ _2\"></span>le impost<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>anticipate <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>differite riguardino <span class=\"_ _2\"></span>transa<span class=\"_ _2\"></span>zi<span class=\"_ _1\"></span>oni <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>hanno <span class=\"_ _2\"></span>interessato <span class=\"_ _2\"></span>direttamente <span class=\"_ _2\"></span>il patrimonio netto <span class=\"_ _2\"></span>senza influenzare il cont<span class=\"_ _2\"></span>o economico (quali le <span class=\"_ _2\"></span>valutazioni <span class=\"_ _2\"></span>degli st<span class=\"_ _2\"></span>rumenti finanziari rilevati al fair value con impatto sulla redditivit\u00e0 complessiva o dei contratt<span class=\"_ _2\"></span>i derivati di<span class=\"_ _1\"></span> copertura di flussi finanziari), le <span class=\"_ _d\"></span>s<span class=\"_ _2\"></span>tesse <span class=\"_ _d\"></span>vengono <span class=\"_ _0\"></span>iscritte <span class=\"_ _0\"></span>in <span class=\"_ _0\"></span>contropartita <span class=\"_ _d\"></span>al <span class=\"_ _0\"></span>patrimonio <span class=\"_ _0\"></span>netto, <span class=\"_ _d\"></span>interessando <span class=\"_ _0\"></span>le <span class=\"_ _0\"></span>specifiche <span class=\"_ _d\"></span>r<span class=\"_ _2\"></span>iserve <span class=\"_ _0\"></span>quando previsto (es. riserve da valutazione). La <span class=\"_ _0\"></span>fiscalit\u00e0 <span class=\"_ _0\"></span>latente <span class=\"_ _d\"></span>sulle <span class=\"_ _0\"></span>poste <span class=\"_ _0\"></span>patr<span class=\"_ _2\"></span>imoniali <span class=\"_ _d\"></span>in <span class=\"_ _0\"></span>sospensione <span class=\"_ _0\"></span>d\u2019imposta <span class=\"_ _0\"></span>\u201ctassabili <span class=\"_ _0\"></span>in <span class=\"_ _0\"></span>ogni <span class=\"_ _d\"></span>caso<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>utilizzo\u201d <span class=\"_ _0\"></span>\u00e8 iscritta <span class=\"_ _9\"> </span>in <span class=\"_ _9\"> </span>bilancio <span class=\"_ _9\"> </span>in <span class=\"_ _9\"> </span>riduzione <span class=\"_ _9\"> </span>del <span class=\"_ _0\"></span>patr<span class=\"_ _2\"></span>imonio <span class=\"_ _9\"> </span>netto. <span class=\"_ _0\"> </span>La <span class=\"_ _16\"> </span>fiscalit\u00e0 <span class=\"_ _0\"></span>latente <span class=\"_ _9\"> </span>r<span class=\"_ _2\"></span>iferita <span class=\"_ _0\"></span>alle <span class=\"_ _9\"> </span>poste <span class=\"_ _9\"> </span>pa<span class=\"_ _2\"></span>trimoniali <span class=\"_ _9\"> </span>in sospensione d\u2019imposta \u201ctassabili soltanto in ipotesi di distribuzione\u201d non viene iscritta in bilancio, in quanto la <span class=\"_ _2\"></span>consistenza <span class=\"_ _2\"></span>delle r<span class=\"_ _2\"></span>iserve disponibili <span class=\"_ _2\"></span>gi\u00e0 <span class=\"_ _2\"></span>assoggettate <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>tassazione <span class=\"_ _2\"></span>consente di <span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>itenere che <span class=\"_ _2\"></span>non <span class=\"_ _2\"></span>saranno effettuate operazioni che ne comportino la tassazione. Criter<span class=\"_ _1\"></span>i di <span class=\"_ _1\"></span>rileva<span class=\"_ _f\"></span>zione dell<span class=\"_ _1\"></span>e com<span class=\"_ _f\"></span>ponenti <span class=\"_ _1\"></span>reddi<span class=\"_ _1\"></span>tuali<span class=\"_ _f\"></span> Attivit\u00e0  e  passivit\u00e0  fiscali  sono  imputate  al <span class=\"_ _22\"> </span>conto<span class=\"_ _2\"></span>  economico  (voce  \u201cImposte  sul  reddito  dell\u2019esercizio dell\u2019operativit\u00e0 <span class=\"_ _f\"></span>corrente\u201d), salv<span class=\"_ _1\"></span>o <span class=\"_ _1\"></span>quando <span class=\"_ _f\"></span>esse de<span class=\"_ _1\"></span>rivino d<span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>operazi<span class=\"_ _2\"></span><span class=\"ff4\">oni <span class=\"_ _f\"></span>i cu<span class=\"_ _f\"></span>i effetti <span class=\"_ _f\"></span>vanno attribuiti <span class=\"_ _f\"></span>direttamente </span>al <span class=\"_ _4\"> </span>patrimonio <span class=\"_ _22\"> </span>nett<span class=\"_ _2\"></span>o <span class=\"_ _22\"> </span>(nel <span class=\"_ _4\"> </span>qual <span class=\"_ _4\"> </span>caso <span class=\"_ _4\"> </span>veng<span class=\"_ _1\"></span>ono <span class=\"_ _4\"> </span>imputate <span class=\"_ _4\"> </span>al <span class=\"_ _4\"> </span>pa<span class=\"_ _1\"></span>trimonio) <span class=\"_ _4\"> </span>o <span class=\"_ _22\"> </span>da <span class=\"_ _4\"> </span>operazioni <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>ag<span class=\"_ _1\"></span>gregazione societaria (nel qual caso entrano nel computo del valore di<span class=\"_ _1\"></span> avviamento).<span class=\"_ _df\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForTaxesOtherThanIncomeTaxExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-863": {
   "value": "9 <span class=\"ls0\">- Fisca<span class=\"_ _f\"></span>lit\u00e0 corren<span class=\"_ _1\"></span>te e <span class=\"_ _f\"></span>differita<span class=\"_ _df\"> </span></span>Criter<span class=\"_ _1\"></span>i di <span class=\"_ _1\"></span>iscrizi<span class=\"_ _1\"></span>one, d<span class=\"_ _1\"></span>i va<span class=\"_ _1\"></span>lutazi<span class=\"_ _1\"></span>one<span class=\"_ _1\"></span> e di ca<span class=\"_ _f\"></span>ncellazio<span class=\"_ _f\"></span>ne Le <span class=\"_ _d\"></span>impost<span class=\"_ _2\"></span>e <span class=\"_ _d\"></span>sul <span class=\"_ _0\"></span>reddito, <span class=\"_ _0\"></span>calcolate <span class=\"_ _0\"></span>nel <span class=\"_ _0\"></span>rispetto <span class=\"_ _0\"></span>delle <span class=\"_ _0\"></span>legislazioni <span class=\"_ _0\"></span>fiscali <span class=\"_ _0\"></span>nazionali, <span class=\"_ _d\"></span>s<span class=\"_ _2\"></span>ono <span class=\"_ _0\"></span>contabilizzate <span class=\"_ _d\"></span>come<span class=\"_ _df\"> </span>costo <span class=\"_ _16\"> </span>in <span class=\"_ _16\"> </span>base <span class=\"_ _9\"> </span>al  criterio <span class=\"_ _9\"> </span>della <span class=\"_ _16\"> </span>competenza <span class=\"_ _9\"> </span>economica,  coerentemente <span class=\"_ _9\"> </span>con  le<span class=\"_ _1\"></span>  modali<span class=\"_ _f\"></span>t<span class=\"_ _2\"></span>\u00e0 <span class=\"_ _16\"> </span>di <span class=\"_ _9\"> </span>rilevazione <span class=\"_ _16\"> </span>in<span class=\"_ _df\"> </span>bilancio de<span class=\"_ _1\"></span>i costi e ricav<span class=\"_ _1\"></span>i che le <span class=\"_ _f\"></span>h<span class=\"_ _2\"></span>anno gene<span class=\"_ _1\"></span>rate. Esse rappresentano p<span class=\"_ _1\"></span>ertanto il sald<span class=\"_ _1\"></span>o della <span class=\"_ _1\"></span>fiscalit\u00e0 corrente<span class=\"_ _df\"> </span>e <span class=\"_ _2\"></span>differita <span class=\"_ _d\"></span>relativa <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>reddito <span class=\"_ _d\"></span>dell\u2019esercizio. <span class=\"_ _2\"></span>In <span class=\"_ _2\"></span>part<span class=\"_ _2\"></span>icolare, <span class=\"_ _2\"></span>tali <span class=\"_ _2\"></span>pos<span class=\"_ _2\"></span>te <span class=\"_ _2\"></span>accolgono <span class=\"_ _2\"></span>il <span class=\"_ _d\"></span>saldo <span class=\"_ _2\"></span>netto <span class=\"_ _d\"></span>tra <span class=\"_ _2\"></span>le <span class=\"_ _2\"></span>passivit\u00e0<span class=\"_ _df\"> </span>fiscali correnti d<span class=\"_ _1\"></span>ell\u2019esercizio, calcolate <span class=\"_ _1\"></span>in base ad<span class=\"ff4\"> </span>u<span class=\"_ _1\"></span>na prudenziale p<span class=\"_ _f\"></span>r<span class=\"_ _2\"></span>evisione d<span class=\"_ _1\"></span>ell\u2019onere tributario dov<span class=\"_ _1\"></span>uto per<span class=\"_ _df\"> </span>l\u2019esercizio, <span class=\"_ _1\"></span>determinato in <span class=\"_ _f\"></span>base alle <span class=\"_ _f\"></span>nor<span class=\"_ _2\"></span>me <span class=\"_ _f\"></span>t<span class=\"_ _2\"></span>ributarie <span class=\"_ _f\"></span>in vigore, <span class=\"_ _1\"></span>e le <span class=\"_ _f\"></span>att<span class=\"_ _2\"></span>ivit\u00e0 <span class=\"_ _f\"></span>fiscali correnti rapp<span class=\"_ _1\"></span>resentate dagl<span class=\"_ _1\"></span>i<span class=\"_ _df\"> </span>acconti <span class=\"_ _9\"> </span>e <span class=\"_ _16\"> </span>dagli <span class=\"_ _9\"> </span>altr<span class=\"_ _2\"></span>i <span class=\"_ _9\"> </span>crediti <span class=\"_ _16\"> </span>d\u2019imposta <span class=\"_ _16\"> </span>per <span class=\"_ _9\"> </span>ritenute <span class=\"_ _9\"> </span>d\u2019acconto  su<span class=\"_ _1\"></span>bite <span class=\"_ _9\"> </span>od <span class=\"_ _16\"> </span>altri<span class=\"_ _2\"></span><span class=\"ff4\">  </span>credi<span class=\"_ _1\"></span>ti <span class=\"_ _16\"> </span>d\u2019imposta <span class=\"_ _9\"> </span>di <span class=\"_ _16\"> </span>esercizi<span class=\"_ _df\"> </span>precedenti <span class=\"_ _16\"> </span>per  i<span class=\"_ _1\"></span>  quali<span class=\"_ _f\"></span>  le  societ<span class=\"_ _1\"></span>\u00e0  del<span class=\"_ _1\"></span>  Gruppo <span class=\"_ _16\"> </span>hanno <span class=\"_ _9\"> </span>r<span class=\"_ _2\"></span>ichiesto <span class=\"_ _9\"> </span>la  compensazione<span class=\"_ _1\"></span>  con <span class=\"_ _16\"> </span>imposte <span class=\"_ _16\"> </span>di <span class=\"_ _16\"> </span>esercizi<span class=\"_ _df\"> </span>successivi.<span class=\"_ _df\"> </span>Le <span class=\"_ _d\"></span>At<span class=\"_ _2\"></span>tivit\u00e0 <span class=\"_ _d\"></span>fiscali <span class=\"_ _0\"></span>correnti <span class=\"_ _0\"></span>accolgono <span class=\"_ _0\"></span>altres\u00ec <span class=\"_ _0\"></span>i <span class=\"_ _d\"></span>crediti <span class=\"_ _0\"></span>d\u2019imposta <span class=\"_ _0\"></span>per <span class=\"_ _d\"></span>i <span class=\"_ _0\"></span>quali <span class=\"_ _0\"></span>\u00e8 <span class=\"_ _0\"></span>stato <span class=\"_ _0\"></span>richiesto <span class=\"_ _0\"></span>il <span class=\"_ _d\"></span>r<span class=\"_ _2\"></span>imb<span class=\"_ _1\"></span>orso <span class=\"_ _0\"></span>al<span class=\"_ _2\"></span><span class=\"ff4\">le<span class=\"_ _df\"> </span></span>autorit\u00e0 fiscali competenti; le <span class=\"_ _2\"></span>somme versate <span class=\"_ _2\"></span>a titolo provvisorio nel cors<span class=\"_ _2\"></span>o di un procedimento contenzioso<span class=\"_ _df\"> </span>con <span class=\"_ _4\"> </span>l\u2019Amministrazione <span class=\"_ _17\"> </span>finanziaria <span class=\"_ _17\"> </span>vengono <span class=\"_ _4\"> </span>valutate <span class=\"_ _17\"> </span>secondo <span class=\"_ _17\"> </span>le <span class=\"_ _4\"> </span>logi<span class=\"_ _2\"></span>che <span class=\"_ _4\"> </span>dello <span class=\"_ _17\"> </span>IAS <span class=\"_ _4\"> </span>37 <span class=\"_ _17\"> </span>in <span class=\"_ _17\"> </span>relazione <span class=\"_ _17\"> </span>alle<span class=\"_ _df\"> </span>probabilit\u00e0 di impiego di<span class=\"_ _1\"></span> risorse economiche per <span class=\"_ _2\"></span>il loro adempimento.<span class=\"_ _df\"> </span>La <span class=\"_ _0\"></span>fiscalit\u00e0 <span class=\"_ _0\"></span>differita <span class=\"_ _0\"></span>viene <span class=\"_ _0\"></span>determinata <span class=\"_ _9\"> </span>in <span class=\"_ _0\"></span>base <span class=\"_ _0\"></span>al <span class=\"_ _0\"></span>crit<span class=\"_ _2\"></span>erio <span class=\"_ _d\"></span>del <span class=\"_ _0\"></span>cos<span class=\"_ _2\"></span>idde<span class=\"_ _1\"></span>tto <span class=\"_ _9\"> </span>\u201cbalance <span class=\"_ _0\"></span>sheet <span class=\"_ _0\"></span>liability <span class=\"_ _0\"></span>method\u201d,<span class=\"_ _df\"> </span>tenuto <span class=\"_ _d\"></span>conto <span class=\"_ _2\"></span>dell\u2019effetto <span class=\"_ _d\"></span>fiscale <span class=\"_ _2\"></span>connesso <span class=\"_ _d\"></span>alle <span class=\"_ _d\"></span>differenz<span class=\"_ _1\"></span>e <span class=\"_ _d\"></span>temporanee <span class=\"_ _d\"></span>tra <span class=\"_ _2\"></span>il <span class=\"_ _d\"></span>valore <span class=\"_ _d\"></span>contabile<span class=\"_ _1\"></span> <span class=\"_ _d\"></span>delle <span class=\"_ _2\"></span>att<span class=\"_ _2\"></span>ivit\u00e0 <span class=\"_ _2\"></span>e<span class=\"_ _df\"> </span>passivit\u00e0 <span class=\"_ _2\"></span>ed <span class=\"_ _2\"></span>il <span class=\"_ _d\"></span>loro <span class=\"_ _2\"></span>valore <span class=\"_ _d\"></span>fiscale <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>determineranno <span class=\"_ _d\"></span>importi <span class=\"_ _2\"></span>imponibili <span class=\"_ _2\"></span>o <span class=\"_ _d\"></span>deducibili <span class=\"_ _2\"></span>nei <span class=\"_ _2\"></span>futuri <span class=\"_ _d\"></span>periodi. <span class=\"_ _2\"></span>A <span class=\"_ _d\"></span>tali<span class=\"_ _df\"> </span>fini, <span class=\"_ _0\"> </span>s<span class=\"_ _2\"></span>i <span class=\"_ _9\"> </span>intendono <span class=\"_ _9\"> </span>\u201cdifferenze <span class=\"_ _9\"> </span>temporanee <span class=\"_ _9\"> </span>tas<span class=\"_ _2\"></span>sabili\u201d <span class=\"_ _0\"> </span>quelle <span class=\"_ _9\"> </span>che<span class=\"_ _2\"></span> <span class=\"_ _9\"> </span>nei <span class=\"_ _9\"> </span>periodi <span class=\"_ _9\"> </span>futuri <span class=\"_ _9\"> </span>determineranno <span class=\"_ _9\"> </span>importi<span class=\"_ _df\"> </span>imponibili  e  \u201cdifferenze  temporanee<span class=\"_ _1\"></span>  deducibili\u201d <span class=\"_ _22\"> </span>quelle  che  negli  esercizi  futuri  determineranno  importi<span class=\"_ _df\"> </span>deducibili.<span class=\"_ _df\"> </span>Le <span class=\"_ _2\"></span>imposte <span class=\"_ _2\"></span>ant<span class=\"_ _2\"></span>icipate <span class=\"_ _2\"></span>sono <span class=\"_ _2\"></span>rilevate <span class=\"_ _d\"></span>a <span class=\"_ _2\"></span>fronte <span class=\"_ _d\"></span>di <span class=\"_ _2\"></span>tutte <span class=\"_ _d\"></span>le <span class=\"_ _2\"></span>differenze <span class=\"_ _2\"></span>temporanee <span class=\"_ _d\"></span>deducibili, <span class=\"_ _2\"></span>dei <span class=\"_ _2\"></span>cr<span class=\"_ _2\"></span>editi <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>delle<span class=\"_ _df\"> </span>perdite <span class=\"_ _d\"></span>fiscali <span class=\"_ _0\"></span>non <span class=\"_ _0\"></span>utilizzate <span class=\"_ _d\"></span>e <span class=\"_ _0\"></span>r<span class=\"_ _2\"></span>ip<span class=\"_ _1\"></span>ortabili <span class=\"_ _0\"></span>a <span class=\"_ _0\"></span>nuovo, <span class=\"_ _d\"></span>nella <span class=\"_ _0\"></span>misura <span class=\"_ _0\"></span>in <span class=\"_ _d\"></span>cui <span class=\"_ _9\"> </span>sia <span class=\"_ _0\"></span>probabile <span class=\"_ _d\"></span>che <span class=\"_ _0\"></span>saranno <span class=\"_ _0\"></span>disponibi<span class=\"_ _1\"></span>li<span class=\"_ _df\"> </span>sufficienti imponibili fiscali futuri, <span class=\"_ _2\"></span>che possano consentire l\u2019utilizzo <span class=\"_ _2\"></span>delle<span class=\"_ _1\"></span> differenze <span class=\"_ _2\"></span>temporanee deducibili e<span class=\"_ _df\"> </span>dei crediti e delle perdite fiscali<span class=\"_ _1\"></span> riportati a nuovo, eccetto i casi in cui:<span class=\"_ _df\"> </span><span class=\"_ _2c\"> </span><span class=\"ff5\">l\u2019imposta <span class=\"_ _2\"></span>differita attiva<span class=\"ff4\"> <span class=\"_ _2\"></span>collegata <span class=\"_ _2\"></span>alle differenze <span class=\"_ _2\"></span>temporanee deducibili <span class=\"_ _2\"></span>deriva dalla r<span class=\"_ _2\"></span>ilevazione iniziale<span class=\"_ _df\"> </span></span></span>di un\u2019<span class=\"_ _1\"></span>attivit\u00e0 o passivit\u00e0 in <span class=\"_ _f\"></span>una transazione che non <span class=\"_ _f\"></span>r<span class=\"_ _2\"></span>appresenta un\u2019ag<span class=\"_ _1\"></span>gregazione aziendale e, <span class=\"_ _1\"></span>al tempo<span class=\"_ _df\"> </span>della transazione stessa, non influi<span class=\"_ _1\"></span>sce n\u00e9 sul risultato di bilancio,<span class=\"_ _2\"></span> n\u00e9 sul risultato fiscale;<span class=\"_ _df\"> </span><div class=\"t m0 h5 ff14 fs1 fc1 sc0 ls0 ws0 gs4a7\"><span class=\"_ _2c\"> </span><span class=\"ff4\">nel caso di <span class=\"_ _1\"></span>differenze temporanee <span class=\"_ _1\"></span>deducibili associate a p<span class=\"_ _1\"></span>artecipazioni in <span class=\"_ _f\"></span>s<span class=\"_ _2\"></span>ociet\u00e0 controllate, <span class=\"_ _1\"></span>collegate </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs4a8\">e joint venture, l<span class=\"_ _2\"></span>e imposte differite <span class=\"_ _2\"></span>attive sono rilevate s<span class=\"_ _2\"></span>olo nella misura <span class=\"_ _2\"></span>in cui sia probabile c<span class=\"_ _2\"></span>he esse s<span class=\"_ _2\"></span>i </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs4a9\">riverseranno  nel  futuro  p<span class=\"_ _1\"></span>revedibile <span class=\"_ _16\"> </span>e  che  vi  saranno  suff<span class=\"_ _1\"></span>icienti  imponi<span class=\"_ _1\"></span>bili  fiscali  che<span class=\"_ _1\"></span>  consentano  il </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs4aa\">recupero di tali differenze temporanee.<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs4ab\">Le  imposte  differite  passive  sono  rilevate  su  tutte  le  differenz<span class=\"_ _1\"></span>e  temporanee  tassabili,  con  le  seguenti </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs4ac\">eccezioni: </div><div class=\"t m0 h5 ff14 fs1 fc1 sc0 ls0 ws0 gs4ad\"><span class=\"_ _2c\"> </span><span class=\"ff4\">le imposte d<span class=\"ff5\">ifferite passive derivano dalla rilevazione iniziale dell\u2019avviamento o <span class=\"_ _2\"></span>di un\u2019attivi<span class=\"_ _1\"></span>t\u00e0 o passivit\u00e0 </span></span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs4ae\">in  una  transazione  che  non  r<span class=\"_ _2\"></span>ap<span class=\"_ _1\"></span>presenta  un\u2019aggregazione  aziendale  e,  al  t<span class=\"_ _2\"></span>empo  dell<span class=\"_ _1\"></span>a  transazione </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs4af\">stessa, non influenza n\u00e9 il risultato di bilanc<span class=\"_ _1\"></span>io n\u00e9 il risulta<span class=\"_ _2\"></span>to fiscale;<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff14 fs1 fc1 sc0 ls0 ws0 gs4b0\"><span class=\"_ _2c\"> </span><span class=\"ff4\">il <span class=\"_ _1\"></span>riversamento <span class=\"_ _1\"></span>delle <span class=\"_ _1\"></span>differenze <span class=\"_ _f\"></span>temporanee i<span class=\"_ _1\"></span>mponibili, associate <span class=\"_ _f\"></span>a p<span class=\"_ _1\"></span>artecipazioni <span class=\"_ _f\"></span>in societ\u00e0 <span class=\"_ _f\"></span>controllate, </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs4b1\">collegate e joint venture, pu\u00f2 essere contr<span class=\"_ _2\"></span>ollato, ed \u00e8 probab<span class=\"_ _1\"></span>ile che esso non s<span class=\"_ _2\"></span>i verifichi nel prevedibile </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs4b2\">futuro. </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs4b3\">La fiscalit\u00e0 <span class=\"_ _2\"></span>differita <span class=\"_ _2\"></span>viene calcolata <span class=\"_ _2\"></span>applicando le <span class=\"_ _2\"></span>aliquote di <span class=\"_ _2\"></span>imposizione stabilite <span class=\"_ _2\"></span>dalle disposizioni <span class=\"_ _2\"></span>di legge </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs4b4\">in <span class=\"_ _0\"></span>vigore <span class=\"_ _d\"></span>alle <span class=\"_ _0\"></span>differenze <span class=\"_ _0\"></span>tem<span class=\"_ _2\"></span>poranee <span class=\"_ _d\"></span>tass<span class=\"_ _2\"></span>abili<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>per <span class=\"_ _0\"></span>cui <span class=\"_ _0\"></span>esiste <span class=\"_ _0\"></span>la <span class=\"_ _0\"></span>probabilit\u00e0 <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>un <span class=\"_ _0\"></span>effettivo <span class=\"_ _0\"></span>sostenimento <span class=\"_ _0\"></span>di </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs4b5\">imposte ed alle diff<span class=\"_ _1\"></span>erenze temporanee deducibili p<span class=\"_ _1\"></span>er <span class=\"_ _2\"></span>cui si ritiene che<span class=\"_ _1\"></span> vi siano ammontari imponibil<span class=\"_ _1\"></span>i futuri al </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs4b6\">momento in cui si manifester\u00e0 la relativa dedu<span class=\"_ _1\"></span>cibilit\u00e0 fiscale (c.d. probability test). <span class=\"_ _2\"></span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs4b7\">Qualora <span class=\"_ _9\"> </span>le <span class=\"_ _9\"> </span>Attivit\u00e0 <span class=\"_ _9\"> </span>e <span class=\"_ _9\"> </span>Passivit\u00e0 <span class=\"_ _9\"> </span>fiscali <span class=\"_ _9\"> </span>differite <span class=\"_ _0\"> </span>s<span class=\"_ _2\"></span>i <span class=\"_ _0\"></span>riferiscano <span class=\"_ _9\"> </span>a <span class=\"_ _9\"> </span>componenti <span class=\"_ _9\"> </span>che <span class=\"_ _9\"> </span>hanno <span class=\"_ _9\"> </span>interessato <span class=\"_ _9\"> </span>il <span class=\"_ _9\"> </span>cont<span class=\"_ _d\"></span><span class=\"lsc5\">o </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs4b8\">economico, la contropartita \u00e8 rapprese<span class=\"_ _1\"></span>ntata dalle imposte sul reddito.<span class=\"_ _2\"></span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs4b9\">Nei <span class=\"_ _2\"></span>casi <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>cui <span class=\"_ _2\"></span>le impost<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>anticipate <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>differite riguardino <span class=\"_ _2\"></span>transa<span class=\"_ _2\"></span>zi<span class=\"_ _1\"></span>oni <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>hanno <span class=\"_ _2\"></span>interessato <span class=\"_ _2\"></span>direttamente <span class=\"_ _2\"></span>il </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs4ba\">patrimonio netto <span class=\"_ _2\"></span>senza influenzare il cont<span class=\"_ _2\"></span>o economico (quali le <span class=\"_ _2\"></span>valutazioni <span class=\"_ _2\"></span>degli st<span class=\"_ _2\"></span>rumenti finanziari rilevati </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs4bb\">al fair value con impatto sulla redditivit\u00e0 complessiva o dei contratt<span class=\"_ _2\"></span>i derivati di<span class=\"_ _1\"></span> copertura di flussi finanziari), </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs4bc\">le <span class=\"_ _d\"></span>s<span class=\"_ _2\"></span>tesse <span class=\"_ _d\"></span>vengono <span class=\"_ _0\"></span>iscritte <span class=\"_ _0\"></span>in <span class=\"_ _0\"></span>contropartita <span class=\"_ _d\"></span>al <span class=\"_ _0\"></span>patrimonio <span class=\"_ _0\"></span>netto, <span class=\"_ _d\"></span>interessando <span class=\"_ _0\"></span>le <span class=\"_ _0\"></span>specifiche <span class=\"_ _d\"></span>r<span class=\"_ _2\"></span>iserve <span class=\"_ _0\"></span>quando </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs4bd\">previsto (es. riserve da valutazione). </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs4be\">La <span class=\"_ _0\"></span>fiscalit\u00e0 <span class=\"_ _0\"></span>latente <span class=\"_ _d\"></span>sulle <span class=\"_ _0\"></span>poste <span class=\"_ _0\"></span>patr<span class=\"_ _2\"></span>imoniali <span class=\"_ _d\"></span>in <span class=\"_ _0\"></span>sospensione <span class=\"_ _0\"></span>d\u2019imposta <span class=\"_ _0\"></span>\u201ctassabili <span class=\"_ _0\"></span>in <span class=\"_ _0\"></span>ogni <span class=\"_ _d\"></span>caso<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>utilizzo\u201d <span class=\"_ _0\"></span>\u00e8 </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs4bf\">iscritta <span class=\"_ _9\"> </span>in <span class=\"_ _9\"> </span>bilancio <span class=\"_ _9\"> </span>in <span class=\"_ _9\"> </span>riduzione <span class=\"_ _9\"> </span>del <span class=\"_ _0\"></span>patr<span class=\"_ _2\"></span>imonio <span class=\"_ _9\"> </span>netto. <span class=\"_ _0\"> </span>La <span class=\"_ _16\"> </span>fiscalit\u00e0 <span class=\"_ _0\"></span>latente <span class=\"_ _9\"> </span>r<span class=\"_ _2\"></span>iferita <span class=\"_ _0\"></span>alle <span class=\"_ _9\"> </span>poste <span class=\"_ _9\"> </span>pa<span class=\"_ _2\"></span>trimoniali <span class=\"_ _9\"> </span>in </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs4c0\">sospensione d\u2019imposta \u201ctassabili soltanto in ipotesi di distribuzione\u201d non viene iscritta in bilancio, in quanto </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs4c1\">la <span class=\"_ _2\"></span>consistenza <span class=\"_ _2\"></span>delle r<span class=\"_ _2\"></span>iserve disponibili <span class=\"_ _2\"></span>gi\u00e0 <span class=\"_ _2\"></span>assoggettate <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>tassazione <span class=\"_ _2\"></span>consente di <span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>itenere che <span class=\"_ _2\"></span>non <span class=\"_ _2\"></span>saranno </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs4c2\">effettuate operazioni che ne comportino la tassazione. </div><div class=\"t m0 h5 ff4 fs1 fc4 sc3 ls0 ws0 gs4c3\">Criter<span class=\"_ _1\"></span>i di <span class=\"_ _1\"></span>rileva<span class=\"_ _f\"></span>zione dell<span class=\"_ _1\"></span>e com<span class=\"_ _f\"></span>ponenti <span class=\"_ _1\"></span>reddi<span class=\"_ _1\"></span>tuali<span class=\"_ _f\"></span> </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs4c4\">Attivit\u00e0  e  passivit\u00e0  fiscali  sono  imputate  al <span class=\"_ _22\"> </span>conto<span class=\"_ _2\"></span>  economico  (voce  \u201cImposte  sul  reddito  dell\u2019esercizio </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs4c5\">dell\u2019operativit\u00e0 <span class=\"_ _f\"></span>corrente\u201d), salv<span class=\"_ _1\"></span>o <span class=\"_ _1\"></span>quando <span class=\"_ _f\"></span>esse de<span class=\"_ _1\"></span>rivino d<span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>operazi<span class=\"_ _2\"></span><span class=\"ff4\">oni <span class=\"_ _f\"></span>i cu<span class=\"_ _f\"></span>i effetti <span class=\"_ _f\"></span>vanno attribuiti <span class=\"_ _f\"></span>direttamente </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs4c6\">al <span class=\"_ _4\"> </span>patrimonio <span class=\"_ _22\"> </span>nett<span class=\"_ _2\"></span>o <span class=\"_ _22\"> </span>(nel <span class=\"_ _4\"> </span>qual <span class=\"_ _4\"> </span>caso <span class=\"_ _4\"> </span>veng<span class=\"_ _1\"></span>ono <span class=\"_ _4\"> </span>imputate <span class=\"_ _4\"> </span>al <span class=\"_ _4\"> </span>pa<span class=\"_ _1\"></span>trimonio) <span class=\"_ _4\"> </span>o <span class=\"_ _22\"> </span>da <span class=\"_ _4\"> </span>operazioni <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>ag<span class=\"_ _1\"></span>gregazione </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs4c7\">societaria (nel qual caso entrano nel computo del valore di<span class=\"_ _1\"></span> avviamento).<span class=\"_ _df\"> </span><span class=\"_ _2\"></span> </div>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-774": {
   "value": "<div class=\"t m0 he ff4 fs5 fc4 sc3 ls0 ws0 gs4c9\">10 - Fo<span class=\"_ _f\"></span>ndi per ris<span class=\"_ _1\"></span>chi ed <span class=\"_ _f\"></span>oneri </div><div class=\"t m0 h5 ff4 fs1 fc4 sc3 ls0 ws0 gs4ca\">Criter<span class=\"_ _1\"></span>i di <span class=\"_ _1\"></span>iscrizio<span class=\"_ _f\"></span>ne, class<span class=\"_ _1\"></span>ificazi<span class=\"_ _1\"></span>on<span class=\"_ _f\"></span>e e di canc<span class=\"_ _f\"></span>ellazione<span class=\"_ _f\"></span>  </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs4cb\">I fondi <span class=\"_ _1\"></span>per rischi<span class=\"_ _1\"></span> ed one<span class=\"_ _1\"></span>ri sono p<span class=\"_ _f\"></span>as<span class=\"_ _2\"></span>sivit\u00e0 d\u2019<span class=\"_ _1\"></span>ammontare o <span class=\"_ _f\"></span>scadenza incerti rilev<span class=\"_ _1\"></span>ati in bi<span class=\"_ _1\"></span>lancio quando <span class=\"_ _f\"></span>ricor<span class=\"_ _2\"></span>rono<span class=\"_ _1\"></span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs4cc\">le seguenti contestuali condizi<span class=\"_ _1\"></span>oni:<span class=\"_ _2\"></span> </div><div class=\"t m0 h5 ff14 fs1 fc1 sc0 ls0 ws0 gs4cd\"><span class=\"_ _2c\"> </span><span class=\"ff5\">esiste <span class=\"_ _0\"></span>un\u2019obbligazione <span class=\"_ _d\"></span>at<span class=\"_ _2\"></span>tuale <span class=\"_ _d\"></span>a<span class=\"_ _2\"></span>lla <span class=\"_ _d\"></span>data <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>riferime<span class=\"_ _2\"></span><span class=\"ff4\">nto <span class=\"_ _0\"></span>del <span class=\"_ _0\"></span>bilancio, <span class=\"_ _d\"></span>che <span class=\"_ _0\"></span>deriva <span class=\"_ _0\"></span>da <span class=\"_ _0\"></span>un <span class=\"_ _0\"></span>evento <span class=\"_ _0\"></span>pas<span class=\"_ _2\"></span>sato;<span class=\"_ _1\"></span> </span></span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs4ce\">l\u2019obbligazione d<span class=\"_ _1\"></span>eve essere di <span class=\"_ _1\"></span>tipo legale (<span class=\"_ _1\"></span>trova origine da <span class=\"_ _1\"></span>un contratto, normativa o al<span class=\"_ _f\"></span>t<span class=\"_ _2\"></span>ra disposizi<span class=\"_ _f\"></span>one di </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs4cf\">legge) <span class=\"_ _d\"></span>o <span class=\"_ _0\"></span>implicita <span class=\"_ _d\"></span>(nasce <span class=\"_ _0\"></span>nel <span class=\"_ _d\"></span>m<span class=\"_ _2\"></span>omento <span class=\"_ _d\"></span>in <span class=\"_ _0\"></span>cui <span class=\"_ _d\"></span>l\u2019impresa <span class=\"_ _0\"></span>genera <span class=\"_ _0\"></span>nei <span class=\"_ _d\"></span>confronti <span class=\"_ _0\"></span>di <span class=\"_ _d\"></span>t<span class=\"_ _2\"></span>erzi <span class=\"_ _d\"></span>l\u2019aspett<span class=\"_ _2\"></span>ativ<span class=\"ff4\">a <span class=\"_ _0\"></span>che<span class=\"_ _df\"> </span></span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs4d0\">assolver\u00e0 i propri impegni anche se non rientranti nella casistica <span class=\"_ _1\"></span>delle obbligazioni legali);<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff14 fs1 fc1 sc0 ls0 ws0 gs4d1\"><span class=\"_ _2c\"> </span><span class=\"ff5\">\u00e8 <span class=\"_ _17\"> </span>probabile <span class=\"_ _17\"> </span>che <span class=\"_ _4\"> </span>s<span class=\"_ _2\"></span>i <span class=\"_ _4\"> </span>verifichi <span class=\"_ _17\"> </span>un\u2019uscita <span class=\"_ _17\"> </span>finanziaria <span class=\"_ _17\"> </span>per <span class=\"_ _17\"> </span>produrre <span class=\"_ _4\"> </span>benefici <span class=\"_ _17\"> </span>economici <span class=\"_ _17\"> </span>per <span class=\"_ _17\"> </span>adempiere </span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs4d2\">l\u2019obbligazione;<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff14 fs1 fc1 sc0 ls0 ws0 gs4d3\"><span class=\"_ _2c\"> </span><span class=\"ff4\">\u00e8 possibile effettuare una stima attendibi<span class=\"ff5\">le dell\u2019ammontare dell\u2019obbligazione.<span class=\"_ _df\"> </span></span></span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs4d4\">Nella voce \u201cFondi per rischi ed oneri\u201d sono inclusi i fondi relativi a prestazioni di lungo termine, a <span class=\"_ _2\"></span>prestazioni </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs4d5\">successive alla cessazione del<span class=\"_ _1\"></span> rapporto di lavoro trattati dallo IAS 19 e i fondi pe<span class=\"_ _1\"></span>r rischi ed oneri tr<span class=\"_ _2\"></span>attat<span class=\"_ _2\"></span>i dallo<span class=\"_ _1\"></span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs4d6\">IAS 37. </div><div class=\"t m0 h5 ff4 fs1 fc4 sc3 ls0 ws0 gs4d7\">Criter<span class=\"_ _1\"></span>i di <span class=\"_ _1\"></span>valuta<span class=\"_ _1\"></span>zione<span class=\"_ _f\"></span> </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs4d8\">Gli <span class=\"_ _2\"></span>accantonamenti <span class=\"_ _d\"></span>vengono <span class=\"_ _d\"></span>attualizzati, <span class=\"_ _2\"></span>laddove <span class=\"_ _d\"></span>l\u2019elemento <span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>emporale <span class=\"_ _2\"></span>sia <span class=\"_ _d\"></span>significativo, <span class=\"_ _2\"></span>utilizzando <span class=\"_ _d\"></span>i <span class=\"_ _d\"></span>tassi </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs4d9\">correnti di mercato \u201cfree risk\u201d. L\u2019accantonamento \u00e8 rilevato a conto economico.<span class=\"_ _df\"> </span><span class=\"ff4\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc4 sc3 ls0 ws0 gs4db\">Criter<span class=\"_ _1\"></span>i di <span class=\"_ _1\"></span>rileva<span class=\"_ _f\"></span>zione delle<span class=\"_ _1\"></span> com<span class=\"_ _1\"></span>pone<span class=\"_ _f\"></span>nti reddit<span class=\"_ _1\"></span>uali<span class=\"_ _f\"></span><span class=\"fc5 sc4\"> </span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs4dc\">Gli accantonamenti/recuperi <span class=\"_ _1\"></span>a fronte dei <span class=\"_ _f\"></span>fon<span class=\"_ _2\"></span>di per rischi <span class=\"_ _1\"></span>e oneri nonch\u00e9 l\u2019effetto de<span class=\"_ _1\"></span>rivante dal passaggio del </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs4dd\">tempo vengono allocati nella v<span class=\"_ _1\"></span>oce \u201cAccantonamenti netti ai fondi per rischi e oneri\u201d.<span class=\"_ _2\"></span><span class=\"ff4\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc4 sc3 ls0 ws0 gs4de\">Fond<span class=\"_ _1\"></span>i di q<span class=\"_ _1\"></span>uiesce<span class=\"_ _f\"></span>nza e p<span class=\"_ _1\"></span>er ob<span class=\"_ _1\"></span>blighi<span class=\"_ _1\"></span> sim<span class=\"_ _1\"></span>ili </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs4df\">I F<span class=\"_ _2\"></span>ondi di <span class=\"_ _2\"></span>quiescenza <span class=\"_ _2\"></span>sono cos<span class=\"_ _2\"></span>tituiti in <span class=\"_ _2\"></span>attuazione <span class=\"_ _2\"></span>di a<span class=\"_ _2\"></span>ccordi aziendali <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>si qualificano <span class=\"_ _2\"></span>come <span class=\"_ _2\"></span>piani <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>benefici </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs4e0\">definiti. <span class=\"_ _2\"></span>La <span class=\"_ _2\"></span>passivit\u00e0 <span class=\"_ _2\"></span>relativa <span class=\"_ _2\"></span>a t<span class=\"_ _2\"></span>al<span class=\"_ _1\"></span>i <span class=\"_ _2\"></span>piani <span class=\"_ _2\"></span>ed il <span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>elativo cost<span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>previdenz<span class=\"_ _1\"></span>iale <span class=\"_ _2\"></span>delle <span class=\"_ _2\"></span>prestazioni <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>lavoro <span class=\"_ _2\"></span>corrente </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs4e1\">sono determi<span class=\"ff5\">nati <span class=\"_ _2\"></span>sulla base di <span class=\"_ _2\"></span>ipotesi at<span class=\"_ _2\"></span>tuariali applicando il met<span class=\"_ _2\"></span>odo della \u201cProiezione <span class=\"_ _2\"></span>Unitaria del Cr<span class=\"_ _2\"></span>edito\u201d, </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs4e2\">che <span class=\"_ _4\"> </span>prevede <span class=\"_ _4\"> </span>la <span class=\"_ _17\"> </span>proiezione <span class=\"_ _4\"> </span>degli <span class=\"_ _17\"> </span>esborsi <span class=\"_ _17\"> </span>futuri <span class=\"_ _4\"> </span>sulla <span class=\"_ _4\"> </span>base <span class=\"_ _17\"> </span>di <span class=\"_ _4\"> </span>analisi <span class=\"_ _17\"> </span>storiche <span class=\"_ _4\"> </span>st<span class=\"_ _2\"></span>atistiche <span class=\"_ _4\"> </span>e <span class=\"_ _4\"> </span>della <span class=\"_ _4\"> </span>curva </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs4e3\">demografica <span class=\"_ _9\"> </span>e  l<span class=\"_ _1\"></span>\u2019attualizzazione <span class=\"_ _16\"> </span>finanziaria <span class=\"_ _9\"> </span>di <span class=\"_ _16\"> </span>tali <span class=\"_ _16\"> </span><span class=\"ff4\">flussi <span class=\"_ _9\"> </span>s<span class=\"_ _2\"></span>ulla <span class=\"_ _9\"> </span>base <span class=\"_ _16\"> </span>di <span class=\"_ _9\"> </span>un <span class=\"_ _9\"> </span>t<span class=\"_ _2\"></span>asso <span class=\"_ _9\"> </span>di  i<span class=\"_ _1\"></span>nteresse <span class=\"_ _9\"> </span>di<span class=\"_ _2\"></span> <span class=\"_ _9\"> </span>mercato.  I<span class=\"_ _df\"> </span></span><span class=\"ff4\"><span class=\"_ _1\"></span> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs4df\">contributi <span class=\"_ _18\"> </span>versati <span class=\"_ _18\"> </span>in <span class=\"_ _18\"> </span>ciascun <span class=\"_ _18\"> </span>esercizio <span class=\"_ _10\"> </span>s<span class=\"_ _2\"></span>ono <span class=\"_ _18\"> </span>considerati <span class=\"_ _10\"> </span>come <span class=\"_ _18\"> </span>unit\u00e0 <span class=\"_ _18\"> </span>separate, <span class=\"_ _18\"> </span>rilevate <span class=\"_ _18\"> </span>e <span class=\"_ _18\"> </span>valutate </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs4e0\">singolarmente <span class=\"_ _2\"></span>ai <span class=\"_ _d\"></span>fini <span class=\"_ _d\"></span>della <span class=\"_ _2\"></span>determinazione <span class=\"_ _d\"></span>dell'obbligazione <span class=\"_ _2\"></span>finale. <span class=\"_ _d\"></span>Il <span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>asso <span class=\"_ _d\"></span>utilizzato <span class=\"_ _2\"></span>per <span class=\"_ _d\"></span>l\u2019attual<span class=\"_ _2\"></span><span class=\"ff4\">izzazione <span class=\"_ _2\"></span>\u00e8 </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs4e1\">determinato <span class=\"_ _16\"> </span>in <span class=\"_ _16\"> </span>base <span class=\"_ _9\"> </span>ai  rend<span class=\"_ _f\"></span>imenti  di <span class=\"_ _9\"> </span>mercato  rilev<span class=\"_ _1\"></span>ati  all<span class=\"_ _1\"></span>e <span class=\"_ _16\"> </span>date <span class=\"_ _9\"> </span>di  v<span class=\"_ _1\"></span>alutazione <span class=\"_ _9\"> </span>di  obbligazi<span class=\"_ _1\"></span>oni  di <span class=\"_ _9\"> </span>aziende </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs4e2\">primarie tenend<span class=\"_ _1\"></span>o conto della <span class=\"_ _1\"></span>durata media <span class=\"_ _1\"></span>residua del<span class=\"_ _1\"></span>la passivit\u00e0. I<span class=\"_ _1\"></span>l valore at<span class=\"_ _1\"></span>tuale del<span class=\"_ _1\"></span>l'obbligazione alla data </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs4e3\">di riferimento del bilancio \u00e8 inoltre rettificato del fair value delle eventuali<span class=\"_ _1\"></span> attivit\u00e0 a servizio del piano.<span class=\"_ _df\"> </span><span class=\"_ _2\"></span> </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs4e6\">Gli u<span class=\"_ _1\"></span>tili e<span class=\"_ _1\"></span> le <span class=\"_ _f\"></span>p<span class=\"_ _2\"></span>erdite <span class=\"_ _f\"></span>att<span class=\"_ _2\"></span>uariali <span class=\"_ _f\"></span>(ovv<span class=\"_ _2\"></span>ero l<span class=\"_ _1\"></span>e v<span class=\"_ _1\"></span>ariazioni nel <span class=\"_ _f\"></span>valore attuale d<span class=\"_ _1\"></span>ell\u2019obbligazione de<span class=\"_ _1\"></span>rivanti dalle <span class=\"_ _f\"></span>modifiche </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs4e7\">alle <span class=\"_ _2\"></span>ipotesi <span class=\"_ _2\"></span>att<span class=\"_ _2\"></span>uariali <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>dalle <span class=\"_ _2\"></span>rettifiche <span class=\"_ _2\"></span>basate <span class=\"_ _d\"></span><span class=\"ff5\">sull\u2019esperienz<span class=\"_ _1\"></span>a <span class=\"_ _2\"></span>passat<span class=\"_ _2\"></span>a) <span class=\"_ _2\"></span>sono <span class=\"_ _2\"></span>riconosciuti <span class=\"_ _2\"></span>nel <span class=\"_ _2\"></span>prospetto <span class=\"_ _2\"></span>della </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs4e8\">redditivit\u00e0 complessiva. </div><div class=\"t m0 h5 ff4 fs1 fc4 sc3 ls0 ws0 gs4e9\">Fond<span class=\"_ _1\"></span>i <span class=\"_ _f\"></span><span class=\"ls39\">per<span class=\"ls0\"> ris<span class=\"_ _1\"></span>chi <span class=\"_ _f\"></span><span class=\"lse\">ed<span class=\"_ _2\"></span><span class=\"ls0\"> <span class=\"_ _f\"></span>oneri <span class=\"_ _f\"></span>a fro<span class=\"_ _1\"></span>nte <span class=\"_ _f\"></span><span class=\"ls39\">di<span class=\"_ _2\"></span><span class=\"ls0\"> <span class=\"_ _f\"></span>impegni<span class=\"_ _1\"></span> <span class=\"_ _f\"></span>e ga<span class=\"_ _1\"></span>ranzie<span class=\"_ _1\"></span> <span class=\"_ _f\"></span>rilasciate </span></span></span></span></span></span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs4ea\">La sottovoce dei fondi pe<span class=\"_ _1\"></span>r rischi ed oneri in e<span class=\"_ _1\"></span>same accoglie i fond<span class=\"_ _1\"></span>i per rischio di credi<span class=\"_ _1\"></span>to rilevat<span class=\"_ _2\"></span>i a fronte degli </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs4eb\">impegni ad <span class=\"_ _2\"></span>erogare <span class=\"_ _2\"></span>fondi ed <span class=\"_ _2\"></span>alle <span class=\"_ _2\"></span>garanzie rilasciate <span class=\"_ _2\"></span>che r<span class=\"_ _2\"></span>ientrano nel <span class=\"_ _2\"></span>perimetro <span class=\"_ _2\"></span>di applicazione <span class=\"_ _2\"></span>delle regole </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs4ec\">sull\u2019impairment <span class=\"_ _9\"> </span>ai <span class=\"_ _9\"> </span>sensi <span class=\"_ _9\"> </span>dell\u2019IFRS <span class=\"_ _9\"> </span>9. <span class=\"_ _16\"> </span>Per <span class=\"_ _0\"> </span>t<span class=\"_ _2\"></span>ali <span class=\"_ _9\"> </span>fattispecie <span class=\"_ _0\"> </span>s<span class=\"_ _2\"></span>ono <span class=\"_ _0\"></span>adott<span class=\"_ _2\"></span>ate, <span class=\"_ _9\"> </span>in <span class=\"_ _9\"> </span>linea <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>principio, <span class=\"_ _9\"> </span>le <span class=\"_ _9\"> </span>medesime </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs4ed\">modalit\u00e0 di allocazione tra i tre stage (stadi di rischio creditizio)<span class=\"_ _1\"></span> e di calcolo della perdita attesa esposte con </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs4ee\">riferimento alle attivit\u00e0 finanziarie valu<span class=\"_ _1\"></span>tate al costo ammortizzato o al fair value con impatto sulla redditiv<span class=\"_ _1\"></span>it\u00e0<span class=\"_ _2\"></span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs4ef\">complessiva. </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs4f0\">L\u2019aggregato accoglie, peraltro, <span class=\"ff4\">anche i fondi <span class=\"_ _2\"></span>per rischi ed oneri costituti a fronte di altre tipologie di impegni </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs4f1\">e  d<span class=\"_ _1\"></span>i  garanzie<span class=\"_ _1\"></span>  rilasciate <span class=\"_ _16\"> </span>che, <span class=\"_ _16\"> </span>in <span class=\"_ _16\"> </span>virt\u00f9  d<span class=\"_ _1\"></span>elle  proprie<span class=\"_ _1\"></span>  peculi<span class=\"_ _1\"></span>arit\u00e0,  non  rie<span class=\"_ _1\"></span>ntrano  nel<span class=\"_ _1\"></span>  richiamato <span class=\"_ _16\"> </span>perimetro <span class=\"_ _16\"> </span>di </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs4b3\">applicazione dell\u2019impairment ai sensi del<span class=\"_ _1\"></span>l\u2019IFRS 9.<span class=\"ff4\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc4 sc3 ls0 ws0 gs4f2\">Altri <span class=\"_ _1\"></span>fondi<span class=\"_ _f\"></span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs4f3\">Gli <span class=\"_ _0\"></span>altri <span class=\"_ _0\"></span>fondi <span class=\"_ _0\"></span>per <span class=\"_ _d\"></span>r<span class=\"_ _2\"></span>ischi <span class=\"_ _d\"></span>ed <span class=\"_ _0\"></span>oneri <span class=\"_ _0\"></span>accolgono <span class=\"_ _0\"></span>gli <span class=\"_ _d\"></span>accantonamenti <span class=\"_ _0\"></span>relativi <span class=\"_ _0\"></span>ad <span class=\"_ _0\"></span>obbligazioni <span class=\"_ _d\"></span>l<span class=\"_ _2\"></span>egali <span class=\"_ _d\"></span>o <span class=\"_ _0\"></span>connessi <span class=\"_ _0\"></span>a </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs4f4\">rapporti di <span class=\"_ _2\"></span>lavoro oppure a contenziosi, anche <span class=\"_ _2\"></span>fiscali, originati da <span class=\"_ _2\"></span>un evento passato <span class=\"_ _2\"></span>per i quali sia probabile </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs4f5\">l\u2019esborso <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>risorse <span class=\"_ _9\"> </span>economiche <span class=\"_ _9\"> </span>per <span class=\"_ _9\"> </span>l\u2019adempimento <span class=\"_ _9\"> </span>delle <span class=\"_ _9\"> </span>obbligazioni <span class=\"_ _9\"> </span>stesse, <span class=\"_ _16\"> </span>sempre <span class=\"_ _0\"></span>che <span class=\"_ _9\"> </span>possa <span class=\"_ _9\"> </span>essere </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs4f6\">effettuata una stima attendibile del<span class=\"_ _1\"></span> relativo ammontare.<span class=\"_ _2\"></span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs4f7\">Conseguentemente, la rilevazione di un acc<span class=\"_ _1\"></span>antonamento avviene se e solo se:<span class=\"_ _2\"></span> </div><div class=\"t m0 h5 ff14 fs1 fc1 sc0 ls0 ws0 gs4f8\"><span class=\"_ _2c\"> </span><span class=\"ff5\">vi \u00e8 un\u2019obbligazione in corso (legale o implicita) quale<span class=\"ff4\"> risultato di un evento passato;<span class=\"_ _df\"> </span></span></span></div><div class=\"t m0 h5 ff14 fs1 fc1 sc0 ls0 ws0 gs4f9\"><span class=\"_ _2c\"> </span><span class=\"ff5\">\u00e8 probabil<span class=\"_ _1\"></span>e che <span class=\"_ _f\"></span>per adempiere <span class=\"_ _f\"></span>all\u2019obbligazione si <span class=\"_ _f\"></span>render\u00e0 nece<span class=\"_ _1\"></span>ssario l\u2019impie<span class=\"_ _1\"></span>go di<span class=\"_ _1\"></span> risorse <span class=\"_ _f\"></span>atte a <span class=\"_ _f\"></span>produrre </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs4fa\">benefici economici; e<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff14 fs1 fc1 sc0 ls0 ws0 gs4fb\"><span class=\"_ _2c\"> </span><span class=\"ff5\">pu\u00f2 essere effettuata una stima attendib<span class=\"_ _f\"></span>il<span class=\"_ _2\"></span>e dell\u2019imp<span class=\"_ _1\"></span>orto derivante dall\u2019adempimento dell\u2019obblig<span class=\"_ _2\"></span><span class=\"ff4\">azione. </span></span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs4fc\">L\u2019importo rilevato come <span class=\"_ _f\"></span>accantonamento rappresenta la migliore stima d<span class=\"_ _1\"></span>ella spesa richiesta p<span class=\"_ _1\"></span>er adempiere<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs4fd\">all\u2019obbligazione <span class=\"_ _10\"> </span>esistente <span class=\"_ _18\"> </span>alla <span class=\"_ _18\"> </span>data <span class=\"_ _18\"> </span>di <span class=\"_ _10\"> </span>riferimento <span class=\"_ _18\"> </span>del <span class=\"_ _18\"> </span>bilancio <span class=\"_ _18\"> </span>e <span class=\"_ _10\"> </span>r<span class=\"_ _2\"></span>iflette <span class=\"_ _10\"> </span>rischi <span class=\"_ _18\"> </span>ed <span class=\"_ _18\"> </span>incertezze <span class=\"_ _18\"> </span>che </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs4fe\">inevitabilmente <span class=\"_ _2\"></span>caratterizzano <span class=\"_ _2\"></span>una <span class=\"_ _2\"></span>plurali<span class=\"ff5\">t\u00e0 <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>fatti <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>circost<span class=\"_ _2\"></span>anze. Per <span class=\"_ _2\"></span>tener <span class=\"_ _2\"></span>conto <span class=\"_ _d\"></span>dell\u2019<span class=\"_ _1\"></span>elemento <span class=\"_ _2\"></span>temporale </span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs4ff\">gli <span class=\"_ _9\"> </span>accantonamenti  vengono <span class=\"_ _9\"> </span>at<span class=\"_ _2\"></span>tualizzati <span class=\"_ _9\"> </span>utilizzando  i <span class=\"_ _9\"> </span>tass<span class=\"_ _2\"></span>i <span class=\"_ _9\"> </span>correnti  di <span class=\"_ _9\"> </span>mercato.  L\u2019accantonamento <span class=\"_ _9\"> </span>e  gli<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs500\">incrementi dovuti al fattore temporale sono rilev<span class=\"_ _1\"></span>ati a Conto Economico.<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs501\">L\u2019accantonamento <span class=\"_ _2\"></span>viene <span class=\"_ _2\"></span>st<span class=\"_ _2\"></span>ornato <span class=\"_ _2\"></span>quando <span class=\"_ _2\"></span>diviene <span class=\"_ _d\"></span>improbabile <span class=\"_ _2\"></span>l\u2019<span class=\"_ _2\"></span>impiego <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>risors<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>atte <span class=\"_ _d\"></span>a <span class=\"_ _2\"></span>produrre <span class=\"_ _2\"></span>benefici </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs502\">economici per adempiere l\u2019obbligazione oppure qu<span class=\"_ _1\"></span>ando si estingue l\u2019obbligazione.<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs503\">Nella <span class=\"_ _2\"></span>voce s<span class=\"_ _2\"></span>ono <span class=\"_ _2\"></span>inclusi anche <span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>benefici a <span class=\"_ _d\"></span>lungo t<span class=\"_ _2\"></span>ermine ai <span class=\"_ _d\"></span>dipe<span class=\"_ _1\"></span>ndenti, <span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>cui <span class=\"_ _2\"></span>oneri <span class=\"_ _d\"></span>vengono determinati <span class=\"_ _2\"></span>con <span class=\"_ _2\"></span>i </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs504\">medesimi <span class=\"_ _d\"></span>criteri <span class=\"_ _d\"></span>attuariali <span class=\"_ _d\"></span>descritti <span class=\"_ _d\"></span>per <span class=\"_ _d\"></span>i <span class=\"_ _d\"></span>fondi <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>quiescenza. <span class=\"_ _2\"></span>Gli <span class=\"_ _0\"></span>utili <span class=\"_ _d\"></span>e <span class=\"_ _d\"></span>le <span class=\"_ _d\"></span>perdite <span class=\"_ _2\"></span>at<span class=\"_ _2\"></span>tuariali <span class=\"_ _d\"></span>vengono <span class=\"_ _d\"></span>rilevati </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs505\">tutti immediatamente nel conto economico.<span class=\"_ _df\"> </span></div>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForContingentLiabilitiesAndContingentAssetsExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-848": {
   "value": "10 - Fo<span class=\"_ _f\"></span>ndi per ris<span class=\"_ _1\"></span>chi ed <span class=\"_ _f\"></span>oneri Criter<span class=\"_ _1\"></span>i di <span class=\"_ _1\"></span>iscrizio<span class=\"_ _f\"></span>ne, class<span class=\"_ _1\"></span>ificazi<span class=\"_ _1\"></span>on<span class=\"_ _f\"></span>e e di canc<span class=\"_ _f\"></span>ellazione<span class=\"_ _f\"></span>  I fondi <span class=\"_ _1\"></span>per rischi<span class=\"_ _1\"></span> ed one<span class=\"_ _1\"></span>ri sono p<span class=\"_ _f\"></span>as<span class=\"_ _2\"></span>sivit\u00e0 d\u2019<span class=\"_ _1\"></span>ammontare o <span class=\"_ _f\"></span>scadenza incerti rilev<span class=\"_ _1\"></span>ati in bi<span class=\"_ _1\"></span>lancio quando <span class=\"_ _f\"></span>ricor<span class=\"_ _2\"></span>rono<span class=\"_ _1\"></span> le seguenti contestuali condizi<span class=\"_ _1\"></span>oni:<span class=\"_ _2\"></span> <span class=\"_ _2c\"> </span><span class=\"ff5\">esiste <span class=\"_ _0\"></span>un\u2019obbligazione <span class=\"_ _d\"></span>at<span class=\"_ _2\"></span>tuale <span class=\"_ _d\"></span>a<span class=\"_ _2\"></span>lla <span class=\"_ _d\"></span>data <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>riferime<span class=\"_ _2\"></span><span class=\"ff4\">nto <span class=\"_ _0\"></span>del <span class=\"_ _0\"></span>bilancio, <span class=\"_ _d\"></span>che <span class=\"_ _0\"></span>deriva <span class=\"_ _0\"></span>da <span class=\"_ _0\"></span>un <span class=\"_ _0\"></span>evento <span class=\"_ _0\"></span>pas<span class=\"_ _2\"></span>sato;<span class=\"_ _1\"></span> </span></span>l\u2019obbligazione d<span class=\"_ _1\"></span>eve essere di <span class=\"_ _1\"></span>tipo legale (<span class=\"_ _1\"></span>trova origine da <span class=\"_ _1\"></span>un contratto, normativa o al<span class=\"_ _f\"></span>t<span class=\"_ _2\"></span>ra disposizi<span class=\"_ _f\"></span>one di legge) <span class=\"_ _d\"></span>o <span class=\"_ _0\"></span>implicita <span class=\"_ _d\"></span>(nasce <span class=\"_ _0\"></span>nel <span class=\"_ _d\"></span>m<span class=\"_ _2\"></span>omento <span class=\"_ _d\"></span>in <span class=\"_ _0\"></span>cui <span class=\"_ _d\"></span>l\u2019impresa <span class=\"_ _0\"></span>genera <span class=\"_ _0\"></span>nei <span class=\"_ _d\"></span>confronti <span class=\"_ _0\"></span>di <span class=\"_ _d\"></span>t<span class=\"_ _2\"></span>erzi <span class=\"_ _d\"></span>l\u2019aspett<span class=\"_ _2\"></span>ativ<span class=\"ff4\">a <span class=\"_ _0\"></span>che<span class=\"_ _df\"> </span></span>assolver\u00e0 i propri impegni anche se non rientranti nella casistica <span class=\"_ _1\"></span>delle obbligazioni legali);<span class=\"_ _df\"> </span><span class=\"_ _2c\"> </span><span class=\"ff5\">\u00e8 <span class=\"_ _17\"> </span>probabile <span class=\"_ _17\"> </span>che <span class=\"_ _4\"> </span>s<span class=\"_ _2\"></span>i <span class=\"_ _4\"> </span>verifichi <span class=\"_ _17\"> </span>un\u2019uscita <span class=\"_ _17\"> </span>finanziaria <span class=\"_ _17\"> </span>per <span class=\"_ _17\"> </span>produrre <span class=\"_ _4\"> </span>benefici <span class=\"_ _17\"> </span>economici <span class=\"_ _17\"> </span>per <span class=\"_ _17\"> </span>adempiere </span>l\u2019obbligazione;<span class=\"_ _df\"> </span><span class=\"_ _2c\"> </span><span class=\"ff4\">\u00e8 possibile effettuare una stima attendibi<span class=\"ff5\">le dell\u2019ammontare dell\u2019obbligazione.<span class=\"_ _df\"> </span></span></span>Nella voce \u201cFondi per rischi ed oneri\u201d sono inclusi i fondi relativi a prestazioni di lungo termine, a <span class=\"_ _2\"></span>prestazioni successive alla cessazione del<span class=\"_ _1\"></span> rapporto di lavoro trattati dallo IAS 19 e i fondi pe<span class=\"_ _1\"></span>r rischi ed oneri tr<span class=\"_ _2\"></span>attat<span class=\"_ _2\"></span>i dallo<span class=\"_ _1\"></span> IAS 37. Criter<span class=\"_ _1\"></span>i di <span class=\"_ _1\"></span>valuta<span class=\"_ _1\"></span>zione<span class=\"_ _f\"></span> Gli <span class=\"_ _2\"></span>accantonamenti <span class=\"_ _d\"></span>vengono <span class=\"_ _d\"></span>attualizzati, <span class=\"_ _2\"></span>laddove <span class=\"_ _d\"></span>l\u2019elemento <span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>emporale <span class=\"_ _2\"></span>sia <span class=\"_ _d\"></span>significativo, <span class=\"_ _2\"></span>utilizzando <span class=\"_ _d\"></span>i <span class=\"_ _d\"></span>tassi correnti di mercato \u201cfree risk\u201d. L\u2019accantonamento \u00e8 rilevato a conto economico.<span class=\"_ _df\"> </span>Criter<span class=\"_ _1\"></span>i di <span class=\"_ _1\"></span>rileva<span class=\"_ _f\"></span>zione delle<span class=\"_ _1\"></span> com<span class=\"_ _1\"></span>pone<span class=\"_ _f\"></span>nti reddit<span class=\"_ _1\"></span>uali<span class=\"_ _f\"></span><span class=\"fc5 sc4\"> </span>Gli accantonamenti/recuperi <span class=\"_ _1\"></span>a fronte dei <span class=\"_ _f\"></span>fon<span class=\"_ _2\"></span>di per rischi <span class=\"_ _1\"></span>e oneri nonch\u00e9 l\u2019effetto de<span class=\"_ _1\"></span>rivante dal passaggio del tempo vengono allocati nella v<span class=\"_ _1\"></span>oce \u201cAccantonamenti netti ai fondi per rischi e oneri\u201d.<span class=\"_ _2\"></span><span class=\"ff4\"> </span>Fond<span class=\"_ _1\"></span>i di q<span class=\"_ _1\"></span>uiesce<span class=\"_ _f\"></span>nza e p<span class=\"_ _1\"></span>er ob<span class=\"_ _1\"></span>blighi<span class=\"_ _1\"></span> sim<span class=\"_ _1\"></span>ili I F<span class=\"_ _2\"></span>ondi di <span class=\"_ _2\"></span>quiescenza <span class=\"_ _2\"></span>sono cos<span class=\"_ _2\"></span>tituiti in <span class=\"_ _2\"></span>attuazione <span class=\"_ _2\"></span>di a<span class=\"_ _2\"></span>ccordi aziendali <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>si qualificano <span class=\"_ _2\"></span>come <span class=\"_ _2\"></span>piani <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>benefici definiti. <span class=\"_ _2\"></span>La <span class=\"_ _2\"></span>passivit\u00e0 <span class=\"_ _2\"></span>relativa <span class=\"_ _2\"></span>a t<span class=\"_ _2\"></span>al<span class=\"_ _1\"></span>i <span class=\"_ _2\"></span>piani <span class=\"_ _2\"></span>ed il <span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>elativo cost<span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>previdenz<span class=\"_ _1\"></span>iale <span class=\"_ _2\"></span>delle <span class=\"_ _2\"></span>prestazioni <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>lavoro <span class=\"_ _2\"></span>corrente sono determi<span class=\"ff5\">nati <span class=\"_ _2\"></span>sulla base di <span class=\"_ _2\"></span>ipotesi at<span class=\"_ _2\"></span>tuariali applicando il met<span class=\"_ _2\"></span>odo della \u201cProiezione <span class=\"_ _2\"></span>Unitaria del Cr<span class=\"_ _2\"></span>edito\u201d, </span>che <span class=\"_ _4\"> </span>prevede <span class=\"_ _4\"> </span>la <span class=\"_ _17\"> </span>proiezione <span class=\"_ _4\"> </span>degli <span class=\"_ _17\"> </span>esborsi <span class=\"_ _17\"> </span>futuri <span class=\"_ _4\"> </span>sulla <span class=\"_ _4\"> </span>base <span class=\"_ _17\"> </span>di <span class=\"_ _4\"> </span>analisi <span class=\"_ _17\"> </span>storiche <span class=\"_ _4\"> </span>st<span class=\"_ _2\"></span>atistiche <span class=\"_ _4\"> </span>e <span class=\"_ _4\"> </span>della <span class=\"_ _4\"> </span>curva demografica <span class=\"_ _9\"> </span>e  l<span class=\"_ _1\"></span>\u2019attualizzazione <span class=\"_ _16\"> </span>finanziaria <span class=\"_ _9\"> </span>di <span class=\"_ _16\"> </span>tali <span class=\"_ _16\"> </span><span class=\"ff4\">flussi <span class=\"_ _9\"> </span>s<span class=\"_ _2\"></span>ulla <span class=\"_ _9\"> </span>base <span class=\"_ _16\"> </span>di <span class=\"_ _9\"> </span>un <span class=\"_ _9\"> </span>t<span class=\"_ _2\"></span>asso <span class=\"_ _9\"> </span>di  i<span class=\"_ _1\"></span>nteresse <span class=\"_ _9\"> </span>di<span class=\"_ _2\"></span> <span class=\"_ _9\"> </span>mercato.  I<span class=\"_ _df\"> </span></span>contributi <span class=\"_ _18\"> </span>versati <span class=\"_ _18\"> </span>in <span class=\"_ _18\"> </span>ciascun <span class=\"_ _18\"> </span>esercizio <span class=\"_ _10\"> </span>s<span class=\"_ _2\"></span>ono <span class=\"_ _18\"> </span>considerati <span class=\"_ _10\"> </span>come <span class=\"_ _18\"> </span>unit\u00e0 <span class=\"_ _18\"> </span>separate, <span class=\"_ _18\"> </span>rilevate <span class=\"_ _18\"> </span>e <span class=\"_ _18\"> </span>valutate singolarmente <span class=\"_ _2\"></span>ai <span class=\"_ _d\"></span>fini <span class=\"_ _d\"></span>della <span class=\"_ _2\"></span>determinazione <span class=\"_ _d\"></span>dell'obbligazione <span class=\"_ _2\"></span>finale. <span class=\"_ _d\"></span>Il <span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>asso <span class=\"_ _d\"></span>utilizzato <span class=\"_ _2\"></span>per <span class=\"_ _d\"></span>l\u2019attual<span class=\"_ _2\"></span><span class=\"ff4\">izzazione <span class=\"_ _2\"></span>\u00e8 </span>determinato <span class=\"_ _16\"> </span>in <span class=\"_ _16\"> </span>base <span class=\"_ _9\"> </span>ai  rend<span class=\"_ _f\"></span>imenti  di <span class=\"_ _9\"> </span>mercato  rilev<span class=\"_ _1\"></span>ati  all<span class=\"_ _1\"></span>e <span class=\"_ _16\"> </span>date <span class=\"_ _9\"> </span>di  v<span class=\"_ _1\"></span>alutazione <span class=\"_ _9\"> </span>di  obbligazi<span class=\"_ _1\"></span>oni  di <span class=\"_ _9\"> </span>aziende primarie tenend<span class=\"_ _1\"></span>o conto della <span class=\"_ _1\"></span>durata media <span class=\"_ _1\"></span>residua del<span class=\"_ _1\"></span>la passivit\u00e0. I<span class=\"_ _1\"></span>l valore at<span class=\"_ _1\"></span>tuale del<span class=\"_ _1\"></span>l'obbligazione alla data di riferimento del bilancio \u00e8 inoltre rettificato del fair value delle eventuali<span class=\"_ _1\"></span> attivit\u00e0 a servizio del piano.<span class=\"_ _df\"> </span>Gli u<span class=\"_ _1\"></span>tili e<span class=\"_ _1\"></span> le <span class=\"_ _f\"></span>p<span class=\"_ _2\"></span>erdite <span class=\"_ _f\"></span>att<span class=\"_ _2\"></span>uariali <span class=\"_ _f\"></span>(ovv<span class=\"_ _2\"></span>ero l<span class=\"_ _1\"></span>e v<span class=\"_ _1\"></span>ariazioni nel <span class=\"_ _f\"></span>valore attuale d<span class=\"_ _1\"></span>ell\u2019obbligazione de<span class=\"_ _1\"></span>rivanti dalle <span class=\"_ _f\"></span>modifiche alle <span class=\"_ _2\"></span>ipotesi <span class=\"_ _2\"></span>att<span class=\"_ _2\"></span>uariali <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>dalle <span class=\"_ _2\"></span>rettifiche <span class=\"_ _2\"></span>basate <span class=\"_ _d\"></span><span class=\"ff5\">sull\u2019esperienz<span class=\"_ _1\"></span>a <span class=\"_ _2\"></span>passat<span class=\"_ _2\"></span>a) <span class=\"_ _2\"></span>sono <span class=\"_ _2\"></span>riconosciuti <span class=\"_ _2\"></span>nel <span class=\"_ _2\"></span>prospetto <span class=\"_ _2\"></span>della </span>redditivit\u00e0 complessiva. Fond<span class=\"_ _1\"></span>i <span class=\"_ _f\"></span><span class=\"ls39\">per<span class=\"ls0\"> ris<span class=\"_ _1\"></span>chi <span class=\"_ _f\"></span><span class=\"lse\">ed<span class=\"_ _2\"></span><span class=\"ls0\"> <span class=\"_ _f\"></span>oneri <span class=\"_ _f\"></span>a fro<span class=\"_ _1\"></span>nte <span class=\"_ _f\"></span><span class=\"ls39\">di<span class=\"_ _2\"></span><span class=\"ls0\"> <span class=\"_ _f\"></span>impegni<span class=\"_ _1\"></span> <span class=\"_ _f\"></span>e ga<span class=\"_ _1\"></span>ranzie<span class=\"_ _1\"></span> <span class=\"_ _f\"></span>rilasciate </span></span></span></span></span></span>La sottovoce dei fondi pe<span class=\"_ _1\"></span>r rischi ed oneri in e<span class=\"_ _1\"></span>same accoglie i fond<span class=\"_ _1\"></span>i per rischio di credi<span class=\"_ _1\"></span>to rilevat<span class=\"_ _2\"></span>i a fronte degli impegni ad <span class=\"_ _2\"></span>erogare <span class=\"_ _2\"></span>fondi ed <span class=\"_ _2\"></span>alle <span class=\"_ _2\"></span>garanzie rilasciate <span class=\"_ _2\"></span>che r<span class=\"_ _2\"></span>ientrano nel <span class=\"_ _2\"></span>perimetro <span class=\"_ _2\"></span>di applicazione <span class=\"_ _2\"></span>delle regole sull\u2019impairment <span class=\"_ _9\"> </span>ai <span class=\"_ _9\"> </span>sensi <span class=\"_ _9\"> </span>dell\u2019IFRS <span class=\"_ _9\"> </span>9. <span class=\"_ _16\"> </span>Per <span class=\"_ _0\"> </span>t<span class=\"_ _2\"></span>ali <span class=\"_ _9\"> </span>fattispecie <span class=\"_ _0\"> </span>s<span class=\"_ _2\"></span>ono <span class=\"_ _0\"></span>adott<span class=\"_ _2\"></span>ate, <span class=\"_ _9\"> </span>in <span class=\"_ _9\"> </span>linea <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>principio, <span class=\"_ _9\"> </span>le <span class=\"_ _9\"> </span>medesime modalit\u00e0 di allocazione tra i tre stage (stadi di rischio creditizio)<span class=\"_ _1\"></span> e di calcolo della perdita attesa esposte con riferimento alle attivit\u00e0 finanziarie valu<span class=\"_ _1\"></span>tate al costo ammortizzato o al fair value con impatto sulla redditiv<span class=\"_ _1\"></span>it\u00e0<span class=\"_ _2\"></span> complessiva. L\u2019aggregato accoglie, peraltro, <span class=\"ff4\">anche i fondi <span class=\"_ _2\"></span>per rischi ed oneri costituti a fronte di altre tipologie di impegni </span>e  d<span class=\"_ _1\"></span>i  garanzie<span class=\"_ _1\"></span>  rilasciate <span class=\"_ _16\"> </span>che, <span class=\"_ _16\"> </span>in <span class=\"_ _16\"> </span>virt\u00f9  d<span class=\"_ _1\"></span>elle  proprie<span class=\"_ _1\"></span>  peculi<span class=\"_ _1\"></span>arit\u00e0,  non  rie<span class=\"_ _1\"></span>ntrano  nel<span class=\"_ _1\"></span>  richiamato <span class=\"_ _16\"> </span>perimetro <span class=\"_ _16\"> </span>di applicazione dell\u2019impairment ai sensi del<span class=\"_ _1\"></span>l\u2019IFRS 9.<span class=\"ff4\"> </span>Altri <span class=\"_ _1\"></span>fondi<span class=\"_ _f\"></span> Gli <span class=\"_ _0\"></span>altri <span class=\"_ _0\"></span>fondi <span class=\"_ _0\"></span>per <span class=\"_ _d\"></span>r<span class=\"_ _2\"></span>ischi <span class=\"_ _d\"></span>ed <span class=\"_ _0\"></span>oneri <span class=\"_ _0\"></span>accolgono <span class=\"_ _0\"></span>gli <span class=\"_ _d\"></span>accantonamenti <span class=\"_ _0\"></span>relativi <span class=\"_ _0\"></span>ad <span class=\"_ _0\"></span>obbligazioni <span class=\"_ _d\"></span>l<span class=\"_ _2\"></span>egali <span class=\"_ _d\"></span>o <span class=\"_ _0\"></span>connessi <span class=\"_ _0\"></span>a rapporti di <span class=\"_ _2\"></span>lavoro oppure a contenziosi, anche <span class=\"_ _2\"></span>fiscali, originati da <span class=\"_ _2\"></span>un evento passato <span class=\"_ _2\"></span>per i quali sia probabile l\u2019esborso <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>risorse <span class=\"_ _9\"> </span>economiche <span class=\"_ _9\"> </span>per <span class=\"_ _9\"> </span>l\u2019adempimento <span class=\"_ _9\"> </span>delle <span class=\"_ _9\"> </span>obbligazioni <span class=\"_ _9\"> </span>stesse, <span class=\"_ _16\"> </span>sempre <span class=\"_ _0\"></span>che <span class=\"_ _9\"> </span>possa <span class=\"_ _9\"> </span>essere effettuata una stima attendibile del<span class=\"_ _1\"></span> relativo ammontare.<span class=\"_ _2\"></span> Conseguentemente, la rilevazione di un acc<span class=\"_ _1\"></span>antonamento avviene se e solo se:<span class=\"_ _2\"></span> <span class=\"_ _2c\"> </span><span class=\"ff5\">vi \u00e8 un\u2019obbligazione in corso (legale o implicita) quale<span class=\"ff4\"> risultato di un evento passato;<span class=\"_ _df\"> </span></span></span><span class=\"_ _2c\"> </span><span class=\"ff5\">\u00e8 probabil<span class=\"_ _1\"></span>e che <span class=\"_ _f\"></span>per adempiere <span class=\"_ _f\"></span>all\u2019obbligazione si <span class=\"_ _f\"></span>render\u00e0 nece<span class=\"_ _1\"></span>ssario l\u2019impie<span class=\"_ _1\"></span>go di<span class=\"_ _1\"></span> risorse <span class=\"_ _f\"></span>atte a <span class=\"_ _f\"></span>produrre </span>benefici economici; e<span class=\"_ _df\"> </span><span class=\"_ _2c\"> </span><span class=\"ff5\">pu\u00f2 essere effettuata una stima attendib<span class=\"_ _f\"></span>il<span class=\"_ _2\"></span>e dell\u2019imp<span class=\"_ _1\"></span>orto derivante dall\u2019adempimento dell\u2019obblig<span class=\"_ _2\"></span><span class=\"ff4\">azione. </span></span>L\u2019importo rilevato come <span class=\"_ _f\"></span>accantonamento rappresenta la migliore stima d<span class=\"_ _1\"></span>ella spesa richiesta p<span class=\"_ _1\"></span>er adempiere<span class=\"_ _df\"> </span>all\u2019obbligazione <span class=\"_ _10\"> </span>esistente <span class=\"_ _18\"> </span>alla <span class=\"_ _18\"> </span>data <span class=\"_ _18\"> </span>di <span class=\"_ _10\"> </span>riferimento <span class=\"_ _18\"> </span>del <span class=\"_ _18\"> </span>bilancio <span class=\"_ _18\"> </span>e <span class=\"_ _10\"> </span>r<span class=\"_ _2\"></span>iflette <span class=\"_ _10\"> </span>rischi <span class=\"_ _18\"> </span>ed <span class=\"_ _18\"> </span>incertezze <span class=\"_ _18\"> </span>che inevitabilmente <span class=\"_ _2\"></span>caratterizzano <span class=\"_ _2\"></span>una <span class=\"_ _2\"></span>plurali<span class=\"ff5\">t\u00e0 <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>fatti <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>circost<span class=\"_ _2\"></span>anze. Per <span class=\"_ _2\"></span>tener <span class=\"_ _2\"></span>conto <span class=\"_ _d\"></span>dell\u2019<span class=\"_ _1\"></span>elemento <span class=\"_ _2\"></span>temporale </span>gli <span class=\"_ _9\"> </span>accantonamenti  vengono <span class=\"_ _9\"> </span>at<span class=\"_ _2\"></span>tualizzati <span class=\"_ _9\"> </span>utilizzando  i <span class=\"_ _9\"> </span>tass<span class=\"_ _2\"></span>i <span class=\"_ _9\"> </span>correnti  di <span class=\"_ _9\"> </span>mercato.  L\u2019accantonamento <span class=\"_ _9\"> </span>e  gli<span class=\"_ _df\"> </span>incrementi dovuti al fattore temporale sono rilev<span class=\"_ _1\"></span>ati a Conto Economico.<span class=\"_ _df\"> </span>L\u2019accantonamento <span class=\"_ _2\"></span>viene <span class=\"_ _2\"></span>st<span class=\"_ _2\"></span>ornato <span class=\"_ _2\"></span>quando <span class=\"_ _2\"></span>diviene <span class=\"_ _d\"></span>improbabile <span class=\"_ _2\"></span>l\u2019<span class=\"_ _2\"></span>impiego <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>risors<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>atte <span class=\"_ _d\"></span>a <span class=\"_ _2\"></span>produrre <span class=\"_ _2\"></span>benefici economici per adempiere l\u2019obbligazione oppure qu<span class=\"_ _1\"></span>ando si estingue l\u2019obbligazione.<span class=\"_ _df\"> </span>Nella <span class=\"_ _2\"></span>voce s<span class=\"_ _2\"></span>ono <span class=\"_ _2\"></span>inclusi anche <span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>benefici a <span class=\"_ _d\"></span>lungo t<span class=\"_ _2\"></span>ermine ai <span class=\"_ _d\"></span>dipe<span class=\"_ _1\"></span>ndenti, <span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>cui <span class=\"_ _2\"></span>oneri <span class=\"_ _d\"></span>vengono determinati <span class=\"_ _2\"></span>con <span class=\"_ _2\"></span>i medesimi <span class=\"_ _d\"></span>criteri <span class=\"_ _d\"></span>attuariali <span class=\"_ _d\"></span>descritti <span class=\"_ _d\"></span>per <span class=\"_ _d\"></span>i <span class=\"_ _d\"></span>fondi <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>quiescenza. <span class=\"_ _2\"></span>Gli <span class=\"_ _0\"></span>utili <span class=\"_ _d\"></span>e <span class=\"_ _d\"></span>le <span class=\"_ _d\"></span>perdite <span class=\"_ _2\"></span>at<span class=\"_ _2\"></span>tuariali <span class=\"_ _d\"></span>vengono <span class=\"_ _d\"></span>rilevati tutti immediatamente nel conto economico.<span class=\"_ _df\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialGuaranteesExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-832": {
   "value": "10 - Fo<span class=\"_ _f\"></span>ndi per ris<span class=\"_ _1\"></span>chi ed <span class=\"_ _f\"></span>oneri Criter<span class=\"_ _1\"></span>i di <span class=\"_ _1\"></span>iscrizio<span class=\"_ _f\"></span>ne, class<span class=\"_ _1\"></span>ificazi<span class=\"_ _1\"></span>on<span class=\"_ _f\"></span>e e di canc<span class=\"_ _f\"></span>ellazione<span class=\"_ _f\"></span>  I fondi <span class=\"_ _1\"></span>per rischi<span class=\"_ _1\"></span> ed one<span class=\"_ _1\"></span>ri sono p<span class=\"_ _f\"></span>as<span class=\"_ _2\"></span>sivit\u00e0 d\u2019<span class=\"_ _1\"></span>ammontare o <span class=\"_ _f\"></span>scadenza incerti rilev<span class=\"_ _1\"></span>ati in bi<span class=\"_ _1\"></span>lancio quando <span class=\"_ _f\"></span>ricor<span class=\"_ _2\"></span>rono<span class=\"_ _1\"></span> le seguenti contestuali condizi<span class=\"_ _1\"></span>oni:<span class=\"_ _2\"></span> <span class=\"_ _2c\"> </span><span class=\"ff5\">esiste <span class=\"_ _0\"></span>un\u2019obbligazione <span class=\"_ _d\"></span>at<span class=\"_ _2\"></span>tuale <span class=\"_ _d\"></span>a<span class=\"_ _2\"></span>lla <span class=\"_ _d\"></span>data <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>riferime<span class=\"_ _2\"></span><span class=\"ff4\">nto <span class=\"_ _0\"></span>del <span class=\"_ _0\"></span>bilancio, <span class=\"_ _d\"></span>che <span class=\"_ _0\"></span>deriva <span class=\"_ _0\"></span>da <span class=\"_ _0\"></span>un <span class=\"_ _0\"></span>evento <span class=\"_ _0\"></span>pas<span class=\"_ _2\"></span>sato;<span class=\"_ _1\"></span> </span></span>l\u2019obbligazione d<span class=\"_ _1\"></span>eve essere di <span class=\"_ _1\"></span>tipo legale (<span class=\"_ _1\"></span>trova origine da <span class=\"_ _1\"></span>un contratto, normativa o al<span class=\"_ _f\"></span>t<span class=\"_ _2\"></span>ra disposizi<span class=\"_ _f\"></span>one di legge) <span class=\"_ _d\"></span>o <span class=\"_ _0\"></span>implicita <span class=\"_ _d\"></span>(nasce <span class=\"_ _0\"></span>nel <span class=\"_ _d\"></span>m<span class=\"_ _2\"></span>omento <span class=\"_ _d\"></span>in <span class=\"_ _0\"></span>cui <span class=\"_ _d\"></span>l\u2019impresa <span class=\"_ _0\"></span>genera <span class=\"_ _0\"></span>nei <span class=\"_ _d\"></span>confronti <span class=\"_ _0\"></span>di <span class=\"_ _d\"></span>t<span class=\"_ _2\"></span>erzi <span class=\"_ _d\"></span>l\u2019aspett<span class=\"_ _2\"></span>ativ<span class=\"ff4\">a <span class=\"_ _0\"></span>che<span class=\"_ _df\"> </span></span>assolver\u00e0 i propri impegni anche se non rientranti nella casistica <span class=\"_ _1\"></span>delle obbligazioni legali);<span class=\"_ _df\"> </span><span class=\"_ _2c\"> </span><span class=\"ff5\">\u00e8 <span class=\"_ _17\"> </span>probabile <span class=\"_ _17\"> </span>che <span class=\"_ _4\"> </span>s<span class=\"_ _2\"></span>i <span class=\"_ _4\"> </span>verifichi <span class=\"_ _17\"> </span>un\u2019uscita <span class=\"_ _17\"> </span>finanziaria <span class=\"_ _17\"> </span>per <span class=\"_ _17\"> </span>produrre <span class=\"_ _4\"> </span>benefici <span class=\"_ _17\"> </span>economici <span class=\"_ _17\"> </span>per <span class=\"_ _17\"> </span>adempiere </span>l\u2019obbligazione;<span class=\"_ _df\"> </span><span class=\"_ _2c\"> </span><span class=\"ff4\">\u00e8 possibile effettuare una stima attendibi<span class=\"ff5\">le dell\u2019ammontare dell\u2019obbligazione.<span class=\"_ _df\"> </span></span></span>Nella voce \u201cFondi per rischi ed oneri\u201d sono inclusi i fondi relativi a prestazioni di lungo termine, a <span class=\"_ _2\"></span>prestazioni successive alla cessazione del<span class=\"_ _1\"></span> rapporto di lavoro trattati dallo IAS 19 e i fondi pe<span class=\"_ _1\"></span>r rischi ed oneri tr<span class=\"_ _2\"></span>attat<span class=\"_ _2\"></span>i dallo<span class=\"_ _1\"></span> IAS 37. Criter<span class=\"_ _1\"></span>i di <span class=\"_ _1\"></span>valuta<span class=\"_ _1\"></span>zione<span class=\"_ _f\"></span> Gli <span class=\"_ _2\"></span>accantonamenti <span class=\"_ _d\"></span>vengono <span class=\"_ _d\"></span>attualizzati, <span class=\"_ _2\"></span>laddove <span class=\"_ _d\"></span>l\u2019elemento <span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>emporale <span class=\"_ _2\"></span>sia <span class=\"_ _d\"></span>significativo, <span class=\"_ _2\"></span>utilizzando <span class=\"_ _d\"></span>i <span class=\"_ _d\"></span>tassi correnti di mercato \u201cfree risk\u201d. L\u2019accantonamento \u00e8 rilevato a conto economico.<span class=\"_ _df\"> </span>Criter<span class=\"_ _1\"></span>i di <span class=\"_ _1\"></span>rileva<span class=\"_ _f\"></span>zione delle<span class=\"_ _1\"></span> com<span class=\"_ _1\"></span>pone<span class=\"_ _f\"></span>nti reddit<span class=\"_ _1\"></span>uali<span class=\"_ _f\"></span><span class=\"fc5 sc4\"> </span>Gli accantonamenti/recuperi <span class=\"_ _1\"></span>a fronte dei <span class=\"_ _f\"></span>fon<span class=\"_ _2\"></span>di per rischi <span class=\"_ _1\"></span>e oneri nonch\u00e9 l\u2019effetto de<span class=\"_ _1\"></span>rivante dal passaggio del tempo vengono allocati nella v<span class=\"_ _1\"></span>oce \u201cAccantonamenti netti ai fondi per rischi e oneri\u201d.<span class=\"_ _2\"></span><span class=\"ff4\"> </span>Fond<span class=\"_ _1\"></span>i di q<span class=\"_ _1\"></span>uiesce<span class=\"_ _f\"></span>nza e p<span class=\"_ _1\"></span>er ob<span class=\"_ _1\"></span>blighi<span class=\"_ _1\"></span> sim<span class=\"_ _1\"></span>ili I F<span class=\"_ _2\"></span>ondi di <span class=\"_ _2\"></span>quiescenza <span class=\"_ _2\"></span>sono cos<span class=\"_ _2\"></span>tituiti in <span class=\"_ _2\"></span>attuazione <span class=\"_ _2\"></span>di a<span class=\"_ _2\"></span>ccordi aziendali <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>si qualificano <span class=\"_ _2\"></span>come <span class=\"_ _2\"></span>piani <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>benefici definiti. <span class=\"_ _2\"></span>La <span class=\"_ _2\"></span>passivit\u00e0 <span class=\"_ _2\"></span>relativa <span class=\"_ _2\"></span>a t<span class=\"_ _2\"></span>al<span class=\"_ _1\"></span>i <span class=\"_ _2\"></span>piani <span class=\"_ _2\"></span>ed il <span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>elativo cost<span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>previdenz<span class=\"_ _1\"></span>iale <span class=\"_ _2\"></span>delle <span class=\"_ _2\"></span>prestazioni <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>lavoro <span class=\"_ _2\"></span>corrente sono determi<span class=\"ff5\">nati <span class=\"_ _2\"></span>sulla base di <span class=\"_ _2\"></span>ipotesi at<span class=\"_ _2\"></span>tuariali applicando il met<span class=\"_ _2\"></span>odo della \u201cProiezione <span class=\"_ _2\"></span>Unitaria del Cr<span class=\"_ _2\"></span>edito\u201d, </span>che <span class=\"_ _4\"> </span>prevede <span class=\"_ _4\"> </span>la <span class=\"_ _17\"> </span>proiezione <span class=\"_ _4\"> </span>degli <span class=\"_ _17\"> </span>esborsi <span class=\"_ _17\"> </span>futuri <span class=\"_ _4\"> </span>sulla <span class=\"_ _4\"> </span>base <span class=\"_ _17\"> </span>di <span class=\"_ _4\"> </span>analisi <span class=\"_ _17\"> </span>storiche <span class=\"_ _4\"> </span>st<span class=\"_ _2\"></span>atistiche <span class=\"_ _4\"> </span>e <span class=\"_ _4\"> </span>della <span class=\"_ _4\"> </span>curva demografica <span class=\"_ _9\"> </span>e  l<span class=\"_ _1\"></span>\u2019attualizzazione <span class=\"_ _16\"> </span>finanziaria <span class=\"_ _9\"> </span>di <span class=\"_ _16\"> </span>tali <span class=\"_ _16\"> </span><span class=\"ff4\">flussi <span class=\"_ _9\"> </span>s<span class=\"_ _2\"></span>ulla <span class=\"_ _9\"> </span>base <span class=\"_ _16\"> </span>di <span class=\"_ _9\"> </span>un <span class=\"_ _9\"> </span>t<span class=\"_ _2\"></span>asso <span class=\"_ _9\"> </span>di  i<span class=\"_ _1\"></span>nteresse <span class=\"_ _9\"> </span>di<span class=\"_ _2\"></span> <span class=\"_ _9\"> </span>mercato.  I<span class=\"_ _df\"> </span></span>contributi <span class=\"_ _18\"> </span>versati <span class=\"_ _18\"> </span>in <span class=\"_ _18\"> </span>ciascun <span class=\"_ _18\"> </span>esercizio <span class=\"_ _10\"> </span>s<span class=\"_ _2\"></span>ono <span class=\"_ _18\"> </span>considerati <span class=\"_ _10\"> </span>come <span class=\"_ _18\"> </span>unit\u00e0 <span class=\"_ _18\"> </span>separate, <span class=\"_ _18\"> </span>rilevate <span class=\"_ _18\"> </span>e <span class=\"_ _18\"> </span>valutate singolarmente <span class=\"_ _2\"></span>ai <span class=\"_ _d\"></span>fini <span class=\"_ _d\"></span>della <span class=\"_ _2\"></span>determinazione <span class=\"_ _d\"></span>dell'obbligazione <span class=\"_ _2\"></span>finale. <span class=\"_ _d\"></span>Il <span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>asso <span class=\"_ _d\"></span>utilizzato <span class=\"_ _2\"></span>per <span class=\"_ _d\"></span>l\u2019attual<span class=\"_ _2\"></span><span class=\"ff4\">izzazione <span class=\"_ _2\"></span>\u00e8 </span>determinato <span class=\"_ _16\"> </span>in <span class=\"_ _16\"> </span>base <span class=\"_ _9\"> </span>ai  rend<span class=\"_ _f\"></span>imenti  di <span class=\"_ _9\"> </span>mercato  rilev<span class=\"_ _1\"></span>ati  all<span class=\"_ _1\"></span>e <span class=\"_ _16\"> </span>date <span class=\"_ _9\"> </span>di  v<span class=\"_ _1\"></span>alutazione <span class=\"_ _9\"> </span>di  obbligazi<span class=\"_ _1\"></span>oni  di <span class=\"_ _9\"> </span>aziende primarie tenend<span class=\"_ _1\"></span>o conto della <span class=\"_ _1\"></span>durata media <span class=\"_ _1\"></span>residua del<span class=\"_ _1\"></span>la passivit\u00e0. I<span class=\"_ _1\"></span>l valore at<span class=\"_ _1\"></span>tuale del<span class=\"_ _1\"></span>l'obbligazione alla data di riferimento del bilancio \u00e8 inoltre rettificato del fair value delle eventuali<span class=\"_ _1\"></span> attivit\u00e0 a servizio del piano.<span class=\"_ _df\"> </span>Gli u<span class=\"_ _1\"></span>tili e<span class=\"_ _1\"></span> le <span class=\"_ _f\"></span>p<span class=\"_ _2\"></span>erdite <span class=\"_ _f\"></span>att<span class=\"_ _2\"></span>uariali <span class=\"_ _f\"></span>(ovv<span class=\"_ _2\"></span>ero l<span class=\"_ _1\"></span>e v<span class=\"_ _1\"></span>ariazioni nel <span class=\"_ _f\"></span>valore attuale d<span class=\"_ _1\"></span>ell\u2019obbligazione de<span class=\"_ _1\"></span>rivanti dalle <span class=\"_ _f\"></span>modifiche alle <span class=\"_ _2\"></span>ipotesi <span class=\"_ _2\"></span>att<span class=\"_ _2\"></span>uariali <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>dalle <span class=\"_ _2\"></span>rettifiche <span class=\"_ _2\"></span>basate <span class=\"_ _d\"></span><span class=\"ff5\">sull\u2019esperienz<span class=\"_ _1\"></span>a <span class=\"_ _2\"></span>passat<span class=\"_ _2\"></span>a) <span class=\"_ _2\"></span>sono <span class=\"_ _2\"></span>riconosciuti <span class=\"_ _2\"></span>nel <span class=\"_ _2\"></span>prospetto <span class=\"_ _2\"></span>della </span>redditivit\u00e0 complessiva. Fond<span class=\"_ _1\"></span>i <span class=\"_ _f\"></span><span class=\"ls39\">per<span class=\"ls0\"> ris<span class=\"_ _1\"></span>chi <span class=\"_ _f\"></span><span class=\"lse\">ed<span class=\"_ _2\"></span><span class=\"ls0\"> <span class=\"_ _f\"></span>oneri <span class=\"_ _f\"></span>a fro<span class=\"_ _1\"></span>nte <span class=\"_ _f\"></span><span class=\"ls39\">di<span class=\"_ _2\"></span><span class=\"ls0\"> <span class=\"_ _f\"></span>impegni<span class=\"_ _1\"></span> <span class=\"_ _f\"></span>e ga<span class=\"_ _1\"></span>ranzie<span class=\"_ _1\"></span> <span class=\"_ _f\"></span>rilasciate </span></span></span></span></span></span>La sottovoce dei fondi pe<span class=\"_ _1\"></span>r rischi ed oneri in e<span class=\"_ _1\"></span>same accoglie i fond<span class=\"_ _1\"></span>i per rischio di credi<span class=\"_ _1\"></span>to rilevat<span class=\"_ _2\"></span>i a fronte degli impegni ad <span class=\"_ _2\"></span>erogare <span class=\"_ _2\"></span>fondi ed <span class=\"_ _2\"></span>alle <span class=\"_ _2\"></span>garanzie rilasciate <span class=\"_ _2\"></span>che r<span class=\"_ _2\"></span>ientrano nel <span class=\"_ _2\"></span>perimetro <span class=\"_ _2\"></span>di applicazione <span class=\"_ _2\"></span>delle regole sull\u2019impairment <span class=\"_ _9\"> </span>ai <span class=\"_ _9\"> </span>sensi <span class=\"_ _9\"> </span>dell\u2019IFRS <span class=\"_ _9\"> </span>9. <span class=\"_ _16\"> </span>Per <span class=\"_ _0\"> </span>t<span class=\"_ _2\"></span>ali <span class=\"_ _9\"> </span>fattispecie <span class=\"_ _0\"> </span>s<span class=\"_ _2\"></span>ono <span class=\"_ _0\"></span>adott<span class=\"_ _2\"></span>ate, <span class=\"_ _9\"> </span>in <span class=\"_ _9\"> </span>linea <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>principio, <span class=\"_ _9\"> </span>le <span class=\"_ _9\"> </span>medesime modalit\u00e0 di allocazione tra i tre stage (stadi di rischio creditizio)<span class=\"_ _1\"></span> e di calcolo della perdita attesa esposte con riferimento alle attivit\u00e0 finanziarie valu<span class=\"_ _1\"></span>tate al costo ammortizzato o al fair value con impatto sulla redditiv<span class=\"_ _1\"></span>it\u00e0<span class=\"_ _2\"></span> complessiva. L\u2019aggregato accoglie, peraltro, <span class=\"ff4\">anche i fondi <span class=\"_ _2\"></span>per rischi ed oneri costituti a fronte di altre tipologie di impegni </span>e  d<span class=\"_ _1\"></span>i  garanzie<span class=\"_ _1\"></span>  rilasciate <span class=\"_ _16\"> </span>che, <span class=\"_ _16\"> </span>in <span class=\"_ _16\"> </span>virt\u00f9  d<span class=\"_ _1\"></span>elle  proprie<span class=\"_ _1\"></span>  peculi<span class=\"_ _1\"></span>arit\u00e0,  non  rie<span class=\"_ _1\"></span>ntrano  nel<span class=\"_ _1\"></span>  richiamato <span class=\"_ _16\"> </span>perimetro <span class=\"_ _16\"> </span>di applicazione dell\u2019impairment ai sensi del<span class=\"_ _1\"></span>l\u2019IFRS 9.<span class=\"ff4\"> </span>Altri <span class=\"_ _1\"></span>fondi<span class=\"_ _f\"></span> Gli <span class=\"_ _0\"></span>altri <span class=\"_ _0\"></span>fondi <span class=\"_ _0\"></span>per <span class=\"_ _d\"></span>r<span class=\"_ _2\"></span>ischi <span class=\"_ _d\"></span>ed <span class=\"_ _0\"></span>oneri <span class=\"_ _0\"></span>accolgono <span class=\"_ _0\"></span>gli <span class=\"_ _d\"></span>accantonamenti <span class=\"_ _0\"></span>relativi <span class=\"_ _0\"></span>ad <span class=\"_ _0\"></span>obbligazioni <span class=\"_ _d\"></span>l<span class=\"_ _2\"></span>egali <span class=\"_ _d\"></span>o <span class=\"_ _0\"></span>connessi <span class=\"_ _0\"></span>a rapporti di <span class=\"_ _2\"></span>lavoro oppure a contenziosi, anche <span class=\"_ _2\"></span>fiscali, originati da <span class=\"_ _2\"></span>un evento passato <span class=\"_ _2\"></span>per i quali sia probabile l\u2019esborso <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>risorse <span class=\"_ _9\"> </span>economiche <span class=\"_ _9\"> </span>per <span class=\"_ _9\"> </span>l\u2019adempimento <span class=\"_ _9\"> </span>delle <span class=\"_ _9\"> </span>obbligazioni <span class=\"_ _9\"> </span>stesse, <span class=\"_ _16\"> </span>sempre <span class=\"_ _0\"></span>che <span class=\"_ _9\"> </span>possa <span class=\"_ _9\"> </span>essere effettuata una stima attendibile del<span class=\"_ _1\"></span> relativo ammontare.<span class=\"_ _2\"></span> Conseguentemente, la rilevazione di un acc<span class=\"_ _1\"></span>antonamento avviene se e solo se:<span class=\"_ _2\"></span> <span class=\"_ _2c\"> </span><span class=\"ff5\">vi \u00e8 un\u2019obbligazione in corso (legale o implicita) quale<span class=\"ff4\"> risultato di un evento passato;<span class=\"_ _df\"> </span></span></span><span class=\"_ _2c\"> </span><span class=\"ff5\">\u00e8 probabil<span class=\"_ _1\"></span>e che <span class=\"_ _f\"></span>per adempiere <span class=\"_ _f\"></span>all\u2019obbligazione si <span class=\"_ _f\"></span>render\u00e0 nece<span class=\"_ _1\"></span>ssario l\u2019impie<span class=\"_ _1\"></span>go di<span class=\"_ _1\"></span> risorse <span class=\"_ _f\"></span>atte a <span class=\"_ _f\"></span>produrre </span>benefici economici; e<span class=\"_ _df\"> </span><span class=\"_ _2c\"> </span><span class=\"ff5\">pu\u00f2 essere effettuata una stima attendib<span class=\"_ _f\"></span>il<span class=\"_ _2\"></span>e dell\u2019imp<span class=\"_ _1\"></span>orto derivante dall\u2019adempimento dell\u2019obblig<span class=\"_ _2\"></span><span class=\"ff4\">azione. </span></span>L\u2019importo rilevato come <span class=\"_ _f\"></span>accantonamento rappresenta la migliore stima d<span class=\"_ _1\"></span>ella spesa richiesta p<span class=\"_ _1\"></span>er adempiere<span class=\"_ _df\"> </span>all\u2019obbligazione <span class=\"_ _10\"> </span>esistente <span class=\"_ _18\"> </span>alla <span class=\"_ _18\"> </span>data <span class=\"_ _18\"> </span>di <span class=\"_ _10\"> </span>riferimento <span class=\"_ _18\"> </span>del <span class=\"_ _18\"> </span>bilancio <span class=\"_ _18\"> </span>e <span class=\"_ _10\"> </span>r<span class=\"_ _2\"></span>iflette <span class=\"_ _10\"> </span>rischi <span class=\"_ _18\"> </span>ed <span class=\"_ _18\"> </span>incertezze <span class=\"_ _18\"> </span>che inevitabilmente <span class=\"_ _2\"></span>caratterizzano <span class=\"_ _2\"></span>una <span class=\"_ _2\"></span>plurali<span class=\"ff5\">t\u00e0 <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>fatti <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>circost<span class=\"_ _2\"></span>anze. Per <span class=\"_ _2\"></span>tener <span class=\"_ _2\"></span>conto <span class=\"_ _d\"></span>dell\u2019<span class=\"_ _1\"></span>elemento <span class=\"_ _2\"></span>temporale </span>gli <span class=\"_ _9\"> </span>accantonamenti  vengono <span class=\"_ _9\"> </span>at<span class=\"_ _2\"></span>tualizzati <span class=\"_ _9\"> </span>utilizzando  i <span class=\"_ _9\"> </span>tass<span class=\"_ _2\"></span>i <span class=\"_ _9\"> </span>correnti  di <span class=\"_ _9\"> </span>mercato.  L\u2019accantonamento <span class=\"_ _9\"> </span>e  gli<span class=\"_ _df\"> </span>incrementi dovuti al fattore temporale sono rilev<span class=\"_ _1\"></span>ati a Conto Economico.<span class=\"_ _df\"> </span>L\u2019accantonamento <span class=\"_ _2\"></span>viene <span class=\"_ _2\"></span>st<span class=\"_ _2\"></span>ornato <span class=\"_ _2\"></span>quando <span class=\"_ _2\"></span>diviene <span class=\"_ _d\"></span>improbabile <span class=\"_ _2\"></span>l\u2019<span class=\"_ _2\"></span>impiego <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>risors<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>atte <span class=\"_ _d\"></span>a <span class=\"_ _2\"></span>produrre <span class=\"_ _2\"></span>benefici economici per adempiere l\u2019obbligazione oppure qu<span class=\"_ _1\"></span>ando si estingue l\u2019obbligazione.<span class=\"_ _df\"> </span>Nella <span class=\"_ _2\"></span>voce s<span class=\"_ _2\"></span>ono <span class=\"_ _2\"></span>inclusi anche <span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>benefici a <span class=\"_ _d\"></span>lungo t<span class=\"_ _2\"></span>ermine ai <span class=\"_ _d\"></span>dipe<span class=\"_ _1\"></span>ndenti, <span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>cui <span class=\"_ _2\"></span>oneri <span class=\"_ _d\"></span>vengono determinati <span class=\"_ _2\"></span>con <span class=\"_ _2\"></span>i medesimi <span class=\"_ _d\"></span>criteri <span class=\"_ _d\"></span>attuariali <span class=\"_ _d\"></span>descritti <span class=\"_ _d\"></span>per <span class=\"_ _d\"></span>i <span class=\"_ _d\"></span>fondi <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>quiescenza. <span class=\"_ _2\"></span>Gli <span class=\"_ _0\"></span>utili <span class=\"_ _d\"></span>e <span class=\"_ _d\"></span>le <span class=\"_ _d\"></span>perdite <span class=\"_ _2\"></span>at<span class=\"_ _2\"></span>tuariali <span class=\"_ _d\"></span>vengono <span class=\"_ _d\"></span>rilevati tutti immediatamente nel conto economico.<span class=\"_ _df\"> </span>Sez<span class=\"_ _1\"></span>ione<span class=\"_ _1\"></span> 2 <span class=\"ff5\">\u2013<span class=\"_ _1\"></span><span class=\"ff4\"> Risc<span class=\"_ _f\"></span>hi del c<span class=\"_ _1\"></span>on<span class=\"_ _f\"></span>solida<span class=\"_ _1\"></span>to pr<span class=\"_ _1\"></span>ude<span class=\"_ _f\"></span>nziale<span class=\"_ _f\"></span> </span></span>In <span class=\"_ _17\"> </span>questa <span class=\"_ _17\"> </span>sezione <span class=\"_ _17\"> </span>sono <span class=\"_ _17\"> </span>fornite <span class=\"_ _17\"> </span>le <span class=\"_ _17\"> </span>i<span class=\"_ _2\"></span>nformazioni <span class=\"_ _4\"> </span>r<span class=\"_ _2\"></span>iferite <span class=\"_ _4\"> </span>alle <span class=\"_ _17\"> </span>i<span class=\"_ _2\"></span>mprese <span class=\"_ _4\"> </span>incluse <span class=\"_ _17\"> </span>ne<span class=\"_ _2\"></span>l <span class=\"_ _4\"> </span>conso<span class=\"_ _2\"></span>lidato<span class=\"_ _1\"></span> prudenziale (societ\u00e0 appartenenti al Gruppo banc<span class=\"_ _1\"></span>ario). <span class=\"_ _2\"></span> 1.1 Risch<span class=\"_ _1\"></span>io di <span class=\"_ _1\"></span>credito<span class=\"_ _f\"></span> Inform<span class=\"_ _f\"></span>azioni di<span class=\"_ _1\"></span> natu<span class=\"_ _1\"></span>ra <span class=\"_ _1\"></span>quali<span class=\"_ _1\"></span>tativa Secondo <span class=\"_ _2\"></span>le <span class=\"_ _d\"></span>disposizioni <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>el <span class=\"_ _2\"></span>prin<span class=\"_ _2\"></span>cipio <span class=\"_ _2\"></span>contabile <span class=\"_ _d\"></span>IFRS <span class=\"_ _d\"></span>9 <span class=\"_ _2\"></span>le <span class=\"_ _d\"></span>perdite <span class=\"_ _d\"></span>att<span class=\"_ _2\"></span>ese <span class=\"_ _2\"></span>sui <span class=\"_ _2\"></span>cr<span class=\"_ _2\"></span>editi <span class=\"_ _2\"></span>devono <span class=\"_ _2\"></span>essere determinate  v<span class=\"_ _1\"></span>alutando  u<span class=\"_ _1\"></span>na  gamma <span class=\"_ _16\"> </span>di <span class=\"_ _16\"> </span>possibil<span class=\"_ _1\"></span>i  scenari <span class=\"_ _16\"> </span>adeguatamente <span class=\"_ _16\"> </span>ponderati <span class=\"_ _16\"> </span>in <span class=\"_ _9\"> </span>mo<span class=\"_ _2\"></span>do <span class=\"_ _9\"> </span>da riflettere un importo obiettivo in relazione alle loro diffe<span class=\"_ _1\"></span>renti probabilit\u00e0 di realizzo.<span class=\"_ _2\"></span> A <span class=\"_ _16\"> </span>tal <span class=\"_ _9\"> </span>fine  il <span class=\"_ _9\"> </span>modello <span class=\"_ _16\"> </span>di <span class=\"_ _9\"> </span>Impairment  considera <span class=\"_ _9\"> </span>tre <span class=\"_ _16\"> </span>scenari <span class=\"_ _16\"> </span>macroeconomici <span class=\"_ _9\"> </span>futuri:  u<span class=\"_ _f\"></span>no  centrale coerente <span class=\"_ _d\"></span>con <span class=\"_ _d\"></span>i <span class=\"_ _d\"></span>processi <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>pianificazione, <span class=\"_ _d\"></span>ICAAP <span class=\"_ _d\"></span>e <span class=\"_ _d\"></span>RAF <span class=\"_ _d\"></span>e <span class=\"_ _d\"></span>due <span class=\"_ _d\"></span>ulteriori <span class=\"_ _d\"></span>scenari <span class=\"_ _d\"></span>a <span class=\"_ _d\"></span>corollario, <span class=\"_ _d\"></span>volti <span class=\"_ _2\"></span>a rappresentare un range di variabil<span class=\"_ _1\"></span>it\u00e0 tra <span class=\"_ _2\"></span>gli ip<span class=\"_ _1\"></span>otetici scenari plausib<span class=\"_ _2\"></span><span class=\"ls1a\">ili:</span> -<span class=\"_ _28\"> </span><span class=\"ff5\">\u201cScenario Good\u201d \u2013<span class=\"_ _2\"></span><span class=\"ff4\"> scenario con b<span class=\"_ _1\"></span>assa probabilit\u00e0 che si verifichino scenari migliori;<span class=\"_ _df\"> </span></span></span>-<span class=\"_ _28\"> </span><span class=\"ff5\">\u201cScenario Baseline\u201d <span class=\"_ _1\"></span>\u2013<span class=\"ff4\"> scenario <span class=\"_ _f\"></span>centrale coerente <span class=\"_ _f\"></span>con i processi <span class=\"_ _1\"></span>di pianificaz<span class=\"_ _1\"></span>ione, ICAAP <span class=\"_ _1\"></span>e R<span class=\"_ _1\"></span>AF;<span class=\"_ _df\"> </span></span></span>-<span class=\"_ _28\"> </span><span class=\"ff5\">\u201cScenario Bad\u201d \u2013<span class=\"ff4\"> <span class=\"_ _2\"></span>scenario con bassa probab<span class=\"_ _1\"></span>ilit\u00e0 che si verifichino sc<span class=\"_ _2\"></span>enari pegg<span class=\"_ _1\"></span>iori.<span class=\"_ _df\"> </span></span></span>Tali  scenari  sono  sele<span class=\"_ _1\"></span>zionati  tra  quelli  forniti  pe<span class=\"_ _1\"></span>riodicamente  da  un  fornitore  esterno  e  sono<span class=\"_ _df\"> </span>approvati  dal  Consiglio  di  Amministrazione.  Ciascuno  \u00e8  corred<span class=\"_ _1\"></span>ato  dalla  relativa  probabilit\u00e0  di accadimento, <span class=\"_ _4\"> </span>e <span class=\"_ _17\"> </span>fornisce <span class=\"_ _4\"> </span>le <span class=\"_ _17\"> </span>proiezioni <span class=\"_ _17\"> </span>future <span class=\"_ _4\"> </span>dei <span class=\"_ _17\"> </span>p<span class=\"_ _2\"></span>rincipali <span class=\"_ _4\"> </span>in<span class=\"_ _2\"></span>dicatori <span class=\"_ _4\"> </span>macroeconomici <span class=\"_ _17\"> </span>su <span class=\"_ _4\"> </span>un orizzonte di tre anni, con frequenza di osservazione trimestrale.<span class=\"_ _df\"> </span>Si <span class=\"_ _f\"></span>riport<span class=\"_ _2\"></span>a <span class=\"_ _f\"></span>di <span class=\"_ _f\"></span>seguito <span class=\"_ _f\"></span>l\u2019indicazione <span class=\"_ _f\"></span>degli scenari <span class=\"_ _f\"></span>macroeconomici <span class=\"_ _f\"></span>previsti <span class=\"_ _f\"></span>per <span class=\"_ _1\"></span>il <span class=\"_ _f\"></span>calcolo <span class=\"_ _f\"></span>s<span class=\"_ _2\"></span>tandard <span class=\"_ _f\"></span>delle<span class=\"_ _df\"> </span>perdite  attese  ponderate,  corredati  dai  pesi  definiti  in  coerenza  con  la  relativa  probabil<span class=\"_ _1\"></span>it\u00e0  di<span class=\"_ _df\"> </span>accadimento:<span class=\"_ _df\"> </span><table class=\"s wf0f h563\" id=\"_4f0d2f58-6d1f-4ddb-a7ee-286babfc38ff\"><tr><td></td><td></td><td class=\"c x8c5 y32bc wf10 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc4 sc3 ls0 ws0\">Peso<span class=\"_ _f\"></span> da<span class=\"_ _df\"> </span></div></td></tr><tr><td class=\"c x8c6 y32bd w515 h231\"><div class=\"t m0 x8a h1f y96d ff4 fs7 fc4 sc3 ls0 ws0\">Scen<span class=\"_ _1\"></span>ari<span class=\"_ _1\"></span>o IFRS<span class=\"_ _f\"></span> 9 </div></td><td class=\"c x8c7 y32bd w3f4 h231\"><div class=\"t m0 x8a h1f y96d ff4 fs7 fc4 sc3 ls0 ws0\">Descr<span class=\"_ _f\"></span>izione <span class=\"_ _f\"></span>dello sce<span class=\"_ _1\"></span>nar<span class=\"_ _f\"></span>io </div></td><td class=\"c x8c5 y3053 wf11 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc4 sc3 ls0 ws0\">policy<span class=\"_ _df\"> </span></div></td></tr><tr><td></td><td></td><td class=\"c x8c5 y32be wf12 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc4 sc3 ls0 ws0\">Stan<span class=\"_ _f\"></span>dard<span class=\"_ _df\"> </span></div></td></tr><tr><td></td><td class=\"c x8c9 y32c0 wf13 h564\"><div class=\"t m1 x250 h5b y32bf ff4 fs19 fc1 sc0 ls0 ws0\">Stronger <span class=\"_ _f\"></span>Near-<span class=\"ff5\">Term <span class=\"_ _f\"></span>Recovery <span class=\"_ _f\"></span>Scenario <span class=\"_ _f\"></span>(\u201cS1\u201d)<span class=\"_ _df\"> </span></span></div><div class=\"t m0 x8c8 h1f y32bf ff4 fs7 fc1 sc0 ls0 ws0\">: <span class=\"_ _f\"></span>scenario <span class=\"_ _f\"></span>con pr<span class=\"_ _f\"></span>o<span class=\"_ _2\"></span>babilit<span class=\"_ _1\"></span>\u00e0<span class=\"_ _df\"> </span></div></td><td></td></tr><tr><td class=\"c x8c6 y32c1 w515 h2be\"><div class=\"t m1 x8a h5b y532 ff5 fs19 fc4 sc3 ls0 ws0\">\u201cGoo<span class=\"_ _f\"></span>d\u201d<span class=\"ff4 fc1 sc2\"> </span></div></td><td class=\"c x8ca y32c2 wf14 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">del <span class=\"_ _f\"></span>10% c<span class=\"_ _f\"></span>he si <span class=\"_ _f\"></span>realizzi <span class=\"_ _f\"></span>uno <span class=\"_ _f\"></span>scenario <span class=\"_ _f\"></span>migliore <span class=\"_ _1\"></span>e <span class=\"_ _f\"></span>del <span class=\"_ _f\"></span>90% c<span class=\"_ _1\"></span>he <span class=\"_ _f\"></span>se ne <span class=\"_ _11\"></span>realizzi<span class=\"_ _df\"> </span></div></td><td class=\"c x8cb y32c1 w2bc h2be\"><div class=\"t m0 x8a h1f y532 ff4 fs7 fc1 sc0 ls9 ws0\">10%<span class=\"ls0\"> </span></div></td></tr><tr><td></td><td class=\"c x8ca y32c3 wf15 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">uno peggiore<span class=\"_ _df\"> </span></div></td><td></td></tr><tr><td class=\"c x8c6 y32c4 w515 h266\"><div class=\"t m1 x8a h5b y655 ff5 fs19 fc4 sc3 ls0 ws0\">\u201cBas<span class=\"_ _f\"></span>eline\u201d<span class=\"_ _1\"></span><span class=\"ff4 fc1 sc2\"> </span></div></td><td class=\"c x8c9 y32c5 wf16 h564\"><div class=\"t m1 x250 h5b y32bf ff4 fs19 fc1 sc0 ls0 ws0\">Baseline Scenari<span class=\"_ _1\"></span>o<span class=\"_ _df\"> </span></div><div class=\"t m0 x8cc h1f y32bf ff4 fs7 fc1 sc0 ls0 ws0\">: scenario con probabilit<span class=\"_ _1\"></span>\u00e0 del 50% che si realizzi uno<span class=\"_ _df\"> </span></div></td><td class=\"c x8cb y32c4 w2bc h266\"><div class=\"t m0 x8a h1f y655 ff4 fs7 fc1 sc0 ls0 ws0\">80% </div></td></tr><tr><td></td><td class=\"c x8ca y32c6 wf17 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">scenario migliore e<span class=\"_ _1\"></span> del 50% che se <span class=\"_ _f\"></span>ne realizzi uno peggiore<span class=\"_ _df\"> </span></div></td><td></td></tr><tr><td></td><td class=\"c x8c9 y32c7 wf18 h564\"><div class=\"t m1 x250 h5b y32bf ff5 fs19 fc1 sc0 ls0 ws0\">Deep Recession Sce<span class=\"_ _f\"></span>nario<span class=\"_ _2\"></span> (\u201cS3\u201d)<span class=\"_ _df\"> </span></div><div class=\"t m0 x8cd h1f y32bf ff4 fs7 fc1 sc0 ls0 ws0\">: scenario c<span class=\"_ _f\"></span>o<span class=\"_ _2\"></span>n probabilit\u00e0 de<span class=\"_ _1\"></span>l 90% che<span class=\"_ _df\"> </span></div></td><td></td></tr><tr><td class=\"c x8c6 y32c8 w515 h2f8\"><div class=\"t m1 x8a h5b y19ac ff5 fs19 fc4 sc3 ls0 ws0\">\u201cBad\u201d<span class=\"_ _f\"></span><span class=\"ff4 fc1 sc2\"> </span></div></td><td class=\"c x8ca y32c9 wf19 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">si <span class=\"_ _22\"> </span>realizzi  uno  scenario <span class=\"_ _22\"> </span>migliore  e <span class=\"_ _22\"> </span>del <span class=\"_ _22\"> </span>10% <span class=\"_ _22\"> </span>che  se <span class=\"_ _22\"> </span>ne  r<span class=\"_ _2\"></span>ealizzi  uno<span class=\"_ _df\"> </span></div></td><td class=\"c x8cb y32c8 w2bc h2f8\"><div class=\"t m0 x8a h1f y19ac ff4 fs7 fc1 sc0 ls9 ws0\">10%<span class=\"ls0\"> </span></div></td></tr><tr><td></td><td class=\"c x8ca y2491 wb46 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">peggiore<span class=\"_ _df\"> </span></div></td><td></td></tr></table>Ai <span class=\"_ _0\"></span>fini <span class=\"_ _0\"></span>della <span class=\"_ _0\"></span>definizione <span class=\"_ _0\"></span>degli <span class=\"_ _0\"></span>scenari <span class=\"_ _0\"></span>macr<span class=\"_ _2\"></span>o-<span class=\"ff5\">economici, <span class=\"_ _0\"></span>il <span class=\"_ _0\"></span>PIL <span class=\"_ _0\"></span>\u00e8 <span class=\"_ _0\"></span>la <span class=\"_ _9\"> </span>variabile <span class=\"_ _0\"></span>\u201canchor <span class=\"_ _0\"></span>point\u201d, <span class=\"_ _0\"></span>il <span class=\"_ _0\"></span>cui </span>andamento \u00e8 considerato come indicatore rappresentativo<span class=\"_ _2\"></span> del quadro economico generale. Sulla base <span class=\"_ _f\"></span>dell\u2019andamento de<span class=\"_ _1\"></span>l <span class=\"_ _f\"></span>PIL <span class=\"_ _1\"></span>\u00e8 <span class=\"_ _f\"></span>definito l\u2019and<span class=\"_ _1\"></span>amento <span class=\"_ _1\"></span>delle <span class=\"_ _f\"></span>altre vari<span class=\"_ _f\"></span>abili macroeconomich<span class=\"_ _1\"></span>e <span class=\"_ _f\"></span>di rili<span class=\"_ _1\"></span>evo. A ciascuno s<span class=\"_ _2\"></span>cenario macro-economico, in condizioni standard, <span class=\"_ _2\"></span>\u00e8 quindi associata <span class=\"_ _2\"></span>una probabilit\u00e0 di <span class=\"_ _2\"></span>accadimento <span class=\"_ _2\"></span>sulla <span class=\"_ _2\"></span>base <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>loro <span class=\"_ _2\"></span>percentile<span class=\"_ _1\"></span> <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>riferimento <span class=\"_ _2\"></span>nella <span class=\"_ _2\"></span>distribuzione<span class=\"_ _1\"></span> <span class=\"_ _2\"></span>delle <span class=\"_ _2\"></span>variazioni del PIL sugli scenari generati. L\u2019effetto <span class=\"_ _d\"></span>degli <span class=\"_ _d\"></span>Sc<span class=\"_ _2\"></span>enari <span class=\"_ _d\"></span>viene <span class=\"_ _d\"></span>poi <span class=\"_ _0\"></span>tradotto <span class=\"_ _0\"></span>nel <span class=\"_ _d\"></span>modello <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>Im<span class=\"_ _2\"></span>pairment <span class=\"_ _d\"></span>tr<span class=\"_ _2\"></span>amite <span class=\"_ _d\"></span>l\u2019utilizz<span class=\"_ _1\"></span>o <span class=\"_ _0\"></span>di <span class=\"_ _d\"></span>apposit<span class=\"_ _2\"></span>i modelli <span class=\"_ _f\"></span>Satellite <span class=\"_ _1\"></span>che <span class=\"_ _1\"></span>individuano <span class=\"_ _1\"></span>le <span class=\"_ _f\"></span>variabili pi\u00f9 <span class=\"_ _f\"></span>significative p<span class=\"_ _1\"></span>er <span class=\"_ _1\"></span>esprimere <span class=\"_ _f\"></span>la correlazione<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>tra il<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>ciclo economico <span class=\"_ _9\"> </span>e <span class=\"_ _16\"> </span>i <span class=\"_ _9\"> </span>dati <span class=\"_ _16\"> </span>interni, <span class=\"_ _9\"> </span>tenendo <span class=\"_ _16\"> </span>in <span class=\"_ _9\"> </span>considerazione <span class=\"_ _16\"> </span>anche <span class=\"_ _16\"> </span>effetti <span class=\"_ _9\"> </span>in <span class=\"_ _9\"> </span>t<span class=\"_ _2\"></span>ermini <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>scos<span class=\"_ _2\"></span>tamento temporale (adozione<span class=\"_ _1\"></span> di v<span class=\"_ _1\"></span>ariabili ritardate rispe<span class=\"_ _1\"></span>tto ai valori consu<span class=\"_ _1\"></span>ntivi <span class=\"ff5\">\u2013</span> valutando v<span class=\"_ _1\"></span>ari lag <span class=\"_ _f\"></span>t<span class=\"_ _2\"></span>emporali \u2013 <span class=\"ff4\">al <span class=\"_ _2\"></span>fine di cogliere corrett<span class=\"_ _2\"></span>amen<span class=\"_ _1\"></span>te le <span class=\"_ _2\"></span>dinamiche dei processi economici <span class=\"_ _2\"></span>solitamente caratterizzati </span>da forte inerzia e dinamiche di adeguamento ritardate nel temp<span class=\"_ _1\"></span>o<span class=\"_ _2\"></span><span class=\"ls39\">).</span> Questi ultimi sono utilizzati pe<span class=\"_ _1\"></span>r il calcolo della componente forward looking di<span class=\"_ _1\"></span> tutti <span class=\"_ _2\"></span>i parametri che intervengono nel calcolo dell\u2019ECL: PD, LGD e EAD/PrePayment.<span class=\"_ _df\"> </span>Inoltre, <span class=\"_ _0\"></span>per <span class=\"_ _0\"></span>riflettere <span class=\"_ _9\"> </span>le <span class=\"_ _0\"></span>implicazioni <span class=\"_ _0\"></span>future <span class=\"_ _0\"></span>legate <span class=\"_ _0\"></span>al<span class=\"_ _2\"></span>la <span class=\"_ _0\"></span>situazione <span class=\"_ _0\"></span>climatica, <span class=\"_ _0\"></span>sono <span class=\"_ _9\"> </span>considerati <span class=\"_ _0\"></span>tre scenari <span class=\"_ _2\"></span>climatici, <span class=\"_ _2\"></span>scelti <span class=\"_ _d\"></span>tra <span class=\"_ _2\"></span>quelli <span class=\"_ _2\"></span>forniti <span class=\"_ _2\"></span>dal <span class=\"_ _d\"></span>Network <span class=\"_ _2\"></span>for <span class=\"_ _2\"></span>Greening <span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>he <span class=\"_ _2\"></span>Financial <span class=\"_ _d\"></span>System <span class=\"_ _2\"></span>(NGFS), <span class=\"_ _2\"></span>al fine <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>considerare <span class=\"_ _d\"></span>diverse <span class=\"_ _d\"></span>tr<span class=\"_ _2\"></span>aiettorie <span class=\"_ _d\"></span>di <span class=\"_ _2\"></span>de<span class=\"_ _2\"></span>-carbonizzazione <span class=\"_ _d\"></span>valutandone <span class=\"_ _d\"></span>gli <span class=\"_ _d\"></span>effett<span class=\"_ _2\"></span>i <span class=\"_ _d\"></span>sul <span class=\"_ _d\"></span>rischio <span class=\"_ _d\"></span>di credito <span class=\"_ _d\"></span>del <span class=\"_ _d\"></span>Gr<span class=\"_ _2\"></span>uppo. <span class=\"_ _d\"></span>In <span class=\"_ _d\"></span>particolare <span class=\"_ _0\"></span>si <span class=\"_ _0\"></span>considerano <span class=\"_ _d\"></span>gli <span class=\"_ _d\"></span>effett<span class=\"_ _2\"></span>i <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>una <span class=\"_ _0\"></span>transizione <span class=\"_ _d\"></span>or<span class=\"_ _2\"></span>dinata <span class=\"_ _d\"></span>(scenario \u201cNet <span class=\"_ _4\"> </span>Zero\u201d), <span class=\"_ _4\"> </span>una <span class=\"_ _4\"> </span>tr<span class=\"_ _2\"></span>ansizione <span class=\"_ _4\"> </span>disordinata <span class=\"_ _4\"> </span>(scenario <span class=\"_ _4\"> </span>\u201cDelayed <span class=\"_ _4\"> </span>Transition\u201d) <span class=\"_ _4\"> </span>ed <span class=\"_ _4\"> </span>uno <span class=\"_ _4\"> </span>scenario <span class=\"_ _4\"> </span>di<span class=\"_ _2\"></span> politiche <span class=\"_ _f\"></span>attuali <span class=\"_ _1\"></span>(\u201cNDC\u201d), <span class=\"_ _1\"></span>fornendo <span class=\"_ _f\"></span>cos\u00ec <span class=\"_ _1\"></span>un <span class=\"_ _f\"></span>quadro compl<span class=\"_ _1\"></span>eto <span class=\"_ _1\"></span>dei <span class=\"_ _f\"></span>possibili <span class=\"_ _f\"></span>percorsi futuri <span class=\"_ _f\"></span>e <span class=\"_ _f\"></span>dei rel<span class=\"_ _1\"></span>ativi<span class=\"_ _df\"> </span> rischi.<span class=\"_ _df\"> </span> Per maggiori <span class=\"_ _2\"></span>dettagli <span class=\"_ _2\"></span>sugli scenari <span class=\"_ _2\"></span>e relative <span class=\"_ _2\"></span>ponderazioni effettivamente appli<span class=\"_ _2\"></span>cati <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>31 dicembre<span class=\"_ _df\"> </span> 2025 <span class=\"_ _d\"></span>si <span class=\"_ _2\"></span>rimanda <span class=\"_ _d\"></span>a <span class=\"_ _d\"></span>quanto <span class=\"_ _2\"></span>descritto <span class=\"_ _d\"></span>nei <span class=\"_ _2\"></span>successivi <span class=\"_ _2\"></span>paragr<span class=\"_ _2\"></span>afi <span class=\"_ _2\"></span>\u201cMetodi <span class=\"_ _d\"></span>di <span class=\"_ _2\"></span>misurazione <span class=\"_ _d\"></span>delle <span class=\"_ _2\"></span>perdite<span class=\"_ _df\"> </span> attese\u201d e \u201cMisurazione delle pe<span class=\"_ _1\"></span>rdite att<span class=\"_ _2\"></span>ese <span class=\"ff4\">- </span>Definizione dello scenario\u201d.<span class=\"_ _df\"> </span><span class=\"ff4\"> </span>Per quanto concerne le esposizioni classificate nello Stage 3 (C<span class=\"_ _2\"></span>redit-Impaired), la determinazione<span class=\"_ _df\"> </span> dell\u2019ECL lifetime <span class=\"_ _1\"></span>riflette un processo valutativo v<span class=\"_ _1\"></span>olto a recepire <span class=\"_ _f\"></span>la migliore stima dei flussi di cassa<span class=\"_ _df\"> </span> recuperabili, ponderata <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>funzione di <span class=\"_ _2\"></span>molteplici scenari <span class=\"_ _2\"></span>di r<span class=\"_ _2\"></span>ealizzo. <span class=\"_ _2\"></span>Nello specifico, <span class=\"_ _2\"></span>la valutazione<span class=\"_ _df\"> </span> dei crediti deteriorati integra<span class=\"fce sca\">:<span class=\"_ _df\"> </span></span> <span class=\"_ _2c\"> </span><span class=\"ff4\">componenti <span class=\"_ _2\"></span>Forward-<span class=\"ff5\">looking: la <span class=\"_ _2\"></span>stima <span class=\"_ _2\"></span>dei flussi <span class=\"_ _2\"></span>di cassa <span class=\"_ _2\"></span>tiene conto <span class=\"_ _2\"></span>dell\u2019evoluzione del<span class=\"_ _df\"> </span></span></span>contesto <span class=\"_ _10\"> </span>macroeconomico <span class=\"_ _10\"> </span>e <span class=\"_ _10\"> </span>di <span class=\"_ _10\"> </span>specifici <span class=\"_ _10\"> </span>driver <span class=\"_ _10\"> </span>settoriali <span class=\"_ _10\"> </span>che <span class=\"_ _10\"> </span>influenzano <span class=\"_ _10\"> </span>sia <span class=\"_ _10\"> </span>le<span class=\"_ _df\"> </span> tempistiche <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>r<span class=\"_ _2\"></span>ecup<span class=\"_ _1\"></span>ero <span class=\"_ _16\"> </span>che <span class=\"_ _9\"> </span>il <span class=\"_ _9\"> </span>valore <span class=\"_ _9\"> </span>di  reali<span class=\"_ _f\"></span>zzo  de<span class=\"_ _1\"></span>lle <span class=\"_ _9\"> </span>garanzie <span class=\"_ _9\"> </span>(c<span class=\"_ _2\"></span>ollateral). <span class=\"_ _9\"> </span>Tali <span class=\"_ _16\"> </span>stime<span class=\"_ _df\"> </span> includono <span class=\"_ _9\"> </span>pro<span class=\"_ _2\"></span>iezioni<span class=\"_ _1\"></span>  ag<span class=\"_ _1\"></span>giornate <span class=\"_ _16\"> </span>sui <span class=\"_ _9\"> </span>tempi  di<span class=\"_ _1\"></span>  e<span class=\"_ _1\"></span>scussione <span class=\"_ _16\"> </span>e <span class=\"_ _9\"> </span>s<span class=\"_ _2\"></span>ui <span class=\"_ _9\"> </span>costi  di<span class=\"_ _1\"></span>  g<span class=\"_ _1\"></span>estione <span class=\"_ _9\"> </span>delle<span class=\"_ _df\"> </span>procedure giudiziali o stragiudiziali.<span class=\"_ _df\"> </span><span class=\"_ _2c\"> </span><span class=\"ff4\">str<span class=\"_ _2\"></span>ategi<span class=\"_ _1\"></span>e <span class=\"_ _17\"> </span>di <span class=\"_ _17\"> </span>Multi-S<span class=\"_ _2\"></span>cenario <span class=\"_ _17\"> </span>(Selling <span class=\"_ _17\"> </span>Scenario): <span class=\"_ _17\"> </span>in <span class=\"_ _14\"> </span>linea <span class=\"_ _17\"> </span>con <span class=\"_ _14\"> </span>gli <span class=\"_ _17\"> </span>obiettivi <span class=\"_ _17\"> </span>aziendali <span class=\"_ _17\"> </span>di<span class=\"_ _df\"> </span></span>ottimizzazione <span class=\"_ _14\"> </span>dell\u2019<span class=\"ff4\">attivo <span class=\"_ _15\"> </span>e <span class=\"_ _15\"> </span>riduzione <span class=\"_ _14\"> </span>dei <span class=\"_ _15\"> </span>non-performing <span class=\"_ _15\"> </span>loans <span class=\"_ _15\"> </span>(NPL <span class=\"_ _15\"> </span>Strategy), <span class=\"_ _14\"> </span>la<span class=\"_ _df\"> </span></span><span class=\"ff4\"> </span>valutazione  non  si <span class=\"_ _4\"> </span>limita  allo <span class=\"_ _22\"> </span>s<span class=\"_ _2\"></span>cenario  di  recupero <span class=\"_ _4\"> </span>interno  (workout),  ma <span class=\"_ _4\"> </span>integra  la<span class=\"_ _df\"> </span> probabilit\u00e0 di scenari alternat<span class=\"_ _2\"></span>ivi di<span class=\"_ _1\"></span> cessione <span class=\"_ _2\"></span>sul mercato. In tali <span class=\"_ _2\"></span>casi, l\u2019ECL \u00e8 determinato<span class=\"_ _df\"> </span>ponderando <span class=\"_ _2\"></span>i <span class=\"_ _d\"></span>flussi <span class=\"_ _d\"></span>derivanti <span class=\"_ _2\"></span>dal <span class=\"_ _d\"></span>recupero <span class=\"_ _2\"></span>ordinario <span class=\"_ _d\"></span>con <span class=\"_ _2\"></span>i <span class=\"_ _d\"></span>prezzi <span class=\"_ _2\"></span>di <span class=\"_ _d\"></span>cessione <span class=\"_ _2\"></span>st<span class=\"_ _2\"></span>imati <span class=\"_ _2\"></span>per<span class=\"_ _df\"> </span> quote <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>port<span class=\"_ _2\"></span>afoglio <span class=\"_ _d\"></span>oggetto <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>potenziali <span class=\"_ _d\"></span>operazioni <span class=\"_ _d\"></span>di <span class=\"_ _0\"></span>vendita, <span class=\"_ _d\"></span>riflettendo <span class=\"_ _0\"></span>cos\u00ec <span class=\"_ _d\"></span>il <span class=\"_ _d\"></span>reale<span class=\"_ _df\"> </span>valore di <span class=\"_ _2\"></span>presumibile <span class=\"_ _2\"></span>realizzo. <span class=\"_ _2\"></span>Al <span class=\"_ _2\"></span>31 <span class=\"_ _2\"></span>dicembre <span class=\"_ _2\"></span>2025 non <span class=\"_ _2\"></span>sono <span class=\"_ _2\"></span>presenti <span class=\"_ _2\"></span>posizioni valutate<span class=\"_ _df\"> </span>secondo la presente modalit\u00e0.<span class=\"_ _df\"> </span>Tenendo <span class=\"_ _0\"></span>in <span class=\"_ _9\"> </span>considerazione <span class=\"_ _9\"> </span>quanto <span class=\"_ _9\"> </span>sopra <span class=\"_ _0\"> </span>e <span class=\"_ _9\"> </span>in <span class=\"_ _9\"> </span>coerenza <span class=\"_ _9\"> </span>con <span class=\"_ _0\"></span>gli <span class=\"_ _9\"> </span>indirizzi <span class=\"_ _0\"></span>e <span class=\"_ _9\"> </span>gli <span class=\"_ _9\"> </span>obiettivi <span class=\"_ _0\"></span>r<span class=\"_ _2\"></span>elativi <span class=\"_ _0\"></span>al<span class=\"_ _df\"> </span> portafoglio <span class=\"_ _9\"> </span>NPL, <span class=\"_ _9\"> </span>le <span class=\"_ _9\"> </span>svalutazioni <span class=\"_ _9\"> </span>s<span class=\"_ _2\"></span>ui <span class=\"_ _0\"></span>crediti <span class=\"_ _9\"> </span>deteriorati <span class=\"_ _16\"> </span>vengono <span class=\"_ _9\"> </span>applicate <span class=\"_ _0\"></span>at<span class=\"_ _2\"></span>traverso  le <span class=\"_ _0\"></span>seguenti<span class=\"_ _df\"> </span> metodologie:  <span class=\"fce sca\"> </span>-<span class=\"_ _43\"> </span><span class=\"ff4\">Analitiche sulle singole e<span class=\"_ _1\"></span>sposizioni, in relazione alle rettifiche appli<span class=\"_ _1\"></span>cate a tali esposizioni, nel<span class=\"_ _df\"> </span></span><span class=\"ff4\"> </span>corso <span class=\"_ _14\"> </span>del <span class=\"_ _14\"> </span>periodo <span class=\"_ _14\"> </span>cor<span class=\"_ _2\"></span>rente <span class=\"_ _14\"> </span>le <span class=\"_ _17\"> </span>perdite <span class=\"_ _15\"> </span>attese <span class=\"_ _14\"> </span>sui <span class=\"_ _14\"> </span>crediti <span class=\"_ _14\"> </span>deteriorati <span class=\"_ _14\"> </span>sono <span class=\"_ _15\"> </span>determinate<span class=\"_ _df\"> </span> analiticamente <span class=\"_ _15\"> </span>in <span class=\"_ _e\"> </span>base <span class=\"_ _15\"> </span>alle <span class=\"_ _e\"> </span>previsioni <span class=\"_ _15\"> </span>di <span class=\"_ _15\"> </span>r<span class=\"_ _2\"></span>ecup<span class=\"_ _1\"></span>ero <span class=\"_ _e\"> </span>formulate <span class=\"_ _15\"> </span>dal <span class=\"_ _e\"> </span>gestore <span class=\"_ _15\"> </span>o <span class=\"_ _e\"> </span>risul<span class=\"_ _2\"></span>tanti<span class=\"_ _df\"> </span> dall\u2019applicazione del <span class=\"_ _1\"></span>regolamento interno \u201clinee <span class=\"_ _1\"></span>guida e criteri d<span class=\"_ _1\"></span>i svalutazione crediti <span class=\"_ _1\"></span>gruppo<span class=\"_ _df\"> </span>Credem\u201d, <span class=\"_ _16\"> </span>attualizzate  in <span class=\"_ _9\"> </span>funzione  dei <span class=\"_ _16\"> </span>tassi  di <span class=\"_ _9\"> </span>interesse  effettivi <span class=\"_ _16\"> </span>originari  e<span class=\"_ _1\"></span>  della <span class=\"_ _16\"> </span>relativa<span class=\"_ _df\"> </span>tempistica <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>ecupero <span class=\"_ _2\"></span>prevista. <span class=\"_ _2\"></span>Considerato <span class=\"_ _d\"></span>che <span class=\"_ _2\"></span>le <span class=\"_ _2\"></span>previsioni <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>recupero <span class=\"_ _2\"></span>assumono <span class=\"_ _d\"></span>come<span class=\"_ _df\"> </span> riferimento <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>specifica s<span class=\"_ _2\"></span>ituazione del <span class=\"_ _2\"></span>debitore, <span class=\"_ _2\"></span>si <span class=\"_ _2\"></span>ritiene <span class=\"_ _2\"></span>non <span class=\"_ _2\"></span>trovi <span class=\"_ _2\"></span>coerenza di <span class=\"_ _2\"></span>applicazione<span class=\"_ _df\"> </span>un\u2019analisi <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>sensitivity <span class=\"_ _d\"></span>delle <span class=\"_ _2\"></span>per<span class=\"_ _2\"></span>dite <span class=\"_ _2\"></span>at<span class=\"_ _2\"></span>tese <span class=\"_ _2\"></span>su <span class=\"_ _d\"></span>t<span class=\"_ _2\"></span>ali <span class=\"_ _2\"></span>esposizioni. <span class=\"_ _d\"></span> <span class=\"_ _d\"></span>Ciononostante, <span class=\"_ _d\"></span>il <span class=\"_ _d\"></span>perdurare<span class=\"_ _df\"> </span> delle <span class=\"_ _10\"> </span>tensioni <span class=\"_ _10\"> </span>geopolitiche <span class=\"_ _10\"> </span>n<span class=\"_ _2\"></span>ei <span class=\"_ _10\"> </span>quadranti <span class=\"_ _18\"> </span>dell'Europa <span class=\"_ _10\"> </span>Orientale <span class=\"_ _10\"> </span>e <span class=\"_ _18\"> </span>del <span class=\"_ _10\"> </span>Medio <span class=\"_ _10\"> </span>Oriente,<span class=\"_ _df\"> </span> unitamente <span class=\"_ _4\"> </span>alla <span class=\"_ _22\"> </span>framm<span class=\"_ _2\"></span>entazione  dei <span class=\"_ _4\"> </span>mercati <span class=\"_ _4\"> </span>globali, <span class=\"_ _4\"> </span>alimenta <span class=\"_ _4\"> </span>un <span class=\"_ _4\"> </span>qu<span class=\"_ _1\"></span>adro <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>incertezza<span class=\"_ _df\"> </span>macroeconomica. <span class=\"_ _0\"></span>Tali <span class=\"_ _9\"> </span>fattori <span class=\"_ _9\"> </span>potrebbero <span class=\"_ _0\"></span>incidere <span class=\"_ _0\"></span>negativament<span class=\"_ _2\"></span>e <span class=\"_ _0\"></span>sul <span class=\"_ _9\"> </span>merito <span class=\"_ _9\"> </span>creditizio <span class=\"_ _0\"></span>dei<span class=\"_ _df\"> </span> debitori, <span class=\"_ _e\"> </span>con <span class=\"_ _e\"> </span>particolare <span class=\"_ _e\"> </span>riferimento <span class=\"_ _e\"> </span>ai <span class=\"_ _10\"> </span>settori <span class=\"_ _15\"> </span>energy-intens<span class=\"_ _2\"></span>ive,<span class=\"_ _1\"></span> <span class=\"_ _e\"> </span>della <span class=\"_ _e\"> </span>logistica <span class=\"_ _e\"> </span>e <span class=\"_ _e\"> </span>del<span class=\"_ _df\"> </span> manifatturiero <span class=\"_ _14\"> </span>export-<span class=\"ff5\">or<span class=\"_ _2\"></span>iented.<span class=\"_ _1\"></span> <span class=\"_ _14\"> </span>L\u2019instabilit\u00e0 <span class=\"_ _14\"> </span>di <span class=\"_ _14\"> </span>t<span class=\"_ _2\"></span>ali <span class=\"_ _14\"> </span>comparti <span class=\"_ _14\"> </span>e <span class=\"_ _15\"> </span>delle <span class=\"_ _14\"> </span>relative <span class=\"_ _14\"> </span>cat<span class=\"_ _2\"></span>ene <span class=\"_ _14\"> </span>di<span class=\"_ _df\"> </span></span>approvvigionamento <span class=\"_ _f\"></span>potrebbe <span class=\"_ _f\"></span>generare <span class=\"_ _f\"></span>rettifiche <span class=\"_ _f\"></span>di <span class=\"_ _1\"></span>valore <span class=\"_ _f\"></span>potenzialmente <span class=\"_ _f\"></span>superiori <span class=\"_ _1\"></span>rispetto<span class=\"_ _df\"> </span> alle <span class=\"_ _9\"> </span>s<span class=\"_ _2\"></span>time <span class=\"_ _9\"> </span>eff<span class=\"_ _2\"></span>ettuate <span class=\"_ _16\"> </span>a <span class=\"_ _16\"> </span>dicembre <span class=\"_ _16\"> </span>2025. <span class=\"_ _16\"> </span>A <span class=\"_ _9\"> </span>part<span class=\"_ _2\"></span>ire <span class=\"_ _16\"> </span>dal <span class=\"_ _9\"> </span>2023  ha <span class=\"_ _9\"> </span>as<span class=\"_ _2\"></span>sunto <span class=\"_ _16\"> </span>sempre <span class=\"_ _9\"> </span>maggiore<span class=\"_ _df\"> </span> rilevanza <span class=\"_ _9\"> </span>il <span class=\"_ _9\"> </span>crit<span class=\"_ _2\"></span>erio <span class=\"_ _9\"> </span>delle <span class=\"_ _9\"> </span>s<span class=\"_ _2\"></span>valutazioni <span class=\"_ _9\"> </span>minime <span class=\"_ _9\"> </span>p<span class=\"_ _2\"></span>er <span class=\"_ _9\"> </span>ageing <span class=\"_ _9\"> </span>introdott<span class=\"_ _2\"></span>e  p<span class=\"_ _1\"></span>er <span class=\"_ _16\"> </span>le <span class=\"_ _9\"> </span>categorie <span class=\"_ _9\"> </span>delle<span class=\"_ _df\"> </span>sofferenze e delle inadempienze probabili<span class=\"_ _1\"></span>.<span class=\"_ _df\"> </span> -<span class=\"_ _43\"> </span><span class=\"ff4\">Si <span class=\"_ _0\"></span>specifica <span class=\"_ _9\"> </span>che <span class=\"_ _9\"> </span>per <span class=\"_ _9\"> </span>quanto <span class=\"_ _9\"> </span>riguarda <span class=\"_ _9\"> </span>i <span class=\"_ _0\"></span>crediti <span class=\"_ _9\"> </span>cla<span class=\"_ _2\"></span>ssificati <span class=\"_ _0\"></span>a <span class=\"_ _9\"> </span>sofferenza <span class=\"_ _9\"> </span>e <span class=\"_ _0\"> </span>ad <span class=\"_ _16\"> </span>inadempienza<span class=\"_ _df\"> </span></span>probabile <span class=\"_ _1\"></span>con esp<span class=\"_ _1\"></span>osizione <span class=\"_ _1\"></span>minore o u<span class=\"_ _1\"></span>guale d<span class=\"_ _1\"></span>i Euro <span class=\"_ _1\"></span>25.000 vi<span class=\"_ _1\"></span>ene <span class=\"_ _f\"></span>a<span class=\"_ _2\"></span>pplicata u<span class=\"_ _1\"></span>na pe<span class=\"_ _1\"></span>rcentuale di<span class=\"_ _df\"> </span> svalutazione <span class=\"_ _10\"> </span>minima <span class=\"_ _18\"> </span>forfettaria <span class=\"_ _18\"> </span>pari <span class=\"_ _10\"> </span>r<span class=\"_ _2\"></span>ispettivamente <span class=\"_ _10\"> </span>al <span class=\"_ _10\"> </span>95<span class=\"_ _2\"></span>% <span class=\"_ _10\"> </span>(sofferenze) <span class=\"_ _10\"> </span>e <span class=\"_ _18\"> </span>al <span class=\"_ _18\"> </span>70%<span class=\"_ _df\"> </span> (inadempienze probabili).<span class=\"_ _df\"> </span>-<span class=\"_ _43\"> </span><span class=\"ff4\">Svalutazioni <span class=\"_ _2\"></span>determinate <span class=\"_ _2\"></span>secondo <span class=\"_ _2\"></span>uno <span class=\"_ _2\"></span>specifico <span class=\"_ _2\"></span>modello, <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>possono <span class=\"_ _d\"></span>essere applicate <span class=\"_ _2\"></span>ad<span class=\"_ _df\"> </span></span>un  portafoglio <span class=\"_ _4\"> </span>di  posizioni  a <span class=\"_ _22\"> </span>Sofferenza  valutate <span class=\"_ _22\"> </span>in <span class=\"_ _4\"> </span>un\u2019ottica  di  dismissione <span class=\"_ _22\"> </span>(di <span class=\"_ _22\"> </span>seguito<span class=\"_ _df\"> </span>definito \u201cPortafoglio sotto<span class=\"ff4\">-</span>modello Stage 3\u201d o \u201cPortafoglio\u201d)<span class=\"ff4\">.<span class=\"_ _df\"> </span></span><span class=\"ff4\"> </span>Al <span class=\"_ _f\"></span>31/12/2025 <span class=\"_ _1\"></span>non <span class=\"_ _f\"></span>vi <span class=\"_ _f\"></span>sono <span class=\"_ _f\"></span>posi<span class=\"_ _2\"></span><span class=\"ff5\">zioni <span class=\"_ _11\"></span>classificate <span class=\"_ _f\"></span>all\u2019interno de<span class=\"_ _1\"></span>l <span class=\"_ _f\"></span>Portafoglio <span class=\"_ _f\"></span>so<span class=\"_ _2\"></span>tto<span class=\"ff4\">-modello <span class=\"_ _f\"></span>Stage<span class=\"_ _df\"> </span></span></span>3.<span class=\"_ _df\"> </span>1.  As<span class=\"_ _1\"></span>petti <span class=\"_ _1\"></span>genera<span class=\"_ _f\"></span>li Il Gruppo Credem conferma <span class=\"_ _2\"></span>la qualit\u00e0 del credito quale pilastro <span class=\"_ _2\"></span>dell<span class=\"_ _1\"></span>a propria <span class=\"_ _2\"></span>stabilit\u00e0 patrimoniale e driver <span class=\"_ _2\"></span>strategico <span class=\"_ _2\"></span>per la <span class=\"_ _2\"></span>creazione di <span class=\"_ _2\"></span>valore. L\u2019attivit\u00e0 <span class=\"_ _2\"></span>di<span class=\"ff4\"> <span class=\"_ _2\"></span>erogazione <span class=\"_ _2\"></span>si fonda <span class=\"_ _2\"></span>sui seguenti <span class=\"_ _2\"></span>principi </span>guida: -<span class=\"_ _28\"> </span><span class=\"ff4\">identit\u00e0 <span class=\"_ _14\"> </span>Commerciale: <span class=\"_ _14\"> </span>coerenza <span class=\"_ _15\"> </span>con <span class=\"_ _15\"> </span>il <span class=\"_ _17\"> </span>mo<span class=\"_ _2\"></span>dell<span class=\"_ _1\"></span>o <span class=\"_ _14\"> </span>di <span class=\"_ _15\"> </span>banca <span class=\"_ _14\"> </span>commerciale <span class=\"_ _17\"> </span>domest<span class=\"_ _2\"></span>ica,<span class=\"_ _df\"> </span></span>valutando  l\u2019attivit\u00e0  del  cliente  i<span class=\"_ _2\"></span>n  stretta  relazione  alla  sua <span class=\"_ _4\"> </span>dimensione  e  al  presidio<span class=\"_ _df\"> </span>territoriale della rete Credem.<span class=\"_ _df\"> </span>-<span class=\"_ _28\"> </span><span class=\"ff4\">analisi <span class=\"_ _d\"></span>Tecnica <span class=\"_ _d\"></span>del <span class=\"_ _d\"></span>Risch<span class=\"_ _2\"></span>io: <span class=\"_ _d\"></span>adozione <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>criteri <span class=\"_ _d\"></span>oggettivi <span class=\"_ _d\"></span>per <span class=\"_ _d\"></span>allineare <span class=\"_ _d\"></span>il <span class=\"_ _d\"></span>credito <span class=\"_ _0\"></span>alle <span class=\"_ _d\"></span>reali<span class=\"_ _df\"> </span></span>esigenze <span class=\"_ _4\"> </span>finanziarie <span class=\"_ _4\"> </span>e <span class=\"_ _4\"> </span>alla <span class=\"_ _4\"> </span>capacit\u00e0 <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>r<span class=\"_ _2\"></span>imborso <span class=\"_ _4\"> </span>(storica <span class=\"_ _4\"> </span>e <span class=\"_ _4\"> </span>prospettica) <span class=\"_ _4\"> </span>del <span class=\"_ _4\"> </span>cliente,<span class=\"_ _df\"> </span>minimizzando il ricorso a rifinanziame<span class=\"_ _1\"></span>nti successivi.<span class=\"_ _df\"> </span>-<span class=\"_ _28\"> </span><span class=\"ff4\">data <span class=\"_ _17\"> </span>Governance <span class=\"_ _4\"> </span>e <span class=\"_ _17\"> </span>Rating: <span class=\"_ _4\"> </span>centr<span class=\"_ _2\"></span>alit\u00e0 <span class=\"_ _4\"> </span>della <span class=\"_ _4\"> </span>qualit\u00e0 <span class=\"_ _17\"> </span>informativa <span class=\"_ _4\"> </span>per <span class=\"_ _17\"> </span>una <span class=\"_ _4\"> </span>valutazione<span class=\"_ _df\"> </span></span>rigorosa del profilo di rischio, sintetizzato nei mode<span class=\"_ _1\"></span>lli di rating interno.<span class=\"_ _df\"> </span>-<span class=\"_ _28\"> </span><span class=\"ff4\">diversificazione <span class=\"_ _10\"> </span>e <span class=\"_ _e\"> </span>sel<span class=\"_ _2\"></span>ettivit\u00e0: <span class=\"_ _e\"> </span>frazionamento <span class=\"_ _10\"> </span>del <span class=\"_ _10\"> </span>rischio <span class=\"_ _10\"> </span>attraverso <span class=\"_ _10\"> </span>un <span class=\"_ _e\"> </span>port<span class=\"_ _2\"></span>afogl<span class=\"_ _1\"></span>io<span class=\"_ _df\"> </span></span>diversificato, <span class=\"_ _16\"> </span>guidato <span class=\"_ _16\"> </span>da <span class=\"_ _9\"> </span>un  approccio <span class=\"_ _9\"> </span>s<span class=\"_ _2\"></span>elettivo <span class=\"_ _16\"> </span>coerente <span class=\"_ _16\"> </span>con <span class=\"_ _16\"> </span>i <span class=\"_ _16\"> </span>target  d<span class=\"_ _1\"></span>i <span class=\"_ _16\"> </span>capitale <span class=\"_ _9\"> </span>e  il<span class=\"_ _df\"> </span>binomio rischio/rendimento.<span class=\"_ _df\"> </span>-<span class=\"_ _28\"> </span><span class=\"ff4\">visione <span class=\"_ _0\"></span>Unitaria <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>Gruppo: <span class=\"_ _0\"></span>valutazione <span class=\"_ _d\"></span>consolidata <span class=\"_ _0\"></span>delle <span class=\"_ _0\"></span>contropart<span class=\"_ _2\"></span>i <span class=\"_ _d\"></span>per <span class=\"_ _0\"></span>garantire <span class=\"_ _0\"></span>una </span>prospettiva di rischio integrata sul<span class=\"_ _1\"></span>l'intero Gruppo.<span class=\"_ _df\"> </span>-<span class=\"_ _28\"> </span><span class=\"ff4\">presidio <span class=\"_ _e\"> </span>Formale <span class=\"_ _e\"> </span>e <span class=\"_ _15\"> </span>Specialistico: <span class=\"_ _15\"> </span>mass<span class=\"_ _2\"></span>ima <span class=\"_ _15\"> </span>cura <span class=\"_ _e\"> </span>della <span class=\"_ _15\"> </span>regolarit\u00e0 <span class=\"_ _e\"> </span>procedurale <span class=\"_ _15\"> </span>pre-<span class=\"_ _df\"> </span></span>erogazione, supportata da struttu<span class=\"_ _1\"></span>re tecniche interne dedicate.<span class=\"_ _df\"> </span>-<span class=\"_ _28\"> </span><span class=\"ff4\">monitor<span class=\"_ _2\"></span>aggio <span class=\"_ _4\"> </span>Proattivo: <span class=\"_ _4\"> </span>gestione <span class=\"_ _4\"> </span>dinamica <span class=\"_ _4\"> </span>dei <span class=\"_ _17\"> </span>rapporti <span class=\"_ _4\"> </span>e <span class=\"_ _17\"> </span>controlli <span class=\"_ _4\"> </span>centralizzati <span class=\"_ _17\"> </span>per<span class=\"_ _df\"> </span></span>intercettare tempestivamente <span class=\"_ _1\"></span>segnali di deterioramento e<span class=\"_ _1\"></span> attivare str<span class=\"_ _2\"></span>ategie<span class=\"_ _f\"></span> di recupero<span class=\"_ _df\"> </span>efficaci.<span class=\"_ _df\"> </span>-<span class=\"_ _28\"> </span><span class=\"ff4\">gestione <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>ei <span class=\"_ _2\"></span>Deteriorati: <span class=\"_ _2\"></span>politiche <span class=\"_ _d\"></span>rigorose <span class=\"_ _2\"></span>di <span class=\"_ _d\"></span>classificazione <span class=\"_ _2\"></span>e <span class=\"_ _d\"></span>copertura <span class=\"_ _2\"></span>(provisioning),<span class=\"_ _df\"> </span></span>con <span class=\"_ _2\"></span>una preferenza per <span class=\"_ _2\"></span>soluzioni <span class=\"_ _2\"></span>transattive e <span class=\"_ _2\"></span>stragiudi<span class=\"_ _1\"></span>ziali volte <span class=\"_ _2\"></span>all'efficientamento <span class=\"_ _2\"></span>dei costi di recupero.<span class=\"_ _df\"> </span>-<span class=\"_ _28\"> </span><span class=\"ff4\">integrazione Fattori ESG: focus s<span class=\"_ _f\"></span>ist<span class=\"_ _2\"></span>ematico sui <span class=\"_ _1\"></span>rischi climatici e<span class=\"_ _f\"></span> ambientali, valutandone<span class=\"_ _df\"> </span></span>l\u2019impatto sulla sostenibili<span class=\"_ _1\"></span>t\u00e0 dei debitori e sul valore delle garanzie (collateral).<span class=\"_ _df\"> </span>-<span class=\"_ _28\"> </span><span class=\"ff4\">esclusione <span class=\"_ _4\"> </span>S<span class=\"_ _2\"></span>ettori <span class=\"_ _4\"> </span>Controversi: <span class=\"_ _4\"> </span>as<span class=\"_ _2\"></span>tensione <span class=\"_ _4\"> </span>dal <span class=\"_ _4\"> </span>finanziamento <span class=\"_ _17\"> </span>di <span class=\"_ _4\"> </span>at<span class=\"_ _2\"></span>tivit\u00e0 <span class=\"_ _4\"> </span>non <span class=\"_ _17\"> </span>etiche </span>definite dal <span class=\"_ _f\"></span>CdA, con particolare <span class=\"_ _f\"></span>r<span class=\"_ _2\"></span>iguardo <span class=\"_ _1\"></span>alla produzi<span class=\"_ _1\"></span>one di <span class=\"_ _1\"></span>armi non <span class=\"_ _f\"></span>convenzionali e alla<span class=\"_ _df\"> </span>speculazione su commodities alimentari.<span class=\"_ _df\"> </span>1.1 Im<span class=\"_ _f\"></span>patti deri<span class=\"_ _1\"></span>vanti<span class=\"_ _1\"></span> dal <span class=\"_ _f\"></span>rischio cli<span class=\"_ _1\"></span>mat<span class=\"_ _1\"></span>ico in <span class=\"_ _f\"></span>relazione<span class=\"_ _1\"></span> al ris<span class=\"_ _f\"></span>chio di c<span class=\"_ _f\"></span>redito 2.4 Te<span class=\"_ _1\"></span>cnic<span class=\"_ _f\"></span>he di mit<span class=\"_ _1\"></span>igazio<span class=\"_ _f\"></span>ne del ri<span class=\"_ _f\"></span>schio di cr<span class=\"_ _f\"></span>edito<span class=\"_ _df\"> </span> I <span class=\"_ _f\"></span>collateral e <span class=\"_ _f\"></span>le <span class=\"_ _f\"></span>garanzie <span class=\"_ _1\"></span>rivestono <span class=\"_ _f\"></span>particolare <span class=\"_ _1\"></span>rilevanza <span class=\"_ _f\"></span>nelle <span class=\"_ _f\"></span>s<span class=\"_ _2\"></span>trategie <span class=\"_ _f\"></span>creditizie <span class=\"_ _f\"></span>del <span class=\"_ _1\"></span>Gruppo <span class=\"_ _f\"></span>Credem<span class=\"_ _df\"> </span> in quanto consentono <span class=\"_ _2\"></span>la mitigazione <span class=\"_ _2\"></span>nel complessivo ciclo <span class=\"_ _2\"></span>di vita <span class=\"_ _2\"></span>del credito, pur <span class=\"_ _2\"></span>mantenendo un<span class=\"_ _df\"> </span> carattere <span class=\"_ _22\"> </span>accessor<span class=\"_ _2\"></span>io  nel <span class=\"_ _4\"> </span>processo  di <span class=\"_ _4\"> </span>valu<span class=\"_ _1\"></span>tazio<span class=\"_ _2\"></span><span class=\"ff5\">ne  e <span class=\"_ _4\"> </span>concessione <span class=\"_ _22\"> </span>del <span class=\"_ _4\"> </span>credito <span class=\"_ _22\"> </span>dove <span class=\"_ _4\"> </span>l\u2019elemento<span class=\"_ _df\"> </span></span><span class=\"ff5\"> </span>fondante <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>valutazione <span class=\"_ _2\"></span>della <span class=\"_ _2\"></span>capacit\u00e0 <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>imborso <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>debitore. <span class=\"_ _2\"></span>In <span class=\"_ _2\"></span>tal <span class=\"_ _2\"></span>senso <span class=\"_ _2\"></span>l\u2019acquisizione <span class=\"_ _2\"></span>delle<span class=\"_ _df\"> </span> stesse, comporta un\u2019approfondita attivi<span class=\"_ _1\"></span>t\u00e0 valutativa sia i<span class=\"_ _1\"></span>n fase di acqui<span class=\"_ _1\"></span>sizione sia di monitoraggio<span class=\"_ _df\"> </span> e gestion<span class=\"lse\">e.<span class=\"_ _df\"> </span></span> Per i collateral <span class=\"_ _2\"></span>immobiliari sono definiti, conformemente <span class=\"_ _2\"></span>ad i requisiti <span class=\"_ _2\"></span>normativi, i principi g<span class=\"_ _2\"></span>enerali<span class=\"_ _df\"> </span> che consentono un sano e prudente processo di valutazione<span class=\"_ _1\"></span> degli immobili oggetto dei collateral:<span class=\"_ _df\"> </span><span class=\"_ _2\"></span> <span class=\"_ _2c\"> </span><span class=\"ff5\">Indipendenza <span class=\"_ _2\"></span>della <span class=\"_ _2\"></span>valutazione <span class=\"_ _2\"></span>tramite <span class=\"_ _2\"></span>l\u2019utilizz<span class=\"_ _1\"></span>o <span class=\"_ _2\"></span>di<span class=\"ff4\"> <span class=\"_ _2\"></span>periti <span class=\"_ _2\"></span>esterni <span class=\"_ _2\"></span>indipendenti dal <span class=\"_ _2\"></span>processo <span class=\"_ _2\"></span>di<span class=\"_ _df\"> </span></span></span>erogazione del credito.<span class=\"_ _df\"> </span> <span class=\"_ _2c\"> </span><span class=\"ff5\">Conformit\u00e0 e <span class=\"_ _2\"></span>congruit\u00e0 della valutazione, adeguata alla <span class=\"_ _2\"></span>complessit\u00e0 dell\u2019ope<span class=\"_ _1\"></span>razione, alla <span class=\"_ _2\"></span>sua<span class=\"_ _df\"> </span></span><span class=\"ff5\"> </span>dimensione, alla <span class=\"_ _f\"></span>t<span class=\"_ _2\"></span>ipologia <span class=\"_ _1\"></span>dell\u2019immobile p<span class=\"_ _1\"></span>er l\u2019individuazione de<span class=\"_ _1\"></span>l valore di <span class=\"_ _1\"></span>mercato su cui<span class=\"_ _1\"></span> v<span class=\"ff4\">iene<span class=\"_ _df\"> </span></span>calcolato l\u2019indicatore di loan to value.<span class=\"_ _df\"> </span><span class=\"_ _2c\"> </span><span class=\"ff4\">Un <span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>obusto <span class=\"_ _2\"></span>sistema <span class=\"_ _2\"></span>di <span class=\"_ _d\"></span>controlli, <span class=\"_ _2\"></span>conforme <span class=\"_ _d\"></span>ad <span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>equi<span class=\"_ _1\"></span>siti <span class=\"_ _2\"></span>nor<span class=\"_ _2\"></span>mativi, <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>presidio <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>el <span class=\"_ _2\"></span>processo <span class=\"_ _2\"></span>di<span class=\"_ _df\"> </span></span>valutazione.<span class=\"_ _df\"> </span>Vista l\u2019importanza de<span class=\"_ _1\"></span>l comparto <span class=\"_ _1\"></span>mutui nel<span class=\"_ _1\"></span> portafoglio complessivo <span class=\"_ _1\"></span>e in ottica d<span class=\"_ _1\"></span>i adegu<span class=\"_ _1\"></span>amento alle<span class=\"_ _df\"> </span> Disposizioni <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>Vigilanza \u00e8 <span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>tato <span class=\"_ _2\"></span>messo <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>punto <span class=\"_ _2\"></span>un <span class=\"_ _2\"></span>processo <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>monitoraggio <span class=\"_ _2\"></span>periodico <span class=\"_ _2\"></span>del va<span class=\"_ _2\"></span>lore<span class=\"_ _df\"> </span> degli <span class=\"_ _0\"></span>immobili <span class=\"_ _9\"> </span>oggetto <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>ipoteca <span class=\"_ _0\"></span>al <span class=\"_ _9\"> </span>fine <span class=\"_ _0\"></span>di <span class=\"_ _9\"> </span>una <span class=\"_ _0\"></span>cor<span class=\"_ _2\"></span>retta <span class=\"_ _0\"></span>valutazione <span class=\"_ _0\"> </span>del <span class=\"_ _9\"> </span>grado <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>copertura <span class=\"_ _9\"> </span>dei<span class=\"_ _df\"> </span> collateral.<span class=\"_ _df\"> </span> All\u2019interno d<span class=\"_ _1\"></span>el \u201cRegolamento pe<span class=\"_ _1\"></span>r l\u2019assunzione dei rischi di <span class=\"_ _f\"></span>cr<span class=\"_ _2\"></span>edito v<span class=\"_ _1\"></span>erso la clie<span class=\"_ _1\"></span>ntela\u201d \u00e8 codi<span class=\"_ _1\"></span>ficata la<span class=\"_ _df\"> </span> ponderazione <span class=\"_ _d\"></span>da <span class=\"_ _d\"></span>applicare <span class=\"_ _0\"></span>alle <span class=\"_ _d\"></span>diverse <span class=\"_ _0\"></span>operazioni <span class=\"_ _d\"></span>ipotecarie <span class=\"_ _d\"></span>in <span class=\"_ _0\"></span>base <span class=\"_ _d\"></span>alla <span class=\"_ _0\"></span>natura <span class=\"_ _d\"></span>dell\u2019immobile. <span class=\"_ _d\"></span>Il<span class=\"_ _df\"> </span> Comitato di Cre<span class=\"_ _1\"></span>dit Strategy, i<span class=\"_ _1\"></span>noltre, propone p<span class=\"_ _1\"></span>eriodicamente le <span class=\"_ _1\"></span>linee guida <span class=\"_ _1\"></span>di indirizzo i<span class=\"_ _1\"></span>n termini di<span class=\"_ _df\"> </span> Loan <span class=\"_ _2\"></span>To Value <span class=\"_ _2\"></span>media d<span class=\"_ _2\"></span>el portafoglio <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>delle nuove <span class=\"_ _2\"></span>erogazioni. In <span class=\"_ _2\"></span>particolare, <span class=\"_ _2\"></span>proprio <span class=\"_ _2\"></span>per la <span class=\"_ _2\"></span>natura<span class=\"_ _df\"> </span> di intervento <span class=\"_ _2\"></span>a medio termine, <span class=\"_ _2\"></span>i mutui <span class=\"_ _2\"></span>ipotecari prevedono perc<span class=\"_ _2\"></span>entuali di iscrizione <span class=\"_ _2\"></span>della garanzia<span class=\"_ _df\"> </span> diversificate a seconda della tipologia de<span class=\"_ _1\"></span>l finanziamento.<span class=\"_ _df\"> </span><span class=\"_ _2\"></span> Per quanto r<span class=\"_ _2\"></span>iguarda le garanzie reali su <span class=\"_ _2\"></span>valori mobiliari sono previsti <span class=\"_ _2\"></span>scarti cauzionali da applicare<span class=\"_ _df\"> </span> a seconda della tipologia del prodotto acqu<span class=\"_ _1\"></span>isito in garanzia e dell\u2019eventuale rating dell\u2019emittente.<span class=\"_ _df\"> </span><span class=\"_ _2\"></span><span class=\"ff4\"> </span>E\u2019 inoltr<span class=\"_ _2\"></span>e previsto <span class=\"_ _2\"></span>il monitoraggio <span class=\"_ _2\"></span>costante dei <span class=\"_ _2\"></span>valo<span class=\"ff4\">ri <span class=\"_ _2\"></span>mobiliari a <span class=\"_ _2\"></span>garanzia e <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>valorizzazione ai <span class=\"_ _2\"></span>fini<span class=\"_ _df\"> </span></span><span class=\"ff4\"><span class=\"_ _1\"></span> </span>di Credit Risk Mitigation.<span class=\"_ _df\"> </span> In  riferimento <span class=\"_ _22\"> </span>alle <span class=\"_ _4\"> </span>garanzie  fidejussorie, <span class=\"_ _22\"> </span>os<span class=\"_ _2\"></span>serviamo  che  la <span class=\"_ _4\"> </span>loro <span class=\"_ _22\"> </span>valorizzazione <span class=\"_ _22\"> </span>viene <span class=\"_ _22\"> </span>s<span class=\"_ _2\"></span>empre<span class=\"_ _df\"> </span> effettuata sulla base di una valutazione p<span class=\"_ _1\"></span>rudenziale del patrimonio responsabile dei garant<span class=\"_ _2\"></span>i.<span class=\"_ _df\"> </span> Relativamente <span class=\"_ _16\"> </span>alle <span class=\"_ _16\"> </span>garanzie <span class=\"_ _16\"> </span>pubbliche,  il <span class=\"_ _16\"> </span>Gruppo <span class=\"_ _16\"> </span>Credem <span class=\"_ _16\"> </span>adotta  speci<span class=\"_ _1\"></span>fiche <span class=\"_ _16\"> </span>procedure  v<span class=\"_ _1\"></span>olte  a<span class=\"_ _df\"> </span> rispettare <span class=\"_ _0\"></span>le <span class=\"_ _0\"></span>modalit\u00e0 <span class=\"_ _0\"></span>operative <span class=\"_ _d\"></span>richieste <span class=\"_ _0\"></span>dai <span class=\"_ _0\"></span>dettami <span class=\"_ _0\"></span>normativi <span class=\"_ _0\"></span>emanati <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<span class=\"_ _df\"> </span> emittenti tali garanzie.<span class=\"_ _df\"> </span> ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForCollateralExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-803": {
   "value": "10 - Fo<span class=\"_ _f\"></span>ndi per ris<span class=\"_ _1\"></span>chi ed <span class=\"_ _f\"></span>oneri Criter<span class=\"_ _1\"></span>i di <span class=\"_ _1\"></span>iscrizio<span class=\"_ _f\"></span>ne, class<span class=\"_ _1\"></span>ificazi<span class=\"_ _1\"></span>on<span class=\"_ _f\"></span>e e di canc<span class=\"_ _f\"></span>ellazione<span class=\"_ _f\"></span>  I fondi <span class=\"_ _1\"></span>per rischi<span class=\"_ _1\"></span> ed one<span class=\"_ _1\"></span>ri sono p<span class=\"_ _f\"></span>as<span class=\"_ _2\"></span>sivit\u00e0 d\u2019<span class=\"_ _1\"></span>ammontare o <span class=\"_ _f\"></span>scadenza incerti rilev<span class=\"_ _1\"></span>ati in bi<span class=\"_ _1\"></span>lancio quando <span class=\"_ _f\"></span>ricor<span class=\"_ _2\"></span>rono<span class=\"_ _1\"></span> le seguenti contestuali condizi<span class=\"_ _1\"></span>oni:<span class=\"_ _2\"></span> <span class=\"_ _2c\"> </span><span class=\"ff5\">esiste <span class=\"_ _0\"></span>un\u2019obbligazione <span class=\"_ _d\"></span>at<span class=\"_ _2\"></span>tuale <span class=\"_ _d\"></span>a<span class=\"_ _2\"></span>lla <span class=\"_ _d\"></span>data <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>riferime<span class=\"_ _2\"></span><span class=\"ff4\">nto <span class=\"_ _0\"></span>del <span class=\"_ _0\"></span>bilancio, <span class=\"_ _d\"></span>che <span class=\"_ _0\"></span>deriva <span class=\"_ _0\"></span>da <span class=\"_ _0\"></span>un <span class=\"_ _0\"></span>evento <span class=\"_ _0\"></span>pas<span class=\"_ _2\"></span>sato;<span class=\"_ _1\"></span> </span></span>l\u2019obbligazione d<span class=\"_ _1\"></span>eve essere di <span class=\"_ _1\"></span>tipo legale (<span class=\"_ _1\"></span>trova origine da <span class=\"_ _1\"></span>un contratto, normativa o al<span class=\"_ _f\"></span>t<span class=\"_ _2\"></span>ra disposizi<span class=\"_ _f\"></span>one di legge) <span class=\"_ _d\"></span>o <span class=\"_ _0\"></span>implicita <span class=\"_ _d\"></span>(nasce <span class=\"_ _0\"></span>nel <span class=\"_ _d\"></span>m<span class=\"_ _2\"></span>omento <span class=\"_ _d\"></span>in <span class=\"_ _0\"></span>cui <span class=\"_ _d\"></span>l\u2019impresa <span class=\"_ _0\"></span>genera <span class=\"_ _0\"></span>nei <span class=\"_ _d\"></span>confronti <span class=\"_ _0\"></span>di <span class=\"_ _d\"></span>t<span class=\"_ _2\"></span>erzi <span class=\"_ _d\"></span>l\u2019aspett<span class=\"_ _2\"></span>ativ<span class=\"ff4\">a <span class=\"_ _0\"></span>che<span class=\"_ _df\"> </span></span>assolver\u00e0 i propri impegni anche se non rientranti nella casistica <span class=\"_ _1\"></span>delle obbligazioni legali);<span class=\"_ _df\"> </span><span class=\"_ _2c\"> </span><span class=\"ff5\">\u00e8 <span class=\"_ _17\"> </span>probabile <span class=\"_ _17\"> </span>che <span class=\"_ _4\"> </span>s<span class=\"_ _2\"></span>i <span class=\"_ _4\"> </span>verifichi <span class=\"_ _17\"> </span>un\u2019uscita <span class=\"_ _17\"> </span>finanziaria <span class=\"_ _17\"> </span>per <span class=\"_ _17\"> </span>produrre <span class=\"_ _4\"> </span>benefici <span class=\"_ _17\"> </span>economici <span class=\"_ _17\"> </span>per <span class=\"_ _17\"> </span>adempiere </span>l\u2019obbligazione;<span class=\"_ _df\"> </span><span class=\"_ _2c\"> </span><span class=\"ff4\">\u00e8 possibile effettuare una stima attendibi<span class=\"ff5\">le dell\u2019ammontare dell\u2019obbligazione.<span class=\"_ _df\"> </span></span></span>Nella voce \u201cFondi per rischi ed oneri\u201d sono inclusi i fondi relativi a prestazioni di lungo termine, a <span class=\"_ _2\"></span>prestazioni successive alla cessazione del<span class=\"_ _1\"></span> rapporto di lavoro trattati dallo IAS 19 e i fondi pe<span class=\"_ _1\"></span>r rischi ed oneri tr<span class=\"_ _2\"></span>attat<span class=\"_ _2\"></span>i dallo<span class=\"_ _1\"></span> IAS 37. Criter<span class=\"_ _1\"></span>i di <span class=\"_ _1\"></span>valuta<span class=\"_ _1\"></span>zione<span class=\"_ _f\"></span> Gli <span class=\"_ _2\"></span>accantonamenti <span class=\"_ _d\"></span>vengono <span class=\"_ _d\"></span>attualizzati, <span class=\"_ _2\"></span>laddove <span class=\"_ _d\"></span>l\u2019elemento <span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>emporale <span class=\"_ _2\"></span>sia <span class=\"_ _d\"></span>significativo, <span class=\"_ _2\"></span>utilizzando <span class=\"_ _d\"></span>i <span class=\"_ _d\"></span>tassi correnti di mercato \u201cfree risk\u201d. L\u2019accantonamento \u00e8 rilevato a conto economico.<span class=\"_ _df\"> </span>Criter<span class=\"_ _1\"></span>i di <span class=\"_ _1\"></span>rileva<span class=\"_ _f\"></span>zione delle<span class=\"_ _1\"></span> com<span class=\"_ _1\"></span>pone<span class=\"_ _f\"></span>nti reddit<span class=\"_ _1\"></span>uali<span class=\"_ _f\"></span><span class=\"fc5 sc4\"> </span>Gli accantonamenti/recuperi <span class=\"_ _1\"></span>a fronte dei <span class=\"_ _f\"></span>fon<span class=\"_ _2\"></span>di per rischi <span class=\"_ _1\"></span>e oneri nonch\u00e9 l\u2019effetto de<span class=\"_ _1\"></span>rivante dal passaggio del tempo vengono allocati nella v<span class=\"_ _1\"></span>oce \u201cAccantonamenti netti ai fondi per rischi e oneri\u201d.<span class=\"_ _2\"></span><span class=\"ff4\"> </span>Fond<span class=\"_ _1\"></span>i di q<span class=\"_ _1\"></span>uiesce<span class=\"_ _f\"></span>nza e p<span class=\"_ _1\"></span>er ob<span class=\"_ _1\"></span>blighi<span class=\"_ _1\"></span> sim<span class=\"_ _1\"></span>ili I F<span class=\"_ _2\"></span>ondi di <span class=\"_ _2\"></span>quiescenza <span class=\"_ _2\"></span>sono cos<span class=\"_ _2\"></span>tituiti in <span class=\"_ _2\"></span>attuazione <span class=\"_ _2\"></span>di a<span class=\"_ _2\"></span>ccordi aziendali <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>si qualificano <span class=\"_ _2\"></span>come <span class=\"_ _2\"></span>piani <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>benefici definiti. <span class=\"_ _2\"></span>La <span class=\"_ _2\"></span>passivit\u00e0 <span class=\"_ _2\"></span>relativa <span class=\"_ _2\"></span>a t<span class=\"_ _2\"></span>al<span class=\"_ _1\"></span>i <span class=\"_ _2\"></span>piani <span class=\"_ _2\"></span>ed il <span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>elativo cost<span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>previdenz<span class=\"_ _1\"></span>iale <span class=\"_ _2\"></span>delle <span class=\"_ _2\"></span>prestazioni <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>lavoro <span class=\"_ _2\"></span>corrente sono determi<span class=\"ff5\">nati <span class=\"_ _2\"></span>sulla base di <span class=\"_ _2\"></span>ipotesi at<span class=\"_ _2\"></span>tuariali applicando il met<span class=\"_ _2\"></span>odo della \u201cProiezione <span class=\"_ _2\"></span>Unitaria del Cr<span class=\"_ _2\"></span>edito\u201d, </span>che <span class=\"_ _4\"> </span>prevede <span class=\"_ _4\"> </span>la <span class=\"_ _17\"> </span>proiezione <span class=\"_ _4\"> </span>degli <span class=\"_ _17\"> </span>esborsi <span class=\"_ _17\"> </span>futuri <span class=\"_ _4\"> </span>sulla <span class=\"_ _4\"> </span>base <span class=\"_ _17\"> </span>di <span class=\"_ _4\"> </span>analisi <span class=\"_ _17\"> </span>storiche <span class=\"_ _4\"> </span>st<span class=\"_ _2\"></span>atistiche <span class=\"_ _4\"> </span>e <span class=\"_ _4\"> </span>della <span class=\"_ _4\"> </span>curva demografica <span class=\"_ _9\"> </span>e  l<span class=\"_ _1\"></span>\u2019attualizzazione <span class=\"_ _16\"> </span>finanziaria <span class=\"_ _9\"> </span>di <span class=\"_ _16\"> </span>tali <span class=\"_ _16\"> </span><span class=\"ff4\">flussi <span class=\"_ _9\"> </span>s<span class=\"_ _2\"></span>ulla <span class=\"_ _9\"> </span>base <span class=\"_ _16\"> </span>di <span class=\"_ _9\"> </span>un <span class=\"_ _9\"> </span>t<span class=\"_ _2\"></span>asso <span class=\"_ _9\"> </span>di  i<span class=\"_ _1\"></span>nteresse <span class=\"_ _9\"> </span>di<span class=\"_ _2\"></span> <span class=\"_ _9\"> </span>mercato.  I<span class=\"_ _df\"> </span></span>contributi <span class=\"_ _18\"> </span>versati <span class=\"_ _18\"> </span>in <span class=\"_ _18\"> </span>ciascun <span class=\"_ _18\"> </span>esercizio <span class=\"_ _10\"> </span>s<span class=\"_ _2\"></span>ono <span class=\"_ _18\"> </span>considerati <span class=\"_ _10\"> </span>come <span class=\"_ _18\"> </span>unit\u00e0 <span class=\"_ _18\"> </span>separate, <span class=\"_ _18\"> </span>rilevate <span class=\"_ _18\"> </span>e <span class=\"_ _18\"> </span>valutate singolarmente <span class=\"_ _2\"></span>ai <span class=\"_ _d\"></span>fini <span class=\"_ _d\"></span>della <span class=\"_ _2\"></span>determinazione <span class=\"_ _d\"></span>dell'obbligazione <span class=\"_ _2\"></span>finale. <span class=\"_ _d\"></span>Il <span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>asso <span class=\"_ _d\"></span>utilizzato <span class=\"_ _2\"></span>per <span class=\"_ _d\"></span>l\u2019attual<span class=\"_ _2\"></span><span class=\"ff4\">izzazione <span class=\"_ _2\"></span>\u00e8 </span>determinato <span class=\"_ _16\"> </span>in <span class=\"_ _16\"> </span>base <span class=\"_ _9\"> </span>ai  rend<span class=\"_ _f\"></span>imenti  di <span class=\"_ _9\"> </span>mercato  rilev<span class=\"_ _1\"></span>ati  all<span class=\"_ _1\"></span>e <span class=\"_ _16\"> </span>date <span class=\"_ _9\"> </span>di  v<span class=\"_ _1\"></span>alutazione <span class=\"_ _9\"> </span>di  obbligazi<span class=\"_ _1\"></span>oni  di <span class=\"_ _9\"> </span>aziende primarie tenend<span class=\"_ _1\"></span>o conto della <span class=\"_ _1\"></span>durata media <span class=\"_ _1\"></span>residua del<span class=\"_ _1\"></span>la passivit\u00e0. I<span class=\"_ _1\"></span>l valore at<span class=\"_ _1\"></span>tuale del<span class=\"_ _1\"></span>l'obbligazione alla data di riferimento del bilancio \u00e8 inoltre rettificato del fair value delle eventuali<span class=\"_ _1\"></span> attivit\u00e0 a servizio del piano.<span class=\"_ _df\"> </span>Gli u<span class=\"_ _1\"></span>tili e<span class=\"_ _1\"></span> le <span class=\"_ _f\"></span>p<span class=\"_ _2\"></span>erdite <span class=\"_ _f\"></span>att<span class=\"_ _2\"></span>uariali <span class=\"_ _f\"></span>(ovv<span class=\"_ _2\"></span>ero l<span class=\"_ _1\"></span>e v<span class=\"_ _1\"></span>ariazioni nel <span class=\"_ _f\"></span>valore attuale d<span class=\"_ _1\"></span>ell\u2019obbligazione de<span class=\"_ _1\"></span>rivanti dalle <span class=\"_ _f\"></span>modifiche alle <span class=\"_ _2\"></span>ipotesi <span class=\"_ _2\"></span>att<span class=\"_ _2\"></span>uariali <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>dalle <span class=\"_ _2\"></span>rettifiche <span class=\"_ _2\"></span>basate <span class=\"_ _d\"></span><span class=\"ff5\">sull\u2019esperienz<span class=\"_ _1\"></span>a <span class=\"_ _2\"></span>passat<span class=\"_ _2\"></span>a) <span class=\"_ _2\"></span>sono <span class=\"_ _2\"></span>riconosciuti <span class=\"_ _2\"></span>nel <span class=\"_ _2\"></span>prospetto <span class=\"_ _2\"></span>della </span>redditivit\u00e0 complessiva. Fond<span class=\"_ _1\"></span>i <span class=\"_ _f\"></span><span class=\"ls39\">per<span class=\"ls0\"> ris<span class=\"_ _1\"></span>chi <span class=\"_ _f\"></span><span class=\"lse\">ed<span class=\"_ _2\"></span><span class=\"ls0\"> <span class=\"_ _f\"></span>oneri <span class=\"_ _f\"></span>a fro<span class=\"_ _1\"></span>nte <span class=\"_ _f\"></span><span class=\"ls39\">di<span class=\"_ _2\"></span><span class=\"ls0\"> <span class=\"_ _f\"></span>impegni<span class=\"_ _1\"></span> <span class=\"_ _f\"></span>e ga<span class=\"_ _1\"></span>ranzie<span class=\"_ _1\"></span> <span class=\"_ _f\"></span>rilasciate </span></span></span></span></span></span>La sottovoce dei fondi pe<span class=\"_ _1\"></span>r rischi ed oneri in e<span class=\"_ _1\"></span>same accoglie i fond<span class=\"_ _1\"></span>i per rischio di credi<span class=\"_ _1\"></span>to rilevat<span class=\"_ _2\"></span>i a fronte degli impegni ad <span class=\"_ _2\"></span>erogare <span class=\"_ _2\"></span>fondi ed <span class=\"_ _2\"></span>alle <span class=\"_ _2\"></span>garanzie rilasciate <span class=\"_ _2\"></span>che r<span class=\"_ _2\"></span>ientrano nel <span class=\"_ _2\"></span>perimetro <span class=\"_ _2\"></span>di applicazione <span class=\"_ _2\"></span>delle regole sull\u2019impairment <span class=\"_ _9\"> </span>ai <span class=\"_ _9\"> </span>sensi <span class=\"_ _9\"> </span>dell\u2019IFRS <span class=\"_ _9\"> </span>9. <span class=\"_ _16\"> </span>Per <span class=\"_ _0\"> </span>t<span class=\"_ _2\"></span>ali <span class=\"_ _9\"> </span>fattispecie <span class=\"_ _0\"> </span>s<span class=\"_ _2\"></span>ono <span class=\"_ _0\"></span>adott<span class=\"_ _2\"></span>ate, <span class=\"_ _9\"> </span>in <span class=\"_ _9\"> </span>linea <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>principio, <span class=\"_ _9\"> </span>le <span class=\"_ _9\"> </span>medesime modalit\u00e0 di allocazione tra i tre stage (stadi di rischio creditizio)<span class=\"_ _1\"></span> e di calcolo della perdita attesa esposte con riferimento alle attivit\u00e0 finanziarie valu<span class=\"_ _1\"></span>tate al costo ammortizzato o al fair value con impatto sulla redditiv<span class=\"_ _1\"></span>it\u00e0<span class=\"_ _2\"></span> complessiva. L\u2019aggregato accoglie, peraltro, <span class=\"ff4\">anche i fondi <span class=\"_ _2\"></span>per rischi ed oneri costituti a fronte di altre tipologie di impegni </span>e  d<span class=\"_ _1\"></span>i  garanzie<span class=\"_ _1\"></span>  rilasciate <span class=\"_ _16\"> </span>che, <span class=\"_ _16\"> </span>in <span class=\"_ _16\"> </span>virt\u00f9  d<span class=\"_ _1\"></span>elle  proprie<span class=\"_ _1\"></span>  peculi<span class=\"_ _1\"></span>arit\u00e0,  non  rie<span class=\"_ _1\"></span>ntrano  nel<span class=\"_ _1\"></span>  richiamato <span class=\"_ _16\"> </span>perimetro <span class=\"_ _16\"> </span>di applicazione dell\u2019impairment ai sensi del<span class=\"_ _1\"></span>l\u2019IFRS 9.<span class=\"ff4\"> </span>Altri <span class=\"_ _1\"></span>fondi<span class=\"_ _f\"></span> Gli <span class=\"_ _0\"></span>altri <span class=\"_ _0\"></span>fondi <span class=\"_ _0\"></span>per <span class=\"_ _d\"></span>r<span class=\"_ _2\"></span>ischi <span class=\"_ _d\"></span>ed <span class=\"_ _0\"></span>oneri <span class=\"_ _0\"></span>accolgono <span class=\"_ _0\"></span>gli <span class=\"_ _d\"></span>accantonamenti <span class=\"_ _0\"></span>relativi <span class=\"_ _0\"></span>ad <span class=\"_ _0\"></span>obbligazioni <span class=\"_ _d\"></span>l<span class=\"_ _2\"></span>egali <span class=\"_ _d\"></span>o <span class=\"_ _0\"></span>connessi <span class=\"_ _0\"></span>a rapporti di <span class=\"_ _2\"></span>lavoro oppure a contenziosi, anche <span class=\"_ _2\"></span>fiscali, originati da <span class=\"_ _2\"></span>un evento passato <span class=\"_ _2\"></span>per i quali sia probabile l\u2019esborso <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>risorse <span class=\"_ _9\"> </span>economiche <span class=\"_ _9\"> </span>per <span class=\"_ _9\"> </span>l\u2019adempimento <span class=\"_ _9\"> </span>delle <span class=\"_ _9\"> </span>obbligazioni <span class=\"_ _9\"> </span>stesse, <span class=\"_ _16\"> </span>sempre <span class=\"_ _0\"></span>che <span class=\"_ _9\"> </span>possa <span class=\"_ _9\"> </span>essere effettuata una stima attendibile del<span class=\"_ _1\"></span> relativo ammontare.<span class=\"_ _2\"></span> Conseguentemente, la rilevazione di un acc<span class=\"_ _1\"></span>antonamento avviene se e solo se:<span class=\"_ _2\"></span> <span class=\"_ _2c\"> </span><span class=\"ff5\">vi \u00e8 un\u2019obbligazione in corso (legale o implicita) quale<span class=\"ff4\"> risultato di un evento passato;<span class=\"_ _df\"> </span></span></span><span class=\"_ _2c\"> </span><span class=\"ff5\">\u00e8 probabil<span class=\"_ _1\"></span>e che <span class=\"_ _f\"></span>per adempiere <span class=\"_ _f\"></span>all\u2019obbligazione si <span class=\"_ _f\"></span>render\u00e0 nece<span class=\"_ _1\"></span>ssario l\u2019impie<span class=\"_ _1\"></span>go di<span class=\"_ _1\"></span> risorse <span class=\"_ _f\"></span>atte a <span class=\"_ _f\"></span>produrre </span>benefici economici; e<span class=\"_ _df\"> </span><span class=\"_ _2c\"> </span><span class=\"ff5\">pu\u00f2 essere effettuata una stima attendib<span class=\"_ _f\"></span>il<span class=\"_ _2\"></span>e dell\u2019imp<span class=\"_ _1\"></span>orto derivante dall\u2019adempimento dell\u2019obblig<span class=\"_ _2\"></span><span class=\"ff4\">azione. </span></span>L\u2019importo rilevato come <span class=\"_ _f\"></span>accantonamento rappresenta la migliore stima d<span class=\"_ _1\"></span>ella spesa richiesta p<span class=\"_ _1\"></span>er adempiere<span class=\"_ _df\"> </span>all\u2019obbligazione <span class=\"_ _10\"> </span>esistente <span class=\"_ _18\"> </span>alla <span class=\"_ _18\"> </span>data <span class=\"_ _18\"> </span>di <span class=\"_ _10\"> </span>riferimento <span class=\"_ _18\"> </span>del <span class=\"_ _18\"> </span>bilancio <span class=\"_ _18\"> </span>e <span class=\"_ _10\"> </span>r<span class=\"_ _2\"></span>iflette <span class=\"_ _10\"> </span>rischi <span class=\"_ _18\"> </span>ed <span class=\"_ _18\"> </span>incertezze <span class=\"_ _18\"> </span>che inevitabilmente <span class=\"_ _2\"></span>caratterizzano <span class=\"_ _2\"></span>una <span class=\"_ _2\"></span>plurali<span class=\"ff5\">t\u00e0 <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>fatti <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>circost<span class=\"_ _2\"></span>anze. Per <span class=\"_ _2\"></span>tener <span class=\"_ _2\"></span>conto <span class=\"_ _d\"></span>dell\u2019<span class=\"_ _1\"></span>elemento <span class=\"_ _2\"></span>temporale </span>gli <span class=\"_ _9\"> </span>accantonamenti  vengono <span class=\"_ _9\"> </span>at<span class=\"_ _2\"></span>tualizzati <span class=\"_ _9\"> </span>utilizzando  i <span class=\"_ _9\"> </span>tass<span class=\"_ _2\"></span>i <span class=\"_ _9\"> </span>correnti  di <span class=\"_ _9\"> </span>mercato.  L\u2019accantonamento <span class=\"_ _9\"> </span>e  gli<span class=\"_ _df\"> </span>incrementi dovuti al fattore temporale sono rilev<span class=\"_ _1\"></span>ati a Conto Economico.<span class=\"_ _df\"> </span>L\u2019accantonamento <span class=\"_ _2\"></span>viene <span class=\"_ _2\"></span>st<span class=\"_ _2\"></span>ornato <span class=\"_ _2\"></span>quando <span class=\"_ _2\"></span>diviene <span class=\"_ _d\"></span>improbabile <span class=\"_ _2\"></span>l\u2019<span class=\"_ _2\"></span>impiego <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>risors<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>atte <span class=\"_ _d\"></span>a <span class=\"_ _2\"></span>produrre <span class=\"_ _2\"></span>benefici economici per adempiere l\u2019obbligazione oppure qu<span class=\"_ _1\"></span>ando si estingue l\u2019obbligazione.<span class=\"_ _df\"> </span>Nella <span class=\"_ _2\"></span>voce s<span class=\"_ _2\"></span>ono <span class=\"_ _2\"></span>inclusi anche <span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>benefici a <span class=\"_ _d\"></span>lungo t<span class=\"_ _2\"></span>ermine ai <span class=\"_ _d\"></span>dipe<span class=\"_ _1\"></span>ndenti, <span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>cui <span class=\"_ _2\"></span>oneri <span class=\"_ _d\"></span>vengono determinati <span class=\"_ _2\"></span>con <span class=\"_ _2\"></span>i medesimi <span class=\"_ _d\"></span>criteri <span class=\"_ _d\"></span>attuariali <span class=\"_ _d\"></span>descritti <span class=\"_ _d\"></span>per <span class=\"_ _d\"></span>i <span class=\"_ _d\"></span>fondi <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>quiescenza. <span class=\"_ _2\"></span>Gli <span class=\"_ _0\"></span>utili <span class=\"_ _d\"></span>e <span class=\"_ _d\"></span>le <span class=\"_ _d\"></span>perdite <span class=\"_ _2\"></span>at<span class=\"_ _2\"></span>tuariali <span class=\"_ _d\"></span>vengono <span class=\"_ _d\"></span>rilevati tutti immediatamente nel conto economico.<span class=\"_ _df\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-864": {
   "value": "10 - Fo<span class=\"_ _f\"></span>ndi per ris<span class=\"_ _1\"></span>chi ed <span class=\"_ _f\"></span>oneri Criter<span class=\"_ _1\"></span>i di <span class=\"_ _1\"></span>iscrizio<span class=\"_ _f\"></span>ne, class<span class=\"_ _1\"></span>ificazi<span class=\"_ _1\"></span>on<span class=\"_ _f\"></span>e e di canc<span class=\"_ _f\"></span>ellazione<span class=\"_ _f\"></span>  I fondi <span class=\"_ _1\"></span>per rischi<span class=\"_ _1\"></span> ed one<span class=\"_ _1\"></span>ri sono p<span class=\"_ _f\"></span>as<span class=\"_ _2\"></span>sivit\u00e0 d\u2019<span class=\"_ _1\"></span>ammontare o <span class=\"_ _f\"></span>scadenza incerti rilev<span class=\"_ _1\"></span>ati in bi<span class=\"_ _1\"></span>lancio quando <span class=\"_ _f\"></span>ricor<span class=\"_ _2\"></span>rono<span class=\"_ _1\"></span> le seguenti contestuali condizi<span class=\"_ _1\"></span>oni:<span class=\"_ _2\"></span> <span class=\"_ _2c\"> </span><span class=\"ff5\">esiste <span class=\"_ _0\"></span>un\u2019obbligazione <span class=\"_ _d\"></span>at<span class=\"_ _2\"></span>tuale <span class=\"_ _d\"></span>a<span class=\"_ _2\"></span>lla <span class=\"_ _d\"></span>data <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>riferime<span class=\"_ _2\"></span><span class=\"ff4\">nto <span class=\"_ _0\"></span>del <span class=\"_ _0\"></span>bilancio, <span class=\"_ _d\"></span>che <span class=\"_ _0\"></span>deriva <span class=\"_ _0\"></span>da <span class=\"_ _0\"></span>un <span class=\"_ _0\"></span>evento <span class=\"_ _0\"></span>pas<span class=\"_ _2\"></span>sato;<span class=\"_ _1\"></span> </span></span>l\u2019obbligazione d<span class=\"_ _1\"></span>eve essere di <span class=\"_ _1\"></span>tipo legale (<span class=\"_ _1\"></span>trova origine da <span class=\"_ _1\"></span>un contratto, normativa o al<span class=\"_ _f\"></span>t<span class=\"_ _2\"></span>ra disposizi<span class=\"_ _f\"></span>one di legge) <span class=\"_ _d\"></span>o <span class=\"_ _0\"></span>implicita <span class=\"_ _d\"></span>(nasce <span class=\"_ _0\"></span>nel <span class=\"_ _d\"></span>m<span class=\"_ _2\"></span>omento <span class=\"_ _d\"></span>in <span class=\"_ _0\"></span>cui <span class=\"_ _d\"></span>l\u2019impresa <span class=\"_ _0\"></span>genera <span class=\"_ _0\"></span>nei <span class=\"_ _d\"></span>confronti <span class=\"_ _0\"></span>di <span class=\"_ _d\"></span>t<span class=\"_ _2\"></span>erzi <span class=\"_ _d\"></span>l\u2019aspett<span class=\"_ _2\"></span>ativ<span class=\"ff4\">a <span class=\"_ _0\"></span>che<span class=\"_ _df\"> </span></span>assolver\u00e0 i propri impegni anche se non rientranti nella casistica <span class=\"_ _1\"></span>delle obbligazioni legali);<span class=\"_ _df\"> </span><span class=\"_ _2c\"> </span><span class=\"ff5\">\u00e8 <span class=\"_ _17\"> </span>probabile <span class=\"_ _17\"> </span>che <span class=\"_ _4\"> </span>s<span class=\"_ _2\"></span>i <span class=\"_ _4\"> </span>verifichi <span class=\"_ _17\"> </span>un\u2019uscita <span class=\"_ _17\"> </span>finanziaria <span class=\"_ _17\"> </span>per <span class=\"_ _17\"> </span>produrre <span class=\"_ _4\"> </span>benefici <span class=\"_ _17\"> </span>economici <span class=\"_ _17\"> </span>per <span class=\"_ _17\"> </span>adempiere </span>l\u2019obbligazione;<span class=\"_ _df\"> </span><span class=\"_ _2c\"> </span><span class=\"ff4\">\u00e8 possibile effettuare una stima attendibi<span class=\"ff5\">le dell\u2019ammontare dell\u2019obbligazione.<span class=\"_ _df\"> </span></span></span>Nella voce \u201cFondi per rischi ed oneri\u201d sono inclusi i fondi relativi a prestazioni di lungo termine, a <span class=\"_ _2\"></span>prestazioni successive alla cessazione del<span class=\"_ _1\"></span> rapporto di lavoro trattati dallo IAS 19 e i fondi pe<span class=\"_ _1\"></span>r rischi ed oneri tr<span class=\"_ _2\"></span>attat<span class=\"_ _2\"></span>i dallo<span class=\"_ _1\"></span> IAS 37. Criter<span class=\"_ _1\"></span>i di <span class=\"_ _1\"></span>valuta<span class=\"_ _1\"></span>zione<span class=\"_ _f\"></span> Gli <span class=\"_ _2\"></span>accantonamenti <span class=\"_ _d\"></span>vengono <span class=\"_ _d\"></span>attualizzati, <span class=\"_ _2\"></span>laddove <span class=\"_ _d\"></span>l\u2019elemento <span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>emporale <span class=\"_ _2\"></span>sia <span class=\"_ _d\"></span>significativo, <span class=\"_ _2\"></span>utilizzando <span class=\"_ _d\"></span>i <span class=\"_ _d\"></span>tassi correnti di mercato \u201cfree risk\u201d. L\u2019accantonamento \u00e8 rilevato a conto economico.<span class=\"_ _df\"> </span>Criter<span class=\"_ _1\"></span>i di <span class=\"_ _1\"></span>rileva<span class=\"_ _f\"></span>zione delle<span class=\"_ _1\"></span> com<span class=\"_ _1\"></span>pone<span class=\"_ _f\"></span>nti reddit<span class=\"_ _1\"></span>uali<span class=\"_ _f\"></span><span class=\"fc5 sc4\"> </span>Gli accantonamenti/recuperi <span class=\"_ _1\"></span>a fronte dei <span class=\"_ _f\"></span>fon<span class=\"_ _2\"></span>di per rischi <span class=\"_ _1\"></span>e oneri nonch\u00e9 l\u2019effetto de<span class=\"_ _1\"></span>rivante dal passaggio del tempo vengono allocati nella v<span class=\"_ _1\"></span>oce \u201cAccantonamenti netti ai fondi per rischi e oneri\u201d.<span class=\"_ _2\"></span><span class=\"ff4\"> </span>Fond<span class=\"_ _1\"></span>i di q<span class=\"_ _1\"></span>uiesce<span class=\"_ _f\"></span>nza e p<span class=\"_ _1\"></span>er ob<span class=\"_ _1\"></span>blighi<span class=\"_ _1\"></span> sim<span class=\"_ _1\"></span>ili I F<span class=\"_ _2\"></span>ondi di <span class=\"_ _2\"></span>quiescenza <span class=\"_ _2\"></span>sono cos<span class=\"_ _2\"></span>tituiti in <span class=\"_ _2\"></span>attuazione <span class=\"_ _2\"></span>di a<span class=\"_ _2\"></span>ccordi aziendali <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>si qualificano <span class=\"_ _2\"></span>come <span class=\"_ _2\"></span>piani <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>benefici definiti. <span class=\"_ _2\"></span>La <span class=\"_ _2\"></span>passivit\u00e0 <span class=\"_ _2\"></span>relativa <span class=\"_ _2\"></span>a t<span class=\"_ _2\"></span>al<span class=\"_ _1\"></span>i <span class=\"_ _2\"></span>piani <span class=\"_ _2\"></span>ed il <span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>elativo cost<span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>previdenz<span class=\"_ _1\"></span>iale <span class=\"_ _2\"></span>delle <span class=\"_ _2\"></span>prestazioni <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>lavoro <span class=\"_ _2\"></span>corrente sono determi<span class=\"ff5\">nati <span class=\"_ _2\"></span>sulla base di <span class=\"_ _2\"></span>ipotesi at<span class=\"_ _2\"></span>tuariali applicando il met<span class=\"_ _2\"></span>odo della \u201cProiezione <span class=\"_ _2\"></span>Unitaria del Cr<span class=\"_ _2\"></span>edito\u201d, </span>che <span class=\"_ _4\"> </span>prevede <span class=\"_ _4\"> </span>la <span class=\"_ _17\"> </span>proiezione <span class=\"_ _4\"> </span>degli <span class=\"_ _17\"> </span>esborsi <span class=\"_ _17\"> </span>futuri <span class=\"_ _4\"> </span>sulla <span class=\"_ _4\"> </span>base <span class=\"_ _17\"> </span>di <span class=\"_ _4\"> </span>analisi <span class=\"_ _17\"> </span>storiche <span class=\"_ _4\"> </span>st<span class=\"_ _2\"></span>atistiche <span class=\"_ _4\"> </span>e <span class=\"_ _4\"> </span>della <span class=\"_ _4\"> </span>curva demografica <span class=\"_ _9\"> </span>e  l<span class=\"_ _1\"></span>\u2019attualizzazione <span class=\"_ _16\"> </span>finanziaria <span class=\"_ _9\"> </span>di <span class=\"_ _16\"> </span>tali <span class=\"_ _16\"> </span><span class=\"ff4\">flussi <span class=\"_ _9\"> </span>s<span class=\"_ _2\"></span>ulla <span class=\"_ _9\"> </span>base <span class=\"_ _16\"> </span>di <span class=\"_ _9\"> </span>un <span class=\"_ _9\"> </span>t<span class=\"_ _2\"></span>asso <span class=\"_ _9\"> </span>di  i<span class=\"_ _1\"></span>nteresse <span class=\"_ _9\"> </span>di<span class=\"_ _2\"></span> <span class=\"_ _9\"> </span>mercato.  I<span class=\"_ _df\"> </span></span>contributi <span class=\"_ _18\"> </span>versati <span class=\"_ _18\"> </span>in <span class=\"_ _18\"> </span>ciascun <span class=\"_ _18\"> </span>esercizio <span class=\"_ _10\"> </span>s<span class=\"_ _2\"></span>ono <span class=\"_ _18\"> </span>considerati <span class=\"_ _10\"> </span>come <span class=\"_ _18\"> </span>unit\u00e0 <span class=\"_ _18\"> </span>separate, <span class=\"_ _18\"> </span>rilevate <span class=\"_ _18\"> </span>e <span class=\"_ _18\"> </span>valutate singolarmente <span class=\"_ _2\"></span>ai <span class=\"_ _d\"></span>fini <span class=\"_ _d\"></span>della <span class=\"_ _2\"></span>determinazione <span class=\"_ _d\"></span>dell'obbligazione <span class=\"_ _2\"></span>finale. <span class=\"_ _d\"></span>Il <span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>asso <span class=\"_ _d\"></span>utilizzato <span class=\"_ _2\"></span>per <span class=\"_ _d\"></span>l\u2019attual<span class=\"_ _2\"></span><span class=\"ff4\">izzazione <span class=\"_ _2\"></span>\u00e8 </span>determinato <span class=\"_ _16\"> </span>in <span class=\"_ _16\"> </span>base <span class=\"_ _9\"> </span>ai  rend<span class=\"_ _f\"></span>imenti  di <span class=\"_ _9\"> </span>mercato  rilev<span class=\"_ _1\"></span>ati  all<span class=\"_ _1\"></span>e <span class=\"_ _16\"> </span>date <span class=\"_ _9\"> </span>di  v<span class=\"_ _1\"></span>alutazione <span class=\"_ _9\"> </span>di  obbligazi<span class=\"_ _1\"></span>oni  di <span class=\"_ _9\"> </span>aziende primarie tenend<span class=\"_ _1\"></span>o conto della <span class=\"_ _1\"></span>durata media <span class=\"_ _1\"></span>residua del<span class=\"_ _1\"></span>la passivit\u00e0. I<span class=\"_ _1\"></span>l valore at<span class=\"_ _1\"></span>tuale del<span class=\"_ _1\"></span>l'obbligazione alla data di riferimento del bilancio \u00e8 inoltre rettificato del fair value delle eventuali<span class=\"_ _1\"></span> attivit\u00e0 a servizio del piano.<span class=\"_ _df\"> </span>Gli u<span class=\"_ _1\"></span>tili e<span class=\"_ _1\"></span> le <span class=\"_ _f\"></span>p<span class=\"_ _2\"></span>erdite <span class=\"_ _f\"></span>att<span class=\"_ _2\"></span>uariali <span class=\"_ _f\"></span>(ovv<span class=\"_ _2\"></span>ero l<span class=\"_ _1\"></span>e v<span class=\"_ _1\"></span>ariazioni nel <span class=\"_ _f\"></span>valore attuale d<span class=\"_ _1\"></span>ell\u2019obbligazione de<span class=\"_ _1\"></span>rivanti dalle <span class=\"_ _f\"></span>modifiche alle <span class=\"_ _2\"></span>ipotesi <span class=\"_ _2\"></span>att<span class=\"_ _2\"></span>uariali <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>dalle <span class=\"_ _2\"></span>rettifiche <span class=\"_ _2\"></span>basate <span class=\"_ _d\"></span><span class=\"ff5\">sull\u2019esperienz<span class=\"_ _1\"></span>a <span class=\"_ _2\"></span>passat<span class=\"_ _2\"></span>a) <span class=\"_ _2\"></span>sono <span class=\"_ _2\"></span>riconosciuti <span class=\"_ _2\"></span>nel <span class=\"_ _2\"></span>prospetto <span class=\"_ _2\"></span>della </span>redditivit\u00e0 complessiva. Fond<span class=\"_ _1\"></span>i <span class=\"_ _f\"></span><span class=\"ls39\">per<span class=\"ls0\"> ris<span class=\"_ _1\"></span>chi <span class=\"_ _f\"></span><span class=\"lse\">ed<span class=\"_ _2\"></span><span class=\"ls0\"> <span class=\"_ _f\"></span>oneri <span class=\"_ _f\"></span>a fro<span class=\"_ _1\"></span>nte <span class=\"_ _f\"></span><span class=\"ls39\">di<span class=\"_ _2\"></span><span class=\"ls0\"> <span class=\"_ _f\"></span>impegni<span class=\"_ _1\"></span> <span class=\"_ _f\"></span>e ga<span class=\"_ _1\"></span>ranzie<span class=\"_ _1\"></span> <span class=\"_ _f\"></span>rilasciate </span></span></span></span></span></span>La sottovoce dei fondi pe<span class=\"_ _1\"></span>r rischi ed oneri in e<span class=\"_ _1\"></span>same accoglie i fond<span class=\"_ _1\"></span>i per rischio di credi<span class=\"_ _1\"></span>to rilevat<span class=\"_ _2\"></span>i a fronte degli impegni ad <span class=\"_ _2\"></span>erogare <span class=\"_ _2\"></span>fondi ed <span class=\"_ _2\"></span>alle <span class=\"_ _2\"></span>garanzie rilasciate <span class=\"_ _2\"></span>che r<span class=\"_ _2\"></span>ientrano nel <span class=\"_ _2\"></span>perimetro <span class=\"_ _2\"></span>di applicazione <span class=\"_ _2\"></span>delle regole sull\u2019impairment <span class=\"_ _9\"> </span>ai <span class=\"_ _9\"> </span>sensi <span class=\"_ _9\"> </span>dell\u2019IFRS <span class=\"_ _9\"> </span>9. <span class=\"_ _16\"> </span>Per <span class=\"_ _0\"> </span>t<span class=\"_ _2\"></span>ali <span class=\"_ _9\"> </span>fattispecie <span class=\"_ _0\"> </span>s<span class=\"_ _2\"></span>ono <span class=\"_ _0\"></span>adott<span class=\"_ _2\"></span>ate, <span class=\"_ _9\"> </span>in <span class=\"_ _9\"> </span>linea <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>principio, <span class=\"_ _9\"> </span>le <span class=\"_ _9\"> </span>medesime modalit\u00e0 di allocazione tra i tre stage (stadi di rischio creditizio)<span class=\"_ _1\"></span> e di calcolo della perdita attesa esposte con riferimento alle attivit\u00e0 finanziarie valu<span class=\"_ _1\"></span>tate al costo ammortizzato o al fair value con impatto sulla redditiv<span class=\"_ _1\"></span>it\u00e0<span class=\"_ _2\"></span> complessiva. L\u2019aggregato accoglie, peraltro, <span class=\"ff4\">anche i fondi <span class=\"_ _2\"></span>per rischi ed oneri costituti a fronte di altre tipologie di impegni </span>e  d<span class=\"_ _1\"></span>i  garanzie<span class=\"_ _1\"></span>  rilasciate <span class=\"_ _16\"> </span>che, <span class=\"_ _16\"> </span>in <span class=\"_ _16\"> </span>virt\u00f9  d<span class=\"_ _1\"></span>elle  proprie<span class=\"_ _1\"></span>  peculi<span class=\"_ _1\"></span>arit\u00e0,  non  rie<span class=\"_ _1\"></span>ntrano  nel<span class=\"_ _1\"></span>  richiamato <span class=\"_ _16\"> </span>perimetro <span class=\"_ _16\"> </span>di applicazione dell\u2019impairment ai sensi del<span class=\"_ _1\"></span>l\u2019IFRS 9.<span class=\"ff4\"> </span>Altri <span class=\"_ _1\"></span>fondi<span class=\"_ _f\"></span> Gli <span class=\"_ _0\"></span>altri <span class=\"_ _0\"></span>fondi <span class=\"_ _0\"></span>per <span class=\"_ _d\"></span>r<span class=\"_ _2\"></span>ischi <span class=\"_ _d\"></span>ed <span class=\"_ _0\"></span>oneri <span class=\"_ _0\"></span>accolgono <span class=\"_ _0\"></span>gli <span class=\"_ _d\"></span>accantonamenti <span class=\"_ _0\"></span>relativi <span class=\"_ _0\"></span>ad <span class=\"_ _0\"></span>obbligazioni <span class=\"_ _d\"></span>l<span class=\"_ _2\"></span>egali <span class=\"_ _d\"></span>o <span class=\"_ _0\"></span>connessi <span class=\"_ _0\"></span>a rapporti di <span class=\"_ _2\"></span>lavoro oppure a contenziosi, anche <span class=\"_ _2\"></span>fiscali, originati da <span class=\"_ _2\"></span>un evento passato <span class=\"_ _2\"></span>per i quali sia probabile l\u2019esborso <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>risorse <span class=\"_ _9\"> </span>economiche <span class=\"_ _9\"> </span>per <span class=\"_ _9\"> </span>l\u2019adempimento <span class=\"_ _9\"> </span>delle <span class=\"_ _9\"> </span>obbligazioni <span class=\"_ _9\"> </span>stesse, <span class=\"_ _16\"> </span>sempre <span class=\"_ _0\"></span>che <span class=\"_ _9\"> </span>possa <span class=\"_ _9\"> </span>essere effettuata una stima attendibile del<span class=\"_ _1\"></span> relativo ammontare.<span class=\"_ _2\"></span> Conseguentemente, la rilevazione di un acc<span class=\"_ _1\"></span>antonamento avviene se e solo se:<span class=\"_ _2\"></span> <span class=\"_ _2c\"> </span><span class=\"ff5\">vi \u00e8 un\u2019obbligazione in corso (legale o implicita) quale<span class=\"ff4\"> risultato di un evento passato;<span class=\"_ _df\"> </span></span></span><span class=\"_ _2c\"> </span><span class=\"ff5\">\u00e8 probabil<span class=\"_ _1\"></span>e che <span class=\"_ _f\"></span>per adempiere <span class=\"_ _f\"></span>all\u2019obbligazione si <span class=\"_ _f\"></span>render\u00e0 nece<span class=\"_ _1\"></span>ssario l\u2019impie<span class=\"_ _1\"></span>go di<span class=\"_ _1\"></span> risorse <span class=\"_ _f\"></span>atte a <span class=\"_ _f\"></span>produrre </span>benefici economici; e<span class=\"_ _df\"> </span><span class=\"_ _2c\"> </span><span class=\"ff5\">pu\u00f2 essere effettuata una stima attendib<span class=\"_ _f\"></span>il<span class=\"_ _2\"></span>e dell\u2019imp<span class=\"_ _1\"></span>orto derivante dall\u2019adempimento dell\u2019obblig<span class=\"_ _2\"></span><span class=\"ff4\">azione. </span></span>L\u2019importo rilevato come <span class=\"_ _f\"></span>accantonamento rappresenta la migliore stima d<span class=\"_ _1\"></span>ella spesa richiesta p<span class=\"_ _1\"></span>er adempiere<span class=\"_ _df\"> </span>all\u2019obbligazione <span class=\"_ _10\"> </span>esistente <span class=\"_ _18\"> </span>alla <span class=\"_ _18\"> </span>data <span class=\"_ _18\"> </span>di <span class=\"_ _10\"> </span>riferimento <span class=\"_ _18\"> </span>del <span class=\"_ _18\"> </span>bilancio <span class=\"_ _18\"> </span>e <span class=\"_ _10\"> </span>r<span class=\"_ _2\"></span>iflette <span class=\"_ _10\"> </span>rischi <span class=\"_ _18\"> </span>ed <span class=\"_ _18\"> </span>incertezze <span class=\"_ _18\"> </span>che inevitabilmente <span class=\"_ _2\"></span>caratterizzano <span class=\"_ _2\"></span>una <span class=\"_ _2\"></span>plurali<span class=\"ff5\">t\u00e0 <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>fatti <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>circost<span class=\"_ _2\"></span>anze. Per <span class=\"_ _2\"></span>tener <span class=\"_ _2\"></span>conto <span class=\"_ _d\"></span>dell\u2019<span class=\"_ _1\"></span>elemento <span class=\"_ _2\"></span>temporale </span>gli <span class=\"_ _9\"> </span>accantonamenti  vengono <span class=\"_ _9\"> </span>at<span class=\"_ _2\"></span>tualizzati <span class=\"_ _9\"> </span>utilizzando  i <span class=\"_ _9\"> </span>tass<span class=\"_ _2\"></span>i <span class=\"_ _9\"> </span>correnti  di <span class=\"_ _9\"> </span>mercato.  L\u2019accantonamento <span class=\"_ _9\"> </span>e  gli<span class=\"_ _df\"> </span>incrementi dovuti al fattore temporale sono rilev<span class=\"_ _1\"></span>ati a Conto Economico.<span class=\"_ _df\"> </span>L\u2019accantonamento <span class=\"_ _2\"></span>viene <span class=\"_ _2\"></span>st<span class=\"_ _2\"></span>ornato <span class=\"_ _2\"></span>quando <span class=\"_ _2\"></span>diviene <span class=\"_ _d\"></span>improbabile <span class=\"_ _2\"></span>l\u2019<span class=\"_ _2\"></span>impiego <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>risors<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>atte <span class=\"_ _d\"></span>a <span class=\"_ _2\"></span>produrre <span class=\"_ _2\"></span>benefici economici per adempiere l\u2019obbligazione oppure qu<span class=\"_ _1\"></span>ando si estingue l\u2019obbligazione.<span class=\"_ _df\"> </span>Nella <span class=\"_ _2\"></span>voce s<span class=\"_ _2\"></span>ono <span class=\"_ _2\"></span>inclusi anche <span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>benefici a <span class=\"_ _d\"></span>lungo t<span class=\"_ _2\"></span>ermine ai <span class=\"_ _d\"></span>dipe<span class=\"_ _1\"></span>ndenti, <span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>cui <span class=\"_ _2\"></span>oneri <span class=\"_ _d\"></span>vengono determinati <span class=\"_ _2\"></span>con <span class=\"_ _2\"></span>i medesimi <span class=\"_ _d\"></span>criteri <span class=\"_ _d\"></span>attuariali <span class=\"_ _d\"></span>descritti <span class=\"_ _d\"></span>per <span class=\"_ _d\"></span>i <span class=\"_ _d\"></span>fondi <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>quiescenza. <span class=\"_ _2\"></span>Gli <span class=\"_ _0\"></span>utili <span class=\"_ _d\"></span>e <span class=\"_ _d\"></span>le <span class=\"_ _d\"></span>perdite <span class=\"_ _2\"></span>at<span class=\"_ _2\"></span>tuariali <span class=\"_ _d\"></span>vengono <span class=\"_ _d\"></span>rilevati tutti immediatamente nel conto economico.<span class=\"_ _df\"> </span>Sezi<span class=\"_ _f\"></span>one 1<span class=\"_ _1\"></span>0 <span class=\"ff5\">\u2013</span> F<span class=\"_ _f\"></span>ondi p<span class=\"_ _f\"></span>er ris<span class=\"_ _1\"></span>chi <span class=\"_ _f\"></span>e oner<span class=\"_ _f\"></span>i - Voc<span class=\"_ _f\"></span>e 100<span class=\"_ _df\"> </span>10.1 F<span class=\"_ _f\"></span>ondi per <span class=\"_ _1\"></span>rischi<span class=\"_ _1\"></span> e one<span class=\"_ _f\"></span>ri: com<span class=\"_ _f\"></span>posizione<table class=\"s wbd8 h502\" id=\"_22321d4c-31b0-40ab-a8df-fc20624a4d80\"><tr><td class=\"c x44e y2b39 w450 h237\"><div class=\"t m0 x101 h1f y14f7 ff4 fs7 fc4 sc3 ls0 ws0\">Voci<span class=\"_ _1\"></span>/Com<span class=\"_ _f\"></span>ponen<span class=\"_ _1\"></span>ti </div></td><td class=\"c x575 y2b3a w362 h49\"><div class=\"t m0 x11 h1f y32 ff4 fs7 fc4 sc3 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale </div></td><td></td><td class=\"c x44b y2b3a w37e h49\"><div class=\"t m0 x11 h1f y32 ff4 fs7 fc4 sc3 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale </div></td><td></td></tr><tr><td></td><td class=\"c x575 y2b39 w362 h49\"><div class=\"t m0 x31 h1f y25 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/<span class=\"_ _f\"></span>2025 </div></td><td class=\"c x44c y2b3b w993 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/<span class=\"_ _df\"> </span></div></td><td class=\"c x44d y2b3b w994 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">2024<span class=\"_ _df\"> </span></div></td><td></td></tr><tr><td class=\"c x262 y2b3c wbd9 h49c\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc1 sc0 ls0 ws0\">1. Fondi per rischi<span class=\"_ _1\"></span>o di credito rel<span class=\"_ _1\"></span>ativo a impegni e g<span class=\"_ _1\"></span>aranzie finanziar<span class=\"_ _1\"></span>ie<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x44a y2b3d w37d h58\"><div class=\"t m0 xe3 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">6.310 </div></td><td></td><td class=\"c x44b y2b3d w339 h58\"><div class=\"t m0 x11e h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">4.509 </div></td></tr><tr><td class=\"c x262 y2b3e wbc5 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc1 sc0 ls0 ws0\">rilasciate<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x44e y2b3f w37f h131\"><div class=\"t m0 x10 h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">2. Fondi su altr<span class=\"_ _1\"></span>i impegni e altre<span class=\"_ _1\"></span> garanzie rilasc<span class=\"_ _1\"></span>iate<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x44a y2b3f w37d h131\"><div class=\"t m0 x189 h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x44b y2b3f w339 h131\"><div class=\"t m0 x189 h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2b40 w37f h131\"><div class=\"t m0 x10 h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">3. Fondi di quiescenz<span class=\"_ _1\"></span>a aziendali<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x44a y2b40 w37d h131\"><div class=\"t m0 xed h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">1.010 </div></td><td></td><td class=\"c x44b y2b40 w339 h131\"><div class=\"t m0 xe3 h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">1.090 </div></td></tr><tr><td class=\"c x44e y2b41 w37f h131\"><div class=\"t m0 x10 h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">4. Altri fondi per r<span class=\"_ _1\"></span>ischi ed oner<span class=\"_ _1\"></span>i<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x44a y2b41 w37d h131\"><div class=\"t m0 xe5 h1f y3e4 ff4 fs7 fc1 sc0 ls2a ws0\">228.<span class=\"ls29\">699</span><span class=\"ls29\"><span class=\"ls0\"> </span></span></div></td><td></td><td class=\"c x44b y2b41 w339 h131\"><div class=\"t m0 xe8 h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">235.292 </div></td></tr><tr><td class=\"c x44e y2b42 w37f h131\"><div class=\"t m0 x116 h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">4.1 controversie <span class=\"_ _1\"></span>legali e fiscali </div></td><td></td><td class=\"c x44a y2b42 w37d h131\"><div class=\"t m0 x1e9 h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">19.492 </div></td><td></td><td class=\"c x44b y2b42 w339 h131\"><div class=\"t m0 x11e h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">16.951 </div></td></tr><tr><td class=\"c x44e y2b43 w37f h131\"><div class=\"t m0 x116 h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">4.2 oneri per il per<span class=\"_ _1\"></span>sonale </div></td><td></td><td class=\"c x44a y2b43 w37d h131\"><div class=\"t m0 x1e6 h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">122.066 </div></td><td></td><td class=\"c x44b y2b43 w339 h131\"><div class=\"t m0 x1e6 h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">133.395 </div></td></tr><tr><td class=\"c x44e y2b44 w37f h131\"><div class=\"t m0 x116 h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">4.3 altri </div></td><td></td><td class=\"c x44a y2b44 w37d h131\"><div class=\"t m0 x11e h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">87.141 </div></td><td></td><td class=\"c x44b y2b44 w339 h131\"><div class=\"t m0 xc h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">84.946 </div></td></tr><tr><td class=\"c x44e y2b45 w37f h13\"><div class=\"t m0 x76 h1f y80 ff4 fs7 fc1 sc2 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale </div></td><td></td><td class=\"c x44a y2b45 w37d h13\"><div class=\"t m0 x1e6 h1f y80 ff4 fs7 fc1 sc2 ls0 ws0\">236.0<span class=\"_ _f\"></span><span class=\"ls9\">19</span><span class=\"ls9\"><span class=\"ls0\"> </span></span></div></td><td></td><td class=\"c x44b y2b45 w339 h13\"><div class=\"t m0 x1e6 h1f y80 ff4 fs7 fc1 sc2 ls0 ws0\">240.<span class=\"_ _f\"></span>891 </div></td></tr></table>10.2 <span class=\"_ _1\"></span>Fondi<span class=\"_ _1\"></span> per <span class=\"_ _1\"></span>rischi<span class=\"_ _1\"></span> e one<span class=\"_ _f\"></span>ri: vari<span class=\"_ _1\"></span>azioni<span class=\"_ _1\"></span> annu<span class=\"_ _1\"></span>e<table class=\"s wbda h503\" id=\"_6a3305f9-0236-4caa-82a4-4677bdd63e10\"><tr><td></td><td class=\"c x5e7 y2b46 wbdb h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">Fondi<span class=\"_ _f\"></span> su alt<span class=\"_ _1\"></span>ri<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td></tr><tr><td></td><td class=\"c x5e8 y2b47 wbdc h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">impe<span class=\"_ _1\"></span>gni<span class=\"_ _1\"></span> e alt<span class=\"_ _1\"></span>re<span class=\"_ _df\"> </span></div></td><td class=\"c x5e9 y2b47 wbdd h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">Fondi<span class=\"_ _f\"></span> di<span class=\"_ _df\"> </span></div></td><td class=\"c x5ea y2b47 wbde h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">Altri f<span class=\"_ _f\"></span>ondi per<span class=\"_ _df\"> </span></div></td><td class=\"c x5eb y2b48 w273 h18f\"><div class=\"t m0 x33 h1f ycd2 ff4 fs7 fc4 sc3 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale </div></td></tr><tr><td></td><td class=\"c x5ec y2b49 wbdf h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">gara<span class=\"_ _f\"></span>nzie<span class=\"_ _df\"> </span></div></td><td class=\"c x5ed y2b49 wbe0 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">quies<span class=\"_ _f\"></span>cenza<span class=\"_ _df\"> </span></div></td><td class=\"c x5ee y2b49 wbe1 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">risch<span class=\"_ _1\"></span>i ed o<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>ri<span class=\"_ _df\"> </span></div></td><td></td></tr><tr><td></td><td class=\"c x5ef y2b4a wbe2 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">rilas<span class=\"_ _f\"></span>ciate<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td></tr><tr><td class=\"c x44e y2b4b w453 hc8\"><div class=\"t m0 x10 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">A. Es<span class=\"_ _1\"></span>iste<span class=\"_ _1\"></span>nze i<span class=\"_ _1\"></span>nizia<span class=\"_ _f\"></span>li </div></td><td class=\"c x4e5 y2b4b wcb hc8\"><div class=\"t m0 x91 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">4.509<span class=\"_ _f\"></span> </div></td><td class=\"c x58c y2b4b w3d hc8\"><div class=\"t m0 x90 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">1.09<span class=\"_ _1\"></span>0 </div></td><td class=\"c x5f0 y2b4b wcb hc8\"><div class=\"t m0 x30 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">235.<span class=\"_ _f\"></span>292 </div></td><td class=\"c x5eb y2b4b wcb hc8\"><div class=\"t m0 x15 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">240.<span class=\"_ _f\"></span>891 </div></td></tr><tr><td class=\"c x44e y2b4c w453 hc8\"><div class=\"t m0 x10 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">B. A<span class=\"_ _1\"></span>umen<span class=\"_ _f\"></span>ti </div></td><td class=\"c x4e5 y2b4c wcb hc8\"><div class=\"t m0 x1c h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">2.117<span class=\"_ _f\"></span> </div></td><td class=\"c x58c y2b4c w3d hc8\"><div class=\"t m0 x49 h1f y28b ff4 fs7 fc1 sc2 lsbc ws0\">35<span class=\"ls0\"> </span></div></td><td class=\"c x5f0 y2b4c wcb hc8\"><div class=\"t m0 x15 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">106.<span class=\"_ _1\"></span>825 </div></td><td class=\"c x5eb y2b4c wcb hc8\"><div class=\"t m0 x36 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">108.9<span class=\"_ _f\"></span>77 </div></td></tr><tr><td class=\"c x44e y2b4d w453 hc8\"><div class=\"t m0 x116 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">B.1 Accantonamen<span class=\"_ _1\"></span>to dell'esercizi<span class=\"_ _1\"></span>o<span class=\"_ _df\"> </span></div></td><td class=\"c x4e5 y2b4d wcb hc8\"><div class=\"t m0 x1c h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">2.117 </div></td><td class=\"c x58c y2b4d w3d hc8\"><div class=\"t m0 x49 h1f ye4c ff4 fs7 fc1 sc0 ls27 ws0\">35<span class=\"ls0\"> </span></div></td><td class=\"c x5f0 y2b4d wcb hc8\"><div class=\"t m0 x36 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">104.415 </div></td><td class=\"c x5eb y2b4d wcb hc8\"><div class=\"t m0 x15 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">106.567 </div></td></tr><tr><td class=\"c x44e y2b4e w453 hc8\"><div class=\"t m0 x116 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">B.2 Variazioni d<span class=\"_ _1\"></span>ovute al passare<span class=\"_ _1\"></span> del temp<span class=\"_ _1\"></span>o<span class=\"_ _df\"> </span></div></td><td class=\"c x4e5 y2b4e wcb hc8\"><div class=\"t m0 x11d h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x58c y2b4e w3d hc8\"><div class=\"t m0 x11d h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5f0 y2b4e wcb hc8\"><div class=\"t m0 x90 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">1.006 </div></td><td class=\"c x5eb y2b4e wcb hc8\"><div class=\"t m0 x90 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">1.006 </div></td></tr><tr><td class=\"c x44e y2b4f w453 hc8\"><div class=\"t m0 x116 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">B.3 Variazioni do<span class=\"_ _1\"></span>vute a modifiche de<span class=\"_ _f\"></span>l tasso di sconto<span class=\"_ _df\"> </span></div></td><td class=\"c x4e5 y2b4f wcb hc8\"><div class=\"t m0 x11d h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x58c y2b4f w3d hc8\"><div class=\"t m0 x11d h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5f0 y2b4f wcb hc8\"><div class=\"t m0 x49 h1f y28b ff4 fs7 fc1 sc0 ls32 ws0\">55<span class=\"ls0\"> </span></div></td><td class=\"c x5eb y2b4f wcb hc8\"><div class=\"t m0 x49 h1f y28b ff4 fs7 fc1 sc0 ls32 ws0\">55<span class=\"ls0\"> </span></div></td></tr><tr><td class=\"c x44e y2b50 w453 hc8\"><div class=\"t m0 x116 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">B.4 Altre variazi<span class=\"_ _1\"></span>oni<span class=\"_ _df\"> </span></div></td><td class=\"c x4e5 y2b50 wcb hc8\"><div class=\"t m0 x11d h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x58c y2b50 w3d hc8\"><div class=\"t m0 x11d h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5f0 y2b50 wcb hc8\"><div class=\"t m0 x90 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">1.349 </div></td><td class=\"c x5eb y2b50 wcb hc8\"><div class=\"t m0 x90 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">1.349 </div></td></tr><tr><td class=\"c x44e y2b51 w453 hc8\"><div class=\"t m0 x32 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- di cui operazio<span class=\"_ _1\"></span>ni di aggregaz<span class=\"_ _1\"></span>ione aziendale </div></td><td class=\"c x4e5 y2b51 wcb hc8\"><div class=\"t m0 x11d h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x58c y2b51 w3d hc8\"><div class=\"t m0 x11d h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5f0 y2b51 wcb hc8\"><div class=\"t m0 x11d h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5eb y2b51 wcb hc8\"><div class=\"t m0 x11d h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2b52 w453 hc8\"><div class=\"t m0 x10 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">C. Dim<span class=\"_ _f\"></span>inuzion<span class=\"_ _f\"></span>i </div></td><td class=\"c x4e5 y2b52 wcb hc8\"><div class=\"t m0 xa3 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">316 </div></td><td class=\"c x58c y2b52 w3d hc8\"><div class=\"t m0 xc7 h1f y28b ff4 fs7 fc1 sc2 ls9 ws0\">115<span class=\"ls0\"> </span></div></td><td class=\"c x5f0 y2b52 wcb hc8\"><div class=\"t m0 x13 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">113.4<span class=\"_ _1\"></span>18 </div></td><td class=\"c x5eb y2b52 wcb hc8\"><div class=\"t m0 x36 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">113.8<span class=\"_ _1\"></span>49 </div></td></tr><tr><td class=\"c x44e y2b53 w453 hc8\"><div class=\"t m0 x116 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">C.1 Utilizzo nell'e<span class=\"_ _1\"></span>sercizio<span class=\"_ _df\"> </span></div></td><td class=\"c x4e5 y2b53 wcb hc8\"><div class=\"t m0 xa3 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">316 </div></td><td class=\"c x58c y2b53 w3d hc8\"><div class=\"t m0 x49 h1f ye4c ff4 fs7 fc1 sc0 ls34 ws0\">74<span class=\"ls0\"> </span></div></td><td class=\"c x5f0 y2b53 wcb hc8\"><div class=\"t m0 x36 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">112.823 </div></td><td class=\"c x5eb y2b53 wcb hc8\"><div class=\"t m0 x13 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">113.213 </div></td></tr><tr><td class=\"c x44e y2b54 w453 h227\"><div class=\"t m0 x116 h1f y1534 ff4 fs7 fc1 sc0 ls0 ws0\">C.2 Variazioni dovu<span class=\"_ _f\"></span>t<span class=\"_ _2\"></span>e a m<span class=\"_ _1\"></span>odifiche del tass<span class=\"_ _1\"></span>o di sconto<span class=\"_ _df\"> </span></div></td><td class=\"c x4e5 y2b54 wcb h227\"><div class=\"t m0 x11d h1f y1534 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x58c y2b54 w3d h227\"><div class=\"t m0 x11d h1f y1534 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5f0 y2b54 wcb h227\"><div class=\"t m0 xf0 h1f y1534 ff4 fs7 fc1 sc0 ls9 ws0\">11<span class=\"ls0\"> </span></div></td><td class=\"c x5eb y2b54 wcb h227\"><div class=\"t m0 xf0 h1f y1534 ff4 fs7 fc1 sc0 ls9 ws0\">11<span class=\"ls0\"> </span></div></td></tr><tr><td class=\"c x44e y2b55 w453 hc8\"><div class=\"t m0 x116 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">C.3 Altre variazi<span class=\"_ _1\"></span>oni<span class=\"_ _df\"> </span></div></td><td class=\"c x4e5 y2b55 wcb hc8\"><div class=\"t m0 x11d h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x58c y2b55 w3d hc8\"><div class=\"t m0 x1af h1f y28b ff4 fs7 fc1 sc0 lsa ws0\">41<span class=\"ls0\"> </span></div></td><td class=\"c x5f0 y2b55 wcb hc8\"><div class=\"t m0 xc6 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">584 </div></td><td class=\"c x5eb y2b55 wcb hc8\"><div class=\"t m0 xc6 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">625 </div></td></tr><tr><td class=\"c x44e y2b56 w453 hc8\"><div class=\"t m0 x32 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- di cui operazio<span class=\"_ _1\"></span>ni di aggregaz<span class=\"_ _1\"></span>ione aziendale </div></td><td class=\"c x4e5 y2b56 wcb hc8\"><div class=\"t m0 x11d h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x58c y2b56 w3d hc8\"><div class=\"t m0 x11d h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5f0 y2b56 wcb hc8\"><div class=\"t m0 x11d h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5eb y2b56 wcb hc8\"><div class=\"t m0 x11d h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2b57 w453 hc8\"><div class=\"t m0 x10 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">D. Rim<span class=\"_ _f\"></span>anenz<span class=\"_ _1\"></span>e fin<span class=\"_ _f\"></span>ali </div></td><td class=\"c x4e5 y2b57 wcb hc8\"><div class=\"t m0 x90 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">6.310<span class=\"_ _f\"></span> </div></td><td class=\"c x58c y2b57 w3d hc8\"><div class=\"t m0 x7 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">1.010<span class=\"_ _f\"></span> </div></td><td class=\"c x5f0 y2b57 wcb hc8\"><div class=\"t m0 x30 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">228.6<span class=\"_ _f\"></span>99 </div></td><td class=\"c x5eb y2b57 wcb hc8\"><div class=\"t m0 x15 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">236.0<span class=\"_ _f\"></span>19 </div></td></tr></table>1.5 <span class=\"_ _1\"></span>Risc<span class=\"_ _1\"></span>hi o<span class=\"_ _f\"></span>perat<span class=\"_ _1\"></span>ivi<span class=\"_ _1\"></span> Inform<span class=\"_ _1\"></span>azio<span class=\"_ _f\"></span>ni di natura<span class=\"_ _f\"></span> qualitativa A. Asp<span class=\"_ _f\"></span>etti genera<span class=\"_ _f\"></span>li, process<span class=\"_ _1\"></span>i di ge<span class=\"_ _1\"></span>stione<span class=\"_ _f\"></span> e metod<span class=\"_ _1\"></span>i di misu<span class=\"_ _f\"></span>razione d<span class=\"_ _1\"></span>el risch<span class=\"_ _1\"></span>io op<span class=\"_ _f\"></span>erativo<span class=\"_ _df\"> </span>Il  G<span class=\"_ _2\"></span>ruppo  ha <span class=\"_ _4\"> </span>svilupp<span class=\"_ _1\"></span>ato <span class=\"_ _4\"> </span>un <span class=\"_ _4\"> </span>sistema <span class=\"_ _22\"> </span>integrato <span class=\"_ _4\"> </span>di  gestione <span class=\"_ _4\"> </span>dei  rischi <span class=\"_ _4\"> </span>operativi  assunti <span class=\"_ _4\"> </span>che,  in attuazione degli <span class=\"_ _2\"></span>indirizzi s<span class=\"_ _2\"></span>trategici,<span class=\"_ _1\"></span> <span class=\"_ _2\"></span>consente di <span class=\"_ _2\"></span>rafforzar<span class=\"_ _2\"></span>e la <span class=\"_ _2\"></span>capacit\u00e0 <span class=\"_ _2\"></span>delle Unit\u00e0 <span class=\"_ _2\"></span>Organizzative di gestirli <span class=\"_ _d\"></span>consapevolmente, <span class=\"_ _d\"></span>intro<span class=\"_ _2\"></span>ducendo <span class=\"_ _d\"></span>strumenti <span class=\"_ _d\"></span>di <span class=\"_ _0\"></span>rilevazione, <span class=\"_ _d\"></span>misurazione <span class=\"_ _d\"></span>e <span class=\"_ _0\"></span>cont<span class=\"_ _2\"></span>rollo <span class=\"_ _0\"></span>tali <span class=\"_ _d\"></span>da garantire un\u2019assunzione<span class=\"_ _1\"></span> dei <span class=\"_ _1\"></span>rischi consapevole<span class=\"_ _1\"></span> e compatib<span class=\"_ _1\"></span>ile con le <span class=\"_ _1\"></span>strategie di<span class=\"_ _1\"></span> Governance e<span class=\"_ _1\"></span> con le condizioni <span class=\"_ _2\"></span>economiche e <span class=\"_ _2\"></span>patrimoniali, nel <span class=\"_ _2\"></span>rispetto <span class=\"_ _2\"></span>delle indicazioni <span class=\"_ _2\"></span>provenienti dalle Autor<span class=\"_ _2\"></span>it\u00e0 di Vigilanza. Il <span class=\"_ _d\"></span>Consiglio <span class=\"_ _d\"></span>di <span class=\"_ _0\"></span>Amministrazione <span class=\"_ _d\"></span>della <span class=\"_ _d\"></span>Capogruppo <span class=\"_ _0\"></span>ha <span class=\"_ _d\"></span>approvato <span class=\"_ _0\"></span>la <span class=\"_ _d\"></span>Policy <span class=\"_ _0\"></span>di <span class=\"_ _d\"></span>Gruppo <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>materia <span class=\"_ _d\"></span>di gestione <span class=\"_ _d\"></span>dei <span class=\"_ _d\"></span>rischi <span class=\"_ _d\"></span>operativi <span class=\"_ _d\"></span>e <span class=\"_ _d\"></span>il <span class=\"_ _0\"></span>regolamento <span class=\"_ _d\"></span>\u201cGestione <span class=\"_ _d\"></span>dei <span class=\"_ _d\"></span>rischi <span class=\"_ _d\"></span>operativi\u201d <span class=\"_ _d\"></span>(Regolamento <span class=\"_ _d\"></span>ORM) con  cui <span class=\"_ _22\"> </span>definisce <span class=\"_ _22\"> </span>le <span class=\"_ _22\"> </span>politiche <span class=\"_ _4\"> </span>di  gestione  del  r<span class=\"_ _2\"></span>ischio  operativo  a <span class=\"_ _22\"> </span>livello  di <span class=\"_ _22\"> </span>G<span class=\"_ _2\"></span>ruppo  e  Banca  e<span class=\"_ _2\"></span> determina un sistema comune e coordinato caratterizzato da <span class=\"_ _1\"></span>regole condivise per l\u2019all<span class=\"_ _1\"></span>ocazione di compiti e responsabilit\u00e0 a livell<span class=\"_ _1\"></span>o aziendale.<span class=\"_ _2\"></span> Il regolamento <span class=\"_ _1\"></span>definisce come <span class=\"_ _f\"></span>r<span class=\"_ _2\"></span>ischio ope<span class=\"_ _1\"></span>rativo \u201cil rischi<span class=\"_ _1\"></span>o di pe<span class=\"_ _1\"></span>rdite derivanti <span class=\"_ _f\"></span>dall\u2019ina<span class=\"_ _2\"></span>deguatezza o<span class=\"_ _1\"></span> dalla  disfunzion<span class=\"_ _2\"></span>e  di <span class=\"_ _4\"> </span>processi,  r<span class=\"_ _2\"></span>isorse <span class=\"_ _22\"> </span>umane <span class=\"_ _4\"> </span>e  s<span class=\"_ _2\"></span>istemi  interni, <span class=\"_ _22\"> </span>o<span class=\"_ _2\"></span>ppure  da <span class=\"_ _4\"> </span>eventi  esogeni, <span class=\"_ _4\"> </span>ivi compreso il rischio giuridico; non sono inclusi qu<span class=\"_ _1\"></span>elli strategici e di reputazione\u201d.<span class=\"_ _2\"></span><span class=\"ff4\"> </span>A <span class=\"_ _0\"></span>partire <span class=\"_ _0\"></span>dalla <span class=\"_ _d\"></span>s<span class=\"_ _2\"></span>egnalazione <span class=\"_ _d\"></span>reg<span class=\"_ _2\"></span>olamentare <span class=\"_ _d\"></span>al <span class=\"_ _0\"></span>31<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>marzo <span class=\"_ _9\"> </span>2025, <span class=\"_ _0\"></span>il <span class=\"_ _0\"></span>metodo <span class=\"_ _0\"></span>di <span class=\"_ _d\"></span>calcolo <span class=\"_ _0\"></span>del <span class=\"_ _0\"></span>r<span class=\"_ _2\"></span>equisito patrimoniale <span class=\"_ _16\"> </span>a <span class=\"_ _16\"> </span>fronte <span class=\"_ _9\"> </span>del <span class=\"_ _9\"> </span>r<span class=\"_ _2\"></span>ischio <span class=\"_ _9\"> </span>operativo  ad<span class=\"_ _1\"></span>ottato <span class=\"_ _9\"> </span>s<span class=\"_ _2\"></span>ia <span class=\"_ _9\"> </span>a  liv<span class=\"_ _1\"></span>ello  d<span class=\"_ _f\"></span>i  singol<span class=\"_ _1\"></span>e <span class=\"_ _16\"> </span>Societ\u00e0 <span class=\"_ _16\"> </span>del <span class=\"_ _9\"> </span>Gruppo Bancario \"Credito E<span class=\"_ _1\"></span>miliano - CR<span class=\"_ _1\"></span>EDEM\" sia <span class=\"_ _f\"></span>a livello consoli<span class=\"_ _1\"></span>dato, \u00e8 <span class=\"_ _f\"></span>rappresentato dallo Stand<span class=\"_ _1\"></span>ardised Approach- <span class=\"_ _2\"></span>Metodo <span class=\"_ _2\"></span>standardizzato <span class=\"_ _2\"></span>introdotto dalla <span class=\"_ _2\"></span>CR<span class=\"_ _2\"></span>R3 <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>recepi<span class=\"_ _1\"></span>mento <span class=\"_ _2\"></span>della <span class=\"_ _2\"></span>riforma <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>Basilea 4 a livello comunitario. Non <span class=\"_ _4\"> </span>sono <span class=\"_ _4\"> </span>intervenute <span class=\"_ _22\"> </span>variazioni <span class=\"_ _4\"> </span>significative <span class=\"_ _4\"> </span>rispetto <span class=\"_ _4\"> </span>all\u2019esercizio <span class=\"_ _4\"> </span>precedente <span class=\"_ _22\"> </span>in <span class=\"_ _4\"> </span>relazione <span class=\"_ _4\"> </span>al modello <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>gestione <span class=\"_ _17\"> </span>dei <span class=\"_ _4\"> </span>r<span class=\"_ _2\"></span>ischi <span class=\"_ _4\"> </span>operativi <span class=\"_ _17\"> </span>che <span class=\"_ _4\"> </span>di <span class=\"_ _17\"> </span>seguito <span class=\"_ _4\"> </span>viene <span class=\"_ _17\"> </span>rappresentato <span class=\"_ _4\"> </span>sinteticamente: l<span class=\"ff5\">\u2019Organo <span class=\"_ _15\"> </span>con <span class=\"_ _15\"> </span>funzioni <span class=\"_ _e\"> </span>di <span class=\"_ _15\"> </span>supervisione <span class=\"_ _15\"> </span>st<span class=\"_ _2\"></span>rategica <span class=\"_ _15\"> </span>di <span class=\"_ _15\"> </span>Gruppo <span class=\"_ _15\"> </span>\u00e8 <span class=\"_ _15\"> </span>id<span class=\"_ _2\"></span>entificato <span class=\"_ _14\"> </span>ne<span class=\"_ _2\"></span>l <span class=\"_ _15\"> </span>Consiglio <span class=\"_ _15\"> </span>di </span>Amministrazione <span class=\"_ _0\"></span>di <span class=\"_ _9\"> </span>Credito <span class=\"_ _9\"> </span>Emiliano <span class=\"_ _0\"></span>SpA, <span class=\"_ _0\"></span>Capogruppo <span class=\"_ _9\"> </span>del <span class=\"_ _9\"> </span>Gruppo <span class=\"_ _0\"></span>Bancario <span class=\"_ _9\"> </span>Credito <span class=\"_ _9\"> </span>Emiliano <span class=\"_ _9\"> </span><span class=\"ff5\">\u2013</span> CREDEM. A <span class=\"_ _16\"> </span>livello <span class=\"_ _9\"> </span>di  Gruppo <span class=\"_ _9\"> </span>sono  s<span class=\"_ _1\"></span>tati <span class=\"_ _16\"> </span>individu<span class=\"_ _1\"></span>ati  p<span class=\"_ _1\"></span>i\u00f9  organi <span class=\"_ _9\"> </span>con  fu<span class=\"_ _1\"></span>nzioni  di <span class=\"_ _9\"> </span>gestione,  coinc<span class=\"_ _1\"></span>identi <span class=\"_ _16\"> </span>con <span class=\"_ _16\"> </span>i Consigli <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>Amministrazione <span class=\"_ _d\"></span>delle <span class=\"_ _2\"></span>singole <span class=\"_ _2\"></span>controllate, <span class=\"_ _2\"></span>che <span class=\"_ _d\"></span>hanno <span class=\"_ _2\"></span>adottato<span class=\"_ _df\"> </span>76 <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>Policy <span class=\"_ _d\"></span>di <span class=\"_ _2\"></span>Gruppo <span class=\"_ _2\"></span>in<span class=\"_ _1\"></span> materia  di <span class=\"_ _16\"> </span>gestione <span class=\"_ _16\"> </span>dei <span class=\"_ _9\"> </span>r<span class=\"_ _2\"></span>ischi <span class=\"_ _16\"> </span>operativi,  <span class=\"ff5\">traducendo <span class=\"_ _16\"> </span>il <span class=\"_ _16\"> </span>relativo  \u201cschema\u201d <span class=\"_ _16\"> </span>nella <span class=\"_ _16\"> </span>specifi<span class=\"_ _1\"></span>ca  realt\u00e0 </span>aziendale <span class=\"_ _4\"> </span>ed <span class=\"_ _4\"> </span>individuando <span class=\"_ _4\"> </span>conc<span class=\"ff5\">retamente <span class=\"_ _17\"> </span>le <span class=\"_ _4\"> </span>funzioni <span class=\"_ _4\"> </span>\u201clocali\u201d <span class=\"_ _4\"> </span>richieste <span class=\"_ _4\"> </span>per <span class=\"_ _4\"> </span>il <span class=\"_ _4\"> </span>buon <span class=\"_ _4\"> </span>esito <span class=\"_ _17\"> </span>del </span>processo. Dal punto di vista ope<span class=\"_ _1\"></span>rativo, gli organi con funzione<span class=\"_ _1\"></span> di supervisione strategica e que<span class=\"_ _1\"></span>lli con funzioni di  gestione  s<span class=\"_ _2\"></span>ono  supportati <span class=\"_ _22\"> </span>dall\u2019attivit\u00e0  dell\u2019ufficio  Governance, <span class=\"_ _4\"> </span>Raf  Esg  e <span class=\"_ _4\"> </span>Ope<span class=\"ff4\">rativi <span class=\"_ _4\"> </span>(GEO)<span class=\"_ _1\"></span>  d<span class=\"_ _2\"></span>i </span>Capogruppo. <span class=\"_ _0\"></span>Ne<span class=\"_ _2\"></span>ll\u2019ambito <span class=\"_ _9\"> </span>del <span class=\"_ _9\"> </span>processo <span class=\"_ _9\"> </span>coordinato <span class=\"_ _9\"> </span>centralmente <span class=\"_ _9\"> </span>da <span class=\"_ _9\"> </span>GEO <span class=\"_ _9\"> </span>(c.d. <span class=\"_ _9\"> </span>\u201cORM <span class=\"_ _9\"> </span>Centrale\u201d)<span class=\"_ _2\"></span>, l\u2019attivit\u00e0 <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>gestione <span class=\"_ _9\"> </span>del <span class=\"_ _9\"> </span>rischio <span class=\"_ _16\"> </span>operativo <span class=\"_ _0\"></span>viene <span class=\"_ _9\"> </span>svolta <span class=\"_ _9\"> </span>con <span class=\"_ _16\"> </span>il <span class=\"_ _9\"> </span>supporto <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>alcune <span class=\"_ _9\"> </span>funzioni <span class=\"_ _9\"> </span>\u201cOR<span class=\"_ _2\"></span>M Periferico\u201d appartenenti a diversi servizi de<span class=\"_ _1\"></span>lla Ba<span class=\"ff4\">nca e d<span class=\"_ _2\"></span>elle Societ\u00e0 del Gruppo Bancario. </span>L\u2019Organo <span class=\"_ _0\"></span>con <span class=\"_ _9\"> </span>funzione <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>controllo <span class=\"_ _9\"> </span>\u00e8 <span class=\"_ _9\"> </span>identificato <span class=\"_ _0\"> </span>nel <span class=\"_ _9\"> </span>Collegio <span class=\"_ _9\"> </span>Sindacale, <span class=\"_ _9\"> </span>coerentemente <span class=\"_ _0\"></span>con <span class=\"_ _16\"> </span>la disciplina <span class=\"_ _14\"> </span>vigente <span class=\"_ _15\"> </span>relativa <span class=\"_ _15\"> </span>agli <span class=\"_ _15\"> </span>enti <span class=\"_ _15\"> </span>che <span class=\"_ _14\"> </span>adott<span class=\"_ _2\"></span>ano <span class=\"_ _14\"> </span>un <span class=\"_ _15\"> </span>modello <span class=\"_ _15\"> </span>\u201ctradizionale\u201d <span class=\"_ _15\"> </span>di <span class=\"_ _14\"> </span>governanc<span class=\"_ _2\"></span>e<span class=\"_ _1\"></span> societaria. Pi\u00f9 <span class=\"_ _1\"></span>in particolar<span class=\"ff5\">e, il <span class=\"_ _1\"></span>Collegio della <span class=\"_ _1\"></span>Capogruppo \u00e8 responsabile <span class=\"_ _f\"></span>d<span class=\"_ _2\"></span>i vi<span class=\"_ _1\"></span>gilare sull\u2019osservanza </span>delle norme di legge, regolame<span class=\"_ _1\"></span>ntari e statutarie, sulla corretta amministrazione, sull\u2019<span class=\"_ _1\"></span>adeguatezza degli assetti <span class=\"_ _2\"></span>organizzativi e cont<span class=\"_ _2\"></span>abili del Gruppo <span class=\"_ _2\"></span>anche tramite <span class=\"_ _2\"></span>il coor<span class=\"_ _2\"></span>dinamento <span class=\"_ _2\"></span>con gli omologhi organi collegiali presenti nelle controllate. Nell\u2019espletamento delle proprie attivit\u00e0 tale organo viene sup<span class=\"_ _1\"></span>portato dal Servizio Audit di Gruppo.<span class=\"_ _2\"></span><span class=\"ff4\"> </span>Sono istituiti specifici flussi informativi ve<span class=\"_ _1\"></span>rso l\u2019organo di controllo delle societ\u00e0 interes<span class=\"_ _2\"></span><span class=\"ff4\">sate. </span>Il <span class=\"_ _2\"></span>Sistema <span class=\"_ _2\"></span>di <span class=\"_ _d\"></span>Gestione <span class=\"_ _2\"></span>dei <span class=\"_ _2\"></span>Rischi<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>Operativi <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _2\"></span>p<span class=\"_ _2\"></span>eriodicamente<span class=\"_ _1\"></span> <span class=\"_ _2\"></span>so<span class=\"_ _2\"></span>ttoposto <span class=\"_ _2\"></span>a <span class=\"_ _d\"></span>revisione <span class=\"_ _2\"></span>indipendente da parte del Servizio Audi<span class=\"_ _1\"></span>t della Capogruppo. Il <span class=\"_ _1\"></span>sistema di <span class=\"_ _f\"></span>gestione dei<span class=\"_ _1\"></span> rischi <span class=\"_ _f\"></span>o<span class=\"_ _2\"></span>perativi <span class=\"_ _f\"></span>\u00e8 definito come <span class=\"_ _f\"></span>l\u2019insieme strutturato <span class=\"_ _1\"></span>dei <span class=\"_ _f\"></span>pro<span class=\"_ _2\"></span>ces<span class=\"ff4\">si funzioni<span class=\"_ _1\"></span> </span>e <span class=\"_ _0\"></span>risorse <span class=\"_ _0\"></span>per <span class=\"_ _d\"></span>l\u2019identificazione, <span class=\"_ _0\"></span>la <span class=\"_ _0\"></span>valutazione <span class=\"_ _0\"></span>e <span class=\"_ _d\"></span>il <span class=\"_ _0\"></span>contr<span class=\"_ _2\"></span>ollo <span class=\"_ _d\"></span>dei <span class=\"_ _0\"></span>rischi <span class=\"_ _0\"></span>operativi <span class=\"_ _0\"></span>ed <span class=\"_ _0\"></span>\u00e8 <span class=\"_ _d\"></span>ar<span class=\"_ _2\"></span>ticolato <span class=\"_ _0\"></span>nei seguenti sottoprocessi: -<span class=\"_ _28\"> </span><span class=\"ff4\">Identificazione;<span class=\"_ _df\"> </span></span>-<span class=\"_ _28\"> </span><span class=\"ff4\">Misurazione;<span class=\"_ _df\"> </span></span>-<span class=\"_ _28\"> </span><span class=\"ff4\">Monitoraggio e Controllo;<span class=\"_ _df\"> </span></span>-<span class=\"_ _28\"> </span><span class=\"ff4\">Mitigazione.<span class=\"_ _df\"> </span></span>76<span class=\"_ _df\"> </span> <span class=\"fs7\">Alcune Societ\u00e0 n<span class=\"_ _1\"></span>on hanno ancora a<span class=\"_ _1\"></span>dottato la nu<span class=\"_ _1\"></span>ova Policy ma lo far<span class=\"_ _1\"></span>anno alla prima <span class=\"_ _1\"></span>occasione utile.<span class=\"fs5\"> </span></span>Le  s<span class=\"_ _2\"></span>ociet\u00e0  incluse <span class=\"_ _4\"> </span>nei  processi <span class=\"_ _4\"> </span>di <span class=\"_ _22\"> </span>misurazione<span class=\"_ _2\"></span>,  mo<span class=\"_ _2\"></span>nitoraggio  e <span class=\"_ _4\"> </span>mitigazione  s<span class=\"_ _2\"></span>ono <span class=\"_ _22\"> </span>quelle <span class=\"_ _4\"> </span>che risultano <span class=\"_ _2\"></span>annualmente <span class=\"_ _2\"></span>rilevanti <span class=\"_ _d\"></span>ai <span class=\"_ _d\"></span>fini <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>rischio <span class=\"_ _d\"></span>operativo <span class=\"_ _2\"></span>ed <span class=\"_ _2\"></span>in<span class=\"_ _2\"></span>formatico <span class=\"_ _2\"></span>dall\u2019analisi <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>ilevanza effettuata <span class=\"_ _16\"> </span>nell\u2019amb<span class=\"_ _1\"></span>ito  d<span class=\"_ _1\"></span>ell\u2019approvazione <span class=\"_ _16\"> </span>del <span class=\"_ _9\"> </span>Risk  Ap<span class=\"_ _f\"></span>p<span class=\"_ _2\"></span>etite <span class=\"_ _16\"> </span>Framework <span class=\"_ _9\"> </span>(RAF)  e<span class=\"_ _1\"></span>  d<span class=\"_ _1\"></span>el <span class=\"_ _16\"> </span>processo <span class=\"_ _9\"> </span>di determinazione <span class=\"ff5\">dell\u2019adeguatezza patrimoniale (ICAAP) svolto dalla Capogrup<span class=\"_ _1\"></span>po.<span class=\"_ _2\"></span><span class=\"ff4\"> </span></span>Il processo di \u201cIdentificazi<span class=\"_ _1\"></span>one\u201d \u00e8 compos<span class=\"_ _2\"></span>to dalle<span class=\"_ _1\"></span> seguenti procedure:<span class=\"_ _2\"></span><span class=\"ff4\"> </span>-<span class=\"ff10\"> <span class=\"_ _1c\"> </span><span class=\"ff4\">Loss  Data  Collection:  consiste  nel<span class=\"_ _1\"></span>la  raccolta  dei  dati  di  perdita  operativa  interna  con  il </span></span>coinvolgimento  diretto  di  tut<span class=\"_ _1\"></span>te  le  unit\u00e0  di  busine<span class=\"_ _1\"></span>ss.  In  tale  ambito,  gli  e<span class=\"_ _1\"></span>venti  di  perdita operativa (inclusi <span class=\"_ _2\"></span>quelli di <span class=\"_ _2\"></span>natura <span class=\"_ _2\"></span>informatica) sono <span class=\"_ _2\"></span>classificati per <span class=\"_ _2\"></span>Business Line <span class=\"_ _2\"></span>(corporate finance, <span class=\"_ _0\"></span>tr<span class=\"_ _2\"></span>ading <span class=\"_ _0\"></span>and <span class=\"_ _0\"></span>s<span class=\"_ _2\"></span>ales, <span class=\"_ _0\"></span>retail <span class=\"_ _0\"></span>banking, <span class=\"_ _9\"> </span>commercial <span class=\"_ _9\"> </span>banking, <span class=\"_ _0\"></span>payment <span class=\"_ _9\"> </span>and <span class=\"_ _9\"> </span>settlement, agency <span class=\"_ _0\"></span>services, <span class=\"_ _0\"></span>asset <span class=\"_ _9\"> </span>management, <span class=\"_ _0\"></span>retail <span class=\"_ _0\"></span>Brokerage) <span class=\"_ _0\"></span>ed <span class=\"_ _0\"></span>Event <span class=\"_ _9\"> </span>Type <span class=\"_ _0\"></span>(frodi <span class=\"_ _0\"></span>interne, <span class=\"_ _0\"></span>frodi esterne, rapporto di impiego e <span class=\"_ _2\"></span>sicu<span class=\"_ _1\"></span>rezza sul lavoro, <span class=\"_ _2\"></span>clientela, prodotti e prassi professionali, danni <span class=\"_ _0\"></span>da <span class=\"_ _9\"> </span>eventi <span class=\"_ _9\"> </span>esterni, <span class=\"_ _9\"> </span>interruzioni <span class=\"_ _9\"> </span>dell\u2019operativit\u00e0 <span class=\"_ _9\"> </span>e <span class=\"_ _0\"></span>disfunzio<span class=\"_ _2\"></span>ni <span class=\"_ _0\"></span>dei <span class=\"_ _9\"> </span>sistemi,<span class=\"_ _2\"></span><span class=\"ff4\"> <span class=\"_ _9\"> </span>esecuzione, </span>consegna e gestione dei processi); -<span class=\"ff10\"> <span class=\"_ _1c\"> </span><span class=\"ff4\">Risk <span class=\"_ _2\"></span>Self <span class=\"_ _d\"></span>Assessment: <span class=\"_ _d\"></span>consiste <span class=\"_ _2\"></span>nella <span class=\"_ _d\"></span>raccolta, <span class=\"_ _d\"></span>attraverso <span class=\"_ _d\"></span>questionario, <span class=\"_ _2\"></span>di <span class=\"_ _d\"></span>stime <span class=\"_ _d\"></span>soggettive </span></span>espresse d<span class=\"_ _1\"></span>ai risk <span class=\"_ _f\"></span>owner con <span class=\"_ _1\"></span>riferimento <span class=\"_ _f\"></span>agli eventi <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>natura operativa <span class=\"_ _f\"></span>(inclusi quell<span class=\"_ _1\"></span>i di <span class=\"_ _f\"></span>natura informatica) <span class=\"_ _0\"></span>potenzialmente <span class=\"_ _d\"></span>rilevanti <span class=\"_ _0\"></span>per <span class=\"_ _0\"></span>le <span class=\"_ _0\"></span>proprie <span class=\"_ _d\"></span>unit\u00e0 <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>business <span class=\"_ _0\"></span>e <span class=\"_ _d\"></span>tenuto <span class=\"_ _0\"></span>conto <span class=\"_ _0\"></span>delle linee guida di sviluppo emerse dal processo di piani<span class=\"_ _1\"></span>ficazione preliminare di gruppo; <span class=\"_ _2\"></span> -<span class=\"ff10\"> <span class=\"_ _1c\"> </span><span class=\"ff4\">Data <span class=\"_ _d\"></span>Pooling/Comunicazione <span class=\"_ _d\"></span>ver<span class=\"_ _2\"></span>so <span class=\"_ _d\"></span>enti <span class=\"_ _0\"></span>esterni: <span class=\"_ _d\"></span>consiste <span class=\"_ _0\"></span>nella <span class=\"_ _d\"></span>part<span class=\"_ _2\"></span>ecipazi<span class=\"_ _1\"></span>one <span class=\"_ _0\"></span>ad <span class=\"_ _d\"></span>iniziative </span></span>consortili <span class=\"_ _0\"></span>esterne <span class=\"_ _9\"> </span>e <span class=\"_ _0\"></span>nella <span class=\"_ _0\"></span>gestione <span class=\"_ _0\"></span>dell<span class=\"_ _2\"></span>e <span class=\"_ _0\"></span>relative <span class=\"_ _0\"></span>interrelazioni <span class=\"_ _0\"></span>(es. <span class=\"_ _9\"> </span>consorzio <span class=\"_ _0\"></span>DIPO) <span class=\"_ _0\"></span>ed <span class=\"_ _0\"></span>al<span class=\"_ _2\"></span>la comunicazione <span class=\"_ _2\"></span>dei dati <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>perdita <span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>perativa r<span class=\"_ _2\"></span>accolti agli <span class=\"_ _2\"></span>Organi <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>Vigilanza <span class=\"_ _2\"></span>(Banca d\u2019Italia <span class=\"_ _2\"></span>e Banca Centrale Europea). Il <span class=\"_ _0\"></span>processo <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>\u201cMisurazione\u201d <span class=\"_ _9\"> </span>\u00e8 <span class=\"_ _0\"></span>r<span class=\"_ _2\"></span>appresentato<span class=\"ff4\"> <span class=\"_ _9\"> </span>dalla <span class=\"_ _9\"> </span>quantificazione <span class=\"_ _9\"> </span>del <span class=\"_ _9\"> </span>Capitale <span class=\"_ _9\"> </span>a <span class=\"_ _9\"> </span>Rischio <span class=\"_ _9\"> </span>(CaR) </span>mediante <span class=\"_ _d\"></span>stime <span class=\"_ _0\"></span>soggettive. <span class=\"_ _d\"></span>Le <span class=\"_ _0\"></span>metodologie <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>mis<span class=\"_ _2\"></span>urazione <span class=\"_ _d\"></span>delle <span class=\"_ _0\"></span>perdite <span class=\"_ _d\"></span>attese <span class=\"_ _0\"></span>e <span class=\"_ _d\"></span>inattese <span class=\"_ _0\"></span>sono finalizzate <span class=\"_ _d\"></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=\"_ _d\"></span>di <span class=\"_ _0\"></span>sit<span class=\"_ _2\"></span>uazioni <span class=\"_ _d\"></span>potenzialmente <span class=\"_ _0\"></span>critiche <span class=\"_ _d\"></span>e <span class=\"_ _0\"></span>si basano <span class=\"_ _4\"> </span>sulla <span class=\"_ _4\"> </span>esecuzione <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>questionari <span class=\"_ _4\"> </span>Risk <span class=\"_ _4\"> </span>Self <span class=\"_ _4\"> </span>Ass<span class=\"_ _2\"></span>essmen<span class=\"_ _1\"></span>t <span class=\"_ _4\"> </span>(RSA), <span class=\"_ _4\"> </span>con <span class=\"_ _4\"> </span>frequenza <span class=\"_ _4\"> </span>almeno annuale, <span class=\"_ _2\"></span>che per <span class=\"_ _2\"></span>ogni <span class=\"_ _2\"></span>tipologia <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>evento <span class=\"_ _2\"></span>richiedono <span class=\"_ _2\"></span>ai <span class=\"_ _2\"></span>responsabili d<span class=\"_ _2\"></span>elle unit\u00e0 <span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>rganizzative<span class=\"_ _1\"></span> <span class=\"_ _2\"></span>(UO) che possono generare/gestire i rischi ope<span class=\"_ _1\"></span>rativi, una stima soggettiva di alcu<span class=\"_ _2\"></span>ni fattori di rischio: -<span class=\"ff10\"> <span class=\"_ _1c\"> </span><span class=\"ff5\">\u201cfrequenza tipica\u201d, il nume<span class=\"_ _1\"></span>ro medio atteso di eventi nell\u2019arco temporale di riferimento;<span class=\"ff4\"> </span></span></span>-<span class=\"ff10\"> <span class=\"_ _1c\"> </span><span class=\"ff5\">\u201cimpatto tipico\u201d, la perdita media attesa pe<span class=\"_ _1\"></span>r tipologia di evento;<span class=\"_ _2\"></span><span class=\"ff4\"> </span></span></span>-<span class=\"ff10\"> <span class=\"_ _1c\"> </span><span class=\"ff5\">\u201cimpatto peggiore\u201d, l\u2019<span class=\"_ _1\"></span>impatto del singolo evento qualora esso si manifesti ne<span class=\"_ _2\"></span><span class=\"ff4\">l peggior modo </span></span></span>(ragionevolmente) concepibile.  L\u2019analisi <span class=\"_ _f\"></span>\u00e8 <span class=\"_ _1\"></span>svolta <span class=\"_ _f\"></span>su pi<span class=\"_ _1\"></span>\u00f9 <span class=\"_ _f\"></span>livelli <span class=\"_ _1\"></span>quali <span class=\"_ _f\"></span>unit\u00e0 o<span class=\"_ _1\"></span>rganizzativa, <span class=\"_ _f\"></span>business <span class=\"_ _f\"></span>units, socie<span class=\"_ _1\"></span>t\u00e0 <span class=\"_ _1\"></span>e <span class=\"_ _f\"></span>gruppo cons<span class=\"_ _f\"></span>o<span class=\"_ _2\"></span>lidato<span class=\"_ _1\"></span> e, <span class=\"_ _f\"></span>per ogni <span class=\"_ _f\"></span>livello, <span class=\"_ _f\"></span>sono prodotti <span class=\"_ _f\"></span>un v<span class=\"_ _1\"></span>alore <span class=\"_ _1\"></span>di <span class=\"_ _f\"></span>perdita attesa <span class=\"_ _f\"></span>ed u<span class=\"_ _1\"></span>n <span class=\"_ _f\"></span>v<span class=\"_ _2\"></span>alore <span class=\"_ _f\"></span>di p<span class=\"_ _1\"></span>erdita inattesa. <span class=\"_ _f\"></span>I <span class=\"_ _f\"></span>r<span class=\"_ _2\"></span>isult<span class=\"_ _2\"></span>ati<span class=\"_ _f\"></span> della <span class=\"_ _16\"> </span>valutazione <span class=\"_ _9\"> </span>so<span class=\"_ _2\"></span>no <span class=\"_ _16\"> </span>utilizz<span class=\"_ _1\"></span>ati  a <span class=\"_ _16\"> </span>fini <span class=\"_ _9\"> </span>gest<span class=\"_ _2\"></span>ionali <span class=\"_ _9\"> </span>per  la <span class=\"_ _9\"> </span>prev<span class=\"_ _2\"></span>enzione <span class=\"_ _9\"> </span>e  la <span class=\"_ _16\"> </span>mitigazione <span class=\"_ _9\"> </span>d<span class=\"_ _2\"></span>ei <span class=\"_ _9\"> </span>r<span class=\"_ _2\"></span>ischi operativi <span class=\"_ _14\"> </span>e <span class=\"_ _15\"> </span>nel <span class=\"_ _15\"> </span>processo <span class=\"_ _15\"> </span>di <span class=\"_ _14\"> </span>pianificazione <span class=\"_ _15\"> </span>operativa, <span class=\"_ _15\"> </span>coerentemente <span class=\"_ _14\"> </span>a <span class=\"_ _e\"> </span>quanto <span class=\"_ _14\"> </span>definito <span class=\"_ _15\"> </span>dal \u201cRegolamento pianificazione, programmazione e controllo di Gruppo\u201d.<span class=\"ff4\"> </span>Contribuisce <span class=\"_ _f\"></span>inoltre <span class=\"_ _f\"></span>alla <span class=\"_ _f\"></span>misurazio<span class=\"_ _2\"></span>ne <span class=\"_ _f\"></span>del <span class=\"_ _f\"></span>rischio <span class=\"_ _f\"></span>operativo <span class=\"_ _f\"></span>anche <span class=\"_ _1\"></span>la <span class=\"_ _1\"></span>quantificazione <span class=\"_ _11\"></span>alm<span class=\"_ _2\"></span>eno <span class=\"_ _f\"></span>annuale degli assorbime<span class=\"_ _1\"></span>nti patrimoniali se<span class=\"_ _1\"></span>condo lo \u201cS<span class=\"_ _f\"></span>t<span class=\"_ _2\"></span>andardised<span class=\"_ _1\"></span> Approach\u201d, in <span class=\"_ _f\"></span>accor<span class=\"_ _2\"></span>do <span class=\"_ _f\"></span>al quale i<span class=\"_ _1\"></span>l Gruppo<span class=\"_ _1\"></span> ha <span class=\"_ _9\"> </span>sviluppato <span class=\"_ _9\"> </span>ed <span class=\"_ _9\"> </span>applica <span class=\"_ _9\"> </span><span class=\"ff5\">\u2013</span> <span class=\"_ _9\"> </span>in <span class=\"_ _16\"> </span>coe<span class=\"_ _1\"></span>renza <span class=\"_ _9\"> </span>con <span class=\"_ _9\"> </span>quanto <span class=\"_ _9\"> </span>previsto <span class=\"_ _9\"> </span>dalla <span class=\"_ _9\"> </span>nuova <span class=\"_ _9\"> </span>normativa <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>vigilanza prudenziale <span class=\"_ _d\"></span>e <span class=\"_ _d\"></span>conn<span class=\"_ _2\"></span>essi <span class=\"_ _d\"></span>mandati <span class=\"_ _0\"></span>dell\u2019EBA <span class=\"_ _0\"></span>\u2013<span class=\"ff4\"> <span class=\"_ _0\"></span>una <span class=\"_ _d\"></span>specifica <span class=\"_ _0\"></span>metodologia <span class=\"_ _d\"></span>di <span class=\"_ _0\"></span>calcolo <span class=\"_ _0\"></span>della <span class=\"_ _d\"></span>misura <span class=\"_ _0\"></span>di </span>esposizione al rischio in parola riferita agli ultimi tre esercizi completi (c.d. \u201cBusiness Indicator\u201d) e conseguente <span class=\"_ _4\"> </span><span class=\"ff5\">determinazione <span class=\"_ _22\"> </span>d<span class=\"_ _2\"></span>ei <span class=\"_ _22\"> </span>fondi <span class=\"_ _4\"> </span>propri <span class=\"_ _4\"> </span>(c.d. <span class=\"_ _4\"> </span>\u201cBusiness <span class=\"_ _4\"> </span>Indicator <span class=\"_ _4\"> </span>component\u201d) <span class=\"_ _4\"> </span>tramite </span>allocazione del Business Indicator nei buck<span class=\"_ _1\"></span>et previsti dalla CRR3.<span class=\"_ _2\"></span> Il <span class=\"_ _f\"></span>processo di <span class=\"_ _f\"></span>\u201cMonitoraggio <span class=\"_ _1\"></span>e <span class=\"_ _f\"></span>co<span class=\"_ _2\"></span>ntrollo\u201d <span class=\"_ _1\"></span>mira <span class=\"_ _f\"></span>a ide<span class=\"_ _1\"></span>ntificare <span class=\"_ _f\"></span>temp<span class=\"_ _2\"></span>estivamente <span class=\"_ _f\"></span>eventuali <span class=\"_ _f\"></span>d<span class=\"_ _2\"></span>isfunzioni nei <span class=\"_ _2\"></span>processi <span class=\"_ _d\"></span>aziendali <span class=\"_ _2\"></span>o <span class=\"_ _d\"></span>nelle <span class=\"_ _d\"></span>procedure <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>gestione <span class=\"_ _d\"></span>del <span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>ischio <span class=\"_ _2\"></span>al <span class=\"_ _d\"></span>fine <span class=\"_ _2\"></span>di <span class=\"_ _d\"></span>consentire <span class=\"_ _d\"></span>di <span class=\"_ _2\"></span>valutare <span class=\"_ _d\"></span>le necessarie azioni di mitigazione.<span class=\"fs6\">  </span>I  Rischi <span class=\"_ _22\"> </span>Operativi <span class=\"_ _22\"> </span>sono <span class=\"_ _4\"> </span>inoltre  monitorati <span class=\"_ _22\"> </span>all\u2019interno <span class=\"_ _22\"> </span>del <span class=\"_ _22\"> </span>pi\u00f9 <span class=\"_ _22\"> </span>ampio <span class=\"_ _4\"> </span>processo  di <span class=\"_ _22\"> </span>Risk <span class=\"_ _4\"> </span>App<span class=\"_ _1\"></span>etite Framework (RAF) di Gruppo (monitoraggio trimestrale). Al fine<span class=\"_ _1\"></span> di assicurare <span class=\"_ _1\"></span>un presidi<span class=\"_ _1\"></span>o nel continu<span class=\"_ _1\"></span>o, \u00e8 prevista una <span class=\"_ _f\"></span>r<span class=\"_ _2\"></span>endicontazione<span class=\"_ _1\"></span>, per sing<span class=\"_ _1\"></span>olo evento <span class=\"_ _1\"></span>di perdita <span class=\"_ _2\"></span>operativa <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>cui auto<span class=\"_ _2\"></span>nomia <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>delibe<span class=\"_ _1\"></span>ra <span class=\"_ _2\"></span>(definita <span class=\"_ _2\"></span>all\u2019interno <span class=\"_ _d\"></span>dei regolamenti <span class=\"_ _2\"></span>gi\u00e0 <span class=\"_ _2\"></span>vigenti <span class=\"_ _2\"></span>o, <span class=\"_ _2\"></span>in mancanza, <span class=\"_ _1\"></span>oltre la <span class=\"_ _f\"></span>soglia di <span class=\"_ _f\"></span>100<span class=\"_ _2\"></span><span class=\"ff5\">.000 \u20ac)<span class=\"_ _1\"></span> spetta <span class=\"_ _f\"></span>al Comitato <span class=\"_ _f\"></span>Esecutivo/Consiglio <span class=\"_ _1\"></span>di Ammin<span class=\"_ _1\"></span>istrazione, </span>dei <span class=\"_ _22\"> </span>cont<span class=\"_ _2\"></span>rolli <span class=\"_ _4\"> </span>che  non <span class=\"_ _4\"> </span>sono <span class=\"_ _4\"> </span>andati <span class=\"_ _4\"> </span>a <span class=\"_ _4\"> </span>buon <span class=\"_ _4\"> </span>fine<span class=\"_ _1\"></span> <span class=\"_ _4\"> </span>e <span class=\"_ _4\"> </span>delle <span class=\"_ _22\"> </span>azioni <span class=\"_ _4\"> </span>corrett<span class=\"_ _2\"></span>ive  di <span class=\"_ _4\"> </span>eventuali <span class=\"_ _4\"> </span>carenze organizzative <span class=\"_ _22\"> </span>e/o <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>processo/prodotto. <span class=\"_ _4\"> </span>Qualora  disponibili, <span class=\"_ _4\"> </span>l\u2019ORM <span class=\"_ _22\"> </span>periferico <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>volta <span class=\"_ _4\"> </span>in <span class=\"_ _22\"> </span>volta competente <span class=\"_ _2\"></span>inserisce <span class=\"_ _d\"></span>le <span class=\"_ _d\"></span>informazioni <span class=\"_ _d\"></span>oggetto <span class=\"_ _d\"></span>di <span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>endicontazione <span class=\"_ _2\"></span>in <span class=\"_ _d\"></span>seno <span class=\"_ _2\"></span>al<span class=\"_ _2\"></span>le <span class=\"_ _2\"></span>proposte <span class=\"_ _d\"></span>e <span class=\"_ _d\"></span>le <span class=\"_ _d\"></span>invia alle <span class=\"_ _4\"> </span>Funzioni <span class=\"_ _17\"> </span>preposte <span class=\"_ _4\"> </span>a <span class=\"_ _17\"> </span>seconda <span class=\"_ _4\"> </span>delle <span class=\"_ _17\"> </span>casistiche <span class=\"_ _4\"> </span>(a <span class=\"_ _17\"> </span>titolo <span class=\"_ _17\"> </span>esemplificativo, <span class=\"_ _4\"> </span>Servizio <span class=\"_ _17\"> </span>Audit <span class=\"_ _4\"> </span>e<span class=\"_ _2\"></span> Compliance). In ogni caso, le delibere assunte dal CE/CA sono inviat<span class=\"_ _2\"></span>e, pe<span class=\"_ _1\"></span>r opportuna conoscenza, al <span class=\"_ _2\"></span>Risk <span class=\"_ _2\"></span>Off<span class=\"_ _2\"></span>icer <span class=\"_ _2\"></span>della <span class=\"_ _2\"></span>Capogruppo <span class=\"_ _d\"></span>e <span class=\"_ _2\"></span>a <span class=\"_ _d\"></span>GEO. <span class=\"_ _2\"></span>GEO <span class=\"_ _d\"></span>verifica <span class=\"_ _2\"></span>semestralmente <span class=\"_ _d\"></span>che <span class=\"_ _2\"></span>le <span class=\"_ _2\"></span>F<span class=\"_ _2\"></span>unzioni <span class=\"_ _2\"></span>preposte<span class=\"_ _df\"> </span><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs170f\">siano state attiv<span class=\"_ _1\"></span>ate dagli <span class=\"_ _1\"></span>ORM Periferici e, l<span class=\"_ _1\"></span>addove questo non sia <span class=\"_ _1\"></span>accaduto, attiva d<span class=\"_ _1\"></span>irettamente le </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1710\">Funzioni preposte eventualmente coordinandosi con gli ORM Periferici<span class=\"_ _1\"></span>.<span class=\"_ _2\"></span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1711\">Inoltre, GEO <span class=\"_ _2\"></span>controlla <span class=\"_ _2\"></span>semestralmente, p<span class=\"_ _2\"></span>er BU/Servizio <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>Credembanca e <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>le s<span class=\"_ _2\"></span>ociet\u00e0 rilevant<span class=\"_ _2\"></span>i, </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1712\">che <span class=\"_ _d\"></span>le <span class=\"_ _d\"></span>r<span class=\"_ _2\"></span>ispettive <span class=\"_ _d\"></span>perdite <span class=\"_ _d\"></span>contabilizzate <span class=\"_ _d\"></span>nel <span class=\"_ _0\"></span>semestre/anno <span class=\"_ _d\"></span>di <span class=\"_ _0\"></span>riferimento <span class=\"_ _d\"></span>non <span class=\"_ _0\"></span>superino <span class=\"_ _d\"></span>il <span class=\"_ _d\"></span>relativo </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1713\">valore <span class=\"_ _0\"></span>di <span class=\"_ _9\"> </span>Perdita <span class=\"_ _9\"> </span>Attesa <span class=\"_ _9\"> </span>stimato <span class=\"_ _9\"> </span>in <span class=\"_ _0\"></span>ambito <span class=\"_ _9\"> </span>Risk <span class=\"_ _9\"> </span>Self <span class=\"_ _0\"> </span>Ass<span class=\"_ _2\"></span>essme<span class=\"_ _1\"></span>nt <span class=\"_ _9\"> </span>e, <span class=\"_ _0\"></span>nel <span class=\"_ _9\"> </span>caso <span class=\"_ _9\"> </span>in <span class=\"_ _9\"> </span>cui <span class=\"_ _0\"></span>ci\u00f2 <span class=\"_ _9\"> </span>accada, </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1714\">rendiconta nel CE di Credembanca<span class=\"sc2\"> </span>le motivazioni dell<span class=\"_ _1\"></span>o scostamento fornite dai Responsabili delle </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1715\">BU/Capi Se<span class=\"_ _1\"></span>rvizio di Credembanca. <span class=\"_ _1\"></span>Per le <span class=\"_ _1\"></span>singole societ\u00e0 rile<span class=\"_ _1\"></span>vanti, nel caso <span class=\"_ _1\"></span>in cui le <span class=\"_ _1\"></span>perdite risultino </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs1716\">superiori <span class=\"_ _1\"></span>alla P<span class=\"_ _1\"></span>erdita Attesa, l<span class=\"_ _1\"></span>\u2019ORM <span class=\"_ _1\"></span>periferico d<span class=\"_ _1\"></span>ella societ\u00e0 <span class=\"_ _f\"></span>rendiconta nel <span class=\"_ _1\"></span>proprio CA <span class=\"_ _f\"></span>le motivazioni </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1717\">dello scostamento e ne d\u00e0 comunicaz<span class=\"_ _1\"></span>ione al Risk Officer della Capogruppo.<span class=\"_ _2\"></span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1718\">Il <span class=\"_ _d\"></span>sistema <span class=\"_ _0\"></span>di <span class=\"_ _d\"></span>report<span class=\"_ _2\"></span>ing <span class=\"_ _d\"></span>fornisce <span class=\"_ _d\"></span>agli <span class=\"_ _0\"></span>organi <span class=\"_ _d\"></span>aziendali <span class=\"_ _0\"></span>ed <span class=\"_ _0\"></span>ai <span class=\"_ _d\"></span>r<span class=\"_ _2\"></span>esponsabili <span class=\"_ _d\"></span>delle <span class=\"_ _d\"></span>fun<span class=\"_ _2\"></span>zioni <span class=\"_ _d\"></span>interessate </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1719\">informazioni <span class=\"_ _2\"></span>sul <span class=\"_ _2\"></span>livel<span class=\"_ _1\"></span>lo <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>esposizione ai <span class=\"_ _d\"></span>rischi <span class=\"_ _2\"></span>operativi<span class=\"_ _1\"></span> <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>rappresenta <span class=\"_ _2\"></span>uno <span class=\"_ _2\"></span>strumento <span class=\"_ _2\"></span>di supporto </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs171a\">per la loro gestione attiva ed \u00e8 la sintesi dei<span class=\"_ _1\"></span> processi di misurazione, monitoraggio e controllo. <span class=\"_ _2\"></span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs171b\">Il <span class=\"_ _1\"></span>processo <span class=\"ff5\">di <span class=\"_ _f\"></span>\u201cMitigazione\u201d <span class=\"_ _1\"></span>definisce <span class=\"_ _1\"></span>le <span class=\"_ _1\"></span>azioni <span class=\"_ _1\"></span>da intraprend<span class=\"_ _1\"></span>ere p<span class=\"_ _1\"></span>er la <span class=\"_ _f\"></span>prevenzione <span class=\"_ _f\"></span>e l\u2019attenuazione </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs171c\">dei rischi operativi ed \u00e8 composto dall<span class=\"_ _1\"></span>e seguenti procedure:<span class=\"_ _2\"></span> </div><div class=\"t m0 h5 ff18 fs1 fc1 sc0 ls0 ws0 gs171d\">-<span class=\"_ _28\"> </span><span class=\"ff5\">Analisi <span class=\"_ _1\"></span>gestionale: <span class=\"_ _f\"></span>consist<span class=\"_ _2\"></span>e <span class=\"_ _f\"></span>nell\u2019analisi <span class=\"_ _f\"></span>delle <span class=\"_ _1\"></span>criticit\u00e0 <span class=\"_ _1\"></span>emerse <span class=\"_ _f\"></span>e delle <span class=\"_ _f\"></span>diverse <span class=\"_ _1\"></span>possibili <span class=\"_ _f\"></span>so<span class=\"_ _2\"></span>luzioni<span class=\"_ _df\"> </span></span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs171e\">a <span class=\"_ _4\"> </span>d<span class=\"ff5\">isposizione  nell\u2019ambito <span class=\"_ _4\"> </span>delle <span class=\"_ _4\"> </span>tradizionali <span class=\"_ _4\"> </span>modalit\u00e0 <span class=\"_ _22\"> </span>alternative <span class=\"_ _4\"> </span>di <span class=\"_ _22\"> </span>gestione <span class=\"_ _4\"> </span>del <span class=\"_ _4\"> </span>rischio </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs171f\">(ritenzione, trasferimento, mitigazione), in ottica costi-benefici;<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff18 fs1 fc1 sc0 ls0 ws0 gs1720\">-<span class=\"_ _28\"> </span><span class=\"ff5\">Gestione <span class=\"_ _2\"></span>dell\u2019attivit\u00e0 di mitigazione: consist<span class=\"_ _2\"></span>e nella scelta, pianifi<span class=\"_ _2\"></span>cazione,<span class=\"_ _1\"></span> a<span class=\"_ _2\"></span>vvio delle att<span class=\"_ _2\"></span>ivit\u00e0, </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1721\">implementazione <span class=\"_ _f\"></span>e comple<span class=\"_ _1\"></span>tamento deg<span class=\"_ _1\"></span>li <span class=\"_ _f\"></span>interventi di <span class=\"_ _f\"></span>mitigazione me<span class=\"_ _1\"></span>ssi <span class=\"_ _1\"></span>in <span class=\"_ _f\"></span>at<span class=\"_ _2\"></span>to <span class=\"_ _f\"></span>e succe<span class=\"_ _1\"></span>ssivo </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs1722\">controllo dell\u2019avanzamento e dell\u2019efficaci<span class=\"_ _1\"></span>a degli interventi di mitigazione del rischio attuati;<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff18 fs1 fc1 sc0 ls0 ws0 gs1723\">-<span class=\"_ _28\"> </span><span class=\"ff4\">Gestione <span class=\"_ _0\"> </span>delle <span class=\"_ _9\"> </span>forme <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>tr<span class=\"_ _2\"></span>asferimento: <span class=\"_ _d\"></span>consist<span class=\"_ _2\"></span>e <span class=\"_ _0\"></span>nella <span class=\"_ _0\"></span>individuazione, <span class=\"_ _9\"> </span>valutazione, <span class=\"_ _0\"></span>scelta <span class=\"_ _9\"> </span>e </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1724\">gestione delle diverse forme di trasferimento del rischio (es. poli<span class=\"_ _1\"></span>zze assicurative).<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1725\">Le <span class=\"_ _f\"></span>azioni <span class=\"_ _1\"></span>di <span class=\"_ _f\"></span>mitigazione <span class=\"_ _1\"></span>definite <span class=\"_ _f\"></span>nel <span class=\"_ _1\"></span>reporting <span class=\"_ _f\"></span>vengono i<span class=\"_ _1\"></span>noltre i<span class=\"_ _1\"></span>ncluse <span class=\"_ _f\"></span>nel <span class=\"_ _f\"></span>processo di<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>pianificazione </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1726\">operativa. </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1727\">Al <span class=\"_ _f\"></span>31 dicembre <span class=\"_ _f\"></span>2025, <span class=\"_ _1\"></span>le <span class=\"_ _1\"></span>attivit\u00e0 ponde<span class=\"_ _1\"></span>rate <span class=\"_ _1\"></span>per <span class=\"_ _f\"></span>il rischio <span class=\"_ _f\"></span>operativo si <span class=\"_ _f\"></span>attestano a <span class=\"_ _f\"></span>3.499 <span class=\"_ _1\"></span>milioni <span class=\"_ _f\"></span>di eu<span class=\"_ _1\"></span>ro </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1728\">(requisito <span class=\"_ _d\"></span>patrimoniale <span class=\"_ _2\"></span>pari <span class=\"_ _d\"></span>a <span class=\"_ _2\"></span>279,9 <span class=\"_ _2\"></span>milioni <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>euro), <span class=\"_ _2\"></span>in <span class=\"_ _d\"></span>applicazione <span class=\"_ _2\"></span>del <span class=\"_ _d\"></span>nuovo <span class=\"_ _2\"></span>approccio <span class=\"_ _d\"></span>previsto </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1729\">dalla <span class=\"_ _4\"> </span>CRR3. <span class=\"_ _4\"> </span>Il  r<span class=\"_ _2\"></span>equisito <span class=\"_ _4\"> </span>\u00e8 <span class=\"_ _22\"> </span>determinato <span class=\"_ _4\"> </span>sulla <span class=\"_ _4\"> </span>base <span class=\"_ _4\"> </span>della <span class=\"_ _22\"> </span>media <span class=\"_ _4\"> </span>storica <span class=\"_ _4\"> </span>triennale <span class=\"_ _4\"> </span>del <span class=\"_ _4\"> </span>Business </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs172a\">Indicator, <span class=\"_ _4\"> </span>risultante <span class=\"_ _4\"> </span>dall'aggregazione <span class=\"_ _4\"> </span>delle <span class=\"_ _4\"> </span>componenti <span class=\"_ _4\"> </span>Interest, <span class=\"_ _4\"> </span>Lease <span class=\"_ _4\"> </span>and <span class=\"_ _4\"> </span>Divid<span class=\"_ _1\"></span>end <span class=\"_ _4\"> </span>(ILDC), </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs172b\">Service <span class=\"_ _d\"></span>(SC) <span class=\"_ _d\"></span>e <span class=\"_ _d\"></span>Financial <span class=\"_ _d\"></span>(FC), <span class=\"_ _d\"></span>a <span class=\"_ _0\"></span>cui <span class=\"_ _d\"></span>vengono <span class=\"_ _d\"></span>applicate <span class=\"_ _d\"></span>le <span class=\"_ _d\"></span>aliquot<span class=\"_ _2\"></span>e <span class=\"_ _d\"></span>progressive <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>ponderazione. <span class=\"_ _d\"></span>Il </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs172c\">calcolo finale incorpora un Internal Loss Multip<span class=\"_ _1\"></span>lier (ILM) pari a 1.<span class=\"_ _2\"></span> </div><div class=\"t m0 h5 ff4 fs1 fc4 sc3 ls0 ws0 gs172d\">RISCHI<span class=\"_ _f\"></span> LEGALI<span class=\"_ _f\"></span> </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs172e\">Il Gruppo, nel normale svolgi<span class=\"_ _1\"></span>mento <span class=\"_ _2\"></span>dell<span class=\"_ _1\"></span>a propria attivit\u00e0 d\u2019impresa, \u00e8 parte di diversi procedimenti<span class=\"_ _1\"></span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs172f\">giudiziari <span class=\"_ _d\"></span>dai <span class=\"_ _0\"></span>quali <span class=\"_ _d\"></span>potrebbero <span class=\"_ _0\"></span>anche <span class=\"_ _0\"></span>derivare <span class=\"_ _d\"></span>obblighi <span class=\"_ _0\"></span>di <span class=\"_ _d\"></span>natura <span class=\"_ _0\"></span>risarcitoria <span class=\"_ _0\"></span>e/o <span class=\"_ _d\"></span>restitutoria, <span class=\"_ _0\"></span>con </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1730\">conseguente possibile esborso di risorse economiche<span class=\"_ _f\"></span> <span class=\"_ _2\"></span>(c.d. rischio legale)<span class=\"_ _1\"></span>. Tutte le controversie in </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1731\">essere <span class=\"_ _9\"> </span>sono <span class=\"_ _9\"> </span>state <span class=\"_ _9\"> </span>debitamente <span class=\"_ _9\"> </span>analizzate <span class=\"_ _9\"> </span>dalla <span class=\"_ _9\"> </span>Banca <span class=\"_ _16\"> </span>e, <span class=\"_ _0\"></span>alla <span class=\"_ _16\"> </span>luce <span class=\"_ _0\"> </span>di <span class=\"_ _9\"> </span>t<span class=\"_ _2\"></span>ale <span class=\"_ _0\"> </span>anal<span class=\"_ _2\"></span>isi, <span class=\"_ _9\"> </span>nonch\u00e9 <span class=\"_ _0\"> </span>d<span class=\"_ _2\"></span>elle </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1732\">indicazioni <span class=\"_ _4\"> </span>anche <span class=\"_ _17\"> </span>provenienti <span class=\"_ _4\"> </span>dai <span class=\"_ _17\"> </span>Legali <span class=\"_ _4\"> </span>Fid<span class=\"_ _2\"></span>uciari <span class=\"_ _4\"> </span>esterni, <span class=\"_ _4\"> </span>so<span class=\"_ _2\"></span>no <span class=\"_ _4\"> </span>stati <span class=\"_ _17\"> </span>effettuati,<span class=\"_ _2\"></span> <span class=\"_ _4\"> </span>ove <span class=\"_ _17\"> </span>ritenuto </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1733\">necessario, <span class=\"_ _f\"></span>accantonamenti a <span class=\"_ _f\"></span>bilancio <span class=\"_ _f\"></span>nella <span class=\"_ _1\"></span>misura <span class=\"_ _1\"></span>idonea <span class=\"_ _f\"></span>ed <span class=\"_ _f\"></span>ap<span class=\"_ _2\"></span>propriata <span class=\"_ _f\"></span>alle sing<span class=\"_ _1\"></span>ole <span class=\"_ _f\"></span>circos<span class=\"_ _2\"></span>tanze. </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1734\">Pi\u00f9 <span class=\"_ _2\"></span>in <span class=\"_ _d\"></span>particolare <span class=\"_ _d\"></span>\u00e8 <span class=\"_ _2\"></span>cos<span class=\"_ _2\"></span>tituito <span class=\"_ _d\"></span>un <span class=\"_ _2\"></span>fondo <span class=\"_ _d\"></span>rischi <span class=\"_ _d\"></span>ed <span class=\"_ _2\"></span>oneri <span class=\"_ _d\"></span>diversi <span class=\"_ _2\"></span>a <span class=\"_ _d\"></span>presidio <span class=\"_ _d\"></span>delle <span class=\"_ _2\"></span>potenziali <span class=\"_ _d\"></span>passivit\u00e0 </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1735\">che potrebbero scaturire dalle cause pendenti. </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1736\">La maggior parte <span class=\"_ _1\"></span>di tali controversie <span class=\"_ _1\"></span>sono riconducibi<span class=\"_ _1\"></span>li alle principali <span class=\"_ _1\"></span>attivit\u00e0 del Gruppo e<span class=\"_ _1\"></span> possono </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs1737\">riguardarei servizi di investiment<span class=\"_ _2\"></span>o, l\u2019anatocismo, i sist<span class=\"_ _2\"></span>emi/mezzi di pagamento, i pignoramenti, l<span class=\"_ _2\"></span>a </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs1738\">\u201ccessione <span class=\"_ _22\"> </span>del <span class=\"_ _4\"> </span>quinto\u201d <span class=\"_ _22\"> </span>(per <span class=\"_ _4\"> </span>queste <span class=\"_ _22\"> </span>ultime, <span class=\"_ _4\"> </span>in  r<span class=\"_ _2\"></span><span class=\"ff4\">agione <span class=\"_ _22\"> </span>della <span class=\"_ _4\"> </span>numerosit\u00e0 <span class=\"_ _4\"> </span>e <span class=\"_ _22\"> </span>della <span class=\"_ _4\"> </span>ricorrenza <span class=\"_ _22\"> </span>del </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1739\">fenomeno, <span class=\"_ _f\"></span>\u00e8 <span class=\"_ _f\"></span>stato p<span class=\"_ _1\"></span>redisposto <span class=\"_ _f\"></span>un <span class=\"_ _f\"></span>apposito <span class=\"_ _f\"></span>accantonamento <span class=\"_ _1\"></span>volto <span class=\"_ _f\"></span>a <span class=\"_ _f\"></span>gestire <span class=\"_ _1\"></span>contenziosi <span class=\"_ _f\"></span>e <span class=\"_ _f\"></span>reclami).<span class=\"_ _2\"></span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs173a\">Per il <span class=\"_ _2\"></span>dettaglio <span class=\"_ _2\"></span>sulle fattispecie cor<span class=\"_ _2\"></span>relate ai <span class=\"_ _2\"></span>rischi sopra <span class=\"_ _2\"></span>illustrati si <span class=\"_ _2\"></span>rimanda alla <span class=\"_ _2\"></span>Nota Integrativa <span class=\"_ _d\"></span><span class=\"ff5\">\u2013</span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs173b\">Parte B <span class=\"ff5\">\u2013</span> Sezione 10. </div><div class=\"t m0 h5 ff4 fs1 fc4 sc3 ls0 ws0 gs173c\">Linee <span class=\"_ _1\"></span>evolu<span class=\"_ _1\"></span>tive <span class=\"_ _1\"></span>nella<span class=\"_ _f\"></span> gestione<span class=\"_ _f\"></span> della co<span class=\"_ _f\"></span>mponent<span class=\"_ _1\"></span>e di <span class=\"_ _1\"></span>rischio<span class=\"_ _f\"></span> operat<span class=\"_ _1\"></span>ivo<span class=\"_ _1\"></span>  </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs173d\">Nel corso <span class=\"_ _2\"></span>della campagna di <span class=\"_ _2\"></span>RSA svolta <span class=\"_ _2\"></span>nel 2025 <span class=\"_ _2\"></span>sono stati <span class=\"_ _2\"></span>consolidati gli scenari E<span class=\"_ _2\"></span>nvironmental, </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs173e\">Social and Governance gi\u00e0 valutati durante il precedente e<span class=\"_ _1\"></span>sercizio.<span class=\"_ _2\"></span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs173f\">Inoltre, <span class=\"_ _d\"></span>a <span class=\"_ _0\"></span>partire <span class=\"_ _0\"></span>dal <span class=\"_ _d\"></span>primo <span class=\"_ _0\"></span>semestre <span class=\"_ _0\"></span>2025, <span class=\"_ _d\"></span>s<span class=\"_ _2\"></span>ono <span class=\"_ _d\"></span>stati <span class=\"_ _0\"></span>introdotti <span class=\"_ _d\"></span>dei <span class=\"_ _d\"></span>K<span class=\"_ _2\"></span>ey <span class=\"_ _d\"></span>Risk <span class=\"_ _d\"></span>In<span class=\"_ _2\"></span>dicator <span class=\"_ _d\"></span>(KRI) <span class=\"_ _0\"></span>che </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1740\">mirano <span class=\"_ _2\"></span>ad <span class=\"_ _2\"></span>assicurare <span class=\"_ _2\"></span>un adeguato <span class=\"_ _d\"></span>e compiuto <span class=\"_ _2\"></span>monitoraggio <span class=\"_ _2\"></span>gestionale <span class=\"_ _2\"></span>del profilo <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>esposizione </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1741\">al <span class=\"_ _4\"> </span>rischio <span class=\"_ _4\"> </span>operativo <span class=\"_ _4\"> </span>del <span class=\"_ _4\"> </span>Gruppo, <span class=\"_ _17\"> </span>in <span class=\"_ _4\"> </span>aggiunta <span class=\"_ _4\"> </span>agli <span class=\"_ _4\"> </span>indicatori <span class=\"_ _17\"> </span>gi\u00e0 <span class=\"_ _17\"> </span>individuati <span class=\"_ _4\"> </span>in <span class=\"_ _4\"> </span>ambito <span class=\"_ _4\"> </span>RAF. <span class=\"_ _17\"> </span>In </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1742\">particolare, <span class=\"_ _14\"> </span>tali <span class=\"_ _15\"> </span>indicatori <span class=\"_ _14\"> </span>gestionali <span class=\"_ _14\"> </span>implementati <span class=\"_ _14\"> </span>sono <span class=\"_ _15\"> </span>finalizzati <span class=\"_ _14\"> </span>ad <span class=\"_ _14\"> </span>intercettare <span class=\"_ _15\"> </span>e <span class=\"_ _14\"> </span>gestire </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1743\">tempestivamente eventuali <span class=\"_ _2\"></span>incrementi significativi <span class=\"_ _2\"></span>nel pro<span class=\"_ _2\"></span>filo di <span class=\"_ _2\"></span>rischio operativo, <span class=\"_ _2\"></span>anche in <span class=\"_ _2\"></span>ottica </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1744\">di definizione di opportune strategie di risposta (es. azioni di mitigazione del rischio)<span class=\"_ _1\"></span>.<span class=\"_ _2\"></span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1745\">Per <span class=\"_ _0\"></span>il <span class=\"_ _0\"></span>2026, <span class=\"_ _0\"></span>la <span class=\"_ _9\"> </span>classificazione<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>degli <span class=\"_ _0\"></span>eventi <span class=\"_ _9\"> </span>di <span class=\"_ _0\"></span>rischio <span class=\"_ _0\"></span>operativo <span class=\"_ _0\"></span>sar\u00e0 <span class=\"_ _0\"></span>rivista <span class=\"_ _0\"></span>ed <span class=\"_ _0\"></span>adeguata <span class=\"_ _0\"></span>alla <span class=\"_ _9\"> </span>luce </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs1746\">dell\u2019EBA/RTS/2025/03 e successive modifiche.<span class=\"_ _df\"> </span><span class=\"ff4\"> </span></div>Inform<span class=\"_ _1\"></span>azio<span class=\"_ _f\"></span>ni di natura<span class=\"_ _f\"></span> quantita<span class=\"_ _f\"></span>tiva Si <span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>iporta <span class=\"_ _2\"></span>di <span class=\"_ _d\"></span>seguito <span class=\"_ _d\"></span>la <span class=\"_ _2\"></span>composizione <span class=\"_ _2\"></span>percentuale <span class=\"_ _d\"></span>delle <span class=\"_ _d\"></span>perdite <span class=\"_ _d\"></span>operative <span class=\"_ _2\"></span>del <span class=\"_ _d\"></span>Gruppo <span class=\"_ _2\"></span>Credem <span class=\"_ _d\"></span>per tipologie di evento: <span class=\"_ _2c\"> </span><span class=\"ff4\">ET 01 - <span class=\"_ _2\"></span>Frodi Interne </span><span class=\"_ _2c\"> </span><span class=\"ff4\">ET 02 - Frodi esterne<span class=\"_ _df\"> </span></span><span class=\"_ _2c\"> </span><span class=\"ff4\">ET 03 - Relazioni con il personale e sicurezza dell'ambiente di lavoro<span class=\"_ _df\"> </span></span><span class=\"_ _2c\"> </span><span class=\"ff4\">ET 04 <span class=\"_ _2\"></span>- Rapporti con clie<span class=\"_ _f\"></span>nt<span class=\"_ _2\"></span>i, prestazioni di servizi o prodotti<span class=\"_ _df\"> </span></span><span class=\"_ _2c\"> </span><span class=\"ff4\">ET 05 <span class=\"_ _2\"></span>- Disastri ed alt<span class=\"_ _1\"></span>ri eventi<span class=\"_ _df\"> </span></span><span class=\"_ _2c\"> </span><span class=\"ff4\">ET 06 - Sistemi </span><span class=\"_ _2c\"> </span><span class=\"ff4\">ET 07 <span class=\"_ _2\"></span>- Esecuzi<span class=\"_ _1\"></span>one, gestione, consegna di prodotti o servizi<span class=\"_ _df\"> </span></span>Nel corso <span class=\"_ _f\"></span>del 2025, <span class=\"_ _f\"></span>la principale <span class=\"_ _f\"></span>f<span class=\"_ _2\"></span>onte d<span class=\"_ _1\"></span>i rischio <span class=\"_ _f\"></span>operativo, per <span class=\"_ _f\"></span>impor<span class=\"_ _2\"></span>to <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>perdita, <span class=\"_ _1\"></span>\u00e8 risul<span class=\"_ _1\"></span>tata essere la <span class=\"_ _d\"></span>tipol<span class=\"ff5\">ogia <span class=\"_ _0\"></span>di <span class=\"_ _d\"></span>evento <span class=\"_ _d\"></span>\u201cRapporti <span class=\"_ _d\"></span>con <span class=\"_ _0\"></span>Clienti, <span class=\"_ _d\"></span>prestazioni <span class=\"_ _d\"></span>di <span class=\"_ _0\"></span>servizi <span class=\"_ _d\"></span>o <span class=\"_ _d\"></span>prodotti\u201d <span class=\"_ _0\"></span>(ET04). <span class=\"_ _d\"></span>La <span class=\"_ _d\"></span>seconda </span>fonte <span class=\"_ _16\"> </span>di <span class=\"_ _9\"> </span>r<span class=\"_ _2\"></span>ischio <span class=\"_ _9\"> </span>operativo  si <span class=\"_ _9\"> </span>riferisce  all<span class=\"_ _f\"></span>e  perdite <span class=\"_ _9\"> </span>dov<span class=\"_ _2\"></span>ute <span class=\"_ _9\"> </span>a  \u201cFrodi <span class=\"_ _9\"> </span>Est<span class=\"_ _2\"></span>erne\u201d <span class=\"_ _9\"> </span>(ET  02) <span class=\"_ _9\"> </span>seguita  da<span class=\"_ _f\"></span> \u201cEsecuzione, gestione e consegna di prodotti o servizi\u201d (ET<span class=\"_ _1\"></span>07)\u201d.<span class=\"_ _2\"></span><span class=\"ff4\"> </span>Le<span class=\"ls0\"> <span class=\"ff5\">restanti tipologie di perdita hanno un\u2019incidenza comple<span class=\"_ _f\"></span>s<span class=\"_ _2\"></span>siva inferiore al 1%.<span class=\"_ _2\"></span><span class=\"ff4\"> </span></span></span>L\u2019incidenza <span class=\"_ _0\"></span>delle <span class=\"_ _9\"> </span>perdite <span class=\"_ _0\"></span>legat<span class=\"_ _2\"></span>e <span class=\"_ _0\"></span>a <span class=\"_ _9\"> </span>malfunzionamento <span class=\"_ _0\"></span>dei <span class=\"_ _9\"> </span>sistemi <span class=\"_ _9\"> </span>tecnologici <span class=\"_ _0\"></span>(ET <span class=\"_ _9\"> </span>06) <span class=\"_ _9\"> </span>\u00e8 <span class=\"_ _0\"></span>r<span class=\"_ _2\"></span>isultata marginale.  Infine, la <span class=\"_ _2\"></span>quasi t<span class=\"_ _2\"></span>otalit\u00e0 delle perdite <span class=\"_ _2\"></span>riconducibili al <span class=\"_ _2\"></span>\u201cConduct Ri<span class=\"_ _2\"></span>sk\u201d si <span class=\"_ _2\"></span>riferisce agli <span class=\"_ _2\"></span>Event Type <span class=\"_ _2\"></span>01 e 04.<span class=\"ls0\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-877": {
   "value": "11 <span class=\"ls0\">- Passivit<span class=\"_ _1\"></span>\u00e0 fin<span class=\"_ _1\"></span>anz<span class=\"_ _1\"></span>iarie valu<span class=\"_ _f\"></span>tate al co<span class=\"_ _f\"></span>sto ammo<span class=\"_ _1\"></span>rtizz<span class=\"_ _1\"></span>ato </span>Criter<span class=\"_ _1\"></span>i di <span class=\"_ _1\"></span>iscrizio<span class=\"_ _f\"></span>ne La <span class=\"_ _17\"> </span>prima <span class=\"_ _17\"> </span>iscrizione <span class=\"_ _17\"> </span>di <span class=\"_ _4\"> </span>tali <span class=\"_ _17\"> </span>passivit\u00e0 <span class=\"_ _17\"> </span>finanziarie <span class=\"_ _4\"> </span>avviene <span class=\"_ _17\"> </span>alla <span class=\"_ _17\"> </span>data <span class=\"_ _17\"> </span>di <span class=\"_ _17\"> </span>sottoscrizione <span class=\"_ _17\"> </span>del <span class=\"_ _17\"> </span>contratto, <span class=\"_ _17\"> </span>che normalmente <span class=\"_ _d\"></span>coincide <span class=\"_ _d\"></span>con <span class=\"_ _d\"></span>il <span class=\"_ _d\"></span>momento <span class=\"_ _d\"></span>della <span class=\"_ _d\"></span>ricezione <span class=\"_ _d\"></span>delle <span class=\"_ _d\"></span>somme <span class=\"_ _d\"></span>raccolte <span class=\"_ _d\"></span>o<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>della <span class=\"_ _2\"></span>emissione <span class=\"_ _0\"></span>dei <span class=\"_ _d\"></span>titoli <span class=\"_ _d\"></span>di<span class=\"_ _2\"></span> debito.<span class=\"_ _df\"> </span>La <span class=\"_ _0\"></span>prima <span class=\"_ _0\"></span>iscrizione <span class=\"_ _d\"></span>\u00e8 <span class=\"_ _0\"></span>effet<span class=\"_ _2\"></span><span class=\"ff5\">tuata <span class=\"_ _d\"></span>sulla <span class=\"_ _0\"></span>base <span class=\"_ _0\"></span>del <span class=\"_ _d\"></span>fair<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>value <span class=\"_ _0\"></span>delle <span class=\"_ _0\"></span>pas<span class=\"_ _2\"></span>sivit\u00e0, <span class=\"_ _d\"></span>normalmente <span class=\"_ _0\"></span>pari <span class=\"_ _0\"></span>all\u2019ammontare<span class=\"_ _df\"> </span></span>incassato <span class=\"_ _17\"> </span>o <span class=\"_ _4\"> </span>al <span class=\"_ _17\"> </span>prezzo <span class=\"_ _17\"> </span>di <span class=\"_ _4\"> </span>emissione, <span class=\"_ _4\"> </span>aument<span class=\"_ _2\"></span>ato <span class=\"_ _4\"> </span>degli <span class=\"_ _4\"> </span>e<span class=\"_ _2\"></span>ventuali <span class=\"_ _4\"> </span>costi/proventi <span class=\"_ _4\"> </span>aggiuntivi <span class=\"_ _17\"> </span>direttamente<span class=\"_ _df\"> </span>attribuibili  alla  singola  operazione  di  provvista <span class=\"_ _22\"> </span>o<span class=\"_ _2\"></span>  di  emissione.  Sono  escl<span class=\"_ _2\"></span>usi  i  cost<span class=\"_ _2\"></span>i  interni  di  carattere<span class=\"_ _df\"> </span>amministrativo.<span class=\"_ _df\"> </span>In <span class=\"_ _1\"></span>relazione <span class=\"_ _1\"></span>ai d<span class=\"_ _1\"></span>ebiti <span class=\"_ _1\"></span>per l<span class=\"_ _1\"></span>easing, <span class=\"_ _1\"></span>alla <span class=\"_ _1\"></span>data di<span class=\"_ _f\"></span> decorrenza <span class=\"_ _1\"></span>il l<span class=\"_ _1\"></span>ocatario <span class=\"_ _f\"></span>deve valu<span class=\"_ _f\"></span>t<span class=\"_ _2\"></span>are i<span class=\"_ _1\"></span>l d<span class=\"_ _1\"></span>ebito p<span class=\"_ _1\"></span>er le<span class=\"_ _1\"></span>asing al <span class=\"_ _f\"></span>valore<span class=\"_ _df\"> </span>attuale <span class=\"_ _2\"></span>dei pagamenti <span class=\"_ _2\"></span>dovuti per<span class=\"_ _2\"></span> il <span class=\"_ _2\"></span>leasing non <span class=\"_ _2\"></span>gi\u00e0 <span class=\"_ _2\"></span>versati a <span class=\"_ _2\"></span>tale <span class=\"_ _2\"></span>data. <span class=\"_ _2\"></span>I pagamenti <span class=\"_ _2\"></span>dov<span class=\"_ _2\"></span>uti <span class=\"_ _2\"></span>per il <span class=\"_ _2\"></span>leasing <span class=\"_ _2\"></span>sono<span class=\"_ _df\"> </span>attualizzati utilizz<span class=\"_ _1\"></span>ando il ta<span class=\"_ _1\"></span>sso di <span class=\"_ _1\"></span>interesse imp<span class=\"_ _1\"></span>licito del <span class=\"_ _f\"></span>leasing<span class=\"_ _2\"></span><span class=\"ff18 fs6\"> <span class=\"_ _1\"></span><span class=\"ff4 fs1\">o, se <span class=\"_ _1\"></span>tale tasso<span class=\"_ _1\"></span> non pu\u00f2<span class=\"_ _f\"></span> essere prontamente<span class=\"_ _df\"> </span></span></span>determinato, al tasso di debito incrementale del locatario.<span class=\"_ _df\"> </span>In <span class=\"_ _17\"> </span>particolare, <span class=\"_ _17\"> </span>la <span class=\"_ _14\"> </span>passivit\u00e0 <span class=\"_ _14\"> </span>deve <span class=\"_ _17\"> </span>essere <span class=\"_ _17\"> </span>misurat<span class=\"_ _2\"></span>a <span class=\"_ _17\"> </span>utilizzando <span class=\"_ _14\"> </span>un <span class=\"_ _17\"> </span>modello <span class=\"_ _17\"> </span>analogo <span class=\"_ _14\"> </span>a <span class=\"_ _14\"> </span>quello <span class=\"_ _17\"> </span>del <span class=\"_ _17\"> </span>costo<span class=\"_ _df\"> </span>ammortizzato, dal momento che deve: \u2022 <span class=\"_ _2\"></span>Aumentare <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>gli <span class=\"_ _2\"></span>interessi <span class=\"_ _2\"></span>maturati <span class=\"_ _2\"></span>nel corso <span class=\"_ _d\"></span>del periodo. <span class=\"_ _2\"></span>Il <span class=\"_ _2\"></span>calcolo <span class=\"_ _2\"></span>degli <span class=\"_ _2\"></span>interessi <span class=\"_ _2\"></span>avviene <span class=\"_ _2\"></span>sulla <span class=\"_ _2\"></span>base <span class=\"_ _2\"></span>del<span class=\"_ _df\"> </span>medesimo tasso utilizzato per l\u2019attualizzazione<span class=\"_ _1\"></span>; \u2022 Ridursi per i<span class=\"ff4\"> pagamenti dovuti per il leasing effettuati dal locatario. </span>Inoltre, <span class=\"_ _2\"></span>l\u2019importo <span class=\"_ _d\"></span>della <span class=\"_ _2\"></span>passivit\u00e0 <span class=\"_ _2\"></span>deve <span class=\"_ _d\"></span>essere <span class=\"_ _2\"></span>rivalutato <span class=\"_ _d\"></span>periodicamente,<span class=\"_ _1\"></span> <span class=\"_ _2\"></span>al <span class=\"_ _d\"></span>fine <span class=\"_ _2\"></span>di <span class=\"_ _d\"></span>considerare <span class=\"_ _2\"></span>un <span class=\"_ _d\"></span>eventuale<span class=\"_ _df\"> </span>cambiamento: \u2022 Nella durata del leasing e/o in altre condizi<span class=\"_ _1\"></span>oni; \u2022 Nella valutazione dell\u2019opzione di acquisto del be<span class=\"_ _1\"></span>ne sottostante; \u2022 Nell\u2019importo atteso da pagare a titolo di garanzia del<span class=\"_ _1\"></span> valore residuo; \u2022 <span class=\"_ _2\"></span>Nei <span class=\"_ _2\"></span>futuri <span class=\"_ _2\"></span>pagamenti dovuti <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>leasing <span class=\"_ _2\"></span>come <span class=\"_ _2\"></span>risultato <span class=\"_ _2\"></span>di una <span class=\"_ _2\"></span>variazione <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>tasso <span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>dell\u2019i<span class=\"_ _1\"></span>ndice <span class=\"_ _2\"></span>utilizzato<span class=\"_ _df\"> </span>per definire l\u2019impo<span class=\"ff4\">rto dei pagamenti.<span class=\"_ _df\"> </span></span>Criter<span class=\"_ _1\"></span>i di <span class=\"_ _f\"></span>classifica<span class=\"_ _f\"></span>zione<span class=\"_ _df\"> </span>I <span class=\"_ _f\"></span>Debiti v<span class=\"_ _1\"></span>erso b<span class=\"_ _1\"></span>anche, <span class=\"_ _f\"></span>i <span class=\"_ _1\"></span>Debiti <span class=\"_ _f\"></span>verso clie<span class=\"_ _1\"></span>ntela <span class=\"_ _f\"></span>e i <span class=\"_ _f\"></span>Titoli <span class=\"_ _f\"></span>in circolazio<span class=\"_ _f\"></span>ne ricomprend<span class=\"_ _1\"></span>ono l<span class=\"_ _1\"></span>e <span class=\"_ _f\"></span>varie forme <span class=\"_ _f\"></span>di <span class=\"_ _f\"></span>provvista<span class=\"_ _df\"> </span>interbancaria <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>con <span class=\"_ _2\"></span>clientela, <span class=\"_ _2\"></span>le <span class=\"_ _2\"></span>operazioni <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>pronti <span class=\"_ _2\"></span>cont<span class=\"_ _2\"></span>ro <span class=\"_ _2\"></span>termine <span class=\"_ _2\"></span>con <span class=\"_ _2\"></span>obbligo <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>riacqui<span class=\"_ _2\"></span>sto <span class=\"_ _2\"></span>a <span class=\"_ _d\"></span>termine <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>la<span class=\"_ _df\"> </span>raccolta <span class=\"_ _9\"> </span>effettuata <span class=\"_ _9\"> </span>at<span class=\"_ _2\"></span>traverso <span class=\"_ _9\"> </span>certificati <span class=\"_ _0\"> </span>di <span class=\"_ _16\"> </span>deposito, <span class=\"_ _9\"> </span>titoli <span class=\"_ _9\"> </span>obbligazionari <span class=\"_ _9\"> </span>ed <span class=\"_ _9\"> </span>alt<span class=\"_ _2\"></span>ri <span class=\"_ _9\"> </span>strumenti <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>raccolta <span class=\"_ _16\"> </span>in<span class=\"_ _df\"> </span>circolazione, al netto degli eventuali ammontari riacquistati.<span class=\"_ _df\"> </span>Sono inoltre inclusi i debiti iscritti dall\u2019<span class=\"_ _1\"></span>impresa in qualit\u00e0<span class=\"_ _2\"></span><span class=\"ff4\"> </span>di locatario nell\u2019ambito di ope<span class=\"_ _1\"></span>razioni di leasing.<span class=\"_ _df\"> </span>Criter<span class=\"_ _1\"></span>i di <span class=\"_ _1\"></span>valuta<span class=\"_ _1\"></span>zione<span class=\"_ _df\"> </span>Dopo <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>ilev<span class=\"_ _1\"></span>azione <span class=\"_ _2\"></span>iniziale, <span class=\"_ _2\"></span>le <span class=\"_ _2\"></span>pas<span class=\"_ _2\"></span>sivit\u00e0 <span class=\"_ _2\"></span>finanziarie <span class=\"_ _2\"></span>vengono <span class=\"_ _2\"></span>valutate <span class=\"_ _d\"></span>al <span class=\"_ _2\"></span>costo <span class=\"_ _2\"></span>ammortizzato <span class=\"_ _2\"></span>col <span class=\"_ _2\"></span>metodo <span class=\"_ _d\"></span>del<span class=\"_ _df\"> </span>tasso di interesse effettivo.<span class=\"_ _df\"> </span>Fanno  ecc<span class=\"_ _1\"></span>ezione <span class=\"_ _16\"> </span>le  passivi<span class=\"_ _1\"></span>t\u00e0  a <span class=\"_ _16\"> </span>breve <span class=\"_ _9\"> </span>t<span class=\"_ _2\"></span>ermine,  pe<span class=\"_ _1\"></span>r  le <span class=\"_ _16\"> </span>quali <span class=\"_ _9\"> </span>il  fattore  temporale <span class=\"_ _16\"> </span>risulta <span class=\"_ _16\"> </span>trascurabile<span class=\"_ _1\"></span>,  che<span class=\"_ _df\"> </span>rimangono iscritte per il valore incassato.<span class=\"_ _df\"> </span>Alla <span class=\"_ _16\"> </span>data <span class=\"_ _9\"> </span>di  decorrenza, <span class=\"_ _9\"> </span>i  pagamenti  d<span class=\"_ _1\"></span>ovuti <span class=\"_ _16\"> </span>per <span class=\"_ _16\"> </span>il <span class=\"_ _9\"> </span>l<span class=\"_ _2\"></span>easing, <span class=\"_ _16\"> </span>inclusi <span class=\"_ _9\"> </span>nella  valutazione <span class=\"_ _9\"> </span>d<span class=\"_ _2\"></span>ella <span class=\"_ _16\"> </span>Lease <span class=\"_ _16\"> </span>Liability,<span class=\"_ _df\"> </span>comprendono: <span class=\"ff10\"> <span class=\"_ _2b\"> </span><span class=\"ff4\">I pagamenti fissi, al netto di eventuali incentivi al leasing da ricevere; </span></span><span class=\"ff10\"> <span class=\"_ _2b\"> </span><span class=\"ff4\">I pagame<span class=\"_ _1\"></span>nti variabili <span class=\"_ _f\"></span>dovuti per il<span class=\"_ _1\"></span> le<span class=\"_ _1\"></span>asing, che <span class=\"_ _f\"></span>dipendono da <span class=\"_ _f\"></span>u<span class=\"_ _2\"></span>n <span class=\"_ _1\"></span>indice <span class=\"_ _1\"></span>o da <span class=\"_ _f\"></span>un tasso, v<span class=\"_ _1\"></span>alutati ini<span class=\"_ _1\"></span>zialmente<span class=\"_ _df\"> </span></span></span>utilizzando un indice o un tasso alla d<span class=\"_ _1\"></span>ata di decorrenza; <span class=\"ff10\"> <span class=\"_ _2b\"> </span><span class=\"ff4\">Gli importi che si prevede che il locatar<span class=\"_ _2\"></span>io dov<span class=\"_ _1\"></span>r\u00e0 pagare a titolo di garanzia del valore residu<span class=\"_ _1\"></span>o; </span></span><span class=\"ff10\"> <span class=\"_ _2b\"> </span><span class=\"ff4\">Il prezzo di esercizio dell'opzione di a<span class=\"_ _2\"></span>cquisto, se il locatario ha la ragionevole certezza di es<span class=\"_ _2\"></span>ercitare tale<span class=\"_ _df\"> </span></span></span>opzione;<span class=\"_ _df\"> </span><span class=\"ff10\"> <span class=\"_ _2b\"> </span><span class=\"ff4\">I <span class=\"_ _2\"></span>pagamenti <span class=\"_ _d\"></span>di <span class=\"_ _2\"></span>penalit\u00e0 <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>isoluzione<span class=\"_ _1\"></span> <span class=\"_ _2\"></span>del <span class=\"_ _d\"></span>leasing, <span class=\"_ _2\"></span>se <span class=\"_ _2\"></span>la <span class=\"_ _d\"></span>durata <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>lea<span class=\"_ _2\"></span>sing <span class=\"_ _2\"></span>tiene <span class=\"_ _d\"></span>conto <span class=\"_ _2\"></span>dell'esercizio, <span class=\"_ _2\"></span>da<span class=\"_ _df\"> </span></span></span>parte del locatario, dell'opzi<span class=\"_ _1\"></span>one di risoluzione del leasing.<span class=\"_ _df\"> </span>Devono <span class=\"_ _d\"></span>essere <span class=\"_ _2\"></span>inclusi <span class=\"_ _d\"></span>nella <span class=\"_ _2\"></span>valutazione <span class=\"_ _d\"></span>della <span class=\"_ _2\"></span>Lease <span class=\"_ _d\"></span>Liability <span class=\"_ _2\"></span>solo <span class=\"_ _d\"></span>i <span class=\"_ _d\"></span>pagamenti <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>isultano <span class=\"_ _2\"></span>non <span class=\"_ _d\"></span>versati <span class=\"_ _2\"></span>alla<span class=\"_ _df\"> </span>data di <span class=\"_ _f\"></span>decorrenza del <span class=\"_ _f\"></span>cont<span class=\"_ _2\"></span>ratto. La <span class=\"_ _f\"></span>Lease Liability deve e<span class=\"_ _1\"></span>ssere rivalu<span class=\"_ _1\"></span>tata quando <span class=\"_ _f\"></span>vi \u00e8 una <span class=\"_ _f\"></span>lease modification<span class=\"_ _df\"> </span>(e.g.  una <span class=\"_ _4\"> </span>modifica <span class=\"_ _22\"> </span>d<span class=\"_ _2\"></span>el  p<span class=\"_ _2\"></span>erimetro <span class=\"_ _22\"> </span>del <span class=\"_ _4\"> </span>contratto), <span class=\"_ _22\"> </span>che <span class=\"_ _4\"> </span>non  \u00e8 <span class=\"_ _4\"> </span>contabilizzata/considerata <span class=\"_ _4\"> </span>come  contr<span class=\"_ _2\"></span>atto<span class=\"_ _df\"> </span>separato (IFRS 16.36 c).<span class=\"_ _df\"> </span>Il  locatario  d<span class=\"_ _1\"></span>eve  rivalu<span class=\"_ _1\"></span>tare  i  pagamenti  d<span class=\"_ _1\"></span>ovuti  per  il <span class=\"_ _16\"> </span>leasing  (e<span class=\"_ _1\"></span>  quindi  la  Lease  Liabi<span class=\"_ _1\"></span>lity),  anche  qualora<span class=\"_ _df\"> </span>intervenga una delle seguenti variazioni:<span class=\"_ _df\"> </span><span class=\"ff10\"> <span class=\"_ _2b\"> </span><span class=\"ff4\">La durata del contratto di leasing;<span class=\"_ _df\"> </span></span></span><span class=\"ff10\"> <span class=\"_ _2b\"> </span><span class=\"ff5\">La valutazione circa <span class=\"_ _2\"></span>la ragionevole certezza di esercizio, da <span class=\"_ _2\"></span>parte del locatario, <span class=\"_ _2\"></span>dell\u2019op<span class=\"_ _1\"></span>zione di acquisto<span class=\"_ _df\"> </span></span></span>del bene sottostante;<span class=\"_ _df\"> </span><span class=\"ff10\"> <span class=\"_ _2b\"> </span><span class=\"ff4\">Gli importi che si prevede il locatario dovr\u00e0 pagare a titolo di garanzi<span class=\"_ _1\"></span>e del valore residuo;<span class=\"_ _df\"> </span></span></span><span class=\"ff10\"> <span class=\"_ _2b\"> </span><span class=\"ff5\">I futuri pagamenti dovuti per il leasing dipendenti da una variazione de<span class=\"_ _1\"></span>ll\u2019indice o del tasso. </span></span><span class=\"ff10\"> <span class=\"_ _2b\"> </span><span class=\"ff4 ls40\">In<span class=\"ls0\">-substance fixed lease payments.<span class=\"_ _df\"> </span></span></span></span>Criter<span class=\"_ _1\"></span>i di <span class=\"_ _1\"></span>cancell<span class=\"_ _1\"></span>azion<span class=\"_ _f\"></span>e<span class=\"_ _df\"> </span> Le <span class=\"_ _d\"></span>passivit\u00e0 <span class=\"_ _0\"> </span>finanziar<span class=\"_ _2\"></span>ie <span class=\"_ _d\"></span>sono <span class=\"_ _0\"></span>cancellate <span class=\"_ _0\"></span>dal <span class=\"_ _0\"></span>bilancio <span class=\"_ _0\"></span>quando <span class=\"_ _0\"></span>risultano <span class=\"_ _0\"></span>scadute <span class=\"_ _0\"></span>o <span class=\"_ _0\"></span>estinte. <span class=\"_ _d\"></span>La <span class=\"_ _0\"></span>cancellazione<span class=\"_ _df\"> </span> avviene <span class=\"_ _d\"></span>anche <span class=\"_ _2\"></span>in <span class=\"_ _d\"></span>presenza <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>riacquisto <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>t<span class=\"_ _2\"></span>i<span class=\"_ _1\"></span>toli <span class=\"_ _d\"></span>obbligazionari <span class=\"_ _d\"></span>precedentemente <span class=\"_ _d\"></span>emessi. <span class=\"_ _2\"></span>La <span class=\"_ _0\"></span>differenz<span class=\"_ _1\"></span>a <span class=\"_ _d\"></span>tra<span class=\"_ _df\"> </span> valore <span class=\"_ _14\"> </span>contabile <span class=\"_ _14\"> </span>della <span class=\"_ _15\"> </span>passivit\u00e0 <span class=\"_ _14\"> </span>e <span class=\"_ _15\"> </span>l\u2019ammontare <span class=\"_ _14\"> </span>corrispo<span class=\"_ _2\"></span><span class=\"ff4\">sto <span class=\"_ _14\"> </span>per <span class=\"_ _14\"> </span>acquistarla <span class=\"_ _14\"> </span>viene <span class=\"_ _15\"> </span>registrata <span class=\"_ _14\"> </span>a <span class=\"_ _15\"> </span>Conto<span class=\"_ _df\"> </span></span><span class=\"ff4\"> </span>Economico.<span class=\"_ _df\"> </span> Il <span class=\"_ _0\"></span>ricollocamento <span class=\"_ _9\"> </span>sul <span class=\"_ _9\"> </span>mercato <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>titoli <span class=\"_ _9\"> </span>propri <span class=\"_ _9\"> </span>successivamente <span class=\"_ _0\"></span>al <span class=\"_ _9\"> </span>loro <span class=\"_ _9\"> </span>riacquisto <span class=\"_ _9\"> </span>\u00e8 <span class=\"_ _9\"> </span>considerato <span class=\"_ _0\"></span>come <span class=\"_ _9\"> </span>una<span class=\"_ _df\"> </span> nuova emissione con iscrizione al nuovo prezzo di<span class=\"_ _1\"></span> collocamento.<span class=\"_ _df\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForRepurchaseAndReverseRepurchaseAgreementsExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-865": {
   "value": "11 <span class=\"ls0\">- Passivit<span class=\"_ _1\"></span>\u00e0 fin<span class=\"_ _1\"></span>anz<span class=\"_ _1\"></span>iarie valu<span class=\"_ _f\"></span>tate al co<span class=\"_ _f\"></span>sto ammo<span class=\"_ _1\"></span>rtizz<span class=\"_ _1\"></span>ato </span>Criter<span class=\"_ _1\"></span>i di <span class=\"_ _1\"></span>iscrizio<span class=\"_ _f\"></span>ne La <span class=\"_ _17\"> </span>prima <span class=\"_ _17\"> </span>iscrizione <span class=\"_ _17\"> </span>di <span class=\"_ _4\"> </span>tali <span class=\"_ _17\"> </span>passivit\u00e0 <span class=\"_ _17\"> </span>finanziarie <span class=\"_ _4\"> </span>avviene <span class=\"_ _17\"> </span>alla <span class=\"_ _17\"> </span>data <span class=\"_ _17\"> </span>di <span class=\"_ _17\"> </span>sottoscrizione <span class=\"_ _17\"> </span>del <span class=\"_ _17\"> </span>contratto, <span class=\"_ _17\"> </span>che normalmente <span class=\"_ _d\"></span>coincide <span class=\"_ _d\"></span>con <span class=\"_ _d\"></span>il <span class=\"_ _d\"></span>momento <span class=\"_ _d\"></span>della <span class=\"_ _d\"></span>ricezione <span class=\"_ _d\"></span>delle <span class=\"_ _d\"></span>somme <span class=\"_ _d\"></span>raccolte <span class=\"_ _d\"></span>o<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>della <span class=\"_ _2\"></span>emissione <span class=\"_ _0\"></span>dei <span class=\"_ _d\"></span>titoli <span class=\"_ _d\"></span>di<span class=\"_ _2\"></span> debito.<span class=\"_ _df\"> </span>La <span class=\"_ _0\"></span>prima <span class=\"_ _0\"></span>iscrizione <span class=\"_ _d\"></span>\u00e8 <span class=\"_ _0\"></span>effet<span class=\"_ _2\"></span><span class=\"ff5\">tuata <span class=\"_ _d\"></span>sulla <span class=\"_ _0\"></span>base <span class=\"_ _0\"></span>del <span class=\"_ _d\"></span>fair<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>value <span class=\"_ _0\"></span>delle <span class=\"_ _0\"></span>pas<span class=\"_ _2\"></span>sivit\u00e0, <span class=\"_ _d\"></span>normalmente <span class=\"_ _0\"></span>pari <span class=\"_ _0\"></span>all\u2019ammontare<span class=\"_ _df\"> </span></span><span class=\"ff5\"> </span>incassato <span class=\"_ _17\"> </span>o <span class=\"_ _4\"> </span>al <span class=\"_ _17\"> </span>prezzo <span class=\"_ _17\"> </span>di <span class=\"_ _4\"> </span>emissione, <span class=\"_ _4\"> </span>aument<span class=\"_ _2\"></span>ato <span class=\"_ _4\"> </span>degli <span class=\"_ _4\"> </span>e<span class=\"_ _2\"></span>ventuali <span class=\"_ _4\"> </span>costi/proventi <span class=\"_ _4\"> </span>aggiuntivi <span class=\"_ _17\"> </span>direttamente<span class=\"_ _df\"> </span> attribuibili  alla  singola  operazione  di  provvista <span class=\"_ _22\"> </span>o<span class=\"_ _2\"></span>  di  emissione.  Sono  escl<span class=\"_ _2\"></span>usi  i  cost<span class=\"_ _2\"></span>i  interni  di  carattere<span class=\"_ _df\"> </span> amministrativo.<span class=\"_ _df\"> </span> In <span class=\"_ _1\"></span>relazione <span class=\"_ _1\"></span>ai d<span class=\"_ _1\"></span>ebiti <span class=\"_ _1\"></span>per l<span class=\"_ _1\"></span>easing, <span class=\"_ _1\"></span>alla <span class=\"_ _1\"></span>data di<span class=\"_ _f\"></span> decorrenza <span class=\"_ _1\"></span>il l<span class=\"_ _1\"></span>ocatario <span class=\"_ _f\"></span>deve valu<span class=\"_ _f\"></span>t<span class=\"_ _2\"></span>are i<span class=\"_ _1\"></span>l d<span class=\"_ _1\"></span>ebito p<span class=\"_ _1\"></span>er le<span class=\"_ _1\"></span>asing al <span class=\"_ _f\"></span>valore<span class=\"_ _df\"> </span> attuale <span class=\"_ _2\"></span>dei pagamenti <span class=\"_ _2\"></span>dovuti per<span class=\"_ _2\"></span> il <span class=\"_ _2\"></span>leasing non <span class=\"_ _2\"></span>gi\u00e0 <span class=\"_ _2\"></span>versati a <span class=\"_ _2\"></span>tale <span class=\"_ _2\"></span>data. <span class=\"_ _2\"></span>I pagamenti <span class=\"_ _2\"></span>dov<span class=\"_ _2\"></span>uti <span class=\"_ _2\"></span>per il <span class=\"_ _2\"></span>leasing <span class=\"_ _2\"></span>sono<span class=\"_ _df\"> </span> attualizzati utilizz<span class=\"_ _1\"></span>ando il ta<span class=\"_ _1\"></span>sso di <span class=\"_ _1\"></span>interesse imp<span class=\"_ _1\"></span>licito del <span class=\"_ _f\"></span>leasing<span class=\"_ _2\"></span><span class=\"ff18 fs6\"> <span class=\"_ _1\"></span><span class=\"ff4 fs1\">o, se <span class=\"_ _1\"></span>tale tasso<span class=\"_ _1\"></span> non pu\u00f2<span class=\"_ _f\"></span> essere prontamente<span class=\"_ _df\"> </span></span></span><span class=\"ff18 fs6\"><span class=\"ff4 fs1\"> </span></span>determinato, al tasso di debito incrementale del locatario.<span class=\"_ _df\"> </span> In <span class=\"_ _17\"> </span>particolare, <span class=\"_ _17\"> </span>la <span class=\"_ _14\"> </span>passivit\u00e0 <span class=\"_ _14\"> </span>deve <span class=\"_ _17\"> </span>essere <span class=\"_ _17\"> </span>misurat<span class=\"_ _2\"></span>a <span class=\"_ _17\"> </span>utilizzando <span class=\"_ _14\"> </span>un <span class=\"_ _17\"> </span>modello <span class=\"_ _17\"> </span>analogo <span class=\"_ _14\"> </span>a <span class=\"_ _14\"> </span>quello <span class=\"_ _17\"> </span>del <span class=\"_ _17\"> </span>costo<span class=\"_ _df\"> </span> ammortizzato, dal momento che deve:  \u2022 <span class=\"_ _2\"></span>Aumentare <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>gli <span class=\"_ _2\"></span>interessi <span class=\"_ _2\"></span>maturati <span class=\"_ _2\"></span>nel corso <span class=\"_ _d\"></span>del periodo. <span class=\"_ _2\"></span>Il <span class=\"_ _2\"></span>calcolo <span class=\"_ _2\"></span>degli <span class=\"_ _2\"></span>interessi <span class=\"_ _2\"></span>avviene <span class=\"_ _2\"></span>sulla <span class=\"_ _2\"></span>base <span class=\"_ _2\"></span>del<span class=\"_ _df\"> </span> medesimo tasso utilizzato per l\u2019attualizzazione<span class=\"_ _1\"></span>; <span class=\"_ _2\"></span><span class=\"ff4\"> </span>\u2022 Ridursi per i<span class=\"ff4\"> pagamenti dovuti per il leasing effettuati dal locatario. </span><span class=\"ff4\"> </span>Inoltre, <span class=\"_ _2\"></span>l\u2019importo <span class=\"_ _d\"></span>della <span class=\"_ _2\"></span>passivit\u00e0 <span class=\"_ _2\"></span>deve <span class=\"_ _d\"></span>essere <span class=\"_ _2\"></span>rivalutato <span class=\"_ _d\"></span>periodicamente,<span class=\"_ _1\"></span> <span class=\"_ _2\"></span>al <span class=\"_ _d\"></span>fine <span class=\"_ _2\"></span>di <span class=\"_ _d\"></span>considerare <span class=\"_ _2\"></span>un <span class=\"_ _d\"></span>eventuale<span class=\"_ _df\"> </span> cambiamento:  \u2022 Nella durata del leasing e/o in altre condizi<span class=\"_ _1\"></span>oni; <span class=\"_ _2\"></span><span class=\"ff4\"> </span>\u2022 Nella valutazione dell\u2019opzione di acquisto del be<span class=\"_ _1\"></span>ne sottostante; <span class=\"_ _2\"></span><span class=\"ff4\"> </span>\u2022 Nell\u2019importo atteso da pagare a titolo di garanzia del<span class=\"_ _1\"></span> valore residuo; <span class=\"_ _2\"></span><span class=\"ff4\"> </span>\u2022 <span class=\"_ _2\"></span>Nei <span class=\"_ _2\"></span>futuri <span class=\"_ _2\"></span>pagamenti dovuti <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>leasing <span class=\"_ _2\"></span>come <span class=\"_ _2\"></span>risultato <span class=\"_ _2\"></span>di una <span class=\"_ _2\"></span>variazione <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>tasso <span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>dell\u2019i<span class=\"_ _1\"></span>ndice <span class=\"_ _2\"></span>utilizzato<span class=\"_ _df\"> </span> per definire l\u2019impo<span class=\"ff4\">rto dei pagamenti.<span class=\"_ _df\"> </span></span><span class=\"ff4\"> </span>Criter<span class=\"_ _1\"></span>i di <span class=\"_ _f\"></span>classifica<span class=\"_ _f\"></span>zione<span class=\"_ _df\"> </span> I <span class=\"_ _f\"></span>Debiti v<span class=\"_ _1\"></span>erso b<span class=\"_ _1\"></span>anche, <span class=\"_ _f\"></span>i <span class=\"_ _1\"></span>Debiti <span class=\"_ _f\"></span>verso clie<span class=\"_ _1\"></span>ntela <span class=\"_ _f\"></span>e i <span class=\"_ _f\"></span>Titoli <span class=\"_ _f\"></span>in circolazio<span class=\"_ _f\"></span>ne ricomprend<span class=\"_ _1\"></span>ono l<span class=\"_ _1\"></span>e <span class=\"_ _f\"></span>varie forme <span class=\"_ _f\"></span>di <span class=\"_ _f\"></span>provvista<span class=\"_ _df\"> </span> interbancaria <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>con <span class=\"_ _2\"></span>clientela, <span class=\"_ _2\"></span>le <span class=\"_ _2\"></span>operazioni <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>pronti <span class=\"_ _2\"></span>cont<span class=\"_ _2\"></span>ro <span class=\"_ _2\"></span>termine <span class=\"_ _2\"></span>con <span class=\"_ _2\"></span>obbligo <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>riacqui<span class=\"_ _2\"></span>sto <span class=\"_ _2\"></span>a <span class=\"_ _d\"></span>termine <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>la<span class=\"_ _df\"> </span> raccolta <span class=\"_ _9\"> </span>effettuata <span class=\"_ _9\"> </span>at<span class=\"_ _2\"></span>traverso <span class=\"_ _9\"> </span>certificati <span class=\"_ _0\"> </span>di <span class=\"_ _16\"> </span>deposito, <span class=\"_ _9\"> </span>titoli <span class=\"_ _9\"> </span>obbligazionari <span class=\"_ _9\"> </span>ed <span class=\"_ _9\"> </span>alt<span class=\"_ _2\"></span>ri <span class=\"_ _9\"> </span>strumenti <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>raccolta <span class=\"_ _16\"> </span>in<span class=\"_ _df\"> </span> circolazione, al netto degli eventuali ammontari riacquistati.<span class=\"_ _df\"> </span> Sono inoltre inclusi i debiti iscritti dall\u2019<span class=\"_ _1\"></span>impresa in qualit\u00e0<span class=\"_ _2\"></span><span class=\"ff4\"> </span>di locatario nell\u2019ambito di ope<span class=\"_ _1\"></span>razioni di leasing.<span class=\"_ _df\"> </span><span class=\"_ _2\"></span><span class=\"ff4\"> </span>Criter<span class=\"_ _1\"></span>i di <span class=\"_ _1\"></span>valuta<span class=\"_ _1\"></span>zione<span class=\"_ _df\"> </span><span class=\"_ _f\"></span> Dopo <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>ilev<span class=\"_ _1\"></span>azione <span class=\"_ _2\"></span>iniziale, <span class=\"_ _2\"></span>le <span class=\"_ _2\"></span>pas<span class=\"_ _2\"></span>sivit\u00e0 <span class=\"_ _2\"></span>finanziarie <span class=\"_ _2\"></span>vengono <span class=\"_ _2\"></span>valutate <span class=\"_ _d\"></span>al <span class=\"_ _2\"></span>costo <span class=\"_ _2\"></span>ammortizzato <span class=\"_ _2\"></span>col <span class=\"_ _2\"></span>metodo <span class=\"_ _d\"></span>del<span class=\"_ _df\"> </span><span class=\"_ _1\"></span> tasso di interesse effettivo.<span class=\"_ _df\"> </span> Fanno  ecc<span class=\"_ _1\"></span>ezione <span class=\"_ _16\"> </span>le  passivi<span class=\"_ _1\"></span>t\u00e0  a <span class=\"_ _16\"> </span>breve <span class=\"_ _9\"> </span>t<span class=\"_ _2\"></span>ermine,  pe<span class=\"_ _1\"></span>r  le <span class=\"_ _16\"> </span>quali <span class=\"_ _9\"> </span>il  fattore  temporale <span class=\"_ _16\"> </span>risulta <span class=\"_ _16\"> </span>trascurabile<span class=\"_ _1\"></span>,  che<span class=\"_ _df\"> </span> rimangono iscritte per il valore incassato.<span class=\"_ _df\"> </span> Alla <span class=\"_ _16\"> </span>data <span class=\"_ _9\"> </span>di  decorrenza, <span class=\"_ _9\"> </span>i  pagamenti  d<span class=\"_ _1\"></span>ovuti <span class=\"_ _16\"> </span>per <span class=\"_ _16\"> </span>il <span class=\"_ _9\"> </span>l<span class=\"_ _2\"></span>easing, <span class=\"_ _16\"> </span>inclusi <span class=\"_ _9\"> </span>nella  valutazione <span class=\"_ _9\"> </span>d<span class=\"_ _2\"></span>ella <span class=\"_ _16\"> </span>Lease <span class=\"_ _16\"> </span>Liability,<span class=\"_ _df\"> </span> comprendono:  <span class=\"ff10\"> <span class=\"_ _2b\"> </span><span class=\"ff4\">I pagamenti fissi, al netto di eventuali incentivi al leasing da ricevere; </span></span><span class=\"ff10\"><span class=\"ff4\"> </span></span><span class=\"ff10\"> <span class=\"_ _2b\"> </span><span class=\"ff4\">I pagame<span class=\"_ _1\"></span>nti variabili <span class=\"_ _f\"></span>dovuti per il<span class=\"_ _1\"></span> le<span class=\"_ _1\"></span>asing, che <span class=\"_ _f\"></span>dipendono da <span class=\"_ _f\"></span>u<span class=\"_ _2\"></span>n <span class=\"_ _1\"></span>indice <span class=\"_ _1\"></span>o da <span class=\"_ _f\"></span>un tasso, v<span class=\"_ _1\"></span>alutati ini<span class=\"_ _1\"></span>zialmente<span class=\"_ _df\"> </span></span></span><span class=\"ff10\"><span class=\"ff4\"> </span></span>utilizzando un indice o un tasso alla d<span class=\"_ _1\"></span>ata di decorrenza; <span class=\"_ _2\"></span> <span class=\"ff10\"> <span class=\"_ _2b\"> </span><span class=\"ff4\">Gli importi che si prevede che il locatar<span class=\"_ _2\"></span>io dov<span class=\"_ _1\"></span>r\u00e0 pagare a titolo di garanzia del valore residu<span class=\"_ _1\"></span>o; </span></span><span class=\"ff10\"><span class=\"ff4\"><span class=\"_ _2\"></span> </span></span><span class=\"ff10\"> <span class=\"_ _2b\"> </span><span class=\"ff4\">Il prezzo di esercizio dell'opzione di a<span class=\"_ _2\"></span>cquisto, se il locatario ha la ragionevole certezza di es<span class=\"_ _2\"></span>ercitare tale<span class=\"_ _df\"> </span></span></span><span class=\"ff10\"><span class=\"ff4\"> </span></span>opzione;<span class=\"_ _df\"> </span> <span class=\"ff10\"> <span class=\"_ _2b\"> </span><span class=\"ff4\">I <span class=\"_ _2\"></span>pagamenti <span class=\"_ _d\"></span>di <span class=\"_ _2\"></span>penalit\u00e0 <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>isoluzione<span class=\"_ _1\"></span> <span class=\"_ _2\"></span>del <span class=\"_ _d\"></span>leasing, <span class=\"_ _2\"></span>se <span class=\"_ _2\"></span>la <span class=\"_ _d\"></span>durata <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>lea<span class=\"_ _2\"></span>sing <span class=\"_ _2\"></span>tiene <span class=\"_ _d\"></span>conto <span class=\"_ _2\"></span>dell'esercizio, <span class=\"_ _2\"></span>da<span class=\"_ _df\"> </span></span></span><span class=\"ff10\"><span class=\"ff4\"> </span></span>parte del locatario, dell'opzi<span class=\"_ _1\"></span>one di risoluzione del leasing.<span class=\"_ _df\"> </span><span class=\"_ _2\"></span> Devono <span class=\"_ _d\"></span>essere <span class=\"_ _2\"></span>inclusi <span class=\"_ _d\"></span>nella <span class=\"_ _2\"></span>valutazione <span class=\"_ _d\"></span>della <span class=\"_ _2\"></span>Lease <span class=\"_ _d\"></span>Liability <span class=\"_ _2\"></span>solo <span class=\"_ _d\"></span>i <span class=\"_ _d\"></span>pagamenti <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>isultano <span class=\"_ _2\"></span>non <span class=\"_ _d\"></span>versati <span class=\"_ _2\"></span>alla<span class=\"_ _df\"> </span> data di <span class=\"_ _f\"></span>decorrenza del <span class=\"_ _f\"></span>cont<span class=\"_ _2\"></span>ratto. La <span class=\"_ _f\"></span>Lease Liability deve e<span class=\"_ _1\"></span>ssere rivalu<span class=\"_ _1\"></span>tata quando <span class=\"_ _f\"></span>vi \u00e8 una <span class=\"_ _f\"></span>lease modification<span class=\"_ _df\"> </span> (e.g.  una <span class=\"_ _4\"> </span>modifica <span class=\"_ _22\"> </span>d<span class=\"_ _2\"></span>el  p<span class=\"_ _2\"></span>erimetro <span class=\"_ _22\"> </span>del <span class=\"_ _4\"> </span>contratto), <span class=\"_ _22\"> </span>che <span class=\"_ _4\"> </span>non  \u00e8 <span class=\"_ _4\"> </span>contabilizzata/considerata <span class=\"_ _4\"> </span>come  contr<span class=\"_ _2\"></span>atto<span class=\"_ _df\"> </span><span class=\"_ _1\"></span> separato (IFRS 16.36 c).<span class=\"_ _df\"> </span> Il  locatario  d<span class=\"_ _1\"></span>eve  rivalu<span class=\"_ _1\"></span>tare  i  pagamenti  d<span class=\"_ _1\"></span>ovuti  per  il <span class=\"_ _16\"> </span>leasing  (e<span class=\"_ _1\"></span>  quindi  la  Lease  Liabi<span class=\"_ _1\"></span>lity),  anche  qualora<span class=\"_ _df\"> </span> intervenga una delle seguenti variazioni:<span class=\"_ _df\"> </span> <span class=\"ff10\"> <span class=\"_ _2b\"> </span><span class=\"ff4\">La durata del contratto di leasing;<span class=\"_ _df\"> </span></span></span><span class=\"ff10\"><span class=\"ff4\"> </span></span><span class=\"ff10\"> <span class=\"_ _2b\"> </span><span class=\"ff5\">La valutazione circa <span class=\"_ _2\"></span>la ragionevole certezza di esercizio, da <span class=\"_ _2\"></span>parte del locatario, <span class=\"_ _2\"></span>dell\u2019op<span class=\"_ _1\"></span>zione di acquisto<span class=\"_ _df\"> </span></span></span><span class=\"ff10\"><span class=\"ff5\"> </span></span>del bene sottostante;<span class=\"_ _df\"> </span> <span class=\"ff10\"> <span class=\"_ _2b\"> </span><span class=\"ff4\">Gli importi che si prevede il locatario dovr\u00e0 pagare a titolo di garanzi<span class=\"_ _1\"></span>e del valore residuo;<span class=\"_ _df\"> </span></span></span><span class=\"ff10\"><span class=\"ff4\"><span class=\"_ _2\"></span> </span></span><span class=\"ff10\"> <span class=\"_ _2b\"> </span><span class=\"ff5\">I futuri pagamenti dovuti per il leasing dipendenti da una variazione de<span class=\"_ _1\"></span>ll\u2019indice o del tasso. </span></span><span class=\"ff10\"><span class=\"ff5\"><span class=\"_ _2\"></span><span class=\"ff4\"> </span></span></span><span class=\"ff10\"> <span class=\"_ _2b\"> </span><span class=\"ff4 ls40\">In<span class=\"ls0\">-substance fixed lease payments.<span class=\"_ _df\"> </span></span></span></span>Criter<span class=\"_ _1\"></span>i di <span class=\"_ _1\"></span>cancell<span class=\"_ _1\"></span>azion<span class=\"_ _f\"></span>e<span class=\"_ _df\"> </span>Le <span class=\"_ _d\"></span>passivit\u00e0 <span class=\"_ _0\"> </span>finanziar<span class=\"_ _2\"></span>ie <span class=\"_ _d\"></span>sono <span class=\"_ _0\"></span>cancellate <span class=\"_ _0\"></span>dal <span class=\"_ _0\"></span>bilancio <span class=\"_ _0\"></span>quando <span class=\"_ _0\"></span>risultano <span class=\"_ _0\"></span>scadute <span class=\"_ _0\"></span>o <span class=\"_ _0\"></span>estinte. <span class=\"_ _d\"></span>La <span class=\"_ _0\"></span>cancellazione<span class=\"_ _df\"> </span>avviene <span class=\"_ _d\"></span>anche <span class=\"_ _2\"></span>in <span class=\"_ _d\"></span>presenza <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>riacquisto <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>t<span class=\"_ _2\"></span>i<span class=\"_ _1\"></span>toli <span class=\"_ _d\"></span>obbligazionari <span class=\"_ _d\"></span>precedentemente <span class=\"_ _d\"></span>emessi. <span class=\"_ _2\"></span>La <span class=\"_ _0\"></span>differenz<span class=\"_ _1\"></span>a <span class=\"_ _d\"></span>tra<span class=\"_ _df\"> </span>valore <span class=\"_ _14\"> </span>contabile <span class=\"_ _14\"> </span>della <span class=\"_ _15\"> </span>passivit\u00e0 <span class=\"_ _14\"> </span>e <span class=\"_ _15\"> </span>l\u2019ammontare <span class=\"_ _14\"> </span>corrispo<span class=\"_ _2\"></span><span class=\"ff4\">sto <span class=\"_ _14\"> </span>per <span class=\"_ _14\"> </span>acquistarla <span class=\"_ _14\"> </span>viene <span class=\"_ _15\"> </span>registrata <span class=\"_ _14\"> </span>a <span class=\"_ _15\"> </span>Conto<span class=\"_ _df\"> </span></span>Economico.<span class=\"_ _df\"> </span>Il <span class=\"_ _0\"></span>ricollocamento <span class=\"_ _9\"> </span>sul <span class=\"_ _9\"> </span>mercato <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>titoli <span class=\"_ _9\"> </span>propri <span class=\"_ _9\"> </span>successivamente <span class=\"_ _0\"></span>al <span class=\"_ _9\"> </span>loro <span class=\"_ _9\"> </span>riacquisto <span class=\"_ _9\"> </span>\u00e8 <span class=\"_ _9\"> </span>considerato <span class=\"_ _0\"></span>come <span class=\"_ _9\"> </span>una<span class=\"_ _df\"> </span>nuova emissione con iscrizione al nuovo prezzo di<span class=\"_ _1\"></span> collocamento.<span class=\"_ _df\"> </span>12 <span class=\"ls0\">- Passivit<span class=\"_ _1\"></span>\u00e0 fin<span class=\"_ _1\"></span>anz<span class=\"_ _1\"></span>iarie d<span class=\"_ _1\"></span>i negoz<span class=\"_ _f\"></span>iazione<span class=\"_ _df\"> </span></span>Criter<span class=\"_ _1\"></span>i di <span class=\"_ _f\"></span>iscrizione<span class=\"_ _df\"> </span>Gli strumenti <span class=\"_ _f\"></span>finanziari in <span class=\"_ _f\"></span>oggett<span class=\"_ _2\"></span>o <span class=\"_ _1\"></span>sono iscritti <span class=\"_ _f\"></span>alla data d<span class=\"_ _1\"></span>i sottosc<span class=\"_ _1\"></span>rizione <span class=\"_ _1\"></span>o alla <span class=\"_ _f\"></span>data di emissione<span class=\"_ _1\"></span> ad <span class=\"_ _f\"></span>un valore<span class=\"_ _df\"> </span>pari <span class=\"_ _2\"></span>al <span class=\"_ _d\"></span>fair <span class=\"_ _2\"></span>value <span class=\"_ _2\"></span>dello <span class=\"_ _2\"></span>strumento, <span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>enza <span class=\"_ _2\"></span>considerare <span class=\"_ _2\"></span>eventuali <span class=\"_ _2\"></span>costi <span class=\"_ _2\"></span>o <span class=\"_ _d\"></span>proventi <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>transazione <span class=\"_ _2\"></span>diretta<span class=\"_ _2\"></span>mente<span class=\"_ _df\"> </span>attribuibili agli strumenti stessi.<span class=\"_ _df\"> </span>In tale cat<span class=\"_ _2\"></span>egoria di passivit\u00e0 sono, in part<span class=\"_ _2\"></span>icolare, inclusi i contratti derivati <span class=\"_ _2\"></span>di trading con fair <span class=\"_ _2\"></span>value negativo,<span class=\"_ _df\"> </span>nonch\u00e9 i <span class=\"_ _2\"></span>derivati impliciti con fai<span class=\"_ _2\"></span>r value negativo presenti <span class=\"_ _2\"></span>in contr<span class=\"_ _2\"></span>atti complessi <span class=\"_ _2\"></span>- in <span class=\"_ _2\"></span>cui il <span class=\"_ _2\"></span>contratto primario<span class=\"_ _df\"> </span>\u00e8 una <span class=\"_ _1\"></span>passivit\u00e0 finanziaria - ma non <span class=\"_ _f\"></span>s<span class=\"_ _2\"></span>trettamente correl<span class=\"_ _1\"></span>ati agli ste<span class=\"_ _1\"></span>ssi. Inoltre, sono inc<span class=\"_ _1\"></span>luse le passiv<span class=\"_ _1\"></span>it\u00e0 che si<span class=\"_ _df\"> </span>originano da scoperti tecnici generati dall\u2019attivit\u00e0 di ne<span class=\"_ _1\"></span>goziazione di titoli.<span class=\"_ _df\"> </span>Criter<span class=\"_ _1\"></span>i di <span class=\"_ _1\"></span>valuta<span class=\"_ _1\"></span>zione<span class=\"_ _df\"> </span>Tutte <span class=\"_ _2\"></span>le <span class=\"_ _2\"></span>passivit\u00e0 <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>negoziazione<span class=\"_ _1\"></span> <span class=\"_ _2\"></span>sono <span class=\"_ _2\"></span>valutate <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>fair <span class=\"_ _2\"></span>value con <span class=\"_ _2\"></span>imputazione <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>risultato <span class=\"_ _2\"></span>della valutazione<span class=\"_ _df\"> </span>nel <span class=\"_ _2\"></span>Conto <span class=\"_ _d\"></span>Economico. <span class=\"_ _2\"></span><span class=\"ff5\">Per <span class=\"_ _2\"></span>maggiori <span class=\"_ _2\"></span>dettagli <span class=\"_ _d\"></span>si <span class=\"_ _2\"></span>veda <span class=\"_ _2\"></span>quanto <span class=\"_ _2\"></span>riportato <span class=\"_ _2\"></span>nel <span class=\"_ _d\"></span>successivo <span class=\"_ _2\"></span>paragrafo <span class=\"_ _2\"></span>\u201cModalit\u00e0 <span class=\"_ _2\"></span>di<span class=\"_ _df\"> </span></span>determinazione del fair value delle attivit\u00e0 e passivit\u00e0\u201d<span class=\"ff4\">.<span class=\"_ _df\"> </span></span>Criter<span class=\"_ _1\"></span>i di <span class=\"_ _1\"></span>cancell<span class=\"_ _1\"></span>azion<span class=\"_ _f\"></span>e<span class=\"_ _df\"> </span>Le <span class=\"_ _2\"></span>Passivit\u00e0 <span class=\"_ _2\"></span>finanziarie <span class=\"_ _2\"></span>detenute <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>negoziazione v<span class=\"_ _2\"></span>engono ca<span class=\"_ _2\"></span>ncellate <span class=\"_ _2\"></span>dal <span class=\"_ _2\"></span>bilancio <span class=\"_ _2\"></span>quando <span class=\"_ _2\"></span>scadono <span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>diritti<span class=\"_ _df\"> </span>contrattuali <span class=\"_ _17\"> </span>sui <span class=\"_ _17\"> </span>relativi <span class=\"_ _17\"> </span>flussi <span class=\"_ _17\"> </span>finanziari <span class=\"_ _4\"> </span>o <span class=\"_ _14\"> </span>quando <span class=\"_ _4\"> </span>la <span class=\"_ _17\"> </span>passivit<span class=\"_ _2\"></span>\u00e0 <span class=\"_ _17\"> </span>finanziaria <span class=\"_ _4\"> </span>\u00e8 <span class=\"_ _17\"> </span>ceduta <span class=\"_ _14\"> </span>con <span class=\"_ _17\"> </span>trasferimento<span class=\"_ _df\"> </span>sostanziale di tutti i rischi ed i benefi<span class=\"_ _1\"></span>ci derivanti dalla propriet\u00e0 della stessa.<span class=\"_ _df\"> </span>13 - Pa<span class=\"_ _f\"></span>ssivit\u00e0 fina<span class=\"_ _1\"></span>nziarie<span class=\"_ _f\"></span> designa<span class=\"_ _1\"></span>te al fa<span class=\"_ _1\"></span>ir value<span class=\"_ _df\"> </span>Criter<span class=\"_ _1\"></span>i di <span class=\"_ _1\"></span>iscrizi<span class=\"_ _1\"></span>one<span class=\"_ _df\"> </span>L\u2019iscrizione <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>tali <span class=\"_ _0\"></span>passivit\u00e0 <span class=\"_ _d\"></span>avviene <span class=\"_ _d\"></span>alla <span class=\"_ _d\"></span>data <span class=\"_ _0\"></span>di <span class=\"_ _d\"></span>emissione <span class=\"_ _d\"></span>in <span class=\"_ _0\"></span>misura <span class=\"_ _d\"></span>pari <span class=\"_ _d\"></span>al <span class=\"_ _0\"></span>loro <span class=\"_ _d\"></span>fair <span class=\"_ _d\"></span>value, <span class=\"_ _d\"></span>incluso <span class=\"_ _0\"></span>il <span class=\"_ _d\"></span>valo<span class=\"_ _2\"></span><span class=\"ff4\">re<span class=\"_ _df\"> </span></span>dell\u2019eventuale derivato embedded e al netto delle<span class=\"_ _1\"></span> commissioni di collocamento pagate.<span class=\"_ _df\"> </span>Criter<span class=\"_ _1\"></span>i di <span class=\"_ _f\"></span>classifica<span class=\"_ _f\"></span>zione<span class=\"_ _df\"> </span>Formano  oggetto  di  rilevazione  nella  presente  voce<span class=\"_ _1\"></span>  le  passivit\u00e0  finanziarie  designate  al  fair  value  con<span class=\"_ _df\"> </span>contropartita in Conto Economico,<span class=\"_ _1\"></span> s<span class=\"_ _2\"></span><span class=\"ff5\">ulla base de<span class=\"_ _1\"></span>lla facolt\u00e0 riconosciu<span class=\"_ _1\"></span>ta alle imprese (c.d. \u201cfair val<span class=\"_ _1\"></span>ue option\u201d)<span class=\"_ _df\"> </span></span>dall\u2019IFRS 9 e nel rispetto delle<span class=\"_ _1\"></span> casistiche previste dalla normativa di riferimento.<span class=\"_ _df\"> </span>Criter<span class=\"_ _1\"></span>i di <span class=\"_ _1\"></span>valuta<span class=\"_ _1\"></span>zione<span class=\"_ _df\"> </span>Tali <span class=\"_ _d\"></span>passivit\u00e0 <span class=\"_ _d\"></span>sono <span class=\"_ _d\"></span>valutate <span class=\"_ _d\"></span>al <span class=\"_ _d\"></span>fair <span class=\"_ _d\"></span>value<span class=\"_ _1\"></span> <span class=\"_ _d\"></span>con <span class=\"_ _d\"></span>imputazione <span class=\"_ _d\"></span>del <span class=\"_ _d\"></span>risulta<span class=\"_ _2\"></span>to <span class=\"_ _d\"></span>secondo <span class=\"_ _d\"></span>le <span class=\"_ _d\"></span>seguenti <span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>egole <span class=\"_ _2\"></span>previste<span class=\"_ _df\"> </span>dall\u2019IFRS 9:<span class=\"_ _df\"> </span><span class=\"_ _2c\"> </span><span class=\"ff4\">le variazioni d<span class=\"_ _2\"></span>i fair value ch<span class=\"_ _2\"></span>e sono <span class=\"_ _2\"></span>attribuib<span class=\"_ _1\"></span>ili alla <span class=\"_ _2\"></span>variazione del proprio <span class=\"_ _2\"></span>merito creditizio devono essere<span class=\"_ _df\"> </span></span>rilevate nel Prospetto della redditivit\u00e0 complessiva (P<span class=\"_ _1\"></span>atrimonio netto);<span class=\"_ _df\"> </span><span class=\"_ _2c\"> </span><span class=\"ff4\">le restanti variazioni di fair value devono essere rilevate nel Conto Economico.<span class=\"_ _df\"> </span></span>Gli <span class=\"_ _17\"> </span>importi <span class=\"_ _17\"> </span>rilevati <span class=\"_ _4\"> </span>nel <span class=\"_ _17\"> </span>Prospetto <span class=\"_ _17\"> </span>della <span class=\"_ _17\"> </span>redditivit\u00e0 <span class=\"_ _4\"> </span>complessiva <span class=\"_ _17\"> </span>non <span class=\"_ _17\"> </span>rigirano <span class=\"_ _17\"> </span>successivamente <span class=\"_ _17\"> </span>a <span class=\"_ _4\"> </span>cont<span class=\"_ _2\"></span>o<span class=\"_ _df\"> </span>economico. Tale <span class=\"_ _2\"></span>modalit\u00e0 <span class=\"_ _2\"></span>di co<span class=\"_ _2\"></span>ntabilizzazione non <span class=\"_ _2\"></span>deve <span class=\"_ _2\"></span>essere <span class=\"_ _2\"></span>applicata qualora <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>rilevazione <span class=\"_ _d\"></span>degli effetti<span class=\"_ _df\"> </span>del <span class=\"_ _9\"> </span>proprio <span class=\"_ _16\"> </span>merito <span class=\"_ _9\"> </span>di <span class=\"_ _16\"> </span>credito <span class=\"_ _9\"> </span>a <span class=\"_ _16\"> </span>Patrimonio <span class=\"_ _9\"> </span>netto <span class=\"_ _16\"> </span>determini <span class=\"_ _9\"> </span>o <span class=\"_ _16\"> </span>acce<span class=\"_ _1\"></span>ntui <span class=\"_ _9\"> </span>un  accou<span class=\"_ _1\"></span>nting <span class=\"_ _9\"> </span>mismat<span class=\"_ _2\"></span>ch <span class=\"_ _9\"> </span>a <span class=\"_ _16\"> </span>conto<span class=\"_ _df\"> </span>economico. In <span class=\"_ _2\"></span>questo <span class=\"_ _2\"></span>caso gli <span class=\"_ _2\"></span>utili o <span class=\"_ _2\"></span>le perdite <span class=\"_ _2\"></span>legate alla <span class=\"_ _2\"></span>passivit\u00e0, incluse <span class=\"_ _2\"></span>quelle che <span class=\"_ _2\"></span>si <span class=\"_ _2\"></span>determinano come<span class=\"_ _df\"> </span>effetto della variazione del<span class=\"_ _1\"></span> propr<span class=\"_ _2\"></span>io merito creditizio, devono essere rilev<span class=\"_ _1\"></span>ate a conto<span class=\"_ _2\"></span> economico.<span class=\"_ _df\"> </span>Per maggiori dettagli <span class=\"_ _2\"></span>si veda quant<span class=\"_ _2\"></span>o riportato nel successivo <span class=\"_ _2\"></span>paragrafo \u201cModalit\u00e0 di determinazione del <span class=\"_ _2\"></span>fair<span class=\"_ _df\"> </span>value delle attivit\u00e0 e passivit\u00e0\u201d.<span class=\"_ _df\"> </span>Le  pass<span class=\"_ _2\"></span>ivit\u00e0  finanziarie <span class=\"_ _4\"> </span>valutate <span class=\"_ _4\"> </span>al  fair <span class=\"_ _4\"> </span>value <span class=\"_ _22\"> </span>vengono <span class=\"_ _4\"> </span>cancellate <span class=\"_ _4\"> </span>dal  bilancio <span class=\"_ _4\"> </span>quando  s<span class=\"_ _2\"></span>cadono <span class=\"_ _22\"> </span>i <span class=\"_ _4\"> </span>diritti<span class=\"_ _df\"> </span>contrattuali  sui  relativi<span class=\"_ _1\"></span>  flussi  finanziari  o  qu<span class=\"_ _1\"></span>ando  questa  viene  e<span class=\"_ _1\"></span>stinta,  ovverosia  quando <span class=\"_ _16\"> </span>l'obbligazione<span class=\"_ _df\"> </span>specificata nel contratto \u00e8 adempiu<span class=\"_ _1\"></span>ta o cancellata o scaduta<span class=\"_ _2\"></span>.<span class=\"_ _df\"> </span>Criter<span class=\"_ _1\"></span>i di <span class=\"_ _1\"></span>cancell<span class=\"_ _1\"></span>azion<span class=\"_ _f\"></span>e",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-895": {
   "value": "11 <span class=\"ls0\">- Passivit<span class=\"_ _1\"></span>\u00e0 fin<span class=\"_ _1\"></span>anz<span class=\"_ _1\"></span>iarie valu<span class=\"_ _f\"></span>tate al co<span class=\"_ _f\"></span>sto ammo<span class=\"_ _1\"></span>rtizz<span class=\"_ _1\"></span>ato </span>Criter<span class=\"_ _1\"></span>i di <span class=\"_ _1\"></span>iscrizio<span class=\"_ _f\"></span>ne La <span class=\"_ _17\"> </span>prima <span class=\"_ _17\"> </span>iscrizione <span class=\"_ _17\"> </span>di <span class=\"_ _4\"> </span>tali <span class=\"_ _17\"> </span>passivit\u00e0 <span class=\"_ _17\"> </span>finanziarie <span class=\"_ _4\"> </span>avviene <span class=\"_ _17\"> </span>alla <span class=\"_ _17\"> </span>data <span class=\"_ _17\"> </span>di <span class=\"_ _17\"> </span>sottoscrizione <span class=\"_ _17\"> </span>del <span class=\"_ _17\"> </span>contratto, <span class=\"_ _17\"> </span>che normalmente <span class=\"_ _d\"></span>coincide <span class=\"_ _d\"></span>con <span class=\"_ _d\"></span>il <span class=\"_ _d\"></span>momento <span class=\"_ _d\"></span>della <span class=\"_ _d\"></span>ricezione <span class=\"_ _d\"></span>delle <span class=\"_ _d\"></span>somme <span class=\"_ _d\"></span>raccolte <span class=\"_ _d\"></span>o<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>della <span class=\"_ _2\"></span>emissione <span class=\"_ _0\"></span>dei <span class=\"_ _d\"></span>titoli <span class=\"_ _d\"></span>di<span class=\"_ _2\"></span> debito.<span class=\"_ _df\"> </span>La <span class=\"_ _0\"></span>prima <span class=\"_ _0\"></span>iscrizione <span class=\"_ _d\"></span>\u00e8 <span class=\"_ _0\"></span>effet<span class=\"_ _2\"></span><span class=\"ff5\">tuata <span class=\"_ _d\"></span>sulla <span class=\"_ _0\"></span>base <span class=\"_ _0\"></span>del <span class=\"_ _d\"></span>fair<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>value <span class=\"_ _0\"></span>delle <span class=\"_ _0\"></span>pas<span class=\"_ _2\"></span>sivit\u00e0, <span class=\"_ _d\"></span>normalmente <span class=\"_ _0\"></span>pari <span class=\"_ _0\"></span>all\u2019ammontare<span class=\"_ _df\"> </span></span><span class=\"ff5\"> </span>incassato <span class=\"_ _17\"> </span>o <span class=\"_ _4\"> </span>al <span class=\"_ _17\"> </span>prezzo <span class=\"_ _17\"> </span>di <span class=\"_ _4\"> </span>emissione, <span class=\"_ _4\"> </span>aument<span class=\"_ _2\"></span>ato <span class=\"_ _4\"> </span>degli <span class=\"_ _4\"> </span>e<span class=\"_ _2\"></span>ventuali <span class=\"_ _4\"> </span>costi/proventi <span class=\"_ _4\"> </span>aggiuntivi <span class=\"_ _17\"> </span>direttamente<span class=\"_ _df\"> </span> attribuibili  alla  singola  operazione  di  provvista <span class=\"_ _22\"> </span>o<span class=\"_ _2\"></span>  di  emissione.  Sono  escl<span class=\"_ _2\"></span>usi  i  cost<span class=\"_ _2\"></span>i  interni  di  carattere<span class=\"_ _df\"> </span> amministrativo.<span class=\"_ _df\"> </span> In <span class=\"_ _1\"></span>relazione <span class=\"_ _1\"></span>ai d<span class=\"_ _1\"></span>ebiti <span class=\"_ _1\"></span>per l<span class=\"_ _1\"></span>easing, <span class=\"_ _1\"></span>alla <span class=\"_ _1\"></span>data di<span class=\"_ _f\"></span> decorrenza <span class=\"_ _1\"></span>il l<span class=\"_ _1\"></span>ocatario <span class=\"_ _f\"></span>deve valu<span class=\"_ _f\"></span>t<span class=\"_ _2\"></span>are i<span class=\"_ _1\"></span>l d<span class=\"_ _1\"></span>ebito p<span class=\"_ _1\"></span>er le<span class=\"_ _1\"></span>asing al <span class=\"_ _f\"></span>valore<span class=\"_ _df\"> </span> attuale <span class=\"_ _2\"></span>dei pagamenti <span class=\"_ _2\"></span>dovuti per<span class=\"_ _2\"></span> il <span class=\"_ _2\"></span>leasing non <span class=\"_ _2\"></span>gi\u00e0 <span class=\"_ _2\"></span>versati a <span class=\"_ _2\"></span>tale <span class=\"_ _2\"></span>data. <span class=\"_ _2\"></span>I pagamenti <span class=\"_ _2\"></span>dov<span class=\"_ _2\"></span>uti <span class=\"_ _2\"></span>per il <span class=\"_ _2\"></span>leasing <span class=\"_ _2\"></span>sono<span class=\"_ _df\"> </span> attualizzati utilizz<span class=\"_ _1\"></span>ando il ta<span class=\"_ _1\"></span>sso di <span class=\"_ _1\"></span>interesse imp<span class=\"_ _1\"></span>licito del <span class=\"_ _f\"></span>leasing<span class=\"_ _2\"></span><span class=\"ff18 fs6\"> <span class=\"_ _1\"></span><span class=\"ff4 fs1\">o, se <span class=\"_ _1\"></span>tale tasso<span class=\"_ _1\"></span> non pu\u00f2<span class=\"_ _f\"></span> essere prontamente<span class=\"_ _df\"> </span></span></span><span class=\"ff18 fs6\"><span class=\"ff4 fs1\"> </span></span>determinato, al tasso di debito incrementale del locatario.<span class=\"_ _df\"> </span> In <span class=\"_ _17\"> </span>particolare, <span class=\"_ _17\"> </span>la <span class=\"_ _14\"> </span>passivit\u00e0 <span class=\"_ _14\"> </span>deve <span class=\"_ _17\"> </span>essere <span class=\"_ _17\"> </span>misurat<span class=\"_ _2\"></span>a <span class=\"_ _17\"> </span>utilizzando <span class=\"_ _14\"> </span>un <span class=\"_ _17\"> </span>modello <span class=\"_ _17\"> </span>analogo <span class=\"_ _14\"> </span>a <span class=\"_ _14\"> </span>quello <span class=\"_ _17\"> </span>del <span class=\"_ _17\"> </span>costo<span class=\"_ _df\"> </span> ammortizzato, dal momento che deve:  \u2022 <span class=\"_ _2\"></span>Aumentare <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>gli <span class=\"_ _2\"></span>interessi <span class=\"_ _2\"></span>maturati <span class=\"_ _2\"></span>nel corso <span class=\"_ _d\"></span>del periodo. <span class=\"_ _2\"></span>Il <span class=\"_ _2\"></span>calcolo <span class=\"_ _2\"></span>degli <span class=\"_ _2\"></span>interessi <span class=\"_ _2\"></span>avviene <span class=\"_ _2\"></span>sulla <span class=\"_ _2\"></span>base <span class=\"_ _2\"></span>del<span class=\"_ _df\"> </span> medesimo tasso utilizzato per l\u2019attualizzazione<span class=\"_ _1\"></span>; <span class=\"_ _2\"></span><span class=\"ff4\"> </span>\u2022 Ridursi per i<span class=\"ff4\"> pagamenti dovuti per il leasing effettuati dal locatario. </span><span class=\"ff4\"> </span>Inoltre, <span class=\"_ _2\"></span>l\u2019importo <span class=\"_ _d\"></span>della <span class=\"_ _2\"></span>passivit\u00e0 <span class=\"_ _2\"></span>deve <span class=\"_ _d\"></span>essere <span class=\"_ _2\"></span>rivalutato <span class=\"_ _d\"></span>periodicamente,<span class=\"_ _1\"></span> <span class=\"_ _2\"></span>al <span class=\"_ _d\"></span>fine <span class=\"_ _2\"></span>di <span class=\"_ _d\"></span>considerare <span class=\"_ _2\"></span>un <span class=\"_ _d\"></span>eventuale<span class=\"_ _df\"> </span> cambiamento:  \u2022 Nella durata del leasing e/o in altre condizi<span class=\"_ _1\"></span>oni; <span class=\"_ _2\"></span><span class=\"ff4\"> </span>\u2022 Nella valutazione dell\u2019opzione di acquisto del be<span class=\"_ _1\"></span>ne sottostante; <span class=\"_ _2\"></span><span class=\"ff4\"> </span>\u2022 Nell\u2019importo atteso da pagare a titolo di garanzia del<span class=\"_ _1\"></span> valore residuo; <span class=\"_ _2\"></span><span class=\"ff4\"> </span>\u2022 <span class=\"_ _2\"></span>Nei <span class=\"_ _2\"></span>futuri <span class=\"_ _2\"></span>pagamenti dovuti <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>leasing <span class=\"_ _2\"></span>come <span class=\"_ _2\"></span>risultato <span class=\"_ _2\"></span>di una <span class=\"_ _2\"></span>variazione <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>tasso <span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>dell\u2019i<span class=\"_ _1\"></span>ndice <span class=\"_ _2\"></span>utilizzato<span class=\"_ _df\"> </span> per definire l\u2019impo<span class=\"ff4\">rto dei pagamenti.<span class=\"_ _df\"> </span></span><span class=\"ff4\"> </span>Criter<span class=\"_ _1\"></span>i di <span class=\"_ _f\"></span>classifica<span class=\"_ _f\"></span>zione<span class=\"_ _df\"> </span> I <span class=\"_ _f\"></span>Debiti v<span class=\"_ _1\"></span>erso b<span class=\"_ _1\"></span>anche, <span class=\"_ _f\"></span>i <span class=\"_ _1\"></span>Debiti <span class=\"_ _f\"></span>verso clie<span class=\"_ _1\"></span>ntela <span class=\"_ _f\"></span>e i <span class=\"_ _f\"></span>Titoli <span class=\"_ _f\"></span>in circolazio<span class=\"_ _f\"></span>ne ricomprend<span class=\"_ _1\"></span>ono l<span class=\"_ _1\"></span>e <span class=\"_ _f\"></span>varie forme <span class=\"_ _f\"></span>di <span class=\"_ _f\"></span>provvista<span class=\"_ _df\"> </span> interbancaria <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>con <span class=\"_ _2\"></span>clientela, <span class=\"_ _2\"></span>le <span class=\"_ _2\"></span>operazioni <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>pronti <span class=\"_ _2\"></span>cont<span class=\"_ _2\"></span>ro <span class=\"_ _2\"></span>termine <span class=\"_ _2\"></span>con <span class=\"_ _2\"></span>obbligo <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>riacqui<span class=\"_ _2\"></span>sto <span class=\"_ _2\"></span>a <span class=\"_ _d\"></span>termine <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>la<span class=\"_ _df\"> </span> raccolta <span class=\"_ _9\"> </span>effettuata <span class=\"_ _9\"> </span>at<span class=\"_ _2\"></span>traverso <span class=\"_ _9\"> </span>certificati <span class=\"_ _0\"> </span>di <span class=\"_ _16\"> </span>deposito, <span class=\"_ _9\"> </span>titoli <span class=\"_ _9\"> </span>obbligazionari <span class=\"_ _9\"> </span>ed <span class=\"_ _9\"> </span>alt<span class=\"_ _2\"></span>ri <span class=\"_ _9\"> </span>strumenti <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>raccolta <span class=\"_ _16\"> </span>in<span class=\"_ _df\"> </span> circolazione, al netto degli eventuali ammontari riacquistati.<span class=\"_ _df\"> </span> Sono inoltre inclusi i debiti iscritti dall\u2019<span class=\"_ _1\"></span>impresa in qualit\u00e0<span class=\"_ _2\"></span><span class=\"ff4\"> </span>di locatario nell\u2019ambito di ope<span class=\"_ _1\"></span>razioni di leasing.<span class=\"_ _df\"> </span><span class=\"_ _2\"></span><span class=\"ff4\"> </span>Criter<span class=\"_ _1\"></span>i di <span class=\"_ _1\"></span>valuta<span class=\"_ _1\"></span>zione<span class=\"_ _df\"> </span><span class=\"_ _f\"></span> Dopo <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>ilev<span class=\"_ _1\"></span>azione <span class=\"_ _2\"></span>iniziale, <span class=\"_ _2\"></span>le <span class=\"_ _2\"></span>pas<span class=\"_ _2\"></span>sivit\u00e0 <span class=\"_ _2\"></span>finanziarie <span class=\"_ _2\"></span>vengono <span class=\"_ _2\"></span>valutate <span class=\"_ _d\"></span>al <span class=\"_ _2\"></span>costo <span class=\"_ _2\"></span>ammortizzato <span class=\"_ _2\"></span>col <span class=\"_ _2\"></span>metodo <span class=\"_ _d\"></span>del<span class=\"_ _df\"> </span><span class=\"_ _1\"></span> tasso di interesse effettivo.<span class=\"_ _df\"> </span> Fanno  ecc<span class=\"_ _1\"></span>ezione <span class=\"_ _16\"> </span>le  passivi<span class=\"_ _1\"></span>t\u00e0  a <span class=\"_ _16\"> </span>breve <span class=\"_ _9\"> </span>t<span class=\"_ _2\"></span>ermine,  pe<span class=\"_ _1\"></span>r  le <span class=\"_ _16\"> </span>quali <span class=\"_ _9\"> </span>il  fattore  temporale <span class=\"_ _16\"> </span>risulta <span class=\"_ _16\"> </span>trascurabile<span class=\"_ _1\"></span>,  che<span class=\"_ _df\"> </span> rimangono iscritte per il valore incassato.<span class=\"_ _df\"> </span> Alla <span class=\"_ _16\"> </span>data <span class=\"_ _9\"> </span>di  decorrenza, <span class=\"_ _9\"> </span>i  pagamenti  d<span class=\"_ _1\"></span>ovuti <span class=\"_ _16\"> </span>per <span class=\"_ _16\"> </span>il <span class=\"_ _9\"> </span>l<span class=\"_ _2\"></span>easing, <span class=\"_ _16\"> </span>inclusi <span class=\"_ _9\"> </span>nella  valutazione <span class=\"_ _9\"> </span>d<span class=\"_ _2\"></span>ella <span class=\"_ _16\"> </span>Lease <span class=\"_ _16\"> </span>Liability,<span class=\"_ _df\"> </span> comprendono:  <span class=\"ff10\"> <span class=\"_ _2b\"> </span><span class=\"ff4\">I pagamenti fissi, al netto di eventuali incentivi al leasing da ricevere; </span></span><span class=\"ff10\"><span class=\"ff4\"> </span></span><span class=\"ff10\"> <span class=\"_ _2b\"> </span><span class=\"ff4\">I pagame<span class=\"_ _1\"></span>nti variabili <span class=\"_ _f\"></span>dovuti per il<span class=\"_ _1\"></span> le<span class=\"_ _1\"></span>asing, che <span class=\"_ _f\"></span>dipendono da <span class=\"_ _f\"></span>u<span class=\"_ _2\"></span>n <span class=\"_ _1\"></span>indice <span class=\"_ _1\"></span>o da <span class=\"_ _f\"></span>un tasso, v<span class=\"_ _1\"></span>alutati ini<span class=\"_ _1\"></span>zialmente<span class=\"_ _df\"> </span></span></span><span class=\"ff10\"><span class=\"ff4\"> </span></span>utilizzando un indice o un tasso alla d<span class=\"_ _1\"></span>ata di decorrenza; <span class=\"_ _2\"></span> <span class=\"ff10\"> <span class=\"_ _2b\"> </span><span class=\"ff4\">Gli importi che si prevede che il locatar<span class=\"_ _2\"></span>io dov<span class=\"_ _1\"></span>r\u00e0 pagare a titolo di garanzia del valore residu<span class=\"_ _1\"></span>o; </span></span><span class=\"ff10\"><span class=\"ff4\"><span class=\"_ _2\"></span> </span></span><span class=\"ff10\"> <span class=\"_ _2b\"> </span><span class=\"ff4\">Il prezzo di esercizio dell'opzione di a<span class=\"_ _2\"></span>cquisto, se il locatario ha la ragionevole certezza di es<span class=\"_ _2\"></span>ercitare tale<span class=\"_ _df\"> </span></span></span><span class=\"ff10\"><span class=\"ff4\"> </span></span>opzione;<span class=\"_ _df\"> </span> <span class=\"ff10\"> <span class=\"_ _2b\"> </span><span class=\"ff4\">I <span class=\"_ _2\"></span>pagamenti <span class=\"_ _d\"></span>di <span class=\"_ _2\"></span>penalit\u00e0 <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>isoluzione<span class=\"_ _1\"></span> <span class=\"_ _2\"></span>del <span class=\"_ _d\"></span>leasing, <span class=\"_ _2\"></span>se <span class=\"_ _2\"></span>la <span class=\"_ _d\"></span>durata <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>lea<span class=\"_ _2\"></span>sing <span class=\"_ _2\"></span>tiene <span class=\"_ _d\"></span>conto <span class=\"_ _2\"></span>dell'esercizio, <span class=\"_ _2\"></span>da<span class=\"_ _df\"> </span></span></span><span class=\"ff10\"><span class=\"ff4\"> </span></span>parte del locatario, dell'opzi<span class=\"_ _1\"></span>one di risoluzione del leasing.<span class=\"_ _df\"> </span><span class=\"_ _2\"></span> Devono <span class=\"_ _d\"></span>essere <span class=\"_ _2\"></span>inclusi <span class=\"_ _d\"></span>nella <span class=\"_ _2\"></span>valutazione <span class=\"_ _d\"></span>della <span class=\"_ _2\"></span>Lease <span class=\"_ _d\"></span>Liability <span class=\"_ _2\"></span>solo <span class=\"_ _d\"></span>i <span class=\"_ _d\"></span>pagamenti <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>isultano <span class=\"_ _2\"></span>non <span class=\"_ _d\"></span>versati <span class=\"_ _2\"></span>alla<span class=\"_ _df\"> </span> data di <span class=\"_ _f\"></span>decorrenza del <span class=\"_ _f\"></span>cont<span class=\"_ _2\"></span>ratto. La <span class=\"_ _f\"></span>Lease Liability deve e<span class=\"_ _1\"></span>ssere rivalu<span class=\"_ _1\"></span>tata quando <span class=\"_ _f\"></span>vi \u00e8 una <span class=\"_ _f\"></span>lease modification<span class=\"_ _df\"> </span> (e.g.  una <span class=\"_ _4\"> </span>modifica <span class=\"_ _22\"> </span>d<span class=\"_ _2\"></span>el  p<span class=\"_ _2\"></span>erimetro <span class=\"_ _22\"> </span>del <span class=\"_ _4\"> </span>contratto), <span class=\"_ _22\"> </span>che <span class=\"_ _4\"> </span>non  \u00e8 <span class=\"_ _4\"> </span>contabilizzata/considerata <span class=\"_ _4\"> </span>come  contr<span class=\"_ _2\"></span>atto<span class=\"_ _df\"> </span><span class=\"_ _1\"></span> separato (IFRS 16.36 c).<span class=\"_ _df\"> </span> Il  locatario  d<span class=\"_ _1\"></span>eve  rivalu<span class=\"_ _1\"></span>tare  i  pagamenti  d<span class=\"_ _1\"></span>ovuti  per  il <span class=\"_ _16\"> </span>leasing  (e<span class=\"_ _1\"></span>  quindi  la  Lease  Liabi<span class=\"_ _1\"></span>lity),  anche  qualora<span class=\"_ _df\"> </span> intervenga una delle seguenti variazioni:<span class=\"_ _df\"> </span> <span class=\"ff10\"> <span class=\"_ _2b\"> </span><span class=\"ff4\">La durata del contratto di leasing;<span class=\"_ _df\"> </span></span></span><span class=\"ff10\"><span class=\"ff4\"> </span></span><span class=\"ff10\"> <span class=\"_ _2b\"> </span><span class=\"ff5\">La valutazione circa <span class=\"_ _2\"></span>la ragionevole certezza di esercizio, da <span class=\"_ _2\"></span>parte del locatario, <span class=\"_ _2\"></span>dell\u2019op<span class=\"_ _1\"></span>zione di acquisto<span class=\"_ _df\"> </span></span></span><span class=\"ff10\"><span class=\"ff5\"> </span></span>del bene sottostante;<span class=\"_ _df\"> </span> <span class=\"ff10\"> <span class=\"_ _2b\"> </span><span class=\"ff4\">Gli importi che si prevede il locatario dovr\u00e0 pagare a titolo di garanzi<span class=\"_ _1\"></span>e del valore residuo;<span class=\"_ _df\"> </span></span></span><span class=\"ff10\"><span class=\"ff4\"><span class=\"_ _2\"></span> </span></span><span class=\"ff10\"> <span class=\"_ _2b\"> </span><span class=\"ff5\">I futuri pagamenti dovuti per il leasing dipendenti da una variazione de<span class=\"_ _1\"></span>ll\u2019indice o del tasso. </span></span><span class=\"ff10\"><span class=\"ff5\"><span class=\"_ _2\"></span><span class=\"ff4\"> </span></span></span><span class=\"ff10\"> <span class=\"_ _2b\"> </span><span class=\"ff4 ls40\">In<span class=\"ls0\">-substance fixed lease payments.<span class=\"_ _df\"> </span></span></span></span>Criter<span class=\"_ _1\"></span>i di <span class=\"_ _1\"></span>cancell<span class=\"_ _1\"></span>azion<span class=\"_ _f\"></span>e<span class=\"_ _df\"> </span> Le <span class=\"_ _d\"></span>passivit\u00e0 <span class=\"_ _0\"> </span>finanziar<span class=\"_ _2\"></span>ie <span class=\"_ _d\"></span>sono <span class=\"_ _0\"></span>cancellate <span class=\"_ _0\"></span>dal <span class=\"_ _0\"></span>bilancio <span class=\"_ _0\"></span>quando <span class=\"_ _0\"></span>risultano <span class=\"_ _0\"></span>scadute <span class=\"_ _0\"></span>o <span class=\"_ _0\"></span>estinte. <span class=\"_ _d\"></span>La <span class=\"_ _0\"></span>cancellazione<span class=\"_ _df\"> </span> avviene <span class=\"_ _d\"></span>anche <span class=\"_ _2\"></span>in <span class=\"_ _d\"></span>presenza <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>riacquisto <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>t<span class=\"_ _2\"></span>i<span class=\"_ _1\"></span>toli <span class=\"_ _d\"></span>obbligazionari <span class=\"_ _d\"></span>precedentemente <span class=\"_ _d\"></span>emessi. <span class=\"_ _2\"></span>La <span class=\"_ _0\"></span>differenz<span class=\"_ _1\"></span>a <span class=\"_ _d\"></span>tra<span class=\"_ _df\"> </span> valore <span class=\"_ _14\"> </span>contabile <span class=\"_ _14\"> </span>della <span class=\"_ _15\"> </span>passivit\u00e0 <span class=\"_ _14\"> </span>e <span class=\"_ _15\"> </span>l\u2019ammontare <span class=\"_ _14\"> </span>corrispo<span class=\"_ _2\"></span><span class=\"ff4\">sto <span class=\"_ _14\"> </span>per <span class=\"_ _14\"> </span>acquistarla <span class=\"_ _14\"> </span>viene <span class=\"_ _15\"> </span>registrata <span class=\"_ _14\"> </span>a <span class=\"_ _15\"> </span>Conto<span class=\"_ _df\"> </span></span><span class=\"ff4\"> </span>Economico.<span class=\"_ _df\"> </span> Il <span class=\"_ _0\"></span>ricollocamento <span class=\"_ _9\"> </span>sul <span class=\"_ _9\"> </span>mercato <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>titoli <span class=\"_ _9\"> </span>propri <span class=\"_ _9\"> </span>successivamente <span class=\"_ _0\"></span>al <span class=\"_ _9\"> </span>loro <span class=\"_ _9\"> </span>riacquisto <span class=\"_ _9\"> </span>\u00e8 <span class=\"_ _9\"> </span>considerato <span class=\"_ _0\"></span>come <span class=\"_ _9\"> </span>una<span class=\"_ _df\"> </span> nuova emissione con iscrizione al nuovo prezzo di<span class=\"_ _1\"></span> collocamento.<span class=\"_ _df\"> </span>12 <span class=\"ls0\">- Passivit<span class=\"_ _1\"></span>\u00e0 fin<span class=\"_ _1\"></span>anz<span class=\"_ _1\"></span>iarie d<span class=\"_ _1\"></span>i negoz<span class=\"_ _f\"></span>iazione<span class=\"_ _df\"> </span></span>Criter<span class=\"_ _1\"></span>i di <span class=\"_ _f\"></span>iscrizione<span class=\"_ _df\"> </span>Gli strumenti <span class=\"_ _f\"></span>finanziari in <span class=\"_ _f\"></span>oggett<span class=\"_ _2\"></span>o <span class=\"_ _1\"></span>sono iscritti <span class=\"_ _f\"></span>alla data d<span class=\"_ _1\"></span>i sottosc<span class=\"_ _1\"></span>rizione <span class=\"_ _1\"></span>o alla <span class=\"_ _f\"></span>data di emissione<span class=\"_ _1\"></span> ad <span class=\"_ _f\"></span>un valore<span class=\"_ _df\"> </span>pari <span class=\"_ _2\"></span>al <span class=\"_ _d\"></span>fair <span class=\"_ _2\"></span>value <span class=\"_ _2\"></span>dello <span class=\"_ _2\"></span>strumento, <span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>enza <span class=\"_ _2\"></span>considerare <span class=\"_ _2\"></span>eventuali <span class=\"_ _2\"></span>costi <span class=\"_ _2\"></span>o <span class=\"_ _d\"></span>proventi <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>transazione <span class=\"_ _2\"></span>diretta<span class=\"_ _2\"></span>mente<span class=\"_ _df\"> </span>attribuibili agli strumenti stessi.<span class=\"_ _df\"> </span>In tale cat<span class=\"_ _2\"></span>egoria di passivit\u00e0 sono, in part<span class=\"_ _2\"></span>icolare, inclusi i contratti derivati <span class=\"_ _2\"></span>di trading con fair <span class=\"_ _2\"></span>value negativo,<span class=\"_ _df\"> </span>nonch\u00e9 i <span class=\"_ _2\"></span>derivati impliciti con fai<span class=\"_ _2\"></span>r value negativo presenti <span class=\"_ _2\"></span>in contr<span class=\"_ _2\"></span>atti complessi <span class=\"_ _2\"></span>- in <span class=\"_ _2\"></span>cui il <span class=\"_ _2\"></span>contratto primario<span class=\"_ _df\"> </span>\u00e8 una <span class=\"_ _1\"></span>passivit\u00e0 finanziaria - ma non <span class=\"_ _f\"></span>s<span class=\"_ _2\"></span>trettamente correl<span class=\"_ _1\"></span>ati agli ste<span class=\"_ _1\"></span>ssi. Inoltre, sono inc<span class=\"_ _1\"></span>luse le passiv<span class=\"_ _1\"></span>it\u00e0 che si<span class=\"_ _df\"> </span>originano da scoperti tecnici generati dall\u2019attivit\u00e0 di ne<span class=\"_ _1\"></span>goziazione di titoli.<span class=\"_ _df\"> </span>Criter<span class=\"_ _1\"></span>i di <span class=\"_ _1\"></span>valuta<span class=\"_ _1\"></span>zione<span class=\"_ _df\"> </span>Tutte <span class=\"_ _2\"></span>le <span class=\"_ _2\"></span>passivit\u00e0 <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>negoziazione<span class=\"_ _1\"></span> <span class=\"_ _2\"></span>sono <span class=\"_ _2\"></span>valutate <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>fair <span class=\"_ _2\"></span>value con <span class=\"_ _2\"></span>imputazione <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>risultato <span class=\"_ _2\"></span>della valutazione<span class=\"_ _df\"> </span>nel <span class=\"_ _2\"></span>Conto <span class=\"_ _d\"></span>Economico. <span class=\"_ _2\"></span><span class=\"ff5\">Per <span class=\"_ _2\"></span>maggiori <span class=\"_ _2\"></span>dettagli <span class=\"_ _d\"></span>si <span class=\"_ _2\"></span>veda <span class=\"_ _2\"></span>quanto <span class=\"_ _2\"></span>riportato <span class=\"_ _2\"></span>nel <span class=\"_ _d\"></span>successivo <span class=\"_ _2\"></span>paragrafo <span class=\"_ _2\"></span>\u201cModalit\u00e0 <span class=\"_ _2\"></span>di<span class=\"_ _df\"> </span></span>determinazione del fair value delle attivit\u00e0 e passivit\u00e0\u201d<span class=\"ff4\">.<span class=\"_ _df\"> </span></span>Criter<span class=\"_ _1\"></span>i di <span class=\"_ _1\"></span>cancell<span class=\"_ _1\"></span>azion<span class=\"_ _f\"></span>e<span class=\"_ _df\"> </span>Le <span class=\"_ _2\"></span>Passivit\u00e0 <span class=\"_ _2\"></span>finanziarie <span class=\"_ _2\"></span>detenute <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>negoziazione v<span class=\"_ _2\"></span>engono ca<span class=\"_ _2\"></span>ncellate <span class=\"_ _2\"></span>dal <span class=\"_ _2\"></span>bilancio <span class=\"_ _2\"></span>quando <span class=\"_ _2\"></span>scadono <span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>diritti<span class=\"_ _df\"> </span>contrattuali <span class=\"_ _17\"> </span>sui <span class=\"_ _17\"> </span>relativi <span class=\"_ _17\"> </span>flussi <span class=\"_ _17\"> </span>finanziari <span class=\"_ _4\"> </span>o <span class=\"_ _14\"> </span>quando <span class=\"_ _4\"> </span>la <span class=\"_ _17\"> </span>passivit<span class=\"_ _2\"></span>\u00e0 <span class=\"_ _17\"> </span>finanziaria <span class=\"_ _4\"> </span>\u00e8 <span class=\"_ _17\"> </span>ceduta <span class=\"_ _14\"> </span>con <span class=\"_ _17\"> </span>trasferimento<span class=\"_ _df\"> </span>sostanziale di tutti i rischi ed i benefi<span class=\"_ _1\"></span>ci derivanti dalla propriet\u00e0 della stessa.<span class=\"_ _df\"> </span>13 - Pa<span class=\"_ _f\"></span>ssivit\u00e0 fina<span class=\"_ _1\"></span>nziarie<span class=\"_ _f\"></span> designa<span class=\"_ _1\"></span>te al fa<span class=\"_ _1\"></span>ir value<span class=\"_ _df\"> </span>Criter<span class=\"_ _1\"></span>i di <span class=\"_ _1\"></span>iscrizi<span class=\"_ _1\"></span>one<span class=\"_ _df\"> </span>L\u2019iscrizione <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>tali <span class=\"_ _0\"></span>passivit\u00e0 <span class=\"_ _d\"></span>avviene <span class=\"_ _d\"></span>alla <span class=\"_ _d\"></span>data <span class=\"_ _0\"></span>di <span class=\"_ _d\"></span>emissione <span class=\"_ _d\"></span>in <span class=\"_ _0\"></span>misura <span class=\"_ _d\"></span>pari <span class=\"_ _d\"></span>al <span class=\"_ _0\"></span>loro <span class=\"_ _d\"></span>fair <span class=\"_ _d\"></span>value, <span class=\"_ _d\"></span>incluso <span class=\"_ _0\"></span>il <span class=\"_ _d\"></span>valo<span class=\"_ _2\"></span><span class=\"ff4\">re<span class=\"_ _df\"> </span></span>dell\u2019eventuale derivato embedded e al netto delle<span class=\"_ _1\"></span> commissioni di collocamento pagate.<span class=\"_ _df\"> </span>Criter<span class=\"_ _1\"></span>i di <span class=\"_ _f\"></span>classifica<span class=\"_ _f\"></span>zione<span class=\"_ _df\"> </span>Formano  oggetto  di  rilevazione  nella  presente  voce<span class=\"_ _1\"></span>  le  passivit\u00e0  finanziarie  designate  al  fair  value  con<span class=\"_ _df\"> </span>contropartita in Conto Economico,<span class=\"_ _1\"></span> s<span class=\"_ _2\"></span><span class=\"ff5\">ulla base de<span class=\"_ _1\"></span>lla facolt\u00e0 riconosciu<span class=\"_ _1\"></span>ta alle imprese (c.d. \u201cfair val<span class=\"_ _1\"></span>ue option\u201d)<span class=\"_ _df\"> </span></span>dall\u2019IFRS 9 e nel rispetto delle<span class=\"_ _1\"></span> casistiche previste dalla normativa di riferimento.<span class=\"_ _df\"> </span>Criter<span class=\"_ _1\"></span>i di <span class=\"_ _1\"></span>valuta<span class=\"_ _1\"></span>zione<span class=\"_ _df\"> </span>Tali <span class=\"_ _d\"></span>passivit\u00e0 <span class=\"_ _d\"></span>sono <span class=\"_ _d\"></span>valutate <span class=\"_ _d\"></span>al <span class=\"_ _d\"></span>fair <span class=\"_ _d\"></span>value<span class=\"_ _1\"></span> <span class=\"_ _d\"></span>con <span class=\"_ _d\"></span>imputazione <span class=\"_ _d\"></span>del <span class=\"_ _d\"></span>risulta<span class=\"_ _2\"></span>to <span class=\"_ _d\"></span>secondo <span class=\"_ _d\"></span>le <span class=\"_ _d\"></span>seguenti <span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>egole <span class=\"_ _2\"></span>previste<span class=\"_ _df\"> </span>dall\u2019IFRS 9:<span class=\"_ _df\"> </span><span class=\"_ _2c\"> </span><span class=\"ff4\">le variazioni d<span class=\"_ _2\"></span>i fair value ch<span class=\"_ _2\"></span>e sono <span class=\"_ _2\"></span>attribuib<span class=\"_ _1\"></span>ili alla <span class=\"_ _2\"></span>variazione del proprio <span class=\"_ _2\"></span>merito creditizio devono essere<span class=\"_ _df\"> </span></span>rilevate nel Prospetto della redditivit\u00e0 complessiva (P<span class=\"_ _1\"></span>atrimonio netto);<span class=\"_ _df\"> </span><span class=\"_ _2c\"> </span><span class=\"ff4\">le restanti variazioni di fair value devono essere rilevate nel Conto Economico.<span class=\"_ _df\"> </span></span>Gli <span class=\"_ _17\"> </span>importi <span class=\"_ _17\"> </span>rilevati <span class=\"_ _4\"> </span>nel <span class=\"_ _17\"> </span>Prospetto <span class=\"_ _17\"> </span>della <span class=\"_ _17\"> </span>redditivit\u00e0 <span class=\"_ _4\"> </span>complessiva <span class=\"_ _17\"> </span>non <span class=\"_ _17\"> </span>rigirano <span class=\"_ _17\"> </span>successivamente <span class=\"_ _17\"> </span>a <span class=\"_ _4\"> </span>cont<span class=\"_ _2\"></span>o<span class=\"_ _df\"> </span>economico. Tale <span class=\"_ _2\"></span>modalit\u00e0 <span class=\"_ _2\"></span>di co<span class=\"_ _2\"></span>ntabilizzazione non <span class=\"_ _2\"></span>deve <span class=\"_ _2\"></span>essere <span class=\"_ _2\"></span>applicata qualora <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>rilevazione <span class=\"_ _d\"></span>degli effetti<span class=\"_ _df\"> </span>del <span class=\"_ _9\"> </span>proprio <span class=\"_ _16\"> </span>merito <span class=\"_ _9\"> </span>di <span class=\"_ _16\"> </span>credito <span class=\"_ _9\"> </span>a <span class=\"_ _16\"> </span>Patrimonio <span class=\"_ _9\"> </span>netto <span class=\"_ _16\"> </span>determini <span class=\"_ _9\"> </span>o <span class=\"_ _16\"> </span>acce<span class=\"_ _1\"></span>ntui <span class=\"_ _9\"> </span>un  accou<span class=\"_ _1\"></span>nting <span class=\"_ _9\"> </span>mismat<span class=\"_ _2\"></span>ch <span class=\"_ _9\"> </span>a <span class=\"_ _16\"> </span>conto<span class=\"_ _df\"> </span>economico. In <span class=\"_ _2\"></span>questo <span class=\"_ _2\"></span>caso gli <span class=\"_ _2\"></span>utili o <span class=\"_ _2\"></span>le perdite <span class=\"_ _2\"></span>legate alla <span class=\"_ _2\"></span>passivit\u00e0, incluse <span class=\"_ _2\"></span>quelle che <span class=\"_ _2\"></span>si <span class=\"_ _2\"></span>determinano come<span class=\"_ _df\"> </span>effetto della variazione del<span class=\"_ _1\"></span> propr<span class=\"_ _2\"></span>io merito creditizio, devono essere rilev<span class=\"_ _1\"></span>ate a conto<span class=\"_ _2\"></span> economico.<span class=\"_ _df\"> </span>Per maggiori dettagli <span class=\"_ _2\"></span>si veda quant<span class=\"_ _2\"></span>o riportato nel successivo <span class=\"_ _2\"></span>paragrafo \u201cModalit\u00e0 di determinazione del <span class=\"_ _2\"></span>fair<span class=\"_ _df\"> </span>value delle attivit\u00e0 e passivit\u00e0\u201d.<span class=\"_ _df\"> </span>Le  pass<span class=\"_ _2\"></span>ivit\u00e0  finanziarie <span class=\"_ _4\"> </span>valutate <span class=\"_ _4\"> </span>al  fair <span class=\"_ _4\"> </span>value <span class=\"_ _22\"> </span>vengono <span class=\"_ _4\"> </span>cancellate <span class=\"_ _4\"> </span>dal  bilancio <span class=\"_ _4\"> </span>quando  s<span class=\"_ _2\"></span>cadono <span class=\"_ _22\"> </span>i <span class=\"_ _4\"> </span>diritti<span class=\"_ _df\"> </span>contrattuali  sui  relativi<span class=\"_ _1\"></span>  flussi  finanziari  o  qu<span class=\"_ _1\"></span>ando  questa  viene  e<span class=\"_ _1\"></span>stinta,  ovverosia  quando <span class=\"_ _16\"> </span>l'obbligazione<span class=\"_ _df\"> </span>specificata nel contratto \u00e8 adempiu<span class=\"_ _1\"></span>ta o cancellata o scaduta<span class=\"_ _2\"></span>.<span class=\"_ _df\"> </span>Criter<span class=\"_ _1\"></span>i di <span class=\"_ _1\"></span>cancell<span class=\"_ _1\"></span>azion<span class=\"_ _f\"></span>e",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-804": {
   "value": "<div class=\"t m0 he ff4 fs5 fc4 sc3 ls0 ws0 gs576\">14 - Op<span class=\"_ _f\"></span>erazioni in <span class=\"_ _1\"></span>valuta<span class=\"_ _df\"> </span><span class=\"_ _f\"></span> </div><div class=\"t m0 h5 ff4 fs1 fc4 sc3 ls0 ws0 gs577\">Criter<span class=\"_ _1\"></span>i di <span class=\"_ _1\"></span>iscrizi<span class=\"_ _1\"></span>one<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs578\">Le <span class=\"_ _16\"> </span>operazioni <span class=\"_ _16\"> </span>in  valuta  e<span class=\"_ _1\"></span>stera  sono  reg<span class=\"_ _1\"></span>istrate,  al <span class=\"_ _16\"> </span>momento <span class=\"_ _16\"> </span>della <span class=\"_ _9\"> </span>r<span class=\"_ _2\"></span>ilevazione <span class=\"_ _16\"> </span>iniziale,  in <span class=\"_ _9\"> </span>divis<span class=\"_ _2\"></span>a  d<span class=\"_ _1\"></span>i  conto,<span class=\"_ _df\"> </span><span class=\"_ _1\"></span> </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs579\">applicando all\u2019importo in valuta estera il tasso di cambi<span class=\"_ _1\"></span>o in vigore alla data dell\u2019operazione.<span class=\"_ _df\"> </span><span class=\"_ _2\"></span><span class=\"ff4\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc4 sc3 ls0 ws0 gs57a\">Criter<span class=\"_ _1\"></span>i di <span class=\"_ _1\"></span>class<span class=\"_ _1\"></span>ificazi<span class=\"_ _1\"></span>one<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs57c\">Le <span class=\"_ _1\"></span>operazioni <span class=\"_ _1\"></span>in <span class=\"_ _1\"></span>valuta sono <span class=\"_ _f\"></span>costituite d<span class=\"_ _1\"></span>a tutte <span class=\"_ _1\"></span>le <span class=\"_ _1\"></span>attivit\u00e0 <span class=\"_ _1\"></span>e le<span class=\"_ _1\"></span> passi<span class=\"_ _f\"></span>vit\u00e0 denominate <span class=\"_ _f\"></span>in valute <span class=\"_ _f\"></span>diverse dall\u2019euro.<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc4 sc3 ls0 ws0 gs14b\">Criter<span class=\"_ _1\"></span>i di <span class=\"_ _1\"></span>cancell<span class=\"_ _1\"></span>azion<span class=\"_ _f\"></span>e<span class=\"_ _df\"> </span><span class=\"fc5 sc4\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs57e\">Si applicano i criteri indicati per le v<span class=\"_ _1\"></span>oci di bilancio corrispondenti.<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs57f\">Il tasso di cambio utilizzato \u00e8 quello alla data di estinzione<span class=\"_ _1\"></span>.<span class=\"sc2\"> </span><span class=\"sc2\"><span class=\"_ _2\"></span> </span></div><div class=\"t m0 h5 ff4 fs1 fc4 sc3 ls0 ws0 gs580\">Criter<span class=\"_ _1\"></span>i di <span class=\"_ _1\"></span>valuta<span class=\"_ _1\"></span>zione<span class=\"_ _df\"> </span><span class=\"_ _f\"></span><span class=\"fc5 sc4\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs581\">Ad  ogni <span class=\"_ _22\"> </span>chiusura <span class=\"_ _22\"> </span>di <span class=\"_ _4\"> </span>bilanc<span class=\"_ _1\"></span>io  o <span class=\"_ _4\"> </span>di  situazione  infrannuale,  le <span class=\"_ _22\"> </span>p<span class=\"_ _2\"></span>oste  di <span class=\"_ _22\"> </span>bilancio  in <span class=\"_ _4\"> </span>valuta  estera  vengono<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs582\">valorizzate come segue:<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff14 fs1 fc1 sc0 ls0 ws0 gs583\"><span class=\"_ _2c\"> </span><span class=\"ff4\">le poste monetarie sono convertite al tasso di cambio alla data di chiusura;<span class=\"_ _df\"> </span></span></div><div class=\"t m0 h5 ff14 fs1 fc1 sc0 ls0 ws0 gs584\"><span class=\"_ _2c\"> </span><span class=\"ff4\">le <span class=\"_ _2\"></span>poste <span class=\"_ _2\"></span>non <span class=\"_ _2\"></span>monetarie <span class=\"_ _2\"></span>valutate <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>costo <span class=\"_ _2\"></span>storico s<span class=\"_ _2\"></span>ono convertite <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>asso di <span class=\"_ _2\"></span>cambio <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>essere <span class=\"_ _2\"></span>alla <span class=\"_ _2\"></span>data<span class=\"_ _df\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs585\">dell\u2019operazione;<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff14 fs1 fc1 sc0 ls0 ws0 gs586\"><span class=\"_ _2c\"> </span><span class=\"ff4\">le <span class=\"_ _2\"></span>poste non <span class=\"_ _2\"></span>monetarie <span class=\"_ _2\"></span>valutate al <span class=\"_ _2\"></span>fair <span class=\"_ _2\"></span>value sono <span class=\"_ _2\"></span>convertite <span class=\"_ _2\"></span>utilizzando i <span class=\"_ _2\"></span>tassi <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>cambio in <span class=\"_ _2\"></span>essere <span class=\"_ _2\"></span>alla<span class=\"_ _df\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs587\">data di chiusura.<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs588\">Le differenze <span class=\"_ _2\"></span>di cambio <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>derivano dal <span class=\"_ _2\"></span>regolamento <span class=\"_ _2\"></span>di elementi <span class=\"_ _2\"></span>monetari o <span class=\"_ _2\"></span>dalla conversione <span class=\"_ _2\"></span>di elementi<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs589\">monetari <span class=\"_ _f\"></span>a <span class=\"_ _1\"></span>tassi <span class=\"_ _f\"></span>diversi <span class=\"_ _f\"></span>da <span class=\"_ _f\"></span>quelli d<span class=\"_ _1\"></span>i <span class=\"_ _f\"></span>conversione <span class=\"_ _f\"></span>iniziali, o <span class=\"_ _11\"></span>di <span class=\"_ _1\"></span>conversione <span class=\"_ _f\"></span>del <span class=\"_ _f\"></span>bilancio p<span class=\"_ _1\"></span>recedente, <span class=\"_ _f\"></span>sono ril<span class=\"_ _1\"></span>evate<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs58a\">nel conto economico del periodo in cui sorgono.<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs58b\">Quando <span class=\"_ _0\"></span>un <span class=\"_ _0\"></span>utile <span class=\"_ _0\"></span>o <span class=\"_ _9\"> </span>una <span class=\"_ _0\"></span>perdita <span class=\"_ _0\"></span>relativi <span class=\"_ _0\"></span>ad <span class=\"_ _0\"></span>un <span class=\"_ _9\"> </span>elemento <span class=\"_ _0\"></span>non <span class=\"_ _9\"> </span>monetario <span class=\"_ _0\"></span>sono <span class=\"_ _0\"></span>r<span class=\"_ _2\"></span>ilev<span class=\"_ _1\"></span>ati <span class=\"_ _0\"></span>a <span class=\"_ _9\"> </span>patrimonio <span class=\"_ _0\"></span>netto, <span class=\"_ _0\"></span>la<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs58c\">differenza <span class=\"_ _2\"></span>cambio <span class=\"_ _2\"></span>relativa <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>tale <span class=\"_ _2\"></span>elemento <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _2\"></span>rilevata <span class=\"_ _d\"></span>anch\u2019essa <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>patrimonio. <span class=\"_ _2\"></span>Per <span class=\"_ _2\"></span>contro, <span class=\"_ _2\"></span>quando <span class=\"_ _2\"></span>un <span class=\"_ _2\"></span>utile <span class=\"_ _2\"></span>o<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs58d\">una <span class=\"_ _9\"> </span>perdita <span class=\"_ _9\"> </span>so<span class=\"_ _2\"></span>no <span class=\"_ _9\"> </span>rilevati <span class=\"_ _9\"> </span>a <span class=\"_ _9\"> </span>conto <span class=\"_ _16\"> </span>economico, <span class=\"_ _0\"></span>\u00e8 <span class=\"_ _16\"> </span>rilevata <span class=\"_ _9\"> </span>in <span class=\"_ _9\"> </span>cont<span class=\"_ _2\"></span>o <span class=\"_ _9\"> </span>economico <span class=\"_ _9\"> </span>anche <span class=\"_ _9\"> </span>la <span class=\"_ _9\"> </span>relativa<span class=\"_ _2\"></span> <span class=\"_ _9\"> </span>differenza<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs58e\">cambio.<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc4 sc3 ls0 ws0 gs58f\">Criter<span class=\"_ _1\"></span>i di <span class=\"_ _1\"></span>rileva<span class=\"_ _f\"></span>zione dell<span class=\"_ _1\"></span>e com<span class=\"_ _f\"></span>ponenti <span class=\"_ _1\"></span>reddi<span class=\"_ _1\"></span>tuali<span class=\"_ _df\"> </span><span class=\"_ _f\"></span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs590\">Le differenze <span class=\"_ _2\"></span>di cambio <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>derivano dal <span class=\"_ _2\"></span>regolamento <span class=\"_ _2\"></span>di elementi <span class=\"_ _2\"></span>monetari o <span class=\"_ _2\"></span>dalla conversione <span class=\"_ _2\"></span>di elementi<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs591\">monetari <span class=\"_ _f\"></span>a <span class=\"_ _1\"></span>tassi <span class=\"_ _f\"></span>diversi <span class=\"_ _f\"></span>da <span class=\"_ _f\"></span>quelli d<span class=\"_ _1\"></span>i <span class=\"_ _f\"></span>conversione <span class=\"_ _f\"></span>iniziali, o <span class=\"_ _11\"></span>di <span class=\"_ _1\"></span>conversione <span class=\"_ _f\"></span>del <span class=\"_ _f\"></span>bilancio p<span class=\"_ _1\"></span>recedente, <span class=\"_ _f\"></span>sono ril<span class=\"_ _1\"></span>evate<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs592\">nel conto economico del periodo in cui sorgono nella voce <span class=\"ff5\">\u201cRisultato netto dell\u2019attivit\u00e0 di negoziazione\u201d.<span class=\"_ _df\"> </span></span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs593\">Quando <span class=\"_ _0\"></span>un <span class=\"_ _0\"></span>utile <span class=\"_ _0\"></span>o <span class=\"_ _9\"> </span>una <span class=\"_ _0\"></span>perdita <span class=\"_ _0\"></span>relat<span class=\"_ _2\"></span>ivi <span class=\"_ _d\"></span>ad <span class=\"_ _9\"> </span>un <span class=\"_ _0\"></span>elemento <span class=\"_ _9\"> </span>non <span class=\"_ _0\"></span>monetario <span class=\"_ _9\"> </span>sono <span class=\"_ _0\"></span>rilevati <span class=\"_ _0\"></span>a <span class=\"_ _0\"></span>patrimonio <span class=\"_ _0\"></span>netto, <span class=\"_ _9\"> </span>la<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs594\">differenza <span class=\"_ _2\"></span>cambio <span class=\"_ _2\"></span>relativa <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>tale <span class=\"_ _2\"></span>elemento <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _2\"></span>rilevata <span class=\"_ _d\"></span>anch\u2019essa <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>patrimonio. <span class=\"_ _2\"></span>Per <span class=\"_ _2\"></span>contro, <span class=\"_ _2\"></span>quando <span class=\"_ _2\"></span>un <span class=\"_ _2\"></span>utile <span class=\"_ _2\"></span>o<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs595\">una <span class=\"_ _9\"> </span>perdita <span class=\"_ _9\"> </span>sono <span class=\"_ _16\"> </span>rilevati <span class=\"_ _9\"> </span>a <span class=\"_ _9\"> </span>conto <span class=\"_ _9\"> </span>economico, <span class=\"_ _16\"> </span>\u00e8 <span class=\"_ _0\"></span>r<span class=\"_ _2\"></span>ilevata <span class=\"_ _9\"> </span>in <span class=\"_ _9\"> </span>conto <span class=\"_ _16\"> </span>economico <span class=\"_ _9\"> </span>a<span class=\"_ _2\"></span>nche <span class=\"_ _0\"> </span>la <span class=\"_ _16\"> </span>relativa <span class=\"_ _9\"> </span>differenza<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs596\">cambio.<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc4 sc3 ls0 ws0 gs597\">Criter<span class=\"_ _1\"></span>i di <span class=\"_ _1\"></span>cancell<span class=\"_ _1\"></span>azion<span class=\"_ _f\"></span>e </div>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-833": {
   "value": "15 <span class=\"ff5\">\u2013</span> Att<span class=\"_ _1\"></span>ivit\u00e0 e <span class=\"_ _1\"></span>pass<span class=\"_ _1\"></span>ivit\u00e0 a<span class=\"_ _f\"></span>ssicurativ<span class=\"_ _1\"></span>e Le di<span class=\"_ _1\"></span>spos<span class=\"_ _1\"></span>izioni <span class=\"_ _1\"></span>norma<span class=\"_ _f\"></span>tive del <span class=\"_ _f\"></span>Principio<span class=\"_ _1\"></span> IFRS<span class=\"_ _1\"></span> 17 Si <span class=\"_ _0\"></span>r<span class=\"_ _2\"></span>iportano <span class=\"_ _0\"></span>le <span class=\"_ _9\"> </span>principali<span class=\"_ _1\"></span> <span class=\"_ _9\"> </span>previsioni <span class=\"_ _0\"></span>del <span class=\"_ _9\"> </span>Principio <span class=\"_ _9\"> </span>IFRS <span class=\"_ _0\"></span>17 <span class=\"_ _9\"> </span>che <span class=\"_ _9\"> </span>determinano <span class=\"_ _9\"> </span>le <span class=\"_ _0\"></span>modalit\u00e0 <span class=\"_ _9\"> </span>di <span class=\"_ _0\"></span>valutazione <span class=\"_ _9\"> </span>delle passivit\u00e0 <span class=\"_ _2\"></span>assicurative <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>relativi <span class=\"_ _2\"></span>effetti <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>conto <span class=\"_ _2\"></span>economico <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>contratti <span class=\"_ _2\"></span>assicurativi <span class=\"_ _2\"></span>soggetti <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>tale <span class=\"_ _2\"></span>logica contabile: <span class=\"_ _1a\"> </span><span class=\"ff4\">l<span class=\"ff5\">\u2019</span>iscrizione<span class=\"_ _1\"></span>  i<span class=\"_ _1\"></span>niziale  dell<span class=\"_ _1\"></span>a  p<span class=\"_ _f\"></span>as<span class=\"_ _2\"></span>sivit<span class=\"_ _2\"></span>\u00e0 <span class=\"_ _16\"> </span>assicurativa: <span class=\"_ _9\"> </span>al  momento <span class=\"_ _9\"> </span>della  sottoscrizione <span class=\"_ _9\"> </span>del  contratto <span class=\"_ _16\"> </span>con <span class=\"_ _9\"> </span>il </span>soggetto <span class=\"_ _2\"></span>as<span class=\"_ _2\"></span>sicurato, <span class=\"_ _2\"></span>il <span class=\"_ _d\"></span>Gruppo <span class=\"_ _d\"></span>riconosce <span class=\"_ _2\"></span>una <span class=\"_ _d\"></span>passivit\u00e0 <span class=\"_ _d\"></span>il <span class=\"_ _2\"></span>cui <span class=\"_ _d\"></span>ammontare <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _d\"></span>dato <span class=\"_ _2\"></span>dalla <span class=\"_ _d\"></span>somma <span class=\"_ _d\"></span>algeb<span class=\"_ _1\"></span>rica<span class=\"_ _df\"> </span>del <span class=\"_ _0\"></span>valore <span class=\"_ _9\"> </span>attuale <span class=\"_ _9\"> </span>dei <span class=\"_ _0\"></span>flussi <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>cassa <span class=\"_ _9\"> </span>attesi <span class=\"_ _0\"></span>contr<span class=\"_ _2\"></span>attuali <span class=\"_ _0\"></span>(Present <span class=\"_ _0\"></span>value <span class=\"_ _9\"> </span>future <span class=\"_ _0\"></span>cash <span class=\"_ _9\"> </span>flow  <span class=\"ff5\">\u2013</span> <span class=\"_ _0\"></span><span class=\"ff5\">\u201cPVFCF\u201d) <span class=\"_ _9\"> </span>e </span>inclusivi <span class=\"_ _2\"></span>anche <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>un <span class=\"_ _2\"></span>opportuno <span class=\"_ _2\"></span>Risk <span class=\"_ _2\"></span>adjustment <span class=\"_ _2\"></span>(\u201cRA\u201d) <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>presidio <span class=\"_ _d\"></span>dei rischi <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>tipo <span class=\"_ _2\"></span>non <span class=\"_ _2\"></span>finanzi<span class=\"_ _2\"></span><span class=\"ff4\">ario <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>del<span class=\"_ _df\"> </span></span>margine economico att<span class=\"_ _2\"></span>eso (Contractual Service Margin <span class=\"_ _2\"></span><span class=\"ff5\">\u2013</span> <span class=\"ff5\">\u201cCSM\u201d), che r<span class=\"_ _2\"></span>appresenta il valore attuale degli </span>utili futuri sui contratti assicurativi;<span class=\"_ _df\"> </span><span class=\"_ _1a\"> </span><span class=\"ff5\">i  raggruppamenti  di <span class=\"_ _22\"> </span>contr<span class=\"_ _2\"></span>atti:  l\u2019applicazione  dell\u2019IFRS  17 <span class=\"_ _4\"> </span>preved<span class=\"_ _1\"></span>e  l\u2019identificazione <span class=\"_ _22\"> </span>di <span class=\"_ _4\"> </span>\u201cportafogli\u201d<span class=\"_ _2\"></span><span class=\"ff4\">  di<span class=\"_ _df\"> </span></span></span>contratti <span class=\"_ _2\"></span>assicurativi <span class=\"_ _2\"></span>(ovvero di <span class=\"_ _2\"></span>gruppi di <span class=\"_ _2\"></span>contratti <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>condividono <span class=\"_ _2\"></span>rischi <span class=\"_ _2\"></span>simili <span class=\"_ _2\"></span>e gestiti <span class=\"_ _2\"></span>unitariamente).<span class=\"_ _df\"> </span>Ciascun <span class=\"_ _d\"></span>port<span class=\"_ _2\"></span>afoglio <span class=\"_ _d\"></span>viene <span class=\"_ _0\"></span>ulterio<span class=\"_ _2\"></span>rmente <span class=\"_ _d\"></span>suddiviso <span class=\"_ _0\"></span>in <span class=\"_ _0\"></span>gruppi <span class=\"_ _0\"></span>composti <span class=\"_ _0\"></span>da <span class=\"_ _0\"></span>contr<span class=\"_ _2\"></span>atti <span class=\"_ _d\"></span>con <span class=\"_ _0\"></span>caratterist<span class=\"_ _2\"></span>iche simili in termini <span class=\"_ _2\"></span>di profittabilit\u00e0 atte<span class=\"_ _2\"></span>sa, prevedendo pertanto <span class=\"_ _2\"></span>la distinzione<span class=\"_ _1\"></span> tr<span class=\"_ _2\"></span>a i contratti profittevoli (con margine economico atteso positivo)<span class=\"_ _1\"></span> e onerosi (con margine economico atteso negativo);<span class=\"_ _df\"> </span><span class=\"_ _17\"> </span><span class=\"ff4\">i <span class=\"_ _16\"> </span>modelli<span class=\"_ _1\"></span> <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>misurazione <span class=\"_ _9\"> </span>previsti <span class=\"_ _16\"> </span>dal <span class=\"_ _0\"></span>principio: <span class=\"_ _9\"> </span>il <span class=\"_ _16\"> </span>principio <span class=\"_ _0\"></span>IFRS <span class=\"_ _9\"> </span>17<span class=\"_ _2\"></span> <span class=\"_ _9\"> </span>prevede <span class=\"_ _0\"></span>un <span class=\"_ _9\"> </span>modello <span class=\"_ _16\"> </span>di <span class=\"_ _0\"></span>misur<span class=\"_ _d\"></span>azione<span class=\"_ _df\"> </span></span>denominato General Model (\u201cGM\u201d) applicabile in linea di principio a tutti i contratti, ad eccezione<span class=\"_ _1\"></span> d<span class=\"_ _2\"></span>i quelli<span class=\"_ _df\"> </span>con partecipazione <span class=\"_ _1\"></span>diretta agli utili <span class=\"_ _1\"></span>finanziari, per i<span class=\"_ _1\"></span> quali viene appli<span class=\"_ _1\"></span>cato il Variable <span class=\"_ _1\"></span>Fee Approach (\u201cVFA\u201d),<span class=\"_ _df\"> </span>qualora siano <span class=\"_ _f\"></span>rispettati i cri<span class=\"_ _f\"></span>teri di <span class=\"_ _1\"></span>eleggibilit\u00e0 <span class=\"_ _1\"></span>dipendenti <span class=\"_ _1\"></span>dalla <span class=\"_ _1\"></span>natura stessa <span class=\"_ _f\"></span>della partecip<span class=\"_ _1\"></span>azione agli <span class=\"_ _f\"></span>utili.<span class=\"_ _df\"> </span>\u00c8 <span class=\"_ _16\"> </span>previsto <span class=\"_ _16\"> </span>inoltre <span class=\"_ _16\"> </span>un <span class=\"_ _9\"> </span>modello  semplificato <span class=\"_ _9\"> </span>opzionale  (Premium <span class=\"_ _16\"> </span>Allocation <span class=\"_ _9\"> </span>Approach  <span class=\"ff5\">\u2013<span class=\"_ _2\"></span></span> <span class=\"_ _16\"> </span><span class=\"ff5\">\u201cPAA\u201d) <span class=\"_ _9\"> </span>per  la<span class=\"_ _df\"> </span></span>valutazione <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>ella <span class=\"_ _2\"></span>passivit\u00e0 <span class=\"_ _d\"></span>per <span class=\"_ _0\"></span>cope<span class=\"_ _1\"></span>rtura <span class=\"_ _d\"></span>residua <span class=\"_ _d\"></span>denominata <span class=\"_ _d\"></span>Liability <span class=\"_ _0\"></span><span class=\"ff5\">for <span class=\"_ _d\"></span>Remaining <span class=\"_ _2\"></span>Coverage <span class=\"_ _d\"></span>(\u201c<span class=\"_ _2\"></span>LRC\u201d,<span class=\"_ _df\"> </span></span>assimilabile <span class=\"_ _2\"></span>alla <span class=\"_ _2\"></span>Riserva <span class=\"_ _2\"></span>per <span class=\"_ _d\"></span>frazioni <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>premi <span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>al <span class=\"_ _d\"></span>riporto <span class=\"_ _2\"></span>premi) <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>contratti <span class=\"_ _d\"></span>con <span class=\"_ _2\"></span>periodo <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>cope<span class=\"_ _1\"></span>rtura<span class=\"_ _df\"> </span>uguale <span class=\"_ _0\"></span>o <span class=\"_ _9\"> </span>inferiore <span class=\"_ _9\"> </span>all'anno <span class=\"_ _0\"></span>e <span class=\"_ _9\"> </span>pe<span class=\"_ _2\"></span>r <span class=\"_ _0\"> </span>t<span class=\"_ _2\"></span>utti <span class=\"_ _0\"></span>i <span class=\"_ _9\"> </span>contratti <span class=\"_ _9\"> </span>nel <span class=\"_ _0\"></span>caso<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>in <span class=\"_ _9\"> </span>cui <span class=\"_ _0\"> </span>la <span class=\"_ _9\"> </span>valutazione <span class=\"_ _9\"> </span>non <span class=\"_ _0\"></span>s<span class=\"_ _2\"></span>ia <span class=\"_ _0\"></span>materialmente<span class=\"_ _df\"> </span>differente da quella risultante dall'app<span class=\"_ _1\"></span>licazione del General Model;<span class=\"_ _df\"> </span><span class=\"_ _1a\"> </span><span class=\"ff5\">la <span class=\"_ _4\"> </span>mis<span class=\"_ _2\"></span>urazione <span class=\"_ _4\"> </span>successiva <span class=\"_ _17\"> </span>della <span class=\"_ _4\"> </span>pass<span class=\"_ _2\"></span>ivit\u00e0 <span class=\"_ _4\"> </span>assicurativa: <span class=\"_ _17\"> </span>l\u2019IFRS <span class=\"_ _17\"> </span>17 <span class=\"_ _17\"> </span>richiede <span class=\"_ _4\"> </span>un <span class=\"_ _17\"> </span>aggiornamento <span class=\"_ _17\"> </span>della<span class=\"_ _df\"> </span></span>misurazione <span class=\"_ _4\"> </span>ad <span class=\"_ _4\"> </span>ogni <span class=\"_ _4\"> </span>reporting <span class=\"_ _4\"> </span>period <span class=\"_ _4\"> </span>degli <span class=\"_ _4\"> </span>elementi <span class=\"_ _4\"> </span>sopra <span class=\"_ _17\"> </span>indicati <span class=\"_ _4\"> </span>(i <span class=\"_ _4\"> </span>flussi <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>cassa <span class=\"_ _17\"> </span>e <span class=\"_ _4\"> </span>il <span class=\"_ _4\"> </span>margine<span class=\"_ _df\"> </span>economico atteso), per verificare la congruit\u00e0 delle stime rispetto alle condizioni correnti di mercato. Gli effetti <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>eventuali <span class=\"_ _0\"></span>aggiornamenti <span class=\"_ _9\"> </span>sono <span class=\"_ _0\"></span>recepiti <span class=\"_ _0\"></span>alla <span class=\"_ _0\"></span>prima <span class=\"_ _0\"> </span>r<span class=\"_ _2\"></span>eporting <span class=\"_ _0\"></span>date <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>consuntivazione: <span class=\"_ _0\"></span>a <span class=\"_ _0\"></span>conto<span class=\"_ _df\"> </span>economico <span class=\"_ _d\"></span>qualora <span class=\"_ _0\"></span>i <span class=\"_ _d\"></span>cambiamenti <span class=\"_ _0\"></span>siano <span class=\"_ _d\"></span>r<span class=\"_ _2\"></span>iferiti <span class=\"_ _d\"></span>a <span class=\"_ _0\"></span>eventi <span class=\"_ _d\"></span>correnti <span class=\"_ _d\"></span>o <span class=\"_ _0\"></span>gi\u00e0 <span class=\"_ _d\"></span>avvenuti <span class=\"_ _d\"></span>oppure <span class=\"_ _0\"></span>a <span class=\"_ _0\"></span>riduzione <span class=\"_ _d\"></span>del<span class=\"_ _df\"> </span>margine economico atteso (CSM) q<span class=\"_ _1\"></span>ualora i cambiamenti siano rife<span class=\"_ _1\"></span>riti a eventi futuri. Con riferimento alle variazioni <span class=\"_ _e\"> </span>delle <span class=\"_ _e\"> </span>sole <span class=\"_ _10\"> </span>variabili <span class=\"_ _e\"> </span>finanziarie <span class=\"_ _e\"> </span>(<span class=\"_ _2\"></span>e <span class=\"_ _e\"> </span>non <span class=\"_ _e\"> </span>delle <span class=\"_ _10\"> </span>restanti, <span class=\"_ _e\"> </span>quindi <span class=\"_ _10\"> </span>principalmente <span class=\"_ _e\"> </span>r<span class=\"_ _2\"></span>el<span class=\"_ _2\"></span>ative <span class=\"_ _e\"> </span>al comportamento <span class=\"_ _18\"> </span>degli <span class=\"_ _10\"> </span>as<span class=\"_ _2\"></span>sicurati), <span class=\"_ _10\"> </span>\u00e8 <span class=\"_ _18\"> </span>rimessa <span class=\"_ _19\"> </span>scelta <span class=\"_ _18\"> </span>alle <span class=\"_ _10\"> </span>imprese <span class=\"_ _18\"> </span>di <span class=\"_ _18\"> </span>individuare <span class=\"_ _19\"> </span><span class=\"ff5\">\u2013</span> <span class=\"_ _19\"> </span>per <span class=\"_ _10\"> </span>ciascun<span class=\"_ _df\"> </span>raggruppamento <span class=\"_ _d\"></span>di <span class=\"_ _0\"></span>contratti <span class=\"_ _0\"></span><span class=\"ff5\">\u2013<span class=\"_ _2\"></span></span> <span class=\"_ _d\"></span>se <span class=\"_ _0\"></span>rappresentare <span class=\"_ _0\"></span>gli <span class=\"_ _0\"></span>effetti <span class=\"_ _0\"></span>delle<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>modifiche <span class=\"_ _d\"></span>nel <span class=\"_ _0\"></span>conto <span class=\"_ _0\"></span>economico <span class=\"_ _0\"></span>o <span class=\"_ _0\"></span>nel<span class=\"_ _df\"> </span>patrimonio netto (c.d. Opzi<span class=\"_ _1\"></span>one OCI);<span class=\"_ _df\"> </span><span class=\"_ _17\"> </span><span class=\"ff4\">la <span class=\"_ _22\"> </span>misurazione  <span class=\"ff5\">del  ricavo  assicurativo:  l\u2019IFRS  17  prevede<span class=\"_ _1\"></span>  un\u2019esposizione  nel  conto  economico  della<span class=\"_ _df\"> </span></span></span>redditivit\u00e0 <span class=\"_ _9\"> </span>\u201cper <span class=\"_ _9\"> </span>margini\u201d <span class=\"_ _16\"> </span>consegui<span class=\"_ _1\"></span>ti <span class=\"_ _9\"> </span>nel <span class=\"_ _16\"> </span>corso <span class=\"_ _9\"> </span>della <span class=\"_ _9\"> </span>vita <span class=\"_ _9\"> </span>delle <span class=\"_ _9\"> </span>polizze, <span class=\"_ _9\"> </span>os<span class=\"_ _2\"></span>sia <span class=\"_ _9\"> </span>quando <span class=\"_ _0\"></span>l\u2019<span class=\"_ _2\"></span>impresa <span class=\"_ _9\"> </span>eroga <span class=\"_ _9\"> </span>i servizi <span class=\"_ _17\"> </span>agli <span class=\"_ _14\"> </span>assicurati, <span class=\"_ _14\"> </span>non <span class=\"_ _14\"> </span>prevedendo <span class=\"_ _17\"> </span>p<span class=\"_ _2\"></span>ertanto <span class=\"_ _14\"> </span>la <span class=\"_ _17\"> </span>r<span class=\"_ _2\"></span>ilevazi<span class=\"_ _1\"></span>one <span class=\"_ _14\"> </span>di <span class=\"_ _14\"> </span>a<span class=\"_ _2\"></span>lcun <span class=\"_ _17\"> </span>ricavo <span class=\"_ _14\"> </span>al <span class=\"_ _14\"> </span>momento <span class=\"_ _14\"> </span>della<span class=\"_ _df\"> </span>sottoscrizione <span class=\"_ _f\"></span>del contratto. In <span class=\"_ _f\"></span>merito a <span class=\"_ _1\"></span>tale aspe<span class=\"_ _1\"></span>tto il <span class=\"_ _1\"></span>principio <span class=\"_ _f\"></span>\u00e8 asimmetrico in <span class=\"_ _f\"></span>quanto in <span class=\"_ _f\"></span>caso di <span class=\"_ _f\"></span>gruppi<span class=\"_ _df\"> </span>di contratti onerosi prevede la rilev<span class=\"_ _1\"></span>azione immediata delle perdite a conto economico;<span class=\"_ _df\"> </span><span class=\"_ _17\"> </span><span class=\"ff4\">la misurazione <span class=\"_ _f\"></span>della <span class=\"_ _f\"></span>perfor<span class=\"_ _2\"></span>man<span class=\"ff5\">ce: <span class=\"_ _f\"></span>nell\u2019ottica di<span class=\"_ _1\"></span> un\u2019<span class=\"_ _1\"></span>informativa che<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>garantisca <span class=\"_ _1\"></span>una <span class=\"_ _f\"></span>migliore comp<span class=\"_ _1\"></span>arabilit\u00e0<span class=\"_ _df\"> </span></span></span>degli <span class=\"_ _4\"> </span>andamenti <span class=\"_ _4\"> </span>delle <span class=\"_ _17\"> </span>Compagnie, <span class=\"_ _4\"> </span>\u00e8 <span class=\"_ _17\"> </span>prevista <span class=\"_ _17\"> </span>una <span class=\"_ _4\"> </span>rappresentazione <span class=\"_ _4\"> </span>distinta <span class=\"_ _17\"> </span>e <span class=\"_ _4\"> </span>s<span class=\"_ _2\"></span>eparata <span class=\"_ _4\"> </span>delle <span class=\"_ _4\"> </span>due<span class=\"_ _df\"> </span>componenti principali che tipicamente concorrono a formare la redditivit\u00e0 delle impre<span class=\"_ _2\"></span>se assicuratrici: la prima, che <span class=\"_ _1\"></span>rappresenta il profitto d<span class=\"_ _1\"></span>erivante dall\u2019attivit\u00e0 assicu<span class=\"_ _1\"></span>rativa prestata (il <span class=\"_ _1\"></span>c.d. \u201cmargine<span class=\"_ _1\"></span> tecnico\u201d) e<span class=\"_ _df\"> </span>la <span class=\"_ _14\"> </span>seconda <span class=\"_ _17\"> </span>che <span class=\"_ _14\"> </span>raggruppa <span class=\"_ _14\"> </span>invece <span class=\"_ _14\"> </span>tutte <span class=\"_ _14\"> </span>le <span class=\"_ _14\"> </span>componenti <span class=\"_ _14\"> </span>di <span class=\"_ _17\"> </span>c<span class=\"_ _2\"></span>arattere <span class=\"_ _14\"> </span>\u201cfinanziario\u201d <span class=\"_ _14\"> </span>(i <span class=\"_ _17\"> </span>r<span class=\"_ _2\"></span>isulta<span class=\"_ _1\"></span>ti <span class=\"_ _14\"> </span>degli<span class=\"_ _df\"> </span>investimenti, <span class=\"_ _14\"> </span>gli <span class=\"_ _15\"> </span>effetti <span class=\"_ _15\"> </span>delle <span class=\"_ _15\"> </span>variabili <span class=\"_ _15\"> </span>finanziarie <span class=\"_ _15\"> </span>utilizzate <span class=\"_ _15\"> </span>nelle <span class=\"_ _15\"> </span>valutazioni <span class=\"_ _15\"> </span>dei <span class=\"_ _14\"> </span>cont<span class=\"_ _2\"></span>ratti, <span class=\"_ _14\"> </span>ecc.). <span class=\"_ _15\"> </span>I<span class=\"_ _df\"> </span>cambiamenti <span class=\"_ _d\"></span>nelle <span class=\"_ _0\"></span>stime <span class=\"_ _0\"></span>future <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>premi <span class=\"_ _0\"></span>collegati <span class=\"_ _d\"></span>a <span class=\"_ _9\"> </span>contratti <span class=\"_ _0\"></span>in <span class=\"_ _d\"></span>essere <span class=\"_ _0\"></span>alla <span class=\"_ _0\"></span>data <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>reporting <span class=\"_ _0\"></span>(flussi <span class=\"_ _d\"></span>di<span class=\"_ _df\"> </span>cassa da ricevere) e di pagamenti (flussi di cassa da riconoscere) so<span class=\"_ _2\"></span>no rilevati a conto economico lungo<span class=\"_ _df\"> </span>la durata residua contrattuale delle polizze di<span class=\"_ _1\"></span> riferimento.<span class=\"_ _df\"> </span>Scelte<span class=\"_ _1\"></span> met<span class=\"_ _1\"></span>odolo<span class=\"_ _f\"></span>giche del<span class=\"_ _1\"></span> Gru<span class=\"_ _1\"></span>pp<span class=\"_ _1\"></span>o Nell\u2019ambito <span class=\"_ _d\"></span><span class=\"ff4\">delle <span class=\"_ _d\"></span>Compagnie <span class=\"_ _0\"></span>assicurative <span class=\"_ _0\"></span>il <span class=\"_ _d\"></span>principio <span class=\"_ _d\"></span>IFRS <span class=\"_ _0\"></span>17 <span class=\"_ _0\"></span>risulta <span class=\"_ _d\"></span>applicabile <span class=\"_ _d\"></span>ai <span class=\"_ _0\"></span>prodotti <span class=\"_ _0\"></span>assicurativi <span class=\"_ _d\"></span>e <span class=\"_ _d\"></span>ai </span>prodotti  finanziari <span class=\"_ _16\"> </span>con  e<span class=\"_ _1\"></span>lementi  di<span class=\"_ _1\"></span>  partecipazione <span class=\"_ _9\"> </span>d<span class=\"_ _2\"></span>iscrezionale  ag<span class=\"_ _1\"></span>li  u<span class=\"_ _1\"></span>tili  mentre  i <span class=\"_ _9\"> </span>prodot<span class=\"_ _2\"></span>ti  a <span class=\"_ _9\"> </span>prevalente contenuto <span class=\"_ _9\"> </span>finanziario <span class=\"_ _16\"> </span>sono <span class=\"_ _9\"> </span>classificati <span class=\"_ _16\"> </span>sotto <span class=\"_ _9\"> </span>IFRS9. <span class=\"_ _16\"> </span>Le <span class=\"_ _9\"> </span>principali <span class=\"_ _9\"> </span>scelte <span class=\"_ _16\"> </span>metodologiche <span class=\"_ _9\"> </span>affrontate <span class=\"_ _16\"> </span>hanno riguardato <span class=\"_ _d\"></span>la <span class=\"_ _2\"></span>quantificazione <span class=\"_ _d\"></span>dei <span class=\"_ _d\"></span>cash <span class=\"_ _d\"></span>flow <span class=\"_ _2\"></span>in <span class=\"_ _d\"></span>ottica <span class=\"_ _d\"></span>IFR<span class=\"_ _2\"></span>S <span class=\"_ _d\"></span>17, <span class=\"_ _2\"></span>la <span class=\"_ _0\"></span>definizione <span class=\"_ _2\"></span>della <span class=\"_ _d\"></span>curva <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>sconto <span class=\"_ _d\"></span>per <span class=\"_ _d\"></span>la <span class=\"_ _d\"></span>loro attualizzazione, <span class=\"_ _17\"> </span>nonch\u00e9 <span class=\"_ _17\"> </span>la <span class=\"_ _14\"> </span>quantificazione<span class=\"_ _1\"></span> <span class=\"_ _17\"> </span>d<span class=\"_ _2\"></span>el <span class=\"_ _17\"> </span>CSM <span class=\"_ _17\"> </span>per <span class=\"_ _17\"> </span>il <span class=\"_ _14\"> </span>bilancio <span class=\"_ _17\"> </span>consolidato <span class=\"_ _14\"> </span>del <span class=\"_ _17\"> </span>Gruppo, <span class=\"_ _17\"> </span>al <span class=\"_ _14\"> </span>fine <span class=\"_ _17\"> </span>di considerare <span class=\"_ _d\"></span>gli <span class=\"_ _0\"></span>effettivi <span class=\"_ _0\"></span>costi <span class=\"_ _0\"></span>di <span class=\"_ _0\"> </span>distr<span class=\"_ _2\"></span>ibuzi<span class=\"_ _1\"></span>one/gestione <span class=\"_ _0\"></span>nei <span class=\"_ _d\"></span>f<span class=\"_ _2\"></span>lussi <span class=\"_ _0\"></span>prospettici <span class=\"_ _0\"></span>delle <span class=\"_ _d\"></span>pass<span class=\"_ _2\"></span>ivit\u00e0 <span class=\"_ _d\"></span>as<span class=\"_ _d\"></span>sicurative <span class=\"_ _d\"></span>in luogo delle<span class=\"_ _1\"></span> provvigioni regolate <span class=\"_ _1\"></span>tr<span class=\"_ _2\"></span>a Crede<span class=\"_ _1\"></span>mvita e le <span class=\"_ _1\"></span>societ\u00e0 distributrici del <span class=\"_ _1\"></span>Gruppo. Di seguito sono <span class=\"_ _1\"></span>riportate<span class=\"_ _df\"> </span>le principali scelte metodologi<span class=\"_ _1\"></span>che ass<span class=\"_ _2\"></span>unte dal Gruppo:<span class=\"_ _df\"> </span><span class=\"ff10\"> <span class=\"_ _2\"></span><span class=\"ff4\">Livello di <span class=\"_ _1\"></span>aggregazione e opzi<span class=\"_ _1\"></span>one <span class=\"ff5\">\u201c</span>carve out<span class=\"ff5\">\u201d</span> sulle coorti: il <span class=\"_ _1\"></span>livello di aggregazione permette di<span class=\"_ _1\"></span> definire la<span class=\"_ _df\"> </span></span></span>granularit\u00e0 <span class=\"_ _0\"> </span>con <span class=\"_ _9\"> </span>cui <span class=\"_ _9\"> </span>viene <span class=\"_ _9\"> </span>valutata <span class=\"_ _9\"> </span>la <span class=\"_ _9\"> </span>redditivit\u00e0 <span class=\"_ _0\"></span>di <span class=\"_ _9\"> </span>un <span class=\"_ _9\"> </span>gruppo <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>contratti, <span class=\"_ _9\"> </span>andando <span class=\"_ _0\"> </span>a <span class=\"_ _9\"> </span>r<span class=\"_ _2\"></span>aggruppare <span class=\"_ _0\"></span>nel<span class=\"_ _df\"> </span>medesimo portafoglio quelli che:<span class=\"_ _df\"> </span>o<span class=\"ff10\"> <span class=\"_ _5\"> </span><span class=\"ff4\">presentano r<span class=\"_ _2\"></span>ischi simili e sono ge<span class=\"_ _1\"></span>stiti unitariamente;<span class=\"_ _df\"> </span></span></span>o<span class=\"ff10\"> <span class=\"_ _5\"> </span><span class=\"ff4\">hanno profitt<span class=\"_ _2\"></span>abilit\u00e0 attesa <span class=\"ff5\">simile all\u2019emissione (<span class=\"_ _1\"></span>c.d. bucket di profittabilit\u00e0); </span></span></span>o<span class=\"ff10\"> <span class=\"_ _5\"> </span><span class=\"ff4\">appartengono alla stess<span class=\"_ _2\"></span>a ge<span class=\"_ _1\"></span>nerazione (c.d. coorte annuale). </span></span>Con <span class=\"_ _9\"> </span>r<span class=\"_ _2\"></span>iferimento <span class=\"_ _9\"> </span>ai <span class=\"_ _9\"> </span>contratti  ap<span class=\"_ _f\"></span>partenenti <span class=\"_ _16\"> </span>a <span class=\"_ _9\"> </span>prodotti <span class=\"_ _16\"> </span>Multiramo <span class=\"_ _9\"> </span>o <span class=\"_ _16\"> </span>collegati <span class=\"_ _9\"> </span>ad <span class=\"_ _9\"> </span>una  Ge<span class=\"_ _1\"></span>stione <span class=\"_ _9\"> </span>Separata<span class=\"_ _df\"> </span>valutati secondo <span class=\"_ _1\"></span>il princip<span class=\"_ _1\"></span>io IFRS17, il <span class=\"ff5\">Grup<span class=\"_ _1\"></span>po ha de<span class=\"_ _1\"></span>ciso di e<span class=\"_ _1\"></span>sercitare l\u2019opzi<span class=\"_ _1\"></span>one di <span class=\"_ _1\"></span>non applicare<span class=\"_ _1\"></span> il requisito<span class=\"_ _df\"> </span></span>della <span class=\"_ _2\"></span>Coorte <span class=\"_ _2\"></span>Annuale <span class=\"_ _2\"></span>(\u201cCarve <span class=\"_ _d\"></span>Out\u201d) <span class=\"_ _2\"></span>cos<span class=\"_ _2\"></span>\u00ec <span class=\"_ _2\"></span>come <span class=\"_ _2\"></span>previsto <span class=\"_ _2\"></span>dal <span class=\"_ _2\"></span>Regolamento <span class=\"_ _d\"></span>di <span class=\"_ _2\"></span>omologazione <span class=\"_ _2\"></span>dell\u2019IFRS <span class=\"_ _2\"></span>17 <span class=\"_ _d\"></span>a<span class=\"_ _df\"> </span>livello <span class=\"_ _d\"></span>europeo <span class=\"_ _d\"></span>e <span class=\"_ _0\"></span>quindi <span class=\"_ _d\"></span>aggregare <span class=\"_ _0\"></span>queste <span class=\"_ _d\"></span>tipologie <span class=\"_ _d\"></span>contr<span class=\"_ _2\"></span>attuali <span class=\"_ _d\"></span>solo <span class=\"_ _d\"></span>con <span class=\"_ _0\"></span>riguardo <span class=\"_ _0\"> </span>al <span class=\"_ _0\"></span>concetto <span class=\"_ _d\"></span>di <span class=\"_ _0\"></span>rischi<span class=\"_ _df\"> </span>simili e gestione unitaria e all\u2019appartene<span class=\"_ _1\"></span>nza allo stesso bucket di profittabilit\u00e0;<span class=\"_ _df\"> </span>L\u2019aggregazione in gruppi <span class=\"_ _2\"></span>di contratti \u00e8 <span class=\"_ _2\"></span>rimasta invariata rispetto all\u2019anno precedente, <span class=\"_ _2\"></span>ma integra i <span class=\"_ _2\"></span>nuovi<span class=\"_ _df\"> </span>portafogli <span class=\"_ _0\"></span>identificati <span class=\"_ _d\"></span>per <span class=\"_ _0\"></span>la <span class=\"_ _0\"></span>gestione <span class=\"_ _0\"></span>delle <span class=\"_ _0\"></span>nuove <span class=\"_ _d\"></span>t<span class=\"_ _2\"></span>ipologie <span class=\"_ _d\"></span>di <span class=\"_ _0\"></span>prodotti <span class=\"_ _0\"></span>entrati <span class=\"_ _0\"></span>in <span class=\"_ _d\"></span>collocamento <span class=\"_ _0\"></span>durante<span class=\"_ _df\"> </span>l\u2019anno. <span class=\"ff4\">Pi\u00f9 nel dettaglio:<span class=\"_ _df\"> </span></span>o<span class=\"ff10\"> <span class=\"_ _5\"> </span><span class=\"ff4\">r<span class=\"_ _2\"></span>imane  i<span class=\"_ _1\"></span>nvariata  la  valutazione  ex-IFRS  9  delle  dalle  polizze  Unit  Li<span class=\"_ _1\"></span>nked  stand  alone<span class=\"_ _df\"> </span></span></span>(portafoglio  1) <span class=\"_ _9\"> </span>e  dai  p<span class=\"_ _1\"></span>rodotti  F<span class=\"_ _f\"></span>ondo  Pensione <span class=\"_ _16\"> </span>e  P<span class=\"_ _f\"></span>IP  (portafoglio  2 <span class=\"_ _16\"> </span>Risparmio <span class=\"_ _16\"> </span>Gest<span class=\"_ _2\"></span>ito).<span class=\"_ _df\"> </span>Rispetto <span class=\"_ _16\"> </span>ai <span class=\"_ _16\"> </span>prodotti <span class=\"_ _16\"> </span>Unit <span class=\"_ _16\"> </span>Linke<span class=\"_ _1\"></span>d <span class=\"_ _16\"> </span>e <span class=\"_ _16\"> </span>Fondo <span class=\"_ _9\"> </span>Pensione  emessi <span class=\"_ _9\"> </span>nel  corso  d<span class=\"_ _1\"></span>ell\u2019anno <span class=\"_ _9\"> </span>non  si<span class=\"_ _df\"> </span>evidenziano <span class=\"_ _2\"></span>cambiamenti in <span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>ermini di <span class=\"_ _2\"></span>significativit\u00e0 <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>rischio <span class=\"_ _2\"></span>assicurativo <span class=\"_ _2\"></span>sottostante<span class=\"_ _df\"> </span>tali da determinare la necessit\u00e0 di una valutazione ex-<span class=\"ff5\">IFRS 17 di quest\u2019ul</span>timi;<span class=\"_ _df\"> </span>o<span class=\"ff10\"> <span class=\"_ _5\"> </span><span class=\"ff4\">r<span class=\"_ _2\"></span>imane invariata <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>valutazione <span class=\"_ _2\"></span>ex-IFRS <span class=\"_ _2\"></span>17 <span class=\"_ _d\"></span>dei prodotti <span class=\"_ _2\"></span>relativi <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>Gestione <span class=\"_ _2\"></span>Separate s<span class=\"_ _2\"></span>tand<span class=\"_ _df\"> </span></span></span>alone, <span class=\"_ _2\"></span>Puro <span class=\"_ _d\"></span>Rischio <span class=\"_ _2\"></span>e <span class=\"_ _d\"></span>Multiramo. <span class=\"_ _2\"></span>Fermo <span class=\"_ _d\"></span>restando <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>necessit\u00e0 <span class=\"_ _d\"></span>di <span class=\"_ _2\"></span>suddividere <span class=\"_ _2\"></span>i <span class=\"_ _d\"></span>portafogli<span class=\"_ _df\"> </span>ex<span class=\"ls0\">-<span class=\"ff5\">IFRS 17 per p<span class=\"_ _1\"></span>rofittabilit\u00e0 attesa e<span class=\"_ _1\"></span> l\u2019esercizio <span class=\"_ _1\"></span>dell\u2019opzione di car<span class=\"ff4\">ve out d<span class=\"_ _1\"></span>i cui <span class=\"_ _1\"></span>sopra, sono<span class=\"_ _df\"> </span></span></span></span>identificabili macro portafogli separati per Gestione Separata 1, Gestioni Separate 2 e <span class=\"_ _2\"></span>per<span class=\"_ _df\"> </span>le <span class=\"_ _d\"></span>Specifiche <span class=\"_ _d\"></span>Provviste <span class=\"_ _0\"></span>collocate <span class=\"_ _d\"></span>durante <span class=\"_ _d\"></span>il <span class=\"_ _0\"></span>2023. <span class=\"_ _d\"></span>Inoltre <span class=\"_ _d\"></span>il <span class=\"_ _d\"></span>prodotto <span class=\"_ _0\"></span>Risparmio <span class=\"_ _d\"></span>Protetto,<span class=\"_ _df\"> </span>avente <span class=\"_ _2\"></span>come <span class=\"_ _d\"></span>sottostant<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>sia <span class=\"_ _d\"></span>la <span class=\"_ _2\"></span>Gestione <span class=\"_ _d\"></span>Separat<span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>2 <span class=\"_ _d\"></span>che <span class=\"_ _d\"></span>la <span class=\"_ _d\"></span>Gestione <span class=\"_ _2\"></span>Separata <span class=\"_ _d\"></span>3 <span class=\"_ _d\"></span>\u00e8 <span class=\"_ _2\"></span>st<span class=\"_ _2\"></span>ata<span class=\"_ _df\"> </span>identificato un macro portafoglio a s\u00e9 stante;<span class=\"_ _df\"> </span>o<span class=\"ff10\"> <span class=\"_ _5\"> </span><span class=\"ff4\">Per i prodott<span class=\"_ _2\"></span>i Multiramo sia la componente di Ramo I che la componente di Ramo III sono<span class=\"_ _df\"> </span></span></span>soggette  alla <span class=\"_ _4\"> </span>valu<span class=\"_ _1\"></span>tazione <span class=\"_ _22\"> </span>cong<span class=\"_ _2\"></span>iunta  ex-IFRS17. <span class=\"_ _4\"> </span>Durante  il <span class=\"_ _22\"> </span>202<span class=\"_ _2\"></span>5  \u00e8 <span class=\"_ _4\"> </span>stata  finalizzata<span class=\"_ _2\"></span>  la<span class=\"_ _df\"> </span>creazione  e  collocamento  tramite  la  rete  d\u2019intermediazione  del  Gruppo  del  prodotto<span class=\"_ _df\"> </span>Multiramo <span class=\"_ _22\"> </span>Or<span class=\"_ _2\"></span>izzonte  by <span class=\"_ _4\"> </span>C<span class=\"_ _1\"></span>redemvita <span class=\"_ _4\"> </span>la  quale <span class=\"_ _22\"> </span>per <span class=\"_ _4\"> </span>la  componente <span class=\"_ _22\"> </span>di <span class=\"_ _4\"> </span>ramo <span class=\"_ _22\"> </span>I <span class=\"_ _4\"> </span>ha  come<span class=\"_ _df\"> </span>sottostante <span class=\"_ _d\"></span>una <span class=\"_ _d\"></span>nuova <span class=\"_ _d\"></span>gestione <span class=\"_ _d\"></span>separata <span class=\"_ _0\"></span>dedicata. <span class=\"_ _2\"></span>Pertanto <span class=\"_ _0\"></span>venendo <span class=\"_ _2\"></span>meno <span class=\"_ _d\"></span>il <span class=\"_ _0\"></span>principio<span class=\"_ _df\"> </span>della <span class=\"_ _4\"> </span>gestione <span class=\"_ _22\"> </span>u<span class=\"_ _2\"></span>nitaria <span class=\"_ _4\"> </span>con <span class=\"_ _4\"> </span>altri <span class=\"_ _4\"> </span>prodotti <span class=\"_ _4\"> </span>della  Com<span class=\"_ _2\"></span>pagnia  a<span class=\"_ _2\"></span>venti <span class=\"_ _4\"> </span>rischio <span class=\"_ _4\"> </span>simile, <span class=\"_ _22\"> </span>tal<span class=\"_ _2\"></span>e<span class=\"_ _df\"> </span>prodotto ha visto la necessit\u00e0 de<span class=\"_ _1\"></span>lla creazione di un portafoglio IFRS17 ded<span class=\"_ _1\"></span>icato, soggetto<span class=\"_ _df\"> </span>poi <span class=\"_ _9\"> </span>a  su<span class=\"_ _1\"></span>a <span class=\"_ _16\"> </span>volta <span class=\"_ _9\"> </span>alla <span class=\"_ _9\"> </span>segmentazione <span class=\"_ _9\"> </span>per  p<span class=\"_ _1\"></span>rofittabilit\u00e0 <span class=\"_ _16\"> </span>attesa. <span class=\"_ _9\"> </span>Tale <span class=\"_ _9\"> </span>marco  p<span class=\"_ _1\"></span>ortafogli<span class=\"_ _2\"></span>o <span class=\"_ _9\"> </span>si<span class=\"_ _df\"> </span>aggiunge <span class=\"_ _0\"></span>ai <span class=\"_ _9\"> </span>pre-esistenti <span class=\"_ _9\"> </span>macro <span class=\"_ _9\"> </span>port<span class=\"_ _2\"></span>afogli <span class=\"_ _0\"></span>inerenti <span class=\"_ _0\"></span>ai <span class=\"_ _9\"> </span>prodott<span class=\"_ _2\"></span>i <span class=\"_ _0\"></span>legati <span class=\"_ _9\"> </span>alle <span class=\"_ _9\"> </span>altre <span class=\"_ _9\"> </span>gestioni<span class=\"_ _df\"> </span>separate Gestione Separata 1. Gestione Se<span class=\"_ _1\"></span>parata 2 e Gestione Separata 3;<span class=\"_ _df\"> </span>o<span class=\"ff10\"> <span class=\"_ _5\"> </span><span class=\"ff4\">Per <span class=\"_ _2\"></span>i prodotti di <span class=\"_ _2\"></span>Puro Rischio non si <span class=\"_ _2\"></span>evid<span class=\"_ _1\"></span>enziano integrazioni r<span class=\"_ _2\"></span>ispetto agli anni prece<span class=\"_ _2\"></span>denti<span class=\"_ _df\"> </span></span></span>rimanendo <span class=\"_ _d\"></span>i <span class=\"_ _0\"></span>prodotti <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>oggetto <span class=\"_ _d\"></span>class<span class=\"_ _2\"></span>ificati <span class=\"_ _d\"></span>all\u2019interno <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>1 <span class=\"_ _d\"></span>macro <span class=\"_ _0\"></span>portafoglio <span class=\"_ _d\"></span>valutato <span class=\"_ _0\"></span>al<span class=\"_ _df\"> </span>General Model;<span class=\"_ _df\"> </span>o<span class=\"ff10\"> <span class=\"_ _5\"> </span><span class=\"ff4\">Anche la <span class=\"_ _f\"></span>r<span class=\"_ _2\"></span>iassicurazione <span class=\"_ _f\"></span>ceduta \u00e8 <span class=\"_ _f\"></span>valutata interamente se<span class=\"_ _1\"></span>condo <span class=\"_ _f\"></span>IFRS 17 al <span class=\"_ _f\"></span>General <span class=\"_ _1\"></span>Model.<span class=\"_ _df\"> </span></span></span>La <span class=\"_ _f\"></span>classificazione e<span class=\"_ _1\"></span> portafogliazione<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>dipende <span class=\"_ _1\"></span>da <span class=\"_ _f\"></span>t<span class=\"_ _2\"></span>rattato e <span class=\"_ _f\"></span>natura <span class=\"_ _f\"></span>e tipo <span class=\"_ _f\"></span>di <span class=\"_ _f\"></span>cont<span class=\"_ _2\"></span>ratto. <span class=\"_ _1\"></span>Sono<span class=\"_ _df\"> </span>pertanto  valutati  separatamente  i  trattati  di  riass<span class=\"_ _2\"></span>icurazioni  a  cope<span class=\"_ _1\"></span>rtura  delle  polizze<span class=\"_ _df\"> </span>relative <span class=\"_ _18\"> </span>a <span class=\"_ _19\"> </span>temporanea <span class=\"_ _18\"> </span>caso <span class=\"_ _18\"> </span>morte, <span class=\"_ _19\"> </span>cessione <span class=\"_ _18\"> </span>del <span class=\"_ _18\"> </span>quinto, <span class=\"_ _18\"> </span>credit <span class=\"_ _19\"> </span>protection <span class=\"_ _18\"> </span>e <span class=\"_ _18\"> </span>la<span class=\"_ _df\"> </span>riassicurazione legata al prodotto Orizzonte by Credemvita;<span class=\"_ _df\"> </span><span class=\"ff10\"> <span class=\"_ _8\"> </span><span class=\"ff4\">Curva <span class=\"_ _2\"></span>di scont<span class=\"_ _2\"></span>o: il <span class=\"_ _2\"></span>Gruppo <span class=\"_ _2\"></span>ha deciso di <span class=\"_ _2\"></span>utilizzare un <span class=\"_ _2\"></span>approccio Bot<span class=\"_ _2\"></span>tom-<span class=\"ff5\">Up, che <span class=\"_ _2\"></span>prevede l\u2019utilizzo <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>tassi<span class=\"_ _df\"> </span></span></span></span>privi d<span class=\"_ _1\"></span>i rischio con l<span class=\"_ _1\"></span>\u2019aggiunta di un premio <span class=\"_ _1\"></span>di liquidit\u00e0. <span class=\"_ _1\"></span>Tale premio di li<span class=\"_ _1\"></span>quidit\u00e0 viene stimato sulla <span class=\"_ _1\"></span>base del<span class=\"_ _df\"> </span>rischio insito all\u2019interno <span class=\"ff4\">del portafoglio titoli, calcolato:<span class=\"_ _df\"> </span></span>o<span class=\"ff10\"> <span class=\"_ _2f\"> </span><span class=\"ff4\">per singol<span class=\"_ _1\"></span>a Gestione Sep<span class=\"_ _1\"></span>arata quale base<span class=\"_ _1\"></span> di determinazione d<span class=\"_ _1\"></span>ella curva di <span class=\"_ _1\"></span>sconto dei portafogli I<span class=\"_ _f\"></span>FRS<span class=\"_ _df\"> </span></span></span>17 legati a prodotti di Ramo I e Multiramo;<span class=\"_ _df\"> </span>o<span class=\"ff10\"> <span class=\"_ _2f\"> </span><span class=\"ff4\">per portafoglio <span class=\"_ _2\"></span>libero <span class=\"_ _2\"></span>quale sottost<span class=\"_ _2\"></span>ante di <span class=\"_ _2\"></span>determinazione della <span class=\"_ _2\"></span>curva <span class=\"_ _2\"></span>di sc<span class=\"_ _2\"></span>onto <span class=\"_ _2\"></span>dei pro<span class=\"_ _2\"></span>dotti di <span class=\"_ _2\"></span>puro<span class=\"_ _df\"> </span></span></span>rischio e business cedu<span class=\"_ _1\"></span>to;<span class=\"_ _df\"> </span>In conformit\u00e0 a quanto enunciato dal principio IFRS 17, di seguito s<span class=\"_ _2\"></span>i riepilog<span class=\"_ _1\"></span>ano i tassi di sconto<span class=\"_ _2\"></span>, sud<span class=\"_ _1\"></span>divisi<span class=\"_ _df\"> </span>per <span class=\"_ _2\"></span>tipologia <span class=\"_ _2\"></span>di mo<span class=\"_ _2\"></span>dell<span class=\"_ _1\"></span>o <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>valutazione <span class=\"_ _2\"></span>IFRS 17<span class=\"_ _2\"></span>, <span class=\"_ _2\"></span>sottostanti <span class=\"_ _2\"></span>le valutazioni <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>31.12.2025. <span class=\"_ _2\"></span>S<span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>evidenzia <span class=\"_ _2\"></span>come<span class=\"_ _df\"> </span>la curva r<span class=\"_ _2\"></span>iportata \u00e8 <span class=\"_ _2\"></span>data dalla media ponderata <span class=\"_ _2\"></span>delle curve sott<span class=\"_ _2\"></span>ostanti ogni portafoglio IFRS <span class=\"_ _2\"></span>17 relativo <span class=\"_ _2\"></span>al<span class=\"_ _df\"> </span>business diretto.<table class=\"s w95d h496\" id=\"_45577700-ee0d-45d5-9cbb-13d3f785c1fd\"><tr><td class=\"c x2d6 y2550 w95e h497\"><div class=\"t m0 x250 h5 y254f ff4 fs1 fc1 sc0 ls0 ws0\">Classificazione portafogli<span class=\"_ _df\"> </span></div></td><td></td><td></td><td class=\"c x2d7 y2551 w2d4 h221\"><div class=\"t m0 x161 h5 y35e ff4 fs1 fc1 sc0 ls0 ws0\">Curva al 31.12.2025 </div></td><td></td><td></td><td></td></tr><tr><td class=\"c x2d8 y2552 w95f h497\"><div class=\"t m0 x250 h5 y254f ff4 fs1 fc1 sc0 ls0 ws0\">IFRS 17<span class=\"_ _df\"> </span></div></td><td class=\"c x2d7 y2553 w2d5 h69\"><div class=\"t m0 x116 h5 y392 ff4 fs1 fc1 sc0 ls0 ws0\">1 anno </div></td><td class=\"c x2d9 y2553 waf h69\"><div class=\"t m0 x2e h5 y392 ff4 fs1 fc1 sc0 ls0 ws0\">5 anni </div></td><td class=\"c x2da y2553 w2d6 h69\"><div class=\"t m0 x116 h5 y392 ff4 fs1 fc1 sc0 ls0 ws0\">10 anni </div></td><td class=\"c x2db y2553 w2d7 h69\"><div class=\"t m0 x2f h5 y392 ff4 fs1 fc1 sc0 ls0 ws0\">15 anni </div></td><td class=\"c x2dc y2553 w2d8 h69\"><div class=\"t m0 x8e h5 y392 ff4 fs1 fc1 sc0 ls0 ws0\">20 anni </div></td><td class=\"c x2dd y2553 wab h69\"><div class=\"t m0 x8e h5 y2ea ff4 fs1 fc1 sc0 ls0 ws0\">30 anni </div></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td class=\"c x2dd y2554 wab h222\"><div class=\"t m0 x16a h5 yab9 ff4 fs1 fc1 sc0 ls0 ws0\">3,62% </div></td></tr><tr><td class=\"c x2de y2554 w2d3 h222\"><div class=\"t m0 x10 h5 y45 ff4 fs1 fc1 sc0 ls0 ws0\">Variable Fee Approach <span class=\"ff5\">\u2013</span> VFA </div></td><td class=\"c x2d7 y2554 w2d5 h222\"><div class=\"t m0 x2a h5 y45 ff4 fs1 fc1 sc0 ls0 ws0\">2,41% </div></td><td class=\"c x2d9 y2554 waf h222\"><div class=\"t m0 x2e h5 y45 ff4 fs1 fc1 sc0 ls0 ws0\">2,81% </div></td><td class=\"c x2da y2554 w2d6 h222\"><div class=\"t m0 x2e h5 y45 ff4 fs1 fc1 sc0 ls0 ws0\">3,19% </div></td><td class=\"c x2db y2554 w2d7 h222\"><div class=\"t m0 x16a h5 y45 ff4 fs1 fc1 sc0 ls0 ws0\">3,44% </div></td><td class=\"c x2dc y2554 w2d8 h222\"><div class=\"t m0 x16a h5 y45 ff4 fs1 fc1 sc0 ls0 ws0\">3,54% </div></td><td></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td class=\"c x2dd y2555 wab hf6\"><div class=\"t m0 x16a h5 yab9 ff4 fs1 fc1 sc0 ls0 ws0\">3,50% </div></td></tr><tr><td class=\"c x2de y2555 w2d3 hf6\"><div class=\"t m0 x10 h5 y45 ff4 fs1 fc1 sc0 ls0 ws0\">General Model <span class=\"ff5\">\u2013</span> <span class=\"ls1\">GM</span> </div></td><td class=\"c x2d7 y2555 w2d5 hf6\"><div class=\"t m0 x116 h5 y45 ff4 fs1 fc1 sc0 ls0 ws0\">2,29% </div></td><td class=\"c x2d9 y2555 waf hf6\"><div class=\"t m0 x2e h5 y45 ff4 fs1 fc1 sc0 ls0 ws0\">2,70% </div></td><td class=\"c x2da y2555 w2d6 hf6\"><div class=\"t m0 x2a h5 y45 ff4 fs1 fc1 sc0 ls0 ws0\">3,08% </div></td><td class=\"c x2db y2555 w2d7 hf6\"><div class=\"t m0 x16a h5 y45 ff4 fs1 fc1 sc0 ls0 ws0\">3,33% </div></td><td class=\"c x2dc y2555 w2d8 hf6\"><div class=\"t m0 x16a h5 y45 ff4 fs1 fc1 sc0 ls0 ws0\">3,43% </div></td><td></td></tr></table><span class=\"_ _27\"> </span><span class=\"ff4\">Risk <span class=\"_ _d\"></span>adjustment: <span class=\"_ _d\"></span>viene <span class=\"_ _d\"></span>determi<span class=\"_ _2\"></span>nato <span class=\"_ _d\"></span>utilizzando <span class=\"_ _d\"></span>una <span class=\"_ _d\"></span>metodologia <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>tipo <span class=\"_ _d\"></span>Value <span class=\"_ _d\"></span>at <span class=\"_ _d\"></span>Risk <span class=\"_ _d\"></span>(VaR) <span class=\"_ _d\"></span>che <span class=\"_ _d\"></span>st<span class=\"_ _2\"></span>ima<span class=\"_ _df\"> </span></span>l\u2019incertezza  dei <span class=\"_ _4\"> </span>rischi <span class=\"_ _22\"> </span>non <span class=\"_ _4\"> </span>finanziari <span class=\"_ _4\"> </span><span class=\"ff4\">sulla  base <span class=\"_ _4\"> </span>del  80\u00b0 <span class=\"_ _4\"> </span>percentile  della <span class=\"_ _4\"> </span>distribuzi<span class=\"_ _1\"></span>one <span class=\"_ _22\"> </span>di <span class=\"_ _4\"> </span>probabilit\u00e0<span class=\"_ _df\"> </span></span>aggregata dei rischi tecnici insiti nel portafoglio.<span class=\"_ _df\"> </span><span class=\"_ _27\"> </span><span class=\"ff4\">Variable  Fee <span class=\"_ _4\"> </span>App<span class=\"_ _1\"></span>roach <span class=\"_ _22\"> </span>(VFA): <span class=\"_ _4\"> </span>come  evidenziato  in  precedenza, <span class=\"_ _4\"> </span>il  VFA  \u00e8 <span class=\"_ _4\"> </span>un  modell<span class=\"_ _1\"></span>o <span class=\"_ _22\"> </span>previsto <span class=\"_ _4\"> </span>dallo<span class=\"_ _df\"> </span></span>Standard <span class=\"_ _d\"></span>obbligatorio <span class=\"_ _d\"></span>per <span class=\"_ _d\"></span>i <span class=\"_ _d\"></span>contratti <span class=\"_ _d\"></span>che <span class=\"_ _0\"></span>prevedono <span class=\"_ _d\"></span>una <span class=\"_ _d\"></span>significativa <span class=\"_ _d\"></span>partecipazione <span class=\"_ _d\"></span>discrezionale <span class=\"_ _d\"></span>agli<span class=\"_ _df\"> </span>utili <span class=\"_ _9\"> </span>finanziari <span class=\"_ _9\"> </span>da <span class=\"_ _9\"> </span>parte <span class=\"_ _9\"> </span>dell\u2019assicurato. <span class=\"_ _9\"> </span>Per <span class=\"_ _9\"> </span>determinare <span class=\"_ _9\"> </span>s<span class=\"_ _2\"></span>e <span class=\"_ _0\"> </span>la <span class=\"_ _16\"> </span>partecip<span class=\"_ _1\"></span>azione <span class=\"_ _9\"> </span>discrezionale <span class=\"_ _9\"> </span>agli <span class=\"_ _16\"> </span>utili <span class=\"_ _0\"></span>\u00e8<span class=\"_ _df\"> </span>significativa, <span class=\"_ _0\"></span>viene <span class=\"_ _9\"> </span>eseguito <span class=\"_ _9\"> </span>un <span class=\"_ _9\"> </span>test <span class=\"_ _9\"> </span>sia <span class=\"_ _9\"> </span>di <span class=\"_ _0\"> </span>nat<span class=\"_ _2\"></span>ura <span class=\"_ _0\"></span>qualitativa <span class=\"_ _0\"></span>che <span class=\"_ _9\"> </span>quantitativa <span class=\"_ _9\"> </span>per <span class=\"_ _9\"> </span>ve<span class=\"_ _2\"></span>rificare <span class=\"_ _0\"></span>i <span class=\"_ _9\"> </span>requisiti<span class=\"_ _df\"> </span>previsti. <span class=\"_ _0\"></span>Nell\u2019ambito <span class=\"_ _9\"> </span>dei <span class=\"_ _0\"></span>prodot<span class=\"_ _2\"></span>ti <span class=\"_ _0\"></span>di <span class=\"_ _9\"> </span>Credemvita <span class=\"_ _9\"> </span>vengono <span class=\"_ _0\"></span>misur<span class=\"_ _2\"></span>ati <span class=\"_ _0\"></span>con <span class=\"_ _9\"> </span>il <span class=\"_ _9\"> </span>Variable <span class=\"_ _0\"></span>Fee <span class=\"_ _9\"> </span>Approach <span class=\"_ _9\"> </span>tutti <span class=\"_ _9\"> </span>i<span class=\"_ _df\"> </span>contratti collegati ad una Gestione Se<span class=\"_ _1\"></span>parata, sia individuali che di tipo Multiramo.<span class=\"_ _df\"> </span><span class=\"_ _27\"> </span><span class=\"ff4\">Coverage Unit: <span class=\"_ _2\"></span>le Coverage U<span class=\"_ _2\"></span>nit rappresentano i<span class=\"_ _2\"></span>l driver con <span class=\"_ _2\"></span>il quale viene determinato<span class=\"_ _2\"></span> il rilascio del CS<span class=\"_ _2\"></span>M<span class=\"_ _df\"> </span></span>a conto economico, tenendo in considerazione la quantit\u00e0 di serv<span class=\"_ _1\"></span>izi assicurativi e finanziari.<span class=\"_ _df\"> </span><span class=\"_ _27\"> </span><span class=\"ff5\">Contr<span class=\"_ _2\"></span>act <span class=\"_ _9\"> </span>Boundaries: <span class=\"_ _16\"> </span>si <span class=\"_ _16\"> </span>intende <span class=\"_ _9\"> </span>l\u2019insieme  delle<span class=\"_ _1\"></span>  reg<span class=\"_ _1\"></span>ole  ch<span class=\"_ _1\"></span>e <span class=\"_ _16\"> </span>definisce <span class=\"_ _16\"> </span>in <span class=\"_ _9\"> </span>ch<span class=\"_ _2\"></span>e <span class=\"_ _9\"> </span>misura  una <span class=\"_ _9\"> </span>deter<span class=\"_ _2\"></span>minata<span class=\"_ _df\"> </span></span>op<span class=\"ff5 ls0\">zione rientri all\u2019interno <span class=\"_ _2\"></span>della pr<span class=\"_ _2\"></span>oiezione<span class=\"_ _1\"></span> d<span class=\"_ _2\"></span>ei flussi di <span class=\"_ _2\"></span>cassa di <span class=\"_ _2\"></span>un contratto<span class=\"_ _2\"></span> assicurativo.<span class=\"_ _2\"></span><span class=\"ff4\"> Il paragr<span class=\"_ _2\"></span>afo 34<span class=\"_ _df\"> </span></span></span>dello <span class=\"_ _4\"> </span>Standard, <span class=\"_ _4\"> </span>a <span class=\"_ _4\"> </span>tal <span class=\"_ _17\"> </span>proposito, <span class=\"_ _4\"> </span>stabilisce <span class=\"_ _4\"> </span>che <span class=\"_ _4\"> </span>i <span class=\"_ _4\"> </span>fl<span class=\"_ _2\"></span>ussi <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>cassa <span class=\"_ _4\"> </span>rientrano <span class=\"_ _17\"> </span>all\u2019interno <span class=\"_ _4\"> </span>del <span class=\"_ _4\"> </span>\u201cContract<span class=\"_ _df\"> </span>Boundary\u201d <span class=\"_ _2\"></span>di un <span class=\"_ _2\"></span>contratto <span class=\"_ _2\"></span>assicurativo s<span class=\"_ _2\"></span>e der<span class=\"_ _2\"></span><span class=\"ff4\">ivano <span class=\"_ _2\"></span>da diritti <span class=\"_ _2\"></span>ed <span class=\"_ _2\"></span>obblighi che <span class=\"_ _2\"></span>esistono <span class=\"_ _2\"></span>durante <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>periodo<span class=\"_ _df\"> </span></span>di reporting <span class=\"_ _1\"></span>in cui <span class=\"_ _1\"></span>la Compagnia <span class=\"_ _1\"></span>ha diritto a <span class=\"_ _f\"></span>ricevere dall\u2019assicurato i premi <span class=\"_ _f\"></span>o ha l\u2019obbligo <span class=\"_ _1\"></span>di fornire servizi<span class=\"_ _df\"> </span>legati al contratto assicurativo s<span class=\"_ _f\"></span>t<span class=\"_ _2\"></span>esso. <span class=\"ff5\">L\u2019obbligo di fornire servizi legati al co</span>ntratto assicurativo te<span class=\"_ _1\"></span>rmina<span class=\"_ _df\"> </span>pertanto nel m<span class=\"_ _f\"></span>o<span class=\"_ _2\"></span>mento <span class=\"_ _1\"></span>in cui <span class=\"_ _1\"></span>la Comp<span class=\"_ _1\"></span>agnia si trova<span class=\"_ _f\"></span> nelle condizioni <span class=\"_ _1\"></span>di de<span class=\"_ _1\"></span>finire nuov<span class=\"_ _1\"></span>amente un prezzo <span class=\"_ _1\"></span>per<span class=\"_ _df\"> </span>i rischi coperti dal contratto assicu<span class=\"_ _1\"></span>rativo e/o ridefinire le coperture tali da riflettere pienamente i rischi.<span class=\"_ _df\"> </span><span class=\"_ _27\"> </span><span class=\"ff4\">Quantificazione <span class=\"_ _9\"> </span>del <span class=\"_ _9\"> </span>CSM <span class=\"_ _9\"> </span>IFRS <span class=\"_ _0\"></span>1<span class=\"_ _2\"></span>7 <span class=\"_ _9\"> </span>per <span class=\"_ _0\"> </span>il <span class=\"_ _9\"> </span>Bilancio <span class=\"_ _9\"> </span>Consolidato: <span class=\"_ _9\"> </span>la <span class=\"_ _9\"> </span>gestione <span class=\"_ _0\"></span>d<span class=\"_ _2\"></span>elle <span class=\"_ _0\"></span>transa<span class=\"_ _2\"></span>zioni <span class=\"_ _0\"></span>infragruppo<span class=\"_ _df\"> </span></span>comporta  la  necessit\u00e0,  per  la  qu<span class=\"_ _1\"></span>antificazione  dei  flussi  di  cassa,  di  \u201csostituire\u201d  i  costi  infragrupp<span class=\"_ _1\"></span>o<span class=\"_ _df\"> </span>proiettati <span class=\"_ _9\"> </span>da <span class=\"_ _9\"> </span>Credemvita <span class=\"_ _9\"> </span>nella <span class=\"_ _16\"> </span>stima <span class=\"_ _9\"> </span>della <span class=\"_ _9\"> </span>propria <span class=\"_ _9\"> </span>situazione<span class=\"_ _2\"></span> <span class=\"_ _9\"> </span><span class=\"ff5\">contabile <span class=\"_ _9\"> </span>\u201cstand <span class=\"_ _16\"> </span>alone\u201d <span class=\"_ _0\"> </span>(tipicamente <span class=\"_ _9\"> </span>le<span class=\"_ _df\"> </span></span>provvigioni <span class=\"_ _2\"></span>pagate al<span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>rete <span class=\"_ _2\"></span>distributiva <span class=\"_ _2\"></span>bancaria) <span class=\"_ _2\"></span>con <span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>costi <span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>eali s<span class=\"_ _2\"></span>ostenuti dal <span class=\"_ _2\"></span>Gruppo <span class=\"_ _2\"></span>verso <span class=\"_ _d\"></span>economie<span class=\"_ _df\"> </span>terze. <span class=\"_ _9\"> </span>Tale <span class=\"_ _16\"> </span>operazione <span class=\"_ _9\"> </span>comporta <span class=\"_ _9\"> </span>la <span class=\"_ _16\"> </span>rilevazi<span class=\"_ _1\"></span>one <span class=\"_ _9\"> </span>di <span class=\"_ _16\"> </span>un <span class=\"_ _9\"> </span>profitto <span class=\"_ _16\"> </span>atteso <span class=\"_ _9\"> </span>(CSM) <span class=\"_ _9\"> </span>differente <span class=\"_ _9\"> </span>tra  C<span class=\"_ _f\"></span>r<span class=\"_ _2\"></span>edemv<span class=\"_ _1\"></span>ita<span class=\"_ _df\"> </span>\u201cstand alone\u201d e<span class=\"_ _1\"></span> il <span class=\"_ _f\"></span>G<span class=\"_ _2\"></span>ruppo <span class=\"_ _1\"></span>nel suo<span class=\"_ _1\"></span> insieme <span class=\"_ _1\"></span>per la misura<span class=\"_ _1\"></span> di <span class=\"_ _f\"></span>t<span class=\"_ _2\"></span>ale d<span class=\"_ _1\"></span>elta costi d<span class=\"_ _1\"></span>i cui <span class=\"_ _1\"></span>sopra. La<span class=\"_ _1\"></span> stessa <span class=\"_ _1\"></span>ESMA gi\u00e0<span class=\"_ _df\"> </span>nella <span class=\"_ _d\"></span>comunicazione <span class=\"_ _0\"></span>annuale <span class=\"_ _d\"></span>2023 <span class=\"_ _0\"></span>sulle <span class=\"_ _d\"></span>priorit\u00e0 <span class=\"_ _0\"></span>dei <span class=\"_ _d\"></span>bilanci <span class=\"_ _0\"></span>ha <span class=\"_ _d\"></span>evidenziato <span class=\"_ _0\"></span>l\u2019importanza <span class=\"_ _d\"></span>di <span class=\"_ _0\"></span>applicare <span class=\"_ _d\"></span>in<span class=\"_ _df\"> </span>modo  consistente  i  requisiti  di  consolidamento  ai  s<span class=\"ff5\">ensi  dell\u2019IFRS  10  al  fine  di  garantire  la  corretta<span class=\"_ _df\"> </span></span>applicazione <span class=\"_ _d\"></span>dell\u2019IFRS <span class=\"_ _d\"></span>17 <span class=\"_ _0\"></span>nel <span class=\"_ _d\"></span>bilancio <span class=\"_ _0\"></span>consolidato. <span class=\"_ _d\"></span>Nello <span class=\"_ _0\"></span>specifico, <span class=\"_ _d\"></span>ESMA <span class=\"_ _d\"></span>segnala <span class=\"_ _0\"></span>che <span class=\"_ _d\"></span>nel <span class=\"_ _0\"></span>caso <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>cui <span class=\"_ _0\"></span>le<span class=\"_ _df\"> </span>banche <span class=\"_ _2\"></span>del <span class=\"_ _d\"></span>gruppo <span class=\"_ _d\"></span>distribuiscano <span class=\"_ _d\"></span>i <span class=\"_ _2\"></span>prodott<span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>assicurativi, <span class=\"_ _d\"></span>il <span class=\"_ _2\"></span>CSM <span class=\"_ _d\"></span>a <span class=\"_ _d\"></span>livello <span class=\"_ _2\"></span>consolidato <span class=\"_ _d\"></span>spesso <span class=\"_ _d\"></span>differ<span class=\"_ _2\"></span>ir\u00e0 <span class=\"_ _d\"></span>da<span class=\"_ _df\"> </span>quello assicurativ<span class=\"ls1\">o.<span class=\"_ _df\"> </span></span>Princip<span class=\"_ _1\"></span>ali <span class=\"_ _1\"></span>differe<span class=\"_ _f\"></span>nze tra <span class=\"_ _f\"></span>il framew<span class=\"_ _f\"></span>ork IFRS <span class=\"_ _1\"></span>17 e<span class=\"_ _1\"></span> Solv<span class=\"_ _1\"></span>ency I<span class=\"_ _1\"></span>I<span class=\"_ _df\"> </span>Le <span class=\"_ _9\"> </span>principali <span class=\"_ _16\"> </span>differenze <span class=\"_ _9\"> </span>tr<span class=\"_ _2\"></span>a <span class=\"_ _9\"> </span>lo <span class=\"_ _16\"> </span>Standard <span class=\"_ _9\"> </span>IFRS <span class=\"_ _9\"> </span>17  e <span class=\"_ _9\"> </span>Solvency <span class=\"_ _9\"> </span>II<span class=\"_ _2\"></span><span class=\"sc2\"> <span class=\"_ _16\"> </span></span>in <span class=\"_ _9\"> </span>relazione <span class=\"_ _9\"> </span>alla  valu<span class=\"_ _f\"></span>t<span class=\"_ _2\"></span>azione <span class=\"_ _9\"> </span>delle  p<span class=\"_ _1\"></span>assivit\u00e0<span class=\"_ _df\"> </span>assicurative  sono<span class=\"_ _1\"></span>  prima<span class=\"_ _1\"></span>riamente  le<span class=\"_ _1\"></span>gate  all\u2019<span class=\"_ _1\"></span>identificazio<span class=\"ff4\">ne  dei  Cont<span class=\"_ _1\"></span>ract  Bound<span class=\"_ _f\"></span>ar<span class=\"_ _2\"></span>ies, <span class=\"_ _16\"> </span>alla  d<span class=\"_ _f\"></span>eterminazione<span class=\"_ _df\"> </span></span>della curva <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>sconto <span class=\"_ _d\"></span>e alla <span class=\"_ _2\"></span>modalit\u00e0 <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>calcolo <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>Margine di <span class=\"_ _2\"></span>Prudenza <span class=\"_ _2\"></span>(rispettivamente <span class=\"_ _2\"></span>Risk <span class=\"_ _2\"></span>Adju<span class=\"_ _1\"></span>stment <span class=\"_ _2\"></span>o<span class=\"_ _df\"> </span>Risk Margin). In particolare:<span class=\"_ _df\"> </span><span class=\"_ _33\"> </span><span class=\"ff4\">per <span class=\"_ _e\"> </span>quanto <span class=\"_ _e\"> </span>riguarda <span class=\"_ _e\"> </span>i <span class=\"_ _e\"> </span>Contract <span class=\"_ _e\"> </span>Boundaries, <span class=\"_ _15\"> </span>le <span class=\"_ _e\"> </span>principali <span class=\"_ _e\"> </span>differenze <span class=\"_ _10\"> </span>riguardano <span class=\"_ _e\"> </span>sia <span class=\"_ _e\"> </span>la <span class=\"_ _e\"> </span>logica <span class=\"_ _e\"> </span>di<span class=\"_ _df\"> </span></span>determinazione <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>la <span class=\"_ _d\"></span>periodici<span class=\"_ _1\"></span>t\u00e0 <span class=\"_ _d\"></span>della <span class=\"_ _2\"></span>valutazione. <span class=\"_ _2\"></span>In <span class=\"_ _2\"></span>Solvency <span class=\"_ _2\"></span>I<span class=\"_ _2\"></span>I <span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>Contract <span class=\"_ _2\"></span>Boundaries <span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>ono <span class=\"_ _2\"></span>basati <span class=\"_ _2\"></span>su<span class=\"_ _df\"> </span>una <span class=\"_ _1\"></span>logica <span class=\"_ _1\"></span>di rischi<span class=\"_ _1\"></span>o pe<span class=\"_ _1\"></span>r la <span class=\"_ _f\"></span>compagnia <span class=\"_ _1\"></span>e sono<span class=\"_ _f\"></span> determinati a<span class=\"_ _f\"></span> ciascuna <span class=\"_ _1\"></span>data di <span class=\"_ _f\"></span>valutazione; <span class=\"_ _1\"></span>in <span class=\"_ _1\"></span>IFRS 1<span class=\"_ _f\"></span>7<span class=\"_ _2\"></span> <span class=\"_ _1\"></span>invece<span class=\"_ _df\"> </span>sulla possibilit\u00e0 di re-<span class=\"ff5\">pricing da parte della Compagni<span class=\"_ _1\"></span>a e sono determinati all\u2019emissione dei contratti;<span class=\"_ _df\"> </span></span><span class=\"_ _33\"> </span><span class=\"ff4\">con riferimento alle curve di <span class=\"_ _2\"></span>sconto, la principale differenza riguarda la mo<span class=\"_ _2\"></span>dalit\u00e0 e la granularit\u00e0 con cui<span class=\"_ _df\"> </span></span>la stessa viene calcolata; in particolare, per Solvency <span class=\"_ _2\"></span>II esiste un'<span class=\"_ _2\"></span>unica curva di sconto composta da una<span class=\"_ _df\"> </span>curva base <span class=\"_ _1\"></span>priva di <span class=\"_ _1\"></span>rischio pi\u00f9 <span class=\"_ _1\"></span>un premio di li<span class=\"_ _1\"></span>quidit\u00e0 (Volatili<span class=\"_ _1\"></span>ty Adjustment), defi<span class=\"_ _1\"></span>nito dall\u2019Autorit\u00e0 europea<span class=\"_ _df\"> </span>delle  assicurazioni <span class=\"_ _16\"> </span>e  delle  pensioni  aziend<span class=\"_ _1\"></span>ali  o  professionali  (EIOPA)  sul<span class=\"_ _1\"></span>la  base  di  un  p<span class=\"_ _1\"></span>ortaf<span class=\"_ _2\"></span>oglio  di<span class=\"_ _df\"> </span>riferimento medio di <span class=\"_ _2\"></span>mercato. Nel Fr<span class=\"_ _2\"></span>amework IFRS 17 <span class=\"_ _2\"></span>invece \u00e8 pos<span class=\"_ _2\"></span>sibile<span class=\"_ _1\"></span> calcolare <span class=\"_ _2\"></span>le curve <span class=\"_ _2\"></span>di sconto <span class=\"_ _2\"></span>per<span class=\"_ _df\"> </span>ogni <span class=\"_ _14\"> </span>portafoglio <span class=\"_ _14\"> </span>identificato <span class=\"_ _14\"> </span>sulla <span class=\"_ _14\"> </span>base <span class=\"_ _15\"> </span>degli <span class=\"_ _14\"> </span>specifici <span class=\"_ _14\"> </span>pool <span class=\"_ _14\"> </span>di <span class=\"_ _15\"> </span>attivi <span class=\"_ _14\"> </span>di <span class=\"_ _14\"> </span>r<span class=\"_ _2\"></span>iferimento<span class=\"_ _1\"></span> <span class=\"_ _14\"> </span>detenuti <span class=\"_ _15\"> </span>dalla<span class=\"_ _df\"> </span>Compagnia;<span class=\"_ _df\"> </span><span class=\"_ _27\"> </span><span class=\"ff4\">per <span class=\"_ _2\"></span>il Margine di Prudenza la <span class=\"_ _2\"></span>differenza tra <span class=\"_ _2\"></span>Risk Margin e Risk <span class=\"_ _2\"></span>Adju<span class=\"_ _1\"></span>stment <span class=\"_ _2\"></span>\u00e8 dovuta sia ad <span class=\"_ _2\"></span>una differente<span class=\"_ _df\"> </span></span>metodologia <span class=\"_ _9\"> </span>di <span class=\"_ _16\"> </span>calcolo <span class=\"_ _9\"> </span>che <span class=\"_ _9\"> </span>ad <span class=\"_ _9\"> </span>un <span class=\"_ _16\"> </span>dive<span class=\"_ _1\"></span>rso <span class=\"_ _16\"> </span>perimetro <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>r<span class=\"_ _2\"></span>ischi<span class=\"_ _1\"></span> <span class=\"_ _16\"> </span>identificati. <span class=\"_ _9\"> </span>Il <span class=\"_ _9\"> </span>Risk <span class=\"_ _16\"> </span>Margin <span class=\"_ _9\"> </span>Solvency <span class=\"_ _9\"> </span>II <span class=\"_ _16\"> </span>\u00e8<span class=\"_ _df\"> </span>calcolato <span class=\"_ _f\"></span>con una <span class=\"_ _f\"></span>metodologia <span class=\"_ _f\"></span>C<span class=\"_ _2\"></span>ost <span class=\"_ _1\"></span>of <span class=\"_ _1\"></span>Capital, <span class=\"_ _f\"></span>applicata <span class=\"_ _1\"></span>al <span class=\"_ _f\"></span>r<span class=\"_ _2\"></span>equ<span class=\"_ _1\"></span>isito di <span class=\"_ _f\"></span>Capitale della <span class=\"_ _f\"></span>Compagnia <span class=\"_ _1\"></span>valutato<span class=\"_ _df\"> </span>con <span class=\"_ _2\"></span>un <span class=\"_ _2\"></span>percentile <span class=\"_ _d\"></span>al <span class=\"_ _2\"></span>99,5%, <span class=\"_ _d\"></span>considerando <span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>ischi <span class=\"_ _2\"></span>tecnici, <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>ischio <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>cr<span class=\"_ _2\"></span>edito <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>ischio <span class=\"_ _2\"></span>operativo; <span class=\"_ _2\"></span>per <span class=\"_ _d\"></span>il<span class=\"_ _df\"> </span>Risk  Adjustment  IFRS  17  il  Principio  non  prevede  una  metodologia  standard  ma  esclusivamente  la<span class=\"_ _df\"> </span>determinazione  dello <span class=\"_ _4\"> </span>stesso  sulla  base <span class=\"_ _4\"> </span>di  specifici <span class=\"_ _4\"> </span>rischi  non <span class=\"_ _4\"> </span>finanzi<span class=\"_ _1\"></span>ari, <span class=\"_ _4\"> </span>valu<span class=\"_ _1\"></span>tando  i<span class=\"_ _2\"></span>l  rischio <span class=\"_ _4\"> </span>ad  un<span class=\"_ _df\"> </span>determinato grado di confidenza prefissato dalla Compag<span class=\"_ _1\"></span>nia. IFRS <span class=\"_ _1\"></span>9 Stru<span class=\"_ _1\"></span>ment<span class=\"_ _f\"></span>i finanzi<span class=\"_ _1\"></span>ari<span class=\"_ _df\"> </span>Le <span class=\"_ _e\"> </span>Compagnie <span class=\"_ _e\"> </span>as<span class=\"_ _2\"></span>sicurative <span class=\"_ _e\"> </span>gi<span class=\"_ _2\"></span>\u00e0 <span class=\"_ _e\"> </span>in <span class=\"_ _10\"> </span>sede <span class=\"_ _e\"> </span>di <span class=\"_ _e\"> </span>t<span class=\"_ _2\"></span>ransition <span class=\"_ _e\"> </span>al <span class=\"_ _10\"> </span>nuovo <span class=\"_ _e\"> </span>Principio <span class=\"_ _10\"> </span>ha <span class=\"_ _e\"> </span>condott<span class=\"_ _2\"></span>o <span class=\"_ _10\"> </span>un <span class=\"_ _e\"> </span>progetto<span class=\"_ _df\"> </span>implementativo <span class=\"_ _2\"></span>volto <span class=\"_ _2\"></span>ad <span class=\"_ _2\"></span>approfondire <span class=\"_ _2\"></span>le <span class=\"_ _2\"></span>diverse <span class=\"_ _2\"></span>aree <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>influenza <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>principio <span class=\"_ _2\"></span>IFRS <span class=\"_ _2\"></span>9 <span class=\"_ _d\"></span>in <span class=\"_ _2\"></span>concomitanza <span class=\"_ _2\"></span>con<span class=\"_ _df\"> </span>quello IFRS<span class=\"_ _1\"></span>17 al fine <span class=\"_ _1\"></span>di de<span class=\"_ _1\"></span>finire i <span class=\"_ _1\"></span>suoi impatti quali<span class=\"_ _f\"></span>t<span class=\"_ _2\"></span>ativi e<span class=\"_ _1\"></span> quantitativi<span class=\"_ _1\"></span>, nonch\u00e9 ad <span class=\"_ _1\"></span>individuare <span class=\"_ _1\"></span>ed implementare<span class=\"_ _df\"> </span>gli <span class=\"_ _f\"></span>interventi <span class=\"_ _f\"></span>appli<span class=\"ff5\">cat<span class=\"_ _2\"></span>ivi <span class=\"_ _f\"></span>ed <span class=\"_ _f\"></span>organizzativi <span class=\"_ _1\"></span>necessari. <span class=\"_ _f\"></span>In <span class=\"_ _1\"></span>particolare, <span class=\"_ _f\"></span>si \u00e8<span class=\"_ _1\"></span> <span class=\"_ _f\"></span>tenuto con<span class=\"_ _1\"></span>to <span class=\"_ _f\"></span>dell\u2019obiettivo <span class=\"_ _f\"></span>di pe<span class=\"_ _1\"></span>rseguire<span class=\"_ _df\"> </span></span>un\u2019adozione <span class=\"_ _14\"> </span>omogenea <span class=\"_ _14\"> </span>del <span class=\"_ _14\"> </span>principio <span class=\"_ _14\"> </span>contabile, <span class=\"_ _14\"> </span>pur <span class=\"_ _15\"> </span>in <span class=\"_ _14\"> </span>presenza <span class=\"_ _14\"> </span>di <span class=\"_ _14\"> </span>o<span class=\"_ _2\"></span>perativit\u00e0 <span class=\"_ _14\"> </span>assicurativa <span class=\"_ _14\"> </span>legata <span class=\"_ _14\"> </span>in<span class=\"_ _df\"> </span>particolare alle specificit\u00e0 di prodotto delle Gestioni Separate.<span class=\"_ _df\"> </span>Relativamente <span class=\"_ _14\"> </span>al <span class=\"_ _15\"> </span>percorso <span class=\"_ _15\"> </span>di <span class=\"_ _15\"> </span>adeguamento <span class=\"_ _14\"> </span>della <span class=\"_ _15\"> </span>Compagnia <span class=\"_ _15\"> </span>al <span class=\"_ _15\"> </span>principio <span class=\"_ _14\"> </span>contabile <span class=\"_ _15\"> </span>IFRS9, <span class=\"_ _15\"> </span>le <span class=\"_ _15\"> </span>scelte<span class=\"_ _df\"> </span>metodologiche e applicative so<span class=\"_ _2\"></span>no state definite in <span class=\"_ _2\"></span>coerenza con quanto previsto <span class=\"_ _2\"></span>nell\u2019ambi<span class=\"_ _1\"></span>to <span class=\"_ _2\"></span>del framework<span class=\"_ _df\"> </span>gi\u00e0 in uso nel Gruppo.<span class=\"_ _df\"> </span>Class<span class=\"_ _f\"></span>ificazione <span class=\"_ _1\"></span>e Mis<span class=\"_ _f\"></span>urazione<span class=\"_ _df\"> </span>Per poter <span class=\"_ _2\"></span>rispettare il dettato <span class=\"_ _2\"></span>dell<span class=\"_ _1\"></span>\u2019IFRS 9 <span class=\"_ _2\"></span>\u2013<span class=\"ff4\"> <span class=\"_ _2\"></span>per cui la <span class=\"_ _2\"></span>classificazione<span class=\"_ _1\"></span> delle at<span class=\"_ _2\"></span>tivit\u00e0 finanziarie \u00e8 <span class=\"_ _2\"></span>guidata, da un<span class=\"_ _df\"> </span></span>lato, <span class=\"_ _2\"></span>dalle <span class=\"_ _2\"></span>caratterist<span class=\"_ _2\"></span>iche <span class=\"_ _2\"></span>contrattuali <span class=\"_ _2\"></span>dei <span class=\"_ _2\"></span>flussi <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>cassa <span class=\"_ _d\"></span>degli<span class=\"_ _1\"></span> <span class=\"_ _2\"></span>st<span class=\"_ _2\"></span>rumenti <span class=\"_ _2\"></span>e, <span class=\"_ _2\"></span>dall\u2019altro, <span class=\"_ _2\"></span>dall\u2019intento <span class=\"_ _2\"></span>gestionale<span class=\"_ _df\"> </span>con <span class=\"_ _d\"></span>il <span class=\"_ _2\"></span>quale <span class=\"_ _d\"></span>sono <span class=\"_ _d\"></span>detenuti <span class=\"_ _d\"></span><span class=\"ff5\">\u2013</span> <span class=\"_ _d\"></span>sono <span class=\"_ _d\"></span>state <span class=\"_ _d\"></span>declinate <span class=\"_ _d\"></span>le <span class=\"_ _2\"></span>modalit\u00e0 <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>effettuazione <span class=\"_ _d\"></span>del <span class=\"_ _d\"></span>test <span class=\"_ _d\"></span>sulle <span class=\"_ _2\"></span>cara<span class=\"_ _2\"></span>tteristiche<span class=\"_ _df\"> </span>contrattuali <span class=\"_ _2\"></span>dei <span class=\"_ _2\"></span>cash <span class=\"_ _d\"></span>flow <span class=\"_ _2\"></span>(cosid<span class=\"_ _2\"></span>detto <span class=\"_ _2\"></span>SPPI <span class=\"_ _2\"></span>Test), <span class=\"_ _d\"></span>ed <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>tata <span class=\"_ _2\"></span>finalizzata <span class=\"_ _2\"></span>la <span class=\"_ _d\"></span>definizione <span class=\"_ _2\"></span>dei <span class=\"_ _d\"></span>business <span class=\"_ _d\"></span>model <span class=\"_ _2\"></span>a<span class=\"_ _df\"> </span>tendere. Si  premette  che<span class=\"_ _1\"></span>,  data  la  composizione  del  portafoglio  di  p<span class=\"_ _1\"></span>ertinenza  della  compagnia  assicurativa  e <span class=\"_ _16\"> </span>le<span class=\"_ _df\"> </span>modalit\u00e0 con <span class=\"_ _2\"></span>cui lo stesso \u00e8 gestito, l\u2019introduzione dell\u2019IFRS 9 <span class=\"_ _2\"></span>non ha comportato impatti rilevanti in <span class=\"_ _2\"></span>termini<span class=\"_ _df\"> </span>di <span class=\"_ _1\"></span>misurazione <span class=\"_ _1\"></span>rispetto al <span class=\"_ _1\"></span>Principio contabile<span class=\"_ _1\"></span> IAS <span class=\"_ _f\"></span>39 precedentemente in <span class=\"_ _f\"></span>vigore, confermando come <span class=\"_ _1\"></span>metodo<span class=\"_ _df\"> </span>principale quello del fair value.<span class=\"_ _df\"> </span>Per q<span class=\"_ _1\"></span>uanto rigu<span class=\"_ _1\"></span>arda le <span class=\"_ _f\"></span>passivit\u00e0 f<span class=\"_ _1\"></span>inanziarie <span class=\"_ _f\"></span>s<span class=\"_ _2\"></span>i <span class=\"_ _f\"></span>s<span class=\"_ _2\"></span>pecifica <span class=\"_ _f\"></span>che il <span class=\"_ _f\"></span>Gruppo si \u00e8 <span class=\"_ _f\"></span>avvalso del<span class=\"_ _1\"></span>la possibi<span class=\"_ _1\"></span>lit\u00e0 di<span class=\"_ _1\"></span> de<span class=\"_ _1\"></span>signare<span class=\"_ _df\"> </span>come <span class=\"_ _4\"> </span>passivit\u00e0 <span class=\"_ _4\"> </span>al <span class=\"_ _4\"> </span>fair <span class=\"_ _4\"> </span>value <span class=\"_ _4\"> </span>i <span class=\"_ _4\"> </span>prodotti <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>natura <span class=\"_ _4\"> </span>finanziaria <span class=\"_ _4\"> </span>eme<span class=\"_ _1\"></span>ssi <span class=\"_ _4\"> </span>da <span class=\"_ _4\"> </span>Credemvita<span class=\"_ _2\"></span> <span class=\"_ _4\"> </span>che <span class=\"_ _4\"> </span>non <span class=\"_ _4\"> </span>rientrano<span class=\"_ _df\"> </span>nell\u2019ambito <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>applicazione <span class=\"_ _0\"></span>dell\u2019IFRS <span class=\"_ _d\"></span>17. <span class=\"_ _d\"></span>Ci\u00f2 <span class=\"_ _d\"></span>al <span class=\"_ _0\"></span>fine <span class=\"_ _d\"></span>di <span class=\"_ _0\"></span>eliminare <span class=\"_ _d\"></span>o <span class=\"_ _d\"></span>ridurre <span class=\"_ _d\"></span>le <span class=\"_ _0\"></span>possibili <span class=\"_ _d\"></span>\u201casimmetrie <span class=\"_ _d\"></span>contabili\u201d<span class=\"_ _df\"> </span>rispetto agli <span class=\"_ _f\"></span>att<span class=\"_ _2\"></span>ivi <span class=\"_ _f\"></span>collegati e <span class=\"_ _f\"></span>valut<span class=\"_ _2\"></span>ati <span class=\"_ _1\"></span>anch\u2019essi <span class=\"_ _1\"></span>al fai<span class=\"_ _1\"></span>r value. <span class=\"_ _f\"></span>Si evidenzia <span class=\"_ _1\"></span>tuttavia, come <span class=\"_ _f\"></span>meglio dettagliato nel<span class=\"_ _df\"> </span>paragr<span class=\"ff5\">afo s<span class=\"_ _2\"></span>ull\u2019<span class=\"_ _1\"></span>IFRS 17, <span class=\"_ _2\"></span>che a seguito <span class=\"_ _2\"></span>dell\u2019introduzione del nuovo <span class=\"_ _2\"></span>principio, una parte <span class=\"_ _2\"></span>dei prodotti <span class=\"_ _2\"></span>multiramo,<span class=\"_ _df\"> </span></span>precedentemente <span class=\"_ _0\"></span>classificata <span class=\"_ _9\"> </span>ai <span class=\"_ _9\"> </span>sensi <span class=\"_ _9\"> </span>dell\u2019IFRS <span class=\"_ _0\"></span>4/IAS <span class=\"_ _9\"> </span>39 <span class=\"_ _9\"> </span>come <span class=\"_ _9\"> </span>strumenti <span class=\"_ _9\"> </span>finanziari, <span class=\"_ _0\"></span>viene <span class=\"_ _9\"> </span>ora <span class=\"_ _9\"> </span>attratta <span class=\"_ _9\"> </span>in<span class=\"_ _df\"> </span>ambito di applicazione dell\u2019IFRS 17.<span class=\"_ _df\"> </span>Impa<span class=\"_ _f\"></span>irment<span class=\"_ _df\"> </span>Per  quel  che  riguarda  l\u2019Impairment  \u00e8  stata  defini<span class=\"_ _1\"></span>ta  dalla  Capogruppo  una  metodologia  comune  ed  un<span class=\"_ _df\"> </span>processo <span class=\"_ _d\"></span>accentrato <span class=\"_ _2\"></span>presso <span class=\"_ _d\"></span>la <span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>truttura <span class=\"_ _d\"></span>Risk <span class=\"_ _2\"></span>Management <span class=\"_ _d\"></span>per <span class=\"_ _2\"></span>la <span class=\"_ _d\"></span>quantificazione <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>ell\u2019Expected <span class=\"_ _2\"></span>credit <span class=\"_ _d\"></span>loss<span class=\"_ _df\"> </span>per t<span class=\"_ _2\"></span>utte le <span class=\"_ _2\"></span>societ\u00e0 <span class=\"_ _2\"></span>del Gruppo. <span class=\"_ _2\"></span>Pertanto, <span class=\"_ _2\"></span>per u<span class=\"_ _2\"></span>na <span class=\"_ _2\"></span>completa illus<span class=\"_ _2\"></span>trazione delle <span class=\"_ _2\"></span>scelte adott<span class=\"_ _2\"></span>ate dal <span class=\"_ _2\"></span>Gruppo <span class=\"_ _2\"></span>in<span class=\"_ _df\"> </span>merito <span class=\"_ _d\"></span>all\u2019applicazione <span class=\"_ _d\"></span>dell\u2019impairment <span class=\"_ _d\"></span>ai <span class=\"_ _d\"></span>s<span class=\"_ _2\"></span>ensi <span class=\"_ _d\"></span>dell\u2019IFRS <span class=\"_ _d\"></span>9 <span class=\"_ _d\"></span>si <span class=\"_ _d\"></span>r<span class=\"_ _2\"></span>invia <span class=\"_ _d\"></span>alla <span class=\"_ _d\"></span>parte <span class=\"_ _d\"></span>r<span class=\"_ _2\"></span>elativa <span class=\"_ _2\"></span>all<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>Prin<span class=\"_ _2\"></span>cipali <span class=\"_ _d\"></span>voci <span class=\"_ _d\"></span>di<span class=\"_ _df\"> </span>bilancio <span class=\"_ _1\"></span>(Attivit\u00e0 finn<span class=\"_ _1\"></span>ziarie <span class=\"_ _1\"></span>valutate al <span class=\"_ _f\"></span>fair v<span class=\"_ _1\"></span>alue <span class=\"_ _1\"></span>con imp<span class=\"_ _1\"></span>atto <span class=\"_ _1\"></span>sulla <span class=\"_ _1\"></span>redditivit\u00e0 complessiva <span class=\"_ _f\"></span>e Attivit\u00e0 <span class=\"_ _f\"></span>finanziarie<span class=\"_ _df\"> </span>valutate al cos<span class=\"_ _2\"></span>to ammortizzato) <span class=\"ff5\">e all\u2019illust</span>razione <span class=\"_ _2\"></span>riportata nella parte <span class=\"_ _2\"></span>E- sezione 2 <span class=\"_ _2\"></span><span class=\"ff5\">\u2013</span> 2. Politiche di gesitone<span class=\"_ _df\"> </span>del rischio di credi<span class=\"_ _1\"></span>to <span class=\"_ _2\"></span>della Nota integrativa relativa al presidio de<span class=\"_ _1\"></span>i rischi del Bilancio Consolidato.<span class=\"_ _df\"> </span>Si <span class=\"_ _9\"> </span>segnala, <span class=\"_ _9\"> </span>per <span class=\"_ _9\"> </span>completezza, <span class=\"_ _9\"> </span>c<span class=\"_ _2\"></span>he <span class=\"_ _0\"> </span>r<span class=\"_ _2\"></span>isulta <span class=\"_ _9\"> </span>applicabile <span class=\"_ _0\"> </span>anch<span class=\"_ _2\"></span>e <span class=\"_ _9\"> </span>alla <span class=\"_ _9\"> </span>Compagnia <span class=\"_ _9\"> </span>il <span class=\"_ _9\"> </span>documento <span class=\"_ _16\"> </span>di <span class=\"_ _0\"></span>\u201c<span class=\"_ _2\"></span>Impairment<span class=\"_ _df\"> </span>Policy\u201d <span class=\"_ _16\"> </span>con <span class=\"_ _16\"> </span>riferimento <span class=\"_ _9\"> </span>alle  linee <span class=\"_ _9\"> </span>guida  me<span class=\"_ _1\"></span>todologiche <span class=\"_ _9\"> </span>d<span class=\"_ _2\"></span>efinite <span class=\"_ _16\"> </span>dal <span class=\"_ _16\"> </span>Gruppo <span class=\"_ _9\"> </span>in  app<span class=\"_ _1\"></span>licazione <span class=\"_ _16\"> </span>dell\u2019IFRS <span class=\"_ _9\"> </span>9  e<span class=\"_ _df\"> </span>approvate dai competenti livelli di<span class=\"_ _1\"></span> governance.<span class=\"_ _df\"> </span>Hedg<span class=\"_ _1\"></span>e acc<span class=\"_ _1\"></span>ounti<span class=\"_ _f\"></span>ng Per <span class=\"_ _2\"></span>quanto <span class=\"_ _2\"></span>riguarda l\u2019Hedge <span class=\"_ _2\"></span>Accounting, <span class=\"_ _2\"></span>l\u2019IFRS <span class=\"_ _2\"></span>9 <span class=\"_ _2\"></span>introduce<span class=\"_ _1\"></span> <span class=\"_ _2\"></span>modifiche esclusivamente <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>General <span class=\"_ _2\"></span>Hedge<span class=\"_ _df\"> </span>e  sono  strettamente  legate  alla  scelta  di  avvalersi  dell\u2019opzione  opt<span class=\"ff4\">-in  / <span class=\"_ _4\"> </span>opt-out  (ossia  la  possibi<span class=\"_ _1\"></span>lit\u00e0  di<span class=\"_ _df\"> </span></span>implementare il <span class=\"_ _2\"></span>nuovo <span class=\"_ _2\"></span>standard IFRS <span class=\"_ _2\"></span>9 piuttosto <span class=\"_ _2\"></span>che mantenere <span class=\"_ _2\"></span>il vecchio <span class=\"_ _2\"></span>principio IAS <span class=\"_ _2\"></span>39). Il <span class=\"_ _2\"></span>Gruppo, sulla<span class=\"_ _df\"> </span>base <span class=\"_ _d\"></span>degli <span class=\"_ _2\"></span>approfondimenti <span class=\"_ _d\"></span>effett<span class=\"_ _2\"></span>uati <span class=\"_ _2\"></span>sulla <span class=\"_ _d\"></span>gestione <span class=\"_ _d\"></span>delle <span class=\"_ _d\"></span>operazioni <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>copertura, <span class=\"_ _d\"></span>ha <span class=\"_ _d\"></span>deciso <span class=\"_ _2\"></span>l\u2019esercizio, <span class=\"_ _d\"></span>in<span class=\"_ _df\"> </span>fase <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>FTA <span class=\"_ _4\"> </span>dell\u2019IFRS <span class=\"_ _4\"> </span>9, <span class=\"_ _4\"> </span>dell\u2019opzione <span class=\"_ _4\"> </span>opt<span class=\"_ _2\"></span><span class=\"ff4\">-out, <span class=\"_ _4\"> </span>confermando <span class=\"_ _4\"> </span>tale <span class=\"_ _4\"> </span>scelta <span class=\"_ _4\"> </span>fino <span class=\"_ _17\"> </span>ad <span class=\"_ _4\"> </span>oggi. <span class=\"_ _4\"> </span>Alla <span class=\"_ _4\"> </span>luce <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>tale<span class=\"_ _df\"> </span></span>indicazione, <span class=\"_ _1\"></span>anche <span class=\"_ _f\"></span>per le <span class=\"_ _1\"></span>Compagnie <span class=\"_ _f\"></span>as<span class=\"_ _2\"></span>sicurative <span class=\"_ _f\"></span>le operazioni<span class=\"_ _1\"></span> di <span class=\"_ _f\"></span>copertura continueranno <span class=\"_ _f\"></span>ad esse<span class=\"_ _1\"></span>re ge<span class=\"_ _1\"></span>stite<span class=\"_ _df\"> </span>nel rispetto di quanto previsto dal Grupp<span class=\"_ _1\"></span>o.<span class=\"_ _df\"> </span>Intera<span class=\"_ _f\"></span>zione tra<span class=\"_ _f\"></span> IFRS 17 <span class=\"_ _1\"></span>e IFR<span class=\"_ _1\"></span>S 9<span class=\"_ _df\"> </span>In <span class=\"_ _d\"></span>alcuni <span class=\"_ _d\"></span>casi, <span class=\"_ _0\"></span>l'interazione <span class=\"_ _d\"></span>tr<span class=\"_ _2\"></span>a <span class=\"_ _d\"></span>l'IFRS <span class=\"_ _0\"></span>17 <span class=\"_ _d\"></span>e <span class=\"_ _0\"></span>l'IFRS <span class=\"_ _d\"></span>9 <span class=\"_ _d\"></span>potrebbe <span class=\"_ _d\"></span>gener<span class=\"_ _2\"></span>are <span class=\"_ _d\"></span>mismatch <span class=\"_ _d\"></span>contabili <span class=\"_ _d\"></span>t<span class=\"_ _2\"></span>ra <span class=\"_ _d\"></span>le <span class=\"_ _d\"></span>modalit\u00e0 <span class=\"_ _0\"></span>di<span class=\"_ _df\"> </span>contabilizzazione <span class=\"_ _2\"></span>dei <span class=\"_ _0\"></span>contratti <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>assicurazione <span class=\"_ _d\"></span>e <span class=\"_ _d\"></span>delle <span class=\"_ _d\"></span>attivit\u00e0 <span class=\"_ _d\"></span>finanziarie <span class=\"_ _2\"></span>ad <span class=\"_ _d\"></span>essi <span class=\"_ _d\"></span>cor<span class=\"_ _2\"></span>relate. <span class=\"_ _d\"></span>Per <span class=\"_ _2\"></span>ridurre <span class=\"_ _d\"></span>t<span class=\"_ _2\"></span>ali<span class=\"_ _df\"> </span>mismatch, <span class=\"_ _2\"></span>l\u2019IFRS 17 <span class=\"_ _2\"></span>consente di effettuare <span class=\"_ _2\"></span>una <span class=\"_ _2\"></span>disaggregaz<span class=\"ff4\">ione dei <span class=\"_ _2\"></span>proventi ed <span class=\"_ _2\"></span>oneri <span class=\"_ _2\"></span>finanziari derivanti <span class=\"_ _2\"></span>da<span class=\"_ _df\"> </span></span>contratti <span class=\"_ _d\"></span>assicurativi <span class=\"_ _2\"></span>tra <span class=\"_ _d\"></span>il <span class=\"_ _d\"></span>conto <span class=\"_ _d\"></span>economico <span class=\"_ _2\"></span>(risultato<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>finanziario) <span class=\"_ _d\"></span>e <span class=\"_ _d\"></span>l\u2019Other <span class=\"_ _2\"></span>Compreh<span class=\"_ _2\"></span>ensive <span class=\"_ _2\"></span>Inc<span class=\"_ _2\"></span>ome <span class=\"_ _2\"></span>(OCI) <span class=\"_ _d\"></span>a<span class=\"_ _df\"> </span>Patrimonio <span class=\"_ _9\"> </span>Netto. <span class=\"_ _0\"></span>La <span class=\"_ _9\"> </span>scelta <span class=\"_ _9\"> </span>di <span class=\"_ _0\"></span>effettuare <span class=\"_ _0\"></span>la <span class=\"_ _9\"> </span>disaggregazione <span class=\"_ _9\"> </span>\u00e8 <span class=\"_ _0\"></span>fat<span class=\"_ _2\"></span>ta <span class=\"_ _0\"></span>a <span class=\"_ _0\"> </span>livello <span class=\"_ _9\"> </span>di <span class=\"_ _0\"></span>portafoglio <span class=\"_ _9\"> </span>pe<span class=\"_ _2\"></span>r <span class=\"_ _9\"> </span>i <span class=\"_ _9\"> </span>contratti<span class=\"_ _df\"> </span>assicurativi e deve essere presa in coerenza con il metodo di valutazione<span class=\"_ _1\"></span> degli attivi.<span class=\"_ _df\"> </span>In particolare:<span class=\"_ _df\"> </span><span class=\"_ _17\"> </span><span class=\"ff4\">per quanto riguarda i contratti valutati con il Gene<span class=\"_ _1\"></span>ral Model, la rivalutazione finan<span class=\"_ _1\"></span>ziaria dei flussi di cassa<span class=\"_ _df\"> </span></span>futuri e del risk adjustment a tassi storici \u00e8 contabil<span class=\"_ _1\"></span>izzata a conto economico, mentre la diffe<span class=\"_ _1\"></span>renza tr<span class=\"_ _2\"></span>a la<span class=\"_ _df\"> </span>rivalutazione a tassi storici e quelli correnti \u00e8 contabili<span class=\"_ _1\"></span>zzata a Other Comprehensive Income;<span class=\"_ _df\"> </span><span class=\"_ _17\"> </span><span class=\"ff5\">per <span class=\"_ _2\"></span>i contratti <span class=\"_ _2\"></span>valutati al Variable Fee <span class=\"_ _2\"></span>Approach, l\u2019IFRS 17 <span class=\"_ _2\"></span>preve<span class=\"_ _1\"></span>de <span class=\"_ _2\"></span>che il ri<span class=\"_ _2\"></span><span class=\"ff4\">sultato <span class=\"_ _2\"></span>finanziario dei contratti<span class=\"_ _df\"> </span></span></span>assicurativi <span class=\"_ _0\"></span>sia <span class=\"_ _0\"></span>disaggregato <span class=\"_ _d\"></span>tra <span class=\"_ _0\"></span>conto <span class=\"_ _0\"></span>economico <span class=\"_ _0\"></span>e <span class=\"_ _0\"></span>Other <span class=\"_ _0\"></span>Comprehensive <span class=\"_ _d\"></span>Income: <span class=\"_ _0\"></span>in <span class=\"_ _0\"></span>sostanza <span class=\"_ _0\"></span>viene<span class=\"_ _df\"> </span>riclassificata <span class=\"_ _17\"> </span>a <span class=\"_ _17\"> </span>Other <span class=\"_ _4\"> </span>Comprehensive <span class=\"_ _17\"> </span>Income <span class=\"_ _17\"> </span>la <span class=\"_ _17\"> </span>differenza <span class=\"_ _17\"> </span>tra <span class=\"_ _17\"> </span>il <span class=\"_ _4\"> </span>risultat<span class=\"_ _2\"></span>o <span class=\"_ _4\"> </span>finanziario <span class=\"_ _17\"> </span>dei <span class=\"_ _17\"> </span>contratti<span class=\"_ _df\"> </span>assicurativi <span class=\"_ _2\"></span>e <span class=\"_ _d\"></span>il <span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>isultato <span class=\"_ _d\"></span>finanziario <span class=\"_ _2\"></span>a <span class=\"_ _d\"></span>conto <span class=\"_ _2\"></span>economico <span class=\"_ _d\"></span>derivante <span class=\"_ _2\"></span>dagli <span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>trumenti <span class=\"_ _2\"></span>finanziari <span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>ottostanti,<span class=\"_ _df\"> </span>compresa la variazione di expected credi<span class=\"_ _1\"></span>t loss rilevata nel periodo (c.d. Mirroring).<span class=\"_ _df\"> </span>Ai sensi dell\u2019IFRS 9, Credemvita ha adott<span class=\"_ _2\"></span>ato il business model Hold To Collect and <span class=\"_ _2\"></span><span class=\"ff4\">Sell per tutti gli st<span class=\"_ _2\"></span>rumenti<span class=\"_ _df\"> </span></span>finanziari afferenti <span class=\"_ _2\"></span>i port<span class=\"_ _2\"></span>afogli delle <span class=\"_ _2\"></span>gestioni separate <span class=\"_ _2\"></span>mentre <span class=\"_ _2\"></span>per quelli coll<span class=\"_ _2\"></span>egati ai <span class=\"_ _2\"></span>prodotti <span class=\"_ _2\"></span>linked e <span class=\"_ _2\"></span>ai fondi<span class=\"_ _df\"> </span>pensione <span class=\"_ _f\"></span>a<span class=\"_ _2\"></span>perti <span class=\"_ _1\"></span>ha adottato i<span class=\"_ _1\"></span>l Bu<span class=\"_ _1\"></span>siness Mod<span class=\"_ _1\"></span>el <span class=\"_ _1\"></span>Other con <span class=\"_ _f\"></span>la conseguente v<span class=\"_ _1\"></span>alutazione al <span class=\"_ _f\"></span>fair value <span class=\"_ _1\"></span>con impatto<span class=\"_ _df\"> </span>a <span class=\"_ _2\"></span><span class=\"ls0\">conto economico. <span class=\"_ _2\"></span>Limitatamente a <span class=\"_ _2\"></span>una <span class=\"_ _2\"></span>parte <span class=\"_ _2\"></span>dei titoli presenti <span class=\"_ _2\"></span>nel por<span class=\"_ _2\"></span>tafoglio di <span class=\"_ _2\"></span>propriet\u00e0 <span class=\"_ _2\"></span>Cred<span class=\"_ _1\"></span>emvita ha<span class=\"_ _df\"> </span></span>adottato il modello Hold To Collect.<span class=\"_ _df\"> </span>Si <span class=\"_ _0\"></span>evidenzia, <span class=\"_ _0\"></span>inoltre, <span class=\"_ _0\"></span>che <span class=\"_ _0\"></span>l\u2019intr<span class=\"_ _2\"></span>odu<span class=\"_ _1\"></span>zione <span class=\"_ _0\"></span>dell\u2019IFRS <span class=\"_ _0\"></span>17<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>determina <span class=\"_ _0\"></span>il <span class=\"_ _0\"></span>venir <span class=\"_ _0\"></span>meno <span class=\"_ _0\"></span>del <span class=\"_ _0\"></span>tr<span class=\"_ _2\"></span>attamento, <span class=\"_ _0\"></span>denominato<span class=\"_ _df\"> </span>Shadow <span class=\"ff5\">Accounting, previsto dal<span class=\"_ _1\"></span>l\u2019IFRS 4, che approssimava la correlazione<span class=\"_ _1\"></span> tra due valori non omoge<span class=\"_ _1\"></span>nei: 1) il<span class=\"_ _df\"> </span></span>valore della riserva tecnica relativa ai contratti valutati al cos<span class=\"_ _2\"></span>to (con partecip<span class=\"_ _1\"></span>azione discrezionale agli utili) e<span class=\"_ _df\"> </span>2) il valore dei relativi attivi valutati al fair value.<span class=\"_ _df\"> </span>Il <span class=\"_ _d\"></span>principio <span class=\"_ _d\"></span>IFRS <span class=\"_ _0\"></span>17 <span class=\"_ _0\"></span>ha <span class=\"_ _d\"></span>intro<span class=\"_ _2\"></span>dotto <span class=\"_ _d\"></span>maggiore <span class=\"_ _d\"></span>cor<span class=\"_ _2\"></span>relazione <span class=\"_ _d\"></span>tra <span class=\"_ _0\"></span>la <span class=\"_ _d\"></span>valutazione <span class=\"_ _d\"></span>delle <span class=\"_ _0\"></span>passivit\u00e0 <span class=\"_ _d\"></span>as<span class=\"_ _2\"></span>sicurative <span class=\"_ _d\"></span>e <span class=\"_ _d\"></span>gli<span class=\"_ _df\"> </span>investimenti sott<span class=\"_ _2\"></span>ostanti, sia in <span class=\"_ _2\"></span>periodi di <span class=\"_ _2\"></span>aumento dei <span class=\"_ _2\"></span>valori di <span class=\"_ _2\"></span>Fair Value <span class=\"_ _2\"></span>(riduzione dei t<span class=\"_ _2\"></span>assi <span class=\"_ _2\"></span>di mercato) <span class=\"_ _2\"></span>sia<span class=\"_ _df\"> </span>in periodi di riduzione dei valori di fair value<span class=\"_ _1\"></span> (aumento dei tassi di mercato).<span class=\"_ _df\"> </span>A parit\u00e0 <span class=\"_ _2\"></span>di valore degli attivi, mis<span class=\"_ _2\"></span>urati in <span class=\"_ _2\"></span>entrambi i principi contabili al <span class=\"_ _2\"></span>fair value, l<span class=\"_ _2\"></span>\u2019IFRS 17 introduce infatti <span class=\"_ _2\"></span>la<span class=\"_ _df\"> </span>logica <span class=\"_ _2\"></span>forwar<span class=\"_ _2\"></span>d <span class=\"_ _2\"></span>looking <span class=\"_ _2\"></span>anche <span class=\"_ _d\"></span>sui <span class=\"_ _d\"></span>passivi, <span class=\"_ _2\"></span>garantendo <span class=\"_ _d\"></span>pertanto <span class=\"_ _2\"></span>un<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>confr<span class=\"_ _2\"></span>onto <span class=\"_ _2\"></span>omogeneo <span class=\"_ _2\"></span>con <span class=\"_ _d\"></span>le <span class=\"_ _2\"></span>variazioni <span class=\"_ _d\"></span>di<span class=\"_ _df\"> </span>fair  value <span class=\"_ _4\"> </span>degli  attivi, <span class=\"_ _22\"> </span>e <span class=\"_ _4\"> </span>pertanto  maggiormente <span class=\"_ _4\"> </span>efficac<span class=\"_ _1\"></span>e  risp<span class=\"_ _2\"></span>etto  al <span class=\"_ _4\"> </span>passato.  Inoltre, <span class=\"_ _22\"> </span>per <span class=\"_ _4\"> </span>il  modello  di<span class=\"_ _df\"> </span>misurazione  V<span class=\"_ _1\"></span>FA,  l\u2019<span class=\"_ _1\"></span>adozione  dell\u2019opzione<span class=\"_ _1\"></span>  OCI <span class=\"_ _16\"> </span>(c.d.  Mirroring), <span class=\"_ _9\"> </span>compor<span class=\"_ _2\"></span>ta <span class=\"_ _16\"> </span>che <span class=\"_ _16\"> </span>tale  maggi<span class=\"_ _1\"></span>ore  correlazione<span class=\"_ _df\"> </span>rispet<span class=\"ff5\">to a quanto previsto dall\u2019IFRS 4, veng<span class=\"_ _1\"></span>a contribuita al patrimonio netto.<span class=\"_ _df\"> </span></span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForInsuranceContracts",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-849": {
   "value": "15 <span class=\"ff5\">\u2013</span> Att<span class=\"_ _1\"></span>ivit\u00e0 e <span class=\"_ _1\"></span>pass<span class=\"_ _1\"></span>ivit\u00e0 a<span class=\"_ _f\"></span>ssicurativ<span class=\"_ _1\"></span>e Le di<span class=\"_ _1\"></span>spos<span class=\"_ _1\"></span>izioni <span class=\"_ _1\"></span>norma<span class=\"_ _f\"></span>tive del <span class=\"_ _f\"></span>Principio<span class=\"_ _1\"></span> IFRS<span class=\"_ _1\"></span> 17 Si <span class=\"_ _0\"></span>r<span class=\"_ _2\"></span>iportano <span class=\"_ _0\"></span>le <span class=\"_ _9\"> </span>principali<span class=\"_ _1\"></span> <span class=\"_ _9\"> </span>previsioni <span class=\"_ _0\"></span>del <span class=\"_ _9\"> </span>Principio <span class=\"_ _9\"> </span>IFRS <span class=\"_ _0\"></span>17 <span class=\"_ _9\"> </span>che <span class=\"_ _9\"> </span>determinano <span class=\"_ _9\"> </span>le <span class=\"_ _0\"></span>modalit\u00e0 <span class=\"_ _9\"> </span>di <span class=\"_ _0\"></span>valutazione <span class=\"_ _9\"> </span>delle passivit\u00e0 <span class=\"_ _2\"></span>assicurative <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>relativi <span class=\"_ _2\"></span>effetti <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>conto <span class=\"_ _2\"></span>economico <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>contratti <span class=\"_ _2\"></span>assicurativi <span class=\"_ _2\"></span>soggetti <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>tale <span class=\"_ _2\"></span>logica contabile: <span class=\"_ _1a\"> </span><span class=\"ff4\">l<span class=\"ff5\">\u2019</span>iscrizione<span class=\"_ _1\"></span>  i<span class=\"_ _1\"></span>niziale  dell<span class=\"_ _1\"></span>a  p<span class=\"_ _f\"></span>as<span class=\"_ _2\"></span>sivit<span class=\"_ _2\"></span>\u00e0 <span class=\"_ _16\"> </span>assicurativa: <span class=\"_ _9\"> </span>al  momento <span class=\"_ _9\"> </span>della  sottoscrizione <span class=\"_ _9\"> </span>del  contratto <span class=\"_ _16\"> </span>con <span class=\"_ _9\"> </span>il </span>soggetto <span class=\"_ _2\"></span>as<span class=\"_ _2\"></span>sicurato, <span class=\"_ _2\"></span>il <span class=\"_ _d\"></span>Gruppo <span class=\"_ _d\"></span>riconosce <span class=\"_ _2\"></span>una <span class=\"_ _d\"></span>passivit\u00e0 <span class=\"_ _d\"></span>il <span class=\"_ _2\"></span>cui <span class=\"_ _d\"></span>ammontare <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _d\"></span>dato <span class=\"_ _2\"></span>dalla <span class=\"_ _d\"></span>somma <span class=\"_ _d\"></span>algeb<span class=\"_ _1\"></span>rica<span class=\"_ _df\"> </span>del <span class=\"_ _0\"></span>valore <span class=\"_ _9\"> </span>attuale <span class=\"_ _9\"> </span>dei <span class=\"_ _0\"></span>flussi <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>cassa <span class=\"_ _9\"> </span>attesi <span class=\"_ _0\"></span>contr<span class=\"_ _2\"></span>attuali <span class=\"_ _0\"></span>(Present <span class=\"_ _0\"></span>value <span class=\"_ _9\"> </span>future <span class=\"_ _0\"></span>cash <span class=\"_ _9\"> </span>flow  <span class=\"ff5\">\u2013</span> <span class=\"_ _0\"></span><span class=\"ff5\">\u201cPVFCF\u201d) <span class=\"_ _9\"> </span>e </span>inclusivi <span class=\"_ _2\"></span>anche <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>un <span class=\"_ _2\"></span>opportuno <span class=\"_ _2\"></span>Risk <span class=\"_ _2\"></span>adjustment <span class=\"_ _2\"></span>(\u201cRA\u201d) <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>presidio <span class=\"_ _d\"></span>dei rischi <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>tipo <span class=\"_ _2\"></span>non <span class=\"_ _2\"></span>finanzi<span class=\"_ _2\"></span><span class=\"ff4\">ario <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>del<span class=\"_ _df\"> </span></span>margine economico att<span class=\"_ _2\"></span>eso (Contractual Service Margin <span class=\"_ _2\"></span><span class=\"ff5\">\u2013</span> <span class=\"ff5\">\u201cCSM\u201d), che r<span class=\"_ _2\"></span>appresenta il valore attuale degli </span>utili futuri sui contratti assicurativi;<span class=\"_ _df\"> </span><span class=\"_ _1a\"> </span><span class=\"ff5\">i  raggruppamenti  di <span class=\"_ _22\"> </span>contr<span class=\"_ _2\"></span>atti:  l\u2019applicazione  dell\u2019IFRS  17 <span class=\"_ _4\"> </span>preved<span class=\"_ _1\"></span>e  l\u2019identificazione <span class=\"_ _22\"> </span>di <span class=\"_ _4\"> </span>\u201cportafogli\u201d<span class=\"_ _2\"></span><span class=\"ff4\">  di<span class=\"_ _df\"> </span></span></span>contratti <span class=\"_ _2\"></span>assicurativi <span class=\"_ _2\"></span>(ovvero di <span class=\"_ _2\"></span>gruppi di <span class=\"_ _2\"></span>contratti <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>condividono <span class=\"_ _2\"></span>rischi <span class=\"_ _2\"></span>simili <span class=\"_ _2\"></span>e gestiti <span class=\"_ _2\"></span>unitariamente).<span class=\"_ _df\"> </span>Ciascun <span class=\"_ _d\"></span>port<span class=\"_ _2\"></span>afoglio <span class=\"_ _d\"></span>viene <span class=\"_ _0\"></span>ulterio<span class=\"_ _2\"></span>rmente <span class=\"_ _d\"></span>suddiviso <span class=\"_ _0\"></span>in <span class=\"_ _0\"></span>gruppi <span class=\"_ _0\"></span>composti <span class=\"_ _0\"></span>da <span class=\"_ _0\"></span>contr<span class=\"_ _2\"></span>atti <span class=\"_ _d\"></span>con <span class=\"_ _0\"></span>caratterist<span class=\"_ _2\"></span>iche simili in termini <span class=\"_ _2\"></span>di profittabilit\u00e0 atte<span class=\"_ _2\"></span>sa, prevedendo pertanto <span class=\"_ _2\"></span>la distinzione<span class=\"_ _1\"></span> tr<span class=\"_ _2\"></span>a i contratti profittevoli (con margine economico atteso positivo)<span class=\"_ _1\"></span> e onerosi (con margine economico atteso negativo);<span class=\"_ _df\"> </span><span class=\"_ _17\"> </span><span class=\"ff4\">i <span class=\"_ _16\"> </span>modelli<span class=\"_ _1\"></span> <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>misurazione <span class=\"_ _9\"> </span>previsti <span class=\"_ _16\"> </span>dal <span class=\"_ _0\"></span>principio: <span class=\"_ _9\"> </span>il <span class=\"_ _16\"> </span>principio <span class=\"_ _0\"></span>IFRS <span class=\"_ _9\"> </span>17<span class=\"_ _2\"></span> <span class=\"_ _9\"> </span>prevede <span class=\"_ _0\"></span>un <span class=\"_ _9\"> </span>modello <span class=\"_ _16\"> </span>di <span class=\"_ _0\"></span>misur<span class=\"_ _d\"></span>azione<span class=\"_ _df\"> </span></span>denominato General Model (\u201cGM\u201d) applicabile in linea di principio a tutti i contratti, ad eccezione<span class=\"_ _1\"></span> d<span class=\"_ _2\"></span>i quelli<span class=\"_ _df\"> </span>con partecipazione <span class=\"_ _1\"></span>diretta agli utili <span class=\"_ _1\"></span>finanziari, per i<span class=\"_ _1\"></span> quali viene appli<span class=\"_ _1\"></span>cato il Variable <span class=\"_ _1\"></span>Fee Approach (\u201cVFA\u201d),<span class=\"_ _df\"> </span>qualora siano <span class=\"_ _f\"></span>rispettati i cri<span class=\"_ _f\"></span>teri di <span class=\"_ _1\"></span>eleggibilit\u00e0 <span class=\"_ _1\"></span>dipendenti <span class=\"_ _1\"></span>dalla <span class=\"_ _1\"></span>natura stessa <span class=\"_ _f\"></span>della partecip<span class=\"_ _1\"></span>azione agli <span class=\"_ _f\"></span>utili.<span class=\"_ _df\"> </span>\u00c8 <span class=\"_ _16\"> </span>previsto <span class=\"_ _16\"> </span>inoltre <span class=\"_ _16\"> </span>un <span class=\"_ _9\"> </span>modello  semplificato <span class=\"_ _9\"> </span>opzionale  (Premium <span class=\"_ _16\"> </span>Allocation <span class=\"_ _9\"> </span>Approach  <span class=\"ff5\">\u2013<span class=\"_ _2\"></span></span> <span class=\"_ _16\"> </span><span class=\"ff5\">\u201cPAA\u201d) <span class=\"_ _9\"> </span>per  la<span class=\"_ _df\"> </span></span>valutazione <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>ella <span class=\"_ _2\"></span>passivit\u00e0 <span class=\"_ _d\"></span>per <span class=\"_ _0\"></span>cope<span class=\"_ _1\"></span>rtura <span class=\"_ _d\"></span>residua <span class=\"_ _d\"></span>denominata <span class=\"_ _d\"></span>Liability <span class=\"_ _0\"></span><span class=\"ff5\">for <span class=\"_ _d\"></span>Remaining <span class=\"_ _2\"></span>Coverage <span class=\"_ _d\"></span>(\u201c<span class=\"_ _2\"></span>LRC\u201d,<span class=\"_ _df\"> </span></span>assimilabile <span class=\"_ _2\"></span>alla <span class=\"_ _2\"></span>Riserva <span class=\"_ _2\"></span>per <span class=\"_ _d\"></span>frazioni <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>premi <span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>al <span class=\"_ _d\"></span>riporto <span class=\"_ _2\"></span>premi) <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>contratti <span class=\"_ _d\"></span>con <span class=\"_ _2\"></span>periodo <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>cope<span class=\"_ _1\"></span>rtura<span class=\"_ _df\"> </span>uguale <span class=\"_ _0\"></span>o <span class=\"_ _9\"> </span>inferiore <span class=\"_ _9\"> </span>all'anno <span class=\"_ _0\"></span>e <span class=\"_ _9\"> </span>pe<span class=\"_ _2\"></span>r <span class=\"_ _0\"> </span>t<span class=\"_ _2\"></span>utti <span class=\"_ _0\"></span>i <span class=\"_ _9\"> </span>contratti <span class=\"_ _9\"> </span>nel <span class=\"_ _0\"></span>caso<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>in <span class=\"_ _9\"> </span>cui <span class=\"_ _0\"> </span>la <span class=\"_ _9\"> </span>valutazione <span class=\"_ _9\"> </span>non <span class=\"_ _0\"></span>s<span class=\"_ _2\"></span>ia <span class=\"_ _0\"></span>materialmente<span class=\"_ _df\"> </span>differente da quella risultante dall'app<span class=\"_ _1\"></span>licazione del General Model;<span class=\"_ _df\"> </span><span class=\"_ _1a\"> </span><span class=\"ff5\">la <span class=\"_ _4\"> </span>mis<span class=\"_ _2\"></span>urazione <span class=\"_ _4\"> </span>successiva <span class=\"_ _17\"> </span>della <span class=\"_ _4\"> </span>pass<span class=\"_ _2\"></span>ivit\u00e0 <span class=\"_ _4\"> </span>assicurativa: <span class=\"_ _17\"> </span>l\u2019IFRS <span class=\"_ _17\"> </span>17 <span class=\"_ _17\"> </span>richiede <span class=\"_ _4\"> </span>un <span class=\"_ _17\"> </span>aggiornamento <span class=\"_ _17\"> </span>della<span class=\"_ _df\"> </span></span>misurazione <span class=\"_ _4\"> </span>ad <span class=\"_ _4\"> </span>ogni <span class=\"_ _4\"> </span>reporting <span class=\"_ _4\"> </span>period <span class=\"_ _4\"> </span>degli <span class=\"_ _4\"> </span>elementi <span class=\"_ _4\"> </span>sopra <span class=\"_ _17\"> </span>indicati <span class=\"_ _4\"> </span>(i <span class=\"_ _4\"> </span>flussi <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>cassa <span class=\"_ _17\"> </span>e <span class=\"_ _4\"> </span>il <span class=\"_ _4\"> </span>margine<span class=\"_ _df\"> </span>economico atteso), per verificare la congruit\u00e0 delle stime rispetto alle condizioni correnti di mercato. Gli effetti <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>eventuali <span class=\"_ _0\"></span>aggiornamenti <span class=\"_ _9\"> </span>sono <span class=\"_ _0\"></span>recepiti <span class=\"_ _0\"></span>alla <span class=\"_ _0\"></span>prima <span class=\"_ _0\"> </span>r<span class=\"_ _2\"></span>eporting <span class=\"_ _0\"></span>date <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>consuntivazione: <span class=\"_ _0\"></span>a <span class=\"_ _0\"></span>conto<span class=\"_ _df\"> </span>economico <span class=\"_ _d\"></span>qualora <span class=\"_ _0\"></span>i <span class=\"_ _d\"></span>cambiamenti <span class=\"_ _0\"></span>siano <span class=\"_ _d\"></span>r<span class=\"_ _2\"></span>iferiti <span class=\"_ _d\"></span>a <span class=\"_ _0\"></span>eventi <span class=\"_ _d\"></span>correnti <span class=\"_ _d\"></span>o <span class=\"_ _0\"></span>gi\u00e0 <span class=\"_ _d\"></span>avvenuti <span class=\"_ _d\"></span>oppure <span class=\"_ _0\"></span>a <span class=\"_ _0\"></span>riduzione <span class=\"_ _d\"></span>del<span class=\"_ _df\"> </span>margine economico atteso (CSM) q<span class=\"_ _1\"></span>ualora i cambiamenti siano rife<span class=\"_ _1\"></span>riti a eventi futuri. Con riferimento alle variazioni <span class=\"_ _e\"> </span>delle <span class=\"_ _e\"> </span>sole <span class=\"_ _10\"> </span>variabili <span class=\"_ _e\"> </span>finanziarie <span class=\"_ _e\"> </span>(<span class=\"_ _2\"></span>e <span class=\"_ _e\"> </span>non <span class=\"_ _e\"> </span>delle <span class=\"_ _10\"> </span>restanti, <span class=\"_ _e\"> </span>quindi <span class=\"_ _10\"> </span>principalmente <span class=\"_ _e\"> </span>r<span class=\"_ _2\"></span>el<span class=\"_ _2\"></span>ative <span class=\"_ _e\"> </span>al comportamento <span class=\"_ _18\"> </span>degli <span class=\"_ _10\"> </span>as<span class=\"_ _2\"></span>sicurati), <span class=\"_ _10\"> </span>\u00e8 <span class=\"_ _18\"> </span>rimessa <span class=\"_ _19\"> </span>scelta <span class=\"_ _18\"> </span>alle <span class=\"_ _10\"> </span>imprese <span class=\"_ _18\"> </span>di <span class=\"_ _18\"> </span>individuare <span class=\"_ _19\"> </span><span class=\"ff5\">\u2013</span> <span class=\"_ _19\"> </span>per <span class=\"_ _10\"> </span>ciascun<span class=\"_ _df\"> </span>raggruppamento <span class=\"_ _d\"></span>di <span class=\"_ _0\"></span>contratti <span class=\"_ _0\"></span><span class=\"ff5\">\u2013<span class=\"_ _2\"></span></span> <span class=\"_ _d\"></span>se <span class=\"_ _0\"></span>rappresentare <span class=\"_ _0\"></span>gli <span class=\"_ _0\"></span>effetti <span class=\"_ _0\"></span>delle<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>modifiche <span class=\"_ _d\"></span>nel <span class=\"_ _0\"></span>conto <span class=\"_ _0\"></span>economico <span class=\"_ _0\"></span>o <span class=\"_ _0\"></span>nel<span class=\"_ _df\"> </span>patrimonio netto (c.d. Opzi<span class=\"_ _1\"></span>one OCI);<span class=\"_ _df\"> </span><span class=\"_ _17\"> </span><span class=\"ff4\">la <span class=\"_ _22\"> </span>misurazione  <span class=\"ff5\">del  ricavo  assicurativo:  l\u2019IFRS  17  prevede<span class=\"_ _1\"></span>  un\u2019esposizione  nel  conto  economico  della<span class=\"_ _df\"> </span></span></span>redditivit\u00e0 <span class=\"_ _9\"> </span>\u201cper <span class=\"_ _9\"> </span>margini\u201d <span class=\"_ _16\"> </span>consegui<span class=\"_ _1\"></span>ti <span class=\"_ _9\"> </span>nel <span class=\"_ _16\"> </span>corso <span class=\"_ _9\"> </span>della <span class=\"_ _9\"> </span>vita <span class=\"_ _9\"> </span>delle <span class=\"_ _9\"> </span>polizze, <span class=\"_ _9\"> </span>os<span class=\"_ _2\"></span>sia <span class=\"_ _9\"> </span>quando <span class=\"_ _0\"></span>l\u2019<span class=\"_ _2\"></span>impresa <span class=\"_ _9\"> </span>eroga <span class=\"_ _9\"> </span>i servizi <span class=\"_ _17\"> </span>agli <span class=\"_ _14\"> </span>assicurati, <span class=\"_ _14\"> </span>non <span class=\"_ _14\"> </span>prevedendo <span class=\"_ _17\"> </span>p<span class=\"_ _2\"></span>ertanto <span class=\"_ _14\"> </span>la <span class=\"_ _17\"> </span>r<span class=\"_ _2\"></span>ilevazi<span class=\"_ _1\"></span>one <span class=\"_ _14\"> </span>di <span class=\"_ _14\"> </span>a<span class=\"_ _2\"></span>lcun <span class=\"_ _17\"> </span>ricavo <span class=\"_ _14\"> </span>al <span class=\"_ _14\"> </span>momento <span class=\"_ _14\"> </span>della<span class=\"_ _df\"> </span>sottoscrizione <span class=\"_ _f\"></span>del contratto. In <span class=\"_ _f\"></span>merito a <span class=\"_ _1\"></span>tale aspe<span class=\"_ _1\"></span>tto il <span class=\"_ _1\"></span>principio <span class=\"_ _f\"></span>\u00e8 asimmetrico in <span class=\"_ _f\"></span>quanto in <span class=\"_ _f\"></span>caso di <span class=\"_ _f\"></span>gruppi<span class=\"_ _df\"> </span>di contratti onerosi prevede la rilev<span class=\"_ _1\"></span>azione immediata delle perdite a conto economico;<span class=\"_ _df\"> </span><span class=\"_ _17\"> </span><span class=\"ff4\">la misurazione <span class=\"_ _f\"></span>della <span class=\"_ _f\"></span>perfor<span class=\"_ _2\"></span>man<span class=\"ff5\">ce: <span class=\"_ _f\"></span>nell\u2019ottica di<span class=\"_ _1\"></span> un\u2019<span class=\"_ _1\"></span>informativa che<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>garantisca <span class=\"_ _1\"></span>una <span class=\"_ _f\"></span>migliore comp<span class=\"_ _1\"></span>arabilit\u00e0<span class=\"_ _df\"> </span></span></span>degli <span class=\"_ _4\"> </span>andamenti <span class=\"_ _4\"> </span>delle <span class=\"_ _17\"> </span>Compagnie, <span class=\"_ _4\"> </span>\u00e8 <span class=\"_ _17\"> </span>prevista <span class=\"_ _17\"> </span>una <span class=\"_ _4\"> </span>rappresentazione <span class=\"_ _4\"> </span>distinta <span class=\"_ _17\"> </span>e <span class=\"_ _4\"> </span>s<span class=\"_ _2\"></span>eparata <span class=\"_ _4\"> </span>delle <span class=\"_ _4\"> </span>due<span class=\"_ _df\"> </span>componenti principali che tipicamente concorrono a formare la redditivit\u00e0 delle impre<span class=\"_ _2\"></span>se assicuratrici: la prima, che <span class=\"_ _1\"></span>rappresenta il profitto d<span class=\"_ _1\"></span>erivante dall\u2019attivit\u00e0 assicu<span class=\"_ _1\"></span>rativa prestata (il <span class=\"_ _1\"></span>c.d. \u201cmargine<span class=\"_ _1\"></span> tecnico\u201d) e<span class=\"_ _df\"> </span>la <span class=\"_ _14\"> </span>seconda <span class=\"_ _17\"> </span>che <span class=\"_ _14\"> </span>raggruppa <span class=\"_ _14\"> </span>invece <span class=\"_ _14\"> </span>tutte <span class=\"_ _14\"> </span>le <span class=\"_ _14\"> </span>componenti <span class=\"_ _14\"> </span>di <span class=\"_ _17\"> </span>c<span class=\"_ _2\"></span>arattere <span class=\"_ _14\"> </span>\u201cfinanziario\u201d <span class=\"_ _14\"> </span>(i <span class=\"_ _17\"> </span>r<span class=\"_ _2\"></span>isulta<span class=\"_ _1\"></span>ti <span class=\"_ _14\"> </span>degli<span class=\"_ _df\"> </span>investimenti, <span class=\"_ _14\"> </span>gli <span class=\"_ _15\"> </span>effetti <span class=\"_ _15\"> </span>delle <span class=\"_ _15\"> </span>variabili <span class=\"_ _15\"> </span>finanziarie <span class=\"_ _15\"> </span>utilizzate <span class=\"_ _15\"> </span>nelle <span class=\"_ _15\"> </span>valutazioni <span class=\"_ _15\"> </span>dei <span class=\"_ _14\"> </span>cont<span class=\"_ _2\"></span>ratti, <span class=\"_ _14\"> </span>ecc.). <span class=\"_ _15\"> </span>I<span class=\"_ _df\"> </span>cambiamenti <span class=\"_ _d\"></span>nelle <span class=\"_ _0\"></span>stime <span class=\"_ _0\"></span>future <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>premi <span class=\"_ _0\"></span>collegati <span class=\"_ _d\"></span>a <span class=\"_ _9\"> </span>contratti <span class=\"_ _0\"></span>in <span class=\"_ _d\"></span>essere <span class=\"_ _0\"></span>alla <span class=\"_ _0\"></span>data <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>reporting <span class=\"_ _0\"></span>(flussi <span class=\"_ _d\"></span>di<span class=\"_ _df\"> </span>cassa da ricevere) e di pagamenti (flussi di cassa da riconoscere) so<span class=\"_ _2\"></span>no rilevati a conto economico lungo<span class=\"_ _df\"> </span>la durata residua contrattuale delle polizze di<span class=\"_ _1\"></span> riferimento.<span class=\"_ _df\"> </span>Scelte<span class=\"_ _1\"></span> met<span class=\"_ _1\"></span>odolo<span class=\"_ _f\"></span>giche del<span class=\"_ _1\"></span> Gru<span class=\"_ _1\"></span>pp<span class=\"_ _1\"></span>o Nell\u2019ambito <span class=\"_ _d\"></span><span class=\"ff4\">delle <span class=\"_ _d\"></span>Compagnie <span class=\"_ _0\"></span>assicurative <span class=\"_ _0\"></span>il <span class=\"_ _d\"></span>principio <span class=\"_ _d\"></span>IFRS <span class=\"_ _0\"></span>17 <span class=\"_ _0\"></span>risulta <span class=\"_ _d\"></span>applicabile <span class=\"_ _d\"></span>ai <span class=\"_ _0\"></span>prodotti <span class=\"_ _0\"></span>assicurativi <span class=\"_ _d\"></span>e <span class=\"_ _d\"></span>ai </span>prodotti  finanziari <span class=\"_ _16\"> </span>con  e<span class=\"_ _1\"></span>lementi  di<span class=\"_ _1\"></span>  partecipazione <span class=\"_ _9\"> </span>d<span class=\"_ _2\"></span>iscrezionale  ag<span class=\"_ _1\"></span>li  u<span class=\"_ _1\"></span>tili  mentre  i <span class=\"_ _9\"> </span>prodot<span class=\"_ _2\"></span>ti  a <span class=\"_ _9\"> </span>prevalente contenuto <span class=\"_ _9\"> </span>finanziario <span class=\"_ _16\"> </span>sono <span class=\"_ _9\"> </span>classificati <span class=\"_ _16\"> </span>sotto <span class=\"_ _9\"> </span>IFRS9. <span class=\"_ _16\"> </span>Le <span class=\"_ _9\"> </span>principali <span class=\"_ _9\"> </span>scelte <span class=\"_ _16\"> </span>metodologiche <span class=\"_ _9\"> </span>affrontate <span class=\"_ _16\"> </span>hanno riguardato <span class=\"_ _d\"></span>la <span class=\"_ _2\"></span>quantificazione <span class=\"_ _d\"></span>dei <span class=\"_ _d\"></span>cash <span class=\"_ _d\"></span>flow <span class=\"_ _2\"></span>in <span class=\"_ _d\"></span>ottica <span class=\"_ _d\"></span>IFR<span class=\"_ _2\"></span>S <span class=\"_ _d\"></span>17, <span class=\"_ _2\"></span>la <span class=\"_ _0\"></span>definizione <span class=\"_ _2\"></span>della <span class=\"_ _d\"></span>curva <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>sconto <span class=\"_ _d\"></span>per <span class=\"_ _d\"></span>la <span class=\"_ _d\"></span>loro attualizzazione, <span class=\"_ _17\"> </span>nonch\u00e9 <span class=\"_ _17\"> </span>la <span class=\"_ _14\"> </span>quantificazione<span class=\"_ _1\"></span> <span class=\"_ _17\"> </span>d<span class=\"_ _2\"></span>el <span class=\"_ _17\"> </span>CSM <span class=\"_ _17\"> </span>per <span class=\"_ _17\"> </span>il <span class=\"_ _14\"> </span>bilancio <span class=\"_ _17\"> </span>consolidato <span class=\"_ _14\"> </span>del <span class=\"_ _17\"> </span>Gruppo, <span class=\"_ _17\"> </span>al <span class=\"_ _14\"> </span>fine <span class=\"_ _17\"> </span>di considerare <span class=\"_ _d\"></span>gli <span class=\"_ _0\"></span>effettivi <span class=\"_ _0\"></span>costi <span class=\"_ _0\"></span>di <span class=\"_ _0\"> </span>distr<span class=\"_ _2\"></span>ibuzi<span class=\"_ _1\"></span>one/gestione <span class=\"_ _0\"></span>nei <span class=\"_ _d\"></span>f<span class=\"_ _2\"></span>lussi <span class=\"_ _0\"></span>prospettici <span class=\"_ _0\"></span>delle <span class=\"_ _d\"></span>pass<span class=\"_ _2\"></span>ivit\u00e0 <span class=\"_ _d\"></span>as<span class=\"_ _d\"></span>sicurative <span class=\"_ _d\"></span>in luogo delle<span class=\"_ _1\"></span> provvigioni regolate <span class=\"_ _1\"></span>tr<span class=\"_ _2\"></span>a Crede<span class=\"_ _1\"></span>mvita e le <span class=\"_ _1\"></span>societ\u00e0 distributrici del <span class=\"_ _1\"></span>Gruppo. Di seguito sono <span class=\"_ _1\"></span>riportate<span class=\"_ _df\"> </span>le principali scelte metodologi<span class=\"_ _1\"></span>che ass<span class=\"_ _2\"></span>unte dal Gruppo:<span class=\"_ _df\"> </span><span class=\"ff10\"> <span class=\"_ _2\"></span><span class=\"ff4\">Livello di <span class=\"_ _1\"></span>aggregazione e opzi<span class=\"_ _1\"></span>one <span class=\"ff5\">\u201c</span>carve out<span class=\"ff5\">\u201d</span> sulle coorti: il <span class=\"_ _1\"></span>livello di aggregazione permette di<span class=\"_ _1\"></span> definire la<span class=\"_ _df\"> </span></span></span>granularit\u00e0 <span class=\"_ _0\"> </span>con <span class=\"_ _9\"> </span>cui <span class=\"_ _9\"> </span>viene <span class=\"_ _9\"> </span>valutata <span class=\"_ _9\"> </span>la <span class=\"_ _9\"> </span>redditivit\u00e0 <span class=\"_ _0\"></span>di <span class=\"_ _9\"> </span>un <span class=\"_ _9\"> </span>gruppo <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>contratti, <span class=\"_ _9\"> </span>andando <span class=\"_ _0\"> </span>a <span class=\"_ _9\"> </span>r<span class=\"_ _2\"></span>aggruppare <span class=\"_ _0\"></span>nel<span class=\"_ _df\"> </span>medesimo portafoglio quelli che:<span class=\"_ _df\"> </span>o<span class=\"ff10\"> <span class=\"_ _5\"> </span><span class=\"ff4\">presentano r<span class=\"_ _2\"></span>ischi simili e sono ge<span class=\"_ _1\"></span>stiti unitariamente;<span class=\"_ _df\"> </span></span></span>o<span class=\"ff10\"> <span class=\"_ _5\"> </span><span class=\"ff4\">hanno profitt<span class=\"_ _2\"></span>abilit\u00e0 attesa <span class=\"ff5\">simile all\u2019emissione (<span class=\"_ _1\"></span>c.d. bucket di profittabilit\u00e0); </span></span></span>o<span class=\"ff10\"> <span class=\"_ _5\"> </span><span class=\"ff4\">appartengono alla stess<span class=\"_ _2\"></span>a ge<span class=\"_ _1\"></span>nerazione (c.d. coorte annuale). </span></span>Con <span class=\"_ _9\"> </span>r<span class=\"_ _2\"></span>iferimento <span class=\"_ _9\"> </span>ai <span class=\"_ _9\"> </span>contratti  ap<span class=\"_ _f\"></span>partenenti <span class=\"_ _16\"> </span>a <span class=\"_ _9\"> </span>prodotti <span class=\"_ _16\"> </span>Multiramo <span class=\"_ _9\"> </span>o <span class=\"_ _16\"> </span>collegati <span class=\"_ _9\"> </span>ad <span class=\"_ _9\"> </span>una  Ge<span class=\"_ _1\"></span>stione <span class=\"_ _9\"> </span>Separata<span class=\"_ _df\"> </span>valutati secondo <span class=\"_ _1\"></span>il princip<span class=\"_ _1\"></span>io IFRS17, il <span class=\"ff5\">Grup<span class=\"_ _1\"></span>po ha de<span class=\"_ _1\"></span>ciso di e<span class=\"_ _1\"></span>sercitare l\u2019opzi<span class=\"_ _1\"></span>one di <span class=\"_ _1\"></span>non applicare<span class=\"_ _1\"></span> il requisito<span class=\"_ _df\"> </span></span>della <span class=\"_ _2\"></span>Coorte <span class=\"_ _2\"></span>Annuale <span class=\"_ _2\"></span>(\u201cCarve <span class=\"_ _d\"></span>Out\u201d) <span class=\"_ _2\"></span>cos<span class=\"_ _2\"></span>\u00ec <span class=\"_ _2\"></span>come <span class=\"_ _2\"></span>previsto <span class=\"_ _2\"></span>dal <span class=\"_ _2\"></span>Regolamento <span class=\"_ _d\"></span>di <span class=\"_ _2\"></span>omologazione <span class=\"_ _2\"></span>dell\u2019IFRS <span class=\"_ _2\"></span>17 <span class=\"_ _d\"></span>a<span class=\"_ _df\"> </span>livello <span class=\"_ _d\"></span>europeo <span class=\"_ _d\"></span>e <span class=\"_ _0\"></span>quindi <span class=\"_ _d\"></span>aggregare <span class=\"_ _0\"></span>queste <span class=\"_ _d\"></span>tipologie <span class=\"_ _d\"></span>contr<span class=\"_ _2\"></span>attuali <span class=\"_ _d\"></span>solo <span class=\"_ _d\"></span>con <span class=\"_ _0\"></span>riguardo <span class=\"_ _0\"> </span>al <span class=\"_ _0\"></span>concetto <span class=\"_ _d\"></span>di <span class=\"_ _0\"></span>rischi<span class=\"_ _df\"> </span>simili e gestione unitaria e all\u2019appartene<span class=\"_ _1\"></span>nza allo stesso bucket di profittabilit\u00e0;<span class=\"_ _df\"> </span>L\u2019aggregazione in gruppi <span class=\"_ _2\"></span>di contratti \u00e8 <span class=\"_ _2\"></span>rimasta invariata rispetto all\u2019anno precedente, <span class=\"_ _2\"></span>ma integra i <span class=\"_ _2\"></span>nuovi<span class=\"_ _df\"> </span>portafogli <span class=\"_ _0\"></span>identificati <span class=\"_ _d\"></span>per <span class=\"_ _0\"></span>la <span class=\"_ _0\"></span>gestione <span class=\"_ _0\"></span>delle <span class=\"_ _0\"></span>nuove <span class=\"_ _d\"></span>t<span class=\"_ _2\"></span>ipologie <span class=\"_ _d\"></span>di <span class=\"_ _0\"></span>prodotti <span class=\"_ _0\"></span>entrati <span class=\"_ _0\"></span>in <span class=\"_ _d\"></span>collocamento <span class=\"_ _0\"></span>durante<span class=\"_ _df\"> </span>l\u2019anno. <span class=\"ff4\">Pi\u00f9 nel dettaglio:<span class=\"_ _df\"> </span></span>o<span class=\"ff10\"> <span class=\"_ _5\"> </span><span class=\"ff4\">r<span class=\"_ _2\"></span>imane  i<span class=\"_ _1\"></span>nvariata  la  valutazione  ex-IFRS  9  delle  dalle  polizze  Unit  Li<span class=\"_ _1\"></span>nked  stand  alone<span class=\"_ _df\"> </span></span></span>(portafoglio  1) <span class=\"_ _9\"> </span>e  dai  p<span class=\"_ _1\"></span>rodotti  F<span class=\"_ _f\"></span>ondo  Pensione <span class=\"_ _16\"> </span>e  P<span class=\"_ _f\"></span>IP  (portafoglio  2 <span class=\"_ _16\"> </span>Risparmio <span class=\"_ _16\"> </span>Gest<span class=\"_ _2\"></span>ito).<span class=\"_ _df\"> </span>Rispetto <span class=\"_ _16\"> </span>ai <span class=\"_ _16\"> </span>prodotti <span class=\"_ _16\"> </span>Unit <span class=\"_ _16\"> </span>Linke<span class=\"_ _1\"></span>d <span class=\"_ _16\"> </span>e <span class=\"_ _16\"> </span>Fondo <span class=\"_ _9\"> </span>Pensione  emessi <span class=\"_ _9\"> </span>nel  corso  d<span class=\"_ _1\"></span>ell\u2019anno <span class=\"_ _9\"> </span>non  si<span class=\"_ _df\"> </span>evidenziano <span class=\"_ _2\"></span>cambiamenti in <span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>ermini di <span class=\"_ _2\"></span>significativit\u00e0 <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>rischio <span class=\"_ _2\"></span>assicurativo <span class=\"_ _2\"></span>sottostante<span class=\"_ _df\"> </span>tali da determinare la necessit\u00e0 di una valutazione ex-<span class=\"ff5\">IFRS 17 di quest\u2019ul</span>timi;<span class=\"_ _df\"> </span>o<span class=\"ff10\"> <span class=\"_ _5\"> </span><span class=\"ff4\">r<span class=\"_ _2\"></span>imane invariata <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>valutazione <span class=\"_ _2\"></span>ex-IFRS <span class=\"_ _2\"></span>17 <span class=\"_ _d\"></span>dei prodotti <span class=\"_ _2\"></span>relativi <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>Gestione <span class=\"_ _2\"></span>Separate s<span class=\"_ _2\"></span>tand<span class=\"_ _df\"> </span></span></span>alone, <span class=\"_ _2\"></span>Puro <span class=\"_ _d\"></span>Rischio <span class=\"_ _2\"></span>e <span class=\"_ _d\"></span>Multiramo. <span class=\"_ _2\"></span>Fermo <span class=\"_ _d\"></span>restando <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>necessit\u00e0 <span class=\"_ _d\"></span>di <span class=\"_ _2\"></span>suddividere <span class=\"_ _2\"></span>i <span class=\"_ _d\"></span>portafogli<span class=\"_ _df\"> </span>ex<span class=\"ls0\">-<span class=\"ff5\">IFRS 17 per p<span class=\"_ _1\"></span>rofittabilit\u00e0 attesa e<span class=\"_ _1\"></span> l\u2019esercizio <span class=\"_ _1\"></span>dell\u2019opzione di car<span class=\"ff4\">ve out d<span class=\"_ _1\"></span>i cui <span class=\"_ _1\"></span>sopra, sono<span class=\"_ _df\"> </span></span></span></span>identificabili macro portafogli separati per Gestione Separata 1, Gestioni Separate 2 e <span class=\"_ _2\"></span>per<span class=\"_ _df\"> </span>le <span class=\"_ _d\"></span>Specifiche <span class=\"_ _d\"></span>Provviste <span class=\"_ _0\"></span>collocate <span class=\"_ _d\"></span>durante <span class=\"_ _d\"></span>il <span class=\"_ _0\"></span>2023. <span class=\"_ _d\"></span>Inoltre <span class=\"_ _d\"></span>il <span class=\"_ _d\"></span>prodotto <span class=\"_ _0\"></span>Risparmio <span class=\"_ _d\"></span>Protetto,<span class=\"_ _df\"> </span>avente <span class=\"_ _2\"></span>come <span class=\"_ _d\"></span>sottostant<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>sia <span class=\"_ _d\"></span>la <span class=\"_ _2\"></span>Gestione <span class=\"_ _d\"></span>Separat<span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>2 <span class=\"_ _d\"></span>che <span class=\"_ _d\"></span>la <span class=\"_ _d\"></span>Gestione <span class=\"_ _2\"></span>Separata <span class=\"_ _d\"></span>3 <span class=\"_ _d\"></span>\u00e8 <span class=\"_ _2\"></span>st<span class=\"_ _2\"></span>ata<span class=\"_ _df\"> </span>identificato un macro portafoglio a s\u00e9 stante;<span class=\"_ _df\"> </span>o<span class=\"ff10\"> <span class=\"_ _5\"> </span><span class=\"ff4\">Per i prodott<span class=\"_ _2\"></span>i Multiramo sia la componente di Ramo I che la componente di Ramo III sono<span class=\"_ _df\"> </span></span></span>soggette  alla <span class=\"_ _4\"> </span>valu<span class=\"_ _1\"></span>tazione <span class=\"_ _22\"> </span>cong<span class=\"_ _2\"></span>iunta  ex-IFRS17. <span class=\"_ _4\"> </span>Durante  il <span class=\"_ _22\"> </span>202<span class=\"_ _2\"></span>5  \u00e8 <span class=\"_ _4\"> </span>stata  finalizzata<span class=\"_ _2\"></span>  la<span class=\"_ _df\"> </span>creazione  e  collocamento  tramite  la  rete  d\u2019intermediazione  del  Gruppo  del  prodotto<span class=\"_ _df\"> </span>Multiramo <span class=\"_ _22\"> </span>Or<span class=\"_ _2\"></span>izzonte  by <span class=\"_ _4\"> </span>C<span class=\"_ _1\"></span>redemvita <span class=\"_ _4\"> </span>la  quale <span class=\"_ _22\"> </span>per <span class=\"_ _4\"> </span>la  componente <span class=\"_ _22\"> </span>di <span class=\"_ _4\"> </span>ramo <span class=\"_ _22\"> </span>I <span class=\"_ _4\"> </span>ha  come<span class=\"_ _df\"> </span>sottostante <span class=\"_ _d\"></span>una <span class=\"_ _d\"></span>nuova <span class=\"_ _d\"></span>gestione <span class=\"_ _d\"></span>separata <span class=\"_ _0\"></span>dedicata. <span class=\"_ _2\"></span>Pertanto <span class=\"_ _0\"></span>venendo <span class=\"_ _2\"></span>meno <span class=\"_ _d\"></span>il <span class=\"_ _0\"></span>principio<span class=\"_ _df\"> </span>della <span class=\"_ _4\"> </span>gestione <span class=\"_ _22\"> </span>u<span class=\"_ _2\"></span>nitaria <span class=\"_ _4\"> </span>con <span class=\"_ _4\"> </span>altri <span class=\"_ _4\"> </span>prodotti <span class=\"_ _4\"> </span>della  Com<span class=\"_ _2\"></span>pagnia  a<span class=\"_ _2\"></span>venti <span class=\"_ _4\"> </span>rischio <span class=\"_ _4\"> </span>simile, <span class=\"_ _22\"> </span>tal<span class=\"_ _2\"></span>e<span class=\"_ _df\"> </span>prodotto ha visto la necessit\u00e0 de<span class=\"_ _1\"></span>lla creazione di un portafoglio IFRS17 ded<span class=\"_ _1\"></span>icato, soggetto<span class=\"_ _df\"> </span>poi <span class=\"_ _9\"> </span>a  su<span class=\"_ _1\"></span>a <span class=\"_ _16\"> </span>volta <span class=\"_ _9\"> </span>alla <span class=\"_ _9\"> </span>segmentazione <span class=\"_ _9\"> </span>per  p<span class=\"_ _1\"></span>rofittabilit\u00e0 <span class=\"_ _16\"> </span>attesa. <span class=\"_ _9\"> </span>Tale <span class=\"_ _9\"> </span>marco  p<span class=\"_ _1\"></span>ortafogli<span class=\"_ _2\"></span>o <span class=\"_ _9\"> </span>si<span class=\"_ _df\"> </span>aggiunge <span class=\"_ _0\"></span>ai <span class=\"_ _9\"> </span>pre-esistenti <span class=\"_ _9\"> </span>macro <span class=\"_ _9\"> </span>port<span class=\"_ _2\"></span>afogli <span class=\"_ _0\"></span>inerenti <span class=\"_ _0\"></span>ai <span class=\"_ _9\"> </span>prodott<span class=\"_ _2\"></span>i <span class=\"_ _0\"></span>legati <span class=\"_ _9\"> </span>alle <span class=\"_ _9\"> </span>altre <span class=\"_ _9\"> </span>gestioni<span class=\"_ _df\"> </span>separate Gestione Separata 1. Gestione Se<span class=\"_ _1\"></span>parata 2 e Gestione Separata 3;<span class=\"_ _df\"> </span>o<span class=\"ff10\"> <span class=\"_ _5\"> </span><span class=\"ff4\">Per <span class=\"_ _2\"></span>i prodotti di <span class=\"_ _2\"></span>Puro Rischio non si <span class=\"_ _2\"></span>evid<span class=\"_ _1\"></span>enziano integrazioni r<span class=\"_ _2\"></span>ispetto agli anni prece<span class=\"_ _2\"></span>denti<span class=\"_ _df\"> </span></span></span>rimanendo <span class=\"_ _d\"></span>i <span class=\"_ _0\"></span>prodotti <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>oggetto <span class=\"_ _d\"></span>class<span class=\"_ _2\"></span>ificati <span class=\"_ _d\"></span>all\u2019interno <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>1 <span class=\"_ _d\"></span>macro <span class=\"_ _0\"></span>portafoglio <span class=\"_ _d\"></span>valutato <span class=\"_ _0\"></span>al<span class=\"_ _df\"> </span>General Model;<span class=\"_ _df\"> </span>o<span class=\"ff10\"> <span class=\"_ _5\"> </span><span class=\"ff4\">Anche la <span class=\"_ _f\"></span>r<span class=\"_ _2\"></span>iassicurazione <span class=\"_ _f\"></span>ceduta \u00e8 <span class=\"_ _f\"></span>valutata interamente se<span class=\"_ _1\"></span>condo <span class=\"_ _f\"></span>IFRS 17 al <span class=\"_ _f\"></span>General <span class=\"_ _1\"></span>Model.<span class=\"_ _df\"> </span></span></span>La <span class=\"_ _f\"></span>classificazione e<span class=\"_ _1\"></span> portafogliazione<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>dipende <span class=\"_ _1\"></span>da <span class=\"_ _f\"></span>t<span class=\"_ _2\"></span>rattato e <span class=\"_ _f\"></span>natura <span class=\"_ _f\"></span>e tipo <span class=\"_ _f\"></span>di <span class=\"_ _f\"></span>cont<span class=\"_ _2\"></span>ratto. <span class=\"_ _1\"></span>Sono<span class=\"_ _df\"> </span>pertanto  valutati  separatamente  i  trattati  di  riass<span class=\"_ _2\"></span>icurazioni  a  cope<span class=\"_ _1\"></span>rtura  delle  polizze<span class=\"_ _df\"> </span>relative <span class=\"_ _18\"> </span>a <span class=\"_ _19\"> </span>temporanea <span class=\"_ _18\"> </span>caso <span class=\"_ _18\"> </span>morte, <span class=\"_ _19\"> </span>cessione <span class=\"_ _18\"> </span>del <span class=\"_ _18\"> </span>quinto, <span class=\"_ _18\"> </span>credit <span class=\"_ _19\"> </span>protection <span class=\"_ _18\"> </span>e <span class=\"_ _18\"> </span>la<span class=\"_ _df\"> </span>riassicurazione legata al prodotto Orizzonte by Credemvita;<span class=\"_ _df\"> </span><span class=\"ff10\"> <span class=\"_ _8\"> </span><span class=\"ff4\">Curva <span class=\"_ _2\"></span>di scont<span class=\"_ _2\"></span>o: il <span class=\"_ _2\"></span>Gruppo <span class=\"_ _2\"></span>ha deciso di <span class=\"_ _2\"></span>utilizzare un <span class=\"_ _2\"></span>approccio Bot<span class=\"_ _2\"></span>tom-<span class=\"ff5\">Up, che <span class=\"_ _2\"></span>prevede l\u2019utilizzo <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>tassi<span class=\"_ _df\"> </span></span></span></span>privi d<span class=\"_ _1\"></span>i rischio con l<span class=\"_ _1\"></span>\u2019aggiunta di un premio <span class=\"_ _1\"></span>di liquidit\u00e0. <span class=\"_ _1\"></span>Tale premio di li<span class=\"_ _1\"></span>quidit\u00e0 viene stimato sulla <span class=\"_ _1\"></span>base del<span class=\"_ _df\"> </span>rischio insito all\u2019interno <span class=\"ff4\">del portafoglio titoli, calcolato:<span class=\"_ _df\"> </span></span>o<span class=\"ff10\"> <span class=\"_ _2f\"> </span><span class=\"ff4\">per singol<span class=\"_ _1\"></span>a Gestione Sep<span class=\"_ _1\"></span>arata quale base<span class=\"_ _1\"></span> di determinazione d<span class=\"_ _1\"></span>ella curva di <span class=\"_ _1\"></span>sconto dei portafogli I<span class=\"_ _f\"></span>FRS<span class=\"_ _df\"> </span></span></span>17 legati a prodotti di Ramo I e Multiramo;<span class=\"_ _df\"> </span>o<span class=\"ff10\"> <span class=\"_ _2f\"> </span><span class=\"ff4\">per portafoglio <span class=\"_ _2\"></span>libero <span class=\"_ _2\"></span>quale sottost<span class=\"_ _2\"></span>ante di <span class=\"_ _2\"></span>determinazione della <span class=\"_ _2\"></span>curva <span class=\"_ _2\"></span>di sc<span class=\"_ _2\"></span>onto <span class=\"_ _2\"></span>dei pro<span class=\"_ _2\"></span>dotti di <span class=\"_ _2\"></span>puro<span class=\"_ _df\"> </span></span></span>rischio e business cedu<span class=\"_ _1\"></span>to;<span class=\"_ _df\"> </span>In conformit\u00e0 a quanto enunciato dal principio IFRS 17, di seguito s<span class=\"_ _2\"></span>i riepilog<span class=\"_ _1\"></span>ano i tassi di sconto<span class=\"_ _2\"></span>, sud<span class=\"_ _1\"></span>divisi<span class=\"_ _df\"> </span>per <span class=\"_ _2\"></span>tipologia <span class=\"_ _2\"></span>di mo<span class=\"_ _2\"></span>dell<span class=\"_ _1\"></span>o <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>valutazione <span class=\"_ _2\"></span>IFRS 17<span class=\"_ _2\"></span>, <span class=\"_ _2\"></span>sottostanti <span class=\"_ _2\"></span>le valutazioni <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>31.12.2025. <span class=\"_ _2\"></span>S<span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>evidenzia <span class=\"_ _2\"></span>come<span class=\"_ _df\"> </span>la curva r<span class=\"_ _2\"></span>iportata \u00e8 <span class=\"_ _2\"></span>data dalla media ponderata <span class=\"_ _2\"></span>delle curve sott<span class=\"_ _2\"></span>ostanti ogni portafoglio IFRS <span class=\"_ _2\"></span>17 relativo <span class=\"_ _2\"></span>al<span class=\"_ _df\"> </span>business diretto.<table class=\"s w95d h496\" id=\"_45577700-ee0d-45d5-9cbb-13d3f785c1fd\"><tr><td class=\"c x2d6 y2550 w95e h497\"><div class=\"t m0 x250 h5 y254f ff4 fs1 fc1 sc0 ls0 ws0\">Classificazione portafogli<span class=\"_ _df\"> </span></div></td><td></td><td></td><td class=\"c x2d7 y2551 w2d4 h221\"><div class=\"t m0 x161 h5 y35e ff4 fs1 fc1 sc0 ls0 ws0\">Curva al 31.12.2025 </div></td><td></td><td></td><td></td></tr><tr><td class=\"c x2d8 y2552 w95f h497\"><div class=\"t m0 x250 h5 y254f ff4 fs1 fc1 sc0 ls0 ws0\">IFRS 17<span class=\"_ _df\"> </span></div></td><td class=\"c x2d7 y2553 w2d5 h69\"><div class=\"t m0 x116 h5 y392 ff4 fs1 fc1 sc0 ls0 ws0\">1 anno </div></td><td class=\"c x2d9 y2553 waf h69\"><div class=\"t m0 x2e h5 y392 ff4 fs1 fc1 sc0 ls0 ws0\">5 anni </div></td><td class=\"c x2da y2553 w2d6 h69\"><div class=\"t m0 x116 h5 y392 ff4 fs1 fc1 sc0 ls0 ws0\">10 anni </div></td><td class=\"c x2db y2553 w2d7 h69\"><div class=\"t m0 x2f h5 y392 ff4 fs1 fc1 sc0 ls0 ws0\">15 anni </div></td><td class=\"c x2dc y2553 w2d8 h69\"><div class=\"t m0 x8e h5 y392 ff4 fs1 fc1 sc0 ls0 ws0\">20 anni </div></td><td class=\"c x2dd y2553 wab h69\"><div class=\"t m0 x8e h5 y2ea ff4 fs1 fc1 sc0 ls0 ws0\">30 anni </div></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td class=\"c x2dd y2554 wab h222\"><div class=\"t m0 x16a h5 yab9 ff4 fs1 fc1 sc0 ls0 ws0\">3,62% </div></td></tr><tr><td class=\"c x2de y2554 w2d3 h222\"><div class=\"t m0 x10 h5 y45 ff4 fs1 fc1 sc0 ls0 ws0\">Variable Fee Approach <span class=\"ff5\">\u2013</span> VFA </div></td><td class=\"c x2d7 y2554 w2d5 h222\"><div class=\"t m0 x2a h5 y45 ff4 fs1 fc1 sc0 ls0 ws0\">2,41% </div></td><td class=\"c x2d9 y2554 waf h222\"><div class=\"t m0 x2e h5 y45 ff4 fs1 fc1 sc0 ls0 ws0\">2,81% </div></td><td class=\"c x2da y2554 w2d6 h222\"><div class=\"t m0 x2e h5 y45 ff4 fs1 fc1 sc0 ls0 ws0\">3,19% </div></td><td class=\"c x2db y2554 w2d7 h222\"><div class=\"t m0 x16a h5 y45 ff4 fs1 fc1 sc0 ls0 ws0\">3,44% </div></td><td class=\"c x2dc y2554 w2d8 h222\"><div class=\"t m0 x16a h5 y45 ff4 fs1 fc1 sc0 ls0 ws0\">3,54% </div></td><td></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td class=\"c x2dd y2555 wab hf6\"><div class=\"t m0 x16a h5 yab9 ff4 fs1 fc1 sc0 ls0 ws0\">3,50% </div></td></tr><tr><td class=\"c x2de y2555 w2d3 hf6\"><div class=\"t m0 x10 h5 y45 ff4 fs1 fc1 sc0 ls0 ws0\">General Model <span class=\"ff5\">\u2013</span> <span class=\"ls1\">GM</span> </div></td><td class=\"c x2d7 y2555 w2d5 hf6\"><div class=\"t m0 x116 h5 y45 ff4 fs1 fc1 sc0 ls0 ws0\">2,29% </div></td><td class=\"c x2d9 y2555 waf hf6\"><div class=\"t m0 x2e h5 y45 ff4 fs1 fc1 sc0 ls0 ws0\">2,70% </div></td><td class=\"c x2da y2555 w2d6 hf6\"><div class=\"t m0 x2a h5 y45 ff4 fs1 fc1 sc0 ls0 ws0\">3,08% </div></td><td class=\"c x2db y2555 w2d7 hf6\"><div class=\"t m0 x16a h5 y45 ff4 fs1 fc1 sc0 ls0 ws0\">3,33% </div></td><td class=\"c x2dc y2555 w2d8 hf6\"><div class=\"t m0 x16a h5 y45 ff4 fs1 fc1 sc0 ls0 ws0\">3,43% </div></td><td></td></tr></table><span class=\"_ _27\"> </span><span class=\"ff4\">Risk <span class=\"_ _d\"></span>adjustment: <span class=\"_ _d\"></span>viene <span class=\"_ _d\"></span>determi<span class=\"_ _2\"></span>nato <span class=\"_ _d\"></span>utilizzando <span class=\"_ _d\"></span>una <span class=\"_ _d\"></span>metodologia <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>tipo <span class=\"_ _d\"></span>Value <span class=\"_ _d\"></span>at <span class=\"_ _d\"></span>Risk <span class=\"_ _d\"></span>(VaR) <span class=\"_ _d\"></span>che <span class=\"_ _d\"></span>st<span class=\"_ _2\"></span>ima<span class=\"_ _df\"> </span></span>l\u2019incertezza  dei <span class=\"_ _4\"> </span>rischi <span class=\"_ _22\"> </span>non <span class=\"_ _4\"> </span>finanziari <span class=\"_ _4\"> </span><span class=\"ff4\">sulla  base <span class=\"_ _4\"> </span>del  80\u00b0 <span class=\"_ _4\"> </span>percentile  della <span class=\"_ _4\"> </span>distribuzi<span class=\"_ _1\"></span>one <span class=\"_ _22\"> </span>di <span class=\"_ _4\"> </span>probabilit\u00e0<span class=\"_ _df\"> </span></span>aggregata dei rischi tecnici insiti nel portafoglio.<span class=\"_ _df\"> </span><span class=\"_ _27\"> </span><span class=\"ff4\">Variable  Fee <span class=\"_ _4\"> </span>App<span class=\"_ _1\"></span>roach <span class=\"_ _22\"> </span>(VFA): <span class=\"_ _4\"> </span>come  evidenziato  in  precedenza, <span class=\"_ _4\"> </span>il  VFA  \u00e8 <span class=\"_ _4\"> </span>un  modell<span class=\"_ _1\"></span>o <span class=\"_ _22\"> </span>previsto <span class=\"_ _4\"> </span>dallo<span class=\"_ _df\"> </span></span>Standard <span class=\"_ _d\"></span>obbligatorio <span class=\"_ _d\"></span>per <span class=\"_ _d\"></span>i <span class=\"_ _d\"></span>contratti <span class=\"_ _d\"></span>che <span class=\"_ _0\"></span>prevedono <span class=\"_ _d\"></span>una <span class=\"_ _d\"></span>significativa <span class=\"_ _d\"></span>partecipazione <span class=\"_ _d\"></span>discrezionale <span class=\"_ _d\"></span>agli<span class=\"_ _df\"> </span>utili <span class=\"_ _9\"> </span>finanziari <span class=\"_ _9\"> </span>da <span class=\"_ _9\"> </span>parte <span class=\"_ _9\"> </span>dell\u2019assicurato. <span class=\"_ _9\"> </span>Per <span class=\"_ _9\"> </span>determinare <span class=\"_ _9\"> </span>s<span class=\"_ _2\"></span>e <span class=\"_ _0\"> </span>la <span class=\"_ _16\"> </span>partecip<span class=\"_ _1\"></span>azione <span class=\"_ _9\"> </span>discrezionale <span class=\"_ _9\"> </span>agli <span class=\"_ _16\"> </span>utili <span class=\"_ _0\"></span>\u00e8<span class=\"_ _df\"> </span>significativa, <span class=\"_ _0\"></span>viene <span class=\"_ _9\"> </span>eseguito <span class=\"_ _9\"> </span>un <span class=\"_ _9\"> </span>test <span class=\"_ _9\"> </span>sia <span class=\"_ _9\"> </span>di <span class=\"_ _0\"> </span>nat<span class=\"_ _2\"></span>ura <span class=\"_ _0\"></span>qualitativa <span class=\"_ _0\"></span>che <span class=\"_ _9\"> </span>quantitativa <span class=\"_ _9\"> </span>per <span class=\"_ _9\"> </span>ve<span class=\"_ _2\"></span>rificare <span class=\"_ _0\"></span>i <span class=\"_ _9\"> </span>requisiti<span class=\"_ _df\"> </span>previsti. <span class=\"_ _0\"></span>Nell\u2019ambito <span class=\"_ _9\"> </span>dei <span class=\"_ _0\"></span>prodot<span class=\"_ _2\"></span>ti <span class=\"_ _0\"></span>di <span class=\"_ _9\"> </span>Credemvita <span class=\"_ _9\"> </span>vengono <span class=\"_ _0\"></span>misur<span class=\"_ _2\"></span>ati <span class=\"_ _0\"></span>con <span class=\"_ _9\"> </span>il <span class=\"_ _9\"> </span>Variable <span class=\"_ _0\"></span>Fee <span class=\"_ _9\"> </span>Approach <span class=\"_ _9\"> </span>tutti <span class=\"_ _9\"> </span>i<span class=\"_ _df\"> </span>contratti collegati ad una Gestione Se<span class=\"_ _1\"></span>parata, sia individuali che di tipo Multiramo.<span class=\"_ _df\"> </span><span class=\"_ _27\"> </span><span class=\"ff4\">Coverage Unit: <span class=\"_ _2\"></span>le Coverage U<span class=\"_ _2\"></span>nit rappresentano i<span class=\"_ _2\"></span>l driver con <span class=\"_ _2\"></span>il quale viene determinato<span class=\"_ _2\"></span> il rilascio del CS<span class=\"_ _2\"></span>M<span class=\"_ _df\"> </span></span>a conto economico, tenendo in considerazione la quantit\u00e0 di serv<span class=\"_ _1\"></span>izi assicurativi e finanziari.<span class=\"_ _df\"> </span><span class=\"_ _27\"> </span><span class=\"ff5\">Contr<span class=\"_ _2\"></span>act <span class=\"_ _9\"> </span>Boundaries: <span class=\"_ _16\"> </span>si <span class=\"_ _16\"> </span>intende <span class=\"_ _9\"> </span>l\u2019insieme  delle<span class=\"_ _1\"></span>  reg<span class=\"_ _1\"></span>ole  ch<span class=\"_ _1\"></span>e <span class=\"_ _16\"> </span>definisce <span class=\"_ _16\"> </span>in <span class=\"_ _9\"> </span>ch<span class=\"_ _2\"></span>e <span class=\"_ _9\"> </span>misura  una <span class=\"_ _9\"> </span>deter<span class=\"_ _2\"></span>minata<span class=\"_ _df\"> </span></span>op<span class=\"ff5 ls0\">zione rientri all\u2019interno <span class=\"_ _2\"></span>della pr<span class=\"_ _2\"></span>oiezione<span class=\"_ _1\"></span> d<span class=\"_ _2\"></span>ei flussi di <span class=\"_ _2\"></span>cassa di <span class=\"_ _2\"></span>un contratto<span class=\"_ _2\"></span> assicurativo.<span class=\"_ _2\"></span><span class=\"ff4\"> Il paragr<span class=\"_ _2\"></span>afo 34<span class=\"_ _df\"> </span></span></span>dello <span class=\"_ _4\"> </span>Standard, <span class=\"_ _4\"> </span>a <span class=\"_ _4\"> </span>tal <span class=\"_ _17\"> </span>proposito, <span class=\"_ _4\"> </span>stabilisce <span class=\"_ _4\"> </span>che <span class=\"_ _4\"> </span>i <span class=\"_ _4\"> </span>fl<span class=\"_ _2\"></span>ussi <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>cassa <span class=\"_ _4\"> </span>rientrano <span class=\"_ _17\"> </span>all\u2019interno <span class=\"_ _4\"> </span>del <span class=\"_ _4\"> </span>\u201cContract<span class=\"_ _df\"> </span>Boundary\u201d <span class=\"_ _2\"></span>di un <span class=\"_ _2\"></span>contratto <span class=\"_ _2\"></span>assicurativo s<span class=\"_ _2\"></span>e der<span class=\"_ _2\"></span><span class=\"ff4\">ivano <span class=\"_ _2\"></span>da diritti <span class=\"_ _2\"></span>ed <span class=\"_ _2\"></span>obblighi che <span class=\"_ _2\"></span>esistono <span class=\"_ _2\"></span>durante <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>periodo<span class=\"_ _df\"> </span></span>di reporting <span class=\"_ _1\"></span>in cui <span class=\"_ _1\"></span>la Compagnia <span class=\"_ _1\"></span>ha diritto a <span class=\"_ _f\"></span>ricevere dall\u2019assicurato i premi <span class=\"_ _f\"></span>o ha l\u2019obbligo <span class=\"_ _1\"></span>di fornire servizi<span class=\"_ _df\"> </span>legati al contratto assicurativo s<span class=\"_ _f\"></span>t<span class=\"_ _2\"></span>esso. <span class=\"ff5\">L\u2019obbligo di fornire servizi legati al co</span>ntratto assicurativo te<span class=\"_ _1\"></span>rmina<span class=\"_ _df\"> </span>pertanto nel m<span class=\"_ _f\"></span>o<span class=\"_ _2\"></span>mento <span class=\"_ _1\"></span>in cui <span class=\"_ _1\"></span>la Comp<span class=\"_ _1\"></span>agnia si trova<span class=\"_ _f\"></span> nelle condizioni <span class=\"_ _1\"></span>di de<span class=\"_ _1\"></span>finire nuov<span class=\"_ _1\"></span>amente un prezzo <span class=\"_ _1\"></span>per<span class=\"_ _df\"> </span>i rischi coperti dal contratto assicu<span class=\"_ _1\"></span>rativo e/o ridefinire le coperture tali da riflettere pienamente i rischi.<span class=\"_ _df\"> </span><span class=\"_ _27\"> </span><span class=\"ff4\">Quantificazione <span class=\"_ _9\"> </span>del <span class=\"_ _9\"> </span>CSM <span class=\"_ _9\"> </span>IFRS <span class=\"_ _0\"></span>1<span class=\"_ _2\"></span>7 <span class=\"_ _9\"> </span>per <span class=\"_ _0\"> </span>il <span class=\"_ _9\"> </span>Bilancio <span class=\"_ _9\"> </span>Consolidato: <span class=\"_ _9\"> </span>la <span class=\"_ _9\"> </span>gestione <span class=\"_ _0\"></span>d<span class=\"_ _2\"></span>elle <span class=\"_ _0\"></span>transa<span class=\"_ _2\"></span>zioni <span class=\"_ _0\"></span>infragruppo<span class=\"_ _df\"> </span></span>comporta  la  necessit\u00e0,  per  la  qu<span class=\"_ _1\"></span>antificazione  dei  flussi  di  cassa,  di  \u201csostituire\u201d  i  costi  infragrupp<span class=\"_ _1\"></span>o<span class=\"_ _df\"> </span>proiettati <span class=\"_ _9\"> </span>da <span class=\"_ _9\"> </span>Credemvita <span class=\"_ _9\"> </span>nella <span class=\"_ _16\"> </span>stima <span class=\"_ _9\"> </span>della <span class=\"_ _9\"> </span>propria <span class=\"_ _9\"> </span>situazione<span class=\"_ _2\"></span> <span class=\"_ _9\"> </span><span class=\"ff5\">contabile <span class=\"_ _9\"> </span>\u201cstand <span class=\"_ _16\"> </span>alone\u201d <span class=\"_ _0\"> </span>(tipicamente <span class=\"_ _9\"> </span>le<span class=\"_ _df\"> </span></span>provvigioni <span class=\"_ _2\"></span>pagate al<span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>rete <span class=\"_ _2\"></span>distributiva <span class=\"_ _2\"></span>bancaria) <span class=\"_ _2\"></span>con <span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>costi <span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>eali s<span class=\"_ _2\"></span>ostenuti dal <span class=\"_ _2\"></span>Gruppo <span class=\"_ _2\"></span>verso <span class=\"_ _d\"></span>economie<span class=\"_ _df\"> </span>terze. <span class=\"_ _9\"> </span>Tale <span class=\"_ _16\"> </span>operazione <span class=\"_ _9\"> </span>comporta <span class=\"_ _9\"> </span>la <span class=\"_ _16\"> </span>rilevazi<span class=\"_ _1\"></span>one <span class=\"_ _9\"> </span>di <span class=\"_ _16\"> </span>un <span class=\"_ _9\"> </span>profitto <span class=\"_ _16\"> </span>atteso <span class=\"_ _9\"> </span>(CSM) <span class=\"_ _9\"> </span>differente <span class=\"_ _9\"> </span>tra  C<span class=\"_ _f\"></span>r<span class=\"_ _2\"></span>edemv<span class=\"_ _1\"></span>ita<span class=\"_ _df\"> </span>\u201cstand alone\u201d e<span class=\"_ _1\"></span> il <span class=\"_ _f\"></span>G<span class=\"_ _2\"></span>ruppo <span class=\"_ _1\"></span>nel suo<span class=\"_ _1\"></span> insieme <span class=\"_ _1\"></span>per la misura<span class=\"_ _1\"></span> di <span class=\"_ _f\"></span>t<span class=\"_ _2\"></span>ale d<span class=\"_ _1\"></span>elta costi d<span class=\"_ _1\"></span>i cui <span class=\"_ _1\"></span>sopra. La<span class=\"_ _1\"></span> stessa <span class=\"_ _1\"></span>ESMA gi\u00e0<span class=\"_ _df\"> </span>nella <span class=\"_ _d\"></span>comunicazione <span class=\"_ _0\"></span>annuale <span class=\"_ _d\"></span>2023 <span class=\"_ _0\"></span>sulle <span class=\"_ _d\"></span>priorit\u00e0 <span class=\"_ _0\"></span>dei <span class=\"_ _d\"></span>bilanci <span class=\"_ _0\"></span>ha <span class=\"_ _d\"></span>evidenziato <span class=\"_ _0\"></span>l\u2019importanza <span class=\"_ _d\"></span>di <span class=\"_ _0\"></span>applicare <span class=\"_ _d\"></span>in<span class=\"_ _df\"> </span>modo  consistente  i  requisiti  di  consolidamento  ai  s<span class=\"ff5\">ensi  dell\u2019IFRS  10  al  fine  di  garantire  la  corretta<span class=\"_ _df\"> </span></span>applicazione <span class=\"_ _d\"></span>dell\u2019IFRS <span class=\"_ _d\"></span>17 <span class=\"_ _0\"></span>nel <span class=\"_ _d\"></span>bilancio <span class=\"_ _0\"></span>consolidato. <span class=\"_ _d\"></span>Nello <span class=\"_ _0\"></span>specifico, <span class=\"_ _d\"></span>ESMA <span class=\"_ _d\"></span>segnala <span class=\"_ _0\"></span>che <span class=\"_ _d\"></span>nel <span class=\"_ _0\"></span>caso <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>cui <span class=\"_ _0\"></span>le<span class=\"_ _df\"> </span>banche <span class=\"_ _2\"></span>del <span class=\"_ _d\"></span>gruppo <span class=\"_ _d\"></span>distribuiscano <span class=\"_ _d\"></span>i <span class=\"_ _2\"></span>prodott<span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>assicurativi, <span class=\"_ _d\"></span>il <span class=\"_ _2\"></span>CSM <span class=\"_ _d\"></span>a <span class=\"_ _d\"></span>livello <span class=\"_ _2\"></span>consolidato <span class=\"_ _d\"></span>spesso <span class=\"_ _d\"></span>differ<span class=\"_ _2\"></span>ir\u00e0 <span class=\"_ _d\"></span>da<span class=\"_ _df\"> </span>quello assicurativ<span class=\"ls1\">o.<span class=\"_ _df\"> </span></span>Princip<span class=\"_ _1\"></span>ali <span class=\"_ _1\"></span>differe<span class=\"_ _f\"></span>nze tra <span class=\"_ _f\"></span>il framew<span class=\"_ _f\"></span>ork IFRS <span class=\"_ _1\"></span>17 e<span class=\"_ _1\"></span> Solv<span class=\"_ _1\"></span>ency I<span class=\"_ _1\"></span>I<span class=\"_ _df\"> </span>Le <span class=\"_ _9\"> </span>principali <span class=\"_ _16\"> </span>differenze <span class=\"_ _9\"> </span>tr<span class=\"_ _2\"></span>a <span class=\"_ _9\"> </span>lo <span class=\"_ _16\"> </span>Standard <span class=\"_ _9\"> </span>IFRS <span class=\"_ _9\"> </span>17  e <span class=\"_ _9\"> </span>Solvency <span class=\"_ _9\"> </span>II<span class=\"_ _2\"></span><span class=\"sc2\"> <span class=\"_ _16\"> </span></span>in <span class=\"_ _9\"> </span>relazione <span class=\"_ _9\"> </span>alla  valu<span class=\"_ _f\"></span>t<span class=\"_ _2\"></span>azione <span class=\"_ _9\"> </span>delle  p<span class=\"_ _1\"></span>assivit\u00e0<span class=\"_ _df\"> </span>assicurative  sono<span class=\"_ _1\"></span>  prima<span class=\"_ _1\"></span>riamente  le<span class=\"_ _1\"></span>gate  all\u2019<span class=\"_ _1\"></span>identificazio<span class=\"ff4\">ne  dei  Cont<span class=\"_ _1\"></span>ract  Bound<span class=\"_ _f\"></span>ar<span class=\"_ _2\"></span>ies, <span class=\"_ _16\"> </span>alla  d<span class=\"_ _f\"></span>eterminazione<span class=\"_ _df\"> </span></span>della curva <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>sconto <span class=\"_ _d\"></span>e alla <span class=\"_ _2\"></span>modalit\u00e0 <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>calcolo <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>Margine di <span class=\"_ _2\"></span>Prudenza <span class=\"_ _2\"></span>(rispettivamente <span class=\"_ _2\"></span>Risk <span class=\"_ _2\"></span>Adju<span class=\"_ _1\"></span>stment <span class=\"_ _2\"></span>o<span class=\"_ _df\"> </span>Risk Margin). In particolare:<span class=\"_ _df\"> </span><span class=\"_ _33\"> </span><span class=\"ff4\">per <span class=\"_ _e\"> </span>quanto <span class=\"_ _e\"> </span>riguarda <span class=\"_ _e\"> </span>i <span class=\"_ _e\"> </span>Contract <span class=\"_ _e\"> </span>Boundaries, <span class=\"_ _15\"> </span>le <span class=\"_ _e\"> </span>principali <span class=\"_ _e\"> </span>differenze <span class=\"_ _10\"> </span>riguardano <span class=\"_ _e\"> </span>sia <span class=\"_ _e\"> </span>la <span class=\"_ _e\"> </span>logica <span class=\"_ _e\"> </span>di<span class=\"_ _df\"> </span></span>determinazione <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>la <span class=\"_ _d\"></span>periodici<span class=\"_ _1\"></span>t\u00e0 <span class=\"_ _d\"></span>della <span class=\"_ _2\"></span>valutazione. <span class=\"_ _2\"></span>In <span class=\"_ _2\"></span>Solvency <span class=\"_ _2\"></span>I<span class=\"_ _2\"></span>I <span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>Contract <span class=\"_ _2\"></span>Boundaries <span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>ono <span class=\"_ _2\"></span>basati <span class=\"_ _2\"></span>su<span class=\"_ _df\"> </span>una <span class=\"_ _1\"></span>logica <span class=\"_ _1\"></span>di rischi<span class=\"_ _1\"></span>o pe<span class=\"_ _1\"></span>r la <span class=\"_ _f\"></span>compagnia <span class=\"_ _1\"></span>e sono<span class=\"_ _f\"></span> determinati a<span class=\"_ _f\"></span> ciascuna <span class=\"_ _1\"></span>data di <span class=\"_ _f\"></span>valutazione; <span class=\"_ _1\"></span>in <span class=\"_ _1\"></span>IFRS 1<span class=\"_ _f\"></span>7<span class=\"_ _2\"></span> <span class=\"_ _1\"></span>invece<span class=\"_ _df\"> </span>sulla possibilit\u00e0 di re-<span class=\"ff5\">pricing da parte della Compagni<span class=\"_ _1\"></span>a e sono determinati all\u2019emissione dei contratti;<span class=\"_ _df\"> </span></span><span class=\"_ _33\"> </span><span class=\"ff4\">con riferimento alle curve di <span class=\"_ _2\"></span>sconto, la principale differenza riguarda la mo<span class=\"_ _2\"></span>dalit\u00e0 e la granularit\u00e0 con cui<span class=\"_ _df\"> </span></span>la stessa viene calcolata; in particolare, per Solvency <span class=\"_ _2\"></span>II esiste un'<span class=\"_ _2\"></span>unica curva di sconto composta da una<span class=\"_ _df\"> </span>curva base <span class=\"_ _1\"></span>priva di <span class=\"_ _1\"></span>rischio pi\u00f9 <span class=\"_ _1\"></span>un premio di li<span class=\"_ _1\"></span>quidit\u00e0 (Volatili<span class=\"_ _1\"></span>ty Adjustment), defi<span class=\"_ _1\"></span>nito dall\u2019Autorit\u00e0 europea<span class=\"_ _df\"> </span>delle  assicurazioni <span class=\"_ _16\"> </span>e  delle  pensioni  aziend<span class=\"_ _1\"></span>ali  o  professionali  (EIOPA)  sul<span class=\"_ _1\"></span>la  base  di  un  p<span class=\"_ _1\"></span>ortaf<span class=\"_ _2\"></span>oglio  di<span class=\"_ _df\"> </span>riferimento medio di <span class=\"_ _2\"></span>mercato. Nel Fr<span class=\"_ _2\"></span>amework IFRS 17 <span class=\"_ _2\"></span>invece \u00e8 pos<span class=\"_ _2\"></span>sibile<span class=\"_ _1\"></span> calcolare <span class=\"_ _2\"></span>le curve <span class=\"_ _2\"></span>di sconto <span class=\"_ _2\"></span>per<span class=\"_ _df\"> </span>ogni <span class=\"_ _14\"> </span>portafoglio <span class=\"_ _14\"> </span>identificato <span class=\"_ _14\"> </span>sulla <span class=\"_ _14\"> </span>base <span class=\"_ _15\"> </span>degli <span class=\"_ _14\"> </span>specifici <span class=\"_ _14\"> </span>pool <span class=\"_ _14\"> </span>di <span class=\"_ _15\"> </span>attivi <span class=\"_ _14\"> </span>di <span class=\"_ _14\"> </span>r<span class=\"_ _2\"></span>iferimento<span class=\"_ _1\"></span> <span class=\"_ _14\"> </span>detenuti <span class=\"_ _15\"> </span>dalla<span class=\"_ _df\"> </span>Compagnia;<span class=\"_ _df\"> </span><span class=\"_ _27\"> </span><span class=\"ff4\">per <span class=\"_ _2\"></span>il Margine di Prudenza la <span class=\"_ _2\"></span>differenza tra <span class=\"_ _2\"></span>Risk Margin e Risk <span class=\"_ _2\"></span>Adju<span class=\"_ _1\"></span>stment <span class=\"_ _2\"></span>\u00e8 dovuta sia ad <span class=\"_ _2\"></span>una differente<span class=\"_ _df\"> </span></span>metodologia <span class=\"_ _9\"> </span>di <span class=\"_ _16\"> </span>calcolo <span class=\"_ _9\"> </span>che <span class=\"_ _9\"> </span>ad <span class=\"_ _9\"> </span>un <span class=\"_ _16\"> </span>dive<span class=\"_ _1\"></span>rso <span class=\"_ _16\"> </span>perimetro <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>r<span class=\"_ _2\"></span>ischi<span class=\"_ _1\"></span> <span class=\"_ _16\"> </span>identificati. <span class=\"_ _9\"> </span>Il <span class=\"_ _9\"> </span>Risk <span class=\"_ _16\"> </span>Margin <span class=\"_ _9\"> </span>Solvency <span class=\"_ _9\"> </span>II <span class=\"_ _16\"> </span>\u00e8<span class=\"_ _df\"> </span>calcolato <span class=\"_ _f\"></span>con una <span class=\"_ _f\"></span>metodologia <span class=\"_ _f\"></span>C<span class=\"_ _2\"></span>ost <span class=\"_ _1\"></span>of <span class=\"_ _1\"></span>Capital, <span class=\"_ _f\"></span>applicata <span class=\"_ _1\"></span>al <span class=\"_ _f\"></span>r<span class=\"_ _2\"></span>equ<span class=\"_ _1\"></span>isito di <span class=\"_ _f\"></span>Capitale della <span class=\"_ _f\"></span>Compagnia <span class=\"_ _1\"></span>valutato<span class=\"_ _df\"> </span>con <span class=\"_ _2\"></span>un <span class=\"_ _2\"></span>percentile <span class=\"_ _d\"></span>al <span class=\"_ _2\"></span>99,5%, <span class=\"_ _d\"></span>considerando <span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>ischi <span class=\"_ _2\"></span>tecnici, <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>ischio <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>cr<span class=\"_ _2\"></span>edito <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>ischio <span class=\"_ _2\"></span>operativo; <span class=\"_ _2\"></span>per <span class=\"_ _d\"></span>il<span class=\"_ _df\"> </span>Risk  Adjustment  IFRS  17  il  Principio  non  prevede  una  metodologia  standard  ma  esclusivamente  la<span class=\"_ _df\"> </span>determinazione  dello <span class=\"_ _4\"> </span>stesso  sulla  base <span class=\"_ _4\"> </span>di  specifici <span class=\"_ _4\"> </span>rischi  non <span class=\"_ _4\"> </span>finanzi<span class=\"_ _1\"></span>ari, <span class=\"_ _4\"> </span>valu<span class=\"_ _1\"></span>tando  i<span class=\"_ _2\"></span>l  rischio <span class=\"_ _4\"> </span>ad  un<span class=\"_ _df\"> </span>determinato grado di confidenza prefissato dalla Compag<span class=\"_ _1\"></span>nia. IFRS <span class=\"_ _1\"></span>9 Stru<span class=\"_ _1\"></span>ment<span class=\"_ _f\"></span>i finanzi<span class=\"_ _1\"></span>ari<span class=\"_ _df\"> </span>Le <span class=\"_ _e\"> </span>Compagnie <span class=\"_ _e\"> </span>as<span class=\"_ _2\"></span>sicurative <span class=\"_ _e\"> </span>gi<span class=\"_ _2\"></span>\u00e0 <span class=\"_ _e\"> </span>in <span class=\"_ _10\"> </span>sede <span class=\"_ _e\"> </span>di <span class=\"_ _e\"> </span>t<span class=\"_ _2\"></span>ransition <span class=\"_ _e\"> </span>al <span class=\"_ _10\"> </span>nuovo <span class=\"_ _e\"> </span>Principio <span class=\"_ _10\"> </span>ha <span class=\"_ _e\"> </span>condott<span class=\"_ _2\"></span>o <span class=\"_ _10\"> </span>un <span class=\"_ _e\"> </span>progetto<span class=\"_ _df\"> </span>implementativo <span class=\"_ _2\"></span>volto <span class=\"_ _2\"></span>ad <span class=\"_ _2\"></span>approfondire <span class=\"_ _2\"></span>le <span class=\"_ _2\"></span>diverse <span class=\"_ _2\"></span>aree <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>influenza <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>principio <span class=\"_ _2\"></span>IFRS <span class=\"_ _2\"></span>9 <span class=\"_ _d\"></span>in <span class=\"_ _2\"></span>concomitanza <span class=\"_ _2\"></span>con<span class=\"_ _df\"> </span>quello IFRS<span class=\"_ _1\"></span>17 al fine <span class=\"_ _1\"></span>di de<span class=\"_ _1\"></span>finire i <span class=\"_ _1\"></span>suoi impatti quali<span class=\"_ _f\"></span>t<span class=\"_ _2\"></span>ativi e<span class=\"_ _1\"></span> quantitativi<span class=\"_ _1\"></span>, nonch\u00e9 ad <span class=\"_ _1\"></span>individuare <span class=\"_ _1\"></span>ed implementare<span class=\"_ _df\"> </span>gli <span class=\"_ _f\"></span>interventi <span class=\"_ _f\"></span>appli<span class=\"ff5\">cat<span class=\"_ _2\"></span>ivi <span class=\"_ _f\"></span>ed <span class=\"_ _f\"></span>organizzativi <span class=\"_ _1\"></span>necessari. <span class=\"_ _f\"></span>In <span class=\"_ _1\"></span>particolare, <span class=\"_ _f\"></span>si \u00e8<span class=\"_ _1\"></span> <span class=\"_ _f\"></span>tenuto con<span class=\"_ _1\"></span>to <span class=\"_ _f\"></span>dell\u2019obiettivo <span class=\"_ _f\"></span>di pe<span class=\"_ _1\"></span>rseguire<span class=\"_ _df\"> </span></span>un\u2019adozione <span class=\"_ _14\"> </span>omogenea <span class=\"_ _14\"> </span>del <span class=\"_ _14\"> </span>principio <span class=\"_ _14\"> </span>contabile, <span class=\"_ _14\"> </span>pur <span class=\"_ _15\"> </span>in <span class=\"_ _14\"> </span>presenza <span class=\"_ _14\"> </span>di <span class=\"_ _14\"> </span>o<span class=\"_ _2\"></span>perativit\u00e0 <span class=\"_ _14\"> </span>assicurativa <span class=\"_ _14\"> </span>legata <span class=\"_ _14\"> </span>in<span class=\"_ _df\"> </span>particolare alle specificit\u00e0 di prodotto delle Gestioni Separate.<span class=\"_ _df\"> </span>Relativamente <span class=\"_ _14\"> </span>al <span class=\"_ _15\"> </span>percorso <span class=\"_ _15\"> </span>di <span class=\"_ _15\"> </span>adeguamento <span class=\"_ _14\"> </span>della <span class=\"_ _15\"> </span>Compagnia <span class=\"_ _15\"> </span>al <span class=\"_ _15\"> </span>principio <span class=\"_ _14\"> </span>contabile <span class=\"_ _15\"> </span>IFRS9, <span class=\"_ _15\"> </span>le <span class=\"_ _15\"> </span>scelte<span class=\"_ _df\"> </span>metodologiche e applicative so<span class=\"_ _2\"></span>no state definite in <span class=\"_ _2\"></span>coerenza con quanto previsto <span class=\"_ _2\"></span>nell\u2019ambi<span class=\"_ _1\"></span>to <span class=\"_ _2\"></span>del framework<span class=\"_ _df\"> </span>gi\u00e0 in uso nel Gruppo.<span class=\"_ _df\"> </span>Class<span class=\"_ _f\"></span>ificazione <span class=\"_ _1\"></span>e Mis<span class=\"_ _f\"></span>urazione<span class=\"_ _df\"> </span>Per poter <span class=\"_ _2\"></span>rispettare il dettato <span class=\"_ _2\"></span>dell<span class=\"_ _1\"></span>\u2019IFRS 9 <span class=\"_ _2\"></span>\u2013<span class=\"ff4\"> <span class=\"_ _2\"></span>per cui la <span class=\"_ _2\"></span>classificazione<span class=\"_ _1\"></span> delle at<span class=\"_ _2\"></span>tivit\u00e0 finanziarie \u00e8 <span class=\"_ _2\"></span>guidata, da un<span class=\"_ _df\"> </span></span>lato, <span class=\"_ _2\"></span>dalle <span class=\"_ _2\"></span>caratterist<span class=\"_ _2\"></span>iche <span class=\"_ _2\"></span>contrattuali <span class=\"_ _2\"></span>dei <span class=\"_ _2\"></span>flussi <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>cassa <span class=\"_ _d\"></span>degli<span class=\"_ _1\"></span> <span class=\"_ _2\"></span>st<span class=\"_ _2\"></span>rumenti <span class=\"_ _2\"></span>e, <span class=\"_ _2\"></span>dall\u2019altro, <span class=\"_ _2\"></span>dall\u2019intento <span class=\"_ _2\"></span>gestionale<span class=\"_ _df\"> </span>con <span class=\"_ _d\"></span>il <span class=\"_ _2\"></span>quale <span class=\"_ _d\"></span>sono <span class=\"_ _d\"></span>detenuti <span class=\"_ _d\"></span><span class=\"ff5\">\u2013</span> <span class=\"_ _d\"></span>sono <span class=\"_ _d\"></span>state <span class=\"_ _d\"></span>declinate <span class=\"_ _d\"></span>le <span class=\"_ _2\"></span>modalit\u00e0 <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>effettuazione <span class=\"_ _d\"></span>del <span class=\"_ _d\"></span>test <span class=\"_ _d\"></span>sulle <span class=\"_ _2\"></span>cara<span class=\"_ _2\"></span>tteristiche<span class=\"_ _df\"> </span>contrattuali <span class=\"_ _2\"></span>dei <span class=\"_ _2\"></span>cash <span class=\"_ _d\"></span>flow <span class=\"_ _2\"></span>(cosid<span class=\"_ _2\"></span>detto <span class=\"_ _2\"></span>SPPI <span class=\"_ _2\"></span>Test), <span class=\"_ _d\"></span>ed <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>tata <span class=\"_ _2\"></span>finalizzata <span class=\"_ _2\"></span>la <span class=\"_ _d\"></span>definizione <span class=\"_ _2\"></span>dei <span class=\"_ _d\"></span>business <span class=\"_ _d\"></span>model <span class=\"_ _2\"></span>a<span class=\"_ _df\"> </span>tendere. Si  premette  che<span class=\"_ _1\"></span>,  data  la  composizione  del  portafoglio  di  p<span class=\"_ _1\"></span>ertinenza  della  compagnia  assicurativa  e <span class=\"_ _16\"> </span>le<span class=\"_ _df\"> </span>modalit\u00e0 con <span class=\"_ _2\"></span>cui lo stesso \u00e8 gestito, l\u2019introduzione dell\u2019IFRS 9 <span class=\"_ _2\"></span>non ha comportato impatti rilevanti in <span class=\"_ _2\"></span>termini<span class=\"_ _df\"> </span>di <span class=\"_ _1\"></span>misurazione <span class=\"_ _1\"></span>rispetto al <span class=\"_ _1\"></span>Principio contabile<span class=\"_ _1\"></span> IAS <span class=\"_ _f\"></span>39 precedentemente in <span class=\"_ _f\"></span>vigore, confermando come <span class=\"_ _1\"></span>metodo<span class=\"_ _df\"> </span>principale quello del fair value.<span class=\"_ _df\"> </span>Per q<span class=\"_ _1\"></span>uanto rigu<span class=\"_ _1\"></span>arda le <span class=\"_ _f\"></span>passivit\u00e0 f<span class=\"_ _1\"></span>inanziarie <span class=\"_ _f\"></span>s<span class=\"_ _2\"></span>i <span class=\"_ _f\"></span>s<span class=\"_ _2\"></span>pecifica <span class=\"_ _f\"></span>che il <span class=\"_ _f\"></span>Gruppo si \u00e8 <span class=\"_ _f\"></span>avvalso del<span class=\"_ _1\"></span>la possibi<span class=\"_ _1\"></span>lit\u00e0 di<span class=\"_ _1\"></span> de<span class=\"_ _1\"></span>signare<span class=\"_ _df\"> </span>come <span class=\"_ _4\"> </span>passivit\u00e0 <span class=\"_ _4\"> </span>al <span class=\"_ _4\"> </span>fair <span class=\"_ _4\"> </span>value <span class=\"_ _4\"> </span>i <span class=\"_ _4\"> </span>prodotti <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>natura <span class=\"_ _4\"> </span>finanziaria <span class=\"_ _4\"> </span>eme<span class=\"_ _1\"></span>ssi <span class=\"_ _4\"> </span>da <span class=\"_ _4\"> </span>Credemvita<span class=\"_ _2\"></span> <span class=\"_ _4\"> </span>che <span class=\"_ _4\"> </span>non <span class=\"_ _4\"> </span>rientrano<span class=\"_ _df\"> </span>nell\u2019ambito <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>applicazione <span class=\"_ _0\"></span>dell\u2019IFRS <span class=\"_ _d\"></span>17. <span class=\"_ _d\"></span>Ci\u00f2 <span class=\"_ _d\"></span>al <span class=\"_ _0\"></span>fine <span class=\"_ _d\"></span>di <span class=\"_ _0\"></span>eliminare <span class=\"_ _d\"></span>o <span class=\"_ _d\"></span>ridurre <span class=\"_ _d\"></span>le <span class=\"_ _0\"></span>possibili <span class=\"_ _d\"></span>\u201casimmetrie <span class=\"_ _d\"></span>contabili\u201d<span class=\"_ _df\"> </span>rispetto agli <span class=\"_ _f\"></span>att<span class=\"_ _2\"></span>ivi <span class=\"_ _f\"></span>collegati e <span class=\"_ _f\"></span>valut<span class=\"_ _2\"></span>ati <span class=\"_ _1\"></span>anch\u2019essi <span class=\"_ _1\"></span>al fai<span class=\"_ _1\"></span>r value. <span class=\"_ _f\"></span>Si evidenzia <span class=\"_ _1\"></span>tuttavia, come <span class=\"_ _f\"></span>meglio dettagliato nel<span class=\"_ _df\"> </span>paragr<span class=\"ff5\">afo s<span class=\"_ _2\"></span>ull\u2019<span class=\"_ _1\"></span>IFRS 17, <span class=\"_ _2\"></span>che a seguito <span class=\"_ _2\"></span>dell\u2019introduzione del nuovo <span class=\"_ _2\"></span>principio, una parte <span class=\"_ _2\"></span>dei prodotti <span class=\"_ _2\"></span>multiramo,<span class=\"_ _df\"> </span></span>precedentemente <span class=\"_ _0\"></span>classificata <span class=\"_ _9\"> </span>ai <span class=\"_ _9\"> </span>sensi <span class=\"_ _9\"> </span>dell\u2019IFRS <span class=\"_ _0\"></span>4/IAS <span class=\"_ _9\"> </span>39 <span class=\"_ _9\"> </span>come <span class=\"_ _9\"> </span>strumenti <span class=\"_ _9\"> </span>finanziari, <span class=\"_ _0\"></span>viene <span class=\"_ _9\"> </span>ora <span class=\"_ _9\"> </span>attratta <span class=\"_ _9\"> </span>in<span class=\"_ _df\"> </span>ambito di applicazione dell\u2019IFRS 17.<span class=\"_ _df\"> </span>Impa<span class=\"_ _f\"></span>irment<span class=\"_ _df\"> </span>Per  quel  che  riguarda  l\u2019Impairment  \u00e8  stata  defini<span class=\"_ _1\"></span>ta  dalla  Capogruppo  una  metodologia  comune  ed  un<span class=\"_ _df\"> </span>processo <span class=\"_ _d\"></span>accentrato <span class=\"_ _2\"></span>presso <span class=\"_ _d\"></span>la <span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>truttura <span class=\"_ _d\"></span>Risk <span class=\"_ _2\"></span>Management <span class=\"_ _d\"></span>per <span class=\"_ _2\"></span>la <span class=\"_ _d\"></span>quantificazione <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>ell\u2019Expected <span class=\"_ _2\"></span>credit <span class=\"_ _d\"></span>loss<span class=\"_ _df\"> </span>per t<span class=\"_ _2\"></span>utte le <span class=\"_ _2\"></span>societ\u00e0 <span class=\"_ _2\"></span>del Gruppo. <span class=\"_ _2\"></span>Pertanto, <span class=\"_ _2\"></span>per u<span class=\"_ _2\"></span>na <span class=\"_ _2\"></span>completa illus<span class=\"_ _2\"></span>trazione delle <span class=\"_ _2\"></span>scelte adott<span class=\"_ _2\"></span>ate dal <span class=\"_ _2\"></span>Gruppo <span class=\"_ _2\"></span>in<span class=\"_ _df\"> </span>merito <span class=\"_ _d\"></span>all\u2019applicazione <span class=\"_ _d\"></span>dell\u2019impairment <span class=\"_ _d\"></span>ai <span class=\"_ _d\"></span>s<span class=\"_ _2\"></span>ensi <span class=\"_ _d\"></span>dell\u2019IFRS <span class=\"_ _d\"></span>9 <span class=\"_ _d\"></span>si <span class=\"_ _d\"></span>r<span class=\"_ _2\"></span>invia <span class=\"_ _d\"></span>alla <span class=\"_ _d\"></span>parte <span class=\"_ _d\"></span>r<span class=\"_ _2\"></span>elativa <span class=\"_ _2\"></span>all<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>Prin<span class=\"_ _2\"></span>cipali <span class=\"_ _d\"></span>voci <span class=\"_ _d\"></span>di<span class=\"_ _df\"> </span>bilancio <span class=\"_ _1\"></span>(Attivit\u00e0 finn<span class=\"_ _1\"></span>ziarie <span class=\"_ _1\"></span>valutate al <span class=\"_ _f\"></span>fair v<span class=\"_ _1\"></span>alue <span class=\"_ _1\"></span>con imp<span class=\"_ _1\"></span>atto <span class=\"_ _1\"></span>sulla <span class=\"_ _1\"></span>redditivit\u00e0 complessiva <span class=\"_ _f\"></span>e Attivit\u00e0 <span class=\"_ _f\"></span>finanziarie<span class=\"_ _df\"> </span>valutate al cos<span class=\"_ _2\"></span>to ammortizzato) <span class=\"ff5\">e all\u2019illust</span>razione <span class=\"_ _2\"></span>riportata nella parte <span class=\"_ _2\"></span>E- sezione 2 <span class=\"_ _2\"></span><span class=\"ff5\">\u2013</span> 2. Politiche di gesitone<span class=\"_ _df\"> </span>del rischio di credi<span class=\"_ _1\"></span>to <span class=\"_ _2\"></span>della Nota integrativa relativa al presidio de<span class=\"_ _1\"></span>i rischi del Bilancio Consolidato.<span class=\"_ _df\"> </span>Si <span class=\"_ _9\"> </span>segnala, <span class=\"_ _9\"> </span>per <span class=\"_ _9\"> </span>completezza, <span class=\"_ _9\"> </span>c<span class=\"_ _2\"></span>he <span class=\"_ _0\"> </span>r<span class=\"_ _2\"></span>isulta <span class=\"_ _9\"> </span>applicabile <span class=\"_ _0\"> </span>anch<span class=\"_ _2\"></span>e <span class=\"_ _9\"> </span>alla <span class=\"_ _9\"> </span>Compagnia <span class=\"_ _9\"> </span>il <span class=\"_ _9\"> </span>documento <span class=\"_ _16\"> </span>di <span class=\"_ _0\"></span>\u201c<span class=\"_ _2\"></span>Impairment<span class=\"_ _df\"> </span>Policy\u201d <span class=\"_ _16\"> </span>con <span class=\"_ _16\"> </span>riferimento <span class=\"_ _9\"> </span>alle  linee <span class=\"_ _9\"> </span>guida  me<span class=\"_ _1\"></span>todologiche <span class=\"_ _9\"> </span>d<span class=\"_ _2\"></span>efinite <span class=\"_ _16\"> </span>dal <span class=\"_ _16\"> </span>Gruppo <span class=\"_ _9\"> </span>in  app<span class=\"_ _1\"></span>licazione <span class=\"_ _16\"> </span>dell\u2019IFRS <span class=\"_ _9\"> </span>9  e<span class=\"_ _df\"> </span>approvate dai competenti livelli di<span class=\"_ _1\"></span> governance.<span class=\"_ _df\"> </span>Hedg<span class=\"_ _1\"></span>e acc<span class=\"_ _1\"></span>ounti<span class=\"_ _f\"></span>ng Per <span class=\"_ _2\"></span>quanto <span class=\"_ _2\"></span>riguarda l\u2019Hedge <span class=\"_ _2\"></span>Accounting, <span class=\"_ _2\"></span>l\u2019IFRS <span class=\"_ _2\"></span>9 <span class=\"_ _2\"></span>introduce<span class=\"_ _1\"></span> <span class=\"_ _2\"></span>modifiche esclusivamente <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>General <span class=\"_ _2\"></span>Hedge<span class=\"_ _df\"> </span>e  sono  strettamente  legate  alla  scelta  di  avvalersi  dell\u2019opzione  opt<span class=\"ff4\">-in  / <span class=\"_ _4\"> </span>opt-out  (ossia  la  possibi<span class=\"_ _1\"></span>lit\u00e0  di<span class=\"_ _df\"> </span></span>implementare il <span class=\"_ _2\"></span>nuovo <span class=\"_ _2\"></span>standard IFRS <span class=\"_ _2\"></span>9 piuttosto <span class=\"_ _2\"></span>che mantenere <span class=\"_ _2\"></span>il vecchio <span class=\"_ _2\"></span>principio IAS <span class=\"_ _2\"></span>39). Il <span class=\"_ _2\"></span>Gruppo, sulla<span class=\"_ _df\"> </span>base <span class=\"_ _d\"></span>degli <span class=\"_ _2\"></span>approfondimenti <span class=\"_ _d\"></span>effett<span class=\"_ _2\"></span>uati <span class=\"_ _2\"></span>sulla <span class=\"_ _d\"></span>gestione <span class=\"_ _d\"></span>delle <span class=\"_ _d\"></span>operazioni <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>copertura, <span class=\"_ _d\"></span>ha <span class=\"_ _d\"></span>deciso <span class=\"_ _2\"></span>l\u2019esercizio, <span class=\"_ _d\"></span>in<span class=\"_ _df\"> </span>fase <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>FTA <span class=\"_ _4\"> </span>dell\u2019IFRS <span class=\"_ _4\"> </span>9, <span class=\"_ _4\"> </span>dell\u2019opzione <span class=\"_ _4\"> </span>opt<span class=\"_ _2\"></span><span class=\"ff4\">-out, <span class=\"_ _4\"> </span>confermando <span class=\"_ _4\"> </span>tale <span class=\"_ _4\"> </span>scelta <span class=\"_ _4\"> </span>fino <span class=\"_ _17\"> </span>ad <span class=\"_ _4\"> </span>oggi. <span class=\"_ _4\"> </span>Alla <span class=\"_ _4\"> </span>luce <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>tale<span class=\"_ _df\"> </span></span>indicazione, <span class=\"_ _1\"></span>anche <span class=\"_ _f\"></span>per le <span class=\"_ _1\"></span>Compagnie <span class=\"_ _f\"></span>as<span class=\"_ _2\"></span>sicurative <span class=\"_ _f\"></span>le operazioni<span class=\"_ _1\"></span> di <span class=\"_ _f\"></span>copertura continueranno <span class=\"_ _f\"></span>ad esse<span class=\"_ _1\"></span>re ge<span class=\"_ _1\"></span>stite<span class=\"_ _df\"> </span>nel rispetto di quanto previsto dal Grupp<span class=\"_ _1\"></span>o.<span class=\"_ _df\"> </span>Intera<span class=\"_ _f\"></span>zione tra<span class=\"_ _f\"></span> IFRS 17 <span class=\"_ _1\"></span>e IFR<span class=\"_ _1\"></span>S 9<span class=\"_ _df\"> </span>In <span class=\"_ _d\"></span>alcuni <span class=\"_ _d\"></span>casi, <span class=\"_ _0\"></span>l'interazione <span class=\"_ _d\"></span>tr<span class=\"_ _2\"></span>a <span class=\"_ _d\"></span>l'IFRS <span class=\"_ _0\"></span>17 <span class=\"_ _d\"></span>e <span class=\"_ _0\"></span>l'IFRS <span class=\"_ _d\"></span>9 <span class=\"_ _d\"></span>potrebbe <span class=\"_ _d\"></span>gener<span class=\"_ _2\"></span>are <span class=\"_ _d\"></span>mismatch <span class=\"_ _d\"></span>contabili <span class=\"_ _d\"></span>t<span class=\"_ _2\"></span>ra <span class=\"_ _d\"></span>le <span class=\"_ _d\"></span>modalit\u00e0 <span class=\"_ _0\"></span>di<span class=\"_ _df\"> </span>contabilizzazione <span class=\"_ _2\"></span>dei <span class=\"_ _0\"></span>contratti <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>assicurazione <span class=\"_ _d\"></span>e <span class=\"_ _d\"></span>delle <span class=\"_ _d\"></span>attivit\u00e0 <span class=\"_ _d\"></span>finanziarie <span class=\"_ _2\"></span>ad <span class=\"_ _d\"></span>essi <span class=\"_ _d\"></span>cor<span class=\"_ _2\"></span>relate. <span class=\"_ _d\"></span>Per <span class=\"_ _2\"></span>ridurre <span class=\"_ _d\"></span>t<span class=\"_ _2\"></span>ali<span class=\"_ _df\"> </span>mismatch, <span class=\"_ _2\"></span>l\u2019IFRS 17 <span class=\"_ _2\"></span>consente di effettuare <span class=\"_ _2\"></span>una <span class=\"_ _2\"></span>disaggregaz<span class=\"ff4\">ione dei <span class=\"_ _2\"></span>proventi ed <span class=\"_ _2\"></span>oneri <span class=\"_ _2\"></span>finanziari derivanti <span class=\"_ _2\"></span>da<span class=\"_ _df\"> </span></span>contratti <span class=\"_ _d\"></span>assicurativi <span class=\"_ _2\"></span>tra <span class=\"_ _d\"></span>il <span class=\"_ _d\"></span>conto <span class=\"_ _d\"></span>economico <span class=\"_ _2\"></span>(risultato<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>finanziario) <span class=\"_ _d\"></span>e <span class=\"_ _d\"></span>l\u2019Other <span class=\"_ _2\"></span>Compreh<span class=\"_ _2\"></span>ensive <span class=\"_ _2\"></span>Inc<span class=\"_ _2\"></span>ome <span class=\"_ _2\"></span>(OCI) <span class=\"_ _d\"></span>a<span class=\"_ _df\"> </span>Patrimonio <span class=\"_ _9\"> </span>Netto. <span class=\"_ _0\"></span>La <span class=\"_ _9\"> </span>scelta <span class=\"_ _9\"> </span>di <span class=\"_ _0\"></span>effettuare <span class=\"_ _0\"></span>la <span class=\"_ _9\"> </span>disaggregazione <span class=\"_ _9\"> </span>\u00e8 <span class=\"_ _0\"></span>fat<span class=\"_ _2\"></span>ta <span class=\"_ _0\"></span>a <span class=\"_ _0\"> </span>livello <span class=\"_ _9\"> </span>di <span class=\"_ _0\"></span>portafoglio <span class=\"_ _9\"> </span>pe<span class=\"_ _2\"></span>r <span class=\"_ _9\"> </span>i <span class=\"_ _9\"> </span>contratti<span class=\"_ _df\"> </span>assicurativi e deve essere presa in coerenza con il metodo di valutazione<span class=\"_ _1\"></span> degli attivi.<span class=\"_ _df\"> </span>In particolare:<span class=\"_ _df\"> </span><span class=\"_ _17\"> </span><span class=\"ff4\">per quanto riguarda i contratti valutati con il Gene<span class=\"_ _1\"></span>ral Model, la rivalutazione finan<span class=\"_ _1\"></span>ziaria dei flussi di cassa<span class=\"_ _df\"> </span></span>futuri e del risk adjustment a tassi storici \u00e8 contabil<span class=\"_ _1\"></span>izzata a conto economico, mentre la diffe<span class=\"_ _1\"></span>renza tr<span class=\"_ _2\"></span>a la<span class=\"_ _df\"> </span>rivalutazione a tassi storici e quelli correnti \u00e8 contabili<span class=\"_ _1\"></span>zzata a Other Comprehensive Income;<span class=\"_ _df\"> </span><span class=\"_ _17\"> </span><span class=\"ff5\">per <span class=\"_ _2\"></span>i contratti <span class=\"_ _2\"></span>valutati al Variable Fee <span class=\"_ _2\"></span>Approach, l\u2019IFRS 17 <span class=\"_ _2\"></span>preve<span class=\"_ _1\"></span>de <span class=\"_ _2\"></span>che il ri<span class=\"_ _2\"></span><span class=\"ff4\">sultato <span class=\"_ _2\"></span>finanziario dei contratti<span class=\"_ _df\"> </span></span></span>assicurativi <span class=\"_ _0\"></span>sia <span class=\"_ _0\"></span>disaggregato <span class=\"_ _d\"></span>tra <span class=\"_ _0\"></span>conto <span class=\"_ _0\"></span>economico <span class=\"_ _0\"></span>e <span class=\"_ _0\"></span>Other <span class=\"_ _0\"></span>Comprehensive <span class=\"_ _d\"></span>Income: <span class=\"_ _0\"></span>in <span class=\"_ _0\"></span>sostanza <span class=\"_ _0\"></span>viene<span class=\"_ _df\"> </span>riclassificata <span class=\"_ _17\"> </span>a <span class=\"_ _17\"> </span>Other <span class=\"_ _4\"> </span>Comprehensive <span class=\"_ _17\"> </span>Income <span class=\"_ _17\"> </span>la <span class=\"_ _17\"> </span>differenza <span class=\"_ _17\"> </span>tra <span class=\"_ _17\"> </span>il <span class=\"_ _4\"> </span>risultat<span class=\"_ _2\"></span>o <span class=\"_ _4\"> </span>finanziario <span class=\"_ _17\"> </span>dei <span class=\"_ _17\"> </span>contratti<span class=\"_ _df\"> </span>assicurativi <span class=\"_ _2\"></span>e <span class=\"_ _d\"></span>il <span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>isultato <span class=\"_ _d\"></span>finanziario <span class=\"_ _2\"></span>a <span class=\"_ _d\"></span>conto <span class=\"_ _2\"></span>economico <span class=\"_ _d\"></span>derivante <span class=\"_ _2\"></span>dagli <span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>trumenti <span class=\"_ _2\"></span>finanziari <span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>ottostanti,<span class=\"_ _df\"> </span>compresa la variazione di expected credi<span class=\"_ _1\"></span>t loss rilevata nel periodo (c.d. Mirroring).<span class=\"_ _df\"> </span>Ai sensi dell\u2019IFRS 9, Credemvita ha adott<span class=\"_ _2\"></span>ato il business model Hold To Collect and <span class=\"_ _2\"></span><span class=\"ff4\">Sell per tutti gli st<span class=\"_ _2\"></span>rumenti<span class=\"_ _df\"> </span></span>finanziari afferenti <span class=\"_ _2\"></span>i port<span class=\"_ _2\"></span>afogli delle <span class=\"_ _2\"></span>gestioni separate <span class=\"_ _2\"></span>mentre <span class=\"_ _2\"></span>per quelli coll<span class=\"_ _2\"></span>egati ai <span class=\"_ _2\"></span>prodotti <span class=\"_ _2\"></span>linked e <span class=\"_ _2\"></span>ai fondi<span class=\"_ _df\"> </span>pensione <span class=\"_ _f\"></span>a<span class=\"_ _2\"></span>perti <span class=\"_ _1\"></span>ha adottato i<span class=\"_ _1\"></span>l Bu<span class=\"_ _1\"></span>siness Mod<span class=\"_ _1\"></span>el <span class=\"_ _1\"></span>Other con <span class=\"_ _f\"></span>la conseguente v<span class=\"_ _1\"></span>alutazione al <span class=\"_ _f\"></span>fair value <span class=\"_ _1\"></span>con impatto<span class=\"_ _df\"> </span>a <span class=\"_ _2\"></span><span class=\"ls0\">conto economico. <span class=\"_ _2\"></span>Limitatamente a <span class=\"_ _2\"></span>una <span class=\"_ _2\"></span>parte <span class=\"_ _2\"></span>dei titoli presenti <span class=\"_ _2\"></span>nel por<span class=\"_ _2\"></span>tafoglio di <span class=\"_ _2\"></span>propriet\u00e0 <span class=\"_ _2\"></span>Cred<span class=\"_ _1\"></span>emvita ha<span class=\"_ _df\"> </span></span>adottato il modello Hold To Collect.<span class=\"_ _df\"> </span>Si <span class=\"_ _0\"></span>evidenzia, <span class=\"_ _0\"></span>inoltre, <span class=\"_ _0\"></span>che <span class=\"_ _0\"></span>l\u2019intr<span class=\"_ _2\"></span>odu<span class=\"_ _1\"></span>zione <span class=\"_ _0\"></span>dell\u2019IFRS <span class=\"_ _0\"></span>17<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>determina <span class=\"_ _0\"></span>il <span class=\"_ _0\"></span>venir <span class=\"_ _0\"></span>meno <span class=\"_ _0\"></span>del <span class=\"_ _0\"></span>tr<span class=\"_ _2\"></span>attamento, <span class=\"_ _0\"></span>denominato<span class=\"_ _df\"> </span>Shadow <span class=\"ff5\">Accounting, previsto dal<span class=\"_ _1\"></span>l\u2019IFRS 4, che approssimava la correlazione<span class=\"_ _1\"></span> tra due valori non omoge<span class=\"_ _1\"></span>nei: 1) il<span class=\"_ _df\"> </span></span>valore della riserva tecnica relativa ai contratti valutati al cos<span class=\"_ _2\"></span>to (con partecip<span class=\"_ _1\"></span>azione discrezionale agli utili) e<span class=\"_ _df\"> </span>2) il valore dei relativi attivi valutati al fair value.<span class=\"_ _df\"> </span>Il <span class=\"_ _d\"></span>principio <span class=\"_ _d\"></span>IFRS <span class=\"_ _0\"></span>17 <span class=\"_ _0\"></span>ha <span class=\"_ _d\"></span>intro<span class=\"_ _2\"></span>dotto <span class=\"_ _d\"></span>maggiore <span class=\"_ _d\"></span>cor<span class=\"_ _2\"></span>relazione <span class=\"_ _d\"></span>tra <span class=\"_ _0\"></span>la <span class=\"_ _d\"></span>valutazione <span class=\"_ _d\"></span>delle <span class=\"_ _0\"></span>passivit\u00e0 <span class=\"_ _d\"></span>as<span class=\"_ _2\"></span>sicurative <span class=\"_ _d\"></span>e <span class=\"_ _d\"></span>gli<span class=\"_ _df\"> </span>investimenti sott<span class=\"_ _2\"></span>ostanti, sia in <span class=\"_ _2\"></span>periodi di <span class=\"_ _2\"></span>aumento dei <span class=\"_ _2\"></span>valori di <span class=\"_ _2\"></span>Fair Value <span class=\"_ _2\"></span>(riduzione dei t<span class=\"_ _2\"></span>assi <span class=\"_ _2\"></span>di mercato) <span class=\"_ _2\"></span>sia<span class=\"_ _df\"> </span>in periodi di riduzione dei valori di fair value<span class=\"_ _1\"></span> (aumento dei tassi di mercato).<span class=\"_ _df\"> </span>A parit\u00e0 <span class=\"_ _2\"></span>di valore degli attivi, mis<span class=\"_ _2\"></span>urati in <span class=\"_ _2\"></span>entrambi i principi contabili al <span class=\"_ _2\"></span>fair value, l<span class=\"_ _2\"></span>\u2019IFRS 17 introduce infatti <span class=\"_ _2\"></span>la<span class=\"_ _df\"> </span>logica <span class=\"_ _2\"></span>forwar<span class=\"_ _2\"></span>d <span class=\"_ _2\"></span>looking <span class=\"_ _2\"></span>anche <span class=\"_ _d\"></span>sui <span class=\"_ _d\"></span>passivi, <span class=\"_ _2\"></span>garantendo <span class=\"_ _d\"></span>pertanto <span class=\"_ _2\"></span>un<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>confr<span class=\"_ _2\"></span>onto <span class=\"_ _2\"></span>omogeneo <span class=\"_ _2\"></span>con <span class=\"_ _d\"></span>le <span class=\"_ _2\"></span>variazioni <span class=\"_ _d\"></span>di<span class=\"_ _df\"> </span>fair  value <span class=\"_ _4\"> </span>degli  attivi, <span class=\"_ _22\"> </span>e <span class=\"_ _4\"> </span>pertanto  maggiormente <span class=\"_ _4\"> </span>efficac<span class=\"_ _1\"></span>e  risp<span class=\"_ _2\"></span>etto  al <span class=\"_ _4\"> </span>passato.  Inoltre, <span class=\"_ _22\"> </span>per <span class=\"_ _4\"> </span>il  modello  di<span class=\"_ _df\"> </span>misurazione  V<span class=\"_ _1\"></span>FA,  l\u2019<span class=\"_ _1\"></span>adozione  dell\u2019opzione<span class=\"_ _1\"></span>  OCI <span class=\"_ _16\"> </span>(c.d.  Mirroring), <span class=\"_ _9\"> </span>compor<span class=\"_ _2\"></span>ta <span class=\"_ _16\"> </span>che <span class=\"_ _16\"> </span>tale  maggi<span class=\"_ _1\"></span>ore  correlazione<span class=\"_ _df\"> </span>rispet<span class=\"ff5\">to a quanto previsto dall\u2019IFRS 4, veng<span class=\"_ _1\"></span>a contribuita al patrimonio netto.<span class=\"_ _df\"> </span></span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForReinsuranceExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-740": {
   "value": "15 <span class=\"ff5\">\u2013</span> Att<span class=\"_ _1\"></span>ivit\u00e0 e <span class=\"_ _1\"></span>pass<span class=\"_ _1\"></span>ivit\u00e0 a<span class=\"_ _f\"></span>ssicurativ<span class=\"_ _1\"></span>e Le di<span class=\"_ _1\"></span>spos<span class=\"_ _1\"></span>izioni <span class=\"_ _1\"></span>norma<span class=\"_ _f\"></span>tive del <span class=\"_ _f\"></span>Principio<span class=\"_ _1\"></span> IFRS<span class=\"_ _1\"></span> 17 Si <span class=\"_ _0\"></span>r<span class=\"_ _2\"></span>iportano <span class=\"_ _0\"></span>le <span class=\"_ _9\"> </span>principali<span class=\"_ _1\"></span> <span class=\"_ _9\"> </span>previsioni <span class=\"_ _0\"></span>del <span class=\"_ _9\"> </span>Principio <span class=\"_ _9\"> </span>IFRS <span class=\"_ _0\"></span>17 <span class=\"_ _9\"> </span>che <span class=\"_ _9\"> </span>determinano <span class=\"_ _9\"> </span>le <span class=\"_ _0\"></span>modalit\u00e0 <span class=\"_ _9\"> </span>di <span class=\"_ _0\"></span>valutazione <span class=\"_ _9\"> </span>delle passivit\u00e0 <span class=\"_ _2\"></span>assicurative <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>relativi <span class=\"_ _2\"></span>effetti <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>conto <span class=\"_ _2\"></span>economico <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>contratti <span class=\"_ _2\"></span>assicurativi <span class=\"_ _2\"></span>soggetti <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>tale <span class=\"_ _2\"></span>logica contabile: <span class=\"_ _1a\"> </span><span class=\"ff4\">l<span class=\"ff5\">\u2019</span>iscrizione<span class=\"_ _1\"></span>  i<span class=\"_ _1\"></span>niziale  dell<span class=\"_ _1\"></span>a  p<span class=\"_ _f\"></span>as<span class=\"_ _2\"></span>sivit<span class=\"_ _2\"></span>\u00e0 <span class=\"_ _16\"> </span>assicurativa: <span class=\"_ _9\"> </span>al  momento <span class=\"_ _9\"> </span>della  sottoscrizione <span class=\"_ _9\"> </span>del  contratto <span class=\"_ _16\"> </span>con <span class=\"_ _9\"> </span>il </span>soggetto <span class=\"_ _2\"></span>as<span class=\"_ _2\"></span>sicurato, <span class=\"_ _2\"></span>il <span class=\"_ _d\"></span>Gruppo <span class=\"_ _d\"></span>riconosce <span class=\"_ _2\"></span>una <span class=\"_ _d\"></span>passivit\u00e0 <span class=\"_ _d\"></span>il <span class=\"_ _2\"></span>cui <span class=\"_ _d\"></span>ammontare <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _d\"></span>dato <span class=\"_ _2\"></span>dalla <span class=\"_ _d\"></span>somma <span class=\"_ _d\"></span>algeb<span class=\"_ _1\"></span>rica<span class=\"_ _df\"> </span>del <span class=\"_ _0\"></span>valore <span class=\"_ _9\"> </span>attuale <span class=\"_ _9\"> </span>dei <span class=\"_ _0\"></span>flussi <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>cassa <span class=\"_ _9\"> </span>attesi <span class=\"_ _0\"></span>contr<span class=\"_ _2\"></span>attuali <span class=\"_ _0\"></span>(Present <span class=\"_ _0\"></span>value <span class=\"_ _9\"> </span>future <span class=\"_ _0\"></span>cash <span class=\"_ _9\"> </span>flow  <span class=\"ff5\">\u2013</span> <span class=\"_ _0\"></span><span class=\"ff5\">\u201cPVFCF\u201d) <span class=\"_ _9\"> </span>e </span>inclusivi <span class=\"_ _2\"></span>anche <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>un <span class=\"_ _2\"></span>opportuno <span class=\"_ _2\"></span>Risk <span class=\"_ _2\"></span>adjustment <span class=\"_ _2\"></span>(\u201cRA\u201d) <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>presidio <span class=\"_ _d\"></span>dei rischi <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>tipo <span class=\"_ _2\"></span>non <span class=\"_ _2\"></span>finanzi<span class=\"_ _2\"></span><span class=\"ff4\">ario <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>del<span class=\"_ _df\"> </span></span>margine economico att<span class=\"_ _2\"></span>eso (Contractual Service Margin <span class=\"_ _2\"></span><span class=\"ff5\">\u2013</span> <span class=\"ff5\">\u201cCSM\u201d), che r<span class=\"_ _2\"></span>appresenta il valore attuale degli </span>utili futuri sui contratti assicurativi;<span class=\"_ _df\"> </span><span class=\"_ _1a\"> </span><span class=\"ff5\">i  raggruppamenti  di <span class=\"_ _22\"> </span>contr<span class=\"_ _2\"></span>atti:  l\u2019applicazione  dell\u2019IFRS  17 <span class=\"_ _4\"> </span>preved<span class=\"_ _1\"></span>e  l\u2019identificazione <span class=\"_ _22\"> </span>di <span class=\"_ _4\"> </span>\u201cportafogli\u201d<span class=\"_ _2\"></span><span class=\"ff4\">  di<span class=\"_ _df\"> </span></span></span>contratti <span class=\"_ _2\"></span>assicurativi <span class=\"_ _2\"></span>(ovvero di <span class=\"_ _2\"></span>gruppi di <span class=\"_ _2\"></span>contratti <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>condividono <span class=\"_ _2\"></span>rischi <span class=\"_ _2\"></span>simili <span class=\"_ _2\"></span>e gestiti <span class=\"_ _2\"></span>unitariamente).<span class=\"_ _df\"> </span>Ciascun <span class=\"_ _d\"></span>port<span class=\"_ _2\"></span>afoglio <span class=\"_ _d\"></span>viene <span class=\"_ _0\"></span>ulterio<span class=\"_ _2\"></span>rmente <span class=\"_ _d\"></span>suddiviso <span class=\"_ _0\"></span>in <span class=\"_ _0\"></span>gruppi <span class=\"_ _0\"></span>composti <span class=\"_ _0\"></span>da <span class=\"_ _0\"></span>contr<span class=\"_ _2\"></span>atti <span class=\"_ _d\"></span>con <span class=\"_ _0\"></span>caratterist<span class=\"_ _2\"></span>iche simili in termini <span class=\"_ _2\"></span>di profittabilit\u00e0 atte<span class=\"_ _2\"></span>sa, prevedendo pertanto <span class=\"_ _2\"></span>la distinzione<span class=\"_ _1\"></span> tr<span class=\"_ _2\"></span>a i contratti profittevoli (con margine economico atteso positivo)<span class=\"_ _1\"></span> e onerosi (con margine economico atteso negativo);<span class=\"_ _df\"> </span><span class=\"_ _17\"> </span><span class=\"ff4\">i <span class=\"_ _16\"> </span>modelli<span class=\"_ _1\"></span> <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>misurazione <span class=\"_ _9\"> </span>previsti <span class=\"_ _16\"> </span>dal <span class=\"_ _0\"></span>principio: <span class=\"_ _9\"> </span>il <span class=\"_ _16\"> </span>principio <span class=\"_ _0\"></span>IFRS <span class=\"_ _9\"> </span>17<span class=\"_ _2\"></span> <span class=\"_ _9\"> </span>prevede <span class=\"_ _0\"></span>un <span class=\"_ _9\"> </span>modello <span class=\"_ _16\"> </span>di <span class=\"_ _0\"></span>misur<span class=\"_ _d\"></span>azione<span class=\"_ _df\"> </span></span>denominato General Model (\u201cGM\u201d) applicabile in linea di principio a tutti i contratti, ad eccezione<span class=\"_ _1\"></span> d<span class=\"_ _2\"></span>i quelli<span class=\"_ _df\"> </span>con partecipazione <span class=\"_ _1\"></span>diretta agli utili <span class=\"_ _1\"></span>finanziari, per i<span class=\"_ _1\"></span> quali viene appli<span class=\"_ _1\"></span>cato il Variable <span class=\"_ _1\"></span>Fee Approach (\u201cVFA\u201d),<span class=\"_ _df\"> </span>qualora siano <span class=\"_ _f\"></span>rispettati i cri<span class=\"_ _f\"></span>teri di <span class=\"_ _1\"></span>eleggibilit\u00e0 <span class=\"_ _1\"></span>dipendenti <span class=\"_ _1\"></span>dalla <span class=\"_ _1\"></span>natura stessa <span class=\"_ _f\"></span>della partecip<span class=\"_ _1\"></span>azione agli <span class=\"_ _f\"></span>utili.<span class=\"_ _df\"> </span>\u00c8 <span class=\"_ _16\"> </span>previsto <span class=\"_ _16\"> </span>inoltre <span class=\"_ _16\"> </span>un <span class=\"_ _9\"> </span>modello  semplificato <span class=\"_ _9\"> </span>opzionale  (Premium <span class=\"_ _16\"> </span>Allocation <span class=\"_ _9\"> </span>Approach  <span class=\"ff5\">\u2013<span class=\"_ _2\"></span></span> <span class=\"_ _16\"> </span><span class=\"ff5\">\u201cPAA\u201d) <span class=\"_ _9\"> </span>per  la<span class=\"_ _df\"> </span></span>valutazione <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>ella <span class=\"_ _2\"></span>passivit\u00e0 <span class=\"_ _d\"></span>per <span class=\"_ _0\"></span>cope<span class=\"_ _1\"></span>rtura <span class=\"_ _d\"></span>residua <span class=\"_ _d\"></span>denominata <span class=\"_ _d\"></span>Liability <span class=\"_ _0\"></span><span class=\"ff5\">for <span class=\"_ _d\"></span>Remaining <span class=\"_ _2\"></span>Coverage <span class=\"_ _d\"></span>(\u201c<span class=\"_ _2\"></span>LRC\u201d,<span class=\"_ _df\"> </span></span>assimilabile <span class=\"_ _2\"></span>alla <span class=\"_ _2\"></span>Riserva <span class=\"_ _2\"></span>per <span class=\"_ _d\"></span>frazioni <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>premi <span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>al <span class=\"_ _d\"></span>riporto <span class=\"_ _2\"></span>premi) <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>contratti <span class=\"_ _d\"></span>con <span class=\"_ _2\"></span>periodo <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>cope<span class=\"_ _1\"></span>rtura<span class=\"_ _df\"> </span>uguale <span class=\"_ _0\"></span>o <span class=\"_ _9\"> </span>inferiore <span class=\"_ _9\"> </span>all'anno <span class=\"_ _0\"></span>e <span class=\"_ _9\"> </span>pe<span class=\"_ _2\"></span>r <span class=\"_ _0\"> </span>t<span class=\"_ _2\"></span>utti <span class=\"_ _0\"></span>i <span class=\"_ _9\"> </span>contratti <span class=\"_ _9\"> </span>nel <span class=\"_ _0\"></span>caso<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>in <span class=\"_ _9\"> </span>cui <span class=\"_ _0\"> </span>la <span class=\"_ _9\"> </span>valutazione <span class=\"_ _9\"> </span>non <span class=\"_ _0\"></span>s<span class=\"_ _2\"></span>ia <span class=\"_ _0\"></span>materialmente<span class=\"_ _df\"> </span>differente da quella risultante dall'app<span class=\"_ _1\"></span>licazione del General Model;<span class=\"_ _df\"> </span><span class=\"_ _1a\"> </span><span class=\"ff5\">la <span class=\"_ _4\"> </span>mis<span class=\"_ _2\"></span>urazione <span class=\"_ _4\"> </span>successiva <span class=\"_ _17\"> </span>della <span class=\"_ _4\"> </span>pass<span class=\"_ _2\"></span>ivit\u00e0 <span class=\"_ _4\"> </span>assicurativa: <span class=\"_ _17\"> </span>l\u2019IFRS <span class=\"_ _17\"> </span>17 <span class=\"_ _17\"> </span>richiede <span class=\"_ _4\"> </span>un <span class=\"_ _17\"> </span>aggiornamento <span class=\"_ _17\"> </span>della<span class=\"_ _df\"> </span></span>misurazione <span class=\"_ _4\"> </span>ad <span class=\"_ _4\"> </span>ogni <span class=\"_ _4\"> </span>reporting <span class=\"_ _4\"> </span>period <span class=\"_ _4\"> </span>degli <span class=\"_ _4\"> </span>elementi <span class=\"_ _4\"> </span>sopra <span class=\"_ _17\"> </span>indicati <span class=\"_ _4\"> </span>(i <span class=\"_ _4\"> </span>flussi <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>cassa <span class=\"_ _17\"> </span>e <span class=\"_ _4\"> </span>il <span class=\"_ _4\"> </span>margine<span class=\"_ _df\"> </span>economico atteso), per verificare la congruit\u00e0 delle stime rispetto alle condizioni correnti di mercato. Gli effetti <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>eventuali <span class=\"_ _0\"></span>aggiornamenti <span class=\"_ _9\"> </span>sono <span class=\"_ _0\"></span>recepiti <span class=\"_ _0\"></span>alla <span class=\"_ _0\"></span>prima <span class=\"_ _0\"> </span>r<span class=\"_ _2\"></span>eporting <span class=\"_ _0\"></span>date <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>consuntivazione: <span class=\"_ _0\"></span>a <span class=\"_ _0\"></span>conto<span class=\"_ _df\"> </span>economico <span class=\"_ _d\"></span>qualora <span class=\"_ _0\"></span>i <span class=\"_ _d\"></span>cambiamenti <span class=\"_ _0\"></span>siano <span class=\"_ _d\"></span>r<span class=\"_ _2\"></span>iferiti <span class=\"_ _d\"></span>a <span class=\"_ _0\"></span>eventi <span class=\"_ _d\"></span>correnti <span class=\"_ _d\"></span>o <span class=\"_ _0\"></span>gi\u00e0 <span class=\"_ _d\"></span>avvenuti <span class=\"_ _d\"></span>oppure <span class=\"_ _0\"></span>a <span class=\"_ _0\"></span>riduzione <span class=\"_ _d\"></span>del<span class=\"_ _df\"> </span>margine economico atteso (CSM) q<span class=\"_ _1\"></span>ualora i cambiamenti siano rife<span class=\"_ _1\"></span>riti a eventi futuri. Con riferimento alle variazioni <span class=\"_ _e\"> </span>delle <span class=\"_ _e\"> </span>sole <span class=\"_ _10\"> </span>variabili <span class=\"_ _e\"> </span>finanziarie <span class=\"_ _e\"> </span>(<span class=\"_ _2\"></span>e <span class=\"_ _e\"> </span>non <span class=\"_ _e\"> </span>delle <span class=\"_ _10\"> </span>restanti, <span class=\"_ _e\"> </span>quindi <span class=\"_ _10\"> </span>principalmente <span class=\"_ _e\"> </span>r<span class=\"_ _2\"></span>el<span class=\"_ _2\"></span>ative <span class=\"_ _e\"> </span>al comportamento <span class=\"_ _18\"> </span>degli <span class=\"_ _10\"> </span>as<span class=\"_ _2\"></span>sicurati), <span class=\"_ _10\"> </span>\u00e8 <span class=\"_ _18\"> </span>rimessa <span class=\"_ _19\"> </span>scelta <span class=\"_ _18\"> </span>alle <span class=\"_ _10\"> </span>imprese <span class=\"_ _18\"> </span>di <span class=\"_ _18\"> </span>individuare <span class=\"_ _19\"> </span><span class=\"ff5\">\u2013</span> <span class=\"_ _19\"> </span>per <span class=\"_ _10\"> </span>ciascun<span class=\"_ _df\"> </span>raggruppamento <span class=\"_ _d\"></span>di <span class=\"_ _0\"></span>contratti <span class=\"_ _0\"></span><span class=\"ff5\">\u2013<span class=\"_ _2\"></span></span> <span class=\"_ _d\"></span>se <span class=\"_ _0\"></span>rappresentare <span class=\"_ _0\"></span>gli <span class=\"_ _0\"></span>effetti <span class=\"_ _0\"></span>delle<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>modifiche <span class=\"_ _d\"></span>nel <span class=\"_ _0\"></span>conto <span class=\"_ _0\"></span>economico <span class=\"_ _0\"></span>o <span class=\"_ _0\"></span>nel<span class=\"_ _df\"> </span>patrimonio netto (c.d. Opzi<span class=\"_ _1\"></span>one OCI);<span class=\"_ _df\"> </span><span class=\"_ _17\"> </span><span class=\"ff4\">la <span class=\"_ _22\"> </span>misurazione  <span class=\"ff5\">del  ricavo  assicurativo:  l\u2019IFRS  17  prevede<span class=\"_ _1\"></span>  un\u2019esposizione  nel  conto  economico  della<span class=\"_ _df\"> </span></span></span>redditivit\u00e0 <span class=\"_ _9\"> </span>\u201cper <span class=\"_ _9\"> </span>margini\u201d <span class=\"_ _16\"> </span>consegui<span class=\"_ _1\"></span>ti <span class=\"_ _9\"> </span>nel <span class=\"_ _16\"> </span>corso <span class=\"_ _9\"> </span>della <span class=\"_ _9\"> </span>vita <span class=\"_ _9\"> </span>delle <span class=\"_ _9\"> </span>polizze, <span class=\"_ _9\"> </span>os<span class=\"_ _2\"></span>sia <span class=\"_ _9\"> </span>quando <span class=\"_ _0\"></span>l\u2019<span class=\"_ _2\"></span>impresa <span class=\"_ _9\"> </span>eroga <span class=\"_ _9\"> </span>i servizi <span class=\"_ _17\"> </span>agli <span class=\"_ _14\"> </span>assicurati, <span class=\"_ _14\"> </span>non <span class=\"_ _14\"> </span>prevedendo <span class=\"_ _17\"> </span>p<span class=\"_ _2\"></span>ertanto <span class=\"_ _14\"> </span>la <span class=\"_ _17\"> </span>r<span class=\"_ _2\"></span>ilevazi<span class=\"_ _1\"></span>one <span class=\"_ _14\"> </span>di <span class=\"_ _14\"> </span>a<span class=\"_ _2\"></span>lcun <span class=\"_ _17\"> </span>ricavo <span class=\"_ _14\"> </span>al <span class=\"_ _14\"> </span>momento <span class=\"_ _14\"> </span>della<span class=\"_ _df\"> </span>sottoscrizione <span class=\"_ _f\"></span>del contratto. In <span class=\"_ _f\"></span>merito a <span class=\"_ _1\"></span>tale aspe<span class=\"_ _1\"></span>tto il <span class=\"_ _1\"></span>principio <span class=\"_ _f\"></span>\u00e8 asimmetrico in <span class=\"_ _f\"></span>quanto in <span class=\"_ _f\"></span>caso di <span class=\"_ _f\"></span>gruppi<span class=\"_ _df\"> </span>di contratti onerosi prevede la rilev<span class=\"_ _1\"></span>azione immediata delle perdite a conto economico;<span class=\"_ _df\"> </span><span class=\"_ _17\"> </span><span class=\"ff4\">la misurazione <span class=\"_ _f\"></span>della <span class=\"_ _f\"></span>perfor<span class=\"_ _2\"></span>man<span class=\"ff5\">ce: <span class=\"_ _f\"></span>nell\u2019ottica di<span class=\"_ _1\"></span> un\u2019<span class=\"_ _1\"></span>informativa che<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>garantisca <span class=\"_ _1\"></span>una <span class=\"_ _f\"></span>migliore comp<span class=\"_ _1\"></span>arabilit\u00e0<span class=\"_ _df\"> </span></span></span>degli <span class=\"_ _4\"> </span>andamenti <span class=\"_ _4\"> </span>delle <span class=\"_ _17\"> </span>Compagnie, <span class=\"_ _4\"> </span>\u00e8 <span class=\"_ _17\"> </span>prevista <span class=\"_ _17\"> </span>una <span class=\"_ _4\"> </span>rappresentazione <span class=\"_ _4\"> </span>distinta <span class=\"_ _17\"> </span>e <span class=\"_ _4\"> </span>s<span class=\"_ _2\"></span>eparata <span class=\"_ _4\"> </span>delle <span class=\"_ _4\"> </span>due<span class=\"_ _df\"> </span>componenti principali che tipicamente concorrono a formare la redditivit\u00e0 delle impre<span class=\"_ _2\"></span>se assicuratrici: la prima, che <span class=\"_ _1\"></span>rappresenta il profitto d<span class=\"_ _1\"></span>erivante dall\u2019attivit\u00e0 assicu<span class=\"_ _1\"></span>rativa prestata (il <span class=\"_ _1\"></span>c.d. \u201cmargine<span class=\"_ _1\"></span> tecnico\u201d) e<span class=\"_ _df\"> </span>la <span class=\"_ _14\"> </span>seconda <span class=\"_ _17\"> </span>che <span class=\"_ _14\"> </span>raggruppa <span class=\"_ _14\"> </span>invece <span class=\"_ _14\"> </span>tutte <span class=\"_ _14\"> </span>le <span class=\"_ _14\"> </span>componenti <span class=\"_ _14\"> </span>di <span class=\"_ _17\"> </span>c<span class=\"_ _2\"></span>arattere <span class=\"_ _14\"> </span>\u201cfinanziario\u201d <span class=\"_ _14\"> </span>(i <span class=\"_ _17\"> </span>r<span class=\"_ _2\"></span>isulta<span class=\"_ _1\"></span>ti <span class=\"_ _14\"> </span>degli<span class=\"_ _df\"> </span>investimenti, <span class=\"_ _14\"> </span>gli <span class=\"_ _15\"> </span>effetti <span class=\"_ _15\"> </span>delle <span class=\"_ _15\"> </span>variabili <span class=\"_ _15\"> </span>finanziarie <span class=\"_ _15\"> </span>utilizzate <span class=\"_ _15\"> </span>nelle <span class=\"_ _15\"> </span>valutazioni <span class=\"_ _15\"> </span>dei <span class=\"_ _14\"> </span>cont<span class=\"_ _2\"></span>ratti, <span class=\"_ _14\"> </span>ecc.). <span class=\"_ _15\"> </span>I<span class=\"_ _df\"> </span>cambiamenti <span class=\"_ _d\"></span>nelle <span class=\"_ _0\"></span>stime <span class=\"_ _0\"></span>future <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>premi <span class=\"_ _0\"></span>collegati <span class=\"_ _d\"></span>a <span class=\"_ _9\"> </span>contratti <span class=\"_ _0\"></span>in <span class=\"_ _d\"></span>essere <span class=\"_ _0\"></span>alla <span class=\"_ _0\"></span>data <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>reporting <span class=\"_ _0\"></span>(flussi <span class=\"_ _d\"></span>di<span class=\"_ _df\"> </span>cassa da ricevere) e di pagamenti (flussi di cassa da riconoscere) so<span class=\"_ _2\"></span>no rilevati a conto economico lungo<span class=\"_ _df\"> </span>la durata residua contrattuale delle polizze di<span class=\"_ _1\"></span> riferimento.<span class=\"_ _df\"> </span>Scelte<span class=\"_ _1\"></span> met<span class=\"_ _1\"></span>odolo<span class=\"_ _f\"></span>giche del<span class=\"_ _1\"></span> Gru<span class=\"_ _1\"></span>pp<span class=\"_ _1\"></span>o Nell\u2019ambito <span class=\"_ _d\"></span><span class=\"ff4\">delle <span class=\"_ _d\"></span>Compagnie <span class=\"_ _0\"></span>assicurative <span class=\"_ _0\"></span>il <span class=\"_ _d\"></span>principio <span class=\"_ _d\"></span>IFRS <span class=\"_ _0\"></span>17 <span class=\"_ _0\"></span>risulta <span class=\"_ _d\"></span>applicabile <span class=\"_ _d\"></span>ai <span class=\"_ _0\"></span>prodotti <span class=\"_ _0\"></span>assicurativi <span class=\"_ _d\"></span>e <span class=\"_ _d\"></span>ai </span>prodotti  finanziari <span class=\"_ _16\"> </span>con  e<span class=\"_ _1\"></span>lementi  di<span class=\"_ _1\"></span>  partecipazione <span class=\"_ _9\"> </span>d<span class=\"_ _2\"></span>iscrezionale  ag<span class=\"_ _1\"></span>li  u<span class=\"_ _1\"></span>tili  mentre  i <span class=\"_ _9\"> </span>prodot<span class=\"_ _2\"></span>ti  a <span class=\"_ _9\"> </span>prevalente contenuto <span class=\"_ _9\"> </span>finanziario <span class=\"_ _16\"> </span>sono <span class=\"_ _9\"> </span>classificati <span class=\"_ _16\"> </span>sotto <span class=\"_ _9\"> </span>IFRS9. <span class=\"_ _16\"> </span>Le <span class=\"_ _9\"> </span>principali <span class=\"_ _9\"> </span>scelte <span class=\"_ _16\"> </span>metodologiche <span class=\"_ _9\"> </span>affrontate <span class=\"_ _16\"> </span>hanno riguardato <span class=\"_ _d\"></span>la <span class=\"_ _2\"></span>quantificazione <span class=\"_ _d\"></span>dei <span class=\"_ _d\"></span>cash <span class=\"_ _d\"></span>flow <span class=\"_ _2\"></span>in <span class=\"_ _d\"></span>ottica <span class=\"_ _d\"></span>IFR<span class=\"_ _2\"></span>S <span class=\"_ _d\"></span>17, <span class=\"_ _2\"></span>la <span class=\"_ _0\"></span>definizione <span class=\"_ _2\"></span>della <span class=\"_ _d\"></span>curva <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>sconto <span class=\"_ _d\"></span>per <span class=\"_ _d\"></span>la <span class=\"_ _d\"></span>loro attualizzazione, <span class=\"_ _17\"> </span>nonch\u00e9 <span class=\"_ _17\"> </span>la <span class=\"_ _14\"> </span>quantificazione<span class=\"_ _1\"></span> <span class=\"_ _17\"> </span>d<span class=\"_ _2\"></span>el <span class=\"_ _17\"> </span>CSM <span class=\"_ _17\"> </span>per <span class=\"_ _17\"> </span>il <span class=\"_ _14\"> </span>bilancio <span class=\"_ _17\"> </span>consolidato <span class=\"_ _14\"> </span>del <span class=\"_ _17\"> </span>Gruppo, <span class=\"_ _17\"> </span>al <span class=\"_ _14\"> </span>fine <span class=\"_ _17\"> </span>di considerare <span class=\"_ _d\"></span>gli <span class=\"_ _0\"></span>effettivi <span class=\"_ _0\"></span>costi <span class=\"_ _0\"></span>di <span class=\"_ _0\"> </span>distr<span class=\"_ _2\"></span>ibuzi<span class=\"_ _1\"></span>one/gestione <span class=\"_ _0\"></span>nei <span class=\"_ _d\"></span>f<span class=\"_ _2\"></span>lussi <span class=\"_ _0\"></span>prospettici <span class=\"_ _0\"></span>delle <span class=\"_ _d\"></span>pass<span class=\"_ _2\"></span>ivit\u00e0 <span class=\"_ _d\"></span>as<span class=\"_ _d\"></span>sicurative <span class=\"_ _d\"></span>in luogo delle<span class=\"_ _1\"></span> provvigioni regolate <span class=\"_ _1\"></span>tr<span class=\"_ _2\"></span>a Crede<span class=\"_ _1\"></span>mvita e le <span class=\"_ _1\"></span>societ\u00e0 distributrici del <span class=\"_ _1\"></span>Gruppo. Di seguito sono <span class=\"_ _1\"></span>riportate<span class=\"_ _df\"> </span>le principali scelte metodologi<span class=\"_ _1\"></span>che ass<span class=\"_ _2\"></span>unte dal Gruppo:<span class=\"_ _df\"> </span><span class=\"ff10\"> <span class=\"_ _2\"></span><span class=\"ff4\">Livello di <span class=\"_ _1\"></span>aggregazione e opzi<span class=\"_ _1\"></span>one <span class=\"ff5\">\u201c</span>carve out<span class=\"ff5\">\u201d</span> sulle coorti: il <span class=\"_ _1\"></span>livello di aggregazione permette di<span class=\"_ _1\"></span> definire la<span class=\"_ _df\"> </span></span></span>granularit\u00e0 <span class=\"_ _0\"> </span>con <span class=\"_ _9\"> </span>cui <span class=\"_ _9\"> </span>viene <span class=\"_ _9\"> </span>valutata <span class=\"_ _9\"> </span>la <span class=\"_ _9\"> </span>redditivit\u00e0 <span class=\"_ _0\"></span>di <span class=\"_ _9\"> </span>un <span class=\"_ _9\"> </span>gruppo <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>contratti, <span class=\"_ _9\"> </span>andando <span class=\"_ _0\"> </span>a <span class=\"_ _9\"> </span>r<span class=\"_ _2\"></span>aggruppare <span class=\"_ _0\"></span>nel<span class=\"_ _df\"> </span>medesimo portafoglio quelli che:<span class=\"_ _df\"> </span>o<span class=\"ff10\"> <span class=\"_ _5\"> </span><span class=\"ff4\">presentano r<span class=\"_ _2\"></span>ischi simili e sono ge<span class=\"_ _1\"></span>stiti unitariamente;<span class=\"_ _df\"> </span></span></span>o<span class=\"ff10\"> <span class=\"_ _5\"> </span><span class=\"ff4\">hanno profitt<span class=\"_ _2\"></span>abilit\u00e0 attesa <span class=\"ff5\">simile all\u2019emissione (<span class=\"_ _1\"></span>c.d. bucket di profittabilit\u00e0); </span></span></span>o<span class=\"ff10\"> <span class=\"_ _5\"> </span><span class=\"ff4\">appartengono alla stess<span class=\"_ _2\"></span>a ge<span class=\"_ _1\"></span>nerazione (c.d. coorte annuale). </span></span>Con <span class=\"_ _9\"> </span>r<span class=\"_ _2\"></span>iferimento <span class=\"_ _9\"> </span>ai <span class=\"_ _9\"> </span>contratti  ap<span class=\"_ _f\"></span>partenenti <span class=\"_ _16\"> </span>a <span class=\"_ _9\"> </span>prodotti <span class=\"_ _16\"> </span>Multiramo <span class=\"_ _9\"> </span>o <span class=\"_ _16\"> </span>collegati <span class=\"_ _9\"> </span>ad <span class=\"_ _9\"> </span>una  Ge<span class=\"_ _1\"></span>stione <span class=\"_ _9\"> </span>Separata<span class=\"_ _df\"> </span>valutati secondo <span class=\"_ _1\"></span>il princip<span class=\"_ _1\"></span>io IFRS17, il <span class=\"ff5\">Grup<span class=\"_ _1\"></span>po ha de<span class=\"_ _1\"></span>ciso di e<span class=\"_ _1\"></span>sercitare l\u2019opzi<span class=\"_ _1\"></span>one di <span class=\"_ _1\"></span>non applicare<span class=\"_ _1\"></span> il requisito<span class=\"_ _df\"> </span></span>della <span class=\"_ _2\"></span>Coorte <span class=\"_ _2\"></span>Annuale <span class=\"_ _2\"></span>(\u201cCarve <span class=\"_ _d\"></span>Out\u201d) <span class=\"_ _2\"></span>cos<span class=\"_ _2\"></span>\u00ec <span class=\"_ _2\"></span>come <span class=\"_ _2\"></span>previsto <span class=\"_ _2\"></span>dal <span class=\"_ _2\"></span>Regolamento <span class=\"_ _d\"></span>di <span class=\"_ _2\"></span>omologazione <span class=\"_ _2\"></span>dell\u2019IFRS <span class=\"_ _2\"></span>17 <span class=\"_ _d\"></span>a<span class=\"_ _df\"> </span>livello <span class=\"_ _d\"></span>europeo <span class=\"_ _d\"></span>e <span class=\"_ _0\"></span>quindi <span class=\"_ _d\"></span>aggregare <span class=\"_ _0\"></span>queste <span class=\"_ _d\"></span>tipologie <span class=\"_ _d\"></span>contr<span class=\"_ _2\"></span>attuali <span class=\"_ _d\"></span>solo <span class=\"_ _d\"></span>con <span class=\"_ _0\"></span>riguardo <span class=\"_ _0\"> </span>al <span class=\"_ _0\"></span>concetto <span class=\"_ _d\"></span>di <span class=\"_ _0\"></span>rischi<span class=\"_ _df\"> </span>simili e gestione unitaria e all\u2019appartene<span class=\"_ _1\"></span>nza allo stesso bucket di profittabilit\u00e0;<span class=\"_ _df\"> </span>L\u2019aggregazione in gruppi <span class=\"_ _2\"></span>di contratti \u00e8 <span class=\"_ _2\"></span>rimasta invariata rispetto all\u2019anno precedente, <span class=\"_ _2\"></span>ma integra i <span class=\"_ _2\"></span>nuovi<span class=\"_ _df\"> </span>portafogli <span class=\"_ _0\"></span>identificati <span class=\"_ _d\"></span>per <span class=\"_ _0\"></span>la <span class=\"_ _0\"></span>gestione <span class=\"_ _0\"></span>delle <span class=\"_ _0\"></span>nuove <span class=\"_ _d\"></span>t<span class=\"_ _2\"></span>ipologie <span class=\"_ _d\"></span>di <span class=\"_ _0\"></span>prodotti <span class=\"_ _0\"></span>entrati <span class=\"_ _0\"></span>in <span class=\"_ _d\"></span>collocamento <span class=\"_ _0\"></span>durante<span class=\"_ _df\"> </span>l\u2019anno. <span class=\"ff4\">Pi\u00f9 nel dettaglio:<span class=\"_ _df\"> </span></span>o<span class=\"ff10\"> <span class=\"_ _5\"> </span><span class=\"ff4\">r<span class=\"_ _2\"></span>imane  i<span class=\"_ _1\"></span>nvariata  la  valutazione  ex-IFRS  9  delle  dalle  polizze  Unit  Li<span class=\"_ _1\"></span>nked  stand  alone<span class=\"_ _df\"> </span></span></span>(portafoglio  1) <span class=\"_ _9\"> </span>e  dai  p<span class=\"_ _1\"></span>rodotti  F<span class=\"_ _f\"></span>ondo  Pensione <span class=\"_ _16\"> </span>e  P<span class=\"_ _f\"></span>IP  (portafoglio  2 <span class=\"_ _16\"> </span>Risparmio <span class=\"_ _16\"> </span>Gest<span class=\"_ _2\"></span>ito).<span class=\"_ _df\"> </span>Rispetto <span class=\"_ _16\"> </span>ai <span class=\"_ _16\"> </span>prodotti <span class=\"_ _16\"> </span>Unit <span class=\"_ _16\"> </span>Linke<span class=\"_ _1\"></span>d <span class=\"_ _16\"> </span>e <span class=\"_ _16\"> </span>Fondo <span class=\"_ _9\"> </span>Pensione  emessi <span class=\"_ _9\"> </span>nel  corso  d<span class=\"_ _1\"></span>ell\u2019anno <span class=\"_ _9\"> </span>non  si<span class=\"_ _df\"> </span>evidenziano <span class=\"_ _2\"></span>cambiamenti in <span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>ermini di <span class=\"_ _2\"></span>significativit\u00e0 <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>rischio <span class=\"_ _2\"></span>assicurativo <span class=\"_ _2\"></span>sottostante<span class=\"_ _df\"> </span>tali da determinare la necessit\u00e0 di una valutazione ex-<span class=\"ff5\">IFRS 17 di quest\u2019ul</span>timi;<span class=\"_ _df\"> </span>o<span class=\"ff10\"> <span class=\"_ _5\"> </span><span class=\"ff4\">r<span class=\"_ _2\"></span>imane invariata <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>valutazione <span class=\"_ _2\"></span>ex-IFRS <span class=\"_ _2\"></span>17 <span class=\"_ _d\"></span>dei prodotti <span class=\"_ _2\"></span>relativi <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>Gestione <span class=\"_ _2\"></span>Separate s<span class=\"_ _2\"></span>tand<span class=\"_ _df\"> </span></span></span>alone, <span class=\"_ _2\"></span>Puro <span class=\"_ _d\"></span>Rischio <span class=\"_ _2\"></span>e <span class=\"_ _d\"></span>Multiramo. <span class=\"_ _2\"></span>Fermo <span class=\"_ _d\"></span>restando <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>necessit\u00e0 <span class=\"_ _d\"></span>di <span class=\"_ _2\"></span>suddividere <span class=\"_ _2\"></span>i <span class=\"_ _d\"></span>portafogli<span class=\"_ _df\"> </span>ex<span class=\"ls0\">-<span class=\"ff5\">IFRS 17 per p<span class=\"_ _1\"></span>rofittabilit\u00e0 attesa e<span class=\"_ _1\"></span> l\u2019esercizio <span class=\"_ _1\"></span>dell\u2019opzione di car<span class=\"ff4\">ve out d<span class=\"_ _1\"></span>i cui <span class=\"_ _1\"></span>sopra, sono<span class=\"_ _df\"> </span></span></span></span>identificabili macro portafogli separati per Gestione Separata 1, Gestioni Separate 2 e <span class=\"_ _2\"></span>per<span class=\"_ _df\"> </span>le <span class=\"_ _d\"></span>Specifiche <span class=\"_ _d\"></span>Provviste <span class=\"_ _0\"></span>collocate <span class=\"_ _d\"></span>durante <span class=\"_ _d\"></span>il <span class=\"_ _0\"></span>2023. <span class=\"_ _d\"></span>Inoltre <span class=\"_ _d\"></span>il <span class=\"_ _d\"></span>prodotto <span class=\"_ _0\"></span>Risparmio <span class=\"_ _d\"></span>Protetto,<span class=\"_ _df\"> </span>avente <span class=\"_ _2\"></span>come <span class=\"_ _d\"></span>sottostant<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>sia <span class=\"_ _d\"></span>la <span class=\"_ _2\"></span>Gestione <span class=\"_ _d\"></span>Separat<span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>2 <span class=\"_ _d\"></span>che <span class=\"_ _d\"></span>la <span class=\"_ _d\"></span>Gestione <span class=\"_ _2\"></span>Separata <span class=\"_ _d\"></span>3 <span class=\"_ _d\"></span>\u00e8 <span class=\"_ _2\"></span>st<span class=\"_ _2\"></span>ata<span class=\"_ _df\"> </span>identificato un macro portafoglio a s\u00e9 stante;<span class=\"_ _df\"> </span>o<span class=\"ff10\"> <span class=\"_ _5\"> </span><span class=\"ff4\">Per i prodott<span class=\"_ _2\"></span>i Multiramo sia la componente di Ramo I che la componente di Ramo III sono<span class=\"_ _df\"> </span></span></span>soggette  alla <span class=\"_ _4\"> </span>valu<span class=\"_ _1\"></span>tazione <span class=\"_ _22\"> </span>cong<span class=\"_ _2\"></span>iunta  ex-IFRS17. <span class=\"_ _4\"> </span>Durante  il <span class=\"_ _22\"> </span>202<span class=\"_ _2\"></span>5  \u00e8 <span class=\"_ _4\"> </span>stata  finalizzata<span class=\"_ _2\"></span>  la<span class=\"_ _df\"> </span>creazione  e  collocamento  tramite  la  rete  d\u2019intermediazione  del  Gruppo  del  prodotto<span class=\"_ _df\"> </span>Multiramo <span class=\"_ _22\"> </span>Or<span class=\"_ _2\"></span>izzonte  by <span class=\"_ _4\"> </span>C<span class=\"_ _1\"></span>redemvita <span class=\"_ _4\"> </span>la  quale <span class=\"_ _22\"> </span>per <span class=\"_ _4\"> </span>la  componente <span class=\"_ _22\"> </span>di <span class=\"_ _4\"> </span>ramo <span class=\"_ _22\"> </span>I <span class=\"_ _4\"> </span>ha  come<span class=\"_ _df\"> </span>sottostante <span class=\"_ _d\"></span>una <span class=\"_ _d\"></span>nuova <span class=\"_ _d\"></span>gestione <span class=\"_ _d\"></span>separata <span class=\"_ _0\"></span>dedicata. <span class=\"_ _2\"></span>Pertanto <span class=\"_ _0\"></span>venendo <span class=\"_ _2\"></span>meno <span class=\"_ _d\"></span>il <span class=\"_ _0\"></span>principio<span class=\"_ _df\"> </span>della <span class=\"_ _4\"> </span>gestione <span class=\"_ _22\"> </span>u<span class=\"_ _2\"></span>nitaria <span class=\"_ _4\"> </span>con <span class=\"_ _4\"> </span>altri <span class=\"_ _4\"> </span>prodotti <span class=\"_ _4\"> </span>della  Com<span class=\"_ _2\"></span>pagnia  a<span class=\"_ _2\"></span>venti <span class=\"_ _4\"> </span>rischio <span class=\"_ _4\"> </span>simile, <span class=\"_ _22\"> </span>tal<span class=\"_ _2\"></span>e<span class=\"_ _df\"> </span>prodotto ha visto la necessit\u00e0 de<span class=\"_ _1\"></span>lla creazione di un portafoglio IFRS17 ded<span class=\"_ _1\"></span>icato, soggetto<span class=\"_ _df\"> </span>poi <span class=\"_ _9\"> </span>a  su<span class=\"_ _1\"></span>a <span class=\"_ _16\"> </span>volta <span class=\"_ _9\"> </span>alla <span class=\"_ _9\"> </span>segmentazione <span class=\"_ _9\"> </span>per  p<span class=\"_ _1\"></span>rofittabilit\u00e0 <span class=\"_ _16\"> </span>attesa. <span class=\"_ _9\"> </span>Tale <span class=\"_ _9\"> </span>marco  p<span class=\"_ _1\"></span>ortafogli<span class=\"_ _2\"></span>o <span class=\"_ _9\"> </span>si<span class=\"_ _df\"> </span>aggiunge <span class=\"_ _0\"></span>ai <span class=\"_ _9\"> </span>pre-esistenti <span class=\"_ _9\"> </span>macro <span class=\"_ _9\"> </span>port<span class=\"_ _2\"></span>afogli <span class=\"_ _0\"></span>inerenti <span class=\"_ _0\"></span>ai <span class=\"_ _9\"> </span>prodott<span class=\"_ _2\"></span>i <span class=\"_ _0\"></span>legati <span class=\"_ _9\"> </span>alle <span class=\"_ _9\"> </span>altre <span class=\"_ _9\"> </span>gestioni<span class=\"_ _df\"> </span>separate Gestione Separata 1. Gestione Se<span class=\"_ _1\"></span>parata 2 e Gestione Separata 3;<span class=\"_ _df\"> </span>o<span class=\"ff10\"> <span class=\"_ _5\"> </span><span class=\"ff4\">Per <span class=\"_ _2\"></span>i prodotti di <span class=\"_ _2\"></span>Puro Rischio non si <span class=\"_ _2\"></span>evid<span class=\"_ _1\"></span>enziano integrazioni r<span class=\"_ _2\"></span>ispetto agli anni prece<span class=\"_ _2\"></span>denti<span class=\"_ _df\"> </span></span></span>rimanendo <span class=\"_ _d\"></span>i <span class=\"_ _0\"></span>prodotti <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>oggetto <span class=\"_ _d\"></span>class<span class=\"_ _2\"></span>ificati <span class=\"_ _d\"></span>all\u2019interno <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>1 <span class=\"_ _d\"></span>macro <span class=\"_ _0\"></span>portafoglio <span class=\"_ _d\"></span>valutato <span class=\"_ _0\"></span>al<span class=\"_ _df\"> </span>General Model;<span class=\"_ _df\"> </span>o<span class=\"ff10\"> <span class=\"_ _5\"> </span><span class=\"ff4\">Anche la <span class=\"_ _f\"></span>r<span class=\"_ _2\"></span>iassicurazione <span class=\"_ _f\"></span>ceduta \u00e8 <span class=\"_ _f\"></span>valutata interamente se<span class=\"_ _1\"></span>condo <span class=\"_ _f\"></span>IFRS 17 al <span class=\"_ _f\"></span>General <span class=\"_ _1\"></span>Model.<span class=\"_ _df\"> </span></span></span>La <span class=\"_ _f\"></span>classificazione e<span class=\"_ _1\"></span> portafogliazione<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>dipende <span class=\"_ _1\"></span>da <span class=\"_ _f\"></span>t<span class=\"_ _2\"></span>rattato e <span class=\"_ _f\"></span>natura <span class=\"_ _f\"></span>e tipo <span class=\"_ _f\"></span>di <span class=\"_ _f\"></span>cont<span class=\"_ _2\"></span>ratto. <span class=\"_ _1\"></span>Sono<span class=\"_ _df\"> </span>pertanto  valutati  separatamente  i  trattati  di  riass<span class=\"_ _2\"></span>icurazioni  a  cope<span class=\"_ _1\"></span>rtura  delle  polizze<span class=\"_ _df\"> </span>relative <span class=\"_ _18\"> </span>a <span class=\"_ _19\"> </span>temporanea <span class=\"_ _18\"> </span>caso <span class=\"_ _18\"> </span>morte, <span class=\"_ _19\"> </span>cessione <span class=\"_ _18\"> </span>del <span class=\"_ _18\"> </span>quinto, <span class=\"_ _18\"> </span>credit <span class=\"_ _19\"> </span>protection <span class=\"_ _18\"> </span>e <span class=\"_ _18\"> </span>la<span class=\"_ _df\"> </span>riassicurazione legata al prodotto Orizzonte by Credemvita;<span class=\"_ _df\"> </span><span class=\"ff10\"> <span class=\"_ _8\"> </span><span class=\"ff4\">Curva <span class=\"_ _2\"></span>di scont<span class=\"_ _2\"></span>o: il <span class=\"_ _2\"></span>Gruppo <span class=\"_ _2\"></span>ha deciso di <span class=\"_ _2\"></span>utilizzare un <span class=\"_ _2\"></span>approccio Bot<span class=\"_ _2\"></span>tom-<span class=\"ff5\">Up, che <span class=\"_ _2\"></span>prevede l\u2019utilizzo <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>tassi<span class=\"_ _df\"> </span></span></span></span>privi d<span class=\"_ _1\"></span>i rischio con l<span class=\"_ _1\"></span>\u2019aggiunta di un premio <span class=\"_ _1\"></span>di liquidit\u00e0. <span class=\"_ _1\"></span>Tale premio di li<span class=\"_ _1\"></span>quidit\u00e0 viene stimato sulla <span class=\"_ _1\"></span>base del<span class=\"_ _df\"> </span>rischio insito all\u2019interno <span class=\"ff4\">del portafoglio titoli, calcolato:<span class=\"_ _df\"> </span></span>o<span class=\"ff10\"> <span class=\"_ _2f\"> </span><span class=\"ff4\">per singol<span class=\"_ _1\"></span>a Gestione Sep<span class=\"_ _1\"></span>arata quale base<span class=\"_ _1\"></span> di determinazione d<span class=\"_ _1\"></span>ella curva di <span class=\"_ _1\"></span>sconto dei portafogli I<span class=\"_ _f\"></span>FRS<span class=\"_ _df\"> </span></span></span>17 legati a prodotti di Ramo I e Multiramo;<span class=\"_ _df\"> </span>o<span class=\"ff10\"> <span class=\"_ _2f\"> </span><span class=\"ff4\">per portafoglio <span class=\"_ _2\"></span>libero <span class=\"_ _2\"></span>quale sottost<span class=\"_ _2\"></span>ante di <span class=\"_ _2\"></span>determinazione della <span class=\"_ _2\"></span>curva <span class=\"_ _2\"></span>di sc<span class=\"_ _2\"></span>onto <span class=\"_ _2\"></span>dei pro<span class=\"_ _2\"></span>dotti di <span class=\"_ _2\"></span>puro<span class=\"_ _df\"> </span></span></span>rischio e business cedu<span class=\"_ _1\"></span>to;<span class=\"_ _df\"> </span>In conformit\u00e0 a quanto enunciato dal principio IFRS 17, di seguito s<span class=\"_ _2\"></span>i riepilog<span class=\"_ _1\"></span>ano i tassi di sconto<span class=\"_ _2\"></span>, sud<span class=\"_ _1\"></span>divisi<span class=\"_ _df\"> </span>per <span class=\"_ _2\"></span>tipologia <span class=\"_ _2\"></span>di mo<span class=\"_ _2\"></span>dell<span class=\"_ _1\"></span>o <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>valutazione <span class=\"_ _2\"></span>IFRS 17<span class=\"_ _2\"></span>, <span class=\"_ _2\"></span>sottostanti <span class=\"_ _2\"></span>le valutazioni <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>31.12.2025. <span class=\"_ _2\"></span>S<span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>evidenzia <span class=\"_ _2\"></span>come<span class=\"_ _df\"> </span>la curva r<span class=\"_ _2\"></span>iportata \u00e8 <span class=\"_ _2\"></span>data dalla media ponderata <span class=\"_ _2\"></span>delle curve sott<span class=\"_ _2\"></span>ostanti ogni portafoglio IFRS <span class=\"_ _2\"></span>17 relativo <span class=\"_ _2\"></span>al<span class=\"_ _df\"> </span>business diretto.<table class=\"s w95d h496\" id=\"_45577700-ee0d-45d5-9cbb-13d3f785c1fd\"><tr><td class=\"c x2d6 y2550 w95e h497\"><div class=\"t m0 x250 h5 y254f ff4 fs1 fc1 sc0 ls0 ws0\">Classificazione portafogli<span class=\"_ _df\"> </span></div></td><td></td><td></td><td class=\"c x2d7 y2551 w2d4 h221\"><div class=\"t m0 x161 h5 y35e ff4 fs1 fc1 sc0 ls0 ws0\">Curva al 31.12.2025 </div></td><td></td><td></td><td></td></tr><tr><td class=\"c x2d8 y2552 w95f h497\"><div class=\"t m0 x250 h5 y254f ff4 fs1 fc1 sc0 ls0 ws0\">IFRS 17<span class=\"_ _df\"> </span></div></td><td class=\"c x2d7 y2553 w2d5 h69\"><div class=\"t m0 x116 h5 y392 ff4 fs1 fc1 sc0 ls0 ws0\">1 anno </div></td><td class=\"c x2d9 y2553 waf h69\"><div class=\"t m0 x2e h5 y392 ff4 fs1 fc1 sc0 ls0 ws0\">5 anni </div></td><td class=\"c x2da y2553 w2d6 h69\"><div class=\"t m0 x116 h5 y392 ff4 fs1 fc1 sc0 ls0 ws0\">10 anni </div></td><td class=\"c x2db y2553 w2d7 h69\"><div class=\"t m0 x2f h5 y392 ff4 fs1 fc1 sc0 ls0 ws0\">15 anni </div></td><td class=\"c x2dc y2553 w2d8 h69\"><div class=\"t m0 x8e h5 y392 ff4 fs1 fc1 sc0 ls0 ws0\">20 anni </div></td><td class=\"c x2dd y2553 wab h69\"><div class=\"t m0 x8e h5 y2ea ff4 fs1 fc1 sc0 ls0 ws0\">30 anni </div></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td class=\"c x2dd y2554 wab h222\"><div class=\"t m0 x16a h5 yab9 ff4 fs1 fc1 sc0 ls0 ws0\">3,62% </div></td></tr><tr><td class=\"c x2de y2554 w2d3 h222\"><div class=\"t m0 x10 h5 y45 ff4 fs1 fc1 sc0 ls0 ws0\">Variable Fee Approach <span class=\"ff5\">\u2013</span> VFA </div></td><td class=\"c x2d7 y2554 w2d5 h222\"><div class=\"t m0 x2a h5 y45 ff4 fs1 fc1 sc0 ls0 ws0\">2,41% </div></td><td class=\"c x2d9 y2554 waf h222\"><div class=\"t m0 x2e h5 y45 ff4 fs1 fc1 sc0 ls0 ws0\">2,81% </div></td><td class=\"c x2da y2554 w2d6 h222\"><div class=\"t m0 x2e h5 y45 ff4 fs1 fc1 sc0 ls0 ws0\">3,19% </div></td><td class=\"c x2db y2554 w2d7 h222\"><div class=\"t m0 x16a h5 y45 ff4 fs1 fc1 sc0 ls0 ws0\">3,44% </div></td><td class=\"c x2dc y2554 w2d8 h222\"><div class=\"t m0 x16a h5 y45 ff4 fs1 fc1 sc0 ls0 ws0\">3,54% </div></td><td></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td class=\"c x2dd y2555 wab hf6\"><div class=\"t m0 x16a h5 yab9 ff4 fs1 fc1 sc0 ls0 ws0\">3,50% </div></td></tr><tr><td class=\"c x2de y2555 w2d3 hf6\"><div class=\"t m0 x10 h5 y45 ff4 fs1 fc1 sc0 ls0 ws0\">General Model <span class=\"ff5\">\u2013</span> <span class=\"ls1\">GM</span> </div></td><td class=\"c x2d7 y2555 w2d5 hf6\"><div class=\"t m0 x116 h5 y45 ff4 fs1 fc1 sc0 ls0 ws0\">2,29% </div></td><td class=\"c x2d9 y2555 waf hf6\"><div class=\"t m0 x2e h5 y45 ff4 fs1 fc1 sc0 ls0 ws0\">2,70% </div></td><td class=\"c x2da y2555 w2d6 hf6\"><div class=\"t m0 x2a h5 y45 ff4 fs1 fc1 sc0 ls0 ws0\">3,08% </div></td><td class=\"c x2db y2555 w2d7 hf6\"><div class=\"t m0 x16a h5 y45 ff4 fs1 fc1 sc0 ls0 ws0\">3,33% </div></td><td class=\"c x2dc y2555 w2d8 hf6\"><div class=\"t m0 x16a h5 y45 ff4 fs1 fc1 sc0 ls0 ws0\">3,43% </div></td><td></td></tr></table><span class=\"_ _27\"> </span><span class=\"ff4\">Risk <span class=\"_ _d\"></span>adjustment: <span class=\"_ _d\"></span>viene <span class=\"_ _d\"></span>determi<span class=\"_ _2\"></span>nato <span class=\"_ _d\"></span>utilizzando <span class=\"_ _d\"></span>una <span class=\"_ _d\"></span>metodologia <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>tipo <span class=\"_ _d\"></span>Value <span class=\"_ _d\"></span>at <span class=\"_ _d\"></span>Risk <span class=\"_ _d\"></span>(VaR) <span class=\"_ _d\"></span>che <span class=\"_ _d\"></span>st<span class=\"_ _2\"></span>ima<span class=\"_ _df\"> </span></span>l\u2019incertezza  dei <span class=\"_ _4\"> </span>rischi <span class=\"_ _22\"> </span>non <span class=\"_ _4\"> </span>finanziari <span class=\"_ _4\"> </span><span class=\"ff4\">sulla  base <span class=\"_ _4\"> </span>del  80\u00b0 <span class=\"_ _4\"> </span>percentile  della <span class=\"_ _4\"> </span>distribuzi<span class=\"_ _1\"></span>one <span class=\"_ _22\"> </span>di <span class=\"_ _4\"> </span>probabilit\u00e0<span class=\"_ _df\"> </span></span>aggregata dei rischi tecnici insiti nel portafoglio.<span class=\"_ _df\"> </span><span class=\"_ _27\"> </span><span class=\"ff4\">Variable  Fee <span class=\"_ _4\"> </span>App<span class=\"_ _1\"></span>roach <span class=\"_ _22\"> </span>(VFA): <span class=\"_ _4\"> </span>come  evidenziato  in  precedenza, <span class=\"_ _4\"> </span>il  VFA  \u00e8 <span class=\"_ _4\"> </span>un  modell<span class=\"_ _1\"></span>o <span class=\"_ _22\"> </span>previsto <span class=\"_ _4\"> </span>dallo<span class=\"_ _df\"> </span></span>Standard <span class=\"_ _d\"></span>obbligatorio <span class=\"_ _d\"></span>per <span class=\"_ _d\"></span>i <span class=\"_ _d\"></span>contratti <span class=\"_ _d\"></span>che <span class=\"_ _0\"></span>prevedono <span class=\"_ _d\"></span>una <span class=\"_ _d\"></span>significativa <span class=\"_ _d\"></span>partecipazione <span class=\"_ _d\"></span>discrezionale <span class=\"_ _d\"></span>agli<span class=\"_ _df\"> </span>utili <span class=\"_ _9\"> </span>finanziari <span class=\"_ _9\"> </span>da <span class=\"_ _9\"> </span>parte <span class=\"_ _9\"> </span>dell\u2019assicurato. <span class=\"_ _9\"> </span>Per <span class=\"_ _9\"> </span>determinare <span class=\"_ _9\"> </span>s<span class=\"_ _2\"></span>e <span class=\"_ _0\"> </span>la <span class=\"_ _16\"> </span>partecip<span class=\"_ _1\"></span>azione <span class=\"_ _9\"> </span>discrezionale <span class=\"_ _9\"> </span>agli <span class=\"_ _16\"> </span>utili <span class=\"_ _0\"></span>\u00e8<span class=\"_ _df\"> </span>significativa, <span class=\"_ _0\"></span>viene <span class=\"_ _9\"> </span>eseguito <span class=\"_ _9\"> </span>un <span class=\"_ _9\"> </span>test <span class=\"_ _9\"> </span>sia <span class=\"_ _9\"> </span>di <span class=\"_ _0\"> </span>nat<span class=\"_ _2\"></span>ura <span class=\"_ _0\"></span>qualitativa <span class=\"_ _0\"></span>che <span class=\"_ _9\"> </span>quantitativa <span class=\"_ _9\"> </span>per <span class=\"_ _9\"> </span>ve<span class=\"_ _2\"></span>rificare <span class=\"_ _0\"></span>i <span class=\"_ _9\"> </span>requisiti<span class=\"_ _df\"> </span>previsti. <span class=\"_ _0\"></span>Nell\u2019ambito <span class=\"_ _9\"> </span>dei <span class=\"_ _0\"></span>prodot<span class=\"_ _2\"></span>ti <span class=\"_ _0\"></span>di <span class=\"_ _9\"> </span>Credemvita <span class=\"_ _9\"> </span>vengono <span class=\"_ _0\"></span>misur<span class=\"_ _2\"></span>ati <span class=\"_ _0\"></span>con <span class=\"_ _9\"> </span>il <span class=\"_ _9\"> </span>Variable <span class=\"_ _0\"></span>Fee <span class=\"_ _9\"> </span>Approach <span class=\"_ _9\"> </span>tutti <span class=\"_ _9\"> </span>i<span class=\"_ _df\"> </span>contratti collegati ad una Gestione Se<span class=\"_ _1\"></span>parata, sia individuali che di tipo Multiramo.<span class=\"_ _df\"> </span><span class=\"_ _27\"> </span><span class=\"ff4\">Coverage Unit: <span class=\"_ _2\"></span>le Coverage U<span class=\"_ _2\"></span>nit rappresentano i<span class=\"_ _2\"></span>l driver con <span class=\"_ _2\"></span>il quale viene determinato<span class=\"_ _2\"></span> il rilascio del CS<span class=\"_ _2\"></span>M<span class=\"_ _df\"> </span></span>a conto economico, tenendo in considerazione la quantit\u00e0 di serv<span class=\"_ _1\"></span>izi assicurativi e finanziari.<span class=\"_ _df\"> </span><span class=\"_ _27\"> </span><span class=\"ff5\">Contr<span class=\"_ _2\"></span>act <span class=\"_ _9\"> </span>Boundaries: <span class=\"_ _16\"> </span>si <span class=\"_ _16\"> </span>intende <span class=\"_ _9\"> </span>l\u2019insieme  delle<span class=\"_ _1\"></span>  reg<span class=\"_ _1\"></span>ole  ch<span class=\"_ _1\"></span>e <span class=\"_ _16\"> </span>definisce <span class=\"_ _16\"> </span>in <span class=\"_ _9\"> </span>ch<span class=\"_ _2\"></span>e <span class=\"_ _9\"> </span>misura  una <span class=\"_ _9\"> </span>deter<span class=\"_ _2\"></span>minata<span class=\"_ _df\"> </span></span>op<span class=\"ff5 ls0\">zione rientri all\u2019interno <span class=\"_ _2\"></span>della pr<span class=\"_ _2\"></span>oiezione<span class=\"_ _1\"></span> d<span class=\"_ _2\"></span>ei flussi di <span class=\"_ _2\"></span>cassa di <span class=\"_ _2\"></span>un contratto<span class=\"_ _2\"></span> assicurativo.<span class=\"_ _2\"></span><span class=\"ff4\"> Il paragr<span class=\"_ _2\"></span>afo 34<span class=\"_ _df\"> </span></span></span>dello <span class=\"_ _4\"> </span>Standard, <span class=\"_ _4\"> </span>a <span class=\"_ _4\"> </span>tal <span class=\"_ _17\"> </span>proposito, <span class=\"_ _4\"> </span>stabilisce <span class=\"_ _4\"> </span>che <span class=\"_ _4\"> </span>i <span class=\"_ _4\"> </span>fl<span class=\"_ _2\"></span>ussi <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>cassa <span class=\"_ _4\"> </span>rientrano <span class=\"_ _17\"> </span>all\u2019interno <span class=\"_ _4\"> </span>del <span class=\"_ _4\"> </span>\u201cContract<span class=\"_ _df\"> </span>Boundary\u201d <span class=\"_ _2\"></span>di un <span class=\"_ _2\"></span>contratto <span class=\"_ _2\"></span>assicurativo s<span class=\"_ _2\"></span>e der<span class=\"_ _2\"></span><span class=\"ff4\">ivano <span class=\"_ _2\"></span>da diritti <span class=\"_ _2\"></span>ed <span class=\"_ _2\"></span>obblighi che <span class=\"_ _2\"></span>esistono <span class=\"_ _2\"></span>durante <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>periodo<span class=\"_ _df\"> </span></span>di reporting <span class=\"_ _1\"></span>in cui <span class=\"_ _1\"></span>la Compagnia <span class=\"_ _1\"></span>ha diritto a <span class=\"_ _f\"></span>ricevere dall\u2019assicurato i premi <span class=\"_ _f\"></span>o ha l\u2019obbligo <span class=\"_ _1\"></span>di fornire servizi<span class=\"_ _df\"> </span>legati al contratto assicurativo s<span class=\"_ _f\"></span>t<span class=\"_ _2\"></span>esso. <span class=\"ff5\">L\u2019obbligo di fornire servizi legati al co</span>ntratto assicurativo te<span class=\"_ _1\"></span>rmina<span class=\"_ _df\"> </span>pertanto nel m<span class=\"_ _f\"></span>o<span class=\"_ _2\"></span>mento <span class=\"_ _1\"></span>in cui <span class=\"_ _1\"></span>la Comp<span class=\"_ _1\"></span>agnia si trova<span class=\"_ _f\"></span> nelle condizioni <span class=\"_ _1\"></span>di de<span class=\"_ _1\"></span>finire nuov<span class=\"_ _1\"></span>amente un prezzo <span class=\"_ _1\"></span>per<span class=\"_ _df\"> </span>i rischi coperti dal contratto assicu<span class=\"_ _1\"></span>rativo e/o ridefinire le coperture tali da riflettere pienamente i rischi.<span class=\"_ _df\"> </span><span class=\"_ _27\"> </span><span class=\"ff4\">Quantificazione <span class=\"_ _9\"> </span>del <span class=\"_ _9\"> </span>CSM <span class=\"_ _9\"> </span>IFRS <span class=\"_ _0\"></span>1<span class=\"_ _2\"></span>7 <span class=\"_ _9\"> </span>per <span class=\"_ _0\"> </span>il <span class=\"_ _9\"> </span>Bilancio <span class=\"_ _9\"> </span>Consolidato: <span class=\"_ _9\"> </span>la <span class=\"_ _9\"> </span>gestione <span class=\"_ _0\"></span>d<span class=\"_ _2\"></span>elle <span class=\"_ _0\"></span>transa<span class=\"_ _2\"></span>zioni <span class=\"_ _0\"></span>infragruppo<span class=\"_ _df\"> </span></span>comporta  la  necessit\u00e0,  per  la  qu<span class=\"_ _1\"></span>antificazione  dei  flussi  di  cassa,  di  \u201csostituire\u201d  i  costi  infragrupp<span class=\"_ _1\"></span>o<span class=\"_ _df\"> </span>proiettati <span class=\"_ _9\"> </span>da <span class=\"_ _9\"> </span>Credemvita <span class=\"_ _9\"> </span>nella <span class=\"_ _16\"> </span>stima <span class=\"_ _9\"> </span>della <span class=\"_ _9\"> </span>propria <span class=\"_ _9\"> </span>situazione<span class=\"_ _2\"></span> <span class=\"_ _9\"> </span><span class=\"ff5\">contabile <span class=\"_ _9\"> </span>\u201cstand <span class=\"_ _16\"> </span>alone\u201d <span class=\"_ _0\"> </span>(tipicamente <span class=\"_ _9\"> </span>le<span class=\"_ _df\"> </span></span>provvigioni <span class=\"_ _2\"></span>pagate al<span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>rete <span class=\"_ _2\"></span>distributiva <span class=\"_ _2\"></span>bancaria) <span class=\"_ _2\"></span>con <span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>costi <span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>eali s<span class=\"_ _2\"></span>ostenuti dal <span class=\"_ _2\"></span>Gruppo <span class=\"_ _2\"></span>verso <span class=\"_ _d\"></span>economie<span class=\"_ _df\"> </span>terze. <span class=\"_ _9\"> </span>Tale <span class=\"_ _16\"> </span>operazione <span class=\"_ _9\"> </span>comporta <span class=\"_ _9\"> </span>la <span class=\"_ _16\"> </span>rilevazi<span class=\"_ _1\"></span>one <span class=\"_ _9\"> </span>di <span class=\"_ _16\"> </span>un <span class=\"_ _9\"> </span>profitto <span class=\"_ _16\"> </span>atteso <span class=\"_ _9\"> </span>(CSM) <span class=\"_ _9\"> </span>differente <span class=\"_ _9\"> </span>tra  C<span class=\"_ _f\"></span>r<span class=\"_ _2\"></span>edemv<span class=\"_ _1\"></span>ita<span class=\"_ _df\"> </span>\u201cstand alone\u201d e<span class=\"_ _1\"></span> il <span class=\"_ _f\"></span>G<span class=\"_ _2\"></span>ruppo <span class=\"_ _1\"></span>nel suo<span class=\"_ _1\"></span> insieme <span class=\"_ _1\"></span>per la misura<span class=\"_ _1\"></span> di <span class=\"_ _f\"></span>t<span class=\"_ _2\"></span>ale d<span class=\"_ _1\"></span>elta costi d<span class=\"_ _1\"></span>i cui <span class=\"_ _1\"></span>sopra. La<span class=\"_ _1\"></span> stessa <span class=\"_ _1\"></span>ESMA gi\u00e0<span class=\"_ _df\"> </span>nella <span class=\"_ _d\"></span>comunicazione <span class=\"_ _0\"></span>annuale <span class=\"_ _d\"></span>2023 <span class=\"_ _0\"></span>sulle <span class=\"_ _d\"></span>priorit\u00e0 <span class=\"_ _0\"></span>dei <span class=\"_ _d\"></span>bilanci <span class=\"_ _0\"></span>ha <span class=\"_ _d\"></span>evidenziato <span class=\"_ _0\"></span>l\u2019importanza <span class=\"_ _d\"></span>di <span class=\"_ _0\"></span>applicare <span class=\"_ _d\"></span>in<span class=\"_ _df\"> </span>modo  consistente  i  requisiti  di  consolidamento  ai  s<span class=\"ff5\">ensi  dell\u2019IFRS  10  al  fine  di  garantire  la  corretta<span class=\"_ _df\"> </span></span>applicazione <span class=\"_ _d\"></span>dell\u2019IFRS <span class=\"_ _d\"></span>17 <span class=\"_ _0\"></span>nel <span class=\"_ _d\"></span>bilancio <span class=\"_ _0\"></span>consolidato. <span class=\"_ _d\"></span>Nello <span class=\"_ _0\"></span>specifico, <span class=\"_ _d\"></span>ESMA <span class=\"_ _d\"></span>segnala <span class=\"_ _0\"></span>che <span class=\"_ _d\"></span>nel <span class=\"_ _0\"></span>caso <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>cui <span class=\"_ _0\"></span>le<span class=\"_ _df\"> </span>banche <span class=\"_ _2\"></span>del <span class=\"_ _d\"></span>gruppo <span class=\"_ _d\"></span>distribuiscano <span class=\"_ _d\"></span>i <span class=\"_ _2\"></span>prodott<span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>assicurativi, <span class=\"_ _d\"></span>il <span class=\"_ _2\"></span>CSM <span class=\"_ _d\"></span>a <span class=\"_ _d\"></span>livello <span class=\"_ _2\"></span>consolidato <span class=\"_ _d\"></span>spesso <span class=\"_ _d\"></span>differ<span class=\"_ _2\"></span>ir\u00e0 <span class=\"_ _d\"></span>da<span class=\"_ _df\"> </span>quello assicurativ<span class=\"ls1\">o.<span class=\"_ _df\"> </span></span>Princip<span class=\"_ _1\"></span>ali <span class=\"_ _1\"></span>differe<span class=\"_ _f\"></span>nze tra <span class=\"_ _f\"></span>il framew<span class=\"_ _f\"></span>ork IFRS <span class=\"_ _1\"></span>17 e<span class=\"_ _1\"></span> Solv<span class=\"_ _1\"></span>ency I<span class=\"_ _1\"></span>I<span class=\"_ _df\"> </span>Le <span class=\"_ _9\"> </span>principali <span class=\"_ _16\"> </span>differenze <span class=\"_ _9\"> </span>tr<span class=\"_ _2\"></span>a <span class=\"_ _9\"> </span>lo <span class=\"_ _16\"> </span>Standard <span class=\"_ _9\"> </span>IFRS <span class=\"_ _9\"> </span>17  e <span class=\"_ _9\"> </span>Solvency <span class=\"_ _9\"> </span>II<span class=\"_ _2\"></span><span class=\"sc2\"> <span class=\"_ _16\"> </span></span>in <span class=\"_ _9\"> </span>relazione <span class=\"_ _9\"> </span>alla  valu<span class=\"_ _f\"></span>t<span class=\"_ _2\"></span>azione <span class=\"_ _9\"> </span>delle  p<span class=\"_ _1\"></span>assivit\u00e0<span class=\"_ _df\"> </span>assicurative  sono<span class=\"_ _1\"></span>  prima<span class=\"_ _1\"></span>riamente  le<span class=\"_ _1\"></span>gate  all\u2019<span class=\"_ _1\"></span>identificazio<span class=\"ff4\">ne  dei  Cont<span class=\"_ _1\"></span>ract  Bound<span class=\"_ _f\"></span>ar<span class=\"_ _2\"></span>ies, <span class=\"_ _16\"> </span>alla  d<span class=\"_ _f\"></span>eterminazione<span class=\"_ _df\"> </span></span>della curva <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>sconto <span class=\"_ _d\"></span>e alla <span class=\"_ _2\"></span>modalit\u00e0 <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>calcolo <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>Margine di <span class=\"_ _2\"></span>Prudenza <span class=\"_ _2\"></span>(rispettivamente <span class=\"_ _2\"></span>Risk <span class=\"_ _2\"></span>Adju<span class=\"_ _1\"></span>stment <span class=\"_ _2\"></span>o<span class=\"_ _df\"> </span>Risk Margin). In particolare:<span class=\"_ _df\"> </span><span class=\"_ _33\"> </span><span class=\"ff4\">per <span class=\"_ _e\"> </span>quanto <span class=\"_ _e\"> </span>riguarda <span class=\"_ _e\"> </span>i <span class=\"_ _e\"> </span>Contract <span class=\"_ _e\"> </span>Boundaries, <span class=\"_ _15\"> </span>le <span class=\"_ _e\"> </span>principali <span class=\"_ _e\"> </span>differenze <span class=\"_ _10\"> </span>riguardano <span class=\"_ _e\"> </span>sia <span class=\"_ _e\"> </span>la <span class=\"_ _e\"> </span>logica <span class=\"_ _e\"> </span>di<span class=\"_ _df\"> </span></span>determinazione <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>la <span class=\"_ _d\"></span>periodici<span class=\"_ _1\"></span>t\u00e0 <span class=\"_ _d\"></span>della <span class=\"_ _2\"></span>valutazione. <span class=\"_ _2\"></span>In <span class=\"_ _2\"></span>Solvency <span class=\"_ _2\"></span>I<span class=\"_ _2\"></span>I <span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>Contract <span class=\"_ _2\"></span>Boundaries <span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>ono <span class=\"_ _2\"></span>basati <span class=\"_ _2\"></span>su<span class=\"_ _df\"> </span>una <span class=\"_ _1\"></span>logica <span class=\"_ _1\"></span>di rischi<span class=\"_ _1\"></span>o pe<span class=\"_ _1\"></span>r la <span class=\"_ _f\"></span>compagnia <span class=\"_ _1\"></span>e sono<span class=\"_ _f\"></span> determinati a<span class=\"_ _f\"></span> ciascuna <span class=\"_ _1\"></span>data di <span class=\"_ _f\"></span>valutazione; <span class=\"_ _1\"></span>in <span class=\"_ _1\"></span>IFRS 1<span class=\"_ _f\"></span>7<span class=\"_ _2\"></span> <span class=\"_ _1\"></span>invece<span class=\"_ _df\"> </span>sulla possibilit\u00e0 di re-<span class=\"ff5\">pricing da parte della Compagni<span class=\"_ _1\"></span>a e sono determinati all\u2019emissione dei contratti;<span class=\"_ _df\"> </span></span><span class=\"_ _33\"> </span><span class=\"ff4\">con riferimento alle curve di <span class=\"_ _2\"></span>sconto, la principale differenza riguarda la mo<span class=\"_ _2\"></span>dalit\u00e0 e la granularit\u00e0 con cui<span class=\"_ _df\"> </span></span>la stessa viene calcolata; in particolare, per Solvency <span class=\"_ _2\"></span>II esiste un'<span class=\"_ _2\"></span>unica curva di sconto composta da una<span class=\"_ _df\"> </span>curva base <span class=\"_ _1\"></span>priva di <span class=\"_ _1\"></span>rischio pi\u00f9 <span class=\"_ _1\"></span>un premio di li<span class=\"_ _1\"></span>quidit\u00e0 (Volatili<span class=\"_ _1\"></span>ty Adjustment), defi<span class=\"_ _1\"></span>nito dall\u2019Autorit\u00e0 europea<span class=\"_ _df\"> </span>delle  assicurazioni <span class=\"_ _16\"> </span>e  delle  pensioni  aziend<span class=\"_ _1\"></span>ali  o  professionali  (EIOPA)  sul<span class=\"_ _1\"></span>la  base  di  un  p<span class=\"_ _1\"></span>ortaf<span class=\"_ _2\"></span>oglio  di<span class=\"_ _df\"> </span>riferimento medio di <span class=\"_ _2\"></span>mercato. Nel Fr<span class=\"_ _2\"></span>amework IFRS 17 <span class=\"_ _2\"></span>invece \u00e8 pos<span class=\"_ _2\"></span>sibile<span class=\"_ _1\"></span> calcolare <span class=\"_ _2\"></span>le curve <span class=\"_ _2\"></span>di sconto <span class=\"_ _2\"></span>per<span class=\"_ _df\"> </span>ogni <span class=\"_ _14\"> </span>portafoglio <span class=\"_ _14\"> </span>identificato <span class=\"_ _14\"> </span>sulla <span class=\"_ _14\"> </span>base <span class=\"_ _15\"> </span>degli <span class=\"_ _14\"> </span>specifici <span class=\"_ _14\"> </span>pool <span class=\"_ _14\"> </span>di <span class=\"_ _15\"> </span>attivi <span class=\"_ _14\"> </span>di <span class=\"_ _14\"> </span>r<span class=\"_ _2\"></span>iferimento<span class=\"_ _1\"></span> <span class=\"_ _14\"> </span>detenuti <span class=\"_ _15\"> </span>dalla<span class=\"_ _df\"> </span>Compagnia;<span class=\"_ _df\"> </span><span class=\"_ _27\"> </span><span class=\"ff4\">per <span class=\"_ _2\"></span>il Margine di Prudenza la <span class=\"_ _2\"></span>differenza tra <span class=\"_ _2\"></span>Risk Margin e Risk <span class=\"_ _2\"></span>Adju<span class=\"_ _1\"></span>stment <span class=\"_ _2\"></span>\u00e8 dovuta sia ad <span class=\"_ _2\"></span>una differente<span class=\"_ _df\"> </span></span>metodologia <span class=\"_ _9\"> </span>di <span class=\"_ _16\"> </span>calcolo <span class=\"_ _9\"> </span>che <span class=\"_ _9\"> </span>ad <span class=\"_ _9\"> </span>un <span class=\"_ _16\"> </span>dive<span class=\"_ _1\"></span>rso <span class=\"_ _16\"> </span>perimetro <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>r<span class=\"_ _2\"></span>ischi<span class=\"_ _1\"></span> <span class=\"_ _16\"> </span>identificati. <span class=\"_ _9\"> </span>Il <span class=\"_ _9\"> </span>Risk <span class=\"_ _16\"> </span>Margin <span class=\"_ _9\"> </span>Solvency <span class=\"_ _9\"> </span>II <span class=\"_ _16\"> </span>\u00e8<span class=\"_ _df\"> </span>calcolato <span class=\"_ _f\"></span>con una <span class=\"_ _f\"></span>metodologia <span class=\"_ _f\"></span>C<span class=\"_ _2\"></span>ost <span class=\"_ _1\"></span>of <span class=\"_ _1\"></span>Capital, <span class=\"_ _f\"></span>applicata <span class=\"_ _1\"></span>al <span class=\"_ _f\"></span>r<span class=\"_ _2\"></span>equ<span class=\"_ _1\"></span>isito di <span class=\"_ _f\"></span>Capitale della <span class=\"_ _f\"></span>Compagnia <span class=\"_ _1\"></span>valutato<span class=\"_ _df\"> </span>con <span class=\"_ _2\"></span>un <span class=\"_ _2\"></span>percentile <span class=\"_ _d\"></span>al <span class=\"_ _2\"></span>99,5%, <span class=\"_ _d\"></span>considerando <span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>ischi <span class=\"_ _2\"></span>tecnici, <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>ischio <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>cr<span class=\"_ _2\"></span>edito <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>ischio <span class=\"_ _2\"></span>operativo; <span class=\"_ _2\"></span>per <span class=\"_ _d\"></span>il<span class=\"_ _df\"> </span>Risk  Adjustment  IFRS  17  il  Principio  non  prevede  una  metodologia  standard  ma  esclusivamente  la<span class=\"_ _df\"> </span>determinazione  dello <span class=\"_ _4\"> </span>stesso  sulla  base <span class=\"_ _4\"> </span>di  specifici <span class=\"_ _4\"> </span>rischi  non <span class=\"_ _4\"> </span>finanzi<span class=\"_ _1\"></span>ari, <span class=\"_ _4\"> </span>valu<span class=\"_ _1\"></span>tando  i<span class=\"_ _2\"></span>l  rischio <span class=\"_ _4\"> </span>ad  un<span class=\"_ _df\"> </span>determinato grado di confidenza prefissato dalla Compag<span class=\"_ _1\"></span>nia. IFRS <span class=\"_ _1\"></span>9 Stru<span class=\"_ _1\"></span>ment<span class=\"_ _f\"></span>i finanzi<span class=\"_ _1\"></span>ari<span class=\"_ _df\"> </span>Le <span class=\"_ _e\"> </span>Compagnie <span class=\"_ _e\"> </span>as<span class=\"_ _2\"></span>sicurative <span class=\"_ _e\"> </span>gi<span class=\"_ _2\"></span>\u00e0 <span class=\"_ _e\"> </span>in <span class=\"_ _10\"> </span>sede <span class=\"_ _e\"> </span>di <span class=\"_ _e\"> </span>t<span class=\"_ _2\"></span>ransition <span class=\"_ _e\"> </span>al <span class=\"_ _10\"> </span>nuovo <span class=\"_ _e\"> </span>Principio <span class=\"_ _10\"> </span>ha <span class=\"_ _e\"> </span>condott<span class=\"_ _2\"></span>o <span class=\"_ _10\"> </span>un <span class=\"_ _e\"> </span>progetto<span class=\"_ _df\"> </span>implementativo <span class=\"_ _2\"></span>volto <span class=\"_ _2\"></span>ad <span class=\"_ _2\"></span>approfondire <span class=\"_ _2\"></span>le <span class=\"_ _2\"></span>diverse <span class=\"_ _2\"></span>aree <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>influenza <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>principio <span class=\"_ _2\"></span>IFRS <span class=\"_ _2\"></span>9 <span class=\"_ _d\"></span>in <span class=\"_ _2\"></span>concomitanza <span class=\"_ _2\"></span>con<span class=\"_ _df\"> </span>quello IFRS<span class=\"_ _1\"></span>17 al fine <span class=\"_ _1\"></span>di de<span class=\"_ _1\"></span>finire i <span class=\"_ _1\"></span>suoi impatti quali<span class=\"_ _f\"></span>t<span class=\"_ _2\"></span>ativi e<span class=\"_ _1\"></span> quantitativi<span class=\"_ _1\"></span>, nonch\u00e9 ad <span class=\"_ _1\"></span>individuare <span class=\"_ _1\"></span>ed implementare<span class=\"_ _df\"> </span>gli <span class=\"_ _f\"></span>interventi <span class=\"_ _f\"></span>appli<span class=\"ff5\">cat<span class=\"_ _2\"></span>ivi <span class=\"_ _f\"></span>ed <span class=\"_ _f\"></span>organizzativi <span class=\"_ _1\"></span>necessari. <span class=\"_ _f\"></span>In <span class=\"_ _1\"></span>particolare, <span class=\"_ _f\"></span>si \u00e8<span class=\"_ _1\"></span> <span class=\"_ _f\"></span>tenuto con<span class=\"_ _1\"></span>to <span class=\"_ _f\"></span>dell\u2019obiettivo <span class=\"_ _f\"></span>di pe<span class=\"_ _1\"></span>rseguire<span class=\"_ _df\"> </span></span>un\u2019adozione <span class=\"_ _14\"> </span>omogenea <span class=\"_ _14\"> </span>del <span class=\"_ _14\"> </span>principio <span class=\"_ _14\"> </span>contabile, <span class=\"_ _14\"> </span>pur <span class=\"_ _15\"> </span>in <span class=\"_ _14\"> </span>presenza <span class=\"_ _14\"> </span>di <span class=\"_ _14\"> </span>o<span class=\"_ _2\"></span>perativit\u00e0 <span class=\"_ _14\"> </span>assicurativa <span class=\"_ _14\"> </span>legata <span class=\"_ _14\"> </span>in<span class=\"_ _df\"> </span>particolare alle specificit\u00e0 di prodotto delle Gestioni Separate.<span class=\"_ _df\"> </span>Relativamente <span class=\"_ _14\"> </span>al <span class=\"_ _15\"> </span>percorso <span class=\"_ _15\"> </span>di <span class=\"_ _15\"> </span>adeguamento <span class=\"_ _14\"> </span>della <span class=\"_ _15\"> </span>Compagnia <span class=\"_ _15\"> </span>al <span class=\"_ _15\"> </span>principio <span class=\"_ _14\"> </span>contabile <span class=\"_ _15\"> </span>IFRS9, <span class=\"_ _15\"> </span>le <span class=\"_ _15\"> </span>scelte<span class=\"_ _df\"> </span>metodologiche e applicative so<span class=\"_ _2\"></span>no state definite in <span class=\"_ _2\"></span>coerenza con quanto previsto <span class=\"_ _2\"></span>nell\u2019ambi<span class=\"_ _1\"></span>to <span class=\"_ _2\"></span>del framework<span class=\"_ _df\"> </span>gi\u00e0 in uso nel Gruppo.<span class=\"_ _df\"> </span>Class<span class=\"_ _f\"></span>ificazione <span class=\"_ _1\"></span>e Mis<span class=\"_ _f\"></span>urazione<span class=\"_ _df\"> </span>Per poter <span class=\"_ _2\"></span>rispettare il dettato <span class=\"_ _2\"></span>dell<span class=\"_ _1\"></span>\u2019IFRS 9 <span class=\"_ _2\"></span>\u2013<span class=\"ff4\"> <span class=\"_ _2\"></span>per cui la <span class=\"_ _2\"></span>classificazione<span class=\"_ _1\"></span> delle at<span class=\"_ _2\"></span>tivit\u00e0 finanziarie \u00e8 <span class=\"_ _2\"></span>guidata, da un<span class=\"_ _df\"> </span></span>lato, <span class=\"_ _2\"></span>dalle <span class=\"_ _2\"></span>caratterist<span class=\"_ _2\"></span>iche <span class=\"_ _2\"></span>contrattuali <span class=\"_ _2\"></span>dei <span class=\"_ _2\"></span>flussi <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>cassa <span class=\"_ _d\"></span>degli<span class=\"_ _1\"></span> <span class=\"_ _2\"></span>st<span class=\"_ _2\"></span>rumenti <span class=\"_ _2\"></span>e, <span class=\"_ _2\"></span>dall\u2019altro, <span class=\"_ _2\"></span>dall\u2019intento <span class=\"_ _2\"></span>gestionale<span class=\"_ _df\"> </span>con <span class=\"_ _d\"></span>il <span class=\"_ _2\"></span>quale <span class=\"_ _d\"></span>sono <span class=\"_ _d\"></span>detenuti <span class=\"_ _d\"></span><span class=\"ff5\">\u2013</span> <span class=\"_ _d\"></span>sono <span class=\"_ _d\"></span>state <span class=\"_ _d\"></span>declinate <span class=\"_ _d\"></span>le <span class=\"_ _2\"></span>modalit\u00e0 <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>effettuazione <span class=\"_ _d\"></span>del <span class=\"_ _d\"></span>test <span class=\"_ _d\"></span>sulle <span class=\"_ _2\"></span>cara<span class=\"_ _2\"></span>tteristiche<span class=\"_ _df\"> </span>contrattuali <span class=\"_ _2\"></span>dei <span class=\"_ _2\"></span>cash <span class=\"_ _d\"></span>flow <span class=\"_ _2\"></span>(cosid<span class=\"_ _2\"></span>detto <span class=\"_ _2\"></span>SPPI <span class=\"_ _2\"></span>Test), <span class=\"_ _d\"></span>ed <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>tata <span class=\"_ _2\"></span>finalizzata <span class=\"_ _2\"></span>la <span class=\"_ _d\"></span>definizione <span class=\"_ _2\"></span>dei <span class=\"_ _d\"></span>business <span class=\"_ _d\"></span>model <span class=\"_ _2\"></span>a<span class=\"_ _df\"> </span>tendere. Si  premette  che<span class=\"_ _1\"></span>,  data  la  composizione  del  portafoglio  di  p<span class=\"_ _1\"></span>ertinenza  della  compagnia  assicurativa  e <span class=\"_ _16\"> </span>le<span class=\"_ _df\"> </span>modalit\u00e0 con <span class=\"_ _2\"></span>cui lo stesso \u00e8 gestito, l\u2019introduzione dell\u2019IFRS 9 <span class=\"_ _2\"></span>non ha comportato impatti rilevanti in <span class=\"_ _2\"></span>termini<span class=\"_ _df\"> </span>di <span class=\"_ _1\"></span>misurazione <span class=\"_ _1\"></span>rispetto al <span class=\"_ _1\"></span>Principio contabile<span class=\"_ _1\"></span> IAS <span class=\"_ _f\"></span>39 precedentemente in <span class=\"_ _f\"></span>vigore, confermando come <span class=\"_ _1\"></span>metodo<span class=\"_ _df\"> </span>principale quello del fair value.<span class=\"_ _df\"> </span>Per q<span class=\"_ _1\"></span>uanto rigu<span class=\"_ _1\"></span>arda le <span class=\"_ _f\"></span>passivit\u00e0 f<span class=\"_ _1\"></span>inanziarie <span class=\"_ _f\"></span>s<span class=\"_ _2\"></span>i <span class=\"_ _f\"></span>s<span class=\"_ _2\"></span>pecifica <span class=\"_ _f\"></span>che il <span class=\"_ _f\"></span>Gruppo si \u00e8 <span class=\"_ _f\"></span>avvalso del<span class=\"_ _1\"></span>la possibi<span class=\"_ _1\"></span>lit\u00e0 di<span class=\"_ _1\"></span> de<span class=\"_ _1\"></span>signare<span class=\"_ _df\"> </span>come <span class=\"_ _4\"> </span>passivit\u00e0 <span class=\"_ _4\"> </span>al <span class=\"_ _4\"> </span>fair <span class=\"_ _4\"> </span>value <span class=\"_ _4\"> </span>i <span class=\"_ _4\"> </span>prodotti <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>natura <span class=\"_ _4\"> </span>finanziaria <span class=\"_ _4\"> </span>eme<span class=\"_ _1\"></span>ssi <span class=\"_ _4\"> </span>da <span class=\"_ _4\"> </span>Credemvita<span class=\"_ _2\"></span> <span class=\"_ _4\"> </span>che <span class=\"_ _4\"> </span>non <span class=\"_ _4\"> </span>rientrano<span class=\"_ _df\"> </span>nell\u2019ambito <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>applicazione <span class=\"_ _0\"></span>dell\u2019IFRS <span class=\"_ _d\"></span>17. <span class=\"_ _d\"></span>Ci\u00f2 <span class=\"_ _d\"></span>al <span class=\"_ _0\"></span>fine <span class=\"_ _d\"></span>di <span class=\"_ _0\"></span>eliminare <span class=\"_ _d\"></span>o <span class=\"_ _d\"></span>ridurre <span class=\"_ _d\"></span>le <span class=\"_ _0\"></span>possibili <span class=\"_ _d\"></span>\u201casimmetrie <span class=\"_ _d\"></span>contabili\u201d<span class=\"_ _df\"> </span>rispetto agli <span class=\"_ _f\"></span>att<span class=\"_ _2\"></span>ivi <span class=\"_ _f\"></span>collegati e <span class=\"_ _f\"></span>valut<span class=\"_ _2\"></span>ati <span class=\"_ _1\"></span>anch\u2019essi <span class=\"_ _1\"></span>al fai<span class=\"_ _1\"></span>r value. <span class=\"_ _f\"></span>Si evidenzia <span class=\"_ _1\"></span>tuttavia, come <span class=\"_ _f\"></span>meglio dettagliato nel<span class=\"_ _df\"> </span>paragr<span class=\"ff5\">afo s<span class=\"_ _2\"></span>ull\u2019<span class=\"_ _1\"></span>IFRS 17, <span class=\"_ _2\"></span>che a seguito <span class=\"_ _2\"></span>dell\u2019introduzione del nuovo <span class=\"_ _2\"></span>principio, una parte <span class=\"_ _2\"></span>dei prodotti <span class=\"_ _2\"></span>multiramo,<span class=\"_ _df\"> </span></span>precedentemente <span class=\"_ _0\"></span>classificata <span class=\"_ _9\"> </span>ai <span class=\"_ _9\"> </span>sensi <span class=\"_ _9\"> </span>dell\u2019IFRS <span class=\"_ _0\"></span>4/IAS <span class=\"_ _9\"> </span>39 <span class=\"_ _9\"> </span>come <span class=\"_ _9\"> </span>strumenti <span class=\"_ _9\"> </span>finanziari, <span class=\"_ _0\"></span>viene <span class=\"_ _9\"> </span>ora <span class=\"_ _9\"> </span>attratta <span class=\"_ _9\"> </span>in<span class=\"_ _df\"> </span>ambito di applicazione dell\u2019IFRS 17.<span class=\"_ _df\"> </span>Impa<span class=\"_ _f\"></span>irment<span class=\"_ _df\"> </span>Per  quel  che  riguarda  l\u2019Impairment  \u00e8  stata  defini<span class=\"_ _1\"></span>ta  dalla  Capogruppo  una  metodologia  comune  ed  un<span class=\"_ _df\"> </span>processo <span class=\"_ _d\"></span>accentrato <span class=\"_ _2\"></span>presso <span class=\"_ _d\"></span>la <span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>truttura <span class=\"_ _d\"></span>Risk <span class=\"_ _2\"></span>Management <span class=\"_ _d\"></span>per <span class=\"_ _2\"></span>la <span class=\"_ _d\"></span>quantificazione <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>ell\u2019Expected <span class=\"_ _2\"></span>credit <span class=\"_ _d\"></span>loss<span class=\"_ _df\"> </span>per t<span class=\"_ _2\"></span>utte le <span class=\"_ _2\"></span>societ\u00e0 <span class=\"_ _2\"></span>del Gruppo. <span class=\"_ _2\"></span>Pertanto, <span class=\"_ _2\"></span>per u<span class=\"_ _2\"></span>na <span class=\"_ _2\"></span>completa illus<span class=\"_ _2\"></span>trazione delle <span class=\"_ _2\"></span>scelte adott<span class=\"_ _2\"></span>ate dal <span class=\"_ _2\"></span>Gruppo <span class=\"_ _2\"></span>in<span class=\"_ _df\"> </span>merito <span class=\"_ _d\"></span>all\u2019applicazione <span class=\"_ _d\"></span>dell\u2019impairment <span class=\"_ _d\"></span>ai <span class=\"_ _d\"></span>s<span class=\"_ _2\"></span>ensi <span class=\"_ _d\"></span>dell\u2019IFRS <span class=\"_ _d\"></span>9 <span class=\"_ _d\"></span>si <span class=\"_ _d\"></span>r<span class=\"_ _2\"></span>invia <span class=\"_ _d\"></span>alla <span class=\"_ _d\"></span>parte <span class=\"_ _d\"></span>r<span class=\"_ _2\"></span>elativa <span class=\"_ _2\"></span>all<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>Prin<span class=\"_ _2\"></span>cipali <span class=\"_ _d\"></span>voci <span class=\"_ _d\"></span>di<span class=\"_ _df\"> </span>bilancio <span class=\"_ _1\"></span>(Attivit\u00e0 finn<span class=\"_ _1\"></span>ziarie <span class=\"_ _1\"></span>valutate al <span class=\"_ _f\"></span>fair v<span class=\"_ _1\"></span>alue <span class=\"_ _1\"></span>con imp<span class=\"_ _1\"></span>atto <span class=\"_ _1\"></span>sulla <span class=\"_ _1\"></span>redditivit\u00e0 complessiva <span class=\"_ _f\"></span>e Attivit\u00e0 <span class=\"_ _f\"></span>finanziarie<span class=\"_ _df\"> </span>valutate al cos<span class=\"_ _2\"></span>to ammortizzato) <span class=\"ff5\">e all\u2019illust</span>razione <span class=\"_ _2\"></span>riportata nella parte <span class=\"_ _2\"></span>E- sezione 2 <span class=\"_ _2\"></span><span class=\"ff5\">\u2013</span> 2. Politiche di gesitone<span class=\"_ _df\"> </span>del rischio di credi<span class=\"_ _1\"></span>to <span class=\"_ _2\"></span>della Nota integrativa relativa al presidio de<span class=\"_ _1\"></span>i rischi del Bilancio Consolidato.<span class=\"_ _df\"> </span>Si <span class=\"_ _9\"> </span>segnala, <span class=\"_ _9\"> </span>per <span class=\"_ _9\"> </span>completezza, <span class=\"_ _9\"> </span>c<span class=\"_ _2\"></span>he <span class=\"_ _0\"> </span>r<span class=\"_ _2\"></span>isulta <span class=\"_ _9\"> </span>applicabile <span class=\"_ _0\"> </span>anch<span class=\"_ _2\"></span>e <span class=\"_ _9\"> </span>alla <span class=\"_ _9\"> </span>Compagnia <span class=\"_ _9\"> </span>il <span class=\"_ _9\"> </span>documento <span class=\"_ _16\"> </span>di <span class=\"_ _0\"></span>\u201c<span class=\"_ _2\"></span>Impairment<span class=\"_ _df\"> </span>Policy\u201d <span class=\"_ _16\"> </span>con <span class=\"_ _16\"> </span>riferimento <span class=\"_ _9\"> </span>alle  linee <span class=\"_ _9\"> </span>guida  me<span class=\"_ _1\"></span>todologiche <span class=\"_ _9\"> </span>d<span class=\"_ _2\"></span>efinite <span class=\"_ _16\"> </span>dal <span class=\"_ _16\"> </span>Gruppo <span class=\"_ _9\"> </span>in  app<span class=\"_ _1\"></span>licazione <span class=\"_ _16\"> </span>dell\u2019IFRS <span class=\"_ _9\"> </span>9  e<span class=\"_ _df\"> </span>approvate dai competenti livelli di<span class=\"_ _1\"></span> governance.<span class=\"_ _df\"> </span>Hedg<span class=\"_ _1\"></span>e acc<span class=\"_ _1\"></span>ounti<span class=\"_ _f\"></span>ng Per <span class=\"_ _2\"></span>quanto <span class=\"_ _2\"></span>riguarda l\u2019Hedge <span class=\"_ _2\"></span>Accounting, <span class=\"_ _2\"></span>l\u2019IFRS <span class=\"_ _2\"></span>9 <span class=\"_ _2\"></span>introduce<span class=\"_ _1\"></span> <span class=\"_ _2\"></span>modifiche esclusivamente <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>General <span class=\"_ _2\"></span>Hedge<span class=\"_ _df\"> </span>e  sono  strettamente  legate  alla  scelta  di  avvalersi  dell\u2019opzione  opt<span class=\"ff4\">-in  / <span class=\"_ _4\"> </span>opt-out  (ossia  la  possibi<span class=\"_ _1\"></span>lit\u00e0  di<span class=\"_ _df\"> </span></span>implementare il <span class=\"_ _2\"></span>nuovo <span class=\"_ _2\"></span>standard IFRS <span class=\"_ _2\"></span>9 piuttosto <span class=\"_ _2\"></span>che mantenere <span class=\"_ _2\"></span>il vecchio <span class=\"_ _2\"></span>principio IAS <span class=\"_ _2\"></span>39). Il <span class=\"_ _2\"></span>Gruppo, sulla<span class=\"_ _df\"> </span>base <span class=\"_ _d\"></span>degli <span class=\"_ _2\"></span>approfondimenti <span class=\"_ _d\"></span>effett<span class=\"_ _2\"></span>uati <span class=\"_ _2\"></span>sulla <span class=\"_ _d\"></span>gestione <span class=\"_ _d\"></span>delle <span class=\"_ _d\"></span>operazioni <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>copertura, <span class=\"_ _d\"></span>ha <span class=\"_ _d\"></span>deciso <span class=\"_ _2\"></span>l\u2019esercizio, <span class=\"_ _d\"></span>in<span class=\"_ _df\"> </span>fase <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>FTA <span class=\"_ _4\"> </span>dell\u2019IFRS <span class=\"_ _4\"> </span>9, <span class=\"_ _4\"> </span>dell\u2019opzione <span class=\"_ _4\"> </span>opt<span class=\"_ _2\"></span><span class=\"ff4\">-out, <span class=\"_ _4\"> </span>confermando <span class=\"_ _4\"> </span>tale <span class=\"_ _4\"> </span>scelta <span class=\"_ _4\"> </span>fino <span class=\"_ _17\"> </span>ad <span class=\"_ _4\"> </span>oggi. <span class=\"_ _4\"> </span>Alla <span class=\"_ _4\"> </span>luce <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>tale<span class=\"_ _df\"> </span></span>indicazione, <span class=\"_ _1\"></span>anche <span class=\"_ _f\"></span>per le <span class=\"_ _1\"></span>Compagnie <span class=\"_ _f\"></span>as<span class=\"_ _2\"></span>sicurative <span class=\"_ _f\"></span>le operazioni<span class=\"_ _1\"></span> di <span class=\"_ _f\"></span>copertura continueranno <span class=\"_ _f\"></span>ad esse<span class=\"_ _1\"></span>re ge<span class=\"_ _1\"></span>stite<span class=\"_ _df\"> </span>nel rispetto di quanto previsto dal Grupp<span class=\"_ _1\"></span>o.<span class=\"_ _df\"> </span>Intera<span class=\"_ _f\"></span>zione tra<span class=\"_ _f\"></span> IFRS 17 <span class=\"_ _1\"></span>e IFR<span class=\"_ _1\"></span>S 9<span class=\"_ _df\"> </span>In <span class=\"_ _d\"></span>alcuni <span class=\"_ _d\"></span>casi, <span class=\"_ _0\"></span>l'interazione <span class=\"_ _d\"></span>tr<span class=\"_ _2\"></span>a <span class=\"_ _d\"></span>l'IFRS <span class=\"_ _0\"></span>17 <span class=\"_ _d\"></span>e <span class=\"_ _0\"></span>l'IFRS <span class=\"_ _d\"></span>9 <span class=\"_ _d\"></span>potrebbe <span class=\"_ _d\"></span>gener<span class=\"_ _2\"></span>are <span class=\"_ _d\"></span>mismatch <span class=\"_ _d\"></span>contabili <span class=\"_ _d\"></span>t<span class=\"_ _2\"></span>ra <span class=\"_ _d\"></span>le <span class=\"_ _d\"></span>modalit\u00e0 <span class=\"_ _0\"></span>di<span class=\"_ _df\"> </span>contabilizzazione <span class=\"_ _2\"></span>dei <span class=\"_ _0\"></span>contratti <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>assicurazione <span class=\"_ _d\"></span>e <span class=\"_ _d\"></span>delle <span class=\"_ _d\"></span>attivit\u00e0 <span class=\"_ _d\"></span>finanziarie <span class=\"_ _2\"></span>ad <span class=\"_ _d\"></span>essi <span class=\"_ _d\"></span>cor<span class=\"_ _2\"></span>relate. <span class=\"_ _d\"></span>Per <span class=\"_ _2\"></span>ridurre <span class=\"_ _d\"></span>t<span class=\"_ _2\"></span>ali<span class=\"_ _df\"> </span>mismatch, <span class=\"_ _2\"></span>l\u2019IFRS 17 <span class=\"_ _2\"></span>consente di effettuare <span class=\"_ _2\"></span>una <span class=\"_ _2\"></span>disaggregaz<span class=\"ff4\">ione dei <span class=\"_ _2\"></span>proventi ed <span class=\"_ _2\"></span>oneri <span class=\"_ _2\"></span>finanziari derivanti <span class=\"_ _2\"></span>da<span class=\"_ _df\"> </span></span>contratti <span class=\"_ _d\"></span>assicurativi <span class=\"_ _2\"></span>tra <span class=\"_ _d\"></span>il <span class=\"_ _d\"></span>conto <span class=\"_ _d\"></span>economico <span class=\"_ _2\"></span>(risultato<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>finanziario) <span class=\"_ _d\"></span>e <span class=\"_ _d\"></span>l\u2019Other <span class=\"_ _2\"></span>Compreh<span class=\"_ _2\"></span>ensive <span class=\"_ _2\"></span>Inc<span class=\"_ _2\"></span>ome <span class=\"_ _2\"></span>(OCI) <span class=\"_ _d\"></span>a<span class=\"_ _df\"> </span>Patrimonio <span class=\"_ _9\"> </span>Netto. <span class=\"_ _0\"></span>La <span class=\"_ _9\"> </span>scelta <span class=\"_ _9\"> </span>di <span class=\"_ _0\"></span>effettuare <span class=\"_ _0\"></span>la <span class=\"_ _9\"> </span>disaggregazione <span class=\"_ _9\"> </span>\u00e8 <span class=\"_ _0\"></span>fat<span class=\"_ _2\"></span>ta <span class=\"_ _0\"></span>a <span class=\"_ _0\"> </span>livello <span class=\"_ _9\"> </span>di <span class=\"_ _0\"></span>portafoglio <span class=\"_ _9\"> </span>pe<span class=\"_ _2\"></span>r <span class=\"_ _9\"> </span>i <span class=\"_ _9\"> </span>contratti<span class=\"_ _df\"> </span>assicurativi e deve essere presa in coerenza con il metodo di valutazione<span class=\"_ _1\"></span> degli attivi.<span class=\"_ _df\"> </span>In particolare:<span class=\"_ _df\"> </span><span class=\"_ _17\"> </span><span class=\"ff4\">per quanto riguarda i contratti valutati con il Gene<span class=\"_ _1\"></span>ral Model, la rivalutazione finan<span class=\"_ _1\"></span>ziaria dei flussi di cassa<span class=\"_ _df\"> </span></span>futuri e del risk adjustment a tassi storici \u00e8 contabil<span class=\"_ _1\"></span>izzata a conto economico, mentre la diffe<span class=\"_ _1\"></span>renza tr<span class=\"_ _2\"></span>a la<span class=\"_ _df\"> </span>rivalutazione a tassi storici e quelli correnti \u00e8 contabili<span class=\"_ _1\"></span>zzata a Other Comprehensive Income;<span class=\"_ _df\"> </span><span class=\"_ _17\"> </span><span class=\"ff5\">per <span class=\"_ _2\"></span>i contratti <span class=\"_ _2\"></span>valutati al Variable Fee <span class=\"_ _2\"></span>Approach, l\u2019IFRS 17 <span class=\"_ _2\"></span>preve<span class=\"_ _1\"></span>de <span class=\"_ _2\"></span>che il ri<span class=\"_ _2\"></span><span class=\"ff4\">sultato <span class=\"_ _2\"></span>finanziario dei contratti<span class=\"_ _df\"> </span></span></span>assicurativi <span class=\"_ _0\"></span>sia <span class=\"_ _0\"></span>disaggregato <span class=\"_ _d\"></span>tra <span class=\"_ _0\"></span>conto <span class=\"_ _0\"></span>economico <span class=\"_ _0\"></span>e <span class=\"_ _0\"></span>Other <span class=\"_ _0\"></span>Comprehensive <span class=\"_ _d\"></span>Income: <span class=\"_ _0\"></span>in <span class=\"_ _0\"></span>sostanza <span class=\"_ _0\"></span>viene<span class=\"_ _df\"> </span>riclassificata <span class=\"_ _17\"> </span>a <span class=\"_ _17\"> </span>Other <span class=\"_ _4\"> </span>Comprehensive <span class=\"_ _17\"> </span>Income <span class=\"_ _17\"> </span>la <span class=\"_ _17\"> </span>differenza <span class=\"_ _17\"> </span>tra <span class=\"_ _17\"> </span>il <span class=\"_ _4\"> </span>risultat<span class=\"_ _2\"></span>o <span class=\"_ _4\"> </span>finanziario <span class=\"_ _17\"> </span>dei <span class=\"_ _17\"> </span>contratti<span class=\"_ _df\"> </span>assicurativi <span class=\"_ _2\"></span>e <span class=\"_ _d\"></span>il <span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>isultato <span class=\"_ _d\"></span>finanziario <span class=\"_ _2\"></span>a <span class=\"_ _d\"></span>conto <span class=\"_ _2\"></span>economico <span class=\"_ _d\"></span>derivante <span class=\"_ _2\"></span>dagli <span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>trumenti <span class=\"_ _2\"></span>finanziari <span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>ottostanti,<span class=\"_ _df\"> </span>compresa la variazione di expected credi<span class=\"_ _1\"></span>t loss rilevata nel periodo (c.d. Mirroring).<span class=\"_ _df\"> </span>Ai sensi dell\u2019IFRS 9, Credemvita ha adott<span class=\"_ _2\"></span>ato il business model Hold To Collect and <span class=\"_ _2\"></span><span class=\"ff4\">Sell per tutti gli st<span class=\"_ _2\"></span>rumenti<span class=\"_ _df\"> </span></span>finanziari afferenti <span class=\"_ _2\"></span>i port<span class=\"_ _2\"></span>afogli delle <span class=\"_ _2\"></span>gestioni separate <span class=\"_ _2\"></span>mentre <span class=\"_ _2\"></span>per quelli coll<span class=\"_ _2\"></span>egati ai <span class=\"_ _2\"></span>prodotti <span class=\"_ _2\"></span>linked e <span class=\"_ _2\"></span>ai fondi<span class=\"_ _df\"> </span>pensione <span class=\"_ _f\"></span>a<span class=\"_ _2\"></span>perti <span class=\"_ _1\"></span>ha adottato i<span class=\"_ _1\"></span>l Bu<span class=\"_ _1\"></span>siness Mod<span class=\"_ _1\"></span>el <span class=\"_ _1\"></span>Other con <span class=\"_ _f\"></span>la conseguente v<span class=\"_ _1\"></span>alutazione al <span class=\"_ _f\"></span>fair value <span class=\"_ _1\"></span>con impatto<span class=\"_ _df\"> </span>a <span class=\"_ _2\"></span><span class=\"ls0\">conto economico. <span class=\"_ _2\"></span>Limitatamente a <span class=\"_ _2\"></span>una <span class=\"_ _2\"></span>parte <span class=\"_ _2\"></span>dei titoli presenti <span class=\"_ _2\"></span>nel por<span class=\"_ _2\"></span>tafoglio di <span class=\"_ _2\"></span>propriet\u00e0 <span class=\"_ _2\"></span>Cred<span class=\"_ _1\"></span>emvita ha<span class=\"_ _df\"> </span></span>adottato il modello Hold To Collect.<span class=\"_ _df\"> </span>Si <span class=\"_ _0\"></span>evidenzia, <span class=\"_ _0\"></span>inoltre, <span class=\"_ _0\"></span>che <span class=\"_ _0\"></span>l\u2019intr<span class=\"_ _2\"></span>odu<span class=\"_ _1\"></span>zione <span class=\"_ _0\"></span>dell\u2019IFRS <span class=\"_ _0\"></span>17<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>determina <span class=\"_ _0\"></span>il <span class=\"_ _0\"></span>venir <span class=\"_ _0\"></span>meno <span class=\"_ _0\"></span>del <span class=\"_ _0\"></span>tr<span class=\"_ _2\"></span>attamento, <span class=\"_ _0\"></span>denominato<span class=\"_ _df\"> </span>Shadow <span class=\"ff5\">Accounting, previsto dal<span class=\"_ _1\"></span>l\u2019IFRS 4, che approssimava la correlazione<span class=\"_ _1\"></span> tra due valori non omoge<span class=\"_ _1\"></span>nei: 1) il<span class=\"_ _df\"> </span></span>valore della riserva tecnica relativa ai contratti valutati al cos<span class=\"_ _2\"></span>to (con partecip<span class=\"_ _1\"></span>azione discrezionale agli utili) e<span class=\"_ _df\"> </span>2) il valore dei relativi attivi valutati al fair value.<span class=\"_ _df\"> </span>Il <span class=\"_ _d\"></span>principio <span class=\"_ _d\"></span>IFRS <span class=\"_ _0\"></span>17 <span class=\"_ _0\"></span>ha <span class=\"_ _d\"></span>intro<span class=\"_ _2\"></span>dotto <span class=\"_ _d\"></span>maggiore <span class=\"_ _d\"></span>cor<span class=\"_ _2\"></span>relazione <span class=\"_ _d\"></span>tra <span class=\"_ _0\"></span>la <span class=\"_ _d\"></span>valutazione <span class=\"_ _d\"></span>delle <span class=\"_ _0\"></span>passivit\u00e0 <span class=\"_ _d\"></span>as<span class=\"_ _2\"></span>sicurative <span class=\"_ _d\"></span>e <span class=\"_ _d\"></span>gli<span class=\"_ _df\"> </span>investimenti sott<span class=\"_ _2\"></span>ostanti, sia in <span class=\"_ _2\"></span>periodi di <span class=\"_ _2\"></span>aumento dei <span class=\"_ _2\"></span>valori di <span class=\"_ _2\"></span>Fair Value <span class=\"_ _2\"></span>(riduzione dei t<span class=\"_ _2\"></span>assi <span class=\"_ _2\"></span>di mercato) <span class=\"_ _2\"></span>sia<span class=\"_ _df\"> </span>in periodi di riduzione dei valori di fair value<span class=\"_ _1\"></span> (aumento dei tassi di mercato).<span class=\"_ _df\"> </span>A parit\u00e0 <span class=\"_ _2\"></span>di valore degli attivi, mis<span class=\"_ _2\"></span>urati in <span class=\"_ _2\"></span>entrambi i principi contabili al <span class=\"_ _2\"></span>fair value, l<span class=\"_ _2\"></span>\u2019IFRS 17 introduce infatti <span class=\"_ _2\"></span>la<span class=\"_ _df\"> </span>logica <span class=\"_ _2\"></span>forwar<span class=\"_ _2\"></span>d <span class=\"_ _2\"></span>looking <span class=\"_ _2\"></span>anche <span class=\"_ _d\"></span>sui <span class=\"_ _d\"></span>passivi, <span class=\"_ _2\"></span>garantendo <span class=\"_ _d\"></span>pertanto <span class=\"_ _2\"></span>un<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>confr<span class=\"_ _2\"></span>onto <span class=\"_ _2\"></span>omogeneo <span class=\"_ _2\"></span>con <span class=\"_ _d\"></span>le <span class=\"_ _2\"></span>variazioni <span class=\"_ _d\"></span>di<span class=\"_ _df\"> </span>fair  value <span class=\"_ _4\"> </span>degli  attivi, <span class=\"_ _22\"> </span>e <span class=\"_ _4\"> </span>pertanto  maggiormente <span class=\"_ _4\"> </span>efficac<span class=\"_ _1\"></span>e  risp<span class=\"_ _2\"></span>etto  al <span class=\"_ _4\"> </span>passato.  Inoltre, <span class=\"_ _22\"> </span>per <span class=\"_ _4\"> </span>il  modello  di<span class=\"_ _df\"> </span>misurazione  V<span class=\"_ _1\"></span>FA,  l\u2019<span class=\"_ _1\"></span>adozione  dell\u2019opzione<span class=\"_ _1\"></span>  OCI <span class=\"_ _16\"> </span>(c.d.  Mirroring), <span class=\"_ _9\"> </span>compor<span class=\"_ _2\"></span>ta <span class=\"_ _16\"> </span>che <span class=\"_ _16\"> </span>tale  maggi<span class=\"_ _1\"></span>ore  correlazione<span class=\"_ _df\"> </span>rispet<span class=\"ff5\">to a quanto previsto dall\u2019IFRS 4, veng<span class=\"_ _1\"></span>a contribuita al patrimonio netto.<span class=\"_ _df\"> </span></span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForLoansAndReceivablesExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-741": {
   "value": "<div class=\"t m0 h5 ff4 fs1 fc4 sc3 ls0 ws0 gs6c9\">Azioni <span class=\"_ _1\"></span>prop<span class=\"_ _1\"></span>rie </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs6ca\">Le eventuali <span class=\"_ _2\"></span>azioni <span class=\"_ _2\"></span>proprie detenute <span class=\"_ _2\"></span>sono <span class=\"_ _2\"></span>portate <span class=\"_ _2\"></span>in riduzione <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>patrimonio netto. <span class=\"_ _2\"></span>Analogamente, il <span class=\"_ _2\"></span>costo </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs6cb\">originario  delle  stesse  e <span class=\"_ _16\"> </span>gli  utili  o  le<span class=\"_ _1\"></span>  perdite  derivanti  dall<span class=\"_ _1\"></span>a  loro  successiva  v<span class=\"_ _2\"></span>endita  sono  rilevati  come </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs6cc\">movimenti del patrimonio netto. </div>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForTreasurySharesExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-742": {
   "value": "<div class=\"t m0 h5 ff4 fs1 fc4 sc3 ls0 ws0 gs6ce\">Trat<span class=\"_ _1\"></span>tament<span class=\"_ _1\"></span>o di <span class=\"_ _1\"></span>fine <span class=\"_ _f\"></span>rapport<span class=\"_ _1\"></span>o del p<span class=\"_ _f\"></span>ersonale<span class=\"_ _f\"></span> </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs6cf\">Il trattamento di <span class=\"_ _2\"></span>fine rapporto si configura come un \u201c<span class=\"_ _2\"></span>bene<span class=\"_ _1\"></span>ficio successivo al <span class=\"_ _2\"></span>rapporto di lavoro\u201d classificato </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs6d0\">come: </div><div class=\"t m0 h5 ff14 fs1 fc1 sc0 ls0 ws0 gs6d1\"><span class=\"_ _2c\"> </span><span class=\"ff5\">\u201cpiano a contr<span class=\"_ _2\"></span>ibuzi<span class=\"_ _1\"></span>one definita\u201d per le quote di tratt<span class=\"_ _2\"></span>amento di fine rapporto del pe<span class=\"_ _1\"></span>rsonale maturande a </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs6d2\">partire dal <span class=\"_ _f\"></span>1\u00b0 gennaio <span class=\"_ _f\"></span>2007 (data <span class=\"_ _f\"></span>di entrata <span class=\"_ _1\"></span>in v<span class=\"_ _1\"></span>igore d<span class=\"_ _1\"></span>ella <span class=\"_ _f\"></span>r<span class=\"_ _2\"></span>iforma <span class=\"_ _f\"></span>della <span class=\"_ _1\"></span>previdenza comp<span class=\"_ _1\"></span>lementare di <span class=\"_ _f\"></span>cui<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs6d3\">al <span class=\"_ _d\"></span>Decreto <span class=\"_ _d\"></span>Legislativ<span class=\"_ _1\"></span>o <span class=\"_ _d\"></span>5 <span class=\"_ _d\"></span>dicembre <span class=\"_ _d\"></span>2005 <span class=\"_ _d\"></span>n. <span class=\"_ _d\"></span>252) <span class=\"_ _2\"></span>sia <span class=\"_ _d\"></span>nel <span class=\"_ _d\"></span>caso <span class=\"_ _d\"></span>di <span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>pzione <span class=\"_ _2\"></span>da <span class=\"_ _d\"></span>parte <span class=\"_ _d\"></span>del <span class=\"_ _d\"></span>dipendente <span class=\"_ _d\"></span>per <span class=\"_ _2\"></span>la </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs6d4\">previdenza <span class=\"_ _0\"></span>complementare, <span class=\"_ _0\"></span>sia <span class=\"_ _0\"></span>nel <span class=\"_ _0\"></span>caso <span class=\"_ _9\"> </span>di <span class=\"_ _0\"></span>destin<span class=\"ff5\">azione <span class=\"_ _0\"></span>al <span class=\"_ _9\"> </span>fondo <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>Tesoreria <span class=\"_ _9\"> </span>presso <span class=\"_ _d\"></span>l\u2019INPS. <span class=\"_ _0\"></span>Per <span class=\"_ _9\"> </span>tali<span class=\"_ _df\"> </span></span><span class=\"ff5\"> </span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs6d6\">quote <span class=\"_ _d\"></span>l\u2019importo <span class=\"_ _0\"></span>contabilizzato <span class=\"_ _d\"></span>tra <span class=\"_ _d\"></span>i <span class=\"_ _d\"></span>costi <span class=\"_ _0\"></span>del <span class=\"_ _d\"></span>personale <span class=\"_ _d\"></span>\u00e8 <span class=\"_ _0\"></span>determinato <span class=\"_ _0\"></span>sulla <span class=\"_ _d\"></span>base <span class=\"_ _d\"></span>dei <span class=\"_ _0\"></span>contributi <span class=\"_ _d\"></span>dovuti </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs6d7\">senza l\u2019applicazione di metodologie di<span class=\"_ _1\"></span> calcolo attuariali;<span class=\"_ _2\"></span><span class=\"ff4\"> </span></div><div class=\"t m0 h5 ff14 fs1 fc1 sc0 ls0 ws0 gs6d8\"><span class=\"ff10\"> <span class=\"_ _2b\"> </span><span class=\"ff5\">\u201cpiano <span class=\"_ _17\"> </span>a <span class=\"_ _4\"> </span>benefici <span class=\"_ _4\"> </span>definiti\u201d <span class=\"_ _17\"> </span>e <span class=\"_ _4\"> </span>pertanto <span class=\"_ _17\"> </span>\u00e8<span class=\"ff4\"> <span class=\"_ _17\"> </span>iscritto <span class=\"_ _4\"> </span>sulla <span class=\"_ _4\"> </span>base <span class=\"_ _17\"> </span>del <span class=\"_ _4\"> </span>suo <span class=\"_ _17\"> </span>valore <span class=\"_ _17\"> </span>attuariale <span class=\"_ _4\"> </span>determinato </span></span></span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs6d9\">utilizzando <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>metodo <span class=\"_ _2\"></span>della \u201cProiezione <span class=\"_ _2\"></span>Unitaria <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>Credito\u201d, <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>cui <span class=\"_ _2\"></span>dettagli <span class=\"_ _2\"></span>si <span class=\"_ _2\"></span>rimanda <span class=\"_ _2\"></span>alla <span class=\"_ _2\"></span>Sezione <span class=\"_ _2\"></span>9 </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs6da\">della parte B di Nota Integrativa.  </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs6db\">Tali <span class=\"_ _d\"></span>quote <span class=\"_ _d\"></span>riferite <span class=\"_ _d\"></span>al <span class=\"_ _d\"></span>piano <span class=\"_ _d\"></span>a <span class=\"_ _0\"></span>benefici <span class=\"_ _d\"></span>definiti <span class=\"_ _d\"></span>sono<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>iscritte <span class=\"_ _d\"></span>sulla <span class=\"_ _d\"></span>base <span class=\"_ _d\"></span>del <span class=\"_ _d\"></span>loro <span class=\"_ _0\"></span>valore <span class=\"_ _d\"></span>attuariale <span class=\"_ _d\"></span>determinato </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs6dc\">utilizzando <span class=\"_ _0\"></span>il <span class=\"_ _9\"> </span>metodo <span class=\"_ _9\"> </span>della <span class=\"_ _9\"> </span>\u201cProiezione <span class=\"_ _0\"></span>Unitaria <span class=\"_ _9\"> </span>del <span class=\"_ _9\"> </span>Credito\u201d, <span class=\"_ _9\"> </span>senza <span class=\"_ _9\"> </span>applicazione <span class=\"_ _0\"></span>del <span class=\"_ _9\"> </span>pro<span class=\"_ _2\"></span><span class=\"ff4\">-r<span class=\"_ _2\"></span>ata <span class=\"_ _0\"></span>del <span class=\"_ _0\"></span>s<span class=\"_ _2\"></span>ervizio </span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs6dd\">prestato <span class=\"_ _2\"></span>in quanto <span class=\"_ _2\"></span>il costo <span class=\"_ _2\"></span>previdenziale (\u201ccurrent <span class=\"_ _2\"></span>service cost<span class=\"_ _2\"></span>\u201d) del <span class=\"_ _2\"></span>TFR \u00e8 <span class=\"_ _2\"></span>quasi <span class=\"_ _2\"></span>inter<span class=\"_ _2\"></span><span class=\"ff4\">amente maturat<span class=\"_ _2\"></span>o e <span class=\"_ _2\"></span>la<span class=\"_ _1\"></span> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs6de\">rivalutazione d<span class=\"_ _1\"></span>ello stesso, pe<span class=\"_ _1\"></span>r gli anni<span class=\"_ _1\"></span> a veni<span class=\"_ _1\"></span>re, non si<span class=\"_ _1\"></span> ritiene d<span class=\"_ _1\"></span>ia luogo a<span class=\"_ _f\"></span> significativi bene<span class=\"_ _1\"></span>fici per i dipe<span class=\"_ _1\"></span>ndenti. </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs6df\">Ai <span class=\"_ _9\"> </span>fini  d<span class=\"_ _1\"></span>ell'attualizzazione, <span class=\"_ _9\"> </span>il <span class=\"_ _16\"> </span>tasso  utili<span class=\"_ _1\"></span>zzato <span class=\"_ _16\"> </span>\u00e8 <span class=\"_ _9\"> </span>determinato <span class=\"_ _16\"> </span>con <span class=\"_ _9\"> </span>riferimento <span class=\"_ _16\"> </span>al <span class=\"_ _9\"> </span>rendimento  d<span class=\"_ _1\"></span>i <span class=\"_ _16\"> </span>mercato <span class=\"_ _16\"> </span>di<span class=\"_ _1\"></span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs6e0\">obbligazioni d<span class=\"_ _1\"></span>i aziende primarie tene<span class=\"_ _1\"></span>ndo conto dell<span class=\"_ _1\"></span>a durata media residua d<span class=\"_ _1\"></span>ella passivit\u00e0, p<span class=\"_ _1\"></span>onderata in base </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs6e1\">alla <span class=\"_ _9\"> </span>percentuale <span class=\"_ _16\"> </span>dell<span class=\"_ _1\"></span>'importo <span class=\"_ _16\"> </span>pagato <span class=\"_ _9\"> </span>e <span class=\"_ _9\"> </span>anticipato, <span class=\"_ _16\"> </span>per<span class=\"_ _1\"></span> <span class=\"_ _9\"> </span>ciascuna <span class=\"_ _16\"> </span>scadenza, <span class=\"_ _9\"> </span>rispetto <span class=\"_ _9\"> </span>al <span class=\"_ _16\"> </span>totale <span class=\"_ _9\"> </span>da <span class=\"_ _9\"> </span>pagare <span class=\"_ _16\"> </span>e </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs6e2\">anticipare fino all'estinzione<span class=\"_ _1\"></span> finale dell\u2019intera <span class=\"_ _2\"></span><span class=\"ff4\">obbligazione. </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs43a\">I costi <span class=\"_ _f\"></span>per il <span class=\"_ _f\"></span>s<span class=\"_ _2\"></span>e<span class=\"_ _1\"></span>rvizio d<span class=\"_ _1\"></span>el <span class=\"_ _1\"></span>piano sono <span class=\"_ _f\"></span>contabilizzati tra <span class=\"_ _f\"></span>i costi <span class=\"_ _1\"></span>del <span class=\"_ _f\"></span>per<span class=\"_ _2\"></span>sonale, <span class=\"_ _f\"></span>mentr<span class=\"_ _2\"></span>e <span class=\"_ _f\"></span>gli utili <span class=\"_ _f\"></span>e le <span class=\"_ _f\"></span>perdite attuariali </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs43b\">sono rilevati nel prospetto della redd<span class=\"_ _1\"></span>itivit\u00e0 complessiva.<span class=\"_ _2\"></span> </div>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForTerminationBenefits",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-743": {
   "value": "<div class=\"t m0 h5 ff4 fs1 fc4 sc3 ls0 ws0 gs6e4\">Paga<span class=\"_ _f\"></span>menti ba<span class=\"_ _1\"></span>sati<span class=\"_ _1\"></span> su a<span class=\"_ _1\"></span>zioni </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs6e5\">I <span class=\"_ _d\"></span>piani <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>remunerazione <span class=\"_ _d\"></span>del <span class=\"_ _d\"></span>per<span class=\"_ _2\"></span>sonale <span class=\"_ _d\"></span>basati <span class=\"_ _d\"></span>su <span class=\"_ _d\"></span>azioni, <span class=\"_ _d\"></span>le <span class=\"_ _d\"></span>quali <span class=\"_ _d\"></span>s<span class=\"_ _2\"></span>ono <span class=\"_ _d\"></span>regolate <span class=\"_ _d\"></span>con <span class=\"_ _d\"></span>azioni <span class=\"_ _d\"></span>e <span class=\"_ _d\"></span>non <span class=\"_ _d\"></span>per <span class=\"_ _d\"></span>cassa, </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs6e6\">vengono <span class=\"_ _2\"></span>rilevati <span class=\"_ _d\"></span>nel <span class=\"_ _d\"></span>conto <span class=\"_ _d\"></span>economico,<span class=\"_ _1\"></span> <span class=\"_ _d\"></span>con <span class=\"_ _d\"></span>un <span class=\"_ _2\"></span>corrispondente <span class=\"_ _2\"></span>incremento <span class=\"_ _d\"></span>del <span class=\"_ _d\"></span>patrimonio <span class=\"_ _2\"></span>nett<span class=\"_ _2\"></span>o, <span class=\"_ _2\"></span>sulla <span class=\"_ _d\"></span>base </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs6e7\">del <span class=\"_ _0\"> </span>fair <span class=\"_ _16\"> </span>value <span class=\"_ _9\"> </span>degli <span class=\"_ _9\"> </span>strumenti <span class=\"_ _9\"> </span>finanziari <span class=\"_ _9\"> </span>attr<span class=\"_ _2\"></span>ibuiti <span class=\"_ _0\"></span>alla <span class=\"_ _9\"> </span>data <span class=\"_ _16\"> </span>di <span class=\"_ _0\"> </span>assegnazio<span class=\"_ _2\"></span><span class=\"ff5\">ne, <span class=\"_ _9\"> </span>suddividendo <span class=\"_ _9\"> </span>l\u2019onere <span class=\"_ _9\"> </span>lungo <span class=\"_ _9\"> </span>il </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs6e8\">periodo previsto dal piano. </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs6e9\">In <span class=\"_ _d\"></span>presenza <span class=\"_ _d\"></span>di <span class=\"_ _0\"></span>opzioni, <span class=\"_ _d\"></span>il <span class=\"_ _d\"></span>fair <span class=\"_ _0\"></span>value <span class=\"_ _d\"></span>delle <span class=\"_ _0\"></span>stesse <span class=\"_ _0\"></span>\u00e8 <span class=\"_ _d\"></span>calcolato <span class=\"_ _d\"></span>utilizzando <span class=\"_ _d\"></span>un <span class=\"_ _0\"></span>modello <span class=\"_ _d\"></span>che <span class=\"_ _d\"></span>considera, <span class=\"_ _0\"></span>oltre <span class=\"_ _d\"></span>ad </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs6ea\">informazioni quali il prezzo <span class=\"_ _2\"></span>di esercizio e <span class=\"_ _2\"></span>la vita dell\u2019opzione, il prezzo <span class=\"_ _2\"></span>corrente<span class=\"_ _2\"></span><span class=\"ff4\"> delle azioni e la <span class=\"_ _2\"></span>loro volatilit\u00e0 </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs6eb\">attesa, <span class=\"_ _9\"> </span>i <span class=\"_ _9\"> </span>dividendi <span class=\"_ _0\"></span>at<span class=\"_ _2\"></span>tesi <span class=\"_ _9\"> </span>e <span class=\"_ _9\"> </span>il <span class=\"_ _9\"> </span>tasso <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>interesse <span class=\"_ _9\"> </span>risk<span class=\"_ _2\"></span>-free, <span class=\"_ _0\"></span>anch<span class=\"_ _2\"></span>e <span class=\"_ _0\"> </span>le <span class=\"_ _16\"> </span>caratteristiche <span class=\"_ _0\"></span>s<span class=\"_ _2\"></span>peci<span class=\"_ _1\"></span>fiche <span class=\"_ _9\"> </span>del <span class=\"_ _9\"> </span>piano <span class=\"_ _9\"> </span>in </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs6ec\">essere. <span class=\"_ _1\"></span>Nel modello <span class=\"_ _f\"></span>di valorizzazione <span class=\"_ _1\"></span>sono valu<span class=\"_ _1\"></span>tate in <span class=\"_ _f\"></span>modo<span class=\"_ _2\"></span> <span class=\"_ _1\"></span>distinto <span class=\"ff5\">l\u2019opzi<span class=\"_ _1\"></span>one<span class=\"ff4\"> e <span class=\"_ _f\"></span><span class=\"ls1a\">la<span class=\"ls0\"> probabi<span class=\"_ _1\"></span>lit\u00e0 <span class=\"ls39\">di</span> <span class=\"_ _f\"></span>realizzazio<span class=\"lsc6\">ne</span> </span></span></span></span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs6ed\">delle cond<span class=\"_ _1\"></span>izioni <span class=\"ls1a\">in</span> base <span class=\"_ _f\"></span>all<span class=\"_ _2\"></span>e qu<span class=\"_ _1\"></span>ali <span class=\"ls1a\">le</span> opzioni <span class=\"_ _1\"></span>sono state assegnate. </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs6ee\">La combinazione dei due valori fornisce il fair value d<span class=\"_ _1\"></span>ello strumento assegnato.<span class=\"_ _2\"></span> </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs6ef\">L\u2019eventuale <span class=\"_ _d\"></span>riduzione <span class=\"_ _2\"></span>del <span class=\"_ _0\"></span>numero <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>strumenti <span class=\"_ _d\"></span>finanziari <span class=\"_ _d\"></span>assegnati <span class=\"_ _d\"></span>\u00e8 <span class=\"_ _d\"></span>contabilizzata <span class=\"_ _d\"></span>come <span class=\"_ _d\"></span>cancellazione <span class=\"_ _0\"></span><span class=\"ff4\">di </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs6f0\">una parte degli stessi. </div>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-775": {
   "value": "<div class=\"t m0 h5 ff4 fs1 fc4 sc3 ls0 ws0 gs6f2\">Benefi<span class=\"_ _f\"></span>ci ai di<span class=\"_ _1\"></span>pende<span class=\"_ _f\"></span>nti </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs6f3\">Si <span class=\"_ _2\"></span>definiscono <span class=\"_ _2\"></span>benefici <span class=\"_ _d\"></span>ai <span class=\"_ _2\"></span>dipendenti <span class=\"_ _2\"></span>tutt<span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>ipi <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>remunerazione <span class=\"_ _2\"></span>erogati <span class=\"_ _d\"></span>dall\u2019azienda <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>cambio <span class=\"_ _d\"></span>dell\u2019attivit\u00e0 </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs6f4\">lavorativa svolta dai dipendenti. I benefici<span class=\"_ _1\"></span> ai dipendenti si suddividono tr<span class=\"_ _2\"></span>a: </div><div class=\"t m0 h5 ff14 fs1 fc1 sc0 ls0 ws0 gs6f5\"><span class=\"ff10\"> <span class=\"_ _2b\"> </span><span class=\"ff4\">benefici <span class=\"_ _f\"></span>a breve <span class=\"_ _f\"></span>termine (<span class=\"_ _1\"></span>diversi dai <span class=\"_ _f\"></span>benefici <span class=\"_ _f\"></span>dovuti ai <span class=\"_ _f\"></span>dipendenti <span class=\"_ _f\"></span>per la <span class=\"_ _f\"></span>cessazione d<span class=\"_ _1\"></span>el <span class=\"_ _f\"></span>rapporto<span class=\"_ _2\"></span> <span class=\"_ _f\"></span>di <span class=\"_ _1\"></span>lavoro </span></span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs6f6\">e <span class=\"_ _f\"></span>dai <span class=\"_ _f\"></span>benefici <span class=\"_ _f\"></span>retr<span class=\"_ _2\"></span>ibutivi <span class=\"_ _11\"></span>s<span class=\"_ _2\"></span>otto <span class=\"_ _f\"></span>forma <span class=\"_ _f\"></span>di <span class=\"_ _f\"></span>partecipazione <span class=\"_ _f\"></span>al <span class=\"_ _1\"></span>capitale) <span class=\"_ _f\"></span>che <span class=\"_ _f\"></span>s<span class=\"_ _2\"></span>i <span class=\"_ _f\"></span>prevede <span class=\"_ _f\"></span>di <span class=\"_ _f\"></span>liquidare <span class=\"_ _f\"></span>intera<span class=\"_ _2\"></span>mente </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs6f7\">entro <span class=\"_ _2\"></span>dodici <span class=\"_ _2\"></span>mesi <span class=\"_ _2\"></span>dal <span class=\"_ _2\"></span>termine <span class=\"_ _2\"></span>dell\u2019esercizio n<span class=\"_ _2\"></span>el <span class=\"_ _2\"></span>quale <span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>dipendent<span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>hanno <span class=\"_ _2\"></span>prestato <span class=\"_ _2\"></span>l\u2019attivit\u00e0 <span class=\"_ _2\"></span>lavorativa <span class=\"_ _2\"></span>e </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs6f8\">rilevati <span class=\"_ _2\"></span>interamente <span class=\"_ _2\"></span>a <span class=\"_ _d\"></span>conto <span class=\"_ _2\"></span>economico <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>momento <span class=\"_ _2\"></span>della <span class=\"_ _2\"></span>mat<span class=\"_ _2\"></span>urazione<span class=\"_ _f\"></span> <span class=\"_ _d\"></span>(rientrano <span class=\"_ _d\"></span>in <span class=\"_ _2\"></span>tale <span class=\"_ _2\"></span>categoria, <span class=\"_ _2\"></span>ad </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs6f9\">esempio, i salari, gli stipendi e le<span class=\"_ _1\"></span> prestazioni \u201cstraordinarie\u201d);<span class=\"_ _2\"></span><span class=\"ff4\"> </span></div><div class=\"t m0 h5 ff14 fs1 fc1 sc0 ls0 ws0 gs6fa\"><span class=\"ff10\"> <span class=\"_ _2b\"> </span><span class=\"ff4\">benefici successivi <span class=\"_ _f\"></span>al rapport<span class=\"_ _2\"></span>o di l<span class=\"_ _1\"></span>avoro dovuti d<span class=\"_ _1\"></span>opo la conclu<span class=\"_ _1\"></span>sione del rapp<span class=\"_ _1\"></span>orto di lavoro che <span class=\"_ _1\"></span>obbligano </span></span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs6fb\">l\u2019impresa <span class=\"_ _d\"></span>ad <span class=\"_ _d\"></span>un\u2019erogazione <span class=\"_ _d\"></span>futur<span class=\"_ _2\"></span>a <span class=\"_ _d\"></span>nei <span class=\"_ _d\"></span>confronti <span class=\"_ _0\"></span>dei <span class=\"_ _d\"></span>dipendenti. <span class=\"_ _d\"></span>Tra <span class=\"_ _0\"></span>questi, <span class=\"_ _d\"></span>rientrano <span class=\"_ _d\"></span>il <span class=\"_ _d\"></span>tr<span class=\"_ _2\"></span>attamento <span class=\"_ _d\"></span>di </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs6fc\">fine rapporto e i fond<span class=\"_ _1\"></span>i pensione che, a loro vol<span class=\"_ _1\"></span>ta si suddiv<span class=\"_ _1\"></span>idono in piani a<span class=\"_ _2\"></span> contribuzione<span class=\"_ _1\"></span> definita e piani a </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs6fd\">benefici definiti o fondi di quiescenza aziendale; </div><div class=\"t m0 h5 ff14 fs1 fc1 sc0 ls0 ws0 gs6fe\"><span class=\"ff10\"> <span class=\"_ _2b\"> </span><span class=\"ff4\">benefici <span class=\"_ _d\"></span>a <span class=\"_ _0\"></span>lungo <span class=\"_ _d\"></span>termine, <span class=\"_ _0\"></span>diversi <span class=\"_ _d\"></span>dai <span class=\"_ _0\"></span>precedenti, <span class=\"_ _d\"></span>che <span class=\"_ _d\"></span>non <span class=\"_ _0\"></span>si <span class=\"_ _0\"></span>prevede <span class=\"_ _d\"></span>siano <span class=\"_ _0\"></span>estinti <span class=\"_ _d\"></span>interamente <span class=\"_ _d\"></span>entro <span class=\"_ _0\"></span>i </span></span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs6ff\">dodici <span class=\"_ _d\"></span>m<span class=\"_ _2\"></span>esi <span class=\"_ _d\"></span>successivi <span class=\"_ _0\"></span>al <span class=\"_ _0\"></span>temine <span class=\"_ _0\"></span>dell\u2019esercizio <span class=\"_ _0\"></span>in <span class=\"_ _0\"></span>cui <span class=\"_ _0\"></span>i <span class=\"_ _0\"></span>dipendenti <span class=\"_ _9\"> </span><span class=\"ff4\">hanno <span class=\"_ _0\"></span>svolto <span class=\"_ _0\"> </span>le <span class=\"_ _0\"></span>proprie <span class=\"_ _0\"></span>prestazioni </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs700\">lavorative. Il costo <span class=\"_ _2\"></span>\u00e8 allocato sul periodo di servizio <span class=\"_ _2\"></span>lavorativo prestato dal <span class=\"_ _2\"></span>bene<span class=\"_ _1\"></span>ficiario in base <span class=\"_ _2\"></span>al valore </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs701\">attuariale <span class=\"_ _0\"></span>determinato <span class=\"_ _0\"></span>utilizzando <span class=\"_ _0\"></span>il <span class=\"_ _0\"></span>metodo <span class=\"_ _0\"></span>della <span class=\"_ _0\"></span>\u201cProiezione <span class=\"_ _0\"></span>Unitaria <span class=\"_ _0\"></span>del <span class=\"_ _0\"></span>Credito\u201d. <span class=\"_ _0\"></span>Gli <span class=\"_ _9\"> </span>utili <span class=\"_ _0\"></span>e <span class=\"_ _d\"></span>perdite </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs702\">attuariali sono rilevate a conto economico. </div>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-878": {
   "value": "Ricono<span class=\"_ _1\"></span>sci<span class=\"_ _1\"></span>mento<span class=\"_ _1\"></span> dei <span class=\"_ _1\"></span>ricav<span class=\"_ _1\"></span>i e d<span class=\"_ _1\"></span>ei c<span class=\"_ _1\"></span>osti<span class=\"_ _df\"> </span> Il Gruppo <span class=\"_ _1\"></span>rileva i <span class=\"_ _1\"></span>ricavi per un <span class=\"_ _f\"></span>im<span class=\"_ _2\"></span>porto che rifle<span class=\"_ _1\"></span>tte il corrispe<span class=\"_ _1\"></span>ttivo <span class=\"ff5\">a cui l\u2019entit\u00e0 ritiene<span class=\"_ _1\"></span> di ave<span class=\"_ _1\"></span>re diritto in camb<span class=\"_ _1\"></span>io<span class=\"_ _df\"> </span></span><span class=\"ff5\"> </span>del trasferimento di merci o servizi al cliente.<span class=\"_ _df\"> </span> L\u2019IFRS <span class=\"_ _d\"></span>15 <span class=\"_ _9\"> </span><span class=\"ff4\">-Ricavi <span class=\"_ _d\"></span>da <span class=\"_ _0\"></span>contratti <span class=\"_ _0\"></span>con <span class=\"_ _d\"></span>clienti, <span class=\"_ _0\"></span>ha <span class=\"_ _0\"></span>sostituito <span class=\"_ _0\"></span>lo <span class=\"_ _0\"></span>IAS <span class=\"_ _d\"></span>18 <span class=\"_ _0\"></span></span>\u2013<span class=\"ff4\"> <span class=\"_ _9\"> </span>Ricavi, <span class=\"_ _d\"></span>lo <span class=\"_ _0\"></span>IAS <span class=\"_ _0\"></span>11 <span class=\"_ _d\"></span></span>\u2013<span class=\"_ _2\"></span><span class=\"ff4\"> <span class=\"_ _d\"></span>Lavori <span class=\"_ _0\"></span>su <span class=\"_ _0\"></span>ordinazione,<span class=\"_ _df\"> </span></span><span class=\"ff4\"> </span>nonch\u00e9 le interpretazioni Sic 31, IFRIC 13 e IFRIC 15.<span class=\"_ _df\"> </span> Il principio <span class=\"_ _1\"></span>stabilisce un <span class=\"_ _f\"></span>mo<span class=\"_ _2\"></span>dello d<span class=\"_ _1\"></span>i riconoscimento de<span class=\"_ _1\"></span>i ricavi, <span class=\"_ _1\"></span>si applica a tutti i<span class=\"_ _f\"></span> contratti con clie<span class=\"_ _1\"></span>nti, eccezion<span class=\"_ _df\"> </span> fatta <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>i contratti <span class=\"_ _2\"></span>che rientrano <span class=\"_ _2\"></span>nell\u2019ambito <span class=\"_ _2\"></span>di applicazione <span class=\"_ _2\"></span>di I<span class=\"_ _2\"></span>FRS 4<span class=\"_ _2\"></span>, IFRS <span class=\"_ _2\"></span>9, IFRS <span class=\"_ _2\"></span>16, <span class=\"_ _2\"></span>quindi p<span class=\"_ _2\"></span>er <span class=\"_ _2\"></span>i contr<span class=\"_ _2\"></span>atti<span class=\"_ _df\"> </span><span class=\"_ _f\"></span> assicurativi e<span class=\"_ _1\"></span> pe<span class=\"_ _1\"></span>r gli <span class=\"_ _f\"></span>strumenti fi<span class=\"_ _1\"></span>nanziari e<span class=\"_ _1\"></span> i <span class=\"_ _f\"></span>contratti di <span class=\"_ _f\"></span>leasing. Il<span class=\"_ _1\"></span> princ<span class=\"_ _1\"></span>ipio introduce<span class=\"_ _1\"></span> un <span class=\"_ _f\"></span>modello in <span class=\"_ _f\"></span>cinque <span class=\"_ _f\"></span>fas<span class=\"_ _2\"></span>i<span class=\"_ _df\"> </span> che si applica nella fase di<span class=\"_ _1\"></span> contabilizzazione dei ricavi derivanti da contratti con i clienti: <span class=\"_ _2\"></span> <span class=\"_ _2c\"> </span><span class=\"ff5\">l\u2019identificazione del contratto con il cliente;<span class=\"_ _df\"> </span></span><span class=\"ff5\"> </span><span class=\"_ _2c\"> </span><span class=\"ff5 ls1a\">l\u2019i</span><span class=\"ff4\">dentificazione delle performance obligation del contratto;<span class=\"_ _df\"> </span></span><span class=\"ff4\"> </span><span class=\"_ _2c\"> </span><span class=\"ff4\">la determinazione del prezzo;<span class=\"_ _df\"> </span></span><span class=\"ff4\"> </span><span class=\"_ _2c\"> </span><span class=\"ff5\">l\u2019allocazione del prezzo alle performance obligation del contratto;<span class=\"_ _df\"> </span></span><span class=\"ff5\"> </span><span class=\"_ _2c\"> </span><span class=\"ff5\">i criteri di iscrizione del ricavo quando l\u2019entit\u00e0 soddisfa ciascu<span class=\"_ _1\"></span>na performance obligation.<span class=\"_ _df\"> </span></span>Il <span class=\"ff5\">principio <span class=\"_ _1\"></span>comporta l\u2019esercizio d<span class=\"_ _1\"></span>i un g<span class=\"_ _1\"></span>iudizio da parte d<span class=\"_ _1\"></span>elle entit\u00e0, ch<span class=\"_ _1\"></span>e prenda <span class=\"_ _1\"></span>in considerazione tutti i <span class=\"_ _1\"></span>fatti e<span class=\"_ _df\"> </span></span><span class=\"ff5\"><span class=\"_ _f\"></span> </span>le <span class=\"_ _2\"></span>circost<span class=\"_ _2\"></span>anze <span class=\"_ _2\"></span>rilevanti <span class=\"_ _d\"></span>nell\u2019applicazione<span class=\"_ _f\"></span> <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>ogni <span class=\"_ _d\"></span>fase <span class=\"_ _2\"></span>del <span class=\"_ _d\"></span>modello <span class=\"_ _d\"></span>ai <span class=\"_ _2\"></span>contratti <span class=\"_ _d\"></span>con <span class=\"_ _d\"></span>i <span class=\"_ _2\"></span>propri <span class=\"_ _2\"></span>clienti. <span class=\"_ _d\"></span>Il <span class=\"_ _d\"></span>principio<span class=\"_ _df\"> </span>specifica <span class=\"_ _2\"></span>inoltre <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>conta<span class=\"ff5\">bilizzazione dei <span class=\"_ _2\"></span>costi <span class=\"_ _2\"></span>incrementali <span class=\"_ _2\"></span>legati <span class=\"_ _2\"></span>all\u2019ottenimento <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>un <span class=\"_ _2\"></span>contratto e <span class=\"_ _2\"></span>dei <span class=\"_ _2\"></span>costi<span class=\"_ _df\"> </span></span><span class=\"ff5\"> </span>direttamente <span class=\"_ _17\"> </span>legati <span class=\"_ _17\"> </span>al <span class=\"_ _17\"> </span>completamento <span class=\"_ _17\"> </span>di <span class=\"_ _17\"> </span>un <span class=\"_ _17\"> </span>contratto. <span class=\"_ _17\"> </span>Il <span class=\"_ _17\"> </span>Gruppo <span class=\"_ _4\"> </span>esercita <span class=\"_ _17\"> </span>un <span class=\"_ _17\"> </span>giudizio <span class=\"_ _17\"> </span>che <span class=\"_ _14\"> </span>prende <span class=\"_ _4\"> </span>in<span class=\"_ _df\"> </span>considerazione <span class=\"_ _2\"></span>tutti <span class=\"_ _d\"></span>i <span class=\"_ _d\"></span>fatti <span class=\"_ _d\"></span>e <span class=\"_ _d\"></span>le <span class=\"_ _d\"></span>circostanze <span class=\"_ _d\"></span>rilevanti <span class=\"_ _2\"></span>nell\u2019applicazi<span class=\"_ _2\"></span><span class=\"ff4\">one <span class=\"_ _d\"></span>ai <span class=\"_ _d\"></span>contratti <span class=\"_ _d\"></span>con <span class=\"_ _d\"></span>i <span class=\"_ _d\"></span>propri <span class=\"_ _2\"></span>clienti <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>ogni<span class=\"_ _df\"> </span></span><span class=\"ff4\"> </span>fase del modello a cinque fasi introdotto dall\u2019<span class=\"_ _1\"></span>IFRS 15.<span class=\"_ _df\"> </span>I ricavi possono essere riconosciuti:<span class=\"_ _df\"> </span><span class=\"_ _2c\"> </span><span class=\"ff5\">in <span class=\"_ _2\"></span>un <span class=\"_ _d\"></span>momento <span class=\"_ _2\"></span>preciso<span class=\"_ _2\"></span>, <span class=\"_ _2\"></span>quando <span class=\"_ _d\"></span>l\u2019entit\u00e0 <span class=\"_ _2\"></span>adempie <span class=\"_ _2\"></span>l\u2019obbligazione <span class=\"_ _d\"></span>di <span class=\"_ _2\"></span>fare <span class=\"_ _d\"></span>trasferendo <span class=\"_ _2\"></span>al <span class=\"_ _d\"></span>cliente <span class=\"_ _d\"></span>il <span class=\"_ _2\"></span>bene <span class=\"_ _2\"></span>o<span class=\"_ _df\"> </span></span>servizio promesso, o<span class=\"_ _df\"> </span> <span class=\"_ _2c\"> </span><span class=\"ff5\">nel <span class=\"_ _d\"></span>corso <span class=\"_ _2\"></span>del <span class=\"_ _d\"></span>tempo, <span class=\"_ _d\"></span>mano <span class=\"_ _d\"></span>a <span class=\"_ _2\"></span>mano <span class=\"_ _d\"></span>che <span class=\"_ _2\"></span>l\u2019entit\u00e0 <span class=\"_ _d\"></span>adempie <span class=\"_ _2\"></span>l\u2019obbligazione <span class=\"_ _d\"></span>di <span class=\"_ _2\"></span>fare <span class=\"_ _d\"></span>trasferendo <span class=\"_ _2\"></span>al <span class=\"_ _d\"></span>cliente <span class=\"_ _d\"></span>il<span class=\"_ _df\"> </span></span><span class=\"ff5\"> </span>bene o servizio promesso.<span class=\"_ _df\"> </span>Il bene \u00e8 trasferito quando, o nel corso del pe<span class=\"_ _1\"></span>riodo in cui, il cliente ne acquisisce il controllo.<span class=\"_ _df\"> </span><span class=\"_ _2\"></span> In particolare:<span class=\"_ _df\"> </span> <span class=\"_ _2c\"> </span><span class=\"ff4 ls39\">per<span class=\"ls0\"> <span class=\"_ _d\"></span>gli s<span class=\"_ _2\"></span>trumenti <span class=\"_ _2\"></span>finanziari class<span class=\"_ _2\"></span>ificati HTC <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>HTCS, <span class=\"_ _2\"></span>gli <span class=\"_ _2\"></span>interessi <span class=\"_ _2\"></span>corr<span class=\"_ _2\"></span>ispettivi sono <span class=\"_ _2\"></span>riconosciuti <span class=\"_ _2\"></span>pro <span class=\"_ _2\"></span>rata<span class=\"_ _df\"> </span></span></span><span class=\"ff4 ls39\"><span class=\"ls0\"> </span></span>temporis sulla <span class=\"_ _2\"></span>base <span class=\"_ _2\"></span>del tasso <span class=\"_ _2\"></span>di interesse <span class=\"_ _2\"></span>contrattuale o <span class=\"_ _2\"></span>di quello <span class=\"_ _2\"></span>effettivo nel <span class=\"_ _2\"></span>caso di <span class=\"_ _2\"></span>applicazione del<span class=\"_ _df\"> </span> costo ammortizzato. La <span class=\"_ _1\"></span>voce interessi attivi (ovv<span class=\"_ _1\"></span>ero interessi passivi) <span class=\"_ _1\"></span>comprende anche i di<span class=\"_ _1\"></span>fferenziali o<span class=\"_ _df\"> </span>i <span class=\"_ _f\"></span>margini, <span class=\"_ _f\"></span>positivi <span class=\"_ _f\"></span>(o <span class=\"_ _f\"></span>negativi), <span class=\"_ _1\"></span>maturati <span class=\"_ _f\"></span>s<span class=\"_ _2\"></span>ino <span class=\"_ _f\"></span>alla <span class=\"_ _f\"></span>data <span class=\"_ _f\"></span>di <span class=\"_ _f\"></span>riferimento <span class=\"_ _f\"></span>del <span class=\"_ _f\"></span>bilancio, <span class=\"_ _f\"></span>relati<span class=\"_ _2\"></span>vi <span class=\"_ _11\"></span>a contratti <span class=\"_ _f\"></span>derivati<span class=\"_ _df\"> </span> finanziari:<span class=\"_ _df\"> </span>o<span class=\"_ _c\"> </span><span class=\"ff4\">di copertura di attivit\u00e0 e passivit\u00e0 che generano <span class=\"_ _f\"></span>interessi;<span class=\"_ _df\"> </span></span>o<span class=\"_ _c\"> </span><span class=\"ff4 ls13\">cla<span class=\"ls0\">ssificati <span class=\"_ _2\"></span>nello <span class=\"_ _2\"></span>Stato <span class=\"_ _2\"></span>Patrimoniale <span class=\"_ _2\"></span>nel <span class=\"_ _2\"></span>portafoglio <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>negoziazi<span class=\"_ _1\"></span>one, <span class=\"_ _2\"></span>ma <span class=\"_ _2\"></span>gestionalmente <span class=\"_ _2\"></span>collegati ad<span class=\"_ _df\"> </span></span></span><span class=\"ff4 ls13\"><span class=\"ls0\"> </span></span>attivit\u00e0 e/o passivit\u00e0 finanziarie valu<span class=\"_ _1\"></span>tate al fair value (fair value option);<span class=\"_ _df\"> </span>o<span class=\"_ _c\"> </span><span class=\"ff4\">connessi <span class=\"_ _0\"></span>gestionalmente <span class=\"_ _d\"></span>con <span class=\"_ _d\"></span>at<span class=\"_ _2\"></span>tivit\u00e0 <span class=\"_ _d\"></span>e <span class=\"_ _0\"></span>passivit\u00e0 <span class=\"_ _d\"></span>classificate <span class=\"_ _d\"></span>nel <span class=\"_ _d\"></span>port<span class=\"_ _2\"></span>afoglio <span class=\"_ _0\"></span>di <span class=\"_ _d\"></span>negoziazione <span class=\"_ _d\"></span>e<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>che<span class=\"_ _df\"> </span></span><span class=\"ff4\"> </span>prevedono la liquidazione di d<span class=\"_ _1\"></span>ifferenziali o di margini a pi\u00f9<span class=\"_ _2\"></span> scad<span class=\"_ _1\"></span>enze;<span class=\"_ _df\"> </span><span class=\"_ _2c\"> </span><span class=\"ff4\">gli interessi <span class=\"_ _2\"></span>di mora, eventualmente previsti in <span class=\"_ _2\"></span>via contrattuale, sono contabilizzati a <span class=\"_ _2\"></span>Conto Economico<span class=\"_ _df\"> </span></span><span class=\"ff4\"> </span>solo al momento del loro effettivo incasso;<span class=\"_ _df\"> </span><span class=\"_ _2c\"> </span><span class=\"ff4\">i <span class=\"_ _4\"> </span>dividendi <span class=\"_ _4\"> </span>s<span class=\"ff5\">ono <span class=\"_ _4\"> </span>rilevati <span class=\"_ _22\"> </span>a <span class=\"_ _4\"> </span>Conto <span class=\"_ _4\"> </span>Economico <span class=\"_ _4\"> </span>nel <span class=\"_ _22\"> </span>cor<span class=\"_ _2\"></span>so <span class=\"_ _22\"> </span>dell\u2019esercizio <span class=\"_ _4\"> </span>in <span class=\"_ _4\"> </span>cui <span class=\"_ _22\"> </span>ne <span class=\"_ _4\"> </span>viene <span class=\"_ _4\"> </span>deliberata <span class=\"_ _4\"> </span>la<span class=\"_ _df\"> </span></span></span><span class=\"ff4\"><span class=\"ff5\"> </span></span>distribuzione;<span class=\"_ _df\"> </span><span class=\"_ _2c\"> </span><span class=\"ff5\">le <span class=\"_ _d\"></span>comm<span class=\"_ _2\"></span>issioni <span class=\"_ _d\"></span>per <span class=\"_ _d\"></span>ricavi <span class=\"_ _d\"></span>da <span class=\"_ _0\"></span>servizi<span class=\"_ _1\"></span> <span class=\"_ _d\"></span>s<span class=\"_ _2\"></span>ono <span class=\"_ _d\"></span>iscritte, <span class=\"_ _d\"></span>sulla <span class=\"_ _d\"></span>base <span class=\"_ _0\"></span>dell\u2019esistenza <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>accordi <span class=\"_ _0\"></span>contrattuali, <span class=\"_ _d\"></span>nel<span class=\"_ _df\"> </span></span><span class=\"ff5\"> </span>periodo in cui i servizi stessi sono stati prest<span class=\"_ _2\"></span>ati. Le commissioni <span class=\"_ _1\"></span>considerate nel costo ammortizzato ai<span class=\"_ _df\"> </span> fini della determinazione del tasso di interesse effettivo, sono rilev<span class=\"_ _1\"></span>ate tra gli interessi;<span class=\"_ _df\"> </span><span class=\"_ _2c\"> </span><span class=\"ff4\">gli <span class=\"_ _17\"> </span>utili <span class=\"_ _14\"> </span>e <span class=\"_ _17\"> </span>perdite <span class=\"_ _14\"> </span>derivanti <span class=\"_ _17\"> </span>dalla <span class=\"_ _17\"> </span>negoziazione <span class=\"_ _14\"> </span>di <span class=\"_ _17\"> </span>strumenti <span class=\"_ _14\"> </span>finanziari <span class=\"_ _4\"> </span>s<span class=\"_ _2\"></span>ono <span class=\"_ _17\"> </span>riconosciuti <span class=\"_ _17\"> </span>al <span class=\"_ _17\"> </span>Conto<span class=\"_ _df\"> </span></span>Economico <span class=\"_ _f\"></span>al momento <span class=\"_ _f\"></span>del p<span class=\"_ _1\"></span>erfezionamento <span class=\"_ _1\"></span>della v<span class=\"_ _1\"></span>endita, <span class=\"_ _f\"></span>s<span class=\"_ _2\"></span>ulla <span class=\"_ _f\"></span>base d<span class=\"_ _1\"></span>ella <span class=\"_ _f\"></span>d<span class=\"_ _2\"></span>ifferenza <span class=\"_ _f\"></span>tra il <span class=\"_ _f\"></span>corrispettivo<span class=\"_ _df\"> </span>pagato o incassato ed il valore di iscrizione d<span class=\"_ _1\"></span>egli strumenti stessi;<span class=\"_ _df\"> </span><span class=\"_ _2c\"> </span><span class=\"ff4\">i <span class=\"_ _d\"></span>ricavi <span class=\"_ _2\"></span>derivanti <span class=\"_ _d\"></span>dalla <span class=\"_ _2\"></span>vendita <span class=\"_ _d\"></span>di <span class=\"_ _2\"></span>at<span class=\"_ _2\"></span>tivit\u00e0 <span class=\"_ _2\"></span>non <span class=\"_ _d\"></span>finanziarie <span class=\"_ _2\"></span>sono <span class=\"_ _d\"></span>rilevati <span class=\"_ _2\"></span>al <span class=\"_ _d\"></span>momento <span class=\"_ _d\"></span>del <span class=\"_ _d\"></span>perfezionamento<span class=\"_ _df\"> </span></span><span class=\"ff4\"> </span>della vendita, ovvero quando \u00e8 ademp<span class=\"_ _1\"></span>iuta l\u2019obbligazione di fare nei confronti del cliente.<span class=\"_ _df\"> </span>Costi<span class=\"_ _1\"></span> sos<span class=\"_ _1\"></span>tenut<span class=\"_ _1\"></span>i per <span class=\"_ _f\"></span>l\u2019ottenim<span class=\"_ _1\"></span>ento<span class=\"_ _1\"></span> del <span class=\"_ _1\"></span>contr<span class=\"_ _1\"></span>atto<span class=\"ff4\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-851": {
   "value": "Ricono<span class=\"_ _1\"></span>sci<span class=\"_ _1\"></span>mento<span class=\"_ _1\"></span> dei <span class=\"_ _1\"></span>ricav<span class=\"_ _1\"></span>i e d<span class=\"_ _1\"></span>ei c<span class=\"_ _1\"></span>osti<span class=\"_ _df\"> </span> Il Gruppo <span class=\"_ _1\"></span>rileva i <span class=\"_ _1\"></span>ricavi per un <span class=\"_ _f\"></span>im<span class=\"_ _2\"></span>porto che rifle<span class=\"_ _1\"></span>tte il corrispe<span class=\"_ _1\"></span>ttivo <span class=\"ff5\">a cui l\u2019entit\u00e0 ritiene<span class=\"_ _1\"></span> di ave<span class=\"_ _1\"></span>re diritto in camb<span class=\"_ _1\"></span>io<span class=\"_ _df\"> </span></span><span class=\"ff5\"> </span>del trasferimento di merci o servizi al cliente.<span class=\"_ _df\"> </span> L\u2019IFRS <span class=\"_ _d\"></span>15 <span class=\"_ _9\"> </span><span class=\"ff4\">-Ricavi <span class=\"_ _d\"></span>da <span class=\"_ _0\"></span>contratti <span class=\"_ _0\"></span>con <span class=\"_ _d\"></span>clienti, <span class=\"_ _0\"></span>ha <span class=\"_ _0\"></span>sostituito <span class=\"_ _0\"></span>lo <span class=\"_ _0\"></span>IAS <span class=\"_ _d\"></span>18 <span class=\"_ _0\"></span></span>\u2013<span class=\"ff4\"> <span class=\"_ _9\"> </span>Ricavi, <span class=\"_ _d\"></span>lo <span class=\"_ _0\"></span>IAS <span class=\"_ _0\"></span>11 <span class=\"_ _d\"></span></span>\u2013<span class=\"_ _2\"></span><span class=\"ff4\"> <span class=\"_ _d\"></span>Lavori <span class=\"_ _0\"></span>su <span class=\"_ _0\"></span>ordinazione,<span class=\"_ _df\"> </span></span><span class=\"ff4\"> </span>nonch\u00e9 le interpretazioni Sic 31, IFRIC 13 e IFRIC 15.<span class=\"_ _df\"> </span> Il principio <span class=\"_ _1\"></span>stabilisce un <span class=\"_ _f\"></span>mo<span class=\"_ _2\"></span>dello d<span class=\"_ _1\"></span>i riconoscimento de<span class=\"_ _1\"></span>i ricavi, <span class=\"_ _1\"></span>si applica a tutti i<span class=\"_ _f\"></span> contratti con clie<span class=\"_ _1\"></span>nti, eccezion<span class=\"_ _df\"> </span> fatta <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>i contratti <span class=\"_ _2\"></span>che rientrano <span class=\"_ _2\"></span>nell\u2019ambito <span class=\"_ _2\"></span>di applicazione <span class=\"_ _2\"></span>di I<span class=\"_ _2\"></span>FRS 4<span class=\"_ _2\"></span>, IFRS <span class=\"_ _2\"></span>9, IFRS <span class=\"_ _2\"></span>16, <span class=\"_ _2\"></span>quindi p<span class=\"_ _2\"></span>er <span class=\"_ _2\"></span>i contr<span class=\"_ _2\"></span>atti<span class=\"_ _df\"> </span><span class=\"_ _f\"></span> assicurativi e<span class=\"_ _1\"></span> pe<span class=\"_ _1\"></span>r gli <span class=\"_ _f\"></span>strumenti fi<span class=\"_ _1\"></span>nanziari e<span class=\"_ _1\"></span> i <span class=\"_ _f\"></span>contratti di <span class=\"_ _f\"></span>leasing. Il<span class=\"_ _1\"></span> princ<span class=\"_ _1\"></span>ipio introduce<span class=\"_ _1\"></span> un <span class=\"_ _f\"></span>modello in <span class=\"_ _f\"></span>cinque <span class=\"_ _f\"></span>fas<span class=\"_ _2\"></span>i<span class=\"_ _df\"> </span> che si applica nella fase di<span class=\"_ _1\"></span> contabilizzazione dei ricavi derivanti da contratti con i clienti: <span class=\"_ _2\"></span> <span class=\"_ _2c\"> </span><span class=\"ff5\">l\u2019identificazione del contratto con il cliente;<span class=\"_ _df\"> </span></span><span class=\"ff5\"> </span><span class=\"_ _2c\"> </span><span class=\"ff5 ls1a\">l\u2019i</span><span class=\"ff4\">dentificazione delle performance obligation del contratto;<span class=\"_ _df\"> </span></span><span class=\"ff4\"> </span><span class=\"_ _2c\"> </span><span class=\"ff4\">la determinazione del prezzo;<span class=\"_ _df\"> </span></span><span class=\"ff4\"> </span><span class=\"_ _2c\"> </span><span class=\"ff5\">l\u2019allocazione del prezzo alle performance obligation del contratto;<span class=\"_ _df\"> </span></span><span class=\"ff5\"> </span><span class=\"_ _2c\"> </span><span class=\"ff5\">i criteri di iscrizione del ricavo quando l\u2019entit\u00e0 soddisfa ciascu<span class=\"_ _1\"></span>na performance obligation.<span class=\"_ _df\"> </span></span>Il <span class=\"ff5\">principio <span class=\"_ _1\"></span>comporta l\u2019esercizio d<span class=\"_ _1\"></span>i un g<span class=\"_ _1\"></span>iudizio da parte d<span class=\"_ _1\"></span>elle entit\u00e0, ch<span class=\"_ _1\"></span>e prenda <span class=\"_ _1\"></span>in considerazione tutti i <span class=\"_ _1\"></span>fatti e<span class=\"_ _df\"> </span></span><span class=\"ff5\"><span class=\"_ _f\"></span> </span>le <span class=\"_ _2\"></span>circost<span class=\"_ _2\"></span>anze <span class=\"_ _2\"></span>rilevanti <span class=\"_ _d\"></span>nell\u2019applicazione<span class=\"_ _f\"></span> <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>ogni <span class=\"_ _d\"></span>fase <span class=\"_ _2\"></span>del <span class=\"_ _d\"></span>modello <span class=\"_ _d\"></span>ai <span class=\"_ _2\"></span>contratti <span class=\"_ _d\"></span>con <span class=\"_ _d\"></span>i <span class=\"_ _2\"></span>propri <span class=\"_ _2\"></span>clienti. <span class=\"_ _d\"></span>Il <span class=\"_ _d\"></span>principio<span class=\"_ _df\"> </span>specifica <span class=\"_ _2\"></span>inoltre <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>conta<span class=\"ff5\">bilizzazione dei <span class=\"_ _2\"></span>costi <span class=\"_ _2\"></span>incrementali <span class=\"_ _2\"></span>legati <span class=\"_ _2\"></span>all\u2019ottenimento <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>un <span class=\"_ _2\"></span>contratto e <span class=\"_ _2\"></span>dei <span class=\"_ _2\"></span>costi<span class=\"_ _df\"> </span></span><span class=\"ff5\"> </span>direttamente <span class=\"_ _17\"> </span>legati <span class=\"_ _17\"> </span>al <span class=\"_ _17\"> </span>completamento <span class=\"_ _17\"> </span>di <span class=\"_ _17\"> </span>un <span class=\"_ _17\"> </span>contratto. <span class=\"_ _17\"> </span>Il <span class=\"_ _17\"> </span>Gruppo <span class=\"_ _4\"> </span>esercita <span class=\"_ _17\"> </span>un <span class=\"_ _17\"> </span>giudizio <span class=\"_ _17\"> </span>che <span class=\"_ _14\"> </span>prende <span class=\"_ _4\"> </span>in<span class=\"_ _df\"> </span>considerazione <span class=\"_ _2\"></span>tutti <span class=\"_ _d\"></span>i <span class=\"_ _d\"></span>fatti <span class=\"_ _d\"></span>e <span class=\"_ _d\"></span>le <span class=\"_ _d\"></span>circostanze <span class=\"_ _d\"></span>rilevanti <span class=\"_ _2\"></span>nell\u2019applicazi<span class=\"_ _2\"></span><span class=\"ff4\">one <span class=\"_ _d\"></span>ai <span class=\"_ _d\"></span>contratti <span class=\"_ _d\"></span>con <span class=\"_ _d\"></span>i <span class=\"_ _d\"></span>propri <span class=\"_ _2\"></span>clienti <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>ogni<span class=\"_ _df\"> </span></span><span class=\"ff4\"> </span>fase del modello a cinque fasi introdotto dall\u2019<span class=\"_ _1\"></span>IFRS 15.<span class=\"_ _df\"> </span>I ricavi possono essere riconosciuti:<span class=\"_ _df\"> </span><span class=\"_ _2c\"> </span><span class=\"ff5\">in <span class=\"_ _2\"></span>un <span class=\"_ _d\"></span>momento <span class=\"_ _2\"></span>preciso<span class=\"_ _2\"></span>, <span class=\"_ _2\"></span>quando <span class=\"_ _d\"></span>l\u2019entit\u00e0 <span class=\"_ _2\"></span>adempie <span class=\"_ _2\"></span>l\u2019obbligazione <span class=\"_ _d\"></span>di <span class=\"_ _2\"></span>fare <span class=\"_ _d\"></span>trasferendo <span class=\"_ _2\"></span>al <span class=\"_ _d\"></span>cliente <span class=\"_ _d\"></span>il <span class=\"_ _2\"></span>bene <span class=\"_ _2\"></span>o<span class=\"_ _df\"> </span></span>servizio promesso, o<span class=\"_ _df\"> </span> <span class=\"_ _2c\"> </span><span class=\"ff5\">nel <span class=\"_ _d\"></span>corso <span class=\"_ _2\"></span>del <span class=\"_ _d\"></span>tempo, <span class=\"_ _d\"></span>mano <span class=\"_ _d\"></span>a <span class=\"_ _2\"></span>mano <span class=\"_ _d\"></span>che <span class=\"_ _2\"></span>l\u2019entit\u00e0 <span class=\"_ _d\"></span>adempie <span class=\"_ _2\"></span>l\u2019obbligazione <span class=\"_ _d\"></span>di <span class=\"_ _2\"></span>fare <span class=\"_ _d\"></span>trasferendo <span class=\"_ _2\"></span>al <span class=\"_ _d\"></span>cliente <span class=\"_ _d\"></span>il<span class=\"_ _df\"> </span></span><span class=\"ff5\"> </span>bene o servizio promesso.<span class=\"_ _df\"> </span>Il bene \u00e8 trasferito quando, o nel corso del pe<span class=\"_ _1\"></span>riodo in cui, il cliente ne acquisisce il controllo.<span class=\"_ _df\"> </span><span class=\"_ _2\"></span> In particolare:<span class=\"_ _df\"> </span> <span class=\"_ _2c\"> </span><span class=\"ff4 ls39\">per<span class=\"ls0\"> <span class=\"_ _d\"></span>gli s<span class=\"_ _2\"></span>trumenti <span class=\"_ _2\"></span>finanziari class<span class=\"_ _2\"></span>ificati HTC <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>HTCS, <span class=\"_ _2\"></span>gli <span class=\"_ _2\"></span>interessi <span class=\"_ _2\"></span>corr<span class=\"_ _2\"></span>ispettivi sono <span class=\"_ _2\"></span>riconosciuti <span class=\"_ _2\"></span>pro <span class=\"_ _2\"></span>rata<span class=\"_ _df\"> </span></span></span><span class=\"ff4 ls39\"><span class=\"ls0\"> </span></span>temporis sulla <span class=\"_ _2\"></span>base <span class=\"_ _2\"></span>del tasso <span class=\"_ _2\"></span>di interesse <span class=\"_ _2\"></span>contrattuale o <span class=\"_ _2\"></span>di quello <span class=\"_ _2\"></span>effettivo nel <span class=\"_ _2\"></span>caso di <span class=\"_ _2\"></span>applicazione del<span class=\"_ _df\"> </span> costo ammortizzato. La <span class=\"_ _1\"></span>voce interessi attivi (ovv<span class=\"_ _1\"></span>ero interessi passivi) <span class=\"_ _1\"></span>comprende anche i di<span class=\"_ _1\"></span>fferenziali o<span class=\"_ _df\"> </span>i <span class=\"_ _f\"></span>margini, <span class=\"_ _f\"></span>positivi <span class=\"_ _f\"></span>(o <span class=\"_ _f\"></span>negativi), <span class=\"_ _1\"></span>maturati <span class=\"_ _f\"></span>s<span class=\"_ _2\"></span>ino <span class=\"_ _f\"></span>alla <span class=\"_ _f\"></span>data <span class=\"_ _f\"></span>di <span class=\"_ _f\"></span>riferimento <span class=\"_ _f\"></span>del <span class=\"_ _f\"></span>bilancio, <span class=\"_ _f\"></span>relati<span class=\"_ _2\"></span>vi <span class=\"_ _11\"></span>a contratti <span class=\"_ _f\"></span>derivati<span class=\"_ _df\"> </span> finanziari:<span class=\"_ _df\"> </span>o<span class=\"_ _c\"> </span><span class=\"ff4\">di copertura di attivit\u00e0 e passivit\u00e0 che generano <span class=\"_ _f\"></span>interessi;<span class=\"_ _df\"> </span></span>o<span class=\"_ _c\"> </span><span class=\"ff4 ls13\">cla<span class=\"ls0\">ssificati <span class=\"_ _2\"></span>nello <span class=\"_ _2\"></span>Stato <span class=\"_ _2\"></span>Patrimoniale <span class=\"_ _2\"></span>nel <span class=\"_ _2\"></span>portafoglio <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>negoziazi<span class=\"_ _1\"></span>one, <span class=\"_ _2\"></span>ma <span class=\"_ _2\"></span>gestionalmente <span class=\"_ _2\"></span>collegati ad<span class=\"_ _df\"> </span></span></span><span class=\"ff4 ls13\"><span class=\"ls0\"> </span></span>attivit\u00e0 e/o passivit\u00e0 finanziarie valu<span class=\"_ _1\"></span>tate al fair value (fair value option);<span class=\"_ _df\"> </span>o<span class=\"_ _c\"> </span><span class=\"ff4\">connessi <span class=\"_ _0\"></span>gestionalmente <span class=\"_ _d\"></span>con <span class=\"_ _d\"></span>at<span class=\"_ _2\"></span>tivit\u00e0 <span class=\"_ _d\"></span>e <span class=\"_ _0\"></span>passivit\u00e0 <span class=\"_ _d\"></span>classificate <span class=\"_ _d\"></span>nel <span class=\"_ _d\"></span>port<span class=\"_ _2\"></span>afoglio <span class=\"_ _0\"></span>di <span class=\"_ _d\"></span>negoziazione <span class=\"_ _d\"></span>e<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>che<span class=\"_ _df\"> </span></span><span class=\"ff4\"> </span>prevedono la liquidazione di d<span class=\"_ _1\"></span>ifferenziali o di margini a pi\u00f9<span class=\"_ _2\"></span> scad<span class=\"_ _1\"></span>enze;<span class=\"_ _df\"> </span><span class=\"_ _2c\"> </span><span class=\"ff4\">gli interessi <span class=\"_ _2\"></span>di mora, eventualmente previsti in <span class=\"_ _2\"></span>via contrattuale, sono contabilizzati a <span class=\"_ _2\"></span>Conto Economico<span class=\"_ _df\"> </span></span><span class=\"ff4\"> </span>solo al momento del loro effettivo incasso;<span class=\"_ _df\"> </span><span class=\"_ _2c\"> </span><span class=\"ff4\">i <span class=\"_ _4\"> </span>dividendi <span class=\"_ _4\"> </span>s<span class=\"ff5\">ono <span class=\"_ _4\"> </span>rilevati <span class=\"_ _22\"> </span>a <span class=\"_ _4\"> </span>Conto <span class=\"_ _4\"> </span>Economico <span class=\"_ _4\"> </span>nel <span class=\"_ _22\"> </span>cor<span class=\"_ _2\"></span>so <span class=\"_ _22\"> </span>dell\u2019esercizio <span class=\"_ _4\"> </span>in <span class=\"_ _4\"> </span>cui <span class=\"_ _22\"> </span>ne <span class=\"_ _4\"> </span>viene <span class=\"_ _4\"> </span>deliberata <span class=\"_ _4\"> </span>la<span class=\"_ _df\"> </span></span></span><span class=\"ff4\"><span class=\"ff5\"> </span></span>distribuzione;<span class=\"_ _df\"> </span><span class=\"_ _2c\"> </span><span class=\"ff5\">le <span class=\"_ _d\"></span>comm<span class=\"_ _2\"></span>issioni <span class=\"_ _d\"></span>per <span class=\"_ _d\"></span>ricavi <span class=\"_ _d\"></span>da <span class=\"_ _0\"></span>servizi<span class=\"_ _1\"></span> <span class=\"_ _d\"></span>s<span class=\"_ _2\"></span>ono <span class=\"_ _d\"></span>iscritte, <span class=\"_ _d\"></span>sulla <span class=\"_ _d\"></span>base <span class=\"_ _0\"></span>dell\u2019esistenza <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>accordi <span class=\"_ _0\"></span>contrattuali, <span class=\"_ _d\"></span>nel<span class=\"_ _df\"> </span></span><span class=\"ff5\"> </span>periodo in cui i servizi stessi sono stati prest<span class=\"_ _2\"></span>ati. Le commissioni <span class=\"_ _1\"></span>considerate nel costo ammortizzato ai<span class=\"_ _df\"> </span> fini della determinazione del tasso di interesse effettivo, sono rilev<span class=\"_ _1\"></span>ate tra gli interessi;<span class=\"_ _df\"> </span><span class=\"_ _2c\"> </span><span class=\"ff4\">gli <span class=\"_ _17\"> </span>utili <span class=\"_ _14\"> </span>e <span class=\"_ _17\"> </span>perdite <span class=\"_ _14\"> </span>derivanti <span class=\"_ _17\"> </span>dalla <span class=\"_ _17\"> </span>negoziazione <span class=\"_ _14\"> </span>di <span class=\"_ _17\"> </span>strumenti <span class=\"_ _14\"> </span>finanziari <span class=\"_ _4\"> </span>s<span class=\"_ _2\"></span>ono <span class=\"_ _17\"> </span>riconosciuti <span class=\"_ _17\"> </span>al <span class=\"_ _17\"> </span>Conto<span class=\"_ _df\"> </span></span>Economico <span class=\"_ _f\"></span>al momento <span class=\"_ _f\"></span>del p<span class=\"_ _1\"></span>erfezionamento <span class=\"_ _1\"></span>della v<span class=\"_ _1\"></span>endita, <span class=\"_ _f\"></span>s<span class=\"_ _2\"></span>ulla <span class=\"_ _f\"></span>base d<span class=\"_ _1\"></span>ella <span class=\"_ _f\"></span>d<span class=\"_ _2\"></span>ifferenza <span class=\"_ _f\"></span>tra il <span class=\"_ _f\"></span>corrispettivo<span class=\"_ _df\"> </span>pagato o incassato ed il valore di iscrizione d<span class=\"_ _1\"></span>egli strumenti stessi;<span class=\"_ _df\"> </span><span class=\"_ _2c\"> </span><span class=\"ff4\">i <span class=\"_ _d\"></span>ricavi <span class=\"_ _2\"></span>derivanti <span class=\"_ _d\"></span>dalla <span class=\"_ _2\"></span>vendita <span class=\"_ _d\"></span>di <span class=\"_ _2\"></span>at<span class=\"_ _2\"></span>tivit\u00e0 <span class=\"_ _2\"></span>non <span class=\"_ _d\"></span>finanziarie <span class=\"_ _2\"></span>sono <span class=\"_ _d\"></span>rilevati <span class=\"_ _2\"></span>al <span class=\"_ _d\"></span>momento <span class=\"_ _d\"></span>del <span class=\"_ _d\"></span>perfezionamento<span class=\"_ _df\"> </span></span><span class=\"ff4\"> </span>della vendita, ovvero quando \u00e8 ademp<span class=\"_ _1\"></span>iuta l\u2019obbligazione di fare nei confronti del cliente.<span class=\"_ _df\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForRegulatoryDeferralAccountsExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-834": {
   "value": "Ricono<span class=\"_ _1\"></span>sci<span class=\"_ _1\"></span>mento<span class=\"_ _1\"></span> dei <span class=\"_ _1\"></span>ricav<span class=\"_ _1\"></span>i e d<span class=\"_ _1\"></span>ei c<span class=\"_ _1\"></span>osti<span class=\"_ _df\"> </span> Il Gruppo <span class=\"_ _1\"></span>rileva i <span class=\"_ _1\"></span>ricavi per un <span class=\"_ _f\"></span>im<span class=\"_ _2\"></span>porto che rifle<span class=\"_ _1\"></span>tte il corrispe<span class=\"_ _1\"></span>ttivo <span class=\"ff5\">a cui l\u2019entit\u00e0 ritiene<span class=\"_ _1\"></span> di ave<span class=\"_ _1\"></span>re diritto in camb<span class=\"_ _1\"></span>io<span class=\"_ _df\"> </span></span><span class=\"ff5\"> </span>del trasferimento di merci o servizi al cliente.<span class=\"_ _df\"> </span> L\u2019IFRS <span class=\"_ _d\"></span>15 <span class=\"_ _9\"> </span><span class=\"ff4\">-Ricavi <span class=\"_ _d\"></span>da <span class=\"_ _0\"></span>contratti <span class=\"_ _0\"></span>con <span class=\"_ _d\"></span>clienti, <span class=\"_ _0\"></span>ha <span class=\"_ _0\"></span>sostituito <span class=\"_ _0\"></span>lo <span class=\"_ _0\"></span>IAS <span class=\"_ _d\"></span>18 <span class=\"_ _0\"></span></span>\u2013<span class=\"ff4\"> <span class=\"_ _9\"> </span>Ricavi, <span class=\"_ _d\"></span>lo <span class=\"_ _0\"></span>IAS <span class=\"_ _0\"></span>11 <span class=\"_ _d\"></span></span>\u2013<span class=\"_ _2\"></span><span class=\"ff4\"> <span class=\"_ _d\"></span>Lavori <span class=\"_ _0\"></span>su <span class=\"_ _0\"></span>ordinazione,<span class=\"_ _df\"> </span></span><span class=\"ff4\"> </span>nonch\u00e9 le interpretazioni Sic 31, IFRIC 13 e IFRIC 15.<span class=\"_ _df\"> </span> Il principio <span class=\"_ _1\"></span>stabilisce un <span class=\"_ _f\"></span>mo<span class=\"_ _2\"></span>dello d<span class=\"_ _1\"></span>i riconoscimento de<span class=\"_ _1\"></span>i ricavi, <span class=\"_ _1\"></span>si applica a tutti i<span class=\"_ _f\"></span> contratti con clie<span class=\"_ _1\"></span>nti, eccezion<span class=\"_ _df\"> </span> fatta <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>i contratti <span class=\"_ _2\"></span>che rientrano <span class=\"_ _2\"></span>nell\u2019ambito <span class=\"_ _2\"></span>di applicazione <span class=\"_ _2\"></span>di I<span class=\"_ _2\"></span>FRS 4<span class=\"_ _2\"></span>, IFRS <span class=\"_ _2\"></span>9, IFRS <span class=\"_ _2\"></span>16, <span class=\"_ _2\"></span>quindi p<span class=\"_ _2\"></span>er <span class=\"_ _2\"></span>i contr<span class=\"_ _2\"></span>atti<span class=\"_ _df\"> </span><span class=\"_ _f\"></span> assicurativi e<span class=\"_ _1\"></span> pe<span class=\"_ _1\"></span>r gli <span class=\"_ _f\"></span>strumenti fi<span class=\"_ _1\"></span>nanziari e<span class=\"_ _1\"></span> i <span class=\"_ _f\"></span>contratti di <span class=\"_ _f\"></span>leasing. Il<span class=\"_ _1\"></span> princ<span class=\"_ _1\"></span>ipio introduce<span class=\"_ _1\"></span> un <span class=\"_ _f\"></span>modello in <span class=\"_ _f\"></span>cinque <span class=\"_ _f\"></span>fas<span class=\"_ _2\"></span>i<span class=\"_ _df\"> </span> che si applica nella fase di<span class=\"_ _1\"></span> contabilizzazione dei ricavi derivanti da contratti con i clienti: <span class=\"_ _2\"></span> <span class=\"_ _2c\"> </span><span class=\"ff5\">l\u2019identificazione del contratto con il cliente;<span class=\"_ _df\"> </span></span><span class=\"ff5\"> </span><span class=\"_ _2c\"> </span><span class=\"ff5 ls1a\">l\u2019i</span><span class=\"ff4\">dentificazione delle performance obligation del contratto;<span class=\"_ _df\"> </span></span><span class=\"ff4\"> </span><span class=\"_ _2c\"> </span><span class=\"ff4\">la determinazione del prezzo;<span class=\"_ _df\"> </span></span><span class=\"ff4\"> </span><span class=\"_ _2c\"> </span><span class=\"ff5\">l\u2019allocazione del prezzo alle performance obligation del contratto;<span class=\"_ _df\"> </span></span><span class=\"ff5\"> </span><span class=\"_ _2c\"> </span><span class=\"ff5\">i criteri di iscrizione del ricavo quando l\u2019entit\u00e0 soddisfa ciascu<span class=\"_ _1\"></span>na performance obligation.<span class=\"_ _df\"> </span></span>Il <span class=\"ff5\">principio <span class=\"_ _1\"></span>comporta l\u2019esercizio d<span class=\"_ _1\"></span>i un g<span class=\"_ _1\"></span>iudizio da parte d<span class=\"_ _1\"></span>elle entit\u00e0, ch<span class=\"_ _1\"></span>e prenda <span class=\"_ _1\"></span>in considerazione tutti i <span class=\"_ _1\"></span>fatti e<span class=\"_ _df\"> </span></span><span class=\"ff5\"><span class=\"_ _f\"></span> </span>le <span class=\"_ _2\"></span>circost<span class=\"_ _2\"></span>anze <span class=\"_ _2\"></span>rilevanti <span class=\"_ _d\"></span>nell\u2019applicazione<span class=\"_ _f\"></span> <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>ogni <span class=\"_ _d\"></span>fase <span class=\"_ _2\"></span>del <span class=\"_ _d\"></span>modello <span class=\"_ _d\"></span>ai <span class=\"_ _2\"></span>contratti <span class=\"_ _d\"></span>con <span class=\"_ _d\"></span>i <span class=\"_ _2\"></span>propri <span class=\"_ _2\"></span>clienti. <span class=\"_ _d\"></span>Il <span class=\"_ _d\"></span>principio<span class=\"_ _df\"> </span>specifica <span class=\"_ _2\"></span>inoltre <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>conta<span class=\"ff5\">bilizzazione dei <span class=\"_ _2\"></span>costi <span class=\"_ _2\"></span>incrementali <span class=\"_ _2\"></span>legati <span class=\"_ _2\"></span>all\u2019ottenimento <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>un <span class=\"_ _2\"></span>contratto e <span class=\"_ _2\"></span>dei <span class=\"_ _2\"></span>costi<span class=\"_ _df\"> </span></span><span class=\"ff5\"> </span>direttamente <span class=\"_ _17\"> </span>legati <span class=\"_ _17\"> </span>al <span class=\"_ _17\"> </span>completamento <span class=\"_ _17\"> </span>di <span class=\"_ _17\"> </span>un <span class=\"_ _17\"> </span>contratto. <span class=\"_ _17\"> </span>Il <span class=\"_ _17\"> </span>Gruppo <span class=\"_ _4\"> </span>esercita <span class=\"_ _17\"> </span>un <span class=\"_ _17\"> </span>giudizio <span class=\"_ _17\"> </span>che <span class=\"_ _14\"> </span>prende <span class=\"_ _4\"> </span>in<span class=\"_ _df\"> </span>considerazione <span class=\"_ _2\"></span>tutti <span class=\"_ _d\"></span>i <span class=\"_ _d\"></span>fatti <span class=\"_ _d\"></span>e <span class=\"_ _d\"></span>le <span class=\"_ _d\"></span>circostanze <span class=\"_ _d\"></span>rilevanti <span class=\"_ _2\"></span>nell\u2019applicazi<span class=\"_ _2\"></span><span class=\"ff4\">one <span class=\"_ _d\"></span>ai <span class=\"_ _d\"></span>contratti <span class=\"_ _d\"></span>con <span class=\"_ _d\"></span>i <span class=\"_ _d\"></span>propri <span class=\"_ _2\"></span>clienti <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>ogni<span class=\"_ _df\"> </span></span><span class=\"ff4\"> </span>fase del modello a cinque fasi introdotto dall\u2019<span class=\"_ _1\"></span>IFRS 15.<span class=\"_ _df\"> </span>I ricavi possono essere riconosciuti:<span class=\"_ _df\"> </span><span class=\"_ _2c\"> </span><span class=\"ff5\">in <span class=\"_ _2\"></span>un <span class=\"_ _d\"></span>momento <span class=\"_ _2\"></span>preciso<span class=\"_ _2\"></span>, <span class=\"_ _2\"></span>quando <span class=\"_ _d\"></span>l\u2019entit\u00e0 <span class=\"_ _2\"></span>adempie <span class=\"_ _2\"></span>l\u2019obbligazione <span class=\"_ _d\"></span>di <span class=\"_ _2\"></span>fare <span class=\"_ _d\"></span>trasferendo <span class=\"_ _2\"></span>al <span class=\"_ _d\"></span>cliente <span class=\"_ _d\"></span>il <span class=\"_ _2\"></span>bene <span class=\"_ _2\"></span>o<span class=\"_ _df\"> </span></span>servizio promesso, o<span class=\"_ _df\"> </span> <span class=\"_ _2c\"> </span><span class=\"ff5\">nel <span class=\"_ _d\"></span>corso <span class=\"_ _2\"></span>del <span class=\"_ _d\"></span>tempo, <span class=\"_ _d\"></span>mano <span class=\"_ _d\"></span>a <span class=\"_ _2\"></span>mano <span class=\"_ _d\"></span>che <span class=\"_ _2\"></span>l\u2019entit\u00e0 <span class=\"_ _d\"></span>adempie <span class=\"_ _2\"></span>l\u2019obbligazione <span class=\"_ _d\"></span>di <span class=\"_ _2\"></span>fare <span class=\"_ _d\"></span>trasferendo <span class=\"_ _2\"></span>al <span class=\"_ _d\"></span>cliente <span class=\"_ _d\"></span>il<span class=\"_ _df\"> </span></span><span class=\"ff5\"> </span>bene o servizio promesso.<span class=\"_ _df\"> </span>Il bene \u00e8 trasferito quando, o nel corso del pe<span class=\"_ _1\"></span>riodo in cui, il cliente ne acquisisce il controllo.<span class=\"_ _df\"> </span><span class=\"_ _2\"></span> In particolare:<span class=\"_ _df\"> </span> <span class=\"_ _2c\"> </span><span class=\"ff4 ls39\">per<span class=\"ls0\"> <span class=\"_ _d\"></span>gli s<span class=\"_ _2\"></span>trumenti <span class=\"_ _2\"></span>finanziari class<span class=\"_ _2\"></span>ificati HTC <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>HTCS, <span class=\"_ _2\"></span>gli <span class=\"_ _2\"></span>interessi <span class=\"_ _2\"></span>corr<span class=\"_ _2\"></span>ispettivi sono <span class=\"_ _2\"></span>riconosciuti <span class=\"_ _2\"></span>pro <span class=\"_ _2\"></span>rata<span class=\"_ _df\"> </span></span></span><span class=\"ff4 ls39\"><span class=\"ls0\"> </span></span>temporis sulla <span class=\"_ _2\"></span>base <span class=\"_ _2\"></span>del tasso <span class=\"_ _2\"></span>di interesse <span class=\"_ _2\"></span>contrattuale o <span class=\"_ _2\"></span>di quello <span class=\"_ _2\"></span>effettivo nel <span class=\"_ _2\"></span>caso di <span class=\"_ _2\"></span>applicazione del<span class=\"_ _df\"> </span> costo ammortizzato. La <span class=\"_ _1\"></span>voce interessi attivi (ovv<span class=\"_ _1\"></span>ero interessi passivi) <span class=\"_ _1\"></span>comprende anche i di<span class=\"_ _1\"></span>fferenziali o<span class=\"_ _df\"> </span>i <span class=\"_ _f\"></span>margini, <span class=\"_ _f\"></span>positivi <span class=\"_ _f\"></span>(o <span class=\"_ _f\"></span>negativi), <span class=\"_ _1\"></span>maturati <span class=\"_ _f\"></span>s<span class=\"_ _2\"></span>ino <span class=\"_ _f\"></span>alla <span class=\"_ _f\"></span>data <span class=\"_ _f\"></span>di <span class=\"_ _f\"></span>riferimento <span class=\"_ _f\"></span>del <span class=\"_ _f\"></span>bilancio, <span class=\"_ _f\"></span>relati<span class=\"_ _2\"></span>vi <span class=\"_ _11\"></span>a contratti <span class=\"_ _f\"></span>derivati<span class=\"_ _df\"> </span> finanziari:<span class=\"_ _df\"> </span>o<span class=\"_ _c\"> </span><span class=\"ff4\">di copertura di attivit\u00e0 e passivit\u00e0 che generano <span class=\"_ _f\"></span>interessi;<span class=\"_ _df\"> </span></span>o<span class=\"_ _c\"> </span><span class=\"ff4 ls13\">cla<span class=\"ls0\">ssificati <span class=\"_ _2\"></span>nello <span class=\"_ _2\"></span>Stato <span class=\"_ _2\"></span>Patrimoniale <span class=\"_ _2\"></span>nel <span class=\"_ _2\"></span>portafoglio <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>negoziazi<span class=\"_ _1\"></span>one, <span class=\"_ _2\"></span>ma <span class=\"_ _2\"></span>gestionalmente <span class=\"_ _2\"></span>collegati ad<span class=\"_ _df\"> </span></span></span><span class=\"ff4 ls13\"><span class=\"ls0\"> </span></span>attivit\u00e0 e/o passivit\u00e0 finanziarie valu<span class=\"_ _1\"></span>tate al fair value (fair value option);<span class=\"_ _df\"> </span>o<span class=\"_ _c\"> </span><span class=\"ff4\">connessi <span class=\"_ _0\"></span>gestionalmente <span class=\"_ _d\"></span>con <span class=\"_ _d\"></span>at<span class=\"_ _2\"></span>tivit\u00e0 <span class=\"_ _d\"></span>e <span class=\"_ _0\"></span>passivit\u00e0 <span class=\"_ _d\"></span>classificate <span class=\"_ _d\"></span>nel <span class=\"_ _d\"></span>port<span class=\"_ _2\"></span>afoglio <span class=\"_ _0\"></span>di <span class=\"_ _d\"></span>negoziazione <span class=\"_ _d\"></span>e<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>che<span class=\"_ _df\"> </span></span><span class=\"ff4\"> </span>prevedono la liquidazione di d<span class=\"_ _1\"></span>ifferenziali o di margini a pi\u00f9<span class=\"_ _2\"></span> scad<span class=\"_ _1\"></span>enze;<span class=\"_ _df\"> </span><span class=\"_ _2c\"> </span><span class=\"ff4\">gli interessi <span class=\"_ _2\"></span>di mora, eventualmente previsti in <span class=\"_ _2\"></span>via contrattuale, sono contabilizzati a <span class=\"_ _2\"></span>Conto Economico<span class=\"_ _df\"> </span></span><span class=\"ff4\"> </span>solo al momento del loro effettivo incasso;<span class=\"_ _df\"> </span><span class=\"_ _2c\"> </span><span class=\"ff4\">i <span class=\"_ _4\"> </span>dividendi <span class=\"_ _4\"> </span>s<span class=\"ff5\">ono <span class=\"_ _4\"> </span>rilevati <span class=\"_ _22\"> </span>a <span class=\"_ _4\"> </span>Conto <span class=\"_ _4\"> </span>Economico <span class=\"_ _4\"> </span>nel <span class=\"_ _22\"> </span>cor<span class=\"_ _2\"></span>so <span class=\"_ _22\"> </span>dell\u2019esercizio <span class=\"_ _4\"> </span>in <span class=\"_ _4\"> </span>cui <span class=\"_ _22\"> </span>ne <span class=\"_ _4\"> </span>viene <span class=\"_ _4\"> </span>deliberata <span class=\"_ _4\"> </span>la<span class=\"_ _df\"> </span></span></span><span class=\"ff4\"><span class=\"ff5\"> </span></span>distribuzione;<span class=\"_ _df\"> </span><span class=\"_ _2c\"> </span><span class=\"ff5\">le <span class=\"_ _d\"></span>comm<span class=\"_ _2\"></span>issioni <span class=\"_ _d\"></span>per <span class=\"_ _d\"></span>ricavi <span class=\"_ _d\"></span>da <span class=\"_ _0\"></span>servizi<span class=\"_ _1\"></span> <span class=\"_ _d\"></span>s<span class=\"_ _2\"></span>ono <span class=\"_ _d\"></span>iscritte, <span class=\"_ _d\"></span>sulla <span class=\"_ _d\"></span>base <span class=\"_ _0\"></span>dell\u2019esistenza <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>accordi <span class=\"_ _0\"></span>contrattuali, <span class=\"_ _d\"></span>nel<span class=\"_ _df\"> </span></span><span class=\"ff5\"> </span>periodo in cui i servizi stessi sono stati prest<span class=\"_ _2\"></span>ati. Le commissioni <span class=\"_ _1\"></span>considerate nel costo ammortizzato ai<span class=\"_ _df\"> </span> fini della determinazione del tasso di interesse effettivo, sono rilev<span class=\"_ _1\"></span>ate tra gli interessi;<span class=\"_ _df\"> </span><span class=\"_ _2c\"> </span><span class=\"ff4\">gli <span class=\"_ _17\"> </span>utili <span class=\"_ _14\"> </span>e <span class=\"_ _17\"> </span>perdite <span class=\"_ _14\"> </span>derivanti <span class=\"_ _17\"> </span>dalla <span class=\"_ _17\"> </span>negoziazione <span class=\"_ _14\"> </span>di <span class=\"_ _17\"> </span>strumenti <span class=\"_ _14\"> </span>finanziari <span class=\"_ _4\"> </span>s<span class=\"_ _2\"></span>ono <span class=\"_ _17\"> </span>riconosciuti <span class=\"_ _17\"> </span>al <span class=\"_ _17\"> </span>Conto<span class=\"_ _df\"> </span></span>Economico <span class=\"_ _f\"></span>al momento <span class=\"_ _f\"></span>del p<span class=\"_ _1\"></span>erfezionamento <span class=\"_ _1\"></span>della v<span class=\"_ _1\"></span>endita, <span class=\"_ _f\"></span>s<span class=\"_ _2\"></span>ulla <span class=\"_ _f\"></span>base d<span class=\"_ _1\"></span>ella <span class=\"_ _f\"></span>d<span class=\"_ _2\"></span>ifferenza <span class=\"_ _f\"></span>tra il <span class=\"_ _f\"></span>corrispettivo<span class=\"_ _df\"> </span>pagato o incassato ed il valore di iscrizione d<span class=\"_ _1\"></span>egli strumenti stessi;<span class=\"_ _df\"> </span><span class=\"_ _2c\"> </span><span class=\"ff4\">i <span class=\"_ _d\"></span>ricavi <span class=\"_ _2\"></span>derivanti <span class=\"_ _d\"></span>dalla <span class=\"_ _2\"></span>vendita <span class=\"_ _d\"></span>di <span class=\"_ _2\"></span>at<span class=\"_ _2\"></span>tivit\u00e0 <span class=\"_ _2\"></span>non <span class=\"_ _d\"></span>finanziarie <span class=\"_ _2\"></span>sono <span class=\"_ _d\"></span>rilevati <span class=\"_ _2\"></span>al <span class=\"_ _d\"></span>momento <span class=\"_ _d\"></span>del <span class=\"_ _d\"></span>perfezionamento<span class=\"_ _df\"> </span></span><span class=\"ff4\"> </span>della vendita, ovvero quando \u00e8 ademp<span class=\"_ _1\"></span>iuta l\u2019obbligazione di fare nei confronti del cliente.<span class=\"_ _df\"> </span>Costi<span class=\"_ _1\"></span> sos<span class=\"_ _1\"></span>tenut<span class=\"_ _1\"></span>i per <span class=\"_ _f\"></span>l\u2019ottenim<span class=\"_ _1\"></span>ento<span class=\"_ _1\"></span> del <span class=\"_ _1\"></span>contr<span class=\"_ _1\"></span>atto<span class=\"ff4\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-805": {
   "value": "Ricono<span class=\"_ _1\"></span>sci<span class=\"_ _1\"></span>mento<span class=\"_ _1\"></span> dei <span class=\"_ _1\"></span>ricav<span class=\"_ _1\"></span>i e d<span class=\"_ _1\"></span>ei c<span class=\"_ _1\"></span>osti<span class=\"_ _df\"> </span> Il Gruppo <span class=\"_ _1\"></span>rileva i <span class=\"_ _1\"></span>ricavi per un <span class=\"_ _f\"></span>im<span class=\"_ _2\"></span>porto che rifle<span class=\"_ _1\"></span>tte il corrispe<span class=\"_ _1\"></span>ttivo <span class=\"ff5\">a cui l\u2019entit\u00e0 ritiene<span class=\"_ _1\"></span> di ave<span class=\"_ _1\"></span>re diritto in camb<span class=\"_ _1\"></span>io<span class=\"_ _df\"> </span></span><span class=\"ff5\"> </span>del trasferimento di merci o servizi al cliente.<span class=\"_ _df\"> </span> L\u2019IFRS <span class=\"_ _d\"></span>15 <span class=\"_ _9\"> </span><span class=\"ff4\">-Ricavi <span class=\"_ _d\"></span>da <span class=\"_ _0\"></span>contratti <span class=\"_ _0\"></span>con <span class=\"_ _d\"></span>clienti, <span class=\"_ _0\"></span>ha <span class=\"_ _0\"></span>sostituito <span class=\"_ _0\"></span>lo <span class=\"_ _0\"></span>IAS <span class=\"_ _d\"></span>18 <span class=\"_ _0\"></span></span>\u2013<span class=\"ff4\"> <span class=\"_ _9\"> </span>Ricavi, <span class=\"_ _d\"></span>lo <span class=\"_ _0\"></span>IAS <span class=\"_ _0\"></span>11 <span class=\"_ _d\"></span></span>\u2013<span class=\"_ _2\"></span><span class=\"ff4\"> <span class=\"_ _d\"></span>Lavori <span class=\"_ _0\"></span>su <span class=\"_ _0\"></span>ordinazione,<span class=\"_ _df\"> </span></span><span class=\"ff4\"> </span>nonch\u00e9 le interpretazioni Sic 31, IFRIC 13 e IFRIC 15.<span class=\"_ _df\"> </span> Il principio <span class=\"_ _1\"></span>stabilisce un <span class=\"_ _f\"></span>mo<span class=\"_ _2\"></span>dello d<span class=\"_ _1\"></span>i riconoscimento de<span class=\"_ _1\"></span>i ricavi, <span class=\"_ _1\"></span>si applica a tutti i<span class=\"_ _f\"></span> contratti con clie<span class=\"_ _1\"></span>nti, eccezion<span class=\"_ _df\"> </span> fatta <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>i contratti <span class=\"_ _2\"></span>che rientrano <span class=\"_ _2\"></span>nell\u2019ambito <span class=\"_ _2\"></span>di applicazione <span class=\"_ _2\"></span>di I<span class=\"_ _2\"></span>FRS 4<span class=\"_ _2\"></span>, IFRS <span class=\"_ _2\"></span>9, IFRS <span class=\"_ _2\"></span>16, <span class=\"_ _2\"></span>quindi p<span class=\"_ _2\"></span>er <span class=\"_ _2\"></span>i contr<span class=\"_ _2\"></span>atti<span class=\"_ _df\"> </span><span class=\"_ _f\"></span> assicurativi e<span class=\"_ _1\"></span> pe<span class=\"_ _1\"></span>r gli <span class=\"_ _f\"></span>strumenti fi<span class=\"_ _1\"></span>nanziari e<span class=\"_ _1\"></span> i <span class=\"_ _f\"></span>contratti di <span class=\"_ _f\"></span>leasing. Il<span class=\"_ _1\"></span> princ<span class=\"_ _1\"></span>ipio introduce<span class=\"_ _1\"></span> un <span class=\"_ _f\"></span>modello in <span class=\"_ _f\"></span>cinque <span class=\"_ _f\"></span>fas<span class=\"_ _2\"></span>i<span class=\"_ _df\"> </span> che si applica nella fase di<span class=\"_ _1\"></span> contabilizzazione dei ricavi derivanti da contratti con i clienti: <span class=\"_ _2\"></span> <span class=\"_ _2c\"> </span><span class=\"ff5\">l\u2019identificazione del contratto con il cliente;<span class=\"_ _df\"> </span></span><span class=\"ff5\"> </span><span class=\"_ _2c\"> </span><span class=\"ff5 ls1a\">l\u2019i</span><span class=\"ff4\">dentificazione delle performance obligation del contratto;<span class=\"_ _df\"> </span></span><span class=\"ff4\"> </span><span class=\"_ _2c\"> </span><span class=\"ff4\">la determinazione del prezzo;<span class=\"_ _df\"> </span></span><span class=\"ff4\"> </span><span class=\"_ _2c\"> </span><span class=\"ff5\">l\u2019allocazione del prezzo alle performance obligation del contratto;<span class=\"_ _df\"> </span></span><span class=\"ff5\"> </span><span class=\"_ _2c\"> </span><span class=\"ff5\">i criteri di iscrizione del ricavo quando l\u2019entit\u00e0 soddisfa ciascu<span class=\"_ _1\"></span>na performance obligation.<span class=\"_ _df\"> </span></span>Il <span class=\"ff5\">principio <span class=\"_ _1\"></span>comporta l\u2019esercizio d<span class=\"_ _1\"></span>i un g<span class=\"_ _1\"></span>iudizio da parte d<span class=\"_ _1\"></span>elle entit\u00e0, ch<span class=\"_ _1\"></span>e prenda <span class=\"_ _1\"></span>in considerazione tutti i <span class=\"_ _1\"></span>fatti e<span class=\"_ _df\"> </span></span><span class=\"ff5\"><span class=\"_ _f\"></span> </span>le <span class=\"_ _2\"></span>circost<span class=\"_ _2\"></span>anze <span class=\"_ _2\"></span>rilevanti <span class=\"_ _d\"></span>nell\u2019applicazione<span class=\"_ _f\"></span> <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>ogni <span class=\"_ _d\"></span>fase <span class=\"_ _2\"></span>del <span class=\"_ _d\"></span>modello <span class=\"_ _d\"></span>ai <span class=\"_ _2\"></span>contratti <span class=\"_ _d\"></span>con <span class=\"_ _d\"></span>i <span class=\"_ _2\"></span>propri <span class=\"_ _2\"></span>clienti. <span class=\"_ _d\"></span>Il <span class=\"_ _d\"></span>principio<span class=\"_ _df\"> </span>specifica <span class=\"_ _2\"></span>inoltre <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>conta<span class=\"ff5\">bilizzazione dei <span class=\"_ _2\"></span>costi <span class=\"_ _2\"></span>incrementali <span class=\"_ _2\"></span>legati <span class=\"_ _2\"></span>all\u2019ottenimento <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>un <span class=\"_ _2\"></span>contratto e <span class=\"_ _2\"></span>dei <span class=\"_ _2\"></span>costi<span class=\"_ _df\"> </span></span><span class=\"ff5\"> </span>direttamente <span class=\"_ _17\"> </span>legati <span class=\"_ _17\"> </span>al <span class=\"_ _17\"> </span>completamento <span class=\"_ _17\"> </span>di <span class=\"_ _17\"> </span>un <span class=\"_ _17\"> </span>contratto. <span class=\"_ _17\"> </span>Il <span class=\"_ _17\"> </span>Gruppo <span class=\"_ _4\"> </span>esercita <span class=\"_ _17\"> </span>un <span class=\"_ _17\"> </span>giudizio <span class=\"_ _17\"> </span>che <span class=\"_ _14\"> </span>prende <span class=\"_ _4\"> </span>in<span class=\"_ _df\"> </span>considerazione <span class=\"_ _2\"></span>tutti <span class=\"_ _d\"></span>i <span class=\"_ _d\"></span>fatti <span class=\"_ _d\"></span>e <span class=\"_ _d\"></span>le <span class=\"_ _d\"></span>circostanze <span class=\"_ _d\"></span>rilevanti <span class=\"_ _2\"></span>nell\u2019applicazi<span class=\"_ _2\"></span><span class=\"ff4\">one <span class=\"_ _d\"></span>ai <span class=\"_ _d\"></span>contratti <span class=\"_ _d\"></span>con <span class=\"_ _d\"></span>i <span class=\"_ _d\"></span>propri <span class=\"_ _2\"></span>clienti <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>ogni<span class=\"_ _df\"> </span></span><span class=\"ff4\"> </span>fase del modello a cinque fasi introdotto dall\u2019<span class=\"_ _1\"></span>IFRS 15.<span class=\"_ _df\"> </span>I ricavi possono essere riconosciuti:<span class=\"_ _df\"> </span><span class=\"_ _2c\"> </span><span class=\"ff5\">in <span class=\"_ _2\"></span>un <span class=\"_ _d\"></span>momento <span class=\"_ _2\"></span>preciso<span class=\"_ _2\"></span>, <span class=\"_ _2\"></span>quando <span class=\"_ _d\"></span>l\u2019entit\u00e0 <span class=\"_ _2\"></span>adempie <span class=\"_ _2\"></span>l\u2019obbligazione <span class=\"_ _d\"></span>di <span class=\"_ _2\"></span>fare <span class=\"_ _d\"></span>trasferendo <span class=\"_ _2\"></span>al <span class=\"_ _d\"></span>cliente <span class=\"_ _d\"></span>il <span class=\"_ _2\"></span>bene <span class=\"_ _2\"></span>o<span class=\"_ _df\"> </span></span>servizio promesso, o<span class=\"_ _df\"> </span> <span class=\"_ _2c\"> </span><span class=\"ff5\">nel <span class=\"_ _d\"></span>corso <span class=\"_ _2\"></span>del <span class=\"_ _d\"></span>tempo, <span class=\"_ _d\"></span>mano <span class=\"_ _d\"></span>a <span class=\"_ _2\"></span>mano <span class=\"_ _d\"></span>che <span class=\"_ _2\"></span>l\u2019entit\u00e0 <span class=\"_ _d\"></span>adempie <span class=\"_ _2\"></span>l\u2019obbligazione <span class=\"_ _d\"></span>di <span class=\"_ _2\"></span>fare <span class=\"_ _d\"></span>trasferendo <span class=\"_ _2\"></span>al <span class=\"_ _d\"></span>cliente <span class=\"_ _d\"></span>il<span class=\"_ _df\"> </span></span><span class=\"ff5\"> </span>bene o servizio promesso.<span class=\"_ _df\"> </span>Il bene \u00e8 trasferito quando, o nel corso del pe<span class=\"_ _1\"></span>riodo in cui, il cliente ne acquisisce il controllo.<span class=\"_ _df\"> </span><span class=\"_ _2\"></span> In particolare:<span class=\"_ _df\"> </span> <span class=\"_ _2c\"> </span><span class=\"ff4 ls39\">per<span class=\"ls0\"> <span class=\"_ _d\"></span>gli s<span class=\"_ _2\"></span>trumenti <span class=\"_ _2\"></span>finanziari class<span class=\"_ _2\"></span>ificati HTC <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>HTCS, <span class=\"_ _2\"></span>gli <span class=\"_ _2\"></span>interessi <span class=\"_ _2\"></span>corr<span class=\"_ _2\"></span>ispettivi sono <span class=\"_ _2\"></span>riconosciuti <span class=\"_ _2\"></span>pro <span class=\"_ _2\"></span>rata<span class=\"_ _df\"> </span></span></span><span class=\"ff4 ls39\"><span class=\"ls0\"> </span></span>temporis sulla <span class=\"_ _2\"></span>base <span class=\"_ _2\"></span>del tasso <span class=\"_ _2\"></span>di interesse <span class=\"_ _2\"></span>contrattuale o <span class=\"_ _2\"></span>di quello <span class=\"_ _2\"></span>effettivo nel <span class=\"_ _2\"></span>caso di <span class=\"_ _2\"></span>applicazione del<span class=\"_ _df\"> </span> costo ammortizzato. La <span class=\"_ _1\"></span>voce interessi attivi (ovv<span class=\"_ _1\"></span>ero interessi passivi) <span class=\"_ _1\"></span>comprende anche i di<span class=\"_ _1\"></span>fferenziali o<span class=\"_ _df\"> </span>i <span class=\"_ _f\"></span>margini, <span class=\"_ _f\"></span>positivi <span class=\"_ _f\"></span>(o <span class=\"_ _f\"></span>negativi), <span class=\"_ _1\"></span>maturati <span class=\"_ _f\"></span>s<span class=\"_ _2\"></span>ino <span class=\"_ _f\"></span>alla <span class=\"_ _f\"></span>data <span class=\"_ _f\"></span>di <span class=\"_ _f\"></span>riferimento <span class=\"_ _f\"></span>del <span class=\"_ _f\"></span>bilancio, <span class=\"_ _f\"></span>relati<span class=\"_ _2\"></span>vi <span class=\"_ _11\"></span>a contratti <span class=\"_ _f\"></span>derivati<span class=\"_ _df\"> </span> finanziari:<span class=\"_ _df\"> </span>o<span class=\"_ _c\"> </span><span class=\"ff4\">di copertura di attivit\u00e0 e passivit\u00e0 che generano <span class=\"_ _f\"></span>interessi;<span class=\"_ _df\"> </span></span>o<span class=\"_ _c\"> </span><span class=\"ff4 ls13\">cla<span class=\"ls0\">ssificati <span class=\"_ _2\"></span>nello <span class=\"_ _2\"></span>Stato <span class=\"_ _2\"></span>Patrimoniale <span class=\"_ _2\"></span>nel <span class=\"_ _2\"></span>portafoglio <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>negoziazi<span class=\"_ _1\"></span>one, <span class=\"_ _2\"></span>ma <span class=\"_ _2\"></span>gestionalmente <span class=\"_ _2\"></span>collegati ad<span class=\"_ _df\"> </span></span></span><span class=\"ff4 ls13\"><span class=\"ls0\"> </span></span>attivit\u00e0 e/o passivit\u00e0 finanziarie valu<span class=\"_ _1\"></span>tate al fair value (fair value option);<span class=\"_ _df\"> </span>o<span class=\"_ _c\"> </span><span class=\"ff4\">connessi <span class=\"_ _0\"></span>gestionalmente <span class=\"_ _d\"></span>con <span class=\"_ _d\"></span>at<span class=\"_ _2\"></span>tivit\u00e0 <span class=\"_ _d\"></span>e <span class=\"_ _0\"></span>passivit\u00e0 <span class=\"_ _d\"></span>classificate <span class=\"_ _d\"></span>nel <span class=\"_ _d\"></span>port<span class=\"_ _2\"></span>afoglio <span class=\"_ _0\"></span>di <span class=\"_ _d\"></span>negoziazione <span class=\"_ _d\"></span>e<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>che<span class=\"_ _df\"> </span></span><span class=\"ff4\"> </span>prevedono la liquidazione di d<span class=\"_ _1\"></span>ifferenziali o di margini a pi\u00f9<span class=\"_ _2\"></span> scad<span class=\"_ _1\"></span>enze;<span class=\"_ _df\"> </span><span class=\"_ _2c\"> </span><span class=\"ff4\">gli interessi <span class=\"_ _2\"></span>di mora, eventualmente previsti in <span class=\"_ _2\"></span>via contrattuale, sono contabilizzati a <span class=\"_ _2\"></span>Conto Economico<span class=\"_ _df\"> </span></span><span class=\"ff4\"> </span>solo al momento del loro effettivo incasso;<span class=\"_ _df\"> </span><span class=\"_ _2c\"> </span><span class=\"ff4\">i <span class=\"_ _4\"> </span>dividendi <span class=\"_ _4\"> </span>s<span class=\"ff5\">ono <span class=\"_ _4\"> </span>rilevati <span class=\"_ _22\"> </span>a <span class=\"_ _4\"> </span>Conto <span class=\"_ _4\"> </span>Economico <span class=\"_ _4\"> </span>nel <span class=\"_ _22\"> </span>cor<span class=\"_ _2\"></span>so <span class=\"_ _22\"> </span>dell\u2019esercizio <span class=\"_ _4\"> </span>in <span class=\"_ _4\"> </span>cui <span class=\"_ _22\"> </span>ne <span class=\"_ _4\"> </span>viene <span class=\"_ _4\"> </span>deliberata <span class=\"_ _4\"> </span>la<span class=\"_ _df\"> </span></span></span><span class=\"ff4\"><span class=\"ff5\"> </span></span>distribuzione;<span class=\"_ _df\"> </span><span class=\"_ _2c\"> </span><span class=\"ff5\">le <span class=\"_ _d\"></span>comm<span class=\"_ _2\"></span>issioni <span class=\"_ _d\"></span>per <span class=\"_ _d\"></span>ricavi <span class=\"_ _d\"></span>da <span class=\"_ _0\"></span>servizi<span class=\"_ _1\"></span> <span class=\"_ _d\"></span>s<span class=\"_ _2\"></span>ono <span class=\"_ _d\"></span>iscritte, <span class=\"_ _d\"></span>sulla <span class=\"_ _d\"></span>base <span class=\"_ _0\"></span>dell\u2019esistenza <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>accordi <span class=\"_ _0\"></span>contrattuali, <span class=\"_ _d\"></span>nel<span class=\"_ _df\"> </span></span><span class=\"ff5\"> </span>periodo in cui i servizi stessi sono stati prest<span class=\"_ _2\"></span>ati. Le commissioni <span class=\"_ _1\"></span>considerate nel costo ammortizzato ai<span class=\"_ _df\"> </span> fini della determinazione del tasso di interesse effettivo, sono rilev<span class=\"_ _1\"></span>ate tra gli interessi;<span class=\"_ _df\"> </span><span class=\"_ _2c\"> </span><span class=\"ff4\">gli <span class=\"_ _17\"> </span>utili <span class=\"_ _14\"> </span>e <span class=\"_ _17\"> </span>perdite <span class=\"_ _14\"> </span>derivanti <span class=\"_ _17\"> </span>dalla <span class=\"_ _17\"> </span>negoziazione <span class=\"_ _14\"> </span>di <span class=\"_ _17\"> </span>strumenti <span class=\"_ _14\"> </span>finanziari <span class=\"_ _4\"> </span>s<span class=\"_ _2\"></span>ono <span class=\"_ _17\"> </span>riconosciuti <span class=\"_ _17\"> </span>al <span class=\"_ _17\"> </span>Conto<span class=\"_ _df\"> </span></span>Economico <span class=\"_ _f\"></span>al momento <span class=\"_ _f\"></span>del p<span class=\"_ _1\"></span>erfezionamento <span class=\"_ _1\"></span>della v<span class=\"_ _1\"></span>endita, <span class=\"_ _f\"></span>s<span class=\"_ _2\"></span>ulla <span class=\"_ _f\"></span>base d<span class=\"_ _1\"></span>ella <span class=\"_ _f\"></span>d<span class=\"_ _2\"></span>ifferenza <span class=\"_ _f\"></span>tra il <span class=\"_ _f\"></span>corrispettivo<span class=\"_ _df\"> </span>pagato o incassato ed il valore di iscrizione d<span class=\"_ _1\"></span>egli strumenti stessi;<span class=\"_ _df\"> </span><span class=\"_ _2c\"> </span><span class=\"ff4\">i <span class=\"_ _d\"></span>ricavi <span class=\"_ _2\"></span>derivanti <span class=\"_ _d\"></span>dalla <span class=\"_ _2\"></span>vendita <span class=\"_ _d\"></span>di <span class=\"_ _2\"></span>at<span class=\"_ _2\"></span>tivit\u00e0 <span class=\"_ _2\"></span>non <span class=\"_ _d\"></span>finanziarie <span class=\"_ _2\"></span>sono <span class=\"_ _d\"></span>rilevati <span class=\"_ _2\"></span>al <span class=\"_ _d\"></span>momento <span class=\"_ _d\"></span>del <span class=\"_ _d\"></span>perfezionamento<span class=\"_ _df\"> </span></span><span class=\"ff4\"> </span>della vendita, ovvero quando \u00e8 ademp<span class=\"_ _1\"></span>iuta l\u2019obbligazione di fare nei confronti del cliente.<span class=\"_ _df\"> </span>Costi<span class=\"_ _1\"></span> sos<span class=\"_ _1\"></span>tenut<span class=\"_ _1\"></span>i per <span class=\"_ _f\"></span>l\u2019ottenim<span class=\"_ _1\"></span>ento<span class=\"_ _1\"></span> del <span class=\"_ _1\"></span>contr<span class=\"_ _1\"></span>atto<span class=\"ff4\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForFeeAndCommissionIncomeAndExpenseExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-744": {
   "value": "Ricono<span class=\"_ _1\"></span>sci<span class=\"_ _1\"></span>mento<span class=\"_ _1\"></span> dei <span class=\"_ _1\"></span>ricav<span class=\"_ _1\"></span>i e d<span class=\"_ _1\"></span>ei c<span class=\"_ _1\"></span>osti<span class=\"_ _df\"> </span> Il Gruppo <span class=\"_ _1\"></span>rileva i <span class=\"_ _1\"></span>ricavi per un <span class=\"_ _f\"></span>im<span class=\"_ _2\"></span>porto che rifle<span class=\"_ _1\"></span>tte il corrispe<span class=\"_ _1\"></span>ttivo <span class=\"ff5\">a cui l\u2019entit\u00e0 ritiene<span class=\"_ _1\"></span> di ave<span class=\"_ _1\"></span>re diritto in camb<span class=\"_ _1\"></span>io<span class=\"_ _df\"> </span></span><span class=\"ff5\"> </span>del trasferimento di merci o servizi al cliente.<span class=\"_ _df\"> </span> L\u2019IFRS <span class=\"_ _d\"></span>15 <span class=\"_ _9\"> </span><span class=\"ff4\">-Ricavi <span class=\"_ _d\"></span>da <span class=\"_ _0\"></span>contratti <span class=\"_ _0\"></span>con <span class=\"_ _d\"></span>clienti, <span class=\"_ _0\"></span>ha <span class=\"_ _0\"></span>sostituito <span class=\"_ _0\"></span>lo <span class=\"_ _0\"></span>IAS <span class=\"_ _d\"></span>18 <span class=\"_ _0\"></span></span>\u2013<span class=\"ff4\"> <span class=\"_ _9\"> </span>Ricavi, <span class=\"_ _d\"></span>lo <span class=\"_ _0\"></span>IAS <span class=\"_ _0\"></span>11 <span class=\"_ _d\"></span></span>\u2013<span class=\"_ _2\"></span><span class=\"ff4\"> <span class=\"_ _d\"></span>Lavori <span class=\"_ _0\"></span>su <span class=\"_ _0\"></span>ordinazione,<span class=\"_ _df\"> </span></span><span class=\"ff4\"> </span>nonch\u00e9 le interpretazioni Sic 31, IFRIC 13 e IFRIC 15.<span class=\"_ _df\"> </span> Il principio <span class=\"_ _1\"></span>stabilisce un <span class=\"_ _f\"></span>mo<span class=\"_ _2\"></span>dello d<span class=\"_ _1\"></span>i riconoscimento de<span class=\"_ _1\"></span>i ricavi, <span class=\"_ _1\"></span>si applica a tutti i<span class=\"_ _f\"></span> contratti con clie<span class=\"_ _1\"></span>nti, eccezion<span class=\"_ _df\"> </span> fatta <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>i contratti <span class=\"_ _2\"></span>che rientrano <span class=\"_ _2\"></span>nell\u2019ambito <span class=\"_ _2\"></span>di applicazione <span class=\"_ _2\"></span>di I<span class=\"_ _2\"></span>FRS 4<span class=\"_ _2\"></span>, IFRS <span class=\"_ _2\"></span>9, IFRS <span class=\"_ _2\"></span>16, <span class=\"_ _2\"></span>quindi p<span class=\"_ _2\"></span>er <span class=\"_ _2\"></span>i contr<span class=\"_ _2\"></span>atti<span class=\"_ _df\"> </span><span class=\"_ _f\"></span> assicurativi e<span class=\"_ _1\"></span> pe<span class=\"_ _1\"></span>r gli <span class=\"_ _f\"></span>strumenti fi<span class=\"_ _1\"></span>nanziari e<span class=\"_ _1\"></span> i <span class=\"_ _f\"></span>contratti di <span class=\"_ _f\"></span>leasing. Il<span class=\"_ _1\"></span> princ<span class=\"_ _1\"></span>ipio introduce<span class=\"_ _1\"></span> un <span class=\"_ _f\"></span>modello in <span class=\"_ _f\"></span>cinque <span class=\"_ _f\"></span>fas<span class=\"_ _2\"></span>i<span class=\"_ _df\"> </span> che si applica nella fase di<span class=\"_ _1\"></span> contabilizzazione dei ricavi derivanti da contratti con i clienti: <span class=\"_ _2\"></span> <span class=\"_ _2c\"> </span><span class=\"ff5\">l\u2019identificazione del contratto con il cliente;<span class=\"_ _df\"> </span></span><span class=\"ff5\"> </span><span class=\"_ _2c\"> </span><span class=\"ff5 ls1a\">l\u2019i</span><span class=\"ff4\">dentificazione delle performance obligation del contratto;<span class=\"_ _df\"> </span></span><span class=\"ff4\"> </span><span class=\"_ _2c\"> </span><span class=\"ff4\">la determinazione del prezzo;<span class=\"_ _df\"> </span></span><span class=\"ff4\"> </span><span class=\"_ _2c\"> </span><span class=\"ff5\">l\u2019allocazione del prezzo alle performance obligation del contratto;<span class=\"_ _df\"> </span></span><span class=\"ff5\"> </span><span class=\"_ _2c\"> </span><span class=\"ff5\">i criteri di iscrizione del ricavo quando l\u2019entit\u00e0 soddisfa ciascu<span class=\"_ _1\"></span>na performance obligation.<span class=\"_ _df\"> </span></span>Il <span class=\"ff5\">principio <span class=\"_ _1\"></span>comporta l\u2019esercizio d<span class=\"_ _1\"></span>i un g<span class=\"_ _1\"></span>iudizio da parte d<span class=\"_ _1\"></span>elle entit\u00e0, ch<span class=\"_ _1\"></span>e prenda <span class=\"_ _1\"></span>in considerazione tutti i <span class=\"_ _1\"></span>fatti e<span class=\"_ _df\"> </span></span><span class=\"ff5\"><span class=\"_ _f\"></span> </span>le <span class=\"_ _2\"></span>circost<span class=\"_ _2\"></span>anze <span class=\"_ _2\"></span>rilevanti <span class=\"_ _d\"></span>nell\u2019applicazione<span class=\"_ _f\"></span> <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>ogni <span class=\"_ _d\"></span>fase <span class=\"_ _2\"></span>del <span class=\"_ _d\"></span>modello <span class=\"_ _d\"></span>ai <span class=\"_ _2\"></span>contratti <span class=\"_ _d\"></span>con <span class=\"_ _d\"></span>i <span class=\"_ _2\"></span>propri <span class=\"_ _2\"></span>clienti. <span class=\"_ _d\"></span>Il <span class=\"_ _d\"></span>principio<span class=\"_ _df\"> </span>specifica <span class=\"_ _2\"></span>inoltre <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>conta<span class=\"ff5\">bilizzazione dei <span class=\"_ _2\"></span>costi <span class=\"_ _2\"></span>incrementali <span class=\"_ _2\"></span>legati <span class=\"_ _2\"></span>all\u2019ottenimento <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>un <span class=\"_ _2\"></span>contratto e <span class=\"_ _2\"></span>dei <span class=\"_ _2\"></span>costi<span class=\"_ _df\"> </span></span><span class=\"ff5\"> </span>direttamente <span class=\"_ _17\"> </span>legati <span class=\"_ _17\"> </span>al <span class=\"_ _17\"> </span>completamento <span class=\"_ _17\"> </span>di <span class=\"_ _17\"> </span>un <span class=\"_ _17\"> </span>contratto. <span class=\"_ _17\"> </span>Il <span class=\"_ _17\"> </span>Gruppo <span class=\"_ _4\"> </span>esercita <span class=\"_ _17\"> </span>un <span class=\"_ _17\"> </span>giudizio <span class=\"_ _17\"> </span>che <span class=\"_ _14\"> </span>prende <span class=\"_ _4\"> </span>in<span class=\"_ _df\"> </span>considerazione <span class=\"_ _2\"></span>tutti <span class=\"_ _d\"></span>i <span class=\"_ _d\"></span>fatti <span class=\"_ _d\"></span>e <span class=\"_ _d\"></span>le <span class=\"_ _d\"></span>circostanze <span class=\"_ _d\"></span>rilevanti <span class=\"_ _2\"></span>nell\u2019applicazi<span class=\"_ _2\"></span><span class=\"ff4\">one <span class=\"_ _d\"></span>ai <span class=\"_ _d\"></span>contratti <span class=\"_ _d\"></span>con <span class=\"_ _d\"></span>i <span class=\"_ _d\"></span>propri <span class=\"_ _2\"></span>clienti <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>ogni<span class=\"_ _df\"> </span></span><span class=\"ff4\"> </span>fase del modello a cinque fasi introdotto dall\u2019<span class=\"_ _1\"></span>IFRS 15.<span class=\"_ _df\"> </span>I ricavi possono essere riconosciuti:<span class=\"_ _df\"> </span><span class=\"_ _2c\"> </span><span class=\"ff5\">in <span class=\"_ _2\"></span>un <span class=\"_ _d\"></span>momento <span class=\"_ _2\"></span>preciso<span class=\"_ _2\"></span>, <span class=\"_ _2\"></span>quando <span class=\"_ _d\"></span>l\u2019entit\u00e0 <span class=\"_ _2\"></span>adempie <span class=\"_ _2\"></span>l\u2019obbligazione <span class=\"_ _d\"></span>di <span class=\"_ _2\"></span>fare <span class=\"_ _d\"></span>trasferendo <span class=\"_ _2\"></span>al <span class=\"_ _d\"></span>cliente <span class=\"_ _d\"></span>il <span class=\"_ _2\"></span>bene <span class=\"_ _2\"></span>o<span class=\"_ _df\"> </span></span>servizio promesso, o<span class=\"_ _df\"> </span> <span class=\"_ _2c\"> </span><span class=\"ff5\">nel <span class=\"_ _d\"></span>corso <span class=\"_ _2\"></span>del <span class=\"_ _d\"></span>tempo, <span class=\"_ _d\"></span>mano <span class=\"_ _d\"></span>a <span class=\"_ _2\"></span>mano <span class=\"_ _d\"></span>che <span class=\"_ _2\"></span>l\u2019entit\u00e0 <span class=\"_ _d\"></span>adempie <span class=\"_ _2\"></span>l\u2019obbligazione <span class=\"_ _d\"></span>di <span class=\"_ _2\"></span>fare <span class=\"_ _d\"></span>trasferendo <span class=\"_ _2\"></span>al <span class=\"_ _d\"></span>cliente <span class=\"_ _d\"></span>il<span class=\"_ _df\"> </span></span><span class=\"ff5\"> </span>bene o servizio promesso.<span class=\"_ _df\"> </span>Il bene \u00e8 trasferito quando, o nel corso del pe<span class=\"_ _1\"></span>riodo in cui, il cliente ne acquisisce il controllo.<span class=\"_ _df\"> </span><span class=\"_ _2\"></span> In particolare:<span class=\"_ _df\"> </span> <span class=\"_ _2c\"> </span><span class=\"ff4 ls39\">per<span class=\"ls0\"> <span class=\"_ _d\"></span>gli s<span class=\"_ _2\"></span>trumenti <span class=\"_ _2\"></span>finanziari class<span class=\"_ _2\"></span>ificati HTC <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>HTCS, <span class=\"_ _2\"></span>gli <span class=\"_ _2\"></span>interessi <span class=\"_ _2\"></span>corr<span class=\"_ _2\"></span>ispettivi sono <span class=\"_ _2\"></span>riconosciuti <span class=\"_ _2\"></span>pro <span class=\"_ _2\"></span>rata<span class=\"_ _df\"> </span></span></span><span class=\"ff4 ls39\"><span class=\"ls0\"> </span></span>temporis sulla <span class=\"_ _2\"></span>base <span class=\"_ _2\"></span>del tasso <span class=\"_ _2\"></span>di interesse <span class=\"_ _2\"></span>contrattuale o <span class=\"_ _2\"></span>di quello <span class=\"_ _2\"></span>effettivo nel <span class=\"_ _2\"></span>caso di <span class=\"_ _2\"></span>applicazione del<span class=\"_ _df\"> </span> costo ammortizzato. La <span class=\"_ _1\"></span>voce interessi attivi (ovv<span class=\"_ _1\"></span>ero interessi passivi) <span class=\"_ _1\"></span>comprende anche i di<span class=\"_ _1\"></span>fferenziali o<span class=\"_ _df\"> </span>i <span class=\"_ _f\"></span>margini, <span class=\"_ _f\"></span>positivi <span class=\"_ _f\"></span>(o <span class=\"_ _f\"></span>negativi), <span class=\"_ _1\"></span>maturati <span class=\"_ _f\"></span>s<span class=\"_ _2\"></span>ino <span class=\"_ _f\"></span>alla <span class=\"_ _f\"></span>data <span class=\"_ _f\"></span>di <span class=\"_ _f\"></span>riferimento <span class=\"_ _f\"></span>del <span class=\"_ _f\"></span>bilancio, <span class=\"_ _f\"></span>relati<span class=\"_ _2\"></span>vi <span class=\"_ _11\"></span>a contratti <span class=\"_ _f\"></span>derivati<span class=\"_ _df\"> </span> finanziari:<span class=\"_ _df\"> </span>o<span class=\"_ _c\"> </span><span class=\"ff4\">di copertura di attivit\u00e0 e passivit\u00e0 che generano <span class=\"_ _f\"></span>interessi;<span class=\"_ _df\"> </span></span>o<span class=\"_ _c\"> </span><span class=\"ff4 ls13\">cla<span class=\"ls0\">ssificati <span class=\"_ _2\"></span>nello <span class=\"_ _2\"></span>Stato <span class=\"_ _2\"></span>Patrimoniale <span class=\"_ _2\"></span>nel <span class=\"_ _2\"></span>portafoglio <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>negoziazi<span class=\"_ _1\"></span>one, <span class=\"_ _2\"></span>ma <span class=\"_ _2\"></span>gestionalmente <span class=\"_ _2\"></span>collegati ad<span class=\"_ _df\"> </span></span></span><span class=\"ff4 ls13\"><span class=\"ls0\"> </span></span>attivit\u00e0 e/o passivit\u00e0 finanziarie valu<span class=\"_ _1\"></span>tate al fair value (fair value option);<span class=\"_ _df\"> </span>o<span class=\"_ _c\"> </span><span class=\"ff4\">connessi <span class=\"_ _0\"></span>gestionalmente <span class=\"_ _d\"></span>con <span class=\"_ _d\"></span>at<span class=\"_ _2\"></span>tivit\u00e0 <span class=\"_ _d\"></span>e <span class=\"_ _0\"></span>passivit\u00e0 <span class=\"_ _d\"></span>classificate <span class=\"_ _d\"></span>nel <span class=\"_ _d\"></span>port<span class=\"_ _2\"></span>afoglio <span class=\"_ _0\"></span>di <span class=\"_ _d\"></span>negoziazione <span class=\"_ _d\"></span>e<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>che<span class=\"_ _df\"> </span></span><span class=\"ff4\"> </span>prevedono la liquidazione di d<span class=\"_ _1\"></span>ifferenziali o di margini a pi\u00f9<span class=\"_ _2\"></span> scad<span class=\"_ _1\"></span>enze;<span class=\"_ _df\"> </span><span class=\"_ _2c\"> </span><span class=\"ff4\">gli interessi <span class=\"_ _2\"></span>di mora, eventualmente previsti in <span class=\"_ _2\"></span>via contrattuale, sono contabilizzati a <span class=\"_ _2\"></span>Conto Economico<span class=\"_ _df\"> </span></span><span class=\"ff4\"> </span>solo al momento del loro effettivo incasso;<span class=\"_ _df\"> </span><span class=\"_ _2c\"> </span><span class=\"ff4\">i <span class=\"_ _4\"> </span>dividendi <span class=\"_ _4\"> </span>s<span class=\"ff5\">ono <span class=\"_ _4\"> </span>rilevati <span class=\"_ _22\"> </span>a <span class=\"_ _4\"> </span>Conto <span class=\"_ _4\"> </span>Economico <span class=\"_ _4\"> </span>nel <span class=\"_ _22\"> </span>cor<span class=\"_ _2\"></span>so <span class=\"_ _22\"> </span>dell\u2019esercizio <span class=\"_ _4\"> </span>in <span class=\"_ _4\"> </span>cui <span class=\"_ _22\"> </span>ne <span class=\"_ _4\"> </span>viene <span class=\"_ _4\"> </span>deliberata <span class=\"_ _4\"> </span>la<span class=\"_ _df\"> </span></span></span><span class=\"ff4\"><span class=\"ff5\"> </span></span>distribuzione;<span class=\"_ _df\"> </span><span class=\"_ _2c\"> </span><span class=\"ff5\">le <span class=\"_ _d\"></span>comm<span class=\"_ _2\"></span>issioni <span class=\"_ _d\"></span>per <span class=\"_ _d\"></span>ricavi <span class=\"_ _d\"></span>da <span class=\"_ _0\"></span>servizi<span class=\"_ _1\"></span> <span class=\"_ _d\"></span>s<span class=\"_ _2\"></span>ono <span class=\"_ _d\"></span>iscritte, <span class=\"_ _d\"></span>sulla <span class=\"_ _d\"></span>base <span class=\"_ _0\"></span>dell\u2019esistenza <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>accordi <span class=\"_ _0\"></span>contrattuali, <span class=\"_ _d\"></span>nel<span class=\"_ _df\"> </span></span><span class=\"ff5\"> </span>periodo in cui i servizi stessi sono stati prest<span class=\"_ _2\"></span>ati. Le commissioni <span class=\"_ _1\"></span>considerate nel costo ammortizzato ai<span class=\"_ _df\"> </span> fini della determinazione del tasso di interesse effettivo, sono rilev<span class=\"_ _1\"></span>ate tra gli interessi;<span class=\"_ _df\"> </span><span class=\"_ _2c\"> </span><span class=\"ff4\">gli <span class=\"_ _17\"> </span>utili <span class=\"_ _14\"> </span>e <span class=\"_ _17\"> </span>perdite <span class=\"_ _14\"> </span>derivanti <span class=\"_ _17\"> </span>dalla <span class=\"_ _17\"> </span>negoziazione <span class=\"_ _14\"> </span>di <span class=\"_ _17\"> </span>strumenti <span class=\"_ _14\"> </span>finanziari <span class=\"_ _4\"> </span>s<span class=\"_ _2\"></span>ono <span class=\"_ _17\"> </span>riconosciuti <span class=\"_ _17\"> </span>al <span class=\"_ _17\"> </span>Conto<span class=\"_ _df\"> </span></span>Economico <span class=\"_ _f\"></span>al momento <span class=\"_ _f\"></span>del p<span class=\"_ _1\"></span>erfezionamento <span class=\"_ _1\"></span>della v<span class=\"_ _1\"></span>endita, <span class=\"_ _f\"></span>s<span class=\"_ _2\"></span>ulla <span class=\"_ _f\"></span>base d<span class=\"_ _1\"></span>ella <span class=\"_ _f\"></span>d<span class=\"_ _2\"></span>ifferenza <span class=\"_ _f\"></span>tra il <span class=\"_ _f\"></span>corrispettivo<span class=\"_ _df\"> </span>pagato o incassato ed il valore di iscrizione d<span class=\"_ _1\"></span>egli strumenti stessi;<span class=\"_ _df\"> </span><span class=\"_ _2c\"> </span><span class=\"ff4\">i <span class=\"_ _d\"></span>ricavi <span class=\"_ _2\"></span>derivanti <span class=\"_ _d\"></span>dalla <span class=\"_ _2\"></span>vendita <span class=\"_ _d\"></span>di <span class=\"_ _2\"></span>at<span class=\"_ _2\"></span>tivit\u00e0 <span class=\"_ _2\"></span>non <span class=\"_ _d\"></span>finanziarie <span class=\"_ _2\"></span>sono <span class=\"_ _d\"></span>rilevati <span class=\"_ _2\"></span>al <span class=\"_ _d\"></span>momento <span class=\"_ _d\"></span>del <span class=\"_ _d\"></span>perfezionamento<span class=\"_ _df\"> </span></span><span class=\"ff4\"> </span>della vendita, ovvero quando \u00e8 ademp<span class=\"_ _1\"></span>iuta l\u2019obbligazione di fare nei confronti del cliente.<span class=\"_ _df\"> </span>Costi<span class=\"_ _1\"></span> sos<span class=\"_ _1\"></span>tenut<span class=\"_ _1\"></span>i per <span class=\"_ _f\"></span>l\u2019ottenim<span class=\"_ _1\"></span>ento<span class=\"_ _1\"></span> del <span class=\"_ _1\"></span>contr<span class=\"_ _1\"></span>atto<span class=\"ff4\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-902": {
   "value": "Ricono<span class=\"_ _1\"></span>sci<span class=\"_ _1\"></span>mento<span class=\"_ _1\"></span> dei <span class=\"_ _1\"></span>ricav<span class=\"_ _1\"></span>i e d<span class=\"_ _1\"></span>ei c<span class=\"_ _1\"></span>osti<span class=\"_ _df\"> </span>Il Gruppo <span class=\"_ _1\"></span>rileva i <span class=\"_ _1\"></span>ricavi per un <span class=\"_ _f\"></span>im<span class=\"_ _2\"></span>porto che rifle<span class=\"_ _1\"></span>tte il corrispe<span class=\"_ _1\"></span>ttivo <span class=\"ff5\">a cui l\u2019entit\u00e0 ritiene<span class=\"_ _1\"></span> di ave<span class=\"_ _1\"></span>re diritto in camb<span class=\"_ _1\"></span>io<span class=\"_ _df\"> </span></span>del trasferimento di merci o servizi al cliente.<span class=\"_ _df\"> </span>L\u2019IFRS <span class=\"_ _d\"></span>15 <span class=\"_ _9\"> </span><span class=\"ff4\">-Ricavi <span class=\"_ _d\"></span>da <span class=\"_ _0\"></span>contratti <span class=\"_ _0\"></span>con <span class=\"_ _d\"></span>clienti, <span class=\"_ _0\"></span>ha <span class=\"_ _0\"></span>sostituito <span class=\"_ _0\"></span>lo <span class=\"_ _0\"></span>IAS <span class=\"_ _d\"></span>18 <span class=\"_ _0\"></span></span>\u2013<span class=\"ff4\"> <span class=\"_ _9\"> </span>Ricavi, <span class=\"_ _d\"></span>lo <span class=\"_ _0\"></span>IAS <span class=\"_ _0\"></span>11 <span class=\"_ _d\"></span></span>\u2013<span class=\"_ _2\"></span><span class=\"ff4\"> <span class=\"_ _d\"></span>Lavori <span class=\"_ _0\"></span>su <span class=\"_ _0\"></span>ordinazione,<span class=\"_ _df\"> </span></span>nonch\u00e9 le interpretazioni Sic 31, IFRIC 13 e IFRIC 15.<span class=\"_ _df\"> </span>Il principio <span class=\"_ _1\"></span>stabilisce un <span class=\"_ _f\"></span>mo<span class=\"_ _2\"></span>dello d<span class=\"_ _1\"></span>i riconoscimento de<span class=\"_ _1\"></span>i ricavi, <span class=\"_ _1\"></span>si applica a tutti i<span class=\"_ _f\"></span> contratti con clie<span class=\"_ _1\"></span>nti, eccezion<span class=\"_ _df\"> </span>fatta <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>i contratti <span class=\"_ _2\"></span>che rientrano <span class=\"_ _2\"></span>nell\u2019ambito <span class=\"_ _2\"></span>di applicazione <span class=\"_ _2\"></span>di I<span class=\"_ _2\"></span>FRS 4<span class=\"_ _2\"></span>, IFRS <span class=\"_ _2\"></span>9, IFRS <span class=\"_ _2\"></span>16, <span class=\"_ _2\"></span>quindi p<span class=\"_ _2\"></span>er <span class=\"_ _2\"></span>i contr<span class=\"_ _2\"></span>atti<span class=\"_ _df\"> </span>assicurativi e<span class=\"_ _1\"></span> pe<span class=\"_ _1\"></span>r gli <span class=\"_ _f\"></span>strumenti fi<span class=\"_ _1\"></span>nanziari e<span class=\"_ _1\"></span> i <span class=\"_ _f\"></span>contratti di <span class=\"_ _f\"></span>leasing. Il<span class=\"_ _1\"></span> princ<span class=\"_ _1\"></span>ipio introduce<span class=\"_ _1\"></span> un <span class=\"_ _f\"></span>modello in <span class=\"_ _f\"></span>cinque <span class=\"_ _f\"></span>fas<span class=\"_ _2\"></span>i<span class=\"_ _df\"> </span>che si applica nella fase di<span class=\"_ _1\"></span> contabilizzazione dei ricavi derivanti da contratti con i clienti: <span class=\"_ _2c\"> </span><span class=\"ff5\">l\u2019identificazione del contratto con il cliente;<span class=\"_ _df\"> </span></span><span class=\"_ _2c\"> </span><span class=\"ff5 ls1a\">l\u2019i</span><span class=\"ff4\">dentificazione delle performance obligation del contratto;<span class=\"_ _df\"> </span></span><span class=\"_ _2c\"> </span><span class=\"ff4\">la determinazione del prezzo;<span class=\"_ _df\"> </span></span><span class=\"_ _2c\"> </span><span class=\"ff5\">l\u2019allocazione del prezzo alle performance obligation del contratto;<span class=\"_ _df\"> </span></span><span class=\"_ _2c\"> </span><span class=\"ff5\">i criteri di iscrizione del ricavo quando l\u2019entit\u00e0 soddisfa ciascu<span class=\"_ _1\"></span>na performance obligation.<span class=\"_ _df\"> </span></span>Il <span class=\"ff5\">principio <span class=\"_ _1\"></span>comporta l\u2019esercizio d<span class=\"_ _1\"></span>i un g<span class=\"_ _1\"></span>iudizio da parte d<span class=\"_ _1\"></span>elle entit\u00e0, ch<span class=\"_ _1\"></span>e prenda <span class=\"_ _1\"></span>in considerazione tutti i <span class=\"_ _1\"></span>fatti e<span class=\"_ _df\"> </span></span>le <span class=\"_ _2\"></span>circost<span class=\"_ _2\"></span>anze <span class=\"_ _2\"></span>rilevanti <span class=\"_ _d\"></span>nell\u2019applicazione<span class=\"_ _f\"></span> <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>ogni <span class=\"_ _d\"></span>fase <span class=\"_ _2\"></span>del <span class=\"_ _d\"></span>modello <span class=\"_ _d\"></span>ai <span class=\"_ _2\"></span>contratti <span class=\"_ _d\"></span>con <span class=\"_ _d\"></span>i <span class=\"_ _2\"></span>propri <span class=\"_ _2\"></span>clienti. <span class=\"_ _d\"></span>Il <span class=\"_ _d\"></span>principio<span class=\"_ _df\"> </span>specifica <span class=\"_ _2\"></span>inoltre <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>conta<span class=\"ff5\">bilizzazione dei <span class=\"_ _2\"></span>costi <span class=\"_ _2\"></span>incrementali <span class=\"_ _2\"></span>legati <span class=\"_ _2\"></span>all\u2019ottenimento <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>un <span class=\"_ _2\"></span>contratto e <span class=\"_ _2\"></span>dei <span class=\"_ _2\"></span>costi<span class=\"_ _df\"> </span></span>direttamente <span class=\"_ _17\"> </span>legati <span class=\"_ _17\"> </span>al <span class=\"_ _17\"> </span>completamento <span class=\"_ _17\"> </span>di <span class=\"_ _17\"> </span>un <span class=\"_ _17\"> </span>contratto. <span class=\"_ _17\"> </span>Il <span class=\"_ _17\"> </span>Gruppo <span class=\"_ _4\"> </span>esercita <span class=\"_ _17\"> </span>un <span class=\"_ _17\"> </span>giudizio <span class=\"_ _17\"> </span>che <span class=\"_ _14\"> </span>prende <span class=\"_ _4\"> </span>in<span class=\"_ _df\"> </span>considerazione <span class=\"_ _2\"></span>tutti <span class=\"_ _d\"></span>i <span class=\"_ _d\"></span>fatti <span class=\"_ _d\"></span>e <span class=\"_ _d\"></span>le <span class=\"_ _d\"></span>circostanze <span class=\"_ _d\"></span>rilevanti <span class=\"_ _2\"></span>nell\u2019applicazi<span class=\"_ _2\"></span><span class=\"ff4\">one <span class=\"_ _d\"></span>ai <span class=\"_ _d\"></span>contratti <span class=\"_ _d\"></span>con <span class=\"_ _d\"></span>i <span class=\"_ _d\"></span>propri <span class=\"_ _2\"></span>clienti <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>ogni<span class=\"_ _df\"> </span></span>fase del modello a cinque fasi introdotto dall\u2019<span class=\"_ _1\"></span>IFRS 15.<span class=\"_ _df\"> </span>I ricavi possono essere riconosciuti:<span class=\"_ _df\"> </span><span class=\"_ _2c\"> </span><span class=\"ff5\">in <span class=\"_ _2\"></span>un <span class=\"_ _d\"></span>momento <span class=\"_ _2\"></span>preciso<span class=\"_ _2\"></span>, <span class=\"_ _2\"></span>quando <span class=\"_ _d\"></span>l\u2019entit\u00e0 <span class=\"_ _2\"></span>adempie <span class=\"_ _2\"></span>l\u2019obbligazione <span class=\"_ _d\"></span>di <span class=\"_ _2\"></span>fare <span class=\"_ _d\"></span>trasferendo <span class=\"_ _2\"></span>al <span class=\"_ _d\"></span>cliente <span class=\"_ _d\"></span>il <span class=\"_ _2\"></span>bene <span class=\"_ _2\"></span>o<span class=\"_ _df\"> </span></span>servizio promesso, o<span class=\"_ _df\"> </span><span class=\"_ _2c\"> </span><span class=\"ff5\">nel <span class=\"_ _d\"></span>corso <span class=\"_ _2\"></span>del <span class=\"_ _d\"></span>tempo, <span class=\"_ _d\"></span>mano <span class=\"_ _d\"></span>a <span class=\"_ _2\"></span>mano <span class=\"_ _d\"></span>che <span class=\"_ _2\"></span>l\u2019entit\u00e0 <span class=\"_ _d\"></span>adempie <span class=\"_ _2\"></span>l\u2019obbligazione <span class=\"_ _d\"></span>di <span class=\"_ _2\"></span>fare <span class=\"_ _d\"></span>trasferendo <span class=\"_ _2\"></span>al <span class=\"_ _d\"></span>cliente <span class=\"_ _d\"></span>il<span class=\"_ _df\"> </span></span>bene o servizio promesso.<span class=\"_ _df\"> </span>Il bene \u00e8 trasferito quando, o nel corso del pe<span class=\"_ _1\"></span>riodo in cui, il cliente ne acquisisce il controllo.<span class=\"_ _df\"> </span>In particolare:<span class=\"_ _df\"> </span><span class=\"_ _2c\"> </span><span class=\"ff4 ls39\">per<span class=\"ls0\"> <span class=\"_ _d\"></span>gli s<span class=\"_ _2\"></span>trumenti <span class=\"_ _2\"></span>finanziari class<span class=\"_ _2\"></span>ificati HTC <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>HTCS, <span class=\"_ _2\"></span>gli <span class=\"_ _2\"></span>interessi <span class=\"_ _2\"></span>corr<span class=\"_ _2\"></span>ispettivi sono <span class=\"_ _2\"></span>riconosciuti <span class=\"_ _2\"></span>pro <span class=\"_ _2\"></span>rata<span class=\"_ _df\"> </span></span></span>temporis sulla <span class=\"_ _2\"></span>base <span class=\"_ _2\"></span>del tasso <span class=\"_ _2\"></span>di interesse <span class=\"_ _2\"></span>contrattuale o <span class=\"_ _2\"></span>di quello <span class=\"_ _2\"></span>effettivo nel <span class=\"_ _2\"></span>caso di <span class=\"_ _2\"></span>applicazione del<span class=\"_ _df\"> </span>costo ammortizzato. La <span class=\"_ _1\"></span>voce interessi attivi (ovv<span class=\"_ _1\"></span>ero interessi passivi) <span class=\"_ _1\"></span>comprende anche i di<span class=\"_ _1\"></span>fferenziali o<span class=\"_ _df\"> </span>i <span class=\"_ _f\"></span>margini, <span class=\"_ _f\"></span>positivi <span class=\"_ _f\"></span>(o <span class=\"_ _f\"></span>negativi), <span class=\"_ _1\"></span>maturati <span class=\"_ _f\"></span>s<span class=\"_ _2\"></span>ino <span class=\"_ _f\"></span>alla <span class=\"_ _f\"></span>data <span class=\"_ _f\"></span>di <span class=\"_ _f\"></span>riferimento <span class=\"_ _f\"></span>del <span class=\"_ _f\"></span>bilancio, <span class=\"_ _f\"></span>relati<span class=\"_ _2\"></span>vi <span class=\"_ _11\"></span>a contratti <span class=\"_ _f\"></span>derivati<span class=\"_ _df\"> </span>finanziari:<span class=\"_ _df\"> </span>o<span class=\"_ _c\"> </span><span class=\"ff4\">di copertura di attivit\u00e0 e passivit\u00e0 che generano <span class=\"_ _f\"></span>interessi;<span class=\"_ _df\"> </span></span>o<span class=\"_ _c\"> </span><span class=\"ff4 ls13\">cla<span class=\"ls0\">ssificati <span class=\"_ _2\"></span>nello <span class=\"_ _2\"></span>Stato <span class=\"_ _2\"></span>Patrimoniale <span class=\"_ _2\"></span>nel <span class=\"_ _2\"></span>portafoglio <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>negoziazi<span class=\"_ _1\"></span>one, <span class=\"_ _2\"></span>ma <span class=\"_ _2\"></span>gestionalmente <span class=\"_ _2\"></span>collegati ad<span class=\"_ _df\"> </span></span></span>attivit\u00e0 e/o passivit\u00e0 finanziarie valu<span class=\"_ _1\"></span>tate al fair value (fair value option);<span class=\"_ _df\"> </span>o<span class=\"_ _c\"> </span><span class=\"ff4\">connessi <span class=\"_ _0\"></span>gestionalmente <span class=\"_ _d\"></span>con <span class=\"_ _d\"></span>at<span class=\"_ _2\"></span>tivit\u00e0 <span class=\"_ _d\"></span>e <span class=\"_ _0\"></span>passivit\u00e0 <span class=\"_ _d\"></span>classificate <span class=\"_ _d\"></span>nel <span class=\"_ _d\"></span>port<span class=\"_ _2\"></span>afoglio <span class=\"_ _0\"></span>di <span class=\"_ _d\"></span>negoziazione <span class=\"_ _d\"></span>e<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>che<span class=\"_ _df\"> </span></span>prevedono la liquidazione di d<span class=\"_ _1\"></span>ifferenziali o di margini a pi\u00f9<span class=\"_ _2\"></span> scad<span class=\"_ _1\"></span>enze;<span class=\"_ _df\"> </span><span class=\"_ _2c\"> </span><span class=\"ff4\">gli interessi <span class=\"_ _2\"></span>di mora, eventualmente previsti in <span class=\"_ _2\"></span>via contrattuale, sono contabilizzati a <span class=\"_ _2\"></span>Conto Economico<span class=\"_ _df\"> </span></span>solo al momento del loro effettivo incasso;<span class=\"_ _df\"> </span><span class=\"_ _2c\"> </span><span class=\"ff4\">i <span class=\"_ _4\"> </span>dividendi <span class=\"_ _4\"> </span>s<span class=\"ff5\">ono <span class=\"_ _4\"> </span>rilevati <span class=\"_ _22\"> </span>a <span class=\"_ _4\"> </span>Conto <span class=\"_ _4\"> </span>Economico <span class=\"_ _4\"> </span>nel <span class=\"_ _22\"> </span>cor<span class=\"_ _2\"></span>so <span class=\"_ _22\"> </span>dell\u2019esercizio <span class=\"_ _4\"> </span>in <span class=\"_ _4\"> </span>cui <span class=\"_ _22\"> </span>ne <span class=\"_ _4\"> </span>viene <span class=\"_ _4\"> </span>deliberata <span class=\"_ _4\"> </span>la<span class=\"_ _df\"> </span></span></span>distribuzione;<span class=\"_ _df\"> </span><span class=\"_ _2c\"> </span><span class=\"ff5\">le <span class=\"_ _d\"></span>comm<span class=\"_ _2\"></span>issioni <span class=\"_ _d\"></span>per <span class=\"_ _d\"></span>ricavi <span class=\"_ _d\"></span>da <span class=\"_ _0\"></span>servizi<span class=\"_ _1\"></span> <span class=\"_ _d\"></span>s<span class=\"_ _2\"></span>ono <span class=\"_ _d\"></span>iscritte, <span class=\"_ _d\"></span>sulla <span class=\"_ _d\"></span>base <span class=\"_ _0\"></span>dell\u2019esistenza <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>accordi <span class=\"_ _0\"></span>contrattuali, <span class=\"_ _d\"></span>nel<span class=\"_ _df\"> </span></span>periodo in cui i servizi stessi sono stati prest<span class=\"_ _2\"></span>ati. Le commissioni <span class=\"_ _1\"></span>considerate nel costo ammortizzato ai<span class=\"_ _df\"> </span>fini della determinazione del tasso di interesse effettivo, sono rilev<span class=\"_ _1\"></span>ate tra gli interessi;<span class=\"_ _df\"> </span><span class=\"_ _2c\"> </span><span class=\"ff4\">gli <span class=\"_ _17\"> </span>utili <span class=\"_ _14\"> </span>e <span class=\"_ _17\"> </span>perdite <span class=\"_ _14\"> </span>derivanti <span class=\"_ _17\"> </span>dalla <span class=\"_ _17\"> </span>negoziazione <span class=\"_ _14\"> </span>di <span class=\"_ _17\"> </span>strumenti <span class=\"_ _14\"> </span>finanziari <span class=\"_ _4\"> </span>s<span class=\"_ _2\"></span>ono <span class=\"_ _17\"> </span>riconosciuti <span class=\"_ _17\"> </span>al <span class=\"_ _17\"> </span>Conto<span class=\"_ _df\"> </span></span>Economico <span class=\"_ _f\"></span>al momento <span class=\"_ _f\"></span>del p<span class=\"_ _1\"></span>erfezionamento <span class=\"_ _1\"></span>della v<span class=\"_ _1\"></span>endita, <span class=\"_ _f\"></span>s<span class=\"_ _2\"></span>ulla <span class=\"_ _f\"></span>base d<span class=\"_ _1\"></span>ella <span class=\"_ _f\"></span>d<span class=\"_ _2\"></span>ifferenza <span class=\"_ _f\"></span>tra il <span class=\"_ _f\"></span>corrispettivo<span class=\"_ _df\"> </span>pagato o incassato ed il valore di iscrizione d<span class=\"_ _1\"></span>egli strumenti stessi;<span class=\"_ _df\"> </span><span class=\"_ _2c\"> </span><span class=\"ff4\">i <span class=\"_ _d\"></span>ricavi <span class=\"_ _2\"></span>derivanti <span class=\"_ _d\"></span>dalla <span class=\"_ _2\"></span>vendita <span class=\"_ _d\"></span>di <span class=\"_ _2\"></span>at<span class=\"_ _2\"></span>tivit\u00e0 <span class=\"_ _2\"></span>non <span class=\"_ _d\"></span>finanziarie <span class=\"_ _2\"></span>sono <span class=\"_ _d\"></span>rilevati <span class=\"_ _2\"></span>al <span class=\"_ _d\"></span>momento <span class=\"_ _d\"></span>del <span class=\"_ _d\"></span>perfezionamento<span class=\"_ _df\"> </span></span>della vendita, ovvero quando \u00e8 ademp<span class=\"_ _1\"></span>iuta l\u2019obbligazione di fare nei confronti del cliente.<span class=\"_ _df\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForExpensesExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-850": {
   "value": "Costi<span class=\"_ _1\"></span> sos<span class=\"_ _1\"></span>tenut<span class=\"_ _1\"></span>i per <span class=\"_ _f\"></span>l\u2019ottenim<span class=\"_ _1\"></span>ento<span class=\"_ _1\"></span> del <span class=\"_ _1\"></span>contr<span class=\"_ _1\"></span>atto<div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs737\">I costi <span class=\"_ _f\"></span>sostenuti per <span class=\"_ _f\"></span>l'ottenimento del <span class=\"_ _f\"></span>contratto<span class=\"_ _2\"></span> <span class=\"_ _1\"></span>sono i<span class=\"_ _1\"></span> co<span class=\"_ _1\"></span>sti che <span class=\"_ _f\"></span>l'entit\u00e0 sostiene <span class=\"_ _f\"></span>per ottenere il <span class=\"_ _1\"></span>contratto con<span class=\"_ _f\"></span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs738\">il <span class=\"_ _d\"></span>cliente <span class=\"_ _2\"></span>e <span class=\"_ _0\"></span>che <span class=\"_ _d\"></span>non <span class=\"_ _d\"></span>avrebbe <span class=\"_ _d\"></span>sostenuto <span class=\"_ _d\"></span>se <span class=\"_ _d\"></span>non <span class=\"_ _d\"></span>avesse <span class=\"_ _d\"></span>ottenuto <span class=\"_ _d\"></span>il <span class=\"_ _d\"></span>contratto. <span class=\"_ _d\"></span>Il <span class=\"_ _d\"></span>Gruppo <span class=\"_ _d\"></span>rileva <span class=\"_ _d\"></span>come <span class=\"_ _d\"></span>att<span class=\"_ _2\"></span>ivit\u00e0 <span class=\"_ _2\"></span>i </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs463\">costi sostenuti per l'adempi<span class=\"_ _1\"></span>ment<span class=\"_ _2\"></span>o del contratto soltanto se qu<span class=\"_ _1\"></span>esti soddisfano tutte le condizioni segue<span class=\"_ _1\"></span>nti:<span class=\"_ _d\"></span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs739\">sono incrementali <span class=\"_ _2\"></span><span class=\"ff5\">\u2013</span> <span class=\"_ _2\"></span>Il Gruppo <span class=\"_ _2\"></span>li sostiene per <span class=\"_ _2\"></span>ottenere il <span class=\"_ _2\"></span>contratto con <span class=\"_ _2\"></span>il cliente e <span class=\"_ _2\"></span>non li <span class=\"_ _2\"></span>avrebbe sost<span class=\"_ _2\"></span>enuti se </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs73a\">non avesse ottenuto il contratto; </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs73b\">si prevede di recuperarli.<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs2f9\">I costi s<span class=\"_ _2\"></span>ono rilev<span class=\"_ _1\"></span>ati a <span class=\"_ _2\"></span>Conto Economico secondo il <span class=\"_ _2\"></span>principi<span class=\"_ _1\"></span>o della competenza; i <span class=\"_ _2\"></span>costi relativi all\u2019ot<span class=\"_ _2\"></span><span class=\"ff4\">tenimento </span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs2fa\">e <span class=\"_ _0\"></span>l\u2019adempimento <span class=\"_ _0\"></span>dei <span class=\"_ _0\"></span>contratti <span class=\"_ _0\"></span>con <span class=\"_ _0\"></span>la <span class=\"_ _0\"></span>clientela <span class=\"_ _d\"></span>s<span class=\"_ _2\"></span>ono <span class=\"_ _0\"></span>rilevati <span class=\"_ _d\"></span>a <span class=\"_ _0\"></span>C<span class=\"_ _2\"></span>onto <span class=\"_ _0\"></span>Economico <span class=\"_ _0\"></span>nei <span class=\"_ _d\"></span>periodi <span class=\"_ _0\"></span>nei <span class=\"_ _0\"></span>quali <span class=\"_ _0\"></span>sono </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs2fb\">contabilizzati i relativi ricavi. </div>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForCustomerAcquisitionCostsExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-777": {
   "value": "Criter<span class=\"_ _1\"></span>i di <span class=\"_ _1\"></span>deter<span class=\"_ _1\"></span>minazi<span class=\"_ _1\"></span>one<span class=\"_ _1\"></span> del fa<span class=\"_ _f\"></span>ir value<span class=\"_ _1\"></span> di at<span class=\"_ _f\"></span>tivit\u00e0 e p<span class=\"_ _1\"></span>assi<span class=\"_ _1\"></span>vit\u00e0 <span class=\"_ _1\"></span>non m<span class=\"_ _f\"></span>isurate a<span class=\"_ _f\"></span>l fair val<span class=\"_ _1\"></span>ue su<span class=\"_ _1\"></span> bas<span class=\"_ _1\"></span>e ricor<span class=\"_ _1\"></span>rent<span class=\"_ _f\"></span>e <span class=\"_ _2\"></span> Di seguito si riportano le informazi<span class=\"_ _1\"></span>oni richieste dall\u2019IFRS 13. <span class=\"_ _2\"></span><span class=\"ff4\"> </span>Per i r<span class=\"_ _2\"></span>apporti creditizi attivi e <span class=\"_ _2\"></span>passivi non <span class=\"_ _2\"></span>misurati al <span class=\"_ _2\"></span>fair value su <span class=\"_ _2\"></span>base ricorrente, <span class=\"_ _2\"></span>il fair value, r<span class=\"_ _2\"></span>ipo<span class=\"_ _2\"></span>rtato <span class=\"_ _2\"></span>nelle<span class=\"_ _1\"></span> tabelle presenti nelle note illu<span class=\"_ _1\"></span>strative, \u00e8 stato <span class=\"_ _2\"></span>determinato con i <span class=\"_ _1\"></span>seguenti criteri:<span class=\"_ _2\"></span> <span class=\"_ _2c\"> </span><span class=\"ff4\">per le attiv<span class=\"_ _1\"></span>it\u00e0 e passivit\u00e0 a vist<span class=\"_ _1\"></span>a, con scadenza a<span class=\"_ _1\"></span> breve termine (entro 12<span class=\"_ _1\"></span> mesi) o indeterminata, il<span class=\"_ _f\"></span> valore<span class=\"_ _df\"> </span></span>di iscrizione; stessa impostazione \u00e8 stata utilizzata per i crediti non performing;<span class=\"_ _df\"> </span><span class=\"_ _2c\"> </span><span class=\"ff4\">per <span class=\"_ _d\"></span>i <span class=\"_ _d\"></span>tit<span class=\"_ _2\"></span>oli <span class=\"_ _d\"></span>emessi <span class=\"_ _d\"></span>a <span class=\"_ _0\"></span>tasso<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>variabile <span class=\"_ _d\"></span>e <span class=\"_ _0\"></span>per <span class=\"_ _0\"></span>quelli <span class=\"_ _d\"></span>a <span class=\"_ _0\"></span>tasso <span class=\"_ _0\"></span>fisso <span class=\"_ _0\"></span>a <span class=\"_ _d\"></span>breve <span class=\"_ _d\"></span>termin<span class=\"_ _2\"></span>e <span class=\"_ _d\"></span>(entro <span class=\"_ _0\"></span>12 <span class=\"_ _9\"> </span>mesi) <span class=\"_ _0\"></span>il <span class=\"_ _0\"></span>valore </span>contabile \u00e8 stato assunto come app<span class=\"_ _1\"></span>rossimazione del fair value;<span class=\"_ _df\"> </span><span class=\"_ _2c\"> </span><span class=\"ff4\">per  le <span class=\"_ _4\"> </span>attivit\u00e0  e <span class=\"_ _4\"> </span>passivit\u00e0  a <span class=\"_ _4\"> </span>me<span class=\"_ _1\"></span>dio <span class=\"_ _22\"> </span>a <span class=\"_ _4\"> </span>lungo  t<span class=\"_ _2\"></span>ermine, <span class=\"_ _4\"> </span>la  valutazione <span class=\"_ _22\"> </span>\u00e8 <span class=\"_ _4\"> </span>stata <span class=\"_ _4\"> </span>determinata<span class=\"_ _1\"></span> <span class=\"_ _4\"> </span>me<span class=\"_ _1\"></span>diante<span class=\"_ _df\"> </span></span>l\u2019attualizzazione <span class=\"_ _9\"> </span>dei <span class=\"_ _0\"></span>fl<span class=\"_ _2\"></span>ussi <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>cassa <span class=\"_ _9\"> </span>futuri. <span class=\"_ _9\"> </span>Tale <span class=\"_ _9\"> </span>operazione <span class=\"_ _9\"> </span>\u00e8 <span class=\"_ _9\"> </span>s<span class=\"_ _2\"></span>tata <span class=\"_ _9\"> </span>eseguita <span class=\"_ _0\"> </span>utilizzando <span class=\"_ _9\"> </span>tass<span class=\"_ _2\"></span>i <span class=\"_ _9\"> </span>privi<span class=\"_ _1\"></span> <span class=\"_ _9\"> </span>di<span class=\"_ _df\"> </span>rischio  e,  pe<span class=\"_ _1\"></span>r  le  attivit\u00e0,  correggendo  i  fl<span class=\"_ _1\"></span>ussi  di  cassa  futuri,  tene<span class=\"_ _1\"></span>ndo  conto  della  rischi<span class=\"_ _1\"></span>osit\u00e0  della<span class=\"_ _df\"> </span>controparte mediante parametri di PD (Probabili<span class=\"_ _1\"></span>ty of Default) e di LGD (Loss Given Default);<span class=\"_ _df\"> </span><span class=\"_ _2c\"> </span><span class=\"ff4\">per  i  titoli  emessi  a  tasso  fis<span class=\"_ _1\"></span>so  a  medio  lungo  temine  la  valutazione<span class=\"_ _1\"></span>  \u00e8  stata  effettuata  mediante<span class=\"_ _df\"> </span></span>l\u2019attualizzazione dei flussi di cassa futuri, corretta pe<span class=\"_ _1\"></span>r il ris<span class=\"_ _2\"></span><span class=\"ff4\">chio emittente associato a Credem.<span class=\"_ _df\"> </span></span>Per  tali  strumenti,  la  determinazione  del  fair <span class=\"_ _22\"> </span>value  si  basa <span class=\"_ _22\"> </span>anche  sull\u2019utilizzo <span class=\"_ _22\"> </span>di  parametr<span class=\"_ _2\"></span>i  interni  non direttamente <span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>sservabi<span class=\"_ _1\"></span>li <span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>ul <span class=\"_ _2\"></span>mercato <span class=\"_ _d\"></span>ed <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _d\"></span>calcolato <span class=\"_ _d\"></span>solo <span class=\"_ _2\"></span>ai <span class=\"_ _d\"></span>fini <span class=\"_ _2\"></span>di <span class=\"_ _d\"></span>adempiere <span class=\"_ _2\"></span>alle <span class=\"_ _d\"></span>richieste <span class=\"_ _d\"></span>di <span class=\"_ _2\"></span>informat<span class=\"_ _2\"></span>iva <span class=\"_ _2\"></span>e non ha alcun impatto sullo stato patrimoniale e sul conto econo<span class=\"_ _1\"></span>mico.<span class=\"_ _2\"></span> <div class=\"t m0 h1a ff4 fs6 fc4 sc3 ls0 ws0 gs830\">A.4 I<span class=\"_ _f\"></span>NFORM<span class=\"_ _f\"></span>ATIVA<span class=\"_ _f\"></span> SUL F<span class=\"_ _f\"></span>AIR V<span class=\"_ _1\"></span>ALUE<span class=\"_ _df\"> </span></div><div class=\"t m0 he ff4 fs5 fc4 sc3 ls0 ws0 gs831\">Inform<span class=\"_ _1\"></span>ativa<span class=\"_ _1\"></span> di na<span class=\"_ _1\"></span>tura<span class=\"_ _1\"></span> qualita<span class=\"_ _f\"></span>tiva </div><div class=\"t m0 he ff4 fs5 fc4 sc3 ls0 ws0 gs832\">A.4.1 <span class=\"ff5\">\u2013<span class=\"_ _1\"></span><span class=\"ff4\"> Livello<span class=\"_ _1\"></span> di fa<span class=\"_ _f\"></span>ir value 2 e<span class=\"_ _1\"></span> 3: tecn<span class=\"_ _1\"></span>iche di <span class=\"_ _f\"></span>valutaz<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span>one <span class=\"_ _1\"></span>e inpu<span class=\"_ _f\"></span>t utilizzati<span class=\"_ _df\"> </span></span></span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs833\">Le tecniche di valutazione u<span class=\"_ _1\"></span>tilizzate per gli str<span class=\"_ _2\"></span>umenti finanzi<span class=\"_ _1\"></span>ari appartenenti al livell<span class=\"_ _1\"></span>o 2 e 3 si distinguono:<span class=\"_ _d\"></span> </div><div class=\"t m0 h5 ff14 fs1 fc1 sc0 ls0 ws0 gs834\"><span class=\"_ _2c\"> </span><span class=\"ff4\">Attivit\u00e0 <span class=\"_ _5\"> </span>finanziarie: <span class=\"_ _5\"> </span>valutazione<span class=\"_ _1\"></span> <span class=\"_ _5\"> </span>degli <span class=\"_ _5\"> </span>strumenti <span class=\"_ _5\"> </span>strutturati <span class=\"_ _5\"> </span>utilizzando <span class=\"_ _5\"> </span>per<span class=\"_ _2\"></span> <span class=\"_ _5\"> </span>la <span class=\"_ _5\"> </span>componente<span class=\"_ _df\"> </span></span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs835\">obbligazionaria <span class=\"_ _9\"> </span>il  modell<span class=\"_ _1\"></span>o  d<span class=\"_ _1\"></span>iscounted <span class=\"_ _16\"> </span>cash <span class=\"_ _16\"> </span>flow <span class=\"_ _16\"> </span>con <span class=\"_ _16\"> </span>un <span class=\"_ _9\"> </span>tas<span class=\"_ _2\"></span>so <span class=\"_ _9\"> </span>corretto  per <span class=\"_ _9\"> </span>un  opp<span class=\"_ _1\"></span>ortuno <span class=\"_ _16\"> </span>rischio <span class=\"_ _9\"> </span>di<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs836\">credito, e per la componente azionaria utilizzand<span class=\"_ _1\"></span>o il modello Black&amp;Scholes;<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff14 fs1 fc1 sc0 ls0 ws0 gs837\"><span class=\"_ _2c\"> </span><span class=\"ff4\">Passivit\u00e0 <span class=\"_ _4\"> </span>finanziarie: <span class=\"_ _4\"> </span>valutazione <span class=\"_ _4\"> </span>degli <span class=\"_ _4\"> </span>st<span class=\"_ _2\"></span>rumenti <span class=\"_ _4\"> </span>plain <span class=\"_ _4\"> </span>vanilla <span class=\"_ _17\"> </span>s<span class=\"_ _2\"></span>econdo <span class=\"_ _4\"> </span>le <span class=\"_ _4\"> </span>tecniche <span class=\"_ _4\"> </span>di <span class=\"_ _17\"> </span>valutazione<span class=\"_ _df\"> </span></span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs838\">discounted cash flow di cassa considerando il tasso cor<span class=\"_ _2\"></span>retto per il rischio di credito di Credito Emiliano </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs839\">sulla scadenza dello strumento.<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs83a\">Si riporta brevemente la definizione de<span class=\"_ _1\"></span>i modelli utilizzati:<span class=\"_ _2\"></span> </div><div class=\"t m0 h5 ff4 fs1 fc4 sc3 ls0 ws0 gs83b\">Disco<span class=\"_ _1\"></span>unte<span class=\"_ _f\"></span>d Cash F<span class=\"_ _1\"></span>low </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs83c\">Il <span class=\"_ _2\"></span>modello discounted <span class=\"_ _2\"></span>cash <span class=\"_ _2\"></span>flow, <span class=\"_ _2\"></span>flussi <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>cassa <span class=\"_ _2\"></span>attualizzati, <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _2\"></span>un <span class=\"_ _2\"></span>metodo <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>valutazione<span class=\"_ _1\"></span> <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>un <span class=\"_ _2\"></span>investimento, </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs83d\">basato <span class=\"_ _f\"></span>sul <span class=\"_ _f\"></span>pro<span class=\"_ _2\"></span>cesso <span class=\"_ _f\"></span>finanziario <span class=\"_ _f\"></span>di <span class=\"_ _f\"></span>attualizzazione, <span class=\"_ _f\"></span>che <span class=\"_ _f\"></span>consente di <span class=\"_ _f\"></span>stabilire <span class=\"_ _f\"></span>oggi <span class=\"_ _f\"></span>il v<span class=\"_ _1\"></span>alore <span class=\"_ _f\"></span>att<span class=\"_ _2\"></span>uale <span class=\"_ _11\"></span>di un <span class=\"_ _f\"></span>capitale </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs83e\">che <span class=\"_ _f\"></span>ha come <span class=\"_ _f\"></span>naturale <span class=\"_ _1\"></span>scadenza una <span class=\"_ _f\"></span>data fu<span class=\"_ _f\"></span>t<span class=\"_ _2\"></span>ura <span class=\"_ _f\"></span>tr<span class=\"_ _2\"></span>amite <span class=\"_ _f\"></span>l'applicazione <span class=\"_ _f\"></span>d<span class=\"_ _2\"></span>i <span class=\"_ _f\"></span>un <span class=\"_ _1\"></span>tasso di <span class=\"_ _f\"></span>sconto. <span class=\"_ _1\"></span>Il <span class=\"_ _f\"></span>tasso di <span class=\"_ _f\"></span>sconto </div>viene corretto per il rischio di credito dei flussi futuri attesi dall'attivit\u00e0 in questione. L<span class=\"_ _1\"></span>a somma algebrica dei<span class=\"_ _df\"> </span> flussi attualizzati rappresenta il valore ne<span class=\"_ _1\"></span>tto attuale (N<span class=\"_ _2\"></span>et present value) dello strumento.<span class=\"_ _df\"> </span> I parametri utilizzati nella tecnica di valu<span class=\"_ _1\"></span>tazione sono: curva tassi e credit spread di ogni singola emissione.<span class=\"_ _1\"></span> <span class=\"_ _2\"></span> Model<span class=\"_ _1\"></span>lo Bl<span class=\"_ _1\"></span>ack&amp;<span class=\"_ _1\"></span>Schol<span class=\"_ _1\"></span>es <span class=\"_ _1\"></span> Il <span class=\"_ _2\"></span>modello <span class=\"_ _d\"></span>Black&amp;scholes <span class=\"_ _d\"></span>univariato <span class=\"_ _d\"></span>(BS) <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _d\"></span>il <span class=\"_ _d\"></span>modello <span class=\"_ _2\"></span>di <span class=\"_ _0\"></span>pricing <span class=\"_ _d\"></span>delle <span class=\"_ _d\"></span>opzioni <span class=\"_ _2\"></span>pi\u00f9 <span class=\"_ _d\"></span>famoso <span class=\"_ _d\"></span>e <span class=\"_ _d\"></span>riconosciuto <span class=\"_ _d\"></span>dal<span class=\"_ _df\"> </span> mercato. <span class=\"_ _1\"></span>Il <span class=\"_ _f\"></span>modello <span class=\"_ _1\"></span>si <span class=\"_ _1\"></span>basa <span class=\"_ _f\"></span>s<span class=\"_ _2\"></span>ulla <span class=\"_ _11\"></span>poss<span class=\"_ _2\"></span>ibili<span class=\"_ _1\"></span>t\u00e0 d<span class=\"_ _1\"></span>i <span class=\"_ _f\"></span>creare un <span class=\"_ _f\"></span>por<span class=\"_ _2\"></span>tafoglio <span class=\"_ _f\"></span><span class=\"ff5\">equivalente <span class=\"_ _f\"></span>all\u2019<span class=\"ff4\">opzione, costituito <span class=\"_ _f\"></span>in parte<span class=\"_ _df\"> </span></span></span><span class=\"ff5\"><span class=\"ff4\"><span class=\"_ _1\"></span> </span></span>da <span class=\"_ _2\"></span>unit\u00e0 <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>sottostante <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>parte <span class=\"_ _2\"></span>da <span class=\"_ _d\"></span>obbligazioni pri<span class=\"_ _2\"></span>ve <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>rischio <span class=\"_ _2\"></span>entr<span class=\"_ _2\"></span>ambi <span class=\"_ _2\"></span>influenz<span class=\"_ _1\"></span>ati <span class=\"_ _2\"></span>dalla <span class=\"_ _2\"></span>stessa <span class=\"_ _2\"></span>fonte <span class=\"_ _2\"></span>di<span class=\"_ _df\"> </span> incertezza <span class=\"_ _17\"> </span>data <span class=\"_ _14\"> </span>dalle <span class=\"_ _15\"> </span>variazioni <span class=\"_ _17\"> </span>del <span class=\"_ _14\"> </span>prezzo <span class=\"_ _15\"> </span>dell\u2019azione. <span class=\"_ _17\"> </span>L<span class=\"_ _2\"></span>e <span class=\"_ _17\"> </span>ipotesi <span class=\"_ _14\"> </span>s<span class=\"_ _2\"></span>ottostanti <span class=\"_ _17\"> </span>il <span class=\"_ _14\"> </span>modello <span class=\"_ _14\"> </span>di <span class=\"_ _14\"> </span>BS <span class=\"_ _14\"> </span>sono<span class=\"_ _df\"> </span> rappresentate <span class=\"_ _15\"> </span>dall'andamento <span class=\"_ _15\"> </span>dei <span class=\"_ _14\"> </span>prezzi <span class=\"_ _15\"> </span>dell'att<span class=\"_ _2\"></span>ivit\u00e0 sottostante <span class=\"_ _15\"> </span>(approssimato <span class=\"_ _15\"> </span>da <span class=\"_ _15\"> </span>un <span class=\"_ _15\"> </span>processo <span class=\"_ _15\"> </span>log<span class=\"_ _2\"></span>-<span class=\"_ _df\"> </span>normale), <span class=\"_ _2\"></span>dalla presenza <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>un <span class=\"_ _2\"></span>mercato <span class=\"_ _2\"></span>perfettamente <span class=\"_ _2\"></span>efficie<span class=\"_ _f\"></span>n<span class=\"_ _2\"></span>te; <span class=\"_ _2\"></span>dal <span class=\"_ _2\"></span>tasso <span class=\"_ _2\"></span>di interesse <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>dalla <span class=\"_ _2\"></span>volatilit\u00e0 <span class=\"_ _2\"></span>del<span class=\"_ _df\"> </span> sottostante costante per tutta la durata dell'opzione<span class=\"_ _1\"></span>. <span class=\"_ _2\"></span> I <span class=\"_ _22\"> </span>paramet<span class=\"_ _2\"></span>ri  utilizzati <span class=\"_ _22\"> </span>nella <span class=\"_ _4\"> </span>tecnica  di <span class=\"_ _4\"> </span>valutazione  sono <span class=\"_ _4\"> </span>il  tasso <span class=\"_ _4\"> </span>di  interesse, <span class=\"_ _22\"> </span>il <span class=\"_ _4\"> </span>valore <span class=\"_ _22\"> </span>e <span class=\"_ _4\"> </span>la  volatilit\u00e0 <span class=\"_ _22\"> </span>del<span class=\"_ _df\"> </span> sottostante.<span class=\"_ _df\"> </span> In particolare:<span class=\"_ _df\"> </span> <span class=\"ff10\"> <span class=\"_ _2b\"> </span><span class=\"ff4\">i <span class=\"_ _2\"></span>tassi <span class=\"_ _2\"></span>di <span class=\"_ _d\"></span>interesse <span class=\"_ _2\"></span>sono <span class=\"_ _d\"></span>estrapolati <span class=\"_ _2\"></span>dalla <span class=\"_ _2\"></span>curva <span class=\"_ _2\"></span>zero<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>ottenuta <span class=\"_ _d\"></span>dalle <span class=\"_ _2\"></span>quotazioni <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>m<span class=\"_ _2\"></span>ercato <span class=\"_ _2\"></span>di <span class=\"_ _d\"></span>strumenti<span class=\"_ _df\"> </span></span></span><span class=\"ff10\"><span class=\"ff4\"> </span></span>omogenei;<span class=\"_ _df\"> </span> <span class=\"ff10\"> <span class=\"_ _2b\"> </span><span class=\"ff4\">i credit <span class=\"_ _2\"></span>spr<span class=\"_ _2\"></span>ead per <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>componete <span class=\"_ _2\"></span>Credito <span class=\"_ _2\"></span>Emiliano <span class=\"_ _2\"></span>sono <span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>ttenuti da <span class=\"_ _2\"></span>quotazioni <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>mercato <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>emissioni<span class=\"_ _df\"> </span></span></span><span class=\"ff10\"><span class=\"ff4\"> </span></span>comparables;<span class=\"_ _df\"> </span> <span class=\"ff10\"> <span class=\"_ _2b\"> </span><span class=\"ff4\">valore de<span class=\"_ _1\"></span>l sottostante sono ottenuti dalla quotazione del mercato;<span class=\"_ _df\"> </span></span></span><span class=\"ff10\"><span class=\"ff4\"> </span></span><span class=\"ff10\"> <span class=\"_ _2b\"> </span><span class=\"ff4\">volatili<span class=\"_ _1\"></span>t\u00e0 del sottostante ottenute da quotazioni di mercato. </span></span><span class=\"ff10\"><span class=\"ff4\"> </span></span>A.4.2 P<span class=\"_ _f\"></span>rocessi e <span class=\"_ _1\"></span>sensib<span class=\"_ _1\"></span>ilit\u00e0 de<span class=\"_ _f\"></span>lle valuta<span class=\"_ _f\"></span>zioni<span class=\"_ _df\"> </span> Gli <span class=\"_ _22\"> </span>strumenti <span class=\"_ _4\"> </span>non  scambiati <span class=\"_ _4\"> </span>su  mercati <span class=\"_ _4\"> </span>attivi <span class=\"_ _22\"> </span>sono <span class=\"_ _4\"> </span>valutati  a <span class=\"_ _4\"> </span>mark  to <span class=\"_ _4\"> </span>model  utilizzando  la <span class=\"_ _4\"> </span>tecnica <span class=\"_ _22\"> </span>di<span class=\"_ _df\"> </span> valutazione  che  massimizza <span class=\"_ _4\"> </span>l\u2019u<span class=\"_ _1\"></span>tilizzo  di <span class=\"_ _22\"> </span>dati <span class=\"_ _22\"> </span>os<span class=\"_ _2\"></span>servabili<span class=\"_ _1\"></span>  s<span class=\"_ _2\"></span>ul  mercato.  Qualora  i <span class=\"_ _4\"> </span>parametri<span class=\"_ _f\"></span> <span class=\"_ _4\"> </span>risultino  non<span class=\"_ _df\"> </span> disponibili e direttamente osservabili il livello di<span class=\"_ _1\"></span> fair value attribuito <span class=\"_ _2\"></span>\u00e8 pari a 3.<span class=\"_ _df\"> </span> Nel <span class=\"_ _d\"></span>corso <span class=\"_ _d\"></span>del <span class=\"_ _d\"></span>2025 <span class=\"_ _d\"></span>sono <span class=\"_ _d\"></span>state <span class=\"_ _d\"></span>valutate <span class=\"_ _d\"></span>con <span class=\"_ _d\"></span>modelli <span class=\"_ _d\"></span>mark <span class=\"_ _d\"></span>to <span class=\"_ _d\"></span>model, <span class=\"_ _d\"></span>tramite <span class=\"_ _d\"></span>parame<span class=\"_ _2\"></span>tri <span class=\"_ _d\"></span>non <span class=\"_ _d\"></span>osservab<span class=\"_ _1\"></span>ili <span class=\"_ _d\"></span>(fair<span class=\"_ _df\"> </span> value <span class=\"_ _2\"></span>3), <span class=\"_ _2\"></span>le <span class=\"_ _d\"></span>quote <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>O<span class=\"_ _2\"></span>ICR <span class=\"_ _2\"></span>per <span class=\"_ _d\"></span>le <span class=\"_ _2\"></span>quali <span class=\"_ _2\"></span>non <span class=\"_ _d\"></span>\u00e8 <span class=\"_ _2\"></span>applicabile <span class=\"_ _2\"></span>l\u2019analisi <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>sensitivit\u00e0, <span class=\"_ _2\"></span>e <span class=\"_ _d\"></span><span class=\"ff4\">di <span class=\"_ _d\"></span>investimenti <span class=\"_ _2\"></span>part<span class=\"_ _2\"></span>ecipativ<span class=\"_ _1\"></span>i<span class=\"_ _df\"> </span></span><span class=\"ff4\"> </span>per importi non materiali.<span class=\"_ _df\"> </span> Alla <span class=\"_ _0\"></span>data <span class=\"_ _9\"> </span>del <span class=\"_ _9\"> </span>31 <span class=\"_ _9\"> </span>dicembre <span class=\"_ _9\"> </span>2025 <span class=\"_ _9\"> </span>nessun <span class=\"_ _9\"> </span>strumento <span class=\"_ _9\"> </span>finanziario <span class=\"_ _9\"> </span>derivato <span class=\"_ _0\"></span>\u00e8 <span class=\"_ _9\"> </span>stat<span class=\"_ _2\"></span>o <span class=\"_ _0\"></span>valutato <span class=\"_ _9\"> </span>a <span class=\"_ _9\"> </span>mark <span class=\"_ _9\"> </span>to <span class=\"_ _9\"> </span>model<span class=\"_ _df\"> </span> tramite parametri di mercato non direttamente osservabili.<span class=\"_ _df\"> </span> A.4.3 G<span class=\"_ _1\"></span>erarc<span class=\"_ _1\"></span>hia d<span class=\"_ _1\"></span>el fa<span class=\"_ _1\"></span>ir valu<span class=\"_ _1\"></span>e<span class=\"_ _df\"> </span> Tras<span class=\"_ _1\"></span>ferim<span class=\"_ _1\"></span>enti t<span class=\"_ _1\"></span>ra i li<span class=\"_ _1\"></span>velli <span class=\"_ _1\"></span>della<span class=\"_ _1\"></span> gera<span class=\"_ _f\"></span>rchia del <span class=\"_ _f\"></span>fair value<span class=\"_ _df\"> </span> La g<span class=\"_ _1\"></span>erarchia de<span class=\"_ _1\"></span>l fai<span class=\"_ _1\"></span>r value <span class=\"_ _f\"></span>att<span class=\"_ _2\"></span>ribuisce <span class=\"_ _f\"></span>la massima p<span class=\"_ _1\"></span>riorit\u00e0 ai <span class=\"_ _f\"></span>prezzi qu<span class=\"_ _1\"></span>otati (non <span class=\"_ _f\"></span>r<span class=\"_ _2\"></span>ettificati)<span class=\"_ _1\"></span> in <span class=\"_ _f\"></span>mercati attivi <span class=\"_ _f\"></span>per<span class=\"_ _df\"> </span> attivit\u00e0 o passivit\u00e0 identiche (d<span class=\"_ _1\"></span>ati di livello 1) e la priorit\u00e0 minima agli input n<span class=\"_ _2\"></span>on osservabili (dati di livell<span class=\"_ _1\"></span>o 3).<span class=\"_ _df\"> </span><span class=\"_ _2\"></span> I Livelli utilizzati per le cl<span class=\"_ _1\"></span>assificazioni riportate nel seguito della presente Nota integrativa sono i se<span class=\"_ _1\"></span>guenti:<span class=\"_ _df\"> </span><span class=\"_ _d\"></span> <span class=\"ff10\"> <span class=\"_ _2b\"> </span><span class=\"ff5\">\u201clive<span class=\"_ _1\"></span>llo 1\u201d<span class=\"_ _2\"></span>: il fair <span class=\"_ _2\"></span>value degli strumenti finanziari \u00e8 determinato <span class=\"_ _2\"></span>in base a <span class=\"_ _2\"></span>prezzi di quotazione osserv<span class=\"_ _d\"></span><span class=\"ff4\">abili<span class=\"_ _df\"> </span></span></span></span><span class=\"ff10\"><span class=\"ff5\"><span class=\"ff4\"> </span></span></span>su mercati attivi (non rettificati) alle<span class=\"_ _1\"></span> quali si pu\u00f2 accedere alla data di valutazione;<span class=\"_ _df\"> </span><span class=\"_ _2\"></span> <span class=\"ff10\"> <span class=\"_ _2b\"> </span><span class=\"ff5\">\u201clive<span class=\"_ _1\"></span>llo <span class=\"_ _2\"></span>2\u201d: <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>fair <span class=\"_ _2\"></span>value <span class=\"_ _2\"></span>degl<span class=\"_ _1\"></span>i <span class=\"_ _2\"></span>strumenti <span class=\"_ _2\"></span>finanziari <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _2\"></span>determinato <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>base a <span class=\"_ _2\"></span>input <span class=\"_ _2\"></span>diversi <span class=\"_ _2\"></span>dai <span class=\"_ _2\"></span>prezzi quotati<span class=\"_ _df\"> </span></span></span><span class=\"ff10\"><span class=\"ff5\"> </span></span>inclusi nel Liv<span class=\"_ _2\"></span>ello 1 osservabili dir<span class=\"_ _2\"></span>ettamente o i<span class=\"_ _2\"></span><span class=\"ff5\">ndirettamente per <span class=\"_ _2\"></span>l\u2019attivit\u00e0 o per <span class=\"_ _2\"></span>la passivit\u00e0, utilizzando<span class=\"_ _df\"> </span></span><span class=\"ff5\"> </span>anche di tecniche di valutazione;<span class=\"_ _df\"> </span> <span class=\"ff10\"> <span class=\"_ _2b\"> </span><span class=\"ff5\">\u201clive<span class=\"_ _1\"></span>llo 3\u201d: <span class=\"_ _f\"></span>il <span class=\"_ _f\"></span>fair <span class=\"_ _1\"></span>value <span class=\"_ _f\"></span>degli <span class=\"_ _f\"></span>s<span class=\"_ _2\"></span>trumenti <span class=\"_ _f\"></span>finanziari <span class=\"_ _f\"></span>\u00e8 d<span class=\"_ _1\"></span>eterminato <span class=\"_ _1\"></span>in <span class=\"_ _f\"></span>base a <span class=\"_ _f\"></span>input <span class=\"_ _f\"></span>non <span class=\"_ _1\"></span>osservabili <span class=\"_ _f\"></span>per l\u2019<span class=\"_ _1\"></span>attivit\u00e0<span class=\"_ _df\"> </span></span></span><span class=\"ff10\"><span class=\"ff5\"> </span></span>o per la passivit\u00e0, utilizzando anche<span class=\"_ _1\"></span> di tecniche di valutazione.<span class=\"_ _df\"> </span><span class=\"_ _2\"></span> L\u2019attivit\u00e0 <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>attribuzione <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>ei <span class=\"_ _2\"></span>li<span class=\"_ _2\"></span>velli <span class=\"_ _d\"></span>\u00e8 <span class=\"_ _d\"></span>rappresentata <span class=\"_ _d\"></span>dalla <span class=\"_ _d\"></span>verifica <span class=\"_ _d\"></span>puntuale <span class=\"_ _d\"></span>per <span class=\"_ _d\"></span>ogni <span class=\"_ _d\"></span>str<span class=\"_ _2\"></span>umento <span class=\"_ _d\"></span>detenuto <span class=\"_ _2\"></span>nei<span class=\"_ _df\"> </span> portafogli <span class=\"_ _2\"></span>di propriet\u00e0 <span class=\"_ _2\"></span>di u<span class=\"_ _2\"></span>n possibile <span class=\"_ _2\"></span>potenziale mercat<span class=\"_ _2\"></span>o at<span class=\"_ _2\"></span>tivo che r<span class=\"_ _2\"></span>ispetti alcune <span class=\"_ _2\"></span>regole <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>valorizzazione.<span class=\"_ _df\"> </span> In particolare vi<span class=\"_ _1\"></span>ene analizzato che <span class=\"_ _1\"></span>le contribuzioni risul<span class=\"_ _1\"></span>tino continuative, contenu<span class=\"_ _1\"></span>te nei delta spread <span class=\"_ _1\"></span>bid ask,<span class=\"_ _df\"> </span> indicative di possibili transazioni recenti qui<span class=\"_ _1\"></span>ndi non trascinate, e che l\u2019emittente risulti solido e attivo.<span class=\"_ _df\"> </span><span class=\"_ _2\"></span><span class=\"ff4\"> </span>Il mancato rispetto di tali regole porta a un aggravio di livello associato a una valorizzazione il pi\u00f9 coerente e<span class=\"_ _df\"> </span> rappresentativa del fair value dello strumento.  Analogamente l\u2019anali<span class=\"_ _1\"></span>si viene effettuata anche nella v<span class=\"_ _1\"></span>erifica di un potenziale ripristino<span class=\"_ _1\"></span> di mercato attivo su<span class=\"_ _1\"></span>gli<span class=\"_ _df\"> </span> strumenti  p<span class=\"_ _1\"></span>er <span class=\"_ _16\"> </span>i <span class=\"_ _16\"> </span>quali <span class=\"_ _9\"> </span>nel  corso  de<span class=\"_ _1\"></span>l <span class=\"_ _16\"> </span>tempo <span class=\"_ _16\"> </span>si <span class=\"_ _16\"> </span>verifica <span class=\"_ _9\"> </span>u<span class=\"_ _2\"></span>na <span class=\"_ _16\"> </span>riattivazione<span class=\"_ _1\"></span>  di <span class=\"_ _9\"> </span>valorizzazione  continuative<span class=\"_ _1\"></span> <span class=\"_ _16\"> </span>sul<span class=\"_ _df\"> </span> mercato regolamentato e non.<span class=\"_ _df\"> </span>A.4.4<span class=\"_ _1\"></span> Altre <span class=\"_ _1\"></span>informa<span class=\"_ _f\"></span>zioni<span class=\"_ _df\"> </span>L\u2019attivit\u00e0 <span class=\"_ _9\"> </span>di <span class=\"_ _16\"> </span>attribuzione <span class=\"_ _9\"> </span>dei <span class=\"_ _16\"> </span>livelli <span class=\"_ _9\"> </span>di <span class=\"_ _16\"> </span>fair <span class=\"_ _9\"> </span>value <span class=\"_ _16\"> </span>avviene <span class=\"_ _9\"> </span>tr<span class=\"_ _2\"></span>imestralmente <span class=\"_ _9\"> </span>alle <span class=\"_ _9\"> </span>date  contabi<span class=\"_ _1\"></span>li <span class=\"_ _16\"> </span>di <span class=\"_ _9\"> </span>r<span class=\"_ _2\"></span>iferimento basa<span class=\"ff5\">ndosi <span class=\"_ _2\"></span>sulla <span class=\"_ _2\"></span>verifica d<span class=\"_ _2\"></span>ella <span class=\"_ _2\"></span>presenza di <span class=\"_ _2\"></span>un <span class=\"_ _d\"></span>mercato <span class=\"_ _2\"></span>principale <span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>pi\u00f9 <span class=\"_ _2\"></span>vantaggioso <span class=\"_ _2\"></span>nell\u2019<span class=\"_ _1\"></span>intervallo <span class=\"_ _2\"></span>temporale </span>antecedente <span class=\"_ _0\"></span>la <span class=\"_ _0\"></span>data <span class=\"_ _9\"> </span>contabile <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>riferimento. <span class=\"_ _0\"></span>L\u2019attivit\u00e0 <span class=\"_ _0\"></span>prevede <span class=\"_ _0\"></span>la <span class=\"_ _9\"> </span>verifica <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>alcuni <span class=\"_ _0\"></span>principi <span class=\"_ _0\"></span>necessari <span class=\"_ _9\"> </span>alla definizione <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>presenza <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>un <span class=\"_ _2\"></span>mercato <span class=\"_ _2\"></span>att<span class=\"_ _2\"></span>ivo per <span class=\"_ _2\"></span>ogni <span class=\"_ _2\"></span>st<span class=\"_ _2\"></span>rumento finanziario <span class=\"_ _2\"></span>identificati <span class=\"_ _2\"></span>dalla <span class=\"_ _2\"></span>disponibilit\u00e0 <span class=\"_ _2\"></span>di valorizzazioni eseguibili, continue e con scarto denaro-lettera (bid-ask spread) contenuti. Il <span class=\"_ _0\"></span>rispetto <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>tali <span class=\"_ _9\"> </span>condizioni<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>determina <span class=\"_ _9\"> </span>il <span class=\"_ _0\"></span>livello <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>fair <span class=\"_ _0\"></span>value <span class=\"_ _0\"></span>dello <span class=\"_ _0\"></span>str<span class=\"_ _2\"></span>umento <span class=\"_ _d\"></span>analizzato<span class=\"_ _2\"></span>. <span class=\"_ _9\"> </span>Qualora <span class=\"_ _d\"></span>non <span class=\"_ _9\"> </span>siano presenti <span class=\"_ _2\"></span>quotazioni <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>mercato, <span class=\"_ _d\"></span>l\u2019utilizzo <span class=\"_ _2\"></span>di <span class=\"_ _d\"></span>tecniche <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>valutazione <span class=\"_ _2\"></span>viene <span class=\"_ _d\"></span>effettuata <span class=\"_ _d\"></span>ad <span class=\"_ _d\"></span>ogni <span class=\"_ _2\"></span>dat<span class=\"_ _2\"></span>a <span class=\"_ _d\"></span>contabile massimizzando l\u2019util<span class=\"_ _1\"></span>izzo di <span class=\"_ _1\"></span>input osservabili rilevanti <span class=\"_ _1\"></span>e riducend<span class=\"_ _1\"></span>o al minimo l\u2019util<span class=\"_ _1\"></span>izzo di <span class=\"_ _1\"></span>input non osservabili.<span class=\"_ _1\"></span> La  ve<span class=\"_ _1\"></span>rifica  di<span class=\"_ _1\"></span>  tali <span class=\"_ _16\"> </span>parametri  di <span class=\"_ _9\"> </span>input  in  fu<span class=\"_ _f\"></span>nzion<span class=\"_ _2\"></span>e <span class=\"_ _16\"> </span>della <span class=\"_ _16\"> </span>disponibilit\u00e0  de<span class=\"_ _1\"></span>termina  il <span class=\"_ _16\"> </span>livello <span class=\"_ _16\"> </span>di <span class=\"_ _16\"> </span>fair  value<span class=\"_ _1\"></span>  dello strumento. Alle date contabili viene <span class=\"_ _2\"></span>inoltre effettuata <span class=\"_ _2\"></span>una analisi comparativa dei livelli di <span class=\"_ _2\"></span>fair value rispetto <span class=\"_ _2\"></span>al trimestre precedente <span class=\"_ _0\"></span>e <span class=\"_ _0\"></span>l\u2019inizio <span class=\"_ _9\"> </span>dell\u2019esercizio <span class=\"_ _9\"> </span>di <span class=\"_ _0\"></span>riferimento <span class=\"_ _9\"> </span>al <span class=\"_ _0\"></span>fine <span class=\"_ _9\"> </span>di <span class=\"_ _0\"></span>individuare <span class=\"_ _0\"></span>i <span class=\"_ _9\"> </span>trasferimenti <span class=\"_ _0\"></span>di <span class=\"_ _0\"> </span>l<span class=\"_ _2\"></span>ivelli <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>fair <span class=\"_ _9\"> </span>value avvenuti nel corso dell\u2019esercizio di<span class=\"_ _1\"></span> riferimento e le circostanze che hanno determinato tale trasferimento.<span class=\"_ _2\"></span><span class=\"ff4\"> </span>Inform<span class=\"_ _1\"></span>ativa<span class=\"_ _1\"></span> di na<span class=\"_ _1\"></span>tura<span class=\"_ _1\"></span> quantit<span class=\"_ _1\"></span>ativa A.4.5<span class=\"_ _1\"></span> Gera<span class=\"_ _1\"></span>rchia <span class=\"_ _1\"></span>del fair <span class=\"_ _1\"></span>value<span class=\"_ _df\"> </span>A.4.5.<span class=\"_ _1\"></span>1 Att<span class=\"_ _1\"></span>ivit\u00e0<span class=\"_ _1\"></span> e pas<span class=\"_ _f\"></span>sivit\u00e0 v<span class=\"_ _1\"></span>alutat<span class=\"_ _1\"></span>e al fa<span class=\"_ _f\"></span>ir value <span class=\"_ _1\"></span>su ba<span class=\"_ _f\"></span>se ricor<span class=\"_ _1\"></span>rente: <span class=\"_ _f\"></span>ripartizione<span class=\"_ _f\"></span> per li<span class=\"_ _1\"></span>velli <span class=\"_ _1\"></span>di fa<span class=\"_ _1\"></span>ir valu<span class=\"_ _1\"></span>e<span class=\"_ _df\"> </span><table class=\"s w960 h498\" id=\"_0deef863-3313-4d68-bc20-bad8d4c6ed55\"><tr><td class=\"c x2e0 y2556 w2db h226\"><div class=\"t m0 xe h1f y1498 ff4 fs7 fc7 sc6 ls0 ws0\">Atti<span class=\"_ _1\"></span>vit\u00e0/P<span class=\"_ _1\"></span>ass<span class=\"_ _1\"></span>ivit\u00e0<span class=\"_ _1\"></span> mis<span class=\"_ _1\"></span>urat<span class=\"_ _f\"></span>e al fair<span class=\"_ _1\"></span> valu<span class=\"_ _1\"></span>e </div></td><td></td><td class=\"c x2e1 y2557 w2dc hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc4 sc3 ls0 ws0\">31/12/<span class=\"_ _f\"></span>2025 </div></td><td></td><td></td><td class=\"c x2e2 y2557 w2dd hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc4 sc3 ls0 ws0\">31/12/<span class=\"_ _f\"></span>2024 </div></td><td></td></tr><tr><td></td><td class=\"c x2e1 y2556 w2b2 hc8\"><div class=\"t m0 x14 h1f ye4c ff4 fs7 fc4 sc3 lsc7 ws0\">L1<span class=\"ls0\"> </span></div></td><td class=\"c x2e3 y2556 w2de hc8\"><div class=\"t m0 x39 h1f ye4c ff4 fs7 fc4 sc3 lsc7 ws0\">L2<span class=\"ls0\"> </span></div></td><td class=\"c x2e4 y2556 w2df hc8\"><div class=\"t m0 x14 h1f ye4c ff4 fs7 fc4 sc3 lsc7 ws0\">L3<span class=\"ls0\"> </span></div></td><td class=\"c x2e2 y2556 w2e0 hc8\"><div class=\"t m0 x48 h1f ye4c ff4 fs7 fc4 sc3 lsc7 ws0\">L1<span class=\"ls0\"> </span></div></td><td class=\"c x2e5 y2556 w2df hc8\"><div class=\"t m0 x14 h1f ye4c ff4 fs7 fc4 sc3 lsc7 ws0\">L2<span class=\"ls0\"> </span></div></td><td class=\"c x2e6 y2556 w2df hc8\"><div class=\"t m0 x14 h1f ye4c ff4 fs7 fc4 sc3 lsc7 ws0\">L3<span class=\"ls0\"> </span></div></td></tr><tr><td class=\"c x262 y2558 w961 h48b\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">1. Attivit\u00e0 finanz<span class=\"_ _1\"></span>iarie valutate al fair<span class=\"_ _1\"></span> value con impatt<span class=\"_ _f\"></span>o<span class=\"_ _2\"></span> a conto<span class=\"_ _df\"> </span></div></td><td class=\"c x2e1 y2559 w2b2 h58\"><div class=\"t m0 xac h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">5.975.795 </div></td><td class=\"c x2e7 y2559 w1a2 h58\"><div class=\"t m0 x14 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">69.376 </div></td><td class=\"c x2e4 y2559 w2df h58\"><div class=\"t m0 x2e h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">289.096 </div></td><td class=\"c x2e2 y2559 w8c h58\"><div class=\"t m0 xac h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">5.368.935 </div></td><td class=\"c x2e5 y2559 w1a2 h58\"><div class=\"t m0 x48 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">52.518 </div></td><td class=\"c x2e6 y2559 w1a2 h58\"><div class=\"t m0 x130 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">285.011 </div></td></tr><tr><td class=\"c x262 y255a w962 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">economico<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2e0 y255b w2e1 hc8\"><div class=\"t m0 xac h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">a) attivit\u00e0 finanz<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span>arie detenute<span class=\"_ _1\"></span> per la <span class=\"_ _1\"></span>negoziazione<span class=\"_ _df\"> </span></div></td><td class=\"c x2e1 y255b w2b2 hc8\"><div class=\"t m0 x48 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">24.176 </div></td><td class=\"c x2e7 y255b w1a2 hc8\"><div class=\"t m0 x33 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">16.747 </div></td><td class=\"c x2e4 y255b w2df hc8\"><div class=\"t m0 x11 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x2e2 y255b w8c hc8\"><div class=\"t m0 x48 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">19.098 </div></td><td class=\"c x2e5 y255b w1a2 hc8\"><div class=\"t m0 x48 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">15.038 </div></td><td class=\"c x2e6 y255b w1a2 hc8\"><div class=\"t m0 x30 h1f ye4c ff4 fs7 fc1 sc0 ls2a ws0\">23<span class=\"ls0\"> </span></div></td></tr><tr><td class=\"c x2e0 y255c w2e1 hc8\"><div class=\"t m0 xac h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">b) attivit\u00e0 finanz<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span>arie designate<span class=\"_ _1\"></span> al fai<span class=\"_ _1\"></span>r value<span class=\"_ _df\"> </span></div></td><td class=\"c x2e1 y255c w2b2 hc8\"><div class=\"t m0 x13 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x2e7 y255c w1a2 hc8\"><div class=\"t m0 x13 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x2e4 y255c w2df hc8\"><div class=\"t m0 x11 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x2e2 y255c w8c hc8\"><div class=\"t m0 x11 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x2e5 y255c w1a2 hc8\"><div class=\"t m0 x13 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x2e6 y255c w1a2 hc8\"><div class=\"t m0 x11 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2e0 y255d w2e1 h58\"><div class=\"t m0 xac h1f y41f ff4 fs7 fc1 sc0 ls0 ws0\">c) Altre attivit\u00e0 <span class=\"_ _1\"></span>finanziarie obbli<span class=\"_ _1\"></span>gatoriamente valu<span class=\"_ _1\"></span>tate al fair<span class=\"_ _df\"> </span></div><div class=\"t m0 xac h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">value </div></td><td class=\"c x2e1 y255d w2b2 h58\"><div class=\"t m0 x2f h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">5.951.619 </div></td><td class=\"c x2e7 y255d w1a2 h58\"><div class=\"t m0 x14 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">52.629 </div></td><td class=\"c x2e4 y255d w2df h58\"><div class=\"t m0 x2e h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">289.096 </div></td><td class=\"c x2e2 y255d w8c h58\"><div class=\"t m0 xac h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">5.349.837 </div></td><td class=\"c x2e5 y255d w1a2 h58\"><div class=\"t m0 x14 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">37.480 </div></td><td class=\"c x2e6 y255d w1a2 h58\"><div class=\"t m0 x2a h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">284.988 </div></td></tr><tr><td class=\"c x262 y255e w963 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">2. Attivit\u00e0 finanz<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span>arie valut<span class=\"_ _1\"></span>ate al fair <span class=\"_ _1\"></span>value con impatto<span class=\"_ _1\"></span> sulla<span class=\"_ _df\"> </span></div></td><td class=\"c x2e1 y255f w2b2 had\"><div class=\"t m0 x8e h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">9.621.292 </div></td><td class=\"c x2e7 y255f w1a2 had\"><div class=\"t m0 x48 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">49.710 </div></td><td class=\"c x2e4 y255f w2df had\"><div class=\"t m0 x39 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">34.463 </div></td><td class=\"c x2e2 y255f w8c had\"><div class=\"t m0 xac h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">9.403.955 </div></td><td class=\"c x2e5 y255f w1a2 had\"><div class=\"t m0 x14 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">57.766 </div></td><td class=\"c x2e6 y255f w1a2 had\"><div class=\"t m0 x33 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">30.118 </div></td></tr><tr><td class=\"c x262 y2560 w964 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">redditivit\u00e0 comp<span class=\"_ _f\"></span>l<span class=\"_ _2\"></span>essiva<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2e0 y2561 w2e1 hc8\"><div class=\"t m0 x10 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">3. Derivati di c<span class=\"_ _1\"></span>opertura </div></td><td class=\"c x2e1 y2561 w2b2 hc8\"><div class=\"t m0 x13 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x2e7 y2561 w1a2 hc8\"><div class=\"t m0 x55 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">179.098 </div></td><td class=\"c x2e4 y2561 w2df hc8\"><div class=\"t m0 x11 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x2e2 y2561 w8c hc8\"><div class=\"t m0 x11 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x2e5 y2561 w1a2 hc8\"><div class=\"t m0 x2e h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">427.235 </div></td><td class=\"c x2e6 y2561 w1a2 hc8\"><div class=\"t m0 x11 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2e0 y2562 w2e1 hc8\"><div class=\"t m0 x10 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">4. Attivit\u00e0 mater<span class=\"_ _1\"></span>iali </div></td><td class=\"c x2e1 y2562 w2b2 hc8\"><div class=\"t m0 x13 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x2e7 y2562 w1a2 hc8\"><div class=\"t m0 x13 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x2e4 y2562 w2df hc8\"><div class=\"t m0 x11 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x2e2 y2562 w8c hc8\"><div class=\"t m0 x11 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x2e5 y2562 w1a2 hc8\"><div class=\"t m0 x13 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x2e6 y2562 w1a2 hc8\"><div class=\"t m0 x11 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2e0 y2563 w2e1 h227\"><div class=\"t m0 x10 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">5. Attivit\u00e0 imma<span class=\"_ _1\"></span>teriali<span class=\"_ _df\"> </span></div></td><td class=\"c x2e1 y2563 w2b2 h227\"><div class=\"t m0 x13 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x2e7 y2563 w1a2 h227\"><div class=\"t m0 x13 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x2e4 y2563 w2df h227\"><div class=\"t m0 x11 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x2e2 y2563 w8c h227\"><div class=\"t m0 x11 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x2e5 y2563 w1a2 h227\"><div class=\"t m0 x13 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x2e6 y2563 w1a2 h227\"><div class=\"t m0 x11 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2e0 y2564 w2e1 hc8\"><div class=\"t m0 x6e h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale </div></td><td class=\"c x2e1 y2564 w2b2 hc8\"><div class=\"t m0 x8a h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">15.59<span class=\"_ _1\"></span>7.0<span class=\"_ _1\"></span>87 </div></td><td class=\"c x2e7 y2564 w1a2 hc8\"><div class=\"t m0 x55 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">298.1<span class=\"_ _f\"></span>84 </div></td><td class=\"c x2e4 y2564 w2df hc8\"><div class=\"t m0 x2e h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">323.5<span class=\"_ _1\"></span>59<span class=\"_ _1\"></span> </div></td><td class=\"c x2e2 y2564 w8c hc8\"><div class=\"t m0 xab h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">14.77<span class=\"_ _1\"></span>2.89<span class=\"_ _f\"></span>0 </div></td><td class=\"c x2e5 y2564 w1a2 hc8\"><div class=\"t m0 x130 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">537.<span class=\"_ _1\"></span>519<span class=\"_ _1\"></span> </div></td><td class=\"c x2e6 y2564 w1a2 hc8\"><div class=\"t m0 x39 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">315.1<span class=\"_ _f\"></span>29 </div></td></tr><tr><td class=\"c x2e0 y2565 w2e1 hc8\"><div class=\"t m0 x10 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">1. Passivit\u00e0 finanz<span class=\"_ _1\"></span>iarie detenute pe<span class=\"_ _1\"></span>r la negoz<span class=\"_ _1\"></span>iazione </div></td><td class=\"c x2e1 y2565 w2b2 hc8\"><div class=\"t m0 x31 h1f ye4c ff4 fs7 fc1 sc0 ls2a ws0\">29<span class=\"ls0\"> </span></div></td><td class=\"c x2e7 y2565 w1a2 hc8\"><div class=\"t m0 x33 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">13.881 </div></td><td class=\"c x2e4 y2565 w2df hc8\"><div class=\"t m0 x11 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x2e2 y2565 w8c hc8\"><div class=\"t m0 x11 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x2e5 y2565 w1a2 hc8\"><div class=\"t m0 x48 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">14.463 </div></td><td class=\"c x2e6 y2565 w1a2 hc8\"><div class=\"t m0 x11 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2e0 y2566 w2e1 hc8\"><div class=\"t m0 x10 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">2. Passivit\u00e0 finanz<span class=\"_ _1\"></span>iarie designate a<span class=\"_ _f\"></span>l<span class=\"_ _2\"></span> f<span class=\"_ _1\"></span>air value<span class=\"_ _df\"> </span></div></td><td class=\"c x2e1 y2566 w2b2 hc8\"><div class=\"t m0 x13 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x2e7 y2566 w1a2 hc8\"><div class=\"t m0 x13 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x2e4 y2566 w2df hc8\"><div class=\"t m0 x8e h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">4.744.132 </div></td><td class=\"c x2e2 y2566 w8c hc8\"><div class=\"t m0 x11 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x2e5 y2566 w1a2 hc8\"><div class=\"t m0 x13 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x2e6 y2566 w1a2 hc8\"><div class=\"t m0 xab h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">4.402.690 </div></td></tr><tr><td class=\"c x2e0 y2567 w2e1 hc8\"><div class=\"t m0 x10 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">3. Derivati di c<span class=\"_ _1\"></span>opertura </div></td><td class=\"c x2e1 y2567 w2b2 hc8\"><div class=\"t m0 x13 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x2e7 y2567 w1a2 hc8\"><div class=\"t m0 x2e h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">482.249<span class=\"_ _df\"> </span></div></td><td class=\"c x2e4 y2567 w2df hc8\"><div class=\"t m0 x11 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x2e2 y2567 w8c hc8\"><div class=\"t m0 x11 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x2e5 y2567 w1a2 hc8\"><div class=\"t m0 x130 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">731.778 </div></td><td class=\"c x2e6 y2567 w1a2 hc8\"><div class=\"t m0 x11 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2e0 y2568 w2e1 hc8\"><div class=\"t m0 x6e h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale </div></td><td class=\"c x2e1 y2568 w2b2 hc8\"><div class=\"t m0 x31 h1f y28b ff4 fs7 fc1 sc2 ls2a ws0\">29<span class=\"ls0\"> </span></div></td><td class=\"c x2e7 y2568 w1a2 hc8\"><div class=\"t m0 x55 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">496.<span class=\"_ _1\"></span>130<span class=\"_ _f\"></span> </div></td><td class=\"c x2e4 y2568 w2df hc8\"><div class=\"t m0 x2f h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">4.74<span class=\"_ _f\"></span>4.132 </div></td><td class=\"c x2e2 y2568 w8c hc8\"><div class=\"t m0 x11 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td><td class=\"c x2e5 y2568 w1a2 hc8\"><div class=\"t m0 x55 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">746.<span class=\"_ _1\"></span>241<span class=\"_ _1\"></span> </div></td><td class=\"c x2e6 y2568 w1a2 hc8\"><div class=\"t m0 xac h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">4.40<span class=\"_ _f\"></span>2.690 </div></td></tr></table>In riferimento all<span class=\"_ _f\"></span>e attivit\u00e0 valutate <span class=\"_ _1\"></span>al fair valu<span class=\"_ _1\"></span>e su b<span class=\"_ _1\"></span>ase ricorrente <span class=\"_ _1\"></span>alla data de<span class=\"_ _1\"></span>l 31 d<span class=\"_ _1\"></span>icembre 2025 <span class=\"_ _1\"></span>gli strumenti valorizzati <span class=\"_ _4\"> </span>secondo <span class=\"_ _22\"> </span>il <span class=\"_ _4\"> </span>mercato <span class=\"_ _4\"> </span>pi\u00f9 <span class=\"_ _4\"> </span>vantaggioso <span class=\"_ _4\"> </span>(li<span class=\"_ _1\"></span>vello <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>fair <span class=\"_ _4\"> </span>value  pari <span class=\"_ _4\"> </span>a <span class=\"_ _4\"> </span>1) <span class=\"_ _4\"> </span>e/o <span class=\"_ _4\"> </span>secondo <span class=\"_ _4\"> </span>tecniche  di<span class=\"_ _2\"></span> valutazione <span class=\"_ _2\"></span>basate <span class=\"_ _d\"></span>su <span class=\"_ _2\"></span>parametri <span class=\"_ _2\"></span>oss<span class=\"_ _2\"></span>ervabil<span class=\"_ _1\"></span>i <span class=\"_ _2\"></span>(livello <span class=\"_ _2\"></span>di <span class=\"_ _d\"></span>fair <span class=\"_ _2\"></span>value <span class=\"_ _d\"></span>pari <span class=\"_ _2\"></span>a <span class=\"_ _d\"></span>2) <span class=\"_ _2\"></span>rappresentano <span class=\"_ _d\"></span>il <span class=\"_ _2\"></span>98.01% <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>t<span class=\"_ _d\"></span>otale delle attivit\u00e0 valutate al fair value (valore stabile<span class=\"_ _1\"></span> rispetto al corrispondente 2024 pari al 97,98%). <span class=\"_ _2\"></span> Gli <span class=\"_ _2\"></span>strumenti <span class=\"_ _2\"></span>valutati <span class=\"_ _2\"></span>tramite t<span class=\"_ _2\"></span>ecniche di <span class=\"_ _2\"></span>valutazione <span class=\"_ _2\"></span>basate <span class=\"_ _2\"></span>prevalentemente <span class=\"_ _2\"></span>su <span class=\"_ _2\"></span>parametri <span class=\"_ _2\"></span>non <span class=\"_ _2\"></span>osservabili hanno <span class=\"_ _0\"></span>riguardato <span class=\"_ _0\"></span>una <span class=\"_ _9\"> </span>parte <span class=\"_ _0\"></span>residuale <span class=\"_ _0\"></span>d<span class=\"_ _2\"></span>el <span class=\"_ _0\"></span>tot<span class=\"_ _2\"></span>ale <span class=\"_ _0\"></span>attivit\u00e0 <span class=\"_ _0\"></span>valutate <span class=\"_ _0\"></span>al <span class=\"_ _9\"> </span>fair <span class=\"_ _0\"></span>value <span class=\"_ _9\"> </span>(1,99%) <span class=\"_ _0\"></span>costant<span class=\"_ _2\"></span>e <span class=\"_ _0\"></span>rispetto <span class=\"_ _0\"></span>al valore del 2024 pari a 2,02%.<span class=\"_ _df\"> </span>A.4.5.<span class=\"_ _1\"></span>2 Var<span class=\"_ _1\"></span>iazio<span class=\"_ _1\"></span>ni an<span class=\"_ _f\"></span>nue delle<span class=\"_ _1\"></span> att<span class=\"_ _1\"></span>ivit\u00e0 v<span class=\"_ _1\"></span>alut<span class=\"_ _1\"></span>ate a<span class=\"_ _1\"></span>l fai<span class=\"_ _1\"></span>r valu<span class=\"_ _1\"></span>e su <span class=\"_ _1\"></span>base<span class=\"_ _1\"></span> rico<span class=\"_ _1\"></span>rrente<span class=\"_ _1\"></span> (live<span class=\"_ _1\"></span>llo 3<span class=\"_ _f\"></span>)<span class=\"_ _2\"></span><span class=\"fc1 sc0\"> </span><table class=\"s w965 h499\" id=\"_bdc59401-3bb1-400a-9820-131f2234c70d\"><tr><td></td><td class=\"c x2e9 y2569 w966 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">Atti<span class=\"_ _1\"></span>vit\u00e0 f<span class=\"_ _f\"></span>inanziar<span class=\"_ _f\"></span>ie valut<span class=\"_ _1\"></span>ate a<span class=\"_ _f\"></span>l fair val<span class=\"_ _1\"></span>ue co<span class=\"_ _1\"></span>n im<span class=\"_ _f\"></span>patto a<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x2ea y256a w967 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">cont<span class=\"_ _1\"></span>o eco<span class=\"_ _f\"></span>nomic<span class=\"_ _1\"></span>o<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x2eb y256b w968 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">Atti<span class=\"_ _1\"></span>vit\u00e0<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td class=\"c x2ec y256c w969 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">finan<span class=\"_ _f\"></span>ziarie<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td></tr><tr><td></td><td></td><td class=\"c x2ed y256d w96a h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">di cui<span class=\"_ _f\"></span>: a)<span class=\"_ _df\"> </span></div></td><td class=\"c x2ee y256d w96b h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">di cui<span class=\"_ _f\"></span>: b)<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x2ec y256e w96c h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">val<span class=\"_ _1\"></span>utate a<span class=\"_ _f\"></span>l<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td></tr><tr><td></td><td class=\"c x2ef y256f w96d h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">di cui<span class=\"_ _f\"></span>: c) altr<span class=\"_ _f\"></span>e<span class=\"_ _df\"> </span></div></td><td class=\"c x2f0 y2570 w96e h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">attiv<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span>t\u00e0<span class=\"_ _df\"> </span></div></td><td class=\"c x2f1 y2570 w96e h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">attiv<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span>t\u00e0<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x2f2 y2571 w96f h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">fair v<span class=\"_ _f\"></span>alue<span class=\"_ _df\"> </span></div></td><td class=\"c x2f3 y2571 w970 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">Deri<span class=\"_ _1\"></span>vati di<span class=\"_ _df\"> </span></div></td><td class=\"c x2f4 y2571 w968 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">Atti<span class=\"_ _1\"></span>vit\u00e0<span class=\"_ _df\"> </span></div></td><td class=\"c x2f5 y2571 w968 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">Atti<span class=\"_ _1\"></span>vit\u00e0<span class=\"_ _df\"> </span></div></td></tr><tr><td></td><td></td><td class=\"c x2f6 y2572 w971 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">finan<span class=\"_ _f\"></span>ziarie<span class=\"_ _df\"> </span></div></td><td class=\"c x2f7 y2572 w971 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">finan<span class=\"_ _f\"></span>ziarie</div></td><td class=\"c x2f8 y2573 w972 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">attiv<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span>t\u00e0<span class=\"_ _1\"></span> fina<span class=\"_ _f\"></span>nziarie<span class=\"_ _df\"> </span></div></td><td class=\"c x2f9 y2574 w973 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">con i<span class=\"_ _1\"></span>mpat<span class=\"_ _f\"></span>to<span class=\"_ _df\"> </span></div></td><td class=\"c x2f3 y2574 w974 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">cope<span class=\"_ _1\"></span>rtur<span class=\"_ _1\"></span>a<span class=\"_ _df\"> </span></div></td><td class=\"c x2fa y2574 w975 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">mat<span class=\"_ _f\"></span>eriali<span class=\"_ _df\"> </span></div></td><td class=\"c x2fb y2574 w976 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">imm<span class=\"_ _f\"></span>aterial<span class=\"_ _1\"></span>i<span class=\"_ _df\"> </span></div></td></tr><tr><td></td><td class=\"c x2fc y2575 w2ea h22e\"><div class=\"t m0 xac h1f yd1c ff4 fs7 fc4 sc3 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale </div></td><td class=\"c x2fd y2576 w977 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">deten<span class=\"_ _f\"></span>ute per<span class=\"_ _df\"> </span></div></td><td class=\"c x2f7 y2576 w978 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">desig<span class=\"_ _f\"></span>nate</div></td><td class=\"c x2fe y2577 w979 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">obbl<span class=\"_ _1\"></span>igato<span class=\"_ _f\"></span>riamen<span class=\"_ _f\"></span>te<span class=\"_ _df\"> </span></div></td><td class=\"c x2ff y2578 w97a h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">sull<span class=\"_ _1\"></span>a<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td></tr><tr><td></td><td class=\"c x300 y2579 w97b h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">val<span class=\"_ _1\"></span>utate a<span class=\"_ _f\"></span>l fair<span class=\"_ _df\"> </span></div></td><td class=\"c x301 y257a w97c h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">la<span class=\"_ _df\"> </span></div></td><td class=\"c x302 y257a w97d h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">al fai<span class=\"_ _1\"></span>r<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x303 y257b w97e h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">reddit<span class=\"_ _f\"></span>ivit\u00e0<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td></tr><tr><td></td><td></td><td></td><td></td><td class=\"c x304 y257c w97f h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">val<span class=\"_ _1\"></span>ue<span class=\"_ _df\"> </span></div></td><td class=\"c x305 y257d w980 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">com<span class=\"_ _f\"></span>plessiv<span class=\"_ _1\"></span>a<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td></tr><tr><td></td><td></td><td class=\"c x2fd y257e w981 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">neg<span class=\"_ _1\"></span>ozia<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e<span class=\"_ _df\"> </span></div></td><td class=\"c x302 y257e w982 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">val<span class=\"_ _1\"></span>ue<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x306 y257f w2e3 hc8\"><div class=\"t m0 x10 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">1. Esi<span class=\"_ _f\"></span>stenze i<span class=\"_ _1\"></span>nizi<span class=\"_ _1\"></span>ali  </div></td><td class=\"c x2fc y257f w1c7 hc8\"><div class=\"t m0 x8e h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">285.<span class=\"_ _1\"></span>011 </div></td><td class=\"c x307 y257f w2e4 hc8\"><div class=\"t m0 x12 h1f y28b ff4 fs7 fc1 sc2 ls2a ws0\">23<span class=\"ls0\"> </span></div></td><td class=\"c x308 y257f w1b2 hc8\"><div class=\"t m0 x36 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td><td class=\"c x309 y257f wa0 hc8\"><div class=\"t m0 x11 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">284.9<span class=\"_ _f\"></span>88 </div></td><td class=\"c x30a y257f w22d hc8\"><div class=\"t m0 x27 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">30.1<span class=\"_ _1\"></span>18 </div></td><td class=\"c x30b y257f w137 hc8\"><div class=\"t m0 x15 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td><td class=\"c x30c y257f wdb hc8\"><div class=\"t m0 x97 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td><td class=\"c x30d y257f w184 hc8\"><div class=\"t m0 x11 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td></tr><tr><td class=\"c x306 y2580 w2e3 hc8\"><div class=\"t m0 x10 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">2. Aum<span class=\"_ _f\"></span>enti<span class=\"_ _1\"></span> </div></td><td class=\"c x2fc y2580 w1c7 hc8\"><div class=\"t m0 x2f h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">59.6<span class=\"_ _f\"></span>00 </div></td><td class=\"c x307 y2580 w2e4 hc8\"><div class=\"t m0 x91 h1f ye4c ff4 fs7 fc1 sc2 lsbc ws0\">31<span class=\"ls0\"> </span></div></td><td class=\"c x308 y2580 w1b2 hc8\"><div class=\"t m0 x36 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td><td class=\"c x309 y2580 wa0 hc8\"><div class=\"t m0 x7 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">59.5<span class=\"_ _1\"></span>69 </div></td><td class=\"c x30a y2580 w22d hc8\"><div class=\"t m0 x26 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">4.38<span class=\"_ _1\"></span>4 </div></td><td class=\"c x30b y2580 w137 hc8\"><div class=\"t m0 x15 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td><td class=\"c x30c y2580 wdb hc8\"><div class=\"t m0 x97 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td><td class=\"c x30d y2580 w184 hc8\"><div class=\"t m0 x11 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td></tr><tr><td class=\"c x306 y2581 w2e3 hc8\"><div class=\"t m0 x10 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">2.1. Acquisti </div></td><td class=\"c x2fc y2581 w1c7 hc8\"><div class=\"t m0 x2a h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">51.331 </div></td><td class=\"c x307 y2581 w2e4 hc8\"><div class=\"t m0 x12 h1f ye4c ff4 fs7 fc1 sc0 ls2a ws0\">27<span class=\"ls0\"> </span></div></td><td class=\"c x308 y2581 w1b2 hc8\"><div class=\"t m0 x36 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x309 y2581 wa0 hc8\"><div class=\"t m0 x7 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">51.304 </div></td><td class=\"c x30a y2581 w22d hc8\"><div class=\"t m0 x30 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">366 </div></td><td class=\"c x30b y2581 w137 hc8\"><div class=\"t m0 x15 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x30c y2581 wdb hc8\"><div class=\"t m0 x97 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x30d y2581 w184 hc8\"><div class=\"t m0 x11 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x306 y2582 w2e3 hc8\"><div class=\"t m0 x10 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">2.2. Profitti imputa<span class=\"_ _f\"></span>ti<span class=\"_ _2\"></span> a: </div></td><td class=\"c x2fc y2582 w1c7 hc8\"><div class=\"t m0 x55 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">8.267 </div></td><td class=\"c x307 y2582 w2e4 hc8\"><div class=\"t m0 x7 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">4 </div></td><td class=\"c x308 y2582 w1b2 hc8\"><div class=\"t m0 x36 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x309 y2582 wa0 hc8\"><div class=\"t m0 xc6 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">8.263 </div></td><td class=\"c x30a y2582 w22d hc8\"><div class=\"t m0 x90 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x30b y2582 w137 hc8\"><div class=\"t m0 x15 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x30c y2582 wdb hc8\"><div class=\"t m0 x97 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x30d y2582 w184 hc8\"><div class=\"t m0 x11 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x306 y2583 w2e3 hc8\"><div class=\"t m0 x10 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">2.2.1. Conto Econ<span class=\"_ _1\"></span>omico </div></td><td class=\"c x2fc y2583 w1c7 hc8\"><div class=\"t m0 x55 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">8.267 </div></td><td class=\"c x307 y2583 w2e4 hc8\"><div class=\"t m0 x7 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">4 </div></td><td class=\"c x308 y2583 w1b2 hc8\"><div class=\"t m0 x36 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x309 y2583 wa0 hc8\"><div class=\"t m0 xc6 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">8.263 </div></td><td class=\"c x30a y2583 w22d hc8\"><div class=\"t m0 x90 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x30b y2583 w137 hc8\"><div class=\"t m0 x15 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x30c y2583 wdb hc8\"><div class=\"t m0 x97 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x30d y2583 w184 hc8\"><div class=\"t m0 x11 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x306 y2584 w2e3 hc8\"><div class=\"t m0 xac h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- di cui plusvalenze<span class=\"_ _f\"></span> </div></td><td class=\"c x2fc y2584 w1c7 hc8\"><div class=\"t m0 x2e h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">8.262 </div></td><td class=\"c x307 y2584 w2e4 hc8\"><div class=\"t m0 x1c h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x308 y2584 w1b2 hc8\"><div class=\"t m0 x36 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x309 y2584 wa0 hc8\"><div class=\"t m0 xc6 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">8.262 </div></td><td class=\"c x30a y2584 w22d hc8\"><div class=\"t m0 x90 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x30b y2584 w137 hc8\"><div class=\"t m0 x15 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x30c y2584 wdb hc8\"><div class=\"t m0 x97 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x30d y2584 w184 hc8\"><div class=\"t m0 x11 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x306 y2585 w2e3 hc8\"><div class=\"t m0 x10 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">2.2.2. Patrimon<span class=\"_ _1\"></span>io netto </div></td><td class=\"c x2fc y2585 w1c7 hc8\"><div class=\"t m0 x38 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x307 y2585 w2e4 hc8\"><div class=\"t m0 x2c h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x308 y2585 w1b2 hc8\"><div class=\"t m0 x14 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x309 y2585 wa0 hc8\"><div class=\"t m0 x31 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x30a y2585 w22d hc8\"><div class=\"t m0 x90 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x30b y2585 w137 hc8\"><div class=\"t m0 x15 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x30c y2585 wdb hc8\"><div class=\"t m0 x97 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x30d y2585 w184 hc8\"><div class=\"t m0 x11 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x306 y2586 w2e3 h227\"><div class=\"t m0 x10 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">2.3. Trasferiment<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span> da altri <span class=\"_ _1\"></span>livelli </div></td><td class=\"c x2fc y2586 w1c7 h227\"><div class=\"t m0 x38 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x307 y2586 w2e4 h227\"><div class=\"t m0 x1c h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x308 y2586 w1b2 h227\"><div class=\"t m0 x36 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x309 y2586 wa0 h227\"><div class=\"t m0 xec h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x30a y2586 w22d h227\"><div class=\"t m0 x90 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x30b y2586 w137 h227\"><div class=\"t m0 x15 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x30c y2586 wdb h227\"><div class=\"t m0 x97 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x30d y2586 w184 h227\"><div class=\"t m0 x11 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x306 y2587 w2e3 hc8\"><div class=\"t m0 x10 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">2.4. Altre variaz<span class=\"_ _1\"></span>ioni in aument<span class=\"_ _1\"></span>o </div></td><td class=\"c x2fc y2587 w1c7 hc8\"><div class=\"t m0 x37 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">2 </div></td><td class=\"c x307 y2587 w2e4 hc8\"><div class=\"t m0 x1c h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x308 y2587 w1b2 hc8\"><div class=\"t m0 x36 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x309 y2587 wa0 hc8\"><div class=\"t m0 xec h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">2 </div></td><td class=\"c x30a y2587 w22d hc8\"><div class=\"t m0 x34 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">4.018 </div></td><td class=\"c x30b y2587 w137 hc8\"><div class=\"t m0 x15 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x30c y2587 wdb hc8\"><div class=\"t m0 x97 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x30d y2587 w184 hc8\"><div class=\"t m0 x11 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x306 y2588 w2e3 hc8\"><div class=\"t m0 x10 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">3. Di<span class=\"_ _1\"></span>min<span class=\"_ _1\"></span>uzion<span class=\"_ _1\"></span>i </div></td><td class=\"c x2fc y2588 w1c7 hc8\"><div class=\"t m0 x116 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">55.515 </div></td><td class=\"c x307 y2588 w2e4 hc8\"><div class=\"t m0 x96 h1f y28b ff4 fs7 fc1 sc0 ls32 ws0\">54<span class=\"ls0\"> </span></div></td><td class=\"c x308 y2588 w1b2 hc8\"><div class=\"t m0 x36 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x309 y2588 wa0 hc8\"><div class=\"t m0 x1c h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">55.461 </div></td><td class=\"c x30a y2588 w22d hc8\"><div class=\"t m0 x8f h1f y28b ff4 fs7 fc1 sc0 ls27 ws0\">39<span class=\"ls0\"> </span></div></td><td class=\"c x30b y2588 w137 hc8\"><div class=\"t m0 x15 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x30c y2588 wdb hc8\"><div class=\"t m0 x97 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x30d y2588 w184 hc8\"><div class=\"t m0 x11 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x306 y2589 w2e3 hc8\"><div class=\"t m0 x10 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">3.1. Vendite </div></td><td class=\"c x2fc y2589 w1c7 hc8\"><div class=\"t m0 x8e h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">35.380 </div></td><td class=\"c x307 y2589 w2e4 hc8\"><div class=\"t m0 x96 h1f y28b ff4 fs7 fc1 sc0 ls32 ws0\">54<span class=\"ls0\"> </span></div></td><td class=\"c x308 y2589 w1b2 hc8\"><div class=\"t m0 x36 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x309 y2589 wa0 hc8\"><div class=\"t m0 x90 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">35.326 </div></td><td class=\"c x30a y2589 w22d hc8\"><div class=\"t m0 x90 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x30b y2589 w137 hc8\"><div class=\"t m0 x15 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x30c y2589 wdb hc8\"><div class=\"t m0 x97 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x30d y2589 w184 hc8\"><div class=\"t m0 x11 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x306 y258a w2e3 hc8\"><div class=\"t m0 x10 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">3.2. Rimborsi </div></td><td class=\"c x2fc y258a w1c7 hc8\"><div class=\"t m0 x16a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">16.898 </div></td><td class=\"c x307 y258a w2e4 hc8\"><div class=\"t m0 x1c h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x308 y258a w1b2 hc8\"><div class=\"t m0 x36 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x309 y258a wa0 hc8\"><div class=\"t m0 x7 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">16.898 </div></td><td class=\"c x30a y258a w22d hc8\"><div class=\"t m0 x90 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x30b y258a w137 hc8\"><div class=\"t m0 x15 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x30c y258a wdb hc8\"><div class=\"t m0 x97 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x30d y258a w184 hc8\"><div class=\"t m0 x11 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x306 y258b w2e3 hc8\"><div class=\"t m0 x10 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">3.3. Perdite impu<span class=\"_ _1\"></span>tate a: </div></td><td class=\"c x2fc y258b w1c7 hc8\"><div class=\"t m0 x130 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">3.212 </div></td><td class=\"c x307 y258b w2e4 hc8\"><div class=\"t m0 x1c h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x308 y258b w1b2 hc8\"><div class=\"t m0 x36 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x309 y258b wa0 hc8\"><div class=\"t m0 xa3 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">3.212 </div></td><td class=\"c x30a y258b w22d hc8\"><div class=\"t m0 x90 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x30b y258b w137 hc8\"><div class=\"t m0 x15 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x30c y258b wdb hc8\"><div class=\"t m0 x97 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x30d y258b w184 hc8\"><div class=\"t m0 x11 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x306 y258c w2e3 hc8\"><div class=\"t m0 x10 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">3.3.1. Conto Econ<span class=\"_ _1\"></span>omico </div></td><td class=\"c x2fc y258c w1c7 hc8\"><div class=\"t m0 x130 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">3.212 </div></td><td class=\"c x307 y258c w2e4 hc8\"><div class=\"t m0 x1c h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x308 y258c w1b2 hc8\"><div class=\"t m0 x36 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x309 y258c wa0 hc8\"><div class=\"t m0 xa3 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">3.212 </div></td><td class=\"c x30a y258c w22d hc8\"><div class=\"t m0 x90 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x30b y258c w137 hc8\"><div class=\"t m0 x15 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x30c y258c wdb hc8\"><div class=\"t m0 x97 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x30d y258c w184 hc8\"><div class=\"t m0 x11 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x306 y258d w2e3 hc8\"><div class=\"t m0 xac h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- di cui minusva<span class=\"_ _1\"></span>lenze </div></td><td class=\"c x2fc y258d w1c7 hc8\"><div class=\"t m0 x2e h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">3.209 </div></td><td class=\"c x307 y258d w2e4 hc8\"><div class=\"t m0 x1c h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x308 y258d w1b2 hc8\"><div class=\"t m0 x36 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x309 y258d wa0 hc8\"><div class=\"t m0 xc6 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">3.209 </div></td><td class=\"c x30a y258d w22d hc8\"><div class=\"t m0 x90 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x30b y258d w137 hc8\"><div class=\"t m0 x15 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x30c y258d wdb hc8\"><div class=\"t m0 x97 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x30d y258d w184 hc8\"><div class=\"t m0 x11 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x306 y258e w2e3 hc8\"><div class=\"t m0 x10 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">3.3.2. Patrimon<span class=\"_ _1\"></span>io netto </div></td><td class=\"c x2fc y258e w1c7 hc8\"><div class=\"t m0 x38 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x307 y258e w2e4 hc8\"><div class=\"t m0 x2c h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x308 y258e w1b2 hc8\"><div class=\"t m0 x14 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x309 y258e wa0 hc8\"><div class=\"t m0 x31 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x30a y258e w22d hc8\"><div class=\"t m0 x90 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x30b y258e w137 hc8\"><div class=\"t m0 x15 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x30c y258e wdb hc8\"><div class=\"t m0 x97 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x30d y258e w184 hc8\"><div class=\"t m0 x11 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x306 y258f w2e3 hc8\"><div class=\"t m0 x10 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">3.4. Trasferiment<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span> da altri <span class=\"_ _1\"></span>livelli </div></td><td class=\"c x2fc y258f w1c7 hc8\"><div class=\"t m0 x38 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x307 y258f w2e4 hc8\"><div class=\"t m0 x1c h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x308 y258f w1b2 hc8\"><div class=\"t m0 x36 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x309 y258f wa0 hc8\"><div class=\"t m0 xec h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x30a y258f w22d hc8\"><div class=\"t m0 x90 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x30b y258f w137 hc8\"><div class=\"t m0 x15 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x30c y258f wdb hc8\"><div class=\"t m0 x97 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x30d y258f w184 hc8\"><div class=\"t m0 x11 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x306 y2590 w2e3 h58\"><div class=\"t m0 x10 h1f y15 ff4 fs7 fc1 sc0 ls0 ws0\">3.5. Altre variaz<span class=\"_ _1\"></span>ioni in </div><div class=\"t m0 x10 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">diminuzione </div></td><td class=\"c x2fc y2590 w1c7 h58\"><div class=\"t m0 x3a h1f y420 ff4 fs7 fc1 sc0 ls2a ws0\">25<span class=\"ls0\"> </span></div></td><td class=\"c x307 y2590 w2e4 h58\"><div class=\"t m0 x1c h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x308 y2590 w1b2 h58\"><div class=\"t m0 x36 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x309 y2590 wa0 h58\"><div class=\"t m0 x11d h1f y420 ff4 fs7 fc1 sc0 ls2a ws0\">25<span class=\"ls0\"> </span></div></td><td class=\"c x30a y2590 w22d h58\"><div class=\"t m0 x8f h1f y420 ff4 fs7 fc1 sc0 ls27 ws0\">39<span class=\"ls0\"> </span></div></td><td class=\"c x30b y2590 w137 h58\"><div class=\"t m0 x15 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x30c y2590 wdb h58\"><div class=\"t m0 x97 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x30d y2590 w184 h58\"><div class=\"t m0 x11 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x306 y2591 w2e3 hc8\"><div class=\"t m0 x10 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">4. Rim<span class=\"_ _f\"></span>anenz<span class=\"_ _f\"></span>e finali<span class=\"_ _1\"></span> </div></td><td class=\"c x2fc y2591 w1c7 hc8\"><div class=\"t m0 xab h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">289.<span class=\"_ _1\"></span>096<span class=\"_ _f\"></span> </div></td><td class=\"c x307 y2591 w2e4 hc8\"><div class=\"t m0 x1c h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td><td class=\"c x308 y2591 w1b2 hc8\"><div class=\"t m0 x36 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td><td class=\"c x309 y2591 wa0 hc8\"><div class=\"t m0 x11 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">289.<span class=\"_ _f\"></span>096 </div></td><td class=\"c x30a y2591 w22d hc8\"><div class=\"t m0 x35 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">34.46<span class=\"_ _1\"></span>3 </div></td><td class=\"c x30b y2591 w137 hc8\"><div class=\"t m0 x15 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td><td class=\"c x30c y2591 wdb hc8\"><div class=\"t m0 x97 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td><td class=\"c x30d y2591 w184 hc8\"><div class=\"t m0 x11 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td></tr></table>L\u2019attribuzione <span class=\"_ _0\"></span>del <span class=\"_ _0\"></span>livello <span class=\"_ _0\"></span>di <span class=\"_ _0\"> </span>fair <span class=\"_ _9\"> </span>value <span class=\"_ _0\"></span>pari <span class=\"_ _9\"> </span>a <span class=\"_ _0\"></span>3 <span class=\"_ _9\"> </span>riguarda <span class=\"_ _0\"></span>strumenti <span class=\"_ _0\"></span>definiti <span class=\"_ _0\"></span>\u201cilliquidi\u201d <span class=\"_ _0\"></span>che <span class=\"_ _9\"> </span>evidenziano <span class=\"_ _0\"></span>poche valorizzazioni ne<span class=\"_ _2\"></span>l <span class=\"_ _2\"></span>corso <span class=\"_ _2\"></span>del t<span class=\"_ _2\"></span>empo e <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>quali <span class=\"_ _2\"></span>lo <span class=\"_ _2\"></span>stato <span class=\"_ _2\"></span>dello <span class=\"_ _2\"></span>strumento <span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>pi\u00f9 <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>generale dell\u2019emit<span class=\"_ _2\"></span>tente <span class=\"_ _2\"></span>alla<span class=\"_ _1\"></span> data di<span class=\"_ _1\"></span> valu<span class=\"_ _f\"></span>t<span class=\"_ _2\"></span>azione, <span class=\"_ _f\"></span>non rende <span class=\"_ _f\"></span>p<span class=\"_ _2\"></span>ossibile <span class=\"_ _f\"></span>l\u2019ipotesi d<span class=\"_ _1\"></span>i un <span class=\"_ _f\"></span>eventuale rip<span class=\"_ _1\"></span>ristino del<span class=\"_ _1\"></span> mercato <span class=\"_ _f\"></span>verso uno <span class=\"_ _f\"></span>stato attivo.<span class=\"ff4\"> </span>Nella voce 2.1 \u201cAcquisti\u201d sono riportati:<span class=\"ff4\"> </span>-<span class=\"ff10\"> <span class=\"_ _33\"> </span><span class=\"ff4\">attivit\u00e0 <span class=\"_ _0\"></span>finanziare <span class=\"_ _0\"></span>valutate <span class=\"_ _0\"></span>obbligatoriamente <span class=\"_ _0\"> </span>al <span class=\"_ _9\"> </span>FV <span class=\"_ _0\"></span>con <span class=\"_ _9\"> </span>impatto <span class=\"_ _0\"></span>a <span class=\"_ _0\"> </span>Conto <span class=\"_ _9\"> </span>Economico: <span class=\"_ _0\"></span>quota <span class=\"_ _0\"></span>di <span class=\"_ _9\"> </span>fondo </span></span>private <span class=\"_ _d\"></span>equity <span class=\"_ _d\"></span>sul <span class=\"_ _d\"></span>Gruppo <span class=\"_ _0\"></span>e per <span class=\"_ _2\"></span>Credemvita 9 <span class=\"_ _0\"></span>quote <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>Debt <span class=\"_ _d\"></span>funds, <span class=\"_ _d\"></span>4 <span class=\"_ _d\"></span>quote <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>private <span class=\"_ _d\"></span>equity <span class=\"_ _d\"></span>funds<span class=\"_ _2\"></span> e <span class=\"_ _d\"></span>3 quote di Infrastructure funds; -<span class=\"ff10\"> <span class=\"_ _33\"> </span><span class=\"ff4\">attivit\u00e0 finanziarie valutate al FV con impatto a Conto Economico<span class=\"_ _1\"></span>: 2 azioni e 2 obbligazioni <span class=\"_ _2\"></span>sul Gruppo </span></span>-<span class=\"ff10\"> <span class=\"_ _33\"> </span><span class=\"ff4\">attivit\u00e0 <span class=\"_ _16\"> </span>finanziarie <span class=\"_ _9\"> </span>valutate  al <span class=\"_ _9\"> </span>FV  con <span class=\"_ _9\"> </span>impatt<span class=\"_ _2\"></span>o <span class=\"_ _9\"> </span>sulla  redd<span class=\"_ _f\"></span>it<span class=\"_ _2\"></span>ivit\u00e0 <span class=\"_ _9\"> </span>complessiva:  1 <span class=\"_ _9\"> </span>azione<span class=\"_ _2\"></span> <span class=\"_ _16\"> </span>sul <span class=\"_ _9\"> </span>Gr<span class=\"_ _2\"></span>uppo <span class=\"_ _16\"> </span>e <span class=\"ls11\">1 </span></span></span>partecipazione per Credemvita Nella voce 3.1 \u201cVendite\u201d sono riportati:<span class=\"ff4\"> </span>-<span class=\"ff10\"> <span class=\"_ _24\"> </span><span class=\"ff4\"> attivit\u00e0 <span class=\"_ _2\"></span>finanziarie <span class=\"_ _2\"></span>valutate <span class=\"_ _2\"></span>obbligatoriamente <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>FV <span class=\"_ _2\"></span>con <span class=\"_ _2\"></span>impatto <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>Conto <span class=\"_ _2\"></span>Economico: <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>Credemvita 9 </span></span>quote di Debt funds, 3 quote di private equi<span class=\"_ _1\"></span>ty funds  <span class=\"_ _2\"></span>e 3 quote di Infrastructure funds -<span class=\"ff10\"> <span class=\"_ _24\"> </span><span class=\"ff4\">attivit\u00e0 finanziarie v<span class=\"_ _1\"></span>alutate al FV con <span class=\"_ _1\"></span>impatto a Conto Economico:<span class=\"_ _1\"></span> una quota di <span class=\"_ _f\"></span>fondo e 2 obbligazioni sul </span></span>Gruppo Le variazioni annue <span class=\"_ _2\"></span>da e v<span class=\"_ _2\"></span>erso Livello 3 al <span class=\"_ _2\"></span>31/12/20<span class=\"_ _2\"></span>25 non <span class=\"_ _2\"></span>evid<span class=\"_ _1\"></span>enziano <span class=\"_ _2\"></span>trasferimenti, sia <span class=\"_ _2\"></span>per quanto riguarda la <span class=\"_ _9\"> </span>sezione <span class=\"_ _9\"> </span>diminuzioni <span class=\"_ _9\"> </span>ch<span class=\"_ _2\"></span>e <span class=\"_ _0\"> </span>per  q<span class=\"_ _1\"></span>uanto <span class=\"_ _9\"> </span>concerne <span class=\"_ _9\"> </span>la <span class=\"_ _16\"> </span>sezione <span class=\"_ _9\"> </span>aumenti <span class=\"_ _9\"> </span>per <span class=\"_ _9\"> </span>t<span class=\"_ _2\"></span>utte <span class=\"_ _9\"> </span>le <span class=\"_ _9\"> </span>classificazioni <span class=\"_ _9\"> </span>contabili (attivit\u00e0 <span class=\"_ _9\"> </span>finanziare <span class=\"_ _9\"> </span>valutate <span class=\"_ _9\"> </span>obbligatoriamente <span class=\"_ _9\"> </span>al <span class=\"_ _16\"> </span>FV <span class=\"_ _9\"> </span>con <span class=\"_ _9\"> </span>impatt<span class=\"_ _2\"></span>o <span class=\"_ _9\"> </span>a <span class=\"_ _9\"> </span>Conto <span class=\"_ _16\"> </span>Economico, <span class=\"_ _9\"> </span>attivit\u00e0<span class=\"_ _2\"></span> <span class=\"_ _9\"> </span>finanziarie valutate <span class=\"_ _f\"></span>al FV <span class=\"_ _f\"></span>con <span class=\"_ _f\"></span>im<span class=\"_ _2\"></span>patto <span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>Conto <span class=\"_ _f\"></span>Economico e <span class=\"_ _f\"></span>attivit\u00e0 fi<span class=\"_ _1\"></span>nanziarie <span class=\"_ _f\"></span>valutat<span class=\"_ _2\"></span>e <span class=\"_ _f\"></span>al FV <span class=\"_ _f\"></span>con <span class=\"_ _f\"></span>impatto<span class=\"_ _2\"></span> <span class=\"_ _f\"></span>sulla <span class=\"_ _1\"></span>redditivit\u00e0 complessiva). A.4.5.<span class=\"_ _1\"></span>4 Atti<span class=\"_ _1\"></span>vit\u00e0<span class=\"_ _1\"></span> e pa<span class=\"_ _f\"></span>ssivit\u00e0 no<span class=\"_ _1\"></span>n va<span class=\"_ _f\"></span>lutate a<span class=\"_ _1\"></span>l fai<span class=\"_ _1\"></span>r valu<span class=\"_ _1\"></span>e o <span class=\"_ _1\"></span>valuta<span class=\"_ _1\"></span>te a<span class=\"_ _1\"></span>l fair va<span class=\"_ _f\"></span>lue su b<span class=\"_ _1\"></span>ase <span class=\"_ _1\"></span>non r<span class=\"_ _1\"></span>icorre<span class=\"_ _1\"></span>nte: r<span class=\"_ _f\"></span>ipartizione <span class=\"_ _f\"></span>per livell<span class=\"_ _1\"></span>i di fa<span class=\"_ _f\"></span>ir value <table class=\"s w983 h49a\" id=\"_0fb690bf-02f5-4910-bcea-a6c1b04764eb\"><tr><td class=\"c x30e y2592 w984 h49b\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc7 sc6 ls0 ws0\">Atti<span class=\"_ _1\"></span>vit\u00e0/P<span class=\"_ _1\"></span>ass<span class=\"_ _1\"></span>ivit\u00e0<span class=\"_ _1\"></span> non<span class=\"_ _1\"></span> mis<span class=\"_ _1\"></span>urat<span class=\"_ _1\"></span>e al f<span class=\"_ _1\"></span>air <span class=\"_ _f\"></span>value<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x30f y2593 w2ee hc8\"><div class=\"t m0 xe6 h1f y28b ff4 fs7 fc7 sc6 ls0 ws0\">31/12/<span class=\"_ _f\"></span>2025 </div></td><td></td><td></td><td></td><td></td><td class=\"c x310 y2593 w2ef hc8\"><div class=\"t m0 xe8 h1f y28b ff4 fs7 fc4 sc3 ls0 ws0\">31/12/<span class=\"_ _f\"></span>2024 </div></td><td></td></tr><tr><td class=\"c x311 y2594 w985 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc7 sc6 ls0 ws0\">o mi<span class=\"_ _1\"></span>sura<span class=\"_ _1\"></span>te al<span class=\"_ _f\"></span> fair va<span class=\"_ _1\"></span>lue su<span class=\"_ _f\"></span> base n<span class=\"_ _1\"></span>on<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x312 y2595 w986 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc7 sc6 ls0 ws0\">ricorr<span class=\"_ _f\"></span>ente<span class=\"_ _df\"> </span></div></td><td class=\"c x30f y2596 w96 h148\"><div class=\"t m0 x14 h1f y80 ff4 fs7 fc4 sc3 ls6c ws0\">VB<span class=\"ls0\"> </span></div></td><td class=\"c x313 y2596 w1ca h148\"><div class=\"t m0 x130 h1f y80 ff4 fs7 fc4 sc3 lsc7 ws0\">L1<span class=\"ls0\"> </span></div></td><td class=\"c x314 y2596 w1bf h148\"><div class=\"t m0 x55 h1f y80 ff4 fs7 fc4 sc3 lsc7 ws0\">L2<span class=\"ls0\"> </span></div></td><td class=\"c x315 y2596 w17b h148\"><div class=\"t m0 x39 h1f y80 ff4 fs7 fc4 sc3 lsc7 ws0\">L3<span class=\"ls0\"> </span></div></td><td class=\"c x310 y2596 w1a9 h148\"><div class=\"t m0 x14 h1f y80 ff4 fs7 fc4 sc3 ls6c ws0\">VB<span class=\"ls0\"> </span></div></td><td class=\"c x316 y2596 w2f0 h148\"><div class=\"t m0 x130 h1f y80 ff4 fs7 fc4 sc3 lsc7 ws0\">L1<span class=\"ls0\"> </span></div></td><td class=\"c x317 y2596 w2af h148\"><div class=\"t m0 x55 h1f y80 ff4 fs7 fc4 sc3 lsc7 ws0\">L2<span class=\"ls0\"> </span></div></td><td class=\"c x318 y2596 w96 h148\"><div class=\"t m0 x14 h1f y80 ff4 fs7 fc4 sc3 lsc7 ws0\">L3<span class=\"ls0\"> </span></div></td></tr><tr><td class=\"c x262 y2597 w987 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc1 sc0 ls0 ws0\">1. Attivit\u00e0 finanz<span class=\"_ _1\"></span>iarie valutate a<span class=\"_ _f\"></span>l<span class=\"_ _2\"></span> costo<span class=\"_ _df\"> </span></div></td><td class=\"c x319 y2598 w184 had\"><div class=\"t m0 x10 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">47.707.320 </div></td><td class=\"c x313 y2598 w136 had\"><div class=\"t m0 x10 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">6.369.581 </div></td><td class=\"c x314 y2598 w1db had\"><div class=\"t m0 xab h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">487.765 </div></td><td class=\"c x315 y2598 w17b had\"><div class=\"t m0 x10 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">40.713.737 </div></td><td class=\"c x310 y2598 w1a9 had\"><div class=\"t m0 x8a h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">45.274.702 </div></td><td class=\"c x316 y2598 w1ef had\"><div class=\"t m0 x10 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">7.660.059 </div></td><td class=\"c x317 y2598 w1bd had\"><div class=\"t m0 x2f h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">301.765 </div></td><td class=\"c x318 y2598 w1ba had\"><div class=\"t m0 xab h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">37.963.152 </div></td></tr><tr><td class=\"c x262 y2599 w988 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc1 sc0 ls0 ws0\">ammortizzato<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x262 y259a w989 h49c\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc1 sc0 ls0 ws0\">2. Attivit\u00e0 mater<span class=\"_ _1\"></span>iali detenute a <span class=\"_ _1\"></span>scopo di<span class=\"_ _df\"> </span></div></td><td class=\"c x319 y259b w184 h58\"><div class=\"t m0 x35 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">4.622 </div></td><td class=\"c x313 y259b w136 h58\"><div class=\"t m0 x15 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x314 y259b w1db h58\"><div class=\"t m0 x38 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x315 y259b w17b h58\"><div class=\"t m0 x48 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">6.807 </div></td><td class=\"c x310 y259b w1a9 h58\"><div class=\"t m0 x35 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">4.768 </div></td><td class=\"c x316 y259b w1ef h58\"><div class=\"t m0 x15 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x317 y259b w1bd h58\"><div class=\"t m0 x30 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x318 y259b w1ba h58\"><div class=\"t m0 x27 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">7.107 </div></td></tr><tr><td class=\"c x262 y259c w98a h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc1 sc0 ls0 ws0\">investimento<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2e0 y259d w2f1 had\"><div class=\"t m0 x10 h1f y41f ff4 fs7 fc1 sc0 ls0 ws0\">3. Attivit\u00e0 non c<span class=\"_ _1\"></span>orrenti e grupp<span class=\"_ _1\"></span>i di attivit\u00e0 <span class=\"_ _1\"></span>in </div><div class=\"t m0 x10 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">via di dismissi<span class=\"_ _1\"></span>one </div></td><td class=\"c x319 y259d w184 had\"><div class=\"t m0 x11 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x313 y259d w136 had\"><div class=\"t m0 x15 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x314 y259d w1db had\"><div class=\"t m0 x38 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x315 y259d w17b had\"><div class=\"t m0 x36 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x310 y259d w1a9 had\"><div class=\"t m0 x97 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">533 </div></td><td class=\"c x316 y259d w1ef had\"><div class=\"t m0 x15 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x317 y259d w1bd had\"><div class=\"t m0 x30 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x318 y259d w1ba had\"><div class=\"t m0 x97 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">533 </div></td></tr><tr><td class=\"c x2e0 y259e w2f1 hc8\"><div class=\"t m0 x1b3 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">Total<span class=\"_ _1\"></span>e </div></td><td class=\"c x319 y259e w184 hc8\"><div class=\"t m0 xac h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">47.7<span class=\"_ _1\"></span>11.942<span class=\"_ _f\"></span> </div></td><td class=\"c x313 y259e w136 hc8\"><div class=\"t m0 x8a h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">6.36<span class=\"_ _f\"></span>9.581 </div></td><td class=\"c x314 y259e w1db hc8\"><div class=\"t m0 xac h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">487.7<span class=\"_ _1\"></span>65<span class=\"_ _1\"></span> </div></td><td class=\"c x315 y259e w17b hc8\"><div class=\"t m0 x10 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">40.7<span class=\"_ _1\"></span>13.73<span class=\"_ _1\"></span>7 </div></td><td class=\"c x310 y259e w1a9 hc8\"><div class=\"t m0 x10 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">45.2<span class=\"_ _1\"></span>80.<span class=\"_ _1\"></span>003 </div></td><td class=\"c x316 y259e w1ef hc8\"><div class=\"t m0 x10 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">7.66<span class=\"_ _f\"></span>0.059 </div></td><td class=\"c x317 y259e w1bd hc8\"><div class=\"t m0 x16a h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">301.76<span class=\"_ _f\"></span>5 </div></td><td class=\"c x318 y259e w1ba hc8\"><div class=\"t m0 xab h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">37.9<span class=\"_ _f\"></span>70.792<span class=\"_ _1\"></span> </div></td></tr><tr><td class=\"c x262 y259f w98b h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">1. Passivit\u00e0 finanz<span class=\"_ _1\"></span>iarie valutate <span class=\"_ _1\"></span>al costo<span class=\"_ _df\"> </span></div></td><td class=\"c x319 y25a0 w184 had\"><div class=\"t m0 x163 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">50.486.460 </div></td><td class=\"c x313 y25a0 w136 had\"><div class=\"t m0 x10 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">4.077.260 </div></td><td class=\"c x314 y25a0 w1db had\"><div class=\"t m0 x10 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">4.134.071 </div></td><td class=\"c x315 y25a0 w17b had\"><div class=\"t m0 x10 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">42.411.232 </div></td><td class=\"c x310 y25a0 w1a9 had\"><div class=\"t m0 xab h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">51.482.679 </div></td><td class=\"c x316 y25a0 w1ef had\"><div class=\"t m0 x10 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">4.149.806 </div></td><td class=\"c x317 y25a0 w1bd had\"><div class=\"t m0 x10 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">6.991.634 </div></td><td class=\"c x318 y25a0 w1ba had\"><div class=\"t m0 x10 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">40.440.450 </div></td></tr><tr><td class=\"c x262 y25a1 w988 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">ammortizzato<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x262 y25a2 w98c h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">2. Passivit\u00e0 ass<span class=\"_ _1\"></span>ociate ad attivit\u00e0 in <span class=\"_ _1\"></span>via di<span class=\"_ _df\"> </span></div></td><td class=\"c x319 y25a3 w184 h58\"><div class=\"t m0 x11 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x313 y25a3 w136 h58\"><div class=\"t m0 x15 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x314 y25a3 w1db h58\"><div class=\"t m0 x38 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x315 y25a3 w17b h58\"><div class=\"t m0 x36 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x310 y25a3 w1a9 h58\"><div class=\"t m0 x96 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x316 y25a3 w1ef h58\"><div class=\"t m0 x15 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x317 y25a3 w1bd h58\"><div class=\"t m0 x30 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x318 y25a3 w1ba h58\"><div class=\"t m0 x96 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x262 y25a4 w98d h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">dismissione<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2e0 y25a5 w2f1 hc8\"><div class=\"t m0 x1b3 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale </div></td><td class=\"c x319 y25a5 w184 hc8\"><div class=\"t m0 x10 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">50.48<span class=\"_ _1\"></span>6.<span class=\"_ _1\"></span>460 </div></td><td class=\"c x313 y25a5 w136 hc8\"><div class=\"t m0 x10 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">4.077<span class=\"_ _1\"></span>.26<span class=\"_ _1\"></span>0 </div></td><td class=\"c x314 y25a5 w1db hc8\"><div class=\"t m0 x10 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">4.13<span class=\"_ _1\"></span>4.07<span class=\"_ _1\"></span>1 </div></td><td class=\"c x315 y25a5 w17b hc8\"><div class=\"t m0 x8a h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">42.411.<span class=\"_ _f\"></span>232 </div></td><td class=\"c x310 y25a5 w1a9 hc8\"><div class=\"t m0 xab h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">51.4<span class=\"_ _1\"></span>82.67<span class=\"_ _1\"></span>9 </div></td><td class=\"c x316 y25a5 w1ef hc8\"><div class=\"t m0 x8a h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">4.149<span class=\"_ _f\"></span>.806 </div></td><td class=\"c x317 y25a5 w1bd hc8\"><div class=\"t m0 x10 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">6.99<span class=\"_ _f\"></span>1.634 </div></td><td class=\"c x318 y25a5 w1ba hc8\"><div class=\"t m0 x10 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">40.4<span class=\"_ _f\"></span>40.450<span class=\"_ _f\"></span> </div></td></tr></table><div class=\"t m0 he ff4 fs5 fc4 sc3 ls0 ws0 gs8d2\">Sezio<span class=\"_ _1\"></span>ne 2 <span class=\"ff5\">\u2013</span> <span class=\"_ _1\"></span>Attivit\u00e0<span class=\"_ _1\"></span> fina<span class=\"_ _1\"></span>nziari<span class=\"_ _f\"></span>e valutate<span class=\"_ _1\"></span> al fair va<span class=\"_ _f\"></span>lue con im<span class=\"_ _f\"></span>patto a<span class=\"_ _1\"></span> conto <span class=\"_ _1\"></span>econo<span class=\"_ _f\"></span>mico <span class=\"ff5\">\u2013</span> Vo<span class=\"_ _f\"></span>ce 20  </div><div class=\"c w2da h227 gs8d3\"><div class=\"t m0 x10 h5 yd98 ff4 fs1 fc4 sc3 ls0 ws0\">2.1 At<span class=\"_ _f\"></span>tivit\u00e0 fina<span class=\"_ _1\"></span>nzia<span class=\"_ _1\"></span>rie d<span class=\"_ _1\"></span>etenut<span class=\"_ _1\"></span>e p<span class=\"_ _1\"></span>er la <span class=\"_ _1\"></span>negozia<span class=\"_ _f\"></span>zione: <span class=\"_ _1\"></span>com<span class=\"_ _f\"></span>posizion<span class=\"_ _1\"></span>e me<span class=\"_ _1\"></span>rceol<span class=\"_ _1\"></span>ogica<span class=\"_ _1\"></span> </div></div><div class=\"gs8d4\"><table class=\"s w98f h49e\" id=\"_70d8612b-b621-4782-a5bb-4d40058f6842\"><tr><td></td><td></td><td class=\"c x31c y25ac w2f7 h1fa\"><div class=\"t m0 x199 h1f y32 ff4 fs7 fc4 sc3 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale </div></td><td></td><td></td><td class=\"c x31d y25ac w2f8 h1fa\"><div class=\"t m0 x199 h1f y32 ff4 fs7 fc4 sc3 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale </div></td><td></td></tr><tr><td class=\"c x2e0 y25ad w2f6 h231\"><div class=\"t m0 x11d h1f y113e ff4 fs7 fc4 sc3 ls0 ws0\">Voci<span class=\"_ _1\"></span>/Valo<span class=\"_ _f\"></span>ri </div></td><td class=\"c x31e y25ae w990 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/<span class=\"_ _df\"> </span></div></td><td class=\"c x31f y25ae w991 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">2025<span class=\"_ _df\"> </span></div></td><td></td><td></td><td class=\"c x31d y25af w2f8 h232\"><div class=\"t m0 xe5 h1f y93e ff4 fs7 fc4 sc3 ls0 ws0\">31/12/<span class=\"_ _f\"></span>2024 </div></td><td></td></tr><tr><td></td><td class=\"c x31c y25ad w2f9 h232\"><div class=\"t m0 x3a h1f y93e ff4 fs7 fc4 sc3 lsc7 ws0\">L1<span class=\"ls0\"> </span></div></td><td class=\"c x320 y25ad w2fa h232\"><div class=\"t m0 x2c h1f y93e ff4 fs7 fc4 sc3 lsc7 ws0\">L2<span class=\"ls0\"> </span></div></td><td class=\"c x321 y25ad w2f9 h232\"><div class=\"t m0 x2c h1f y93e ff4 fs7 fc4 sc3 lsc7 ws0\">L3<span class=\"ls0\"> </span></div></td><td class=\"c x31d y25ad w2f9 h232\"><div class=\"t m0 x3a h1f y93e ff4 fs7 fc4 sc3 lsc7 ws0\">L1<span class=\"ls0\"> </span></div></td><td class=\"c x322 y25ad w2fa h232\"><div class=\"t m0 x2c h1f y93e ff4 fs7 fc4 sc3 lsc7 ws0\">L2<span class=\"ls0\"> </span></div></td><td class=\"c x323 y25ad w2fb h232\"><div class=\"t m0 x2c h1f y93e ff4 fs7 fc4 sc3 lsc7 ws0\">L3<span class=\"ls0\"> </span></div></td></tr><tr><td class=\"c x2e0 y25b0 w2fc hc8\"><div class=\"t m0 x10 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">A. Att<span class=\"_ _f\"></span>ivit\u00e0 per<span class=\"_ _f\"></span> cassa<span class=\"_ _f\"></span> </div></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2e0 y25b1 w2fc hc8\"><div class=\"t m0 x10 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">1. Titoli di debito<span class=\"_ _1\"></span> </div></td><td class=\"c x30f y25b1 w2f9 hc8\"><div class=\"t m0 x31 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">24.176 </div></td><td class=\"c x320 y25b1 w11e hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x321 y25b1 w2f9 hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x31d y25b1 w11f hc8\"><div class=\"t m0 x38 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">19.098 </div></td><td class=\"c x322 y25b1 w11e hc8\"><div class=\"t m0 x1c h1f y28b ff4 fs7 fc1 sc0 lsa ws0\">46<span class=\"ls0\"> </span></div></td><td class=\"c x323 y25b1 w50 hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2e0 y25b2 w2fc hc8\"><div class=\"t m0 x2f h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">1.1 Titoli struttu<span class=\"_ _1\"></span>rati </div></td><td class=\"c x30f y25b2 w2f9 hc8\"><div class=\"t m0 x15 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">2.723 </div></td><td class=\"c x320 y25b2 w11e hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x321 y25b2 w2f9 hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x31d y25b2 w11f hc8\"><div class=\"t m0 x12 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">909 </div></td><td class=\"c x322 y25b2 w11e hc8\"><div class=\"t m0 xa3 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">4 </div></td><td class=\"c x323 y25b2 w50 hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2e0 y25b3 w2fc hc8\"><div class=\"t m0 x2f h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">1.2 Altri titoli di deb<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span>to </div></td><td class=\"c x30f y25b3 w2f9 hc8\"><div class=\"t m0 x38 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">21.453 </div></td><td class=\"c x320 y25b3 w11e hc8\"><div class=\"t m0 x8 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x321 y25b3 w2f9 hc8\"><div class=\"t m0 x8 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x31d y25b3 w11f hc8\"><div class=\"t m0 x31 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">18.189 </div></td><td class=\"c x322 y25b3 w11e hc8\"><div class=\"t m0 x1c h1f ye4c ff4 fs7 fc1 sc0 lsa ws0\">42<span class=\"ls0\"> </span></div></td><td class=\"c x323 y25b3 w50 hc8\"><div class=\"t m0 x8 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2e0 y25b4 w2fc hc8\"><div class=\"t m0 x10 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">2. Titoli di capita<span class=\"_ _f\"></span>l<span class=\"_ _2\"></span>e<span class=\"_ _df\"> </span></div></td><td class=\"c x30f y25b4 w2f9 hc8\"><div class=\"t m0 x8 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x320 y25b4 w11e hc8\"><div class=\"t m0 x8 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x321 y25b4 w2f9 hc8\"><div class=\"t m0 x8 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x31d y25b4 w11f hc8\"><div class=\"t m0 x8 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x322 y25b4 w11e hc8\"><div class=\"t m0 x8 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x323 y25b4 w50 hc8\"><div class=\"t m0 x8 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2e0 y25b5 w2fc hc8\"><div class=\"t m0 x10 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">3. Quote di O.I.C<span class=\"_ _1\"></span>.R.<span class=\"_ _df\"> </span></div></td><td class=\"c x30f y25b5 w2f9 hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x320 y25b5 w11e hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x321 y25b5 w2f9 hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x31d y25b5 w11f hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x322 y25b5 w11e hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x323 y25b5 w50 hc8\"><div class=\"t m0 x1c h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">24 </div></td></tr><tr><td class=\"c x2e0 y25b6 w2fc hc8\"><div class=\"t m0 x10 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">4. Finanziamenti </div></td><td class=\"c x30f y25b6 w2f9 hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x320 y25b6 w11e hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x321 y25b6 w2f9 hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x31d y25b6 w11f hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x322 y25b6 w11e hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x323 y25b6 w50 hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2e0 y25b7 w2fc hc8\"><div class=\"t m0 x2f h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">4.1 Pronti contro<span class=\"_ _1\"></span> termine </div></td><td class=\"c x30f y25b7 w2f9 hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x320 y25b7 w11e hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x321 y25b7 w2f9 hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x31d y25b7 w11f hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x322 y25b7 w11e hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x323 y25b7 w50 hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2e0 y25b8 w2fc hc8\"><div class=\"t m0 x2f h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">4.2 Altri </div></td><td class=\"c x30f y25b8 w2f9 hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x320 y25b8 w11e hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x321 y25b8 w2f9 hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x31d y25b8 w11f hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x322 y25b8 w11e hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x323 y25b8 w50 hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2e0 y25b9 w2fc hc8\"><div class=\"t m0 x23 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale (A<span class=\"_ _f\"></span>) </div></td><td class=\"c x30f y25b9 w2f9 hc8\"><div class=\"t m0 x31 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">24.17<span class=\"_ _f\"></span>6 </div></td><td class=\"c x320 y25b9 w11e hc8\"><div class=\"t m0 x8 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td><td class=\"c x321 y25b9 w2f9 hc8\"><div class=\"t m0 x8 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td><td class=\"c x31d y25b9 w11f hc8\"><div class=\"t m0 x31 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">19.09<span class=\"_ _f\"></span>8 </div></td><td class=\"c x322 y25b9 w11e hc8\"><div class=\"t m0 x1c h1f ye4c ff4 fs7 fc1 sc2 lsa ws0\">46<span class=\"ls0\"> </span></div></td><td class=\"c x323 y25b9 w50 hc8\"><div class=\"t m0 x1c h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">24 </div></td></tr><tr><td class=\"c x2e0 y25ba w2fc h227\"><div class=\"t m0 x10 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">B. St<span class=\"_ _f\"></span>rument<span class=\"_ _1\"></span>i deri<span class=\"_ _1\"></span>vat<span class=\"_ _1\"></span>i </div></td><td class=\"c x30f y25ba w2f9 h227\"><div class=\"t m0 x8 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x320 y25ba w11e h227\"><div class=\"t m0 x8 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x321 y25ba w2f9 h227\"><div class=\"t m0 x8 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x31d y25ba w11f h227\"><div class=\"t m0 x8 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x322 y25ba w11e h227\"><div class=\"t m0 x8 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x323 y25ba w50 h227\"><div class=\"t m0 x8 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2e0 y25bb w2fc hc8\"><div class=\"t m0 x10 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">1. Derivati finanz<span class=\"_ _1\"></span>iari </div></td><td class=\"c x30f y25bb w2f9 hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x320 y25bb w11e hc8\"><div class=\"t m0 x31 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">16.747 </div></td><td class=\"c x321 y25bb w2f9 hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x31d y25bb w11f hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x322 y25bb w11e hc8\"><div class=\"t m0 x31 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">14.992 </div></td><td class=\"c x323 y25bb w50 hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2e0 y25bc w2fc hc8\"><div class=\"t m0 x2f h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">1.1 di negoziazione<span class=\"_ _f\"></span> </div></td><td class=\"c x30f y25bc w2f9 hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x320 y25bc w11e hc8\"><div class=\"t m0 x31 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">16.747 </div></td><td class=\"c x321 y25bc w2f9 hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x31d y25bc w11f hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x322 y25bc w11e hc8\"><div class=\"t m0 x31 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">14.992 </div></td><td class=\"c x323 y25bc w50 hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2e0 y25bd w2fc hc8\"><div class=\"t m0 x2f h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">1.2 connessi con <span class=\"_ _1\"></span>la fair value <span class=\"_ _1\"></span>option </div></td><td class=\"c x30f y25bd w2f9 hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x320 y25bd w11e hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x321 y25bd w2f9 hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x31d y25bd w11f hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x322 y25bd w11e hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x323 y25bd w50 hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2e0 y25be w2fc hc8\"><div class=\"t m0 x2f h1f y28b ff4 fs7 fc1 sc0 ls9 ws0\">1.<span class=\"ls0\">3 altri</span><span class=\"ls0\"> </span></div></td><td class=\"c x30f y25be w2f9 hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x320 y25be w11e hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x321 y25be w2f9 hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x31d y25be w11f hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x322 y25be w11e hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x323 y25be w50 hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2e0 y25bf w2fc hc8\"><div class=\"t m0 x10 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">2. Derivati creditiz<span class=\"_ _f\"></span>i </div></td><td class=\"c x30f y25bf w2f9 hc8\"><div class=\"t m0 x8 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x320 y25bf w11e hc8\"><div class=\"t m0 x8 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x321 y25bf w2f9 hc8\"><div class=\"t m0 x8 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x31d y25bf w11f hc8\"><div class=\"t m0 x8 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x322 y25bf w11e hc8\"><div class=\"t m0 x8 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x323 y25bf w50 hc8\"><div class=\"t m0 x8 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2e0 y25c0 w2fc hc8\"><div class=\"t m0 x2f h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">2.1 di negoziazione<span class=\"_ _f\"></span> </div></td><td class=\"c x30f y25c0 w2f9 hc8\"><div class=\"t m0 x8 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x320 y25c0 w11e hc8\"><div class=\"t m0 x8 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x321 y25c0 w2f9 hc8\"><div class=\"t m0 x8 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x31d y25c0 w11f hc8\"><div class=\"t m0 x8 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x322 y25c0 w11e hc8\"><div class=\"t m0 x8 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x323 y25c0 w50 hc8\"><div class=\"t m0 x8 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2e0 y25c1 w2fc hc8\"><div class=\"t m0 x2f h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">2.2 connessi con <span class=\"_ _f\"></span>l<span class=\"_ _2\"></span>a fair value<span class=\"_ _1\"></span> option </div></td><td class=\"c x30f y25c1 w2f9 hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x320 y25c1 w11e hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x321 y25c1 w2f9 hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x31d y25c1 w11f hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x322 y25c1 w11e hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x323 y25c1 w50 hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2e0 y25c2 w2fc hc8\"><div class=\"t m0 x2f h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">2.3 altri </div></td><td class=\"c x30f y25c2 w2f9 hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x320 y25c2 w11e hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x321 y25c2 w2f9 hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x31d y25c2 w11f hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x322 y25c2 w11e hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x323 y25c2 w50 hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2e0 y25c3 w2fc hc8\"><div class=\"t m0 x23 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale (B<span class=\"_ _1\"></span>) </div></td><td class=\"c x30f y25c3 w2f9 hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td><td class=\"c x320 y25c3 w11e hc8\"><div class=\"t m0 x31 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">16.747<span class=\"_ _f\"></span> </div></td><td class=\"c x321 y25c3 w2f9 hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td><td class=\"c x31d y25c3 w11f hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td><td class=\"c x322 y25c3 w11e hc8\"><div class=\"t m0 x31 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">14.99<span class=\"_ _1\"></span>2 </div></td><td class=\"c x323 y25c3 w50 hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2e0 y25c4 w2fc hc8\"><div class=\"t m0 x10f h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale (A<span class=\"_ _f\"></span>+B)  </div></td><td class=\"c x30f y25c4 w2f9 hc8\"><div class=\"t m0 x31 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">24.17<span class=\"_ _f\"></span>6 </div></td><td class=\"c x320 y25c4 w11e hc8\"><div class=\"t m0 x31 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">16.747<span class=\"_ _f\"></span> </div></td><td class=\"c x321 y25c4 w2f9 hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td><td class=\"c x31d y25c4 w11f hc8\"><div class=\"t m0 x31 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">19.09<span class=\"_ _f\"></span>8 </div></td><td class=\"c x322 y25c4 w11e hc8\"><div class=\"t m0 x31 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">15.03<span class=\"_ _f\"></span>8 </div></td><td class=\"c x323 y25c4 w50 hc8\"><div class=\"t m0 x1c h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">24 </div></td></tr></table></div><div class=\"t m0 h5 ff4 fs1 fc4 sc3 ls0 ws0 gs8d5\">Lege<span class=\"_ _f\"></span>nda: </div><div class=\"t m0 h1f ff4 fs7 fc1 sc0 ls0 ws0 gs8d6\">L1= Livello 1 </div><div class=\"t m0 h1f ff4 fs7 fc1 sc0 ls0 ws0 gs8d7\">L2= Livello 2 </div><div class=\"t m0 h1f ff4 fs7 fc1 sc0 ls0 ws0 gs8d8\">L3= Livello 3 </div><div class=\"c w2fd h17a gs8d9\"><div class=\"t m0 xf h1f y1b ff5 fs7 fc1 sc0 ls0 ws0\">Si segnala la com<span class=\"_ _1\"></span>posizione della v<span class=\"_ _f\"></span>o<span class=\"_ _2\"></span>ce<span class=\"_ _1\"></span> 3 \u201cQuote O.I.C.R\u201d:<span class=\"ff4 fc4 sc3\"> </span></div></div><div class=\"gs8da\"><table class=\"s w992 h49f\" id=\"_deb45929-9ce2-4dd7-a083-cb4e6c464d6e\"><tr><td></td><td></td><td class=\"c x325 y25c5 w2fe h49\"><div class=\"t m0 x8f h1f y32 ff4 fs7 fc4 sc3 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale </div></td><td></td><td class=\"c x326 y25c5 w2ff h49\"><div class=\"t m0 x8f h1f y32 ff4 fs7 fc4 sc3 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale </div></td><td></td></tr><tr><td></td><td></td><td class=\"c x325 y25c6 w300 h49\"><div class=\"t m0 x97 h1f y25 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/<span class=\"_ _f\"></span>2025 </div></td><td class=\"c x327 y25c7 w993 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/<span class=\"_ _df\"> </span></div></td><td class=\"c x328 y25c7 w994 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc4 sc3 ls0 ws0\">2024<span class=\"_ _df\"> </span></div></td><td></td></tr><tr><td class=\"c x329 y25c8 w301 hc8\"><div class=\"t m0 x10 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">Azionari  </div></td><td></td><td></td><td class=\"c x325 y25c8 w2fe hc8\"><div class=\"t m0 x22 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x326 y25c8 w302 hc8\"><div class=\"t m0 x191 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">24 </div></td></tr><tr><td></td><td class=\"c x329 y25c9 w303 hc8\"><div class=\"t m0 x147 h1f y32 ff4 fs7 fc1 sc2 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale </div></td><td></td><td class=\"c x325 y25c9 w2fe hc8\"><div class=\"t m0 x22 h1f y32 ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td><td></td><td class=\"c x326 y25c9 w304 hc8\"><div class=\"t m0 x171 h1f y32 ff4 fs7 fc1 sc2 ls0 ws0\">24 </div></td></tr></table></div>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-745": {
   "value": "<div class=\"t m0 h1a ff5 fs6 fc4 sc3 ls0 ws0 gs826\">A.3 I<span class=\"_ _f\"></span>NFORM<span class=\"_ _f\"></span>ATIVA<span class=\"_ _f\"></span> SUI TR<span class=\"_ _f\"></span>ASFE<span class=\"_ _f\"></span>RIMENT<span class=\"_ _f\"></span>I TRA<span class=\"_ _1\"></span> POR<span class=\"_ _f\"></span>TAFOG<span class=\"_ _f\"></span>LI DI <span class=\"_ _f\"></span>ATTIVIT<span class=\"_ _f\"></span>A\u2019 FIN<span class=\"_ _f\"></span>ANZIAR<span class=\"_ _f\"></span>IE<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs827\">Successivamente <span class=\"_ _0\"></span>all\u2019adozione <span class=\"_ _9\"> </span>dell\u2019IFRS <span class=\"_ _9\"> </span>9, <span class=\"_ _9\"> </span>il <span class=\"_ _9\"> </span>Gr<span class=\"_ _2\"></span>uppo <span class=\"_ _0\"></span>Credem <span class=\"_ _9\"> </span>non <span class=\"_ _9\"> </span>ha <span class=\"_ _16\"> </span>effettuato <span class=\"_ _0\"></span>cambiamenti <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>business </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs828\">model <span class=\"_ _f\"></span>per la <span class=\"_ _f\"></span>gestione <span class=\"_ _1\"></span>delle <span class=\"_ _f\"></span>pro<span class=\"_ _2\"></span>prie <span class=\"_ _f\"></span>attivit\u00e0 fi<span class=\"_ _1\"></span>nanziarie <span class=\"_ _f\"></span>e, quindi, <span class=\"_ _f\"></span>non sono <span class=\"_ _f\"></span>avvenuti <span class=\"_ _f\"></span>tras<span class=\"_ _2\"></span>ferimenti <span class=\"_ _f\"></span>tra <span class=\"_ _1\"></span>portafogli </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs829\">di  attivi<span class=\"_ _1\"></span>t\u00e0  finanziarie.<span class=\"_ _1\"></span>  Le <span class=\"_ _16\"> </span>regole  ge<span class=\"_ _1\"></span>nerali  p<span class=\"_ _1\"></span>reviste  dall\u2019IFRS <span class=\"_ _16\"> </span>9  in <span class=\"_ _16\"> </span>materia  di<span class=\"_ _1\"></span>  riclassificazi<span class=\"_ _1\"></span>one  delle <span class=\"_ _16\"> </span>attivit\u00e0 </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs82a\">finanziarie <span class=\"_ _d\"></span>(ad <span class=\"_ _9\"> </span>eccezione <span class=\"_ _0\"></span>dei <span class=\"_ _0\"></span>titoli <span class=\"_ _0\"></span>di <span class=\"_ _9\"> </span>capitale, <span class=\"_ _0\"></span>per <span class=\"_ _0\"> </span>cui <span class=\"_ _9\"> </span>non <span class=\"_ _0\"></span>\u00e8 <span class=\"_ _0\"></span>ammessa <span class=\"_ _9\"> </span>alcuna <span class=\"_ _d\"></span>riclassifica) <span class=\"_ _0\"></span>non <span class=\"_ _9\"> </span>prevedono </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs82b\">riclassifiche <span class=\"_ _9\"> </span>verso <span class=\"_ _9\"> </span>altr<span class=\"_ _2\"></span>e <span class=\"_ _0\"></span>cat<span class=\"_ _2\"></span>egori<span class=\"_ _1\"></span>e <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>at<span class=\"_ _2\"></span>tivit\u00e0 <span class=\"_ _9\"> </span>finanziarie <span class=\"_ _9\"> </span>salvo <span class=\"_ _9\"> </span>il <span class=\"_ _16\"> </span>caso <span class=\"_ _9\"> </span>in <span class=\"_ _9\"> </span>cui <span class=\"_ _9\"> </span>la <span class=\"_ _9\"> </span>soci<span class=\"_ _2\"></span>et\u00e0 <span class=\"_ _9\"> </span>modifichi <span class=\"_ _9\"> </span>il <span class=\"_ _9\"> </span>proprio </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs82c\">modello <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>business <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>gestione <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>tali <span class=\"_ _2\"></span>attivit\u00e0 <span class=\"_ _2\"></span>finanziarie. <span class=\"_ _2\"></span>\u00c8 <span class=\"_ _d\"></span>previsto <span class=\"_ _2\"></span>che <span class=\"_ _d\"></span>tali <span class=\"_ _2\"></span>modifiche <span class=\"_ _2\"></span>siano<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>altamente </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs82d\">infrequenti <span class=\"_ _9\"> </span>e  devono <span class=\"_ _9\"> </span>essere  determinate <span class=\"_ _16\"> </span>dal <span class=\"_ _9\"> </span>management  a <span class=\"_ _9\"> </span>seguito <span class=\"_ _16\"> </span>di <span class=\"_ _9\"> </span>r<span class=\"_ _2\"></span>ilevanti <span class=\"_ _9\"> </span>cambiamenti  esterni <span class=\"_ _9\"> </span>o </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs82e\">interni, dimostrabili a soggetti esterni. </div>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForReclassificationOfFinancialInstrumentsExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-835": {
   "value": "A.3 I<span class=\"_ _f\"></span>NFORM<span class=\"_ _f\"></span>ATIVA<span class=\"_ _f\"></span> SUI TR<span class=\"_ _f\"></span>ASFE<span class=\"_ _f\"></span>RIMENT<span class=\"_ _f\"></span>I TRA<span class=\"_ _1\"></span> POR<span class=\"_ _f\"></span>TAFOG<span class=\"_ _f\"></span>LI DI <span class=\"_ _f\"></span>ATTIVIT<span class=\"_ _f\"></span>A\u2019 FIN<span class=\"_ _f\"></span>ANZIAR<span class=\"_ _f\"></span>IE<span class=\"_ _df\"> </span>Successivamente <span class=\"_ _0\"></span>all\u2019adozione <span class=\"_ _9\"> </span>dell\u2019IFRS <span class=\"_ _9\"> </span>9, <span class=\"_ _9\"> </span>il <span class=\"_ _9\"> </span>Gr<span class=\"_ _2\"></span>uppo <span class=\"_ _0\"></span>Credem <span class=\"_ _9\"> </span>non <span class=\"_ _9\"> </span>ha <span class=\"_ _16\"> </span>effettuato <span class=\"_ _0\"></span>cambiamenti <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>business model <span class=\"_ _f\"></span>per la <span class=\"_ _f\"></span>gestione <span class=\"_ _1\"></span>delle <span class=\"_ _f\"></span>pro<span class=\"_ _2\"></span>prie <span class=\"_ _f\"></span>attivit\u00e0 fi<span class=\"_ _1\"></span>nanziarie <span class=\"_ _f\"></span>e, quindi, <span class=\"_ _f\"></span>non sono <span class=\"_ _f\"></span>avvenuti <span class=\"_ _f\"></span>tras<span class=\"_ _2\"></span>ferimenti <span class=\"_ _f\"></span>tra <span class=\"_ _1\"></span>portafogli di  attivi<span class=\"_ _1\"></span>t\u00e0  finanziarie.<span class=\"_ _1\"></span>  Le <span class=\"_ _16\"> </span>regole  ge<span class=\"_ _1\"></span>nerali  p<span class=\"_ _1\"></span>reviste  dall\u2019IFRS <span class=\"_ _16\"> </span>9  in <span class=\"_ _16\"> </span>materia  di<span class=\"_ _1\"></span>  riclassificazi<span class=\"_ _1\"></span>one  delle <span class=\"_ _16\"> </span>attivit\u00e0 finanziarie <span class=\"_ _d\"></span>(ad <span class=\"_ _9\"> </span>eccezione <span class=\"_ _0\"></span>dei <span class=\"_ _0\"></span>titoli <span class=\"_ _0\"></span>di <span class=\"_ _9\"> </span>capitale, <span class=\"_ _0\"></span>per <span class=\"_ _0\"> </span>cui <span class=\"_ _9\"> </span>non <span class=\"_ _0\"></span>\u00e8 <span class=\"_ _0\"></span>ammessa <span class=\"_ _9\"> </span>alcuna <span class=\"_ _d\"></span>riclassifica) <span class=\"_ _0\"></span>non <span class=\"_ _9\"> </span>prevedono riclassifiche <span class=\"_ _9\"> </span>verso <span class=\"_ _9\"> </span>altr<span class=\"_ _2\"></span>e <span class=\"_ _0\"></span>cat<span class=\"_ _2\"></span>egori<span class=\"_ _1\"></span>e <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>at<span class=\"_ _2\"></span>tivit\u00e0 <span class=\"_ _9\"> </span>finanziarie <span class=\"_ _9\"> </span>salvo <span class=\"_ _9\"> </span>il <span class=\"_ _16\"> </span>caso <span class=\"_ _9\"> </span>in <span class=\"_ _9\"> </span>cui <span class=\"_ _9\"> </span>la <span class=\"_ _9\"> </span>soci<span class=\"_ _2\"></span>et\u00e0 <span class=\"_ _9\"> </span>modifichi <span class=\"_ _9\"> </span>il <span class=\"_ _9\"> </span>proprio modello <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>business <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>gestione <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>tali <span class=\"_ _2\"></span>attivit\u00e0 <span class=\"_ _2\"></span>finanziarie. <span class=\"_ _2\"></span>\u00c8 <span class=\"_ _d\"></span>previsto <span class=\"_ _2\"></span>che <span class=\"_ _d\"></span>tali <span class=\"_ _2\"></span>modifiche <span class=\"_ _2\"></span>siano<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>altamente infrequenti <span class=\"_ _9\"> </span>e  devono <span class=\"_ _9\"> </span>essere  determinate <span class=\"_ _16\"> </span>dal <span class=\"_ _9\"> </span>management  a <span class=\"_ _9\"> </span>seguito <span class=\"_ _16\"> </span>di <span class=\"_ _9\"> </span>r<span class=\"_ _2\"></span>ilevanti <span class=\"_ _9\"> </span>cambiamenti  esterni <span class=\"_ _9\"> </span>o interni, dimostrabili a soggetti esterni. A.4 I<span class=\"_ _f\"></span>NFORM<span class=\"_ _f\"></span>ATIVA<span class=\"_ _f\"></span> SUL F<span class=\"_ _f\"></span>AIR V<span class=\"_ _1\"></span>ALUE<span class=\"_ _df\"> </span>Inform<span class=\"_ _1\"></span>ativa<span class=\"_ _1\"></span> di na<span class=\"_ _1\"></span>tura<span class=\"_ _1\"></span> qualita<span class=\"_ _f\"></span>tiva A.4.1 <span class=\"ff5\">\u2013<span class=\"_ _1\"></span><span class=\"ff4\"> Livello<span class=\"_ _1\"></span> di fa<span class=\"_ _f\"></span>ir value 2 e<span class=\"_ _1\"></span> 3: tecn<span class=\"_ _1\"></span>iche di <span class=\"_ _f\"></span>valutaz<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span>one <span class=\"_ _1\"></span>e inpu<span class=\"_ _f\"></span>t utilizzati<span class=\"_ _df\"> </span></span></span>Le tecniche di valutazione u<span class=\"_ _1\"></span>tilizzate per gli str<span class=\"_ _2\"></span>umenti finanzi<span class=\"_ _1\"></span>ari appartenenti al livell<span class=\"_ _1\"></span>o 2 e 3 si distinguono:<span class=\"_ _d\"></span> <span class=\"_ _2c\"> </span><span class=\"ff4\">Attivit\u00e0 <span class=\"_ _5\"> </span>finanziarie: <span class=\"_ _5\"> </span>valutazione<span class=\"_ _1\"></span> <span class=\"_ _5\"> </span>degli <span class=\"_ _5\"> </span>strumenti <span class=\"_ _5\"> </span>strutturati <span class=\"_ _5\"> </span>utilizzando <span class=\"_ _5\"> </span>per<span class=\"_ _2\"></span> <span class=\"_ _5\"> </span>la <span class=\"_ _5\"> </span>componente<span class=\"_ _df\"> </span></span>obbligazionaria <span class=\"_ _9\"> </span>il  modell<span class=\"_ _1\"></span>o  d<span class=\"_ _1\"></span>iscounted <span class=\"_ _16\"> </span>cash <span class=\"_ _16\"> </span>flow <span class=\"_ _16\"> </span>con <span class=\"_ _16\"> </span>un <span class=\"_ _9\"> </span>tas<span class=\"_ _2\"></span>so <span class=\"_ _9\"> </span>corretto  per <span class=\"_ _9\"> </span>un  opp<span class=\"_ _1\"></span>ortuno <span class=\"_ _16\"> </span>rischio <span class=\"_ _9\"> </span>di<span class=\"_ _df\"> </span>credito, e per la componente azionaria utilizzand<span class=\"_ _1\"></span>o il modello Black&amp;Scholes;<span class=\"_ _df\"> </span><span class=\"_ _2c\"> </span><span class=\"ff4\">Passivit\u00e0 <span class=\"_ _4\"> </span>finanziarie: <span class=\"_ _4\"> </span>valutazione <span class=\"_ _4\"> </span>degli <span class=\"_ _4\"> </span>st<span class=\"_ _2\"></span>rumenti <span class=\"_ _4\"> </span>plain <span class=\"_ _4\"> </span>vanilla <span class=\"_ _17\"> </span>s<span class=\"_ _2\"></span>econdo <span class=\"_ _4\"> </span>le <span class=\"_ _4\"> </span>tecniche <span class=\"_ _4\"> </span>di <span class=\"_ _17\"> </span>valutazione<span class=\"_ _df\"> </span></span>discounted cash flow di cassa considerando il tasso cor<span class=\"_ _2\"></span>retto per il rischio di credito di Credito Emiliano sulla scadenza dello strumento.<span class=\"_ _df\"> </span>Si riporta brevemente la definizione de<span class=\"_ _1\"></span>i modelli utilizzati:<span class=\"_ _2\"></span> Disco<span class=\"_ _1\"></span>unte<span class=\"_ _f\"></span>d Cash F<span class=\"_ _1\"></span>low Il <span class=\"_ _2\"></span>modello discounted <span class=\"_ _2\"></span>cash <span class=\"_ _2\"></span>flow, <span class=\"_ _2\"></span>flussi <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>cassa <span class=\"_ _2\"></span>attualizzati, <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _2\"></span>un <span class=\"_ _2\"></span>metodo <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>valutazione<span class=\"_ _1\"></span> <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>un <span class=\"_ _2\"></span>investimento, basato <span class=\"_ _f\"></span>sul <span class=\"_ _f\"></span>pro<span class=\"_ _2\"></span>cesso <span class=\"_ _f\"></span>finanziario <span class=\"_ _f\"></span>di <span class=\"_ _f\"></span>attualizzazione, <span class=\"_ _f\"></span>che <span class=\"_ _f\"></span>consente di <span class=\"_ _f\"></span>stabilire <span class=\"_ _f\"></span>oggi <span class=\"_ _f\"></span>il v<span class=\"_ _1\"></span>alore <span class=\"_ _f\"></span>att<span class=\"_ _2\"></span>uale <span class=\"_ _11\"></span>di un <span class=\"_ _f\"></span>capitale che <span class=\"_ _f\"></span>ha come <span class=\"_ _f\"></span>naturale <span class=\"_ _1\"></span>scadenza una <span class=\"_ _f\"></span>data fu<span class=\"_ _f\"></span>t<span class=\"_ _2\"></span>ura <span class=\"_ _f\"></span>tr<span class=\"_ _2\"></span>amite <span class=\"_ _f\"></span>l'applicazione <span class=\"_ _f\"></span>d<span class=\"_ _2\"></span>i <span class=\"_ _f\"></span>un <span class=\"_ _1\"></span>tasso di <span class=\"_ _f\"></span>sconto. <span class=\"_ _1\"></span>Il <span class=\"_ _f\"></span>tasso di <span class=\"_ _f\"></span>sconto viene corretto per il rischio di credito dei flussi futuri attesi dall'attivit\u00e0 in questione. L<span class=\"_ _1\"></span>a somma algebrica dei<span class=\"_ _df\"> </span>flussi attualizzati rappresenta il valore ne<span class=\"_ _1\"></span>tto attuale (N<span class=\"_ _2\"></span>et present value) dello strumento.<span class=\"_ _df\"> </span>I parametri utilizzati nella tecnica di valu<span class=\"_ _1\"></span>tazione sono: curva tassi e credit spread di ogni singola emissione.<span class=\"_ _1\"></span> Model<span class=\"_ _1\"></span>lo Bl<span class=\"_ _1\"></span>ack&amp;<span class=\"_ _1\"></span>Schol<span class=\"_ _1\"></span>es Il <span class=\"_ _2\"></span>modello <span class=\"_ _d\"></span>Black&amp;scholes <span class=\"_ _d\"></span>univariato <span class=\"_ _d\"></span>(BS) <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _d\"></span>il <span class=\"_ _d\"></span>modello <span class=\"_ _2\"></span>di <span class=\"_ _0\"></span>pricing <span class=\"_ _d\"></span>delle <span class=\"_ _d\"></span>opzioni <span class=\"_ _2\"></span>pi\u00f9 <span class=\"_ _d\"></span>famoso <span class=\"_ _d\"></span>e <span class=\"_ _d\"></span>riconosciuto <span class=\"_ _d\"></span>dal<span class=\"_ _df\"> </span>mercato. <span class=\"_ _1\"></span>Il <span class=\"_ _f\"></span>modello <span class=\"_ _1\"></span>si <span class=\"_ _1\"></span>basa <span class=\"_ _f\"></span>s<span class=\"_ _2\"></span>ulla <span class=\"_ _11\"></span>poss<span class=\"_ _2\"></span>ibili<span class=\"_ _1\"></span>t\u00e0 d<span class=\"_ _1\"></span>i <span class=\"_ _f\"></span>creare un <span class=\"_ _f\"></span>por<span class=\"_ _2\"></span>tafoglio <span class=\"_ _f\"></span><span class=\"ff5\">equivalente <span class=\"_ _f\"></span>all\u2019<span class=\"ff4\">opzione, costituito <span class=\"_ _f\"></span>in parte<span class=\"_ _df\"> </span></span></span>da <span class=\"_ _2\"></span>unit\u00e0 <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>sottostante <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>parte <span class=\"_ _2\"></span>da <span class=\"_ _d\"></span>obbligazioni pri<span class=\"_ _2\"></span>ve <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>rischio <span class=\"_ _2\"></span>entr<span class=\"_ _2\"></span>ambi <span class=\"_ _2\"></span>influenz<span class=\"_ _1\"></span>ati <span class=\"_ _2\"></span>dalla <span class=\"_ _2\"></span>stessa <span class=\"_ _2\"></span>fonte <span class=\"_ _2\"></span>di<span class=\"_ _df\"> </span>incertezza <span class=\"_ _17\"> </span>data <span class=\"_ _14\"> </span>dalle <span class=\"_ _15\"> </span>variazioni <span class=\"_ _17\"> </span>del <span class=\"_ _14\"> </span>prezzo <span class=\"_ _15\"> </span>dell\u2019azione. <span class=\"_ _17\"> </span>L<span class=\"_ _2\"></span>e <span class=\"_ _17\"> </span>ipotesi <span class=\"_ _14\"> </span>s<span class=\"_ _2\"></span>ottostanti <span class=\"_ _17\"> </span>il <span class=\"_ _14\"> </span>modello <span class=\"_ _14\"> </span>di <span class=\"_ _14\"> </span>BS <span class=\"_ _14\"> </span>sono<span class=\"_ _df\"> </span>rappresentate <span class=\"_ _15\"> </span>dall'andamento <span class=\"_ _15\"> </span>dei <span class=\"_ _14\"> </span>prezzi <span class=\"_ _15\"> </span>dell'att<span class=\"_ _2\"></span>ivit\u00e0 sottostante <span class=\"_ _15\"> </span>(approssimato <span class=\"_ _15\"> </span>da <span class=\"_ _15\"> </span>un <span class=\"_ _15\"> </span>processo <span class=\"_ _15\"> </span>log<span class=\"_ _2\"></span>-<span class=\"_ _df\"> </span>normale), <span class=\"_ _2\"></span>dalla presenza <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>un <span class=\"_ _2\"></span>mercato <span class=\"_ _2\"></span>perfettamente <span class=\"_ _2\"></span>efficie<span class=\"_ _f\"></span>n<span class=\"_ _2\"></span>te; <span class=\"_ _2\"></span>dal <span class=\"_ _2\"></span>tasso <span class=\"_ _2\"></span>di interesse <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>dalla <span class=\"_ _2\"></span>volatilit\u00e0 <span class=\"_ _2\"></span>del<span class=\"_ _df\"> </span>sottostante costante per tutta la durata dell'opzione<span class=\"_ _1\"></span>. I <span class=\"_ _22\"> </span>paramet<span class=\"_ _2\"></span>ri  utilizzati <span class=\"_ _22\"> </span>nella <span class=\"_ _4\"> </span>tecnica  di <span class=\"_ _4\"> </span>valutazione  sono <span class=\"_ _4\"> </span>il  tasso <span class=\"_ _4\"> </span>di  interesse, <span class=\"_ _22\"> </span>il <span class=\"_ _4\"> </span>valore <span class=\"_ _22\"> </span>e <span class=\"_ _4\"> </span>la  volatilit\u00e0 <span class=\"_ _22\"> </span>del<span class=\"_ _df\"> </span>sottostante.<span class=\"_ _df\"> </span>In particolare:<span class=\"_ _df\"> </span><span class=\"ff10\"> <span class=\"_ _2b\"> </span><span class=\"ff4\">i <span class=\"_ _2\"></span>tassi <span class=\"_ _2\"></span>di <span class=\"_ _d\"></span>interesse <span class=\"_ _2\"></span>sono <span class=\"_ _d\"></span>estrapolati <span class=\"_ _2\"></span>dalla <span class=\"_ _2\"></span>curva <span class=\"_ _2\"></span>zero<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>ottenuta <span class=\"_ _d\"></span>dalle <span class=\"_ _2\"></span>quotazioni <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>m<span class=\"_ _2\"></span>ercato <span class=\"_ _2\"></span>di <span class=\"_ _d\"></span>strumenti<span class=\"_ _df\"> </span></span></span>omogenei;<span class=\"_ _df\"> </span><span class=\"ff10\"> <span class=\"_ _2b\"> </span><span class=\"ff4\">i credit <span class=\"_ _2\"></span>spr<span class=\"_ _2\"></span>ead per <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>componete <span class=\"_ _2\"></span>Credito <span class=\"_ _2\"></span>Emiliano <span class=\"_ _2\"></span>sono <span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>ttenuti da <span class=\"_ _2\"></span>quotazioni <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>mercato <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>emissioni<span class=\"_ _df\"> </span></span></span>comparables;<span class=\"_ _df\"> </span><span class=\"ff10\"> <span class=\"_ _2b\"> </span><span class=\"ff4\">valore de<span class=\"_ _1\"></span>l sottostante sono ottenuti dalla quotazione del mercato;<span class=\"_ _df\"> </span></span></span><span class=\"ff10\"> <span class=\"_ _2b\"> </span><span class=\"ff4\">volatili<span class=\"_ _1\"></span>t\u00e0 del sottostante ottenute da quotazioni di mercato. </span></span>A.4.2 P<span class=\"_ _f\"></span>rocessi e <span class=\"_ _1\"></span>sensib<span class=\"_ _1\"></span>ilit\u00e0 de<span class=\"_ _f\"></span>lle valuta<span class=\"_ _f\"></span>zioni<span class=\"_ _df\"> </span>Gli <span class=\"_ _22\"> </span>strumenti <span class=\"_ _4\"> </span>non  scambiati <span class=\"_ _4\"> </span>su  mercati <span class=\"_ _4\"> </span>attivi <span class=\"_ _22\"> </span>sono <span class=\"_ _4\"> </span>valutati  a <span class=\"_ _4\"> </span>mark  to <span class=\"_ _4\"> </span>model  utilizzando  la <span class=\"_ _4\"> </span>tecnica <span class=\"_ _22\"> </span>di<span class=\"_ _df\"> </span>valutazione  che  massimizza <span class=\"_ _4\"> </span>l\u2019u<span class=\"_ _1\"></span>tilizzo  di <span class=\"_ _22\"> </span>dati <span class=\"_ _22\"> </span>os<span class=\"_ _2\"></span>servabili<span class=\"_ _1\"></span>  s<span class=\"_ _2\"></span>ul  mercato.  Qualora  i <span class=\"_ _4\"> </span>parametri<span class=\"_ _f\"></span> <span class=\"_ _4\"> </span>risultino  non<span class=\"_ _df\"> </span>disponibili e direttamente osservabili il livello di<span class=\"_ _1\"></span> fair value attribuito <span class=\"_ _2\"></span>\u00e8 pari a 3.<span class=\"_ _df\"> </span>Nel <span class=\"_ _d\"></span>corso <span class=\"_ _d\"></span>del <span class=\"_ _d\"></span>2025 <span class=\"_ _d\"></span>sono <span class=\"_ _d\"></span>state <span class=\"_ _d\"></span>valutate <span class=\"_ _d\"></span>con <span class=\"_ _d\"></span>modelli <span class=\"_ _d\"></span>mark <span class=\"_ _d\"></span>to <span class=\"_ _d\"></span>model, <span class=\"_ _d\"></span>tramite <span class=\"_ _d\"></span>parame<span class=\"_ _2\"></span>tri <span class=\"_ _d\"></span>non <span class=\"_ _d\"></span>osservab<span class=\"_ _1\"></span>ili <span class=\"_ _d\"></span>(fair<span class=\"_ _df\"> </span>value <span class=\"_ _2\"></span>3), <span class=\"_ _2\"></span>le <span class=\"_ _d\"></span>quote <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>O<span class=\"_ _2\"></span>ICR <span class=\"_ _2\"></span>per <span class=\"_ _d\"></span>le <span class=\"_ _2\"></span>quali <span class=\"_ _2\"></span>non <span class=\"_ _d\"></span>\u00e8 <span class=\"_ _2\"></span>applicabile <span class=\"_ _2\"></span>l\u2019analisi <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>sensitivit\u00e0, <span class=\"_ _2\"></span>e <span class=\"_ _d\"></span><span class=\"ff4\">di <span class=\"_ _d\"></span>investimenti <span class=\"_ _2\"></span>part<span class=\"_ _2\"></span>ecipativ<span class=\"_ _1\"></span>i<span class=\"_ _df\"> </span></span>per importi non materiali.<span class=\"_ _df\"> </span>Alla <span class=\"_ _0\"></span>data <span class=\"_ _9\"> </span>del <span class=\"_ _9\"> </span>31 <span class=\"_ _9\"> </span>dicembre <span class=\"_ _9\"> </span>2025 <span class=\"_ _9\"> </span>nessun <span class=\"_ _9\"> </span>strumento <span class=\"_ _9\"> </span>finanziario <span class=\"_ _9\"> </span>derivato <span class=\"_ _0\"></span>\u00e8 <span class=\"_ _9\"> </span>stat<span class=\"_ _2\"></span>o <span class=\"_ _0\"></span>valutato <span class=\"_ _9\"> </span>a <span class=\"_ _9\"> </span>mark <span class=\"_ _9\"> </span>to <span class=\"_ _9\"> </span>model<span class=\"_ _df\"> </span>tramite parametri di mercato non direttamente osservabili.<span class=\"_ _df\"> </span>A.4.3 G<span class=\"_ _1\"></span>erarc<span class=\"_ _1\"></span>hia d<span class=\"_ _1\"></span>el fa<span class=\"_ _1\"></span>ir valu<span class=\"_ _1\"></span>e<span class=\"_ _df\"> </span>Tras<span class=\"_ _1\"></span>ferim<span class=\"_ _1\"></span>enti t<span class=\"_ _1\"></span>ra i li<span class=\"_ _1\"></span>velli <span class=\"_ _1\"></span>della<span class=\"_ _1\"></span> gera<span class=\"_ _f\"></span>rchia del <span class=\"_ _f\"></span>fair value<span class=\"_ _df\"> </span>La g<span class=\"_ _1\"></span>erarchia de<span class=\"_ _1\"></span>l fai<span class=\"_ _1\"></span>r value <span class=\"_ _f\"></span>att<span class=\"_ _2\"></span>ribuisce <span class=\"_ _f\"></span>la massima p<span class=\"_ _1\"></span>riorit\u00e0 ai <span class=\"_ _f\"></span>prezzi qu<span class=\"_ _1\"></span>otati (non <span class=\"_ _f\"></span>r<span class=\"_ _2\"></span>ettificati)<span class=\"_ _1\"></span> in <span class=\"_ _f\"></span>mercati attivi <span class=\"_ _f\"></span>per<span class=\"_ _df\"> </span>attivit\u00e0 o passivit\u00e0 identiche (d<span class=\"_ _1\"></span>ati di livello 1) e la priorit\u00e0 minima agli input n<span class=\"_ _2\"></span>on osservabili (dati di livell<span class=\"_ _1\"></span>o 3).<span class=\"_ _df\"> </span>I Livelli utilizzati per le cl<span class=\"_ _1\"></span>assificazioni riportate nel seguito della presente Nota integrativa sono i se<span class=\"_ _1\"></span>guenti:<span class=\"_ _df\"> </span><span class=\"ff10\"> <span class=\"_ _2b\"> </span><span class=\"ff5\">\u201clive<span class=\"_ _1\"></span>llo 1\u201d<span class=\"_ _2\"></span>: il fair <span class=\"_ _2\"></span>value degli strumenti finanziari \u00e8 determinato <span class=\"_ _2\"></span>in base a <span class=\"_ _2\"></span>prezzi di quotazione osserv<span class=\"_ _d\"></span><span class=\"ff4\">abili<span class=\"_ _df\"> </span></span></span></span>su mercati attivi (non rettificati) alle<span class=\"_ _1\"></span> quali si pu\u00f2 accedere alla data di valutazione;<span class=\"_ _df\"> </span><span class=\"ff10\"> <span class=\"_ _2b\"> </span><span class=\"ff5\">\u201clive<span class=\"_ _1\"></span>llo <span class=\"_ _2\"></span>2\u201d: <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>fair <span class=\"_ _2\"></span>value <span class=\"_ _2\"></span>degl<span class=\"_ _1\"></span>i <span class=\"_ _2\"></span>strumenti <span class=\"_ _2\"></span>finanziari <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _2\"></span>determinato <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>base a <span class=\"_ _2\"></span>input <span class=\"_ _2\"></span>diversi <span class=\"_ _2\"></span>dai <span class=\"_ _2\"></span>prezzi quotati<span class=\"_ _df\"> </span></span></span>inclusi nel Liv<span class=\"_ _2\"></span>ello 1 osservabili dir<span class=\"_ _2\"></span>ettamente o i<span class=\"_ _2\"></span><span class=\"ff5\">ndirettamente per <span class=\"_ _2\"></span>l\u2019attivit\u00e0 o per <span class=\"_ _2\"></span>la passivit\u00e0, utilizzando<span class=\"_ _df\"> </span></span>anche di tecniche di valutazione;<span class=\"_ _df\"> </span><span class=\"ff10\"> <span class=\"_ _2b\"> </span><span class=\"ff5\">\u201clive<span class=\"_ _1\"></span>llo 3\u201d: <span class=\"_ _f\"></span>il <span class=\"_ _f\"></span>fair <span class=\"_ _1\"></span>value <span class=\"_ _f\"></span>degli <span class=\"_ _f\"></span>s<span class=\"_ _2\"></span>trumenti <span class=\"_ _f\"></span>finanziari <span class=\"_ _f\"></span>\u00e8 d<span class=\"_ _1\"></span>eterminato <span class=\"_ _1\"></span>in <span class=\"_ _f\"></span>base a <span class=\"_ _f\"></span>input <span class=\"_ _f\"></span>non <span class=\"_ _1\"></span>osservabili <span class=\"_ _f\"></span>per l\u2019<span class=\"_ _1\"></span>attivit\u00e0<span class=\"_ _df\"> </span></span></span>o per la passivit\u00e0, utilizzando anche<span class=\"_ _1\"></span> di tecniche di valutazione.<span class=\"_ _df\"> </span>L\u2019attivit\u00e0 <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>attribuzione <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>ei <span class=\"_ _2\"></span>li<span class=\"_ _2\"></span>velli <span class=\"_ _d\"></span>\u00e8 <span class=\"_ _d\"></span>rappresentata <span class=\"_ _d\"></span>dalla <span class=\"_ _d\"></span>verifica <span class=\"_ _d\"></span>puntuale <span class=\"_ _d\"></span>per <span class=\"_ _d\"></span>ogni <span class=\"_ _d\"></span>str<span class=\"_ _2\"></span>umento <span class=\"_ _d\"></span>detenuto <span class=\"_ _2\"></span>nei<span class=\"_ _df\"> </span>portafogli <span class=\"_ _2\"></span>di propriet\u00e0 <span class=\"_ _2\"></span>di u<span class=\"_ _2\"></span>n possibile <span class=\"_ _2\"></span>potenziale mercat<span class=\"_ _2\"></span>o at<span class=\"_ _2\"></span>tivo che r<span class=\"_ _2\"></span>ispetti alcune <span class=\"_ _2\"></span>regole <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>valorizzazione.<span class=\"_ _df\"> </span>In particolare vi<span class=\"_ _1\"></span>ene analizzato che <span class=\"_ _1\"></span>le contribuzioni risul<span class=\"_ _1\"></span>tino continuative, contenu<span class=\"_ _1\"></span>te nei delta spread <span class=\"_ _1\"></span>bid ask,<span class=\"_ _df\"> </span>indicative di possibili transazioni recenti qui<span class=\"_ _1\"></span>ndi non trascinate, e che l\u2019emittente risulti solido e attivo.<span class=\"_ _df\"> </span>Il mancato rispetto di tali regole porta a un aggravio di livello associato a una valorizzazione il pi\u00f9 coerente e<span class=\"_ _df\"> </span>rappresentativa del fair value dello strumento. Analogamente l\u2019anali<span class=\"_ _1\"></span>si viene effettuata anche nella v<span class=\"_ _1\"></span>erifica di un potenziale ripristino<span class=\"_ _1\"></span> di mercato attivo su<span class=\"_ _1\"></span>gli<span class=\"_ _df\"> </span>strumenti  p<span class=\"_ _1\"></span>er <span class=\"_ _16\"> </span>i <span class=\"_ _16\"> </span>quali <span class=\"_ _9\"> </span>nel  corso  de<span class=\"_ _1\"></span>l <span class=\"_ _16\"> </span>tempo <span class=\"_ _16\"> </span>si <span class=\"_ _16\"> </span>verifica <span class=\"_ _9\"> </span>u<span class=\"_ _2\"></span>na <span class=\"_ _16\"> </span>riattivazione<span class=\"_ _1\"></span>  di <span class=\"_ _9\"> </span>valorizzazione  continuative<span class=\"_ _1\"></span> <span class=\"_ _16\"> </span>sul<span class=\"_ _df\"> </span>mercato regolamentato e non.<span class=\"_ _df\"> </span>A.4.4<span class=\"_ _1\"></span> Altre <span class=\"_ _1\"></span>informa<span class=\"_ _f\"></span>zioni<span class=\"_ _df\"> </span>L\u2019attivit\u00e0 <span class=\"_ _9\"> </span>di <span class=\"_ _16\"> </span>attribuzione <span class=\"_ _9\"> </span>dei <span class=\"_ _16\"> </span>livelli <span class=\"_ _9\"> </span>di <span class=\"_ _16\"> </span>fair <span class=\"_ _9\"> </span>value <span class=\"_ _16\"> </span>avviene <span class=\"_ _9\"> </span>tr<span class=\"_ _2\"></span>imestralmente <span class=\"_ _9\"> </span>alle <span class=\"_ _9\"> </span>date  contabi<span class=\"_ _1\"></span>li <span class=\"_ _16\"> </span>di <span class=\"_ _9\"> </span>r<span class=\"_ _2\"></span>iferimento basa<span class=\"ff5\">ndosi <span class=\"_ _2\"></span>sulla <span class=\"_ _2\"></span>verifica d<span class=\"_ _2\"></span>ella <span class=\"_ _2\"></span>presenza di <span class=\"_ _2\"></span>un <span class=\"_ _d\"></span>mercato <span class=\"_ _2\"></span>principale <span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>pi\u00f9 <span class=\"_ _2\"></span>vantaggioso <span class=\"_ _2\"></span>nell\u2019<span class=\"_ _1\"></span>intervallo <span class=\"_ _2\"></span>temporale </span>antecedente <span class=\"_ _0\"></span>la <span class=\"_ _0\"></span>data <span class=\"_ _9\"> </span>contabile <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>riferimento. <span class=\"_ _0\"></span>L\u2019attivit\u00e0 <span class=\"_ _0\"></span>prevede <span class=\"_ _0\"></span>la <span class=\"_ _9\"> </span>verifica <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>alcuni <span class=\"_ _0\"></span>principi <span class=\"_ _0\"></span>necessari <span class=\"_ _9\"> </span>alla definizione <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>presenza <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>un <span class=\"_ _2\"></span>mercato <span class=\"_ _2\"></span>att<span class=\"_ _2\"></span>ivo per <span class=\"_ _2\"></span>ogni <span class=\"_ _2\"></span>st<span class=\"_ _2\"></span>rumento finanziario <span class=\"_ _2\"></span>identificati <span class=\"_ _2\"></span>dalla <span class=\"_ _2\"></span>disponibilit\u00e0 <span class=\"_ _2\"></span>di valorizzazioni eseguibili, continue e con scarto denaro-lettera (bid-ask spread) contenuti. Il <span class=\"_ _0\"></span>rispetto <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>tali <span class=\"_ _9\"> </span>condizioni<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>determina <span class=\"_ _9\"> </span>il <span class=\"_ _0\"></span>livello <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>fair <span class=\"_ _0\"></span>value <span class=\"_ _0\"></span>dello <span class=\"_ _0\"></span>str<span class=\"_ _2\"></span>umento <span class=\"_ _d\"></span>analizzato<span class=\"_ _2\"></span>. <span class=\"_ _9\"> </span>Qualora <span class=\"_ _d\"></span>non <span class=\"_ _9\"> </span>siano presenti <span class=\"_ _2\"></span>quotazioni <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>mercato, <span class=\"_ _d\"></span>l\u2019utilizzo <span class=\"_ _2\"></span>di <span class=\"_ _d\"></span>tecniche <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>valutazione <span class=\"_ _2\"></span>viene <span class=\"_ _d\"></span>effettuata <span class=\"_ _d\"></span>ad <span class=\"_ _d\"></span>ogni <span class=\"_ _2\"></span>dat<span class=\"_ _2\"></span>a <span class=\"_ _d\"></span>contabile massimizzando l\u2019util<span class=\"_ _1\"></span>izzo di <span class=\"_ _1\"></span>input osservabili rilevanti <span class=\"_ _1\"></span>e riducend<span class=\"_ _1\"></span>o al minimo l\u2019util<span class=\"_ _1\"></span>izzo di <span class=\"_ _1\"></span>input non osservabili.<span class=\"_ _1\"></span> La  ve<span class=\"_ _1\"></span>rifica  di<span class=\"_ _1\"></span>  tali <span class=\"_ _16\"> </span>parametri  di <span class=\"_ _9\"> </span>input  in  fu<span class=\"_ _f\"></span>nzion<span class=\"_ _2\"></span>e <span class=\"_ _16\"> </span>della <span class=\"_ _16\"> </span>disponibilit\u00e0  de<span class=\"_ _1\"></span>termina  il <span class=\"_ _16\"> </span>livello <span class=\"_ _16\"> </span>di <span class=\"_ _16\"> </span>fair  value<span class=\"_ _1\"></span>  dello strumento. Alle date contabili viene <span class=\"_ _2\"></span>inoltre effettuata <span class=\"_ _2\"></span>una analisi comparativa dei livelli di <span class=\"_ _2\"></span>fair value rispetto <span class=\"_ _2\"></span>al trimestre precedente <span class=\"_ _0\"></span>e <span class=\"_ _0\"></span>l\u2019inizio <span class=\"_ _9\"> </span>dell\u2019esercizio <span class=\"_ _9\"> </span>di <span class=\"_ _0\"></span>riferimento <span class=\"_ _9\"> </span>al <span class=\"_ _0\"></span>fine <span class=\"_ _9\"> </span>di <span class=\"_ _0\"></span>individuare <span class=\"_ _0\"></span>i <span class=\"_ _9\"> </span>trasferimenti <span class=\"_ _0\"></span>di <span class=\"_ _0\"> </span>l<span class=\"_ _2\"></span>ivelli <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>fair <span class=\"_ _9\"> </span>value avvenuti nel corso dell\u2019esercizio di<span class=\"_ _1\"></span> riferimento e le circostanze che hanno determinato tale trasferimento.<span class=\"_ _2\"></span><span class=\"ff4\"> </span>Inform<span class=\"_ _1\"></span>ativa<span class=\"_ _1\"></span> di na<span class=\"_ _1\"></span>tura<span class=\"_ _1\"></span> quantit<span class=\"_ _1\"></span>ativa A.4.5<span class=\"_ _1\"></span> Gera<span class=\"_ _1\"></span>rchia <span class=\"_ _1\"></span>del fair <span class=\"_ _1\"></span>value<span class=\"_ _df\"> </span>A.4.5.<span class=\"_ _1\"></span>1 Att<span class=\"_ _1\"></span>ivit\u00e0<span class=\"_ _1\"></span> e pas<span class=\"_ _f\"></span>sivit\u00e0 v<span class=\"_ _1\"></span>alutat<span class=\"_ _1\"></span>e al fa<span class=\"_ _f\"></span>ir value <span class=\"_ _1\"></span>su ba<span class=\"_ _f\"></span>se ricor<span class=\"_ _1\"></span>rente: <span class=\"_ _f\"></span>ripartizione<span class=\"_ _f\"></span> per li<span class=\"_ _1\"></span>velli <span class=\"_ _1\"></span>di fa<span class=\"_ _1\"></span>ir valu<span class=\"_ _1\"></span>e<span class=\"_ _df\"> </span><table class=\"s w960 h498\" id=\"_0deef863-3313-4d68-bc20-bad8d4c6ed55\"><tr><td class=\"c x2e0 y2556 w2db h226\"><div class=\"t m0 xe h1f y1498 ff4 fs7 fc7 sc6 ls0 ws0\">Atti<span class=\"_ _1\"></span>vit\u00e0/P<span class=\"_ _1\"></span>ass<span class=\"_ _1\"></span>ivit\u00e0<span class=\"_ _1\"></span> mis<span class=\"_ _1\"></span>urat<span class=\"_ _f\"></span>e al fair<span class=\"_ _1\"></span> valu<span class=\"_ _1\"></span>e </div></td><td></td><td class=\"c x2e1 y2557 w2dc hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc4 sc3 ls0 ws0\">31/12/<span class=\"_ _f\"></span>2025 </div></td><td></td><td></td><td class=\"c x2e2 y2557 w2dd hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc4 sc3 ls0 ws0\">31/12/<span class=\"_ _f\"></span>2024 </div></td><td></td></tr><tr><td></td><td class=\"c x2e1 y2556 w2b2 hc8\"><div class=\"t m0 x14 h1f ye4c ff4 fs7 fc4 sc3 lsc7 ws0\">L1<span class=\"ls0\"> </span></div></td><td class=\"c x2e3 y2556 w2de hc8\"><div class=\"t m0 x39 h1f ye4c ff4 fs7 fc4 sc3 lsc7 ws0\">L2<span class=\"ls0\"> </span></div></td><td class=\"c x2e4 y2556 w2df hc8\"><div class=\"t m0 x14 h1f ye4c ff4 fs7 fc4 sc3 lsc7 ws0\">L3<span class=\"ls0\"> </span></div></td><td class=\"c x2e2 y2556 w2e0 hc8\"><div class=\"t m0 x48 h1f ye4c ff4 fs7 fc4 sc3 lsc7 ws0\">L1<span class=\"ls0\"> </span></div></td><td class=\"c x2e5 y2556 w2df hc8\"><div class=\"t m0 x14 h1f ye4c ff4 fs7 fc4 sc3 lsc7 ws0\">L2<span class=\"ls0\"> </span></div></td><td class=\"c x2e6 y2556 w2df hc8\"><div class=\"t m0 x14 h1f ye4c ff4 fs7 fc4 sc3 lsc7 ws0\">L3<span class=\"ls0\"> </span></div></td></tr><tr><td class=\"c x262 y2558 w961 h48b\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">1. Attivit\u00e0 finanz<span class=\"_ _1\"></span>iarie valutate al fair<span class=\"_ _1\"></span> value con impatt<span class=\"_ _f\"></span>o<span class=\"_ _2\"></span> a conto<span class=\"_ _df\"> </span></div></td><td class=\"c x2e1 y2559 w2b2 h58\"><div class=\"t m0 xac h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">5.975.795 </div></td><td class=\"c x2e7 y2559 w1a2 h58\"><div class=\"t m0 x14 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">69.376 </div></td><td class=\"c x2e4 y2559 w2df h58\"><div class=\"t m0 x2e h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">289.096 </div></td><td class=\"c x2e2 y2559 w8c h58\"><div class=\"t m0 xac h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">5.368.935 </div></td><td class=\"c x2e5 y2559 w1a2 h58\"><div class=\"t m0 x48 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">52.518 </div></td><td class=\"c x2e6 y2559 w1a2 h58\"><div class=\"t m0 x130 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">285.011 </div></td></tr><tr><td class=\"c x262 y255a w962 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">economico<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2e0 y255b w2e1 hc8\"><div class=\"t m0 xac h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">a) attivit\u00e0 finanz<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span>arie detenute<span class=\"_ _1\"></span> per la <span class=\"_ _1\"></span>negoziazione<span class=\"_ _df\"> </span></div></td><td class=\"c x2e1 y255b w2b2 hc8\"><div class=\"t m0 x48 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">24.176 </div></td><td class=\"c x2e7 y255b w1a2 hc8\"><div class=\"t m0 x33 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">16.747 </div></td><td class=\"c x2e4 y255b w2df hc8\"><div class=\"t m0 x11 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x2e2 y255b w8c hc8\"><div class=\"t m0 x48 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">19.098 </div></td><td class=\"c x2e5 y255b w1a2 hc8\"><div class=\"t m0 x48 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">15.038 </div></td><td class=\"c x2e6 y255b w1a2 hc8\"><div class=\"t m0 x30 h1f ye4c ff4 fs7 fc1 sc0 ls2a ws0\">23<span class=\"ls0\"> </span></div></td></tr><tr><td class=\"c x2e0 y255c w2e1 hc8\"><div class=\"t m0 xac h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">b) attivit\u00e0 finanz<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span>arie designate<span class=\"_ _1\"></span> al fai<span class=\"_ _1\"></span>r value<span class=\"_ _df\"> </span></div></td><td class=\"c x2e1 y255c w2b2 hc8\"><div class=\"t m0 x13 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x2e7 y255c w1a2 hc8\"><div class=\"t m0 x13 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x2e4 y255c w2df hc8\"><div class=\"t m0 x11 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x2e2 y255c w8c hc8\"><div class=\"t m0 x11 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x2e5 y255c w1a2 hc8\"><div class=\"t m0 x13 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x2e6 y255c w1a2 hc8\"><div class=\"t m0 x11 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2e0 y255d w2e1 h58\"><div class=\"t m0 xac h1f y41f ff4 fs7 fc1 sc0 ls0 ws0\">c) Altre attivit\u00e0 <span class=\"_ _1\"></span>finanziarie obbli<span class=\"_ _1\"></span>gatoriamente valu<span class=\"_ _1\"></span>tate al fair<span class=\"_ _df\"> </span></div><div class=\"t m0 xac h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">value </div></td><td class=\"c x2e1 y255d w2b2 h58\"><div class=\"t m0 x2f h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">5.951.619 </div></td><td class=\"c x2e7 y255d w1a2 h58\"><div class=\"t m0 x14 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">52.629 </div></td><td class=\"c x2e4 y255d w2df h58\"><div class=\"t m0 x2e h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">289.096 </div></td><td class=\"c x2e2 y255d w8c h58\"><div class=\"t m0 xac h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">5.349.837 </div></td><td class=\"c x2e5 y255d w1a2 h58\"><div class=\"t m0 x14 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">37.480 </div></td><td class=\"c x2e6 y255d w1a2 h58\"><div class=\"t m0 x2a h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">284.988 </div></td></tr><tr><td class=\"c x262 y255e w963 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">2. Attivit\u00e0 finanz<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span>arie valut<span class=\"_ _1\"></span>ate al fair <span class=\"_ _1\"></span>value con impatto<span class=\"_ _1\"></span> sulla<span class=\"_ _df\"> </span></div></td><td class=\"c x2e1 y255f w2b2 had\"><div class=\"t m0 x8e h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">9.621.292 </div></td><td class=\"c x2e7 y255f w1a2 had\"><div class=\"t m0 x48 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">49.710 </div></td><td class=\"c x2e4 y255f w2df had\"><div class=\"t m0 x39 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">34.463 </div></td><td class=\"c x2e2 y255f w8c had\"><div class=\"t m0 xac h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">9.403.955 </div></td><td class=\"c x2e5 y255f w1a2 had\"><div class=\"t m0 x14 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">57.766 </div></td><td class=\"c x2e6 y255f w1a2 had\"><div class=\"t m0 x33 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">30.118 </div></td></tr><tr><td class=\"c x262 y2560 w964 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">redditivit\u00e0 comp<span class=\"_ _f\"></span>l<span class=\"_ _2\"></span>essiva<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2e0 y2561 w2e1 hc8\"><div class=\"t m0 x10 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">3. Derivati di c<span class=\"_ _1\"></span>opertura </div></td><td class=\"c x2e1 y2561 w2b2 hc8\"><div class=\"t m0 x13 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x2e7 y2561 w1a2 hc8\"><div class=\"t m0 x55 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">179.098 </div></td><td class=\"c x2e4 y2561 w2df hc8\"><div class=\"t m0 x11 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x2e2 y2561 w8c hc8\"><div class=\"t m0 x11 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x2e5 y2561 w1a2 hc8\"><div class=\"t m0 x2e h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">427.235 </div></td><td class=\"c x2e6 y2561 w1a2 hc8\"><div class=\"t m0 x11 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2e0 y2562 w2e1 hc8\"><div class=\"t m0 x10 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">4. Attivit\u00e0 mater<span class=\"_ _1\"></span>iali </div></td><td class=\"c x2e1 y2562 w2b2 hc8\"><div class=\"t m0 x13 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x2e7 y2562 w1a2 hc8\"><div class=\"t m0 x13 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x2e4 y2562 w2df hc8\"><div class=\"t m0 x11 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x2e2 y2562 w8c hc8\"><div class=\"t m0 x11 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x2e5 y2562 w1a2 hc8\"><div class=\"t m0 x13 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x2e6 y2562 w1a2 hc8\"><div class=\"t m0 x11 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2e0 y2563 w2e1 h227\"><div class=\"t m0 x10 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">5. Attivit\u00e0 imma<span class=\"_ _1\"></span>teriali<span class=\"_ _df\"> </span></div></td><td class=\"c x2e1 y2563 w2b2 h227\"><div class=\"t m0 x13 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x2e7 y2563 w1a2 h227\"><div class=\"t m0 x13 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x2e4 y2563 w2df h227\"><div class=\"t m0 x11 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x2e2 y2563 w8c h227\"><div class=\"t m0 x11 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x2e5 y2563 w1a2 h227\"><div class=\"t m0 x13 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x2e6 y2563 w1a2 h227\"><div class=\"t m0 x11 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2e0 y2564 w2e1 hc8\"><div class=\"t m0 x6e h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale </div></td><td class=\"c x2e1 y2564 w2b2 hc8\"><div class=\"t m0 x8a h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">15.59<span class=\"_ _1\"></span>7.0<span class=\"_ _1\"></span>87 </div></td><td class=\"c x2e7 y2564 w1a2 hc8\"><div class=\"t m0 x55 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">298.1<span class=\"_ _f\"></span>84 </div></td><td class=\"c x2e4 y2564 w2df hc8\"><div class=\"t m0 x2e h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">323.5<span class=\"_ _1\"></span>59<span class=\"_ _1\"></span> </div></td><td class=\"c x2e2 y2564 w8c hc8\"><div class=\"t m0 xab h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">14.77<span class=\"_ _1\"></span>2.89<span class=\"_ _f\"></span>0 </div></td><td class=\"c x2e5 y2564 w1a2 hc8\"><div class=\"t m0 x130 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">537.<span class=\"_ _1\"></span>519<span class=\"_ _1\"></span> </div></td><td class=\"c x2e6 y2564 w1a2 hc8\"><div class=\"t m0 x39 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">315.1<span class=\"_ _f\"></span>29 </div></td></tr><tr><td class=\"c x2e0 y2565 w2e1 hc8\"><div class=\"t m0 x10 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">1. Passivit\u00e0 finanz<span class=\"_ _1\"></span>iarie detenute pe<span class=\"_ _1\"></span>r la negoz<span class=\"_ _1\"></span>iazione </div></td><td class=\"c x2e1 y2565 w2b2 hc8\"><div class=\"t m0 x31 h1f ye4c ff4 fs7 fc1 sc0 ls2a ws0\">29<span class=\"ls0\"> </span></div></td><td class=\"c x2e7 y2565 w1a2 hc8\"><div class=\"t m0 x33 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">13.881 </div></td><td class=\"c x2e4 y2565 w2df hc8\"><div class=\"t m0 x11 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x2e2 y2565 w8c hc8\"><div class=\"t m0 x11 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x2e5 y2565 w1a2 hc8\"><div class=\"t m0 x48 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">14.463 </div></td><td class=\"c x2e6 y2565 w1a2 hc8\"><div class=\"t m0 x11 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2e0 y2566 w2e1 hc8\"><div class=\"t m0 x10 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">2. Passivit\u00e0 finanz<span class=\"_ _1\"></span>iarie designate a<span class=\"_ _f\"></span>l<span class=\"_ _2\"></span> f<span class=\"_ _1\"></span>air value<span class=\"_ _df\"> </span></div></td><td class=\"c x2e1 y2566 w2b2 hc8\"><div class=\"t m0 x13 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x2e7 y2566 w1a2 hc8\"><div class=\"t m0 x13 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x2e4 y2566 w2df hc8\"><div class=\"t m0 x8e h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">4.744.132 </div></td><td class=\"c x2e2 y2566 w8c hc8\"><div class=\"t m0 x11 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x2e5 y2566 w1a2 hc8\"><div class=\"t m0 x13 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x2e6 y2566 w1a2 hc8\"><div class=\"t m0 xab h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">4.402.690 </div></td></tr><tr><td class=\"c x2e0 y2567 w2e1 hc8\"><div class=\"t m0 x10 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">3. Derivati di c<span class=\"_ _1\"></span>opertura </div></td><td class=\"c x2e1 y2567 w2b2 hc8\"><div class=\"t m0 x13 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x2e7 y2567 w1a2 hc8\"><div class=\"t m0 x2e h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">482.249<span class=\"_ _df\"> </span></div></td><td class=\"c x2e4 y2567 w2df hc8\"><div class=\"t m0 x11 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x2e2 y2567 w8c hc8\"><div class=\"t m0 x11 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x2e5 y2567 w1a2 hc8\"><div class=\"t m0 x130 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">731.778 </div></td><td class=\"c x2e6 y2567 w1a2 hc8\"><div class=\"t m0 x11 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2e0 y2568 w2e1 hc8\"><div class=\"t m0 x6e h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale </div></td><td class=\"c x2e1 y2568 w2b2 hc8\"><div class=\"t m0 x31 h1f y28b ff4 fs7 fc1 sc2 ls2a ws0\">29<span class=\"ls0\"> </span></div></td><td class=\"c x2e7 y2568 w1a2 hc8\"><div class=\"t m0 x55 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">496.<span class=\"_ _1\"></span>130<span class=\"_ _f\"></span> </div></td><td class=\"c x2e4 y2568 w2df hc8\"><div class=\"t m0 x2f h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">4.74<span class=\"_ _f\"></span>4.132 </div></td><td class=\"c x2e2 y2568 w8c hc8\"><div class=\"t m0 x11 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td><td class=\"c x2e5 y2568 w1a2 hc8\"><div class=\"t m0 x55 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">746.<span class=\"_ _1\"></span>241<span class=\"_ _1\"></span> </div></td><td class=\"c x2e6 y2568 w1a2 hc8\"><div class=\"t m0 xac h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">4.40<span class=\"_ _f\"></span>2.690 </div></td></tr></table>In riferimento all<span class=\"_ _f\"></span>e attivit\u00e0 valutate <span class=\"_ _1\"></span>al fair valu<span class=\"_ _1\"></span>e su b<span class=\"_ _1\"></span>ase ricorrente <span class=\"_ _1\"></span>alla data de<span class=\"_ _1\"></span>l 31 d<span class=\"_ _1\"></span>icembre 2025 <span class=\"_ _1\"></span>gli strumenti valorizzati <span class=\"_ _4\"> </span>secondo <span class=\"_ _22\"> </span>il <span class=\"_ _4\"> </span>mercato <span class=\"_ _4\"> </span>pi\u00f9 <span class=\"_ _4\"> </span>vantaggioso <span class=\"_ _4\"> </span>(li<span class=\"_ _1\"></span>vello <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>fair <span class=\"_ _4\"> </span>value  pari <span class=\"_ _4\"> </span>a <span class=\"_ _4\"> </span>1) <span class=\"_ _4\"> </span>e/o <span class=\"_ _4\"> </span>secondo <span class=\"_ _4\"> </span>tecniche  di<span class=\"_ _2\"></span> valutazione <span class=\"_ _2\"></span>basate <span class=\"_ _d\"></span>su <span class=\"_ _2\"></span>parametri <span class=\"_ _2\"></span>oss<span class=\"_ _2\"></span>ervabil<span class=\"_ _1\"></span>i <span class=\"_ _2\"></span>(livello <span class=\"_ _2\"></span>di <span class=\"_ _d\"></span>fair <span class=\"_ _2\"></span>value <span class=\"_ _d\"></span>pari <span class=\"_ _2\"></span>a <span class=\"_ _d\"></span>2) <span class=\"_ _2\"></span>rappresentano <span class=\"_ _d\"></span>il <span class=\"_ _2\"></span>98.01% <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>t<span class=\"_ _d\"></span>otale delle attivit\u00e0 valutate al fair value (valore stabile<span class=\"_ _1\"></span> rispetto al corrispondente 2024 pari al 97,98%). <span class=\"_ _2\"></span> Gli <span class=\"_ _2\"></span>strumenti <span class=\"_ _2\"></span>valutati <span class=\"_ _2\"></span>tramite t<span class=\"_ _2\"></span>ecniche di <span class=\"_ _2\"></span>valutazione <span class=\"_ _2\"></span>basate <span class=\"_ _2\"></span>prevalentemente <span class=\"_ _2\"></span>su <span class=\"_ _2\"></span>parametri <span class=\"_ _2\"></span>non <span class=\"_ _2\"></span>osservabili hanno <span class=\"_ _0\"></span>riguardato <span class=\"_ _0\"></span>una <span class=\"_ _9\"> </span>parte <span class=\"_ _0\"></span>residuale <span class=\"_ _0\"></span>d<span class=\"_ _2\"></span>el <span class=\"_ _0\"></span>tot<span class=\"_ _2\"></span>ale <span class=\"_ _0\"></span>attivit\u00e0 <span class=\"_ _0\"></span>valutate <span class=\"_ _0\"></span>al <span class=\"_ _9\"> </span>fair <span class=\"_ _0\"></span>value <span class=\"_ _9\"> </span>(1,99%) <span class=\"_ _0\"></span>costant<span class=\"_ _2\"></span>e <span class=\"_ _0\"></span>rispetto <span class=\"_ _0\"></span>al valore del 2024 pari a 2,02%.<span class=\"_ _df\"> </span>A.4.5.<span class=\"_ _1\"></span>2 Var<span class=\"_ _1\"></span>iazio<span class=\"_ _1\"></span>ni an<span class=\"_ _f\"></span>nue delle<span class=\"_ _1\"></span> att<span class=\"_ _1\"></span>ivit\u00e0 v<span class=\"_ _1\"></span>alut<span class=\"_ _1\"></span>ate a<span class=\"_ _1\"></span>l fai<span class=\"_ _1\"></span>r valu<span class=\"_ _1\"></span>e su <span class=\"_ _1\"></span>base<span class=\"_ _1\"></span> rico<span class=\"_ _1\"></span>rrente<span class=\"_ _1\"></span> (live<span class=\"_ _1\"></span>llo 3<span class=\"_ _f\"></span>)<span class=\"_ _2\"></span><span class=\"fc1 sc0\"> </span><table class=\"s w965 h499\" id=\"_bdc59401-3bb1-400a-9820-131f2234c70d\"><tr><td></td><td class=\"c x2e9 y2569 w966 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">Atti<span class=\"_ _1\"></span>vit\u00e0 f<span class=\"_ _f\"></span>inanziar<span class=\"_ _f\"></span>ie valut<span class=\"_ _1\"></span>ate a<span class=\"_ _f\"></span>l fair val<span class=\"_ _1\"></span>ue co<span class=\"_ _1\"></span>n im<span class=\"_ _f\"></span>patto a<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x2ea y256a w967 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">cont<span class=\"_ _1\"></span>o eco<span class=\"_ _f\"></span>nomic<span class=\"_ _1\"></span>o<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x2eb y256b w968 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">Atti<span class=\"_ _1\"></span>vit\u00e0<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td class=\"c x2ec y256c w969 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">finan<span class=\"_ _f\"></span>ziarie<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td></tr><tr><td></td><td></td><td class=\"c x2ed y256d w96a h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">di cui<span class=\"_ _f\"></span>: a)<span class=\"_ _df\"> </span></div></td><td class=\"c x2ee y256d w96b h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">di cui<span class=\"_ _f\"></span>: b)<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x2ec y256e w96c h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">val<span class=\"_ _1\"></span>utate a<span class=\"_ _f\"></span>l<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td></tr><tr><td></td><td class=\"c x2ef y256f w96d h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">di cui<span class=\"_ _f\"></span>: c) altr<span class=\"_ _f\"></span>e<span class=\"_ _df\"> </span></div></td><td class=\"c x2f0 y2570 w96e h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">attiv<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span>t\u00e0<span class=\"_ _df\"> </span></div></td><td class=\"c x2f1 y2570 w96e h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">attiv<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span>t\u00e0<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x2f2 y2571 w96f h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">fair v<span class=\"_ _f\"></span>alue<span class=\"_ _df\"> </span></div></td><td class=\"c x2f3 y2571 w970 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">Deri<span class=\"_ _1\"></span>vati di<span class=\"_ _df\"> </span></div></td><td class=\"c x2f4 y2571 w968 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">Atti<span class=\"_ _1\"></span>vit\u00e0<span class=\"_ _df\"> </span></div></td><td class=\"c x2f5 y2571 w968 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">Atti<span class=\"_ _1\"></span>vit\u00e0<span class=\"_ _df\"> </span></div></td></tr><tr><td></td><td></td><td class=\"c x2f6 y2572 w971 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">finan<span class=\"_ _f\"></span>ziarie<span class=\"_ _df\"> </span></div></td><td class=\"c x2f7 y2572 w971 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">finan<span class=\"_ _f\"></span>ziarie</div></td><td class=\"c x2f8 y2573 w972 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">attiv<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span>t\u00e0<span class=\"_ _1\"></span> fina<span class=\"_ _f\"></span>nziarie<span class=\"_ _df\"> </span></div></td><td class=\"c x2f9 y2574 w973 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">con i<span class=\"_ _1\"></span>mpat<span class=\"_ _f\"></span>to<span class=\"_ _df\"> </span></div></td><td class=\"c x2f3 y2574 w974 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">cope<span class=\"_ _1\"></span>rtur<span class=\"_ _1\"></span>a<span class=\"_ _df\"> </span></div></td><td class=\"c x2fa y2574 w975 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">mat<span class=\"_ _f\"></span>eriali<span class=\"_ _df\"> </span></div></td><td class=\"c x2fb y2574 w976 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">imm<span class=\"_ _f\"></span>aterial<span class=\"_ _1\"></span>i<span class=\"_ _df\"> </span></div></td></tr><tr><td></td><td class=\"c x2fc y2575 w2ea h22e\"><div class=\"t m0 xac h1f yd1c ff4 fs7 fc4 sc3 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale </div></td><td class=\"c x2fd y2576 w977 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">deten<span class=\"_ _f\"></span>ute per<span class=\"_ _df\"> </span></div></td><td class=\"c x2f7 y2576 w978 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">desig<span class=\"_ _f\"></span>nate</div></td><td class=\"c x2fe y2577 w979 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">obbl<span class=\"_ _1\"></span>igato<span class=\"_ _f\"></span>riamen<span class=\"_ _f\"></span>te<span class=\"_ _df\"> </span></div></td><td class=\"c x2ff y2578 w97a h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">sull<span class=\"_ _1\"></span>a<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td></tr><tr><td></td><td class=\"c x300 y2579 w97b h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">val<span class=\"_ _1\"></span>utate a<span class=\"_ _f\"></span>l fair<span class=\"_ _df\"> </span></div></td><td class=\"c x301 y257a w97c h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">la<span class=\"_ _df\"> </span></div></td><td class=\"c x302 y257a w97d h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">al fai<span class=\"_ _1\"></span>r<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x303 y257b w97e h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">reddit<span class=\"_ _f\"></span>ivit\u00e0<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td></tr><tr><td></td><td></td><td></td><td></td><td class=\"c x304 y257c w97f h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">val<span class=\"_ _1\"></span>ue<span class=\"_ _df\"> </span></div></td><td class=\"c x305 y257d w980 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">com<span class=\"_ _f\"></span>plessiv<span class=\"_ _1\"></span>a<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td></tr><tr><td></td><td></td><td class=\"c x2fd y257e w981 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">neg<span class=\"_ _1\"></span>ozia<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e<span class=\"_ _df\"> </span></div></td><td class=\"c x302 y257e w982 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">val<span class=\"_ _1\"></span>ue<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x306 y257f w2e3 hc8\"><div class=\"t m0 x10 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">1. Esi<span class=\"_ _f\"></span>stenze i<span class=\"_ _1\"></span>nizi<span class=\"_ _1\"></span>ali  </div></td><td class=\"c x2fc y257f w1c7 hc8\"><div class=\"t m0 x8e h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">285.<span class=\"_ _1\"></span>011 </div></td><td class=\"c x307 y257f w2e4 hc8\"><div class=\"t m0 x12 h1f y28b ff4 fs7 fc1 sc2 ls2a ws0\">23<span class=\"ls0\"> </span></div></td><td class=\"c x308 y257f w1b2 hc8\"><div class=\"t m0 x36 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td><td class=\"c x309 y257f wa0 hc8\"><div class=\"t m0 x11 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">284.9<span class=\"_ _f\"></span>88 </div></td><td class=\"c x30a y257f w22d hc8\"><div class=\"t m0 x27 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">30.1<span class=\"_ _1\"></span>18 </div></td><td class=\"c x30b y257f w137 hc8\"><div class=\"t m0 x15 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td><td class=\"c x30c y257f wdb hc8\"><div class=\"t m0 x97 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td><td class=\"c x30d y257f w184 hc8\"><div class=\"t m0 x11 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td></tr><tr><td class=\"c x306 y2580 w2e3 hc8\"><div class=\"t m0 x10 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">2. Aum<span class=\"_ _f\"></span>enti<span class=\"_ _1\"></span> </div></td><td class=\"c x2fc y2580 w1c7 hc8\"><div class=\"t m0 x2f h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">59.6<span class=\"_ _f\"></span>00 </div></td><td class=\"c x307 y2580 w2e4 hc8\"><div class=\"t m0 x91 h1f ye4c ff4 fs7 fc1 sc2 lsbc ws0\">31<span class=\"ls0\"> </span></div></td><td class=\"c x308 y2580 w1b2 hc8\"><div class=\"t m0 x36 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td><td class=\"c x309 y2580 wa0 hc8\"><div class=\"t m0 x7 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">59.5<span class=\"_ _1\"></span>69 </div></td><td class=\"c x30a y2580 w22d hc8\"><div class=\"t m0 x26 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">4.38<span class=\"_ _1\"></span>4 </div></td><td class=\"c x30b y2580 w137 hc8\"><div class=\"t m0 x15 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td><td class=\"c x30c y2580 wdb hc8\"><div class=\"t m0 x97 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td><td class=\"c x30d y2580 w184 hc8\"><div class=\"t m0 x11 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td></tr><tr><td class=\"c x306 y2581 w2e3 hc8\"><div class=\"t m0 x10 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">2.1. Acquisti </div></td><td class=\"c x2fc y2581 w1c7 hc8\"><div class=\"t m0 x2a h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">51.331 </div></td><td class=\"c x307 y2581 w2e4 hc8\"><div class=\"t m0 x12 h1f ye4c ff4 fs7 fc1 sc0 ls2a ws0\">27<span class=\"ls0\"> </span></div></td><td class=\"c x308 y2581 w1b2 hc8\"><div class=\"t m0 x36 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x309 y2581 wa0 hc8\"><div class=\"t m0 x7 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">51.304 </div></td><td class=\"c x30a y2581 w22d hc8\"><div class=\"t m0 x30 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">366 </div></td><td class=\"c x30b y2581 w137 hc8\"><div class=\"t m0 x15 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x30c y2581 wdb hc8\"><div class=\"t m0 x97 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x30d y2581 w184 hc8\"><div class=\"t m0 x11 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x306 y2582 w2e3 hc8\"><div class=\"t m0 x10 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">2.2. Profitti imputa<span class=\"_ _f\"></span>ti<span class=\"_ _2\"></span> a: </div></td><td class=\"c x2fc y2582 w1c7 hc8\"><div class=\"t m0 x55 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">8.267 </div></td><td class=\"c x307 y2582 w2e4 hc8\"><div class=\"t m0 x7 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">4 </div></td><td class=\"c x308 y2582 w1b2 hc8\"><div class=\"t m0 x36 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x309 y2582 wa0 hc8\"><div class=\"t m0 xc6 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">8.263 </div></td><td class=\"c x30a y2582 w22d hc8\"><div class=\"t m0 x90 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x30b y2582 w137 hc8\"><div class=\"t m0 x15 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x30c y2582 wdb hc8\"><div class=\"t m0 x97 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x30d y2582 w184 hc8\"><div class=\"t m0 x11 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x306 y2583 w2e3 hc8\"><div class=\"t m0 x10 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">2.2.1. Conto Econ<span class=\"_ _1\"></span>omico </div></td><td class=\"c x2fc y2583 w1c7 hc8\"><div class=\"t m0 x55 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">8.267 </div></td><td class=\"c x307 y2583 w2e4 hc8\"><div class=\"t m0 x7 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">4 </div></td><td class=\"c x308 y2583 w1b2 hc8\"><div class=\"t m0 x36 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x309 y2583 wa0 hc8\"><div class=\"t m0 xc6 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">8.263 </div></td><td class=\"c x30a y2583 w22d hc8\"><div class=\"t m0 x90 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x30b y2583 w137 hc8\"><div class=\"t m0 x15 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x30c y2583 wdb hc8\"><div class=\"t m0 x97 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x30d y2583 w184 hc8\"><div class=\"t m0 x11 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x306 y2584 w2e3 hc8\"><div class=\"t m0 xac h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- di cui plusvalenze<span class=\"_ _f\"></span> </div></td><td class=\"c x2fc y2584 w1c7 hc8\"><div class=\"t m0 x2e h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">8.262 </div></td><td class=\"c x307 y2584 w2e4 hc8\"><div class=\"t m0 x1c h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x308 y2584 w1b2 hc8\"><div class=\"t m0 x36 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x309 y2584 wa0 hc8\"><div class=\"t m0 xc6 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">8.262 </div></td><td class=\"c x30a y2584 w22d hc8\"><div class=\"t m0 x90 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x30b y2584 w137 hc8\"><div class=\"t m0 x15 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x30c y2584 wdb hc8\"><div class=\"t m0 x97 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x30d y2584 w184 hc8\"><div class=\"t m0 x11 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x306 y2585 w2e3 hc8\"><div class=\"t m0 x10 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">2.2.2. Patrimon<span class=\"_ _1\"></span>io netto </div></td><td class=\"c x2fc y2585 w1c7 hc8\"><div class=\"t m0 x38 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x307 y2585 w2e4 hc8\"><div class=\"t m0 x2c h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x308 y2585 w1b2 hc8\"><div class=\"t m0 x14 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x309 y2585 wa0 hc8\"><div class=\"t m0 x31 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x30a y2585 w22d hc8\"><div class=\"t m0 x90 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x30b y2585 w137 hc8\"><div class=\"t m0 x15 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x30c y2585 wdb hc8\"><div class=\"t m0 x97 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x30d y2585 w184 hc8\"><div class=\"t m0 x11 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x306 y2586 w2e3 h227\"><div class=\"t m0 x10 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">2.3. Trasferiment<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span> da altri <span class=\"_ _1\"></span>livelli </div></td><td class=\"c x2fc y2586 w1c7 h227\"><div class=\"t m0 x38 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x307 y2586 w2e4 h227\"><div class=\"t m0 x1c h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x308 y2586 w1b2 h227\"><div class=\"t m0 x36 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x309 y2586 wa0 h227\"><div class=\"t m0 xec h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x30a y2586 w22d h227\"><div class=\"t m0 x90 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x30b y2586 w137 h227\"><div class=\"t m0 x15 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x30c y2586 wdb h227\"><div class=\"t m0 x97 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x30d y2586 w184 h227\"><div class=\"t m0 x11 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x306 y2587 w2e3 hc8\"><div class=\"t m0 x10 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">2.4. Altre variaz<span class=\"_ _1\"></span>ioni in aument<span class=\"_ _1\"></span>o </div></td><td class=\"c x2fc y2587 w1c7 hc8\"><div class=\"t m0 x37 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">2 </div></td><td class=\"c x307 y2587 w2e4 hc8\"><div class=\"t m0 x1c h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x308 y2587 w1b2 hc8\"><div class=\"t m0 x36 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x309 y2587 wa0 hc8\"><div class=\"t m0 xec h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">2 </div></td><td class=\"c x30a y2587 w22d hc8\"><div class=\"t m0 x34 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">4.018 </div></td><td class=\"c x30b y2587 w137 hc8\"><div class=\"t m0 x15 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x30c y2587 wdb hc8\"><div class=\"t m0 x97 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x30d y2587 w184 hc8\"><div class=\"t m0 x11 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x306 y2588 w2e3 hc8\"><div class=\"t m0 x10 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">3. Di<span class=\"_ _1\"></span>min<span class=\"_ _1\"></span>uzion<span class=\"_ _1\"></span>i </div></td><td class=\"c x2fc y2588 w1c7 hc8\"><div class=\"t m0 x116 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">55.515 </div></td><td class=\"c x307 y2588 w2e4 hc8\"><div class=\"t m0 x96 h1f y28b ff4 fs7 fc1 sc0 ls32 ws0\">54<span class=\"ls0\"> </span></div></td><td class=\"c x308 y2588 w1b2 hc8\"><div class=\"t m0 x36 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x309 y2588 wa0 hc8\"><div class=\"t m0 x1c h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">55.461 </div></td><td class=\"c x30a y2588 w22d hc8\"><div class=\"t m0 x8f h1f y28b ff4 fs7 fc1 sc0 ls27 ws0\">39<span class=\"ls0\"> </span></div></td><td class=\"c x30b y2588 w137 hc8\"><div class=\"t m0 x15 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x30c y2588 wdb hc8\"><div class=\"t m0 x97 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x30d y2588 w184 hc8\"><div class=\"t m0 x11 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x306 y2589 w2e3 hc8\"><div class=\"t m0 x10 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">3.1. Vendite </div></td><td class=\"c x2fc y2589 w1c7 hc8\"><div class=\"t m0 x8e h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">35.380 </div></td><td class=\"c x307 y2589 w2e4 hc8\"><div class=\"t m0 x96 h1f y28b ff4 fs7 fc1 sc0 ls32 ws0\">54<span class=\"ls0\"> </span></div></td><td class=\"c x308 y2589 w1b2 hc8\"><div class=\"t m0 x36 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x309 y2589 wa0 hc8\"><div class=\"t m0 x90 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">35.326 </div></td><td class=\"c x30a y2589 w22d hc8\"><div class=\"t m0 x90 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x30b y2589 w137 hc8\"><div class=\"t m0 x15 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x30c y2589 wdb hc8\"><div class=\"t m0 x97 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x30d y2589 w184 hc8\"><div class=\"t m0 x11 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x306 y258a w2e3 hc8\"><div class=\"t m0 x10 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">3.2. Rimborsi </div></td><td class=\"c x2fc y258a w1c7 hc8\"><div class=\"t m0 x16a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">16.898 </div></td><td class=\"c x307 y258a w2e4 hc8\"><div class=\"t m0 x1c h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x308 y258a w1b2 hc8\"><div class=\"t m0 x36 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x309 y258a wa0 hc8\"><div class=\"t m0 x7 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">16.898 </div></td><td class=\"c x30a y258a w22d hc8\"><div class=\"t m0 x90 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x30b y258a w137 hc8\"><div class=\"t m0 x15 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x30c y258a wdb hc8\"><div class=\"t m0 x97 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x30d y258a w184 hc8\"><div class=\"t m0 x11 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x306 y258b w2e3 hc8\"><div class=\"t m0 x10 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">3.3. Perdite impu<span class=\"_ _1\"></span>tate a: </div></td><td class=\"c x2fc y258b w1c7 hc8\"><div class=\"t m0 x130 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">3.212 </div></td><td class=\"c x307 y258b w2e4 hc8\"><div class=\"t m0 x1c h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x308 y258b w1b2 hc8\"><div class=\"t m0 x36 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x309 y258b wa0 hc8\"><div class=\"t m0 xa3 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">3.212 </div></td><td class=\"c x30a y258b w22d hc8\"><div class=\"t m0 x90 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x30b y258b w137 hc8\"><div class=\"t m0 x15 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x30c y258b wdb hc8\"><div class=\"t m0 x97 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x30d y258b w184 hc8\"><div class=\"t m0 x11 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x306 y258c w2e3 hc8\"><div class=\"t m0 x10 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">3.3.1. Conto Econ<span class=\"_ _1\"></span>omico </div></td><td class=\"c x2fc y258c w1c7 hc8\"><div class=\"t m0 x130 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">3.212 </div></td><td class=\"c x307 y258c w2e4 hc8\"><div class=\"t m0 x1c h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x308 y258c w1b2 hc8\"><div class=\"t m0 x36 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x309 y258c wa0 hc8\"><div class=\"t m0 xa3 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">3.212 </div></td><td class=\"c x30a y258c w22d hc8\"><div class=\"t m0 x90 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x30b y258c w137 hc8\"><div class=\"t m0 x15 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x30c y258c wdb hc8\"><div class=\"t m0 x97 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x30d y258c w184 hc8\"><div class=\"t m0 x11 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x306 y258d w2e3 hc8\"><div class=\"t m0 xac h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- di cui minusva<span class=\"_ _1\"></span>lenze </div></td><td class=\"c x2fc y258d w1c7 hc8\"><div class=\"t m0 x2e h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">3.209 </div></td><td class=\"c x307 y258d w2e4 hc8\"><div class=\"t m0 x1c h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x308 y258d w1b2 hc8\"><div class=\"t m0 x36 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x309 y258d wa0 hc8\"><div class=\"t m0 xc6 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">3.209 </div></td><td class=\"c x30a y258d w22d hc8\"><div class=\"t m0 x90 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x30b y258d w137 hc8\"><div class=\"t m0 x15 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x30c y258d wdb hc8\"><div class=\"t m0 x97 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x30d y258d w184 hc8\"><div class=\"t m0 x11 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x306 y258e w2e3 hc8\"><div class=\"t m0 x10 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">3.3.2. Patrimon<span class=\"_ _1\"></span>io netto </div></td><td class=\"c x2fc y258e w1c7 hc8\"><div class=\"t m0 x38 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x307 y258e w2e4 hc8\"><div class=\"t m0 x2c h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x308 y258e w1b2 hc8\"><div class=\"t m0 x14 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x309 y258e wa0 hc8\"><div class=\"t m0 x31 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x30a y258e w22d hc8\"><div class=\"t m0 x90 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x30b y258e w137 hc8\"><div class=\"t m0 x15 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x30c y258e wdb hc8\"><div class=\"t m0 x97 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x30d y258e w184 hc8\"><div class=\"t m0 x11 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x306 y258f w2e3 hc8\"><div class=\"t m0 x10 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">3.4. Trasferiment<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span> da altri <span class=\"_ _1\"></span>livelli </div></td><td class=\"c x2fc y258f w1c7 hc8\"><div class=\"t m0 x38 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x307 y258f w2e4 hc8\"><div class=\"t m0 x1c h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x308 y258f w1b2 hc8\"><div class=\"t m0 x36 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x309 y258f wa0 hc8\"><div class=\"t m0 xec h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x30a y258f w22d hc8\"><div class=\"t m0 x90 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x30b y258f w137 hc8\"><div class=\"t m0 x15 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x30c y258f wdb hc8\"><div class=\"t m0 x97 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x30d y258f w184 hc8\"><div class=\"t m0 x11 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x306 y2590 w2e3 h58\"><div class=\"t m0 x10 h1f y15 ff4 fs7 fc1 sc0 ls0 ws0\">3.5. Altre variaz<span class=\"_ _1\"></span>ioni in </div><div class=\"t m0 x10 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">diminuzione </div></td><td class=\"c x2fc y2590 w1c7 h58\"><div class=\"t m0 x3a h1f y420 ff4 fs7 fc1 sc0 ls2a ws0\">25<span class=\"ls0\"> </span></div></td><td class=\"c x307 y2590 w2e4 h58\"><div class=\"t m0 x1c h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x308 y2590 w1b2 h58\"><div class=\"t m0 x36 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x309 y2590 wa0 h58\"><div class=\"t m0 x11d h1f y420 ff4 fs7 fc1 sc0 ls2a ws0\">25<span class=\"ls0\"> </span></div></td><td class=\"c x30a y2590 w22d h58\"><div class=\"t m0 x8f h1f y420 ff4 fs7 fc1 sc0 ls27 ws0\">39<span class=\"ls0\"> </span></div></td><td class=\"c x30b y2590 w137 h58\"><div class=\"t m0 x15 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x30c y2590 wdb h58\"><div class=\"t m0 x97 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x30d y2590 w184 h58\"><div class=\"t m0 x11 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x306 y2591 w2e3 hc8\"><div class=\"t m0 x10 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">4. Rim<span class=\"_ _f\"></span>anenz<span class=\"_ _f\"></span>e finali<span class=\"_ _1\"></span> </div></td><td class=\"c x2fc y2591 w1c7 hc8\"><div class=\"t m0 xab h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">289.<span class=\"_ _1\"></span>096<span class=\"_ _f\"></span> </div></td><td class=\"c x307 y2591 w2e4 hc8\"><div class=\"t m0 x1c h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td><td class=\"c x308 y2591 w1b2 hc8\"><div class=\"t m0 x36 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td><td class=\"c x309 y2591 wa0 hc8\"><div class=\"t m0 x11 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">289.<span class=\"_ _f\"></span>096 </div></td><td class=\"c x30a y2591 w22d hc8\"><div class=\"t m0 x35 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">34.46<span class=\"_ _1\"></span>3 </div></td><td class=\"c x30b y2591 w137 hc8\"><div class=\"t m0 x15 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td><td class=\"c x30c y2591 wdb hc8\"><div class=\"t m0 x97 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td><td class=\"c x30d y2591 w184 hc8\"><div class=\"t m0 x11 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td></tr></table>L\u2019attribuzione <span class=\"_ _0\"></span>del <span class=\"_ _0\"></span>livello <span class=\"_ _0\"></span>di <span class=\"_ _0\"> </span>fair <span class=\"_ _9\"> </span>value <span class=\"_ _0\"></span>pari <span class=\"_ _9\"> </span>a <span class=\"_ _0\"></span>3 <span class=\"_ _9\"> </span>riguarda <span class=\"_ _0\"></span>strumenti <span class=\"_ _0\"></span>definiti <span class=\"_ _0\"></span>\u201cilliquidi\u201d <span class=\"_ _0\"></span>che <span class=\"_ _9\"> </span>evidenziano <span class=\"_ _0\"></span>poche valorizzazioni ne<span class=\"_ _2\"></span>l <span class=\"_ _2\"></span>corso <span class=\"_ _2\"></span>del t<span class=\"_ _2\"></span>empo e <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>quali <span class=\"_ _2\"></span>lo <span class=\"_ _2\"></span>stato <span class=\"_ _2\"></span>dello <span class=\"_ _2\"></span>strumento <span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>pi\u00f9 <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>generale dell\u2019emit<span class=\"_ _2\"></span>tente <span class=\"_ _2\"></span>alla<span class=\"_ _1\"></span> data di<span class=\"_ _1\"></span> valu<span class=\"_ _f\"></span>t<span class=\"_ _2\"></span>azione, <span class=\"_ _f\"></span>non rende <span class=\"_ _f\"></span>p<span class=\"_ _2\"></span>ossibile <span class=\"_ _f\"></span>l\u2019ipotesi d<span class=\"_ _1\"></span>i un <span class=\"_ _f\"></span>eventuale rip<span class=\"_ _1\"></span>ristino del<span class=\"_ _1\"></span> mercato <span class=\"_ _f\"></span>verso uno <span class=\"_ _f\"></span>stato attivo.<span class=\"ff4\"> </span>Nella voce 2.1 \u201cAcquisti\u201d sono riportati:<span class=\"ff4\"> </span>-<span class=\"ff10\"> <span class=\"_ _33\"> </span><span class=\"ff4\">attivit\u00e0 <span class=\"_ _0\"></span>finanziare <span class=\"_ _0\"></span>valutate <span class=\"_ _0\"></span>obbligatoriamente <span class=\"_ _0\"> </span>al <span class=\"_ _9\"> </span>FV <span class=\"_ _0\"></span>con <span class=\"_ _9\"> </span>impatto <span class=\"_ _0\"></span>a <span class=\"_ _0\"> </span>Conto <span class=\"_ _9\"> </span>Economico: <span class=\"_ _0\"></span>quota <span class=\"_ _0\"></span>di <span class=\"_ _9\"> </span>fondo </span></span>private <span class=\"_ _d\"></span>equity <span class=\"_ _d\"></span>sul <span class=\"_ _d\"></span>Gruppo <span class=\"_ _0\"></span>e per <span class=\"_ _2\"></span>Credemvita 9 <span class=\"_ _0\"></span>quote <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>Debt <span class=\"_ _d\"></span>funds, <span class=\"_ _d\"></span>4 <span class=\"_ _d\"></span>quote <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>private <span class=\"_ _d\"></span>equity <span class=\"_ _d\"></span>funds<span class=\"_ _2\"></span> e <span class=\"_ _d\"></span>3 quote di Infrastructure funds; -<span class=\"ff10\"> <span class=\"_ _33\"> </span><span class=\"ff4\">attivit\u00e0 finanziarie valutate al FV con impatto a Conto Economico<span class=\"_ _1\"></span>: 2 azioni e 2 obbligazioni <span class=\"_ _2\"></span>sul Gruppo </span></span>-<span class=\"ff10\"> <span class=\"_ _33\"> </span><span class=\"ff4\">attivit\u00e0 <span class=\"_ _16\"> </span>finanziarie <span class=\"_ _9\"> </span>valutate  al <span class=\"_ _9\"> </span>FV  con <span class=\"_ _9\"> </span>impatt<span class=\"_ _2\"></span>o <span class=\"_ _9\"> </span>sulla  redd<span class=\"_ _f\"></span>it<span class=\"_ _2\"></span>ivit\u00e0 <span class=\"_ _9\"> </span>complessiva:  1 <span class=\"_ _9\"> </span>azione<span class=\"_ _2\"></span> <span class=\"_ _16\"> </span>sul <span class=\"_ _9\"> </span>Gr<span class=\"_ _2\"></span>uppo <span class=\"_ _16\"> </span>e <span class=\"ls11\">1 </span></span></span>partecipazione per Credemvita Nella voce 3.1 \u201cVendite\u201d sono riportati:<span class=\"ff4\"> </span>-<span class=\"ff10\"> <span class=\"_ _24\"> </span><span class=\"ff4\"> attivit\u00e0 <span class=\"_ _2\"></span>finanziarie <span class=\"_ _2\"></span>valutate <span class=\"_ _2\"></span>obbligatoriamente <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>FV <span class=\"_ _2\"></span>con <span class=\"_ _2\"></span>impatto <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>Conto <span class=\"_ _2\"></span>Economico: <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>Credemvita 9 </span></span>quote di Debt funds, 3 quote di private equi<span class=\"_ _1\"></span>ty funds  <span class=\"_ _2\"></span>e 3 quote di Infrastructure funds -<span class=\"ff10\"> <span class=\"_ _24\"> </span><span class=\"ff4\">attivit\u00e0 finanziarie v<span class=\"_ _1\"></span>alutate al FV con <span class=\"_ _1\"></span>impatto a Conto Economico:<span class=\"_ _1\"></span> una quota di <span class=\"_ _f\"></span>fondo e 2 obbligazioni sul </span></span>Gruppo Le variazioni annue <span class=\"_ _2\"></span>da e v<span class=\"_ _2\"></span>erso Livello 3 al <span class=\"_ _2\"></span>31/12/20<span class=\"_ _2\"></span>25 non <span class=\"_ _2\"></span>evid<span class=\"_ _1\"></span>enziano <span class=\"_ _2\"></span>trasferimenti, sia <span class=\"_ _2\"></span>per quanto riguarda la <span class=\"_ _9\"> </span>sezione <span class=\"_ _9\"> </span>diminuzioni <span class=\"_ _9\"> </span>ch<span class=\"_ _2\"></span>e <span class=\"_ _0\"> </span>per  q<span class=\"_ _1\"></span>uanto <span class=\"_ _9\"> </span>concerne <span class=\"_ _9\"> </span>la <span class=\"_ _16\"> </span>sezione <span class=\"_ _9\"> </span>aumenti <span class=\"_ _9\"> </span>per <span class=\"_ _9\"> </span>t<span class=\"_ _2\"></span>utte <span class=\"_ _9\"> </span>le <span class=\"_ _9\"> </span>classificazioni <span class=\"_ _9\"> </span>contabili (attivit\u00e0 <span class=\"_ _9\"> </span>finanziare <span class=\"_ _9\"> </span>valutate <span class=\"_ _9\"> </span>obbligatoriamente <span class=\"_ _9\"> </span>al <span class=\"_ _16\"> </span>FV <span class=\"_ _9\"> </span>con <span class=\"_ _9\"> </span>impatt<span class=\"_ _2\"></span>o <span class=\"_ _9\"> </span>a <span class=\"_ _9\"> </span>Conto <span class=\"_ _16\"> </span>Economico, <span class=\"_ _9\"> </span>attivit\u00e0<span class=\"_ _2\"></span> <span class=\"_ _9\"> </span>finanziarie valutate <span class=\"_ _f\"></span>al FV <span class=\"_ _f\"></span>con <span class=\"_ _f\"></span>im<span class=\"_ _2\"></span>patto <span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>Conto <span class=\"_ _f\"></span>Economico e <span class=\"_ _f\"></span>attivit\u00e0 fi<span class=\"_ _1\"></span>nanziarie <span class=\"_ _f\"></span>valutat<span class=\"_ _2\"></span>e <span class=\"_ _f\"></span>al FV <span class=\"_ _f\"></span>con <span class=\"_ _f\"></span>impatto<span class=\"_ _2\"></span> <span class=\"_ _f\"></span>sulla <span class=\"_ _1\"></span>redditivit\u00e0 complessiva). A.4.5.<span class=\"_ _1\"></span>4 Atti<span class=\"_ _1\"></span>vit\u00e0<span class=\"_ _1\"></span> e pa<span class=\"_ _f\"></span>ssivit\u00e0 no<span class=\"_ _1\"></span>n va<span class=\"_ _f\"></span>lutate a<span class=\"_ _1\"></span>l fai<span class=\"_ _1\"></span>r valu<span class=\"_ _1\"></span>e o <span class=\"_ _1\"></span>valuta<span class=\"_ _1\"></span>te a<span class=\"_ _1\"></span>l fair va<span class=\"_ _f\"></span>lue su b<span class=\"_ _1\"></span>ase <span class=\"_ _1\"></span>non r<span class=\"_ _1\"></span>icorre<span class=\"_ _1\"></span>nte: r<span class=\"_ _f\"></span>ipartizione <span class=\"_ _f\"></span>per livell<span class=\"_ _1\"></span>i di fa<span class=\"_ _f\"></span>ir value <table class=\"s w983 h49a\" id=\"_0fb690bf-02f5-4910-bcea-a6c1b04764eb\"><tr><td class=\"c x30e y2592 w984 h49b\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc7 sc6 ls0 ws0\">Atti<span class=\"_ _1\"></span>vit\u00e0/P<span class=\"_ _1\"></span>ass<span class=\"_ _1\"></span>ivit\u00e0<span class=\"_ _1\"></span> non<span class=\"_ _1\"></span> mis<span class=\"_ _1\"></span>urat<span class=\"_ _1\"></span>e al f<span class=\"_ _1\"></span>air <span class=\"_ _f\"></span>value<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x30f y2593 w2ee hc8\"><div class=\"t m0 xe6 h1f y28b ff4 fs7 fc7 sc6 ls0 ws0\">31/12/<span class=\"_ _f\"></span>2025 </div></td><td></td><td></td><td></td><td></td><td class=\"c x310 y2593 w2ef hc8\"><div class=\"t m0 xe8 h1f y28b ff4 fs7 fc4 sc3 ls0 ws0\">31/12/<span class=\"_ _f\"></span>2024 </div></td><td></td></tr><tr><td class=\"c x311 y2594 w985 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc7 sc6 ls0 ws0\">o mi<span class=\"_ _1\"></span>sura<span class=\"_ _1\"></span>te al<span class=\"_ _f\"></span> fair va<span class=\"_ _1\"></span>lue su<span class=\"_ _f\"></span> base n<span class=\"_ _1\"></span>on<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x312 y2595 w986 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc7 sc6 ls0 ws0\">ricorr<span class=\"_ _f\"></span>ente<span class=\"_ _df\"> </span></div></td><td class=\"c x30f y2596 w96 h148\"><div class=\"t m0 x14 h1f y80 ff4 fs7 fc4 sc3 ls6c ws0\">VB<span class=\"ls0\"> </span></div></td><td class=\"c x313 y2596 w1ca h148\"><div class=\"t m0 x130 h1f y80 ff4 fs7 fc4 sc3 lsc7 ws0\">L1<span class=\"ls0\"> </span></div></td><td class=\"c x314 y2596 w1bf h148\"><div class=\"t m0 x55 h1f y80 ff4 fs7 fc4 sc3 lsc7 ws0\">L2<span class=\"ls0\"> </span></div></td><td class=\"c x315 y2596 w17b h148\"><div class=\"t m0 x39 h1f y80 ff4 fs7 fc4 sc3 lsc7 ws0\">L3<span class=\"ls0\"> </span></div></td><td class=\"c x310 y2596 w1a9 h148\"><div class=\"t m0 x14 h1f y80 ff4 fs7 fc4 sc3 ls6c ws0\">VB<span class=\"ls0\"> </span></div></td><td class=\"c x316 y2596 w2f0 h148\"><div class=\"t m0 x130 h1f y80 ff4 fs7 fc4 sc3 lsc7 ws0\">L1<span class=\"ls0\"> </span></div></td><td class=\"c x317 y2596 w2af h148\"><div class=\"t m0 x55 h1f y80 ff4 fs7 fc4 sc3 lsc7 ws0\">L2<span class=\"ls0\"> </span></div></td><td class=\"c x318 y2596 w96 h148\"><div class=\"t m0 x14 h1f y80 ff4 fs7 fc4 sc3 lsc7 ws0\">L3<span class=\"ls0\"> </span></div></td></tr><tr><td class=\"c x262 y2597 w987 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc1 sc0 ls0 ws0\">1. Attivit\u00e0 finanz<span class=\"_ _1\"></span>iarie valutate a<span class=\"_ _f\"></span>l<span class=\"_ _2\"></span> costo<span class=\"_ _df\"> </span></div></td><td class=\"c x319 y2598 w184 had\"><div class=\"t m0 x10 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">47.707.320 </div></td><td class=\"c x313 y2598 w136 had\"><div class=\"t m0 x10 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">6.369.581 </div></td><td class=\"c x314 y2598 w1db had\"><div class=\"t m0 xab h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">487.765 </div></td><td class=\"c x315 y2598 w17b had\"><div class=\"t m0 x10 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">40.713.737 </div></td><td class=\"c x310 y2598 w1a9 had\"><div class=\"t m0 x8a h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">45.274.702 </div></td><td class=\"c x316 y2598 w1ef had\"><div class=\"t m0 x10 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">7.660.059 </div></td><td class=\"c x317 y2598 w1bd had\"><div class=\"t m0 x2f h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">301.765 </div></td><td class=\"c x318 y2598 w1ba had\"><div class=\"t m0 xab h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">37.963.152 </div></td></tr><tr><td class=\"c x262 y2599 w988 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc1 sc0 ls0 ws0\">ammortizzato<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x262 y259a w989 h49c\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc1 sc0 ls0 ws0\">2. Attivit\u00e0 mater<span class=\"_ _1\"></span>iali detenute a <span class=\"_ _1\"></span>scopo di<span class=\"_ _df\"> </span></div></td><td class=\"c x319 y259b w184 h58\"><div class=\"t m0 x35 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">4.622 </div></td><td class=\"c x313 y259b w136 h58\"><div class=\"t m0 x15 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x314 y259b w1db h58\"><div class=\"t m0 x38 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x315 y259b w17b h58\"><div class=\"t m0 x48 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">6.807 </div></td><td class=\"c x310 y259b w1a9 h58\"><div class=\"t m0 x35 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">4.768 </div></td><td class=\"c x316 y259b w1ef h58\"><div class=\"t m0 x15 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x317 y259b w1bd h58\"><div class=\"t m0 x30 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x318 y259b w1ba h58\"><div class=\"t m0 x27 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">7.107 </div></td></tr><tr><td class=\"c x262 y259c w98a h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc1 sc0 ls0 ws0\">investimento<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2e0 y259d w2f1 had\"><div class=\"t m0 x10 h1f y41f ff4 fs7 fc1 sc0 ls0 ws0\">3. Attivit\u00e0 non c<span class=\"_ _1\"></span>orrenti e grupp<span class=\"_ _1\"></span>i di attivit\u00e0 <span class=\"_ _1\"></span>in </div><div class=\"t m0 x10 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">via di dismissi<span class=\"_ _1\"></span>one </div></td><td class=\"c x319 y259d w184 had\"><div class=\"t m0 x11 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x313 y259d w136 had\"><div class=\"t m0 x15 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x314 y259d w1db had\"><div class=\"t m0 x38 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x315 y259d w17b had\"><div class=\"t m0 x36 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x310 y259d w1a9 had\"><div class=\"t m0 x97 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">533 </div></td><td class=\"c x316 y259d w1ef had\"><div class=\"t m0 x15 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x317 y259d w1bd had\"><div class=\"t m0 x30 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x318 y259d w1ba had\"><div class=\"t m0 x97 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">533 </div></td></tr><tr><td class=\"c x2e0 y259e w2f1 hc8\"><div class=\"t m0 x1b3 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">Total<span class=\"_ _1\"></span>e </div></td><td class=\"c x319 y259e w184 hc8\"><div class=\"t m0 xac h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">47.7<span class=\"_ _1\"></span>11.942<span class=\"_ _f\"></span> </div></td><td class=\"c x313 y259e w136 hc8\"><div class=\"t m0 x8a h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">6.36<span class=\"_ _f\"></span>9.581 </div></td><td class=\"c x314 y259e w1db hc8\"><div class=\"t m0 xac h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">487.7<span class=\"_ _1\"></span>65<span class=\"_ _1\"></span> </div></td><td class=\"c x315 y259e w17b hc8\"><div class=\"t m0 x10 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">40.7<span class=\"_ _1\"></span>13.73<span class=\"_ _1\"></span>7 </div></td><td class=\"c x310 y259e w1a9 hc8\"><div class=\"t m0 x10 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">45.2<span class=\"_ _1\"></span>80.<span class=\"_ _1\"></span>003 </div></td><td class=\"c x316 y259e w1ef hc8\"><div class=\"t m0 x10 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">7.66<span class=\"_ _f\"></span>0.059 </div></td><td class=\"c x317 y259e w1bd hc8\"><div class=\"t m0 x16a h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">301.76<span class=\"_ _f\"></span>5 </div></td><td class=\"c x318 y259e w1ba hc8\"><div class=\"t m0 xab h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">37.9<span class=\"_ _f\"></span>70.792<span class=\"_ _1\"></span> </div></td></tr><tr><td class=\"c x262 y259f w98b h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">1. Passivit\u00e0 finanz<span class=\"_ _1\"></span>iarie valutate <span class=\"_ _1\"></span>al costo<span class=\"_ _df\"> </span></div></td><td class=\"c x319 y25a0 w184 had\"><div class=\"t m0 x163 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">50.486.460 </div></td><td class=\"c x313 y25a0 w136 had\"><div class=\"t m0 x10 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">4.077.260 </div></td><td class=\"c x314 y25a0 w1db had\"><div class=\"t m0 x10 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">4.134.071 </div></td><td class=\"c x315 y25a0 w17b had\"><div class=\"t m0 x10 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">42.411.232 </div></td><td class=\"c x310 y25a0 w1a9 had\"><div class=\"t m0 xab h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">51.482.679 </div></td><td class=\"c x316 y25a0 w1ef had\"><div class=\"t m0 x10 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">4.149.806 </div></td><td class=\"c x317 y25a0 w1bd had\"><div class=\"t m0 x10 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">6.991.634 </div></td><td class=\"c x318 y25a0 w1ba had\"><div class=\"t m0 x10 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">40.440.450 </div></td></tr><tr><td class=\"c x262 y25a1 w988 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">ammortizzato<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x262 y25a2 w98c h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">2. Passivit\u00e0 ass<span class=\"_ _1\"></span>ociate ad attivit\u00e0 in <span class=\"_ _1\"></span>via di<span class=\"_ _df\"> </span></div></td><td class=\"c x319 y25a3 w184 h58\"><div class=\"t m0 x11 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x313 y25a3 w136 h58\"><div class=\"t m0 x15 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x314 y25a3 w1db h58\"><div class=\"t m0 x38 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x315 y25a3 w17b h58\"><div class=\"t m0 x36 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x310 y25a3 w1a9 h58\"><div class=\"t m0 x96 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x316 y25a3 w1ef h58\"><div class=\"t m0 x15 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x317 y25a3 w1bd h58\"><div class=\"t m0 x30 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x318 y25a3 w1ba h58\"><div class=\"t m0 x96 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x262 y25a4 w98d h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">dismissione<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2e0 y25a5 w2f1 hc8\"><div class=\"t m0 x1b3 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale </div></td><td class=\"c x319 y25a5 w184 hc8\"><div class=\"t m0 x10 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">50.48<span class=\"_ _1\"></span>6.<span class=\"_ _1\"></span>460 </div></td><td class=\"c x313 y25a5 w136 hc8\"><div class=\"t m0 x10 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">4.077<span class=\"_ _1\"></span>.26<span class=\"_ _1\"></span>0 </div></td><td class=\"c x314 y25a5 w1db hc8\"><div class=\"t m0 x10 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">4.13<span class=\"_ _1\"></span>4.07<span class=\"_ _1\"></span>1 </div></td><td class=\"c x315 y25a5 w17b hc8\"><div class=\"t m0 x8a h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">42.411.<span class=\"_ _f\"></span>232 </div></td><td class=\"c x310 y25a5 w1a9 hc8\"><div class=\"t m0 xab h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">51.4<span class=\"_ _1\"></span>82.67<span class=\"_ _1\"></span>9 </div></td><td class=\"c x316 y25a5 w1ef hc8\"><div class=\"t m0 x8a h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">4.149<span class=\"_ _f\"></span>.806 </div></td><td class=\"c x317 y25a5 w1bd hc8\"><div class=\"t m0 x10 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">6.99<span class=\"_ _f\"></span>1.634 </div></td><td class=\"c x318 y25a5 w1ba hc8\"><div class=\"t m0 x10 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">40.4<span class=\"_ _f\"></span>40.450<span class=\"_ _f\"></span> </div></td></tr></table>A.5 <span class=\"ff5\">\u2013</span> <span class=\"ff5\">In<span class=\"_ _f\"></span>f<span class=\"_ _2\"></span>orm<span class=\"_ _1\"></span>ativa<span class=\"_ _1\"></span> sul c.d<span class=\"_ _f\"></span>. \u201cday on<span class=\"_ _1\"></span>e pro<span class=\"_ _f\"></span>fit/loss\u201d<span class=\"_ _df\"> </span></span>I <span class=\"_ _0\"></span>proventi <span class=\"_ _0\"></span>connessi <span class=\"_ _0\"></span>all\u2019emissione <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>prestiti <span class=\"_ _9\"> </span>obbligaziona<span class=\"ff4\">ri, <span class=\"_ _0\"></span>determinat<span class=\"_ _2\"></span>i <span class=\"_ _0\"></span>dalla <span class=\"_ _0\"></span>differenza <span class=\"_ _d\"></span>t<span class=\"_ _2\"></span>ra <span class=\"_ _0\"></span>il <span class=\"_ _0\"></span>corrispettivo<span class=\"_ _df\"> </span></span><span class=\"ff4\"> </span>incassato ed il fair value<span class=\"_ _1\"></span> dello strumento, sono riconosciuti a con<span class=\"_ _1\"></span>to economico alla data di emissione<span class=\"_ _1\"></span> in tutti<span class=\"_ _df\"> </span> i  casi  in  cu<span class=\"_ _1\"></span>i  tale  fair <span class=\"_ _16\"> </span>value  sia <span class=\"_ _9\"> </span>determinato  attraverso  tecniche  di <span class=\"_ _16\"> </span>valutazione  che  p<span class=\"_ _f\"></span>r<span class=\"_ _2\"></span>endono<span class=\"_ _2\"></span>  parametri<span class=\"_ _df\"> </span><span class=\"_ _1\"></span> osservabili sul mercato.<span class=\"_ _df\"> </span> Il <span class=\"_ _e\"> </span>principio <span class=\"_ _e\"> </span>IFRS9 <span class=\"_ _10\"> </span>prevede <span class=\"_ _e\"> </span>c<span class=\"_ _2\"></span>he <span class=\"_ _e\"> </span>l\u2019iscrizione <span class=\"_ _e\"> </span>iniziale <span class=\"_ _10\"> </span>degli <span class=\"_ _e\"> </span>st<span class=\"_ _2\"></span>rumenti <span class=\"_ _e\"> </span>finanziari <span class=\"_ _e\"> </span>avvenga <span class=\"_ _e\"> </span>al <span class=\"_ _10\"> </span>fair <span class=\"_ _10\"> </span>value.<span class=\"_ _df\"> </span> Normalmente <span class=\"_ _0\"></span>il <span class=\"_ _0\"></span>fair <span class=\"_ _9\"> </span>value <span class=\"_ _d\"></span>di <span class=\"_ _9\"> </span>uno <span class=\"_ _0\"></span>strumento <span class=\"_ _0\"></span>finanziario <span class=\"_ _0\"></span>alla <span class=\"_ _9\"> </span>data <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>rilevazione <span class=\"_ _0\"></span>iniziale <span class=\"_ _0\"></span>in <span class=\"_ _0\"></span>bilancio <span class=\"_ _9\"> </span>\u00e8 <span class=\"_ _0\"></span>pari <span class=\"_ _0\"></span>al<span class=\"_ _df\"> </span> \u201cprezzo di transazione\u201d; in altre parole, al costo <span class=\"_ _2\"></span>o all\u2019importo erogato per le attivit\u00e0 finanziarie o alla somma<span class=\"_ _df\"> </span> incassata per le passivit\u00e0 finanziarie.<span class=\"_ _df\"> </span> L\u2019affermazione che<span class=\"_ _1\"></span> all\u2019atto dell<span class=\"_ _1\"></span>\u2019iscrizione iniziale <span class=\"_ _1\"></span>in bilancio i<span class=\"_ _1\"></span>l fair <span class=\"_ _1\"></span>value d<span class=\"_ _1\"></span>i uno strumento <span class=\"_ _1\"></span>finanziar<span class=\"ff4\">io coincide<span class=\"_ _df\"> </span></span><span class=\"ff4\"> </span>con <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>prezzo <span class=\"_ _2\"></span>della <span class=\"_ _2\"></span>transazione <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _2\"></span>intuitivamente sempre <span class=\"_ _2\"></span>riscont<span class=\"_ _2\"></span>rabil<span class=\"_ _1\"></span>e <span class=\"_ _2\"></span>nel <span class=\"_ _2\"></span>caso <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>transazioni <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>cosiddetto<span class=\"_ _df\"> </span> \u201cLivello 1\u201d della gerarchia del fai<span class=\"_ _1\"></span>r <span class=\"_ _2\"></span>value<span class=\"_ _1\"></span>.<span class=\"_ _df\"> </span><span class=\"_ _2\"></span><span class=\"ff4\"> </span>Anche  ne<span class=\"_ _1\"></span>l  caso  del  \u201cLi<span class=\"_ _1\"></span>vello  2\u201d,  ch<span class=\"_ _1\"></span>e  si  b<span class=\"_ _1\"></span>asa  su  prezzi<span class=\"_ _1\"></span>  derivati  ind<span class=\"_ _1\"></span>irettamente  dal  mercato<span class=\"_ _1\"></span>  (<span class=\"_ _2\"></span><span class=\"ff4\">comparable<span class=\"_ _df\"> </span></span><span class=\"ff4\"> </span>approach),  l\u2019iscrizione  iniziale  vede,  in  moltissimi  casi,  sostanzialmente  coincidere  fair  value  e  prezzo.<span class=\"_ _df\"> </span> Eventuali differenze tra prezzo e fair value<span class=\"_ _1\"></span> sono di norma da attribuire ai cosiddetti margini commerciali<span class=\"_ _1\"></span>.<span class=\"_ _df\"> </span><span class=\"_ _2\"></span> Nel <span class=\"_ _d\"></span>caso <span class=\"_ _d\"></span>del <span class=\"_ _d\"></span>\u201cLivello <span class=\"_ _d\"></span>3\u201d, <span class=\"_ _0\"></span>invece, <span class=\"_ _0\"></span>sussiste <span class=\"_ _d\"></span>una <span class=\"_ _d\"></span>discrezionalit\u00e0 <span class=\"_ _d\"></span>parziale <span class=\"_ _d\"></span>dell\u2019operat<span class=\"_ _2\"></span>ore <span class=\"_ _d\"></span>nella <span class=\"_ _d\"></span>valutazione <span class=\"_ _d\"></span>dello<span class=\"_ _df\"> </span> strumento <span class=\"_ _4\"> </span>e, <span class=\"_ _4\"> </span>pertanto, <span class=\"_ _4\"> </span>proprio <span class=\"_ _22\"> </span>per <span class=\"_ _4\"> </span>la <span class=\"_ _4\"> </span>maggior <span class=\"_ _4\"> </span>so<span class=\"_ _2\"></span>ggettivit\u00e0 <span class=\"_ _22\"> </span>nella <span class=\"_ _4\"> </span>determinazione <span class=\"_ _4\"> </span>del <span class=\"_ _4\"> </span>fair <span class=\"_ _4\"> </span>value <span class=\"_ _4\"> </span>non <span class=\"_ _4\"> </span>\u00e8<span class=\"_ _df\"> </span> disponibile <span class=\"_ _2\"></span>un <span class=\"_ _d\"></span>inequivocabile <span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>ermine <span class=\"_ _2\"></span>di <span class=\"_ _d\"></span>riferimento <span class=\"_ _2\"></span>da <span class=\"_ _d\"></span>raffrontare <span class=\"_ _d\"></span>con <span class=\"_ _d\"></span>il <span class=\"_ _d\"></span>prezzo <span class=\"_ _d\"></span>della <span class=\"_ _2\"></span>transa<span class=\"_ _2\"></span>zion<span class=\"_ _1\"></span>e. <span class=\"_ _2\"></span>Per <span class=\"_ _d\"></span>tale<span class=\"_ _df\"> </span> ragione <span class=\"_ _1\"></span>l\u2019IFRS9 e<span class=\"_ _1\"></span>sclude che <span class=\"_ _1\"></span>l'eventuale <span class=\"_ _1\"></span>iniziale differenza <span class=\"_ _f\"></span>t<span class=\"_ _2\"></span>ra i<span class=\"_ _1\"></span>l prezz<span class=\"_ _1\"></span>o della <span class=\"_ _f\"></span>transa<span class=\"_ _2\"></span>zione <span class=\"_ _f\"></span>e la stima <span class=\"_ _f\"></span>interna del<span class=\"_ _df\"> </span> fair  value  possa  essere  subito  imputata  a <span class=\"_ _22\"> </span>Conto  Economico  in  un'unica  soluzione.  In  tal <span class=\"_ _22\"> </span>caso, <span class=\"_ _22\"> </span>quindi,<span class=\"_ _df\"> </span> l\u2019i<span class=\"ff4 ls0\">scrizione <span class=\"_ _f\"></span>iniziale deve<span class=\"_ _1\"></span> <span class=\"_ _f\"></span>s<span class=\"_ _2\"></span>empre <span class=\"_ _f\"></span>avvenire al <span class=\"_ _f\"></span>prezzo. <span class=\"_ _f\"></span>La su<span class=\"_ _1\"></span>ccessiva <span class=\"_ _1\"></span>valutazione <span class=\"_ _f\"></span>non <span class=\"_ _1\"></span>pu\u00f2 <span class=\"_ _f\"></span>includere la <span class=\"_ _f\"></span>differenza<span class=\"_ _df\"> </span></span><span class=\"ff4 ls0\"> </span>tra prezzo e<span class=\"_ _1\"></span> fair valu<span class=\"_ _1\"></span>e riscontrata all\u2019<span class=\"_ _1\"></span>atto della prima <span class=\"_ _1\"></span>valutazione <span class=\"ff4\">- ossia il <span class=\"_ _f\"></span>Day<span class=\"_ _2\"></span>-<span class=\"ls13\">One</span>-Profit (<span class=\"_ _1\"></span>DOP) o il<span class=\"_ _1\"></span> Day-<span class=\"ls13\">One</span>-<span class=\"_ _df\"> </span></span>Loss <span class=\"_ _14\"> </span>(DOL) <span class=\"_ _17\"> </span>implicito <span class=\"_ _15\"> </span>-, <span class=\"_ _14\"> </span>che <span class=\"_ _17\"> </span>deve <span class=\"_ _14\"> </span>invece <span class=\"_ _14\"> </span>essere <span class=\"_ _14\"> </span>riconosciuta <span class=\"_ _14\"> </span>a <span class=\"_ _14\"> </span>Conto <span class=\"_ _14\"> </span>Economico <span class=\"_ _14\"> </span>solo <span class=\"_ _14\"> </span>se <span class=\"_ _14\"> </span>deriva <span class=\"_ _17\"> </span>da<span class=\"_ _df\"> </span> cambiamenti dei fattori su cui i p<span class=\"_ _1\"></span>artecipanti al mercato basano le loro valu<span class=\"_ _1\"></span>tazioni nel fissare i prezzi (incluso<span class=\"_ _df\"> </span> l\u2019effetto <span class=\"_ _d\"></span>t<span class=\"_ _2\"></span>empo). <span class=\"_ _d\"></span>Ove <span class=\"_ _d\"></span>lo <span class=\"_ _d\"></span>str<span class=\"_ _2\"></span>umento <span class=\"_ _d\"></span>abbia <span class=\"_ _d\"></span>una <span class=\"_ _0\"></span>scadenza <span class=\"_ _d\"></span>definita <span class=\"_ _d\"></span>e <span class=\"_ _0\"></span>non <span class=\"_ _d\"></span>sia <span class=\"_ _0\"></span>immedi<span class=\"ff4\">atamente <span class=\"_ _0\"></span>disponibile <span class=\"_ _d\"></span>un<span class=\"_ _df\"> </span></span><span class=\"ff4\"> </span>modello che monitori <span class=\"_ _2\"></span>i cambiamenti dei fattori su <span class=\"_ _2\"></span>cui gli operatori basano i <span class=\"_ _2\"></span>prezzi, \u00e8 ammesso il transito <span class=\"_ _2\"></span>del<span class=\"_ _df\"> </span> DOP/DOL a Conto Economico linearmente sulla vita del<span class=\"_ _1\"></span>lo strumento finanziario stesso.<span class=\"_ _df\"> </span><span class=\"_ _2\"></span> Pertanto, la politica contabile seguita prevede che:<span class=\"_ _df\"> </span> <span class=\"_ _27\"> </span><span class=\"ff4\">l'eventuale <span class=\"_ _0\"></span>DOP/DOL <span class=\"_ _0\"></span>implicito <span class=\"_ _0\"></span>negli <span class=\"_ _0\"></span>strumenti <span class=\"_ _9\"> </span>di <span class=\"_ _0\"></span>\"Livello <span class=\"_ _d\"></span>2\" <span class=\"_ _9\"> </span>venga <span class=\"_ _0\"></span>subito <span class=\"_ _0\"></span>imputato <span class=\"_ _0\"></span>per <span class=\"_ _0\"></span>intero <span class=\"_ _0\"></span>al <span class=\"_ _0\"></span>Conto<span class=\"_ _df\"> </span></span><span class=\"ff4\"> </span>Economico;<span class=\"_ _df\"> </span><span class=\"_ _27\"> </span><span class=\"ff4\">invece, l'eventuale DOP/DOL implici<span class=\"_ _1\"></span>to negli strumenti di \"Livell<span class=\"_ _1\"></span>o 3\" venga sterilizzato e imputato al Conto<span class=\"_ _df\"> </span></span><span class=\"ff4\"> </span>Economico \"pro rata temporis\" (linearmente) lungo la vi<span class=\"_ _1\"></span>ta residua di tali strumenti;<span class=\"_ _df\"> </span><span class=\"_ _27\"> </span><span class=\"ff5\">nel caso in <span class=\"_ _f\"></span>cui uno strumento classificato nel \u201cLiv<span class=\"_ _1\"></span>ello 3\u201d dell<span class=\"_ _1\"></span>a gerarchia del <span class=\"_ _1\"></span>fair value venga <span class=\"_ _1\"></span>riclassificato<span class=\"_ _df\"> </span></span>nel  \u201cLivello  2\u201d,  i  residui  DOP/DOL  sospesi  patrimonialmente  ve<span class=\"_ _1\"></span>ngono  iscritti <span class=\"_ _4\"> </span><span class=\"ff4\">a  Conto  Economico  in<span class=\"_ _df\"> </span></span><span class=\"ff4\"><span class=\"_ _1\"></span> </span>un\u2019unica soluzione.<span class=\"_ _df\"> </span>Al 31 dicembre 2025 <span class=\"_ _2\"></span>non erano presenti importi che debbano essere ancora <span class=\"_ _2\"></span>rilevati a conto economico \"pro<span class=\"_ _df\"> </span> rata temporis\", ovvero lungo la vita residua de<span class=\"_ _1\"></span>l contratto.<span class=\"_ _2\"></span> Sezio<span class=\"_ _1\"></span>ne 2 <span class=\"ff5\">\u2013</span> <span class=\"_ _1\"></span>Attivit\u00e0<span class=\"_ _1\"></span> fina<span class=\"_ _1\"></span>nziari<span class=\"_ _f\"></span>e valutate<span class=\"_ _1\"></span> al fair va<span class=\"_ _f\"></span>lue con im<span class=\"_ _f\"></span>patto a<span class=\"_ _1\"></span> conto <span class=\"_ _1\"></span>econo<span class=\"_ _f\"></span>mico <span class=\"ff5\">\u2013</span> Vo<span class=\"_ _f\"></span>ce 20  2.1 At<span class=\"_ _f\"></span>tivit\u00e0 fina<span class=\"_ _1\"></span>nzia<span class=\"_ _1\"></span>rie d<span class=\"_ _1\"></span>etenut<span class=\"_ _1\"></span>e p<span class=\"_ _1\"></span>er la <span class=\"_ _1\"></span>negozia<span class=\"_ _f\"></span>zione: <span class=\"_ _1\"></span>com<span class=\"_ _f\"></span>posizion<span class=\"_ _1\"></span>e me<span class=\"_ _1\"></span>rceol<span class=\"_ _1\"></span>ogica<span class=\"_ _1\"></span> <table class=\"s w98f h49e\" id=\"_70d8612b-b621-4782-a5bb-4d40058f6842\"><tr><td></td><td></td><td class=\"c x31c y25ac w2f7 h1fa\"><div class=\"t m0 x199 h1f y32 ff4 fs7 fc4 sc3 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale </div></td><td></td><td></td><td class=\"c x31d y25ac w2f8 h1fa\"><div class=\"t m0 x199 h1f y32 ff4 fs7 fc4 sc3 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale </div></td><td></td></tr><tr><td class=\"c x2e0 y25ad w2f6 h231\"><div class=\"t m0 x11d h1f y113e ff4 fs7 fc4 sc3 ls0 ws0\">Voci<span class=\"_ _1\"></span>/Valo<span class=\"_ _f\"></span>ri </div></td><td class=\"c x31e y25ae w990 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/<span class=\"_ _df\"> </span></div></td><td class=\"c x31f y25ae w991 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">2025<span class=\"_ _df\"> </span></div></td><td></td><td></td><td class=\"c x31d y25af w2f8 h232\"><div class=\"t m0 xe5 h1f y93e ff4 fs7 fc4 sc3 ls0 ws0\">31/12/<span class=\"_ _f\"></span>2024 </div></td><td></td></tr><tr><td></td><td class=\"c x31c y25ad w2f9 h232\"><div class=\"t m0 x3a h1f y93e ff4 fs7 fc4 sc3 lsc7 ws0\">L1<span class=\"ls0\"> </span></div></td><td class=\"c x320 y25ad w2fa h232\"><div class=\"t m0 x2c h1f y93e ff4 fs7 fc4 sc3 lsc7 ws0\">L2<span class=\"ls0\"> </span></div></td><td class=\"c x321 y25ad w2f9 h232\"><div class=\"t m0 x2c h1f y93e ff4 fs7 fc4 sc3 lsc7 ws0\">L3<span class=\"ls0\"> </span></div></td><td class=\"c x31d y25ad w2f9 h232\"><div class=\"t m0 x3a h1f y93e ff4 fs7 fc4 sc3 lsc7 ws0\">L1<span class=\"ls0\"> </span></div></td><td class=\"c x322 y25ad w2fa h232\"><div class=\"t m0 x2c h1f y93e ff4 fs7 fc4 sc3 lsc7 ws0\">L2<span class=\"ls0\"> </span></div></td><td class=\"c x323 y25ad w2fb h232\"><div class=\"t m0 x2c h1f y93e ff4 fs7 fc4 sc3 lsc7 ws0\">L3<span class=\"ls0\"> </span></div></td></tr><tr><td class=\"c x2e0 y25b0 w2fc hc8\"><div class=\"t m0 x10 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">A. Att<span class=\"_ _f\"></span>ivit\u00e0 per<span class=\"_ _f\"></span> cassa<span class=\"_ _f\"></span> </div></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2e0 y25b1 w2fc hc8\"><div class=\"t m0 x10 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">1. Titoli di debito<span class=\"_ _1\"></span> </div></td><td class=\"c x30f y25b1 w2f9 hc8\"><div class=\"t m0 x31 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">24.176 </div></td><td class=\"c x320 y25b1 w11e hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x321 y25b1 w2f9 hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x31d y25b1 w11f hc8\"><div class=\"t m0 x38 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">19.098 </div></td><td class=\"c x322 y25b1 w11e hc8\"><div class=\"t m0 x1c h1f y28b ff4 fs7 fc1 sc0 lsa ws0\">46<span class=\"ls0\"> </span></div></td><td class=\"c x323 y25b1 w50 hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2e0 y25b2 w2fc hc8\"><div class=\"t m0 x2f h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">1.1 Titoli struttu<span class=\"_ _1\"></span>rati </div></td><td class=\"c x30f y25b2 w2f9 hc8\"><div class=\"t m0 x15 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">2.723 </div></td><td class=\"c x320 y25b2 w11e hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x321 y25b2 w2f9 hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x31d y25b2 w11f hc8\"><div class=\"t m0 x12 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">909 </div></td><td class=\"c x322 y25b2 w11e hc8\"><div class=\"t m0 xa3 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">4 </div></td><td class=\"c x323 y25b2 w50 hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2e0 y25b3 w2fc hc8\"><div class=\"t m0 x2f h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">1.2 Altri titoli di deb<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span>to </div></td><td class=\"c x30f y25b3 w2f9 hc8\"><div class=\"t m0 x38 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">21.453 </div></td><td class=\"c x320 y25b3 w11e hc8\"><div class=\"t m0 x8 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x321 y25b3 w2f9 hc8\"><div class=\"t m0 x8 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x31d y25b3 w11f hc8\"><div class=\"t m0 x31 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">18.189 </div></td><td class=\"c x322 y25b3 w11e hc8\"><div class=\"t m0 x1c h1f ye4c ff4 fs7 fc1 sc0 lsa ws0\">42<span class=\"ls0\"> </span></div></td><td class=\"c x323 y25b3 w50 hc8\"><div class=\"t m0 x8 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2e0 y25b4 w2fc hc8\"><div class=\"t m0 x10 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">2. Titoli di capita<span class=\"_ _f\"></span>l<span class=\"_ _2\"></span>e<span class=\"_ _df\"> </span></div></td><td class=\"c x30f y25b4 w2f9 hc8\"><div class=\"t m0 x8 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x320 y25b4 w11e hc8\"><div class=\"t m0 x8 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x321 y25b4 w2f9 hc8\"><div class=\"t m0 x8 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x31d y25b4 w11f hc8\"><div class=\"t m0 x8 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x322 y25b4 w11e hc8\"><div class=\"t m0 x8 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x323 y25b4 w50 hc8\"><div class=\"t m0 x8 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2e0 y25b5 w2fc hc8\"><div class=\"t m0 x10 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">3. Quote di O.I.C<span class=\"_ _1\"></span>.R.<span class=\"_ _df\"> </span></div></td><td class=\"c x30f y25b5 w2f9 hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x320 y25b5 w11e hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x321 y25b5 w2f9 hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x31d y25b5 w11f hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x322 y25b5 w11e hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x323 y25b5 w50 hc8\"><div class=\"t m0 x1c h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">24 </div></td></tr><tr><td class=\"c x2e0 y25b6 w2fc hc8\"><div class=\"t m0 x10 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">4. Finanziamenti </div></td><td class=\"c x30f y25b6 w2f9 hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x320 y25b6 w11e hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x321 y25b6 w2f9 hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x31d y25b6 w11f hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x322 y25b6 w11e hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x323 y25b6 w50 hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2e0 y25b7 w2fc hc8\"><div class=\"t m0 x2f h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">4.1 Pronti contro<span class=\"_ _1\"></span> termine </div></td><td class=\"c x30f y25b7 w2f9 hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x320 y25b7 w11e hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x321 y25b7 w2f9 hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x31d y25b7 w11f hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x322 y25b7 w11e hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x323 y25b7 w50 hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2e0 y25b8 w2fc hc8\"><div class=\"t m0 x2f h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">4.2 Altri </div></td><td class=\"c x30f y25b8 w2f9 hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x320 y25b8 w11e hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x321 y25b8 w2f9 hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x31d y25b8 w11f hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x322 y25b8 w11e hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x323 y25b8 w50 hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2e0 y25b9 w2fc hc8\"><div class=\"t m0 x23 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale (A<span class=\"_ _f\"></span>) </div></td><td class=\"c x30f y25b9 w2f9 hc8\"><div class=\"t m0 x31 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">24.17<span class=\"_ _f\"></span>6 </div></td><td class=\"c x320 y25b9 w11e hc8\"><div class=\"t m0 x8 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td><td class=\"c x321 y25b9 w2f9 hc8\"><div class=\"t m0 x8 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td><td class=\"c x31d y25b9 w11f hc8\"><div class=\"t m0 x31 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">19.09<span class=\"_ _f\"></span>8 </div></td><td class=\"c x322 y25b9 w11e hc8\"><div class=\"t m0 x1c h1f ye4c ff4 fs7 fc1 sc2 lsa ws0\">46<span class=\"ls0\"> </span></div></td><td class=\"c x323 y25b9 w50 hc8\"><div class=\"t m0 x1c h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">24 </div></td></tr><tr><td class=\"c x2e0 y25ba w2fc h227\"><div class=\"t m0 x10 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">B. St<span class=\"_ _f\"></span>rument<span class=\"_ _1\"></span>i deri<span class=\"_ _1\"></span>vat<span class=\"_ _1\"></span>i </div></td><td class=\"c x30f y25ba w2f9 h227\"><div class=\"t m0 x8 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x320 y25ba w11e h227\"><div class=\"t m0 x8 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x321 y25ba w2f9 h227\"><div class=\"t m0 x8 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x31d y25ba w11f h227\"><div class=\"t m0 x8 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x322 y25ba w11e h227\"><div class=\"t m0 x8 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x323 y25ba w50 h227\"><div class=\"t m0 x8 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2e0 y25bb w2fc hc8\"><div class=\"t m0 x10 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">1. Derivati finanz<span class=\"_ _1\"></span>iari </div></td><td class=\"c x30f y25bb w2f9 hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x320 y25bb w11e hc8\"><div class=\"t m0 x31 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">16.747 </div></td><td class=\"c x321 y25bb w2f9 hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x31d y25bb w11f hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x322 y25bb w11e hc8\"><div class=\"t m0 x31 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">14.992 </div></td><td class=\"c x323 y25bb w50 hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2e0 y25bc w2fc hc8\"><div class=\"t m0 x2f h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">1.1 di negoziazione<span class=\"_ _f\"></span> </div></td><td class=\"c x30f y25bc w2f9 hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x320 y25bc w11e hc8\"><div class=\"t m0 x31 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">16.747 </div></td><td class=\"c x321 y25bc w2f9 hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x31d y25bc w11f hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x322 y25bc w11e hc8\"><div class=\"t m0 x31 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">14.992 </div></td><td class=\"c x323 y25bc w50 hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2e0 y25bd w2fc hc8\"><div class=\"t m0 x2f h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">1.2 connessi con <span class=\"_ _1\"></span>la fair value <span class=\"_ _1\"></span>option </div></td><td class=\"c x30f y25bd w2f9 hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x320 y25bd w11e hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x321 y25bd w2f9 hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x31d y25bd w11f hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x322 y25bd w11e hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x323 y25bd w50 hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2e0 y25be w2fc hc8\"><div class=\"t m0 x2f h1f y28b ff4 fs7 fc1 sc0 ls9 ws0\">1.<span class=\"ls0\">3 altri</span><span class=\"ls0\"> </span></div></td><td class=\"c x30f y25be w2f9 hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x320 y25be w11e hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x321 y25be w2f9 hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x31d y25be w11f hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x322 y25be w11e hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x323 y25be w50 hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2e0 y25bf w2fc hc8\"><div class=\"t m0 x10 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">2. Derivati creditiz<span class=\"_ _f\"></span>i </div></td><td class=\"c x30f y25bf w2f9 hc8\"><div class=\"t m0 x8 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x320 y25bf w11e hc8\"><div class=\"t m0 x8 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x321 y25bf w2f9 hc8\"><div class=\"t m0 x8 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x31d y25bf w11f hc8\"><div class=\"t m0 x8 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x322 y25bf w11e hc8\"><div class=\"t m0 x8 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x323 y25bf w50 hc8\"><div class=\"t m0 x8 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2e0 y25c0 w2fc hc8\"><div class=\"t m0 x2f h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">2.1 di negoziazione<span class=\"_ _f\"></span> </div></td><td class=\"c x30f y25c0 w2f9 hc8\"><div class=\"t m0 x8 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x320 y25c0 w11e hc8\"><div class=\"t m0 x8 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x321 y25c0 w2f9 hc8\"><div class=\"t m0 x8 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x31d y25c0 w11f hc8\"><div class=\"t m0 x8 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x322 y25c0 w11e hc8\"><div class=\"t m0 x8 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x323 y25c0 w50 hc8\"><div class=\"t m0 x8 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2e0 y25c1 w2fc hc8\"><div class=\"t m0 x2f h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">2.2 connessi con <span class=\"_ _f\"></span>l<span class=\"_ _2\"></span>a fair value<span class=\"_ _1\"></span> option </div></td><td class=\"c x30f y25c1 w2f9 hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x320 y25c1 w11e hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x321 y25c1 w2f9 hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x31d y25c1 w11f hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x322 y25c1 w11e hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x323 y25c1 w50 hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2e0 y25c2 w2fc hc8\"><div class=\"t m0 x2f h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">2.3 altri </div></td><td class=\"c x30f y25c2 w2f9 hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x320 y25c2 w11e hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x321 y25c2 w2f9 hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x31d y25c2 w11f hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x322 y25c2 w11e hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x323 y25c2 w50 hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2e0 y25c3 w2fc hc8\"><div class=\"t m0 x23 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale (B<span class=\"_ _1\"></span>) </div></td><td class=\"c x30f y25c3 w2f9 hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td><td class=\"c x320 y25c3 w11e hc8\"><div class=\"t m0 x31 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">16.747<span class=\"_ _f\"></span> </div></td><td class=\"c x321 y25c3 w2f9 hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td><td class=\"c x31d y25c3 w11f hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td><td class=\"c x322 y25c3 w11e hc8\"><div class=\"t m0 x31 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">14.99<span class=\"_ _1\"></span>2 </div></td><td class=\"c x323 y25c3 w50 hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2e0 y25c4 w2fc hc8\"><div class=\"t m0 x10f h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale (A<span class=\"_ _f\"></span>+B)  </div></td><td class=\"c x30f y25c4 w2f9 hc8\"><div class=\"t m0 x31 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">24.17<span class=\"_ _f\"></span>6 </div></td><td class=\"c x320 y25c4 w11e hc8\"><div class=\"t m0 x31 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">16.747<span class=\"_ _f\"></span> </div></td><td class=\"c x321 y25c4 w2f9 hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td><td class=\"c x31d y25c4 w11f hc8\"><div class=\"t m0 x31 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">19.09<span class=\"_ _f\"></span>8 </div></td><td class=\"c x322 y25c4 w11e hc8\"><div class=\"t m0 x31 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">15.03<span class=\"_ _f\"></span>8 </div></td><td class=\"c x323 y25c4 w50 hc8\"><div class=\"t m0 x1c h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">24 </div></td></tr></table>Lege<span class=\"_ _f\"></span>nda: L1= Livello 1 L2= Livello 2 L3= Livello 3 Si segnala la com<span class=\"_ _1\"></span>posizione della v<span class=\"_ _f\"></span>o<span class=\"_ _2\"></span>ce<span class=\"_ _1\"></span> 3 \u201cQuote O.I.C.R\u201d:<span class=\"ff4 fc4 sc3\"> </span><table class=\"s w992 h49f\" id=\"_deb45929-9ce2-4dd7-a083-cb4e6c464d6e\"><tr><td></td><td></td><td class=\"c x325 y25c5 w2fe h49\"><div class=\"t m0 x8f h1f y32 ff4 fs7 fc4 sc3 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale </div></td><td></td><td class=\"c x326 y25c5 w2ff h49\"><div class=\"t m0 x8f h1f y32 ff4 fs7 fc4 sc3 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale </div></td><td></td></tr><tr><td></td><td></td><td class=\"c x325 y25c6 w300 h49\"><div class=\"t m0 x97 h1f y25 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/<span class=\"_ _f\"></span>2025 </div></td><td class=\"c x327 y25c7 w993 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/<span class=\"_ _df\"> </span></div></td><td class=\"c x328 y25c7 w994 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc4 sc3 ls0 ws0\">2024<span class=\"_ _df\"> </span></div></td><td></td></tr><tr><td class=\"c x329 y25c8 w301 hc8\"><div class=\"t m0 x10 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">Azionari  </div></td><td></td><td></td><td class=\"c x325 y25c8 w2fe hc8\"><div class=\"t m0 x22 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x326 y25c8 w302 hc8\"><div class=\"t m0 x191 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">24 </div></td></tr><tr><td></td><td class=\"c x329 y25c9 w303 hc8\"><div class=\"t m0 x147 h1f y32 ff4 fs7 fc1 sc2 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale </div></td><td></td><td class=\"c x325 y25c9 w2fe hc8\"><div class=\"t m0 x22 h1f y32 ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td><td></td><td class=\"c x326 y25c9 w304 hc8\"><div class=\"t m0 x171 h1f y32 ff4 fs7 fc1 sc2 ls0 ws0\">24 </div></td></tr></table>2.2 Att<span class=\"_ _f\"></span>ivit\u00e0 fina<span class=\"_ _f\"></span>nziarie d<span class=\"_ _1\"></span>ete<span class=\"_ _1\"></span>nute p<span class=\"_ _f\"></span>er la neg<span class=\"_ _1\"></span>ozia<span class=\"_ _1\"></span>zione: <span class=\"_ _f\"></span>compos<span class=\"_ _f\"></span>izione p<span class=\"_ _1\"></span>er de<span class=\"_ _1\"></span>bitor<span class=\"_ _1\"></span>i/em<span class=\"_ _1\"></span>ittent<span class=\"_ _1\"></span>i/cont<span class=\"_ _1\"></span>ropa<span class=\"_ _1\"></span>rti <table class=\"s w995 h4a0\" id=\"_090afc8c-2681-4652-ab12-40cbcde5b32b\"><tr><td></td><td class=\"c x2e0 y25ca w305 h234\"><div class=\"t m0 xaf h1f y1498 ff4 fs7 fc4 sc3 ls0 ws0\">Voci<span class=\"_ _1\"></span>/Valo<span class=\"_ _f\"></span>ri </div></td><td class=\"c x32a y25cb w25d h227\"><div class=\"t m0 x31 h1f y28b ff4 fs7 fc4 sc3 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale </div></td><td></td><td class=\"c x317 y25cb w28b h227\"><div class=\"t m0 x31 h1f y28b ff4 fs7 fc4 sc3 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale </div></td><td></td></tr><tr><td></td><td class=\"c x32b y25cc w993 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/<span class=\"_ _df\"> </span></div></td><td class=\"c x32c y25cc w991 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">2025<span class=\"_ _df\"> </span></div></td><td class=\"c x32d y25cc w993 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/<span class=\"_ _df\"> </span></div></td><td class=\"c x32e y25cc w994 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">2024<span class=\"_ _df\"> </span></div></td><td></td></tr><tr><td class=\"c x2e0 y25cd w306 hc8\"><div class=\"t m0 x10 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">A. Att<span class=\"_ _f\"></span>ivit\u00e0 per<span class=\"_ _f\"></span> cassa<span class=\"_ _f\"></span> </div></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2e0 y25ce w306 hc8\"><div class=\"t m0 x10 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">1. Titoli di debito<span class=\"_ _1\"></span> </div></td><td></td><td></td><td class=\"c x32a y25ce w307 hc8\"><div class=\"t m0 x11f h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">24.176 </div></td><td></td><td class=\"c x317 y25ce w308 hc8\"><div class=\"t m0 xec h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">19.144 </div></td></tr><tr><td class=\"c x2e0 y25cf w306 hc8\"><div class=\"t m0 x16a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">a) Banche Centra<span class=\"_ _1\"></span>li </div></td><td></td><td></td><td class=\"c x32a y25cf w307 hc8\"><div class=\"t m0 xed h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x317 y25cf w308 hc8\"><div class=\"t m0 xed h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2e0 y25d0 w306 hc8\"><div class=\"t m0 x16a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">b) Amministrazi<span class=\"_ _1\"></span>oni pubbliche </div></td><td></td><td></td><td class=\"c x32a y25d0 w307 hc8\"><div class=\"t m0 x124 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">20.232 </div></td><td></td><td class=\"c x317 y25d0 w308 hc8\"><div class=\"t m0 xec h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">15.641 </div></td></tr><tr><td class=\"c x2e0 y25d1 w306 hc8\"><div class=\"t m0 x16a h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">c) Banche </div></td><td></td><td></td><td class=\"c x32a y25d1 w307 hc8\"><div class=\"t m0 xec h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">2.040 </div></td><td></td><td class=\"c x317 y25d1 w308 hc8\"><div class=\"t m0 xeb h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">2.205 </div></td></tr><tr><td class=\"c x2e0 y25d2 w306 hc8\"><div class=\"t m0 x16a h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">d) Altre societ\u00e0 <span class=\"_ _1\"></span>finanziarie<span class=\"_ _df\"> </span></div></td><td></td><td></td><td class=\"c x32a y25d2 w307 hc8\"><div class=\"t m0 x12a h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">816 </div></td><td></td><td class=\"c x317 y25d2 w308 hc8\"><div class=\"t m0 x12a h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">379 </div></td></tr><tr><td class=\"c x2e0 y25d3 w306 hc8\"><div class=\"t m0 x14 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">di cui: imprese d<span class=\"_ _1\"></span>i assicurazione<span class=\"_ _1\"></span> </div></td><td></td><td></td><td class=\"c x32a y25d3 w307 hc8\"><div class=\"t m0 xe8 h1f y28b ff4 fs7 fc1 sc0 ls27 ws0\">338<span class=\"ls0\"> </span></div></td><td></td><td class=\"c x317 y25d3 w308 hc8\"><div class=\"t m0 xed h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2e0 y25d4 w306 hc8\"><div class=\"t m0 x16a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">e) Societ\u00e0 non fi<span class=\"_ _1\"></span>nanziarie<span class=\"_ _df\"> </span></div></td><td></td><td></td><td class=\"c x32a y25d4 w307 hc8\"><div class=\"t m0 xeb h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">1.088 </div></td><td></td><td class=\"c x317 y25d4 w308 hc8\"><div class=\"t m0 x66 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">919 </div></td></tr><tr><td class=\"c x2e0 y25d5 w306 hc8\"><div class=\"t m0 x10 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">2. Titoli di capita<span class=\"_ _f\"></span>l<span class=\"_ _2\"></span>e<span class=\"_ _df\"> </span></div></td><td></td><td></td><td class=\"c x32a y25d5 w307 hc8\"><div class=\"t m0 xed h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x317 y25d5 w308 hc8\"><div class=\"t m0 xed h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2e0 y25d6 w306 hc8\"><div class=\"t m0 x16a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">a) Banche </div></td><td></td><td></td><td class=\"c x32a y25d6 w307 hc8\"><div class=\"t m0 xed h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x317 y25d6 w308 hc8\"><div class=\"t m0 xed h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2e0 y25d7 w306 hc8\"><div class=\"t m0 x16a h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">b) Altre societ\u00e0 <span class=\"_ _1\"></span>finanziarie<span class=\"_ _df\"> </span></div></td><td></td><td></td><td class=\"c x32a y25d7 w307 hc8\"><div class=\"t m0 xed h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x317 y25d7 w308 hc8\"><div class=\"t m0 xed h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2e0 y25d8 w306 hc8\"><div class=\"t m0 x14 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">di cui:  imprese d<span class=\"_ _1\"></span>i assicurazione </div></td><td></td><td></td><td class=\"c x32a y25d8 w307 hc8\"><div class=\"t m0 xed h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x317 y25d8 w308 hc8\"><div class=\"t m0 xed h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2e0 y25d9 w306 h227\"><div class=\"t m0 x16a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">c) Societ\u00e0 non f<span class=\"_ _1\"></span>inanziarie </div></td><td></td><td></td><td class=\"c x32a y25d9 w307 h227\"><div class=\"t m0 xed h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x317 y25d9 w308 h227\"><div class=\"t m0 xed h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2e0 y25da w306 hc8\"><div class=\"t m0 x16a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">d) Altri emitten<span class=\"_ _1\"></span>ti </div></td><td></td><td></td><td class=\"c x32a y25da w307 hc8\"><div class=\"t m0 xed h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x317 y25da w308 hc8\"><div class=\"t m0 xed h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2e0 y25db w306 hc8\"><div class=\"t m0 x10 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">3. Quote di OICR </div></td><td></td><td></td><td class=\"c x32a y25db w307 hc8\"><div class=\"t m0 xed h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x317 y25db w308 hc8\"><div class=\"t m0 x199 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">24 </div></td></tr><tr><td class=\"c x2e0 y2443 w306 hc8\"><div class=\"t m0 x10 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">4. Finanziamenti </div></td><td></td><td></td><td class=\"c x32a y2443 w307 hc8\"><div class=\"t m0 xed h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x317 y2443 w308 hc8\"><div class=\"t m0 xed h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2e0 y25dc w306 hc8\"><div class=\"t m0 x16a h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">a) Banche Centra<span class=\"_ _1\"></span>li </div></td><td></td><td></td><td class=\"c x32a y25dc w307 hc8\"><div class=\"t m0 xed h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x317 y25dc w308 hc8\"><div class=\"t m0 xed h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2e0 y25dd w306 hc8\"><div class=\"t m0 x16a h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">b) Amministrazi<span class=\"_ _1\"></span>oni pubbliche </div></td><td></td><td></td><td class=\"c x32a y25dd w307 hc8\"><div class=\"t m0 xed h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x317 y25dd w308 hc8\"><div class=\"t m0 xed h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2e0 y25de w306 hc8\"><div class=\"t m0 x16a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">c) Banche </div></td><td></td><td></td><td class=\"c x32a y25de w307 hc8\"><div class=\"t m0 xed h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x317 y25de w308 hc8\"><div class=\"t m0 xed h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2e0 y25df w306 hc8\"><div class=\"t m0 x16a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">d) Altre societ\u00e0 <span class=\"_ _1\"></span>finanziarie<span class=\"_ _df\"> </span></div></td><td></td><td></td><td class=\"c x32a y25df w307 hc8\"><div class=\"t m0 xed h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x317 y25df w308 hc8\"><div class=\"t m0 xed h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2e0 y25e0 w306 hc8\"><div class=\"t m0 x14 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">di cui: imprese d<span class=\"_ _1\"></span>i assicurazione<span class=\"_ _1\"></span> </div></td><td></td><td></td><td class=\"c x32a y25e0 w307 hc8\"><div class=\"t m0 xed h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x317 y25e0 w308 hc8\"><div class=\"t m0 xed h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2e0 y25e1 w306 hc8\"><div class=\"t m0 x16a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">e) Societ\u00e0 non fi<span class=\"_ _1\"></span>nanziarie<span class=\"_ _df\"> </span></div></td><td></td><td></td><td class=\"c x32a y25e1 w307 hc8\"><div class=\"t m0 xed h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x317 y25e1 w308 hc8\"><div class=\"t m0 xed h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2e0 y25e2 w306 hc8\"><div class=\"t m0 x16a h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">f) Famiglie </div></td><td></td><td></td><td class=\"c x32a y25e2 w307 hc8\"><div class=\"t m0 xed h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x317 y25e2 w308 hc8\"><div class=\"t m0 xed h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td></td><td class=\"c x2e0 y25e3 w306 hc8\"><div class=\"t m0 x111 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale (A<span class=\"_ _f\"></span>) </div></td><td></td><td class=\"c x32a y25e3 w307 hc8\"><div class=\"t m0 x11f h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">24.17<span class=\"_ _f\"></span>6 </div></td><td></td><td class=\"c x317 y25e3 w308 hc8\"><div class=\"t m0 xec h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">19.16<span class=\"_ _1\"></span>7 </div></td></tr><tr><td class=\"c x2e0 y25e4 w306 hc8\"><div class=\"t m0 x10 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">B. St<span class=\"_ _f\"></span>rument<span class=\"_ _1\"></span>i deri<span class=\"_ _1\"></span>vat<span class=\"_ _1\"></span>i </div></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2e0 y25e5 w306 hc8\"><div class=\"t m0 x16a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">a) Controparti Cent<span class=\"_ _f\"></span>rali </div></td><td></td><td></td><td class=\"c x32a y25e5 w307 hc8\"><div class=\"t m0 xed h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x317 y25e5 w308 hc8\"><div class=\"t m0 xed h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2e0 y25e6 w306 h227\"><div class=\"t m0 x16a h1f y14d6 ff4 fs7 fc1 sc0 ls0 ws0\">b) Altre </div></td><td></td><td></td><td class=\"c x32a y25e6 w307 h227\"><div class=\"t m0 x11f h1f y14d6 ff4 fs7 fc1 sc0 ls0 ws0\">16.747 </div></td><td></td><td class=\"c x317 y25e6 w308 h227\"><div class=\"t m0 x11f h1f y14d6 ff4 fs7 fc1 sc0 ls0 ws0\">14.992 </div></td></tr><tr><td></td><td class=\"c x2e0 y25e7 w306 hc8\"><div class=\"t m0 x111 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale (B<span class=\"_ _1\"></span>) </div></td><td></td><td class=\"c x32a y25e7 w307 hc8\"><div class=\"t m0 x11f h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">16.747<span class=\"_ _f\"></span> </div></td><td></td><td class=\"c x317 y25e7 w308 hc8\"><div class=\"t m0 x11f h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">14.99<span class=\"_ _1\"></span>2 </div></td></tr><tr><td></td><td class=\"c x2e0 y25e8 w306 hc8\"><div class=\"t m0 x10c h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale (A<span class=\"_ _f\"></span>+B)  </div></td><td></td><td class=\"c x32a y25e8 w307 hc8\"><div class=\"t m0 x124 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">40.9<span class=\"_ _1\"></span>23 </div></td><td></td><td class=\"c x317 y25e8 w308 hc8\"><div class=\"t m0 x11f h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">34.1<span class=\"lsc8\">60<span class=\"_ _df\"> </span></span></div></td></tr></table>2.5 Al<span class=\"_ _1\"></span>tre a<span class=\"_ _f\"></span>ttivit\u00e0 fina<span class=\"_ _f\"></span>nziarie o<span class=\"_ _f\"></span>bbligat<span class=\"_ _1\"></span>oriam<span class=\"_ _1\"></span>ente v<span class=\"_ _1\"></span>alut<span class=\"_ _1\"></span>ate <span class=\"_ _1\"></span>al fa<span class=\"_ _f\"></span>ir value: co<span class=\"_ _1\"></span>mpos<span class=\"_ _1\"></span>izione <span class=\"_ _f\"></span>merceo<span class=\"_ _1\"></span>logi<span class=\"_ _f\"></span>ca<table class=\"s w996 h4a1\" id=\"_300a5f3d-3eee-401d-9095-8ce6b8c23800\"><tr><td></td><td></td><td></td><td class=\"c x31c y25e9 w2f7 h82\"><div class=\"t m0 x199 h1f y32 ff4 fs7 fc4 sc3 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale </div></td><td></td><td></td><td class=\"c x31d y25e9 w2f8 h82\"><div class=\"t m0 x199 h1f y32 ff4 fs7 fc4 sc3 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale </div></td><td></td></tr><tr><td class=\"c x2e0 y25ea w2f6 h235\"><div class=\"t m0 x11d h1f y656 ff4 fs7 fc4 sc3 ls0 ws0\">Voci<span class=\"_ _1\"></span>/Valo<span class=\"_ _f\"></span>ri </div></td><td></td><td></td><td class=\"c x31c y25eb w2f7 h82\"><div class=\"t m0 xe5 h1f y25c ff4 fs7 fc4 sc3 ls0 ws0\">31/12/<span class=\"_ _f\"></span>2025 </div></td><td></td><td></td><td class=\"c x31d y25eb w2f8 h82\"><div class=\"t m0 xe5 h1f y25c ff4 fs7 fc4 sc3 ls0 ws0\">31/12/<span class=\"_ _f\"></span>2024 </div></td><td></td></tr><tr><td></td><td></td><td class=\"c x31c y25ea w11f h82\"><div class=\"t m0 x3a h1f y66c ff4 fs7 fc4 sc3 lsc7 ws0\">L1<span class=\"ls0\"> </span></div></td><td class=\"c x32f y25ea w100 h82\"><div class=\"t m0 x2c h1f y66c ff4 fs7 fc4 sc3 lsc7 ws0\">L2<span class=\"ls0\"> </span></div></td><td class=\"c x321 y25ea w2f9 h82\"><div class=\"t m0 x2c h1f y66c ff4 fs7 fc4 sc3 lsc7 ws0\">L3<span class=\"ls0\"> </span></div></td><td class=\"c x31d y25ea w2f9 h82\"><div class=\"t m0 x3a h1f y66c ff4 fs7 fc4 sc3 lsc7 ws0\">L1<span class=\"ls0\"> </span></div></td><td class=\"c x322 y25ea w11e h82\"><div class=\"t m0 x2c h1f y66c ff4 fs7 fc4 sc3 lsc7 ws0\">L2<span class=\"ls0\"> </span></div></td><td class=\"c x323 y25ea w309 h82\"><div class=\"t m0 x2c h1f y66c ff4 fs7 fc4 sc3 lsc7 ws0\">L3<span class=\"ls0\"> </span></div></td></tr><tr><td class=\"c x2e0 y25ec w2fc h82\"><div class=\"t m0 x10 h1f y54 ff4 fs7 fc1 sc2 ls0 ws0\">1. Tit<span class=\"_ _f\"></span>oli di de<span class=\"_ _f\"></span>bito </div></td><td></td><td class=\"c x30f y25ec w2f9 h82\"><div class=\"t m0 x27 h1f y54 ff4 fs7 fc1 sc2 ls0 ws0\">665<span class=\"_ _1\"></span>.586<span class=\"_ _f\"></span> </div></td><td class=\"c x320 y25ec w11e h82\"><div class=\"t m0 x15 h1f y54 ff4 fs7 fc1 sc2 ls0 ws0\">4.74<span class=\"_ _f\"></span>0 </div></td><td class=\"c x321 y25ec w2f9 h82\"><div class=\"t m0 xf h1f y54 ff4 fs7 fc1 sc2 ls9 ws0\">10<span class=\"ls0\"> </span></div></td><td class=\"c x31d y25ec w11f h82\"><div class=\"t m0 x97 h1f y54 ff4 fs7 fc1 sc2 ls0 ws0\">611.2<span class=\"_ _f\"></span>23 </div></td><td class=\"c x322 y25ec w11e h82\"><div class=\"t m0 x36 h1f y54 ff4 fs7 fc1 sc2 ls0 ws0\">4.51<span class=\"_ _1\"></span>8 </div></td><td class=\"c x323 y25ec w50 h82\"><div class=\"t m0 xf h1f y54 ff4 fs7 fc1 sc2 ls9 ws0\">10<span class=\"ls0\"> </span></div></td></tr><tr><td class=\"c x2e0 y25ed w2fc h82\"><div class=\"t m0 x2f h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">1.1 Titoli struttu<span class=\"_ _1\"></span>rati </div></td><td></td><td class=\"c x30f y25ed w2f9 h82\"><div class=\"t m0 x8 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x320 y25ed w11e h82\"><div class=\"t m0 x8 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x321 y25ed w2f9 h82\"><div class=\"t m0 x8 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x31d y25ed w11f h82\"><div class=\"t m0 x8 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x322 y25ed w11e h82\"><div class=\"t m0 x8 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x323 y25ed w50 h82\"><div class=\"t m0 x8 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2e0 y25ee w2fc h82\"><div class=\"t m0 x2f h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">1.2 Altri titoli di deb<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span>to </div></td><td></td><td class=\"c x30f y25ee w2f9 h82\"><div class=\"t m0 x3a h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">665.586 </div></td><td class=\"c x320 y25ee w11e h82\"><div class=\"t m0 x15 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">4.740 </div></td><td class=\"c x321 y25ee w2f9 h82\"><div class=\"t m0 xf h1f y54 ff4 fs7 fc1 sc0 ls9 ws0\">10<span class=\"ls0\"> </span></div></td><td class=\"c x31d y25ee w11f h82\"><div class=\"t m0 x37 h1f y54 ff4 fs7 fc1 sc0 ls29 ws0\">61<span class=\"ls0\">1.223</span><span class=\"ls0\"> </span></div></td><td class=\"c x322 y25ee w11e h82\"><div class=\"t m0 x36 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">4.518 </div></td><td class=\"c x323 y25ee w50 h82\"><div class=\"t m0 xf h1f y54 ff4 fs7 fc1 sc0 ls9 ws0\">10<span class=\"ls0\"> </span></div></td></tr><tr><td class=\"c x2e0 y25ef w2fc h82\"><div class=\"t m0 x10 h1f y54 ff4 fs7 fc1 sc2 ls0 ws0\">2. Tit<span class=\"_ _f\"></span>oli di ca<span class=\"_ _1\"></span>pita<span class=\"_ _1\"></span>le </div></td><td></td><td class=\"c x30f y25ef w2f9 h82\"><div class=\"t m0 x27 h1f y54 ff4 fs7 fc1 sc2 ls0 ws0\">260.<span class=\"_ _1\"></span>042<span class=\"_ _1\"></span> </div></td><td class=\"c x320 y25ef w11e h82\"><div class=\"t m0 x8 h1f y54 ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td><td class=\"c x321 y25ef w2f9 h82\"><div class=\"t m0 x8 h1f y54 ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td><td class=\"c x31d y25ef w11f h82\"><div class=\"t m0 x97 h1f y54 ff4 fs7 fc1 sc2 ls0 ws0\">214.3<span class=\"_ _1\"></span>17 </div></td><td class=\"c x322 y25ef w11e h82\"><div class=\"t m0 x8 h1f y54 ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td><td class=\"c x323 y25ef w50 h82\"><div class=\"t m0 x8 h1f y54 ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2e0 y25f0 w2fc h82\"><div class=\"t m0 x10 h1f y66c ff4 fs7 fc1 sc2 ls0 ws0\">3. Qu<span class=\"_ _f\"></span>ote di O.<span class=\"_ _1\"></span>I.C.<span class=\"_ _1\"></span>R. </div></td><td></td><td class=\"c x30f y25f0 w2f9 h82\"><div class=\"t m0 x33 h1f y66c ff4 fs7 fc1 sc2 ls0 ws0\">5.025<span class=\"_ _f\"></span>.991 </div></td><td class=\"c x320 y25f0 w11e h82\"><div class=\"t m0 x38 h1f y66c ff4 fs7 fc1 sc2 ls0 ws0\">47.8<span class=\"_ _f\"></span>89 </div></td><td class=\"c x321 y25f0 w2f9 h82\"><div class=\"t m0 x26 h1f y66c ff4 fs7 fc1 sc2 ls0 ws0\">267.<span class=\"_ _1\"></span>448<span class=\"_ _1\"></span> </div></td><td class=\"c x31d y25f0 w11f h82\"><div class=\"t m0 x33 h1f y66c ff4 fs7 fc1 sc2 ls0 ws0\">4.52<span class=\"_ _1\"></span>4.29<span class=\"_ _1\"></span>7 </div></td><td class=\"c x322 y25f0 w11e h82\"><div class=\"t m0 x38 h1f y66c ff4 fs7 fc1 sc2 ls0 ws0\">32.96<span class=\"_ _f\"></span>2 </div></td><td class=\"c x323 y25f0 w50 h82\"><div class=\"t m0 x34 h1f y66c ff4 fs7 fc1 sc2 ls0 ws0\">251.3<span class=\"_ _f\"></span>23 </div></td></tr><tr><td class=\"c x2e0 y25f1 w2fc h82\"><div class=\"t m0 x10 h1f y54 ff4 fs7 fc1 sc2 ls0 ws0\">4. Fin<span class=\"_ _1\"></span>anz<span class=\"_ _1\"></span>iam<span class=\"_ _1\"></span>enti<span class=\"_ _1\"></span> </div></td><td></td><td class=\"c x30f y25f1 w2f9 h82\"><div class=\"t m0 x8 h1f y54 ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td><td class=\"c x320 y25f1 w11e h82\"><div class=\"t m0 x8 h1f y54 ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td><td class=\"c x321 y25f1 w2f9 h82\"><div class=\"t m0 x31 h1f y54 ff4 fs7 fc1 sc2 ls0 ws0\">21.63<span class=\"_ _f\"></span>8 </div></td><td class=\"c x31d y25f1 w11f h82\"><div class=\"t m0 x8 h1f y54 ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td><td class=\"c x322 y25f1 w11e h82\"><div class=\"t m0 x8 h1f y54 ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td><td class=\"c x323 y25f1 w50 h82\"><div class=\"t m0 x38 h1f y54 ff4 fs7 fc1 sc2 ls0 ws0\">33.6<span class=\"_ _f\"></span>55 </div></td></tr><tr><td class=\"c x2e0 y25f2 w2fc h82\"><div class=\"t m0 x2f h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">4.1 Pronti contro<span class=\"_ _1\"></span> termine </div></td><td></td><td class=\"c x30f y25f2 w2f9 h82\"><div class=\"t m0 x8 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x320 y25f2 w11e h82\"><div class=\"t m0 x8 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x321 y25f2 w2f9 h82\"><div class=\"t m0 x8 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x31d y25f2 w11f h82\"><div class=\"t m0 x8 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x322 y25f2 w11e h82\"><div class=\"t m0 x8 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x323 y25f2 w50 h82\"><div class=\"t m0 x8 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2e0 y25f3 w2fc h82\"><div class=\"t m0 x2f h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">4.2 Altri </div></td><td></td><td class=\"c x30f y25f3 w2f9 h82\"><div class=\"t m0 x8 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x320 y25f3 w11e h82\"><div class=\"t m0 x8 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x321 y25f3 w2f9 h82\"><div class=\"t m0 x31 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">21.638 </div></td><td class=\"c x31d y25f3 w11f h82\"><div class=\"t m0 x8 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x322 y25f3 w11e h82\"><div class=\"t m0 x8 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x323 y25f3 w50 h82\"><div class=\"t m0 x97 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">33.655 </div></td></tr><tr><td></td><td class=\"c x2e0 y25f4 w2fc h82\"><div class=\"t m0 x3c h1f y54 ff4 fs7 fc1 sc2 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale  </div></td><td class=\"c x30f y25f4 w2f9 h82\"><div class=\"t m0 x35 h1f y54 ff4 fs7 fc1 sc2 ls0 ws0\">5.95<span class=\"_ _1\"></span>1.619<span class=\"_ _f\"></span> </div></td><td class=\"c x320 y25f4 w11e h82\"><div class=\"t m0 x38 h1f y54 ff4 fs7 fc1 sc2 ls0 ws0\">52.629<span class=\"_ _f\"></span> </div></td><td class=\"c x321 y25f4 w2f9 h82\"><div class=\"t m0 x27 h1f y54 ff4 fs7 fc1 sc2 ls0 ws0\">289.<span class=\"_ _f\"></span>096 </div></td><td class=\"c x31d y25f4 w11f h82\"><div class=\"t m0 x33 h1f y54 ff4 fs7 fc1 sc2 ls0 ws0\">5.349<span class=\"_ _f\"></span>.837 </div></td><td class=\"c x322 y25f4 w11e h82\"><div class=\"t m0 x97 h1f y54 ff4 fs7 fc1 sc2 ls0 ws0\">37.48<span class=\"_ _f\"></span>0 </div></td><td class=\"c x323 y25f4 w50 h82\"><div class=\"t m0 x27 h1f y54 ff4 fs7 fc1 sc2 ls0 ws0\">284.9<span class=\"_ _f\"></span>88 </div></td></tr></table>Lege<span class=\"_ _f\"></span>nda:<span class=\"_ _df\"> </span>L1= Livello 1<span class=\"_ _df\"> </span>L2= Livello 2<span class=\"_ _df\"> </span>L3= Livello 3<span class=\"_ _df\"> </span>Si<span class=\"ls0\"> <span class=\"ff5\">segnala la composizione della voce 3 \u201cQuote O.I.C.R\u201d:</span></span><table class=\"s w997 h4a2\" id=\"_c02b53e5-9a95-46b3-a1bf-941601973a2f\"><tr><td></td><td></td><td class=\"c x330 y25f5 w30a h49\"><div class=\"t m0 x97 h1f y32 ff4 fs7 fc4 sc3 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale </div></td><td class=\"c x331 y25f5 w141 h49\"><div class=\"t m0 x3a h1f y32 ff4 fs7 fc4 sc3 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale </div></td></tr><tr><td></td><td></td><td class=\"c x330 y25f6 w30b h49\"><div class=\"t m0 x35 h1f y25 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/<span class=\"_ _f\"></span>2025 </div></td><td class=\"c x331 y25f6 w141 h49\"><div class=\"t m0 x14 h1f y25 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/<span class=\"_ _f\"></span>2024 </div></td></tr><tr><td class=\"c x329 y25f7 w30c hc8\"><div class=\"t m0 x10 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">Fondi chiusi </div></td><td></td><td class=\"c x330 y25f7 w30a hc8\"><div class=\"t m0 x11d h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">12.196 </div></td><td class=\"c x331 y25f7 w30d hc8\"><div class=\"t m0 xe h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">13.166 </div></td></tr><tr><td class=\"c x329 y25f8 w30c hc8\"><div class=\"t m0 x10 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">Azionari </div></td><td></td><td class=\"c x330 y25f8 w30a hc8\"><div class=\"t m0 xf h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">1.209.964 </div></td><td class=\"c x331 y25f8 w30d hc8\"><div class=\"t m0 x8f h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">1.264.077 </div></td></tr><tr><td class=\"c x329 y25f9 w30c hc8\"><div class=\"t m0 x10 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">Immobiliari </div></td><td></td><td class=\"c x330 y25f9 w30a hc8\"><div class=\"t m0 x11d h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">61.401 </div></td><td class=\"c x331 y25f9 w30d hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">1.589 </div></td></tr><tr><td class=\"c x329 y25fa w30c hc8\"><div class=\"t m0 x10 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">Monetari </div></td><td></td><td class=\"c x330 y25fa w30a hc8\"><div class=\"t m0 x49 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">238.218 </div></td><td class=\"c x331 y25fa w30d hc8\"><div class=\"t m0 x12 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">207.396 </div></td></tr><tr><td class=\"c x329 y25fb w30c hc8\"><div class=\"t m0 x10 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">Obbligazionari<span class=\"_ _1\"></span> </div></td><td></td><td class=\"c x330 y25fb w30a hc8\"><div class=\"t m0 xc6 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">1.414.695 </div></td><td class=\"c x331 y25fb w30d hc8\"><div class=\"t m0 x8f h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">1.297.052 </div></td></tr><tr><td class=\"c x329 y25fc w30c hc8\"><div class=\"t m0 x10 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">Bilanciati </div></td><td></td><td class=\"c x330 y25fc w30a hc8\"><div class=\"t m0 xf0 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">80.636 </div></td><td class=\"c x331 y25fc w30d hc8\"><div class=\"t m0 xa3 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">77.113 </div></td></tr><tr><td class=\"c x329 y25fd w30c h227\"><div class=\"t m0 x10 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">Flessibili </div></td><td></td><td class=\"c x330 y25fd w30a h227\"><div class=\"t m0 x49 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">445.154 </div></td><td class=\"c x331 y25fd w30d h227\"><div class=\"t m0 x96 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">458.964 </div></td></tr><tr><td class=\"c x329 y25fe w30c hc8\"><div class=\"t m0 x10 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">Altri </div></td><td></td><td class=\"c x330 y25fe w30a hc8\"><div class=\"t m0 xf h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">1.879.062 </div></td><td class=\"c x331 y25fe w30d hc8\"><div class=\"t m0 x36 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">1.489.225 </div></td></tr><tr><td></td><td class=\"c x329 y25ff w30e hc8\"><div class=\"t m0 x47 h1f y32 ff4 fs7 fc1 sc2 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale </div></td><td class=\"c x330 y25ff w30a hc8\"><div class=\"t m0 xf h1f y32 ff4 fs7 fc1 sc2 ls0 ws0\">5.341.<span class=\"_ _1\"></span>32<span class=\"_ _1\"></span>8 </div></td><td class=\"c x331 y25ff w30f hc8\"><div class=\"t m0 x30 h1f y32 ff4 fs7 fc1 sc2 ls0 ws0\">4.80<span class=\"_ _f\"></span>8.582 </div></td></tr></table>2.6 Alt<span class=\"_ _1\"></span>re a<span class=\"_ _1\"></span>ttivit<span class=\"_ _1\"></span>\u00e0 fina<span class=\"_ _1\"></span>nzia<span class=\"_ _1\"></span>rie o<span class=\"_ _1\"></span>bbliga<span class=\"_ _f\"></span>toriamente<span class=\"_ _1\"></span> val<span class=\"_ _1\"></span>utat<span class=\"_ _1\"></span>e al<span class=\"_ _1\"></span> fair v<span class=\"_ _1\"></span>alue:<span class=\"_ _1\"></span> com<span class=\"_ _1\"></span>posizi<span class=\"_ _1\"></span>one p<span class=\"_ _f\"></span>er debit<span class=\"_ _1\"></span>ori/<span class=\"_ _1\"></span>emitt<span class=\"_ _1\"></span>enti Tot<span class=\"_ _1\"></span>ale <table class=\"s w998 h4a3\" id=\"_f0ddb9f2-3b3b-42ee-ae93-cf4977eae007\"><tr><td></td><td></td><td></td><td class=\"c x317 y2600 w28b hc8\"><div class=\"t m0 x31 h1f y28b ff4 fs7 fc4 sc3 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale </div></td></tr><tr><td></td><td></td><td class=\"c x32a y2601 w25d hc8\"><div class=\"t m0 x3a h1f y28b ff4 fs7 fc4 sc3 ls0 ws0\">31/12/<span class=\"_ _f\"></span>2025 </div></td><td class=\"c x317 y2601 w28b hc8\"><div class=\"t m0 x3a h1f y28b ff4 fs7 fc4 sc3 ls0 ws0\">31/12/<span class=\"_ _f\"></span>2024 </div></td></tr><tr><td class=\"c x2e0 y2602 w306 hc8\"><div class=\"t m0 x10 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">1. Tit<span class=\"_ _f\"></span>oli di ca<span class=\"_ _1\"></span>pita<span class=\"_ _1\"></span>le </div></td><td></td><td class=\"c x32a y2602 w307 hc8\"><div class=\"t m0 xf0 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">260.<span class=\"_ _1\"></span>042<span class=\"_ _1\"></span> </div></td><td class=\"c x317 y2602 w308 hc8\"><div class=\"t m0 x124 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">214.3<span class=\"_ _1\"></span>17 </div></td></tr><tr><td class=\"c x2e0 y2603 w306 hc8\"><div class=\"t m0 x16a h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">di cui: banche<span class=\"_ _1\"></span> </div></td><td></td><td class=\"c x32a y2603 w307 hc8\"><div class=\"t m0 xee h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">37.018 </div></td><td class=\"c x317 y2603 w308 hc8\"><div class=\"t m0 x124 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">29.625 </div></td></tr><tr><td class=\"c x2e0 y2604 w306 hc8\"><div class=\"t m0 x16a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">di cui: altre soc<span class=\"_ _1\"></span>iet\u00e0 finanziar<span class=\"_ _1\"></span>ie </div></td><td></td><td class=\"c x32a y2604 w307 hc8\"><div class=\"t m0 x124 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">20.740 </div></td><td class=\"c x317 y2604 w308 hc8\"><div class=\"t m0 x11f h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">17.837 </div></td></tr><tr><td class=\"c x2e0 y2605 w306 hc8\"><div class=\"t m0 x16a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">di cui: societ\u00e0 non <span class=\"_ _1\"></span>finanziarie </div></td><td></td><td class=\"c x32a y2605 w307 hc8\"><div class=\"t m0 xf0 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">202.284 </div></td><td class=\"c x317 y2605 w308 hc8\"><div class=\"t m0 xef h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">166.855 </div></td></tr><tr><td class=\"c x2e0 y2606 w306 hc8\"><div class=\"t m0 x10 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">2. Tit<span class=\"_ _f\"></span>oli di de<span class=\"_ _f\"></span>bito </div></td><td></td><td class=\"c x32a y2606 w307 hc8\"><div class=\"t m0 xf0 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">670.<span class=\"_ _1\"></span>336<span class=\"_ _f\"></span> </div></td><td class=\"c x317 y2606 w308 hc8\"><div class=\"t m0 x124 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">615.7<span class=\"_ _f\"></span>51 </div></td></tr><tr><td class=\"c x2e0 y2607 w306 hc8\"><div class=\"t m0 x16a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">a) Banche central<span class=\"_ _f\"></span>i </div></td><td></td><td class=\"c x32a y2607 w307 hc8\"><div class=\"t m0 xed h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x317 y2607 w308 hc8\"><div class=\"t m0 xed h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2e0 y2608 w306 hc8\"><div class=\"t m0 x16a h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">b) Amministrazi<span class=\"_ _1\"></span>oni pubbliche </div></td><td></td><td class=\"c x32a y2608 w307 hc8\"><div class=\"t m0 xc3 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">357.018 </div></td><td class=\"c x317 y2608 w308 hc8\"><div class=\"t m0 xf0 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">373.998 </div></td></tr><tr><td class=\"c x2e0 y2609 w306 hc8\"><div class=\"t m0 x16a h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">c) Banche </div></td><td></td><td class=\"c x32a y2609 w307 hc8\"><div class=\"t m0 xc3 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">290.061 </div></td><td class=\"c x317 y2609 w308 hc8\"><div class=\"t m0 xf0 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">225.688 </div></td></tr><tr><td class=\"c x2e0 y260a w306 hc8\"><div class=\"t m0 x16a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">d) Altre societ\u00e0 <span class=\"_ _1\"></span>finanziarie<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x32a y260a w307 hc8\"><div class=\"t m0 xe7 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">1.788 </div></td><td class=\"c x317 y260a w308 hc8\"><div class=\"t m0 x199 h1f y28b ff4 fs7 fc1 sc0 ls9 ws0\">10<span class=\"ls0\"> </span></div></td></tr><tr><td class=\"c x2e0 y260b w306 hc8\"><div class=\"t m0 x14 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">di cui: imprese d<span class=\"_ _1\"></span>i assicurazione<span class=\"_ _1\"></span> </div></td><td></td><td class=\"c x32a y260b w307 hc8\"><div class=\"t m0 xed h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x317 y260b w308 hc8\"><div class=\"t m0 xed h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2e0 y260c w306 hc8\"><div class=\"t m0 x16a h1f y28b ff4 fs7 fc1 sc0 lsc9 ws0\">e)<span class=\"ls0\"> Societ\u00e0 non finanzi<span class=\"_ _1\"></span>arie<span class=\"_ _df\"> </span></span></div></td><td></td><td class=\"c x32a y260c w307 hc8\"><div class=\"t m0 xee h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">21.469 </div></td><td class=\"c x317 y260c w308 hc8\"><div class=\"t m0 x11f h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">16.055 </div></td></tr><tr><td class=\"c x2e0 y260d w306 h227\"><div class=\"t m0 x10 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">3. Qu<span class=\"_ _f\"></span>ote di O.<span class=\"_ _1\"></span>I.C.<span class=\"_ _1\"></span>R. </div></td><td></td><td class=\"c x32a y260d w307 h227\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">5.341.<span class=\"_ _1\"></span>32<span class=\"_ _1\"></span>8 </div></td><td class=\"c x317 y260d w308 h227\"><div class=\"t m0 xe h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">4.80<span class=\"_ _f\"></span>8.582 </div></td></tr><tr><td class=\"c x2e0 y260e w306 hc8\"><div class=\"t m0 x10 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">4. Fin<span class=\"_ _1\"></span>anz<span class=\"_ _1\"></span>iam<span class=\"_ _1\"></span>enti<span class=\"_ _1\"></span> </div></td><td></td><td class=\"c x32a y260e w307 hc8\"><div class=\"t m0 x11f h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">21.63<span class=\"_ _f\"></span>8 </div></td><td class=\"c x317 y260e w308 hc8\"><div class=\"t m0 xee h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">33.6<span class=\"_ _f\"></span>55 </div></td></tr><tr><td class=\"c x2e0 y260f w306 hc8\"><div class=\"t m0 x16a h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">a) Banche central<span class=\"_ _f\"></span>i </div></td><td></td><td class=\"c x32a y260f w307 hc8\"><div class=\"t m0 xed h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x317 y260f w308 hc8\"><div class=\"t m0 xed h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2e0 y2610 w306 hc8\"><div class=\"t m0 x16a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">b) Amministrazi<span class=\"_ _1\"></span>oni pubbliche </div></td><td></td><td class=\"c x32a y2610 w307 hc8\"><div class=\"t m0 xed h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x317 y2610 w308 hc8\"><div class=\"t m0 xed h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2e0 y2611 w306 hc8\"><div class=\"t m0 x16a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">c) Banche </div></td><td></td><td class=\"c x32a y2611 w307 hc8\"><div class=\"t m0 xed h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x317 y2611 w308 hc8\"><div class=\"t m0 xed h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2e0 y2612 w306 hc8\"><div class=\"t m0 x16a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">d) Altre societ\u00e0 <span class=\"_ _1\"></span>finanziarie<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x32a y2612 w307 hc8\"><div class=\"t m0 xec h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">16.118 </div></td><td class=\"c x317 y2612 w308 hc8\"><div class=\"t m0 xee h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">14.006 </div></td></tr><tr><td class=\"c x2e0 y2613 w306 hc8\"><div class=\"t m0 x14 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">di cui: imprese d<span class=\"_ _1\"></span>i assicurazione<span class=\"_ _1\"></span> </div></td><td></td><td class=\"c x32a y2613 w307 hc8\"><div class=\"t m0 xec h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">16.118 </div></td><td class=\"c x317 y2613 w308 hc8\"><div class=\"t m0 xee h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">14.006 </div></td></tr><tr><td class=\"c x2e0 y2614 w306 hc8\"><div class=\"t m0 x16a h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">e) Societ\u00e0 non fi<span class=\"_ _1\"></span>nanziarie<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x32a y2614 w307 hc8\"><div class=\"t m0 xec h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">4.628 </div></td><td class=\"c x317 y2614 w308 hc8\"><div class=\"t m0 xec h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">18.541 </div></td></tr><tr><td class=\"c x2e0 y2615 w306 hc8\"><div class=\"t m0 x16a h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">f) Famiglie </div></td><td></td><td class=\"c x32a y2615 w307 hc8\"><div class=\"t m0 xe8 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">892 </div></td><td class=\"c x317 y2615 w308 hc8\"><div class=\"t m0 xe6 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">1.108 </div></td></tr><tr><td></td><td class=\"c x2e0 y2616 w310 hc8\"><div class=\"t m0 xda h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale  </div></td><td class=\"c x32a y2616 w25d hc8\"><div class=\"t m0 xa3 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">6.29<span class=\"_ _1\"></span>3.34<span class=\"_ _f\"></span>4 </div></td><td class=\"c x317 y2616 w308 hc8\"><div class=\"t m0 xa3 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">5.67<span class=\"_ _f\"></span>2.305 </div></td></tr></table>A seguito del <span class=\"_ _2\"></span>fallimento dell\u2019SPPI <span class=\"_ _2\"></span>test nella presente cat<span class=\"_ _2\"></span>egoria sono <span class=\"_ _2\"></span>state riclassificate le <span class=\"_ _2\"></span>quote di fondi comuni (OICR) e alcuni finanziamenti verso clientela. <div class=\"t m0 he ff4 fs5 fc4 sc3 ls0 ws0 gs8ee\">Sezio<span class=\"_ _1\"></span>ne 3 - A<span class=\"_ _f\"></span>ttivit\u00e0 fina<span class=\"_ _1\"></span>nzia<span class=\"_ _1\"></span>rie valu<span class=\"_ _f\"></span>tate al fair va<span class=\"_ _f\"></span>lue con im<span class=\"_ _f\"></span>patto su<span class=\"_ _f\"></span>lla redditivit\u00e0<span class=\"_ _f\"></span> comples<span class=\"_ _f\"></span>siva <span class=\"ff5\">\u2013</span> Voce<span class=\"_ _1\"></span> 30 </div><div class=\"c w2da h236 gs8ef\"><div class=\"t m0 x10 h5 y110b ff4 fs1 fc4 sc3 ls0 ws0\">3.1 At<span class=\"_ _1\"></span>tivit\u00e0<span class=\"_ _f\"></span> finanzia<span class=\"_ _1\"></span>rie va<span class=\"_ _f\"></span>lutate a<span class=\"_ _1\"></span>l fai<span class=\"_ _1\"></span>r value<span class=\"_ _1\"></span> con <span class=\"_ _1\"></span>impa<span class=\"_ _1\"></span>tto <span class=\"_ _1\"></span>sulla<span class=\"_ _f\"></span> redditivi<span class=\"_ _1\"></span>t\u00e0 com<span class=\"_ _f\"></span>plessiva<span class=\"_ _1\"></span>: com<span class=\"_ _1\"></span>posi<span class=\"_ _f\"></span>zione m<span class=\"_ _f\"></span>erceologi<span class=\"_ _1\"></span>ca </div></div><div class=\"gs8f0\"><table class=\"s w999 h4a4\" id=\"_dc412a43-7dc8-447d-8882-81b1a64ab5fc\"><tr><td></td><td></td><td></td><td class=\"c x31c y2617 w2f7 h1fa\"><div class=\"t m0 x199 h1f y25f ff4 fs7 fc4 sc3 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale </div></td><td></td><td></td><td class=\"c x31d y2617 w2f8 h1fa\"><div class=\"t m0 x199 h1f y25f ff4 fs7 fc4 sc3 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale </div></td><td></td></tr><tr><td class=\"c x2e0 y2618 w2f6 h1f3\"><div class=\"t m0 x11d h1f y96d ff4 fs7 fc4 sc3 ls0 ws0\">Voci<span class=\"_ _1\"></span>/Valo<span class=\"_ _f\"></span>ri </div></td><td></td><td></td><td class=\"c x31c y2619 w2f7 h4d\"><div class=\"t m0 xe5 h1f y2ef ff4 fs7 fc4 sc3 ls0 ws0\">31/12/<span class=\"_ _f\"></span>2025 </div></td><td></td><td></td><td class=\"c x31d y2619 w2f8 h4d\"><div class=\"t m0 xe5 h1f y2ef ff4 fs7 fc4 sc3 ls0 ws0\">31/12/<span class=\"_ _f\"></span>2024 </div></td><td></td></tr><tr><td></td><td></td><td class=\"c x31c y2618 w2f9 h232\"><div class=\"t m0 x3a h1f y93e ff4 fs7 fc4 sc3 lsc7 ws0\">L1<span class=\"ls0\"> </span></div></td><td class=\"c x320 y2618 w2fa h232\"><div class=\"t m0 x2c h1f y93e ff4 fs7 fc4 sc3 lsc7 ws0\">L2<span class=\"ls0\"> </span></div></td><td class=\"c x321 y2618 w2f9 h232\"><div class=\"t m0 x2c h1f y93e ff4 fs7 fc4 sc3 lsc7 ws0\">L3<span class=\"ls0\"> </span></div></td><td class=\"c x31d y2618 w2f9 h232\"><div class=\"t m0 x3a h1f y93e ff4 fs7 fc4 sc3 lsc7 ws0\">L1<span class=\"ls0\"> </span></div></td><td class=\"c x322 y2618 w311 h232\"><div class=\"t m0 x2c h1f y93e ff4 fs7 fc4 sc3 lsc7 ws0\">L2<span class=\"ls0\"> </span></div></td><td class=\"c x323 y2618 w309 h232\"><div class=\"t m0 x2c h1f y93e ff4 fs7 fc4 sc3 lsc7 ws0\">L3<span class=\"ls0\"> </span></div></td></tr><tr><td class=\"c x2e0 y261a w2fc hc8\"><div class=\"t m0 x10 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">1. Tit<span class=\"_ _f\"></span>oli di de<span class=\"_ _f\"></span>bito </div></td><td></td><td class=\"c x30f y261a w2f9 hc8\"><div class=\"t m0 x48 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">9.609.148 </div></td><td class=\"c x320 y261a w11e hc8\"><div class=\"t m0 x30 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">49.119 </div></td><td class=\"c x321 y261a w2f9 hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x31d y261a w11f hc8\"><div class=\"t m0 x33 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">9.392.797 </div></td><td class=\"c x322 y261a w11e hc8\"><div class=\"t m0 x31 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">56.271 </div></td><td class=\"c x323 y261a w50 hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2e0 y261b w2fc hc8\"><div class=\"t m0 x2f h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">1.1 Titoli struttu<span class=\"_ _1\"></span>rati </div></td><td></td><td class=\"c x30f y261b w2f9 hc8\"><div class=\"t m0 x27 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">239.370 </div></td><td class=\"c x320 y261b w11e hc8\"><div class=\"t m0 x8f h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">1.476 </div></td><td class=\"c x321 y261b w2f9 hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x31d y261b w11f hc8\"><div class=\"t m0 x3a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">833.390 </div></td><td class=\"c x322 y261b w11e hc8\"><div class=\"t m0 x36 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">1.964 </div></td><td class=\"c x323 y261b w50 hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2e0 y261c w2fc hc8\"><div class=\"t m0 x2f h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">1.2 Altri titoli di deb<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span>to </div></td><td></td><td class=\"c x30f y261c w2f9 hc8\"><div class=\"t m0 x48 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">9.369.778 </div></td><td class=\"c x320 y261c w11e hc8\"><div class=\"t m0 x97 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">47.643 </div></td><td class=\"c x321 y261c w2f9 hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x31d y261c w11f hc8\"><div class=\"t m0 x48 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">8.559.<span class=\"lsa\">407</span> </div></td><td class=\"c x322 y261c w11e hc8\"><div class=\"t m0 x97 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">54.307 </div></td><td class=\"c x323 y261c w50 hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2e0 y261d w2fc hc8\"><div class=\"t m0 x10 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">2. Tit<span class=\"_ _f\"></span>oli di ca<span class=\"_ _1\"></span>pita<span class=\"_ _1\"></span>le </div></td><td></td><td class=\"c x30f y261d w2f9 hc8\"><div class=\"t m0 x31 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">12.144 </div></td><td class=\"c x320 y261d w11e hc8\"><div class=\"t m0 x90 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">591 </div></td><td class=\"c x321 y261d w2f9 hc8\"><div class=\"t m0 x97 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">34.463 </div></td><td class=\"c x31d y261d w11f hc8\"><div class=\"t m0 x15 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">11.158 </div></td><td class=\"c x322 y261d w11e hc8\"><div class=\"t m0 x36 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">1.497 </div></td><td class=\"c x323 y261d w50 hc8\"><div class=\"t m0 x31 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">30.118 </div></td></tr><tr><td class=\"c x2e0 y261e w2fc hc8\"><div class=\"t m0 x10 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">3. Fin<span class=\"_ _f\"></span>anziam<span class=\"_ _f\"></span>enti </div></td><td></td><td class=\"c x30f y261e w2f9 hc8\"><div class=\"t m0 x8 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x320 y261e w11e hc8\"><div class=\"t m0 x8 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x321 y261e w2f9 hc8\"><div class=\"t m0 x8 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x31d y261e w11f hc8\"><div class=\"t m0 x8 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x322 y261e w11e hc8\"><div class=\"t m0 x8 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x323 y261e w50 hc8\"><div class=\"t m0 x8 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td></td><td class=\"c x2e0 y261f w2fc hc8\"><div class=\"t m0 x3c h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale  </div></td><td class=\"c x30f y261f w2f9 hc8\"><div class=\"t m0 x32 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">9.621<span class=\"_ _1\"></span>.29<span class=\"_ _1\"></span>2 </div></td><td class=\"c x320 y261f w11e hc8\"><div class=\"t m0 x31 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">49.7<span class=\"_ _1\"></span>10 </div></td><td class=\"c x321 y261f w2f9 hc8\"><div class=\"t m0 x97 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">34.46<span class=\"_ _1\"></span>3 </div></td><td class=\"c x31d y261f w11f hc8\"><div class=\"t m0 x48 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">9.403<span class=\"_ _1\"></span>.95<span class=\"_ _1\"></span>5 </div></td><td class=\"c x322 y261f w11e hc8\"><div class=\"t m0 x38 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">57.7<span class=\"_ _1\"></span>68<span class=\"_ _1\"></span> </div></td><td class=\"c x323 y261f w50 hc8\"><div class=\"t m0 x30 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">30.1<span class=\"_ _1\"></span>18 </div></td></tr></table></div><div class=\"t m0 h5 ff4 fs1 fc4 sc3 ls0 ws0 gs8f1\">Lege<span class=\"_ _f\"></span>nda: </div><div class=\"t m0 h1f ff4 fs7 fc1 sc0 ls0 ws0 gs8f2\">L1= Livello 1 </div><div class=\"t m0 h1f ff4 fs7 fc1 sc0 ls0 ws0 gs8f3\">L2= Livello 2 </div><div class=\"t m0 h1f ff4 fs7 fc1 sc0 ls0 ws0 gs8f4\">L3= Livello 3 </div>3.2 At<span class=\"_ _f\"></span>tivit\u00e0 fina<span class=\"_ _1\"></span>nzia<span class=\"_ _1\"></span>rie v<span class=\"_ _1\"></span>aluta<span class=\"_ _f\"></span>te al fai<span class=\"_ _1\"></span>r valu<span class=\"_ _1\"></span>e con <span class=\"_ _f\"></span>impatto<span class=\"_ _1\"></span> sulla<span class=\"_ _f\"></span> redditiv<span class=\"_ _f\"></span>it\u00e0 comple<span class=\"_ _1\"></span>ssiva<span class=\"_ _f\"></span>: compos<span class=\"_ _f\"></span>izione<span class=\"_ _1\"></span> per <span class=\"_ _1\"></span>debito<span class=\"_ _f\"></span>ri/emitt<span class=\"_ _1\"></span>enti<table class=\"s w99a h4a5\" id=\"_29834b32-eb58-4879-b25e-3921c1739710\"><tr><td></td><td class=\"c x2e0 y2620 w305 h237\"><div class=\"t m0 xaf h1f y14f7 ff4 fs7 fc4 sc3 ls0 ws0\">Voci<span class=\"_ _1\"></span>/Valo<span class=\"_ _f\"></span>ri </div></td><td></td><td class=\"c x32a y2621 w25d h49\"><div class=\"t m0 x31 h1f y32 ff4 fs7 fc4 sc3 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale </div></td><td class=\"c x317 y2621 w28b h49\"><div class=\"t m0 x31 h1f y32 ff4 fs7 fc4 sc3 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale </div></td></tr><tr><td></td><td></td><td></td><td class=\"c x32a y2620 w25d h49\"><div class=\"t m0 x3a h1f y25 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/<span class=\"_ _f\"></span>2025 </div></td><td class=\"c x317 y2620 w28b h49\"><div class=\"t m0 x3a h1f y25 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/<span class=\"_ _f\"></span>2024 </div></td></tr><tr><td class=\"c x2e0 y2622 w306 hc8\"><div class=\"t m0 x10 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">1. Tit<span class=\"_ _f\"></span>oli di de<span class=\"_ _f\"></span>bito </div></td><td></td><td></td><td class=\"c x32a y2622 w25d hc8\"><div class=\"t m0 xa3 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">9.65<span class=\"_ _f\"></span>8.267 </div></td><td class=\"c x317 y2622 w28b hc8\"><div class=\"t m0 xe h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">9.449<span class=\"_ _1\"></span>.06<span class=\"_ _1\"></span>8 </div></td></tr><tr><td class=\"c x2e0 y2623 w306 h131\"><div class=\"t m0 x16a h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">a) Banche central<span class=\"_ _f\"></span>i </div></td><td></td><td></td><td class=\"c x32a y2623 w307 h131\"><div class=\"t m0 xed h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x317 y2623 w308 h131\"><div class=\"t m0 xed h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2e0 y2624 w306 hc8\"><div class=\"t m0 x16a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">b) Amministrazi<span class=\"_ _1\"></span>oni pubbliche </div></td><td></td><td></td><td class=\"c x32a y2624 w307 hc8\"><div class=\"t m0 xc7 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">7.721.323 </div></td><td class=\"c x317 y2624 w308 hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">6.810.557 </div></td></tr><tr><td class=\"c x2e0 y2625 w306 hc8\"><div class=\"t m0 x16a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">c) Banche </div></td><td></td><td></td><td class=\"c x32a y2625 w307 hc8\"><div class=\"t m0 x49 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">1.677.215 </div></td><td class=\"c x317 y2625 w308 hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">1.774.893 </div></td></tr><tr><td class=\"c x2e0 y2626 w306 hc8\"><div class=\"t m0 x16a h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">d) Altre societ\u00e0 <span class=\"_ _1\"></span>finanziarie<span class=\"_ _df\"> </span></div></td><td></td><td></td><td class=\"c x32a y2626 w307 hc8\"><div class=\"t m0 xef h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">242.155 </div></td><td class=\"c x317 y2626 w308 hc8\"><div class=\"t m0 xf0 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">374.095 </div></td></tr><tr><td class=\"c x2e0 y2627 w306 hc8\"><div class=\"t m0 x14 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">di cui: imprese d<span class=\"_ _1\"></span>i assicurazione<span class=\"_ _1\"></span> </div></td><td></td><td></td><td class=\"c x32a y2627 w307 hc8\"><div class=\"t m0 xe7 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">5.166 </div></td><td class=\"c x317 y2627 w308 hc8\"><div class=\"t m0 xe6 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">5.221 </div></td></tr><tr><td class=\"c x2e0 y2628 w306 hc8\"><div class=\"t m0 x16a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">e) Societ\u00e0 non fi<span class=\"_ _1\"></span>nanziarie<span class=\"_ _df\"> </span></div></td><td></td><td></td><td class=\"c x32a y2628 w307 hc8\"><div class=\"t m0 x11f h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">17.574 </div></td><td class=\"c x317 y2628 w308 hc8\"><div class=\"t m0 xf0 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">489.523 </div></td></tr><tr><td class=\"c x2e0 y2629 w306 hc8\"><div class=\"t m0 x10 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">2. Tit<span class=\"_ _f\"></span>oli di ca<span class=\"_ _1\"></span>pita<span class=\"_ _1\"></span>le </div></td><td></td><td></td><td class=\"c x32a y2629 w307 hc8\"><div class=\"t m0 x11f h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">47.19<span class=\"_ _1\"></span>8 </div></td><td class=\"c x317 y2629 w308 hc8\"><div class=\"t m0 xee h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">42.77<span class=\"_ _1\"></span>3 </div></td></tr><tr><td class=\"c x2e0 y262a w306 hc8\"><div class=\"t m0 x16a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">a) Banche </div></td><td></td><td></td><td class=\"c x32a y262a w307 hc8\"><div class=\"t m0 x11f h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">22.716 </div></td><td class=\"c x317 y262a w308 hc8\"><div class=\"t m0 x124 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">22.634 </div></td></tr><tr><td class=\"c x2e0 y262b w306 hc8\"><div class=\"t m0 x16a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">b) Altri emitten<span class=\"_ _1\"></span>ti: </div></td><td></td><td></td><td class=\"c x32a y262b w307 hc8\"><div class=\"t m0 x124 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">24.482 </div></td><td class=\"c x317 y262b w308 hc8\"><div class=\"t m0 x11f h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">20.139 </div></td></tr><tr><td class=\"c x2e0 y262c w306 hc8\"><div class=\"t m0 x14 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- altre societ\u00e0 f<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span>nanziar<span class=\"_ _1\"></span>ie </div></td><td></td><td></td><td class=\"c x32a y262c w307 hc8\"><div class=\"t m0 x11f h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">21.670 </div></td><td class=\"c x317 y262c w308 hc8\"><div class=\"t m0 xec h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">18.197 </div></td></tr><tr><td class=\"c x2e0 y262d w306 h227\"><div class=\"t m0 x27 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">di cui: imprese d<span class=\"_ _1\"></span>i assicurazione </div></td><td></td><td></td><td class=\"c x32a y262d w307 h227\"><div class=\"t m0 xed h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x317 y262d w308 h227\"><div class=\"t m0 xed h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2e0 y262e w306 hc8\"><div class=\"t m0 x14 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- societ\u00e0 non finanz<span class=\"_ _f\"></span>iarie<span class=\"_ _df\"> </span></div></td><td></td><td></td><td class=\"c x32a y262e w307 hc8\"><div class=\"t m0 xec h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">2.500 </div></td><td class=\"c x317 y262e w308 hc8\"><div class=\"t m0 xe7 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">1.682 </div></td></tr><tr><td class=\"c x2e0 y262f w306 hc8\"><div class=\"t m0 x14 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- altri </div></td><td></td><td></td><td class=\"c x32a y262f w307 hc8\"><div class=\"t m0 x66 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">312 </div></td><td class=\"c x317 y262f w308 hc8\"><div class=\"t m0 x12a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">260 </div></td></tr><tr><td class=\"c x2e0 y2630 w306 hc8\"><div class=\"t m0 x10 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">3. Fin<span class=\"_ _f\"></span>anziam<span class=\"_ _f\"></span>enti </div></td><td></td><td></td><td class=\"c x32a y2630 w307 hc8\"><div class=\"t m0 xed h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td><td class=\"c x317 y2630 w308 hc8\"><div class=\"t m0 xed h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2e0 y2631 w306 hc8\"><div class=\"t m0 x16a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">a) Banche central<span class=\"_ _f\"></span>i </div></td><td></td><td></td><td class=\"c x32a y2631 w307 hc8\"><div class=\"t m0 xed h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x317 y2631 w308 hc8\"><div class=\"t m0 xed h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2e0 y2632 w306 h131\"><div class=\"t m0 x16a h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">b) Amministrazi<span class=\"_ _1\"></span>oni pubbliche </div></td><td></td><td></td><td class=\"c x32a y2632 w307 h131\"><div class=\"t m0 xed h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x317 y2632 w308 h131\"><div class=\"t m0 xed h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2e0 y2633 w306 hc8\"><div class=\"t m0 x16a h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">c) Banche </div></td><td></td><td></td><td class=\"c x32a y2633 w307 hc8\"><div class=\"t m0 xed h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x317 y2633 w308 hc8\"><div class=\"t m0 xed h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2e0 y2634 w306 hc8\"><div class=\"t m0 x16a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">d) Altre societ\u00e0 <span class=\"_ _1\"></span>finanziarie<span class=\"_ _df\"> </span></div></td><td></td><td></td><td class=\"c x32a y2634 w307 hc8\"><div class=\"t m0 xed h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x317 y2634 w308 hc8\"><div class=\"t m0 xed h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2e0 y2635 w306 hc8\"><div class=\"t m0 x14 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">di cui: imprese d<span class=\"_ _1\"></span>i assicurazione<span class=\"_ _1\"></span> </div></td><td></td><td></td><td class=\"c x32a y2635 w307 hc8\"><div class=\"t m0 xed h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x317 y2635 w308 hc8\"><div class=\"t m0 xed h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2e0 y2636 w306 hc8\"><div class=\"t m0 x16a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">e) Societ\u00e0 non fi<span class=\"_ _1\"></span>nanziarie<span class=\"_ _df\"> </span></div></td><td></td><td></td><td class=\"c x32a y2636 w307 hc8\"><div class=\"t m0 xed h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x317 y2636 w308 hc8\"><div class=\"t m0 xed h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2e0 y2637 w306 h131\"><div class=\"t m0 x16a h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">f) Famiglie </div></td><td></td><td></td><td class=\"c x32a y2637 w307 h131\"><div class=\"t m0 xed h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x317 y2637 w308 h131\"><div class=\"t m0 xed h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td></td><td></td><td class=\"c x2e0 y2638 w306 h49\"><div class=\"t m0 xda h1f y25c ff4 fs7 fc1 sc2 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale </div></td><td class=\"c x32a y2638 w307 h49\"><div class=\"t m0 xa3 h1f y25c ff4 fs7 fc1 sc2 ls0 ws0\">9.705<span class=\"_ _f\"></span>.465 </div></td><td class=\"c x317 y2638 w308 h49\"><div class=\"t m0 x49 h1f y25c ff4 fs7 fc1 sc2 ls0 ws0\">9.49<span class=\"_ _1\"></span>1.8<span class=\"lsa\">41</span><span class=\"lsa\"><span class=\"_ _1\"></span><span class=\"ls0\"> </span></span></div></td></tr></table>Sono presenti coperture <span class=\"_ _2\"></span>di micro <span class=\"_ _2\"></span>fair value hedge su <span class=\"_ _2\"></span>titoli di debito <span class=\"_ _2\"></span>a tasso fisso. <span class=\"_ _2\"></span>La copertura \u00e8 <span class=\"_ _2\"></span>di<span class=\"_ _df\"> </span>tipo fair value he<span class=\"_ _1\"></span>dge attuata attraverso la designaz<span class=\"_ _1\"></span>ione di appositi strumenti di copertura (Inte<span class=\"_ _1\"></span>rest<span class=\"_ _df\"> </span>Rate Swap) con copertura specifica del c.d. \u201crischio tass<span class=\"_ _2\"></span>o\u201d su detti titoli; la relazione venuta cos\u00ec a<span class=\"_ _df\"> </span>crearsi <span class=\"_ _4\"> </span>fra <span class=\"_ _4\"> </span>Hedg<span class=\"_ _1\"></span>ed <span class=\"_ _4\"> </span>Item <span class=\"_ _4\"> </span>e <span class=\"_ _22\"> </span>Hedging <span class=\"_ _4\"> </span>Instrument <span class=\"_ _4\"> </span>ha <span class=\"_ _4\"> </span>comportato <span class=\"_ _4\"> </span>la <span class=\"_ _4\"> </span>redazione<span class=\"_ _1\"></span> <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>una <span class=\"_ _22\"> </span>specifica<span class=\"_ _df\"> </span>documentazione <span class=\"_ _d\"></span>che <span class=\"_ _0\"></span>formalizza <span class=\"_ _0\"></span>la <span class=\"_ _0\"></span>relazione <span class=\"_ _d\"></span>di <span class=\"_ _0\"></span>copertura <span class=\"_ _0\"></span>ed <span class=\"_ _d\"></span>ha <span class=\"_ _0\"></span>altres\u00ec <span class=\"_ _0\"></span>usufruito <span class=\"_ _0\"></span>delle<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>particolari<span class=\"_ _df\"> </span>regole <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>contabilizzazione <span class=\"_ _0\"></span>d<span class=\"_ _2\"></span>ell\u2019Hedge <span class=\"_ _0\"></span>Accounting. <span class=\"_ _9\"> </span>Si <span class=\"_ _9\"> </span>s<span class=\"_ _2\"></span>egnala <span class=\"_ _0\"></span>che <span class=\"_ _9\"> </span>sono <span class=\"_ _16\"> </span>stati <span class=\"_ _0\"></span>effettuati <span class=\"_ _16\"> </span>i <span class=\"_ _0\"></span>test <span class=\"_ _9\"> </span>di<span class=\"_ _df\"> </span>efficacia (sia prospettici che retrospettivi) con esito positivo.<span class=\"_ _df\"> </span>3.3 At<span class=\"_ _1\"></span>tivit\u00e0<span class=\"_ _f\"></span> finanzia<span class=\"_ _1\"></span>rie v<span class=\"_ _1\"></span>aluta<span class=\"_ _f\"></span>te al fair <span class=\"_ _1\"></span>valu<span class=\"_ _1\"></span>e con <span class=\"_ _1\"></span>impa<span class=\"_ _f\"></span>tto sulla <span class=\"_ _f\"></span>redditiv<span class=\"_ _1\"></span>it\u00e0 co<span class=\"_ _1\"></span>mples<span class=\"_ _1\"></span>siva<span class=\"_ _1\"></span>: va<span class=\"_ _1\"></span>lore <span class=\"_ _1\"></span>lordo<span class=\"_ _f\"></span> e rettifiche<span class=\"_ _1\"></span> di v<span class=\"_ _1\"></span>alore co<span class=\"_ _1\"></span>mples<span class=\"_ _1\"></span>sive<table class=\"s w99b h4a6\" id=\"_49b6c6e3-2c76-4e0d-ac52-9a7ab2631d9b\"><tr><td></td><td></td><td></td><td></td><td class=\"c x332 y2639 w312 ha4\"><div class=\"t m0 x11e h1f y5b ff4 fs7 fc4 sc3 ls0 ws0\">Val<span class=\"_ _1\"></span>ore lo<span class=\"_ _f\"></span>rdo </div></td><td></td><td></td><td></td><td></td><td class=\"c x333 y2639 w313 ha4\"><div class=\"t m0 x33 h1f y5b ff4 fs7 fc4 sc3 ls0 ws0\">Rett<span class=\"_ _f\"></span>ifiche di v<span class=\"_ _f\"></span>alore c<span class=\"_ _1\"></span>om<span class=\"_ _1\"></span>pless<span class=\"_ _1\"></span>ive<span class=\"_ _1\"></span> </div></td><td></td><td></td></tr><tr><td></td><td></td><td class=\"c x334 y263a w99c h4a7\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc4 sc3 ls0 ws0\">Prim<span class=\"_ _1\"></span>o<span class=\"_ _df\"> </span></div></td><td class=\"c x335 y263b w99d h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc4 sc3 ls0 ws0\">di cui<span class=\"_ _f\"></span>:<span class=\"_ _df\"> </span></div></td><td class=\"c x336 y263a w99e h4a7\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc4 sc3 ls0 ws0\">Secon<span class=\"_ _f\"></span>do<span class=\"_ _df\"> </span></div></td><td class=\"c x337 y263a w99f h4a7\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc4 sc3 ls0 ws0\">Terz<span class=\"_ _1\"></span>o<span class=\"_ _df\"> </span></div></td><td class=\"c x338 y263a w9a0 h4a7\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc4 sc3 ls0 ws0\">Impa<span class=\"_ _f\"></span>ired<span class=\"_ _df\"> </span></div></td><td class=\"c x339 y263a w99c h4a7\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc4 sc3 ls0 ws0\">Prim<span class=\"_ _1\"></span>o<span class=\"_ _df\"> </span></div></td><td class=\"c x33a y263a w9a1 h4a7\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc4 sc3 ls0 ws0\">Secon<span class=\"_ _f\"></span>do<span class=\"_ _df\"> </span></div></td><td class=\"c x33b y263a w9a2 h4a7\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc4 sc3 ls0 ws0\">Terz<span class=\"_ _1\"></span>o<span class=\"_ _df\"> </span></div></td><td class=\"c x33c y263a w9a0 h4a7\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc4 sc3 ls0 ws0\">Impa<span class=\"_ _f\"></span>ired<span class=\"_ _df\"> </span></div></td><td class=\"c x33d y263a w9a3 h4a7\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc4 sc3 ls0 ws0\">Writ<span class=\"_ _1\"></span>e-<span class=\"lsca\">off<span class=\"_ _df\"> </span></span></div></td></tr><tr><td></td><td></td><td class=\"c x33e y263c w9a4 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc4 sc3 ls0 ws0\">stadi<span class=\"_ _1\"></span>o<span class=\"_ _df\"> </span></div></td><td class=\"c x33f y263d w9a5 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc4 sc3 ls0 ws0\">Strum<span class=\"_ _f\"></span>enti<span class=\"_ _df\"> </span></div></td><td class=\"c x340 y263c w9a4 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc4 sc3 ls0 ws0\">stadi<span class=\"_ _1\"></span>o<span class=\"_ _df\"> </span></div></td><td class=\"c x337 y263c w9a4 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc4 sc3 ls0 ws0\">stadi<span class=\"_ _1\"></span>o<span class=\"_ _df\"> </span></div></td><td class=\"c x338 y263c w9a6 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc4 sc3 ls0 ws0\">acq<span class=\"_ _1\"></span>uisit<span class=\"_ _f\"></span>e<span class=\"_ _df\"> </span></div></td><td class=\"c x339 y263c w9a4 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc4 sc3 ls0 ws0\">stadi<span class=\"_ _1\"></span>o<span class=\"_ _df\"> </span></div></td><td class=\"c x341 y263c w9a4 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc4 sc3 ls0 ws0\">stadi<span class=\"_ _1\"></span>o<span class=\"_ _df\"> </span></div></td><td class=\"c x342 y263c w9a4 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc4 sc3 ls0 ws0\">stadi<span class=\"_ _1\"></span>o<span class=\"_ _df\"> </span></div></td><td class=\"c x33c y263c w9a6 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc4 sc3 ls0 ws0\">acq<span class=\"_ _1\"></span>uisit<span class=\"_ _f\"></span>e<span class=\"_ _df\"> </span></div></td><td class=\"c x343 y263c w9a7 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc4 sc3 ls0 ws0\">parz<span class=\"_ _1\"></span>iali<span class=\"_ _df\"> </span></div></td></tr><tr><td></td><td></td><td></td><td class=\"c x344 y263e w9a8 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc4 sc3 ls0 ws0\">con<span class=\"_ _df\"> </span></div></td><td></td><td></td><td class=\"c x345 y263f w9a9 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc4 sc3 lsca ws0\">o<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td class=\"c x346 y263f w9aa h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc4 sc3 lsca ws0\">o<span class=\"_ _df\"> </span></div></td><td class=\"c x347 y263f w9ab h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc4 sc3 ls0 ws0\">com<span class=\"_ _f\"></span>plessiv<span class=\"_ _1\"></span>i<span class=\"_ _df\"> </span></div></td></tr><tr><td></td><td></td><td></td><td class=\"c x335 y2640 w9ac h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc4 sc3 ls0 ws0\">bass<span class=\"_ _f\"></span>o<span class=\"_ _df\"> </span></div></td><td></td><td></td><td class=\"c x338 y2641 w9ad h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc4 sc3 ls0 ws0\">origi<span class=\"_ _1\"></span>nat<span class=\"_ _f\"></span>e<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td class=\"c x33c y2641 w9ad h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc4 sc3 ls0 ws0\">origi<span class=\"_ _1\"></span>nat<span class=\"_ _f\"></span>e<span class=\"_ _df\"> </span></div></td><td></td></tr><tr><td></td><td></td><td></td><td class=\"c x348 y2642 w9ae h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc4 sc3 ls0 ws0\">risch<span class=\"_ _1\"></span>io di<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td></td><td></td><td></td><td class=\"c x349 y2643 w9af h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc4 sc3 ls0 ws0\">credit<span class=\"_ _f\"></span>o<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2e0 y2644 w319 hc8\"><div class=\"t m0 x10 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">Titoli di debito </div></td><td></td><td class=\"c x332 y2644 w314 hc8\"><div class=\"t m0 x10 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">9.661.699 </div></td><td class=\"c x34a y2644 w1a4 hc8\"><div class=\"t m0 x14 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">9.578 </div></td><td class=\"c x34b y2644 w315 hc8\"><div class=\"t m0 x97 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x34c y2644 w1c0 hc8\"><div class=\"t m0 x97 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x34d y2644 w1a3 hc8\"><div class=\"t m0 x38 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x333 y2644 w16d hc8\"><div class=\"t m0 x2a h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">3.433 </div></td><td class=\"c x34e y2644 wdb hc8\"><div class=\"t m0 x97 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x34f y2644 w31a hc8\"><div class=\"t m0 x97 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x317 y2644 w318 hc8\"><div class=\"t m0 x38 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x318 y2644 w143 hc8\"><div class=\"t m0 x12 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2e0 y2645 w319 hc8\"><div class=\"t m0 x10 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">Finanziamenti<span class=\"_ _1\"></span> </div></td><td></td><td class=\"c x332 y2645 w314 hc8\"><div class=\"t m0 x30 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x34a y2645 w1a4 hc8\"><div class=\"t m0 x15 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x34b y2645 w315 hc8\"><div class=\"t m0 x97 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x34c y2645 w1c0 hc8\"><div class=\"t m0 x97 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x34d y2645 w1a3 hc8\"><div class=\"t m0 x38 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x333 y2645 w16d hc8\"><div class=\"t m0 x37 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x34e y2645 wdb hc8\"><div class=\"t m0 x97 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x34f y2645 w31a hc8\"><div class=\"t m0 x97 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x317 y2645 w318 hc8\"><div class=\"t m0 x38 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x318 y2645 w143 hc8\"><div class=\"t m0 x12 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2e0 y2646 w319 hc8\"><div class=\"t m0 x97 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale  </div></td><td class=\"c x350 y2646 w269 hc8\"><div class=\"t m0 x10 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">31/12/<span class=\"_ _f\"></span>2025 </div></td><td class=\"c x332 y2646 w314 hc8\"><div class=\"t m0 x10 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">9.66<span class=\"_ _f\"></span>1.699 </div></td><td class=\"c x34a y2646 w1a4 hc8\"><div class=\"t m0 x14 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">9.57<span class=\"_ _f\"></span>8 </div></td><td class=\"c x34b y2646 w315 hc8\"><div class=\"t m0 x97 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td><td class=\"c x34c y2646 w1c0 hc8\"><div class=\"t m0 x97 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td><td class=\"c x34d y2646 w1a3 hc8\"><div class=\"t m0 x38 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td><td class=\"c x333 y2646 w16d hc8\"><div class=\"t m0 x2a h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">3.433<span class=\"_ _f\"></span> </div></td><td class=\"c x34e y2646 wdb hc8\"><div class=\"t m0 x97 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td><td class=\"c x34f y2646 w31a hc8\"><div class=\"t m0 x97 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td><td class=\"c x317 y2646 w318 hc8\"><div class=\"t m0 x38 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td><td class=\"c x318 y2646 w143 hc8\"><div class=\"t m0 x12 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2e0 y2647 w319 hc8\"><div class=\"t m0 x97 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale  </div></td><td class=\"c x350 y2647 w269 hc8\"><div class=\"t m0 x10 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">31/12/<span class=\"_ _f\"></span>2024 </div></td><td class=\"c x332 y2647 w314 hc8\"><div class=\"t m0 x10 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">9.455<span class=\"_ _1\"></span>.105<span class=\"_ _f\"></span> </div></td><td class=\"c x34a y2647 w1a4 hc8\"><div class=\"t m0 x39 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">10.21<span class=\"_ _f\"></span>4 </div></td><td class=\"c x34b y2647 w315 hc8\"><div class=\"t m0 x97 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td><td class=\"c x34c y2647 w1c0 hc8\"><div class=\"t m0 x97 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td><td class=\"c x34d y2647 w1a3 hc8\"><div class=\"t m0 x38 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td><td class=\"c x333 y2647 w16d hc8\"><div class=\"t m0 x2a h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">6.037<span class=\"_ _f\"></span> </div></td><td class=\"c x34e y2647 wdb hc8\"><div class=\"t m0 x97 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td><td class=\"c x34f y2647 w31a hc8\"><div class=\"t m0 x97 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td><td class=\"c x317 y2647 w318 hc8\"><div class=\"t m0 x38 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td><td class=\"c x318 y2647 w143 hc8\"><div class=\"t m0 x12 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td></tr></table>Il <span class=\"_ _14\"> </span>valore <span class=\"_ _14\"> </span>lordo <span class=\"_ _15\"> </span>e <span class=\"_ _14\"> </span>le <span class=\"_ _14\"> </span>r<span class=\"_ _2\"></span>ettifiche <span class=\"_ _17\"> </span>di <span class=\"_ _15\"> </span>valore <span class=\"_ _14\"> </span>complessive <span class=\"_ _15\"> </span>delle <span class=\"_ _14\"> </span>attivit\u00e0 <span class=\"_ _15\"> </span>finanziarie <span class=\"_ _17\"> </span>impaire<span class=\"_ _2\"></span>d <span class=\"_ _14\"> </span>sono<span class=\"_ _df\"> </span>comprensivi degli interessi contrattuali maturati.<span class=\"_ _df\"> </span>Sezio<span class=\"_ _1\"></span>ne 4 <span class=\"ff5\">\u2013<span class=\"_ _1\"></span><span class=\"ff4\"> Attivit\u00e0 <span class=\"_ _1\"></span>finan<span class=\"_ _1\"></span>ziarie<span class=\"_ _f\"></span> valutate<span class=\"_ _1\"></span> al costo<span class=\"_ _f\"></span> <span class=\"_ _2\"></span>am<span class=\"_ _1\"></span>mortiz<span class=\"_ _f\"></span>zato <span class=\"ff5\">\u2013</span> Voce<span class=\"_ _f\"></span> 40  </span></span>4.1 Att<span class=\"_ _1\"></span>ivit\u00e0<span class=\"_ _f\"></span> finanziar<span class=\"_ _1\"></span>ie va<span class=\"_ _f\"></span>lutate a<span class=\"_ _f\"></span>l<span class=\"_ _2\"></span> co<span class=\"_ _1\"></span>sto a<span class=\"_ _1\"></span>mmo<span class=\"_ _1\"></span>rtizza<span class=\"_ _1\"></span>to: co<span class=\"_ _f\"></span>mposi<span class=\"_ _1\"></span>zione<span class=\"_ _f\"></span> merceol<span class=\"_ _1\"></span>ogi<span class=\"_ _1\"></span>ca dei cr<span class=\"_ _f\"></span>editi ver<span class=\"_ _1\"></span>so ba<span class=\"_ _f\"></span>nche<span class=\"fc1 sc0\"> </span><table class=\"s w9b0 h4a8\" id=\"_07ad0dc5-a1c7-4e11-a124-45adc4f42ffd\"><tr><td></td><td></td><td></td><td class=\"c x352 y2648 w31c hc8\"><div class=\"t m0 x58 h30 y7b1 ff4 fsb fc4 sc3 ls0 ws0\">Totale<span class=\"fc1 sc0\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td class=\"c x353 y2648 wc2 hc8\"><div class=\"t m0 x3b h30 y7b1 ff4 fsb fc4 sc3 ls0 ws0\">Totale<span class=\"fc1 sc0\"> </span></div></td><td></td><td></td><td></td></tr><tr><td></td><td></td><td></td><td class=\"c x352 y2649 w31c hc8\"><div class=\"t m0 x2 h30 y7b1 ff4 fsb fc4 sc3 ls0 ws0\">31/12/2025<span class=\"_ _f\"></span><span class=\"fc1 sc0\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td class=\"c x353 y2649 wc2 hc8\"><div class=\"t m0 x22 h30 y7b1 ff4 fsb fc4 sc3 ls0 ws0\">31/12/202<span class=\"_ _f\"></span>4<span class=\"fc1 sc0\"> </span></div></td><td></td><td></td><td></td></tr><tr><td class=\"c x354 y264b w9b1 h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">Tipologia<span class=\"_ _df\"> </span></div></td><td class=\"c x352 y264c w31d hc8\"><div class=\"t m0 x38 h30 y3e4 ff4 fsb fc4 sc3 ls0 ws0\">Valore di b<span class=\"_ _1\"></span>ilancio<span class=\"_ _1\"></span><span class=\"fc1 sc0\"> </span></div></td><td></td><td></td><td></td><td class=\"c x355 y264c w31e hc8\"><div class=\"t m0 x8f h30 y3e4 ff4 fsb fc4 sc3 ls0 ws0\">Fair val<span class=\"_ _1\"></span>ue<span class=\"fc1 sc0\"> </span></div></td><td></td><td></td><td></td><td class=\"c x353 y264c w31f hc8\"><div class=\"t m0 x97 h30 y3e4 ff4 fsb fc4 sc3 ls0 ws0\">Valore di b<span class=\"_ _1\"></span>ilancio<span class=\"_ _1\"></span><span class=\"fc1 sc0\"> </span></div></td><td></td><td class=\"c x356 y264c w320 hc8\"><div class=\"t m0 x36 h30 y3e4 ff4 fsb fc4 sc3 ls0 ws0\">Fair val<span class=\"_ _1\"></span>ue<span class=\"fc1 sc0\"> </span></div></td><td></td></tr><tr><td class=\"c x2a8 y264d w9b2 h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">operazio<span class=\"_ _1\"></span>ni/Valori<span class=\"_ _df\"> </span></div></td><td class=\"c x357 y264e w9b3 h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">Primo e<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x358 y264f w9b4 h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">Impaired<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td class=\"c x359 y264e w9b3 h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">Primo e<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x35a y264f w9b5 h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">Impaired<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td></tr><tr><td></td><td class=\"c x35b y2650 w9b6 h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">secondo</div></td><td class=\"c x35c y2651 w9b7 h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">Terzo<span class=\"_ _df\"> </span></div></td><td class=\"c x358 y2651 w9b8 h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">acquisite<span class=\"_ _df\"> </span></div></td><td class=\"c x355 y2652 w2bb h23b\"><div class=\"t m0 x2e h30 y474 ff4 fsb fc4 sc3 ls7a ws0\">L1<span class=\"fc1 sc0 ls0\"> </span></div></td><td class=\"c x35d y2652 w1c2 h23b\"><div class=\"t m0 x2f h30 y474 ff4 fsb fc4 sc3 ls0 ws0\">L2<span class=\"fc1 sc0\"> </span></div></td><td class=\"c x35e y2652 w1d4 h23b\"><div class=\"t m0 x55 h30 y474 ff4 fsb fc4 sc3 ls7a ws0\">L3<span class=\"fc1 sc0 ls0\"> </span></div></td><td class=\"c x35f y2650 w9b9 h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">secondo</div></td><td class=\"c x360 y2651 w9b7 h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">Terzo<span class=\"_ _df\"> </span></div></td><td class=\"c x35a y2651 w9b8 h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">acquisite<span class=\"_ _df\"> </span></div></td><td class=\"c x356 y2652 w322 h23b\"><div class=\"t m0 x2e h30 y474 ff4 fsb fc4 sc3 ls7a ws0\">L1<span class=\"fc1 sc0 ls0\"> </span></div></td><td class=\"c x361 y2652 w1c2 h23b\"><div class=\"t m0 x2f h30 y474 ff4 fsb fc4 sc3 ls7a ws0\">L2<span class=\"fc1 sc0 ls0\"> </span></div></td><td class=\"c x362 y2652 w12e h23b\"><div class=\"t m0 x2e h30 y474 ff4 fsb fc4 sc3 ls7a ws0\">L3<span class=\"fc1 sc0 ls0\"> </span></div></td></tr><tr><td></td><td class=\"c x363 y257a w9ba h4aa\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc4 sc3 ls0 ws0\">stadio</div></td><td class=\"c x364 y2654 w9ba h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">stadio<span class=\"_ _df\"> </span></div></td><td class=\"c x365 y2654 w9bb h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 lscb ws0\">o<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td class=\"c x366 y257a w9bc h4aa\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc4 sc3 ls0 ws0\">stadio</div></td><td class=\"c x367 y2654 w9bc h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">stadio<span class=\"_ _df\"> </span></div></td><td class=\"c x368 y2654 w9bb h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 lscb ws0\">o<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td></tr><tr><td></td><td></td><td></td><td class=\"c x358 y2655 w9bd h4aa\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc4 sc3 ls0 ws0\">originate<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td class=\"c x35a y2655 w9bd h4aa\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc4 sc3 ls0 ws0\">originate<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td></tr><tr><td class=\"c x262 y2656 w9be h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc2 ls0 ws0\">A. Crediti v<span class=\"_ _f\"></span>erso<span class=\"_ _df\"> </span></div></td><td class=\"c x352 y2657 w154 h23c\"><div class=\"t m0 x16a h30 y35c ff4 fsb fc1 sc2 ls0 ws0\">397.763<span class=\"sc0\"> </span></div></td><td class=\"c x369 y2657 w1e1 h23c\"><div class=\"t m0 x3a h30 y35c ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x36a y2657 w318 h23c\"><div class=\"t m0 x97 h30 y35c ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x355 y2657 w169 h23c\"><div class=\"t m0 x26 h30 y35c ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x35d y2657 w164 h23c\"><div class=\"t m0 x33 h30 y35c ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x35e y2657 w2ce h23c\"><div class=\"t m0 x8e h30 y35c ff4 fsb fc1 sc2 ls0 ws0\">397.763<span class=\"sc0\"> </span></div></td><td class=\"c x353 y2657 w1e3 h23c\"><div class=\"t m0 x8e h30 y35c ff4 fsb fc1 sc2 ls0 ws0\">387.897<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x36b y2657 w324 h23c\"><div class=\"t m0 x3a h30 y35c ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x36c y2657 w1d4 h23c\"><div class=\"t m0 x97 h30 y35c ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x356 y2657 w2bb h23c\"><div class=\"t m0 x26 h30 y35c ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x361 y2657 w164 h23c\"><div class=\"t m0 x33 h30 y35c ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x362 y2657 w16c h23c\"><div class=\"t m0 xab h30 y35c ff4 fsb fc1 sc2 ls0 ws0\">387.897<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x262 y2658 w9bf h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc2 ls0 ws0\">Banche<span class=\"_ _f\"></span> Centrali<span class=\"_ _df\"> </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=\"c x36d y2659 w323 h98\"><div class=\"t m0 x2f h30 y9bd ff4 fsb fc1 sc0 ls0 ws0\">1. Depositi a </div><div class=\"t m0 x2f h30 y7b1 ff4 fsb fc1 sc0 ls0 ws0\">scadenza<span class=\"_ _df\"> </span></div></td><td class=\"c x352 y2659 w154 h98\"><div class=\"t m0 x31 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x369 y2659 w1e1 h98\"><div class=\"t m0 x3a h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x36a y2659 w318 h98\"><div class=\"t m0 x97 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x355 y2659 w169 h98\"><div class=\"t m0 x55 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x35d y2659 w164 h98\"><div class=\"t m0 x116 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x35e y2659 w2ce h98\"><div class=\"t m0 x39 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x353 y2659 w1e3 h98\"><div class=\"t m0 x37 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x36b y2659 w324 h98\"><div class=\"t m0 x3a h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x36c y2659 w1d4 h98\"><div class=\"t m0 x97 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x356 y2659 w2bb h98\"><div class=\"t m0 x55 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x361 y2659 w164 h98\"><div class=\"t m0 x116 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x362 y2659 w16c h98\"><div class=\"t m0 x55 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">X </div></td></tr><tr><td class=\"c x36e y265a w9c0 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">2. Riserva<span class=\"_ _df\"> </span></div></td><td class=\"c x352 y265b w154 h98\"><div class=\"t m0 x16a h30 y27 ff4 fsb fc1 sc0 ls0 ws0\">397.763 </div></td><td class=\"c x369 y265b w1e1 h98\"><div class=\"t m0 x3a h30 y27 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x36a y265b w318 h98\"><div class=\"t m0 x97 h30 y27 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x355 y265b w169 h98\"><div class=\"t m0 x55 h30 y27 ff4 fsb fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x35d y265b w164 h98\"><div class=\"t m0 x116 h30 y27 ff4 fsb fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x35e y265b w2ce h98\"><div class=\"t m0 x39 h30 y27 ff4 fsb fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x353 y265b w1e3 h98\"><div class=\"t m0 xac h30 y27 ff4 fsb fc1 sc0 ls5c ws0\">38<span class=\"ls0\">7.897</span><span class=\"ls0\"> </span></div></td><td class=\"c x36b y265b w324 h98\"><div class=\"t m0 x3a h30 y27 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x36c y265b w1d4 h98\"><div class=\"t m0 x97 h30 y27 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x356 y265b w2bb h98\"><div class=\"t m0 x55 h30 y27 ff4 fsb fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x361 y265b w164 h98\"><div class=\"t m0 x116 h30 y27 ff4 fsb fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x362 y265b w16c h98\"><div class=\"t m0 x55 h30 y27 ff4 fsb fc1 sc0 ls0 ws0\">X </div></td></tr><tr><td class=\"c x36e y265c w9c1 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">obbligatoria<span class=\"_ _df\"> </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=\"c x36e y265d w9c2 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">3. Pronti contro<span class=\"_ _df\"> </span></div></td><td class=\"c x352 y265e w154 h12\"><div class=\"t m0 x31 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x369 y265e w1e1 h12\"><div class=\"t m0 x3a h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x36a y265e w318 h12\"><div class=\"t m0 x97 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x355 y265e w169 h12\"><div class=\"t m0 x55 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x35d y265e w164 h12\"><div class=\"t m0 x116 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x35e y265e w2ce h12\"><div class=\"t m0 x39 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x353 y265e w1e3 h12\"><div class=\"t m0 x37 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x36b y265e w324 h12\"><div class=\"t m0 x3a h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x36c y265e w1d4 h12\"><div class=\"t m0 x97 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x356 y265e w2bb h12\"><div class=\"t m0 x55 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x361 y265e w164 h12\"><div class=\"t m0 x116 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x362 y265e w16c h12\"><div class=\"t m0 x55 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">X </div></td></tr><tr><td class=\"c x36e y265f w9c3 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">termine<span class=\"_ _df\"> </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=\"c x36d y2660 w323 h227\"><div class=\"t m0 x2f h30 y1510 ff4 fsb fc1 sc0 ls0 ws0\">4. Altri<span class=\"_ _df\"> </span></div></td><td class=\"c x352 y2660 w154 h227\"><div class=\"t m0 x31 h30 y1510 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x369 y2660 w1e1 h227\"><div class=\"t m0 x3a h30 y1510 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x36a y2660 w318 h227\"><div class=\"t m0 x97 h30 y1510 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x355 y2660 w169 h227\"><div class=\"t m0 x55 h30 y1510 ff4 fsb fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x35d y2660 w164 h227\"><div class=\"t m0 x116 h30 y1510 ff4 fsb fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x35e y2660 w2ce h227\"><div class=\"t m0 x39 h30 y1510 ff4 fsb fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x353 y2660 w1e3 h227\"><div class=\"t m0 x37 h30 y1510 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x36b y2660 w324 h227\"><div class=\"t m0 x3a h30 y1510 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x36c y2660 w1d4 h227\"><div class=\"t m0 x97 h30 y1510 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x356 y2660 w2bb h227\"><div class=\"t m0 x55 h30 y1510 ff4 fsb fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x361 y2660 w164 h227\"><div class=\"t m0 x116 h30 y1510 ff4 fsb fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x362 y2660 w16c h227\"><div class=\"t m0 x55 h30 y1510 ff4 fsb fc1 sc0 ls0 ws0\">X </div></td></tr><tr><td class=\"c x262 y2661 w9c4 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc2 ls0 ws0\">B. Crediti<span class=\"_ _f\"></span> v<span class=\"_ _2\"></span>erso<span class=\"_ _df\"> </span></div></td><td class=\"c x352 y2662 w154 h98\"><div class=\"t m0 xac h30 y295 ff4 fsb fc1 sc2 ls0 ws0\">2.057.5<span class=\"_ _1\"></span>61<span class=\"sc0\"> </span></div></td><td class=\"c x369 y2662 w1e1 h98\"><div class=\"t m0 x3a h30 y295 ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x36a y2662 w318 h98\"><div class=\"t m0 x97 h30 y295 ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x355 y2662 w169 h98\"><div class=\"t m0 xab h30 y295 ff4 fsb fc1 sc2 ls0 ws0\">642.872<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x35d y2662 w164 h98\"><div class=\"t m0 x33 h30 y295 ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x35e y2662 w2ce h98\"><div class=\"t m0 xab h30 y295 ff4 fsb fc1 sc2 ls0 ws0\">1.416.54<span class=\"_ _1\"></span>0<span class=\"sc0\"> </span></div></td><td class=\"c x353 y2662 w1e3 h98\"><div class=\"t m0 xab h30 y295 ff4 fsb fc1 sc2 ls0 ws0\">1.191.880<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x36b y2662 w324 h98\"><div class=\"t m0 x3a h30 y295 ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x36c y2662 w1d4 h98\"><div class=\"t m0 x97 h30 y295 ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x356 y2662 w2bb h98\"><div class=\"t m0 xab h30 y295 ff4 fsb fc1 sc2 ls0 ws0\">637.763<span class=\"sc0\"> </span></div></td><td class=\"c x361 y2662 w164 h98\"><div class=\"t m0 x33 h30 y295 ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x362 y2662 w16c h98\"><div class=\"t m0 xac h30 y295 ff4 fsb fc1 sc2 ls0 ws0\">552.772<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x262 y2663 w9c5 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc2 ls0 ws0\">banche<span class=\"_ _df\"> </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=\"c x36d y2664 w323 hc8\"><div class=\"t m0 x2f h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">1. Finanziamenti</div></td><td class=\"c x352 y2664 w154 hc8\"><div class=\"t m0 xac h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">1.416.542 </div></td><td class=\"c x369 y2664 w1e1 hc8\"><div class=\"t m0 x3a h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x36a y2664 w318 hc8\"><div class=\"t m0 x97 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x355 y2664 w169 hc8\"><div class=\"t m0 x26 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x35d y2664 w164 hc8\"><div class=\"t m0 x33 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x35e y2664 w2ce hc8\"><div class=\"t m0 x8a h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">1.416.540 </div></td><td class=\"c x353 y2664 w1e3 hc8\"><div class=\"t m0 x8e h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">552.772 </div></td><td class=\"c x36b y2664 w324 hc8\"><div class=\"t m0 x3a h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x36c y2664 w1d4 hc8\"><div class=\"t m0 x97 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x356 y2664 w2bb hc8\"><div class=\"t m0 x26 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x361 y2664 w164 hc8\"><div class=\"t m0 x33 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x362 y2664 w16c hc8\"><div class=\"t m0 xab h30 y74a ff4 fsb fc1 sc0 ls87 ws0\">552<span class=\"ls0\">.772</span><span class=\"ls0\"> </span></div></td></tr><tr><td class=\"c x36d y2665 w323 hc8\"><div class=\"t m0 x55 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">1.1 Conti correnti </div></td><td class=\"c x352 y2665 w154 hc8\"><div class=\"t m0 x31 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x369 y2665 w1e1 hc8\"><div class=\"t m0 x3a h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x36a y2665 w318 hc8\"><div class=\"t m0 x97 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x355 y2665 w169 hc8\"><div class=\"t m0 x55 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x35d y2665 w164 hc8\"><div class=\"t m0 x116 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x35e y2665 w2ce hc8\"><div class=\"t m0 x39 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x353 y2665 w1e3 hc8\"><div class=\"t m0 x37 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x36b y2665 w324 hc8\"><div class=\"t m0 x3a h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x36c y2665 w1d4 hc8\"><div class=\"t m0 x97 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x356 y2665 w2bb hc8\"><div class=\"t m0 x55 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x361 y2665 w164 hc8\"><div class=\"t m0 x116 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x362 y2665 w16c hc8\"><div class=\"t m0 x55 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">X </div></td></tr><tr><td class=\"c x36d y2666 w323 h98\"><div class=\"t m0 x55 h30 y9bd ff4 fsb fc1 sc0 ls0 ws0\"> 1.2. Depositi a </div><div class=\"t m0 x55 h30 y7b6 ff4 fsb fc1 sc0 ls0 ws0\">scadenza  </div></td><td class=\"c x352 y2666 w154 h98\"><div class=\"t m0 x31 h30 y27 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x369 y2666 w1e1 h98\"><div class=\"t m0 x3a h30 y27 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x36a y2666 w318 h98\"><div class=\"t m0 x97 h30 y27 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x355 y2666 w169 h98\"><div class=\"t m0 x55 h30 y27 ff4 fsb fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x35d y2666 w164 h98\"><div class=\"t m0 x116 h30 y27 ff4 fsb fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x35e y2666 w2ce h98\"><div class=\"t m0 x39 h30 y27 ff4 fsb fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x353 y2666 w1e3 h98\"><div class=\"t m0 x37 h30 y27 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x36b y2666 w324 h98\"><div class=\"t m0 x3a h30 y27 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x36c y2666 w1d4 h98\"><div class=\"t m0 x97 h30 y27 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x356 y2666 w2bb h98\"><div class=\"t m0 x55 h30 y27 ff4 fsb fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x361 y2666 w164 h98\"><div class=\"t m0 x116 h30 y27 ff4 fsb fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x362 y2666 w16c h98\"><div class=\"t m0 x55 h30 y27 ff4 fsb fc1 sc0 ls0 ws0\">X </div></td></tr><tr><td class=\"c x36f y2667 w9c6 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">1.3. Altri<span class=\"_ _df\"> </span></div></td><td class=\"c x352 y2668 w154 h12\"><div class=\"t m0 xac h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">1.416.542 </div></td><td class=\"c x369 y2668 w1e1 h12\"><div class=\"t m0 x3a h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x36a y2668 w318 h12\"><div class=\"t m0 x97 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x355 y2668 w169 h12\"><div class=\"t m0 x55 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x35d y2668 w164 h12\"><div class=\"t m0 x116 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x35e y2668 w2ce h12\"><div class=\"t m0 x39 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x353 y2668 w1e3 h12\"><div class=\"t m0 x8e h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">552.772 </div></td><td class=\"c x36b y2668 w324 h12\"><div class=\"t m0 x3a h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x36c y2668 w1d4 h12\"><div class=\"t m0 x97 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x356 y2668 w2bb h12\"><div class=\"t m0 x55 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x361 y2668 w164 h12\"><div class=\"t m0 x116 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x362 y2668 w16c h12\"><div class=\"t m0 x55 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">X </div></td></tr><tr><td class=\"c x370 y2669 w9c7 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">finanziamenti:<span class=\"_ _df\"> </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=\"c x36f y266a w9c8 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">- Pronti contro<span class=\"_ _df\"> </span></div></td><td class=\"c x352 y266b w154 h98\"><div class=\"t m0 x16a h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">996.158 </div></td><td class=\"c x369 y266b w1e1 h98\"><div class=\"t m0 x3a h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x36a y266b w318 h98\"><div class=\"t m0 x97 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x355 y266b w169 h98\"><div class=\"t m0 x55 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x35d y266b w164 h98\"><div class=\"t m0 x116 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x35e y266b w2ce h98\"><div class=\"t m0 x39 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x353 y266b w1e3 h98\"><div class=\"t m0 x37 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x36b y266b w324 h98\"><div class=\"t m0 x3a h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x36c y266b w1d4 h98\"><div class=\"t m0 x97 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x356 y266b w2bb h98\"><div class=\"t m0 x55 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x361 y266b w164 h98\"><div class=\"t m0 x116 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x362 y266b w16c h98\"><div class=\"t m0 x55 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">X </div></td></tr><tr><td class=\"c x370 y266c w9c9 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">termine attiv<span class=\"_ _2\"></span>i<span class=\"_ _df\"> </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=\"c x36f y266d w9ca h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">- Finanziamenti<span class=\"_ _df\"> </span></div></td><td class=\"c x352 y266e w154 h98\"><div class=\"t m0 x26 h30 y27 ff4 fsb fc1 sc0 ls86 ws0\">88<span class=\"ls0\"> </span></div></td><td class=\"c x369 y266e w1e1 h98\"><div class=\"t m0 x3a h30 y27 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x36a y266e w318 h98\"><div class=\"t m0 x97 h30 y27 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x355 y266e w169 h98\"><div class=\"t m0 x55 h30 y27 ff4 fsb fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x35d y266e w164 h98\"><div class=\"t m0 x116 h30 y27 ff4 fsb fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x35e y266e w2ce h98\"><div class=\"t m0 x39 h30 y27 ff4 fsb fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x353 y266e w1e3 h98\"><div class=\"t m0 x32 h30 y27 ff4 fsb fc1 sc0 ls0 ws0\">129 </div></td><td class=\"c x36b y266e w324 h98\"><div class=\"t m0 x3a h30 y27 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x36c y266e w1d4 h98\"><div class=\"t m0 x97 h30 y27 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x356 y266e w2bb h98\"><div class=\"t m0 x55 h30 y27 ff4 fsb fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x361 y266e w164 h98\"><div class=\"t m0 x116 h30 y27 ff4 fsb fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x362 y266e w16c h98\"><div class=\"t m0 x55 h30 y27 ff4 fsb fc1 sc0 ls0 ws0\">X </div></td></tr><tr><td class=\"c x370 y266f w9cb h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">per leasing</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=\"c x36d y2670 w323 hc8\"><div class=\"t m0 x55 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\"> - Altri </div></td><td class=\"c x352 y2670 w154 hc8\"><div class=\"t m0 x2f h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">420.296 </div></td><td class=\"c x369 y2670 w1e1 hc8\"><div class=\"t m0 x3a h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x36a y2670 w318 hc8\"><div class=\"t m0 x97 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x355 y2670 w169 hc8\"><div class=\"t m0 x55 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x35d y2670 w164 hc8\"><div class=\"t m0 x116 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x35e y2670 w2ce hc8\"><div class=\"t m0 x39 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x353 y2670 w1e3 hc8\"><div class=\"t m0 xac h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">552.644 </div></td><td class=\"c x36b y2670 w324 hc8\"><div class=\"t m0 x3a h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x36c y2670 w1d4 hc8\"><div class=\"t m0 x97 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x356 y2670 w2bb hc8\"><div class=\"t m0 x55 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x361 y2670 w164 hc8\"><div class=\"t m0 x116 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x362 y2670 w16c hc8\"><div class=\"t m0 x55 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">X </div></td></tr><tr><td class=\"c x36d y2671 w323 hc8\"><div class=\"t m0 x2f h30 y74a ff4 fsb fc1 sc0 ls0 ws0\"> 2. Titoli di debito</div></td><td class=\"c x352 y2671 w154 hc8\"><div class=\"t m0 x2a h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">641.019 </div></td><td class=\"c x369 y2671 w1e1 hc8\"><div class=\"t m0 x3a h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x36a y2671 w318 hc8\"><div class=\"t m0 x97 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x355 y2671 w169 hc8\"><div class=\"t m0 x8a h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">642.872 </div></td><td class=\"c x35d y2671 w164 hc8\"><div class=\"t m0 x33 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x35e y2671 w2ce hc8\"><div class=\"t m0 x97 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x353 y2671 w1e3 hc8\"><div class=\"t m0 x8e h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">639.108 </div></td><td class=\"c x36b y2671 w324 hc8\"><div class=\"t m0 x3a h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x36c y2671 w1d4 hc8\"><div class=\"t m0 x97 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x356 y2671 w2bb hc8\"><div class=\"t m0 xab h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">637.763 </div></td><td class=\"c x361 y2671 w164 hc8\"><div class=\"t m0 x33 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x362 y2671 w16c hc8\"><div class=\"t m0 x26 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x36f y2672 w9cc h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">2.1 Titoli<span class=\"_ _df\"> </span></div></td><td class=\"c x352 y2673 w154 h12\"><div class=\"t m0 x55 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">86.317 </div></td><td class=\"c x369 y2673 w1e1 h12\"><div class=\"t m0 x3a h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x36a y2673 w318 h12\"><div class=\"t m0 x97 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x355 y2673 w169 h12\"><div class=\"t m0 x8e h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">87.250 </div></td><td class=\"c x35d y2673 w164 h12\"><div class=\"t m0 x33 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x35e y2673 w2ce h12\"><div class=\"t m0 x97 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x353 y2673 w1e3 h12\"><div class=\"t m0 x8e h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">107.625 </div></td><td class=\"c x36b y2673 w324 h12\"><div class=\"t m0 x3a h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x36c y2673 w1d4 h12\"><div class=\"t m0 x97 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x356 y2673 w2bb h12\"><div class=\"t m0 xac h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">108.148 </div></td><td class=\"c x361 y2673 w164 h12\"><div class=\"t m0 x33 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x362 y2673 w16c h12\"><div class=\"t m0 x26 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x370 y2674 w9cd h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">strutturati<span class=\"_ _df\"> </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=\"c x36f y2675 w9ce h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">2.2 Altri ti<span class=\"_ _2\"></span>toli di<span class=\"_ _df\"> </span></div></td><td class=\"c x352 y2676 w154 h98\"><div class=\"t m0 x16a h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">554.702 </div></td><td class=\"c x369 y2676 w1e1 h98\"><div class=\"t m0 x3a h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x36a y2676 w318 h98\"><div class=\"t m0 x97 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x355 y2676 w169 h98\"><div class=\"t m0 xab h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">555.622 </div></td><td class=\"c x35d y2676 w164 h98\"><div class=\"t m0 x33 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x35e y2676 w2ce h98\"><div class=\"t m0 x97 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x353 y2676 w1e3 h98\"><div class=\"t m0 x8e h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">531.483 </div></td><td class=\"c x36b y2676 w324 h98\"><div class=\"t m0 x3a h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x36c y2676 w1d4 h98\"><div class=\"t m0 x97 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x356 y2676 w2bb h98\"><div class=\"t m0 xab h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">529.615 </div></td><td class=\"c x361 y2676 w164 h98\"><div class=\"t m0 x33 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x362 y2676 w16c h98\"><div class=\"t m0 x26 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x370 y2677 w9cf h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">debito<span class=\"_ _df\"> </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=\"c x36d y2678 w323 hc8\"><div class=\"t m0 xe h30 y74a ff4 fsb fc1 sc2 ls0 ws0\">Totale<span class=\"sc0\"> </span></div></td><td class=\"c x352 y2678 w154 hc8\"><div class=\"t m0 x8a h30 y74a ff4 fsb fc1 sc2 ls0 ws0\">2.455.32<span class=\"_ _f\"></span>4<span class=\"sc0\"> </span></div></td><td class=\"c x369 y2678 w1e1 hc8\"><div class=\"t m0 x3a h30 y74a ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x36a y2678 w318 hc8\"><div class=\"t m0 x97 h30 y74a ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x355 y2678 w169 hc8\"><div class=\"t m0 xab h30 y74a ff4 fsb fc1 sc2 ls0 ws0\">642.872<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x35d y2678 w164 hc8\"><div class=\"t m0 x33 h30 y74a ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x35e y2678 w2ce hc8\"><div class=\"t m0 xab h30 y74a ff4 fsb fc1 sc2 ls0 ws0\">1.814.303<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x353 y2678 w1e3 hc8\"><div class=\"t m0 x8a h30 y74a ff4 fsb fc1 sc2 ls0 ws0\">1.579.777<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x36b y2678 w324 hc8\"><div class=\"t m0 x3a h30 y74a ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x36c y2678 w1d4 hc8\"><div class=\"t m0 x97 h30 y74a ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x356 y2678 w2bb hc8\"><div class=\"t m0 xab h30 y74a ff4 fsb fc1 sc2 ls0 ws0\">637.763<span class=\"sc0\"> </span></div></td><td class=\"c x361 y2678 w164 hc8\"><div class=\"t m0 x33 h30 y74a ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x362 y2678 w16c hc8\"><div class=\"t m0 x8a h30 y74a ff4 fsb fc1 sc2 ls0 ws0\">940.669<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td></tr></table>Lege<span class=\"_ _f\"></span>nda: L1= Livello 1 L2= Livello 2 L3= Livello 3 Sono inclusi i crediti di<span class=\"_ _1\"></span> funzionamento connessi con la prestazione d<span class=\"_ _2\"></span>i servizi finanziari. I crediti,<span class=\"_ _1\"></span> ad eccezione <span class=\"_ _1\"></span>dei titoli di de<span class=\"_ _1\"></span>bito, sono iscritti al l<span class=\"_ _1\"></span>oro valor<span class=\"_ _1\"></span>e nominale, corrisponde<span class=\"_ _1\"></span>nte al loro fair value e il livello di fair value attribuito risulta essere pari <span class=\"_ _1\"></span>a 3.<span class=\"_ _2\"></span> Le metodologie <span class=\"_ _2\"></span>utilizzate <span class=\"_ _2\"></span>per la <span class=\"_ _2\"></span>determinazione <span class=\"_ _2\"></span>de<span class=\"_ _2\"></span>l fair <span class=\"_ _2\"></span>value <span class=\"_ _2\"></span>sono <span class=\"_ _2\"></span>riportate nella <span class=\"_ _2\"></span>Parte <span class=\"_ _2\"></span>A1 <span class=\"_ _2\"></span><span class=\"ff5\">\u2013</span> <span class=\"_ _2\"></span>Parte generale <span class=\"ff5\">\u2013</span> Sezione 16 <span class=\"ff5\">\u201cAltre</span> <span class=\"ff5\">informazioni\u201d.</span> 4.2 At<span class=\"_ _1\"></span>tivit\u00e0<span class=\"_ _f\"></span> finanzia<span class=\"_ _1\"></span>rie va<span class=\"_ _f\"></span>lutate <span class=\"_ _1\"></span>al cos<span class=\"_ _1\"></span>to am<span class=\"_ _1\"></span>mor<span class=\"_ _1\"></span>tizzat<span class=\"_ _1\"></span>o: co<span class=\"_ _1\"></span>mpos<span class=\"_ _f\"></span>izione<span class=\"_ _1\"></span> mer<span class=\"_ _1\"></span>ceolo<span class=\"_ _1\"></span>gica<span class=\"_ _1\"></span> dei <span class=\"_ _1\"></span>credit<span class=\"_ _1\"></span>i vers<span class=\"_ _f\"></span>o clientela<span class=\"_ _df\"> </span>Totale<span class=\"_ _df\"> </span>Totale<span class=\"_ _df\"> </span>31/12/20<span class=\"_ _1\"></span>25<span class=\"_ _df\"> </span>31/12/20<span class=\"_ _1\"></span>24<span class=\"_ _df\"> </span>Tipolog<span class=\"_ _f\"></span>ia<span class=\"_ _df\"> </span>Valor<span class=\"_ _1\"></span>e di bila<span class=\"_ _f\"></span>ncio<span class=\"_ _df\"> </span>Fair va<span class=\"_ _1\"></span>lue<span class=\"_ _df\"> </span>Valor<span class=\"_ _1\"></span>e di bila<span class=\"_ _f\"></span>ncio<span class=\"_ _df\"> </span>operaz<span class=\"_ _1\"></span>ioni/Va<span class=\"_ _f\"></span>lori<span class=\"_ _df\"> </span>Primo <span class=\"_ _f\"></span>e<span class=\"_ _df\"> </span>Impai<span class=\"_ _1\"></span>red<span class=\"_ _df\"> </span>Primo <span class=\"_ _f\"></span>e<span class=\"_ _df\"> </span>Impai<span class=\"_ _1\"></span>red<span class=\"_ _df\"> </span>secon<span class=\"_ _1\"></span>doTerzo<span class=\"_ _df\"> </span>acqui<span class=\"_ _1\"></span>site<span class=\"_ _df\"> </span>L1<span class=\"_ _df\"> </span>L2<span class=\"_ _df\"> </span>L3<span class=\"_ _df\"> </span>secon<span class=\"_ _1\"></span>doTerzo<span class=\"_ _df\"> </span>acqui<span class=\"_ _1\"></span>site<span class=\"_ _df\"> </span>L1<span class=\"_ _df\"> </span>stadiostadio<span class=\"_ _df\"> </span>o<span class=\"_ _df\"> </span>stadiostadio<span class=\"_ _df\"> </span>o<span class=\"_ _df\"> </span>origina<span class=\"_ _f\"></span>te<span class=\"_ _df\"> </span>origina<span class=\"_ _f\"></span>te<span class=\"_ _df\"> </span>1. Fina<span class=\"_ _1\"></span>nziame<span class=\"_ _f\"></span>nti<span class=\"_ _df\"> </span>38.763<span class=\"_ _1\"></span>.503244.5<span class=\"_ _1\"></span>4212.871<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-38.832.<span class=\"_ _f\"></span>58536.08<span class=\"_ _1\"></span>9.466258.71715.455<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>1.1. Conti correnti<span class=\"_ _df\"> </span>1.851.66015.666<span class=\"_ _df\"> </span>515<span class=\"_ _df\"> </span>X<span class=\"_ _df\"> </span>X<span class=\"_ _df\"> </span>X1.774.96617.109<span class=\"_ _df\"> </span>616<span class=\"_ _df\"> </span>X<span class=\"_ _df\"> </span>1.2. Pronti contro<span class=\"_ _df\"> </span>1.346.894<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>X<span class=\"_ _df\"> </span>X<span class=\"_ _df\"> </span>X<span class=\"_ _df\"> </span>499<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>X<span class=\"_ _df\"> </span>termine attivi<span class=\"_ _df\"> </span>1.3. Mutui<span class=\"_ _df\"> </span>20.805.742160.4314.778<span class=\"_ _df\"> </span>X<span class=\"_ _df\"> </span>X<span class=\"_ _df\"> </span>X20.493.12<span class=\"_ _1\"></span>4176.7426.093<span class=\"_ _df\"> </span>X<span class=\"_ _df\"> </span>1.4. Carte di credito,<span class=\"_ _df\"> </span>prestiti personali e<span class=\"_ _df\"> </span>4.247.09029.0327.252<span class=\"_ _df\"> </span>X<span class=\"_ _df\"> </span>X<span class=\"_ _df\"> </span>X3.839.14726.2578.420<span class=\"_ _df\"> </span>X<span class=\"_ _df\"> </span>cessioni del quinto<span class=\"_ _df\"> </span>1.5. Finanziamenti per<span class=\"_ _df\"> </span>3.291.55829.004<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>X<span class=\"_ _df\"> </span>X<span class=\"_ _df\"> </span>X3.187.50230.468<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>X<span class=\"_ _df\"> </span>leasing<span class=\"_ _df\"> </span>1.6. Factoring<span class=\"_ _df\"> </span>1.550.4357.611<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>X<span class=\"_ _df\"> </span>X<span class=\"_ _df\"> </span>X1.430.7004.941<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>X<span class=\"_ _df\"> </span>1.7. Altri finanziamenti5.670.1242.798<span class=\"_ _df\"> </span>326<span class=\"_ _df\"> </span>X<span class=\"_ _df\"> </span>X<span class=\"_ _df\"> </span>X5.363.5283.200326<span class=\"_ _df\"> </span>X<span class=\"_ _df\"> </span>2. Titoli<span class=\"_ _f\"></span> di debito<span class=\"_ _df\"> </span>6.231.0<span class=\"_ _f\"></span>8<span class=\"_ _2\"></span>1<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-5.726.<span class=\"_ _1\"></span>709487.7<span class=\"_ _1\"></span>6566.8497.331.2<span class=\"_ _f\"></span>88<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-7.022.2<span class=\"_ _f\"></span>96<span class=\"_ _df\"> </span>1.<span class=\"ls0\"> Titoli strutturati<span class=\"_ _df\"> </span></span>608.091<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-81.586459.11366.849394.647<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-142.828<span class=\"_ _df\"> </span>2. Altri titoli di debito5.622.990<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-5.645.12328.652<span class=\"_ _df\"> </span>-6.936.641<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-6.879.468<span class=\"_ _df\"> </span>Totale44.99<span class=\"_ _1\"></span>4.584244.5<span class=\"_ _1\"></span>4212.8715.726.<span class=\"_ _1\"></span>709487.7<span class=\"_ _1\"></span>6538.89<span class=\"_ _f\"></span>9<span class=\"_ _2\"></span>.43<span class=\"_ _1\"></span>443.420.<span class=\"_ _f\"></span>754258.7<span class=\"lsa\">17</span>15.4557.022.2<span class=\"_ _f\"></span>96<span class=\"_ _df\"> </span>I crediti verso la clientela per finanziame<span class=\"_ _1\"></span>nti sono pari a <span class=\"_ _2\"></span>39.020,9 milioni di<span class=\"_ _1\"></span> euro.<span class=\"_ _df\"> </span>Si fornisce di seguito il de<span class=\"_ _1\"></span>ttaglio dei finanziamenti erogati alla clientela con indicazione del credito<span class=\"_ _df\"> </span>lordo, delle previsioni di perdi<span class=\"_ _1\"></span>ta, del credito nett<span class=\"_ _2\"></span>o e del relativo c<span class=\"_ _f\"></span>overage per categoria.<table class=\"s w9d0 h4ab\" id=\"_a6a21593-d3f8-48c5-84ff-bfbbe8b84425\"><tr><td class=\"c x306 y2679 w332 h69\"><div class=\"t m0 x163 h1f y5b ff4 fs7 fc7 sc6 ls0 ws0\">CRED<span class=\"_ _f\"></span>ITI VER<span class=\"_ _1\"></span>SO C<span class=\"_ _f\"></span>LIENTE<span class=\"_ _f\"></span>LA PER<span class=\"_ _1\"></span> FIN<span class=\"_ _1\"></span>ANZ<span class=\"_ _f\"></span>IAMENTI<span class=\"_ _f\"></span> </div></td><td></td><td></td><td></td><td></td><td></td><td class=\"c x371 y267a w9d1 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc7 sc0 ls0 ws0\">Crediti<span class=\"_ _df\"> </span></div></td><td class=\"c x372 y267a w9d2 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc7 sc0 ls0 ws0\">TOTALE<span class=\"_ _df\"> </span></div></td></tr><tr><td class=\"c x306 y267b w333 h92\"><div class=\"t m0 x90 h1f yf96 ff5 fs7 fc7 sc0 ls0 ws0\">\u20acmln<span class=\"ff4\"> </span></div></td><td></td><td class=\"c x373 y267b w319 h92\"><div class=\"t m0 x8e h1f yf96 ff4 fs7 fc7 sc0 ls0 ws0\">Sofferenze </div></td><td class=\"c x374 y267c w9d3 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc7 sc0 ls0 ws0\">Inadempienze<span class=\"_ _df\"> </span></div></td><td class=\"c x375 y267c w9d4 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc7 sc0 ls0 ws0\">Esposizioni<span class=\"_ _df\"> </span></div></td><td class=\"c x376 y267c w9d5 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc7 sc0 ls0 ws0\">Tot. Crediti<span class=\"_ _df\"> </span></div></td><td class=\"c x377 y267d w9d6 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc7 sc0 ls0 ws0\">performing<span class=\"_ _df\"> </span></div></td><td class=\"c x378 y267d w9d7 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc7 sc0 ls0 ws0\">CREDITI<span class=\"_ _df\"> </span></div></td></tr><tr><td></td><td></td><td></td><td class=\"c x379 y267e w9d8 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc7 sc0 ls0 ws0\">probabili<span class=\"_ _df\"> </span></div></td><td class=\"c x37a y267e w9d9 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc7 sc0 ls0 ws0\">scadute<span class=\"_ _df\"> </span></div></td><td class=\"c x37b y267e w9da h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc7 sc0 ls0 ws0\">problematici<span class=\"_ _df\"> </span></div></td><td></td><td></td></tr><tr><td class=\"c x306 y267f w99 h69\"><div class=\"t m0 x163 h1f y302 ff4 fs7 fc7 sc6 ls0 ws0\">Val<span class=\"_ _1\"></span>ori lor<span class=\"_ _f\"></span>di </div></td><td class=\"c x37c y267f w336 h69\"><div class=\"t m0 x48 h1f y302 ff4 fs7 fc7 sc6 ls0 ws0\">2025<span class=\"_ _f\"></span> </div></td><td class=\"c x373 y267f w319 h69\"><div class=\"t m0 x12 h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">231 </div></td><td class=\"c x37d y267f w334 h69\"><div class=\"t m0 x90 h1f y302 ff4 fs7 fc1 sc0 ls27 ws0\">337<span class=\"ls0\"> </span></div></td><td class=\"c x37e y267f w335 h69\"><div class=\"t m0 x8f h1f y302 ff4 fs7 fc1 sc0 lsa ws0\">47<span class=\"ls0\"> </span></div></td><td class=\"c x37f y267f w86 h69\"><div class=\"t m0 x36 h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">615 </div></td><td class=\"c x380 y267f w337 h69\"><div class=\"t m0 x33 h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">38.860 </div></td><td class=\"c x381 y267f w11e h69\"><div class=\"t m0 x38 h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">39.475 </div></td></tr><tr><td class=\"c x262 y2680 w9db h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc7 sc6 ls0 ws0\">Previ<span class=\"_ _1\"></span>sion<span class=\"_ _f\"></span>i di<span class=\"_ _df\"> </span></div></td><td class=\"c x37c y2681 w336 h90\"><div class=\"t m0 x48 h1f y2c6 ff4 fs7 fc7 sc6 ls0 ws0\">2025<span class=\"_ _f\"></span> </div></td><td class=\"c x373 y2681 w319 h90\"><div class=\"t m0 x12 h1f y2c6 ff4 fs7 fc1 sc0 ls0 ws0\">194 </div></td><td class=\"c x37d y2681 w334 h90\"><div class=\"t m0 x7 h1f y2c6 ff4 fs7 fc1 sc0 ls0 ws0\">150 </div></td><td class=\"c x37e y2681 w335 h90\"><div class=\"t m0 x8f h1f y2c6 ff4 fs7 fc1 sc0 ls2a ws0\">20<span class=\"ls0\"> </span></div></td><td class=\"c x37f y2681 w86 h90\"><div class=\"t m0 x30 h1f y2c6 ff4 fs7 fc1 sc0 ls0 ws0\">364 </div></td><td class=\"c x380 y2681 w337 h90\"><div class=\"t m0 x36 h1f y2c6 ff4 fs7 fc1 sc0 ls29 ws0\">90<span class=\"ls0\"> </span></div></td><td class=\"c x381 y2681 w11e h90\"><div class=\"t m0 x12 h1f y2c6 ff4 fs7 fc1 sc0 ls0 ws0\">454 </div></td></tr><tr><td class=\"c x262 y2682 w9dc h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc7 sc6 ls0 ws0\">perdit<span class=\"_ _f\"></span>a<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x306 y2683 w99 h69\"><div class=\"t m0 x163 h1f y302 ff4 fs7 fc7 sc6 ls0 ws0\">Val<span class=\"_ _1\"></span>ori net<span class=\"_ _f\"></span>ti </div></td><td class=\"c x37c y2683 w336 h69\"><div class=\"t m0 x48 h1f y302 ff4 fs7 fc7 sc6 ls0 ws0\">2025<span class=\"_ _f\"></span> </div></td><td class=\"c x373 y2683 w319 h69\"><div class=\"t m0 x7 h1f y302 ff4 fs7 fc1 sc0 ls27 ws0\">37<span class=\"ls0\"> </span></div></td><td class=\"c x37d y2683 w334 h69\"><div class=\"t m0 x7 h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">187 </div></td><td class=\"c x37e y2683 w335 h69\"><div class=\"t m0 x8f h1f y302 ff4 fs7 fc1 sc0 ls2a ws0\">27<span class=\"ls0\"> </span></div></td><td class=\"c x37f y2683 w86 h69\"><div class=\"t m0 x36 h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">251<span class=\"fc17\"> </span></div></td><td class=\"c x380 y2683 w337 h69\"><div class=\"t m0 x32 h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">38.770 </div></td><td class=\"c x381 y2683 w11e h69\"><div class=\"t m0 x31 h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">39.021 </div></td></tr><tr><td class=\"c x262 y2684 w9dd h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc7 sc6 ls0 ws0\">Cove<span class=\"_ _1\"></span>rag<span class=\"_ _1\"></span>e<span class=\"_ _df\"> </span></div></td><td class=\"c x37c y2685 w336 h90\"><div class=\"t m0 x48 h1f y2c6 ff4 fs7 fc7 sc6 ls0 ws0\">2025<span class=\"_ _f\"></span> </div></td><td class=\"c x373 y2685 w319 h90\"><div class=\"t m0 x27 h1f y2c6 ff4 fs7 fc1 sc0 ls0 ws0\">83,98% </div></td><td class=\"c x37d y2685 w334 h90\"><div class=\"t m0 x38 h1f y2c6 ff4 fs7 fc1 sc0 ls0 ws0\">44,51% </div></td><td class=\"c x37e y2685 w335 h90\"><div class=\"t m0 x48 h1f y2c6 ff4 fs7 fc1 sc0 ls0 ws0\">42,55% </div></td><td class=\"c x37f y2685 w86 h90\"><div class=\"t m0 x32 h1f y2c6 ff4 fs7 fc1 sc0 ls0 ws0\">59,19% </div></td><td class=\"c x380 y2685 w337 h90\"><div class=\"t m0 x35 h1f y2c6 ff4 fs7 fc1 sc0 ls0 ws0\">0,23% </div></td><td class=\"c x381 y2685 w11e h90\"><div class=\"t m0 x36 h1f y2c6 ff4 fs7 fc1 sc0 ls0 ws0\">1,15% </div></td></tr><tr><td class=\"c x262 y2491 w9de h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc7 sc6 ls0 ws0\">puntu<span class=\"_ _1\"></span>ali<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr></table>Sono presenti coperture <span class=\"_ _2\"></span>di micro <span class=\"_ _2\"></span>fair value hedge s<span class=\"_ _2\"></span>u titoli di <span class=\"_ _2\"></span>debito a tasso <span class=\"_ _2\"></span>fisso. La <span class=\"_ _2\"></span>copertura \u00e8 di<span class=\"_ _df\"> </span>tipo fair value he<span class=\"_ _1\"></span>dge attuata attraverso la designaz<span class=\"_ _1\"></span>ione di appositi strumenti di copertura (Inte<span class=\"_ _1\"></span>res<span class=\"_ _2\"></span><span class=\"ls4a\">t<span class=\"_ _df\"> </span></span>Rate Swap) con copertura s<span class=\"_ _2\"></span>peci<span class=\"_ _1\"></span>fica del c.d. \u201crischio tasso\u201d<span class=\"_ _2\"></span> su detti titoli; la relazione venuta cos\u00ec a<span class=\"_ _df\"> </span>crearsi <span class=\"_ _4\"> </span>fra <span class=\"_ _4\"> </span>Hedg<span class=\"_ _1\"></span>ed <span class=\"_ _4\"> </span>Item <span class=\"_ _4\"> </span>e <span class=\"_ _22\"> </span>Hedging <span class=\"_ _4\"> </span>Instrument <span class=\"_ _4\"> </span>ha <span class=\"_ _4\"> </span>comportato <span class=\"_ _4\"> </span>la  r<span class=\"_ _2\"></span>edazione<span class=\"_ _1\"></span> <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>una <span class=\"_ _22\"> </span>specifica<span class=\"_ _df\"> </span>documentazione <span class=\"_ _d\"></span>che <span class=\"_ _0\"></span>formalizza <span class=\"_ _0\"></span>la <span class=\"_ _0\"></span>relazione <span class=\"_ _d\"></span>di <span class=\"_ _0\"></span>copertura <span class=\"_ _0\"></span>ed <span class=\"_ _0\"></span>ha <span class=\"_ _0\"></span>altres\u00ec <span class=\"_ _0\"></span>usufruito <span class=\"_ _d\"></span>delle <span class=\"_ _0\"></span>particolari<span class=\"_ _df\"> </span>regole <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>contabilizzazione <span class=\"_ _0\"></span>d<span class=\"_ _2\"></span>ell\u2019Hedge <span class=\"_ _9\"> </span>Accounting. <span class=\"_ _9\"> </span>Si <span class=\"_ _9\"> </span>segnala <span class=\"_ _9\"> </span>che <span class=\"_ _9\"> </span>sono <span class=\"_ _9\"> </span>stat<span class=\"_ _2\"></span>i <span class=\"_ _0\"></span>effettuati <span class=\"_ _9\"> </span>i <span class=\"_ _9\"> </span>test <span class=\"_ _9\"> </span>di<span class=\"_ _df\"> </span>efficacia (sia prospettici che retrospettivi)<span class=\"_ _1\"></span> con esito positivo.<span class=\"_ _df\"> </span>Sono <span class=\"_ _2\"></span>presenti <span class=\"_ _2\"></span>nella <span class=\"_ _2\"></span>categoria <span class=\"_ _2\"></span>contabile \u201cAt<span class=\"_ _2\"></span>tivit\u00e0 <span class=\"_ _2\"></span>finanziarie <span class=\"_ _2\"></span>valutate <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>costo <span class=\"_ _2\"></span>ammortizzato\u201d, <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>31<span class=\"_ _df\"> </span>dicembre <span class=\"_ _d\"></span>2025, <span class=\"_ _0\"></span>557 <span class=\"_ _0\"></span>milioni <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>E<span class=\"_ _2\"></span>uro <span class=\"_ _d\"></span>complessivi <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>ABS <span class=\"_ _d\"></span>emessi <span class=\"_ _0\"></span>da <span class=\"_ _d\"></span>veicoli <span class=\"_ _0\"></span>terzi, <span class=\"_ _d\"></span>col<span class=\"_ _2\"></span>legati <span class=\"_ _d\"></span>a <span class=\"_ _d\"></span>credi<span class=\"_ _2\"></span>ti<span class=\"_ _df\"> </span>originati <span class=\"_ _0\"></span>in <span class=\"_ _9\"> </span>Europa, <span class=\"_ _9\"> </span>con <span class=\"_ _9\"> </span>preponderanza <span class=\"_ _0\"></span>della <span class=\"_ _9\"> </span>componente <span class=\"_ _0\"></span>di<span class=\"_ _df\"> </span>origination <span class=\"_ _9\"> </span>italiana <span class=\"_ _0\"></span>(191,4 <span class=\"_ _9\"> </span>milioni <span class=\"_ _0\"></span>di<span class=\"_ _df\"> </span>Euro). <span class=\"_ _e\"> </span>Il <span class=\"_ _10\"> </span>port<span class=\"_ _2\"></span>afoglio <span class=\"_ _e\"> </span>\u00e8 <span class=\"_ _10\"> </span>costituito <span class=\"_ _10\"> </span>da <span class=\"_ _10\"> </span>differenti <span class=\"_ _10\"> </span>tipologie <span class=\"_ _e\"> </span>di <span class=\"_ _18\"> </span>ABS <span class=\"_ _e\"> </span>con <span class=\"_ _10\"> </span>una <span class=\"_ _10\"> </span>prevalenza <span class=\"_ _10\"> </span>delle<span class=\"_ _df\"> </span>cartolarizzazioni di mutui residenziali,<span class=\"_ _1\"></span> che incidono per il 35,1%. L\u2019attuale esposizione suddivisa pe<span class=\"_ _1\"></span>r rischio paese \u00e8 cos\u00ec composta:<div class=\"gs90f\"><table class=\"s w9f5 h4b0\" id=\"_7a87fcfb-6357-4377-9742-1822ed008461\"><tr><td></td><td class=\"c x39f y26a7 w9f6 h4b1\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">Cont<span class=\"_ _f\"></span>rovalo<span class=\"_ _1\"></span>re (m<span class=\"_ _f\"></span>igliaia<span class=\"_ _df\"> </span></div></td><td></td></tr><tr><td class=\"c x3a0 y26a8 w307 h23d\"><div class=\"t m0 x31 h1f y496 ff4 fs7 fc4 sc3 ls0 ws0\">Paes<span class=\"_ _1\"></span>e </div></td><td class=\"c x3a1 y26a9 w9f7 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">Euro<span class=\"_ _1\"></span>)<span class=\"_ _df\"> </span></div></td><td class=\"c x3a2 y26a8 w33a h23d\"><div class=\"t m0 x27 h1f y496 ff4 fs7 fc4 sc3 lsce ws0\">% <span class=\"ls0\">Espo<span class=\"_ _f\"></span>sizione</span><span class=\"ls0\"><span class=\"_ _f\"></span> </span></div></td></tr><tr><td class=\"c x3a0 y26aa w307 h242\"><div class=\"t m0 x31 h1f y496 ff4 fs7 fc1 sc0 ls0 ws0\">ITALIA </div></td><td class=\"c x3a3 y26aa w339 h242\"><div class=\"t m0 x8f h1f y496 ff4 fs7 fc1 sc0 ls0 ws0\">191.403 </div></td><td class=\"c x3a2 y26aa w33a h242\"><div class=\"t m0 x90 h1f y496 ff4 fs7 fc1 sc0 ls0 ws0\">34,3 </div></td></tr><tr><td class=\"c x3a0 y26ab w307 h243\"><div class=\"t m0 x26 h1f y496 ff4 fs7 fc1 sc0 ls0 ws0\">FRANCIA </div></td><td class=\"c x3a3 y26ab w339 h243\"><div class=\"t m0 x8f h1f y496 ff4 fs7 fc1 sc0 ls0 ws0\">127.869 </div></td><td class=\"c x3a2 y26ab w33a h243\"><div class=\"t m0 x90 h1f y496 ff4 fs7 fc1 sc0 ls0 ws0\">22,9 </div></td></tr><tr><td class=\"c x3a0 y26ac w307 h243\"><div class=\"t m0 x2c h1f y496 ff4 fs7 fc1 sc0 ls0 ws0\">GERMANIA </div></td><td class=\"c x3a3 y26ac w339 h243\"><div class=\"t m0 x8f h1f y496 ff4 fs7 fc1 sc0 ls0 ws0\">105.840 </div></td><td class=\"c x3a2 y26ac w33a h243\"><div class=\"t m0 x7 h1f y496 ff4 fs7 fc1 sc0 ls0 ws0\">19,1 </div></td></tr><tr><td class=\"c x3a0 y26ad w307 h17f\"><div class=\"t m0 x34 h1f y496 ff4 fs7 fc1 sc0 ls0 ws0\">SPAGNA </div></td><td class=\"c x3a3 y26ad w339 h17f\"><div class=\"t m0 x96 h1f y496 ff4 fs7 fc1 sc0 ls0 ws0\">87.101 </div></td><td class=\"c x3a2 y26ad w33a h17f\"><div class=\"t m0 x90 h1f y496 ff4 fs7 fc1 sc0 ls0 ws0\">15,6 </div></td></tr><tr><td class=\"c x3a0 y26ae w307 h1af\"><div class=\"t m0 x33 h1f y496 ff4 fs7 fc1 sc0 ls0 ws0\">PAESI BASSI </div></td><td class=\"c x3a3 y26ae w339 h1af\"><div class=\"t m0 x96 h1f y496 ff4 fs7 fc1 sc0 ls0 ws0\">45.112 </div></td><td class=\"c x3a2 y26ae w33a h1af\"><div class=\"t m0 x1c h1f y496 ff4 fs7 fc1 sc0 ls0 ws0\">8,1 </div></td></tr><tr><td class=\"c x3a0 y26af w307 h243\"><div class=\"t m0 x37 h1f y496 ff4 fs7 fc4 sc3 ls0 ws0\">TOTA<span class=\"_ _1\"></span>LE </div></td><td class=\"c x3a3 y26af w339 h243\"><div class=\"t m0 x8f h1f y496 ff4 fs7 fc4 sc3 ls0 ws0\">557.<span class=\"_ _1\"></span>325 </div></td><td class=\"c x3a2 y26af w33a h243\"><div class=\"t m0 x12 h1f y496 ff4 fs7 fc4 sc3 ls0 ws0\">100,<span class=\"_ _f\"></span>0 </div></td></tr></table></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs910\">Si <span class=\"_ _f\"></span>\u00e8 adottata <span class=\"_ _f\"></span>anche <span class=\"_ _1\"></span>la <span class=\"_ _f\"></span>met<span class=\"_ _2\"></span>odolog<span class=\"_ _1\"></span>ia <span class=\"_ _f\"></span>cont<span class=\"_ _2\"></span>abile<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>del <span class=\"_ _f\"></span>Macro Fair <span class=\"_ _f\"></span>Value Hed<span class=\"_ _f\"></span>g<span class=\"_ _2\"></span>e <span class=\"_ _f\"></span>per la <span class=\"_ _f\"></span>copertura <span class=\"_ _f\"></span>del rischio<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs911\">di tasso <span class=\"ff5\">associato all\u2019erogazione di mutui a tasso fisso</span>.<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs912\">Sono p<span class=\"_ _1\"></span>resenti, inoltre,<span class=\"_ _f\"></span> coperture <span class=\"_ _f\"></span>di Macro Cash<span class=\"_ _f\"></span> Flow <span class=\"_ _1\"></span>Hedge <span class=\"_ _f\"></span>su erogazioni <span class=\"_ _f\"></span>di mutui <span class=\"_ _f\"></span>a tasso <span class=\"_ _f\"></span>variabile.<span class=\"_ _df\"> </span> </div>4.3 <span class=\"_ _1\"></span>Attivi<span class=\"_ _1\"></span>t\u00e0 fina<span class=\"_ _1\"></span>nziari<span class=\"_ _1\"></span>e va<span class=\"_ _1\"></span>lutat<span class=\"_ _f\"></span>e al cos<span class=\"_ _1\"></span>to am<span class=\"_ _f\"></span>mortizza<span class=\"_ _1\"></span>to: <span class=\"_ _1\"></span>compo<span class=\"_ _f\"></span>sizione <span class=\"_ _1\"></span>per d<span class=\"_ _1\"></span>ebito<span class=\"_ _1\"></span>ri/em<span class=\"_ _f\"></span>ittenti de<span class=\"_ _1\"></span>i cred<span class=\"_ _1\"></span>iti ve<span class=\"_ _1\"></span>rso cli<span class=\"_ _1\"></span>entela<span class=\"_ _f\"></span><span class=\"fc1 sc0\"> </span><table class=\"s w9f8 h4b2\" id=\"_e24eb7b0-f774-4aa3-9bf6-f2946fcdb2e9\"><tr><td></td><td></td><td class=\"c x3a4 y26b0 w33c h131\"><div class=\"t m0 x24 h1f y32 ff4 fs7 fc4 sc3 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale<span class=\"fc1 sc0\"> </span></div></td><td></td><td></td><td class=\"c x3a5 y26b0 w33d h131\"><div class=\"t m0 x24 h1f y32 ff4 fs7 fc4 sc3 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale<span class=\"fc1 sc0\"> </span></div></td><td></td></tr><tr><td></td><td></td><td class=\"c x3a4 y26b1 w33c h131\"><div class=\"t m0 x1b1 h1f y40 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/<span class=\"_ _f\"></span>2025<span class=\"fc1 sc0\"> </span></div></td><td></td><td></td><td class=\"c x3a5 y26b1 w33d h131\"><div class=\"t m0 x1b1 h1f y40 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/<span class=\"_ _f\"></span>2024<span class=\"fc1 sc0\"> </span></div></td><td></td></tr><tr><td class=\"c x36d y26b2 w33b h245\"><div class=\"t m0 xab h1f y1532 ff4 fs7 fc4 sc3 ls0 ws0\">Tipol<span class=\"_ _f\"></span>ogia op<span class=\"_ _f\"></span>erazion<span class=\"_ _1\"></span>i/Va<span class=\"_ _1\"></span>lori<span class=\"_ _1\"></span><span class=\"fc1 sc0\"> </span></div></td><td class=\"c x3a6 y26b3 w9f9 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">Prim<span class=\"_ _1\"></span>o e<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x3a7 y26b4 w9fa h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">Atti<span class=\"_ _1\"></span>vit\u00e0 i<span class=\"_ _1\"></span>mpa<span class=\"_ _1\"></span>ired<span class=\"_ _df\"> </span></div></td><td class=\"c x3a8 y26b3 w9fb h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">Prim<span class=\"_ _1\"></span>o e<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x3a9 y26b4 w9fa h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">Atti<span class=\"_ _1\"></span>vit\u00e0 i<span class=\"_ _1\"></span>mpa<span class=\"_ _1\"></span>ired<span class=\"_ _df\"> </span></div></td></tr><tr><td></td><td class=\"c x3aa y26b5 w9fc h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">secon<span class=\"_ _f\"></span>do sta<span class=\"_ _1\"></span>dio<span class=\"_ _df\"> </span></div></td><td class=\"c x3ab y26b2 w33f h246\"><div class=\"t m0 xac h1f y14 ff4 fs7 fc4 sc3 ls0 ws0\">Terz<span class=\"_ _1\"></span>o sta<span class=\"_ _f\"></span>dio<span class=\"fc1 sc0\"> </span></div></td><td class=\"c x3ac y26b6 w9fd h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">acq<span class=\"_ _1\"></span>uisit<span class=\"_ _f\"></span>e o<span class=\"_ _df\"> </span></div></td><td class=\"c x3ad y26b5 w9fc h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">secon<span class=\"_ _f\"></span>do sta<span class=\"_ _1\"></span>dio<span class=\"_ _df\"> </span></div></td><td class=\"c x3ae y26b2 w341 h246\"><div class=\"t m0 xab h1f y14 ff4 fs7 fc4 sc3 ls0 ws0\">Terz<span class=\"_ _1\"></span>o sta<span class=\"_ _f\"></span>dio<span class=\"fc1 sc0\"> </span></div></td><td class=\"c x3af y26b6 w9fd h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">acq<span class=\"_ _1\"></span>uisit<span class=\"_ _f\"></span>e o<span class=\"_ _df\"> </span></div></td></tr><tr><td></td><td></td><td></td><td class=\"c x3b0 y26b7 w9ad h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">origi<span class=\"_ _1\"></span>nat<span class=\"_ _f\"></span>e<span class=\"_ _df\"> </span></div></td><td></td><td></td><td class=\"c x3b1 y26b7 w9fe h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">origi<span class=\"_ _1\"></span>nat<span class=\"_ _1\"></span>e<span class=\"_ _df\"> </span></div></td></tr><tr><td class=\"c x36d y26b8 w343 hc8\"><div class=\"t m0 x8a h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">1. Tit<span class=\"_ _f\"></span>oli di de<span class=\"_ _f\"></span>bito<span class=\"sc0\"> </span></div></td><td class=\"c x3a4 y26b8 w33e hc8\"><div class=\"t m0 x34 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">6.231.<span class=\"_ _f\"></span>081<span class=\"sc0\"> </span></div></td><td class=\"c x3ab y26b8 w344 hc8\"><div class=\"t m0 xe h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x3b2 y26b8 w345 hc8\"><div class=\"t m0 xe6 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x3a5 y26b8 w256 hc8\"><div class=\"t m0 x26 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">7.33<span class=\"_ _1\"></span>1.288<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x3b3 y26b8 w346 hc8\"><div class=\"t m0 xe h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x3b4 y26b8 w347 hc8\"><div class=\"t m0 xe5 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x3b5 y26b9 w9ff h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">a) Amministrazion<span class=\"_ _f\"></span>i<span class=\"_ _df\"> </span></div></td><td class=\"c x3a4 y26ba w33e h58\"><div class=\"t m0 x3a h1f y2ea ff4 fs7 fc1 sc0 ls0 ws0\">5.504.865 </div></td><td class=\"c x3ab y26ba w344 h58\"><div class=\"t m0 xe h1f y2ea ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x3b2 y26ba w345 h58\"><div class=\"t m0 xe6 h1f y2ea ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x3a5 y26ba w256 h58\"><div class=\"t m0 x3a h1f y2ea ff4 fs7 fc1 sc0 ls0 ws0\">6.794.368 </div></td><td class=\"c x3b3 y26ba w346 h58\"><div class=\"t m0 xe h1f y2ea ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x3b4 y26ba w347 h58\"><div class=\"t m0 xe5 h1f y2ea ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x3b5 y26bb wa00 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">pubbliche<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x3b5 y26bc wa01 h48b\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">b) Altre societ\u00e0<span class=\"_ _df\"> </span></div></td><td class=\"c x3a4 y26bd w33e h58\"><div class=\"t m0 x30 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">726.216 </div></td><td class=\"c x3ab y26bd w344 h58\"><div class=\"t m0 xe h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x3b2 y26bd w345 h58\"><div class=\"t m0 xe6 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x3a5 y26bd w256 h58\"><div class=\"t m0 x30 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">536.421 </div></td><td class=\"c x3b3 y26bd w346 h58\"><div class=\"t m0 xe h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x3b4 y26bd w347 h58\"><div class=\"t m0 xe5 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x3b5 y26be wa02 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">finanziarie<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x3b6 y26bf wa03 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">di cui: imprese d<span class=\"_ _1\"></span>i<span class=\"_ _df\"> </span></div></td><td class=\"c x3a4 y26c0 w33e had\"><div class=\"t m0 xe h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">515 </div></td><td class=\"c x3ab y26c0 w344 had\"><div class=\"t m0 xe h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x3b2 y26c0 w345 had\"><div class=\"t m0 xe6 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x3a5 y26c0 w256 had\"><div class=\"t m0 xe h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">521 </div></td><td class=\"c x3b3 y26c0 w346 had\"><div class=\"t m0 xe h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x3b4 y26c0 w347 had\"><div class=\"t m0 xe5 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x3b6 y26c1 wa04 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">assicurazione<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x3b5 y26c2 wa05 h48b\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">c) Societ\u00e0 non<span class=\"_ _df\"> </span></div></td><td class=\"c x3a4 y26c3 w33e h58\"><div class=\"t m0 xc3 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x3ab y26c3 w344 h58\"><div class=\"t m0 xe h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x3b2 y26c3 w345 h58\"><div class=\"t m0 xe6 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x3a5 y26c3 w256 h58\"><div class=\"t m0 xf h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">499 </div></td><td class=\"c x3b3 y26c3 w346 h58\"><div class=\"t m0 xe h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x3b4 y26c3 w347 h58\"><div class=\"t m0 xe5 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x3b5 y26c4 wa02 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">finanziarie<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x36d y26c5 w343 h227\"><div class=\"t m0 x8a h1f y1534 ff4 fs7 fc1 sc2 ls0 ws0\">2. Fin<span class=\"_ _1\"></span>anz<span class=\"_ _1\"></span>iam<span class=\"_ _1\"></span>enti<span class=\"_ _1\"></span> vers<span class=\"_ _f\"></span>o:<span class=\"sc0\"> </span></div></td><td class=\"c x3a4 y26c5 w33e h227\"><div class=\"t m0 x32 h1f y1534 ff4 fs7 fc1 sc2 ls0 ws0\">38.76<span class=\"_ _f\"></span>3.503<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x3ab y26c5 w344 h227\"><div class=\"t m0 x2c h1f y1534 ff4 fs7 fc1 sc2 ls0 ws0\">244.5<span class=\"_ _f\"></span>42<span class=\"sc0\"> </span></div></td><td class=\"c x3b2 y26c5 w345 h227\"><div class=\"t m0 xa3 h1f y1534 ff4 fs7 fc1 sc2 ls0 ws0\">12.87<span class=\"_ _f\"></span>1<span class=\"sc0\"> </span></div></td><td class=\"c x3a5 y26c5 w256 h227\"><div class=\"t m0 x33 h1f y1534 ff4 fs7 fc1 sc2 ls0 ws0\">36.08<span class=\"_ _1\"></span>9.46<span class=\"_ _f\"></span>5<span class=\"sc0\"> </span></div></td><td class=\"c x3b3 y26c5 w346 h227\"><div class=\"t m0 x27 h1f y1534 ff4 fs7 fc1 sc2 ls0 ws0\">258.7<span class=\"_ _f\"></span>17<span class=\"sc0\"> </span></div></td><td class=\"c x3b4 y26c5 w347 h227\"><div class=\"t m0 xa3 h1f y1534 ff4 fs7 fc1 sc2 ls0 ws0\">15.45<span class=\"_ _f\"></span>5<span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x3b5 y26c6 w9ff h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">a) Amministrazion<span class=\"_ _f\"></span>i<span class=\"_ _df\"> </span></div></td><td class=\"c x3a4 y26c7 w33e had\"><div class=\"t m0 x31 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">567.272 </div></td><td class=\"c x3ab y26c7 w344 had\"><div class=\"t m0 x15 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">1.327 </div></td><td class=\"c x3b2 y26c7 w345 had\"><div class=\"t m0 xe6 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x3a5 y26c7 w256 had\"><div class=\"t m0 x31 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">567.423 </div></td><td class=\"c x3b3 y26c7 w346 had\"><div class=\"t m0 x30 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">1.632 </div></td><td class=\"c x3b4 y26c7 w347 had\"><div class=\"t m0 xe5 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x3b5 y26c8 wa00 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">pubbliche<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x3b5 y26c9 wa01 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">b) Altre societ\u00e0<span class=\"_ _df\"> </span></div></td><td class=\"c x3a4 y26ca w33e h58\"><div class=\"t m0 x38 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">2.171.912 </div></td><td class=\"c x3ab y26ca w344 h58\"><div class=\"t m0 x90 h1f y420 ff4 fs7 fc1 sc0 ls2b ws0\">87<span class=\"ls0\"> </span></div></td><td class=\"c x3b2 y26ca w345 h58\"><div class=\"t m0 xe6 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x3a5 y26ca w256 h58\"><div class=\"t m0 x31 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">753.490 </div></td><td class=\"c x3b3 y26ca w346 h58\"><div class=\"t m0 x13 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">265 </div></td><td class=\"c x3b4 y26ca w347 h58\"><div class=\"t m0 xec h1f y420 ff4 fs7 fc1 sc0 ls27 ws0\">31<span class=\"ls0\"> </span></div></td></tr><tr><td class=\"c x3b5 y26cb wa02 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">finanziarie<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x3b6 y26cc wa03 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">di cui: imprese d<span class=\"_ _1\"></span>i<span class=\"_ _df\"> </span></div></td><td class=\"c x3a4 y26cd w33e had\"><div class=\"t m0 x15 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">211.524 </div></td><td class=\"c x3ab y26cd w344 had\"><div class=\"t m0 xe h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x3b2 y26cd w345 had\"><div class=\"t m0 xe6 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x3a5 y26cd w256 had\"><div class=\"t m0 x30 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">173.063 </div></td><td class=\"c x3b3 y26cd w346 had\"><div class=\"t m0 xe h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x3b4 y26cd w347 had\"><div class=\"t m0 xe5 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x3b6 y26ce wa04 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">assicurazione<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x3b5 y26cf wa05 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">c) Societ\u00e0 non<span class=\"_ _df\"> </span></div></td><td class=\"c x3a4 y26d0 w33e h58\"><div class=\"t m0 x35 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">17.898.497 </div></td><td class=\"c x3ab y26d0 w344 h58\"><div class=\"t m0 x26 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">101.025 </div></td><td class=\"c x3b2 y26d0 w345 h58\"><div class=\"t m0 x8 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">3.407 </div></td><td class=\"c x3a5 y26d0 w256 h58\"><div class=\"t m0 x32 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">17.360.980 </div></td><td class=\"c x3b3 y26d0 w346 h58\"><div class=\"t m0 x3a h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">107.937 </div></td><td class=\"c x3b4 y26d0 w347 h58\"><div class=\"t m0 x8 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">4.395 </div></td></tr><tr><td class=\"c x3b5 y26d1 wa02 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">finanziarie<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x36d y26d2 w343 hc8\"><div class=\"t m0 x130 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">d) Famiglie </div></td><td class=\"c x3a4 y26d2 w33e hc8\"><div class=\"t m0 x2c h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">18.125.822 </div></td><td class=\"c x3ab y26d2 w344 hc8\"><div class=\"t m0 x26 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">142.103 </div></td><td class=\"c x3b2 y26d2 w345 hc8\"><div class=\"t m0 xa3 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">9.464 </div></td><td class=\"c x3a5 y26d2 w256 hc8\"><div class=\"t m0 x2c h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">17.407.572 </div></td><td class=\"c x3b3 y26d2 w346 hc8\"><div class=\"t m0 x2c h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">148.883 </div></td><td class=\"c x3b4 y26d2 w347 hc8\"><div class=\"t m0 xa3 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">11.029 </div></td></tr><tr><td class=\"c x36d y26d3 w343 hc8\"><div class=\"t m0 x199 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale<span class=\"sc0\"> </span></div></td><td class=\"c x3a4 y26d3 w33e hc8\"><div class=\"t m0 x33 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">44.99<span class=\"_ _f\"></span>4.584<span class=\"sc0\"> </span></div></td><td class=\"c x3ab y26d3 w344 hc8\"><div class=\"t m0 x2c h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">244.5<span class=\"_ _f\"></span>42<span class=\"sc0\"> </span></div></td><td class=\"c x3b2 y26d3 w345 hc8\"><div class=\"t m0 xa3 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">12.87<span class=\"_ _f\"></span>1<span class=\"sc0\"> </span></div></td><td class=\"c x3a5 y26d3 w256 hc8\"><div class=\"t m0 x32 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">43.4<span class=\"_ _1\"></span>20.7<span class=\"_ _1\"></span>53<span class=\"sc0\"> </span></div></td><td class=\"c x3b3 y26d3 w346 hc8\"><div class=\"t m0 x27 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">258.7<span class=\"_ _f\"></span>17<span class=\"sc0\"> </span></div></td><td class=\"c x3b4 y26d3 w347 hc8\"><div class=\"t m0 xa3 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">15.45<span class=\"_ _f\"></span>5<span class=\"sc0\"> </span></div></td></tr></table><div class=\"c w2da h13 gs917\"><div class=\"t m0 x10 h5 y3e4 ff4 fs1 fc4 sc3 ls0 ws0\">4.4 At<span class=\"_ _f\"></span>tivit\u00e0 fi<span class=\"_ _1\"></span>nanzia<span class=\"_ _1\"></span>rie v<span class=\"_ _1\"></span>alut<span class=\"_ _1\"></span>ate a<span class=\"_ _1\"></span>l cost<span class=\"_ _1\"></span>o amm<span class=\"_ _f\"></span>ortizzat<span class=\"_ _1\"></span>o: va<span class=\"_ _f\"></span>lore lord<span class=\"_ _f\"></span>o e retti<span class=\"_ _1\"></span>fiche di<span class=\"_ _1\"></span> val<span class=\"_ _1\"></span>ore co<span class=\"_ _f\"></span>mplessi<span class=\"_ _f\"></span>ve </div></div><div class=\"gs918\"><table class=\"s wa06 h4b3\" id=\"_a1dc9a62-3d49-4d08-8681-9e80e9109c1d\"><tr><td></td><td></td><td></td><td></td><td class=\"c x3b7 y26d4 w348 ha3\"><div class=\"t m0 xed h30 y394 ff4 fsb fc4 sc3 ls0 ws0\">Valore lor<span class=\"_ _1\"></span>do </div></td><td></td><td></td><td></td><td></td><td class=\"c x333 y26d4 w349 ha3\"><div class=\"t m0 x97 h30 y394 ff4 fsb fc4 sc3 ls0 ws0\">Rettific<span class=\"_ _1\"></span>he di valore<span class=\"_ _1\"></span> comples<span class=\"_ _1\"></span>sive </div></td><td></td><td></td><td></td></tr><tr><td></td><td></td><td class=\"c x3b8 y26d5 wa07 h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">Primo<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x3b9 y26d5 wa08 h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">Secondo<span class=\"_ _df\"> </span></div></td><td class=\"c x3ba y26d5 w9b7 h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">Terzo<span class=\"_ _df\"> </span></div></td><td class=\"c x3bb y26d5 w9b5 h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">Impaired<span class=\"_ _df\"> </span></div></td><td class=\"c x3bc y26d5 wa09 h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">Primo<span class=\"_ _df\"> </span></div></td><td class=\"c x3bd y26d5 wa08 h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">Secondo<span class=\"_ _df\"> </span></div></td><td class=\"c x3be y26d5 w9b7 h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">Terzo<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x3bf y26d5 w9b5 h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">Impaired<span class=\"_ _df\"> </span></div></td><td class=\"c x3c0 y26d5 wa0a h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">Write-of<span class=\"_ _1\"></span>f<span class=\"_ _df\"> </span></div></td></tr><tr><td></td><td></td><td class=\"c x3b8 y26d6 w9ba h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">stadio<span class=\"_ _df\"> </span></div></td><td class=\"c x3c1 y26d7 wa0b h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">di cui:</div></td><td class=\"c x3c2 y26d6 w9ba h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">stadio<span class=\"_ _df\"> </span></div></td><td class=\"c x3ba y26d6 w9ba h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">stadio<span class=\"_ _df\"> </span></div></td><td class=\"c x3c3 y26d6 wa0c h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls3f ws0\">ac<span class=\"ls0\">quisite<span class=\"_ _df\"> </span></span></div></td><td class=\"c x3bc y26d6 w9bc h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">stadio<span class=\"_ _df\"> </span></div></td><td class=\"c x3c4 y26d6 w9bc h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">stadio<span class=\"_ _df\"> </span></div></td><td class=\"c x3be y26d6 w9bc h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">stadio<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x3c5 y26d6 w9b8 h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">acquisite<span class=\"_ _df\"> </span></div></td><td class=\"c x3c6 y26d6 wa0d h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">parziali<span class=\"_ _df\"> </span></div></td></tr><tr><td></td><td></td><td></td><td class=\"c x3c7 y26d8 wa0e h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">Strume<span class=\"_ _1\"></span>nti<span class=\"_ _df\"> </span></div></td><td></td><td></td><td class=\"c x338 y26d9 wa0f h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">o origina<span class=\"_ _1\"></span>te<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td class=\"c x3c8 y26d9 wa0f h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">o origina<span class=\"_ _1\"></span>te<span class=\"_ _df\"> </span></div></td><td class=\"c x3c9 y26d9 wa10 h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">comples<span class=\"_ _1\"></span>sivi<span class=\"_ _df\"> </span></div></td></tr><tr><td></td><td></td><td></td><td class=\"c x3c7 y26da wa11 h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">con bass<span class=\"_ _1\"></span>o<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td></td><td></td><td></td><td class=\"c x3ca y26db wa12 h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">rischio<span class=\"_ _1\"></span> di<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td></td><td></td><td></td><td class=\"c x3cb y26dc wa13 h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">credito<span class=\"_ _df\"> </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 x2e0 y26dd w20b hc8\"><div class=\"t m0 x10 h30 y3e4 ff4 fsb fc1 sc0 ls0 ws0\">Titoli di debito </div></td><td></td><td class=\"c x3b7 y26dd w34b hc8\"><div class=\"t m0 xac h30 y3e4 ff4 fsb fc1 sc0 ls0 ws0\">6.874.766 </div></td><td class=\"c x3cc y26dd w34c hc8\"><div class=\"t m0 x31 h30 y3e4 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x3cd y26dd w34d hc8\"><div class=\"t m0 x31 h30 y3e4 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x3ce y26dd w318 hc8\"><div class=\"t m0 x31 h30 y3e4 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x34d y26dd w1db hc8\"><div class=\"t m0 x31 h30 y3e4 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x333 y26dd w318 hc8\"><div class=\"t m0 x39 h30 y3e4 ff4 fsb fc1 sc0 ls0 ws0\">2.664 </div></td><td></td><td class=\"c x3cf y26dd w34d hc8\"><div class=\"t m0 x31 h30 y3e4 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x3d0 y26dd w1d4 hc8\"><div class=\"t m0 x31 h30 y3e4 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x3d1 y26dd w34d hc8\"><div class=\"t m0 x31 h30 y3e4 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x3d2 y26dd w1c6 hc8\"><div class=\"t m0 x36 h30 y3e4 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2e0 y26de w20b hc8\"><div class=\"t m0 x10 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">Finanziamenti<span class=\"_ _2\"></span> </div></td><td></td><td class=\"c x3b7 y26de w34b hc8\"><div class=\"t m0 x10 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">37.953.841 </div></td><td class=\"c x3cc y26de w34c hc8\"><div class=\"t m0 x16a h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">446.821 </div></td><td class=\"c x3cd y26de w34d hc8\"><div class=\"t m0 xab h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">2.713.650 </div></td><td class=\"c x3ce y26de w318 hc8\"><div class=\"t m0 x8e h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">606.398 </div></td><td class=\"c x34d y26de w1db hc8\"><div class=\"t m0 x55 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">14.820 </div></td><td class=\"c x333 y26de w318 hc8\"><div class=\"t m0 x2e h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">35.306 </div></td><td></td><td class=\"c x3cf y26de w34d hc8\"><div class=\"t m0 x2e h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">54.379 </div></td><td class=\"c x3d0 y26de w1d4 hc8\"><div class=\"t m0 x16a h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">361.856 </div></td><td class=\"c x3d1 y26de w34d hc8\"><div class=\"t m0 x48 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">1.949 </div></td><td class=\"c x3d2 y26de w1c6 hc8\"><div class=\"t m0 x14 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">20.659 </div></td></tr><tr><td class=\"c x2e0 y26df w20b hc8\"><div class=\"t m0 x38 h30 y74a ff4 fsb fc1 sc2 ls0 ws0\">Totale </div></td><td class=\"c x3d3 y26df w20a hc8\"><div class=\"t m0 x14 h30 y74a ff4 fsb fc1 sc2 ls0 ws0\">31/12/2025<span class=\"_ _f\"></span> </div></td><td class=\"c x3b7 y26df w34b hc8\"><div class=\"t m0 x10 h30 y74a ff4 fsb fc1 sc2 ls0 ws0\">44.828.6<span class=\"_ _1\"></span>07 </div></td><td class=\"c x3cc y26df w34c hc8\"><div class=\"t m0 x116 h30 y74a ff4 fsb fc1 sc2 ls0 ws0\">446.821 </div></td><td class=\"c x3cd y26df w34d hc8\"><div class=\"t m0 xab h30 y74a ff4 fsb fc1 sc2 ls0 ws0\">2.713.65<span class=\"_ _1\"></span>0 </div></td><td class=\"c x3ce y26df w318 hc8\"><div class=\"t m0 x2f h30 y74a ff4 fsb fc1 sc2 ls0 ws0\">606.398<span class=\"_ _1\"></span> </div></td><td class=\"c x34d y26df w1db hc8\"><div class=\"t m0 x55 h30 y74a ff4 fsb fc1 sc2 ls0 ws0\">14.820 </div></td><td class=\"c x333 y26df w318 hc8\"><div class=\"t m0 x55 h30 y74a ff4 fsb fc1 sc2 ls0 ws0\">37.970<span class=\"_ _1\"></span> </div></td><td></td><td class=\"c x3cf y26df w34d hc8\"><div class=\"t m0 x55 h30 y74a ff4 fsb fc1 sc2 ls0 ws0\">54.379 </div></td><td class=\"c x3d0 y26df w1d4 hc8\"><div class=\"t m0 x116 h30 y74a ff4 fsb fc1 sc2 ls0 ws0\">361.856 </div></td><td class=\"c x3d1 y26df w34d hc8\"><div class=\"t m0 x48 h30 y74a ff4 fsb fc1 sc2 ls0 ws0\">1.949 </div></td><td class=\"c x3d2 y26df w1c6 hc8\"><div class=\"t m0 x14 h30 y74a ff4 fsb fc1 sc2 ls0 ws0\">20.659 </div></td></tr><tr><td class=\"c x2e0 y26e0 w20b hc8\"><div class=\"t m0 x38 h30 y74a ff4 fsb fc1 sc2 ls0 ws0\">Totale </div></td><td class=\"c x3d3 y26e0 w20a hc8\"><div class=\"t m0 x14 h30 y74a ff4 fsb fc1 sc2 ls0 ws0\">31/12/202<span class=\"_ _f\"></span>4 </div></td><td class=\"c x3b7 y26e0 w34b hc8\"><div class=\"t m0 x10 h30 y74a ff4 fsb fc1 sc2 ls0 ws0\">42.782.65<span class=\"_ _f\"></span>4 </div></td><td class=\"c x3cc y26e0 w34c hc8\"><div class=\"t m0 x16a h30 y74a ff4 fsb fc1 sc2 ls0 ws0\">267.93<span class=\"_ _1\"></span>9 </div></td><td class=\"c x3cd y26e0 w34d hc8\"><div class=\"t m0 xab h30 y74a ff4 fsb fc1 sc2 ls0 ws0\">2.307.018<span class=\"_ _f\"></span> </div></td><td class=\"c x3ce y26e0 w318 hc8\"><div class=\"t m0 x16a h30 y74a ff4 fsb fc1 sc2 ls0 ws0\">657.873<span class=\"_ _1\"></span> </div></td><td class=\"c x34d y26e0 w1db hc8\"><div class=\"t m0 x39 h30 y74a ff4 fsb fc1 sc2 ls0 ws0\">17.601 </div></td><td class=\"c x333 y26e0 w318 hc8\"><div class=\"t m0 x2e h30 y74a ff4 fsb fc1 sc2 ls0 ws0\">47.694 </div></td><td></td><td class=\"c x3cf y26e0 w34d hc8\"><div class=\"t m0 x55 h30 y74a ff4 fsb fc1 sc2 ls0 ws0\">41.445<span class=\"_ _1\"></span> </div></td><td class=\"c x3d0 y26e0 w1d4 hc8\"><div class=\"t m0 x116 h30 y74a ff4 fsb fc1 sc2 ls0 ws0\">399.157 </div></td><td class=\"c x3d1 y26e0 w34d hc8\"><div class=\"t m0 x48 h30 y74a ff4 fsb fc1 sc2 ls0 ws0\">2.146 </div></td><td class=\"c x3d2 y26e0 w1c6 hc8\"><div class=\"t m0 x33 h30 y74a ff4 fsb fc1 sc2 ls0 ws0\">16.227 </div></td></tr></table></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs919\">Il principio <span class=\"_ _1\"></span>IFRS9 prevede la <span class=\"_ _1\"></span>class<span class=\"_ _2\"></span>ificazi<span class=\"_ _1\"></span>one delle attivit\u00e0 fi<span class=\"_ _1\"></span>nanziarie valutate al costo ammortizza<span class=\"_ _1\"></span>to </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs91a\">in <span class=\"_ _22\"> </span>t<span class=\"_ _2\"></span>re  stages, <span class=\"_ _4\"> </span>in <span class=\"_ _22\"> </span>or<span class=\"_ _2\"></span>dine<span class=\"_ _1\"></span> <span class=\"_ _4\"> </span>crescente  di <span class=\"_ _4\"> </span>deterioramento <span class=\"_ _22\"> </span>del <span class=\"_ _4\"> </span>merito <span class=\"_ _22\"> </span>cr<span class=\"_ _2\"></span>editizi<span class=\"_ _1\"></span>o; <span class=\"_ _4\"> </span>a  t<span class=\"_ _2\"></span>ali  categorie <span class=\"_ _22\"> </span>s<span class=\"_ _2\"></span>i </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs91b\">associano misurazioni progressivamente<span class=\"_ _1\"></span> pi\u00f9 severe delle riduzioni di valore.<span class=\"_ _2\"></span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs91c\">Il <span class=\"_ _14\"> </span>valore <span class=\"_ _14\"> </span>lordo <span class=\"_ _15\"> </span>e <span class=\"_ _14\"> </span>le <span class=\"_ _14\"> </span>r<span class=\"_ _2\"></span>ettifiche <span class=\"_ _17\"> </span>di <span class=\"_ _15\"> </span>valore <span class=\"_ _14\"> </span>complessive <span class=\"_ _14\"> </span>delle <span class=\"_ _14\"> </span>at<span class=\"_ _2\"></span>tivit\u00e0 <span class=\"_ _14\"> </span>finanziarie <span class=\"_ _14\"> </span>impaired <span class=\"_ _14\"> </span>sono </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs91d\">comprensivi degli interessi contrattuali maturati.<span class=\"_ _df\"> </span> </div><div class=\"t m0 he ff4 fs5 fc4 sc3 ls0 ws0 gs91f\">Sezio<span class=\"_ _1\"></span>ne 5 - <span class=\"_ _1\"></span>Deriva<span class=\"_ _1\"></span>ti di co<span class=\"_ _1\"></span>pert<span class=\"_ _f\"></span>ura <span class=\"ff5\">\u2013</span> Voce<span class=\"_ _1\"></span> 50<span class=\"_ _df\"> </span> </div><div class=\"c w2da h49 gs920\"><div class=\"t m0 x10 h5 y302 ff4 fs1 fc4 sc3 ls0 ws0\">5.1 De<span class=\"_ _1\"></span>riva<span class=\"_ _1\"></span>ti di <span class=\"_ _1\"></span>coper<span class=\"_ _1\"></span>tura<span class=\"_ _1\"></span>: com<span class=\"_ _f\"></span>posizione <span class=\"_ _f\"></span>per tipol<span class=\"_ _1\"></span>ogia<span class=\"_ _1\"></span> di co<span class=\"_ _f\"></span>pertura <span class=\"_ _f\"></span>e per livell<span class=\"_ _1\"></span>i </div></div><div class=\"gs921\"><table class=\"s wa14 h4b4\" id=\"_2380b7e7-f612-42ac-983f-59a63b9de518\"><tr><td></td><td></td><td></td><td class=\"c x3d4 y26e1 w34e hc8\"><div class=\"t m0 x26 h1f y28b ff4 fs7 fc4 sc3 lsca ws0\">FV<span class=\"ls0\"> </span></div></td><td class=\"c x32f y26e1 w34f hc8\"><div class=\"t m0 x10 h1f y28b ff4 fs7 fc4 sc3 ls0 ws0\">31/12/<span class=\"_ _f\"></span>2025 </div></td><td></td><td class=\"c x3d5 y26e1 w168 hc8\"><div class=\"t m0 x130 h1f y32 ff4 fs7 fc4 sc3 ls6c ws0\">VN<span class=\"ls0\"> </span></div></td><td class=\"c x3d6 y26e1 w182 hc8\"><div class=\"t m0 x26 h1f y28b ff4 fs7 fc4 sc3 lsca ws0\">FV<span class=\"ls0\"> </span></div></td><td class=\"c x34f y26e1 w34f hc8\"><div class=\"t m0 x10 h1f y28b ff4 fs7 fc4 sc3 ls0 ws0\">31/12/<span class=\"_ _f\"></span>2024 </div></td><td></td><td class=\"c x3d2 y26e1 w162 hc8\"><div class=\"t m0 x130 h1f y32 ff4 fs7 fc4 sc3 ls6c ws0\">VN<span class=\"ls0\"> </span></div></td></tr><tr><td></td><td></td><td class=\"c x3d4 y26e2 w1fc hc8\"><div class=\"t m0 x55 h1f y28b ff4 fs7 fc4 sc3 lsc7 ws0\">L1<span class=\"ls0\"> </span></div></td><td></td><td class=\"c x32f y26e2 w2a8 hc8\"><div class=\"t m0 x55 h1f y28b ff4 fs7 fc4 sc3 lsc7 ws0\">L2<span class=\"ls0\"> </span></div></td><td class=\"c x3d7 y26e2 w350 hc8\"><div class=\"t m0 x55 h1f y28b ff4 fs7 fc4 sc3 lsc7 ws0\">L3<span class=\"ls0\"> </span></div></td><td class=\"c x3d5 y26e2 w168 hc8\"><div class=\"t m0 x10 h1f y153d ff4 fs7 fc4 sc3 ls0 ws0\">31/12/<span class=\"_ _f\"></span>2025 </div></td><td></td><td class=\"c x34f y26e2 w2b8 hc8\"><div class=\"t m0 x55 h1f y28b ff4 fs7 fc4 sc3 lsc7 ws0\">L2<span class=\"ls0\"> </span></div></td><td class=\"c x3d8 y26e2 w2a8 hc8\"><div class=\"t m0 x55 h1f y28b ff4 fs7 fc4 sc3 lsc7 ws0\">L3<span class=\"ls0\"> </span></div></td><td class=\"c x3d2 y26e2 w162 hc8\"><div class=\"t m0 x10 h1f y153d ff4 fs7 fc4 sc3 ls0 ws0\">31/12/<span class=\"_ _f\"></span>2024 </div></td></tr><tr><td class=\"c x2e0 y26e3 w352 hc8\"><div class=\"t m0 x10 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">A. D<span class=\"_ _1\"></span>eriv<span class=\"_ _1\"></span>ati fi<span class=\"_ _1\"></span>nan<span class=\"_ _1\"></span>ziari </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 x2e0 y26e4 w352 hc8\"><div class=\"t m0 x8e h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">1. Fair value </div></td><td></td><td></td><td class=\"c x3d4 y26e4 w34e hc8\"><div class=\"t m0 x31 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x32f y26e4 w196 hc8\"><div class=\"t m0 x2f h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">179.098 </div></td><td class=\"c x3d7 y26e4 w353 hc8\"><div class=\"t m0 x31 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x3d5 y26e4 w168 hc8\"><div class=\"t m0 xac h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">11.185.196 </div></td><td class=\"c x3d6 y26e4 w182 hc8\"><div class=\"t m0 x31 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x34f y26e4 w2e8 hc8\"><div class=\"t m0 x8e h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">427.235 </div></td><td class=\"c x3d8 y26e4 w1c3 hc8\"><div class=\"t m0 x31 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x3d2 y26e4 w1df hc8\"><div class=\"t m0 x10 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">21.024.740 </div></td></tr><tr><td class=\"c x2e0 y26e5 w352 hc8\"><div class=\"t m0 x8e h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">2. Flussi finanziar<span class=\"_ _f\"></span>i </div></td><td></td><td></td><td class=\"c x3d4 y26e5 w34e hc8\"><div class=\"t m0 x31 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x32f y26e5 w196 hc8\"><div class=\"t m0 x30 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x3d7 y26e5 w353 hc8\"><div class=\"t m0 x31 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x3d5 y26e5 w168 hc8\"><div class=\"t m0 x8f h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x3d6 y26e5 w182 hc8\"><div class=\"t m0 x31 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x34f y26e5 w2e8 hc8\"><div class=\"t m0 x31 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x3d8 y26e5 w1c3 hc8\"><div class=\"t m0 x31 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x3d2 y26e5 w1df hc8\"><div class=\"t m0 x8f h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2e0 y26e6 w352 hc8\"><div class=\"t m0 x8e h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">3. Investiment<span class=\"_ _1\"></span>i esteri </div></td><td></td><td></td><td class=\"c x3d4 y26e6 w34e hc8\"><div class=\"t m0 x31 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x32f y26e6 w196 hc8\"><div class=\"t m0 x30 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x3d7 y26e6 w353 hc8\"><div class=\"t m0 x31 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x3d5 y26e6 w168 hc8\"><div class=\"t m0 x8f h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x3d6 y26e6 w182 hc8\"><div class=\"t m0 x31 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x34f y26e6 w2e8 hc8\"><div class=\"t m0 x31 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x3d8 y26e6 w1c3 hc8\"><div class=\"t m0 x31 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x3d2 y26e6 w1df hc8\"><div class=\"t m0 x8f h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2e0 y26e7 w352 hc8\"><div class=\"t m0 x10 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">B. Der<span class=\"_ _f\"></span>ivati cr<span class=\"_ _f\"></span>editizi </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 x2e0 y26e8 w352 hc8\"><div class=\"t m0 x8e h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">1. Fair value </div></td><td></td><td></td><td class=\"c x3d4 y26e8 w34e hc8\"><div class=\"t m0 x31 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x32f y26e8 w196 hc8\"><div class=\"t m0 x30 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x3d7 y26e8 w353 hc8\"><div class=\"t m0 x31 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x3d5 y26e8 w168 hc8\"><div class=\"t m0 x8f h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x3d6 y26e8 w182 hc8\"><div class=\"t m0 x31 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x34f y26e8 w2e8 hc8\"><div class=\"t m0 x31 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x3d8 y26e8 w1c3 hc8\"><div class=\"t m0 x31 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x3d2 y26e8 w1df hc8\"><div class=\"t m0 x8f h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2e0 y26e9 w352 hc8\"><div class=\"t m0 x8e h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">2. Flussi finanziar<span class=\"_ _f\"></span>i </div></td><td></td><td></td><td class=\"c x3d4 y26e9 w34e hc8\"><div class=\"t m0 x31 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x32f y26e9 w196 hc8\"><div class=\"t m0 x30 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x3d7 y26e9 w353 hc8\"><div class=\"t m0 x31 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x3d5 y26e9 w168 hc8\"><div class=\"t m0 x8f h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x3d6 y26e9 w182 hc8\"><div class=\"t m0 x31 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x34f y26e9 w2e8 hc8\"><div class=\"t m0 x31 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x3d8 y26e9 w1c3 hc8\"><div class=\"t m0 x31 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x3d2 y26e9 w1df hc8\"><div class=\"t m0 x8f h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td></td><td class=\"c x2e0 y26ea w352 hc8\"><div class=\"t m0 x9 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale </div></td><td></td><td class=\"c x3d4 y26ea w34e hc8\"><div class=\"t m0 x31 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td><td class=\"c x32f y26ea w196 hc8\"><div class=\"t m0 x2f h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">179.<span class=\"_ _1\"></span>098 </div></td><td class=\"c x3d7 y26ea w353 hc8\"><div class=\"t m0 x31 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td><td class=\"c x3d5 y26ea w168 hc8\"><div class=\"t m0 xac h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">11.185<span class=\"_ _1\"></span>.196<span class=\"_ _f\"></span> </div></td><td class=\"c x3d6 y26ea w182 hc8\"><div class=\"t m0 x31 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td><td class=\"c x34f y26ea w2e8 hc8\"><div class=\"t m0 x8e h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">427.<span class=\"_ _1\"></span>235<span class=\"_ _1\"></span> </div></td><td class=\"c x3d8 y26ea w1c3 hc8\"><div class=\"t m0 x31 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td><td class=\"c x3d2 y26ea w1df hc8\"><div class=\"t m0 x10 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">21.02<span class=\"_ _f\"></span>4.740 </div></td></tr></table></div><div class=\"c w351 hc8 gs922\"><div class=\"t m0 x130 h1f y28b ff4 fs7 fc4 sc3 lsc7 ws0\">L1<span class=\"_ _df\"> </span><span class=\"ls0\"> </span></div></div><div class=\"t m0 h5 ff4 fs1 fc4 sc3 ls0 ws0 gs923\">Lege<span class=\"_ _f\"></span>nda:<span class=\"_ _df\"> </span> </div><div class=\"t m0 h1f ff4 fs7 fc1 sc0 ls0 ws0 gs924\">VN = valore nozi<span class=\"_ _1\"></span>onale<span class=\"_ _df\"> </span> </div><div class=\"t m0 h1f ff4 fs7 fc1 sc0 ls0 ws0 gs925\">L1= Livello 1<span class=\"_ _df\"> </span> </div><div class=\"t m0 h1f ff4 fs7 fc1 sc0 ls0 ws0 gs926\">L2= Livello 2<span class=\"_ _df\"> </span> </div><div class=\"t m0 h1f ff4 fs7 fc1 sc0 ls0 ws0 gs927\">L3= Livello 3<span class=\"_ _df\"> </span> </div><div class=\"c w2da h248 gs928\"><div class=\"t m0 x8a h5 y826 ff4 fs1 fc4 sc3 ls0 ws0\">5.2 D<span class=\"_ _1\"></span>eriva<span class=\"_ _1\"></span>ti di<span class=\"_ _1\"></span> cope<span class=\"_ _1\"></span>rtura<span class=\"_ _f\"></span>: compos<span class=\"_ _f\"></span>izione per<span class=\"_ _1\"></span> por<span class=\"_ _1\"></span>tafog<span class=\"_ _1\"></span>li cop<span class=\"_ _1\"></span>erti <span class=\"_ _1\"></span>e pe<span class=\"_ _f\"></span>r<span class=\"_ _2\"></span> ti<span class=\"_ _1\"></span>polog<span class=\"_ _1\"></span>ia d<span class=\"_ _1\"></span>i cope<span class=\"_ _1\"></span>rtura<span class=\"fc1 sc0\"> </span></div></div><div class=\"gs929\"><table class=\"s wa15 h4b5\" id=\"_6b5ea7f4-6ff9-4fa0-aa90-75184618ddb9\"><tr><td></td><td></td><td></td><td></td><td class=\"c x3d9 y26eb w355 h79\"><div class=\"t m0 x148 h1f y400 ff4 fs7 fc4 sc3 ls0 ws0\">Fair<span class=\"_ _f\"></span> Value<span class=\"fc1 sc0\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td class=\"c x3da y26eb w55 h79\"><div class=\"t m0 x8e h1f y400 ff4 fs7 fc4 sc3 ls0 ws0\">Flus<span class=\"_ _1\"></span>si fin<span class=\"_ _f\"></span>anziari<span class=\"_ _1\"></span><span class=\"fc1 sc0\"> </span></div></td><td></td><td></td></tr><tr><td class=\"c x36d y26ec w354 h249\"><div class=\"t m0 x2a h1f ycd1 ff4 fs7 fc4 sc3 ls0 ws0\">Oper<span class=\"_ _f\"></span>azioni/T<span class=\"_ _f\"></span>ipo di c<span class=\"_ _1\"></span>oper<span class=\"_ _f\"></span>tura<span class=\"fc1 sc0\"> </span></div></td><td></td><td></td><td class=\"c x3d9 y26ed w2e1 h1e2\" colspan=\"2\"><div class=\"t m0 x1de h1f y400 ff4 fs7 fc4 sc3 ls0 ws0\">Specif<span class=\"_ _f\"></span>ica<span class=\"fc1 sc0\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td class=\"c x3db y26ee wa16 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc4 sc3 ls0 ws0\">Inv<span class=\"_ _1\"></span>estim<span class=\"_ _1\"></span>.<span class=\"_ _df\"> </span></div></td></tr><tr><td></td><td class=\"c x3dc y26ef wa17 h4b6\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc4 sc3 ls0 ws0\">titoli<span class=\"_ _1\"></span> di<span class=\"_ _df\"> </span></div></td><td class=\"c x3dd y26ef wa18 h4b6\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc4 sc3 ls0 ws0\">titol<span class=\"_ _1\"></span>i di<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td class=\"c x3de y26f0 wa19 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc4 sc3 ls0 ws0\">este<span class=\"_ _1\"></span>ri<span class=\"_ _df\"> </span></div></td></tr><tr><td></td><td class=\"c x3df y268f wa1a h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc4 sc3 ls0 ws0\">debi<span class=\"_ _1\"></span>to e<span class=\"_ _df\"> </span></div></td><td class=\"c x3e0 y268f wa1b h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc4 sc3 ls0 ws0\">capit<span class=\"_ _f\"></span>ale<span class=\"_ _df\"> </span></div></td><td class=\"c x3e1 y268f wa1c h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc4 sc3 ls0 ws0\">val<span class=\"_ _1\"></span>ute<span class=\"_ _df\"> </span></div></td><td class=\"c x3e2 y26ec w32c h24a\"><div class=\"t m0 x8a h1f y2c4 ff4 fs7 fc4 sc3 ls0 ws0\">credit<span class=\"_ _f\"></span>o<span class=\"fc1 sc0\"> </span></div></td><td class=\"c x3e3 y26ec w16c h24a\"><div class=\"t m0 xac h1f y2c4 ff4 fs7 fc4 sc3 ls0 ws0\">mer<span class=\"_ _1\"></span>ci<span class=\"fc1 sc0\"> </span></div></td><td class=\"c x3e4 y26ec w16c h24a\"><div class=\"t m0 x16a h1f y2c4 ff4 fs7 fc4 sc3 ls0 ws0\">altri<span class=\"_ _f\"></span><span class=\"fc1 sc0\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td></td><td class=\"c x3e5 y26f1 wa1d h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc4 sc3 ls0 ws0\">tass<span class=\"_ _1\"></span>i di<span class=\"_ _df\"> </span></div></td><td class=\"c x3e6 y26f1 wa1e h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc4 sc3 ls0 ws0\">e indi<span class=\"_ _1\"></span>ci<span class=\"_ _df\"> </span></div></td><td class=\"c x3e7 y26f1 wa1f h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc4 sc3 ls0 ws0\">e oro<span class=\"_ _df\"> </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 x262 y26f2 wa20 h4b7\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">1. Attivit\u00e0 finanz<span class=\"_ _1\"></span>iarie valutate a<span class=\"_ _f\"></span>l<span class=\"_ _df\"> </span></div></td><td class=\"c x3e8 y26f3 wa21 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc4 sc3 ls0 ws0\">inter<span class=\"_ _1\"></span>esse<span class=\"_ _df\"> </span></div></td><td class=\"c x3e0 y26f3 wa22 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc4 sc3 ls0 ws0\">azio<span class=\"_ _1\"></span>nari<span class=\"_ _df\"> </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=\"c x262 y26f4 wa23 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">fair value con imp<span class=\"_ _1\"></span>atto sulla<span class=\"_ _df\"> </span></div></td><td class=\"c x3d9 y26f5 w358 h89\"><div class=\"t m0 x55 h1f y41f ff4 fs7 fc1 sc0 ls0 ws0\">81.248 </div></td><td class=\"c x3e9 y26f5 w2b3 h89\"><div class=\"t m0 x97 h1f y41f ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x3ea y26f5 w161 h89\"><div class=\"t m0 x26 h1f y41f ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x3e2 y26f5 w167 h89\"><div class=\"t m0 x26 h1f y41f ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x3e3 y26f5 w16d h89\"><div class=\"t m0 x55 h1f y41f ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x3e4 y26f5 w161 h89\"><div class=\"t m0 x55 h1f y41f ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td></td><td class=\"c x3eb y26f5 w16d h89\"><div class=\"t m0 x55 h1f y41f ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td></td><td class=\"c x3da y26f5 w167 h89\"><div class=\"t m0 x26 h1f y41f ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x3ec y26f5 w161 h89\"><div class=\"t m0 x55 h1f y41f ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td></td><td class=\"c x3ed y26f5 w17b h89\"><div class=\"t m0 x14 h1f y41f ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td></tr><tr><td class=\"c x262 y26f6 w964 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">redditivit\u00e0 comp<span class=\"_ _f\"></span>l<span class=\"_ _2\"></span>essiva<span class=\"_ _df\"> </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></tr><tr><td class=\"c x262 y26f7 wa24 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">2. Attivit\u00e0 finanz<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span>arie valut<span class=\"_ _1\"></span>ate al<span class=\"_ _df\"> </span></div></td><td class=\"c x3d9 y26f8 w358 h1d1\"><div class=\"t m0 x2e h1f y110b ff4 fs7 fc1 sc0 ls0 ws0\">27.896 </div></td><td class=\"c x3e9 y26f8 w2b3 h1d1\"><div class=\"t m0 x130 h1f y110b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x3ea y26f8 w161 h1d1\"><div class=\"t m0 x26 h1f y110b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x3e2 y26f8 w167 h1d1\"><div class=\"t m0 x26 h1f y110b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x3e3 y26f8 w16d h1d1\"><div class=\"t m0 x55 h1f y110b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x3e4 y26f8 w161 h1d1\"><div class=\"t m0 x55 h1f y110b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td></td><td class=\"c x3eb y26f8 w16d h1d1\"><div class=\"t m0 x55 h1f y110b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td></td><td class=\"c x3da y26f8 w167 h1d1\"><div class=\"t m0 x26 h1f y110b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x3ec y26f8 w161 h1d1\"><div class=\"t m0 x55 h1f y110b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td></td><td class=\"c x3ed y26f8 w17b h1d1\"><div class=\"t m0 x14 h1f y110b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td></tr><tr><td class=\"c x262 y26f9 wa25 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">costo ammortizza<span class=\"_ _f\"></span>to<span class=\"_ _df\"> </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></tr><tr><td class=\"c x36d y26fa w357 h4e\"><div class=\"t m0 x8a h1f y71 ff4 fs7 fc1 sc0 ls0 ws0\">3. Portafoglio </div></td><td class=\"c x3d9 y26fa w358 h4e\"><div class=\"t m0 x14 h1f y71 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x3e9 y26fa w2b3 h4e\"><div class=\"t m0 x130 h1f y71 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x3ea y26fa w161 h4e\"><div class=\"t m0 x55 h1f y71 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x3e2 y26fa w167 h4e\"><div class=\"t m0 x55 h1f y71 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x3e3 y26fa w16d h4e\"><div class=\"t m0 x55 h1f y71 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x3e4 y26fa w161 h4e\"><div class=\"t m0 x55 h1f y71 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td></td><td class=\"c x3eb y26fa w16d h4e\"><div class=\"t m0 x16a h1f y71 ff4 fs7 fc1 sc0 ls0 ws0\">9.563 </div></td><td class=\"c x3da y26fa w167 h4e\"><div class=\"t m0 x55 h1f y71 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td></td><td></td><td class=\"c x3ec y26fa w161 h4e\"><div class=\"t m0 x26 h1f y71 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x3ed y26fa w17b h4e\"><div class=\"t m0 x14 h1f y71 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td></tr><tr><td class=\"c x36d y26fb w357 h4d\"><div class=\"t m0 x8a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">4. Altre operazi<span class=\"_ _1\"></span>oni </div></td><td class=\"c x3d9 y26fb w358 h4d\"><div class=\"t m0 x15 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x3e9 y26fb w2b3 h4d\"><div class=\"t m0 x97 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x3ea y26fb w161 h4d\"><div class=\"t m0 x26 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x3e2 y26fb w167 h4d\"><div class=\"t m0 x26 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x3e3 y26fb w16d h4d\"><div class=\"t m0 x26 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x3e4 y26fb w161 h4d\"><div class=\"t m0 x26 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x3eb y26fb w16d h4d\"><div class=\"t m0 x55 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td></td><td class=\"c x3da y26fb w167 h4d\"><div class=\"t m0 x26 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x3ec y26fb w161 h4d\"><div class=\"t m0 x55 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td></td><td class=\"c x3ed y26fb w17b h4d\"><div class=\"t m0 x30 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x36d y26fc w357 h4d\"><div class=\"t m0 xe8 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale at<span class=\"_ _1\"></span>tivit<span class=\"_ _1\"></span>\u00e0<span class=\"sc0\"> </span></div></td><td class=\"c x3d9 y26fc w358 h4d\"><div class=\"t m0 x2a h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">109.1<span class=\"_ _f\"></span>44<span class=\"sc0\"> </span></div></td><td class=\"c x3e9 y26fc w2b3 h4d\"><div class=\"t m0 x97 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x3ea y26fc w161 h4d\"><div class=\"t m0 x26 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x3e2 y26fc w167 h4d\"><div class=\"t m0 x26 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x3e3 y26fc w16d h4d\"><div class=\"t m0 x26 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td></td><td class=\"c x3e4 y26fc w161 h4d\"><div class=\"t m0 x26 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x3eb y26fc w16d h4d\"><div class=\"t m0 x16a h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">9.56<span class=\"_ _f\"></span>3<span class=\"sc0\"> </span></div></td><td></td><td class=\"c x3da y26fc w167 h4d\"><div class=\"t m0 x26 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td></td><td class=\"c x3ec y26fc w161 h4d\"><div class=\"t m0 x26 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x3ed y26fc w17b h4d\"><div class=\"t m0 x30 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x36d y26fd w357 h4e\"><div class=\"t m0 x8a h1f y71 ff4 fs7 fc1 sc0 ls0 ws0\">1. Passivit\u00e0 finanz<span class=\"_ _1\"></span>iarie </div></td><td class=\"c x3d9 y26fd w358 h4e\"><div class=\"t m0 x3a h1f y71 ff4 fs7 fc1 sc0 ls29 ws0\">978<span class=\"ls0\"> </span></div></td><td class=\"c x3e9 y26fd w2b3 h4e\"><div class=\"t m0 x130 h1f y71 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x3ea y26fd w161 h4e\"><div class=\"t m0 x26 h1f y71 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x3e2 y26fd w167 h4e\"><div class=\"t m0 x26 h1f y71 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x3e3 y26fd w16d h4e\"><div class=\"t m0 x26 h1f y71 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x3e4 y26fd w161 h4e\"><div class=\"t m0 x26 h1f y71 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x3eb y26fd w16d h4e\"><div class=\"t m0 x55 h1f y71 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td></td><td class=\"c x3da y26fd w167 h4e\"><div class=\"t m0 x26 h1f y71 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x3ec y26fd w161 h4e\"><div class=\"t m0 x55 h1f y71 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td></td><td class=\"c x3ed y26fd w17b h4e\"><div class=\"t m0 x14 h1f y71 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td></tr><tr><td class=\"c x36d y26fe w357 h4d\"><div class=\"t m0 x8a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">2. Portafoglio<span class=\"_ _1\"></span> </div></td><td class=\"c x3d9 y26fe w358 h4d\"><div class=\"t m0 x14 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x3e9 y26fe w2b3 h4d\"><div class=\"t m0 x130 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x3ea y26fe w161 h4d\"><div class=\"t m0 x55 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x3e2 y26fe w167 h4d\"><div class=\"t m0 x55 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x3e3 y26fe w16d h4d\"><div class=\"t m0 x55 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x3e4 y26fe w161 h4d\"><div class=\"t m0 x55 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td></td><td class=\"c x3eb y26fe w16d h4d\"><div class=\"t m0 xac h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">59.413 </div></td><td class=\"c x3da y26fe w167 h4d\"><div class=\"t m0 x55 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td></td><td></td><td class=\"c x3ec y26fe w161 h4d\"><div class=\"t m0 x26 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x3ed y26fe w17b h4d\"><div class=\"t m0 x14 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td></tr><tr><td class=\"c x36d y26ff w357 h4d\"><div class=\"t m0 xec h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale pa<span class=\"_ _f\"></span>ssivit\u00e0<span class=\"sc0\"> </span></div></td><td class=\"c x3d9 y26ff w358 h4d\"><div class=\"t m0 x3a h1f y28b ff4 fs7 fc1 sc2 lscf ws0\">978<span class=\"sc0 ls0\"> </span></div></td><td class=\"c x3e9 y26ff w2b3 h4d\"><div class=\"t m0 x97 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x3ea y26ff w161 h4d\"><div class=\"t m0 x26 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x3e2 y26ff w167 h4d\"><div class=\"t m0 x26 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x3e3 y26ff w16d h4d\"><div class=\"t m0 x26 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td></td><td class=\"c x3e4 y26ff w161 h4d\"><div class=\"t m0 x26 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x3eb y26ff w16d h4d\"><div class=\"t m0 x8e h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">59.413<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td><td></td><td class=\"c x3da y26ff w167 h4d\"><div class=\"t m0 x26 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td></td><td class=\"c x3ec y26ff w161 h4d\"><div class=\"t m0 x26 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td></td></tr><tr><td class=\"c x36d y2700 w357 h4e\"><div class=\"t m0 x8a h1f y71 ff4 fs7 fc1 sc0 ls0 ws0\">1. Transazioni atte<span class=\"_ _f\"></span>se<span class=\"_ _df\"> </span></div></td><td class=\"c x3d9 y2700 w358 h4e\"><div class=\"t m0 x14 h1f y71 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x3e9 y2700 w2b3 h4e\"><div class=\"t m0 x130 h1f y71 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x3ea y2700 w161 h4e\"><div class=\"t m0 x55 h1f y71 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x3e2 y2700 w167 h4e\"><div class=\"t m0 x55 h1f y71 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x3e3 y2700 w16d h4e\"><div class=\"t m0 x55 h1f y71 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x3e4 y2700 w161 h4e\"><div class=\"t m0 x55 h1f y71 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td></td><td class=\"c x3eb y2700 w16d h4e\"><div class=\"t m0 x55 h1f y71 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td></td><td class=\"c x3da y2700 w167 h4e\"><div class=\"t m0 x26 h1f y71 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x3ec y2700 w161 h4e\"><div class=\"t m0 x55 h1f y71 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td></td><td class=\"c x3ed y2700 w17b h4e\"><div class=\"t m0 x14 h1f y71 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td></tr><tr><td class=\"c x262 y2701 wa26 h4b8\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">2. Portafoglio di<span class=\"_ _1\"></span> attivit\u00e0 e<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x3ef y2702 wa27 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _df\"> </span></div><div class=\"t m0 x3ee h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _df\"> </span></div></td><td class=\"c x3ea y2703 w161 h58\"><div class=\"t m0 x55 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x3e2 y2703 w167 h58\"><div class=\"t m0 x55 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x3e3 y2703 w16d h58\"><div class=\"t m0 x55 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x3e4 y2703 w161 h58\"><div class=\"t m0 x55 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td></td><td class=\"c x3eb y2703 w16d h58\"><div class=\"t m0 x26 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x3da y2703 w167 h58\"><div class=\"t m0 x55 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td></td><td></td><td class=\"c x3ec y2703 w161 h58\"><div class=\"t m0 x26 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x3ed y2703 w17b h58\"><div class=\"t m0 x30 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x262 y2491 wa28 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">passivit\u00e0 finanzi<span class=\"_ _1\"></span>arie<span class=\"_ _df\"> </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></tr></table></div><div class=\"c w16c h16e gs92a\"><div class=\"t m4 x33 h1f y47b ff4 fs7 fc4 sc3 ls0 ws0\">Generica<span class=\"fc1 sc0\"> </span></div></div><div class=\"c w32c h16e gs92b\"><div class=\"t m4 x33 h1f y14f7 ff4 fs7 fc4 sc3 ls0 ws0\">Specifica<span class=\"fc1 sc0\"> </span></div></div><div class=\"c w16c h16e gs92c\"><div class=\"t m4 x33 h1f y47b ff4 fs7 fc4 sc3 ls0 ws0\">Generica<span class=\"fc1 sc0\"> </span></div></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs92d\">Sono <span class=\"_ _0\"></span>presenti <span class=\"_ _0\"></span>coperture <span class=\"_ _d\"></span>di <span class=\"_ _0\"></span>micro <span class=\"_ _0\"></span>fair <span class=\"_ _0\"></span>value <span class=\"_ _0\"></span>hedge <span class=\"_ _d\"></span>su <span class=\"_ _0\"></span>titoli <span class=\"_ _0\"></span>a <span class=\"_ _0\"></span>tasso <span class=\"_ _d\"></span>fiss<span class=\"_ _2\"></span>o <span class=\"_ _d\"></span>detenuti <span class=\"_ _0\"></span>nel <span class=\"_ _d\"></span>port<span class=\"_ _2\"></span>afoglio<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs92e\">HTCS.<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs92f\">I derivati di questa tipologia presentano un fair value<span class=\"_ _1\"></span> positivo di 81.248 mila euro.<span class=\"_ _df\"> </span><span class=\"_ _2\"></span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs930\">Sono <span class=\"_ _f\"></span>presenti cope<span class=\"_ _1\"></span>rture d<span class=\"_ _1\"></span>i <span class=\"_ _f\"></span>micro fair <span class=\"_ _f\"></span>value <span class=\"_ _f\"></span>hedge <span class=\"_ _f\"></span>s<span class=\"_ _2\"></span>u <span class=\"_ _f\"></span>titoli <span class=\"_ _f\"></span>a tasso <span class=\"_ _f\"></span>fisso <span class=\"_ _f\"></span>detenuti ne<span class=\"_ _f\"></span>l portafoglio <span class=\"_ _f\"></span>HTC.<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs931\">I derivati di questa tipologia presentano un fair value<span class=\"_ _1\"></span> positivo di 27.896 mila euro.<span class=\"_ _df\"> </span><span class=\"_ _2\"></span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs932\">Sono <span class=\"_ _2\"></span>presenti <span class=\"_ _2\"></span>copert<span class=\"_ _2\"></span>ure <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>micro<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>fair <span class=\"_ _2\"></span>value <span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>u <span class=\"_ _2\"></span>titoli <span class=\"_ _2\"></span>emessi <span class=\"_ _d\"></span>a <span class=\"_ _2\"></span>tas<span class=\"_ _2\"></span>so <span class=\"_ _2\"></span>fisso <span class=\"_ _2\"></span>cont<span class=\"_ _2\"></span>abilizz<span class=\"_ _1\"></span>ati <span class=\"_ _2\"></span>nella <span class=\"_ _2\"></span>Vo<span class=\"_ _2\"></span>ce<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs933\">\"Titoli in circolazione\".<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs934\">I derivati di questa tipologia presentano un fair value positivo di 978 mila euro.<span class=\"_ _df\"> </span> </div>Si <span class=\"_ _d\"></span>\u00e8 <span class=\"_ _d\"></span>adottata <span class=\"_ _d\"></span>la <span class=\"_ _d\"></span>metodologia <span class=\"_ _d\"></span>contabile <span class=\"_ _d\"></span>del <span class=\"_ _d\"></span>Macro <span class=\"_ _d\"></span>Fair <span class=\"_ _d\"></span>Value <span class=\"_ _d\"></span>Hedge <span class=\"_ _2\"></span>per <span class=\"_ _d\"></span>la <span class=\"_ _d\"></span>copertura <span class=\"_ _0\"></span>del <span class=\"_ _d\"></span>rischio <span class=\"_ _2\"></span>di<span class=\"_ _df\"> </span>tasso della raccolta a vista della clie<span class=\"_ _1\"></span>ntela.<span class=\"_ _df\"> </span>La <span class=\"_ _f\"></span>raccolta <span class=\"_ _1\"></span>a <span class=\"_ _f\"></span>vista <span class=\"_ _f\"></span>dalla <span class=\"_ _f\"></span>clientela <span class=\"_ _1\"></span>rappresenta <span class=\"_ _f\"></span>un\u2019importante <span class=\"_ _f\"></span>fonte <span class=\"_ _1\"></span>di <span class=\"_ _f\"></span>fu<span class=\"_ _2\"></span><span class=\"ff4\">nding <span class=\"_ _f\"></span>della <span class=\"_ _f\"></span>banca. <span class=\"_ _f\"></span>Una <span class=\"_ _f\"></span>q<span class=\"_ _2\"></span>uota<span class=\"_ _df\"> </span></span>parte di questa r<span class=\"_ _2\"></span>accolta,<span class=\"_ _1\"></span> seppur cont<span class=\"_ _2\"></span>rattualmente a vista, presenta per\u00f2 una <span class=\"_ _2\"></span>forte persistenza nel<span class=\"_ _df\"> </span>tempo <span class=\"_ _14\"> </span>ed <span class=\"_ _14\"> </span>una <span class=\"_ _15\"> </span>elasticit\u00e0 <span class=\"_ _14\"> </span>imperfetta <span class=\"_ _14\"> </span>alla <span class=\"_ _14\"> </span>variazione <span class=\"_ _14\"> </span>dei <span class=\"_ _14\"> </span>t<span class=\"_ _2\"></span>assi <span class=\"_ _14\"> </span>di <span class=\"_ _14\"> </span>mercato, <span class=\"_ _14\"> </span>rappresentata <span class=\"_ _14\"> </span>dal<span class=\"_ _df\"> </span>cosiddetto \u201ceffetto vischiosit\u00e0\u201d.<span class=\"_ _df\"> </span>Questo effetto \u00e8 stato stimato mediante<span class=\"_ _1\"></span> un modello di analisi che consiste in due componenti:<span class=\"_ _df\"> </span><span class=\"_ _27\"> </span><span class=\"ff4\">la stima della relazione de<span class=\"_ _1\"></span>i tassi delle poste a vista con i tas<span class=\"_ _1\"></span>si di mercato in base ad un m<span class=\"_ _1\"></span>odello<span class=\"_ _df\"> </span></span>econometrico;<span class=\"_ _df\"> </span><span class=\"_ _27\"> </span><span class=\"ff4\">la st<span class=\"_ _2\"></span>ima della persistenza dei <span class=\"_ _2\"></span>volumi, attraverso <span class=\"_ _2\"></span>l<span class=\"ff5\">a <span class=\"_ _2\"></span>quale l\u2019ammontare delle post<span class=\"_ _2\"></span>e a vista <span class=\"_ _2\"></span>viene<span class=\"_ _df\"> </span></span></span>tradotto in un portafoglio di poste a tasso fisso a scadenza.<span class=\"_ _df\"> </span>I derivati di copertura di questa tipolog<span class=\"_ _1\"></span>ia presentano un fair value positivo di 59.413 mila euro.<span class=\"_ _df\"> </span>Si <span class=\"_ _d\"></span>\u00e8 <span class=\"_ _0\"></span>adottata <span class=\"_ _0\"></span>la <span class=\"_ _d\"></span>metodologia <span class=\"_ _d\"></span>contabile <span class=\"_ _d\"></span>d<span class=\"_ _2\"></span>el <span class=\"_ _d\"></span>macro<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>fair <span class=\"_ _0\"></span>value <span class=\"_ _d\"></span>hedge <span class=\"_ _0\"></span>per <span class=\"_ _d\"></span>la <span class=\"_ _0\"></span>copertura <span class=\"_ _d\"></span>del <span class=\"_ _0\"></span>rischio <span class=\"_ _0\"></span>di<span class=\"_ _df\"> </span>tasso <span class=\"_ _d\"></span>as<span class=\"_ _2\"></span>sociato <span class=\"_ _d\"></span>all\u2019erogazione <span class=\"_ _d\"></span>di <span class=\"_ _0\"></span>mutui <span class=\"_ _d\"></span>a <span class=\"_ _0\"></span>tasso <span class=\"_ _0\"></span>fisso. <span class=\"_ _0\"></span>L\u2019appli<span class=\"_ _1\"></span>cazione <span class=\"_ _d\"></span>d<span class=\"_ _2\"></span>ella <span class=\"_ _d\"></span>metodologia <span class=\"_ _d\"></span>di <span class=\"_ _0\"></span>hedge<span class=\"_ _df\"> </span>accounting <span class=\"_ _4\"> </span>consente <span class=\"_ _17\"> </span>di <span class=\"_ _17\"> </span>rappresentare <span class=\"_ _17\"> </span>contabilmente <span class=\"_ _17\"> </span>gli <span class=\"_ _17\"> </span>effetti <span class=\"_ _17\"> </span>economici <span class=\"_ _17\"> </span>delle <span class=\"_ _4\"> </span>s<span class=\"_ _2\"></span>trategie <span class=\"_ _4\"> </span>di<span class=\"_ _df\"> </span>copertura attuate<span class=\"ls1b\">. </span>I derivati di copertura relativi a tale<span class=\"_ _1\"></span> strategia presentano un fair value positivo di 9.563 mila euro.<span class=\"_ _df\"> </span>Si <span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>imanda <span class=\"_ _2\"></span>alla <span class=\"_ _d\"></span>Sezione <span class=\"_ _2\"></span>della <span class=\"_ _d\"></span>Parte <span class=\"_ _d\"></span>E <span class=\"_ _d\"></span>della <span class=\"_ _2\"></span>nota <span class=\"_ _d\"></span>integrativa <span class=\"_ _2\"></span>per <span class=\"_ _d\"></span>la <span class=\"_ _d\"></span>descrizione <span class=\"_ _2\"></span>delle <span class=\"_ _2\"></span>mo<span class=\"_ _2\"></span>dalit\u00e0 <span class=\"_ _2\"></span>della<span class=\"_ _df\"> </span>copertura.<span class=\"_ _df\"> </span>Sezi<span class=\"_ _f\"></span>one 1<span class=\"_ _1\"></span> <span class=\"ff5\">\u2013</span> Pa<span class=\"_ _f\"></span>ssivit<span class=\"_ _f\"></span>\u00e0 fina<span class=\"_ _1\"></span>nz<span class=\"_ _1\"></span>iarie<span class=\"_ _f\"></span> valuta<span class=\"_ _f\"></span>te al c<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>to a<span class=\"_ _1\"></span>mm<span class=\"_ _f\"></span>ortiz<span class=\"_ _f\"></span>zato <span class=\"_ _1\"></span><span class=\"ff5\">\u2013<span class=\"ff4\"> Vo<span class=\"_ _f\"></span>ce 10<span class=\"_ _1\"></span> </span></span>1.1 Pa<span class=\"_ _f\"></span>ssivit\u00e0 fi<span class=\"_ _1\"></span>nanzia<span class=\"_ _1\"></span>rie v<span class=\"_ _1\"></span>alut<span class=\"_ _1\"></span>ate <span class=\"_ _1\"></span>al co<span class=\"_ _f\"></span>sto amm<span class=\"_ _1\"></span>ortizz<span class=\"_ _1\"></span>ato: co<span class=\"_ _f\"></span>mposizi<span class=\"_ _f\"></span>one merce<span class=\"_ _f\"></span>ologica<span class=\"_ _f\"></span> dei debit<span class=\"_ _f\"></span>i verso <span class=\"_ _1\"></span>banche<span class=\"_ _f\"></span> <table class=\"s wbb5 h4f5\" id=\"_83e95904-315a-4177-94c9-b6dab07150f6\"><tr><td></td><td></td><td></td><td class=\"c x588 y2a82 we7 hbc\"><div class=\"t m0 xe8 h1f y32 ff4 fs7 fc4 sc3 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale </div></td><td></td><td></td><td></td><td class=\"c x589 y2a82 w401 hbc\"><div class=\"t m0 xec h1f y32 ff4 fs7 fc4 sc3 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale </div></td><td></td></tr><tr><td class=\"c x44e y2a83 w24d h27d\"><div class=\"t m0 x34 h1f y943 ff4 fs7 fc4 sc3 ls0 ws0\">Tipol<span class=\"_ _f\"></span>ogia op<span class=\"_ _f\"></span>erazion<span class=\"_ _1\"></span>i/Va<span class=\"_ _1\"></span>lori </div></td><td></td><td></td><td class=\"c x588 y2a84 we7 h4e\"><div class=\"t m0 x11f h1f y295 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/<span class=\"_ _f\"></span>2025 </div></td><td></td><td></td><td class=\"c x589 y2a84 w401 h4e\" colspan=\"2\"><div class=\"t m0 xf0 h1f y295 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/<span class=\"_ _f\"></span>2024 </div></td><td></td></tr><tr><td></td><td class=\"c x588 y2a83 w384 h24b\"><div class=\"t m0 x39 h1f y1498 ff4 fs7 fc4 sc3 ls6c ws0\">VB<span class=\"ls0\"> </span></div></td><td></td><td class=\"c x58a y2a85 w402 hbc\"><div class=\"t m0 x12 h1f y66c ff4 fs7 fc4 sc3 ls0 ws0\">Fair<span class=\"_ _f\"></span> Value </div></td><td></td><td class=\"c x589 y2a83 w8c h24b\"><div class=\"t m0 x39 h1f y1498 ff4 fs7 fc4 sc3 ls6c ws0\">VB<span class=\"ls0\"> </span></div></td><td class=\"c x514 y2a85 w403 hbc\" colspan=\"2\"><div class=\"t m0 x30 h1f y66c ff4 fs7 fc4 sc3 ls0 ws0\">Fair<span class=\"_ _f\"></span> Value </div></td><td></td></tr><tr><td></td><td></td><td class=\"c x58a y2a83 w404 h4e\"><div class=\"t m0 x8e h1f y71 ff4 fs7 fc4 sc3 lsc7 ws0\">L1<span class=\"ls0\"> </span></div></td><td class=\"c x58b y2a83 w405 h4e\"><div class=\"t m0 x48 h1f y71 ff4 fs7 fc4 sc3 lsc7 ws0\">L2<span class=\"ls0\"> </span></div></td><td class=\"c x58c y2a83 w1ca h4e\"><div class=\"t m0 x55 h1f y71 ff4 fs7 fc4 sc3 lsc7 ws0\">L3<span class=\"ls0\"> </span></div></td><td></td><td class=\"c x514 y2a83 w406 h4e\"><div class=\"t m0 xac h1f y71 ff4 fs7 fc4 sc3 lsc7 ws0\">L1<span class=\"ls0\"> </span></div></td><td class=\"c x58d y2a83 w1b2 h4e\"><div class=\"t m0 x39 h1f y71 ff4 fs7 fc4 sc3 lsc7 ws0\">L2<span class=\"ls0\"> </span></div></td><td class=\"c x58e y2a83 w2be h4e\"><div class=\"t m0 x2a h1f y71 ff4 fs7 fc4 sc3 lsc7 ws0\">L3<span class=\"ls0\"> </span></div></td></tr><tr><td class=\"c x44e y2a86 w407 h8a\"><div class=\"t m0 x10 h1f y153d ff4 fs7 fc1 sc2 ls0 ws0\">1. De<span class=\"_ _1\"></span>biti v<span class=\"_ _f\"></span>erso ba<span class=\"_ _f\"></span>nche cen<span class=\"_ _f\"></span>trali </div></td><td class=\"c x588 y2a86 w408 h8a\"><div class=\"t m0 x2e h1f y153d ff4 fs7 fc1 sc2 ls0 ws0\">700.3<span class=\"_ _f\"></span>34 </div></td><td class=\"c x58a y2a86 w409 h8a\"><div class=\"t m0 x2f h1f y153d ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x58b y2a86 w2b0 h8a\"><div class=\"t m0 x33 h1f y153d ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x58c y2a86 w1ca h8a\"><div class=\"t m0 x14 h1f y153d ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x589 y2a86 w130 h8a\"><div class=\"t m0 x55 h1f y153d ff4 fs7 fc1 sc2 ls0 ws0\">500.<span class=\"_ _1\"></span>044<span class=\"_ _f\"></span> </div></td><td class=\"c x514 y2a86 w40a h8a\"><div class=\"t m0 xac h1f y153d ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x58d y2a86 w162 h8a\"><div class=\"t m0 x48 h1f y153d ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x58e y2a86 w169 h8a\"><div class=\"t m0 x55 h1f y153d ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td></tr><tr><td class=\"c x44e y2a87 w40b hc8\"><div class=\"t m0 x10 h1f y28b ff4 fs7 fc1 sc2 ls2a ws0\">2.<span class=\"ls0\"> De<span class=\"_ _1\"></span>biti v<span class=\"_ _1\"></span>erso<span class=\"_ _1\"></span> ban<span class=\"_ _f\"></span>che</span><span class=\"ls0\"> </span></div></td><td class=\"c x588 y2a87 w408 hc8\"><div class=\"t m0 x8e h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">2.419<span class=\"_ _f\"></span>.685 </div></td><td class=\"c x58a y2a87 w409 hc8\"><div class=\"t m0 x2f h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x58b y2a87 w2b0 hc8\"><div class=\"t m0 x33 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x58c y2a87 w1ca hc8\"><div class=\"t m0 x14 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x589 y2a87 w130 hc8\"><div class=\"t m0 x2f h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">5.044<span class=\"_ _1\"></span>.513<span class=\"_ _f\"></span> </div></td><td class=\"c x514 y2a87 w40a hc8\"><div class=\"t m0 xac h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x58d y2a87 w162 hc8\"><div class=\"t m0 x48 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x58e y2a87 w169 hc8\"><div class=\"t m0 x55 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td></tr><tr><td class=\"c x44e y2a88 w40b h69\"><div class=\"t m0 x8e h1f y5b ff4 fs7 fc1 sc0 ls0 ws0\">2.1 Conti corrent<span class=\"_ _1\"></span>i e depositi a v<span class=\"_ _1\"></span>ista </div></td><td class=\"c x588 y2a88 w408 h69\"><div class=\"t m0 x14 h1f y5b ff4 fs7 fc1 sc0 ls0 ws0\">18.983 </div></td><td class=\"c x58a y2a88 w409 h69\"><div class=\"t m0 x2f h1f y5b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x58b y2a88 w2b0 h69\"><div class=\"t m0 x33 h1f y5b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x58c y2a88 w1ca h69\"><div class=\"t m0 x14 h1f y5b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x589 y2a88 w130 h69\"><div class=\"t m0 x48 h1f y5b ff4 fs7 fc1 sc0 ls0 ws0\">74.766 </div></td><td class=\"c x514 y2a88 w40a h69\"><div class=\"t m0 xac h1f y5b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x58d y2a88 w162 h69\"><div class=\"t m0 x48 h1f y5b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x58e y2a88 w169 h69\"><div class=\"t m0 x55 h1f y5b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td></tr><tr><td class=\"c x44e y2a89 w40b h69\"><div class=\"t m0 x8e h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">2.2 Depositi a scade<span class=\"_ _f\"></span>nza </div></td><td class=\"c x588 y2a89 w408 h69\"><div class=\"t m0 x35 h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">2.755 </div></td><td class=\"c x58a y2a89 w409 h69\"><div class=\"t m0 x2f h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x58b y2a89 w2b0 h69\"><div class=\"t m0 x33 h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x58c y2a89 w1ca h69\"><div class=\"t m0 x14 h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x589 y2a89 w130 h69\"><div class=\"t m0 x35 h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">2.260 </div></td><td class=\"c x514 y2a89 w40a h69\"><div class=\"t m0 xac h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x58d y2a89 w162 h69\"><div class=\"t m0 x48 h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x58e y2a89 w169 h69\"><div class=\"t m0 x55 h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td></tr><tr><td class=\"c x44e y2a8a w40b h69\"><div class=\"t m0 x8e h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">2.3 Finanziament<span class=\"_ _1\"></span>i </div></td><td class=\"c x588 y2a8a w408 h69\"><div class=\"t m0 xac h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">2.394.702 </div></td><td class=\"c x58a y2a8a w409 h69\"><div class=\"t m0 x2f h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x58b y2a8a w2b0 h69\"><div class=\"t m0 x33 h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x58c y2a8a w1ca h69\"><div class=\"t m0 x14 h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x589 y2a8a w130 h69\"><div class=\"t m0 xac h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">4.965.062 </div></td><td class=\"c x514 y2a8a w40a h69\"><div class=\"t m0 xac h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x58d y2a8a w162 h69\"><div class=\"t m0 x48 h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x58e y2a8a w169 h69\"><div class=\"t m0 x55 h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td></tr><tr><td class=\"c x44e y2a8b w40b h6a\"><div class=\"t m0 x55 h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">2.3.1 Pronti contr<span class=\"_ _f\"></span>o<span class=\"_ _2\"></span> termine p<span class=\"_ _f\"></span>assivi </div></td><td class=\"c x588 y2a8b w408 h6a\"><div class=\"t m0 xab h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">2.388.386 </div></td><td class=\"c x58a y2a8b w409 h6a\"><div class=\"t m0 x2f h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x58b y2a8b w2b0 h6a\"><div class=\"t m0 x33 h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x58c y2a8b w1ca h6a\"><div class=\"t m0 x14 h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x589 y2a8b w130 h6a\"><div class=\"t m0 xac h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">4.954.536 </div></td><td class=\"c x514 y2a8b w40a h6a\"><div class=\"t m0 xac h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x58d y2a8b w162 h6a\"><div class=\"t m0 x48 h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x58e y2a8b w169 h6a\"><div class=\"t m0 x55 h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td></tr><tr><td class=\"c x44e y2a8c w40b h69\"><div class=\"t m0 x55 h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">2.3.2 Altri </div></td><td class=\"c x588 y2a8c w408 h69\"><div class=\"t m0 x2c h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">6.316 </div></td><td class=\"c x58a y2a8c w409 h69\"><div class=\"t m0 x2f h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x58b y2a8c w2b0 h69\"><div class=\"t m0 x33 h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x58c y2a8c w1ca h69\"><div class=\"t m0 x14 h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x589 y2a8c w130 h69\"><div class=\"t m0 x33 h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">10.526 </div></td><td class=\"c x514 y2a8c w40a h69\"><div class=\"t m0 xac h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x58d y2a8c w162 h69\"><div class=\"t m0 x48 h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x58e y2a8c w169 h69\"><div class=\"t m0 x55 h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td></tr><tr><td class=\"c x58f y2a8d wbb6 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">2.4 Debiti per <span class=\"_ _1\"></span>impegni di riacquis<span class=\"_ _1\"></span>to di<span class=\"_ _df\"> </span></div></td><td class=\"c x588 y2a8e w408 had\"><div class=\"t m0 x13 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x58a y2a8e w409 had\"><div class=\"t m0 x2f h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x58b y2a8e w2b0 had\"><div class=\"t m0 x33 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x58c y2a8e w1ca had\"><div class=\"t m0 x14 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x589 y2a8e w130 had\"><div class=\"t m0 x96 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x514 y2a8e w40a had\"><div class=\"t m0 xac h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x58d y2a8e w162 had\"><div class=\"t m0 x48 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x58e y2a8e w169 had\"><div class=\"t m0 x55 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td></tr><tr><td class=\"c x58f y2a8f wbb7 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">propri strumen<span class=\"_ _1\"></span>ti patrimoniali<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x44e y2a90 w40b h69\"><div class=\"t m0 x8e h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">2.5 Debiti per lea<span class=\"_ _1\"></span>sing </div></td><td class=\"c x588 y2a90 w408 h69\"><div class=\"t m0 x13 h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x58a y2a90 w409 h69\"><div class=\"t m0 x2f h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x58b y2a90 w2b0 h69\"><div class=\"t m0 x33 h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x58c y2a90 w1ca h69\"><div class=\"t m0 x14 h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x589 y2a90 w130 h69\"><div class=\"t m0 x96 h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x514 y2a90 w40a h69\"><div class=\"t m0 xac h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x58d y2a90 w162 h69\"><div class=\"t m0 x48 h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x58e y2a90 w169 h69\"><div class=\"t m0 x55 h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td></tr><tr><td class=\"c x44e y2a91 w40b h69\"><div class=\"t m0 x8e h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">2.6 Altri debiti </div></td><td class=\"c x588 y2a91 w408 h69\"><div class=\"t m0 x32 h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">3.245 </div></td><td class=\"c x58a y2a91 w409 h69\"><div class=\"t m0 x2f h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x58b y2a91 w2b0 h69\"><div class=\"t m0 x33 h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x58c y2a91 w1ca h69\"><div class=\"t m0 x14 h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x589 y2a91 w130 h69\"><div class=\"t m0 x2c h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">2.425 </div></td><td class=\"c x514 y2a91 w40a h69\"><div class=\"t m0 xac h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x58d y2a91 w162 h69\"><div class=\"t m0 x48 h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x58e y2a91 w169 h69\"><div class=\"t m0 x55 h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td></tr><tr><td class=\"c x44e y2a92 w40b h69\"><div class=\"t m0 xd8 h1f y302 ff4 fs7 fc1 sc2 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale </div></td><td class=\"c x588 y2a92 w408 h69\"><div class=\"t m0 x16a h1f y302 ff4 fs7 fc1 sc2 ls0 ws0\">3.12<span class=\"_ _1\"></span>0.019<span class=\"_ _f\"></span> </div></td><td class=\"c x58a y2a92 w409 h69\"><div class=\"t m0 x16a h1f y302 ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td><td class=\"c x58b y2a92 w2b0 h69\"><div class=\"t m0 x8e h1f y302 ff4 fs7 fc1 sc2 ls0 ws0\">2.38<span class=\"_ _1\"></span>8.3<span class=\"_ _1\"></span>86 </div></td><td class=\"c x58c y2a92 w1ca h69\"><div class=\"t m0 x16a h1f y302 ff4 fs7 fc1 sc2 ls0 ws0\">731.6<span class=\"_ _f\"></span>34 </div></td><td class=\"c x589 y2a92 w130 h69\"><div class=\"t m0 x2f h1f y302 ff4 fs7 fc1 sc2 ls0 ws0\">5.54<span class=\"_ _f\"></span>4.557 </div></td><td class=\"c x514 y2a92 w40a h69\"><div class=\"t m0 x8e h1f y302 ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td><td class=\"c x58d y2a92 w162 h69\"><div class=\"t m0 xab h1f y302 ff4 fs7 fc1 sc2 ls0 ws0\">4.954.<span class=\"_ _f\"></span>536 </div></td><td class=\"c x58e y2a92 w169 h69\"><div class=\"t m0 x10 h1f y302 ff4 fs7 fc1 sc2 ls0 ws0\">590.<span class=\"_ _f\"></span>020 </div></td></tr></table>Totale 3120019 5544555 Lege<span class=\"_ _f\"></span>nda: VB= Valore di bi<span class=\"_ _1\"></span>lancio L1= Livello 1 L2= Livello 2 L3= Livello 3 I debiti sono iscritti al loro valore nominale,<span class=\"_ _1\"></span> corrispondente al loro fair value.<span class=\"_ _2\"></span> I debiti verso banche sono rappr<span class=\"_ _2\"></span>esentati princip<span class=\"_ _1\"></span>almente da d<span class=\"_ _2\"></span>ebiti a vista a tasso <span class=\"_ _2\"></span>variabile<span class=\"_ _1\"></span>, e non <span class=\"_ _2\"></span>\u00e8<span class=\"_ _1\"></span> stata posta in essere alcun tipo di cope<span class=\"_ _1\"></span>rtura. <span class=\"_ _2\"></span><span class=\"sc2\"> </span>La voce <span class=\"_ _1\"></span>\u201c<span class=\"ff4\">1. Debiti </span>verso banc<span class=\"_ _1\"></span>he centrali\u201d acc<span class=\"_ _1\"></span>oglie le<span class=\"_ _1\"></span> operazioni di <span class=\"_ _f\"></span>r<span class=\"_ _2\"></span>ifinanziamento eff<span class=\"_ _1\"></span>ettuat<span class=\"_ _2\"></span><span class=\"ff4\">e con <span class=\"_ _1\"></span>la </span>Banca C<span class=\"_ _2\"></span>entrale Europea; <span class=\"_ _2\"></span>l<span class=\"ff5\">\u2019importo <span class=\"_ _2\"></span>complessivo <span class=\"_ _2\"></span>del finanziament<span class=\"_ _2\"></span>o con <span class=\"_ _2\"></span>BCE <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>fine dicembre <span class=\"_ _2\"></span>2025 </span>\u00e8 <span class=\"_ _4\"> </span>pari <span class=\"_ _4\"> </span>a <span class=\"_ _4\"> </span>7<span class=\"_ _2\"></span>00 <span class=\"_ _4\"> </span>milioni <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>euro <span class=\"_ _4\"> </span>e <span class=\"_ _4\"> </span>deriva <span class=\"_ _4\"> </span>da <span class=\"_ _4\"> </span>un\u2019operazione <span class=\"_ _17\"> </span>di <span class=\"_ _4\"> </span>rifinanziamento <span class=\"_ _4\"> </span>principale <span class=\"_ _4\"> </span>\u201cMRO\u201d settimanale<span class=\"_ _df\"> </span>.<span class=\"_ _df\"> </span><div class=\"c w40d h56 gsc04\"><div class=\"t m0 x10 h5 y295 ff4 fs1 fc4 sc3 ls0 ws0\">1.2 P<span class=\"_ _1\"></span>assivi<span class=\"_ _1\"></span>t\u00e0 fi<span class=\"_ _1\"></span>nanzia<span class=\"_ _f\"></span>rie valut<span class=\"_ _f\"></span>ate al co<span class=\"_ _1\"></span>sto <span class=\"_ _1\"></span>amm<span class=\"_ _f\"></span>ortizzato<span class=\"_ _f\"></span>: compos<span class=\"_ _f\"></span>izione me<span class=\"_ _1\"></span>rceo<span class=\"_ _f\"></span>logica de<span class=\"_ _1\"></span>i debi<span class=\"_ _1\"></span>ti ve<span class=\"_ _1\"></span>rso<span class=\"_ _f\"></span> clientela </div></div><div class=\"gsc05\"><table class=\"s wbb8 h4f6\" id=\"_2c73ff23-ca4c-4079-9a5b-5571f7b0497f\"><tr><td class=\"c x44e y2a93 w40e h27f\"><div class=\"t m0 x97 h1f y1712 ff4 fs7 fc4 sc3 ls0 ws0\">Tipol<span class=\"_ _f\"></span>ogia op<span class=\"_ _f\"></span>erazion<span class=\"_ _1\"></span>i/Va<span class=\"_ _1\"></span>lori </div></td><td></td><td></td><td class=\"c x590 y2a94 w40f h148\" colspan=\"2\"><div class=\"t m0 x49 h1f y825 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/<span class=\"_ _f\"></span>2025 </div></td><td class=\"c x590 y2a95 w40f h148\"><div class=\"t m0 xee h1f y32 ff4 fs7 fc4 sc3 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale  </div></td><td></td><td></td><td class=\"c x591 y2a94 w410 h148\"><div class=\"t m0 x1af h1f y825 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/<span class=\"_ _f\"></span>2024 </div></td><td class=\"c x591 y2a95 w410 h148\"><div class=\"t m0 x11f h1f y32 ff4 fs7 fc4 sc3 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale  </div></td><td></td></tr><tr><td></td><td></td><td class=\"c x590 y2a93 w384 h280\"><div class=\"t m0 x39 h1f yf81 ff4 fs7 fc4 sc3 ls6c ws0\">VB<span class=\"ls0\"> </span></div></td><td class=\"c x592 y2a96 w411 h148\" colspan=\"2\"><div class=\"t m0 x38 h1f y80 ff4 fs7 fc4 sc3 ls0 ws0\">Fair<span class=\"_ _f\"></span> Value </div></td><td></td><td class=\"c x593 y2a93 w197 h280\"><div class=\"t m0 x39 h1f yf81 ff4 fs7 fc4 sc3 ls6c ws0\">VB<span class=\"ls0\"> </span></div></td><td></td><td class=\"c x594 y2a96 w2c4 h148\"><div class=\"t m0 x31 h1f y80 ff4 fs7 fc4 sc3 ls0 ws0\">Fair<span class=\"_ _f\"></span> Value </div></td><td></td></tr><tr><td></td><td></td><td></td><td class=\"c x592 y2a93 w412 h148\"><div class=\"t m0 x10 h1f y80 ff4 fs7 fc4 sc3 lsc7 ws0\">L1<span class=\"ls0\"> </span></div></td><td class=\"c x595 y2a93 w2e8 h148\"><div class=\"t m0 x55 h1f y80 ff4 fs7 fc4 sc3 lsc7 ws0\">L2<span class=\"ls0\"> </span></div></td><td class=\"c x596 y2a93 w179 h148\"><div class=\"t m0 x130 h1f y80 ff4 fs7 fc4 sc3 lsc7 ws0\">L3<span class=\"ls0\"> </span></div></td><td></td><td class=\"c x597 y2a93 w413 h148\"><div class=\"t m0 x163 h1f y80 ff4 fs7 fc4 sc3 lsc7 ws0\">L1<span class=\"ls0\"> </span></div></td><td class=\"c x598 y2a93 w2a8 h148\"><div class=\"t m0 x55 h1f y80 ff4 fs7 fc4 sc3 lsc7 ws0\">L2<span class=\"ls0\"> </span></div></td><td class=\"c x599 y2a93 w408 h148\"><div class=\"t m0 x14 h1f y80 ff4 fs7 fc4 sc3 lsc7 ws0\">L3<span class=\"ls0\"> </span></div></td></tr><tr><td class=\"c x44e y2a97 w414 hf\"><div class=\"t m0 x10 h1f y25c ff4 fs7 fc1 sc0 ls0 ws0\">1. Conti corrent<span class=\"_ _1\"></span>i e depositi a vist<span class=\"_ _1\"></span>a </div></td><td></td><td class=\"c x590 y2a97 w190 hf\"><div class=\"t m0 x10 h1f y25c ff4 fs7 fc1 sc0 ls0 ws0\">34.934.847 </div></td><td class=\"c x592 y2a97 w415 hf\"><div class=\"t m0 x10 h1f y25c ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x595 y2a97 w2f0 hf\"><div class=\"t m0 x39 h1f y25c ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x596 y2a97 w179 hf\"><div class=\"t m0 x14 h1f y25c ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x591 y2a97 w190 hf\"><div class=\"t m0 x10 h1f y25c ff4 fs7 fc1 sc0 ls0 ws0\">32.845.465 </div></td><td class=\"c x594 y2a97 w416 hf\"><div class=\"t m0 x10 h1f y25c ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x598 y2a97 w1c3 hf\"><div class=\"t m0 x39 h1f y25c ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x599 y2a97 w237 hf\"><div class=\"t m0 x33 h1f y25c ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td></tr><tr><td class=\"c x44e y2a98 w414 ha4\"><div class=\"t m0 x10 h1f y5b ff4 fs7 fc1 sc0 ls0 ws0\">2. Depositi a scade<span class=\"_ _1\"></span>nza </div></td><td></td><td class=\"c x590 y2a98 w190 ha4\"><div class=\"t m0 x8e h1f y5b ff4 fs7 fc1 sc0 ls0 ws0\">5.649.451 </div></td><td class=\"c x592 y2a98 w415 ha4\"><div class=\"t m0 x10 h1f y5b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x595 y2a98 w2f0 ha4\"><div class=\"t m0 x39 h1f y5b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x596 y2a98 w179 ha4\"><div class=\"t m0 x14 h1f y5b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x591 y2a98 w190 ha4\"><div class=\"t m0 xac h1f y5b ff4 fs7 fc1 sc0 ls0 ws0\">5.833.720 </div></td><td class=\"c x594 y2a98 w416 ha4\"><div class=\"t m0 x10 h1f y5b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x598 y2a98 w1c3 ha4\"><div class=\"t m0 x39 h1f y5b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x599 y2a98 w237 ha4\"><div class=\"t m0 x33 h1f y5b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td></tr><tr><td class=\"c x44e y2a99 w414 hf\"><div class=\"t m0 x10 h1f y5b ff4 fs7 fc1 sc0 ls0 ws0\">3. Finanziamenti<span class=\"_ _1\"></span> </div></td><td></td><td class=\"c x590 y2a99 w190 hf\"><div class=\"t m0 x8e h1f y5b ff4 fs7 fc1 sc0 ls0 ws0\">1.863.905 </div></td><td class=\"c x592 y2a99 w415 hf\"><div class=\"t m0 x10 h1f y5b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x595 y2a99 w2f0 hf\"><div class=\"t m0 x39 h1f y5b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x596 y2a99 w179 hf\"><div class=\"t m0 x14 h1f y5b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x591 y2a99 w190 hf\"><div class=\"t m0 x2f h1f y5b ff4 fs7 fc1 sc0 ls0 ws0\">2.400.311 </div></td><td class=\"c x594 y2a99 w416 hf\"><div class=\"t m0 x10 h1f y5b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x598 y2a99 w1c3 hf\"><div class=\"t m0 x39 h1f y5b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x599 y2a99 w237 hf\"><div class=\"t m0 x33 h1f y5b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td></tr><tr><td class=\"c x44e y2a9a w414 hf\"><div class=\"t m0 x8e h1f y25c ff4 fs7 fc1 sc0 ls0 ws0\">3.1 Pronti contro te<span class=\"_ _f\"></span>rmine passivi </div></td><td></td><td class=\"c x590 y2a9a w190 hf\"><div class=\"t m0 x8e h1f y25c ff4 fs7 fc1 sc0 ls0 ws0\">1.330.338 </div></td><td class=\"c x592 y2a9a w415 hf\"><div class=\"t m0 x10 h1f y25c ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x595 y2a9a w2f0 hf\"><div class=\"t m0 x39 h1f y25c ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x596 y2a9a w179 hf\"><div class=\"t m0 x14 h1f y25c ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x591 y2a9a w190 hf\"><div class=\"t m0 x8e h1f y25c ff4 fs7 fc1 sc0 ls0 ws0\">1.853.665 </div></td><td class=\"c x594 y2a9a w416 hf\"><div class=\"t m0 x10 h1f y25c ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x598 y2a9a w1c3 hf\"><div class=\"t m0 x39 h1f y25c ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x599 y2a9a w237 hf\"><div class=\"t m0 x33 h1f y25c ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td></tr><tr><td class=\"c x44e y2a9b w414 ha4\"><div class=\"t m0 x8e h1f y5b ff4 fs7 fc1 sc0 ls0 ws0\">3.2 Altri </div></td><td></td><td class=\"c x590 y2a9b w190 ha4\"><div class=\"t m0 x55 h1f y5b ff4 fs7 fc1 sc0 ls0 ws0\">533.567 </div></td><td class=\"c x592 y2a9b w415 ha4\"><div class=\"t m0 x10 h1f y5b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x595 y2a9b w2f0 ha4\"><div class=\"t m0 x39 h1f y5b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x596 y2a9b w179 ha4\"><div class=\"t m0 x14 h1f y5b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x591 y2a9b w190 ha4\"><div class=\"t m0 x2e h1f y5b ff4 fs7 fc1 sc0 ls0 ws0\">546.646 </div></td><td class=\"c x594 y2a9b w416 ha4\"><div class=\"t m0 x10 h1f y5b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x598 y2a9b w1c3 ha4\"><div class=\"t m0 x39 h1f y5b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x599 y2a9b w237 ha4\"><div class=\"t m0 x33 h1f y5b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td></tr><tr><td class=\"c x262 y2a9c wbb9 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">4. Debiti per impe<span class=\"_ _1\"></span>gni di riacquisto<span class=\"_ _1\"></span> di<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x590 y2a9d w190 had\"><div class=\"t m0 x11 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x592 y2a9d w415 had\"><div class=\"t m0 x10 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x595 y2a9d w2f0 had\"><div class=\"t m0 x39 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x596 y2a9d w179 had\"><div class=\"t m0 x14 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x591 y2a9d w190 had\"><div class=\"t m0 x11 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x594 y2a9d w416 had\"><div class=\"t m0 x10 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x598 y2a9d w1c3 had\"><div class=\"t m0 x39 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x599 y2a9d w237 had\"><div class=\"t m0 x33 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td></tr><tr><td class=\"c x262 y2a9e wbba h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">propri strumenti p<span class=\"_ _f\"></span>at<span class=\"_ _2\"></span>rim<span class=\"_ _1\"></span>oniali<span class=\"_ _df\"> </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 x44e y2a9f w414 hf\"><div class=\"t m0 x10 h1f y25c ff4 fs7 fc1 sc0 ls0 ws0\">5. Debiti per lea<span class=\"_ _1\"></span>sing </div></td><td></td><td class=\"c x590 y2a9f w190 hf\"><div class=\"t m0 x55 h1f y25c ff4 fs7 fc1 sc0 ls0 ws0\">128.400 </div></td><td class=\"c x592 y2a9f w415 hf\"><div class=\"t m0 x10 h1f y25c ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x595 y2a9f w2f0 hf\"><div class=\"t m0 x39 h1f y25c ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x596 y2a9f w179 hf\"><div class=\"t m0 x14 h1f y25c ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x591 y2a9f w190 hf\"><div class=\"t m0 x39 h1f y25c ff4 fs7 fc1 sc0 ls0 ws0\">131.567 </div></td><td class=\"c x594 y2a9f w416 hf\"><div class=\"t m0 x10 h1f y25c ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x598 y2a9f w1c3 hf\"><div class=\"t m0 x39 h1f y25c ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x599 y2a9f w237 hf\"><div class=\"t m0 x33 h1f y25c ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td></tr><tr><td class=\"c x44e y2aa0 w414 ha3\"><div class=\"t m0 x10 h1f y5b ff4 fs7 fc1 sc0 ls0 ws0\">5. Altri debiti<span class=\"_ _1\"></span> </div></td><td></td><td class=\"c x590 y2aa0 w190 ha3\"><div class=\"t m0 x130 h1f y5b ff4 fs7 fc1 sc0 ls0 ws0\">271.320 </div></td><td class=\"c x592 y2aa0 w415 ha3\"><div class=\"t m0 x10 h1f y5b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x595 y2aa0 w2f0 ha3\"><div class=\"t m0 x39 h1f y5b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x596 y2aa0 w179 ha3\"><div class=\"t m0 x14 h1f y5b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x591 y2aa0 w190 ha3\"><div class=\"t m0 x55 h1f y5b ff4 fs7 fc1 sc0 ls0 ws0\">281.904 </div></td><td class=\"c x594 y2aa0 w416 ha3\"><div class=\"t m0 x10 h1f y5b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x598 y2aa0 w1c3 ha3\"><div class=\"t m0 x39 h1f y5b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x599 y2aa0 w237 ha3\"><div class=\"t m0 x33 h1f y5b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td></tr><tr><td></td><td class=\"c x44e y2aa1 w414 h6d\"><div class=\"t m0 x14d h1f y394 ff4 fs7 fc1 sc2 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale  </div></td><td class=\"c x590 y2aa1 w190 h6d\"><div class=\"t m0 x10 h1f y394 ff4 fs7 fc1 sc2 ls0 ws0\">42.847<span class=\"_ _f\"></span>.923<span class=\"_ _1\"></span> </div></td><td class=\"c x592 y2aa1 w415 h6d\"><div class=\"t m0 xab h1f y394 ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td><td class=\"c x595 y2aa1 w2f0 h6d\"><div class=\"t m0 x10 h1f y394 ff4 fs7 fc1 sc2 ls0 ws0\">1.330.<span class=\"_ _1\"></span>33<span class=\"_ _1\"></span>8 </div></td><td class=\"c x596 y2aa1 w17d h6d\"><div class=\"t m0 x10 h1f y394 ff4 fs7 fc1 sc2 ls0 ws0\">41.517<span class=\"_ _f\"></span>.586 </div></td><td class=\"c x593 y2aa1 wbd h6d\"><div class=\"t m0 x8a h1f y394 ff4 fs7 fc1 sc2 ls0 ws0\">41.49<span class=\"_ _f\"></span>2.967<span class=\"_ _1\"></span> </div></td><td class=\"c x594 y2aa1 w416 h6d\"><div class=\"t m0 xab h1f y394 ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td><td class=\"c x598 y2aa1 w1c3 h6d\"><div class=\"t m0 x10 h1f y394 ff4 fs7 fc1 sc2 ls0 ws0\">1.853.<span class=\"_ _1\"></span>665<span class=\"_ _f\"></span> </div></td><td class=\"c x599 y2aa1 w237 h6d\"><div class=\"t m0 x10 h1f y394 ff4 fs7 fc1 sc2 ls0 ws0\">39.6<span class=\"_ _f\"></span>39.236<span class=\"_ _f\"></span> </div></td></tr></table></div><div class=\"t m0 h5 ff4 fs1 fc4 sc3 ls0 ws0 gsc06\">Lege<span class=\"_ _f\"></span>nda:<span class=\"_ _df\"> </span> </div><div class=\"t m0 h1f ff4 fs7 fc1 sc0 ls0 ws0 gsc07\">VB= Valore di bi<span class=\"_ _1\"></span>lancio<span class=\"_ _df\"> </span> </div><div class=\"t m0 h1f ff4 fs7 fc1 sc0 ls0 ws0 gsc08\">L1= Livello 1<span class=\"_ _df\"> </span> </div><div class=\"t m0 h1f ff4 fs7 fc1 sc0 ls0 ws0 gsc09\">L2= Livello 2<span class=\"_ _df\"> </span> </div><div class=\"t m0 h1f ff4 fs7 fc1 sc0 ls0 ws0 gsc0a\">L3= Livello 3<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsc0b\">I debiti <span class=\"_ _2\"></span>sono <span class=\"_ _2\"></span>iscritti <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>loro valore <span class=\"_ _2\"></span>nominale, corr<span class=\"_ _2\"></span>ispondente<span class=\"_ _1\"></span> <span class=\"_ _2\"></span>al lo<span class=\"_ _2\"></span>ro <span class=\"_ _2\"></span>fair <span class=\"_ _2\"></span>value<span class=\"_ _1\"></span> <span class=\"_ _2\"></span>e il <span class=\"_ _2\"></span>livello <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>fair valu<span class=\"_ _2\"></span>e<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsc0c\">attribuito risulta essere <span class=\"_ _1\"></span>pari a 3, <span class=\"_ _1\"></span>ad eccezione d<span class=\"_ _1\"></span>el livello di fai<span class=\"_ _1\"></span>r value dei <span class=\"_ _1\"></span>pronti contro termine a cui<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsc0d\">\u00e8 attributo il valore 2.<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsc0e\">Nella voce<span class=\"_ _1\"></span> Debiti p<span class=\"_ _1\"></span>er leasing \u00e8<span class=\"_ _1\"></span> ricompreso, ai<span class=\"_ _f\"></span> sensi del p<span class=\"_ _1\"></span>rincipio IFRS<span class=\"_ _1\"></span>16, il Deb<span class=\"_ _1\"></span>ito per <span class=\"_ _1\"></span>leasing (L<span class=\"_ _1\"></span>ease<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsc0f\">Liability), pari <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>valore att<span class=\"_ _2\"></span>uale dei <span class=\"_ _2\"></span>canoni previsti <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>non ancor<span class=\"_ _2\"></span>a pagati <span class=\"_ _2\"></span>dei beni <span class=\"_ _2\"></span>oggetti <span class=\"_ _2\"></span>di contr<span class=\"_ _2\"></span>atti<span class=\"_ _df\"> </span><span class=\"_ _1\"></span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsc10\">di leasing operativo.<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsc11\">La <span class=\"_ _22\"> </span>principale <span class=\"_ _22\"> </span>novit\u00e0 <span class=\"_ _4\"> </span>introdotta <span class=\"_ _22\"> </span>dal <span class=\"_ _4\"> </span>principio  \u00e8 <span class=\"_ _22\"> </span>r<span class=\"_ _2\"></span>appresentata<span class=\"_ _1\"></span> <span class=\"_ _22\"> </span>dalla <span class=\"_ _4\"> </span>modifica  delle <span class=\"_ _4\"> </span>modalit\u00e0  di<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsc12\">contabilizzazione <span class=\"_ _17\"> </span>delle <span class=\"_ _4\"> </span>o<span class=\"_ _2\"></span>perazioni <span class=\"_ _17\"> </span>di <span class=\"_ _17\"> </span>leasing <span class=\"_ _17\"> </span>operativo <span class=\"_ _17\"> </span>nel <span class=\"_ _14\"> </span>bilancio <span class=\"_ _17\"> </span>del <span class=\"_ _17\"> </span>locatario/utilizzatore,<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gsc13\">attraverso <span class=\"_ _2\"></span>l\u2019introduzione<span class=\"_ _1\"></span> <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>un unico <span class=\"_ _2\"></span>modello d<span class=\"_ _2\"></span>i contabili<span class=\"_ _2\"></span><span class=\"ff4\">zzazione <span class=\"_ _2\"></span>dei cont<span class=\"_ _2\"></span>ratti di <span class=\"_ _2\"></span>leasing <span class=\"_ _2\"></span>da parte<span class=\"_ _df\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsc14\">del locatario siano essi classificati come leasing ope<span class=\"_ _1\"></span>rativi o finanziari. <span class=\"_ _2\"></span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsc15\">I debiti <span class=\"_ _2\"></span>verso <span class=\"_ _2\"></span>clientela sono <span class=\"_ _2\"></span>rappresentati <span class=\"_ _2\"></span>principalmente<span class=\"_ _1\"></span> <span class=\"_ _2\"></span>da d<span class=\"_ _2\"></span>ebiti a <span class=\"_ _2\"></span>vista <span class=\"_ _2\"></span>a tasso <span class=\"_ _2\"></span>variabile, e <span class=\"_ _2\"></span>non<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsc16\">\u00e8  stata  p<span class=\"_ _1\"></span>osta  in <span class=\"_ _16\"> </span>essere <span class=\"_ _16\"> </span>alcun <span class=\"_ _16\"> </span>tipo  di <span class=\"_ _16\"> </span>copertura  speci<span class=\"_ _1\"></span>fica,  mentre  sono <span class=\"_ _9\"> </span>s<span class=\"_ _2\"></span>tate <span class=\"_ _16\"> </span>poste  in <span class=\"_ _9\"> </span>essere<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsc17\">coperture di Macro Fair Value He<span class=\"_ _1\"></span>dge delle poste a vista, cos\u00ec co<span class=\"_ _1\"></span>me descritto nell<span class=\"_ _1\"></span>a parte E, sezione<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsc18\">1.3.2. della presente nota.  </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsc19\">Si <span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>egnala <span class=\"_ _2\"></span>che, <span class=\"_ _d\"></span>a <span class=\"_ _d\"></span>seguito <span class=\"_ _2\"></span>delle <span class=\"_ _d\"></span>modifiche <span class=\"_ _d\"></span>apportate <span class=\"_ _d\"></span>al <span class=\"_ _2\"></span>funzionamento<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>del <span class=\"_ _2\"></span>mercato <span class=\"_ _d\"></span>interbancario<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsc1a\">collateralizzato, <span class=\"_ _2\"></span>con <span class=\"_ _2\"></span>cons<span class=\"_ _2\"></span>eguente <span class=\"_ _2\"></span>trasferimento <span class=\"_ _d\"></span>alla <span class=\"_ _2\"></span>Cassa <span class=\"_ _d\"></span>di <span class=\"_ _2\"></span>Compensazione <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>Gar<span class=\"_ _2\"></span>anzia <span class=\"_ _2\"></span>ed <span class=\"_ _2\"></span>alla<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gsc1b\">Monte <span class=\"_ _2\"></span>Titoli <span class=\"_ _d\"></span>delle <span class=\"_ _d\"></span>funzioni <span class=\"_ _d\"></span>finora <span class=\"_ _d\"></span>svolte <span class=\"_ _d\"></span>dalla <span class=\"_ _2\"></span>Banca <span class=\"_ _d\"></span>d\u2019Italia, <span class=\"_ _d\"></span>nella <span class=\"_ _d\"></span>voce <span class=\"_ _2\"></span>3.1 <span class=\"_ _d\"></span>\u201cPronti <span class=\"_ _d\"></span>contr<span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>termine<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gsc1c\">passivi\u201d sono presenti i finanzi<span class=\"ff4\">amenti, per <span class=\"ls1\">1.</span>330,3 milioni di euro, ricevu<span class=\"_ _1\"></span>ti dal suddetto mercato.<span class=\"_ _df\"> </span></span><span class=\"ff4\"><span class=\"_ _2\"></span> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsc1d\">La <span class=\"_ _0\"></span>r<span class=\"_ _2\"></span>accolta <span class=\"_ _0\"></span>diretta <span class=\"_ _9\"> </span>bancaria <span class=\"_ _9\"> </span>da <span class=\"_ _9\"> </span>clientela <span class=\"_ _0\"></span>ha <span class=\"_ _9\"> </span>manifestat<span class=\"_ _2\"></span>o <span class=\"_ _0\"></span>un <span class=\"_ _9\"> </span>trend <span class=\"_ _0\"> </span>cr<span class=\"_ _2\"></span>escente <span class=\"_ _0\"></span>grazie <span class=\"_ _9\"> </span>al <span class=\"_ _9\"> </span>continuo<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsc1e\">sviluppo <span class=\"_ _0\"></span>commerciale <span class=\"_ _9\"> </span>e <span class=\"_ _9\"> </span>a <span class=\"_ _9\"> </span>testimonianza <span class=\"_ _9\"> </span>della <span class=\"_ _0\"> </span>pref<span class=\"_ _2\"></span>erenza <span class=\"_ _0\"></span>acc<span class=\"_ _2\"></span>ordata <span class=\"_ _0\"> </span>dalla <span class=\"_ _9\"> </span>clientela <span class=\"_ _9\"> </span>alle <span class=\"_ _9\"> </span>reti  del<span class=\"_ _df\"> </span><span class=\"_ _1\"></span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsc1f\">Gruppo.<span class=\"_ _df\"> </span> </div><div class=\"c w37c h248 gsc21\"><div class=\"t m0 x10 h5 y477 ff4 fs1 fc4 sc3 ls0 ws0\">1.3 P<span class=\"_ _1\"></span>assi<span class=\"_ _1\"></span>vit\u00e0 fina<span class=\"_ _f\"></span>nziarie v<span class=\"_ _1\"></span>alut<span class=\"_ _1\"></span>ate <span class=\"_ _1\"></span>al cos<span class=\"_ _1\"></span>to a<span class=\"_ _f\"></span>mmortizz<span class=\"_ _1\"></span>ato:<span class=\"_ _1\"></span> com<span class=\"_ _1\"></span>posi<span class=\"_ _f\"></span>zione mer<span class=\"_ _1\"></span>ceo<span class=\"_ _1\"></span>logica<span class=\"_ _f\"></span> dei tito<span class=\"_ _f\"></span>li in circo<span class=\"_ _1\"></span>lazio<span class=\"_ _1\"></span>ne </div></div><div class=\"gsc22\"><table class=\"s wbbb h4f7\" id=\"_7f2d7305-5f69-4e94-987d-9ef28f907d26\"><tr><td></td><td></td><td></td><td></td><td class=\"c x59a y2aa2 w417 h4e\"><div class=\"t m0 x66 h1f y71 ff4 fs7 fc4 sc3 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale </div></td><td></td><td></td><td></td><td class=\"c x59b y2aa2 w418 h4e\"><div class=\"t m0 x66 h1f y71 ff4 fs7 fc4 sc3 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale </div></td><td></td></tr><tr><td></td><td></td><td></td><td class=\"c x59a y2aa3 w417 h4e\" colspan=\"2\"><div class=\"t m0 xe7 h1f y71 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/<span class=\"_ _f\"></span>2025 </div></td><td></td><td></td><td class=\"c x59b y2aa3 w418 h4e\" colspan=\"2\"><div class=\"t m0 xe7 h1f y71 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/<span class=\"_ _f\"></span>2024 </div></td><td></td></tr><tr><td class=\"c x44e y2aa4 w25b h281\"><div class=\"t m0 x37 h1f y1143 ff4 fs7 fc4 sc3 ls0 ws0\">Tipol<span class=\"_ _f\"></span>ogia tito<span class=\"_ _f\"></span>li/Valor<span class=\"_ _f\"></span>i </div></td><td></td><td class=\"c x59a y2aa4 w177 h282\"><div class=\"t m0 x55 h1f ycd3 ff4 fs7 fc4 sc3 ls6c ws0\">VB<span class=\"ls0\"> </span></div></td><td></td><td class=\"c x59c y2aa5 w22c h159\"><div class=\"t m0 x7 h1f y61e ff4 fs7 fc4 sc3 ls0 ws0\">Fair<span class=\"_ _f\"></span> Value </div></td><td></td><td class=\"c x59b y2aa4 w177 h282\"><div class=\"t m0 x55 h1f ycd3 ff4 fs7 fc4 sc3 ls6c ws0\">VB<span class=\"ls0\"> </span></div></td><td></td><td class=\"c x59d y2aa5 w419 h159\"><div class=\"t m0 x7 h1f y61e ff4 fs7 fc4 sc3 ls0 ws0\">Fair<span class=\"_ _f\"></span> Value </div></td><td></td></tr><tr><td></td><td></td><td></td><td class=\"c x59c y2aa4 w17c h159\"><div class=\"t m0 x39 h1f y61e ff4 fs7 fc4 sc3 lsc7 ws0\">L1<span class=\"ls0\"> </span></div></td><td class=\"c x59e y2aa4 w41a h159\"><div class=\"t m0 x55 h1f y61e ff4 fs7 fc4 sc3 lsc7 ws0\">L2<span class=\"ls0\"> </span></div></td><td class=\"c x59f y2aa4 w2af h159\"><div class=\"t m0 x55 h1f y61e ff4 fs7 fc4 sc3 lsc7 ws0\">L3<span class=\"ls0\"> </span></div></td><td></td><td class=\"c x594 y2aa4 w176 h159\"><div class=\"t m0 x39 h1f y61e ff4 fs7 fc4 sc3 lsc7 ws0\">L1<span class=\"ls0\"> </span></div></td><td class=\"c x533 y2aa4 w2af h159\"><div class=\"t m0 x55 h1f y61e ff4 fs7 fc4 sc3 lsc7 ws0\">L2<span class=\"ls0\"> </span></div></td><td class=\"c x5a0 y2aa4 w2bd h159\"><div class=\"t m0 x55 h1f y61e ff4 fs7 fc4 sc3 lsc7 ws0\">L3<span class=\"ls0\"> </span></div></td></tr><tr><td class=\"c x44e y2aa6 w41b hc8\"><div class=\"t m0 x10 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">A. Tit<span class=\"_ _f\"></span>oli </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 x44e y2aa7 w41b hc8\"><div class=\"t m0 x2f h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">1. obbligazioni </div></td><td></td><td class=\"c x59a y2aa7 w168 hc8\"><div class=\"t m0 x8a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">4.356.502 </div></td><td class=\"c x59c y2aa7 w168 hc8\"><div class=\"t m0 x8a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">4.077.260 </div></td><td class=\"c x59e y2aa7 w3b8 hc8\"><div class=\"t m0 x2f h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">415.347 </div></td><td class=\"c x59f y2aa7 w2af hc8\"><div class=\"t m0 x30 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x59b y2aa7 w168 hc8\"><div class=\"t m0 xab h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">4.233.961 </div></td><td class=\"c x59d y2aa7 w16e hc8\"><div class=\"t m0 x8a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">4.149.806</div></td><td class=\"c x533 y2aa7 w1bd hc8\"><div class=\"t m0 x8e h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">183.433 </div></td><td class=\"c x5a0 y2aa7 w3b8 hc8\"><div class=\"t m0 x30 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2aa8 w41b hc8\"><div class=\"t m0 x39 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">1.1 strutturate </div></td><td></td><td class=\"c x59a y2aa8 w168 hc8\"><div class=\"t m0 x16a h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">928.327 </div></td><td class=\"c x59c y2aa8 w168 hc8\"><div class=\"t m0 x2f h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">984.996 </div></td><td class=\"c x59e y2aa8 w3b8 hc8\"><div class=\"t m0 x30 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x59f y2aa8 w2af hc8\"><div class=\"t m0 x30 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x59b y2aa8 w168 hc8\"><div class=\"t m0 x116 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">927.585 </div></td><td class=\"c x59d y2aa8 w16e hc8\"><div class=\"t m0 x116 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">994.931 </div></td><td class=\"c x533 y2aa8 w1bd hc8\"><div class=\"t m0 x30 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5a0 y2aa8 w3b8 hc8\"><div class=\"t m0 x30 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2aa9 w41b hc8\"><div class=\"t m0 x39 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">1.2 altre </div></td><td></td><td class=\"c x59a y2aa9 w168 hc8\"><div class=\"t m0 xab h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">3.428.175 </div></td><td class=\"c x59c y2aa9 w168 hc8\"><div class=\"t m0 x8a h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">3.092.264 </div></td><td class=\"c x59e y2aa9 w3b8 hc8\"><div class=\"t m0 x2f h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">415.347 </div></td><td class=\"c x59f y2aa9 w2af hc8\"><div class=\"t m0 x30 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x59b y2aa9 w168 hc8\"><div class=\"t m0 x8a h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">3.306.376 </div></td><td class=\"c x59d y2aa9 w16e hc8\"><div class=\"t m0 xab h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">3.154.875 </div></td><td class=\"c x533 y2aa9 w1bd hc8\"><div class=\"t m0 x8e h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">183.433 </div></td><td class=\"c x5a0 y2aa9 w3b8 hc8\"><div class=\"t m0 x30 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2aaa w41b hc8\"><div class=\"t m0 x2f h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">2. altri titoli </div></td><td></td><td class=\"c x59a y2aaa w168 hc8\"><div class=\"t m0 x2e h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">162.012 </div></td><td class=\"c x59c y2aaa w168 hc8\"><div class=\"t m0 x36 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x59e y2aaa w3b8 hc8\"><div class=\"t m0 x30 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x59f y2aaa w2af hc8\"><div class=\"t m0 x116 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">162.012 </div></td><td class=\"c x59b y2aaa w168 hc8\"><div class=\"t m0 x55 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">211.194 </div></td><td class=\"c x59d y2aaa w16e hc8\"><div class=\"t m0 x36 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x533 y2aaa w1bd hc8\"><div class=\"t m0 x30 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5a0 y2aaa w3b8 hc8\"><div class=\"t m0 x2a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">211.194 </div></td></tr><tr><td class=\"c x44e y2aab w41b hc8\"><div class=\"t m0 x39 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">2.1 strutturate </div></td><td></td><td class=\"c x59a y2aab w168 hc8\"><div class=\"t m0 x36 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x59c y2aab w168 hc8\"><div class=\"t m0 x36 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x59e y2aab w3b8 hc8\"><div class=\"t m0 x30 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x59f y2aab w2af hc8\"><div class=\"t m0 x30 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x59b y2aab w168 hc8\"><div class=\"t m0 x36 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x59d y2aab w16e hc8\"><div class=\"t m0 x36 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x533 y2aab w1bd hc8\"><div class=\"t m0 x30 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5a0 y2aab w3b8 hc8\"><div class=\"t m0 x30 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2aac w41b hc8\"><div class=\"t m0 x39 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">2.2 altre </div></td><td></td><td class=\"c x59a y2aac w168 hc8\"><div class=\"t m0 x2e h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">162.012 </div></td><td class=\"c x59c y2aac w168 hc8\"><div class=\"t m0 x36 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x59e y2aac w3b8 hc8\"><div class=\"t m0 x30 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x59f y2aac w2af hc8\"><div class=\"t m0 x116 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">162.012 </div></td><td class=\"c x59b y2aac w168 hc8\"><div class=\"t m0 x55 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">211.194 </div></td><td class=\"c x59d y2aac w16e hc8\"><div class=\"t m0 x36 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x533 y2aac w1bd hc8\"><div class=\"t m0 x30 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5a0 y2aac w3b8 hc8\"><div class=\"t m0 x2a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">211.194 </div></td></tr><tr><td></td><td class=\"c x44e y2aad w41b h227\"><div class=\"t m0 xa1 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale </div></td><td class=\"c x59a y2aad w168 h227\"><div class=\"t m0 xac h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">4.51<span class=\"_ _1\"></span>8.514<span class=\"_ _f\"></span> </div></td><td class=\"c x59c y2aad w168 h227\"><div class=\"t m0 xab h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">4.077<span class=\"_ _1\"></span>.26<span class=\"_ _1\"></span>0 </div></td><td class=\"c x59e y2aad w3b8 h227\"><div class=\"t m0 x16a h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">415.3<span class=\"_ _f\"></span>47 </div></td><td class=\"c x59f y2aad w2af h227\"><div class=\"t m0 x116 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">162.<span class=\"_ _1\"></span>012<span class=\"_ _1\"></span> </div></td><td class=\"c x59b y2aad w168 h227\"><div class=\"t m0 xab h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">4.445<span class=\"_ _1\"></span>.155<span class=\"_ _f\"></span> </div></td><td class=\"c x59d y2aad w16e h227\"><div class=\"t m0 xab h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">4.149<span class=\"_ _f\"></span>.806 </div></td><td class=\"c x533 y2aad w1bd h227\"><div class=\"t m0 x2f h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">183.<span class=\"_ _1\"></span>433<span class=\"_ _1\"></span> </div></td><td class=\"c x5a0 y2aad w3b8 h227\"><div class=\"t m0 x2e h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">211.19<span class=\"_ _f\"></span>4 </div></td></tr></table></div><div class=\"t m0 h5 ff4 fs1 fc4 sc3 ls0 ws0 gsc23\">Lege<span class=\"_ _f\"></span>nda: </div><div class=\"t m0 h1f ff4 fs7 fc1 sc0 ls0 ws0 gsc24\">VB= Valore di bi<span class=\"_ _1\"></span>lancio </div><div class=\"t m0 h1f ff4 fs7 fc1 sc0 ls0 ws0 gsc25\">L1= Livello 1 </div><div class=\"t m0 h1f ff4 fs7 fc1 sc0 ls0 ws0 gsc26\">L2= Livello 2 </div><div class=\"t m0 h1f ff4 fs7 fc1 sc0 ls0 ws0 gsc27\">L3= Livello 3 </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gsc28\">Nella voce \u201caltri titoli\u201d sono classificati<span class=\"ff4\"> i certificati di deposito. </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsc29\">In <span class=\"_ _22\"> </span>relazione <span class=\"_ _4\"> </span>alle  attivit\u00e0 <span class=\"_ _4\"> </span>di  emissione <span class=\"_ _4\"> </span>di  str<span class=\"_ _2\"></span>umenti  obbligazionari, <span class=\"_ _4\"> </span>nel<span class=\"_ _1\"></span> <span class=\"_ _4\"> </span>mese  di <span class=\"_ _4\"> </span>maggio  2025, </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsc2a\">CredemHolding <span class=\"_ _2\"></span>S.p.A. <span class=\"_ _2\"></span>ha <span class=\"_ _d\"></span>collocato <span class=\"_ _d\"></span>uno <span class=\"_ _2\"></span>strumento <span class=\"_ _d\"></span>subordinato </div><div class=\"t m1 h6 ff4 fs2 fc1 sc0 ls21 ws0 gsc2b\">Ti<span class=\"ls0\">er <span class=\"_ _2\"></span>2</span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsc2c\"> <span class=\"_ _2\"></span>per <span class=\"_ _d\"></span>nominali <span class=\"_ _2\"></span>200 <span class=\"_ _d\"></span>milioni <span class=\"_ _2\"></span>di </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsc2d\">euro <span class=\"_ _19\"> </span>con <span class=\"_ _19\"> </span>scadenza <span class=\"_ _19\"> </span>maggio <span class=\"_ _19\"> </span>2037 <span class=\"_ _19\"> </span>e <span class=\"_ _19\"> </span>possibilit\u00e0 <span class=\"_ _18\"> </span>di <span class=\"_ _19\"> </span>r<span class=\"_ _2\"></span>imborso <span class=\"_ _19\"> </span>anticip<span class=\"_ _1\"></span>ato <span class=\"_ _19\"> </span>a <span class=\"_ _19\"> </span>maggio <span class=\"_ _19\"> </span>2032. </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsc2e\">Contestualmente, \u00e8 st<span class=\"_ _2\"></span>ato<span class=\"_ _1\"></span> emesso <span class=\"_ _2\"></span>da parte di Credem Banca un prestito <span class=\"_ _2\"></span>subordinato </div><div class=\"t m1 h6 ff4 fs2 fc1 sc0 ls0 ws0 gsc2f\">Tier 2</div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsc30\"> con le </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsc31\">medesime <span class=\"_ _9\"> </span>caratteristiche <span class=\"_ _9\"> </span>interamente <span class=\"_ _9\"> </span>s<span class=\"_ _2\"></span>ottoscritto <span class=\"_ _16\"> </span>da <span class=\"_ _9\"> </span>CredemHolding<span class=\"_ _1\"></span> <span class=\"_ _9\"> </span>S.p.A.. <span class=\"_ _9\"> </span>A  g<span class=\"_ _1\"></span>iugno <span class=\"_ _9\"> </span>2025<span class=\"_ _2\"></span> <span class=\"_ _9\"> </span>\u00e8 </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsc32\">stato perfezionato il<span class=\"_ _f\"></span> rinnovo annuale<span class=\"_ _f\"></span> del programma EMTN, all<span class=\"_ _f\"></span>ineandolo alle p<span class=\"_ _1\"></span>i\u00f9 recenti normativ<span class=\"_ _1\"></span>e </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gsc33\">vigenti. <span class=\"_ _2\"></span>Nel <span class=\"_ _d\"></span>mese <span class=\"_ _d\"></span>di <span class=\"_ _2\"></span>ott<span class=\"_ _2\"></span>obre <span class=\"_ _2\"></span>2025, <span class=\"_ _d\"></span>CredemHolding <span class=\"_ _2\"></span>ha <span class=\"_ _d\"></span>esercitato <span class=\"_ _d\"></span>l\u2019opzione<span class=\"_ _1\"></span> <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>rimborso <span class=\"_ _d\"></span>anticipato </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsc34\">prevista p<span class=\"_ _1\"></span>er il<span class=\"_ _1\"></span> prestito<span class=\"_ _1\"></span> obbl<span class=\"_ _1\"></span>igazionario <span class=\"_ _f\"></span>subordinato </div><div class=\"t m1 h6 ff4 fs2 fc1 sc0 ls0 ws0 gsc35\">Tier <span class=\"_ _f\"></span>2</div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsc36\"> eme<span class=\"_ _1\"></span>sso <span class=\"_ _f\"></span>nel 2020 p<span class=\"_ _1\"></span>er <span class=\"_ _1\"></span>nominali <span class=\"_ _1\"></span>200 mil<span class=\"_ _1\"></span>ioni </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsc37\">di <span class=\"_ _d\"></span>euro <span class=\"_ _0\"></span>e, <span class=\"_ _0\"></span>contestualmente, <span class=\"_ _d\"></span>Cr<span class=\"_ _2\"></span>ede<span class=\"_ _1\"></span>mBanca <span class=\"_ _0\"></span>ha <span class=\"_ _0\"></span>rimborsato <span class=\"_ _d\"></span>ant<span class=\"_ _2\"></span>icipatamente <span class=\"_ _d\"></span>la <span class=\"_ _0\"></span>relativa <span class=\"_ _d\"></span>emissione </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gsc38\">\u201cmirror\u201d interamente sottoscritta in fase di emissione d<span class=\"_ _1\"></span>a CredemHolding.<span class=\"_ _2\"></span><span class=\"ff4\"> </span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gsc39\">Nell\u2019a<span class=\"ff4\">mbito <span class=\"_ _d\"></span>del <span class=\"_ _d\"></span>programma <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>Obbligazioni <span class=\"_ _d\"></span>Bancarie <span class=\"_ _d\"></span>Garantite <span class=\"_ _d\"></span>da <span class=\"_ _0\"></span>Credem <span class=\"_ _2\"></span>CB, <span class=\"_ _d\"></span>i<span class=\"_ _2\"></span>l <span class=\"_ _d\"></span>valore <span class=\"_ _d\"></span>nominale </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsc3a\">delle emissioni <span class=\"_ _2\"></span>in circolazion<span class=\"_ _2\"></span>e a <span class=\"_ _2\"></span>fine dicembre <span class=\"_ _2\"></span>2025 <span class=\"_ _2\"></span>\u00e8 r<span class=\"_ _2\"></span>isultato pari <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>3,6 <span class=\"_ _2\"></span>miliardi di <span class=\"_ _2\"></span>euro, dei <span class=\"_ _2\"></span>quali </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsc3b\">1,75 <span class=\"_ _2\"></span>miliardi <span class=\"_ _d\"></span>di <span class=\"_ _2\"></span>euro <span class=\"_ _d\"></span>rappresentati <span class=\"_ _2\"></span>da <span class=\"_ _2\"></span>emissioni </div><div class=\"t m1 h6 ff4 fs2 fc1 sc0 ls0 ws0 gsc3c\">self-retained<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls1b ws0 gsc3d\">. <span class=\"_ _2\"></span><span class=\"ls0\">Ne<span class=\"_ _2\"></span>l <span class=\"_ _2\"></span>mese <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>dicembre <span class=\"_ _2\"></span>20<span class=\"_ _2\"></span>25 <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _2\"></span>st<span class=\"_ _2\"></span>ato </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsc3e\">emesso <span class=\"_ _f\"></span>un nuov<span class=\"_ _1\"></span>o <span class=\"_ _1\"></span>European <span class=\"_ _f\"></span>Covered B<span class=\"_ _1\"></span>ond (<span class=\"_ _1\"></span>Premium) <span class=\"_ _f\"></span>di e <span class=\"_ _f\"></span>tipo </div><div class=\"t m1 h6 ff4 fs2 fc1 sc0 ls0 ws0 gsc3f\">self-retained</div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsc40\"> <span class=\"_ _f\"></span>p<span class=\"_ _2\"></span>er <span class=\"_ _f\"></span>un v<span class=\"_ _1\"></span>alore <span class=\"_ _1\"></span>nominale </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gsc41\">di <span class=\"_ _1\"></span>750 milioni<span class=\"_ _1\"></span> di<span class=\"_ _1\"></span> eu<span class=\"_ _1\"></span>ro. Quest\u2019ultima <span class=\"_ _f\"></span>risulta idone<span class=\"_ _1\"></span>a pe<span class=\"_ _1\"></span>r operazioni <span class=\"_ _f\"></span>di rifinanzi<span class=\"_ _1\"></span>amento presso <span class=\"_ _f\"></span>la Banca<span class=\"_ _f\"></span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsc42\">Centrale  Europea  e  si <span class=\"_ _16\"> </span>presta  come  attivit\u00e0  di  livello  1  ai <span class=\"_ _16\"> </span>fini  del  Liquidity  Coverage<span class=\"_ _1\"></span>  Ratio  per </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsc43\">potenziali controparti prenditrici di collaterale in ope<span class=\"_ _1\"></span>razioni di </div><div class=\"t m1 h6 ff4 fs2 fc1 sc0 ls0 ws0 gsc44\">repurchase agreement</div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsc45\">. </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsc46\">Nel  mese<span class=\"_ _1\"></span>  di  nov<span class=\"_ _1\"></span>embre  2025 <span class=\"_ _16\"> </span>\u00e8  stato  pe<span class=\"_ _1\"></span>rfezionato  il <span class=\"_ _9\"> </span>r<span class=\"_ _2\"></span>innovo <span class=\"_ _16\"> </span>annuale  del <span class=\"_ _16\"> </span>Programma  OBG.<span class=\"_ _1\"></span>  Le </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsc47\">modifi<span class=\"ff5\">che <span class=\"_ _1\"></span>al Base <span class=\"_ _f\"></span>Pros<span class=\"_ _2\"></span>pectus <span class=\"_ _f\"></span>ha<span class=\"_ _2\"></span>nno <span class=\"_ _1\"></span>riguardato princ<span class=\"_ _1\"></span>ipalmente l\u2019aggiornamento <span class=\"_ _1\"></span>dei d<span class=\"_ _1\"></span>ati finanziari<span class=\"_ _1\"></span> </span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gsc48\">e l\u2019adeguamento normativo della docu<span class=\"_ _1\"></span>mentazione d\u2019offerta alla miglior prassi di mercato vi<span class=\"_ _1\"></span>gente.<span class=\"_ _2\"></span><span class=\"ff4\"> </span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gsc49\">Per <span class=\"_ _0\"></span>quanto <span class=\"_ _d\"></span>r<span class=\"_ _2\"></span>iguarda <span class=\"_ _d\"></span>l\u2019operativit\u00e0 <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>mercato <span class=\"_ _d\"></span>mo<span class=\"_ _2\"></span>netario <span class=\"_ _d\"></span>a <span class=\"_ _0\"></span>valere <span class=\"_ _d\"></span>sul<span class=\"_ _2\"></span><span class=\"ff4\"> <span class=\"_ _0\"></span>Programma <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>Emissione <span class=\"_ _d\"></span>di </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsc4a\">Cambiali Finanziarie di Credito Emiliano, nel corso <span class=\"_ _2\"></span>del 2025, sono state collocate 12 emissioni, per </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsc4b\">un <span class=\"_ _1\"></span>ammontare complessivo <span class=\"_ _f\"></span>di circa 382 <span class=\"_ _f\"></span>milioni di <span class=\"_ _f\"></span>euro e p<span class=\"_ _1\"></span>er un <span class=\"_ _f\"></span>v<span class=\"_ _2\"></span>alore <span class=\"_ _1\"></span>nominale <span class=\"_ _1\"></span>outstanding a <span class=\"_ _f\"></span>fine </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsc4c\">dicembre 2025 di 164 milioni di euro. </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gsc4d\">Inoltre,  nel  corso  dell\u2019esercizio  2025  il  Gruppo  \u00e8  risultato  attivo  nell\u2019operativit\u00e0  di  raccolta  in </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsc4e\">depositi <span class=\"_ _2\"></span>unsecured <span class=\"_ _d\"></span>a <span class=\"_ _d\"></span>breve <span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>ermine <span class=\"_ _2\"></span>con <span class=\"_ _d\"></span>il <span class=\"_ _d\"></span>Ministero <span class=\"_ _d\"></span>dell'Economia <span class=\"_ _2\"></span>e <span class=\"_ _d\"></span>delle <span class=\"_ _d\"></span>Finanze <span class=\"_ _2\"></span>(MEF), <span class=\"_ _d\"></span>con <span class=\"_ _d\"></span>un<span class=\"_ _df\"> </span> </div>importo medio <span class=\"_ _2\"></span>di circa 115 <span class=\"_ _2\"></span>milioni di euro, mentre <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>fine dicembre <span class=\"_ _2\"></span>la raccolta <span class=\"_ _2\"></span>\u00e8 risultata pari <span class=\"_ _2\"></span>a 900<span class=\"_ _df\"> </span> milioni di euro.<span class=\"_ _df\"> </span> Infine <span class=\"_ _d\"></span>nel <span class=\"_ _d\"></span>corso <span class=\"_ _d\"></span>del <span class=\"_ _d\"></span>2025, <span class=\"_ _d\"></span>s<span class=\"_ _2\"></span>ono <span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>tati <span class=\"_ _d\"></span>negoziati <span class=\"_ _d\"></span>operazioni <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>repo <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>raccolta <span class=\"_ _d\"></span>a <span class=\"_ _0\"></span>breve <span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>ermine <span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>ul<span class=\"_ _df\"> </span> covered <span class=\"_ _9\"> </span>bond <span class=\"_ _9\"> </span>retained  e<span class=\"_ _1\"></span>messo  a <span class=\"_ _9\"> </span>gennaio <span class=\"_ _9\"> </span>2024, <span class=\"_ _9\"> </span>per  u<span class=\"_ _1\"></span>n <span class=\"_ _9\"> </span>importo  p<span class=\"_ _1\"></span>ari <span class=\"_ _9\"> </span>a <span class=\"_ _9\"> </span>20<span class=\"_ _2\"></span>0 <span class=\"_ _9\"> </span>milioni <span class=\"_ _9\"> </span>nominali,<span class=\"_ _2\"></span> <span class=\"_ _9\"> </span><span class=\"ls7e\">e<span class=\"_ _df\"> </span></span><span class=\"ls7e\"> </span>ulteriori <span class=\"_ _0\"></span>200<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>milioni <span class=\"_ _9\"> </span>con <span class=\"_ _9\"> </span>sottostanti <span class=\"_ _0\"></span>t<span class=\"_ _2\"></span>itoli <span class=\"_ _0\"></span>senior<span class=\"_ _df\"> </span> financial <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>propriet\u00e0 <span class=\"_ _0\"> </span>che <span class=\"_ _9\"> </span>hanno <span class=\"_ _9\"> </span>port<span class=\"_ _2\"></span>ato <span class=\"_ _0\"></span>a <span class=\"_ _9\"> </span>fine<span class=\"_ _df\"> </span> dicembre <span class=\"_ _0\"></span>il <span class=\"_ _9\"> </span>nominale <span class=\"_ _0\"></span>d<span class=\"_ _2\"></span>elle <span class=\"_ _0\"></span>operazioni <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>pronti <span class=\"_ _9\"> </span>contro <span class=\"_ _9\"> </span>termine <span class=\"_ _0\"></span>di <span class=\"_ _9\"> </span>raccolta <span class=\"_ _9\"> </span>con <span class=\"_ _9\"> </span>sottostanti <span class=\"_ _0\"></span>titoli<span class=\"_ _df\"> </span> obbligazionari non governativi a comple<span class=\"_ _1\"></span>ssivi nominali 6<span class=\"_ _2\"></span>00 milioni di euro.<span class=\"_ _df\"> </span>1.4 De<span class=\"_ _1\"></span>ttagl<span class=\"_ _1\"></span>io de<span class=\"_ _1\"></span>i deb<span class=\"_ _1\"></span>iti/ti<span class=\"_ _1\"></span>toli <span class=\"_ _1\"></span>subo<span class=\"_ _1\"></span>rdinat<span class=\"_ _f\"></span>i  Grup<span class=\"_ _1\"></span>po Ba<span class=\"_ _f\"></span>ncario<span class=\"_ _df\"> </span> Principali caratteristiche contrattuali delle passivi<span class=\"_ _1\"></span>t\u00e0 subordinate:<span class=\"_ _df\"> </span><span class=\"_ _2\"></span> <span class=\"_ _27\"> </span><span class=\"ff5\">\u201cCREDITO<span class=\"ff4\"> <span class=\"_ _15\"> </span>EMILIANO <span class=\"_ _15\"> </span>22/32 <span class=\"_ _e\"> </span>SUBORDINATO <span class=\"_ _15\"> </span>7,625 <span class=\"_ _e\"> </span></span>SUB\u201d<span class=\"ff4\"> <span class=\"_ _15\"> </span>(ISIN <span class=\"_ _e\"> </span>IT0005497117) <span class=\"_ _15\"> </span><span class=\"ls39\">per<span class=\"_ _df\"> </span></span></span></span><span class=\"ff5\"><span class=\"ff4\"> </span></span>200<span class=\"_ _1\"></span>.00<span class=\"_ _1\"></span>0.00<span class=\"_ _f\"></span>0,00 <span class=\"_ _d\"></span><span class=\"ff5\">\u20ac</span> <span class=\"_ _2\"></span>cost<span class=\"_ _2\"></span>ituito <span class=\"_ _d\"></span><span class=\"ls39\">da</span> <span class=\"_ _d\"></span><span class=\"ls13\">n.</span> <span class=\"_ _d\"></span>2.000<span class=\"_ _2\"></span>.<span class=\"_ _1\"></span>000,00 <span class=\"_ _d\"></span>obbligazioni <span class=\"_ _d\"></span><span class=\"ls39\">del</span> <span class=\"_ _d\"></span>valore <span class=\"_ _d\"></span>nominale <span class=\"_ _d\"></span><span class=\"ls39\">di<span class=\"_ _df\"> </span></span> 100 <span class=\"ff5\">\u20ac</span> ca<span class=\"_ _f\"></span>daun<span class=\"_ _f\"></span>a.<span class=\"_ _df\"> </span> Le<span class=\"ls0\"> <span class=\"_ _9\"> </span>obbligazioni <span class=\"_ _9\"> </span>corrisponderanno <span class=\"_ _9\"> </span>cedole <span class=\"_ _0\"> </span>fiss<span class=\"_ _2\"></span>e <span class=\"_ _0\"></span>annuali <span class=\"_ _9\"> </span>pari <span class=\"_ _9\"> </span><span class=\"ls73\">al</span> <span class=\"_ _9\"> </span>7,625% <span class=\"_ _9\"> </span>annuo <span class=\"_ _9\"> </span>lordo<span class=\"_ _df\"> </span></span>fino  <span class=\"ls73\">al</span>  05/10/2027 poi tasso MS  5<span class=\"_ _2\"></span>Y + 5,514% annuo lordo.<span class=\"_ _df\"> </span>Il<span class=\"ls0\"> <span class=\"_ _0\"></span>prestito<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>scade <span class=\"_ _0\"></span><span class=\"ls1a\">il</span> <span class=\"_ _9\"> </span>05/10/2032 <span class=\"_ _0\"></span><span class=\"lsd0\">se</span> <span class=\"_ _9\"> </span>non <span class=\"_ _0\"> </span>verr\u00e0<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>esercitata <span class=\"_ _9\"> </span><span class=\"ff5\">l\u2019opzione</span> <span class=\"_ _0\"></span>call <span class=\"_ _0\"></span><span class=\"ls73\">al</span> <span class=\"_ _9\"> </span>05/07/2027<span class=\"_ _df\"> </span></span><span class=\"ls0\"> </span>che<span class=\"ls0\">  significher\u00e0 il rimborso <span class=\"_ _2\"></span>anticip<span class=\"_ _1\"></span>ato.<span class=\"_ _df\"> </span></span>Al <span class=\"_ _16\"> </span>31/12/2025  l<span class=\"_ _1\"></span>a  q<span class=\"_ _1\"></span>uantit\u00e0 <span class=\"_ _9\"> </span>r<span class=\"_ _2\"></span>esidua <span class=\"_ _9\"> </span>risulta  pari <span class=\"_ _9\"> </span>a  200.000.0<span class=\"_ _1\"></span>00,00 <span class=\"_ _16\"> </span>\u20ac <span class=\"_ _16\"> </span>costituita <span class=\"_ _16\"> </span>da <span class=\"_ _9\"> </span>n.<span class=\"_ _df\"> </span> 2.000.000  <span class=\"ff5\">obbligazioni del valore nominale di 100 \u20ac cadauna<span class=\"_ _df\"> </span></span>L\u2019obbligazione<span class=\"ff4\"> <span class=\"_ _1\"></span>\u00e8 stata interamente <span class=\"_ _f\"></span>so<span class=\"_ _2\"></span>ttoscritta <span class=\"ls39\">da</span> Cr<span class=\"_ _1\"></span>ed<span class=\"_ _f\"></span>emho<span class=\"_ _1\"></span>ldin<span class=\"_ _f\"></span>g.<span class=\"_ _df\"> </span></span><span class=\"_ _27\"> </span><span class=\"ff5\">\u201cCREDITO<span class=\"ff4\"> <span class=\"_ _e\"> </span>EMILIANO <span class=\"_ _e\"> </span>25/37 <span class=\"_ _e\"> </span>SUBORDINATO <span class=\"_ _15\"> </span>4<span class=\"_ _2\"></span>,612 <span class=\"_ _e\"> </span></span>SUB\u201d<span class=\"ff4\"> <span class=\"_ _e\"> </span>(ISINXS3078482281) <span class=\"_ _e\"> </span><span class=\"ls39\">per<span class=\"_ _df\"> </span></span></span></span><span class=\"ff5\"><span class=\"ff4\"> </span></span>200<span class=\"_ _1\"></span>.00<span class=\"_ _1\"></span>0.00<span class=\"_ _f\"></span>0,00 <span class=\"_ _d\"></span><span class=\"ff5\">\u20ac</span> <span class=\"_ _d\"></span>costituito <span class=\"_ _d\"></span><span class=\"ls39\">da<span class=\"_ _2\"></span></span> <span class=\"_ _2\"></span><span class=\"ls13\">n.</span> <span class=\"_ _d\"></span>2.000.000,00 <span class=\"_ _d\"></span>obbligazioni <span class=\"_ _d\"></span><span class=\"ls39\">del</span> <span class=\"_ _0\"></span>valore <span class=\"_ _d\"></span>nominale <span class=\"_ _d\"></span><span class=\"ls39\">di<span class=\"_ _df\"> </span></span> 100 <span class=\"ff5\">\u20ac</span> ca<span class=\"_ _f\"></span>daun<span class=\"_ _f\"></span>a.<span class=\"_ _df\"> </span> Le<span class=\"ls0\"> <span class=\"_ _9\"> </span>obbligazioni <span class=\"_ _9\"> </span>corrisponderanno<span class=\"_ _2\"></span> <span class=\"_ _9\"> </span>cedole <span class=\"_ _0\"> </span>fis<span class=\"ls2\">se</span> <span class=\"_ _9\"> </span>ann<span class=\"_ _2\"></span>uali <span class=\"_ _9\"> </span>pari <span class=\"_ _9\"> </span><span class=\"ls73\">al</span>  4,612% <span class=\"_ _0\"></span>annuo <span class=\"_ _9\"> </span>lordo<span class=\"_ _df\"> </span></span><span class=\"ls0\"> </span>fino  <span class=\"ls73\">al</span> <span class=\"_ _22\"> </span>21/05/2032 poi tasso MS <span class=\"_ _4\"> </span>5Y + 2,642% annuo lordo.<span class=\"_ _df\"> </span>Il<span class=\"ls0\"> <span class=\"_ _0\"></span>prestito <span class=\"_ _9\"> </span>scade <span class=\"_ _0\"></span><span class=\"ls1a\">il</span> <span class=\"_ _9\"> </span>27/05/2037 <span class=\"_ _0\"></span><span class=\"lsd0\">se</span> <span class=\"_ _0\"></span>non <span class=\"_ _9\"> </span>verr\u00e0 <span class=\"_ _0\"></span>esercitata <span class=\"_ _0\"></span><span class=\"ff5\">l\u2019opzione</span> <span class=\"_ _9\"> </span>call <span class=\"_ _0\"></span><span class=\"ls73\">al</span> <span class=\"_ _0\"></span>27/05/2032<span class=\"_ _df\"> </span></span><span class=\"ls0\"> </span>che<span class=\"ls0\">  significher\u00e0 il rimborso <span class=\"_ _2\"></span>anticip<span class=\"_ _1\"></span>ato.<span class=\"_ _df\"> </span></span>In <span class=\"_ _2\"></span>caso <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>liquid<span class=\"_ _f\"></span>a<span class=\"_ _2\"></span>zione <span class=\"_ _2\"></span>tutt<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>le <span class=\"_ _d\"></span>obbligazioni <span class=\"_ _2\"></span>subordinate <span class=\"_ _d\"></span>saranno <span class=\"_ _d\"></span>rimborsate <span class=\"_ _2\"></span>solo <span class=\"_ _d\"></span>dopo <span class=\"_ _2\"></span>che <span class=\"_ _d\"></span>siano<span class=\"_ _df\"> </span> stati soddisfatti tutti gli altri cred<span class=\"_ _1\"></span>itori non ugualmente subordinati.<span class=\"_ _df\"> </span><span class=\"_ _2\"></span> Le obbligazioni non sono coperte dalla garanzia del Fondo Interbanc<span class=\"_ _1\"></span>ario di Tutela dei Depositi.<span class=\"_ _df\"> </span><span class=\"_ _2\"></span> Impr<span class=\"_ _1\"></span>ese <span class=\"_ _f\"></span><span class=\"ls39\">di<span class=\"ls0\"> A<span class=\"_ _f\"></span>ssi<span class=\"_ _f\"></span>cur<span class=\"_ _1\"></span>az<span class=\"_ _f\"></span>ione<span class=\"_ _df\"> </span></span></span><span class=\"ls39\"><span class=\"ls0\"><span class=\"_ _f\"></span><span class=\"fc1 sc2\"> </span></span></span>In data <span class=\"_ _2\"></span>18 novembre 2025, Credemvita S.p.A., a <span class=\"_ _2\"></span>seguito dell\u2019autorizzazione rilasciata da <span class=\"_ _2\"></span>IVASS, ha<span class=\"_ _df\"> </span> dato <span class=\"_ _9\"> </span>corso <span class=\"_ _0\"></span>al <span class=\"_ _9\"> </span>rimborso <span class=\"_ _0\"></span>integrale <span class=\"_ _9\"> </span>del <span class=\"_ _0\"></span>prestito <span class=\"_ _9\"> </span>subordinato <span class=\"_ _0\"></span>\u201c<span class=\"_ _df\"> </span>Fixed <span class=\"_ _0\"></span>Rate <span class=\"_ _9\"> </span>Resettable <span class=\"_ _9\"> </span>Subordinated<span class=\"_ _df\"> </span> Notes due 18 February 2031<span class=\"_ _df\"> </span>\u201d di importo pari a 107,5 milioni d<span class=\"_ _1\"></span>i<span class=\"ff4\"> euro.<span class=\"_ _df\"> </span></span><span class=\"ff4\"> </span>1.5 De<span class=\"_ _1\"></span>ttag<span class=\"_ _1\"></span>lio d<span class=\"_ _1\"></span>ei deb<span class=\"_ _1\"></span>iti s<span class=\"_ _1\"></span>trutt<span class=\"_ _1\"></span>urat<span class=\"_ _1\"></span>i<span class=\"_ _df\"> </span> Non esistono, alla d<span class=\"_ _1\"></span>ata del b<span class=\"_ _1\"></span>ilancio, n\u00e9 al <span class=\"_ _f\"></span>31<span class=\"_ _2\"></span> di<span class=\"_ _1\"></span>cembre 2024, debiti strutturati verso banche<span class=\"_ _1\"></span> e ve<span class=\"_ _f\"></span>r<span class=\"_ _2\"></span>so<span class=\"_ _df\"> </span> clientela.<span class=\"_ _df\"> </span> 1.6 D<span class=\"_ _1\"></span>ebiti <span class=\"_ _1\"></span>per l<span class=\"_ _1\"></span>easi<span class=\"_ _1\"></span>ng  Alla data <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>31 dicembre <span class=\"_ _2\"></span>2025 <span class=\"_ _2\"></span>sono <span class=\"_ _2\"></span>presenti debiti <span class=\"_ _2\"></span>per<span class=\"fc18\"> <span class=\"_ _2\"></span></span>leasing IFRS16 <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>128,4 <span class=\"_ _2\"></span>milioni di <span class=\"_ _2\"></span>euro. Si<span class=\"_ _df\"> </span> allegano i flussi finanziari per i leasing con l'analisi de<span class=\"_ _1\"></span>lle scadenze:<span class=\"_ _2\"></span> <table class=\"s wbbc h4f8\" id=\"_1849babf-e6ef-4663-9161-aef4b35c5952\"><tr><td class=\"c x5a2 y2aae w41c h2b\"><div class=\"t m0 x8a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">Fino a 1 mese </div></td><td class=\"c x5a3 y2aae w41d h2b\"><div class=\"t m0 xe7 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\"> 5.427  </div></td></tr><tr><td class=\"c x5a2 y2aaf w41c h221\"><div class=\"t m0 x8a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">Oltre 1 mese e fi<span class=\"_ _1\"></span>no a 3 mesi </div></td><td class=\"c x5a3 y2aaf w41d h221\"><div class=\"t m0 x12a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\"> 529  </div></td></tr><tr><td class=\"c x5a2 y2ab0 w41c h2b\"><div class=\"t m0 x8a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">Oltre 3 mesi fin<span class=\"_ _f\"></span>o<span class=\"_ _2\"></span> a 1 ann<span class=\"_ _1\"></span>o </div></td><td class=\"c x5a3 y2ab0 w41d h2b\"><div class=\"t m0 x11f h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\"> 15.838  </div></td></tr><tr><td class=\"c x5a2 y2ab1 w41c h221\"><div class=\"t m0 x8a h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">Oltre 1 anno fin<span class=\"_ _1\"></span>o a 5 anni </div></td><td class=\"c x5a3 y2ab1 w41d h221\"><div class=\"t m0 xee h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\"> 63.095  </div></td></tr><tr><td class=\"c x5a2 y2ab2 w41c h2b\"><div class=\"t m0 x8a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">Oltre 5 anni </div></td><td class=\"c x5a3 y2ab2 w41d h2b\"><div class=\"t m0 xee h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\"> 43.508  </div></td></tr><tr><td class=\"c x5a2 y2ab3 w41c h221\"><div class=\"t m0 x8a h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale </div></td><td class=\"c x5a3 y2ab3 w41d h221\"><div class=\"t m0 x11d h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\"> <span class=\"sc2\">128.3<span class=\"_ _1\"></span>96</span><span class=\"sc2\"> </span><span class=\"sc2\"><span class=\"_ _f\"></span> </span></div></td></tr></table>Si <span class=\"_ _d\"></span>\u00e8 <span class=\"_ _d\"></span>adottata <span class=\"_ _d\"></span>la <span class=\"_ _d\"></span>metodologia <span class=\"_ _d\"></span>contabile <span class=\"_ _d\"></span>del <span class=\"_ _d\"></span>Micro <span class=\"_ _d\"></span>Fair <span class=\"_ _d\"></span>Value <span class=\"_ _d\"></span>Hedge <span class=\"_ _d\"></span>per <span class=\"_ _d\"></span>la <span class=\"_ _d\"></span>copertura <span class=\"_ _d\"></span>del <span class=\"_ _d\"></span>rischio <span class=\"_ _d\"></span>di<span class=\"_ _df\"> </span>tasso <span class=\"_ _0\"></span>associato <span class=\"_ _0\"></span>all\u2019emissione <span class=\"_ _d\"></span>di <span class=\"_ _0\"> </span>prest<span class=\"_ _2\"></span>iti <span class=\"_ _d\"></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>amm<span class=\"_ _2\"></span><span class=\"ff4\">ontare <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>circa<span class=\"_ _df\"> </span></span>2.0<span class=\"ls0\">50 milioni di euro.<span class=\"_ _df\"> </span></span>Titol<span class=\"_ _1\"></span>i in ci<span class=\"_ _1\"></span>rcola<span class=\"_ _1\"></span>zione <span class=\"_ _1\"></span>ogget<span class=\"_ _1\"></span>to d<span class=\"_ _1\"></span>i co<span class=\"_ _1\"></span>pertu<span class=\"_ _1\"></span>ra s<span class=\"_ _f\"></span>pecifica Sezi<span class=\"_ _f\"></span>one 2<span class=\"_ _f\"></span> <span class=\"ff5\">\u2013</span> Pas<span class=\"_ _f\"></span>sivit\u00e0 f<span class=\"_ _1\"></span>ina<span class=\"_ _f\"></span>nziari<span class=\"_ _1\"></span>e di <span class=\"_ _f\"></span>negoz<span class=\"_ _f\"></span>iazion<span class=\"_ _f\"></span>e <span class=\"ff5\">\u2013</span> Vo<span class=\"_ _f\"></span>ce 20<span class=\"_ _f\"></span> 2.1 P<span class=\"_ _1\"></span>assivi<span class=\"_ _1\"></span>t\u00e0 fi<span class=\"_ _1\"></span>nanzia<span class=\"_ _f\"></span>rie di neg<span class=\"_ _1\"></span>ozi<span class=\"_ _f\"></span>azione: co<span class=\"_ _f\"></span>mposizio<span class=\"_ _f\"></span>ne merc<span class=\"_ _f\"></span>eolog<span class=\"_ _1\"></span>ica <table class=\"s wbbd h4f9\" id=\"_fc29c2cf-35e9-407c-a132-f6c5aa28be63\"><tr><td></td><td></td><td></td><td></td><td class=\"c x5a4 y2ab4 w41f h1a2\"><div class=\"t m0 xe4 h1f y32 ff4 fs7 fc4 sc3 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale </div></td><td></td><td></td><td></td><td></td><td></td><td class=\"c x5a5 y2ab4 w420 h1a2\"><div class=\"t m0 xe4 h1f y32 ff4 fs7 fc4 sc3 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale </div></td><td></td><td></td></tr><tr><td></td><td></td><td></td><td></td><td class=\"c x5a4 y2ab5 w41f h4e\"><div class=\"t m0 x12a h1f y295 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/<span class=\"_ _f\"></span>2025 </div></td><td></td><td></td><td></td><td></td><td></td><td class=\"c x5a5 y2ab5 w420 h4e\"><div class=\"t m0 x12a h1f y295 ff4 fs7 fc4 sc3 ls0 ws0\">31/12<span class=\"_ _1\"></span>/20<span class=\"_ _1\"></span>24 </div></td><td></td><td></td></tr><tr><td class=\"c x44e y2ab6 w41e h284\"><div class=\"t m0 xab h1f y8dd ff4 fs7 fc4 sc3 ls0 ws0\">Tipol<span class=\"_ _f\"></span>ogia op<span class=\"_ _f\"></span>erazion<span class=\"_ _1\"></span>i/Va<span class=\"_ _1\"></span>lori<span class=\"_ _1\"></span> </div></td><td class=\"c x5a4 y2ab6 w421 h285\"><div class=\"t m0 x116 h1f y8f1 ff4 fs7 fc4 sc3 ls6c ws0\">VN<span class=\"ls0\"> </span></div></td><td></td><td></td><td class=\"c x5a6 y2ab7 w422 h89\"><div class=\"t m0 x8f h1f y41f ff4 fs7 fc4 sc3 ls0 ws0\">Fair<span class=\"_ _f\"></span> Value </div></td><td></td><td class=\"c x5a7 y2ab8 wbbe h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">Fair<span class=\"_ _df\"> </span></div></td><td class=\"c x5a8 y2ab6 w421 h285\"><div class=\"t m0 x116 h1f y8f1 ff4 fs7 fc4 sc3 ls6c ws0\">VN<span class=\"ls0\"> </span></div></td><td></td><td></td><td class=\"c x4e8 y2ab7 w422 h89\"><div class=\"t m0 x8f h1f y41f ff4 fs7 fc4 sc3 ls0 ws0\">Fair<span class=\"_ _f\"></span> Value </div></td><td></td><td class=\"c x5a9 y2ab8 wbbf h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">Fair<span class=\"_ _df\"> </span></div></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td class=\"c x5aa y2ab9 wbc0 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">Val<span class=\"_ _1\"></span>ue *<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td class=\"c x5ab y2ab9 wbc0 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">Val<span class=\"_ _1\"></span>ue *<span class=\"_ _df\"> </span></div></td></tr><tr><td></td><td></td><td></td><td class=\"c x5a6 y2ab6 w2be h89\"><div class=\"t m0 x2e h1f y41f ff4 fs7 fc4 sc3 lsc7 ws0\">L1<span class=\"ls0\"> </span></div></td><td class=\"c x5ac y2ab6 w2b1 h89\"><div class=\"t m0 x2e h1f y41f ff4 fs7 fc4 sc3 lsc7 ws0\">L2<span class=\"ls0\"> </span></div></td><td class=\"c x5ad y2ab6 w12d h89\"><div class=\"t m0 x2a h1f y41f ff4 fs7 fc4 sc3 lsc7 ws0\">L3<span class=\"ls0\"> </span></div></td><td></td><td></td><td></td><td class=\"c x4e8 y2ab6 w425 h89\"><div class=\"t m0 x2e h1f y41f ff4 fs7 fc4 sc3 lsc7 ws0\">L1<span class=\"ls0\"> </span></div></td><td class=\"c x598 y2ab6 w2b1 h89\"><div class=\"t m0 x2e h1f y41f ff4 fs7 fc4 sc3 lsc7 ws0\">L2<span class=\"ls0\"> </span></div></td><td class=\"c x5ae y2ab6 w2be h89\"><div class=\"t m0 x2a h1f y41f ff4 fs7 fc4 sc3 lsc7 ws0\">L3<span class=\"ls0\"> </span></div></td><td></td></tr><tr><td class=\"c x44e y2aba w426 hc8\"><div class=\"t m0 x10 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">A. Pa<span class=\"_ _f\"></span>ssivit\u00e0<span class=\"_ _1\"></span> per ca<span class=\"_ _f\"></span>ssa </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=\"c x44e y2abb w426 hc8\"><div class=\"t m0 x2f h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">1. Debiti verso banche<span class=\"_ _f\"></span> </div></td><td></td><td class=\"c x5a4 y2abb w2b1 hc8\"><div class=\"t m0 x34 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5a6 y2abb w169 hc8\"><div class=\"t m0 x37 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5ac y2abb w2bb hc8\"><div class=\"t m0 x34 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5ad y2abb w12d hc8\"><div class=\"t m0 x37 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5af y2abb w2be hc8\"><div class=\"t m0 x37 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x5a5 y2abb w2bb hc8\"><div class=\"t m0 x34 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x4e8 y2abb w12d hc8\"><div class=\"t m0 x34 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x598 y2abb w2bb hc8\"><div class=\"t m0 x34 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5ae y2abb w169 hc8\"><div class=\"t m0 x37 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5b0 y2abb w427 hc8\"><div class=\"t m0 x37 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2abc w426 hc8\"><div class=\"t m0 x2f h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">2. Debiti verso c<span class=\"_ _1\"></span>lientela </div></td><td></td><td class=\"c x5a4 y2abc w2b1 hc8\"><div class=\"t m0 x32 h1f ye4c ff4 fs7 fc1 sc0 ls2a ws0\">28<span class=\"ls0\"> </span></div></td><td class=\"c x5a6 y2abc w169 hc8\"><div class=\"t m0 x35 h1f ye4c ff4 fs7 fc1 sc0 ls2a ws0\">29<span class=\"ls0\"> </span></div></td><td class=\"c x5ac y2abc w2bb hc8\"><div class=\"t m0 x34 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5ad y2abc w12d hc8\"><div class=\"t m0 x37 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5af y2abc w2be hc8\"><div class=\"t m0 x35 h1f ye4c ff4 fs7 fc1 sc0 ls2a ws0\">29<span class=\"ls0\"> </span></div></td><td></td><td class=\"c x5a5 y2abc w2bb hc8\"><div class=\"t m0 x34 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x4e8 y2abc w12d hc8\"><div class=\"t m0 x34 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x598 y2abc w2bb hc8\"><div class=\"t m0 x34 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5ae y2abc w169 hc8\"><div class=\"t m0 x37 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5b0 y2abc w427 hc8\"><div class=\"t m0 x37 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2abd w426 hc8\"><div class=\"t m0 x2f h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">3. Titoli di deb<span class=\"_ _1\"></span>ito<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x5a4 y2abd w2b1 hc8\"><div class=\"t m0 x34 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5a6 y2abd w169 hc8\"><div class=\"t m0 x37 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5ac y2abd w2bb hc8\"><div class=\"t m0 x34 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5ad y2abd w12d hc8\"><div class=\"t m0 x37 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5af y2abd w2be hc8\"><div class=\"t m0 x37 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x5a5 y2abd w2bb hc8\"><div class=\"t m0 x34 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x4e8 y2abd w12d hc8\"><div class=\"t m0 x34 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x598 y2abd w2bb hc8\"><div class=\"t m0 x34 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5ae y2abd w169 hc8\"><div class=\"t m0 x37 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5b0 y2abd w427 hc8\"><div class=\"t m0 x55 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2abe w426 hc8\"><div class=\"t m0 x39 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">3.1 Obbligazion<span class=\"_ _1\"></span>i  </div></td><td></td><td class=\"c x5a4 y2abe w2b1 hc8\"><div class=\"t m0 x34 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5a6 y2abe w169 hc8\"><div class=\"t m0 x37 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5ac y2abe w2bb hc8\"><div class=\"t m0 x34 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5ad y2abe w12d hc8\"><div class=\"t m0 x37 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5af y2abe w2be hc8\"><div class=\"t m0 x37 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x5a5 y2abe w2bb hc8\"><div class=\"t m0 x34 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x4e8 y2abe w12d hc8\"><div class=\"t m0 x34 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x598 y2abe w2bb hc8\"><div class=\"t m0 x34 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5ae y2abe w169 hc8\"><div class=\"t m0 x37 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5b0 y2abe w427 hc8\"><div class=\"t m0 x55 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2abf w426 hc8\"><div class=\"t m0 x3a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">3.1.1 Strutturate<span class=\"_ _1\"></span>  </div></td><td></td><td class=\"c x5a4 y2abf w2b1 hc8\"><div class=\"t m0 x34 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5a6 y2abf w169 hc8\"><div class=\"t m0 x37 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5ac y2abf w2bb hc8\"><div class=\"t m0 x34 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5ad y2abf w12d hc8\"><div class=\"t m0 x37 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5af y2abf w2be hc8\"><div class=\"t m0 x37 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x5a5 y2abf w2bb hc8\"><div class=\"t m0 x34 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x4e8 y2abf w12d hc8\"><div class=\"t m0 x34 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x598 y2abf w2bb hc8\"><div class=\"t m0 x34 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5ae y2abf w169 hc8\"><div class=\"t m0 x37 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5b0 y2abf w427 hc8\"><div class=\"t m0 x55 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td></tr><tr><td class=\"c x5b1 y2ac0 wbc1 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">3.1.2 Altre<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x5a4 y2ac1 w2b1 hbb\"><div class=\"t m0 x34 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5a6 y2ac1 w169 hbb\"><div class=\"t m0 x37 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5ac y2ac1 w2bb hbb\"><div class=\"t m0 x34 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5ad y2ac1 w12d hbb\"><div class=\"t m0 x37 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5af y2ac1 w2be hbb\"><div class=\"t m0 x37 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x5a5 y2ac1 w2bb hbb\"><div class=\"t m0 x34 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x4e8 y2ac1 w12d hbb\"><div class=\"t m0 x34 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x598 y2ac1 w2bb hbb\"><div class=\"t m0 x34 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5ae y2ac1 w169 hbb\"><div class=\"t m0 x37 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5b0 y2ac1 w427 hbb\"><div class=\"t m0 x55 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td></tr><tr><td class=\"c x5b1 y2ac2 wbc2 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">obbligazioni<span class=\"_ _df\"> </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=\"c x44e y2ac3 w426 hc8\"><div class=\"t m0 x39 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">3.2 Altri titoli </div></td><td></td><td class=\"c x5a4 y2ac3 w2b1 hc8\"><div class=\"t m0 x34 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5a6 y2ac3 w169 hc8\"><div class=\"t m0 x37 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5ac y2ac3 w2bb hc8\"><div class=\"t m0 x34 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5ad y2ac3 w12d hc8\"><div class=\"t m0 x37 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5af y2ac3 w2be hc8\"><div class=\"t m0 x37 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x5a5 y2ac3 w2bb hc8\"><div class=\"t m0 x34 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x4e8 y2ac3 w12d hc8\"><div class=\"t m0 x34 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x598 y2ac3 w2bb hc8\"><div class=\"t m0 x34 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5ae y2ac3 w169 hc8\"><div class=\"t m0 x37 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5b0 y2ac3 w427 hc8\"><div class=\"t m0 x55 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2ac4 w426 hc8\"><div class=\"t m0 x3a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">3.2.1 Struttura<span class=\"_ _1\"></span>ti  </div></td><td></td><td class=\"c x5a4 y2ac4 w2b1 hc8\"><div class=\"t m0 x34 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5a6 y2ac4 w169 hc8\"><div class=\"t m0 x37 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5ac y2ac4 w2bb hc8\"><div class=\"t m0 x34 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5ad y2ac4 w12d hc8\"><div class=\"t m0 x37 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5af y2ac4 w2be hc8\"><div class=\"t m0 x37 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x5a5 y2ac4 w2bb hc8\"><div class=\"t m0 x34 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x4e8 y2ac4 w12d hc8\"><div class=\"t m0 x34 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x598 y2ac4 w2bb hc8\"><div class=\"t m0 x34 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5ae y2ac4 w169 hc8\"><div class=\"t m0 x37 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5b0 y2ac4 w427 hc8\"><div class=\"t m0 x55 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td></tr><tr><td class=\"c x44e y2ac5 w426 hc8\"><div class=\"t m0 x3a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">3.2.2 Altri </div></td><td></td><td class=\"c x5a4 y2ac5 w2b1 hc8\"><div class=\"t m0 x34 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5a6 y2ac5 w169 hc8\"><div class=\"t m0 x37 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5ac y2ac5 w2bb hc8\"><div class=\"t m0 x34 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5ad y2ac5 w12d hc8\"><div class=\"t m0 x37 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5af y2ac5 w2be hc8\"><div class=\"t m0 x37 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x5a5 y2ac5 w2bb hc8\"><div class=\"t m0 x34 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x4e8 y2ac5 w12d hc8\"><div class=\"t m0 x34 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x598 y2ac5 w2bb hc8\"><div class=\"t m0 x34 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5ae y2ac5 w169 hc8\"><div class=\"t m0 x37 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5b0 y2ac5 w427 hc8\"><div class=\"t m0 x55 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td></tr><tr><td class=\"c x44e y2ac6 w426 hc8\"><div class=\"t m0 xe5 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale (A<span class=\"_ _f\"></span>) </div></td><td></td><td class=\"c x5a4 y2ac6 w2b1 hc8\"><div class=\"t m0 x32 h1f ye4c ff4 fs7 fc1 sc2 ls2a ws0\">28<span class=\"ls0\"> </span></div></td><td class=\"c x5a6 y2ac6 w169 hc8\"><div class=\"t m0 x35 h1f ye4c ff4 fs7 fc1 sc2 ls2a ws0\">29<span class=\"ls0\"> </span></div></td><td class=\"c x5ac y2ac6 w2bb hc8\"><div class=\"t m0 x34 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td><td class=\"c x5ad y2ac6 w12d hc8\"><div class=\"t m0 x37 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td><td class=\"c x5af y2ac6 w2be hc8\"><div class=\"t m0 x35 h1f ye4c ff4 fs7 fc1 sc2 ls2a ws0\">29<span class=\"ls0\"> </span></div></td><td></td><td class=\"c x5a5 y2ac6 w2bb hc8\"><div class=\"t m0 x34 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td><td class=\"c x4e8 y2ac6 w12d hc8\"><div class=\"t m0 x34 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td><td class=\"c x598 y2ac6 w2bb hc8\"><div class=\"t m0 x34 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td><td class=\"c x5ae y2ac6 w169 hc8\"><div class=\"t m0 x37 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td><td class=\"c x5b0 y2ac6 w427 hc8\"><div class=\"t m0 x37 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2ac7 w426 hc8\"><div class=\"t m0 x10 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\"> B. St<span class=\"_ _f\"></span>rument<span class=\"_ _1\"></span>i der<span class=\"_ _f\"></span>ivati </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=\"c x44e y2ac8 w426 hc8\"><div class=\"t m0 x2f h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">1. Derivati finanz<span class=\"_ _1\"></span>iari </div></td><td class=\"c x5a4 y2ac8 w2b1 hc8\"><div class=\"t m0 x55 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x5a6 y2ac8 w169 hc8\"><div class=\"t m0 x37 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5ac y2ac8 w2bb hc8\"><div class=\"t m0 x16a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">13.881 </div></td><td class=\"c x5ad y2ac8 w12d hc8\"><div class=\"t m0 x37 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5af y2ac8 w2be hc8\"><div class=\"t m0 x37 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5a5 y2ac8 w2bb hc8\"><div class=\"t m0 x55 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x4e8 y2ac8 w12d hc8\"><div class=\"t m0 x34 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x598 y2ac8 w2bb hc8\"><div class=\"t m0 x8e h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">14.463 </div></td><td class=\"c x5ae y2ac8 w169 hc8\"><div class=\"t m0 x37 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5b0 y2ac8 w427 hc8\"><div class=\"t m0 x55 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2ac9 w426 hc8\"><div class=\"t m0 x39 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">1.1 Di negoziazione<span class=\"_ _f\"></span> </div></td><td class=\"c x5a4 y2ac9 w2b1 hc8\"><div class=\"t m0 x55 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td></td><td class=\"c x5a6 y2ac9 w169 hc8\"><div class=\"t m0 x37 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5ac y2ac9 w2bb hc8\"><div class=\"t m0 x16a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">13.881 </div></td><td class=\"c x5ad y2ac9 w12d hc8\"><div class=\"t m0 x37 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5af y2ac9 w2be hc8\"><div class=\"t m0 x55 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x5a5 y2ac9 w2bb hc8\"><div class=\"t m0 x55 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td></td><td class=\"c x4e8 y2ac9 w12d hc8\"><div class=\"t m0 x34 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x598 y2ac9 w2bb hc8\"><div class=\"t m0 x8e h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">14.463 </div></td><td class=\"c x5ae y2ac9 w169 hc8\"><div class=\"t m0 x37 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5b0 y2ac9 w427 hc8\"><div class=\"t m0 x55 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td></tr><tr><td class=\"c x44e y2aca w426 h58\"><div class=\"t m0 x39 h1f y15 ff4 fs7 fc1 sc0 ls0 ws0\">1.2 Connessi c<span class=\"_ _1\"></span>on la fair </div><div class=\"t m0 x39 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">value option<span class=\"_ _1\"></span> </div></td><td class=\"c x5a4 y2aca w2b1 h58\"><div class=\"t m0 x55 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td></td><td class=\"c x5a6 y2aca w169 h58\"><div class=\"t m0 x37 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5ac y2aca w2bb h58\"><div class=\"t m0 x34 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5ad y2aca w12d h58\"><div class=\"t m0 x37 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5af y2aca w2be h58\"><div class=\"t m0 x55 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x5a5 y2aca w2bb h58\"><div class=\"t m0 x55 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td></td><td class=\"c x4e8 y2aca w12d h58\"><div class=\"t m0 x34 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x598 y2aca w2bb h58\"><div class=\"t m0 x34 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5ae y2aca w169 h58\"><div class=\"t m0 x37 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5b0 y2aca w427 h58\"><div class=\"t m0 x55 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td></tr><tr><td class=\"c x44e y2acb w426 hc8\"><div class=\"t m0 x39 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">1.3 Altri </div></td><td class=\"c x5a4 y2acb w2b1 hc8\"><div class=\"t m0 x55 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td></td><td class=\"c x5a6 y2acb w169 hc8\"><div class=\"t m0 x37 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5ac y2acb w2bb hc8\"><div class=\"t m0 x34 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5ad y2acb w12d hc8\"><div class=\"t m0 x37 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5af y2acb w2be hc8\"><div class=\"t m0 x55 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x5a5 y2acb w2bb hc8\"><div class=\"t m0 x55 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td></td><td class=\"c x4e8 y2acb w12d hc8\"><div class=\"t m0 x34 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x598 y2acb w2bb hc8\"><div class=\"t m0 x34 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5ae y2acb w169 hc8\"><div class=\"t m0 x37 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5b0 y2acb w427 hc8\"><div class=\"t m0 x55 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td></tr><tr><td class=\"c x44e y2acc w426 hc8\"><div class=\"t m0 x2f h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">2. Derivati creditiz<span class=\"_ _f\"></span>i </div></td><td class=\"c x5a4 y2acc w2b1 hc8\"><div class=\"t m0 x55 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x5a6 y2acc w169 hc8\"><div class=\"t m0 x37 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5ac y2acc w2bb hc8\"><div class=\"t m0 x34 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5ad y2acc w12d hc8\"><div class=\"t m0 x37 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5af y2acc w2be hc8\"><div class=\"t m0 x37 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5a5 y2acc w2bb hc8\"><div class=\"t m0 x55 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x4e8 y2acc w12d hc8\"><div class=\"t m0 x34 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x598 y2acc w2bb hc8\"><div class=\"t m0 x34 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5ae y2acc w169 hc8\"><div class=\"t m0 x37 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5b0 y2acc w427 hc8\"><div class=\"t m0 x55 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2acd w426 hc8\"><div class=\"t m0 x39 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">2.1 Di negoziazio<span class=\"_ _1\"></span>ne </div></td><td class=\"c x5a4 y2acd w2b1 hc8\"><div class=\"t m0 x55 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td></td><td class=\"c x5a6 y2acd w169 hc8\"><div class=\"t m0 x37 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5ac y2acd w2bb hc8\"><div class=\"t m0 x34 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5ad y2acd w12d hc8\"><div class=\"t m0 x37 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5af y2acd w2be hc8\"><div class=\"t m0 x55 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x5a5 y2acd w2bb hc8\"><div class=\"t m0 x55 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td></td><td class=\"c x4e8 y2acd w12d hc8\"><div class=\"t m0 x34 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x598 y2acd w2bb hc8\"><div class=\"t m0 x34 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5ae y2acd w169 hc8\"><div class=\"t m0 x37 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5b0 y2acd w427 hc8\"><div class=\"t m0 x55 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td></tr><tr><td class=\"c x44e y2613 w426 hcd\"><div class=\"t m0 x39 h1f y1736 ff4 fs7 fc1 sc0 ls0 ws0\">2.2 Connessi c<span class=\"_ _1\"></span>on la fair </div><div class=\"t m0 x39 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">value option<span class=\"_ _1\"></span> </div></td><td class=\"c x5a4 y2613 w2b1 hcd\"><div class=\"t m0 x55 h1f y2ea ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td></td><td class=\"c x5a6 y2613 w169 hcd\"><div class=\"t m0 x37 h1f y2ea ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5ac y2613 w2bb hcd\"><div class=\"t m0 x34 h1f y2ea ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5ad y2613 w12d hcd\"><div class=\"t m0 x37 h1f y2ea ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5af y2613 w2be hcd\"><div class=\"t m0 x55 h1f y2ea ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x5a5 y2613 w2bb hcd\"><div class=\"t m0 x55 h1f y2ea ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td></td><td class=\"c x4e8 y2613 w12d hcd\"><div class=\"t m0 x34 h1f y2ea ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x598 y2613 w2bb hcd\"><div class=\"t m0 x34 h1f y2ea ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5ae y2613 w169 hcd\"><div class=\"t m0 x37 h1f y2ea ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5b0 y2613 w427 hcd\"><div class=\"t m0 x55 h1f y2ea ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td></tr><tr><td class=\"c x44e y2ace w426 hc8\"><div class=\"t m0 x39 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">2.3 Altri </div></td><td class=\"c x5a4 y2ace w2b1 hc8\"><div class=\"t m0 x55 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td></td><td class=\"c x5a6 y2ace w169 hc8\"><div class=\"t m0 x37 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5ac y2ace w2bb hc8\"><div class=\"t m0 x34 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5ad y2ace w12d hc8\"><div class=\"t m0 x37 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5af y2ace w2be hc8\"><div class=\"t m0 x55 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x5a5 y2ace w2bb hc8\"><div class=\"t m0 x55 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td></td><td class=\"c x4e8 y2ace w12d hc8\"><div class=\"t m0 x34 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x598 y2ace w2bb hc8\"><div class=\"t m0 x34 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5ae y2ace w169 hc8\"><div class=\"t m0 x37 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5b0 y2ace w427 hc8\"><div class=\"t m0 x55 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td></tr><tr><td class=\"c x44e y2acf w426 hc8\"><div class=\"t m0 xc h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale B<span class=\"_ _1\"></span> </div></td><td class=\"c x5a4 y2acf w2b1 hc8\"><div class=\"t m0 x55 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">X </div></td><td></td><td class=\"c x5a6 y2acf w169 hc8\"><div class=\"t m0 x37 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td><td class=\"c x5ac y2acf w2bb hc8\"><div class=\"t m0 x16a h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">13.8<span class=\"_ _1\"></span>81 </div></td><td class=\"c x5ad y2acf w12d hc8\"><div class=\"t m0 x37 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td><td class=\"c x5af y2acf w2be hc8\"><div class=\"t m0 x55 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">X </div></td><td class=\"c x5a5 y2acf w2bb hc8\"><div class=\"t m0 x55 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">X </div></td><td></td><td class=\"c x4e8 y2acf w12d hc8\"><div class=\"t m0 x34 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td><td class=\"c x598 y2acf w2bb hc8\"><div class=\"t m0 x2f h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">14.46<span class=\"_ _f\"></span>3 </div></td><td class=\"c x5ae y2acf w169 hc8\"><div class=\"t m0 x37 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td><td class=\"c x5b0 y2acf w427 hc8\"><div class=\"t m0 x55 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">X </div></td></tr><tr><td class=\"c x44e y2ad0 w426 hc8\"><div class=\"t m0 x124 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale (A<span class=\"_ _f\"></span>+B) </div></td><td class=\"c x5a4 y2ad0 w2b1 hc8\"><div class=\"t m0 x55 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">X </div></td><td></td><td class=\"c x5a6 y2ad0 w169 hc8\"><div class=\"t m0 x35 h1f y28b ff4 fs7 fc1 sc2 ls2a ws0\">29<span class=\"ls0\"> </span></div></td><td class=\"c x5ac y2ad0 w2bb hc8\"><div class=\"t m0 x16a h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">13.8<span class=\"_ _1\"></span>81 </div></td><td class=\"c x5ad y2ad0 w12d hc8\"><div class=\"t m0 x37 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td><td class=\"c x5af y2ad0 w2be hc8\"><div class=\"t m0 x55 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">X </div></td><td class=\"c x5a5 y2ad0 w2bb hc8\"><div class=\"t m0 x55 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">X </div></td><td></td><td class=\"c x4e8 y2ad0 w12d hc8\"><div class=\"t m0 x34 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td><td class=\"c x598 y2ad0 w2bb hc8\"><div class=\"t m0 x2f h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">14.46<span class=\"_ _f\"></span>3 </div></td><td class=\"c x5ae y2ad0 w169 hc8\"><div class=\"t m0 x37 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td><td class=\"c x5b0 y2ad0 w427 hc8\"><div class=\"t m0 x55 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">X </div></td></tr></table>Lege<span class=\"_ _f\"></span>nda: VN = valore nom<span class=\"_ _1\"></span>inale o nozi<span class=\"_ _1\"></span>onale  L1 = Livello 1 <span class=\"_ _1\"></span> L2 = Livello 2 <span class=\"_ _1\"></span> L3 = Livello 3 <span class=\"_ _1\"></span> Fair value*=Fair value calco<span class=\"_ _1\"></span>lato escludendo le variazioni di valore dovute<span class=\"_ _f\"></span> <span class=\"_ _2\"></span>al cambiamento del merito credit<span class=\"_ _1\"></span>izio dell'emittente rispe<span class=\"_ _f\"></span>tto<span class=\"_ _2\"></span> alla data <span class=\"_ _1\"></span>di emissione. La voce \u201cA. Passivit\u00e0 per cassa\u201d, se presente, comprend<span class=\"_ _1\"></span>e gli scoperti tecnici. 2.2 De<span class=\"_ _1\"></span>ttag<span class=\"_ _1\"></span>lio d<span class=\"_ _1\"></span>elle \u201c<span class=\"_ _1\"></span>Pass<span class=\"_ _1\"></span>ivit\u00e0<span class=\"_ _f\"></span> finanziar<span class=\"_ _1\"></span>ie di <span class=\"_ _f\"></span>negozia<span class=\"_ _1\"></span>zione\u201d<span class=\"_ _1\"></span>: pas<span class=\"_ _f\"></span>sivit\u00e0 s<span class=\"_ _1\"></span>ubord<span class=\"_ _1\"></span>inate<span class=\"_ _1\"></span> <span class=\"ff4\"> </span>2.3 D<span class=\"_ _f\"></span>ettaglio<span class=\"_ _1\"></span> delle<span class=\"_ _1\"></span> \u201cPa<span class=\"_ _1\"></span>ssivi<span class=\"_ _1\"></span>t\u00e0 fina<span class=\"_ _1\"></span>nziari<span class=\"_ _1\"></span>e di <span class=\"_ _1\"></span>negozia<span class=\"_ _f\"></span>zione\u201d:<span class=\"_ _1\"></span> debit<span class=\"_ _1\"></span>i st<span class=\"_ _f\"></span>ruttura<span class=\"_ _1\"></span>ti<span class=\"ff4\"> </span>Non <span class=\"_ _4\"> </span>esistono, <span class=\"_ _4\"> </span>alla <span class=\"_ _4\"> </span>da<span class=\"_ _f\"></span>t<span class=\"_ _2\"></span>a <span class=\"_ _4\"> </span>del  bilancio, <span class=\"_ _4\"> </span>n\u00e9 <span class=\"_ _4\"> </span>al <span class=\"_ _22\"> </span>31<span class=\"_ _2\"></span> <span class=\"_ _4\"> </span>dice<span class=\"_ _1\"></span>mbre <span class=\"_ _4\"> </span>2024, <span class=\"_ _4\"> </span>passivit\u00e0 <span class=\"_ _4\"> </span>subordinate <span class=\"_ _4\"> </span>e <span class=\"_ _22\"> </span>debiti strutturati.<span class=\"_ _df\"> </span><div class=\"t m0 hc ff4 fs4 fc4 sc3 ls0 ws0 gsc90\">Sezi<span class=\"_ _f\"></span>one 4<span class=\"_ _1\"></span> <span class=\"ff5\">\u2013</span> D<span class=\"_ _f\"></span>erivati<span class=\"_ _f\"></span> di co<span class=\"_ _f\"></span>pertur<span class=\"_ _f\"></span>a <span class=\"ff5\">\u2013</span> Vo<span class=\"_ _f\"></span>ce 40<span class=\"_ _df\"> </span><span class=\"_ _f\"></span> </div><div class=\"c w37c h227 gsc91\"><div class=\"t m0 x10 h5 yd98 ff4 fs1 fc4 sc3 ls0 ws0\">4.1 De<span class=\"_ _1\"></span>rivat<span class=\"_ _f\"></span>i di cope<span class=\"_ _1\"></span>rtura<span class=\"_ _f\"></span>: compos<span class=\"_ _f\"></span>izione p<span class=\"_ _1\"></span>er ti<span class=\"_ _1\"></span>polog<span class=\"_ _1\"></span>ia d<span class=\"_ _1\"></span>i cope<span class=\"_ _1\"></span>rtura<span class=\"_ _f\"></span> e per l<span class=\"_ _1\"></span>ivelli </div></div><div class=\"gsc92\"><table class=\"s wbc6 h4fb\" id=\"_e900e6a7-d8eb-4bf1-835d-b2916d14c242\"><tr><td></td><td></td><td></td><td class=\"c x5bf y2ae9 w251 hbc\"><div class=\"t m0 xe h1f y66c ff4 fs7 fc4 sc3 ls0 ws0\">Fair<span class=\"_ _f\"></span> value </div></td><td></td><td class=\"c x5c0 y2ae9 w1df hbc\"><div class=\"t m0 x130 h1f y66c ff4 fs7 fc4 sc3 ls6c ws0\">VN<span class=\"ls0\"> </span></div></td><td></td><td class=\"c x5c1 y2ae9 w434 hbc\"><div class=\"t m0 xe h1f y66c ff4 fs7 fc4 sc3 ls0 ws0\">Fair<span class=\"_ _f\"></span> value </div></td><td></td><td class=\"c x5c2 y2ae9 w435 hbc\"><div class=\"t m0 x39 h1f y66c ff4 fs7 fc4 sc3 ls6c ws0\">VN<span class=\"ls0\"> </span></div></td></tr><tr><td></td><td></td><td class=\"c x5bf y2aea w149 h13\"><div class=\"t m0 x130 h1f y392 ff4 fs7 fc4 sc3 lsc7 ws0\">L1<span class=\"ls0\"> </span></div></td><td class=\"c x590 y2aea w177 h13\"><div class=\"t m0 x130 h1f y392 ff4 fs7 fc4 sc3 lsc7 ws0\">L2<span class=\"ls0\"> </span></div></td><td class=\"c x58a y2aea w195 h13\"><div class=\"t m0 x14 h1f y392 ff4 fs7 fc4 sc3 lsc7 ws0\">L3<span class=\"ls0\"> </span></div></td><td class=\"c x5c0 y2aea w162 h13\"><div class=\"t m0 x10 h1f y392 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/<span class=\"_ _f\"></span>2025 </div></td><td class=\"c x5c3 y2aea w179 h13\"><div class=\"t m0 x39 h1f y392 ff4 fs7 fc4 sc3 lsc7 ws0\">L1<span class=\"ls0\"> </span></div></td><td class=\"c x5c4 y2aea w436 h13\"><div class=\"t m0 x130 h1f y392 ff4 fs7 fc4 sc3 lsc7 ws0\">L2<span class=\"ls0\"> </span></div></td><td class=\"c x5c5 y2aea w1a9 h13\"><div class=\"t m0 x14 h1f y392 ff4 fs7 fc4 sc3 lsc7 ws0\">L3<span class=\"ls0\"> </span></div></td><td class=\"c x5c6 y2aea w437 h13\"><div class=\"t m0 x10 h1f y392 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/<span class=\"_ _f\"></span>2024 </div></td></tr><tr><td class=\"c x44e y2aeb w438 h131\"><div class=\"t m0 x10 h1f y3e4 ff4 fs7 fc1 sc2 ls0 ws0\">A. D<span class=\"_ _1\"></span>eriv<span class=\"_ _1\"></span>ati fi<span class=\"_ _1\"></span>nan<span class=\"_ _1\"></span>ziari </div></td><td></td><td class=\"c x5bf y2aeb w1dc h131\"><div class=\"t m0 x15 h1f y3e4 ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td><td class=\"c x590 y2aeb w111 h131\"><div class=\"t m0 x16a h1f y3e4 ff4 fs7 fc1 sc2 ls0 ws0\">482.2<span class=\"_ _f\"></span>49 </div></td><td class=\"c x58a y2aeb w130 h131\"><div class=\"t m0 x96 h1f y3e4 ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td><td class=\"c x5c0 y2aeb w183 h131\"><div class=\"t m0 xac h1f y3e4 ff4 fs7 fc1 sc2 ls0 ws0\">14.411.<span class=\"_ _f\"></span>429 </div></td><td class=\"c x5c1 y2aeb w179 h131\"><div class=\"t m0 x15 h1f y3e4 ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td><td class=\"c x5c4 y2aeb w10e h131\"><div class=\"t m0 x2e h1f y3e4 ff4 fs7 fc1 sc2 ls0 ws0\">731.7<span class=\"_ _f\"></span>78 </div></td><td class=\"c x5c5 y2aeb w1a9 h131\"><div class=\"t m0 x96 h1f y3e4 ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td><td class=\"c x5c2 y2aeb w2b2 h131\"><div class=\"t m0 x10 h1f y3e4 ff4 fs7 fc1 sc2 ls0 ws0\">16.6<span class=\"_ _1\"></span>43.9<span class=\"_ _f\"></span>08 </div></td></tr><tr><td class=\"c x44e y2aec w438 h131\"><div class=\"t m0 x2f h1f y74a ff4 fs7 fc1 sc0 ls0 ws0\">1) Fair value </div></td><td></td><td class=\"c x5bf y2aec w1dc h131\"><div class=\"t m0 x15 h1f y74a ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x590 y2aec w111 h131\"><div class=\"t m0 x116 h1f y74a ff4 fs7 fc1 sc0 ls0 ws0\">458.519 </div></td><td class=\"c x58a y2aec w130 h131\"><div class=\"t m0 x96 h1f y74a ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5c0 y2aec w183 h131\"><div class=\"t m0 x8a h1f y74a ff4 fs7 fc1 sc0 ls0 ws0\">13.616.662 </div></td><td class=\"c x5c1 y2aec w179 h131\"><div class=\"t m0 x15 h1f y74a ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5c4 y2aec w10e h131\"><div class=\"t m0 x116 h1f y74a ff4 fs7 fc1 sc0 ls0 ws0\">696.196 </div></td><td class=\"c x5c5 y2aec w1a9 h131\"><div class=\"t m0 x96 h1f y74a ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5c2 y2aec w2b2 h131\"><div class=\"t m0 xab h1f y74a ff4 fs7 fc1 sc0 ls0 ws0\">15.719.504 </div></td></tr><tr><td class=\"c x44e y2aed w438 h131\"><div class=\"t m0 x2f h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">2) Flussi finanz<span class=\"_ _1\"></span>iari </div></td><td></td><td class=\"c x5bf y2aed w1dc h131\"><div class=\"t m0 x15 h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x590 y2aed w111 h131\"><div class=\"t m0 x55 h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">23.730 </div></td><td class=\"c x58a y2aed w130 h131\"><div class=\"t m0 x96 h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5c0 y2aed w183 h131\"><div class=\"t m0 x2e h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">794.767 </div></td><td class=\"c x5c1 y2aed w179 h131\"><div class=\"t m0 x15 h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5c4 y2aed w10e h131\"><div class=\"t m0 x55 h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">35.582 </div></td><td class=\"c x5c5 y2aed w1a9 h131\"><div class=\"t m0 x96 h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5c2 y2aed w2b2 h131\"><div class=\"t m0 x2a h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">924.404 </div></td></tr><tr><td class=\"c x44e y2aee w438 h131\"><div class=\"t m0 x2f h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">3) Investimenti es<span class=\"_ _f\"></span>t<span class=\"_ _2\"></span>eri </div></td><td></td><td class=\"c x5bf y2aee w1dc h131\"><div class=\"t m0 x15 h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x590 y2aee w111 h131\"><div class=\"t m0 x36 h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x58a y2aee w130 h131\"><div class=\"t m0 x96 h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5c0 y2aee w183 h131\"><div class=\"t m0 x8f h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5c1 y2aee w179 h131\"><div class=\"t m0 x15 h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5c4 y2aee w10e h131\"><div class=\"t m0 x36 h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5c5 y2aee w1a9 h131\"><div class=\"t m0 x96 h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5c2 y2aee w2b2 h131\"><div class=\"t m0 x13 h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2aef w438 h131\"><div class=\"t m0 x10 h1f y3e4 ff4 fs7 fc1 sc2 ls0 ws0\">B. Der<span class=\"_ _f\"></span>ivati cr<span class=\"_ _f\"></span>editizi </div></td><td></td><td class=\"c x5bf y2aef w1dc h131\"><div class=\"t m0 x15 h1f y3e4 ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td><td class=\"c x590 y2aef w111 h131\"><div class=\"t m0 x36 h1f y3e4 ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td><td class=\"c x58a y2aef w130 h131\"><div class=\"t m0 x96 h1f y3e4 ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td><td class=\"c x5c0 y2aef w183 h131\"><div class=\"t m0 x8f h1f y3e4 ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td><td class=\"c x5c1 y2aef w179 h131\"><div class=\"t m0 x15 h1f y3e4 ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td><td class=\"c x5c4 y2aef w10e h131\"><div class=\"t m0 x36 h1f y3e4 ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td><td class=\"c x5c5 y2aef w1a9 h131\"><div class=\"t m0 x96 h1f y3e4 ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td><td class=\"c x5c2 y2aef w2b2 h131\"><div class=\"t m0 x13 h1f y3e4 ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2af0 w438 h131\"><div class=\"t m0 x2f h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">1) Fair value </div></td><td></td><td class=\"c x5bf y2af0 w1dc h131\"><div class=\"t m0 x15 h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x590 y2af0 w111 h131\"><div class=\"t m0 x36 h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x58a y2af0 w130 h131\"><div class=\"t m0 x96 h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5c0 y2af0 w183 h131\"><div class=\"t m0 x8f h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5c1 y2af0 w179 h131\"><div class=\"t m0 x15 h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5c4 y2af0 w10e h131\"><div class=\"t m0 x36 h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5c5 y2af0 w1a9 h131\"><div class=\"t m0 x96 h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5c2 y2af0 w2b2 h131\"><div class=\"t m0 x13 h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2af1 w438 h131\"><div class=\"t m0 x2f h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">2) Flussi finanz<span class=\"_ _1\"></span>iari </div></td><td></td><td class=\"c x5bf y2af1 w1dc h131\"><div class=\"t m0 x15 h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x590 y2af1 w111 h131\"><div class=\"t m0 x36 h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x58a y2af1 w130 h131\"><div class=\"t m0 x96 h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5c0 y2af1 w183 h131\"><div class=\"t m0 x8f h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5c1 y2af1 w179 h131\"><div class=\"t m0 x15 h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5c4 y2af1 w10e h131\"><div class=\"t m0 x36 h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5c5 y2af1 w1a9 h131\"><div class=\"t m0 x96 h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5c2 y2af1 w2b2 h131\"><div class=\"t m0 x13 h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td></td><td class=\"c x44e y2af2 w438 h13\"><div class=\"t m0 x171 h1f y392 ff4 fs7 fc1 sc2 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale </div></td><td class=\"c x5bf y2af2 w1dc h13\"><div class=\"t m0 x15 h1f y392 ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td><td class=\"c x590 y2af2 w111 h13\"><div class=\"t m0 x16a h1f y392 ff4 fs7 fc1 sc2 ls0 ws0\">482.2<span class=\"_ _f\"></span>49 </div></td><td class=\"c x58a y2af2 w130 h13\"><div class=\"t m0 x96 h1f y392 ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td><td class=\"c x5c0 y2af2 w183 h13\"><div class=\"t m0 xac h1f y392 ff4 fs7 fc1 sc2 ls0 ws0\">14.411.<span class=\"_ _f\"></span>429 </div></td><td class=\"c x5c1 y2af2 w179 h13\"><div class=\"t m0 x15 h1f y392 ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td><td class=\"c x5c4 y2af2 w10e h13\"><div class=\"t m0 x2e h1f y392 ff4 fs7 fc1 sc2 ls0 ws0\">731.7<span class=\"_ _f\"></span>78 </div></td><td class=\"c x5c5 y2af2 w1a9 h13\"><div class=\"t m0 x96 h1f y392 ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td><td class=\"c x5c2 y2af2 w2b2 h13\"><div class=\"t m0 x10 h1f y392 ff4 fs7 fc1 sc2 ls0 ws0\">16.6<span class=\"_ _1\"></span>43.9<span class=\"_ _f\"></span>08 </div></td></tr></table></div><div class=\"t m0 h5 ff4 fs1 fc4 sc3 ls0 ws0 gsc93\">Lege<span class=\"_ _f\"></span>nda:<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsc94\">VN= Valore nominale o nozionale<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsc95\">L1= Livello 1<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsc96\">L2= Livello 2<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsc97\">L3= Livello 3<span class=\"_ _df\"> </span> </div>4.2 D<span class=\"_ _1\"></span>eriva<span class=\"_ _1\"></span>ti di<span class=\"_ _1\"></span> cope<span class=\"_ _1\"></span>rtura<span class=\"_ _f\"></span>: compos<span class=\"_ _f\"></span>izione per<span class=\"_ _1\"></span> port<span class=\"_ _f\"></span>afogli co<span class=\"_ _1\"></span>perti<span class=\"_ _1\"></span> e pe<span class=\"_ _f\"></span>r tipolog<span class=\"_ _1\"></span>ie di <span class=\"_ _1\"></span>coper<span class=\"_ _1\"></span>tura<span class=\"fc1 sc0\"> </span><table class=\"s wbc7 h4fc\" id=\"_8f320cca-ae47-4535-b12b-66448a576677\"><tr><td></td><td></td><td></td><td></td><td class=\"c x5c7 y2af3 w43c h49\"><div class=\"t m0 x92 h1f y25c ff4 fs7 fc4 sc3 ls0 ws0\">Fair<span class=\"_ _f\"></span> Value<span class=\"fc1 sc0\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td class=\"c x5c8 y2af3 w56 h49\"><div class=\"t m0 xac h1f y25c ff4 fs7 fc4 sc3 ls0 ws0\">Flus<span class=\"_ _1\"></span>si fin<span class=\"_ _f\"></span>anziari<span class=\"_ _1\"></span><span class=\"fc1 sc0\"> </span></div></td><td></td><td></td><td></td></tr><tr><td class=\"c x36e y2af4 wbc8 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">Oper<span class=\"_ _f\"></span>azioni/T<span class=\"_ _f\"></span>ipo di<span class=\"_ _df\"> </span></div></td><td></td><td></td><td class=\"c x5c7 y2af5 w43d h49\"><div class=\"t m0 x1b1 h1f y25c ff4 fs7 fc4 sc3 ls0 ws0\">Specif<span class=\"_ _f\"></span>ica<span class=\"fc1 sc0\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td class=\"c x5c9 y2af4 wa16 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">Inv<span class=\"_ _1\"></span>estim<span class=\"_ _1\"></span>.<span class=\"_ _df\"> </span></div></td></tr><tr><td class=\"c x5ca y2af6 wbc9 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">cope<span class=\"_ _1\"></span>rtur<span class=\"_ _1\"></span>a<span class=\"_ _df\"> </span></div></td><td class=\"c x5cb y2af7 wa17 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">titoli<span class=\"_ _1\"></span> di<span class=\"_ _df\"> </span></div></td><td class=\"c x5cc y2af7 wa18 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">titol<span class=\"_ _1\"></span>i di<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td class=\"c x5cd y2af6 wa19 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">este<span class=\"_ _1\"></span>ri<span class=\"_ _df\"> </span></div></td></tr><tr><td></td><td class=\"c x5ce y2af8 wa1a h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">debi<span class=\"_ _1\"></span>to e<span class=\"_ _df\"> </span></div></td><td class=\"c x5cf y2af8 wa1b h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">capit<span class=\"_ _f\"></span>ale<span class=\"_ _df\"> </span></div></td><td class=\"c x5d0 y2af8 wa1c h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">val<span class=\"_ _1\"></span>ute<span class=\"_ _df\"> </span></div></td><td class=\"c x5d1 y2af9 w1db h28c\"><div class=\"t m0 xab h1f ye47 ff4 fs7 fc4 sc3 ls0 ws0\">credit<span class=\"_ _f\"></span>o<span class=\"fc1 sc0\"> </span></div></td><td class=\"c x5d2 y2af9 w16d h28c\"><div class=\"t m0 xac h1f ye47 ff4 fs7 fc4 sc3 ls0 ws0\">mer<span class=\"_ _1\"></span>ci<span class=\"fc1 sc0\"> </span></div></td><td class=\"c x5d3 y2af9 w1d7 h28c\"><div class=\"t m0 x8e h1f ye47 ff4 fs7 fc4 sc3 ls0 ws0\">altri<span class=\"_ _f\"></span><span class=\"fc1 sc0\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td></td><td class=\"c x5d4 y2afa wa1d h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">tass<span class=\"_ _1\"></span>i di<span class=\"_ _df\"> </span></div></td><td class=\"c x5cc y2afa wa1e h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">e indi<span class=\"_ _1\"></span>ci<span class=\"_ _df\"> </span></div></td><td class=\"c x5d5 y2afa wa1f h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">e oro<span class=\"_ _df\"> </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></td><td class=\"c x5d6 y2afb wa21 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">inter<span class=\"_ _1\"></span>esse<span class=\"_ _df\"> </span></div></td><td class=\"c x5cf y2afb wa22 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">azio<span class=\"_ _1\"></span>nari<span class=\"_ _df\"> </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=\"c x262 y265f wbca h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc1 sc0 ls0 ws0\">1. Attivit\u00e0 finanz<span class=\"_ _1\"></span>iarie<span class=\"_ _df\"> </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></tr><tr><td class=\"c x262 y2afc wbcb h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc1 sc0 ls0 ws0\">valutate al fair va<span class=\"_ _1\"></span>lue<span class=\"_ _df\"> </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></tr><tr><td class=\"c x262 y2afd wbcc h4d6\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">con impatto sul<span class=\"_ _1\"></span>la<span class=\"_ _df\"> </span></div></td><td class=\"c x5c7 y2afe w35b h28d\"><div class=\"t m0 x55 h1f y474 ff4 fs7 fc1 sc0 ls0 ws0\">15.653 </div></td><td class=\"c x5d7 y2afe w182 h28d\"><div class=\"t m0 x38 h1f y474 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5d8 y2afe w317 h28d\"><div class=\"t m0 x34 h1f y474 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5d1 y2afe w1d4 h28d\"><div class=\"t m0 x97 h1f y474 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5d2 y2afe w161 h28d\"><div class=\"t m0 x55 h1f y474 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x5d3 y2afe w39b h28d\"><div class=\"t m0 x2e h1f y474 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td></td><td class=\"c x5d9 y2afe w1a3 h28d\"><div class=\"t m0 x130 h1f y474 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x5c8 y2afe w19e h28d\"><div class=\"t m0 x32 h1f y474 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5da y2afe w1e3 h28d\"><div class=\"t m0 x130 h1f y474 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td></td><td></td><td class=\"c x50e y2afe w43a h28d\"><div class=\"t m0 x14 h1f y474 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td></tr><tr><td class=\"c x262 y2aff wbcd h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">redditivit\u00e0<span class=\"_ _df\"> </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></tr><tr><td class=\"c x262 y2b00 w902 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">complessiva<span class=\"_ _df\"> </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></tr><tr><td class=\"c x262 y2b01 wbce h4b7\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">2. Attivit\u00e0 finanz<span class=\"_ _1\"></span>iarie<span class=\"_ _df\"> </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></tr><tr><td class=\"c x262 y2b02 wbcf h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">valutate al c<span class=\"_ _1\"></span>osto<span class=\"_ _df\"> </span></div></td><td class=\"c x5c7 y2b03 w35b h89\"><div class=\"t m0 x8e h1f y41f ff4 fs7 fc1 sc0 ls0 ws0\">228.805 </div></td><td class=\"c x5d7 y2b03 w182 h89\"><div class=\"t m0 x39 h1f y41f ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x5d8 y2b03 w317 h89\"><div class=\"t m0 x34 h1f y41f ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5d1 y2b03 w1d4 h89\"><div class=\"t m0 x97 h1f y41f ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5d2 y2b03 w161 h89\"><div class=\"t m0 x55 h1f y41f ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x5d3 y2b03 w39b h89\"><div class=\"t m0 x2e h1f y41f ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td></td><td class=\"c x5d9 y2b03 w1a3 h89\"><div class=\"t m0 x130 h1f y41f ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x5c8 y2b03 w19e h89\"><div class=\"t m0 x32 h1f y41f ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5da y2b03 w1e3 h89\"><div class=\"t m0 x130 h1f y41f ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td></td><td></td><td class=\"c x50e y2b03 w43a h89\"><div class=\"t m0 x14 h1f y41f ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td></tr><tr><td class=\"c x262 y2b04 w988 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">ammortizzato<span class=\"_ _df\"> </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></tr><tr><td class=\"c x46b y2b05 w439 h4d\"><div class=\"t m0 x8a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">3. Portafoglio  </div></td><td class=\"c x5c7 y2b05 w35b h4d\"><div class=\"t m0 x14 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x5d7 y2b05 w182 h4d\"><div class=\"t m0 x39 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x5d8 y2b05 w317 h4d\"><div class=\"t m0 x55 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x5d1 y2b05 w1d4 h4d\"><div class=\"t m0 x130 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x5d2 y2b05 w161 h4d\"><div class=\"t m0 x55 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x5d3 y2b05 w39b h4d\"><div class=\"t m0 x2e h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td></td><td class=\"c x5d9 y2b05 w1a3 h4d\"><div class=\"t m0 x8e h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">24.337 </div></td><td></td><td></td><td class=\"c x5c8 y2b05 w19e h4d\"><div class=\"t m0 x2a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x5da y2b05 w1e3 h4d\"><div class=\"t m0 x8e h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">23.730 </div></td><td class=\"c x50e y2b05 w43a h4d\"><div class=\"t m0 x14 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td></tr><tr><td class=\"c x46b y2b06 w439 h4d\"><div class=\"t m0 x8a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">4. Altre operazi<span class=\"_ _1\"></span>oni  </div></td><td class=\"c x5c7 y2b06 w35b h4d\"><div class=\"t m0 x15 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5d7 y2b06 w182 h4d\"><div class=\"t m0 x38 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5d8 y2b06 w317 h4d\"><div class=\"t m0 x34 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5d1 y2b06 w1d4 h4d\"><div class=\"t m0 x97 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5d2 y2b06 w161 h4d\"><div class=\"t m0 x26 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x5d3 y2b06 w39b h4d\"><div class=\"t m0 x2c h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5d9 y2b06 w1a3 h4d\"><div class=\"t m0 x130 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x5c8 y2b06 w19e h4d\"><div class=\"t m0 x32 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5da y2b06 w1e3 h4d\"><div class=\"t m0 x130 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td></td><td></td><td class=\"c x50e y2b06 w43a h4d\"><div class=\"t m0 x30 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y2b07 w439 h28e\"><div class=\"t m0 x38 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale at<span class=\"_ _1\"></span>tivit<span class=\"_ _1\"></span>\u00e0 <span class=\"sc0\"> </span></div></td><td class=\"c x5c7 y2b07 w35b h28e\"><div class=\"t m0 x8e h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">244.4<span class=\"_ _f\"></span>58<span class=\"sc0\"> </span></div></td><td class=\"c x5d7 y2b07 w182 h28e\"><div class=\"t m0 x38 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x5d8 y2b07 w317 h28e\"><div class=\"t m0 x34 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x5d1 y2b07 w1d4 h28e\"><div class=\"t m0 x97 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x5d2 y2b07 w161 h28e\"><div class=\"t m0 x26 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td></td><td class=\"c x5d3 y2b07 w39b h28e\"><div class=\"t m0 x2c h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x5d9 y2b07 w1a3 h28e\"><div class=\"t m0 x8e h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">24.337<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x5c8 y2b07 w19e h28e\"><div class=\"t m0 x32 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td></td><td></td><td class=\"c x5da y2b07 w1e3 h28e\"><div class=\"t m0 x8e h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">23.73<span class=\"_ _f\"></span>0<span class=\"sc0\"> </span></div></td><td class=\"c x50e y2b07 w43a h28e\"><div class=\"t m0 x30 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x262 y2b08 wbd0 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">1. Passivit\u00e0<span class=\"_ _df\"> </span></div></td><td class=\"c x5c7 y2b09 w35b had\"><div class=\"t m0 x55 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">94.751 </div></td><td class=\"c x5d7 y2b09 w182 had\"><div class=\"t m0 x39 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x5d8 y2b09 w317 had\"><div class=\"t m0 x34 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5d1 y2b09 w1d4 had\"><div class=\"t m0 x97 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5d2 y2b09 w161 had\"><div class=\"t m0 x26 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x5d3 y2b09 w39b had\"><div class=\"t m0 x2c h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5d9 y2b09 w1a3 had\"><div class=\"t m0 x130 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x5c8 y2b09 w19e had\"><div class=\"t m0 x32 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5da y2b09 w1e3 had\"><div class=\"t m0 x130 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td></td><td></td><td class=\"c x50e y2b09 w43a had\"><div class=\"t m0 x14 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td></tr><tr><td class=\"c x262 y2b0a wa02 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">finanziarie<span class=\"_ _df\"> </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></tr><tr><td class=\"c x46b y2b0b w439 h4d\"><div class=\"t m0 x8a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">2. Portafoglio <span class=\"_ _1\"></span> </div></td><td class=\"c x5c7 y2b0b w35b h4d\"><div class=\"t m0 x14 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x5d7 y2b0b w182 h4d\"><div class=\"t m0 x39 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x5d8 y2b0b w317 h4d\"><div class=\"t m0 x55 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x5d1 y2b0b w1d4 h4d\"><div class=\"t m0 x130 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x5d2 y2b0b w161 h4d\"><div class=\"t m0 x55 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x5d3 y2b0b w39b h4d\"><div class=\"t m0 x2e h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td></td><td class=\"c x5d9 y2b0b w1a3 h4d\"><div class=\"t m0 x8e h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">94.973 </div></td><td></td><td></td><td class=\"c x5c8 y2b0b w19e h4d\"><div class=\"t m0 x2a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x5da y2b0b w1e3 h4d\"><div class=\"t m0 x37 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x50e y2b0b w43a h4d\"><div class=\"t m0 x14 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td></tr><tr><td class=\"c x46b y2b0c w439 h4d\"><div class=\"t m0 x2c h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale pa<span class=\"_ _f\"></span>ssivit\u00e0<span class=\"_ _1\"></span> <span class=\"sc0\"> </span></div></td><td class=\"c x5c7 y2b0c w35b h4d\"><div class=\"t m0 x55 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">94.7<span class=\"_ _1\"></span>51<span class=\"sc0\"> </span></div></td><td class=\"c x5d7 y2b0c w182 h4d\"><div class=\"t m0 x38 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x5d8 y2b0c w317 h4d\"><div class=\"t m0 x34 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x5d1 y2b0c w1d4 h4d\"><div class=\"t m0 x97 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x5d2 y2b0c w161 h4d\"><div class=\"t m0 x26 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td></td><td class=\"c x5d3 y2b0c w39b h4d\"><div class=\"t m0 x2c h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x5d9 y2b0c w1a3 h4d\"><div class=\"t m0 x8e h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">94.9<span class=\"_ _1\"></span>73<span class=\"sc0\"> </span></div></td><td class=\"c x5c8 y2b0c w19e h4d\"><div class=\"t m0 x32 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td></td><td></td><td class=\"c x5da y2b0c w1e3 h4d\"><div class=\"t m0 x37 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x50e y2b0c w43a h4d\"><div class=\"t m0 x30 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x46b y2b0d w439 h4e\"><div class=\"t m0 x8a h1f y71 ff4 fs7 fc1 sc0 ls0 ws0\">1. Transazioni atte<span class=\"_ _f\"></span>se  </div></td><td class=\"c x5c7 y2b0d w35b h4e\"><div class=\"t m0 x14 h1f y71 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x5d7 y2b0d w182 h4e\"><div class=\"t m0 x39 h1f y71 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x5d8 y2b0d w317 h4e\"><div class=\"t m0 x55 h1f y71 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x5d1 y2b0d w1d4 h4e\"><div class=\"t m0 x130 h1f y71 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x5d2 y2b0d w161 h4e\"><div class=\"t m0 x55 h1f y71 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x5d3 y2b0d w39b h4e\"><div class=\"t m0 x2e h1f y71 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td></td><td class=\"c x5d9 y2b0d w1a3 h4e\"><div class=\"t m0 x130 h1f y71 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x5c8 y2b0d w19e h4e\"><div class=\"t m0 x32 h1f y71 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5da y2b0d w1e3 h4e\"><div class=\"t m0 x130 h1f y71 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td></td><td></td><td class=\"c x50e y2b0d w43a h4e\"><div class=\"t m0 x14 h1f y71 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td></tr><tr><td class=\"c x262 y2b0e wbd1 h4b7\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">2. Portafoglio di<span class=\"_ _df\"> </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></tr><tr><td class=\"c x262 y2701 wbd2 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">attivit\u00e0 e pass<span class=\"_ _1\"></span>ivit\u00e0<span class=\"_ _df\"> </span></div></td><td class=\"c x5c7 y2b0f w35b h89\"><div class=\"t m0 x14 h1f y41f ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x5d7 y2b0f w182 h89\"><div class=\"t m0 x39 h1f y41f ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x5d8 y2b0f w317 h89\"><div class=\"t m0 x55 h1f y41f ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x5d1 y2b0f w1d4 h89\"><div class=\"t m0 x130 h1f y41f ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x5d2 y2b0f w161 h89\"><div class=\"t m0 x55 h1f y41f ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x5d3 y2b0f w39b h89\"><div class=\"t m0 x2e h1f y41f ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td></td><td class=\"c x5d9 y2b0f w1a3 h89\"><div class=\"t m0 x39 h1f y41f ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x5da y2b0f w1e3 h89\"><div class=\"t m0 x39 h1f y41f ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5c8 y2b0f w19e h89\"><div class=\"t m0 x2a h1f y41f ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td></td><td class=\"c x50e y2b0f w43a h89\"><div class=\"t m0 x48 h1f y41f ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x262 y2491 wa02 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">finanziarie<span class=\"_ _df\"> </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></tr></table>Generica<span class=\"fc1 sc0\"> </span>Specifica<span class=\"fc1 sc0\"> </span>Generica<span class=\"fc1 sc0\"> </span>Si <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _d\"></span>adottata <span class=\"_ _d\"></span>la <span class=\"_ _2\"></span>meto<span class=\"_ _2\"></span>dologia <span class=\"_ _2\"></span>contabile <span class=\"_ _2\"></span>del <span class=\"_ _d\"></span>Macro <span class=\"_ _d\"></span>Fair <span class=\"_ _2\"></span>Value <span class=\"_ _d\"></span>Hedge <span class=\"_ _2\"></span>per <span class=\"_ _d\"></span>la <span class=\"_ _d\"></span>copertura <span class=\"_ _2\"></span>del <span class=\"_ _d\"></span>rischio <span class=\"_ _2\"></span>di tasso della raccolta a vista della clie<span class=\"_ _1\"></span>ntela.<span class=\"_ _2\"></span> La <span class=\"_ _0\"></span>r<span class=\"_ _2\"></span>accolta <span class=\"_ _0\"></span>a <span class=\"_ _9\"> </span>vista <span class=\"_ _0\"></span>dalla <span class=\"_ _9\"> </span>clientela <span class=\"_ _0\"></span>r<span class=\"_ _2\"></span>appresenta <span class=\"_ _0\"></span>un\u2019importante <span class=\"_ _9\"> </span>fonte <span class=\"_ _0\"></span>di <span class=\"_ _9\"> </span>funding <span class=\"_ _0\"></span>della <span class=\"_ _0\"></span>ban<span class=\"_ _2\"></span>ca. <span class=\"_ _0\"></span>Una quota <span class=\"_ _14\"> </span>parte <span class=\"_ _14\"> </span>di <span class=\"_ _17\"> </span>questa <span class=\"_ _14\"> </span>r<span class=\"_ _2\"></span>accolta,<span class=\"_ _1\"></span> <span class=\"_ _14\"> </span>seppur <span class=\"_ _17\"> </span>cont<span class=\"_ _2\"></span>rattualmente <span class=\"_ _14\"> </span>a <span class=\"_ _14\"> </span>vista, <span class=\"_ _14\"> </span>presenta <span class=\"_ _14\"> </span>per\u00f2 <span class=\"_ _14\"> </span>una <span class=\"_ _17\"> </span>forte persistenza <span class=\"_ _e\"> </span>nel <span class=\"_ _e\"> </span>t<span class=\"_ _2\"></span>empo <span class=\"_ _e\"> </span>ed <span class=\"_ _e\"> </span>una <span class=\"_ _10\"> </span>elasticit\u00e0 <span class=\"_ _e\"> </span>imperfetta <span class=\"_ _e\"> </span>alla <span class=\"_ _10\"> </span>variazione <span class=\"_ _e\"> </span>dei <span class=\"_ _e\"> </span>tass<span class=\"_ _2\"></span>i <span class=\"_ _e\"> </span>di <span class=\"_ _e\"> </span>mercato<span class=\"_ _2\"></span>,<span class=\"_ _f\"></span> rappresentata dal cosiddetto \u201ceffetto vischiosit\u00e0\u201d.<span class=\"ff4\"> </span>Questo effetto \u00e8 stato stimato mediante<span class=\"_ _1\"></span> un modello di analisi che cons<span class=\"_ _2\"></span>iste in due componenti: <span class=\"ff10\"> <span class=\"_ _2b\"> </span><span class=\"ff4\">la <span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>tima <span class=\"_ _2\"></span>della <span class=\"_ _2\"></span>relazione <span class=\"_ _2\"></span>dei <span class=\"_ _2\"></span>tassi <span class=\"_ _2\"></span>delle <span class=\"_ _2\"></span>poste <span class=\"_ _d\"></span>a <span class=\"_ _2\"></span>vista <span class=\"_ _2\"></span>con <span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>assi<span class=\"_ _1\"></span> <span class=\"_ _2\"></span>di <span class=\"_ _d\"></span>mercato <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>base <span class=\"_ _2\"></span>ad <span class=\"_ _d\"></span>un </span></span>modello econometrico; <span class=\"ff10\"> <span class=\"_ _2b\"> </span><span class=\"ff5\">la stima della persistenza dei volumi, attraverso la quale l\u2019ammontare delle poste a vista </span></span>viene tradotto in un portafoglio di poste a tasso fisso a scadenza. I derivati di copertura di questa tipolog<span class=\"_ _1\"></span>ia presentano un fair value negativo di 94.973 mila euro.<span class=\"_ _2\"></span> Sono <span class=\"_ _d\"></span>presenti <span class=\"_ _0\"></span>coperture <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>micro <span class=\"_ _0\"></span>fair <span class=\"_ _d\"></span>value <span class=\"_ _d\"></span>hedge <span class=\"_ _d\"></span>su <span class=\"_ _d\"></span>t<span class=\"_ _2\"></span>itoli <span class=\"_ _d\"></span>a <span class=\"_ _d\"></span>tasso <span class=\"_ _0\"></span>fisso <span class=\"_ _d\"></span>detenuti <span class=\"_ _d\"></span>nel <span class=\"_ _d\"></span>portafoglio HTCS. I derivati di questa tipologia presentano un fair value negativ<span class=\"_ _1\"></span>o di 15.653 mila euro.<span class=\"_ _2\"></span> Sono <span class=\"_ _d\"></span>presenti <span class=\"_ _0\"></span>coperture <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>micro <span class=\"_ _0\"></span>fair <span class=\"_ _d\"></span>value <span class=\"_ _d\"></span>hedge <span class=\"_ _d\"></span>su <span class=\"_ _d\"></span>t<span class=\"_ _2\"></span>itoli <span class=\"_ _d\"></span>a <span class=\"_ _d\"></span>tasso <span class=\"_ _0\"></span>fisso <span class=\"_ _d\"></span>detenuti <span class=\"_ _d\"></span>nel <span class=\"_ _d\"></span>portafoglio HTC. I derivati di questa tipologia presentano un fair value<span class=\"_ _1\"></span> negativo di 228.805<span class=\"_ _2\"></span> mila euro. Si <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _2\"></span>adottata <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>metodologi<span class=\"_ _1\"></span>a <span class=\"_ _2\"></span>contabile della <span class=\"_ _2\"></span>macro<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>fair value <span class=\"_ _2\"></span>hedge <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>copertura <span class=\"_ _2\"></span>del r<span class=\"_ _2\"></span>ischi<span class=\"_ _1\"></span>o <span class=\"_ _2\"></span>di tasso <span class=\"_ _d\"></span>associato <span class=\"_ _d\"></span>all\u2019erogazione <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>mutui <span class=\"_ _d\"></span>a <span class=\"_ _d\"></span>tasso <span class=\"_ _d\"></span>fisso<span class=\"_ _2\"></span><span class=\"ff4\">. <span class=\"_ _d\"></span></span>L\u2019applicazione<span class=\"_ _1\"></span> <span class=\"_ _d\"></span>della <span class=\"_ _d\"></span>metodologia <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>hedge accounting <span class=\"_ _4\"> </span>consente <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>rappresentare <span class=\"_ _4\"> </span>contabilm<span class=\"_ _2\"></span>ente <span class=\"_ _4\"> </span>gli <span class=\"_ _4\"> </span>effetti <span class=\"_ _4\"> </span>economici <span class=\"_ _4\"> </span>delle <span class=\"_ _4\"> </span>strategie <span class=\"_ _4\"> </span>di copertura <span class=\"_ _2\"></span>attuate. I <span class=\"_ _2\"></span>derivati di <span class=\"_ _2\"></span>copertura relativi a <span class=\"_ _2\"></span>tale <span class=\"_ _2\"></span>strategia presentano <span class=\"_ _2\"></span>un fair <span class=\"_ _2\"></span>value negativo di 24.<span class=\"ls6e\">337</span> mila euro. Sono <span class=\"_ _2\"></span>presenti <span class=\"_ _2\"></span>copert<span class=\"_ _2\"></span>ure <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>micro <span class=\"_ _d\"></span>fair <span class=\"_ _2\"></span>value <span class=\"_ _2\"></span>hedge <span class=\"_ _2\"></span>su <span class=\"_ _d\"></span>titoli <span class=\"_ _2\"></span>emessi <span class=\"_ _d\"></span>a <span class=\"_ _2\"></span>tasso <span class=\"_ _2\"></span>fiss<span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>cont<span class=\"_ _2\"></span>abilizzati <span class=\"_ _2\"></span>nei \u201ctitoli in circolazione\u201d.<span class=\"ff4\"> </span> I derivati di questa tipologia presentano un fair value<span class=\"_ _1\"></span> negativo di 94.751 mila euro.<span class=\"_ _df\"> </span>Sono <span class=\"_ _9\"> </span>presenti <span class=\"_ _9\"> </span>coperture <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>macr<span class=\"_ _2\"></span>o <span class=\"_ _9\"> </span>cash <span class=\"_ _9\"> </span>flow <span class=\"_ _9\"> </span>hedge <span class=\"_ _9\"> </span>su <span class=\"_ _9\"> </span>erogazione <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>mutui <span class=\"_ _9\"> </span>a <span class=\"_ _16\"> </span>tasso <span class=\"_ _9\"> </span>variabile. <span class=\"_ _9\"> </span>I derivati di copertura di questa tipologia presentano un fair value negativo di<span class=\"_ _1\"></span> 23.730 mila euro.<span class=\"_ _2\"></span> Si <span class=\"_ _0\"></span>rimanda <span class=\"_ _d\"></span>alla <span class=\"_ _0\"></span>Sezione <span class=\"_ _0\"></span>della <span class=\"_ _0\"></span>Parte <span class=\"_ _0\"></span>E <span class=\"_ _0\"></span>delle <span class=\"_ _d\"></span>note <span class=\"_ _0\"></span>illustrative <span class=\"_ _0\"></span>per <span class=\"_ _0\"></span>la <span class=\"_ _0\"></span>descrizione <span class=\"_ _d\"></span>delle <span class=\"_ _0\"></span>modalit\u00e0 <span class=\"_ _0\"></span>della copertura.<span class=\"_ _df\"> </span>Sezi<span class=\"_ _f\"></span>one 1<span class=\"_ _1\"></span>0 <span class=\"ff5\">\u2013</span> F<span class=\"_ _f\"></span>ondi p<span class=\"_ _f\"></span>er ris<span class=\"_ _1\"></span>chi <span class=\"_ _f\"></span>e oner<span class=\"_ _f\"></span>i - Voc<span class=\"_ _f\"></span>e 100<span class=\"_ _df\"> </span>10.1 F<span class=\"_ _f\"></span>ondi per <span class=\"_ _1\"></span>rischi<span class=\"_ _1\"></span> e one<span class=\"_ _f\"></span>ri: com<span class=\"_ _f\"></span>posizione<table class=\"s wbd8 h502\" id=\"_22321d4c-31b0-40ab-a8df-fc20624a4d80\"><tr><td class=\"c x44e y2b39 w450 h237\"><div class=\"t m0 x101 h1f y14f7 ff4 fs7 fc4 sc3 ls0 ws0\">Voci<span class=\"_ _1\"></span>/Com<span class=\"_ _f\"></span>ponen<span class=\"_ _1\"></span>ti </div></td><td class=\"c x575 y2b3a w362 h49\"><div class=\"t m0 x11 h1f y32 ff4 fs7 fc4 sc3 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale </div></td><td></td><td class=\"c x44b y2b3a w37e h49\"><div class=\"t m0 x11 h1f y32 ff4 fs7 fc4 sc3 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale </div></td><td></td></tr><tr><td></td><td class=\"c x575 y2b39 w362 h49\"><div class=\"t m0 x31 h1f y25 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/<span class=\"_ _f\"></span>2025 </div></td><td class=\"c x44c y2b3b w993 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/<span class=\"_ _df\"> </span></div></td><td class=\"c x44d y2b3b w994 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">2024<span class=\"_ _df\"> </span></div></td><td></td></tr><tr><td class=\"c x262 y2b3c wbd9 h49c\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc1 sc0 ls0 ws0\">1. Fondi per rischi<span class=\"_ _1\"></span>o di credito rel<span class=\"_ _1\"></span>ativo a impegni e g<span class=\"_ _1\"></span>aranzie finanziar<span class=\"_ _1\"></span>ie<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x44a y2b3d w37d h58\"><div class=\"t m0 xe3 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">6.310 </div></td><td></td><td class=\"c x44b y2b3d w339 h58\"><div class=\"t m0 x11e h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">4.509 </div></td></tr><tr><td class=\"c x262 y2b3e wbc5 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc1 sc0 ls0 ws0\">rilasciate<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x44e y2b3f w37f h131\"><div class=\"t m0 x10 h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">2. Fondi su altr<span class=\"_ _1\"></span>i impegni e altre<span class=\"_ _1\"></span> garanzie rilasc<span class=\"_ _1\"></span>iate<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x44a y2b3f w37d h131\"><div class=\"t m0 x189 h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x44b y2b3f w339 h131\"><div class=\"t m0 x189 h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2b40 w37f h131\"><div class=\"t m0 x10 h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">3. Fondi di quiescenz<span class=\"_ _1\"></span>a aziendali<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x44a y2b40 w37d h131\"><div class=\"t m0 xed h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">1.010 </div></td><td></td><td class=\"c x44b y2b40 w339 h131\"><div class=\"t m0 xe3 h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">1.090 </div></td></tr><tr><td class=\"c x44e y2b41 w37f h131\"><div class=\"t m0 x10 h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">4. Altri fondi per r<span class=\"_ _1\"></span>ischi ed oner<span class=\"_ _1\"></span>i<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x44a y2b41 w37d h131\"><div class=\"t m0 xe5 h1f y3e4 ff4 fs7 fc1 sc0 ls2a ws0\">228.<span class=\"ls29\">699</span><span class=\"ls29\"><span class=\"ls0\"> </span></span></div></td><td></td><td class=\"c x44b y2b41 w339 h131\"><div class=\"t m0 xe8 h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">235.292 </div></td></tr><tr><td class=\"c x44e y2b42 w37f h131\"><div class=\"t m0 x116 h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">4.1 controversie <span class=\"_ _1\"></span>legali e fiscali </div></td><td></td><td class=\"c x44a y2b42 w37d h131\"><div class=\"t m0 x1e9 h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">19.492 </div></td><td></td><td class=\"c x44b y2b42 w339 h131\"><div class=\"t m0 x11e h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">16.951 </div></td></tr><tr><td class=\"c x44e y2b43 w37f h131\"><div class=\"t m0 x116 h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">4.2 oneri per il per<span class=\"_ _1\"></span>sonale </div></td><td></td><td class=\"c x44a y2b43 w37d h131\"><div class=\"t m0 x1e6 h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">122.066 </div></td><td></td><td class=\"c x44b y2b43 w339 h131\"><div class=\"t m0 x1e6 h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">133.395 </div></td></tr><tr><td class=\"c x44e y2b44 w37f h131\"><div class=\"t m0 x116 h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">4.3 altri </div></td><td></td><td class=\"c x44a y2b44 w37d h131\"><div class=\"t m0 x11e h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">87.141 </div></td><td></td><td class=\"c x44b y2b44 w339 h131\"><div class=\"t m0 xc h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">84.946 </div></td></tr><tr><td class=\"c x44e y2b45 w37f h13\"><div class=\"t m0 x76 h1f y80 ff4 fs7 fc1 sc2 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale </div></td><td></td><td class=\"c x44a y2b45 w37d h13\"><div class=\"t m0 x1e6 h1f y80 ff4 fs7 fc1 sc2 ls0 ws0\">236.0<span class=\"_ _f\"></span><span class=\"ls9\">19</span><span class=\"ls9\"><span class=\"ls0\"> </span></span></div></td><td></td><td class=\"c x44b y2b45 w339 h13\"><div class=\"t m0 x1e6 h1f y80 ff4 fs7 fc1 sc2 ls0 ws0\">240.<span class=\"_ _f\"></span>891 </div></td></tr></table>DATO <span class=\"ff5\">\u2013</span> NOTA INT<span class=\"_ _f\"></span>E<span class=\"_ _2\"></span>GRATIVA 389<span class=\"_ _f\"></span> Ipot<span class=\"_ _1\"></span>esi de<span class=\"_ _1\"></span>mogr<span class=\"_ _1\"></span>afiche<span class=\"_ _df\"> </span><span class=\"_ _f\"></span><span class=\"fc5 sc4\"> </span>Sono state utilizzate le seguenti probabi<span class=\"_ _1\"></span>lit\u00e0:<span class=\"_ _df\"> </span><span class=\"_ _2\"></span> -<span class=\"ff10\"> <span class=\"_ _24\"> </span><span class=\"ff4\">per <span class=\"_ _2\"></span>le probabilit\u00e0 <span class=\"_ _d\"></span>di mort<span class=\"_ _2\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _2\"></span>del p<span class=\"_ _2\"></span>ersonale in <span class=\"_ _2\"></span>pensione <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _2\"></span>stata <span class=\"_ _2\"></span>utilizzata la <span class=\"_ _d\"></span>tavola <span class=\"_ _2\"></span>IPS55, <span class=\"_ _2\"></span>distinta<span class=\"_ _df\"> </span></span></span><span class=\"ff10\"><span class=\"ff4\"> </span></span>per sesso;<span class=\"_ _df\"> </span> -<span class=\"ff10\"> <span class=\"_ _24\"> </span><span class=\"ff4\">per <span class=\"_ _9\"> </span>le <span class=\"_ _9\"> </span>probabilit\u00e0 <span class=\"_ _0\"> </span>di <span class=\"_ _9\"> </span>mort<span class=\"_ _2\"></span>e <span class=\"_ _0\"></span>del <span class=\"_ _9\"> </span>personale <span class=\"_ _0\"> </span>in <span class=\"_ _16\"> </span>pensione <span class=\"_ _0\"></span>per <span class=\"_ _9\"> </span>invalidit\u00e0 <span class=\"_ _9\"> </span>assoluta <span class=\"_ _9\"> </span>e <span class=\"_ _9\"> </span>permanente,<span class=\"_ _df\"> </span></span></span><span class=\"ff10\"><span class=\"ff4\"> </span></span>quelle adottate nel modell<span class=\"_ _1\"></span>o INPS per le proiezioni 2010, distinte per sesso;<span class=\"_ _df\"> </span><span class=\"_ _2\"></span> -<span class=\"ff10\"> <span class=\"_ _24\"> </span><span class=\"ff4\">per <span class=\"_ _2\"></span>la probabilit\u00e0 <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>lasciare la <span class=\"_ _2\"></span>famiglia <span class=\"_ _2\"></span>quelle, <span class=\"_ _2\"></span>distinte <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>sesso, pubblicate <span class=\"_ _2\"></span>nel mod<span class=\"_ _2\"></span>ello INPS<span class=\"_ _df\"> </span></span></span><span class=\"ff10\"><span class=\"ff4\"><span class=\"_ _2\"></span> </span></span>per le proiezioni al 2010 aggiornate.<span class=\"_ _df\"> </span> Ipot<span class=\"_ _1\"></span>esi eco<span class=\"_ _f\"></span>nomico-<span class=\"_ _1\"></span>finan<span class=\"_ _f\"></span>ziarie<span class=\"_ _df\"> </span> Le <span class=\"_ _d\"></span>ipotesi <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>oggetto <span class=\"_ _d\"></span>r<span class=\"_ _2\"></span>iguardano <span class=\"_ _2\"></span>il <span class=\"_ _d\"></span>t<span class=\"_ _2\"></span>asso <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>attualizzazione, <span class=\"_ _d\"></span>i <span class=\"_ _d\"></span>tassi <span class=\"_ _d\"></span>d\u2019inflazione <span class=\"_ _d\"></span>ed <span class=\"_ _d\"></span>i <span class=\"_ _d\"></span>tas<span class=\"_ _2\"></span>si <span class=\"_ _d\"></span>annui <span class=\"_ _d\"></span>di<span class=\"_ _df\"> </span> rivalutazione delle pensioni Fondo e Inps.<span class=\"_ _df\"> </span> Per <span class=\"_ _d\"></span>il <span class=\"_ _d\"></span>tasso <span class=\"_ _d\"></span>di <span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>ivalu<span class=\"_ _1\"></span>tazione <span class=\"_ _d\"></span>si <span class=\"_ _d\"></span>\u00e8 <span class=\"_ _d\"></span>utilizzata <span class=\"_ _d\"></span>una <span class=\"_ _d\"></span>variazione <span class=\"_ _d\"></span>media <span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>ispetto <span class=\"_ _d\"></span>al <span class=\"_ _2\"></span>tasso <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>inflazione <span class=\"_ _d\"></span>del<span class=\"_ _df\"> </span> 75%  ricavata da un ele<span class=\"_ _1\"></span>vato numero di casi analoghi a que<span class=\"_ _1\"></span>llo in esame ed a fronte deg<span class=\"_ _1\"></span>li incrementi<span class=\"_ _df\"> </span> previsti <span class=\"_ _d\"></span>dalla <span class=\"_ _d\"></span>normativa <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>vigore <span class=\"_ _2\"></span>a <span class=\"_ _d\"></span>decorrere <span class=\"_ _d\"></span>da<span class=\"_ _2\"></span><span class=\"ff5\">ll\u2019anno <span class=\"_ _2\"></span>20<span class=\"_ _2\"></span>09 <span class=\"_ _2\"></span>(100<span class=\"_ _2\"></span>% <span class=\"_ _d\"></span>del <span class=\"_ _2\"></span>tasso <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>inflazione <span class=\"_ _d\"></span>ISTAT<span class=\"_ _df\"> </span></span><span class=\"ff5\"> </span>per pensioni <span class=\"_ _2\"></span>annue <span class=\"_ _2\"></span>complessive <span class=\"_ _2\"></span>inferiori a <span class=\"_ _2\"></span>5 <span class=\"_ _2\"></span>volte <span class=\"_ _2\"></span>il minimo <span class=\"_ _2\"></span>e 7<span class=\"_ _2\"></span>5% per <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>parte di <span class=\"_ _2\"></span>pensione <span class=\"_ _2\"></span>annua<span class=\"_ _df\"> </span> compresa <span class=\"_ _d\"></span>tra <span class=\"_ _2\"></span>il <span class=\"_ _d\"></span>precedente <span class=\"_ _2\"></span>importo <span class=\"_ _d\"></span>ed <span class=\"_ _d\"></span>8 <span class=\"_ _2\"></span>volte <span class=\"_ _d\"></span>il <span class=\"_ _2\"></span>minimo); <span class=\"_ _d\"></span>si <span class=\"_ _2\"></span>precisa <span class=\"_ _d\"></span>che <span class=\"_ _d\"></span>la <span class=\"_ _2\"></span>pensione <span class=\"_ _d\"></span>a <span class=\"_ _d\"></span>carico <span class=\"_ _2\"></span>del<span class=\"_ _df\"> </span> Fondo \u00e8 int<span class=\"ff5\">egrativa di quella dell\u2019INPS solo per alcuni pensionati.<span class=\"_ _df\"> </span></span> Per il t<span class=\"_ _2\"></span>asso di attualizzazione, in <span class=\"_ _2\"></span>forza della normat<span class=\"_ _2\"></span>iva IAS, si \u00e8 <span class=\"_ _2\"></span>adottato un tasso <span class=\"_ _2\"></span>che risultasse in<span class=\"_ _df\"> </span> linea con la vita media probabile del collettivo in esame.<span class=\"_ _df\"> </span> Tabe<span class=\"_ _1\"></span>lla d<span class=\"_ _1\"></span>elle b<span class=\"_ _1\"></span>asi <span class=\"_ _1\"></span>econo<span class=\"_ _1\"></span>mico <span class=\"ff5\">\u2013<span class=\"_ _f\"></span><span class=\"ff4\"> finanzia<span class=\"_ _f\"></span>rie</span></span><span class=\"ff5\"><span class=\"ff4\"> </span></span><table class=\"s wbe6 h505\" id=\"_ccdb1009-fa6e-47e3-b28a-79284fab8323\"><tr><td class=\"c x5f8 y2b60 w459 h2b\"><div class=\"t m0 x171 h1f y71 ff4 fs7 fc4 sc3 ls0 ws0\">Vari<span class=\"_ _1\"></span>abili<span class=\"_ _1\"></span> </div></td><td class=\"c x5f9 y2b60 w45a h2b\"><div class=\"t m0 x58 h1f y71 ff4 fs7 fc4 sc3 ls0 ws0\">Val<span class=\"_ _1\"></span>ori %<span class=\"_ _1\"></span> </div></td></tr><tr><td class=\"c x5f8 y2b61 w459 h2b\"><div class=\"t m0 xe6 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">Tassi di inflazi<span class=\"_ _1\"></span>one </div></td><td class=\"c x5f9 y2b61 w45a h2b\"><div class=\"t m0 xa1 h1f y28b ff4 fs7 fc1 sc0 ls2a ws0\">2,<span class=\"ls0\">00%</span><span class=\"ls0\"> </span><span class=\"ls0\"> </span></div></td></tr><tr><td class=\"c x5f8 y2b62 w459 h2b\"><div class=\"t m0 x7 h1f y71 ff4 fs7 fc1 sc0 ls0 ws0\">Tasso annuo di <span class=\"_ _1\"></span>attualizzazione </div></td><td class=\"c x5f9 y2b62 w45a h2b\"><div class=\"t m0 xa1 h1f y71 ff4 fs7 fc1 sc0 ls27 ws0\">3,37<span class=\"ls0\">%</span><span class=\"ls0\"><span class=\"_ _f\"></span> </span></div></td></tr></table>Inform<span class=\"_ _f\"></span>azioni a<span class=\"_ _1\"></span>ggiu<span class=\"_ _1\"></span>ntive <span class=\"_ _f\"></span> Il <span class=\"_ _0\"></span>principio <span class=\"_ _0\"></span>contabile <span class=\"_ _0\"></span>I<span class=\"_ _2\"></span>AS19, <span class=\"_ _0\"></span>per <span class=\"_ _0\"></span>i <span class=\"_ _9\"> </span>piani <span class=\"_ _0\"></span>a <span class=\"_ _9\"> </span>benefici <span class=\"_ _0\"></span>definiti, <span class=\"_ _0\"></span>richie<span class=\"_ _2\"></span>de <span class=\"_ _0\"></span>una <span class=\"_ _0\"></span>sensitivity <span class=\"_ _0\"> </span>s<span class=\"_ _2\"></span>ulle<span class=\"_ _1\"></span> <span class=\"_ _9\"> </span>principali<span class=\"_ _df\"> </span> ipotesi attuariali.  Di <span class=\"_ _9\"> </span>seguito <span class=\"_ _0\"> </span>s<span class=\"_ _2\"></span>i <span class=\"_ _0\"></span>riportano <span class=\"_ _0\"></span>tali <span class=\"_ _9\"> </span>informazioni, <span class=\"_ _0\"></span>evidenziando <span class=\"_ _9\"> </span>il <span class=\"_ _0\"></span>nuovo <span class=\"_ _9\"> </span>valore <span class=\"_ _9\"> </span>del <span class=\"_ _0\"></span>fondo  u<span class=\"_ _f\"></span>t<span class=\"_ _2\"></span>ilizzando <span class=\"_ _0\"></span>una<span class=\"_ _df\"> </span> variazione <span class=\"_ _0\"> </span>di <span class=\"_ _9\"> </span>+<span class=\"_ _2\"></span>/- <span class=\"_ _9\"> </span>25 <span class=\"_ _9\"> </span>bps <span class=\"_ _9\"> </span>per <span class=\"_ _9\"> </span>il <span class=\"_ _9\"> </span>tasso <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>inflazione <span class=\"_ _9\"> </span>e <span class=\"_ _9\"> </span>una <span class=\"_ _9\"> </span>variazione <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>+/<span class=\"_ _2\"></span>- <span class=\"_ _9\"> </span>25 <span class=\"_ _9\"> </span>bps <span class=\"_ _9\"> </span>per <span class=\"_ _9\"> </span>il <span class=\"_ _9\"> </span>tasso <span class=\"_ _0\"></span>di<span class=\"_ _df\"> </span> attualizzazione<span class=\"ls1b\">. </span> La durata media finanziaria \u00e8 di circa 8,6 anni per Credemleasing e 8,7 anni per Credem.<span class=\"_ _df\"> </span> Ana<span class=\"_ _1\"></span>lisi di s<span class=\"_ _f\"></span>ensit<span class=\"_ _1\"></span>ivit\u00e0<span class=\"_ _1\"></span> dei pr<span class=\"_ _f\"></span>incipali<span class=\"_ _1\"></span> par<span class=\"_ _f\"></span>ametri v<span class=\"_ _1\"></span>alut<span class=\"_ _1\"></span>ati<span class=\"_ _1\"></span>vi<span class=\"fc1 sc2\"> </span><span class=\"fc1 sc2\"><span class=\"sc0\"> </span></span><table class=\"s wbe7 h506\" id=\"_a849505d-4840-4ae1-8f24-3c6c4867602e\"><tr><td></td><td></td><td></td><td class=\"c x5fb y2b63 w45d hf\"><div class=\"t m0 x8a h1f y2c6 ff4 fs7 fc1 sc0 ls0 ws0\">variazione delle ip<span class=\"_ _1\"></span>otesi  </div></td></tr><tr><td></td><td class=\"c x5fc y2b64 w44a h296\"><div class=\"t m0 x8a h1f y28e ff4 fs7 fc1 sc0 ls0 ws0\">tasso inflazione<span class=\"_ _df\"> </span> </div></td><td></td><td class=\"c x5fd y2b64 w45e h296\"><div class=\"t m0 x8a h1f y28e ff4 fs7 fc1 sc0 ls0 ws0\">tasso attualizzaz<span class=\"_ _1\"></span>ione  </div></td></tr><tr><td class=\"c x5fe y2b65 w105 h2c\"><div class=\"t m0 x8a h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">+ 0,25 bps<span class=\"_ _df\"> </span> </div></td><td class=\"c x5ff y2b65 w105 h2c\"><div class=\"t m0 x8a h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">- 0,25 bps </div></td><td class=\"c x600 y2b65 w2c4 h2c\"><div class=\"t m0 x8a h1f y32 ff4 fs7 fc1 sc0 ls26 ws0\">          <span class=\"ls0\">+ 0,25 bp<span class=\"_ _1\"></span>s<span class=\"_ _df\"> </span></span><span class=\"ls0\"> </span></div></td><td class=\"c x601 y2b65 w45f h2c\"><div class=\"t m0 x8a h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">- 0,25 bps </div></td></tr><tr><td class=\"c x602 y2b66 w430 h2c\"><div class=\"t m0 x8a h1f y32 ff4 fs7 fc1 sc0 ls26 ws0\">             <span class=\"ls0\">1.027</span><span class=\"ls0\"><span class=\"_ _1\"></span> </span></div></td><td class=\"c x5fc y2b66 w460 h2c\"><div class=\"t m0 x8a h1f y32 ff4 fs7 fc1 sc0 ls26 ws0\">     <span class=\"ls0\">             <span class=\"ls29\">994<span class=\"_ _df\"> </span></span></span><span class=\"ls0\"><span class=\"ls29\"><span class=\"_ _f\"></span><span class=\"ls0\"> </span></span></span></div></td><td class=\"c x5fd y2b66 w254 h2c\"><div class=\"t m0 x8a h1f y32 ff4 fs7 fc1 sc0 ls29 ws0\">990<span class=\"_ _df\"> </span><span class=\"ls0\"> </span></div></td><td class=\"c x603 y2b66 w3e8 h2c\"><div class=\"t m0 x8a h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">1.031 </div></td></tr></table><div class=\"c w37c h183 gsd10\"><div class=\"t m0 x10 h5 yd20 ff4 fs1 fc4 sc3 ls0 ws0\">10.6 <span class=\"_ _1\"></span>Fondi<span class=\"_ _1\"></span> per <span class=\"_ _1\"></span>rischi <span class=\"_ _f\"></span>e oneri: <span class=\"_ _1\"></span>altr<span class=\"_ _1\"></span>i fondi  </div></div><div class=\"gsd11\"><table class=\"s wbe8 h507\" id=\"_8a552d84-5486-4509-97a6-925363bca302\"><tr><td></td><td></td><td class=\"c x532 y2b67 w3c3 h49\"><div class=\"t m0 x37 h1f y32 ff4 fs7 fc4 sc3 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale </div></td><td class=\"c x533 y2b67 w3c4 h49\"><div class=\"t m0 x37 h1f y32 ff4 fs7 fc4 sc3 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale </div></td></tr><tr><td></td><td></td><td class=\"c x534 y2b68 w461 h49\"><div class=\"t m0 x32 h1f y25 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/<span class=\"_ _f\"></span>2025 </div></td><td class=\"c x533 y2b68 w3c4 h49\"><div class=\"t m0 x32 h1f y25 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/<span class=\"_ _f\"></span>2024 </div></td></tr><tr><td class=\"c x44e y2b69 w3c5 hc8\"><div class=\"t m0 x10 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">A fro<span class=\"_ _1\"></span>nte <span class=\"_ _f\"></span>di gara<span class=\"_ _1\"></span>nzie<span class=\"_ _1\"></span> ed im<span class=\"_ _f\"></span>pegni<span class=\"_ _1\"></span>: </div></td><td></td><td class=\"c x532 y2b69 w3c3 hc8\"><div class=\"t m0 xef h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">6.26<span class=\"_ _1\"></span>9 </div></td><td class=\"c x533 y2b69 w3c6 hc8\"><div class=\"t m0 xef h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">4.469<span class=\"_ _f\"></span> </div></td></tr><tr><td class=\"c x44e y2b6a w3c5 hc8\"><div class=\"t m0 x10 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">A fro<span class=\"_ _1\"></span>nte <span class=\"_ _f\"></span>di altri di<span class=\"_ _1\"></span>vers<span class=\"_ _1\"></span>i ris<span class=\"_ _f\"></span>chi ed on<span class=\"_ _f\"></span>eri: </div></td><td></td><td class=\"c x532 y2b6a w3c3 hc8\"><div class=\"t m0 xa3 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">228.7<span class=\"_ _f\"></span>40 </div></td><td class=\"c x533 y2b6a w3c6 hc8\"><div class=\"t m0 xa3 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">235.3<span class=\"_ _1\"></span>32<span class=\"_ _f\"></span> </div></td></tr><tr><td class=\"c x44e y2b6b w3c5 hc8\"><div class=\"t m0 x16a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- per cause legal<span class=\"_ _1\"></span>i in corso e contenzi<span class=\"_ _f\"></span>o<span class=\"_ _2\"></span>so divers<span class=\"_ _1\"></span>o<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x532 y2b6b w3c3 hc8\"><div class=\"t m0 x49 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">47.665 </div></td><td class=\"c x533 y2b6b w3c6 hc8\"><div class=\"t m0 x49 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">67.758 </div></td></tr><tr><td class=\"c x44e y2b6c w3c5 hc8\"><div class=\"t m0 x16a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- per oneri finanzi<span class=\"_ _f\"></span>ar<span class=\"_ _2\"></span>i divers<span class=\"_ _f\"></span>i<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x532 y2b6c w3c3 hc8\"><div class=\"t m0 xc7 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">181.075 </div></td><td class=\"c x533 y2b6c w3c6 hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">167.574 </div></td></tr><tr><td></td><td class=\"c x44e y2b6d w3c5 hc8\"><div class=\"t m0 x63 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale </div></td><td class=\"c x532 y2b6d w3c3 hc8\"><div class=\"t m0 xe h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">235.<span class=\"_ _f\"></span>009 </div></td><td class=\"c x533 y2b6d w3c6 hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">239.8<span class=\"_ _f\"></span>01 </div></td></tr></table></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gsd12\">Il Gruppo, nel normale svolgimento della propria attivit\u00e0 d\u2019impresa, \u00e8 parte di d<span class=\"_ _1\"></span>iversi procedimenti </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsd13\">giudiziari <span class=\"_ _d\"></span>dai <span class=\"_ _0\"></span>quali <span class=\"_ _0\"></span>potrebbero <span class=\"_ _d\"></span>anch<span class=\"_ _2\"></span>e <span class=\"_ _d\"></span>derivare <span class=\"_ _0\"></span>obblighi <span class=\"_ _0\"></span>di <span class=\"_ _d\"></span>natura <span class=\"_ _0\"> </span>r<span class=\"_ _2\"></span>isarcitoria <span class=\"_ _d\"></span>e/o <span class=\"_ _d\"></span>r<span class=\"_ _2\"></span>estitutoria, <span class=\"_ _d\"></span>con </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsd14\">conseguente possibile esborso di risorse economiche (c.<span class=\"_ _1\"></span>d. rischio legale). Tutte le controversie in </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsd15\">essere <span class=\"_ _9\"> </span>sono <span class=\"_ _9\"> </span>stat<span class=\"_ _2\"></span>e <span class=\"_ _0\"> </span>debitamente <span class=\"_ _9\"> </span>analizzate <span class=\"_ _9\"> </span>dalla <span class=\"_ _9\"> </span>Banca <span class=\"_ _9\"> </span>e, <span class=\"_ _16\"> </span>alla <span class=\"_ _9\"> </span>luce <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>t<span class=\"_ _2\"></span>ale <span class=\"_ _0\"> </span>analisi, <span class=\"_ _9\"> </span>nonch<span class=\"_ _2\"></span>\u00e9 <span class=\"_ _0\"> </span>d<span class=\"_ _d\"></span>elle </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsd16\">indicazioni <span class=\"_ _4\"> </span>anche <span class=\"_ _17\"> </span>provenienti <span class=\"_ _4\"> </span>dai <span class=\"_ _17\"> </span>Legali <span class=\"_ _4\"> </span>Fi<span class=\"_ _2\"></span>duciari <span class=\"_ _4\"> </span>esterni, <span class=\"_ _17\"> </span>sono <span class=\"_ _17\"> </span>stati <span class=\"_ _4\"> </span>effettuati, <span class=\"_ _17\"> </span>ove <span class=\"_ _4\"> </span>rit<span class=\"_ _2\"></span>enuto </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsd17\">necessario, <span class=\"_ _f\"></span>accantonamenti a <span class=\"_ _f\"></span>bilancio <span class=\"_ _f\"></span>nella misura <span class=\"_ _f\"></span>idonea <span class=\"_ _f\"></span>ed appropriata <span class=\"_ _f\"></span>alle sing<span class=\"_ _1\"></span>ole <span class=\"_ _f\"></span>circost<span class=\"_ _2\"></span>anze. </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsd18\">Pi\u00f9 <span class=\"_ _2\"></span>in <span class=\"_ _d\"></span>particolare <span class=\"_ _d\"></span>\u00e8 <span class=\"_ _d\"></span>costituito <span class=\"_ _d\"></span>un <span class=\"_ _2\"></span>fondo <span class=\"_ _d\"></span>rischi <span class=\"_ _d\"></span>ed <span class=\"_ _2\"></span>oneri<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>diversi <span class=\"_ _d\"></span>a <span class=\"_ _2\"></span>presidio <span class=\"_ _d\"></span>delle <span class=\"_ _d\"></span>potenziali <span class=\"_ _2\"></span>pass<span class=\"_ _2\"></span>ivit\u00e0 </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsd19\">che potrebbero scaturire dalle cause pendenti. </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsd1a\">La <span class=\"_ _4\"> </span>maggior <span class=\"_ _17\"> </span>parte <span class=\"_ _17\"> </span>di <span class=\"_ _4\"> </span>tali <span class=\"_ _17\"> </span>controversie <span class=\"_ _17\"> </span>sono <span class=\"_ _17\"> </span>riconducibili <span class=\"_ _4\"> </span>alle <span class=\"_ _17\"> </span>principali <span class=\"_ _4\"> </span>att<span class=\"_ _2\"></span>ivit\u00e0 <span class=\"_ _4\"> </span>del <span class=\"_ _4\"> </span>Gru<span class=\"_ _2\"></span>ppo <span class=\"_ _4\"> </span>e </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsd1b\">riguardano, in particolare, le aree de<span class=\"_ _1\"></span>i servizi di investimento, de<span class=\"ff5\">ll<span class=\"_ _2\"></span>\u2019anatocismo e fiscali.</span> </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gsd1c\">Di <span class=\"_ _15\"> </span>rilevanza <span class=\"_ _15\"> </span>minore <span class=\"_ _15\"> </span>sono <span class=\"_ _e\"> </span>le <span class=\"_ _15\"> </span>controversie <span class=\"_ _15\"> </span>r<span class=\"_ _2\"></span>elative<span class=\"_ _1\"></span> <span class=\"_ _15\"> </span>all\u2019ambito <span class=\"_ _e\"> </span>immobiliare, <span class=\"_ _14\"> </span>amministr<span class=\"_ _2\"></span>ativo <span class=\"_ _15\"> </span>e </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gsd1d\">all\u2019operativit\u00e0 di sportello.<span class=\"ff4\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsd1e\">Si for<span class=\"_ _2\"></span>nisce di <span class=\"_ _2\"></span>seguito <span class=\"_ _2\"></span>una d<span class=\"_ _2\"></span>escrizione delle <span class=\"_ _2\"></span>principali <span class=\"_ _2\"></span>classi di <span class=\"_ _2\"></span>pass<span class=\"_ _2\"></span>ivit\u00e0 potenziali c<span class=\"_ _2\"></span>he, <span class=\"_ _2\"></span>nel caso <span class=\"_ _2\"></span>in </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsd1f\">cui <span class=\"_ _f\"></span>la relativa p<span class=\"_ _1\"></span>assivit\u00e0 sia <span class=\"_ _f\"></span>st<span class=\"_ _2\"></span>ata <span class=\"_ _f\"></span>giudicata probabi<span class=\"_ _1\"></span>le, hanno <span class=\"_ _f\"></span>dato luogo <span class=\"_ _f\"></span>ad accantonamenti ag<span class=\"_ _1\"></span>li altri<span class=\"_ _1\"></span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsd20\">fondi per rischi ed oneri. </div><div class=\"t m0 h5 ff4 fs1 fc4 sc3 ls0 ws0 gsd21\">Conte<span class=\"_ _f\"></span>nzioso <span class=\"_ _17\"> </span>lavo<span class=\"_ _1\"></span>ristico<span class=\"_ _f\"></span>:<span class=\"fc1 sc0\"> <span class=\"_ _14\"> </span>Contenzioso <span class=\"_ _14\"> </span>lavoristico: <span class=\"_ _14\"> </span>i <span class=\"_ _17\"> </span>rischi <span class=\"_ _14\"> </span>connessi <span class=\"_ _14\"> </span>al <span class=\"_ _14\"> </span>contenzioso <span class=\"_ _17\"> </span>lavoristico </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsd22\">vengono <span class=\"_ _f\"></span>valutati <span class=\"_ _1\"></span>tempestivamente <span class=\"_ _f\"></span>att<span class=\"_ _2\"></span><span class=\"ff5\">raverso <span class=\"_ _f\"></span>un\u2019analisi <span class=\"_ _f\"></span>di merit<span class=\"_ _1\"></span>o <span class=\"_ _1\"></span>volta <span class=\"_ _f\"></span>a <span class=\"_ _f\"></span>determinare la <span class=\"_ _f\"></span>previsione </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsd23\">di <span class=\"_ _f\"></span>perdita e <span class=\"_ _f\"></span>la <span class=\"_ _1\"></span>stima d<span class=\"_ _1\"></span>ei <span class=\"_ _f\"></span>tempi d<span class=\"_ _1\"></span>i d<span class=\"_ _1\"></span>efinizione, <span class=\"_ _f\"></span>provvedendo al <span class=\"_ _f\"></span>costante moni<span class=\"_ _1\"></span>toraggio d<span class=\"_ _1\"></span>ella <span class=\"_ _f\"></span>posizione </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gsd24\">e all\u2019acc<span class=\"_ _1\"></span>antonamento dei rel<span class=\"_ _1\"></span>ativi importi ai <span class=\"_ _1\"></span>fondi rischi<span class=\"_ _1\"></span> e oneri,<span class=\"_ _1\"></span> in <span class=\"_ _f\"></span>conformit\u00e0 con il Re<span class=\"_ _1\"></span>go<span class=\"_ _2\"></span><span class=\"ff4\">lamento d<span class=\"_ _f\"></span>i </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsd25\">Gruppo. </div><div class=\"t m0 h5 ff4 fs1 fc4 sc3 ls0 ws0 gsd26\">Revoca<span class=\"_ _f\"></span>torie <span class=\"_ _9\"> </span>Fallim<span class=\"_ _f\"></span>entari: <span class=\"_ _16\"> </span><span class=\"fc1 sc0\">si <span class=\"_ _16\"> </span>tratta <span class=\"_ _9\"> </span>di  controversie <span class=\"_ _9\"> </span>nelle <span class=\"_ _16\"> </span>quali  il <span class=\"_ _16\"> </span>Gruppo <span class=\"_ _16\"> </span>pu\u00f2 <span class=\"_ _9\"> </span>essere  coinvolta <span class=\"_ _16\"> </span>in </span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gsd27\">ragione del normale svolgimento della propria attivit\u00e0 d\u2019impresa quando clienti assogget<span class=\"_ _2\"></span><span class=\"ff4\">tabili alla </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsd28\">Liquidazione <span class=\"_ _2\"></span>G<span class=\"_ _2\"></span>iudiziale <span class=\"_ _d\"></span>dispongono <span class=\"_ _d\"></span>pagamenti <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>favore <span class=\"_ _d\"></span>della <span class=\"_ _d\"></span>Banca, <span class=\"_ _d\"></span>effettuando <span class=\"_ _d\"></span>rimesse <span class=\"_ _d\"></span>su <span class=\"_ _d\"></span>un </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsd29\">conto <span class=\"_ _14\"> </span>corrente <span class=\"_ _15\"> </span>bancario <span class=\"_ _14\"> </span>in <span class=\"_ _14\"> </span>un <span class=\"_ _14\"> </span>arco <span class=\"_ _14\"> </span>temporale <span class=\"_ _14\"> </span>prossimo <span class=\"_ _14\"> </span>alla <span class=\"_ _14\"> </span>dichiarazione <span class=\"_ _14\"> </span>di <span class=\"_ _e\"> </span>Liquidazione </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsd2a\">Giudiziale<span class=\"ff5\">. <span class=\"_ _f\"></span>L\u2019azione <span class=\"_ _f\"></span>r<span class=\"_ _2\"></span>evocatoria <span class=\"_ _f\"></span>\u00e8 <span class=\"_ _f\"></span>uno <span class=\"_ _1\"></span>strumento <span class=\"_ _f\"></span>utilizzabile <span class=\"_ _f\"></span>dal <span class=\"_ _1\"></span>curatore d<span class=\"_ _1\"></span>ella <span class=\"_ _f\"></span>procedura <span class=\"_ _1\"></span>allo <span class=\"_ _f\"></span>scopo </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsd2b\">di <span class=\"_ _16\"> </span>ricostituire <span class=\"_ _16\"> </span>il <span class=\"_ _9\"> </span>patrimonio  del<span class=\"_ _1\"></span> <span class=\"_ _16\"> </span>fallito <span class=\"_ _9\"> </span>destinato  alla <span class=\"_ _9\"> </span>soddisfazione <span class=\"_ _16\"> </span>dei <span class=\"_ _9\"> </span>suoi  cred<span class=\"_ _1\"></span>itori,  fac<span class=\"_ _1\"></span>endovi </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsd2c\">rientrare qu<span class=\"_ _1\"></span>anto ne <span class=\"_ _f\"></span>era uscito ne<span class=\"_ _1\"></span>l p<span class=\"_ _1\"></span>eriodo antecedente <span class=\"_ _f\"></span>al<span class=\"_ _2\"></span>la <span class=\"_ _1\"></span>dichiarazione di<span class=\"_ _1\"></span> liquidazione <span class=\"_ _f\"></span>gi<span class=\"_ _2\"></span>udiziale, </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsd2d\">il <span class=\"_ _1\"></span>cosiddetto pe<span class=\"_ _1\"></span>riodo sospet<span class=\"_ _1\"></span>to. Il <span class=\"_ _f\"></span>Gr<span class=\"_ _2\"></span>upp<span class=\"_ _1\"></span>o procede<span class=\"_ _1\"></span> a <span class=\"_ _f\"></span>una valutazione <span class=\"_ _1\"></span>delle <span class=\"_ _1\"></span>singole <span class=\"_ _1\"></span>posizioni caso <span class=\"_ _f\"></span>per </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsd2e\">caso,  in  fatto <span class=\"_ _16\"> </span>e  in  di<span class=\"_ _1\"></span>ritto,  pres<span class=\"_ _1\"></span>tando  particolare  attenz<span class=\"_ _1\"></span>ione  al  dato<span class=\"_ _1\"></span>  documentale/fattuale.<span class=\"_ _1\"></span>  Per </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsd2f\">effetto <span class=\"_ _d\"></span>di <span class=\"_ _0\"></span>detta <span class=\"_ _d\"></span>analisi, <span class=\"_ _0\"></span>ove <span class=\"_ _d\"></span>oppo<span class=\"_ _2\"></span>rtuno, <span class=\"_ _d\"></span>vengono <span class=\"_ _d\"></span>pertanto <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>volta <span class=\"_ _d\"></span>in <span class=\"_ _0\"></span>volta <span class=\"_ _d\"></span>disposti <span class=\"_ _0\"></span>(e <span class=\"_ _d\"></span>tempo <span class=\"_ _0\"></span>per </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsd30\">tempo <span class=\"_ _2\"></span>modificati, ove <span class=\"_ _2\"></span>necessario) <span class=\"_ _2\"></span>gli accantonamenti <span class=\"_ _2\"></span>ritenuti <span class=\"_ _2\"></span>congrui <span class=\"_ _2\"></span>in relazione <span class=\"_ _2\"></span>alle <span class=\"_ _2\"></span>specifiche </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsd31\">circostanze <span class=\"_ _4\"> </span>della <span class=\"_ _22\"> </span>fatt<span class=\"_ _2\"></span>ispecie <span class=\"_ _22\"> </span>i<span class=\"_ _2\"></span>n <span class=\"_ _4\"> </span>esame. <span class=\"_ _4\"> </span>Tutte <span class=\"_ _22\"> </span>l<span class=\"_ _2\"></span>e <span class=\"_ _4\"> </span>cause <span class=\"_ _4\"> </span>in <span class=\"_ _22\"> </span>ma<span class=\"_ _2\"></span>teria <span class=\"_ _4\"> </span>sono <span class=\"_ _4\"> </span>oggetto <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>costante<span class=\"_ _f\"></span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsd32\">monitoraggio <span class=\"_ _18\"> </span>e <span class=\"_ _18\"> </span>i <span class=\"_ _18\"> </span>rischi <span class=\"_ _18\"> </span>che <span class=\"_ _19\"> </span>ne <span class=\"_ _10\"> </span>d<span class=\"_ _2\"></span>erivano, <span class=\"_ _10\"> </span>ov<span class=\"_ _2\"></span>e <span class=\"_ _10\"> </span>opportuno,<span class=\"_ _2\"></span> <span class=\"_ _18\"> </span>sono <span class=\"_ _18\"> </span>fronteggiati <span class=\"_ _18\"> </span>da <span class=\"_ _18\"> </span>appositi </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsd33\">accantonamenti al Fondo rischi ed oneri diversi, in app<span class=\"_ _f\"></span>l<span class=\"_ _2\"></span>icazione di quanto previ<span class=\"_ _1\"></span>sto dallo IAS 37.<span class=\"_ _2\"></span> </div><div class=\"t m0 h5 ff4 fs1 fc4 sc3 ls0 ws0 gsd34\">Malv<span class=\"_ _1\"></span>ersa<span class=\"_ _1\"></span>zioni: <span class=\"_ _1\"></span><span class=\"ff5 fc1 sc0\">Il Grup<span class=\"_ _1\"></span>po, nel <span class=\"_ _f\"></span>normale svolgimento del<span class=\"_ _1\"></span>la propria attivit\u00e0 d\u2019<span class=\"_ _1\"></span>impresa, \u00e8 p<span class=\"_ _1\"></span>arte di di<span class=\"_ _1\"></span>versi </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsd35\">procedimenti  giudiziari  dai  quali  potrebbe<span class=\"_ _1\"></span>ro  anche  deriva<span class=\"_ _2\"></span>re  obblighi  di  natura  risarcitoria  e/o </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsd36\">restitutoria, <span class=\"_ _2\"></span>con <span class=\"_ _2\"></span>conseguente <span class=\"_ _2\"></span>possibile <span class=\"_ _2\"></span>esborso <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>risorse <span class=\"_ _2\"></span>economiche <span class=\"_ _2\"></span>(c.d. <span class=\"_ _2\"></span>rischio <span class=\"_ _2\"></span>legale). <span class=\"_ _2\"></span>Tutte </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsd37\">le controversie in <span class=\"_ _2\"></span>essere sono <span class=\"_ _2\"></span>state debitamente analizzate da<span class=\"_ _2\"></span>lla Banca e, <span class=\"_ _2\"></span>alla luce di <span class=\"_ _2\"></span>tale analisi, </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsd38\">nonch\u00e9 <span class=\"_ _d\"></span>delle <span class=\"_ _0\"></span>indicazioni <span class=\"_ _d\"></span>anche <span class=\"_ _0\"></span>provenienti <span class=\"_ _d\"></span>dai <span class=\"_ _d\"></span>Legali <span class=\"_ _0\"></span>Fiduciari <span class=\"_ _d\"></span>esterni, <span class=\"_ _0\"></span>sono <span class=\"_ _d\"></span>stati <span class=\"_ _0\"></span>effettuati, <span class=\"_ _d\"></span>ove </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsd39\">ritenuto <span class=\"_ _9\"> </span>necessario, <span class=\"_ _0\"></span>accantonamenti <span class=\"_ _0\"></span>a <span class=\"_ _9\"> </span>bilancio <span class=\"_ _0\"></span>nella <span class=\"_ _9\"> </span>misura <span class=\"_ _9\"> </span>idonea <span class=\"_ _0\"></span>ed <span class=\"_ _0\"></span>appropriata <span class=\"_ _9\"> </span>alle <span class=\"_ _9\"> </span>singole </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsd3a\">circostanze. </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsd3b\">Pi\u00f9 <span class=\"_ _2\"></span>in <span class=\"_ _d\"></span>particolare <span class=\"_ _d\"></span>\u00e8 <span class=\"_ _d\"></span>costituito <span class=\"_ _d\"></span>un <span class=\"_ _2\"></span>fondo <span class=\"_ _d\"></span>rischi <span class=\"_ _d\"></span>ed <span class=\"_ _2\"></span>oneri <span class=\"_ _d\"></span>diversi<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>a <span class=\"_ _d\"></span>presidio <span class=\"_ _2\"></span>delle <span class=\"_ _d\"></span>potenziali <span class=\"_ _d\"></span>passivit\u00e0 </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsd3c\">che potrebbero scaturire dalle cause pendenti. </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsd3e\">La maggior parte <span class=\"_ _1\"></span>di tali controversie sono ricondu<span class=\"_ _1\"></span>cibili alle p<span class=\"_ _1\"></span>rincipali attivit\u00e0 del <span class=\"_ _1\"></span>Gruppo e possono </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gsd3f\">riguardare i servizi di inv<span class=\"_ _1\"></span>estimento, l\u2019anatocismo, i sistemi/mezzi<span class=\"ff4\"> di pagamento, i pignoramenti, la </span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gsd40\">\u201ccessione <span class=\"_ _22\"> </span>del <span class=\"_ _4\"> </span>quinto\u201d <span class=\"_ _22\"> </span>(per <span class=\"_ _4\"> </span>queste <span class=\"_ _4\"> </span>ultime,  in <span class=\"_ _4\"> </span>ragione  della <span class=\"_ _4\"> </span>numerosit\u00e0 <span class=\"_ _4\"> </span>e <span class=\"_ _4\"> </span>de<span class=\"_ _1\"></span>lla <span class=\"_ _22\"> </span>r<span class=\"_ _2\"></span>icorrenza  del </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsd41\">fenomeno, <span class=\"_ _f\"></span>\u00e8 <span class=\"_ _f\"></span>st<span class=\"_ _2\"></span>ato <span class=\"_ _f\"></span>predisposto <span class=\"_ _f\"></span>un <span class=\"_ _f\"></span>apposito <span class=\"_ _f\"></span>accantonamento v<span class=\"_ _1\"></span>olto <span class=\"_ _f\"></span>a <span class=\"_ _f\"></span>gestire <span class=\"_ _1\"></span>contenziosi <span class=\"_ _f\"></span>e <span class=\"_ _f\"></span>reclami).<span class=\"_ _2\"></span> </div><div class=\"t m0 h5 ff4 fs1 fc4 sc3 ls0 ws0 gsd42\">Recla<span class=\"_ _1\"></span>mi <span class=\"_ _17\"> </span>form<span class=\"_ _1\"></span>ulat<span class=\"_ _1\"></span>i <span class=\"_ _17\"> </span>dalla<span class=\"_ _f\"></span> <span class=\"_ _14\"> </span>clientel<span class=\"_ _f\"></span>a:<span class=\"fc1 sc0\"> <span class=\"_ _14\"> </span>con <span class=\"_ _17\"> </span>riferimento <span class=\"_ _14\"> </span>alle <span class=\"_ _17\"> </span>contestazioni <span class=\"_ _17\"> </span>avanzate <span class=\"_ _14\"> </span>dalla <span class=\"_ _17\"> </span>clientela </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsd43\">vengono effettuati gli opportuni accantonamenti; in p<span class=\"_ _1\"></span>articolare, nel caso in cui il danno lamentato </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsd44\">sia <span class=\"_ _0\"></span>superiore <span class=\"_ _0\"></span>a <span class=\"_ _0\"></span>una <span class=\"_ _d\"></span>predeterminata <span class=\"_ _0\"></span>soglia <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>rilevanza <span class=\"_ _d\"></span>(ad <span class=\"_ _0\"></span>oggi <span class=\"_ _0\"></span>fissat<span class=\"_ _2\"></span>a <span class=\"_ _d\"></span>in <span class=\"_ _0\"></span>25ek), <span class=\"_ _d\"></span>la <span class=\"_ _0\"></span>previsi<span class=\"_ _2\"></span>one <span class=\"_ _0\"></span>di </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsd45\">perdita <span class=\"_ _17\"> </span>\u00e8 <span class=\"_ _14\"> </span>fatt<span class=\"_ _2\"></span>a <span class=\"_ _17\"> </span>analiticamente. <span class=\"_ _14\"> </span>Qualora <span class=\"_ _14\"> </span>il <span class=\"_ _14\"> </span>danno <span class=\"_ _14\"> </span>lamentato <span class=\"_ _14\"> </span>sia, <span class=\"_ _14\"> </span>invece, <span class=\"_ _17\"> </span>e<span class=\"_ _2\"></span>ntro <span class=\"_ _14\"> </span>detta <span class=\"_ _17\"> </span>s<span class=\"_ _2\"></span>oglia,<span class=\"_ _f\"></span> </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gsd46\">l\u2019accantonamento <span class=\"_ _f\"></span>\u00e8 <span class=\"_ _f\"></span>determinato ap<span class=\"_ _1\"></span>plicando <span class=\"_ _f\"></span>una <span class=\"_ _f\"></span>percentuale <span class=\"_ _f\"></span>for<span class=\"_ _2\"></span>fettaria/statistica <span class=\"_ _f\"></span>stabilita <span class=\"_ _f\"></span>in <span class=\"_ _f\"></span>bas<span class=\"_ _2\"></span>e </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsd47\">alla <span class=\"_ _0\"></span>media <span class=\"_ _0\"></span>delle <span class=\"_ _0\"></span>perdite <span class=\"_ _0\"></span>effettivamente <span class=\"_ _0\"></span>subite <span class=\"_ _0\"></span>sul <span class=\"_ _9\"> </span>totale <span class=\"_ _9\"> </span>dei <span class=\"_ _0\"></span>reclami <span class=\"_ _0\"></span>analoghi <span class=\"_ _0\"></span>ricevuti <span class=\"_ _0\"></span>negli <span class=\"_ _0\"></span>anni </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsd48\">precedenti. </div><div class=\"t m0 h5 ff4 fs1 fc4 sc3 ls0 ws0 gsd49\">Conte<span class=\"_ _f\"></span>nzioso <span class=\"_ _f\"></span>fisca<span class=\"_ _1\"></span>le: <span class=\"_ _f\"></span><span class=\"fc1 sc0\">I <span class=\"_ _f\"></span>r<span class=\"_ _2\"></span>ischi <span class=\"_ _f\"></span>derivanti <span class=\"_ _f\"></span>dal conte<span class=\"_ _1\"></span>nzioso <span class=\"_ _1\"></span>fiscale <span class=\"_ _f\"></span>del <span class=\"_ _f\"></span>Gr<span class=\"_ _2\"></span>uppo <span class=\"_ _f\"></span>sono p<span class=\"_ _1\"></span>residiati <span class=\"_ _f\"></span>da ade<span class=\"_ _1\"></span>guati </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsd4a\">accantonamenti <span class=\"_ _4\"> </span>a <span class=\"_ _4\"> </span>fondi <span class=\"_ _22\"> </span>per <span class=\"_ _4\"> </span>rischi <span class=\"_ _4\"> </span>e <span class=\"_ _4\"> </span>oneri. <span class=\"_ _22\"> </span>Con <span class=\"_ _4\"> </span>riguardo <span class=\"_ _4\"> </span>alla <span class=\"_ _4\"> </span>capogruppo,  s<span class=\"_ _2\"></span>ono <span class=\"_ _4\"> </span>in <span class=\"_ _22\"> </span>essere <span class=\"_ _4\"> </span>9 </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsd4b\">procedimenti <span class=\"_ _16\"> </span>contenziosi, <span class=\"_ _9\"> </span>afferenti  principalmente <span class=\"_ _9\"> </span>a  tributi <span class=\"_ _16\"> </span>locali <span class=\"_ _16\"> </span>o <span class=\"_ _16\"> </span>conseguenti <span class=\"_ _9\"> </span>a  dinieghi <span class=\"_ _9\"> </span>s<span class=\"_ _2\"></span>u </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsd4c\">istanze di <span class=\"_ _2\"></span>rimborso <span class=\"_ _2\"></span>di imposte <span class=\"_ _2\"></span>presentate <span class=\"_ _2\"></span>dalla banca. <span class=\"_ _2\"></span>Relativamente <span class=\"_ _2\"></span>a tali <span class=\"_ _2\"></span>contenziosi <span class=\"_ _2\"></span>non sono </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsd4d\">emersi r<span class=\"_ _2\"></span>ischi effettivi <span class=\"_ _2\"></span>o quanto <span class=\"_ _2\"></span>meno il <span class=\"_ _2\"></span>rischio <span class=\"_ _2\"></span>stimato \u00e8 <span class=\"_ _2\"></span>apparso r<span class=\"_ _2\"></span>emoto. <span class=\"_ _2\"></span>Per <span class=\"_ _2\"></span>questa ragione non </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsd4e\">sono stati effettuati accantonamenti speci<span class=\"_ _1\"></span>fici. <span class=\"_ _2\"></span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsd4f\">Per Crede<span class=\"_ _1\"></span>mleasing pendono 30 proced<span class=\"_ _1\"></span>imenti contenziosi, p<span class=\"_ _1\"></span>revalentemente relativi a tributi <span class=\"_ _1\"></span>locali.<span class=\"_ _2\"></span> </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gsd50\">Sono <span class=\"_ _0\"></span>infine <span class=\"_ _0\"></span>presenti <span class=\"_ _0\"></span>cont<span class=\"_ _2\"></span>roversie <span class=\"_ _d\"></span>di <span class=\"_ _0\"> </span>minor<span class=\"_ _2\"></span>e <span class=\"_ _0\"></span>rilevanza <span class=\"_ _0\"></span>relative <span class=\"_ _0\"></span>all\u2019operativit\u00e0 <span class=\"_ _9\"> </span>post<span class=\"_ _2\"></span><span class=\"ff4\">a <span class=\"_ _9\"> </span>in <span class=\"_ _0\"></span>essere <span class=\"_ _0\"></span>dai </span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gsd51\">promotori finanziari, al contenzioso lavoristico, nonch\u00e9<span class=\"_ _1\"></span> all\u2019ambito immobiliare, amministrativo.<span class=\"_ _df\"> </span><span class=\"_ _2\"></span><span class=\"ff4\"> </span></div>Sezi<span class=\"_ _f\"></span>one 8 -<span class=\"_ _f\"></span> Le r<span class=\"_ _f\"></span>ettifich<span class=\"_ _f\"></span>e/ripr<span class=\"_ _f\"></span>ese di<span class=\"_ _1\"></span> valo<span class=\"_ _f\"></span>re net<span class=\"_ _f\"></span>te per<span class=\"_ _1\"></span> d<span class=\"_ _f\"></span>eterior<span class=\"_ _f\"></span>ame<span class=\"_ _1\"></span>nto -<span class=\"_ _f\"></span> Voce 1<span class=\"_ _1\"></span>30<span class=\"_ _df\"> </span>8.1 Re<span class=\"_ _1\"></span>ttific<span class=\"_ _f\"></span>he di va<span class=\"_ _1\"></span>lore <span class=\"_ _1\"></span>nette <span class=\"_ _f\"></span>per rischi<span class=\"_ _1\"></span>o di <span class=\"_ _1\"></span>credit<span class=\"_ _1\"></span>o re<span class=\"_ _1\"></span>lativ<span class=\"_ _1\"></span>o ad <span class=\"_ _1\"></span>attiv<span class=\"_ _1\"></span>it\u00e0 fina<span class=\"_ _f\"></span>nziarie<span class=\"_ _1\"></span> val<span class=\"_ _1\"></span>utate <span class=\"_ _1\"></span>al co<span class=\"_ _1\"></span>sto a<span class=\"_ _f\"></span>mmortizz<span class=\"_ _1\"></span>ato:<span class=\"_ _df\"> </span>comp<span class=\"_ _1\"></span>osizio<span class=\"_ _f\"></span>ne<span class=\"_ _df\"> </span>Rettifich<span class=\"_ _f\"></span>e<span class=\"_ _2\"></span> di <span class=\"_ _1\"></span>valore (<span class=\"_ _f\"></span>1<span class=\"_ _2\"></span>)<span class=\"_ _df\"> </span>Riprese <span class=\"_ _f\"></span>di valore (2)<span class=\"_ _df\"> </span>Impaire<span class=\"_ _1\"></span>d<span class=\"_ _df\"> </span>Totale<span class=\"_ _df\"> </span>T<span class=\"_ _df\"> </span>Terzo s<span class=\"_ _1\"></span>tadio<span class=\"_ _df\"> </span>acquisit<span class=\"_ _f\"></span>e o<span class=\"_ _df\"> </span>Operaz<span class=\"_ _1\"></span>ioni/Co<span class=\"_ _f\"></span>mponenti<span class=\"_ _df\"> </span>originat<span class=\"_ _1\"></span>e<span class=\"_ _df\"> </span>reddituali<span class=\"_ _df\"> </span>Primo<span class=\"_ _df\"> </span>Second<span class=\"_ _1\"></span>o<span class=\"_ _df\"> </span>Primo<span class=\"_ _df\"> </span>Second<span class=\"_ _1\"></span>o<span class=\"_ _df\"> </span>Terzo<span class=\"_ _df\"> </span>Impaire<span class=\"_ _1\"></span>d<span class=\"_ _df\"> </span>stadio<span class=\"_ _df\"> </span>stadio<span class=\"_ _df\"> </span>stadio<span class=\"_ _df\"> </span>stadio<span class=\"_ _df\"> </span>stadio<span class=\"_ _df\"> </span>acquisit<span class=\"_ _f\"></span>e<span class=\"_ _df\"> </span>o<span class=\"_ _df\"> </span>31/12/2<span class=\"_ _1\"></span>02531/1<span class=\"_ _df\"> </span>originat<span class=\"_ _1\"></span>e<span class=\"_ _df\"> </span>A. Credit<span class=\"_ _f\"></span>i verso banc<span class=\"_ _f\"></span>he<span class=\"_ _df\"> </span>(12)(12)<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>---583<span class=\"_ _df\"> </span>--<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>559<span class=\"_ _df\"> </span>- Finanziamenti<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>(12)<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>---199<span class=\"_ _df\"> </span>--<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>187<span class=\"_ _df\"> </span>- Titoli di debito<span class=\"_ _df\"> </span>(12)<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>---384<span class=\"_ _df\"> </span>--<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>372<span class=\"_ _df\"> </span>B. Credi<span class=\"_ _1\"></span>ti vers<span class=\"_ _1\"></span>o cliente<span class=\"_ _f\"></span>la<span class=\"_ _df\"> </span>(3.446)(14.50<span class=\"_ _1\"></span>1)(1.633)(101.70<span class=\"_ _1\"></span>2)(37)(433)12.8891.22651.7752.475<span class=\"_ _df\"> </span>(53.387)(<span class=\"_ _df\"> </span>- Finanziamenti<span class=\"_ _df\"> </span>(3.191)(14.501)(1.633)(101.702)(37)(433)8.5571.22651.7752.475<span class=\"_ _df\"> </span>(57.464)(<span class=\"_ _df\"> </span>- Titoli di debito<span class=\"_ _df\"> </span>(255)<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>---4.332<span class=\"_ _df\"> </span>--<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>4.077<span class=\"_ _df\"> </span>Totale(3.458)(14.513)(1.633)(101.70<span class=\"_ _1\"></span>2)(37)(433)13.47<span class=\"_ _1\"></span>21.22651.7752.475<span class=\"_ _df\"> </span>(52.8<span class=\"_ _1\"></span>28)(<span class=\"_ _df\"> </span>Le rettifiche su <span class=\"_ _2\"></span>crediti ammontano a 52,8 <span class=\"_ _2\"></span>milioni di euro ed evidenziano <span class=\"_ _2\"></span>un <span class=\"ls1a\">in</span>cremento rispetto <span class=\"_ _2\"></span>al<span class=\"_ _df\"> </span>2024<span class=\"ls1b\">. <span class=\"_ _15\"> </span></span><span class=\"ff2c\">L\u2019aggiornamento <span class=\"_ _15\"> </span>dei <span class=\"_ _14\"> </span>mo<span class=\"_ _2\"></span>dell<span class=\"_ _1\"></span>i <span class=\"_ _15\"> </span>ha <span class=\"_ _14\"> </span>compor<span class=\"_ _2\"></span>tato <span class=\"_ _15\"> </span>accantonamenti<span class=\"ff2b\">, <span class=\"_ _15\"> </span>tuttavia <span class=\"_ _15\"> </span>la <span class=\"_ _15\"> </span>qualit\u00e0 <span class=\"_ _15\"> </span>del<span class=\"_ _df\"> </span></span></span>portafoglio cred<span class=\"_ _1\"></span>itizio si <span class=\"_ _f\"></span>\u00e8 mantenu<span class=\"_ _1\"></span>ta sempre <span class=\"_ _f\"></span>a livell<span class=\"_ _1\"></span>i di <span class=\"_ _f\"></span>eccellenza. Ilframework metodologico <span class=\"_ _1\"></span>IFRS<span class=\"_ _df\"> </span>9 <span class=\"_ _d\"></span>\u00e8 <span class=\"_ _0\"></span>oggetto <span class=\"_ _d\"></span>di <span class=\"_ _0\"></span>continuo <span class=\"_ _d\"></span>monitoraggio <span class=\"_ _d\"></span>da <span class=\"_ _0\"></span>parte <span class=\"_ _d\"></span>del <span class=\"_ _0\"></span>Gruppo <span class=\"_ _d\"></span>al <span class=\"_ _0\"></span>fine <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>valutar<span class=\"_ _2\"></span>e <span class=\"_ _d\"></span>trimestralmente <span class=\"_ _d\"></span>la<span class=\"_ _df\"> </span>coerenza con l\u2019evoluzione macro e<span class=\"ff2b\">conomica e di portafoglio.<span class=\"_ _df\"> </span></span>8.2 Re<span class=\"_ _1\"></span>ttific<span class=\"_ _f\"></span>he di va<span class=\"_ _1\"></span>lore <span class=\"_ _f\"></span>nette per<span class=\"_ _1\"></span> risch<span class=\"_ _1\"></span>io di<span class=\"_ _1\"></span> credi<span class=\"_ _1\"></span>to re<span class=\"_ _1\"></span>lati<span class=\"_ _1\"></span>vo ad <span class=\"_ _f\"></span>attivit\u00e0 <span class=\"_ _1\"></span>finanzia<span class=\"_ _f\"></span>rie valu<span class=\"_ _1\"></span>tate<span class=\"_ _1\"></span> al fa<span class=\"_ _1\"></span>ir va<span class=\"_ _f\"></span>lue con i<span class=\"_ _1\"></span>mpat<span class=\"_ _1\"></span>to s<span class=\"_ _1\"></span>ulla<span class=\"_ _df\"> </span>reddi<span class=\"_ _1\"></span>tivit\u00e0<span class=\"_ _f\"></span> comples<span class=\"_ _1\"></span>siva<span class=\"_ _1\"></span>: com<span class=\"_ _1\"></span>posi<span class=\"_ _f\"></span>zione<span class=\"_ _df\"> </span>Rettific<span class=\"_ _1\"></span>he di valore<span class=\"_ _1\"></span> (1)<span class=\"_ _df\"> </span>Riprese d<span class=\"_ _1\"></span>i valore<span class=\"_ _1\"></span> (2)<span class=\"_ _df\"> </span>Terzo<span class=\"_ _df\"> </span>Impaired<span class=\"_ _df\"> </span>TotaleTotal<span class=\"_ _df\"> </span>Operazio<span class=\"_ _1\"></span>ni/Com<span class=\"_ _f\"></span>p<span class=\"_ _2\"></span>onenti<span class=\"_ _df\"> </span>stadio<span class=\"_ _df\"> </span>acquisite<span class=\"_ _1\"></span> o<span class=\"_ _df\"> </span>redditua<span class=\"_ _1\"></span>li<span class=\"_ _df\"> </span>Primo<span class=\"_ _df\"> </span>Secondo<span class=\"_ _df\"> </span>originate<span class=\"_ _df\"> </span>Primo<span class=\"_ _df\"> </span>Secondo<span class=\"_ _df\"> </span>Terzo<span class=\"_ _df\"> </span>Impaired<span class=\"_ _df\"> </span>31/12/202531/12/20<span class=\"_ _df\"> </span>stadio<span class=\"_ _df\"> </span>stadio<span class=\"_ _df\"> </span>stadio<span class=\"_ _df\"> </span>stadio<span class=\"_ _df\"> </span>stadio<span class=\"_ _df\"> </span>acquisite<span class=\"_ _df\"> </span>o<span class=\"_ _df\"> </span>originate<span class=\"_ _df\"> </span>A. Titoli di debit<span class=\"_ _1\"></span>o<span class=\"_ _df\"> </span>(992)<span class=\"_ _df\"> </span>-----3.154<span class=\"_ _df\"> </span>--<span class=\"_ _df\"> </span>-2.162(<span class=\"_ _df\"> </span>60<span class=\"_ _df\"> </span>B. Finanziamenti<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>------<span class=\"_ _df\"> </span>--<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>- Verso clientela<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>------<span class=\"_ _df\"> </span>--<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>- Verso banche<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>------<span class=\"_ _df\"> </span>--<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>Tot<span class=\"_ _1\"></span>ale<span class=\"_ _df\"> </span>(992)<span class=\"_ _df\"> </span>-----3.154<span class=\"_ _df\"> </span>--<span class=\"_ _df\"> </span>-2.162(<span class=\"_ _df\"> </span>6<span class=\"_ _df\"> </span>Sezi<span class=\"_ _f\"></span>one 9 <span class=\"_ _f\"></span><span class=\"ff2c\">\u2013<span class=\"ff2b\">Utili<span class=\"_ _1\"></span>/per<span class=\"_ _f\"></span>dite da<span class=\"_ _f\"></span> mod<span class=\"_ _f\"></span>ifiche c<span class=\"_ _1\"></span>ont<span class=\"_ _f\"></span>rattu<span class=\"_ _1\"></span>ali s<span class=\"_ _f\"></span>enza c<span class=\"_ _f\"></span>ancel<span class=\"_ _f\"></span>lazioni<span class=\"_ _f\"></span> - Voc<span class=\"_ _1\"></span>e 14<span class=\"_ _1\"></span>0<span class=\"_ _df\"> </span></span></span>9.1 Utili <span class=\"_ _f\"></span>(perdite) d<span class=\"_ _1\"></span>a mo<span class=\"_ _f\"></span>difiche co<span class=\"_ _1\"></span>ntrattua<span class=\"_ _f\"></span>li: compo<span class=\"_ _1\"></span>sizion<span class=\"_ _f\"></span>e<span class=\"_ _df\"> </span>La <span class=\"_ _2\"></span>voce <span class=\"_ _2\"></span>presenta <span class=\"_ _2\"></span>un <span class=\"_ _2\"></span>saldo <span class=\"_ _2\"></span>netto <span class=\"_ _2\"></span>negativo <span class=\"_ _2\"></span>di 326 <span class=\"_ _2\"></span>mila <span class=\"_ _2\"></span>euro,188 <span class=\"_ _d\"></span>mila <span class=\"_ _2\"></span>euro <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>utili e <span class=\"_ _2\"></span>51<span class=\"_ _2\"></span>4 <span class=\"_ _2\"></span>mila <span class=\"_ _2\"></span>euro <span class=\"_ _2\"></span>di<span class=\"_ _df\"> </span>perdite <span class=\"_ _17\"> </span>a <span class=\"_ _17\"> </span>s<span class=\"_ _2\"></span>egu<span class=\"ff2c\">ito <span class=\"_ _17\"> </span>dell\u2019adeguamento <span class=\"_ _14\"> </span>operato <span class=\"_ _14\"> </span>ai <span class=\"_ _17\"> </span>valori <span class=\"_ _14\"> </span>contabili <span class=\"_ _17\"> </span>delle <span class=\"_ _17\"> </span>at<span class=\"_ _2\"></span>tivit\u00e0 <span class=\"_ _17\"> </span>finanziarie <span class=\"_ _17\"> </span>c<span class=\"_ _2\"></span>he<span class=\"_ _df\"> </span></span>riflettono le <span class=\"_ _f\"></span>modifiche <span class=\"_ _1\"></span>apportate ai <span class=\"_ _1\"></span>flussi d<span class=\"_ _1\"></span>i cassa <span class=\"_ _f\"></span>cont<span class=\"_ _2\"></span>rattuali <span class=\"_ _f\"></span>che non <span class=\"_ _f\"></span>danno luogo <span class=\"_ _f\"></span>a cancellazioni<span class=\"_ _df\"> </span>contabili.",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-806": {
   "value": "A.3 I<span class=\"_ _f\"></span>NFORM<span class=\"_ _f\"></span>ATIVA<span class=\"_ _f\"></span> SUI TR<span class=\"_ _f\"></span>ASFE<span class=\"_ _f\"></span>RIMENT<span class=\"_ _f\"></span>I TRA<span class=\"_ _1\"></span> POR<span class=\"_ _f\"></span>TAFOG<span class=\"_ _f\"></span>LI DI <span class=\"_ _f\"></span>ATTIVIT<span class=\"_ _f\"></span>A\u2019 FIN<span class=\"_ _f\"></span>ANZIAR<span class=\"_ _f\"></span>IE<span class=\"_ _df\"> </span>Successivamente <span class=\"_ _0\"></span>all\u2019adozione <span class=\"_ _9\"> </span>dell\u2019IFRS <span class=\"_ _9\"> </span>9, <span class=\"_ _9\"> </span>il <span class=\"_ _9\"> </span>Gr<span class=\"_ _2\"></span>uppo <span class=\"_ _0\"></span>Credem <span class=\"_ _9\"> </span>non <span class=\"_ _9\"> </span>ha <span class=\"_ _16\"> </span>effettuato <span class=\"_ _0\"></span>cambiamenti <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>business model <span class=\"_ _f\"></span>per la <span class=\"_ _f\"></span>gestione <span class=\"_ _1\"></span>delle <span class=\"_ _f\"></span>pro<span class=\"_ _2\"></span>prie <span class=\"_ _f\"></span>attivit\u00e0 fi<span class=\"_ _1\"></span>nanziarie <span class=\"_ _f\"></span>e, quindi, <span class=\"_ _f\"></span>non sono <span class=\"_ _f\"></span>avvenuti <span class=\"_ _f\"></span>tras<span class=\"_ _2\"></span>ferimenti <span class=\"_ _f\"></span>tra <span class=\"_ _1\"></span>portafogli di  attivi<span class=\"_ _1\"></span>t\u00e0  finanziarie.<span class=\"_ _1\"></span>  Le <span class=\"_ _16\"> </span>regole  ge<span class=\"_ _1\"></span>nerali  p<span class=\"_ _1\"></span>reviste  dall\u2019IFRS <span class=\"_ _16\"> </span>9  in <span class=\"_ _16\"> </span>materia  di<span class=\"_ _1\"></span>  riclassificazi<span class=\"_ _1\"></span>one  delle <span class=\"_ _16\"> </span>attivit\u00e0 finanziarie <span class=\"_ _d\"></span>(ad <span class=\"_ _9\"> </span>eccezione <span class=\"_ _0\"></span>dei <span class=\"_ _0\"></span>titoli <span class=\"_ _0\"></span>di <span class=\"_ _9\"> </span>capitale, <span class=\"_ _0\"></span>per <span class=\"_ _0\"> </span>cui <span class=\"_ _9\"> </span>non <span class=\"_ _0\"></span>\u00e8 <span class=\"_ _0\"></span>ammessa <span class=\"_ _9\"> </span>alcuna <span class=\"_ _d\"></span>riclassifica) <span class=\"_ _0\"></span>non <span class=\"_ _9\"> </span>prevedono riclassifiche <span class=\"_ _9\"> </span>verso <span class=\"_ _9\"> </span>altr<span class=\"_ _2\"></span>e <span class=\"_ _0\"></span>cat<span class=\"_ _2\"></span>egori<span class=\"_ _1\"></span>e <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>at<span class=\"_ _2\"></span>tivit\u00e0 <span class=\"_ _9\"> </span>finanziarie <span class=\"_ _9\"> </span>salvo <span class=\"_ _9\"> </span>il <span class=\"_ _16\"> </span>caso <span class=\"_ _9\"> </span>in <span class=\"_ _9\"> </span>cui <span class=\"_ _9\"> </span>la <span class=\"_ _9\"> </span>soci<span class=\"_ _2\"></span>et\u00e0 <span class=\"_ _9\"> </span>modifichi <span class=\"_ _9\"> </span>il <span class=\"_ _9\"> </span>proprio modello <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>business <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>gestione <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>tali <span class=\"_ _2\"></span>attivit\u00e0 <span class=\"_ _2\"></span>finanziarie. <span class=\"_ _2\"></span>\u00c8 <span class=\"_ _d\"></span>previsto <span class=\"_ _2\"></span>che <span class=\"_ _d\"></span>tali <span class=\"_ _2\"></span>modifiche <span class=\"_ _2\"></span>siano<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>altamente infrequenti <span class=\"_ _9\"> </span>e  devono <span class=\"_ _9\"> </span>essere  determinate <span class=\"_ _16\"> </span>dal <span class=\"_ _9\"> </span>management  a <span class=\"_ _9\"> </span>seguito <span class=\"_ _16\"> </span>di <span class=\"_ _9\"> </span>r<span class=\"_ _2\"></span>ilevanti <span class=\"_ _9\"> </span>cambiamenti  esterni <span class=\"_ _9\"> </span>o interni, dimostrabili a soggetti esterni. A.4 I<span class=\"_ _f\"></span>NFORM<span class=\"_ _f\"></span>ATIVA<span class=\"_ _f\"></span> SUL F<span class=\"_ _f\"></span>AIR V<span class=\"_ _1\"></span>ALUE<span class=\"_ _df\"> </span>Inform<span class=\"_ _1\"></span>ativa<span class=\"_ _1\"></span> di na<span class=\"_ _1\"></span>tura<span class=\"_ _1\"></span> qualita<span class=\"_ _f\"></span>tiva A.4.1 <span class=\"ff5\">\u2013<span class=\"_ _1\"></span><span class=\"ff4\"> Livello<span class=\"_ _1\"></span> di fa<span class=\"_ _f\"></span>ir value 2 e<span class=\"_ _1\"></span> 3: tecn<span class=\"_ _1\"></span>iche di <span class=\"_ _f\"></span>valutaz<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span>one <span class=\"_ _1\"></span>e inpu<span class=\"_ _f\"></span>t utilizzati<span class=\"_ _df\"> </span></span></span>Le tecniche di valutazione u<span class=\"_ _1\"></span>tilizzate per gli str<span class=\"_ _2\"></span>umenti finanzi<span class=\"_ _1\"></span>ari appartenenti al livell<span class=\"_ _1\"></span>o 2 e 3 si distinguono:<span class=\"_ _d\"></span> <span class=\"_ _2c\"> </span><span class=\"ff4\">Attivit\u00e0 <span class=\"_ _5\"> </span>finanziarie: <span class=\"_ _5\"> </span>valutazione<span class=\"_ _1\"></span> <span class=\"_ _5\"> </span>degli <span class=\"_ _5\"> </span>strumenti <span class=\"_ _5\"> </span>strutturati <span class=\"_ _5\"> </span>utilizzando <span class=\"_ _5\"> </span>per<span class=\"_ _2\"></span> <span class=\"_ _5\"> </span>la <span class=\"_ _5\"> </span>componente<span class=\"_ _df\"> </span></span>obbligazionaria <span class=\"_ _9\"> </span>il  modell<span class=\"_ _1\"></span>o  d<span class=\"_ _1\"></span>iscounted <span class=\"_ _16\"> </span>cash <span class=\"_ _16\"> </span>flow <span class=\"_ _16\"> </span>con <span class=\"_ _16\"> </span>un <span class=\"_ _9\"> </span>tas<span class=\"_ _2\"></span>so <span class=\"_ _9\"> </span>corretto  per <span class=\"_ _9\"> </span>un  opp<span class=\"_ _1\"></span>ortuno <span class=\"_ _16\"> </span>rischio <span class=\"_ _9\"> </span>di<span class=\"_ _df\"> </span>credito, e per la componente azionaria utilizzand<span class=\"_ _1\"></span>o il modello Black&amp;Scholes;<span class=\"_ _df\"> </span><span class=\"_ _2c\"> </span><span class=\"ff4\">Passivit\u00e0 <span class=\"_ _4\"> </span>finanziarie: <span class=\"_ _4\"> </span>valutazione <span class=\"_ _4\"> </span>degli <span class=\"_ _4\"> </span>st<span class=\"_ _2\"></span>rumenti <span class=\"_ _4\"> </span>plain <span class=\"_ _4\"> </span>vanilla <span class=\"_ _17\"> </span>s<span class=\"_ _2\"></span>econdo <span class=\"_ _4\"> </span>le <span class=\"_ _4\"> </span>tecniche <span class=\"_ _4\"> </span>di <span class=\"_ _17\"> </span>valutazione<span class=\"_ _df\"> </span></span>discounted cash flow di cassa considerando il tasso cor<span class=\"_ _2\"></span>retto per il rischio di credito di Credito Emiliano sulla scadenza dello strumento.<span class=\"_ _df\"> </span>Si riporta brevemente la definizione de<span class=\"_ _1\"></span>i modelli utilizzati:<span class=\"_ _2\"></span> Disco<span class=\"_ _1\"></span>unte<span class=\"_ _f\"></span>d Cash F<span class=\"_ _1\"></span>low Il <span class=\"_ _2\"></span>modello discounted <span class=\"_ _2\"></span>cash <span class=\"_ _2\"></span>flow, <span class=\"_ _2\"></span>flussi <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>cassa <span class=\"_ _2\"></span>attualizzati, <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _2\"></span>un <span class=\"_ _2\"></span>metodo <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>valutazione<span class=\"_ _1\"></span> <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>un <span class=\"_ _2\"></span>investimento, basato <span class=\"_ _f\"></span>sul <span class=\"_ _f\"></span>pro<span class=\"_ _2\"></span>cesso <span class=\"_ _f\"></span>finanziario <span class=\"_ _f\"></span>di <span class=\"_ _f\"></span>attualizzazione, <span class=\"_ _f\"></span>che <span class=\"_ _f\"></span>consente di <span class=\"_ _f\"></span>stabilire <span class=\"_ _f\"></span>oggi <span class=\"_ _f\"></span>il v<span class=\"_ _1\"></span>alore <span class=\"_ _f\"></span>att<span class=\"_ _2\"></span>uale <span class=\"_ _11\"></span>di un <span class=\"_ _f\"></span>capitale che <span class=\"_ _f\"></span>ha come <span class=\"_ _f\"></span>naturale <span class=\"_ _1\"></span>scadenza una <span class=\"_ _f\"></span>data fu<span class=\"_ _f\"></span>t<span class=\"_ _2\"></span>ura <span class=\"_ _f\"></span>tr<span class=\"_ _2\"></span>amite <span class=\"_ _f\"></span>l'applicazione <span class=\"_ _f\"></span>d<span class=\"_ _2\"></span>i <span class=\"_ _f\"></span>un <span class=\"_ _1\"></span>tasso di <span class=\"_ _f\"></span>sconto. <span class=\"_ _1\"></span>Il <span class=\"_ _f\"></span>tasso di <span class=\"_ _f\"></span>sconto viene corretto per il rischio di credito dei flussi futuri attesi dall'attivit\u00e0 in questione. L<span class=\"_ _1\"></span>a somma algebrica dei<span class=\"_ _df\"> </span>flussi attualizzati rappresenta il valore ne<span class=\"_ _1\"></span>tto attuale (N<span class=\"_ _2\"></span>et present value) dello strumento.<span class=\"_ _df\"> </span>I parametri utilizzati nella tecnica di valu<span class=\"_ _1\"></span>tazione sono: curva tassi e credit spread di ogni singola emissione.<span class=\"_ _1\"></span> Model<span class=\"_ _1\"></span>lo Bl<span class=\"_ _1\"></span>ack&amp;<span class=\"_ _1\"></span>Schol<span class=\"_ _1\"></span>es Il <span class=\"_ _2\"></span>modello <span class=\"_ _d\"></span>Black&amp;scholes <span class=\"_ _d\"></span>univariato <span class=\"_ _d\"></span>(BS) <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _d\"></span>il <span class=\"_ _d\"></span>modello <span class=\"_ _2\"></span>di <span class=\"_ _0\"></span>pricing <span class=\"_ _d\"></span>delle <span class=\"_ _d\"></span>opzioni <span class=\"_ _2\"></span>pi\u00f9 <span class=\"_ _d\"></span>famoso <span class=\"_ _d\"></span>e <span class=\"_ _d\"></span>riconosciuto <span class=\"_ _d\"></span>dal<span class=\"_ _df\"> </span>mercato. <span class=\"_ _1\"></span>Il <span class=\"_ _f\"></span>modello <span class=\"_ _1\"></span>si <span class=\"_ _1\"></span>basa <span class=\"_ _f\"></span>s<span class=\"_ _2\"></span>ulla <span class=\"_ _11\"></span>poss<span class=\"_ _2\"></span>ibili<span class=\"_ _1\"></span>t\u00e0 d<span class=\"_ _1\"></span>i <span class=\"_ _f\"></span>creare un <span class=\"_ _f\"></span>por<span class=\"_ _2\"></span>tafoglio <span class=\"_ _f\"></span><span class=\"ff5\">equivalente <span class=\"_ _f\"></span>all\u2019<span class=\"ff4\">opzione, costituito <span class=\"_ _f\"></span>in parte<span class=\"_ _df\"> </span></span></span>da <span class=\"_ _2\"></span>unit\u00e0 <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>sottostante <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>parte <span class=\"_ _2\"></span>da <span class=\"_ _d\"></span>obbligazioni pri<span class=\"_ _2\"></span>ve <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>rischio <span class=\"_ _2\"></span>entr<span class=\"_ _2\"></span>ambi <span class=\"_ _2\"></span>influenz<span class=\"_ _1\"></span>ati <span class=\"_ _2\"></span>dalla <span class=\"_ _2\"></span>stessa <span class=\"_ _2\"></span>fonte <span class=\"_ _2\"></span>di<span class=\"_ _df\"> </span>incertezza <span class=\"_ _17\"> </span>data <span class=\"_ _14\"> </span>dalle <span class=\"_ _15\"> </span>variazioni <span class=\"_ _17\"> </span>del <span class=\"_ _14\"> </span>prezzo <span class=\"_ _15\"> </span>dell\u2019azione. <span class=\"_ _17\"> </span>L<span class=\"_ _2\"></span>e <span class=\"_ _17\"> </span>ipotesi <span class=\"_ _14\"> </span>s<span class=\"_ _2\"></span>ottostanti <span class=\"_ _17\"> </span>il <span class=\"_ _14\"> </span>modello <span class=\"_ _14\"> </span>di <span class=\"_ _14\"> </span>BS <span class=\"_ _14\"> </span>sono<span class=\"_ _df\"> </span>rappresentate <span class=\"_ _15\"> </span>dall'andamento <span class=\"_ _15\"> </span>dei <span class=\"_ _14\"> </span>prezzi <span class=\"_ _15\"> </span>dell'att<span class=\"_ _2\"></span>ivit\u00e0 sottostante <span class=\"_ _15\"> </span>(approssimato <span class=\"_ _15\"> </span>da <span class=\"_ _15\"> </span>un <span class=\"_ _15\"> </span>processo <span class=\"_ _15\"> </span>log<span class=\"_ _2\"></span>-<span class=\"_ _df\"> </span>normale), <span class=\"_ _2\"></span>dalla presenza <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>un <span class=\"_ _2\"></span>mercato <span class=\"_ _2\"></span>perfettamente <span class=\"_ _2\"></span>efficie<span class=\"_ _f\"></span>n<span class=\"_ _2\"></span>te; <span class=\"_ _2\"></span>dal <span class=\"_ _2\"></span>tasso <span class=\"_ _2\"></span>di interesse <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>dalla <span class=\"_ _2\"></span>volatilit\u00e0 <span class=\"_ _2\"></span>del<span class=\"_ _df\"> </span>sottostante costante per tutta la durata dell'opzione<span class=\"_ _1\"></span>. I <span class=\"_ _22\"> </span>paramet<span class=\"_ _2\"></span>ri  utilizzati <span class=\"_ _22\"> </span>nella <span class=\"_ _4\"> </span>tecnica  di <span class=\"_ _4\"> </span>valutazione  sono <span class=\"_ _4\"> </span>il  tasso <span class=\"_ _4\"> </span>di  interesse, <span class=\"_ _22\"> </span>il <span class=\"_ _4\"> </span>valore <span class=\"_ _22\"> </span>e <span class=\"_ _4\"> </span>la  volatilit\u00e0 <span class=\"_ _22\"> </span>del<span class=\"_ _df\"> </span>sottostante.<span class=\"_ _df\"> </span>In particolare:<span class=\"_ _df\"> </span><span class=\"ff10\"> <span class=\"_ _2b\"> </span><span class=\"ff4\">i <span class=\"_ _2\"></span>tassi <span class=\"_ _2\"></span>di <span class=\"_ _d\"></span>interesse <span class=\"_ _2\"></span>sono <span class=\"_ _d\"></span>estrapolati <span class=\"_ _2\"></span>dalla <span class=\"_ _2\"></span>curva <span class=\"_ _2\"></span>zero<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>ottenuta <span class=\"_ _d\"></span>dalle <span class=\"_ _2\"></span>quotazioni <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>m<span class=\"_ _2\"></span>ercato <span class=\"_ _2\"></span>di <span class=\"_ _d\"></span>strumenti<span class=\"_ _df\"> </span></span></span>omogenei;<span class=\"_ _df\"> </span><span class=\"ff10\"> <span class=\"_ _2b\"> </span><span class=\"ff4\">i credit <span class=\"_ _2\"></span>spr<span class=\"_ _2\"></span>ead per <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>componete <span class=\"_ _2\"></span>Credito <span class=\"_ _2\"></span>Emiliano <span class=\"_ _2\"></span>sono <span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>ttenuti da <span class=\"_ _2\"></span>quotazioni <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>mercato <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>emissioni<span class=\"_ _df\"> </span></span></span>comparables;<span class=\"_ _df\"> </span><span class=\"ff10\"> <span class=\"_ _2b\"> </span><span class=\"ff4\">valore de<span class=\"_ _1\"></span>l sottostante sono ottenuti dalla quotazione del mercato;<span class=\"_ _df\"> </span></span></span><span class=\"ff10\"> <span class=\"_ _2b\"> </span><span class=\"ff4\">volatili<span class=\"_ _1\"></span>t\u00e0 del sottostante ottenute da quotazioni di mercato. </span></span>A.4.2 P<span class=\"_ _f\"></span>rocessi e <span class=\"_ _1\"></span>sensib<span class=\"_ _1\"></span>ilit\u00e0 de<span class=\"_ _f\"></span>lle valuta<span class=\"_ _f\"></span>zioni<span class=\"_ _df\"> </span>Gli <span class=\"_ _22\"> </span>strumenti <span class=\"_ _4\"> </span>non  scambiati <span class=\"_ _4\"> </span>su  mercati <span class=\"_ _4\"> </span>attivi <span class=\"_ _22\"> </span>sono <span class=\"_ _4\"> </span>valutati  a <span class=\"_ _4\"> </span>mark  to <span class=\"_ _4\"> </span>model  utilizzando  la <span class=\"_ _4\"> </span>tecnica <span class=\"_ _22\"> </span>di<span class=\"_ _df\"> </span>valutazione  che  massimizza <span class=\"_ _4\"> </span>l\u2019u<span class=\"_ _1\"></span>tilizzo  di <span class=\"_ _22\"> </span>dati <span class=\"_ _22\"> </span>os<span class=\"_ _2\"></span>servabili<span class=\"_ _1\"></span>  s<span class=\"_ _2\"></span>ul  mercato.  Qualora  i <span class=\"_ _4\"> </span>parametri<span class=\"_ _f\"></span> <span class=\"_ _4\"> </span>risultino  non<span class=\"_ _df\"> </span>disponibili e direttamente osservabili il livello di<span class=\"_ _1\"></span> fair value attribuito <span class=\"_ _2\"></span>\u00e8 pari a 3.<span class=\"_ _df\"> </span>Nel <span class=\"_ _d\"></span>corso <span class=\"_ _d\"></span>del <span class=\"_ _d\"></span>2025 <span class=\"_ _d\"></span>sono <span class=\"_ _d\"></span>state <span class=\"_ _d\"></span>valutate <span class=\"_ _d\"></span>con <span class=\"_ _d\"></span>modelli <span class=\"_ _d\"></span>mark <span class=\"_ _d\"></span>to <span class=\"_ _d\"></span>model, <span class=\"_ _d\"></span>tramite <span class=\"_ _d\"></span>parame<span class=\"_ _2\"></span>tri <span class=\"_ _d\"></span>non <span class=\"_ _d\"></span>osservab<span class=\"_ _1\"></span>ili <span class=\"_ _d\"></span>(fair<span class=\"_ _df\"> </span>value <span class=\"_ _2\"></span>3), <span class=\"_ _2\"></span>le <span class=\"_ _d\"></span>quote <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>O<span class=\"_ _2\"></span>ICR <span class=\"_ _2\"></span>per <span class=\"_ _d\"></span>le <span class=\"_ _2\"></span>quali <span class=\"_ _2\"></span>non <span class=\"_ _d\"></span>\u00e8 <span class=\"_ _2\"></span>applicabile <span class=\"_ _2\"></span>l\u2019analisi <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>sensitivit\u00e0, <span class=\"_ _2\"></span>e <span class=\"_ _d\"></span><span class=\"ff4\">di <span class=\"_ _d\"></span>investimenti <span class=\"_ _2\"></span>part<span class=\"_ _2\"></span>ecipativ<span class=\"_ _1\"></span>i<span class=\"_ _df\"> </span></span>per importi non materiali.<span class=\"_ _df\"> </span>Alla <span class=\"_ _0\"></span>data <span class=\"_ _9\"> </span>del <span class=\"_ _9\"> </span>31 <span class=\"_ _9\"> </span>dicembre <span class=\"_ _9\"> </span>2025 <span class=\"_ _9\"> </span>nessun <span class=\"_ _9\"> </span>strumento <span class=\"_ _9\"> </span>finanziario <span class=\"_ _9\"> </span>derivato <span class=\"_ _0\"></span>\u00e8 <span class=\"_ _9\"> </span>stat<span class=\"_ _2\"></span>o <span class=\"_ _0\"></span>valutato <span class=\"_ _9\"> </span>a <span class=\"_ _9\"> </span>mark <span class=\"_ _9\"> </span>to <span class=\"_ _9\"> </span>model<span class=\"_ _df\"> </span>tramite parametri di mercato non direttamente osservabili.<span class=\"_ _df\"> </span>A.4.3 G<span class=\"_ _1\"></span>erarc<span class=\"_ _1\"></span>hia d<span class=\"_ _1\"></span>el fa<span class=\"_ _1\"></span>ir valu<span class=\"_ _1\"></span>e<span class=\"_ _df\"> </span>Tras<span class=\"_ _1\"></span>ferim<span class=\"_ _1\"></span>enti t<span class=\"_ _1\"></span>ra i li<span class=\"_ _1\"></span>velli <span class=\"_ _1\"></span>della<span class=\"_ _1\"></span> gera<span class=\"_ _f\"></span>rchia del <span class=\"_ _f\"></span>fair value<span class=\"_ _df\"> </span>La g<span class=\"_ _1\"></span>erarchia de<span class=\"_ _1\"></span>l fai<span class=\"_ _1\"></span>r value <span class=\"_ _f\"></span>att<span class=\"_ _2\"></span>ribuisce <span class=\"_ _f\"></span>la massima p<span class=\"_ _1\"></span>riorit\u00e0 ai <span class=\"_ _f\"></span>prezzi qu<span class=\"_ _1\"></span>otati (non <span class=\"_ _f\"></span>r<span class=\"_ _2\"></span>ettificati)<span class=\"_ _1\"></span> in <span class=\"_ _f\"></span>mercati attivi <span class=\"_ _f\"></span>per<span class=\"_ _df\"> </span>attivit\u00e0 o passivit\u00e0 identiche (d<span class=\"_ _1\"></span>ati di livello 1) e la priorit\u00e0 minima agli input n<span class=\"_ _2\"></span>on osservabili (dati di livell<span class=\"_ _1\"></span>o 3).<span class=\"_ _df\"> </span>I Livelli utilizzati per le cl<span class=\"_ _1\"></span>assificazioni riportate nel seguito della presente Nota integrativa sono i se<span class=\"_ _1\"></span>guenti:<span class=\"_ _df\"> </span><span class=\"ff10\"> <span class=\"_ _2b\"> </span><span class=\"ff5\">\u201clive<span class=\"_ _1\"></span>llo 1\u201d<span class=\"_ _2\"></span>: il fair <span class=\"_ _2\"></span>value degli strumenti finanziari \u00e8 determinato <span class=\"_ _2\"></span>in base a <span class=\"_ _2\"></span>prezzi di quotazione osserv<span class=\"_ _d\"></span><span class=\"ff4\">abili<span class=\"_ _df\"> </span></span></span></span>su mercati attivi (non rettificati) alle<span class=\"_ _1\"></span> quali si pu\u00f2 accedere alla data di valutazione;<span class=\"_ _df\"> </span><span class=\"ff10\"> <span class=\"_ _2b\"> </span><span class=\"ff5\">\u201clive<span class=\"_ _1\"></span>llo <span class=\"_ _2\"></span>2\u201d: <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>fair <span class=\"_ _2\"></span>value <span class=\"_ _2\"></span>degl<span class=\"_ _1\"></span>i <span class=\"_ _2\"></span>strumenti <span class=\"_ _2\"></span>finanziari <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _2\"></span>determinato <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>base a <span class=\"_ _2\"></span>input <span class=\"_ _2\"></span>diversi <span class=\"_ _2\"></span>dai <span class=\"_ _2\"></span>prezzi quotati<span class=\"_ _df\"> </span></span></span>inclusi nel Liv<span class=\"_ _2\"></span>ello 1 osservabili dir<span class=\"_ _2\"></span>ettamente o i<span class=\"_ _2\"></span><span class=\"ff5\">ndirettamente per <span class=\"_ _2\"></span>l\u2019attivit\u00e0 o per <span class=\"_ _2\"></span>la passivit\u00e0, utilizzando<span class=\"_ _df\"> </span></span>anche di tecniche di valutazione;<span class=\"_ _df\"> </span><span class=\"ff10\"> <span class=\"_ _2b\"> </span><span class=\"ff5\">\u201clive<span class=\"_ _1\"></span>llo 3\u201d: <span class=\"_ _f\"></span>il <span class=\"_ _f\"></span>fair <span class=\"_ _1\"></span>value <span class=\"_ _f\"></span>degli <span class=\"_ _f\"></span>s<span class=\"_ _2\"></span>trumenti <span class=\"_ _f\"></span>finanziari <span class=\"_ _f\"></span>\u00e8 d<span class=\"_ _1\"></span>eterminato <span class=\"_ _1\"></span>in <span class=\"_ _f\"></span>base a <span class=\"_ _f\"></span>input <span class=\"_ _f\"></span>non <span class=\"_ _1\"></span>osservabili <span class=\"_ _f\"></span>per l\u2019<span class=\"_ _1\"></span>attivit\u00e0<span class=\"_ _df\"> </span></span></span>o per la passivit\u00e0, utilizzando anche<span class=\"_ _1\"></span> di tecniche di valutazione.<span class=\"_ _df\"> </span>L\u2019attivit\u00e0 <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>attribuzione <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>ei <span class=\"_ _2\"></span>li<span class=\"_ _2\"></span>velli <span class=\"_ _d\"></span>\u00e8 <span class=\"_ _d\"></span>rappresentata <span class=\"_ _d\"></span>dalla <span class=\"_ _d\"></span>verifica <span class=\"_ _d\"></span>puntuale <span class=\"_ _d\"></span>per <span class=\"_ _d\"></span>ogni <span class=\"_ _d\"></span>str<span class=\"_ _2\"></span>umento <span class=\"_ _d\"></span>detenuto <span class=\"_ _2\"></span>nei<span class=\"_ _df\"> </span>portafogli <span class=\"_ _2\"></span>di propriet\u00e0 <span class=\"_ _2\"></span>di u<span class=\"_ _2\"></span>n possibile <span class=\"_ _2\"></span>potenziale mercat<span class=\"_ _2\"></span>o at<span class=\"_ _2\"></span>tivo che r<span class=\"_ _2\"></span>ispetti alcune <span class=\"_ _2\"></span>regole <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>valorizzazione.<span class=\"_ _df\"> </span>In particolare vi<span class=\"_ _1\"></span>ene analizzato che <span class=\"_ _1\"></span>le contribuzioni risul<span class=\"_ _1\"></span>tino continuative, contenu<span class=\"_ _1\"></span>te nei delta spread <span class=\"_ _1\"></span>bid ask,<span class=\"_ _df\"> </span>indicative di possibili transazioni recenti qui<span class=\"_ _1\"></span>ndi non trascinate, e che l\u2019emittente risulti solido e attivo.<span class=\"_ _df\"> </span>Il mancato rispetto di tali regole porta a un aggravio di livello associato a una valorizzazione il pi\u00f9 coerente e<span class=\"_ _df\"> </span>rappresentativa del fair value dello strumento. Analogamente l\u2019anali<span class=\"_ _1\"></span>si viene effettuata anche nella v<span class=\"_ _1\"></span>erifica di un potenziale ripristino<span class=\"_ _1\"></span> di mercato attivo su<span class=\"_ _1\"></span>gli<span class=\"_ _df\"> </span>strumenti  p<span class=\"_ _1\"></span>er <span class=\"_ _16\"> </span>i <span class=\"_ _16\"> </span>quali <span class=\"_ _9\"> </span>nel  corso  de<span class=\"_ _1\"></span>l <span class=\"_ _16\"> </span>tempo <span class=\"_ _16\"> </span>si <span class=\"_ _16\"> </span>verifica <span class=\"_ _9\"> </span>u<span class=\"_ _2\"></span>na <span class=\"_ _16\"> </span>riattivazione<span class=\"_ _1\"></span>  di <span class=\"_ _9\"> </span>valorizzazione  continuative<span class=\"_ _1\"></span> <span class=\"_ _16\"> </span>sul<span class=\"_ _df\"> </span>mercato regolamentato e non.<span class=\"_ _df\"> </span>A.4.4<span class=\"_ _1\"></span> Altre <span class=\"_ _1\"></span>informa<span class=\"_ _f\"></span>zioni<span class=\"_ _df\"> </span>L\u2019attivit\u00e0 <span class=\"_ _9\"> </span>di <span class=\"_ _16\"> </span>attribuzione <span class=\"_ _9\"> </span>dei <span class=\"_ _16\"> </span>livelli <span class=\"_ _9\"> </span>di <span class=\"_ _16\"> </span>fair <span class=\"_ _9\"> </span>value <span class=\"_ _16\"> </span>avviene <span class=\"_ _9\"> </span>tr<span class=\"_ _2\"></span>imestralmente <span class=\"_ _9\"> </span>alle <span class=\"_ _9\"> </span>date  contabi<span class=\"_ _1\"></span>li <span class=\"_ _16\"> </span>di <span class=\"_ _9\"> </span>r<span class=\"_ _2\"></span>iferimento basa<span class=\"ff5\">ndosi <span class=\"_ _2\"></span>sulla <span class=\"_ _2\"></span>verifica d<span class=\"_ _2\"></span>ella <span class=\"_ _2\"></span>presenza di <span class=\"_ _2\"></span>un <span class=\"_ _d\"></span>mercato <span class=\"_ _2\"></span>principale <span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>pi\u00f9 <span class=\"_ _2\"></span>vantaggioso <span class=\"_ _2\"></span>nell\u2019<span class=\"_ _1\"></span>intervallo <span class=\"_ _2\"></span>temporale </span>antecedente <span class=\"_ _0\"></span>la <span class=\"_ _0\"></span>data <span class=\"_ _9\"> </span>contabile <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>riferimento. <span class=\"_ _0\"></span>L\u2019attivit\u00e0 <span class=\"_ _0\"></span>prevede <span class=\"_ _0\"></span>la <span class=\"_ _9\"> </span>verifica <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>alcuni <span class=\"_ _0\"></span>principi <span class=\"_ _0\"></span>necessari <span class=\"_ _9\"> </span>alla definizione <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>presenza <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>un <span class=\"_ _2\"></span>mercato <span class=\"_ _2\"></span>att<span class=\"_ _2\"></span>ivo per <span class=\"_ _2\"></span>ogni <span class=\"_ _2\"></span>st<span class=\"_ _2\"></span>rumento finanziario <span class=\"_ _2\"></span>identificati <span class=\"_ _2\"></span>dalla <span class=\"_ _2\"></span>disponibilit\u00e0 <span class=\"_ _2\"></span>di valorizzazioni eseguibili, continue e con scarto denaro-lettera (bid-ask spread) contenuti. Il <span class=\"_ _0\"></span>rispetto <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>tali <span class=\"_ _9\"> </span>condizioni<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>determina <span class=\"_ _9\"> </span>il <span class=\"_ _0\"></span>livello <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>fair <span class=\"_ _0\"></span>value <span class=\"_ _0\"></span>dello <span class=\"_ _0\"></span>str<span class=\"_ _2\"></span>umento <span class=\"_ _d\"></span>analizzato<span class=\"_ _2\"></span>. <span class=\"_ _9\"> </span>Qualora <span class=\"_ _d\"></span>non <span class=\"_ _9\"> </span>siano presenti <span class=\"_ _2\"></span>quotazioni <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>mercato, <span class=\"_ _d\"></span>l\u2019utilizzo <span class=\"_ _2\"></span>di <span class=\"_ _d\"></span>tecniche <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>valutazione <span class=\"_ _2\"></span>viene <span class=\"_ _d\"></span>effettuata <span class=\"_ _d\"></span>ad <span class=\"_ _d\"></span>ogni <span class=\"_ _2\"></span>dat<span class=\"_ _2\"></span>a <span class=\"_ _d\"></span>contabile massimizzando l\u2019util<span class=\"_ _1\"></span>izzo di <span class=\"_ _1\"></span>input osservabili rilevanti <span class=\"_ _1\"></span>e riducend<span class=\"_ _1\"></span>o al minimo l\u2019util<span class=\"_ _1\"></span>izzo di <span class=\"_ _1\"></span>input non osservabili.<span class=\"_ _1\"></span> La  ve<span class=\"_ _1\"></span>rifica  di<span class=\"_ _1\"></span>  tali <span class=\"_ _16\"> </span>parametri  di <span class=\"_ _9\"> </span>input  in  fu<span class=\"_ _f\"></span>nzion<span class=\"_ _2\"></span>e <span class=\"_ _16\"> </span>della <span class=\"_ _16\"> </span>disponibilit\u00e0  de<span class=\"_ _1\"></span>termina  il <span class=\"_ _16\"> </span>livello <span class=\"_ _16\"> </span>di <span class=\"_ _16\"> </span>fair  value<span class=\"_ _1\"></span>  dello strumento. Alle date contabili viene <span class=\"_ _2\"></span>inoltre effettuata <span class=\"_ _2\"></span>una analisi comparativa dei livelli di <span class=\"_ _2\"></span>fair value rispetto <span class=\"_ _2\"></span>al trimestre precedente <span class=\"_ _0\"></span>e <span class=\"_ _0\"></span>l\u2019inizio <span class=\"_ _9\"> </span>dell\u2019esercizio <span class=\"_ _9\"> </span>di <span class=\"_ _0\"></span>riferimento <span class=\"_ _9\"> </span>al <span class=\"_ _0\"></span>fine <span class=\"_ _9\"> </span>di <span class=\"_ _0\"></span>individuare <span class=\"_ _0\"></span>i <span class=\"_ _9\"> </span>trasferimenti <span class=\"_ _0\"></span>di <span class=\"_ _0\"> </span>l<span class=\"_ _2\"></span>ivelli <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>fair <span class=\"_ _9\"> </span>value avvenuti nel corso dell\u2019esercizio di<span class=\"_ _1\"></span> riferimento e le circostanze che hanno determinato tale trasferimento.<span class=\"_ _2\"></span><span class=\"ff4\"> </span>Inform<span class=\"_ _1\"></span>ativa<span class=\"_ _1\"></span> di na<span class=\"_ _1\"></span>tura<span class=\"_ _1\"></span> quantit<span class=\"_ _1\"></span>ativa A.4.5<span class=\"_ _1\"></span> Gera<span class=\"_ _1\"></span>rchia <span class=\"_ _1\"></span>del fair <span class=\"_ _1\"></span>value<span class=\"_ _df\"> </span>A.4.5.<span class=\"_ _1\"></span>1 Att<span class=\"_ _1\"></span>ivit\u00e0<span class=\"_ _1\"></span> e pas<span class=\"_ _f\"></span>sivit\u00e0 v<span class=\"_ _1\"></span>alutat<span class=\"_ _1\"></span>e al fa<span class=\"_ _f\"></span>ir value <span class=\"_ _1\"></span>su ba<span class=\"_ _f\"></span>se ricor<span class=\"_ _1\"></span>rente: <span class=\"_ _f\"></span>ripartizione<span class=\"_ _f\"></span> per li<span class=\"_ _1\"></span>velli <span class=\"_ _1\"></span>di fa<span class=\"_ _1\"></span>ir valu<span class=\"_ _1\"></span>e<span class=\"_ _df\"> </span><table class=\"s w960 h498\" id=\"_0deef863-3313-4d68-bc20-bad8d4c6ed55\"><tr><td class=\"c x2e0 y2556 w2db h226\"><div class=\"t m0 xe h1f y1498 ff4 fs7 fc7 sc6 ls0 ws0\">Atti<span class=\"_ _1\"></span>vit\u00e0/P<span class=\"_ _1\"></span>ass<span class=\"_ _1\"></span>ivit\u00e0<span class=\"_ _1\"></span> mis<span class=\"_ _1\"></span>urat<span class=\"_ _f\"></span>e al fair<span class=\"_ _1\"></span> valu<span class=\"_ _1\"></span>e </div></td><td></td><td class=\"c x2e1 y2557 w2dc hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc4 sc3 ls0 ws0\">31/12/<span class=\"_ _f\"></span>2025 </div></td><td></td><td></td><td class=\"c x2e2 y2557 w2dd hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc4 sc3 ls0 ws0\">31/12/<span class=\"_ _f\"></span>2024 </div></td><td></td></tr><tr><td></td><td class=\"c x2e1 y2556 w2b2 hc8\"><div class=\"t m0 x14 h1f ye4c ff4 fs7 fc4 sc3 lsc7 ws0\">L1<span class=\"ls0\"> </span></div></td><td class=\"c x2e3 y2556 w2de hc8\"><div class=\"t m0 x39 h1f ye4c ff4 fs7 fc4 sc3 lsc7 ws0\">L2<span class=\"ls0\"> </span></div></td><td class=\"c x2e4 y2556 w2df hc8\"><div class=\"t m0 x14 h1f ye4c ff4 fs7 fc4 sc3 lsc7 ws0\">L3<span class=\"ls0\"> </span></div></td><td class=\"c x2e2 y2556 w2e0 hc8\"><div class=\"t m0 x48 h1f ye4c ff4 fs7 fc4 sc3 lsc7 ws0\">L1<span class=\"ls0\"> </span></div></td><td class=\"c x2e5 y2556 w2df hc8\"><div class=\"t m0 x14 h1f ye4c ff4 fs7 fc4 sc3 lsc7 ws0\">L2<span class=\"ls0\"> </span></div></td><td class=\"c x2e6 y2556 w2df hc8\"><div class=\"t m0 x14 h1f ye4c ff4 fs7 fc4 sc3 lsc7 ws0\">L3<span class=\"ls0\"> </span></div></td></tr><tr><td class=\"c x262 y2558 w961 h48b\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">1. Attivit\u00e0 finanz<span class=\"_ _1\"></span>iarie valutate al fair<span class=\"_ _1\"></span> value con impatt<span class=\"_ _f\"></span>o<span class=\"_ _2\"></span> a conto<span class=\"_ _df\"> </span></div></td><td class=\"c x2e1 y2559 w2b2 h58\"><div class=\"t m0 xac h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">5.975.795 </div></td><td class=\"c x2e7 y2559 w1a2 h58\"><div class=\"t m0 x14 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">69.376 </div></td><td class=\"c x2e4 y2559 w2df h58\"><div class=\"t m0 x2e h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">289.096 </div></td><td class=\"c x2e2 y2559 w8c h58\"><div class=\"t m0 xac h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">5.368.935 </div></td><td class=\"c x2e5 y2559 w1a2 h58\"><div class=\"t m0 x48 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">52.518 </div></td><td class=\"c x2e6 y2559 w1a2 h58\"><div class=\"t m0 x130 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">285.011 </div></td></tr><tr><td class=\"c x262 y255a w962 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">economico<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2e0 y255b w2e1 hc8\"><div class=\"t m0 xac h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">a) attivit\u00e0 finanz<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span>arie detenute<span class=\"_ _1\"></span> per la <span class=\"_ _1\"></span>negoziazione<span class=\"_ _df\"> </span></div></td><td class=\"c x2e1 y255b w2b2 hc8\"><div class=\"t m0 x48 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">24.176 </div></td><td class=\"c x2e7 y255b w1a2 hc8\"><div class=\"t m0 x33 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">16.747 </div></td><td class=\"c x2e4 y255b w2df hc8\"><div class=\"t m0 x11 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x2e2 y255b w8c hc8\"><div class=\"t m0 x48 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">19.098 </div></td><td class=\"c x2e5 y255b w1a2 hc8\"><div class=\"t m0 x48 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">15.038 </div></td><td class=\"c x2e6 y255b w1a2 hc8\"><div class=\"t m0 x30 h1f ye4c ff4 fs7 fc1 sc0 ls2a ws0\">23<span class=\"ls0\"> </span></div></td></tr><tr><td class=\"c x2e0 y255c w2e1 hc8\"><div class=\"t m0 xac h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">b) attivit\u00e0 finanz<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span>arie designate<span class=\"_ _1\"></span> al fai<span class=\"_ _1\"></span>r value<span class=\"_ _df\"> </span></div></td><td class=\"c x2e1 y255c w2b2 hc8\"><div class=\"t m0 x13 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x2e7 y255c w1a2 hc8\"><div class=\"t m0 x13 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x2e4 y255c w2df hc8\"><div class=\"t m0 x11 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x2e2 y255c w8c hc8\"><div class=\"t m0 x11 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x2e5 y255c w1a2 hc8\"><div class=\"t m0 x13 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x2e6 y255c w1a2 hc8\"><div class=\"t m0 x11 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2e0 y255d w2e1 h58\"><div class=\"t m0 xac h1f y41f ff4 fs7 fc1 sc0 ls0 ws0\">c) Altre attivit\u00e0 <span class=\"_ _1\"></span>finanziarie obbli<span class=\"_ _1\"></span>gatoriamente valu<span class=\"_ _1\"></span>tate al fair<span class=\"_ _df\"> </span></div><div class=\"t m0 xac h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">value </div></td><td class=\"c x2e1 y255d w2b2 h58\"><div class=\"t m0 x2f h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">5.951.619 </div></td><td class=\"c x2e7 y255d w1a2 h58\"><div class=\"t m0 x14 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">52.629 </div></td><td class=\"c x2e4 y255d w2df h58\"><div class=\"t m0 x2e h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">289.096 </div></td><td class=\"c x2e2 y255d w8c h58\"><div class=\"t m0 xac h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">5.349.837 </div></td><td class=\"c x2e5 y255d w1a2 h58\"><div class=\"t m0 x14 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">37.480 </div></td><td class=\"c x2e6 y255d w1a2 h58\"><div class=\"t m0 x2a h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">284.988 </div></td></tr><tr><td class=\"c x262 y255e w963 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">2. Attivit\u00e0 finanz<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span>arie valut<span class=\"_ _1\"></span>ate al fair <span class=\"_ _1\"></span>value con impatto<span class=\"_ _1\"></span> sulla<span class=\"_ _df\"> </span></div></td><td class=\"c x2e1 y255f w2b2 had\"><div class=\"t m0 x8e h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">9.621.292 </div></td><td class=\"c x2e7 y255f w1a2 had\"><div class=\"t m0 x48 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">49.710 </div></td><td class=\"c x2e4 y255f w2df had\"><div class=\"t m0 x39 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">34.463 </div></td><td class=\"c x2e2 y255f w8c had\"><div class=\"t m0 xac h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">9.403.955 </div></td><td class=\"c x2e5 y255f w1a2 had\"><div class=\"t m0 x14 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">57.766 </div></td><td class=\"c x2e6 y255f w1a2 had\"><div class=\"t m0 x33 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">30.118 </div></td></tr><tr><td class=\"c x262 y2560 w964 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">redditivit\u00e0 comp<span class=\"_ _f\"></span>l<span class=\"_ _2\"></span>essiva<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2e0 y2561 w2e1 hc8\"><div class=\"t m0 x10 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">3. Derivati di c<span class=\"_ _1\"></span>opertura </div></td><td class=\"c x2e1 y2561 w2b2 hc8\"><div class=\"t m0 x13 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x2e7 y2561 w1a2 hc8\"><div class=\"t m0 x55 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">179.098 </div></td><td class=\"c x2e4 y2561 w2df hc8\"><div class=\"t m0 x11 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x2e2 y2561 w8c hc8\"><div class=\"t m0 x11 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x2e5 y2561 w1a2 hc8\"><div class=\"t m0 x2e h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">427.235 </div></td><td class=\"c x2e6 y2561 w1a2 hc8\"><div class=\"t m0 x11 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2e0 y2562 w2e1 hc8\"><div class=\"t m0 x10 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">4. Attivit\u00e0 mater<span class=\"_ _1\"></span>iali </div></td><td class=\"c x2e1 y2562 w2b2 hc8\"><div class=\"t m0 x13 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x2e7 y2562 w1a2 hc8\"><div class=\"t m0 x13 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x2e4 y2562 w2df hc8\"><div class=\"t m0 x11 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x2e2 y2562 w8c hc8\"><div class=\"t m0 x11 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x2e5 y2562 w1a2 hc8\"><div class=\"t m0 x13 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x2e6 y2562 w1a2 hc8\"><div class=\"t m0 x11 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2e0 y2563 w2e1 h227\"><div class=\"t m0 x10 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">5. Attivit\u00e0 imma<span class=\"_ _1\"></span>teriali<span class=\"_ _df\"> </span></div></td><td class=\"c x2e1 y2563 w2b2 h227\"><div class=\"t m0 x13 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x2e7 y2563 w1a2 h227\"><div class=\"t m0 x13 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x2e4 y2563 w2df h227\"><div class=\"t m0 x11 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x2e2 y2563 w8c h227\"><div class=\"t m0 x11 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x2e5 y2563 w1a2 h227\"><div class=\"t m0 x13 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x2e6 y2563 w1a2 h227\"><div class=\"t m0 x11 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2e0 y2564 w2e1 hc8\"><div class=\"t m0 x6e h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale </div></td><td class=\"c x2e1 y2564 w2b2 hc8\"><div class=\"t m0 x8a h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">15.59<span class=\"_ _1\"></span>7.0<span class=\"_ _1\"></span>87 </div></td><td class=\"c x2e7 y2564 w1a2 hc8\"><div class=\"t m0 x55 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">298.1<span class=\"_ _f\"></span>84 </div></td><td class=\"c x2e4 y2564 w2df hc8\"><div class=\"t m0 x2e h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">323.5<span class=\"_ _1\"></span>59<span class=\"_ _1\"></span> </div></td><td class=\"c x2e2 y2564 w8c hc8\"><div class=\"t m0 xab h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">14.77<span class=\"_ _1\"></span>2.89<span class=\"_ _f\"></span>0 </div></td><td class=\"c x2e5 y2564 w1a2 hc8\"><div class=\"t m0 x130 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">537.<span class=\"_ _1\"></span>519<span class=\"_ _1\"></span> </div></td><td class=\"c x2e6 y2564 w1a2 hc8\"><div class=\"t m0 x39 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">315.1<span class=\"_ _f\"></span>29 </div></td></tr><tr><td class=\"c x2e0 y2565 w2e1 hc8\"><div class=\"t m0 x10 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">1. Passivit\u00e0 finanz<span class=\"_ _1\"></span>iarie detenute pe<span class=\"_ _1\"></span>r la negoz<span class=\"_ _1\"></span>iazione </div></td><td class=\"c x2e1 y2565 w2b2 hc8\"><div class=\"t m0 x31 h1f ye4c ff4 fs7 fc1 sc0 ls2a ws0\">29<span class=\"ls0\"> </span></div></td><td class=\"c x2e7 y2565 w1a2 hc8\"><div class=\"t m0 x33 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">13.881 </div></td><td class=\"c x2e4 y2565 w2df hc8\"><div class=\"t m0 x11 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x2e2 y2565 w8c hc8\"><div class=\"t m0 x11 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x2e5 y2565 w1a2 hc8\"><div class=\"t m0 x48 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">14.463 </div></td><td class=\"c x2e6 y2565 w1a2 hc8\"><div class=\"t m0 x11 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2e0 y2566 w2e1 hc8\"><div class=\"t m0 x10 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">2. Passivit\u00e0 finanz<span class=\"_ _1\"></span>iarie designate a<span class=\"_ _f\"></span>l<span class=\"_ _2\"></span> f<span class=\"_ _1\"></span>air value<span class=\"_ _df\"> </span></div></td><td class=\"c x2e1 y2566 w2b2 hc8\"><div class=\"t m0 x13 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x2e7 y2566 w1a2 hc8\"><div class=\"t m0 x13 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x2e4 y2566 w2df hc8\"><div class=\"t m0 x8e h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">4.744.132 </div></td><td class=\"c x2e2 y2566 w8c hc8\"><div class=\"t m0 x11 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x2e5 y2566 w1a2 hc8\"><div class=\"t m0 x13 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x2e6 y2566 w1a2 hc8\"><div class=\"t m0 xab h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">4.402.690 </div></td></tr><tr><td class=\"c x2e0 y2567 w2e1 hc8\"><div class=\"t m0 x10 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">3. Derivati di c<span class=\"_ _1\"></span>opertura </div></td><td class=\"c x2e1 y2567 w2b2 hc8\"><div class=\"t m0 x13 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x2e7 y2567 w1a2 hc8\"><div class=\"t m0 x2e h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">482.249<span class=\"_ _df\"> </span></div></td><td class=\"c x2e4 y2567 w2df hc8\"><div class=\"t m0 x11 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x2e2 y2567 w8c hc8\"><div class=\"t m0 x11 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x2e5 y2567 w1a2 hc8\"><div class=\"t m0 x130 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">731.778 </div></td><td class=\"c x2e6 y2567 w1a2 hc8\"><div class=\"t m0 x11 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2e0 y2568 w2e1 hc8\"><div class=\"t m0 x6e h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale </div></td><td class=\"c x2e1 y2568 w2b2 hc8\"><div class=\"t m0 x31 h1f y28b ff4 fs7 fc1 sc2 ls2a ws0\">29<span class=\"ls0\"> </span></div></td><td class=\"c x2e7 y2568 w1a2 hc8\"><div class=\"t m0 x55 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">496.<span class=\"_ _1\"></span>130<span class=\"_ _f\"></span> </div></td><td class=\"c x2e4 y2568 w2df hc8\"><div class=\"t m0 x2f h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">4.74<span class=\"_ _f\"></span>4.132 </div></td><td class=\"c x2e2 y2568 w8c hc8\"><div class=\"t m0 x11 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td><td class=\"c x2e5 y2568 w1a2 hc8\"><div class=\"t m0 x55 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">746.<span class=\"_ _1\"></span>241<span class=\"_ _1\"></span> </div></td><td class=\"c x2e6 y2568 w1a2 hc8\"><div class=\"t m0 xac h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">4.40<span class=\"_ _f\"></span>2.690 </div></td></tr></table>In riferimento all<span class=\"_ _f\"></span>e attivit\u00e0 valutate <span class=\"_ _1\"></span>al fair valu<span class=\"_ _1\"></span>e su b<span class=\"_ _1\"></span>ase ricorrente <span class=\"_ _1\"></span>alla data de<span class=\"_ _1\"></span>l 31 d<span class=\"_ _1\"></span>icembre 2025 <span class=\"_ _1\"></span>gli strumenti valorizzati <span class=\"_ _4\"> </span>secondo <span class=\"_ _22\"> </span>il <span class=\"_ _4\"> </span>mercato <span class=\"_ _4\"> </span>pi\u00f9 <span class=\"_ _4\"> </span>vantaggioso <span class=\"_ _4\"> </span>(li<span class=\"_ _1\"></span>vello <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>fair <span class=\"_ _4\"> </span>value  pari <span class=\"_ _4\"> </span>a <span class=\"_ _4\"> </span>1) <span class=\"_ _4\"> </span>e/o <span class=\"_ _4\"> </span>secondo <span class=\"_ _4\"> </span>tecniche  di<span class=\"_ _2\"></span> valutazione <span class=\"_ _2\"></span>basate <span class=\"_ _d\"></span>su <span class=\"_ _2\"></span>parametri <span class=\"_ _2\"></span>oss<span class=\"_ _2\"></span>ervabil<span class=\"_ _1\"></span>i <span class=\"_ _2\"></span>(livello <span class=\"_ _2\"></span>di <span class=\"_ _d\"></span>fair <span class=\"_ _2\"></span>value <span class=\"_ _d\"></span>pari <span class=\"_ _2\"></span>a <span class=\"_ _d\"></span>2) <span class=\"_ _2\"></span>rappresentano <span class=\"_ _d\"></span>il <span class=\"_ _2\"></span>98.01% <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>t<span class=\"_ _d\"></span>otale delle attivit\u00e0 valutate al fair value (valore stabile<span class=\"_ _1\"></span> rispetto al corrispondente 2024 pari al 97,98%). <span class=\"_ _2\"></span> Gli <span class=\"_ _2\"></span>strumenti <span class=\"_ _2\"></span>valutati <span class=\"_ _2\"></span>tramite t<span class=\"_ _2\"></span>ecniche di <span class=\"_ _2\"></span>valutazione <span class=\"_ _2\"></span>basate <span class=\"_ _2\"></span>prevalentemente <span class=\"_ _2\"></span>su <span class=\"_ _2\"></span>parametri <span class=\"_ _2\"></span>non <span class=\"_ _2\"></span>osservabili hanno <span class=\"_ _0\"></span>riguardato <span class=\"_ _0\"></span>una <span class=\"_ _9\"> </span>parte <span class=\"_ _0\"></span>residuale <span class=\"_ _0\"></span>d<span class=\"_ _2\"></span>el <span class=\"_ _0\"></span>tot<span class=\"_ _2\"></span>ale <span class=\"_ _0\"></span>attivit\u00e0 <span class=\"_ _0\"></span>valutate <span class=\"_ _0\"></span>al <span class=\"_ _9\"> </span>fair <span class=\"_ _0\"></span>value <span class=\"_ _9\"> </span>(1,99%) <span class=\"_ _0\"></span>costant<span class=\"_ _2\"></span>e <span class=\"_ _0\"></span>rispetto <span class=\"_ _0\"></span>al valore del 2024 pari a 2,02%.<span class=\"_ _df\"> </span><div class=\"c w2da hc8 gs88d\"><div class=\"t m0 x10 h5 y54 ff4 fs1 fc4 sc3 ls0 ws0\">A.4.5.<span class=\"_ _1\"></span>2 Var<span class=\"_ _1\"></span>iazio<span class=\"_ _1\"></span>ni an<span class=\"_ _f\"></span>nue delle<span class=\"_ _1\"></span> att<span class=\"_ _1\"></span>ivit\u00e0 v<span class=\"_ _1\"></span>alut<span class=\"_ _1\"></span>ate a<span class=\"_ _1\"></span>l fai<span class=\"_ _1\"></span>r valu<span class=\"_ _1\"></span>e su <span class=\"_ _1\"></span>base<span class=\"_ _1\"></span> rico<span class=\"_ _1\"></span>rrente<span class=\"_ _1\"></span> (live<span class=\"_ _1\"></span>llo 3<span class=\"_ _f\"></span>)<span class=\"_ _2\"></span><span class=\"fc1 sc0\"> </span></div></div><div class=\"gs88e\"><table class=\"s w965 h499\" id=\"_bdc59401-3bb1-400a-9820-131f2234c70d\"><tr><td></td><td class=\"c x2e9 y2569 w966 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">Atti<span class=\"_ _1\"></span>vit\u00e0 f<span class=\"_ _f\"></span>inanziar<span class=\"_ _f\"></span>ie valut<span class=\"_ _1\"></span>ate a<span class=\"_ _f\"></span>l fair val<span class=\"_ _1\"></span>ue co<span class=\"_ _1\"></span>n im<span class=\"_ _f\"></span>patto a<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x2ea y256a w967 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">cont<span class=\"_ _1\"></span>o eco<span class=\"_ _f\"></span>nomic<span class=\"_ _1\"></span>o<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x2eb y256b w968 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">Atti<span class=\"_ _1\"></span>vit\u00e0<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td class=\"c x2ec y256c w969 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">finan<span class=\"_ _f\"></span>ziarie<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td></tr><tr><td></td><td></td><td class=\"c x2ed y256d w96a h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">di cui<span class=\"_ _f\"></span>: a)<span class=\"_ _df\"> </span></div></td><td class=\"c x2ee y256d w96b h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">di cui<span class=\"_ _f\"></span>: b)<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x2ec y256e w96c h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">val<span class=\"_ _1\"></span>utate a<span class=\"_ _f\"></span>l<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td></tr><tr><td></td><td class=\"c x2ef y256f w96d h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">di cui<span class=\"_ _f\"></span>: c) altr<span class=\"_ _f\"></span>e<span class=\"_ _df\"> </span></div></td><td class=\"c x2f0 y2570 w96e h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">attiv<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span>t\u00e0<span class=\"_ _df\"> </span></div></td><td class=\"c x2f1 y2570 w96e h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">attiv<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span>t\u00e0<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x2f2 y2571 w96f h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">fair v<span class=\"_ _f\"></span>alue<span class=\"_ _df\"> </span></div></td><td class=\"c x2f3 y2571 w970 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">Deri<span class=\"_ _1\"></span>vati di<span class=\"_ _df\"> </span></div></td><td class=\"c x2f4 y2571 w968 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">Atti<span class=\"_ _1\"></span>vit\u00e0<span class=\"_ _df\"> </span></div></td><td class=\"c x2f5 y2571 w968 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">Atti<span class=\"_ _1\"></span>vit\u00e0<span class=\"_ _df\"> </span></div></td></tr><tr><td></td><td></td><td class=\"c x2f6 y2572 w971 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">finan<span class=\"_ _f\"></span>ziarie<span class=\"_ _df\"> </span></div></td><td class=\"c x2f7 y2572 w971 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">finan<span class=\"_ _f\"></span>ziarie</div></td><td class=\"c x2f8 y2573 w972 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">attiv<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span>t\u00e0<span class=\"_ _1\"></span> fina<span class=\"_ _f\"></span>nziarie<span class=\"_ _df\"> </span></div></td><td class=\"c x2f9 y2574 w973 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">con i<span class=\"_ _1\"></span>mpat<span class=\"_ _f\"></span>to<span class=\"_ _df\"> </span></div></td><td class=\"c x2f3 y2574 w974 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">cope<span class=\"_ _1\"></span>rtur<span class=\"_ _1\"></span>a<span class=\"_ _df\"> </span></div></td><td class=\"c x2fa y2574 w975 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">mat<span class=\"_ _f\"></span>eriali<span class=\"_ _df\"> </span></div></td><td class=\"c x2fb y2574 w976 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">imm<span class=\"_ _f\"></span>aterial<span class=\"_ _1\"></span>i<span class=\"_ _df\"> </span></div></td></tr><tr><td></td><td class=\"c x2fc y2575 w2ea h22e\"><div class=\"t m0 xac h1f yd1c ff4 fs7 fc4 sc3 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale </div></td><td class=\"c x2fd y2576 w977 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">deten<span class=\"_ _f\"></span>ute per<span class=\"_ _df\"> </span></div></td><td class=\"c x2f7 y2576 w978 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">desig<span class=\"_ _f\"></span>nate</div></td><td class=\"c x2fe y2577 w979 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">obbl<span class=\"_ _1\"></span>igato<span class=\"_ _f\"></span>riamen<span class=\"_ _f\"></span>te<span class=\"_ _df\"> </span></div></td><td class=\"c x2ff y2578 w97a h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">sull<span class=\"_ _1\"></span>a<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td></tr><tr><td></td><td class=\"c x300 y2579 w97b h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">val<span class=\"_ _1\"></span>utate a<span class=\"_ _f\"></span>l fair<span class=\"_ _df\"> </span></div></td><td class=\"c x301 y257a w97c h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">la<span class=\"_ _df\"> </span></div></td><td class=\"c x302 y257a w97d h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">al fai<span class=\"_ _1\"></span>r<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x303 y257b w97e h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">reddit<span class=\"_ _f\"></span>ivit\u00e0<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td></tr><tr><td></td><td></td><td></td><td></td><td class=\"c x304 y257c w97f h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">val<span class=\"_ _1\"></span>ue<span class=\"_ _df\"> </span></div></td><td class=\"c x305 y257d w980 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">com<span class=\"_ _f\"></span>plessiv<span class=\"_ _1\"></span>a<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td></tr><tr><td></td><td></td><td class=\"c x2fd y257e w981 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">neg<span class=\"_ _1\"></span>ozia<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e<span class=\"_ _df\"> </span></div></td><td class=\"c x302 y257e w982 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">val<span class=\"_ _1\"></span>ue<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x306 y257f w2e3 hc8\"><div class=\"t m0 x10 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">1. Esi<span class=\"_ _f\"></span>stenze i<span class=\"_ _1\"></span>nizi<span class=\"_ _1\"></span>ali  </div></td><td class=\"c x2fc y257f w1c7 hc8\"><div class=\"t m0 x8e h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">285.<span class=\"_ _1\"></span>011 </div></td><td class=\"c x307 y257f w2e4 hc8\"><div class=\"t m0 x12 h1f y28b ff4 fs7 fc1 sc2 ls2a ws0\">23<span class=\"ls0\"> </span></div></td><td class=\"c x308 y257f w1b2 hc8\"><div class=\"t m0 x36 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td><td class=\"c x309 y257f wa0 hc8\"><div class=\"t m0 x11 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">284.9<span class=\"_ _f\"></span>88 </div></td><td class=\"c x30a y257f w22d hc8\"><div class=\"t m0 x27 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">30.1<span class=\"_ _1\"></span>18 </div></td><td class=\"c x30b y257f w137 hc8\"><div class=\"t m0 x15 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td><td class=\"c x30c y257f wdb hc8\"><div class=\"t m0 x97 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td><td class=\"c x30d y257f w184 hc8\"><div class=\"t m0 x11 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td></tr><tr><td class=\"c x306 y2580 w2e3 hc8\"><div class=\"t m0 x10 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">2. Aum<span class=\"_ _f\"></span>enti<span class=\"_ _1\"></span> </div></td><td class=\"c x2fc y2580 w1c7 hc8\"><div class=\"t m0 x2f h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">59.6<span class=\"_ _f\"></span>00 </div></td><td class=\"c x307 y2580 w2e4 hc8\"><div class=\"t m0 x91 h1f ye4c ff4 fs7 fc1 sc2 lsbc ws0\">31<span class=\"ls0\"> </span></div></td><td class=\"c x308 y2580 w1b2 hc8\"><div class=\"t m0 x36 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td><td class=\"c x309 y2580 wa0 hc8\"><div class=\"t m0 x7 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">59.5<span class=\"_ _1\"></span>69 </div></td><td class=\"c x30a y2580 w22d hc8\"><div class=\"t m0 x26 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">4.38<span class=\"_ _1\"></span>4 </div></td><td class=\"c x30b y2580 w137 hc8\"><div class=\"t m0 x15 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td><td class=\"c x30c y2580 wdb hc8\"><div class=\"t m0 x97 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td><td class=\"c x30d y2580 w184 hc8\"><div class=\"t m0 x11 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td></tr><tr><td class=\"c x306 y2581 w2e3 hc8\"><div class=\"t m0 x10 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">2.1. Acquisti </div></td><td class=\"c x2fc y2581 w1c7 hc8\"><div class=\"t m0 x2a h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">51.331 </div></td><td class=\"c x307 y2581 w2e4 hc8\"><div class=\"t m0 x12 h1f ye4c ff4 fs7 fc1 sc0 ls2a ws0\">27<span class=\"ls0\"> </span></div></td><td class=\"c x308 y2581 w1b2 hc8\"><div class=\"t m0 x36 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x309 y2581 wa0 hc8\"><div class=\"t m0 x7 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">51.304 </div></td><td class=\"c x30a y2581 w22d hc8\"><div class=\"t m0 x30 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">366 </div></td><td class=\"c x30b y2581 w137 hc8\"><div class=\"t m0 x15 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x30c y2581 wdb hc8\"><div class=\"t m0 x97 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x30d y2581 w184 hc8\"><div class=\"t m0 x11 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x306 y2582 w2e3 hc8\"><div class=\"t m0 x10 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">2.2. Profitti imputa<span class=\"_ _f\"></span>ti<span class=\"_ _2\"></span> a: </div></td><td class=\"c x2fc y2582 w1c7 hc8\"><div class=\"t m0 x55 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">8.267 </div></td><td class=\"c x307 y2582 w2e4 hc8\"><div class=\"t m0 x7 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">4 </div></td><td class=\"c x308 y2582 w1b2 hc8\"><div class=\"t m0 x36 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x309 y2582 wa0 hc8\"><div class=\"t m0 xc6 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">8.263 </div></td><td class=\"c x30a y2582 w22d hc8\"><div class=\"t m0 x90 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x30b y2582 w137 hc8\"><div class=\"t m0 x15 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x30c y2582 wdb hc8\"><div class=\"t m0 x97 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x30d y2582 w184 hc8\"><div class=\"t m0 x11 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x306 y2583 w2e3 hc8\"><div class=\"t m0 x10 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">2.2.1. Conto Econ<span class=\"_ _1\"></span>omico </div></td><td class=\"c x2fc y2583 w1c7 hc8\"><div class=\"t m0 x55 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">8.267 </div></td><td class=\"c x307 y2583 w2e4 hc8\"><div class=\"t m0 x7 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">4 </div></td><td class=\"c x308 y2583 w1b2 hc8\"><div class=\"t m0 x36 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x309 y2583 wa0 hc8\"><div class=\"t m0 xc6 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">8.263 </div></td><td class=\"c x30a y2583 w22d hc8\"><div class=\"t m0 x90 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x30b y2583 w137 hc8\"><div class=\"t m0 x15 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x30c y2583 wdb hc8\"><div class=\"t m0 x97 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x30d y2583 w184 hc8\"><div class=\"t m0 x11 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x306 y2584 w2e3 hc8\"><div class=\"t m0 xac h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- di cui plusvalenze<span class=\"_ _f\"></span> </div></td><td class=\"c x2fc y2584 w1c7 hc8\"><div class=\"t m0 x2e h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">8.262 </div></td><td class=\"c x307 y2584 w2e4 hc8\"><div class=\"t m0 x1c h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x308 y2584 w1b2 hc8\"><div class=\"t m0 x36 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x309 y2584 wa0 hc8\"><div class=\"t m0 xc6 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">8.262 </div></td><td class=\"c x30a y2584 w22d hc8\"><div class=\"t m0 x90 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x30b y2584 w137 hc8\"><div class=\"t m0 x15 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x30c y2584 wdb hc8\"><div class=\"t m0 x97 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x30d y2584 w184 hc8\"><div class=\"t m0 x11 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x306 y2585 w2e3 hc8\"><div class=\"t m0 x10 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">2.2.2. Patrimon<span class=\"_ _1\"></span>io netto </div></td><td class=\"c x2fc y2585 w1c7 hc8\"><div class=\"t m0 x38 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x307 y2585 w2e4 hc8\"><div class=\"t m0 x2c h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x308 y2585 w1b2 hc8\"><div class=\"t m0 x14 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x309 y2585 wa0 hc8\"><div class=\"t m0 x31 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x30a y2585 w22d hc8\"><div class=\"t m0 x90 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x30b y2585 w137 hc8\"><div class=\"t m0 x15 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x30c y2585 wdb hc8\"><div class=\"t m0 x97 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x30d y2585 w184 hc8\"><div class=\"t m0 x11 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x306 y2586 w2e3 h227\"><div class=\"t m0 x10 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">2.3. Trasferiment<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span> da altri <span class=\"_ _1\"></span>livelli </div></td><td class=\"c x2fc y2586 w1c7 h227\"><div class=\"t m0 x38 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x307 y2586 w2e4 h227\"><div class=\"t m0 x1c h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x308 y2586 w1b2 h227\"><div class=\"t m0 x36 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x309 y2586 wa0 h227\"><div class=\"t m0 xec h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x30a y2586 w22d h227\"><div class=\"t m0 x90 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x30b y2586 w137 h227\"><div class=\"t m0 x15 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x30c y2586 wdb h227\"><div class=\"t m0 x97 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x30d y2586 w184 h227\"><div class=\"t m0 x11 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x306 y2587 w2e3 hc8\"><div class=\"t m0 x10 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">2.4. Altre variaz<span class=\"_ _1\"></span>ioni in aument<span class=\"_ _1\"></span>o </div></td><td class=\"c x2fc y2587 w1c7 hc8\"><div class=\"t m0 x37 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">2 </div></td><td class=\"c x307 y2587 w2e4 hc8\"><div class=\"t m0 x1c h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x308 y2587 w1b2 hc8\"><div class=\"t m0 x36 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x309 y2587 wa0 hc8\"><div class=\"t m0 xec h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">2 </div></td><td class=\"c x30a y2587 w22d hc8\"><div class=\"t m0 x34 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">4.018 </div></td><td class=\"c x30b y2587 w137 hc8\"><div class=\"t m0 x15 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x30c y2587 wdb hc8\"><div class=\"t m0 x97 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x30d y2587 w184 hc8\"><div class=\"t m0 x11 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x306 y2588 w2e3 hc8\"><div class=\"t m0 x10 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">3. Di<span class=\"_ _1\"></span>min<span class=\"_ _1\"></span>uzion<span class=\"_ _1\"></span>i </div></td><td class=\"c x2fc y2588 w1c7 hc8\"><div class=\"t m0 x116 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">55.515 </div></td><td class=\"c x307 y2588 w2e4 hc8\"><div class=\"t m0 x96 h1f y28b ff4 fs7 fc1 sc0 ls32 ws0\">54<span class=\"ls0\"> </span></div></td><td class=\"c x308 y2588 w1b2 hc8\"><div class=\"t m0 x36 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x309 y2588 wa0 hc8\"><div class=\"t m0 x1c h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">55.461 </div></td><td class=\"c x30a y2588 w22d hc8\"><div class=\"t m0 x8f h1f y28b ff4 fs7 fc1 sc0 ls27 ws0\">39<span class=\"ls0\"> </span></div></td><td class=\"c x30b y2588 w137 hc8\"><div class=\"t m0 x15 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x30c y2588 wdb hc8\"><div class=\"t m0 x97 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x30d y2588 w184 hc8\"><div class=\"t m0 x11 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x306 y2589 w2e3 hc8\"><div class=\"t m0 x10 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">3.1. Vendite </div></td><td class=\"c x2fc y2589 w1c7 hc8\"><div class=\"t m0 x8e h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">35.380 </div></td><td class=\"c x307 y2589 w2e4 hc8\"><div class=\"t m0 x96 h1f y28b ff4 fs7 fc1 sc0 ls32 ws0\">54<span class=\"ls0\"> </span></div></td><td class=\"c x308 y2589 w1b2 hc8\"><div class=\"t m0 x36 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x309 y2589 wa0 hc8\"><div class=\"t m0 x90 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">35.326 </div></td><td class=\"c x30a y2589 w22d hc8\"><div class=\"t m0 x90 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x30b y2589 w137 hc8\"><div class=\"t m0 x15 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x30c y2589 wdb hc8\"><div class=\"t m0 x97 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x30d y2589 w184 hc8\"><div class=\"t m0 x11 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x306 y258a w2e3 hc8\"><div class=\"t m0 x10 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">3.2. Rimborsi </div></td><td class=\"c x2fc y258a w1c7 hc8\"><div class=\"t m0 x16a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">16.898 </div></td><td class=\"c x307 y258a w2e4 hc8\"><div class=\"t m0 x1c h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x308 y258a w1b2 hc8\"><div class=\"t m0 x36 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x309 y258a wa0 hc8\"><div class=\"t m0 x7 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">16.898 </div></td><td class=\"c x30a y258a w22d hc8\"><div class=\"t m0 x90 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x30b y258a w137 hc8\"><div class=\"t m0 x15 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x30c y258a wdb hc8\"><div class=\"t m0 x97 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x30d y258a w184 hc8\"><div class=\"t m0 x11 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x306 y258b w2e3 hc8\"><div class=\"t m0 x10 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">3.3. Perdite impu<span class=\"_ _1\"></span>tate a: </div></td><td class=\"c x2fc y258b w1c7 hc8\"><div class=\"t m0 x130 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">3.212 </div></td><td class=\"c x307 y258b w2e4 hc8\"><div class=\"t m0 x1c h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x308 y258b w1b2 hc8\"><div class=\"t m0 x36 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x309 y258b wa0 hc8\"><div class=\"t m0 xa3 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">3.212 </div></td><td class=\"c x30a y258b w22d hc8\"><div class=\"t m0 x90 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x30b y258b w137 hc8\"><div class=\"t m0 x15 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x30c y258b wdb hc8\"><div class=\"t m0 x97 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x30d y258b w184 hc8\"><div class=\"t m0 x11 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x306 y258c w2e3 hc8\"><div class=\"t m0 x10 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">3.3.1. Conto Econ<span class=\"_ _1\"></span>omico </div></td><td class=\"c x2fc y258c w1c7 hc8\"><div class=\"t m0 x130 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">3.212 </div></td><td class=\"c x307 y258c w2e4 hc8\"><div class=\"t m0 x1c h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x308 y258c w1b2 hc8\"><div class=\"t m0 x36 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x309 y258c wa0 hc8\"><div class=\"t m0 xa3 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">3.212 </div></td><td class=\"c x30a y258c w22d hc8\"><div class=\"t m0 x90 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x30b y258c w137 hc8\"><div class=\"t m0 x15 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x30c y258c wdb hc8\"><div class=\"t m0 x97 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x30d y258c w184 hc8\"><div class=\"t m0 x11 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x306 y258d w2e3 hc8\"><div class=\"t m0 xac h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- di cui minusva<span class=\"_ _1\"></span>lenze </div></td><td class=\"c x2fc y258d w1c7 hc8\"><div class=\"t m0 x2e h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">3.209 </div></td><td class=\"c x307 y258d w2e4 hc8\"><div class=\"t m0 x1c h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x308 y258d w1b2 hc8\"><div class=\"t m0 x36 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x309 y258d wa0 hc8\"><div class=\"t m0 xc6 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">3.209 </div></td><td class=\"c x30a y258d w22d hc8\"><div class=\"t m0 x90 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x30b y258d w137 hc8\"><div class=\"t m0 x15 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x30c y258d wdb hc8\"><div class=\"t m0 x97 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x30d y258d w184 hc8\"><div class=\"t m0 x11 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x306 y258e w2e3 hc8\"><div class=\"t m0 x10 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">3.3.2. Patrimon<span class=\"_ _1\"></span>io netto </div></td><td class=\"c x2fc y258e w1c7 hc8\"><div class=\"t m0 x38 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x307 y258e w2e4 hc8\"><div class=\"t m0 x2c h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x308 y258e w1b2 hc8\"><div class=\"t m0 x14 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x309 y258e wa0 hc8\"><div class=\"t m0 x31 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x30a y258e w22d hc8\"><div class=\"t m0 x90 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x30b y258e w137 hc8\"><div class=\"t m0 x15 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x30c y258e wdb hc8\"><div class=\"t m0 x97 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x30d y258e w184 hc8\"><div class=\"t m0 x11 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x306 y258f w2e3 hc8\"><div class=\"t m0 x10 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">3.4. Trasferiment<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span> da altri <span class=\"_ _1\"></span>livelli </div></td><td class=\"c x2fc y258f w1c7 hc8\"><div class=\"t m0 x38 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x307 y258f w2e4 hc8\"><div class=\"t m0 x1c h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x308 y258f w1b2 hc8\"><div class=\"t m0 x36 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x309 y258f wa0 hc8\"><div class=\"t m0 xec h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x30a y258f w22d hc8\"><div class=\"t m0 x90 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x30b y258f w137 hc8\"><div class=\"t m0 x15 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x30c y258f wdb hc8\"><div class=\"t m0 x97 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x30d y258f w184 hc8\"><div class=\"t m0 x11 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x306 y2590 w2e3 h58\"><div class=\"t m0 x10 h1f y15 ff4 fs7 fc1 sc0 ls0 ws0\">3.5. Altre variaz<span class=\"_ _1\"></span>ioni in </div><div class=\"t m0 x10 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">diminuzione </div></td><td class=\"c x2fc y2590 w1c7 h58\"><div class=\"t m0 x3a h1f y420 ff4 fs7 fc1 sc0 ls2a ws0\">25<span class=\"ls0\"> </span></div></td><td class=\"c x307 y2590 w2e4 h58\"><div class=\"t m0 x1c h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x308 y2590 w1b2 h58\"><div class=\"t m0 x36 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x309 y2590 wa0 h58\"><div class=\"t m0 x11d h1f y420 ff4 fs7 fc1 sc0 ls2a ws0\">25<span class=\"ls0\"> </span></div></td><td class=\"c x30a y2590 w22d h58\"><div class=\"t m0 x8f h1f y420 ff4 fs7 fc1 sc0 ls27 ws0\">39<span class=\"ls0\"> </span></div></td><td class=\"c x30b y2590 w137 h58\"><div class=\"t m0 x15 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x30c y2590 wdb h58\"><div class=\"t m0 x97 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x30d y2590 w184 h58\"><div class=\"t m0 x11 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x306 y2591 w2e3 hc8\"><div class=\"t m0 x10 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">4. Rim<span class=\"_ _f\"></span>anenz<span class=\"_ _f\"></span>e finali<span class=\"_ _1\"></span> </div></td><td class=\"c x2fc y2591 w1c7 hc8\"><div class=\"t m0 xab h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">289.<span class=\"_ _1\"></span>096<span class=\"_ _f\"></span> </div></td><td class=\"c x307 y2591 w2e4 hc8\"><div class=\"t m0 x1c h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td><td class=\"c x308 y2591 w1b2 hc8\"><div class=\"t m0 x36 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td><td class=\"c x309 y2591 wa0 hc8\"><div class=\"t m0 x11 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">289.<span class=\"_ _f\"></span>096 </div></td><td class=\"c x30a y2591 w22d hc8\"><div class=\"t m0 x35 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">34.46<span class=\"_ _1\"></span>3 </div></td><td class=\"c x30b y2591 w137 hc8\"><div class=\"t m0 x15 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td><td class=\"c x30c y2591 wdb hc8\"><div class=\"t m0 x97 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td><td class=\"c x30d y2591 w184 hc8\"><div class=\"t m0 x11 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td></tr></table></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs88f\">L\u2019attribuzione <span class=\"_ _0\"></span>del <span class=\"_ _0\"></span>livello <span class=\"_ _0\"></span>di <span class=\"_ _0\"> </span>fair <span class=\"_ _9\"> </span>value <span class=\"_ _0\"></span>pari <span class=\"_ _9\"> </span>a <span class=\"_ _0\"></span>3 <span class=\"_ _9\"> </span>riguarda <span class=\"_ _0\"></span>strumenti <span class=\"_ _0\"></span>definiti <span class=\"_ _0\"></span>\u201cilliquidi\u201d <span class=\"_ _0\"></span>che <span class=\"_ _9\"> </span>evidenziano <span class=\"_ _0\"></span>poche </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs890\">valorizzazioni ne<span class=\"_ _2\"></span>l <span class=\"_ _2\"></span>corso <span class=\"_ _2\"></span>del t<span class=\"_ _2\"></span>empo e <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>quali <span class=\"_ _2\"></span>lo <span class=\"_ _2\"></span>stato <span class=\"_ _2\"></span>dello <span class=\"_ _2\"></span>strumento <span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>pi\u00f9 <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>generale dell\u2019emit<span class=\"_ _2\"></span>tente <span class=\"_ _2\"></span>alla<span class=\"_ _1\"></span> </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs891\">data di<span class=\"_ _1\"></span> valu<span class=\"_ _f\"></span>t<span class=\"_ _2\"></span>azione, <span class=\"_ _f\"></span>non rende <span class=\"_ _f\"></span>p<span class=\"_ _2\"></span>ossibile <span class=\"_ _f\"></span>l\u2019ipotesi d<span class=\"_ _1\"></span>i un <span class=\"_ _f\"></span>eventuale rip<span class=\"_ _1\"></span>ristino del<span class=\"_ _1\"></span> mercato <span class=\"_ _f\"></span>verso uno <span class=\"_ _f\"></span>stato attivo.<span class=\"ff4\"> </span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs892\">Nella voce 2.1 \u201cAcquisti\u201d sono riportati:<span class=\"ff4\"> </span></div><div class=\"t m0 h5 ff13 fs1 fc1 sc0 ls0 ws0 gs893\">-<span class=\"ff10\"> <span class=\"_ _33\"> </span><span class=\"ff4\">attivit\u00e0 <span class=\"_ _0\"></span>finanziare <span class=\"_ _0\"></span>valutate <span class=\"_ _0\"></span>obbligatoriamente <span class=\"_ _0\"> </span>al <span class=\"_ _9\"> </span>FV <span class=\"_ _0\"></span>con <span class=\"_ _9\"> </span>impatto <span class=\"_ _0\"></span>a <span class=\"_ _0\"> </span>Conto <span class=\"_ _9\"> </span>Economico: <span class=\"_ _0\"></span>quota <span class=\"_ _0\"></span>di <span class=\"_ _9\"> </span>fondo </span></span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs894\">private <span class=\"_ _d\"></span>equity <span class=\"_ _d\"></span>sul <span class=\"_ _d\"></span>Gruppo <span class=\"_ _0\"></span>e per <span class=\"_ _2\"></span>Credemvita 9 <span class=\"_ _0\"></span>quote <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>Debt <span class=\"_ _d\"></span>funds, <span class=\"_ _d\"></span>4 <span class=\"_ _d\"></span>quote <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>private <span class=\"_ _d\"></span>equity <span class=\"_ _d\"></span>funds<span class=\"_ _2\"></span> e <span class=\"_ _d\"></span>3 </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs895\">quote di Infrastructure funds; </div><div class=\"t m0 h5 ff13 fs1 fc1 sc0 ls0 ws0 gs896\">-<span class=\"ff10\"> <span class=\"_ _33\"> </span><span class=\"ff4\">attivit\u00e0 finanziarie valutate al FV con impatto a Conto Economico<span class=\"_ _1\"></span>: 2 azioni e 2 obbligazioni <span class=\"_ _2\"></span>sul Gruppo </span></span></div><div class=\"t m0 h5 ff13 fs1 fc1 sc0 ls0 ws0 gs897\">-<span class=\"ff10\"> <span class=\"_ _33\"> </span><span class=\"ff4\">attivit\u00e0 <span class=\"_ _16\"> </span>finanziarie <span class=\"_ _9\"> </span>valutate  al <span class=\"_ _9\"> </span>FV  con <span class=\"_ _9\"> </span>impatt<span class=\"_ _2\"></span>o <span class=\"_ _9\"> </span>sulla  redd<span class=\"_ _f\"></span>it<span class=\"_ _2\"></span>ivit\u00e0 <span class=\"_ _9\"> </span>complessiva:  1 <span class=\"_ _9\"> </span>azione<span class=\"_ _2\"></span> <span class=\"_ _16\"> </span>sul <span class=\"_ _9\"> </span>Gr<span class=\"_ _2\"></span>uppo <span class=\"_ _16\"> </span>e <span class=\"ls11\">1 </span></span></span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs898\">partecipazione per Credemvita </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs899\">Nella voce 3.1 \u201cVendite\u201d sono riportati:<span class=\"ff4\"> </span></div><div class=\"t m0 h5 ff13 fs1 fc1 sc0 ls0 ws0 gs89a\">-<span class=\"ff10\"> <span class=\"_ _24\"> </span><span class=\"ff4\"> attivit\u00e0 <span class=\"_ _2\"></span>finanziarie <span class=\"_ _2\"></span>valutate <span class=\"_ _2\"></span>obbligatoriamente <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>FV <span class=\"_ _2\"></span>con <span class=\"_ _2\"></span>impatto <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>Conto <span class=\"_ _2\"></span>Economico: <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>Credemvita 9 </span></span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs89b\">quote di Debt funds, 3 quote di private equi<span class=\"_ _1\"></span>ty funds  <span class=\"_ _2\"></span>e 3 quote di Infrastructure funds </div><div class=\"t m0 h5 ff13 fs1 fc1 sc0 ls0 ws0 gs89c\">-<span class=\"ff10\"> <span class=\"_ _24\"> </span><span class=\"ff4\">attivit\u00e0 finanziarie v<span class=\"_ _1\"></span>alutate al FV con <span class=\"_ _1\"></span>impatto a Conto Economico:<span class=\"_ _1\"></span> una quota di <span class=\"_ _f\"></span>fondo e 2 obbligazioni sul </span></span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs89d\">Gruppo </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs89e\">Le variazioni annue <span class=\"_ _2\"></span>da e v<span class=\"_ _2\"></span>erso Livello 3 al <span class=\"_ _2\"></span>31/12/20<span class=\"_ _2\"></span>25 non <span class=\"_ _2\"></span>evid<span class=\"_ _1\"></span>enziano <span class=\"_ _2\"></span>trasferimenti, sia <span class=\"_ _2\"></span>per quanto riguarda </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs89f\">la <span class=\"_ _9\"> </span>sezione <span class=\"_ _9\"> </span>diminuzioni <span class=\"_ _9\"> </span>ch<span class=\"_ _2\"></span>e <span class=\"_ _0\"> </span>per  q<span class=\"_ _1\"></span>uanto <span class=\"_ _9\"> </span>concerne <span class=\"_ _9\"> </span>la <span class=\"_ _16\"> </span>sezione <span class=\"_ _9\"> </span>aumenti <span class=\"_ _9\"> </span>per <span class=\"_ _9\"> </span>t<span class=\"_ _2\"></span>utte <span class=\"_ _9\"> </span>le <span class=\"_ _9\"> </span>classificazioni <span class=\"_ _9\"> </span>contabili </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs8a0\">(attivit\u00e0 <span class=\"_ _9\"> </span>finanziare <span class=\"_ _9\"> </span>valutate <span class=\"_ _9\"> </span>obbligatoriamente <span class=\"_ _9\"> </span>al <span class=\"_ _16\"> </span>FV <span class=\"_ _9\"> </span>con <span class=\"_ _9\"> </span>impatt<span class=\"_ _2\"></span>o <span class=\"_ _9\"> </span>a <span class=\"_ _9\"> </span>Conto <span class=\"_ _16\"> </span>Economico, <span class=\"_ _9\"> </span>attivit\u00e0<span class=\"_ _2\"></span> <span class=\"_ _9\"> </span>finanziarie </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs8a1\">valutate <span class=\"_ _f\"></span>al FV <span class=\"_ _f\"></span>con <span class=\"_ _f\"></span>im<span class=\"_ _2\"></span>patto <span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>Conto <span class=\"_ _f\"></span>Economico e <span class=\"_ _f\"></span>attivit\u00e0 fi<span class=\"_ _1\"></span>nanziarie <span class=\"_ _f\"></span>valutat<span class=\"_ _2\"></span>e <span class=\"_ _f\"></span>al FV <span class=\"_ _f\"></span>con <span class=\"_ _f\"></span>impatto<span class=\"_ _2\"></span> <span class=\"_ _f\"></span>sulla <span class=\"_ _1\"></span>redditivit\u00e0 </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs8a2\">complessiva). </div>A.4.5.<span class=\"_ _1\"></span>4 Atti<span class=\"_ _1\"></span>vit\u00e0<span class=\"_ _1\"></span> e pa<span class=\"_ _f\"></span>ssivit\u00e0 no<span class=\"_ _1\"></span>n va<span class=\"_ _f\"></span>lutate a<span class=\"_ _1\"></span>l fai<span class=\"_ _1\"></span>r valu<span class=\"_ _1\"></span>e o <span class=\"_ _1\"></span>valuta<span class=\"_ _1\"></span>te a<span class=\"_ _1\"></span>l fair va<span class=\"_ _f\"></span>lue su b<span class=\"_ _1\"></span>ase <span class=\"_ _1\"></span>non r<span class=\"_ _1\"></span>icorre<span class=\"_ _1\"></span>nte: r<span class=\"_ _f\"></span>ipartizione <span class=\"_ _f\"></span>per livell<span class=\"_ _1\"></span>i di fa<span class=\"_ _f\"></span>ir value <table class=\"s w983 h49a\" id=\"_0fb690bf-02f5-4910-bcea-a6c1b04764eb\"><tr><td class=\"c x30e y2592 w984 h49b\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc7 sc6 ls0 ws0\">Atti<span class=\"_ _1\"></span>vit\u00e0/P<span class=\"_ _1\"></span>ass<span class=\"_ _1\"></span>ivit\u00e0<span class=\"_ _1\"></span> non<span class=\"_ _1\"></span> mis<span class=\"_ _1\"></span>urat<span class=\"_ _1\"></span>e al f<span class=\"_ _1\"></span>air <span class=\"_ _f\"></span>value<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x30f y2593 w2ee hc8\"><div class=\"t m0 xe6 h1f y28b ff4 fs7 fc7 sc6 ls0 ws0\">31/12/<span class=\"_ _f\"></span>2025 </div></td><td></td><td></td><td></td><td></td><td class=\"c x310 y2593 w2ef hc8\"><div class=\"t m0 xe8 h1f y28b ff4 fs7 fc4 sc3 ls0 ws0\">31/12/<span class=\"_ _f\"></span>2024 </div></td><td></td></tr><tr><td class=\"c x311 y2594 w985 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc7 sc6 ls0 ws0\">o mi<span class=\"_ _1\"></span>sura<span class=\"_ _1\"></span>te al<span class=\"_ _f\"></span> fair va<span class=\"_ _1\"></span>lue su<span class=\"_ _f\"></span> base n<span class=\"_ _1\"></span>on<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x312 y2595 w986 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc7 sc6 ls0 ws0\">ricorr<span class=\"_ _f\"></span>ente<span class=\"_ _df\"> </span></div></td><td class=\"c x30f y2596 w96 h148\"><div class=\"t m0 x14 h1f y80 ff4 fs7 fc4 sc3 ls6c ws0\">VB<span class=\"ls0\"> </span></div></td><td class=\"c x313 y2596 w1ca h148\"><div class=\"t m0 x130 h1f y80 ff4 fs7 fc4 sc3 lsc7 ws0\">L1<span class=\"ls0\"> </span></div></td><td class=\"c x314 y2596 w1bf h148\"><div class=\"t m0 x55 h1f y80 ff4 fs7 fc4 sc3 lsc7 ws0\">L2<span class=\"ls0\"> </span></div></td><td class=\"c x315 y2596 w17b h148\"><div class=\"t m0 x39 h1f y80 ff4 fs7 fc4 sc3 lsc7 ws0\">L3<span class=\"ls0\"> </span></div></td><td class=\"c x310 y2596 w1a9 h148\"><div class=\"t m0 x14 h1f y80 ff4 fs7 fc4 sc3 ls6c ws0\">VB<span class=\"ls0\"> </span></div></td><td class=\"c x316 y2596 w2f0 h148\"><div class=\"t m0 x130 h1f y80 ff4 fs7 fc4 sc3 lsc7 ws0\">L1<span class=\"ls0\"> </span></div></td><td class=\"c x317 y2596 w2af h148\"><div class=\"t m0 x55 h1f y80 ff4 fs7 fc4 sc3 lsc7 ws0\">L2<span class=\"ls0\"> </span></div></td><td class=\"c x318 y2596 w96 h148\"><div class=\"t m0 x14 h1f y80 ff4 fs7 fc4 sc3 lsc7 ws0\">L3<span class=\"ls0\"> </span></div></td></tr><tr><td class=\"c x262 y2597 w987 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc1 sc0 ls0 ws0\">1. Attivit\u00e0 finanz<span class=\"_ _1\"></span>iarie valutate a<span class=\"_ _f\"></span>l<span class=\"_ _2\"></span> costo<span class=\"_ _df\"> </span></div></td><td class=\"c x319 y2598 w184 had\"><div class=\"t m0 x10 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">47.707.320 </div></td><td class=\"c x313 y2598 w136 had\"><div class=\"t m0 x10 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">6.369.581 </div></td><td class=\"c x314 y2598 w1db had\"><div class=\"t m0 xab h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">487.765 </div></td><td class=\"c x315 y2598 w17b had\"><div class=\"t m0 x10 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">40.713.737 </div></td><td class=\"c x310 y2598 w1a9 had\"><div class=\"t m0 x8a h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">45.274.702 </div></td><td class=\"c x316 y2598 w1ef had\"><div class=\"t m0 x10 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">7.660.059 </div></td><td class=\"c x317 y2598 w1bd had\"><div class=\"t m0 x2f h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">301.765 </div></td><td class=\"c x318 y2598 w1ba had\"><div class=\"t m0 xab h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">37.963.152 </div></td></tr><tr><td class=\"c x262 y2599 w988 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc1 sc0 ls0 ws0\">ammortizzato<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x262 y259a w989 h49c\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc1 sc0 ls0 ws0\">2. Attivit\u00e0 mater<span class=\"_ _1\"></span>iali detenute a <span class=\"_ _1\"></span>scopo di<span class=\"_ _df\"> </span></div></td><td class=\"c x319 y259b w184 h58\"><div class=\"t m0 x35 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">4.622 </div></td><td class=\"c x313 y259b w136 h58\"><div class=\"t m0 x15 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x314 y259b w1db h58\"><div class=\"t m0 x38 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x315 y259b w17b h58\"><div class=\"t m0 x48 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">6.807 </div></td><td class=\"c x310 y259b w1a9 h58\"><div class=\"t m0 x35 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">4.768 </div></td><td class=\"c x316 y259b w1ef h58\"><div class=\"t m0 x15 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x317 y259b w1bd h58\"><div class=\"t m0 x30 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x318 y259b w1ba h58\"><div class=\"t m0 x27 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">7.107 </div></td></tr><tr><td class=\"c x262 y259c w98a h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc1 sc0 ls0 ws0\">investimento<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2e0 y259d w2f1 had\"><div class=\"t m0 x10 h1f y41f ff4 fs7 fc1 sc0 ls0 ws0\">3. Attivit\u00e0 non c<span class=\"_ _1\"></span>orrenti e grupp<span class=\"_ _1\"></span>i di attivit\u00e0 <span class=\"_ _1\"></span>in </div><div class=\"t m0 x10 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">via di dismissi<span class=\"_ _1\"></span>one </div></td><td class=\"c x319 y259d w184 had\"><div class=\"t m0 x11 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x313 y259d w136 had\"><div class=\"t m0 x15 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x314 y259d w1db had\"><div class=\"t m0 x38 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x315 y259d w17b had\"><div class=\"t m0 x36 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x310 y259d w1a9 had\"><div class=\"t m0 x97 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">533 </div></td><td class=\"c x316 y259d w1ef had\"><div class=\"t m0 x15 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x317 y259d w1bd had\"><div class=\"t m0 x30 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x318 y259d w1ba had\"><div class=\"t m0 x97 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">533 </div></td></tr><tr><td class=\"c x2e0 y259e w2f1 hc8\"><div class=\"t m0 x1b3 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">Total<span class=\"_ _1\"></span>e </div></td><td class=\"c x319 y259e w184 hc8\"><div class=\"t m0 xac h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">47.7<span class=\"_ _1\"></span>11.942<span class=\"_ _f\"></span> </div></td><td class=\"c x313 y259e w136 hc8\"><div class=\"t m0 x8a h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">6.36<span class=\"_ _f\"></span>9.581 </div></td><td class=\"c x314 y259e w1db hc8\"><div class=\"t m0 xac h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">487.7<span class=\"_ _1\"></span>65<span class=\"_ _1\"></span> </div></td><td class=\"c x315 y259e w17b hc8\"><div class=\"t m0 x10 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">40.7<span class=\"_ _1\"></span>13.73<span class=\"_ _1\"></span>7 </div></td><td class=\"c x310 y259e w1a9 hc8\"><div class=\"t m0 x10 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">45.2<span class=\"_ _1\"></span>80.<span class=\"_ _1\"></span>003 </div></td><td class=\"c x316 y259e w1ef hc8\"><div class=\"t m0 x10 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">7.66<span class=\"_ _f\"></span>0.059 </div></td><td class=\"c x317 y259e w1bd hc8\"><div class=\"t m0 x16a h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">301.76<span class=\"_ _f\"></span>5 </div></td><td class=\"c x318 y259e w1ba hc8\"><div class=\"t m0 xab h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">37.9<span class=\"_ _f\"></span>70.792<span class=\"_ _1\"></span> </div></td></tr><tr><td class=\"c x262 y259f w98b h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">1. Passivit\u00e0 finanz<span class=\"_ _1\"></span>iarie valutate <span class=\"_ _1\"></span>al costo<span class=\"_ _df\"> </span></div></td><td class=\"c x319 y25a0 w184 had\"><div class=\"t m0 x163 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">50.486.460 </div></td><td class=\"c x313 y25a0 w136 had\"><div class=\"t m0 x10 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">4.077.260 </div></td><td class=\"c x314 y25a0 w1db had\"><div class=\"t m0 x10 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">4.134.071 </div></td><td class=\"c x315 y25a0 w17b had\"><div class=\"t m0 x10 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">42.411.232 </div></td><td class=\"c x310 y25a0 w1a9 had\"><div class=\"t m0 xab h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">51.482.679 </div></td><td class=\"c x316 y25a0 w1ef had\"><div class=\"t m0 x10 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">4.149.806 </div></td><td class=\"c x317 y25a0 w1bd had\"><div class=\"t m0 x10 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">6.991.634 </div></td><td class=\"c x318 y25a0 w1ba had\"><div class=\"t m0 x10 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">40.440.450 </div></td></tr><tr><td class=\"c x262 y25a1 w988 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">ammortizzato<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x262 y25a2 w98c h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">2. Passivit\u00e0 ass<span class=\"_ _1\"></span>ociate ad attivit\u00e0 in <span class=\"_ _1\"></span>via di<span class=\"_ _df\"> </span></div></td><td class=\"c x319 y25a3 w184 h58\"><div class=\"t m0 x11 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x313 y25a3 w136 h58\"><div class=\"t m0 x15 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x314 y25a3 w1db h58\"><div class=\"t m0 x38 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x315 y25a3 w17b h58\"><div class=\"t m0 x36 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x310 y25a3 w1a9 h58\"><div class=\"t m0 x96 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x316 y25a3 w1ef h58\"><div class=\"t m0 x15 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x317 y25a3 w1bd h58\"><div class=\"t m0 x30 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x318 y25a3 w1ba h58\"><div class=\"t m0 x96 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x262 y25a4 w98d h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">dismissione<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2e0 y25a5 w2f1 hc8\"><div class=\"t m0 x1b3 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale </div></td><td class=\"c x319 y25a5 w184 hc8\"><div class=\"t m0 x10 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">50.48<span class=\"_ _1\"></span>6.<span class=\"_ _1\"></span>460 </div></td><td class=\"c x313 y25a5 w136 hc8\"><div class=\"t m0 x10 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">4.077<span class=\"_ _1\"></span>.26<span class=\"_ _1\"></span>0 </div></td><td class=\"c x314 y25a5 w1db hc8\"><div class=\"t m0 x10 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">4.13<span class=\"_ _1\"></span>4.07<span class=\"_ _1\"></span>1 </div></td><td class=\"c x315 y25a5 w17b hc8\"><div class=\"t m0 x8a h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">42.411.<span class=\"_ _f\"></span>232 </div></td><td class=\"c x310 y25a5 w1a9 hc8\"><div class=\"t m0 xab h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">51.4<span class=\"_ _1\"></span>82.67<span class=\"_ _1\"></span>9 </div></td><td class=\"c x316 y25a5 w1ef hc8\"><div class=\"t m0 x8a h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">4.149<span class=\"_ _f\"></span>.806 </div></td><td class=\"c x317 y25a5 w1bd hc8\"><div class=\"t m0 x10 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">6.99<span class=\"_ _f\"></span>1.634 </div></td><td class=\"c x318 y25a5 w1ba hc8\"><div class=\"t m0 x10 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">40.4<span class=\"_ _f\"></span>40.450<span class=\"_ _f\"></span> </div></td></tr></table>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-776": {
   "value": "A.3 I<span class=\"_ _f\"></span>NFORM<span class=\"_ _f\"></span>ATIVA<span class=\"_ _f\"></span> SUI TR<span class=\"_ _f\"></span>ASFE<span class=\"_ _f\"></span>RIMENT<span class=\"_ _f\"></span>I TRA<span class=\"_ _1\"></span> POR<span class=\"_ _f\"></span>TAFOG<span class=\"_ _f\"></span>LI DI <span class=\"_ _f\"></span>ATTIVIT<span class=\"_ _f\"></span>A\u2019 FIN<span class=\"_ _f\"></span>ANZIAR<span class=\"_ _f\"></span>IE<span class=\"_ _df\"> </span>Successivamente <span class=\"_ _0\"></span>all\u2019adozione <span class=\"_ _9\"> </span>dell\u2019IFRS <span class=\"_ _9\"> </span>9, <span class=\"_ _9\"> </span>il <span class=\"_ _9\"> </span>Gr<span class=\"_ _2\"></span>uppo <span class=\"_ _0\"></span>Credem <span class=\"_ _9\"> </span>non <span class=\"_ _9\"> </span>ha <span class=\"_ _16\"> </span>effettuato <span class=\"_ _0\"></span>cambiamenti <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>business model <span class=\"_ _f\"></span>per la <span class=\"_ _f\"></span>gestione <span class=\"_ _1\"></span>delle <span class=\"_ _f\"></span>pro<span class=\"_ _2\"></span>prie <span class=\"_ _f\"></span>attivit\u00e0 fi<span class=\"_ _1\"></span>nanziarie <span class=\"_ _f\"></span>e, quindi, <span class=\"_ _f\"></span>non sono <span class=\"_ _f\"></span>avvenuti <span class=\"_ _f\"></span>tras<span class=\"_ _2\"></span>ferimenti <span class=\"_ _f\"></span>tra <span class=\"_ _1\"></span>portafogli di  attivi<span class=\"_ _1\"></span>t\u00e0  finanziarie.<span class=\"_ _1\"></span>  Le <span class=\"_ _16\"> </span>regole  ge<span class=\"_ _1\"></span>nerali  p<span class=\"_ _1\"></span>reviste  dall\u2019IFRS <span class=\"_ _16\"> </span>9  in <span class=\"_ _16\"> </span>materia  di<span class=\"_ _1\"></span>  riclassificazi<span class=\"_ _1\"></span>one  delle <span class=\"_ _16\"> </span>attivit\u00e0 finanziarie <span class=\"_ _d\"></span>(ad <span class=\"_ _9\"> </span>eccezione <span class=\"_ _0\"></span>dei <span class=\"_ _0\"></span>titoli <span class=\"_ _0\"></span>di <span class=\"_ _9\"> </span>capitale, <span class=\"_ _0\"></span>per <span class=\"_ _0\"> </span>cui <span class=\"_ _9\"> </span>non <span class=\"_ _0\"></span>\u00e8 <span class=\"_ _0\"></span>ammessa <span class=\"_ _9\"> </span>alcuna <span class=\"_ _d\"></span>riclassifica) <span class=\"_ _0\"></span>non <span class=\"_ _9\"> </span>prevedono riclassifiche <span class=\"_ _9\"> </span>verso <span class=\"_ _9\"> </span>altr<span class=\"_ _2\"></span>e <span class=\"_ _0\"></span>cat<span class=\"_ _2\"></span>egori<span class=\"_ _1\"></span>e <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>at<span class=\"_ _2\"></span>tivit\u00e0 <span class=\"_ _9\"> </span>finanziarie <span class=\"_ _9\"> </span>salvo <span class=\"_ _9\"> </span>il <span class=\"_ _16\"> </span>caso <span class=\"_ _9\"> </span>in <span class=\"_ _9\"> </span>cui <span class=\"_ _9\"> </span>la <span class=\"_ _9\"> </span>soci<span class=\"_ _2\"></span>et\u00e0 <span class=\"_ _9\"> </span>modifichi <span class=\"_ _9\"> </span>il <span class=\"_ _9\"> </span>proprio modello <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>business <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>gestione <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>tali <span class=\"_ _2\"></span>attivit\u00e0 <span class=\"_ _2\"></span>finanziarie. <span class=\"_ _2\"></span>\u00c8 <span class=\"_ _d\"></span>previsto <span class=\"_ _2\"></span>che <span class=\"_ _d\"></span>tali <span class=\"_ _2\"></span>modifiche <span class=\"_ _2\"></span>siano<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>altamente infrequenti <span class=\"_ _9\"> </span>e  devono <span class=\"_ _9\"> </span>essere  determinate <span class=\"_ _16\"> </span>dal <span class=\"_ _9\"> </span>management  a <span class=\"_ _9\"> </span>seguito <span class=\"_ _16\"> </span>di <span class=\"_ _9\"> </span>r<span class=\"_ _2\"></span>ilevanti <span class=\"_ _9\"> </span>cambiamenti  esterni <span class=\"_ _9\"> </span>o interni, dimostrabili a soggetti esterni.",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfReclassificationOfFinancialInstrumentsExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-746": {
   "value": "A.4 I<span class=\"_ _f\"></span>NFORM<span class=\"_ _f\"></span>ATIVA<span class=\"_ _f\"></span> SUL F<span class=\"_ _f\"></span>AIR V<span class=\"_ _1\"></span>ALUE<span class=\"_ _df\"> </span>Inform<span class=\"_ _1\"></span>ativa<span class=\"_ _1\"></span> di na<span class=\"_ _1\"></span>tura<span class=\"_ _1\"></span> qualita<span class=\"_ _f\"></span>tiva A.4.1 <span class=\"ff5\">\u2013<span class=\"_ _1\"></span><span class=\"ff4\"> Livello<span class=\"_ _1\"></span> di fa<span class=\"_ _f\"></span>ir value 2 e<span class=\"_ _1\"></span> 3: tecn<span class=\"_ _1\"></span>iche di <span class=\"_ _f\"></span>valutaz<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span>one <span class=\"_ _1\"></span>e inpu<span class=\"_ _f\"></span>t utilizzati<span class=\"_ _df\"> </span></span></span>Le tecniche di valutazione u<span class=\"_ _1\"></span>tilizzate per gli str<span class=\"_ _2\"></span>umenti finanzi<span class=\"_ _1\"></span>ari appartenenti al livell<span class=\"_ _1\"></span>o 2 e 3 si distinguono:<span class=\"_ _d\"></span> <span class=\"_ _2c\"> </span><span class=\"ff4\">Attivit\u00e0 <span class=\"_ _5\"> </span>finanziarie: <span class=\"_ _5\"> </span>valutazione<span class=\"_ _1\"></span> <span class=\"_ _5\"> </span>degli <span class=\"_ _5\"> </span>strumenti <span class=\"_ _5\"> </span>strutturati <span class=\"_ _5\"> </span>utilizzando <span class=\"_ _5\"> </span>per<span class=\"_ _2\"></span> <span class=\"_ _5\"> </span>la <span class=\"_ _5\"> </span>componente<span class=\"_ _df\"> </span></span>obbligazionaria <span class=\"_ _9\"> </span>il  modell<span class=\"_ _1\"></span>o  d<span class=\"_ _1\"></span>iscounted <span class=\"_ _16\"> </span>cash <span class=\"_ _16\"> </span>flow <span class=\"_ _16\"> </span>con <span class=\"_ _16\"> </span>un <span class=\"_ _9\"> </span>tas<span class=\"_ _2\"></span>so <span class=\"_ _9\"> </span>corretto  per <span class=\"_ _9\"> </span>un  opp<span class=\"_ _1\"></span>ortuno <span class=\"_ _16\"> </span>rischio <span class=\"_ _9\"> </span>di<span class=\"_ _df\"> </span>credito, e per la componente azionaria utilizzand<span class=\"_ _1\"></span>o il modello Black&amp;Scholes;<span class=\"_ _df\"> </span><span class=\"_ _2c\"> </span><span class=\"ff4\">Passivit\u00e0 <span class=\"_ _4\"> </span>finanziarie: <span class=\"_ _4\"> </span>valutazione <span class=\"_ _4\"> </span>degli <span class=\"_ _4\"> </span>st<span class=\"_ _2\"></span>rumenti <span class=\"_ _4\"> </span>plain <span class=\"_ _4\"> </span>vanilla <span class=\"_ _17\"> </span>s<span class=\"_ _2\"></span>econdo <span class=\"_ _4\"> </span>le <span class=\"_ _4\"> </span>tecniche <span class=\"_ _4\"> </span>di <span class=\"_ _17\"> </span>valutazione<span class=\"_ _df\"> </span></span>discounted cash flow di cassa considerando il tasso cor<span class=\"_ _2\"></span>retto per il rischio di credito di Credito Emiliano sulla scadenza dello strumento.<span class=\"_ _df\"> </span>Si riporta brevemente la definizione de<span class=\"_ _1\"></span>i modelli utilizzati:<span class=\"_ _2\"></span> Disco<span class=\"_ _1\"></span>unte<span class=\"_ _f\"></span>d Cash F<span class=\"_ _1\"></span>low Il <span class=\"_ _2\"></span>modello discounted <span class=\"_ _2\"></span>cash <span class=\"_ _2\"></span>flow, <span class=\"_ _2\"></span>flussi <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>cassa <span class=\"_ _2\"></span>attualizzati, <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _2\"></span>un <span class=\"_ _2\"></span>metodo <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>valutazione<span class=\"_ _1\"></span> <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>un <span class=\"_ _2\"></span>investimento, basato <span class=\"_ _f\"></span>sul <span class=\"_ _f\"></span>pro<span class=\"_ _2\"></span>cesso <span class=\"_ _f\"></span>finanziario <span class=\"_ _f\"></span>di <span class=\"_ _f\"></span>attualizzazione, <span class=\"_ _f\"></span>che <span class=\"_ _f\"></span>consente di <span class=\"_ _f\"></span>stabilire <span class=\"_ _f\"></span>oggi <span class=\"_ _f\"></span>il v<span class=\"_ _1\"></span>alore <span class=\"_ _f\"></span>att<span class=\"_ _2\"></span>uale <span class=\"_ _11\"></span>di un <span class=\"_ _f\"></span>capitale che <span class=\"_ _f\"></span>ha come <span class=\"_ _f\"></span>naturale <span class=\"_ _1\"></span>scadenza una <span class=\"_ _f\"></span>data fu<span class=\"_ _f\"></span>t<span class=\"_ _2\"></span>ura <span class=\"_ _f\"></span>tr<span class=\"_ _2\"></span>amite <span class=\"_ _f\"></span>l'applicazione <span class=\"_ _f\"></span>d<span class=\"_ _2\"></span>i <span class=\"_ _f\"></span>un <span class=\"_ _1\"></span>tasso di <span class=\"_ _f\"></span>sconto. <span class=\"_ _1\"></span>Il <span class=\"_ _f\"></span>tasso di <span class=\"_ _f\"></span>sconto <div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs840\">viene corretto per il rischio di credito dei flussi futuri attesi dall'attivit\u00e0 in questione. L<span class=\"_ _1\"></span>a somma algebrica dei<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs841\">flussi attualizzati rappresenta il valore ne<span class=\"_ _1\"></span>tto attuale (N<span class=\"_ _2\"></span>et present value) dello strumento.<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs842\">I parametri utilizzati nella tecnica di valu<span class=\"_ _1\"></span>tazione sono: curva tassi e credit spread di ogni singola emissione.<span class=\"_ _1\"></span> <span class=\"_ _2\"></span> </div><div class=\"t m0 h5 ff4 fs1 fc4 sc3 ls0 ws0 gs843\">Model<span class=\"_ _1\"></span>lo Bl<span class=\"_ _1\"></span>ack&amp;<span class=\"_ _1\"></span>Schol<span class=\"_ _1\"></span>es <span class=\"_ _1\"></span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs844\">Il <span class=\"_ _2\"></span>modello <span class=\"_ _d\"></span>Black&amp;scholes <span class=\"_ _d\"></span>univariato <span class=\"_ _d\"></span>(BS) <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _d\"></span>il <span class=\"_ _d\"></span>modello <span class=\"_ _2\"></span>di <span class=\"_ _0\"></span>pricing <span class=\"_ _d\"></span>delle <span class=\"_ _d\"></span>opzioni <span class=\"_ _2\"></span>pi\u00f9 <span class=\"_ _d\"></span>famoso <span class=\"_ _d\"></span>e <span class=\"_ _d\"></span>riconosciuto <span class=\"_ _d\"></span>dal<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs845\">mercato. <span class=\"_ _1\"></span>Il <span class=\"_ _f\"></span>modello <span class=\"_ _1\"></span>si <span class=\"_ _1\"></span>basa <span class=\"_ _f\"></span>s<span class=\"_ _2\"></span>ulla <span class=\"_ _11\"></span>poss<span class=\"_ _2\"></span>ibili<span class=\"_ _1\"></span>t\u00e0 d<span class=\"_ _1\"></span>i <span class=\"_ _f\"></span>creare un <span class=\"_ _f\"></span>por<span class=\"_ _2\"></span>tafoglio <span class=\"_ _f\"></span><span class=\"ff5\">equivalente <span class=\"_ _f\"></span>all\u2019<span class=\"ff4\">opzione, costituito <span class=\"_ _f\"></span>in parte<span class=\"_ _df\"> </span></span></span><span class=\"ff5\"><span class=\"ff4\"><span class=\"_ _1\"></span> </span></span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs846\">da <span class=\"_ _2\"></span>unit\u00e0 <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>sottostante <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>parte <span class=\"_ _2\"></span>da <span class=\"_ _d\"></span>obbligazioni pri<span class=\"_ _2\"></span>ve <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>rischio <span class=\"_ _2\"></span>entr<span class=\"_ _2\"></span>ambi <span class=\"_ _2\"></span>influenz<span class=\"_ _1\"></span>ati <span class=\"_ _2\"></span>dalla <span class=\"_ _2\"></span>stessa <span class=\"_ _2\"></span>fonte <span class=\"_ _2\"></span>di<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs847\">incertezza <span class=\"_ _17\"> </span>data <span class=\"_ _14\"> </span>dalle <span class=\"_ _15\"> </span>variazioni <span class=\"_ _17\"> </span>del <span class=\"_ _14\"> </span>prezzo <span class=\"_ _15\"> </span>dell\u2019azione. <span class=\"_ _17\"> </span>L<span class=\"_ _2\"></span>e <span class=\"_ _17\"> </span>ipotesi <span class=\"_ _14\"> </span>s<span class=\"_ _2\"></span>ottostanti <span class=\"_ _17\"> </span>il <span class=\"_ _14\"> </span>modello <span class=\"_ _14\"> </span>di <span class=\"_ _14\"> </span>BS <span class=\"_ _14\"> </span>sono<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs848\">rappresentate <span class=\"_ _15\"> </span>dall'andamento <span class=\"_ _15\"> </span>dei <span class=\"_ _14\"> </span>prezzi <span class=\"_ _15\"> </span>dell'att<span class=\"_ _2\"></span>ivit\u00e0 sottostante <span class=\"_ _15\"> </span>(approssimato <span class=\"_ _15\"> </span>da <span class=\"_ _15\"> </span>un <span class=\"_ _15\"> </span>processo <span class=\"_ _15\"> </span>log<span class=\"_ _2\"></span>-<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs849\">normale), <span class=\"_ _2\"></span>dalla presenza <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>un <span class=\"_ _2\"></span>mercato <span class=\"_ _2\"></span>perfettamente <span class=\"_ _2\"></span>efficie<span class=\"_ _f\"></span>n<span class=\"_ _2\"></span>te; <span class=\"_ _2\"></span>dal <span class=\"_ _2\"></span>tasso <span class=\"_ _2\"></span>di interesse <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>dalla <span class=\"_ _2\"></span>volatilit\u00e0 <span class=\"_ _2\"></span>del<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs84a\">sottostante costante per tutta la durata dell'opzione<span class=\"_ _1\"></span>. <span class=\"_ _2\"></span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs84b\">I <span class=\"_ _22\"> </span>paramet<span class=\"_ _2\"></span>ri  utilizzati <span class=\"_ _22\"> </span>nella <span class=\"_ _4\"> </span>tecnica  di <span class=\"_ _4\"> </span>valutazione  sono <span class=\"_ _4\"> </span>il  tasso <span class=\"_ _4\"> </span>di  interesse, <span class=\"_ _22\"> </span>il <span class=\"_ _4\"> </span>valore <span class=\"_ _22\"> </span>e <span class=\"_ _4\"> </span>la  volatilit\u00e0 <span class=\"_ _22\"> </span>del<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs84c\">sottostante.<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs84d\">In particolare:<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff14 fs1 fc1 sc0 ls0 ws0 gs84e\"><span class=\"ff10\"> <span class=\"_ _2b\"> </span><span class=\"ff4\">i <span class=\"_ _2\"></span>tassi <span class=\"_ _2\"></span>di <span class=\"_ _d\"></span>interesse <span class=\"_ _2\"></span>sono <span class=\"_ _d\"></span>estrapolati <span class=\"_ _2\"></span>dalla <span class=\"_ _2\"></span>curva <span class=\"_ _2\"></span>zero<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>ottenuta <span class=\"_ _d\"></span>dalle <span class=\"_ _2\"></span>quotazioni <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>m<span class=\"_ _2\"></span>ercato <span class=\"_ _2\"></span>di <span class=\"_ _d\"></span>strumenti<span class=\"_ _df\"> </span></span></span><span class=\"ff10\"><span class=\"ff4\"> </span></span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs84f\">omogenei;<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff14 fs1 fc1 sc0 ls0 ws0 gs850\"><span class=\"ff10\"> <span class=\"_ _2b\"> </span><span class=\"ff4\">i credit <span class=\"_ _2\"></span>spr<span class=\"_ _2\"></span>ead per <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>componete <span class=\"_ _2\"></span>Credito <span class=\"_ _2\"></span>Emiliano <span class=\"_ _2\"></span>sono <span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>ttenuti da <span class=\"_ _2\"></span>quotazioni <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>mercato <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>emissioni<span class=\"_ _df\"> </span></span></span><span class=\"ff10\"><span class=\"ff4\"> </span></span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs851\">comparables;<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff14 fs1 fc1 sc0 ls0 ws0 gs852\"><span class=\"ff10\"> <span class=\"_ _2b\"> </span><span class=\"ff4\">valore de<span class=\"_ _1\"></span>l sottostante sono ottenuti dalla quotazione del mercato;<span class=\"_ _df\"> </span></span></span><span class=\"ff10\"><span class=\"ff4\"> </span></span></div><div class=\"t m0 h5 ff14 fs1 fc1 sc0 ls0 ws0 gs853\"><span class=\"ff10\"> <span class=\"_ _2b\"> </span><span class=\"ff4\">volatili<span class=\"_ _1\"></span>t\u00e0 del sottostante ottenute da quotazioni di mercato. </span></span><span class=\"ff10\"><span class=\"ff4\"> </span></span></div><div class=\"t m0 he ff4 fs5 fc4 sc3 ls0 ws0 gs854\">A.4.2 P<span class=\"_ _f\"></span>rocessi e <span class=\"_ _1\"></span>sensib<span class=\"_ _1\"></span>ilit\u00e0 de<span class=\"_ _f\"></span>lle valuta<span class=\"_ _f\"></span>zioni<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs855\">Gli <span class=\"_ _22\"> </span>strumenti <span class=\"_ _4\"> </span>non  scambiati <span class=\"_ _4\"> </span>su  mercati <span class=\"_ _4\"> </span>attivi <span class=\"_ _22\"> </span>sono <span class=\"_ _4\"> </span>valutati  a <span class=\"_ _4\"> </span>mark  to <span class=\"_ _4\"> </span>model  utilizzando  la <span class=\"_ _4\"> </span>tecnica <span class=\"_ _22\"> </span>di<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs856\">valutazione  che  massimizza <span class=\"_ _4\"> </span>l\u2019u<span class=\"_ _1\"></span>tilizzo  di <span class=\"_ _22\"> </span>dati <span class=\"_ _22\"> </span>os<span class=\"_ _2\"></span>servabili<span class=\"_ _1\"></span>  s<span class=\"_ _2\"></span>ul  mercato.  Qualora  i <span class=\"_ _4\"> </span>parametri<span class=\"_ _f\"></span> <span class=\"_ _4\"> </span>risultino  non<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs857\">disponibili e direttamente osservabili il livello di<span class=\"_ _1\"></span> fair value attribuito <span class=\"_ _2\"></span>\u00e8 pari a 3.<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs858\">Nel <span class=\"_ _d\"></span>corso <span class=\"_ _d\"></span>del <span class=\"_ _d\"></span>2025 <span class=\"_ _d\"></span>sono <span class=\"_ _d\"></span>state <span class=\"_ _d\"></span>valutate <span class=\"_ _d\"></span>con <span class=\"_ _d\"></span>modelli <span class=\"_ _d\"></span>mark <span class=\"_ _d\"></span>to <span class=\"_ _d\"></span>model, <span class=\"_ _d\"></span>tramite <span class=\"_ _d\"></span>parame<span class=\"_ _2\"></span>tri <span class=\"_ _d\"></span>non <span class=\"_ _d\"></span>osservab<span class=\"_ _1\"></span>ili <span class=\"_ _d\"></span>(fair<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs859\">value <span class=\"_ _2\"></span>3), <span class=\"_ _2\"></span>le <span class=\"_ _d\"></span>quote <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>O<span class=\"_ _2\"></span>ICR <span class=\"_ _2\"></span>per <span class=\"_ _d\"></span>le <span class=\"_ _2\"></span>quali <span class=\"_ _2\"></span>non <span class=\"_ _d\"></span>\u00e8 <span class=\"_ _2\"></span>applicabile <span class=\"_ _2\"></span>l\u2019analisi <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>sensitivit\u00e0, <span class=\"_ _2\"></span>e <span class=\"_ _d\"></span><span class=\"ff4\">di <span class=\"_ _d\"></span>investimenti <span class=\"_ _2\"></span>part<span class=\"_ _2\"></span>ecipativ<span class=\"_ _1\"></span>i<span class=\"_ _df\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs85a\">per importi non materiali.<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs85b\">Alla <span class=\"_ _0\"></span>data <span class=\"_ _9\"> </span>del <span class=\"_ _9\"> </span>31 <span class=\"_ _9\"> </span>dicembre <span class=\"_ _9\"> </span>2025 <span class=\"_ _9\"> </span>nessun <span class=\"_ _9\"> </span>strumento <span class=\"_ _9\"> </span>finanziario <span class=\"_ _9\"> </span>derivato <span class=\"_ _0\"></span>\u00e8 <span class=\"_ _9\"> </span>stat<span class=\"_ _2\"></span>o <span class=\"_ _0\"></span>valutato <span class=\"_ _9\"> </span>a <span class=\"_ _9\"> </span>mark <span class=\"_ _9\"> </span>to <span class=\"_ _9\"> </span>model<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs85c\">tramite parametri di mercato non direttamente osservabili.<span class=\"_ _df\"> </span> </div><div class=\"t m0 he ff4 fs5 fc4 sc3 ls0 ws0 gs85d\">A.4.3 G<span class=\"_ _1\"></span>erarc<span class=\"_ _1\"></span>hia d<span class=\"_ _1\"></span>el fa<span class=\"_ _1\"></span>ir valu<span class=\"_ _1\"></span>e<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc4 sc3 ls0 ws0 gs85e\">Tras<span class=\"_ _1\"></span>ferim<span class=\"_ _1\"></span>enti t<span class=\"_ _1\"></span>ra i li<span class=\"_ _1\"></span>velli <span class=\"_ _1\"></span>della<span class=\"_ _1\"></span> gera<span class=\"_ _f\"></span>rchia del <span class=\"_ _f\"></span>fair value<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs85f\">La g<span class=\"_ _1\"></span>erarchia de<span class=\"_ _1\"></span>l fai<span class=\"_ _1\"></span>r value <span class=\"_ _f\"></span>att<span class=\"_ _2\"></span>ribuisce <span class=\"_ _f\"></span>la massima p<span class=\"_ _1\"></span>riorit\u00e0 ai <span class=\"_ _f\"></span>prezzi qu<span class=\"_ _1\"></span>otati (non <span class=\"_ _f\"></span>r<span class=\"_ _2\"></span>ettificati)<span class=\"_ _1\"></span> in <span class=\"_ _f\"></span>mercati attivi <span class=\"_ _f\"></span>per<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs860\">attivit\u00e0 o passivit\u00e0 identiche (d<span class=\"_ _1\"></span>ati di livello 1) e la priorit\u00e0 minima agli input n<span class=\"_ _2\"></span>on osservabili (dati di livell<span class=\"_ _1\"></span>o 3).<span class=\"_ _df\"> </span><span class=\"_ _2\"></span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs861\">I Livelli utilizzati per le cl<span class=\"_ _1\"></span>assificazioni riportate nel seguito della presente Nota integrativa sono i se<span class=\"_ _1\"></span>guenti:<span class=\"_ _df\"> </span><span class=\"_ _d\"></span> </div><div class=\"t m0 h5 ff14 fs1 fc1 sc0 ls0 ws0 gs862\"><span class=\"ff10\"> <span class=\"_ _2b\"> </span><span class=\"ff5\">\u201clive<span class=\"_ _1\"></span>llo 1\u201d<span class=\"_ _2\"></span>: il fair <span class=\"_ _2\"></span>value degli strumenti finanziari \u00e8 determinato <span class=\"_ _2\"></span>in base a <span class=\"_ _2\"></span>prezzi di quotazione osserv<span class=\"_ _d\"></span><span class=\"ff4\">abili<span class=\"_ _df\"> </span></span></span></span><span class=\"ff10\"><span class=\"ff5\"><span class=\"ff4\"> </span></span></span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs863\">su mercati attivi (non rettificati) alle<span class=\"_ _1\"></span> quali si pu\u00f2 accedere alla data di valutazione;<span class=\"_ _df\"> </span><span class=\"_ _2\"></span> </div><div class=\"t m0 h5 ff14 fs1 fc1 sc0 ls0 ws0 gs864\"><span class=\"ff10\"> <span class=\"_ _2b\"> </span><span class=\"ff5\">\u201clive<span class=\"_ _1\"></span>llo <span class=\"_ _2\"></span>2\u201d: <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>fair <span class=\"_ _2\"></span>value <span class=\"_ _2\"></span>degl<span class=\"_ _1\"></span>i <span class=\"_ _2\"></span>strumenti <span class=\"_ _2\"></span>finanziari <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _2\"></span>determinato <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>base a <span class=\"_ _2\"></span>input <span class=\"_ _2\"></span>diversi <span class=\"_ _2\"></span>dai <span class=\"_ _2\"></span>prezzi quotati<span class=\"_ _df\"> </span></span></span><span class=\"ff10\"><span class=\"ff5\"> </span></span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs865\">inclusi nel Liv<span class=\"_ _2\"></span>ello 1 osservabili dir<span class=\"_ _2\"></span>ettamente o i<span class=\"_ _2\"></span><span class=\"ff5\">ndirettamente per <span class=\"_ _2\"></span>l\u2019attivit\u00e0 o per <span class=\"_ _2\"></span>la passivit\u00e0, utilizzando<span class=\"_ _df\"> </span></span><span class=\"ff5\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs866\">anche di tecniche di valutazione;<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff14 fs1 fc1 sc0 ls0 ws0 gs867\"><span class=\"ff10\"> <span class=\"_ _2b\"> </span><span class=\"ff5\">\u201clive<span class=\"_ _1\"></span>llo 3\u201d: <span class=\"_ _f\"></span>il <span class=\"_ _f\"></span>fair <span class=\"_ _1\"></span>value <span class=\"_ _f\"></span>degli <span class=\"_ _f\"></span>s<span class=\"_ _2\"></span>trumenti <span class=\"_ _f\"></span>finanziari <span class=\"_ _f\"></span>\u00e8 d<span class=\"_ _1\"></span>eterminato <span class=\"_ _1\"></span>in <span class=\"_ _f\"></span>base a <span class=\"_ _f\"></span>input <span class=\"_ _f\"></span>non <span class=\"_ _1\"></span>osservabili <span class=\"_ _f\"></span>per l\u2019<span class=\"_ _1\"></span>attivit\u00e0<span class=\"_ _df\"> </span></span></span><span class=\"ff10\"><span class=\"ff5\"> </span></span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs868\">o per la passivit\u00e0, utilizzando anche<span class=\"_ _1\"></span> di tecniche di valutazione.<span class=\"_ _df\"> </span><span class=\"_ _2\"></span> </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs869\">L\u2019attivit\u00e0 <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>attribuzione <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>ei <span class=\"_ _2\"></span>li<span class=\"_ _2\"></span>velli <span class=\"_ _d\"></span>\u00e8 <span class=\"_ _d\"></span>rappresentata <span class=\"_ _d\"></span>dalla <span class=\"_ _d\"></span>verifica <span class=\"_ _d\"></span>puntuale <span class=\"_ _d\"></span>per <span class=\"_ _d\"></span>ogni <span class=\"_ _d\"></span>str<span class=\"_ _2\"></span>umento <span class=\"_ _d\"></span>detenuto <span class=\"_ _2\"></span>nei<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs86a\">portafogli <span class=\"_ _2\"></span>di propriet\u00e0 <span class=\"_ _2\"></span>di u<span class=\"_ _2\"></span>n possibile <span class=\"_ _2\"></span>potenziale mercat<span class=\"_ _2\"></span>o at<span class=\"_ _2\"></span>tivo che r<span class=\"_ _2\"></span>ispetti alcune <span class=\"_ _2\"></span>regole <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>valorizzazione.<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs86b\">In particolare vi<span class=\"_ _1\"></span>ene analizzato che <span class=\"_ _1\"></span>le contribuzioni risul<span class=\"_ _1\"></span>tino continuative, contenu<span class=\"_ _1\"></span>te nei delta spread <span class=\"_ _1\"></span>bid ask,<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs86c\">indicative di possibili transazioni recenti qui<span class=\"_ _1\"></span>ndi non trascinate, e che l\u2019emittente risulti solido e attivo.<span class=\"_ _df\"> </span><span class=\"_ _2\"></span><span class=\"ff4\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs86d\">Il mancato rispetto di tali regole porta a un aggravio di livello associato a una valorizzazione il pi\u00f9 coerente e<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs86e\">rappresentativa del fair value dello strumento.  </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs86f\">Analogamente l\u2019anali<span class=\"_ _1\"></span>si viene effettuata anche nella v<span class=\"_ _1\"></span>erifica di un potenziale ripristino<span class=\"_ _1\"></span> di mercato attivo su<span class=\"_ _1\"></span>gli<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs870\">strumenti  p<span class=\"_ _1\"></span>er <span class=\"_ _16\"> </span>i <span class=\"_ _16\"> </span>quali <span class=\"_ _9\"> </span>nel  corso  de<span class=\"_ _1\"></span>l <span class=\"_ _16\"> </span>tempo <span class=\"_ _16\"> </span>si <span class=\"_ _16\"> </span>verifica <span class=\"_ _9\"> </span>u<span class=\"_ _2\"></span>na <span class=\"_ _16\"> </span>riattivazione<span class=\"_ _1\"></span>  di <span class=\"_ _9\"> </span>valorizzazione  continuative<span class=\"_ _1\"></span> <span class=\"_ _16\"> </span>sul<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs871\">mercato regolamentato e non.<span class=\"_ _df\"> </span></div><div class=\"t m0 he ff4 fs5 fc4 sc3 ls0 ws0 gs873\">A.4.4<span class=\"_ _1\"></span> Altre <span class=\"_ _1\"></span>informa<span class=\"_ _f\"></span>zioni<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs874\">L\u2019attivit\u00e0 <span class=\"_ _9\"> </span>di <span class=\"_ _16\"> </span>attribuzione <span class=\"_ _9\"> </span>dei <span class=\"_ _16\"> </span>livelli <span class=\"_ _9\"> </span>di <span class=\"_ _16\"> </span>fair <span class=\"_ _9\"> </span>value <span class=\"_ _16\"> </span>avviene <span class=\"_ _9\"> </span>tr<span class=\"_ _2\"></span>imestralmente <span class=\"_ _9\"> </span>alle <span class=\"_ _9\"> </span>date  contabi<span class=\"_ _1\"></span>li <span class=\"_ _16\"> </span>di <span class=\"_ _9\"> </span>r<span class=\"_ _2\"></span>iferimento </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs875\">basa<span class=\"ff5\">ndosi <span class=\"_ _2\"></span>sulla <span class=\"_ _2\"></span>verifica d<span class=\"_ _2\"></span>ella <span class=\"_ _2\"></span>presenza di <span class=\"_ _2\"></span>un <span class=\"_ _d\"></span>mercato <span class=\"_ _2\"></span>principale <span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>pi\u00f9 <span class=\"_ _2\"></span>vantaggioso <span class=\"_ _2\"></span>nell\u2019<span class=\"_ _1\"></span>intervallo <span class=\"_ _2\"></span>temporale </span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs876\">antecedente <span class=\"_ _0\"></span>la <span class=\"_ _0\"></span>data <span class=\"_ _9\"> </span>contabile <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>riferimento. <span class=\"_ _0\"></span>L\u2019attivit\u00e0 <span class=\"_ _0\"></span>prevede <span class=\"_ _0\"></span>la <span class=\"_ _9\"> </span>verifica <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>alcuni <span class=\"_ _0\"></span>principi <span class=\"_ _0\"></span>necessari <span class=\"_ _9\"> </span>alla </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs877\">definizione <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>presenza <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>un <span class=\"_ _2\"></span>mercato <span class=\"_ _2\"></span>att<span class=\"_ _2\"></span>ivo per <span class=\"_ _2\"></span>ogni <span class=\"_ _2\"></span>st<span class=\"_ _2\"></span>rumento finanziario <span class=\"_ _2\"></span>identificati <span class=\"_ _2\"></span>dalla <span class=\"_ _2\"></span>disponibilit\u00e0 <span class=\"_ _2\"></span>di </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs878\">valorizzazioni eseguibili, continue e con scarto denaro-lettera (bid-ask spread) contenuti. </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs879\">Il <span class=\"_ _0\"></span>rispetto <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>tali <span class=\"_ _9\"> </span>condizioni<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>determina <span class=\"_ _9\"> </span>il <span class=\"_ _0\"></span>livello <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>fair <span class=\"_ _0\"></span>value <span class=\"_ _0\"></span>dello <span class=\"_ _0\"></span>str<span class=\"_ _2\"></span>umento <span class=\"_ _d\"></span>analizzato<span class=\"_ _2\"></span>. <span class=\"_ _9\"> </span>Qualora <span class=\"_ _d\"></span>non <span class=\"_ _9\"> </span>siano </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs87a\">presenti <span class=\"_ _2\"></span>quotazioni <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>mercato, <span class=\"_ _d\"></span>l\u2019utilizzo <span class=\"_ _2\"></span>di <span class=\"_ _d\"></span>tecniche <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>valutazione <span class=\"_ _2\"></span>viene <span class=\"_ _d\"></span>effettuata <span class=\"_ _d\"></span>ad <span class=\"_ _d\"></span>ogni <span class=\"_ _2\"></span>dat<span class=\"_ _2\"></span>a <span class=\"_ _d\"></span>contabile </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs87b\">massimizzando l\u2019util<span class=\"_ _1\"></span>izzo di <span class=\"_ _1\"></span>input osservabili rilevanti <span class=\"_ _1\"></span>e riducend<span class=\"_ _1\"></span>o al minimo l\u2019util<span class=\"_ _1\"></span>izzo di <span class=\"_ _1\"></span>input non osservabili.<span class=\"_ _1\"></span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs87c\">La  ve<span class=\"_ _1\"></span>rifica  di<span class=\"_ _1\"></span>  tali <span class=\"_ _16\"> </span>parametri  di <span class=\"_ _9\"> </span>input  in  fu<span class=\"_ _f\"></span>nzion<span class=\"_ _2\"></span>e <span class=\"_ _16\"> </span>della <span class=\"_ _16\"> </span>disponibilit\u00e0  de<span class=\"_ _1\"></span>termina  il <span class=\"_ _16\"> </span>livello <span class=\"_ _16\"> </span>di <span class=\"_ _16\"> </span>fair  value<span class=\"_ _1\"></span>  dello </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs87d\">strumento. </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs87e\">Alle date contabili viene <span class=\"_ _2\"></span>inoltre effettuata <span class=\"_ _2\"></span>una analisi comparativa dei livelli di <span class=\"_ _2\"></span>fair value rispetto <span class=\"_ _2\"></span>al trimestre </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs87f\">precedente <span class=\"_ _0\"></span>e <span class=\"_ _0\"></span>l\u2019inizio <span class=\"_ _9\"> </span>dell\u2019esercizio <span class=\"_ _9\"> </span>di <span class=\"_ _0\"></span>riferimento <span class=\"_ _9\"> </span>al <span class=\"_ _0\"></span>fine <span class=\"_ _9\"> </span>di <span class=\"_ _0\"></span>individuare <span class=\"_ _0\"></span>i <span class=\"_ _9\"> </span>trasferimenti <span class=\"_ _0\"></span>di <span class=\"_ _0\"> </span>l<span class=\"_ _2\"></span>ivelli <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>fair <span class=\"_ _9\"> </span>value </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs880\">avvenuti nel corso dell\u2019esercizio di<span class=\"_ _1\"></span> riferimento e le circostanze che hanno determinato tale trasferimento.<span class=\"_ _2\"></span><span class=\"ff4\"> </span></div><div class=\"t m0 he ff4 fs5 fc4 sc3 ls0 ws0 gs881\">Inform<span class=\"_ _1\"></span>ativa<span class=\"_ _1\"></span> di na<span class=\"_ _1\"></span>tura<span class=\"_ _1\"></span> quantit<span class=\"_ _1\"></span>ativa </div><div class=\"t m0 he ff4 fs5 fc4 sc3 ls0 ws0 gs882\">A.4.5<span class=\"_ _1\"></span> Gera<span class=\"_ _1\"></span>rchia <span class=\"_ _1\"></span>del fair <span class=\"_ _1\"></span>value<span class=\"_ _df\"> </span></div><div class=\"c w2da h225 gs883\"><div class=\"t m0 x10 h5 y110b ff4 fs1 fc4 sc3 ls0 ws0\">A.4.5.<span class=\"_ _1\"></span>1 Att<span class=\"_ _1\"></span>ivit\u00e0<span class=\"_ _1\"></span> e pas<span class=\"_ _f\"></span>sivit\u00e0 v<span class=\"_ _1\"></span>alutat<span class=\"_ _1\"></span>e al fa<span class=\"_ _f\"></span>ir value <span class=\"_ _1\"></span>su ba<span class=\"_ _f\"></span>se ricor<span class=\"_ _1\"></span>rente: <span class=\"_ _f\"></span>ripartizione<span class=\"_ _f\"></span> per li<span class=\"_ _1\"></span>velli <span class=\"_ _1\"></span>di fa<span class=\"_ _1\"></span>ir valu<span class=\"_ _1\"></span>e<span class=\"_ _df\"> </span></div></div><div class=\"gs884\"><table class=\"s w960 h498\" id=\"_0deef863-3313-4d68-bc20-bad8d4c6ed55\"><tr><td class=\"c x2e0 y2556 w2db h226\"><div class=\"t m0 xe h1f y1498 ff4 fs7 fc7 sc6 ls0 ws0\">Atti<span class=\"_ _1\"></span>vit\u00e0/P<span class=\"_ _1\"></span>ass<span class=\"_ _1\"></span>ivit\u00e0<span class=\"_ _1\"></span> mis<span class=\"_ _1\"></span>urat<span class=\"_ _f\"></span>e al fair<span class=\"_ _1\"></span> valu<span class=\"_ _1\"></span>e </div></td><td></td><td class=\"c x2e1 y2557 w2dc hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc4 sc3 ls0 ws0\">31/12/<span class=\"_ _f\"></span>2025 </div></td><td></td><td></td><td class=\"c x2e2 y2557 w2dd hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc4 sc3 ls0 ws0\">31/12/<span class=\"_ _f\"></span>2024 </div></td><td></td></tr><tr><td></td><td class=\"c x2e1 y2556 w2b2 hc8\"><div class=\"t m0 x14 h1f ye4c ff4 fs7 fc4 sc3 lsc7 ws0\">L1<span class=\"ls0\"> </span></div></td><td class=\"c x2e3 y2556 w2de hc8\"><div class=\"t m0 x39 h1f ye4c ff4 fs7 fc4 sc3 lsc7 ws0\">L2<span class=\"ls0\"> </span></div></td><td class=\"c x2e4 y2556 w2df hc8\"><div class=\"t m0 x14 h1f ye4c ff4 fs7 fc4 sc3 lsc7 ws0\">L3<span class=\"ls0\"> </span></div></td><td class=\"c x2e2 y2556 w2e0 hc8\"><div class=\"t m0 x48 h1f ye4c ff4 fs7 fc4 sc3 lsc7 ws0\">L1<span class=\"ls0\"> </span></div></td><td class=\"c x2e5 y2556 w2df hc8\"><div class=\"t m0 x14 h1f ye4c ff4 fs7 fc4 sc3 lsc7 ws0\">L2<span class=\"ls0\"> </span></div></td><td class=\"c x2e6 y2556 w2df hc8\"><div class=\"t m0 x14 h1f ye4c ff4 fs7 fc4 sc3 lsc7 ws0\">L3<span class=\"ls0\"> </span></div></td></tr><tr><td class=\"c x262 y2558 w961 h48b\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">1. Attivit\u00e0 finanz<span class=\"_ _1\"></span>iarie valutate al fair<span class=\"_ _1\"></span> value con impatt<span class=\"_ _f\"></span>o<span class=\"_ _2\"></span> a conto<span class=\"_ _df\"> </span></div></td><td class=\"c x2e1 y2559 w2b2 h58\"><div class=\"t m0 xac h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">5.975.795 </div></td><td class=\"c x2e7 y2559 w1a2 h58\"><div class=\"t m0 x14 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">69.376 </div></td><td class=\"c x2e4 y2559 w2df h58\"><div class=\"t m0 x2e h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">289.096 </div></td><td class=\"c x2e2 y2559 w8c h58\"><div class=\"t m0 xac h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">5.368.935 </div></td><td class=\"c x2e5 y2559 w1a2 h58\"><div class=\"t m0 x48 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">52.518 </div></td><td class=\"c x2e6 y2559 w1a2 h58\"><div class=\"t m0 x130 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">285.011 </div></td></tr><tr><td class=\"c x262 y255a w962 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">economico<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2e0 y255b w2e1 hc8\"><div class=\"t m0 xac h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">a) attivit\u00e0 finanz<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span>arie detenute<span class=\"_ _1\"></span> per la <span class=\"_ _1\"></span>negoziazione<span class=\"_ _df\"> </span></div></td><td class=\"c x2e1 y255b w2b2 hc8\"><div class=\"t m0 x48 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">24.176 </div></td><td class=\"c x2e7 y255b w1a2 hc8\"><div class=\"t m0 x33 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">16.747 </div></td><td class=\"c x2e4 y255b w2df hc8\"><div class=\"t m0 x11 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x2e2 y255b w8c hc8\"><div class=\"t m0 x48 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">19.098 </div></td><td class=\"c x2e5 y255b w1a2 hc8\"><div class=\"t m0 x48 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">15.038 </div></td><td class=\"c x2e6 y255b w1a2 hc8\"><div class=\"t m0 x30 h1f ye4c ff4 fs7 fc1 sc0 ls2a ws0\">23<span class=\"ls0\"> </span></div></td></tr><tr><td class=\"c x2e0 y255c w2e1 hc8\"><div class=\"t m0 xac h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">b) attivit\u00e0 finanz<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span>arie designate<span class=\"_ _1\"></span> al fai<span class=\"_ _1\"></span>r value<span class=\"_ _df\"> </span></div></td><td class=\"c x2e1 y255c w2b2 hc8\"><div class=\"t m0 x13 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x2e7 y255c w1a2 hc8\"><div class=\"t m0 x13 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x2e4 y255c w2df hc8\"><div class=\"t m0 x11 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x2e2 y255c w8c hc8\"><div class=\"t m0 x11 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x2e5 y255c w1a2 hc8\"><div class=\"t m0 x13 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x2e6 y255c w1a2 hc8\"><div class=\"t m0 x11 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2e0 y255d w2e1 h58\"><div class=\"t m0 xac h1f y41f ff4 fs7 fc1 sc0 ls0 ws0\">c) Altre attivit\u00e0 <span class=\"_ _1\"></span>finanziarie obbli<span class=\"_ _1\"></span>gatoriamente valu<span class=\"_ _1\"></span>tate al fair<span class=\"_ _df\"> </span></div><div class=\"t m0 xac h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">value </div></td><td class=\"c x2e1 y255d w2b2 h58\"><div class=\"t m0 x2f h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">5.951.619 </div></td><td class=\"c x2e7 y255d w1a2 h58\"><div class=\"t m0 x14 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">52.629 </div></td><td class=\"c x2e4 y255d w2df h58\"><div class=\"t m0 x2e h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">289.096 </div></td><td class=\"c x2e2 y255d w8c h58\"><div class=\"t m0 xac h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">5.349.837 </div></td><td class=\"c x2e5 y255d w1a2 h58\"><div class=\"t m0 x14 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">37.480 </div></td><td class=\"c x2e6 y255d w1a2 h58\"><div class=\"t m0 x2a h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">284.988 </div></td></tr><tr><td class=\"c x262 y255e w963 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">2. Attivit\u00e0 finanz<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span>arie valut<span class=\"_ _1\"></span>ate al fair <span class=\"_ _1\"></span>value con impatto<span class=\"_ _1\"></span> sulla<span class=\"_ _df\"> </span></div></td><td class=\"c x2e1 y255f w2b2 had\"><div class=\"t m0 x8e h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">9.621.292 </div></td><td class=\"c x2e7 y255f w1a2 had\"><div class=\"t m0 x48 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">49.710 </div></td><td class=\"c x2e4 y255f w2df had\"><div class=\"t m0 x39 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">34.463 </div></td><td class=\"c x2e2 y255f w8c had\"><div class=\"t m0 xac h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">9.403.955 </div></td><td class=\"c x2e5 y255f w1a2 had\"><div class=\"t m0 x14 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">57.766 </div></td><td class=\"c x2e6 y255f w1a2 had\"><div class=\"t m0 x33 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">30.118 </div></td></tr><tr><td class=\"c x262 y2560 w964 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">redditivit\u00e0 comp<span class=\"_ _f\"></span>l<span class=\"_ _2\"></span>essiva<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2e0 y2561 w2e1 hc8\"><div class=\"t m0 x10 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">3. Derivati di c<span class=\"_ _1\"></span>opertura </div></td><td class=\"c x2e1 y2561 w2b2 hc8\"><div class=\"t m0 x13 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x2e7 y2561 w1a2 hc8\"><div class=\"t m0 x55 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">179.098 </div></td><td class=\"c x2e4 y2561 w2df hc8\"><div class=\"t m0 x11 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x2e2 y2561 w8c hc8\"><div class=\"t m0 x11 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x2e5 y2561 w1a2 hc8\"><div class=\"t m0 x2e h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">427.235 </div></td><td class=\"c x2e6 y2561 w1a2 hc8\"><div class=\"t m0 x11 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2e0 y2562 w2e1 hc8\"><div class=\"t m0 x10 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">4. Attivit\u00e0 mater<span class=\"_ _1\"></span>iali </div></td><td class=\"c x2e1 y2562 w2b2 hc8\"><div class=\"t m0 x13 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x2e7 y2562 w1a2 hc8\"><div class=\"t m0 x13 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x2e4 y2562 w2df hc8\"><div class=\"t m0 x11 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x2e2 y2562 w8c hc8\"><div class=\"t m0 x11 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x2e5 y2562 w1a2 hc8\"><div class=\"t m0 x13 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x2e6 y2562 w1a2 hc8\"><div class=\"t m0 x11 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2e0 y2563 w2e1 h227\"><div class=\"t m0 x10 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">5. Attivit\u00e0 imma<span class=\"_ _1\"></span>teriali<span class=\"_ _df\"> </span></div></td><td class=\"c x2e1 y2563 w2b2 h227\"><div class=\"t m0 x13 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x2e7 y2563 w1a2 h227\"><div class=\"t m0 x13 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x2e4 y2563 w2df h227\"><div class=\"t m0 x11 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x2e2 y2563 w8c h227\"><div class=\"t m0 x11 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x2e5 y2563 w1a2 h227\"><div class=\"t m0 x13 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x2e6 y2563 w1a2 h227\"><div class=\"t m0 x11 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2e0 y2564 w2e1 hc8\"><div class=\"t m0 x6e h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale </div></td><td class=\"c x2e1 y2564 w2b2 hc8\"><div class=\"t m0 x8a h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">15.59<span class=\"_ _1\"></span>7.0<span class=\"_ _1\"></span>87 </div></td><td class=\"c x2e7 y2564 w1a2 hc8\"><div class=\"t m0 x55 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">298.1<span class=\"_ _f\"></span>84 </div></td><td class=\"c x2e4 y2564 w2df hc8\"><div class=\"t m0 x2e h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">323.5<span class=\"_ _1\"></span>59<span class=\"_ _1\"></span> </div></td><td class=\"c x2e2 y2564 w8c hc8\"><div class=\"t m0 xab h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">14.77<span class=\"_ _1\"></span>2.89<span class=\"_ _f\"></span>0 </div></td><td class=\"c x2e5 y2564 w1a2 hc8\"><div class=\"t m0 x130 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">537.<span class=\"_ _1\"></span>519<span class=\"_ _1\"></span> </div></td><td class=\"c x2e6 y2564 w1a2 hc8\"><div class=\"t m0 x39 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">315.1<span class=\"_ _f\"></span>29 </div></td></tr><tr><td class=\"c x2e0 y2565 w2e1 hc8\"><div class=\"t m0 x10 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">1. Passivit\u00e0 finanz<span class=\"_ _1\"></span>iarie detenute pe<span class=\"_ _1\"></span>r la negoz<span class=\"_ _1\"></span>iazione </div></td><td class=\"c x2e1 y2565 w2b2 hc8\"><div class=\"t m0 x31 h1f ye4c ff4 fs7 fc1 sc0 ls2a ws0\">29<span class=\"ls0\"> </span></div></td><td class=\"c x2e7 y2565 w1a2 hc8\"><div class=\"t m0 x33 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">13.881 </div></td><td class=\"c x2e4 y2565 w2df hc8\"><div class=\"t m0 x11 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x2e2 y2565 w8c hc8\"><div class=\"t m0 x11 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x2e5 y2565 w1a2 hc8\"><div class=\"t m0 x48 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">14.463 </div></td><td class=\"c x2e6 y2565 w1a2 hc8\"><div class=\"t m0 x11 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2e0 y2566 w2e1 hc8\"><div class=\"t m0 x10 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">2. Passivit\u00e0 finanz<span class=\"_ _1\"></span>iarie designate a<span class=\"_ _f\"></span>l<span class=\"_ _2\"></span> f<span class=\"_ _1\"></span>air value<span class=\"_ _df\"> </span></div></td><td class=\"c x2e1 y2566 w2b2 hc8\"><div class=\"t m0 x13 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x2e7 y2566 w1a2 hc8\"><div class=\"t m0 x13 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x2e4 y2566 w2df hc8\"><div class=\"t m0 x8e h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">4.744.132 </div></td><td class=\"c x2e2 y2566 w8c hc8\"><div class=\"t m0 x11 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x2e5 y2566 w1a2 hc8\"><div class=\"t m0 x13 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x2e6 y2566 w1a2 hc8\"><div class=\"t m0 xab h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">4.402.690 </div></td></tr><tr><td class=\"c x2e0 y2567 w2e1 hc8\"><div class=\"t m0 x10 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">3. Derivati di c<span class=\"_ _1\"></span>opertura </div></td><td class=\"c x2e1 y2567 w2b2 hc8\"><div class=\"t m0 x13 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x2e7 y2567 w1a2 hc8\"><div class=\"t m0 x2e h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">482.249<span class=\"_ _df\"> </span></div></td><td class=\"c x2e4 y2567 w2df hc8\"><div class=\"t m0 x11 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x2e2 y2567 w8c hc8\"><div class=\"t m0 x11 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x2e5 y2567 w1a2 hc8\"><div class=\"t m0 x130 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">731.778 </div></td><td class=\"c x2e6 y2567 w1a2 hc8\"><div class=\"t m0 x11 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2e0 y2568 w2e1 hc8\"><div class=\"t m0 x6e h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale </div></td><td class=\"c x2e1 y2568 w2b2 hc8\"><div class=\"t m0 x31 h1f y28b ff4 fs7 fc1 sc2 ls2a ws0\">29<span class=\"ls0\"> </span></div></td><td class=\"c x2e7 y2568 w1a2 hc8\"><div class=\"t m0 x55 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">496.<span class=\"_ _1\"></span>130<span class=\"_ _f\"></span> </div></td><td class=\"c x2e4 y2568 w2df hc8\"><div class=\"t m0 x2f h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">4.74<span class=\"_ _f\"></span>4.132 </div></td><td class=\"c x2e2 y2568 w8c hc8\"><div class=\"t m0 x11 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td><td class=\"c x2e5 y2568 w1a2 hc8\"><div class=\"t m0 x55 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">746.<span class=\"_ _1\"></span>241<span class=\"_ _1\"></span> </div></td><td class=\"c x2e6 y2568 w1a2 hc8\"><div class=\"t m0 xac h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">4.40<span class=\"_ _f\"></span>2.690 </div></td></tr></table></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs885\">In riferimento all<span class=\"_ _f\"></span>e attivit\u00e0 valutate <span class=\"_ _1\"></span>al fair valu<span class=\"_ _1\"></span>e su b<span class=\"_ _1\"></span>ase ricorrente <span class=\"_ _1\"></span>alla data de<span class=\"_ _1\"></span>l 31 d<span class=\"_ _1\"></span>icembre 2025 <span class=\"_ _1\"></span>gli strumenti </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs886\">valorizzati <span class=\"_ _4\"> </span>secondo <span class=\"_ _22\"> </span>il <span class=\"_ _4\"> </span>mercato <span class=\"_ _4\"> </span>pi\u00f9 <span class=\"_ _4\"> </span>vantaggioso <span class=\"_ _4\"> </span>(li<span class=\"_ _1\"></span>vello <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>fair <span class=\"_ _4\"> </span>value  pari <span class=\"_ _4\"> </span>a <span class=\"_ _4\"> </span>1) <span class=\"_ _4\"> </span>e/o <span class=\"_ _4\"> </span>secondo <span class=\"_ _4\"> </span>tecniche  di<span class=\"_ _2\"></span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs887\">valutazione <span class=\"_ _2\"></span>basate <span class=\"_ _d\"></span>su <span class=\"_ _2\"></span>parametri <span class=\"_ _2\"></span>oss<span class=\"_ _2\"></span>ervabil<span class=\"_ _1\"></span>i <span class=\"_ _2\"></span>(livello <span class=\"_ _2\"></span>di <span class=\"_ _d\"></span>fair <span class=\"_ _2\"></span>value <span class=\"_ _d\"></span>pari <span class=\"_ _2\"></span>a <span class=\"_ _d\"></span>2) <span class=\"_ _2\"></span>rappresentano <span class=\"_ _d\"></span>il <span class=\"_ _2\"></span>98.01% <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>t<span class=\"_ _d\"></span>otale </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs888\">delle attivit\u00e0 valutate al fair value (valore stabile<span class=\"_ _1\"></span> rispetto al corrispondente 2024 pari al 97,98%). <span class=\"_ _2\"></span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs889\">Gli <span class=\"_ _2\"></span>strumenti <span class=\"_ _2\"></span>valutati <span class=\"_ _2\"></span>tramite t<span class=\"_ _2\"></span>ecniche di <span class=\"_ _2\"></span>valutazione <span class=\"_ _2\"></span>basate <span class=\"_ _2\"></span>prevalentemente <span class=\"_ _2\"></span>su <span class=\"_ _2\"></span>parametri <span class=\"_ _2\"></span>non <span class=\"_ _2\"></span>osservabili </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs88a\">hanno <span class=\"_ _0\"></span>riguardato <span class=\"_ _0\"></span>una <span class=\"_ _9\"> </span>parte <span class=\"_ _0\"></span>residuale <span class=\"_ _0\"></span>d<span class=\"_ _2\"></span>el <span class=\"_ _0\"></span>tot<span class=\"_ _2\"></span>ale <span class=\"_ _0\"></span>attivit\u00e0 <span class=\"_ _0\"></span>valutate <span class=\"_ _0\"></span>al <span class=\"_ _9\"> </span>fair <span class=\"_ _0\"></span>value <span class=\"_ _9\"> </span>(1,99%) <span class=\"_ _0\"></span>costant<span class=\"_ _2\"></span>e <span class=\"_ _0\"></span>rispetto <span class=\"_ _0\"></span>al </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs88b\">valore del 2024 pari a 2,02%.<span class=\"_ _df\"> </span> </div>A.4.5.<span class=\"_ _1\"></span>2 Var<span class=\"_ _1\"></span>iazio<span class=\"_ _1\"></span>ni an<span class=\"_ _f\"></span>nue delle<span class=\"_ _1\"></span> att<span class=\"_ _1\"></span>ivit\u00e0 v<span class=\"_ _1\"></span>alut<span class=\"_ _1\"></span>ate a<span class=\"_ _1\"></span>l fai<span class=\"_ _1\"></span>r valu<span class=\"_ _1\"></span>e su <span class=\"_ _1\"></span>base<span class=\"_ _1\"></span> rico<span class=\"_ _1\"></span>rrente<span class=\"_ _1\"></span> (live<span class=\"_ _1\"></span>llo 3<span class=\"_ _f\"></span>)<span class=\"_ _2\"></span><span class=\"fc1 sc0\"> </span><table class=\"s w965 h499\" id=\"_bdc59401-3bb1-400a-9820-131f2234c70d\"><tr><td></td><td class=\"c x2e9 y2569 w966 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">Atti<span class=\"_ _1\"></span>vit\u00e0 f<span class=\"_ _f\"></span>inanziar<span class=\"_ _f\"></span>ie valut<span class=\"_ _1\"></span>ate a<span class=\"_ _f\"></span>l fair val<span class=\"_ _1\"></span>ue co<span class=\"_ _1\"></span>n im<span class=\"_ _f\"></span>patto a<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x2ea y256a w967 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">cont<span class=\"_ _1\"></span>o eco<span class=\"_ _f\"></span>nomic<span class=\"_ _1\"></span>o<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x2eb y256b w968 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">Atti<span class=\"_ _1\"></span>vit\u00e0<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td class=\"c x2ec y256c w969 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">finan<span class=\"_ _f\"></span>ziarie<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td></tr><tr><td></td><td></td><td class=\"c x2ed y256d w96a h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">di cui<span class=\"_ _f\"></span>: a)<span class=\"_ _df\"> </span></div></td><td class=\"c x2ee y256d w96b h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">di cui<span class=\"_ _f\"></span>: b)<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x2ec y256e w96c h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">val<span class=\"_ _1\"></span>utate a<span class=\"_ _f\"></span>l<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td></tr><tr><td></td><td class=\"c x2ef y256f w96d h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">di cui<span class=\"_ _f\"></span>: c) altr<span class=\"_ _f\"></span>e<span class=\"_ _df\"> </span></div></td><td class=\"c x2f0 y2570 w96e h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">attiv<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span>t\u00e0<span class=\"_ _df\"> </span></div></td><td class=\"c x2f1 y2570 w96e h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">attiv<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span>t\u00e0<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x2f2 y2571 w96f h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">fair v<span class=\"_ _f\"></span>alue<span class=\"_ _df\"> </span></div></td><td class=\"c x2f3 y2571 w970 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">Deri<span class=\"_ _1\"></span>vati di<span class=\"_ _df\"> </span></div></td><td class=\"c x2f4 y2571 w968 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">Atti<span class=\"_ _1\"></span>vit\u00e0<span class=\"_ _df\"> </span></div></td><td class=\"c x2f5 y2571 w968 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">Atti<span class=\"_ _1\"></span>vit\u00e0<span class=\"_ _df\"> </span></div></td></tr><tr><td></td><td></td><td class=\"c x2f6 y2572 w971 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">finan<span class=\"_ _f\"></span>ziarie<span class=\"_ _df\"> </span></div></td><td class=\"c x2f7 y2572 w971 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">finan<span class=\"_ _f\"></span>ziarie</div></td><td class=\"c x2f8 y2573 w972 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">attiv<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span>t\u00e0<span class=\"_ _1\"></span> fina<span class=\"_ _f\"></span>nziarie<span class=\"_ _df\"> </span></div></td><td class=\"c x2f9 y2574 w973 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">con i<span class=\"_ _1\"></span>mpat<span class=\"_ _f\"></span>to<span class=\"_ _df\"> </span></div></td><td class=\"c x2f3 y2574 w974 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">cope<span class=\"_ _1\"></span>rtur<span class=\"_ _1\"></span>a<span class=\"_ _df\"> </span></div></td><td class=\"c x2fa y2574 w975 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">mat<span class=\"_ _f\"></span>eriali<span class=\"_ _df\"> </span></div></td><td class=\"c x2fb y2574 w976 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">imm<span class=\"_ _f\"></span>aterial<span class=\"_ _1\"></span>i<span class=\"_ _df\"> </span></div></td></tr><tr><td></td><td class=\"c x2fc y2575 w2ea h22e\"><div class=\"t m0 xac h1f yd1c ff4 fs7 fc4 sc3 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale </div></td><td class=\"c x2fd y2576 w977 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">deten<span class=\"_ _f\"></span>ute per<span class=\"_ _df\"> </span></div></td><td class=\"c x2f7 y2576 w978 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">desig<span class=\"_ _f\"></span>nate</div></td><td class=\"c x2fe y2577 w979 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">obbl<span class=\"_ _1\"></span>igato<span class=\"_ _f\"></span>riamen<span class=\"_ _f\"></span>te<span class=\"_ _df\"> </span></div></td><td class=\"c x2ff y2578 w97a h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">sull<span class=\"_ _1\"></span>a<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td></tr><tr><td></td><td class=\"c x300 y2579 w97b h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">val<span class=\"_ _1\"></span>utate a<span class=\"_ _f\"></span>l fair<span class=\"_ _df\"> </span></div></td><td class=\"c x301 y257a w97c h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">la<span class=\"_ _df\"> </span></div></td><td class=\"c x302 y257a w97d h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">al fai<span class=\"_ _1\"></span>r<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x303 y257b w97e h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">reddit<span class=\"_ _f\"></span>ivit\u00e0<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td></tr><tr><td></td><td></td><td></td><td></td><td class=\"c x304 y257c w97f h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">val<span class=\"_ _1\"></span>ue<span class=\"_ _df\"> </span></div></td><td class=\"c x305 y257d w980 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">com<span class=\"_ _f\"></span>plessiv<span class=\"_ _1\"></span>a<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td></tr><tr><td></td><td></td><td class=\"c x2fd y257e w981 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">neg<span class=\"_ _1\"></span>ozia<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e<span class=\"_ _df\"> </span></div></td><td class=\"c x302 y257e w982 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">val<span class=\"_ _1\"></span>ue<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x306 y257f w2e3 hc8\"><div class=\"t m0 x10 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">1. Esi<span class=\"_ _f\"></span>stenze i<span class=\"_ _1\"></span>nizi<span class=\"_ _1\"></span>ali  </div></td><td class=\"c x2fc y257f w1c7 hc8\"><div class=\"t m0 x8e h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">285.<span class=\"_ _1\"></span>011 </div></td><td class=\"c x307 y257f w2e4 hc8\"><div class=\"t m0 x12 h1f y28b ff4 fs7 fc1 sc2 ls2a ws0\">23<span class=\"ls0\"> </span></div></td><td class=\"c x308 y257f w1b2 hc8\"><div class=\"t m0 x36 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td><td class=\"c x309 y257f wa0 hc8\"><div class=\"t m0 x11 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">284.9<span class=\"_ _f\"></span>88 </div></td><td class=\"c x30a y257f w22d hc8\"><div class=\"t m0 x27 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">30.1<span class=\"_ _1\"></span>18 </div></td><td class=\"c x30b y257f w137 hc8\"><div class=\"t m0 x15 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td><td class=\"c x30c y257f wdb hc8\"><div class=\"t m0 x97 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td><td class=\"c x30d y257f w184 hc8\"><div class=\"t m0 x11 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td></tr><tr><td class=\"c x306 y2580 w2e3 hc8\"><div class=\"t m0 x10 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">2. Aum<span class=\"_ _f\"></span>enti<span class=\"_ _1\"></span> </div></td><td class=\"c x2fc y2580 w1c7 hc8\"><div class=\"t m0 x2f h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">59.6<span class=\"_ _f\"></span>00 </div></td><td class=\"c x307 y2580 w2e4 hc8\"><div class=\"t m0 x91 h1f ye4c ff4 fs7 fc1 sc2 lsbc ws0\">31<span class=\"ls0\"> </span></div></td><td class=\"c x308 y2580 w1b2 hc8\"><div class=\"t m0 x36 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td><td class=\"c x309 y2580 wa0 hc8\"><div class=\"t m0 x7 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">59.5<span class=\"_ _1\"></span>69 </div></td><td class=\"c x30a y2580 w22d hc8\"><div class=\"t m0 x26 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">4.38<span class=\"_ _1\"></span>4 </div></td><td class=\"c x30b y2580 w137 hc8\"><div class=\"t m0 x15 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td><td class=\"c x30c y2580 wdb hc8\"><div class=\"t m0 x97 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td><td class=\"c x30d y2580 w184 hc8\"><div class=\"t m0 x11 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td></tr><tr><td class=\"c x306 y2581 w2e3 hc8\"><div class=\"t m0 x10 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">2.1. Acquisti </div></td><td class=\"c x2fc y2581 w1c7 hc8\"><div class=\"t m0 x2a h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">51.331 </div></td><td class=\"c x307 y2581 w2e4 hc8\"><div class=\"t m0 x12 h1f ye4c ff4 fs7 fc1 sc0 ls2a ws0\">27<span class=\"ls0\"> </span></div></td><td class=\"c x308 y2581 w1b2 hc8\"><div class=\"t m0 x36 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x309 y2581 wa0 hc8\"><div class=\"t m0 x7 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">51.304 </div></td><td class=\"c x30a y2581 w22d hc8\"><div class=\"t m0 x30 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">366 </div></td><td class=\"c x30b y2581 w137 hc8\"><div class=\"t m0 x15 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x30c y2581 wdb hc8\"><div class=\"t m0 x97 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x30d y2581 w184 hc8\"><div class=\"t m0 x11 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x306 y2582 w2e3 hc8\"><div class=\"t m0 x10 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">2.2. Profitti imputa<span class=\"_ _f\"></span>ti<span class=\"_ _2\"></span> a: </div></td><td class=\"c x2fc y2582 w1c7 hc8\"><div class=\"t m0 x55 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">8.267 </div></td><td class=\"c x307 y2582 w2e4 hc8\"><div class=\"t m0 x7 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">4 </div></td><td class=\"c x308 y2582 w1b2 hc8\"><div class=\"t m0 x36 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x309 y2582 wa0 hc8\"><div class=\"t m0 xc6 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">8.263 </div></td><td class=\"c x30a y2582 w22d hc8\"><div class=\"t m0 x90 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x30b y2582 w137 hc8\"><div class=\"t m0 x15 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x30c y2582 wdb hc8\"><div class=\"t m0 x97 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x30d y2582 w184 hc8\"><div class=\"t m0 x11 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x306 y2583 w2e3 hc8\"><div class=\"t m0 x10 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">2.2.1. Conto Econ<span class=\"_ _1\"></span>omico </div></td><td class=\"c x2fc y2583 w1c7 hc8\"><div class=\"t m0 x55 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">8.267 </div></td><td class=\"c x307 y2583 w2e4 hc8\"><div class=\"t m0 x7 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">4 </div></td><td class=\"c x308 y2583 w1b2 hc8\"><div class=\"t m0 x36 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x309 y2583 wa0 hc8\"><div class=\"t m0 xc6 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">8.263 </div></td><td class=\"c x30a y2583 w22d hc8\"><div class=\"t m0 x90 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x30b y2583 w137 hc8\"><div class=\"t m0 x15 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x30c y2583 wdb hc8\"><div class=\"t m0 x97 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x30d y2583 w184 hc8\"><div class=\"t m0 x11 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x306 y2584 w2e3 hc8\"><div class=\"t m0 xac h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- di cui plusvalenze<span class=\"_ _f\"></span> </div></td><td class=\"c x2fc y2584 w1c7 hc8\"><div class=\"t m0 x2e h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">8.262 </div></td><td class=\"c x307 y2584 w2e4 hc8\"><div class=\"t m0 x1c h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x308 y2584 w1b2 hc8\"><div class=\"t m0 x36 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x309 y2584 wa0 hc8\"><div class=\"t m0 xc6 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">8.262 </div></td><td class=\"c x30a y2584 w22d hc8\"><div class=\"t m0 x90 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x30b y2584 w137 hc8\"><div class=\"t m0 x15 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x30c y2584 wdb hc8\"><div class=\"t m0 x97 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x30d y2584 w184 hc8\"><div class=\"t m0 x11 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x306 y2585 w2e3 hc8\"><div class=\"t m0 x10 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">2.2.2. Patrimon<span class=\"_ _1\"></span>io netto </div></td><td class=\"c x2fc y2585 w1c7 hc8\"><div class=\"t m0 x38 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x307 y2585 w2e4 hc8\"><div class=\"t m0 x2c h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x308 y2585 w1b2 hc8\"><div class=\"t m0 x14 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x309 y2585 wa0 hc8\"><div class=\"t m0 x31 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x30a y2585 w22d hc8\"><div class=\"t m0 x90 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x30b y2585 w137 hc8\"><div class=\"t m0 x15 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x30c y2585 wdb hc8\"><div class=\"t m0 x97 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x30d y2585 w184 hc8\"><div class=\"t m0 x11 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x306 y2586 w2e3 h227\"><div class=\"t m0 x10 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">2.3. Trasferiment<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span> da altri <span class=\"_ _1\"></span>livelli </div></td><td class=\"c x2fc y2586 w1c7 h227\"><div class=\"t m0 x38 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x307 y2586 w2e4 h227\"><div class=\"t m0 x1c h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x308 y2586 w1b2 h227\"><div class=\"t m0 x36 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x309 y2586 wa0 h227\"><div class=\"t m0 xec h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x30a y2586 w22d h227\"><div class=\"t m0 x90 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x30b y2586 w137 h227\"><div class=\"t m0 x15 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x30c y2586 wdb h227\"><div class=\"t m0 x97 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x30d y2586 w184 h227\"><div class=\"t m0 x11 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x306 y2587 w2e3 hc8\"><div class=\"t m0 x10 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">2.4. Altre variaz<span class=\"_ _1\"></span>ioni in aument<span class=\"_ _1\"></span>o </div></td><td class=\"c x2fc y2587 w1c7 hc8\"><div class=\"t m0 x37 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">2 </div></td><td class=\"c x307 y2587 w2e4 hc8\"><div class=\"t m0 x1c h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x308 y2587 w1b2 hc8\"><div class=\"t m0 x36 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x309 y2587 wa0 hc8\"><div class=\"t m0 xec h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">2 </div></td><td class=\"c x30a y2587 w22d hc8\"><div class=\"t m0 x34 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">4.018 </div></td><td class=\"c x30b y2587 w137 hc8\"><div class=\"t m0 x15 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x30c y2587 wdb hc8\"><div class=\"t m0 x97 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x30d y2587 w184 hc8\"><div class=\"t m0 x11 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x306 y2588 w2e3 hc8\"><div class=\"t m0 x10 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">3. Di<span class=\"_ _1\"></span>min<span class=\"_ _1\"></span>uzion<span class=\"_ _1\"></span>i </div></td><td class=\"c x2fc y2588 w1c7 hc8\"><div class=\"t m0 x116 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">55.515 </div></td><td class=\"c x307 y2588 w2e4 hc8\"><div class=\"t m0 x96 h1f y28b ff4 fs7 fc1 sc0 ls32 ws0\">54<span class=\"ls0\"> </span></div></td><td class=\"c x308 y2588 w1b2 hc8\"><div class=\"t m0 x36 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x309 y2588 wa0 hc8\"><div class=\"t m0 x1c h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">55.461 </div></td><td class=\"c x30a y2588 w22d hc8\"><div class=\"t m0 x8f h1f y28b ff4 fs7 fc1 sc0 ls27 ws0\">39<span class=\"ls0\"> </span></div></td><td class=\"c x30b y2588 w137 hc8\"><div class=\"t m0 x15 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x30c y2588 wdb hc8\"><div class=\"t m0 x97 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x30d y2588 w184 hc8\"><div class=\"t m0 x11 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x306 y2589 w2e3 hc8\"><div class=\"t m0 x10 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">3.1. Vendite </div></td><td class=\"c x2fc y2589 w1c7 hc8\"><div class=\"t m0 x8e h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">35.380 </div></td><td class=\"c x307 y2589 w2e4 hc8\"><div class=\"t m0 x96 h1f y28b ff4 fs7 fc1 sc0 ls32 ws0\">54<span class=\"ls0\"> </span></div></td><td class=\"c x308 y2589 w1b2 hc8\"><div class=\"t m0 x36 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x309 y2589 wa0 hc8\"><div class=\"t m0 x90 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">35.326 </div></td><td class=\"c x30a y2589 w22d hc8\"><div class=\"t m0 x90 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x30b y2589 w137 hc8\"><div class=\"t m0 x15 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x30c y2589 wdb hc8\"><div class=\"t m0 x97 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x30d y2589 w184 hc8\"><div class=\"t m0 x11 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x306 y258a w2e3 hc8\"><div class=\"t m0 x10 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">3.2. Rimborsi </div></td><td class=\"c x2fc y258a w1c7 hc8\"><div class=\"t m0 x16a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">16.898 </div></td><td class=\"c x307 y258a w2e4 hc8\"><div class=\"t m0 x1c h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x308 y258a w1b2 hc8\"><div class=\"t m0 x36 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x309 y258a wa0 hc8\"><div class=\"t m0 x7 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">16.898 </div></td><td class=\"c x30a y258a w22d hc8\"><div class=\"t m0 x90 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x30b y258a w137 hc8\"><div class=\"t m0 x15 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x30c y258a wdb hc8\"><div class=\"t m0 x97 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x30d y258a w184 hc8\"><div class=\"t m0 x11 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x306 y258b w2e3 hc8\"><div class=\"t m0 x10 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">3.3. Perdite impu<span class=\"_ _1\"></span>tate a: </div></td><td class=\"c x2fc y258b w1c7 hc8\"><div class=\"t m0 x130 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">3.212 </div></td><td class=\"c x307 y258b w2e4 hc8\"><div class=\"t m0 x1c h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x308 y258b w1b2 hc8\"><div class=\"t m0 x36 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x309 y258b wa0 hc8\"><div class=\"t m0 xa3 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">3.212 </div></td><td class=\"c x30a y258b w22d hc8\"><div class=\"t m0 x90 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x30b y258b w137 hc8\"><div class=\"t m0 x15 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x30c y258b wdb hc8\"><div class=\"t m0 x97 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x30d y258b w184 hc8\"><div class=\"t m0 x11 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x306 y258c w2e3 hc8\"><div class=\"t m0 x10 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">3.3.1. Conto Econ<span class=\"_ _1\"></span>omico </div></td><td class=\"c x2fc y258c w1c7 hc8\"><div class=\"t m0 x130 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">3.212 </div></td><td class=\"c x307 y258c w2e4 hc8\"><div class=\"t m0 x1c h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x308 y258c w1b2 hc8\"><div class=\"t m0 x36 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x309 y258c wa0 hc8\"><div class=\"t m0 xa3 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">3.212 </div></td><td class=\"c x30a y258c w22d hc8\"><div class=\"t m0 x90 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x30b y258c w137 hc8\"><div class=\"t m0 x15 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x30c y258c wdb hc8\"><div class=\"t m0 x97 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x30d y258c w184 hc8\"><div class=\"t m0 x11 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x306 y258d w2e3 hc8\"><div class=\"t m0 xac h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- di cui minusva<span class=\"_ _1\"></span>lenze </div></td><td class=\"c x2fc y258d w1c7 hc8\"><div class=\"t m0 x2e h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">3.209 </div></td><td class=\"c x307 y258d w2e4 hc8\"><div class=\"t m0 x1c h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x308 y258d w1b2 hc8\"><div class=\"t m0 x36 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x309 y258d wa0 hc8\"><div class=\"t m0 xc6 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">3.209 </div></td><td class=\"c x30a y258d w22d hc8\"><div class=\"t m0 x90 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x30b y258d w137 hc8\"><div class=\"t m0 x15 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x30c y258d wdb hc8\"><div class=\"t m0 x97 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x30d y258d w184 hc8\"><div class=\"t m0 x11 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x306 y258e w2e3 hc8\"><div class=\"t m0 x10 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">3.3.2. Patrimon<span class=\"_ _1\"></span>io netto </div></td><td class=\"c x2fc y258e w1c7 hc8\"><div class=\"t m0 x38 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x307 y258e w2e4 hc8\"><div class=\"t m0 x2c h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x308 y258e w1b2 hc8\"><div class=\"t m0 x14 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x309 y258e wa0 hc8\"><div class=\"t m0 x31 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x30a y258e w22d hc8\"><div class=\"t m0 x90 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x30b y258e w137 hc8\"><div class=\"t m0 x15 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x30c y258e wdb hc8\"><div class=\"t m0 x97 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x30d y258e w184 hc8\"><div class=\"t m0 x11 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x306 y258f w2e3 hc8\"><div class=\"t m0 x10 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">3.4. Trasferiment<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span> da altri <span class=\"_ _1\"></span>livelli </div></td><td class=\"c x2fc y258f w1c7 hc8\"><div class=\"t m0 x38 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x307 y258f w2e4 hc8\"><div class=\"t m0 x1c h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x308 y258f w1b2 hc8\"><div class=\"t m0 x36 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x309 y258f wa0 hc8\"><div class=\"t m0 xec h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x30a y258f w22d hc8\"><div class=\"t m0 x90 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x30b y258f w137 hc8\"><div class=\"t m0 x15 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x30c y258f wdb hc8\"><div class=\"t m0 x97 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x30d y258f w184 hc8\"><div class=\"t m0 x11 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x306 y2590 w2e3 h58\"><div class=\"t m0 x10 h1f y15 ff4 fs7 fc1 sc0 ls0 ws0\">3.5. Altre variaz<span class=\"_ _1\"></span>ioni in </div><div class=\"t m0 x10 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">diminuzione </div></td><td class=\"c x2fc y2590 w1c7 h58\"><div class=\"t m0 x3a h1f y420 ff4 fs7 fc1 sc0 ls2a ws0\">25<span class=\"ls0\"> </span></div></td><td class=\"c x307 y2590 w2e4 h58\"><div class=\"t m0 x1c h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x308 y2590 w1b2 h58\"><div class=\"t m0 x36 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x309 y2590 wa0 h58\"><div class=\"t m0 x11d h1f y420 ff4 fs7 fc1 sc0 ls2a ws0\">25<span class=\"ls0\"> </span></div></td><td class=\"c x30a y2590 w22d h58\"><div class=\"t m0 x8f h1f y420 ff4 fs7 fc1 sc0 ls27 ws0\">39<span class=\"ls0\"> </span></div></td><td class=\"c x30b y2590 w137 h58\"><div class=\"t m0 x15 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x30c y2590 wdb h58\"><div class=\"t m0 x97 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x30d y2590 w184 h58\"><div class=\"t m0 x11 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x306 y2591 w2e3 hc8\"><div class=\"t m0 x10 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">4. Rim<span class=\"_ _f\"></span>anenz<span class=\"_ _f\"></span>e finali<span class=\"_ _1\"></span> </div></td><td class=\"c x2fc y2591 w1c7 hc8\"><div class=\"t m0 xab h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">289.<span class=\"_ _1\"></span>096<span class=\"_ _f\"></span> </div></td><td class=\"c x307 y2591 w2e4 hc8\"><div class=\"t m0 x1c h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td><td class=\"c x308 y2591 w1b2 hc8\"><div class=\"t m0 x36 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td><td class=\"c x309 y2591 wa0 hc8\"><div class=\"t m0 x11 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">289.<span class=\"_ _f\"></span>096 </div></td><td class=\"c x30a y2591 w22d hc8\"><div class=\"t m0 x35 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">34.46<span class=\"_ _1\"></span>3 </div></td><td class=\"c x30b y2591 w137 hc8\"><div class=\"t m0 x15 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td><td class=\"c x30c y2591 wdb hc8\"><div class=\"t m0 x97 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td><td class=\"c x30d y2591 w184 hc8\"><div class=\"t m0 x11 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td></tr></table>L\u2019attribuzione <span class=\"_ _0\"></span>del <span class=\"_ _0\"></span>livello <span class=\"_ _0\"></span>di <span class=\"_ _0\"> </span>fair <span class=\"_ _9\"> </span>value <span class=\"_ _0\"></span>pari <span class=\"_ _9\"> </span>a <span class=\"_ _0\"></span>3 <span class=\"_ _9\"> </span>riguarda <span class=\"_ _0\"></span>strumenti <span class=\"_ _0\"></span>definiti <span class=\"_ _0\"></span>\u201cilliquidi\u201d <span class=\"_ _0\"></span>che <span class=\"_ _9\"> </span>evidenziano <span class=\"_ _0\"></span>poche valorizzazioni ne<span class=\"_ _2\"></span>l <span class=\"_ _2\"></span>corso <span class=\"_ _2\"></span>del t<span class=\"_ _2\"></span>empo e <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>quali <span class=\"_ _2\"></span>lo <span class=\"_ _2\"></span>stato <span class=\"_ _2\"></span>dello <span class=\"_ _2\"></span>strumento <span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>pi\u00f9 <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>generale dell\u2019emit<span class=\"_ _2\"></span>tente <span class=\"_ _2\"></span>alla<span class=\"_ _1\"></span> data di<span class=\"_ _1\"></span> valu<span class=\"_ _f\"></span>t<span class=\"_ _2\"></span>azione, <span class=\"_ _f\"></span>non rende <span class=\"_ _f\"></span>p<span class=\"_ _2\"></span>ossibile <span class=\"_ _f\"></span>l\u2019ipotesi d<span class=\"_ _1\"></span>i un <span class=\"_ _f\"></span>eventuale rip<span class=\"_ _1\"></span>ristino del<span class=\"_ _1\"></span> mercato <span class=\"_ _f\"></span>verso uno <span class=\"_ _f\"></span>stato attivo.<span class=\"ff4\"> </span>Nella voce 2.1 \u201cAcquisti\u201d sono riportati:<span class=\"ff4\"> </span>-<span class=\"ff10\"> <span class=\"_ _33\"> </span><span class=\"ff4\">attivit\u00e0 <span class=\"_ _0\"></span>finanziare <span class=\"_ _0\"></span>valutate <span class=\"_ _0\"></span>obbligatoriamente <span class=\"_ _0\"> </span>al <span class=\"_ _9\"> </span>FV <span class=\"_ _0\"></span>con <span class=\"_ _9\"> </span>impatto <span class=\"_ _0\"></span>a <span class=\"_ _0\"> </span>Conto <span class=\"_ _9\"> </span>Economico: <span class=\"_ _0\"></span>quota <span class=\"_ _0\"></span>di <span class=\"_ _9\"> </span>fondo </span></span>private <span class=\"_ _d\"></span>equity <span class=\"_ _d\"></span>sul <span class=\"_ _d\"></span>Gruppo <span class=\"_ _0\"></span>e per <span class=\"_ _2\"></span>Credemvita 9 <span class=\"_ _0\"></span>quote <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>Debt <span class=\"_ _d\"></span>funds, <span class=\"_ _d\"></span>4 <span class=\"_ _d\"></span>quote <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>private <span class=\"_ _d\"></span>equity <span class=\"_ _d\"></span>funds<span class=\"_ _2\"></span> e <span class=\"_ _d\"></span>3 quote di Infrastructure funds; -<span class=\"ff10\"> <span class=\"_ _33\"> </span><span class=\"ff4\">attivit\u00e0 finanziarie valutate al FV con impatto a Conto Economico<span class=\"_ _1\"></span>: 2 azioni e 2 obbligazioni <span class=\"_ _2\"></span>sul Gruppo </span></span>-<span class=\"ff10\"> <span class=\"_ _33\"> </span><span class=\"ff4\">attivit\u00e0 <span class=\"_ _16\"> </span>finanziarie <span class=\"_ _9\"> </span>valutate  al <span class=\"_ _9\"> </span>FV  con <span class=\"_ _9\"> </span>impatt<span class=\"_ _2\"></span>o <span class=\"_ _9\"> </span>sulla  redd<span class=\"_ _f\"></span>it<span class=\"_ _2\"></span>ivit\u00e0 <span class=\"_ _9\"> </span>complessiva:  1 <span class=\"_ _9\"> </span>azione<span class=\"_ _2\"></span> <span class=\"_ _16\"> </span>sul <span class=\"_ _9\"> </span>Gr<span class=\"_ _2\"></span>uppo <span class=\"_ _16\"> </span>e <span class=\"ls11\">1 </span></span></span>partecipazione per Credemvita Nella voce 3.1 \u201cVendite\u201d sono riportati:<span class=\"ff4\"> </span>-<span class=\"ff10\"> <span class=\"_ _24\"> </span><span class=\"ff4\"> attivit\u00e0 <span class=\"_ _2\"></span>finanziarie <span class=\"_ _2\"></span>valutate <span class=\"_ _2\"></span>obbligatoriamente <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>FV <span class=\"_ _2\"></span>con <span class=\"_ _2\"></span>impatto <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>Conto <span class=\"_ _2\"></span>Economico: <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>Credemvita 9 </span></span>quote di Debt funds, 3 quote di private equi<span class=\"_ _1\"></span>ty funds  <span class=\"_ _2\"></span>e 3 quote di Infrastructure funds -<span class=\"ff10\"> <span class=\"_ _24\"> </span><span class=\"ff4\">attivit\u00e0 finanziarie v<span class=\"_ _1\"></span>alutate al FV con <span class=\"_ _1\"></span>impatto a Conto Economico:<span class=\"_ _1\"></span> una quota di <span class=\"_ _f\"></span>fondo e 2 obbligazioni sul </span></span>Gruppo Le variazioni annue <span class=\"_ _2\"></span>da e v<span class=\"_ _2\"></span>erso Livello 3 al <span class=\"_ _2\"></span>31/12/20<span class=\"_ _2\"></span>25 non <span class=\"_ _2\"></span>evid<span class=\"_ _1\"></span>enziano <span class=\"_ _2\"></span>trasferimenti, sia <span class=\"_ _2\"></span>per quanto riguarda la <span class=\"_ _9\"> </span>sezione <span class=\"_ _9\"> </span>diminuzioni <span class=\"_ _9\"> </span>ch<span class=\"_ _2\"></span>e <span class=\"_ _0\"> </span>per  q<span class=\"_ _1\"></span>uanto <span class=\"_ _9\"> </span>concerne <span class=\"_ _9\"> </span>la <span class=\"_ _16\"> </span>sezione <span class=\"_ _9\"> </span>aumenti <span class=\"_ _9\"> </span>per <span class=\"_ _9\"> </span>t<span class=\"_ _2\"></span>utte <span class=\"_ _9\"> </span>le <span class=\"_ _9\"> </span>classificazioni <span class=\"_ _9\"> </span>contabili (attivit\u00e0 <span class=\"_ _9\"> </span>finanziare <span class=\"_ _9\"> </span>valutate <span class=\"_ _9\"> </span>obbligatoriamente <span class=\"_ _9\"> </span>al <span class=\"_ _16\"> </span>FV <span class=\"_ _9\"> </span>con <span class=\"_ _9\"> </span>impatt<span class=\"_ _2\"></span>o <span class=\"_ _9\"> </span>a <span class=\"_ _9\"> </span>Conto <span class=\"_ _16\"> </span>Economico, <span class=\"_ _9\"> </span>attivit\u00e0<span class=\"_ _2\"></span> <span class=\"_ _9\"> </span>finanziarie valutate <span class=\"_ _f\"></span>al FV <span class=\"_ _f\"></span>con <span class=\"_ _f\"></span>im<span class=\"_ _2\"></span>patto <span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>Conto <span class=\"_ _f\"></span>Economico e <span class=\"_ _f\"></span>attivit\u00e0 fi<span class=\"_ _1\"></span>nanziarie <span class=\"_ _f\"></span>valutat<span class=\"_ _2\"></span>e <span class=\"_ _f\"></span>al FV <span class=\"_ _f\"></span>con <span class=\"_ _f\"></span>impatto<span class=\"_ _2\"></span> <span class=\"_ _f\"></span>sulla <span class=\"_ _1\"></span>redditivit\u00e0 complessiva). <div class=\"c w2da h225 gs8a4\"><div class=\"t m0 x10 h5 y110b ff4 fs1 fc4 sc3 ls0 ws0\">A.4.5.<span class=\"_ _1\"></span>4 Atti<span class=\"_ _1\"></span>vit\u00e0<span class=\"_ _1\"></span> e pa<span class=\"_ _f\"></span>ssivit\u00e0 no<span class=\"_ _1\"></span>n va<span class=\"_ _f\"></span>lutate a<span class=\"_ _1\"></span>l fai<span class=\"_ _1\"></span>r valu<span class=\"_ _1\"></span>e o <span class=\"_ _1\"></span>valuta<span class=\"_ _1\"></span>te a<span class=\"_ _1\"></span>l fair va<span class=\"_ _f\"></span>lue su b<span class=\"_ _1\"></span>ase <span class=\"_ _1\"></span>non r<span class=\"_ _1\"></span>icorre<span class=\"_ _1\"></span>nte: r<span class=\"_ _f\"></span>ipartizione <span class=\"_ _f\"></span>per livell<span class=\"_ _1\"></span>i di fa<span class=\"_ _f\"></span>ir value </div></div><div class=\"gs8a5\"><table class=\"s w983 h49a\" id=\"_0fb690bf-02f5-4910-bcea-a6c1b04764eb\"><tr><td class=\"c x30e y2592 w984 h49b\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc7 sc6 ls0 ws0\">Atti<span class=\"_ _1\"></span>vit\u00e0/P<span class=\"_ _1\"></span>ass<span class=\"_ _1\"></span>ivit\u00e0<span class=\"_ _1\"></span> non<span class=\"_ _1\"></span> mis<span class=\"_ _1\"></span>urat<span class=\"_ _1\"></span>e al f<span class=\"_ _1\"></span>air <span class=\"_ _f\"></span>value<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x30f y2593 w2ee hc8\"><div class=\"t m0 xe6 h1f y28b ff4 fs7 fc7 sc6 ls0 ws0\">31/12/<span class=\"_ _f\"></span>2025 </div></td><td></td><td></td><td></td><td></td><td class=\"c x310 y2593 w2ef hc8\"><div class=\"t m0 xe8 h1f y28b ff4 fs7 fc4 sc3 ls0 ws0\">31/12/<span class=\"_ _f\"></span>2024 </div></td><td></td></tr><tr><td class=\"c x311 y2594 w985 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc7 sc6 ls0 ws0\">o mi<span class=\"_ _1\"></span>sura<span class=\"_ _1\"></span>te al<span class=\"_ _f\"></span> fair va<span class=\"_ _1\"></span>lue su<span class=\"_ _f\"></span> base n<span class=\"_ _1\"></span>on<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x312 y2595 w986 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc7 sc6 ls0 ws0\">ricorr<span class=\"_ _f\"></span>ente<span class=\"_ _df\"> </span></div></td><td class=\"c x30f y2596 w96 h148\"><div class=\"t m0 x14 h1f y80 ff4 fs7 fc4 sc3 ls6c ws0\">VB<span class=\"ls0\"> </span></div></td><td class=\"c x313 y2596 w1ca h148\"><div class=\"t m0 x130 h1f y80 ff4 fs7 fc4 sc3 lsc7 ws0\">L1<span class=\"ls0\"> </span></div></td><td class=\"c x314 y2596 w1bf h148\"><div class=\"t m0 x55 h1f y80 ff4 fs7 fc4 sc3 lsc7 ws0\">L2<span class=\"ls0\"> </span></div></td><td class=\"c x315 y2596 w17b h148\"><div class=\"t m0 x39 h1f y80 ff4 fs7 fc4 sc3 lsc7 ws0\">L3<span class=\"ls0\"> </span></div></td><td class=\"c x310 y2596 w1a9 h148\"><div class=\"t m0 x14 h1f y80 ff4 fs7 fc4 sc3 ls6c ws0\">VB<span class=\"ls0\"> </span></div></td><td class=\"c x316 y2596 w2f0 h148\"><div class=\"t m0 x130 h1f y80 ff4 fs7 fc4 sc3 lsc7 ws0\">L1<span class=\"ls0\"> </span></div></td><td class=\"c x317 y2596 w2af h148\"><div class=\"t m0 x55 h1f y80 ff4 fs7 fc4 sc3 lsc7 ws0\">L2<span class=\"ls0\"> </span></div></td><td class=\"c x318 y2596 w96 h148\"><div class=\"t m0 x14 h1f y80 ff4 fs7 fc4 sc3 lsc7 ws0\">L3<span class=\"ls0\"> </span></div></td></tr><tr><td class=\"c x262 y2597 w987 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc1 sc0 ls0 ws0\">1. Attivit\u00e0 finanz<span class=\"_ _1\"></span>iarie valutate a<span class=\"_ _f\"></span>l<span class=\"_ _2\"></span> costo<span class=\"_ _df\"> </span></div></td><td class=\"c x319 y2598 w184 had\"><div class=\"t m0 x10 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">47.707.320 </div></td><td class=\"c x313 y2598 w136 had\"><div class=\"t m0 x10 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">6.369.581 </div></td><td class=\"c x314 y2598 w1db had\"><div class=\"t m0 xab h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">487.765 </div></td><td class=\"c x315 y2598 w17b had\"><div class=\"t m0 x10 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">40.713.737 </div></td><td class=\"c x310 y2598 w1a9 had\"><div class=\"t m0 x8a h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">45.274.702 </div></td><td class=\"c x316 y2598 w1ef had\"><div class=\"t m0 x10 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">7.660.059 </div></td><td class=\"c x317 y2598 w1bd had\"><div class=\"t m0 x2f h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">301.765 </div></td><td class=\"c x318 y2598 w1ba had\"><div class=\"t m0 xab h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">37.963.152 </div></td></tr><tr><td class=\"c x262 y2599 w988 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc1 sc0 ls0 ws0\">ammortizzato<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x262 y259a w989 h49c\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc1 sc0 ls0 ws0\">2. Attivit\u00e0 mater<span class=\"_ _1\"></span>iali detenute a <span class=\"_ _1\"></span>scopo di<span class=\"_ _df\"> </span></div></td><td class=\"c x319 y259b w184 h58\"><div class=\"t m0 x35 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">4.622 </div></td><td class=\"c x313 y259b w136 h58\"><div class=\"t m0 x15 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x314 y259b w1db h58\"><div class=\"t m0 x38 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x315 y259b w17b h58\"><div class=\"t m0 x48 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">6.807 </div></td><td class=\"c x310 y259b w1a9 h58\"><div class=\"t m0 x35 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">4.768 </div></td><td class=\"c x316 y259b w1ef h58\"><div class=\"t m0 x15 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x317 y259b w1bd h58\"><div class=\"t m0 x30 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x318 y259b w1ba h58\"><div class=\"t m0 x27 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">7.107 </div></td></tr><tr><td class=\"c x262 y259c w98a h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc1 sc0 ls0 ws0\">investimento<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2e0 y259d w2f1 had\"><div class=\"t m0 x10 h1f y41f ff4 fs7 fc1 sc0 ls0 ws0\">3. Attivit\u00e0 non c<span class=\"_ _1\"></span>orrenti e grupp<span class=\"_ _1\"></span>i di attivit\u00e0 <span class=\"_ _1\"></span>in </div><div class=\"t m0 x10 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">via di dismissi<span class=\"_ _1\"></span>one </div></td><td class=\"c x319 y259d w184 had\"><div class=\"t m0 x11 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x313 y259d w136 had\"><div class=\"t m0 x15 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x314 y259d w1db had\"><div class=\"t m0 x38 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x315 y259d w17b had\"><div class=\"t m0 x36 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x310 y259d w1a9 had\"><div class=\"t m0 x97 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">533 </div></td><td class=\"c x316 y259d w1ef had\"><div class=\"t m0 x15 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x317 y259d w1bd had\"><div class=\"t m0 x30 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x318 y259d w1ba had\"><div class=\"t m0 x97 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">533 </div></td></tr><tr><td class=\"c x2e0 y259e w2f1 hc8\"><div class=\"t m0 x1b3 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">Total<span class=\"_ _1\"></span>e </div></td><td class=\"c x319 y259e w184 hc8\"><div class=\"t m0 xac h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">47.7<span class=\"_ _1\"></span>11.942<span class=\"_ _f\"></span> </div></td><td class=\"c x313 y259e w136 hc8\"><div class=\"t m0 x8a h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">6.36<span class=\"_ _f\"></span>9.581 </div></td><td class=\"c x314 y259e w1db hc8\"><div class=\"t m0 xac h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">487.7<span class=\"_ _1\"></span>65<span class=\"_ _1\"></span> </div></td><td class=\"c x315 y259e w17b hc8\"><div class=\"t m0 x10 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">40.7<span class=\"_ _1\"></span>13.73<span class=\"_ _1\"></span>7 </div></td><td class=\"c x310 y259e w1a9 hc8\"><div class=\"t m0 x10 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">45.2<span class=\"_ _1\"></span>80.<span class=\"_ _1\"></span>003 </div></td><td class=\"c x316 y259e w1ef hc8\"><div class=\"t m0 x10 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">7.66<span class=\"_ _f\"></span>0.059 </div></td><td class=\"c x317 y259e w1bd hc8\"><div class=\"t m0 x16a h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">301.76<span class=\"_ _f\"></span>5 </div></td><td class=\"c x318 y259e w1ba hc8\"><div class=\"t m0 xab h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">37.9<span class=\"_ _f\"></span>70.792<span class=\"_ _1\"></span> </div></td></tr><tr><td class=\"c x262 y259f w98b h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">1. Passivit\u00e0 finanz<span class=\"_ _1\"></span>iarie valutate <span class=\"_ _1\"></span>al costo<span class=\"_ _df\"> </span></div></td><td class=\"c x319 y25a0 w184 had\"><div class=\"t m0 x163 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">50.486.460 </div></td><td class=\"c x313 y25a0 w136 had\"><div class=\"t m0 x10 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">4.077.260 </div></td><td class=\"c x314 y25a0 w1db had\"><div class=\"t m0 x10 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">4.134.071 </div></td><td class=\"c x315 y25a0 w17b had\"><div class=\"t m0 x10 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">42.411.232 </div></td><td class=\"c x310 y25a0 w1a9 had\"><div class=\"t m0 xab h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">51.482.679 </div></td><td class=\"c x316 y25a0 w1ef had\"><div class=\"t m0 x10 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">4.149.806 </div></td><td class=\"c x317 y25a0 w1bd had\"><div class=\"t m0 x10 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">6.991.634 </div></td><td class=\"c x318 y25a0 w1ba had\"><div class=\"t m0 x10 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">40.440.450 </div></td></tr><tr><td class=\"c x262 y25a1 w988 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">ammortizzato<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x262 y25a2 w98c h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">2. Passivit\u00e0 ass<span class=\"_ _1\"></span>ociate ad attivit\u00e0 in <span class=\"_ _1\"></span>via di<span class=\"_ _df\"> </span></div></td><td class=\"c x319 y25a3 w184 h58\"><div class=\"t m0 x11 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x313 y25a3 w136 h58\"><div class=\"t m0 x15 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x314 y25a3 w1db h58\"><div class=\"t m0 x38 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x315 y25a3 w17b h58\"><div class=\"t m0 x36 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x310 y25a3 w1a9 h58\"><div class=\"t m0 x96 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x316 y25a3 w1ef h58\"><div class=\"t m0 x15 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x317 y25a3 w1bd h58\"><div class=\"t m0 x30 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x318 y25a3 w1ba h58\"><div class=\"t m0 x96 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x262 y25a4 w98d h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">dismissione<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2e0 y25a5 w2f1 hc8\"><div class=\"t m0 x1b3 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale </div></td><td class=\"c x319 y25a5 w184 hc8\"><div class=\"t m0 x10 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">50.48<span class=\"_ _1\"></span>6.<span class=\"_ _1\"></span>460 </div></td><td class=\"c x313 y25a5 w136 hc8\"><div class=\"t m0 x10 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">4.077<span class=\"_ _1\"></span>.26<span class=\"_ _1\"></span>0 </div></td><td class=\"c x314 y25a5 w1db hc8\"><div class=\"t m0 x10 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">4.13<span class=\"_ _1\"></span>4.07<span class=\"_ _1\"></span>1 </div></td><td class=\"c x315 y25a5 w17b hc8\"><div class=\"t m0 x8a h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">42.411.<span class=\"_ _f\"></span>232 </div></td><td class=\"c x310 y25a5 w1a9 hc8\"><div class=\"t m0 xab h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">51.4<span class=\"_ _1\"></span>82.67<span class=\"_ _1\"></span>9 </div></td><td class=\"c x316 y25a5 w1ef hc8\"><div class=\"t m0 x8a h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">4.149<span class=\"_ _f\"></span>.806 </div></td><td class=\"c x317 y25a5 w1bd hc8\"><div class=\"t m0 x10 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">6.99<span class=\"_ _f\"></span>1.634 </div></td><td class=\"c x318 y25a5 w1ba hc8\"><div class=\"t m0 x10 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">40.4<span class=\"_ _f\"></span>40.450<span class=\"_ _f\"></span> </div></td></tr></table></div><div class=\"t m0 he ff4 fs5 fc4 sc3 ls0 ws0 gs8a6\">A.5 <span class=\"ff5\">\u2013</span> <span class=\"ff5\">In<span class=\"_ _f\"></span>f<span class=\"_ _2\"></span>orm<span class=\"_ _1\"></span>ativa<span class=\"_ _1\"></span> sul c.d<span class=\"_ _f\"></span>. \u201cday on<span class=\"_ _1\"></span>e pro<span class=\"_ _f\"></span>fit/loss\u201d<span class=\"_ _df\"> </span></span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs8a7\">I <span class=\"_ _0\"></span>proventi <span class=\"_ _0\"></span>connessi <span class=\"_ _0\"></span>all\u2019emissione <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>prestiti <span class=\"_ _9\"> </span>obbligaziona<span class=\"ff4\">ri, <span class=\"_ _0\"></span>determinat<span class=\"_ _2\"></span>i <span class=\"_ _0\"></span>dalla <span class=\"_ _0\"></span>differenza <span class=\"_ _d\"></span>t<span class=\"_ _2\"></span>ra <span class=\"_ _0\"></span>il <span class=\"_ _0\"></span>corrispettivo<span class=\"_ _df\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs8a8\">incassato ed il fair value<span class=\"_ _1\"></span> dello strumento, sono riconosciuti a con<span class=\"_ _1\"></span>to economico alla data di emissione<span class=\"_ _1\"></span> in tutti<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs8a9\">i  casi  in  cu<span class=\"_ _1\"></span>i  tale  fair <span class=\"_ _16\"> </span>value  sia <span class=\"_ _9\"> </span>determinato  attraverso  tecniche  di <span class=\"_ _16\"> </span>valutazione  che  p<span class=\"_ _f\"></span>r<span class=\"_ _2\"></span>endono<span class=\"_ _2\"></span>  parametri<span class=\"_ _df\"> </span><span class=\"_ _1\"></span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs8aa\">osservabili sul mercato.<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs8ab\">Il <span class=\"_ _e\"> </span>principio <span class=\"_ _e\"> </span>IFRS9 <span class=\"_ _10\"> </span>prevede <span class=\"_ _e\"> </span>c<span class=\"_ _2\"></span>he <span class=\"_ _e\"> </span>l\u2019iscrizione <span class=\"_ _e\"> </span>iniziale <span class=\"_ _10\"> </span>degli <span class=\"_ _e\"> </span>st<span class=\"_ _2\"></span>rumenti <span class=\"_ _e\"> </span>finanziari <span class=\"_ _e\"> </span>avvenga <span class=\"_ _e\"> </span>al <span class=\"_ _10\"> </span>fair <span class=\"_ _10\"> </span>value.<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs8ac\">Normalmente <span class=\"_ _0\"></span>il <span class=\"_ _0\"></span>fair <span class=\"_ _9\"> </span>value <span class=\"_ _d\"></span>di <span class=\"_ _9\"> </span>uno <span class=\"_ _0\"></span>strumento <span class=\"_ _0\"></span>finanziario <span class=\"_ _0\"></span>alla <span class=\"_ _9\"> </span>data <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>rilevazione <span class=\"_ _0\"></span>iniziale <span class=\"_ _0\"></span>in <span class=\"_ _0\"></span>bilancio <span class=\"_ _9\"> </span>\u00e8 <span class=\"_ _0\"></span>pari <span class=\"_ _0\"></span>al<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs8ad\">\u201cprezzo di transazione\u201d; in altre parole, al costo <span class=\"_ _2\"></span>o all\u2019importo erogato per le attivit\u00e0 finanziarie o alla somma<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs8ae\">incassata per le passivit\u00e0 finanziarie.<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs8af\">L\u2019affermazione che<span class=\"_ _1\"></span> all\u2019atto dell<span class=\"_ _1\"></span>\u2019iscrizione iniziale <span class=\"_ _1\"></span>in bilancio i<span class=\"_ _1\"></span>l fair <span class=\"_ _1\"></span>value d<span class=\"_ _1\"></span>i uno strumento <span class=\"_ _1\"></span>finanziar<span class=\"ff4\">io coincide<span class=\"_ _df\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs8b0\">con <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>prezzo <span class=\"_ _2\"></span>della <span class=\"_ _2\"></span>transazione <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _2\"></span>intuitivamente sempre <span class=\"_ _2\"></span>riscont<span class=\"_ _2\"></span>rabil<span class=\"_ _1\"></span>e <span class=\"_ _2\"></span>nel <span class=\"_ _2\"></span>caso <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>transazioni <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>cosiddetto<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs8b1\">\u201cLivello 1\u201d della gerarchia del fai<span class=\"_ _1\"></span>r <span class=\"_ _2\"></span>value<span class=\"_ _1\"></span>.<span class=\"_ _df\"> </span><span class=\"_ _2\"></span><span class=\"ff4\"> </span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs8b2\">Anche  ne<span class=\"_ _1\"></span>l  caso  del  \u201cLi<span class=\"_ _1\"></span>vello  2\u201d,  ch<span class=\"_ _1\"></span>e  si  b<span class=\"_ _1\"></span>asa  su  prezzi<span class=\"_ _1\"></span>  derivati  ind<span class=\"_ _1\"></span>irettamente  dal  mercato<span class=\"_ _1\"></span>  (<span class=\"_ _2\"></span><span class=\"ff4\">comparable<span class=\"_ _df\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs8b3\">approach),  l\u2019iscrizione  iniziale  vede,  in  moltissimi  casi,  sostanzialmente  coincidere  fair  value  e  prezzo.<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs8b4\">Eventuali differenze tra prezzo e fair value<span class=\"_ _1\"></span> sono di norma da attribuire ai cosiddetti margini commerciali<span class=\"_ _1\"></span>.<span class=\"_ _df\"> </span><span class=\"_ _2\"></span> </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs8b5\">Nel <span class=\"_ _d\"></span>caso <span class=\"_ _d\"></span>del <span class=\"_ _d\"></span>\u201cLivello <span class=\"_ _d\"></span>3\u201d, <span class=\"_ _0\"></span>invece, <span class=\"_ _0\"></span>sussiste <span class=\"_ _d\"></span>una <span class=\"_ _d\"></span>discrezionalit\u00e0 <span class=\"_ _d\"></span>parziale <span class=\"_ _d\"></span>dell\u2019operat<span class=\"_ _2\"></span>ore <span class=\"_ _d\"></span>nella <span class=\"_ _d\"></span>valutazione <span class=\"_ _d\"></span>dello<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs8b6\">strumento <span class=\"_ _4\"> </span>e, <span class=\"_ _4\"> </span>pertanto, <span class=\"_ _4\"> </span>proprio <span class=\"_ _22\"> </span>per <span class=\"_ _4\"> </span>la <span class=\"_ _4\"> </span>maggior <span class=\"_ _4\"> </span>so<span class=\"_ _2\"></span>ggettivit\u00e0 <span class=\"_ _22\"> </span>nella <span class=\"_ _4\"> </span>determinazione <span class=\"_ _4\"> </span>del <span class=\"_ _4\"> </span>fair <span class=\"_ _4\"> </span>value <span class=\"_ _4\"> </span>non <span class=\"_ _4\"> </span>\u00e8<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs8b7\">disponibile <span class=\"_ _2\"></span>un <span class=\"_ _d\"></span>inequivocabile <span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>ermine <span class=\"_ _2\"></span>di <span class=\"_ _d\"></span>riferimento <span class=\"_ _2\"></span>da <span class=\"_ _d\"></span>raffrontare <span class=\"_ _d\"></span>con <span class=\"_ _d\"></span>il <span class=\"_ _d\"></span>prezzo <span class=\"_ _d\"></span>della <span class=\"_ _2\"></span>transa<span class=\"_ _2\"></span>zion<span class=\"_ _1\"></span>e. <span class=\"_ _2\"></span>Per <span class=\"_ _d\"></span>tale<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs8b8\">ragione <span class=\"_ _1\"></span>l\u2019IFRS9 e<span class=\"_ _1\"></span>sclude che <span class=\"_ _1\"></span>l'eventuale <span class=\"_ _1\"></span>iniziale differenza <span class=\"_ _f\"></span>t<span class=\"_ _2\"></span>ra i<span class=\"_ _1\"></span>l prezz<span class=\"_ _1\"></span>o della <span class=\"_ _f\"></span>transa<span class=\"_ _2\"></span>zione <span class=\"_ _f\"></span>e la stima <span class=\"_ _f\"></span>interna del<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs8b9\">fair  value  possa  essere  subito  imputata  a <span class=\"_ _22\"> </span>Conto  Economico  in  un'unica  soluzione.  In  tal <span class=\"_ _22\"> </span>caso, <span class=\"_ _22\"> </span>quindi,<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls1a ws0 gs8ba\">l\u2019i<span class=\"ff4 ls0\">scrizione <span class=\"_ _f\"></span>iniziale deve<span class=\"_ _1\"></span> <span class=\"_ _f\"></span>s<span class=\"_ _2\"></span>empre <span class=\"_ _f\"></span>avvenire al <span class=\"_ _f\"></span>prezzo. <span class=\"_ _f\"></span>La su<span class=\"_ _1\"></span>ccessiva <span class=\"_ _1\"></span>valutazione <span class=\"_ _f\"></span>non <span class=\"_ _1\"></span>pu\u00f2 <span class=\"_ _f\"></span>includere la <span class=\"_ _f\"></span>differenza<span class=\"_ _df\"> </span></span><span class=\"ff4 ls0\"> </span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs8bb\">tra prezzo e<span class=\"_ _1\"></span> fair valu<span class=\"_ _1\"></span>e riscontrata all\u2019<span class=\"_ _1\"></span>atto della prima <span class=\"_ _1\"></span>valutazione <span class=\"ff4\">- ossia il <span class=\"_ _f\"></span>Day<span class=\"_ _2\"></span>-<span class=\"ls13\">One</span>-Profit (<span class=\"_ _1\"></span>DOP) o il<span class=\"_ _1\"></span> Day-<span class=\"ls13\">One</span>-<span class=\"_ _df\"> </span></span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs8bc\">Loss <span class=\"_ _14\"> </span>(DOL) <span class=\"_ _17\"> </span>implicito <span class=\"_ _15\"> </span>-, <span class=\"_ _14\"> </span>che <span class=\"_ _17\"> </span>deve <span class=\"_ _14\"> </span>invece <span class=\"_ _14\"> </span>essere <span class=\"_ _14\"> </span>riconosciuta <span class=\"_ _14\"> </span>a <span class=\"_ _14\"> </span>Conto <span class=\"_ _14\"> </span>Economico <span class=\"_ _14\"> </span>solo <span class=\"_ _14\"> </span>se <span class=\"_ _14\"> </span>deriva <span class=\"_ _17\"> </span>da<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs8bd\">cambiamenti dei fattori su cui i p<span class=\"_ _1\"></span>artecipanti al mercato basano le loro valu<span class=\"_ _1\"></span>tazioni nel fissare i prezzi (incluso<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs8be\">l\u2019effetto <span class=\"_ _d\"></span>t<span class=\"_ _2\"></span>empo). <span class=\"_ _d\"></span>Ove <span class=\"_ _d\"></span>lo <span class=\"_ _d\"></span>str<span class=\"_ _2\"></span>umento <span class=\"_ _d\"></span>abbia <span class=\"_ _d\"></span>una <span class=\"_ _0\"></span>scadenza <span class=\"_ _d\"></span>definita <span class=\"_ _d\"></span>e <span class=\"_ _0\"></span>non <span class=\"_ _d\"></span>sia <span class=\"_ _0\"></span>immedi<span class=\"ff4\">atamente <span class=\"_ _0\"></span>disponibile <span class=\"_ _d\"></span>un<span class=\"_ _df\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs8bf\">modello che monitori <span class=\"_ _2\"></span>i cambiamenti dei fattori su <span class=\"_ _2\"></span>cui gli operatori basano i <span class=\"_ _2\"></span>prezzi, \u00e8 ammesso il transito <span class=\"_ _2\"></span>del<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs8c0\">DOP/DOL a Conto Economico linearmente sulla vita del<span class=\"_ _1\"></span>lo strumento finanziario stesso.<span class=\"_ _df\"> </span><span class=\"_ _2\"></span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs8c1\">Pertanto, la politica contabile seguita prevede che:<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff14 fs1 fc1 sc0 ls0 ws0 gs8c2\"><span class=\"_ _27\"> </span><span class=\"ff4\">l'eventuale <span class=\"_ _0\"></span>DOP/DOL <span class=\"_ _0\"></span>implicito <span class=\"_ _0\"></span>negli <span class=\"_ _0\"></span>strumenti <span class=\"_ _9\"> </span>di <span class=\"_ _0\"></span>\"Livello <span class=\"_ _d\"></span>2\" <span class=\"_ _9\"> </span>venga <span class=\"_ _0\"></span>subito <span class=\"_ _0\"></span>imputato <span class=\"_ _0\"></span>per <span class=\"_ _0\"></span>intero <span class=\"_ _0\"></span>al <span class=\"_ _0\"></span>Conto<span class=\"_ _df\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs8c3\">Economico;<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff14 fs1 fc1 sc0 ls0 ws0 gs8c4\"><span class=\"_ _27\"> </span><span class=\"ff4\">invece, l'eventuale DOP/DOL implici<span class=\"_ _1\"></span>to negli strumenti di \"Livell<span class=\"_ _1\"></span>o 3\" venga sterilizzato e imputato al Conto<span class=\"_ _df\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs8c5\">Economico \"pro rata temporis\" (linearmente) lungo la vi<span class=\"_ _1\"></span>ta residua di tali strumenti;<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff14 fs1 fc1 sc0 ls0 ws0 gs8c6\"><span class=\"_ _27\"> </span><span class=\"ff5\">nel caso in <span class=\"_ _f\"></span>cui uno strumento classificato nel \u201cLiv<span class=\"_ _1\"></span>ello 3\u201d dell<span class=\"_ _1\"></span>a gerarchia del <span class=\"_ _1\"></span>fair value venga <span class=\"_ _1\"></span>riclassificato<span class=\"_ _df\"> </span></span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs8c7\">nel  \u201cLivello  2\u201d,  i  residui  DOP/DOL  sospesi  patrimonialmente  ve<span class=\"_ _1\"></span>ngono  iscritti <span class=\"_ _4\"> </span><span class=\"ff4\">a  Conto  Economico  in<span class=\"_ _df\"> </span></span><span class=\"ff4\"><span class=\"_ _1\"></span> </span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs8c8\">un\u2019unica soluzione.<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs8c9\">Al 31 dicembre 2025 <span class=\"_ _2\"></span>non erano presenti importi che debbano essere ancora <span class=\"_ _2\"></span>rilevati a conto economico \"pro<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs8ca\">rata temporis\", ovvero lungo la vita residua de<span class=\"_ _1\"></span>l contratto.<span class=\"_ _2\"></span> </div>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-807": {
   "value": "A.5 <span class=\"ff5\">\u2013</span> <span class=\"ff5\">In<span class=\"_ _f\"></span>f<span class=\"_ _2\"></span>orm<span class=\"_ _1\"></span>ativa<span class=\"_ _1\"></span> sul c.d<span class=\"_ _f\"></span>. \u201cday on<span class=\"_ _1\"></span>e pro<span class=\"_ _f\"></span>fit/loss\u201d<span class=\"_ _df\"> </span></span>I <span class=\"_ _0\"></span>proventi <span class=\"_ _0\"></span>connessi <span class=\"_ _0\"></span>all\u2019emissione <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>prestiti <span class=\"_ _9\"> </span>obbligaziona<span class=\"ff4\">ri, <span class=\"_ _0\"></span>determinat<span class=\"_ _2\"></span>i <span class=\"_ _0\"></span>dalla <span class=\"_ _0\"></span>differenza <span class=\"_ _d\"></span>t<span class=\"_ _2\"></span>ra <span class=\"_ _0\"></span>il <span class=\"_ _0\"></span>corrispettivo<span class=\"_ _df\"> </span></span>incassato ed il fair value<span class=\"_ _1\"></span> dello strumento, sono riconosciuti a con<span class=\"_ _1\"></span>to economico alla data di emissione<span class=\"_ _1\"></span> in tutti<span class=\"_ _df\"> </span>i  casi  in  cu<span class=\"_ _1\"></span>i  tale  fair <span class=\"_ _16\"> </span>value  sia <span class=\"_ _9\"> </span>determinato  attraverso  tecniche  di <span class=\"_ _16\"> </span>valutazione  che  p<span class=\"_ _f\"></span>r<span class=\"_ _2\"></span>endono<span class=\"_ _2\"></span>  parametri<span class=\"_ _df\"> </span>osservabili sul mercato.<span class=\"_ _df\"> </span>Il <span class=\"_ _e\"> </span>principio <span class=\"_ _e\"> </span>IFRS9 <span class=\"_ _10\"> </span>prevede <span class=\"_ _e\"> </span>c<span class=\"_ _2\"></span>he <span class=\"_ _e\"> </span>l\u2019iscrizione <span class=\"_ _e\"> </span>iniziale <span class=\"_ _10\"> </span>degli <span class=\"_ _e\"> </span>st<span class=\"_ _2\"></span>rumenti <span class=\"_ _e\"> </span>finanziari <span class=\"_ _e\"> </span>avvenga <span class=\"_ _e\"> </span>al <span class=\"_ _10\"> </span>fair <span class=\"_ _10\"> </span>value.<span class=\"_ _df\"> </span>Normalmente <span class=\"_ _0\"></span>il <span class=\"_ _0\"></span>fair <span class=\"_ _9\"> </span>value <span class=\"_ _d\"></span>di <span class=\"_ _9\"> </span>uno <span class=\"_ _0\"></span>strumento <span class=\"_ _0\"></span>finanziario <span class=\"_ _0\"></span>alla <span class=\"_ _9\"> </span>data <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>rilevazione <span class=\"_ _0\"></span>iniziale <span class=\"_ _0\"></span>in <span class=\"_ _0\"></span>bilancio <span class=\"_ _9\"> </span>\u00e8 <span class=\"_ _0\"></span>pari <span class=\"_ _0\"></span>al<span class=\"_ _df\"> </span>\u201cprezzo di transazione\u201d; in altre parole, al costo <span class=\"_ _2\"></span>o all\u2019importo erogato per le attivit\u00e0 finanziarie o alla somma<span class=\"_ _df\"> </span>incassata per le passivit\u00e0 finanziarie.<span class=\"_ _df\"> </span>L\u2019affermazione che<span class=\"_ _1\"></span> all\u2019atto dell<span class=\"_ _1\"></span>\u2019iscrizione iniziale <span class=\"_ _1\"></span>in bilancio i<span class=\"_ _1\"></span>l fair <span class=\"_ _1\"></span>value d<span class=\"_ _1\"></span>i uno strumento <span class=\"_ _1\"></span>finanziar<span class=\"ff4\">io coincide<span class=\"_ _df\"> </span></span>con <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>prezzo <span class=\"_ _2\"></span>della <span class=\"_ _2\"></span>transazione <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _2\"></span>intuitivamente sempre <span class=\"_ _2\"></span>riscont<span class=\"_ _2\"></span>rabil<span class=\"_ _1\"></span>e <span class=\"_ _2\"></span>nel <span class=\"_ _2\"></span>caso <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>transazioni <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>cosiddetto<span class=\"_ _df\"> </span>\u201cLivello 1\u201d della gerarchia del fai<span class=\"_ _1\"></span>r <span class=\"_ _2\"></span>value<span class=\"_ _1\"></span>.<span class=\"_ _df\"> </span>Anche  ne<span class=\"_ _1\"></span>l  caso  del  \u201cLi<span class=\"_ _1\"></span>vello  2\u201d,  ch<span class=\"_ _1\"></span>e  si  b<span class=\"_ _1\"></span>asa  su  prezzi<span class=\"_ _1\"></span>  derivati  ind<span class=\"_ _1\"></span>irettamente  dal  mercato<span class=\"_ _1\"></span>  (<span class=\"_ _2\"></span><span class=\"ff4\">comparable<span class=\"_ _df\"> </span></span>approach),  l\u2019iscrizione  iniziale  vede,  in  moltissimi  casi,  sostanzialmente  coincidere  fair  value  e  prezzo.<span class=\"_ _df\"> </span>Eventuali differenze tra prezzo e fair value<span class=\"_ _1\"></span> sono di norma da attribuire ai cosiddetti margini commerciali<span class=\"_ _1\"></span>.<span class=\"_ _df\"> </span>Nel <span class=\"_ _d\"></span>caso <span class=\"_ _d\"></span>del <span class=\"_ _d\"></span>\u201cLivello <span class=\"_ _d\"></span>3\u201d, <span class=\"_ _0\"></span>invece, <span class=\"_ _0\"></span>sussiste <span class=\"_ _d\"></span>una <span class=\"_ _d\"></span>discrezionalit\u00e0 <span class=\"_ _d\"></span>parziale <span class=\"_ _d\"></span>dell\u2019operat<span class=\"_ _2\"></span>ore <span class=\"_ _d\"></span>nella <span class=\"_ _d\"></span>valutazione <span class=\"_ _d\"></span>dello<span class=\"_ _df\"> </span>strumento <span class=\"_ _4\"> </span>e, <span class=\"_ _4\"> </span>pertanto, <span class=\"_ _4\"> </span>proprio <span class=\"_ _22\"> </span>per <span class=\"_ _4\"> </span>la <span class=\"_ _4\"> </span>maggior <span class=\"_ _4\"> </span>so<span class=\"_ _2\"></span>ggettivit\u00e0 <span class=\"_ _22\"> </span>nella <span class=\"_ _4\"> </span>determinazione <span class=\"_ _4\"> </span>del <span class=\"_ _4\"> </span>fair <span class=\"_ _4\"> </span>value <span class=\"_ _4\"> </span>non <span class=\"_ _4\"> </span>\u00e8<span class=\"_ _df\"> </span>disponibile <span class=\"_ _2\"></span>un <span class=\"_ _d\"></span>inequivocabile <span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>ermine <span class=\"_ _2\"></span>di <span class=\"_ _d\"></span>riferimento <span class=\"_ _2\"></span>da <span class=\"_ _d\"></span>raffrontare <span class=\"_ _d\"></span>con <span class=\"_ _d\"></span>il <span class=\"_ _d\"></span>prezzo <span class=\"_ _d\"></span>della <span class=\"_ _2\"></span>transa<span class=\"_ _2\"></span>zion<span class=\"_ _1\"></span>e. <span class=\"_ _2\"></span>Per <span class=\"_ _d\"></span>tale<span class=\"_ _df\"> </span>ragione <span class=\"_ _1\"></span>l\u2019IFRS9 e<span class=\"_ _1\"></span>sclude che <span class=\"_ _1\"></span>l'eventuale <span class=\"_ _1\"></span>iniziale differenza <span class=\"_ _f\"></span>t<span class=\"_ _2\"></span>ra i<span class=\"_ _1\"></span>l prezz<span class=\"_ _1\"></span>o della <span class=\"_ _f\"></span>transa<span class=\"_ _2\"></span>zione <span class=\"_ _f\"></span>e la stima <span class=\"_ _f\"></span>interna del<span class=\"_ _df\"> </span>fair  value  possa  essere  subito  imputata  a <span class=\"_ _22\"> </span>Conto  Economico  in  un'unica  soluzione.  In  tal <span class=\"_ _22\"> </span>caso, <span class=\"_ _22\"> </span>quindi,<span class=\"_ _df\"> </span>l\u2019i<span class=\"ff4 ls0\">scrizione <span class=\"_ _f\"></span>iniziale deve<span class=\"_ _1\"></span> <span class=\"_ _f\"></span>s<span class=\"_ _2\"></span>empre <span class=\"_ _f\"></span>avvenire al <span class=\"_ _f\"></span>prezzo. <span class=\"_ _f\"></span>La su<span class=\"_ _1\"></span>ccessiva <span class=\"_ _1\"></span>valutazione <span class=\"_ _f\"></span>non <span class=\"_ _1\"></span>pu\u00f2 <span class=\"_ _f\"></span>includere la <span class=\"_ _f\"></span>differenza<span class=\"_ _df\"> </span></span>tra prezzo e<span class=\"_ _1\"></span> fair valu<span class=\"_ _1\"></span>e riscontrata all\u2019<span class=\"_ _1\"></span>atto della prima <span class=\"_ _1\"></span>valutazione <span class=\"ff4\">- ossia il <span class=\"_ _f\"></span>Day<span class=\"_ _2\"></span>-<span class=\"ls13\">One</span>-Profit (<span class=\"_ _1\"></span>DOP) o il<span class=\"_ _1\"></span> Day-<span class=\"ls13\">One</span>-<span class=\"_ _df\"> </span></span>Loss <span class=\"_ _14\"> </span>(DOL) <span class=\"_ _17\"> </span>implicito <span class=\"_ _15\"> </span>-, <span class=\"_ _14\"> </span>che <span class=\"_ _17\"> </span>deve <span class=\"_ _14\"> </span>invece <span class=\"_ _14\"> </span>essere <span class=\"_ _14\"> </span>riconosciuta <span class=\"_ _14\"> </span>a <span class=\"_ _14\"> </span>Conto <span class=\"_ _14\"> </span>Economico <span class=\"_ _14\"> </span>solo <span class=\"_ _14\"> </span>se <span class=\"_ _14\"> </span>deriva <span class=\"_ _17\"> </span>da<span class=\"_ _df\"> </span>cambiamenti dei fattori su cui i p<span class=\"_ _1\"></span>artecipanti al mercato basano le loro valu<span class=\"_ _1\"></span>tazioni nel fissare i prezzi (incluso<span class=\"_ _df\"> </span>l\u2019effetto <span class=\"_ _d\"></span>t<span class=\"_ _2\"></span>empo). <span class=\"_ _d\"></span>Ove <span class=\"_ _d\"></span>lo <span class=\"_ _d\"></span>str<span class=\"_ _2\"></span>umento <span class=\"_ _d\"></span>abbia <span class=\"_ _d\"></span>una <span class=\"_ _0\"></span>scadenza <span class=\"_ _d\"></span>definita <span class=\"_ _d\"></span>e <span class=\"_ _0\"></span>non <span class=\"_ _d\"></span>sia <span class=\"_ _0\"></span>immedi<span class=\"ff4\">atamente <span class=\"_ _0\"></span>disponibile <span class=\"_ _d\"></span>un<span class=\"_ _df\"> </span></span>modello che monitori <span class=\"_ _2\"></span>i cambiamenti dei fattori su <span class=\"_ _2\"></span>cui gli operatori basano i <span class=\"_ _2\"></span>prezzi, \u00e8 ammesso il transito <span class=\"_ _2\"></span>del<span class=\"_ _df\"> </span>DOP/DOL a Conto Economico linearmente sulla vita del<span class=\"_ _1\"></span>lo strumento finanziario stesso.<span class=\"_ _df\"> </span>Pertanto, la politica contabile seguita prevede che:<span class=\"_ _df\"> </span><span class=\"_ _27\"> </span><span class=\"ff4\">l'eventuale <span class=\"_ _0\"></span>DOP/DOL <span class=\"_ _0\"></span>implicito <span class=\"_ _0\"></span>negli <span class=\"_ _0\"></span>strumenti <span class=\"_ _9\"> </span>di <span class=\"_ _0\"></span>\"Livello <span class=\"_ _d\"></span>2\" <span class=\"_ _9\"> </span>venga <span class=\"_ _0\"></span>subito <span class=\"_ _0\"></span>imputato <span class=\"_ _0\"></span>per <span class=\"_ _0\"></span>intero <span class=\"_ _0\"></span>al <span class=\"_ _0\"></span>Conto<span class=\"_ _df\"> </span></span>Economico;<span class=\"_ _df\"> </span><span class=\"_ _27\"> </span><span class=\"ff4\">invece, l'eventuale DOP/DOL implici<span class=\"_ _1\"></span>to negli strumenti di \"Livell<span class=\"_ _1\"></span>o 3\" venga sterilizzato e imputato al Conto<span class=\"_ _df\"> </span></span>Economico \"pro rata temporis\" (linearmente) lungo la vi<span class=\"_ _1\"></span>ta residua di tali strumenti;<span class=\"_ _df\"> </span><span class=\"_ _27\"> </span><span class=\"ff5\">nel caso in <span class=\"_ _f\"></span>cui uno strumento classificato nel \u201cLiv<span class=\"_ _1\"></span>ello 3\u201d dell<span class=\"_ _1\"></span>a gerarchia del <span class=\"_ _1\"></span>fair value venga <span class=\"_ _1\"></span>riclassificato<span class=\"_ _df\"> </span></span>nel  \u201cLivello  2\u201d,  i  residui  DOP/DOL  sospesi  patrimonialmente  ve<span class=\"_ _1\"></span>ngono  iscritti <span class=\"_ _4\"> </span><span class=\"ff4\">a  Conto  Economico  in<span class=\"_ _df\"> </span></span>un\u2019unica soluzione.<span class=\"_ _df\"> </span>Al 31 dicembre 2025 <span class=\"_ _2\"></span>non erano presenti importi che debbano essere ancora <span class=\"_ _2\"></span>rilevati a conto economico \"pro<span class=\"_ _df\"> </span>rata temporis\", ovvero lungo la vita residua de<span class=\"_ _1\"></span>l contratto.",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognisingDifferenceBetweenFairValueAtInitialRecognitionAndAmountDeterminedUsingValuationTechniqueExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-747": {
   "value": "<div class=\"t m0 he ff4 fs5 fc4 sc3 ls0 ws0 gs8cc\">Sezio<span class=\"_ _1\"></span>ne 1 <span class=\"ff5\">\u2013</span> <span class=\"_ _1\"></span>Cassa<span class=\"_ _f\"></span> e disponib<span class=\"_ _1\"></span>ilit\u00e0 <span class=\"_ _1\"></span>liquide<span class=\"_ _f\"></span> <span class=\"ff5\">\u2013</span> <span class=\"_ _2\"></span>Vo<span class=\"_ _f\"></span>ce 10 </div><div class=\"c w2f2 h13 gs8cd\"><div class=\"t m0 x10 h5 y3e4 ff4 fs1 fc4 sc3 ls0 ws0\">1.1 Ca<span class=\"_ _f\"></span>ssa e dis<span class=\"_ _1\"></span>ponibi<span class=\"_ _1\"></span>lit\u00e0 <span class=\"_ _1\"></span>liquid<span class=\"_ _1\"></span>e: c<span class=\"_ _1\"></span>ompo<span class=\"_ _1\"></span>sizio<span class=\"_ _1\"></span>ne </div></div><div class=\"c w25a hc8 gs8ce\"><div class=\"t m0 x38 h1f y28b ff4 fs7 fc4 sc3 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale  </div></div><div class=\"gs8cf\"><table class=\"s w98e h49d\" id=\"_c01d7d50-07f5-4ab1-afaa-9b9cbd66a2d8\"><tr><td></td><td></td><td></td><td class=\"c x31a y25a6 w2f3 hc8\"><div class=\"t m0 x38 h1f y28b ff4 fs7 fc4 sc3 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale  </div></td></tr><tr><td></td><td></td><td class=\"c x31b y25a7 w25a hc8\"><div class=\"t m0 x2c h1f y28b ff4 fs7 fc4 sc3 ls0 ws0\">31/12/<span class=\"_ _f\"></span>2025 </div></td><td class=\"c x31a y25a7 w2f3 hc8\"><div class=\"t m0 x2c h1f y28b ff4 fs7 fc4 sc3 ls0 ws0\">31/12/<span class=\"_ _f\"></span>2024 </div></td></tr><tr><td class=\"c x2e0 y25a8 w2f4 hc8\"><div class=\"t m0 x10 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">a) Cassa </div></td><td></td><td class=\"c x31b y25a8 w25a hc8\"><div class=\"t m0 x1af h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">189.620 </div></td><td class=\"c x31a y25a8 w2f5 hc8\"><div class=\"t m0 xef h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">179.661 </div></td></tr><tr><td class=\"c x2e0 y25a9 w2f4 hc8\"><div class=\"t m0 x10 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">b) Conti corren<span class=\"_ _1\"></span>ti e depositi a vis<span class=\"_ _1\"></span>ta presso Banche Ce<span class=\"_ _1\"></span>ntrali </div></td><td></td><td class=\"c x31b y25a9 w25a hc8\"><div class=\"t m0 x8 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">1.118.000 </div></td><td class=\"c x31a y25a9 w2f5 hc8\"><div class=\"t m0 xf h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">3.948.000 </div></td></tr><tr><td class=\"c x2e0 y25aa w2f4 hc8\"><div class=\"t m0 x10 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">c) Conti correnti e de<span class=\"_ _1\"></span>positi a vis<span class=\"_ _1\"></span>ta presso banche </div></td><td></td><td class=\"c x31b y25aa w25a hc8\"><div class=\"t m0 xee h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">95.712 </div></td><td class=\"c x31a y25aa w2f5 hc8\"><div class=\"t m0 x124 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">80.145 </div></td></tr><tr><td></td><td class=\"c x2e0 y25ab w2f4 h227\"><div class=\"t m0 x79 h1f y14c1 ff4 fs7 fc1 sc2 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale  </div></td><td class=\"c x31b y25ab w25a h227\"><div class=\"t m0 xa3 h1f y14c1 ff4 fs7 fc1 sc2 ls0 ws0\">1.403<span class=\"_ _1\"></span>.33<span class=\"_ _f\"></span>2 </div></td><td class=\"c x31a y25ab w2f5 h227\"><div class=\"t m0 xc6 h1f y14c1 ff4 fs7 fc1 sc2 ls0 ws0\">4.207<span class=\"_ _f\"></span>.806 </div></td></tr></table></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs8d0\">Il Gruppo ha in deposito presso la Banca Ce<span class=\"_ _1\"></span>ntrale liquidit\u00e0 per <span class=\"_ _2\"></span>1,1 miliardi di euro. </div>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-778": {
   "value": "Sezio<span class=\"_ _1\"></span>ne 1 <span class=\"ff5\">\u2013</span> <span class=\"_ _1\"></span>Cassa<span class=\"_ _f\"></span> e disponib<span class=\"_ _1\"></span>ilit\u00e0 <span class=\"_ _1\"></span>liquide<span class=\"_ _f\"></span> <span class=\"ff5\">\u2013</span> <span class=\"_ _2\"></span>Vo<span class=\"_ _f\"></span>ce 10 1.1 Ca<span class=\"_ _f\"></span>ssa e dis<span class=\"_ _1\"></span>ponibi<span class=\"_ _1\"></span>lit\u00e0 <span class=\"_ _1\"></span>liquid<span class=\"_ _1\"></span>e: c<span class=\"_ _1\"></span>ompo<span class=\"_ _1\"></span>sizio<span class=\"_ _1\"></span>ne Tot<span class=\"_ _1\"></span>ale  <table class=\"s w98e h49d\" id=\"_c01d7d50-07f5-4ab1-afaa-9b9cbd66a2d8\"><tr><td></td><td></td><td></td><td class=\"c x31a y25a6 w2f3 hc8\"><div class=\"t m0 x38 h1f y28b ff4 fs7 fc4 sc3 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale  </div></td></tr><tr><td></td><td></td><td class=\"c x31b y25a7 w25a hc8\"><div class=\"t m0 x2c h1f y28b ff4 fs7 fc4 sc3 ls0 ws0\">31/12/<span class=\"_ _f\"></span>2025 </div></td><td class=\"c x31a y25a7 w2f3 hc8\"><div class=\"t m0 x2c h1f y28b ff4 fs7 fc4 sc3 ls0 ws0\">31/12/<span class=\"_ _f\"></span>2024 </div></td></tr><tr><td class=\"c x2e0 y25a8 w2f4 hc8\"><div class=\"t m0 x10 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">a) Cassa </div></td><td></td><td class=\"c x31b y25a8 w25a hc8\"><div class=\"t m0 x1af h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">189.620 </div></td><td class=\"c x31a y25a8 w2f5 hc8\"><div class=\"t m0 xef h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">179.661 </div></td></tr><tr><td class=\"c x2e0 y25a9 w2f4 hc8\"><div class=\"t m0 x10 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">b) Conti corren<span class=\"_ _1\"></span>ti e depositi a vis<span class=\"_ _1\"></span>ta presso Banche Ce<span class=\"_ _1\"></span>ntrali </div></td><td></td><td class=\"c x31b y25a9 w25a hc8\"><div class=\"t m0 x8 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">1.118.000 </div></td><td class=\"c x31a y25a9 w2f5 hc8\"><div class=\"t m0 xf h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">3.948.000 </div></td></tr><tr><td class=\"c x2e0 y25aa w2f4 hc8\"><div class=\"t m0 x10 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">c) Conti correnti e de<span class=\"_ _1\"></span>positi a vis<span class=\"_ _1\"></span>ta presso banche </div></td><td></td><td class=\"c x31b y25aa w25a hc8\"><div class=\"t m0 xee h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">95.712 </div></td><td class=\"c x31a y25aa w2f5 hc8\"><div class=\"t m0 x124 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">80.145 </div></td></tr><tr><td></td><td class=\"c x2e0 y25ab w2f4 h227\"><div class=\"t m0 x79 h1f y14c1 ff4 fs7 fc1 sc2 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale  </div></td><td class=\"c x31b y25ab w25a h227\"><div class=\"t m0 xa3 h1f y14c1 ff4 fs7 fc1 sc2 ls0 ws0\">1.403<span class=\"_ _1\"></span>.33<span class=\"_ _f\"></span>2 </div></td><td class=\"c x31a y25ab w2f5 h227\"><div class=\"t m0 xc6 h1f y14c1 ff4 fs7 fc1 sc2 ls0 ws0\">4.207<span class=\"_ _f\"></span>.806 </div></td></tr></table>Il Gruppo ha in deposito presso la Banca Ce<span class=\"_ _1\"></span>ntrale liquidit\u00e0 per <span class=\"_ _2\"></span>1,1 miliardi di euro. 4.1 Att<span class=\"_ _1\"></span>ivit\u00e0<span class=\"_ _f\"></span> finanziar<span class=\"_ _1\"></span>ie va<span class=\"_ _f\"></span>lutate a<span class=\"_ _f\"></span>l<span class=\"_ _2\"></span> co<span class=\"_ _1\"></span>sto a<span class=\"_ _1\"></span>mmo<span class=\"_ _1\"></span>rtizza<span class=\"_ _1\"></span>to: co<span class=\"_ _f\"></span>mposi<span class=\"_ _1\"></span>zione<span class=\"_ _f\"></span> merceol<span class=\"_ _1\"></span>ogi<span class=\"_ _1\"></span>ca dei cr<span class=\"_ _f\"></span>editi ver<span class=\"_ _1\"></span>so ba<span class=\"_ _f\"></span>nche<span class=\"fc1 sc0\"> </span><table class=\"s w9b0 h4a8\" id=\"_07ad0dc5-a1c7-4e11-a124-45adc4f42ffd\"><tr><td></td><td></td><td></td><td class=\"c x352 y2648 w31c hc8\"><div class=\"t m0 x58 h30 y7b1 ff4 fsb fc4 sc3 ls0 ws0\">Totale<span class=\"fc1 sc0\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td class=\"c x353 y2648 wc2 hc8\"><div class=\"t m0 x3b h30 y7b1 ff4 fsb fc4 sc3 ls0 ws0\">Totale<span class=\"fc1 sc0\"> </span></div></td><td></td><td></td><td></td></tr><tr><td></td><td></td><td></td><td class=\"c x352 y2649 w31c hc8\"><div class=\"t m0 x2 h30 y7b1 ff4 fsb fc4 sc3 ls0 ws0\">31/12/2025<span class=\"_ _f\"></span><span class=\"fc1 sc0\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td class=\"c x353 y2649 wc2 hc8\"><div class=\"t m0 x22 h30 y7b1 ff4 fsb fc4 sc3 ls0 ws0\">31/12/202<span class=\"_ _f\"></span>4<span class=\"fc1 sc0\"> </span></div></td><td></td><td></td><td></td></tr><tr><td class=\"c x354 y264b w9b1 h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">Tipologia<span class=\"_ _df\"> </span></div></td><td class=\"c x352 y264c w31d hc8\"><div class=\"t m0 x38 h30 y3e4 ff4 fsb fc4 sc3 ls0 ws0\">Valore di b<span class=\"_ _1\"></span>ilancio<span class=\"_ _1\"></span><span class=\"fc1 sc0\"> </span></div></td><td></td><td></td><td></td><td class=\"c x355 y264c w31e hc8\"><div class=\"t m0 x8f h30 y3e4 ff4 fsb fc4 sc3 ls0 ws0\">Fair val<span class=\"_ _1\"></span>ue<span class=\"fc1 sc0\"> </span></div></td><td></td><td></td><td></td><td class=\"c x353 y264c w31f hc8\"><div class=\"t m0 x97 h30 y3e4 ff4 fsb fc4 sc3 ls0 ws0\">Valore di b<span class=\"_ _1\"></span>ilancio<span class=\"_ _1\"></span><span class=\"fc1 sc0\"> </span></div></td><td></td><td class=\"c x356 y264c w320 hc8\"><div class=\"t m0 x36 h30 y3e4 ff4 fsb fc4 sc3 ls0 ws0\">Fair val<span class=\"_ _1\"></span>ue<span class=\"fc1 sc0\"> </span></div></td><td></td></tr><tr><td class=\"c x2a8 y264d w9b2 h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">operazio<span class=\"_ _1\"></span>ni/Valori<span class=\"_ _df\"> </span></div></td><td class=\"c x357 y264e w9b3 h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">Primo e<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x358 y264f w9b4 h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">Impaired<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td class=\"c x359 y264e w9b3 h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">Primo e<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x35a y264f w9b5 h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">Impaired<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td></tr><tr><td></td><td class=\"c x35b y2650 w9b6 h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">secondo</div></td><td class=\"c x35c y2651 w9b7 h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">Terzo<span class=\"_ _df\"> </span></div></td><td class=\"c x358 y2651 w9b8 h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">acquisite<span class=\"_ _df\"> </span></div></td><td class=\"c x355 y2652 w2bb h23b\"><div class=\"t m0 x2e h30 y474 ff4 fsb fc4 sc3 ls7a ws0\">L1<span class=\"fc1 sc0 ls0\"> </span></div></td><td class=\"c x35d y2652 w1c2 h23b\"><div class=\"t m0 x2f h30 y474 ff4 fsb fc4 sc3 ls0 ws0\">L2<span class=\"fc1 sc0\"> </span></div></td><td class=\"c x35e y2652 w1d4 h23b\"><div class=\"t m0 x55 h30 y474 ff4 fsb fc4 sc3 ls7a ws0\">L3<span class=\"fc1 sc0 ls0\"> </span></div></td><td class=\"c x35f y2650 w9b9 h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">secondo</div></td><td class=\"c x360 y2651 w9b7 h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">Terzo<span class=\"_ _df\"> </span></div></td><td class=\"c x35a y2651 w9b8 h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">acquisite<span class=\"_ _df\"> </span></div></td><td class=\"c x356 y2652 w322 h23b\"><div class=\"t m0 x2e h30 y474 ff4 fsb fc4 sc3 ls7a ws0\">L1<span class=\"fc1 sc0 ls0\"> </span></div></td><td class=\"c x361 y2652 w1c2 h23b\"><div class=\"t m0 x2f h30 y474 ff4 fsb fc4 sc3 ls7a ws0\">L2<span class=\"fc1 sc0 ls0\"> </span></div></td><td class=\"c x362 y2652 w12e h23b\"><div class=\"t m0 x2e h30 y474 ff4 fsb fc4 sc3 ls7a ws0\">L3<span class=\"fc1 sc0 ls0\"> </span></div></td></tr><tr><td></td><td class=\"c x363 y257a w9ba h4aa\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc4 sc3 ls0 ws0\">stadio</div></td><td class=\"c x364 y2654 w9ba h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">stadio<span class=\"_ _df\"> </span></div></td><td class=\"c x365 y2654 w9bb h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 lscb ws0\">o<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td class=\"c x366 y257a w9bc h4aa\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc4 sc3 ls0 ws0\">stadio</div></td><td class=\"c x367 y2654 w9bc h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">stadio<span class=\"_ _df\"> </span></div></td><td class=\"c x368 y2654 w9bb h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 lscb ws0\">o<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td></tr><tr><td></td><td></td><td></td><td class=\"c x358 y2655 w9bd h4aa\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc4 sc3 ls0 ws0\">originate<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td class=\"c x35a y2655 w9bd h4aa\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc4 sc3 ls0 ws0\">originate<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td></tr><tr><td class=\"c x262 y2656 w9be h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc2 ls0 ws0\">A. Crediti v<span class=\"_ _f\"></span>erso<span class=\"_ _df\"> </span></div></td><td class=\"c x352 y2657 w154 h23c\"><div class=\"t m0 x16a h30 y35c ff4 fsb fc1 sc2 ls0 ws0\">397.763<span class=\"sc0\"> </span></div></td><td class=\"c x369 y2657 w1e1 h23c\"><div class=\"t m0 x3a h30 y35c ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x36a y2657 w318 h23c\"><div class=\"t m0 x97 h30 y35c ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x355 y2657 w169 h23c\"><div class=\"t m0 x26 h30 y35c ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x35d y2657 w164 h23c\"><div class=\"t m0 x33 h30 y35c ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x35e y2657 w2ce h23c\"><div class=\"t m0 x8e h30 y35c ff4 fsb fc1 sc2 ls0 ws0\">397.763<span class=\"sc0\"> </span></div></td><td class=\"c x353 y2657 w1e3 h23c\"><div class=\"t m0 x8e h30 y35c ff4 fsb fc1 sc2 ls0 ws0\">387.897<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x36b y2657 w324 h23c\"><div class=\"t m0 x3a h30 y35c ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x36c y2657 w1d4 h23c\"><div class=\"t m0 x97 h30 y35c ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x356 y2657 w2bb h23c\"><div class=\"t m0 x26 h30 y35c ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x361 y2657 w164 h23c\"><div class=\"t m0 x33 h30 y35c ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x362 y2657 w16c h23c\"><div class=\"t m0 xab h30 y35c ff4 fsb fc1 sc2 ls0 ws0\">387.897<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x262 y2658 w9bf h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc2 ls0 ws0\">Banche<span class=\"_ _f\"></span> Centrali<span class=\"_ _df\"> </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=\"c x36d y2659 w323 h98\"><div class=\"t m0 x2f h30 y9bd ff4 fsb fc1 sc0 ls0 ws0\">1. Depositi a </div><div class=\"t m0 x2f h30 y7b1 ff4 fsb fc1 sc0 ls0 ws0\">scadenza<span class=\"_ _df\"> </span></div></td><td class=\"c x352 y2659 w154 h98\"><div class=\"t m0 x31 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x369 y2659 w1e1 h98\"><div class=\"t m0 x3a h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x36a y2659 w318 h98\"><div class=\"t m0 x97 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x355 y2659 w169 h98\"><div class=\"t m0 x55 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x35d y2659 w164 h98\"><div class=\"t m0 x116 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x35e y2659 w2ce h98\"><div class=\"t m0 x39 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x353 y2659 w1e3 h98\"><div class=\"t m0 x37 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x36b y2659 w324 h98\"><div class=\"t m0 x3a h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x36c y2659 w1d4 h98\"><div class=\"t m0 x97 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x356 y2659 w2bb h98\"><div class=\"t m0 x55 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x361 y2659 w164 h98\"><div class=\"t m0 x116 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x362 y2659 w16c h98\"><div class=\"t m0 x55 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">X </div></td></tr><tr><td class=\"c x36e y265a w9c0 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">2. Riserva<span class=\"_ _df\"> </span></div></td><td class=\"c x352 y265b w154 h98\"><div class=\"t m0 x16a h30 y27 ff4 fsb fc1 sc0 ls0 ws0\">397.763 </div></td><td class=\"c x369 y265b w1e1 h98\"><div class=\"t m0 x3a h30 y27 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x36a y265b w318 h98\"><div class=\"t m0 x97 h30 y27 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x355 y265b w169 h98\"><div class=\"t m0 x55 h30 y27 ff4 fsb fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x35d y265b w164 h98\"><div class=\"t m0 x116 h30 y27 ff4 fsb fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x35e y265b w2ce h98\"><div class=\"t m0 x39 h30 y27 ff4 fsb fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x353 y265b w1e3 h98\"><div class=\"t m0 xac h30 y27 ff4 fsb fc1 sc0 ls5c ws0\">38<span class=\"ls0\">7.897</span><span class=\"ls0\"> </span></div></td><td class=\"c x36b y265b w324 h98\"><div class=\"t m0 x3a h30 y27 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x36c y265b w1d4 h98\"><div class=\"t m0 x97 h30 y27 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x356 y265b w2bb h98\"><div class=\"t m0 x55 h30 y27 ff4 fsb fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x361 y265b w164 h98\"><div class=\"t m0 x116 h30 y27 ff4 fsb fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x362 y265b w16c h98\"><div class=\"t m0 x55 h30 y27 ff4 fsb fc1 sc0 ls0 ws0\">X </div></td></tr><tr><td class=\"c x36e y265c w9c1 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">obbligatoria<span class=\"_ _df\"> </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=\"c x36e y265d w9c2 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">3. Pronti contro<span class=\"_ _df\"> </span></div></td><td class=\"c x352 y265e w154 h12\"><div class=\"t m0 x31 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x369 y265e w1e1 h12\"><div class=\"t m0 x3a h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x36a y265e w318 h12\"><div class=\"t m0 x97 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x355 y265e w169 h12\"><div class=\"t m0 x55 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x35d y265e w164 h12\"><div class=\"t m0 x116 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x35e y265e w2ce h12\"><div class=\"t m0 x39 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x353 y265e w1e3 h12\"><div class=\"t m0 x37 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x36b y265e w324 h12\"><div class=\"t m0 x3a h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x36c y265e w1d4 h12\"><div class=\"t m0 x97 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x356 y265e w2bb h12\"><div class=\"t m0 x55 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x361 y265e w164 h12\"><div class=\"t m0 x116 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x362 y265e w16c h12\"><div class=\"t m0 x55 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">X </div></td></tr><tr><td class=\"c x36e y265f w9c3 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">termine<span class=\"_ _df\"> </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=\"c x36d y2660 w323 h227\"><div class=\"t m0 x2f h30 y1510 ff4 fsb fc1 sc0 ls0 ws0\">4. Altri<span class=\"_ _df\"> </span></div></td><td class=\"c x352 y2660 w154 h227\"><div class=\"t m0 x31 h30 y1510 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x369 y2660 w1e1 h227\"><div class=\"t m0 x3a h30 y1510 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x36a y2660 w318 h227\"><div class=\"t m0 x97 h30 y1510 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x355 y2660 w169 h227\"><div class=\"t m0 x55 h30 y1510 ff4 fsb fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x35d y2660 w164 h227\"><div class=\"t m0 x116 h30 y1510 ff4 fsb fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x35e y2660 w2ce h227\"><div class=\"t m0 x39 h30 y1510 ff4 fsb fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x353 y2660 w1e3 h227\"><div class=\"t m0 x37 h30 y1510 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x36b y2660 w324 h227\"><div class=\"t m0 x3a h30 y1510 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x36c y2660 w1d4 h227\"><div class=\"t m0 x97 h30 y1510 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x356 y2660 w2bb h227\"><div class=\"t m0 x55 h30 y1510 ff4 fsb fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x361 y2660 w164 h227\"><div class=\"t m0 x116 h30 y1510 ff4 fsb fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x362 y2660 w16c h227\"><div class=\"t m0 x55 h30 y1510 ff4 fsb fc1 sc0 ls0 ws0\">X </div></td></tr><tr><td class=\"c x262 y2661 w9c4 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc2 ls0 ws0\">B. Crediti<span class=\"_ _f\"></span> v<span class=\"_ _2\"></span>erso<span class=\"_ _df\"> </span></div></td><td class=\"c x352 y2662 w154 h98\"><div class=\"t m0 xac h30 y295 ff4 fsb fc1 sc2 ls0 ws0\">2.057.5<span class=\"_ _1\"></span>61<span class=\"sc0\"> </span></div></td><td class=\"c x369 y2662 w1e1 h98\"><div class=\"t m0 x3a h30 y295 ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x36a y2662 w318 h98\"><div class=\"t m0 x97 h30 y295 ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x355 y2662 w169 h98\"><div class=\"t m0 xab h30 y295 ff4 fsb fc1 sc2 ls0 ws0\">642.872<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x35d y2662 w164 h98\"><div class=\"t m0 x33 h30 y295 ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x35e y2662 w2ce h98\"><div class=\"t m0 xab h30 y295 ff4 fsb fc1 sc2 ls0 ws0\">1.416.54<span class=\"_ _1\"></span>0<span class=\"sc0\"> </span></div></td><td class=\"c x353 y2662 w1e3 h98\"><div class=\"t m0 xab h30 y295 ff4 fsb fc1 sc2 ls0 ws0\">1.191.880<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x36b y2662 w324 h98\"><div class=\"t m0 x3a h30 y295 ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x36c y2662 w1d4 h98\"><div class=\"t m0 x97 h30 y295 ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x356 y2662 w2bb h98\"><div class=\"t m0 xab h30 y295 ff4 fsb fc1 sc2 ls0 ws0\">637.763<span class=\"sc0\"> </span></div></td><td class=\"c x361 y2662 w164 h98\"><div class=\"t m0 x33 h30 y295 ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x362 y2662 w16c h98\"><div class=\"t m0 xac h30 y295 ff4 fsb fc1 sc2 ls0 ws0\">552.772<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x262 y2663 w9c5 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc2 ls0 ws0\">banche<span class=\"_ _df\"> </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=\"c x36d y2664 w323 hc8\"><div class=\"t m0 x2f h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">1. Finanziamenti</div></td><td class=\"c x352 y2664 w154 hc8\"><div class=\"t m0 xac h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">1.416.542 </div></td><td class=\"c x369 y2664 w1e1 hc8\"><div class=\"t m0 x3a h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x36a y2664 w318 hc8\"><div class=\"t m0 x97 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x355 y2664 w169 hc8\"><div class=\"t m0 x26 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x35d y2664 w164 hc8\"><div class=\"t m0 x33 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x35e y2664 w2ce hc8\"><div class=\"t m0 x8a h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">1.416.540 </div></td><td class=\"c x353 y2664 w1e3 hc8\"><div class=\"t m0 x8e h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">552.772 </div></td><td class=\"c x36b y2664 w324 hc8\"><div class=\"t m0 x3a h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x36c y2664 w1d4 hc8\"><div class=\"t m0 x97 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x356 y2664 w2bb hc8\"><div class=\"t m0 x26 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x361 y2664 w164 hc8\"><div class=\"t m0 x33 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x362 y2664 w16c hc8\"><div class=\"t m0 xab h30 y74a ff4 fsb fc1 sc0 ls87 ws0\">552<span class=\"ls0\">.772</span><span class=\"ls0\"> </span></div></td></tr><tr><td class=\"c x36d y2665 w323 hc8\"><div class=\"t m0 x55 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">1.1 Conti correnti </div></td><td class=\"c x352 y2665 w154 hc8\"><div class=\"t m0 x31 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x369 y2665 w1e1 hc8\"><div class=\"t m0 x3a h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x36a y2665 w318 hc8\"><div class=\"t m0 x97 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x355 y2665 w169 hc8\"><div class=\"t m0 x55 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x35d y2665 w164 hc8\"><div class=\"t m0 x116 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x35e y2665 w2ce hc8\"><div class=\"t m0 x39 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x353 y2665 w1e3 hc8\"><div class=\"t m0 x37 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x36b y2665 w324 hc8\"><div class=\"t m0 x3a h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x36c y2665 w1d4 hc8\"><div class=\"t m0 x97 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x356 y2665 w2bb hc8\"><div class=\"t m0 x55 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x361 y2665 w164 hc8\"><div class=\"t m0 x116 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x362 y2665 w16c hc8\"><div class=\"t m0 x55 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">X </div></td></tr><tr><td class=\"c x36d y2666 w323 h98\"><div class=\"t m0 x55 h30 y9bd ff4 fsb fc1 sc0 ls0 ws0\"> 1.2. Depositi a </div><div class=\"t m0 x55 h30 y7b6 ff4 fsb fc1 sc0 ls0 ws0\">scadenza  </div></td><td class=\"c x352 y2666 w154 h98\"><div class=\"t m0 x31 h30 y27 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x369 y2666 w1e1 h98\"><div class=\"t m0 x3a h30 y27 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x36a y2666 w318 h98\"><div class=\"t m0 x97 h30 y27 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x355 y2666 w169 h98\"><div class=\"t m0 x55 h30 y27 ff4 fsb fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x35d y2666 w164 h98\"><div class=\"t m0 x116 h30 y27 ff4 fsb fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x35e y2666 w2ce h98\"><div class=\"t m0 x39 h30 y27 ff4 fsb fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x353 y2666 w1e3 h98\"><div class=\"t m0 x37 h30 y27 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x36b y2666 w324 h98\"><div class=\"t m0 x3a h30 y27 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x36c y2666 w1d4 h98\"><div class=\"t m0 x97 h30 y27 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x356 y2666 w2bb h98\"><div class=\"t m0 x55 h30 y27 ff4 fsb fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x361 y2666 w164 h98\"><div class=\"t m0 x116 h30 y27 ff4 fsb fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x362 y2666 w16c h98\"><div class=\"t m0 x55 h30 y27 ff4 fsb fc1 sc0 ls0 ws0\">X </div></td></tr><tr><td class=\"c x36f y2667 w9c6 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">1.3. Altri<span class=\"_ _df\"> </span></div></td><td class=\"c x352 y2668 w154 h12\"><div class=\"t m0 xac h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">1.416.542 </div></td><td class=\"c x369 y2668 w1e1 h12\"><div class=\"t m0 x3a h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x36a y2668 w318 h12\"><div class=\"t m0 x97 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x355 y2668 w169 h12\"><div class=\"t m0 x55 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x35d y2668 w164 h12\"><div class=\"t m0 x116 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x35e y2668 w2ce h12\"><div class=\"t m0 x39 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x353 y2668 w1e3 h12\"><div class=\"t m0 x8e h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">552.772 </div></td><td class=\"c x36b y2668 w324 h12\"><div class=\"t m0 x3a h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x36c y2668 w1d4 h12\"><div class=\"t m0 x97 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x356 y2668 w2bb h12\"><div class=\"t m0 x55 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x361 y2668 w164 h12\"><div class=\"t m0 x116 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x362 y2668 w16c h12\"><div class=\"t m0 x55 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">X </div></td></tr><tr><td class=\"c x370 y2669 w9c7 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">finanziamenti:<span class=\"_ _df\"> </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=\"c x36f y266a w9c8 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">- Pronti contro<span class=\"_ _df\"> </span></div></td><td class=\"c x352 y266b w154 h98\"><div class=\"t m0 x16a h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">996.158 </div></td><td class=\"c x369 y266b w1e1 h98\"><div class=\"t m0 x3a h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x36a y266b w318 h98\"><div class=\"t m0 x97 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x355 y266b w169 h98\"><div class=\"t m0 x55 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x35d y266b w164 h98\"><div class=\"t m0 x116 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x35e y266b w2ce h98\"><div class=\"t m0 x39 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x353 y266b w1e3 h98\"><div class=\"t m0 x37 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x36b y266b w324 h98\"><div class=\"t m0 x3a h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x36c y266b w1d4 h98\"><div class=\"t m0 x97 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x356 y266b w2bb h98\"><div class=\"t m0 x55 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x361 y266b w164 h98\"><div class=\"t m0 x116 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x362 y266b w16c h98\"><div class=\"t m0 x55 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">X </div></td></tr><tr><td class=\"c x370 y266c w9c9 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">termine attiv<span class=\"_ _2\"></span>i<span class=\"_ _df\"> </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=\"c x36f y266d w9ca h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">- Finanziamenti<span class=\"_ _df\"> </span></div></td><td class=\"c x352 y266e w154 h98\"><div class=\"t m0 x26 h30 y27 ff4 fsb fc1 sc0 ls86 ws0\">88<span class=\"ls0\"> </span></div></td><td class=\"c x369 y266e w1e1 h98\"><div class=\"t m0 x3a h30 y27 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x36a y266e w318 h98\"><div class=\"t m0 x97 h30 y27 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x355 y266e w169 h98\"><div class=\"t m0 x55 h30 y27 ff4 fsb fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x35d y266e w164 h98\"><div class=\"t m0 x116 h30 y27 ff4 fsb fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x35e y266e w2ce h98\"><div class=\"t m0 x39 h30 y27 ff4 fsb fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x353 y266e w1e3 h98\"><div class=\"t m0 x32 h30 y27 ff4 fsb fc1 sc0 ls0 ws0\">129 </div></td><td class=\"c x36b y266e w324 h98\"><div class=\"t m0 x3a h30 y27 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x36c y266e w1d4 h98\"><div class=\"t m0 x97 h30 y27 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x356 y266e w2bb h98\"><div class=\"t m0 x55 h30 y27 ff4 fsb fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x361 y266e w164 h98\"><div class=\"t m0 x116 h30 y27 ff4 fsb fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x362 y266e w16c h98\"><div class=\"t m0 x55 h30 y27 ff4 fsb fc1 sc0 ls0 ws0\">X </div></td></tr><tr><td class=\"c x370 y266f w9cb h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">per leasing</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=\"c x36d y2670 w323 hc8\"><div class=\"t m0 x55 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\"> - Altri </div></td><td class=\"c x352 y2670 w154 hc8\"><div class=\"t m0 x2f h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">420.296 </div></td><td class=\"c x369 y2670 w1e1 hc8\"><div class=\"t m0 x3a h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x36a y2670 w318 hc8\"><div class=\"t m0 x97 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x355 y2670 w169 hc8\"><div class=\"t m0 x55 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x35d y2670 w164 hc8\"><div class=\"t m0 x116 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x35e y2670 w2ce hc8\"><div class=\"t m0 x39 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x353 y2670 w1e3 hc8\"><div class=\"t m0 xac h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">552.644 </div></td><td class=\"c x36b y2670 w324 hc8\"><div class=\"t m0 x3a h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x36c y2670 w1d4 hc8\"><div class=\"t m0 x97 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x356 y2670 w2bb hc8\"><div class=\"t m0 x55 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x361 y2670 w164 hc8\"><div class=\"t m0 x116 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x362 y2670 w16c hc8\"><div class=\"t m0 x55 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">X </div></td></tr><tr><td class=\"c x36d y2671 w323 hc8\"><div class=\"t m0 x2f h30 y74a ff4 fsb fc1 sc0 ls0 ws0\"> 2. Titoli di debito</div></td><td class=\"c x352 y2671 w154 hc8\"><div class=\"t m0 x2a h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">641.019 </div></td><td class=\"c x369 y2671 w1e1 hc8\"><div class=\"t m0 x3a h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x36a y2671 w318 hc8\"><div class=\"t m0 x97 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x355 y2671 w169 hc8\"><div class=\"t m0 x8a h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">642.872 </div></td><td class=\"c x35d y2671 w164 hc8\"><div class=\"t m0 x33 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x35e y2671 w2ce hc8\"><div class=\"t m0 x97 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x353 y2671 w1e3 hc8\"><div class=\"t m0 x8e h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">639.108 </div></td><td class=\"c x36b y2671 w324 hc8\"><div class=\"t m0 x3a h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x36c y2671 w1d4 hc8\"><div class=\"t m0 x97 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x356 y2671 w2bb hc8\"><div class=\"t m0 xab h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">637.763 </div></td><td class=\"c x361 y2671 w164 hc8\"><div class=\"t m0 x33 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x362 y2671 w16c hc8\"><div class=\"t m0 x26 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x36f y2672 w9cc h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">2.1 Titoli<span class=\"_ _df\"> </span></div></td><td class=\"c x352 y2673 w154 h12\"><div class=\"t m0 x55 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">86.317 </div></td><td class=\"c x369 y2673 w1e1 h12\"><div class=\"t m0 x3a h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x36a y2673 w318 h12\"><div class=\"t m0 x97 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x355 y2673 w169 h12\"><div class=\"t m0 x8e h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">87.250 </div></td><td class=\"c x35d y2673 w164 h12\"><div class=\"t m0 x33 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x35e y2673 w2ce h12\"><div class=\"t m0 x97 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x353 y2673 w1e3 h12\"><div class=\"t m0 x8e h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">107.625 </div></td><td class=\"c x36b y2673 w324 h12\"><div class=\"t m0 x3a h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x36c y2673 w1d4 h12\"><div class=\"t m0 x97 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x356 y2673 w2bb h12\"><div class=\"t m0 xac h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">108.148 </div></td><td class=\"c x361 y2673 w164 h12\"><div class=\"t m0 x33 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x362 y2673 w16c h12\"><div class=\"t m0 x26 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x370 y2674 w9cd h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">strutturati<span class=\"_ _df\"> </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=\"c x36f y2675 w9ce h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">2.2 Altri ti<span class=\"_ _2\"></span>toli di<span class=\"_ _df\"> </span></div></td><td class=\"c x352 y2676 w154 h98\"><div class=\"t m0 x16a h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">554.702 </div></td><td class=\"c x369 y2676 w1e1 h98\"><div class=\"t m0 x3a h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x36a y2676 w318 h98\"><div class=\"t m0 x97 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x355 y2676 w169 h98\"><div class=\"t m0 xab h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">555.622 </div></td><td class=\"c x35d y2676 w164 h98\"><div class=\"t m0 x33 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x35e y2676 w2ce h98\"><div class=\"t m0 x97 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x353 y2676 w1e3 h98\"><div class=\"t m0 x8e h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">531.483 </div></td><td class=\"c x36b y2676 w324 h98\"><div class=\"t m0 x3a h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x36c y2676 w1d4 h98\"><div class=\"t m0 x97 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x356 y2676 w2bb h98\"><div class=\"t m0 xab h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">529.615 </div></td><td class=\"c x361 y2676 w164 h98\"><div class=\"t m0 x33 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x362 y2676 w16c h98\"><div class=\"t m0 x26 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x370 y2677 w9cf h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">debito<span class=\"_ _df\"> </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=\"c x36d y2678 w323 hc8\"><div class=\"t m0 xe h30 y74a ff4 fsb fc1 sc2 ls0 ws0\">Totale<span class=\"sc0\"> </span></div></td><td class=\"c x352 y2678 w154 hc8\"><div class=\"t m0 x8a h30 y74a ff4 fsb fc1 sc2 ls0 ws0\">2.455.32<span class=\"_ _f\"></span>4<span class=\"sc0\"> </span></div></td><td class=\"c x369 y2678 w1e1 hc8\"><div class=\"t m0 x3a h30 y74a ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x36a y2678 w318 hc8\"><div class=\"t m0 x97 h30 y74a ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x355 y2678 w169 hc8\"><div class=\"t m0 xab h30 y74a ff4 fsb fc1 sc2 ls0 ws0\">642.872<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x35d y2678 w164 hc8\"><div class=\"t m0 x33 h30 y74a ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x35e y2678 w2ce hc8\"><div class=\"t m0 xab h30 y74a ff4 fsb fc1 sc2 ls0 ws0\">1.814.303<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x353 y2678 w1e3 hc8\"><div class=\"t m0 x8a h30 y74a ff4 fsb fc1 sc2 ls0 ws0\">1.579.777<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x36b y2678 w324 hc8\"><div class=\"t m0 x3a h30 y74a ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x36c y2678 w1d4 hc8\"><div class=\"t m0 x97 h30 y74a ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x356 y2678 w2bb hc8\"><div class=\"t m0 xab h30 y74a ff4 fsb fc1 sc2 ls0 ws0\">637.763<span class=\"sc0\"> </span></div></td><td class=\"c x361 y2678 w164 hc8\"><div class=\"t m0 x33 h30 y74a ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x362 y2678 w16c hc8\"><div class=\"t m0 x8a h30 y74a ff4 fsb fc1 sc2 ls0 ws0\">940.669<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td></tr></table>Lege<span class=\"_ _f\"></span>nda: L1= Livello 1 L2= Livello 2 L3= Livello 3 Sono inclusi i crediti di<span class=\"_ _1\"></span> funzionamento connessi con la prestazione d<span class=\"_ _2\"></span>i servizi finanziari. I crediti,<span class=\"_ _1\"></span> ad eccezione <span class=\"_ _1\"></span>dei titoli di de<span class=\"_ _1\"></span>bito, sono iscritti al l<span class=\"_ _1\"></span>oro valor<span class=\"_ _1\"></span>e nominale, corrisponde<span class=\"_ _1\"></span>nte al loro fair value e il livello di fair value attribuito risulta essere pari <span class=\"_ _1\"></span>a 3.<span class=\"_ _2\"></span> Le metodologie <span class=\"_ _2\"></span>utilizzate <span class=\"_ _2\"></span>per la <span class=\"_ _2\"></span>determinazione <span class=\"_ _2\"></span>de<span class=\"_ _2\"></span>l fair <span class=\"_ _2\"></span>value <span class=\"_ _2\"></span>sono <span class=\"_ _2\"></span>riportate nella <span class=\"_ _2\"></span>Parte <span class=\"_ _2\"></span>A1 <span class=\"_ _2\"></span><span class=\"ff5\">\u2013</span> <span class=\"_ _2\"></span>Parte generale <span class=\"ff5\">\u2013</span> Sezione 16 <span class=\"ff5\">\u201cAltre</span> <span class=\"ff5\">informazioni\u201d.</span> ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfCashAndBankBalancesAtCentralBanksExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-885": {
   "value": "Sezio<span class=\"_ _1\"></span>ne 2 <span class=\"ff5\">\u2013</span> <span class=\"_ _1\"></span>Attivit\u00e0<span class=\"_ _1\"></span> fina<span class=\"_ _1\"></span>nziari<span class=\"_ _f\"></span>e valutate<span class=\"_ _1\"></span> al fair va<span class=\"_ _f\"></span>lue con im<span class=\"_ _f\"></span>patto a<span class=\"_ _1\"></span> conto <span class=\"_ _1\"></span>econo<span class=\"_ _f\"></span>mico <span class=\"ff5\">\u2013</span> Vo<span class=\"_ _f\"></span>ce 20  2.1 At<span class=\"_ _f\"></span>tivit\u00e0 fina<span class=\"_ _1\"></span>nzia<span class=\"_ _1\"></span>rie d<span class=\"_ _1\"></span>etenut<span class=\"_ _1\"></span>e p<span class=\"_ _1\"></span>er la <span class=\"_ _1\"></span>negozia<span class=\"_ _f\"></span>zione: <span class=\"_ _1\"></span>com<span class=\"_ _f\"></span>posizion<span class=\"_ _1\"></span>e me<span class=\"_ _1\"></span>rceol<span class=\"_ _1\"></span>ogica<span class=\"_ _1\"></span> <table class=\"s w98f h49e\" id=\"_70d8612b-b621-4782-a5bb-4d40058f6842\"><tr><td></td><td></td><td class=\"c x31c y25ac w2f7 h1fa\"><div class=\"t m0 x199 h1f y32 ff4 fs7 fc4 sc3 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale </div></td><td></td><td></td><td class=\"c x31d y25ac w2f8 h1fa\"><div class=\"t m0 x199 h1f y32 ff4 fs7 fc4 sc3 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale </div></td><td></td></tr><tr><td class=\"c x2e0 y25ad w2f6 h231\"><div class=\"t m0 x11d h1f y113e ff4 fs7 fc4 sc3 ls0 ws0\">Voci<span class=\"_ _1\"></span>/Valo<span class=\"_ _f\"></span>ri </div></td><td class=\"c x31e y25ae w990 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/<span class=\"_ _df\"> </span></div></td><td class=\"c x31f y25ae w991 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">2025<span class=\"_ _df\"> </span></div></td><td></td><td></td><td class=\"c x31d y25af w2f8 h232\"><div class=\"t m0 xe5 h1f y93e ff4 fs7 fc4 sc3 ls0 ws0\">31/12/<span class=\"_ _f\"></span>2024 </div></td><td></td></tr><tr><td></td><td class=\"c x31c y25ad w2f9 h232\"><div class=\"t m0 x3a h1f y93e ff4 fs7 fc4 sc3 lsc7 ws0\">L1<span class=\"ls0\"> </span></div></td><td class=\"c x320 y25ad w2fa h232\"><div class=\"t m0 x2c h1f y93e ff4 fs7 fc4 sc3 lsc7 ws0\">L2<span class=\"ls0\"> </span></div></td><td class=\"c x321 y25ad w2f9 h232\"><div class=\"t m0 x2c h1f y93e ff4 fs7 fc4 sc3 lsc7 ws0\">L3<span class=\"ls0\"> </span></div></td><td class=\"c x31d y25ad w2f9 h232\"><div class=\"t m0 x3a h1f y93e ff4 fs7 fc4 sc3 lsc7 ws0\">L1<span class=\"ls0\"> </span></div></td><td class=\"c x322 y25ad w2fa h232\"><div class=\"t m0 x2c h1f y93e ff4 fs7 fc4 sc3 lsc7 ws0\">L2<span class=\"ls0\"> </span></div></td><td class=\"c x323 y25ad w2fb h232\"><div class=\"t m0 x2c h1f y93e ff4 fs7 fc4 sc3 lsc7 ws0\">L3<span class=\"ls0\"> </span></div></td></tr><tr><td class=\"c x2e0 y25b0 w2fc hc8\"><div class=\"t m0 x10 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">A. Att<span class=\"_ _f\"></span>ivit\u00e0 per<span class=\"_ _f\"></span> cassa<span class=\"_ _f\"></span> </div></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2e0 y25b1 w2fc hc8\"><div class=\"t m0 x10 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">1. Titoli di debito<span class=\"_ _1\"></span> </div></td><td class=\"c x30f y25b1 w2f9 hc8\"><div class=\"t m0 x31 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">24.176 </div></td><td class=\"c x320 y25b1 w11e hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x321 y25b1 w2f9 hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x31d y25b1 w11f hc8\"><div class=\"t m0 x38 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">19.098 </div></td><td class=\"c x322 y25b1 w11e hc8\"><div class=\"t m0 x1c h1f y28b ff4 fs7 fc1 sc0 lsa ws0\">46<span class=\"ls0\"> </span></div></td><td class=\"c x323 y25b1 w50 hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2e0 y25b2 w2fc hc8\"><div class=\"t m0 x2f h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">1.1 Titoli struttu<span class=\"_ _1\"></span>rati </div></td><td class=\"c x30f y25b2 w2f9 hc8\"><div class=\"t m0 x15 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">2.723 </div></td><td class=\"c x320 y25b2 w11e hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x321 y25b2 w2f9 hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x31d y25b2 w11f hc8\"><div class=\"t m0 x12 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">909 </div></td><td class=\"c x322 y25b2 w11e hc8\"><div class=\"t m0 xa3 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">4 </div></td><td class=\"c x323 y25b2 w50 hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2e0 y25b3 w2fc hc8\"><div class=\"t m0 x2f h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">1.2 Altri titoli di deb<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span>to </div></td><td class=\"c x30f y25b3 w2f9 hc8\"><div class=\"t m0 x38 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">21.453 </div></td><td class=\"c x320 y25b3 w11e hc8\"><div class=\"t m0 x8 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x321 y25b3 w2f9 hc8\"><div class=\"t m0 x8 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x31d y25b3 w11f hc8\"><div class=\"t m0 x31 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">18.189 </div></td><td class=\"c x322 y25b3 w11e hc8\"><div class=\"t m0 x1c h1f ye4c ff4 fs7 fc1 sc0 lsa ws0\">42<span class=\"ls0\"> </span></div></td><td class=\"c x323 y25b3 w50 hc8\"><div class=\"t m0 x8 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2e0 y25b4 w2fc hc8\"><div class=\"t m0 x10 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">2. Titoli di capita<span class=\"_ _f\"></span>l<span class=\"_ _2\"></span>e<span class=\"_ _df\"> </span></div></td><td class=\"c x30f y25b4 w2f9 hc8\"><div class=\"t m0 x8 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x320 y25b4 w11e hc8\"><div class=\"t m0 x8 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x321 y25b4 w2f9 hc8\"><div class=\"t m0 x8 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x31d y25b4 w11f hc8\"><div class=\"t m0 x8 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x322 y25b4 w11e hc8\"><div class=\"t m0 x8 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x323 y25b4 w50 hc8\"><div class=\"t m0 x8 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2e0 y25b5 w2fc hc8\"><div class=\"t m0 x10 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">3. Quote di O.I.C<span class=\"_ _1\"></span>.R.<span class=\"_ _df\"> </span></div></td><td class=\"c x30f y25b5 w2f9 hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x320 y25b5 w11e hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x321 y25b5 w2f9 hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x31d y25b5 w11f hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x322 y25b5 w11e hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x323 y25b5 w50 hc8\"><div class=\"t m0 x1c h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">24 </div></td></tr><tr><td class=\"c x2e0 y25b6 w2fc hc8\"><div class=\"t m0 x10 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">4. Finanziamenti </div></td><td class=\"c x30f y25b6 w2f9 hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x320 y25b6 w11e hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x321 y25b6 w2f9 hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x31d y25b6 w11f hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x322 y25b6 w11e hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x323 y25b6 w50 hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2e0 y25b7 w2fc hc8\"><div class=\"t m0 x2f h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">4.1 Pronti contro<span class=\"_ _1\"></span> termine </div></td><td class=\"c x30f y25b7 w2f9 hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x320 y25b7 w11e hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x321 y25b7 w2f9 hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x31d y25b7 w11f hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x322 y25b7 w11e hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x323 y25b7 w50 hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2e0 y25b8 w2fc hc8\"><div class=\"t m0 x2f h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">4.2 Altri </div></td><td class=\"c x30f y25b8 w2f9 hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x320 y25b8 w11e hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x321 y25b8 w2f9 hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x31d y25b8 w11f hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x322 y25b8 w11e hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x323 y25b8 w50 hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2e0 y25b9 w2fc hc8\"><div class=\"t m0 x23 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale (A<span class=\"_ _f\"></span>) </div></td><td class=\"c x30f y25b9 w2f9 hc8\"><div class=\"t m0 x31 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">24.17<span class=\"_ _f\"></span>6 </div></td><td class=\"c x320 y25b9 w11e hc8\"><div class=\"t m0 x8 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td><td class=\"c x321 y25b9 w2f9 hc8\"><div class=\"t m0 x8 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td><td class=\"c x31d y25b9 w11f hc8\"><div class=\"t m0 x31 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">19.09<span class=\"_ _f\"></span>8 </div></td><td class=\"c x322 y25b9 w11e hc8\"><div class=\"t m0 x1c h1f ye4c ff4 fs7 fc1 sc2 lsa ws0\">46<span class=\"ls0\"> </span></div></td><td class=\"c x323 y25b9 w50 hc8\"><div class=\"t m0 x1c h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">24 </div></td></tr><tr><td class=\"c x2e0 y25ba w2fc h227\"><div class=\"t m0 x10 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">B. St<span class=\"_ _f\"></span>rument<span class=\"_ _1\"></span>i deri<span class=\"_ _1\"></span>vat<span class=\"_ _1\"></span>i </div></td><td class=\"c x30f y25ba w2f9 h227\"><div class=\"t m0 x8 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x320 y25ba w11e h227\"><div class=\"t m0 x8 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x321 y25ba w2f9 h227\"><div class=\"t m0 x8 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x31d y25ba w11f h227\"><div class=\"t m0 x8 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x322 y25ba w11e h227\"><div class=\"t m0 x8 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x323 y25ba w50 h227\"><div class=\"t m0 x8 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2e0 y25bb w2fc hc8\"><div class=\"t m0 x10 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">1. Derivati finanz<span class=\"_ _1\"></span>iari </div></td><td class=\"c x30f y25bb w2f9 hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x320 y25bb w11e hc8\"><div class=\"t m0 x31 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">16.747 </div></td><td class=\"c x321 y25bb w2f9 hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x31d y25bb w11f hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x322 y25bb w11e hc8\"><div class=\"t m0 x31 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">14.992 </div></td><td class=\"c x323 y25bb w50 hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2e0 y25bc w2fc hc8\"><div class=\"t m0 x2f h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">1.1 di negoziazione<span class=\"_ _f\"></span> </div></td><td class=\"c x30f y25bc w2f9 hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x320 y25bc w11e hc8\"><div class=\"t m0 x31 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">16.747 </div></td><td class=\"c x321 y25bc w2f9 hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x31d y25bc w11f hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x322 y25bc w11e hc8\"><div class=\"t m0 x31 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">14.992 </div></td><td class=\"c x323 y25bc w50 hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2e0 y25bd w2fc hc8\"><div class=\"t m0 x2f h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">1.2 connessi con <span class=\"_ _1\"></span>la fair value <span class=\"_ _1\"></span>option </div></td><td class=\"c x30f y25bd w2f9 hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x320 y25bd w11e hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x321 y25bd w2f9 hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x31d y25bd w11f hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x322 y25bd w11e hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x323 y25bd w50 hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2e0 y25be w2fc hc8\"><div class=\"t m0 x2f h1f y28b ff4 fs7 fc1 sc0 ls9 ws0\">1.<span class=\"ls0\">3 altri</span><span class=\"ls0\"> </span></div></td><td class=\"c x30f y25be w2f9 hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x320 y25be w11e hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x321 y25be w2f9 hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x31d y25be w11f hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x322 y25be w11e hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x323 y25be w50 hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2e0 y25bf w2fc hc8\"><div class=\"t m0 x10 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">2. Derivati creditiz<span class=\"_ _f\"></span>i </div></td><td class=\"c x30f y25bf w2f9 hc8\"><div class=\"t m0 x8 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x320 y25bf w11e hc8\"><div class=\"t m0 x8 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x321 y25bf w2f9 hc8\"><div class=\"t m0 x8 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x31d y25bf w11f hc8\"><div class=\"t m0 x8 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x322 y25bf w11e hc8\"><div class=\"t m0 x8 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x323 y25bf w50 hc8\"><div class=\"t m0 x8 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2e0 y25c0 w2fc hc8\"><div class=\"t m0 x2f h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">2.1 di negoziazione<span class=\"_ _f\"></span> </div></td><td class=\"c x30f y25c0 w2f9 hc8\"><div class=\"t m0 x8 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x320 y25c0 w11e hc8\"><div class=\"t m0 x8 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x321 y25c0 w2f9 hc8\"><div class=\"t m0 x8 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x31d y25c0 w11f hc8\"><div class=\"t m0 x8 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x322 y25c0 w11e hc8\"><div class=\"t m0 x8 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x323 y25c0 w50 hc8\"><div class=\"t m0 x8 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2e0 y25c1 w2fc hc8\"><div class=\"t m0 x2f h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">2.2 connessi con <span class=\"_ _f\"></span>l<span class=\"_ _2\"></span>a fair value<span class=\"_ _1\"></span> option </div></td><td class=\"c x30f y25c1 w2f9 hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x320 y25c1 w11e hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x321 y25c1 w2f9 hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x31d y25c1 w11f hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x322 y25c1 w11e hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x323 y25c1 w50 hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2e0 y25c2 w2fc hc8\"><div class=\"t m0 x2f h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">2.3 altri </div></td><td class=\"c x30f y25c2 w2f9 hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x320 y25c2 w11e hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x321 y25c2 w2f9 hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x31d y25c2 w11f hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x322 y25c2 w11e hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x323 y25c2 w50 hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2e0 y25c3 w2fc hc8\"><div class=\"t m0 x23 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale (B<span class=\"_ _1\"></span>) </div></td><td class=\"c x30f y25c3 w2f9 hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td><td class=\"c x320 y25c3 w11e hc8\"><div class=\"t m0 x31 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">16.747<span class=\"_ _f\"></span> </div></td><td class=\"c x321 y25c3 w2f9 hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td><td class=\"c x31d y25c3 w11f hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td><td class=\"c x322 y25c3 w11e hc8\"><div class=\"t m0 x31 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">14.99<span class=\"_ _1\"></span>2 </div></td><td class=\"c x323 y25c3 w50 hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2e0 y25c4 w2fc hc8\"><div class=\"t m0 x10f h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale (A<span class=\"_ _f\"></span>+B)  </div></td><td class=\"c x30f y25c4 w2f9 hc8\"><div class=\"t m0 x31 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">24.17<span class=\"_ _f\"></span>6 </div></td><td class=\"c x320 y25c4 w11e hc8\"><div class=\"t m0 x31 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">16.747<span class=\"_ _f\"></span> </div></td><td class=\"c x321 y25c4 w2f9 hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td><td class=\"c x31d y25c4 w11f hc8\"><div class=\"t m0 x31 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">19.09<span class=\"_ _f\"></span>8 </div></td><td class=\"c x322 y25c4 w11e hc8\"><div class=\"t m0 x31 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">15.03<span class=\"_ _f\"></span>8 </div></td><td class=\"c x323 y25c4 w50 hc8\"><div class=\"t m0 x1c h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">24 </div></td></tr></table>Lege<span class=\"_ _f\"></span>nda: L1= Livello 1 L2= Livello 2 L3= Livello 3 Si segnala la com<span class=\"_ _1\"></span>posizione della v<span class=\"_ _f\"></span>o<span class=\"_ _2\"></span>ce<span class=\"_ _1\"></span> 3 \u201cQuote O.I.C.R\u201d:<span class=\"ff4 fc4 sc3\"> </span><table class=\"s w992 h49f\" id=\"_deb45929-9ce2-4dd7-a083-cb4e6c464d6e\"><tr><td></td><td></td><td class=\"c x325 y25c5 w2fe h49\"><div class=\"t m0 x8f h1f y32 ff4 fs7 fc4 sc3 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale </div></td><td></td><td class=\"c x326 y25c5 w2ff h49\"><div class=\"t m0 x8f h1f y32 ff4 fs7 fc4 sc3 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale </div></td><td></td></tr><tr><td></td><td></td><td class=\"c x325 y25c6 w300 h49\"><div class=\"t m0 x97 h1f y25 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/<span class=\"_ _f\"></span>2025 </div></td><td class=\"c x327 y25c7 w993 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/<span class=\"_ _df\"> </span></div></td><td class=\"c x328 y25c7 w994 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc4 sc3 ls0 ws0\">2024<span class=\"_ _df\"> </span></div></td><td></td></tr><tr><td class=\"c x329 y25c8 w301 hc8\"><div class=\"t m0 x10 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">Azionari  </div></td><td></td><td></td><td class=\"c x325 y25c8 w2fe hc8\"><div class=\"t m0 x22 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x326 y25c8 w302 hc8\"><div class=\"t m0 x191 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">24 </div></td></tr><tr><td></td><td class=\"c x329 y25c9 w303 hc8\"><div class=\"t m0 x147 h1f y32 ff4 fs7 fc1 sc2 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale </div></td><td></td><td class=\"c x325 y25c9 w2fe hc8\"><div class=\"t m0 x22 h1f y32 ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td><td></td><td class=\"c x326 y25c9 w304 hc8\"><div class=\"t m0 x171 h1f y32 ff4 fs7 fc1 sc2 ls0 ws0\">24 </div></td></tr></table>2.2 Att<span class=\"_ _f\"></span>ivit\u00e0 fina<span class=\"_ _f\"></span>nziarie d<span class=\"_ _1\"></span>ete<span class=\"_ _1\"></span>nute p<span class=\"_ _f\"></span>er la neg<span class=\"_ _1\"></span>ozia<span class=\"_ _1\"></span>zione: <span class=\"_ _f\"></span>compos<span class=\"_ _f\"></span>izione p<span class=\"_ _1\"></span>er de<span class=\"_ _1\"></span>bitor<span class=\"_ _1\"></span>i/em<span class=\"_ _1\"></span>ittent<span class=\"_ _1\"></span>i/cont<span class=\"_ _1\"></span>ropa<span class=\"_ _1\"></span>rti <table class=\"s w995 h4a0\" id=\"_090afc8c-2681-4652-ab12-40cbcde5b32b\"><tr><td></td><td class=\"c x2e0 y25ca w305 h234\"><div class=\"t m0 xaf h1f y1498 ff4 fs7 fc4 sc3 ls0 ws0\">Voci<span class=\"_ _1\"></span>/Valo<span class=\"_ _f\"></span>ri </div></td><td class=\"c x32a y25cb w25d h227\"><div class=\"t m0 x31 h1f y28b ff4 fs7 fc4 sc3 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale </div></td><td></td><td class=\"c x317 y25cb w28b h227\"><div class=\"t m0 x31 h1f y28b ff4 fs7 fc4 sc3 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale </div></td><td></td></tr><tr><td></td><td class=\"c x32b y25cc w993 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/<span class=\"_ _df\"> </span></div></td><td class=\"c x32c y25cc w991 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">2025<span class=\"_ _df\"> </span></div></td><td class=\"c x32d y25cc w993 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/<span class=\"_ _df\"> </span></div></td><td class=\"c x32e y25cc w994 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">2024<span class=\"_ _df\"> </span></div></td><td></td></tr><tr><td class=\"c x2e0 y25cd w306 hc8\"><div class=\"t m0 x10 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">A. Att<span class=\"_ _f\"></span>ivit\u00e0 per<span class=\"_ _f\"></span> cassa<span class=\"_ _f\"></span> </div></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2e0 y25ce w306 hc8\"><div class=\"t m0 x10 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">1. Titoli di debito<span class=\"_ _1\"></span> </div></td><td></td><td></td><td class=\"c x32a y25ce w307 hc8\"><div class=\"t m0 x11f h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">24.176 </div></td><td></td><td class=\"c x317 y25ce w308 hc8\"><div class=\"t m0 xec h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">19.144 </div></td></tr><tr><td class=\"c x2e0 y25cf w306 hc8\"><div class=\"t m0 x16a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">a) Banche Centra<span class=\"_ _1\"></span>li </div></td><td></td><td></td><td class=\"c x32a y25cf w307 hc8\"><div class=\"t m0 xed h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x317 y25cf w308 hc8\"><div class=\"t m0 xed h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2e0 y25d0 w306 hc8\"><div class=\"t m0 x16a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">b) Amministrazi<span class=\"_ _1\"></span>oni pubbliche </div></td><td></td><td></td><td class=\"c x32a y25d0 w307 hc8\"><div class=\"t m0 x124 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">20.232 </div></td><td></td><td class=\"c x317 y25d0 w308 hc8\"><div class=\"t m0 xec h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">15.641 </div></td></tr><tr><td class=\"c x2e0 y25d1 w306 hc8\"><div class=\"t m0 x16a h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">c) Banche </div></td><td></td><td></td><td class=\"c x32a y25d1 w307 hc8\"><div class=\"t m0 xec h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">2.040 </div></td><td></td><td class=\"c x317 y25d1 w308 hc8\"><div class=\"t m0 xeb h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">2.205 </div></td></tr><tr><td class=\"c x2e0 y25d2 w306 hc8\"><div class=\"t m0 x16a h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">d) Altre societ\u00e0 <span class=\"_ _1\"></span>finanziarie<span class=\"_ _df\"> </span></div></td><td></td><td></td><td class=\"c x32a y25d2 w307 hc8\"><div class=\"t m0 x12a h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">816 </div></td><td></td><td class=\"c x317 y25d2 w308 hc8\"><div class=\"t m0 x12a h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">379 </div></td></tr><tr><td class=\"c x2e0 y25d3 w306 hc8\"><div class=\"t m0 x14 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">di cui: imprese d<span class=\"_ _1\"></span>i assicurazione<span class=\"_ _1\"></span> </div></td><td></td><td></td><td class=\"c x32a y25d3 w307 hc8\"><div class=\"t m0 xe8 h1f y28b ff4 fs7 fc1 sc0 ls27 ws0\">338<span class=\"ls0\"> </span></div></td><td></td><td class=\"c x317 y25d3 w308 hc8\"><div class=\"t m0 xed h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2e0 y25d4 w306 hc8\"><div class=\"t m0 x16a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">e) Societ\u00e0 non fi<span class=\"_ _1\"></span>nanziarie<span class=\"_ _df\"> </span></div></td><td></td><td></td><td class=\"c x32a y25d4 w307 hc8\"><div class=\"t m0 xeb h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">1.088 </div></td><td></td><td class=\"c x317 y25d4 w308 hc8\"><div class=\"t m0 x66 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">919 </div></td></tr><tr><td class=\"c x2e0 y25d5 w306 hc8\"><div class=\"t m0 x10 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">2. Titoli di capita<span class=\"_ _f\"></span>l<span class=\"_ _2\"></span>e<span class=\"_ _df\"> </span></div></td><td></td><td></td><td class=\"c x32a y25d5 w307 hc8\"><div class=\"t m0 xed h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x317 y25d5 w308 hc8\"><div class=\"t m0 xed h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2e0 y25d6 w306 hc8\"><div class=\"t m0 x16a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">a) Banche </div></td><td></td><td></td><td class=\"c x32a y25d6 w307 hc8\"><div class=\"t m0 xed h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x317 y25d6 w308 hc8\"><div class=\"t m0 xed h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2e0 y25d7 w306 hc8\"><div class=\"t m0 x16a h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">b) Altre societ\u00e0 <span class=\"_ _1\"></span>finanziarie<span class=\"_ _df\"> </span></div></td><td></td><td></td><td class=\"c x32a y25d7 w307 hc8\"><div class=\"t m0 xed h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x317 y25d7 w308 hc8\"><div class=\"t m0 xed h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2e0 y25d8 w306 hc8\"><div class=\"t m0 x14 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">di cui:  imprese d<span class=\"_ _1\"></span>i assicurazione </div></td><td></td><td></td><td class=\"c x32a y25d8 w307 hc8\"><div class=\"t m0 xed h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x317 y25d8 w308 hc8\"><div class=\"t m0 xed h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2e0 y25d9 w306 h227\"><div class=\"t m0 x16a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">c) Societ\u00e0 non f<span class=\"_ _1\"></span>inanziarie </div></td><td></td><td></td><td class=\"c x32a y25d9 w307 h227\"><div class=\"t m0 xed h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x317 y25d9 w308 h227\"><div class=\"t m0 xed h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2e0 y25da w306 hc8\"><div class=\"t m0 x16a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">d) Altri emitten<span class=\"_ _1\"></span>ti </div></td><td></td><td></td><td class=\"c x32a y25da w307 hc8\"><div class=\"t m0 xed h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x317 y25da w308 hc8\"><div class=\"t m0 xed h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2e0 y25db w306 hc8\"><div class=\"t m0 x10 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">3. Quote di OICR </div></td><td></td><td></td><td class=\"c x32a y25db w307 hc8\"><div class=\"t m0 xed h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x317 y25db w308 hc8\"><div class=\"t m0 x199 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">24 </div></td></tr><tr><td class=\"c x2e0 y2443 w306 hc8\"><div class=\"t m0 x10 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">4. Finanziamenti </div></td><td></td><td></td><td class=\"c x32a y2443 w307 hc8\"><div class=\"t m0 xed h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x317 y2443 w308 hc8\"><div class=\"t m0 xed h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2e0 y25dc w306 hc8\"><div class=\"t m0 x16a h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">a) Banche Centra<span class=\"_ _1\"></span>li </div></td><td></td><td></td><td class=\"c x32a y25dc w307 hc8\"><div class=\"t m0 xed h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x317 y25dc w308 hc8\"><div class=\"t m0 xed h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2e0 y25dd w306 hc8\"><div class=\"t m0 x16a h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">b) Amministrazi<span class=\"_ _1\"></span>oni pubbliche </div></td><td></td><td></td><td class=\"c x32a y25dd w307 hc8\"><div class=\"t m0 xed h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x317 y25dd w308 hc8\"><div class=\"t m0 xed h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2e0 y25de w306 hc8\"><div class=\"t m0 x16a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">c) Banche </div></td><td></td><td></td><td class=\"c x32a y25de w307 hc8\"><div class=\"t m0 xed h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x317 y25de w308 hc8\"><div class=\"t m0 xed h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2e0 y25df w306 hc8\"><div class=\"t m0 x16a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">d) Altre societ\u00e0 <span class=\"_ _1\"></span>finanziarie<span class=\"_ _df\"> </span></div></td><td></td><td></td><td class=\"c x32a y25df w307 hc8\"><div class=\"t m0 xed h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x317 y25df w308 hc8\"><div class=\"t m0 xed h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2e0 y25e0 w306 hc8\"><div class=\"t m0 x14 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">di cui: imprese d<span class=\"_ _1\"></span>i assicurazione<span class=\"_ _1\"></span> </div></td><td></td><td></td><td class=\"c x32a y25e0 w307 hc8\"><div class=\"t m0 xed h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x317 y25e0 w308 hc8\"><div class=\"t m0 xed h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2e0 y25e1 w306 hc8\"><div class=\"t m0 x16a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">e) Societ\u00e0 non fi<span class=\"_ _1\"></span>nanziarie<span class=\"_ _df\"> </span></div></td><td></td><td></td><td class=\"c x32a y25e1 w307 hc8\"><div class=\"t m0 xed h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x317 y25e1 w308 hc8\"><div class=\"t m0 xed h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2e0 y25e2 w306 hc8\"><div class=\"t m0 x16a h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">f) Famiglie </div></td><td></td><td></td><td class=\"c x32a y25e2 w307 hc8\"><div class=\"t m0 xed h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x317 y25e2 w308 hc8\"><div class=\"t m0 xed h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td></td><td class=\"c x2e0 y25e3 w306 hc8\"><div class=\"t m0 x111 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale (A<span class=\"_ _f\"></span>) </div></td><td></td><td class=\"c x32a y25e3 w307 hc8\"><div class=\"t m0 x11f h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">24.17<span class=\"_ _f\"></span>6 </div></td><td></td><td class=\"c x317 y25e3 w308 hc8\"><div class=\"t m0 xec h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">19.16<span class=\"_ _1\"></span>7 </div></td></tr><tr><td class=\"c x2e0 y25e4 w306 hc8\"><div class=\"t m0 x10 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">B. St<span class=\"_ _f\"></span>rument<span class=\"_ _1\"></span>i deri<span class=\"_ _1\"></span>vat<span class=\"_ _1\"></span>i </div></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2e0 y25e5 w306 hc8\"><div class=\"t m0 x16a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">a) Controparti Cent<span class=\"_ _f\"></span>rali </div></td><td></td><td></td><td class=\"c x32a y25e5 w307 hc8\"><div class=\"t m0 xed h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x317 y25e5 w308 hc8\"><div class=\"t m0 xed h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2e0 y25e6 w306 h227\"><div class=\"t m0 x16a h1f y14d6 ff4 fs7 fc1 sc0 ls0 ws0\">b) Altre </div></td><td></td><td></td><td class=\"c x32a y25e6 w307 h227\"><div class=\"t m0 x11f h1f y14d6 ff4 fs7 fc1 sc0 ls0 ws0\">16.747 </div></td><td></td><td class=\"c x317 y25e6 w308 h227\"><div class=\"t m0 x11f h1f y14d6 ff4 fs7 fc1 sc0 ls0 ws0\">14.992 </div></td></tr><tr><td></td><td class=\"c x2e0 y25e7 w306 hc8\"><div class=\"t m0 x111 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale (B<span class=\"_ _1\"></span>) </div></td><td></td><td class=\"c x32a y25e7 w307 hc8\"><div class=\"t m0 x11f h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">16.747<span class=\"_ _f\"></span> </div></td><td></td><td class=\"c x317 y25e7 w308 hc8\"><div class=\"t m0 x11f h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">14.99<span class=\"_ _1\"></span>2 </div></td></tr><tr><td></td><td class=\"c x2e0 y25e8 w306 hc8\"><div class=\"t m0 x10c h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale (A<span class=\"_ _f\"></span>+B)  </div></td><td></td><td class=\"c x32a y25e8 w307 hc8\"><div class=\"t m0 x124 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">40.9<span class=\"_ _1\"></span>23 </div></td><td></td><td class=\"c x317 y25e8 w308 hc8\"><div class=\"t m0 x11f h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">34.1<span class=\"lsc8\">60<span class=\"_ _df\"> </span></span></div></td></tr></table>2.5 Al<span class=\"_ _1\"></span>tre a<span class=\"_ _f\"></span>ttivit\u00e0 fina<span class=\"_ _f\"></span>nziarie o<span class=\"_ _f\"></span>bbligat<span class=\"_ _1\"></span>oriam<span class=\"_ _1\"></span>ente v<span class=\"_ _1\"></span>alut<span class=\"_ _1\"></span>ate <span class=\"_ _1\"></span>al fa<span class=\"_ _f\"></span>ir value: co<span class=\"_ _1\"></span>mpos<span class=\"_ _1\"></span>izione <span class=\"_ _f\"></span>merceo<span class=\"_ _1\"></span>logi<span class=\"_ _f\"></span>ca<table class=\"s w996 h4a1\" id=\"_300a5f3d-3eee-401d-9095-8ce6b8c23800\"><tr><td></td><td></td><td></td><td class=\"c x31c y25e9 w2f7 h82\"><div class=\"t m0 x199 h1f y32 ff4 fs7 fc4 sc3 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale </div></td><td></td><td></td><td class=\"c x31d y25e9 w2f8 h82\"><div class=\"t m0 x199 h1f y32 ff4 fs7 fc4 sc3 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale </div></td><td></td></tr><tr><td class=\"c x2e0 y25ea w2f6 h235\"><div class=\"t m0 x11d h1f y656 ff4 fs7 fc4 sc3 ls0 ws0\">Voci<span class=\"_ _1\"></span>/Valo<span class=\"_ _f\"></span>ri </div></td><td></td><td></td><td class=\"c x31c y25eb w2f7 h82\"><div class=\"t m0 xe5 h1f y25c ff4 fs7 fc4 sc3 ls0 ws0\">31/12/<span class=\"_ _f\"></span>2025 </div></td><td></td><td></td><td class=\"c x31d y25eb w2f8 h82\"><div class=\"t m0 xe5 h1f y25c ff4 fs7 fc4 sc3 ls0 ws0\">31/12/<span class=\"_ _f\"></span>2024 </div></td><td></td></tr><tr><td></td><td></td><td class=\"c x31c y25ea w11f h82\"><div class=\"t m0 x3a h1f y66c ff4 fs7 fc4 sc3 lsc7 ws0\">L1<span class=\"ls0\"> </span></div></td><td class=\"c x32f y25ea w100 h82\"><div class=\"t m0 x2c h1f y66c ff4 fs7 fc4 sc3 lsc7 ws0\">L2<span class=\"ls0\"> </span></div></td><td class=\"c x321 y25ea w2f9 h82\"><div class=\"t m0 x2c h1f y66c ff4 fs7 fc4 sc3 lsc7 ws0\">L3<span class=\"ls0\"> </span></div></td><td class=\"c x31d y25ea w2f9 h82\"><div class=\"t m0 x3a h1f y66c ff4 fs7 fc4 sc3 lsc7 ws0\">L1<span class=\"ls0\"> </span></div></td><td class=\"c x322 y25ea w11e h82\"><div class=\"t m0 x2c h1f y66c ff4 fs7 fc4 sc3 lsc7 ws0\">L2<span class=\"ls0\"> </span></div></td><td class=\"c x323 y25ea w309 h82\"><div class=\"t m0 x2c h1f y66c ff4 fs7 fc4 sc3 lsc7 ws0\">L3<span class=\"ls0\"> </span></div></td></tr><tr><td class=\"c x2e0 y25ec w2fc h82\"><div class=\"t m0 x10 h1f y54 ff4 fs7 fc1 sc2 ls0 ws0\">1. Tit<span class=\"_ _f\"></span>oli di de<span class=\"_ _f\"></span>bito </div></td><td></td><td class=\"c x30f y25ec w2f9 h82\"><div class=\"t m0 x27 h1f y54 ff4 fs7 fc1 sc2 ls0 ws0\">665<span class=\"_ _1\"></span>.586<span class=\"_ _f\"></span> </div></td><td class=\"c x320 y25ec w11e h82\"><div class=\"t m0 x15 h1f y54 ff4 fs7 fc1 sc2 ls0 ws0\">4.74<span class=\"_ _f\"></span>0 </div></td><td class=\"c x321 y25ec w2f9 h82\"><div class=\"t m0 xf h1f y54 ff4 fs7 fc1 sc2 ls9 ws0\">10<span class=\"ls0\"> </span></div></td><td class=\"c x31d y25ec w11f h82\"><div class=\"t m0 x97 h1f y54 ff4 fs7 fc1 sc2 ls0 ws0\">611.2<span class=\"_ _f\"></span>23 </div></td><td class=\"c x322 y25ec w11e h82\"><div class=\"t m0 x36 h1f y54 ff4 fs7 fc1 sc2 ls0 ws0\">4.51<span class=\"_ _1\"></span>8 </div></td><td class=\"c x323 y25ec w50 h82\"><div class=\"t m0 xf h1f y54 ff4 fs7 fc1 sc2 ls9 ws0\">10<span class=\"ls0\"> </span></div></td></tr><tr><td class=\"c x2e0 y25ed w2fc h82\"><div class=\"t m0 x2f h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">1.1 Titoli struttu<span class=\"_ _1\"></span>rati </div></td><td></td><td class=\"c x30f y25ed w2f9 h82\"><div class=\"t m0 x8 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x320 y25ed w11e h82\"><div class=\"t m0 x8 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x321 y25ed w2f9 h82\"><div class=\"t m0 x8 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x31d y25ed w11f h82\"><div class=\"t m0 x8 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x322 y25ed w11e h82\"><div class=\"t m0 x8 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x323 y25ed w50 h82\"><div class=\"t m0 x8 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2e0 y25ee w2fc h82\"><div class=\"t m0 x2f h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">1.2 Altri titoli di deb<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span>to </div></td><td></td><td class=\"c x30f y25ee w2f9 h82\"><div class=\"t m0 x3a h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">665.586 </div></td><td class=\"c x320 y25ee w11e h82\"><div class=\"t m0 x15 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">4.740 </div></td><td class=\"c x321 y25ee w2f9 h82\"><div class=\"t m0 xf h1f y54 ff4 fs7 fc1 sc0 ls9 ws0\">10<span class=\"ls0\"> </span></div></td><td class=\"c x31d y25ee w11f h82\"><div class=\"t m0 x37 h1f y54 ff4 fs7 fc1 sc0 ls29 ws0\">61<span class=\"ls0\">1.223</span><span class=\"ls0\"> </span></div></td><td class=\"c x322 y25ee w11e h82\"><div class=\"t m0 x36 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">4.518 </div></td><td class=\"c x323 y25ee w50 h82\"><div class=\"t m0 xf h1f y54 ff4 fs7 fc1 sc0 ls9 ws0\">10<span class=\"ls0\"> </span></div></td></tr><tr><td class=\"c x2e0 y25ef w2fc h82\"><div class=\"t m0 x10 h1f y54 ff4 fs7 fc1 sc2 ls0 ws0\">2. Tit<span class=\"_ _f\"></span>oli di ca<span class=\"_ _1\"></span>pita<span class=\"_ _1\"></span>le </div></td><td></td><td class=\"c x30f y25ef w2f9 h82\"><div class=\"t m0 x27 h1f y54 ff4 fs7 fc1 sc2 ls0 ws0\">260.<span class=\"_ _1\"></span>042<span class=\"_ _1\"></span> </div></td><td class=\"c x320 y25ef w11e h82\"><div class=\"t m0 x8 h1f y54 ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td><td class=\"c x321 y25ef w2f9 h82\"><div class=\"t m0 x8 h1f y54 ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td><td class=\"c x31d y25ef w11f h82\"><div class=\"t m0 x97 h1f y54 ff4 fs7 fc1 sc2 ls0 ws0\">214.3<span class=\"_ _1\"></span>17 </div></td><td class=\"c x322 y25ef w11e h82\"><div class=\"t m0 x8 h1f y54 ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td><td class=\"c x323 y25ef w50 h82\"><div class=\"t m0 x8 h1f y54 ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2e0 y25f0 w2fc h82\"><div class=\"t m0 x10 h1f y66c ff4 fs7 fc1 sc2 ls0 ws0\">3. Qu<span class=\"_ _f\"></span>ote di O.<span class=\"_ _1\"></span>I.C.<span class=\"_ _1\"></span>R. </div></td><td></td><td class=\"c x30f y25f0 w2f9 h82\"><div class=\"t m0 x33 h1f y66c ff4 fs7 fc1 sc2 ls0 ws0\">5.025<span class=\"_ _f\"></span>.991 </div></td><td class=\"c x320 y25f0 w11e h82\"><div class=\"t m0 x38 h1f y66c ff4 fs7 fc1 sc2 ls0 ws0\">47.8<span class=\"_ _f\"></span>89 </div></td><td class=\"c x321 y25f0 w2f9 h82\"><div class=\"t m0 x26 h1f y66c ff4 fs7 fc1 sc2 ls0 ws0\">267.<span class=\"_ _1\"></span>448<span class=\"_ _1\"></span> </div></td><td class=\"c x31d y25f0 w11f h82\"><div class=\"t m0 x33 h1f y66c ff4 fs7 fc1 sc2 ls0 ws0\">4.52<span class=\"_ _1\"></span>4.29<span class=\"_ _1\"></span>7 </div></td><td class=\"c x322 y25f0 w11e h82\"><div class=\"t m0 x38 h1f y66c ff4 fs7 fc1 sc2 ls0 ws0\">32.96<span class=\"_ _f\"></span>2 </div></td><td class=\"c x323 y25f0 w50 h82\"><div class=\"t m0 x34 h1f y66c ff4 fs7 fc1 sc2 ls0 ws0\">251.3<span class=\"_ _f\"></span>23 </div></td></tr><tr><td class=\"c x2e0 y25f1 w2fc h82\"><div class=\"t m0 x10 h1f y54 ff4 fs7 fc1 sc2 ls0 ws0\">4. Fin<span class=\"_ _1\"></span>anz<span class=\"_ _1\"></span>iam<span class=\"_ _1\"></span>enti<span class=\"_ _1\"></span> </div></td><td></td><td class=\"c x30f y25f1 w2f9 h82\"><div class=\"t m0 x8 h1f y54 ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td><td class=\"c x320 y25f1 w11e h82\"><div class=\"t m0 x8 h1f y54 ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td><td class=\"c x321 y25f1 w2f9 h82\"><div class=\"t m0 x31 h1f y54 ff4 fs7 fc1 sc2 ls0 ws0\">21.63<span class=\"_ _f\"></span>8 </div></td><td class=\"c x31d y25f1 w11f h82\"><div class=\"t m0 x8 h1f y54 ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td><td class=\"c x322 y25f1 w11e h82\"><div class=\"t m0 x8 h1f y54 ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td><td class=\"c x323 y25f1 w50 h82\"><div class=\"t m0 x38 h1f y54 ff4 fs7 fc1 sc2 ls0 ws0\">33.6<span class=\"_ _f\"></span>55 </div></td></tr><tr><td class=\"c x2e0 y25f2 w2fc h82\"><div class=\"t m0 x2f h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">4.1 Pronti contro<span class=\"_ _1\"></span> termine </div></td><td></td><td class=\"c x30f y25f2 w2f9 h82\"><div class=\"t m0 x8 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x320 y25f2 w11e h82\"><div class=\"t m0 x8 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x321 y25f2 w2f9 h82\"><div class=\"t m0 x8 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x31d y25f2 w11f h82\"><div class=\"t m0 x8 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x322 y25f2 w11e h82\"><div class=\"t m0 x8 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x323 y25f2 w50 h82\"><div class=\"t m0 x8 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2e0 y25f3 w2fc h82\"><div class=\"t m0 x2f h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">4.2 Altri </div></td><td></td><td class=\"c x30f y25f3 w2f9 h82\"><div class=\"t m0 x8 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x320 y25f3 w11e h82\"><div class=\"t m0 x8 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x321 y25f3 w2f9 h82\"><div class=\"t m0 x31 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">21.638 </div></td><td class=\"c x31d y25f3 w11f h82\"><div class=\"t m0 x8 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x322 y25f3 w11e h82\"><div class=\"t m0 x8 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x323 y25f3 w50 h82\"><div class=\"t m0 x97 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">33.655 </div></td></tr><tr><td></td><td class=\"c x2e0 y25f4 w2fc h82\"><div class=\"t m0 x3c h1f y54 ff4 fs7 fc1 sc2 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale  </div></td><td class=\"c x30f y25f4 w2f9 h82\"><div class=\"t m0 x35 h1f y54 ff4 fs7 fc1 sc2 ls0 ws0\">5.95<span class=\"_ _1\"></span>1.619<span class=\"_ _f\"></span> </div></td><td class=\"c x320 y25f4 w11e h82\"><div class=\"t m0 x38 h1f y54 ff4 fs7 fc1 sc2 ls0 ws0\">52.629<span class=\"_ _f\"></span> </div></td><td class=\"c x321 y25f4 w2f9 h82\"><div class=\"t m0 x27 h1f y54 ff4 fs7 fc1 sc2 ls0 ws0\">289.<span class=\"_ _f\"></span>096 </div></td><td class=\"c x31d y25f4 w11f h82\"><div class=\"t m0 x33 h1f y54 ff4 fs7 fc1 sc2 ls0 ws0\">5.349<span class=\"_ _f\"></span>.837 </div></td><td class=\"c x322 y25f4 w11e h82\"><div class=\"t m0 x97 h1f y54 ff4 fs7 fc1 sc2 ls0 ws0\">37.48<span class=\"_ _f\"></span>0 </div></td><td class=\"c x323 y25f4 w50 h82\"><div class=\"t m0 x27 h1f y54 ff4 fs7 fc1 sc2 ls0 ws0\">284.9<span class=\"_ _f\"></span>88 </div></td></tr></table>Lege<span class=\"_ _f\"></span>nda:<span class=\"_ _df\"> </span>L1= Livello 1<span class=\"_ _df\"> </span>L2= Livello 2<span class=\"_ _df\"> </span>L3= Livello 3<span class=\"_ _df\"> </span>Si<span class=\"ls0\"> <span class=\"ff5\">segnala la composizione della voce 3 \u201cQuote O.I.C.R\u201d:</span></span><table class=\"s w997 h4a2\" id=\"_c02b53e5-9a95-46b3-a1bf-941601973a2f\"><tr><td></td><td></td><td class=\"c x330 y25f5 w30a h49\"><div class=\"t m0 x97 h1f y32 ff4 fs7 fc4 sc3 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale </div></td><td class=\"c x331 y25f5 w141 h49\"><div class=\"t m0 x3a h1f y32 ff4 fs7 fc4 sc3 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale </div></td></tr><tr><td></td><td></td><td class=\"c x330 y25f6 w30b h49\"><div class=\"t m0 x35 h1f y25 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/<span class=\"_ _f\"></span>2025 </div></td><td class=\"c x331 y25f6 w141 h49\"><div class=\"t m0 x14 h1f y25 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/<span class=\"_ _f\"></span>2024 </div></td></tr><tr><td class=\"c x329 y25f7 w30c hc8\"><div class=\"t m0 x10 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">Fondi chiusi </div></td><td></td><td class=\"c x330 y25f7 w30a hc8\"><div class=\"t m0 x11d h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">12.196 </div></td><td class=\"c x331 y25f7 w30d hc8\"><div class=\"t m0 xe h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">13.166 </div></td></tr><tr><td class=\"c x329 y25f8 w30c hc8\"><div class=\"t m0 x10 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">Azionari </div></td><td></td><td class=\"c x330 y25f8 w30a hc8\"><div class=\"t m0 xf h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">1.209.964 </div></td><td class=\"c x331 y25f8 w30d hc8\"><div class=\"t m0 x8f h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">1.264.077 </div></td></tr><tr><td class=\"c x329 y25f9 w30c hc8\"><div class=\"t m0 x10 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">Immobiliari </div></td><td></td><td class=\"c x330 y25f9 w30a hc8\"><div class=\"t m0 x11d h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">61.401 </div></td><td class=\"c x331 y25f9 w30d hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">1.589 </div></td></tr><tr><td class=\"c x329 y25fa w30c hc8\"><div class=\"t m0 x10 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">Monetari </div></td><td></td><td class=\"c x330 y25fa w30a hc8\"><div class=\"t m0 x49 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">238.218 </div></td><td class=\"c x331 y25fa w30d hc8\"><div class=\"t m0 x12 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">207.396 </div></td></tr><tr><td class=\"c x329 y25fb w30c hc8\"><div class=\"t m0 x10 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">Obbligazionari<span class=\"_ _1\"></span> </div></td><td></td><td class=\"c x330 y25fb w30a hc8\"><div class=\"t m0 xc6 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">1.414.695 </div></td><td class=\"c x331 y25fb w30d hc8\"><div class=\"t m0 x8f h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">1.297.052 </div></td></tr><tr><td class=\"c x329 y25fc w30c hc8\"><div class=\"t m0 x10 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">Bilanciati </div></td><td></td><td class=\"c x330 y25fc w30a hc8\"><div class=\"t m0 xf0 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">80.636 </div></td><td class=\"c x331 y25fc w30d hc8\"><div class=\"t m0 xa3 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">77.113 </div></td></tr><tr><td class=\"c x329 y25fd w30c h227\"><div class=\"t m0 x10 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">Flessibili </div></td><td></td><td class=\"c x330 y25fd w30a h227\"><div class=\"t m0 x49 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">445.154 </div></td><td class=\"c x331 y25fd w30d h227\"><div class=\"t m0 x96 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">458.964 </div></td></tr><tr><td class=\"c x329 y25fe w30c hc8\"><div class=\"t m0 x10 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">Altri </div></td><td></td><td class=\"c x330 y25fe w30a hc8\"><div class=\"t m0 xf h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">1.879.062 </div></td><td class=\"c x331 y25fe w30d hc8\"><div class=\"t m0 x36 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">1.489.225 </div></td></tr><tr><td></td><td class=\"c x329 y25ff w30e hc8\"><div class=\"t m0 x47 h1f y32 ff4 fs7 fc1 sc2 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale </div></td><td class=\"c x330 y25ff w30a hc8\"><div class=\"t m0 xf h1f y32 ff4 fs7 fc1 sc2 ls0 ws0\">5.341.<span class=\"_ _1\"></span>32<span class=\"_ _1\"></span>8 </div></td><td class=\"c x331 y25ff w30f hc8\"><div class=\"t m0 x30 h1f y32 ff4 fs7 fc1 sc2 ls0 ws0\">4.80<span class=\"_ _f\"></span>8.582 </div></td></tr></table><div class=\"c w2da h239 gs903\"><div class=\"t m0 x8a h5 y554 ff4 fs1 fc4 sc3 ls0 ws0\">4.1 Att<span class=\"_ _1\"></span>ivit\u00e0<span class=\"_ _f\"></span> finanziar<span class=\"_ _1\"></span>ie va<span class=\"_ _f\"></span>lutate a<span class=\"_ _f\"></span>l<span class=\"_ _2\"></span> co<span class=\"_ _1\"></span>sto a<span class=\"_ _1\"></span>mmo<span class=\"_ _1\"></span>rtizza<span class=\"_ _1\"></span>to: co<span class=\"_ _f\"></span>mposi<span class=\"_ _1\"></span>zione<span class=\"_ _f\"></span> merceol<span class=\"_ _1\"></span>ogi<span class=\"_ _1\"></span>ca dei cr<span class=\"_ _f\"></span>editi ver<span class=\"_ _1\"></span>so ba<span class=\"_ _f\"></span>nche<span class=\"fc1 sc0\"> </span></div></div><div class=\"gs904\"><table class=\"s w9b0 h4a8\" id=\"_07ad0dc5-a1c7-4e11-a124-45adc4f42ffd\"><tr><td></td><td></td><td></td><td class=\"c x352 y2648 w31c hc8\"><div class=\"t m0 x58 h30 y7b1 ff4 fsb fc4 sc3 ls0 ws0\">Totale<span class=\"fc1 sc0\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td class=\"c x353 y2648 wc2 hc8\"><div class=\"t m0 x3b h30 y7b1 ff4 fsb fc4 sc3 ls0 ws0\">Totale<span class=\"fc1 sc0\"> </span></div></td><td></td><td></td><td></td></tr><tr><td></td><td></td><td></td><td class=\"c x352 y2649 w31c hc8\"><div class=\"t m0 x2 h30 y7b1 ff4 fsb fc4 sc3 ls0 ws0\">31/12/2025<span class=\"_ _f\"></span><span class=\"fc1 sc0\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td class=\"c x353 y2649 wc2 hc8\"><div class=\"t m0 x22 h30 y7b1 ff4 fsb fc4 sc3 ls0 ws0\">31/12/202<span class=\"_ _f\"></span>4<span class=\"fc1 sc0\"> </span></div></td><td></td><td></td><td></td></tr><tr><td class=\"c x354 y264b w9b1 h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">Tipologia<span class=\"_ _df\"> </span></div></td><td class=\"c x352 y264c w31d hc8\"><div class=\"t m0 x38 h30 y3e4 ff4 fsb fc4 sc3 ls0 ws0\">Valore di b<span class=\"_ _1\"></span>ilancio<span class=\"_ _1\"></span><span class=\"fc1 sc0\"> </span></div></td><td></td><td></td><td></td><td class=\"c x355 y264c w31e hc8\"><div class=\"t m0 x8f h30 y3e4 ff4 fsb fc4 sc3 ls0 ws0\">Fair val<span class=\"_ _1\"></span>ue<span class=\"fc1 sc0\"> </span></div></td><td></td><td></td><td></td><td class=\"c x353 y264c w31f hc8\"><div class=\"t m0 x97 h30 y3e4 ff4 fsb fc4 sc3 ls0 ws0\">Valore di b<span class=\"_ _1\"></span>ilancio<span class=\"_ _1\"></span><span class=\"fc1 sc0\"> </span></div></td><td></td><td class=\"c x356 y264c w320 hc8\"><div class=\"t m0 x36 h30 y3e4 ff4 fsb fc4 sc3 ls0 ws0\">Fair val<span class=\"_ _1\"></span>ue<span class=\"fc1 sc0\"> </span></div></td><td></td></tr><tr><td class=\"c x2a8 y264d w9b2 h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">operazio<span class=\"_ _1\"></span>ni/Valori<span class=\"_ _df\"> </span></div></td><td class=\"c x357 y264e w9b3 h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">Primo e<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x358 y264f w9b4 h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">Impaired<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td class=\"c x359 y264e w9b3 h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">Primo e<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x35a y264f w9b5 h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">Impaired<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td></tr><tr><td></td><td class=\"c x35b y2650 w9b6 h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">secondo</div></td><td class=\"c x35c y2651 w9b7 h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">Terzo<span class=\"_ _df\"> </span></div></td><td class=\"c x358 y2651 w9b8 h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">acquisite<span class=\"_ _df\"> </span></div></td><td class=\"c x355 y2652 w2bb h23b\"><div class=\"t m0 x2e h30 y474 ff4 fsb fc4 sc3 ls7a ws0\">L1<span class=\"fc1 sc0 ls0\"> </span></div></td><td class=\"c x35d y2652 w1c2 h23b\"><div class=\"t m0 x2f h30 y474 ff4 fsb fc4 sc3 ls0 ws0\">L2<span class=\"fc1 sc0\"> </span></div></td><td class=\"c x35e y2652 w1d4 h23b\"><div class=\"t m0 x55 h30 y474 ff4 fsb fc4 sc3 ls7a ws0\">L3<span class=\"fc1 sc0 ls0\"> </span></div></td><td class=\"c x35f y2650 w9b9 h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">secondo</div></td><td class=\"c x360 y2651 w9b7 h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">Terzo<span class=\"_ _df\"> </span></div></td><td class=\"c x35a y2651 w9b8 h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">acquisite<span class=\"_ _df\"> </span></div></td><td class=\"c x356 y2652 w322 h23b\"><div class=\"t m0 x2e h30 y474 ff4 fsb fc4 sc3 ls7a ws0\">L1<span class=\"fc1 sc0 ls0\"> </span></div></td><td class=\"c x361 y2652 w1c2 h23b\"><div class=\"t m0 x2f h30 y474 ff4 fsb fc4 sc3 ls7a ws0\">L2<span class=\"fc1 sc0 ls0\"> </span></div></td><td class=\"c x362 y2652 w12e h23b\"><div class=\"t m0 x2e h30 y474 ff4 fsb fc4 sc3 ls7a ws0\">L3<span class=\"fc1 sc0 ls0\"> </span></div></td></tr><tr><td></td><td class=\"c x363 y257a w9ba h4aa\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc4 sc3 ls0 ws0\">stadio</div></td><td class=\"c x364 y2654 w9ba h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">stadio<span class=\"_ _df\"> </span></div></td><td class=\"c x365 y2654 w9bb h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 lscb ws0\">o<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td class=\"c x366 y257a w9bc h4aa\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc4 sc3 ls0 ws0\">stadio</div></td><td class=\"c x367 y2654 w9bc h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">stadio<span class=\"_ _df\"> </span></div></td><td class=\"c x368 y2654 w9bb h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 lscb ws0\">o<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td></tr><tr><td></td><td></td><td></td><td class=\"c x358 y2655 w9bd h4aa\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc4 sc3 ls0 ws0\">originate<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td class=\"c x35a y2655 w9bd h4aa\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc4 sc3 ls0 ws0\">originate<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td></tr><tr><td class=\"c x262 y2656 w9be h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc2 ls0 ws0\">A. Crediti v<span class=\"_ _f\"></span>erso<span class=\"_ _df\"> </span></div></td><td class=\"c x352 y2657 w154 h23c\"><div class=\"t m0 x16a h30 y35c ff4 fsb fc1 sc2 ls0 ws0\">397.763<span class=\"sc0\"> </span></div></td><td class=\"c x369 y2657 w1e1 h23c\"><div class=\"t m0 x3a h30 y35c ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x36a y2657 w318 h23c\"><div class=\"t m0 x97 h30 y35c ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x355 y2657 w169 h23c\"><div class=\"t m0 x26 h30 y35c ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x35d y2657 w164 h23c\"><div class=\"t m0 x33 h30 y35c ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x35e y2657 w2ce h23c\"><div class=\"t m0 x8e h30 y35c ff4 fsb fc1 sc2 ls0 ws0\">397.763<span class=\"sc0\"> </span></div></td><td class=\"c x353 y2657 w1e3 h23c\"><div class=\"t m0 x8e h30 y35c ff4 fsb fc1 sc2 ls0 ws0\">387.897<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x36b y2657 w324 h23c\"><div class=\"t m0 x3a h30 y35c ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x36c y2657 w1d4 h23c\"><div class=\"t m0 x97 h30 y35c ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x356 y2657 w2bb h23c\"><div class=\"t m0 x26 h30 y35c ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x361 y2657 w164 h23c\"><div class=\"t m0 x33 h30 y35c ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x362 y2657 w16c h23c\"><div class=\"t m0 xab h30 y35c ff4 fsb fc1 sc2 ls0 ws0\">387.897<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x262 y2658 w9bf h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc2 ls0 ws0\">Banche<span class=\"_ _f\"></span> Centrali<span class=\"_ _df\"> </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=\"c x36d y2659 w323 h98\"><div class=\"t m0 x2f h30 y9bd ff4 fsb fc1 sc0 ls0 ws0\">1. Depositi a </div><div class=\"t m0 x2f h30 y7b1 ff4 fsb fc1 sc0 ls0 ws0\">scadenza<span class=\"_ _df\"> </span></div></td><td class=\"c x352 y2659 w154 h98\"><div class=\"t m0 x31 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x369 y2659 w1e1 h98\"><div class=\"t m0 x3a h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x36a y2659 w318 h98\"><div class=\"t m0 x97 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x355 y2659 w169 h98\"><div class=\"t m0 x55 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x35d y2659 w164 h98\"><div class=\"t m0 x116 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x35e y2659 w2ce h98\"><div class=\"t m0 x39 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x353 y2659 w1e3 h98\"><div class=\"t m0 x37 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x36b y2659 w324 h98\"><div class=\"t m0 x3a h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x36c y2659 w1d4 h98\"><div class=\"t m0 x97 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x356 y2659 w2bb h98\"><div class=\"t m0 x55 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x361 y2659 w164 h98\"><div class=\"t m0 x116 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x362 y2659 w16c h98\"><div class=\"t m0 x55 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">X </div></td></tr><tr><td class=\"c x36e y265a w9c0 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">2. Riserva<span class=\"_ _df\"> </span></div></td><td class=\"c x352 y265b w154 h98\"><div class=\"t m0 x16a h30 y27 ff4 fsb fc1 sc0 ls0 ws0\">397.763 </div></td><td class=\"c x369 y265b w1e1 h98\"><div class=\"t m0 x3a h30 y27 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x36a y265b w318 h98\"><div class=\"t m0 x97 h30 y27 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x355 y265b w169 h98\"><div class=\"t m0 x55 h30 y27 ff4 fsb fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x35d y265b w164 h98\"><div class=\"t m0 x116 h30 y27 ff4 fsb fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x35e y265b w2ce h98\"><div class=\"t m0 x39 h30 y27 ff4 fsb fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x353 y265b w1e3 h98\"><div class=\"t m0 xac h30 y27 ff4 fsb fc1 sc0 ls5c ws0\">38<span class=\"ls0\">7.897</span><span class=\"ls0\"> </span></div></td><td class=\"c x36b y265b w324 h98\"><div class=\"t m0 x3a h30 y27 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x36c y265b w1d4 h98\"><div class=\"t m0 x97 h30 y27 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x356 y265b w2bb h98\"><div class=\"t m0 x55 h30 y27 ff4 fsb fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x361 y265b w164 h98\"><div class=\"t m0 x116 h30 y27 ff4 fsb fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x362 y265b w16c h98\"><div class=\"t m0 x55 h30 y27 ff4 fsb fc1 sc0 ls0 ws0\">X </div></td></tr><tr><td class=\"c x36e y265c w9c1 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">obbligatoria<span class=\"_ _df\"> </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=\"c x36e y265d w9c2 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">3. Pronti contro<span class=\"_ _df\"> </span></div></td><td class=\"c x352 y265e w154 h12\"><div class=\"t m0 x31 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x369 y265e w1e1 h12\"><div class=\"t m0 x3a h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x36a y265e w318 h12\"><div class=\"t m0 x97 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x355 y265e w169 h12\"><div class=\"t m0 x55 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x35d y265e w164 h12\"><div class=\"t m0 x116 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x35e y265e w2ce h12\"><div class=\"t m0 x39 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x353 y265e w1e3 h12\"><div class=\"t m0 x37 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x36b y265e w324 h12\"><div class=\"t m0 x3a h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x36c y265e w1d4 h12\"><div class=\"t m0 x97 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x356 y265e w2bb h12\"><div class=\"t m0 x55 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x361 y265e w164 h12\"><div class=\"t m0 x116 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x362 y265e w16c h12\"><div class=\"t m0 x55 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">X </div></td></tr><tr><td class=\"c x36e y265f w9c3 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">termine<span class=\"_ _df\"> </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=\"c x36d y2660 w323 h227\"><div class=\"t m0 x2f h30 y1510 ff4 fsb fc1 sc0 ls0 ws0\">4. Altri<span class=\"_ _df\"> </span></div></td><td class=\"c x352 y2660 w154 h227\"><div class=\"t m0 x31 h30 y1510 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x369 y2660 w1e1 h227\"><div class=\"t m0 x3a h30 y1510 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x36a y2660 w318 h227\"><div class=\"t m0 x97 h30 y1510 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x355 y2660 w169 h227\"><div class=\"t m0 x55 h30 y1510 ff4 fsb fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x35d y2660 w164 h227\"><div class=\"t m0 x116 h30 y1510 ff4 fsb fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x35e y2660 w2ce h227\"><div class=\"t m0 x39 h30 y1510 ff4 fsb fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x353 y2660 w1e3 h227\"><div class=\"t m0 x37 h30 y1510 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x36b y2660 w324 h227\"><div class=\"t m0 x3a h30 y1510 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x36c y2660 w1d4 h227\"><div class=\"t m0 x97 h30 y1510 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x356 y2660 w2bb h227\"><div class=\"t m0 x55 h30 y1510 ff4 fsb fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x361 y2660 w164 h227\"><div class=\"t m0 x116 h30 y1510 ff4 fsb fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x362 y2660 w16c h227\"><div class=\"t m0 x55 h30 y1510 ff4 fsb fc1 sc0 ls0 ws0\">X </div></td></tr><tr><td class=\"c x262 y2661 w9c4 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc2 ls0 ws0\">B. Crediti<span class=\"_ _f\"></span> v<span class=\"_ _2\"></span>erso<span class=\"_ _df\"> </span></div></td><td class=\"c x352 y2662 w154 h98\"><div class=\"t m0 xac h30 y295 ff4 fsb fc1 sc2 ls0 ws0\">2.057.5<span class=\"_ _1\"></span>61<span class=\"sc0\"> </span></div></td><td class=\"c x369 y2662 w1e1 h98\"><div class=\"t m0 x3a h30 y295 ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x36a y2662 w318 h98\"><div class=\"t m0 x97 h30 y295 ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x355 y2662 w169 h98\"><div class=\"t m0 xab h30 y295 ff4 fsb fc1 sc2 ls0 ws0\">642.872<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x35d y2662 w164 h98\"><div class=\"t m0 x33 h30 y295 ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x35e y2662 w2ce h98\"><div class=\"t m0 xab h30 y295 ff4 fsb fc1 sc2 ls0 ws0\">1.416.54<span class=\"_ _1\"></span>0<span class=\"sc0\"> </span></div></td><td class=\"c x353 y2662 w1e3 h98\"><div class=\"t m0 xab h30 y295 ff4 fsb fc1 sc2 ls0 ws0\">1.191.880<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x36b y2662 w324 h98\"><div class=\"t m0 x3a h30 y295 ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x36c y2662 w1d4 h98\"><div class=\"t m0 x97 h30 y295 ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x356 y2662 w2bb h98\"><div class=\"t m0 xab h30 y295 ff4 fsb fc1 sc2 ls0 ws0\">637.763<span class=\"sc0\"> </span></div></td><td class=\"c x361 y2662 w164 h98\"><div class=\"t m0 x33 h30 y295 ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x362 y2662 w16c h98\"><div class=\"t m0 xac h30 y295 ff4 fsb fc1 sc2 ls0 ws0\">552.772<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x262 y2663 w9c5 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc2 ls0 ws0\">banche<span class=\"_ _df\"> </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=\"c x36d y2664 w323 hc8\"><div class=\"t m0 x2f h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">1. Finanziamenti</div></td><td class=\"c x352 y2664 w154 hc8\"><div class=\"t m0 xac h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">1.416.542 </div></td><td class=\"c x369 y2664 w1e1 hc8\"><div class=\"t m0 x3a h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x36a y2664 w318 hc8\"><div class=\"t m0 x97 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x355 y2664 w169 hc8\"><div class=\"t m0 x26 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x35d y2664 w164 hc8\"><div class=\"t m0 x33 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x35e y2664 w2ce hc8\"><div class=\"t m0 x8a h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">1.416.540 </div></td><td class=\"c x353 y2664 w1e3 hc8\"><div class=\"t m0 x8e h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">552.772 </div></td><td class=\"c x36b y2664 w324 hc8\"><div class=\"t m0 x3a h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x36c y2664 w1d4 hc8\"><div class=\"t m0 x97 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x356 y2664 w2bb hc8\"><div class=\"t m0 x26 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x361 y2664 w164 hc8\"><div class=\"t m0 x33 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x362 y2664 w16c hc8\"><div class=\"t m0 xab h30 y74a ff4 fsb fc1 sc0 ls87 ws0\">552<span class=\"ls0\">.772</span><span class=\"ls0\"> </span></div></td></tr><tr><td class=\"c x36d y2665 w323 hc8\"><div class=\"t m0 x55 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">1.1 Conti correnti </div></td><td class=\"c x352 y2665 w154 hc8\"><div class=\"t m0 x31 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x369 y2665 w1e1 hc8\"><div class=\"t m0 x3a h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x36a y2665 w318 hc8\"><div class=\"t m0 x97 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x355 y2665 w169 hc8\"><div class=\"t m0 x55 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x35d y2665 w164 hc8\"><div class=\"t m0 x116 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x35e y2665 w2ce hc8\"><div class=\"t m0 x39 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x353 y2665 w1e3 hc8\"><div class=\"t m0 x37 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x36b y2665 w324 hc8\"><div class=\"t m0 x3a h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x36c y2665 w1d4 hc8\"><div class=\"t m0 x97 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x356 y2665 w2bb hc8\"><div class=\"t m0 x55 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x361 y2665 w164 hc8\"><div class=\"t m0 x116 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x362 y2665 w16c hc8\"><div class=\"t m0 x55 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">X </div></td></tr><tr><td class=\"c x36d y2666 w323 h98\"><div class=\"t m0 x55 h30 y9bd ff4 fsb fc1 sc0 ls0 ws0\"> 1.2. Depositi a </div><div class=\"t m0 x55 h30 y7b6 ff4 fsb fc1 sc0 ls0 ws0\">scadenza  </div></td><td class=\"c x352 y2666 w154 h98\"><div class=\"t m0 x31 h30 y27 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x369 y2666 w1e1 h98\"><div class=\"t m0 x3a h30 y27 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x36a y2666 w318 h98\"><div class=\"t m0 x97 h30 y27 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x355 y2666 w169 h98\"><div class=\"t m0 x55 h30 y27 ff4 fsb fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x35d y2666 w164 h98\"><div class=\"t m0 x116 h30 y27 ff4 fsb fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x35e y2666 w2ce h98\"><div class=\"t m0 x39 h30 y27 ff4 fsb fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x353 y2666 w1e3 h98\"><div class=\"t m0 x37 h30 y27 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x36b y2666 w324 h98\"><div class=\"t m0 x3a h30 y27 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x36c y2666 w1d4 h98\"><div class=\"t m0 x97 h30 y27 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x356 y2666 w2bb h98\"><div class=\"t m0 x55 h30 y27 ff4 fsb fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x361 y2666 w164 h98\"><div class=\"t m0 x116 h30 y27 ff4 fsb fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x362 y2666 w16c h98\"><div class=\"t m0 x55 h30 y27 ff4 fsb fc1 sc0 ls0 ws0\">X </div></td></tr><tr><td class=\"c x36f y2667 w9c6 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">1.3. Altri<span class=\"_ _df\"> </span></div></td><td class=\"c x352 y2668 w154 h12\"><div class=\"t m0 xac h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">1.416.542 </div></td><td class=\"c x369 y2668 w1e1 h12\"><div class=\"t m0 x3a h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x36a y2668 w318 h12\"><div class=\"t m0 x97 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x355 y2668 w169 h12\"><div class=\"t m0 x55 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x35d y2668 w164 h12\"><div class=\"t m0 x116 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x35e y2668 w2ce h12\"><div class=\"t m0 x39 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x353 y2668 w1e3 h12\"><div class=\"t m0 x8e h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">552.772 </div></td><td class=\"c x36b y2668 w324 h12\"><div class=\"t m0 x3a h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x36c y2668 w1d4 h12\"><div class=\"t m0 x97 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x356 y2668 w2bb h12\"><div class=\"t m0 x55 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x361 y2668 w164 h12\"><div class=\"t m0 x116 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x362 y2668 w16c h12\"><div class=\"t m0 x55 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">X </div></td></tr><tr><td class=\"c x370 y2669 w9c7 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">finanziamenti:<span class=\"_ _df\"> </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=\"c x36f y266a w9c8 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">- Pronti contro<span class=\"_ _df\"> </span></div></td><td class=\"c x352 y266b w154 h98\"><div class=\"t m0 x16a h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">996.158 </div></td><td class=\"c x369 y266b w1e1 h98\"><div class=\"t m0 x3a h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x36a y266b w318 h98\"><div class=\"t m0 x97 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x355 y266b w169 h98\"><div class=\"t m0 x55 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x35d y266b w164 h98\"><div class=\"t m0 x116 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x35e y266b w2ce h98\"><div class=\"t m0 x39 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x353 y266b w1e3 h98\"><div class=\"t m0 x37 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x36b y266b w324 h98\"><div class=\"t m0 x3a h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x36c y266b w1d4 h98\"><div class=\"t m0 x97 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x356 y266b w2bb h98\"><div class=\"t m0 x55 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x361 y266b w164 h98\"><div class=\"t m0 x116 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x362 y266b w16c h98\"><div class=\"t m0 x55 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">X </div></td></tr><tr><td class=\"c x370 y266c w9c9 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">termine attiv<span class=\"_ _2\"></span>i<span class=\"_ _df\"> </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=\"c x36f y266d w9ca h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">- Finanziamenti<span class=\"_ _df\"> </span></div></td><td class=\"c x352 y266e w154 h98\"><div class=\"t m0 x26 h30 y27 ff4 fsb fc1 sc0 ls86 ws0\">88<span class=\"ls0\"> </span></div></td><td class=\"c x369 y266e w1e1 h98\"><div class=\"t m0 x3a h30 y27 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x36a y266e w318 h98\"><div class=\"t m0 x97 h30 y27 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x355 y266e w169 h98\"><div class=\"t m0 x55 h30 y27 ff4 fsb fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x35d y266e w164 h98\"><div class=\"t m0 x116 h30 y27 ff4 fsb fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x35e y266e w2ce h98\"><div class=\"t m0 x39 h30 y27 ff4 fsb fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x353 y266e w1e3 h98\"><div class=\"t m0 x32 h30 y27 ff4 fsb fc1 sc0 ls0 ws0\">129 </div></td><td class=\"c x36b y266e w324 h98\"><div class=\"t m0 x3a h30 y27 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x36c y266e w1d4 h98\"><div class=\"t m0 x97 h30 y27 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x356 y266e w2bb h98\"><div class=\"t m0 x55 h30 y27 ff4 fsb fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x361 y266e w164 h98\"><div class=\"t m0 x116 h30 y27 ff4 fsb fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x362 y266e w16c h98\"><div class=\"t m0 x55 h30 y27 ff4 fsb fc1 sc0 ls0 ws0\">X </div></td></tr><tr><td class=\"c x370 y266f w9cb h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">per leasing</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=\"c x36d y2670 w323 hc8\"><div class=\"t m0 x55 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\"> - Altri </div></td><td class=\"c x352 y2670 w154 hc8\"><div class=\"t m0 x2f h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">420.296 </div></td><td class=\"c x369 y2670 w1e1 hc8\"><div class=\"t m0 x3a h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x36a y2670 w318 hc8\"><div class=\"t m0 x97 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x355 y2670 w169 hc8\"><div class=\"t m0 x55 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x35d y2670 w164 hc8\"><div class=\"t m0 x116 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x35e y2670 w2ce hc8\"><div class=\"t m0 x39 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x353 y2670 w1e3 hc8\"><div class=\"t m0 xac h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">552.644 </div></td><td class=\"c x36b y2670 w324 hc8\"><div class=\"t m0 x3a h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x36c y2670 w1d4 hc8\"><div class=\"t m0 x97 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x356 y2670 w2bb hc8\"><div class=\"t m0 x55 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x361 y2670 w164 hc8\"><div class=\"t m0 x116 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x362 y2670 w16c hc8\"><div class=\"t m0 x55 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">X </div></td></tr><tr><td class=\"c x36d y2671 w323 hc8\"><div class=\"t m0 x2f h30 y74a ff4 fsb fc1 sc0 ls0 ws0\"> 2. Titoli di debito</div></td><td class=\"c x352 y2671 w154 hc8\"><div class=\"t m0 x2a h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">641.019 </div></td><td class=\"c x369 y2671 w1e1 hc8\"><div class=\"t m0 x3a h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x36a y2671 w318 hc8\"><div class=\"t m0 x97 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x355 y2671 w169 hc8\"><div class=\"t m0 x8a h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">642.872 </div></td><td class=\"c x35d y2671 w164 hc8\"><div class=\"t m0 x33 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x35e y2671 w2ce hc8\"><div class=\"t m0 x97 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x353 y2671 w1e3 hc8\"><div class=\"t m0 x8e h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">639.108 </div></td><td class=\"c x36b y2671 w324 hc8\"><div class=\"t m0 x3a h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x36c y2671 w1d4 hc8\"><div class=\"t m0 x97 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x356 y2671 w2bb hc8\"><div class=\"t m0 xab h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">637.763 </div></td><td class=\"c x361 y2671 w164 hc8\"><div class=\"t m0 x33 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x362 y2671 w16c hc8\"><div class=\"t m0 x26 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x36f y2672 w9cc h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">2.1 Titoli<span class=\"_ _df\"> </span></div></td><td class=\"c x352 y2673 w154 h12\"><div class=\"t m0 x55 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">86.317 </div></td><td class=\"c x369 y2673 w1e1 h12\"><div class=\"t m0 x3a h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x36a y2673 w318 h12\"><div class=\"t m0 x97 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x355 y2673 w169 h12\"><div class=\"t m0 x8e h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">87.250 </div></td><td class=\"c x35d y2673 w164 h12\"><div class=\"t m0 x33 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x35e y2673 w2ce h12\"><div class=\"t m0 x97 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x353 y2673 w1e3 h12\"><div class=\"t m0 x8e h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">107.625 </div></td><td class=\"c x36b y2673 w324 h12\"><div class=\"t m0 x3a h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x36c y2673 w1d4 h12\"><div class=\"t m0 x97 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x356 y2673 w2bb h12\"><div class=\"t m0 xac h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">108.148 </div></td><td class=\"c x361 y2673 w164 h12\"><div class=\"t m0 x33 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x362 y2673 w16c h12\"><div class=\"t m0 x26 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x370 y2674 w9cd h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">strutturati<span class=\"_ _df\"> </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=\"c x36f y2675 w9ce h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">2.2 Altri ti<span class=\"_ _2\"></span>toli di<span class=\"_ _df\"> </span></div></td><td class=\"c x352 y2676 w154 h98\"><div class=\"t m0 x16a h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">554.702 </div></td><td class=\"c x369 y2676 w1e1 h98\"><div class=\"t m0 x3a h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x36a y2676 w318 h98\"><div class=\"t m0 x97 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x355 y2676 w169 h98\"><div class=\"t m0 xab h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">555.622 </div></td><td class=\"c x35d y2676 w164 h98\"><div class=\"t m0 x33 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x35e y2676 w2ce h98\"><div class=\"t m0 x97 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x353 y2676 w1e3 h98\"><div class=\"t m0 x8e h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">531.483 </div></td><td class=\"c x36b y2676 w324 h98\"><div class=\"t m0 x3a h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x36c y2676 w1d4 h98\"><div class=\"t m0 x97 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x356 y2676 w2bb h98\"><div class=\"t m0 xab h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">529.615 </div></td><td class=\"c x361 y2676 w164 h98\"><div class=\"t m0 x33 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x362 y2676 w16c h98\"><div class=\"t m0 x26 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x370 y2677 w9cf h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">debito<span class=\"_ _df\"> </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=\"c x36d y2678 w323 hc8\"><div class=\"t m0 xe h30 y74a ff4 fsb fc1 sc2 ls0 ws0\">Totale<span class=\"sc0\"> </span></div></td><td class=\"c x352 y2678 w154 hc8\"><div class=\"t m0 x8a h30 y74a ff4 fsb fc1 sc2 ls0 ws0\">2.455.32<span class=\"_ _f\"></span>4<span class=\"sc0\"> </span></div></td><td class=\"c x369 y2678 w1e1 hc8\"><div class=\"t m0 x3a h30 y74a ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x36a y2678 w318 hc8\"><div class=\"t m0 x97 h30 y74a ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x355 y2678 w169 hc8\"><div class=\"t m0 xab h30 y74a ff4 fsb fc1 sc2 ls0 ws0\">642.872<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x35d y2678 w164 hc8\"><div class=\"t m0 x33 h30 y74a ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x35e y2678 w2ce hc8\"><div class=\"t m0 xab h30 y74a ff4 fsb fc1 sc2 ls0 ws0\">1.814.303<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x353 y2678 w1e3 hc8\"><div class=\"t m0 x8a h30 y74a ff4 fsb fc1 sc2 ls0 ws0\">1.579.777<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x36b y2678 w324 hc8\"><div class=\"t m0 x3a h30 y74a ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x36c y2678 w1d4 hc8\"><div class=\"t m0 x97 h30 y74a ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x356 y2678 w2bb hc8\"><div class=\"t m0 xab h30 y74a ff4 fsb fc1 sc2 ls0 ws0\">637.763<span class=\"sc0\"> </span></div></td><td class=\"c x361 y2678 w164 hc8\"><div class=\"t m0 x33 h30 y74a ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x362 y2678 w16c hc8\"><div class=\"t m0 x8a h30 y74a ff4 fsb fc1 sc2 ls0 ws0\">940.669<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td></tr></table></div><div class=\"t m0 h5 ff4 fs1 fc4 sc3 ls0 ws0 gs905\">Lege<span class=\"_ _f\"></span>nda: </div><div class=\"t m0 h1f ff4 fs7 fc1 sc0 ls0 ws0 gs906\">L1= Livello 1 </div><div class=\"t m0 h1f ff4 fs7 fc1 sc0 ls0 ws0 gs907\">L2= Livello 2 </div><div class=\"t m0 h1f ff4 fs7 fc1 sc0 ls0 ws0 gs908\">L3= Livello 3 </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs909\">Sono inclusi i crediti di<span class=\"_ _1\"></span> funzionamento connessi con la prestazione d<span class=\"_ _2\"></span>i servizi finanziari. </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs90a\">I crediti,<span class=\"_ _1\"></span> ad eccezione <span class=\"_ _1\"></span>dei titoli di de<span class=\"_ _1\"></span>bito, sono iscritti al l<span class=\"_ _1\"></span>oro valor<span class=\"_ _1\"></span>e nominale, corrisponde<span class=\"_ _1\"></span>nte al loro </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs90b\">fair value e il livello di fair value attribuito risulta essere pari <span class=\"_ _1\"></span>a 3.<span class=\"_ _2\"></span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs90c\">Le metodologie <span class=\"_ _2\"></span>utilizzate <span class=\"_ _2\"></span>per la <span class=\"_ _2\"></span>determinazione <span class=\"_ _2\"></span>de<span class=\"_ _2\"></span>l fair <span class=\"_ _2\"></span>value <span class=\"_ _2\"></span>sono <span class=\"_ _2\"></span>riportate nella <span class=\"_ _2\"></span>Parte <span class=\"_ _2\"></span>A1 <span class=\"_ _2\"></span><span class=\"ff5\">\u2013</span> <span class=\"_ _2\"></span>Parte </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs90d\">generale <span class=\"ff5\">\u2013</span> Sezione 16 <span class=\"ff5\">\u201cAltre</span> <span class=\"ff5\">informazioni\u201d.</span> </div>4.2 At<span class=\"_ _1\"></span>tivit\u00e0<span class=\"_ _f\"></span> finanzia<span class=\"_ _1\"></span>rie va<span class=\"_ _f\"></span>lutate <span class=\"_ _1\"></span>al cos<span class=\"_ _1\"></span>to am<span class=\"_ _1\"></span>mor<span class=\"_ _1\"></span>tizzat<span class=\"_ _1\"></span>o: co<span class=\"_ _1\"></span>mpos<span class=\"_ _f\"></span>izione<span class=\"_ _1\"></span> mer<span class=\"_ _1\"></span>ceolo<span class=\"_ _1\"></span>gica<span class=\"_ _1\"></span> dei <span class=\"_ _1\"></span>credit<span class=\"_ _1\"></span>i vers<span class=\"_ _f\"></span>o clientela<span class=\"_ _df\"> </span>Totale<span class=\"_ _df\"> </span>Totale<span class=\"_ _df\"> </span>31/12/20<span class=\"_ _1\"></span>25<span class=\"_ _df\"> </span>31/12/20<span class=\"_ _1\"></span>24<span class=\"_ _df\"> </span>Tipolog<span class=\"_ _f\"></span>ia<span class=\"_ _df\"> </span>Valor<span class=\"_ _1\"></span>e di bila<span class=\"_ _f\"></span>ncio<span class=\"_ _df\"> </span>Fair va<span class=\"_ _1\"></span>lue<span class=\"_ _df\"> </span>Valor<span class=\"_ _1\"></span>e di bila<span class=\"_ _f\"></span>ncio<span class=\"_ _df\"> </span>operaz<span class=\"_ _1\"></span>ioni/Va<span class=\"_ _f\"></span>lori<span class=\"_ _df\"> </span>Primo <span class=\"_ _f\"></span>e<span class=\"_ _df\"> </span>Impai<span class=\"_ _1\"></span>red<span class=\"_ _df\"> </span>Primo <span class=\"_ _f\"></span>e<span class=\"_ _df\"> </span>Impai<span class=\"_ _1\"></span>red<span class=\"_ _df\"> </span>secon<span class=\"_ _1\"></span>doTerzo<span class=\"_ _df\"> </span>acqui<span class=\"_ _1\"></span>site<span class=\"_ _df\"> </span>L1<span class=\"_ _df\"> </span>L2<span class=\"_ _df\"> </span>L3<span class=\"_ _df\"> </span>secon<span class=\"_ _1\"></span>doTerzo<span class=\"_ _df\"> </span>acqui<span class=\"_ _1\"></span>site<span class=\"_ _df\"> </span>L1<span class=\"_ _df\"> </span>stadiostadio<span class=\"_ _df\"> </span>o<span class=\"_ _df\"> </span>stadiostadio<span class=\"_ _df\"> </span>o<span class=\"_ _df\"> </span>origina<span class=\"_ _f\"></span>te<span class=\"_ _df\"> </span>origina<span class=\"_ _f\"></span>te<span class=\"_ _df\"> </span>1. Fina<span class=\"_ _1\"></span>nziame<span class=\"_ _f\"></span>nti<span class=\"_ _df\"> </span>38.763<span class=\"_ _1\"></span>.503244.5<span class=\"_ _1\"></span>4212.871<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-38.832.<span class=\"_ _f\"></span>58536.08<span class=\"_ _1\"></span>9.466258.71715.455<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>1.1. Conti correnti<span class=\"_ _df\"> </span>1.851.66015.666<span class=\"_ _df\"> </span>515<span class=\"_ _df\"> </span>X<span class=\"_ _df\"> </span>X<span class=\"_ _df\"> </span>X1.774.96617.109<span class=\"_ _df\"> </span>616<span class=\"_ _df\"> </span>X<span class=\"_ _df\"> </span>1.2. Pronti contro<span class=\"_ _df\"> </span>1.346.894<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>X<span class=\"_ _df\"> </span>X<span class=\"_ _df\"> </span>X<span class=\"_ _df\"> </span>499<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>X<span class=\"_ _df\"> </span>termine attivi<span class=\"_ _df\"> </span>1.3. Mutui<span class=\"_ _df\"> </span>20.805.742160.4314.778<span class=\"_ _df\"> </span>X<span class=\"_ _df\"> </span>X<span class=\"_ _df\"> </span>X20.493.12<span class=\"_ _1\"></span>4176.7426.093<span class=\"_ _df\"> </span>X<span class=\"_ _df\"> </span>1.4. Carte di credito,<span class=\"_ _df\"> </span>prestiti personali e<span class=\"_ _df\"> </span>4.247.09029.0327.252<span class=\"_ _df\"> </span>X<span class=\"_ _df\"> </span>X<span class=\"_ _df\"> </span>X3.839.14726.2578.420<span class=\"_ _df\"> </span>X<span class=\"_ _df\"> </span>cessioni del quinto<span class=\"_ _df\"> </span>1.5. Finanziamenti per<span class=\"_ _df\"> </span>3.291.55829.004<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>X<span class=\"_ _df\"> </span>X<span class=\"_ _df\"> </span>X3.187.50230.468<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>X<span class=\"_ _df\"> </span>leasing<span class=\"_ _df\"> </span>1.6. Factoring<span class=\"_ _df\"> </span>1.550.4357.611<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>X<span class=\"_ _df\"> </span>X<span class=\"_ _df\"> </span>X1.430.7004.941<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>X<span class=\"_ _df\"> </span>1.7. Altri finanziamenti5.670.1242.798<span class=\"_ _df\"> </span>326<span class=\"_ _df\"> </span>X<span class=\"_ _df\"> </span>X<span class=\"_ _df\"> </span>X5.363.5283.200326<span class=\"_ _df\"> </span>X<span class=\"_ _df\"> </span>2. Titoli<span class=\"_ _f\"></span> di debito<span class=\"_ _df\"> </span>6.231.0<span class=\"_ _f\"></span>8<span class=\"_ _2\"></span>1<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-5.726.<span class=\"_ _1\"></span>709487.7<span class=\"_ _1\"></span>6566.8497.331.2<span class=\"_ _f\"></span>88<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-7.022.2<span class=\"_ _f\"></span>96<span class=\"_ _df\"> </span>1.<span class=\"ls0\"> Titoli strutturati<span class=\"_ _df\"> </span></span>608.091<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-81.586459.11366.849394.647<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-142.828<span class=\"_ _df\"> </span>2. Altri titoli di debito5.622.990<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-5.645.12328.652<span class=\"_ _df\"> </span>-6.936.641<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-6.879.468<span class=\"_ _df\"> </span>Totale44.99<span class=\"_ _1\"></span>4.584244.5<span class=\"_ _1\"></span>4212.8715.726.<span class=\"_ _1\"></span>709487.7<span class=\"_ _1\"></span>6538.89<span class=\"_ _f\"></span>9<span class=\"_ _2\"></span>.43<span class=\"_ _1\"></span>443.420.<span class=\"_ _f\"></span>754258.7<span class=\"lsa\">17</span>15.4557.022.2<span class=\"_ _f\"></span>96<span class=\"_ _df\"> </span>I crediti verso la clientela per finanziame<span class=\"_ _1\"></span>nti sono pari a <span class=\"_ _2\"></span>39.020,9 milioni di<span class=\"_ _1\"></span> euro.<span class=\"_ _df\"> </span>Si fornisce di seguito il de<span class=\"_ _1\"></span>ttaglio dei finanziamenti erogati alla clientela con indicazione del credito<span class=\"_ _df\"> </span>lordo, delle previsioni di perdi<span class=\"_ _1\"></span>ta, del credito nett<span class=\"_ _2\"></span>o e del relativo c<span class=\"_ _f\"></span>overage per categoria.<table class=\"s w9d0 h4ab\" id=\"_a6a21593-d3f8-48c5-84ff-bfbbe8b84425\"><tr><td class=\"c x306 y2679 w332 h69\"><div class=\"t m0 x163 h1f y5b ff4 fs7 fc7 sc6 ls0 ws0\">CRED<span class=\"_ _f\"></span>ITI VER<span class=\"_ _1\"></span>SO C<span class=\"_ _f\"></span>LIENTE<span class=\"_ _f\"></span>LA PER<span class=\"_ _1\"></span> FIN<span class=\"_ _1\"></span>ANZ<span class=\"_ _f\"></span>IAMENTI<span class=\"_ _f\"></span> </div></td><td></td><td></td><td></td><td></td><td></td><td class=\"c x371 y267a w9d1 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc7 sc0 ls0 ws0\">Crediti<span class=\"_ _df\"> </span></div></td><td class=\"c x372 y267a w9d2 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc7 sc0 ls0 ws0\">TOTALE<span class=\"_ _df\"> </span></div></td></tr><tr><td class=\"c x306 y267b w333 h92\"><div class=\"t m0 x90 h1f yf96 ff5 fs7 fc7 sc0 ls0 ws0\">\u20acmln<span class=\"ff4\"> </span></div></td><td></td><td class=\"c x373 y267b w319 h92\"><div class=\"t m0 x8e h1f yf96 ff4 fs7 fc7 sc0 ls0 ws0\">Sofferenze </div></td><td class=\"c x374 y267c w9d3 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc7 sc0 ls0 ws0\">Inadempienze<span class=\"_ _df\"> </span></div></td><td class=\"c x375 y267c w9d4 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc7 sc0 ls0 ws0\">Esposizioni<span class=\"_ _df\"> </span></div></td><td class=\"c x376 y267c w9d5 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc7 sc0 ls0 ws0\">Tot. Crediti<span class=\"_ _df\"> </span></div></td><td class=\"c x377 y267d w9d6 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc7 sc0 ls0 ws0\">performing<span class=\"_ _df\"> </span></div></td><td class=\"c x378 y267d w9d7 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc7 sc0 ls0 ws0\">CREDITI<span class=\"_ _df\"> </span></div></td></tr><tr><td></td><td></td><td></td><td class=\"c x379 y267e w9d8 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc7 sc0 ls0 ws0\">probabili<span class=\"_ _df\"> </span></div></td><td class=\"c x37a y267e w9d9 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc7 sc0 ls0 ws0\">scadute<span class=\"_ _df\"> </span></div></td><td class=\"c x37b y267e w9da h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc7 sc0 ls0 ws0\">problematici<span class=\"_ _df\"> </span></div></td><td></td><td></td></tr><tr><td class=\"c x306 y267f w99 h69\"><div class=\"t m0 x163 h1f y302 ff4 fs7 fc7 sc6 ls0 ws0\">Val<span class=\"_ _1\"></span>ori lor<span class=\"_ _f\"></span>di </div></td><td class=\"c x37c y267f w336 h69\"><div class=\"t m0 x48 h1f y302 ff4 fs7 fc7 sc6 ls0 ws0\">2025<span class=\"_ _f\"></span> </div></td><td class=\"c x373 y267f w319 h69\"><div class=\"t m0 x12 h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">231 </div></td><td class=\"c x37d y267f w334 h69\"><div class=\"t m0 x90 h1f y302 ff4 fs7 fc1 sc0 ls27 ws0\">337<span class=\"ls0\"> </span></div></td><td class=\"c x37e y267f w335 h69\"><div class=\"t m0 x8f h1f y302 ff4 fs7 fc1 sc0 lsa ws0\">47<span class=\"ls0\"> </span></div></td><td class=\"c x37f y267f w86 h69\"><div class=\"t m0 x36 h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">615 </div></td><td class=\"c x380 y267f w337 h69\"><div class=\"t m0 x33 h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">38.860 </div></td><td class=\"c x381 y267f w11e h69\"><div class=\"t m0 x38 h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">39.475 </div></td></tr><tr><td class=\"c x262 y2680 w9db h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc7 sc6 ls0 ws0\">Previ<span class=\"_ _1\"></span>sion<span class=\"_ _f\"></span>i di<span class=\"_ _df\"> </span></div></td><td class=\"c x37c y2681 w336 h90\"><div class=\"t m0 x48 h1f y2c6 ff4 fs7 fc7 sc6 ls0 ws0\">2025<span class=\"_ _f\"></span> </div></td><td class=\"c x373 y2681 w319 h90\"><div class=\"t m0 x12 h1f y2c6 ff4 fs7 fc1 sc0 ls0 ws0\">194 </div></td><td class=\"c x37d y2681 w334 h90\"><div class=\"t m0 x7 h1f y2c6 ff4 fs7 fc1 sc0 ls0 ws0\">150 </div></td><td class=\"c x37e y2681 w335 h90\"><div class=\"t m0 x8f h1f y2c6 ff4 fs7 fc1 sc0 ls2a ws0\">20<span class=\"ls0\"> </span></div></td><td class=\"c x37f y2681 w86 h90\"><div class=\"t m0 x30 h1f y2c6 ff4 fs7 fc1 sc0 ls0 ws0\">364 </div></td><td class=\"c x380 y2681 w337 h90\"><div class=\"t m0 x36 h1f y2c6 ff4 fs7 fc1 sc0 ls29 ws0\">90<span class=\"ls0\"> </span></div></td><td class=\"c x381 y2681 w11e h90\"><div class=\"t m0 x12 h1f y2c6 ff4 fs7 fc1 sc0 ls0 ws0\">454 </div></td></tr><tr><td class=\"c x262 y2682 w9dc h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc7 sc6 ls0 ws0\">perdit<span class=\"_ _f\"></span>a<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x306 y2683 w99 h69\"><div class=\"t m0 x163 h1f y302 ff4 fs7 fc7 sc6 ls0 ws0\">Val<span class=\"_ _1\"></span>ori net<span class=\"_ _f\"></span>ti </div></td><td class=\"c x37c y2683 w336 h69\"><div class=\"t m0 x48 h1f y302 ff4 fs7 fc7 sc6 ls0 ws0\">2025<span class=\"_ _f\"></span> </div></td><td class=\"c x373 y2683 w319 h69\"><div class=\"t m0 x7 h1f y302 ff4 fs7 fc1 sc0 ls27 ws0\">37<span class=\"ls0\"> </span></div></td><td class=\"c x37d y2683 w334 h69\"><div class=\"t m0 x7 h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">187 </div></td><td class=\"c x37e y2683 w335 h69\"><div class=\"t m0 x8f h1f y302 ff4 fs7 fc1 sc0 ls2a ws0\">27<span class=\"ls0\"> </span></div></td><td class=\"c x37f y2683 w86 h69\"><div class=\"t m0 x36 h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">251<span class=\"fc17\"> </span></div></td><td class=\"c x380 y2683 w337 h69\"><div class=\"t m0 x32 h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">38.770 </div></td><td class=\"c x381 y2683 w11e h69\"><div class=\"t m0 x31 h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">39.021 </div></td></tr><tr><td class=\"c x262 y2684 w9dd h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc7 sc6 ls0 ws0\">Cove<span class=\"_ _1\"></span>rag<span class=\"_ _1\"></span>e<span class=\"_ _df\"> </span></div></td><td class=\"c x37c y2685 w336 h90\"><div class=\"t m0 x48 h1f y2c6 ff4 fs7 fc7 sc6 ls0 ws0\">2025<span class=\"_ _f\"></span> </div></td><td class=\"c x373 y2685 w319 h90\"><div class=\"t m0 x27 h1f y2c6 ff4 fs7 fc1 sc0 ls0 ws0\">83,98% </div></td><td class=\"c x37d y2685 w334 h90\"><div class=\"t m0 x38 h1f y2c6 ff4 fs7 fc1 sc0 ls0 ws0\">44,51% </div></td><td class=\"c x37e y2685 w335 h90\"><div class=\"t m0 x48 h1f y2c6 ff4 fs7 fc1 sc0 ls0 ws0\">42,55% </div></td><td class=\"c x37f y2685 w86 h90\"><div class=\"t m0 x32 h1f y2c6 ff4 fs7 fc1 sc0 ls0 ws0\">59,19% </div></td><td class=\"c x380 y2685 w337 h90\"><div class=\"t m0 x35 h1f y2c6 ff4 fs7 fc1 sc0 ls0 ws0\">0,23% </div></td><td class=\"c x381 y2685 w11e h90\"><div class=\"t m0 x36 h1f y2c6 ff4 fs7 fc1 sc0 ls0 ws0\">1,15% </div></td></tr><tr><td class=\"c x262 y2491 w9de h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc7 sc6 ls0 ws0\">puntu<span class=\"_ _1\"></span>ali<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr></table>Sono presenti coperture <span class=\"_ _2\"></span>di micro <span class=\"_ _2\"></span>fair value hedge s<span class=\"_ _2\"></span>u titoli di <span class=\"_ _2\"></span>debito a tasso <span class=\"_ _2\"></span>fisso. La <span class=\"_ _2\"></span>copertura \u00e8 di<span class=\"_ _df\"> </span>tipo fair value he<span class=\"_ _1\"></span>dge attuata attraverso la designaz<span class=\"_ _1\"></span>ione di appositi strumenti di copertura (Inte<span class=\"_ _1\"></span>res<span class=\"_ _2\"></span><span class=\"ls4a\">t<span class=\"_ _df\"> </span></span>Rate Swap) con copertura s<span class=\"_ _2\"></span>peci<span class=\"_ _1\"></span>fica del c.d. \u201crischio tasso\u201d<span class=\"_ _2\"></span> su detti titoli; la relazione venuta cos\u00ec a<span class=\"_ _df\"> </span>crearsi <span class=\"_ _4\"> </span>fra <span class=\"_ _4\"> </span>Hedg<span class=\"_ _1\"></span>ed <span class=\"_ _4\"> </span>Item <span class=\"_ _4\"> </span>e <span class=\"_ _22\"> </span>Hedging <span class=\"_ _4\"> </span>Instrument <span class=\"_ _4\"> </span>ha <span class=\"_ _4\"> </span>comportato <span class=\"_ _4\"> </span>la  r<span class=\"_ _2\"></span>edazione<span class=\"_ _1\"></span> <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>una <span class=\"_ _22\"> </span>specifica<span class=\"_ _df\"> </span>documentazione <span class=\"_ _d\"></span>che <span class=\"_ _0\"></span>formalizza <span class=\"_ _0\"></span>la <span class=\"_ _0\"></span>relazione <span class=\"_ _d\"></span>di <span class=\"_ _0\"></span>copertura <span class=\"_ _0\"></span>ed <span class=\"_ _0\"></span>ha <span class=\"_ _0\"></span>altres\u00ec <span class=\"_ _0\"></span>usufruito <span class=\"_ _d\"></span>delle <span class=\"_ _0\"></span>particolari<span class=\"_ _df\"> </span>regole <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>contabilizzazione <span class=\"_ _0\"></span>d<span class=\"_ _2\"></span>ell\u2019Hedge <span class=\"_ _9\"> </span>Accounting. <span class=\"_ _9\"> </span>Si <span class=\"_ _9\"> </span>segnala <span class=\"_ _9\"> </span>che <span class=\"_ _9\"> </span>sono <span class=\"_ _9\"> </span>stat<span class=\"_ _2\"></span>i <span class=\"_ _0\"></span>effettuati <span class=\"_ _9\"> </span>i <span class=\"_ _9\"> </span>test <span class=\"_ _9\"> </span>di<span class=\"_ _df\"> </span>efficacia (sia prospettici che retrospettivi)<span class=\"_ _1\"></span> con esito positivo.<span class=\"_ _df\"> </span>Sono <span class=\"_ _2\"></span>presenti <span class=\"_ _2\"></span>nella <span class=\"_ _2\"></span>categoria <span class=\"_ _2\"></span>contabile \u201cAt<span class=\"_ _2\"></span>tivit\u00e0 <span class=\"_ _2\"></span>finanziarie <span class=\"_ _2\"></span>valutate <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>costo <span class=\"_ _2\"></span>ammortizzato\u201d, <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>31<span class=\"_ _df\"> </span>dicembre <span class=\"_ _d\"></span>2025, <span class=\"_ _0\"></span>557 <span class=\"_ _0\"></span>milioni <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>E<span class=\"_ _2\"></span>uro <span class=\"_ _d\"></span>complessivi <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>ABS <span class=\"_ _d\"></span>emessi <span class=\"_ _0\"></span>da <span class=\"_ _d\"></span>veicoli <span class=\"_ _0\"></span>terzi, <span class=\"_ _d\"></span>col<span class=\"_ _2\"></span>legati <span class=\"_ _d\"></span>a <span class=\"_ _d\"></span>credi<span class=\"_ _2\"></span>ti<span class=\"_ _df\"> </span>originati <span class=\"_ _0\"></span>in <span class=\"_ _9\"> </span>Europa, <span class=\"_ _9\"> </span>con <span class=\"_ _9\"> </span>preponderanza <span class=\"_ _0\"></span>della <span class=\"_ _9\"> </span>componente <span class=\"_ _0\"></span>di<span class=\"_ _df\"> </span>origination <span class=\"_ _9\"> </span>italiana <span class=\"_ _0\"></span>(191,4 <span class=\"_ _9\"> </span>milioni <span class=\"_ _0\"></span>di<span class=\"_ _df\"> </span>Euro). <span class=\"_ _e\"> </span>Il <span class=\"_ _10\"> </span>port<span class=\"_ _2\"></span>afoglio <span class=\"_ _e\"> </span>\u00e8 <span class=\"_ _10\"> </span>costituito <span class=\"_ _10\"> </span>da <span class=\"_ _10\"> </span>differenti <span class=\"_ _10\"> </span>tipologie <span class=\"_ _e\"> </span>di <span class=\"_ _18\"> </span>ABS <span class=\"_ _e\"> </span>con <span class=\"_ _10\"> </span>una <span class=\"_ _10\"> </span>prevalenza <span class=\"_ _10\"> </span>delle<span class=\"_ _df\"> </span>cartolarizzazioni di mutui residenziali,<span class=\"_ _1\"></span> che incidono per il 35,1%. L\u2019attuale esposizione suddivisa pe<span class=\"_ _1\"></span>r rischio paese \u00e8 cos\u00ec composta:<table class=\"s w9f5 h4b0\" id=\"_7a87fcfb-6357-4377-9742-1822ed008461\"><tr><td></td><td class=\"c x39f y26a7 w9f6 h4b1\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">Cont<span class=\"_ _f\"></span>rovalo<span class=\"_ _1\"></span>re (m<span class=\"_ _f\"></span>igliaia<span class=\"_ _df\"> </span></div></td><td></td></tr><tr><td class=\"c x3a0 y26a8 w307 h23d\"><div class=\"t m0 x31 h1f y496 ff4 fs7 fc4 sc3 ls0 ws0\">Paes<span class=\"_ _1\"></span>e </div></td><td class=\"c x3a1 y26a9 w9f7 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">Euro<span class=\"_ _1\"></span>)<span class=\"_ _df\"> </span></div></td><td class=\"c x3a2 y26a8 w33a h23d\"><div class=\"t m0 x27 h1f y496 ff4 fs7 fc4 sc3 lsce ws0\">% <span class=\"ls0\">Espo<span class=\"_ _f\"></span>sizione</span><span class=\"ls0\"><span class=\"_ _f\"></span> </span></div></td></tr><tr><td class=\"c x3a0 y26aa w307 h242\"><div class=\"t m0 x31 h1f y496 ff4 fs7 fc1 sc0 ls0 ws0\">ITALIA </div></td><td class=\"c x3a3 y26aa w339 h242\"><div class=\"t m0 x8f h1f y496 ff4 fs7 fc1 sc0 ls0 ws0\">191.403 </div></td><td class=\"c x3a2 y26aa w33a h242\"><div class=\"t m0 x90 h1f y496 ff4 fs7 fc1 sc0 ls0 ws0\">34,3 </div></td></tr><tr><td class=\"c x3a0 y26ab w307 h243\"><div class=\"t m0 x26 h1f y496 ff4 fs7 fc1 sc0 ls0 ws0\">FRANCIA </div></td><td class=\"c x3a3 y26ab w339 h243\"><div class=\"t m0 x8f h1f y496 ff4 fs7 fc1 sc0 ls0 ws0\">127.869 </div></td><td class=\"c x3a2 y26ab w33a h243\"><div class=\"t m0 x90 h1f y496 ff4 fs7 fc1 sc0 ls0 ws0\">22,9 </div></td></tr><tr><td class=\"c x3a0 y26ac w307 h243\"><div class=\"t m0 x2c h1f y496 ff4 fs7 fc1 sc0 ls0 ws0\">GERMANIA </div></td><td class=\"c x3a3 y26ac w339 h243\"><div class=\"t m0 x8f h1f y496 ff4 fs7 fc1 sc0 ls0 ws0\">105.840 </div></td><td class=\"c x3a2 y26ac w33a h243\"><div class=\"t m0 x7 h1f y496 ff4 fs7 fc1 sc0 ls0 ws0\">19,1 </div></td></tr><tr><td class=\"c x3a0 y26ad w307 h17f\"><div class=\"t m0 x34 h1f y496 ff4 fs7 fc1 sc0 ls0 ws0\">SPAGNA </div></td><td class=\"c x3a3 y26ad w339 h17f\"><div class=\"t m0 x96 h1f y496 ff4 fs7 fc1 sc0 ls0 ws0\">87.101 </div></td><td class=\"c x3a2 y26ad w33a h17f\"><div class=\"t m0 x90 h1f y496 ff4 fs7 fc1 sc0 ls0 ws0\">15,6 </div></td></tr><tr><td class=\"c x3a0 y26ae w307 h1af\"><div class=\"t m0 x33 h1f y496 ff4 fs7 fc1 sc0 ls0 ws0\">PAESI BASSI </div></td><td class=\"c x3a3 y26ae w339 h1af\"><div class=\"t m0 x96 h1f y496 ff4 fs7 fc1 sc0 ls0 ws0\">45.112 </div></td><td class=\"c x3a2 y26ae w33a h1af\"><div class=\"t m0 x1c h1f y496 ff4 fs7 fc1 sc0 ls0 ws0\">8,1 </div></td></tr><tr><td class=\"c x3a0 y26af w307 h243\"><div class=\"t m0 x37 h1f y496 ff4 fs7 fc4 sc3 ls0 ws0\">TOTA<span class=\"_ _1\"></span>LE </div></td><td class=\"c x3a3 y26af w339 h243\"><div class=\"t m0 x8f h1f y496 ff4 fs7 fc4 sc3 ls0 ws0\">557.<span class=\"_ _1\"></span>325 </div></td><td class=\"c x3a2 y26af w33a h243\"><div class=\"t m0 x12 h1f y496 ff4 fs7 fc4 sc3 ls0 ws0\">100,<span class=\"_ _f\"></span>0 </div></td></tr></table>Si <span class=\"_ _f\"></span>\u00e8 adottata <span class=\"_ _f\"></span>anche <span class=\"_ _1\"></span>la <span class=\"_ _f\"></span>met<span class=\"_ _2\"></span>odolog<span class=\"_ _1\"></span>ia <span class=\"_ _f\"></span>cont<span class=\"_ _2\"></span>abile<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>del <span class=\"_ _f\"></span>Macro Fair <span class=\"_ _f\"></span>Value Hed<span class=\"_ _f\"></span>g<span class=\"_ _2\"></span>e <span class=\"_ _f\"></span>per la <span class=\"_ _f\"></span>copertura <span class=\"_ _f\"></span>del rischio<span class=\"_ _df\"> </span> di tasso <span class=\"ff5\">associato all\u2019erogazione di mutui a tasso fisso</span>.<span class=\"_ _df\"> </span> Sono p<span class=\"_ _1\"></span>resenti, inoltre,<span class=\"_ _f\"></span> coperture <span class=\"_ _f\"></span>di Macro Cash<span class=\"_ _f\"></span> Flow <span class=\"_ _1\"></span>Hedge <span class=\"_ _f\"></span>su erogazioni <span class=\"_ _f\"></span>di mutui <span class=\"_ _f\"></span>a tasso <span class=\"_ _f\"></span>variabile.<span class=\"_ _df\"> </span>Sezi<span class=\"_ _f\"></span>one 1<span class=\"_ _1\"></span> <span class=\"ff5\">\u2013</span> Pa<span class=\"_ _f\"></span>ssivit<span class=\"_ _f\"></span>\u00e0 fina<span class=\"_ _1\"></span>nz<span class=\"_ _1\"></span>iarie<span class=\"_ _f\"></span> valuta<span class=\"_ _f\"></span>te al c<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>to a<span class=\"_ _1\"></span>mm<span class=\"_ _f\"></span>ortiz<span class=\"_ _f\"></span>zato <span class=\"_ _1\"></span><span class=\"ff5\">\u2013<span class=\"ff4\"> Vo<span class=\"_ _f\"></span>ce 10<span class=\"_ _1\"></span> </span></span>1.1 Pa<span class=\"_ _f\"></span>ssivit\u00e0 fi<span class=\"_ _1\"></span>nanzia<span class=\"_ _1\"></span>rie v<span class=\"_ _1\"></span>alut<span class=\"_ _1\"></span>ate <span class=\"_ _1\"></span>al co<span class=\"_ _f\"></span>sto amm<span class=\"_ _1\"></span>ortizz<span class=\"_ _1\"></span>ato: co<span class=\"_ _f\"></span>mposizi<span class=\"_ _f\"></span>one merce<span class=\"_ _f\"></span>ologica<span class=\"_ _f\"></span> dei debit<span class=\"_ _f\"></span>i verso <span class=\"_ _1\"></span>banche<span class=\"_ _f\"></span> <table class=\"s wbb5 h4f5\" id=\"_83e95904-315a-4177-94c9-b6dab07150f6\"><tr><td></td><td></td><td></td><td class=\"c x588 y2a82 we7 hbc\"><div class=\"t m0 xe8 h1f y32 ff4 fs7 fc4 sc3 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale </div></td><td></td><td></td><td></td><td class=\"c x589 y2a82 w401 hbc\"><div class=\"t m0 xec h1f y32 ff4 fs7 fc4 sc3 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale </div></td><td></td></tr><tr><td class=\"c x44e y2a83 w24d h27d\"><div class=\"t m0 x34 h1f y943 ff4 fs7 fc4 sc3 ls0 ws0\">Tipol<span class=\"_ _f\"></span>ogia op<span class=\"_ _f\"></span>erazion<span class=\"_ _1\"></span>i/Va<span class=\"_ _1\"></span>lori </div></td><td></td><td></td><td class=\"c x588 y2a84 we7 h4e\"><div class=\"t m0 x11f h1f y295 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/<span class=\"_ _f\"></span>2025 </div></td><td></td><td></td><td class=\"c x589 y2a84 w401 h4e\" colspan=\"2\"><div class=\"t m0 xf0 h1f y295 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/<span class=\"_ _f\"></span>2024 </div></td><td></td></tr><tr><td></td><td class=\"c x588 y2a83 w384 h24b\"><div class=\"t m0 x39 h1f y1498 ff4 fs7 fc4 sc3 ls6c ws0\">VB<span class=\"ls0\"> </span></div></td><td></td><td class=\"c x58a y2a85 w402 hbc\"><div class=\"t m0 x12 h1f y66c ff4 fs7 fc4 sc3 ls0 ws0\">Fair<span class=\"_ _f\"></span> Value </div></td><td></td><td class=\"c x589 y2a83 w8c h24b\"><div class=\"t m0 x39 h1f y1498 ff4 fs7 fc4 sc3 ls6c ws0\">VB<span class=\"ls0\"> </span></div></td><td class=\"c x514 y2a85 w403 hbc\" colspan=\"2\"><div class=\"t m0 x30 h1f y66c ff4 fs7 fc4 sc3 ls0 ws0\">Fair<span class=\"_ _f\"></span> Value </div></td><td></td></tr><tr><td></td><td></td><td class=\"c x58a y2a83 w404 h4e\"><div class=\"t m0 x8e h1f y71 ff4 fs7 fc4 sc3 lsc7 ws0\">L1<span class=\"ls0\"> </span></div></td><td class=\"c x58b y2a83 w405 h4e\"><div class=\"t m0 x48 h1f y71 ff4 fs7 fc4 sc3 lsc7 ws0\">L2<span class=\"ls0\"> </span></div></td><td class=\"c x58c y2a83 w1ca h4e\"><div class=\"t m0 x55 h1f y71 ff4 fs7 fc4 sc3 lsc7 ws0\">L3<span class=\"ls0\"> </span></div></td><td></td><td class=\"c x514 y2a83 w406 h4e\"><div class=\"t m0 xac h1f y71 ff4 fs7 fc4 sc3 lsc7 ws0\">L1<span class=\"ls0\"> </span></div></td><td class=\"c x58d y2a83 w1b2 h4e\"><div class=\"t m0 x39 h1f y71 ff4 fs7 fc4 sc3 lsc7 ws0\">L2<span class=\"ls0\"> </span></div></td><td class=\"c x58e y2a83 w2be h4e\"><div class=\"t m0 x2a h1f y71 ff4 fs7 fc4 sc3 lsc7 ws0\">L3<span class=\"ls0\"> </span></div></td></tr><tr><td class=\"c x44e y2a86 w407 h8a\"><div class=\"t m0 x10 h1f y153d ff4 fs7 fc1 sc2 ls0 ws0\">1. De<span class=\"_ _1\"></span>biti v<span class=\"_ _f\"></span>erso ba<span class=\"_ _f\"></span>nche cen<span class=\"_ _f\"></span>trali </div></td><td class=\"c x588 y2a86 w408 h8a\"><div class=\"t m0 x2e h1f y153d ff4 fs7 fc1 sc2 ls0 ws0\">700.3<span class=\"_ _f\"></span>34 </div></td><td class=\"c x58a y2a86 w409 h8a\"><div class=\"t m0 x2f h1f y153d ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x58b y2a86 w2b0 h8a\"><div class=\"t m0 x33 h1f y153d ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x58c y2a86 w1ca h8a\"><div class=\"t m0 x14 h1f y153d ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x589 y2a86 w130 h8a\"><div class=\"t m0 x55 h1f y153d ff4 fs7 fc1 sc2 ls0 ws0\">500.<span class=\"_ _1\"></span>044<span class=\"_ _f\"></span> </div></td><td class=\"c x514 y2a86 w40a h8a\"><div class=\"t m0 xac h1f y153d ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x58d y2a86 w162 h8a\"><div class=\"t m0 x48 h1f y153d ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x58e y2a86 w169 h8a\"><div class=\"t m0 x55 h1f y153d ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td></tr><tr><td class=\"c x44e y2a87 w40b hc8\"><div class=\"t m0 x10 h1f y28b ff4 fs7 fc1 sc2 ls2a ws0\">2.<span class=\"ls0\"> De<span class=\"_ _1\"></span>biti v<span class=\"_ _1\"></span>erso<span class=\"_ _1\"></span> ban<span class=\"_ _f\"></span>che</span><span class=\"ls0\"> </span></div></td><td class=\"c x588 y2a87 w408 hc8\"><div class=\"t m0 x8e h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">2.419<span class=\"_ _f\"></span>.685 </div></td><td class=\"c x58a y2a87 w409 hc8\"><div class=\"t m0 x2f h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x58b y2a87 w2b0 hc8\"><div class=\"t m0 x33 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x58c y2a87 w1ca hc8\"><div class=\"t m0 x14 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x589 y2a87 w130 hc8\"><div class=\"t m0 x2f h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">5.044<span class=\"_ _1\"></span>.513<span class=\"_ _f\"></span> </div></td><td class=\"c x514 y2a87 w40a hc8\"><div class=\"t m0 xac h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x58d y2a87 w162 hc8\"><div class=\"t m0 x48 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x58e y2a87 w169 hc8\"><div class=\"t m0 x55 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td></tr><tr><td class=\"c x44e y2a88 w40b h69\"><div class=\"t m0 x8e h1f y5b ff4 fs7 fc1 sc0 ls0 ws0\">2.1 Conti corrent<span class=\"_ _1\"></span>i e depositi a v<span class=\"_ _1\"></span>ista </div></td><td class=\"c x588 y2a88 w408 h69\"><div class=\"t m0 x14 h1f y5b ff4 fs7 fc1 sc0 ls0 ws0\">18.983 </div></td><td class=\"c x58a y2a88 w409 h69\"><div class=\"t m0 x2f h1f y5b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x58b y2a88 w2b0 h69\"><div class=\"t m0 x33 h1f y5b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x58c y2a88 w1ca h69\"><div class=\"t m0 x14 h1f y5b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x589 y2a88 w130 h69\"><div class=\"t m0 x48 h1f y5b ff4 fs7 fc1 sc0 ls0 ws0\">74.766 </div></td><td class=\"c x514 y2a88 w40a h69\"><div class=\"t m0 xac h1f y5b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x58d y2a88 w162 h69\"><div class=\"t m0 x48 h1f y5b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x58e y2a88 w169 h69\"><div class=\"t m0 x55 h1f y5b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td></tr><tr><td class=\"c x44e y2a89 w40b h69\"><div class=\"t m0 x8e h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">2.2 Depositi a scade<span class=\"_ _f\"></span>nza </div></td><td class=\"c x588 y2a89 w408 h69\"><div class=\"t m0 x35 h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">2.755 </div></td><td class=\"c x58a y2a89 w409 h69\"><div class=\"t m0 x2f h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x58b y2a89 w2b0 h69\"><div class=\"t m0 x33 h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x58c y2a89 w1ca h69\"><div class=\"t m0 x14 h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x589 y2a89 w130 h69\"><div class=\"t m0 x35 h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">2.260 </div></td><td class=\"c x514 y2a89 w40a h69\"><div class=\"t m0 xac h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x58d y2a89 w162 h69\"><div class=\"t m0 x48 h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x58e y2a89 w169 h69\"><div class=\"t m0 x55 h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td></tr><tr><td class=\"c x44e y2a8a w40b h69\"><div class=\"t m0 x8e h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">2.3 Finanziament<span class=\"_ _1\"></span>i </div></td><td class=\"c x588 y2a8a w408 h69\"><div class=\"t m0 xac h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">2.394.702 </div></td><td class=\"c x58a y2a8a w409 h69\"><div class=\"t m0 x2f h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x58b y2a8a w2b0 h69\"><div class=\"t m0 x33 h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x58c y2a8a w1ca h69\"><div class=\"t m0 x14 h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x589 y2a8a w130 h69\"><div class=\"t m0 xac h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">4.965.062 </div></td><td class=\"c x514 y2a8a w40a h69\"><div class=\"t m0 xac h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x58d y2a8a w162 h69\"><div class=\"t m0 x48 h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x58e y2a8a w169 h69\"><div class=\"t m0 x55 h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td></tr><tr><td class=\"c x44e y2a8b w40b h6a\"><div class=\"t m0 x55 h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">2.3.1 Pronti contr<span class=\"_ _f\"></span>o<span class=\"_ _2\"></span> termine p<span class=\"_ _f\"></span>assivi </div></td><td class=\"c x588 y2a8b w408 h6a\"><div class=\"t m0 xab h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">2.388.386 </div></td><td class=\"c x58a y2a8b w409 h6a\"><div class=\"t m0 x2f h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x58b y2a8b w2b0 h6a\"><div class=\"t m0 x33 h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x58c y2a8b w1ca h6a\"><div class=\"t m0 x14 h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x589 y2a8b w130 h6a\"><div class=\"t m0 xac h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">4.954.536 </div></td><td class=\"c x514 y2a8b w40a h6a\"><div class=\"t m0 xac h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x58d y2a8b w162 h6a\"><div class=\"t m0 x48 h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x58e y2a8b w169 h6a\"><div class=\"t m0 x55 h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td></tr><tr><td class=\"c x44e y2a8c w40b h69\"><div class=\"t m0 x55 h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">2.3.2 Altri </div></td><td class=\"c x588 y2a8c w408 h69\"><div class=\"t m0 x2c h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">6.316 </div></td><td class=\"c x58a y2a8c w409 h69\"><div class=\"t m0 x2f h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x58b y2a8c w2b0 h69\"><div class=\"t m0 x33 h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x58c y2a8c w1ca h69\"><div class=\"t m0 x14 h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x589 y2a8c w130 h69\"><div class=\"t m0 x33 h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">10.526 </div></td><td class=\"c x514 y2a8c w40a h69\"><div class=\"t m0 xac h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x58d y2a8c w162 h69\"><div class=\"t m0 x48 h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x58e y2a8c w169 h69\"><div class=\"t m0 x55 h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td></tr><tr><td class=\"c x58f y2a8d wbb6 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">2.4 Debiti per <span class=\"_ _1\"></span>impegni di riacquis<span class=\"_ _1\"></span>to di<span class=\"_ _df\"> </span></div></td><td class=\"c x588 y2a8e w408 had\"><div class=\"t m0 x13 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x58a y2a8e w409 had\"><div class=\"t m0 x2f h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x58b y2a8e w2b0 had\"><div class=\"t m0 x33 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x58c y2a8e w1ca had\"><div class=\"t m0 x14 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x589 y2a8e w130 had\"><div class=\"t m0 x96 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x514 y2a8e w40a had\"><div class=\"t m0 xac h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x58d y2a8e w162 had\"><div class=\"t m0 x48 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x58e y2a8e w169 had\"><div class=\"t m0 x55 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td></tr><tr><td class=\"c x58f y2a8f wbb7 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">propri strumen<span class=\"_ _1\"></span>ti patrimoniali<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x44e y2a90 w40b h69\"><div class=\"t m0 x8e h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">2.5 Debiti per lea<span class=\"_ _1\"></span>sing </div></td><td class=\"c x588 y2a90 w408 h69\"><div class=\"t m0 x13 h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x58a y2a90 w409 h69\"><div class=\"t m0 x2f h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x58b y2a90 w2b0 h69\"><div class=\"t m0 x33 h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x58c y2a90 w1ca h69\"><div class=\"t m0 x14 h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x589 y2a90 w130 h69\"><div class=\"t m0 x96 h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x514 y2a90 w40a h69\"><div class=\"t m0 xac h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x58d y2a90 w162 h69\"><div class=\"t m0 x48 h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x58e y2a90 w169 h69\"><div class=\"t m0 x55 h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td></tr><tr><td class=\"c x44e y2a91 w40b h69\"><div class=\"t m0 x8e h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">2.6 Altri debiti </div></td><td class=\"c x588 y2a91 w408 h69\"><div class=\"t m0 x32 h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">3.245 </div></td><td class=\"c x58a y2a91 w409 h69\"><div class=\"t m0 x2f h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x58b y2a91 w2b0 h69\"><div class=\"t m0 x33 h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x58c y2a91 w1ca h69\"><div class=\"t m0 x14 h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x589 y2a91 w130 h69\"><div class=\"t m0 x2c h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">2.425 </div></td><td class=\"c x514 y2a91 w40a h69\"><div class=\"t m0 xac h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x58d y2a91 w162 h69\"><div class=\"t m0 x48 h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x58e y2a91 w169 h69\"><div class=\"t m0 x55 h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td></tr><tr><td class=\"c x44e y2a92 w40b h69\"><div class=\"t m0 xd8 h1f y302 ff4 fs7 fc1 sc2 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale </div></td><td class=\"c x588 y2a92 w408 h69\"><div class=\"t m0 x16a h1f y302 ff4 fs7 fc1 sc2 ls0 ws0\">3.12<span class=\"_ _1\"></span>0.019<span class=\"_ _f\"></span> </div></td><td class=\"c x58a y2a92 w409 h69\"><div class=\"t m0 x16a h1f y302 ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td><td class=\"c x58b y2a92 w2b0 h69\"><div class=\"t m0 x8e h1f y302 ff4 fs7 fc1 sc2 ls0 ws0\">2.38<span class=\"_ _1\"></span>8.3<span class=\"_ _1\"></span>86 </div></td><td class=\"c x58c y2a92 w1ca h69\"><div class=\"t m0 x16a h1f y302 ff4 fs7 fc1 sc2 ls0 ws0\">731.6<span class=\"_ _f\"></span>34 </div></td><td class=\"c x589 y2a92 w130 h69\"><div class=\"t m0 x2f h1f y302 ff4 fs7 fc1 sc2 ls0 ws0\">5.54<span class=\"_ _f\"></span>4.557 </div></td><td class=\"c x514 y2a92 w40a h69\"><div class=\"t m0 x8e h1f y302 ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td><td class=\"c x58d y2a92 w162 h69\"><div class=\"t m0 xab h1f y302 ff4 fs7 fc1 sc2 ls0 ws0\">4.954.<span class=\"_ _f\"></span>536 </div></td><td class=\"c x58e y2a92 w169 h69\"><div class=\"t m0 x10 h1f y302 ff4 fs7 fc1 sc2 ls0 ws0\">590.<span class=\"_ _f\"></span>020 </div></td></tr></table>Totale 3120019 5544555 Lege<span class=\"_ _f\"></span>nda: VB= Valore di bi<span class=\"_ _1\"></span>lancio L1= Livello 1 L2= Livello 2 L3= Livello 3 I debiti sono iscritti al loro valore nominale,<span class=\"_ _1\"></span> corrispondente al loro fair value.<span class=\"_ _2\"></span> I debiti verso banche sono rappr<span class=\"_ _2\"></span>esentati princip<span class=\"_ _1\"></span>almente da d<span class=\"_ _2\"></span>ebiti a vista a tasso <span class=\"_ _2\"></span>variabile<span class=\"_ _1\"></span>, e non <span class=\"_ _2\"></span>\u00e8<span class=\"_ _1\"></span> stata posta in essere alcun tipo di cope<span class=\"_ _1\"></span>rtura. <span class=\"_ _2\"></span><span class=\"sc2\"> </span>La voce <span class=\"_ _1\"></span>\u201c<span class=\"ff4\">1. Debiti </span>verso banc<span class=\"_ _1\"></span>he centrali\u201d acc<span class=\"_ _1\"></span>oglie le<span class=\"_ _1\"></span> operazioni di <span class=\"_ _f\"></span>r<span class=\"_ _2\"></span>ifinanziamento eff<span class=\"_ _1\"></span>ettuat<span class=\"_ _2\"></span><span class=\"ff4\">e con <span class=\"_ _1\"></span>la </span>Banca C<span class=\"_ _2\"></span>entrale Europea; <span class=\"_ _2\"></span>l<span class=\"ff5\">\u2019importo <span class=\"_ _2\"></span>complessivo <span class=\"_ _2\"></span>del finanziament<span class=\"_ _2\"></span>o con <span class=\"_ _2\"></span>BCE <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>fine dicembre <span class=\"_ _2\"></span>2025 </span>\u00e8 <span class=\"_ _4\"> </span>pari <span class=\"_ _4\"> </span>a <span class=\"_ _4\"> </span>7<span class=\"_ _2\"></span>00 <span class=\"_ _4\"> </span>milioni <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>euro <span class=\"_ _4\"> </span>e <span class=\"_ _4\"> </span>deriva <span class=\"_ _4\"> </span>da <span class=\"_ _4\"> </span>un\u2019operazione <span class=\"_ _17\"> </span>di <span class=\"_ _4\"> </span>rifinanziamento <span class=\"_ _4\"> </span>principale <span class=\"_ _4\"> </span>\u201cMRO\u201d settimanale<span class=\"_ _df\"> </span>.<span class=\"_ _df\"> </span>1.2 P<span class=\"_ _1\"></span>assivi<span class=\"_ _1\"></span>t\u00e0 fi<span class=\"_ _1\"></span>nanzia<span class=\"_ _f\"></span>rie valut<span class=\"_ _f\"></span>ate al co<span class=\"_ _1\"></span>sto <span class=\"_ _1\"></span>amm<span class=\"_ _f\"></span>ortizzato<span class=\"_ _f\"></span>: compos<span class=\"_ _f\"></span>izione me<span class=\"_ _1\"></span>rceo<span class=\"_ _f\"></span>logica de<span class=\"_ _1\"></span>i debi<span class=\"_ _1\"></span>ti ve<span class=\"_ _1\"></span>rso<span class=\"_ _f\"></span> clientela<table class=\"s wbb8 h4f6\" id=\"_2c73ff23-ca4c-4079-9a5b-5571f7b0497f\"><tr><td class=\"c x44e y2a93 w40e h27f\"><div class=\"t m0 x97 h1f y1712 ff4 fs7 fc4 sc3 ls0 ws0\">Tipol<span class=\"_ _f\"></span>ogia op<span class=\"_ _f\"></span>erazion<span class=\"_ _1\"></span>i/Va<span class=\"_ _1\"></span>lori </div></td><td></td><td></td><td class=\"c x590 y2a94 w40f h148\" colspan=\"2\"><div class=\"t m0 x49 h1f y825 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/<span class=\"_ _f\"></span>2025 </div></td><td class=\"c x590 y2a95 w40f h148\"><div class=\"t m0 xee h1f y32 ff4 fs7 fc4 sc3 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale  </div></td><td></td><td></td><td class=\"c x591 y2a94 w410 h148\"><div class=\"t m0 x1af h1f y825 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/<span class=\"_ _f\"></span>2024 </div></td><td class=\"c x591 y2a95 w410 h148\"><div class=\"t m0 x11f h1f y32 ff4 fs7 fc4 sc3 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale  </div></td><td></td></tr><tr><td></td><td></td><td class=\"c x590 y2a93 w384 h280\"><div class=\"t m0 x39 h1f yf81 ff4 fs7 fc4 sc3 ls6c ws0\">VB<span class=\"ls0\"> </span></div></td><td class=\"c x592 y2a96 w411 h148\" colspan=\"2\"><div class=\"t m0 x38 h1f y80 ff4 fs7 fc4 sc3 ls0 ws0\">Fair<span class=\"_ _f\"></span> Value </div></td><td></td><td class=\"c x593 y2a93 w197 h280\"><div class=\"t m0 x39 h1f yf81 ff4 fs7 fc4 sc3 ls6c ws0\">VB<span class=\"ls0\"> </span></div></td><td></td><td class=\"c x594 y2a96 w2c4 h148\"><div class=\"t m0 x31 h1f y80 ff4 fs7 fc4 sc3 ls0 ws0\">Fair<span class=\"_ _f\"></span> Value </div></td><td></td></tr><tr><td></td><td></td><td></td><td class=\"c x592 y2a93 w412 h148\"><div class=\"t m0 x10 h1f y80 ff4 fs7 fc4 sc3 lsc7 ws0\">L1<span class=\"ls0\"> </span></div></td><td class=\"c x595 y2a93 w2e8 h148\"><div class=\"t m0 x55 h1f y80 ff4 fs7 fc4 sc3 lsc7 ws0\">L2<span class=\"ls0\"> </span></div></td><td class=\"c x596 y2a93 w179 h148\"><div class=\"t m0 x130 h1f y80 ff4 fs7 fc4 sc3 lsc7 ws0\">L3<span class=\"ls0\"> </span></div></td><td></td><td class=\"c x597 y2a93 w413 h148\"><div class=\"t m0 x163 h1f y80 ff4 fs7 fc4 sc3 lsc7 ws0\">L1<span class=\"ls0\"> </span></div></td><td class=\"c x598 y2a93 w2a8 h148\"><div class=\"t m0 x55 h1f y80 ff4 fs7 fc4 sc3 lsc7 ws0\">L2<span class=\"ls0\"> </span></div></td><td class=\"c x599 y2a93 w408 h148\"><div class=\"t m0 x14 h1f y80 ff4 fs7 fc4 sc3 lsc7 ws0\">L3<span class=\"ls0\"> </span></div></td></tr><tr><td class=\"c x44e y2a97 w414 hf\"><div class=\"t m0 x10 h1f y25c ff4 fs7 fc1 sc0 ls0 ws0\">1. Conti corrent<span class=\"_ _1\"></span>i e depositi a vist<span class=\"_ _1\"></span>a </div></td><td></td><td class=\"c x590 y2a97 w190 hf\"><div class=\"t m0 x10 h1f y25c ff4 fs7 fc1 sc0 ls0 ws0\">34.934.847 </div></td><td class=\"c x592 y2a97 w415 hf\"><div class=\"t m0 x10 h1f y25c ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x595 y2a97 w2f0 hf\"><div class=\"t m0 x39 h1f y25c ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x596 y2a97 w179 hf\"><div class=\"t m0 x14 h1f y25c ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x591 y2a97 w190 hf\"><div class=\"t m0 x10 h1f y25c ff4 fs7 fc1 sc0 ls0 ws0\">32.845.465 </div></td><td class=\"c x594 y2a97 w416 hf\"><div class=\"t m0 x10 h1f y25c ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x598 y2a97 w1c3 hf\"><div class=\"t m0 x39 h1f y25c ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x599 y2a97 w237 hf\"><div class=\"t m0 x33 h1f y25c ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td></tr><tr><td class=\"c x44e y2a98 w414 ha4\"><div class=\"t m0 x10 h1f y5b ff4 fs7 fc1 sc0 ls0 ws0\">2. Depositi a scade<span class=\"_ _1\"></span>nza </div></td><td></td><td class=\"c x590 y2a98 w190 ha4\"><div class=\"t m0 x8e h1f y5b ff4 fs7 fc1 sc0 ls0 ws0\">5.649.451 </div></td><td class=\"c x592 y2a98 w415 ha4\"><div class=\"t m0 x10 h1f y5b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x595 y2a98 w2f0 ha4\"><div class=\"t m0 x39 h1f y5b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x596 y2a98 w179 ha4\"><div class=\"t m0 x14 h1f y5b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x591 y2a98 w190 ha4\"><div class=\"t m0 xac h1f y5b ff4 fs7 fc1 sc0 ls0 ws0\">5.833.720 </div></td><td class=\"c x594 y2a98 w416 ha4\"><div class=\"t m0 x10 h1f y5b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x598 y2a98 w1c3 ha4\"><div class=\"t m0 x39 h1f y5b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x599 y2a98 w237 ha4\"><div class=\"t m0 x33 h1f y5b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td></tr><tr><td class=\"c x44e y2a99 w414 hf\"><div class=\"t m0 x10 h1f y5b ff4 fs7 fc1 sc0 ls0 ws0\">3. Finanziamenti<span class=\"_ _1\"></span> </div></td><td></td><td class=\"c x590 y2a99 w190 hf\"><div class=\"t m0 x8e h1f y5b ff4 fs7 fc1 sc0 ls0 ws0\">1.863.905 </div></td><td class=\"c x592 y2a99 w415 hf\"><div class=\"t m0 x10 h1f y5b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x595 y2a99 w2f0 hf\"><div class=\"t m0 x39 h1f y5b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x596 y2a99 w179 hf\"><div class=\"t m0 x14 h1f y5b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x591 y2a99 w190 hf\"><div class=\"t m0 x2f h1f y5b ff4 fs7 fc1 sc0 ls0 ws0\">2.400.311 </div></td><td class=\"c x594 y2a99 w416 hf\"><div class=\"t m0 x10 h1f y5b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x598 y2a99 w1c3 hf\"><div class=\"t m0 x39 h1f y5b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x599 y2a99 w237 hf\"><div class=\"t m0 x33 h1f y5b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td></tr><tr><td class=\"c x44e y2a9a w414 hf\"><div class=\"t m0 x8e h1f y25c ff4 fs7 fc1 sc0 ls0 ws0\">3.1 Pronti contro te<span class=\"_ _f\"></span>rmine passivi </div></td><td></td><td class=\"c x590 y2a9a w190 hf\"><div class=\"t m0 x8e h1f y25c ff4 fs7 fc1 sc0 ls0 ws0\">1.330.338 </div></td><td class=\"c x592 y2a9a w415 hf\"><div class=\"t m0 x10 h1f y25c ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x595 y2a9a w2f0 hf\"><div class=\"t m0 x39 h1f y25c ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x596 y2a9a w179 hf\"><div class=\"t m0 x14 h1f y25c ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x591 y2a9a w190 hf\"><div class=\"t m0 x8e h1f y25c ff4 fs7 fc1 sc0 ls0 ws0\">1.853.665 </div></td><td class=\"c x594 y2a9a w416 hf\"><div class=\"t m0 x10 h1f y25c ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x598 y2a9a w1c3 hf\"><div class=\"t m0 x39 h1f y25c ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x599 y2a9a w237 hf\"><div class=\"t m0 x33 h1f y25c ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td></tr><tr><td class=\"c x44e y2a9b w414 ha4\"><div class=\"t m0 x8e h1f y5b ff4 fs7 fc1 sc0 ls0 ws0\">3.2 Altri </div></td><td></td><td class=\"c x590 y2a9b w190 ha4\"><div class=\"t m0 x55 h1f y5b ff4 fs7 fc1 sc0 ls0 ws0\">533.567 </div></td><td class=\"c x592 y2a9b w415 ha4\"><div class=\"t m0 x10 h1f y5b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x595 y2a9b w2f0 ha4\"><div class=\"t m0 x39 h1f y5b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x596 y2a9b w179 ha4\"><div class=\"t m0 x14 h1f y5b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x591 y2a9b w190 ha4\"><div class=\"t m0 x2e h1f y5b ff4 fs7 fc1 sc0 ls0 ws0\">546.646 </div></td><td class=\"c x594 y2a9b w416 ha4\"><div class=\"t m0 x10 h1f y5b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x598 y2a9b w1c3 ha4\"><div class=\"t m0 x39 h1f y5b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x599 y2a9b w237 ha4\"><div class=\"t m0 x33 h1f y5b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td></tr><tr><td class=\"c x262 y2a9c wbb9 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">4. Debiti per impe<span class=\"_ _1\"></span>gni di riacquisto<span class=\"_ _1\"></span> di<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x590 y2a9d w190 had\"><div class=\"t m0 x11 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x592 y2a9d w415 had\"><div class=\"t m0 x10 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x595 y2a9d w2f0 had\"><div class=\"t m0 x39 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x596 y2a9d w179 had\"><div class=\"t m0 x14 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x591 y2a9d w190 had\"><div class=\"t m0 x11 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x594 y2a9d w416 had\"><div class=\"t m0 x10 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x598 y2a9d w1c3 had\"><div class=\"t m0 x39 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x599 y2a9d w237 had\"><div class=\"t m0 x33 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td></tr><tr><td class=\"c x262 y2a9e wbba h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">propri strumenti p<span class=\"_ _f\"></span>at<span class=\"_ _2\"></span>rim<span class=\"_ _1\"></span>oniali<span class=\"_ _df\"> </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 x44e y2a9f w414 hf\"><div class=\"t m0 x10 h1f y25c ff4 fs7 fc1 sc0 ls0 ws0\">5. Debiti per lea<span class=\"_ _1\"></span>sing </div></td><td></td><td class=\"c x590 y2a9f w190 hf\"><div class=\"t m0 x55 h1f y25c ff4 fs7 fc1 sc0 ls0 ws0\">128.400 </div></td><td class=\"c x592 y2a9f w415 hf\"><div class=\"t m0 x10 h1f y25c ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x595 y2a9f w2f0 hf\"><div class=\"t m0 x39 h1f y25c ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x596 y2a9f w179 hf\"><div class=\"t m0 x14 h1f y25c ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x591 y2a9f w190 hf\"><div class=\"t m0 x39 h1f y25c ff4 fs7 fc1 sc0 ls0 ws0\">131.567 </div></td><td class=\"c x594 y2a9f w416 hf\"><div class=\"t m0 x10 h1f y25c ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x598 y2a9f w1c3 hf\"><div class=\"t m0 x39 h1f y25c ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x599 y2a9f w237 hf\"><div class=\"t m0 x33 h1f y25c ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td></tr><tr><td class=\"c x44e y2aa0 w414 ha3\"><div class=\"t m0 x10 h1f y5b ff4 fs7 fc1 sc0 ls0 ws0\">5. Altri debiti<span class=\"_ _1\"></span> </div></td><td></td><td class=\"c x590 y2aa0 w190 ha3\"><div class=\"t m0 x130 h1f y5b ff4 fs7 fc1 sc0 ls0 ws0\">271.320 </div></td><td class=\"c x592 y2aa0 w415 ha3\"><div class=\"t m0 x10 h1f y5b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x595 y2aa0 w2f0 ha3\"><div class=\"t m0 x39 h1f y5b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x596 y2aa0 w179 ha3\"><div class=\"t m0 x14 h1f y5b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x591 y2aa0 w190 ha3\"><div class=\"t m0 x55 h1f y5b ff4 fs7 fc1 sc0 ls0 ws0\">281.904 </div></td><td class=\"c x594 y2aa0 w416 ha3\"><div class=\"t m0 x10 h1f y5b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x598 y2aa0 w1c3 ha3\"><div class=\"t m0 x39 h1f y5b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x599 y2aa0 w237 ha3\"><div class=\"t m0 x33 h1f y5b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td></tr><tr><td></td><td class=\"c x44e y2aa1 w414 h6d\"><div class=\"t m0 x14d h1f y394 ff4 fs7 fc1 sc2 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale  </div></td><td class=\"c x590 y2aa1 w190 h6d\"><div class=\"t m0 x10 h1f y394 ff4 fs7 fc1 sc2 ls0 ws0\">42.847<span class=\"_ _f\"></span>.923<span class=\"_ _1\"></span> </div></td><td class=\"c x592 y2aa1 w415 h6d\"><div class=\"t m0 xab h1f y394 ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td><td class=\"c x595 y2aa1 w2f0 h6d\"><div class=\"t m0 x10 h1f y394 ff4 fs7 fc1 sc2 ls0 ws0\">1.330.<span class=\"_ _1\"></span>33<span class=\"_ _1\"></span>8 </div></td><td class=\"c x596 y2aa1 w17d h6d\"><div class=\"t m0 x10 h1f y394 ff4 fs7 fc1 sc2 ls0 ws0\">41.517<span class=\"_ _f\"></span>.586 </div></td><td class=\"c x593 y2aa1 wbd h6d\"><div class=\"t m0 x8a h1f y394 ff4 fs7 fc1 sc2 ls0 ws0\">41.49<span class=\"_ _f\"></span>2.967<span class=\"_ _1\"></span> </div></td><td class=\"c x594 y2aa1 w416 h6d\"><div class=\"t m0 xab h1f y394 ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td><td class=\"c x598 y2aa1 w1c3 h6d\"><div class=\"t m0 x10 h1f y394 ff4 fs7 fc1 sc2 ls0 ws0\">1.853.<span class=\"_ _1\"></span>665<span class=\"_ _f\"></span> </div></td><td class=\"c x599 y2aa1 w237 h6d\"><div class=\"t m0 x10 h1f y394 ff4 fs7 fc1 sc2 ls0 ws0\">39.6<span class=\"_ _f\"></span>39.236<span class=\"_ _f\"></span> </div></td></tr></table>Lege<span class=\"_ _f\"></span>nda:<span class=\"_ _df\"> </span>VB= Valore di bi<span class=\"_ _1\"></span>lancio<span class=\"_ _df\"> </span>L1= Livello 1<span class=\"_ _df\"> </span>L2= Livello 2<span class=\"_ _df\"> </span>L3= Livello 3<span class=\"_ _df\"> </span>I debiti <span class=\"_ _2\"></span>sono <span class=\"_ _2\"></span>iscritti <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>loro valore <span class=\"_ _2\"></span>nominale, corr<span class=\"_ _2\"></span>ispondente<span class=\"_ _1\"></span> <span class=\"_ _2\"></span>al lo<span class=\"_ _2\"></span>ro <span class=\"_ _2\"></span>fair <span class=\"_ _2\"></span>value<span class=\"_ _1\"></span> <span class=\"_ _2\"></span>e il <span class=\"_ _2\"></span>livello <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>fair valu<span class=\"_ _2\"></span>e<span class=\"_ _df\"> </span>attribuito risulta essere <span class=\"_ _1\"></span>pari a 3, <span class=\"_ _1\"></span>ad eccezione d<span class=\"_ _1\"></span>el livello di fai<span class=\"_ _1\"></span>r value dei <span class=\"_ _1\"></span>pronti contro termine a cui<span class=\"_ _df\"> </span>\u00e8 attributo il valore 2.<span class=\"_ _df\"> </span>Nella voce<span class=\"_ _1\"></span> Debiti p<span class=\"_ _1\"></span>er leasing \u00e8<span class=\"_ _1\"></span> ricompreso, ai<span class=\"_ _f\"></span> sensi del p<span class=\"_ _1\"></span>rincipio IFRS<span class=\"_ _1\"></span>16, il Deb<span class=\"_ _1\"></span>ito per <span class=\"_ _1\"></span>leasing (L<span class=\"_ _1\"></span>ease<span class=\"_ _df\"> </span>Liability), pari <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>valore att<span class=\"_ _2\"></span>uale dei <span class=\"_ _2\"></span>canoni previsti <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>non ancor<span class=\"_ _2\"></span>a pagati <span class=\"_ _2\"></span>dei beni <span class=\"_ _2\"></span>oggetti <span class=\"_ _2\"></span>di contr<span class=\"_ _2\"></span>atti<span class=\"_ _df\"> </span>di leasing operativo.<span class=\"_ _df\"> </span>La <span class=\"_ _22\"> </span>principale <span class=\"_ _22\"> </span>novit\u00e0 <span class=\"_ _4\"> </span>introdotta <span class=\"_ _22\"> </span>dal <span class=\"_ _4\"> </span>principio  \u00e8 <span class=\"_ _22\"> </span>r<span class=\"_ _2\"></span>appresentata<span class=\"_ _1\"></span> <span class=\"_ _22\"> </span>dalla <span class=\"_ _4\"> </span>modifica  delle <span class=\"_ _4\"> </span>modalit\u00e0  di<span class=\"_ _df\"> </span>contabilizzazione <span class=\"_ _17\"> </span>delle <span class=\"_ _4\"> </span>o<span class=\"_ _2\"></span>perazioni <span class=\"_ _17\"> </span>di <span class=\"_ _17\"> </span>leasing <span class=\"_ _17\"> </span>operativo <span class=\"_ _17\"> </span>nel <span class=\"_ _14\"> </span>bilancio <span class=\"_ _17\"> </span>del <span class=\"_ _17\"> </span>locatario/utilizzatore,<span class=\"_ _df\"> </span>attraverso <span class=\"_ _2\"></span>l\u2019introduzione<span class=\"_ _1\"></span> <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>un unico <span class=\"_ _2\"></span>modello d<span class=\"_ _2\"></span>i contabili<span class=\"_ _2\"></span><span class=\"ff4\">zzazione <span class=\"_ _2\"></span>dei cont<span class=\"_ _2\"></span>ratti di <span class=\"_ _2\"></span>leasing <span class=\"_ _2\"></span>da parte<span class=\"_ _df\"> </span></span>del locatario siano essi classificati come leasing ope<span class=\"_ _1\"></span>rativi o finanziari. I debiti <span class=\"_ _2\"></span>verso <span class=\"_ _2\"></span>clientela sono <span class=\"_ _2\"></span>rappresentati <span class=\"_ _2\"></span>principalmente<span class=\"_ _1\"></span> <span class=\"_ _2\"></span>da d<span class=\"_ _2\"></span>ebiti a <span class=\"_ _2\"></span>vista <span class=\"_ _2\"></span>a tasso <span class=\"_ _2\"></span>variabile, e <span class=\"_ _2\"></span>non<span class=\"_ _df\"> </span>\u00e8  stata  p<span class=\"_ _1\"></span>osta  in <span class=\"_ _16\"> </span>essere <span class=\"_ _16\"> </span>alcun <span class=\"_ _16\"> </span>tipo  di <span class=\"_ _16\"> </span>copertura  speci<span class=\"_ _1\"></span>fica,  mentre  sono <span class=\"_ _9\"> </span>s<span class=\"_ _2\"></span>tate <span class=\"_ _16\"> </span>poste  in <span class=\"_ _9\"> </span>essere<span class=\"_ _df\"> </span>coperture di Macro Fair Value He<span class=\"_ _1\"></span>dge delle poste a vista, cos\u00ec co<span class=\"_ _1\"></span>me descritto nell<span class=\"_ _1\"></span>a parte E, sezione<span class=\"_ _df\"> </span>1.3.2. della presente nota. Si <span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>egnala <span class=\"_ _2\"></span>che, <span class=\"_ _d\"></span>a <span class=\"_ _d\"></span>seguito <span class=\"_ _2\"></span>delle <span class=\"_ _d\"></span>modifiche <span class=\"_ _d\"></span>apportate <span class=\"_ _d\"></span>al <span class=\"_ _2\"></span>funzionamento<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>del <span class=\"_ _2\"></span>mercato <span class=\"_ _d\"></span>interbancario<span class=\"_ _df\"> </span>collateralizzato, <span class=\"_ _2\"></span>con <span class=\"_ _2\"></span>cons<span class=\"_ _2\"></span>eguente <span class=\"_ _2\"></span>trasferimento <span class=\"_ _d\"></span>alla <span class=\"_ _2\"></span>Cassa <span class=\"_ _d\"></span>di <span class=\"_ _2\"></span>Compensazione <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>Gar<span class=\"_ _2\"></span>anzia <span class=\"_ _2\"></span>ed <span class=\"_ _2\"></span>alla<span class=\"_ _df\"> </span>Monte <span class=\"_ _2\"></span>Titoli <span class=\"_ _d\"></span>delle <span class=\"_ _d\"></span>funzioni <span class=\"_ _d\"></span>finora <span class=\"_ _d\"></span>svolte <span class=\"_ _d\"></span>dalla <span class=\"_ _2\"></span>Banca <span class=\"_ _d\"></span>d\u2019Italia, <span class=\"_ _d\"></span>nella <span class=\"_ _d\"></span>voce <span class=\"_ _2\"></span>3.1 <span class=\"_ _d\"></span>\u201cPronti <span class=\"_ _d\"></span>contr<span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>termine<span class=\"_ _df\"> </span>passivi\u201d sono presenti i finanzi<span class=\"ff4\">amenti, per <span class=\"ls1\">1.</span>330,3 milioni di euro, ricevu<span class=\"_ _1\"></span>ti dal suddetto mercato.<span class=\"_ _df\"> </span></span>La <span class=\"_ _0\"></span>r<span class=\"_ _2\"></span>accolta <span class=\"_ _0\"></span>diretta <span class=\"_ _9\"> </span>bancaria <span class=\"_ _9\"> </span>da <span class=\"_ _9\"> </span>clientela <span class=\"_ _0\"></span>ha <span class=\"_ _9\"> </span>manifestat<span class=\"_ _2\"></span>o <span class=\"_ _0\"></span>un <span class=\"_ _9\"> </span>trend <span class=\"_ _0\"> </span>cr<span class=\"_ _2\"></span>escente <span class=\"_ _0\"></span>grazie <span class=\"_ _9\"> </span>al <span class=\"_ _9\"> </span>continuo<span class=\"_ _df\"> </span>sviluppo <span class=\"_ _0\"></span>commerciale <span class=\"_ _9\"> </span>e <span class=\"_ _9\"> </span>a <span class=\"_ _9\"> </span>testimonianza <span class=\"_ _9\"> </span>della <span class=\"_ _0\"> </span>pref<span class=\"_ _2\"></span>erenza <span class=\"_ _0\"></span>acc<span class=\"_ _2\"></span>ordata <span class=\"_ _0\"> </span>dalla <span class=\"_ _9\"> </span>clientela <span class=\"_ _9\"> </span>alle <span class=\"_ _9\"> </span>reti  del<span class=\"_ _df\"> </span>Gruppo.<span class=\"_ _df\"> </span>Nella  v<span class=\"_ _1\"></span>oce  1. <span class=\"_ _9\"> </span>\u201c<span class=\"_ _2\"></span>Attivit\u00e0  finan<span class=\"_ _1\"></span>ziarie  v<span class=\"_ _1\"></span>alutate  al <span class=\"_ _16\"> </span>fair  v<span class=\"_ _1\"></span>alue <span class=\"_ _16\"> </span>con  imp<span class=\"_ _1\"></span>atto  a <span class=\"_ _16\"> </span>conto  e<span class=\"_ _1\"></span>conomico\u201d  son<span class=\"_ _f\"></span>o<span class=\"_ _df\"> </span>ricompresi i crediti a cauzione per anticipazione<span class=\"_ _1\"></span> su finanziamenti con la Banca Centrale Europea.<span class=\"_ _df\"> </span>N<span class=\"ff2c\">ella <span class=\"_ _2\"></span>voce <span class=\"_ _d\"></span>2. <span class=\"_ _d\"></span>\u201cAttivit\u00e0 <span class=\"_ _d\"></span>finanziarie <span class=\"_ _2\"></span>valutate <span class=\"_ _d\"></span>al <span class=\"_ _d\"></span>fair <span class=\"_ _d\"></span>value <span class=\"_ _2\"></span>con <span class=\"_ _d\"></span>impatt<span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>sulla <span class=\"_ _d\"></span>redditivit\u00e0 <span class=\"_ _2\"></span>complessiva\u201d<span class=\"_ _df\"> </span></span>sono ricompresi:<span class=\"_ _df\"> </span>\u2022 77,5 <span class=\"_ _f\"></span>milioni di <span class=\"_ _f\"></span>e<span class=\"_ _2\"></span>uro <span class=\"_ _1\"></span>a cauzi<span class=\"_ _1\"></span>one per antici<span class=\"_ _1\"></span>pazione su<span class=\"_ _1\"></span> finanziamenti con <span class=\"_ _f\"></span>la Banca <span class=\"_ _1\"></span>Centrale Europea;<span class=\"_ _df\"> </span>\u2022 1.498,8 milioni di euro a garanzia o<span class=\"ff2b\">perazioni di pronti contro termine passivi;<span class=\"_ _df\"> </span></span>\u2022 <span class=\"ff2b ls0\">39,8 milioni di euro a garanzia operazioni<span class=\"_ _1\"></span> di altre operazioni;<span class=\"_ _df\"> </span></span>Nella voce 3. \u201cAttivit\u00e0 finanziarie valutate al costo ammortizzato\u201d sono ricompresi:<span class=\"_ _df\"> </span>\u2022 <span class=\"ff2b\">3.859,4 <span class=\"_ _2\"></span>milioni di euro sono <span class=\"_ _2\"></span>i crediti ceduti a <span class=\"_ _2\"></span>societ\u00e0 ve<span class=\"_ _2\"></span></span>icolo nell\u2019ambito di operazioni di cov<span class=\"_ _2\"></span>ered<span class=\"_ _df\"> </span>bond;<span class=\"_ _df\"> </span>\u2022<span class=\"ff2b\"> <span class=\"_ _f\"></span>716,3 <span class=\"_ _f\"></span>milioni <span class=\"_ _f\"></span>di eu<span class=\"_ _1\"></span>ro <span class=\"_ _f\"></span>a cau<span class=\"_ _1\"></span>zione <span class=\"_ _f\"></span>per antici<span class=\"_ _1\"></span>pazione <span class=\"_ _f\"></span>su <span class=\"_ _f\"></span>f<span class=\"_ _2\"></span>inanziamenti <span class=\"_ _f\"></span>con <span class=\"_ _f\"></span>la <span class=\"_ _1\"></span>Banca <span class=\"_ _f\"></span>Centrale <span class=\"_ _f\"></span>Europe<span class=\"_ _2\"></span>a;<span class=\"_ _df\"> </span></span>\u2022 <span class=\"ff2b\">544,5 milioni di euro come margi<span class=\"_ _1\"></span>ni iniziali e di variazione con clearing bro<span class=\"_ _2\"></span>ker;<span class=\"_ _df\"> </span></span>\u2022 <span class=\"ff2b ls0\">68,1 milioni di euro <span class=\"ff2c\">a cauzione presso la Banca d\u2019Italia per emissione assegni<span class=\"_ _1\"></span> circolari;<span class=\"_ _df\"> </span></span></span>\u2022 <span class=\"ff2b ls0\">471,8 milioni di euro a garanzia altri tipi di raccolta collateralizzata;<span class=\"_ _df\"> </span></span>\u2022 <span class=\"ff2b ls0\">2.214,6 milioni di euro a garanzia operazioni di<span class=\"_ _1\"></span> pronti contro termine passivi;<span class=\"_ _df\"> </span></span>\u2022 <span class=\"ff2b ls0\">99,7 milioni di euro a garanzia operazioni di altre operazioni.<span class=\"_ _df\"> </span></span>3. Att<span class=\"_ _1\"></span>ivit\u00e0<span class=\"_ _1\"></span> cost<span class=\"_ _1\"></span>ituite<span class=\"_ _1\"></span> a ga<span class=\"_ _1\"></span>ranzi<span class=\"_ _1\"></span>a di <span class=\"_ _f\"></span>proprie p<span class=\"_ _1\"></span>assivi<span class=\"_ _1\"></span>t\u00e0 e<span class=\"_ _1\"></span> imp<span class=\"_ _1\"></span>egni<table class=\"s wd95 h526\" id=\"_11fae179-57f7-486a-b65e-9b537e94cb40\"><tr><td class=\"c x44e y2f35 w4aa h24b\"><div class=\"t m0 x109 h1f y1498 ff2b fs7 fc4 sc3 ls0 ws0\">Port<span class=\"_ _1\"></span>afog<span class=\"_ _f\"></span>li </div></td><td class=\"c x534 y2f36 w461 hbc\"><div class=\"t m0 x26 h1f y32 ff2b fs7 fc4 sc3 ls0 ws0\">Impo<span class=\"_ _1\"></span>rto </div></td><td class=\"c x533 y2f36 w3c4 hbc\"><div class=\"t m0 x26 h1f y32 ff2b fs7 fc4 sc3 ls0 ws0\">Impo<span class=\"_ _1\"></span>rto </div></td></tr><tr><td></td><td class=\"c x534 y2f35 w461 h4e\"><div class=\"t m0 x32 h1f y295 ff2b fs7 fc4 sc3 ls0 ws0\">31/12/<span class=\"_ _f\"></span>2025 </div></td><td class=\"c x533 y2f35 w3c4 h4e\"><div class=\"t m0 x32 h1f y295 ff2b fs7 fc4 sc3 ls0 ws0\">31/12/<span class=\"_ _f\"></span>2024 </div></td></tr><tr><td class=\"c x44e y2f37 w3c5 h69\"><div class=\"t m0 x10 h1f y302 ff2b fs7 fc1 sc0 ls0 ws0\">1. Attivit\u00e0 finanz<span class=\"_ _1\"></span>iarie valutate a<span class=\"_ _f\"></span>l<span class=\"_ _2\"></span> fair value<span class=\"_ _1\"></span> con impatto a conto e<span class=\"_ _1\"></span>conomico </div></td><td class=\"c x532 y2f37 w3c3 h69\"><div class=\"t m0 xec h1f y302 ff2b fs7 fc1 sc0 ls0 ws0\">335 </div></td><td class=\"c x533 y2f37 w3c6 h69\"><div class=\"t m0 xe7 h1f y302 ff2b fs7 fc1 sc0 ls0 ws0\">710 </div></td></tr><tr><td class=\"c x44e y2f38 w3c5 h1d\"><div class=\"t m0 x10 h1f y30c ff2b fs7 fc1 sc0 ls0 ws0\">2. Attivit\u00e0 finanz<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span>arie valut<span class=\"_ _1\"></span>ate al fair <span class=\"_ _1\"></span>value con impatto<span class=\"_ _1\"></span> sulla redditiv<span class=\"_ _1\"></span>it\u00e0 complessiva<span class=\"_ _df\"> </span></div></td><td class=\"c x532 y2f38 w3c3 h1d\"><div class=\"t m0 x1c h1f y30c ff2b fs7 fc1 sc0 ls0 ws0\">1.616.047 </div></td><td class=\"c x533 y2f38 w3c6 h1d\"><div class=\"t m0 x7 h1f y30c ff2b fs7 fc1 sc0 ls0 ws0\">3.542.516 </div></td></tr><tr><td class=\"c x44e y2f39 w3c5 h131\"><div class=\"t m0 x10 h1f y74a ff2b fs7 fc1 sc0 ls0 ws0\">3. Attivit\u00e0 finanz<span class=\"_ _1\"></span>iarie valutate <span class=\"_ _1\"></span>al costo ammortizz<span class=\"_ _1\"></span>ato<span class=\"_ _df\"> </span></div></td><td class=\"c x532 y2f39 w3c3 h131\"><div class=\"t m0 x90 h1f y74a ff2b fs7 fc1 sc0 ls0 ws0\">7.974.452 </div></td><td class=\"c x533 y2f39 w3c6 h131\"><div class=\"t m0 xf h1f y74a ff2b fs7 fc1 sc0 ls0 ws0\">7.731.513 </div></td></tr><tr><td class=\"c x44e y2f3a w3c5 h131\"><div class=\"t m0 x10 h1f y3e4 ff2b fs7 fc1 sc0 ls0 ws0\">4. Attivit\u00e0 mater<span class=\"_ _1\"></span>iali<span class=\"_ _df\"> </span></div></td><td class=\"c x532 y2f3a w3c3 h131\"><div class=\"t m0 xc h1f y3e4 ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x533 y2f3a w3c6 h131\"><div class=\"t m0 xc h1f y3e4 ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2f3b w3c5 h4d\"><div class=\"t m0 x116 h1f y28b ff2b fs7 fc1 sc0 ls0 ws0\">di cui: attivit\u00e0 m<span class=\"_ _1\"></span>ateriali che cost<span class=\"_ _1\"></span>ituiscono rimanenz<span class=\"_ _1\"></span>e </div></td><td class=\"c x532 y2f3b w3c3 h4d\"><div class=\"t m0 xc h1f y28b ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x533 y2f3b w3c6 h4d\"><div class=\"t m0 xc h1f y28b ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td></tr></table>5. G<span class=\"_ _1\"></span>estio<span class=\"_ _1\"></span>ne e <span class=\"_ _1\"></span>interm<span class=\"_ _f\"></span>ediazion<span class=\"_ _f\"></span>e per co<span class=\"_ _1\"></span>nto t<span class=\"_ _1\"></span>erzi<span class=\"_ _df\"> </span>Tipol<span class=\"_ _f\"></span>ogia ser<span class=\"_ _f\"></span>vizi<span class=\"_ _df\"> </span>Impo<span class=\"_ _1\"></span>rto<span class=\"_ _df\"> </span>1. Ese<span class=\"_ _1\"></span>cuzi<span class=\"_ _1\"></span>one<span class=\"_ _f\"></span> di ordin<span class=\"_ _f\"></span>i per con<span class=\"_ _f\"></span>to del<span class=\"_ _1\"></span>la cli<span class=\"_ _f\"></span>entela<span class=\"_ _df\"> </span>a) acquisti<span class=\"_ _df\"> </span>1. regolati<span class=\"_ _df\"> </span>2. non regolati<span class=\"_ _df\"> </span>b) vendite<span class=\"_ _df\"> </span>1. regolate<span class=\"_ _df\"> </span>2. non regolate<span class=\"_ _df\"> </span>2. Ges<span class=\"_ _f\"></span>tioni <span class=\"_ _1\"></span>di por<span class=\"_ _f\"></span>tafogli<span class=\"_ _df\"> </span>a) individuali<span class=\"_ _df\"> </span>b) collettive<span class=\"_ _df\"> </span>3. Cus<span class=\"_ _1\"></span>to<span class=\"_ _1\"></span>dia e<span class=\"_ _f\"></span> ammin<span class=\"_ _f\"></span>istrazio<span class=\"_ _f\"></span>ne di ti<span class=\"_ _1\"></span>toli<span class=\"_ _df\"> </span>a) titoli di terzi <span class=\"_ _1\"></span>in deposito: con<span class=\"_ _1\"></span>nessi con lo svolgimen<span class=\"_ _f\"></span>to<span class=\"_ _2\"></span> di ba<span class=\"_ _1\"></span>nca deposit<span class=\"_ _1\"></span>aria (escluse le<span class=\"_ _df\"> </span>gestioni di porta<span class=\"_ _1\"></span>fogli)<span class=\"_ _df\"> </span>1. titoli emessi da<span class=\"_ _1\"></span>lle societ\u00e0 inc<span class=\"_ _f\"></span>l<span class=\"_ _2\"></span>use ne<span class=\"_ _1\"></span>l consolidamento<span class=\"_ _df\"> </span>2. altri titoli<span class=\"_ _df\"> </span>b) titoli di terzi i<span class=\"_ _1\"></span>n deposito (escluse <span class=\"_ _f\"></span>gestioni di portafogli<span class=\"_ _1\"></span>): altri<span class=\"_ _df\"> </span>1. titoli emessi dalle <span class=\"_ _f\"></span>so<span class=\"_ _2\"></span>ciet\u00e0 <span class=\"_ _1\"></span>incluse nel con<span class=\"_ _1\"></span>solidamento<span class=\"_ _df\"> </span>2. altri titoli<span class=\"_ _df\"> </span>c) titoli di terz<span class=\"_ _1\"></span>i depositati presso<span class=\"_ _1\"></span> terzi<span class=\"_ _df\"> </span>d) titoli di prop<span class=\"_ _1\"></span>riet\u00e0 depositat<span class=\"_ _1\"></span>i presso terz<span class=\"_ _1\"></span>i<span class=\"_ _df\"> </span>4. Alt<span class=\"_ _1\"></span>re o<span class=\"_ _1\"></span>per<span class=\"_ _1\"></span>azio<span class=\"_ _1\"></span>ni<span class=\"_ _df\"> </span>La  voce  4<span class=\"ff5\">.\u201d  Altre</span>  operazio<span class=\"ff5\">ni\u201d  comprende<span class=\"_ _1\"></span>  prevalentemente  i  servizi  resi  a  terzi <span class=\"_ _16\"> </span>relativamente<span class=\"_ _df\"> </span></span>all\u2019attivit\u00e0 di ricezione<span class=\"_ _1\"></span> e tr<span class=\"_ _2\"></span>asmissione<span class=\"_ _1\"></span> degli ordini. Il principio IFRS 7 richiede di fornire una speci<span class=\"_ _1\"></span>fica informativa degli strumenti finanziari:<span class=\"_ _df\"> </span><span class=\"ff10\"> <span class=\"_ _38\"> </span><span class=\"ff4\">che sono stati compensati nello stato patrimoniale ai sensi dello IAS 32;<span class=\"_ _df\"> </span></span></span><span class=\"ff10\"> <span class=\"_ _38\"> </span><span class=\"ff4\">che <span class=\"_ _d\"></span>sono <span class=\"_ _0\"></span>potenzialmente <span class=\"_ _d\"></span>compensabili, <span class=\"_ _d\"></span>al <span class=\"_ _0\"></span>ricorrere <span class=\"_ _0\"></span>di <span class=\"_ _d\"></span>determinate <span class=\"_ _d\"></span>condizioni, <span class=\"_ _d\"></span>ma <span class=\"_ _0\"></span>esposti<span class=\"_ _df\"> </span></span></span>nello <span class=\"_ _19\"> </span>st<span class=\"_ _2\"></span>ato <span class=\"_ _19\"> </span>patrimoniale <span class=\"_ _1a\"> </span>a <span class=\"_ _19\"> </span>saldi <span class=\"_ _19\"> </span>aperti <span class=\"_ _1a\"> </span>in <span class=\"_ _1a\"> </span>quanto <span class=\"_ _19\"> </span>regolati <span class=\"_ _1a\"> </span>da <span class=\"_ _19\"> </span>\u201c<span class=\"_ _2\"></span>accordi<span class=\"_ _1\"></span> <span class=\"_ _1a\"> </span>quadro <span class=\"_ _19\"> </span>di<span class=\"_ _df\"> </span>compensazione o accordi <span class=\"_ _2\"></span>simili\u201d che t<span class=\"_ _2\"></span>uttavia non r<span class=\"_ _2\"></span><span class=\"ff4\">ispettano i <span class=\"_ _2\"></span>criteri stabiliti dallo IAS 32 p<span class=\"_ _2\"></span>er<span class=\"_ _df\"> </span></span>operare la compensazione di bilancio.<span class=\"_ _df\"> </span>Per <span class=\"_ _0\"></span>la <span class=\"_ _0\"></span>disclosure <span class=\"_ _0\"></span>di <span class=\"_ _9\"> </span>tali <span class=\"_ _0\"></span>accordi <span class=\"_ _9\"> </span>il <span class=\"_ _0\"></span>principio <span class=\"_ _0\"></span>richiede <span class=\"_ _0\"></span>di <span class=\"_ _9\"> </span>considerare <span class=\"_ _0\"> </span>gli <span class=\"_ _9\"> </span>effetti <span class=\"_ _0\"></span>delle <span class=\"_ _0\"></span>garanzie <span class=\"_ _0\"></span>r<span class=\"_ _2\"></span>eali<span class=\"_ _df\"> </span>finanziarie ricevute e p<span class=\"_ _1\"></span>restate.<span class=\"_ _df\"> </span>Al <span class=\"_ _9\"> </span>riguardo <span class=\"_ _9\"> </span>si <span class=\"_ _9\"> </span>segnala <span class=\"_ _9\"> </span>che, <span class=\"_ _16\"> </span>sulla <span class=\"_ _9\"> </span><span class=\"ff5\">base <span class=\"_ _16\"> </span>dell\u2019anali<span class=\"_ _1\"></span>si <span class=\"_ _16\"> </span>effettuata, <span class=\"_ _0\"></span>non <span class=\"_ _16\"> </span>risultano <span class=\"_ _9\"> </span>in <span class=\"_ _9\"> </span>essere <span class=\"_ _9\"> </span>accordi <span class=\"_ _9\"> </span>di<span class=\"_ _df\"> </span></span>netting per <span class=\"_ _f\"></span>i <span class=\"_ _f\"></span>quali <span class=\"_ _f\"></span>si debba <span class=\"_ _11\"></span>pro<span class=\"_ _2\"></span>cedere <span class=\"_ _f\"></span>alla <span class=\"_ _f\"></span>compensazione <span class=\"_ _f\"></span>dei <span class=\"_ _f\"></span>s<span class=\"_ _2\"></span>aldi <span class=\"_ _11\"></span>ne<span class=\"_ _2\"></span>llo <span class=\"_ _f\"></span>stato <span class=\"_ _1\"></span>patrimoniale, <span class=\"_ _11\"></span>ai se<span class=\"_ _1\"></span>nsi<span class=\"_ _df\"> </span>di <span class=\"_ _17\"> </span>quanto <span class=\"_ _17\"> </span>r<span class=\"_ _2\"></span>ichie<span class=\"_ _1\"></span>sto <span class=\"_ _14\"> </span>dallo <span class=\"_ _17\"> </span>IAS <span class=\"_ _14\"> </span>32. <span class=\"_ _17\"> </span>Pertanto<span class=\"_ _2\"></span> <span class=\"_ _17\"> </span>nelle <span class=\"_ _17\"> </span>seguenti <span class=\"_ _17\"> </span>tabelle <span class=\"_ _14\"> </span>6.<span class=\"_ _2\"></span> <span class=\"_ _17\"> </span>e <span class=\"_ _17\"> </span>7<span class=\"_ _2\"></span> <span class=\"_ _17\"> </span>e <span class=\"_ _14\"> </span>colonne <span class=\"_ _17\"> </span>relativ<span class=\"_ _2\"></span>e<span class=\"_ _df\"> </span>all\u2019\u201dAmmontare <span class=\"_ _14\"> </span>delle <span class=\"_ _14\"> </span>attivit\u00e0/passivit\u00e0 <span class=\"_ _15\"> </span>finanziarie <span class=\"_ _17\"> </span>compensato <span class=\"_ _15\"> </span>in <span class=\"_ _14\"> </span>bilancio\u201d <span class=\"_ _14\"> </span>non <span class=\"_ _14\"> </span>r<span class=\"_ _2\"></span>isulteranno<span class=\"_ _df\"> </span>avvalorate. <span class=\"_ _3e\"> </span>6. Att<span class=\"_ _1\"></span>ivit\u00e0<span class=\"_ _1\"></span> finanz<span class=\"_ _1\"></span>iarie<span class=\"_ _1\"></span> ogge<span class=\"_ _1\"></span>tto <span class=\"_ _1\"></span>di c<span class=\"_ _1\"></span>ompe<span class=\"_ _1\"></span>nsazi<span class=\"_ _1\"></span>one<span class=\"_ _1\"></span> in bi<span class=\"_ _1\"></span>lancio<span class=\"_ _1\"></span>, opp<span class=\"_ _1\"></span>ure<span class=\"_ _1\"></span> sog<span class=\"_ _1\"></span>gette <span class=\"_ _1\"></span>ad a<span class=\"_ _f\"></span>ccordi-quad<span class=\"_ _1\"></span>ro d<span class=\"_ _1\"></span>i com<span class=\"_ _1\"></span>pens<span class=\"_ _f\"></span>azione o<span class=\"_ _1\"></span> ad<span class=\"_ _df\"> </span>acco<span class=\"_ _1\"></span>rdi s<span class=\"_ _1\"></span>imila<span class=\"_ _1\"></span>ri<span class=\"_ _df\"> </span>Amm<span class=\"_ _f\"></span>ontari<span class=\"_ _f\"></span> correlat<span class=\"_ _f\"></span>i non<span class=\"_ _df\"> </span>ogg<span class=\"_ _f\"></span>etto di c<span class=\"_ _1\"></span>omp<span class=\"_ _f\"></span>ensazio<span class=\"_ _1\"></span>ne<span class=\"_ _df\"> </span>Amm<span class=\"_ _f\"></span>ontare<span class=\"_ _df\"> </span>in B<span class=\"_ _1\"></span>ilanci<span class=\"_ _1\"></span>o<span class=\"_ _df\"> </span>Amm<span class=\"_ _f\"></span>ontare<span class=\"_ _df\"> </span>Amm<span class=\"_ _f\"></span>ontare<span class=\"_ _df\"> </span>Amm<span class=\"_ _f\"></span>ontareAmm<span class=\"_ _f\"></span>ontare<span class=\"_ _df\"> </span>net<span class=\"_ _1\"></span>to dell<span class=\"_ _1\"></span>e<span class=\"_ _df\"> </span>net<span class=\"_ _1\"></span>to (f=<span class=\"_ _f\"></span>c-d-<span class=\"_ _df\"> </span>net<span class=\"_ _1\"></span>to<span class=\"_ _df\"> </span>lordo<span class=\"_ _1\"></span> dell<span class=\"_ _1\"></span>e<span class=\"_ _df\"> </span>delle<span class=\"_ _df\"> </span>attiv<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span>t\u00e0<span class=\"_ _df\"> </span>e)<span class=\"_ _df\"> </span>Form<span class=\"_ _f\"></span>e tecni<span class=\"_ _f\"></span>che<span class=\"_ _df\"> </span>attiv<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span>t\u00e0pass<span class=\"_ _f\"></span>ivit\u00e0<span class=\"_ _df\"> </span>finan<span class=\"_ _f\"></span>ziarie<span class=\"_ _df\"> </span>finan<span class=\"_ _f\"></span>ziariefinan<span class=\"_ _f\"></span>ziarie<span class=\"_ _df\"> </span>riport<span class=\"_ _f\"></span>ato in<span class=\"_ _df\"> </span>Dep<span class=\"_ _1\"></span>osit<span class=\"_ _1\"></span>i di<span class=\"_ _df\"> </span>com<span class=\"_ _f\"></span>pensat<span class=\"_ _1\"></span>e<span class=\"_ _df\"> </span>(a)<span class=\"_ _df\"> </span>bilan<span class=\"_ _f\"></span>cio<span class=\"_ _df\"> </span>Strum<span class=\"_ _f\"></span>enti<span class=\"_ _df\"> </span>cont<span class=\"_ _1\"></span>ant<span class=\"_ _f\"></span>e<span class=\"_ _df\"> </span>in bil<span class=\"_ _f\"></span>ancio (b)<span class=\"_ _df\"> </span>(c=a<span class=\"_ _1\"></span>-<span class=\"lsd8\">b</span><span class=\"lsd8\">)<span class=\"_ _df\"> </span></span>finan<span class=\"_ _f\"></span>ziari (d)<span class=\"_ _df\"> </span>ricev<span class=\"_ _f\"></span>uti in<span class=\"_ _df\"> </span>31/12/<span class=\"_ _f\"></span>2025<span class=\"_ _df\"> </span>31/12/<span class=\"_ _f\"></span>2024<span class=\"_ _df\"> </span>gara<span class=\"_ _f\"></span>nzia (e)<span class=\"_ _df\"> </span>1. Derivati 196.380<span class=\"_ _df\"> </span>-196.380187.449<span class=\"_ _df\"> </span>2.899<span class=\"_ _df\"> </span>6.032<span class=\"_ _df\"> </span>2. Pronti contro term<span class=\"_ _f\"></span>ine 2.343.048<span class=\"_ _df\"> </span>-2.343.0482.343.048<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>3. Prestito titol<span class=\"_ _1\"></span>i -<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>4. Altre<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>Tot<span class=\"_ _1\"></span>ale31/12/<span class=\"_ _f\"></span>20252.539<span class=\"_ _f\"></span>.428<span class=\"_ _df\"> </span>-2.539<span class=\"_ _f\"></span>.4282.53<span class=\"_ _f\"></span>0.497<span class=\"_ _df\"> </span>2.899<span class=\"_ _df\"> </span>6.032<span class=\"_ _df\"> </span>X<span class=\"_ _df\"> </span>Tot<span class=\"_ _1\"></span>ale31/12/<span class=\"_ _f\"></span>2024445.<span class=\"_ _1\"></span>470<span class=\"_ _df\"> </span>-445.<span class=\"_ _1\"></span>470434.<span class=\"_ _1\"></span>805<span class=\"_ _df\"> </span>3.33<span class=\"_ _1\"></span>0<span class=\"_ _df\"> </span>X<span class=\"_ _df\"> </span>7.33<span class=\"_ _df\"> </span>7. Pas<span class=\"_ _f\"></span>sivit\u00e0 fi<span class=\"_ _1\"></span>nanzia<span class=\"_ _f\"></span>rie ogget<span class=\"_ _1\"></span>to di<span class=\"_ _f\"></span> compens<span class=\"_ _f\"></span>azione <span class=\"_ _f\"></span>in bilancio<span class=\"_ _f\"></span>, oppur<span class=\"_ _f\"></span>e soggett<span class=\"_ _f\"></span>e ad acc<span class=\"_ _1\"></span>ordi-qua<span class=\"_ _f\"></span>dro di<span class=\"_ _1\"></span> com<span class=\"_ _1\"></span>pensa<span class=\"_ _1\"></span>zione<span class=\"_ _f\"></span> o<span class=\"_ _df\"> </span>ad a<span class=\"_ _1\"></span>ccordi <span class=\"_ _f\"></span>similari<span class=\"_ _df\"> </span>Amm<span class=\"_ _f\"></span>ontari<span class=\"_ _f\"></span> correlat<span class=\"_ _f\"></span>i non<span class=\"_ _df\"> </span>ogg<span class=\"_ _f\"></span>etto di<span class=\"_ _df\"> </span>Amm<span class=\"_ _f\"></span>ontare<span class=\"_ _df\"> </span>com<span class=\"_ _f\"></span>pensazi<span class=\"_ _1\"></span>one i<span class=\"_ _1\"></span>n<span class=\"_ _df\"> </span>Amm<span class=\"_ _f\"></span>ontare<span class=\"_ _df\"> </span>Amm<span class=\"_ _f\"></span>ontare<span class=\"_ _df\"> </span>Amm<span class=\"_ _f\"></span>ontare<span class=\"_ _df\"> </span>net<span class=\"_ _1\"></span>to dell<span class=\"_ _1\"></span>e<span class=\"_ _df\"> </span>bilan<span class=\"_ _f\"></span>cio<span class=\"_ _df\"> </span>Amm<span class=\"_ _f\"></span>ontare<span class=\"_ _df\"> </span>delle a<span class=\"_ _f\"></span>ttivit\u00e0<span class=\"_ _df\"> </span>net<span class=\"_ _1\"></span>to (f=<span class=\"_ _f\"></span>c-<span class=\"_ _df\"> </span>lordo<span class=\"_ _1\"></span> dell<span class=\"_ _1\"></span>e<span class=\"_ _df\"> </span>pass<span class=\"_ _f\"></span>ivit\u00e0<span class=\"_ _df\"> </span>net<span class=\"_ _1\"></span>to<span class=\"_ _df\"> </span>finan<span class=\"_ _f\"></span>ziarie<span class=\"_ _df\"> </span>d-<span class=\"lse9\">e)<span class=\"_ _df\"> </span></span>Form<span class=\"_ _f\"></span>e tecni<span class=\"_ _f\"></span>che<span class=\"_ _df\"> </span>pass<span class=\"_ _f\"></span>ivit\u00e0<span class=\"_ _df\"> </span>finan<span class=\"_ _f\"></span>ziarie<span class=\"_ _df\"> </span>com<span class=\"_ _f\"></span>pensat<span class=\"_ _1\"></span>o<span class=\"_ _df\"> </span>Dep<span class=\"_ _1\"></span>osit<span class=\"_ _1\"></span>i in<span class=\"_ _df\"> </span>finan<span class=\"_ _f\"></span>ziarie<span class=\"_ _df\"> </span>riport<span class=\"_ _f\"></span>ato in<span class=\"_ _df\"> </span>in bil<span class=\"_ _f\"></span>ancio<span class=\"_ _df\"> </span>Strum<span class=\"_ _f\"></span>enti<span class=\"_ _df\"> </span>cont<span class=\"_ _1\"></span>anti<span class=\"_ _df\"> </span>(a)<span class=\"_ _df\"> </span>bilan<span class=\"_ _f\"></span>cio<span class=\"_ _df\"> </span>(b)<span class=\"_ _df\"> </span>finan<span class=\"_ _f\"></span>ziari<span class=\"_ _df\"> </span>post<span class=\"_ _1\"></span>i a<span class=\"_ _df\"> </span>(c=a<span class=\"_ _1\"></span>-<span class=\"lsd8\">b</span><span class=\"lsd8\">)<span class=\"_ _df\"> </span></span>(d)<span class=\"_ _df\"> </span>gara<span class=\"_ _f\"></span>nzia<span class=\"_ _df\"> </span>31/12/<span class=\"_ _f\"></span>202531/12/<span class=\"_ _f\"></span>2024<span class=\"_ _df\"> </span>(e)<span class=\"_ _df\"> </span>1. Derivati 473.146<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>473.146187.449510.570(224.873)<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>2. Pronti contro<span class=\"_ _df\"> </span>3.718.724<span class=\"_ _df\"> </span>-3.718.7243.718.724<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>termine<span class=\"_ _df\"> </span>3. Prestito titol<span class=\"_ _1\"></span>i -<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>4. Altre operazi<span class=\"_ _1\"></span>oni -<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>Tot<span class=\"_ _1\"></span>ale31/12/<span class=\"_ _f\"></span>20<span class=\"ls2a\">25</span>4.191.<span class=\"_ _f\"></span>870<span class=\"_ _df\"> </span>-4.191.<span class=\"_ _f\"></span>8703.906<span class=\"_ _f\"></span>.173510.5<span class=\"_ _f\"></span>70(224.<span class=\"_ _f\"></span>873)<span class=\"_ _df\"> </span>X<span class=\"_ _df\"> </span>Sezi<span class=\"_ _f\"></span>one 6 <span class=\"_ _1\"></span>- Ut<span class=\"_ _f\"></span>ili (P<span class=\"_ _1\"></span>erdit<span class=\"_ _f\"></span>e) da<span class=\"_ _1\"></span> ces<span class=\"_ _f\"></span>sione<span class=\"_ _f\"></span>/riacq<span class=\"_ _1\"></span>uist<span class=\"_ _1\"></span>o - V<span class=\"_ _f\"></span>oce 1<span class=\"_ _f\"></span>00<span class=\"_ _df\"> </span>6.1 Ut<span class=\"_ _1\"></span>ili (P<span class=\"_ _1\"></span>erdit<span class=\"_ _1\"></span>e) da <span class=\"_ _1\"></span>cessio<span class=\"_ _f\"></span>ne/ria<span class=\"_ _1\"></span>cquist<span class=\"_ _1\"></span>o: co<span class=\"_ _1\"></span>mpos<span class=\"_ _1\"></span>izione<table class=\"s wde9 h533\" id=\"_6da0b84d-570d-4b34-8d91-41b4d7290f34\"><tr><td></td><td></td><td class=\"c x7ca y303d w4e7 h2a\"><div class=\"t m0 xe7 h1f y32 ff2b fs7 fc4 sc3 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale </div></td><td></td><td></td><td class=\"c x762 y303d w4e8 h2a\"><div class=\"t m0 xe7 h1f y32 ff2b fs7 fc4 sc3 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale </div></td><td></td></tr><tr><td class=\"c x44e y303e w4e6 h112\"><div class=\"t m0 x31 h1f y8e7 ff2b fs7 fc4 sc3 ls0 ws0\">Voci<span class=\"_ _1\"></span>/Com<span class=\"_ _f\"></span>ponen<span class=\"_ _1\"></span>ti re<span class=\"_ _1\"></span>ddit<span class=\"_ _1\"></span>uali </div></td><td class=\"c x7cb y303f w990 h484\"><div class=\"t m0 x250 h1f y2409 ff2b fs7 fc4 sc3 ls0 ws0\">31/12/</div></td><td class=\"c x7cc y303f w991 h484\"><div class=\"t m0 x250 h1f y2409 ff2b fs7 fc4 sc3 ls0 ws0\">2025<span class=\"_ _df\"> </span></div></td><td class=\"c x7cd y2ec0 wddd h484\"><div class=\"t m0 x250 h1f y2409 ff2b fs7 fc4 sc3 ls0 ws0\">Risu<span class=\"_ _1\"></span>ltato<span class=\"_ _df\"> </span></div></td><td class=\"c x7ce y303f w993 h484\"><div class=\"t m0 x250 h1f y2409 ff2b fs7 fc4 sc3 ls0 ws0\">31/12/</div></td><td class=\"c x7cf y303f w994 h484\"><div class=\"t m0 x250 h1f y2409 ff2b fs7 fc4 sc3 ls0 ws0\">2024<span class=\"_ _df\"> </span></div></td><td class=\"c x7d0 y2ec0 wddd h484\"><div class=\"t m0 x250 h1f y2409 ff2b fs7 fc4 sc3 ls0 ws0\">Risu<span class=\"_ _1\"></span>ltato<span class=\"_ _df\"> </span></div></td></tr><tr><td></td><td class=\"c x7ca y303e w86 h7d\"><div class=\"t m0 x14 h1f y305 ff2b fs7 fc4 sc3 ls0 ws0\">Util<span class=\"_ _1\"></span>i </div></td><td class=\"c x7d1 y303e w4f h7d\"><div class=\"t m0 x2a h1f y305 ff2b fs7 fc4 sc3 ls0 ws0\">Perdit<span class=\"_ _f\"></span>e </div></td><td></td><td class=\"c x762 y303e w4f h7d\"><div class=\"t m0 x14 h1f y305 ff2b fs7 fc4 sc3 ls0 ws0\">Util<span class=\"_ _1\"></span>i </div></td><td class=\"c x56e y303e w86 h7d\"><div class=\"t m0 x2a h1f y305 ff2b fs7 fc4 sc3 ls0 ws0\">Perdi<span class=\"ls70\">te</span><span class=\"ls70\"><span class=\"_ _1\"></span><span class=\"ls0\"> </span></span></div></td><td></td></tr><tr><td></td><td></td><td></td><td class=\"c x7d2 y3040 wda0 h484\"><div class=\"t m0 x250 h1f y2409 ff2b fs7 fc4 sc3 ls0 ws0\">net<span class=\"_ _1\"></span>to<span class=\"_ _df\"> </span></div></td><td></td><td></td><td class=\"c x7d3 y3040 wda0 h484\"><div class=\"t m0 x250 h1f y2409 ff2b fs7 fc4 sc3 ls0 ws0\">net<span class=\"_ _1\"></span>to<span class=\"_ _df\"> </span></div></td></tr><tr><td class=\"c x44e y3041 w4e9 h82\"><div class=\"t m0 x10 h1f y54 ff2b fs7 fc1 sc2 ls0 ws0\">Atti<span class=\"_ _1\"></span>vit\u00e0 f<span class=\"_ _f\"></span>inanziar<span class=\"_ _f\"></span>ie </div></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x51a y2881 w987 h484\"><div class=\"t m0 x250 h1f y2409 ff2b fs7 fc1 sc0 ls0 ws0\">1. Attivit\u00e0 finanz<span class=\"_ _1\"></span>iarie valutate a<span class=\"_ _f\"></span>l<span class=\"_ _2\"></span> costo<span class=\"_ _df\"> </span></div></td><td class=\"c x7d4 y3042 w86 had\"><div class=\"t m0 x35 h1f y420 ff2b fs7 fc1 sc0 ls0 ws0\">29.524 </div></td><td class=\"c x7d1 y3042 w379 had\"><div class=\"t m0 x35 h1f y420 ff2b fs7 fc1 sc0 ls0 ws0\">(4.756) </div></td><td class=\"c x56d y3042 w22d had\"><div class=\"t m0 x35 h1f y420 ff2b fs7 fc1 sc0 ls0 ws0\">24.768 </div></td><td class=\"c x762 y3042 w379 had\"><div class=\"t m0 x26 h1f y420 ff2b fs7 fc1 sc0 ls0 ws0\">27.151 </div></td><td class=\"c x56e y3042 w8b had\"><div class=\"t m0 x2c h1f y420 ff2b fs7 fc1 sc0 ls0 ws0\">(2.213) </div></td><td class=\"c x756 y3042 w49b had\"><div class=\"t m0 x35 h1f y420 ff2b fs7 fc1 sc0 ls0 ws0\">24.938 </div></td></tr><tr><td class=\"c x51a y3043 w988 h484\"><div class=\"t m0 x250 h1f y2409 ff2b fs7 fc1 sc0 ls0 ws0\">ammortizzato<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x44e y3044 w4e9 h82\"><div class=\"t m0 x48 h1f y54 ff2b fs7 fc1 sc0 ls0 ws0\">1.1 Crediti vers<span class=\"_ _1\"></span>o banche </div></td><td class=\"c x7d4 y3044 w86 h82\"><div class=\"t m0 x90 h1f y54 ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x7d1 y3044 w379 h82\"><div class=\"t m0 x30 h1f y54 ff2b fs7 fc1 sc0 ls0 ws0\">(46)<span class=\"_ _df\"> </span></div></td><td class=\"c x56d y3044 w22d h82\"><div class=\"t m0 x30 h1f y54 ff2b fs7 fc1 sc0 ls0 ws0\">(46)<span class=\"_ _df\"> </span></div></td><td class=\"c x762 y3044 w379 h82\"><div class=\"t m0 x7 h1f y54 ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x56e y3044 w8b h82\"><div class=\"t m0 x30 h1f y54 ff2b fs7 fc1 sc0 ls0 ws0\">(97) </div></td><td class=\"c x756 y3044 w49b h82\"><div class=\"t m0 x30 h1f y54 ff2b fs7 fc1 sc0 ls0 ws0\">(97) </div></td></tr><tr><td class=\"c x44e y3045 w4e9 h82\"><div class=\"t m0 x48 h1f y54 ff2b fs7 fc1 sc0 ls0 ws0\">1.2 Crediti vers<span class=\"_ _1\"></span>o clientela </div></td><td class=\"c x7d4 y3045 w86 h82\"><div class=\"t m0 x35 h1f y54 ff2b fs7 fc1 sc0 ls0 ws0\">29.524 </div></td><td class=\"c x7d1 y3045 w379 h82\"><div class=\"t m0 x2c h1f y54 ff2b fs7 fc1 sc0 ls0 ws0\">(4.710) </div></td><td class=\"c x56d y3045 w22d h82\"><div class=\"t m0 x3a h1f y54 ff2b fs7 fc1 sc0 ls0 ws0\">24.814 </div></td><td class=\"c x762 y3045 w379 h82\"><div class=\"t m0 x26 h1f y54 ff2b fs7 fc1 sc0 ls0 ws0\">27.151 </div></td><td class=\"c x56e y3045 w8b h82\"><div class=\"t m0 x27 h1f y54 ff2b fs7 fc1 sc0 ls0 ws0\">(2.116) </div></td><td class=\"c x756 y3045 w49b h82\"><div class=\"t m0 x35 h1f y54 ff2b fs7 fc1 sc0 ls0 ws0\">25.035 </div></td></tr><tr><td class=\"c x51a y3046 wdea h484\"><div class=\"t m0 x250 h1f y2410 ff2b fs7 fc1 sc0 ls0 ws0\">2. Attivit\u00e0 finanz<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span>arie valut<span class=\"_ _1\"></span>ate al fair <span class=\"_ _1\"></span>value<span class=\"_ _df\"> </span></div></td><td class=\"c x7d4 y3047 w86 h1d6\"><div class=\"t m0 x2c h1f y110b ff2b fs7 fc1 sc0 ls0 ws0\">14.470 </div></td><td class=\"c x7d1 y3047 w379 h1d6\"><div class=\"t m0 x32 h1f y110b ff2b fs7 fc1 sc0 ls0 ws0\">(4.638) </div></td><td class=\"c x56d y3047 w22d h1d6\"><div class=\"t m0 x26 h1f y110b ff2b fs7 fc1 sc0 ls0 ws0\">9.832 </div></td><td class=\"c x762 y3047 w379 h1d6\"><div class=\"t m0 x35 h1f y110b ff2b fs7 fc1 sc0 ls0 ws0\">46.394 </div></td><td class=\"c x56e y3047 w8b h1d6\"><div class=\"t m0 x14 h1f y110b ff2b fs7 fc1 sc0 ls0 ws0\">(46.222) </div></td><td class=\"c x756 y3047 w49b h1d6\"><div class=\"t m0 x36 h1f y110b ff2b fs7 fc1 sc0 ls0 ws0\">172 </div></td></tr><tr><td class=\"c x51a y3048 wdeb h484\"><div class=\"t m0 x250 h1f y2410 ff2b fs7 fc1 sc0 ls0 ws0\">con impatto sul<span class=\"_ _1\"></span>la redditivit\u00e0 comp<span class=\"_ _f\"></span>l<span class=\"_ _2\"></span>essi<span class=\"_ _1\"></span>va<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x44e y3049 w4e9 h82\"><div class=\"t m0 x48 h1f y54 ff2b fs7 fc1 sc0 ls0 ws0\">2.1 Titoli di debit<span class=\"_ _1\"></span>o </div></td><td class=\"c x7d4 y3049 w86 h82\"><div class=\"t m0 x2c h1f y54 ff2b fs7 fc1 sc0 ls0 ws0\">14.470 </div></td><td class=\"c x7d1 y3049 w379 h82\"><div class=\"t m0 x32 h1f y54 ff2b fs7 fc1 sc0 ls0 ws0\">(4.638) </div></td><td class=\"c x56d y3049 w22d h82\"><div class=\"t m0 x26 h1f y54 ff2b fs7 fc1 sc0 ls0 ws0\">9.832 </div></td><td class=\"c x762 y3049 w379 h82\"><div class=\"t m0 x35 h1f y54 ff2b fs7 fc1 sc0 ls0 ws0\">46.394 </div></td><td class=\"c x56e y3049 w8b h82\"><div class=\"t m0 x14 h1f y54 ff2b fs7 fc1 sc0 ls0 ws0\">(46.222) </div></td><td class=\"c x756 y3049 w49b h82\"><div class=\"t m0 x36 h1f y54 ff2b fs7 fc1 sc0 ls0 ws0\">172 </div></td></tr><tr><td class=\"c x44e y304a w4e9 h82\"><div class=\"t m0 x48 h1f y66c ff2b fs7 fc1 sc0 ls0 ws0\">2.2 Finanziamenti </div></td><td class=\"c x7d4 y304a w86 h82\"><div class=\"t m0 x90 h1f y66c ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x7d1 y304a w379 h82\"><div class=\"t m0 x7 h1f y66c ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x56d y304a w22d h82\"><div class=\"t m0 x7 h1f y66c ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x762 y304a w379 h82\"><div class=\"t m0 x7 h1f y66c ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x56e y304a w8b h82\"><div class=\"t m0 x7 h1f y66c ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x756 y304a w49b h82\"><div class=\"t m0 x7 h1f y66c ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y304b w4e9 h254\"><div class=\"t m0 x52 h1f y54 ff2b fs7 fc1 sc2 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale at<span class=\"_ _1\"></span>tivit<span class=\"_ _1\"></span>\u00e0 </div></td><td class=\"c x7d4 y304b w86 h254\"><div class=\"t m0 x35 h1f y54 ff2b fs7 fc1 sc2 ls0 ws0\">43.99<span class=\"_ _f\"></span>4 </div></td><td class=\"c x7d1 y304b w379 h254\"><div class=\"t m0 x35 h1f y54 ff2b fs7 fc1 sc2 ls0 ws0\">(9.39<span class=\"_ _f\"></span>4) </div></td><td class=\"c x56d y304b w22d h254\"><div class=\"t m0 x35 h1f y54 ff2b fs7 fc1 sc2 ls0 ws0\">34.60<span class=\"_ _f\"></span>0 </div></td><td class=\"c x762 y304b w379 h254\"><div class=\"t m0 x2c h1f y54 ff2b fs7 fc1 sc2 ls0 ws0\">73.5<span class=\"_ _1\"></span>45 </div></td><td class=\"c x56e y304b w8b h254\"><div class=\"t m0 x14 h1f y54 ff2b fs7 fc1 sc2 ls0 ws0\">(48.43<span class=\"_ _f\"></span>5) </div></td><td class=\"c x756 y304b w49b h254\"><div class=\"t m0 x26 h1f y54 ff2b fs7 fc1 sc2 ls0 ws0\">25.1<span class=\"_ _1\"></span>10 </div></td></tr><tr><td class=\"c x262 y304c wdec h484\"><div class=\"t m0 x250 h1f y2410 ff2b fs7 fc1 sc2 ls0 ws0\">Pass<span class=\"_ _f\"></span>ivit\u00e0 fin<span class=\"_ _f\"></span>anziarie<span class=\"_ _1\"></span> valu<span class=\"_ _1\"></span>tat<span class=\"_ _1\"></span>e al co<span class=\"_ _1\"></span>sto<span class=\"_ _df\"> </span></div></td><td class=\"c x7d4 y304d w86 h1d6\"><div class=\"t m0 x90 h1f y110b ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x7d1 y304d w379 h1d6\"><div class=\"t m0 x7 h1f y110b ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x56d y304d w22d h1d6\"><div class=\"t m0 x7 h1f y110b ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x762 y304d w379 h1d6\"><div class=\"t m0 x7 h1f y110b ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x56e y304d w8b h1d6\"><div class=\"t m0 x7 h1f y110b ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x756 y304d w49b h1d6\"><div class=\"t m0 x7 h1f y110b ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x262 y304e wded h484\"><div class=\"t m0 x250 h1f y2410 ff2b fs7 fc1 sc2 ls0 ws0\">amm<span class=\"_ _f\"></span>ortizzat<span class=\"_ _f\"></span>o<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x44e y304f w4e9 h82\"><div class=\"t m0 x16a h1f y54 ff2b fs7 fc1 sc0 ls0 ws0\">1. Debiti verso banche<span class=\"_ _f\"></span> </div></td><td class=\"c x7d4 y304f w86 h82\"><div class=\"t m0 x90 h1f y54 ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x7d1 y304f w379 h82\"><div class=\"t m0 x7 h1f y54 ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x56d y304f w22d h82\"><div class=\"t m0 x7 h1f y54 ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x762 y304f w379 h82\"><div class=\"t m0 x7 h1f y54 ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x56e y304f w8b h82\"><div class=\"t m0 x7 h1f y54 ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x756 y304f w49b h82\"><div class=\"t m0 x7 h1f y54 ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y3050 w4e9 h82\"><div class=\"t m0 x16a h1f y54 ff2b fs7 fc1 sc0 ls0 ws0\">2. Debiti verso c<span class=\"_ _1\"></span>lientela </div></td><td class=\"c x7d4 y3050 w86 h82\"><div class=\"t m0 x90 h1f y54 ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x7d1 y3050 w379 h82\"><div class=\"t m0 x7 h1f y54 ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x56d y3050 w22d h82\"><div class=\"t m0 x7 h1f y54 ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x762 y3050 w379 h82\"><div class=\"t m0 x7 h1f y54 ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x56e y3050 w8b h82\"><div class=\"t m0 x7 h1f y54 ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x756 y3050 w49b h82\"><div class=\"t m0 x7 h1f y54 ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y3051 w4e9 h82\"><div class=\"t m0 x16a h1f y54 ff2b fs7 fc1 sc0 ls0 ws0\">3. Titoli in circ<span class=\"_ _1\"></span>olazione </div></td><td class=\"c x7d4 y3051 w86 h82\"><div class=\"t m0 x90 h1f y54 ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x7d1 y3051 w379 h82\"><div class=\"t m0 x97 h1f y54 ff2b fs7 fc1 sc0 ls0 ws0\">(372) </div></td><td class=\"c x56d y3051 w22d h82\"><div class=\"t m0 x97 h1f y54 ff2b fs7 fc1 sc0 ls0 ws0\">(372) </div></td><td class=\"c x762 y3051 w379 h82\"><div class=\"t m0 x7 h1f y54 ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x56e y3051 w8b h82\"><div class=\"t m0 x37 h1f y54 ff2b fs7 fc1 sc0 ls0 ws0\">(346) </div></td><td class=\"c x756 y3051 w49b h82\"><div class=\"t m0 x37 h1f y54 ff2b fs7 fc1 sc0 ls0 ws0\">(346) </div></td></tr><tr><td class=\"c x44e y3052 w4e9 h82\"><div class=\"t m0 x101 h1f y32 ff2b fs7 fc1 sc2 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale pa<span class=\"_ _f\"></span>ssivi<span class=\"lsec\">t\u00e0</span><span class=\"lsec\"><span class=\"_ _1\"></span><span class=\"ls0\"> </span></span></div></td><td class=\"c x7d4 y3052 w86 h82\"><div class=\"t m0 x90 h1f y66c ff2b fs7 fc1 sc2 ls0 ws0\">- </div></td><td class=\"c x7d1 y3052 w379 h82\"><div class=\"t m0 x97 h1f y66c ff2b fs7 fc1 sc2 ls0 ws0\">(372)<span class=\"_ _f\"></span> </div></td><td class=\"c x56d y3052 w22d h82\"><div class=\"t m0 x97 h1f y66c ff2b fs7 fc1 sc2 ls0 ws0\">(372)<span class=\"_ _f\"></span> </div></td><td class=\"c x762 y3052 w379 h82\"><div class=\"t m0 x7 h1f y66c ff2b fs7 fc1 sc2 ls0 ws0\">- </div></td><td class=\"c x56e y3052 w8b h82\"><div class=\"t m0 x37 h1f y66c ff2b fs7 fc1 sc2 ls0 ws0\">(346)<span class=\"_ _f\"></span> </div></td><td class=\"c x756 y3052 w49b h82\"><div class=\"t m0 x37 h1f y66c ff2b fs7 fc1 sc2 ls0 ws0\">(346)<span class=\"_ _f\"></span> </div></td></tr></table>L\u2019andamento <span class=\"_ _d\"></span>dell\u2019aggregato <span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>iporta <span class=\"_ _2\"></span>anche <span class=\"_ _0\"></span><span class=\"ff2b\">le <span class=\"_ _2\"></span>cessioni <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>portafogli <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>crediti <span class=\"_ _d\"></span>NPL, <span class=\"_ _d\"></span>chirografari <span class=\"_ _d\"></span>ed<span class=\"_ _df\"> </span></span>ipotecari, <span class=\"_ _9\"> </span>effettuate <span class=\"_ _9\"> </span>ne<span class=\"ff2c\">l <span class=\"_ _9\"> </span>cor<span class=\"_ _2\"></span>so <span class=\"_ _9\"> </span>dell\u2019esercizio</span>. <span class=\"_ _9\"> </span>Le <span class=\"_ _16\"> </span>operazioni <span class=\"_ _0\"></span>hanno <span class=\"_ _16\"> </span>comportato <span class=\"_ _16\"> </span>una <span class=\"_ _0\"> </span>plusvalenza<span class=\"_ _df\"> </span>netta di circa 11,8 milioni di euro. \u00c8 <span class=\"ff2c\">risultato positivo il contributo de<span class=\"_ _1\"></span>ll\u2019area finanza.</span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfRepurchaseAndReverseRepurchaseAgreementsExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-852": {
   "value": "Sezio<span class=\"_ _1\"></span>ne 2 <span class=\"ff5\">\u2013</span> <span class=\"_ _1\"></span>Attivit\u00e0<span class=\"_ _1\"></span> fina<span class=\"_ _1\"></span>nziari<span class=\"_ _f\"></span>e valutate<span class=\"_ _1\"></span> al fair va<span class=\"_ _f\"></span>lue con im<span class=\"_ _f\"></span>patto a<span class=\"_ _1\"></span> conto <span class=\"_ _1\"></span>econo<span class=\"_ _f\"></span>mico <span class=\"ff5\">\u2013</span> Vo<span class=\"_ _f\"></span>ce 20  2.1 At<span class=\"_ _f\"></span>tivit\u00e0 fina<span class=\"_ _1\"></span>nzia<span class=\"_ _1\"></span>rie d<span class=\"_ _1\"></span>etenut<span class=\"_ _1\"></span>e p<span class=\"_ _1\"></span>er la <span class=\"_ _1\"></span>negozia<span class=\"_ _f\"></span>zione: <span class=\"_ _1\"></span>com<span class=\"_ _f\"></span>posizion<span class=\"_ _1\"></span>e me<span class=\"_ _1\"></span>rceol<span class=\"_ _1\"></span>ogica<span class=\"_ _1\"></span> <table class=\"s w98f h49e\" id=\"_70d8612b-b621-4782-a5bb-4d40058f6842\"><tr><td></td><td></td><td class=\"c x31c y25ac w2f7 h1fa\"><div class=\"t m0 x199 h1f y32 ff4 fs7 fc4 sc3 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale </div></td><td></td><td></td><td class=\"c x31d y25ac w2f8 h1fa\"><div class=\"t m0 x199 h1f y32 ff4 fs7 fc4 sc3 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale </div></td><td></td></tr><tr><td class=\"c x2e0 y25ad w2f6 h231\"><div class=\"t m0 x11d h1f y113e ff4 fs7 fc4 sc3 ls0 ws0\">Voci<span class=\"_ _1\"></span>/Valo<span class=\"_ _f\"></span>ri </div></td><td class=\"c x31e y25ae w990 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/<span class=\"_ _df\"> </span></div></td><td class=\"c x31f y25ae w991 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">2025<span class=\"_ _df\"> </span></div></td><td></td><td></td><td class=\"c x31d y25af w2f8 h232\"><div class=\"t m0 xe5 h1f y93e ff4 fs7 fc4 sc3 ls0 ws0\">31/12/<span class=\"_ _f\"></span>2024 </div></td><td></td></tr><tr><td></td><td class=\"c x31c y25ad w2f9 h232\"><div class=\"t m0 x3a h1f y93e ff4 fs7 fc4 sc3 lsc7 ws0\">L1<span class=\"ls0\"> </span></div></td><td class=\"c x320 y25ad w2fa h232\"><div class=\"t m0 x2c h1f y93e ff4 fs7 fc4 sc3 lsc7 ws0\">L2<span class=\"ls0\"> </span></div></td><td class=\"c x321 y25ad w2f9 h232\"><div class=\"t m0 x2c h1f y93e ff4 fs7 fc4 sc3 lsc7 ws0\">L3<span class=\"ls0\"> </span></div></td><td class=\"c x31d y25ad w2f9 h232\"><div class=\"t m0 x3a h1f y93e ff4 fs7 fc4 sc3 lsc7 ws0\">L1<span class=\"ls0\"> </span></div></td><td class=\"c x322 y25ad w2fa h232\"><div class=\"t m0 x2c h1f y93e ff4 fs7 fc4 sc3 lsc7 ws0\">L2<span class=\"ls0\"> </span></div></td><td class=\"c x323 y25ad w2fb h232\"><div class=\"t m0 x2c h1f y93e ff4 fs7 fc4 sc3 lsc7 ws0\">L3<span class=\"ls0\"> </span></div></td></tr><tr><td class=\"c x2e0 y25b0 w2fc hc8\"><div class=\"t m0 x10 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">A. Att<span class=\"_ _f\"></span>ivit\u00e0 per<span class=\"_ _f\"></span> cassa<span class=\"_ _f\"></span> </div></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2e0 y25b1 w2fc hc8\"><div class=\"t m0 x10 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">1. Titoli di debito<span class=\"_ _1\"></span> </div></td><td class=\"c x30f y25b1 w2f9 hc8\"><div class=\"t m0 x31 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">24.176 </div></td><td class=\"c x320 y25b1 w11e hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x321 y25b1 w2f9 hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x31d y25b1 w11f hc8\"><div class=\"t m0 x38 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">19.098 </div></td><td class=\"c x322 y25b1 w11e hc8\"><div class=\"t m0 x1c h1f y28b ff4 fs7 fc1 sc0 lsa ws0\">46<span class=\"ls0\"> </span></div></td><td class=\"c x323 y25b1 w50 hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2e0 y25b2 w2fc hc8\"><div class=\"t m0 x2f h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">1.1 Titoli struttu<span class=\"_ _1\"></span>rati </div></td><td class=\"c x30f y25b2 w2f9 hc8\"><div class=\"t m0 x15 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">2.723 </div></td><td class=\"c x320 y25b2 w11e hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x321 y25b2 w2f9 hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x31d y25b2 w11f hc8\"><div class=\"t m0 x12 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">909 </div></td><td class=\"c x322 y25b2 w11e hc8\"><div class=\"t m0 xa3 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">4 </div></td><td class=\"c x323 y25b2 w50 hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2e0 y25b3 w2fc hc8\"><div class=\"t m0 x2f h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">1.2 Altri titoli di deb<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span>to </div></td><td class=\"c x30f y25b3 w2f9 hc8\"><div class=\"t m0 x38 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">21.453 </div></td><td class=\"c x320 y25b3 w11e hc8\"><div class=\"t m0 x8 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x321 y25b3 w2f9 hc8\"><div class=\"t m0 x8 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x31d y25b3 w11f hc8\"><div class=\"t m0 x31 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">18.189 </div></td><td class=\"c x322 y25b3 w11e hc8\"><div class=\"t m0 x1c h1f ye4c ff4 fs7 fc1 sc0 lsa ws0\">42<span class=\"ls0\"> </span></div></td><td class=\"c x323 y25b3 w50 hc8\"><div class=\"t m0 x8 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2e0 y25b4 w2fc hc8\"><div class=\"t m0 x10 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">2. Titoli di capita<span class=\"_ _f\"></span>l<span class=\"_ _2\"></span>e<span class=\"_ _df\"> </span></div></td><td class=\"c x30f y25b4 w2f9 hc8\"><div class=\"t m0 x8 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x320 y25b4 w11e hc8\"><div class=\"t m0 x8 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x321 y25b4 w2f9 hc8\"><div class=\"t m0 x8 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x31d y25b4 w11f hc8\"><div class=\"t m0 x8 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x322 y25b4 w11e hc8\"><div class=\"t m0 x8 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x323 y25b4 w50 hc8\"><div class=\"t m0 x8 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2e0 y25b5 w2fc hc8\"><div class=\"t m0 x10 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">3. Quote di O.I.C<span class=\"_ _1\"></span>.R.<span class=\"_ _df\"> </span></div></td><td class=\"c x30f y25b5 w2f9 hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x320 y25b5 w11e hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x321 y25b5 w2f9 hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x31d y25b5 w11f hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x322 y25b5 w11e hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x323 y25b5 w50 hc8\"><div class=\"t m0 x1c h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">24 </div></td></tr><tr><td class=\"c x2e0 y25b6 w2fc hc8\"><div class=\"t m0 x10 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">4. Finanziamenti </div></td><td class=\"c x30f y25b6 w2f9 hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x320 y25b6 w11e hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x321 y25b6 w2f9 hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x31d y25b6 w11f hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x322 y25b6 w11e hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x323 y25b6 w50 hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2e0 y25b7 w2fc hc8\"><div class=\"t m0 x2f h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">4.1 Pronti contro<span class=\"_ _1\"></span> termine </div></td><td class=\"c x30f y25b7 w2f9 hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x320 y25b7 w11e hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x321 y25b7 w2f9 hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x31d y25b7 w11f hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x322 y25b7 w11e hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x323 y25b7 w50 hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2e0 y25b8 w2fc hc8\"><div class=\"t m0 x2f h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">4.2 Altri </div></td><td class=\"c x30f y25b8 w2f9 hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x320 y25b8 w11e hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x321 y25b8 w2f9 hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x31d y25b8 w11f hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x322 y25b8 w11e hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x323 y25b8 w50 hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2e0 y25b9 w2fc hc8\"><div class=\"t m0 x23 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale (A<span class=\"_ _f\"></span>) </div></td><td class=\"c x30f y25b9 w2f9 hc8\"><div class=\"t m0 x31 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">24.17<span class=\"_ _f\"></span>6 </div></td><td class=\"c x320 y25b9 w11e hc8\"><div class=\"t m0 x8 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td><td class=\"c x321 y25b9 w2f9 hc8\"><div class=\"t m0 x8 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td><td class=\"c x31d y25b9 w11f hc8\"><div class=\"t m0 x31 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">19.09<span class=\"_ _f\"></span>8 </div></td><td class=\"c x322 y25b9 w11e hc8\"><div class=\"t m0 x1c h1f ye4c ff4 fs7 fc1 sc2 lsa ws0\">46<span class=\"ls0\"> </span></div></td><td class=\"c x323 y25b9 w50 hc8\"><div class=\"t m0 x1c h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">24 </div></td></tr><tr><td class=\"c x2e0 y25ba w2fc h227\"><div class=\"t m0 x10 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">B. St<span class=\"_ _f\"></span>rument<span class=\"_ _1\"></span>i deri<span class=\"_ _1\"></span>vat<span class=\"_ _1\"></span>i </div></td><td class=\"c x30f y25ba w2f9 h227\"><div class=\"t m0 x8 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x320 y25ba w11e h227\"><div class=\"t m0 x8 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x321 y25ba w2f9 h227\"><div class=\"t m0 x8 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x31d y25ba w11f h227\"><div class=\"t m0 x8 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x322 y25ba w11e h227\"><div class=\"t m0 x8 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x323 y25ba w50 h227\"><div class=\"t m0 x8 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2e0 y25bb w2fc hc8\"><div class=\"t m0 x10 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">1. Derivati finanz<span class=\"_ _1\"></span>iari </div></td><td class=\"c x30f y25bb w2f9 hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x320 y25bb w11e hc8\"><div class=\"t m0 x31 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">16.747 </div></td><td class=\"c x321 y25bb w2f9 hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x31d y25bb w11f hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x322 y25bb w11e hc8\"><div class=\"t m0 x31 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">14.992 </div></td><td class=\"c x323 y25bb w50 hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2e0 y25bc w2fc hc8\"><div class=\"t m0 x2f h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">1.1 di negoziazione<span class=\"_ _f\"></span> </div></td><td class=\"c x30f y25bc w2f9 hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x320 y25bc w11e hc8\"><div class=\"t m0 x31 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">16.747 </div></td><td class=\"c x321 y25bc w2f9 hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x31d y25bc w11f hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x322 y25bc w11e hc8\"><div class=\"t m0 x31 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">14.992 </div></td><td class=\"c x323 y25bc w50 hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2e0 y25bd w2fc hc8\"><div class=\"t m0 x2f h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">1.2 connessi con <span class=\"_ _1\"></span>la fair value <span class=\"_ _1\"></span>option </div></td><td class=\"c x30f y25bd w2f9 hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x320 y25bd w11e hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x321 y25bd w2f9 hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x31d y25bd w11f hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x322 y25bd w11e hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x323 y25bd w50 hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2e0 y25be w2fc hc8\"><div class=\"t m0 x2f h1f y28b ff4 fs7 fc1 sc0 ls9 ws0\">1.<span class=\"ls0\">3 altri</span><span class=\"ls0\"> </span></div></td><td class=\"c x30f y25be w2f9 hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x320 y25be w11e hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x321 y25be w2f9 hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x31d y25be w11f hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x322 y25be w11e hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x323 y25be w50 hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2e0 y25bf w2fc hc8\"><div class=\"t m0 x10 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">2. Derivati creditiz<span class=\"_ _f\"></span>i </div></td><td class=\"c x30f y25bf w2f9 hc8\"><div class=\"t m0 x8 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x320 y25bf w11e hc8\"><div class=\"t m0 x8 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x321 y25bf w2f9 hc8\"><div class=\"t m0 x8 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x31d y25bf w11f hc8\"><div class=\"t m0 x8 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x322 y25bf w11e hc8\"><div class=\"t m0 x8 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x323 y25bf w50 hc8\"><div class=\"t m0 x8 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2e0 y25c0 w2fc hc8\"><div class=\"t m0 x2f h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">2.1 di negoziazione<span class=\"_ _f\"></span> </div></td><td class=\"c x30f y25c0 w2f9 hc8\"><div class=\"t m0 x8 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x320 y25c0 w11e hc8\"><div class=\"t m0 x8 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x321 y25c0 w2f9 hc8\"><div class=\"t m0 x8 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x31d y25c0 w11f hc8\"><div class=\"t m0 x8 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x322 y25c0 w11e hc8\"><div class=\"t m0 x8 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x323 y25c0 w50 hc8\"><div class=\"t m0 x8 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2e0 y25c1 w2fc hc8\"><div class=\"t m0 x2f h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">2.2 connessi con <span class=\"_ _f\"></span>l<span class=\"_ _2\"></span>a fair value<span class=\"_ _1\"></span> option </div></td><td class=\"c x30f y25c1 w2f9 hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x320 y25c1 w11e hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x321 y25c1 w2f9 hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x31d y25c1 w11f hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x322 y25c1 w11e hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x323 y25c1 w50 hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2e0 y25c2 w2fc hc8\"><div class=\"t m0 x2f h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">2.3 altri </div></td><td class=\"c x30f y25c2 w2f9 hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x320 y25c2 w11e hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x321 y25c2 w2f9 hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x31d y25c2 w11f hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x322 y25c2 w11e hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x323 y25c2 w50 hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2e0 y25c3 w2fc hc8\"><div class=\"t m0 x23 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale (B<span class=\"_ _1\"></span>) </div></td><td class=\"c x30f y25c3 w2f9 hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td><td class=\"c x320 y25c3 w11e hc8\"><div class=\"t m0 x31 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">16.747<span class=\"_ _f\"></span> </div></td><td class=\"c x321 y25c3 w2f9 hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td><td class=\"c x31d y25c3 w11f hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td><td class=\"c x322 y25c3 w11e hc8\"><div class=\"t m0 x31 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">14.99<span class=\"_ _1\"></span>2 </div></td><td class=\"c x323 y25c3 w50 hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2e0 y25c4 w2fc hc8\"><div class=\"t m0 x10f h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale (A<span class=\"_ _f\"></span>+B)  </div></td><td class=\"c x30f y25c4 w2f9 hc8\"><div class=\"t m0 x31 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">24.17<span class=\"_ _f\"></span>6 </div></td><td class=\"c x320 y25c4 w11e hc8\"><div class=\"t m0 x31 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">16.747<span class=\"_ _f\"></span> </div></td><td class=\"c x321 y25c4 w2f9 hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td><td class=\"c x31d y25c4 w11f hc8\"><div class=\"t m0 x31 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">19.09<span class=\"_ _f\"></span>8 </div></td><td class=\"c x322 y25c4 w11e hc8\"><div class=\"t m0 x31 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">15.03<span class=\"_ _f\"></span>8 </div></td><td class=\"c x323 y25c4 w50 hc8\"><div class=\"t m0 x1c h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">24 </div></td></tr></table>Lege<span class=\"_ _f\"></span>nda: L1= Livello 1 L2= Livello 2 L3= Livello 3 Si segnala la com<span class=\"_ _1\"></span>posizione della v<span class=\"_ _f\"></span>o<span class=\"_ _2\"></span>ce<span class=\"_ _1\"></span> 3 \u201cQuote O.I.C.R\u201d:<span class=\"ff4 fc4 sc3\"> </span><table class=\"s w992 h49f\" id=\"_deb45929-9ce2-4dd7-a083-cb4e6c464d6e\"><tr><td></td><td></td><td class=\"c x325 y25c5 w2fe h49\"><div class=\"t m0 x8f h1f y32 ff4 fs7 fc4 sc3 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale </div></td><td></td><td class=\"c x326 y25c5 w2ff h49\"><div class=\"t m0 x8f h1f y32 ff4 fs7 fc4 sc3 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale </div></td><td></td></tr><tr><td></td><td></td><td class=\"c x325 y25c6 w300 h49\"><div class=\"t m0 x97 h1f y25 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/<span class=\"_ _f\"></span>2025 </div></td><td class=\"c x327 y25c7 w993 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/<span class=\"_ _df\"> </span></div></td><td class=\"c x328 y25c7 w994 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc4 sc3 ls0 ws0\">2024<span class=\"_ _df\"> </span></div></td><td></td></tr><tr><td class=\"c x329 y25c8 w301 hc8\"><div class=\"t m0 x10 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">Azionari  </div></td><td></td><td></td><td class=\"c x325 y25c8 w2fe hc8\"><div class=\"t m0 x22 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x326 y25c8 w302 hc8\"><div class=\"t m0 x191 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">24 </div></td></tr><tr><td></td><td class=\"c x329 y25c9 w303 hc8\"><div class=\"t m0 x147 h1f y32 ff4 fs7 fc1 sc2 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale </div></td><td></td><td class=\"c x325 y25c9 w2fe hc8\"><div class=\"t m0 x22 h1f y32 ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td><td></td><td class=\"c x326 y25c9 w304 hc8\"><div class=\"t m0 x171 h1f y32 ff4 fs7 fc1 sc2 ls0 ws0\">24 </div></td></tr></table>2.2 Att<span class=\"_ _f\"></span>ivit\u00e0 fina<span class=\"_ _f\"></span>nziarie d<span class=\"_ _1\"></span>ete<span class=\"_ _1\"></span>nute p<span class=\"_ _f\"></span>er la neg<span class=\"_ _1\"></span>ozia<span class=\"_ _1\"></span>zione: <span class=\"_ _f\"></span>compos<span class=\"_ _f\"></span>izione p<span class=\"_ _1\"></span>er de<span class=\"_ _1\"></span>bitor<span class=\"_ _1\"></span>i/em<span class=\"_ _1\"></span>ittent<span class=\"_ _1\"></span>i/cont<span class=\"_ _1\"></span>ropa<span class=\"_ _1\"></span>rti <table class=\"s w995 h4a0\" id=\"_090afc8c-2681-4652-ab12-40cbcde5b32b\"><tr><td></td><td class=\"c x2e0 y25ca w305 h234\"><div class=\"t m0 xaf h1f y1498 ff4 fs7 fc4 sc3 ls0 ws0\">Voci<span class=\"_ _1\"></span>/Valo<span class=\"_ _f\"></span>ri </div></td><td class=\"c x32a y25cb w25d h227\"><div class=\"t m0 x31 h1f y28b ff4 fs7 fc4 sc3 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale </div></td><td></td><td class=\"c x317 y25cb w28b h227\"><div class=\"t m0 x31 h1f y28b ff4 fs7 fc4 sc3 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale </div></td><td></td></tr><tr><td></td><td class=\"c x32b y25cc w993 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/<span class=\"_ _df\"> </span></div></td><td class=\"c x32c y25cc w991 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">2025<span class=\"_ _df\"> </span></div></td><td class=\"c x32d y25cc w993 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/<span class=\"_ _df\"> </span></div></td><td class=\"c x32e y25cc w994 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">2024<span class=\"_ _df\"> </span></div></td><td></td></tr><tr><td class=\"c x2e0 y25cd w306 hc8\"><div class=\"t m0 x10 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">A. Att<span class=\"_ _f\"></span>ivit\u00e0 per<span class=\"_ _f\"></span> cassa<span class=\"_ _f\"></span> </div></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2e0 y25ce w306 hc8\"><div class=\"t m0 x10 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">1. Titoli di debito<span class=\"_ _1\"></span> </div></td><td></td><td></td><td class=\"c x32a y25ce w307 hc8\"><div class=\"t m0 x11f h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">24.176 </div></td><td></td><td class=\"c x317 y25ce w308 hc8\"><div class=\"t m0 xec h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">19.144 </div></td></tr><tr><td class=\"c x2e0 y25cf w306 hc8\"><div class=\"t m0 x16a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">a) Banche Centra<span class=\"_ _1\"></span>li </div></td><td></td><td></td><td class=\"c x32a y25cf w307 hc8\"><div class=\"t m0 xed h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x317 y25cf w308 hc8\"><div class=\"t m0 xed h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2e0 y25d0 w306 hc8\"><div class=\"t m0 x16a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">b) Amministrazi<span class=\"_ _1\"></span>oni pubbliche </div></td><td></td><td></td><td class=\"c x32a y25d0 w307 hc8\"><div class=\"t m0 x124 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">20.232 </div></td><td></td><td class=\"c x317 y25d0 w308 hc8\"><div class=\"t m0 xec h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">15.641 </div></td></tr><tr><td class=\"c x2e0 y25d1 w306 hc8\"><div class=\"t m0 x16a h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">c) Banche </div></td><td></td><td></td><td class=\"c x32a y25d1 w307 hc8\"><div class=\"t m0 xec h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">2.040 </div></td><td></td><td class=\"c x317 y25d1 w308 hc8\"><div class=\"t m0 xeb h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">2.205 </div></td></tr><tr><td class=\"c x2e0 y25d2 w306 hc8\"><div class=\"t m0 x16a h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">d) Altre societ\u00e0 <span class=\"_ _1\"></span>finanziarie<span class=\"_ _df\"> </span></div></td><td></td><td></td><td class=\"c x32a y25d2 w307 hc8\"><div class=\"t m0 x12a h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">816 </div></td><td></td><td class=\"c x317 y25d2 w308 hc8\"><div class=\"t m0 x12a h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">379 </div></td></tr><tr><td class=\"c x2e0 y25d3 w306 hc8\"><div class=\"t m0 x14 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">di cui: imprese d<span class=\"_ _1\"></span>i assicurazione<span class=\"_ _1\"></span> </div></td><td></td><td></td><td class=\"c x32a y25d3 w307 hc8\"><div class=\"t m0 xe8 h1f y28b ff4 fs7 fc1 sc0 ls27 ws0\">338<span class=\"ls0\"> </span></div></td><td></td><td class=\"c x317 y25d3 w308 hc8\"><div class=\"t m0 xed h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2e0 y25d4 w306 hc8\"><div class=\"t m0 x16a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">e) Societ\u00e0 non fi<span class=\"_ _1\"></span>nanziarie<span class=\"_ _df\"> </span></div></td><td></td><td></td><td class=\"c x32a y25d4 w307 hc8\"><div class=\"t m0 xeb h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">1.088 </div></td><td></td><td class=\"c x317 y25d4 w308 hc8\"><div class=\"t m0 x66 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">919 </div></td></tr><tr><td class=\"c x2e0 y25d5 w306 hc8\"><div class=\"t m0 x10 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">2. Titoli di capita<span class=\"_ _f\"></span>l<span class=\"_ _2\"></span>e<span class=\"_ _df\"> </span></div></td><td></td><td></td><td class=\"c x32a y25d5 w307 hc8\"><div class=\"t m0 xed h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x317 y25d5 w308 hc8\"><div class=\"t m0 xed h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2e0 y25d6 w306 hc8\"><div class=\"t m0 x16a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">a) Banche </div></td><td></td><td></td><td class=\"c x32a y25d6 w307 hc8\"><div class=\"t m0 xed h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x317 y25d6 w308 hc8\"><div class=\"t m0 xed h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2e0 y25d7 w306 hc8\"><div class=\"t m0 x16a h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">b) Altre societ\u00e0 <span class=\"_ _1\"></span>finanziarie<span class=\"_ _df\"> </span></div></td><td></td><td></td><td class=\"c x32a y25d7 w307 hc8\"><div class=\"t m0 xed h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x317 y25d7 w308 hc8\"><div class=\"t m0 xed h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2e0 y25d8 w306 hc8\"><div class=\"t m0 x14 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">di cui:  imprese d<span class=\"_ _1\"></span>i assicurazione </div></td><td></td><td></td><td class=\"c x32a y25d8 w307 hc8\"><div class=\"t m0 xed h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x317 y25d8 w308 hc8\"><div class=\"t m0 xed h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2e0 y25d9 w306 h227\"><div class=\"t m0 x16a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">c) Societ\u00e0 non f<span class=\"_ _1\"></span>inanziarie </div></td><td></td><td></td><td class=\"c x32a y25d9 w307 h227\"><div class=\"t m0 xed h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x317 y25d9 w308 h227\"><div class=\"t m0 xed h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2e0 y25da w306 hc8\"><div class=\"t m0 x16a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">d) Altri emitten<span class=\"_ _1\"></span>ti </div></td><td></td><td></td><td class=\"c x32a y25da w307 hc8\"><div class=\"t m0 xed h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x317 y25da w308 hc8\"><div class=\"t m0 xed h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2e0 y25db w306 hc8\"><div class=\"t m0 x10 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">3. Quote di OICR </div></td><td></td><td></td><td class=\"c x32a y25db w307 hc8\"><div class=\"t m0 xed h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x317 y25db w308 hc8\"><div class=\"t m0 x199 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">24 </div></td></tr><tr><td class=\"c x2e0 y2443 w306 hc8\"><div class=\"t m0 x10 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">4. Finanziamenti </div></td><td></td><td></td><td class=\"c x32a y2443 w307 hc8\"><div class=\"t m0 xed h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x317 y2443 w308 hc8\"><div class=\"t m0 xed h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2e0 y25dc w306 hc8\"><div class=\"t m0 x16a h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">a) Banche Centra<span class=\"_ _1\"></span>li </div></td><td></td><td></td><td class=\"c x32a y25dc w307 hc8\"><div class=\"t m0 xed h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x317 y25dc w308 hc8\"><div class=\"t m0 xed h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2e0 y25dd w306 hc8\"><div class=\"t m0 x16a h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">b) Amministrazi<span class=\"_ _1\"></span>oni pubbliche </div></td><td></td><td></td><td class=\"c x32a y25dd w307 hc8\"><div class=\"t m0 xed h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x317 y25dd w308 hc8\"><div class=\"t m0 xed h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2e0 y25de w306 hc8\"><div class=\"t m0 x16a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">c) Banche </div></td><td></td><td></td><td class=\"c x32a y25de w307 hc8\"><div class=\"t m0 xed h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x317 y25de w308 hc8\"><div class=\"t m0 xed h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2e0 y25df w306 hc8\"><div class=\"t m0 x16a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">d) Altre societ\u00e0 <span class=\"_ _1\"></span>finanziarie<span class=\"_ _df\"> </span></div></td><td></td><td></td><td class=\"c x32a y25df w307 hc8\"><div class=\"t m0 xed h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x317 y25df w308 hc8\"><div class=\"t m0 xed h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2e0 y25e0 w306 hc8\"><div class=\"t m0 x14 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">di cui: imprese d<span class=\"_ _1\"></span>i assicurazione<span class=\"_ _1\"></span> </div></td><td></td><td></td><td class=\"c x32a y25e0 w307 hc8\"><div class=\"t m0 xed h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x317 y25e0 w308 hc8\"><div class=\"t m0 xed h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2e0 y25e1 w306 hc8\"><div class=\"t m0 x16a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">e) Societ\u00e0 non fi<span class=\"_ _1\"></span>nanziarie<span class=\"_ _df\"> </span></div></td><td></td><td></td><td class=\"c x32a y25e1 w307 hc8\"><div class=\"t m0 xed h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x317 y25e1 w308 hc8\"><div class=\"t m0 xed h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2e0 y25e2 w306 hc8\"><div class=\"t m0 x16a h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">f) Famiglie </div></td><td></td><td></td><td class=\"c x32a y25e2 w307 hc8\"><div class=\"t m0 xed h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x317 y25e2 w308 hc8\"><div class=\"t m0 xed h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td></td><td class=\"c x2e0 y25e3 w306 hc8\"><div class=\"t m0 x111 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale (A<span class=\"_ _f\"></span>) </div></td><td></td><td class=\"c x32a y25e3 w307 hc8\"><div class=\"t m0 x11f h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">24.17<span class=\"_ _f\"></span>6 </div></td><td></td><td class=\"c x317 y25e3 w308 hc8\"><div class=\"t m0 xec h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">19.16<span class=\"_ _1\"></span>7 </div></td></tr><tr><td class=\"c x2e0 y25e4 w306 hc8\"><div class=\"t m0 x10 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">B. St<span class=\"_ _f\"></span>rument<span class=\"_ _1\"></span>i deri<span class=\"_ _1\"></span>vat<span class=\"_ _1\"></span>i </div></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2e0 y25e5 w306 hc8\"><div class=\"t m0 x16a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">a) Controparti Cent<span class=\"_ _f\"></span>rali </div></td><td></td><td></td><td class=\"c x32a y25e5 w307 hc8\"><div class=\"t m0 xed h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x317 y25e5 w308 hc8\"><div class=\"t m0 xed h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2e0 y25e6 w306 h227\"><div class=\"t m0 x16a h1f y14d6 ff4 fs7 fc1 sc0 ls0 ws0\">b) Altre </div></td><td></td><td></td><td class=\"c x32a y25e6 w307 h227\"><div class=\"t m0 x11f h1f y14d6 ff4 fs7 fc1 sc0 ls0 ws0\">16.747 </div></td><td></td><td class=\"c x317 y25e6 w308 h227\"><div class=\"t m0 x11f h1f y14d6 ff4 fs7 fc1 sc0 ls0 ws0\">14.992 </div></td></tr><tr><td></td><td class=\"c x2e0 y25e7 w306 hc8\"><div class=\"t m0 x111 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale (B<span class=\"_ _1\"></span>) </div></td><td></td><td class=\"c x32a y25e7 w307 hc8\"><div class=\"t m0 x11f h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">16.747<span class=\"_ _f\"></span> </div></td><td></td><td class=\"c x317 y25e7 w308 hc8\"><div class=\"t m0 x11f h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">14.99<span class=\"_ _1\"></span>2 </div></td></tr><tr><td></td><td class=\"c x2e0 y25e8 w306 hc8\"><div class=\"t m0 x10c h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale (A<span class=\"_ _f\"></span>+B)  </div></td><td></td><td class=\"c x32a y25e8 w307 hc8\"><div class=\"t m0 x124 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">40.9<span class=\"_ _1\"></span>23 </div></td><td></td><td class=\"c x317 y25e8 w308 hc8\"><div class=\"t m0 x11f h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">34.1<span class=\"lsc8\">60<span class=\"_ _df\"> </span></span></div></td></tr></table>2.5 Al<span class=\"_ _1\"></span>tre a<span class=\"_ _f\"></span>ttivit\u00e0 fina<span class=\"_ _f\"></span>nziarie o<span class=\"_ _f\"></span>bbligat<span class=\"_ _1\"></span>oriam<span class=\"_ _1\"></span>ente v<span class=\"_ _1\"></span>alut<span class=\"_ _1\"></span>ate <span class=\"_ _1\"></span>al fa<span class=\"_ _f\"></span>ir value: co<span class=\"_ _1\"></span>mpos<span class=\"_ _1\"></span>izione <span class=\"_ _f\"></span>merceo<span class=\"_ _1\"></span>logi<span class=\"_ _f\"></span>ca<table class=\"s w996 h4a1\" id=\"_300a5f3d-3eee-401d-9095-8ce6b8c23800\"><tr><td></td><td></td><td></td><td class=\"c x31c y25e9 w2f7 h82\"><div class=\"t m0 x199 h1f y32 ff4 fs7 fc4 sc3 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale </div></td><td></td><td></td><td class=\"c x31d y25e9 w2f8 h82\"><div class=\"t m0 x199 h1f y32 ff4 fs7 fc4 sc3 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale </div></td><td></td></tr><tr><td class=\"c x2e0 y25ea w2f6 h235\"><div class=\"t m0 x11d h1f y656 ff4 fs7 fc4 sc3 ls0 ws0\">Voci<span class=\"_ _1\"></span>/Valo<span class=\"_ _f\"></span>ri </div></td><td></td><td></td><td class=\"c x31c y25eb w2f7 h82\"><div class=\"t m0 xe5 h1f y25c ff4 fs7 fc4 sc3 ls0 ws0\">31/12/<span class=\"_ _f\"></span>2025 </div></td><td></td><td></td><td class=\"c x31d y25eb w2f8 h82\"><div class=\"t m0 xe5 h1f y25c ff4 fs7 fc4 sc3 ls0 ws0\">31/12/<span class=\"_ _f\"></span>2024 </div></td><td></td></tr><tr><td></td><td></td><td class=\"c x31c y25ea w11f h82\"><div class=\"t m0 x3a h1f y66c ff4 fs7 fc4 sc3 lsc7 ws0\">L1<span class=\"ls0\"> </span></div></td><td class=\"c x32f y25ea w100 h82\"><div class=\"t m0 x2c h1f y66c ff4 fs7 fc4 sc3 lsc7 ws0\">L2<span class=\"ls0\"> </span></div></td><td class=\"c x321 y25ea w2f9 h82\"><div class=\"t m0 x2c h1f y66c ff4 fs7 fc4 sc3 lsc7 ws0\">L3<span class=\"ls0\"> </span></div></td><td class=\"c x31d y25ea w2f9 h82\"><div class=\"t m0 x3a h1f y66c ff4 fs7 fc4 sc3 lsc7 ws0\">L1<span class=\"ls0\"> </span></div></td><td class=\"c x322 y25ea w11e h82\"><div class=\"t m0 x2c h1f y66c ff4 fs7 fc4 sc3 lsc7 ws0\">L2<span class=\"ls0\"> </span></div></td><td class=\"c x323 y25ea w309 h82\"><div class=\"t m0 x2c h1f y66c ff4 fs7 fc4 sc3 lsc7 ws0\">L3<span class=\"ls0\"> </span></div></td></tr><tr><td class=\"c x2e0 y25ec w2fc h82\"><div class=\"t m0 x10 h1f y54 ff4 fs7 fc1 sc2 ls0 ws0\">1. Tit<span class=\"_ _f\"></span>oli di de<span class=\"_ _f\"></span>bito </div></td><td></td><td class=\"c x30f y25ec w2f9 h82\"><div class=\"t m0 x27 h1f y54 ff4 fs7 fc1 sc2 ls0 ws0\">665<span class=\"_ _1\"></span>.586<span class=\"_ _f\"></span> </div></td><td class=\"c x320 y25ec w11e h82\"><div class=\"t m0 x15 h1f y54 ff4 fs7 fc1 sc2 ls0 ws0\">4.74<span class=\"_ _f\"></span>0 </div></td><td class=\"c x321 y25ec w2f9 h82\"><div class=\"t m0 xf h1f y54 ff4 fs7 fc1 sc2 ls9 ws0\">10<span class=\"ls0\"> </span></div></td><td class=\"c x31d y25ec w11f h82\"><div class=\"t m0 x97 h1f y54 ff4 fs7 fc1 sc2 ls0 ws0\">611.2<span class=\"_ _f\"></span>23 </div></td><td class=\"c x322 y25ec w11e h82\"><div class=\"t m0 x36 h1f y54 ff4 fs7 fc1 sc2 ls0 ws0\">4.51<span class=\"_ _1\"></span>8 </div></td><td class=\"c x323 y25ec w50 h82\"><div class=\"t m0 xf h1f y54 ff4 fs7 fc1 sc2 ls9 ws0\">10<span class=\"ls0\"> </span></div></td></tr><tr><td class=\"c x2e0 y25ed w2fc h82\"><div class=\"t m0 x2f h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">1.1 Titoli struttu<span class=\"_ _1\"></span>rati </div></td><td></td><td class=\"c x30f y25ed w2f9 h82\"><div class=\"t m0 x8 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x320 y25ed w11e h82\"><div class=\"t m0 x8 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x321 y25ed w2f9 h82\"><div class=\"t m0 x8 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x31d y25ed w11f h82\"><div class=\"t m0 x8 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x322 y25ed w11e h82\"><div class=\"t m0 x8 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x323 y25ed w50 h82\"><div class=\"t m0 x8 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2e0 y25ee w2fc h82\"><div class=\"t m0 x2f h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">1.2 Altri titoli di deb<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span>to </div></td><td></td><td class=\"c x30f y25ee w2f9 h82\"><div class=\"t m0 x3a h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">665.586 </div></td><td class=\"c x320 y25ee w11e h82\"><div class=\"t m0 x15 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">4.740 </div></td><td class=\"c x321 y25ee w2f9 h82\"><div class=\"t m0 xf h1f y54 ff4 fs7 fc1 sc0 ls9 ws0\">10<span class=\"ls0\"> </span></div></td><td class=\"c x31d y25ee w11f h82\"><div class=\"t m0 x37 h1f y54 ff4 fs7 fc1 sc0 ls29 ws0\">61<span class=\"ls0\">1.223</span><span class=\"ls0\"> </span></div></td><td class=\"c x322 y25ee w11e h82\"><div class=\"t m0 x36 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">4.518 </div></td><td class=\"c x323 y25ee w50 h82\"><div class=\"t m0 xf h1f y54 ff4 fs7 fc1 sc0 ls9 ws0\">10<span class=\"ls0\"> </span></div></td></tr><tr><td class=\"c x2e0 y25ef w2fc h82\"><div class=\"t m0 x10 h1f y54 ff4 fs7 fc1 sc2 ls0 ws0\">2. Tit<span class=\"_ _f\"></span>oli di ca<span class=\"_ _1\"></span>pita<span class=\"_ _1\"></span>le </div></td><td></td><td class=\"c x30f y25ef w2f9 h82\"><div class=\"t m0 x27 h1f y54 ff4 fs7 fc1 sc2 ls0 ws0\">260.<span class=\"_ _1\"></span>042<span class=\"_ _1\"></span> </div></td><td class=\"c x320 y25ef w11e h82\"><div class=\"t m0 x8 h1f y54 ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td><td class=\"c x321 y25ef w2f9 h82\"><div class=\"t m0 x8 h1f y54 ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td><td class=\"c x31d y25ef w11f h82\"><div class=\"t m0 x97 h1f y54 ff4 fs7 fc1 sc2 ls0 ws0\">214.3<span class=\"_ _1\"></span>17 </div></td><td class=\"c x322 y25ef w11e h82\"><div class=\"t m0 x8 h1f y54 ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td><td class=\"c x323 y25ef w50 h82\"><div class=\"t m0 x8 h1f y54 ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2e0 y25f0 w2fc h82\"><div class=\"t m0 x10 h1f y66c ff4 fs7 fc1 sc2 ls0 ws0\">3. Qu<span class=\"_ _f\"></span>ote di O.<span class=\"_ _1\"></span>I.C.<span class=\"_ _1\"></span>R. </div></td><td></td><td class=\"c x30f y25f0 w2f9 h82\"><div class=\"t m0 x33 h1f y66c ff4 fs7 fc1 sc2 ls0 ws0\">5.025<span class=\"_ _f\"></span>.991 </div></td><td class=\"c x320 y25f0 w11e h82\"><div class=\"t m0 x38 h1f y66c ff4 fs7 fc1 sc2 ls0 ws0\">47.8<span class=\"_ _f\"></span>89 </div></td><td class=\"c x321 y25f0 w2f9 h82\"><div class=\"t m0 x26 h1f y66c ff4 fs7 fc1 sc2 ls0 ws0\">267.<span class=\"_ _1\"></span>448<span class=\"_ _1\"></span> </div></td><td class=\"c x31d y25f0 w11f h82\"><div class=\"t m0 x33 h1f y66c ff4 fs7 fc1 sc2 ls0 ws0\">4.52<span class=\"_ _1\"></span>4.29<span class=\"_ _1\"></span>7 </div></td><td class=\"c x322 y25f0 w11e h82\"><div class=\"t m0 x38 h1f y66c ff4 fs7 fc1 sc2 ls0 ws0\">32.96<span class=\"_ _f\"></span>2 </div></td><td class=\"c x323 y25f0 w50 h82\"><div class=\"t m0 x34 h1f y66c ff4 fs7 fc1 sc2 ls0 ws0\">251.3<span class=\"_ _f\"></span>23 </div></td></tr><tr><td class=\"c x2e0 y25f1 w2fc h82\"><div class=\"t m0 x10 h1f y54 ff4 fs7 fc1 sc2 ls0 ws0\">4. Fin<span class=\"_ _1\"></span>anz<span class=\"_ _1\"></span>iam<span class=\"_ _1\"></span>enti<span class=\"_ _1\"></span> </div></td><td></td><td class=\"c x30f y25f1 w2f9 h82\"><div class=\"t m0 x8 h1f y54 ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td><td class=\"c x320 y25f1 w11e h82\"><div class=\"t m0 x8 h1f y54 ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td><td class=\"c x321 y25f1 w2f9 h82\"><div class=\"t m0 x31 h1f y54 ff4 fs7 fc1 sc2 ls0 ws0\">21.63<span class=\"_ _f\"></span>8 </div></td><td class=\"c x31d y25f1 w11f h82\"><div class=\"t m0 x8 h1f y54 ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td><td class=\"c x322 y25f1 w11e h82\"><div class=\"t m0 x8 h1f y54 ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td><td class=\"c x323 y25f1 w50 h82\"><div class=\"t m0 x38 h1f y54 ff4 fs7 fc1 sc2 ls0 ws0\">33.6<span class=\"_ _f\"></span>55 </div></td></tr><tr><td class=\"c x2e0 y25f2 w2fc h82\"><div class=\"t m0 x2f h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">4.1 Pronti contro<span class=\"_ _1\"></span> termine </div></td><td></td><td class=\"c x30f y25f2 w2f9 h82\"><div class=\"t m0 x8 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x320 y25f2 w11e h82\"><div class=\"t m0 x8 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x321 y25f2 w2f9 h82\"><div class=\"t m0 x8 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x31d y25f2 w11f h82\"><div class=\"t m0 x8 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x322 y25f2 w11e h82\"><div class=\"t m0 x8 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x323 y25f2 w50 h82\"><div class=\"t m0 x8 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2e0 y25f3 w2fc h82\"><div class=\"t m0 x2f h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">4.2 Altri </div></td><td></td><td class=\"c x30f y25f3 w2f9 h82\"><div class=\"t m0 x8 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x320 y25f3 w11e h82\"><div class=\"t m0 x8 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x321 y25f3 w2f9 h82\"><div class=\"t m0 x31 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">21.638 </div></td><td class=\"c x31d y25f3 w11f h82\"><div class=\"t m0 x8 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x322 y25f3 w11e h82\"><div class=\"t m0 x8 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x323 y25f3 w50 h82\"><div class=\"t m0 x97 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">33.655 </div></td></tr><tr><td></td><td class=\"c x2e0 y25f4 w2fc h82\"><div class=\"t m0 x3c h1f y54 ff4 fs7 fc1 sc2 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale  </div></td><td class=\"c x30f y25f4 w2f9 h82\"><div class=\"t m0 x35 h1f y54 ff4 fs7 fc1 sc2 ls0 ws0\">5.95<span class=\"_ _1\"></span>1.619<span class=\"_ _f\"></span> </div></td><td class=\"c x320 y25f4 w11e h82\"><div class=\"t m0 x38 h1f y54 ff4 fs7 fc1 sc2 ls0 ws0\">52.629<span class=\"_ _f\"></span> </div></td><td class=\"c x321 y25f4 w2f9 h82\"><div class=\"t m0 x27 h1f y54 ff4 fs7 fc1 sc2 ls0 ws0\">289.<span class=\"_ _f\"></span>096 </div></td><td class=\"c x31d y25f4 w11f h82\"><div class=\"t m0 x33 h1f y54 ff4 fs7 fc1 sc2 ls0 ws0\">5.349<span class=\"_ _f\"></span>.837 </div></td><td class=\"c x322 y25f4 w11e h82\"><div class=\"t m0 x97 h1f y54 ff4 fs7 fc1 sc2 ls0 ws0\">37.48<span class=\"_ _f\"></span>0 </div></td><td class=\"c x323 y25f4 w50 h82\"><div class=\"t m0 x27 h1f y54 ff4 fs7 fc1 sc2 ls0 ws0\">284.9<span class=\"_ _f\"></span>88 </div></td></tr></table>Lege<span class=\"_ _f\"></span>nda:<span class=\"_ _df\"> </span>L1= Livello 1<span class=\"_ _df\"> </span>L2= Livello 2<span class=\"_ _df\"> </span>L3= Livello 3<span class=\"_ _df\"> </span>Si<span class=\"ls0\"> <span class=\"ff5\">segnala la composizione della voce 3 \u201cQuote O.I.C.R\u201d:</span></span><table class=\"s w997 h4a2\" id=\"_c02b53e5-9a95-46b3-a1bf-941601973a2f\"><tr><td></td><td></td><td class=\"c x330 y25f5 w30a h49\"><div class=\"t m0 x97 h1f y32 ff4 fs7 fc4 sc3 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale </div></td><td class=\"c x331 y25f5 w141 h49\"><div class=\"t m0 x3a h1f y32 ff4 fs7 fc4 sc3 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale </div></td></tr><tr><td></td><td></td><td class=\"c x330 y25f6 w30b h49\"><div class=\"t m0 x35 h1f y25 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/<span class=\"_ _f\"></span>2025 </div></td><td class=\"c x331 y25f6 w141 h49\"><div class=\"t m0 x14 h1f y25 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/<span class=\"_ _f\"></span>2024 </div></td></tr><tr><td class=\"c x329 y25f7 w30c hc8\"><div class=\"t m0 x10 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">Fondi chiusi </div></td><td></td><td class=\"c x330 y25f7 w30a hc8\"><div class=\"t m0 x11d h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">12.196 </div></td><td class=\"c x331 y25f7 w30d hc8\"><div class=\"t m0 xe h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">13.166 </div></td></tr><tr><td class=\"c x329 y25f8 w30c hc8\"><div class=\"t m0 x10 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">Azionari </div></td><td></td><td class=\"c x330 y25f8 w30a hc8\"><div class=\"t m0 xf h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">1.209.964 </div></td><td class=\"c x331 y25f8 w30d hc8\"><div class=\"t m0 x8f h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">1.264.077 </div></td></tr><tr><td class=\"c x329 y25f9 w30c hc8\"><div class=\"t m0 x10 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">Immobiliari </div></td><td></td><td class=\"c x330 y25f9 w30a hc8\"><div class=\"t m0 x11d h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">61.401 </div></td><td class=\"c x331 y25f9 w30d hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">1.589 </div></td></tr><tr><td class=\"c x329 y25fa w30c hc8\"><div class=\"t m0 x10 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">Monetari </div></td><td></td><td class=\"c x330 y25fa w30a hc8\"><div class=\"t m0 x49 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">238.218 </div></td><td class=\"c x331 y25fa w30d hc8\"><div class=\"t m0 x12 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">207.396 </div></td></tr><tr><td class=\"c x329 y25fb w30c hc8\"><div class=\"t m0 x10 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">Obbligazionari<span class=\"_ _1\"></span> </div></td><td></td><td class=\"c x330 y25fb w30a hc8\"><div class=\"t m0 xc6 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">1.414.695 </div></td><td class=\"c x331 y25fb w30d hc8\"><div class=\"t m0 x8f h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">1.297.052 </div></td></tr><tr><td class=\"c x329 y25fc w30c hc8\"><div class=\"t m0 x10 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">Bilanciati </div></td><td></td><td class=\"c x330 y25fc w30a hc8\"><div class=\"t m0 xf0 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">80.636 </div></td><td class=\"c x331 y25fc w30d hc8\"><div class=\"t m0 xa3 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">77.113 </div></td></tr><tr><td class=\"c x329 y25fd w30c h227\"><div class=\"t m0 x10 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">Flessibili </div></td><td></td><td class=\"c x330 y25fd w30a h227\"><div class=\"t m0 x49 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">445.154 </div></td><td class=\"c x331 y25fd w30d h227\"><div class=\"t m0 x96 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">458.964 </div></td></tr><tr><td class=\"c x329 y25fe w30c hc8\"><div class=\"t m0 x10 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">Altri </div></td><td></td><td class=\"c x330 y25fe w30a hc8\"><div class=\"t m0 xf h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">1.879.062 </div></td><td class=\"c x331 y25fe w30d hc8\"><div class=\"t m0 x36 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">1.489.225 </div></td></tr><tr><td></td><td class=\"c x329 y25ff w30e hc8\"><div class=\"t m0 x47 h1f y32 ff4 fs7 fc1 sc2 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale </div></td><td class=\"c x330 y25ff w30a hc8\"><div class=\"t m0 xf h1f y32 ff4 fs7 fc1 sc2 ls0 ws0\">5.341.<span class=\"_ _1\"></span>32<span class=\"_ _1\"></span>8 </div></td><td class=\"c x331 y25ff w30f hc8\"><div class=\"t m0 x30 h1f y32 ff4 fs7 fc1 sc2 ls0 ws0\">4.80<span class=\"_ _f\"></span>8.582 </div></td></tr></table>2.6 Alt<span class=\"_ _1\"></span>re a<span class=\"_ _1\"></span>ttivit<span class=\"_ _1\"></span>\u00e0 fina<span class=\"_ _1\"></span>nzia<span class=\"_ _1\"></span>rie o<span class=\"_ _1\"></span>bbliga<span class=\"_ _f\"></span>toriamente<span class=\"_ _1\"></span> val<span class=\"_ _1\"></span>utat<span class=\"_ _1\"></span>e al<span class=\"_ _1\"></span> fair v<span class=\"_ _1\"></span>alue:<span class=\"_ _1\"></span> com<span class=\"_ _1\"></span>posizi<span class=\"_ _1\"></span>one p<span class=\"_ _f\"></span>er debit<span class=\"_ _1\"></span>ori/<span class=\"_ _1\"></span>emitt<span class=\"_ _1\"></span>enti Tot<span class=\"_ _1\"></span>ale <table class=\"s w998 h4a3\" id=\"_f0ddb9f2-3b3b-42ee-ae93-cf4977eae007\"><tr><td></td><td></td><td></td><td class=\"c x317 y2600 w28b hc8\"><div class=\"t m0 x31 h1f y28b ff4 fs7 fc4 sc3 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale </div></td></tr><tr><td></td><td></td><td class=\"c x32a y2601 w25d hc8\"><div class=\"t m0 x3a h1f y28b ff4 fs7 fc4 sc3 ls0 ws0\">31/12/<span class=\"_ _f\"></span>2025 </div></td><td class=\"c x317 y2601 w28b hc8\"><div class=\"t m0 x3a h1f y28b ff4 fs7 fc4 sc3 ls0 ws0\">31/12/<span class=\"_ _f\"></span>2024 </div></td></tr><tr><td class=\"c x2e0 y2602 w306 hc8\"><div class=\"t m0 x10 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">1. Tit<span class=\"_ _f\"></span>oli di ca<span class=\"_ _1\"></span>pita<span class=\"_ _1\"></span>le </div></td><td></td><td class=\"c x32a y2602 w307 hc8\"><div class=\"t m0 xf0 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">260.<span class=\"_ _1\"></span>042<span class=\"_ _1\"></span> </div></td><td class=\"c x317 y2602 w308 hc8\"><div class=\"t m0 x124 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">214.3<span class=\"_ _1\"></span>17 </div></td></tr><tr><td class=\"c x2e0 y2603 w306 hc8\"><div class=\"t m0 x16a h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">di cui: banche<span class=\"_ _1\"></span> </div></td><td></td><td class=\"c x32a y2603 w307 hc8\"><div class=\"t m0 xee h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">37.018 </div></td><td class=\"c x317 y2603 w308 hc8\"><div class=\"t m0 x124 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">29.625 </div></td></tr><tr><td class=\"c x2e0 y2604 w306 hc8\"><div class=\"t m0 x16a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">di cui: altre soc<span class=\"_ _1\"></span>iet\u00e0 finanziar<span class=\"_ _1\"></span>ie </div></td><td></td><td class=\"c x32a y2604 w307 hc8\"><div class=\"t m0 x124 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">20.740 </div></td><td class=\"c x317 y2604 w308 hc8\"><div class=\"t m0 x11f h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">17.837 </div></td></tr><tr><td class=\"c x2e0 y2605 w306 hc8\"><div class=\"t m0 x16a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">di cui: societ\u00e0 non <span class=\"_ _1\"></span>finanziarie </div></td><td></td><td class=\"c x32a y2605 w307 hc8\"><div class=\"t m0 xf0 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">202.284 </div></td><td class=\"c x317 y2605 w308 hc8\"><div class=\"t m0 xef h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">166.855 </div></td></tr><tr><td class=\"c x2e0 y2606 w306 hc8\"><div class=\"t m0 x10 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">2. Tit<span class=\"_ _f\"></span>oli di de<span class=\"_ _f\"></span>bito </div></td><td></td><td class=\"c x32a y2606 w307 hc8\"><div class=\"t m0 xf0 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">670.<span class=\"_ _1\"></span>336<span class=\"_ _f\"></span> </div></td><td class=\"c x317 y2606 w308 hc8\"><div class=\"t m0 x124 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">615.7<span class=\"_ _f\"></span>51 </div></td></tr><tr><td class=\"c x2e0 y2607 w306 hc8\"><div class=\"t m0 x16a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">a) Banche central<span class=\"_ _f\"></span>i </div></td><td></td><td class=\"c x32a y2607 w307 hc8\"><div class=\"t m0 xed h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x317 y2607 w308 hc8\"><div class=\"t m0 xed h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2e0 y2608 w306 hc8\"><div class=\"t m0 x16a h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">b) Amministrazi<span class=\"_ _1\"></span>oni pubbliche </div></td><td></td><td class=\"c x32a y2608 w307 hc8\"><div class=\"t m0 xc3 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">357.018 </div></td><td class=\"c x317 y2608 w308 hc8\"><div class=\"t m0 xf0 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">373.998 </div></td></tr><tr><td class=\"c x2e0 y2609 w306 hc8\"><div class=\"t m0 x16a h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">c) Banche </div></td><td></td><td class=\"c x32a y2609 w307 hc8\"><div class=\"t m0 xc3 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">290.061 </div></td><td class=\"c x317 y2609 w308 hc8\"><div class=\"t m0 xf0 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">225.688 </div></td></tr><tr><td class=\"c x2e0 y260a w306 hc8\"><div class=\"t m0 x16a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">d) Altre societ\u00e0 <span class=\"_ _1\"></span>finanziarie<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x32a y260a w307 hc8\"><div class=\"t m0 xe7 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">1.788 </div></td><td class=\"c x317 y260a w308 hc8\"><div class=\"t m0 x199 h1f y28b ff4 fs7 fc1 sc0 ls9 ws0\">10<span class=\"ls0\"> </span></div></td></tr><tr><td class=\"c x2e0 y260b w306 hc8\"><div class=\"t m0 x14 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">di cui: imprese d<span class=\"_ _1\"></span>i assicurazione<span class=\"_ _1\"></span> </div></td><td></td><td class=\"c x32a y260b w307 hc8\"><div class=\"t m0 xed h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x317 y260b w308 hc8\"><div class=\"t m0 xed h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2e0 y260c w306 hc8\"><div class=\"t m0 x16a h1f y28b ff4 fs7 fc1 sc0 lsc9 ws0\">e)<span class=\"ls0\"> Societ\u00e0 non finanzi<span class=\"_ _1\"></span>arie<span class=\"_ _df\"> </span></span></div></td><td></td><td class=\"c x32a y260c w307 hc8\"><div class=\"t m0 xee h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">21.469 </div></td><td class=\"c x317 y260c w308 hc8\"><div class=\"t m0 x11f h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">16.055 </div></td></tr><tr><td class=\"c x2e0 y260d w306 h227\"><div class=\"t m0 x10 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">3. Qu<span class=\"_ _f\"></span>ote di O.<span class=\"_ _1\"></span>I.C.<span class=\"_ _1\"></span>R. </div></td><td></td><td class=\"c x32a y260d w307 h227\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">5.341.<span class=\"_ _1\"></span>32<span class=\"_ _1\"></span>8 </div></td><td class=\"c x317 y260d w308 h227\"><div class=\"t m0 xe h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">4.80<span class=\"_ _f\"></span>8.582 </div></td></tr><tr><td class=\"c x2e0 y260e w306 hc8\"><div class=\"t m0 x10 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">4. Fin<span class=\"_ _1\"></span>anz<span class=\"_ _1\"></span>iam<span class=\"_ _1\"></span>enti<span class=\"_ _1\"></span> </div></td><td></td><td class=\"c x32a y260e w307 hc8\"><div class=\"t m0 x11f h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">21.63<span class=\"_ _f\"></span>8 </div></td><td class=\"c x317 y260e w308 hc8\"><div class=\"t m0 xee h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">33.6<span class=\"_ _f\"></span>55 </div></td></tr><tr><td class=\"c x2e0 y260f w306 hc8\"><div class=\"t m0 x16a h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">a) Banche central<span class=\"_ _f\"></span>i </div></td><td></td><td class=\"c x32a y260f w307 hc8\"><div class=\"t m0 xed h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x317 y260f w308 hc8\"><div class=\"t m0 xed h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2e0 y2610 w306 hc8\"><div class=\"t m0 x16a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">b) Amministrazi<span class=\"_ _1\"></span>oni pubbliche </div></td><td></td><td class=\"c x32a y2610 w307 hc8\"><div class=\"t m0 xed h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x317 y2610 w308 hc8\"><div class=\"t m0 xed h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2e0 y2611 w306 hc8\"><div class=\"t m0 x16a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">c) Banche </div></td><td></td><td class=\"c x32a y2611 w307 hc8\"><div class=\"t m0 xed h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x317 y2611 w308 hc8\"><div class=\"t m0 xed h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2e0 y2612 w306 hc8\"><div class=\"t m0 x16a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">d) Altre societ\u00e0 <span class=\"_ _1\"></span>finanziarie<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x32a y2612 w307 hc8\"><div class=\"t m0 xec h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">16.118 </div></td><td class=\"c x317 y2612 w308 hc8\"><div class=\"t m0 xee h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">14.006 </div></td></tr><tr><td class=\"c x2e0 y2613 w306 hc8\"><div class=\"t m0 x14 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">di cui: imprese d<span class=\"_ _1\"></span>i assicurazione<span class=\"_ _1\"></span> </div></td><td></td><td class=\"c x32a y2613 w307 hc8\"><div class=\"t m0 xec h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">16.118 </div></td><td class=\"c x317 y2613 w308 hc8\"><div class=\"t m0 xee h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">14.006 </div></td></tr><tr><td class=\"c x2e0 y2614 w306 hc8\"><div class=\"t m0 x16a h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">e) Societ\u00e0 non fi<span class=\"_ _1\"></span>nanziarie<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x32a y2614 w307 hc8\"><div class=\"t m0 xec h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">4.628 </div></td><td class=\"c x317 y2614 w308 hc8\"><div class=\"t m0 xec h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">18.541 </div></td></tr><tr><td class=\"c x2e0 y2615 w306 hc8\"><div class=\"t m0 x16a h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">f) Famiglie </div></td><td></td><td class=\"c x32a y2615 w307 hc8\"><div class=\"t m0 xe8 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">892 </div></td><td class=\"c x317 y2615 w308 hc8\"><div class=\"t m0 xe6 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">1.108 </div></td></tr><tr><td></td><td class=\"c x2e0 y2616 w310 hc8\"><div class=\"t m0 xda h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale  </div></td><td class=\"c x32a y2616 w25d hc8\"><div class=\"t m0 xa3 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">6.29<span class=\"_ _1\"></span>3.34<span class=\"_ _f\"></span>4 </div></td><td class=\"c x317 y2616 w308 hc8\"><div class=\"t m0 xa3 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">5.67<span class=\"_ _f\"></span>2.305 </div></td></tr></table>A seguito del <span class=\"_ _2\"></span>fallimento dell\u2019SPPI <span class=\"_ _2\"></span>test nella presente cat<span class=\"_ _2\"></span>egoria sono <span class=\"_ _2\"></span>state riclassificate le <span class=\"_ _2\"></span>quote di fondi comuni (OICR) e alcuni finanziamenti verso clientela. Sezio<span class=\"_ _1\"></span>ne 3 - A<span class=\"_ _f\"></span>ttivit\u00e0 fina<span class=\"_ _1\"></span>nzia<span class=\"_ _1\"></span>rie valu<span class=\"_ _f\"></span>tate al fair va<span class=\"_ _f\"></span>lue con im<span class=\"_ _f\"></span>patto su<span class=\"_ _f\"></span>lla redditivit\u00e0<span class=\"_ _f\"></span> comples<span class=\"_ _f\"></span>siva <span class=\"ff5\">\u2013</span> Voce<span class=\"_ _1\"></span> 30 3.1 At<span class=\"_ _1\"></span>tivit\u00e0<span class=\"_ _f\"></span> finanzia<span class=\"_ _1\"></span>rie va<span class=\"_ _f\"></span>lutate a<span class=\"_ _1\"></span>l fai<span class=\"_ _1\"></span>r value<span class=\"_ _1\"></span> con <span class=\"_ _1\"></span>impa<span class=\"_ _1\"></span>tto <span class=\"_ _1\"></span>sulla<span class=\"_ _f\"></span> redditivi<span class=\"_ _1\"></span>t\u00e0 com<span class=\"_ _f\"></span>plessiva<span class=\"_ _1\"></span>: com<span class=\"_ _1\"></span>posi<span class=\"_ _f\"></span>zione m<span class=\"_ _f\"></span>erceologi<span class=\"_ _1\"></span>ca <table class=\"s w999 h4a4\" id=\"_dc412a43-7dc8-447d-8882-81b1a64ab5fc\"><tr><td></td><td></td><td></td><td class=\"c x31c y2617 w2f7 h1fa\"><div class=\"t m0 x199 h1f y25f ff4 fs7 fc4 sc3 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale </div></td><td></td><td></td><td class=\"c x31d y2617 w2f8 h1fa\"><div class=\"t m0 x199 h1f y25f ff4 fs7 fc4 sc3 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale </div></td><td></td></tr><tr><td class=\"c x2e0 y2618 w2f6 h1f3\"><div class=\"t m0 x11d h1f y96d ff4 fs7 fc4 sc3 ls0 ws0\">Voci<span class=\"_ _1\"></span>/Valo<span class=\"_ _f\"></span>ri </div></td><td></td><td></td><td class=\"c x31c y2619 w2f7 h4d\"><div class=\"t m0 xe5 h1f y2ef ff4 fs7 fc4 sc3 ls0 ws0\">31/12/<span class=\"_ _f\"></span>2025 </div></td><td></td><td></td><td class=\"c x31d y2619 w2f8 h4d\"><div class=\"t m0 xe5 h1f y2ef ff4 fs7 fc4 sc3 ls0 ws0\">31/12/<span class=\"_ _f\"></span>2024 </div></td><td></td></tr><tr><td></td><td></td><td class=\"c x31c y2618 w2f9 h232\"><div class=\"t m0 x3a h1f y93e ff4 fs7 fc4 sc3 lsc7 ws0\">L1<span class=\"ls0\"> </span></div></td><td class=\"c x320 y2618 w2fa h232\"><div class=\"t m0 x2c h1f y93e ff4 fs7 fc4 sc3 lsc7 ws0\">L2<span class=\"ls0\"> </span></div></td><td class=\"c x321 y2618 w2f9 h232\"><div class=\"t m0 x2c h1f y93e ff4 fs7 fc4 sc3 lsc7 ws0\">L3<span class=\"ls0\"> </span></div></td><td class=\"c x31d y2618 w2f9 h232\"><div class=\"t m0 x3a h1f y93e ff4 fs7 fc4 sc3 lsc7 ws0\">L1<span class=\"ls0\"> </span></div></td><td class=\"c x322 y2618 w311 h232\"><div class=\"t m0 x2c h1f y93e ff4 fs7 fc4 sc3 lsc7 ws0\">L2<span class=\"ls0\"> </span></div></td><td class=\"c x323 y2618 w309 h232\"><div class=\"t m0 x2c h1f y93e ff4 fs7 fc4 sc3 lsc7 ws0\">L3<span class=\"ls0\"> </span></div></td></tr><tr><td class=\"c x2e0 y261a w2fc hc8\"><div class=\"t m0 x10 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">1. Tit<span class=\"_ _f\"></span>oli di de<span class=\"_ _f\"></span>bito </div></td><td></td><td class=\"c x30f y261a w2f9 hc8\"><div class=\"t m0 x48 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">9.609.148 </div></td><td class=\"c x320 y261a w11e hc8\"><div class=\"t m0 x30 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">49.119 </div></td><td class=\"c x321 y261a w2f9 hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x31d y261a w11f hc8\"><div class=\"t m0 x33 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">9.392.797 </div></td><td class=\"c x322 y261a w11e hc8\"><div class=\"t m0 x31 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">56.271 </div></td><td class=\"c x323 y261a w50 hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2e0 y261b w2fc hc8\"><div class=\"t m0 x2f h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">1.1 Titoli struttu<span class=\"_ _1\"></span>rati </div></td><td></td><td class=\"c x30f y261b w2f9 hc8\"><div class=\"t m0 x27 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">239.370 </div></td><td class=\"c x320 y261b w11e hc8\"><div class=\"t m0 x8f h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">1.476 </div></td><td class=\"c x321 y261b w2f9 hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x31d y261b w11f hc8\"><div class=\"t m0 x3a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">833.390 </div></td><td class=\"c x322 y261b w11e hc8\"><div class=\"t m0 x36 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">1.964 </div></td><td class=\"c x323 y261b w50 hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2e0 y261c w2fc hc8\"><div class=\"t m0 x2f h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">1.2 Altri titoli di deb<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span>to </div></td><td></td><td class=\"c x30f y261c w2f9 hc8\"><div class=\"t m0 x48 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">9.369.778 </div></td><td class=\"c x320 y261c w11e hc8\"><div class=\"t m0 x97 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">47.643 </div></td><td class=\"c x321 y261c w2f9 hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x31d y261c w11f hc8\"><div class=\"t m0 x48 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">8.559.<span class=\"lsa\">407</span> </div></td><td class=\"c x322 y261c w11e hc8\"><div class=\"t m0 x97 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">54.307 </div></td><td class=\"c x323 y261c w50 hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2e0 y261d w2fc hc8\"><div class=\"t m0 x10 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">2. Tit<span class=\"_ _f\"></span>oli di ca<span class=\"_ _1\"></span>pita<span class=\"_ _1\"></span>le </div></td><td></td><td class=\"c x30f y261d w2f9 hc8\"><div class=\"t m0 x31 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">12.144 </div></td><td class=\"c x320 y261d w11e hc8\"><div class=\"t m0 x90 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">591 </div></td><td class=\"c x321 y261d w2f9 hc8\"><div class=\"t m0 x97 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">34.463 </div></td><td class=\"c x31d y261d w11f hc8\"><div class=\"t m0 x15 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">11.158 </div></td><td class=\"c x322 y261d w11e hc8\"><div class=\"t m0 x36 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">1.497 </div></td><td class=\"c x323 y261d w50 hc8\"><div class=\"t m0 x31 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">30.118 </div></td></tr><tr><td class=\"c x2e0 y261e w2fc hc8\"><div class=\"t m0 x10 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">3. Fin<span class=\"_ _f\"></span>anziam<span class=\"_ _f\"></span>enti </div></td><td></td><td class=\"c x30f y261e w2f9 hc8\"><div class=\"t m0 x8 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x320 y261e w11e hc8\"><div class=\"t m0 x8 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x321 y261e w2f9 hc8\"><div class=\"t m0 x8 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x31d y261e w11f hc8\"><div class=\"t m0 x8 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x322 y261e w11e hc8\"><div class=\"t m0 x8 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x323 y261e w50 hc8\"><div class=\"t m0 x8 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td></td><td class=\"c x2e0 y261f w2fc hc8\"><div class=\"t m0 x3c h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale  </div></td><td class=\"c x30f y261f w2f9 hc8\"><div class=\"t m0 x32 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">9.621<span class=\"_ _1\"></span>.29<span class=\"_ _1\"></span>2 </div></td><td class=\"c x320 y261f w11e hc8\"><div class=\"t m0 x31 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">49.7<span class=\"_ _1\"></span>10 </div></td><td class=\"c x321 y261f w2f9 hc8\"><div class=\"t m0 x97 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">34.46<span class=\"_ _1\"></span>3 </div></td><td class=\"c x31d y261f w11f hc8\"><div class=\"t m0 x48 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">9.403<span class=\"_ _1\"></span>.95<span class=\"_ _1\"></span>5 </div></td><td class=\"c x322 y261f w11e hc8\"><div class=\"t m0 x38 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">57.7<span class=\"_ _1\"></span>68<span class=\"_ _1\"></span> </div></td><td class=\"c x323 y261f w50 hc8\"><div class=\"t m0 x30 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">30.1<span class=\"_ _1\"></span>18 </div></td></tr></table>Lege<span class=\"_ _f\"></span>nda: L1= Livello 1 L2= Livello 2 L3= Livello 3 <div class=\"c w2da h23 gs8f6\"><div class=\"t m0 x10 h5 ybf4 ff4 fs1 fc4 sc3 ls0 ws0\">3.2 At<span class=\"_ _f\"></span>tivit\u00e0 fina<span class=\"_ _1\"></span>nzia<span class=\"_ _1\"></span>rie v<span class=\"_ _1\"></span>aluta<span class=\"_ _f\"></span>te al fai<span class=\"_ _1\"></span>r valu<span class=\"_ _1\"></span>e con <span class=\"_ _f\"></span>impatto<span class=\"_ _1\"></span> sulla<span class=\"_ _f\"></span> redditiv<span class=\"_ _f\"></span>it\u00e0 comple<span class=\"_ _1\"></span>ssiva<span class=\"_ _f\"></span>: compos<span class=\"_ _f\"></span>izione<span class=\"_ _1\"></span> per <span class=\"_ _1\"></span>debito<span class=\"_ _f\"></span>ri/emitt<span class=\"_ _1\"></span>enti </div></div><div class=\"gs8f7\"><table class=\"s w99a h4a5\" id=\"_29834b32-eb58-4879-b25e-3921c1739710\"><tr><td></td><td class=\"c x2e0 y2620 w305 h237\"><div class=\"t m0 xaf h1f y14f7 ff4 fs7 fc4 sc3 ls0 ws0\">Voci<span class=\"_ _1\"></span>/Valo<span class=\"_ _f\"></span>ri </div></td><td></td><td class=\"c x32a y2621 w25d h49\"><div class=\"t m0 x31 h1f y32 ff4 fs7 fc4 sc3 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale </div></td><td class=\"c x317 y2621 w28b h49\"><div class=\"t m0 x31 h1f y32 ff4 fs7 fc4 sc3 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale </div></td></tr><tr><td></td><td></td><td></td><td class=\"c x32a y2620 w25d h49\"><div class=\"t m0 x3a h1f y25 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/<span class=\"_ _f\"></span>2025 </div></td><td class=\"c x317 y2620 w28b h49\"><div class=\"t m0 x3a h1f y25 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/<span class=\"_ _f\"></span>2024 </div></td></tr><tr><td class=\"c x2e0 y2622 w306 hc8\"><div class=\"t m0 x10 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">1. Tit<span class=\"_ _f\"></span>oli di de<span class=\"_ _f\"></span>bito </div></td><td></td><td></td><td class=\"c x32a y2622 w25d hc8\"><div class=\"t m0 xa3 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">9.65<span class=\"_ _f\"></span>8.267 </div></td><td class=\"c x317 y2622 w28b hc8\"><div class=\"t m0 xe h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">9.449<span class=\"_ _1\"></span>.06<span class=\"_ _1\"></span>8 </div></td></tr><tr><td class=\"c x2e0 y2623 w306 h131\"><div class=\"t m0 x16a h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">a) Banche central<span class=\"_ _f\"></span>i </div></td><td></td><td></td><td class=\"c x32a y2623 w307 h131\"><div class=\"t m0 xed h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x317 y2623 w308 h131\"><div class=\"t m0 xed h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2e0 y2624 w306 hc8\"><div class=\"t m0 x16a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">b) Amministrazi<span class=\"_ _1\"></span>oni pubbliche </div></td><td></td><td></td><td class=\"c x32a y2624 w307 hc8\"><div class=\"t m0 xc7 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">7.721.323 </div></td><td class=\"c x317 y2624 w308 hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">6.810.557 </div></td></tr><tr><td class=\"c x2e0 y2625 w306 hc8\"><div class=\"t m0 x16a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">c) Banche </div></td><td></td><td></td><td class=\"c x32a y2625 w307 hc8\"><div class=\"t m0 x49 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">1.677.215 </div></td><td class=\"c x317 y2625 w308 hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">1.774.893 </div></td></tr><tr><td class=\"c x2e0 y2626 w306 hc8\"><div class=\"t m0 x16a h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">d) Altre societ\u00e0 <span class=\"_ _1\"></span>finanziarie<span class=\"_ _df\"> </span></div></td><td></td><td></td><td class=\"c x32a y2626 w307 hc8\"><div class=\"t m0 xef h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">242.155 </div></td><td class=\"c x317 y2626 w308 hc8\"><div class=\"t m0 xf0 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">374.095 </div></td></tr><tr><td class=\"c x2e0 y2627 w306 hc8\"><div class=\"t m0 x14 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">di cui: imprese d<span class=\"_ _1\"></span>i assicurazione<span class=\"_ _1\"></span> </div></td><td></td><td></td><td class=\"c x32a y2627 w307 hc8\"><div class=\"t m0 xe7 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">5.166 </div></td><td class=\"c x317 y2627 w308 hc8\"><div class=\"t m0 xe6 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">5.221 </div></td></tr><tr><td class=\"c x2e0 y2628 w306 hc8\"><div class=\"t m0 x16a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">e) Societ\u00e0 non fi<span class=\"_ _1\"></span>nanziarie<span class=\"_ _df\"> </span></div></td><td></td><td></td><td class=\"c x32a y2628 w307 hc8\"><div class=\"t m0 x11f h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">17.574 </div></td><td class=\"c x317 y2628 w308 hc8\"><div class=\"t m0 xf0 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">489.523 </div></td></tr><tr><td class=\"c x2e0 y2629 w306 hc8\"><div class=\"t m0 x10 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">2. Tit<span class=\"_ _f\"></span>oli di ca<span class=\"_ _1\"></span>pita<span class=\"_ _1\"></span>le </div></td><td></td><td></td><td class=\"c x32a y2629 w307 hc8\"><div class=\"t m0 x11f h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">47.19<span class=\"_ _1\"></span>8 </div></td><td class=\"c x317 y2629 w308 hc8\"><div class=\"t m0 xee h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">42.77<span class=\"_ _1\"></span>3 </div></td></tr><tr><td class=\"c x2e0 y262a w306 hc8\"><div class=\"t m0 x16a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">a) Banche </div></td><td></td><td></td><td class=\"c x32a y262a w307 hc8\"><div class=\"t m0 x11f h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">22.716 </div></td><td class=\"c x317 y262a w308 hc8\"><div class=\"t m0 x124 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">22.634 </div></td></tr><tr><td class=\"c x2e0 y262b w306 hc8\"><div class=\"t m0 x16a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">b) Altri emitten<span class=\"_ _1\"></span>ti: </div></td><td></td><td></td><td class=\"c x32a y262b w307 hc8\"><div class=\"t m0 x124 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">24.482 </div></td><td class=\"c x317 y262b w308 hc8\"><div class=\"t m0 x11f h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">20.139 </div></td></tr><tr><td class=\"c x2e0 y262c w306 hc8\"><div class=\"t m0 x14 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- altre societ\u00e0 f<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span>nanziar<span class=\"_ _1\"></span>ie </div></td><td></td><td></td><td class=\"c x32a y262c w307 hc8\"><div class=\"t m0 x11f h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">21.670 </div></td><td class=\"c x317 y262c w308 hc8\"><div class=\"t m0 xec h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">18.197 </div></td></tr><tr><td class=\"c x2e0 y262d w306 h227\"><div class=\"t m0 x27 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">di cui: imprese d<span class=\"_ _1\"></span>i assicurazione </div></td><td></td><td></td><td class=\"c x32a y262d w307 h227\"><div class=\"t m0 xed h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x317 y262d w308 h227\"><div class=\"t m0 xed h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2e0 y262e w306 hc8\"><div class=\"t m0 x14 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- societ\u00e0 non finanz<span class=\"_ _f\"></span>iarie<span class=\"_ _df\"> </span></div></td><td></td><td></td><td class=\"c x32a y262e w307 hc8\"><div class=\"t m0 xec h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">2.500 </div></td><td class=\"c x317 y262e w308 hc8\"><div class=\"t m0 xe7 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">1.682 </div></td></tr><tr><td class=\"c x2e0 y262f w306 hc8\"><div class=\"t m0 x14 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- altri </div></td><td></td><td></td><td class=\"c x32a y262f w307 hc8\"><div class=\"t m0 x66 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">312 </div></td><td class=\"c x317 y262f w308 hc8\"><div class=\"t m0 x12a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">260 </div></td></tr><tr><td class=\"c x2e0 y2630 w306 hc8\"><div class=\"t m0 x10 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">3. Fin<span class=\"_ _f\"></span>anziam<span class=\"_ _f\"></span>enti </div></td><td></td><td></td><td class=\"c x32a y2630 w307 hc8\"><div class=\"t m0 xed h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td><td class=\"c x317 y2630 w308 hc8\"><div class=\"t m0 xed h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2e0 y2631 w306 hc8\"><div class=\"t m0 x16a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">a) Banche central<span class=\"_ _f\"></span>i </div></td><td></td><td></td><td class=\"c x32a y2631 w307 hc8\"><div class=\"t m0 xed h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x317 y2631 w308 hc8\"><div class=\"t m0 xed h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2e0 y2632 w306 h131\"><div class=\"t m0 x16a h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">b) Amministrazi<span class=\"_ _1\"></span>oni pubbliche </div></td><td></td><td></td><td class=\"c x32a y2632 w307 h131\"><div class=\"t m0 xed h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x317 y2632 w308 h131\"><div class=\"t m0 xed h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2e0 y2633 w306 hc8\"><div class=\"t m0 x16a h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">c) Banche </div></td><td></td><td></td><td class=\"c x32a y2633 w307 hc8\"><div class=\"t m0 xed h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x317 y2633 w308 hc8\"><div class=\"t m0 xed h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2e0 y2634 w306 hc8\"><div class=\"t m0 x16a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">d) Altre societ\u00e0 <span class=\"_ _1\"></span>finanziarie<span class=\"_ _df\"> </span></div></td><td></td><td></td><td class=\"c x32a y2634 w307 hc8\"><div class=\"t m0 xed h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x317 y2634 w308 hc8\"><div class=\"t m0 xed h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2e0 y2635 w306 hc8\"><div class=\"t m0 x14 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">di cui: imprese d<span class=\"_ _1\"></span>i assicurazione<span class=\"_ _1\"></span> </div></td><td></td><td></td><td class=\"c x32a y2635 w307 hc8\"><div class=\"t m0 xed h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x317 y2635 w308 hc8\"><div class=\"t m0 xed h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2e0 y2636 w306 hc8\"><div class=\"t m0 x16a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">e) Societ\u00e0 non fi<span class=\"_ _1\"></span>nanziarie<span class=\"_ _df\"> </span></div></td><td></td><td></td><td class=\"c x32a y2636 w307 hc8\"><div class=\"t m0 xed h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x317 y2636 w308 hc8\"><div class=\"t m0 xed h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2e0 y2637 w306 h131\"><div class=\"t m0 x16a h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">f) Famiglie </div></td><td></td><td></td><td class=\"c x32a y2637 w307 h131\"><div class=\"t m0 xed h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x317 y2637 w308 h131\"><div class=\"t m0 xed h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td></td><td></td><td class=\"c x2e0 y2638 w306 h49\"><div class=\"t m0 xda h1f y25c ff4 fs7 fc1 sc2 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale </div></td><td class=\"c x32a y2638 w307 h49\"><div class=\"t m0 xa3 h1f y25c ff4 fs7 fc1 sc2 ls0 ws0\">9.705<span class=\"_ _f\"></span>.465 </div></td><td class=\"c x317 y2638 w308 h49\"><div class=\"t m0 x49 h1f y25c ff4 fs7 fc1 sc2 ls0 ws0\">9.49<span class=\"_ _1\"></span>1.8<span class=\"lsa\">41</span><span class=\"lsa\"><span class=\"_ _1\"></span><span class=\"ls0\"> </span></span></div></td></tr></table></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs8f8\">Sono presenti coperture <span class=\"_ _2\"></span>di micro <span class=\"_ _2\"></span>fair value hedge su <span class=\"_ _2\"></span>titoli di debito <span class=\"_ _2\"></span>a tasso fisso. <span class=\"_ _2\"></span>La copertura \u00e8 <span class=\"_ _2\"></span>di<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs8f9\">tipo fair value he<span class=\"_ _1\"></span>dge attuata attraverso la designaz<span class=\"_ _1\"></span>ione di appositi strumenti di copertura (Inte<span class=\"_ _1\"></span>rest<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs8fa\">Rate Swap) con copertura specifica del c.d. \u201crischio tass<span class=\"_ _2\"></span>o\u201d su detti titoli; la relazione venuta cos\u00ec a<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs8fb\">crearsi <span class=\"_ _4\"> </span>fra <span class=\"_ _4\"> </span>Hedg<span class=\"_ _1\"></span>ed <span class=\"_ _4\"> </span>Item <span class=\"_ _4\"> </span>e <span class=\"_ _22\"> </span>Hedging <span class=\"_ _4\"> </span>Instrument <span class=\"_ _4\"> </span>ha <span class=\"_ _4\"> </span>comportato <span class=\"_ _4\"> </span>la <span class=\"_ _4\"> </span>redazione<span class=\"_ _1\"></span> <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>una <span class=\"_ _22\"> </span>specifica<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs8fc\">documentazione <span class=\"_ _d\"></span>che <span class=\"_ _0\"></span>formalizza <span class=\"_ _0\"></span>la <span class=\"_ _0\"></span>relazione <span class=\"_ _d\"></span>di <span class=\"_ _0\"></span>copertura <span class=\"_ _0\"></span>ed <span class=\"_ _d\"></span>ha <span class=\"_ _0\"></span>altres\u00ec <span class=\"_ _0\"></span>usufruito <span class=\"_ _0\"></span>delle<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>particolari<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs8fd\">regole <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>contabilizzazione <span class=\"_ _0\"></span>d<span class=\"_ _2\"></span>ell\u2019Hedge <span class=\"_ _0\"></span>Accounting. <span class=\"_ _9\"> </span>Si <span class=\"_ _9\"> </span>s<span class=\"_ _2\"></span>egnala <span class=\"_ _0\"></span>che <span class=\"_ _9\"> </span>sono <span class=\"_ _16\"> </span>stati <span class=\"_ _0\"></span>effettuati <span class=\"_ _16\"> </span>i <span class=\"_ _0\"></span>test <span class=\"_ _9\"> </span>di<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs8fe\">efficacia (sia prospettici che retrospettivi) con esito positivo.<span class=\"_ _df\"> </span> </div>3.3 At<span class=\"_ _1\"></span>tivit\u00e0<span class=\"_ _f\"></span> finanzia<span class=\"_ _1\"></span>rie v<span class=\"_ _1\"></span>aluta<span class=\"_ _f\"></span>te al fair <span class=\"_ _1\"></span>valu<span class=\"_ _1\"></span>e con <span class=\"_ _1\"></span>impa<span class=\"_ _f\"></span>tto sulla <span class=\"_ _f\"></span>redditiv<span class=\"_ _1\"></span>it\u00e0 co<span class=\"_ _1\"></span>mples<span class=\"_ _1\"></span>siva<span class=\"_ _1\"></span>: va<span class=\"_ _1\"></span>lore <span class=\"_ _1\"></span>lordo<span class=\"_ _f\"></span> e rettifiche<span class=\"_ _1\"></span> di v<span class=\"_ _1\"></span>alore co<span class=\"_ _1\"></span>mples<span class=\"_ _1\"></span>sive<span class=\"_ _f\"></span> Val<span class=\"_ _1\"></span>ore lo<span class=\"_ _f\"></span>rdo Rett<span class=\"_ _f\"></span>ifiche di v<span class=\"_ _f\"></span>alore c<span class=\"_ _1\"></span>om<span class=\"_ _1\"></span>pless<span class=\"_ _1\"></span>ive<span class=\"_ _1\"></span> Prim<span class=\"_ _1\"></span>o<span class=\"_ _df\"> </span>di cui<span class=\"_ _f\"></span>:<span class=\"_ _df\"> </span>Secon<span class=\"_ _f\"></span>do<span class=\"_ _df\"> </span>Terz<span class=\"_ _1\"></span>o<span class=\"_ _df\"> </span>Impa<span class=\"_ _f\"></span>ired<span class=\"_ _df\"> </span>Prim<span class=\"_ _1\"></span>o<span class=\"_ _df\"> </span>Secon<span class=\"_ _f\"></span>do<span class=\"_ _df\"> </span>Terz<span class=\"_ _1\"></span>o<span class=\"_ _df\"> </span>Impa<span class=\"_ _f\"></span>ired<span class=\"_ _df\"> </span>Writ<span class=\"_ _1\"></span>e-<span class=\"lsca\">off<span class=\"_ _df\"> </span></span>stadi<span class=\"_ _1\"></span>o<span class=\"_ _df\"> </span>Strum<span class=\"_ _f\"></span>enti<span class=\"_ _df\"> </span>stadi<span class=\"_ _1\"></span>o<span class=\"_ _df\"> </span>stadi<span class=\"_ _1\"></span>o<span class=\"_ _df\"> </span>acq<span class=\"_ _1\"></span>uisit<span class=\"_ _f\"></span>e<span class=\"_ _df\"> </span>stadi<span class=\"_ _1\"></span>o<span class=\"_ _df\"> </span>stadi<span class=\"_ _1\"></span>o<span class=\"_ _df\"> </span>stadi<span class=\"_ _1\"></span>o<span class=\"_ _df\"> </span>acq<span class=\"_ _1\"></span>uisit<span class=\"_ _f\"></span>e<span class=\"_ _df\"> </span>parz<span class=\"_ _1\"></span>iali<span class=\"_ _df\"> </span>con<span class=\"_ _df\"> </span>o<span class=\"_ _df\"> </span>o<span class=\"_ _df\"> </span>com<span class=\"_ _f\"></span>plessiv<span class=\"_ _1\"></span>i<span class=\"_ _df\"> </span>bass<span class=\"_ _f\"></span>o<span class=\"_ _df\"> </span>origi<span class=\"_ _1\"></span>nat<span class=\"_ _f\"></span>e<span class=\"_ _df\"> </span>origi<span class=\"_ _1\"></span>nat<span class=\"_ _f\"></span>e<span class=\"_ _df\"> </span>risch<span class=\"_ _1\"></span>io di<span class=\"_ _df\"> </span>credit<span class=\"_ _f\"></span>o<span class=\"_ _df\"> </span>Titoli di debito 9.661.699 9.578 - - - 3.433 - - - - Finanziamenti<span class=\"_ _1\"></span> - - - - - - - - - - Tot<span class=\"_ _1\"></span>ale  31/12/<span class=\"_ _f\"></span>2025 9.66<span class=\"_ _f\"></span>1.699 9.57<span class=\"_ _f\"></span>8 - - - 3.433<span class=\"_ _f\"></span> - - - - Tot<span class=\"_ _1\"></span>ale  31/12/<span class=\"_ _f\"></span>2024 9.455<span class=\"_ _1\"></span>.105<span class=\"_ _f\"></span> 10.21<span class=\"_ _f\"></span>4 - - - 6.037<span class=\"_ _f\"></span> <div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs900\">Il <span class=\"_ _14\"> </span>valore <span class=\"_ _14\"> </span>lordo <span class=\"_ _15\"> </span>e <span class=\"_ _14\"> </span>le <span class=\"_ _14\"> </span>r<span class=\"_ _2\"></span>ettifiche <span class=\"_ _17\"> </span>di <span class=\"_ _15\"> </span>valore <span class=\"_ _14\"> </span>complessive <span class=\"_ _15\"> </span>delle <span class=\"_ _14\"> </span>attivit\u00e0 <span class=\"_ _15\"> </span>finanziarie <span class=\"_ _17\"> </span>impaire<span class=\"_ _2\"></span>d <span class=\"_ _14\"> </span>sono<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs901\">comprensivi degli interessi contrattuali maturati.<span class=\"_ _df\"> </span> </div>Sezio<span class=\"_ _1\"></span>ne 4 <span class=\"ff5\">\u2013<span class=\"_ _1\"></span><span class=\"ff4\"> Attivit\u00e0 <span class=\"_ _1\"></span>finan<span class=\"_ _1\"></span>ziarie<span class=\"_ _f\"></span> valutate<span class=\"_ _1\"></span> al costo<span class=\"_ _f\"></span> <span class=\"_ _2\"></span>am<span class=\"_ _1\"></span>mortiz<span class=\"_ _f\"></span>zato <span class=\"ff5\">\u2013</span> Voce<span class=\"_ _f\"></span> 40  </span></span>4.1 Att<span class=\"_ _1\"></span>ivit\u00e0<span class=\"_ _f\"></span> finanziar<span class=\"_ _1\"></span>ie va<span class=\"_ _f\"></span>lutate a<span class=\"_ _f\"></span>l<span class=\"_ _2\"></span> co<span class=\"_ _1\"></span>sto a<span class=\"_ _1\"></span>mmo<span class=\"_ _1\"></span>rtizza<span class=\"_ _1\"></span>to: co<span class=\"_ _f\"></span>mposi<span class=\"_ _1\"></span>zione<span class=\"_ _f\"></span> merceol<span class=\"_ _1\"></span>ogi<span class=\"_ _1\"></span>ca dei cr<span class=\"_ _f\"></span>editi ver<span class=\"_ _1\"></span>so ba<span class=\"_ _f\"></span>nche<span class=\"fc1 sc0\"> </span><table class=\"s w9b0 h4a8\" id=\"_07ad0dc5-a1c7-4e11-a124-45adc4f42ffd\"><tr><td></td><td></td><td></td><td class=\"c x352 y2648 w31c hc8\"><div class=\"t m0 x58 h30 y7b1 ff4 fsb fc4 sc3 ls0 ws0\">Totale<span class=\"fc1 sc0\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td class=\"c x353 y2648 wc2 hc8\"><div class=\"t m0 x3b h30 y7b1 ff4 fsb fc4 sc3 ls0 ws0\">Totale<span class=\"fc1 sc0\"> </span></div></td><td></td><td></td><td></td></tr><tr><td></td><td></td><td></td><td class=\"c x352 y2649 w31c hc8\"><div class=\"t m0 x2 h30 y7b1 ff4 fsb fc4 sc3 ls0 ws0\">31/12/2025<span class=\"_ _f\"></span><span class=\"fc1 sc0\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td class=\"c x353 y2649 wc2 hc8\"><div class=\"t m0 x22 h30 y7b1 ff4 fsb fc4 sc3 ls0 ws0\">31/12/202<span class=\"_ _f\"></span>4<span class=\"fc1 sc0\"> </span></div></td><td></td><td></td><td></td></tr><tr><td class=\"c x354 y264b w9b1 h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">Tipologia<span class=\"_ _df\"> </span></div></td><td class=\"c x352 y264c w31d hc8\"><div class=\"t m0 x38 h30 y3e4 ff4 fsb fc4 sc3 ls0 ws0\">Valore di b<span class=\"_ _1\"></span>ilancio<span class=\"_ _1\"></span><span class=\"fc1 sc0\"> </span></div></td><td></td><td></td><td></td><td class=\"c x355 y264c w31e hc8\"><div class=\"t m0 x8f h30 y3e4 ff4 fsb fc4 sc3 ls0 ws0\">Fair val<span class=\"_ _1\"></span>ue<span class=\"fc1 sc0\"> </span></div></td><td></td><td></td><td></td><td class=\"c x353 y264c w31f hc8\"><div class=\"t m0 x97 h30 y3e4 ff4 fsb fc4 sc3 ls0 ws0\">Valore di b<span class=\"_ _1\"></span>ilancio<span class=\"_ _1\"></span><span class=\"fc1 sc0\"> </span></div></td><td></td><td class=\"c x356 y264c w320 hc8\"><div class=\"t m0 x36 h30 y3e4 ff4 fsb fc4 sc3 ls0 ws0\">Fair val<span class=\"_ _1\"></span>ue<span class=\"fc1 sc0\"> </span></div></td><td></td></tr><tr><td class=\"c x2a8 y264d w9b2 h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">operazio<span class=\"_ _1\"></span>ni/Valori<span class=\"_ _df\"> </span></div></td><td class=\"c x357 y264e w9b3 h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">Primo e<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x358 y264f w9b4 h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">Impaired<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td class=\"c x359 y264e w9b3 h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">Primo e<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x35a y264f w9b5 h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">Impaired<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td></tr><tr><td></td><td class=\"c x35b y2650 w9b6 h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">secondo</div></td><td class=\"c x35c y2651 w9b7 h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">Terzo<span class=\"_ _df\"> </span></div></td><td class=\"c x358 y2651 w9b8 h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">acquisite<span class=\"_ _df\"> </span></div></td><td class=\"c x355 y2652 w2bb h23b\"><div class=\"t m0 x2e h30 y474 ff4 fsb fc4 sc3 ls7a ws0\">L1<span class=\"fc1 sc0 ls0\"> </span></div></td><td class=\"c x35d y2652 w1c2 h23b\"><div class=\"t m0 x2f h30 y474 ff4 fsb fc4 sc3 ls0 ws0\">L2<span class=\"fc1 sc0\"> </span></div></td><td class=\"c x35e y2652 w1d4 h23b\"><div class=\"t m0 x55 h30 y474 ff4 fsb fc4 sc3 ls7a ws0\">L3<span class=\"fc1 sc0 ls0\"> </span></div></td><td class=\"c x35f y2650 w9b9 h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">secondo</div></td><td class=\"c x360 y2651 w9b7 h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">Terzo<span class=\"_ _df\"> </span></div></td><td class=\"c x35a y2651 w9b8 h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">acquisite<span class=\"_ _df\"> </span></div></td><td class=\"c x356 y2652 w322 h23b\"><div class=\"t m0 x2e h30 y474 ff4 fsb fc4 sc3 ls7a ws0\">L1<span class=\"fc1 sc0 ls0\"> </span></div></td><td class=\"c x361 y2652 w1c2 h23b\"><div class=\"t m0 x2f h30 y474 ff4 fsb fc4 sc3 ls7a ws0\">L2<span class=\"fc1 sc0 ls0\"> </span></div></td><td class=\"c x362 y2652 w12e h23b\"><div class=\"t m0 x2e h30 y474 ff4 fsb fc4 sc3 ls7a ws0\">L3<span class=\"fc1 sc0 ls0\"> </span></div></td></tr><tr><td></td><td class=\"c x363 y257a w9ba h4aa\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc4 sc3 ls0 ws0\">stadio</div></td><td class=\"c x364 y2654 w9ba h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">stadio<span class=\"_ _df\"> </span></div></td><td class=\"c x365 y2654 w9bb h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 lscb ws0\">o<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td class=\"c x366 y257a w9bc h4aa\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc4 sc3 ls0 ws0\">stadio</div></td><td class=\"c x367 y2654 w9bc h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">stadio<span class=\"_ _df\"> </span></div></td><td class=\"c x368 y2654 w9bb h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 lscb ws0\">o<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td></tr><tr><td></td><td></td><td></td><td class=\"c x358 y2655 w9bd h4aa\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc4 sc3 ls0 ws0\">originate<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td class=\"c x35a y2655 w9bd h4aa\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc4 sc3 ls0 ws0\">originate<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td></tr><tr><td class=\"c x262 y2656 w9be h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc2 ls0 ws0\">A. Crediti v<span class=\"_ _f\"></span>erso<span class=\"_ _df\"> </span></div></td><td class=\"c x352 y2657 w154 h23c\"><div class=\"t m0 x16a h30 y35c ff4 fsb fc1 sc2 ls0 ws0\">397.763<span class=\"sc0\"> </span></div></td><td class=\"c x369 y2657 w1e1 h23c\"><div class=\"t m0 x3a h30 y35c ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x36a y2657 w318 h23c\"><div class=\"t m0 x97 h30 y35c ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x355 y2657 w169 h23c\"><div class=\"t m0 x26 h30 y35c ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x35d y2657 w164 h23c\"><div class=\"t m0 x33 h30 y35c ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x35e y2657 w2ce h23c\"><div class=\"t m0 x8e h30 y35c ff4 fsb fc1 sc2 ls0 ws0\">397.763<span class=\"sc0\"> </span></div></td><td class=\"c x353 y2657 w1e3 h23c\"><div class=\"t m0 x8e h30 y35c ff4 fsb fc1 sc2 ls0 ws0\">387.897<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x36b y2657 w324 h23c\"><div class=\"t m0 x3a h30 y35c ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x36c y2657 w1d4 h23c\"><div class=\"t m0 x97 h30 y35c ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x356 y2657 w2bb h23c\"><div class=\"t m0 x26 h30 y35c ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x361 y2657 w164 h23c\"><div class=\"t m0 x33 h30 y35c ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x362 y2657 w16c h23c\"><div class=\"t m0 xab h30 y35c ff4 fsb fc1 sc2 ls0 ws0\">387.897<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x262 y2658 w9bf h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc2 ls0 ws0\">Banche<span class=\"_ _f\"></span> Centrali<span class=\"_ _df\"> </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=\"c x36d y2659 w323 h98\"><div class=\"t m0 x2f h30 y9bd ff4 fsb fc1 sc0 ls0 ws0\">1. Depositi a </div><div class=\"t m0 x2f h30 y7b1 ff4 fsb fc1 sc0 ls0 ws0\">scadenza<span class=\"_ _df\"> </span></div></td><td class=\"c x352 y2659 w154 h98\"><div class=\"t m0 x31 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x369 y2659 w1e1 h98\"><div class=\"t m0 x3a h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x36a y2659 w318 h98\"><div class=\"t m0 x97 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x355 y2659 w169 h98\"><div class=\"t m0 x55 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x35d y2659 w164 h98\"><div class=\"t m0 x116 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x35e y2659 w2ce h98\"><div class=\"t m0 x39 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x353 y2659 w1e3 h98\"><div class=\"t m0 x37 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x36b y2659 w324 h98\"><div class=\"t m0 x3a h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x36c y2659 w1d4 h98\"><div class=\"t m0 x97 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x356 y2659 w2bb h98\"><div class=\"t m0 x55 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x361 y2659 w164 h98\"><div class=\"t m0 x116 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x362 y2659 w16c h98\"><div class=\"t m0 x55 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">X </div></td></tr><tr><td class=\"c x36e y265a w9c0 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">2. Riserva<span class=\"_ _df\"> </span></div></td><td class=\"c x352 y265b w154 h98\"><div class=\"t m0 x16a h30 y27 ff4 fsb fc1 sc0 ls0 ws0\">397.763 </div></td><td class=\"c x369 y265b w1e1 h98\"><div class=\"t m0 x3a h30 y27 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x36a y265b w318 h98\"><div class=\"t m0 x97 h30 y27 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x355 y265b w169 h98\"><div class=\"t m0 x55 h30 y27 ff4 fsb fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x35d y265b w164 h98\"><div class=\"t m0 x116 h30 y27 ff4 fsb fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x35e y265b w2ce h98\"><div class=\"t m0 x39 h30 y27 ff4 fsb fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x353 y265b w1e3 h98\"><div class=\"t m0 xac h30 y27 ff4 fsb fc1 sc0 ls5c ws0\">38<span class=\"ls0\">7.897</span><span class=\"ls0\"> </span></div></td><td class=\"c x36b y265b w324 h98\"><div class=\"t m0 x3a h30 y27 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x36c y265b w1d4 h98\"><div class=\"t m0 x97 h30 y27 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x356 y265b w2bb h98\"><div class=\"t m0 x55 h30 y27 ff4 fsb fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x361 y265b w164 h98\"><div class=\"t m0 x116 h30 y27 ff4 fsb fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x362 y265b w16c h98\"><div class=\"t m0 x55 h30 y27 ff4 fsb fc1 sc0 ls0 ws0\">X </div></td></tr><tr><td class=\"c x36e y265c w9c1 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">obbligatoria<span class=\"_ _df\"> </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=\"c x36e y265d w9c2 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">3. Pronti contro<span class=\"_ _df\"> </span></div></td><td class=\"c x352 y265e w154 h12\"><div class=\"t m0 x31 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x369 y265e w1e1 h12\"><div class=\"t m0 x3a h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x36a y265e w318 h12\"><div class=\"t m0 x97 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x355 y265e w169 h12\"><div class=\"t m0 x55 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x35d y265e w164 h12\"><div class=\"t m0 x116 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x35e y265e w2ce h12\"><div class=\"t m0 x39 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x353 y265e w1e3 h12\"><div class=\"t m0 x37 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x36b y265e w324 h12\"><div class=\"t m0 x3a h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x36c y265e w1d4 h12\"><div class=\"t m0 x97 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x356 y265e w2bb h12\"><div class=\"t m0 x55 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x361 y265e w164 h12\"><div class=\"t m0 x116 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x362 y265e w16c h12\"><div class=\"t m0 x55 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">X </div></td></tr><tr><td class=\"c x36e y265f w9c3 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">termine<span class=\"_ _df\"> </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=\"c x36d y2660 w323 h227\"><div class=\"t m0 x2f h30 y1510 ff4 fsb fc1 sc0 ls0 ws0\">4. Altri<span class=\"_ _df\"> </span></div></td><td class=\"c x352 y2660 w154 h227\"><div class=\"t m0 x31 h30 y1510 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x369 y2660 w1e1 h227\"><div class=\"t m0 x3a h30 y1510 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x36a y2660 w318 h227\"><div class=\"t m0 x97 h30 y1510 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x355 y2660 w169 h227\"><div class=\"t m0 x55 h30 y1510 ff4 fsb fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x35d y2660 w164 h227\"><div class=\"t m0 x116 h30 y1510 ff4 fsb fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x35e y2660 w2ce h227\"><div class=\"t m0 x39 h30 y1510 ff4 fsb fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x353 y2660 w1e3 h227\"><div class=\"t m0 x37 h30 y1510 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x36b y2660 w324 h227\"><div class=\"t m0 x3a h30 y1510 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x36c y2660 w1d4 h227\"><div class=\"t m0 x97 h30 y1510 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x356 y2660 w2bb h227\"><div class=\"t m0 x55 h30 y1510 ff4 fsb fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x361 y2660 w164 h227\"><div class=\"t m0 x116 h30 y1510 ff4 fsb fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x362 y2660 w16c h227\"><div class=\"t m0 x55 h30 y1510 ff4 fsb fc1 sc0 ls0 ws0\">X </div></td></tr><tr><td class=\"c x262 y2661 w9c4 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc2 ls0 ws0\">B. Crediti<span class=\"_ _f\"></span> v<span class=\"_ _2\"></span>erso<span class=\"_ _df\"> </span></div></td><td class=\"c x352 y2662 w154 h98\"><div class=\"t m0 xac h30 y295 ff4 fsb fc1 sc2 ls0 ws0\">2.057.5<span class=\"_ _1\"></span>61<span class=\"sc0\"> </span></div></td><td class=\"c x369 y2662 w1e1 h98\"><div class=\"t m0 x3a h30 y295 ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x36a y2662 w318 h98\"><div class=\"t m0 x97 h30 y295 ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x355 y2662 w169 h98\"><div class=\"t m0 xab h30 y295 ff4 fsb fc1 sc2 ls0 ws0\">642.872<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x35d y2662 w164 h98\"><div class=\"t m0 x33 h30 y295 ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x35e y2662 w2ce h98\"><div class=\"t m0 xab h30 y295 ff4 fsb fc1 sc2 ls0 ws0\">1.416.54<span class=\"_ _1\"></span>0<span class=\"sc0\"> </span></div></td><td class=\"c x353 y2662 w1e3 h98\"><div class=\"t m0 xab h30 y295 ff4 fsb fc1 sc2 ls0 ws0\">1.191.880<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x36b y2662 w324 h98\"><div class=\"t m0 x3a h30 y295 ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x36c y2662 w1d4 h98\"><div class=\"t m0 x97 h30 y295 ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x356 y2662 w2bb h98\"><div class=\"t m0 xab h30 y295 ff4 fsb fc1 sc2 ls0 ws0\">637.763<span class=\"sc0\"> </span></div></td><td class=\"c x361 y2662 w164 h98\"><div class=\"t m0 x33 h30 y295 ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x362 y2662 w16c h98\"><div class=\"t m0 xac h30 y295 ff4 fsb fc1 sc2 ls0 ws0\">552.772<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x262 y2663 w9c5 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc2 ls0 ws0\">banche<span class=\"_ _df\"> </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=\"c x36d y2664 w323 hc8\"><div class=\"t m0 x2f h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">1. Finanziamenti</div></td><td class=\"c x352 y2664 w154 hc8\"><div class=\"t m0 xac h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">1.416.542 </div></td><td class=\"c x369 y2664 w1e1 hc8\"><div class=\"t m0 x3a h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x36a y2664 w318 hc8\"><div class=\"t m0 x97 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x355 y2664 w169 hc8\"><div class=\"t m0 x26 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x35d y2664 w164 hc8\"><div class=\"t m0 x33 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x35e y2664 w2ce hc8\"><div class=\"t m0 x8a h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">1.416.540 </div></td><td class=\"c x353 y2664 w1e3 hc8\"><div class=\"t m0 x8e h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">552.772 </div></td><td class=\"c x36b y2664 w324 hc8\"><div class=\"t m0 x3a h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x36c y2664 w1d4 hc8\"><div class=\"t m0 x97 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x356 y2664 w2bb hc8\"><div class=\"t m0 x26 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x361 y2664 w164 hc8\"><div class=\"t m0 x33 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x362 y2664 w16c hc8\"><div class=\"t m0 xab h30 y74a ff4 fsb fc1 sc0 ls87 ws0\">552<span class=\"ls0\">.772</span><span class=\"ls0\"> </span></div></td></tr><tr><td class=\"c x36d y2665 w323 hc8\"><div class=\"t m0 x55 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">1.1 Conti correnti </div></td><td class=\"c x352 y2665 w154 hc8\"><div class=\"t m0 x31 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x369 y2665 w1e1 hc8\"><div class=\"t m0 x3a h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x36a y2665 w318 hc8\"><div class=\"t m0 x97 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x355 y2665 w169 hc8\"><div class=\"t m0 x55 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x35d y2665 w164 hc8\"><div class=\"t m0 x116 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x35e y2665 w2ce hc8\"><div class=\"t m0 x39 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x353 y2665 w1e3 hc8\"><div class=\"t m0 x37 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x36b y2665 w324 hc8\"><div class=\"t m0 x3a h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x36c y2665 w1d4 hc8\"><div class=\"t m0 x97 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x356 y2665 w2bb hc8\"><div class=\"t m0 x55 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x361 y2665 w164 hc8\"><div class=\"t m0 x116 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x362 y2665 w16c hc8\"><div class=\"t m0 x55 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">X </div></td></tr><tr><td class=\"c x36d y2666 w323 h98\"><div class=\"t m0 x55 h30 y9bd ff4 fsb fc1 sc0 ls0 ws0\"> 1.2. Depositi a </div><div class=\"t m0 x55 h30 y7b6 ff4 fsb fc1 sc0 ls0 ws0\">scadenza  </div></td><td class=\"c x352 y2666 w154 h98\"><div class=\"t m0 x31 h30 y27 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x369 y2666 w1e1 h98\"><div class=\"t m0 x3a h30 y27 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x36a y2666 w318 h98\"><div class=\"t m0 x97 h30 y27 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x355 y2666 w169 h98\"><div class=\"t m0 x55 h30 y27 ff4 fsb fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x35d y2666 w164 h98\"><div class=\"t m0 x116 h30 y27 ff4 fsb fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x35e y2666 w2ce h98\"><div class=\"t m0 x39 h30 y27 ff4 fsb fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x353 y2666 w1e3 h98\"><div class=\"t m0 x37 h30 y27 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x36b y2666 w324 h98\"><div class=\"t m0 x3a h30 y27 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x36c y2666 w1d4 h98\"><div class=\"t m0 x97 h30 y27 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x356 y2666 w2bb h98\"><div class=\"t m0 x55 h30 y27 ff4 fsb fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x361 y2666 w164 h98\"><div class=\"t m0 x116 h30 y27 ff4 fsb fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x362 y2666 w16c h98\"><div class=\"t m0 x55 h30 y27 ff4 fsb fc1 sc0 ls0 ws0\">X </div></td></tr><tr><td class=\"c x36f y2667 w9c6 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">1.3. Altri<span class=\"_ _df\"> </span></div></td><td class=\"c x352 y2668 w154 h12\"><div class=\"t m0 xac h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">1.416.542 </div></td><td class=\"c x369 y2668 w1e1 h12\"><div class=\"t m0 x3a h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x36a y2668 w318 h12\"><div class=\"t m0 x97 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x355 y2668 w169 h12\"><div class=\"t m0 x55 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x35d y2668 w164 h12\"><div class=\"t m0 x116 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x35e y2668 w2ce h12\"><div class=\"t m0 x39 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x353 y2668 w1e3 h12\"><div class=\"t m0 x8e h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">552.772 </div></td><td class=\"c x36b y2668 w324 h12\"><div class=\"t m0 x3a h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x36c y2668 w1d4 h12\"><div class=\"t m0 x97 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x356 y2668 w2bb h12\"><div class=\"t m0 x55 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x361 y2668 w164 h12\"><div class=\"t m0 x116 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x362 y2668 w16c h12\"><div class=\"t m0 x55 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">X </div></td></tr><tr><td class=\"c x370 y2669 w9c7 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">finanziamenti:<span class=\"_ _df\"> </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=\"c x36f y266a w9c8 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">- Pronti contro<span class=\"_ _df\"> </span></div></td><td class=\"c x352 y266b w154 h98\"><div class=\"t m0 x16a h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">996.158 </div></td><td class=\"c x369 y266b w1e1 h98\"><div class=\"t m0 x3a h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x36a y266b w318 h98\"><div class=\"t m0 x97 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x355 y266b w169 h98\"><div class=\"t m0 x55 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x35d y266b w164 h98\"><div class=\"t m0 x116 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x35e y266b w2ce h98\"><div class=\"t m0 x39 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x353 y266b w1e3 h98\"><div class=\"t m0 x37 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x36b y266b w324 h98\"><div class=\"t m0 x3a h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x36c y266b w1d4 h98\"><div class=\"t m0 x97 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x356 y266b w2bb h98\"><div class=\"t m0 x55 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x361 y266b w164 h98\"><div class=\"t m0 x116 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x362 y266b w16c h98\"><div class=\"t m0 x55 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">X </div></td></tr><tr><td class=\"c x370 y266c w9c9 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">termine attiv<span class=\"_ _2\"></span>i<span class=\"_ _df\"> </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=\"c x36f y266d w9ca h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">- Finanziamenti<span class=\"_ _df\"> </span></div></td><td class=\"c x352 y266e w154 h98\"><div class=\"t m0 x26 h30 y27 ff4 fsb fc1 sc0 ls86 ws0\">88<span class=\"ls0\"> </span></div></td><td class=\"c x369 y266e w1e1 h98\"><div class=\"t m0 x3a h30 y27 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x36a y266e w318 h98\"><div class=\"t m0 x97 h30 y27 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x355 y266e w169 h98\"><div class=\"t m0 x55 h30 y27 ff4 fsb fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x35d y266e w164 h98\"><div class=\"t m0 x116 h30 y27 ff4 fsb fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x35e y266e w2ce h98\"><div class=\"t m0 x39 h30 y27 ff4 fsb fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x353 y266e w1e3 h98\"><div class=\"t m0 x32 h30 y27 ff4 fsb fc1 sc0 ls0 ws0\">129 </div></td><td class=\"c x36b y266e w324 h98\"><div class=\"t m0 x3a h30 y27 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x36c y266e w1d4 h98\"><div class=\"t m0 x97 h30 y27 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x356 y266e w2bb h98\"><div class=\"t m0 x55 h30 y27 ff4 fsb fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x361 y266e w164 h98\"><div class=\"t m0 x116 h30 y27 ff4 fsb fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x362 y266e w16c h98\"><div class=\"t m0 x55 h30 y27 ff4 fsb fc1 sc0 ls0 ws0\">X </div></td></tr><tr><td class=\"c x370 y266f w9cb h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">per leasing</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=\"c x36d y2670 w323 hc8\"><div class=\"t m0 x55 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\"> - Altri </div></td><td class=\"c x352 y2670 w154 hc8\"><div class=\"t m0 x2f h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">420.296 </div></td><td class=\"c x369 y2670 w1e1 hc8\"><div class=\"t m0 x3a h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x36a y2670 w318 hc8\"><div class=\"t m0 x97 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x355 y2670 w169 hc8\"><div class=\"t m0 x55 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x35d y2670 w164 hc8\"><div class=\"t m0 x116 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x35e y2670 w2ce hc8\"><div class=\"t m0 x39 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x353 y2670 w1e3 hc8\"><div class=\"t m0 xac h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">552.644 </div></td><td class=\"c x36b y2670 w324 hc8\"><div class=\"t m0 x3a h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x36c y2670 w1d4 hc8\"><div class=\"t m0 x97 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x356 y2670 w2bb hc8\"><div class=\"t m0 x55 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x361 y2670 w164 hc8\"><div class=\"t m0 x116 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x362 y2670 w16c hc8\"><div class=\"t m0 x55 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">X </div></td></tr><tr><td class=\"c x36d y2671 w323 hc8\"><div class=\"t m0 x2f h30 y74a ff4 fsb fc1 sc0 ls0 ws0\"> 2. Titoli di debito</div></td><td class=\"c x352 y2671 w154 hc8\"><div class=\"t m0 x2a h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">641.019 </div></td><td class=\"c x369 y2671 w1e1 hc8\"><div class=\"t m0 x3a h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x36a y2671 w318 hc8\"><div class=\"t m0 x97 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x355 y2671 w169 hc8\"><div class=\"t m0 x8a h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">642.872 </div></td><td class=\"c x35d y2671 w164 hc8\"><div class=\"t m0 x33 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x35e y2671 w2ce hc8\"><div class=\"t m0 x97 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x353 y2671 w1e3 hc8\"><div class=\"t m0 x8e h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">639.108 </div></td><td class=\"c x36b y2671 w324 hc8\"><div class=\"t m0 x3a h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x36c y2671 w1d4 hc8\"><div class=\"t m0 x97 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x356 y2671 w2bb hc8\"><div class=\"t m0 xab h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">637.763 </div></td><td class=\"c x361 y2671 w164 hc8\"><div class=\"t m0 x33 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x362 y2671 w16c hc8\"><div class=\"t m0 x26 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x36f y2672 w9cc h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">2.1 Titoli<span class=\"_ _df\"> </span></div></td><td class=\"c x352 y2673 w154 h12\"><div class=\"t m0 x55 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">86.317 </div></td><td class=\"c x369 y2673 w1e1 h12\"><div class=\"t m0 x3a h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x36a y2673 w318 h12\"><div class=\"t m0 x97 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x355 y2673 w169 h12\"><div class=\"t m0 x8e h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">87.250 </div></td><td class=\"c x35d y2673 w164 h12\"><div class=\"t m0 x33 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x35e y2673 w2ce h12\"><div class=\"t m0 x97 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x353 y2673 w1e3 h12\"><div class=\"t m0 x8e h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">107.625 </div></td><td class=\"c x36b y2673 w324 h12\"><div class=\"t m0 x3a h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x36c y2673 w1d4 h12\"><div class=\"t m0 x97 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x356 y2673 w2bb h12\"><div class=\"t m0 xac h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">108.148 </div></td><td class=\"c x361 y2673 w164 h12\"><div class=\"t m0 x33 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x362 y2673 w16c h12\"><div class=\"t m0 x26 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x370 y2674 w9cd h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">strutturati<span class=\"_ _df\"> </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=\"c x36f y2675 w9ce h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">2.2 Altri ti<span class=\"_ _2\"></span>toli di<span class=\"_ _df\"> </span></div></td><td class=\"c x352 y2676 w154 h98\"><div class=\"t m0 x16a h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">554.702 </div></td><td class=\"c x369 y2676 w1e1 h98\"><div class=\"t m0 x3a h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x36a y2676 w318 h98\"><div class=\"t m0 x97 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x355 y2676 w169 h98\"><div class=\"t m0 xab h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">555.622 </div></td><td class=\"c x35d y2676 w164 h98\"><div class=\"t m0 x33 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x35e y2676 w2ce h98\"><div class=\"t m0 x97 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x353 y2676 w1e3 h98\"><div class=\"t m0 x8e h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">531.483 </div></td><td class=\"c x36b y2676 w324 h98\"><div class=\"t m0 x3a h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x36c y2676 w1d4 h98\"><div class=\"t m0 x97 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x356 y2676 w2bb h98\"><div class=\"t m0 xab h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">529.615 </div></td><td class=\"c x361 y2676 w164 h98\"><div class=\"t m0 x33 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x362 y2676 w16c h98\"><div class=\"t m0 x26 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x370 y2677 w9cf h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">debito<span class=\"_ _df\"> </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=\"c x36d y2678 w323 hc8\"><div class=\"t m0 xe h30 y74a ff4 fsb fc1 sc2 ls0 ws0\">Totale<span class=\"sc0\"> </span></div></td><td class=\"c x352 y2678 w154 hc8\"><div class=\"t m0 x8a h30 y74a ff4 fsb fc1 sc2 ls0 ws0\">2.455.32<span class=\"_ _f\"></span>4<span class=\"sc0\"> </span></div></td><td class=\"c x369 y2678 w1e1 hc8\"><div class=\"t m0 x3a h30 y74a ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x36a y2678 w318 hc8\"><div class=\"t m0 x97 h30 y74a ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x355 y2678 w169 hc8\"><div class=\"t m0 xab h30 y74a ff4 fsb fc1 sc2 ls0 ws0\">642.872<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x35d y2678 w164 hc8\"><div class=\"t m0 x33 h30 y74a ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x35e y2678 w2ce hc8\"><div class=\"t m0 xab h30 y74a ff4 fsb fc1 sc2 ls0 ws0\">1.814.303<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x353 y2678 w1e3 hc8\"><div class=\"t m0 x8a h30 y74a ff4 fsb fc1 sc2 ls0 ws0\">1.579.777<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x36b y2678 w324 hc8\"><div class=\"t m0 x3a h30 y74a ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x36c y2678 w1d4 hc8\"><div class=\"t m0 x97 h30 y74a ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x356 y2678 w2bb hc8\"><div class=\"t m0 xab h30 y74a ff4 fsb fc1 sc2 ls0 ws0\">637.763<span class=\"sc0\"> </span></div></td><td class=\"c x361 y2678 w164 hc8\"><div class=\"t m0 x33 h30 y74a ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x362 y2678 w16c hc8\"><div class=\"t m0 x8a h30 y74a ff4 fsb fc1 sc2 ls0 ws0\">940.669<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td></tr></table>Lege<span class=\"_ _f\"></span>nda: L1= Livello 1 L2= Livello 2 L3= Livello 3 Sono inclusi i crediti di<span class=\"_ _1\"></span> funzionamento connessi con la prestazione d<span class=\"_ _2\"></span>i servizi finanziari. I crediti,<span class=\"_ _1\"></span> ad eccezione <span class=\"_ _1\"></span>dei titoli di de<span class=\"_ _1\"></span>bito, sono iscritti al l<span class=\"_ _1\"></span>oro valor<span class=\"_ _1\"></span>e nominale, corrisponde<span class=\"_ _1\"></span>nte al loro fair value e il livello di fair value attribuito risulta essere pari <span class=\"_ _1\"></span>a 3.<span class=\"_ _2\"></span> Le metodologie <span class=\"_ _2\"></span>utilizzate <span class=\"_ _2\"></span>per la <span class=\"_ _2\"></span>determinazione <span class=\"_ _2\"></span>de<span class=\"_ _2\"></span>l fair <span class=\"_ _2\"></span>value <span class=\"_ _2\"></span>sono <span class=\"_ _2\"></span>riportate nella <span class=\"_ _2\"></span>Parte <span class=\"_ _2\"></span>A1 <span class=\"_ _2\"></span><span class=\"ff5\">\u2013</span> <span class=\"_ _2\"></span>Parte generale <span class=\"ff5\">\u2013</span> Sezione 16 <span class=\"ff5\">\u201cAltre</span> <span class=\"ff5\">informazioni\u201d.</span> 4.2 At<span class=\"_ _1\"></span>tivit\u00e0<span class=\"_ _f\"></span> finanzia<span class=\"_ _1\"></span>rie va<span class=\"_ _f\"></span>lutate <span class=\"_ _1\"></span>al cos<span class=\"_ _1\"></span>to am<span class=\"_ _1\"></span>mor<span class=\"_ _1\"></span>tizzat<span class=\"_ _1\"></span>o: co<span class=\"_ _1\"></span>mpos<span class=\"_ _f\"></span>izione<span class=\"_ _1\"></span> mer<span class=\"_ _1\"></span>ceolo<span class=\"_ _1\"></span>gica<span class=\"_ _1\"></span> dei <span class=\"_ _1\"></span>credit<span class=\"_ _1\"></span>i vers<span class=\"_ _f\"></span>o clientela<span class=\"_ _df\"> </span>Totale<span class=\"_ _df\"> </span>Totale<span class=\"_ _df\"> </span>31/12/20<span class=\"_ _1\"></span>25<span class=\"_ _df\"> </span>31/12/20<span class=\"_ _1\"></span>24<span class=\"_ _df\"> </span>Tipolog<span class=\"_ _f\"></span>ia<span class=\"_ _df\"> </span>Valor<span class=\"_ _1\"></span>e di bila<span class=\"_ _f\"></span>ncio<span class=\"_ _df\"> </span>Fair va<span class=\"_ _1\"></span>lue<span class=\"_ _df\"> </span>Valor<span class=\"_ _1\"></span>e di bila<span class=\"_ _f\"></span>ncio<span class=\"_ _df\"> </span>operaz<span class=\"_ _1\"></span>ioni/Va<span class=\"_ _f\"></span>lori<span class=\"_ _df\"> </span>Primo <span class=\"_ _f\"></span>e<span class=\"_ _df\"> </span>Impai<span class=\"_ _1\"></span>red<span class=\"_ _df\"> </span>Primo <span class=\"_ _f\"></span>e<span class=\"_ _df\"> </span>Impai<span class=\"_ _1\"></span>red<span class=\"_ _df\"> </span>secon<span class=\"_ _1\"></span>doTerzo<span class=\"_ _df\"> </span>acqui<span class=\"_ _1\"></span>site<span class=\"_ _df\"> </span>L1<span class=\"_ _df\"> </span>L2<span class=\"_ _df\"> </span>L3<span class=\"_ _df\"> </span>secon<span class=\"_ _1\"></span>doTerzo<span class=\"_ _df\"> </span>acqui<span class=\"_ _1\"></span>site<span class=\"_ _df\"> </span>L1<span class=\"_ _df\"> </span>stadiostadio<span class=\"_ _df\"> </span>o<span class=\"_ _df\"> </span>stadiostadio<span class=\"_ _df\"> </span>o<span class=\"_ _df\"> </span>origina<span class=\"_ _f\"></span>te<span class=\"_ _df\"> </span>origina<span class=\"_ _f\"></span>te<span class=\"_ _df\"> </span>1. Fina<span class=\"_ _1\"></span>nziame<span class=\"_ _f\"></span>nti<span class=\"_ _df\"> </span>38.763<span class=\"_ _1\"></span>.503244.5<span class=\"_ _1\"></span>4212.871<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-38.832.<span class=\"_ _f\"></span>58536.08<span class=\"_ _1\"></span>9.466258.71715.455<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>1.1. Conti correnti<span class=\"_ _df\"> </span>1.851.66015.666<span class=\"_ _df\"> </span>515<span class=\"_ _df\"> </span>X<span class=\"_ _df\"> </span>X<span class=\"_ _df\"> </span>X1.774.96617.109<span class=\"_ _df\"> </span>616<span class=\"_ _df\"> </span>X<span class=\"_ _df\"> </span>1.2. Pronti contro<span class=\"_ _df\"> </span>1.346.894<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>X<span class=\"_ _df\"> </span>X<span class=\"_ _df\"> </span>X<span class=\"_ _df\"> </span>499<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>X<span class=\"_ _df\"> </span>termine attivi<span class=\"_ _df\"> </span>1.3. Mutui<span class=\"_ _df\"> </span>20.805.742160.4314.778<span class=\"_ _df\"> </span>X<span class=\"_ _df\"> </span>X<span class=\"_ _df\"> </span>X20.493.12<span class=\"_ _1\"></span>4176.7426.093<span class=\"_ _df\"> </span>X<span class=\"_ _df\"> </span>1.4. Carte di credito,<span class=\"_ _df\"> </span>prestiti personali e<span class=\"_ _df\"> </span>4.247.09029.0327.252<span class=\"_ _df\"> </span>X<span class=\"_ _df\"> </span>X<span class=\"_ _df\"> </span>X3.839.14726.2578.420<span class=\"_ _df\"> </span>X<span class=\"_ _df\"> </span>cessioni del quinto<span class=\"_ _df\"> </span>1.5. Finanziamenti per<span class=\"_ _df\"> </span>3.291.55829.004<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>X<span class=\"_ _df\"> </span>X<span class=\"_ _df\"> </span>X3.187.50230.468<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>X<span class=\"_ _df\"> </span>leasing<span class=\"_ _df\"> </span>1.6. Factoring<span class=\"_ _df\"> </span>1.550.4357.611<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>X<span class=\"_ _df\"> </span>X<span class=\"_ _df\"> </span>X1.430.7004.941<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>X<span class=\"_ _df\"> </span>1.7. Altri finanziamenti5.670.1242.798<span class=\"_ _df\"> </span>326<span class=\"_ _df\"> </span>X<span class=\"_ _df\"> </span>X<span class=\"_ _df\"> </span>X5.363.5283.200326<span class=\"_ _df\"> </span>X<span class=\"_ _df\"> </span>2. Titoli<span class=\"_ _f\"></span> di debito<span class=\"_ _df\"> </span>6.231.0<span class=\"_ _f\"></span>8<span class=\"_ _2\"></span>1<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-5.726.<span class=\"_ _1\"></span>709487.7<span class=\"_ _1\"></span>6566.8497.331.2<span class=\"_ _f\"></span>88<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-7.022.2<span class=\"_ _f\"></span>96<span class=\"_ _df\"> </span>1.<span class=\"ls0\"> Titoli strutturati<span class=\"_ _df\"> </span></span>608.091<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-81.586459.11366.849394.647<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-142.828<span class=\"_ _df\"> </span>2. Altri titoli di debito5.622.990<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-5.645.12328.652<span class=\"_ _df\"> </span>-6.936.641<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-6.879.468<span class=\"_ _df\"> </span>Totale44.99<span class=\"_ _1\"></span>4.584244.5<span class=\"_ _1\"></span>4212.8715.726.<span class=\"_ _1\"></span>709487.7<span class=\"_ _1\"></span>6538.89<span class=\"_ _f\"></span>9<span class=\"_ _2\"></span>.43<span class=\"_ _1\"></span>443.420.<span class=\"_ _f\"></span>754258.7<span class=\"lsa\">17</span>15.4557.022.2<span class=\"_ _f\"></span>96<span class=\"_ _df\"> </span>I crediti verso la clientela per finanziame<span class=\"_ _1\"></span>nti sono pari a <span class=\"_ _2\"></span>39.020,9 milioni di<span class=\"_ _1\"></span> euro.<span class=\"_ _df\"> </span>Si fornisce di seguito il de<span class=\"_ _1\"></span>ttaglio dei finanziamenti erogati alla clientela con indicazione del credito<span class=\"_ _df\"> </span>lordo, delle previsioni di perdi<span class=\"_ _1\"></span>ta, del credito nett<span class=\"_ _2\"></span>o e del relativo c<span class=\"_ _f\"></span>overage per categoria.<table class=\"s w9d0 h4ab\" id=\"_a6a21593-d3f8-48c5-84ff-bfbbe8b84425\"><tr><td class=\"c x306 y2679 w332 h69\"><div class=\"t m0 x163 h1f y5b ff4 fs7 fc7 sc6 ls0 ws0\">CRED<span class=\"_ _f\"></span>ITI VER<span class=\"_ _1\"></span>SO C<span class=\"_ _f\"></span>LIENTE<span class=\"_ _f\"></span>LA PER<span class=\"_ _1\"></span> FIN<span class=\"_ _1\"></span>ANZ<span class=\"_ _f\"></span>IAMENTI<span class=\"_ _f\"></span> </div></td><td></td><td></td><td></td><td></td><td></td><td class=\"c x371 y267a w9d1 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc7 sc0 ls0 ws0\">Crediti<span class=\"_ _df\"> </span></div></td><td class=\"c x372 y267a w9d2 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc7 sc0 ls0 ws0\">TOTALE<span class=\"_ _df\"> </span></div></td></tr><tr><td class=\"c x306 y267b w333 h92\"><div class=\"t m0 x90 h1f yf96 ff5 fs7 fc7 sc0 ls0 ws0\">\u20acmln<span class=\"ff4\"> </span></div></td><td></td><td class=\"c x373 y267b w319 h92\"><div class=\"t m0 x8e h1f yf96 ff4 fs7 fc7 sc0 ls0 ws0\">Sofferenze </div></td><td class=\"c x374 y267c w9d3 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc7 sc0 ls0 ws0\">Inadempienze<span class=\"_ _df\"> </span></div></td><td class=\"c x375 y267c w9d4 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc7 sc0 ls0 ws0\">Esposizioni<span class=\"_ _df\"> </span></div></td><td class=\"c x376 y267c w9d5 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc7 sc0 ls0 ws0\">Tot. Crediti<span class=\"_ _df\"> </span></div></td><td class=\"c x377 y267d w9d6 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc7 sc0 ls0 ws0\">performing<span class=\"_ _df\"> </span></div></td><td class=\"c x378 y267d w9d7 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc7 sc0 ls0 ws0\">CREDITI<span class=\"_ _df\"> </span></div></td></tr><tr><td></td><td></td><td></td><td class=\"c x379 y267e w9d8 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc7 sc0 ls0 ws0\">probabili<span class=\"_ _df\"> </span></div></td><td class=\"c x37a y267e w9d9 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc7 sc0 ls0 ws0\">scadute<span class=\"_ _df\"> </span></div></td><td class=\"c x37b y267e w9da h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc7 sc0 ls0 ws0\">problematici<span class=\"_ _df\"> </span></div></td><td></td><td></td></tr><tr><td class=\"c x306 y267f w99 h69\"><div class=\"t m0 x163 h1f y302 ff4 fs7 fc7 sc6 ls0 ws0\">Val<span class=\"_ _1\"></span>ori lor<span class=\"_ _f\"></span>di </div></td><td class=\"c x37c y267f w336 h69\"><div class=\"t m0 x48 h1f y302 ff4 fs7 fc7 sc6 ls0 ws0\">2025<span class=\"_ _f\"></span> </div></td><td class=\"c x373 y267f w319 h69\"><div class=\"t m0 x12 h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">231 </div></td><td class=\"c x37d y267f w334 h69\"><div class=\"t m0 x90 h1f y302 ff4 fs7 fc1 sc0 ls27 ws0\">337<span class=\"ls0\"> </span></div></td><td class=\"c x37e y267f w335 h69\"><div class=\"t m0 x8f h1f y302 ff4 fs7 fc1 sc0 lsa ws0\">47<span class=\"ls0\"> </span></div></td><td class=\"c x37f y267f w86 h69\"><div class=\"t m0 x36 h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">615 </div></td><td class=\"c x380 y267f w337 h69\"><div class=\"t m0 x33 h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">38.860 </div></td><td class=\"c x381 y267f w11e h69\"><div class=\"t m0 x38 h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">39.475 </div></td></tr><tr><td class=\"c x262 y2680 w9db h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc7 sc6 ls0 ws0\">Previ<span class=\"_ _1\"></span>sion<span class=\"_ _f\"></span>i di<span class=\"_ _df\"> </span></div></td><td class=\"c x37c y2681 w336 h90\"><div class=\"t m0 x48 h1f y2c6 ff4 fs7 fc7 sc6 ls0 ws0\">2025<span class=\"_ _f\"></span> </div></td><td class=\"c x373 y2681 w319 h90\"><div class=\"t m0 x12 h1f y2c6 ff4 fs7 fc1 sc0 ls0 ws0\">194 </div></td><td class=\"c x37d y2681 w334 h90\"><div class=\"t m0 x7 h1f y2c6 ff4 fs7 fc1 sc0 ls0 ws0\">150 </div></td><td class=\"c x37e y2681 w335 h90\"><div class=\"t m0 x8f h1f y2c6 ff4 fs7 fc1 sc0 ls2a ws0\">20<span class=\"ls0\"> </span></div></td><td class=\"c x37f y2681 w86 h90\"><div class=\"t m0 x30 h1f y2c6 ff4 fs7 fc1 sc0 ls0 ws0\">364 </div></td><td class=\"c x380 y2681 w337 h90\"><div class=\"t m0 x36 h1f y2c6 ff4 fs7 fc1 sc0 ls29 ws0\">90<span class=\"ls0\"> </span></div></td><td class=\"c x381 y2681 w11e h90\"><div class=\"t m0 x12 h1f y2c6 ff4 fs7 fc1 sc0 ls0 ws0\">454 </div></td></tr><tr><td class=\"c x262 y2682 w9dc h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc7 sc6 ls0 ws0\">perdit<span class=\"_ _f\"></span>a<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x306 y2683 w99 h69\"><div class=\"t m0 x163 h1f y302 ff4 fs7 fc7 sc6 ls0 ws0\">Val<span class=\"_ _1\"></span>ori net<span class=\"_ _f\"></span>ti </div></td><td class=\"c x37c y2683 w336 h69\"><div class=\"t m0 x48 h1f y302 ff4 fs7 fc7 sc6 ls0 ws0\">2025<span class=\"_ _f\"></span> </div></td><td class=\"c x373 y2683 w319 h69\"><div class=\"t m0 x7 h1f y302 ff4 fs7 fc1 sc0 ls27 ws0\">37<span class=\"ls0\"> </span></div></td><td class=\"c x37d y2683 w334 h69\"><div class=\"t m0 x7 h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">187 </div></td><td class=\"c x37e y2683 w335 h69\"><div class=\"t m0 x8f h1f y302 ff4 fs7 fc1 sc0 ls2a ws0\">27<span class=\"ls0\"> </span></div></td><td class=\"c x37f y2683 w86 h69\"><div class=\"t m0 x36 h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">251<span class=\"fc17\"> </span></div></td><td class=\"c x380 y2683 w337 h69\"><div class=\"t m0 x32 h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">38.770 </div></td><td class=\"c x381 y2683 w11e h69\"><div class=\"t m0 x31 h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">39.021 </div></td></tr><tr><td class=\"c x262 y2684 w9dd h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc7 sc6 ls0 ws0\">Cove<span class=\"_ _1\"></span>rag<span class=\"_ _1\"></span>e<span class=\"_ _df\"> </span></div></td><td class=\"c x37c y2685 w336 h90\"><div class=\"t m0 x48 h1f y2c6 ff4 fs7 fc7 sc6 ls0 ws0\">2025<span class=\"_ _f\"></span> </div></td><td class=\"c x373 y2685 w319 h90\"><div class=\"t m0 x27 h1f y2c6 ff4 fs7 fc1 sc0 ls0 ws0\">83,98% </div></td><td class=\"c x37d y2685 w334 h90\"><div class=\"t m0 x38 h1f y2c6 ff4 fs7 fc1 sc0 ls0 ws0\">44,51% </div></td><td class=\"c x37e y2685 w335 h90\"><div class=\"t m0 x48 h1f y2c6 ff4 fs7 fc1 sc0 ls0 ws0\">42,55% </div></td><td class=\"c x37f y2685 w86 h90\"><div class=\"t m0 x32 h1f y2c6 ff4 fs7 fc1 sc0 ls0 ws0\">59,19% </div></td><td class=\"c x380 y2685 w337 h90\"><div class=\"t m0 x35 h1f y2c6 ff4 fs7 fc1 sc0 ls0 ws0\">0,23% </div></td><td class=\"c x381 y2685 w11e h90\"><div class=\"t m0 x36 h1f y2c6 ff4 fs7 fc1 sc0 ls0 ws0\">1,15% </div></td></tr><tr><td class=\"c x262 y2491 w9de h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc7 sc6 ls0 ws0\">puntu<span class=\"_ _1\"></span>ali<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr></table>Sono presenti coperture <span class=\"_ _2\"></span>di micro <span class=\"_ _2\"></span>fair value hedge s<span class=\"_ _2\"></span>u titoli di <span class=\"_ _2\"></span>debito a tasso <span class=\"_ _2\"></span>fisso. La <span class=\"_ _2\"></span>copertura \u00e8 di<span class=\"_ _df\"> </span>tipo fair value he<span class=\"_ _1\"></span>dge attuata attraverso la designaz<span class=\"_ _1\"></span>ione di appositi strumenti di copertura (Inte<span class=\"_ _1\"></span>res<span class=\"_ _2\"></span><span class=\"ls4a\">t<span class=\"_ _df\"> </span></span>Rate Swap) con copertura s<span class=\"_ _2\"></span>peci<span class=\"_ _1\"></span>fica del c.d. \u201crischio tasso\u201d<span class=\"_ _2\"></span> su detti titoli; la relazione venuta cos\u00ec a<span class=\"_ _df\"> </span>crearsi <span class=\"_ _4\"> </span>fra <span class=\"_ _4\"> </span>Hedg<span class=\"_ _1\"></span>ed <span class=\"_ _4\"> </span>Item <span class=\"_ _4\"> </span>e <span class=\"_ _22\"> </span>Hedging <span class=\"_ _4\"> </span>Instrument <span class=\"_ _4\"> </span>ha <span class=\"_ _4\"> </span>comportato <span class=\"_ _4\"> </span>la  r<span class=\"_ _2\"></span>edazione<span class=\"_ _1\"></span> <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>una <span class=\"_ _22\"> </span>specifica<span class=\"_ _df\"> </span>documentazione <span class=\"_ _d\"></span>che <span class=\"_ _0\"></span>formalizza <span class=\"_ _0\"></span>la <span class=\"_ _0\"></span>relazione <span class=\"_ _d\"></span>di <span class=\"_ _0\"></span>copertura <span class=\"_ _0\"></span>ed <span class=\"_ _0\"></span>ha <span class=\"_ _0\"></span>altres\u00ec <span class=\"_ _0\"></span>usufruito <span class=\"_ _d\"></span>delle <span class=\"_ _0\"></span>particolari<span class=\"_ _df\"> </span>regole <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>contabilizzazione <span class=\"_ _0\"></span>d<span class=\"_ _2\"></span>ell\u2019Hedge <span class=\"_ _9\"> </span>Accounting. <span class=\"_ _9\"> </span>Si <span class=\"_ _9\"> </span>segnala <span class=\"_ _9\"> </span>che <span class=\"_ _9\"> </span>sono <span class=\"_ _9\"> </span>stat<span class=\"_ _2\"></span>i <span class=\"_ _0\"></span>effettuati <span class=\"_ _9\"> </span>i <span class=\"_ _9\"> </span>test <span class=\"_ _9\"> </span>di<span class=\"_ _df\"> </span>efficacia (sia prospettici che retrospettivi)<span class=\"_ _1\"></span> con esito positivo.<span class=\"_ _df\"> </span>Sono <span class=\"_ _2\"></span>presenti <span class=\"_ _2\"></span>nella <span class=\"_ _2\"></span>categoria <span class=\"_ _2\"></span>contabile \u201cAt<span class=\"_ _2\"></span>tivit\u00e0 <span class=\"_ _2\"></span>finanziarie <span class=\"_ _2\"></span>valutate <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>costo <span class=\"_ _2\"></span>ammortizzato\u201d, <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>31<span class=\"_ _df\"> </span>dicembre <span class=\"_ _d\"></span>2025, <span class=\"_ _0\"></span>557 <span class=\"_ _0\"></span>milioni <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>E<span class=\"_ _2\"></span>uro <span class=\"_ _d\"></span>complessivi <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>ABS <span class=\"_ _d\"></span>emessi <span class=\"_ _0\"></span>da <span class=\"_ _d\"></span>veicoli <span class=\"_ _0\"></span>terzi, <span class=\"_ _d\"></span>col<span class=\"_ _2\"></span>legati <span class=\"_ _d\"></span>a <span class=\"_ _d\"></span>credi<span class=\"_ _2\"></span>ti<span class=\"_ _df\"> </span>originati <span class=\"_ _0\"></span>in <span class=\"_ _9\"> </span>Europa, <span class=\"_ _9\"> </span>con <span class=\"_ _9\"> </span>preponderanza <span class=\"_ _0\"></span>della <span class=\"_ _9\"> </span>componente <span class=\"_ _0\"></span>di<span class=\"_ _df\"> </span>origination <span class=\"_ _9\"> </span>italiana <span class=\"_ _0\"></span>(191,4 <span class=\"_ _9\"> </span>milioni <span class=\"_ _0\"></span>di<span class=\"_ _df\"> </span>Euro). <span class=\"_ _e\"> </span>Il <span class=\"_ _10\"> </span>port<span class=\"_ _2\"></span>afoglio <span class=\"_ _e\"> </span>\u00e8 <span class=\"_ _10\"> </span>costituito <span class=\"_ _10\"> </span>da <span class=\"_ _10\"> </span>differenti <span class=\"_ _10\"> </span>tipologie <span class=\"_ _e\"> </span>di <span class=\"_ _18\"> </span>ABS <span class=\"_ _e\"> </span>con <span class=\"_ _10\"> </span>una <span class=\"_ _10\"> </span>prevalenza <span class=\"_ _10\"> </span>delle<span class=\"_ _df\"> </span>cartolarizzazioni di mutui residenziali,<span class=\"_ _1\"></span> che incidono per il 35,1%. L\u2019attuale esposizione suddivisa pe<span class=\"_ _1\"></span>r rischio paese \u00e8 cos\u00ec composta:<table class=\"s w9f5 h4b0\" id=\"_7a87fcfb-6357-4377-9742-1822ed008461\"><tr><td></td><td class=\"c x39f y26a7 w9f6 h4b1\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">Cont<span class=\"_ _f\"></span>rovalo<span class=\"_ _1\"></span>re (m<span class=\"_ _f\"></span>igliaia<span class=\"_ _df\"> </span></div></td><td></td></tr><tr><td class=\"c x3a0 y26a8 w307 h23d\"><div class=\"t m0 x31 h1f y496 ff4 fs7 fc4 sc3 ls0 ws0\">Paes<span class=\"_ _1\"></span>e </div></td><td class=\"c x3a1 y26a9 w9f7 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">Euro<span class=\"_ _1\"></span>)<span class=\"_ _df\"> </span></div></td><td class=\"c x3a2 y26a8 w33a h23d\"><div class=\"t m0 x27 h1f y496 ff4 fs7 fc4 sc3 lsce ws0\">% <span class=\"ls0\">Espo<span class=\"_ _f\"></span>sizione</span><span class=\"ls0\"><span class=\"_ _f\"></span> </span></div></td></tr><tr><td class=\"c x3a0 y26aa w307 h242\"><div class=\"t m0 x31 h1f y496 ff4 fs7 fc1 sc0 ls0 ws0\">ITALIA </div></td><td class=\"c x3a3 y26aa w339 h242\"><div class=\"t m0 x8f h1f y496 ff4 fs7 fc1 sc0 ls0 ws0\">191.403 </div></td><td class=\"c x3a2 y26aa w33a h242\"><div class=\"t m0 x90 h1f y496 ff4 fs7 fc1 sc0 ls0 ws0\">34,3 </div></td></tr><tr><td class=\"c x3a0 y26ab w307 h243\"><div class=\"t m0 x26 h1f y496 ff4 fs7 fc1 sc0 ls0 ws0\">FRANCIA </div></td><td class=\"c x3a3 y26ab w339 h243\"><div class=\"t m0 x8f h1f y496 ff4 fs7 fc1 sc0 ls0 ws0\">127.869 </div></td><td class=\"c x3a2 y26ab w33a h243\"><div class=\"t m0 x90 h1f y496 ff4 fs7 fc1 sc0 ls0 ws0\">22,9 </div></td></tr><tr><td class=\"c x3a0 y26ac w307 h243\"><div class=\"t m0 x2c h1f y496 ff4 fs7 fc1 sc0 ls0 ws0\">GERMANIA </div></td><td class=\"c x3a3 y26ac w339 h243\"><div class=\"t m0 x8f h1f y496 ff4 fs7 fc1 sc0 ls0 ws0\">105.840 </div></td><td class=\"c x3a2 y26ac w33a h243\"><div class=\"t m0 x7 h1f y496 ff4 fs7 fc1 sc0 ls0 ws0\">19,1 </div></td></tr><tr><td class=\"c x3a0 y26ad w307 h17f\"><div class=\"t m0 x34 h1f y496 ff4 fs7 fc1 sc0 ls0 ws0\">SPAGNA </div></td><td class=\"c x3a3 y26ad w339 h17f\"><div class=\"t m0 x96 h1f y496 ff4 fs7 fc1 sc0 ls0 ws0\">87.101 </div></td><td class=\"c x3a2 y26ad w33a h17f\"><div class=\"t m0 x90 h1f y496 ff4 fs7 fc1 sc0 ls0 ws0\">15,6 </div></td></tr><tr><td class=\"c x3a0 y26ae w307 h1af\"><div class=\"t m0 x33 h1f y496 ff4 fs7 fc1 sc0 ls0 ws0\">PAESI BASSI </div></td><td class=\"c x3a3 y26ae w339 h1af\"><div class=\"t m0 x96 h1f y496 ff4 fs7 fc1 sc0 ls0 ws0\">45.112 </div></td><td class=\"c x3a2 y26ae w33a h1af\"><div class=\"t m0 x1c h1f y496 ff4 fs7 fc1 sc0 ls0 ws0\">8,1 </div></td></tr><tr><td class=\"c x3a0 y26af w307 h243\"><div class=\"t m0 x37 h1f y496 ff4 fs7 fc4 sc3 ls0 ws0\">TOTA<span class=\"_ _1\"></span>LE </div></td><td class=\"c x3a3 y26af w339 h243\"><div class=\"t m0 x8f h1f y496 ff4 fs7 fc4 sc3 ls0 ws0\">557.<span class=\"_ _1\"></span>325 </div></td><td class=\"c x3a2 y26af w33a h243\"><div class=\"t m0 x12 h1f y496 ff4 fs7 fc4 sc3 ls0 ws0\">100,<span class=\"_ _f\"></span>0 </div></td></tr></table>Si <span class=\"_ _f\"></span>\u00e8 adottata <span class=\"_ _f\"></span>anche <span class=\"_ _1\"></span>la <span class=\"_ _f\"></span>met<span class=\"_ _2\"></span>odolog<span class=\"_ _1\"></span>ia <span class=\"_ _f\"></span>cont<span class=\"_ _2\"></span>abile<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>del <span class=\"_ _f\"></span>Macro Fair <span class=\"_ _f\"></span>Value Hed<span class=\"_ _f\"></span>g<span class=\"_ _2\"></span>e <span class=\"_ _f\"></span>per la <span class=\"_ _f\"></span>copertura <span class=\"_ _f\"></span>del rischio<span class=\"_ _df\"> </span> di tasso <span class=\"ff5\">associato all\u2019erogazione di mutui a tasso fisso</span>.<span class=\"_ _df\"> </span> Sono p<span class=\"_ _1\"></span>resenti, inoltre,<span class=\"_ _f\"></span> coperture <span class=\"_ _f\"></span>di Macro Cash<span class=\"_ _f\"></span> Flow <span class=\"_ _1\"></span>Hedge <span class=\"_ _f\"></span>su erogazioni <span class=\"_ _f\"></span>di mutui <span class=\"_ _f\"></span>a tasso <span class=\"_ _f\"></span>variabile.<span class=\"_ _df\"> </span>4.3 <span class=\"_ _1\"></span>Attivi<span class=\"_ _1\"></span>t\u00e0 fina<span class=\"_ _1\"></span>nziari<span class=\"_ _1\"></span>e va<span class=\"_ _1\"></span>lutat<span class=\"_ _f\"></span>e al cos<span class=\"_ _1\"></span>to am<span class=\"_ _f\"></span>mortizza<span class=\"_ _1\"></span>to: <span class=\"_ _1\"></span>compo<span class=\"_ _f\"></span>sizione <span class=\"_ _1\"></span>per d<span class=\"_ _1\"></span>ebito<span class=\"_ _1\"></span>ri/em<span class=\"_ _f\"></span>ittenti de<span class=\"_ _1\"></span>i cred<span class=\"_ _1\"></span>iti ve<span class=\"_ _1\"></span>rso cli<span class=\"_ _1\"></span>entela<span class=\"_ _f\"></span><span class=\"fc1 sc0\"> </span><table class=\"s w9f8 h4b2\" id=\"_e24eb7b0-f774-4aa3-9bf6-f2946fcdb2e9\"><tr><td></td><td></td><td class=\"c x3a4 y26b0 w33c h131\"><div class=\"t m0 x24 h1f y32 ff4 fs7 fc4 sc3 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale<span class=\"fc1 sc0\"> </span></div></td><td></td><td></td><td class=\"c x3a5 y26b0 w33d h131\"><div class=\"t m0 x24 h1f y32 ff4 fs7 fc4 sc3 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale<span class=\"fc1 sc0\"> </span></div></td><td></td></tr><tr><td></td><td></td><td class=\"c x3a4 y26b1 w33c h131\"><div class=\"t m0 x1b1 h1f y40 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/<span class=\"_ _f\"></span>2025<span class=\"fc1 sc0\"> </span></div></td><td></td><td></td><td class=\"c x3a5 y26b1 w33d h131\"><div class=\"t m0 x1b1 h1f y40 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/<span class=\"_ _f\"></span>2024<span class=\"fc1 sc0\"> </span></div></td><td></td></tr><tr><td class=\"c x36d y26b2 w33b h245\"><div class=\"t m0 xab h1f y1532 ff4 fs7 fc4 sc3 ls0 ws0\">Tipol<span class=\"_ _f\"></span>ogia op<span class=\"_ _f\"></span>erazion<span class=\"_ _1\"></span>i/Va<span class=\"_ _1\"></span>lori<span class=\"_ _1\"></span><span class=\"fc1 sc0\"> </span></div></td><td class=\"c x3a6 y26b3 w9f9 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">Prim<span class=\"_ _1\"></span>o e<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x3a7 y26b4 w9fa h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">Atti<span class=\"_ _1\"></span>vit\u00e0 i<span class=\"_ _1\"></span>mpa<span class=\"_ _1\"></span>ired<span class=\"_ _df\"> </span></div></td><td class=\"c x3a8 y26b3 w9fb h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">Prim<span class=\"_ _1\"></span>o e<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x3a9 y26b4 w9fa h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">Atti<span class=\"_ _1\"></span>vit\u00e0 i<span class=\"_ _1\"></span>mpa<span class=\"_ _1\"></span>ired<span class=\"_ _df\"> </span></div></td></tr><tr><td></td><td class=\"c x3aa y26b5 w9fc h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">secon<span class=\"_ _f\"></span>do sta<span class=\"_ _1\"></span>dio<span class=\"_ _df\"> </span></div></td><td class=\"c x3ab y26b2 w33f h246\"><div class=\"t m0 xac h1f y14 ff4 fs7 fc4 sc3 ls0 ws0\">Terz<span class=\"_ _1\"></span>o sta<span class=\"_ _f\"></span>dio<span class=\"fc1 sc0\"> </span></div></td><td class=\"c x3ac y26b6 w9fd h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">acq<span class=\"_ _1\"></span>uisit<span class=\"_ _f\"></span>e o<span class=\"_ _df\"> </span></div></td><td class=\"c x3ad y26b5 w9fc h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">secon<span class=\"_ _f\"></span>do sta<span class=\"_ _1\"></span>dio<span class=\"_ _df\"> </span></div></td><td class=\"c x3ae y26b2 w341 h246\"><div class=\"t m0 xab h1f y14 ff4 fs7 fc4 sc3 ls0 ws0\">Terz<span class=\"_ _1\"></span>o sta<span class=\"_ _f\"></span>dio<span class=\"fc1 sc0\"> </span></div></td><td class=\"c x3af y26b6 w9fd h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">acq<span class=\"_ _1\"></span>uisit<span class=\"_ _f\"></span>e o<span class=\"_ _df\"> </span></div></td></tr><tr><td></td><td></td><td></td><td class=\"c x3b0 y26b7 w9ad h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">origi<span class=\"_ _1\"></span>nat<span class=\"_ _f\"></span>e<span class=\"_ _df\"> </span></div></td><td></td><td></td><td class=\"c x3b1 y26b7 w9fe h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">origi<span class=\"_ _1\"></span>nat<span class=\"_ _1\"></span>e<span class=\"_ _df\"> </span></div></td></tr><tr><td class=\"c x36d y26b8 w343 hc8\"><div class=\"t m0 x8a h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">1. Tit<span class=\"_ _f\"></span>oli di de<span class=\"_ _f\"></span>bito<span class=\"sc0\"> </span></div></td><td class=\"c x3a4 y26b8 w33e hc8\"><div class=\"t m0 x34 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">6.231.<span class=\"_ _f\"></span>081<span class=\"sc0\"> </span></div></td><td class=\"c x3ab y26b8 w344 hc8\"><div class=\"t m0 xe h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x3b2 y26b8 w345 hc8\"><div class=\"t m0 xe6 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x3a5 y26b8 w256 hc8\"><div class=\"t m0 x26 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">7.33<span class=\"_ _1\"></span>1.288<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x3b3 y26b8 w346 hc8\"><div class=\"t m0 xe h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x3b4 y26b8 w347 hc8\"><div class=\"t m0 xe5 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x3b5 y26b9 w9ff h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">a) Amministrazion<span class=\"_ _f\"></span>i<span class=\"_ _df\"> </span></div></td><td class=\"c x3a4 y26ba w33e h58\"><div class=\"t m0 x3a h1f y2ea ff4 fs7 fc1 sc0 ls0 ws0\">5.504.865 </div></td><td class=\"c x3ab y26ba w344 h58\"><div class=\"t m0 xe h1f y2ea ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x3b2 y26ba w345 h58\"><div class=\"t m0 xe6 h1f y2ea ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x3a5 y26ba w256 h58\"><div class=\"t m0 x3a h1f y2ea ff4 fs7 fc1 sc0 ls0 ws0\">6.794.368 </div></td><td class=\"c x3b3 y26ba w346 h58\"><div class=\"t m0 xe h1f y2ea ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x3b4 y26ba w347 h58\"><div class=\"t m0 xe5 h1f y2ea ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x3b5 y26bb wa00 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">pubbliche<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x3b5 y26bc wa01 h48b\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">b) Altre societ\u00e0<span class=\"_ _df\"> </span></div></td><td class=\"c x3a4 y26bd w33e h58\"><div class=\"t m0 x30 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">726.216 </div></td><td class=\"c x3ab y26bd w344 h58\"><div class=\"t m0 xe h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x3b2 y26bd w345 h58\"><div class=\"t m0 xe6 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x3a5 y26bd w256 h58\"><div class=\"t m0 x30 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">536.421 </div></td><td class=\"c x3b3 y26bd w346 h58\"><div class=\"t m0 xe h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x3b4 y26bd w347 h58\"><div class=\"t m0 xe5 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x3b5 y26be wa02 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">finanziarie<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x3b6 y26bf wa03 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">di cui: imprese d<span class=\"_ _1\"></span>i<span class=\"_ _df\"> </span></div></td><td class=\"c x3a4 y26c0 w33e had\"><div class=\"t m0 xe h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">515 </div></td><td class=\"c x3ab y26c0 w344 had\"><div class=\"t m0 xe h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x3b2 y26c0 w345 had\"><div class=\"t m0 xe6 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x3a5 y26c0 w256 had\"><div class=\"t m0 xe h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">521 </div></td><td class=\"c x3b3 y26c0 w346 had\"><div class=\"t m0 xe h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x3b4 y26c0 w347 had\"><div class=\"t m0 xe5 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x3b6 y26c1 wa04 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">assicurazione<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x3b5 y26c2 wa05 h48b\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">c) Societ\u00e0 non<span class=\"_ _df\"> </span></div></td><td class=\"c x3a4 y26c3 w33e h58\"><div class=\"t m0 xc3 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x3ab y26c3 w344 h58\"><div class=\"t m0 xe h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x3b2 y26c3 w345 h58\"><div class=\"t m0 xe6 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x3a5 y26c3 w256 h58\"><div class=\"t m0 xf h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">499 </div></td><td class=\"c x3b3 y26c3 w346 h58\"><div class=\"t m0 xe h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x3b4 y26c3 w347 h58\"><div class=\"t m0 xe5 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x3b5 y26c4 wa02 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">finanziarie<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x36d y26c5 w343 h227\"><div class=\"t m0 x8a h1f y1534 ff4 fs7 fc1 sc2 ls0 ws0\">2. Fin<span class=\"_ _1\"></span>anz<span class=\"_ _1\"></span>iam<span class=\"_ _1\"></span>enti<span class=\"_ _1\"></span> vers<span class=\"_ _f\"></span>o:<span class=\"sc0\"> </span></div></td><td class=\"c x3a4 y26c5 w33e h227\"><div class=\"t m0 x32 h1f y1534 ff4 fs7 fc1 sc2 ls0 ws0\">38.76<span class=\"_ _f\"></span>3.503<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x3ab y26c5 w344 h227\"><div class=\"t m0 x2c h1f y1534 ff4 fs7 fc1 sc2 ls0 ws0\">244.5<span class=\"_ _f\"></span>42<span class=\"sc0\"> </span></div></td><td class=\"c x3b2 y26c5 w345 h227\"><div class=\"t m0 xa3 h1f y1534 ff4 fs7 fc1 sc2 ls0 ws0\">12.87<span class=\"_ _f\"></span>1<span class=\"sc0\"> </span></div></td><td class=\"c x3a5 y26c5 w256 h227\"><div class=\"t m0 x33 h1f y1534 ff4 fs7 fc1 sc2 ls0 ws0\">36.08<span class=\"_ _1\"></span>9.46<span class=\"_ _f\"></span>5<span class=\"sc0\"> </span></div></td><td class=\"c x3b3 y26c5 w346 h227\"><div class=\"t m0 x27 h1f y1534 ff4 fs7 fc1 sc2 ls0 ws0\">258.7<span class=\"_ _f\"></span>17<span class=\"sc0\"> </span></div></td><td class=\"c x3b4 y26c5 w347 h227\"><div class=\"t m0 xa3 h1f y1534 ff4 fs7 fc1 sc2 ls0 ws0\">15.45<span class=\"_ _f\"></span>5<span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x3b5 y26c6 w9ff h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">a) Amministrazion<span class=\"_ _f\"></span>i<span class=\"_ _df\"> </span></div></td><td class=\"c x3a4 y26c7 w33e had\"><div class=\"t m0 x31 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">567.272 </div></td><td class=\"c x3ab y26c7 w344 had\"><div class=\"t m0 x15 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">1.327 </div></td><td class=\"c x3b2 y26c7 w345 had\"><div class=\"t m0 xe6 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x3a5 y26c7 w256 had\"><div class=\"t m0 x31 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">567.423 </div></td><td class=\"c x3b3 y26c7 w346 had\"><div class=\"t m0 x30 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">1.632 </div></td><td class=\"c x3b4 y26c7 w347 had\"><div class=\"t m0 xe5 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x3b5 y26c8 wa00 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">pubbliche<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x3b5 y26c9 wa01 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">b) Altre societ\u00e0<span class=\"_ _df\"> </span></div></td><td class=\"c x3a4 y26ca w33e h58\"><div class=\"t m0 x38 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">2.171.912 </div></td><td class=\"c x3ab y26ca w344 h58\"><div class=\"t m0 x90 h1f y420 ff4 fs7 fc1 sc0 ls2b ws0\">87<span class=\"ls0\"> </span></div></td><td class=\"c x3b2 y26ca w345 h58\"><div class=\"t m0 xe6 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x3a5 y26ca w256 h58\"><div class=\"t m0 x31 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">753.490 </div></td><td class=\"c x3b3 y26ca w346 h58\"><div class=\"t m0 x13 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">265 </div></td><td class=\"c x3b4 y26ca w347 h58\"><div class=\"t m0 xec h1f y420 ff4 fs7 fc1 sc0 ls27 ws0\">31<span class=\"ls0\"> </span></div></td></tr><tr><td class=\"c x3b5 y26cb wa02 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">finanziarie<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x3b6 y26cc wa03 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">di cui: imprese d<span class=\"_ _1\"></span>i<span class=\"_ _df\"> </span></div></td><td class=\"c x3a4 y26cd w33e had\"><div class=\"t m0 x15 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">211.524 </div></td><td class=\"c x3ab y26cd w344 had\"><div class=\"t m0 xe h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x3b2 y26cd w345 had\"><div class=\"t m0 xe6 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x3a5 y26cd w256 had\"><div class=\"t m0 x30 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">173.063 </div></td><td class=\"c x3b3 y26cd w346 had\"><div class=\"t m0 xe h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x3b4 y26cd w347 had\"><div class=\"t m0 xe5 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x3b6 y26ce wa04 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">assicurazione<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x3b5 y26cf wa05 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">c) Societ\u00e0 non<span class=\"_ _df\"> </span></div></td><td class=\"c x3a4 y26d0 w33e h58\"><div class=\"t m0 x35 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">17.898.497 </div></td><td class=\"c x3ab y26d0 w344 h58\"><div class=\"t m0 x26 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">101.025 </div></td><td class=\"c x3b2 y26d0 w345 h58\"><div class=\"t m0 x8 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">3.407 </div></td><td class=\"c x3a5 y26d0 w256 h58\"><div class=\"t m0 x32 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">17.360.980 </div></td><td class=\"c x3b3 y26d0 w346 h58\"><div class=\"t m0 x3a h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">107.937 </div></td><td class=\"c x3b4 y26d0 w347 h58\"><div class=\"t m0 x8 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">4.395 </div></td></tr><tr><td class=\"c x3b5 y26d1 wa02 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">finanziarie<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x36d y26d2 w343 hc8\"><div class=\"t m0 x130 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">d) Famiglie </div></td><td class=\"c x3a4 y26d2 w33e hc8\"><div class=\"t m0 x2c h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">18.125.822 </div></td><td class=\"c x3ab y26d2 w344 hc8\"><div class=\"t m0 x26 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">142.103 </div></td><td class=\"c x3b2 y26d2 w345 hc8\"><div class=\"t m0 xa3 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">9.464 </div></td><td class=\"c x3a5 y26d2 w256 hc8\"><div class=\"t m0 x2c h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">17.407.572 </div></td><td class=\"c x3b3 y26d2 w346 hc8\"><div class=\"t m0 x2c h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">148.883 </div></td><td class=\"c x3b4 y26d2 w347 hc8\"><div class=\"t m0 xa3 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">11.029 </div></td></tr><tr><td class=\"c x36d y26d3 w343 hc8\"><div class=\"t m0 x199 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale<span class=\"sc0\"> </span></div></td><td class=\"c x3a4 y26d3 w33e hc8\"><div class=\"t m0 x33 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">44.99<span class=\"_ _f\"></span>4.584<span class=\"sc0\"> </span></div></td><td class=\"c x3ab y26d3 w344 hc8\"><div class=\"t m0 x2c h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">244.5<span class=\"_ _f\"></span>42<span class=\"sc0\"> </span></div></td><td class=\"c x3b2 y26d3 w345 hc8\"><div class=\"t m0 xa3 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">12.87<span class=\"_ _f\"></span>1<span class=\"sc0\"> </span></div></td><td class=\"c x3a5 y26d3 w256 hc8\"><div class=\"t m0 x32 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">43.4<span class=\"_ _1\"></span>20.7<span class=\"_ _1\"></span>53<span class=\"sc0\"> </span></div></td><td class=\"c x3b3 y26d3 w346 hc8\"><div class=\"t m0 x27 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">258.7<span class=\"_ _f\"></span>17<span class=\"sc0\"> </span></div></td><td class=\"c x3b4 y26d3 w347 hc8\"><div class=\"t m0 xa3 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">15.45<span class=\"_ _f\"></span>5<span class=\"sc0\"> </span></div></td></tr></table>4.4 At<span class=\"_ _f\"></span>tivit\u00e0 fi<span class=\"_ _1\"></span>nanzia<span class=\"_ _1\"></span>rie v<span class=\"_ _1\"></span>alut<span class=\"_ _1\"></span>ate a<span class=\"_ _1\"></span>l cost<span class=\"_ _1\"></span>o amm<span class=\"_ _f\"></span>ortizzat<span class=\"_ _1\"></span>o: va<span class=\"_ _f\"></span>lore lord<span class=\"_ _f\"></span>o e retti<span class=\"_ _1\"></span>fiche di<span class=\"_ _1\"></span> val<span class=\"_ _1\"></span>ore co<span class=\"_ _f\"></span>mplessi<span class=\"_ _f\"></span>ve <table class=\"s wa06 h4b3\" id=\"_a1dc9a62-3d49-4d08-8681-9e80e9109c1d\"><tr><td></td><td></td><td></td><td></td><td class=\"c x3b7 y26d4 w348 ha3\"><div class=\"t m0 xed h30 y394 ff4 fsb fc4 sc3 ls0 ws0\">Valore lor<span class=\"_ _1\"></span>do </div></td><td></td><td></td><td></td><td></td><td class=\"c x333 y26d4 w349 ha3\"><div class=\"t m0 x97 h30 y394 ff4 fsb fc4 sc3 ls0 ws0\">Rettific<span class=\"_ _1\"></span>he di valore<span class=\"_ _1\"></span> comples<span class=\"_ _1\"></span>sive </div></td><td></td><td></td><td></td></tr><tr><td></td><td></td><td class=\"c x3b8 y26d5 wa07 h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">Primo<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x3b9 y26d5 wa08 h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">Secondo<span class=\"_ _df\"> </span></div></td><td class=\"c x3ba y26d5 w9b7 h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">Terzo<span class=\"_ _df\"> </span></div></td><td class=\"c x3bb y26d5 w9b5 h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">Impaired<span class=\"_ _df\"> </span></div></td><td class=\"c x3bc y26d5 wa09 h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">Primo<span class=\"_ _df\"> </span></div></td><td class=\"c x3bd y26d5 wa08 h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">Secondo<span class=\"_ _df\"> </span></div></td><td class=\"c x3be y26d5 w9b7 h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">Terzo<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x3bf y26d5 w9b5 h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">Impaired<span class=\"_ _df\"> </span></div></td><td class=\"c x3c0 y26d5 wa0a h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">Write-of<span class=\"_ _1\"></span>f<span class=\"_ _df\"> </span></div></td></tr><tr><td></td><td></td><td class=\"c x3b8 y26d6 w9ba h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">stadio<span class=\"_ _df\"> </span></div></td><td class=\"c x3c1 y26d7 wa0b h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">di cui:</div></td><td class=\"c x3c2 y26d6 w9ba h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">stadio<span class=\"_ _df\"> </span></div></td><td class=\"c x3ba y26d6 w9ba h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">stadio<span class=\"_ _df\"> </span></div></td><td class=\"c x3c3 y26d6 wa0c h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls3f ws0\">ac<span class=\"ls0\">quisite<span class=\"_ _df\"> </span></span></div></td><td class=\"c x3bc y26d6 w9bc h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">stadio<span class=\"_ _df\"> </span></div></td><td class=\"c x3c4 y26d6 w9bc h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">stadio<span class=\"_ _df\"> </span></div></td><td class=\"c x3be y26d6 w9bc h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">stadio<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x3c5 y26d6 w9b8 h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">acquisite<span class=\"_ _df\"> </span></div></td><td class=\"c x3c6 y26d6 wa0d h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">parziali<span class=\"_ _df\"> </span></div></td></tr><tr><td></td><td></td><td></td><td class=\"c x3c7 y26d8 wa0e h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">Strume<span class=\"_ _1\"></span>nti<span class=\"_ _df\"> </span></div></td><td></td><td></td><td class=\"c x338 y26d9 wa0f h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">o origina<span class=\"_ _1\"></span>te<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td class=\"c x3c8 y26d9 wa0f h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">o origina<span class=\"_ _1\"></span>te<span class=\"_ _df\"> </span></div></td><td class=\"c x3c9 y26d9 wa10 h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">comples<span class=\"_ _1\"></span>sivi<span class=\"_ _df\"> </span></div></td></tr><tr><td></td><td></td><td></td><td class=\"c x3c7 y26da wa11 h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">con bass<span class=\"_ _1\"></span>o<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td></td><td></td><td></td><td class=\"c x3ca y26db wa12 h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">rischio<span class=\"_ _1\"></span> di<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td></td><td></td><td></td><td class=\"c x3cb y26dc wa13 h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">credito<span class=\"_ _df\"> </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 x2e0 y26dd w20b hc8\"><div class=\"t m0 x10 h30 y3e4 ff4 fsb fc1 sc0 ls0 ws0\">Titoli di debito </div></td><td></td><td class=\"c x3b7 y26dd w34b hc8\"><div class=\"t m0 xac h30 y3e4 ff4 fsb fc1 sc0 ls0 ws0\">6.874.766 </div></td><td class=\"c x3cc y26dd w34c hc8\"><div class=\"t m0 x31 h30 y3e4 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x3cd y26dd w34d hc8\"><div class=\"t m0 x31 h30 y3e4 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x3ce y26dd w318 hc8\"><div class=\"t m0 x31 h30 y3e4 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x34d y26dd w1db hc8\"><div class=\"t m0 x31 h30 y3e4 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x333 y26dd w318 hc8\"><div class=\"t m0 x39 h30 y3e4 ff4 fsb fc1 sc0 ls0 ws0\">2.664 </div></td><td></td><td class=\"c x3cf y26dd w34d hc8\"><div class=\"t m0 x31 h30 y3e4 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x3d0 y26dd w1d4 hc8\"><div class=\"t m0 x31 h30 y3e4 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x3d1 y26dd w34d hc8\"><div class=\"t m0 x31 h30 y3e4 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x3d2 y26dd w1c6 hc8\"><div class=\"t m0 x36 h30 y3e4 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2e0 y26de w20b hc8\"><div class=\"t m0 x10 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">Finanziamenti<span class=\"_ _2\"></span> </div></td><td></td><td class=\"c x3b7 y26de w34b hc8\"><div class=\"t m0 x10 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">37.953.841 </div></td><td class=\"c x3cc y26de w34c hc8\"><div class=\"t m0 x16a h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">446.821 </div></td><td class=\"c x3cd y26de w34d hc8\"><div class=\"t m0 xab h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">2.713.650 </div></td><td class=\"c x3ce y26de w318 hc8\"><div class=\"t m0 x8e h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">606.398 </div></td><td class=\"c x34d y26de w1db hc8\"><div class=\"t m0 x55 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">14.820 </div></td><td class=\"c x333 y26de w318 hc8\"><div class=\"t m0 x2e h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">35.306 </div></td><td></td><td class=\"c x3cf y26de w34d hc8\"><div class=\"t m0 x2e h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">54.379 </div></td><td class=\"c x3d0 y26de w1d4 hc8\"><div class=\"t m0 x16a h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">361.856 </div></td><td class=\"c x3d1 y26de w34d hc8\"><div class=\"t m0 x48 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">1.949 </div></td><td class=\"c x3d2 y26de w1c6 hc8\"><div class=\"t m0 x14 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">20.659 </div></td></tr><tr><td class=\"c x2e0 y26df w20b hc8\"><div class=\"t m0 x38 h30 y74a ff4 fsb fc1 sc2 ls0 ws0\">Totale </div></td><td class=\"c x3d3 y26df w20a hc8\"><div class=\"t m0 x14 h30 y74a ff4 fsb fc1 sc2 ls0 ws0\">31/12/2025<span class=\"_ _f\"></span> </div></td><td class=\"c x3b7 y26df w34b hc8\"><div class=\"t m0 x10 h30 y74a ff4 fsb fc1 sc2 ls0 ws0\">44.828.6<span class=\"_ _1\"></span>07 </div></td><td class=\"c x3cc y26df w34c hc8\"><div class=\"t m0 x116 h30 y74a ff4 fsb fc1 sc2 ls0 ws0\">446.821 </div></td><td class=\"c x3cd y26df w34d hc8\"><div class=\"t m0 xab h30 y74a ff4 fsb fc1 sc2 ls0 ws0\">2.713.65<span class=\"_ _1\"></span>0 </div></td><td class=\"c x3ce y26df w318 hc8\"><div class=\"t m0 x2f h30 y74a ff4 fsb fc1 sc2 ls0 ws0\">606.398<span class=\"_ _1\"></span> </div></td><td class=\"c x34d y26df w1db hc8\"><div class=\"t m0 x55 h30 y74a ff4 fsb fc1 sc2 ls0 ws0\">14.820 </div></td><td class=\"c x333 y26df w318 hc8\"><div class=\"t m0 x55 h30 y74a ff4 fsb fc1 sc2 ls0 ws0\">37.970<span class=\"_ _1\"></span> </div></td><td></td><td class=\"c x3cf y26df w34d hc8\"><div class=\"t m0 x55 h30 y74a ff4 fsb fc1 sc2 ls0 ws0\">54.379 </div></td><td class=\"c x3d0 y26df w1d4 hc8\"><div class=\"t m0 x116 h30 y74a ff4 fsb fc1 sc2 ls0 ws0\">361.856 </div></td><td class=\"c x3d1 y26df w34d hc8\"><div class=\"t m0 x48 h30 y74a ff4 fsb fc1 sc2 ls0 ws0\">1.949 </div></td><td class=\"c x3d2 y26df w1c6 hc8\"><div class=\"t m0 x14 h30 y74a ff4 fsb fc1 sc2 ls0 ws0\">20.659 </div></td></tr><tr><td class=\"c x2e0 y26e0 w20b hc8\"><div class=\"t m0 x38 h30 y74a ff4 fsb fc1 sc2 ls0 ws0\">Totale </div></td><td class=\"c x3d3 y26e0 w20a hc8\"><div class=\"t m0 x14 h30 y74a ff4 fsb fc1 sc2 ls0 ws0\">31/12/202<span class=\"_ _f\"></span>4 </div></td><td class=\"c x3b7 y26e0 w34b hc8\"><div class=\"t m0 x10 h30 y74a ff4 fsb fc1 sc2 ls0 ws0\">42.782.65<span class=\"_ _f\"></span>4 </div></td><td class=\"c x3cc y26e0 w34c hc8\"><div class=\"t m0 x16a h30 y74a ff4 fsb fc1 sc2 ls0 ws0\">267.93<span class=\"_ _1\"></span>9 </div></td><td class=\"c x3cd y26e0 w34d hc8\"><div class=\"t m0 xab h30 y74a ff4 fsb fc1 sc2 ls0 ws0\">2.307.018<span class=\"_ _f\"></span> </div></td><td class=\"c x3ce y26e0 w318 hc8\"><div class=\"t m0 x16a h30 y74a ff4 fsb fc1 sc2 ls0 ws0\">657.873<span class=\"_ _1\"></span> </div></td><td class=\"c x34d y26e0 w1db hc8\"><div class=\"t m0 x39 h30 y74a ff4 fsb fc1 sc2 ls0 ws0\">17.601 </div></td><td class=\"c x333 y26e0 w318 hc8\"><div class=\"t m0 x2e h30 y74a ff4 fsb fc1 sc2 ls0 ws0\">47.694 </div></td><td></td><td class=\"c x3cf y26e0 w34d hc8\"><div class=\"t m0 x55 h30 y74a ff4 fsb fc1 sc2 ls0 ws0\">41.445<span class=\"_ _1\"></span> </div></td><td class=\"c x3d0 y26e0 w1d4 hc8\"><div class=\"t m0 x116 h30 y74a ff4 fsb fc1 sc2 ls0 ws0\">399.157 </div></td><td class=\"c x3d1 y26e0 w34d hc8\"><div class=\"t m0 x48 h30 y74a ff4 fsb fc1 sc2 ls0 ws0\">2.146 </div></td><td class=\"c x3d2 y26e0 w1c6 hc8\"><div class=\"t m0 x33 h30 y74a ff4 fsb fc1 sc2 ls0 ws0\">16.227 </div></td></tr></table>Il principio <span class=\"_ _1\"></span>IFRS9 prevede la <span class=\"_ _1\"></span>class<span class=\"_ _2\"></span>ificazi<span class=\"_ _1\"></span>one delle attivit\u00e0 fi<span class=\"_ _1\"></span>nanziarie valutate al costo ammortizza<span class=\"_ _1\"></span>to in <span class=\"_ _22\"> </span>t<span class=\"_ _2\"></span>re  stages, <span class=\"_ _4\"> </span>in <span class=\"_ _22\"> </span>or<span class=\"_ _2\"></span>dine<span class=\"_ _1\"></span> <span class=\"_ _4\"> </span>crescente  di <span class=\"_ _4\"> </span>deterioramento <span class=\"_ _22\"> </span>del <span class=\"_ _4\"> </span>merito <span class=\"_ _22\"> </span>cr<span class=\"_ _2\"></span>editizi<span class=\"_ _1\"></span>o; <span class=\"_ _4\"> </span>a  t<span class=\"_ _2\"></span>ali  categorie <span class=\"_ _22\"> </span>s<span class=\"_ _2\"></span>i associano misurazioni progressivamente<span class=\"_ _1\"></span> pi\u00f9 severe delle riduzioni di valore.<span class=\"_ _2\"></span> Il <span class=\"_ _14\"> </span>valore <span class=\"_ _14\"> </span>lordo <span class=\"_ _15\"> </span>e <span class=\"_ _14\"> </span>le <span class=\"_ _14\"> </span>r<span class=\"_ _2\"></span>ettifiche <span class=\"_ _17\"> </span>di <span class=\"_ _15\"> </span>valore <span class=\"_ _14\"> </span>complessive <span class=\"_ _14\"> </span>delle <span class=\"_ _14\"> </span>at<span class=\"_ _2\"></span>tivit\u00e0 <span class=\"_ _14\"> </span>finanziarie <span class=\"_ _14\"> </span>impaired <span class=\"_ _14\"> </span>sono comprensivi degli interessi contrattuali maturati.<span class=\"_ _df\"> </span>Sezi<span class=\"_ _f\"></span>one 1<span class=\"_ _1\"></span> <span class=\"ff5\">\u2013</span> Pa<span class=\"_ _f\"></span>ssivit<span class=\"_ _f\"></span>\u00e0 fina<span class=\"_ _1\"></span>nz<span class=\"_ _1\"></span>iarie<span class=\"_ _f\"></span> valuta<span class=\"_ _f\"></span>te al c<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>to a<span class=\"_ _1\"></span>mm<span class=\"_ _f\"></span>ortiz<span class=\"_ _f\"></span>zato <span class=\"_ _1\"></span><span class=\"ff5\">\u2013<span class=\"ff4\"> Vo<span class=\"_ _f\"></span>ce 10<span class=\"_ _1\"></span> </span></span>1.1 Pa<span class=\"_ _f\"></span>ssivit\u00e0 fi<span class=\"_ _1\"></span>nanzia<span class=\"_ _1\"></span>rie v<span class=\"_ _1\"></span>alut<span class=\"_ _1\"></span>ate <span class=\"_ _1\"></span>al co<span class=\"_ _f\"></span>sto amm<span class=\"_ _1\"></span>ortizz<span class=\"_ _1\"></span>ato: co<span class=\"_ _f\"></span>mposizi<span class=\"_ _f\"></span>one merce<span class=\"_ _f\"></span>ologica<span class=\"_ _f\"></span> dei debit<span class=\"_ _f\"></span>i verso <span class=\"_ _1\"></span>banche<span class=\"_ _f\"></span> <table class=\"s wbb5 h4f5\" id=\"_83e95904-315a-4177-94c9-b6dab07150f6\"><tr><td></td><td></td><td></td><td class=\"c x588 y2a82 we7 hbc\"><div class=\"t m0 xe8 h1f y32 ff4 fs7 fc4 sc3 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale </div></td><td></td><td></td><td></td><td class=\"c x589 y2a82 w401 hbc\"><div class=\"t m0 xec h1f y32 ff4 fs7 fc4 sc3 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale </div></td><td></td></tr><tr><td class=\"c x44e y2a83 w24d h27d\"><div class=\"t m0 x34 h1f y943 ff4 fs7 fc4 sc3 ls0 ws0\">Tipol<span class=\"_ _f\"></span>ogia op<span class=\"_ _f\"></span>erazion<span class=\"_ _1\"></span>i/Va<span class=\"_ _1\"></span>lori </div></td><td></td><td></td><td class=\"c x588 y2a84 we7 h4e\"><div class=\"t m0 x11f h1f y295 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/<span class=\"_ _f\"></span>2025 </div></td><td></td><td></td><td class=\"c x589 y2a84 w401 h4e\" colspan=\"2\"><div class=\"t m0 xf0 h1f y295 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/<span class=\"_ _f\"></span>2024 </div></td><td></td></tr><tr><td></td><td class=\"c x588 y2a83 w384 h24b\"><div class=\"t m0 x39 h1f y1498 ff4 fs7 fc4 sc3 ls6c ws0\">VB<span class=\"ls0\"> </span></div></td><td></td><td class=\"c x58a y2a85 w402 hbc\"><div class=\"t m0 x12 h1f y66c ff4 fs7 fc4 sc3 ls0 ws0\">Fair<span class=\"_ _f\"></span> Value </div></td><td></td><td class=\"c x589 y2a83 w8c h24b\"><div class=\"t m0 x39 h1f y1498 ff4 fs7 fc4 sc3 ls6c ws0\">VB<span class=\"ls0\"> </span></div></td><td class=\"c x514 y2a85 w403 hbc\" colspan=\"2\"><div class=\"t m0 x30 h1f y66c ff4 fs7 fc4 sc3 ls0 ws0\">Fair<span class=\"_ _f\"></span> Value </div></td><td></td></tr><tr><td></td><td></td><td class=\"c x58a y2a83 w404 h4e\"><div class=\"t m0 x8e h1f y71 ff4 fs7 fc4 sc3 lsc7 ws0\">L1<span class=\"ls0\"> </span></div></td><td class=\"c x58b y2a83 w405 h4e\"><div class=\"t m0 x48 h1f y71 ff4 fs7 fc4 sc3 lsc7 ws0\">L2<span class=\"ls0\"> </span></div></td><td class=\"c x58c y2a83 w1ca h4e\"><div class=\"t m0 x55 h1f y71 ff4 fs7 fc4 sc3 lsc7 ws0\">L3<span class=\"ls0\"> </span></div></td><td></td><td class=\"c x514 y2a83 w406 h4e\"><div class=\"t m0 xac h1f y71 ff4 fs7 fc4 sc3 lsc7 ws0\">L1<span class=\"ls0\"> </span></div></td><td class=\"c x58d y2a83 w1b2 h4e\"><div class=\"t m0 x39 h1f y71 ff4 fs7 fc4 sc3 lsc7 ws0\">L2<span class=\"ls0\"> </span></div></td><td class=\"c x58e y2a83 w2be h4e\"><div class=\"t m0 x2a h1f y71 ff4 fs7 fc4 sc3 lsc7 ws0\">L3<span class=\"ls0\"> </span></div></td></tr><tr><td class=\"c x44e y2a86 w407 h8a\"><div class=\"t m0 x10 h1f y153d ff4 fs7 fc1 sc2 ls0 ws0\">1. De<span class=\"_ _1\"></span>biti v<span class=\"_ _f\"></span>erso ba<span class=\"_ _f\"></span>nche cen<span class=\"_ _f\"></span>trali </div></td><td class=\"c x588 y2a86 w408 h8a\"><div class=\"t m0 x2e h1f y153d ff4 fs7 fc1 sc2 ls0 ws0\">700.3<span class=\"_ _f\"></span>34 </div></td><td class=\"c x58a y2a86 w409 h8a\"><div class=\"t m0 x2f h1f y153d ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x58b y2a86 w2b0 h8a\"><div class=\"t m0 x33 h1f y153d ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x58c y2a86 w1ca h8a\"><div class=\"t m0 x14 h1f y153d ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x589 y2a86 w130 h8a\"><div class=\"t m0 x55 h1f y153d ff4 fs7 fc1 sc2 ls0 ws0\">500.<span class=\"_ _1\"></span>044<span class=\"_ _f\"></span> </div></td><td class=\"c x514 y2a86 w40a h8a\"><div class=\"t m0 xac h1f y153d ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x58d y2a86 w162 h8a\"><div class=\"t m0 x48 h1f y153d ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x58e y2a86 w169 h8a\"><div class=\"t m0 x55 h1f y153d ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td></tr><tr><td class=\"c x44e y2a87 w40b hc8\"><div class=\"t m0 x10 h1f y28b ff4 fs7 fc1 sc2 ls2a ws0\">2.<span class=\"ls0\"> De<span class=\"_ _1\"></span>biti v<span class=\"_ _1\"></span>erso<span class=\"_ _1\"></span> ban<span class=\"_ _f\"></span>che</span><span class=\"ls0\"> </span></div></td><td class=\"c x588 y2a87 w408 hc8\"><div class=\"t m0 x8e h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">2.419<span class=\"_ _f\"></span>.685 </div></td><td class=\"c x58a y2a87 w409 hc8\"><div class=\"t m0 x2f h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x58b y2a87 w2b0 hc8\"><div class=\"t m0 x33 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x58c y2a87 w1ca hc8\"><div class=\"t m0 x14 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x589 y2a87 w130 hc8\"><div class=\"t m0 x2f h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">5.044<span class=\"_ _1\"></span>.513<span class=\"_ _f\"></span> </div></td><td class=\"c x514 y2a87 w40a hc8\"><div class=\"t m0 xac h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x58d y2a87 w162 hc8\"><div class=\"t m0 x48 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x58e y2a87 w169 hc8\"><div class=\"t m0 x55 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td></tr><tr><td class=\"c x44e y2a88 w40b h69\"><div class=\"t m0 x8e h1f y5b ff4 fs7 fc1 sc0 ls0 ws0\">2.1 Conti corrent<span class=\"_ _1\"></span>i e depositi a v<span class=\"_ _1\"></span>ista </div></td><td class=\"c x588 y2a88 w408 h69\"><div class=\"t m0 x14 h1f y5b ff4 fs7 fc1 sc0 ls0 ws0\">18.983 </div></td><td class=\"c x58a y2a88 w409 h69\"><div class=\"t m0 x2f h1f y5b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x58b y2a88 w2b0 h69\"><div class=\"t m0 x33 h1f y5b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x58c y2a88 w1ca h69\"><div class=\"t m0 x14 h1f y5b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x589 y2a88 w130 h69\"><div class=\"t m0 x48 h1f y5b ff4 fs7 fc1 sc0 ls0 ws0\">74.766 </div></td><td class=\"c x514 y2a88 w40a h69\"><div class=\"t m0 xac h1f y5b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x58d y2a88 w162 h69\"><div class=\"t m0 x48 h1f y5b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x58e y2a88 w169 h69\"><div class=\"t m0 x55 h1f y5b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td></tr><tr><td class=\"c x44e y2a89 w40b h69\"><div class=\"t m0 x8e h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">2.2 Depositi a scade<span class=\"_ _f\"></span>nza </div></td><td class=\"c x588 y2a89 w408 h69\"><div class=\"t m0 x35 h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">2.755 </div></td><td class=\"c x58a y2a89 w409 h69\"><div class=\"t m0 x2f h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x58b y2a89 w2b0 h69\"><div class=\"t m0 x33 h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x58c y2a89 w1ca h69\"><div class=\"t m0 x14 h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x589 y2a89 w130 h69\"><div class=\"t m0 x35 h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">2.260 </div></td><td class=\"c x514 y2a89 w40a h69\"><div class=\"t m0 xac h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x58d y2a89 w162 h69\"><div class=\"t m0 x48 h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x58e y2a89 w169 h69\"><div class=\"t m0 x55 h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td></tr><tr><td class=\"c x44e y2a8a w40b h69\"><div class=\"t m0 x8e h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">2.3 Finanziament<span class=\"_ _1\"></span>i </div></td><td class=\"c x588 y2a8a w408 h69\"><div class=\"t m0 xac h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">2.394.702 </div></td><td class=\"c x58a y2a8a w409 h69\"><div class=\"t m0 x2f h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x58b y2a8a w2b0 h69\"><div class=\"t m0 x33 h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x58c y2a8a w1ca h69\"><div class=\"t m0 x14 h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x589 y2a8a w130 h69\"><div class=\"t m0 xac h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">4.965.062 </div></td><td class=\"c x514 y2a8a w40a h69\"><div class=\"t m0 xac h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x58d y2a8a w162 h69\"><div class=\"t m0 x48 h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x58e y2a8a w169 h69\"><div class=\"t m0 x55 h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td></tr><tr><td class=\"c x44e y2a8b w40b h6a\"><div class=\"t m0 x55 h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">2.3.1 Pronti contr<span class=\"_ _f\"></span>o<span class=\"_ _2\"></span> termine p<span class=\"_ _f\"></span>assivi </div></td><td class=\"c x588 y2a8b w408 h6a\"><div class=\"t m0 xab h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">2.388.386 </div></td><td class=\"c x58a y2a8b w409 h6a\"><div class=\"t m0 x2f h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x58b y2a8b w2b0 h6a\"><div class=\"t m0 x33 h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x58c y2a8b w1ca h6a\"><div class=\"t m0 x14 h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x589 y2a8b w130 h6a\"><div class=\"t m0 xac h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">4.954.536 </div></td><td class=\"c x514 y2a8b w40a h6a\"><div class=\"t m0 xac h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x58d y2a8b w162 h6a\"><div class=\"t m0 x48 h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x58e y2a8b w169 h6a\"><div class=\"t m0 x55 h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td></tr><tr><td class=\"c x44e y2a8c w40b h69\"><div class=\"t m0 x55 h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">2.3.2 Altri </div></td><td class=\"c x588 y2a8c w408 h69\"><div class=\"t m0 x2c h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">6.316 </div></td><td class=\"c x58a y2a8c w409 h69\"><div class=\"t m0 x2f h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x58b y2a8c w2b0 h69\"><div class=\"t m0 x33 h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x58c y2a8c w1ca h69\"><div class=\"t m0 x14 h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x589 y2a8c w130 h69\"><div class=\"t m0 x33 h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">10.526 </div></td><td class=\"c x514 y2a8c w40a h69\"><div class=\"t m0 xac h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x58d y2a8c w162 h69\"><div class=\"t m0 x48 h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x58e y2a8c w169 h69\"><div class=\"t m0 x55 h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td></tr><tr><td class=\"c x58f y2a8d wbb6 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">2.4 Debiti per <span class=\"_ _1\"></span>impegni di riacquis<span class=\"_ _1\"></span>to di<span class=\"_ _df\"> </span></div></td><td class=\"c x588 y2a8e w408 had\"><div class=\"t m0 x13 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x58a y2a8e w409 had\"><div class=\"t m0 x2f h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x58b y2a8e w2b0 had\"><div class=\"t m0 x33 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x58c y2a8e w1ca had\"><div class=\"t m0 x14 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x589 y2a8e w130 had\"><div class=\"t m0 x96 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x514 y2a8e w40a had\"><div class=\"t m0 xac h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x58d y2a8e w162 had\"><div class=\"t m0 x48 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x58e y2a8e w169 had\"><div class=\"t m0 x55 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td></tr><tr><td class=\"c x58f y2a8f wbb7 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">propri strumen<span class=\"_ _1\"></span>ti patrimoniali<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x44e y2a90 w40b h69\"><div class=\"t m0 x8e h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">2.5 Debiti per lea<span class=\"_ _1\"></span>sing </div></td><td class=\"c x588 y2a90 w408 h69\"><div class=\"t m0 x13 h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x58a y2a90 w409 h69\"><div class=\"t m0 x2f h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x58b y2a90 w2b0 h69\"><div class=\"t m0 x33 h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x58c y2a90 w1ca h69\"><div class=\"t m0 x14 h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x589 y2a90 w130 h69\"><div class=\"t m0 x96 h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x514 y2a90 w40a h69\"><div class=\"t m0 xac h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x58d y2a90 w162 h69\"><div class=\"t m0 x48 h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x58e y2a90 w169 h69\"><div class=\"t m0 x55 h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td></tr><tr><td class=\"c x44e y2a91 w40b h69\"><div class=\"t m0 x8e h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">2.6 Altri debiti </div></td><td class=\"c x588 y2a91 w408 h69\"><div class=\"t m0 x32 h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">3.245 </div></td><td class=\"c x58a y2a91 w409 h69\"><div class=\"t m0 x2f h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x58b y2a91 w2b0 h69\"><div class=\"t m0 x33 h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x58c y2a91 w1ca h69\"><div class=\"t m0 x14 h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x589 y2a91 w130 h69\"><div class=\"t m0 x2c h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">2.425 </div></td><td class=\"c x514 y2a91 w40a h69\"><div class=\"t m0 xac h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x58d y2a91 w162 h69\"><div class=\"t m0 x48 h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x58e y2a91 w169 h69\"><div class=\"t m0 x55 h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td></tr><tr><td class=\"c x44e y2a92 w40b h69\"><div class=\"t m0 xd8 h1f y302 ff4 fs7 fc1 sc2 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale </div></td><td class=\"c x588 y2a92 w408 h69\"><div class=\"t m0 x16a h1f y302 ff4 fs7 fc1 sc2 ls0 ws0\">3.12<span class=\"_ _1\"></span>0.019<span class=\"_ _f\"></span> </div></td><td class=\"c x58a y2a92 w409 h69\"><div class=\"t m0 x16a h1f y302 ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td><td class=\"c x58b y2a92 w2b0 h69\"><div class=\"t m0 x8e h1f y302 ff4 fs7 fc1 sc2 ls0 ws0\">2.38<span class=\"_ _1\"></span>8.3<span class=\"_ _1\"></span>86 </div></td><td class=\"c x58c y2a92 w1ca h69\"><div class=\"t m0 x16a h1f y302 ff4 fs7 fc1 sc2 ls0 ws0\">731.6<span class=\"_ _f\"></span>34 </div></td><td class=\"c x589 y2a92 w130 h69\"><div class=\"t m0 x2f h1f y302 ff4 fs7 fc1 sc2 ls0 ws0\">5.54<span class=\"_ _f\"></span>4.557 </div></td><td class=\"c x514 y2a92 w40a h69\"><div class=\"t m0 x8e h1f y302 ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td><td class=\"c x58d y2a92 w162 h69\"><div class=\"t m0 xab h1f y302 ff4 fs7 fc1 sc2 ls0 ws0\">4.954.<span class=\"_ _f\"></span>536 </div></td><td class=\"c x58e y2a92 w169 h69\"><div class=\"t m0 x10 h1f y302 ff4 fs7 fc1 sc2 ls0 ws0\">590.<span class=\"_ _f\"></span>020 </div></td></tr></table>Totale 3120019 5544555 Lege<span class=\"_ _f\"></span>nda: VB= Valore di bi<span class=\"_ _1\"></span>lancio L1= Livello 1 L2= Livello 2 L3= Livello 3 I debiti sono iscritti al loro valore nominale,<span class=\"_ _1\"></span> corrispondente al loro fair value.<span class=\"_ _2\"></span> I debiti verso banche sono rappr<span class=\"_ _2\"></span>esentati princip<span class=\"_ _1\"></span>almente da d<span class=\"_ _2\"></span>ebiti a vista a tasso <span class=\"_ _2\"></span>variabile<span class=\"_ _1\"></span>, e non <span class=\"_ _2\"></span>\u00e8<span class=\"_ _1\"></span> stata posta in essere alcun tipo di cope<span class=\"_ _1\"></span>rtura. <span class=\"_ _2\"></span><span class=\"sc2\"> </span>La voce <span class=\"_ _1\"></span>\u201c<span class=\"ff4\">1. Debiti </span>verso banc<span class=\"_ _1\"></span>he centrali\u201d acc<span class=\"_ _1\"></span>oglie le<span class=\"_ _1\"></span> operazioni di <span class=\"_ _f\"></span>r<span class=\"_ _2\"></span>ifinanziamento eff<span class=\"_ _1\"></span>ettuat<span class=\"_ _2\"></span><span class=\"ff4\">e con <span class=\"_ _1\"></span>la </span>Banca C<span class=\"_ _2\"></span>entrale Europea; <span class=\"_ _2\"></span>l<span class=\"ff5\">\u2019importo <span class=\"_ _2\"></span>complessivo <span class=\"_ _2\"></span>del finanziament<span class=\"_ _2\"></span>o con <span class=\"_ _2\"></span>BCE <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>fine dicembre <span class=\"_ _2\"></span>2025 </span>\u00e8 <span class=\"_ _4\"> </span>pari <span class=\"_ _4\"> </span>a <span class=\"_ _4\"> </span>7<span class=\"_ _2\"></span>00 <span class=\"_ _4\"> </span>milioni <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>euro <span class=\"_ _4\"> </span>e <span class=\"_ _4\"> </span>deriva <span class=\"_ _4\"> </span>da <span class=\"_ _4\"> </span>un\u2019operazione <span class=\"_ _17\"> </span>di <span class=\"_ _4\"> </span>rifinanziamento <span class=\"_ _4\"> </span>principale <span class=\"_ _4\"> </span>\u201cMRO\u201d settimanale<span class=\"_ _df\"> </span>1.2 P<span class=\"_ _1\"></span>assivi<span class=\"_ _1\"></span>t\u00e0 fi<span class=\"_ _1\"></span>nanzia<span class=\"_ _f\"></span>rie valut<span class=\"_ _f\"></span>ate al co<span class=\"_ _1\"></span>sto <span class=\"_ _1\"></span>amm<span class=\"_ _f\"></span>ortizzato<span class=\"_ _f\"></span>: compos<span class=\"_ _f\"></span>izione me<span class=\"_ _1\"></span>rceo<span class=\"_ _f\"></span>logica de<span class=\"_ _1\"></span>i debi<span class=\"_ _1\"></span>ti ve<span class=\"_ _1\"></span>rso<span class=\"_ _f\"></span> clientela<table class=\"s wbb8 h4f6\" id=\"_2c73ff23-ca4c-4079-9a5b-5571f7b0497f\"><tr><td class=\"c x44e y2a93 w40e h27f\"><div class=\"t m0 x97 h1f y1712 ff4 fs7 fc4 sc3 ls0 ws0\">Tipol<span class=\"_ _f\"></span>ogia op<span class=\"_ _f\"></span>erazion<span class=\"_ _1\"></span>i/Va<span class=\"_ _1\"></span>lori </div></td><td></td><td></td><td class=\"c x590 y2a94 w40f h148\" colspan=\"2\"><div class=\"t m0 x49 h1f y825 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/<span class=\"_ _f\"></span>2025 </div></td><td class=\"c x590 y2a95 w40f h148\"><div class=\"t m0 xee h1f y32 ff4 fs7 fc4 sc3 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale  </div></td><td></td><td></td><td class=\"c x591 y2a94 w410 h148\"><div class=\"t m0 x1af h1f y825 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/<span class=\"_ _f\"></span>2024 </div></td><td class=\"c x591 y2a95 w410 h148\"><div class=\"t m0 x11f h1f y32 ff4 fs7 fc4 sc3 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale  </div></td><td></td></tr><tr><td></td><td></td><td class=\"c x590 y2a93 w384 h280\"><div class=\"t m0 x39 h1f yf81 ff4 fs7 fc4 sc3 ls6c ws0\">VB<span class=\"ls0\"> </span></div></td><td class=\"c x592 y2a96 w411 h148\" colspan=\"2\"><div class=\"t m0 x38 h1f y80 ff4 fs7 fc4 sc3 ls0 ws0\">Fair<span class=\"_ _f\"></span> Value </div></td><td></td><td class=\"c x593 y2a93 w197 h280\"><div class=\"t m0 x39 h1f yf81 ff4 fs7 fc4 sc3 ls6c ws0\">VB<span class=\"ls0\"> </span></div></td><td></td><td class=\"c x594 y2a96 w2c4 h148\"><div class=\"t m0 x31 h1f y80 ff4 fs7 fc4 sc3 ls0 ws0\">Fair<span class=\"_ _f\"></span> Value </div></td><td></td></tr><tr><td></td><td></td><td></td><td class=\"c x592 y2a93 w412 h148\"><div class=\"t m0 x10 h1f y80 ff4 fs7 fc4 sc3 lsc7 ws0\">L1<span class=\"ls0\"> </span></div></td><td class=\"c x595 y2a93 w2e8 h148\"><div class=\"t m0 x55 h1f y80 ff4 fs7 fc4 sc3 lsc7 ws0\">L2<span class=\"ls0\"> </span></div></td><td class=\"c x596 y2a93 w179 h148\"><div class=\"t m0 x130 h1f y80 ff4 fs7 fc4 sc3 lsc7 ws0\">L3<span class=\"ls0\"> </span></div></td><td></td><td class=\"c x597 y2a93 w413 h148\"><div class=\"t m0 x163 h1f y80 ff4 fs7 fc4 sc3 lsc7 ws0\">L1<span class=\"ls0\"> </span></div></td><td class=\"c x598 y2a93 w2a8 h148\"><div class=\"t m0 x55 h1f y80 ff4 fs7 fc4 sc3 lsc7 ws0\">L2<span class=\"ls0\"> </span></div></td><td class=\"c x599 y2a93 w408 h148\"><div class=\"t m0 x14 h1f y80 ff4 fs7 fc4 sc3 lsc7 ws0\">L3<span class=\"ls0\"> </span></div></td></tr><tr><td class=\"c x44e y2a97 w414 hf\"><div class=\"t m0 x10 h1f y25c ff4 fs7 fc1 sc0 ls0 ws0\">1. Conti corrent<span class=\"_ _1\"></span>i e depositi a vist<span class=\"_ _1\"></span>a </div></td><td></td><td class=\"c x590 y2a97 w190 hf\"><div class=\"t m0 x10 h1f y25c ff4 fs7 fc1 sc0 ls0 ws0\">34.934.847 </div></td><td class=\"c x592 y2a97 w415 hf\"><div class=\"t m0 x10 h1f y25c ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x595 y2a97 w2f0 hf\"><div class=\"t m0 x39 h1f y25c ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x596 y2a97 w179 hf\"><div class=\"t m0 x14 h1f y25c ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x591 y2a97 w190 hf\"><div class=\"t m0 x10 h1f y25c ff4 fs7 fc1 sc0 ls0 ws0\">32.845.465 </div></td><td class=\"c x594 y2a97 w416 hf\"><div class=\"t m0 x10 h1f y25c ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x598 y2a97 w1c3 hf\"><div class=\"t m0 x39 h1f y25c ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x599 y2a97 w237 hf\"><div class=\"t m0 x33 h1f y25c ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td></tr><tr><td class=\"c x44e y2a98 w414 ha4\"><div class=\"t m0 x10 h1f y5b ff4 fs7 fc1 sc0 ls0 ws0\">2. Depositi a scade<span class=\"_ _1\"></span>nza </div></td><td></td><td class=\"c x590 y2a98 w190 ha4\"><div class=\"t m0 x8e h1f y5b ff4 fs7 fc1 sc0 ls0 ws0\">5.649.451 </div></td><td class=\"c x592 y2a98 w415 ha4\"><div class=\"t m0 x10 h1f y5b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x595 y2a98 w2f0 ha4\"><div class=\"t m0 x39 h1f y5b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x596 y2a98 w179 ha4\"><div class=\"t m0 x14 h1f y5b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x591 y2a98 w190 ha4\"><div class=\"t m0 xac h1f y5b ff4 fs7 fc1 sc0 ls0 ws0\">5.833.720 </div></td><td class=\"c x594 y2a98 w416 ha4\"><div class=\"t m0 x10 h1f y5b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x598 y2a98 w1c3 ha4\"><div class=\"t m0 x39 h1f y5b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x599 y2a98 w237 ha4\"><div class=\"t m0 x33 h1f y5b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td></tr><tr><td class=\"c x44e y2a99 w414 hf\"><div class=\"t m0 x10 h1f y5b ff4 fs7 fc1 sc0 ls0 ws0\">3. Finanziamenti<span class=\"_ _1\"></span> </div></td><td></td><td class=\"c x590 y2a99 w190 hf\"><div class=\"t m0 x8e h1f y5b ff4 fs7 fc1 sc0 ls0 ws0\">1.863.905 </div></td><td class=\"c x592 y2a99 w415 hf\"><div class=\"t m0 x10 h1f y5b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x595 y2a99 w2f0 hf\"><div class=\"t m0 x39 h1f y5b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x596 y2a99 w179 hf\"><div class=\"t m0 x14 h1f y5b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x591 y2a99 w190 hf\"><div class=\"t m0 x2f h1f y5b ff4 fs7 fc1 sc0 ls0 ws0\">2.400.311 </div></td><td class=\"c x594 y2a99 w416 hf\"><div class=\"t m0 x10 h1f y5b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x598 y2a99 w1c3 hf\"><div class=\"t m0 x39 h1f y5b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x599 y2a99 w237 hf\"><div class=\"t m0 x33 h1f y5b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td></tr><tr><td class=\"c x44e y2a9a w414 hf\"><div class=\"t m0 x8e h1f y25c ff4 fs7 fc1 sc0 ls0 ws0\">3.1 Pronti contro te<span class=\"_ _f\"></span>rmine passivi </div></td><td></td><td class=\"c x590 y2a9a w190 hf\"><div class=\"t m0 x8e h1f y25c ff4 fs7 fc1 sc0 ls0 ws0\">1.330.338 </div></td><td class=\"c x592 y2a9a w415 hf\"><div class=\"t m0 x10 h1f y25c ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x595 y2a9a w2f0 hf\"><div class=\"t m0 x39 h1f y25c ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x596 y2a9a w179 hf\"><div class=\"t m0 x14 h1f y25c ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x591 y2a9a w190 hf\"><div class=\"t m0 x8e h1f y25c ff4 fs7 fc1 sc0 ls0 ws0\">1.853.665 </div></td><td class=\"c x594 y2a9a w416 hf\"><div class=\"t m0 x10 h1f y25c ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x598 y2a9a w1c3 hf\"><div class=\"t m0 x39 h1f y25c ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x599 y2a9a w237 hf\"><div class=\"t m0 x33 h1f y25c ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td></tr><tr><td class=\"c x44e y2a9b w414 ha4\"><div class=\"t m0 x8e h1f y5b ff4 fs7 fc1 sc0 ls0 ws0\">3.2 Altri </div></td><td></td><td class=\"c x590 y2a9b w190 ha4\"><div class=\"t m0 x55 h1f y5b ff4 fs7 fc1 sc0 ls0 ws0\">533.567 </div></td><td class=\"c x592 y2a9b w415 ha4\"><div class=\"t m0 x10 h1f y5b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x595 y2a9b w2f0 ha4\"><div class=\"t m0 x39 h1f y5b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x596 y2a9b w179 ha4\"><div class=\"t m0 x14 h1f y5b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x591 y2a9b w190 ha4\"><div class=\"t m0 x2e h1f y5b ff4 fs7 fc1 sc0 ls0 ws0\">546.646 </div></td><td class=\"c x594 y2a9b w416 ha4\"><div class=\"t m0 x10 h1f y5b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x598 y2a9b w1c3 ha4\"><div class=\"t m0 x39 h1f y5b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x599 y2a9b w237 ha4\"><div class=\"t m0 x33 h1f y5b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td></tr><tr><td class=\"c x262 y2a9c wbb9 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">4. Debiti per impe<span class=\"_ _1\"></span>gni di riacquisto<span class=\"_ _1\"></span> di<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x590 y2a9d w190 had\"><div class=\"t m0 x11 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x592 y2a9d w415 had\"><div class=\"t m0 x10 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x595 y2a9d w2f0 had\"><div class=\"t m0 x39 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x596 y2a9d w179 had\"><div class=\"t m0 x14 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x591 y2a9d w190 had\"><div class=\"t m0 x11 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x594 y2a9d w416 had\"><div class=\"t m0 x10 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x598 y2a9d w1c3 had\"><div class=\"t m0 x39 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x599 y2a9d w237 had\"><div class=\"t m0 x33 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td></tr><tr><td class=\"c x262 y2a9e wbba h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">propri strumenti p<span class=\"_ _f\"></span>at<span class=\"_ _2\"></span>rim<span class=\"_ _1\"></span>oniali<span class=\"_ _df\"> </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 x44e y2a9f w414 hf\"><div class=\"t m0 x10 h1f y25c ff4 fs7 fc1 sc0 ls0 ws0\">5. Debiti per lea<span class=\"_ _1\"></span>sing </div></td><td></td><td class=\"c x590 y2a9f w190 hf\"><div class=\"t m0 x55 h1f y25c ff4 fs7 fc1 sc0 ls0 ws0\">128.400 </div></td><td class=\"c x592 y2a9f w415 hf\"><div class=\"t m0 x10 h1f y25c ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x595 y2a9f w2f0 hf\"><div class=\"t m0 x39 h1f y25c ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x596 y2a9f w179 hf\"><div class=\"t m0 x14 h1f y25c ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x591 y2a9f w190 hf\"><div class=\"t m0 x39 h1f y25c ff4 fs7 fc1 sc0 ls0 ws0\">131.567 </div></td><td class=\"c x594 y2a9f w416 hf\"><div class=\"t m0 x10 h1f y25c ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x598 y2a9f w1c3 hf\"><div class=\"t m0 x39 h1f y25c ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x599 y2a9f w237 hf\"><div class=\"t m0 x33 h1f y25c ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td></tr><tr><td class=\"c x44e y2aa0 w414 ha3\"><div class=\"t m0 x10 h1f y5b ff4 fs7 fc1 sc0 ls0 ws0\">5. Altri debiti<span class=\"_ _1\"></span> </div></td><td></td><td class=\"c x590 y2aa0 w190 ha3\"><div class=\"t m0 x130 h1f y5b ff4 fs7 fc1 sc0 ls0 ws0\">271.320 </div></td><td class=\"c x592 y2aa0 w415 ha3\"><div class=\"t m0 x10 h1f y5b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x595 y2aa0 w2f0 ha3\"><div class=\"t m0 x39 h1f y5b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x596 y2aa0 w179 ha3\"><div class=\"t m0 x14 h1f y5b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x591 y2aa0 w190 ha3\"><div class=\"t m0 x55 h1f y5b ff4 fs7 fc1 sc0 ls0 ws0\">281.904 </div></td><td class=\"c x594 y2aa0 w416 ha3\"><div class=\"t m0 x10 h1f y5b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x598 y2aa0 w1c3 ha3\"><div class=\"t m0 x39 h1f y5b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x599 y2aa0 w237 ha3\"><div class=\"t m0 x33 h1f y5b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td></tr><tr><td></td><td class=\"c x44e y2aa1 w414 h6d\"><div class=\"t m0 x14d h1f y394 ff4 fs7 fc1 sc2 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale  </div></td><td class=\"c x590 y2aa1 w190 h6d\"><div class=\"t m0 x10 h1f y394 ff4 fs7 fc1 sc2 ls0 ws0\">42.847<span class=\"_ _f\"></span>.923<span class=\"_ _1\"></span> </div></td><td class=\"c x592 y2aa1 w415 h6d\"><div class=\"t m0 xab h1f y394 ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td><td class=\"c x595 y2aa1 w2f0 h6d\"><div class=\"t m0 x10 h1f y394 ff4 fs7 fc1 sc2 ls0 ws0\">1.330.<span class=\"_ _1\"></span>33<span class=\"_ _1\"></span>8 </div></td><td class=\"c x596 y2aa1 w17d h6d\"><div class=\"t m0 x10 h1f y394 ff4 fs7 fc1 sc2 ls0 ws0\">41.517<span class=\"_ _f\"></span>.586 </div></td><td class=\"c x593 y2aa1 wbd h6d\"><div class=\"t m0 x8a h1f y394 ff4 fs7 fc1 sc2 ls0 ws0\">41.49<span class=\"_ _f\"></span>2.967<span class=\"_ _1\"></span> </div></td><td class=\"c x594 y2aa1 w416 h6d\"><div class=\"t m0 xab h1f y394 ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td><td class=\"c x598 y2aa1 w1c3 h6d\"><div class=\"t m0 x10 h1f y394 ff4 fs7 fc1 sc2 ls0 ws0\">1.853.<span class=\"_ _1\"></span>665<span class=\"_ _f\"></span> </div></td><td class=\"c x599 y2aa1 w237 h6d\"><div class=\"t m0 x10 h1f y394 ff4 fs7 fc1 sc2 ls0 ws0\">39.6<span class=\"_ _f\"></span>39.236<span class=\"_ _f\"></span> </div></td></tr></table>Lege<span class=\"_ _f\"></span>nda:<span class=\"_ _df\"> </span>VB= Valore di bi<span class=\"_ _1\"></span>lancio<span class=\"_ _df\"> </span>L1= Livello 1<span class=\"_ _df\"> </span>L2= Livello 2<span class=\"_ _df\"> </span>L3= Livello 3<span class=\"_ _df\"> </span>I debiti <span class=\"_ _2\"></span>sono <span class=\"_ _2\"></span>iscritti <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>loro valore <span class=\"_ _2\"></span>nominale, corr<span class=\"_ _2\"></span>ispondente<span class=\"_ _1\"></span> <span class=\"_ _2\"></span>al lo<span class=\"_ _2\"></span>ro <span class=\"_ _2\"></span>fair <span class=\"_ _2\"></span>value<span class=\"_ _1\"></span> <span class=\"_ _2\"></span>e il <span class=\"_ _2\"></span>livello <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>fair valu<span class=\"_ _2\"></span>e<span class=\"_ _df\"> </span>attribuito risulta essere <span class=\"_ _1\"></span>pari a 3, <span class=\"_ _1\"></span>ad eccezione d<span class=\"_ _1\"></span>el livello di fai<span class=\"_ _1\"></span>r value dei <span class=\"_ _1\"></span>pronti contro termine a cui<span class=\"_ _df\"> </span>\u00e8 attributo il valore 2.<span class=\"_ _df\"> </span>Nella voce<span class=\"_ _1\"></span> Debiti p<span class=\"_ _1\"></span>er leasing \u00e8<span class=\"_ _1\"></span> ricompreso, ai<span class=\"_ _f\"></span> sensi del p<span class=\"_ _1\"></span>rincipio IFRS<span class=\"_ _1\"></span>16, il Deb<span class=\"_ _1\"></span>ito per <span class=\"_ _1\"></span>leasing (L<span class=\"_ _1\"></span>ease<span class=\"_ _df\"> </span>Liability), pari <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>valore att<span class=\"_ _2\"></span>uale dei <span class=\"_ _2\"></span>canoni previsti <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>non ancor<span class=\"_ _2\"></span>a pagati <span class=\"_ _2\"></span>dei beni <span class=\"_ _2\"></span>oggetti <span class=\"_ _2\"></span>di contr<span class=\"_ _2\"></span>atti<span class=\"_ _df\"> </span>di leasing operativo.<span class=\"_ _df\"> </span>La <span class=\"_ _22\"> </span>principale <span class=\"_ _22\"> </span>novit\u00e0 <span class=\"_ _4\"> </span>introdotta <span class=\"_ _22\"> </span>dal <span class=\"_ _4\"> </span>principio  \u00e8 <span class=\"_ _22\"> </span>r<span class=\"_ _2\"></span>appresentata<span class=\"_ _1\"></span> <span class=\"_ _22\"> </span>dalla <span class=\"_ _4\"> </span>modifica  delle <span class=\"_ _4\"> </span>modalit\u00e0  di<span class=\"_ _df\"> </span>contabilizzazione <span class=\"_ _17\"> </span>delle <span class=\"_ _4\"> </span>o<span class=\"_ _2\"></span>perazioni <span class=\"_ _17\"> </span>di <span class=\"_ _17\"> </span>leasing <span class=\"_ _17\"> </span>operativo <span class=\"_ _17\"> </span>nel <span class=\"_ _14\"> </span>bilancio <span class=\"_ _17\"> </span>del <span class=\"_ _17\"> </span>locatario/utilizzatore,<span class=\"_ _df\"> </span>attraverso <span class=\"_ _2\"></span>l\u2019introduzione<span class=\"_ _1\"></span> <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>un unico <span class=\"_ _2\"></span>modello d<span class=\"_ _2\"></span>i contabili<span class=\"_ _2\"></span><span class=\"ff4\">zzazione <span class=\"_ _2\"></span>dei cont<span class=\"_ _2\"></span>ratti di <span class=\"_ _2\"></span>leasing <span class=\"_ _2\"></span>da parte<span class=\"_ _df\"> </span></span>del locatario siano essi classificati come leasing ope<span class=\"_ _1\"></span>rativi o finanziari. I debiti <span class=\"_ _2\"></span>verso <span class=\"_ _2\"></span>clientela sono <span class=\"_ _2\"></span>rappresentati <span class=\"_ _2\"></span>principalmente<span class=\"_ _1\"></span> <span class=\"_ _2\"></span>da d<span class=\"_ _2\"></span>ebiti a <span class=\"_ _2\"></span>vista <span class=\"_ _2\"></span>a tasso <span class=\"_ _2\"></span>variabile, e <span class=\"_ _2\"></span>non<span class=\"_ _df\"> </span>\u00e8  stata  p<span class=\"_ _1\"></span>osta  in <span class=\"_ _16\"> </span>essere <span class=\"_ _16\"> </span>alcun <span class=\"_ _16\"> </span>tipo  di <span class=\"_ _16\"> </span>copertura  speci<span class=\"_ _1\"></span>fica,  mentre  sono <span class=\"_ _9\"> </span>s<span class=\"_ _2\"></span>tate <span class=\"_ _16\"> </span>poste  in <span class=\"_ _9\"> </span>essere<span class=\"_ _df\"> </span>coperture di Macro Fair Value He<span class=\"_ _1\"></span>dge delle poste a vista, cos\u00ec co<span class=\"_ _1\"></span>me descritto nell<span class=\"_ _1\"></span>a parte E, sezione<span class=\"_ _df\"> </span>1.3.2. della presente nota. Si <span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>egnala <span class=\"_ _2\"></span>che, <span class=\"_ _d\"></span>a <span class=\"_ _d\"></span>seguito <span class=\"_ _2\"></span>delle <span class=\"_ _d\"></span>modifiche <span class=\"_ _d\"></span>apportate <span class=\"_ _d\"></span>al <span class=\"_ _2\"></span>funzionamento<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>del <span class=\"_ _2\"></span>mercato <span class=\"_ _d\"></span>interbancario<span class=\"_ _df\"> </span>collateralizzato, <span class=\"_ _2\"></span>con <span class=\"_ _2\"></span>cons<span class=\"_ _2\"></span>eguente <span class=\"_ _2\"></span>trasferimento <span class=\"_ _d\"></span>alla <span class=\"_ _2\"></span>Cassa <span class=\"_ _d\"></span>di <span class=\"_ _2\"></span>Compensazione <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>Gar<span class=\"_ _2\"></span>anzia <span class=\"_ _2\"></span>ed <span class=\"_ _2\"></span>alla<span class=\"_ _df\"> </span>Monte <span class=\"_ _2\"></span>Titoli <span class=\"_ _d\"></span>delle <span class=\"_ _d\"></span>funzioni <span class=\"_ _d\"></span>finora <span class=\"_ _d\"></span>svolte <span class=\"_ _d\"></span>dalla <span class=\"_ _2\"></span>Banca <span class=\"_ _d\"></span>d\u2019Italia, <span class=\"_ _d\"></span>nella <span class=\"_ _d\"></span>voce <span class=\"_ _2\"></span>3.1 <span class=\"_ _d\"></span>\u201cPronti <span class=\"_ _d\"></span>contr<span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>termine<span class=\"_ _df\"> </span>passivi\u201d sono presenti i finanzi<span class=\"ff4\">amenti, per <span class=\"ls1\">1.</span>330,3 milioni di euro, ricevu<span class=\"_ _1\"></span>ti dal suddetto mercato.<span class=\"_ _df\"> </span></span>La <span class=\"_ _0\"></span>r<span class=\"_ _2\"></span>accolta <span class=\"_ _0\"></span>diretta <span class=\"_ _9\"> </span>bancaria <span class=\"_ _9\"> </span>da <span class=\"_ _9\"> </span>clientela <span class=\"_ _0\"></span>ha <span class=\"_ _9\"> </span>manifestat<span class=\"_ _2\"></span>o <span class=\"_ _0\"></span>un <span class=\"_ _9\"> </span>trend <span class=\"_ _0\"> </span>cr<span class=\"_ _2\"></span>escente <span class=\"_ _0\"></span>grazie <span class=\"_ _9\"> </span>al <span class=\"_ _9\"> </span>continuo<span class=\"_ _df\"> </span>sviluppo <span class=\"_ _0\"></span>commerciale <span class=\"_ _9\"> </span>e <span class=\"_ _9\"> </span>a <span class=\"_ _9\"> </span>testimonianza <span class=\"_ _9\"> </span>della <span class=\"_ _0\"> </span>pref<span class=\"_ _2\"></span>erenza <span class=\"_ _0\"></span>acc<span class=\"_ _2\"></span>ordata <span class=\"_ _0\"> </span>dalla <span class=\"_ _9\"> </span>clientela <span class=\"_ _9\"> </span>alle <span class=\"_ _9\"> </span>reti  del<span class=\"_ _df\"> </span>Gruppo.<span class=\"_ _df\"> </span>1.3 P<span class=\"_ _1\"></span>assi<span class=\"_ _1\"></span>vit\u00e0 fina<span class=\"_ _f\"></span>nziarie v<span class=\"_ _1\"></span>alut<span class=\"_ _1\"></span>ate <span class=\"_ _1\"></span>al cos<span class=\"_ _1\"></span>to a<span class=\"_ _f\"></span>mmortizz<span class=\"_ _1\"></span>ato:<span class=\"_ _1\"></span> com<span class=\"_ _1\"></span>posi<span class=\"_ _f\"></span>zione mer<span class=\"_ _1\"></span>ceo<span class=\"_ _1\"></span>logica<span class=\"_ _f\"></span> dei tito<span class=\"_ _f\"></span>li in circo<span class=\"_ _1\"></span>lazio<span class=\"_ _1\"></span>ne <table class=\"s wbbb h4f7\" id=\"_7f2d7305-5f69-4e94-987d-9ef28f907d26\"><tr><td></td><td></td><td></td><td></td><td class=\"c x59a y2aa2 w417 h4e\"><div class=\"t m0 x66 h1f y71 ff4 fs7 fc4 sc3 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale </div></td><td></td><td></td><td></td><td class=\"c x59b y2aa2 w418 h4e\"><div class=\"t m0 x66 h1f y71 ff4 fs7 fc4 sc3 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale </div></td><td></td></tr><tr><td></td><td></td><td></td><td class=\"c x59a y2aa3 w417 h4e\" colspan=\"2\"><div class=\"t m0 xe7 h1f y71 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/<span class=\"_ _f\"></span>2025 </div></td><td></td><td></td><td class=\"c x59b y2aa3 w418 h4e\" colspan=\"2\"><div class=\"t m0 xe7 h1f y71 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/<span class=\"_ _f\"></span>2024 </div></td><td></td></tr><tr><td class=\"c x44e y2aa4 w25b h281\"><div class=\"t m0 x37 h1f y1143 ff4 fs7 fc4 sc3 ls0 ws0\">Tipol<span class=\"_ _f\"></span>ogia tito<span class=\"_ _f\"></span>li/Valor<span class=\"_ _f\"></span>i </div></td><td></td><td class=\"c x59a y2aa4 w177 h282\"><div class=\"t m0 x55 h1f ycd3 ff4 fs7 fc4 sc3 ls6c ws0\">VB<span class=\"ls0\"> </span></div></td><td></td><td class=\"c x59c y2aa5 w22c h159\"><div class=\"t m0 x7 h1f y61e ff4 fs7 fc4 sc3 ls0 ws0\">Fair<span class=\"_ _f\"></span> Value </div></td><td></td><td class=\"c x59b y2aa4 w177 h282\"><div class=\"t m0 x55 h1f ycd3 ff4 fs7 fc4 sc3 ls6c ws0\">VB<span class=\"ls0\"> </span></div></td><td></td><td class=\"c x59d y2aa5 w419 h159\"><div class=\"t m0 x7 h1f y61e ff4 fs7 fc4 sc3 ls0 ws0\">Fair<span class=\"_ _f\"></span> Value </div></td><td></td></tr><tr><td></td><td></td><td></td><td class=\"c x59c y2aa4 w17c h159\"><div class=\"t m0 x39 h1f y61e ff4 fs7 fc4 sc3 lsc7 ws0\">L1<span class=\"ls0\"> </span></div></td><td class=\"c x59e y2aa4 w41a h159\"><div class=\"t m0 x55 h1f y61e ff4 fs7 fc4 sc3 lsc7 ws0\">L2<span class=\"ls0\"> </span></div></td><td class=\"c x59f y2aa4 w2af h159\"><div class=\"t m0 x55 h1f y61e ff4 fs7 fc4 sc3 lsc7 ws0\">L3<span class=\"ls0\"> </span></div></td><td></td><td class=\"c x594 y2aa4 w176 h159\"><div class=\"t m0 x39 h1f y61e ff4 fs7 fc4 sc3 lsc7 ws0\">L1<span class=\"ls0\"> </span></div></td><td class=\"c x533 y2aa4 w2af h159\"><div class=\"t m0 x55 h1f y61e ff4 fs7 fc4 sc3 lsc7 ws0\">L2<span class=\"ls0\"> </span></div></td><td class=\"c x5a0 y2aa4 w2bd h159\"><div class=\"t m0 x55 h1f y61e ff4 fs7 fc4 sc3 lsc7 ws0\">L3<span class=\"ls0\"> </span></div></td></tr><tr><td class=\"c x44e y2aa6 w41b hc8\"><div class=\"t m0 x10 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">A. Tit<span class=\"_ _f\"></span>oli </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 x44e y2aa7 w41b hc8\"><div class=\"t m0 x2f h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">1. obbligazioni </div></td><td></td><td class=\"c x59a y2aa7 w168 hc8\"><div class=\"t m0 x8a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">4.356.502 </div></td><td class=\"c x59c y2aa7 w168 hc8\"><div class=\"t m0 x8a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">4.077.260 </div></td><td class=\"c x59e y2aa7 w3b8 hc8\"><div class=\"t m0 x2f h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">415.347 </div></td><td class=\"c x59f y2aa7 w2af hc8\"><div class=\"t m0 x30 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x59b y2aa7 w168 hc8\"><div class=\"t m0 xab h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">4.233.961 </div></td><td class=\"c x59d y2aa7 w16e hc8\"><div class=\"t m0 x8a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">4.149.806</div></td><td class=\"c x533 y2aa7 w1bd hc8\"><div class=\"t m0 x8e h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">183.433 </div></td><td class=\"c x5a0 y2aa7 w3b8 hc8\"><div class=\"t m0 x30 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2aa8 w41b hc8\"><div class=\"t m0 x39 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">1.1 strutturate </div></td><td></td><td class=\"c x59a y2aa8 w168 hc8\"><div class=\"t m0 x16a h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">928.327 </div></td><td class=\"c x59c y2aa8 w168 hc8\"><div class=\"t m0 x2f h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">984.996 </div></td><td class=\"c x59e y2aa8 w3b8 hc8\"><div class=\"t m0 x30 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x59f y2aa8 w2af hc8\"><div class=\"t m0 x30 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x59b y2aa8 w168 hc8\"><div class=\"t m0 x116 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">927.585 </div></td><td class=\"c x59d y2aa8 w16e hc8\"><div class=\"t m0 x116 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">994.931 </div></td><td class=\"c x533 y2aa8 w1bd hc8\"><div class=\"t m0 x30 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5a0 y2aa8 w3b8 hc8\"><div class=\"t m0 x30 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2aa9 w41b hc8\"><div class=\"t m0 x39 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">1.2 altre </div></td><td></td><td class=\"c x59a y2aa9 w168 hc8\"><div class=\"t m0 xab h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">3.428.175 </div></td><td class=\"c x59c y2aa9 w168 hc8\"><div class=\"t m0 x8a h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">3.092.264 </div></td><td class=\"c x59e y2aa9 w3b8 hc8\"><div class=\"t m0 x2f h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">415.347 </div></td><td class=\"c x59f y2aa9 w2af hc8\"><div class=\"t m0 x30 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x59b y2aa9 w168 hc8\"><div class=\"t m0 x8a h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">3.306.376 </div></td><td class=\"c x59d y2aa9 w16e hc8\"><div class=\"t m0 xab h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">3.154.875 </div></td><td class=\"c x533 y2aa9 w1bd hc8\"><div class=\"t m0 x8e h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">183.433 </div></td><td class=\"c x5a0 y2aa9 w3b8 hc8\"><div class=\"t m0 x30 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2aaa w41b hc8\"><div class=\"t m0 x2f h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">2. altri titoli </div></td><td></td><td class=\"c x59a y2aaa w168 hc8\"><div class=\"t m0 x2e h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">162.012 </div></td><td class=\"c x59c y2aaa w168 hc8\"><div class=\"t m0 x36 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x59e y2aaa w3b8 hc8\"><div class=\"t m0 x30 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x59f y2aaa w2af hc8\"><div class=\"t m0 x116 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">162.012 </div></td><td class=\"c x59b y2aaa w168 hc8\"><div class=\"t m0 x55 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">211.194 </div></td><td class=\"c x59d y2aaa w16e hc8\"><div class=\"t m0 x36 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x533 y2aaa w1bd hc8\"><div class=\"t m0 x30 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5a0 y2aaa w3b8 hc8\"><div class=\"t m0 x2a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">211.194 </div></td></tr><tr><td class=\"c x44e y2aab w41b hc8\"><div class=\"t m0 x39 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">2.1 strutturate </div></td><td></td><td class=\"c x59a y2aab w168 hc8\"><div class=\"t m0 x36 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x59c y2aab w168 hc8\"><div class=\"t m0 x36 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x59e y2aab w3b8 hc8\"><div class=\"t m0 x30 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x59f y2aab w2af hc8\"><div class=\"t m0 x30 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x59b y2aab w168 hc8\"><div class=\"t m0 x36 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x59d y2aab w16e hc8\"><div class=\"t m0 x36 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x533 y2aab w1bd hc8\"><div class=\"t m0 x30 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5a0 y2aab w3b8 hc8\"><div class=\"t m0 x30 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2aac w41b hc8\"><div class=\"t m0 x39 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">2.2 altre </div></td><td></td><td class=\"c x59a y2aac w168 hc8\"><div class=\"t m0 x2e h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">162.012 </div></td><td class=\"c x59c y2aac w168 hc8\"><div class=\"t m0 x36 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x59e y2aac w3b8 hc8\"><div class=\"t m0 x30 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x59f y2aac w2af hc8\"><div class=\"t m0 x116 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">162.012 </div></td><td class=\"c x59b y2aac w168 hc8\"><div class=\"t m0 x55 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">211.194 </div></td><td class=\"c x59d y2aac w16e hc8\"><div class=\"t m0 x36 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x533 y2aac w1bd hc8\"><div class=\"t m0 x30 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5a0 y2aac w3b8 hc8\"><div class=\"t m0 x2a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">211.194 </div></td></tr><tr><td></td><td class=\"c x44e y2aad w41b h227\"><div class=\"t m0 xa1 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale </div></td><td class=\"c x59a y2aad w168 h227\"><div class=\"t m0 xac h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">4.51<span class=\"_ _1\"></span>8.514<span class=\"_ _f\"></span> </div></td><td class=\"c x59c y2aad w168 h227\"><div class=\"t m0 xab h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">4.077<span class=\"_ _1\"></span>.26<span class=\"_ _1\"></span>0 </div></td><td class=\"c x59e y2aad w3b8 h227\"><div class=\"t m0 x16a h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">415.3<span class=\"_ _f\"></span>47 </div></td><td class=\"c x59f y2aad w2af h227\"><div class=\"t m0 x116 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">162.<span class=\"_ _1\"></span>012<span class=\"_ _1\"></span> </div></td><td class=\"c x59b y2aad w168 h227\"><div class=\"t m0 xab h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">4.445<span class=\"_ _1\"></span>.155<span class=\"_ _f\"></span> </div></td><td class=\"c x59d y2aad w16e h227\"><div class=\"t m0 xab h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">4.149<span class=\"_ _f\"></span>.806 </div></td><td class=\"c x533 y2aad w1bd h227\"><div class=\"t m0 x2f h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">183.<span class=\"_ _1\"></span>433<span class=\"_ _1\"></span> </div></td><td class=\"c x5a0 y2aad w3b8 h227\"><div class=\"t m0 x2e h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">211.19<span class=\"_ _f\"></span>4 </div></td></tr></table>Lege<span class=\"_ _f\"></span>nda: VB= Valore di bi<span class=\"_ _1\"></span>lancio L1= Livello 1 L2= Livello 2 L3= Livello 3 Nella voce \u201caltri titoli\u201d sono classificati<span class=\"ff4\"> i certificati di deposito. </span>In <span class=\"_ _22\"> </span>relazione <span class=\"_ _4\"> </span>alle  attivit\u00e0 <span class=\"_ _4\"> </span>di  emissione <span class=\"_ _4\"> </span>di  str<span class=\"_ _2\"></span>umenti  obbligazionari, <span class=\"_ _4\"> </span>nel<span class=\"_ _1\"></span> <span class=\"_ _4\"> </span>mese  di <span class=\"_ _4\"> </span>maggio  2025, CredemHolding <span class=\"_ _2\"></span>S.p.A. <span class=\"_ _2\"></span>ha <span class=\"_ _d\"></span>collocato <span class=\"_ _d\"></span>uno <span class=\"_ _2\"></span>strumento <span class=\"_ _d\"></span>subordinato Ti<span class=\"ls0\">er <span class=\"_ _2\"></span>2</span> <span class=\"_ _2\"></span>per <span class=\"_ _d\"></span>nominali <span class=\"_ _2\"></span>200 <span class=\"_ _d\"></span>milioni <span class=\"_ _2\"></span>di euro <span class=\"_ _19\"> </span>con <span class=\"_ _19\"> </span>scadenza <span class=\"_ _19\"> </span>maggio <span class=\"_ _19\"> </span>2037 <span class=\"_ _19\"> </span>e <span class=\"_ _19\"> </span>possibilit\u00e0 <span class=\"_ _18\"> </span>di <span class=\"_ _19\"> </span>r<span class=\"_ _2\"></span>imborso <span class=\"_ _19\"> </span>anticip<span class=\"_ _1\"></span>ato <span class=\"_ _19\"> </span>a <span class=\"_ _19\"> </span>maggio <span class=\"_ _19\"> </span>2032. Contestualmente, \u00e8 st<span class=\"_ _2\"></span>ato<span class=\"_ _1\"></span> emesso <span class=\"_ _2\"></span>da parte di Credem Banca un prestito <span class=\"_ _2\"></span>subordinato Tier 2 con le medesime <span class=\"_ _9\"> </span>caratteristiche <span class=\"_ _9\"> </span>interamente <span class=\"_ _9\"> </span>s<span class=\"_ _2\"></span>ottoscritto <span class=\"_ _16\"> </span>da <span class=\"_ _9\"> </span>CredemHolding<span class=\"_ _1\"></span> <span class=\"_ _9\"> </span>S.p.A.. <span class=\"_ _9\"> </span>A  g<span class=\"_ _1\"></span>iugno <span class=\"_ _9\"> </span>2025<span class=\"_ _2\"></span> <span class=\"_ _9\"> </span>\u00e8 stato perfezionato il<span class=\"_ _f\"></span> rinnovo annuale<span class=\"_ _f\"></span> del programma EMTN, all<span class=\"_ _f\"></span>ineandolo alle p<span class=\"_ _1\"></span>i\u00f9 recenti normativ<span class=\"_ _1\"></span>e vigenti. <span class=\"_ _2\"></span>Nel <span class=\"_ _d\"></span>mese <span class=\"_ _d\"></span>di <span class=\"_ _2\"></span>ott<span class=\"_ _2\"></span>obre <span class=\"_ _2\"></span>2025, <span class=\"_ _d\"></span>CredemHolding <span class=\"_ _2\"></span>ha <span class=\"_ _d\"></span>esercitato <span class=\"_ _d\"></span>l\u2019opzione<span class=\"_ _1\"></span> <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>rimborso <span class=\"_ _d\"></span>anticipato prevista p<span class=\"_ _1\"></span>er il<span class=\"_ _1\"></span> prestito<span class=\"_ _1\"></span> obbl<span class=\"_ _1\"></span>igazionario <span class=\"_ _f\"></span>subordinato Tier <span class=\"_ _f\"></span>2 eme<span class=\"_ _1\"></span>sso <span class=\"_ _f\"></span>nel 2020 p<span class=\"_ _1\"></span>er <span class=\"_ _1\"></span>nominali <span class=\"_ _1\"></span>200 mil<span class=\"_ _1\"></span>ioni di <span class=\"_ _d\"></span>euro <span class=\"_ _0\"></span>e, <span class=\"_ _0\"></span>contestualmente, <span class=\"_ _d\"></span>Cr<span class=\"_ _2\"></span>ede<span class=\"_ _1\"></span>mBanca <span class=\"_ _0\"></span>ha <span class=\"_ _0\"></span>rimborsato <span class=\"_ _d\"></span>ant<span class=\"_ _2\"></span>icipatamente <span class=\"_ _d\"></span>la <span class=\"_ _0\"></span>relativa <span class=\"_ _d\"></span>emissione \u201cmirror\u201d interamente sottoscritta in fase di emissione d<span class=\"_ _1\"></span>a CredemHolding.<span class=\"_ _2\"></span><span class=\"ff4\"> </span>Nell\u2019a<span class=\"ff4\">mbito <span class=\"_ _d\"></span>del <span class=\"_ _d\"></span>programma <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>Obbligazioni <span class=\"_ _d\"></span>Bancarie <span class=\"_ _d\"></span>Garantite <span class=\"_ _d\"></span>da <span class=\"_ _0\"></span>Credem <span class=\"_ _2\"></span>CB, <span class=\"_ _d\"></span>i<span class=\"_ _2\"></span>l <span class=\"_ _d\"></span>valore <span class=\"_ _d\"></span>nominale </span>delle emissioni <span class=\"_ _2\"></span>in circolazion<span class=\"_ _2\"></span>e a <span class=\"_ _2\"></span>fine dicembre <span class=\"_ _2\"></span>2025 <span class=\"_ _2\"></span>\u00e8 r<span class=\"_ _2\"></span>isultato pari <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>3,6 <span class=\"_ _2\"></span>miliardi di <span class=\"_ _2\"></span>euro, dei <span class=\"_ _2\"></span>quali 1,75 <span class=\"_ _2\"></span>miliardi <span class=\"_ _d\"></span>di <span class=\"_ _2\"></span>euro <span class=\"_ _d\"></span>rappresentati <span class=\"_ _2\"></span>da <span class=\"_ _2\"></span>emissioni self-retained<span class=\"_ _df\"> </span>. <span class=\"_ _2\"></span><span class=\"ls0\">Ne<span class=\"_ _2\"></span>l <span class=\"_ _2\"></span>mese <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>dicembre <span class=\"_ _2\"></span>20<span class=\"_ _2\"></span>25 <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _2\"></span>st<span class=\"_ _2\"></span>ato </span>emesso <span class=\"_ _f\"></span>un nuov<span class=\"_ _1\"></span>o <span class=\"_ _1\"></span>European <span class=\"_ _f\"></span>Covered B<span class=\"_ _1\"></span>ond (<span class=\"_ _1\"></span>Premium) <span class=\"_ _f\"></span>di e <span class=\"_ _f\"></span>tipo self-retained <span class=\"_ _f\"></span>p<span class=\"_ _2\"></span>er <span class=\"_ _f\"></span>un v<span class=\"_ _1\"></span>alore <span class=\"_ _1\"></span>nominale di <span class=\"_ _1\"></span>750 milioni<span class=\"_ _1\"></span> di<span class=\"_ _1\"></span> eu<span class=\"_ _1\"></span>ro. Quest\u2019ultima <span class=\"_ _f\"></span>risulta idone<span class=\"_ _1\"></span>a pe<span class=\"_ _1\"></span>r operazioni <span class=\"_ _f\"></span>di rifinanzi<span class=\"_ _1\"></span>amento presso <span class=\"_ _f\"></span>la Banca<span class=\"_ _f\"></span> Centrale  Europea  e  si <span class=\"_ _16\"> </span>presta  come  attivit\u00e0  di  livello  1  ai <span class=\"_ _16\"> </span>fini  del  Liquidity  Coverage<span class=\"_ _1\"></span>  Ratio  per potenziali controparti prenditrici di collaterale in ope<span class=\"_ _1\"></span>razioni di repurchase agreement. Nel  mese<span class=\"_ _1\"></span>  di  nov<span class=\"_ _1\"></span>embre  2025 <span class=\"_ _16\"> </span>\u00e8  stato  pe<span class=\"_ _1\"></span>rfezionato  il <span class=\"_ _9\"> </span>r<span class=\"_ _2\"></span>innovo <span class=\"_ _16\"> </span>annuale  del <span class=\"_ _16\"> </span>Programma  OBG.<span class=\"_ _1\"></span>  Le modifi<span class=\"ff5\">che <span class=\"_ _1\"></span>al Base <span class=\"_ _f\"></span>Pros<span class=\"_ _2\"></span>pectus <span class=\"_ _f\"></span>ha<span class=\"_ _2\"></span>nno <span class=\"_ _1\"></span>riguardato princ<span class=\"_ _1\"></span>ipalmente l\u2019aggiornamento <span class=\"_ _1\"></span>dei d<span class=\"_ _1\"></span>ati finanziari<span class=\"_ _1\"></span> </span>e l\u2019adeguamento normativo della docu<span class=\"_ _1\"></span>mentazione d\u2019offerta alla miglior prassi di mercato vi<span class=\"_ _1\"></span>gente.<span class=\"_ _2\"></span><span class=\"ff4\"> </span>Per <span class=\"_ _0\"></span>quanto <span class=\"_ _d\"></span>r<span class=\"_ _2\"></span>iguarda <span class=\"_ _d\"></span>l\u2019operativit\u00e0 <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>mercato <span class=\"_ _d\"></span>mo<span class=\"_ _2\"></span>netario <span class=\"_ _d\"></span>a <span class=\"_ _0\"></span>valere <span class=\"_ _d\"></span>sul<span class=\"_ _2\"></span><span class=\"ff4\"> <span class=\"_ _0\"></span>Programma <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>Emissione <span class=\"_ _d\"></span>di </span>Cambiali Finanziarie di Credito Emiliano, nel corso <span class=\"_ _2\"></span>del 2025, sono state collocate 12 emissioni, per un <span class=\"_ _1\"></span>ammontare complessivo <span class=\"_ _f\"></span>di circa 382 <span class=\"_ _f\"></span>milioni di <span class=\"_ _f\"></span>euro e p<span class=\"_ _1\"></span>er un <span class=\"_ _f\"></span>v<span class=\"_ _2\"></span>alore <span class=\"_ _1\"></span>nominale <span class=\"_ _1\"></span>outstanding a <span class=\"_ _f\"></span>fine dicembre 2025 di 164 milioni di euro. Inoltre,  nel  corso  dell\u2019esercizio  2025  il  Gruppo  \u00e8  risultato  attivo  nell\u2019operativit\u00e0  di  raccolta  in depositi <span class=\"_ _2\"></span>unsecured <span class=\"_ _d\"></span>a <span class=\"_ _d\"></span>breve <span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>ermine <span class=\"_ _2\"></span>con <span class=\"_ _d\"></span>il <span class=\"_ _d\"></span>Ministero <span class=\"_ _d\"></span>dell'Economia <span class=\"_ _2\"></span>e <span class=\"_ _d\"></span>delle <span class=\"_ _d\"></span>Finanze <span class=\"_ _2\"></span>(MEF), <span class=\"_ _d\"></span>con <span class=\"_ _d\"></span>un<span class=\"_ _df\"> </span>importo medio <span class=\"_ _2\"></span>di circa 115 <span class=\"_ _2\"></span>milioni di euro, mentre <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>fine dicembre <span class=\"_ _2\"></span>la raccolta <span class=\"_ _2\"></span>\u00e8 risultata pari <span class=\"_ _2\"></span>a 900<span class=\"_ _df\"> </span>milioni di euro.<span class=\"_ _df\"> </span>Infine <span class=\"_ _d\"></span>nel <span class=\"_ _d\"></span>corso <span class=\"_ _d\"></span>del <span class=\"_ _d\"></span>2025, <span class=\"_ _d\"></span>s<span class=\"_ _2\"></span>ono <span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>tati <span class=\"_ _d\"></span>negoziati <span class=\"_ _d\"></span>operazioni <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>repo <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>raccolta <span class=\"_ _d\"></span>a <span class=\"_ _0\"></span>breve <span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>ermine <span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>ul<span class=\"_ _df\"> </span>covered <span class=\"_ _9\"> </span>bond <span class=\"_ _9\"> </span>retained  e<span class=\"_ _1\"></span>messo  a <span class=\"_ _9\"> </span>gennaio <span class=\"_ _9\"> </span>2024, <span class=\"_ _9\"> </span>per  u<span class=\"_ _1\"></span>n <span class=\"_ _9\"> </span>importo  p<span class=\"_ _1\"></span>ari <span class=\"_ _9\"> </span>a <span class=\"_ _9\"> </span>20<span class=\"_ _2\"></span>0 <span class=\"_ _9\"> </span>milioni <span class=\"_ _9\"> </span>nominali,<span class=\"_ _2\"></span> <span class=\"_ _9\"> </span><span class=\"ls7e\">e<span class=\"_ _df\"> </span></span>ulteriori <span class=\"_ _0\"></span>200<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>milioni <span class=\"_ _9\"> </span>con <span class=\"_ _9\"> </span>sottostanti <span class=\"_ _0\"></span>t<span class=\"_ _2\"></span>itoli <span class=\"_ _0\"></span>senior<span class=\"_ _df\"> </span>financial <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>propriet\u00e0 <span class=\"_ _0\"> </span>che <span class=\"_ _9\"> </span>hanno <span class=\"_ _9\"> </span>port<span class=\"_ _2\"></span>ato <span class=\"_ _0\"></span>a <span class=\"_ _9\"> </span>fine<span class=\"_ _df\"> </span>dicembre <span class=\"_ _0\"></span>il <span class=\"_ _9\"> </span>nominale <span class=\"_ _0\"></span>d<span class=\"_ _2\"></span>elle <span class=\"_ _0\"></span>operazioni <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>pronti <span class=\"_ _9\"> </span>contro <span class=\"_ _9\"> </span>termine <span class=\"_ _0\"></span>di <span class=\"_ _9\"> </span>raccolta <span class=\"_ _9\"> </span>con <span class=\"_ _9\"> </span>sottostanti <span class=\"_ _0\"></span>titoli<span class=\"_ _df\"> </span>obbligazionari non governativi a comple<span class=\"_ _1\"></span>ssivi nominali 6<span class=\"_ _2\"></span>00 milioni di euro.<span class=\"_ _df\"> </span>1.4 De<span class=\"_ _1\"></span>ttagl<span class=\"_ _1\"></span>io de<span class=\"_ _1\"></span>i deb<span class=\"_ _1\"></span>iti/ti<span class=\"_ _1\"></span>toli <span class=\"_ _1\"></span>subo<span class=\"_ _1\"></span>rdinat<span class=\"_ _f\"></span>i Grup<span class=\"_ _1\"></span>po Ba<span class=\"_ _f\"></span>ncario<span class=\"_ _df\"> </span>Principali caratteristiche contrattuali delle passivi<span class=\"_ _1\"></span>t\u00e0 subordinate:<span class=\"_ _df\"> </span><span class=\"_ _27\"> </span><span class=\"ff5\">\u201cCREDITO<span class=\"ff4\"> <span class=\"_ _15\"> </span>EMILIANO <span class=\"_ _15\"> </span>22/32 <span class=\"_ _e\"> </span>SUBORDINATO <span class=\"_ _15\"> </span>7,625 <span class=\"_ _e\"> </span></span>SUB\u201d<span class=\"ff4\"> <span class=\"_ _15\"> </span>(ISIN <span class=\"_ _e\"> </span>IT0005497117) <span class=\"_ _15\"> </span><span class=\"ls39\">per<span class=\"_ _df\"> </span></span></span></span>200<span class=\"_ _1\"></span>.00<span class=\"_ _1\"></span>0.00<span class=\"_ _f\"></span>0,00 <span class=\"_ _d\"></span><span class=\"ff5\">\u20ac</span> <span class=\"_ _2\"></span>cost<span class=\"_ _2\"></span>ituito <span class=\"_ _d\"></span><span class=\"ls39\">da</span> <span class=\"_ _d\"></span><span class=\"ls13\">n.</span> <span class=\"_ _d\"></span>2.000<span class=\"_ _2\"></span>.<span class=\"_ _1\"></span>000,00 <span class=\"_ _d\"></span>obbligazioni <span class=\"_ _d\"></span><span class=\"ls39\">del</span> <span class=\"_ _d\"></span>valore <span class=\"_ _d\"></span>nominale <span class=\"_ _d\"></span><span class=\"ls39\">di<span class=\"_ _df\"> </span></span>100 <span class=\"ff5\">\u20ac</span> ca<span class=\"_ _f\"></span>daun<span class=\"_ _f\"></span>a.<span class=\"_ _df\"> </span>Le<span class=\"ls0\"> <span class=\"_ _9\"> </span>obbligazioni <span class=\"_ _9\"> </span>corrisponderanno <span class=\"_ _9\"> </span>cedole <span class=\"_ _0\"> </span>fiss<span class=\"_ _2\"></span>e <span class=\"_ _0\"></span>annuali <span class=\"_ _9\"> </span>pari <span class=\"_ _9\"> </span><span class=\"ls73\">al</span> <span class=\"_ _9\"> </span>7,625% <span class=\"_ _9\"> </span>annuo <span class=\"_ _9\"> </span>lordo<span class=\"_ _df\"> </span></span>fino  <span class=\"ls73\">al</span>  05/10/2027 poi tasso MS  5<span class=\"_ _2\"></span>Y + 5,514% annuo lordo.<span class=\"_ _df\"> </span>Il<span class=\"ls0\"> <span class=\"_ _0\"></span>prestito<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>scade <span class=\"_ _0\"></span><span class=\"ls1a\">il</span> <span class=\"_ _9\"> </span>05/10/2032 <span class=\"_ _0\"></span><span class=\"lsd0\">se</span> <span class=\"_ _9\"> </span>non <span class=\"_ _0\"> </span>verr\u00e0<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>esercitata <span class=\"_ _9\"> </span><span class=\"ff5\">l\u2019opzione</span> <span class=\"_ _0\"></span>call <span class=\"_ _0\"></span><span class=\"ls73\">al</span> <span class=\"_ _9\"> </span>05/07/2027<span class=\"_ _df\"> </span></span>che<span class=\"ls0\">  significher\u00e0 il rimborso <span class=\"_ _2\"></span>anticip<span class=\"_ _1\"></span>ato.<span class=\"_ _df\"> </span></span>Al <span class=\"_ _16\"> </span>31/12/2025  l<span class=\"_ _1\"></span>a  q<span class=\"_ _1\"></span>uantit\u00e0 <span class=\"_ _9\"> </span>r<span class=\"_ _2\"></span>esidua <span class=\"_ _9\"> </span>risulta  pari <span class=\"_ _9\"> </span>a  200.000.0<span class=\"_ _1\"></span>00,00 <span class=\"_ _16\"> </span>\u20ac <span class=\"_ _16\"> </span>costituita <span class=\"_ _16\"> </span>da <span class=\"_ _9\"> </span>n.<span class=\"_ _df\"> </span>2.000.000  <span class=\"ff5\">obbligazioni del valore nominale di 100 \u20ac cadauna<span class=\"_ _df\"> </span></span>L\u2019obbligazione<span class=\"ff4\"> <span class=\"_ _1\"></span>\u00e8 stata interamente <span class=\"_ _f\"></span>so<span class=\"_ _2\"></span>ttoscritta <span class=\"ls39\">da</span> Cr<span class=\"_ _1\"></span>ed<span class=\"_ _f\"></span>emho<span class=\"_ _1\"></span>ldin<span class=\"_ _f\"></span>g.<span class=\"_ _df\"> </span></span><span class=\"_ _27\"> </span><span class=\"ff5\">\u201cCREDITO<span class=\"ff4\"> <span class=\"_ _e\"> </span>EMILIANO <span class=\"_ _e\"> </span>25/37 <span class=\"_ _e\"> </span>SUBORDINATO <span class=\"_ _15\"> </span>4<span class=\"_ _2\"></span>,612 <span class=\"_ _e\"> </span></span>SUB\u201d<span class=\"ff4\"> <span class=\"_ _e\"> </span>(ISINXS3078482281) <span class=\"_ _e\"> </span><span class=\"ls39\">per<span class=\"_ _df\"> </span></span></span></span>200<span class=\"_ _1\"></span>.00<span class=\"_ _1\"></span>0.00<span class=\"_ _f\"></span>0,00 <span class=\"_ _d\"></span><span class=\"ff5\">\u20ac</span> <span class=\"_ _d\"></span>costituito <span class=\"_ _d\"></span><span class=\"ls39\">da<span class=\"_ _2\"></span></span> <span class=\"_ _2\"></span><span class=\"ls13\">n.</span> <span class=\"_ _d\"></span>2.000.000,00 <span class=\"_ _d\"></span>obbligazioni <span class=\"_ _d\"></span><span class=\"ls39\">del</span> <span class=\"_ _0\"></span>valore <span class=\"_ _d\"></span>nominale <span class=\"_ _d\"></span><span class=\"ls39\">di<span class=\"_ _df\"> </span></span>100 <span class=\"ff5\">\u20ac</span> ca<span class=\"_ _f\"></span>daun<span class=\"_ _f\"></span>a.<span class=\"_ _df\"> </span>Le<span class=\"ls0\"> <span class=\"_ _9\"> </span>obbligazioni <span class=\"_ _9\"> </span>corrisponderanno<span class=\"_ _2\"></span> <span class=\"_ _9\"> </span>cedole <span class=\"_ _0\"> </span>fis<span class=\"ls2\">se</span> <span class=\"_ _9\"> </span>ann<span class=\"_ _2\"></span>uali <span class=\"_ _9\"> </span>pari <span class=\"_ _9\"> </span><span class=\"ls73\">al</span>  4,612% <span class=\"_ _0\"></span>annuo <span class=\"_ _9\"> </span>lordo<span class=\"_ _df\"> </span></span>fino  <span class=\"ls73\">al</span> <span class=\"_ _22\"> </span>21/05/2032 poi tasso MS <span class=\"_ _4\"> </span>5Y + 2,642% annuo lordo.<span class=\"_ _df\"> </span>Il<span class=\"ls0\"> <span class=\"_ _0\"></span>prestito <span class=\"_ _9\"> </span>scade <span class=\"_ _0\"></span><span class=\"ls1a\">il</span> <span class=\"_ _9\"> </span>27/05/2037 <span class=\"_ _0\"></span><span class=\"lsd0\">se</span> <span class=\"_ _0\"></span>non <span class=\"_ _9\"> </span>verr\u00e0 <span class=\"_ _0\"></span>esercitata <span class=\"_ _0\"></span><span class=\"ff5\">l\u2019opzione</span> <span class=\"_ _9\"> </span>call <span class=\"_ _0\"></span><span class=\"ls73\">al</span> <span class=\"_ _0\"></span>27/05/2032<span class=\"_ _df\"> </span></span>che<span class=\"ls0\">  significher\u00e0 il rimborso <span class=\"_ _2\"></span>anticip<span class=\"_ _1\"></span>ato.<span class=\"_ _df\"> </span></span>In <span class=\"_ _2\"></span>caso <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>liquid<span class=\"_ _f\"></span>a<span class=\"_ _2\"></span>zione <span class=\"_ _2\"></span>tutt<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>le <span class=\"_ _d\"></span>obbligazioni <span class=\"_ _2\"></span>subordinate <span class=\"_ _d\"></span>saranno <span class=\"_ _d\"></span>rimborsate <span class=\"_ _2\"></span>solo <span class=\"_ _d\"></span>dopo <span class=\"_ _2\"></span>che <span class=\"_ _d\"></span>siano<span class=\"_ _df\"> </span>stati soddisfatti tutti gli altri cred<span class=\"_ _1\"></span>itori non ugualmente subordinati.<span class=\"_ _df\"> </span>Le obbligazioni non sono coperte dalla garanzia del Fondo Interbanc<span class=\"_ _1\"></span>ario di Tutela dei Depositi.<span class=\"_ _df\"> </span>Impr<span class=\"_ _1\"></span>ese <span class=\"_ _f\"></span><span class=\"ls39\">di<span class=\"ls0\"> A<span class=\"_ _f\"></span>ssi<span class=\"_ _f\"></span>cur<span class=\"_ _1\"></span>az<span class=\"_ _f\"></span>ione<span class=\"_ _df\"> </span></span></span>In data <span class=\"_ _2\"></span>18 novembre 2025, Credemvita S.p.A., a <span class=\"_ _2\"></span>seguito dell\u2019autorizzazione rilasciata da <span class=\"_ _2\"></span>IVASS, ha<span class=\"_ _df\"> </span>dato <span class=\"_ _9\"> </span>corso <span class=\"_ _0\"></span>al <span class=\"_ _9\"> </span>rimborso <span class=\"_ _0\"></span>integrale <span class=\"_ _9\"> </span>del <span class=\"_ _0\"></span>prestito <span class=\"_ _9\"> </span>subordinato <span class=\"_ _0\"></span>\u201c<span class=\"_ _df\"> </span>Fixed <span class=\"_ _0\"></span>Rate <span class=\"_ _9\"> </span>Resettable <span class=\"_ _9\"> </span>Subordinated<span class=\"_ _df\"> </span>Notes due 18 February 2031<span class=\"_ _df\"> </span>\u201d di importo pari a 107,5 milioni d<span class=\"_ _1\"></span>i<span class=\"ff4\"> euro.<span class=\"_ _df\"> </span></span>1.5 De<span class=\"_ _1\"></span>ttag<span class=\"_ _1\"></span>lio d<span class=\"_ _1\"></span>ei deb<span class=\"_ _1\"></span>iti s<span class=\"_ _1\"></span>trutt<span class=\"_ _1\"></span>urat<span class=\"_ _1\"></span>i<span class=\"_ _df\"> </span>Non esistono, alla d<span class=\"_ _1\"></span>ata del b<span class=\"_ _1\"></span>ilancio, n\u00e9 al <span class=\"_ _f\"></span>31<span class=\"_ _2\"></span> di<span class=\"_ _1\"></span>cembre 2024, debiti strutturati verso banche<span class=\"_ _1\"></span> e ve<span class=\"_ _f\"></span>r<span class=\"_ _2\"></span>so<span class=\"_ _df\"> </span>clientela.<span class=\"_ _df\"> </span>1.6 D<span class=\"_ _1\"></span>ebiti <span class=\"_ _1\"></span>per l<span class=\"_ _1\"></span>easi<span class=\"_ _1\"></span>ng Alla data <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>31 dicembre <span class=\"_ _2\"></span>2025 <span class=\"_ _2\"></span>sono <span class=\"_ _2\"></span>presenti debiti <span class=\"_ _2\"></span>per<span class=\"fc18\"> <span class=\"_ _2\"></span></span>leasing IFRS16 <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>128,4 <span class=\"_ _2\"></span>milioni di <span class=\"_ _2\"></span>euro. Si<span class=\"_ _df\"> </span>allegano i flussi finanziari per i leasing con l'analisi de<span class=\"_ _1\"></span>lle scadenze:<table class=\"s wbbc h4f8\" id=\"_1849babf-e6ef-4663-9161-aef4b35c5952\"><tr><td class=\"c x5a2 y2aae w41c h2b\"><div class=\"t m0 x8a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">Fino a 1 mese </div></td><td class=\"c x5a3 y2aae w41d h2b\"><div class=\"t m0 xe7 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\"> 5.427  </div></td></tr><tr><td class=\"c x5a2 y2aaf w41c h221\"><div class=\"t m0 x8a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">Oltre 1 mese e fi<span class=\"_ _1\"></span>no a 3 mesi </div></td><td class=\"c x5a3 y2aaf w41d h221\"><div class=\"t m0 x12a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\"> 529  </div></td></tr><tr><td class=\"c x5a2 y2ab0 w41c h2b\"><div class=\"t m0 x8a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">Oltre 3 mesi fin<span class=\"_ _f\"></span>o<span class=\"_ _2\"></span> a 1 ann<span class=\"_ _1\"></span>o </div></td><td class=\"c x5a3 y2ab0 w41d h2b\"><div class=\"t m0 x11f h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\"> 15.838  </div></td></tr><tr><td class=\"c x5a2 y2ab1 w41c h221\"><div class=\"t m0 x8a h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">Oltre 1 anno fin<span class=\"_ _1\"></span>o a 5 anni </div></td><td class=\"c x5a3 y2ab1 w41d h221\"><div class=\"t m0 xee h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\"> 63.095  </div></td></tr><tr><td class=\"c x5a2 y2ab2 w41c h2b\"><div class=\"t m0 x8a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">Oltre 5 anni </div></td><td class=\"c x5a3 y2ab2 w41d h2b\"><div class=\"t m0 xee h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\"> 43.508  </div></td></tr><tr><td class=\"c x5a2 y2ab3 w41c h221\"><div class=\"t m0 x8a h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale </div></td><td class=\"c x5a3 y2ab3 w41d h221\"><div class=\"t m0 x11d h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\"> <span class=\"sc2\">128.3<span class=\"_ _1\"></span>96</span><span class=\"sc2\"> </span><span class=\"sc2\"><span class=\"_ _f\"></span> </span></div></td></tr></table><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsc6e\">Si <span class=\"_ _d\"></span>\u00e8 <span class=\"_ _d\"></span>adottata <span class=\"_ _d\"></span>la <span class=\"_ _d\"></span>metodologia <span class=\"_ _d\"></span>contabile <span class=\"_ _d\"></span>del <span class=\"_ _d\"></span>Micro <span class=\"_ _d\"></span>Fair <span class=\"_ _d\"></span>Value <span class=\"_ _d\"></span>Hedge <span class=\"_ _d\"></span>per <span class=\"_ _d\"></span>la <span class=\"_ _d\"></span>copertura <span class=\"_ _d\"></span>del <span class=\"_ _d\"></span>rischio <span class=\"_ _d\"></span>di<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gsc6f\">tasso <span class=\"_ _0\"></span>associato <span class=\"_ _0\"></span>all\u2019emissione <span class=\"_ _d\"></span>di <span class=\"_ _0\"> </span>prest<span class=\"_ _2\"></span>iti <span class=\"_ _d\"></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>amm<span class=\"_ _2\"></span><span class=\"ff4\">ontare <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>circa<span class=\"_ _df\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls4 ws0 gsc70\">2.0<span class=\"ls0\">50 milioni di euro.<span class=\"_ _df\"> </span></span><span class=\"ls0\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc4 sc3 ls0 ws0 gsc71\">Titol<span class=\"_ _1\"></span>i in ci<span class=\"_ _1\"></span>rcola<span class=\"_ _1\"></span>zione <span class=\"_ _1\"></span>ogget<span class=\"_ _1\"></span>to d<span class=\"_ _1\"></span>i co<span class=\"_ _1\"></span>pertu<span class=\"_ _1\"></span>ra s<span class=\"_ _f\"></span>pecifica  </div>Sezi<span class=\"_ _f\"></span>one 2<span class=\"_ _f\"></span> <span class=\"ff5\">\u2013</span> Pas<span class=\"_ _f\"></span>sivit\u00e0 f<span class=\"_ _1\"></span>ina<span class=\"_ _f\"></span>nziari<span class=\"_ _1\"></span>e di <span class=\"_ _f\"></span>negoz<span class=\"_ _f\"></span>iazion<span class=\"_ _f\"></span>e <span class=\"ff5\">\u2013</span> Vo<span class=\"_ _f\"></span>ce 20<span class=\"_ _f\"></span> 2.1 P<span class=\"_ _1\"></span>assivi<span class=\"_ _1\"></span>t\u00e0 fi<span class=\"_ _1\"></span>nanzia<span class=\"_ _f\"></span>rie di neg<span class=\"_ _1\"></span>ozi<span class=\"_ _f\"></span>azione: co<span class=\"_ _f\"></span>mposizio<span class=\"_ _f\"></span>ne merc<span class=\"_ _f\"></span>eolog<span class=\"_ _1\"></span>ica <table class=\"s wbbd h4f9\" id=\"_fc29c2cf-35e9-407c-a132-f6c5aa28be63\"><tr><td></td><td></td><td></td><td></td><td class=\"c x5a4 y2ab4 w41f h1a2\"><div class=\"t m0 xe4 h1f y32 ff4 fs7 fc4 sc3 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale </div></td><td></td><td></td><td></td><td></td><td></td><td class=\"c x5a5 y2ab4 w420 h1a2\"><div class=\"t m0 xe4 h1f y32 ff4 fs7 fc4 sc3 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale </div></td><td></td><td></td></tr><tr><td></td><td></td><td></td><td></td><td class=\"c x5a4 y2ab5 w41f h4e\"><div class=\"t m0 x12a h1f y295 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/<span class=\"_ _f\"></span>2025 </div></td><td></td><td></td><td></td><td></td><td></td><td class=\"c x5a5 y2ab5 w420 h4e\"><div class=\"t m0 x12a h1f y295 ff4 fs7 fc4 sc3 ls0 ws0\">31/12<span class=\"_ _1\"></span>/20<span class=\"_ _1\"></span>24 </div></td><td></td><td></td></tr><tr><td class=\"c x44e y2ab6 w41e h284\"><div class=\"t m0 xab h1f y8dd ff4 fs7 fc4 sc3 ls0 ws0\">Tipol<span class=\"_ _f\"></span>ogia op<span class=\"_ _f\"></span>erazion<span class=\"_ _1\"></span>i/Va<span class=\"_ _1\"></span>lori<span class=\"_ _1\"></span> </div></td><td class=\"c x5a4 y2ab6 w421 h285\"><div class=\"t m0 x116 h1f y8f1 ff4 fs7 fc4 sc3 ls6c ws0\">VN<span class=\"ls0\"> </span></div></td><td></td><td></td><td class=\"c x5a6 y2ab7 w422 h89\"><div class=\"t m0 x8f h1f y41f ff4 fs7 fc4 sc3 ls0 ws0\">Fair<span class=\"_ _f\"></span> Value </div></td><td></td><td class=\"c x5a7 y2ab8 wbbe h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">Fair<span class=\"_ _df\"> </span></div></td><td class=\"c x5a8 y2ab6 w421 h285\"><div class=\"t m0 x116 h1f y8f1 ff4 fs7 fc4 sc3 ls6c ws0\">VN<span class=\"ls0\"> </span></div></td><td></td><td></td><td class=\"c x4e8 y2ab7 w422 h89\"><div class=\"t m0 x8f h1f y41f ff4 fs7 fc4 sc3 ls0 ws0\">Fair<span class=\"_ _f\"></span> Value </div></td><td></td><td class=\"c x5a9 y2ab8 wbbf h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">Fair<span class=\"_ _df\"> </span></div></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td class=\"c x5aa y2ab9 wbc0 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">Val<span class=\"_ _1\"></span>ue *<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td class=\"c x5ab y2ab9 wbc0 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">Val<span class=\"_ _1\"></span>ue *<span class=\"_ _df\"> </span></div></td></tr><tr><td></td><td></td><td></td><td class=\"c x5a6 y2ab6 w2be h89\"><div class=\"t m0 x2e h1f y41f ff4 fs7 fc4 sc3 lsc7 ws0\">L1<span class=\"ls0\"> </span></div></td><td class=\"c x5ac y2ab6 w2b1 h89\"><div class=\"t m0 x2e h1f y41f ff4 fs7 fc4 sc3 lsc7 ws0\">L2<span class=\"ls0\"> </span></div></td><td class=\"c x5ad y2ab6 w12d h89\"><div class=\"t m0 x2a h1f y41f ff4 fs7 fc4 sc3 lsc7 ws0\">L3<span class=\"ls0\"> </span></div></td><td></td><td></td><td></td><td class=\"c x4e8 y2ab6 w425 h89\"><div class=\"t m0 x2e h1f y41f ff4 fs7 fc4 sc3 lsc7 ws0\">L1<span class=\"ls0\"> </span></div></td><td class=\"c x598 y2ab6 w2b1 h89\"><div class=\"t m0 x2e h1f y41f ff4 fs7 fc4 sc3 lsc7 ws0\">L2<span class=\"ls0\"> </span></div></td><td class=\"c x5ae y2ab6 w2be h89\"><div class=\"t m0 x2a h1f y41f ff4 fs7 fc4 sc3 lsc7 ws0\">L3<span class=\"ls0\"> </span></div></td><td></td></tr><tr><td class=\"c x44e y2aba w426 hc8\"><div class=\"t m0 x10 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">A. Pa<span class=\"_ _f\"></span>ssivit\u00e0<span class=\"_ _1\"></span> per ca<span class=\"_ _f\"></span>ssa </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=\"c x44e y2abb w426 hc8\"><div class=\"t m0 x2f h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">1. Debiti verso banche<span class=\"_ _f\"></span> </div></td><td></td><td class=\"c x5a4 y2abb w2b1 hc8\"><div class=\"t m0 x34 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5a6 y2abb w169 hc8\"><div class=\"t m0 x37 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5ac y2abb w2bb hc8\"><div class=\"t m0 x34 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5ad y2abb w12d hc8\"><div class=\"t m0 x37 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5af y2abb w2be hc8\"><div class=\"t m0 x37 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x5a5 y2abb w2bb hc8\"><div class=\"t m0 x34 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x4e8 y2abb w12d hc8\"><div class=\"t m0 x34 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x598 y2abb w2bb hc8\"><div class=\"t m0 x34 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5ae y2abb w169 hc8\"><div class=\"t m0 x37 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5b0 y2abb w427 hc8\"><div class=\"t m0 x37 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2abc w426 hc8\"><div class=\"t m0 x2f h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">2. Debiti verso c<span class=\"_ _1\"></span>lientela </div></td><td></td><td class=\"c x5a4 y2abc w2b1 hc8\"><div class=\"t m0 x32 h1f ye4c ff4 fs7 fc1 sc0 ls2a ws0\">28<span class=\"ls0\"> </span></div></td><td class=\"c x5a6 y2abc w169 hc8\"><div class=\"t m0 x35 h1f ye4c ff4 fs7 fc1 sc0 ls2a ws0\">29<span class=\"ls0\"> </span></div></td><td class=\"c x5ac y2abc w2bb hc8\"><div class=\"t m0 x34 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5ad y2abc w12d hc8\"><div class=\"t m0 x37 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5af y2abc w2be hc8\"><div class=\"t m0 x35 h1f ye4c ff4 fs7 fc1 sc0 ls2a ws0\">29<span class=\"ls0\"> </span></div></td><td></td><td class=\"c x5a5 y2abc w2bb hc8\"><div class=\"t m0 x34 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x4e8 y2abc w12d hc8\"><div class=\"t m0 x34 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x598 y2abc w2bb hc8\"><div class=\"t m0 x34 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5ae y2abc w169 hc8\"><div class=\"t m0 x37 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5b0 y2abc w427 hc8\"><div class=\"t m0 x37 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2abd w426 hc8\"><div class=\"t m0 x2f h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">3. Titoli di deb<span class=\"_ _1\"></span>ito<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x5a4 y2abd w2b1 hc8\"><div class=\"t m0 x34 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5a6 y2abd w169 hc8\"><div class=\"t m0 x37 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5ac y2abd w2bb hc8\"><div class=\"t m0 x34 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5ad y2abd w12d hc8\"><div class=\"t m0 x37 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5af y2abd w2be hc8\"><div class=\"t m0 x37 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x5a5 y2abd w2bb hc8\"><div class=\"t m0 x34 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x4e8 y2abd w12d hc8\"><div class=\"t m0 x34 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x598 y2abd w2bb hc8\"><div class=\"t m0 x34 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5ae y2abd w169 hc8\"><div class=\"t m0 x37 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5b0 y2abd w427 hc8\"><div class=\"t m0 x55 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2abe w426 hc8\"><div class=\"t m0 x39 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">3.1 Obbligazion<span class=\"_ _1\"></span>i  </div></td><td></td><td class=\"c x5a4 y2abe w2b1 hc8\"><div class=\"t m0 x34 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5a6 y2abe w169 hc8\"><div class=\"t m0 x37 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5ac y2abe w2bb hc8\"><div class=\"t m0 x34 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5ad y2abe w12d hc8\"><div class=\"t m0 x37 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5af y2abe w2be hc8\"><div class=\"t m0 x37 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x5a5 y2abe w2bb hc8\"><div class=\"t m0 x34 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x4e8 y2abe w12d hc8\"><div class=\"t m0 x34 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x598 y2abe w2bb hc8\"><div class=\"t m0 x34 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5ae y2abe w169 hc8\"><div class=\"t m0 x37 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5b0 y2abe w427 hc8\"><div class=\"t m0 x55 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2abf w426 hc8\"><div class=\"t m0 x3a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">3.1.1 Strutturate<span class=\"_ _1\"></span>  </div></td><td></td><td class=\"c x5a4 y2abf w2b1 hc8\"><div class=\"t m0 x34 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5a6 y2abf w169 hc8\"><div class=\"t m0 x37 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5ac y2abf w2bb hc8\"><div class=\"t m0 x34 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5ad y2abf w12d hc8\"><div class=\"t m0 x37 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5af y2abf w2be hc8\"><div class=\"t m0 x37 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x5a5 y2abf w2bb hc8\"><div class=\"t m0 x34 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x4e8 y2abf w12d hc8\"><div class=\"t m0 x34 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x598 y2abf w2bb hc8\"><div class=\"t m0 x34 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5ae y2abf w169 hc8\"><div class=\"t m0 x37 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5b0 y2abf w427 hc8\"><div class=\"t m0 x55 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td></tr><tr><td class=\"c x5b1 y2ac0 wbc1 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">3.1.2 Altre<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x5a4 y2ac1 w2b1 hbb\"><div class=\"t m0 x34 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5a6 y2ac1 w169 hbb\"><div class=\"t m0 x37 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5ac y2ac1 w2bb hbb\"><div class=\"t m0 x34 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5ad y2ac1 w12d hbb\"><div class=\"t m0 x37 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5af y2ac1 w2be hbb\"><div class=\"t m0 x37 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x5a5 y2ac1 w2bb hbb\"><div class=\"t m0 x34 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x4e8 y2ac1 w12d hbb\"><div class=\"t m0 x34 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x598 y2ac1 w2bb hbb\"><div class=\"t m0 x34 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5ae y2ac1 w169 hbb\"><div class=\"t m0 x37 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5b0 y2ac1 w427 hbb\"><div class=\"t m0 x55 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td></tr><tr><td class=\"c x5b1 y2ac2 wbc2 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">obbligazioni<span class=\"_ _df\"> </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=\"c x44e y2ac3 w426 hc8\"><div class=\"t m0 x39 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">3.2 Altri titoli </div></td><td></td><td class=\"c x5a4 y2ac3 w2b1 hc8\"><div class=\"t m0 x34 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5a6 y2ac3 w169 hc8\"><div class=\"t m0 x37 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5ac y2ac3 w2bb hc8\"><div class=\"t m0 x34 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5ad y2ac3 w12d hc8\"><div class=\"t m0 x37 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5af y2ac3 w2be hc8\"><div class=\"t m0 x37 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x5a5 y2ac3 w2bb hc8\"><div class=\"t m0 x34 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x4e8 y2ac3 w12d hc8\"><div class=\"t m0 x34 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x598 y2ac3 w2bb hc8\"><div class=\"t m0 x34 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5ae y2ac3 w169 hc8\"><div class=\"t m0 x37 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5b0 y2ac3 w427 hc8\"><div class=\"t m0 x55 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2ac4 w426 hc8\"><div class=\"t m0 x3a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">3.2.1 Struttura<span class=\"_ _1\"></span>ti  </div></td><td></td><td class=\"c x5a4 y2ac4 w2b1 hc8\"><div class=\"t m0 x34 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5a6 y2ac4 w169 hc8\"><div class=\"t m0 x37 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5ac y2ac4 w2bb hc8\"><div class=\"t m0 x34 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5ad y2ac4 w12d hc8\"><div class=\"t m0 x37 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5af y2ac4 w2be hc8\"><div class=\"t m0 x37 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x5a5 y2ac4 w2bb hc8\"><div class=\"t m0 x34 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x4e8 y2ac4 w12d hc8\"><div class=\"t m0 x34 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x598 y2ac4 w2bb hc8\"><div class=\"t m0 x34 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5ae y2ac4 w169 hc8\"><div class=\"t m0 x37 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5b0 y2ac4 w427 hc8\"><div class=\"t m0 x55 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td></tr><tr><td class=\"c x44e y2ac5 w426 hc8\"><div class=\"t m0 x3a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">3.2.2 Altri </div></td><td></td><td class=\"c x5a4 y2ac5 w2b1 hc8\"><div class=\"t m0 x34 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5a6 y2ac5 w169 hc8\"><div class=\"t m0 x37 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5ac y2ac5 w2bb hc8\"><div class=\"t m0 x34 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5ad y2ac5 w12d hc8\"><div class=\"t m0 x37 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5af y2ac5 w2be hc8\"><div class=\"t m0 x37 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x5a5 y2ac5 w2bb hc8\"><div class=\"t m0 x34 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x4e8 y2ac5 w12d hc8\"><div class=\"t m0 x34 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x598 y2ac5 w2bb hc8\"><div class=\"t m0 x34 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5ae y2ac5 w169 hc8\"><div class=\"t m0 x37 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5b0 y2ac5 w427 hc8\"><div class=\"t m0 x55 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td></tr><tr><td class=\"c x44e y2ac6 w426 hc8\"><div class=\"t m0 xe5 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale (A<span class=\"_ _f\"></span>) </div></td><td></td><td class=\"c x5a4 y2ac6 w2b1 hc8\"><div class=\"t m0 x32 h1f ye4c ff4 fs7 fc1 sc2 ls2a ws0\">28<span class=\"ls0\"> </span></div></td><td class=\"c x5a6 y2ac6 w169 hc8\"><div class=\"t m0 x35 h1f ye4c ff4 fs7 fc1 sc2 ls2a ws0\">29<span class=\"ls0\"> </span></div></td><td class=\"c x5ac y2ac6 w2bb hc8\"><div class=\"t m0 x34 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td><td class=\"c x5ad y2ac6 w12d hc8\"><div class=\"t m0 x37 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td><td class=\"c x5af y2ac6 w2be hc8\"><div class=\"t m0 x35 h1f ye4c ff4 fs7 fc1 sc2 ls2a ws0\">29<span class=\"ls0\"> </span></div></td><td></td><td class=\"c x5a5 y2ac6 w2bb hc8\"><div class=\"t m0 x34 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td><td class=\"c x4e8 y2ac6 w12d hc8\"><div class=\"t m0 x34 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td><td class=\"c x598 y2ac6 w2bb hc8\"><div class=\"t m0 x34 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td><td class=\"c x5ae y2ac6 w169 hc8\"><div class=\"t m0 x37 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td><td class=\"c x5b0 y2ac6 w427 hc8\"><div class=\"t m0 x37 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2ac7 w426 hc8\"><div class=\"t m0 x10 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\"> B. St<span class=\"_ _f\"></span>rument<span class=\"_ _1\"></span>i der<span class=\"_ _f\"></span>ivati </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=\"c x44e y2ac8 w426 hc8\"><div class=\"t m0 x2f h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">1. Derivati finanz<span class=\"_ _1\"></span>iari </div></td><td class=\"c x5a4 y2ac8 w2b1 hc8\"><div class=\"t m0 x55 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x5a6 y2ac8 w169 hc8\"><div class=\"t m0 x37 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5ac y2ac8 w2bb hc8\"><div class=\"t m0 x16a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">13.881 </div></td><td class=\"c x5ad y2ac8 w12d hc8\"><div class=\"t m0 x37 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5af y2ac8 w2be hc8\"><div class=\"t m0 x37 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5a5 y2ac8 w2bb hc8\"><div class=\"t m0 x55 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x4e8 y2ac8 w12d hc8\"><div class=\"t m0 x34 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x598 y2ac8 w2bb hc8\"><div class=\"t m0 x8e h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">14.463 </div></td><td class=\"c x5ae y2ac8 w169 hc8\"><div class=\"t m0 x37 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5b0 y2ac8 w427 hc8\"><div class=\"t m0 x55 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2ac9 w426 hc8\"><div class=\"t m0 x39 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">1.1 Di negoziazione<span class=\"_ _f\"></span> </div></td><td class=\"c x5a4 y2ac9 w2b1 hc8\"><div class=\"t m0 x55 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td></td><td class=\"c x5a6 y2ac9 w169 hc8\"><div class=\"t m0 x37 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5ac y2ac9 w2bb hc8\"><div class=\"t m0 x16a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">13.881 </div></td><td class=\"c x5ad y2ac9 w12d hc8\"><div class=\"t m0 x37 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5af y2ac9 w2be hc8\"><div class=\"t m0 x55 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x5a5 y2ac9 w2bb hc8\"><div class=\"t m0 x55 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td></td><td class=\"c x4e8 y2ac9 w12d hc8\"><div class=\"t m0 x34 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x598 y2ac9 w2bb hc8\"><div class=\"t m0 x8e h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">14.463 </div></td><td class=\"c x5ae y2ac9 w169 hc8\"><div class=\"t m0 x37 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5b0 y2ac9 w427 hc8\"><div class=\"t m0 x55 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td></tr><tr><td class=\"c x44e y2aca w426 h58\"><div class=\"t m0 x39 h1f y15 ff4 fs7 fc1 sc0 ls0 ws0\">1.2 Connessi c<span class=\"_ _1\"></span>on la fair </div><div class=\"t m0 x39 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">value option<span class=\"_ _1\"></span> </div></td><td class=\"c x5a4 y2aca w2b1 h58\"><div class=\"t m0 x55 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td></td><td class=\"c x5a6 y2aca w169 h58\"><div class=\"t m0 x37 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5ac y2aca w2bb h58\"><div class=\"t m0 x34 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5ad y2aca w12d h58\"><div class=\"t m0 x37 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5af y2aca w2be h58\"><div class=\"t m0 x55 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x5a5 y2aca w2bb h58\"><div class=\"t m0 x55 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td></td><td class=\"c x4e8 y2aca w12d h58\"><div class=\"t m0 x34 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x598 y2aca w2bb h58\"><div class=\"t m0 x34 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5ae y2aca w169 h58\"><div class=\"t m0 x37 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5b0 y2aca w427 h58\"><div class=\"t m0 x55 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td></tr><tr><td class=\"c x44e y2acb w426 hc8\"><div class=\"t m0 x39 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">1.3 Altri </div></td><td class=\"c x5a4 y2acb w2b1 hc8\"><div class=\"t m0 x55 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td></td><td class=\"c x5a6 y2acb w169 hc8\"><div class=\"t m0 x37 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5ac y2acb w2bb hc8\"><div class=\"t m0 x34 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5ad y2acb w12d hc8\"><div class=\"t m0 x37 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5af y2acb w2be hc8\"><div class=\"t m0 x55 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x5a5 y2acb w2bb hc8\"><div class=\"t m0 x55 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td></td><td class=\"c x4e8 y2acb w12d hc8\"><div class=\"t m0 x34 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x598 y2acb w2bb hc8\"><div class=\"t m0 x34 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5ae y2acb w169 hc8\"><div class=\"t m0 x37 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5b0 y2acb w427 hc8\"><div class=\"t m0 x55 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td></tr><tr><td class=\"c x44e y2acc w426 hc8\"><div class=\"t m0 x2f h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">2. Derivati creditiz<span class=\"_ _f\"></span>i </div></td><td class=\"c x5a4 y2acc w2b1 hc8\"><div class=\"t m0 x55 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x5a6 y2acc w169 hc8\"><div class=\"t m0 x37 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5ac y2acc w2bb hc8\"><div class=\"t m0 x34 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5ad y2acc w12d hc8\"><div class=\"t m0 x37 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5af y2acc w2be hc8\"><div class=\"t m0 x37 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5a5 y2acc w2bb hc8\"><div class=\"t m0 x55 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x4e8 y2acc w12d hc8\"><div class=\"t m0 x34 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x598 y2acc w2bb hc8\"><div class=\"t m0 x34 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5ae y2acc w169 hc8\"><div class=\"t m0 x37 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5b0 y2acc w427 hc8\"><div class=\"t m0 x55 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2acd w426 hc8\"><div class=\"t m0 x39 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">2.1 Di negoziazio<span class=\"_ _1\"></span>ne </div></td><td class=\"c x5a4 y2acd w2b1 hc8\"><div class=\"t m0 x55 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td></td><td class=\"c x5a6 y2acd w169 hc8\"><div class=\"t m0 x37 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5ac y2acd w2bb hc8\"><div class=\"t m0 x34 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5ad y2acd w12d hc8\"><div class=\"t m0 x37 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5af y2acd w2be hc8\"><div class=\"t m0 x55 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x5a5 y2acd w2bb hc8\"><div class=\"t m0 x55 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td></td><td class=\"c x4e8 y2acd w12d hc8\"><div class=\"t m0 x34 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x598 y2acd w2bb hc8\"><div class=\"t m0 x34 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5ae y2acd w169 hc8\"><div class=\"t m0 x37 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5b0 y2acd w427 hc8\"><div class=\"t m0 x55 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td></tr><tr><td class=\"c x44e y2613 w426 hcd\"><div class=\"t m0 x39 h1f y1736 ff4 fs7 fc1 sc0 ls0 ws0\">2.2 Connessi c<span class=\"_ _1\"></span>on la fair </div><div class=\"t m0 x39 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">value option<span class=\"_ _1\"></span> </div></td><td class=\"c x5a4 y2613 w2b1 hcd\"><div class=\"t m0 x55 h1f y2ea ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td></td><td class=\"c x5a6 y2613 w169 hcd\"><div class=\"t m0 x37 h1f y2ea ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5ac y2613 w2bb hcd\"><div class=\"t m0 x34 h1f y2ea ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5ad y2613 w12d hcd\"><div class=\"t m0 x37 h1f y2ea ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5af y2613 w2be hcd\"><div class=\"t m0 x55 h1f y2ea ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x5a5 y2613 w2bb hcd\"><div class=\"t m0 x55 h1f y2ea ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td></td><td class=\"c x4e8 y2613 w12d hcd\"><div class=\"t m0 x34 h1f y2ea ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x598 y2613 w2bb hcd\"><div class=\"t m0 x34 h1f y2ea ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5ae y2613 w169 hcd\"><div class=\"t m0 x37 h1f y2ea ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5b0 y2613 w427 hcd\"><div class=\"t m0 x55 h1f y2ea ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td></tr><tr><td class=\"c x44e y2ace w426 hc8\"><div class=\"t m0 x39 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">2.3 Altri </div></td><td class=\"c x5a4 y2ace w2b1 hc8\"><div class=\"t m0 x55 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td></td><td class=\"c x5a6 y2ace w169 hc8\"><div class=\"t m0 x37 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5ac y2ace w2bb hc8\"><div class=\"t m0 x34 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5ad y2ace w12d hc8\"><div class=\"t m0 x37 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5af y2ace w2be hc8\"><div class=\"t m0 x55 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x5a5 y2ace w2bb hc8\"><div class=\"t m0 x55 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td></td><td class=\"c x4e8 y2ace w12d hc8\"><div class=\"t m0 x34 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x598 y2ace w2bb hc8\"><div class=\"t m0 x34 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5ae y2ace w169 hc8\"><div class=\"t m0 x37 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5b0 y2ace w427 hc8\"><div class=\"t m0 x55 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td></tr><tr><td class=\"c x44e y2acf w426 hc8\"><div class=\"t m0 xc h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale B<span class=\"_ _1\"></span> </div></td><td class=\"c x5a4 y2acf w2b1 hc8\"><div class=\"t m0 x55 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">X </div></td><td></td><td class=\"c x5a6 y2acf w169 hc8\"><div class=\"t m0 x37 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td><td class=\"c x5ac y2acf w2bb hc8\"><div class=\"t m0 x16a h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">13.8<span class=\"_ _1\"></span>81 </div></td><td class=\"c x5ad y2acf w12d hc8\"><div class=\"t m0 x37 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td><td class=\"c x5af y2acf w2be hc8\"><div class=\"t m0 x55 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">X </div></td><td class=\"c x5a5 y2acf w2bb hc8\"><div class=\"t m0 x55 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">X </div></td><td></td><td class=\"c x4e8 y2acf w12d hc8\"><div class=\"t m0 x34 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td><td class=\"c x598 y2acf w2bb hc8\"><div class=\"t m0 x2f h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">14.46<span class=\"_ _f\"></span>3 </div></td><td class=\"c x5ae y2acf w169 hc8\"><div class=\"t m0 x37 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td><td class=\"c x5b0 y2acf w427 hc8\"><div class=\"t m0 x55 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">X </div></td></tr><tr><td class=\"c x44e y2ad0 w426 hc8\"><div class=\"t m0 x124 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale (A<span class=\"_ _f\"></span>+B) </div></td><td class=\"c x5a4 y2ad0 w2b1 hc8\"><div class=\"t m0 x55 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">X </div></td><td></td><td class=\"c x5a6 y2ad0 w169 hc8\"><div class=\"t m0 x35 h1f y28b ff4 fs7 fc1 sc2 ls2a ws0\">29<span class=\"ls0\"> </span></div></td><td class=\"c x5ac y2ad0 w2bb hc8\"><div class=\"t m0 x16a h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">13.8<span class=\"_ _1\"></span>81 </div></td><td class=\"c x5ad y2ad0 w12d hc8\"><div class=\"t m0 x37 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td><td class=\"c x5af y2ad0 w2be hc8\"><div class=\"t m0 x55 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">X </div></td><td class=\"c x5a5 y2ad0 w2bb hc8\"><div class=\"t m0 x55 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">X </div></td><td></td><td class=\"c x4e8 y2ad0 w12d hc8\"><div class=\"t m0 x34 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td><td class=\"c x598 y2ad0 w2bb hc8\"><div class=\"t m0 x2f h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">14.46<span class=\"_ _f\"></span>3 </div></td><td class=\"c x5ae y2ad0 w169 hc8\"><div class=\"t m0 x37 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td><td class=\"c x5b0 y2ad0 w427 hc8\"><div class=\"t m0 x55 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">X </div></td></tr></table>Lege<span class=\"_ _f\"></span>nda: VN = valore nom<span class=\"_ _1\"></span>inale o nozi<span class=\"_ _1\"></span>onale  L1 = Livello 1 <span class=\"_ _1\"></span> L2 = Livello 2 <span class=\"_ _1\"></span> L3 = Livello 3 <span class=\"_ _1\"></span> Fair value*=Fair value calco<span class=\"_ _1\"></span>lato escludendo le variazioni di valore dovute<span class=\"_ _f\"></span> <span class=\"_ _2\"></span>al cambiamento del merito credit<span class=\"_ _1\"></span>izio dell'emittente rispe<span class=\"_ _f\"></span>tto<span class=\"_ _2\"></span> alla data <span class=\"_ _1\"></span>di emissione. La voce \u201cA. Passivit\u00e0 per cassa\u201d, se presente, comprend<span class=\"_ _1\"></span>e gli scoperti tecnici. 2.2 De<span class=\"_ _1\"></span>ttag<span class=\"_ _1\"></span>lio d<span class=\"_ _1\"></span>elle \u201c<span class=\"_ _1\"></span>Pass<span class=\"_ _1\"></span>ivit\u00e0<span class=\"_ _f\"></span> finanziar<span class=\"_ _1\"></span>ie di <span class=\"_ _f\"></span>negozia<span class=\"_ _1\"></span>zione\u201d<span class=\"_ _1\"></span>: pas<span class=\"_ _f\"></span>sivit\u00e0 s<span class=\"_ _1\"></span>ubord<span class=\"_ _1\"></span>inate<span class=\"_ _1\"></span> <span class=\"ff4\"> </span>2.3 D<span class=\"_ _f\"></span>ettaglio<span class=\"_ _1\"></span> delle<span class=\"_ _1\"></span> \u201cPa<span class=\"_ _1\"></span>ssivi<span class=\"_ _1\"></span>t\u00e0 fina<span class=\"_ _1\"></span>nziari<span class=\"_ _1\"></span>e di <span class=\"_ _1\"></span>negozia<span class=\"_ _f\"></span>zione\u201d:<span class=\"_ _1\"></span> debit<span class=\"_ _1\"></span>i st<span class=\"_ _f\"></span>ruttura<span class=\"_ _1\"></span>ti<span class=\"ff4\"> </span>Non <span class=\"_ _4\"> </span>esistono, <span class=\"_ _4\"> </span>alla <span class=\"_ _4\"> </span>da<span class=\"_ _f\"></span>t<span class=\"_ _2\"></span>a <span class=\"_ _4\"> </span>del  bilancio, <span class=\"_ _4\"> </span>n\u00e9 <span class=\"_ _4\"> </span>al <span class=\"_ _22\"> </span>31<span class=\"_ _2\"></span> <span class=\"_ _4\"> </span>dice<span class=\"_ _1\"></span>mbre <span class=\"_ _4\"> </span>2024, <span class=\"_ _4\"> </span>passivit\u00e0 <span class=\"_ _4\"> </span>subordinate <span class=\"_ _4\"> </span>e <span class=\"_ _22\"> </span>debiti strutturati.<span class=\"_ _df\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfDebtSecuritiesExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-808": {
   "value": "Sezio<span class=\"_ _1\"></span>ne 2 <span class=\"ff5\">\u2013</span> <span class=\"_ _1\"></span>Attivit\u00e0<span class=\"_ _1\"></span> fina<span class=\"_ _1\"></span>nziari<span class=\"_ _f\"></span>e valutate<span class=\"_ _1\"></span> al fair va<span class=\"_ _f\"></span>lue con im<span class=\"_ _f\"></span>patto a<span class=\"_ _1\"></span> conto <span class=\"_ _1\"></span>econo<span class=\"_ _f\"></span>mico <span class=\"ff5\">\u2013</span> Vo<span class=\"_ _f\"></span>ce 20  2.1 At<span class=\"_ _f\"></span>tivit\u00e0 fina<span class=\"_ _1\"></span>nzia<span class=\"_ _1\"></span>rie d<span class=\"_ _1\"></span>etenut<span class=\"_ _1\"></span>e p<span class=\"_ _1\"></span>er la <span class=\"_ _1\"></span>negozia<span class=\"_ _f\"></span>zione: <span class=\"_ _1\"></span>com<span class=\"_ _f\"></span>posizion<span class=\"_ _1\"></span>e me<span class=\"_ _1\"></span>rceol<span class=\"_ _1\"></span>ogica<span class=\"_ _1\"></span> <table class=\"s w98f h49e\" id=\"_70d8612b-b621-4782-a5bb-4d40058f6842\"><tr><td></td><td></td><td class=\"c x31c y25ac w2f7 h1fa\"><div class=\"t m0 x199 h1f y32 ff4 fs7 fc4 sc3 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale </div></td><td></td><td></td><td class=\"c x31d y25ac w2f8 h1fa\"><div class=\"t m0 x199 h1f y32 ff4 fs7 fc4 sc3 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale </div></td><td></td></tr><tr><td class=\"c x2e0 y25ad w2f6 h231\"><div class=\"t m0 x11d h1f y113e ff4 fs7 fc4 sc3 ls0 ws0\">Voci<span class=\"_ _1\"></span>/Valo<span class=\"_ _f\"></span>ri </div></td><td class=\"c x31e y25ae w990 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/<span class=\"_ _df\"> </span></div></td><td class=\"c x31f y25ae w991 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">2025<span class=\"_ _df\"> </span></div></td><td></td><td></td><td class=\"c x31d y25af w2f8 h232\"><div class=\"t m0 xe5 h1f y93e ff4 fs7 fc4 sc3 ls0 ws0\">31/12/<span class=\"_ _f\"></span>2024 </div></td><td></td></tr><tr><td></td><td class=\"c x31c y25ad w2f9 h232\"><div class=\"t m0 x3a h1f y93e ff4 fs7 fc4 sc3 lsc7 ws0\">L1<span class=\"ls0\"> </span></div></td><td class=\"c x320 y25ad w2fa h232\"><div class=\"t m0 x2c h1f y93e ff4 fs7 fc4 sc3 lsc7 ws0\">L2<span class=\"ls0\"> </span></div></td><td class=\"c x321 y25ad w2f9 h232\"><div class=\"t m0 x2c h1f y93e ff4 fs7 fc4 sc3 lsc7 ws0\">L3<span class=\"ls0\"> </span></div></td><td class=\"c x31d y25ad w2f9 h232\"><div class=\"t m0 x3a h1f y93e ff4 fs7 fc4 sc3 lsc7 ws0\">L1<span class=\"ls0\"> </span></div></td><td class=\"c x322 y25ad w2fa h232\"><div class=\"t m0 x2c h1f y93e ff4 fs7 fc4 sc3 lsc7 ws0\">L2<span class=\"ls0\"> </span></div></td><td class=\"c x323 y25ad w2fb h232\"><div class=\"t m0 x2c h1f y93e ff4 fs7 fc4 sc3 lsc7 ws0\">L3<span class=\"ls0\"> </span></div></td></tr><tr><td class=\"c x2e0 y25b0 w2fc hc8\"><div class=\"t m0 x10 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">A. Att<span class=\"_ _f\"></span>ivit\u00e0 per<span class=\"_ _f\"></span> cassa<span class=\"_ _f\"></span> </div></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2e0 y25b1 w2fc hc8\"><div class=\"t m0 x10 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">1. Titoli di debito<span class=\"_ _1\"></span> </div></td><td class=\"c x30f y25b1 w2f9 hc8\"><div class=\"t m0 x31 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">24.176 </div></td><td class=\"c x320 y25b1 w11e hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x321 y25b1 w2f9 hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x31d y25b1 w11f hc8\"><div class=\"t m0 x38 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">19.098 </div></td><td class=\"c x322 y25b1 w11e hc8\"><div class=\"t m0 x1c h1f y28b ff4 fs7 fc1 sc0 lsa ws0\">46<span class=\"ls0\"> </span></div></td><td class=\"c x323 y25b1 w50 hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2e0 y25b2 w2fc hc8\"><div class=\"t m0 x2f h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">1.1 Titoli struttu<span class=\"_ _1\"></span>rati </div></td><td class=\"c x30f y25b2 w2f9 hc8\"><div class=\"t m0 x15 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">2.723 </div></td><td class=\"c x320 y25b2 w11e hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x321 y25b2 w2f9 hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x31d y25b2 w11f hc8\"><div class=\"t m0 x12 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">909 </div></td><td class=\"c x322 y25b2 w11e hc8\"><div class=\"t m0 xa3 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">4 </div></td><td class=\"c x323 y25b2 w50 hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2e0 y25b3 w2fc hc8\"><div class=\"t m0 x2f h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">1.2 Altri titoli di deb<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span>to </div></td><td class=\"c x30f y25b3 w2f9 hc8\"><div class=\"t m0 x38 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">21.453 </div></td><td class=\"c x320 y25b3 w11e hc8\"><div class=\"t m0 x8 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x321 y25b3 w2f9 hc8\"><div class=\"t m0 x8 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x31d y25b3 w11f hc8\"><div class=\"t m0 x31 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">18.189 </div></td><td class=\"c x322 y25b3 w11e hc8\"><div class=\"t m0 x1c h1f ye4c ff4 fs7 fc1 sc0 lsa ws0\">42<span class=\"ls0\"> </span></div></td><td class=\"c x323 y25b3 w50 hc8\"><div class=\"t m0 x8 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2e0 y25b4 w2fc hc8\"><div class=\"t m0 x10 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">2. Titoli di capita<span class=\"_ _f\"></span>l<span class=\"_ _2\"></span>e<span class=\"_ _df\"> </span></div></td><td class=\"c x30f y25b4 w2f9 hc8\"><div class=\"t m0 x8 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x320 y25b4 w11e hc8\"><div class=\"t m0 x8 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x321 y25b4 w2f9 hc8\"><div class=\"t m0 x8 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x31d y25b4 w11f hc8\"><div class=\"t m0 x8 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x322 y25b4 w11e hc8\"><div class=\"t m0 x8 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x323 y25b4 w50 hc8\"><div class=\"t m0 x8 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2e0 y25b5 w2fc hc8\"><div class=\"t m0 x10 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">3. Quote di O.I.C<span class=\"_ _1\"></span>.R.<span class=\"_ _df\"> </span></div></td><td class=\"c x30f y25b5 w2f9 hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x320 y25b5 w11e hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x321 y25b5 w2f9 hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x31d y25b5 w11f hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x322 y25b5 w11e hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x323 y25b5 w50 hc8\"><div class=\"t m0 x1c h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">24 </div></td></tr><tr><td class=\"c x2e0 y25b6 w2fc hc8\"><div class=\"t m0 x10 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">4. Finanziamenti </div></td><td class=\"c x30f y25b6 w2f9 hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x320 y25b6 w11e hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x321 y25b6 w2f9 hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x31d y25b6 w11f hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x322 y25b6 w11e hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x323 y25b6 w50 hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2e0 y25b7 w2fc hc8\"><div class=\"t m0 x2f h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">4.1 Pronti contro<span class=\"_ _1\"></span> termine </div></td><td class=\"c x30f y25b7 w2f9 hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x320 y25b7 w11e hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x321 y25b7 w2f9 hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x31d y25b7 w11f hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x322 y25b7 w11e hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x323 y25b7 w50 hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2e0 y25b8 w2fc hc8\"><div class=\"t m0 x2f h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">4.2 Altri </div></td><td class=\"c x30f y25b8 w2f9 hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x320 y25b8 w11e hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x321 y25b8 w2f9 hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x31d y25b8 w11f hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x322 y25b8 w11e hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x323 y25b8 w50 hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2e0 y25b9 w2fc hc8\"><div class=\"t m0 x23 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale (A<span class=\"_ _f\"></span>) </div></td><td class=\"c x30f y25b9 w2f9 hc8\"><div class=\"t m0 x31 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">24.17<span class=\"_ _f\"></span>6 </div></td><td class=\"c x320 y25b9 w11e hc8\"><div class=\"t m0 x8 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td><td class=\"c x321 y25b9 w2f9 hc8\"><div class=\"t m0 x8 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td><td class=\"c x31d y25b9 w11f hc8\"><div class=\"t m0 x31 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">19.09<span class=\"_ _f\"></span>8 </div></td><td class=\"c x322 y25b9 w11e hc8\"><div class=\"t m0 x1c h1f ye4c ff4 fs7 fc1 sc2 lsa ws0\">46<span class=\"ls0\"> </span></div></td><td class=\"c x323 y25b9 w50 hc8\"><div class=\"t m0 x1c h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">24 </div></td></tr><tr><td class=\"c x2e0 y25ba w2fc h227\"><div class=\"t m0 x10 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">B. St<span class=\"_ _f\"></span>rument<span class=\"_ _1\"></span>i deri<span class=\"_ _1\"></span>vat<span class=\"_ _1\"></span>i </div></td><td class=\"c x30f y25ba w2f9 h227\"><div class=\"t m0 x8 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x320 y25ba w11e h227\"><div class=\"t m0 x8 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x321 y25ba w2f9 h227\"><div class=\"t m0 x8 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x31d y25ba w11f h227\"><div class=\"t m0 x8 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x322 y25ba w11e h227\"><div class=\"t m0 x8 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x323 y25ba w50 h227\"><div class=\"t m0 x8 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2e0 y25bb w2fc hc8\"><div class=\"t m0 x10 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">1. Derivati finanz<span class=\"_ _1\"></span>iari </div></td><td class=\"c x30f y25bb w2f9 hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x320 y25bb w11e hc8\"><div class=\"t m0 x31 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">16.747 </div></td><td class=\"c x321 y25bb w2f9 hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x31d y25bb w11f hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x322 y25bb w11e hc8\"><div class=\"t m0 x31 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">14.992 </div></td><td class=\"c x323 y25bb w50 hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2e0 y25bc w2fc hc8\"><div class=\"t m0 x2f h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">1.1 di negoziazione<span class=\"_ _f\"></span> </div></td><td class=\"c x30f y25bc w2f9 hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x320 y25bc w11e hc8\"><div class=\"t m0 x31 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">16.747 </div></td><td class=\"c x321 y25bc w2f9 hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x31d y25bc w11f hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x322 y25bc w11e hc8\"><div class=\"t m0 x31 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">14.992 </div></td><td class=\"c x323 y25bc w50 hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2e0 y25bd w2fc hc8\"><div class=\"t m0 x2f h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">1.2 connessi con <span class=\"_ _1\"></span>la fair value <span class=\"_ _1\"></span>option </div></td><td class=\"c x30f y25bd w2f9 hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x320 y25bd w11e hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x321 y25bd w2f9 hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x31d y25bd w11f hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x322 y25bd w11e hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x323 y25bd w50 hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2e0 y25be w2fc hc8\"><div class=\"t m0 x2f h1f y28b ff4 fs7 fc1 sc0 ls9 ws0\">1.<span class=\"ls0\">3 altri</span><span class=\"ls0\"> </span></div></td><td class=\"c x30f y25be w2f9 hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x320 y25be w11e hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x321 y25be w2f9 hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x31d y25be w11f hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x322 y25be w11e hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x323 y25be w50 hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2e0 y25bf w2fc hc8\"><div class=\"t m0 x10 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">2. Derivati creditiz<span class=\"_ _f\"></span>i </div></td><td class=\"c x30f y25bf w2f9 hc8\"><div class=\"t m0 x8 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x320 y25bf w11e hc8\"><div class=\"t m0 x8 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x321 y25bf w2f9 hc8\"><div class=\"t m0 x8 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x31d y25bf w11f hc8\"><div class=\"t m0 x8 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x322 y25bf w11e hc8\"><div class=\"t m0 x8 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x323 y25bf w50 hc8\"><div class=\"t m0 x8 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2e0 y25c0 w2fc hc8\"><div class=\"t m0 x2f h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">2.1 di negoziazione<span class=\"_ _f\"></span> </div></td><td class=\"c x30f y25c0 w2f9 hc8\"><div class=\"t m0 x8 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x320 y25c0 w11e hc8\"><div class=\"t m0 x8 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x321 y25c0 w2f9 hc8\"><div class=\"t m0 x8 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x31d y25c0 w11f hc8\"><div class=\"t m0 x8 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x322 y25c0 w11e hc8\"><div class=\"t m0 x8 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x323 y25c0 w50 hc8\"><div class=\"t m0 x8 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2e0 y25c1 w2fc hc8\"><div class=\"t m0 x2f h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">2.2 connessi con <span class=\"_ _f\"></span>l<span class=\"_ _2\"></span>a fair value<span class=\"_ _1\"></span> option </div></td><td class=\"c x30f y25c1 w2f9 hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x320 y25c1 w11e hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x321 y25c1 w2f9 hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x31d y25c1 w11f hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x322 y25c1 w11e hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x323 y25c1 w50 hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2e0 y25c2 w2fc hc8\"><div class=\"t m0 x2f h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">2.3 altri </div></td><td class=\"c x30f y25c2 w2f9 hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x320 y25c2 w11e hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x321 y25c2 w2f9 hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x31d y25c2 w11f hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x322 y25c2 w11e hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x323 y25c2 w50 hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2e0 y25c3 w2fc hc8\"><div class=\"t m0 x23 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale (B<span class=\"_ _1\"></span>) </div></td><td class=\"c x30f y25c3 w2f9 hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td><td class=\"c x320 y25c3 w11e hc8\"><div class=\"t m0 x31 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">16.747<span class=\"_ _f\"></span> </div></td><td class=\"c x321 y25c3 w2f9 hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td><td class=\"c x31d y25c3 w11f hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td><td class=\"c x322 y25c3 w11e hc8\"><div class=\"t m0 x31 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">14.99<span class=\"_ _1\"></span>2 </div></td><td class=\"c x323 y25c3 w50 hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2e0 y25c4 w2fc hc8\"><div class=\"t m0 x10f h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale (A<span class=\"_ _f\"></span>+B)  </div></td><td class=\"c x30f y25c4 w2f9 hc8\"><div class=\"t m0 x31 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">24.17<span class=\"_ _f\"></span>6 </div></td><td class=\"c x320 y25c4 w11e hc8\"><div class=\"t m0 x31 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">16.747<span class=\"_ _f\"></span> </div></td><td class=\"c x321 y25c4 w2f9 hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td><td class=\"c x31d y25c4 w11f hc8\"><div class=\"t m0 x31 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">19.09<span class=\"_ _f\"></span>8 </div></td><td class=\"c x322 y25c4 w11e hc8\"><div class=\"t m0 x31 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">15.03<span class=\"_ _f\"></span>8 </div></td><td class=\"c x323 y25c4 w50 hc8\"><div class=\"t m0 x1c h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">24 </div></td></tr></table>Lege<span class=\"_ _f\"></span>nda: L1= Livello 1 L2= Livello 2 L3= Livello 3 Si segnala la com<span class=\"_ _1\"></span>posizione della v<span class=\"_ _f\"></span>o<span class=\"_ _2\"></span>ce<span class=\"_ _1\"></span> 3 \u201cQuote O.I.C.R\u201d:<span class=\"ff4 fc4 sc3\"> </span><table class=\"s w992 h49f\" id=\"_deb45929-9ce2-4dd7-a083-cb4e6c464d6e\"><tr><td></td><td></td><td class=\"c x325 y25c5 w2fe h49\"><div class=\"t m0 x8f h1f y32 ff4 fs7 fc4 sc3 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale </div></td><td></td><td class=\"c x326 y25c5 w2ff h49\"><div class=\"t m0 x8f h1f y32 ff4 fs7 fc4 sc3 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale </div></td><td></td></tr><tr><td></td><td></td><td class=\"c x325 y25c6 w300 h49\"><div class=\"t m0 x97 h1f y25 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/<span class=\"_ _f\"></span>2025 </div></td><td class=\"c x327 y25c7 w993 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/<span class=\"_ _df\"> </span></div></td><td class=\"c x328 y25c7 w994 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc4 sc3 ls0 ws0\">2024<span class=\"_ _df\"> </span></div></td><td></td></tr><tr><td class=\"c x329 y25c8 w301 hc8\"><div class=\"t m0 x10 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">Azionari  </div></td><td></td><td></td><td class=\"c x325 y25c8 w2fe hc8\"><div class=\"t m0 x22 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x326 y25c8 w302 hc8\"><div class=\"t m0 x191 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">24 </div></td></tr><tr><td></td><td class=\"c x329 y25c9 w303 hc8\"><div class=\"t m0 x147 h1f y32 ff4 fs7 fc1 sc2 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale </div></td><td></td><td class=\"c x325 y25c9 w2fe hc8\"><div class=\"t m0 x22 h1f y32 ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td><td></td><td class=\"c x326 y25c9 w304 hc8\"><div class=\"t m0 x171 h1f y32 ff4 fs7 fc1 sc2 ls0 ws0\">24 </div></td></tr></table><div class=\"c w2da h225 gs8dc\"><div class=\"t m0 x10 h5 y110b ff4 fs1 fc4 sc3 ls0 ws0\">2.2 Att<span class=\"_ _f\"></span>ivit\u00e0 fina<span class=\"_ _f\"></span>nziarie d<span class=\"_ _1\"></span>ete<span class=\"_ _1\"></span>nute p<span class=\"_ _f\"></span>er la neg<span class=\"_ _1\"></span>ozia<span class=\"_ _1\"></span>zione: <span class=\"_ _f\"></span>compos<span class=\"_ _f\"></span>izione p<span class=\"_ _1\"></span>er de<span class=\"_ _1\"></span>bitor<span class=\"_ _1\"></span>i/em<span class=\"_ _1\"></span>ittent<span class=\"_ _1\"></span>i/cont<span class=\"_ _1\"></span>ropa<span class=\"_ _1\"></span>rti </div></div><div class=\"gs8dd\"><table class=\"s w995 h4a0\" id=\"_090afc8c-2681-4652-ab12-40cbcde5b32b\"><tr><td></td><td class=\"c x2e0 y25ca w305 h234\"><div class=\"t m0 xaf h1f y1498 ff4 fs7 fc4 sc3 ls0 ws0\">Voci<span class=\"_ _1\"></span>/Valo<span class=\"_ _f\"></span>ri </div></td><td class=\"c x32a y25cb w25d h227\"><div class=\"t m0 x31 h1f y28b ff4 fs7 fc4 sc3 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale </div></td><td></td><td class=\"c x317 y25cb w28b h227\"><div class=\"t m0 x31 h1f y28b ff4 fs7 fc4 sc3 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale </div></td><td></td></tr><tr><td></td><td class=\"c x32b y25cc w993 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/<span class=\"_ _df\"> </span></div></td><td class=\"c x32c y25cc w991 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">2025<span class=\"_ _df\"> </span></div></td><td class=\"c x32d y25cc w993 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/<span class=\"_ _df\"> </span></div></td><td class=\"c x32e y25cc w994 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">2024<span class=\"_ _df\"> </span></div></td><td></td></tr><tr><td class=\"c x2e0 y25cd w306 hc8\"><div class=\"t m0 x10 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">A. Att<span class=\"_ _f\"></span>ivit\u00e0 per<span class=\"_ _f\"></span> cassa<span class=\"_ _f\"></span> </div></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2e0 y25ce w306 hc8\"><div class=\"t m0 x10 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">1. Titoli di debito<span class=\"_ _1\"></span> </div></td><td></td><td></td><td class=\"c x32a y25ce w307 hc8\"><div class=\"t m0 x11f h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">24.176 </div></td><td></td><td class=\"c x317 y25ce w308 hc8\"><div class=\"t m0 xec h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">19.144 </div></td></tr><tr><td class=\"c x2e0 y25cf w306 hc8\"><div class=\"t m0 x16a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">a) Banche Centra<span class=\"_ _1\"></span>li </div></td><td></td><td></td><td class=\"c x32a y25cf w307 hc8\"><div class=\"t m0 xed h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x317 y25cf w308 hc8\"><div class=\"t m0 xed h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2e0 y25d0 w306 hc8\"><div class=\"t m0 x16a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">b) Amministrazi<span class=\"_ _1\"></span>oni pubbliche </div></td><td></td><td></td><td class=\"c x32a y25d0 w307 hc8\"><div class=\"t m0 x124 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">20.232 </div></td><td></td><td class=\"c x317 y25d0 w308 hc8\"><div class=\"t m0 xec h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">15.641 </div></td></tr><tr><td class=\"c x2e0 y25d1 w306 hc8\"><div class=\"t m0 x16a h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">c) Banche </div></td><td></td><td></td><td class=\"c x32a y25d1 w307 hc8\"><div class=\"t m0 xec h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">2.040 </div></td><td></td><td class=\"c x317 y25d1 w308 hc8\"><div class=\"t m0 xeb h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">2.205 </div></td></tr><tr><td class=\"c x2e0 y25d2 w306 hc8\"><div class=\"t m0 x16a h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">d) Altre societ\u00e0 <span class=\"_ _1\"></span>finanziarie<span class=\"_ _df\"> </span></div></td><td></td><td></td><td class=\"c x32a y25d2 w307 hc8\"><div class=\"t m0 x12a h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">816 </div></td><td></td><td class=\"c x317 y25d2 w308 hc8\"><div class=\"t m0 x12a h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">379 </div></td></tr><tr><td class=\"c x2e0 y25d3 w306 hc8\"><div class=\"t m0 x14 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">di cui: imprese d<span class=\"_ _1\"></span>i assicurazione<span class=\"_ _1\"></span> </div></td><td></td><td></td><td class=\"c x32a y25d3 w307 hc8\"><div class=\"t m0 xe8 h1f y28b ff4 fs7 fc1 sc0 ls27 ws0\">338<span class=\"ls0\"> </span></div></td><td></td><td class=\"c x317 y25d3 w308 hc8\"><div class=\"t m0 xed h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2e0 y25d4 w306 hc8\"><div class=\"t m0 x16a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">e) Societ\u00e0 non fi<span class=\"_ _1\"></span>nanziarie<span class=\"_ _df\"> </span></div></td><td></td><td></td><td class=\"c x32a y25d4 w307 hc8\"><div class=\"t m0 xeb h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">1.088 </div></td><td></td><td class=\"c x317 y25d4 w308 hc8\"><div class=\"t m0 x66 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">919 </div></td></tr><tr><td class=\"c x2e0 y25d5 w306 hc8\"><div class=\"t m0 x10 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">2. Titoli di capita<span class=\"_ _f\"></span>l<span class=\"_ _2\"></span>e<span class=\"_ _df\"> </span></div></td><td></td><td></td><td class=\"c x32a y25d5 w307 hc8\"><div class=\"t m0 xed h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x317 y25d5 w308 hc8\"><div class=\"t m0 xed h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2e0 y25d6 w306 hc8\"><div class=\"t m0 x16a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">a) Banche </div></td><td></td><td></td><td class=\"c x32a y25d6 w307 hc8\"><div class=\"t m0 xed h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x317 y25d6 w308 hc8\"><div class=\"t m0 xed h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2e0 y25d7 w306 hc8\"><div class=\"t m0 x16a h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">b) Altre societ\u00e0 <span class=\"_ _1\"></span>finanziarie<span class=\"_ _df\"> </span></div></td><td></td><td></td><td class=\"c x32a y25d7 w307 hc8\"><div class=\"t m0 xed h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x317 y25d7 w308 hc8\"><div class=\"t m0 xed h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2e0 y25d8 w306 hc8\"><div class=\"t m0 x14 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">di cui:  imprese d<span class=\"_ _1\"></span>i assicurazione </div></td><td></td><td></td><td class=\"c x32a y25d8 w307 hc8\"><div class=\"t m0 xed h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x317 y25d8 w308 hc8\"><div class=\"t m0 xed h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2e0 y25d9 w306 h227\"><div class=\"t m0 x16a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">c) Societ\u00e0 non f<span class=\"_ _1\"></span>inanziarie </div></td><td></td><td></td><td class=\"c x32a y25d9 w307 h227\"><div class=\"t m0 xed h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x317 y25d9 w308 h227\"><div class=\"t m0 xed h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2e0 y25da w306 hc8\"><div class=\"t m0 x16a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">d) Altri emitten<span class=\"_ _1\"></span>ti </div></td><td></td><td></td><td class=\"c x32a y25da w307 hc8\"><div class=\"t m0 xed h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x317 y25da w308 hc8\"><div class=\"t m0 xed h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2e0 y25db w306 hc8\"><div class=\"t m0 x10 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">3. Quote di OICR </div></td><td></td><td></td><td class=\"c x32a y25db w307 hc8\"><div class=\"t m0 xed h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x317 y25db w308 hc8\"><div class=\"t m0 x199 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">24 </div></td></tr><tr><td class=\"c x2e0 y2443 w306 hc8\"><div class=\"t m0 x10 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">4. Finanziamenti </div></td><td></td><td></td><td class=\"c x32a y2443 w307 hc8\"><div class=\"t m0 xed h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x317 y2443 w308 hc8\"><div class=\"t m0 xed h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2e0 y25dc w306 hc8\"><div class=\"t m0 x16a h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">a) Banche Centra<span class=\"_ _1\"></span>li </div></td><td></td><td></td><td class=\"c x32a y25dc w307 hc8\"><div class=\"t m0 xed h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x317 y25dc w308 hc8\"><div class=\"t m0 xed h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2e0 y25dd w306 hc8\"><div class=\"t m0 x16a h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">b) Amministrazi<span class=\"_ _1\"></span>oni pubbliche </div></td><td></td><td></td><td class=\"c x32a y25dd w307 hc8\"><div class=\"t m0 xed h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x317 y25dd w308 hc8\"><div class=\"t m0 xed h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2e0 y25de w306 hc8\"><div class=\"t m0 x16a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">c) Banche </div></td><td></td><td></td><td class=\"c x32a y25de w307 hc8\"><div class=\"t m0 xed h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x317 y25de w308 hc8\"><div class=\"t m0 xed h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2e0 y25df w306 hc8\"><div class=\"t m0 x16a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">d) Altre societ\u00e0 <span class=\"_ _1\"></span>finanziarie<span class=\"_ _df\"> </span></div></td><td></td><td></td><td class=\"c x32a y25df w307 hc8\"><div class=\"t m0 xed h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x317 y25df w308 hc8\"><div class=\"t m0 xed h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2e0 y25e0 w306 hc8\"><div class=\"t m0 x14 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">di cui: imprese d<span class=\"_ _1\"></span>i assicurazione<span class=\"_ _1\"></span> </div></td><td></td><td></td><td class=\"c x32a y25e0 w307 hc8\"><div class=\"t m0 xed h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x317 y25e0 w308 hc8\"><div class=\"t m0 xed h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2e0 y25e1 w306 hc8\"><div class=\"t m0 x16a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">e) Societ\u00e0 non fi<span class=\"_ _1\"></span>nanziarie<span class=\"_ _df\"> </span></div></td><td></td><td></td><td class=\"c x32a y25e1 w307 hc8\"><div class=\"t m0 xed h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x317 y25e1 w308 hc8\"><div class=\"t m0 xed h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2e0 y25e2 w306 hc8\"><div class=\"t m0 x16a h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">f) Famiglie </div></td><td></td><td></td><td class=\"c x32a y25e2 w307 hc8\"><div class=\"t m0 xed h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x317 y25e2 w308 hc8\"><div class=\"t m0 xed h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td></td><td class=\"c x2e0 y25e3 w306 hc8\"><div class=\"t m0 x111 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale (A<span class=\"_ _f\"></span>) </div></td><td></td><td class=\"c x32a y25e3 w307 hc8\"><div class=\"t m0 x11f h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">24.17<span class=\"_ _f\"></span>6 </div></td><td></td><td class=\"c x317 y25e3 w308 hc8\"><div class=\"t m0 xec h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">19.16<span class=\"_ _1\"></span>7 </div></td></tr><tr><td class=\"c x2e0 y25e4 w306 hc8\"><div class=\"t m0 x10 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">B. St<span class=\"_ _f\"></span>rument<span class=\"_ _1\"></span>i deri<span class=\"_ _1\"></span>vat<span class=\"_ _1\"></span>i </div></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2e0 y25e5 w306 hc8\"><div class=\"t m0 x16a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">a) Controparti Cent<span class=\"_ _f\"></span>rali </div></td><td></td><td></td><td class=\"c x32a y25e5 w307 hc8\"><div class=\"t m0 xed h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x317 y25e5 w308 hc8\"><div class=\"t m0 xed h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2e0 y25e6 w306 h227\"><div class=\"t m0 x16a h1f y14d6 ff4 fs7 fc1 sc0 ls0 ws0\">b) Altre </div></td><td></td><td></td><td class=\"c x32a y25e6 w307 h227\"><div class=\"t m0 x11f h1f y14d6 ff4 fs7 fc1 sc0 ls0 ws0\">16.747 </div></td><td></td><td class=\"c x317 y25e6 w308 h227\"><div class=\"t m0 x11f h1f y14d6 ff4 fs7 fc1 sc0 ls0 ws0\">14.992 </div></td></tr><tr><td></td><td class=\"c x2e0 y25e7 w306 hc8\"><div class=\"t m0 x111 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale (B<span class=\"_ _1\"></span>) </div></td><td></td><td class=\"c x32a y25e7 w307 hc8\"><div class=\"t m0 x11f h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">16.747<span class=\"_ _f\"></span> </div></td><td></td><td class=\"c x317 y25e7 w308 hc8\"><div class=\"t m0 x11f h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">14.99<span class=\"_ _1\"></span>2 </div></td></tr><tr><td></td><td class=\"c x2e0 y25e8 w306 hc8\"><div class=\"t m0 x10c h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale (A<span class=\"_ _f\"></span>+B)  </div></td><td></td><td class=\"c x32a y25e8 w307 hc8\"><div class=\"t m0 x124 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">40.9<span class=\"_ _1\"></span>23 </div></td><td></td><td class=\"c x317 y25e8 w308 hc8\"><div class=\"t m0 x11f h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">34.1<span class=\"lsc8\">60<span class=\"_ _df\"> </span></span></div></td></tr></table></div><div class=\"c w2da h1d6 gs8df\"><div class=\"t m0 x10 h5 yd41 ff4 fs1 fc4 sc3 ls0 ws0\">2.5 Al<span class=\"_ _1\"></span>tre a<span class=\"_ _f\"></span>ttivit\u00e0 fina<span class=\"_ _f\"></span>nziarie o<span class=\"_ _f\"></span>bbligat<span class=\"_ _1\"></span>oriam<span class=\"_ _1\"></span>ente v<span class=\"_ _1\"></span>alut<span class=\"_ _1\"></span>ate <span class=\"_ _1\"></span>al fa<span class=\"_ _f\"></span>ir value: co<span class=\"_ _1\"></span>mpos<span class=\"_ _1\"></span>izione <span class=\"_ _f\"></span>merceo<span class=\"_ _1\"></span>logi<span class=\"_ _f\"></span>ca </div></div><div class=\"gs8e0\"><table class=\"s w996 h4a1\" id=\"_300a5f3d-3eee-401d-9095-8ce6b8c23800\"><tr><td></td><td></td><td></td><td class=\"c x31c y25e9 w2f7 h82\"><div class=\"t m0 x199 h1f y32 ff4 fs7 fc4 sc3 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale </div></td><td></td><td></td><td class=\"c x31d y25e9 w2f8 h82\"><div class=\"t m0 x199 h1f y32 ff4 fs7 fc4 sc3 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale </div></td><td></td></tr><tr><td class=\"c x2e0 y25ea w2f6 h235\"><div class=\"t m0 x11d h1f y656 ff4 fs7 fc4 sc3 ls0 ws0\">Voci<span class=\"_ _1\"></span>/Valo<span class=\"_ _f\"></span>ri </div></td><td></td><td></td><td class=\"c x31c y25eb w2f7 h82\"><div class=\"t m0 xe5 h1f y25c ff4 fs7 fc4 sc3 ls0 ws0\">31/12/<span class=\"_ _f\"></span>2025 </div></td><td></td><td></td><td class=\"c x31d y25eb w2f8 h82\"><div class=\"t m0 xe5 h1f y25c ff4 fs7 fc4 sc3 ls0 ws0\">31/12/<span class=\"_ _f\"></span>2024 </div></td><td></td></tr><tr><td></td><td></td><td class=\"c x31c y25ea w11f h82\"><div class=\"t m0 x3a h1f y66c ff4 fs7 fc4 sc3 lsc7 ws0\">L1<span class=\"ls0\"> </span></div></td><td class=\"c x32f y25ea w100 h82\"><div class=\"t m0 x2c h1f y66c ff4 fs7 fc4 sc3 lsc7 ws0\">L2<span class=\"ls0\"> </span></div></td><td class=\"c x321 y25ea w2f9 h82\"><div class=\"t m0 x2c h1f y66c ff4 fs7 fc4 sc3 lsc7 ws0\">L3<span class=\"ls0\"> </span></div></td><td class=\"c x31d y25ea w2f9 h82\"><div class=\"t m0 x3a h1f y66c ff4 fs7 fc4 sc3 lsc7 ws0\">L1<span class=\"ls0\"> </span></div></td><td class=\"c x322 y25ea w11e h82\"><div class=\"t m0 x2c h1f y66c ff4 fs7 fc4 sc3 lsc7 ws0\">L2<span class=\"ls0\"> </span></div></td><td class=\"c x323 y25ea w309 h82\"><div class=\"t m0 x2c h1f y66c ff4 fs7 fc4 sc3 lsc7 ws0\">L3<span class=\"ls0\"> </span></div></td></tr><tr><td class=\"c x2e0 y25ec w2fc h82\"><div class=\"t m0 x10 h1f y54 ff4 fs7 fc1 sc2 ls0 ws0\">1. Tit<span class=\"_ _f\"></span>oli di de<span class=\"_ _f\"></span>bito </div></td><td></td><td class=\"c x30f y25ec w2f9 h82\"><div class=\"t m0 x27 h1f y54 ff4 fs7 fc1 sc2 ls0 ws0\">665<span class=\"_ _1\"></span>.586<span class=\"_ _f\"></span> </div></td><td class=\"c x320 y25ec w11e h82\"><div class=\"t m0 x15 h1f y54 ff4 fs7 fc1 sc2 ls0 ws0\">4.74<span class=\"_ _f\"></span>0 </div></td><td class=\"c x321 y25ec w2f9 h82\"><div class=\"t m0 xf h1f y54 ff4 fs7 fc1 sc2 ls9 ws0\">10<span class=\"ls0\"> </span></div></td><td class=\"c x31d y25ec w11f h82\"><div class=\"t m0 x97 h1f y54 ff4 fs7 fc1 sc2 ls0 ws0\">611.2<span class=\"_ _f\"></span>23 </div></td><td class=\"c x322 y25ec w11e h82\"><div class=\"t m0 x36 h1f y54 ff4 fs7 fc1 sc2 ls0 ws0\">4.51<span class=\"_ _1\"></span>8 </div></td><td class=\"c x323 y25ec w50 h82\"><div class=\"t m0 xf h1f y54 ff4 fs7 fc1 sc2 ls9 ws0\">10<span class=\"ls0\"> </span></div></td></tr><tr><td class=\"c x2e0 y25ed w2fc h82\"><div class=\"t m0 x2f h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">1.1 Titoli struttu<span class=\"_ _1\"></span>rati </div></td><td></td><td class=\"c x30f y25ed w2f9 h82\"><div class=\"t m0 x8 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x320 y25ed w11e h82\"><div class=\"t m0 x8 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x321 y25ed w2f9 h82\"><div class=\"t m0 x8 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x31d y25ed w11f h82\"><div class=\"t m0 x8 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x322 y25ed w11e h82\"><div class=\"t m0 x8 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x323 y25ed w50 h82\"><div class=\"t m0 x8 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2e0 y25ee w2fc h82\"><div class=\"t m0 x2f h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">1.2 Altri titoli di deb<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span>to </div></td><td></td><td class=\"c x30f y25ee w2f9 h82\"><div class=\"t m0 x3a h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">665.586 </div></td><td class=\"c x320 y25ee w11e h82\"><div class=\"t m0 x15 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">4.740 </div></td><td class=\"c x321 y25ee w2f9 h82\"><div class=\"t m0 xf h1f y54 ff4 fs7 fc1 sc0 ls9 ws0\">10<span class=\"ls0\"> </span></div></td><td class=\"c x31d y25ee w11f h82\"><div class=\"t m0 x37 h1f y54 ff4 fs7 fc1 sc0 ls29 ws0\">61<span class=\"ls0\">1.223</span><span class=\"ls0\"> </span></div></td><td class=\"c x322 y25ee w11e h82\"><div class=\"t m0 x36 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">4.518 </div></td><td class=\"c x323 y25ee w50 h82\"><div class=\"t m0 xf h1f y54 ff4 fs7 fc1 sc0 ls9 ws0\">10<span class=\"ls0\"> </span></div></td></tr><tr><td class=\"c x2e0 y25ef w2fc h82\"><div class=\"t m0 x10 h1f y54 ff4 fs7 fc1 sc2 ls0 ws0\">2. Tit<span class=\"_ _f\"></span>oli di ca<span class=\"_ _1\"></span>pita<span class=\"_ _1\"></span>le </div></td><td></td><td class=\"c x30f y25ef w2f9 h82\"><div class=\"t m0 x27 h1f y54 ff4 fs7 fc1 sc2 ls0 ws0\">260.<span class=\"_ _1\"></span>042<span class=\"_ _1\"></span> </div></td><td class=\"c x320 y25ef w11e h82\"><div class=\"t m0 x8 h1f y54 ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td><td class=\"c x321 y25ef w2f9 h82\"><div class=\"t m0 x8 h1f y54 ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td><td class=\"c x31d y25ef w11f h82\"><div class=\"t m0 x97 h1f y54 ff4 fs7 fc1 sc2 ls0 ws0\">214.3<span class=\"_ _1\"></span>17 </div></td><td class=\"c x322 y25ef w11e h82\"><div class=\"t m0 x8 h1f y54 ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td><td class=\"c x323 y25ef w50 h82\"><div class=\"t m0 x8 h1f y54 ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2e0 y25f0 w2fc h82\"><div class=\"t m0 x10 h1f y66c ff4 fs7 fc1 sc2 ls0 ws0\">3. Qu<span class=\"_ _f\"></span>ote di O.<span class=\"_ _1\"></span>I.C.<span class=\"_ _1\"></span>R. </div></td><td></td><td class=\"c x30f y25f0 w2f9 h82\"><div class=\"t m0 x33 h1f y66c ff4 fs7 fc1 sc2 ls0 ws0\">5.025<span class=\"_ _f\"></span>.991 </div></td><td class=\"c x320 y25f0 w11e h82\"><div class=\"t m0 x38 h1f y66c ff4 fs7 fc1 sc2 ls0 ws0\">47.8<span class=\"_ _f\"></span>89 </div></td><td class=\"c x321 y25f0 w2f9 h82\"><div class=\"t m0 x26 h1f y66c ff4 fs7 fc1 sc2 ls0 ws0\">267.<span class=\"_ _1\"></span>448<span class=\"_ _1\"></span> </div></td><td class=\"c x31d y25f0 w11f h82\"><div class=\"t m0 x33 h1f y66c ff4 fs7 fc1 sc2 ls0 ws0\">4.52<span class=\"_ _1\"></span>4.29<span class=\"_ _1\"></span>7 </div></td><td class=\"c x322 y25f0 w11e h82\"><div class=\"t m0 x38 h1f y66c ff4 fs7 fc1 sc2 ls0 ws0\">32.96<span class=\"_ _f\"></span>2 </div></td><td class=\"c x323 y25f0 w50 h82\"><div class=\"t m0 x34 h1f y66c ff4 fs7 fc1 sc2 ls0 ws0\">251.3<span class=\"_ _f\"></span>23 </div></td></tr><tr><td class=\"c x2e0 y25f1 w2fc h82\"><div class=\"t m0 x10 h1f y54 ff4 fs7 fc1 sc2 ls0 ws0\">4. Fin<span class=\"_ _1\"></span>anz<span class=\"_ _1\"></span>iam<span class=\"_ _1\"></span>enti<span class=\"_ _1\"></span> </div></td><td></td><td class=\"c x30f y25f1 w2f9 h82\"><div class=\"t m0 x8 h1f y54 ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td><td class=\"c x320 y25f1 w11e h82\"><div class=\"t m0 x8 h1f y54 ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td><td class=\"c x321 y25f1 w2f9 h82\"><div class=\"t m0 x31 h1f y54 ff4 fs7 fc1 sc2 ls0 ws0\">21.63<span class=\"_ _f\"></span>8 </div></td><td class=\"c x31d y25f1 w11f h82\"><div class=\"t m0 x8 h1f y54 ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td><td class=\"c x322 y25f1 w11e h82\"><div class=\"t m0 x8 h1f y54 ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td><td class=\"c x323 y25f1 w50 h82\"><div class=\"t m0 x38 h1f y54 ff4 fs7 fc1 sc2 ls0 ws0\">33.6<span class=\"_ _f\"></span>55 </div></td></tr><tr><td class=\"c x2e0 y25f2 w2fc h82\"><div class=\"t m0 x2f h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">4.1 Pronti contro<span class=\"_ _1\"></span> termine </div></td><td></td><td class=\"c x30f y25f2 w2f9 h82\"><div class=\"t m0 x8 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x320 y25f2 w11e h82\"><div class=\"t m0 x8 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x321 y25f2 w2f9 h82\"><div class=\"t m0 x8 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x31d y25f2 w11f h82\"><div class=\"t m0 x8 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x322 y25f2 w11e h82\"><div class=\"t m0 x8 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x323 y25f2 w50 h82\"><div class=\"t m0 x8 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2e0 y25f3 w2fc h82\"><div class=\"t m0 x2f h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">4.2 Altri </div></td><td></td><td class=\"c x30f y25f3 w2f9 h82\"><div class=\"t m0 x8 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x320 y25f3 w11e h82\"><div class=\"t m0 x8 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x321 y25f3 w2f9 h82\"><div class=\"t m0 x31 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">21.638 </div></td><td class=\"c x31d y25f3 w11f h82\"><div class=\"t m0 x8 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x322 y25f3 w11e h82\"><div class=\"t m0 x8 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x323 y25f3 w50 h82\"><div class=\"t m0 x97 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">33.655 </div></td></tr><tr><td></td><td class=\"c x2e0 y25f4 w2fc h82\"><div class=\"t m0 x3c h1f y54 ff4 fs7 fc1 sc2 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale  </div></td><td class=\"c x30f y25f4 w2f9 h82\"><div class=\"t m0 x35 h1f y54 ff4 fs7 fc1 sc2 ls0 ws0\">5.95<span class=\"_ _1\"></span>1.619<span class=\"_ _f\"></span> </div></td><td class=\"c x320 y25f4 w11e h82\"><div class=\"t m0 x38 h1f y54 ff4 fs7 fc1 sc2 ls0 ws0\">52.629<span class=\"_ _f\"></span> </div></td><td class=\"c x321 y25f4 w2f9 h82\"><div class=\"t m0 x27 h1f y54 ff4 fs7 fc1 sc2 ls0 ws0\">289.<span class=\"_ _f\"></span>096 </div></td><td class=\"c x31d y25f4 w11f h82\"><div class=\"t m0 x33 h1f y54 ff4 fs7 fc1 sc2 ls0 ws0\">5.349<span class=\"_ _f\"></span>.837 </div></td><td class=\"c x322 y25f4 w11e h82\"><div class=\"t m0 x97 h1f y54 ff4 fs7 fc1 sc2 ls0 ws0\">37.48<span class=\"_ _f\"></span>0 </div></td><td class=\"c x323 y25f4 w50 h82\"><div class=\"t m0 x27 h1f y54 ff4 fs7 fc1 sc2 ls0 ws0\">284.9<span class=\"_ _f\"></span>88 </div></td></tr></table></div><div class=\"t m0 h5 ff4 fs1 fc4 sc3 ls0 ws0 gs8e1\">Lege<span class=\"_ _f\"></span>nda:<span class=\"_ _df\"> </span> </div><div class=\"t m0 h1f ff4 fs7 fc1 sc0 ls0 ws0 gs8e2\">L1= Livello 1<span class=\"_ _df\"> </span> </div><div class=\"t m0 h1f ff4 fs7 fc1 sc0 ls0 ws0 gs8e3\">L2= Livello 2<span class=\"_ _df\"> </span> </div><div class=\"t m0 h1f ff4 fs7 fc1 sc0 ls0 ws0 gs8e4\">L3= Livello 3<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls4 ws0 gs8e5\">Si<span class=\"ls0\"> <span class=\"ff5\">segnala la composizione della voce 3 \u201cQuote O.I.C.R\u201d:</span></span><span class=\"ls0\"> </span></div><div class=\"gs8e6\"><table class=\"s w997 h4a2\" id=\"_c02b53e5-9a95-46b3-a1bf-941601973a2f\"><tr><td></td><td></td><td class=\"c x330 y25f5 w30a h49\"><div class=\"t m0 x97 h1f y32 ff4 fs7 fc4 sc3 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale </div></td><td class=\"c x331 y25f5 w141 h49\"><div class=\"t m0 x3a h1f y32 ff4 fs7 fc4 sc3 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale </div></td></tr><tr><td></td><td></td><td class=\"c x330 y25f6 w30b h49\"><div class=\"t m0 x35 h1f y25 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/<span class=\"_ _f\"></span>2025 </div></td><td class=\"c x331 y25f6 w141 h49\"><div class=\"t m0 x14 h1f y25 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/<span class=\"_ _f\"></span>2024 </div></td></tr><tr><td class=\"c x329 y25f7 w30c hc8\"><div class=\"t m0 x10 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">Fondi chiusi </div></td><td></td><td class=\"c x330 y25f7 w30a hc8\"><div class=\"t m0 x11d h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">12.196 </div></td><td class=\"c x331 y25f7 w30d hc8\"><div class=\"t m0 xe h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">13.166 </div></td></tr><tr><td class=\"c x329 y25f8 w30c hc8\"><div class=\"t m0 x10 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">Azionari </div></td><td></td><td class=\"c x330 y25f8 w30a hc8\"><div class=\"t m0 xf h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">1.209.964 </div></td><td class=\"c x331 y25f8 w30d hc8\"><div class=\"t m0 x8f h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">1.264.077 </div></td></tr><tr><td class=\"c x329 y25f9 w30c hc8\"><div class=\"t m0 x10 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">Immobiliari </div></td><td></td><td class=\"c x330 y25f9 w30a hc8\"><div class=\"t m0 x11d h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">61.401 </div></td><td class=\"c x331 y25f9 w30d hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">1.589 </div></td></tr><tr><td class=\"c x329 y25fa w30c hc8\"><div class=\"t m0 x10 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">Monetari </div></td><td></td><td class=\"c x330 y25fa w30a hc8\"><div class=\"t m0 x49 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">238.218 </div></td><td class=\"c x331 y25fa w30d hc8\"><div class=\"t m0 x12 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">207.396 </div></td></tr><tr><td class=\"c x329 y25fb w30c hc8\"><div class=\"t m0 x10 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">Obbligazionari<span class=\"_ _1\"></span> </div></td><td></td><td class=\"c x330 y25fb w30a hc8\"><div class=\"t m0 xc6 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">1.414.695 </div></td><td class=\"c x331 y25fb w30d hc8\"><div class=\"t m0 x8f h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">1.297.052 </div></td></tr><tr><td class=\"c x329 y25fc w30c hc8\"><div class=\"t m0 x10 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">Bilanciati </div></td><td></td><td class=\"c x330 y25fc w30a hc8\"><div class=\"t m0 xf0 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">80.636 </div></td><td class=\"c x331 y25fc w30d hc8\"><div class=\"t m0 xa3 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">77.113 </div></td></tr><tr><td class=\"c x329 y25fd w30c h227\"><div class=\"t m0 x10 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">Flessibili </div></td><td></td><td class=\"c x330 y25fd w30a h227\"><div class=\"t m0 x49 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">445.154 </div></td><td class=\"c x331 y25fd w30d h227\"><div class=\"t m0 x96 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">458.964 </div></td></tr><tr><td class=\"c x329 y25fe w30c hc8\"><div class=\"t m0 x10 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">Altri </div></td><td></td><td class=\"c x330 y25fe w30a hc8\"><div class=\"t m0 xf h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">1.879.062 </div></td><td class=\"c x331 y25fe w30d hc8\"><div class=\"t m0 x36 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">1.489.225 </div></td></tr><tr><td></td><td class=\"c x329 y25ff w30e hc8\"><div class=\"t m0 x47 h1f y32 ff4 fs7 fc1 sc2 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale </div></td><td class=\"c x330 y25ff w30a hc8\"><div class=\"t m0 xf h1f y32 ff4 fs7 fc1 sc2 ls0 ws0\">5.341.<span class=\"_ _1\"></span>32<span class=\"_ _1\"></span>8 </div></td><td class=\"c x331 y25ff w30f hc8\"><div class=\"t m0 x30 h1f y32 ff4 fs7 fc1 sc2 ls0 ws0\">4.80<span class=\"_ _f\"></span>8.582 </div></td></tr></table></div>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfFinancialAssetsHeldForTradingExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-903": {
   "value": "2.1 At<span class=\"_ _f\"></span>tivit\u00e0 fina<span class=\"_ _1\"></span>nzia<span class=\"_ _1\"></span>rie d<span class=\"_ _1\"></span>etenut<span class=\"_ _1\"></span>e p<span class=\"_ _1\"></span>er la <span class=\"_ _1\"></span>negozia<span class=\"_ _f\"></span>zione: <span class=\"_ _1\"></span>com<span class=\"_ _f\"></span>posizion<span class=\"_ _1\"></span>e me<span class=\"_ _1\"></span>rceol<span class=\"_ _1\"></span>ogica<span class=\"_ _1\"></span> <table class=\"s w98f h49e\" id=\"_70d8612b-b621-4782-a5bb-4d40058f6842\"><tr><td></td><td></td><td class=\"c x31c y25ac w2f7 h1fa\"><div class=\"t m0 x199 h1f y32 ff4 fs7 fc4 sc3 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale </div></td><td></td><td></td><td class=\"c x31d y25ac w2f8 h1fa\"><div class=\"t m0 x199 h1f y32 ff4 fs7 fc4 sc3 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale </div></td><td></td></tr><tr><td class=\"c x2e0 y25ad w2f6 h231\"><div class=\"t m0 x11d h1f y113e ff4 fs7 fc4 sc3 ls0 ws0\">Voci<span class=\"_ _1\"></span>/Valo<span class=\"_ _f\"></span>ri </div></td><td class=\"c x31e y25ae w990 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/<span class=\"_ _df\"> </span></div></td><td class=\"c x31f y25ae w991 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">2025<span class=\"_ _df\"> </span></div></td><td></td><td></td><td class=\"c x31d y25af w2f8 h232\"><div class=\"t m0 xe5 h1f y93e ff4 fs7 fc4 sc3 ls0 ws0\">31/12/<span class=\"_ _f\"></span>2024 </div></td><td></td></tr><tr><td></td><td class=\"c x31c y25ad w2f9 h232\"><div class=\"t m0 x3a h1f y93e ff4 fs7 fc4 sc3 lsc7 ws0\">L1<span class=\"ls0\"> </span></div></td><td class=\"c x320 y25ad w2fa h232\"><div class=\"t m0 x2c h1f y93e ff4 fs7 fc4 sc3 lsc7 ws0\">L2<span class=\"ls0\"> </span></div></td><td class=\"c x321 y25ad w2f9 h232\"><div class=\"t m0 x2c h1f y93e ff4 fs7 fc4 sc3 lsc7 ws0\">L3<span class=\"ls0\"> </span></div></td><td class=\"c x31d y25ad w2f9 h232\"><div class=\"t m0 x3a h1f y93e ff4 fs7 fc4 sc3 lsc7 ws0\">L1<span class=\"ls0\"> </span></div></td><td class=\"c x322 y25ad w2fa h232\"><div class=\"t m0 x2c h1f y93e ff4 fs7 fc4 sc3 lsc7 ws0\">L2<span class=\"ls0\"> </span></div></td><td class=\"c x323 y25ad w2fb h232\"><div class=\"t m0 x2c h1f y93e ff4 fs7 fc4 sc3 lsc7 ws0\">L3<span class=\"ls0\"> </span></div></td></tr><tr><td class=\"c x2e0 y25b0 w2fc hc8\"><div class=\"t m0 x10 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">A. Att<span class=\"_ _f\"></span>ivit\u00e0 per<span class=\"_ _f\"></span> cassa<span class=\"_ _f\"></span> </div></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2e0 y25b1 w2fc hc8\"><div class=\"t m0 x10 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">1. Titoli di debito<span class=\"_ _1\"></span> </div></td><td class=\"c x30f y25b1 w2f9 hc8\"><div class=\"t m0 x31 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">24.176 </div></td><td class=\"c x320 y25b1 w11e hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x321 y25b1 w2f9 hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x31d y25b1 w11f hc8\"><div class=\"t m0 x38 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">19.098 </div></td><td class=\"c x322 y25b1 w11e hc8\"><div class=\"t m0 x1c h1f y28b ff4 fs7 fc1 sc0 lsa ws0\">46<span class=\"ls0\"> </span></div></td><td class=\"c x323 y25b1 w50 hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2e0 y25b2 w2fc hc8\"><div class=\"t m0 x2f h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">1.1 Titoli struttu<span class=\"_ _1\"></span>rati </div></td><td class=\"c x30f y25b2 w2f9 hc8\"><div class=\"t m0 x15 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">2.723 </div></td><td class=\"c x320 y25b2 w11e hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x321 y25b2 w2f9 hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x31d y25b2 w11f hc8\"><div class=\"t m0 x12 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">909 </div></td><td class=\"c x322 y25b2 w11e hc8\"><div class=\"t m0 xa3 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">4 </div></td><td class=\"c x323 y25b2 w50 hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2e0 y25b3 w2fc hc8\"><div class=\"t m0 x2f h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">1.2 Altri titoli di deb<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span>to </div></td><td class=\"c x30f y25b3 w2f9 hc8\"><div class=\"t m0 x38 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">21.453 </div></td><td class=\"c x320 y25b3 w11e hc8\"><div class=\"t m0 x8 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x321 y25b3 w2f9 hc8\"><div class=\"t m0 x8 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x31d y25b3 w11f hc8\"><div class=\"t m0 x31 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">18.189 </div></td><td class=\"c x322 y25b3 w11e hc8\"><div class=\"t m0 x1c h1f ye4c ff4 fs7 fc1 sc0 lsa ws0\">42<span class=\"ls0\"> </span></div></td><td class=\"c x323 y25b3 w50 hc8\"><div class=\"t m0 x8 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2e0 y25b4 w2fc hc8\"><div class=\"t m0 x10 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">2. Titoli di capita<span class=\"_ _f\"></span>l<span class=\"_ _2\"></span>e<span class=\"_ _df\"> </span></div></td><td class=\"c x30f y25b4 w2f9 hc8\"><div class=\"t m0 x8 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x320 y25b4 w11e hc8\"><div class=\"t m0 x8 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x321 y25b4 w2f9 hc8\"><div class=\"t m0 x8 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x31d y25b4 w11f hc8\"><div class=\"t m0 x8 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x322 y25b4 w11e hc8\"><div class=\"t m0 x8 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x323 y25b4 w50 hc8\"><div class=\"t m0 x8 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2e0 y25b5 w2fc hc8\"><div class=\"t m0 x10 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">3. Quote di O.I.C<span class=\"_ _1\"></span>.R.<span class=\"_ _df\"> </span></div></td><td class=\"c x30f y25b5 w2f9 hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x320 y25b5 w11e hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x321 y25b5 w2f9 hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x31d y25b5 w11f hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x322 y25b5 w11e hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x323 y25b5 w50 hc8\"><div class=\"t m0 x1c h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">24 </div></td></tr><tr><td class=\"c x2e0 y25b6 w2fc hc8\"><div class=\"t m0 x10 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">4. Finanziamenti </div></td><td class=\"c x30f y25b6 w2f9 hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x320 y25b6 w11e hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x321 y25b6 w2f9 hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x31d y25b6 w11f hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x322 y25b6 w11e hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x323 y25b6 w50 hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2e0 y25b7 w2fc hc8\"><div class=\"t m0 x2f h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">4.1 Pronti contro<span class=\"_ _1\"></span> termine </div></td><td class=\"c x30f y25b7 w2f9 hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x320 y25b7 w11e hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x321 y25b7 w2f9 hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x31d y25b7 w11f hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x322 y25b7 w11e hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x323 y25b7 w50 hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2e0 y25b8 w2fc hc8\"><div class=\"t m0 x2f h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">4.2 Altri </div></td><td class=\"c x30f y25b8 w2f9 hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x320 y25b8 w11e hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x321 y25b8 w2f9 hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x31d y25b8 w11f hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x322 y25b8 w11e hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x323 y25b8 w50 hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2e0 y25b9 w2fc hc8\"><div class=\"t m0 x23 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale (A<span class=\"_ _f\"></span>) </div></td><td class=\"c x30f y25b9 w2f9 hc8\"><div class=\"t m0 x31 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">24.17<span class=\"_ _f\"></span>6 </div></td><td class=\"c x320 y25b9 w11e hc8\"><div class=\"t m0 x8 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td><td class=\"c x321 y25b9 w2f9 hc8\"><div class=\"t m0 x8 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td><td class=\"c x31d y25b9 w11f hc8\"><div class=\"t m0 x31 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">19.09<span class=\"_ _f\"></span>8 </div></td><td class=\"c x322 y25b9 w11e hc8\"><div class=\"t m0 x1c h1f ye4c ff4 fs7 fc1 sc2 lsa ws0\">46<span class=\"ls0\"> </span></div></td><td class=\"c x323 y25b9 w50 hc8\"><div class=\"t m0 x1c h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">24 </div></td></tr><tr><td class=\"c x2e0 y25ba w2fc h227\"><div class=\"t m0 x10 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">B. St<span class=\"_ _f\"></span>rument<span class=\"_ _1\"></span>i deri<span class=\"_ _1\"></span>vat<span class=\"_ _1\"></span>i </div></td><td class=\"c x30f y25ba w2f9 h227\"><div class=\"t m0 x8 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x320 y25ba w11e h227\"><div class=\"t m0 x8 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x321 y25ba w2f9 h227\"><div class=\"t m0 x8 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x31d y25ba w11f h227\"><div class=\"t m0 x8 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x322 y25ba w11e h227\"><div class=\"t m0 x8 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x323 y25ba w50 h227\"><div class=\"t m0 x8 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2e0 y25bb w2fc hc8\"><div class=\"t m0 x10 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">1. Derivati finanz<span class=\"_ _1\"></span>iari </div></td><td class=\"c x30f y25bb w2f9 hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x320 y25bb w11e hc8\"><div class=\"t m0 x31 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">16.747 </div></td><td class=\"c x321 y25bb w2f9 hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x31d y25bb w11f hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x322 y25bb w11e hc8\"><div class=\"t m0 x31 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">14.992 </div></td><td class=\"c x323 y25bb w50 hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2e0 y25bc w2fc hc8\"><div class=\"t m0 x2f h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">1.1 di negoziazione<span class=\"_ _f\"></span> </div></td><td class=\"c x30f y25bc w2f9 hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x320 y25bc w11e hc8\"><div class=\"t m0 x31 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">16.747 </div></td><td class=\"c x321 y25bc w2f9 hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x31d y25bc w11f hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x322 y25bc w11e hc8\"><div class=\"t m0 x31 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">14.992 </div></td><td class=\"c x323 y25bc w50 hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2e0 y25bd w2fc hc8\"><div class=\"t m0 x2f h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">1.2 connessi con <span class=\"_ _1\"></span>la fair value <span class=\"_ _1\"></span>option </div></td><td class=\"c x30f y25bd w2f9 hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x320 y25bd w11e hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x321 y25bd w2f9 hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x31d y25bd w11f hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x322 y25bd w11e hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x323 y25bd w50 hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2e0 y25be w2fc hc8\"><div class=\"t m0 x2f h1f y28b ff4 fs7 fc1 sc0 ls9 ws0\">1.<span class=\"ls0\">3 altri</span><span class=\"ls0\"> </span></div></td><td class=\"c x30f y25be w2f9 hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x320 y25be w11e hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x321 y25be w2f9 hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x31d y25be w11f hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x322 y25be w11e hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x323 y25be w50 hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2e0 y25bf w2fc hc8\"><div class=\"t m0 x10 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">2. Derivati creditiz<span class=\"_ _f\"></span>i </div></td><td class=\"c x30f y25bf w2f9 hc8\"><div class=\"t m0 x8 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x320 y25bf w11e hc8\"><div class=\"t m0 x8 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x321 y25bf w2f9 hc8\"><div class=\"t m0 x8 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x31d y25bf w11f hc8\"><div class=\"t m0 x8 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x322 y25bf w11e hc8\"><div class=\"t m0 x8 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x323 y25bf w50 hc8\"><div class=\"t m0 x8 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2e0 y25c0 w2fc hc8\"><div class=\"t m0 x2f h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">2.1 di negoziazione<span class=\"_ _f\"></span> </div></td><td class=\"c x30f y25c0 w2f9 hc8\"><div class=\"t m0 x8 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x320 y25c0 w11e hc8\"><div class=\"t m0 x8 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x321 y25c0 w2f9 hc8\"><div class=\"t m0 x8 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x31d y25c0 w11f hc8\"><div class=\"t m0 x8 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x322 y25c0 w11e hc8\"><div class=\"t m0 x8 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x323 y25c0 w50 hc8\"><div class=\"t m0 x8 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2e0 y25c1 w2fc hc8\"><div class=\"t m0 x2f h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">2.2 connessi con <span class=\"_ _f\"></span>l<span class=\"_ _2\"></span>a fair value<span class=\"_ _1\"></span> option </div></td><td class=\"c x30f y25c1 w2f9 hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x320 y25c1 w11e hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x321 y25c1 w2f9 hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x31d y25c1 w11f hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x322 y25c1 w11e hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x323 y25c1 w50 hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2e0 y25c2 w2fc hc8\"><div class=\"t m0 x2f h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">2.3 altri </div></td><td class=\"c x30f y25c2 w2f9 hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x320 y25c2 w11e hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x321 y25c2 w2f9 hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x31d y25c2 w11f hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x322 y25c2 w11e hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x323 y25c2 w50 hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2e0 y25c3 w2fc hc8\"><div class=\"t m0 x23 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale (B<span class=\"_ _1\"></span>) </div></td><td class=\"c x30f y25c3 w2f9 hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td><td class=\"c x320 y25c3 w11e hc8\"><div class=\"t m0 x31 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">16.747<span class=\"_ _f\"></span> </div></td><td class=\"c x321 y25c3 w2f9 hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td><td class=\"c x31d y25c3 w11f hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td><td class=\"c x322 y25c3 w11e hc8\"><div class=\"t m0 x31 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">14.99<span class=\"_ _1\"></span>2 </div></td><td class=\"c x323 y25c3 w50 hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2e0 y25c4 w2fc hc8\"><div class=\"t m0 x10f h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale (A<span class=\"_ _f\"></span>+B)  </div></td><td class=\"c x30f y25c4 w2f9 hc8\"><div class=\"t m0 x31 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">24.17<span class=\"_ _f\"></span>6 </div></td><td class=\"c x320 y25c4 w11e hc8\"><div class=\"t m0 x31 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">16.747<span class=\"_ _f\"></span> </div></td><td class=\"c x321 y25c4 w2f9 hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td><td class=\"c x31d y25c4 w11f hc8\"><div class=\"t m0 x31 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">19.09<span class=\"_ _f\"></span>8 </div></td><td class=\"c x322 y25c4 w11e hc8\"><div class=\"t m0 x31 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">15.03<span class=\"_ _f\"></span>8 </div></td><td class=\"c x323 y25c4 w50 hc8\"><div class=\"t m0 x1c h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">24 </div></td></tr></table>Lege<span class=\"_ _f\"></span>nda: L1= Livello 1 L2= Livello 2 L3= Livello 3 Si segnala la com<span class=\"_ _1\"></span>posizione della v<span class=\"_ _f\"></span>o<span class=\"_ _2\"></span>ce<span class=\"_ _1\"></span> 3 \u201cQuote O.I.C.R\u201d:<span class=\"ff4 fc4 sc3\"> </span><table class=\"s w992 h49f\" id=\"_deb45929-9ce2-4dd7-a083-cb4e6c464d6e\"><tr><td></td><td></td><td class=\"c x325 y25c5 w2fe h49\"><div class=\"t m0 x8f h1f y32 ff4 fs7 fc4 sc3 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale </div></td><td></td><td class=\"c x326 y25c5 w2ff h49\"><div class=\"t m0 x8f h1f y32 ff4 fs7 fc4 sc3 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale </div></td><td></td></tr><tr><td></td><td></td><td class=\"c x325 y25c6 w300 h49\"><div class=\"t m0 x97 h1f y25 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/<span class=\"_ _f\"></span>2025 </div></td><td class=\"c x327 y25c7 w993 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/<span class=\"_ _df\"> </span></div></td><td class=\"c x328 y25c7 w994 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc4 sc3 ls0 ws0\">2024<span class=\"_ _df\"> </span></div></td><td></td></tr><tr><td class=\"c x329 y25c8 w301 hc8\"><div class=\"t m0 x10 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">Azionari  </div></td><td></td><td></td><td class=\"c x325 y25c8 w2fe hc8\"><div class=\"t m0 x22 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x326 y25c8 w302 hc8\"><div class=\"t m0 x191 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">24 </div></td></tr><tr><td></td><td class=\"c x329 y25c9 w303 hc8\"><div class=\"t m0 x147 h1f y32 ff4 fs7 fc1 sc2 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale </div></td><td></td><td class=\"c x325 y25c9 w2fe hc8\"><div class=\"t m0 x22 h1f y32 ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td><td></td><td class=\"c x326 y25c9 w304 hc8\"><div class=\"t m0 x171 h1f y32 ff4 fs7 fc1 sc2 ls0 ws0\">24 </div></td></tr></table>2.2 Att<span class=\"_ _f\"></span>ivit\u00e0 fina<span class=\"_ _f\"></span>nziarie d<span class=\"_ _1\"></span>ete<span class=\"_ _1\"></span>nute p<span class=\"_ _f\"></span>er la neg<span class=\"_ _1\"></span>ozia<span class=\"_ _1\"></span>zione: <span class=\"_ _f\"></span>compos<span class=\"_ _f\"></span>izione p<span class=\"_ _1\"></span>er de<span class=\"_ _1\"></span>bitor<span class=\"_ _1\"></span>i/em<span class=\"_ _1\"></span>ittent<span class=\"_ _1\"></span>i/cont<span class=\"_ _1\"></span>ropa<span class=\"_ _1\"></span>rti <table class=\"s w995 h4a0\" id=\"_090afc8c-2681-4652-ab12-40cbcde5b32b\"><tr><td></td><td class=\"c x2e0 y25ca w305 h234\"><div class=\"t m0 xaf h1f y1498 ff4 fs7 fc4 sc3 ls0 ws0\">Voci<span class=\"_ _1\"></span>/Valo<span class=\"_ _f\"></span>ri </div></td><td class=\"c x32a y25cb w25d h227\"><div class=\"t m0 x31 h1f y28b ff4 fs7 fc4 sc3 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale </div></td><td></td><td class=\"c x317 y25cb w28b h227\"><div class=\"t m0 x31 h1f y28b ff4 fs7 fc4 sc3 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale </div></td><td></td></tr><tr><td></td><td class=\"c x32b y25cc w993 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/<span class=\"_ _df\"> </span></div></td><td class=\"c x32c y25cc w991 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">2025<span class=\"_ _df\"> </span></div></td><td class=\"c x32d y25cc w993 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/<span class=\"_ _df\"> </span></div></td><td class=\"c x32e y25cc w994 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">2024<span class=\"_ _df\"> </span></div></td><td></td></tr><tr><td class=\"c x2e0 y25cd w306 hc8\"><div class=\"t m0 x10 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">A. Att<span class=\"_ _f\"></span>ivit\u00e0 per<span class=\"_ _f\"></span> cassa<span class=\"_ _f\"></span> </div></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2e0 y25ce w306 hc8\"><div class=\"t m0 x10 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">1. Titoli di debito<span class=\"_ _1\"></span> </div></td><td></td><td></td><td class=\"c x32a y25ce w307 hc8\"><div class=\"t m0 x11f h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">24.176 </div></td><td></td><td class=\"c x317 y25ce w308 hc8\"><div class=\"t m0 xec h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">19.144 </div></td></tr><tr><td class=\"c x2e0 y25cf w306 hc8\"><div class=\"t m0 x16a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">a) Banche Centra<span class=\"_ _1\"></span>li </div></td><td></td><td></td><td class=\"c x32a y25cf w307 hc8\"><div class=\"t m0 xed h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x317 y25cf w308 hc8\"><div class=\"t m0 xed h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2e0 y25d0 w306 hc8\"><div class=\"t m0 x16a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">b) Amministrazi<span class=\"_ _1\"></span>oni pubbliche </div></td><td></td><td></td><td class=\"c x32a y25d0 w307 hc8\"><div class=\"t m0 x124 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">20.232 </div></td><td></td><td class=\"c x317 y25d0 w308 hc8\"><div class=\"t m0 xec h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">15.641 </div></td></tr><tr><td class=\"c x2e0 y25d1 w306 hc8\"><div class=\"t m0 x16a h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">c) Banche </div></td><td></td><td></td><td class=\"c x32a y25d1 w307 hc8\"><div class=\"t m0 xec h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">2.040 </div></td><td></td><td class=\"c x317 y25d1 w308 hc8\"><div class=\"t m0 xeb h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">2.205 </div></td></tr><tr><td class=\"c x2e0 y25d2 w306 hc8\"><div class=\"t m0 x16a h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">d) Altre societ\u00e0 <span class=\"_ _1\"></span>finanziarie<span class=\"_ _df\"> </span></div></td><td></td><td></td><td class=\"c x32a y25d2 w307 hc8\"><div class=\"t m0 x12a h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">816 </div></td><td></td><td class=\"c x317 y25d2 w308 hc8\"><div class=\"t m0 x12a h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">379 </div></td></tr><tr><td class=\"c x2e0 y25d3 w306 hc8\"><div class=\"t m0 x14 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">di cui: imprese d<span class=\"_ _1\"></span>i assicurazione<span class=\"_ _1\"></span> </div></td><td></td><td></td><td class=\"c x32a y25d3 w307 hc8\"><div class=\"t m0 xe8 h1f y28b ff4 fs7 fc1 sc0 ls27 ws0\">338<span class=\"ls0\"> </span></div></td><td></td><td class=\"c x317 y25d3 w308 hc8\"><div class=\"t m0 xed h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2e0 y25d4 w306 hc8\"><div class=\"t m0 x16a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">e) Societ\u00e0 non fi<span class=\"_ _1\"></span>nanziarie<span class=\"_ _df\"> </span></div></td><td></td><td></td><td class=\"c x32a y25d4 w307 hc8\"><div class=\"t m0 xeb h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">1.088 </div></td><td></td><td class=\"c x317 y25d4 w308 hc8\"><div class=\"t m0 x66 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">919 </div></td></tr><tr><td class=\"c x2e0 y25d5 w306 hc8\"><div class=\"t m0 x10 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">2. Titoli di capita<span class=\"_ _f\"></span>l<span class=\"_ _2\"></span>e<span class=\"_ _df\"> </span></div></td><td></td><td></td><td class=\"c x32a y25d5 w307 hc8\"><div class=\"t m0 xed h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x317 y25d5 w308 hc8\"><div class=\"t m0 xed h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2e0 y25d6 w306 hc8\"><div class=\"t m0 x16a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">a) Banche </div></td><td></td><td></td><td class=\"c x32a y25d6 w307 hc8\"><div class=\"t m0 xed h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x317 y25d6 w308 hc8\"><div class=\"t m0 xed h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2e0 y25d7 w306 hc8\"><div class=\"t m0 x16a h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">b) Altre societ\u00e0 <span class=\"_ _1\"></span>finanziarie<span class=\"_ _df\"> </span></div></td><td></td><td></td><td class=\"c x32a y25d7 w307 hc8\"><div class=\"t m0 xed h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x317 y25d7 w308 hc8\"><div class=\"t m0 xed h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2e0 y25d8 w306 hc8\"><div class=\"t m0 x14 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">di cui:  imprese d<span class=\"_ _1\"></span>i assicurazione </div></td><td></td><td></td><td class=\"c x32a y25d8 w307 hc8\"><div class=\"t m0 xed h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x317 y25d8 w308 hc8\"><div class=\"t m0 xed h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2e0 y25d9 w306 h227\"><div class=\"t m0 x16a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">c) Societ\u00e0 non f<span class=\"_ _1\"></span>inanziarie </div></td><td></td><td></td><td class=\"c x32a y25d9 w307 h227\"><div class=\"t m0 xed h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x317 y25d9 w308 h227\"><div class=\"t m0 xed h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2e0 y25da w306 hc8\"><div class=\"t m0 x16a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">d) Altri emitten<span class=\"_ _1\"></span>ti </div></td><td></td><td></td><td class=\"c x32a y25da w307 hc8\"><div class=\"t m0 xed h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x317 y25da w308 hc8\"><div class=\"t m0 xed h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2e0 y25db w306 hc8\"><div class=\"t m0 x10 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">3. Quote di OICR </div></td><td></td><td></td><td class=\"c x32a y25db w307 hc8\"><div class=\"t m0 xed h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x317 y25db w308 hc8\"><div class=\"t m0 x199 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">24 </div></td></tr><tr><td class=\"c x2e0 y2443 w306 hc8\"><div class=\"t m0 x10 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">4. Finanziamenti </div></td><td></td><td></td><td class=\"c x32a y2443 w307 hc8\"><div class=\"t m0 xed h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x317 y2443 w308 hc8\"><div class=\"t m0 xed h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2e0 y25dc w306 hc8\"><div class=\"t m0 x16a h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">a) Banche Centra<span class=\"_ _1\"></span>li </div></td><td></td><td></td><td class=\"c x32a y25dc w307 hc8\"><div class=\"t m0 xed h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x317 y25dc w308 hc8\"><div class=\"t m0 xed h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2e0 y25dd w306 hc8\"><div class=\"t m0 x16a h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">b) Amministrazi<span class=\"_ _1\"></span>oni pubbliche </div></td><td></td><td></td><td class=\"c x32a y25dd w307 hc8\"><div class=\"t m0 xed h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x317 y25dd w308 hc8\"><div class=\"t m0 xed h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2e0 y25de w306 hc8\"><div class=\"t m0 x16a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">c) Banche </div></td><td></td><td></td><td class=\"c x32a y25de w307 hc8\"><div class=\"t m0 xed h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x317 y25de w308 hc8\"><div class=\"t m0 xed h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2e0 y25df w306 hc8\"><div class=\"t m0 x16a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">d) Altre societ\u00e0 <span class=\"_ _1\"></span>finanziarie<span class=\"_ _df\"> </span></div></td><td></td><td></td><td class=\"c x32a y25df w307 hc8\"><div class=\"t m0 xed h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x317 y25df w308 hc8\"><div class=\"t m0 xed h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2e0 y25e0 w306 hc8\"><div class=\"t m0 x14 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">di cui: imprese d<span class=\"_ _1\"></span>i assicurazione<span class=\"_ _1\"></span> </div></td><td></td><td></td><td class=\"c x32a y25e0 w307 hc8\"><div class=\"t m0 xed h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x317 y25e0 w308 hc8\"><div class=\"t m0 xed h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2e0 y25e1 w306 hc8\"><div class=\"t m0 x16a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">e) Societ\u00e0 non fi<span class=\"_ _1\"></span>nanziarie<span class=\"_ _df\"> </span></div></td><td></td><td></td><td class=\"c x32a y25e1 w307 hc8\"><div class=\"t m0 xed h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x317 y25e1 w308 hc8\"><div class=\"t m0 xed h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2e0 y25e2 w306 hc8\"><div class=\"t m0 x16a h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">f) Famiglie </div></td><td></td><td></td><td class=\"c x32a y25e2 w307 hc8\"><div class=\"t m0 xed h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x317 y25e2 w308 hc8\"><div class=\"t m0 xed h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td></td><td class=\"c x2e0 y25e3 w306 hc8\"><div class=\"t m0 x111 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale (A<span class=\"_ _f\"></span>) </div></td><td></td><td class=\"c x32a y25e3 w307 hc8\"><div class=\"t m0 x11f h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">24.17<span class=\"_ _f\"></span>6 </div></td><td></td><td class=\"c x317 y25e3 w308 hc8\"><div class=\"t m0 xec h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">19.16<span class=\"_ _1\"></span>7 </div></td></tr><tr><td class=\"c x2e0 y25e4 w306 hc8\"><div class=\"t m0 x10 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">B. St<span class=\"_ _f\"></span>rument<span class=\"_ _1\"></span>i deri<span class=\"_ _1\"></span>vat<span class=\"_ _1\"></span>i </div></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2e0 y25e5 w306 hc8\"><div class=\"t m0 x16a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">a) Controparti Cent<span class=\"_ _f\"></span>rali </div></td><td></td><td></td><td class=\"c x32a y25e5 w307 hc8\"><div class=\"t m0 xed h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x317 y25e5 w308 hc8\"><div class=\"t m0 xed h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2e0 y25e6 w306 h227\"><div class=\"t m0 x16a h1f y14d6 ff4 fs7 fc1 sc0 ls0 ws0\">b) Altre </div></td><td></td><td></td><td class=\"c x32a y25e6 w307 h227\"><div class=\"t m0 x11f h1f y14d6 ff4 fs7 fc1 sc0 ls0 ws0\">16.747 </div></td><td></td><td class=\"c x317 y25e6 w308 h227\"><div class=\"t m0 x11f h1f y14d6 ff4 fs7 fc1 sc0 ls0 ws0\">14.992 </div></td></tr><tr><td></td><td class=\"c x2e0 y25e7 w306 hc8\"><div class=\"t m0 x111 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale (B<span class=\"_ _1\"></span>) </div></td><td></td><td class=\"c x32a y25e7 w307 hc8\"><div class=\"t m0 x11f h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">16.747<span class=\"_ _f\"></span> </div></td><td></td><td class=\"c x317 y25e7 w308 hc8\"><div class=\"t m0 x11f h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">14.99<span class=\"_ _1\"></span>2 </div></td></tr><tr><td></td><td class=\"c x2e0 y25e8 w306 hc8\"><div class=\"t m0 x10c h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale (A<span class=\"_ _f\"></span>+B)  </div></td><td></td><td class=\"c x32a y25e8 w307 hc8\"><div class=\"t m0 x124 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">40.9<span class=\"_ _1\"></span>23 </div></td><td></td><td class=\"c x317 y25e8 w308 hc8\"><div class=\"t m0 x11f h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">34.1<span class=\"lsc8\">60<span class=\"_ _df\"> </span></span></div></td></tr></table>Sezio<span class=\"_ _1\"></span>ne 5 - <span class=\"_ _1\"></span>Deriva<span class=\"_ _1\"></span>ti di co<span class=\"_ _1\"></span>pert<span class=\"_ _f\"></span>ura <span class=\"ff5\">\u2013</span> Voce<span class=\"_ _1\"></span> 50<span class=\"_ _df\"> </span>5.1 De<span class=\"_ _1\"></span>riva<span class=\"_ _1\"></span>ti di <span class=\"_ _1\"></span>coper<span class=\"_ _1\"></span>tura<span class=\"_ _1\"></span>: com<span class=\"_ _f\"></span>posizione <span class=\"_ _f\"></span>per tipol<span class=\"_ _1\"></span>ogia<span class=\"_ _1\"></span> di co<span class=\"_ _f\"></span>pertura <span class=\"_ _f\"></span>e per livell<span class=\"_ _1\"></span>i<table class=\"s wa14 h4b4\" id=\"_2380b7e7-f612-42ac-983f-59a63b9de518\"><tr><td></td><td></td><td></td><td class=\"c x3d4 y26e1 w34e hc8\"><div class=\"t m0 x26 h1f y28b ff4 fs7 fc4 sc3 lsca ws0\">FV<span class=\"ls0\"> </span></div></td><td class=\"c x32f y26e1 w34f hc8\"><div class=\"t m0 x10 h1f y28b ff4 fs7 fc4 sc3 ls0 ws0\">31/12/<span class=\"_ _f\"></span>2025 </div></td><td></td><td class=\"c x3d5 y26e1 w168 hc8\"><div class=\"t m0 x130 h1f y32 ff4 fs7 fc4 sc3 ls6c ws0\">VN<span class=\"ls0\"> </span></div></td><td class=\"c x3d6 y26e1 w182 hc8\"><div class=\"t m0 x26 h1f y28b ff4 fs7 fc4 sc3 lsca ws0\">FV<span class=\"ls0\"> </span></div></td><td class=\"c x34f y26e1 w34f hc8\"><div class=\"t m0 x10 h1f y28b ff4 fs7 fc4 sc3 ls0 ws0\">31/12/<span class=\"_ _f\"></span>2024 </div></td><td></td><td class=\"c x3d2 y26e1 w162 hc8\"><div class=\"t m0 x130 h1f y32 ff4 fs7 fc4 sc3 ls6c ws0\">VN<span class=\"ls0\"> </span></div></td></tr><tr><td></td><td></td><td class=\"c x3d4 y26e2 w1fc hc8\"><div class=\"t m0 x55 h1f y28b ff4 fs7 fc4 sc3 lsc7 ws0\">L1<span class=\"ls0\"> </span></div></td><td></td><td class=\"c x32f y26e2 w2a8 hc8\"><div class=\"t m0 x55 h1f y28b ff4 fs7 fc4 sc3 lsc7 ws0\">L2<span class=\"ls0\"> </span></div></td><td class=\"c x3d7 y26e2 w350 hc8\"><div class=\"t m0 x55 h1f y28b ff4 fs7 fc4 sc3 lsc7 ws0\">L3<span class=\"ls0\"> </span></div></td><td class=\"c x3d5 y26e2 w168 hc8\"><div class=\"t m0 x10 h1f y153d ff4 fs7 fc4 sc3 ls0 ws0\">31/12/<span class=\"_ _f\"></span>2025 </div></td><td></td><td class=\"c x34f y26e2 w2b8 hc8\"><div class=\"t m0 x55 h1f y28b ff4 fs7 fc4 sc3 lsc7 ws0\">L2<span class=\"ls0\"> </span></div></td><td class=\"c x3d8 y26e2 w2a8 hc8\"><div class=\"t m0 x55 h1f y28b ff4 fs7 fc4 sc3 lsc7 ws0\">L3<span class=\"ls0\"> </span></div></td><td class=\"c x3d2 y26e2 w162 hc8\"><div class=\"t m0 x10 h1f y153d ff4 fs7 fc4 sc3 ls0 ws0\">31/12/<span class=\"_ _f\"></span>2024 </div></td></tr><tr><td class=\"c x2e0 y26e3 w352 hc8\"><div class=\"t m0 x10 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">A. D<span class=\"_ _1\"></span>eriv<span class=\"_ _1\"></span>ati fi<span class=\"_ _1\"></span>nan<span class=\"_ _1\"></span>ziari </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 x2e0 y26e4 w352 hc8\"><div class=\"t m0 x8e h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">1. Fair value </div></td><td></td><td></td><td class=\"c x3d4 y26e4 w34e hc8\"><div class=\"t m0 x31 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x32f y26e4 w196 hc8\"><div class=\"t m0 x2f h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">179.098 </div></td><td class=\"c x3d7 y26e4 w353 hc8\"><div class=\"t m0 x31 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x3d5 y26e4 w168 hc8\"><div class=\"t m0 xac h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">11.185.196 </div></td><td class=\"c x3d6 y26e4 w182 hc8\"><div class=\"t m0 x31 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x34f y26e4 w2e8 hc8\"><div class=\"t m0 x8e h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">427.235 </div></td><td class=\"c x3d8 y26e4 w1c3 hc8\"><div class=\"t m0 x31 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x3d2 y26e4 w1df hc8\"><div class=\"t m0 x10 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">21.024.740 </div></td></tr><tr><td class=\"c x2e0 y26e5 w352 hc8\"><div class=\"t m0 x8e h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">2. Flussi finanziar<span class=\"_ _f\"></span>i </div></td><td></td><td></td><td class=\"c x3d4 y26e5 w34e hc8\"><div class=\"t m0 x31 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x32f y26e5 w196 hc8\"><div class=\"t m0 x30 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x3d7 y26e5 w353 hc8\"><div class=\"t m0 x31 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x3d5 y26e5 w168 hc8\"><div class=\"t m0 x8f h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x3d6 y26e5 w182 hc8\"><div class=\"t m0 x31 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x34f y26e5 w2e8 hc8\"><div class=\"t m0 x31 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x3d8 y26e5 w1c3 hc8\"><div class=\"t m0 x31 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x3d2 y26e5 w1df hc8\"><div class=\"t m0 x8f h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2e0 y26e6 w352 hc8\"><div class=\"t m0 x8e h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">3. Investiment<span class=\"_ _1\"></span>i esteri </div></td><td></td><td></td><td class=\"c x3d4 y26e6 w34e hc8\"><div class=\"t m0 x31 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x32f y26e6 w196 hc8\"><div class=\"t m0 x30 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x3d7 y26e6 w353 hc8\"><div class=\"t m0 x31 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x3d5 y26e6 w168 hc8\"><div class=\"t m0 x8f h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x3d6 y26e6 w182 hc8\"><div class=\"t m0 x31 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x34f y26e6 w2e8 hc8\"><div class=\"t m0 x31 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x3d8 y26e6 w1c3 hc8\"><div class=\"t m0 x31 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x3d2 y26e6 w1df hc8\"><div class=\"t m0 x8f h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2e0 y26e7 w352 hc8\"><div class=\"t m0 x10 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">B. Der<span class=\"_ _f\"></span>ivati cr<span class=\"_ _f\"></span>editizi </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 x2e0 y26e8 w352 hc8\"><div class=\"t m0 x8e h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">1. Fair value </div></td><td></td><td></td><td class=\"c x3d4 y26e8 w34e hc8\"><div class=\"t m0 x31 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x32f y26e8 w196 hc8\"><div class=\"t m0 x30 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x3d7 y26e8 w353 hc8\"><div class=\"t m0 x31 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x3d5 y26e8 w168 hc8\"><div class=\"t m0 x8f h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x3d6 y26e8 w182 hc8\"><div class=\"t m0 x31 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x34f y26e8 w2e8 hc8\"><div class=\"t m0 x31 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x3d8 y26e8 w1c3 hc8\"><div class=\"t m0 x31 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x3d2 y26e8 w1df hc8\"><div class=\"t m0 x8f h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2e0 y26e9 w352 hc8\"><div class=\"t m0 x8e h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">2. Flussi finanziar<span class=\"_ _f\"></span>i </div></td><td></td><td></td><td class=\"c x3d4 y26e9 w34e hc8\"><div class=\"t m0 x31 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x32f y26e9 w196 hc8\"><div class=\"t m0 x30 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x3d7 y26e9 w353 hc8\"><div class=\"t m0 x31 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x3d5 y26e9 w168 hc8\"><div class=\"t m0 x8f h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x3d6 y26e9 w182 hc8\"><div class=\"t m0 x31 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x34f y26e9 w2e8 hc8\"><div class=\"t m0 x31 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x3d8 y26e9 w1c3 hc8\"><div class=\"t m0 x31 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x3d2 y26e9 w1df hc8\"><div class=\"t m0 x8f h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td></td><td class=\"c x2e0 y26ea w352 hc8\"><div class=\"t m0 x9 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale </div></td><td></td><td class=\"c x3d4 y26ea w34e hc8\"><div class=\"t m0 x31 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td><td class=\"c x32f y26ea w196 hc8\"><div class=\"t m0 x2f h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">179.<span class=\"_ _1\"></span>098 </div></td><td class=\"c x3d7 y26ea w353 hc8\"><div class=\"t m0 x31 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td><td class=\"c x3d5 y26ea w168 hc8\"><div class=\"t m0 xac h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">11.185<span class=\"_ _1\"></span>.196<span class=\"_ _f\"></span> </div></td><td class=\"c x3d6 y26ea w182 hc8\"><div class=\"t m0 x31 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td><td class=\"c x34f y26ea w2e8 hc8\"><div class=\"t m0 x8e h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">427.<span class=\"_ _1\"></span>235<span class=\"_ _1\"></span> </div></td><td class=\"c x3d8 y26ea w1c3 hc8\"><div class=\"t m0 x31 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td><td class=\"c x3d2 y26ea w1df hc8\"><div class=\"t m0 x10 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">21.02<span class=\"_ _f\"></span>4.740 </div></td></tr></table>L1<span class=\"_ _df\"> </span>Lege<span class=\"_ _f\"></span>nda:<span class=\"_ _df\"> </span>VN = valore nozi<span class=\"_ _1\"></span>onale<span class=\"_ _df\"> </span>L1= Livello 1<span class=\"_ _df\"> </span>L2= Livello 2<span class=\"_ _df\"> </span>L3= Livello 3<span class=\"_ _df\"> </span>5.2 D<span class=\"_ _1\"></span>eriva<span class=\"_ _1\"></span>ti di<span class=\"_ _1\"></span> cope<span class=\"_ _1\"></span>rtura<span class=\"_ _f\"></span>: compos<span class=\"_ _f\"></span>izione per<span class=\"_ _1\"></span> por<span class=\"_ _1\"></span>tafog<span class=\"_ _1\"></span>li cop<span class=\"_ _1\"></span>erti <span class=\"_ _1\"></span>e pe<span class=\"_ _f\"></span>r<span class=\"_ _2\"></span> ti<span class=\"_ _1\"></span>polog<span class=\"_ _1\"></span>ia d<span class=\"_ _1\"></span>i cope<span class=\"_ _1\"></span>rtura<table class=\"s wa15 h4b5\" id=\"_6b5ea7f4-6ff9-4fa0-aa90-75184618ddb9\"><tr><td></td><td></td><td></td><td></td><td class=\"c x3d9 y26eb w355 h79\"><div class=\"t m0 x148 h1f y400 ff4 fs7 fc4 sc3 ls0 ws0\">Fair<span class=\"_ _f\"></span> Value<span class=\"fc1 sc0\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td class=\"c x3da y26eb w55 h79\"><div class=\"t m0 x8e h1f y400 ff4 fs7 fc4 sc3 ls0 ws0\">Flus<span class=\"_ _1\"></span>si fin<span class=\"_ _f\"></span>anziari<span class=\"_ _1\"></span><span class=\"fc1 sc0\"> </span></div></td><td></td><td></td></tr><tr><td class=\"c x36d y26ec w354 h249\"><div class=\"t m0 x2a h1f ycd1 ff4 fs7 fc4 sc3 ls0 ws0\">Oper<span class=\"_ _f\"></span>azioni/T<span class=\"_ _f\"></span>ipo di c<span class=\"_ _1\"></span>oper<span class=\"_ _f\"></span>tura<span class=\"fc1 sc0\"> </span></div></td><td></td><td></td><td class=\"c x3d9 y26ed w2e1 h1e2\" colspan=\"2\"><div class=\"t m0 x1de h1f y400 ff4 fs7 fc4 sc3 ls0 ws0\">Specif<span class=\"_ _f\"></span>ica<span class=\"fc1 sc0\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td class=\"c x3db y26ee wa16 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc4 sc3 ls0 ws0\">Inv<span class=\"_ _1\"></span>estim<span class=\"_ _1\"></span>.<span class=\"_ _df\"> </span></div></td></tr><tr><td></td><td class=\"c x3dc y26ef wa17 h4b6\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc4 sc3 ls0 ws0\">titoli<span class=\"_ _1\"></span> di<span class=\"_ _df\"> </span></div></td><td class=\"c x3dd y26ef wa18 h4b6\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc4 sc3 ls0 ws0\">titol<span class=\"_ _1\"></span>i di<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td class=\"c x3de y26f0 wa19 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc4 sc3 ls0 ws0\">este<span class=\"_ _1\"></span>ri<span class=\"_ _df\"> </span></div></td></tr><tr><td></td><td class=\"c x3df y268f wa1a h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc4 sc3 ls0 ws0\">debi<span class=\"_ _1\"></span>to e<span class=\"_ _df\"> </span></div></td><td class=\"c x3e0 y268f wa1b h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc4 sc3 ls0 ws0\">capit<span class=\"_ _f\"></span>ale<span class=\"_ _df\"> </span></div></td><td class=\"c x3e1 y268f wa1c h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc4 sc3 ls0 ws0\">val<span class=\"_ _1\"></span>ute<span class=\"_ _df\"> </span></div></td><td class=\"c x3e2 y26ec w32c h24a\"><div class=\"t m0 x8a h1f y2c4 ff4 fs7 fc4 sc3 ls0 ws0\">credit<span class=\"_ _f\"></span>o<span class=\"fc1 sc0\"> </span></div></td><td class=\"c x3e3 y26ec w16c h24a\"><div class=\"t m0 xac h1f y2c4 ff4 fs7 fc4 sc3 ls0 ws0\">mer<span class=\"_ _1\"></span>ci<span class=\"fc1 sc0\"> </span></div></td><td class=\"c x3e4 y26ec w16c h24a\"><div class=\"t m0 x16a h1f y2c4 ff4 fs7 fc4 sc3 ls0 ws0\">altri<span class=\"_ _f\"></span><span class=\"fc1 sc0\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td></td><td class=\"c x3e5 y26f1 wa1d h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc4 sc3 ls0 ws0\">tass<span class=\"_ _1\"></span>i di<span class=\"_ _df\"> </span></div></td><td class=\"c x3e6 y26f1 wa1e h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc4 sc3 ls0 ws0\">e indi<span class=\"_ _1\"></span>ci<span class=\"_ _df\"> </span></div></td><td class=\"c x3e7 y26f1 wa1f h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc4 sc3 ls0 ws0\">e oro<span class=\"_ _df\"> </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 x262 y26f2 wa20 h4b7\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">1. Attivit\u00e0 finanz<span class=\"_ _1\"></span>iarie valutate a<span class=\"_ _f\"></span>l<span class=\"_ _df\"> </span></div></td><td class=\"c x3e8 y26f3 wa21 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc4 sc3 ls0 ws0\">inter<span class=\"_ _1\"></span>esse<span class=\"_ _df\"> </span></div></td><td class=\"c x3e0 y26f3 wa22 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc4 sc3 ls0 ws0\">azio<span class=\"_ _1\"></span>nari<span class=\"_ _df\"> </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=\"c x262 y26f4 wa23 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">fair value con imp<span class=\"_ _1\"></span>atto sulla<span class=\"_ _df\"> </span></div></td><td class=\"c x3d9 y26f5 w358 h89\"><div class=\"t m0 x55 h1f y41f ff4 fs7 fc1 sc0 ls0 ws0\">81.248 </div></td><td class=\"c x3e9 y26f5 w2b3 h89\"><div class=\"t m0 x97 h1f y41f ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x3ea y26f5 w161 h89\"><div class=\"t m0 x26 h1f y41f ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x3e2 y26f5 w167 h89\"><div class=\"t m0 x26 h1f y41f ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x3e3 y26f5 w16d h89\"><div class=\"t m0 x55 h1f y41f ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x3e4 y26f5 w161 h89\"><div class=\"t m0 x55 h1f y41f ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td></td><td class=\"c x3eb y26f5 w16d h89\"><div class=\"t m0 x55 h1f y41f ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td></td><td class=\"c x3da y26f5 w167 h89\"><div class=\"t m0 x26 h1f y41f ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x3ec y26f5 w161 h89\"><div class=\"t m0 x55 h1f y41f ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td></td><td class=\"c x3ed y26f5 w17b h89\"><div class=\"t m0 x14 h1f y41f ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td></tr><tr><td class=\"c x262 y26f6 w964 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">redditivit\u00e0 comp<span class=\"_ _f\"></span>l<span class=\"_ _2\"></span>essiva<span class=\"_ _df\"> </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></tr><tr><td class=\"c x262 y26f7 wa24 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">2. Attivit\u00e0 finanz<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span>arie valut<span class=\"_ _1\"></span>ate al<span class=\"_ _df\"> </span></div></td><td class=\"c x3d9 y26f8 w358 h1d1\"><div class=\"t m0 x2e h1f y110b ff4 fs7 fc1 sc0 ls0 ws0\">27.896 </div></td><td class=\"c x3e9 y26f8 w2b3 h1d1\"><div class=\"t m0 x130 h1f y110b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x3ea y26f8 w161 h1d1\"><div class=\"t m0 x26 h1f y110b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x3e2 y26f8 w167 h1d1\"><div class=\"t m0 x26 h1f y110b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x3e3 y26f8 w16d h1d1\"><div class=\"t m0 x55 h1f y110b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x3e4 y26f8 w161 h1d1\"><div class=\"t m0 x55 h1f y110b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td></td><td class=\"c x3eb y26f8 w16d h1d1\"><div class=\"t m0 x55 h1f y110b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td></td><td class=\"c x3da y26f8 w167 h1d1\"><div class=\"t m0 x26 h1f y110b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x3ec y26f8 w161 h1d1\"><div class=\"t m0 x55 h1f y110b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td></td><td class=\"c x3ed y26f8 w17b h1d1\"><div class=\"t m0 x14 h1f y110b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td></tr><tr><td class=\"c x262 y26f9 wa25 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">costo ammortizza<span class=\"_ _f\"></span>to<span class=\"_ _df\"> </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></tr><tr><td class=\"c x36d y26fa w357 h4e\"><div class=\"t m0 x8a h1f y71 ff4 fs7 fc1 sc0 ls0 ws0\">3. Portafoglio </div></td><td class=\"c x3d9 y26fa w358 h4e\"><div class=\"t m0 x14 h1f y71 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x3e9 y26fa w2b3 h4e\"><div class=\"t m0 x130 h1f y71 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x3ea y26fa w161 h4e\"><div class=\"t m0 x55 h1f y71 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x3e2 y26fa w167 h4e\"><div class=\"t m0 x55 h1f y71 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x3e3 y26fa w16d h4e\"><div class=\"t m0 x55 h1f y71 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x3e4 y26fa w161 h4e\"><div class=\"t m0 x55 h1f y71 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td></td><td class=\"c x3eb y26fa w16d h4e\"><div class=\"t m0 x16a h1f y71 ff4 fs7 fc1 sc0 ls0 ws0\">9.563 </div></td><td class=\"c x3da y26fa w167 h4e\"><div class=\"t m0 x55 h1f y71 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td></td><td></td><td class=\"c x3ec y26fa w161 h4e\"><div class=\"t m0 x26 h1f y71 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x3ed y26fa w17b h4e\"><div class=\"t m0 x14 h1f y71 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td></tr><tr><td class=\"c x36d y26fb w357 h4d\"><div class=\"t m0 x8a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">4. Altre operazi<span class=\"_ _1\"></span>oni </div></td><td class=\"c x3d9 y26fb w358 h4d\"><div class=\"t m0 x15 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x3e9 y26fb w2b3 h4d\"><div class=\"t m0 x97 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x3ea y26fb w161 h4d\"><div class=\"t m0 x26 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x3e2 y26fb w167 h4d\"><div class=\"t m0 x26 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x3e3 y26fb w16d h4d\"><div class=\"t m0 x26 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x3e4 y26fb w161 h4d\"><div class=\"t m0 x26 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x3eb y26fb w16d h4d\"><div class=\"t m0 x55 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td></td><td class=\"c x3da y26fb w167 h4d\"><div class=\"t m0 x26 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x3ec y26fb w161 h4d\"><div class=\"t m0 x55 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td></td><td class=\"c x3ed y26fb w17b h4d\"><div class=\"t m0 x30 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x36d y26fc w357 h4d\"><div class=\"t m0 xe8 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale at<span class=\"_ _1\"></span>tivit<span class=\"_ _1\"></span>\u00e0<span class=\"sc0\"> </span></div></td><td class=\"c x3d9 y26fc w358 h4d\"><div class=\"t m0 x2a h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">109.1<span class=\"_ _f\"></span>44<span class=\"sc0\"> </span></div></td><td class=\"c x3e9 y26fc w2b3 h4d\"><div class=\"t m0 x97 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x3ea y26fc w161 h4d\"><div class=\"t m0 x26 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x3e2 y26fc w167 h4d\"><div class=\"t m0 x26 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x3e3 y26fc w16d h4d\"><div class=\"t m0 x26 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td></td><td class=\"c x3e4 y26fc w161 h4d\"><div class=\"t m0 x26 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x3eb y26fc w16d h4d\"><div class=\"t m0 x16a h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">9.56<span class=\"_ _f\"></span>3<span class=\"sc0\"> </span></div></td><td></td><td class=\"c x3da y26fc w167 h4d\"><div class=\"t m0 x26 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td></td><td class=\"c x3ec y26fc w161 h4d\"><div class=\"t m0 x26 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x3ed y26fc w17b h4d\"><div class=\"t m0 x30 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x36d y26fd w357 h4e\"><div class=\"t m0 x8a h1f y71 ff4 fs7 fc1 sc0 ls0 ws0\">1. Passivit\u00e0 finanz<span class=\"_ _1\"></span>iarie </div></td><td class=\"c x3d9 y26fd w358 h4e\"><div class=\"t m0 x3a h1f y71 ff4 fs7 fc1 sc0 ls29 ws0\">978<span class=\"ls0\"> </span></div></td><td class=\"c x3e9 y26fd w2b3 h4e\"><div class=\"t m0 x130 h1f y71 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x3ea y26fd w161 h4e\"><div class=\"t m0 x26 h1f y71 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x3e2 y26fd w167 h4e\"><div class=\"t m0 x26 h1f y71 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x3e3 y26fd w16d h4e\"><div class=\"t m0 x26 h1f y71 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x3e4 y26fd w161 h4e\"><div class=\"t m0 x26 h1f y71 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x3eb y26fd w16d h4e\"><div class=\"t m0 x55 h1f y71 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td></td><td class=\"c x3da y26fd w167 h4e\"><div class=\"t m0 x26 h1f y71 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x3ec y26fd w161 h4e\"><div class=\"t m0 x55 h1f y71 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td></td><td class=\"c x3ed y26fd w17b h4e\"><div class=\"t m0 x14 h1f y71 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td></tr><tr><td class=\"c x36d y26fe w357 h4d\"><div class=\"t m0 x8a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">2. Portafoglio<span class=\"_ _1\"></span> </div></td><td class=\"c x3d9 y26fe w358 h4d\"><div class=\"t m0 x14 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x3e9 y26fe w2b3 h4d\"><div class=\"t m0 x130 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x3ea y26fe w161 h4d\"><div class=\"t m0 x55 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x3e2 y26fe w167 h4d\"><div class=\"t m0 x55 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x3e3 y26fe w16d h4d\"><div class=\"t m0 x55 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x3e4 y26fe w161 h4d\"><div class=\"t m0 x55 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td></td><td class=\"c x3eb y26fe w16d h4d\"><div class=\"t m0 xac h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">59.413 </div></td><td class=\"c x3da y26fe w167 h4d\"><div class=\"t m0 x55 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td></td><td></td><td class=\"c x3ec y26fe w161 h4d\"><div class=\"t m0 x26 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x3ed y26fe w17b h4d\"><div class=\"t m0 x14 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td></tr><tr><td class=\"c x36d y26ff w357 h4d\"><div class=\"t m0 xec h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale pa<span class=\"_ _f\"></span>ssivit\u00e0<span class=\"sc0\"> </span></div></td><td class=\"c x3d9 y26ff w358 h4d\"><div class=\"t m0 x3a h1f y28b ff4 fs7 fc1 sc2 lscf ws0\">978<span class=\"sc0 ls0\"> </span></div></td><td class=\"c x3e9 y26ff w2b3 h4d\"><div class=\"t m0 x97 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x3ea y26ff w161 h4d\"><div class=\"t m0 x26 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x3e2 y26ff w167 h4d\"><div class=\"t m0 x26 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x3e3 y26ff w16d h4d\"><div class=\"t m0 x26 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td></td><td class=\"c x3e4 y26ff w161 h4d\"><div class=\"t m0 x26 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x3eb y26ff w16d h4d\"><div class=\"t m0 x8e h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">59.413<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td><td></td><td class=\"c x3da y26ff w167 h4d\"><div class=\"t m0 x26 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td></td><td class=\"c x3ec y26ff w161 h4d\"><div class=\"t m0 x26 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td></td></tr><tr><td class=\"c x36d y2700 w357 h4e\"><div class=\"t m0 x8a h1f y71 ff4 fs7 fc1 sc0 ls0 ws0\">1. Transazioni atte<span class=\"_ _f\"></span>se<span class=\"_ _df\"> </span></div></td><td class=\"c x3d9 y2700 w358 h4e\"><div class=\"t m0 x14 h1f y71 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x3e9 y2700 w2b3 h4e\"><div class=\"t m0 x130 h1f y71 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x3ea y2700 w161 h4e\"><div class=\"t m0 x55 h1f y71 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x3e2 y2700 w167 h4e\"><div class=\"t m0 x55 h1f y71 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x3e3 y2700 w16d h4e\"><div class=\"t m0 x55 h1f y71 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x3e4 y2700 w161 h4e\"><div class=\"t m0 x55 h1f y71 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td></td><td class=\"c x3eb y2700 w16d h4e\"><div class=\"t m0 x55 h1f y71 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td></td><td class=\"c x3da y2700 w167 h4e\"><div class=\"t m0 x26 h1f y71 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x3ec y2700 w161 h4e\"><div class=\"t m0 x55 h1f y71 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td></td><td class=\"c x3ed y2700 w17b h4e\"><div class=\"t m0 x14 h1f y71 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td></tr><tr><td class=\"c x262 y2701 wa26 h4b8\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">2. Portafoglio di<span class=\"_ _1\"></span> attivit\u00e0 e<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x3ef y2702 wa27 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _df\"> </span></div><div class=\"t m0 x3ee h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _df\"> </span></div></td><td class=\"c x3ea y2703 w161 h58\"><div class=\"t m0 x55 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x3e2 y2703 w167 h58\"><div class=\"t m0 x55 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x3e3 y2703 w16d h58\"><div class=\"t m0 x55 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x3e4 y2703 w161 h58\"><div class=\"t m0 x55 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td></td><td class=\"c x3eb y2703 w16d h58\"><div class=\"t m0 x26 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x3da y2703 w167 h58\"><div class=\"t m0 x55 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td></td><td></td><td class=\"c x3ec y2703 w161 h58\"><div class=\"t m0 x26 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x3ed y2703 w17b h58\"><div class=\"t m0 x30 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x262 y2491 wa28 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">passivit\u00e0 finanzi<span class=\"_ _1\"></span>arie<span class=\"_ _df\"> </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></tr></table>Sono <span class=\"_ _0\"></span>presenti <span class=\"_ _0\"></span>coperture <span class=\"_ _d\"></span>di <span class=\"_ _0\"></span>micro <span class=\"_ _0\"></span>fair <span class=\"_ _0\"></span>value <span class=\"_ _0\"></span>hedge <span class=\"_ _d\"></span>su <span class=\"_ _0\"></span>titoli <span class=\"_ _0\"></span>a <span class=\"_ _0\"></span>tasso <span class=\"_ _d\"></span>fiss<span class=\"_ _2\"></span>o <span class=\"_ _d\"></span>detenuti <span class=\"_ _0\"></span>nel <span class=\"_ _d\"></span>port<span class=\"_ _2\"></span>afoglio<span class=\"_ _df\"> </span>HTCS.<span class=\"_ _df\"> </span>I derivati di questa tipologia presentano un fair value<span class=\"_ _1\"></span> positivo di 81.248 mila euro.<span class=\"_ _df\"> </span>Sono <span class=\"_ _f\"></span>presenti cope<span class=\"_ _1\"></span>rture d<span class=\"_ _1\"></span>i <span class=\"_ _f\"></span>micro fair <span class=\"_ _f\"></span>value <span class=\"_ _f\"></span>hedge <span class=\"_ _f\"></span>s<span class=\"_ _2\"></span>u <span class=\"_ _f\"></span>titoli <span class=\"_ _f\"></span>a tasso <span class=\"_ _f\"></span>fisso <span class=\"_ _f\"></span>detenuti ne<span class=\"_ _f\"></span>l portafoglio <span class=\"_ _f\"></span>HTC.<span class=\"_ _df\"> </span>I derivati di questa tipologia presentano un fair value<span class=\"_ _1\"></span> positivo di 27.896 mila euro.<span class=\"_ _df\"> </span>Sono <span class=\"_ _2\"></span>presenti <span class=\"_ _2\"></span>copert<span class=\"_ _2\"></span>ure <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>micro<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>fair <span class=\"_ _2\"></span>value <span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>u <span class=\"_ _2\"></span>titoli <span class=\"_ _2\"></span>emessi <span class=\"_ _d\"></span>a <span class=\"_ _2\"></span>tas<span class=\"_ _2\"></span>so <span class=\"_ _2\"></span>fisso <span class=\"_ _2\"></span>cont<span class=\"_ _2\"></span>abilizz<span class=\"_ _1\"></span>ati <span class=\"_ _2\"></span>nella <span class=\"_ _2\"></span>Vo<span class=\"_ _2\"></span>ce<span class=\"_ _df\"> </span>\"Titoli in circolazione\".<span class=\"_ _df\"> </span>I derivati di questa tipologia presentano un fair value positivo di 978 mila euro.<span class=\"_ _df\"> </span>Si <span class=\"_ _d\"></span>\u00e8 <span class=\"_ _d\"></span>adottata <span class=\"_ _d\"></span>la <span class=\"_ _d\"></span>metodologia <span class=\"_ _d\"></span>contabile <span class=\"_ _d\"></span>del <span class=\"_ _d\"></span>Macro <span class=\"_ _d\"></span>Fair <span class=\"_ _d\"></span>Value <span class=\"_ _d\"></span>Hedge <span class=\"_ _2\"></span>per <span class=\"_ _d\"></span>la <span class=\"_ _d\"></span>copertura <span class=\"_ _0\"></span>del <span class=\"_ _d\"></span>rischio <span class=\"_ _2\"></span>di<span class=\"_ _df\"> </span>tasso della raccolta a vista della clie<span class=\"_ _1\"></span>ntela.<span class=\"_ _df\"> </span>La <span class=\"_ _f\"></span>raccolta <span class=\"_ _1\"></span>a <span class=\"_ _f\"></span>vista <span class=\"_ _f\"></span>dalla <span class=\"_ _f\"></span>clientela <span class=\"_ _1\"></span>rappresenta <span class=\"_ _f\"></span>un\u2019importante <span class=\"_ _f\"></span>fonte <span class=\"_ _1\"></span>di <span class=\"_ _f\"></span>fu<span class=\"_ _2\"></span><span class=\"ff4\">nding <span class=\"_ _f\"></span>della <span class=\"_ _f\"></span>banca. <span class=\"_ _f\"></span>Una <span class=\"_ _f\"></span>q<span class=\"_ _2\"></span>uota<span class=\"_ _df\"> </span></span>parte di questa r<span class=\"_ _2\"></span>accolta,<span class=\"_ _1\"></span> seppur cont<span class=\"_ _2\"></span>rattualmente a vista, presenta per\u00f2 una <span class=\"_ _2\"></span>forte persistenza nel<span class=\"_ _df\"> </span>tempo <span class=\"_ _14\"> </span>ed <span class=\"_ _14\"> </span>una <span class=\"_ _15\"> </span>elasticit\u00e0 <span class=\"_ _14\"> </span>imperfetta <span class=\"_ _14\"> </span>alla <span class=\"_ _14\"> </span>variazione <span class=\"_ _14\"> </span>dei <span class=\"_ _14\"> </span>t<span class=\"_ _2\"></span>assi <span class=\"_ _14\"> </span>di <span class=\"_ _14\"> </span>mercato, <span class=\"_ _14\"> </span>rappresentata <span class=\"_ _14\"> </span>dal<span class=\"_ _df\"> </span>cosiddetto \u201ceffetto vischiosit\u00e0\u201d.<span class=\"_ _df\"> </span>Questo effetto \u00e8 stato stimato mediante<span class=\"_ _1\"></span> un modello di analisi che consiste in due componenti:<span class=\"_ _df\"> </span><span class=\"_ _27\"> </span><span class=\"ff4\">la stima della relazione de<span class=\"_ _1\"></span>i tassi delle poste a vista con i tas<span class=\"_ _1\"></span>si di mercato in base ad un m<span class=\"_ _1\"></span>odello<span class=\"_ _df\"> </span></span>econometrico;<span class=\"_ _df\"> </span><span class=\"_ _27\"> </span><span class=\"ff4\">la st<span class=\"_ _2\"></span>ima della persistenza dei <span class=\"_ _2\"></span>volumi, attraverso <span class=\"_ _2\"></span>l<span class=\"ff5\">a <span class=\"_ _2\"></span>quale l\u2019ammontare delle post<span class=\"_ _2\"></span>e a vista <span class=\"_ _2\"></span>viene<span class=\"_ _df\"> </span></span></span>tradotto in un portafoglio di poste a tasso fisso a scadenza.<span class=\"_ _df\"> </span>I derivati di copertura di questa tipolog<span class=\"_ _1\"></span>ia presentano un fair value positivo di 59.413 mila euro.<span class=\"_ _df\"> </span>Si <span class=\"_ _d\"></span>\u00e8 <span class=\"_ _0\"></span>adottata <span class=\"_ _0\"></span>la <span class=\"_ _d\"></span>metodologia <span class=\"_ _d\"></span>contabile <span class=\"_ _d\"></span>d<span class=\"_ _2\"></span>el <span class=\"_ _d\"></span>macro<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>fair <span class=\"_ _0\"></span>value <span class=\"_ _d\"></span>hedge <span class=\"_ _0\"></span>per <span class=\"_ _d\"></span>la <span class=\"_ _0\"></span>copertura <span class=\"_ _d\"></span>del <span class=\"_ _0\"></span>rischio <span class=\"_ _0\"></span>di<span class=\"_ _df\"> </span>tasso <span class=\"_ _d\"></span>as<span class=\"_ _2\"></span>sociato <span class=\"_ _d\"></span>all\u2019erogazione <span class=\"_ _d\"></span>di <span class=\"_ _0\"></span>mutui <span class=\"_ _d\"></span>a <span class=\"_ _0\"></span>tasso <span class=\"_ _0\"></span>fisso. <span class=\"_ _0\"></span>L\u2019appli<span class=\"_ _1\"></span>cazione <span class=\"_ _d\"></span>d<span class=\"_ _2\"></span>ella <span class=\"_ _d\"></span>metodologia <span class=\"_ _d\"></span>di <span class=\"_ _0\"></span>hedge<span class=\"_ _df\"> </span>accounting <span class=\"_ _4\"> </span>consente <span class=\"_ _17\"> </span>di <span class=\"_ _17\"> </span>rappresentare <span class=\"_ _17\"> </span>contabilmente <span class=\"_ _17\"> </span>gli <span class=\"_ _17\"> </span>effetti <span class=\"_ _17\"> </span>economici <span class=\"_ _17\"> </span>delle <span class=\"_ _4\"> </span>s<span class=\"_ _2\"></span>trategie <span class=\"_ _4\"> </span>di<span class=\"_ _df\"> </span>copertura attuate<span class=\"ls1b\">. </span>I derivati di copertura relativi a tale<span class=\"_ _1\"></span> strategia presentano un fair value positivo di 9.563 mila euro.<span class=\"_ _df\"> </span>Si <span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>imanda <span class=\"_ _2\"></span>alla <span class=\"_ _d\"></span>Sezione <span class=\"_ _2\"></span>della <span class=\"_ _d\"></span>Parte <span class=\"_ _d\"></span>E <span class=\"_ _d\"></span>della <span class=\"_ _2\"></span>nota <span class=\"_ _d\"></span>integrativa <span class=\"_ _2\"></span>per <span class=\"_ _d\"></span>la <span class=\"_ _d\"></span>descrizione <span class=\"_ _2\"></span>delle <span class=\"_ _2\"></span>mo<span class=\"_ _2\"></span>dalit\u00e0 <span class=\"_ _2\"></span>della<span class=\"_ _df\"> </span>copertura.<span class=\"_ _df\"> </span>Sezio<span class=\"_ _1\"></span>ne 6 <span class=\"ff5\">\u2013</span> <span class=\"_ _1\"></span>Ade<span class=\"_ _1\"></span>guame<span class=\"_ _1\"></span>nto d<span class=\"_ _1\"></span>i valo<span class=\"_ _1\"></span>re delle<span class=\"_ _1\"></span> attivit\u00e0 <span class=\"_ _1\"></span>finan<span class=\"_ _1\"></span>ziarie<span class=\"_ _f\"></span> <span class=\"_ _2\"></span>ogg<span class=\"_ _f\"></span>etto di co<span class=\"_ _1\"></span>pertu<span class=\"_ _1\"></span>ra gene<span class=\"_ _f\"></span>rica <span class=\"ff5\">\u2013</span> Voce<span class=\"_ _f\"></span> 60<span class=\"_ _df\"> </span>6.1 Ad<span class=\"_ _1\"></span>egua<span class=\"_ _1\"></span>ment<span class=\"_ _f\"></span>o di va<span class=\"_ _1\"></span>lore <span class=\"_ _1\"></span>delle <span class=\"_ _1\"></span>attivit<span class=\"_ _f\"></span>\u00e0 copert<span class=\"_ _1\"></span>e: co<span class=\"_ _1\"></span>mpos<span class=\"_ _1\"></span>izio<span class=\"_ _1\"></span>ne p<span class=\"_ _f\"></span>er portafo<span class=\"_ _f\"></span>gli coper<span class=\"_ _1\"></span>ti<table class=\"s wa29 h4b9\" id=\"_50f70a99-5a6e-4703-a706-8cfccc5fda31\"><tr><td class=\"c x2e0 y2704 w305 h24b\"><div class=\"t m0 x7 h1f y1498 ff4 fs7 fc4 sc3 ls0 ws0\">Adeg<span class=\"_ _f\"></span>uament<span class=\"_ _f\"></span>o di val<span class=\"_ _1\"></span>ore <span class=\"_ _f\"></span>delle at<span class=\"_ _f\"></span>tivit\u00e0 cop<span class=\"_ _f\"></span>erte /  C<span class=\"_ _1\"></span>om<span class=\"_ _f\"></span>ponent<span class=\"_ _f\"></span>i del gru<span class=\"_ _f\"></span>ppo </div></td><td></td><td class=\"c x32a y2705 w25d hbc\"><div class=\"t m0 x31 h1f y66c ff4 fs7 fc4 sc3 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale </div></td><td class=\"c x317 y2705 w28b hbc\"><div class=\"t m0 x31 h1f y66c ff4 fs7 fc4 sc3 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale </div></td></tr><tr><td></td><td></td><td class=\"c x32a y2704 w25d h4e\"><div class=\"t m0 x3a h1f y71 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/<span class=\"_ _f\"></span>2025 </div></td><td class=\"c x317 y2704 w28b h4e\"><div class=\"t m0 x3a h1f y71 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/<span class=\"_ _f\"></span>2024 </div></td></tr><tr><td class=\"c x2e0 y2706 w306 hc8\"><div class=\"t m0 x10 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">1. Ade<span class=\"_ _1\"></span>gua<span class=\"_ _f\"></span>mento<span class=\"_ _1\"></span> posi<span class=\"_ _f\"></span>tivo </div></td><td></td><td class=\"c x32a y2706 w307 hc8\"><div class=\"t m0 x11f h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">101.7<span class=\"_ _1\"></span>11 </div></td><td class=\"c x317 y2706 w308 hc8\"><div class=\"t m0 x11d h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">133.7<span class=\"_ _f\"></span>79 </div></td></tr><tr><td class=\"c x2e0 y2707 w306 hc8\"><div class=\"t m0 x2f h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">1.1 di specifici p<span class=\"_ _1\"></span>ortafogli: </div></td><td></td><td class=\"c x32a y2707 w307 hc8\"><div class=\"t m0 x11f h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">101.711 </div></td><td class=\"c x317 y2707 w308 hc8\"><div class=\"t m0 x11d h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">133.779 </div></td></tr><tr><td class=\"c x2e0 y2708 w306 hc8\"><div class=\"t m0 x39 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">a) attivit\u00e0 finanz<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span>arie valut<span class=\"_ _1\"></span>ate al costo amm<span class=\"_ _f\"></span>o<span class=\"_ _2\"></span>rtizzat<span class=\"_ _1\"></span>o<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x32a y2708 w307 hc8\"><div class=\"t m0 x11f h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">101.711 </div></td><td class=\"c x317 y2708 w308 hc8\"><div class=\"t m0 x11d h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">133.779 </div></td></tr><tr><td class=\"c x2e0 y2709 w306 hc8\"><div class=\"t m0 x39 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">b) attivit\u00e0 finanz<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span>arie valuta<span class=\"_ _f\"></span>t<span class=\"_ _2\"></span>e al fair <span class=\"_ _1\"></span>value con impat<span class=\"_ _1\"></span>to sulla redditiv<span class=\"_ _1\"></span>it\u00e0 complessiva </div></td><td></td><td class=\"c x32a y2709 w307 hc8\"><div class=\"t m0 xed h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x317 y2709 w308 hc8\"><div class=\"t m0 xed h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2e0 y270a w306 hc8\"><div class=\"t m0 x2f h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">1.2 complessivo </div></td><td></td><td class=\"c x32a y270a w307 hc8\"><div class=\"t m0 xed h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x317 y270a w308 hc8\"><div class=\"t m0 xed h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2e0 y270b w306 h131\"><div class=\"t m0 x10 h1f y3e4 ff4 fs7 fc1 sc2 ls0 ws0\">2. Ad<span class=\"_ _f\"></span>eguame<span class=\"_ _1\"></span>nto<span class=\"_ _1\"></span> neg<span class=\"_ _f\"></span>ativo </div></td><td></td><td class=\"c x32a y270b w307 h131\"><div class=\"t m0 xc3 h1f y3e4 ff4 fs7 fc1 sc2 ls0 ws0\">(33.15<span class=\"_ _1\"></span>6)<span class=\"_ _1\"></span> </div></td><td class=\"c x317 y270b w308 h131\"><div class=\"t m0 xef h1f y3e4 ff4 fs7 fc1 sc2 ls0 ws0\">(21.75<span class=\"_ _f\"></span>8) </div></td></tr><tr><td class=\"c x2e0 y270c w306 h131\"><div class=\"t m0 x2f h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">2.1 di specifici p<span class=\"_ _1\"></span>ortafogli: </div></td><td></td><td class=\"c x32a y270c w307 h131\"><div class=\"t m0 xc3 h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">(32.381) </div></td><td class=\"c x317 y270c w308 h131\"><div class=\"t m0 x1af h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">(20.645) </div></td></tr><tr><td class=\"c x2e0 y270d w306 h49\"><div class=\"t m0 x39 h1f y25f ff4 fs7 fc1 sc0 ls0 ws0\">a) attivit\u00e0 finanz<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span>arie valut<span class=\"_ _1\"></span>ate al costo amm<span class=\"_ _f\"></span>o<span class=\"_ _2\"></span>rtizzat<span class=\"_ _1\"></span>o<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x32a y270d w307 h49\"><div class=\"t m0 xc3 h1f y25f ff4 fs7 fc1 sc0 ls0 ws0\">(32.381) </div></td><td class=\"c x317 y270d w308 h49\"><div class=\"t m0 x1af h1f y25f ff4 fs7 fc1 sc0 ls0 ws0\">(20.645) </div></td></tr><tr><td class=\"c x2e0 y270e w306 h49\"><div class=\"t m0 x39 h1f y25c ff4 fs7 fc1 sc0 ls0 ws0\">b) attivit\u00e0 finanz<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span>arie valuta<span class=\"_ _f\"></span>t<span class=\"_ _2\"></span>e al fair <span class=\"_ _1\"></span>value con impatto sulla re<span class=\"_ _1\"></span>dditivit\u00e0 compless<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span>va </div></td><td></td><td class=\"c x32a y270e w307 h49\"><div class=\"t m0 xed h1f y25c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x317 y270e w308 h49\"><div class=\"t m0 xed h1f y25c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2e0 y270f w306 h49\"><div class=\"t m0 x2f h1f y25c ff4 fs7 fc1 sc0 ls0 ws0\">2.2 complessivo </div></td><td></td><td class=\"c x32a y270f w307 h49\"><div class=\"t m0 xe6 h1f y25c ff4 fs7 fc1 sc0 ls0 ws0\">(775) </div></td><td class=\"c x317 y270f w308 h49\"><div class=\"t m0 xec h1f y25c ff4 fs7 fc1 sc0 ls0 ws0\">(1.113) </div></td></tr><tr><td></td><td class=\"c x2e0 y2710 w306 h4a\"><div class=\"t m0 xda h1f y1553 ff4 fs7 fc1 sc2 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale </div></td><td class=\"c x32a y2710 w307 h4a\"><div class=\"t m0 x124 h1f y1553 ff4 fs7 fc1 sc2 ls0 ws0\">68.55<span class=\"_ _f\"></span>5 </div></td><td class=\"c x317 y2710 w308 h4a\"><div class=\"t m0 x11d h1f y1553 ff4 fs7 fc1 sc2 ls0 ws0\">112.0<span class=\"_ _f\"></span>20 </div></td></tr></table>Si <span class=\"_ _d\"></span>\u00e8 <span class=\"_ _d\"></span>adottata <span class=\"_ _d\"></span>la <span class=\"_ _d\"></span>metodologia <span class=\"_ _d\"></span>contabile <span class=\"_ _2\"></span>del <span class=\"_ _d\"></span>Macro <span class=\"_ _0\"></span>Fair <span class=\"_ _d\"></span>Value <span class=\"_ _2\"></span>Hedge <span class=\"_ _d\"></span>per <span class=\"_ _d\"></span>la <span class=\"_ _d\"></span>copertura <span class=\"_ _0\"></span>del <span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>ischio<span class=\"_ _1\"></span> <span class=\"_ _d\"></span>di<span class=\"_ _df\"> </span>tasso associato all\u2019erogazione di<span class=\"ff4\"> mutui/finanziamenti a tasso fisso.<span class=\"_ _df\"> </span></span>L\u2019applicazione del<span class=\"_ _1\"></span>la metodologia di <span class=\"_ _1\"></span>hedge accounting <span class=\"_ _1\"></span>consente di <span class=\"_ _1\"></span>rappresentare contabilmente in<span class=\"_ _df\"> </span>modo simmetrico sia i mutui che i de<span class=\"_ _1\"></span>rivati di copertura.<span class=\"_ _df\"> </span>Il <span class=\"_ _2\"></span>Macro <span class=\"_ _2\"></span>Fair <span class=\"_ _2\"></span>Value Hedge <span class=\"_ _2\"></span>prevede <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>relazione di <span class=\"_ _2\"></span>cop<span class=\"_ _2\"></span>ertura s<span class=\"_ _2\"></span>ia <span class=\"_ _2\"></span>formalmente documenta<span class=\"_ _2\"></span>ta <span class=\"_ _2\"></span>da<span class=\"_ _df\"> </span>una <span class=\"_ _2\"></span>hedging <span class=\"_ _d\"></span>card <span class=\"_ _d\"></span>e <span class=\"_ _d\"></span>che <span class=\"_ _d\"></span>la <span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>enuta <span class=\"_ _d\"></span>della <span class=\"_ _d\"></span>copertura <span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>ia <span class=\"_ _2\"></span>verificata <span class=\"_ _d\"></span>attraverso <span class=\"_ _d\"></span>dei <span class=\"_ _d\"></span>test <span class=\"_ _d\"></span>di <span class=\"_ _2\"></span>efficacia <span class=\"_ _d\"></span>sia<span class=\"_ _df\"> </span>prospettici che <span class=\"_ _1\"></span>retrospettivi; i test sono <span class=\"_ _1\"></span>svolti periodicame<span class=\"_ _1\"></span>nte durante tutta la <span class=\"_ _1\"></span>vita dell<span class=\"_ _1\"></span>\u2019operazione.<span class=\"_ _df\"> </span>La  cope<span class=\"_ _1\"></span>rtura  \u00e8  consi<span class=\"_ _1\"></span>derata  efficac<span class=\"_ _1\"></span>e  se <span class=\"_ _16\"> </span>il <span class=\"_ _16\"> </span>rap<span class=\"ff5\">porto  tra  la <span class=\"_ _16\"> </span>variazione<span class=\"_ _f\"></span>  di  fair <span class=\"_ _16\"> </span>value <span class=\"_ _16\"> </span>dell\u2019elemento<span class=\"_ _df\"> </span></span>coperto <span class=\"_ _f\"></span>rispetto all<span class=\"_ _1\"></span>o <span class=\"_ _f\"></span>strumento <span class=\"_ _1\"></span>di <span class=\"_ _f\"></span>copertura \u00e8 <span class=\"_ _f\"></span>compreso <span class=\"_ _f\"></span>nel <span class=\"_ _f\"></span>range 80%-125%. <span class=\"_ _f\"></span>Il test <span class=\"_ _f\"></span>di <span class=\"_ _f\"></span>verifica <span class=\"_ _1\"></span>della<span class=\"_ _df\"> </span>tenuta prospettica e retrospettiva delle cope<span class=\"_ _1\"></span>rture \u00e8 svolto su base trimestrale.<span class=\"_ _df\"> </span>L\u2019hedge <span class=\"_ _2\"></span>accounting <span class=\"_ _2\"></span>no<span class=\"_ _2\"></span><span class=\"ff4\">n <span class=\"_ _2\"></span>pu\u00f2 <span class=\"_ _d\"></span>essere <span class=\"_ _2\"></span>mant<span class=\"_ _2\"></span>enuto <span class=\"_ _2\"></span>qualora <span class=\"_ _2\"></span>la <span class=\"_ _d\"></span>copertura <span class=\"_ _d\"></span>diveng<span class=\"_ _1\"></span>a <span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>nefficace <span class=\"_ _2\"></span>(fuori <span class=\"_ _2\"></span>dal<span class=\"_ _df\"> </span></span>range 80%-125%).<div class=\"t m0 hc ff4 fs4 fc4 sc3 ls0 ws0 gsc73\">Sezi<span class=\"_ _f\"></span>one 2<span class=\"_ _f\"></span> <span class=\"ff5\">\u2013</span> Pas<span class=\"_ _f\"></span>sivit\u00e0 f<span class=\"_ _1\"></span>ina<span class=\"_ _f\"></span>nziari<span class=\"_ _1\"></span>e di <span class=\"_ _f\"></span>negoz<span class=\"_ _f\"></span>iazion<span class=\"_ _f\"></span>e <span class=\"ff5\">\u2013</span> Vo<span class=\"_ _f\"></span>ce 20<span class=\"_ _f\"></span> </div><div class=\"c w37c h49 gsc74\"><div class=\"t m0 x10 h5 y302 ff4 fs1 fc4 sc3 ls0 ws0\">2.1 P<span class=\"_ _1\"></span>assivi<span class=\"_ _1\"></span>t\u00e0 fi<span class=\"_ _1\"></span>nanzia<span class=\"_ _f\"></span>rie di neg<span class=\"_ _1\"></span>ozi<span class=\"_ _f\"></span>azione: co<span class=\"_ _f\"></span>mposizio<span class=\"_ _f\"></span>ne merc<span class=\"_ _f\"></span>eolog<span class=\"_ _1\"></span>ica </div></div><div class=\"gsc75\"><table class=\"s wbbd h4f9\" id=\"_fc29c2cf-35e9-407c-a132-f6c5aa28be63\"><tr><td></td><td></td><td></td><td></td><td class=\"c x5a4 y2ab4 w41f h1a2\"><div class=\"t m0 xe4 h1f y32 ff4 fs7 fc4 sc3 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale </div></td><td></td><td></td><td></td><td></td><td></td><td class=\"c x5a5 y2ab4 w420 h1a2\"><div class=\"t m0 xe4 h1f y32 ff4 fs7 fc4 sc3 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale </div></td><td></td><td></td></tr><tr><td></td><td></td><td></td><td></td><td class=\"c x5a4 y2ab5 w41f h4e\"><div class=\"t m0 x12a h1f y295 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/<span class=\"_ _f\"></span>2025 </div></td><td></td><td></td><td></td><td></td><td></td><td class=\"c x5a5 y2ab5 w420 h4e\"><div class=\"t m0 x12a h1f y295 ff4 fs7 fc4 sc3 ls0 ws0\">31/12<span class=\"_ _1\"></span>/20<span class=\"_ _1\"></span>24 </div></td><td></td><td></td></tr><tr><td class=\"c x44e y2ab6 w41e h284\"><div class=\"t m0 xab h1f y8dd ff4 fs7 fc4 sc3 ls0 ws0\">Tipol<span class=\"_ _f\"></span>ogia op<span class=\"_ _f\"></span>erazion<span class=\"_ _1\"></span>i/Va<span class=\"_ _1\"></span>lori<span class=\"_ _1\"></span> </div></td><td class=\"c x5a4 y2ab6 w421 h285\"><div class=\"t m0 x116 h1f y8f1 ff4 fs7 fc4 sc3 ls6c ws0\">VN<span class=\"ls0\"> </span></div></td><td></td><td></td><td class=\"c x5a6 y2ab7 w422 h89\"><div class=\"t m0 x8f h1f y41f ff4 fs7 fc4 sc3 ls0 ws0\">Fair<span class=\"_ _f\"></span> Value </div></td><td></td><td class=\"c x5a7 y2ab8 wbbe h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">Fair<span class=\"_ _df\"> </span></div></td><td class=\"c x5a8 y2ab6 w421 h285\"><div class=\"t m0 x116 h1f y8f1 ff4 fs7 fc4 sc3 ls6c ws0\">VN<span class=\"ls0\"> </span></div></td><td></td><td></td><td class=\"c x4e8 y2ab7 w422 h89\"><div class=\"t m0 x8f h1f y41f ff4 fs7 fc4 sc3 ls0 ws0\">Fair<span class=\"_ _f\"></span> Value </div></td><td></td><td class=\"c x5a9 y2ab8 wbbf h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">Fair<span class=\"_ _df\"> </span></div></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td class=\"c x5aa y2ab9 wbc0 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">Val<span class=\"_ _1\"></span>ue *<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td class=\"c x5ab y2ab9 wbc0 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">Val<span class=\"_ _1\"></span>ue *<span class=\"_ _df\"> </span></div></td></tr><tr><td></td><td></td><td></td><td class=\"c x5a6 y2ab6 w2be h89\"><div class=\"t m0 x2e h1f y41f ff4 fs7 fc4 sc3 lsc7 ws0\">L1<span class=\"ls0\"> </span></div></td><td class=\"c x5ac y2ab6 w2b1 h89\"><div class=\"t m0 x2e h1f y41f ff4 fs7 fc4 sc3 lsc7 ws0\">L2<span class=\"ls0\"> </span></div></td><td class=\"c x5ad y2ab6 w12d h89\"><div class=\"t m0 x2a h1f y41f ff4 fs7 fc4 sc3 lsc7 ws0\">L3<span class=\"ls0\"> </span></div></td><td></td><td></td><td></td><td class=\"c x4e8 y2ab6 w425 h89\"><div class=\"t m0 x2e h1f y41f ff4 fs7 fc4 sc3 lsc7 ws0\">L1<span class=\"ls0\"> </span></div></td><td class=\"c x598 y2ab6 w2b1 h89\"><div class=\"t m0 x2e h1f y41f ff4 fs7 fc4 sc3 lsc7 ws0\">L2<span class=\"ls0\"> </span></div></td><td class=\"c x5ae y2ab6 w2be h89\"><div class=\"t m0 x2a h1f y41f ff4 fs7 fc4 sc3 lsc7 ws0\">L3<span class=\"ls0\"> </span></div></td><td></td></tr><tr><td class=\"c x44e y2aba w426 hc8\"><div class=\"t m0 x10 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">A. Pa<span class=\"_ _f\"></span>ssivit\u00e0<span class=\"_ _1\"></span> per ca<span class=\"_ _f\"></span>ssa </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=\"c x44e y2abb w426 hc8\"><div class=\"t m0 x2f h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">1. Debiti verso banche<span class=\"_ _f\"></span> </div></td><td></td><td class=\"c x5a4 y2abb w2b1 hc8\"><div class=\"t m0 x34 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5a6 y2abb w169 hc8\"><div class=\"t m0 x37 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5ac y2abb w2bb hc8\"><div class=\"t m0 x34 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5ad y2abb w12d hc8\"><div class=\"t m0 x37 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5af y2abb w2be hc8\"><div class=\"t m0 x37 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x5a5 y2abb w2bb hc8\"><div class=\"t m0 x34 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x4e8 y2abb w12d hc8\"><div class=\"t m0 x34 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x598 y2abb w2bb hc8\"><div class=\"t m0 x34 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5ae y2abb w169 hc8\"><div class=\"t m0 x37 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5b0 y2abb w427 hc8\"><div class=\"t m0 x37 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2abc w426 hc8\"><div class=\"t m0 x2f h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">2. Debiti verso c<span class=\"_ _1\"></span>lientela </div></td><td></td><td class=\"c x5a4 y2abc w2b1 hc8\"><div class=\"t m0 x32 h1f ye4c ff4 fs7 fc1 sc0 ls2a ws0\">28<span class=\"ls0\"> </span></div></td><td class=\"c x5a6 y2abc w169 hc8\"><div class=\"t m0 x35 h1f ye4c ff4 fs7 fc1 sc0 ls2a ws0\">29<span class=\"ls0\"> </span></div></td><td class=\"c x5ac y2abc w2bb hc8\"><div class=\"t m0 x34 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5ad y2abc w12d hc8\"><div class=\"t m0 x37 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5af y2abc w2be hc8\"><div class=\"t m0 x35 h1f ye4c ff4 fs7 fc1 sc0 ls2a ws0\">29<span class=\"ls0\"> </span></div></td><td></td><td class=\"c x5a5 y2abc w2bb hc8\"><div class=\"t m0 x34 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x4e8 y2abc w12d hc8\"><div class=\"t m0 x34 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x598 y2abc w2bb hc8\"><div class=\"t m0 x34 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5ae y2abc w169 hc8\"><div class=\"t m0 x37 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5b0 y2abc w427 hc8\"><div class=\"t m0 x37 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2abd w426 hc8\"><div class=\"t m0 x2f h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">3. Titoli di deb<span class=\"_ _1\"></span>ito<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x5a4 y2abd w2b1 hc8\"><div class=\"t m0 x34 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5a6 y2abd w169 hc8\"><div class=\"t m0 x37 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5ac y2abd w2bb hc8\"><div class=\"t m0 x34 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5ad y2abd w12d hc8\"><div class=\"t m0 x37 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5af y2abd w2be hc8\"><div class=\"t m0 x37 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x5a5 y2abd w2bb hc8\"><div class=\"t m0 x34 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x4e8 y2abd w12d hc8\"><div class=\"t m0 x34 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x598 y2abd w2bb hc8\"><div class=\"t m0 x34 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5ae y2abd w169 hc8\"><div class=\"t m0 x37 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5b0 y2abd w427 hc8\"><div class=\"t m0 x55 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2abe w426 hc8\"><div class=\"t m0 x39 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">3.1 Obbligazion<span class=\"_ _1\"></span>i  </div></td><td></td><td class=\"c x5a4 y2abe w2b1 hc8\"><div class=\"t m0 x34 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5a6 y2abe w169 hc8\"><div class=\"t m0 x37 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5ac y2abe w2bb hc8\"><div class=\"t m0 x34 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5ad y2abe w12d hc8\"><div class=\"t m0 x37 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5af y2abe w2be hc8\"><div class=\"t m0 x37 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x5a5 y2abe w2bb hc8\"><div class=\"t m0 x34 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x4e8 y2abe w12d hc8\"><div class=\"t m0 x34 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x598 y2abe w2bb hc8\"><div class=\"t m0 x34 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5ae y2abe w169 hc8\"><div class=\"t m0 x37 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5b0 y2abe w427 hc8\"><div class=\"t m0 x55 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2abf w426 hc8\"><div class=\"t m0 x3a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">3.1.1 Strutturate<span class=\"_ _1\"></span>  </div></td><td></td><td class=\"c x5a4 y2abf w2b1 hc8\"><div class=\"t m0 x34 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5a6 y2abf w169 hc8\"><div class=\"t m0 x37 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5ac y2abf w2bb hc8\"><div class=\"t m0 x34 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5ad y2abf w12d hc8\"><div class=\"t m0 x37 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5af y2abf w2be hc8\"><div class=\"t m0 x37 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x5a5 y2abf w2bb hc8\"><div class=\"t m0 x34 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x4e8 y2abf w12d hc8\"><div class=\"t m0 x34 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x598 y2abf w2bb hc8\"><div class=\"t m0 x34 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5ae y2abf w169 hc8\"><div class=\"t m0 x37 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5b0 y2abf w427 hc8\"><div class=\"t m0 x55 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td></tr><tr><td class=\"c x5b1 y2ac0 wbc1 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">3.1.2 Altre<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x5a4 y2ac1 w2b1 hbb\"><div class=\"t m0 x34 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5a6 y2ac1 w169 hbb\"><div class=\"t m0 x37 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5ac y2ac1 w2bb hbb\"><div class=\"t m0 x34 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5ad y2ac1 w12d hbb\"><div class=\"t m0 x37 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5af y2ac1 w2be hbb\"><div class=\"t m0 x37 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x5a5 y2ac1 w2bb hbb\"><div class=\"t m0 x34 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x4e8 y2ac1 w12d hbb\"><div class=\"t m0 x34 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x598 y2ac1 w2bb hbb\"><div class=\"t m0 x34 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5ae y2ac1 w169 hbb\"><div class=\"t m0 x37 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5b0 y2ac1 w427 hbb\"><div class=\"t m0 x55 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td></tr><tr><td class=\"c x5b1 y2ac2 wbc2 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">obbligazioni<span class=\"_ _df\"> </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=\"c x44e y2ac3 w426 hc8\"><div class=\"t m0 x39 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">3.2 Altri titoli </div></td><td></td><td class=\"c x5a4 y2ac3 w2b1 hc8\"><div class=\"t m0 x34 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5a6 y2ac3 w169 hc8\"><div class=\"t m0 x37 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5ac y2ac3 w2bb hc8\"><div class=\"t m0 x34 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5ad y2ac3 w12d hc8\"><div class=\"t m0 x37 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5af y2ac3 w2be hc8\"><div class=\"t m0 x37 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x5a5 y2ac3 w2bb hc8\"><div class=\"t m0 x34 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x4e8 y2ac3 w12d hc8\"><div class=\"t m0 x34 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x598 y2ac3 w2bb hc8\"><div class=\"t m0 x34 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5ae y2ac3 w169 hc8\"><div class=\"t m0 x37 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5b0 y2ac3 w427 hc8\"><div class=\"t m0 x55 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2ac4 w426 hc8\"><div class=\"t m0 x3a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">3.2.1 Struttura<span class=\"_ _1\"></span>ti  </div></td><td></td><td class=\"c x5a4 y2ac4 w2b1 hc8\"><div class=\"t m0 x34 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5a6 y2ac4 w169 hc8\"><div class=\"t m0 x37 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5ac y2ac4 w2bb hc8\"><div class=\"t m0 x34 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5ad y2ac4 w12d hc8\"><div class=\"t m0 x37 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5af y2ac4 w2be hc8\"><div class=\"t m0 x37 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x5a5 y2ac4 w2bb hc8\"><div class=\"t m0 x34 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x4e8 y2ac4 w12d hc8\"><div class=\"t m0 x34 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x598 y2ac4 w2bb hc8\"><div class=\"t m0 x34 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5ae y2ac4 w169 hc8\"><div class=\"t m0 x37 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5b0 y2ac4 w427 hc8\"><div class=\"t m0 x55 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td></tr><tr><td class=\"c x44e y2ac5 w426 hc8\"><div class=\"t m0 x3a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">3.2.2 Altri </div></td><td></td><td class=\"c x5a4 y2ac5 w2b1 hc8\"><div class=\"t m0 x34 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5a6 y2ac5 w169 hc8\"><div class=\"t m0 x37 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5ac y2ac5 w2bb hc8\"><div class=\"t m0 x34 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5ad y2ac5 w12d hc8\"><div class=\"t m0 x37 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5af y2ac5 w2be hc8\"><div class=\"t m0 x37 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x5a5 y2ac5 w2bb hc8\"><div class=\"t m0 x34 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x4e8 y2ac5 w12d hc8\"><div class=\"t m0 x34 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x598 y2ac5 w2bb hc8\"><div class=\"t m0 x34 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5ae y2ac5 w169 hc8\"><div class=\"t m0 x37 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5b0 y2ac5 w427 hc8\"><div class=\"t m0 x55 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td></tr><tr><td class=\"c x44e y2ac6 w426 hc8\"><div class=\"t m0 xe5 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale (A<span class=\"_ _f\"></span>) </div></td><td></td><td class=\"c x5a4 y2ac6 w2b1 hc8\"><div class=\"t m0 x32 h1f ye4c ff4 fs7 fc1 sc2 ls2a ws0\">28<span class=\"ls0\"> </span></div></td><td class=\"c x5a6 y2ac6 w169 hc8\"><div class=\"t m0 x35 h1f ye4c ff4 fs7 fc1 sc2 ls2a ws0\">29<span class=\"ls0\"> </span></div></td><td class=\"c x5ac y2ac6 w2bb hc8\"><div class=\"t m0 x34 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td><td class=\"c x5ad y2ac6 w12d hc8\"><div class=\"t m0 x37 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td><td class=\"c x5af y2ac6 w2be hc8\"><div class=\"t m0 x35 h1f ye4c ff4 fs7 fc1 sc2 ls2a ws0\">29<span class=\"ls0\"> </span></div></td><td></td><td class=\"c x5a5 y2ac6 w2bb hc8\"><div class=\"t m0 x34 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td><td class=\"c x4e8 y2ac6 w12d hc8\"><div class=\"t m0 x34 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td><td class=\"c x598 y2ac6 w2bb hc8\"><div class=\"t m0 x34 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td><td class=\"c x5ae y2ac6 w169 hc8\"><div class=\"t m0 x37 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td><td class=\"c x5b0 y2ac6 w427 hc8\"><div class=\"t m0 x37 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2ac7 w426 hc8\"><div class=\"t m0 x10 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\"> B. St<span class=\"_ _f\"></span>rument<span class=\"_ _1\"></span>i der<span class=\"_ _f\"></span>ivati </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=\"c x44e y2ac8 w426 hc8\"><div class=\"t m0 x2f h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">1. Derivati finanz<span class=\"_ _1\"></span>iari </div></td><td class=\"c x5a4 y2ac8 w2b1 hc8\"><div class=\"t m0 x55 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x5a6 y2ac8 w169 hc8\"><div class=\"t m0 x37 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5ac y2ac8 w2bb hc8\"><div class=\"t m0 x16a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">13.881 </div></td><td class=\"c x5ad y2ac8 w12d hc8\"><div class=\"t m0 x37 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5af y2ac8 w2be hc8\"><div class=\"t m0 x37 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5a5 y2ac8 w2bb hc8\"><div class=\"t m0 x55 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x4e8 y2ac8 w12d hc8\"><div class=\"t m0 x34 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x598 y2ac8 w2bb hc8\"><div class=\"t m0 x8e h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">14.463 </div></td><td class=\"c x5ae y2ac8 w169 hc8\"><div class=\"t m0 x37 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5b0 y2ac8 w427 hc8\"><div class=\"t m0 x55 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2ac9 w426 hc8\"><div class=\"t m0 x39 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">1.1 Di negoziazione<span class=\"_ _f\"></span> </div></td><td class=\"c x5a4 y2ac9 w2b1 hc8\"><div class=\"t m0 x55 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td></td><td class=\"c x5a6 y2ac9 w169 hc8\"><div class=\"t m0 x37 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5ac y2ac9 w2bb hc8\"><div class=\"t m0 x16a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">13.881 </div></td><td class=\"c x5ad y2ac9 w12d hc8\"><div class=\"t m0 x37 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5af y2ac9 w2be hc8\"><div class=\"t m0 x55 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x5a5 y2ac9 w2bb hc8\"><div class=\"t m0 x55 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td></td><td class=\"c x4e8 y2ac9 w12d hc8\"><div class=\"t m0 x34 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x598 y2ac9 w2bb hc8\"><div class=\"t m0 x8e h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">14.463 </div></td><td class=\"c x5ae y2ac9 w169 hc8\"><div class=\"t m0 x37 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5b0 y2ac9 w427 hc8\"><div class=\"t m0 x55 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td></tr><tr><td class=\"c x44e y2aca w426 h58\"><div class=\"t m0 x39 h1f y15 ff4 fs7 fc1 sc0 ls0 ws0\">1.2 Connessi c<span class=\"_ _1\"></span>on la fair </div><div class=\"t m0 x39 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">value option<span class=\"_ _1\"></span> </div></td><td class=\"c x5a4 y2aca w2b1 h58\"><div class=\"t m0 x55 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td></td><td class=\"c x5a6 y2aca w169 h58\"><div class=\"t m0 x37 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5ac y2aca w2bb h58\"><div class=\"t m0 x34 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5ad y2aca w12d h58\"><div class=\"t m0 x37 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5af y2aca w2be h58\"><div class=\"t m0 x55 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x5a5 y2aca w2bb h58\"><div class=\"t m0 x55 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td></td><td class=\"c x4e8 y2aca w12d h58\"><div class=\"t m0 x34 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x598 y2aca w2bb h58\"><div class=\"t m0 x34 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5ae y2aca w169 h58\"><div class=\"t m0 x37 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5b0 y2aca w427 h58\"><div class=\"t m0 x55 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td></tr><tr><td class=\"c x44e y2acb w426 hc8\"><div class=\"t m0 x39 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">1.3 Altri </div></td><td class=\"c x5a4 y2acb w2b1 hc8\"><div class=\"t m0 x55 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td></td><td class=\"c x5a6 y2acb w169 hc8\"><div class=\"t m0 x37 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5ac y2acb w2bb hc8\"><div class=\"t m0 x34 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5ad y2acb w12d hc8\"><div class=\"t m0 x37 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5af y2acb w2be hc8\"><div class=\"t m0 x55 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x5a5 y2acb w2bb hc8\"><div class=\"t m0 x55 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td></td><td class=\"c x4e8 y2acb w12d hc8\"><div class=\"t m0 x34 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x598 y2acb w2bb hc8\"><div class=\"t m0 x34 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5ae y2acb w169 hc8\"><div class=\"t m0 x37 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5b0 y2acb w427 hc8\"><div class=\"t m0 x55 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td></tr><tr><td class=\"c x44e y2acc w426 hc8\"><div class=\"t m0 x2f h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">2. Derivati creditiz<span class=\"_ _f\"></span>i </div></td><td class=\"c x5a4 y2acc w2b1 hc8\"><div class=\"t m0 x55 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x5a6 y2acc w169 hc8\"><div class=\"t m0 x37 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5ac y2acc w2bb hc8\"><div class=\"t m0 x34 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5ad y2acc w12d hc8\"><div class=\"t m0 x37 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5af y2acc w2be hc8\"><div class=\"t m0 x37 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5a5 y2acc w2bb hc8\"><div class=\"t m0 x55 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x4e8 y2acc w12d hc8\"><div class=\"t m0 x34 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x598 y2acc w2bb hc8\"><div class=\"t m0 x34 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5ae y2acc w169 hc8\"><div class=\"t m0 x37 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5b0 y2acc w427 hc8\"><div class=\"t m0 x55 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2acd w426 hc8\"><div class=\"t m0 x39 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">2.1 Di negoziazio<span class=\"_ _1\"></span>ne </div></td><td class=\"c x5a4 y2acd w2b1 hc8\"><div class=\"t m0 x55 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td></td><td class=\"c x5a6 y2acd w169 hc8\"><div class=\"t m0 x37 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5ac y2acd w2bb hc8\"><div class=\"t m0 x34 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5ad y2acd w12d hc8\"><div class=\"t m0 x37 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5af y2acd w2be hc8\"><div class=\"t m0 x55 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x5a5 y2acd w2bb hc8\"><div class=\"t m0 x55 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td></td><td class=\"c x4e8 y2acd w12d hc8\"><div class=\"t m0 x34 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x598 y2acd w2bb hc8\"><div class=\"t m0 x34 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5ae y2acd w169 hc8\"><div class=\"t m0 x37 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5b0 y2acd w427 hc8\"><div class=\"t m0 x55 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td></tr><tr><td class=\"c x44e y2613 w426 hcd\"><div class=\"t m0 x39 h1f y1736 ff4 fs7 fc1 sc0 ls0 ws0\">2.2 Connessi c<span class=\"_ _1\"></span>on la fair </div><div class=\"t m0 x39 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">value option<span class=\"_ _1\"></span> </div></td><td class=\"c x5a4 y2613 w2b1 hcd\"><div class=\"t m0 x55 h1f y2ea ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td></td><td class=\"c x5a6 y2613 w169 hcd\"><div class=\"t m0 x37 h1f y2ea ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5ac y2613 w2bb hcd\"><div class=\"t m0 x34 h1f y2ea ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5ad y2613 w12d hcd\"><div class=\"t m0 x37 h1f y2ea ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5af y2613 w2be hcd\"><div class=\"t m0 x55 h1f y2ea ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x5a5 y2613 w2bb hcd\"><div class=\"t m0 x55 h1f y2ea ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td></td><td class=\"c x4e8 y2613 w12d hcd\"><div class=\"t m0 x34 h1f y2ea ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x598 y2613 w2bb hcd\"><div class=\"t m0 x34 h1f y2ea ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5ae y2613 w169 hcd\"><div class=\"t m0 x37 h1f y2ea ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5b0 y2613 w427 hcd\"><div class=\"t m0 x55 h1f y2ea ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td></tr><tr><td class=\"c x44e y2ace w426 hc8\"><div class=\"t m0 x39 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">2.3 Altri </div></td><td class=\"c x5a4 y2ace w2b1 hc8\"><div class=\"t m0 x55 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td></td><td class=\"c x5a6 y2ace w169 hc8\"><div class=\"t m0 x37 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5ac y2ace w2bb hc8\"><div class=\"t m0 x34 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5ad y2ace w12d hc8\"><div class=\"t m0 x37 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5af y2ace w2be hc8\"><div class=\"t m0 x55 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x5a5 y2ace w2bb hc8\"><div class=\"t m0 x55 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td></td><td class=\"c x4e8 y2ace w12d hc8\"><div class=\"t m0 x34 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x598 y2ace w2bb hc8\"><div class=\"t m0 x34 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5ae y2ace w169 hc8\"><div class=\"t m0 x37 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5b0 y2ace w427 hc8\"><div class=\"t m0 x55 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td></tr><tr><td class=\"c x44e y2acf w426 hc8\"><div class=\"t m0 xc h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale B<span class=\"_ _1\"></span> </div></td><td class=\"c x5a4 y2acf w2b1 hc8\"><div class=\"t m0 x55 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">X </div></td><td></td><td class=\"c x5a6 y2acf w169 hc8\"><div class=\"t m0 x37 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td><td class=\"c x5ac y2acf w2bb hc8\"><div class=\"t m0 x16a h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">13.8<span class=\"_ _1\"></span>81 </div></td><td class=\"c x5ad y2acf w12d hc8\"><div class=\"t m0 x37 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td><td class=\"c x5af y2acf w2be hc8\"><div class=\"t m0 x55 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">X </div></td><td class=\"c x5a5 y2acf w2bb hc8\"><div class=\"t m0 x55 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">X </div></td><td></td><td class=\"c x4e8 y2acf w12d hc8\"><div class=\"t m0 x34 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td><td class=\"c x598 y2acf w2bb hc8\"><div class=\"t m0 x2f h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">14.46<span class=\"_ _f\"></span>3 </div></td><td class=\"c x5ae y2acf w169 hc8\"><div class=\"t m0 x37 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td><td class=\"c x5b0 y2acf w427 hc8\"><div class=\"t m0 x55 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">X </div></td></tr><tr><td class=\"c x44e y2ad0 w426 hc8\"><div class=\"t m0 x124 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale (A<span class=\"_ _f\"></span>+B) </div></td><td class=\"c x5a4 y2ad0 w2b1 hc8\"><div class=\"t m0 x55 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">X </div></td><td></td><td class=\"c x5a6 y2ad0 w169 hc8\"><div class=\"t m0 x35 h1f y28b ff4 fs7 fc1 sc2 ls2a ws0\">29<span class=\"ls0\"> </span></div></td><td class=\"c x5ac y2ad0 w2bb hc8\"><div class=\"t m0 x16a h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">13.8<span class=\"_ _1\"></span>81 </div></td><td class=\"c x5ad y2ad0 w12d hc8\"><div class=\"t m0 x37 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td><td class=\"c x5af y2ad0 w2be hc8\"><div class=\"t m0 x55 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">X </div></td><td class=\"c x5a5 y2ad0 w2bb hc8\"><div class=\"t m0 x55 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">X </div></td><td></td><td class=\"c x4e8 y2ad0 w12d hc8\"><div class=\"t m0 x34 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td><td class=\"c x598 y2ad0 w2bb hc8\"><div class=\"t m0 x2f h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">14.46<span class=\"_ _f\"></span>3 </div></td><td class=\"c x5ae y2ad0 w169 hc8\"><div class=\"t m0 x37 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td><td class=\"c x5b0 y2ad0 w427 hc8\"><div class=\"t m0 x55 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">X </div></td></tr></table></div><div class=\"t m0 h5 ff4 fs1 fc4 sc3 ls0 ws0 gsc76\">Lege<span class=\"_ _f\"></span>nda: </div><div class=\"t m0 h1f ff4 fs7 fc1 sc0 ls0 ws0 gsc77\">VN = valore nom<span class=\"_ _1\"></span>inale o nozi<span class=\"_ _1\"></span>onale  </div><div class=\"t m0 h1f ff4 fs7 fc1 sc0 ls0 ws0 gsc78\">L1 = Livello 1 <span class=\"_ _1\"></span> </div><div class=\"t m0 h1f ff4 fs7 fc1 sc0 ls0 ws0 gsc79\">L2 = Livello 2 <span class=\"_ _1\"></span> </div><div class=\"t m0 h1f ff4 fs7 fc1 sc0 ls0 ws0 gsc7a\">L3 = Livello 3 <span class=\"_ _1\"></span> </div><div class=\"t m0 h1f ff4 fs7 fc1 sc0 ls0 ws0 gsc7b\">Fair value*=Fair value calco<span class=\"_ _1\"></span>lato escludendo le variazioni di valore dovute<span class=\"_ _f\"></span> <span class=\"_ _2\"></span>al cambiamento del merito credit<span class=\"_ _1\"></span>izio </div><div class=\"t m0 h1f ff4 fs7 fc1 sc0 ls0 ws0 gsc7c\">dell'emittente rispe<span class=\"_ _f\"></span>tto<span class=\"_ _2\"></span> alla data <span class=\"_ _1\"></span>di emissione. </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gsc7d\">La voce \u201cA. Passivit\u00e0 per cassa\u201d, se presente, comprend<span class=\"_ _1\"></span>e gli scoperti tecnici. </div><div class=\"t m0 h5 ff5 fs1 fc4 sc3 ls0 ws0 gsc7e\">2.2 De<span class=\"_ _1\"></span>ttag<span class=\"_ _1\"></span>lio d<span class=\"_ _1\"></span>elle \u201c<span class=\"_ _1\"></span>Pass<span class=\"_ _1\"></span>ivit\u00e0<span class=\"_ _f\"></span> finanziar<span class=\"_ _1\"></span>ie di <span class=\"_ _f\"></span>negozia<span class=\"_ _1\"></span>zione\u201d<span class=\"_ _1\"></span>: pas<span class=\"_ _f\"></span>sivit\u00e0 s<span class=\"_ _1\"></span>ubord<span class=\"_ _1\"></span>inate<span class=\"_ _1\"></span> <span class=\"ff4\"> </span></div><div class=\"t m0 h5 ff5 fs1 fc4 sc3 ls0 ws0 gsc7f\">2.3 D<span class=\"_ _f\"></span>ettaglio<span class=\"_ _1\"></span> delle<span class=\"_ _1\"></span> \u201cPa<span class=\"_ _1\"></span>ssivi<span class=\"_ _1\"></span>t\u00e0 fina<span class=\"_ _1\"></span>nziari<span class=\"_ _1\"></span>e di <span class=\"_ _1\"></span>negozia<span class=\"_ _f\"></span>zione\u201d:<span class=\"_ _1\"></span> debit<span class=\"_ _1\"></span>i st<span class=\"_ _f\"></span>ruttura<span class=\"_ _1\"></span>ti<span class=\"ff4\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsc80\">Non <span class=\"_ _4\"> </span>esistono, <span class=\"_ _4\"> </span>alla <span class=\"_ _4\"> </span>da<span class=\"_ _f\"></span>t<span class=\"_ _2\"></span>a <span class=\"_ _4\"> </span>del  bilancio, <span class=\"_ _4\"> </span>n\u00e9 <span class=\"_ _4\"> </span>al <span class=\"_ _22\"> </span>31<span class=\"_ _2\"></span> <span class=\"_ _4\"> </span>dice<span class=\"_ _1\"></span>mbre <span class=\"_ _4\"> </span>2024, <span class=\"_ _4\"> </span>passivit\u00e0 <span class=\"_ _4\"> </span>subordinate <span class=\"_ _4\"> </span>e <span class=\"_ _22\"> </span>debiti </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsc81\">strutturati.<span class=\"_ _df\"> </span> </div><div class=\"t m0 hc ff4 fs4 fc4 sc3 ls0 ws0 gsc83\">Sezi<span class=\"_ _f\"></span>one 3<span class=\"_ _f\"></span> <span class=\"ff5\">\u2013</span> Pas<span class=\"_ _f\"></span>sivit\u00e0 f<span class=\"_ _1\"></span>ina<span class=\"_ _f\"></span>nziari<span class=\"_ _1\"></span>e de<span class=\"_ _f\"></span>signat<span class=\"_ _f\"></span>e al fa<span class=\"_ _f\"></span>ir valu<span class=\"_ _f\"></span>e <span class=\"ff5\">\u2013</span> Vo<span class=\"_ _1\"></span>ce 3<span class=\"_ _f\"></span>0 </div><div class=\"c w37c h49 gsc84\"><div class=\"t m0 x8a h5 y5b ff4 fs1 fc4 sc3 ls0 ws0\">3.1 P<span class=\"_ _1\"></span>assi<span class=\"_ _1\"></span>vit\u00e0 fina<span class=\"_ _f\"></span>nziaria <span class=\"_ _1\"></span>valu<span class=\"_ _1\"></span>tate<span class=\"_ _1\"></span> al fa<span class=\"_ _1\"></span>ir va<span class=\"_ _f\"></span>lue: comp<span class=\"_ _1\"></span>osizi<span class=\"_ _1\"></span>one m<span class=\"_ _1\"></span>erc<span class=\"_ _f\"></span>eologica<span class=\"fc1 sc0\"> </span></div></div><div class=\"gsc85\"><table class=\"s wbc3 h4fa\" id=\"_15e8e788-fe16-4334-a3b1-9ada3caca842\"><tr><td></td><td></td><td></td><td></td><td class=\"c x5b2 y2ad1 w42d h4d\"><div class=\"t m0 x199 h1f y28b ff4 fs7 fc4 sc3 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale<span class=\"fc1 sc0\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td class=\"c x5b3 y2ad1 w42e h4d\"><div class=\"t m0 xe4 h1f y28b ff4 fs7 fc4 sc3 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale<span class=\"fc1 sc0\"> </span></div></td><td></td><td></td></tr><tr><td></td><td></td><td></td><td class=\"c x5b2 y2ad2 w42d hcb\" colspan=\"2\"><div class=\"t m0 xe5 h1f y74a ff4 fs7 fc4 sc3 ls0 ws0\">31/12/<span class=\"_ _f\"></span>2025<span class=\"fc1 sc0\"> </span></div></td><td></td><td></td><td></td><td></td><td class=\"c x5b3 y2ad2 w42e hcb\" colspan=\"2\"><div class=\"t m0 x1e6 h1f y74a ff4 fs7 fc4 sc3 ls0 ws0\">31/12/<span class=\"_ _f\"></span>2024<span class=\"fc1 sc0\"> </span></div></td><td></td><td></td></tr><tr><td class=\"c x46b y2ad3 w42c h287\"><div class=\"t m0 x16a h1f y173e ff4 fs7 fc4 sc3 ls0 ws0\">Tipol<span class=\"_ _f\"></span>ogia op<span class=\"_ _f\"></span>erazion<span class=\"_ _1\"></span>i/Va<span class=\"_ _1\"></span>lori<span class=\"_ _1\"></span><span class=\"fc1 sc0\"> </span></div></td><td></td><td></td><td class=\"c x5b4 y2ad4 w42f h248\" colspan=\"2\"><div class=\"t m0 x2c h1f y15 ff4 fs7 fc4 sc3 ls0 ws0\">Fair<span class=\"_ _f\"></span> value<span class=\"fc1 sc0\"> </span></div></td><td></td><td class=\"c x5b5 y2ad3 w2d7 h288\"><div class=\"t m0 xab h1f yd64 ff4 fs7 fc4 sc3 ls0 ws0\">Fair<span class=\"_ _f\"></span>  value </div><div class=\"t m0 x32 h1f y1741 ff4 fs7 fc4 sc3 ls0 ws0\">*<span class=\"fc1 sc0\"> </span></div></td><td></td><td></td><td class=\"c x5b6 y2ad4 w430 h248\" colspan=\"2\"><div class=\"t m0 x3a h1f y15 ff4 fs7 fc4 sc3 ls0 ws0\">Fair<span class=\"_ _f\"></span> value<span class=\"fc1 sc0\"> </span></div></td><td></td><td class=\"c x5b7 y2ad3 w2bc h288\"><div class=\"t m0 xac h1f yd64 ff4 fs7 fc4 sc3 ls0 ws0\">Fair<span class=\"_ _f\"></span> value </div><div class=\"t m0 x32 h1f y1741 ff4 fs7 fc4 sc3 ls0 ws0\">*<span class=\"fc1 sc0\"> </span></div></td></tr><tr><td></td><td class=\"c x5b2 y2ad3 w1a5 h288\"><div class=\"t m0 x130 h1f y11a9 ff4 fs7 fc4 sc3 ls6c ws0\">VN<span class=\"fc1 sc0 ls0\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td class=\"c x5b3 y2ad3 wef h288\"><div class=\"t m0 x39 h1f y11a9 ff4 fs7 fc4 sc3 ls6c ws0\">VN<span class=\"fc1 sc0 ls0\"> </span></div></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td></td><td></td><td class=\"c x5b4 y2ad3 w431 h248\"><div class=\"t m0 x8a h1f y1116 ff4 fs7 fc4 sc3 lsc7 ws0\">L1<span class=\"fc1 sc0 ls0\"> </span></div></td><td class=\"c x5b8 y2ad3 w35b h248\"><div class=\"t m0 x39 h1f y1116 ff4 fs7 fc4 sc3 lsc7 ws0\">L3<span class=\"fc1 sc0 ls0\"> </span></div></td><td class=\"c x5b9 y2ad3 w432 h248\"><div class=\"t m0 x8a h1f y1116 ff4 fs7 fc4 sc3 lsc7 ws0\">L2<span class=\"fc1 sc0 ls0\"> </span></div></td><td></td><td></td><td></td><td class=\"c x5b6 y2ad3 w433 h248\"><div class=\"t m0 x8a h1f y1116 ff4 fs7 fc4 sc3 lsc7 ws0\">L1<span class=\"fc1 sc0 ls0\"> </span></div></td><td class=\"c x5ba y2ad3 wef h248\"><div class=\"t m0 x14 h1f y1116 ff4 fs7 fc4 sc3 lsc7 ws0\">L3<span class=\"fc1 sc0 ls0\"> </span></div></td><td class=\"c x5bb y2ad3 w432 h248\"><div class=\"t m0 x8a h1f y1116 ff4 fs7 fc4 sc3 lsc7 ws0\">L2<span class=\"fc1 sc0 ls0\"> </span></div></td><td></td><td></td></tr><tr><td class=\"c x46b y2ad5 w3d1 hc8\"><div class=\"t m0 x8a h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">1. De<span class=\"_ _1\"></span>biti v<span class=\"_ _f\"></span>erso ba<span class=\"_ _f\"></span>nche<span class=\"sc0\"> </span></div></td><td class=\"c x5b2 y2ad5 w160 hc8\"><div class=\"t m0 x15 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x5b4 y2ad5 w429 hc8\"><div class=\"t m0 x8e h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td></td><td class=\"c x5b9 y2ad5 w42a hc8\"><div class=\"t m0 x2f h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x5b8 y2ad5 w163 hc8\"><div class=\"t m0 x15 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x5bc y2ad5 w10b hc8\"><div class=\"t m0 x11 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x5b3 y2ad5 w190 hc8\"><div class=\"t m0 x8f h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x5b6 y2ad5 w42b hc8\"><div class=\"t m0 x8e h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td></td><td class=\"c x5bb y2ad5 w42a hc8\"><div class=\"t m0 x2f h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x5bd y2ad5 w190 hc8\"><div class=\"t m0 x8f h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x5b7 y2ad5 w2c0 hc8\"><div class=\"t m0 x11 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x46b y2ad6 w3d1 hc8\"><div class=\"t m0 x116 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">1.1 Strutturati </div></td><td class=\"c x5b2 y2ad6 w160 hc8\"><div class=\"t m0 x15 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5b4 y2ad6 w429 hc8\"><div class=\"t m0 x8e h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x5b9 y2ad6 w42a hc8\"><div class=\"t m0 x2f h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5b8 y2ad6 w163 hc8\"><div class=\"t m0 x15 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5bc y2ad6 w10b hc8\"><div class=\"t m0 x32 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x5b3 y2ad6 w190 hc8\"><div class=\"t m0 x8f h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5b6 y2ad6 w42b hc8\"><div class=\"t m0 x8e h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x5bb y2ad6 w42a hc8\"><div class=\"t m0 x2f h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5bd y2ad6 w190 hc8\"><div class=\"t m0 x8f h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5b7 y2ad6 w2c0 hc8\"><div class=\"t m0 x33 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td></tr><tr><td class=\"c x46b y2ad7 w3d1 hc8\"><div class=\"t m0 x116 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">1.2 Altri </div></td><td class=\"c x5b2 y2ad7 w160 hc8\"><div class=\"t m0 x15 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5b4 y2ad7 w429 hc8\"><div class=\"t m0 x8e h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x5b9 y2ad7 w42a hc8\"><div class=\"t m0 x2f h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5b8 y2ad7 w163 hc8\"><div class=\"t m0 x15 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5bc y2ad7 w10b hc8\"><div class=\"t m0 x32 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x5b3 y2ad7 w190 hc8\"><div class=\"t m0 x8f h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5b6 y2ad7 w42b hc8\"><div class=\"t m0 x8e h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x5bb y2ad7 w42a hc8\"><div class=\"t m0 x2f h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5bd y2ad7 w190 hc8\"><div class=\"t m0 x8f h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5b7 y2ad7 w2c0 hc8\"><div class=\"t m0 x33 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td></tr><tr><td class=\"c x46b y2ad8 w3d1 hc8\"><div class=\"t m0 x48 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">di cui: </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=\"c x46b y2ad9 w3d1 h227\"><div class=\"t m0 x48 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- impegni a eroga<span class=\"_ _1\"></span>re fondi </div></td><td class=\"c x5b2 y2ad9 w160 h227\"><div class=\"t m0 x15 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5b4 y2ad9 w429 h227\"><div class=\"t m0 xab h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x5b8 y2ad9 w163 h227\"><div class=\"t m0 x48 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x5b9 y2ad9 w42a h227\"><div class=\"t m0 xac h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td></td><td class=\"c x5bc y2ad9 w10b h227\"><div class=\"t m0 x32 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x5b3 y2ad9 w190 h227\"><div class=\"t m0 x8f h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5b6 y2ad9 w42b h227\"><div class=\"t m0 xab h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x5bd y2ad9 w190 h227\"><div class=\"t m0 x33 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x5bb y2ad9 w42a h227\"><div class=\"t m0 xac h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td></td><td class=\"c x5b7 y2ad9 w2c0 h227\"><div class=\"t m0 x33 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td></tr><tr><td class=\"c x5be y2ada wbc4 h48b\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">- garanzie finanz<span class=\"_ _1\"></span>iarie<span class=\"_ _df\"> </span></div></td><td class=\"c x5b2 y2adb w160 h58\"><div class=\"t m0 x15 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5b4 y2adb w429 h58\"><div class=\"t m0 xab h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x5b8 y2adb w163 h58\"><div class=\"t m0 x48 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x5b9 y2adb w42a h58\"><div class=\"t m0 xac h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td></td><td class=\"c x5bc y2adb w10b h58\"><div class=\"t m0 x32 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x5b3 y2adb w190 h58\"><div class=\"t m0 x8f h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5b6 y2adb w42b h58\"><div class=\"t m0 xab h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x5bd y2adb w190 h58\"><div class=\"t m0 x33 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x5bb y2adb w42a h58\"><div class=\"t m0 xac h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td></td><td class=\"c x5b7 y2adb w2c0 h58\"><div class=\"t m0 x33 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td></tr><tr><td class=\"c x5be y2adc wbc5 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">rilasciate<span class=\"_ _df\"> </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=\"c x46b y2add w3d1 hc8\"><div class=\"t m0 x8a h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">2. D<span class=\"_ _1\"></span>ebiti v<span class=\"_ _f\"></span>erso cl<span class=\"_ _1\"></span>ient<span class=\"_ _f\"></span>ela<span class=\"sc0\"> </span></div></td><td class=\"c x5b2 y2add w160 hc8\"><div class=\"t m0 xab h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">4.74<span class=\"_ _f\"></span>4.132<span class=\"sc0\"> </span></div></td><td class=\"c x5b4 y2add w429 hc8\"><div class=\"t m0 x8e h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td></td><td class=\"c x5b9 y2add w42a hc8\"><div class=\"t m0 x2f h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x5b8 y2add w163 hc8\"><div class=\"t m0 xab h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">4.74<span class=\"_ _f\"></span>4.132<span class=\"sc0\"> </span></div></td><td class=\"c x5bc y2add w10b hc8\"><div class=\"t m0 x2f h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">4.74<span class=\"_ _f\"></span>4.132<span class=\"sc0\"> </span></div></td><td class=\"c x5b3 y2add w190 hc8\"><div class=\"t m0 xab h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">4.40<span class=\"_ _f\"></span>2.690<span class=\"sc0\"> </span></div></td><td class=\"c x5b6 y2add w42b hc8\"><div class=\"t m0 x8e h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td></td><td class=\"c x5bb y2add w42a hc8\"><div class=\"t m0 x2f h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x5bd y2add w190 hc8\"><div class=\"t m0 xab h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">4.40<span class=\"_ _f\"></span>2.690<span class=\"sc0\"> </span></div></td><td class=\"c x5b7 y2add w2c0 hc8\"><div class=\"t m0 xac h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">4.40<span class=\"_ _f\"></span>2.690<span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x46b y2ade w3d1 hc8\"><div class=\"t m0 x116 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">2.1 Struttura<span class=\"ls70\">ti</span> </div></td><td class=\"c x5b2 y2ade w160 hc8\"><div class=\"t m0 x15 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5b4 y2ade w429 hc8\"><div class=\"t m0 x8e h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x5b9 y2ade w42a hc8\"><div class=\"t m0 x2f h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5b8 y2ade w163 hc8\"><div class=\"t m0 x15 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5bc y2ade w10b hc8\"><div class=\"t m0 x32 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x5b3 y2ade w190 hc8\"><div class=\"t m0 x8f h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5b6 y2ade w42b hc8\"><div class=\"t m0 x8e h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x5bb y2ade w42a hc8\"><div class=\"t m0 x2f h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5bd y2ade w190 hc8\"><div class=\"t m0 x8f h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5b7 y2ade w2c0 hc8\"><div class=\"t m0 x33 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td></tr><tr><td class=\"c x46b y2adf w3d1 hc8\"><div class=\"t m0 x116 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">2.2 Altri </div></td><td class=\"c x5b2 y2adf w160 hc8\"><div class=\"t m0 x8a h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">4.744.132 </div></td><td class=\"c x5b4 y2adf w429 hc8\"><div class=\"t m0 x8e h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x5b9 y2adf w42a hc8\"><div class=\"t m0 x2f h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5b8 y2adf w163 hc8\"><div class=\"t m0 x8a h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">4.744.132 </div></td><td class=\"c x5bc y2adf w10b hc8\"><div class=\"t m0 x32 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x5b3 y2adf w190 hc8\"><div class=\"t m0 x8a h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">4.402.690 </div></td><td class=\"c x5b6 y2adf w42b hc8\"><div class=\"t m0 x8e h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x5bb y2adf w42a hc8\"><div class=\"t m0 x2f h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5bd y2adf w190 hc8\"><div class=\"t m0 x8a h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">4.402.690 </div></td><td class=\"c x5b7 y2adf w2c0 hc8\"><div class=\"t m0 x33 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td></tr><tr><td class=\"c x46b y2ae0 w3d1 hc8\"><div class=\"t m0 x48 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">di cui: </div></td><td></td><td></td><td></td><td></td><td></td><td class=\"c x5bc y2ae0 w10b hc8\"><div class=\"t m0 x11 h1f ye4c ff4 fs7 fc9 sc0 ls0 ws0\">-<span class=\"fc1\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x46b y2ae1 w3d1 hc8\"><div class=\"t m0 x48 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- impegni a eroga<span class=\"_ _1\"></span>re fondi </div></td><td class=\"c x5b2 y2ae1 w160 hc8\"><div class=\"t m0 x15 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5b4 y2ae1 w429 hc8\"><div class=\"t m0 xab h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x5b8 y2ae1 w163 hc8\"><div class=\"t m0 x48 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x5b9 y2ae1 w42a hc8\"><div class=\"t m0 xac h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td></td><td class=\"c x5bc y2ae1 w10b hc8\"><div class=\"t m0 x32 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x5b3 y2ae1 w190 hc8\"><div class=\"t m0 x8f h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5b6 y2ae1 w42b hc8\"><div class=\"t m0 xab h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x5bd y2ae1 w190 hc8\"><div class=\"t m0 x33 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x5bb y2ae1 w42a hc8\"><div class=\"t m0 xac h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td></td><td class=\"c x5b7 y2ae1 w2c0 hc8\"><div class=\"t m0 x33 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td></tr><tr><td class=\"c x5be y2ae2 wbc4 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">- garanzie finanz<span class=\"_ _1\"></span>iarie<span class=\"_ _df\"> </span></div></td><td class=\"c x5b2 y2ae3 w160 had\"><div class=\"t m0 x15 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5b4 y2ae3 w429 had\"><div class=\"t m0 xab h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x5b8 y2ae3 w163 had\"><div class=\"t m0 x48 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x5b9 y2ae3 w42a had\"><div class=\"t m0 xac h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td></td><td class=\"c x5bc y2ae3 w10b had\"><div class=\"t m0 x32 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x5b3 y2ae3 w190 had\"><div class=\"t m0 x8f h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5b6 y2ae3 w42b had\"><div class=\"t m0 xab h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x5bd y2ae3 w190 had\"><div class=\"t m0 x33 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x5bb y2ae3 w42a had\"><div class=\"t m0 xac h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td></td><td class=\"c x5b7 y2ae3 w2c0 had\"><div class=\"t m0 x33 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td></tr><tr><td class=\"c x5be y2ae4 wbc5 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">rilasciate<span class=\"_ _df\"> </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=\"c x46b y2ae5 w3d1 hc8\"><div class=\"t m0 x8a h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">3. Ti<span class=\"_ _1\"></span>toli<span class=\"_ _1\"></span> di debi<span class=\"_ _f\"></span>to<span class=\"sc0\"> </span></div></td><td class=\"c x5b2 y2ae5 w160 hc8\"><div class=\"t m0 x15 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x5b4 y2ae5 w429 hc8\"><div class=\"t m0 x8e h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td></td><td class=\"c x5b9 y2ae5 w42a hc8\"><div class=\"t m0 x2f h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x5b8 y2ae5 w163 hc8\"><div class=\"t m0 x15 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x5bc y2ae5 w10b hc8\"><div class=\"t m0 x11 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x5b3 y2ae5 w190 hc8\"><div class=\"t m0 x8f h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x5b6 y2ae5 w42b hc8\"><div class=\"t m0 x8e h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td></td><td class=\"c x5bb y2ae5 w42a hc8\"><div class=\"t m0 x2f h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x5bd y2ae5 w190 hc8\"><div class=\"t m0 x8f h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x5b7 y2ae5 w2c0 hc8\"><div class=\"t m0 x11 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x46b y2ae6 w3d1 hc8\"><div class=\"t m0 x116 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">3.1 Strutturati </div></td><td class=\"c x5b2 y2ae6 w160 hc8\"><div class=\"t m0 x15 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5b4 y2ae6 w429 hc8\"><div class=\"t m0 x8e h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x5b9 y2ae6 w42a hc8\"><div class=\"t m0 x2f h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5b8 y2ae6 w163 hc8\"><div class=\"t m0 x15 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5bc y2ae6 w10b hc8\"><div class=\"t m0 x32 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x5b3 y2ae6 w190 hc8\"><div class=\"t m0 x8f h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5b6 y2ae6 w42b hc8\"><div class=\"t m0 x8e h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x5bb y2ae6 w42a hc8\"><div class=\"t m0 x2f h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5bd y2ae6 w190 hc8\"><div class=\"t m0 x8f h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5b7 y2ae6 w2c0 hc8\"><div class=\"t m0 x33 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td></tr><tr><td class=\"c x46b y2ae7 w3d1 hc8\"><div class=\"t m0 x116 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">3.2 Altri </div></td><td class=\"c x5b2 y2ae7 w160 hc8\"><div class=\"t m0 x15 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5b4 y2ae7 w429 hc8\"><div class=\"t m0 x8e h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x5b9 y2ae7 w42a hc8\"><div class=\"t m0 x2f h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5b8 y2ae7 w163 hc8\"><div class=\"t m0 x15 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5bc y2ae7 w10b hc8\"><div class=\"t m0 x32 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x5b3 y2ae7 w190 hc8\"><div class=\"t m0 x8f h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5b6 y2ae7 w42b hc8\"><div class=\"t m0 x8e h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x5bb y2ae7 w42a hc8\"><div class=\"t m0 x2f h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5bd y2ae7 w190 hc8\"><div class=\"t m0 x8f h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5b7 y2ae7 w2c0 hc8\"><div class=\"t m0 x33 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td></tr><tr><td class=\"c x46b y2ae8 w3d1 hc8\"><div class=\"t m0 x191 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale<span class=\"sc0\"> </span></div></td><td class=\"c x5b2 y2ae8 w160 hc8\"><div class=\"t m0 xab h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">4.74<span class=\"_ _f\"></span>4.132<span class=\"sc0\"> </span></div></td><td class=\"c x5b4 y2ae8 w429 hc8\"><div class=\"t m0 x8e h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td></td><td class=\"c x5b9 y2ae8 w42a hc8\"><div class=\"t m0 x2f h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x5b8 y2ae8 w163 hc8\"><div class=\"t m0 xab h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">4.74<span class=\"_ _f\"></span>4.132<span class=\"sc0\"> </span></div></td><td class=\"c x5bc y2ae8 w10b hc8\"><div class=\"t m0 x2f h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">4.74<span class=\"_ _f\"></span>4.132<span class=\"sc0\"> </span></div></td><td class=\"c x5b3 y2ae8 w190 hc8\"><div class=\"t m0 xab h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">4.40<span class=\"_ _f\"></span>2.690<span class=\"sc0\"> </span></div></td><td class=\"c x5b6 y2ae8 w42b hc8\"><div class=\"t m0 x8e h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td></td><td class=\"c x5bb y2ae8 w42a hc8\"><div class=\"t m0 x2f h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x5bd y2ae8 w190 hc8\"><div class=\"t m0 xab h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">4.40<span class=\"_ _f\"></span>2.690<span class=\"sc0\"> </span></div></td><td class=\"c x5b7 y2ae8 w2c0 hc8\"><div class=\"t m0 xac h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">4.40<span class=\"_ _f\"></span>2.690<span class=\"sc0\"> </span></div></td></tr></table></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsc86\">La voce 30 \u00e8 composta per la quasi totalit\u00e0 dalle riserve e d<span class=\"_ _1\"></span>alle somme da pagare relative alle </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsc87\">polizze <span class=\"ff5\">unit e ai fondi pensione delle \u201cCompagnie Assicurative<span class=\"_ _1\"></span>\u201d<span class=\"_ _2\"></span><span class=\"ff10 fs4 fce\">. </span></span></div><div class=\"t m0 h5 ff4 fs1 fc4 sc3 ls0 ws0 gsc88\">Le<span class=\"_ _f\"></span>gen<span class=\"_ _1\"></span>da<span class=\"_ _f\"></span>:<span class=\"fc1 sc2\"> </span></div><div class=\"t m0 h1f ff4 fs7 fc1 sc0 lsdf ws0 gsc89\">VN<span class=\"ls0\"> <span class=\"_ _f\"></span>= val<span class=\"_ _f\"></span>o<span class=\"_ _2\"></span>re <span class=\"_ _f\"></span>nominale <span class=\"_ _f\"></span>o <span class=\"_ _1\"></span>nozionale   </span></div><div class=\"t m0 h1f ff4 fs7 fc1 sc0 ls0 ws0 gsc8a\">L1 = Livello 1 </div><div class=\"t m0 h1f ff4 fs7 fc1 sc0 lsc7 ws0 gsc8b\">L2<span class=\"ls0\"> <span class=\"_ _f\"></span>= <span class=\"_ _1\"></span>Livello <span class=\"_ _f\"></span>2 <span class=\"_ _22\"> </span> </span></div><div class=\"t m0 h1f ff4 fs7 fc1 sc0 lsc7 ws0 gsc8c\">L3<span class=\"ls0\"> = Li<span class=\"_ _1\"></span>vello <span class=\"_ _1\"></span>3<span class=\"_ _f\"></span> </span></div><div class=\"t m0 h1f ff4 fs7 fc1 sc0 ls0 ws0 gsc8d\">Fair value*=F<span class=\"_ _1\"></span>air value <span class=\"_ _1\"></span>calcolato esc<span class=\"_ _f\"></span>ludendo <span class=\"ls3b\">le</span> var<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span>azioni di <span class=\"_ _1\"></span>valore <span class=\"_ _1\"></span>dovute <span class=\"_ _1\"></span><span class=\"ls4b\">al<span class=\"ls0\"> cambiament<span class=\"_ _1\"></span>o del <span class=\"_ _1\"></span>merito cre<span class=\"_ _1\"></span>ditiz<span class=\"lse0\">io</span> </span></span></div><div class=\"t m0 h1f ff4 fs7 fc1 sc0 ls0 ws0 gsc8e\">dell'emittente rispe<span class=\"_ _f\"></span>tto alla data di emissi<span class=\"_ _1\"></span>one. </div>Sezi<span class=\"_ _f\"></span>one 4<span class=\"_ _1\"></span> <span class=\"ff5\">\u2013</span> D<span class=\"_ _f\"></span>erivati<span class=\"_ _f\"></span> di co<span class=\"_ _f\"></span>pertur<span class=\"_ _f\"></span>a <span class=\"ff5\">\u2013</span> Vo<span class=\"_ _f\"></span>ce 40<span class=\"_ _df\"> </span>4.1 De<span class=\"_ _1\"></span>rivat<span class=\"_ _f\"></span>i di cope<span class=\"_ _1\"></span>rtura<span class=\"_ _f\"></span>: compos<span class=\"_ _f\"></span>izione p<span class=\"_ _1\"></span>er ti<span class=\"_ _1\"></span>polog<span class=\"_ _1\"></span>ia d<span class=\"_ _1\"></span>i cope<span class=\"_ _1\"></span>rtura<span class=\"_ _f\"></span> e per l<span class=\"_ _1\"></span>ivelli<table class=\"s wbc6 h4fb\" id=\"_e900e6a7-d8eb-4bf1-835d-b2916d14c242\"><tr><td></td><td></td><td></td><td class=\"c x5bf y2ae9 w251 hbc\"><div class=\"t m0 xe h1f y66c ff4 fs7 fc4 sc3 ls0 ws0\">Fair<span class=\"_ _f\"></span> value </div></td><td></td><td class=\"c x5c0 y2ae9 w1df hbc\"><div class=\"t m0 x130 h1f y66c ff4 fs7 fc4 sc3 ls6c ws0\">VN<span class=\"ls0\"> </span></div></td><td></td><td class=\"c x5c1 y2ae9 w434 hbc\"><div class=\"t m0 xe h1f y66c ff4 fs7 fc4 sc3 ls0 ws0\">Fair<span class=\"_ _f\"></span> value </div></td><td></td><td class=\"c x5c2 y2ae9 w435 hbc\"><div class=\"t m0 x39 h1f y66c ff4 fs7 fc4 sc3 ls6c ws0\">VN<span class=\"ls0\"> </span></div></td></tr><tr><td></td><td></td><td class=\"c x5bf y2aea w149 h13\"><div class=\"t m0 x130 h1f y392 ff4 fs7 fc4 sc3 lsc7 ws0\">L1<span class=\"ls0\"> </span></div></td><td class=\"c x590 y2aea w177 h13\"><div class=\"t m0 x130 h1f y392 ff4 fs7 fc4 sc3 lsc7 ws0\">L2<span class=\"ls0\"> </span></div></td><td class=\"c x58a y2aea w195 h13\"><div class=\"t m0 x14 h1f y392 ff4 fs7 fc4 sc3 lsc7 ws0\">L3<span class=\"ls0\"> </span></div></td><td class=\"c x5c0 y2aea w162 h13\"><div class=\"t m0 x10 h1f y392 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/<span class=\"_ _f\"></span>2025 </div></td><td class=\"c x5c3 y2aea w179 h13\"><div class=\"t m0 x39 h1f y392 ff4 fs7 fc4 sc3 lsc7 ws0\">L1<span class=\"ls0\"> </span></div></td><td class=\"c x5c4 y2aea w436 h13\"><div class=\"t m0 x130 h1f y392 ff4 fs7 fc4 sc3 lsc7 ws0\">L2<span class=\"ls0\"> </span></div></td><td class=\"c x5c5 y2aea w1a9 h13\"><div class=\"t m0 x14 h1f y392 ff4 fs7 fc4 sc3 lsc7 ws0\">L3<span class=\"ls0\"> </span></div></td><td class=\"c x5c6 y2aea w437 h13\"><div class=\"t m0 x10 h1f y392 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/<span class=\"_ _f\"></span>2024 </div></td></tr><tr><td class=\"c x44e y2aeb w438 h131\"><div class=\"t m0 x10 h1f y3e4 ff4 fs7 fc1 sc2 ls0 ws0\">A. D<span class=\"_ _1\"></span>eriv<span class=\"_ _1\"></span>ati fi<span class=\"_ _1\"></span>nan<span class=\"_ _1\"></span>ziari </div></td><td></td><td class=\"c x5bf y2aeb w1dc h131\"><div class=\"t m0 x15 h1f y3e4 ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td><td class=\"c x590 y2aeb w111 h131\"><div class=\"t m0 x16a h1f y3e4 ff4 fs7 fc1 sc2 ls0 ws0\">482.2<span class=\"_ _f\"></span>49 </div></td><td class=\"c x58a y2aeb w130 h131\"><div class=\"t m0 x96 h1f y3e4 ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td><td class=\"c x5c0 y2aeb w183 h131\"><div class=\"t m0 xac h1f y3e4 ff4 fs7 fc1 sc2 ls0 ws0\">14.411.<span class=\"_ _f\"></span>429 </div></td><td class=\"c x5c1 y2aeb w179 h131\"><div class=\"t m0 x15 h1f y3e4 ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td><td class=\"c x5c4 y2aeb w10e h131\"><div class=\"t m0 x2e h1f y3e4 ff4 fs7 fc1 sc2 ls0 ws0\">731.7<span class=\"_ _f\"></span>78 </div></td><td class=\"c x5c5 y2aeb w1a9 h131\"><div class=\"t m0 x96 h1f y3e4 ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td><td class=\"c x5c2 y2aeb w2b2 h131\"><div class=\"t m0 x10 h1f y3e4 ff4 fs7 fc1 sc2 ls0 ws0\">16.6<span class=\"_ _1\"></span>43.9<span class=\"_ _f\"></span>08 </div></td></tr><tr><td class=\"c x44e y2aec w438 h131\"><div class=\"t m0 x2f h1f y74a ff4 fs7 fc1 sc0 ls0 ws0\">1) Fair value </div></td><td></td><td class=\"c x5bf y2aec w1dc h131\"><div class=\"t m0 x15 h1f y74a ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x590 y2aec w111 h131\"><div class=\"t m0 x116 h1f y74a ff4 fs7 fc1 sc0 ls0 ws0\">458.519 </div></td><td class=\"c x58a y2aec w130 h131\"><div class=\"t m0 x96 h1f y74a ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5c0 y2aec w183 h131\"><div class=\"t m0 x8a h1f y74a ff4 fs7 fc1 sc0 ls0 ws0\">13.616.662 </div></td><td class=\"c x5c1 y2aec w179 h131\"><div class=\"t m0 x15 h1f y74a ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5c4 y2aec w10e h131\"><div class=\"t m0 x116 h1f y74a ff4 fs7 fc1 sc0 ls0 ws0\">696.196 </div></td><td class=\"c x5c5 y2aec w1a9 h131\"><div class=\"t m0 x96 h1f y74a ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5c2 y2aec w2b2 h131\"><div class=\"t m0 xab h1f y74a ff4 fs7 fc1 sc0 ls0 ws0\">15.719.504 </div></td></tr><tr><td class=\"c x44e y2aed w438 h131\"><div class=\"t m0 x2f h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">2) Flussi finanz<span class=\"_ _1\"></span>iari </div></td><td></td><td class=\"c x5bf y2aed w1dc h131\"><div class=\"t m0 x15 h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x590 y2aed w111 h131\"><div class=\"t m0 x55 h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">23.730 </div></td><td class=\"c x58a y2aed w130 h131\"><div class=\"t m0 x96 h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5c0 y2aed w183 h131\"><div class=\"t m0 x2e h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">794.767 </div></td><td class=\"c x5c1 y2aed w179 h131\"><div class=\"t m0 x15 h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5c4 y2aed w10e h131\"><div class=\"t m0 x55 h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">35.582 </div></td><td class=\"c x5c5 y2aed w1a9 h131\"><div class=\"t m0 x96 h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5c2 y2aed w2b2 h131\"><div class=\"t m0 x2a h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">924.404 </div></td></tr><tr><td class=\"c x44e y2aee w438 h131\"><div class=\"t m0 x2f h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">3) Investimenti es<span class=\"_ _f\"></span>t<span class=\"_ _2\"></span>eri </div></td><td></td><td class=\"c x5bf y2aee w1dc h131\"><div class=\"t m0 x15 h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x590 y2aee w111 h131\"><div class=\"t m0 x36 h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x58a y2aee w130 h131\"><div class=\"t m0 x96 h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5c0 y2aee w183 h131\"><div class=\"t m0 x8f h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5c1 y2aee w179 h131\"><div class=\"t m0 x15 h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5c4 y2aee w10e h131\"><div class=\"t m0 x36 h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5c5 y2aee w1a9 h131\"><div class=\"t m0 x96 h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5c2 y2aee w2b2 h131\"><div class=\"t m0 x13 h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2aef w438 h131\"><div class=\"t m0 x10 h1f y3e4 ff4 fs7 fc1 sc2 ls0 ws0\">B. Der<span class=\"_ _f\"></span>ivati cr<span class=\"_ _f\"></span>editizi </div></td><td></td><td class=\"c x5bf y2aef w1dc h131\"><div class=\"t m0 x15 h1f y3e4 ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td><td class=\"c x590 y2aef w111 h131\"><div class=\"t m0 x36 h1f y3e4 ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td><td class=\"c x58a y2aef w130 h131\"><div class=\"t m0 x96 h1f y3e4 ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td><td class=\"c x5c0 y2aef w183 h131\"><div class=\"t m0 x8f h1f y3e4 ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td><td class=\"c x5c1 y2aef w179 h131\"><div class=\"t m0 x15 h1f y3e4 ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td><td class=\"c x5c4 y2aef w10e h131\"><div class=\"t m0 x36 h1f y3e4 ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td><td class=\"c x5c5 y2aef w1a9 h131\"><div class=\"t m0 x96 h1f y3e4 ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td><td class=\"c x5c2 y2aef w2b2 h131\"><div class=\"t m0 x13 h1f y3e4 ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2af0 w438 h131\"><div class=\"t m0 x2f h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">1) Fair value </div></td><td></td><td class=\"c x5bf y2af0 w1dc h131\"><div class=\"t m0 x15 h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x590 y2af0 w111 h131\"><div class=\"t m0 x36 h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x58a y2af0 w130 h131\"><div class=\"t m0 x96 h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5c0 y2af0 w183 h131\"><div class=\"t m0 x8f h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5c1 y2af0 w179 h131\"><div class=\"t m0 x15 h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5c4 y2af0 w10e h131\"><div class=\"t m0 x36 h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5c5 y2af0 w1a9 h131\"><div class=\"t m0 x96 h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5c2 y2af0 w2b2 h131\"><div class=\"t m0 x13 h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2af1 w438 h131\"><div class=\"t m0 x2f h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">2) Flussi finanz<span class=\"_ _1\"></span>iari </div></td><td></td><td class=\"c x5bf y2af1 w1dc h131\"><div class=\"t m0 x15 h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x590 y2af1 w111 h131\"><div class=\"t m0 x36 h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x58a y2af1 w130 h131\"><div class=\"t m0 x96 h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5c0 y2af1 w183 h131\"><div class=\"t m0 x8f h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5c1 y2af1 w179 h131\"><div class=\"t m0 x15 h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5c4 y2af1 w10e h131\"><div class=\"t m0 x36 h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5c5 y2af1 w1a9 h131\"><div class=\"t m0 x96 h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5c2 y2af1 w2b2 h131\"><div class=\"t m0 x13 h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td></td><td class=\"c x44e y2af2 w438 h13\"><div class=\"t m0 x171 h1f y392 ff4 fs7 fc1 sc2 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale </div></td><td class=\"c x5bf y2af2 w1dc h13\"><div class=\"t m0 x15 h1f y392 ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td><td class=\"c x590 y2af2 w111 h13\"><div class=\"t m0 x16a h1f y392 ff4 fs7 fc1 sc2 ls0 ws0\">482.2<span class=\"_ _f\"></span>49 </div></td><td class=\"c x58a y2af2 w130 h13\"><div class=\"t m0 x96 h1f y392 ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td><td class=\"c x5c0 y2af2 w183 h13\"><div class=\"t m0 xac h1f y392 ff4 fs7 fc1 sc2 ls0 ws0\">14.411.<span class=\"_ _f\"></span>429 </div></td><td class=\"c x5c1 y2af2 w179 h13\"><div class=\"t m0 x15 h1f y392 ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td><td class=\"c x5c4 y2af2 w10e h13\"><div class=\"t m0 x2e h1f y392 ff4 fs7 fc1 sc2 ls0 ws0\">731.7<span class=\"_ _f\"></span>78 </div></td><td class=\"c x5c5 y2af2 w1a9 h13\"><div class=\"t m0 x96 h1f y392 ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td><td class=\"c x5c2 y2af2 w2b2 h13\"><div class=\"t m0 x10 h1f y392 ff4 fs7 fc1 sc2 ls0 ws0\">16.6<span class=\"_ _1\"></span>43.9<span class=\"_ _f\"></span>08 </div></td></tr></table>Lege<span class=\"_ _f\"></span>nda:<span class=\"_ _df\"> </span>VN= Valore nominale o nozionale<span class=\"_ _df\"> </span>L1= Livello 1<span class=\"_ _df\"> </span>L2= Livello 2<span class=\"_ _df\"> </span>L3= Livello 3<span class=\"_ _df\"> </span>4.2 D<span class=\"_ _1\"></span>eriva<span class=\"_ _1\"></span>ti di<span class=\"_ _1\"></span> cope<span class=\"_ _1\"></span>rtura<span class=\"_ _f\"></span>: compos<span class=\"_ _f\"></span>izione per<span class=\"_ _1\"></span> port<span class=\"_ _f\"></span>afogli co<span class=\"_ _1\"></span>perti<span class=\"_ _1\"></span> e pe<span class=\"_ _f\"></span>r tipolog<span class=\"_ _1\"></span>ie di <span class=\"_ _1\"></span>coper<span class=\"_ _1\"></span>tura<span class=\"fc1 sc0\"> </span><table class=\"s wbc7 h4fc\" id=\"_8f320cca-ae47-4535-b12b-66448a576677\"><tr><td></td><td></td><td></td><td></td><td class=\"c x5c7 y2af3 w43c h49\"><div class=\"t m0 x92 h1f y25c ff4 fs7 fc4 sc3 ls0 ws0\">Fair<span class=\"_ _f\"></span> Value<span class=\"fc1 sc0\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td class=\"c x5c8 y2af3 w56 h49\"><div class=\"t m0 xac h1f y25c ff4 fs7 fc4 sc3 ls0 ws0\">Flus<span class=\"_ _1\"></span>si fin<span class=\"_ _f\"></span>anziari<span class=\"_ _1\"></span><span class=\"fc1 sc0\"> </span></div></td><td></td><td></td><td></td></tr><tr><td class=\"c x36e y2af4 wbc8 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">Oper<span class=\"_ _f\"></span>azioni/T<span class=\"_ _f\"></span>ipo di<span class=\"_ _df\"> </span></div></td><td></td><td></td><td class=\"c x5c7 y2af5 w43d h49\"><div class=\"t m0 x1b1 h1f y25c ff4 fs7 fc4 sc3 ls0 ws0\">Specif<span class=\"_ _f\"></span>ica<span class=\"fc1 sc0\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td class=\"c x5c9 y2af4 wa16 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">Inv<span class=\"_ _1\"></span>estim<span class=\"_ _1\"></span>.<span class=\"_ _df\"> </span></div></td></tr><tr><td class=\"c x5ca y2af6 wbc9 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">cope<span class=\"_ _1\"></span>rtur<span class=\"_ _1\"></span>a<span class=\"_ _df\"> </span></div></td><td class=\"c x5cb y2af7 wa17 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">titoli<span class=\"_ _1\"></span> di<span class=\"_ _df\"> </span></div></td><td class=\"c x5cc y2af7 wa18 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">titol<span class=\"_ _1\"></span>i di<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td class=\"c x5cd y2af6 wa19 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">este<span class=\"_ _1\"></span>ri<span class=\"_ _df\"> </span></div></td></tr><tr><td></td><td class=\"c x5ce y2af8 wa1a h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">debi<span class=\"_ _1\"></span>to e<span class=\"_ _df\"> </span></div></td><td class=\"c x5cf y2af8 wa1b h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">capit<span class=\"_ _f\"></span>ale<span class=\"_ _df\"> </span></div></td><td class=\"c x5d0 y2af8 wa1c h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">val<span class=\"_ _1\"></span>ute<span class=\"_ _df\"> </span></div></td><td class=\"c x5d1 y2af9 w1db h28c\"><div class=\"t m0 xab h1f ye47 ff4 fs7 fc4 sc3 ls0 ws0\">credit<span class=\"_ _f\"></span>o<span class=\"fc1 sc0\"> </span></div></td><td class=\"c x5d2 y2af9 w16d h28c\"><div class=\"t m0 xac h1f ye47 ff4 fs7 fc4 sc3 ls0 ws0\">mer<span class=\"_ _1\"></span>ci<span class=\"fc1 sc0\"> </span></div></td><td class=\"c x5d3 y2af9 w1d7 h28c\"><div class=\"t m0 x8e h1f ye47 ff4 fs7 fc4 sc3 ls0 ws0\">altri<span class=\"_ _f\"></span><span class=\"fc1 sc0\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td></td><td class=\"c x5d4 y2afa wa1d h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">tass<span class=\"_ _1\"></span>i di<span class=\"_ _df\"> </span></div></td><td class=\"c x5cc y2afa wa1e h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">e indi<span class=\"_ _1\"></span>ci<span class=\"_ _df\"> </span></div></td><td class=\"c x5d5 y2afa wa1f h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">e oro<span class=\"_ _df\"> </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></td><td class=\"c x5d6 y2afb wa21 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">inter<span class=\"_ _1\"></span>esse<span class=\"_ _df\"> </span></div></td><td class=\"c x5cf y2afb wa22 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">azio<span class=\"_ _1\"></span>nari<span class=\"_ _df\"> </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=\"c x262 y265f wbca h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc1 sc0 ls0 ws0\">1. Attivit\u00e0 finanz<span class=\"_ _1\"></span>iarie<span class=\"_ _df\"> </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></tr><tr><td class=\"c x262 y2afc wbcb h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc1 sc0 ls0 ws0\">valutate al fair va<span class=\"_ _1\"></span>lue<span class=\"_ _df\"> </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></tr><tr><td class=\"c x262 y2afd wbcc h4d6\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">con impatto sul<span class=\"_ _1\"></span>la<span class=\"_ _df\"> </span></div></td><td class=\"c x5c7 y2afe w35b h28d\"><div class=\"t m0 x55 h1f y474 ff4 fs7 fc1 sc0 ls0 ws0\">15.653 </div></td><td class=\"c x5d7 y2afe w182 h28d\"><div class=\"t m0 x38 h1f y474 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5d8 y2afe w317 h28d\"><div class=\"t m0 x34 h1f y474 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5d1 y2afe w1d4 h28d\"><div class=\"t m0 x97 h1f y474 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5d2 y2afe w161 h28d\"><div class=\"t m0 x55 h1f y474 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x5d3 y2afe w39b h28d\"><div class=\"t m0 x2e h1f y474 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td></td><td class=\"c x5d9 y2afe w1a3 h28d\"><div class=\"t m0 x130 h1f y474 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x5c8 y2afe w19e h28d\"><div class=\"t m0 x32 h1f y474 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5da y2afe w1e3 h28d\"><div class=\"t m0 x130 h1f y474 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td></td><td></td><td class=\"c x50e y2afe w43a h28d\"><div class=\"t m0 x14 h1f y474 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td></tr><tr><td class=\"c x262 y2aff wbcd h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">redditivit\u00e0<span class=\"_ _df\"> </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></tr><tr><td class=\"c x262 y2b00 w902 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">complessiva<span class=\"_ _df\"> </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></tr><tr><td class=\"c x262 y2b01 wbce h4b7\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">2. Attivit\u00e0 finanz<span class=\"_ _1\"></span>iarie<span class=\"_ _df\"> </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></tr><tr><td class=\"c x262 y2b02 wbcf h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">valutate al c<span class=\"_ _1\"></span>osto<span class=\"_ _df\"> </span></div></td><td class=\"c x5c7 y2b03 w35b h89\"><div class=\"t m0 x8e h1f y41f ff4 fs7 fc1 sc0 ls0 ws0\">228.805 </div></td><td class=\"c x5d7 y2b03 w182 h89\"><div class=\"t m0 x39 h1f y41f ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x5d8 y2b03 w317 h89\"><div class=\"t m0 x34 h1f y41f ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5d1 y2b03 w1d4 h89\"><div class=\"t m0 x97 h1f y41f ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5d2 y2b03 w161 h89\"><div class=\"t m0 x55 h1f y41f ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x5d3 y2b03 w39b h89\"><div class=\"t m0 x2e h1f y41f ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td></td><td class=\"c x5d9 y2b03 w1a3 h89\"><div class=\"t m0 x130 h1f y41f ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x5c8 y2b03 w19e h89\"><div class=\"t m0 x32 h1f y41f ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5da y2b03 w1e3 h89\"><div class=\"t m0 x130 h1f y41f ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td></td><td></td><td class=\"c x50e y2b03 w43a h89\"><div class=\"t m0 x14 h1f y41f ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td></tr><tr><td class=\"c x262 y2b04 w988 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">ammortizzato<span class=\"_ _df\"> </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></tr><tr><td class=\"c x46b y2b05 w439 h4d\"><div class=\"t m0 x8a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">3. Portafoglio  </div></td><td class=\"c x5c7 y2b05 w35b h4d\"><div class=\"t m0 x14 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x5d7 y2b05 w182 h4d\"><div class=\"t m0 x39 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x5d8 y2b05 w317 h4d\"><div class=\"t m0 x55 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x5d1 y2b05 w1d4 h4d\"><div class=\"t m0 x130 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x5d2 y2b05 w161 h4d\"><div class=\"t m0 x55 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x5d3 y2b05 w39b h4d\"><div class=\"t m0 x2e h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td></td><td class=\"c x5d9 y2b05 w1a3 h4d\"><div class=\"t m0 x8e h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">24.337 </div></td><td></td><td></td><td class=\"c x5c8 y2b05 w19e h4d\"><div class=\"t m0 x2a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x5da y2b05 w1e3 h4d\"><div class=\"t m0 x8e h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">23.730 </div></td><td class=\"c x50e y2b05 w43a h4d\"><div class=\"t m0 x14 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td></tr><tr><td class=\"c x46b y2b06 w439 h4d\"><div class=\"t m0 x8a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">4. Altre operazi<span class=\"_ _1\"></span>oni  </div></td><td class=\"c x5c7 y2b06 w35b h4d\"><div class=\"t m0 x15 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5d7 y2b06 w182 h4d\"><div class=\"t m0 x38 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5d8 y2b06 w317 h4d\"><div class=\"t m0 x34 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5d1 y2b06 w1d4 h4d\"><div class=\"t m0 x97 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5d2 y2b06 w161 h4d\"><div class=\"t m0 x26 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x5d3 y2b06 w39b h4d\"><div class=\"t m0 x2c h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5d9 y2b06 w1a3 h4d\"><div class=\"t m0 x130 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x5c8 y2b06 w19e h4d\"><div class=\"t m0 x32 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5da y2b06 w1e3 h4d\"><div class=\"t m0 x130 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td></td><td></td><td class=\"c x50e y2b06 w43a h4d\"><div class=\"t m0 x30 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y2b07 w439 h28e\"><div class=\"t m0 x38 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale at<span class=\"_ _1\"></span>tivit<span class=\"_ _1\"></span>\u00e0 <span class=\"sc0\"> </span></div></td><td class=\"c x5c7 y2b07 w35b h28e\"><div class=\"t m0 x8e h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">244.4<span class=\"_ _f\"></span>58<span class=\"sc0\"> </span></div></td><td class=\"c x5d7 y2b07 w182 h28e\"><div class=\"t m0 x38 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x5d8 y2b07 w317 h28e\"><div class=\"t m0 x34 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x5d1 y2b07 w1d4 h28e\"><div class=\"t m0 x97 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x5d2 y2b07 w161 h28e\"><div class=\"t m0 x26 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td></td><td class=\"c x5d3 y2b07 w39b h28e\"><div class=\"t m0 x2c h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x5d9 y2b07 w1a3 h28e\"><div class=\"t m0 x8e h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">24.337<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x5c8 y2b07 w19e h28e\"><div class=\"t m0 x32 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td></td><td></td><td class=\"c x5da y2b07 w1e3 h28e\"><div class=\"t m0 x8e h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">23.73<span class=\"_ _f\"></span>0<span class=\"sc0\"> </span></div></td><td class=\"c x50e y2b07 w43a h28e\"><div class=\"t m0 x30 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x262 y2b08 wbd0 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">1. Passivit\u00e0<span class=\"_ _df\"> </span></div></td><td class=\"c x5c7 y2b09 w35b had\"><div class=\"t m0 x55 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">94.751 </div></td><td class=\"c x5d7 y2b09 w182 had\"><div class=\"t m0 x39 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x5d8 y2b09 w317 had\"><div class=\"t m0 x34 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5d1 y2b09 w1d4 had\"><div class=\"t m0 x97 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5d2 y2b09 w161 had\"><div class=\"t m0 x26 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x5d3 y2b09 w39b had\"><div class=\"t m0 x2c h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5d9 y2b09 w1a3 had\"><div class=\"t m0 x130 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x5c8 y2b09 w19e had\"><div class=\"t m0 x32 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5da y2b09 w1e3 had\"><div class=\"t m0 x130 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td></td><td></td><td class=\"c x50e y2b09 w43a had\"><div class=\"t m0 x14 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td></tr><tr><td class=\"c x262 y2b0a wa02 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">finanziarie<span class=\"_ _df\"> </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></tr><tr><td class=\"c x46b y2b0b w439 h4d\"><div class=\"t m0 x8a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">2. Portafoglio <span class=\"_ _1\"></span> </div></td><td class=\"c x5c7 y2b0b w35b h4d\"><div class=\"t m0 x14 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x5d7 y2b0b w182 h4d\"><div class=\"t m0 x39 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x5d8 y2b0b w317 h4d\"><div class=\"t m0 x55 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x5d1 y2b0b w1d4 h4d\"><div class=\"t m0 x130 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x5d2 y2b0b w161 h4d\"><div class=\"t m0 x55 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x5d3 y2b0b w39b h4d\"><div class=\"t m0 x2e h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td></td><td class=\"c x5d9 y2b0b w1a3 h4d\"><div class=\"t m0 x8e h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">94.973 </div></td><td></td><td></td><td class=\"c x5c8 y2b0b w19e h4d\"><div class=\"t m0 x2a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x5da y2b0b w1e3 h4d\"><div class=\"t m0 x37 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x50e y2b0b w43a h4d\"><div class=\"t m0 x14 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td></tr><tr><td class=\"c x46b y2b0c w439 h4d\"><div class=\"t m0 x2c h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale pa<span class=\"_ _f\"></span>ssivit\u00e0<span class=\"_ _1\"></span> <span class=\"sc0\"> </span></div></td><td class=\"c x5c7 y2b0c w35b h4d\"><div class=\"t m0 x55 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">94.7<span class=\"_ _1\"></span>51<span class=\"sc0\"> </span></div></td><td class=\"c x5d7 y2b0c w182 h4d\"><div class=\"t m0 x38 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x5d8 y2b0c w317 h4d\"><div class=\"t m0 x34 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x5d1 y2b0c w1d4 h4d\"><div class=\"t m0 x97 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x5d2 y2b0c w161 h4d\"><div class=\"t m0 x26 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td></td><td class=\"c x5d3 y2b0c w39b h4d\"><div class=\"t m0 x2c h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x5d9 y2b0c w1a3 h4d\"><div class=\"t m0 x8e h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">94.9<span class=\"_ _1\"></span>73<span class=\"sc0\"> </span></div></td><td class=\"c x5c8 y2b0c w19e h4d\"><div class=\"t m0 x32 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td></td><td></td><td class=\"c x5da y2b0c w1e3 h4d\"><div class=\"t m0 x37 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x50e y2b0c w43a h4d\"><div class=\"t m0 x30 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x46b y2b0d w439 h4e\"><div class=\"t m0 x8a h1f y71 ff4 fs7 fc1 sc0 ls0 ws0\">1. Transazioni atte<span class=\"_ _f\"></span>se  </div></td><td class=\"c x5c7 y2b0d w35b h4e\"><div class=\"t m0 x14 h1f y71 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x5d7 y2b0d w182 h4e\"><div class=\"t m0 x39 h1f y71 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x5d8 y2b0d w317 h4e\"><div class=\"t m0 x55 h1f y71 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x5d1 y2b0d w1d4 h4e\"><div class=\"t m0 x130 h1f y71 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x5d2 y2b0d w161 h4e\"><div class=\"t m0 x55 h1f y71 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x5d3 y2b0d w39b h4e\"><div class=\"t m0 x2e h1f y71 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td></td><td class=\"c x5d9 y2b0d w1a3 h4e\"><div class=\"t m0 x130 h1f y71 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x5c8 y2b0d w19e h4e\"><div class=\"t m0 x32 h1f y71 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5da y2b0d w1e3 h4e\"><div class=\"t m0 x130 h1f y71 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td></td><td></td><td class=\"c x50e y2b0d w43a h4e\"><div class=\"t m0 x14 h1f y71 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td></tr><tr><td class=\"c x262 y2b0e wbd1 h4b7\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">2. Portafoglio di<span class=\"_ _df\"> </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></tr><tr><td class=\"c x262 y2701 wbd2 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">attivit\u00e0 e pass<span class=\"_ _1\"></span>ivit\u00e0<span class=\"_ _df\"> </span></div></td><td class=\"c x5c7 y2b0f w35b h89\"><div class=\"t m0 x14 h1f y41f ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x5d7 y2b0f w182 h89\"><div class=\"t m0 x39 h1f y41f ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x5d8 y2b0f w317 h89\"><div class=\"t m0 x55 h1f y41f ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x5d1 y2b0f w1d4 h89\"><div class=\"t m0 x130 h1f y41f ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x5d2 y2b0f w161 h89\"><div class=\"t m0 x55 h1f y41f ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x5d3 y2b0f w39b h89\"><div class=\"t m0 x2e h1f y41f ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td></td><td class=\"c x5d9 y2b0f w1a3 h89\"><div class=\"t m0 x39 h1f y41f ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x5da y2b0f w1e3 h89\"><div class=\"t m0 x39 h1f y41f ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5c8 y2b0f w19e h89\"><div class=\"t m0 x2a h1f y41f ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td></td><td class=\"c x50e y2b0f w43a h89\"><div class=\"t m0 x48 h1f y41f ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x262 y2491 wa02 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">finanziarie<span class=\"_ _df\"> </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></tr></table>Generica<span class=\"fc1 sc0\"> </span>Specifica<span class=\"fc1 sc0\"> </span>Generica<span class=\"fc1 sc0\"> </span>Si <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _d\"></span>adottata <span class=\"_ _d\"></span>la <span class=\"_ _2\"></span>meto<span class=\"_ _2\"></span>dologia <span class=\"_ _2\"></span>contabile <span class=\"_ _2\"></span>del <span class=\"_ _d\"></span>Macro <span class=\"_ _d\"></span>Fair <span class=\"_ _2\"></span>Value <span class=\"_ _d\"></span>Hedge <span class=\"_ _2\"></span>per <span class=\"_ _d\"></span>la <span class=\"_ _d\"></span>copertura <span class=\"_ _2\"></span>del <span class=\"_ _d\"></span>rischio <span class=\"_ _2\"></span>di tasso della raccolta a vista della clie<span class=\"_ _1\"></span>ntela.<span class=\"_ _2\"></span> La <span class=\"_ _0\"></span>r<span class=\"_ _2\"></span>accolta <span class=\"_ _0\"></span>a <span class=\"_ _9\"> </span>vista <span class=\"_ _0\"></span>dalla <span class=\"_ _9\"> </span>clientela <span class=\"_ _0\"></span>r<span class=\"_ _2\"></span>appresenta <span class=\"_ _0\"></span>un\u2019importante <span class=\"_ _9\"> </span>fonte <span class=\"_ _0\"></span>di <span class=\"_ _9\"> </span>funding <span class=\"_ _0\"></span>della <span class=\"_ _0\"></span>ban<span class=\"_ _2\"></span>ca. <span class=\"_ _0\"></span>Una quota <span class=\"_ _14\"> </span>parte <span class=\"_ _14\"> </span>di <span class=\"_ _17\"> </span>questa <span class=\"_ _14\"> </span>r<span class=\"_ _2\"></span>accolta,<span class=\"_ _1\"></span> <span class=\"_ _14\"> </span>seppur <span class=\"_ _17\"> </span>cont<span class=\"_ _2\"></span>rattualmente <span class=\"_ _14\"> </span>a <span class=\"_ _14\"> </span>vista, <span class=\"_ _14\"> </span>presenta <span class=\"_ _14\"> </span>per\u00f2 <span class=\"_ _14\"> </span>una <span class=\"_ _17\"> </span>forte persistenza <span class=\"_ _e\"> </span>nel <span class=\"_ _e\"> </span>t<span class=\"_ _2\"></span>empo <span class=\"_ _e\"> </span>ed <span class=\"_ _e\"> </span>una <span class=\"_ _10\"> </span>elasticit\u00e0 <span class=\"_ _e\"> </span>imperfetta <span class=\"_ _e\"> </span>alla <span class=\"_ _10\"> </span>variazione <span class=\"_ _e\"> </span>dei <span class=\"_ _e\"> </span>tass<span class=\"_ _2\"></span>i <span class=\"_ _e\"> </span>di <span class=\"_ _e\"> </span>mercato<span class=\"_ _2\"></span>,<span class=\"_ _f\"></span> rappresentata dal cosiddetto \u201ceffetto vischiosit\u00e0\u201d.<span class=\"ff4\"> </span>Questo effetto \u00e8 stato stimato mediante<span class=\"_ _1\"></span> un modello di analisi che cons<span class=\"_ _2\"></span>iste in due componenti: <span class=\"ff10\"> <span class=\"_ _2b\"> </span><span class=\"ff4\">la <span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>tima <span class=\"_ _2\"></span>della <span class=\"_ _2\"></span>relazione <span class=\"_ _2\"></span>dei <span class=\"_ _2\"></span>tassi <span class=\"_ _2\"></span>delle <span class=\"_ _2\"></span>poste <span class=\"_ _d\"></span>a <span class=\"_ _2\"></span>vista <span class=\"_ _2\"></span>con <span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>assi<span class=\"_ _1\"></span> <span class=\"_ _2\"></span>di <span class=\"_ _d\"></span>mercato <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>base <span class=\"_ _2\"></span>ad <span class=\"_ _d\"></span>un </span></span>modello econometrico; <span class=\"ff10\"> <span class=\"_ _2b\"> </span><span class=\"ff5\">la stima della persistenza dei volumi, attraverso la quale l\u2019ammontare delle poste a vista </span></span>viene tradotto in un portafoglio di poste a tasso fisso a scadenza. I derivati di copertura di questa tipolog<span class=\"_ _1\"></span>ia presentano un fair value negativo di 94.973 mila euro.<span class=\"_ _2\"></span> Sono <span class=\"_ _d\"></span>presenti <span class=\"_ _0\"></span>coperture <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>micro <span class=\"_ _0\"></span>fair <span class=\"_ _d\"></span>value <span class=\"_ _d\"></span>hedge <span class=\"_ _d\"></span>su <span class=\"_ _d\"></span>t<span class=\"_ _2\"></span>itoli <span class=\"_ _d\"></span>a <span class=\"_ _d\"></span>tasso <span class=\"_ _0\"></span>fisso <span class=\"_ _d\"></span>detenuti <span class=\"_ _d\"></span>nel <span class=\"_ _d\"></span>portafoglio HTCS. I derivati di questa tipologia presentano un fair value negativ<span class=\"_ _1\"></span>o di 15.653 mila euro.<span class=\"_ _2\"></span> Sono <span class=\"_ _d\"></span>presenti <span class=\"_ _0\"></span>coperture <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>micro <span class=\"_ _0\"></span>fair <span class=\"_ _d\"></span>value <span class=\"_ _d\"></span>hedge <span class=\"_ _d\"></span>su <span class=\"_ _d\"></span>t<span class=\"_ _2\"></span>itoli <span class=\"_ _d\"></span>a <span class=\"_ _d\"></span>tasso <span class=\"_ _0\"></span>fisso <span class=\"_ _d\"></span>detenuti <span class=\"_ _d\"></span>nel <span class=\"_ _d\"></span>portafoglio HTC. I derivati di questa tipologia presentano un fair value<span class=\"_ _1\"></span> negativo di 228.805<span class=\"_ _2\"></span> mila euro. Si <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _2\"></span>adottata <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>metodologi<span class=\"_ _1\"></span>a <span class=\"_ _2\"></span>contabile della <span class=\"_ _2\"></span>macro<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>fair value <span class=\"_ _2\"></span>hedge <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>copertura <span class=\"_ _2\"></span>del r<span class=\"_ _2\"></span>ischi<span class=\"_ _1\"></span>o <span class=\"_ _2\"></span>di tasso <span class=\"_ _d\"></span>associato <span class=\"_ _d\"></span>all\u2019erogazione <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>mutui <span class=\"_ _d\"></span>a <span class=\"_ _d\"></span>tasso <span class=\"_ _d\"></span>fisso<span class=\"_ _2\"></span><span class=\"ff4\">. <span class=\"_ _d\"></span></span>L\u2019applicazione<span class=\"_ _1\"></span> <span class=\"_ _d\"></span>della <span class=\"_ _d\"></span>metodologia <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>hedge accounting <span class=\"_ _4\"> </span>consente <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>rappresentare <span class=\"_ _4\"> </span>contabilm<span class=\"_ _2\"></span>ente <span class=\"_ _4\"> </span>gli <span class=\"_ _4\"> </span>effetti <span class=\"_ _4\"> </span>economici <span class=\"_ _4\"> </span>delle <span class=\"_ _4\"> </span>strategie <span class=\"_ _4\"> </span>di copertura <span class=\"_ _2\"></span>attuate. I <span class=\"_ _2\"></span>derivati di <span class=\"_ _2\"></span>copertura relativi a <span class=\"_ _2\"></span>tale <span class=\"_ _2\"></span>strategia presentano <span class=\"_ _2\"></span>un fair <span class=\"_ _2\"></span>value negativo di 24.<span class=\"ls6e\">337</span> mila euro. Sono <span class=\"_ _2\"></span>presenti <span class=\"_ _2\"></span>copert<span class=\"_ _2\"></span>ure <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>micro <span class=\"_ _d\"></span>fair <span class=\"_ _2\"></span>value <span class=\"_ _2\"></span>hedge <span class=\"_ _2\"></span>su <span class=\"_ _d\"></span>titoli <span class=\"_ _2\"></span>emessi <span class=\"_ _d\"></span>a <span class=\"_ _2\"></span>tasso <span class=\"_ _2\"></span>fiss<span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>cont<span class=\"_ _2\"></span>abilizzati <span class=\"_ _2\"></span>nei \u201ctitoli in circolazione\u201d.<span class=\"ff4\"> </span> I derivati di questa tipologia presentano un fair value<span class=\"_ _1\"></span> negativo di 94.751 mila euro.<span class=\"_ _df\"> </span>Sono <span class=\"_ _9\"> </span>presenti <span class=\"_ _9\"> </span>coperture <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>macr<span class=\"_ _2\"></span>o <span class=\"_ _9\"> </span>cash <span class=\"_ _9\"> </span>flow <span class=\"_ _9\"> </span>hedge <span class=\"_ _9\"> </span>su <span class=\"_ _9\"> </span>erogazione <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>mutui <span class=\"_ _9\"> </span>a <span class=\"_ _16\"> </span>tasso <span class=\"_ _9\"> </span>variabile. <span class=\"_ _9\"> </span>I derivati di copertura di questa tipologia presentano un fair value negativo di<span class=\"_ _1\"></span> 23.730 mila euro.<span class=\"_ _2\"></span> Si <span class=\"_ _0\"></span>rimanda <span class=\"_ _d\"></span>alla <span class=\"_ _0\"></span>Sezione <span class=\"_ _0\"></span>della <span class=\"_ _0\"></span>Parte <span class=\"_ _0\"></span>E <span class=\"_ _0\"></span>delle <span class=\"_ _d\"></span>note <span class=\"_ _0\"></span>illustrative <span class=\"_ _0\"></span>per <span class=\"_ _0\"></span>la <span class=\"_ _0\"></span>descrizione <span class=\"_ _d\"></span>delle <span class=\"_ _0\"></span>modalit\u00e0 <span class=\"_ _0\"></span>della copertura.<span class=\"_ _df\"> </span> Ses<span class=\"_ _f\"></span>sione <span class=\"_ _f\"></span>5 <span class=\"ff5\">\u2013</span> Ad<span class=\"_ _f\"></span>eguam<span class=\"_ _f\"></span>ent<span class=\"_ _1\"></span>o di <span class=\"_ _1\"></span>valo<span class=\"_ _1\"></span>re <span class=\"_ _1\"></span>dell<span class=\"_ _f\"></span>e pas<span class=\"_ _1\"></span>sivit<span class=\"_ _f\"></span>\u00e0 fina<span class=\"_ _1\"></span>nzia<span class=\"_ _f\"></span>rie ogg<span class=\"_ _f\"></span>etto <span class=\"_ _1\"></span>di co<span class=\"_ _f\"></span>pert<span class=\"_ _f\"></span>ura ge<span class=\"_ _f\"></span>nerica<span class=\"_ _1\"></span> <span class=\"ff5\">\u2013</span> V<span class=\"_ _1\"></span>oc<span class=\"_ _f\"></span>e 50<span class=\"ls0\"> </span>5.1 Ade<span class=\"_ _f\"></span>guame<span class=\"_ _f\"></span>nto di v<span class=\"_ _1\"></span>alor<span class=\"_ _1\"></span>e delle <span class=\"_ _f\"></span>passiv<span class=\"_ _1\"></span>it\u00e0 fina<span class=\"_ _f\"></span>nziarie co<span class=\"_ _f\"></span>perte <table class=\"s wbd3 h4fd\" id=\"_389085aa-ee9d-454f-8a65-1af36f601716\"><tr><td class=\"c x44e y2b10 w441 h28f\"><div class=\"t m0 xab h1f yc62 ff4 fs7 fc4 sc3 ls0 ws0\">Adeg<span class=\"_ _f\"></span>uament<span class=\"_ _f\"></span>o di val<span class=\"_ _1\"></span>ore <span class=\"_ _f\"></span>delle pas<span class=\"_ _f\"></span>sivit\u00e0<span class=\"_ _1\"></span> coper<span class=\"_ _f\"></span>te/ Com<span class=\"_ _f\"></span>ponent<span class=\"_ _f\"></span>i del gr<span class=\"_ _1\"></span>upp<span class=\"_ _f\"></span>o </div></td><td class=\"c x535 y2b11 we4 h57\"><div class=\"t m0 x13 h1f y32 ff4 fs7 fc4 sc3 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale </div></td><td></td><td class=\"c x5db y2b11 w442 h57\"><div class=\"t m0 x13 h1f y32 ff4 fs7 fc4 sc3 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale </div></td><td></td></tr><tr><td></td><td class=\"c x535 y2b10 we4 h57\"><div class=\"t m0 x38 h1f y35c ff4 fs7 fc4 sc3 ls0 ws0\">31/12/<span class=\"_ _f\"></span>2025 </div></td><td class=\"c x5dc y2b12 w993 h4fe\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/</div></td><td class=\"c x5dd y2b12 w994 h4fe\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc4 sc3 ls0 ws0\">2024<span class=\"_ _df\"> </span></div></td><td></td></tr><tr><td class=\"c x44e y2b13 w443 h290\"><div class=\"t m0 x10 h1f y5b ff4 fs7 fc1 sc0 ls0 ws0\">1. Adeguamento p<span class=\"_ _1\"></span>ositivo delle pa<span class=\"_ _1\"></span>ssivit\u00e0 finanziarie </div></td><td></td><td class=\"c x535 y2b13 w444 h290\"><div class=\"t m0 x1e6 h1f y5b ff4 fs7 fc1 sc0 ls0 ws0\">37.426 </div></td><td></td><td class=\"c x5db y2b13 w445 h290\"><div class=\"t m0 x12a h1f y5b ff4 fs7 fc1 sc0 ls0 ws0\">84.776 </div></td></tr><tr><td class=\"c x44e y2b14 w443 h19a\"><div class=\"t m0 x10 h1f y5b ff4 fs7 fc1 sc0 ls0 ws0\">2. Adeguamento <span class=\"_ _1\"></span>negativo delle pas<span class=\"_ _1\"></span>sivit\u00e0 finanzi<span class=\"_ _1\"></span>arie </div></td><td></td><td class=\"c x535 y2b14 w444 h19a\"><div class=\"t m0 xeb h1f y5b ff4 fs7 fc1 sc0 ls0 ws0\">(112.054) </div></td><td></td><td class=\"c x5db y2b14 w445 h19a\"><div class=\"t m0 xe7 h1f y5b ff4 fs7 fc1 sc0 ls0 ws0\">(92.862) </div></td></tr><tr><td class=\"c x44e y2b15 w443 h19a\"><div class=\"t m0 x1d5 h1f y5b ff4 fs7 fc1 sc2 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale </div></td><td></td><td class=\"c x535 y2b15 w444 h19a\"><div class=\"t m0 xe6 h1f y5b ff4 fs7 fc1 sc2 ls0 ws0\">(74.6<span class=\"_ _1\"></span>28) </div></td><td></td><td class=\"c x5db y2b15 w445 h19a\"><div class=\"t m0 x1e6 h1f y5b ff4 fs7 fc1 sc2 ls0 ws0\">(8.086<span class=\"_ _f\"></span>) </div></td></tr></table>Si <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _2\"></span>adottata <span class=\"_ _2\"></span>la <span class=\"_ _d\"></span>metodologi<span class=\"_ _1\"></span>a <span class=\"_ _2\"></span>contabile <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>Macro <span class=\"_ _2\"></span>Fair <span class=\"_ _2\"></span>Value <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>copertura <span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>ischio di <span class=\"_ _2\"></span>tasso <span class=\"_ _d\"></span>della raccolta a vista di clientela. La <span class=\"_ _f\"></span>raccolta <span class=\"_ _1\"></span>a <span class=\"_ _f\"></span>vista <span class=\"_ _f\"></span>dalla <span class=\"_ _f\"></span>clientela <span class=\"_ _f\"></span>rappresenta <span class=\"_ _1\"></span>un\u2019importante <span class=\"_ _f\"></span>fonte <span class=\"_ _f\"></span>di <span class=\"_ _f\"></span>funding <span class=\"_ _f\"></span>del <span class=\"_ _f\"></span>G<span class=\"_ _2\"></span>ruppo. <span class=\"_ _11\"></span>Una <span class=\"_ _1\"></span>quota parte di q<span class=\"_ _1\"></span>uesta raccolta,<span class=\"_ _f\"></span> pari a ci<span class=\"_ _1\"></span>rca 9,9 miliardi<span class=\"_ _1\"></span> di e<span class=\"_ _1\"></span>uro, sep<span class=\"_ _1\"></span>pur contrattualmente a<span class=\"_ _f\"></span> vista, presenta per\u00f2  una <span class=\"_ _9\"> </span>for<span class=\"_ _2\"></span>te  p<span class=\"_ _1\"></span>ersistenza  nel<span class=\"_ _1\"></span>  tempo <span class=\"_ _16\"> </span>ed <span class=\"_ _16\"> </span>una <span class=\"_ _16\"> </span>elasticit\u00e0  imperfetta  alla  v<span class=\"_ _1\"></span>ariazione  d<span class=\"_ _1\"></span>ei  tassi <span class=\"_ _16\"> </span>di mercato, rappresentata dal cos\u00ec detto \u201ceffetto vischiosit\u00e0\u201d.<span class=\"ff4\"> </span>Questo effetto \u00e8 stato stimato mediante<span class=\"_ _1\"></span> un modello di analisi che consiste in due componenti:<span class=\"_ _2\"></span> <span class=\"_ _27\"> </span><span class=\"ff4\">la stima de<span class=\"_ _1\"></span>lla relazione<span class=\"_ _1\"></span> dei tassi <span class=\"_ _f\"></span>delle poste a vista con i<span class=\"_ _f\"></span> tassi di <span class=\"_ _1\"></span>mercato in b<span class=\"_ _f\"></span>as<span class=\"_ _2\"></span>e ad <span class=\"_ _f\"></span>un modello<span class=\"_ _df\"> </span></span>econometrico;<span class=\"_ _df\"> </span><span class=\"_ _27\"> </span><span class=\"ff5\">la stima della persistenza dei volumi, attraverso la quale l\u2019ammontare del<span class=\"_ _1\"></span>le poste a vista viene<span class=\"_ _df\"> </span></span>tradotto in un portafoglio di poste a tasso fisso a scadenza.<span class=\"_ _df\"> </span>Sezi<span class=\"_ _f\"></span>one 6 <span class=\"_ _f\"></span><span class=\"ff14\"><span class=\"ff4\"> Passi<span class=\"_ _f\"></span>vit\u00e0 f<span class=\"_ _1\"></span>isca<span class=\"_ _f\"></span>li <span class=\"ff14\"></span> Voc<span class=\"_ _f\"></span>e 60  </span></span>1.3 Gli s<span class=\"_ _1\"></span>trume<span class=\"_ _1\"></span>nti deri<span class=\"_ _f\"></span>vati e le p<span class=\"_ _f\"></span>olitiche di co<span class=\"_ _f\"></span>pertura<span class=\"_ _df\"> </span>L\u2019operativit\u00e0 <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>strumenti <span class=\"_ _d\"></span>finanziari <span class=\"_ _2\"></span>derivati <span class=\"_ _d\"></span>\u00e8 <span class=\"_ _d\"></span>gestita <span class=\"_ _d\"></span>dal <span class=\"_ _d\"></span>Gruppo <span class=\"_ _d\"></span>tramite <span class=\"_ _d\"></span>un <span class=\"_ _d\"></span>apposito <span class=\"_ _d\"></span>applicativ<span class=\"_ _1\"></span>o<span class=\"_ _df\"> </span>dedicato atto alle valorizzazioni giornaliere aMark to model. Il documento di riferimento \u201cAllegato<span class=\"_ _df\"> </span>tecnico alla Fa<span class=\"ff5\">ir <span class=\"_ _2\"></span>value Policy di Gruppo: Manuale modelli <span class=\"_ _2\"></span>di pricing\u201d disciplina i principali <span class=\"_ _2\"></span>modelli<span class=\"_ _1\"></span> <span class=\"_ _2\"></span>di<span class=\"_ _df\"> </span></span>pricing  comunemente <span class=\"_ _4\"> </span>utilizzati <span class=\"_ _22\"> </span>dal <span class=\"_ _4\"> </span>Gruppo  per <span class=\"_ _4\"> </span>i  propri <span class=\"_ _4\"> </span>derivati  valutati <span class=\"_ _4\"> </span>al  Mark <span class=\"_ _22\"> </span>to <span class=\"_ _4\"> </span>Model.  In<span class=\"_ _df\"> </span>particolare una s<span class=\"_ _2\"></span>ezione dedicata descrive nel dettaglio t<span class=\"_ _2\"></span>ali modelli. L\u2019<span class=\"_ _2\"></span><span class=\"ff4\">insieme dei mo<span class=\"_ _2\"></span>delli descritti<span class=\"_ _df\"> </span></span>individua le <span class=\"_ _2\"></span>metodologie <span class=\"_ _2\"></span>ad oggi<span class=\"_ _2\"></span> utilizzate <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>validate per <span class=\"_ _2\"></span>le <span class=\"_ _2\"></span>valutazioni degli <span class=\"_ _2\"></span>strumenti <span class=\"_ _2\"></span>detenuti <span class=\"_ _2\"></span>in<span class=\"_ _df\"> </span>propriet\u00e0.<span class=\"_ _df\"> </span>Classificazione strumenti derivati e parametri di mercato<span class=\"_ _df\"> </span>Il <span class=\"_ _f\"></span>Gruppo Cre<span class=\"_ _1\"></span>dem <span class=\"_ _f\"></span>si \u00e8<span class=\"_ _f\"></span> dotato <span class=\"_ _f\"></span>di <span class=\"_ _1\"></span>una <span class=\"_ _f\"></span>Fair <span class=\"_ _f\"></span>Value <span class=\"_ _1\"></span>Policy e <span class=\"_ _f\"></span>relativi <span class=\"_ _f\"></span>allegati <span class=\"_ _f\"></span>t<span class=\"_ _2\"></span>ecnici<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>che <span class=\"_ _f\"></span>disciplinano <span class=\"_ _f\"></span>anche<span class=\"_ _df\"> </span>le <span class=\"_ _0\"></span>regole <span class=\"_ _0\"></span>contabili <span class=\"_ _0\"></span>per <span class=\"_ _0\"></span>la <span class=\"_ _9\"> </span>valorizzazione<span class=\"_ _f\"></span> <span class=\"_ _9\"> </span>degli <span class=\"_ _0\"></span>str<span class=\"_ _2\"></span>umenti<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>a <span class=\"_ _0\"></span>mark <span class=\"_ _0\"></span>to <span class=\"_ _0\"></span>model, <span class=\"_ _0\"></span>i <span class=\"_ _9\"> </span>relativi <span class=\"_ _0\"></span>parametri <span class=\"_ _d\"></span>e <span class=\"_ _9\"> </span>i<span class=\"_ _df\"> </span>processi inerenti la valorizzazione degli strumenti.<span class=\"_ _df\"> </span>In particolare il manuale si articola nelle segu<span class=\"_ _1\"></span>enti<span class=\"_ _2\"></span> sezioni:<span class=\"_ _df\"> </span>-<span class=\"_ _1d\"> </span><span class=\"ff5\">classificazione degli strumenti derivati, storicizzati all\u2019interno dell\u2019applicativo;<span class=\"_ _df\"> </span></span>-<span class=\"_ _1d\"> </span><span class=\"ff5\">mappatura <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>dettaglio <span class=\"_ _2\"></span>dei <span class=\"_ _2\"></span>parametri <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>mercato alimentati <span class=\"_ _2\"></span>all\u2019interno <span class=\"_ _2\"></span>dell\u2019applicativo al <span class=\"_ _2\"></span>fine<span class=\"_ _df\"> </span></span>di valutare tutti gli strumenti;<span class=\"_ _df\"> </span>-<span class=\"_ _1d\"> </span><span class=\"ff4\">descrizione procedure automatizzate per la storicizzazione dei prezzi.<span class=\"_ _df\"> </span></span>Parametri di mercato<span class=\"_ _df\"> </span>I <span class=\"_ _16\"> </span>parametri <span class=\"_ _16\"> </span>di <span class=\"_ _9\"> </span>mercat<span class=\"_ _2\"></span>o <span class=\"_ _9\"> </span>utilizzati  p<span class=\"_ _1\"></span>er  l<span class=\"_ _1\"></span>e <span class=\"_ _16\"> </span>valutazioni <span class=\"_ _9\"> </span>e  gestiti <span class=\"_ _16\"> </span>all\u2019interno <span class=\"_ _9\"> </span>dell\u2019applicativo  p<span class=\"_ _1\"></span>ossono<span class=\"_ _df\"> </span>essere:<span class=\"_ _df\"> </span>-<span class=\"_ _1d\"> </span><span class=\"ff4\">dati <span class=\"_ _f\"></span>acquisiti <span class=\"_ _f\"></span>automat<span class=\"_ _2\"></span>icamente, <span class=\"_ _11\"></span>i<span class=\"_ _2\"></span>nformazioni <span class=\"_ _f\"></span>scaricate <span class=\"_ _f\"></span>periodicamente <span class=\"_ _f\"></span>da <span class=\"_ _f\"></span>Info <span class=\"_ _1\"></span>Providers,<span class=\"_ _2\"></span> <span class=\"_ _f\"></span>(ad<span class=\"_ _df\"> </span></span>es: market parameter giornalieri);<span class=\"_ _df\"> </span>-<span class=\"_ _1d\"> </span><span class=\"ff5\">dati <span class=\"_ _c\"> </span>di <span class=\"_ _c\"> </span>mercato <span class=\"_ _c\"> </span>stimati <span class=\"_ _1a\"> </span>dall\u2019applicativo, <span class=\"_ _c\"> </span>prevalentemente <span class=\"_ _c\"> </span>attraverso <span class=\"_ _1a\"> </span>dati <span class=\"_ _c\"> </span>acquisiti<span class=\"_ _df\"> </span></span>automaticamente.<span class=\"_ _df\"> </span>Generalmente, <span class=\"_ _17\"> </span>i <span class=\"_ _17\"> </span>parametri <span class=\"_ _14\"> </span>alimentati <span class=\"_ _17\"> </span>manualmente <span class=\"_ _17\"> </span>s<span class=\"_ _2\"></span>ono <span class=\"_ _17\"> </span>quelli <span class=\"_ _17\"> </span>che <span class=\"_ _17\"> </span>non <span class=\"_ _14\"> </span>necessitano <span class=\"_ _17\"> </span>di <span class=\"_ _17\"> </span>un<span class=\"_ _df\"> </span>aggiornamento costante e giornaliero.<span class=\"_ _df\"> </span>Processo di validazione modell<span class=\"_ _1\"></span>i e parametri<span class=\"_ _df\"> </span>I d<span class=\"_ _1\"></span>ocumenti di<span class=\"_ _1\"></span> riferimento <span class=\"_ _1\"></span>riportano come <span class=\"_ _f\"></span>indicato tutti <span class=\"_ _1\"></span>i mode<span class=\"_ _1\"></span>lli di <span class=\"_ _f\"></span>pricing e <span class=\"_ _f\"></span>i parametri di<span class=\"_ _1\"></span> mercato<span class=\"_ _df\"> </span>validati e utilizzati dal Gruppo per la valutazione<span class=\"_ _1\"></span> degli strumenti derivati.<span class=\"_ _df\"> </span>Qualora <span class=\"_ _1a\"> </span>sia <span class=\"_ _1a\"> </span>necessario <span class=\"_ _1a\"> </span>introdurre <span class=\"_ _1a\"> </span>nuovi <span class=\"_ _1a\"> </span>parametri <span class=\"_ _1a\"> </span>e/o <span class=\"_ _1a\"> </span>modelli, <span class=\"_ _19\"> </span>il <span class=\"_ _1a\"> </span>processo <span class=\"_ _c\"> </span>prev<span class=\"_ _1\"></span>ede <span class=\"_ _1a\"> </span>il<span class=\"_ _df\"> </span>coinvolgimento <span class=\"_ _2\"></span>della <span class=\"_ _d\"></span>funzione <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>validazione <span class=\"_ _2\"></span>che <span class=\"_ _d\"></span>disciplina <span class=\"_ _d\"></span>un <span class=\"_ _2\"></span>apposito <span class=\"_ _d\"></span>parere <span class=\"_ _d\"></span>inerente <span class=\"_ _2\"></span>la <span class=\"_ _d\"></span>nuova<span class=\"_ _df\"> </span>operativit\u00e0 <span class=\"_ _d\"></span>e <span class=\"_ _0\"></span>provvede<span class=\"_ _1\"></span> <span class=\"_ _d\"></span>alla <span class=\"_ _0\"></span>validazione <span class=\"_ _d\"></span>dei <span class=\"_ _0\"></span>modelli <span class=\"_ _d\"></span>come <span class=\"_ _0\"></span>disciplinato <span class=\"_ _d\"></span>nell\u2019 <span class=\"_ _d\"></span>apposito <span class=\"_ _0\"></span>regolam<span class=\"_ _2\"></span><span class=\"ff4\">ento<span class=\"_ _df\"> </span></span>Nuovi prodotti del Gruppo.<span class=\"_ _df\"> </span>E\u2019 <span class=\"_ _d\"></span>cura <span class=\"_ _d\"></span>della <span class=\"_ _d\"></span>funzione <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>validazione <span class=\"_ _d\"></span>aggiornare <span class=\"_ _d\"></span>periodicamente <span class=\"_ _d\"></span>i <span class=\"_ _d\"></span>documenti <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>riferimento <span class=\"_ _d\"></span>con <span class=\"_ _d\"></span>i<span class=\"_ _df\"> </span>nuovi modelli e/o parametri utilizzati ed<span class=\"_ _1\"></span> effettuare analisi sulla validit\u00e0 dei modelli in uso.<span class=\"_ _df\"> </span>Procedure <span class=\"_ _2\"></span>automatiche <span class=\"_ _d\"></span>e <span class=\"_ _d\"></span>appositi <span class=\"_ _d\"></span>controlli <span class=\"_ _2\"></span>consentono <span class=\"_ _d\"></span>il <span class=\"_ _2\"></span>presidio <span class=\"_ _d\"></span>giornaliero <span class=\"_ _2\"></span>delle <span class=\"_ _d\"></span>valorizzazioni<span class=\"_ _df\"> </span>dei derivati e dei p<span class=\"_ _1\"></span>arametri utilizzati.<span class=\"_ _df\"> </span>Si <span class=\"_ _9\"> </span>riporta  per <span class=\"_ _0\"></span>ogni <span class=\"_ _16\"> </span>tipologia <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>s<span class=\"_ _2\"></span>trumento <span class=\"_ _9\"> </span>derivato <span class=\"_ _9\"> </span>il  tip<span class=\"_ _1\"></span>o <span class=\"_ _16\"> </span>di <span class=\"_ _9\"> </span>valutazione <span class=\"_ _9\"> </span>(tramite <span class=\"_ _16\"> </span>quotazione <span class=\"_ _9\"> </span>di<span class=\"_ _df\"> </span>mercato -Mark to market o tramite valutazione a modello-Mark to model<span class=\"_ _df\"> </span>). Nel caso lo str<span class=\"_ _2\"></span>umento<span class=\"_ _df\"> </span>sia valutato <span class=\"_ _1\"></span>tramite<span class=\"_ _df\"> </span>Mark to M<span class=\"_ _1\"></span>odel si ind<span class=\"_ _1\"></span>icano: il model<span class=\"_ _1\"></span>lo di p<span class=\"_ _1\"></span>ricing utilizzato per la <span class=\"_ _1\"></span>valorizzazione e<span class=\"_ _df\"> </span>i parametri di mercato utilizzati per la valutazione. <table class=\"s w109b h591\" id=\"_0ee191b2-1fc3-4a19-ab1f-5db9db08b622\"><tr><td class=\"c x44e y35e2 w8b h33a\"><div class=\"t m0 x10 h5 yce6 ff4 fs1 fc1 sc2 ls0 ws0\">Fam<span class=\"_ _f\"></span>ily </div></td><td class=\"c xa66 y35e2 w5f3 h33a\"><div class=\"t m0 x10 h5 yce6 ff4 fs1 fc1 sc2 ls0 ws0\">Grou<span class=\"_ _1\"></span>p </div></td><td class=\"c xa67 y35e3 w109c h592\"><div class=\"t m0 x250 h5 y254f ff4 fs1 fc1 sc2 ls0 ws0\">Trans<span class=\"_ _f\"></span>action<span class=\"_ _df\"> </span></div></td><td class=\"c x75f y35e2 w5f5 h33a\"><div class=\"t m0 x10 h5 yce6 ff4 fs1 fc1 sc2 ls0 ws0\">Descr<span class=\"_ _1\"></span>iptio<span class=\"_ _1\"></span>n </div></td><td class=\"c xa68 y35e3 w109d h592\"><div class=\"t m0 x250 h5 y254f ff4 fs1 fc1 sc2 ls0 ws0\">Mark<span class=\"_ _1\"></span> to <span class=\"_ _f\"></span>Model <span class=\"_ _1\"></span>/ Ma<span class=\"_ _f\"></span>rk to<span class=\"_ _df\"> </span></div></td><td class=\"c xa69 y35e3 w109e h592\"><div class=\"t m0 x250 h5 y254f ff4 fs1 fc1 sc2 ls0 ws0\">Model<span class=\"_ _1\"></span>lo <span class=\"_ _e\"> </span>di <span class=\"_ _e\"> </span>Pricing <span class=\"_ _e\"> </span>/ <span class=\"_ _10\"> </span>Para<span class=\"_ _f\"></span>metri <span class=\"_ _e\"> </span>di<span class=\"_ _df\"> </span></div></td><td></td></tr><tr><td></td><td></td><td class=\"c xa67 y35e4 w109f h593\"><div class=\"t m0 x250 h5 y254f ff4 fs1 fc1 sc2 ls0 ws0\">Type<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c xa68 y35e4 w10a0 h593\"><div class=\"t m0 x250 h5 y254f ff4 fs1 fc1 sc2 ls0 ws0\">Mark<span class=\"_ _1\"></span>et<span class=\"_ _df\"> </span></div></td><td class=\"c xa69 y35e4 w10a1 h593\"><div class=\"t m0 x250 h5 y254f ff4 fs1 fc1 sc2 ls0 ws0\">Merca<span class=\"_ _1\"></span>to<span class=\"_ _df\"> </span></div></td><td></td></tr><tr><td class=\"c x44e y35e5 w8b h33b\"><div class=\"t m0 x10 h5 yce6 ff4 fs1 fc1 sc0 lsc3 ws0\">CURR<span class=\"ls0\"> </span></div></td><td class=\"c xa66 y35e5 w5f3 h33b\"><div class=\"t m0 x10 h5 yce6 ff4 fs1 fc1 sc0 ls0 ws0\">FXD </div></td><td class=\"c xa6a y35e5 w5f4 h33b\"><div class=\"t m0 x10 h5 yce6 ff4 fs1 fc1 sc0 ls0 ws0\">FXD </div></td><td class=\"c x75f y35e5 w5f5 h33b\"><div class=\"t m0 x10 h5 yce6 ff4 fs1 fc1 sc0 ls0 ws0\">Spot-Forward </div></td><td class=\"c xa68 y35e6 w10a2 h593\"><div class=\"t m0 x250 h5 y254f ff4 fs1 fc1 sc0 ls0 ws0\">MARK_TO_MARKET,<span class=\"_ _df\"> </span></div></td><td class=\"c xa69 y35e6 w10a3 h593\"><div class=\"t m0 x250 h5 y254f ff4 fs1 fc1 sc2 ls0 ws0\">Model<span class=\"_ _1\"></span>li<span class=\"sc0\">: COST_OF_CARRY<span class=\"_ _df\"> </span></span></div></td><td></td></tr><tr><td></td><td></td><td></td><td></td><td class=\"c xa68 y35e7 w10a4 h593\"><div class=\"t m0 x250 h5 y254f ff4 fs1 fc1 sc0 ls0 ws0\">MARK_TO_MODEL<span class=\"_ _df\"> </span></div></td><td class=\"c xa69 y35e8 w10a5 h593\"><div class=\"t m0 x250 h5 y254f ff4 fs1 fc1 sc2 ls0 ws0\">Para<span class=\"_ _f\"></span>metri<span class=\"sc0\">: FX_SPOT_RATE,<span class=\"_ _df\"> </span></span></div></td><td></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td class=\"c xa69 y2f22 w10a6 h593\"><div class=\"t m0 x250 h5 y254f ff4 fs1 fc1 sc0 ls0 ws0\">FX_CURVE<span class=\"_ _df\"> </span></div></td><td></td></tr><tr><td class=\"c x44e y35e9 w8b h8f\"><div class=\"t m0 x10 h5 yd3f ff4 fs1 fc1 sc0 lsc3 ws0\">CURR<span class=\"ls0\"> </span></div></td><td class=\"c xa66 y35e9 w5f3 h8f\"><div class=\"t m0 x10 h5 yd3f ff4 fs1 fc1 sc0 ls0 ws0\">FXD </div></td><td class=\"c xa6a y35e9 w5f4 h8f\"><div class=\"t m0 x10 h5 yd3f ff4 fs1 fc1 sc0 ls0 ws0\">XSW </div></td><td class=\"c x75f y35e9 w5f5 h8f\"><div class=\"t m0 x10 h5 yd3f ff4 fs1 fc1 sc0 ls0 ws0\">Forex Swap </div></td><td class=\"c xa6b y35e9 w36a h8f\"><div class=\"t m0 x10 h5 yd3f ff4 fs1 fc1 sc0 ls0 ws0\">MARK_TO_MODEL </div></td><td class=\"c xa69 y35ea w10a3 h594\"><div class=\"t m0 x250 h5 y254f ff4 fs1 fc1 sc2 ls0 ws0\">Model<span class=\"_ _1\"></span>li<span class=\"sc0\">: COST_OF_CARRY<span class=\"_ _df\"> </span></span></div></td><td></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td class=\"c xa69 y35eb w10a5 h593\"><div class=\"t m0 x250 h5 y254f ff4 fs1 fc1 sc2 ls0 ws0\">Para<span class=\"_ _f\"></span>metri<span class=\"sc0\">: FX_SPOT_RATE,<span class=\"_ _df\"> </span></span></div></td><td></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td class=\"c xa69 y2909 w10a6 h593\"><div class=\"t m0 x250 h5 y254f ff4 fs1 fc1 sc0 ls0 ws0\">FX_CURVE<span class=\"_ _df\"> </span></div></td><td></td></tr><tr><td class=\"c x44e y35ec w8b h264\"><div class=\"t m0 x10 h5 y18c7 ff4 fs1 fc1 sc0 lsc3 ws0\">CURR<span class=\"ls0\"> </span></div></td><td class=\"c xa66 y35ec w5f3 h264\"><div class=\"t m0 x10 h5 y18c7 ff4 fs1 fc1 sc0 ls0 ws0\">OPT </div></td><td></td><td class=\"c x75f y35ec w5f5 h264\"><div class=\"t m0 x10 h5 y18c7 ff4 fs1 fc1 sc0 ls0 ws0\">FX Option </div></td><td class=\"c xa6b y35ec w36a h264\"><div class=\"t m0 x10 h5 y18c7 ff4 fs1 fc1 sc0 ls0 ws0\">MARK_TO_MODEL </div></td><td class=\"c xa69 y35ed w10a7 h595\"><div class=\"t m0 x250 h5 y254f ff4 fs1 fc1 sc2 ls0 ws0\">Model<span class=\"_ _1\"></span>li<span class=\"sc0\">: BLACK_EXOTIC (Solo Back<span class=\"_ _df\"> </span></span></div></td><td></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td class=\"c xa69 y35ee w10a8 h593\"><div class=\"t m0 x250 h5 y254f ff4 fs1 fc1 sc0 ls0 ws0\">to back)<span class=\"_ _df\"> </span></div></td><td></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td class=\"c xa69 y28d8 w10a5 h593\"><div class=\"t m0 x250 h5 y254f ff4 fs1 fc1 sc2 ls0 ws0\">Para<span class=\"_ _f\"></span>metri<span class=\"sc0\">: FX_SPOT_RATE,<span class=\"_ _df\"> </span></span></div></td><td></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td class=\"c xa69 y3537 w10a9 h593\"><div class=\"t m0 x250 h5 y254f ff4 fs1 fc1 sc0 ls0 ws0\">FX_CURVE, IR_CURVE,<span class=\"_ _df\"> </span></div></td><td></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td class=\"c xa69 y35ef w10aa h593\"><div class=\"t m0 x250 h5 y254f ff4 fs1 fc1 sc0 ls0 ws0\">FX_VOL_SURF<span class=\"_ _df\"> </span></div></td><td></td></tr><tr><td class=\"c x44e y35f0 w8b h170\"><div class=\"t m0 x10 h5 y1b0c ff4 fs1 fc1 sc0 ls0 ws0\">EQD </div></td><td class=\"c xa66 y35f0 w5f3 h170\"><div class=\"t m0 x10 h5 y1b0c ff4 fs1 fc1 sc0 ls0 ws0\">BOND </div></td><td class=\"c xa6a y35f0 w5f4 h170\"><div class=\"t m0 x10 h5 y1b0c ff4 fs1 fc1 sc0 ls0 ws0\">CNV </div></td><td class=\"c xa6c y35f1 w10ab h596\"><div class=\"t m0 x250 h5 y254f ff4 fs1 fc1 sc0 ls0 ws0\">Convertible<span class=\"_ _df\"> </span></div></td><td class=\"c xa68 y35f1 w10a2 h596\"><div class=\"t m0 x250 h5 y254f ff4 fs1 fc1 sc0 ls0 ws0\">MARK_TO_MARKET,<span class=\"_ _df\"> </span></div></td><td class=\"c xa69 y35f1 w10ac h596\"><div class=\"t m0 x250 h5 y254f ff4 fs1 fc1 sc2 ls0 ws0\">Model<span class=\"_ _1\"></span>li<span class=\"sc0\">: CN_CREDIT_ALL<span class=\"_ _1\"></span> (Solo<span class=\"_ _df\"> </span></span></div></td><td></td></tr><tr><td></td><td></td><td></td><td class=\"c xa6c y35f2 wef1 h593\"><div class=\"t m0 x250 h5 y254f ff4 fs1 fc1 sc0 ls0 ws0\">Bond<span class=\"_ _df\"> </span></div></td><td class=\"c xa68 y35f2 w10a4 h593\"><div class=\"t m0 x250 h5 y254f ff4 fs1 fc1 sc0 ls0 ws0\">MARK_TO_MODEL<span class=\"_ _df\"> </span></div></td><td class=\"c xa69 y35f3 w10ad h593\"><div class=\"t m0 x250 h5 y254f ff4 fs1 fc1 sc0 ls0 ws0\">Sensitivit<span class=\"ls15\">y)<span class=\"_ _df\"> </span></span></div></td><td></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td class=\"c xa69 y35f4 w10ae h593\"><div class=\"t m0 x250 h5 y254f ff4 fs1 fc1 sc2 ls0 ws0\">Para<span class=\"_ _f\"></span>metri<span class=\"sc0\">: BOND_PX, IR_CURVE,<span class=\"_ _df\"> </span></span></div></td><td></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td class=\"c xa69 y35f5 w10af h593\"><div class=\"t m0 x250 h5 y254f ff4 fs1 fc1 sc0 ls0 ws0\">EQ_VOL_SURF, EQ_DIV_CURVE<span class=\"_ _df\"> </span></div></td><td></td></tr><tr><td class=\"c x44e y35f6 w8b h323\"><div class=\"t m0 x10 h5 y110d ff4 fs1 fc1 sc0 ls0 ws0\">EQD </div></td><td class=\"c xa66 y35f6 w5f3 h323\"><div class=\"t m0 x10 h5 y110d ff4 fs1 fc1 sc0 ls0 ws0\">EQUIT </div></td><td></td><td class=\"c x75f y35f6 w5f5 h323\"><div class=\"t m0 x10 h5 y110d ff4 fs1 fc1 sc0 ls0 ws0\">Equities </div></td><td class=\"c xa6b y35f6 w36a h323\"><div class=\"t m0 x10 h5 y110d ff4 fs1 fc1 sc0 ls0 ws0\">MARK_TO_MARKET </div></td><td class=\"c xa69 y35f7 w10b0 h597\"><div class=\"t m0 x250 h5 y254f ff4 fs1 fc1 sc2 ls0 ws0\">Model<span class=\"_ _1\"></span>li<span class=\"sc0\">:<span class=\"_ _df\"> </span></span></div></td><td></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td class=\"c xa69 y35f8 w10b1 h593\"><div class=\"t m0 x250 h5 y254f ff4 fs1 fc1 sc2 ls0 ws0\">Para<span class=\"_ _f\"></span>metri<span class=\"sc0\">:<span class=\"_ _df\"> </span></span></div></td><td class=\"c xa6d y35f8 w10b2 h593\"><div class=\"t m0 x250 h5 y254f ff4 fs1 fc1 sc0 ls0 ws0\">EQ_STOCK_PX,<span class=\"_ _df\"> </span></div></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td class=\"c xa69 y2491 w10b3 h593\"><div class=\"t m0 x250 h5 y254f ff4 fs1 fc1 sc0 ls0 ws0\">EQ_INDEX_PX<span class=\"_ _df\"> </span></div></td><td></td></tr></table><table class=\"s w10b4 h598\" id=\"_2e945266-a6bf-4df9-91d4-2738ad116297\"><tr><td class=\"c x44e y35f9 w8b h33b\"><div class=\"t m0 x10 h5 yd09 ff4 fs1 fc1 sc2 ls0 ws0\">Fam<span class=\"_ _f\"></span>ily </div></td><td class=\"c xa66 y35f9 w5f3 h33b\"><div class=\"t m0 x10 h5 yd09 ff4 fs1 fc1 sc2 ls0 ws0\">Grou<span class=\"_ _1\"></span>p </div></td><td class=\"c xa67 y35fa w109c h599\"><div class=\"t m0 x250 h5 y254f ff4 fs1 fc1 sc2 ls0 ws0\">Trans<span class=\"_ _f\"></span>action<span class=\"_ _df\"> </span></div></td><td class=\"c x75f y35f9 w5f5 h33b\"><div class=\"t m0 x10 h5 yd09 ff4 fs1 fc1 sc2 ls0 ws0\">Descr<span class=\"_ _1\"></span>iptio<span class=\"_ _1\"></span>n </div></td><td></td><td class=\"c xa68 y35fa w109d h599\"><div class=\"t m0 x250 h5 y254f ff4 fs1 fc1 sc2 ls0 ws0\">Mark<span class=\"_ _1\"></span> to <span class=\"_ _f\"></span>Model <span class=\"_ _1\"></span>/ Ma<span class=\"_ _f\"></span>rk to<span class=\"_ _df\"> </span></div></td><td class=\"c xa69 y35fa w109e h599\"><div class=\"t m0 x250 h5 y254f ff4 fs1 fc1 sc2 ls0 ws0\">Model<span class=\"_ _1\"></span>lo <span class=\"_ _e\"> </span>di <span class=\"_ _e\"> </span>Pricing <span class=\"_ _e\"> </span>/ <span class=\"_ _10\"> </span>Para<span class=\"_ _f\"></span>metri <span class=\"_ _e\"> </span>di<span class=\"_ _df\"> </span></div></td><td></td><td></td></tr><tr><td></td><td></td><td class=\"c xa67 y35fb w109f h497\"><div class=\"t m0 x250 h5 y254f ff4 fs1 fc1 sc2 ls0 ws0\">Type<span class=\"_ _df\"> </span></div></td><td></td><td></td><td class=\"c xa68 y35fb w10a0 h497\"><div class=\"t m0 x250 h5 y254f ff4 fs1 fc1 sc2 ls0 ws0\">Mark<span class=\"_ _1\"></span>et<span class=\"_ _df\"> </span></div></td><td class=\"c xa69 y35fb w10a1 h497\"><div class=\"t m0 x250 h5 y254f ff4 fs1 fc1 sc2 ls0 ws0\">Merca<span class=\"_ _1\"></span>to<span class=\"_ _df\"> </span></div></td><td></td><td></td></tr><tr><td class=\"c x44e y35fc w8b h33c\"><div class=\"t m0 x10 h5 y150b ff4 fs1 fc1 sc0 ls0 ws0\">IRD </div></td><td class=\"c xa66 y35fc w5f3 h33c\"><div class=\"t m0 x10 h5 y150b ff4 fs1 fc1 sc0 ls0 ws0\">ASWP </div></td><td></td><td class=\"c x75f y35fc w5f5 h33c\"><div class=\"t m0 x10 h5 y150b ff4 fs1 fc1 sc0 ls0 ws0\">Asset Swap </div></td><td></td><td class=\"c xa6b y35fc w36a h33c\"><div class=\"t m0 x10 h5 y150b ff4 fs1 fc1 sc0 ls0 ws0\">MARK_TO_MODEL </div></td><td class=\"c xa69 y35fd w10b5 h59a\"><div class=\"t m0 x250 h5 y254f ff4 fs1 fc1 sc2 ls0 ws0\">Model<span class=\"_ _1\"></span>li<span class=\"sc0\">: DISC_CASH_FLOW<span class=\"_ _df\"> </span></span></div></td><td></td><td></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td class=\"c xa69 y35fe w10b6 h497\"><div class=\"t m0 x250 h5 y254f ff4 fs1 fc1 sc2 ls0 ws0\">Para<span class=\"_ _f\"></span>metri<span class=\"sc0\">: IR_CURVE<span class=\"_ _df\"> </span></span></div></td><td></td><td></td></tr><tr><td class=\"c x44e y35ff w8b h33d\"><div class=\"t m0 x10 h5 y199a ff4 fs1 fc1 sc0 ls0 ws0\">IRD </div></td><td class=\"c xa66 y35ff w5f3 h33d\"><div class=\"t m0 x10 h5 y199a ff4 fs1 fc1 sc0 ls0 ws0\">BOND </div></td><td></td><td class=\"c x75f y35ff w5f5 h33d\"><div class=\"t m0 x10 h5 y199a ff4 fs1 fc1 sc0 ls0 ws0\">Vanilla Bond </div></td><td></td><td class=\"c xa68 y3600 w10b7 h59b\"><div class=\"t m0 x250 h5 y254f ff4 fs1 fc1 sc0 ls0 ws0\">MARK_TO_MARK<span class=\"ls4\">ET,<span class=\"_ _df\"> </span></span></div></td><td class=\"c xa69 y3600 w10b5 h59b\"><div class=\"t m0 x250 h5 y254f ff4 fs1 fc1 sc2 ls0 ws0\">Model<span class=\"_ _1\"></span>li<span class=\"sc0\">: DISC_CASH_FLOW<span class=\"_ _df\"> </span></span></div></td><td></td><td></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td class=\"c xa68 y3601 w10a4 h497\"><div class=\"t m0 x250 h5 y254f ff4 fs1 fc1 sc0 ls0 ws0\">MARK_TO_MODEL<span class=\"_ _df\"> </span></div></td><td class=\"c xa69 y291b w10b1 h497\" colspan=\"2\"><div class=\"t m0 x250 h5 y254f ff4 fs1 fc1 sc2 ls0 ws0\">Para<span class=\"_ _f\"></span>metri<span class=\"sc0\">:<span class=\"_ _df\"> </span></span></div></td><td class=\"c xa6e y291b w10b8 h497\"><div class=\"t m0 x250 h5 y254f ff4 fs1 fc1 sc0 ls0 ws0\">BOND_PX,<span class=\"_ _df\"> </span></div></td><td class=\"c xa6f y291b w10b9 h497\"><div class=\"t m0 x250 h5 y254f ff4 fs1 fc1 sc0 ls0 ws0\">IR_CURVE<span class=\"_ _1\"></span>,<span class=\"_ _df\"> </span></div></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td class=\"c xa69 y2c16 w10ba h593\" colspan=\"2\"><div class=\"t m0 x250 h5 y254f ff4 fs1 fc1 sc0 ls0 ws0\">CREDIT_SPREAD_CURVE<span class=\"_ _df\"> </span></div></td><td></td></tr><tr><td class=\"c x44e y3602 w8b h33e\"><div class=\"t m0 x10 h5 y1b0e ff4 fs1 fc1 sc0 ls0 ws0\">IRD </div></td><td class=\"c xa66 y3602 w5f3 h33e\"><div class=\"t m0 x10 h5 y1b0e ff4 fs1 fc1 sc0 lsc3 ws0\">CF<span class=\"ls0\"> </span></div></td><td></td><td class=\"c x75f y3602 w5f5 h33e\"><div class=\"t m0 x10 h5 y1b0e ff4 fs1 fc1 sc0 ls0 ws0\">Cap/Floor </div></td><td></td><td class=\"c xa6b y3602 w36a h33e\"><div class=\"t m0 x10 h5 y1b0e ff4 fs1 fc1 sc0 ls0 ws0\">MARK_TO_MODEL </div></td><td class=\"c xa69 y3603 w10b0 h59c\" colspan=\"2\"><div class=\"t m0 x250 h5 y254f ff4 fs1 fc1 sc2 ls0 ws0\">Model<span class=\"_ _1\"></span>li<span class=\"sc0\">:<span class=\"_ _df\"> </span></span></div></td><td class=\"c xa70 y3603 w10bb h59c\"><div class=\"t m0 x250 h5 y254f ff4 fs1 fc1 sc0 ls0 ws0\">BLACK_NORM_YLD,<span class=\"_ _df\"> </span></div></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td class=\"c xa69 y2d3d w10bc h593\" colspan=\"2\"><div class=\"t m0 x250 h5 y254f ff4 fs1 fc1 sc0 ls0 ws0\">FISCHER_BLACK<span class=\"_ _df\"> </span></div></td><td></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td class=\"c xa69 y3604 w10b1 h593\" colspan=\"2\"><div class=\"t m0 x250 h5 y254f ff4 fs1 fc1 sc2 ls0 ws0\">Para<span class=\"_ _f\"></span>metri<span class=\"sc0\">:<span class=\"_ _df\"> </span></span></div></td><td class=\"c xa71 y3604 w10bd h593\"><div class=\"t m0 x250 h5 y254f ff4 fs1 fc1 sc0 ls0 ws0\">IR_CURVE,<span class=\"_ _df\"> </span></div></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td class=\"c xa69 y3605 w10be h593\" colspan=\"2\"><div class=\"t m0 x250 h5 y254f ff4 fs1 fc1 sc0 ls0 ws0\">IR_CAP_FLOOR_VOL_SURF<span class=\"_ _df\"> </span></div></td><td></td></tr><tr><td class=\"c x44e y3606 w8b h33d\"><div class=\"t m0 x10 h5 y199a ff4 fs1 fc1 sc0 ls0 ws0\">IRD </div></td><td class=\"c xa66 y3606 w5f3 h33d\"><div class=\"t m0 x10 h5 y199a ff4 fs1 fc1 sc0 lsc3 ws0\">CS<span class=\"ls0\"> </span></div></td><td></td><td class=\"c x75f y3606 w5f5 h33d\"><div class=\"t m0 x10 h5 y199a ff4 fs1 fc1 sc0 ls0 ws0\">Currency Swap </div></td><td></td><td class=\"c xa6b y3606 w36a h33d\"><div class=\"t m0 x10 h5 y199a ff4 fs1 fc1 sc0 ls0 ws0\">MARK_TO_MODEL </div></td><td class=\"c xa69 y3607 w10b5 h59d\" colspan=\"2\"><div class=\"t m0 x250 h5 y254f ff4 fs1 fc1 sc2 ls0 ws0\">Model<span class=\"_ _1\"></span>li<span class=\"sc0\">: DISC_CASH_FLOW<span class=\"_ _df\"> </span></span></div></td><td></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td class=\"c xa69 y3608 w10b1 h593\" colspan=\"2\"><div class=\"t m0 x250 h5 y254f ff4 fs1 fc1 sc2 ls0 ws0\">Para<span class=\"_ _f\"></span>metri<span class=\"sc0\">:<span class=\"_ _df\"> </span></span></div></td><td class=\"c xa72 y3608 w10bf h593\"><div class=\"t m0 x250 h5 y254f ff4 fs1 fc1 sc0 ls0 ws0\">FX_SPOT_RATE,<span class=\"_ _df\"> </span></div></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td class=\"c xa69 y3609 w10c0 h593\" colspan=\"2\"><div class=\"t m0 x250 h5 y254f ff4 fs1 fc1 sc0 ls0 ws0\">FX_CURVE, IR_CURVE<span class=\"_ _df\"> </span></div></td><td></td></tr><tr><td class=\"c x44e y360a w8b h33f\"><div class=\"t m0 x10 h5 y1122 ff4 fs1 fc1 sc0 ls0 ws0\">IRD </div></td><td class=\"c xa66 y360a w5f3 h33f\"><div class=\"t m0 x10 h5 y1122 ff4 fs1 fc1 sc0 ls0 ws0\">FRA </div></td><td></td><td class=\"c xa6c y360b w10c1 h59e\" colspan=\"2\"><div class=\"t m0 x250 h5 y254f ff4 fs1 fc1 sc0 ls0 ws0\">Forward<span class=\"_ _df\"> </span></div></td><td class=\"c xa73 y360b w10c2 h59e\"><div class=\"t m0 x250 h5 y254f ff4 fs1 fc1 sc0 ls0 ws0\">Rate<span class=\"_ _df\"> </span></div></td><td class=\"c xa6b y360a w36a h33f\"><div class=\"t m0 x10 h5 y1122 ff4 fs1 fc1 sc0 ls0 ws0\">MARK_TO_MODEL </div></td><td class=\"c xa69 y360b w10b5 h59e\" colspan=\"2\"><div class=\"t m0 x250 h5 y254f ff4 fs1 fc1 sc2 ls0 ws0\">Model<span class=\"_ _1\"></span>li<span class=\"sc0\">: DISC_CASH_FLOW<span class=\"_ _df\"> </span></span></div></td><td></td></tr><tr><td></td><td></td><td></td><td class=\"c xa6c y360c w10c3 h593\" colspan=\"2\"><div class=\"t m0 x250 h5 y254f ff4 fs1 fc1 sc0 ls0 ws0\">Agreement<span class=\"_ _df\"> </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 xa69 y360d w10b6 h593\" colspan=\"2\"><div class=\"t m0 x250 h5 y254f ff4 fs1 fc1 sc2 ls0 ws0\">Para<span class=\"_ _f\"></span>metri<span class=\"sc0\">: IR_CURVE<span class=\"_ _df\"> </span></span></div></td><td></td></tr><tr><td class=\"c x44e y360e w8b h33c\"><div class=\"t m0 x10 h5 y150b ff4 fs1 fc1 sc0 ls0 ws0\">IRD </div></td><td class=\"c xa66 y360e w5f3 h33c\"><div class=\"t m0 x10 h5 y150b ff4 fs1 fc1 sc0 ls0 ws0\">IRS </div></td><td></td><td class=\"c xa6c y360f wa11 h59f\"><div class=\"t m0 x250 h5 y254f ff4 fs1 fc1 sc0 ls0 ws0\">Interest<span class=\"_ _df\"> </span></div></td><td class=\"c xa74 y360f w10c4 h59f\"><div class=\"t m0 x250 h5 y254f ff4 fs1 fc1 sc0 ls0 ws0\">Rate<span class=\"_ _df\"> </span></div></td><td class=\"c xa6b y360e w36a h33c\"><div class=\"t m0 x10 h5 y150b ff4 fs1 fc1 sc0 ls0 ws0\">MARK_TO_MODEL </div></td><td class=\"c xa69 y360f w10b5 h59f\" colspan=\"2\"><div class=\"t m0 x250 h5 y254f ff4 fs1 fc1 sc2 ls0 ws0\">Model<span class=\"_ _1\"></span>li<span class=\"sc0\">: DISC_CASH_FLOW<span class=\"_ _df\"> </span></span></div></td><td></td></tr><tr><td></td><td></td><td></td><td class=\"c xa6c y3610 w10c5 h593\" colspan=\"2\"><div class=\"t m0 x250 h5 y254f ff4 fs1 fc1 sc0 ls0 ws0\">Swap<span class=\"_ _df\"> </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 xa69 y3611 w10b6 h593\" colspan=\"2\"><div class=\"t m0 x250 h5 y254f ff4 fs1 fc1 sc2 ls0 ws0\">Para<span class=\"_ _f\"></span>metri<span class=\"sc0\">: IR_CURVE<span class=\"_ _df\"> </span></span></div></td><td></td></tr><tr><td class=\"c x44e y3612 w8b h33d\"><div class=\"t m0 x10 h5 y199a ff4 fs1 fc1 sc0 ls0 ws0\">IRD </div></td><td class=\"c xa66 y3612 w5f3 h33d\"><div class=\"t m0 x10 h5 y199a ff4 fs1 fc1 sc0 ls0 ws0\">IRS </div></td><td></td><td class=\"c x75f y3612 w5f5 h33d\" colspan=\"2\"><div class=\"t m0 x10 h5 y199a ff4 fs1 fc1 sc0 ls0 ws0\">Inflation Sw<span class=\"ls73\">ap</span> </div></td><td class=\"c xa6b y3612 w36a h33d\"><div class=\"t m0 x10 h5 y199a ff4 fs1 fc1 sc0 ls0 ws0\">MARK_TO_MODEL </div></td><td class=\"c xa69 y3613 w10b5 h59d\" colspan=\"2\"><div class=\"t m0 x250 h5 y254f ff4 fs1 fc1 sc2 ls0 ws0\">Model<span class=\"_ _1\"></span>li<span class=\"sc0\">: DISC_CASH_FLOW<span class=\"_ _df\"> </span></span></div></td><td></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td class=\"c xa69 y3614 w10b1 h593\" colspan=\"2\"><div class=\"t m0 x250 h5 y254f ff4 fs1 fc1 sc2 ls0 ws0\">Para<span class=\"_ _f\"></span>metri<span class=\"sc0\">:<span class=\"_ _df\"> </span></span></div></td><td class=\"c xa75 y3614 w10c6 h593\"><div class=\"t m0 x250 h5 y254f ff4 fs1 fc1 sc0 ls0 ws0\">INFL_ZERO_CURV<span class=\"_ _1\"></span>E,<span class=\"_ _df\"> </span></div></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td class=\"c xa69 y3615 w10c7 h593\" colspan=\"2\"><div class=\"t m0 x250 h5 y254f ff4 fs1 fc1 sc0 ls0 ws0\">IR_CURVE<span class=\"_ _df\"> </span></div></td><td></td></tr><tr><td class=\"c x44e y3616 w8b h33d\"><div class=\"t m0 x10 h5 y199a ff4 fs1 fc1 sc0 ls0 ws0\">IRD </div></td><td class=\"c xa66 y3616 w5f3 h33d\"><div class=\"t m0 x10 h5 y199a ff4 fs1 fc1 sc0 ls0 ws0\">LFUT, SFUT </div></td><td></td><td class=\"c xa6c y3617 w10c8 h59d\" colspan=\"2\"><div class=\"t m0 x250 h5 y254f ff4 fs1 fc1 sc0 ls0 ws0\">Long/Short<span class=\"_ _df\"> </span></div></td><td class=\"c xa6b y3616 w36a h33d\"><div class=\"t m0 x10 h5 y199a ff4 fs1 fc1 sc0 ls0 ws0\">MARK_TO_MARKET </div></td><td class=\"c xa69 y3617 w10b0 h59d\" colspan=\"2\"><div class=\"t m0 x250 h5 y254f ff4 fs1 fc1 sc2 ls0 ws0\">Model<span class=\"_ _1\"></span>li<span class=\"sc0\">:<span class=\"_ _df\"> </span></span></div></td><td></td></tr><tr><td></td><td></td><td></td><td class=\"c xa6c y3618 w10c9 h593\" colspan=\"2\"><div class=\"t m0 x250 h5 y254f ff4 fs1 fc1 sc0 ls0 ws0\">Future<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c xa69 y3619 w10b1 h593\" colspan=\"2\"><div class=\"t m0 x250 h5 y254f ff4 fs1 fc1 sc2 ls0 ws0\">Para<span class=\"_ _f\"></span>metri<span class=\"sc0\">:<span class=\"_ _df\"> </span></span></div></td><td class=\"c xa76 y3619 w10ca h593\"><div class=\"t m0 x250 h5 y254f ff4 fs1 fc1 sc0 ls0 ws0\">IR_FUT_PX,<span class=\"_ _df\"> </span></div></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td class=\"c xa69 y361a w10cb h593\" colspan=\"2\"><div class=\"t m0 x250 h5 y254f ff4 fs1 fc1 sc0 ls0 ws0\">BOND_FUT_PX<span class=\"_ _df\"> </span></div></td><td></td></tr><tr><td class=\"c x44e y361b w8b h33f\"><div class=\"t m0 x10 h5 y1122 ff4 fs1 fc1 sc0 ls0 ws0\">IRD </div></td><td class=\"c xa66 y361b w5f3 h33f\"><div class=\"t m0 x10 h5 y1122 ff4 fs1 fc1 sc0 ls0 ws0\">LN_BR </div></td><td></td><td class=\"c xa6c y361c w10cc h59e\" colspan=\"2\"><div class=\"t m0 x250 h5 y254f ff4 fs1 fc1 sc0 ls0 ws0\">Loans/Deposit<span class=\"_ _df\"> </span></div></td><td class=\"c xa6b y361b w36a h33f\"><div class=\"t m0 x10 h5 y1122 ff4 fs1 fc1 sc0 ls0 ws0\">MARK_TO_MODEL </div></td><td class=\"c xa69 y361c w10b5 h59e\" colspan=\"2\"><div class=\"t m0 x250 h5 y254f ff4 fs1 fc1 sc2 ls0 ws0\">Model<span class=\"_ _1\"></span>li<span class=\"sc0\">: DISC_CASH_FLOW<span class=\"_ _df\"> </span></span></div></td><td></td></tr><tr><td></td><td></td><td></td><td class=\"c xa6c y361d w10cd h593\"><div class=\"t m0 x250 h5 y254f ff4 fs1 fc1 sc0 ls0 ws0\">s<span class=\"_ _df\"> </span></div></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 class=\"c xa69 y361e w10b6 h593\" colspan=\"2\"><div class=\"t m0 x250 h5 y254f ff4 fs1 fc1 sc2 ls0 ws0\">Para<span class=\"_ _f\"></span>metri<span class=\"sc0\">: IR_CURVE<span class=\"_ _df\"> </span></span></div></td><td></td></tr><tr><td class=\"c x44e y361f w8b h340\"><div class=\"t m0 x10 h5 y11 ff4 fs1 fc1 sc0 ls0 ws0\">IRD </div></td><td class=\"c xa66 y361f w5f3 h340\"><div class=\"t m0 x10 h5 y11 ff4 fs1 fc1 sc0 ls0 ws0\">OPT </div></td><td class=\"c xa6a y361f w5f4 h340\"><div class=\"t m0 x10 h5 y11 ff4 fs1 fc1 sc0 ls13 ws0\">OTC<span class=\"ls0\"> </span></div></td><td class=\"c x75f y361f w5f5 h340\"><div class=\"t m0 x10 h5 y11 ff4 fs1 fc1 sc0 ls0 ws0\">Bond Option </div></td><td></td><td class=\"c xa6b y361f w36a h340\"><div class=\"t m0 x10 h5 y11 ff4 fs1 fc1 sc0 ls0 ws0\">MARK_TO_MODEL </div></td><td class=\"c xa69 y3620 w10b0 h5a0\"><div class=\"t m0 x250 h5 y254f ff4 fs1 fc1 sc2 ls0 ws0\">Model<span class=\"_ _1\"></span>li<span class=\"sc0\">:<span class=\"_ _df\"> </span></span></div></td><td></td><td class=\"c xa70 y3620 w10bb h5a0\"><div class=\"t m0 x250 h5 y254f ff4 fs1 fc1 sc0 ls0 ws0\">BLACK_NORM_YLD,<span class=\"_ _df\"> </span></div></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td class=\"c xa69 y3621 w10bc h593\"><div class=\"t m0 x250 h5 y254f ff4 fs1 fc1 sc0 ls0 ws0\">FISCHER_BLACK<span class=\"_ _df\"> </span></div></td><td></td><td></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td class=\"c xa69 y35f8 w10b1 h593\"><div class=\"t m0 x250 h5 y254f ff4 fs1 fc1 sc2 ls0 ws0\">Para<span class=\"_ _f\"></span>metri<span class=\"sc0\">:<span class=\"_ _df\"> </span></span></div></td><td></td><td class=\"c xa71 y35f8 w10bd h593\"><div class=\"t m0 x250 h5 y254f ff4 fs1 fc1 sc0 ls0 ws0\">IR_CURVE,<span class=\"_ _df\"> </span></div></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td class=\"c xa69 y2491 w10ce h593\"><div class=\"t m0 x250 h5 y254f ff4 fs1 fc1 sc0 ls0 ws0\">BOND_VOL_SURF<span class=\"_ _df\"> </span></div></td><td></td><td></td></tr></table><table class=\"s w10cf h5a1\" id=\"_417eb71d-d753-419a-9cb4-0fe1533cb8b0\"><tr><td class=\"c x44e y3622 w8b h33b\"><div class=\"t m0 x10 h5 yd09 ff4 fs1 fc1 sc2 ls0 ws0\">Fam<span class=\"_ _f\"></span>ily </div></td><td class=\"c xa66 y3622 w5f3 h33b\"><div class=\"t m0 x10 h5 yd09 ff4 fs1 fc1 sc2 ls0 ws0\">Grou<span class=\"_ _1\"></span>p </div></td><td class=\"c xa67 y3623 w109c h599\"><div class=\"t m0 x250 h5 y254f ff4 fs1 fc1 sc2 ls0 ws0\">Trans<span class=\"_ _f\"></span>action<span class=\"_ _df\"> </span></div></td><td class=\"c x75f y3622 w5f5 h33b\"><div class=\"t m0 x10 h5 yd09 ff4 fs1 fc1 sc2 ls0 ws0\">Descr<span class=\"_ _1\"></span>iptio<span class=\"_ _1\"></span>n </div></td><td class=\"c xa68 y3623 w109d h599\"><div class=\"t m0 x250 h5 y254f ff4 fs1 fc1 sc2 ls0 ws0\">Mark<span class=\"_ _1\"></span> to <span class=\"_ _f\"></span>Model <span class=\"_ _1\"></span>/ Ma<span class=\"_ _f\"></span>rk to<span class=\"_ _df\"> </span></div></td><td class=\"c xa69 y3623 w109e h599\"><div class=\"t m0 x250 h5 y254f ff4 fs1 fc1 sc2 ls0 ws0\">Model<span class=\"_ _1\"></span>lo <span class=\"_ _e\"> </span>di <span class=\"_ _e\"> </span>Pricing <span class=\"_ _e\"> </span>/ <span class=\"_ _10\"> </span>Para<span class=\"_ _f\"></span>metri <span class=\"_ _e\"> </span>di<span class=\"_ _df\"> </span></div></td><td></td></tr><tr><td></td><td></td><td class=\"c xa67 y3220 w109f h497\"><div class=\"t m0 x250 h5 y254f ff4 fs1 fc1 sc2 ls0 ws0\">Type<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c xa68 y3220 w10a0 h497\"><div class=\"t m0 x250 h5 y254f ff4 fs1 fc1 sc2 ls0 ws0\">Mark<span class=\"_ _1\"></span>et<span class=\"_ _df\"> </span></div></td><td class=\"c xa69 y3220 w10a1 h497\"><div class=\"t m0 x250 h5 y254f ff4 fs1 fc1 sc2 ls0 ws0\">Merca<span class=\"_ _1\"></span>to<span class=\"_ _df\"> </span></div></td><td></td></tr><tr><td class=\"c x44e y3624 w8b h341\"><div class=\"t m0 x10 h5 yaab ff4 fs1 fc1 sc0 ls0 ws0\">IRD </div></td><td class=\"c xa66 y3624 w5f3 h341\"><div class=\"t m0 x10 h5 yaab ff4 fs1 fc1 sc0 ls13 ws0\">OSWP<span class=\"ls0\"> </span></div></td><td></td><td class=\"c xa6c y3626 w10d0 h5a2\"><div class=\"t m0 x250 h5 y3625 ff4 fs1 fc1 sc0 ls0 ws0\">Interest <span class=\"_ _30\"> </span>Rate </div></td><td class=\"c xa6b y3624 w36a h341\"><div class=\"t m0 x10 h5 yaab ff4 fs1 fc1 sc0 ls0 ws0\">MARK_TO_MODEL </div></td><td class=\"c xa69 y3627 w10b0 h5a3\"><div class=\"t m0 x250 h5 y254f ff4 fs1 fc1 sc2 ls0 ws0\">Model<span class=\"_ _1\"></span>li<span class=\"sc0\">:<span class=\"_ _df\"> </span></span></div></td><td class=\"c xa77 y3627 w10d1 h5a3\"><div class=\"t m0 x250 h5 y254f ff4 fs1 fc1 sc0 ls0 ws0\">BLACK_SHIFTED<span class=\"_ _df\"> </span></div></td></tr><tr><td></td><td></td><td></td><td class=\"c xa6c y30da w10d2 h497\"><div class=\"t m0 x250 h5 y254f ff4 fs1 fc1 sc0 ls0 ws0\">Swaption<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c xa69 y30da w10d3 h497\"><div class=\"t m0 x250 h5 y254f ff4 fs1 fc1 sc0 ls0 ws0\">(Componente<span class=\"_ _df\"> </span></div></td><td class=\"c xa78 y30da w10d4 h497\"><div class=\"t m0 x250 h5 y254f ff4 fs1 fc1 sc0 ls0 ws0\">opzionale<span class=\"_ _df\"> </span></div></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td class=\"c xa69 y3628 w10d5 h497\"><div class=\"t m0 x250 h5 y254f ff4 fs1 fc1 sc0 ls0 ws0\">(swaption)),<span class=\"_ _df\"> </span></div></td><td class=\"c xa79 y3628 w10d6 h497\"><div class=\"t m0 x250 h5 y254f ff4 fs1 fc1 sc0 ls0 ws0\">DISC_CASH_FLOW<span class=\"_ _df\"> </span></div></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td class=\"c xa69 y3629 w10d7 h497\" colspan=\"2\"><div class=\"t m0 x250 h5 y254f ff4 fs1 fc1 sc0 ls0 ws0\">(Componente cedolare dello swap)<span class=\"_ _df\"> </span></div></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td class=\"c xa69 y3480 w10b1 h497\"><div class=\"t m0 x250 h5 y254f ff4 fs1 fc1 sc2 ls0 ws0\">Para<span class=\"_ _f\"></span>metri<span class=\"sc0\">:<span class=\"_ _df\"> </span></span></div></td><td class=\"c xa71 y3480 w10bd h497\"><div class=\"t m0 x250 h5 y254f ff4 fs1 fc1 sc0 ls0 ws0\">IR_CURVE,<span class=\"_ _df\"> </span></div></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td class=\"c xa69 y362a w10d8 h497\"><div class=\"t m0 x250 h5 y254f ff4 fs1 fc1 sc0 ls0 ws0\">IR_SWAPTION_VOL_CUBE<span class=\"_ _df\"> </span></div></td><td></td></tr><tr><td class=\"c x44e y362b w8b h33c\"><div class=\"t m0 x10 h5 y150b ff4 fs1 fc1 sc0 ls0 ws0\">IRD </div></td><td class=\"c xa66 y362b w5f3 h33c\"><div class=\"t m0 x10 h5 y150b ff4 fs1 fc1 sc0 ls0 ws0\">REPO </div></td><td class=\"c xa6a y362b w5f4 h33c\"><div class=\"t m0 x10 h5 y150b ff4 fs1 fc1 sc0 ls0 ws0\">REPO </div></td><td class=\"c x75f y362b w5f5 h33c\"><div class=\"t m0 x10 h5 y150b ff4 fs1 fc1 sc0 ls0 ws0\">Bond Repo </div></td><td class=\"c xa6b y362b w36a h33c\"><div class=\"t m0 x10 h5 y150b ff4 fs1 fc1 sc0 ls0 ws0\">MARK_TO_MODEL </div></td><td class=\"c xa69 y362c w10b5 h59f\"><div class=\"t m0 x250 h5 y254f ff4 fs1 fc1 sc2 ls0 ws0\">Model<span class=\"_ _1\"></span>li<span class=\"sc0\">: DISC_CASH_FLOW<span class=\"_ _df\"> </span></span></div></td><td></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td class=\"c xa69 y2491 w10d9 h593\"><div class=\"t m0 x250 h5 y254f ff4 fs1 fc1 sc2 ls0 ws0\">Para<span class=\"_ _f\"></span>metri<span class=\"sc0\">: BOND_PX, IR_CURVE<span class=\"_ _df\"> </span></span></div></td><td></td></tr></table>1.3.1 G<span class=\"_ _1\"></span>li strum<span class=\"_ _1\"></span>enti d<span class=\"_ _1\"></span>eriva<span class=\"_ _f\"></span>ti di neg<span class=\"_ _1\"></span>oziazio<span class=\"_ _1\"></span>ne A. De<span class=\"_ _1\"></span>rivati f<span class=\"_ _f\"></span>inanziari<span class=\"_ _df\"> </span>A.1 D<span class=\"_ _1\"></span>eriva<span class=\"_ _f\"></span>ti finanzia<span class=\"_ _f\"></span>ri di nego<span class=\"_ _f\"></span>ziazione: <span class=\"_ _f\"></span>valori nozi<span class=\"_ _1\"></span>ona<span class=\"_ _f\"></span>li di fine <span class=\"_ _1\"></span>perio<span class=\"_ _1\"></span>do<span class=\"fc1 sc0\"> </span><table class=\"s w10da h5a4\" id=\"_25435605-343c-4f31-9eb8-771fb48ded11\"><tr><td></td><td></td><td></td><td class=\"c xa7a y362d w5f7 hcb\"><div class=\"t m0 xc h200 y25c ff4 fs22 fc4 sc3 ls0 ws0\">Totale 31<span class=\"_ _1\"></span>/12/202<span class=\"_ _1\"></span>5<span class=\"fc1 sc0\"> </span></div></td><td></td><td></td><td></td><td class=\"c xa7b y362d w5f8 hcb\"><div class=\"t m0 xc h200 y25c ff4 fs22 fc4 sc3 ls0 ws0\">Totale 31<span class=\"_ _1\"></span>/12/202<span class=\"_ _1\"></span>4<span class=\"fc1 sc0\"> </span></div></td><td></td></tr><tr><td></td><td></td><td class=\"c xa7a y362e w5f9 hcc\" colspan=\"2\"><div class=\"t m0 x49 h200 y5b ff4 fs22 fc4 sc3 ls0 ws0\">Over the<span class=\"_ _1\"></span> counter<span class=\"fc1 sc0\"> </span></div></td><td></td><td></td><td class=\"c xa7b y362e w53f hcc\" colspan=\"2\"><div class=\"t m0 x49 h200 y5b ff4 fs22 fc4 sc3 ls0 ws0\">Over the<span class=\"_ _1\"></span> counter<span class=\"_ _1\"></span><span class=\"fc1 sc0\"> </span></div></td><td></td></tr><tr><td class=\"c xa7c y2794 w10db h48d\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc4 sc3 ls0 ws0\">Attivit\u00e0<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x5b2 y362f w5fa hcb\" colspan=\"2\"><div class=\"t m0 x48 h200 y25c ff4 fs22 fc4 sc3 ls0 ws0\">Senza c<span class=\"_ _1\"></span>ontropar<span class=\"_ _1\"></span>ti centr<span class=\"_ _1\"></span>a<span class=\"ls105\">li</span><span class=\"fc1 sc0\"> </span></div></td><td></td><td></td><td class=\"c x6ec y362f w5fb hcb\" colspan=\"2\"><div class=\"t m0 x48 h200 y25c ff4 fs22 fc4 sc3 ls0 ws0\">Senza c<span class=\"_ _1\"></span>ontropar<span class=\"_ _1\"></span>ti centr<span class=\"_ _1\"></span>ali<span class=\"fc1 sc0\"> </span></div></td><td></td></tr><tr><td class=\"c x262 y3630 w10dc h48d\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc4 sc3 ls0 ws0\">sottos<span class=\"_ _1\"></span>tanti/Tipolo<span class=\"_ _1\"></span>gie<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td class=\"c xa7d y3631 w102f h48d\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc4 sc3 ls0 ws0\">Mercati<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td class=\"c xa7e y3631 w1030 h48d\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc4 sc3 ls0 ws0\">Mercati<span class=\"_ _df\"> </span></div></td></tr><tr><td class=\"c xa7c y3632 w101d h48d\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc4 sc3 ls0 ws0\">deriva<span class=\"_ _1\"></span>ti<span class=\"_ _df\"> </span></div></td><td class=\"c xa7f y3633 w10dd h48d\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc4 sc3 ls0 ws0\">Contropa<span class=\"_ _1\"></span>rti<span class=\"_ _df\"> </span></div></td><td class=\"c x5d5 y3634 w10de h48d\" colspan=\"2\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc4 sc3 ls0 ws0\">Senza <span class=\"_ _1\"></span>accordi</div></td><td class=\"c xa80 y3635 w1012 h48d\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc4 sc3 ls0 ws0\">organ<span class=\"_ _1\"></span>izzati<span class=\"_ _df\"> </span></div></td><td class=\"c xa81 y3633 w10dd h48d\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc4 sc3 ls0 ws0\">Contropa<span class=\"_ _1\"></span>rti<span class=\"_ _df\"> </span></div></td><td class=\"c xa82 y3634 w10de h48d\" colspan=\"2\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc4 sc3 ls0 ws0\">Senza <span class=\"_ _1\"></span>accordi</div></td><td class=\"c x5c9 y3635 w1012 h48d\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc4 sc3 ls0 ws0\">organ<span class=\"_ _1\"></span>izzati<span class=\"_ _df\"> </span></div></td></tr><tr><td></td><td class=\"c xa83 y3636 w10df h48d\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc4 sc3 ls0 ws0\">centrali<span class=\"_ _df\"> </span></div></td><td class=\"c xa84 y3637 w10e0 h48d\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc4 sc3 ls0 ws0\">Con acc<span class=\"_ _f\"></span>ordi di<span class=\"_ _df\"> </span></div></td><td></td><td></td><td class=\"c xa85 y3636 w10e1 h48d\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc4 sc3 ls0 ws0\">centrali<span class=\"_ _df\"> </span></div></td><td class=\"c xa86 y3637 w10e0 h48d\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc4 sc3 ls0 ws0\">Con acc<span class=\"_ _f\"></span>ordi di<span class=\"_ _df\"> </span></div></td><td></td><td></td></tr><tr><td></td><td></td><td class=\"c xa87 y3638 wcf2 h48e\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc4 sc3 ls0 ws0\">di<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td class=\"c xa88 y3638 wcf2 h48e\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc4 sc3 ls0 ws0\">di<span class=\"_ _df\"> </span></div></td><td></td><td></td></tr><tr><td></td><td></td><td class=\"c xa89 y3639 w10e2 h48e\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc4 sc3 ls0 ws0\">compen<span class=\"_ _1\"></span>sazione<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td class=\"c xa8a y3639 w10e3 h48e\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc4 sc3 ls0 ws0\">compen<span class=\"_ _1\"></span>sazione<span class=\"_ _df\"> </span></div></td><td></td><td></td></tr><tr><td></td><td></td><td class=\"c xa8b y2d5c w10e2 h48e\" colspan=\"2\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc4 sc3 ls0 ws0\">compen<span class=\"_ _1\"></span>sazione<span class=\"_ _df\"> </span></div></td><td></td><td></td><td class=\"c xa8c y2d5c w10e3 h48e\" colspan=\"2\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc4 sc3 ls0 ws0\">compen<span class=\"_ _1\"></span>sazione<span class=\"_ _df\"> </span></div></td><td></td></tr><tr><td class=\"c x262 y363a w10e4 h48e\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc1 sc2 ls0 ws0\">1. Titoli di <span class=\"_ _f\"></span>debito e<span class=\"_ _df\"> </span></div></td><td class=\"c xa7a y363b w1c6 hf\"><div class=\"t m0 x15 h200 y823 ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5b2 y363b w53e hf\"><div class=\"t m0 x2c h200 y823 ff4 fs22 fc1 sc0 ls0 ws0\">1.800.917<span class=\"_ _df\"> </span></div></td><td class=\"c xa8d y363b w4df hf\"><div class=\"t m0 x34 h200 y823 ff4 fs22 fc1 sc0 ls0 ws0\">673.812 </div></td><td class=\"c xa8e y363b w176 hf\"><div class=\"t m0 x39 h200 y823 ff4 fs22 fc1 sc0 ls0 ws0\">19.000 </div></td><td class=\"c xa7b y363b w1c6 hf\"><div class=\"t m0 x15 h200 y823 ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x6ec y363b w4bd hf\"><div class=\"t m0 x3a h200 y823 ff4 fs22 fc1 sc0 ls0 ws0\">1.183.6<span class=\"lse3\">57<span class=\"_ _df\"> </span></span></div></td><td class=\"c x86f y363b w5fc hf\"><div class=\"t m0 x34 h200 y823 ff4 fs22 fc1 sc0 ls0 ws0\">637.267 </div></td><td class=\"c x50e y363b w51 hf\"><div class=\"t m0 x14 h200 y823 ff4 fs22 fc1 sc0 ls0 ws0\">16.500 </div></td></tr><tr><td class=\"c x262 y34d4 w10e5 h48e\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc1 sc2 ls0 ws0\">tassi d'int<span class=\"_ _1\"></span>eresse<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x46b y363c w5c3 h4e\"><div class=\"t m0 x130 h200 y30c ff4 fs22 fc1 sc0 ls0 ws0\">a) Opzioni<span class=\"_ _df\"> </span></div></td><td class=\"c xa7a y363c w1c6 h4e\"><div class=\"t m0 x15 h200 y30c ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5b2 y363c w53e h4e\"><div class=\"t m0 x34 h200 y30c ff4 fs22 fc1 sc0 ls0 ws0\">440.172<span class=\"_ _df\"> </span></div></td><td class=\"c xa8d y363c w4df h4e\"><div class=\"t m0 x38 h200 y30c ff4 fs22 fc1 sc0 ls0 ws0\">611.910 </div></td><td class=\"c xa8e y363c w176 h4e\"><div class=\"t m0 x30 h200 y30c ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa7b y363c w1c6 h4e\"><div class=\"t m0 x15 h200 y30c ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x6ec y363c w4bd h4e\"><div class=\"t m0 x34 h200 y30c ff4 fs22 fc1 sc0 ls0 ws0\">394.155 </div></td><td class=\"c x86f y363c w5fc h4e\"><div class=\"t m0 x26 h200 y30c ff4 fs22 fc1 sc0 ls0 ws0\">543.585 </div></td><td class=\"c x50e y363c w51 h4e\"><div class=\"t m0 x30 h200 y30c ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y363d w5c3 h4d\"><div class=\"t m0 x130 h200 y392 ff4 fs22 fc1 sc0 ls0 ws0\">b) Swap<span class=\"_ _df\"> </span></div></td><td class=\"c xa7a y363d w1c6 h4d\"><div class=\"t m0 x15 h200 y392 ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5b2 y363d w53e h4d\"><div class=\"t m0 x35 h200 y392 ff4 fs22 fc1 sc0 ls0 ws0\">1.360.745<span class=\"_ _df\"> </span></div></td><td class=\"c xa8d y363d w4df h4d\"><div class=\"t m0 x31 h200 y392 ff4 fs22 fc1 sc0 ls0 ws0\">61.902 </div></td><td class=\"c xa8e y363d w176 h4d\"><div class=\"t m0 x30 h200 y392 ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa7b y363d w1c6 h4d\"><div class=\"t m0 x15 h200 y392 ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x6ec y363d w4bd h4d\"><div class=\"t m0 x26 h200 y392 ff4 fs22 fc1 sc0 ls0 ws0\">789.502 </div></td><td class=\"c x86f y363d w5fc h4d\"><div class=\"t m0 x97 h200 y392 ff4 fs22 fc1 sc0 ls0 ws0\">93.682 </div></td><td class=\"c x50e y363d w51 h4d\"><div class=\"t m0 x30 h200 y392 ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y363e w5c3 h4d\"><div class=\"t m0 x130 h200 y392 ff4 fs22 fc1 sc0 ls0 ws0\">c) Forward<span class=\"_ _df\"> </span></div></td><td class=\"c xa7a y363e w1c6 h4d\"><div class=\"t m0 x15 h200 y392 ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5b2 y363e w53e h4d\"><div class=\"t m0 xf h200 y392 ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa8d y363e w4df h4d\"><div class=\"t m0 xc6 h200 y392 ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa8e y363e w176 h4d\"><div class=\"t m0 x30 h200 y392 ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa7b y363e w1c6 h4d\"><div class=\"t m0 x15 h200 y392 ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x6ec y363e w4bd h4d\"><div class=\"t m0 xc6 h200 y392 ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x86f y363e w5fc h4d\"><div class=\"t m0 xc6 h200 y392 ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x50e y363e w51 h4d\"><div class=\"t m0 x30 h200 y392 ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y363f w5c3 h4e\"><div class=\"t m0 x130 h200 y30c ff4 fs22 fc1 sc0 ls0 ws0\">d) Futures<span class=\"_ _df\"> </span></div></td><td class=\"c xa7a y363f w1c6 h4e\"><div class=\"t m0 x15 h200 y30c ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5b2 y363f w53e h4e\"><div class=\"t m0 xf h200 y30c ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa8d y363f w4df h4e\"><div class=\"t m0 xc6 h200 y30c ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa8e y363f w176 h4e\"><div class=\"t m0 x39 h200 y30c ff4 fs22 fc1 sc0 ls0 ws0\">19.000 </div></td><td class=\"c xa7b y363f w1c6 h4e\"><div class=\"t m0 x15 h200 y30c ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x6ec y363f w4bd h4e\"><div class=\"t m0 xc6 h200 y30c ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x86f y363f w5fc h4e\"><div class=\"t m0 xc6 h200 y30c ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x50e y363f w51 h4e\"><div class=\"t m0 x14 h200 y30c ff4 fs22 fc1 sc0 ls0 ws0\">16.500 </div></td></tr><tr><td class=\"c x46b y3640 w5c3 h28e\"><div class=\"t m0 x130 h200 y392 ff4 fs22 fc1 sc0 ls0 ws0\">e) Altri<span class=\"_ _df\"> </span></div></td><td class=\"c xa7a y3640 w1c6 h28e\"><div class=\"t m0 x15 h200 y392 ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5b2 y3640 w53e h28e\"><div class=\"t m0 xf h200 y392 ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa8d y3640 w4df h28e\"><div class=\"t m0 xc6 h200 y392 ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa8e y3640 w176 h28e\"><div class=\"t m0 x30 h200 y392 ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa7b y3640 w1c6 h28e\"><div class=\"t m0 x15 h200 y392 ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x6ec y3640 w4bd h28e\"><div class=\"t m0 xc6 h200 y392 ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x86f y3640 w5fc h28e\"><div class=\"t m0 xc6 h200 y392 ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x50e y3640 w51 h28e\"><div class=\"t m0 x30 h200 y392 ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x262 y3641 w10e6 h48e\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc1 sc2 ls0 ws0\">2. Titoli d<span class=\"_ _1\"></span>i capitale <span class=\"_ _1\"></span>e<span class=\"_ _df\"> </span></div></td><td class=\"c xa7a y3642 w1c6 hf\"><div class=\"t m0 x15 h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5b2 y3642 w53e hf\"><div class=\"t m0 xf h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa8d y3642 w4df hf\"><div class=\"t m0 x7 h200 y153d ff4 fs22 fc1 sc0 ls9e ws0\">10<span class=\"ls0\"> </span></div></td><td class=\"c xa8e y3642 w176 hf\"><div class=\"t m0 x30 h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa7b y3642 w1c6 hf\"><div class=\"t m0 x15 h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x6ec y3642 w4bd hf\"><div class=\"t m0 xc6 h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x86f y3642 w5fc hf\"><div class=\"t m0 x7 h200 y153d ff4 fs22 fc1 sc0 ls9e ws0\">10<span class=\"ls0\"> </span></div></td><td class=\"c x50e y3642 w51 hf\"><div class=\"t m0 x30 h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x262 y3643 w10e7 h48e\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc1 sc2 ls0 ws0\">indici azio<span class=\"_ _1\"></span>nari<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x46b y3644 w5c3 h4e\"><div class=\"t m0 x130 h200 y30c ff4 fs22 fc1 sc0 ls0 ws0\">a) Opzioni<span class=\"_ _df\"> </span></div></td><td class=\"c xa7a y3644 w1c6 h4e\"><div class=\"t m0 x15 h200 y30c ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5b2 y3644 w53e h4e\"><div class=\"t m0 xf h200 y30c ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa8d y3644 w4df h4e\"><div class=\"t m0 x7 h200 y30c ff4 fs22 fc1 sc0 ls9e ws0\">10<span class=\"ls0\"> </span></div></td><td class=\"c xa8e y3644 w176 h4e\"><div class=\"t m0 x30 h200 y30c ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa7b y3644 w1c6 h4e\"><div class=\"t m0 x15 h200 y30c ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x6ec y3644 w4bd h4e\"><div class=\"t m0 xc6 h200 y30c ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x86f y3644 w5fc h4e\"><div class=\"t m0 x7 h200 y30c ff4 fs22 fc1 sc0 ls9e ws0\">10<span class=\"ls0\"> </span></div></td><td class=\"c x50e y3644 w51 h4e\"><div class=\"t m0 x30 h200 y30c ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y3645 w5c3 h4d\"><div class=\"t m0 x130 h200 y30c ff4 fs22 fc1 sc0 ls0 ws0\">b) Swap<span class=\"_ _df\"> </span></div></td><td class=\"c xa7a y3645 w1c6 h4d\"><div class=\"t m0 x15 h200 y30c ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5b2 y3645 w53e h4d\"><div class=\"t m0 xf h200 y30c ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa8d y3645 w4df h4d\"><div class=\"t m0 xc6 h200 y30c ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa8e y3645 w176 h4d\"><div class=\"t m0 x30 h200 y30c ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa7b y3645 w1c6 h4d\"><div class=\"t m0 x15 h200 y30c ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x6ec y3645 w4bd h4d\"><div class=\"t m0 xc6 h200 y30c ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x86f y3645 w5fc h4d\"><div class=\"t m0 xc6 h200 y30c ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x50e y3645 w51 h4d\"><div class=\"t m0 x30 h200 y30c ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y3646 w5c3 h4d\"><div class=\"t m0 x130 h200 y392 ff4 fs22 fc1 sc0 ls0 ws0\">c) Forward<span class=\"_ _df\"> </span></div></td><td class=\"c xa7a y3646 w1c6 h4d\"><div class=\"t m0 x15 h200 y392 ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5b2 y3646 w53e h4d\"><div class=\"t m0 xf h200 y392 ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa8d y3646 w4df h4d\"><div class=\"t m0 xc6 h200 y392 ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa8e y3646 w176 h4d\"><div class=\"t m0 x30 h200 y392 ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa7b y3646 w1c6 h4d\"><div class=\"t m0 x15 h200 y392 ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x6ec y3646 w4bd h4d\"><div class=\"t m0 xc6 h200 y392 ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x86f y3646 w5fc h4d\"><div class=\"t m0 xc6 h200 y392 ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x50e y3646 w51 h4d\"><div class=\"t m0 x30 h200 y392 ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y3647 w5c3 h4e\"><div class=\"t m0 x130 h200 y30c ff4 fs22 fc1 sc0 ls0 ws0\">d) Futures<span class=\"_ _df\"> </span></div></td><td class=\"c xa7a y3647 w1c6 h4e\"><div class=\"t m0 x15 h200 y30c ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5b2 y3647 w53e h4e\"><div class=\"t m0 xf h200 y30c ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa8d y3647 w4df h4e\"><div class=\"t m0 xc6 h200 y30c ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa8e y3647 w176 h4e\"><div class=\"t m0 x30 h200 y30c ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa7b y3647 w1c6 h4e\"><div class=\"t m0 x15 h200 y30c ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x6ec y3647 w4bd h4e\"><div class=\"t m0 xc6 h200 y30c ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x86f y3647 w5fc h4e\"><div class=\"t m0 xc6 h200 y30c ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x50e y3647 w51 h4e\"><div class=\"t m0 x30 h200 y30c ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y3648 w5c3 h4d\"><div class=\"t m0 x130 h200 y30c ff4 fs22 fc1 sc0 ls0 ws0\">e) Altri<span class=\"_ _df\"> </span></div></td><td class=\"c xa7a y3648 w1c6 h4d\"><div class=\"t m0 x15 h200 y30c ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5b2 y3648 w53e h4d\"><div class=\"t m0 xf h200 y30c ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa8d y3648 w4df h4d\"><div class=\"t m0 xc6 h200 y30c ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa8e y3648 w176 h4d\"><div class=\"t m0 x30 h200 y30c ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa7b y3648 w1c6 h4d\"><div class=\"t m0 x15 h200 y30c ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x6ec y3648 w4bd h4d\"><div class=\"t m0 xc6 h200 y30c ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x86f y3648 w5fc h4d\"><div class=\"t m0 xc6 h200 y30c ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x50e y3648 w51 h4d\"><div class=\"t m0 x30 h200 y30c ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y3649 w5c3 h4d\"><div class=\"t m0 x8a h200 y392 ff4 fs22 fc1 sc2 ls0 ws0\">3. Valut<span class=\"_ _1\"></span>e e oro<span class=\"sc0\"> </span></div></td><td class=\"c xa7a y3649 w1c6 h4d\"><div class=\"t m0 x15 h200 y392 ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5b2 y3649 w53e h4d\"><div class=\"t m0 x37 h200 y392 ff4 fs22 fc1 sc0 ls0 ws0\">131.634<span class=\"_ _df\"> </span></div></td><td class=\"c xa8d y3649 w4df h4d\"><div class=\"t m0 x26 h200 y392 ff4 fs22 fc1 sc0 ls0 ws0\">572.049 </div></td><td class=\"c xa8e y3649 w176 h4d\"><div class=\"t m0 x30 h200 y392 ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa7b y3649 w1c6 h4d\"><div class=\"t m0 x15 h200 y392 ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x6ec y3649 w4bd h4d\"><div class=\"t m0 x97 h200 y392 ff4 fs22 fc1 sc0 ls0 ws0\">94.428 </div></td><td class=\"c x86f y3649 w5fc h4d\"><div class=\"t m0 x34 h200 y392 ff4 fs22 fc1 sc0 ls0 ws0\">519.006 </div></td><td class=\"c x50e y3649 w51 h4d\"><div class=\"t m0 x30 h200 y392 ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y364a w5c3 h4e\"><div class=\"t m0 x130 h200 y30c ff4 fs22 fc1 sc0 ls0 ws0\">a) Opzioni<span class=\"_ _df\"> </span></div></td><td class=\"c xa7a y364a w1c6 h4e\"><div class=\"t m0 x15 h200 y30c ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5b2 y364a w53e h4e\"><div class=\"t m0 xf h200 y30c ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa8d y364a w4df h4e\"><div class=\"t m0 xc6 h200 y30c ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa8e y364a w176 h4e\"><div class=\"t m0 x30 h200 y30c ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa7b y364a w1c6 h4e\"><div class=\"t m0 x15 h200 y30c ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x6ec y364a w4bd h4e\"><div class=\"t m0 xc6 h200 y30c ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x86f y364a w5fc h4e\"><div class=\"t m0 xc6 h200 y30c ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x50e y364a w51 h4e\"><div class=\"t m0 x30 h200 y30c ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y364b w5c3 h4d\"><div class=\"t m0 x130 h200 y30c ff4 fs22 fc1 sc0 ls0 ws0\">b) Swap<span class=\"_ _df\"> </span></div></td><td class=\"c xa7a y364b w1c6 h4d\"><div class=\"t m0 x15 h200 y30c ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5b2 y364b w53e h4d\"><div class=\"t m0 xf h200 y30c ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa8d y364b w4df h4d\"><div class=\"t m0 xc6 h200 y30c ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa8e y364b w176 h4d\"><div class=\"t m0 x30 h200 y30c ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa7b y364b w1c6 h4d\"><div class=\"t m0 x15 h200 y30c ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x6ec y364b w4bd h4d\"><div class=\"t m0 xc6 h200 y30c ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x86f y364b w5fc h4d\"><div class=\"t m0 xc6 h200 y30c ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x50e y364b w51 h4d\"><div class=\"t m0 x30 h200 y30c ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y364c w5c3 h4d\"><div class=\"t m0 x130 h200 y392 ff4 fs22 fc1 sc0 ls0 ws0\">c) Forward<span class=\"_ _df\"> </span></div></td><td class=\"c xa7a y364c w1c6 h4d\"><div class=\"t m0 x15 h200 y392 ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5b2 y364c w53e h4d\"><div class=\"t m0 x37 h200 y392 ff4 fs22 fc1 sc0 ls0 ws0\">131.634<span class=\"_ _df\"> </span></div></td><td class=\"c xa8d y364c w4df h4d\"><div class=\"t m0 x26 h200 y392 ff4 fs22 fc1 sc0 ls0 ws0\">572.049 </div></td><td class=\"c xa8e y364c w176 h4d\"><div class=\"t m0 x30 h200 y392 ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa7b y364c w1c6 h4d\"><div class=\"t m0 x15 h200 y392 ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x6ec y364c w4bd h4d\"><div class=\"t m0 x97 h200 y392 ff4 fs22 fc1 sc0 ls0 ws0\">94.428 </div></td><td class=\"c x86f y364c w5fc h4d\"><div class=\"t m0 x34 h200 y392 ff4 fs22 fc1 sc0 ls0 ws0\">519.006 </div></td><td class=\"c x50e y364c w51 h4d\"><div class=\"t m0 x30 h200 y392 ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y364d w5c3 h4e\"><div class=\"t m0 x130 h200 y30c ff4 fs22 fc1 sc0 ls0 ws0\">d) Futures<span class=\"_ _df\"> </span></div></td><td class=\"c xa7a y364d w1c6 h4e\"><div class=\"t m0 x15 h200 y30c ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5b2 y364d w53e h4e\"><div class=\"t m0 xf h200 y30c ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa8d y364d w4df h4e\"><div class=\"t m0 xc6 h200 y30c ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa8e y364d w176 h4e\"><div class=\"t m0 x30 h200 y30c ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa7b y364d w1c6 h4e\"><div class=\"t m0 x15 h200 y30c ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x6ec y364d w4bd h4e\"><div class=\"t m0 xc6 h200 y30c ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x86f y364d w5fc h4e\"><div class=\"t m0 xc6 h200 y30c ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x50e y364d w51 h4e\"><div class=\"t m0 x30 h200 y30c ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y364e w5c3 h4d\"><div class=\"t m0 x130 h200 y30c ff4 fs22 fc1 sc0 ls0 ws0\">e) Altri<span class=\"_ _df\"> </span></div></td><td class=\"c xa7a y364e w1c6 h4d\"><div class=\"t m0 x15 h200 y30c ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5b2 y364e w53e h4d\"><div class=\"t m0 xf h200 y30c ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa8d y364e w4df h4d\"><div class=\"t m0 xc6 h200 y30c ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa8e y364e w176 h4d\"><div class=\"t m0 x30 h200 y30c ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa7b y364e w1c6 h4d\"><div class=\"t m0 x15 h200 y30c ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x6ec y364e w4bd h4d\"><div class=\"t m0 xc6 h200 y30c ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x86f y364e w5fc h4d\"><div class=\"t m0 xc6 h200 y30c ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x50e y364e w51 h4d\"><div class=\"t m0 x30 h200 y30c ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y364f w5c3 h4d\"><div class=\"t m0 x8a h200 y392 ff4 fs22 fc1 sc2 ls0 ws0\">4. Merc<span class=\"_ _f\"></span>i<span class=\"_ _df\"> </span></div></td><td class=\"c xa7a y364f w1c6 h4d\"><div class=\"t m0 x15 h200 y392 ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5b2 y364f w53e h4d\"><div class=\"t m0 xf h200 y392 ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa8d y364f w4df h4d\"><div class=\"t m0 xc6 h200 y392 ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa8e y364f w176 h4d\"><div class=\"t m0 x30 h200 y392 ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa7b y364f w1c6 h4d\"><div class=\"t m0 x15 h200 y392 ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x6ec y364f w4bd h4d\"><div class=\"t m0 xc6 h200 y392 ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x86f y364f w5fc h4d\"><div class=\"t m0 xc6 h200 y392 ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x50e y364f w51 h4d\"><div class=\"t m0 x30 h200 y392 ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y3650 w5c3 hc9\"><div class=\"t m0 x8a h200 y1b19 ff4 fs22 fc1 sc2 ls0 ws0\">5. Altri </div></td><td class=\"c xa7a y3650 w1c6 hc9\"><div class=\"t m0 x15 h200 y1b19 ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5b2 y3650 w53e hc9\"><div class=\"t m0 xf h200 y1b19 ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa8d y3650 w4df hc9\"><div class=\"t m0 xc6 h200 y1b19 ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa8e y3650 w176 hc9\"><div class=\"t m0 x30 h200 y1b19 ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa7b y3650 w1c6 hc9\"><div class=\"t m0 x15 h200 y1b19 ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x6ec y3650 w4bd hc9\"><div class=\"t m0 xc6 h200 y1b19 ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x86f y3650 w5fc hc9\"><div class=\"t m0 xc6 h200 y1b19 ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x50e y3650 w51 hc9\"><div class=\"t m0 x30 h200 y1b19 ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y3651 w5c3 hcc\"><div class=\"t m0 xf h200 y5b ff4 fs22 fc1 sc2 ls0 ws0\">Totale<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td><td class=\"c xa7a y3651 w1c6 hcc\"><div class=\"t m0 x15 h200 y5b ff4 fs22 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x5b2 y3651 w53e hcc\"><div class=\"t m0 x3a h200 y5b ff4 fs22 fc1 sc2 ls0 ws0\">1.932.5<span class=\"_ _1\"></span>51<span class=\"sc0\"> </span></div></td><td class=\"c xa8d y3651 w4df hcc\"><div class=\"t m0 x2c h200 y5b ff4 fs22 fc1 sc2 ls0 ws0\">1.302.0<span class=\"_ _1\"></span>25<span class=\"sc0\"> </span></div></td><td class=\"c xa8e y3651 w176 hcc\"><div class=\"t m0 x14 h200 y5b ff4 fs22 fc1 sc2 ls0 ws0\">19.000<span class=\"sc0\"> </span></div></td><td class=\"c xa7b y3651 w1c6 hcc\"><div class=\"t m0 x15 h200 y5b ff4 fs22 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x6ec y3651 w4bd hcc\"><div class=\"t m0 x2c h200 y5b ff4 fs22 fc1 sc2 ls0 ws0\">1.278.08<span class=\"_ _1\"></span>5<span class=\"sc0\"> </span></div></td><td class=\"c x86f y3651 w5fc hcc\"><div class=\"t m0 x3a h200 y5b ff4 fs22 fc1 sc2 ls0 ws0\">1.156.28<span class=\"_ _1\"></span>3<span class=\"sc0\"> </span></div></td><td class=\"c x50e y3651 w51 hcc\"><div class=\"t m0 x14 h200 y5b ff4 fs22 fc1 sc2 ls0 ws0\">16.500<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td></tr></table>A.2 : <span class=\"_ _1\"></span>fair <span class=\"_ _1\"></span>value<span class=\"_ _1\"></span> lordo<span class=\"_ _1\"></span> pos<span class=\"_ _1\"></span>itivo <span class=\"_ _f\"></span>e negativ<span class=\"_ _1\"></span>o - ripa<span class=\"_ _f\"></span>rtizione p<span class=\"_ _1\"></span>er pr<span class=\"_ _1\"></span>odot<span class=\"_ _1\"></span>ti<span class=\"_ _df\"> </span><table class=\"s w10e8 h5a5\" id=\"_cb5c96c6-fed4-4419-a70f-ffffe339cc84\"><tr><td></td><td></td><td class=\"c x8b5 y3652 w5fe h2aa\"><div class=\"t m0 x31 h30 y54 ff4 fsb fc4 sc3 ls0 ws0\">Totale </div></td><td class=\"c xa8f y3652 w5ff h2aa\"><div class=\"t m0 x10 h30 y54 ff4 fsb fc4 sc3 ls0 ws0\">31/12/2025<span class=\"_ _f\"></span> </div></td><td></td><td></td><td class=\"c x762 y3652 w5f3 h2aa\"><div class=\"t m0 x31 h30 y54 ff4 fsb fc4 sc3 ls0 ws0\">Totale </div></td><td class=\"c xa90 y3652 w5fe h2aa\"><div class=\"t m0 x10 h30 y54 ff4 fsb fc4 sc3 ls0 ws0\">31/12/202<span class=\"_ _f\"></span>4 </div></td><td></td></tr><tr><td></td><td></td><td class=\"c xa91 y3653 w4a4 had\" colspan=\"2\"><div class=\"t m0 x8 h30 y20 ff4 fsb fc4 sc3 ls0 ws0\">Over the<span class=\"_ _f\"></span> <span class=\"_ _2\"></span>cou<span class=\"_ _1\"></span>nter </div></td><td></td><td></td><td class=\"c x8a3 y3653 w4e7 had\" colspan=\"2\"><div class=\"t m0 x8 h30 y20 ff4 fsb fc4 sc3 ls0 ws0\">Over the<span class=\"_ _f\"></span> <span class=\"_ _2\"></span>cou<span class=\"_ _1\"></span>nter </div></td><td></td></tr><tr><td class=\"c x44e y3654 w5fd h343\"><div class=\"t m0 x116 h30 y1123 ff4 fsb fc4 sc3 ls0 ws0\">Tipologie<span class=\"_ _1\"></span> derivati </div></td><td></td><td class=\"c x8b5 y3655 w31f h2cf\" colspan=\"2\"><div class=\"t m0 x130 h30 y305 ff4 fsb fc4 sc3 ls0 ws0\">Senza c<span class=\"_ _1\"></span>ontroparti<span class=\"_ _1\"></span> centrali </div></td><td class=\"c xa92 y2e0f w10e9 h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">Mercati<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x762 y3655 w31f h2cf\" colspan=\"2\"><div class=\"t m0 x130 h30 y305 ff4 fsb fc4 sc3 ls0 ws0\">Senza c<span class=\"_ _1\"></span>ontroparti<span class=\"_ _1\"></span> centrali </div></td><td class=\"c xa93 y2e0f w10e9 h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">Mercati<span class=\"_ _df\"> </span></div></td></tr><tr><td></td><td class=\"c xa94 y3656 w10ea h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">Contro<span class=\"_ _1\"></span>parti<span class=\"_ _df\"> </span></div></td><td></td><td></td><td class=\"c xa95 y2d60 w10eb h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">organizz<span class=\"_ _1\"></span>ati<span class=\"_ _df\"> </span></div></td><td class=\"c xa96 y3656 w10ea h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">Contro<span class=\"_ _1\"></span>parti<span class=\"_ _df\"> </span></div></td><td></td><td></td><td class=\"c xa97 y2d60 w10eb h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">organizz<span class=\"_ _1\"></span>ati<span class=\"_ _df\"> </span></div></td></tr><tr><td></td><td class=\"c xa98 y3657 w10ec h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">centrali<span class=\"_ _df\"> </span></div></td><td class=\"c xa99 y3658 w10ed h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">Con accor<span class=\"_ _f\"></span>di di<span class=\"_ _df\"> </span></div></td><td class=\"c xa9a y3659 w10ee h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">Senza ac<span class=\"_ _1\"></span>cordi<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c xa9b y3657 w10ec h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">centrali<span class=\"_ _df\"> </span></div></td><td class=\"c x540 y3658 w10ed h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">Con accor<span class=\"_ _f\"></span>di di<span class=\"_ _df\"> </span></div></td><td class=\"c xa9c y3659 w10ee h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">Senza ac<span class=\"_ _1\"></span>cordi<span class=\"_ _df\"> </span></div></td><td></td></tr><tr><td></td><td></td><td class=\"c x4f7 y365a w10ef h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">compe<span class=\"_ _1\"></span>nsazione<span class=\"_ _df\"> </span></div></td><td class=\"c xa9d y365b w10f0 h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">di<span class=\"_ _df\"> </span></div></td><td></td><td></td><td class=\"c x75d y365a w10ef h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">compe<span class=\"_ _1\"></span>nsazione<span class=\"_ _df\"> </span></div></td><td class=\"c xa9e y365b w10f0 h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">di<span class=\"_ _df\"> </span></div></td><td></td></tr><tr><td></td><td></td><td></td><td class=\"c xa9f y2d06 w10ef h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">compe<span class=\"_ _1\"></span>nsazione<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td class=\"c x87e y2d06 w10ef h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">compe<span class=\"_ _1\"></span>nsazione<span class=\"_ _df\"> </span></div></td><td></td></tr><tr><td class=\"c x44e y365c w4f1 h82\"><div class=\"t m0 x10 h30 y28b ff4 fsb fc1 sc2 ls0 ws0\">1. Fair val<span class=\"_ _f\"></span>u<span class=\"_ _2\"></span>e po<span class=\"_ _1\"></span>sitivo </div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x44e y365d w4f1 h82\"><div class=\"t m0 x8e h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">a) Opzioni<span class=\"_ _df\"> </span></div></td><td class=\"c xa91 y365d w135 h82\"><div class=\"t m0 x15 h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x8b5 y365d w5fe h82\"><div class=\"t m0 x7 h30 y28b ff4 fsb fc1 sc0 ls54 ws0\">47<span class=\"ls0\"> </span></div></td><td class=\"c xa8f y365d w5f3 h82\"><div class=\"t m0 x15 h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">2.242 </div></td><td class=\"c xaa0 y365d w314 h82\"><div class=\"t m0 x15 h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x8a3 y365d w1dc h82\"><div class=\"t m0 x15 h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x762 y365d w5f3 h82\"><div class=\"t m0 x12 h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">160 </div></td><td class=\"c xa90 y365d w5fe h82\"><div class=\"t m0 x15 h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">3.665 </div></td><td class=\"c x58e y365d w186 h82\"><div class=\"t m0 x15 h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y365e w4f1 h82\"><div class=\"t m0 x8e h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">b) Interest rate sw<span class=\"_ _2\"></span>ap<span class=\"_ _df\"> </span></div></td><td class=\"c xa91 y365e w135 h82\"><div class=\"t m0 x15 h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x8b5 y365e w5fe h82\"><div class=\"t m0 x15 h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">8.256 </div></td><td class=\"c xa8f y365e w5f3 h82\"><div class=\"t m0 x91 h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">128 </div></td><td class=\"c xaa0 y365e w314 h82\"><div class=\"t m0 x15 h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x8a3 y365e w1dc h82\"><div class=\"t m0 x15 h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x762 y365e w5f3 h82\"><div class=\"t m0 x15 h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">7.406 </div></td><td class=\"c xa90 y365e w5fe h82\"><div class=\"t m0 x96 h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">328 </div></td><td class=\"c x58e y365e w186 h82\"><div class=\"t m0 x15 h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x58f y365f w10f1 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">c) Cross currency<span class=\"_ _df\"> </span></div></td><td class=\"c xa91 y3660 w135 h98\"><div class=\"t m0 x15 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x8b5 y3660 w5fe h98\"><div class=\"t m0 xe h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa8f y3660 w5f3 h98\"><div class=\"t m0 xe h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xaa0 y3660 w314 h98\"><div class=\"t m0 x15 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x8a3 y3660 w1dc h98\"><div class=\"t m0 x15 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x762 y3660 w5f3 h98\"><div class=\"t m0 xe h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa90 y3660 w5fe h98\"><div class=\"t m0 xe h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x58e y3660 w186 h98\"><div class=\"t m0 x15 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x58f y3661 w10f2 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">swap<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x44e y3662 w4f1 h82\"><div class=\"t m0 x8e h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">d) Equity swap<span class=\"_ _df\"> </span></div></td><td class=\"c xa91 y3662 w135 h82\"><div class=\"t m0 x15 h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x8b5 y3662 w5fe h82\"><div class=\"t m0 xe h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa8f y3662 w5f3 h82\"><div class=\"t m0 xe h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xaa0 y3662 w314 h82\"><div class=\"t m0 x15 h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x8a3 y3662 w1dc h82\"><div class=\"t m0 x15 h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x762 y3662 w5f3 h82\"><div class=\"t m0 xe h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa90 y3662 w5fe h82\"><div class=\"t m0 xe h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x58e y3662 w186 h82\"><div class=\"t m0 x15 h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y3663 w4f1 h82\"><div class=\"t m0 x8e h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">e) Forward<span class=\"_ _df\"> </span></div></td><td class=\"c xa91 y3663 w135 h82\"><div class=\"t m0 x15 h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x8b5 y3663 w5fe h82\"><div class=\"t m0 x96 h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">283 </div></td><td class=\"c xa8f y3663 w5f3 h82\"><div class=\"t m0 x36 h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">5.791 </div></td><td class=\"c xaa0 y3663 w314 h82\"><div class=\"t m0 x15 h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x8a3 y3663 w1dc h82\"><div class=\"t m0 x15 h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x762 y3663 w5f3 h82\"><div class=\"t m0 x96 h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">295 </div></td><td class=\"c xa90 y3663 w5fe h82\"><div class=\"t m0 x36 h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">3.138 </div></td><td class=\"c x58e y3663 w186 h82\"><div class=\"t m0 x15 h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y3664 w4f1 h82\"><div class=\"t m0 x8e h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">f) Futures </div></td><td class=\"c xa91 y3664 w135 h82\"><div class=\"t m0 x15 h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x8b5 y3664 w5fe h82\"><div class=\"t m0 xe h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa8f y3664 w5f3 h82\"><div class=\"t m0 xe h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xaa0 y3664 w314 h82\"><div class=\"t m0 x15 h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x8a3 y3664 w1dc h82\"><div class=\"t m0 x15 h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x762 y3664 w5f3 h82\"><div class=\"t m0 xe h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa90 y3664 w5fe h82\"><div class=\"t m0 xe h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x58e y3664 w186 h82\"><div class=\"t m0 x15 h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y3665 w4f1 h82\"><div class=\"t m0 x8e h30 y71 ff4 fsb fc1 sc0 ls0 ws0\">g) Altri<span class=\"_ _df\"> </span></div></td><td class=\"c xa91 y3665 w135 h82\"><div class=\"t m0 x15 h30 y71 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x8b5 y3665 w5fe h82\"><div class=\"t m0 xe h30 y71 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa8f y3665 w5f3 h82\"><div class=\"t m0 xe h30 y71 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xaa0 y3665 w314 h82\"><div class=\"t m0 x15 h30 y71 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x8a3 y3665 w1dc h82\"><div class=\"t m0 x15 h30 y71 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x762 y3665 w5f3 h82\"><div class=\"t m0 xe h30 y71 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa90 y3665 w5fe h82\"><div class=\"t m0 xe h30 y71 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x58e y3665 w186 h82\"><div class=\"t m0 x15 h30 y71 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y3666 w4f1 h254\"><div class=\"t m0 x49 h30 y28b ff4 fsb fc1 sc2 ls0 ws0\">Totale </div></td><td class=\"c xa91 y3666 w135 h254\"><div class=\"t m0 x15 h30 y28b ff4 fsb fc1 sc2 ls0 ws0\">- </div></td><td class=\"c x8b5 y3666 w5fe h254\"><div class=\"t m0 x15 h30 y28b ff4 fsb fc1 sc2 ls0 ws0\">8.586 </div></td><td class=\"c xa8f y3666 w5f3 h254\"><div class=\"t m0 x8f h30 y28b ff4 fsb fc1 sc2 ls0 ws0\">8.161 </div></td><td class=\"c xaa0 y3666 w314 h254\"><div class=\"t m0 x15 h30 y28b ff4 fsb fc1 sc2 ls0 ws0\">- </div></td><td class=\"c x8a3 y3666 w1dc h254\"><div class=\"t m0 x15 h30 y28b ff4 fsb fc1 sc2 ls0 ws0\">- </div></td><td class=\"c x762 y3666 w5f3 h254\"><div class=\"t m0 x36 h30 y28b ff4 fsb fc1 sc2 ls0 ws0\">7.861 </div></td><td class=\"c xa90 y3666 w5fe h254\"><div class=\"t m0 x13 h30 y28b ff4 fsb fc1 sc2 ls0 ws0\">7.131 </div></td><td class=\"c x58e y3666 w186 h254\"><div class=\"t m0 x15 h30 y28b ff4 fsb fc1 sc2 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y3667 w4f1 h82\"><div class=\"t m0 x10 h30 y28b ff4 fsb fc1 sc2 ls0 ws0\">2. Fair va<span class=\"_ _1\"></span>lue nega<span class=\"_ _1\"></span>tivo </div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x44e y3668 w4f1 h82\"><div class=\"t m0 x8e h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">a) Opzioni<span class=\"_ _df\"> </span></div></td><td class=\"c xa91 y3668 w135 h82\"><div class=\"t m0 x15 h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x8b5 y3668 w5fe h82\"><div class=\"t m0 x96 h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">798 </div></td><td class=\"c xa8f y3668 w5f3 h82\"><div class=\"t m0 x36 h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">2.196 </div></td><td class=\"c xaa0 y3668 w314 h82\"><div class=\"t m0 x15 h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x8a3 y3668 w1dc h82\"><div class=\"t m0 x15 h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x762 y3668 w5f3 h82\"><div class=\"t m0 x7 h30 y28b ff4 fsb fc1 sc0 ls54 ws0\">47<span class=\"ls0\"> </span></div></td><td class=\"c xa90 y3668 w5fe h82\"><div class=\"t m0 x15 h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">3.254 </div></td><td class=\"c x58e y3668 w186 h82\"><div class=\"t m0 x15 h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y3669 w4f1 h82\"><div class=\"t m0 x8e h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">b) Interest rate swap<span class=\"_ _df\"> </span></div></td><td class=\"c xa91 y3669 w135 h82\"><div class=\"t m0 x15 h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x8b5 y3669 w5fe h82\"><div class=\"t m0 x15 h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">7.740 </div></td><td class=\"c xa8f y3669 w5f3 h82\"><div class=\"t m0 x36 h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">1.520 </div></td><td class=\"c xaa0 y3669 w314 h82\"><div class=\"t m0 x15 h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x8a3 y3669 w1dc h82\"><div class=\"t m0 x15 h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x762 y3669 w5f3 h82\"><div class=\"t m0 x15 h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">2.925 </div></td><td class=\"c xa90 y3669 w5fe h82\"><div class=\"t m0 x15 h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">2.679 </div></td><td class=\"c x58e y3669 w186 h82\"><div class=\"t m0 x15 h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x58f y366a w10f1 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">c) Cross currency<span class=\"_ _df\"> </span></div></td><td class=\"c xa91 y366b w135 h98\"><div class=\"t m0 x15 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x8b5 y366b w5fe h98\"><div class=\"t m0 xe h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa8f y366b w5f3 h98\"><div class=\"t m0 xe h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xaa0 y366b w314 h98\"><div class=\"t m0 x15 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x8a3 y366b w1dc h98\"><div class=\"t m0 x15 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x762 y366b w5f3 h98\"><div class=\"t m0 xe h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa90 y366b w5fe h98\"><div class=\"t m0 xe h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x58e y366b w186 h98\"><div class=\"t m0 x15 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x58f y366c w10f2 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">swap<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x44e y366d w4f1 h82\"><div class=\"t m0 x8e h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">d) Equity swap<span class=\"_ _df\"> </span></div></td><td class=\"c xa91 y366d w135 h82\"><div class=\"t m0 x15 h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x8b5 y366d w5fe h82\"><div class=\"t m0 xe h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa8f y366d w5f3 h82\"><div class=\"t m0 xe h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xaa0 y366d w314 h82\"><div class=\"t m0 x15 h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x8a3 y366d w1dc h82\"><div class=\"t m0 x15 h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x762 y366d w5f3 h82\"><div class=\"t m0 xe h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa90 y366d w5fe h82\"><div class=\"t m0 xe h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x58e y366d w186 h82\"><div class=\"t m0 x15 h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y366e w4f1 h82\"><div class=\"t m0 x8e h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">e) Forward<span class=\"_ _df\"> </span></div></td><td class=\"c xa91 y366e w135 h82\"><div class=\"t m0 x15 h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x8b5 y366e w5fe h82\"><div class=\"t m0 x96 h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">656 </div></td><td class=\"c xa8f y366e w5f3 h82\"><div class=\"t m0 x15 h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">2.375 </div></td><td class=\"c xaa0 y366e w314 h82\"><div class=\"t m0 x15 h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x8a3 y366e w1dc h82\"><div class=\"t m0 x15 h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x762 y366e w5f3 h82\"><div class=\"t m0 x7 h30 y28b ff4 fsb fc1 sc0 ls53 ws0\">67<span class=\"ls0\"> </span></div></td><td class=\"c xa90 y366e w5fe h82\"><div class=\"t m0 x15 h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">5.492 </div></td><td class=\"c x58e y366e w186 h82\"><div class=\"t m0 x15 h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y366f w4f1 h82\"><div class=\"t m0 x8e h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">f) Futures </div></td><td class=\"c xa91 y366f w135 h82\"><div class=\"t m0 x15 h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x8b5 y366f w5fe h82\"><div class=\"t m0 xe h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa8f y366f w5f3 h82\"><div class=\"t m0 xe h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xaa0 y366f w314 h82\"><div class=\"t m0 x15 h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x8a3 y366f w1dc h82\"><div class=\"t m0 x15 h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x762 y366f w5f3 h82\"><div class=\"t m0 xe h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa90 y366f w5fe h82\"><div class=\"t m0 xe h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x58e y366f w186 h82\"><div class=\"t m0 x15 h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y3670 w4f1 h82\"><div class=\"t m0 x8e h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">g) Altri<span class=\"_ _df\"> </span></div></td><td class=\"c xa91 y3670 w135 h82\"><div class=\"t m0 x15 h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x8b5 y3670 w5fe h82\"><div class=\"t m0 xe h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa8f y3670 w5f3 h82\"><div class=\"t m0 xe h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xaa0 y3670 w314 h82\"><div class=\"t m0 x15 h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x8a3 y3670 w1dc h82\"><div class=\"t m0 x15 h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x762 y3670 w5f3 h82\"><div class=\"t m0 xe h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa90 y3670 w5fe h82\"><div class=\"t m0 xe h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x58e y3670 w186 h82\"><div class=\"t m0 x15 h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y3671 w4f1 hc8\"><div class=\"t m0 x49 h30 y74a ff4 fsb fc1 sc2 ls0 ws0\">Totale </div></td><td class=\"c xa91 y3671 w135 hc8\"><div class=\"t m0 x15 h30 y74a ff4 fsb fc1 sc2 ls0 ws0\">- </div></td><td class=\"c x8b5 y3671 w5fe hc8\"><div class=\"t m0 x36 h30 y74a ff4 fsb fc1 sc2 ls0 ws0\">9.194 </div></td><td class=\"c xa8f y3671 w5f3 hc8\"><div class=\"t m0 x36 h30 y74a ff4 fsb fc1 sc2 ls0 ws0\">6.091 </div></td><td class=\"c xaa0 y3671 w314 hc8\"><div class=\"t m0 x15 h30 y74a ff4 fsb fc1 sc2 ls0 ws0\">- </div></td><td class=\"c x8a3 y3671 w1dc hc8\"><div class=\"t m0 x15 h30 y74a ff4 fsb fc1 sc2 ls0 ws0\">- </div></td><td class=\"c x762 y3671 w5f3 hc8\"><div class=\"t m0 x15 h30 y74a ff4 fsb fc1 sc2 ls0 ws0\">3.039 </div></td><td class=\"c xa90 y3671 w5fe hc8\"><div class=\"t m0 x30 h30 y74a ff4 fsb fc1 sc2 ls0 ws0\">11.425 </div></td><td class=\"c x58e y3671 w186 hc8\"><div class=\"t m0 x15 h30 y74a ff4 fsb fc1 sc2 ls0 ws0\">- </div></td></tr></table>A.3 D<span class=\"_ _1\"></span>eriva<span class=\"_ _f\"></span>ti finanzia<span class=\"_ _f\"></span>ri di nego<span class=\"_ _f\"></span>ziazione<span class=\"_ _1\"></span> OTC <span class=\"_ _1\"></span><span class=\"ff5\">\u2013<span class=\"ff4\"> va<span class=\"_ _1\"></span>lori no<span class=\"_ _1\"></span>ziona<span class=\"_ _f\"></span>li, fair va<span class=\"_ _f\"></span>lue lordo<span class=\"_ _1\"></span> posi<span class=\"_ _1\"></span>tivo <span class=\"_ _f\"></span>e negativ<span class=\"_ _1\"></span>o per<span class=\"_ _f\"></span> contropa<span class=\"_ _f\"></span>rti<span class=\"_ _df\"> </span></span></span><table class=\"s w10f3 h5a6\" id=\"_01598726-ec5d-43a0-8395-6b5ad8a1aea7\"><tr><td class=\"c x46b y3672 w600 h345\"><div class=\"t m0 x24 h1f y8bb ff4 fs7 fc4 sc3 ls0 ws0\">Atti<span class=\"_ _1\"></span>vit\u00e0 s<span class=\"_ _f\"></span>ottosta<span class=\"_ _1\"></span>nti<span class=\"_ _1\"></span> <span class=\"fc1 sc0\"> </span></div></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x46b y3673 w603 h1d6\"><div class=\"t m0 x8a h1f y110b ff4 fs7 fc1 sc0 ls0 ws0\">Contratti non rien<span class=\"_ _f\"></span>tranti in accordi di compe<span class=\"_ _1\"></span>nsazione </div></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x46b y3674 w603 h82\"><div class=\"t m0 x130 h1f y54 ff4 fs7 fc1 sc2 ls0 ws0\">1) Tit<span class=\"_ _1\"></span>oli di <span class=\"_ _f\"></span>debito e<span class=\"_ _f\"></span> tassi<span class=\"_ _1\"></span> d'int<span class=\"_ _f\"></span>eresse<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x46b y3675 w603 h82\"><div class=\"t m0 x26 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- valore nozion<span class=\"_ _1\"></span>ale </div></td><td class=\"c x4fb y3675 w122 h82\"><div class=\"t m0 x27 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td></td><td class=\"c xa65 y3675 w27 h82\"><div class=\"t m0 x49 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x726 y3675 w375 h82\"><div class=\"t m0 x32 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">28.261</div></td><td class=\"c xaa1 y3675 w60 h82\"><div class=\"t m0 x33 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">645.551 </div></td></tr><tr><td class=\"c x46b y3676 w603 h82\"><div class=\"t m0 x26 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- fair value p<span class=\"_ _1\"></span>ositivo<span class=\"_ _df\"> </span></div></td><td class=\"c x4fb y3676 w122 h82\"><div class=\"t m0 x27 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td></td><td class=\"c xa65 y3676 w27 h82\"><div class=\"t m0 x49 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x726 y3676 w375 h82\"><div class=\"t m0 x8f h1f y54 ff4 fs7 fc1 sc0 ls29 ws0\">61<span class=\"ls0\"> </span></div></td><td class=\"c xaa1 y3676 w60 h82\"><div class=\"t m0 x34 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">2.307 </div></td></tr><tr><td class=\"c x46b y3677 w603 h82\"><div class=\"t m0 x26 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- fair value nega<span class=\"_ _1\"></span>tivo </div></td><td class=\"c x4fb y3677 w122 h82\"><div class=\"t m0 x27 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td></td><td class=\"c xa65 y3677 w27 h82\"><div class=\"t m0 x49 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x726 y3677 w375 h82\"><div class=\"t m0 x38 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">8<span class=\"ls34\">78</span> </div></td><td class=\"c xaa1 y3677 w60 h82\"><div class=\"t m0 x34 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">2.837 </div></td></tr><tr><td class=\"c x46b y3678 w603 h82\"><div class=\"t m0 x130 h1f y54 ff4 fs7 fc1 sc2 ls0 ws0\">2) Tit<span class=\"_ _1\"></span>oli di <span class=\"_ _f\"></span>capital<span class=\"_ _1\"></span>e e i<span class=\"_ _1\"></span>ndici a<span class=\"_ _f\"></span>ziona<span class=\"_ _f\"></span>ri<span class=\"sc0\"> </span></div></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x46b y3679 w603 h82\"><div class=\"t m0 x26 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- valore nozion<span class=\"_ _1\"></span>ale </div></td><td class=\"c x4fb y3679 w122 h82\"><div class=\"t m0 x27 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td></td><td class=\"c xa65 y3679 w27 h82\"><div class=\"t m0 x49 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x726 y3679 w375 h82\"><div class=\"t m0 x8f h1f y54 ff4 fs7 fc1 sc0 ls9 ws0\">10<span class=\"ls0\"> </span></div></td><td class=\"c xaa1 y3679 w60 h82\"><div class=\"t m0 x7 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y367a w603 h82\"><div class=\"t m0 x26 h1f y66c ff4 fs7 fc1 sc0 ls0 ws0\">- fair value p<span class=\"_ _1\"></span>ositivo </div></td><td class=\"c x4fb y367a w122 h82\"><div class=\"t m0 x27 h1f y66c ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td></td><td class=\"c xa65 y367a w27 h82\"><div class=\"t m0 x49 h1f y66c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x726 y367a w375 h82\"><div class=\"t m0 x96 h1f y66c ff4 fs7 fc1 sc0 ls0 ws0\">2 </div></td><td class=\"c xaa1 y367a w60 h82\"><div class=\"t m0 x7 h1f y66c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y367b w603 h82\"><div class=\"t m0 x26 h1f y66c ff4 fs7 fc1 sc0 ls0 ws0\">- fair value nega<span class=\"_ _1\"></span>tivo </div></td><td class=\"c x4fb y367b w122 h82\"><div class=\"t m0 x27 h1f y66c ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td></td><td class=\"c xa65 y367b w27 h82\"><div class=\"t m0 x49 h1f y66c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x726 y367b w375 h82\"><div class=\"t m0 x12 h1f y66c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xaa1 y367b w60 h82\"><div class=\"t m0 x7 h1f y66c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y367c w603 h254\"><div class=\"t m0 x130 h1f y54 ff4 fs7 fc1 sc2 ls0 ws0\">3) Va<span class=\"_ _1\"></span>lute <span class=\"_ _f\"></span>e oro<span class=\"sc0\"> </span></div></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x46b y367d w603 h82\"><div class=\"t m0 x26 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- valore nozion<span class=\"_ _1\"></span>ale </div></td><td class=\"c x4fb y367d w122 h82\"><div class=\"t m0 x27 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td></td><td class=\"c xa65 y367d w27 h82\"><div class=\"t m0 x49 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x726 y367d w375 h82\"><div class=\"t m0 x3a h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">5.532 </div></td><td class=\"c xaa1 y367d w60 h82\"><div class=\"t m0 x32 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">566.517 </div></td></tr><tr><td class=\"c x46b y367e w603 h82\"><div class=\"t m0 x26 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- fair value p<span class=\"_ _1\"></span>ositivo<span class=\"_ _df\"> </span></div></td><td class=\"c x4fb y367e w122 h82\"><div class=\"t m0 x27 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td></td><td class=\"c xa65 y367e w27 h82\"><div class=\"t m0 x49 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x726 y367e w375 h82\"><div class=\"t m0 x8f h1f y54 ff4 fs7 fc1 sc0 ls27 ws0\">31<span class=\"ls0\"> </span></div></td><td class=\"c xaa1 y367e w60 h82\"><div class=\"t m0 x34 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">5.760 </div></td></tr><tr><td class=\"c x46b y367f w603 h82\"><div class=\"t m0 x26 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- fair value negati<span class=\"_ _1\"></span>vo </div></td><td class=\"c x4fb y367f w122 h82\"><div class=\"t m0 x27 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td></td><td class=\"c xa65 y367f w27 h82\"><div class=\"t m0 x49 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x726 y367f w375 h82\"><div class=\"t m0 x12 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xaa1 y367f w60 h82\"><div class=\"t m0 x34 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">2.375 </div></td></tr><tr><td class=\"c x46b y3680 w603 h82\"><div class=\"t m0 x130 h1f y54 ff4 fs7 fc1 sc2 ls0 ws0\">4) Me<span class=\"_ _1\"></span>rci<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x46b y3681 w603 h82\"><div class=\"t m0 x26 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- valore nozion<span class=\"_ _1\"></span>ale </div></td><td class=\"c x4fb y3681 w122 h82\"><div class=\"t m0 x27 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td></td><td class=\"c xa65 y3681 w27 h82\"><div class=\"t m0 x49 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x726 y3681 w375 h82\"><div class=\"t m0 x12 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xaa1 y3681 w60 h82\"><div class=\"t m0 x7 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y3682 w603 h82\"><div class=\"t m0 x26 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- fair value p<span class=\"_ _1\"></span>ositivo </div></td><td class=\"c x4fb y3682 w122 h82\"><div class=\"t m0 x27 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td></td><td class=\"c xa65 y3682 w27 h82\"><div class=\"t m0 x49 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x726 y3682 w375 h82\"><div class=\"t m0 x12 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xaa1 y3682 w60 h82\"><div class=\"t m0 x7 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y3683 w603 h82\"><div class=\"t m0 x26 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- fair value nega<span class=\"_ _1\"></span>tivo </div></td><td class=\"c x4fb y3683 w122 h82\"><div class=\"t m0 x27 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td></td><td class=\"c xa65 y3683 w27 h82\"><div class=\"t m0 x49 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x726 y3683 w375 h82\"><div class=\"t m0 x12 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xaa1 y3683 w60 h82\"><div class=\"t m0 x7 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y3684 w603 h82\"><div class=\"t m0 x130 h1f y54 ff4 fs7 fc1 sc2 ls0 ws0\">5) Al<span class=\"_ _1\"></span>tri<span class=\"sc0\"> </span></div></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x46b y3685 w603 h82\"><div class=\"t m0 x26 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- valore nozion<span class=\"_ _1\"></span>ale </div></td><td class=\"c x4fb y3685 w122 h82\"><div class=\"t m0 x27 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td></td><td class=\"c xa65 y3685 w27 h82\"><div class=\"t m0 x49 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x726 y3685 w375 h82\"><div class=\"t m0 x12 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xaa1 y3685 w60 h82\"><div class=\"t m0 x7 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y3686 w603 h82\"><div class=\"t m0 x26 h1f y66c ff4 fs7 fc1 sc0 ls0 ws0\">- fair value p<span class=\"_ _1\"></span>ositivo </div></td><td class=\"c x4fb y3686 w122 h82\"><div class=\"t m0 x27 h1f y66c ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td></td><td class=\"c xa65 y3686 w27 h82\"><div class=\"t m0 x49 h1f y66c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x726 y3686 w375 h82\"><div class=\"t m0 x12 h1f y66c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xaa1 y3686 w60 h82\"><div class=\"t m0 x7 h1f y66c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y3687 w603 h82\"><div class=\"t m0 x26 h1f y66c ff4 fs7 fc1 sc0 ls0 ws0\">- fair value nega<span class=\"_ _1\"></span>tivo </div></td><td class=\"c x4fb y3687 w122 h82\"><div class=\"t m0 x27 h1f y66c ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td></td><td class=\"c xa65 y3687 w27 h82\"><div class=\"t m0 x49 h1f y66c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x726 y3687 w375 h82\"><div class=\"t m0 x12 h1f y66c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xaa1 y3687 w60 h82\"><div class=\"t m0 x7 h1f y66c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y3688 w603 h82\"><div class=\"t m0 x8a h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">Contratti rient<span class=\"_ _1\"></span>ranti in accordi di com<span class=\"_ _f\"></span>pensazione </div></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x46b y3689 w603 h82\"><div class=\"t m0 x130 h1f y54 ff4 fs7 fc1 sc2 ls0 ws0\">1) Tit<span class=\"_ _1\"></span>oli di <span class=\"_ _f\"></span>debito e<span class=\"_ _f\"></span> tassi<span class=\"_ _1\"></span> d'int<span class=\"_ _f\"></span>eresse<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x46b y368a w603 h82\"><div class=\"t m0 x130 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- valore nozion<span class=\"_ _1\"></span>ale </div></td><td></td><td class=\"c x4fb y368a w122 h82\"><div class=\"t m0 xe h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa65 y368a w27 h82\"><div class=\"t m0 x2c h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">1.758.363 </div></td><td class=\"c x726 y368a w375 h82\"><div class=\"t m0 x33 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">42.553 </div></td><td class=\"c xaa1 y368a w60 h82\"><div class=\"t m0 x7 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y368b w603 h82\"><div class=\"t m0 x130 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- fair value pos<span class=\"_ _1\"></span>itivo </div></td><td></td><td class=\"c x4fb y368b w122 h82\"><div class=\"t m0 xe h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa65 y368b w27 h82\"><div class=\"t m0 x8f h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">8.303 </div></td><td class=\"c x726 y368b w375 h82\"><div class=\"t m0 x12 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xaa1 y368b w60 h82\"><div class=\"t m0 x7 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y368c w603 h254\"><div class=\"t m0 x130 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- fair value negati<span class=\"_ _1\"></span>vo </div></td><td></td><td class=\"c x4fb y368c w122 h254\"><div class=\"t m0 xe h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa65 y368c w27 h254\"><div class=\"t m0 x8f h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">8.478 </div></td><td class=\"c x726 y368c w375 h254\"><div class=\"t m0 x15 h1f y54 ff4 fs7 fc1 sc0 ls29 ws0\">60<span class=\"ls0\"> </span></div></td><td class=\"c xaa1 y368c w60 h254\"><div class=\"t m0 x7 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y368d w603 h82\"><div class=\"t m0 x130 h1f y54 ff4 fs7 fc1 sc2 ls0 ws0\">2) Tit<span class=\"_ _1\"></span>oli di <span class=\"_ _f\"></span>capital<span class=\"_ _1\"></span>e e i<span class=\"_ _1\"></span>ndici a<span class=\"_ _f\"></span>ziona<span class=\"_ _f\"></span>ri<span class=\"sc0\"> </span></div></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x46b y368e w603 h82\"><div class=\"t m0 x130 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- valore nozion<span class=\"_ _1\"></span>ale </div></td><td></td><td class=\"c x4fb y368e w122 h82\"><div class=\"t m0 xe h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa65 y368e w27 h82\"><div class=\"t m0 x49 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x726 y368e w375 h82\"><div class=\"t m0 x12 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xaa1 y368e w60 h82\"><div class=\"t m0 x7 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y368f w603 h82\"><div class=\"t m0 x130 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- fair value pos<span class=\"_ _1\"></span>itivo<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x4fb y368f w122 h82\"><div class=\"t m0 xe h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa65 y368f w27 h82\"><div class=\"t m0 x49 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x726 y368f w375 h82\"><div class=\"t m0 x12 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xaa1 y368f w60 h82\"><div class=\"t m0 x7 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y3690 w603 h82\"><div class=\"t m0 x130 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- fair value negati<span class=\"_ _1\"></span>vo </div></td><td></td><td class=\"c x4fb y3690 w122 h82\"><div class=\"t m0 xe h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa65 y3690 w27 h82\"><div class=\"t m0 x49 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x726 y3690 w375 h82\"><div class=\"t m0 x12 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xaa1 y3690 w60 h82\"><div class=\"t m0 x7 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y3691 w603 h82\"><div class=\"t m0 x130 h1f y54 ff4 fs7 fc1 sc2 ls0 ws0\">3) Va<span class=\"_ _1\"></span>lute <span class=\"_ _f\"></span>e oro<span class=\"sc0\"> </span></div></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x46b y3692 w603 h82\"><div class=\"t m0 x130 h1f y66c ff4 fs7 fc1 sc0 ls0 ws0\">- valore nozion<span class=\"_ _1\"></span>ale </div></td><td></td><td class=\"c x4fb y3692 w122 h82\"><div class=\"t m0 xe h1f y66c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa65 y3692 w27 h82\"><div class=\"t m0 x31 h1f y66c ff4 fs7 fc1 sc0 ls0 ws0\">94.594 </div></td><td class=\"c x726 y3692 w375 h82\"><div class=\"t m0 x48 h1f y66c ff4 fs7 fc1 sc0 ls0 ws0\">37.040 </div></td><td class=\"c xaa1 y3692 w60 h82\"><div class=\"t m0 x7 h1f y66c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y3693 w603 h82\"><div class=\"t m0 x130 h1f y66c ff4 fs7 fc1 sc0 ls0 ws0\">- fair value pos<span class=\"_ _1\"></span>itivo </div></td><td></td><td class=\"c x4fb y3693 w122 h82\"><div class=\"t m0 xe h1f y66c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa65 y3693 w27 h82\"><div class=\"t m0 x90 h1f y66c ff4 fs7 fc1 sc0 ls2a ws0\">283<span class=\"_ _df\"> </span></div></td><td class=\"c x726 y3693 w375 h82\"><div class=\"t m0 x12 h1f y66c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xaa1 y3693 w60 h82\"><div class=\"t m0 x7 h1f y66c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y3694 w603 h82\"><div class=\"t m0 x130 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- fair value negati<span class=\"_ _1\"></span>vo </div></td><td></td><td class=\"c x4fb y3694 w122 h82\"><div class=\"t m0 xe h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa65 y3694 w27 h82\"><div class=\"t m0 xc6 h1f y54 ff4 fs7 fc1 sc0 ls34 ws0\">78<span class=\"ls0\"> </span></div></td><td class=\"c x726 y3694 w375 h82\"><div class=\"t m0 x38 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">579 </div></td><td class=\"c xaa1 y3694 w60 h82\"><div class=\"t m0 x7 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y3695 w603 h82\"><div class=\"t m0 x130 h1f y54 ff4 fs7 fc1 sc2 ls0 ws0\">4) Me<span class=\"_ _1\"></span>rci<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x46b y3696 w603 h82\"><div class=\"t m0 x130 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- valore nozion<span class=\"_ _1\"></span>ale </div></td><td></td><td class=\"c x4fb y3696 w122 h82\"><div class=\"t m0 xe h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa65 y3696 w27 h82\"><div class=\"t m0 x49 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x726 y3696 w375 h82\"><div class=\"t m0 x12 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xaa1 y3696 w60 h82\"><div class=\"t m0 x7 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y3697 w603 h82\"><div class=\"t m0 x130 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- fair value pos<span class=\"_ _1\"></span>itivo<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x4fb y3697 w122 h82\"><div class=\"t m0 xe h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa65 y3697 w27 h82\"><div class=\"t m0 x49 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x726 y3697 w375 h82\"><div class=\"t m0 x12 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xaa1 y3697 w60 h82\"><div class=\"t m0 x7 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y3698 w603 h82\"><div class=\"t m0 x130 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- fair value negati<span class=\"_ _1\"></span>vo </div></td><td></td><td class=\"c x4fb y3698 w122 h82\"><div class=\"t m0 xe h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa65 y3698 w27 h82\"><div class=\"t m0 x49 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x726 y3698 w375 h82\"><div class=\"t m0 x12 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xaa1 y3698 w60 h82\"><div class=\"t m0 x7 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y3699 w603 h82\"><div class=\"t m0 x130 h1f y54 ff4 fs7 fc1 sc2 ls0 ws0\">5) Al<span class=\"_ _1\"></span>tri<span class=\"sc0\"> </span></div></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x46b y369a w603 h82\"><div class=\"t m0 x130 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- valore nozion<span class=\"_ _1\"></span>ale </div></td><td></td><td class=\"c x4fb y369a w122 h82\"><div class=\"t m0 xe h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa65 y369a w27 h82\"><div class=\"t m0 x49 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x726 y369a w375 h82\"><div class=\"t m0 x12 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xaa1 y369a w60 h82\"><div class=\"t m0 x7 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y369b w603 h254\"><div class=\"t m0 x130 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- fair value pos<span class=\"_ _1\"></span>itivo<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x4fb y369b w122 h254\"><div class=\"t m0 xe h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa65 y369b w27 h254\"><div class=\"t m0 x49 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x726 y369b w375 h254\"><div class=\"t m0 x12 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xaa1 y369b w60 h254\"><div class=\"t m0 x7 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y369c w603 hc8\"><div class=\"t m0 x130 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- fair value negati<span class=\"_ _1\"></span>vo </div></td><td></td><td class=\"c x4fb y369c w122 hc8\"><div class=\"t m0 xe h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa65 y369c w27 hc8\"><div class=\"t m0 x49 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x726 y369c w375 hc8\"><div class=\"t m0 x12 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xaa1 y369c w60 hc8\"><div class=\"t m0 x7 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr></table>Controparti Altre societ\u00e0 A.4 Vi<span class=\"_ _1\"></span>ta r<span class=\"_ _1\"></span>esidu<span class=\"_ _1\"></span>a de<span class=\"_ _1\"></span>i deri<span class=\"_ _1\"></span>vati fi<span class=\"_ _1\"></span>nanzi<span class=\"_ _1\"></span>ari <span class=\"_ _1\"></span>OTC: va<span class=\"_ _f\"></span>lori nozi<span class=\"_ _1\"></span>onali<span class=\"_ _1\"></span> <table class=\"s w10f4 h5a7\" id=\"_32ae97b5-3c45-47bc-ab48-528ab276f1e4\"><tr><td class=\"c x46b y369d w604 h226\"><div class=\"t m0 xe6 h30 y1116 ff4 fsb fc4 sc3 ls0 ws0\">Sottost<span class=\"_ _1\"></span>anti/Vita r<span class=\"_ _1\"></span>esidua<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c xa64 y369d w273 h226\"><div class=\"t m0 x16a h30 y1116 ff4 fsb fc4 sc3 ls0 ws0\">Fino ad 1 <span class=\"_ _1\"></span>anno<span class=\"_ _df\"> </span></div></td><td class=\"c xaa2 y369e w10f5 h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">Oltre 1 a<span class=\"_ _1\"></span>nno e fino<span class=\"_ _df\"> </span></div></td><td class=\"c x616 y369d w278 h226\"><div class=\"t m0 x55 h30 y1116 ff4 fsb fc4 sc3 ls0 ws0\">Oltre 5 ann<span class=\"_ _1\"></span>i<span class=\"_ _df\"> </span></div></td><td class=\"c xaa3 y369d w5bd h226\"><div class=\"t m0 x32 h30 y1116 ff4 fsb fc4 sc3 ls0 ws0\">Totale<span class=\"_ _df\"> </span></div></td></tr><tr><td></td><td></td><td></td><td class=\"c xaa4 y369f w10f6 h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">a 5 anni<span class=\"_ _df\"> </span></div></td><td></td><td></td></tr><tr><td class=\"c x370 y36a0 w10f7 h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc1 sc0 ls0 ws0\">A.1 Derivati finanziari<span class=\"_ _2\"></span> su titoli di debito e<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c xa64 y36a1 w74 h98\"><div class=\"t m0 x36 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">906.471<span class=\"_ _df\"> </span></div></td><td class=\"c x86d y36a1 w5bf h98\"><div class=\"t m0 x97 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">1.454.650<span class=\"_ _df\"> </span></div></td><td class=\"c x616 y36a1 w606 h98\"><div class=\"t m0 x36 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">113.608<span class=\"_ _df\"> </span></div></td><td class=\"c xaa3 y36a1 w5bd h98\"><div class=\"t m0 x37 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">2.474.729<span class=\"_ _df\"> </span></div></td></tr><tr><td class=\"c xaa5 y26da w10f8 h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc1 sc0 ls0 ws0\">tassi di interes<span class=\"_ _2\"></span>se<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x262 y36a2 w10f9 h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc1 sc0 ls0 ws0\">A.2 Derivati finanziari su<span class=\"_ _2\"></span> titoli di capitale ed<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c xa64 y36a3 w74 h98\"><div class=\"t m0 xc3 h30 y27 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x86d y36a3 w5bf h98\"><div class=\"t m0 xc3 h30 y27 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x616 y36a3 w606 h98\"><div class=\"t m0 xc7 h30 y27 ff4 fsb fc1 sc0 ls52 ws0\">10<span class=\"_ _df\"> </span></div></td><td class=\"c xaa3 y36a3 w5bd h98\"><div class=\"t m0 x49 h30 y27 ff4 fsb fc1 sc0 ls52 ws0\">10<span class=\"_ _df\"> </span></div></td></tr><tr><td class=\"c xaa6 y36a4 w10fa h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc1 sc0 ls0 ws0\">indici azionari<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x46b y36a5 w605 h82\"><div class=\"t m0 x3a h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">A.3 Derivati finanziari s<span class=\"_ _2\"></span>u valute e oro<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c xa64 y36a5 w74 h82\"><div class=\"t m0 x36 h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">732.100<span class=\"_ _df\"> </span></div></td><td class=\"c x86d y36a5 w5bf h82\"><div class=\"t m0 x11 h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">27.737<span class=\"_ _df\"> </span></div></td><td class=\"c x616 y36a5 w606 h82\"><div class=\"t m0 xf0 h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c xaa3 y36a5 w5bd h82\"><div class=\"t m0 x15 h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">759.837<span class=\"_ _df\"> </span></div></td></tr><tr><td class=\"c x46b y36a6 w605 h82\"><div class=\"t m0 x90 h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">A.4 Derivati finanziari s<span class=\"_ _2\"></span>u merci<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c xa64 y36a6 w74 h82\"><div class=\"t m0 xc3 h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x86d y36a6 w5bf h82\"><div class=\"t m0 xc3 h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x616 y36a6 w606 h82\"><div class=\"t m0 xf0 h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c xaa3 y36a6 w5bd h82\"><div class=\"t m0 xc3 h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td></tr><tr><td class=\"c x46b y36a7 w605 h82\"><div class=\"t m0 xef h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">A.5 Altri derivati<span class=\"_ _2\"></span> finanziari<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c xa64 y36a7 w74 h82\"><div class=\"t m0 xc3 h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x86d y36a7 w5bf h82\"><div class=\"t m0 xc3 h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x616 y36a7 w606 h82\"><div class=\"t m0 xf0 h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c xaa3 y36a7 w5bd h82\"><div class=\"t m0 xc3 h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td></tr><tr><td class=\"c x46b y36a8 w605 hc8\"><div class=\"t m0 x92 h30 y74a ff4 fsb fc1 sc2 ls0 ws0\">Totale</div></td><td class=\"c x9ba y36a8 w257 hc8\"><div class=\"t m0 x8a h30 y74a ff4 fsb fc1 sc2 ls0 ws0\">31/12/2025<span class=\"_ _df\"> </span></div></td><td class=\"c xa64 y36a8 w74 hc8\"><div class=\"t m0 x31 h30 y74a ff4 fsb fc1 sc2 ls0 ws0\">1.638.571<span class=\"_ _df\"> </span></div></td><td class=\"c x86d y36a8 w5bf hc8\"><div class=\"t m0 x38 h30 y74a ff4 fsb fc1 sc2 ls0 ws0\">1.482.387<span class=\"_ _df\"> </span></div></td><td class=\"c x616 y36a8 w606 hc8\"><div class=\"t m0 x8f h30 y74a ff4 fsb fc1 sc2 ls0 ws0\">113.618<span class=\"_ _df\"> </span></div></td><td class=\"c xaa3 y36a8 w5bd hc8\"><div class=\"t m0 x97 h30 y74a ff4 fsb fc1 sc2 ls0 ws0\">3.234.57<span class=\"_ _1\"></span>6<span class=\"_ _df\"> </span></div></td></tr><tr><td class=\"c x46b y36a9 w605 hc8\"><div class=\"t m0 x92 h30 y74a ff4 fsb fc1 sc2 ls0 ws0\">Totale</div></td><td class=\"c x9ba y36a9 w257 hc8\"><div class=\"t m0 x8a h30 y74a ff4 fsb fc1 sc2 ls0 ws0\">31/12/202<span class=\"_ _f\"></span>4<span class=\"_ _df\"> </span></div></td><td class=\"c xa64 y36a9 w74 hc8\"><div class=\"t m0 x30 h30 y74a ff4 fsb fc1 sc2 ls0 ws0\">1.601.176<span class=\"_ _df\"> </span></div></td><td class=\"c x86d y36a9 w5bf hc8\"><div class=\"t m0 x36 h30 y74a ff4 fsb fc1 sc2 ls0 ws0\">747.993<span class=\"_ _df\"> </span></div></td><td class=\"c x616 y36a9 wf3 hc8\"><div class=\"t m0 x13 h30 y74a ff4 fsb fc1 sc2 ls0 ws0\">85.198<span class=\"_ _df\"> </span></div></td><td class=\"c xaa3 y36a9 w4e hc8\"><div class=\"t m0 x97 h30 y74a ff4 fsb fc1 sc2 ls0 ws0\">2.434.3<span class=\"_ _1\"></span>67<span class=\"_ _df\"> </span></div></td></tr></table><div class=\"t m0 h1a ff4 fs6 fc4 sc3 ls0 ws0 gs154a\">1.3.2<span class=\"_ _f\"></span> Le cop<span class=\"_ _f\"></span>erture<span class=\"_ _1\"></span> co<span class=\"_ _1\"></span>ntab<span class=\"_ _f\"></span>ili </div><div class=\"t m0 he ff4 fs5 fc4 sc3 ls0 ws0 gs154b\">Inform<span class=\"_ _1\"></span>azio<span class=\"_ _f\"></span>ni di natura<span class=\"_ _f\"></span> qualitativa </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs154c\">In <span class=\"_ _d\"></span>tema <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>Hedge <span class=\"_ _d\"></span>accounting, <span class=\"_ _d\"></span>il <span class=\"_ _d\"></span>Gruppo, <span class=\"_ _d\"></span>come <span class=\"_ _d\"></span>previsto <span class=\"_ _d\"></span>dall\u2019IFRS9, <span class=\"_ _d\"></span>continua <span class=\"_ _d\"></span>ad <span class=\"_ _d\"></span>applicare <span class=\"_ _d\"></span>quanto </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs154d\">definito <span class=\"_ _0\"></span>dal <span class=\"_ _d\"></span>princ<span class=\"_ _2\"></span>ipio <span class=\"_ _d\"></span>contabile <span class=\"_ _0\"></span>I<span class=\"_ _2\"></span>AS <span class=\"_ _d\"></span>39 <span class=\"_ _0\"></span>(n<span class=\"_ _2\"></span>ella <span class=\"_ _d\"></span>versione <span class=\"_ _0\"></span>carved <span class=\"_ _0\"></span>out<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>omo<span class=\"_ _2\"></span>logata <span class=\"_ _0\"></span>dalla <span class=\"_ _d\"></span>Commissione </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs154e\">Europea) in relazione a tutte le coperture poste in essere. </div><div class=\"t m0 he ff4 fs5 fc4 sc3 ls0 ws0 gs154f\">Attivit\u00e0<span class=\"_ _f\"></span> di copert<span class=\"_ _1\"></span>ura de<span class=\"_ _1\"></span>l fair <span class=\"_ _1\"></span>value<span class=\"_ _1\"></span>, strum<span class=\"_ _1\"></span>enti d<span class=\"_ _1\"></span>i cope<span class=\"_ _1\"></span>rtura<span class=\"_ _1\"></span> ed e<span class=\"_ _1\"></span>lementi <span class=\"_ _1\"></span>cope<span class=\"_ _1\"></span>rti  </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1550\">Si <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>dottata <span class=\"_ _d\"></span>la <span class=\"_ _2\"></span>metodologia <span class=\"_ _2\"></span>contabile <span class=\"_ _2\"></span>del <span class=\"_ _d\"></span>Macro <span class=\"_ _2\"></span>Fair <span class=\"_ _d\"></span>Value <span class=\"_ _2\"></span>Hedge <span class=\"_ _d\"></span>per <span class=\"_ _2\"></span>la <span class=\"_ _d\"></span>copertura <span class=\"_ _2\"></span>del <span class=\"_ _d\"></span>rischio <span class=\"_ _2\"></span>di </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1551\">tasso associato a: </div><div class=\"t m0 h5 ff13 fs1 fc1 sc0 ls0 ws0 gs1552\">-<span class=\"_ _1d\"> </span><span class=\"ff4\">Mutui/finanziamenti a tasso fisso;<span class=\"_ _df\"> </span></span></div><div class=\"t m0 h5 ff13 fs1 fc1 sc0 ls0 ws0 gs1553\">-<span class=\"_ _1d\"> </span><span class=\"ff4\">componente core anelastica della raccolta a vista.<span class=\"_ _df\"> </span></span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1554\">Si <span class=\"_ _0\"></span>\u00e8 <span class=\"_ _9\"> </span>adottata, <span class=\"_ _9\"> </span>inoltre, <span class=\"_ _0\"></span>la <span class=\"_ _9\"> </span>metodologia <span class=\"_ _0\"></span>contabile <span class=\"_ _9\"> </span>del <span class=\"_ _0\"></span>Micro <span class=\"_ _9\"> </span>Fair <span class=\"_ _9\"> </span>value <span class=\"_ _0\"></span>Hedge <span class=\"_ _9\"> </span>per <span class=\"_ _9\"> </span>la <span class=\"_ _9\"> </span>copertura <span class=\"_ _0\"></span>del </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1555\">rischio di tasso associato a:<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff13 fs1 fc1 sc0 ls0 ws0 gs1556\">-<span class=\"_ _1d\"> </span><span class=\"ff4\">titoli <span class=\"_ _d\"></span>di <span class=\"_ _2\"></span>debito <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>egime <span class=\"_ _2\"></span>contabile <span class=\"_ _2\"></span>HTCS <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>HTC <span class=\"_ _d\"></span>(inclusi <span class=\"_ _2\"></span>titoli <span class=\"_ _d\"></span>BTP <span class=\"_ _2\"></span>inflattivi <span class=\"_ _2\"></span>ove <span class=\"_ _2\"></span>viene <span class=\"_ _2\"></span>coperto </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1557\">anche il rischio inflazione),<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff13 fs1 fc1 sc0 ls0 ws0 gs1558\">-<span class=\"_ _1d\"> </span><span class=\"ff4\">prestiti obbligazionari a tasso fisso emessi dal Credito Emiliano.<span class=\"_ _df\"> </span></span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs1559\">L\u2019applicazione <span class=\"_ _2\"></span>della <span class=\"_ _d\"></span>metodologia <span class=\"_ _d\"></span>di <span class=\"_ _2\"></span>hedge <span class=\"_ _d\"></span>accounting <span class=\"_ _2\"></span>consente <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>rappresentare <span class=\"_ _2\"></span>contabilmente </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs155a\">in  modo  simme<span class=\"_ _1\"></span>trico  sia  le  poste <span class=\"_ _16\"> </span>coperte  che  i<span class=\"_ _1\"></span>  prodotti  d<span class=\"_ _1\"></span>erivati  utilizzati  p<span class=\"_ _f\"></span>er  la  copertura.  In </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs155b\">particolare, <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>copertura <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>rischio <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>tasso, <span class=\"_ _2\"></span>vengono <span class=\"_ _2\"></span>utilizzati <span class=\"_ _2\"></span>strumenti <span class=\"_ _2\"></span>derivati non <span class=\"_ _2\"></span>quotati </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs155c\">(IRS, OIS, <span class=\"_ _2\"></span>IRS <span class=\"_ _2\"></span>inflation) <span class=\"_ _2\"></span>che consentono <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>riallineare le <span class=\"_ _2\"></span>differenze <span class=\"_ _2\"></span>tra <span class=\"_ _d\"></span>le car<span class=\"_ _2\"></span>atteristiche finanziarie<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs155d\">degli impieghi e della raccolta.<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs155e\">Il <span class=\"_ _d\"></span>Fair <span class=\"_ _0\"></span>Value <span class=\"_ _d\"></span>Hedge <span class=\"_ _d\"></span>prevede <span class=\"_ _0\"></span>che <span class=\"_ _0\"></span>la <span class=\"_ _d\"></span>relazione <span class=\"_ _d\"></span>di <span class=\"_ _0\"></span>copertura <span class=\"_ _d\"></span>sia <span class=\"_ _0\"></span>formalmente <span class=\"_ _d\"></span>documentata <span class=\"_ _d\"></span>da <span class=\"_ _0\"></span>una </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs155f\">hedging <span class=\"_ _9\"> </span>card  e <span class=\"_ _16\"> </span>che <span class=\"_ _16\"> </span>la <span class=\"_ _16\"> </span>tenuta <span class=\"_ _16\"> </span>dell<span class=\"_ _1\"></span>a  copertura <span class=\"_ _9\"> </span>s<span class=\"_ _2\"></span>ia <span class=\"_ _9\"> </span>verificata  attraverso <span class=\"_ _16\"> </span>dei <span class=\"_ _9\"> </span>t<span class=\"_ _2\"></span>est <span class=\"_ _16\"> </span>di <span class=\"_ _9\"> </span>efficacia <span class=\"_ _16\"> </span>sia </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls39 ws0 gs1560\">pr<span class=\"ls0\">ospettici che <span class=\"_ _2\"></span>retrospettivi. Se i test di efficacia danno esito <span class=\"_ _2\"></span>positivo \u00e8 passata in <span class=\"_ _2\"></span>contabilit\u00e0 una </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1561\">rettifica <span class=\"_ _2\"></span>relativa al <span class=\"_ _2\"></span>Fair Value dello <span class=\"_ _2\"></span>strumento <span class=\"_ _2\"></span>coperto, per <span class=\"_ _2\"></span>allineare la <span class=\"_ _2\"></span>sua modalit\u00e0 <span class=\"_ _2\"></span>di valutazione </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1562\">a quello dello strumento di hedging.<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1563\">Tali test <span class=\"_ _2\"></span>di e<span class=\"ff5\">fficacia sono svolti periodicamente durante <span class=\"_ _2\"></span>tutta la vita dell\u2019operazione. La <span class=\"_ _2\"></span>copertura </span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs1564\">\u00e8 <span class=\"_ _2\"></span>cons<span class=\"_ _2\"></span>iderata <span class=\"_ _2\"></span>efficace <span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>il <span class=\"_ _d\"></span>rapporto <span class=\"_ _d\"></span>tra <span class=\"_ _d\"></span>la <span class=\"_ _2\"></span>variazione <span class=\"_ _d\"></span>di <span class=\"_ _2\"></span>fair <span class=\"_ _d\"></span>value <span class=\"_ _d\"></span>dell\u2019elemento <span class=\"_ _d\"></span>coperto <span class=\"_ _2\"></span>rispetto </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1565\">allo  strumento <span class=\"_ _4\"> </span>di<span class=\"_ _f\"></span> <span class=\"_ _4\"> </span>copertura  \u00e8  compreso <span class=\"_ _4\"> </span>nel<span class=\"_ _1\"></span>  range <span class=\"_ _22\"> </span>80<span class=\"_ _2\"></span>%-125%.  Il <span class=\"_ _22\"> </span>t<span class=\"_ _2\"></span>est  di  verifica <span class=\"_ _22\"> </span>della  t<span class=\"_ _2\"></span>enuta </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1566\">prospettica e retrospettiva delle cope<span class=\"_ _1\"></span>rture \u00e8 svolto su base trimestrale.<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs1567\">L\u2019hedge <span class=\"_ _2\"></span>accounting non <span class=\"_ _2\"></span>pu\u00f2 <span class=\"_ _2\"></span>essere <span class=\"_ _2\"></span>mant<span class=\"_ _2\"></span>enuto qualora <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>copertura <span class=\"_ _2\"></span>divenga in<span class=\"_ _2\"></span>efficace (fuor<span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>dal </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1568\">range <span class=\"_ _16\"> </span>80%-125%). <span class=\"_ _9\"> </span>Eventuali  fonti <span class=\"_ _9\"> </span>di  ine<span class=\"_ _1\"></span>fficacia <span class=\"_ _16\"> </span>possono <span class=\"_ _16\"> </span>essere:  d<span class=\"_ _1\"></span>iverse <span class=\"_ _16\"> </span>date <span class=\"_ _9\"> </span>di  pagamento <span class=\"_ _9\"> </span>o<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1569\">convenzioni fra <span class=\"_ _2\"></span>strumento <span class=\"_ _2\"></span>coperto e <span class=\"_ _2\"></span>di copertura, <span class=\"_ _2\"></span>variazione della base <span class=\"_ _2\"></span>tra le <span class=\"_ _2\"></span>curve di <span class=\"_ _2\"></span>forwarding </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs156a\">e discounting.<span class=\"_ _df\"> </span></div><div class=\"t m0 he ff4 fs5 fc4 sc3 ls0 ws0 gs156b\">Attivit\u00e0<span class=\"_ _f\"></span> di copert<span class=\"_ _1\"></span>ura de<span class=\"_ _1\"></span>i fluss<span class=\"_ _1\"></span>i finanz<span class=\"_ _f\"></span>iari, strum<span class=\"_ _1\"></span>enti di <span class=\"_ _1\"></span>cope<span class=\"_ _1\"></span>rtura <span class=\"_ _1\"></span>ed ele<span class=\"_ _f\"></span>menti cope<span class=\"_ _f\"></span>rti<span class=\"fc1 sc2\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs156c\">Obiettivo <span class=\"_ _2\"></span>di fondo <span class=\"_ _2\"></span>dell<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>operazioni <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>copertura <span class=\"_ _2\"></span>effettuate <span class=\"_ _2\"></span>second<span class=\"_ _1\"></span>o <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>metodologia <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>Cash <span class=\"_ _2\"></span>Flow </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs156d\">Hedge <span class=\"_ _f\"></span>\u00e8 <span class=\"_ _f\"></span>quello <span class=\"_ _f\"></span>di <span class=\"_ _f\"></span>e<span class=\"_ _2\"></span>vitare <span class=\"_ _f\"></span>che <span class=\"_ _f\"></span>variazioni <span class=\"_ _f\"></span>inattese <span class=\"_ _1\"></span>dei <span class=\"_ _f\"></span>tassi <span class=\"_ _1\"></span>di <span class=\"_ _f\"></span>mercato <span class=\"_ _1\"></span>si <span class=\"_ _f\"></span>ripercuotano <span class=\"_ _f\"></span>negativamente </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs156e\">sul margine di interesse.  </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs156f\">In <span class=\"_ _1\"></span>particolare, p<span class=\"_ _1\"></span>er la<span class=\"_ _1\"></span> cope<span class=\"_ _1\"></span>rtura de<span class=\"_ _1\"></span>l rischi<span class=\"_ _1\"></span>o di <span class=\"_ _f\"></span>tasso, vengono <span class=\"_ _f\"></span>utilizzati strumenti <span class=\"_ _f\"></span>derivati non<span class=\"_ _1\"></span> qu<span class=\"_ _1\"></span>otati </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1570\">(IRS) <span class=\"_ _2\"></span>ch<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>consentono <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>riallineare <span class=\"_ _d\"></span>le <span class=\"_ _2\"></span>differenze <span class=\"_ _d\"></span>tra <span class=\"_ _d\"></span>le <span class=\"_ _d\"></span>caratteristiche <span class=\"_ _d\"></span>finanziarie <span class=\"_ _d\"></span>degli <span class=\"_ _2\"></span>impieghi<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>e </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1571\">della <span class=\"_ _0\"></span>raccolta. <span class=\"_ _9\"> </span><span class=\"ff5\">L\u2019obiettivo <span class=\"_ _0\"></span>della <span class=\"_ _9\"> </span>copertura <span class=\"_ _9\"> </span>\u00e8 <span class=\"_ _0\"></span>l\u2019eliminazione <span class=\"_ _9\"> </span>parziale <span class=\"_ _0\"></span>del <span class=\"_ _0\"> </span>r<span class=\"_ _2\"></span>ischio <span class=\"_ _0\"></span>di <span class=\"_ _9\"> </span>fluttuazioni <span class=\"_ _0\"></span>dei </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1572\">f<span class=\"ff5\">lussi <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>cas<span class=\"_ _2\"></span>sa <span class=\"_ _d\"></span>futuri <span class=\"_ _d\"></span>determinati <span class=\"_ _0\"></span>dall\u2019andamento <span class=\"_ _d\"></span>del <span class=\"_ _d\"></span>tas<span class=\"_ _2\"></span>so <span class=\"_ _d\"></span>variabile<span class=\"_ _1\"></span> <span class=\"_ _d\"></span>l<span class=\"_ _2\"></span>ungo <span class=\"_ _d\"></span>il <span class=\"_ _d\"></span>periodo <span class=\"_ _0\"></span>coperto <span class=\"_ _d\"></span>e <span class=\"_ _0\"></span>il </span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs1573\">conseguente <span class=\"_ _e\"> </span>raggiungimento <span class=\"_ _e\"> </span>di <span class=\"_ _e\"> </span>un\u2019indicizzazione <span class=\"_ _e\"> </span>al <span class=\"_ _e\"> </span>tas<span class=\"_ _2\"></span>so <span class=\"_ _15\"> </span>fisso <span class=\"_ _10\"> </span>\u201cobiettivo\u201d, <span class=\"_ _e\"> </span>pari <span class=\"_ _e\"> </span>a <span class=\"_ _e\"> </span>quello </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs1574\">sintetizzato dai flussi della \u201cgamba\u201d a tasso fisso del<span class=\"_ _1\"></span> gruppo di s<span class=\"_ _2\"></span><span class=\"ff4\">trumenti di copertura. </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1575\">Il <span class=\"_ _1\"></span>Macro Cash<span class=\"_ _1\"></span> Flow<span class=\"_ _1\"></span> He<span class=\"_ _1\"></span>dge <span class=\"_ _1\"></span>\u00e8 attivo <span class=\"_ _f\"></span>per i <span class=\"_ _f\"></span>mutui a<span class=\"_ _1\"></span> tasso <span class=\"_ _f\"></span>variabile. <span class=\"_ _f\"></span>La definizione <span class=\"_ _1\"></span>dei <span class=\"_ _f\"></span>pacchett<span class=\"_ _2\"></span>i <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>mutui </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1576\">coperti in Macro Cash Flow Hedge \u00e8 stata fatta secondo i segu<span class=\"_ _1\"></span>enti criteri:<span class=\"_ _2\"></span> </div><div class=\"t m0 h5 ff13 fs1 fc1 sc0 ls0 ws0 gs1577\">-<span class=\"_ _1d\"> </span><span class=\"ff4\">stessa frequenza di pagamento<span class=\"_ _df\"> </span></span></div><div class=\"t m0 h5 ff13 fs1 fc1 sc0 ls0 ws0 gs1578\">-<span class=\"_ _1d\"> </span><span class=\"ff4\">stesso tipo di indicizzazione<span class=\"_ _df\"> </span></span></div><div class=\"t m0 h5 ff13 fs1 fc1 sc0 ls0 ws0 gs1579\">-<span class=\"_ _1d\"> </span><span class=\"ff4\">periodicit\u00e0 <span class=\"_ _d\"></span>di <span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>evisione<span class=\"_ _1\"></span> <span class=\"_ _d\"></span>del <span class=\"_ _2\"></span>tasso <span class=\"_ _d\"></span>e <span class=\"_ _d\"></span>liquidazi<span class=\"_ _1\"></span>one <span class=\"_ _d\"></span>degli <span class=\"_ _2\"></span>interessi <span class=\"_ _d\"></span>(divisi <span class=\"_ _2\"></span>nei <span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>eguenti <span class=\"_ _2\"></span>3 <span class=\"_ _d\"></span>bucket:<span class=\"_ _df\"> </span></span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs157a\">dal 1\u00b0 al 10\u00b0 giorno del mese, dal 11\u00b0 al 20\u00b0 e dal 21\u00b0 a fine mese)<span class=\"_ _1\"></span>.<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs157b\">L'omogeneit\u00e0 di<span class=\"_ _1\"></span> tali ca<span class=\"_ _1\"></span>ratteristiche de<span class=\"_ _1\"></span>l portafoglio mutui <span class=\"_ _f\"></span>e dei rel<span class=\"_ _1\"></span>ativi deriv<span class=\"_ _1\"></span>ati gar<span class=\"_ _2\"></span>antisce l'e<span class=\"_ _1\"></span>fficacia </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs157c\">della <span class=\"_ _d\"></span>copert<span class=\"_ _2\"></span>ura <span class=\"_ _d\"></span>e <span class=\"_ _0\"></span>quindi <span class=\"_ _d\"></span>permett<span class=\"_ _2\"></span>e <span class=\"_ _d\"></span>di <span class=\"_ _0\"></span>non <span class=\"_ _0\"></span>effettuare <span class=\"_ _d\"></span>t<span class=\"_ _2\"></span>est <span class=\"_ _d\"></span>di <span class=\"_ _0\"></span>efficacia, <span class=\"_ _d\"></span>ma <span class=\"_ _0\"></span>solamente <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>capienza </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs157d\">minima di nominale per ogni periodo futuro a partire dal bu<span class=\"_ _1\"></span>cket in corso.<span class=\"_ _df\"> </span><span class=\"_ _2\"></span> </div><div class=\"t m0 h5 ff4 fs1 fc4 sc3 ls0 ws0 gs157f\">Meto<span class=\"_ _1\"></span>do di<span class=\"_ _1\"></span> valu<span class=\"_ _1\"></span>tazio<span class=\"_ _f\"></span>ne di effica<span class=\"_ _f\"></span>cia </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1580\">Per la raccolta a tasso variabile coperta in Cash Flow Hedge vengono effettuati i seguenti test: </div><div class=\"t m0 h5 ff13 fs1 fc1 sc0 ls0 ws0 gs1581\">-<span class=\"_ _1d\"> </span><span class=\"ff4\">Verifica <span class=\"_ _0\"></span>della <span class=\"_ _d\"></span>capienza <span class=\"_ _0\"></span>minima <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>nominale <span class=\"_ _0\"></span>per <span class=\"_ _d\"></span>ogni <span class=\"_ _0\"></span>periodo <span class=\"_ _0\"></span>futuro <span class=\"_ _0\"></span>a <span class=\"_ _0\"></span>partire <span class=\"_ _d\"></span>del <span class=\"_ _0\"></span>bucket <span class=\"_ _0\"></span>in </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1582\">corso; </div><div class=\"t m0 h5 ff13 fs1 fc1 sc0 ls0 ws0 gs1583\">-<span class=\"_ _1d\"> </span><span class=\"ff4\">effettuazione <span class=\"_ _17\"> </span>del <span class=\"_ _17\"> </span>test <span class=\"_ _14\"> </span>prospettico <span class=\"_ _17\"> </span>e <span class=\"_ _17\"> </span>retros<span class=\"_ _2\"></span>pettivo <span class=\"_ _4\"> </span>tramite <span class=\"_ _17\"> </span>la <span class=\"_ _17\"> </span>metodologia <span class=\"_ _17\"> </span>del <span class=\"_ _17\"> </span>derivato<span class=\"_ _df\"> </span></span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1584\">ipotetico, ovve<span class=\"_ _1\"></span>ro confronto fra i<span class=\"_ _1\"></span>l <span class=\"_ _f\"></span>Fair<span class=\"_ _2\"></span> Valu<span class=\"_ _1\"></span>e del<span class=\"_ _1\"></span> derivato di<span class=\"_ _1\"></span> copertura rispe<span class=\"_ _1\"></span>tto al Fair<span class=\"_ _f\"></span>  Value de<span class=\"_ _1\"></span>l<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1585\">derivato ipotetico avente come <span class=\"_ _2\"></span>gamba fissa <span class=\"_ _2\"></span>gli stessi <span class=\"_ _2\"></span>flussi dei derivati di cop<span class=\"_ _2\"></span>ertura e come </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1586\">gamba <span class=\"_ _17\"> </span>variabile <span class=\"_ _4\"> </span>i <span class=\"_ _17\"> </span>flussi <span class=\"_ _17\"> </span>variabili <span class=\"_ _17\"> </span>dello <span class=\"_ _17\"> </span>strumento <span class=\"_ _17\"> </span>coperto <span class=\"_ _17\"> </span>pesato <span class=\"_ _17\"> </span>per <span class=\"_ _17\"> </span>le <span class=\"_ _17\"> </span>percentuali <span class=\"_ _17\"> </span>di<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1587\">copertura. </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1588\">Per <span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>mut<span class=\"_ _2\"></span>ui <span class=\"_ _2\"></span>coperti <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>Macro <span class=\"_ _d\"></span>Cash <span class=\"_ _d\"></span>Flow <span class=\"_ _2\"></span>Hedge <span class=\"_ _2\"></span>viene <span class=\"_ _2\"></span>verificato <span class=\"_ _d\"></span>che <span class=\"_ _2\"></span>lo <span class=\"_ _d\"></span>swap <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>copertura <span class=\"_ _d\"></span>sia <span class=\"_ _2\"></span>stato </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1589\">concluso a condizioni di mercato, controllando il valore di Mark To Market con la curva real time al </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs158a\">momento della chiusura <span class=\"ff5\">dell\u2019operazione.</span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs158b\">Relativamente <span class=\"_ _0\"></span>al <span class=\"_ _0\"></span>Cash <span class=\"_ _9\"> </span>Flow <span class=\"_ _0\"></span>Hedge <span class=\"_ _0\"></span>delle <span class=\"_ _9\"> </span>diverse <span class=\"_ _0\"></span>forme <span class=\"_ _9\"> </span>di <span class=\"_ _0\"></span>finanziamento <span class=\"_ _9\"> </span>alla <span class=\"_ _0\"></span>clientela <span class=\"_ _0\"></span>(analogo </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsb9f\">discorso <span class=\"_ _0\"></span>vale <span class=\"_ _d\"></span>per <span class=\"_ _d\"></span>il <span class=\"_ _0\"></span>Macro <span class=\"_ _d\"></span>Cash <span class=\"_ _d\"></span>Flow <span class=\"_ _d\"></span>Hedge <span class=\"_ _0\"></span>raccolta <span class=\"_ _0\"></span>cambiando <span class=\"_ _d\"></span>i <span class=\"_ _d\"></span>segni <span class=\"_ _0\"></span>dei <span class=\"_ _d\"></span>flussi <span class=\"_ _d\"></span>e <span class=\"_ _0\"></span>le <span class=\"_ _d\"></span>at<span class=\"_ _2\"></span>tivit\u00e0 <span class=\"_ _d\"></span>in </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsba0\">passivit\u00e0) <span class=\"_ _d\"></span>gli <span class=\"_ _d\"></span>s<span class=\"_ _2\"></span>trumenti <span class=\"_ _d\"></span>derivati <span class=\"_ _d\"></span>per <span class=\"_ _0\"></span>i <span class=\"_ _d\"></span>quali <span class=\"_ _0\"></span>si <span class=\"_ _0\"></span>applica <span class=\"_ _d\"></span>la <span class=\"_ _0\"></span>metodologia <span class=\"_ _d\"></span>in <span class=\"_ _0\"></span>oggetto <span class=\"_ _0\"></span>sono <span class=\"_ _d\"></span>considerati </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsba1\">come <span class=\"_ _e\"> </span>facenti <span class=\"_ _e\"> </span>parte <span class=\"_ _e\"> </span>di <span class=\"_ _15\"> </span>un <span class=\"_ _e\"> </span>unico <span class=\"_ _e\"> </span>gruppo <span class=\"_ _e\"> </span>di <span class=\"_ _e\"> </span>operazioni <span class=\"_ _e\"> </span>che <span class=\"_ _e\"> </span>presentano <span class=\"_ _e\"> </span>complessivamente </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gsba2\">un\u2019esposizione di tipo \u201cincasso tasso <span class=\"_ _2\"></span>variabile<span class=\"_ _1\"></span>/pagamento <span class=\"_ _2\"></span>tasso fisso\u201d. Tale gruppo di operazioni </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs158c\">\u00e8 considerato, lungo tutta la lor<span class=\"_ _2\"></span>o vita, a copertura parziale dei flussi che si generano su un <span class=\"_ _2\"></span>gruppo </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs158d\">di passivit\u00e0 <span class=\"_ _2\"></span>a t<span class=\"_ _2\"></span>asso variabile (pagamento <span class=\"_ _2\"></span>tasso <span class=\"_ _2\"></span>variabile<span class=\"_ _1\"></span>); tali <span class=\"_ _2\"></span>passivit\u00e0 <span class=\"_ _2\"></span>sono rappresentate <span class=\"_ _2\"></span>sia da </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs158e\">posizioni d<span class=\"_ _1\"></span>ebitorie gi\u00e0 in <span class=\"_ _1\"></span>essere, sia da op<span class=\"_ _1\"></span>erazioni future <span class=\"_ _1\"></span>con le medesime caratteristiche (qu<span class=\"_ _1\"></span>alora </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs158f\">rispettino <span class=\"_ _2\"></span>i r<span class=\"_ _2\"></span>equ<span class=\"_ _1\"></span>isiti <span class=\"_ _2\"></span>richiesti dal <span class=\"_ _2\"></span>principio <span class=\"_ _2\"></span>per essere <span class=\"_ _2\"></span>designate <span class=\"_ _2\"></span>come <span class=\"_ _2\"></span>poste copert<span class=\"_ _2\"></span>e<span class=\"_ _df\"> </span></div><div class=\"t m0 hd6 ff4 fs1b fc1 sc0 ls1 ws0 gs1590\">75<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs1591\">). All\u2019interno </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs1592\">di <span class=\"_ _15\"> </span>ciascun <span class=\"_ _e\"> </span>bucket, <span class=\"_ _e\"> </span>essendo <span class=\"_ _15\"> </span>c<span class=\"_ _2\"></span>operto <span class=\"_ _15\"> </span>l\u2019insieme <span class=\"_ _e\"> </span>omogeneo <span class=\"_ _15\"> </span>d<span class=\"_ _2\"></span>ei <span class=\"_ _15\"> </span>flussi <span class=\"_ _e\"> </span>generati <span class=\"_ _15\"> </span>dal<span class=\"_ _2\"></span>le <span class=\"_ _e\"> </span><span class=\"ff4\">att<span class=\"_ _2\"></span>ivit\u00e0 </span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs1593\">interessate <span class=\"_ _16\"> </span>dalla <span class=\"_ _9\"> </span>copertura,  l\u2019ident<span class=\"ff4\">ificazione <span class=\"_ _9\"> </span>d<span class=\"_ _2\"></span>ei <span class=\"_ _9\"> </span>fl<span class=\"_ _2\"></span>ussi <span class=\"_ _9\"> </span>copert<span class=\"_ _2\"></span>i <span class=\"_ _9\"> </span>prescinde  dall<span class=\"_ _1\"></span>a  correlazi<span class=\"_ _1\"></span>one  dei </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1594\">medesimi <span class=\"_ _d\"></span>rispetto <span class=\"_ _0\"></span>ai <span class=\"_ _d\"></span>nominali <span class=\"_ _0\"></span>che <span class=\"_ _d\"></span>li <span class=\"_ _d\"></span>hanno <span class=\"_ _0\"></span>generati <span class=\"_ _0\"></span>(singole <span class=\"_ _d\"></span>at<span class=\"_ _2\"></span>tivit\u00e0 <span class=\"_ _d\"></span>a <span class=\"_ _d\"></span>t<span class=\"_ _2\"></span>asso <span class=\"_ _d\"></span>variabile), <span class=\"_ _d\"></span>tuttavia <span class=\"_ _d\"></span>i </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs1595\">flussi <span class=\"_ _17\"> </span>oggetto <span class=\"_ _17\"> </span>di <span class=\"_ _17\"> </span>copertura <span class=\"_ _17\"> </span>vengono <span class=\"_ _17\"> </span>identificati <span class=\"_ _17\"> </span>come <span class=\"_ _17\"> </span>\u201ci <span class=\"_ _17\"> </span>pri<span class=\"_ _2\"></span>mi\u201d <span class=\"_ _17\"> </span>complessivamente <span class=\"_ _4\"> </span>genera<span class=\"_ _2\"></span>ti </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls73 ws0 gs1596\">al<span class=\"ff5 ls0\">l\u2019interno <span class=\"_ _16\"> </span>del <span class=\"_ _16\"> </span>bucket <span class=\"_ _16\"> </span>medesimo.<span class=\"ff4 fce\">  <span class=\"fc1\">Al <span class=\"_ _16\"> </span>31  d<span class=\"_ _1\"></span>icembre <span class=\"_ _16\"> </span>2025  la <span class=\"_ _9\"> </span>copertura  di <span class=\"_ _9\"> </span>Cas<span class=\"_ _2\"></span>h <span class=\"_ _9\"> </span>Flow  Hedge <span class=\"_ _16\"> </span>sulla </span></span></span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1597\">raccolta non risulta attiva. </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs1598\">L\u2019obiettivo <span class=\"_ _0\"></span>della <span class=\"_ _9\"> </span>copertura <span class=\"_ _9\"> </span>\u00e8 <span class=\"_ _0\"></span>l\u2019eliminazione <span class=\"_ _0\"></span>di <span class=\"_ _9\"> </span>una <span class=\"_ _0\"></span>porzione <span class=\"_ _9\"> </span>del <span class=\"_ _9\"> </span>rischio <span class=\"_ _9\"> </span>di <span class=\"_ _0\"></span>variabilit\u00e0 <span class=\"_ _9\"> </span>dei <span class=\"_ _0\"></span>flussi <span class=\"_ _9\"> </span>di </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsbae\">cassa <span class=\"_ _4\"> </span>derivanti <span class=\"_ _4\"> </span>dalla <span class=\"_ _4\"> </span>ridefinizione <span class=\"_ _17\"> </span><span class=\"ff5\">delle <span class=\"_ _4\"> </span>\u201ccedole\u201d <span class=\"_ _4\"> </span>delle <span class=\"_ _17\"> </span>poste <span class=\"_ _4\"> </span>coperte. <span class=\"_ _4\"> </span>La <span class=\"_ _17\"> </span>designazione <span class=\"_ _4\"> </span>della </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsbaf\">relazione <span class=\"_ _f\"></span>di copertura \u00e8 <span class=\"_ _f\"></span>riferita a <span class=\"_ _f\"></span>precisi pe<span class=\"_ _1\"></span>riodi di <span class=\"_ _f\"></span>tempo futuro (<span class=\"_ _1\"></span>bucket <span class=\"_ _1\"></span>trimestrali pe<span class=\"_ _1\"></span>r il <span class=\"_ _f\"></span>Cash Flow<span class=\"_ _f\"></span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsbb0\">Hedge <span class=\"_ _2\"></span>tit<span class=\"_ _2\"></span>oli, <span class=\"_ _2\"></span>bucket <span class=\"_ _d\"></span>mensili <span class=\"_ _d\"></span>per <span class=\"_ _d\"></span>il <span class=\"_ _2\"></span>Cash <span class=\"_ _d\"></span>Flow <span class=\"_ _d\"></span>Hedge <span class=\"_ _d\"></span>mutui) <span class=\"_ _2\"></span>e, <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>t<span class=\"_ _2\"></span>ermini <span class=\"_ _2\"></span>di <span class=\"_ _d\"></span>porzione <span class=\"_ _2\"></span>copert<span class=\"_ _2\"></span>a,<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>pu\u00f2 </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1599\">essere <span class=\"_ _f\"></span>differente <span class=\"_ _f\"></span>da bucket <span class=\"_ _f\"></span>a bu<span class=\"_ _1\"></span>cket <span class=\"_ _f\"></span>in relazi<span class=\"_ _1\"></span>one <span class=\"_ _f\"></span>alla posizi<span class=\"_ _1\"></span>one <span class=\"_ _f\"></span>c<span class=\"_ _2\"></span>omplessiva <span class=\"_ _f\"></span>del <span class=\"_ _f\"></span>gruppo de<span class=\"_ _1\"></span>i <span class=\"_ _f\"></span>d<span class=\"_ _2\"></span>erivati </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsbb2\">di copertura e delle operazioni coperte in essere alla fine<span class=\"_ _1\"></span> di ogni bucket definito.<span class=\"_ _2\"></span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs159a\">La rid<span class=\"_ _1\"></span>uzione <span class=\"_ _f\"></span>d<span class=\"_ _2\"></span>el <span class=\"_ _f\"></span>r<span class=\"_ _2\"></span>ischio <span class=\"_ _f\"></span>di variabilit\u00e0 <span class=\"_ _1\"></span>dei <span class=\"_ _f\"></span>flussi di <span class=\"_ _f\"></span>cass<span class=\"_ _2\"></span>a <span class=\"_ _1\"></span>\u00e8 o<span class=\"_ _1\"></span>tt<span class=\"_ _2\"></span>enuta <span class=\"_ _f\"></span>tramite la <span class=\"_ _f\"></span>composizione di<span class=\"_ _1\"></span> grup<span class=\"_ _1\"></span>pi </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs159b\">di <span class=\"_ _d\"></span>elementi <span class=\"_ _0\"></span>coperti <span class=\"_ _0\"></span>e <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>poste <span class=\"_ _0\"></span>di<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>copertura <span class=\"_ _0\"></span>che <span class=\"_ _d\"></span>presentano <span class=\"_ _0\"></span>caratteristiche <span class=\"_ _d\"></span>di <span class=\"_ _0\"></span>indicizzazione <span class=\"_ _d\"></span>all<span class=\"_ _2\"></span>o </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs159c\">stesso <span class=\"_ _d\"></span>tasso <span class=\"_ _2\"></span>variabile <span class=\"_ _d\"></span>e <span class=\"_ _2\"></span>con <span class=\"_ _d\"></span>date <span class=\"_ _2\"></span>di <span class=\"_ _d\"></span>definizione <span class=\"_ _d\"></span>dei <span class=\"_ _2\"></span>tassi <span class=\"_ _d\"></span>\u201cragionevolmente\u201d <span class=\"_ _2\"></span>vicine <span class=\"_ _d\"></span>(trimestre <span class=\"_ _d\"></span>nel </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs159d\">caso <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>Cash <span class=\"_ _0\"></span>Flow <span class=\"_ _0\"></span>Hedge <span class=\"_ _d\"></span>s<span class=\"_ _2\"></span>u <span class=\"_ _d\"></span>d<span class=\"_ _2\"></span>iverse <span class=\"_ _d\"></span>for<span class=\"_ _2\"></span>me <span class=\"_ _d\"></span>di <span class=\"_ _0\"></span>raccolta<span class=\"_ _2\"></span>, <span class=\"_ _0\"></span>10 <span class=\"_ _0\"></span>giorni <span class=\"_ _d\"></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>Hedge </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs159e\">mutui). </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs159f\">In <span class=\"_ _9\"> </span>sostanza, <span class=\"_ _9\"> </span>i <span class=\"_ _9\"> </span>flussi <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>cass<span class=\"_ _2\"></span>a <span class=\"_ _0\"></span>che <span class=\"_ _9\"> </span>verranno <span class=\"_ _16\"> </span>incassati <span class=\"_ _9\"> </span>in <span class=\"_ _0\"></span>ognuno <span class=\"_ _16\"> </span>dei <span class=\"_ _0\"></span>periodi <span class=\"_ _9\"> </span>definiti <span class=\"_ _9\"> </span>dalle <span class=\"_ _9\"> </span>cedole </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs15a0\">variabili del gruppo degli strumenti di cope<span class=\"_ _1\"></span>rtura annulleranno una porzione <span class=\"_ _2\"></span>(pari a quella generata </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs15a1\">sul <span class=\"_ _d\"></span>capitale <span class=\"_ _d\"></span>coperto) <span class=\"_ _d\"></span>dei <span class=\"_ _d\"></span>flussi <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>cassa <span class=\"_ _d\"></span>complessivamente <span class=\"_ _d\"></span>pagati <span class=\"_ _d\"></span>sul <span class=\"_ _d\"></span>gruppo <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>poste <span class=\"_ _d\"></span>coperte <span class=\"_ _d\"></span>(i </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs15a2\">flussi generati dai primi nominali in riprezzamento di ogni bucket<span class=\"_ _2\"></span> fino a concorrenza del nominale </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs15a3\">delle <span class=\"_ _f\"></span>o<span class=\"_ _2\"></span>perazioni <span class=\"_ _f\"></span>di copertura p<span class=\"_ _1\"></span>er <span class=\"_ _1\"></span>og<span class=\"ff5\">ni pe<span class=\"_ _1\"></span>riodo) trasformando <span class=\"_ _f\"></span>l\u2019esposizione compl<span class=\"_ _1\"></span>essiva nel <span class=\"_ _f\"></span>bucket </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsbbd\">da variabile a fissa.   </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs15a4\">Affinch\u00e9 <span class=\"_ _2\"></span>tale <span class=\"_ _2\"></span>situazione <span class=\"_ _2\"></span>si <span class=\"_ _2\"></span>verifichi <span class=\"_ _2\"></span>con <span class=\"_ _2\"></span>un <span class=\"_ _2\"></span>elevato <span class=\"_ _2\"></span>livello <span class=\"_ _d\"></span>di <span class=\"_ _2\"></span>probabilit\u00e0 <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _2\"></span>necessario <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>flussi <span class=\"_ _2\"></span>di </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsbbf\">cassa  (<span class=\"_ _1\"></span>variabili) <span class=\"_ _9\"> </span>generati  dai <span class=\"_ _9\"> </span>due  grup<span class=\"_ _1\"></span>pi  siano <span class=\"_ _9\"> </span>allineati <span class=\"_ _16\"> </span>in <span class=\"_ _16\"> </span>termini  di <span class=\"_ _9\"> </span>parametro  e <span class=\"_ _16\"> </span>freque<span class=\"_ _1\"></span>nza  di </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsbc0\">indicizzazione <span class=\"_ _2\"></span>e <span class=\"_ _d\"></span>che <span class=\"_ _d\"></span>le <span class=\"_ _d\"></span>date <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>definizione <span class=\"_ _d\"></span>dei <span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>assi <span class=\"_ _d\"></span>variabili <span class=\"_ _2\"></span>dei <span class=\"_ _d\"></span>singoli <span class=\"_ _d\"></span>elementi <span class=\"_ _d\"></span>presenti <span class=\"_ _2\"></span>nei <span class=\"_ _d\"></span>due </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs15a5\">gruppi siano sufficientemente ravvicinate fra di loro. </div>Inform<span class=\"_ _1\"></span>azio<span class=\"_ _f\"></span>ni di natura<span class=\"_ _f\"></span> quantita<span class=\"_ _f\"></span>tiva A.<span class=\"_ _5\"> </span><span class=\"ls0\">Deriva<span class=\"_ _f\"></span>ti finanz<span class=\"_ _f\"></span>iari di copert<span class=\"_ _1\"></span>ura<span class=\"_ _df\"> </span></span>A.1 D<span class=\"_ _1\"></span>eriva<span class=\"_ _f\"></span>ti finanzia<span class=\"_ _f\"></span>ri di cop<span class=\"_ _1\"></span>ertur<span class=\"_ _1\"></span>a: va<span class=\"_ _1\"></span>lori <span class=\"_ _1\"></span>noziona<span class=\"_ _f\"></span>li di fine<span class=\"_ _1\"></span> perio<span class=\"_ _f\"></span>do<span class=\"fc1 sc0\"> </span><table class=\"s wbc7 h5a8\" id=\"_42ea7363-636b-4950-9b36-6f1883462268\"><tr><td></td><td></td><td></td><td class=\"c xa7a y36aa w5f7 hcb\"><div class=\"t m0 xc h200 y25c ff4 fs22 fc4 sc3 ls0 ws0\">Totale 31<span class=\"_ _1\"></span>/12/202<span class=\"_ _1\"></span>5<span class=\"fc1 sc0\"> </span></div></td><td></td><td></td><td></td><td class=\"c xa7b y36aa w5f8 hcb\"><div class=\"t m0 xc h200 y25c ff4 fs22 fc4 sc3 ls0 ws0\">Totale 31<span class=\"_ _1\"></span>/12/202<span class=\"_ _1\"></span>4<span class=\"fc1 sc0\"> </span></div></td><td></td></tr><tr><td></td><td></td><td class=\"c xa7a y36ab w5f9 hcc\" colspan=\"2\"><div class=\"t m0 x49 h200 y5b ff4 fs22 fc4 sc3 ls0 ws0\">Over the<span class=\"_ _1\"></span> counter<span class=\"fc1 sc0\"> </span></div></td><td></td><td></td><td class=\"c xa7b y36ab w53f hcc\" colspan=\"2\"><div class=\"t m0 x49 h200 y5b ff4 fs22 fc4 sc3 ls0 ws0\">Over the<span class=\"_ _1\"></span> counter<span class=\"_ _1\"></span><span class=\"fc1 sc0\"> </span></div></td><td></td></tr><tr><td class=\"c xa7c y36ac w10db h48d\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc4 sc3 ls0 ws0\">Attivit\u00e0<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x5b2 y36ad w5fa hcb\" colspan=\"2\"><div class=\"t m0 x48 h200 y25c ff4 fs22 fc4 sc3 ls0 ws0\">Senza c<span class=\"_ _1\"></span>ontropar<span class=\"_ _1\"></span>ti centr<span class=\"_ _1\"></span>ali<span class=\"fc1 sc0\"> </span></div></td><td></td><td></td><td class=\"c x6ec y36ad w5fb hcb\" colspan=\"2\"><div class=\"t m0 x48 h200 y25c ff4 fs22 fc4 sc3 ls0 ws0\">Senza c<span class=\"_ _1\"></span>ontropar<span class=\"_ _1\"></span>ti centr<span class=\"_ _1\"></span>ali<span class=\"fc1 sc0\"> </span></div></td><td></td></tr><tr><td class=\"c x262 y36ae w10dc h48d\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc4 sc3 ls0 ws0\">sottos<span class=\"_ _1\"></span>tanti/Tipolo<span class=\"_ _1\"></span>gie<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td class=\"c xa7d y36af w102f h48d\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc4 sc3 ls0 ws0\">Mercati<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td class=\"c xa7e y36af w1030 h48d\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc4 sc3 ls0 ws0\">Mercati<span class=\"_ _df\"> </span></div></td></tr><tr><td class=\"c xa7c y36b0 w101d h48d\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc4 sc3 ls0 ws0\">deriva<span class=\"_ _1\"></span>ti<span class=\"_ _df\"> </span></div></td><td class=\"c xa7f y36b1 w10dd h48d\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc4 sc3 ls0 ws0\">Contropa<span class=\"_ _1\"></span>rti<span class=\"_ _df\"> </span></div></td><td class=\"c x5d5 y36b2 w10de h48d\" colspan=\"2\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc4 sc3 ls0 ws0\">Senza <span class=\"_ _1\"></span>accordi</div></td><td class=\"c xa80 y36b3 w1012 h48d\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc4 sc3 ls0 ws0\">organ<span class=\"_ _1\"></span>izzati<span class=\"_ _df\"> </span></div></td><td class=\"c xa81 y36b1 w10dd h48d\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc4 sc3 ls0 ws0\">Contropa<span class=\"_ _1\"></span>rti<span class=\"_ _df\"> </span></div></td><td class=\"c xa82 y36b2 w10de h48d\" colspan=\"2\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc4 sc3 ls0 ws0\">Senza <span class=\"_ _1\"></span>accordi</div></td><td class=\"c x5c9 y36b3 w1012 h48d\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc4 sc3 ls0 ws0\">organ<span class=\"_ _1\"></span>izzati<span class=\"_ _df\"> </span></div></td></tr><tr><td></td><td class=\"c xa83 y36b4 w10df h48d\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc4 sc3 ls0 ws0\">centrali<span class=\"_ _df\"> </span></div></td><td class=\"c xa84 y36b5 w10e0 h48d\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc4 sc3 ls0 ws0\">Con acc<span class=\"_ _f\"></span>ordi di<span class=\"_ _df\"> </span></div></td><td></td><td></td><td class=\"c xa85 y36b4 w10e1 h48d\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc4 sc3 ls0 ws0\">centrali<span class=\"_ _df\"> </span></div></td><td class=\"c xa86 y36b5 w10e0 h48d\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc4 sc3 ls0 ws0\">Con acc<span class=\"_ _f\"></span>ordi di<span class=\"_ _df\"> </span></div></td><td></td><td></td></tr><tr><td></td><td></td><td class=\"c xa87 y36b6 wcf2 h48d\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc4 sc3 ls0 ws0\">di<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td class=\"c xa88 y36b6 wcf2 h48d\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc4 sc3 ls0 ws0\">di<span class=\"_ _df\"> </span></div></td><td></td><td></td></tr><tr><td></td><td></td><td class=\"c xa89 y36b7 w10e2 h48d\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc4 sc3 ls0 ws0\">compen<span class=\"_ _1\"></span>sazione<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td class=\"c xa8a y36b7 w10e3 h48d\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc4 sc3 ls0 ws0\">compen<span class=\"_ _1\"></span>sazione<span class=\"_ _df\"> </span></div></td><td></td><td></td></tr><tr><td></td><td></td><td class=\"c xa8b y36b8 w10e2 h48e\" colspan=\"2\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc4 sc3 ls0 ws0\">compen<span class=\"_ _1\"></span>sazione<span class=\"_ _df\"> </span></div></td><td></td><td></td><td class=\"c xa8c y36b8 w10e3 h48e\" colspan=\"2\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc4 sc3 ls0 ws0\">compen<span class=\"_ _1\"></span>sazione<span class=\"_ _df\"> </span></div></td><td></td></tr><tr><td class=\"c x262 y36b9 w10fb h49b\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc2 ls0 ws0\">1. Tit<span class=\"_ _f\"></span>oli di de<span class=\"_ _f\"></span>bito<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x262 y36ba w10fc h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc2 ls0 ws0\">e tas<span class=\"_ _f\"></span>si<span class=\"_ _df\"> </span></div></td><td class=\"c xa7a y36bb w1c6 h89\"><div class=\"t m0 x30 h1f y41f ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5b2 y36bb w53e h89\"><div class=\"t m0 x116 h1f y41f ff4 fs7 fc1 sc0 ls0 ws0\">25.568.972 </div></td><td class=\"c xa8d y36bb w4df h89\"><div class=\"t m0 x26 h1f y41f ff4 fs7 fc1 sc0 ls0 ws0\">27.653 </div></td><td class=\"c xa8e y36bb w176 h89\"><div class=\"t m0 x30 h1f y41f ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa7b y36bb w1c6 h89\"><div class=\"t m0 x30 h1f y41f ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x6ec y36bb w4bd h89\"><div class=\"t m0 x16a h1f y41f ff4 fs7 fc1 sc0 ls0 ws0\">37.634.256 </div></td><td class=\"c x86f y36bb w5fc h89\"><div class=\"t m0 x27 h1f y41f ff4 fs7 fc1 sc0 ls0 ws0\">34.392 </div></td><td class=\"c x50e y36bb w51 h89\"><div class=\"t m0 x30 h1f y41f ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x262 y36bc w10fd h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc2 ls0 ws0\">d'int<span class=\"_ _f\"></span>ere<span class=\"ls35\">sse<span class=\"_ _df\"> </span></span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x46b y36bd w5c3 h4d\"><div class=\"t m0 x130 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">a) Opzioni </div></td><td class=\"c xa7a y36bd w1c6 h4d\"><div class=\"t m0 x30 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5b2 y36bd w53e h4d\"><div class=\"t m0 xf h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa8d y36bd w4df h4d\"><div class=\"t m0 xf h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa8e y36bd w176 h4d\"><div class=\"t m0 x30 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa7b y36bd w1c6 h4d\"><div class=\"t m0 x30 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x6ec y36bd w4bd h4d\"><div class=\"t m0 xf h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x86f y36bd w5fc h4d\"><div class=\"t m0 xf h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x50e y36bd w51 h4d\"><div class=\"t m0 x30 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y36be w5c3 h4d\"><div class=\"t m0 x130 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">b) Swap </div></td><td class=\"c xa7a y36be w1c6 h4d\"><div class=\"t m0 x30 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5b2 y36be w53e h4d\"><div class=\"t m0 x116 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">25.568.972 </div></td><td class=\"c xa8d y36be w4df h4d\"><div class=\"t m0 x26 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">27.653 </div></td><td class=\"c xa8e y36be w176 h4d\"><div class=\"t m0 x30 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa7b y36be w1c6 h4d\"><div class=\"t m0 x30 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x6ec y36be w4bd h4d\"><div class=\"t m0 x16a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">37.634.256 </div></td><td class=\"c x86f y36be w5fc h4d\"><div class=\"t m0 x27 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">34.392 </div></td><td class=\"c x50e y36be w51 h4d\"><div class=\"t m0 x30 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y36bf w5c3 h4d\"><div class=\"t m0 x130 h1f y71 ff4 fs7 fc1 sc0 ls0 ws0\">c) Forward </div></td><td class=\"c xa7a y36bf w1c6 h4d\"><div class=\"t m0 x30 h1f y71 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5b2 y36bf w53e h4d\"><div class=\"t m0 xf h1f y71 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa8d y36bf w4df h4d\"><div class=\"t m0 xf h1f y71 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa8e y36bf w176 h4d\"><div class=\"t m0 x30 h1f y71 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa7b y36bf w1c6 h4d\"><div class=\"t m0 x30 h1f y71 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x6ec y36bf w4bd h4d\"><div class=\"t m0 xf h1f y71 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x86f y36bf w5fc h4d\"><div class=\"t m0 xf h1f y71 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x50e y36bf w51 h4d\"><div class=\"t m0 x30 h1f y71 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y36c0 w5c3 h28e\"><div class=\"t m0 x130 h1f y14c1 ff4 fs7 fc1 sc0 ls0 ws0\">d) Futures </div></td><td class=\"c xa7a y36c0 w1c6 h28e\"><div class=\"t m0 x30 h1f y14c1 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5b2 y36c0 w53e h28e\"><div class=\"t m0 xf h1f y14c1 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa8d y36c0 w4df h28e\"><div class=\"t m0 xf h1f y14c1 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa8e y36c0 w176 h28e\"><div class=\"t m0 x30 h1f y14c1 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa7b y36c0 w1c6 h28e\"><div class=\"t m0 x30 h1f y14c1 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x6ec y36c0 w4bd h28e\"><div class=\"t m0 xf h1f y14c1 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x86f y36c0 w5fc h28e\"><div class=\"t m0 xf h1f y14c1 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x50e y36c0 w51 h28e\"><div class=\"t m0 x30 h1f y14c1 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y36c1 w5c3 h4d\"><div class=\"t m0 x130 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">e) Altri </div></td><td class=\"c xa7a y36c1 w1c6 h4d\"><div class=\"t m0 x30 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5b2 y36c1 w53e h4d\"><div class=\"t m0 xf h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa8d y36c1 w4df h4d\"><div class=\"t m0 xf h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa8e y36c1 w176 h4d\"><div class=\"t m0 x30 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa7b y36c1 w1c6 h4d\"><div class=\"t m0 x30 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x6ec y36c1 w4bd h4d\"><div class=\"t m0 xf h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x86f y36c1 w5fc h4d\"><div class=\"t m0 xf h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x50e y36c1 w51 h4d\"><div class=\"t m0 x30 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x262 y36c2 w10fe h49b\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc2 ls0 ws0\">2. Tit<span class=\"_ _f\"></span>oli di<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x262 y36c3 w10ff h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc2 ls0 ws0\">capit<span class=\"_ _f\"></span>ale e in<span class=\"_ _f\"></span>dici<span class=\"_ _df\"> </span></div></td><td class=\"c xa7a y36c4 w1c6 h89\"><div class=\"t m0 x30 h1f y41f ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5b2 y36c4 w53e h89\"><div class=\"t m0 xf h1f y41f ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa8d y36c4 w4df h89\"><div class=\"t m0 xf h1f y41f ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa8e y36c4 w176 h89\"><div class=\"t m0 x30 h1f y41f ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa7b y36c4 w1c6 h89\"><div class=\"t m0 x30 h1f y41f ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x6ec y36c4 w4bd h89\"><div class=\"t m0 xf h1f y41f ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x86f y36c4 w5fc h89\"><div class=\"t m0 xf h1f y41f ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x50e y36c4 w51 h89\"><div class=\"t m0 x30 h1f y41f ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x262 y36c5 wa22 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc2 ls0 ws0\">azio<span class=\"_ _1\"></span>nari<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x46b y36c6 w5c3 h4d\"><div class=\"t m0 x130 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">a) Opzioni </div></td><td class=\"c xa7a y36c6 w1c6 h4d\"><div class=\"t m0 x30 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5b2 y36c6 w53e h4d\"><div class=\"t m0 xf h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa8d y36c6 w4df h4d\"><div class=\"t m0 xf h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa8e y36c6 w176 h4d\"><div class=\"t m0 x30 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa7b y36c6 w1c6 h4d\"><div class=\"t m0 x30 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x6ec y36c6 w4bd h4d\"><div class=\"t m0 xf h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x86f y36c6 w5fc h4d\"><div class=\"t m0 xf h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x50e y36c6 w51 h4d\"><div class=\"t m0 x30 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y36c7 w5c3 h4d\"><div class=\"t m0 x130 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">b) Swap </div></td><td class=\"c xa7a y36c7 w1c6 h4d\"><div class=\"t m0 x30 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5b2 y36c7 w53e h4d\"><div class=\"t m0 xf h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa8d y36c7 w4df h4d\"><div class=\"t m0 xf h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa8e y36c7 w176 h4d\"><div class=\"t m0 x30 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa7b y36c7 w1c6 h4d\"><div class=\"t m0 x30 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x6ec y36c7 w4bd h4d\"><div class=\"t m0 xf h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x86f y36c7 w5fc h4d\"><div class=\"t m0 xf h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x50e y36c7 w51 h4d\"><div class=\"t m0 x30 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y36c8 w5c3 h4e\"><div class=\"t m0 x130 h1f y71 ff4 fs7 fc1 sc0 ls0 ws0\">c) Forward </div></td><td class=\"c xa7a y36c8 w1c6 h4e\"><div class=\"t m0 x30 h1f y71 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5b2 y36c8 w53e h4e\"><div class=\"t m0 xf h1f y71 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa8d y36c8 w4df h4e\"><div class=\"t m0 xf h1f y71 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa8e y36c8 w176 h4e\"><div class=\"t m0 x30 h1f y71 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa7b y36c8 w1c6 h4e\"><div class=\"t m0 x30 h1f y71 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x6ec y36c8 w4bd h4e\"><div class=\"t m0 xf h1f y71 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x86f y36c8 w5fc h4e\"><div class=\"t m0 xf h1f y71 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x50e y36c8 w51 h4e\"><div class=\"t m0 x30 h1f y71 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y36c9 w5c3 h4d\"><div class=\"t m0 x130 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">d) Futures </div></td><td class=\"c xa7a y36c9 w1c6 h4d\"><div class=\"t m0 x30 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5b2 y36c9 w53e h4d\"><div class=\"t m0 xf h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa8d y36c9 w4df h4d\"><div class=\"t m0 xf h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa8e y36c9 w176 h4d\"><div class=\"t m0 x30 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa7b y36c9 w1c6 h4d\"><div class=\"t m0 x30 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x6ec y36c9 w4bd h4d\"><div class=\"t m0 xf h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x86f y36c9 w5fc h4d\"><div class=\"t m0 xf h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x50e y36c9 w51 h4d\"><div class=\"t m0 x30 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y36ca w5c3 h4d\"><div class=\"t m0 x130 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">e) Altri </div></td><td class=\"c xa7a y36ca w1c6 h4d\"><div class=\"t m0 x30 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5b2 y36ca w53e h4d\"><div class=\"t m0 xf h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa8d y36ca w4df h4d\"><div class=\"t m0 xf h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa8e y36ca w176 h4d\"><div class=\"t m0 x30 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa7b y36ca w1c6 h4d\"><div class=\"t m0 x30 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x6ec y36ca w4bd h4d\"><div class=\"t m0 xf h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x86f y36ca w5fc h4d\"><div class=\"t m0 xf h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x50e y36ca w51 h4d\"><div class=\"t m0 x30 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y36cb w5c3 h4e\"><div class=\"t m0 x8a h1f y71 ff4 fs7 fc1 sc2 ls0 ws0\">3. Va<span class=\"_ _f\"></span>lute e or<span class=\"_ _f\"></span>o<span class=\"sc0\"> </span></div></td><td class=\"c xa7a y36cb w1c6 h4e\"><div class=\"t m0 x30 h1f y71 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5b2 y36cb w53e h4e\"><div class=\"t m0 xf h1f y71 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa8d y36cb w4df h4e\"><div class=\"t m0 xf h1f y71 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa8e y36cb w176 h4e\"><div class=\"t m0 x30 h1f y71 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa7b y36cb w1c6 h4e\"><div class=\"t m0 x30 h1f y71 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x6ec y36cb w4bd h4e\"><div class=\"t m0 xf h1f y71 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x86f y36cb w5fc h4e\"><div class=\"t m0 xf h1f y71 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x50e y36cb w51 h4e\"><div class=\"t m0 x30 h1f y71 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y36cc w5c3 h4d\"><div class=\"t m0 x130 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">a) Opzioni </div></td><td class=\"c xa7a y36cc w1c6 h4d\"><div class=\"t m0 x30 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5b2 y36cc w53e h4d\"><div class=\"t m0 xf h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa8d y36cc w4df h4d\"><div class=\"t m0 xf h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa8e y36cc w176 h4d\"><div class=\"t m0 x30 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa7b y36cc w1c6 h4d\"><div class=\"t m0 x30 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x6ec y36cc w4bd h4d\"><div class=\"t m0 xf h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x86f y36cc w5fc h4d\"><div class=\"t m0 xf h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x50e y36cc w51 h4d\"><div class=\"t m0 x30 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y36cd w5c3 h4d\"><div class=\"t m0 x130 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">b) Swap </div></td><td class=\"c xa7a y36cd w1c6 h4d\"><div class=\"t m0 x30 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5b2 y36cd w53e h4d\"><div class=\"t m0 xf h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa8d y36cd w4df h4d\"><div class=\"t m0 xf h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa8e y36cd w176 h4d\"><div class=\"t m0 x30 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa7b y36cd w1c6 h4d\"><div class=\"t m0 x30 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x6ec y36cd w4bd h4d\"><div class=\"t m0 xf h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x86f y36cd w5fc h4d\"><div class=\"t m0 xf h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x50e y36cd w51 h4d\"><div class=\"t m0 x30 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y36ce w5c3 h4e\"><div class=\"t m0 x130 h1f y71 ff4 fs7 fc1 sc0 ls0 ws0\">c) Forward </div></td><td class=\"c xa7a y36ce w1c6 h4e\"><div class=\"t m0 x30 h1f y71 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5b2 y36ce w53e h4e\"><div class=\"t m0 xf h1f y71 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa8d y36ce w4df h4e\"><div class=\"t m0 xf h1f y71 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa8e y36ce w176 h4e\"><div class=\"t m0 x30 h1f y71 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa7b y36ce w1c6 h4e\"><div class=\"t m0 x30 h1f y71 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x6ec y36ce w4bd h4e\"><div class=\"t m0 xf h1f y71 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x86f y36ce w5fc h4e\"><div class=\"t m0 xf h1f y71 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x50e y36ce w51 h4e\"><div class=\"t m0 x30 h1f y71 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y36cf w5c3 h4d\"><div class=\"t m0 x130 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">d) Futures </div></td><td class=\"c xa7a y36cf w1c6 h4d\"><div class=\"t m0 x30 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5b2 y36cf w53e h4d\"><div class=\"t m0 xf h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa8d y36cf w4df h4d\"><div class=\"t m0 xf h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa8e y36cf w176 h4d\"><div class=\"t m0 x30 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa7b y36cf w1c6 h4d\"><div class=\"t m0 x30 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x6ec y36cf w4bd h4d\"><div class=\"t m0 xf h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x86f y36cf w5fc h4d\"><div class=\"t m0 xf h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x50e y36cf w51 h4d\"><div class=\"t m0 x30 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y36d0 w5c3 h4d\"><div class=\"t m0 x130 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">e) Altri </div></td><td class=\"c xa7a y36d0 w1c6 h4d\"><div class=\"t m0 x30 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5b2 y36d0 w53e h4d\"><div class=\"t m0 xf h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa8d y36d0 w4df h4d\"><div class=\"t m0 xf h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa8e y36d0 w176 h4d\"><div class=\"t m0 x30 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa7b y36d0 w1c6 h4d\"><div class=\"t m0 x30 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x6ec y36d0 w4bd h4d\"><div class=\"t m0 xf h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x86f y36d0 w5fc h4d\"><div class=\"t m0 xf h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x50e y36d0 w51 h4d\"><div class=\"t m0 x30 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y36d1 w5c3 hc9\"><div class=\"t m0 x8a h1f y71 ff4 fs7 fc1 sc2 ls0 ws0\">4. Me<span class=\"_ _1\"></span>rci<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td><td class=\"c xa7a y36d1 w1c6 hc9\"><div class=\"t m0 x30 h1f y71 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5b2 y36d1 w53e hc9\"><div class=\"t m0 xf h1f y71 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa8d y36d1 w4df hc9\"><div class=\"t m0 xf h1f y71 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa8e y36d1 w176 hc9\"><div class=\"t m0 x30 h1f y71 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa7b y36d1 w1c6 hc9\"><div class=\"t m0 x30 h1f y71 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x6ec y36d1 w4bd hc9\"><div class=\"t m0 xf h1f y71 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x86f y36d1 w5fc hc9\"><div class=\"t m0 xf h1f y71 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x50e y36d1 w51 hc9\"><div class=\"t m0 x30 h1f y71 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y36d2 w5c3 h4d\"><div class=\"t m0 x8a h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">5. Alt<span class=\"_ _1\"></span>ri </div></td><td class=\"c xa7a y36d2 w1c6 h4d\"><div class=\"t m0 x30 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5b2 y36d2 w53e h4d\"><div class=\"t m0 xf h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa8d y36d2 w4df h4d\"><div class=\"t m0 xf h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa8e y36d2 w176 h4d\"><div class=\"t m0 x30 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa7b y36d2 w1c6 h4d\"><div class=\"t m0 x30 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x6ec y36d2 w4bd h4d\"><div class=\"t m0 xf h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x86f y36d2 w5fc h4d\"><div class=\"t m0 xf h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x50e y36d2 w51 h4d\"><div class=\"t m0 x30 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y36d3 w5c3 hcb\"><div class=\"t m0 x91 h1f y80 ff4 fs7 fc1 sc2 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale<span class=\"sc0\"> </span></div></td><td class=\"c xa7a y36d3 w1c6 hcb\"><div class=\"t m0 x30 h1f y80 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x5b2 y36d3 w53e hcb\"><div class=\"t m0 x116 h1f y80 ff4 fs7 fc1 sc2 ls0 ws0\">25.56<span class=\"_ _f\"></span>8.972<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td><td class=\"c xa8d y36d3 w4df hcb\"><div class=\"t m0 x26 h1f y80 ff4 fs7 fc1 sc2 ls0 ws0\">27.6<span class=\"_ _1\"></span>53<span class=\"sc0\"> </span></div></td><td class=\"c xa8e y36d3 w176 hcb\"><div class=\"t m0 x30 h1f y80 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c xa7b y36d3 w1c6 hcb\"><div class=\"t m0 x30 h1f y80 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x6ec y36d3 w4bd hcb\"><div class=\"t m0 x116 h1f y80 ff4 fs7 fc1 sc2 ls0 ws0\">37.6<span class=\"_ _f\"></span>34.256<span class=\"sc0\"> </span></div></td><td class=\"c x86f y36d3 w5fc hcb\"><div class=\"t m0 x26 h1f y80 ff4 fs7 fc1 sc2 ls0 ws0\">34.39<span class=\"_ _f\"></span>2<span class=\"sc0\"> </span></div></td><td class=\"c x50e y36d3 w51 hcb\"><div class=\"t m0 x30 h1f y80 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td></tr></table>A.2 De<span class=\"_ _1\"></span>rivat<span class=\"_ _f\"></span>i finanzi<span class=\"_ _1\"></span>ari d<span class=\"_ _1\"></span>i cop<span class=\"_ _1\"></span>ertur<span class=\"_ _1\"></span>a : fa<span class=\"_ _1\"></span>ir val<span class=\"_ _1\"></span>ue lo<span class=\"_ _1\"></span>rdo p<span class=\"_ _1\"></span>osit<span class=\"_ _1\"></span>ivo e ne<span class=\"_ _f\"></span>gativo - ri<span class=\"_ _1\"></span>part<span class=\"_ _1\"></span>izione <span class=\"_ _f\"></span>per prod<span class=\"_ _1\"></span>otti<span class=\"_ _df\"> </span><table class=\"s w1100 h5a9\" id=\"_472a74fa-ce43-4c61-8895-f2f3f07605e9\"><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td class=\"c xaa7 y36d4 w1101 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc4 sc3 ls0 ws0\">Variazio<span class=\"_ _1\"></span>ne del v<span class=\"_ _1\"></span>alore<span class=\"_ _df\"> </span></div></td><td></td></tr><tr><td></td><td></td><td></td><td></td><td class=\"c xaa8 y36d5 w608 h11f\"><div class=\"t m0 x5 h30 y304 ff4 fsb fc4 sc3 ls0 ws0\">Fair val<span class=\"_ _1\"></span>ue positiv<span class=\"_ _1\"></span>o e negati<span class=\"_ _1\"></span>vo </div></td><td></td><td></td><td></td><td></td><td></td><td class=\"c xaa9 y36d6 w1102 h5aa\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">usato per<span class=\"_ _f\"></span> <span class=\"_ _2\"></span>calco<span class=\"_ _1\"></span>lare<span class=\"_ _df\"> </span></div></td><td class=\"c xaaa y36d7 w1103 h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">l'efficacia<span class=\"_ _1\"></span> della<span class=\"_ _df\"> </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=\"c xaab y36d8 wbee h4a9\" colspan=\"2\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">copert<span class=\"_ _1\"></span>ura<span class=\"_ _df\"> </span></div></td></tr><tr><td></td><td></td><td class=\"c xaac y36d9 w60a hcb\"><div class=\"t m0 x49 h30 y302 ff4 fsb fc4 sc3 ls0 ws0\">Totale </div></td><td class=\"c x4e4 y36d9 w2c9 hcb\"><div class=\"t m0 x10 h30 y302 ff4 fsb fc4 sc3 ls0 ws0\">31/12/2025<span class=\"_ _f\"></span> </div></td><td></td><td></td><td></td><td class=\"c x7c6 y36d9 w60b hcb\"><div class=\"t m0 x1af h30 y302 ff4 fsb fc4 sc3 ls0 ws0\">Totale </div></td><td class=\"c xaad y36d9 w3fc hcb\"><div class=\"t m0 x10 h30 y302 ff4 fsb fc4 sc3 ls0 ws0\">31/12/202<span class=\"_ _f\"></span>4 </div></td><td></td><td></td><td></td></tr><tr><td class=\"c x44e y36da w43b h349\"><div class=\"t m0 x55 h30 y907 ff4 fsb fc4 sc3 ls0 ws0\">Tipologie<span class=\"_ _1\"></span> derivati </div></td><td></td><td class=\"c xaac y36db w60c h203\"><div class=\"t m0 x12 h15a yf81 ff4 fs20 fc4 sc3 ls0 ws0\">Over t<span class=\"_ _f\"></span>he count<span class=\"_ _1\"></span>er </div></td><td></td><td></td><td></td><td></td><td class=\"c x7c6 y36db w60d h203\"><div class=\"t m0 x91 h15a yf81 ff4 fs20 fc4 sc3 ls0 ws0\">Over t<span class=\"_ _f\"></span>he count<span class=\"_ _1\"></span>er </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></td><td></td><td></td><td></td><td class=\"c x5ae y36db w421 h172\"><div class=\"t m0 x2f h15a yd21 ff4 fs20 fc4 sc3 ls0 ws0\">Totale<span class=\"_ _f\"></span> </div></td><td class=\"c x5b0 y36db w2be h172\"><div class=\"t m0 x16a h15a yd21 ff4 fs20 fc4 sc3 ls0 ws0\">Totale<span class=\"_ _f\"></span> </div></td></tr><tr><td></td><td></td><td class=\"c x8b5 y36dc w60e h1d6\" colspan=\"2\"><div class=\"t m0 x55 h15a y1498 ff4 fs20 fc4 sc3 ls0 ws0\">Senza<span class=\"_ _1\"></span> contro<span class=\"_ _f\"></span>parti centr<span class=\"_ _1\"></span>ali </div></td><td></td><td class=\"c x4a3 y36de w1104 h5ab\"><div class=\"t m0 x250 h15a y36dd ff4 fs20 fc4 sc3 ls0 ws0\">Mercati<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c xaae y36dc w60f h1d6\" colspan=\"2\"><div class=\"t m0 x55 h15a y1498 ff4 fs20 fc4 sc3 ls0 ws0\">Senza<span class=\"_ _1\"></span> contro<span class=\"_ _f\"></span>parti centr<span class=\"_ _1\"></span>ali </div></td><td class=\"c x4d8 y36de w1105 h5ab\"><div class=\"t m0 x250 h15a y36dd ff4 fs20 fc4 sc3 ls0 ws0\">Mercati<span class=\"_ _df\"> </span></div></td><td class=\"c x5ae y36dc w421 h1d6\"><div class=\"t m0 xab h15a y1498 ff4 fs20 fc4 sc3 ls0 ws0\">31/12/2<span class=\"_ _f\"></span>025 </div></td><td class=\"c x5b0 y36dc w2be h1d6\"><div class=\"t m0 xab h15a y1498 ff4 fs20 fc4 sc3 ls0 ws0\">31/12/2<span class=\"_ _f\"></span>024 </div></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td class=\"c xaaf y36df w1106 h5ab\"><div class=\"t m0 x250 h15a y36dd ff4 fs20 fc4 sc3 ls0 ws0\">orga<span class=\"_ _1\"></span>nizzati<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td class=\"c xab0 y36df w1107 h5ab\"><div class=\"t m0 x250 h15a y36dd ff4 fs20 fc4 sc3 ls0 ws0\">orga<span class=\"_ _1\"></span>nizzati<span class=\"_ _df\"> </span></div></td><td></td><td></td></tr><tr><td></td><td class=\"c xab1 y36e0 w1108 h5ab\"><div class=\"t m0 x250 h15a y36dd ff4 fs20 fc4 sc3 ls0 ws0\">Contr<span class=\"_ _1\"></span>oparti<span class=\"_ _df\"> </span></div></td><td></td><td></td><td class=\"c xab2 y36e0 w1109 h5ab\"><div class=\"t m0 x250 h15a y36dd ff4 fs20 fc4 sc3 ls0 ws0\">Contr<span class=\"_ _1\"></span>oparti<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td></td><td class=\"c xab3 y36e1 w110a h5ab\"><div class=\"t m0 x250 h15a y36dd ff4 fs20 fc4 sc3 ls0 ws0\">centrali<span class=\"_ _df\"> </span></div></td><td class=\"c xa99 y36e2 w110b h5ab\"><div class=\"t m0 x250 h15a y36dd ff4 fs20 fc4 sc3 ls0 ws0\">Con a<span class=\"_ _f\"></span>c<span class=\"_ _2\"></span>cor<span class=\"_ _f\"></span>di di<span class=\"_ _df\"> </span></div></td><td class=\"c xab4 y36e2 w110c h5ab\"><div class=\"t m0 x250 h15a y36dd ff4 fs20 fc4 sc3 ls0 ws0\">Senza<span class=\"_ _1\"></span> accor<span class=\"_ _f\"></span>di di<span class=\"_ _df\"> </span></div></td><td></td><td></td><td class=\"c xab5 y36e1 w110a h5ab\"><div class=\"t m0 x250 h15a y36dd ff4 fs20 fc4 sc3 ls0 ws0\">centrali<span class=\"_ _df\"> </span></div></td><td class=\"c xab6 y36e2 w110b h5ab\"><div class=\"t m0 x250 h15a y36dd ff4 fs20 fc4 sc3 ls0 ws0\">Con a<span class=\"_ _f\"></span>c<span class=\"_ _2\"></span>cor<span class=\"_ _f\"></span>di di<span class=\"_ _df\"> </span></div></td><td class=\"c x6ca y36e2 w110c h5ab\"><div class=\"t m0 x250 h15a y36dd ff4 fs20 fc4 sc3 ls0 ws0\">Senza<span class=\"_ _1\"></span> accor<span class=\"_ _f\"></span>di di<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td></tr><tr><td></td><td></td><td class=\"c x4f7 y36e3 w110d h5ab\"><div class=\"t m0 x250 h15a y36dd ff4 fs20 fc4 sc3 ls0 ws0\">com<span class=\"_ _1\"></span>pensazi<span class=\"_ _f\"></span>one<span class=\"_ _df\"> </span></div></td><td class=\"c xab4 y36e3 w110d h5ab\"><div class=\"t m0 x250 h15a y36dd ff4 fs20 fc4 sc3 ls0 ws0\">com<span class=\"_ _1\"></span>pensazi<span class=\"_ _f\"></span>one<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td class=\"c xab7 y36e3 w110e h5ab\"><div class=\"t m0 x250 h15a y36dd ff4 fs20 fc4 sc3 ls0 ws0\">com<span class=\"_ _1\"></span>pensazi<span class=\"_ _f\"></span>one<span class=\"_ _df\"> </span></div></td><td class=\"c x6ca y36e3 w110e h5ab\"><div class=\"t m0 x250 h15a y36dd ff4 fs20 fc4 sc3 ls0 ws0\">com<span class=\"_ _1\"></span>pensazi<span class=\"_ _f\"></span>one<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td></tr><tr><td class=\"c x44e y36e4 w4fa h82\"><div class=\"t m0 x10 h30 y28b ff4 fsb fc1 sc2 ls0 ws0\">Fair val<span class=\"_ _1\"></span>ue positiv<span class=\"_ _1\"></span>o </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=\"c x44e y36e5 w4fa h82\"><div class=\"t m0 x2f h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">a) Opzioni<span class=\"_ _df\"> </span></div></td><td class=\"c xaac y36e5 w1eb h82\"><div class=\"t m0 x26 h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">-  </div></td><td class=\"c x8b5 y36e5 w43a h82\"><div class=\"t m0 x36 h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">-  </div></td><td class=\"c x4e4 y36e5 w1c6 h82\"><div class=\"t m0 x36 h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">-  </div></td><td class=\"c x7c6 y36e5 w3a7 h82\"><div class=\"t m0 x26 h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">-  </div></td><td class=\"c xab8 y36e5 w1b8 h82\"><div class=\"t m0 x26 h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">-  </div></td><td></td><td class=\"c xaae y36e5 w1c6 h82\"><div class=\"t m0 x36 h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">-  </div></td><td class=\"c xaad y36e5 w1c6 h82\"><div class=\"t m0 x36 h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">-  </div></td><td class=\"c x4e9 y36e5 w1e1 h82\"><div class=\"t m0 x26 h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">-  </div></td><td class=\"c x5ae y36e5 w421 h82\"><div class=\"t m0 x34 h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">-  </div></td><td class=\"c x5b0 y36e5 w169 h82\"><div class=\"t m0 x37 h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">-  </div></td></tr><tr><td class=\"c x44e y36e6 w4fa h82\"><div class=\"t m0 x2f h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">b) Interest rate swap<span class=\"_ _df\"> </span></div></td><td class=\"c xaac y36e6 w1eb h82\"><div class=\"t m0 x26 h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">-  </div></td><td class=\"c x8b5 y36e6 w43a h82\"><div class=\"t m0 x55 h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">178.230  </div></td><td class=\"c x4e4 y36e6 w1c6 h82\"><div class=\"t m0 x26 h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">868  </div></td><td class=\"c x7c6 y36e6 w3a7 h82\"><div class=\"t m0 x26 h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">-  </div></td><td class=\"c xab8 y36e6 w1b8 h82\"><div class=\"t m0 x26 h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">-  </div></td><td></td><td class=\"c xaae y36e6 w1c6 h82\"><div class=\"t m0 x55 h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">425.942  </div></td><td class=\"c xaad y36e6 w1c6 h82\"><div class=\"t m0 x35 h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">1.293  </div></td><td class=\"c x4e9 y36e6 w1e1 h82\"><div class=\"t m0 x26 h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">-  </div></td><td class=\"c x5ae y36e6 w421 h82\"><div class=\"t m0 x34 h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">-  </div></td><td class=\"c x5b0 y36e6 w169 h82\"><div class=\"t m0 x37 h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">-  </div></td></tr><tr><td class=\"c x44e y36e7 w4fa h82\"><div class=\"t m0 x2f h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">c) Cross currency<span class=\"_ _2\"></span> swap<span class=\"_ _df\"> </span></div></td><td class=\"c xaac y36e7 w1eb h82\"><div class=\"t m0 x26 h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">-  </div></td><td class=\"c x8b5 y36e7 w43a h82\"><div class=\"t m0 x36 h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">-  </div></td><td class=\"c x4e4 y36e7 w1c6 h82\"><div class=\"t m0 x36 h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">-  </div></td><td class=\"c x7c6 y36e7 w3a7 h82\"><div class=\"t m0 x26 h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">-  </div></td><td class=\"c xab8 y36e7 w1b8 h82\"><div class=\"t m0 x26 h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">-  </div></td><td></td><td class=\"c xaae y36e7 w1c6 h82\"><div class=\"t m0 x36 h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">-  </div></td><td class=\"c xaad y36e7 w1c6 h82\"><div class=\"t m0 x36 h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">-  </div></td><td class=\"c x4e9 y36e7 w1e1 h82\"><div class=\"t m0 x26 h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">-  </div></td><td class=\"c x5ae y36e7 w421 h82\"><div class=\"t m0 x34 h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">-  </div></td><td class=\"c x5b0 y36e7 w169 h82\"><div class=\"t m0 x37 h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">-  </div></td></tr><tr><td class=\"c x44e y36e8 w4fa h254\"><div class=\"t m0 x2f h30 y1b3e ff4 fsb fc1 sc0 ls0 ws0\">d) Equity swap<span class=\"_ _df\"> </span></div></td><td class=\"c xaac y36e8 w1eb h254\"><div class=\"t m0 x26 h30 y1b3e ff4 fsb fc1 sc0 ls0 ws0\">-  </div></td><td class=\"c x8b5 y36e8 w43a h254\"><div class=\"t m0 x36 h30 y1b3e ff4 fsb fc1 sc0 ls0 ws0\">-  </div></td><td class=\"c x4e4 y36e8 w1c6 h254\"><div class=\"t m0 x36 h30 y1b3e ff4 fsb fc1 sc0 ls0 ws0\">-  </div></td><td class=\"c x7c6 y36e8 w3a7 h254\"><div class=\"t m0 x26 h30 y1b3e ff4 fsb fc1 sc0 ls0 ws0\">-  </div></td><td class=\"c xab8 y36e8 w1b8 h254\"><div class=\"t m0 x26 h30 y1b3e ff4 fsb fc1 sc0 ls0 ws0\">-  </div></td><td></td><td class=\"c xaae y36e8 w1c6 h254\"><div class=\"t m0 x36 h30 y1b3e ff4 fsb fc1 sc0 ls0 ws0\">-  </div></td><td class=\"c xaad y36e8 w1c6 h254\"><div class=\"t m0 x36 h30 y1b3e ff4 fsb fc1 sc0 ls0 ws0\">-  </div></td><td class=\"c x4e9 y36e8 w1e1 h254\"><div class=\"t m0 x26 h30 y1b3e ff4 fsb fc1 sc0 ls0 ws0\">-  </div></td><td class=\"c x5ae y36e8 w421 h254\"><div class=\"t m0 x34 h30 y1b3e ff4 fsb fc1 sc0 ls0 ws0\">-  </div></td><td class=\"c x5b0 y36e8 w169 h254\"><div class=\"t m0 x37 h30 y1b3e ff4 fsb fc1 sc0 ls0 ws0\">-  </div></td></tr><tr><td class=\"c x44e y36e9 w4fa h82\"><div class=\"t m0 x2f h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">e) Forward<span class=\"_ _df\"> </span></div></td><td class=\"c xaac y36e9 w1eb h82\"><div class=\"t m0 x26 h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">-  </div></td><td class=\"c x8b5 y36e9 w43a h82\"><div class=\"t m0 x36 h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">-  </div></td><td class=\"c x4e4 y36e9 w1c6 h82\"><div class=\"t m0 x36 h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">-  </div></td><td class=\"c x7c6 y36e9 w3a7 h82\"><div class=\"t m0 x26 h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">-  </div></td><td class=\"c xab8 y36e9 w1b8 h82\"><div class=\"t m0 x26 h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">-  </div></td><td></td><td class=\"c xaae y36e9 w1c6 h82\"><div class=\"t m0 x36 h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">-  </div></td><td class=\"c xaad y36e9 w1c6 h82\"><div class=\"t m0 x36 h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">-  </div></td><td class=\"c x4e9 y36e9 w1e1 h82\"><div class=\"t m0 x26 h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">-  </div></td><td class=\"c x5ae y36e9 w421 h82\"><div class=\"t m0 x34 h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">-  </div></td><td class=\"c x5b0 y36e9 w169 h82\"><div class=\"t m0 x37 h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">-  </div></td></tr><tr><td class=\"c x44e y36ea w4fa h82\"><div class=\"t m0 x2f h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">f) Futures </div></td><td class=\"c xaac y36ea w1eb h82\"><div class=\"t m0 x26 h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">-  </div></td><td class=\"c x8b5 y36ea w43a h82\"><div class=\"t m0 x36 h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">-  </div></td><td class=\"c x4e4 y36ea w1c6 h82\"><div class=\"t m0 x36 h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">-  </div></td><td class=\"c x7c6 y36ea w3a7 h82\"><div class=\"t m0 x26 h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">-  </div></td><td class=\"c xab8 y36ea w1b8 h82\"><div class=\"t m0 x26 h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">-  </div></td><td></td><td class=\"c xaae y36ea w1c6 h82\"><div class=\"t m0 x36 h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">-  </div></td><td class=\"c xaad y36ea w1c6 h82\"><div class=\"t m0 x36 h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">-  </div></td><td class=\"c x4e9 y36ea w1e1 h82\"><div class=\"t m0 x26 h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">-  </div></td><td class=\"c x5ae y36ea w421 h82\"><div class=\"t m0 x34 h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">-  </div></td><td class=\"c x5b0 y36ea w169 h82\"><div class=\"t m0 x37 h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">-  </div></td></tr><tr><td class=\"c x44e y36eb w4fa h82\"><div class=\"t m0 x2f h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">g) Altri<span class=\"_ _df\"> </span></div></td><td class=\"c xaac y36eb w1eb h82\"><div class=\"t m0 x26 h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">-  </div></td><td class=\"c x8b5 y36eb w43a h82\"><div class=\"t m0 x36 h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">-  </div></td><td class=\"c x4e4 y36eb w1c6 h82\"><div class=\"t m0 x36 h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">-  </div></td><td class=\"c x7c6 y36eb w3a7 h82\"><div class=\"t m0 x26 h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">-  </div></td><td class=\"c xab8 y36eb w1b8 h82\"><div class=\"t m0 x26 h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">-  </div></td><td></td><td class=\"c xaae y36eb w1c6 h82\"><div class=\"t m0 x36 h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">-  </div></td><td class=\"c xaad y36eb w1c6 h82\"><div class=\"t m0 x36 h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">-  </div></td><td class=\"c x4e9 y36eb w1e1 h82\"><div class=\"t m0 x26 h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">-  </div></td><td class=\"c x5ae y36eb w421 h82\"><div class=\"t m0 x34 h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">-  </div></td><td class=\"c x5b0 y36eb w169 h82\"><div class=\"t m0 x37 h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">-  </div></td></tr><tr><td class=\"c x44e y36ec w4fa h82\"><div class=\"t m0 x11f h30 y28b ff4 fsb fc1 sc2 ls0 ws0\">Totale </div></td><td class=\"c xaac y36ec w1eb h82\"><div class=\"t m0 x26 h30 y28b ff4 fsb fc1 sc2 ls0 ws0\">-  </div></td><td class=\"c x8b5 y36ec w43a h82\"><div class=\"t m0 x130 h30 y28b ff4 fsb fc1 sc2 ls0 ws0\">178.230 <span class=\"_ _f\"></span> </div></td><td class=\"c x4e4 y36ec w1c6 h82\"><div class=\"t m0 x26 h30 y28b ff4 fsb fc1 sc2 ls0 ws0\">868  </div></td><td class=\"c x7c6 y36ec w3a7 h82\"><div class=\"t m0 x26 h30 y28b ff4 fsb fc1 sc2 ls0 ws0\">-  </div></td><td class=\"c xab8 y36ec w1b8 h82\"><div class=\"t m0 x26 h30 y28b ff4 fsb fc1 sc2 ls0 ws0\">-  </div></td><td></td><td class=\"c xaae y36ec w1c6 h82\"><div class=\"t m0 x55 h30 y28b ff4 fsb fc1 sc2 ls0 ws0\">425.942  </div></td><td class=\"c xaad y36ec w1c6 h82\"><div class=\"t m0 x2c h30 y28b ff4 fsb fc1 sc2 ls0 ws0\">1.293  </div></td><td class=\"c x4e9 y36ec w1e1 h82\"><div class=\"t m0 x26 h30 y28b ff4 fsb fc1 sc2 ls0 ws0\">-  </div></td><td class=\"c x5ae y36ec w421 h82\"><div class=\"t m0 x34 h30 y28b ff4 fsb fc1 sc2 ls0 ws0\">-  </div></td><td class=\"c x5b0 y36ec w169 h82\"><div class=\"t m0 x37 h30 y28b ff4 fsb fc1 sc2 ls0 ws0\">-  </div></td></tr><tr><td class=\"c x44e y36ed w4fa h82\"><div class=\"t m0 x10 h30 y28b ff4 fsb fc1 sc2 ls0 ws0\">Fair val<span class=\"_ _1\"></span>ue negativ<span class=\"_ _1\"></span>o </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=\"c x44e y36ee w4fa h82\"><div class=\"t m0 x2f h30 y71 ff4 fsb fc1 sc0 ls0 ws0\">a) Opzioni<span class=\"_ _df\"> </span></div></td><td class=\"c xaac y36ee w1eb h82\"><div class=\"t m0 x26 h30 y71 ff4 fsb fc1 sc0 ls0 ws0\">-  </div></td><td class=\"c x8b5 y36ee w43a h82\"><div class=\"t m0 x36 h30 y71 ff4 fsb fc1 sc0 ls0 ws0\">-  </div></td><td class=\"c x4e4 y36ee w1c6 h82\"><div class=\"t m0 x36 h30 y71 ff4 fsb fc1 sc0 ls0 ws0\">-  </div></td><td class=\"c x7c6 y36ee w3a7 h82\"><div class=\"t m0 x26 h30 y71 ff4 fsb fc1 sc0 ls0 ws0\">-  </div></td><td class=\"c xab8 y36ee w1b8 h82\"><div class=\"t m0 x26 h30 y71 ff4 fsb fc1 sc0 ls0 ws0\">-  </div></td><td></td><td class=\"c xaae y36ee w1c6 h82\"><div class=\"t m0 x36 h30 y71 ff4 fsb fc1 sc0 ls0 ws0\">-  </div></td><td class=\"c xaad y36ee w1c6 h82\"><div class=\"t m0 x36 h30 y71 ff4 fsb fc1 sc0 ls0 ws0\">-  </div></td><td class=\"c x4e9 y36ee w1e1 h82\"><div class=\"t m0 x26 h30 y71 ff4 fsb fc1 sc0 ls0 ws0\">-  </div></td><td class=\"c x5ae y36ee w421 h82\"><div class=\"t m0 x34 h30 y71 ff4 fsb fc1 sc0 ls0 ws0\">-  </div></td><td class=\"c x5b0 y36ee w169 h82\"><div class=\"t m0 x37 h30 y71 ff4 fsb fc1 sc0 ls0 ws0\">-  </div></td></tr><tr><td class=\"c x44e y36ef w4fa h82\"><div class=\"t m0 x2f h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">b) Interest rate swap<span class=\"_ _df\"> </span></div></td><td class=\"c xaac y36ef w1eb h82\"><div class=\"t m0 x26 h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">-  </div></td><td class=\"c x8b5 y36ef w43a h82\"><div class=\"t m0 x55 h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">482.188  </div></td><td class=\"c x4e4 y36ef w1c6 h82\"><div class=\"t m0 x31 h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">61  </div></td><td class=\"c x7c6 y36ef w3a7 h82\"><div class=\"t m0 x26 h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">-  </div></td><td class=\"c xab8 y36ef w1b8 h82\"><div class=\"t m0 x26 h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">-  </div></td><td></td><td class=\"c xaae y36ef w1c6 h82\"><div class=\"t m0 x130 h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">731.676  </div></td><td class=\"c xaad y36ef w1c6 h82\"><div class=\"t m0 x37 h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">102  </div></td><td class=\"c x4e9 y36ef w1e1 h82\"><div class=\"t m0 x26 h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">-  </div></td><td class=\"c x5ae y36ef w421 h82\"><div class=\"t m0 x34 h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">-  </div></td><td class=\"c x5b0 y36ef w169 h82\"><div class=\"t m0 x37 h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">-  </div></td></tr><tr><td class=\"c x44e y36f0 w4fa h82\"><div class=\"t m0 x2f h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">c) Cross currency<span class=\"_ _2\"></span> swap<span class=\"_ _df\"> </span></div></td><td class=\"c xaac y36f0 w1eb h82\"><div class=\"t m0 x26 h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">-  </div></td><td class=\"c x8b5 y36f0 w43a h82\"><div class=\"t m0 x36 h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">-  </div></td><td class=\"c x4e4 y36f0 w1c6 h82\"><div class=\"t m0 x36 h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">-  </div></td><td class=\"c x7c6 y36f0 w3a7 h82\"><div class=\"t m0 x26 h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">-  </div></td><td class=\"c xab8 y36f0 w1b8 h82\"><div class=\"t m0 x26 h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">-  </div></td><td></td><td class=\"c xaae y36f0 w1c6 h82\"><div class=\"t m0 x36 h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">-  </div></td><td class=\"c xaad y36f0 w1c6 h82\"><div class=\"t m0 x36 h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">-  </div></td><td class=\"c x4e9 y36f0 w1e1 h82\"><div class=\"t m0 x26 h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">-  </div></td><td class=\"c x5ae y36f0 w421 h82\"><div class=\"t m0 x34 h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">-  </div></td><td class=\"c x5b0 y36f0 w169 h82\"><div class=\"t m0 x37 h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">-  </div></td></tr><tr><td class=\"c x44e y36f1 w4fa h82\"><div class=\"t m0 x2f h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">d) Equity swap<span class=\"_ _df\"> </span></div></td><td class=\"c xaac y36f1 w1eb h82\"><div class=\"t m0 x26 h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">-  </div></td><td class=\"c x8b5 y36f1 w43a h82\"><div class=\"t m0 x36 h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">-  </div></td><td class=\"c x4e4 y36f1 w1c6 h82\"><div class=\"t m0 x36 h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">-  </div></td><td class=\"c x7c6 y36f1 w3a7 h82\"><div class=\"t m0 x26 h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">-  </div></td><td class=\"c xab8 y36f1 w1b8 h82\"><div class=\"t m0 x26 h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">-  </div></td><td></td><td class=\"c xaae y36f1 w1c6 h82\"><div class=\"t m0 x36 h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">-  </div></td><td class=\"c xaad y36f1 w1c6 h82\"><div class=\"t m0 x36 h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">-  </div></td><td class=\"c x4e9 y36f1 w1e1 h82\"><div class=\"t m0 x26 h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">-  </div></td><td class=\"c x5ae y36f1 w421 h82\"><div class=\"t m0 x34 h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">-  </div></td><td class=\"c x5b0 y36f1 w169 h82\"><div class=\"t m0 x37 h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">-  </div></td></tr><tr><td class=\"c x44e y36f2 w4fa h82\"><div class=\"t m0 x2f h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">e) Forward<span class=\"_ _df\"> </span></div></td><td class=\"c xaac y36f2 w1eb h82\"><div class=\"t m0 x26 h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">-  </div></td><td class=\"c x8b5 y36f2 w43a h82\"><div class=\"t m0 x36 h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">-  </div></td><td class=\"c x4e4 y36f2 w1c6 h82\"><div class=\"t m0 x36 h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">-  </div></td><td class=\"c x7c6 y36f2 w3a7 h82\"><div class=\"t m0 x26 h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">-  </div></td><td class=\"c xab8 y36f2 w1b8 h82\"><div class=\"t m0 x26 h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">-  </div></td><td></td><td class=\"c xaae y36f2 w1c6 h82\"><div class=\"t m0 x36 h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">-  </div></td><td class=\"c xaad y36f2 w1c6 h82\"><div class=\"t m0 x36 h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">-  </div></td><td class=\"c x4e9 y36f2 w1e1 h82\"><div class=\"t m0 x26 h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">-  </div></td><td class=\"c x5ae y36f2 w421 h82\"><div class=\"t m0 x34 h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">-  </div></td><td class=\"c x5b0 y36f2 w169 h82\"><div class=\"t m0 x37 h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">-  </div></td></tr><tr><td class=\"c x44e y36f3 w4fa h82\"><div class=\"t m0 x2f h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">f) Futures </div></td><td class=\"c xaac y36f3 w1eb h82\"><div class=\"t m0 x26 h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">-  </div></td><td class=\"c x8b5 y36f3 w43a h82\"><div class=\"t m0 x36 h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">-  </div></td><td class=\"c x4e4 y36f3 w1c6 h82\"><div class=\"t m0 x36 h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">-  </div></td><td class=\"c x7c6 y36f3 w3a7 h82\"><div class=\"t m0 x26 h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">-  </div></td><td class=\"c xab8 y36f3 w1b8 h82\"><div class=\"t m0 x26 h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">-  </div></td><td></td><td class=\"c xaae y36f3 w1c6 h82\"><div class=\"t m0 x36 h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">-  </div></td><td class=\"c xaad y36f3 w1c6 h82\"><div class=\"t m0 x36 h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">-  </div></td><td class=\"c x4e9 y36f3 w1e1 h82\"><div class=\"t m0 x26 h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">-  </div></td><td class=\"c x5ae y36f3 w421 h82\"><div class=\"t m0 x34 h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">-  </div></td><td class=\"c x5b0 y36f3 w169 h82\"><div class=\"t m0 x37 h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">-  </div></td></tr><tr><td class=\"c x44e y36f4 w4fa h82\"><div class=\"t m0 x2f h30 y71 ff4 fsb fc1 sc0 ls0 ws0\">g) Altri<span class=\"_ _df\"> </span></div></td><td class=\"c xaac y36f4 w1eb h82\"><div class=\"t m0 x26 h30 y71 ff4 fsb fc1 sc0 ls0 ws0\">-  </div></td><td class=\"c x8b5 y36f4 w43a h82\"><div class=\"t m0 x36 h30 y71 ff4 fsb fc1 sc0 ls0 ws0\">-  </div></td><td class=\"c x4e4 y36f4 w1c6 h82\"><div class=\"t m0 x36 h30 y71 ff4 fsb fc1 sc0 ls0 ws0\">-  </div></td><td class=\"c x7c6 y36f4 w3a7 h82\"><div class=\"t m0 x26 h30 y71 ff4 fsb fc1 sc0 ls0 ws0\">-  </div></td><td class=\"c xab8 y36f4 w1b8 h82\"><div class=\"t m0 x26 h30 y71 ff4 fsb fc1 sc0 ls0 ws0\">-  </div></td><td></td><td class=\"c xaae y36f4 w1c6 h82\"><div class=\"t m0 x36 h30 y71 ff4 fsb fc1 sc0 ls0 ws0\">-  </div></td><td class=\"c xaad y36f4 w1c6 h82\"><div class=\"t m0 x36 h30 y71 ff4 fsb fc1 sc0 ls0 ws0\">-  </div></td><td class=\"c x4e9 y36f4 w1e1 h82\"><div class=\"t m0 x26 h30 y71 ff4 fsb fc1 sc0 ls0 ws0\">-  </div></td><td class=\"c x5ae y36f4 w421 h82\"><div class=\"t m0 x34 h30 y71 ff4 fsb fc1 sc0 ls0 ws0\">-  </div></td><td class=\"c x5b0 y36f4 w169 h82\"><div class=\"t m0 x37 h30 y71 ff4 fsb fc1 sc0 ls0 ws0\">-  </div></td></tr><tr><td class=\"c x44e y36f5 w4fa hc8\"><div class=\"t m0 x11f h30 y74a ff4 fsb fc1 sc2 ls0 ws0\">Totale </div></td><td class=\"c xaac y36f5 w1eb hc8\"><div class=\"t m0 x26 h30 y74a ff4 fsb fc1 sc2 ls0 ws0\">-  </div></td><td class=\"c x8b5 y36f5 w43a hc8\"><div class=\"t m0 x55 h30 y74a ff4 fsb fc1 sc2 ls0 ws0\">482.188  </div></td><td class=\"c x4e4 y36f5 w1c6 hc8\"><div class=\"t m0 x31 h30 y74a ff4 fsb fc1 sc2 ls0 ws0\">61  </div></td><td class=\"c x7c6 y36f5 w3a7 hc8\"><div class=\"t m0 x26 h30 y74a ff4 fsb fc1 sc2 ls0 ws0\">-  </div></td><td class=\"c xab8 y36f5 w1b8 hc8\"><div class=\"t m0 x26 h30 y74a ff4 fsb fc1 sc2 ls0 ws0\">-  </div></td><td></td><td class=\"c xaae y36f5 w1c6 hc8\"><div class=\"t m0 x130 h30 y74a ff4 fsb fc1 sc2 ls0 ws0\">731.676 <span class=\"_ _1\"></span> </div></td><td class=\"c xaad y36f5 w1c6 hc8\"><div class=\"t m0 x37 h30 y74a ff4 fsb fc1 sc2 ls0 ws0\">102  </div></td><td class=\"c x4e9 y36f5 w1e1 hc8\"><div class=\"t m0 x26 h30 y74a ff4 fsb fc1 sc2 ls0 ws0\">-  </div></td><td class=\"c x5ae y36f5 w421 hc8\"><div class=\"t m0 x34 h30 y74a ff4 fsb fc1 sc2 ls0 ws0\">-  </div></td><td class=\"c x5b0 y36f5 w169 hc8\"><div class=\"t m0 x37 h30 y74a ff4 fsb fc1 sc2 ls0 ws0\">- </div></td></tr></table><div class=\"c w2c2 h225 gs15af\"><div class=\"t m0 x10 h5 y110b ff4 fs1 fc4 sc3 ls0 ws0\">A.3 D<span class=\"_ _1\"></span>eriva<span class=\"_ _f\"></span>ti finanzia<span class=\"_ _f\"></span>ri di cop<span class=\"_ _1\"></span>ertur<span class=\"_ _1\"></span>a OTC <span class=\"_ _1\"></span><span class=\"ff5\">\u2013<span class=\"ff4\"> va<span class=\"_ _1\"></span>lori <span class=\"_ _1\"></span>noziona<span class=\"_ _f\"></span>li, fair va<span class=\"_ _f\"></span>lue lord<span class=\"_ _1\"></span>o posi<span class=\"_ _1\"></span>tivo <span class=\"_ _1\"></span>e nega<span class=\"_ _f\"></span>tivo per<span class=\"_ _1\"></span> cont<span class=\"_ _1\"></span>ropa<span class=\"_ _1\"></span>r<span class=\"ls14\">ti</span> </span></span></div></div><div class=\"gs15b0\"><table class=\"s w110f h5ac\" id=\"_325a9d20-b8e2-4993-8fea-7a07e0d0fbef\"><tr><td class=\"c x44e y36f6 w4d7 h1c3\"><div class=\"t m0 x1e6 h1f y343 ff4 fs7 fc4 sc3 ls0 ws0\">Atti<span class=\"_ _1\"></span>vit\u00e0 s<span class=\"_ _f\"></span>ottosta<span class=\"_ _1\"></span>nti<span class=\"_ _1\"></span>  </div></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x44e y36f7 w4dd h82\"><div class=\"t m0 x10 h1f y66c ff4 fs7 fc1 sc0 ls0 ws0\">Contratti non rien<span class=\"_ _f\"></span>tranti in accordi di compe<span class=\"_ _1\"></span>nsazione </div></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x44e y36f8 w4dd h82\"><div class=\"t m0 x16a h1f y54 ff4 fs7 fc1 sc2 ls0 ws0\">1) Tit<span class=\"_ _1\"></span>oli di <span class=\"_ _f\"></span>debito e<span class=\"_ _f\"></span> tassi<span class=\"_ _1\"></span> d'int<span class=\"_ _f\"></span>eresse </div></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x44e y36f9 w4dd h82\"><div class=\"t m0 x48 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- valore nozion<span class=\"_ _1\"></span>ale </div></td><td class=\"c x7b5 y36f9 w21b h82\"><div class=\"t m0 x37 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td></td><td class=\"c x7b7 y36f9 w217 h82\"><div class=\"t m0 x8f h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">27.653 </div></td><td class=\"c x7b6 y36f9 wf3 h82\"><div class=\"t m0 xc3 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x7b8 y36f9 w217 h82\"><div class=\"t m0 xc3 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y36fa w4dd h82\"><div class=\"t m0 x48 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- fair value pos<span class=\"_ _1\"></span>itivo </div></td><td class=\"c x7b5 y36fa w21b h82\"><div class=\"t m0 x37 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td></td><td class=\"c x7b7 y36fa w217 h82\"><div class=\"t m0 xf h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">868 </div></td><td class=\"c x7b6 y36fa wf3 h82\"><div class=\"t m0 xc3 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x7b8 y36fa w217 h82\"><div class=\"t m0 xc3 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y36fb w4dd h82\"><div class=\"t m0 x48 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- fair value negati<span class=\"_ _1\"></span>vo </div></td><td class=\"c x7b5 y36fb w21b h82\"><div class=\"t m0 x37 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td></td><td class=\"c x7b7 y36fb w217 h82\"><div class=\"t m0 x49 h1f y54 ff4 fs7 fc1 sc0 ls29 ws0\">61<span class=\"ls0\"> </span></div></td><td class=\"c x7b6 y36fb wf3 h82\"><div class=\"t m0 xc3 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x7b8 y36fb w217 h82\"><div class=\"t m0 xc3 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y36fc w4dd h82\"><div class=\"t m0 x16a h1f y54 ff4 fs7 fc1 sc2 ls0 ws0\">2) Tit<span class=\"_ _1\"></span>oli di <span class=\"_ _f\"></span>capital<span class=\"_ _1\"></span>e e i<span class=\"_ _1\"></span>ndici a<span class=\"_ _f\"></span>ziona<span class=\"_ _f\"></span>ri </div></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x44e y36fd w4dd h82\"><div class=\"t m0 x48 h1f y66c ff4 fs7 fc1 sc0 ls0 ws0\">- valore nozion<span class=\"_ _1\"></span>ale </div></td><td class=\"c x7b5 y36fd w21b h82\"><div class=\"t m0 x37 h1f y66c ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td></td><td class=\"c x7b7 y36fd w217 h82\"><div class=\"t m0 xc3 h1f y66c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x7b6 y36fd wf3 h82\"><div class=\"t m0 xc3 h1f y66c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x7b8 y36fd w217 h82\"><div class=\"t m0 xc3 h1f y66c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y36fe w4dd h82\"><div class=\"t m0 x48 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- fair value pos<span class=\"_ _1\"></span>itivo </div></td><td class=\"c x7b5 y36fe w21b h82\"><div class=\"t m0 x37 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td></td><td class=\"c x7b7 y36fe w217 h82\"><div class=\"t m0 xc3 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x7b6 y36fe wf3 h82\"><div class=\"t m0 xc3 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x7b8 y36fe w217 h82\"><div class=\"t m0 xc3 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y36ff w4dd h254\"><div class=\"t m0 x48 h1f y18b3 ff4 fs7 fc1 sc0 ls0 ws0\">- fair value negati<span class=\"_ _1\"></span>vo </div></td><td class=\"c x7b5 y36ff w21b h254\"><div class=\"t m0 x37 h1f y18b3 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td></td><td class=\"c x7b7 y36ff w217 h254\"><div class=\"t m0 xc3 h1f y18b3 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x7b6 y36ff wf3 h254\"><div class=\"t m0 xc3 h1f y18b3 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x7b8 y36ff w217 h254\"><div class=\"t m0 xc3 h1f y18b3 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y3700 w4dd h82\"><div class=\"t m0 x16a h1f y54 ff4 fs7 fc1 sc2 ls0 ws0\">3) Va<span class=\"_ _1\"></span>lute <span class=\"_ _f\"></span>e oro </div></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x44e y3701 w4dd h82\"><div class=\"t m0 x48 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- valore nozion<span class=\"_ _1\"></span>ale </div></td><td class=\"c x7b5 y3701 w21b h82\"><div class=\"t m0 x37 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td></td><td class=\"c x7b7 y3701 w217 h82\"><div class=\"t m0 xc3 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x7b6 y3701 wf3 h82\"><div class=\"t m0 xc3 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x7b8 y3701 w217 h82\"><div class=\"t m0 xc3 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y3702 w4dd h82\"><div class=\"t m0 x48 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- fair value pos<span class=\"_ _1\"></span>iti<span class=\"ls106\">vo</span> </div></td><td class=\"c x7b5 y3702 w21b h82\"><div class=\"t m0 x37 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td></td><td class=\"c x7b7 y3702 w217 h82\"><div class=\"t m0 xc3 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x7b6 y3702 wf3 h82\"><div class=\"t m0 xc3 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x7b8 y3702 w217 h82\"><div class=\"t m0 xc3 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y3703 w4dd h82\"><div class=\"t m0 x48 h1f y66c ff4 fs7 fc1 sc0 ls0 ws0\">- fair value negati<span class=\"_ _1\"></span>vo </div></td><td class=\"c x7b5 y3703 w21b h82\"><div class=\"t m0 x37 h1f y66c ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td></td><td class=\"c x7b7 y3703 w217 h82\"><div class=\"t m0 xc3 h1f y66c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x7b6 y3703 wf3 h82\"><div class=\"t m0 xc3 h1f y66c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x7b8 y3703 w217 h82\"><div class=\"t m0 xc3 h1f y66c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y3704 w4dd h82\"><div class=\"t m0 x16a h1f y54 ff4 fs7 fc1 sc2 ls0 ws0\">4) Me<span class=\"_ _1\"></span>rci<span class=\"_ _1\"></span> </div></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x44e y3705 w4dd h82\"><div class=\"t m0 x48 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- valore nozion<span class=\"_ _1\"></span>ale </div></td><td class=\"c x7b5 y3705 w21b h82\"><div class=\"t m0 x37 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td></td><td class=\"c x7b7 y3705 w217 h82\"><div class=\"t m0 xc3 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x7b6 y3705 wf3 h82\"><div class=\"t m0 xc3 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x7b8 y3705 w217 h82\"><div class=\"t m0 xc3 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y3706 w4dd h82\"><div class=\"t m0 x48 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- fair value pos<span class=\"_ _1\"></span>itivo </div></td><td class=\"c x7b5 y3706 w21b h82\"><div class=\"t m0 x37 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td></td><td class=\"c x7b7 y3706 w217 h82\"><div class=\"t m0 xc3 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x7b6 y3706 wf3 h82\"><div class=\"t m0 xc3 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x7b8 y3706 w217 h82\"><div class=\"t m0 xc3 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y3707 w4dd h82\"><div class=\"t m0 x48 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- fair value negati<span class=\"_ _1\"></span>vo </div></td><td class=\"c x7b5 y3707 w21b h82\"><div class=\"t m0 x37 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td></td><td class=\"c x7b7 y3707 w217 h82\"><div class=\"t m0 xc3 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x7b6 y3707 wf3 h82\"><div class=\"t m0 xc3 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x7b8 y3707 w217 h82\"><div class=\"t m0 xc3 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y3708 w4dd h82\"><div class=\"t m0 x16a h1f y54 ff4 fs7 fc1 sc2 ls0 ws0\">5) Al<span class=\"_ _1\"></span>tri </div></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x44e y3709 w4dd h82\"><div class=\"t m0 x48 h1f y66c ff4 fs7 fc1 sc0 ls0 ws0\">- valore nozion<span class=\"_ _1\"></span>ale </div></td><td class=\"c x7b5 y3709 w21b h82\"><div class=\"t m0 x37 h1f y66c ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td></td><td class=\"c x7b7 y3709 w217 h82\"><div class=\"t m0 xc3 h1f y66c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x7b6 y3709 wf3 h82\"><div class=\"t m0 xc3 h1f y66c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x7b8 y3709 w217 h82\"><div class=\"t m0 xc3 h1f y66c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y370a w4dd h82\"><div class=\"t m0 x48 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- fair value pos<span class=\"_ _1\"></span>itivo </div></td><td class=\"c x7b5 y370a w21b h82\"><div class=\"t m0 x37 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td></td><td class=\"c x7b7 y370a w217 h82\"><div class=\"t m0 xc3 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x7b6 y370a wf3 h82\"><div class=\"t m0 xc3 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x7b8 y370a w217 h82\"><div class=\"t m0 xc3 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y370b w4dd h82\"><div class=\"t m0 x48 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- fair value negati<span class=\"_ _1\"></span>vo </div></td><td class=\"c x7b5 y370b w21b h82\"><div class=\"t m0 x37 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td></td><td class=\"c x7b7 y370b w217 h82\"><div class=\"t m0 xc3 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x7b6 y370b wf3 h82\"><div class=\"t m0 xc3 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x7b8 y370b w217 h82\"><div class=\"t m0 xc3 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y370c w4dd h82\"><div class=\"t m0 x10 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">Contratti rientrant<span class=\"_ _1\"></span>i in accordi di<span class=\"_ _1\"></span> compensazione </div></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x44e y370d w4dd h82\"><div class=\"t m0 x16a h1f y54 ff4 fs7 fc1 sc2 ls0 ws0\">1) Tit<span class=\"_ _1\"></span>oli di <span class=\"_ _f\"></span>debito e<span class=\"_ _f\"></span> tassi<span class=\"_ _1\"></span> d'int<span class=\"_ _f\"></span>eresse </div></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x44e y370e w4dd h254\"><div class=\"t m0 x16a h1f yd98 ff4 fs7 fc1 sc0 ls0 ws0\">- valore nozion<span class=\"_ _1\"></span>ale </div></td><td></td><td class=\"c x7b5 y370e w21b h254\"><div class=\"t m0 xef h1f yd98 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x7b7 y370e w217 h254\"><div class=\"t m0 x32 h1f yd98 ff4 fs7 fc1 sc0 ls0 ws0\">25.235.972 </div></td><td class=\"c x7b6 y370e wf3 h254\"><div class=\"t m0 x38 h1f yd98 ff4 fs7 fc1 sc0 ls0 ws0\">333.000 </div></td><td class=\"c x7b8 y370e w217 h254\"><div class=\"t m0 xc3 h1f yd98 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y370f w4dd h82\"><div class=\"t m0 x16a h1f y66c ff4 fs7 fc1 sc0 ls0 ws0\">- fair value pos<span class=\"_ _1\"></span>itivo </div></td><td></td><td class=\"c x7b5 y370f w21b h82\"><div class=\"t m0 xef h1f y66c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x7b7 y370f w217 h82\"><div class=\"t m0 x30 h1f y66c ff4 fs7 fc1 sc0 ls0 ws0\">178.230 </div></td><td class=\"c x7b6 y370f wf3 h82\"><div class=\"t m0 xc3 h1f y66c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x7b8 y370f w217 h82\"><div class=\"t m0 xc3 h1f y66c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y3710 w4dd h82\"><div class=\"t m0 x16a h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- fair value negati<span class=\"_ _1\"></span>vo </div></td><td></td><td class=\"c x7b5 y3710 w21b h82\"><div class=\"t m0 xef h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x7b7 y3710 w217 h82\"><div class=\"t m0 x31 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">464.787 </div></td><td class=\"c x7b6 y3710 wf3 h82\"><div class=\"t m0 x96 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">17.401 </div></td><td class=\"c x7b8 y3710 w217 h82\"><div class=\"t m0 xc3 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y3711 w4dd h82\"><div class=\"t m0 x16a h1f y54 ff4 fs7 fc1 sc2 ls0 ws0\">2) Tit<span class=\"_ _1\"></span>oli di <span class=\"_ _f\"></span>capital<span class=\"_ _1\"></span>e e i<span class=\"_ _1\"></span>ndici a<span class=\"_ _f\"></span>ziona<span class=\"_ _f\"></span>ri </div></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x44e y3712 w4dd h82\"><div class=\"t m0 x16a h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- valore nozion<span class=\"_ _1\"></span>ale </div></td><td></td><td class=\"c x7b5 y3712 w21b h82\"><div class=\"t m0 xef h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x7b7 y3712 w217 h82\"><div class=\"t m0 xc3 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x7b6 y3712 wf3 h82\"><div class=\"t m0 xc3 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x7b8 y3712 w217 h82\"><div class=\"t m0 xc3 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y3713 w4dd h82\"><div class=\"t m0 x16a h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- fair value pos<span class=\"_ _1\"></span>itivo<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x7b5 y3713 w21b h82\"><div class=\"t m0 xef h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x7b7 y3713 w217 h82\"><div class=\"t m0 xc3 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x7b6 y3713 wf3 h82\"><div class=\"t m0 xc3 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x7b8 y3713 w217 h82\"><div class=\"t m0 xc3 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y3714 w4dd h82\"><div class=\"t m0 x16a h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- fair value negati<span class=\"_ _1\"></span>vo </div></td><td></td><td class=\"c x7b5 y3714 w21b h82\"><div class=\"t m0 xef h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x7b7 y3714 w217 h82\"><div class=\"t m0 xc3 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x7b6 y3714 wf3 h82\"><div class=\"t m0 xc3 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x7b8 y3714 w217 h82\"><div class=\"t m0 xc3 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y3715 w4dd h82\"><div class=\"t m0 x16a h1f y66c ff4 fs7 fc1 sc2 ls0 ws0\">3) Va<span class=\"_ _1\"></span>lute <span class=\"_ _f\"></span>e oro </div></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x44e y3716 w4dd h82\"><div class=\"t m0 x16a h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- valore nozion<span class=\"_ _1\"></span>ale </div></td><td></td><td class=\"c x7b5 y3716 w21b h82\"><div class=\"t m0 xef h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x7b7 y3716 w217 h82\"><div class=\"t m0 xc3 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x7b6 y3716 wf3 h82\"><div class=\"t m0 xc3 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x7b8 y3716 w217 h82\"><div class=\"t m0 xc3 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y3717 w4dd h82\"><div class=\"t m0 x16a h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- fair value pos<span class=\"_ _1\"></span>itivo<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x7b5 y3717 w21b h82\"><div class=\"t m0 xef h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x7b7 y3717 w217 h82\"><div class=\"t m0 xc3 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x7b6 y3717 wf3 h82\"><div class=\"t m0 xc3 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x7b8 y3717 w217 h82\"><div class=\"t m0 xc3 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y3718 w4dd h82\"><div class=\"t m0 x16a h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- fair value negati<span class=\"_ _1\"></span>vo </div></td><td></td><td class=\"c x7b5 y3718 w21b h82\"><div class=\"t m0 xef h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x7b7 y3718 w217 h82\"><div class=\"t m0 xc3 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x7b6 y3718 wf3 h82\"><div class=\"t m0 xc3 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x7b8 y3718 w217 h82\"><div class=\"t m0 xc3 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y3719 w4dd h82\"><div class=\"t m0 x16a h1f y54 ff4 fs7 fc1 sc2 ls0 ws0\">4) Me<span class=\"_ _1\"></span>rci<span class=\"_ _1\"></span> </div></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x44e y371a w4dd h82\"><div class=\"t m0 x16a h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- valore nozion<span class=\"_ _1\"></span>ale </div></td><td></td><td class=\"c x7b5 y371a w21b h82\"><div class=\"t m0 xef h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x7b7 y371a w217 h82\"><div class=\"t m0 xc3 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x7b6 y371a wf3 h82\"><div class=\"t m0 xc3 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x7b8 y371a w217 h82\"><div class=\"t m0 xc3 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y371b w4dd h82\"><div class=\"t m0 x16a h1f y66c ff4 fs7 fc1 sc0 ls0 ws0\">- fair value pos<span class=\"_ _1\"></span>itivo </div></td><td></td><td class=\"c x7b5 y371b w21b h82\"><div class=\"t m0 xef h1f y66c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x7b7 y371b w217 h82\"><div class=\"t m0 xc3 h1f y66c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x7b6 y371b wf3 h82\"><div class=\"t m0 xc3 h1f y66c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x7b8 y371b w217 h82\"><div class=\"t m0 xc3 h1f y66c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y371c w4dd h82\"><div class=\"t m0 x16a h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- fair value negati<span class=\"_ _1\"></span>vo </div></td><td></td><td class=\"c x7b5 y371c w21b h82\"><div class=\"t m0 xef h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x7b7 y371c w217 h82\"><div class=\"t m0 xc3 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x7b6 y371c wf3 h82\"><div class=\"t m0 xc3 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x7b8 y371c w217 h82\"><div class=\"t m0 xc3 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y371d w4dd h82\"><div class=\"t m0 x16a h1f y54 ff4 fs7 fc1 sc2 ls0 ws0\">5) Al<span class=\"_ _1\"></span>tri </div></td><td></td><td class=\"c x7b5 y371d w21b h82\"><div class=\"t m0 xef h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x7b7 y371d w217 h82\"><div class=\"t m0 xc3 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x7b6 y371d wf3 h82\"><div class=\"t m0 xc3 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x7b8 y371d w217 h82\"><div class=\"t m0 xc3 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y371e w4dd h254\"><div class=\"t m0 x16a h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- valore nozion<span class=\"_ _1\"></span>ale </div></td><td></td><td class=\"c x7b5 y371e w21b h254\"><div class=\"t m0 xef h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x7b7 y371e w217 h254\"><div class=\"t m0 xc3 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x7b6 y371e wf3 h254\"><div class=\"t m0 xc3 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x7b8 y371e w217 h254\"><div class=\"t m0 xc3 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y371f w4dd h82\"><div class=\"t m0 x16a h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- fair value pos<span class=\"_ _1\"></span>itivo<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x7b5 y371f w21b h82\"><div class=\"t m0 xef h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x7b7 y371f w217 h82\"><div class=\"t m0 xc3 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x7b6 y371f wf3 h82\"><div class=\"t m0 xc3 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x7b8 y371f w217 h82\"><div class=\"t m0 xc3 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y3720 w4dd hc8\"><div class=\"t m0 x16a h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- fair value negati<span class=\"_ _1\"></span>vo </div></td><td></td><td class=\"c x7b5 y3720 w21b hc8\"><div class=\"t m0 xef h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x7b7 y3720 w217 hc8\"><div class=\"t m0 xc3 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x7b6 y3720 wf3 hc8\"><div class=\"t m0 xc3 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x7b8 y3720 w217 hc8\"><div class=\"t m0 xc3 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr></table></div><div class=\"c w4da h1c3 gs15b1\"><div class=\"t m4 x97 h1f yd81 ff4 fs7 fc4 sc3 ls0 ws0\">Controparti </div><div class=\"t m4 x11 h1f y8d7 ff4 fs7 fc4 sc3 ls0 ws0\">centrali </div></div><div class=\"c w277 h1c3 gs15b2\"><div class=\"t m4 x15 h1f y8d7 ff4 fs7 fc4 sc3 ls0 ws0\">Banche </div></div><div class=\"c w4dc h1c3 gs15b3\"><div class=\"t m4 x37 h1f y110b ff4 fs7 fc4 sc3 ls0 ws0\">Altre societ\u00e0 </div><div class=\"t m4 x11 h1f y3e3 ff4 fs7 fc4 sc3 ls0 ws0\">finanziarie </div></div><div class=\"c w277 h1c3 gs15b4\"><div class=\"t m4 x15 h1f y25a ff4 fs7 fc4 sc3 ls0 ws0\">Altri soggetti </div></div>A.4 Vi<span class=\"_ _1\"></span>ta r<span class=\"_ _1\"></span>esidu<span class=\"_ _1\"></span>a de<span class=\"_ _1\"></span>i deri<span class=\"_ _1\"></span>vati fi<span class=\"_ _1\"></span>nanzi<span class=\"_ _1\"></span>ari <span class=\"_ _1\"></span>di cope<span class=\"_ _1\"></span>rtura<span class=\"_ _f\"></span> OTC: va<span class=\"_ _f\"></span>l<span class=\"_ _2\"></span>ori <span class=\"_ _f\"></span>noziona<span class=\"_ _1\"></span>li <table class=\"s w1110 h5ad\" id=\"_abe17fae-51a4-488f-b152-5a4ba28baeb1\"><tr><td class=\"c xaba y3721 w610 h203\"><div class=\"t m0 xe7 h30 y15 ff4 fsb fc4 sc3 ls0 ws0\">Sottost<span class=\"_ _1\"></span>anti/Vita r<span class=\"_ _1\"></span>esidua<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c xabb y3721 w74 h203\"><div class=\"t m0 x16a h30 y15 ff4 fsb fc4 sc3 ls0 ws0\">Fino ad 1<span class=\"_ _1\"></span> anno<span class=\"_ _df\"> </span></div></td><td class=\"c xabc y2740 w10f5 h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">Oltre 1 a<span class=\"_ _1\"></span>nno e fino<span class=\"_ _df\"> </span></div></td><td class=\"c xabd y3721 w74 h203\"><div class=\"t m0 x55 h30 y15 ff4 fsb fc4 sc3 ls0 ws0\">Oltre 5 ann<span class=\"_ _1\"></span>i<span class=\"_ _df\"> </span></div></td><td class=\"c xabe y3721 w21c h203\"><div class=\"t m0 x35 h30 y15 ff4 fsb fc4 sc3 ls0 ws0\">Totale<span class=\"_ _df\"> </span></div></td></tr><tr><td></td><td></td><td></td><td class=\"c xabf y3722 w1111 h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">a 5 anni<span class=\"_ _df\"> </span></div></td><td></td><td></td></tr><tr><td class=\"c xac0 y3723 w10f7 h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc1 sc0 ls0 ws0\">A.1 Derivati finanziari<span class=\"_ _2\"></span> su titoli di debito e<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c xabb y3724 w81 h98\"><div class=\"t m0 x34 h30 y27 ff4 fsb fc1 sc0 ls0 ws0\">5.904.294<span class=\"_ _df\"> </span></div></td><td class=\"c xac1 y3724 w4e h98\"><div class=\"t m0 x34 h30 y27 ff4 fsb fc1 sc0 ls0 ws0\">16.735.122<span class=\"_ _df\"> </span></div></td><td class=\"c xabd y3724 w81 h98\"><div class=\"t m0 x37 h30 y27 ff4 fsb fc1 sc0 ls0 ws0\">2.957.209<span class=\"_ _df\"> </span></div></td><td class=\"c xabe y3724 w21c h98\"><div class=\"t m0 x27 h30 y27 ff4 fsb fc1 sc0 ls0 ws0\">25.596.625<span class=\"_ _df\"> </span></div></td></tr><tr><td class=\"c xac2 y3725 w10f8 h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc1 sc0 ls0 ws0\">tassi di interes<span class=\"_ _2\"></span>se<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x262 y3726 w1112 h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc1 sc0 ls0 ws0\">A.2 Derivati finanziari su<span class=\"_ _2\"></span> titoli di capit<span class=\"_ _2\"></span>ale<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c xabb y3727 w81 h12\"><div class=\"t m0 xc3 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c xac1 y3727 w4e h12\"><div class=\"t m0 xc3 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c xabd y3727 w81 h12\"><div class=\"t m0 xc3 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c xabe y3727 w21c h12\"><div class=\"t m0 xc3 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td></tr><tr><td class=\"c xac3 y3728 w1113 h4aa\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">ed indici azionari<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c xaba y3729 w611 h4e\"><div class=\"t m0 x48 h30 y80 ff4 fsb fc1 sc0 ls0 ws0\">A.3 Derivati finanziari su<span class=\"_ _2\"></span> valute ed oro<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c xabb y3729 w81 h4e\"><div class=\"t m0 xc3 h30 y80 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c xac1 y3729 w4e h4e\"><div class=\"t m0 xc3 h30 y80 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c xabd y3729 w81 h4e\"><div class=\"t m0 xc3 h30 y80 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c xabe y3729 w21c h4e\"><div class=\"t m0 xc3 h30 y80 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td></tr><tr><td class=\"c xaba y372a w611 h4d\"><div class=\"t m0 x91 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">A.4 Derivati finanziari s<span class=\"_ _2\"></span>u merci<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c xabb y372a w81 h4d\"><div class=\"t m0 xc3 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c xac1 y372a w4e h4d\"><div class=\"t m0 xc3 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c xabd y372a w81 h4d\"><div class=\"t m0 xc3 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c xabe y372a w21c h4d\"><div class=\"t m0 xc3 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td></tr><tr><td class=\"c xaba y372b w611 h4d\"><div class=\"t m0 xc3 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">A.5 Altri derivati<span class=\"_ _2\"></span> finanziari<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c xabb y372b w81 h4d\"><div class=\"t m0 xc3 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c xac1 y372b w4e h4d\"><div class=\"t m0 xc3 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c xabd y372b w81 h4d\"><div class=\"t m0 xc3 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c xabe y372b w21c h4d\"><div class=\"t m0 xc3 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td></tr><tr><td class=\"c xaba y372c w611 hcb\"><div class=\"t m0 x15f h30 y302 ff4 fsb fc1 sc2 ls0 ws0\">Totale</div></td><td class=\"c xac4 y372c w21c hcb\"><div class=\"t m0 x8a h30 y302 ff4 fsb fc1 sc2 ls0 ws0\">31/12/2025<span class=\"_ _df\"> </span></div></td><td class=\"c xabb y372c w81 hcb\"><div class=\"t m0 x37 h30 y302 ff4 fsb fc1 sc2 ls0 ws0\">5.904.294<span class=\"_ _df\"> </span></div></td><td class=\"c xac1 y372c w4e hcb\"><div class=\"t m0 x37 h30 y302 ff4 fsb fc1 sc2 ls0 ws0\">16.735.12<span class=\"_ _f\"></span>2<span class=\"_ _df\"> </span></div></td><td class=\"c xabd y372c w81 hcb\"><div class=\"t m0 x97 h30 y302 ff4 fsb fc1 sc2 ls0 ws0\">2.957.209<span class=\"_ _df\"> </span></div></td><td class=\"c xabe y372c w21c hcb\"><div class=\"t m0 x27 h30 y302 ff4 fsb fc1 sc2 ls0 ws0\">25.596.62<span class=\"_ _1\"></span>5<span class=\"_ _df\"> </span></div></td></tr><tr><td class=\"c xaba y372d w611 hcc\"><div class=\"t m0 x15f h30 y30c ff4 fsb fc1 sc2 ls0 ws0\">Totale</div></td><td class=\"c xac4 y372d w21c hcc\"><div class=\"t m0 x8a h30 y30c ff4 fsb fc1 sc2 ls0 ws0\">31/12/202<span class=\"_ _f\"></span>4<span class=\"_ _df\"> </span></div></td><td class=\"c xabb y372d w81 hcc\"><div class=\"t m0 x37 h30 y30c ff4 fsb fc1 sc2 ls0 ws0\">12.110.87<span class=\"_ _1\"></span>6<span class=\"_ _df\"> </span></div></td><td class=\"c xac1 y372d w4e hcc\"><div class=\"t m0 x34 h30 y30c ff4 fsb fc1 sc2 ls0 ws0\">19.166.984<span class=\"_ _df\"> </span></div></td><td class=\"c xabd y372d w75 hcc\"><div class=\"t m0 x37 h30 y30c ff4 fsb fc1 sc2 ls0 ws0\">6.390.78<span class=\"_ _1\"></span>8<span class=\"_ _df\"> </span></div></td><td class=\"c xabe y372d w257 hcc\"><div class=\"t m0 x27 h30 y30c ff4 fsb fc1 sc2 ls0 ws0\">37.668.64<span class=\"_ _1\"></span>8<span class=\"_ _df\"> </span></div></td></tr></table>D. St<span class=\"_ _f\"></span>rum<span class=\"_ _f\"></span>enti co<span class=\"_ _1\"></span>pert<span class=\"_ _f\"></span>i In <span class=\"_ _d\"></span>tema <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>Hedge <span class=\"_ _d\"></span>accounting, <span class=\"_ _d\"></span>il <span class=\"_ _d\"></span>Gruppo, <span class=\"_ _d\"></span>come <span class=\"_ _d\"></span>previsto <span class=\"_ _d\"></span>dall\u2019IFRS9, <span class=\"_ _d\"></span>continua <span class=\"_ _d\"></span>ad <span class=\"_ _d\"></span>applicare <span class=\"_ _d\"></span>quanto definito <span class=\"_ _0\"></span>dal <span class=\"_ _d\"></span>princ<span class=\"_ _2\"></span>ipio <span class=\"_ _d\"></span>contabile <span class=\"_ _0\"></span>I<span class=\"_ _2\"></span>AS <span class=\"_ _d\"></span>39 <span class=\"_ _0\"></span>(n<span class=\"_ _2\"></span>ella <span class=\"_ _d\"></span>versione <span class=\"_ _0\"></span>carved <span class=\"_ _0\"></span>out <span class=\"_ _9\"> </span>omologata <span class=\"_ _0\"></span>dalla <span class=\"_ _0\"></span>Commis<span class=\"_ _2\"></span>sione Europea) in relazione a tutte le coperture poste in essere. D.1 <span class=\"_ _1\"></span>Copert<span class=\"_ _f\"></span>ure del fa<span class=\"_ _f\"></span>ir value<span class=\"_ _1\"></span><span class=\"fc1 sc0\"> </span><table class=\"s w1114 h5ae\" id=\"_abc1104c-a51b-4e79-9363-889743717a6c\"><tr><td></td><td></td><td></td><td class=\"c xac5 y372e we4b h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">Cop<span class=\"_ _1\"></span>ertur<span class=\"_ _f\"></span>e<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x9bb y372f w615 h64\"><div class=\"t m0 x11 h1f y35c ff4 fs7 fc4 sc3 ls0 ws0\">Cop<span class=\"_ _1\"></span>ertur<span class=\"_ _f\"></span>e specif<span class=\"_ _1\"></span>iche<span class=\"_ _f\"></span><span class=\"fc1 sc0\"> </span></div></td><td></td><td></td><td></td></tr><tr><td></td><td></td><td></td><td class=\"c xac6 y3730 w1115 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">specif<span class=\"_ _f\"></span>iche -<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td></td><td></td><td class=\"c xac7 y2c84 we4b h4d6\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc4 sc3 ls0 ws0\">Cop<span class=\"_ _1\"></span>ertur<span class=\"_ _f\"></span>e<span class=\"_ _df\"> </span></div></td><td class=\"c xac8 y2c84 w1116 h4d6\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc4 sc3 ls0 ws0\">posiz<span class=\"_ _1\"></span>ioni<span class=\"_ _1\"></span> nett<span class=\"_ _f\"></span>e:<span class=\"_ _df\"> </span></div></td><td class=\"c xac9 y3731 wd2c h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc4 sc3 ls0 ws0\">Vari<span class=\"_ _1\"></span>azion<span class=\"_ _f\"></span>i</div></td><td class=\"c xaca y3732 w1117 h5af\" colspan=\"2\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc4 sc3 ls0 ws0\">Cess<span class=\"_ _1\"></span>azio<span class=\"_ _1\"></span>ne<span class=\"_ _df\"> </span></div></td><td class=\"c x6cb y3732 wd2c h5af\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc4 sc3 ls0 ws0\">Vari<span class=\"_ _1\"></span>azion<span class=\"_ _f\"></span>i<span class=\"_ _df\"> </span></div></td><td class=\"c xacb y2c84 we4b h4d6\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc4 sc3 ls0 ws0\">Cop<span class=\"_ _1\"></span>ertur<span class=\"_ _f\"></span>e<span class=\"_ _df\"> </span></div></td></tr><tr><td></td><td></td><td class=\"c x77d y3733 w1118 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc4 sc3 ls0 ws0\">specif<span class=\"_ _f\"></span>iche:<span class=\"_ _df\"> </span></div></td><td class=\"c x66a y3733 w1119 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc4 sc3 ls0 ws0\">val<span class=\"_ _1\"></span>ore di <span class=\"_ _f\"></span>bilanci<span class=\"_ _1\"></span>o<span class=\"_ _df\"> </span></div></td><td class=\"c xac9 y3734 w111a h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc4 sc3 ls0 ws0\">cum<span class=\"_ _f\"></span>ulate<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c xacc y3735 w111b h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc4 sc3 ls0 ws0\">della<span class=\"_ _df\"> </span></div></td><td class=\"c x6cb y3735 w111c h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc4 sc3 ls0 ws0\">del va<span class=\"_ _f\"></span>lore<span class=\"_ _df\"> </span></div></td><td class=\"c xacb y3733 w111d h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc4 sc3 ls0 ws0\">gen<span class=\"_ _1\"></span>erich<span class=\"_ _f\"></span>e:<span class=\"_ _df\"> </span></div></td></tr><tr><td></td><td></td><td class=\"c x700 y3736 w111e h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc4 sc3 ls0 ws0\">val<span class=\"_ _1\"></span>ore di<span class=\"_ _df\"> </span></div></td><td class=\"c xacd y3736 w111f h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc4 sc3 ls0 ws0\">delle a<span class=\"_ _f\"></span>ttivit\u00e0<span class=\"_ _1\"></span> o<span class=\"_ _df\"> </span></div></td><td class=\"c xace y3737 w1120 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc4 sc3 ls0 ws0\">di fai<span class=\"_ _f\"></span>r</div></td><td class=\"c xacf y3738 w1121 h484\" colspan=\"2\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc4 sc3 ls0 ws0\">cope<span class=\"_ _1\"></span>rtur<span class=\"_ _1\"></span>a:<span class=\"_ _df\"> </span></div></td><td class=\"c x6cb y3738 w1122 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc4 sc3 ls0 ws0\">usat<span class=\"_ _f\"></span>o per<span class=\"_ _df\"> </span></div></td><td class=\"c xad0 y3736 wa5b h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc4 sc3 ls0 ws0\">Val<span class=\"_ _1\"></span>ore di<span class=\"_ _df\"> </span></div></td></tr><tr><td></td><td></td><td class=\"c x70b y3739 wb03 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc4 sc3 ls0 ws0\">bilan<span class=\"_ _f\"></span>cio<span class=\"_ _df\"> </span></div></td><td class=\"c x660 y3739 w1123 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc4 sc3 ls0 ws0\">pass<span class=\"_ _f\"></span>ivit\u00e0 (pr<span class=\"_ _1\"></span>ima<span class=\"_ _df\"> </span></div></td><td class=\"c xad1 y373a w1124 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc4 sc3 ls0 ws0\">val<span class=\"_ _1\"></span>ue del<span class=\"_ _1\"></span>lo</div></td><td class=\"c xad2 y373b w10fe h484\" colspan=\"2\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc4 sc3 ls0 ws0\">varia<span class=\"_ _f\"></span>zioni<span class=\"_ _df\"> </span></div></td><td class=\"c xad3 y373b wcdb h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc4 sc3 ls0 ws0\">rileva<span class=\"_ _f\"></span>re<span class=\"_ _df\"> </span></div></td><td class=\"c xad4 y3739 wa60 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc4 sc3 ls0 ws0\">bilan<span class=\"_ _f\"></span>cio<span class=\"_ _df\"> </span></div></td></tr><tr><td></td><td></td><td></td><td class=\"c x733 y360b w1125 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc4 sc3 ls0 ws0\">dell<span class=\"lsd5\">a<span class=\"_ _df\"> </span></span></div></td><td class=\"c xad1 y2790 w1126 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc4 sc3 ls0 ws0\">strum<span class=\"_ _f\"></span>ento<span class=\"_ _df\"> </span></div></td><td class=\"c x6d9 y2813 w1127 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc4 sc3 ls0 ws0\">l'inef<span class=\"_ _1\"></span>ficac<span class=\"_ _1\"></span>ia<span class=\"_ _df\"> </span></div></td><td class=\"c xad2 y2813 w111a h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc4 sc3 ls0 ws0\">cum<span class=\"_ _f\"></span>ulate<span class=\"_ _df\"> </span></div></td><td></td><td></td></tr><tr><td></td><td></td><td></td><td class=\"c x66a y373c w1128 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc4 sc3 ls0 ws0\">com<span class=\"_ _f\"></span>pensazi<span class=\"_ _1\"></span>one)<span class=\"_ _df\"> </span></div></td><td class=\"c xad5 y2814 w1129 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc4 sc3 ls0 ws0\">cope<span class=\"_ _1\"></span>rto</div></td><td class=\"c x4ac y373d w112a h484\" colspan=\"2\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc4 sc3 ls0 ws0\">resi<span class=\"_ _f\"></span>due del<span class=\"_ _df\"> </span></div></td><td class=\"c xad6 y373d w111b h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc4 sc3 ls0 ws0\">della<span class=\"_ _df\"> </span></div></td><td></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td class=\"c x6cb y2793 wbc9 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc4 sc3 ls0 ws0\">cope<span class=\"_ _1\"></span>rtur<span class=\"_ _1\"></span>a<span class=\"_ _df\"> </span></div></td><td class=\"c xad2 y2793 w112b h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc4 sc3 ls0 ws0\">fair v<span class=\"_ _f\"></span>alue<span class=\"_ _df\"> </span></div></td><td></td><td></td></tr><tr><td class=\"c x46b y373e w96 hcc\"><div class=\"t m0 x8a h1f y74a ff4 fs7 fc1 sc2 ls0 ws0\">A. Att<span class=\"_ _f\"></span>ivit\u00e0<span class=\"sc0\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x262 y3740 w112c h5b0\"><div class=\"t m0 x250 h1f y373f ff4 fs7 fc1 sc2 ls0 ws0\">1. Att<span class=\"_ _1\"></span>ivit\u00e0<span class=\"_ _1\"></span> fina<span class=\"_ _f\"></span>nziarie v<span class=\"_ _1\"></span>alut<span class=\"_ _1\"></span>ate a<span class=\"_ _f\"></span>l fair<span class=\"_ _df\"> </span></div><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc2 ls0 ws0\">val<span class=\"_ _1\"></span>ue con<span class=\"_ _f\"></span> impatt<span class=\"_ _f\"></span>o sulla r<span class=\"_ _1\"></span>eddit<span class=\"_ _f\"></span>ivt\u00e0<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x718 y3741 w1d0 ha2\"><div class=\"t m0 x2f h1f y16eb ff4 fs7 fc1 sc2 ls0 ws0\">3.519<span class=\"_ _1\"></span>.43<span class=\"_ _1\"></span>0<span class=\"sc0\"> </span></div></td><td class=\"c x670 y3741 w613 ha2\"><div class=\"t m0 x124 h1f y16eb ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x9bb y3741 w1d0 ha2\"><div class=\"t m0 x48 h1f y16eb ff4 fs7 fc1 sc2 ls0 ws0\">55.4<span class=\"_ _f\"></span>29<span class=\"sc0\"> </span></div></td><td class=\"c x6ed y3741 w268 ha2\"><div class=\"t m0 x90 h1f y16eb ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x4c8 y3741 w376 ha2\"><div class=\"t m0 x91 h1f y16eb ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td></td><td class=\"c x685 y3741 w36f ha2\"><div class=\"t m0 x96 h1f y16eb ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x262 y3742 w112d h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc2 ls0 ws0\">com<span class=\"_ _f\"></span>plessiv<span class=\"_ _1\"></span>a - co<span class=\"_ _f\"></span>pertur<span class=\"_ _1\"></span>a di:<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x46b y3743 w616 h4d\"><div class=\"t m0 x130 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">1.1 Titoli di debit<span class=\"_ _1\"></span>o e tassi d'interes<span class=\"_ _f\"></span>se<span class=\"_ _2\"></span> </div></td><td></td><td class=\"c x718 y3743 w1d0 h4d\"><div class=\"t m0 x2f h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">3.519.430 </div></td><td class=\"c x670 y3743 w613 h4d\"><div class=\"t m0 x124 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9bb y3743 w1d0 h4d\"><div class=\"t m0 x48 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">55.429 </div></td><td class=\"c x6ed y3743 w268 h4d\"><div class=\"t m0 x90 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x4c8 y3743 w376 h4d\"><div class=\"t m0 x91 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x685 y3743 w36f h4d\"><div class=\"t m0 x32 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td></tr><tr><td class=\"c x46b y3744 w616 h4d\"><div class=\"t m0 x130 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">1.2 Titoli di capita<span class=\"_ _f\"></span>l<span class=\"_ _2\"></span>e e indici az<span class=\"_ _1\"></span>ionari </div></td><td></td><td class=\"c x718 y3744 w1d0 h4d\"><div class=\"t m0 x96 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x670 y3744 w613 h4d\"><div class=\"t m0 x124 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9bb y3744 w1d0 h4d\"><div class=\"t m0 x96 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x6ed y3744 w268 h4d\"><div class=\"t m0 x90 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x4c8 y3744 w376 h4d\"><div class=\"t m0 x91 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x685 y3744 w36f h4d\"><div class=\"t m0 x32 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td></tr><tr><td class=\"c x46b y3745 w616 h4e\"><div class=\"t m0 x130 h1f y71 ff4 fs7 fc1 sc0 ls0 ws0\">1.3 Valute e oro </div></td><td></td><td class=\"c x718 y3745 w1d0 h4e\"><div class=\"t m0 x96 h1f y71 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x670 y3745 w613 h4e\"><div class=\"t m0 x124 h1f y71 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9bb y3745 w1d0 h4e\"><div class=\"t m0 x96 h1f y71 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x6ed y3745 w268 h4e\"><div class=\"t m0 x90 h1f y71 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x4c8 y3745 w376 h4e\"><div class=\"t m0 x91 h1f y71 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x685 y3745 w36f h4e\"><div class=\"t m0 x32 h1f y71 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td></tr><tr><td class=\"c x46b y3746 w616 h4d\"><div class=\"t m0 x130 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">1.4 Crediti </div></td><td></td><td class=\"c x718 y3746 w1d0 h4d\"><div class=\"t m0 x96 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x670 y3746 w613 h4d\"><div class=\"t m0 x124 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9bb y3746 w1d0 h4d\"><div class=\"t m0 x96 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x6ed y3746 w268 h4d\"><div class=\"t m0 x90 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x4c8 y3746 w376 h4d\"><div class=\"t m0 x91 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x685 y3746 w36f h4d\"><div class=\"t m0 x32 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td></tr><tr><td class=\"c x46b y3747 w616 h4d\"><div class=\"t m0 x130 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">1.5 Altri </div></td><td></td><td class=\"c x718 y3747 w1d0 h4d\"><div class=\"t m0 x96 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x670 y3747 w613 h4d\"><div class=\"t m0 x124 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9bb y3747 w1d0 h4d\"><div class=\"t m0 x96 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x6ed y3747 w268 h4d\"><div class=\"t m0 x90 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x4c8 y3747 w376 h4d\"><div class=\"t m0 x91 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x685 y3747 w36f h4d\"><div class=\"t m0 x32 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td></tr><tr><td class=\"c x262 y3748 w112e h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc2 ls0 ws0\">2. Att<span class=\"_ _1\"></span>ivit<span class=\"_ _f\"></span>\u00e0 finanzi<span class=\"_ _f\"></span>arie va<span class=\"_ _1\"></span>luta<span class=\"_ _1\"></span>te al<span class=\"_ _1\"></span> cost<span class=\"_ _1\"></span>o<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x718 y3749 w1d0 had\"><div class=\"t m0 x2f h1f y420 ff4 fs7 fc1 sc2 ls0 ws0\">5.310.<span class=\"_ _f\"></span>480<span class=\"sc0\"> </span></div></td><td class=\"c x670 y3749 w613 had\"><div class=\"t m0 x124 h1f y420 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x9bb y3749 w1d0 had\"><div class=\"t m0 x55 h1f y420 ff4 fs7 fc1 sc2 ls0 ws0\">(53.2<span class=\"_ _f\"></span>26)<span class=\"sc0\"> </span></div></td><td class=\"c x6ed y3749 w268 had\"><div class=\"t m0 x90 h1f y420 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x4c8 y3749 w376 had\"><div class=\"t m0 x91 h1f y420 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td></td><td class=\"c x685 y3749 w36f had\"><div class=\"t m0 x14 h1f y420 ff4 fs7 fc1 sc2 ls0 ws0\">184.19<span class=\"_ _f\"></span>2<span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x262 y374a w112f h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc2 ls0 ws0\">amm<span class=\"_ _f\"></span>ortizzat<span class=\"_ _f\"></span>o -coper<span class=\"_ _f\"></span>tura di<span class=\"_ _f\"></span>:<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x46b y374b w616 h4d\"><div class=\"t m0 x130 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">1.1 Titoli di debit<span class=\"_ _1\"></span>o e tassi d'interesse </div></td><td></td><td class=\"c x718 y374b w1d0 h4d\"><div class=\"t m0 x8e h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">5.310.480 </div></td><td class=\"c x670 y374b w613 h4d\"><div class=\"t m0 x124 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9bb y374b w1d0 h4d\"><div class=\"t m0 x2e h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">(53.226) </div></td><td class=\"c x6ed y374b w268 h4d\"><div class=\"t m0 x90 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x4c8 y374b w376 h4d\"><div class=\"t m0 x91 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x685 y374b w36f h4d\"><div class=\"t m0 x32 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td></tr><tr><td class=\"c x46b y374c w616 h4e\"><div class=\"t m0 x130 h1f y71 ff4 fs7 fc1 sc0 ls0 ws0\">1.2 Titoli di capita<span class=\"_ _f\"></span>l<span class=\"_ _2\"></span>e e indici <span class=\"_ _1\"></span>azionari </div></td><td></td><td class=\"c x718 y374c w1d0 h4e\"><div class=\"t m0 x96 h1f y71 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x670 y374c w613 h4e\"><div class=\"t m0 x124 h1f y71 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9bb y374c w1d0 h4e\"><div class=\"t m0 x96 h1f y71 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x6ed y374c w268 h4e\"><div class=\"t m0 x90 h1f y71 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x4c8 y374c w376 h4e\"><div class=\"t m0 x91 h1f y71 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x685 y374c w36f h4e\"><div class=\"t m0 x32 h1f y71 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td></tr><tr><td class=\"c x46b y374d w616 h4d\"><div class=\"t m0 x130 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">1.3 Valute e oro </div></td><td></td><td class=\"c x718 y374d w1d0 h4d\"><div class=\"t m0 x96 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x670 y374d w613 h4d\"><div class=\"t m0 x124 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9bb y374d w1d0 h4d\"><div class=\"t m0 x96 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x6ed y374d w268 h4d\"><div class=\"t m0 x90 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x4c8 y374d w376 h4d\"><div class=\"t m0 x91 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x685 y374d w36f h4d\"><div class=\"t m0 x32 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td></tr><tr><td class=\"c x46b y374e w616 h4d\"><div class=\"t m0 x130 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">1.4 Crediti </div></td><td></td><td class=\"c x718 y374e w1d0 h4d\"><div class=\"t m0 x96 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x670 y374e w613 h4d\"><div class=\"t m0 x124 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9bb y374e w1d0 h4d\"><div class=\"t m0 x96 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x6ed y374e w268 h4d\"><div class=\"t m0 x90 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x4c8 y374e w376 h4d\"><div class=\"t m0 x91 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x685 y374e w36f h4d\"><div class=\"t m0 x32 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td></tr><tr><td class=\"c x46b y374f w616 h4e\"><div class=\"t m0 x130 h1f y71 ff4 fs7 fc1 sc0 ls0 ws0\">1.5 Altri </div></td><td></td><td class=\"c x718 y374f w1d0 h4e\"><div class=\"t m0 x96 h1f y71 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x670 y374f w613 h4e\"><div class=\"t m0 x124 h1f y71 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9bb y374f w1d0 h4e\"><div class=\"t m0 x96 h1f y71 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x6ed y374f w268 h4e\"><div class=\"t m0 x90 h1f y71 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x4c8 y374f w376 h4e\"><div class=\"t m0 x91 h1f y71 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x685 y374f w36f h4e\"><div class=\"t m0 x32 h1f y71 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td></tr><tr><td class=\"c x46b y3750 w96 h4d\"><div class=\"t m0 x14 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale<span class=\"sc0\"> </span></div></td><td class=\"c xad7 y3750 w612 h4d\"><div class=\"t m0 x8a h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">31/12/<span class=\"_ _f\"></span>2025<span class=\"sc0\"> </span></div></td><td class=\"c x718 y3750 w1d0 h4d\"><div class=\"t m0 x2f h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">8.829<span class=\"_ _f\"></span>.910<span class=\"sc0\"> </span></div></td><td class=\"c x670 y3750 w613 h4d\"><div class=\"t m0 x124 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x9bb y3750 w1d0 h4d\"><div class=\"t m0 x2c h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">2.203<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x6ed y3750 w268 h4d\"><div class=\"t m0 x90 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x4c8 y3750 w376 h4d\"><div class=\"t m0 x91 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td></td><td class=\"c x685 y3750 w36f h4d\"><div class=\"t m0 x14 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">184.19<span class=\"_ _f\"></span>2<span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x46b y3751 w96 h4d\"><div class=\"t m0 x14 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale<span class=\"sc0\"> </span></div></td><td class=\"c xad7 y3751 w612 h4d\"><div class=\"t m0 x8a h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">31/12/<span class=\"_ _f\"></span>2024<span class=\"sc0\"> </span></div></td><td class=\"c x718 y3751 w1d0 h4d\"><div class=\"t m0 xab h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">10.95<span class=\"_ _f\"></span>8.353<span class=\"sc0\"> </span></div></td><td class=\"c x670 y3751 w613 h4d\"><div class=\"t m0 x124 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x9bb y3751 w1d0 h4d\"><div class=\"t m0 x39 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">(18.75<span class=\"_ _1\"></span>7)<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x6ed y3751 w268 h4d\"><div class=\"t m0 x90 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x4c8 y3751 w376 h4d\"><div class=\"t m0 x91 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td></td><td class=\"c x685 y3751 w36f h4d\"><div class=\"t m0 x116 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">1.55<span class=\"_ _1\"></span>0.277<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x262 y34e8 w1130 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc2 ls0 ws0\">B.<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x262 y3752 w1131 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc2 ls0 ws0\">Pass<span class=\"_ _f\"></span>ivit\u00e0<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x262 y3753 w1132 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc2 ls0 ws0\">1. Pas<span class=\"_ _1\"></span>sivi<span class=\"_ _1\"></span>t\u00e0 fi<span class=\"_ _f\"></span>nanziar<span class=\"_ _1\"></span>ie va<span class=\"_ _1\"></span>luta<span class=\"_ _1\"></span>te al<span class=\"_ _1\"></span> cos<span class=\"_ _1\"></span>to<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x718 y3754 w1d0 h23c\"><div class=\"t m0 x16a h1f y8b7 ff4 fs7 fc1 sc2 ls0 ws0\">2.09<span class=\"_ _1\"></span>1.723<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x670 y3754 w613 h23c\"><div class=\"t m0 x124 h1f y8b7 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x9bb y3754 w1d0 h23c\"><div class=\"t m0 x33 h1f y8b7 ff4 fs7 fc1 sc2 ls0 ws0\">71.2<span class=\"_ _1\"></span>06<span class=\"sc0\"> </span></div></td><td class=\"c x6ed y3754 w268 h23c\"><div class=\"t m0 x90 h1f y8b7 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x4c8 y3754 w376 h23c\"><div class=\"t m0 x91 h1f y8b7 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td></td><td class=\"c x685 y3754 w36f h23c\"><div class=\"t m0 x33 h1f y8b7 ff4 fs7 fc1 sc2 ls0 ws0\">91.38<span class=\"_ _1\"></span>5<span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x262 y3755 w1133 h484\" colspan=\"2\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc2 ls0 ws0\">amm<span class=\"_ _f\"></span>ortizzat<span class=\"_ _f\"></span>o - cop<span class=\"_ _f\"></span>ertura di<span class=\"_ _f\"></span>:<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x46b y3756 w616 h4d\"><div class=\"t m0 x130 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">1.1 Titoli di debit<span class=\"_ _1\"></span>o e tassi d'interes<span class=\"_ _f\"></span>se<span class=\"_ _2\"></span> </div></td><td></td><td class=\"c x718 y3756 w1d0 h4d\"><div class=\"t m0 x2f h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">2.091.723 </div></td><td class=\"c x670 y3756 w613 h4d\"><div class=\"t m0 x124 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9bb y3756 w1d0 h4d\"><div class=\"t m0 x33 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">71.206 </div></td><td class=\"c x6ed y3756 w268 h4d\"><div class=\"t m0 x90 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x4c8 y3756 w376 h4d\"><div class=\"t m0 x91 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x685 y3756 w36f h4d\"><div class=\"t m0 x32 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td></tr><tr><td class=\"c x46b y3757 w616 h4e\" colspan=\"2\"><div class=\"t m0 x130 h1f y71 ff4 fs7 fc1 sc0 ls0 ws0\">1.2 Valute e or<span class=\"_ _1\"></span>o </div></td><td class=\"c x718 y3757 w1d0 h4e\"><div class=\"t m0 x96 h1f y71 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x670 y3757 w613 h4e\"><div class=\"t m0 x124 h1f y71 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9bb y3757 w1d0 h4e\"><div class=\"t m0 x96 h1f y71 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x6ed y3757 w268 h4e\"><div class=\"t m0 x90 h1f y71 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x4c8 y3757 w376 h4e\"><div class=\"t m0 x91 h1f y71 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x685 y3757 w36f h4e\"><div class=\"t m0 x32 h1f y71 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td></tr><tr><td class=\"c x46b y3758 w616 h4d\"><div class=\"t m0 x130 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">1.3 Altri </div></td><td></td><td class=\"c x718 y3758 w1d0 h4d\"><div class=\"t m0 x96 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x670 y3758 w613 h4d\"><div class=\"t m0 x124 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9bb y3758 w1d0 h4d\"><div class=\"t m0 x96 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x6ed y3758 w268 h4d\"><div class=\"t m0 x90 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x4c8 y3758 w376 h4d\"><div class=\"t m0 x91 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x685 y3758 w36f h4d\"><div class=\"t m0 x32 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td></tr><tr><td class=\"c x46b y3759 w96 h4d\"><div class=\"t m0 x14 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale<span class=\"sc0\"> </span></div></td><td class=\"c xad7 y3759 w612 h4d\"><div class=\"t m0 x8a h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">31/12/<span class=\"_ _f\"></span>2025<span class=\"sc0\"> </span></div></td><td class=\"c x718 y3759 w1d0 h4d\"><div class=\"t m0 x16a h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">2.09<span class=\"_ _1\"></span>1.723<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x670 y3759 w613 h4d\"><div class=\"t m0 x124 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x9bb y3759 w1d0 h4d\"><div class=\"t m0 x33 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">71.2<span class=\"_ _1\"></span>06<span class=\"sc0\"> </span></div></td><td class=\"c x6ed y3759 w268 h4d\"><div class=\"t m0 x90 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x4c8 y3759 w376 h4d\"><div class=\"t m0 x91 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td></td><td class=\"c x685 y3759 w36f h4d\"><div class=\"t m0 x33 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">91.38<span class=\"_ _1\"></span>5<span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x46b y375a w96 hcb\"><div class=\"t m0 x14 h1f y80 ff4 fs7 fc1 sc2 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale<span class=\"sc0\"> </span></div></td><td class=\"c xad7 y375a w612 hcb\"><div class=\"t m0 x8a h1f y80 ff4 fs7 fc1 sc2 ls0 ws0\">31/12/<span class=\"_ _f\"></span>2024<span class=\"sc0\"> </span></div></td><td class=\"c x718 y375a w1d0 hcb\"><div class=\"t m0 x2a h1f y80 ff4 fs7 fc1 sc2 ls0 ws0\">2.06<span class=\"_ _1\"></span>1.751<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x670 y375a w613 hcb\"><div class=\"t m0 x124 h1f y80 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x9bb y375a w1d0 hcb\"><div class=\"t m0 x55 h1f y80 ff4 fs7 fc1 sc2 ls0 ws0\">100.<span class=\"_ _f\"></span>060<span class=\"sc0\"> </span></div></td><td class=\"c x6ed y375a w268 hcb\"><div class=\"t m0 x90 h1f y80 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x4c8 y375a w376 hcb\"><div class=\"t m0 x91 h1f y80 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td></td><td class=\"c x685 y375a w36f hcb\"><div class=\"t m0 x32 h1f y80 ff4 fs7 fc1 sc2 ls0 ws0\">38.17<span class=\"_ _1\"></span>3<span class=\"sc0\"> </span></div></td></tr></table>D.2 Co<span class=\"_ _f\"></span>pertura <span class=\"_ _1\"></span>dei fl<span class=\"_ _1\"></span>ussi <span class=\"_ _1\"></span>finan<span class=\"_ _f\"></span>ziari e deg<span class=\"_ _1\"></span>li inv<span class=\"_ _f\"></span>estiment<span class=\"_ _1\"></span>i est<span class=\"_ _1\"></span>eri <table class=\"s w1134 h5b1\" id=\"_e44f66a9-a5a5-41b2-9c1c-248f55f8aa43\"><tr><td></td><td></td><td class=\"c xad8 y375b w1135 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">Vari<span class=\"_ _1\"></span>azion<span class=\"_ _f\"></span>e del va<span class=\"_ _1\"></span>lore<span class=\"_ _df\"> </span></div></td><td></td><td></td><td class=\"c xad9 y375c w1136 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">Cess<span class=\"_ _1\"></span>azio<span class=\"_ _1\"></span>ne <span class=\"_ _1\"></span>della<span class=\"_ _df\"> </span></div></td></tr><tr><td></td><td></td><td class=\"c xada y375d w1137 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">usat<span class=\"_ _f\"></span>o per ri<span class=\"_ _1\"></span>leva<span class=\"_ _1\"></span>re<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x98d y375e w618 h1df\"><div class=\"t m0 x116 h1f yd60 ff4 fs7 fc4 sc3 ls0 ws0\">Rise<span class=\"_ _1\"></span>rve da<span class=\"_ _f\"></span> copert<span class=\"_ _f\"></span>ura </div></td><td class=\"c xadb y375f w1138 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">cope<span class=\"_ _1\"></span>rtur<span class=\"_ _1\"></span>a: va<span class=\"_ _f\"></span>lore res<span class=\"_ _1\"></span>iduo<span class=\"_ _df\"> </span></div></td></tr><tr><td></td><td></td><td class=\"c xadc y3760 w1139 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">l'inef<span class=\"_ _1\"></span>fica<span class=\"_ _1\"></span>cia d<span class=\"_ _1\"></span>ella<span class=\"_ _df\"> </span></div></td><td></td><td></td><td class=\"c xadd y3761 w113a h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">delle r<span class=\"_ _f\"></span>iserve <span class=\"_ _f\"></span>di coper<span class=\"_ _f\"></span>tura<span class=\"_ _df\"> </span></div></td></tr><tr><td></td><td></td><td class=\"c xade y2e71 wbc9 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">cope<span class=\"_ _1\"></span>rtur<span class=\"_ _1\"></span>a<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td></tr><tr><td class=\"c x44e y3762 w619 h1fa\"><div class=\"t m0 x10 h1f y66c ff4 fs7 fc1 sc2 ls0 ws0\">A. Co<span class=\"_ _f\"></span>pertur<span class=\"_ _1\"></span>a di fl<span class=\"_ _1\"></span>ussi<span class=\"_ _1\"></span> Fina<span class=\"_ _f\"></span>nziari </div></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x44e y3763 w61a h82\"><div class=\"t m0 x2f h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">1. Attivit\u00e0 </div></td><td></td><td></td><td class=\"c xadf y3763 w61b h82\"><div class=\"t m0 x24 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x98d y3763 w61c h82\"><div class=\"t m0 x24 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xae0 y3763 w61d h82\"><div class=\"t m0 x24 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y3764 w619 h82\"><div class=\"t m0 x39 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">1.1 Titoli di debit<span class=\"_ _1\"></span>o e tassi d'interes<span class=\"_ _f\"></span>se<span class=\"_ _2\"></span> </div></td><td></td><td></td><td class=\"c xadf y3764 w61b h82\"><div class=\"t m0 x24 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x98d y3764 w61c h82\"><div class=\"t m0 x24 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xae0 y3764 w61d h82\"><div class=\"t m0 x24 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y3765 w619 h82\"><div class=\"t m0 x39 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">1.2 Titoli di capita<span class=\"_ _f\"></span>l<span class=\"_ _2\"></span>e e indici <span class=\"_ _1\"></span>azionari </div></td><td></td><td></td><td class=\"c xadf y3765 w61b h82\"><div class=\"t m0 x24 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x98d y3765 w61c h82\"><div class=\"t m0 x24 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xae0 y3765 w61d h82\"><div class=\"t m0 x24 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y3766 w619 h82\"><div class=\"t m0 x39 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">1.3 Valute e oro </div></td><td></td><td></td><td class=\"c xadf y3766 w61b h82\"><div class=\"t m0 x24 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x98d y3766 w61c h82\"><div class=\"t m0 x24 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xae0 y3766 w61d h82\"><div class=\"t m0 x24 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y3767 w619 h82\"><div class=\"t m0 x39 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">1.4 Crediti </div></td><td></td><td></td><td class=\"c xadf y3767 w61b h82\"><div class=\"t m0 x24 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x98d y3767 w61c h82\"><div class=\"t m0 x24 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xae0 y3767 w61d h82\"><div class=\"t m0 x24 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y3768 w619 h82\"><div class=\"t m0 x39 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">1.5 Altri </div></td><td></td><td></td><td class=\"c xadf y3768 w61b h82\"><div class=\"t m0 x24 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x98d y3768 w61c h82\"><div class=\"t m0 x24 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xae0 y3768 w61d h82\"><div class=\"t m0 x24 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y3769 w619 h82\"><div class=\"t m0 x2f h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">2. Passivit\u00e0 </div></td><td></td><td></td><td class=\"c xadf y3769 w61b h82\"><div class=\"t m0 x24 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x98d y3769 w61c h82\"><div class=\"t m0 xe6 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">(15.717) </div></td><td class=\"c xae0 y3769 w61d h82\"><div class=\"t m0 x24 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y376a w619 h82\"><div class=\"t m0 x39 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">1.1 Titoli di debit<span class=\"_ _1\"></span>o e tassi d'interes<span class=\"_ _f\"></span>se<span class=\"_ _2\"></span> </div></td><td></td><td></td><td class=\"c xadf y376a w61b h82\"><div class=\"t m0 x24 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x98d y376a w61c h82\"><div class=\"t m0 xe6 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">(15.717) </div></td><td class=\"c xae0 y376a w61d h82\"><div class=\"t m0 x24 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y376b w619 h1fa\"><div class=\"t m0 x39 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">1.2 Valute e or<span class=\"_ _1\"></span>o </div></td><td></td><td></td><td class=\"c xadf y376b w61b h1fa\"><div class=\"t m0 x24 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x98d y376b w61c h1fa\"><div class=\"t m0 x24 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xae0 y376b w61d h1fa\"><div class=\"t m0 x24 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y376c w619 h82\"><div class=\"t m0 x39 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">1.3 Altri </div></td><td></td><td></td><td class=\"c xadf y376c w61b h82\"><div class=\"t m0 x24 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x98d y376c w61c h82\"><div class=\"t m0 x24 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xae0 y376c w61d h82\"><div class=\"t m0 x24 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y376d w61a h254\"><div class=\"t m0 x24 h1f y54 ff4 fs7 fc1 sc2 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale (A<span class=\"_ _f\"></span>) </div></td><td class=\"c xae1 y376d w485 h254\"><div class=\"t m0 x10 h1f y54 ff4 fs7 fc1 sc2 ls0 ws0\">31/12/<span class=\"_ _f\"></span>2025 </div></td><td></td><td class=\"c xadf y376d w61b h254\"><div class=\"t m0 x24 h1f y54 ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td><td class=\"c x98d y376d w61c h254\"><div class=\"t m0 xe6 h1f y54 ff4 fs7 fc1 sc2 ls0 ws0\">(15.717<span class=\"_ _f\"></span>) </div></td><td class=\"c xae0 y376d w61d h254\"><div class=\"t m0 x24 h1f y54 ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y376e w61a h82\"><div class=\"t m0 x24 h1f y54 ff4 fs7 fc1 sc2 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale (A<span class=\"_ _f\"></span>) </div></td><td class=\"c xae1 y376e w485 h82\"><div class=\"t m0 x10 h1f y54 ff4 fs7 fc1 sc2 ls0 ws0\">31/12/<span class=\"_ _f\"></span>2024 </div></td><td></td><td class=\"c xadf y376e w61b h82\"><div class=\"t m0 x24 h1f y54 ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td><td class=\"c x98d y376e w61c h82\"><div class=\"t m0 x11f h1f y54 ff4 fs7 fc1 sc2 ls0 ws0\">(23.<span class=\"_ _1\"></span>466)<span class=\"_ _f\"></span> </div></td><td class=\"c xae0 y376e w61d h82\"><div class=\"t m0 x24 h1f y54 ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y376f w619 h82\"><div class=\"t m0 x10 h1f y54 ff4 fs7 fc1 sc2 ls0 ws0\">B. Co<span class=\"_ _f\"></span>pertura<span class=\"_ _1\"></span> deg<span class=\"_ _1\"></span>li in<span class=\"_ _1\"></span>vest<span class=\"_ _f\"></span>imenti<span class=\"_ _1\"></span> este<span class=\"_ _1\"></span>ri </div></td><td></td><td class=\"c xadf y376f w61b h82\"><div class=\"t m0 x7 h1f y54 ff4 fs7 fc1 sc2 ls0 ws0\">X </div></td><td></td><td class=\"c x98d y376f w61c h82\"><div class=\"t m0 x24 h1f y54 ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td><td class=\"c xae0 y376f w61d h82\"><div class=\"t m0 x24 h1f y54 ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y3770 w61a h82\"><div class=\"t m0 xe3 h1f y54 ff4 fs7 fc1 sc2 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale (A<span class=\"_ _f\"></span>+B) </div></td><td class=\"c xae1 y3770 w485 h82\"><div class=\"t m0 x10 h1f y54 ff4 fs7 fc1 sc2 ls0 ws0\">31/12/<span class=\"_ _f\"></span>2025 </div></td><td></td><td class=\"c xadf y3770 w61b h82\"><div class=\"t m0 x24 h1f y54 ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td><td class=\"c x98d y3770 w61c h82\"><div class=\"t m0 xe6 h1f y54 ff4 fs7 fc1 sc2 ls0 ws0\">(15.717<span class=\"_ _f\"></span>) </div></td><td class=\"c xae0 y3770 w61d h82\"><div class=\"t m0 x24 h1f y54 ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y3771 w61a hc8\"><div class=\"t m0 xe3 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale (A<span class=\"_ _f\"></span>+B) </div></td><td class=\"c xae1 y3771 w485 hc8\"><div class=\"t m0 x10 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">31/12/<span class=\"_ _f\"></span>2024 </div></td><td></td><td class=\"c xadf y3771 w61b hc8\"><div class=\"t m0 x24 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td><td class=\"c x98d y3771 w61c hc8\"><div class=\"t m0 x11f h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">(23.<span class=\"_ _1\"></span>466)<span class=\"_ _f\"></span> </div></td><td class=\"c xae0 y3771 w61d hc8\"><div class=\"t m0 x24 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td></tr></table><div class=\"t m0 hc ff4 fs4 fc4 sc3 ls0 ws0 gs15c3\">E. Ef<span class=\"_ _1\"></span>fet<span class=\"_ _1\"></span>ti d<span class=\"_ _f\"></span>elle o<span class=\"_ _1\"></span>pera<span class=\"_ _f\"></span>zioni d<span class=\"_ _f\"></span>i cope<span class=\"_ _f\"></span>rtura <span class=\"_ _f\"></span>a pat<span class=\"_ _1\"></span>rimo<span class=\"_ _f\"></span>nio n<span class=\"_ _1\"></span>etto<span class=\"_ _df\"> </span></div><div class=\"c w61f h34e gs15c4\"><div class=\"t m0 x8a h5 y477 ff4 fs1 fc4 sc3 ls0 ws0\">E.1. <span class=\"_ _1\"></span>Riconcil<span class=\"_ _1\"></span>iazio<span class=\"_ _f\"></span>ne delle <span class=\"_ _1\"></span>comp<span class=\"_ _1\"></span>on<span class=\"_ _f\"></span>enti di pa<span class=\"_ _f\"></span>trimonio<span class=\"_ _1\"></span> nett<span class=\"_ _1\"></span>o<span class=\"fc1 sc0\"> </span></div></div><div class=\"gs15c5\"><table class=\"s w113b h5b2\" id=\"_3cc44eda-1fa7-4e46-a5e5-8c0f541b8d42\"><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=\"c x612 y3772 w620 h95\"><div class=\"t m0 x36 hd6 y2ea ff4 fs1b fc4 sc3 ls0 ws0\">Strume<span class=\"_ _1\"></span>nti di c<span class=\"_ _1\"></span>opertur<span class=\"_ _1\"></span>a (elem<span class=\"_ _1\"></span>enti n<span class=\"_ _f\"></span>o<span class=\"_ _2\"></span>n de<span class=\"_ _1\"></span>signati<span class=\"_ _1\"></span>)<span class=\"fc1 sc0\"> </span></div></td><td></td><td></td><td></td></tr><tr><td></td><td></td><td class=\"c xae2 y3773 w113c h4bd\"><div class=\"t m0 x250 hd6 y2726 ff4 fs1b fc4 sc3 ls0 ws0\">Riserva<span class=\"_ _1\"></span> da cop<span class=\"_ _f\"></span>ertura dei flu<span class=\"_ _1\"></span>ssi<span class=\"_ _df\"> </span></div></td><td class=\"c xae3 y265f wa92 h4bd\"><div class=\"t m0 x250 hd6 y2726 ff4 fs1b fc4 sc3 ls0 ws0\">finanzia<span class=\"_ _f\"></span>ri<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td class=\"c xae4 y3773 w113d h4bd\"><div class=\"t m0 x250 hd6 y2726 ff4 fs1b fc4 sc3 ls0 ws0\">Riserva<span class=\"_ _1\"></span> da cop<span class=\"_ _f\"></span>ertura di<span class=\"_ _df\"> </span></div></td><td class=\"c xae5 y265f w113e h4bd\"><div class=\"t m0 x250 hd6 y2726 ff4 fs1b fc4 sc3 ls0 ws0\">investim<span class=\"_ _f\"></span>enti esteri<span class=\"_ _df\"> </span></div></td><td></td><td></td><td class=\"c x612 y3774 w3f1 h1c5\"><div class=\"t m0 x55 hd6 y36a ff4 fs1b fc4 sc3 ls0 ws0\">Valore te<span class=\"_ _f\"></span>mporale opz<span class=\"_ _f\"></span>ione<span class=\"fc1 sc0\"> </span></div></td><td class=\"c xae6 y3775 w113f h4bd\"><div class=\"t m0 x250 hd6 y2726 ff4 fs1b fc4 sc3 ls0 ws0\">Valore e<span class=\"_ _f\"></span>lemento for<span class=\"_ _f\"></span>ward e<span class=\"_ _df\"> </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></td><td></td><td></td><td></td><td class=\"c xae7 y268f w1140 h4bd\"><div class=\"t m0 x250 hd6 y2726 ff4 fs1b fc4 sc3 ls0 ws0\">differe<span class=\"_ _1\"></span>nziale da <span class=\"_ _f\"></span>valuta estera<span class=\"_ _df\"> </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></td><td></td><td class=\"c x608 y3776 w1141 h4bd\"><div class=\"t m0 x250 hd6 y2726 ff4 fs1b fc4 sc3 ls0 ws0\">Copertur<span class=\"_ _f\"></span>e<span class=\"_ _df\"> </span></div></td><td class=\"c xae8 y3776 w1141 h4bd\"><div class=\"t m0 x250 hd6 y2726 ff4 fs1b fc4 sc3 ls0 ws0\">Copertur<span class=\"_ _f\"></span>e<span class=\"_ _df\"> </span></div></td><td class=\"c xae7 y3776 w1141 h4bd\"><div class=\"t m0 x250 hd6 y2726 ff4 fs1b fc4 sc3 ls0 ws0\">Copertur<span class=\"_ _f\"></span>e<span class=\"_ _df\"> </span></div></td><td></td><td></td><td class=\"c xae9 y3776 w1141 h4bd\"><div class=\"t m0 x250 hd6 y2726 ff4 fs1b fc4 sc3 ls0 ws0\">Copertur<span class=\"_ _f\"></span>e<span class=\"_ _df\"> </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></td><td class=\"c xaea y3777 w1142 h4c8\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc4 sc3 ls0 ws0\">relative a<span class=\"_ _df\"> </span></div></td><td class=\"c xaeb y3777 w1143 h4c8\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc4 sc3 ls0 ws0\">relative a<span class=\"_ _1\"></span> un<span class=\"_ _df\"> </span></div></td><td class=\"c xaec y3777 w1142 h4c8\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc4 sc3 ls0 ws0\">relative a<span class=\"_ _df\"> </span></div></td><td></td><td></td><td class=\"c x6f3 y3777 w1143 h4c8\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc4 sc3 ls0 ws0\">relative a<span class=\"_ _1\"></span> un<span class=\"_ _df\"> </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></td><td class=\"c x617 y3778 w1144 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc4 sc3 ls0 ws0\">operazi<span class=\"_ _f\"></span>o<span class=\"_ _2\"></span>ni<span class=\"_ _df\"> </span></div></td><td class=\"c xaed y3778 w1145 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc4 sc3 ls0 ws0\">periodo<span class=\"_ _df\"> </span></div></td><td class=\"c xaee y3778 w1144 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc4 sc3 ls0 ws0\">operazi<span class=\"_ _f\"></span>o<span class=\"_ _2\"></span>ni<span class=\"_ _df\"> </span></div></td><td></td><td></td><td class=\"c xaef y3778 w1145 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc4 sc3 ls0 ws0\">periodo<span class=\"_ _df\"> </span></div></td></tr><tr><td class=\"c x46b y3779 w622 h4d\"><div class=\"t m0 x8a hd6 y30c ff4 fs1b fc1 sc2 ls0 ws0\">Esistenz<span class=\"_ _f\"></span>e iniziali<span class=\"sc0\"> </span></div></td><td class=\"c x5c7 y3779 w1b8 h4d\"><div class=\"t m0 xab hd6 y30c ff4 fs1b fc1 sc2 ls0 ws0\">(23.466)<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x689 y3779 w624 h4d\"><div class=\"t m0 x2f hd6 y30c ff4 fs1b fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c xaf0 y3779 w623 h4d\"><div class=\"t m0 x2f hd6 y30c ff4 fs1b fc1 sc2 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x6eb y3779 w625 h4d\"><div class=\"t m0 x2f hd6 y30c ff4 fs1b fc1 sc2 ls0 ws0\">-</div></td><td class=\"c xaf1 y3779 w624 h4d\"><div class=\"t m0 x2f hd6 y30c ff4 fs1b fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x5b8 y3779 w626 h4d\"><div class=\"t m0 x16a hd6 y30c ff4 fs1b fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c xa0d y3779 w626 h4d\"><div class=\"t m0 x16a hd6 y30c ff4 fs1b fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x4c7 y3779 w42a h4d\"><div class=\"t m0 x16a hd6 y30c ff4 fs1b fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x50b y3779 w627 h4d\"><div class=\"t m0 x16a hd6 y30c ff4 fs1b fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x80d y3779 w626 h4d\"><div class=\"t m0 x16a hd6 y30c ff4 fs1b fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td></td><td class=\"c x62a y3779 w1b5 h4d\"><div class=\"t m0 x11 hd6 y30c ff4 fs1b fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x612 y3779 w2d7 h4d\"><div class=\"t m0 x96 hd6 y30c ff4 fs1b fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td></td><td class=\"c x923 y3779 w510 h4d\"><div class=\"t m0 x96 hd6 y30c ff4 fs1b fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c xaf2 y3779 wb8 h4d\"><div class=\"t m0 x11 hd6 y30c ff4 fs1b fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x262 y377a w1146 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">Variazioni di fair value<span class=\"_ _df\"> </span></div></td><td class=\"c x5c7 y377b w1b8 h5a\"><div class=\"t m0 x2a hd6 y2ea ff4 fs1b fc1 sc0 ls0 ws0\">7.749 </div></td><td class=\"c x689 y377b w624 h5a\"><div class=\"t m0 x2f hd6 y2ea ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xaf0 y377b w623 h5a\"><div class=\"t m0 x2f hd6 y2ea ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x6eb y377b w625 h5a\"><div class=\"t m0 x2f hd6 y2ea ff4 fs1b fc1 sc0 ls0 ws0\">-</div></td><td class=\"c xaf1 y377b w624 h5a\"><div class=\"t m0 x2f hd6 y2ea ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5b8 y377b w626 h5a\"><div class=\"t m0 x16a hd6 y2ea ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa0d y377b w626 h5a\"><div class=\"t m0 x16a hd6 y2ea ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x4c7 y377b w42a h5a\"><div class=\"t m0 x16a hd6 y2ea ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x50b y377b w627 h5a\"><div class=\"t m0 x16a hd6 y2ea ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x80d y377b w626 h5a\"><div class=\"t m0 x16a hd6 y2ea ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x62a y377b w1b5 h5a\"><div class=\"t m0 x11 hd6 y2ea ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x612 y377b w2d7 h5a\"><div class=\"t m0 x96 hd6 y2ea ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x923 y377b w510 h5a\"><div class=\"t m0 x96 hd6 y2ea ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xaf2 y377b wb8 h5a\"><div class=\"t m0 x11 hd6 y2ea ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x262 y31a4 w1147 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">(quota efficace)<span class=\"_ _df\"> </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 x46b y377c w622 h95\"><div class=\"t m0 x8a hd6 y2ea ff4 fs1b fc1 sc0 ls0 ws0\">Rigiri a conto economico </div></td><td class=\"c x5c7 y377c w1b8 h95\"><div class=\"t m0 x3a hd6 y2ea ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x689 y377c w624 h95\"><div class=\"t m0 x2f hd6 y2ea ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xaf0 y377c w623 h95\"><div class=\"t m0 x2f hd6 y2ea ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x6eb y377c w625 h95\"><div class=\"t m0 x2f hd6 y2ea ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xaf1 y377c w624 h95\"><div class=\"t m0 x2f hd6 y2ea ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5b8 y377c w626 h95\"><div class=\"t m0 x16a hd6 y2ea ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa0d y377c w626 h95\"><div class=\"t m0 x16a hd6 y2ea ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x4c7 y377c w42a h95\"><div class=\"t m0 x16a hd6 y2ea ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x50b y377c w627 h95\"><div class=\"t m0 x16a hd6 y2ea ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x80d y377c w626 h95\"><div class=\"t m0 x16a hd6 y2ea ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x62a y377c w1b5 h95\"><div class=\"t m0 x11 hd6 y2ea ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x612 y377c w2d7 h95\"><div class=\"t m0 x96 hd6 y2ea ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x923 y377c w510 h95\"><div class=\"t m0 x96 hd6 y2ea ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xaf2 y377c wb8 h95\"><div class=\"t m0 x11 hd6 y2ea ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x3b5 y377d w1148 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">di cui: transazioni<span class=\"_ _df\"> </span></div></td><td class=\"c x5c7 y377e w1b8 h95\"><div class=\"t m0 x3a hd6 y2ea ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x689 y377e w624 h95\"><div class=\"t m0 x2f hd6 y2ea ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xaf0 y377e w623 h95\"><div class=\"t m0 x2f hd6 y2ea ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x6eb y377e w625 h95\"><div class=\"t m0 x2f hd6 y2ea ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xaf1 y377e w624 h95\"><div class=\"t m0 x2f hd6 y2ea ff4 fs1b fc1 sc0 ls0 ws0\">-</div></td><td class=\"c x5b8 y377e w626 h95\"><div class=\"t m0 xac hd6 y2ea ff4 fs1b fc1 sc0 ls0 ws0\">X</div></td><td class=\"c xa0d y377e w626 h95\"><div class=\"t m0 xac hd6 y2ea ff4 fs1b fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x4c7 y377e w42a h95\"><div class=\"t m0 xac hd6 y2ea ff4 fs1b fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x50b y377e w627 h95\"><div class=\"t m0 xac hd6 y2ea ff4 fs1b fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x80d y377e w626 h95\"><div class=\"t m0 xac hd6 y2ea ff4 fs1b fc1 sc0 ls0 ws0\">X </div></td><td></td><td class=\"c x612 y377e w2d7 h95\"><div class=\"t m0 x32 hd6 y2ea ff4 fs1b fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x62a y377e w1b5 h95\"><div class=\"t m0 x32 hd6 y2ea ff4 fs1b fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x923 y377e w510 h95\"><div class=\"t m0 x32 hd6 y2ea ff4 fs1b fc1 sc0 ls0 ws0\">X </div></td><td></td><td class=\"c xaf2 y377e wb8 h95\"><div class=\"t m0 x32 hd6 y2ea ff4 fs1b fc1 sc0 ls0 ws0\">X </div></td></tr><tr><td class=\"c x3b5 y377f w1149 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">future non pi\u00f9 attese<span class=\"_ _df\"> </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 x46b y3780 w622 h28e\"><div class=\"t m0 x8a hd6 y30c ff4 fs1b fc1 sc0 ls0 ws0\">Altre variazioni </div></td><td class=\"c x5c7 y3780 w1b8 h28e\"><div class=\"t m0 x3a hd6 y30c ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x689 y3780 w624 h28e\"><div class=\"t m0 x2f hd6 y30c ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xaf0 y3780 w623 h28e\"><div class=\"t m0 x2f hd6 y30c ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x6eb y3780 w625 h28e\"><div class=\"t m0 x2f hd6 y30c ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xaf1 y3780 w624 h28e\"><div class=\"t m0 x2f hd6 y30c ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5b8 y3780 w626 h28e\"><div class=\"t m0 x16a hd6 y30c ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa0d y3780 w626 h28e\"><div class=\"t m0 x16a hd6 y30c ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x4c7 y3780 w42a h28e\"><div class=\"t m0 x16a hd6 y30c ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x50b y3780 w627 h28e\"><div class=\"t m0 x16a hd6 y30c ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x80d y3780 w626 h28e\"><div class=\"t m0 x16a hd6 y30c ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x62a y3780 w1b5 h28e\"><div class=\"t m0 x11 hd6 y30c ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x612 y3780 w2d7 h28e\"><div class=\"t m0 x96 hd6 y30c ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x923 y3780 w510 h28e\"><div class=\"t m0 x96 hd6 y30c ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xaf2 y3780 wb8 h28e\"><div class=\"t m0 x11 hd6 y30c ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x3b5 y3781 w114a h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">di cui: trasferimenti al<span class=\"_ _df\"> </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 x3b5 y3782 w114b h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">valore contabile iniziale<span class=\"_ _df\"> </span></div></td><td class=\"c x5c7 y3783 w1b8 h1c1\"><div class=\"t m0 x3a hd6 y532 ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x689 y3783 w624 h1c1\"><div class=\"t m0 x2f hd6 y532 ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xaf0 y3783 w623 h1c1\"><div class=\"t m0 x2f hd6 y532 ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x6eb y3783 w625 h1c1\"><div class=\"t m0 x2f hd6 y532 ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xaf1 y3783 w624 h1c1\"><div class=\"t m0 x2f hd6 y532 ff4 fs1b fc1 sc0 ls0 ws0\">-</div></td><td class=\"c x5b8 y3783 w626 h1c1\"><div class=\"t m0 xac hd6 y532 ff4 fs1b fc1 sc0 ls0 ws0\">X</div></td><td class=\"c xa0d y3783 w626 h1c1\"><div class=\"t m0 xac hd6 y532 ff4 fs1b fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x4c7 y3783 w42a h1c1\"><div class=\"t m0 xac hd6 y532 ff4 fs1b fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x50b y3783 w627 h1c1\"><div class=\"t m0 xac hd6 y532 ff4 fs1b fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x80d y3783 w626 h1c1\"><div class=\"t m0 xac hd6 y532 ff4 fs1b fc1 sc0 ls0 ws0\">X </div></td><td></td><td class=\"c x612 y3783 w2d7 h1c1\"><div class=\"t m0 x32 hd6 y532 ff4 fs1b fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x62a y3783 w1b5 h1c1\"><div class=\"t m0 x32 hd6 y532 ff4 fs1b fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x923 y3783 w510 h1c1\"><div class=\"t m0 x32 hd6 y532 ff4 fs1b fc1 sc0 ls0 ws0\">X </div></td><td></td><td class=\"c xaf2 y3783 wb8 h1c1\"><div class=\"t m0 x32 hd6 y532 ff4 fs1b fc1 sc0 ls0 ws0\">X </div></td></tr><tr><td class=\"c x3b5 y3784 w114c h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">degli strumenti coperti<span class=\"_ _df\"> </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 x46b y3785 w622 hcc\"><div class=\"t m0 x8a hd6 y25f ff4 fs1b fc1 sc2 ls0 ws0\">Riman<span class=\"_ _1\"></span>enze fina<span class=\"_ _1\"></span>li<span class=\"sc0\"> </span></div></td><td class=\"c x5c7 y3785 w1b8 hcc\"><div class=\"t m0 x8e hd6 y25f ff4 fs1b fc1 sc2 ls0 ws0\">(15.717)<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x689 y3785 w624 hcc\"><div class=\"t m0 x2f hd6 y25f ff4 fs1b fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c xaf0 y3785 w623 hcc\"><div class=\"t m0 x2f hd6 y25f ff4 fs1b fc1 sc2 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x6eb y3785 w625 hcc\"><div class=\"t m0 x2f hd6 y25f ff4 fs1b fc1 sc2 ls0 ws0\">-</div></td><td class=\"c xaf1 y3785 w624 hcc\"><div class=\"t m0 x2f hd6 y25f ff4 fs1b fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x5b8 y3785 w626 hcc\"><div class=\"t m0 x16a hd6 y25f ff4 fs1b fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c xa0d y3785 w626 hcc\"><div class=\"t m0 x16a hd6 y25f ff4 fs1b fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x4c7 y3785 w42a hcc\"><div class=\"t m0 x16a hd6 y25f ff4 fs1b fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x50b y3785 w627 hcc\"><div class=\"t m0 x16a hd6 y25f ff4 fs1b fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x80d y3785 w626 hcc\"><div class=\"t m0 x16a hd6 y25f ff4 fs1b fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td></td><td class=\"c x62a y3785 w1b5 hcc\"><div class=\"t m0 x11 hd6 y25f ff4 fs1b fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x612 y3785 w2d7 hcc\"><div class=\"t m0 x96 hd6 y25f ff4 fs1b fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td></td><td class=\"c x923 y3785 w510 hcc\"><div class=\"t m0 x96 hd6 y25f ff4 fs1b fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c xaf2 y3785 wb8 hcc\"><div class=\"t m0 x11 hd6 y25f ff4 fs1b fc1 sc2 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td></tr></table></div><div class=\"c w1b8 h350 gs15c6\"><div class=\"t m4 x55 hd6 y45 ff4 fs1b fc4 sc3 ls0 ws0\">Titoli di debito <span class=\"ls15\">e </span></div><div class=\"t m4 x32 hd6 y27 ff4 fs1b fc4 sc3 ls0 ws0\">tassi d'interesse<span class=\"fc1 sc0\"> </span></div></div><div class=\"c w56e h350 gs15c7\"><div class=\"t m4 x2f hd6 y392 ff4 fs1b fc4 sc3 ls0 ws0\">Titoli di capitale e </div><div class=\"t m4 x14 hd6 yd41 ff4 fs1b fc4 sc3 ls0 ws0\">indici azionari<span class=\"fc1 sc0\"> </span></div></div><div class=\"c w26f h350 gs15c8\"><div class=\"t m4 x16a hd6 yd81 ff4 fs1b fc4 sc3 ls0 ws0\">Valute e oro<span class=\"fc1 sc0\"> </span></div></div><div class=\"c w26f h350 gs15c9\"><div class=\"t m4 x16a hd6 ye48 ff4 fs1b fc4 sc3 ls0 ws0\">Crediti<span class=\"fc1 sc0\"> </span></div></div><div class=\"c w26f h350 gs15ca\"><div class=\"t m4 x16a hd6 y8df ff4 fs1b fc4 sc3 ls0 ws0\">Altri<span class=\"fc1 sc0\"> </span></div></div><div class=\"c w193 h350 gs15cb\"><div class=\"t m4 x2f hd6 y45 ff4 fs1b fc4 sc3 ls0 ws0\">Titoli di debito e </div><div class=\"t m4 x39 hd6 y27 ff4 fs1b fc4 sc3 ls0 ws0\">tassi d'interesse<span class=\"fc1 sc0\"> </span></div></div><div class=\"c w193 h350 gs15cc\"><div class=\"t m4 x2f hd6 y392 ff4 fs1b fc4 sc3 ls0 ws0\">Titoli di capitale e </div><div class=\"t m4 x39 hd6 yd41 ff4 fs1b fc4 sc3 ls0 ws0\">indici azionari<span class=\"fc1 sc0\"> </span></div></div><div class=\"c w193 h350 gs15cd\"><div class=\"t m4 x16a hd6 yd81 ff4 fs1b fc4 sc3 ls0 ws0\">Valute e oro<span class=\"fc1 sc0\"> </span></div></div><div class=\"c w621 h350 gs15ce\"><div class=\"t m4 x16a hd6 ye48 ff4 fs1b fc4 sc3 ls0 ws0\">Crediti<span class=\"fc1 sc0\"> </span></div></div><div class=\"c w193 h350 gs15cf\"><div class=\"t m4 x16a hd6 y8df ff4 fs1b fc4 sc3 ls0 ws0\">Altri<span class=\"fc1 sc0\"> </span></div></div><div class=\"c w2c2 h4d gs15d1\"><div class=\"t m0 x10 h5 y54 ff4 fs1 fc4 sc3 ls0 ws0\">A.1 D<span class=\"_ _1\"></span>eriva<span class=\"_ _f\"></span>ti finanzia<span class=\"_ _f\"></span>ri e cred<span class=\"_ _1\"></span>itizi O<span class=\"_ _f\"></span>TC: fair <span class=\"_ _1\"></span>value<span class=\"_ _1\"></span> nett<span class=\"_ _1\"></span>i per<span class=\"_ _1\"></span> contr<span class=\"_ _1\"></span>opa<span class=\"_ _1\"></span>rti </div></div><div class=\"c w49 h174 gs15d2\"><div class=\"t m4 x37 h1f yd67 ff4 fs7 fc4 sc3 ls0 ws0\">Controparti </div><div class=\"t m4 x11 h1f y3d ff4 fs7 fc4 sc3 ls0 ws0\">centrali </div></div><div class=\"c w4db h174 gs15d3\"><div class=\"t m4 x15 h1f y3d ff4 fs7 fc4 sc3 ls0 ws0\">Banche </div></div><div class=\"c w4dc h174 gs15d4\"><div class=\"t m4 x37 h1f y93e ff4 fs7 fc4 sc3 ls0 ws0\">Altre societ\u00e0 </div><div class=\"t m4 x11 h1f y20 ff4 fs7 fc4 sc3 ls0 ws0\">finanziarie </div></div><div class=\"c w4db h174 gs15d5\"><div class=\"t m4 x15 h1f y497 ff4 fs7 fc4 sc3 ls0 ws0\">Altri soggetti </div></div><div class=\"gs15d6\"><table class=\"s w114d h5b3\" id=\"_d0c1f060-dd19-44d0-937f-927c612a7d24\"><tr><td class=\"c x44e y3786 w628 hcb\"><div class=\"t m0 x10 h1f y80 ff4 fs7 fc1 sc2 ls0 ws0\">A. D<span class=\"_ _1\"></span>eriv<span class=\"_ _1\"></span>ati fi<span class=\"_ _1\"></span>nan<span class=\"_ _1\"></span>ziari </div></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x44e y3787 w628 hcc\"><div class=\"t m0 x16a h1f y74a ff4 fs7 fc1 sc2 ls0 ws0\">1) Tit<span class=\"_ _1\"></span>oli di <span class=\"_ _f\"></span>debito e<span class=\"_ _f\"></span> tassi<span class=\"_ _1\"></span> d'int<span class=\"_ _f\"></span>eresse <span class=\"_ _1\"></span> </div></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x44e y3788 w628 hcb\"><div class=\"t m0 x48 h1f y74a ff4 fs7 fc1 sc0 ls0 ws0\">- valore nozionale<span class=\"_ _f\"></span> </div></td><td class=\"c xaf3 y3788 w7f hcb\"><div class=\"t m0 xef h1f y74a ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x8a3 y3788 w629 hcb\"><div class=\"t m0 x35 h1f y74a ff4 fs7 fc1 sc0 ls0 ws0\">27.021.988 </div></td><td class=\"c x764 y3788 w273 hcb\"><div class=\"t m0 x30 h1f y74a ff4 fs7 fc1 sc0 ls0 ws0\">403.815 </div></td><td class=\"c x7b8 y3788 w629 hcb\"><div class=\"t m0 x15 h1f y74a ff4 fs7 fc1 sc0 ls0 ws0\">645.551 </div></td></tr><tr><td class=\"c x44e y3789 w628 hcb\"><div class=\"t m0 x48 h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">- fair value netto <span class=\"_ _1\"></span>positivo </div></td><td class=\"c xaf3 y3789 w7f hcb\"><div class=\"t m0 xef h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x8a3 y3789 w629 hcb\"><div class=\"t m0 x36 h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">127.401 </div></td><td class=\"c x764 y3789 w273 hcb\"><div class=\"t m0 x49 h1f y80 ff4 fs7 fc1 sc0 ls29 ws0\">61<span class=\"ls0\"> </span></div></td><td class=\"c x7b8 y3789 w629 hcb\"><div class=\"t m0 x91 h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">2.307 </div></td></tr><tr><td class=\"c x44e y378a w628 hcc\"><div class=\"t m0 x48 h1f y74a ff4 fs7 fc1 sc0 ls0 ws0\">- fair value netto <span class=\"_ _1\"></span>negativo </div></td><td class=\"c xaf3 y378a w7f hcc\"><div class=\"t m0 xef h1f y74a ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x8a3 y378a w629 hcc\"><div class=\"t m0 x31 h1f y74a ff4 fs7 fc1 sc0 ls0 ws0\">473.326 </div></td><td class=\"c x764 y378a w273 hcc\"><div class=\"t m0 x8f h1f y74a ff4 fs7 fc1 sc0 ls0 ws0\">18.340 </div></td><td class=\"c x7b8 y378a w629 hcc\"><div class=\"t m0 x91 h1f y74a ff4 fs7 fc1 sc0 ls0 ws0\">2.837 </div></td></tr><tr><td class=\"c x44e y378b w628 hcb\"><div class=\"t m0 x16a h1f y74a ff4 fs7 fc1 sc2 ls0 ws0\">2) Tit<span class=\"_ _1\"></span>oli di <span class=\"_ _f\"></span>capital<span class=\"_ _1\"></span>e e i<span class=\"_ _1\"></span>ndici a<span class=\"_ _f\"></span>ziona<span class=\"_ _f\"></span>ri </div></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x44e y378c w628 hcb\"><div class=\"t m0 x48 h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">- valore nozion<span class=\"_ _1\"></span>ale </div></td><td class=\"c xaf3 y378c w7f hcb\"><div class=\"t m0 xef h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x8a3 y378c w629 hcb\"><div class=\"t m0 xef h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x764 y378c w273 hcb\"><div class=\"t m0 x49 h1f y80 ff4 fs7 fc1 sc0 ls9 ws0\">10<span class=\"ls0\"> </span></div></td><td class=\"c x7b8 y378c w629 hcb\"><div class=\"t m0 xef h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y378d w628 hcc\"><div class=\"t m0 x48 h1f y74a ff4 fs7 fc1 sc0 ls0 ws0\">- fair value netto <span class=\"_ _1\"></span>positivo </div></td><td class=\"c xaf3 y378d w7f hcc\"><div class=\"t m0 xef h1f y74a ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x8a3 y378d w629 hcc\"><div class=\"t m0 xef h1f y74a ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x764 y378d w273 hcc\"><div class=\"t m0 xc3 h1f y74a ff4 fs7 fc1 sc0 ls0 ws0\">2 </div></td><td class=\"c x7b8 y378d w629 hcc\"><div class=\"t m0 xef h1f y74a ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y378e w628 hcb\"><div class=\"t m0 x48 h1f y74a ff4 fs7 fc1 sc0 ls0 ws0\">- <span class=\"ls107\">fa</span>ir value net<span class=\"_ _f\"></span>to<span class=\"_ _2\"></span> negat<span class=\"_ _1\"></span>ivo </div></td><td class=\"c xaf3 y378e w7f hcb\"><div class=\"t m0 xef h1f y74a ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x8a3 y378e w629 hcb\"><div class=\"t m0 xef h1f y74a ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x764 y378e w273 hcb\"><div class=\"t m0 xef h1f y74a ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x7b8 y378e w629 hcb\"><div class=\"t m0 xef h1f y74a ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y378f w628 hcb\"><div class=\"t m0 x16a h1f y80 ff4 fs7 fc1 sc2 ls0 ws0\">3) Va<span class=\"_ _1\"></span>lute <span class=\"_ _f\"></span>e oro </div></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x44e y3790 w628 h352\"><div class=\"t m0 x48 h1f y74a ff4 fs7 fc1 sc0 ls0 ws0\">- valore nozion<span class=\"_ _1\"></span>ale </div></td><td class=\"c xaf3 y3790 w7f h352\"><div class=\"t m0 xef h1f y74a ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x8a3 y3790 w629 h352\"><div class=\"t m0 x8f h1f y74a ff4 fs7 fc1 sc0 ls0 ws0\">94.594 </div></td><td class=\"c x764 y3790 w273 h352\"><div class=\"t m0 x8f h1f y74a ff4 fs7 fc1 sc0 ls0 ws0\">42.572 </div></td><td class=\"c x7b8 y3790 w629 h352\"><div class=\"t m0 x15 h1f y74a ff4 fs7 fc1 sc0 ls0 ws0\">566.517 </div></td></tr><tr><td class=\"c x44e y3791 w628 hcb\"><div class=\"t m0 x48 h1f y74a ff4 fs7 fc1 sc0 ls0 ws0\">- fair value netto <span class=\"_ _1\"></span>positivo </div></td><td class=\"c xaf3 y3791 w7f hcb\"><div class=\"t m0 xef h1f y74a ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x8a3 y3791 w629 hcb\"><div class=\"t m0 xf h1f y74a ff4 fs7 fc1 sc0 ls2a ws0\">283<span class=\"ls0\"> </span></div></td><td class=\"c x764 y3791 w273 hcb\"><div class=\"t m0 x49 h1f y74a ff4 fs7 fc1 sc0 ls27 ws0\">31<span class=\"ls0\"> </span></div></td><td class=\"c x7b8 y3791 w629 hcb\"><div class=\"t m0 x91 h1f y74a ff4 fs7 fc1 sc0 ls0 ws0\">5.760 </div></td></tr><tr><td class=\"c x44e y3792 w628 hcb\"><div class=\"t m0 x48 h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">- fair value netto <span class=\"_ _1\"></span>negativo </div></td><td class=\"c xaf3 y3792 w7f hcb\"><div class=\"t m0 xef h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x8a3 y3792 w629 hcb\"><div class=\"t m0 xc7 h1f y80 ff4 fs7 fc1 sc0 ls34 ws0\">78<span class=\"ls0\"> </span></div></td><td class=\"c x764 y3792 w273 hcb\"><div class=\"t m0 xc6 h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">579 </div></td><td class=\"c x7b8 y3792 w629 hcb\"><div class=\"t m0 x91 h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">2.375 </div></td></tr><tr><td class=\"c x44e y3793 w628 hcc\"><div class=\"t m0 x16a h1f y74a ff4 fs7 fc1 sc2 ls0 ws0\">4) Me<span class=\"_ _1\"></span>rci<span class=\"_ _1\"></span> </div></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x44e y3794 w628 hcb\"><div class=\"t m0 x48 h1f y74a ff4 fs7 fc1 sc0 ls0 ws0\">- valore nozion<span class=\"_ _1\"></span>ale </div></td><td class=\"c xaf3 y3794 w7f hcb\"><div class=\"t m0 xef h1f y74a ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x8a3 y3794 w629 hcb\"><div class=\"t m0 xef h1f y74a ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x764 y3794 w273 hcb\"><div class=\"t m0 xef h1f y74a ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x7b8 y3794 w629 hcb\"><div class=\"t m0 xef h1f y74a ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y3795 w628 hcb\"><div class=\"t m0 x48 h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">- fair value netto <span class=\"_ _1\"></span>positivo </div></td><td class=\"c xaf3 y3795 w7f hcb\"><div class=\"t m0 xef h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x8a3 y3795 w629 hcb\"><div class=\"t m0 xef h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x764 y3795 w273 hcb\"><div class=\"t m0 xef h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x7b8 y3795 w629 hcb\"><div class=\"t m0 xef h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y3796 w628 hcc\"><div class=\"t m0 x48 h1f y74a ff4 fs7 fc1 sc0 ls0 ws0\">- fair value netto <span class=\"_ _1\"></span>negativo </div></td><td class=\"c xaf3 y3796 w7f hcc\"><div class=\"t m0 xef h1f y74a ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x8a3 y3796 w629 hcc\"><div class=\"t m0 xef h1f y74a ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x764 y3796 w273 hcc\"><div class=\"t m0 xef h1f y74a ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x7b8 y3796 w629 hcc\"><div class=\"t m0 xef h1f y74a ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y3797 w628 hcb\"><div class=\"t m0 x16a h1f y74a ff4 fs7 fc1 sc2 ls0 ws0\">5) Al<span class=\"_ _1\"></span>tri </div></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x44e y3798 w628 hcb\"><div class=\"t m0 x48 h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">- valore nozion<span class=\"_ _1\"></span>ale </div></td><td class=\"c xaf3 y3798 w7f hcb\"><div class=\"t m0 xef h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x8a3 y3798 w629 hcb\"><div class=\"t m0 xef h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x764 y3798 w273 hcb\"><div class=\"t m0 xef h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x7b8 y3798 w629 hcb\"><div class=\"t m0 xef h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y3799 w628 hcc\"><div class=\"t m0 x48 h1f y74a ff4 fs7 fc1 sc0 ls0 ws0\">- fair value netto <span class=\"_ _1\"></span>positivo </div></td><td class=\"c xaf3 y3799 w7f hcc\"><div class=\"t m0 xef h1f y74a ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x8a3 y3799 w629 hcc\"><div class=\"t m0 xef h1f y74a ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x764 y3799 w273 hcc\"><div class=\"t m0 xef h1f y74a ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x7b8 y3799 w629 hcc\"><div class=\"t m0 xef h1f y74a ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y379a w628 hcb\"><div class=\"t m0 x48 h1f y74a ff4 fs7 fc1 sc0 ls0 ws0\">- fair value netto <span class=\"_ _1\"></span>negativo </div></td><td class=\"c xaf3 y379a w7f hcb\"><div class=\"t m0 xef h1f y74a ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x8a3 y379a w629 hcb\"><div class=\"t m0 xef h1f y74a ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x764 y379a w273 hcb\"><div class=\"t m0 xef h1f y74a ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x7b8 y379a w629 hcb\"><div class=\"t m0 xef h1f y74a ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y379b w628 hcb\"><div class=\"t m0 x10 h1f y80 ff4 fs7 fc1 sc2 ls0 ws0\">B. Der<span class=\"_ _f\"></span>ivati cr<span class=\"_ _f\"></span>editizi </div></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x44e y379c w628 hcc\"><div class=\"t m0 x16a h1f y74a ff4 fs7 fc1 sc2 ls0 ws0\">1) Ac<span class=\"_ _f\"></span>quisto pr<span class=\"_ _f\"></span>otezion<span class=\"_ _1\"></span>e </div></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x44e y379d w628 h150\"><div class=\"t m0 x48 h1f y74a ff4 fs7 fc1 sc0 ls0 ws0\">- valore nozion<span class=\"_ _1\"></span>ale </div></td><td class=\"c xaf3 y379d w7f h150\"><div class=\"t m0 xef h1f y74a ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x8a3 y379d w629 h150\"><div class=\"t m0 xef h1f y74a ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x764 y379d w273 h150\"><div class=\"t m0 xef h1f y74a ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x7b8 y379d w629 h150\"><div class=\"t m0 xef h1f y74a ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y379e w628 hcb\"><div class=\"t m0 x48 h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">- fair value netto <span class=\"_ _1\"></span>positivo </div></td><td class=\"c xaf3 y379e w7f hcb\"><div class=\"t m0 xef h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x8a3 y379e w629 hcb\"><div class=\"t m0 xef h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x764 y379e w273 hcb\"><div class=\"t m0 xef h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x7b8 y379e w629 hcb\"><div class=\"t m0 xef h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y379f w628 hcc\"><div class=\"t m0 x48 h1f y74a ff4 fs7 fc1 sc0 ls0 ws0\">- fair value netto <span class=\"_ _1\"></span>negativo </div></td><td class=\"c xaf3 y379f w7f hcc\"><div class=\"t m0 xef h1f y74a ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x8a3 y379f w629 hcc\"><div class=\"t m0 xef h1f y74a ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x764 y379f w273 hcc\"><div class=\"t m0 xef h1f y74a ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x7b8 y379f w629 hcc\"><div class=\"t m0 xef h1f y74a ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y37a0 w628 hcb\"><div class=\"t m0 x16a h1f y74a ff4 fs7 fc1 sc2 ls0 ws0\">2) Ve<span class=\"_ _1\"></span>ndit<span class=\"_ _1\"></span>a pr<span class=\"_ _f\"></span>otezion<span class=\"_ _1\"></span>e </div></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x44e y37a1 w628 hcb\"><div class=\"t m0 x48 h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">- valore nozion<span class=\"_ _1\"></span>ale </div></td><td class=\"c xaf3 y37a1 w7f hcb\"><div class=\"t m0 xef h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x8a3 y37a1 w629 hcb\"><div class=\"t m0 xef h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x764 y37a1 w273 hcb\"><div class=\"t m0 xef h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x7b8 y37a1 w629 hcb\"><div class=\"t m0 xef h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y37a2 w628 hcc\"><div class=\"t m0 x48 h1f y74a ff4 fs7 fc1 sc0 ls0 ws0\">- fair value netto <span class=\"_ _1\"></span>positivo </div></td><td class=\"c xaf3 y37a2 w7f hcc\"><div class=\"t m0 xef h1f y74a ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x8a3 y37a2 w629 hcc\"><div class=\"t m0 xef h1f y74a ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x764 y37a2 w273 hcc\"><div class=\"t m0 xef h1f y74a ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x7b8 y37a2 w629 hcc\"><div class=\"t m0 xef h1f y74a ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y37a3 w628 hcb\"><div class=\"t m0 x48 h1f y74a ff4 fs7 fc1 sc0 ls0 ws0\">- fair value netto <span class=\"_ _1\"></span>negativo </div></td><td class=\"c xaf3 y37a3 w7f hcb\"><div class=\"t m0 xef h1f y74a ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x8a3 y37a3 w629 hcb\"><div class=\"t m0 xef h1f y74a ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x764 y37a3 w273 hcb\"><div class=\"t m0 xef h1f y74a ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x7b8 y37a3 w629 hcb\"><div class=\"t m0 xef h1f y74a ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr></table></div>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-866": {
   "value": "2.1 At<span class=\"_ _f\"></span>tivit\u00e0 fina<span class=\"_ _1\"></span>nzia<span class=\"_ _1\"></span>rie d<span class=\"_ _1\"></span>etenut<span class=\"_ _1\"></span>e p<span class=\"_ _1\"></span>er la <span class=\"_ _1\"></span>negozia<span class=\"_ _f\"></span>zione: <span class=\"_ _1\"></span>com<span class=\"_ _f\"></span>posizion<span class=\"_ _1\"></span>e me<span class=\"_ _1\"></span>rceol<span class=\"_ _1\"></span>ogica<span class=\"_ _1\"></span> <table class=\"s w98f h49e\" id=\"_70d8612b-b621-4782-a5bb-4d40058f6842\"><tr><td></td><td></td><td class=\"c x31c y25ac w2f7 h1fa\"><div class=\"t m0 x199 h1f y32 ff4 fs7 fc4 sc3 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale </div></td><td></td><td></td><td class=\"c x31d y25ac w2f8 h1fa\"><div class=\"t m0 x199 h1f y32 ff4 fs7 fc4 sc3 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale </div></td><td></td></tr><tr><td class=\"c x2e0 y25ad w2f6 h231\"><div class=\"t m0 x11d h1f y113e ff4 fs7 fc4 sc3 ls0 ws0\">Voci<span class=\"_ _1\"></span>/Valo<span class=\"_ _f\"></span>ri </div></td><td class=\"c x31e y25ae w990 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/<span class=\"_ _df\"> </span></div></td><td class=\"c x31f y25ae w991 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">2025<span class=\"_ _df\"> </span></div></td><td></td><td></td><td class=\"c x31d y25af w2f8 h232\"><div class=\"t m0 xe5 h1f y93e ff4 fs7 fc4 sc3 ls0 ws0\">31/12/<span class=\"_ _f\"></span>2024 </div></td><td></td></tr><tr><td></td><td class=\"c x31c y25ad w2f9 h232\"><div class=\"t m0 x3a h1f y93e ff4 fs7 fc4 sc3 lsc7 ws0\">L1<span class=\"ls0\"> </span></div></td><td class=\"c x320 y25ad w2fa h232\"><div class=\"t m0 x2c h1f y93e ff4 fs7 fc4 sc3 lsc7 ws0\">L2<span class=\"ls0\"> </span></div></td><td class=\"c x321 y25ad w2f9 h232\"><div class=\"t m0 x2c h1f y93e ff4 fs7 fc4 sc3 lsc7 ws0\">L3<span class=\"ls0\"> </span></div></td><td class=\"c x31d y25ad w2f9 h232\"><div class=\"t m0 x3a h1f y93e ff4 fs7 fc4 sc3 lsc7 ws0\">L1<span class=\"ls0\"> </span></div></td><td class=\"c x322 y25ad w2fa h232\"><div class=\"t m0 x2c h1f y93e ff4 fs7 fc4 sc3 lsc7 ws0\">L2<span class=\"ls0\"> </span></div></td><td class=\"c x323 y25ad w2fb h232\"><div class=\"t m0 x2c h1f y93e ff4 fs7 fc4 sc3 lsc7 ws0\">L3<span class=\"ls0\"> </span></div></td></tr><tr><td class=\"c x2e0 y25b0 w2fc hc8\"><div class=\"t m0 x10 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">A. Att<span class=\"_ _f\"></span>ivit\u00e0 per<span class=\"_ _f\"></span> cassa<span class=\"_ _f\"></span> </div></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2e0 y25b1 w2fc hc8\"><div class=\"t m0 x10 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">1. Titoli di debito<span class=\"_ _1\"></span> </div></td><td class=\"c x30f y25b1 w2f9 hc8\"><div class=\"t m0 x31 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">24.176 </div></td><td class=\"c x320 y25b1 w11e hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x321 y25b1 w2f9 hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x31d y25b1 w11f hc8\"><div class=\"t m0 x38 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">19.098 </div></td><td class=\"c x322 y25b1 w11e hc8\"><div class=\"t m0 x1c h1f y28b ff4 fs7 fc1 sc0 lsa ws0\">46<span class=\"ls0\"> </span></div></td><td class=\"c x323 y25b1 w50 hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2e0 y25b2 w2fc hc8\"><div class=\"t m0 x2f h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">1.1 Titoli struttu<span class=\"_ _1\"></span>rati </div></td><td class=\"c x30f y25b2 w2f9 hc8\"><div class=\"t m0 x15 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">2.723 </div></td><td class=\"c x320 y25b2 w11e hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x321 y25b2 w2f9 hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x31d y25b2 w11f hc8\"><div class=\"t m0 x12 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">909 </div></td><td class=\"c x322 y25b2 w11e hc8\"><div class=\"t m0 xa3 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">4 </div></td><td class=\"c x323 y25b2 w50 hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2e0 y25b3 w2fc hc8\"><div class=\"t m0 x2f h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">1.2 Altri titoli di deb<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span>to </div></td><td class=\"c x30f y25b3 w2f9 hc8\"><div class=\"t m0 x38 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">21.453 </div></td><td class=\"c x320 y25b3 w11e hc8\"><div class=\"t m0 x8 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x321 y25b3 w2f9 hc8\"><div class=\"t m0 x8 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x31d y25b3 w11f hc8\"><div class=\"t m0 x31 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">18.189 </div></td><td class=\"c x322 y25b3 w11e hc8\"><div class=\"t m0 x1c h1f ye4c ff4 fs7 fc1 sc0 lsa ws0\">42<span class=\"ls0\"> </span></div></td><td class=\"c x323 y25b3 w50 hc8\"><div class=\"t m0 x8 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2e0 y25b4 w2fc hc8\"><div class=\"t m0 x10 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">2. Titoli di capita<span class=\"_ _f\"></span>l<span class=\"_ _2\"></span>e<span class=\"_ _df\"> </span></div></td><td class=\"c x30f y25b4 w2f9 hc8\"><div class=\"t m0 x8 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x320 y25b4 w11e hc8\"><div class=\"t m0 x8 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x321 y25b4 w2f9 hc8\"><div class=\"t m0 x8 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x31d y25b4 w11f hc8\"><div class=\"t m0 x8 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x322 y25b4 w11e hc8\"><div class=\"t m0 x8 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x323 y25b4 w50 hc8\"><div class=\"t m0 x8 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2e0 y25b5 w2fc hc8\"><div class=\"t m0 x10 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">3. Quote di O.I.C<span class=\"_ _1\"></span>.R.<span class=\"_ _df\"> </span></div></td><td class=\"c x30f y25b5 w2f9 hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x320 y25b5 w11e hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x321 y25b5 w2f9 hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x31d y25b5 w11f hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x322 y25b5 w11e hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x323 y25b5 w50 hc8\"><div class=\"t m0 x1c h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">24 </div></td></tr><tr><td class=\"c x2e0 y25b6 w2fc hc8\"><div class=\"t m0 x10 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">4. Finanziamenti </div></td><td class=\"c x30f y25b6 w2f9 hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x320 y25b6 w11e hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x321 y25b6 w2f9 hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x31d y25b6 w11f hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x322 y25b6 w11e hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x323 y25b6 w50 hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2e0 y25b7 w2fc hc8\"><div class=\"t m0 x2f h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">4.1 Pronti contro<span class=\"_ _1\"></span> termine </div></td><td class=\"c x30f y25b7 w2f9 hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x320 y25b7 w11e hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x321 y25b7 w2f9 hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x31d y25b7 w11f hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x322 y25b7 w11e hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x323 y25b7 w50 hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2e0 y25b8 w2fc hc8\"><div class=\"t m0 x2f h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">4.2 Altri </div></td><td class=\"c x30f y25b8 w2f9 hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x320 y25b8 w11e hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x321 y25b8 w2f9 hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x31d y25b8 w11f hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x322 y25b8 w11e hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x323 y25b8 w50 hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2e0 y25b9 w2fc hc8\"><div class=\"t m0 x23 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale (A<span class=\"_ _f\"></span>) </div></td><td class=\"c x30f y25b9 w2f9 hc8\"><div class=\"t m0 x31 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">24.17<span class=\"_ _f\"></span>6 </div></td><td class=\"c x320 y25b9 w11e hc8\"><div class=\"t m0 x8 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td><td class=\"c x321 y25b9 w2f9 hc8\"><div class=\"t m0 x8 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td><td class=\"c x31d y25b9 w11f hc8\"><div class=\"t m0 x31 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">19.09<span class=\"_ _f\"></span>8 </div></td><td class=\"c x322 y25b9 w11e hc8\"><div class=\"t m0 x1c h1f ye4c ff4 fs7 fc1 sc2 lsa ws0\">46<span class=\"ls0\"> </span></div></td><td class=\"c x323 y25b9 w50 hc8\"><div class=\"t m0 x1c h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">24 </div></td></tr><tr><td class=\"c x2e0 y25ba w2fc h227\"><div class=\"t m0 x10 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">B. St<span class=\"_ _f\"></span>rument<span class=\"_ _1\"></span>i deri<span class=\"_ _1\"></span>vat<span class=\"_ _1\"></span>i </div></td><td class=\"c x30f y25ba w2f9 h227\"><div class=\"t m0 x8 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x320 y25ba w11e h227\"><div class=\"t m0 x8 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x321 y25ba w2f9 h227\"><div class=\"t m0 x8 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x31d y25ba w11f h227\"><div class=\"t m0 x8 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x322 y25ba w11e h227\"><div class=\"t m0 x8 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x323 y25ba w50 h227\"><div class=\"t m0 x8 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2e0 y25bb w2fc hc8\"><div class=\"t m0 x10 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">1. Derivati finanz<span class=\"_ _1\"></span>iari </div></td><td class=\"c x30f y25bb w2f9 hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x320 y25bb w11e hc8\"><div class=\"t m0 x31 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">16.747 </div></td><td class=\"c x321 y25bb w2f9 hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x31d y25bb w11f hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x322 y25bb w11e hc8\"><div class=\"t m0 x31 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">14.992 </div></td><td class=\"c x323 y25bb w50 hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2e0 y25bc w2fc hc8\"><div class=\"t m0 x2f h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">1.1 di negoziazione<span class=\"_ _f\"></span> </div></td><td class=\"c x30f y25bc w2f9 hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x320 y25bc w11e hc8\"><div class=\"t m0 x31 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">16.747 </div></td><td class=\"c x321 y25bc w2f9 hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x31d y25bc w11f hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x322 y25bc w11e hc8\"><div class=\"t m0 x31 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">14.992 </div></td><td class=\"c x323 y25bc w50 hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2e0 y25bd w2fc hc8\"><div class=\"t m0 x2f h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">1.2 connessi con <span class=\"_ _1\"></span>la fair value <span class=\"_ _1\"></span>option </div></td><td class=\"c x30f y25bd w2f9 hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x320 y25bd w11e hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x321 y25bd w2f9 hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x31d y25bd w11f hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x322 y25bd w11e hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x323 y25bd w50 hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2e0 y25be w2fc hc8\"><div class=\"t m0 x2f h1f y28b ff4 fs7 fc1 sc0 ls9 ws0\">1.<span class=\"ls0\">3 altri</span><span class=\"ls0\"> </span></div></td><td class=\"c x30f y25be w2f9 hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x320 y25be w11e hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x321 y25be w2f9 hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x31d y25be w11f hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x322 y25be w11e hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x323 y25be w50 hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2e0 y25bf w2fc hc8\"><div class=\"t m0 x10 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">2. Derivati creditiz<span class=\"_ _f\"></span>i </div></td><td class=\"c x30f y25bf w2f9 hc8\"><div class=\"t m0 x8 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x320 y25bf w11e hc8\"><div class=\"t m0 x8 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x321 y25bf w2f9 hc8\"><div class=\"t m0 x8 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x31d y25bf w11f hc8\"><div class=\"t m0 x8 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x322 y25bf w11e hc8\"><div class=\"t m0 x8 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x323 y25bf w50 hc8\"><div class=\"t m0 x8 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2e0 y25c0 w2fc hc8\"><div class=\"t m0 x2f h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">2.1 di negoziazione<span class=\"_ _f\"></span> </div></td><td class=\"c x30f y25c0 w2f9 hc8\"><div class=\"t m0 x8 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x320 y25c0 w11e hc8\"><div class=\"t m0 x8 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x321 y25c0 w2f9 hc8\"><div class=\"t m0 x8 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x31d y25c0 w11f hc8\"><div class=\"t m0 x8 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x322 y25c0 w11e hc8\"><div class=\"t m0 x8 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x323 y25c0 w50 hc8\"><div class=\"t m0 x8 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2e0 y25c1 w2fc hc8\"><div class=\"t m0 x2f h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">2.2 connessi con <span class=\"_ _f\"></span>l<span class=\"_ _2\"></span>a fair value<span class=\"_ _1\"></span> option </div></td><td class=\"c x30f y25c1 w2f9 hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x320 y25c1 w11e hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x321 y25c1 w2f9 hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x31d y25c1 w11f hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x322 y25c1 w11e hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x323 y25c1 w50 hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2e0 y25c2 w2fc hc8\"><div class=\"t m0 x2f h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">2.3 altri </div></td><td class=\"c x30f y25c2 w2f9 hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x320 y25c2 w11e hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x321 y25c2 w2f9 hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x31d y25c2 w11f hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x322 y25c2 w11e hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x323 y25c2 w50 hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2e0 y25c3 w2fc hc8\"><div class=\"t m0 x23 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale (B<span class=\"_ _1\"></span>) </div></td><td class=\"c x30f y25c3 w2f9 hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td><td class=\"c x320 y25c3 w11e hc8\"><div class=\"t m0 x31 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">16.747<span class=\"_ _f\"></span> </div></td><td class=\"c x321 y25c3 w2f9 hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td><td class=\"c x31d y25c3 w11f hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td><td class=\"c x322 y25c3 w11e hc8\"><div class=\"t m0 x31 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">14.99<span class=\"_ _1\"></span>2 </div></td><td class=\"c x323 y25c3 w50 hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2e0 y25c4 w2fc hc8\"><div class=\"t m0 x10f h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale (A<span class=\"_ _f\"></span>+B)  </div></td><td class=\"c x30f y25c4 w2f9 hc8\"><div class=\"t m0 x31 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">24.17<span class=\"_ _f\"></span>6 </div></td><td class=\"c x320 y25c4 w11e hc8\"><div class=\"t m0 x31 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">16.747<span class=\"_ _f\"></span> </div></td><td class=\"c x321 y25c4 w2f9 hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td><td class=\"c x31d y25c4 w11f hc8\"><div class=\"t m0 x31 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">19.09<span class=\"_ _f\"></span>8 </div></td><td class=\"c x322 y25c4 w11e hc8\"><div class=\"t m0 x31 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">15.03<span class=\"_ _f\"></span>8 </div></td><td class=\"c x323 y25c4 w50 hc8\"><div class=\"t m0 x1c h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">24 </div></td></tr></table>Lege<span class=\"_ _f\"></span>nda: L1= Livello 1 L2= Livello 2 L3= Livello 3 Si segnala la com<span class=\"_ _1\"></span>posizione della v<span class=\"_ _f\"></span>o<span class=\"_ _2\"></span>ce<span class=\"_ _1\"></span> 3 \u201cQuote O.I.C.R\u201d:<span class=\"ff4 fc4 sc3\"> </span><table class=\"s w992 h49f\" id=\"_deb45929-9ce2-4dd7-a083-cb4e6c464d6e\"><tr><td></td><td></td><td class=\"c x325 y25c5 w2fe h49\"><div class=\"t m0 x8f h1f y32 ff4 fs7 fc4 sc3 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale </div></td><td></td><td class=\"c x326 y25c5 w2ff h49\"><div class=\"t m0 x8f h1f y32 ff4 fs7 fc4 sc3 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale </div></td><td></td></tr><tr><td></td><td></td><td class=\"c x325 y25c6 w300 h49\"><div class=\"t m0 x97 h1f y25 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/<span class=\"_ _f\"></span>2025 </div></td><td class=\"c x327 y25c7 w993 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/<span class=\"_ _df\"> </span></div></td><td class=\"c x328 y25c7 w994 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc4 sc3 ls0 ws0\">2024<span class=\"_ _df\"> </span></div></td><td></td></tr><tr><td class=\"c x329 y25c8 w301 hc8\"><div class=\"t m0 x10 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">Azionari  </div></td><td></td><td></td><td class=\"c x325 y25c8 w2fe hc8\"><div class=\"t m0 x22 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x326 y25c8 w302 hc8\"><div class=\"t m0 x191 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">24 </div></td></tr><tr><td></td><td class=\"c x329 y25c9 w303 hc8\"><div class=\"t m0 x147 h1f y32 ff4 fs7 fc1 sc2 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale </div></td><td></td><td class=\"c x325 y25c9 w2fe hc8\"><div class=\"t m0 x22 h1f y32 ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td><td></td><td class=\"c x326 y25c9 w304 hc8\"><div class=\"t m0 x171 h1f y32 ff4 fs7 fc1 sc2 ls0 ws0\">24 </div></td></tr></table>2.2 Att<span class=\"_ _f\"></span>ivit\u00e0 fina<span class=\"_ _f\"></span>nziarie d<span class=\"_ _1\"></span>ete<span class=\"_ _1\"></span>nute p<span class=\"_ _f\"></span>er la neg<span class=\"_ _1\"></span>ozia<span class=\"_ _1\"></span>zione: <span class=\"_ _f\"></span>compos<span class=\"_ _f\"></span>izione p<span class=\"_ _1\"></span>er de<span class=\"_ _1\"></span>bitor<span class=\"_ _1\"></span>i/em<span class=\"_ _1\"></span>ittent<span class=\"_ _1\"></span>i/cont<span class=\"_ _1\"></span>ropa<span class=\"_ _1\"></span>rti <table class=\"s w995 h4a0\" id=\"_090afc8c-2681-4652-ab12-40cbcde5b32b\"><tr><td></td><td class=\"c x2e0 y25ca w305 h234\"><div class=\"t m0 xaf h1f y1498 ff4 fs7 fc4 sc3 ls0 ws0\">Voci<span class=\"_ _1\"></span>/Valo<span class=\"_ _f\"></span>ri </div></td><td class=\"c x32a y25cb w25d h227\"><div class=\"t m0 x31 h1f y28b ff4 fs7 fc4 sc3 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale </div></td><td></td><td class=\"c x317 y25cb w28b h227\"><div class=\"t m0 x31 h1f y28b ff4 fs7 fc4 sc3 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale </div></td><td></td></tr><tr><td></td><td class=\"c x32b y25cc w993 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/<span class=\"_ _df\"> </span></div></td><td class=\"c x32c y25cc w991 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">2025<span class=\"_ _df\"> </span></div></td><td class=\"c x32d y25cc w993 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/<span class=\"_ _df\"> </span></div></td><td class=\"c x32e y25cc w994 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">2024<span class=\"_ _df\"> </span></div></td><td></td></tr><tr><td class=\"c x2e0 y25cd w306 hc8\"><div class=\"t m0 x10 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">A. Att<span class=\"_ _f\"></span>ivit\u00e0 per<span class=\"_ _f\"></span> cassa<span class=\"_ _f\"></span> </div></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2e0 y25ce w306 hc8\"><div class=\"t m0 x10 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">1. Titoli di debito<span class=\"_ _1\"></span> </div></td><td></td><td></td><td class=\"c x32a y25ce w307 hc8\"><div class=\"t m0 x11f h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">24.176 </div></td><td></td><td class=\"c x317 y25ce w308 hc8\"><div class=\"t m0 xec h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">19.144 </div></td></tr><tr><td class=\"c x2e0 y25cf w306 hc8\"><div class=\"t m0 x16a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">a) Banche Centra<span class=\"_ _1\"></span>li </div></td><td></td><td></td><td class=\"c x32a y25cf w307 hc8\"><div class=\"t m0 xed h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x317 y25cf w308 hc8\"><div class=\"t m0 xed h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2e0 y25d0 w306 hc8\"><div class=\"t m0 x16a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">b) Amministrazi<span class=\"_ _1\"></span>oni pubbliche </div></td><td></td><td></td><td class=\"c x32a y25d0 w307 hc8\"><div class=\"t m0 x124 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">20.232 </div></td><td></td><td class=\"c x317 y25d0 w308 hc8\"><div class=\"t m0 xec h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">15.641 </div></td></tr><tr><td class=\"c x2e0 y25d1 w306 hc8\"><div class=\"t m0 x16a h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">c) Banche </div></td><td></td><td></td><td class=\"c x32a y25d1 w307 hc8\"><div class=\"t m0 xec h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">2.040 </div></td><td></td><td class=\"c x317 y25d1 w308 hc8\"><div class=\"t m0 xeb h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">2.205 </div></td></tr><tr><td class=\"c x2e0 y25d2 w306 hc8\"><div class=\"t m0 x16a h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">d) Altre societ\u00e0 <span class=\"_ _1\"></span>finanziarie<span class=\"_ _df\"> </span></div></td><td></td><td></td><td class=\"c x32a y25d2 w307 hc8\"><div class=\"t m0 x12a h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">816 </div></td><td></td><td class=\"c x317 y25d2 w308 hc8\"><div class=\"t m0 x12a h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">379 </div></td></tr><tr><td class=\"c x2e0 y25d3 w306 hc8\"><div class=\"t m0 x14 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">di cui: imprese d<span class=\"_ _1\"></span>i assicurazione<span class=\"_ _1\"></span> </div></td><td></td><td></td><td class=\"c x32a y25d3 w307 hc8\"><div class=\"t m0 xe8 h1f y28b ff4 fs7 fc1 sc0 ls27 ws0\">338<span class=\"ls0\"> </span></div></td><td></td><td class=\"c x317 y25d3 w308 hc8\"><div class=\"t m0 xed h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2e0 y25d4 w306 hc8\"><div class=\"t m0 x16a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">e) Societ\u00e0 non fi<span class=\"_ _1\"></span>nanziarie<span class=\"_ _df\"> </span></div></td><td></td><td></td><td class=\"c x32a y25d4 w307 hc8\"><div class=\"t m0 xeb h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">1.088 </div></td><td></td><td class=\"c x317 y25d4 w308 hc8\"><div class=\"t m0 x66 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">919 </div></td></tr><tr><td class=\"c x2e0 y25d5 w306 hc8\"><div class=\"t m0 x10 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">2. Titoli di capita<span class=\"_ _f\"></span>l<span class=\"_ _2\"></span>e<span class=\"_ _df\"> </span></div></td><td></td><td></td><td class=\"c x32a y25d5 w307 hc8\"><div class=\"t m0 xed h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x317 y25d5 w308 hc8\"><div class=\"t m0 xed h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2e0 y25d6 w306 hc8\"><div class=\"t m0 x16a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">a) Banche </div></td><td></td><td></td><td class=\"c x32a y25d6 w307 hc8\"><div class=\"t m0 xed h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x317 y25d6 w308 hc8\"><div class=\"t m0 xed h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2e0 y25d7 w306 hc8\"><div class=\"t m0 x16a h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">b) Altre societ\u00e0 <span class=\"_ _1\"></span>finanziarie<span class=\"_ _df\"> </span></div></td><td></td><td></td><td class=\"c x32a y25d7 w307 hc8\"><div class=\"t m0 xed h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x317 y25d7 w308 hc8\"><div class=\"t m0 xed h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2e0 y25d8 w306 hc8\"><div class=\"t m0 x14 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">di cui:  imprese d<span class=\"_ _1\"></span>i assicurazione </div></td><td></td><td></td><td class=\"c x32a y25d8 w307 hc8\"><div class=\"t m0 xed h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x317 y25d8 w308 hc8\"><div class=\"t m0 xed h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2e0 y25d9 w306 h227\"><div class=\"t m0 x16a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">c) Societ\u00e0 non f<span class=\"_ _1\"></span>inanziarie </div></td><td></td><td></td><td class=\"c x32a y25d9 w307 h227\"><div class=\"t m0 xed h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x317 y25d9 w308 h227\"><div class=\"t m0 xed h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2e0 y25da w306 hc8\"><div class=\"t m0 x16a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">d) Altri emitten<span class=\"_ _1\"></span>ti </div></td><td></td><td></td><td class=\"c x32a y25da w307 hc8\"><div class=\"t m0 xed h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x317 y25da w308 hc8\"><div class=\"t m0 xed h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2e0 y25db w306 hc8\"><div class=\"t m0 x10 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">3. Quote di OICR </div></td><td></td><td></td><td class=\"c x32a y25db w307 hc8\"><div class=\"t m0 xed h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x317 y25db w308 hc8\"><div class=\"t m0 x199 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">24 </div></td></tr><tr><td class=\"c x2e0 y2443 w306 hc8\"><div class=\"t m0 x10 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">4. Finanziamenti </div></td><td></td><td></td><td class=\"c x32a y2443 w307 hc8\"><div class=\"t m0 xed h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x317 y2443 w308 hc8\"><div class=\"t m0 xed h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2e0 y25dc w306 hc8\"><div class=\"t m0 x16a h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">a) Banche Centra<span class=\"_ _1\"></span>li </div></td><td></td><td></td><td class=\"c x32a y25dc w307 hc8\"><div class=\"t m0 xed h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x317 y25dc w308 hc8\"><div class=\"t m0 xed h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2e0 y25dd w306 hc8\"><div class=\"t m0 x16a h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">b) Amministrazi<span class=\"_ _1\"></span>oni pubbliche </div></td><td></td><td></td><td class=\"c x32a y25dd w307 hc8\"><div class=\"t m0 xed h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x317 y25dd w308 hc8\"><div class=\"t m0 xed h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2e0 y25de w306 hc8\"><div class=\"t m0 x16a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">c) Banche </div></td><td></td><td></td><td class=\"c x32a y25de w307 hc8\"><div class=\"t m0 xed h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x317 y25de w308 hc8\"><div class=\"t m0 xed h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2e0 y25df w306 hc8\"><div class=\"t m0 x16a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">d) Altre societ\u00e0 <span class=\"_ _1\"></span>finanziarie<span class=\"_ _df\"> </span></div></td><td></td><td></td><td class=\"c x32a y25df w307 hc8\"><div class=\"t m0 xed h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x317 y25df w308 hc8\"><div class=\"t m0 xed h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2e0 y25e0 w306 hc8\"><div class=\"t m0 x14 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">di cui: imprese d<span class=\"_ _1\"></span>i assicurazione<span class=\"_ _1\"></span> </div></td><td></td><td></td><td class=\"c x32a y25e0 w307 hc8\"><div class=\"t m0 xed h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x317 y25e0 w308 hc8\"><div class=\"t m0 xed h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2e0 y25e1 w306 hc8\"><div class=\"t m0 x16a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">e) Societ\u00e0 non fi<span class=\"_ _1\"></span>nanziarie<span class=\"_ _df\"> </span></div></td><td></td><td></td><td class=\"c x32a y25e1 w307 hc8\"><div class=\"t m0 xed h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x317 y25e1 w308 hc8\"><div class=\"t m0 xed h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2e0 y25e2 w306 hc8\"><div class=\"t m0 x16a h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">f) Famiglie </div></td><td></td><td></td><td class=\"c x32a y25e2 w307 hc8\"><div class=\"t m0 xed h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x317 y25e2 w308 hc8\"><div class=\"t m0 xed h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td></td><td class=\"c x2e0 y25e3 w306 hc8\"><div class=\"t m0 x111 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale (A<span class=\"_ _f\"></span>) </div></td><td></td><td class=\"c x32a y25e3 w307 hc8\"><div class=\"t m0 x11f h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">24.17<span class=\"_ _f\"></span>6 </div></td><td></td><td class=\"c x317 y25e3 w308 hc8\"><div class=\"t m0 xec h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">19.16<span class=\"_ _1\"></span>7 </div></td></tr><tr><td class=\"c x2e0 y25e4 w306 hc8\"><div class=\"t m0 x10 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">B. St<span class=\"_ _f\"></span>rument<span class=\"_ _1\"></span>i deri<span class=\"_ _1\"></span>vat<span class=\"_ _1\"></span>i </div></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2e0 y25e5 w306 hc8\"><div class=\"t m0 x16a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">a) Controparti Cent<span class=\"_ _f\"></span>rali </div></td><td></td><td></td><td class=\"c x32a y25e5 w307 hc8\"><div class=\"t m0 xed h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x317 y25e5 w308 hc8\"><div class=\"t m0 xed h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2e0 y25e6 w306 h227\"><div class=\"t m0 x16a h1f y14d6 ff4 fs7 fc1 sc0 ls0 ws0\">b) Altre </div></td><td></td><td></td><td class=\"c x32a y25e6 w307 h227\"><div class=\"t m0 x11f h1f y14d6 ff4 fs7 fc1 sc0 ls0 ws0\">16.747 </div></td><td></td><td class=\"c x317 y25e6 w308 h227\"><div class=\"t m0 x11f h1f y14d6 ff4 fs7 fc1 sc0 ls0 ws0\">14.992 </div></td></tr><tr><td></td><td class=\"c x2e0 y25e7 w306 hc8\"><div class=\"t m0 x111 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale (B<span class=\"_ _1\"></span>) </div></td><td></td><td class=\"c x32a y25e7 w307 hc8\"><div class=\"t m0 x11f h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">16.747<span class=\"_ _f\"></span> </div></td><td></td><td class=\"c x317 y25e7 w308 hc8\"><div class=\"t m0 x11f h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">14.99<span class=\"_ _1\"></span>2 </div></td></tr><tr><td></td><td class=\"c x2e0 y25e8 w306 hc8\"><div class=\"t m0 x10c h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale (A<span class=\"_ _f\"></span>+B)  </div></td><td></td><td class=\"c x32a y25e8 w307 hc8\"><div class=\"t m0 x124 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">40.9<span class=\"_ _1\"></span>23 </div></td><td></td><td class=\"c x317 y25e8 w308 hc8\"><div class=\"t m0 x11f h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">34.1<span class=\"lsc8\">60<span class=\"_ _df\"> </span></span></div></td></tr></table>Sezi<span class=\"_ _f\"></span>one 2<span class=\"_ _f\"></span> <span class=\"ff5\">\u2013</span> Pas<span class=\"_ _f\"></span>sivit\u00e0 f<span class=\"_ _1\"></span>ina<span class=\"_ _f\"></span>nziari<span class=\"_ _1\"></span>e di <span class=\"_ _f\"></span>negoz<span class=\"_ _f\"></span>iazion<span class=\"_ _f\"></span>e <span class=\"ff5\">\u2013</span> Vo<span class=\"_ _f\"></span>ce 20<span class=\"_ _f\"></span> 2.1 P<span class=\"_ _1\"></span>assivi<span class=\"_ _1\"></span>t\u00e0 fi<span class=\"_ _1\"></span>nanzia<span class=\"_ _f\"></span>rie di neg<span class=\"_ _1\"></span>ozi<span class=\"_ _f\"></span>azione: co<span class=\"_ _f\"></span>mposizio<span class=\"_ _f\"></span>ne merc<span class=\"_ _f\"></span>eolog<span class=\"_ _1\"></span>ica <table class=\"s wbbd h4f9\" id=\"_fc29c2cf-35e9-407c-a132-f6c5aa28be63\"><tr><td></td><td></td><td></td><td></td><td class=\"c x5a4 y2ab4 w41f h1a2\"><div class=\"t m0 xe4 h1f y32 ff4 fs7 fc4 sc3 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale </div></td><td></td><td></td><td></td><td></td><td></td><td class=\"c x5a5 y2ab4 w420 h1a2\"><div class=\"t m0 xe4 h1f y32 ff4 fs7 fc4 sc3 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale </div></td><td></td><td></td></tr><tr><td></td><td></td><td></td><td></td><td class=\"c x5a4 y2ab5 w41f h4e\"><div class=\"t m0 x12a h1f y295 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/<span class=\"_ _f\"></span>2025 </div></td><td></td><td></td><td></td><td></td><td></td><td class=\"c x5a5 y2ab5 w420 h4e\"><div class=\"t m0 x12a h1f y295 ff4 fs7 fc4 sc3 ls0 ws0\">31/12<span class=\"_ _1\"></span>/20<span class=\"_ _1\"></span>24 </div></td><td></td><td></td></tr><tr><td class=\"c x44e y2ab6 w41e h284\"><div class=\"t m0 xab h1f y8dd ff4 fs7 fc4 sc3 ls0 ws0\">Tipol<span class=\"_ _f\"></span>ogia op<span class=\"_ _f\"></span>erazion<span class=\"_ _1\"></span>i/Va<span class=\"_ _1\"></span>lori<span class=\"_ _1\"></span> </div></td><td class=\"c x5a4 y2ab6 w421 h285\"><div class=\"t m0 x116 h1f y8f1 ff4 fs7 fc4 sc3 ls6c ws0\">VN<span class=\"ls0\"> </span></div></td><td></td><td></td><td class=\"c x5a6 y2ab7 w422 h89\"><div class=\"t m0 x8f h1f y41f ff4 fs7 fc4 sc3 ls0 ws0\">Fair<span class=\"_ _f\"></span> Value </div></td><td></td><td class=\"c x5a7 y2ab8 wbbe h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">Fair<span class=\"_ _df\"> </span></div></td><td class=\"c x5a8 y2ab6 w421 h285\"><div class=\"t m0 x116 h1f y8f1 ff4 fs7 fc4 sc3 ls6c ws0\">VN<span class=\"ls0\"> </span></div></td><td></td><td></td><td class=\"c x4e8 y2ab7 w422 h89\"><div class=\"t m0 x8f h1f y41f ff4 fs7 fc4 sc3 ls0 ws0\">Fair<span class=\"_ _f\"></span> Value </div></td><td></td><td class=\"c x5a9 y2ab8 wbbf h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">Fair<span class=\"_ _df\"> </span></div></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td class=\"c x5aa y2ab9 wbc0 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">Val<span class=\"_ _1\"></span>ue *<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td class=\"c x5ab y2ab9 wbc0 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">Val<span class=\"_ _1\"></span>ue *<span class=\"_ _df\"> </span></div></td></tr><tr><td></td><td></td><td></td><td class=\"c x5a6 y2ab6 w2be h89\"><div class=\"t m0 x2e h1f y41f ff4 fs7 fc4 sc3 lsc7 ws0\">L1<span class=\"ls0\"> </span></div></td><td class=\"c x5ac y2ab6 w2b1 h89\"><div class=\"t m0 x2e h1f y41f ff4 fs7 fc4 sc3 lsc7 ws0\">L2<span class=\"ls0\"> </span></div></td><td class=\"c x5ad y2ab6 w12d h89\"><div class=\"t m0 x2a h1f y41f ff4 fs7 fc4 sc3 lsc7 ws0\">L3<span class=\"ls0\"> </span></div></td><td></td><td></td><td></td><td class=\"c x4e8 y2ab6 w425 h89\"><div class=\"t m0 x2e h1f y41f ff4 fs7 fc4 sc3 lsc7 ws0\">L1<span class=\"ls0\"> </span></div></td><td class=\"c x598 y2ab6 w2b1 h89\"><div class=\"t m0 x2e h1f y41f ff4 fs7 fc4 sc3 lsc7 ws0\">L2<span class=\"ls0\"> </span></div></td><td class=\"c x5ae y2ab6 w2be h89\"><div class=\"t m0 x2a h1f y41f ff4 fs7 fc4 sc3 lsc7 ws0\">L3<span class=\"ls0\"> </span></div></td><td></td></tr><tr><td class=\"c x44e y2aba w426 hc8\"><div class=\"t m0 x10 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">A. Pa<span class=\"_ _f\"></span>ssivit\u00e0<span class=\"_ _1\"></span> per ca<span class=\"_ _f\"></span>ssa </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=\"c x44e y2abb w426 hc8\"><div class=\"t m0 x2f h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">1. Debiti verso banche<span class=\"_ _f\"></span> </div></td><td></td><td class=\"c x5a4 y2abb w2b1 hc8\"><div class=\"t m0 x34 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5a6 y2abb w169 hc8\"><div class=\"t m0 x37 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5ac y2abb w2bb hc8\"><div class=\"t m0 x34 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5ad y2abb w12d hc8\"><div class=\"t m0 x37 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5af y2abb w2be hc8\"><div class=\"t m0 x37 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x5a5 y2abb w2bb hc8\"><div class=\"t m0 x34 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x4e8 y2abb w12d hc8\"><div class=\"t m0 x34 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x598 y2abb w2bb hc8\"><div class=\"t m0 x34 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5ae y2abb w169 hc8\"><div class=\"t m0 x37 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5b0 y2abb w427 hc8\"><div class=\"t m0 x37 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2abc w426 hc8\"><div class=\"t m0 x2f h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">2. Debiti verso c<span class=\"_ _1\"></span>lientela </div></td><td></td><td class=\"c x5a4 y2abc w2b1 hc8\"><div class=\"t m0 x32 h1f ye4c ff4 fs7 fc1 sc0 ls2a ws0\">28<span class=\"ls0\"> </span></div></td><td class=\"c x5a6 y2abc w169 hc8\"><div class=\"t m0 x35 h1f ye4c ff4 fs7 fc1 sc0 ls2a ws0\">29<span class=\"ls0\"> </span></div></td><td class=\"c x5ac y2abc w2bb hc8\"><div class=\"t m0 x34 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5ad y2abc w12d hc8\"><div class=\"t m0 x37 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5af y2abc w2be hc8\"><div class=\"t m0 x35 h1f ye4c ff4 fs7 fc1 sc0 ls2a ws0\">29<span class=\"ls0\"> </span></div></td><td></td><td class=\"c x5a5 y2abc w2bb hc8\"><div class=\"t m0 x34 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x4e8 y2abc w12d hc8\"><div class=\"t m0 x34 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x598 y2abc w2bb hc8\"><div class=\"t m0 x34 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5ae y2abc w169 hc8\"><div class=\"t m0 x37 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5b0 y2abc w427 hc8\"><div class=\"t m0 x37 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2abd w426 hc8\"><div class=\"t m0 x2f h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">3. Titoli di deb<span class=\"_ _1\"></span>ito<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x5a4 y2abd w2b1 hc8\"><div class=\"t m0 x34 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5a6 y2abd w169 hc8\"><div class=\"t m0 x37 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5ac y2abd w2bb hc8\"><div class=\"t m0 x34 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5ad y2abd w12d hc8\"><div class=\"t m0 x37 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5af y2abd w2be hc8\"><div class=\"t m0 x37 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x5a5 y2abd w2bb hc8\"><div class=\"t m0 x34 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x4e8 y2abd w12d hc8\"><div class=\"t m0 x34 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x598 y2abd w2bb hc8\"><div class=\"t m0 x34 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5ae y2abd w169 hc8\"><div class=\"t m0 x37 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5b0 y2abd w427 hc8\"><div class=\"t m0 x55 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2abe w426 hc8\"><div class=\"t m0 x39 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">3.1 Obbligazion<span class=\"_ _1\"></span>i  </div></td><td></td><td class=\"c x5a4 y2abe w2b1 hc8\"><div class=\"t m0 x34 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5a6 y2abe w169 hc8\"><div class=\"t m0 x37 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5ac y2abe w2bb hc8\"><div class=\"t m0 x34 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5ad y2abe w12d hc8\"><div class=\"t m0 x37 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5af y2abe w2be hc8\"><div class=\"t m0 x37 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x5a5 y2abe w2bb hc8\"><div class=\"t m0 x34 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x4e8 y2abe w12d hc8\"><div class=\"t m0 x34 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x598 y2abe w2bb hc8\"><div class=\"t m0 x34 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5ae y2abe w169 hc8\"><div class=\"t m0 x37 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5b0 y2abe w427 hc8\"><div class=\"t m0 x55 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2abf w426 hc8\"><div class=\"t m0 x3a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">3.1.1 Strutturate<span class=\"_ _1\"></span>  </div></td><td></td><td class=\"c x5a4 y2abf w2b1 hc8\"><div class=\"t m0 x34 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5a6 y2abf w169 hc8\"><div class=\"t m0 x37 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5ac y2abf w2bb hc8\"><div class=\"t m0 x34 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5ad y2abf w12d hc8\"><div class=\"t m0 x37 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5af y2abf w2be hc8\"><div class=\"t m0 x37 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x5a5 y2abf w2bb hc8\"><div class=\"t m0 x34 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x4e8 y2abf w12d hc8\"><div class=\"t m0 x34 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x598 y2abf w2bb hc8\"><div class=\"t m0 x34 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5ae y2abf w169 hc8\"><div class=\"t m0 x37 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5b0 y2abf w427 hc8\"><div class=\"t m0 x55 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td></tr><tr><td class=\"c x5b1 y2ac0 wbc1 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">3.1.2 Altre<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x5a4 y2ac1 w2b1 hbb\"><div class=\"t m0 x34 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5a6 y2ac1 w169 hbb\"><div class=\"t m0 x37 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5ac y2ac1 w2bb hbb\"><div class=\"t m0 x34 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5ad y2ac1 w12d hbb\"><div class=\"t m0 x37 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5af y2ac1 w2be hbb\"><div class=\"t m0 x37 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x5a5 y2ac1 w2bb hbb\"><div class=\"t m0 x34 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x4e8 y2ac1 w12d hbb\"><div class=\"t m0 x34 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x598 y2ac1 w2bb hbb\"><div class=\"t m0 x34 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5ae y2ac1 w169 hbb\"><div class=\"t m0 x37 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5b0 y2ac1 w427 hbb\"><div class=\"t m0 x55 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td></tr><tr><td class=\"c x5b1 y2ac2 wbc2 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">obbligazioni<span class=\"_ _df\"> </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=\"c x44e y2ac3 w426 hc8\"><div class=\"t m0 x39 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">3.2 Altri titoli </div></td><td></td><td class=\"c x5a4 y2ac3 w2b1 hc8\"><div class=\"t m0 x34 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5a6 y2ac3 w169 hc8\"><div class=\"t m0 x37 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5ac y2ac3 w2bb hc8\"><div class=\"t m0 x34 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5ad y2ac3 w12d hc8\"><div class=\"t m0 x37 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5af y2ac3 w2be hc8\"><div class=\"t m0 x37 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x5a5 y2ac3 w2bb hc8\"><div class=\"t m0 x34 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x4e8 y2ac3 w12d hc8\"><div class=\"t m0 x34 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x598 y2ac3 w2bb hc8\"><div class=\"t m0 x34 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5ae y2ac3 w169 hc8\"><div class=\"t m0 x37 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5b0 y2ac3 w427 hc8\"><div class=\"t m0 x55 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2ac4 w426 hc8\"><div class=\"t m0 x3a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">3.2.1 Struttura<span class=\"_ _1\"></span>ti  </div></td><td></td><td class=\"c x5a4 y2ac4 w2b1 hc8\"><div class=\"t m0 x34 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5a6 y2ac4 w169 hc8\"><div class=\"t m0 x37 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5ac y2ac4 w2bb hc8\"><div class=\"t m0 x34 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5ad y2ac4 w12d hc8\"><div class=\"t m0 x37 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5af y2ac4 w2be hc8\"><div class=\"t m0 x37 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x5a5 y2ac4 w2bb hc8\"><div class=\"t m0 x34 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x4e8 y2ac4 w12d hc8\"><div class=\"t m0 x34 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x598 y2ac4 w2bb hc8\"><div class=\"t m0 x34 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5ae y2ac4 w169 hc8\"><div class=\"t m0 x37 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5b0 y2ac4 w427 hc8\"><div class=\"t m0 x55 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td></tr><tr><td class=\"c x44e y2ac5 w426 hc8\"><div class=\"t m0 x3a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">3.2.2 Altri </div></td><td></td><td class=\"c x5a4 y2ac5 w2b1 hc8\"><div class=\"t m0 x34 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5a6 y2ac5 w169 hc8\"><div class=\"t m0 x37 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5ac y2ac5 w2bb hc8\"><div class=\"t m0 x34 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5ad y2ac5 w12d hc8\"><div class=\"t m0 x37 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5af y2ac5 w2be hc8\"><div class=\"t m0 x37 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x5a5 y2ac5 w2bb hc8\"><div class=\"t m0 x34 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x4e8 y2ac5 w12d hc8\"><div class=\"t m0 x34 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x598 y2ac5 w2bb hc8\"><div class=\"t m0 x34 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5ae y2ac5 w169 hc8\"><div class=\"t m0 x37 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5b0 y2ac5 w427 hc8\"><div class=\"t m0 x55 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td></tr><tr><td class=\"c x44e y2ac6 w426 hc8\"><div class=\"t m0 xe5 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale (A<span class=\"_ _f\"></span>) </div></td><td></td><td class=\"c x5a4 y2ac6 w2b1 hc8\"><div class=\"t m0 x32 h1f ye4c ff4 fs7 fc1 sc2 ls2a ws0\">28<span class=\"ls0\"> </span></div></td><td class=\"c x5a6 y2ac6 w169 hc8\"><div class=\"t m0 x35 h1f ye4c ff4 fs7 fc1 sc2 ls2a ws0\">29<span class=\"ls0\"> </span></div></td><td class=\"c x5ac y2ac6 w2bb hc8\"><div class=\"t m0 x34 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td><td class=\"c x5ad y2ac6 w12d hc8\"><div class=\"t m0 x37 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td><td class=\"c x5af y2ac6 w2be hc8\"><div class=\"t m0 x35 h1f ye4c ff4 fs7 fc1 sc2 ls2a ws0\">29<span class=\"ls0\"> </span></div></td><td></td><td class=\"c x5a5 y2ac6 w2bb hc8\"><div class=\"t m0 x34 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td><td class=\"c x4e8 y2ac6 w12d hc8\"><div class=\"t m0 x34 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td><td class=\"c x598 y2ac6 w2bb hc8\"><div class=\"t m0 x34 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td><td class=\"c x5ae y2ac6 w169 hc8\"><div class=\"t m0 x37 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td><td class=\"c x5b0 y2ac6 w427 hc8\"><div class=\"t m0 x37 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2ac7 w426 hc8\"><div class=\"t m0 x10 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\"> B. St<span class=\"_ _f\"></span>rument<span class=\"_ _1\"></span>i der<span class=\"_ _f\"></span>ivati </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=\"c x44e y2ac8 w426 hc8\"><div class=\"t m0 x2f h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">1. Derivati finanz<span class=\"_ _1\"></span>iari </div></td><td class=\"c x5a4 y2ac8 w2b1 hc8\"><div class=\"t m0 x55 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x5a6 y2ac8 w169 hc8\"><div class=\"t m0 x37 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5ac y2ac8 w2bb hc8\"><div class=\"t m0 x16a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">13.881 </div></td><td class=\"c x5ad y2ac8 w12d hc8\"><div class=\"t m0 x37 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5af y2ac8 w2be hc8\"><div class=\"t m0 x37 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5a5 y2ac8 w2bb hc8\"><div class=\"t m0 x55 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x4e8 y2ac8 w12d hc8\"><div class=\"t m0 x34 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x598 y2ac8 w2bb hc8\"><div class=\"t m0 x8e h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">14.463 </div></td><td class=\"c x5ae y2ac8 w169 hc8\"><div class=\"t m0 x37 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5b0 y2ac8 w427 hc8\"><div class=\"t m0 x55 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2ac9 w426 hc8\"><div class=\"t m0 x39 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">1.1 Di negoziazione<span class=\"_ _f\"></span> </div></td><td class=\"c x5a4 y2ac9 w2b1 hc8\"><div class=\"t m0 x55 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td></td><td class=\"c x5a6 y2ac9 w169 hc8\"><div class=\"t m0 x37 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5ac y2ac9 w2bb hc8\"><div class=\"t m0 x16a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">13.881 </div></td><td class=\"c x5ad y2ac9 w12d hc8\"><div class=\"t m0 x37 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5af y2ac9 w2be hc8\"><div class=\"t m0 x55 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x5a5 y2ac9 w2bb hc8\"><div class=\"t m0 x55 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td></td><td class=\"c x4e8 y2ac9 w12d hc8\"><div class=\"t m0 x34 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x598 y2ac9 w2bb hc8\"><div class=\"t m0 x8e h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">14.463 </div></td><td class=\"c x5ae y2ac9 w169 hc8\"><div class=\"t m0 x37 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5b0 y2ac9 w427 hc8\"><div class=\"t m0 x55 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td></tr><tr><td class=\"c x44e y2aca w426 h58\"><div class=\"t m0 x39 h1f y15 ff4 fs7 fc1 sc0 ls0 ws0\">1.2 Connessi c<span class=\"_ _1\"></span>on la fair </div><div class=\"t m0 x39 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">value option<span class=\"_ _1\"></span> </div></td><td class=\"c x5a4 y2aca w2b1 h58\"><div class=\"t m0 x55 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td></td><td class=\"c x5a6 y2aca w169 h58\"><div class=\"t m0 x37 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5ac y2aca w2bb h58\"><div class=\"t m0 x34 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5ad y2aca w12d h58\"><div class=\"t m0 x37 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5af y2aca w2be h58\"><div class=\"t m0 x55 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x5a5 y2aca w2bb h58\"><div class=\"t m0 x55 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td></td><td class=\"c x4e8 y2aca w12d h58\"><div class=\"t m0 x34 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x598 y2aca w2bb h58\"><div class=\"t m0 x34 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5ae y2aca w169 h58\"><div class=\"t m0 x37 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5b0 y2aca w427 h58\"><div class=\"t m0 x55 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td></tr><tr><td class=\"c x44e y2acb w426 hc8\"><div class=\"t m0 x39 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">1.3 Altri </div></td><td class=\"c x5a4 y2acb w2b1 hc8\"><div class=\"t m0 x55 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td></td><td class=\"c x5a6 y2acb w169 hc8\"><div class=\"t m0 x37 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5ac y2acb w2bb hc8\"><div class=\"t m0 x34 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5ad y2acb w12d hc8\"><div class=\"t m0 x37 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5af y2acb w2be hc8\"><div class=\"t m0 x55 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x5a5 y2acb w2bb hc8\"><div class=\"t m0 x55 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td></td><td class=\"c x4e8 y2acb w12d hc8\"><div class=\"t m0 x34 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x598 y2acb w2bb hc8\"><div class=\"t m0 x34 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5ae y2acb w169 hc8\"><div class=\"t m0 x37 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5b0 y2acb w427 hc8\"><div class=\"t m0 x55 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td></tr><tr><td class=\"c x44e y2acc w426 hc8\"><div class=\"t m0 x2f h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">2. Derivati creditiz<span class=\"_ _f\"></span>i </div></td><td class=\"c x5a4 y2acc w2b1 hc8\"><div class=\"t m0 x55 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x5a6 y2acc w169 hc8\"><div class=\"t m0 x37 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5ac y2acc w2bb hc8\"><div class=\"t m0 x34 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5ad y2acc w12d hc8\"><div class=\"t m0 x37 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5af y2acc w2be hc8\"><div class=\"t m0 x37 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5a5 y2acc w2bb hc8\"><div class=\"t m0 x55 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x4e8 y2acc w12d hc8\"><div class=\"t m0 x34 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x598 y2acc w2bb hc8\"><div class=\"t m0 x34 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5ae y2acc w169 hc8\"><div class=\"t m0 x37 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5b0 y2acc w427 hc8\"><div class=\"t m0 x55 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2acd w426 hc8\"><div class=\"t m0 x39 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">2.1 Di negoziazio<span class=\"_ _1\"></span>ne </div></td><td class=\"c x5a4 y2acd w2b1 hc8\"><div class=\"t m0 x55 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td></td><td class=\"c x5a6 y2acd w169 hc8\"><div class=\"t m0 x37 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5ac y2acd w2bb hc8\"><div class=\"t m0 x34 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5ad y2acd w12d hc8\"><div class=\"t m0 x37 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5af y2acd w2be hc8\"><div class=\"t m0 x55 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x5a5 y2acd w2bb hc8\"><div class=\"t m0 x55 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td></td><td class=\"c x4e8 y2acd w12d hc8\"><div class=\"t m0 x34 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x598 y2acd w2bb hc8\"><div class=\"t m0 x34 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5ae y2acd w169 hc8\"><div class=\"t m0 x37 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5b0 y2acd w427 hc8\"><div class=\"t m0 x55 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td></tr><tr><td class=\"c x44e y2613 w426 hcd\"><div class=\"t m0 x39 h1f y1736 ff4 fs7 fc1 sc0 ls0 ws0\">2.2 Connessi c<span class=\"_ _1\"></span>on la fair </div><div class=\"t m0 x39 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">value option<span class=\"_ _1\"></span> </div></td><td class=\"c x5a4 y2613 w2b1 hcd\"><div class=\"t m0 x55 h1f y2ea ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td></td><td class=\"c x5a6 y2613 w169 hcd\"><div class=\"t m0 x37 h1f y2ea ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5ac y2613 w2bb hcd\"><div class=\"t m0 x34 h1f y2ea ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5ad y2613 w12d hcd\"><div class=\"t m0 x37 h1f y2ea ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5af y2613 w2be hcd\"><div class=\"t m0 x55 h1f y2ea ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x5a5 y2613 w2bb hcd\"><div class=\"t m0 x55 h1f y2ea ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td></td><td class=\"c x4e8 y2613 w12d hcd\"><div class=\"t m0 x34 h1f y2ea ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x598 y2613 w2bb hcd\"><div class=\"t m0 x34 h1f y2ea ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5ae y2613 w169 hcd\"><div class=\"t m0 x37 h1f y2ea ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5b0 y2613 w427 hcd\"><div class=\"t m0 x55 h1f y2ea ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td></tr><tr><td class=\"c x44e y2ace w426 hc8\"><div class=\"t m0 x39 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">2.3 Altri </div></td><td class=\"c x5a4 y2ace w2b1 hc8\"><div class=\"t m0 x55 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td></td><td class=\"c x5a6 y2ace w169 hc8\"><div class=\"t m0 x37 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5ac y2ace w2bb hc8\"><div class=\"t m0 x34 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5ad y2ace w12d hc8\"><div class=\"t m0 x37 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5af y2ace w2be hc8\"><div class=\"t m0 x55 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x5a5 y2ace w2bb hc8\"><div class=\"t m0 x55 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td></td><td class=\"c x4e8 y2ace w12d hc8\"><div class=\"t m0 x34 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x598 y2ace w2bb hc8\"><div class=\"t m0 x34 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5ae y2ace w169 hc8\"><div class=\"t m0 x37 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5b0 y2ace w427 hc8\"><div class=\"t m0 x55 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td></tr><tr><td class=\"c x44e y2acf w426 hc8\"><div class=\"t m0 xc h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale B<span class=\"_ _1\"></span> </div></td><td class=\"c x5a4 y2acf w2b1 hc8\"><div class=\"t m0 x55 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">X </div></td><td></td><td class=\"c x5a6 y2acf w169 hc8\"><div class=\"t m0 x37 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td><td class=\"c x5ac y2acf w2bb hc8\"><div class=\"t m0 x16a h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">13.8<span class=\"_ _1\"></span>81 </div></td><td class=\"c x5ad y2acf w12d hc8\"><div class=\"t m0 x37 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td><td class=\"c x5af y2acf w2be hc8\"><div class=\"t m0 x55 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">X </div></td><td class=\"c x5a5 y2acf w2bb hc8\"><div class=\"t m0 x55 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">X </div></td><td></td><td class=\"c x4e8 y2acf w12d hc8\"><div class=\"t m0 x34 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td><td class=\"c x598 y2acf w2bb hc8\"><div class=\"t m0 x2f h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">14.46<span class=\"_ _f\"></span>3 </div></td><td class=\"c x5ae y2acf w169 hc8\"><div class=\"t m0 x37 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td><td class=\"c x5b0 y2acf w427 hc8\"><div class=\"t m0 x55 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">X </div></td></tr><tr><td class=\"c x44e y2ad0 w426 hc8\"><div class=\"t m0 x124 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale (A<span class=\"_ _f\"></span>+B) </div></td><td class=\"c x5a4 y2ad0 w2b1 hc8\"><div class=\"t m0 x55 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">X </div></td><td></td><td class=\"c x5a6 y2ad0 w169 hc8\"><div class=\"t m0 x35 h1f y28b ff4 fs7 fc1 sc2 ls2a ws0\">29<span class=\"ls0\"> </span></div></td><td class=\"c x5ac y2ad0 w2bb hc8\"><div class=\"t m0 x16a h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">13.8<span class=\"_ _1\"></span>81 </div></td><td class=\"c x5ad y2ad0 w12d hc8\"><div class=\"t m0 x37 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td><td class=\"c x5af y2ad0 w2be hc8\"><div class=\"t m0 x55 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">X </div></td><td class=\"c x5a5 y2ad0 w2bb hc8\"><div class=\"t m0 x55 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">X </div></td><td></td><td class=\"c x4e8 y2ad0 w12d hc8\"><div class=\"t m0 x34 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td><td class=\"c x598 y2ad0 w2bb hc8\"><div class=\"t m0 x2f h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">14.46<span class=\"_ _f\"></span>3 </div></td><td class=\"c x5ae y2ad0 w169 hc8\"><div class=\"t m0 x37 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td><td class=\"c x5b0 y2ad0 w427 hc8\"><div class=\"t m0 x55 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">X </div></td></tr></table>Lege<span class=\"_ _f\"></span>nda: VN = valore nom<span class=\"_ _1\"></span>inale o nozi<span class=\"_ _1\"></span>onale  L1 = Livello 1 <span class=\"_ _1\"></span> L2 = Livello 2 <span class=\"_ _1\"></span> L3 = Livello 3 <span class=\"_ _1\"></span> Fair value*=Fair value calco<span class=\"_ _1\"></span>lato escludendo le variazioni di valore dovute<span class=\"_ _f\"></span> <span class=\"_ _2\"></span>al cambiamento del merito credit<span class=\"_ _1\"></span>izio dell'emittente rispe<span class=\"_ _f\"></span>tto<span class=\"_ _2\"></span> alla data <span class=\"_ _1\"></span>di emissione. La voce \u201cA. Passivit\u00e0 per cassa\u201d, se presente, comprend<span class=\"_ _1\"></span>e gli scoperti tecnici. 2.2 De<span class=\"_ _1\"></span>ttag<span class=\"_ _1\"></span>lio d<span class=\"_ _1\"></span>elle \u201c<span class=\"_ _1\"></span>Pass<span class=\"_ _1\"></span>ivit\u00e0<span class=\"_ _f\"></span> finanziar<span class=\"_ _1\"></span>ie di <span class=\"_ _f\"></span>negozia<span class=\"_ _1\"></span>zione\u201d<span class=\"_ _1\"></span>: pas<span class=\"_ _f\"></span>sivit\u00e0 s<span class=\"_ _1\"></span>ubord<span class=\"_ _1\"></span>inate<span class=\"_ _1\"></span> <span class=\"ff4\"> </span>2.3 D<span class=\"_ _f\"></span>ettaglio<span class=\"_ _1\"></span> delle<span class=\"_ _1\"></span> \u201cPa<span class=\"_ _1\"></span>ssivi<span class=\"_ _1\"></span>t\u00e0 fina<span class=\"_ _1\"></span>nziari<span class=\"_ _1\"></span>e di <span class=\"_ _1\"></span>negozia<span class=\"_ _f\"></span>zione\u201d:<span class=\"_ _1\"></span> debit<span class=\"_ _1\"></span>i st<span class=\"_ _f\"></span>ruttura<span class=\"_ _1\"></span>ti<span class=\"ff4\"> </span>Non <span class=\"_ _4\"> </span>esistono, <span class=\"_ _4\"> </span>alla <span class=\"_ _4\"> </span>da<span class=\"_ _f\"></span>t<span class=\"_ _2\"></span>a <span class=\"_ _4\"> </span>del  bilancio, <span class=\"_ _4\"> </span>n\u00e9 <span class=\"_ _4\"> </span>al <span class=\"_ _22\"> </span>31<span class=\"_ _2\"></span> <span class=\"_ _4\"> </span>dice<span class=\"_ _1\"></span>mbre <span class=\"_ _4\"> </span>2024, <span class=\"_ _4\"> </span>passivit\u00e0 <span class=\"_ _4\"> </span>subordinate <span class=\"_ _4\"> </span>e <span class=\"_ _22\"> </span>debiti strutturati.<span class=\"_ _df\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfFinancialInstrumentsHeldForTradingExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-779": {
   "value": "2.2 Att<span class=\"_ _f\"></span>ivit\u00e0 fina<span class=\"_ _f\"></span>nziarie d<span class=\"_ _1\"></span>ete<span class=\"_ _1\"></span>nute p<span class=\"_ _f\"></span>er la neg<span class=\"_ _1\"></span>ozia<span class=\"_ _1\"></span>zione: <span class=\"_ _f\"></span>compos<span class=\"_ _f\"></span>izione p<span class=\"_ _1\"></span>er de<span class=\"_ _1\"></span>bitor<span class=\"_ _1\"></span>i/em<span class=\"_ _1\"></span>ittent<span class=\"_ _1\"></span>i/cont<span class=\"_ _1\"></span>ropa<span class=\"_ _1\"></span>rti <table class=\"s w995 h4a0\" id=\"_090afc8c-2681-4652-ab12-40cbcde5b32b\"><tr><td></td><td class=\"c x2e0 y25ca w305 h234\"><div class=\"t m0 xaf h1f y1498 ff4 fs7 fc4 sc3 ls0 ws0\">Voci<span class=\"_ _1\"></span>/Valo<span class=\"_ _f\"></span>ri </div></td><td class=\"c x32a y25cb w25d h227\"><div class=\"t m0 x31 h1f y28b ff4 fs7 fc4 sc3 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale </div></td><td></td><td class=\"c x317 y25cb w28b h227\"><div class=\"t m0 x31 h1f y28b ff4 fs7 fc4 sc3 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale </div></td><td></td></tr><tr><td></td><td class=\"c x32b y25cc w993 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/<span class=\"_ _df\"> </span></div></td><td class=\"c x32c y25cc w991 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">2025<span class=\"_ _df\"> </span></div></td><td class=\"c x32d y25cc w993 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/<span class=\"_ _df\"> </span></div></td><td class=\"c x32e y25cc w994 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">2024<span class=\"_ _df\"> </span></div></td><td></td></tr><tr><td class=\"c x2e0 y25cd w306 hc8\"><div class=\"t m0 x10 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">A. Att<span class=\"_ _f\"></span>ivit\u00e0 per<span class=\"_ _f\"></span> cassa<span class=\"_ _f\"></span> </div></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2e0 y25ce w306 hc8\"><div class=\"t m0 x10 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">1. Titoli di debito<span class=\"_ _1\"></span> </div></td><td></td><td></td><td class=\"c x32a y25ce w307 hc8\"><div class=\"t m0 x11f h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">24.176 </div></td><td></td><td class=\"c x317 y25ce w308 hc8\"><div class=\"t m0 xec h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">19.144 </div></td></tr><tr><td class=\"c x2e0 y25cf w306 hc8\"><div class=\"t m0 x16a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">a) Banche Centra<span class=\"_ _1\"></span>li </div></td><td></td><td></td><td class=\"c x32a y25cf w307 hc8\"><div class=\"t m0 xed h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x317 y25cf w308 hc8\"><div class=\"t m0 xed h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2e0 y25d0 w306 hc8\"><div class=\"t m0 x16a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">b) Amministrazi<span class=\"_ _1\"></span>oni pubbliche </div></td><td></td><td></td><td class=\"c x32a y25d0 w307 hc8\"><div class=\"t m0 x124 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">20.232 </div></td><td></td><td class=\"c x317 y25d0 w308 hc8\"><div class=\"t m0 xec h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">15.641 </div></td></tr><tr><td class=\"c x2e0 y25d1 w306 hc8\"><div class=\"t m0 x16a h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">c) Banche </div></td><td></td><td></td><td class=\"c x32a y25d1 w307 hc8\"><div class=\"t m0 xec h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">2.040 </div></td><td></td><td class=\"c x317 y25d1 w308 hc8\"><div class=\"t m0 xeb h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">2.205 </div></td></tr><tr><td class=\"c x2e0 y25d2 w306 hc8\"><div class=\"t m0 x16a h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">d) Altre societ\u00e0 <span class=\"_ _1\"></span>finanziarie<span class=\"_ _df\"> </span></div></td><td></td><td></td><td class=\"c x32a y25d2 w307 hc8\"><div class=\"t m0 x12a h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">816 </div></td><td></td><td class=\"c x317 y25d2 w308 hc8\"><div class=\"t m0 x12a h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">379 </div></td></tr><tr><td class=\"c x2e0 y25d3 w306 hc8\"><div class=\"t m0 x14 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">di cui: imprese d<span class=\"_ _1\"></span>i assicurazione<span class=\"_ _1\"></span> </div></td><td></td><td></td><td class=\"c x32a y25d3 w307 hc8\"><div class=\"t m0 xe8 h1f y28b ff4 fs7 fc1 sc0 ls27 ws0\">338<span class=\"ls0\"> </span></div></td><td></td><td class=\"c x317 y25d3 w308 hc8\"><div class=\"t m0 xed h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2e0 y25d4 w306 hc8\"><div class=\"t m0 x16a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">e) Societ\u00e0 non fi<span class=\"_ _1\"></span>nanziarie<span class=\"_ _df\"> </span></div></td><td></td><td></td><td class=\"c x32a y25d4 w307 hc8\"><div class=\"t m0 xeb h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">1.088 </div></td><td></td><td class=\"c x317 y25d4 w308 hc8\"><div class=\"t m0 x66 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">919 </div></td></tr><tr><td class=\"c x2e0 y25d5 w306 hc8\"><div class=\"t m0 x10 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">2. Titoli di capita<span class=\"_ _f\"></span>l<span class=\"_ _2\"></span>e<span class=\"_ _df\"> </span></div></td><td></td><td></td><td class=\"c x32a y25d5 w307 hc8\"><div class=\"t m0 xed h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x317 y25d5 w308 hc8\"><div class=\"t m0 xed h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2e0 y25d6 w306 hc8\"><div class=\"t m0 x16a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">a) Banche </div></td><td></td><td></td><td class=\"c x32a y25d6 w307 hc8\"><div class=\"t m0 xed h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x317 y25d6 w308 hc8\"><div class=\"t m0 xed h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2e0 y25d7 w306 hc8\"><div class=\"t m0 x16a h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">b) Altre societ\u00e0 <span class=\"_ _1\"></span>finanziarie<span class=\"_ _df\"> </span></div></td><td></td><td></td><td class=\"c x32a y25d7 w307 hc8\"><div class=\"t m0 xed h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x317 y25d7 w308 hc8\"><div class=\"t m0 xed h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2e0 y25d8 w306 hc8\"><div class=\"t m0 x14 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">di cui:  imprese d<span class=\"_ _1\"></span>i assicurazione </div></td><td></td><td></td><td class=\"c x32a y25d8 w307 hc8\"><div class=\"t m0 xed h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x317 y25d8 w308 hc8\"><div class=\"t m0 xed h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2e0 y25d9 w306 h227\"><div class=\"t m0 x16a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">c) Societ\u00e0 non f<span class=\"_ _1\"></span>inanziarie </div></td><td></td><td></td><td class=\"c x32a y25d9 w307 h227\"><div class=\"t m0 xed h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x317 y25d9 w308 h227\"><div class=\"t m0 xed h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2e0 y25da w306 hc8\"><div class=\"t m0 x16a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">d) Altri emitten<span class=\"_ _1\"></span>ti </div></td><td></td><td></td><td class=\"c x32a y25da w307 hc8\"><div class=\"t m0 xed h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x317 y25da w308 hc8\"><div class=\"t m0 xed h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2e0 y25db w306 hc8\"><div class=\"t m0 x10 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">3. Quote di OICR </div></td><td></td><td></td><td class=\"c x32a y25db w307 hc8\"><div class=\"t m0 xed h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x317 y25db w308 hc8\"><div class=\"t m0 x199 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">24 </div></td></tr><tr><td class=\"c x2e0 y2443 w306 hc8\"><div class=\"t m0 x10 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">4. Finanziamenti </div></td><td></td><td></td><td class=\"c x32a y2443 w307 hc8\"><div class=\"t m0 xed h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x317 y2443 w308 hc8\"><div class=\"t m0 xed h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2e0 y25dc w306 hc8\"><div class=\"t m0 x16a h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">a) Banche Centra<span class=\"_ _1\"></span>li </div></td><td></td><td></td><td class=\"c x32a y25dc w307 hc8\"><div class=\"t m0 xed h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x317 y25dc w308 hc8\"><div class=\"t m0 xed h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2e0 y25dd w306 hc8\"><div class=\"t m0 x16a h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">b) Amministrazi<span class=\"_ _1\"></span>oni pubbliche </div></td><td></td><td></td><td class=\"c x32a y25dd w307 hc8\"><div class=\"t m0 xed h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x317 y25dd w308 hc8\"><div class=\"t m0 xed h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2e0 y25de w306 hc8\"><div class=\"t m0 x16a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">c) Banche </div></td><td></td><td></td><td class=\"c x32a y25de w307 hc8\"><div class=\"t m0 xed h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x317 y25de w308 hc8\"><div class=\"t m0 xed h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2e0 y25df w306 hc8\"><div class=\"t m0 x16a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">d) Altre societ\u00e0 <span class=\"_ _1\"></span>finanziarie<span class=\"_ _df\"> </span></div></td><td></td><td></td><td class=\"c x32a y25df w307 hc8\"><div class=\"t m0 xed h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x317 y25df w308 hc8\"><div class=\"t m0 xed h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2e0 y25e0 w306 hc8\"><div class=\"t m0 x14 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">di cui: imprese d<span class=\"_ _1\"></span>i assicurazione<span class=\"_ _1\"></span> </div></td><td></td><td></td><td class=\"c x32a y25e0 w307 hc8\"><div class=\"t m0 xed h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x317 y25e0 w308 hc8\"><div class=\"t m0 xed h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2e0 y25e1 w306 hc8\"><div class=\"t m0 x16a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">e) Societ\u00e0 non fi<span class=\"_ _1\"></span>nanziarie<span class=\"_ _df\"> </span></div></td><td></td><td></td><td class=\"c x32a y25e1 w307 hc8\"><div class=\"t m0 xed h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x317 y25e1 w308 hc8\"><div class=\"t m0 xed h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2e0 y25e2 w306 hc8\"><div class=\"t m0 x16a h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">f) Famiglie </div></td><td></td><td></td><td class=\"c x32a y25e2 w307 hc8\"><div class=\"t m0 xed h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x317 y25e2 w308 hc8\"><div class=\"t m0 xed h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td></td><td class=\"c x2e0 y25e3 w306 hc8\"><div class=\"t m0 x111 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale (A<span class=\"_ _f\"></span>) </div></td><td></td><td class=\"c x32a y25e3 w307 hc8\"><div class=\"t m0 x11f h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">24.17<span class=\"_ _f\"></span>6 </div></td><td></td><td class=\"c x317 y25e3 w308 hc8\"><div class=\"t m0 xec h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">19.16<span class=\"_ _1\"></span>7 </div></td></tr><tr><td class=\"c x2e0 y25e4 w306 hc8\"><div class=\"t m0 x10 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">B. St<span class=\"_ _f\"></span>rument<span class=\"_ _1\"></span>i deri<span class=\"_ _1\"></span>vat<span class=\"_ _1\"></span>i </div></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2e0 y25e5 w306 hc8\"><div class=\"t m0 x16a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">a) Controparti Cent<span class=\"_ _f\"></span>rali </div></td><td></td><td></td><td class=\"c x32a y25e5 w307 hc8\"><div class=\"t m0 xed h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x317 y25e5 w308 hc8\"><div class=\"t m0 xed h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2e0 y25e6 w306 h227\"><div class=\"t m0 x16a h1f y14d6 ff4 fs7 fc1 sc0 ls0 ws0\">b) Altre </div></td><td></td><td></td><td class=\"c x32a y25e6 w307 h227\"><div class=\"t m0 x11f h1f y14d6 ff4 fs7 fc1 sc0 ls0 ws0\">16.747 </div></td><td></td><td class=\"c x317 y25e6 w308 h227\"><div class=\"t m0 x11f h1f y14d6 ff4 fs7 fc1 sc0 ls0 ws0\">14.992 </div></td></tr><tr><td></td><td class=\"c x2e0 y25e7 w306 hc8\"><div class=\"t m0 x111 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale (B<span class=\"_ _1\"></span>) </div></td><td></td><td class=\"c x32a y25e7 w307 hc8\"><div class=\"t m0 x11f h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">16.747<span class=\"_ _f\"></span> </div></td><td></td><td class=\"c x317 y25e7 w308 hc8\"><div class=\"t m0 x11f h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">14.99<span class=\"_ _1\"></span>2 </div></td></tr><tr><td></td><td class=\"c x2e0 y25e8 w306 hc8\"><div class=\"t m0 x10c h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale (A<span class=\"_ _f\"></span>+B)  </div></td><td></td><td class=\"c x32a y25e8 w307 hc8\"><div class=\"t m0 x124 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">40.9<span class=\"_ _1\"></span>23 </div></td><td></td><td class=\"c x317 y25e8 w308 hc8\"><div class=\"t m0 x11f h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">34.1<span class=\"lsc8\">60<span class=\"_ _df\"> </span></span></div></td></tr></table>2.5 Al<span class=\"_ _1\"></span>tre a<span class=\"_ _f\"></span>ttivit\u00e0 fina<span class=\"_ _f\"></span>nziarie o<span class=\"_ _f\"></span>bbligat<span class=\"_ _1\"></span>oriam<span class=\"_ _1\"></span>ente v<span class=\"_ _1\"></span>alut<span class=\"_ _1\"></span>ate <span class=\"_ _1\"></span>al fa<span class=\"_ _f\"></span>ir value: co<span class=\"_ _1\"></span>mpos<span class=\"_ _1\"></span>izione <span class=\"_ _f\"></span>merceo<span class=\"_ _1\"></span>logi<span class=\"_ _f\"></span>ca <table class=\"s w996 h4a1\" id=\"_300a5f3d-3eee-401d-9095-8ce6b8c23800\"><tr><td></td><td></td><td></td><td class=\"c x31c y25e9 w2f7 h82\"><div class=\"t m0 x199 h1f y32 ff4 fs7 fc4 sc3 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale </div></td><td></td><td></td><td class=\"c x31d y25e9 w2f8 h82\"><div class=\"t m0 x199 h1f y32 ff4 fs7 fc4 sc3 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale </div></td><td></td></tr><tr><td class=\"c x2e0 y25ea w2f6 h235\"><div class=\"t m0 x11d h1f y656 ff4 fs7 fc4 sc3 ls0 ws0\">Voci<span class=\"_ _1\"></span>/Valo<span class=\"_ _f\"></span>ri </div></td><td></td><td></td><td class=\"c x31c y25eb w2f7 h82\"><div class=\"t m0 xe5 h1f y25c ff4 fs7 fc4 sc3 ls0 ws0\">31/12/<span class=\"_ _f\"></span>2025 </div></td><td></td><td></td><td class=\"c x31d y25eb w2f8 h82\"><div class=\"t m0 xe5 h1f y25c ff4 fs7 fc4 sc3 ls0 ws0\">31/12/<span class=\"_ _f\"></span>2024 </div></td><td></td></tr><tr><td></td><td></td><td class=\"c x31c y25ea w11f h82\"><div class=\"t m0 x3a h1f y66c ff4 fs7 fc4 sc3 lsc7 ws0\">L1<span class=\"ls0\"> </span></div></td><td class=\"c x32f y25ea w100 h82\"><div class=\"t m0 x2c h1f y66c ff4 fs7 fc4 sc3 lsc7 ws0\">L2<span class=\"ls0\"> </span></div></td><td class=\"c x321 y25ea w2f9 h82\"><div class=\"t m0 x2c h1f y66c ff4 fs7 fc4 sc3 lsc7 ws0\">L3<span class=\"ls0\"> </span></div></td><td class=\"c x31d y25ea w2f9 h82\"><div class=\"t m0 x3a h1f y66c ff4 fs7 fc4 sc3 lsc7 ws0\">L1<span class=\"ls0\"> </span></div></td><td class=\"c x322 y25ea w11e h82\"><div class=\"t m0 x2c h1f y66c ff4 fs7 fc4 sc3 lsc7 ws0\">L2<span class=\"ls0\"> </span></div></td><td class=\"c x323 y25ea w309 h82\"><div class=\"t m0 x2c h1f y66c ff4 fs7 fc4 sc3 lsc7 ws0\">L3<span class=\"ls0\"> </span></div></td></tr><tr><td class=\"c x2e0 y25ec w2fc h82\"><div class=\"t m0 x10 h1f y54 ff4 fs7 fc1 sc2 ls0 ws0\">1. Tit<span class=\"_ _f\"></span>oli di de<span class=\"_ _f\"></span>bito </div></td><td></td><td class=\"c x30f y25ec w2f9 h82\"><div class=\"t m0 x27 h1f y54 ff4 fs7 fc1 sc2 ls0 ws0\">665<span class=\"_ _1\"></span>.586<span class=\"_ _f\"></span> </div></td><td class=\"c x320 y25ec w11e h82\"><div class=\"t m0 x15 h1f y54 ff4 fs7 fc1 sc2 ls0 ws0\">4.74<span class=\"_ _f\"></span>0 </div></td><td class=\"c x321 y25ec w2f9 h82\"><div class=\"t m0 xf h1f y54 ff4 fs7 fc1 sc2 ls9 ws0\">10<span class=\"ls0\"> </span></div></td><td class=\"c x31d y25ec w11f h82\"><div class=\"t m0 x97 h1f y54 ff4 fs7 fc1 sc2 ls0 ws0\">611.2<span class=\"_ _f\"></span>23 </div></td><td class=\"c x322 y25ec w11e h82\"><div class=\"t m0 x36 h1f y54 ff4 fs7 fc1 sc2 ls0 ws0\">4.51<span class=\"_ _1\"></span>8 </div></td><td class=\"c x323 y25ec w50 h82\"><div class=\"t m0 xf h1f y54 ff4 fs7 fc1 sc2 ls9 ws0\">10<span class=\"ls0\"> </span></div></td></tr><tr><td class=\"c x2e0 y25ed w2fc h82\"><div class=\"t m0 x2f h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">1.1 Titoli struttu<span class=\"_ _1\"></span>rati </div></td><td></td><td class=\"c x30f y25ed w2f9 h82\"><div class=\"t m0 x8 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x320 y25ed w11e h82\"><div class=\"t m0 x8 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x321 y25ed w2f9 h82\"><div class=\"t m0 x8 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x31d y25ed w11f h82\"><div class=\"t m0 x8 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x322 y25ed w11e h82\"><div class=\"t m0 x8 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x323 y25ed w50 h82\"><div class=\"t m0 x8 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2e0 y25ee w2fc h82\"><div class=\"t m0 x2f h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">1.2 Altri titoli di deb<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span>to </div></td><td></td><td class=\"c x30f y25ee w2f9 h82\"><div class=\"t m0 x3a h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">665.586 </div></td><td class=\"c x320 y25ee w11e h82\"><div class=\"t m0 x15 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">4.740 </div></td><td class=\"c x321 y25ee w2f9 h82\"><div class=\"t m0 xf h1f y54 ff4 fs7 fc1 sc0 ls9 ws0\">10<span class=\"ls0\"> </span></div></td><td class=\"c x31d y25ee w11f h82\"><div class=\"t m0 x37 h1f y54 ff4 fs7 fc1 sc0 ls29 ws0\">61<span class=\"ls0\">1.223</span><span class=\"ls0\"> </span></div></td><td class=\"c x322 y25ee w11e h82\"><div class=\"t m0 x36 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">4.518 </div></td><td class=\"c x323 y25ee w50 h82\"><div class=\"t m0 xf h1f y54 ff4 fs7 fc1 sc0 ls9 ws0\">10<span class=\"ls0\"> </span></div></td></tr><tr><td class=\"c x2e0 y25ef w2fc h82\"><div class=\"t m0 x10 h1f y54 ff4 fs7 fc1 sc2 ls0 ws0\">2. Tit<span class=\"_ _f\"></span>oli di ca<span class=\"_ _1\"></span>pita<span class=\"_ _1\"></span>le </div></td><td></td><td class=\"c x30f y25ef w2f9 h82\"><div class=\"t m0 x27 h1f y54 ff4 fs7 fc1 sc2 ls0 ws0\">260.<span class=\"_ _1\"></span>042<span class=\"_ _1\"></span> </div></td><td class=\"c x320 y25ef w11e h82\"><div class=\"t m0 x8 h1f y54 ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td><td class=\"c x321 y25ef w2f9 h82\"><div class=\"t m0 x8 h1f y54 ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td><td class=\"c x31d y25ef w11f h82\"><div class=\"t m0 x97 h1f y54 ff4 fs7 fc1 sc2 ls0 ws0\">214.3<span class=\"_ _1\"></span>17 </div></td><td class=\"c x322 y25ef w11e h82\"><div class=\"t m0 x8 h1f y54 ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td><td class=\"c x323 y25ef w50 h82\"><div class=\"t m0 x8 h1f y54 ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2e0 y25f0 w2fc h82\"><div class=\"t m0 x10 h1f y66c ff4 fs7 fc1 sc2 ls0 ws0\">3. Qu<span class=\"_ _f\"></span>ote di O.<span class=\"_ _1\"></span>I.C.<span class=\"_ _1\"></span>R. </div></td><td></td><td class=\"c x30f y25f0 w2f9 h82\"><div class=\"t m0 x33 h1f y66c ff4 fs7 fc1 sc2 ls0 ws0\">5.025<span class=\"_ _f\"></span>.991 </div></td><td class=\"c x320 y25f0 w11e h82\"><div class=\"t m0 x38 h1f y66c ff4 fs7 fc1 sc2 ls0 ws0\">47.8<span class=\"_ _f\"></span>89 </div></td><td class=\"c x321 y25f0 w2f9 h82\"><div class=\"t m0 x26 h1f y66c ff4 fs7 fc1 sc2 ls0 ws0\">267.<span class=\"_ _1\"></span>448<span class=\"_ _1\"></span> </div></td><td class=\"c x31d y25f0 w11f h82\"><div class=\"t m0 x33 h1f y66c ff4 fs7 fc1 sc2 ls0 ws0\">4.52<span class=\"_ _1\"></span>4.29<span class=\"_ _1\"></span>7 </div></td><td class=\"c x322 y25f0 w11e h82\"><div class=\"t m0 x38 h1f y66c ff4 fs7 fc1 sc2 ls0 ws0\">32.96<span class=\"_ _f\"></span>2 </div></td><td class=\"c x323 y25f0 w50 h82\"><div class=\"t m0 x34 h1f y66c ff4 fs7 fc1 sc2 ls0 ws0\">251.3<span class=\"_ _f\"></span>23 </div></td></tr><tr><td class=\"c x2e0 y25f1 w2fc h82\"><div class=\"t m0 x10 h1f y54 ff4 fs7 fc1 sc2 ls0 ws0\">4. Fin<span class=\"_ _1\"></span>anz<span class=\"_ _1\"></span>iam<span class=\"_ _1\"></span>enti<span class=\"_ _1\"></span> </div></td><td></td><td class=\"c x30f y25f1 w2f9 h82\"><div class=\"t m0 x8 h1f y54 ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td><td class=\"c x320 y25f1 w11e h82\"><div class=\"t m0 x8 h1f y54 ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td><td class=\"c x321 y25f1 w2f9 h82\"><div class=\"t m0 x31 h1f y54 ff4 fs7 fc1 sc2 ls0 ws0\">21.63<span class=\"_ _f\"></span>8 </div></td><td class=\"c x31d y25f1 w11f h82\"><div class=\"t m0 x8 h1f y54 ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td><td class=\"c x322 y25f1 w11e h82\"><div class=\"t m0 x8 h1f y54 ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td><td class=\"c x323 y25f1 w50 h82\"><div class=\"t m0 x38 h1f y54 ff4 fs7 fc1 sc2 ls0 ws0\">33.6<span class=\"_ _f\"></span>55 </div></td></tr><tr><td class=\"c x2e0 y25f2 w2fc h82\"><div class=\"t m0 x2f h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">4.1 Pronti contro<span class=\"_ _1\"></span> termine </div></td><td></td><td class=\"c x30f y25f2 w2f9 h82\"><div class=\"t m0 x8 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x320 y25f2 w11e h82\"><div class=\"t m0 x8 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x321 y25f2 w2f9 h82\"><div class=\"t m0 x8 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x31d y25f2 w11f h82\"><div class=\"t m0 x8 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x322 y25f2 w11e h82\"><div class=\"t m0 x8 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x323 y25f2 w50 h82\"><div class=\"t m0 x8 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2e0 y25f3 w2fc h82\"><div class=\"t m0 x2f h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">4.2 Altri </div></td><td></td><td class=\"c x30f y25f3 w2f9 h82\"><div class=\"t m0 x8 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x320 y25f3 w11e h82\"><div class=\"t m0 x8 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x321 y25f3 w2f9 h82\"><div class=\"t m0 x31 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">21.638 </div></td><td class=\"c x31d y25f3 w11f h82\"><div class=\"t m0 x8 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x322 y25f3 w11e h82\"><div class=\"t m0 x8 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x323 y25f3 w50 h82\"><div class=\"t m0 x97 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">33.655 </div></td></tr><tr><td></td><td class=\"c x2e0 y25f4 w2fc h82\"><div class=\"t m0 x3c h1f y54 ff4 fs7 fc1 sc2 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale  </div></td><td class=\"c x30f y25f4 w2f9 h82\"><div class=\"t m0 x35 h1f y54 ff4 fs7 fc1 sc2 ls0 ws0\">5.95<span class=\"_ _1\"></span>1.619<span class=\"_ _f\"></span> </div></td><td class=\"c x320 y25f4 w11e h82\"><div class=\"t m0 x38 h1f y54 ff4 fs7 fc1 sc2 ls0 ws0\">52.629<span class=\"_ _f\"></span> </div></td><td class=\"c x321 y25f4 w2f9 h82\"><div class=\"t m0 x27 h1f y54 ff4 fs7 fc1 sc2 ls0 ws0\">289.<span class=\"_ _f\"></span>096 </div></td><td class=\"c x31d y25f4 w11f h82\"><div class=\"t m0 x33 h1f y54 ff4 fs7 fc1 sc2 ls0 ws0\">5.349<span class=\"_ _f\"></span>.837 </div></td><td class=\"c x322 y25f4 w11e h82\"><div class=\"t m0 x97 h1f y54 ff4 fs7 fc1 sc2 ls0 ws0\">37.48<span class=\"_ _f\"></span>0 </div></td><td class=\"c x323 y25f4 w50 h82\"><div class=\"t m0 x27 h1f y54 ff4 fs7 fc1 sc2 ls0 ws0\">284.9<span class=\"_ _f\"></span>88 </div></td></tr></table>Lege<span class=\"_ _f\"></span>nda:<span class=\"_ _df\"> </span> L1= Livello 1<span class=\"_ _df\"> </span> L2= Livello 2<span class=\"_ _df\"> </span> L3= Livello 3<span class=\"_ _df\"> </span> Si<span class=\"ls0\"> <span class=\"ff5\">segnala la composizione della voce 3 \u201cQuote O.I.C.R\u201d:</span></span><span class=\"ls0\"> </span><table class=\"s w997 h4a2\" id=\"_c02b53e5-9a95-46b3-a1bf-941601973a2f\"><tr><td></td><td></td><td class=\"c x330 y25f5 w30a h49\"><div class=\"t m0 x97 h1f y32 ff4 fs7 fc4 sc3 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale </div></td><td class=\"c x331 y25f5 w141 h49\"><div class=\"t m0 x3a h1f y32 ff4 fs7 fc4 sc3 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale </div></td></tr><tr><td></td><td></td><td class=\"c x330 y25f6 w30b h49\"><div class=\"t m0 x35 h1f y25 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/<span class=\"_ _f\"></span>2025 </div></td><td class=\"c x331 y25f6 w141 h49\"><div class=\"t m0 x14 h1f y25 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/<span class=\"_ _f\"></span>2024 </div></td></tr><tr><td class=\"c x329 y25f7 w30c hc8\"><div class=\"t m0 x10 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">Fondi chiusi </div></td><td></td><td class=\"c x330 y25f7 w30a hc8\"><div class=\"t m0 x11d h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">12.196 </div></td><td class=\"c x331 y25f7 w30d hc8\"><div class=\"t m0 xe h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">13.166 </div></td></tr><tr><td class=\"c x329 y25f8 w30c hc8\"><div class=\"t m0 x10 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">Azionari </div></td><td></td><td class=\"c x330 y25f8 w30a hc8\"><div class=\"t m0 xf h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">1.209.964 </div></td><td class=\"c x331 y25f8 w30d hc8\"><div class=\"t m0 x8f h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">1.264.077 </div></td></tr><tr><td class=\"c x329 y25f9 w30c hc8\"><div class=\"t m0 x10 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">Immobiliari </div></td><td></td><td class=\"c x330 y25f9 w30a hc8\"><div class=\"t m0 x11d h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">61.401 </div></td><td class=\"c x331 y25f9 w30d hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">1.589 </div></td></tr><tr><td class=\"c x329 y25fa w30c hc8\"><div class=\"t m0 x10 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">Monetari </div></td><td></td><td class=\"c x330 y25fa w30a hc8\"><div class=\"t m0 x49 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">238.218 </div></td><td class=\"c x331 y25fa w30d hc8\"><div class=\"t m0 x12 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">207.396 </div></td></tr><tr><td class=\"c x329 y25fb w30c hc8\"><div class=\"t m0 x10 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">Obbligazionari<span class=\"_ _1\"></span> </div></td><td></td><td class=\"c x330 y25fb w30a hc8\"><div class=\"t m0 xc6 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">1.414.695 </div></td><td class=\"c x331 y25fb w30d hc8\"><div class=\"t m0 x8f h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">1.297.052 </div></td></tr><tr><td class=\"c x329 y25fc w30c hc8\"><div class=\"t m0 x10 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">Bilanciati </div></td><td></td><td class=\"c x330 y25fc w30a hc8\"><div class=\"t m0 xf0 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">80.636 </div></td><td class=\"c x331 y25fc w30d hc8\"><div class=\"t m0 xa3 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">77.113 </div></td></tr><tr><td class=\"c x329 y25fd w30c h227\"><div class=\"t m0 x10 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">Flessibili </div></td><td></td><td class=\"c x330 y25fd w30a h227\"><div class=\"t m0 x49 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">445.154 </div></td><td class=\"c x331 y25fd w30d h227\"><div class=\"t m0 x96 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">458.964 </div></td></tr><tr><td class=\"c x329 y25fe w30c hc8\"><div class=\"t m0 x10 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">Altri </div></td><td></td><td class=\"c x330 y25fe w30a hc8\"><div class=\"t m0 xf h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">1.879.062 </div></td><td class=\"c x331 y25fe w30d hc8\"><div class=\"t m0 x36 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">1.489.225 </div></td></tr><tr><td></td><td class=\"c x329 y25ff w30e hc8\"><div class=\"t m0 x47 h1f y32 ff4 fs7 fc1 sc2 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale </div></td><td class=\"c x330 y25ff w30a hc8\"><div class=\"t m0 xf h1f y32 ff4 fs7 fc1 sc2 ls0 ws0\">5.341.<span class=\"_ _1\"></span>32<span class=\"_ _1\"></span>8 </div></td><td class=\"c x331 y25ff w30f hc8\"><div class=\"t m0 x30 h1f y32 ff4 fs7 fc1 sc2 ls0 ws0\">4.80<span class=\"_ _f\"></span>8.582 </div></td></tr></table><div class=\"c w2da h225 gs8e8\"><div class=\"t m0 x10 h5 y110b ff4 fs1 fc4 sc3 ls0 ws0\">2.6 Alt<span class=\"_ _1\"></span>re a<span class=\"_ _1\"></span>ttivit<span class=\"_ _1\"></span>\u00e0 fina<span class=\"_ _1\"></span>nzia<span class=\"_ _1\"></span>rie o<span class=\"_ _1\"></span>bbliga<span class=\"_ _f\"></span>toriamente<span class=\"_ _1\"></span> val<span class=\"_ _1\"></span>utat<span class=\"_ _1\"></span>e al<span class=\"_ _1\"></span> fair v<span class=\"_ _1\"></span>alue:<span class=\"_ _1\"></span> com<span class=\"_ _1\"></span>posizi<span class=\"_ _1\"></span>one p<span class=\"_ _f\"></span>er debit<span class=\"_ _1\"></span>ori/<span class=\"_ _1\"></span>emitt<span class=\"_ _1\"></span>enti </div></div><div class=\"c w25d hc8 gs8e9\"><div class=\"t m0 x31 h1f y28b ff4 fs7 fc4 sc3 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale </div></div><div class=\"gs8ea\"><table class=\"s w998 h4a3\" id=\"_f0ddb9f2-3b3b-42ee-ae93-cf4977eae007\"><tr><td></td><td></td><td></td><td class=\"c x317 y2600 w28b hc8\"><div class=\"t m0 x31 h1f y28b ff4 fs7 fc4 sc3 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale </div></td></tr><tr><td></td><td></td><td class=\"c x32a y2601 w25d hc8\"><div class=\"t m0 x3a h1f y28b ff4 fs7 fc4 sc3 ls0 ws0\">31/12/<span class=\"_ _f\"></span>2025 </div></td><td class=\"c x317 y2601 w28b hc8\"><div class=\"t m0 x3a h1f y28b ff4 fs7 fc4 sc3 ls0 ws0\">31/12/<span class=\"_ _f\"></span>2024 </div></td></tr><tr><td class=\"c x2e0 y2602 w306 hc8\"><div class=\"t m0 x10 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">1. Tit<span class=\"_ _f\"></span>oli di ca<span class=\"_ _1\"></span>pita<span class=\"_ _1\"></span>le </div></td><td></td><td class=\"c x32a y2602 w307 hc8\"><div class=\"t m0 xf0 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">260.<span class=\"_ _1\"></span>042<span class=\"_ _1\"></span> </div></td><td class=\"c x317 y2602 w308 hc8\"><div class=\"t m0 x124 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">214.3<span class=\"_ _1\"></span>17 </div></td></tr><tr><td class=\"c x2e0 y2603 w306 hc8\"><div class=\"t m0 x16a h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">di cui: banche<span class=\"_ _1\"></span> </div></td><td></td><td class=\"c x32a y2603 w307 hc8\"><div class=\"t m0 xee h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">37.018 </div></td><td class=\"c x317 y2603 w308 hc8\"><div class=\"t m0 x124 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">29.625 </div></td></tr><tr><td class=\"c x2e0 y2604 w306 hc8\"><div class=\"t m0 x16a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">di cui: altre soc<span class=\"_ _1\"></span>iet\u00e0 finanziar<span class=\"_ _1\"></span>ie </div></td><td></td><td class=\"c x32a y2604 w307 hc8\"><div class=\"t m0 x124 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">20.740 </div></td><td class=\"c x317 y2604 w308 hc8\"><div class=\"t m0 x11f h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">17.837 </div></td></tr><tr><td class=\"c x2e0 y2605 w306 hc8\"><div class=\"t m0 x16a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">di cui: societ\u00e0 non <span class=\"_ _1\"></span>finanziarie </div></td><td></td><td class=\"c x32a y2605 w307 hc8\"><div class=\"t m0 xf0 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">202.284 </div></td><td class=\"c x317 y2605 w308 hc8\"><div class=\"t m0 xef h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">166.855 </div></td></tr><tr><td class=\"c x2e0 y2606 w306 hc8\"><div class=\"t m0 x10 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">2. Tit<span class=\"_ _f\"></span>oli di de<span class=\"_ _f\"></span>bito </div></td><td></td><td class=\"c x32a y2606 w307 hc8\"><div class=\"t m0 xf0 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">670.<span class=\"_ _1\"></span>336<span class=\"_ _f\"></span> </div></td><td class=\"c x317 y2606 w308 hc8\"><div class=\"t m0 x124 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">615.7<span class=\"_ _f\"></span>51 </div></td></tr><tr><td class=\"c x2e0 y2607 w306 hc8\"><div class=\"t m0 x16a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">a) Banche central<span class=\"_ _f\"></span>i </div></td><td></td><td class=\"c x32a y2607 w307 hc8\"><div class=\"t m0 xed h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x317 y2607 w308 hc8\"><div class=\"t m0 xed h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2e0 y2608 w306 hc8\"><div class=\"t m0 x16a h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">b) Amministrazi<span class=\"_ _1\"></span>oni pubbliche </div></td><td></td><td class=\"c x32a y2608 w307 hc8\"><div class=\"t m0 xc3 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">357.018 </div></td><td class=\"c x317 y2608 w308 hc8\"><div class=\"t m0 xf0 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">373.998 </div></td></tr><tr><td class=\"c x2e0 y2609 w306 hc8\"><div class=\"t m0 x16a h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">c) Banche </div></td><td></td><td class=\"c x32a y2609 w307 hc8\"><div class=\"t m0 xc3 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">290.061 </div></td><td class=\"c x317 y2609 w308 hc8\"><div class=\"t m0 xf0 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">225.688 </div></td></tr><tr><td class=\"c x2e0 y260a w306 hc8\"><div class=\"t m0 x16a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">d) Altre societ\u00e0 <span class=\"_ _1\"></span>finanziarie<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x32a y260a w307 hc8\"><div class=\"t m0 xe7 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">1.788 </div></td><td class=\"c x317 y260a w308 hc8\"><div class=\"t m0 x199 h1f y28b ff4 fs7 fc1 sc0 ls9 ws0\">10<span class=\"ls0\"> </span></div></td></tr><tr><td class=\"c x2e0 y260b w306 hc8\"><div class=\"t m0 x14 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">di cui: imprese d<span class=\"_ _1\"></span>i assicurazione<span class=\"_ _1\"></span> </div></td><td></td><td class=\"c x32a y260b w307 hc8\"><div class=\"t m0 xed h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x317 y260b w308 hc8\"><div class=\"t m0 xed h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2e0 y260c w306 hc8\"><div class=\"t m0 x16a h1f y28b ff4 fs7 fc1 sc0 lsc9 ws0\">e)<span class=\"ls0\"> Societ\u00e0 non finanzi<span class=\"_ _1\"></span>arie<span class=\"_ _df\"> </span></span></div></td><td></td><td class=\"c x32a y260c w307 hc8\"><div class=\"t m0 xee h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">21.469 </div></td><td class=\"c x317 y260c w308 hc8\"><div class=\"t m0 x11f h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">16.055 </div></td></tr><tr><td class=\"c x2e0 y260d w306 h227\"><div class=\"t m0 x10 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">3. Qu<span class=\"_ _f\"></span>ote di O.<span class=\"_ _1\"></span>I.C.<span class=\"_ _1\"></span>R. </div></td><td></td><td class=\"c x32a y260d w307 h227\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">5.341.<span class=\"_ _1\"></span>32<span class=\"_ _1\"></span>8 </div></td><td class=\"c x317 y260d w308 h227\"><div class=\"t m0 xe h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">4.80<span class=\"_ _f\"></span>8.582 </div></td></tr><tr><td class=\"c x2e0 y260e w306 hc8\"><div class=\"t m0 x10 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">4. Fin<span class=\"_ _1\"></span>anz<span class=\"_ _1\"></span>iam<span class=\"_ _1\"></span>enti<span class=\"_ _1\"></span> </div></td><td></td><td class=\"c x32a y260e w307 hc8\"><div class=\"t m0 x11f h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">21.63<span class=\"_ _f\"></span>8 </div></td><td class=\"c x317 y260e w308 hc8\"><div class=\"t m0 xee h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">33.6<span class=\"_ _f\"></span>55 </div></td></tr><tr><td class=\"c x2e0 y260f w306 hc8\"><div class=\"t m0 x16a h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">a) Banche central<span class=\"_ _f\"></span>i </div></td><td></td><td class=\"c x32a y260f w307 hc8\"><div class=\"t m0 xed h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x317 y260f w308 hc8\"><div class=\"t m0 xed h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2e0 y2610 w306 hc8\"><div class=\"t m0 x16a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">b) Amministrazi<span class=\"_ _1\"></span>oni pubbliche </div></td><td></td><td class=\"c x32a y2610 w307 hc8\"><div class=\"t m0 xed h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x317 y2610 w308 hc8\"><div class=\"t m0 xed h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2e0 y2611 w306 hc8\"><div class=\"t m0 x16a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">c) Banche </div></td><td></td><td class=\"c x32a y2611 w307 hc8\"><div class=\"t m0 xed h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x317 y2611 w308 hc8\"><div class=\"t m0 xed h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2e0 y2612 w306 hc8\"><div class=\"t m0 x16a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">d) Altre societ\u00e0 <span class=\"_ _1\"></span>finanziarie<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x32a y2612 w307 hc8\"><div class=\"t m0 xec h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">16.118 </div></td><td class=\"c x317 y2612 w308 hc8\"><div class=\"t m0 xee h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">14.006 </div></td></tr><tr><td class=\"c x2e0 y2613 w306 hc8\"><div class=\"t m0 x14 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">di cui: imprese d<span class=\"_ _1\"></span>i assicurazione<span class=\"_ _1\"></span> </div></td><td></td><td class=\"c x32a y2613 w307 hc8\"><div class=\"t m0 xec h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">16.118 </div></td><td class=\"c x317 y2613 w308 hc8\"><div class=\"t m0 xee h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">14.006 </div></td></tr><tr><td class=\"c x2e0 y2614 w306 hc8\"><div class=\"t m0 x16a h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">e) Societ\u00e0 non fi<span class=\"_ _1\"></span>nanziarie<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x32a y2614 w307 hc8\"><div class=\"t m0 xec h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">4.628 </div></td><td class=\"c x317 y2614 w308 hc8\"><div class=\"t m0 xec h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">18.541 </div></td></tr><tr><td class=\"c x2e0 y2615 w306 hc8\"><div class=\"t m0 x16a h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">f) Famiglie </div></td><td></td><td class=\"c x32a y2615 w307 hc8\"><div class=\"t m0 xe8 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">892 </div></td><td class=\"c x317 y2615 w308 hc8\"><div class=\"t m0 xe6 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">1.108 </div></td></tr><tr><td></td><td class=\"c x2e0 y2616 w310 hc8\"><div class=\"t m0 xda h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale  </div></td><td class=\"c x32a y2616 w25d hc8\"><div class=\"t m0 xa3 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">6.29<span class=\"_ _1\"></span>3.34<span class=\"_ _f\"></span>4 </div></td><td class=\"c x317 y2616 w308 hc8\"><div class=\"t m0 xa3 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">5.67<span class=\"_ _f\"></span>2.305 </div></td></tr></table></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs8eb\">A seguito del <span class=\"_ _2\"></span>fallimento dell\u2019SPPI <span class=\"_ _2\"></span>test nella presente cat<span class=\"_ _2\"></span>egoria sono <span class=\"_ _2\"></span>state riclassificate le <span class=\"_ _2\"></span>quote di </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs8ec\">fondi comuni (OICR) e alcuni finanziamenti verso clientela. </div>Sezio<span class=\"_ _1\"></span>ne 5 - <span class=\"_ _1\"></span>Deriva<span class=\"_ _1\"></span>ti di co<span class=\"_ _1\"></span>pert<span class=\"_ _f\"></span>ura <span class=\"ff5\">\u2013</span> Voce<span class=\"_ _1\"></span> 50<span class=\"_ _df\"> </span>5.1 De<span class=\"_ _1\"></span>riva<span class=\"_ _1\"></span>ti di <span class=\"_ _1\"></span>coper<span class=\"_ _1\"></span>tura<span class=\"_ _1\"></span>: com<span class=\"_ _f\"></span>posizione <span class=\"_ _f\"></span>per tipol<span class=\"_ _1\"></span>ogia<span class=\"_ _1\"></span> di co<span class=\"_ _f\"></span>pertura <span class=\"_ _f\"></span>e per livell<span class=\"_ _1\"></span>i<table class=\"s wa14 h4b4\" id=\"_2380b7e7-f612-42ac-983f-59a63b9de518\"><tr><td></td><td></td><td></td><td class=\"c x3d4 y26e1 w34e hc8\"><div class=\"t m0 x26 h1f y28b ff4 fs7 fc4 sc3 lsca ws0\">FV<span class=\"ls0\"> </span></div></td><td class=\"c x32f y26e1 w34f hc8\"><div class=\"t m0 x10 h1f y28b ff4 fs7 fc4 sc3 ls0 ws0\">31/12/<span class=\"_ _f\"></span>2025 </div></td><td></td><td class=\"c x3d5 y26e1 w168 hc8\"><div class=\"t m0 x130 h1f y32 ff4 fs7 fc4 sc3 ls6c ws0\">VN<span class=\"ls0\"> </span></div></td><td class=\"c x3d6 y26e1 w182 hc8\"><div class=\"t m0 x26 h1f y28b ff4 fs7 fc4 sc3 lsca ws0\">FV<span class=\"ls0\"> </span></div></td><td class=\"c x34f y26e1 w34f hc8\"><div class=\"t m0 x10 h1f y28b ff4 fs7 fc4 sc3 ls0 ws0\">31/12/<span class=\"_ _f\"></span>2024 </div></td><td></td><td class=\"c x3d2 y26e1 w162 hc8\"><div class=\"t m0 x130 h1f y32 ff4 fs7 fc4 sc3 ls6c ws0\">VN<span class=\"ls0\"> </span></div></td></tr><tr><td></td><td></td><td class=\"c x3d4 y26e2 w1fc hc8\"><div class=\"t m0 x55 h1f y28b ff4 fs7 fc4 sc3 lsc7 ws0\">L1<span class=\"ls0\"> </span></div></td><td></td><td class=\"c x32f y26e2 w2a8 hc8\"><div class=\"t m0 x55 h1f y28b ff4 fs7 fc4 sc3 lsc7 ws0\">L2<span class=\"ls0\"> </span></div></td><td class=\"c x3d7 y26e2 w350 hc8\"><div class=\"t m0 x55 h1f y28b ff4 fs7 fc4 sc3 lsc7 ws0\">L3<span class=\"ls0\"> </span></div></td><td class=\"c x3d5 y26e2 w168 hc8\"><div class=\"t m0 x10 h1f y153d ff4 fs7 fc4 sc3 ls0 ws0\">31/12/<span class=\"_ _f\"></span>2025 </div></td><td></td><td class=\"c x34f y26e2 w2b8 hc8\"><div class=\"t m0 x55 h1f y28b ff4 fs7 fc4 sc3 lsc7 ws0\">L2<span class=\"ls0\"> </span></div></td><td class=\"c x3d8 y26e2 w2a8 hc8\"><div class=\"t m0 x55 h1f y28b ff4 fs7 fc4 sc3 lsc7 ws0\">L3<span class=\"ls0\"> </span></div></td><td class=\"c x3d2 y26e2 w162 hc8\"><div class=\"t m0 x10 h1f y153d ff4 fs7 fc4 sc3 ls0 ws0\">31/12/<span class=\"_ _f\"></span>2024 </div></td></tr><tr><td class=\"c x2e0 y26e3 w352 hc8\"><div class=\"t m0 x10 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">A. D<span class=\"_ _1\"></span>eriv<span class=\"_ _1\"></span>ati fi<span class=\"_ _1\"></span>nan<span class=\"_ _1\"></span>ziari </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 x2e0 y26e4 w352 hc8\"><div class=\"t m0 x8e h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">1. Fair value </div></td><td></td><td></td><td class=\"c x3d4 y26e4 w34e hc8\"><div class=\"t m0 x31 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x32f y26e4 w196 hc8\"><div class=\"t m0 x2f h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">179.098 </div></td><td class=\"c x3d7 y26e4 w353 hc8\"><div class=\"t m0 x31 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x3d5 y26e4 w168 hc8\"><div class=\"t m0 xac h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">11.185.196 </div></td><td class=\"c x3d6 y26e4 w182 hc8\"><div class=\"t m0 x31 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x34f y26e4 w2e8 hc8\"><div class=\"t m0 x8e h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">427.235 </div></td><td class=\"c x3d8 y26e4 w1c3 hc8\"><div class=\"t m0 x31 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x3d2 y26e4 w1df hc8\"><div class=\"t m0 x10 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">21.024.740 </div></td></tr><tr><td class=\"c x2e0 y26e5 w352 hc8\"><div class=\"t m0 x8e h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">2. Flussi finanziar<span class=\"_ _f\"></span>i </div></td><td></td><td></td><td class=\"c x3d4 y26e5 w34e hc8\"><div class=\"t m0 x31 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x32f y26e5 w196 hc8\"><div class=\"t m0 x30 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x3d7 y26e5 w353 hc8\"><div class=\"t m0 x31 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x3d5 y26e5 w168 hc8\"><div class=\"t m0 x8f h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x3d6 y26e5 w182 hc8\"><div class=\"t m0 x31 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x34f y26e5 w2e8 hc8\"><div class=\"t m0 x31 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x3d8 y26e5 w1c3 hc8\"><div class=\"t m0 x31 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x3d2 y26e5 w1df hc8\"><div class=\"t m0 x8f h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2e0 y26e6 w352 hc8\"><div class=\"t m0 x8e h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">3. Investiment<span class=\"_ _1\"></span>i esteri </div></td><td></td><td></td><td class=\"c x3d4 y26e6 w34e hc8\"><div class=\"t m0 x31 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x32f y26e6 w196 hc8\"><div class=\"t m0 x30 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x3d7 y26e6 w353 hc8\"><div class=\"t m0 x31 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x3d5 y26e6 w168 hc8\"><div class=\"t m0 x8f h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x3d6 y26e6 w182 hc8\"><div class=\"t m0 x31 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x34f y26e6 w2e8 hc8\"><div class=\"t m0 x31 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x3d8 y26e6 w1c3 hc8\"><div class=\"t m0 x31 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x3d2 y26e6 w1df hc8\"><div class=\"t m0 x8f h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2e0 y26e7 w352 hc8\"><div class=\"t m0 x10 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">B. Der<span class=\"_ _f\"></span>ivati cr<span class=\"_ _f\"></span>editizi </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 x2e0 y26e8 w352 hc8\"><div class=\"t m0 x8e h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">1. Fair value </div></td><td></td><td></td><td class=\"c x3d4 y26e8 w34e hc8\"><div class=\"t m0 x31 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x32f y26e8 w196 hc8\"><div class=\"t m0 x30 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x3d7 y26e8 w353 hc8\"><div class=\"t m0 x31 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x3d5 y26e8 w168 hc8\"><div class=\"t m0 x8f h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x3d6 y26e8 w182 hc8\"><div class=\"t m0 x31 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x34f y26e8 w2e8 hc8\"><div class=\"t m0 x31 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x3d8 y26e8 w1c3 hc8\"><div class=\"t m0 x31 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x3d2 y26e8 w1df hc8\"><div class=\"t m0 x8f h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2e0 y26e9 w352 hc8\"><div class=\"t m0 x8e h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">2. Flussi finanziar<span class=\"_ _f\"></span>i </div></td><td></td><td></td><td class=\"c x3d4 y26e9 w34e hc8\"><div class=\"t m0 x31 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x32f y26e9 w196 hc8\"><div class=\"t m0 x30 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x3d7 y26e9 w353 hc8\"><div class=\"t m0 x31 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x3d5 y26e9 w168 hc8\"><div class=\"t m0 x8f h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x3d6 y26e9 w182 hc8\"><div class=\"t m0 x31 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x34f y26e9 w2e8 hc8\"><div class=\"t m0 x31 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x3d8 y26e9 w1c3 hc8\"><div class=\"t m0 x31 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x3d2 y26e9 w1df hc8\"><div class=\"t m0 x8f h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td></td><td class=\"c x2e0 y26ea w352 hc8\"><div class=\"t m0 x9 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale </div></td><td></td><td class=\"c x3d4 y26ea w34e hc8\"><div class=\"t m0 x31 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td><td class=\"c x32f y26ea w196 hc8\"><div class=\"t m0 x2f h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">179.<span class=\"_ _1\"></span>098 </div></td><td class=\"c x3d7 y26ea w353 hc8\"><div class=\"t m0 x31 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td><td class=\"c x3d5 y26ea w168 hc8\"><div class=\"t m0 xac h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">11.185<span class=\"_ _1\"></span>.196<span class=\"_ _f\"></span> </div></td><td class=\"c x3d6 y26ea w182 hc8\"><div class=\"t m0 x31 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td><td class=\"c x34f y26ea w2e8 hc8\"><div class=\"t m0 x8e h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">427.<span class=\"_ _1\"></span>235<span class=\"_ _1\"></span> </div></td><td class=\"c x3d8 y26ea w1c3 hc8\"><div class=\"t m0 x31 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td><td class=\"c x3d2 y26ea w1df hc8\"><div class=\"t m0 x10 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">21.02<span class=\"_ _f\"></span>4.740 </div></td></tr></table>L1<span class=\"_ _df\"> </span>Lege<span class=\"_ _f\"></span>nda:<span class=\"_ _df\"> </span>VN = valore nozi<span class=\"_ _1\"></span>onale<span class=\"_ _df\"> </span>L1= Livello 1<span class=\"_ _df\"> </span>L2= Livello 2<span class=\"_ _df\"> </span>L3= Livello 3<span class=\"_ _df\"> </span>5.2 D<span class=\"_ _1\"></span>eriva<span class=\"_ _1\"></span>ti di<span class=\"_ _1\"></span> cope<span class=\"_ _1\"></span>rtura<span class=\"_ _f\"></span>: compos<span class=\"_ _f\"></span>izione per<span class=\"_ _1\"></span> por<span class=\"_ _1\"></span>tafog<span class=\"_ _1\"></span>li cop<span class=\"_ _1\"></span>erti <span class=\"_ _1\"></span>e pe<span class=\"_ _f\"></span>r<span class=\"_ _2\"></span> ti<span class=\"_ _1\"></span>polog<span class=\"_ _1\"></span>ia d<span class=\"_ _1\"></span>i cope<span class=\"_ _1\"></span>rtura<table class=\"s wa15 h4b5\" id=\"_6b5ea7f4-6ff9-4fa0-aa90-75184618ddb9\"><tr><td></td><td></td><td></td><td></td><td class=\"c x3d9 y26eb w355 h79\"><div class=\"t m0 x148 h1f y400 ff4 fs7 fc4 sc3 ls0 ws0\">Fair<span class=\"_ _f\"></span> Value<span class=\"fc1 sc0\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td class=\"c x3da y26eb w55 h79\"><div class=\"t m0 x8e h1f y400 ff4 fs7 fc4 sc3 ls0 ws0\">Flus<span class=\"_ _1\"></span>si fin<span class=\"_ _f\"></span>anziari<span class=\"_ _1\"></span><span class=\"fc1 sc0\"> </span></div></td><td></td><td></td></tr><tr><td class=\"c x36d y26ec w354 h249\"><div class=\"t m0 x2a h1f ycd1 ff4 fs7 fc4 sc3 ls0 ws0\">Oper<span class=\"_ _f\"></span>azioni/T<span class=\"_ _f\"></span>ipo di c<span class=\"_ _1\"></span>oper<span class=\"_ _f\"></span>tura<span class=\"fc1 sc0\"> </span></div></td><td></td><td></td><td class=\"c x3d9 y26ed w2e1 h1e2\" colspan=\"2\"><div class=\"t m0 x1de h1f y400 ff4 fs7 fc4 sc3 ls0 ws0\">Specif<span class=\"_ _f\"></span>ica<span class=\"fc1 sc0\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td class=\"c x3db y26ee wa16 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc4 sc3 ls0 ws0\">Inv<span class=\"_ _1\"></span>estim<span class=\"_ _1\"></span>.<span class=\"_ _df\"> </span></div></td></tr><tr><td></td><td class=\"c x3dc y26ef wa17 h4b6\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc4 sc3 ls0 ws0\">titoli<span class=\"_ _1\"></span> di<span class=\"_ _df\"> </span></div></td><td class=\"c x3dd y26ef wa18 h4b6\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc4 sc3 ls0 ws0\">titol<span class=\"_ _1\"></span>i di<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td class=\"c x3de y26f0 wa19 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc4 sc3 ls0 ws0\">este<span class=\"_ _1\"></span>ri<span class=\"_ _df\"> </span></div></td></tr><tr><td></td><td class=\"c x3df y268f wa1a h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc4 sc3 ls0 ws0\">debi<span class=\"_ _1\"></span>to e<span class=\"_ _df\"> </span></div></td><td class=\"c x3e0 y268f wa1b h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc4 sc3 ls0 ws0\">capit<span class=\"_ _f\"></span>ale<span class=\"_ _df\"> </span></div></td><td class=\"c x3e1 y268f wa1c h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc4 sc3 ls0 ws0\">val<span class=\"_ _1\"></span>ute<span class=\"_ _df\"> </span></div></td><td class=\"c x3e2 y26ec w32c h24a\"><div class=\"t m0 x8a h1f y2c4 ff4 fs7 fc4 sc3 ls0 ws0\">credit<span class=\"_ _f\"></span>o<span class=\"fc1 sc0\"> </span></div></td><td class=\"c x3e3 y26ec w16c h24a\"><div class=\"t m0 xac h1f y2c4 ff4 fs7 fc4 sc3 ls0 ws0\">mer<span class=\"_ _1\"></span>ci<span class=\"fc1 sc0\"> </span></div></td><td class=\"c x3e4 y26ec w16c h24a\"><div class=\"t m0 x16a h1f y2c4 ff4 fs7 fc4 sc3 ls0 ws0\">altri<span class=\"_ _f\"></span><span class=\"fc1 sc0\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td></td><td class=\"c x3e5 y26f1 wa1d h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc4 sc3 ls0 ws0\">tass<span class=\"_ _1\"></span>i di<span class=\"_ _df\"> </span></div></td><td class=\"c x3e6 y26f1 wa1e h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc4 sc3 ls0 ws0\">e indi<span class=\"_ _1\"></span>ci<span class=\"_ _df\"> </span></div></td><td class=\"c x3e7 y26f1 wa1f h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc4 sc3 ls0 ws0\">e oro<span class=\"_ _df\"> </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 x262 y26f2 wa20 h4b7\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">1. Attivit\u00e0 finanz<span class=\"_ _1\"></span>iarie valutate a<span class=\"_ _f\"></span>l<span class=\"_ _df\"> </span></div></td><td class=\"c x3e8 y26f3 wa21 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc4 sc3 ls0 ws0\">inter<span class=\"_ _1\"></span>esse<span class=\"_ _df\"> </span></div></td><td class=\"c x3e0 y26f3 wa22 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc4 sc3 ls0 ws0\">azio<span class=\"_ _1\"></span>nari<span class=\"_ _df\"> </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=\"c x262 y26f4 wa23 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">fair value con imp<span class=\"_ _1\"></span>atto sulla<span class=\"_ _df\"> </span></div></td><td class=\"c x3d9 y26f5 w358 h89\"><div class=\"t m0 x55 h1f y41f ff4 fs7 fc1 sc0 ls0 ws0\">81.248 </div></td><td class=\"c x3e9 y26f5 w2b3 h89\"><div class=\"t m0 x97 h1f y41f ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x3ea y26f5 w161 h89\"><div class=\"t m0 x26 h1f y41f ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x3e2 y26f5 w167 h89\"><div class=\"t m0 x26 h1f y41f ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x3e3 y26f5 w16d h89\"><div class=\"t m0 x55 h1f y41f ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x3e4 y26f5 w161 h89\"><div class=\"t m0 x55 h1f y41f ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td></td><td class=\"c x3eb y26f5 w16d h89\"><div class=\"t m0 x55 h1f y41f ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td></td><td class=\"c x3da y26f5 w167 h89\"><div class=\"t m0 x26 h1f y41f ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x3ec y26f5 w161 h89\"><div class=\"t m0 x55 h1f y41f ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td></td><td class=\"c x3ed y26f5 w17b h89\"><div class=\"t m0 x14 h1f y41f ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td></tr><tr><td class=\"c x262 y26f6 w964 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">redditivit\u00e0 comp<span class=\"_ _f\"></span>l<span class=\"_ _2\"></span>essiva<span class=\"_ _df\"> </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></tr><tr><td class=\"c x262 y26f7 wa24 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">2. Attivit\u00e0 finanz<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span>arie valut<span class=\"_ _1\"></span>ate al<span class=\"_ _df\"> </span></div></td><td class=\"c x3d9 y26f8 w358 h1d1\"><div class=\"t m0 x2e h1f y110b ff4 fs7 fc1 sc0 ls0 ws0\">27.896 </div></td><td class=\"c x3e9 y26f8 w2b3 h1d1\"><div class=\"t m0 x130 h1f y110b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x3ea y26f8 w161 h1d1\"><div class=\"t m0 x26 h1f y110b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x3e2 y26f8 w167 h1d1\"><div class=\"t m0 x26 h1f y110b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x3e3 y26f8 w16d h1d1\"><div class=\"t m0 x55 h1f y110b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x3e4 y26f8 w161 h1d1\"><div class=\"t m0 x55 h1f y110b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td></td><td class=\"c x3eb y26f8 w16d h1d1\"><div class=\"t m0 x55 h1f y110b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td></td><td class=\"c x3da y26f8 w167 h1d1\"><div class=\"t m0 x26 h1f y110b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x3ec y26f8 w161 h1d1\"><div class=\"t m0 x55 h1f y110b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td></td><td class=\"c x3ed y26f8 w17b h1d1\"><div class=\"t m0 x14 h1f y110b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td></tr><tr><td class=\"c x262 y26f9 wa25 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">costo ammortizza<span class=\"_ _f\"></span>to<span class=\"_ _df\"> </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></tr><tr><td class=\"c x36d y26fa w357 h4e\"><div class=\"t m0 x8a h1f y71 ff4 fs7 fc1 sc0 ls0 ws0\">3. Portafoglio </div></td><td class=\"c x3d9 y26fa w358 h4e\"><div class=\"t m0 x14 h1f y71 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x3e9 y26fa w2b3 h4e\"><div class=\"t m0 x130 h1f y71 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x3ea y26fa w161 h4e\"><div class=\"t m0 x55 h1f y71 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x3e2 y26fa w167 h4e\"><div class=\"t m0 x55 h1f y71 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x3e3 y26fa w16d h4e\"><div class=\"t m0 x55 h1f y71 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x3e4 y26fa w161 h4e\"><div class=\"t m0 x55 h1f y71 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td></td><td class=\"c x3eb y26fa w16d h4e\"><div class=\"t m0 x16a h1f y71 ff4 fs7 fc1 sc0 ls0 ws0\">9.563 </div></td><td class=\"c x3da y26fa w167 h4e\"><div class=\"t m0 x55 h1f y71 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td></td><td></td><td class=\"c x3ec y26fa w161 h4e\"><div class=\"t m0 x26 h1f y71 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x3ed y26fa w17b h4e\"><div class=\"t m0 x14 h1f y71 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td></tr><tr><td class=\"c x36d y26fb w357 h4d\"><div class=\"t m0 x8a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">4. Altre operazi<span class=\"_ _1\"></span>oni </div></td><td class=\"c x3d9 y26fb w358 h4d\"><div class=\"t m0 x15 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x3e9 y26fb w2b3 h4d\"><div class=\"t m0 x97 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x3ea y26fb w161 h4d\"><div class=\"t m0 x26 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x3e2 y26fb w167 h4d\"><div class=\"t m0 x26 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x3e3 y26fb w16d h4d\"><div class=\"t m0 x26 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x3e4 y26fb w161 h4d\"><div class=\"t m0 x26 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x3eb y26fb w16d h4d\"><div class=\"t m0 x55 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td></td><td class=\"c x3da y26fb w167 h4d\"><div class=\"t m0 x26 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x3ec y26fb w161 h4d\"><div class=\"t m0 x55 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td></td><td class=\"c x3ed y26fb w17b h4d\"><div class=\"t m0 x30 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x36d y26fc w357 h4d\"><div class=\"t m0 xe8 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale at<span class=\"_ _1\"></span>tivit<span class=\"_ _1\"></span>\u00e0<span class=\"sc0\"> </span></div></td><td class=\"c x3d9 y26fc w358 h4d\"><div class=\"t m0 x2a h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">109.1<span class=\"_ _f\"></span>44<span class=\"sc0\"> </span></div></td><td class=\"c x3e9 y26fc w2b3 h4d\"><div class=\"t m0 x97 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x3ea y26fc w161 h4d\"><div class=\"t m0 x26 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x3e2 y26fc w167 h4d\"><div class=\"t m0 x26 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x3e3 y26fc w16d h4d\"><div class=\"t m0 x26 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td></td><td class=\"c x3e4 y26fc w161 h4d\"><div class=\"t m0 x26 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x3eb y26fc w16d h4d\"><div class=\"t m0 x16a h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">9.56<span class=\"_ _f\"></span>3<span class=\"sc0\"> </span></div></td><td></td><td class=\"c x3da y26fc w167 h4d\"><div class=\"t m0 x26 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td></td><td class=\"c x3ec y26fc w161 h4d\"><div class=\"t m0 x26 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x3ed y26fc w17b h4d\"><div class=\"t m0 x30 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x36d y26fd w357 h4e\"><div class=\"t m0 x8a h1f y71 ff4 fs7 fc1 sc0 ls0 ws0\">1. Passivit\u00e0 finanz<span class=\"_ _1\"></span>iarie </div></td><td class=\"c x3d9 y26fd w358 h4e\"><div class=\"t m0 x3a h1f y71 ff4 fs7 fc1 sc0 ls29 ws0\">978<span class=\"ls0\"> </span></div></td><td class=\"c x3e9 y26fd w2b3 h4e\"><div class=\"t m0 x130 h1f y71 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x3ea y26fd w161 h4e\"><div class=\"t m0 x26 h1f y71 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x3e2 y26fd w167 h4e\"><div class=\"t m0 x26 h1f y71 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x3e3 y26fd w16d h4e\"><div class=\"t m0 x26 h1f y71 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x3e4 y26fd w161 h4e\"><div class=\"t m0 x26 h1f y71 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x3eb y26fd w16d h4e\"><div class=\"t m0 x55 h1f y71 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td></td><td class=\"c x3da y26fd w167 h4e\"><div class=\"t m0 x26 h1f y71 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x3ec y26fd w161 h4e\"><div class=\"t m0 x55 h1f y71 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td></td><td class=\"c x3ed y26fd w17b h4e\"><div class=\"t m0 x14 h1f y71 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td></tr><tr><td class=\"c x36d y26fe w357 h4d\"><div class=\"t m0 x8a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">2. Portafoglio<span class=\"_ _1\"></span> </div></td><td class=\"c x3d9 y26fe w358 h4d\"><div class=\"t m0 x14 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x3e9 y26fe w2b3 h4d\"><div class=\"t m0 x130 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x3ea y26fe w161 h4d\"><div class=\"t m0 x55 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x3e2 y26fe w167 h4d\"><div class=\"t m0 x55 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x3e3 y26fe w16d h4d\"><div class=\"t m0 x55 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x3e4 y26fe w161 h4d\"><div class=\"t m0 x55 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td></td><td class=\"c x3eb y26fe w16d h4d\"><div class=\"t m0 xac h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">59.413 </div></td><td class=\"c x3da y26fe w167 h4d\"><div class=\"t m0 x55 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td></td><td></td><td class=\"c x3ec y26fe w161 h4d\"><div class=\"t m0 x26 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x3ed y26fe w17b h4d\"><div class=\"t m0 x14 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td></tr><tr><td class=\"c x36d y26ff w357 h4d\"><div class=\"t m0 xec h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale pa<span class=\"_ _f\"></span>ssivit\u00e0<span class=\"sc0\"> </span></div></td><td class=\"c x3d9 y26ff w358 h4d\"><div class=\"t m0 x3a h1f y28b ff4 fs7 fc1 sc2 lscf ws0\">978<span class=\"sc0 ls0\"> </span></div></td><td class=\"c x3e9 y26ff w2b3 h4d\"><div class=\"t m0 x97 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x3ea y26ff w161 h4d\"><div class=\"t m0 x26 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x3e2 y26ff w167 h4d\"><div class=\"t m0 x26 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x3e3 y26ff w16d h4d\"><div class=\"t m0 x26 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td></td><td class=\"c x3e4 y26ff w161 h4d\"><div class=\"t m0 x26 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x3eb y26ff w16d h4d\"><div class=\"t m0 x8e h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">59.413<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td><td></td><td class=\"c x3da y26ff w167 h4d\"><div class=\"t m0 x26 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td></td><td class=\"c x3ec y26ff w161 h4d\"><div class=\"t m0 x26 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td></td></tr><tr><td class=\"c x36d y2700 w357 h4e\"><div class=\"t m0 x8a h1f y71 ff4 fs7 fc1 sc0 ls0 ws0\">1. Transazioni atte<span class=\"_ _f\"></span>se<span class=\"_ _df\"> </span></div></td><td class=\"c x3d9 y2700 w358 h4e\"><div class=\"t m0 x14 h1f y71 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x3e9 y2700 w2b3 h4e\"><div class=\"t m0 x130 h1f y71 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x3ea y2700 w161 h4e\"><div class=\"t m0 x55 h1f y71 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x3e2 y2700 w167 h4e\"><div class=\"t m0 x55 h1f y71 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x3e3 y2700 w16d h4e\"><div class=\"t m0 x55 h1f y71 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x3e4 y2700 w161 h4e\"><div class=\"t m0 x55 h1f y71 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td></td><td class=\"c x3eb y2700 w16d h4e\"><div class=\"t m0 x55 h1f y71 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td></td><td class=\"c x3da y2700 w167 h4e\"><div class=\"t m0 x26 h1f y71 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x3ec y2700 w161 h4e\"><div class=\"t m0 x55 h1f y71 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td></td><td class=\"c x3ed y2700 w17b h4e\"><div class=\"t m0 x14 h1f y71 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td></tr><tr><td class=\"c x262 y2701 wa26 h4b8\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">2. Portafoglio di<span class=\"_ _1\"></span> attivit\u00e0 e<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x3ef y2702 wa27 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _df\"> </span></div><div class=\"t m0 x3ee h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _df\"> </span></div></td><td class=\"c x3ea y2703 w161 h58\"><div class=\"t m0 x55 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x3e2 y2703 w167 h58\"><div class=\"t m0 x55 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x3e3 y2703 w16d h58\"><div class=\"t m0 x55 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x3e4 y2703 w161 h58\"><div class=\"t m0 x55 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td></td><td class=\"c x3eb y2703 w16d h58\"><div class=\"t m0 x26 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x3da y2703 w167 h58\"><div class=\"t m0 x55 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td></td><td></td><td class=\"c x3ec y2703 w161 h58\"><div class=\"t m0 x26 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x3ed y2703 w17b h58\"><div class=\"t m0 x30 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x262 y2491 wa28 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">passivit\u00e0 finanzi<span class=\"_ _1\"></span>arie<span class=\"_ _df\"> </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></tr></table>Sono <span class=\"_ _0\"></span>presenti <span class=\"_ _0\"></span>coperture <span class=\"_ _d\"></span>di <span class=\"_ _0\"></span>micro <span class=\"_ _0\"></span>fair <span class=\"_ _0\"></span>value <span class=\"_ _0\"></span>hedge <span class=\"_ _d\"></span>su <span class=\"_ _0\"></span>titoli <span class=\"_ _0\"></span>a <span class=\"_ _0\"></span>tasso <span class=\"_ _d\"></span>fiss<span class=\"_ _2\"></span>o <span class=\"_ _d\"></span>detenuti <span class=\"_ _0\"></span>nel <span class=\"_ _d\"></span>port<span class=\"_ _2\"></span>afoglio<span class=\"_ _df\"> </span>HTCS.<span class=\"_ _df\"> </span>I derivati di questa tipologia presentano un fair value<span class=\"_ _1\"></span> positivo di 81.248 mila euro.<span class=\"_ _df\"> </span>Sono <span class=\"_ _f\"></span>presenti cope<span class=\"_ _1\"></span>rture d<span class=\"_ _1\"></span>i <span class=\"_ _f\"></span>micro fair <span class=\"_ _f\"></span>value <span class=\"_ _f\"></span>hedge <span class=\"_ _f\"></span>s<span class=\"_ _2\"></span>u <span class=\"_ _f\"></span>titoli <span class=\"_ _f\"></span>a tasso <span class=\"_ _f\"></span>fisso <span class=\"_ _f\"></span>detenuti ne<span class=\"_ _f\"></span>l portafoglio <span class=\"_ _f\"></span>HTC.<span class=\"_ _df\"> </span>I derivati di questa tipologia presentano un fair value<span class=\"_ _1\"></span> positivo di 27.896 mila euro.<span class=\"_ _df\"> </span>Sono <span class=\"_ _2\"></span>presenti <span class=\"_ _2\"></span>copert<span class=\"_ _2\"></span>ure <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>micro<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>fair <span class=\"_ _2\"></span>value <span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>u <span class=\"_ _2\"></span>titoli <span class=\"_ _2\"></span>emessi <span class=\"_ _d\"></span>a <span class=\"_ _2\"></span>tas<span class=\"_ _2\"></span>so <span class=\"_ _2\"></span>fisso <span class=\"_ _2\"></span>cont<span class=\"_ _2\"></span>abilizz<span class=\"_ _1\"></span>ati <span class=\"_ _2\"></span>nella <span class=\"_ _2\"></span>Vo<span class=\"_ _2\"></span>ce<span class=\"_ _df\"> </span>\"Titoli in circolazione\".<span class=\"_ _df\"> </span>I derivati di questa tipologia presentano un fair value positivo di 978 mila euro.<span class=\"_ _df\"> </span><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs936\">Si <span class=\"_ _d\"></span>\u00e8 <span class=\"_ _d\"></span>adottata <span class=\"_ _d\"></span>la <span class=\"_ _d\"></span>metodologia <span class=\"_ _d\"></span>contabile <span class=\"_ _d\"></span>del <span class=\"_ _d\"></span>Macro <span class=\"_ _d\"></span>Fair <span class=\"_ _d\"></span>Value <span class=\"_ _d\"></span>Hedge <span class=\"_ _2\"></span>per <span class=\"_ _d\"></span>la <span class=\"_ _d\"></span>copertura <span class=\"_ _0\"></span>del <span class=\"_ _d\"></span>rischio <span class=\"_ _2\"></span>di<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs937\">tasso della raccolta a vista della clie<span class=\"_ _1\"></span>ntela.<span class=\"_ _df\"> </span><span class=\"_ _2\"></span> </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs938\">La <span class=\"_ _f\"></span>raccolta <span class=\"_ _1\"></span>a <span class=\"_ _f\"></span>vista <span class=\"_ _f\"></span>dalla <span class=\"_ _f\"></span>clientela <span class=\"_ _1\"></span>rappresenta <span class=\"_ _f\"></span>un\u2019importante <span class=\"_ _f\"></span>fonte <span class=\"_ _1\"></span>di <span class=\"_ _f\"></span>fu<span class=\"_ _2\"></span><span class=\"ff4\">nding <span class=\"_ _f\"></span>della <span class=\"_ _f\"></span>banca. <span class=\"_ _f\"></span>Una <span class=\"_ _f\"></span>q<span class=\"_ _2\"></span>uota<span class=\"_ _df\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs939\">parte di questa r<span class=\"_ _2\"></span>accolta,<span class=\"_ _1\"></span> seppur cont<span class=\"_ _2\"></span>rattualmente a vista, presenta per\u00f2 una <span class=\"_ _2\"></span>forte persistenza nel<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs93a\">tempo <span class=\"_ _14\"> </span>ed <span class=\"_ _14\"> </span>una <span class=\"_ _15\"> </span>elasticit\u00e0 <span class=\"_ _14\"> </span>imperfetta <span class=\"_ _14\"> </span>alla <span class=\"_ _14\"> </span>variazione <span class=\"_ _14\"> </span>dei <span class=\"_ _14\"> </span>t<span class=\"_ _2\"></span>assi <span class=\"_ _14\"> </span>di <span class=\"_ _14\"> </span>mercato, <span class=\"_ _14\"> </span>rappresentata <span class=\"_ _14\"> </span>dal<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs93b\">cosiddetto \u201ceffetto vischiosit\u00e0\u201d.<span class=\"_ _df\"> </span><span class=\"ff4\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs6e4\">Questo effetto \u00e8 stato stimato mediante<span class=\"_ _1\"></span> un modello di analisi che consiste in due componenti:<span class=\"_ _df\"> </span><span class=\"_ _2\"></span> </div><div class=\"t m0 h5 ff14 fs1 fc1 sc0 ls0 ws0 gs93c\"><span class=\"_ _27\"> </span><span class=\"ff4\">la stima della relazione de<span class=\"_ _1\"></span>i tassi delle poste a vista con i tas<span class=\"_ _1\"></span>si di mercato in base ad un m<span class=\"_ _1\"></span>odello<span class=\"_ _df\"> </span></span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs93d\">econometrico;<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff14 fs1 fc1 sc0 ls0 ws0 gs93e\"><span class=\"_ _27\"> </span><span class=\"ff4\">la st<span class=\"_ _2\"></span>ima della persistenza dei <span class=\"_ _2\"></span>volumi, attraverso <span class=\"_ _2\"></span>l<span class=\"ff5\">a <span class=\"_ _2\"></span>quale l\u2019ammontare delle post<span class=\"_ _2\"></span>e a vista <span class=\"_ _2\"></span>viene<span class=\"_ _df\"> </span></span></span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs93f\">tradotto in un portafoglio di poste a tasso fisso a scadenza.<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs940\">I derivati di copertura di questa tipolog<span class=\"_ _1\"></span>ia presentano un fair value positivo di 59.413 mila euro.<span class=\"_ _df\"> </span><span class=\"_ _2\"></span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs941\">Si <span class=\"_ _d\"></span>\u00e8 <span class=\"_ _0\"></span>adottata <span class=\"_ _0\"></span>la <span class=\"_ _d\"></span>metodologia <span class=\"_ _d\"></span>contabile <span class=\"_ _d\"></span>d<span class=\"_ _2\"></span>el <span class=\"_ _d\"></span>macro<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>fair <span class=\"_ _0\"></span>value <span class=\"_ _d\"></span>hedge <span class=\"_ _0\"></span>per <span class=\"_ _d\"></span>la <span class=\"_ _0\"></span>copertura <span class=\"_ _d\"></span>del <span class=\"_ _0\"></span>rischio <span class=\"_ _0\"></span>di<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs942\">tasso <span class=\"_ _d\"></span>as<span class=\"_ _2\"></span>sociato <span class=\"_ _d\"></span>all\u2019erogazione <span class=\"_ _d\"></span>di <span class=\"_ _0\"></span>mutui <span class=\"_ _d\"></span>a <span class=\"_ _0\"></span>tasso <span class=\"_ _0\"></span>fisso. <span class=\"_ _0\"></span>L\u2019appli<span class=\"_ _1\"></span>cazione <span class=\"_ _d\"></span>d<span class=\"_ _2\"></span>ella <span class=\"_ _d\"></span>metodologia <span class=\"_ _d\"></span>di <span class=\"_ _0\"></span>hedge<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs943\">accounting <span class=\"_ _4\"> </span>consente <span class=\"_ _17\"> </span>di <span class=\"_ _17\"> </span>rappresentare <span class=\"_ _17\"> </span>contabilmente <span class=\"_ _17\"> </span>gli <span class=\"_ _17\"> </span>effetti <span class=\"_ _17\"> </span>economici <span class=\"_ _17\"> </span>delle <span class=\"_ _4\"> </span>s<span class=\"_ _2\"></span>trategie <span class=\"_ _4\"> </span>di<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs944\">copertura attuate<span class=\"ls1b\">. </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs945\">I derivati di copertura relativi a tale<span class=\"_ _1\"></span> strategia presentano un fair value positivo di 9.563 mila euro.<span class=\"_ _df\"> </span><span class=\"_ _2\"></span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs6f0\">Si <span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>imanda <span class=\"_ _2\"></span>alla <span class=\"_ _d\"></span>Sezione <span class=\"_ _2\"></span>della <span class=\"_ _d\"></span>Parte <span class=\"_ _d\"></span>E <span class=\"_ _d\"></span>della <span class=\"_ _2\"></span>nota <span class=\"_ _d\"></span>integrativa <span class=\"_ _2\"></span>per <span class=\"_ _d\"></span>la <span class=\"_ _d\"></span>descrizione <span class=\"_ _2\"></span>delle <span class=\"_ _2\"></span>mo<span class=\"_ _2\"></span>dalit\u00e0 <span class=\"_ _2\"></span>della<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs946\">copertura.<span class=\"_ _df\"> </span> </div>Sezi<span class=\"_ _f\"></span>one 2<span class=\"_ _f\"></span> <span class=\"ff5\">\u2013</span> Pas<span class=\"_ _f\"></span>sivit\u00e0 f<span class=\"_ _1\"></span>ina<span class=\"_ _f\"></span>nziari<span class=\"_ _1\"></span>e di <span class=\"_ _f\"></span>negoz<span class=\"_ _f\"></span>iazion<span class=\"_ _f\"></span>e <span class=\"ff5\">\u2013</span> Vo<span class=\"_ _f\"></span>ce 20<span class=\"_ _f\"></span> 2.1 P<span class=\"_ _1\"></span>assivi<span class=\"_ _1\"></span>t\u00e0 fi<span class=\"_ _1\"></span>nanzia<span class=\"_ _f\"></span>rie di neg<span class=\"_ _1\"></span>ozi<span class=\"_ _f\"></span>azione: co<span class=\"_ _f\"></span>mposizio<span class=\"_ _f\"></span>ne merc<span class=\"_ _f\"></span>eolog<span class=\"_ _1\"></span>ica <table class=\"s wbbd h4f9\" id=\"_fc29c2cf-35e9-407c-a132-f6c5aa28be63\"><tr><td></td><td></td><td></td><td></td><td class=\"c x5a4 y2ab4 w41f h1a2\"><div class=\"t m0 xe4 h1f y32 ff4 fs7 fc4 sc3 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale </div></td><td></td><td></td><td></td><td></td><td></td><td class=\"c x5a5 y2ab4 w420 h1a2\"><div class=\"t m0 xe4 h1f y32 ff4 fs7 fc4 sc3 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale </div></td><td></td><td></td></tr><tr><td></td><td></td><td></td><td></td><td class=\"c x5a4 y2ab5 w41f h4e\"><div class=\"t m0 x12a h1f y295 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/<span class=\"_ _f\"></span>2025 </div></td><td></td><td></td><td></td><td></td><td></td><td class=\"c x5a5 y2ab5 w420 h4e\"><div class=\"t m0 x12a h1f y295 ff4 fs7 fc4 sc3 ls0 ws0\">31/12<span class=\"_ _1\"></span>/20<span class=\"_ _1\"></span>24 </div></td><td></td><td></td></tr><tr><td class=\"c x44e y2ab6 w41e h284\"><div class=\"t m0 xab h1f y8dd ff4 fs7 fc4 sc3 ls0 ws0\">Tipol<span class=\"_ _f\"></span>ogia op<span class=\"_ _f\"></span>erazion<span class=\"_ _1\"></span>i/Va<span class=\"_ _1\"></span>lori<span class=\"_ _1\"></span> </div></td><td class=\"c x5a4 y2ab6 w421 h285\"><div class=\"t m0 x116 h1f y8f1 ff4 fs7 fc4 sc3 ls6c ws0\">VN<span class=\"ls0\"> </span></div></td><td></td><td></td><td class=\"c x5a6 y2ab7 w422 h89\"><div class=\"t m0 x8f h1f y41f ff4 fs7 fc4 sc3 ls0 ws0\">Fair<span class=\"_ _f\"></span> Value </div></td><td></td><td class=\"c x5a7 y2ab8 wbbe h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">Fair<span class=\"_ _df\"> </span></div></td><td class=\"c x5a8 y2ab6 w421 h285\"><div class=\"t m0 x116 h1f y8f1 ff4 fs7 fc4 sc3 ls6c ws0\">VN<span class=\"ls0\"> </span></div></td><td></td><td></td><td class=\"c x4e8 y2ab7 w422 h89\"><div class=\"t m0 x8f h1f y41f ff4 fs7 fc4 sc3 ls0 ws0\">Fair<span class=\"_ _f\"></span> Value </div></td><td></td><td class=\"c x5a9 y2ab8 wbbf h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">Fair<span class=\"_ _df\"> </span></div></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td class=\"c x5aa y2ab9 wbc0 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">Val<span class=\"_ _1\"></span>ue *<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td class=\"c x5ab y2ab9 wbc0 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">Val<span class=\"_ _1\"></span>ue *<span class=\"_ _df\"> </span></div></td></tr><tr><td></td><td></td><td></td><td class=\"c x5a6 y2ab6 w2be h89\"><div class=\"t m0 x2e h1f y41f ff4 fs7 fc4 sc3 lsc7 ws0\">L1<span class=\"ls0\"> </span></div></td><td class=\"c x5ac y2ab6 w2b1 h89\"><div class=\"t m0 x2e h1f y41f ff4 fs7 fc4 sc3 lsc7 ws0\">L2<span class=\"ls0\"> </span></div></td><td class=\"c x5ad y2ab6 w12d h89\"><div class=\"t m0 x2a h1f y41f ff4 fs7 fc4 sc3 lsc7 ws0\">L3<span class=\"ls0\"> </span></div></td><td></td><td></td><td></td><td class=\"c x4e8 y2ab6 w425 h89\"><div class=\"t m0 x2e h1f y41f ff4 fs7 fc4 sc3 lsc7 ws0\">L1<span class=\"ls0\"> </span></div></td><td class=\"c x598 y2ab6 w2b1 h89\"><div class=\"t m0 x2e h1f y41f ff4 fs7 fc4 sc3 lsc7 ws0\">L2<span class=\"ls0\"> </span></div></td><td class=\"c x5ae y2ab6 w2be h89\"><div class=\"t m0 x2a h1f y41f ff4 fs7 fc4 sc3 lsc7 ws0\">L3<span class=\"ls0\"> </span></div></td><td></td></tr><tr><td class=\"c x44e y2aba w426 hc8\"><div class=\"t m0 x10 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">A. Pa<span class=\"_ _f\"></span>ssivit\u00e0<span class=\"_ _1\"></span> per ca<span class=\"_ _f\"></span>ssa </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=\"c x44e y2abb w426 hc8\"><div class=\"t m0 x2f h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">1. Debiti verso banche<span class=\"_ _f\"></span> </div></td><td></td><td class=\"c x5a4 y2abb w2b1 hc8\"><div class=\"t m0 x34 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5a6 y2abb w169 hc8\"><div class=\"t m0 x37 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5ac y2abb w2bb hc8\"><div class=\"t m0 x34 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5ad y2abb w12d hc8\"><div class=\"t m0 x37 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5af y2abb w2be hc8\"><div class=\"t m0 x37 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x5a5 y2abb w2bb hc8\"><div class=\"t m0 x34 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x4e8 y2abb w12d hc8\"><div class=\"t m0 x34 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x598 y2abb w2bb hc8\"><div class=\"t m0 x34 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5ae y2abb w169 hc8\"><div class=\"t m0 x37 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5b0 y2abb w427 hc8\"><div class=\"t m0 x37 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2abc w426 hc8\"><div class=\"t m0 x2f h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">2. Debiti verso c<span class=\"_ _1\"></span>lientela </div></td><td></td><td class=\"c x5a4 y2abc w2b1 hc8\"><div class=\"t m0 x32 h1f ye4c ff4 fs7 fc1 sc0 ls2a ws0\">28<span class=\"ls0\"> </span></div></td><td class=\"c x5a6 y2abc w169 hc8\"><div class=\"t m0 x35 h1f ye4c ff4 fs7 fc1 sc0 ls2a ws0\">29<span class=\"ls0\"> </span></div></td><td class=\"c x5ac y2abc w2bb hc8\"><div class=\"t m0 x34 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5ad y2abc w12d hc8\"><div class=\"t m0 x37 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5af y2abc w2be hc8\"><div class=\"t m0 x35 h1f ye4c ff4 fs7 fc1 sc0 ls2a ws0\">29<span class=\"ls0\"> </span></div></td><td></td><td class=\"c x5a5 y2abc w2bb hc8\"><div class=\"t m0 x34 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x4e8 y2abc w12d hc8\"><div class=\"t m0 x34 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x598 y2abc w2bb hc8\"><div class=\"t m0 x34 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5ae y2abc w169 hc8\"><div class=\"t m0 x37 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5b0 y2abc w427 hc8\"><div class=\"t m0 x37 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2abd w426 hc8\"><div class=\"t m0 x2f h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">3. Titoli di deb<span class=\"_ _1\"></span>ito<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x5a4 y2abd w2b1 hc8\"><div class=\"t m0 x34 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5a6 y2abd w169 hc8\"><div class=\"t m0 x37 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5ac y2abd w2bb hc8\"><div class=\"t m0 x34 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5ad y2abd w12d hc8\"><div class=\"t m0 x37 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5af y2abd w2be hc8\"><div class=\"t m0 x37 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x5a5 y2abd w2bb hc8\"><div class=\"t m0 x34 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x4e8 y2abd w12d hc8\"><div class=\"t m0 x34 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x598 y2abd w2bb hc8\"><div class=\"t m0 x34 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5ae y2abd w169 hc8\"><div class=\"t m0 x37 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5b0 y2abd w427 hc8\"><div class=\"t m0 x55 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2abe w426 hc8\"><div class=\"t m0 x39 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">3.1 Obbligazion<span class=\"_ _1\"></span>i  </div></td><td></td><td class=\"c x5a4 y2abe w2b1 hc8\"><div class=\"t m0 x34 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5a6 y2abe w169 hc8\"><div class=\"t m0 x37 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5ac y2abe w2bb hc8\"><div class=\"t m0 x34 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5ad y2abe w12d hc8\"><div class=\"t m0 x37 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5af y2abe w2be hc8\"><div class=\"t m0 x37 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x5a5 y2abe w2bb hc8\"><div class=\"t m0 x34 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x4e8 y2abe w12d hc8\"><div class=\"t m0 x34 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x598 y2abe w2bb hc8\"><div class=\"t m0 x34 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5ae y2abe w169 hc8\"><div class=\"t m0 x37 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5b0 y2abe w427 hc8\"><div class=\"t m0 x55 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2abf w426 hc8\"><div class=\"t m0 x3a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">3.1.1 Strutturate<span class=\"_ _1\"></span>  </div></td><td></td><td class=\"c x5a4 y2abf w2b1 hc8\"><div class=\"t m0 x34 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5a6 y2abf w169 hc8\"><div class=\"t m0 x37 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5ac y2abf w2bb hc8\"><div class=\"t m0 x34 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5ad y2abf w12d hc8\"><div class=\"t m0 x37 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5af y2abf w2be hc8\"><div class=\"t m0 x37 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x5a5 y2abf w2bb hc8\"><div class=\"t m0 x34 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x4e8 y2abf w12d hc8\"><div class=\"t m0 x34 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x598 y2abf w2bb hc8\"><div class=\"t m0 x34 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5ae y2abf w169 hc8\"><div class=\"t m0 x37 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5b0 y2abf w427 hc8\"><div class=\"t m0 x55 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td></tr><tr><td class=\"c x5b1 y2ac0 wbc1 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">3.1.2 Altre<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x5a4 y2ac1 w2b1 hbb\"><div class=\"t m0 x34 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5a6 y2ac1 w169 hbb\"><div class=\"t m0 x37 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5ac y2ac1 w2bb hbb\"><div class=\"t m0 x34 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5ad y2ac1 w12d hbb\"><div class=\"t m0 x37 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5af y2ac1 w2be hbb\"><div class=\"t m0 x37 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x5a5 y2ac1 w2bb hbb\"><div class=\"t m0 x34 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x4e8 y2ac1 w12d hbb\"><div class=\"t m0 x34 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x598 y2ac1 w2bb hbb\"><div class=\"t m0 x34 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5ae y2ac1 w169 hbb\"><div class=\"t m0 x37 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5b0 y2ac1 w427 hbb\"><div class=\"t m0 x55 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td></tr><tr><td class=\"c x5b1 y2ac2 wbc2 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">obbligazioni<span class=\"_ _df\"> </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=\"c x44e y2ac3 w426 hc8\"><div class=\"t m0 x39 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">3.2 Altri titoli </div></td><td></td><td class=\"c x5a4 y2ac3 w2b1 hc8\"><div class=\"t m0 x34 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5a6 y2ac3 w169 hc8\"><div class=\"t m0 x37 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5ac y2ac3 w2bb hc8\"><div class=\"t m0 x34 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5ad y2ac3 w12d hc8\"><div class=\"t m0 x37 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5af y2ac3 w2be hc8\"><div class=\"t m0 x37 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x5a5 y2ac3 w2bb hc8\"><div class=\"t m0 x34 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x4e8 y2ac3 w12d hc8\"><div class=\"t m0 x34 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x598 y2ac3 w2bb hc8\"><div class=\"t m0 x34 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5ae y2ac3 w169 hc8\"><div class=\"t m0 x37 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5b0 y2ac3 w427 hc8\"><div class=\"t m0 x55 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2ac4 w426 hc8\"><div class=\"t m0 x3a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">3.2.1 Struttura<span class=\"_ _1\"></span>ti  </div></td><td></td><td class=\"c x5a4 y2ac4 w2b1 hc8\"><div class=\"t m0 x34 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5a6 y2ac4 w169 hc8\"><div class=\"t m0 x37 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5ac y2ac4 w2bb hc8\"><div class=\"t m0 x34 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5ad y2ac4 w12d hc8\"><div class=\"t m0 x37 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5af y2ac4 w2be hc8\"><div class=\"t m0 x37 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x5a5 y2ac4 w2bb hc8\"><div class=\"t m0 x34 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x4e8 y2ac4 w12d hc8\"><div class=\"t m0 x34 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x598 y2ac4 w2bb hc8\"><div class=\"t m0 x34 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5ae y2ac4 w169 hc8\"><div class=\"t m0 x37 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5b0 y2ac4 w427 hc8\"><div class=\"t m0 x55 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td></tr><tr><td class=\"c x44e y2ac5 w426 hc8\"><div class=\"t m0 x3a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">3.2.2 Altri </div></td><td></td><td class=\"c x5a4 y2ac5 w2b1 hc8\"><div class=\"t m0 x34 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5a6 y2ac5 w169 hc8\"><div class=\"t m0 x37 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5ac y2ac5 w2bb hc8\"><div class=\"t m0 x34 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5ad y2ac5 w12d hc8\"><div class=\"t m0 x37 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5af y2ac5 w2be hc8\"><div class=\"t m0 x37 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x5a5 y2ac5 w2bb hc8\"><div class=\"t m0 x34 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x4e8 y2ac5 w12d hc8\"><div class=\"t m0 x34 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x598 y2ac5 w2bb hc8\"><div class=\"t m0 x34 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5ae y2ac5 w169 hc8\"><div class=\"t m0 x37 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5b0 y2ac5 w427 hc8\"><div class=\"t m0 x55 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td></tr><tr><td class=\"c x44e y2ac6 w426 hc8\"><div class=\"t m0 xe5 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale (A<span class=\"_ _f\"></span>) </div></td><td></td><td class=\"c x5a4 y2ac6 w2b1 hc8\"><div class=\"t m0 x32 h1f ye4c ff4 fs7 fc1 sc2 ls2a ws0\">28<span class=\"ls0\"> </span></div></td><td class=\"c x5a6 y2ac6 w169 hc8\"><div class=\"t m0 x35 h1f ye4c ff4 fs7 fc1 sc2 ls2a ws0\">29<span class=\"ls0\"> </span></div></td><td class=\"c x5ac y2ac6 w2bb hc8\"><div class=\"t m0 x34 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td><td class=\"c x5ad y2ac6 w12d hc8\"><div class=\"t m0 x37 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td><td class=\"c x5af y2ac6 w2be hc8\"><div class=\"t m0 x35 h1f ye4c ff4 fs7 fc1 sc2 ls2a ws0\">29<span class=\"ls0\"> </span></div></td><td></td><td class=\"c x5a5 y2ac6 w2bb hc8\"><div class=\"t m0 x34 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td><td class=\"c x4e8 y2ac6 w12d hc8\"><div class=\"t m0 x34 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td><td class=\"c x598 y2ac6 w2bb hc8\"><div class=\"t m0 x34 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td><td class=\"c x5ae y2ac6 w169 hc8\"><div class=\"t m0 x37 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td><td class=\"c x5b0 y2ac6 w427 hc8\"><div class=\"t m0 x37 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2ac7 w426 hc8\"><div class=\"t m0 x10 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\"> B. St<span class=\"_ _f\"></span>rument<span class=\"_ _1\"></span>i der<span class=\"_ _f\"></span>ivati </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=\"c x44e y2ac8 w426 hc8\"><div class=\"t m0 x2f h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">1. Derivati finanz<span class=\"_ _1\"></span>iari </div></td><td class=\"c x5a4 y2ac8 w2b1 hc8\"><div class=\"t m0 x55 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x5a6 y2ac8 w169 hc8\"><div class=\"t m0 x37 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5ac y2ac8 w2bb hc8\"><div class=\"t m0 x16a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">13.881 </div></td><td class=\"c x5ad y2ac8 w12d hc8\"><div class=\"t m0 x37 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5af y2ac8 w2be hc8\"><div class=\"t m0 x37 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5a5 y2ac8 w2bb hc8\"><div class=\"t m0 x55 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x4e8 y2ac8 w12d hc8\"><div class=\"t m0 x34 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x598 y2ac8 w2bb hc8\"><div class=\"t m0 x8e h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">14.463 </div></td><td class=\"c x5ae y2ac8 w169 hc8\"><div class=\"t m0 x37 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5b0 y2ac8 w427 hc8\"><div class=\"t m0 x55 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2ac9 w426 hc8\"><div class=\"t m0 x39 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">1.1 Di negoziazione<span class=\"_ _f\"></span> </div></td><td class=\"c x5a4 y2ac9 w2b1 hc8\"><div class=\"t m0 x55 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td></td><td class=\"c x5a6 y2ac9 w169 hc8\"><div class=\"t m0 x37 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5ac y2ac9 w2bb hc8\"><div class=\"t m0 x16a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">13.881 </div></td><td class=\"c x5ad y2ac9 w12d hc8\"><div class=\"t m0 x37 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5af y2ac9 w2be hc8\"><div class=\"t m0 x55 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x5a5 y2ac9 w2bb hc8\"><div class=\"t m0 x55 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td></td><td class=\"c x4e8 y2ac9 w12d hc8\"><div class=\"t m0 x34 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x598 y2ac9 w2bb hc8\"><div class=\"t m0 x8e h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">14.463 </div></td><td class=\"c x5ae y2ac9 w169 hc8\"><div class=\"t m0 x37 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5b0 y2ac9 w427 hc8\"><div class=\"t m0 x55 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td></tr><tr><td class=\"c x44e y2aca w426 h58\"><div class=\"t m0 x39 h1f y15 ff4 fs7 fc1 sc0 ls0 ws0\">1.2 Connessi c<span class=\"_ _1\"></span>on la fair </div><div class=\"t m0 x39 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">value option<span class=\"_ _1\"></span> </div></td><td class=\"c x5a4 y2aca w2b1 h58\"><div class=\"t m0 x55 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td></td><td class=\"c x5a6 y2aca w169 h58\"><div class=\"t m0 x37 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5ac y2aca w2bb h58\"><div class=\"t m0 x34 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5ad y2aca w12d h58\"><div class=\"t m0 x37 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5af y2aca w2be h58\"><div class=\"t m0 x55 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x5a5 y2aca w2bb h58\"><div class=\"t m0 x55 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td></td><td class=\"c x4e8 y2aca w12d h58\"><div class=\"t m0 x34 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x598 y2aca w2bb h58\"><div class=\"t m0 x34 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5ae y2aca w169 h58\"><div class=\"t m0 x37 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5b0 y2aca w427 h58\"><div class=\"t m0 x55 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td></tr><tr><td class=\"c x44e y2acb w426 hc8\"><div class=\"t m0 x39 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">1.3 Altri </div></td><td class=\"c x5a4 y2acb w2b1 hc8\"><div class=\"t m0 x55 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td></td><td class=\"c x5a6 y2acb w169 hc8\"><div class=\"t m0 x37 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5ac y2acb w2bb hc8\"><div class=\"t m0 x34 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5ad y2acb w12d hc8\"><div class=\"t m0 x37 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5af y2acb w2be hc8\"><div class=\"t m0 x55 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x5a5 y2acb w2bb hc8\"><div class=\"t m0 x55 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td></td><td class=\"c x4e8 y2acb w12d hc8\"><div class=\"t m0 x34 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x598 y2acb w2bb hc8\"><div class=\"t m0 x34 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5ae y2acb w169 hc8\"><div class=\"t m0 x37 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5b0 y2acb w427 hc8\"><div class=\"t m0 x55 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td></tr><tr><td class=\"c x44e y2acc w426 hc8\"><div class=\"t m0 x2f h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">2. Derivati creditiz<span class=\"_ _f\"></span>i </div></td><td class=\"c x5a4 y2acc w2b1 hc8\"><div class=\"t m0 x55 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x5a6 y2acc w169 hc8\"><div class=\"t m0 x37 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5ac y2acc w2bb hc8\"><div class=\"t m0 x34 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5ad y2acc w12d hc8\"><div class=\"t m0 x37 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5af y2acc w2be hc8\"><div class=\"t m0 x37 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5a5 y2acc w2bb hc8\"><div class=\"t m0 x55 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x4e8 y2acc w12d hc8\"><div class=\"t m0 x34 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x598 y2acc w2bb hc8\"><div class=\"t m0 x34 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5ae y2acc w169 hc8\"><div class=\"t m0 x37 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5b0 y2acc w427 hc8\"><div class=\"t m0 x55 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2acd w426 hc8\"><div class=\"t m0 x39 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">2.1 Di negoziazio<span class=\"_ _1\"></span>ne </div></td><td class=\"c x5a4 y2acd w2b1 hc8\"><div class=\"t m0 x55 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td></td><td class=\"c x5a6 y2acd w169 hc8\"><div class=\"t m0 x37 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5ac y2acd w2bb hc8\"><div class=\"t m0 x34 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5ad y2acd w12d hc8\"><div class=\"t m0 x37 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5af y2acd w2be hc8\"><div class=\"t m0 x55 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x5a5 y2acd w2bb hc8\"><div class=\"t m0 x55 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td></td><td class=\"c x4e8 y2acd w12d hc8\"><div class=\"t m0 x34 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x598 y2acd w2bb hc8\"><div class=\"t m0 x34 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5ae y2acd w169 hc8\"><div class=\"t m0 x37 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5b0 y2acd w427 hc8\"><div class=\"t m0 x55 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td></tr><tr><td class=\"c x44e y2613 w426 hcd\"><div class=\"t m0 x39 h1f y1736 ff4 fs7 fc1 sc0 ls0 ws0\">2.2 Connessi c<span class=\"_ _1\"></span>on la fair </div><div class=\"t m0 x39 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">value option<span class=\"_ _1\"></span> </div></td><td class=\"c x5a4 y2613 w2b1 hcd\"><div class=\"t m0 x55 h1f y2ea ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td></td><td class=\"c x5a6 y2613 w169 hcd\"><div class=\"t m0 x37 h1f y2ea ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5ac y2613 w2bb hcd\"><div class=\"t m0 x34 h1f y2ea ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5ad y2613 w12d hcd\"><div class=\"t m0 x37 h1f y2ea ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5af y2613 w2be hcd\"><div class=\"t m0 x55 h1f y2ea ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x5a5 y2613 w2bb hcd\"><div class=\"t m0 x55 h1f y2ea ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td></td><td class=\"c x4e8 y2613 w12d hcd\"><div class=\"t m0 x34 h1f y2ea ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x598 y2613 w2bb hcd\"><div class=\"t m0 x34 h1f y2ea ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5ae y2613 w169 hcd\"><div class=\"t m0 x37 h1f y2ea ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5b0 y2613 w427 hcd\"><div class=\"t m0 x55 h1f y2ea ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td></tr><tr><td class=\"c x44e y2ace w426 hc8\"><div class=\"t m0 x39 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">2.3 Altri </div></td><td class=\"c x5a4 y2ace w2b1 hc8\"><div class=\"t m0 x55 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td></td><td class=\"c x5a6 y2ace w169 hc8\"><div class=\"t m0 x37 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5ac y2ace w2bb hc8\"><div class=\"t m0 x34 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5ad y2ace w12d hc8\"><div class=\"t m0 x37 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5af y2ace w2be hc8\"><div class=\"t m0 x55 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x5a5 y2ace w2bb hc8\"><div class=\"t m0 x55 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td></td><td class=\"c x4e8 y2ace w12d hc8\"><div class=\"t m0 x34 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x598 y2ace w2bb hc8\"><div class=\"t m0 x34 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5ae y2ace w169 hc8\"><div class=\"t m0 x37 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5b0 y2ace w427 hc8\"><div class=\"t m0 x55 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td></tr><tr><td class=\"c x44e y2acf w426 hc8\"><div class=\"t m0 xc h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale B<span class=\"_ _1\"></span> </div></td><td class=\"c x5a4 y2acf w2b1 hc8\"><div class=\"t m0 x55 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">X </div></td><td></td><td class=\"c x5a6 y2acf w169 hc8\"><div class=\"t m0 x37 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td><td class=\"c x5ac y2acf w2bb hc8\"><div class=\"t m0 x16a h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">13.8<span class=\"_ _1\"></span>81 </div></td><td class=\"c x5ad y2acf w12d hc8\"><div class=\"t m0 x37 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td><td class=\"c x5af y2acf w2be hc8\"><div class=\"t m0 x55 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">X </div></td><td class=\"c x5a5 y2acf w2bb hc8\"><div class=\"t m0 x55 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">X </div></td><td></td><td class=\"c x4e8 y2acf w12d hc8\"><div class=\"t m0 x34 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td><td class=\"c x598 y2acf w2bb hc8\"><div class=\"t m0 x2f h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">14.46<span class=\"_ _f\"></span>3 </div></td><td class=\"c x5ae y2acf w169 hc8\"><div class=\"t m0 x37 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td><td class=\"c x5b0 y2acf w427 hc8\"><div class=\"t m0 x55 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">X </div></td></tr><tr><td class=\"c x44e y2ad0 w426 hc8\"><div class=\"t m0 x124 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale (A<span class=\"_ _f\"></span>+B) </div></td><td class=\"c x5a4 y2ad0 w2b1 hc8\"><div class=\"t m0 x55 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">X </div></td><td></td><td class=\"c x5a6 y2ad0 w169 hc8\"><div class=\"t m0 x35 h1f y28b ff4 fs7 fc1 sc2 ls2a ws0\">29<span class=\"ls0\"> </span></div></td><td class=\"c x5ac y2ad0 w2bb hc8\"><div class=\"t m0 x16a h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">13.8<span class=\"_ _1\"></span>81 </div></td><td class=\"c x5ad y2ad0 w12d hc8\"><div class=\"t m0 x37 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td><td class=\"c x5af y2ad0 w2be hc8\"><div class=\"t m0 x55 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">X </div></td><td class=\"c x5a5 y2ad0 w2bb hc8\"><div class=\"t m0 x55 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">X </div></td><td></td><td class=\"c x4e8 y2ad0 w12d hc8\"><div class=\"t m0 x34 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td><td class=\"c x598 y2ad0 w2bb hc8\"><div class=\"t m0 x2f h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">14.46<span class=\"_ _f\"></span>3 </div></td><td class=\"c x5ae y2ad0 w169 hc8\"><div class=\"t m0 x37 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td><td class=\"c x5b0 y2ad0 w427 hc8\"><div class=\"t m0 x55 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">X </div></td></tr></table>Lege<span class=\"_ _f\"></span>nda: VN = valore nom<span class=\"_ _1\"></span>inale o nozi<span class=\"_ _1\"></span>onale  L1 = Livello 1 <span class=\"_ _1\"></span> L2 = Livello 2 <span class=\"_ _1\"></span> L3 = Livello 3 <span class=\"_ _1\"></span> Fair value*=Fair value calco<span class=\"_ _1\"></span>lato escludendo le variazioni di valore dovute<span class=\"_ _f\"></span> <span class=\"_ _2\"></span>al cambiamento del merito credit<span class=\"_ _1\"></span>izio dell'emittente rispe<span class=\"_ _f\"></span>tto<span class=\"_ _2\"></span> alla data <span class=\"_ _1\"></span>di emissione. La voce \u201cA. Passivit\u00e0 per cassa\u201d, se presente, comprend<span class=\"_ _1\"></span>e gli scoperti tecnici. 2.2 De<span class=\"_ _1\"></span>ttag<span class=\"_ _1\"></span>lio d<span class=\"_ _1\"></span>elle \u201c<span class=\"_ _1\"></span>Pass<span class=\"_ _1\"></span>ivit\u00e0<span class=\"_ _f\"></span> finanziar<span class=\"_ _1\"></span>ie di <span class=\"_ _f\"></span>negozia<span class=\"_ _1\"></span>zione\u201d<span class=\"_ _1\"></span>: pas<span class=\"_ _f\"></span>sivit\u00e0 s<span class=\"_ _1\"></span>ubord<span class=\"_ _1\"></span>inate<span class=\"_ _1\"></span> <span class=\"ff4\"> </span>2.3 D<span class=\"_ _f\"></span>ettaglio<span class=\"_ _1\"></span> delle<span class=\"_ _1\"></span> \u201cPa<span class=\"_ _1\"></span>ssivi<span class=\"_ _1\"></span>t\u00e0 fina<span class=\"_ _1\"></span>nziari<span class=\"_ _1\"></span>e di <span class=\"_ _1\"></span>negozia<span class=\"_ _f\"></span>zione\u201d:<span class=\"_ _1\"></span> debit<span class=\"_ _1\"></span>i st<span class=\"_ _f\"></span>ruttura<span class=\"_ _1\"></span>ti<span class=\"ff4\"> </span>Non <span class=\"_ _4\"> </span>esistono, <span class=\"_ _4\"> </span>alla <span class=\"_ _4\"> </span>da<span class=\"_ _f\"></span>t<span class=\"_ _2\"></span>a <span class=\"_ _4\"> </span>del  bilancio, <span class=\"_ _4\"> </span>n\u00e9 <span class=\"_ _4\"> </span>al <span class=\"_ _22\"> </span>31<span class=\"_ _2\"></span> <span class=\"_ _4\"> </span>dice<span class=\"_ _1\"></span>mbre <span class=\"_ _4\"> </span>2024, <span class=\"_ _4\"> </span>passivit\u00e0 <span class=\"_ _4\"> </span>subordinate <span class=\"_ _4\"> </span>e <span class=\"_ _22\"> </span>debiti strutturati.<span class=\"_ _df\"> </span>Sezi<span class=\"_ _f\"></span>one 4<span class=\"_ _1\"></span> <span class=\"ff5\">\u2013</span> D<span class=\"_ _f\"></span>erivati<span class=\"_ _f\"></span> di co<span class=\"_ _f\"></span>pertur<span class=\"_ _f\"></span>a <span class=\"ff5\">\u2013</span> Vo<span class=\"_ _f\"></span>ce 40<span class=\"_ _df\"> </span>4.1 De<span class=\"_ _1\"></span>rivat<span class=\"_ _f\"></span>i di cope<span class=\"_ _1\"></span>rtura<span class=\"_ _f\"></span>: compos<span class=\"_ _f\"></span>izione p<span class=\"_ _1\"></span>er ti<span class=\"_ _1\"></span>polog<span class=\"_ _1\"></span>ia d<span class=\"_ _1\"></span>i cope<span class=\"_ _1\"></span>rtura<span class=\"_ _f\"></span> e per l<span class=\"_ _1\"></span>ivelli<table class=\"s wbc6 h4fb\" id=\"_e900e6a7-d8eb-4bf1-835d-b2916d14c242\"><tr><td></td><td></td><td></td><td class=\"c x5bf y2ae9 w251 hbc\"><div class=\"t m0 xe h1f y66c ff4 fs7 fc4 sc3 ls0 ws0\">Fair<span class=\"_ _f\"></span> value </div></td><td></td><td class=\"c x5c0 y2ae9 w1df hbc\"><div class=\"t m0 x130 h1f y66c ff4 fs7 fc4 sc3 ls6c ws0\">VN<span class=\"ls0\"> </span></div></td><td></td><td class=\"c x5c1 y2ae9 w434 hbc\"><div class=\"t m0 xe h1f y66c ff4 fs7 fc4 sc3 ls0 ws0\">Fair<span class=\"_ _f\"></span> value </div></td><td></td><td class=\"c x5c2 y2ae9 w435 hbc\"><div class=\"t m0 x39 h1f y66c ff4 fs7 fc4 sc3 ls6c ws0\">VN<span class=\"ls0\"> </span></div></td></tr><tr><td></td><td></td><td class=\"c x5bf y2aea w149 h13\"><div class=\"t m0 x130 h1f y392 ff4 fs7 fc4 sc3 lsc7 ws0\">L1<span class=\"ls0\"> </span></div></td><td class=\"c x590 y2aea w177 h13\"><div class=\"t m0 x130 h1f y392 ff4 fs7 fc4 sc3 lsc7 ws0\">L2<span class=\"ls0\"> </span></div></td><td class=\"c x58a y2aea w195 h13\"><div class=\"t m0 x14 h1f y392 ff4 fs7 fc4 sc3 lsc7 ws0\">L3<span class=\"ls0\"> </span></div></td><td class=\"c x5c0 y2aea w162 h13\"><div class=\"t m0 x10 h1f y392 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/<span class=\"_ _f\"></span>2025 </div></td><td class=\"c x5c3 y2aea w179 h13\"><div class=\"t m0 x39 h1f y392 ff4 fs7 fc4 sc3 lsc7 ws0\">L1<span class=\"ls0\"> </span></div></td><td class=\"c x5c4 y2aea w436 h13\"><div class=\"t m0 x130 h1f y392 ff4 fs7 fc4 sc3 lsc7 ws0\">L2<span class=\"ls0\"> </span></div></td><td class=\"c x5c5 y2aea w1a9 h13\"><div class=\"t m0 x14 h1f y392 ff4 fs7 fc4 sc3 lsc7 ws0\">L3<span class=\"ls0\"> </span></div></td><td class=\"c x5c6 y2aea w437 h13\"><div class=\"t m0 x10 h1f y392 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/<span class=\"_ _f\"></span>2024 </div></td></tr><tr><td class=\"c x44e y2aeb w438 h131\"><div class=\"t m0 x10 h1f y3e4 ff4 fs7 fc1 sc2 ls0 ws0\">A. D<span class=\"_ _1\"></span>eriv<span class=\"_ _1\"></span>ati fi<span class=\"_ _1\"></span>nan<span class=\"_ _1\"></span>ziari </div></td><td></td><td class=\"c x5bf y2aeb w1dc h131\"><div class=\"t m0 x15 h1f y3e4 ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td><td class=\"c x590 y2aeb w111 h131\"><div class=\"t m0 x16a h1f y3e4 ff4 fs7 fc1 sc2 ls0 ws0\">482.2<span class=\"_ _f\"></span>49 </div></td><td class=\"c x58a y2aeb w130 h131\"><div class=\"t m0 x96 h1f y3e4 ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td><td class=\"c x5c0 y2aeb w183 h131\"><div class=\"t m0 xac h1f y3e4 ff4 fs7 fc1 sc2 ls0 ws0\">14.411.<span class=\"_ _f\"></span>429 </div></td><td class=\"c x5c1 y2aeb w179 h131\"><div class=\"t m0 x15 h1f y3e4 ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td><td class=\"c x5c4 y2aeb w10e h131\"><div class=\"t m0 x2e h1f y3e4 ff4 fs7 fc1 sc2 ls0 ws0\">731.7<span class=\"_ _f\"></span>78 </div></td><td class=\"c x5c5 y2aeb w1a9 h131\"><div class=\"t m0 x96 h1f y3e4 ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td><td class=\"c x5c2 y2aeb w2b2 h131\"><div class=\"t m0 x10 h1f y3e4 ff4 fs7 fc1 sc2 ls0 ws0\">16.6<span class=\"_ _1\"></span>43.9<span class=\"_ _f\"></span>08 </div></td></tr><tr><td class=\"c x44e y2aec w438 h131\"><div class=\"t m0 x2f h1f y74a ff4 fs7 fc1 sc0 ls0 ws0\">1) Fair value </div></td><td></td><td class=\"c x5bf y2aec w1dc h131\"><div class=\"t m0 x15 h1f y74a ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x590 y2aec w111 h131\"><div class=\"t m0 x116 h1f y74a ff4 fs7 fc1 sc0 ls0 ws0\">458.519 </div></td><td class=\"c x58a y2aec w130 h131\"><div class=\"t m0 x96 h1f y74a ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5c0 y2aec w183 h131\"><div class=\"t m0 x8a h1f y74a ff4 fs7 fc1 sc0 ls0 ws0\">13.616.662 </div></td><td class=\"c x5c1 y2aec w179 h131\"><div class=\"t m0 x15 h1f y74a ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5c4 y2aec w10e h131\"><div class=\"t m0 x116 h1f y74a ff4 fs7 fc1 sc0 ls0 ws0\">696.196 </div></td><td class=\"c x5c5 y2aec w1a9 h131\"><div class=\"t m0 x96 h1f y74a ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5c2 y2aec w2b2 h131\"><div class=\"t m0 xab h1f y74a ff4 fs7 fc1 sc0 ls0 ws0\">15.719.504 </div></td></tr><tr><td class=\"c x44e y2aed w438 h131\"><div class=\"t m0 x2f h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">2) Flussi finanz<span class=\"_ _1\"></span>iari </div></td><td></td><td class=\"c x5bf y2aed w1dc h131\"><div class=\"t m0 x15 h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x590 y2aed w111 h131\"><div class=\"t m0 x55 h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">23.730 </div></td><td class=\"c x58a y2aed w130 h131\"><div class=\"t m0 x96 h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5c0 y2aed w183 h131\"><div class=\"t m0 x2e h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">794.767 </div></td><td class=\"c x5c1 y2aed w179 h131\"><div class=\"t m0 x15 h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5c4 y2aed w10e h131\"><div class=\"t m0 x55 h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">35.582 </div></td><td class=\"c x5c5 y2aed w1a9 h131\"><div class=\"t m0 x96 h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5c2 y2aed w2b2 h131\"><div class=\"t m0 x2a h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">924.404 </div></td></tr><tr><td class=\"c x44e y2aee w438 h131\"><div class=\"t m0 x2f h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">3) Investimenti es<span class=\"_ _f\"></span>t<span class=\"_ _2\"></span>eri </div></td><td></td><td class=\"c x5bf y2aee w1dc h131\"><div class=\"t m0 x15 h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x590 y2aee w111 h131\"><div class=\"t m0 x36 h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x58a y2aee w130 h131\"><div class=\"t m0 x96 h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5c0 y2aee w183 h131\"><div class=\"t m0 x8f h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5c1 y2aee w179 h131\"><div class=\"t m0 x15 h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5c4 y2aee w10e h131\"><div class=\"t m0 x36 h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5c5 y2aee w1a9 h131\"><div class=\"t m0 x96 h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5c2 y2aee w2b2 h131\"><div class=\"t m0 x13 h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2aef w438 h131\"><div class=\"t m0 x10 h1f y3e4 ff4 fs7 fc1 sc2 ls0 ws0\">B. Der<span class=\"_ _f\"></span>ivati cr<span class=\"_ _f\"></span>editizi </div></td><td></td><td class=\"c x5bf y2aef w1dc h131\"><div class=\"t m0 x15 h1f y3e4 ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td><td class=\"c x590 y2aef w111 h131\"><div class=\"t m0 x36 h1f y3e4 ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td><td class=\"c x58a y2aef w130 h131\"><div class=\"t m0 x96 h1f y3e4 ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td><td class=\"c x5c0 y2aef w183 h131\"><div class=\"t m0 x8f h1f y3e4 ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td><td class=\"c x5c1 y2aef w179 h131\"><div class=\"t m0 x15 h1f y3e4 ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td><td class=\"c x5c4 y2aef w10e h131\"><div class=\"t m0 x36 h1f y3e4 ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td><td class=\"c x5c5 y2aef w1a9 h131\"><div class=\"t m0 x96 h1f y3e4 ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td><td class=\"c x5c2 y2aef w2b2 h131\"><div class=\"t m0 x13 h1f y3e4 ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2af0 w438 h131\"><div class=\"t m0 x2f h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">1) Fair value </div></td><td></td><td class=\"c x5bf y2af0 w1dc h131\"><div class=\"t m0 x15 h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x590 y2af0 w111 h131\"><div class=\"t m0 x36 h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x58a y2af0 w130 h131\"><div class=\"t m0 x96 h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5c0 y2af0 w183 h131\"><div class=\"t m0 x8f h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5c1 y2af0 w179 h131\"><div class=\"t m0 x15 h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5c4 y2af0 w10e h131\"><div class=\"t m0 x36 h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5c5 y2af0 w1a9 h131\"><div class=\"t m0 x96 h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5c2 y2af0 w2b2 h131\"><div class=\"t m0 x13 h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2af1 w438 h131\"><div class=\"t m0 x2f h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">2) Flussi finanz<span class=\"_ _1\"></span>iari </div></td><td></td><td class=\"c x5bf y2af1 w1dc h131\"><div class=\"t m0 x15 h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x590 y2af1 w111 h131\"><div class=\"t m0 x36 h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x58a y2af1 w130 h131\"><div class=\"t m0 x96 h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5c0 y2af1 w183 h131\"><div class=\"t m0 x8f h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5c1 y2af1 w179 h131\"><div class=\"t m0 x15 h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5c4 y2af1 w10e h131\"><div class=\"t m0 x36 h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5c5 y2af1 w1a9 h131\"><div class=\"t m0 x96 h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5c2 y2af1 w2b2 h131\"><div class=\"t m0 x13 h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td></td><td class=\"c x44e y2af2 w438 h13\"><div class=\"t m0 x171 h1f y392 ff4 fs7 fc1 sc2 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale </div></td><td class=\"c x5bf y2af2 w1dc h13\"><div class=\"t m0 x15 h1f y392 ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td><td class=\"c x590 y2af2 w111 h13\"><div class=\"t m0 x16a h1f y392 ff4 fs7 fc1 sc2 ls0 ws0\">482.2<span class=\"_ _f\"></span>49 </div></td><td class=\"c x58a y2af2 w130 h13\"><div class=\"t m0 x96 h1f y392 ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td><td class=\"c x5c0 y2af2 w183 h13\"><div class=\"t m0 xac h1f y392 ff4 fs7 fc1 sc2 ls0 ws0\">14.411.<span class=\"_ _f\"></span>429 </div></td><td class=\"c x5c1 y2af2 w179 h13\"><div class=\"t m0 x15 h1f y392 ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td><td class=\"c x5c4 y2af2 w10e h13\"><div class=\"t m0 x2e h1f y392 ff4 fs7 fc1 sc2 ls0 ws0\">731.7<span class=\"_ _f\"></span>78 </div></td><td class=\"c x5c5 y2af2 w1a9 h13\"><div class=\"t m0 x96 h1f y392 ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td><td class=\"c x5c2 y2af2 w2b2 h13\"><div class=\"t m0 x10 h1f y392 ff4 fs7 fc1 sc2 ls0 ws0\">16.6<span class=\"_ _1\"></span>43.9<span class=\"_ _f\"></span>08 </div></td></tr></table>Lege<span class=\"_ _f\"></span>nda:<span class=\"_ _df\"> </span>VN= Valore nominale o nozionale<span class=\"_ _df\"> </span>L1= Livello 1<span class=\"_ _df\"> </span>L2= Livello 2<span class=\"_ _df\"> </span>L3= Livello 3<span class=\"_ _df\"> </span><div class=\"c w37c h4d gsc99\"><div class=\"t m0 x8a h5 y66c ff4 fs1 fc4 sc3 ls0 ws0\">4.2 D<span class=\"_ _1\"></span>eriva<span class=\"_ _1\"></span>ti di<span class=\"_ _1\"></span> cope<span class=\"_ _1\"></span>rtura<span class=\"_ _f\"></span>: compos<span class=\"_ _f\"></span>izione per<span class=\"_ _1\"></span> port<span class=\"_ _f\"></span>afogli co<span class=\"_ _1\"></span>perti<span class=\"_ _1\"></span> e pe<span class=\"_ _f\"></span>r tipolog<span class=\"_ _1\"></span>ie di <span class=\"_ _1\"></span>coper<span class=\"_ _1\"></span>tura<span class=\"fc1 sc0\"> </span></div></div><div class=\"gsc9a\"><table class=\"s wbc7 h4fc\" id=\"_8f320cca-ae47-4535-b12b-66448a576677\"><tr><td></td><td></td><td></td><td></td><td class=\"c x5c7 y2af3 w43c h49\"><div class=\"t m0 x92 h1f y25c ff4 fs7 fc4 sc3 ls0 ws0\">Fair<span class=\"_ _f\"></span> Value<span class=\"fc1 sc0\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td class=\"c x5c8 y2af3 w56 h49\"><div class=\"t m0 xac h1f y25c ff4 fs7 fc4 sc3 ls0 ws0\">Flus<span class=\"_ _1\"></span>si fin<span class=\"_ _f\"></span>anziari<span class=\"_ _1\"></span><span class=\"fc1 sc0\"> </span></div></td><td></td><td></td><td></td></tr><tr><td class=\"c x36e y2af4 wbc8 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">Oper<span class=\"_ _f\"></span>azioni/T<span class=\"_ _f\"></span>ipo di<span class=\"_ _df\"> </span></div></td><td></td><td></td><td class=\"c x5c7 y2af5 w43d h49\"><div class=\"t m0 x1b1 h1f y25c ff4 fs7 fc4 sc3 ls0 ws0\">Specif<span class=\"_ _f\"></span>ica<span class=\"fc1 sc0\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td class=\"c x5c9 y2af4 wa16 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">Inv<span class=\"_ _1\"></span>estim<span class=\"_ _1\"></span>.<span class=\"_ _df\"> </span></div></td></tr><tr><td class=\"c x5ca y2af6 wbc9 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">cope<span class=\"_ _1\"></span>rtur<span class=\"_ _1\"></span>a<span class=\"_ _df\"> </span></div></td><td class=\"c x5cb y2af7 wa17 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">titoli<span class=\"_ _1\"></span> di<span class=\"_ _df\"> </span></div></td><td class=\"c x5cc y2af7 wa18 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">titol<span class=\"_ _1\"></span>i di<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td class=\"c x5cd y2af6 wa19 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">este<span class=\"_ _1\"></span>ri<span class=\"_ _df\"> </span></div></td></tr><tr><td></td><td class=\"c x5ce y2af8 wa1a h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">debi<span class=\"_ _1\"></span>to e<span class=\"_ _df\"> </span></div></td><td class=\"c x5cf y2af8 wa1b h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">capit<span class=\"_ _f\"></span>ale<span class=\"_ _df\"> </span></div></td><td class=\"c x5d0 y2af8 wa1c h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">val<span class=\"_ _1\"></span>ute<span class=\"_ _df\"> </span></div></td><td class=\"c x5d1 y2af9 w1db h28c\"><div class=\"t m0 xab h1f ye47 ff4 fs7 fc4 sc3 ls0 ws0\">credit<span class=\"_ _f\"></span>o<span class=\"fc1 sc0\"> </span></div></td><td class=\"c x5d2 y2af9 w16d h28c\"><div class=\"t m0 xac h1f ye47 ff4 fs7 fc4 sc3 ls0 ws0\">mer<span class=\"_ _1\"></span>ci<span class=\"fc1 sc0\"> </span></div></td><td class=\"c x5d3 y2af9 w1d7 h28c\"><div class=\"t m0 x8e h1f ye47 ff4 fs7 fc4 sc3 ls0 ws0\">altri<span class=\"_ _f\"></span><span class=\"fc1 sc0\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td></td><td class=\"c x5d4 y2afa wa1d h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">tass<span class=\"_ _1\"></span>i di<span class=\"_ _df\"> </span></div></td><td class=\"c x5cc y2afa wa1e h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">e indi<span class=\"_ _1\"></span>ci<span class=\"_ _df\"> </span></div></td><td class=\"c x5d5 y2afa wa1f h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">e oro<span class=\"_ _df\"> </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></td><td class=\"c x5d6 y2afb wa21 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">inter<span class=\"_ _1\"></span>esse<span class=\"_ _df\"> </span></div></td><td class=\"c x5cf y2afb wa22 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">azio<span class=\"_ _1\"></span>nari<span class=\"_ _df\"> </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=\"c x262 y265f wbca h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc1 sc0 ls0 ws0\">1. Attivit\u00e0 finanz<span class=\"_ _1\"></span>iarie<span class=\"_ _df\"> </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></tr><tr><td class=\"c x262 y2afc wbcb h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc1 sc0 ls0 ws0\">valutate al fair va<span class=\"_ _1\"></span>lue<span class=\"_ _df\"> </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></tr><tr><td class=\"c x262 y2afd wbcc h4d6\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">con impatto sul<span class=\"_ _1\"></span>la<span class=\"_ _df\"> </span></div></td><td class=\"c x5c7 y2afe w35b h28d\"><div class=\"t m0 x55 h1f y474 ff4 fs7 fc1 sc0 ls0 ws0\">15.653 </div></td><td class=\"c x5d7 y2afe w182 h28d\"><div class=\"t m0 x38 h1f y474 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5d8 y2afe w317 h28d\"><div class=\"t m0 x34 h1f y474 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5d1 y2afe w1d4 h28d\"><div class=\"t m0 x97 h1f y474 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5d2 y2afe w161 h28d\"><div class=\"t m0 x55 h1f y474 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x5d3 y2afe w39b h28d\"><div class=\"t m0 x2e h1f y474 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td></td><td class=\"c x5d9 y2afe w1a3 h28d\"><div class=\"t m0 x130 h1f y474 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x5c8 y2afe w19e h28d\"><div class=\"t m0 x32 h1f y474 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5da y2afe w1e3 h28d\"><div class=\"t m0 x130 h1f y474 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td></td><td></td><td class=\"c x50e y2afe w43a h28d\"><div class=\"t m0 x14 h1f y474 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td></tr><tr><td class=\"c x262 y2aff wbcd h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">redditivit\u00e0<span class=\"_ _df\"> </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></tr><tr><td class=\"c x262 y2b00 w902 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">complessiva<span class=\"_ _df\"> </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></tr><tr><td class=\"c x262 y2b01 wbce h4b7\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">2. Attivit\u00e0 finanz<span class=\"_ _1\"></span>iarie<span class=\"_ _df\"> </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></tr><tr><td class=\"c x262 y2b02 wbcf h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">valutate al c<span class=\"_ _1\"></span>osto<span class=\"_ _df\"> </span></div></td><td class=\"c x5c7 y2b03 w35b h89\"><div class=\"t m0 x8e h1f y41f ff4 fs7 fc1 sc0 ls0 ws0\">228.805 </div></td><td class=\"c x5d7 y2b03 w182 h89\"><div class=\"t m0 x39 h1f y41f ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x5d8 y2b03 w317 h89\"><div class=\"t m0 x34 h1f y41f ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5d1 y2b03 w1d4 h89\"><div class=\"t m0 x97 h1f y41f ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5d2 y2b03 w161 h89\"><div class=\"t m0 x55 h1f y41f ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x5d3 y2b03 w39b h89\"><div class=\"t m0 x2e h1f y41f ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td></td><td class=\"c x5d9 y2b03 w1a3 h89\"><div class=\"t m0 x130 h1f y41f ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x5c8 y2b03 w19e h89\"><div class=\"t m0 x32 h1f y41f ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5da y2b03 w1e3 h89\"><div class=\"t m0 x130 h1f y41f ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td></td><td></td><td class=\"c x50e y2b03 w43a h89\"><div class=\"t m0 x14 h1f y41f ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td></tr><tr><td class=\"c x262 y2b04 w988 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">ammortizzato<span class=\"_ _df\"> </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></tr><tr><td class=\"c x46b y2b05 w439 h4d\"><div class=\"t m0 x8a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">3. Portafoglio  </div></td><td class=\"c x5c7 y2b05 w35b h4d\"><div class=\"t m0 x14 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x5d7 y2b05 w182 h4d\"><div class=\"t m0 x39 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x5d8 y2b05 w317 h4d\"><div class=\"t m0 x55 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x5d1 y2b05 w1d4 h4d\"><div class=\"t m0 x130 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x5d2 y2b05 w161 h4d\"><div class=\"t m0 x55 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x5d3 y2b05 w39b h4d\"><div class=\"t m0 x2e h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td></td><td class=\"c x5d9 y2b05 w1a3 h4d\"><div class=\"t m0 x8e h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">24.337 </div></td><td></td><td></td><td class=\"c x5c8 y2b05 w19e h4d\"><div class=\"t m0 x2a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x5da y2b05 w1e3 h4d\"><div class=\"t m0 x8e h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">23.730 </div></td><td class=\"c x50e y2b05 w43a h4d\"><div class=\"t m0 x14 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td></tr><tr><td class=\"c x46b y2b06 w439 h4d\"><div class=\"t m0 x8a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">4. Altre operazi<span class=\"_ _1\"></span>oni  </div></td><td class=\"c x5c7 y2b06 w35b h4d\"><div class=\"t m0 x15 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5d7 y2b06 w182 h4d\"><div class=\"t m0 x38 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5d8 y2b06 w317 h4d\"><div class=\"t m0 x34 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5d1 y2b06 w1d4 h4d\"><div class=\"t m0 x97 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5d2 y2b06 w161 h4d\"><div class=\"t m0 x26 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x5d3 y2b06 w39b h4d\"><div class=\"t m0 x2c h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5d9 y2b06 w1a3 h4d\"><div class=\"t m0 x130 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x5c8 y2b06 w19e h4d\"><div class=\"t m0 x32 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5da y2b06 w1e3 h4d\"><div class=\"t m0 x130 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td></td><td></td><td class=\"c x50e y2b06 w43a h4d\"><div class=\"t m0 x30 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y2b07 w439 h28e\"><div class=\"t m0 x38 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale at<span class=\"_ _1\"></span>tivit<span class=\"_ _1\"></span>\u00e0 <span class=\"sc0\"> </span></div></td><td class=\"c x5c7 y2b07 w35b h28e\"><div class=\"t m0 x8e h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">244.4<span class=\"_ _f\"></span>58<span class=\"sc0\"> </span></div></td><td class=\"c x5d7 y2b07 w182 h28e\"><div class=\"t m0 x38 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x5d8 y2b07 w317 h28e\"><div class=\"t m0 x34 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x5d1 y2b07 w1d4 h28e\"><div class=\"t m0 x97 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x5d2 y2b07 w161 h28e\"><div class=\"t m0 x26 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td></td><td class=\"c x5d3 y2b07 w39b h28e\"><div class=\"t m0 x2c h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x5d9 y2b07 w1a3 h28e\"><div class=\"t m0 x8e h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">24.337<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x5c8 y2b07 w19e h28e\"><div class=\"t m0 x32 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td></td><td></td><td class=\"c x5da y2b07 w1e3 h28e\"><div class=\"t m0 x8e h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">23.73<span class=\"_ _f\"></span>0<span class=\"sc0\"> </span></div></td><td class=\"c x50e y2b07 w43a h28e\"><div class=\"t m0 x30 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x262 y2b08 wbd0 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">1. Passivit\u00e0<span class=\"_ _df\"> </span></div></td><td class=\"c x5c7 y2b09 w35b had\"><div class=\"t m0 x55 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">94.751 </div></td><td class=\"c x5d7 y2b09 w182 had\"><div class=\"t m0 x39 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x5d8 y2b09 w317 had\"><div class=\"t m0 x34 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5d1 y2b09 w1d4 had\"><div class=\"t m0 x97 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5d2 y2b09 w161 had\"><div class=\"t m0 x26 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x5d3 y2b09 w39b had\"><div class=\"t m0 x2c h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5d9 y2b09 w1a3 had\"><div class=\"t m0 x130 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x5c8 y2b09 w19e had\"><div class=\"t m0 x32 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5da y2b09 w1e3 had\"><div class=\"t m0 x130 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td></td><td></td><td class=\"c x50e y2b09 w43a had\"><div class=\"t m0 x14 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td></tr><tr><td class=\"c x262 y2b0a wa02 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">finanziarie<span class=\"_ _df\"> </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></tr><tr><td class=\"c x46b y2b0b w439 h4d\"><div class=\"t m0 x8a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">2. Portafoglio <span class=\"_ _1\"></span> </div></td><td class=\"c x5c7 y2b0b w35b h4d\"><div class=\"t m0 x14 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x5d7 y2b0b w182 h4d\"><div class=\"t m0 x39 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x5d8 y2b0b w317 h4d\"><div class=\"t m0 x55 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x5d1 y2b0b w1d4 h4d\"><div class=\"t m0 x130 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x5d2 y2b0b w161 h4d\"><div class=\"t m0 x55 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x5d3 y2b0b w39b h4d\"><div class=\"t m0 x2e h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td></td><td class=\"c x5d9 y2b0b w1a3 h4d\"><div class=\"t m0 x8e h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">94.973 </div></td><td></td><td></td><td class=\"c x5c8 y2b0b w19e h4d\"><div class=\"t m0 x2a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x5da y2b0b w1e3 h4d\"><div class=\"t m0 x37 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x50e y2b0b w43a h4d\"><div class=\"t m0 x14 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td></tr><tr><td class=\"c x46b y2b0c w439 h4d\"><div class=\"t m0 x2c h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale pa<span class=\"_ _f\"></span>ssivit\u00e0<span class=\"_ _1\"></span> <span class=\"sc0\"> </span></div></td><td class=\"c x5c7 y2b0c w35b h4d\"><div class=\"t m0 x55 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">94.7<span class=\"_ _1\"></span>51<span class=\"sc0\"> </span></div></td><td class=\"c x5d7 y2b0c w182 h4d\"><div class=\"t m0 x38 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x5d8 y2b0c w317 h4d\"><div class=\"t m0 x34 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x5d1 y2b0c w1d4 h4d\"><div class=\"t m0 x97 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x5d2 y2b0c w161 h4d\"><div class=\"t m0 x26 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td></td><td class=\"c x5d3 y2b0c w39b h4d\"><div class=\"t m0 x2c h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x5d9 y2b0c w1a3 h4d\"><div class=\"t m0 x8e h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">94.9<span class=\"_ _1\"></span>73<span class=\"sc0\"> </span></div></td><td class=\"c x5c8 y2b0c w19e h4d\"><div class=\"t m0 x32 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td></td><td></td><td class=\"c x5da y2b0c w1e3 h4d\"><div class=\"t m0 x37 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x50e y2b0c w43a h4d\"><div class=\"t m0 x30 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x46b y2b0d w439 h4e\"><div class=\"t m0 x8a h1f y71 ff4 fs7 fc1 sc0 ls0 ws0\">1. Transazioni atte<span class=\"_ _f\"></span>se  </div></td><td class=\"c x5c7 y2b0d w35b h4e\"><div class=\"t m0 x14 h1f y71 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x5d7 y2b0d w182 h4e\"><div class=\"t m0 x39 h1f y71 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x5d8 y2b0d w317 h4e\"><div class=\"t m0 x55 h1f y71 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x5d1 y2b0d w1d4 h4e\"><div class=\"t m0 x130 h1f y71 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x5d2 y2b0d w161 h4e\"><div class=\"t m0 x55 h1f y71 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x5d3 y2b0d w39b h4e\"><div class=\"t m0 x2e h1f y71 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td></td><td class=\"c x5d9 y2b0d w1a3 h4e\"><div class=\"t m0 x130 h1f y71 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x5c8 y2b0d w19e h4e\"><div class=\"t m0 x32 h1f y71 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5da y2b0d w1e3 h4e\"><div class=\"t m0 x130 h1f y71 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td></td><td></td><td class=\"c x50e y2b0d w43a h4e\"><div class=\"t m0 x14 h1f y71 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td></tr><tr><td class=\"c x262 y2b0e wbd1 h4b7\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">2. Portafoglio di<span class=\"_ _df\"> </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></tr><tr><td class=\"c x262 y2701 wbd2 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">attivit\u00e0 e pass<span class=\"_ _1\"></span>ivit\u00e0<span class=\"_ _df\"> </span></div></td><td class=\"c x5c7 y2b0f w35b h89\"><div class=\"t m0 x14 h1f y41f ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x5d7 y2b0f w182 h89\"><div class=\"t m0 x39 h1f y41f ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x5d8 y2b0f w317 h89\"><div class=\"t m0 x55 h1f y41f ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x5d1 y2b0f w1d4 h89\"><div class=\"t m0 x130 h1f y41f ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x5d2 y2b0f w161 h89\"><div class=\"t m0 x55 h1f y41f ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x5d3 y2b0f w39b h89\"><div class=\"t m0 x2e h1f y41f ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td></td><td class=\"c x5d9 y2b0f w1a3 h89\"><div class=\"t m0 x39 h1f y41f ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x5da y2b0f w1e3 h89\"><div class=\"t m0 x39 h1f y41f ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5c8 y2b0f w19e h89\"><div class=\"t m0 x2a h1f y41f ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td></td><td class=\"c x50e y2b0f w43a h89\"><div class=\"t m0 x48 h1f y41f ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x262 y2491 wa02 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">finanziarie<span class=\"_ _df\"> </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></tr></table></div><div class=\"c w1af h171 gsc9b\"><div class=\"t m4 x33 h1f y47b ff4 fs7 fc7 sc6 ls0 ws0\">Generica<span class=\"fc1 sc0\"> </span></div></div><div class=\"c w18a h171 gsc9c\"><div class=\"t m4 x14 h1f yd1f ff4 fs7 fc7 sc6 ls0 ws0\">Specifica<span class=\"fc1 sc0\"> </span></div></div><div class=\"c w321 h171 gsc9d\"><div class=\"t m4 x33 h1f y47b ff4 fs7 fc7 sc6 ls0 ws0\">Generica<span class=\"fc1 sc0\"> </span></div></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsc9e\">Si <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _d\"></span>adottata <span class=\"_ _d\"></span>la <span class=\"_ _2\"></span>meto<span class=\"_ _2\"></span>dologia <span class=\"_ _2\"></span>contabile <span class=\"_ _2\"></span>del <span class=\"_ _d\"></span>Macro <span class=\"_ _d\"></span>Fair <span class=\"_ _2\"></span>Value <span class=\"_ _d\"></span>Hedge <span class=\"_ _2\"></span>per <span class=\"_ _d\"></span>la <span class=\"_ _d\"></span>copertura <span class=\"_ _2\"></span>del <span class=\"_ _d\"></span>rischio <span class=\"_ _2\"></span>di </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsc9f\">tasso della raccolta a vista della clie<span class=\"_ _1\"></span>ntela.<span class=\"_ _2\"></span> </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gsca0\">La <span class=\"_ _0\"></span>r<span class=\"_ _2\"></span>accolta <span class=\"_ _0\"></span>a <span class=\"_ _9\"> </span>vista <span class=\"_ _0\"></span>dalla <span class=\"_ _9\"> </span>clientela <span class=\"_ _0\"></span>r<span class=\"_ _2\"></span>appresenta <span class=\"_ _0\"></span>un\u2019importante <span class=\"_ _9\"> </span>fonte <span class=\"_ _0\"></span>di <span class=\"_ _9\"> </span>funding <span class=\"_ _0\"></span>della <span class=\"_ _0\"></span>ban<span class=\"_ _2\"></span>ca. <span class=\"_ _0\"></span>Una </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsca1\">quota <span class=\"_ _14\"> </span>parte <span class=\"_ _14\"> </span>di <span class=\"_ _17\"> </span>questa <span class=\"_ _14\"> </span>r<span class=\"_ _2\"></span>accolta,<span class=\"_ _1\"></span> <span class=\"_ _14\"> </span>seppur <span class=\"_ _17\"> </span>cont<span class=\"_ _2\"></span>rattualmente <span class=\"_ _14\"> </span>a <span class=\"_ _14\"> </span>vista, <span class=\"_ _14\"> </span>presenta <span class=\"_ _14\"> </span>per\u00f2 <span class=\"_ _14\"> </span>una <span class=\"_ _17\"> </span>forte </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsca2\">persistenza <span class=\"_ _e\"> </span>nel <span class=\"_ _e\"> </span>t<span class=\"_ _2\"></span>empo <span class=\"_ _e\"> </span>ed <span class=\"_ _e\"> </span>una <span class=\"_ _10\"> </span>elasticit\u00e0 <span class=\"_ _e\"> </span>imperfetta <span class=\"_ _e\"> </span>alla <span class=\"_ _10\"> </span>variazione <span class=\"_ _e\"> </span>dei <span class=\"_ _e\"> </span>tass<span class=\"_ _2\"></span>i <span class=\"_ _e\"> </span>di <span class=\"_ _e\"> </span>mercato<span class=\"_ _2\"></span>,<span class=\"_ _f\"></span> </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gsca3\">rappresentata dal cosiddetto \u201ceffetto vischiosit\u00e0\u201d.<span class=\"ff4\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsca4\">Questo effetto \u00e8 stato stimato mediante<span class=\"_ _1\"></span> un modello di analisi che cons<span class=\"_ _2\"></span>iste in due componenti: </div><div class=\"t m0 h5 ff14 fs1 fc1 sc0 ls0 ws0 gsca5\"><span class=\"ff10\"> <span class=\"_ _2b\"> </span><span class=\"ff4\">la <span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>tima <span class=\"_ _2\"></span>della <span class=\"_ _2\"></span>relazione <span class=\"_ _2\"></span>dei <span class=\"_ _2\"></span>tassi <span class=\"_ _2\"></span>delle <span class=\"_ _2\"></span>poste <span class=\"_ _d\"></span>a <span class=\"_ _2\"></span>vista <span class=\"_ _2\"></span>con <span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>assi<span class=\"_ _1\"></span> <span class=\"_ _2\"></span>di <span class=\"_ _d\"></span>mercato <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>base <span class=\"_ _2\"></span>ad <span class=\"_ _d\"></span>un </span></span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsca6\">modello econometrico; </div><div class=\"t m0 h5 ff14 fs1 fc1 sc0 ls0 ws0 gsca7\"><span class=\"ff10\"> <span class=\"_ _2b\"> </span><span class=\"ff5\">la stima della persistenza dei volumi, attraverso la quale l\u2019ammontare delle poste a vista </span></span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsca8\">viene tradotto in un portafoglio di poste a tasso fisso a scadenza. </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsca9\">I derivati di copertura di questa tipolog<span class=\"_ _1\"></span>ia presentano un fair value negativo di 94.973 mila euro.<span class=\"_ _2\"></span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gscaa\">Sono <span class=\"_ _d\"></span>presenti <span class=\"_ _0\"></span>coperture <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>micro <span class=\"_ _0\"></span>fair <span class=\"_ _d\"></span>value <span class=\"_ _d\"></span>hedge <span class=\"_ _d\"></span>su <span class=\"_ _d\"></span>t<span class=\"_ _2\"></span>itoli <span class=\"_ _d\"></span>a <span class=\"_ _d\"></span>tasso <span class=\"_ _0\"></span>fisso <span class=\"_ _d\"></span>detenuti <span class=\"_ _d\"></span>nel <span class=\"_ _d\"></span>portafoglio </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gscab\">HTCS. </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gscac\">I derivati di questa tipologia presentano un fair value negativ<span class=\"_ _1\"></span>o di 15.653 mila euro.<span class=\"_ _2\"></span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gscad\">Sono <span class=\"_ _d\"></span>presenti <span class=\"_ _0\"></span>coperture <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>micro <span class=\"_ _0\"></span>fair <span class=\"_ _d\"></span>value <span class=\"_ _d\"></span>hedge <span class=\"_ _d\"></span>su <span class=\"_ _d\"></span>t<span class=\"_ _2\"></span>itoli <span class=\"_ _d\"></span>a <span class=\"_ _d\"></span>tasso <span class=\"_ _0\"></span>fisso <span class=\"_ _d\"></span>detenuti <span class=\"_ _d\"></span>nel <span class=\"_ _d\"></span>portafoglio </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gscae\">HTC. </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gscaf\">I derivati di questa tipologia presentano un fair value<span class=\"_ _1\"></span> negativo di 228.805<span class=\"_ _2\"></span> mila euro. </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gscb0\">Si <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _2\"></span>adottata <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>metodologi<span class=\"_ _1\"></span>a <span class=\"_ _2\"></span>contabile della <span class=\"_ _2\"></span>macro<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>fair value <span class=\"_ _2\"></span>hedge <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>copertura <span class=\"_ _2\"></span>del r<span class=\"_ _2\"></span>ischi<span class=\"_ _1\"></span>o <span class=\"_ _2\"></span>di </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gscb1\">tasso <span class=\"_ _d\"></span>associato <span class=\"_ _d\"></span>all\u2019erogazione <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>mutui <span class=\"_ _d\"></span>a <span class=\"_ _d\"></span>tasso <span class=\"_ _d\"></span>fisso<span class=\"_ _2\"></span><span class=\"ff4\">. <span class=\"_ _d\"></span></span>L\u2019applicazione<span class=\"_ _1\"></span> <span class=\"_ _d\"></span>della <span class=\"_ _d\"></span>metodologia <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>hedge </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gscb2\">accounting <span class=\"_ _4\"> </span>consente <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>rappresentare <span class=\"_ _4\"> </span>contabilm<span class=\"_ _2\"></span>ente <span class=\"_ _4\"> </span>gli <span class=\"_ _4\"> </span>effetti <span class=\"_ _4\"> </span>economici <span class=\"_ _4\"> </span>delle <span class=\"_ _4\"> </span>strategie <span class=\"_ _4\"> </span>di </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gscb3\">copertura <span class=\"_ _2\"></span>attuate. I <span class=\"_ _2\"></span>derivati di <span class=\"_ _2\"></span>copertura relativi a <span class=\"_ _2\"></span>tale <span class=\"_ _2\"></span>strategia presentano <span class=\"_ _2\"></span>un fair <span class=\"_ _2\"></span>value negativo </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gscb4\">di 24.<span class=\"ls6e\">337</span> mila euro. </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gscb5\">Sono <span class=\"_ _2\"></span>presenti <span class=\"_ _2\"></span>copert<span class=\"_ _2\"></span>ure <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>micro <span class=\"_ _d\"></span>fair <span class=\"_ _2\"></span>value <span class=\"_ _2\"></span>hedge <span class=\"_ _2\"></span>su <span class=\"_ _d\"></span>titoli <span class=\"_ _2\"></span>emessi <span class=\"_ _d\"></span>a <span class=\"_ _2\"></span>tasso <span class=\"_ _2\"></span>fiss<span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>cont<span class=\"_ _2\"></span>abilizzati <span class=\"_ _2\"></span>nei </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gscb6\">\u201ctitoli in circolazione\u201d.<span class=\"ff4\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gscb7\"> I derivati di questa tipologia presentano un fair value<span class=\"_ _1\"></span> negativo di 94.751 mila euro.<span class=\"_ _df\"> </span><span class=\"_ _2\"></span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gscb9\">Sono <span class=\"_ _9\"> </span>presenti <span class=\"_ _9\"> </span>coperture <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>macr<span class=\"_ _2\"></span>o <span class=\"_ _9\"> </span>cash <span class=\"_ _9\"> </span>flow <span class=\"_ _9\"> </span>hedge <span class=\"_ _9\"> </span>su <span class=\"_ _9\"> </span>erogazione <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>mutui <span class=\"_ _9\"> </span>a <span class=\"_ _16\"> </span>tasso <span class=\"_ _9\"> </span>variabile. <span class=\"_ _9\"> </span>I </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gscba\">derivati di copertura di questa tipologia presentano un fair value negativo di<span class=\"_ _1\"></span> 23.730 mila euro.<span class=\"_ _2\"></span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gscbb\">Si <span class=\"_ _0\"></span>rimanda <span class=\"_ _d\"></span>alla <span class=\"_ _0\"></span>Sezione <span class=\"_ _0\"></span>della <span class=\"_ _0\"></span>Parte <span class=\"_ _0\"></span>E <span class=\"_ _0\"></span>delle <span class=\"_ _d\"></span>note <span class=\"_ _0\"></span>illustrative <span class=\"_ _0\"></span>per <span class=\"_ _0\"></span>la <span class=\"_ _0\"></span>descrizione <span class=\"_ _d\"></span>delle <span class=\"_ _0\"></span>modalit\u00e0 <span class=\"_ _0\"></span>della </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gscbc\">copertura.<span class=\"_ _df\"> </span> </div>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-3": {
   "value": "3.1 At<span class=\"_ _1\"></span>tivit\u00e0<span class=\"_ _f\"></span> finanzia<span class=\"_ _1\"></span>rie va<span class=\"_ _f\"></span>lutate a<span class=\"_ _1\"></span>l fai<span class=\"_ _1\"></span>r value<span class=\"_ _1\"></span> con <span class=\"_ _1\"></span>impa<span class=\"_ _1\"></span>tto <span class=\"_ _1\"></span>sulla<span class=\"_ _f\"></span> redditivi<span class=\"_ _1\"></span>t\u00e0 com<span class=\"_ _f\"></span>plessiva<span class=\"_ _1\"></span>: com<span class=\"_ _1\"></span>posi<span class=\"_ _f\"></span>zione m<span class=\"_ _f\"></span>erceologi<span class=\"_ _1\"></span>ca <table class=\"s w999 h4a4\" id=\"_dc412a43-7dc8-447d-8882-81b1a64ab5fc\"><tr><td></td><td></td><td></td><td class=\"c x31c y2617 w2f7 h1fa\"><div class=\"t m0 x199 h1f y25f ff4 fs7 fc4 sc3 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale </div></td><td></td><td></td><td class=\"c x31d y2617 w2f8 h1fa\"><div class=\"t m0 x199 h1f y25f ff4 fs7 fc4 sc3 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale </div></td><td></td></tr><tr><td class=\"c x2e0 y2618 w2f6 h1f3\"><div class=\"t m0 x11d h1f y96d ff4 fs7 fc4 sc3 ls0 ws0\">Voci<span class=\"_ _1\"></span>/Valo<span class=\"_ _f\"></span>ri </div></td><td></td><td></td><td class=\"c x31c y2619 w2f7 h4d\"><div class=\"t m0 xe5 h1f y2ef ff4 fs7 fc4 sc3 ls0 ws0\">31/12/<span class=\"_ _f\"></span>2025 </div></td><td></td><td></td><td class=\"c x31d y2619 w2f8 h4d\"><div class=\"t m0 xe5 h1f y2ef ff4 fs7 fc4 sc3 ls0 ws0\">31/12/<span class=\"_ _f\"></span>2024 </div></td><td></td></tr><tr><td></td><td></td><td class=\"c x31c y2618 w2f9 h232\"><div class=\"t m0 x3a h1f y93e ff4 fs7 fc4 sc3 lsc7 ws0\">L1<span class=\"ls0\"> </span></div></td><td class=\"c x320 y2618 w2fa h232\"><div class=\"t m0 x2c h1f y93e ff4 fs7 fc4 sc3 lsc7 ws0\">L2<span class=\"ls0\"> </span></div></td><td class=\"c x321 y2618 w2f9 h232\"><div class=\"t m0 x2c h1f y93e ff4 fs7 fc4 sc3 lsc7 ws0\">L3<span class=\"ls0\"> </span></div></td><td class=\"c x31d y2618 w2f9 h232\"><div class=\"t m0 x3a h1f y93e ff4 fs7 fc4 sc3 lsc7 ws0\">L1<span class=\"ls0\"> </span></div></td><td class=\"c x322 y2618 w311 h232\"><div class=\"t m0 x2c h1f y93e ff4 fs7 fc4 sc3 lsc7 ws0\">L2<span class=\"ls0\"> </span></div></td><td class=\"c x323 y2618 w309 h232\"><div class=\"t m0 x2c h1f y93e ff4 fs7 fc4 sc3 lsc7 ws0\">L3<span class=\"ls0\"> </span></div></td></tr><tr><td class=\"c x2e0 y261a w2fc hc8\"><div class=\"t m0 x10 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">1. Tit<span class=\"_ _f\"></span>oli di de<span class=\"_ _f\"></span>bito </div></td><td></td><td class=\"c x30f y261a w2f9 hc8\"><div class=\"t m0 x48 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">9.609.148 </div></td><td class=\"c x320 y261a w11e hc8\"><div class=\"t m0 x30 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">49.119 </div></td><td class=\"c x321 y261a w2f9 hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x31d y261a w11f hc8\"><div class=\"t m0 x33 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">9.392.797 </div></td><td class=\"c x322 y261a w11e hc8\"><div class=\"t m0 x31 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">56.271 </div></td><td class=\"c x323 y261a w50 hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2e0 y261b w2fc hc8\"><div class=\"t m0 x2f h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">1.1 Titoli struttu<span class=\"_ _1\"></span>rati </div></td><td></td><td class=\"c x30f y261b w2f9 hc8\"><div class=\"t m0 x27 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">239.370 </div></td><td class=\"c x320 y261b w11e hc8\"><div class=\"t m0 x8f h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">1.476 </div></td><td class=\"c x321 y261b w2f9 hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x31d y261b w11f hc8\"><div class=\"t m0 x3a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">833.390 </div></td><td class=\"c x322 y261b w11e hc8\"><div class=\"t m0 x36 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">1.964 </div></td><td class=\"c x323 y261b w50 hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2e0 y261c w2fc hc8\"><div class=\"t m0 x2f h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">1.2 Altri titoli di deb<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span>to </div></td><td></td><td class=\"c x30f y261c w2f9 hc8\"><div class=\"t m0 x48 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">9.369.778 </div></td><td class=\"c x320 y261c w11e hc8\"><div class=\"t m0 x97 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">47.643 </div></td><td class=\"c x321 y261c w2f9 hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x31d y261c w11f hc8\"><div class=\"t m0 x48 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">8.559.<span class=\"lsa\">407</span> </div></td><td class=\"c x322 y261c w11e hc8\"><div class=\"t m0 x97 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">54.307 </div></td><td class=\"c x323 y261c w50 hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2e0 y261d w2fc hc8\"><div class=\"t m0 x10 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">2. Tit<span class=\"_ _f\"></span>oli di ca<span class=\"_ _1\"></span>pita<span class=\"_ _1\"></span>le </div></td><td></td><td class=\"c x30f y261d w2f9 hc8\"><div class=\"t m0 x31 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">12.144 </div></td><td class=\"c x320 y261d w11e hc8\"><div class=\"t m0 x90 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">591 </div></td><td class=\"c x321 y261d w2f9 hc8\"><div class=\"t m0 x97 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">34.463 </div></td><td class=\"c x31d y261d w11f hc8\"><div class=\"t m0 x15 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">11.158 </div></td><td class=\"c x322 y261d w11e hc8\"><div class=\"t m0 x36 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">1.497 </div></td><td class=\"c x323 y261d w50 hc8\"><div class=\"t m0 x31 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">30.118 </div></td></tr><tr><td class=\"c x2e0 y261e w2fc hc8\"><div class=\"t m0 x10 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">3. Fin<span class=\"_ _f\"></span>anziam<span class=\"_ _f\"></span>enti </div></td><td></td><td class=\"c x30f y261e w2f9 hc8\"><div class=\"t m0 x8 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x320 y261e w11e hc8\"><div class=\"t m0 x8 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x321 y261e w2f9 hc8\"><div class=\"t m0 x8 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x31d y261e w11f hc8\"><div class=\"t m0 x8 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x322 y261e w11e hc8\"><div class=\"t m0 x8 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x323 y261e w50 hc8\"><div class=\"t m0 x8 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td></td><td class=\"c x2e0 y261f w2fc hc8\"><div class=\"t m0 x3c h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale  </div></td><td class=\"c x30f y261f w2f9 hc8\"><div class=\"t m0 x32 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">9.621<span class=\"_ _1\"></span>.29<span class=\"_ _1\"></span>2 </div></td><td class=\"c x320 y261f w11e hc8\"><div class=\"t m0 x31 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">49.7<span class=\"_ _1\"></span>10 </div></td><td class=\"c x321 y261f w2f9 hc8\"><div class=\"t m0 x97 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">34.46<span class=\"_ _1\"></span>3 </div></td><td class=\"c x31d y261f w11f hc8\"><div class=\"t m0 x48 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">9.403<span class=\"_ _1\"></span>.95<span class=\"_ _1\"></span>5 </div></td><td class=\"c x322 y261f w11e hc8\"><div class=\"t m0 x38 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">57.7<span class=\"_ _1\"></span>68<span class=\"_ _1\"></span> </div></td><td class=\"c x323 y261f w50 hc8\"><div class=\"t m0 x30 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">30.1<span class=\"_ _1\"></span>18 </div></td></tr></table>Lege<span class=\"_ _f\"></span>nda: L1= Livello 1 L2= Livello 2 L3= Livello 3 3.2 At<span class=\"_ _f\"></span>tivit\u00e0 fina<span class=\"_ _1\"></span>nzia<span class=\"_ _1\"></span>rie v<span class=\"_ _1\"></span>aluta<span class=\"_ _f\"></span>te al fai<span class=\"_ _1\"></span>r valu<span class=\"_ _1\"></span>e con <span class=\"_ _f\"></span>impatto<span class=\"_ _1\"></span> sulla<span class=\"_ _f\"></span> redditiv<span class=\"_ _f\"></span>it\u00e0 comple<span class=\"_ _1\"></span>ssiva<span class=\"_ _f\"></span>: compos<span class=\"_ _f\"></span>izione<span class=\"_ _1\"></span> per <span class=\"_ _1\"></span>debito<span class=\"_ _f\"></span>ri/emitt<span class=\"_ _1\"></span>enti <table class=\"s w99a h4a5\" id=\"_29834b32-eb58-4879-b25e-3921c1739710\"><tr><td></td><td class=\"c x2e0 y2620 w305 h237\"><div class=\"t m0 xaf h1f y14f7 ff4 fs7 fc4 sc3 ls0 ws0\">Voci<span class=\"_ _1\"></span>/Valo<span class=\"_ _f\"></span>ri </div></td><td></td><td class=\"c x32a y2621 w25d h49\"><div class=\"t m0 x31 h1f y32 ff4 fs7 fc4 sc3 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale </div></td><td class=\"c x317 y2621 w28b h49\"><div class=\"t m0 x31 h1f y32 ff4 fs7 fc4 sc3 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale </div></td></tr><tr><td></td><td></td><td></td><td class=\"c x32a y2620 w25d h49\"><div class=\"t m0 x3a h1f y25 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/<span class=\"_ _f\"></span>2025 </div></td><td class=\"c x317 y2620 w28b h49\"><div class=\"t m0 x3a h1f y25 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/<span class=\"_ _f\"></span>2024 </div></td></tr><tr><td class=\"c x2e0 y2622 w306 hc8\"><div class=\"t m0 x10 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">1. Tit<span class=\"_ _f\"></span>oli di de<span class=\"_ _f\"></span>bito </div></td><td></td><td></td><td class=\"c x32a y2622 w25d hc8\"><div class=\"t m0 xa3 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">9.65<span class=\"_ _f\"></span>8.267 </div></td><td class=\"c x317 y2622 w28b hc8\"><div class=\"t m0 xe h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">9.449<span class=\"_ _1\"></span>.06<span class=\"_ _1\"></span>8 </div></td></tr><tr><td class=\"c x2e0 y2623 w306 h131\"><div class=\"t m0 x16a h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">a) Banche central<span class=\"_ _f\"></span>i </div></td><td></td><td></td><td class=\"c x32a y2623 w307 h131\"><div class=\"t m0 xed h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x317 y2623 w308 h131\"><div class=\"t m0 xed h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2e0 y2624 w306 hc8\"><div class=\"t m0 x16a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">b) Amministrazi<span class=\"_ _1\"></span>oni pubbliche </div></td><td></td><td></td><td class=\"c x32a y2624 w307 hc8\"><div class=\"t m0 xc7 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">7.721.323 </div></td><td class=\"c x317 y2624 w308 hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">6.810.557 </div></td></tr><tr><td class=\"c x2e0 y2625 w306 hc8\"><div class=\"t m0 x16a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">c) Banche </div></td><td></td><td></td><td class=\"c x32a y2625 w307 hc8\"><div class=\"t m0 x49 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">1.677.215 </div></td><td class=\"c x317 y2625 w308 hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">1.774.893 </div></td></tr><tr><td class=\"c x2e0 y2626 w306 hc8\"><div class=\"t m0 x16a h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">d) Altre societ\u00e0 <span class=\"_ _1\"></span>finanziarie<span class=\"_ _df\"> </span></div></td><td></td><td></td><td class=\"c x32a y2626 w307 hc8\"><div class=\"t m0 xef h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">242.155 </div></td><td class=\"c x317 y2626 w308 hc8\"><div class=\"t m0 xf0 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">374.095 </div></td></tr><tr><td class=\"c x2e0 y2627 w306 hc8\"><div class=\"t m0 x14 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">di cui: imprese d<span class=\"_ _1\"></span>i assicurazione<span class=\"_ _1\"></span> </div></td><td></td><td></td><td class=\"c x32a y2627 w307 hc8\"><div class=\"t m0 xe7 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">5.166 </div></td><td class=\"c x317 y2627 w308 hc8\"><div class=\"t m0 xe6 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">5.221 </div></td></tr><tr><td class=\"c x2e0 y2628 w306 hc8\"><div class=\"t m0 x16a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">e) Societ\u00e0 non fi<span class=\"_ _1\"></span>nanziarie<span class=\"_ _df\"> </span></div></td><td></td><td></td><td class=\"c x32a y2628 w307 hc8\"><div class=\"t m0 x11f h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">17.574 </div></td><td class=\"c x317 y2628 w308 hc8\"><div class=\"t m0 xf0 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">489.523 </div></td></tr><tr><td class=\"c x2e0 y2629 w306 hc8\"><div class=\"t m0 x10 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">2. Tit<span class=\"_ _f\"></span>oli di ca<span class=\"_ _1\"></span>pita<span class=\"_ _1\"></span>le </div></td><td></td><td></td><td class=\"c x32a y2629 w307 hc8\"><div class=\"t m0 x11f h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">47.19<span class=\"_ _1\"></span>8 </div></td><td class=\"c x317 y2629 w308 hc8\"><div class=\"t m0 xee h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">42.77<span class=\"_ _1\"></span>3 </div></td></tr><tr><td class=\"c x2e0 y262a w306 hc8\"><div class=\"t m0 x16a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">a) Banche </div></td><td></td><td></td><td class=\"c x32a y262a w307 hc8\"><div class=\"t m0 x11f h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">22.716 </div></td><td class=\"c x317 y262a w308 hc8\"><div class=\"t m0 x124 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">22.634 </div></td></tr><tr><td class=\"c x2e0 y262b w306 hc8\"><div class=\"t m0 x16a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">b) Altri emitten<span class=\"_ _1\"></span>ti: </div></td><td></td><td></td><td class=\"c x32a y262b w307 hc8\"><div class=\"t m0 x124 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">24.482 </div></td><td class=\"c x317 y262b w308 hc8\"><div class=\"t m0 x11f h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">20.139 </div></td></tr><tr><td class=\"c x2e0 y262c w306 hc8\"><div class=\"t m0 x14 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- altre societ\u00e0 f<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span>nanziar<span class=\"_ _1\"></span>ie </div></td><td></td><td></td><td class=\"c x32a y262c w307 hc8\"><div class=\"t m0 x11f h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">21.670 </div></td><td class=\"c x317 y262c w308 hc8\"><div class=\"t m0 xec h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">18.197 </div></td></tr><tr><td class=\"c x2e0 y262d w306 h227\"><div class=\"t m0 x27 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">di cui: imprese d<span class=\"_ _1\"></span>i assicurazione </div></td><td></td><td></td><td class=\"c x32a y262d w307 h227\"><div class=\"t m0 xed h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x317 y262d w308 h227\"><div class=\"t m0 xed h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2e0 y262e w306 hc8\"><div class=\"t m0 x14 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- societ\u00e0 non finanz<span class=\"_ _f\"></span>iarie<span class=\"_ _df\"> </span></div></td><td></td><td></td><td class=\"c x32a y262e w307 hc8\"><div class=\"t m0 xec h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">2.500 </div></td><td class=\"c x317 y262e w308 hc8\"><div class=\"t m0 xe7 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">1.682 </div></td></tr><tr><td class=\"c x2e0 y262f w306 hc8\"><div class=\"t m0 x14 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- altri </div></td><td></td><td></td><td class=\"c x32a y262f w307 hc8\"><div class=\"t m0 x66 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">312 </div></td><td class=\"c x317 y262f w308 hc8\"><div class=\"t m0 x12a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">260 </div></td></tr><tr><td class=\"c x2e0 y2630 w306 hc8\"><div class=\"t m0 x10 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">3. Fin<span class=\"_ _f\"></span>anziam<span class=\"_ _f\"></span>enti </div></td><td></td><td></td><td class=\"c x32a y2630 w307 hc8\"><div class=\"t m0 xed h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td><td class=\"c x317 y2630 w308 hc8\"><div class=\"t m0 xed h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2e0 y2631 w306 hc8\"><div class=\"t m0 x16a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">a) Banche central<span class=\"_ _f\"></span>i </div></td><td></td><td></td><td class=\"c x32a y2631 w307 hc8\"><div class=\"t m0 xed h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x317 y2631 w308 hc8\"><div class=\"t m0 xed h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2e0 y2632 w306 h131\"><div class=\"t m0 x16a h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">b) Amministrazi<span class=\"_ _1\"></span>oni pubbliche </div></td><td></td><td></td><td class=\"c x32a y2632 w307 h131\"><div class=\"t m0 xed h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x317 y2632 w308 h131\"><div class=\"t m0 xed h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2e0 y2633 w306 hc8\"><div class=\"t m0 x16a h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">c) Banche </div></td><td></td><td></td><td class=\"c x32a y2633 w307 hc8\"><div class=\"t m0 xed h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x317 y2633 w308 hc8\"><div class=\"t m0 xed h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2e0 y2634 w306 hc8\"><div class=\"t m0 x16a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">d) Altre societ\u00e0 <span class=\"_ _1\"></span>finanziarie<span class=\"_ _df\"> </span></div></td><td></td><td></td><td class=\"c x32a y2634 w307 hc8\"><div class=\"t m0 xed h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x317 y2634 w308 hc8\"><div class=\"t m0 xed h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2e0 y2635 w306 hc8\"><div class=\"t m0 x14 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">di cui: imprese d<span class=\"_ _1\"></span>i assicurazione<span class=\"_ _1\"></span> </div></td><td></td><td></td><td class=\"c x32a y2635 w307 hc8\"><div class=\"t m0 xed h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x317 y2635 w308 hc8\"><div class=\"t m0 xed h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2e0 y2636 w306 hc8\"><div class=\"t m0 x16a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">e) Societ\u00e0 non fi<span class=\"_ _1\"></span>nanziarie<span class=\"_ _df\"> </span></div></td><td></td><td></td><td class=\"c x32a y2636 w307 hc8\"><div class=\"t m0 xed h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x317 y2636 w308 hc8\"><div class=\"t m0 xed h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2e0 y2637 w306 h131\"><div class=\"t m0 x16a h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">f) Famiglie </div></td><td></td><td></td><td class=\"c x32a y2637 w307 h131\"><div class=\"t m0 xed h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x317 y2637 w308 h131\"><div class=\"t m0 xed h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td></td><td></td><td class=\"c x2e0 y2638 w306 h49\"><div class=\"t m0 xda h1f y25c ff4 fs7 fc1 sc2 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale </div></td><td class=\"c x32a y2638 w307 h49\"><div class=\"t m0 xa3 h1f y25c ff4 fs7 fc1 sc2 ls0 ws0\">9.705<span class=\"_ _f\"></span>.465 </div></td><td class=\"c x317 y2638 w308 h49\"><div class=\"t m0 x49 h1f y25c ff4 fs7 fc1 sc2 ls0 ws0\">9.49<span class=\"_ _1\"></span>1.8<span class=\"lsa\">41</span><span class=\"lsa\"><span class=\"_ _1\"></span><span class=\"ls0\"> </span></span></div></td></tr></table>Sono presenti coperture <span class=\"_ _2\"></span>di micro <span class=\"_ _2\"></span>fair value hedge su <span class=\"_ _2\"></span>titoli di debito <span class=\"_ _2\"></span>a tasso fisso. <span class=\"_ _2\"></span>La copertura \u00e8 <span class=\"_ _2\"></span>di<span class=\"_ _df\"> </span> tipo fair value he<span class=\"_ _1\"></span>dge attuata attraverso la designaz<span class=\"_ _1\"></span>ione di appositi strumenti di copertura (Inte<span class=\"_ _1\"></span>rest<span class=\"_ _df\"> </span> Rate Swap) con copertura specifica del c.d. \u201crischio tass<span class=\"_ _2\"></span>o\u201d su detti titoli; la relazione venuta cos\u00ec a<span class=\"_ _df\"> </span> crearsi <span class=\"_ _4\"> </span>fra <span class=\"_ _4\"> </span>Hedg<span class=\"_ _1\"></span>ed <span class=\"_ _4\"> </span>Item <span class=\"_ _4\"> </span>e <span class=\"_ _22\"> </span>Hedging <span class=\"_ _4\"> </span>Instrument <span class=\"_ _4\"> </span>ha <span class=\"_ _4\"> </span>comportato <span class=\"_ _4\"> </span>la <span class=\"_ _4\"> </span>redazione<span class=\"_ _1\"></span> <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>una <span class=\"_ _22\"> </span>specifica<span class=\"_ _df\"> </span> documentazione <span class=\"_ _d\"></span>che <span class=\"_ _0\"></span>formalizza <span class=\"_ _0\"></span>la <span class=\"_ _0\"></span>relazione <span class=\"_ _d\"></span>di <span class=\"_ _0\"></span>copertura <span class=\"_ _0\"></span>ed <span class=\"_ _d\"></span>ha <span class=\"_ _0\"></span>altres\u00ec <span class=\"_ _0\"></span>usufruito <span class=\"_ _0\"></span>delle<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>particolari<span class=\"_ _df\"> </span> regole <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>contabilizzazione <span class=\"_ _0\"></span>d<span class=\"_ _2\"></span>ell\u2019Hedge <span class=\"_ _0\"></span>Accounting. <span class=\"_ _9\"> </span>Si <span class=\"_ _9\"> </span>s<span class=\"_ _2\"></span>egnala <span class=\"_ _0\"></span>che <span class=\"_ _9\"> </span>sono <span class=\"_ _16\"> </span>stati <span class=\"_ _0\"></span>effettuati <span class=\"_ _16\"> </span>i <span class=\"_ _0\"></span>test <span class=\"_ _9\"> </span>di<span class=\"_ _df\"> </span> efficacia (sia prospettici che retrospettivi) con esito positivo.<span class=\"_ _df\"> </span> ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfAvailableforsaleAssetsExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-748": {
   "value": "4.1 Att<span class=\"_ _1\"></span>ivit\u00e0<span class=\"_ _f\"></span> finanziar<span class=\"_ _1\"></span>ie va<span class=\"_ _f\"></span>lutate a<span class=\"_ _f\"></span>l<span class=\"_ _2\"></span> co<span class=\"_ _1\"></span>sto a<span class=\"_ _1\"></span>mmo<span class=\"_ _1\"></span>rtizza<span class=\"_ _1\"></span>to: co<span class=\"_ _f\"></span>mposi<span class=\"_ _1\"></span>zione<span class=\"_ _f\"></span> merceol<span class=\"_ _1\"></span>ogi<span class=\"_ _1\"></span>ca dei cr<span class=\"_ _f\"></span>editi ver<span class=\"_ _1\"></span>so ba<span class=\"_ _f\"></span>nche<span class=\"fc1 sc0\"> </span><table class=\"s w9b0 h4a8\" id=\"_07ad0dc5-a1c7-4e11-a124-45adc4f42ffd\"><tr><td></td><td></td><td></td><td class=\"c x352 y2648 w31c hc8\"><div class=\"t m0 x58 h30 y7b1 ff4 fsb fc4 sc3 ls0 ws0\">Totale<span class=\"fc1 sc0\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td class=\"c x353 y2648 wc2 hc8\"><div class=\"t m0 x3b h30 y7b1 ff4 fsb fc4 sc3 ls0 ws0\">Totale<span class=\"fc1 sc0\"> </span></div></td><td></td><td></td><td></td></tr><tr><td></td><td></td><td></td><td class=\"c x352 y2649 w31c hc8\"><div class=\"t m0 x2 h30 y7b1 ff4 fsb fc4 sc3 ls0 ws0\">31/12/2025<span class=\"_ _f\"></span><span class=\"fc1 sc0\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td class=\"c x353 y2649 wc2 hc8\"><div class=\"t m0 x22 h30 y7b1 ff4 fsb fc4 sc3 ls0 ws0\">31/12/202<span class=\"_ _f\"></span>4<span class=\"fc1 sc0\"> </span></div></td><td></td><td></td><td></td></tr><tr><td class=\"c x354 y264b w9b1 h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">Tipologia<span class=\"_ _df\"> </span></div></td><td class=\"c x352 y264c w31d hc8\"><div class=\"t m0 x38 h30 y3e4 ff4 fsb fc4 sc3 ls0 ws0\">Valore di b<span class=\"_ _1\"></span>ilancio<span class=\"_ _1\"></span><span class=\"fc1 sc0\"> </span></div></td><td></td><td></td><td></td><td class=\"c x355 y264c w31e hc8\"><div class=\"t m0 x8f h30 y3e4 ff4 fsb fc4 sc3 ls0 ws0\">Fair val<span class=\"_ _1\"></span>ue<span class=\"fc1 sc0\"> </span></div></td><td></td><td></td><td></td><td class=\"c x353 y264c w31f hc8\"><div class=\"t m0 x97 h30 y3e4 ff4 fsb fc4 sc3 ls0 ws0\">Valore di b<span class=\"_ _1\"></span>ilancio<span class=\"_ _1\"></span><span class=\"fc1 sc0\"> </span></div></td><td></td><td class=\"c x356 y264c w320 hc8\"><div class=\"t m0 x36 h30 y3e4 ff4 fsb fc4 sc3 ls0 ws0\">Fair val<span class=\"_ _1\"></span>ue<span class=\"fc1 sc0\"> </span></div></td><td></td></tr><tr><td class=\"c x2a8 y264d w9b2 h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">operazio<span class=\"_ _1\"></span>ni/Valori<span class=\"_ _df\"> </span></div></td><td class=\"c x357 y264e w9b3 h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">Primo e<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x358 y264f w9b4 h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">Impaired<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td class=\"c x359 y264e w9b3 h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">Primo e<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x35a y264f w9b5 h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">Impaired<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td></tr><tr><td></td><td class=\"c x35b y2650 w9b6 h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">secondo</div></td><td class=\"c x35c y2651 w9b7 h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">Terzo<span class=\"_ _df\"> </span></div></td><td class=\"c x358 y2651 w9b8 h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">acquisite<span class=\"_ _df\"> </span></div></td><td class=\"c x355 y2652 w2bb h23b\"><div class=\"t m0 x2e h30 y474 ff4 fsb fc4 sc3 ls7a ws0\">L1<span class=\"fc1 sc0 ls0\"> </span></div></td><td class=\"c x35d y2652 w1c2 h23b\"><div class=\"t m0 x2f h30 y474 ff4 fsb fc4 sc3 ls0 ws0\">L2<span class=\"fc1 sc0\"> </span></div></td><td class=\"c x35e y2652 w1d4 h23b\"><div class=\"t m0 x55 h30 y474 ff4 fsb fc4 sc3 ls7a ws0\">L3<span class=\"fc1 sc0 ls0\"> </span></div></td><td class=\"c x35f y2650 w9b9 h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">secondo</div></td><td class=\"c x360 y2651 w9b7 h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">Terzo<span class=\"_ _df\"> </span></div></td><td class=\"c x35a y2651 w9b8 h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">acquisite<span class=\"_ _df\"> </span></div></td><td class=\"c x356 y2652 w322 h23b\"><div class=\"t m0 x2e h30 y474 ff4 fsb fc4 sc3 ls7a ws0\">L1<span class=\"fc1 sc0 ls0\"> </span></div></td><td class=\"c x361 y2652 w1c2 h23b\"><div class=\"t m0 x2f h30 y474 ff4 fsb fc4 sc3 ls7a ws0\">L2<span class=\"fc1 sc0 ls0\"> </span></div></td><td class=\"c x362 y2652 w12e h23b\"><div class=\"t m0 x2e h30 y474 ff4 fsb fc4 sc3 ls7a ws0\">L3<span class=\"fc1 sc0 ls0\"> </span></div></td></tr><tr><td></td><td class=\"c x363 y257a w9ba h4aa\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc4 sc3 ls0 ws0\">stadio</div></td><td class=\"c x364 y2654 w9ba h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">stadio<span class=\"_ _df\"> </span></div></td><td class=\"c x365 y2654 w9bb h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 lscb ws0\">o<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td class=\"c x366 y257a w9bc h4aa\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc4 sc3 ls0 ws0\">stadio</div></td><td class=\"c x367 y2654 w9bc h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">stadio<span class=\"_ _df\"> </span></div></td><td class=\"c x368 y2654 w9bb h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 lscb ws0\">o<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td></tr><tr><td></td><td></td><td></td><td class=\"c x358 y2655 w9bd h4aa\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc4 sc3 ls0 ws0\">originate<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td class=\"c x35a y2655 w9bd h4aa\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc4 sc3 ls0 ws0\">originate<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td></tr><tr><td class=\"c x262 y2656 w9be h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc2 ls0 ws0\">A. Crediti v<span class=\"_ _f\"></span>erso<span class=\"_ _df\"> </span></div></td><td class=\"c x352 y2657 w154 h23c\"><div class=\"t m0 x16a h30 y35c ff4 fsb fc1 sc2 ls0 ws0\">397.763<span class=\"sc0\"> </span></div></td><td class=\"c x369 y2657 w1e1 h23c\"><div class=\"t m0 x3a h30 y35c ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x36a y2657 w318 h23c\"><div class=\"t m0 x97 h30 y35c ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x355 y2657 w169 h23c\"><div class=\"t m0 x26 h30 y35c ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x35d y2657 w164 h23c\"><div class=\"t m0 x33 h30 y35c ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x35e y2657 w2ce h23c\"><div class=\"t m0 x8e h30 y35c ff4 fsb fc1 sc2 ls0 ws0\">397.763<span class=\"sc0\"> </span></div></td><td class=\"c x353 y2657 w1e3 h23c\"><div class=\"t m0 x8e h30 y35c ff4 fsb fc1 sc2 ls0 ws0\">387.897<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x36b y2657 w324 h23c\"><div class=\"t m0 x3a h30 y35c ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x36c y2657 w1d4 h23c\"><div class=\"t m0 x97 h30 y35c ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x356 y2657 w2bb h23c\"><div class=\"t m0 x26 h30 y35c ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x361 y2657 w164 h23c\"><div class=\"t m0 x33 h30 y35c ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x362 y2657 w16c h23c\"><div class=\"t m0 xab h30 y35c ff4 fsb fc1 sc2 ls0 ws0\">387.897<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x262 y2658 w9bf h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc2 ls0 ws0\">Banche<span class=\"_ _f\"></span> Centrali<span class=\"_ _df\"> </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=\"c x36d y2659 w323 h98\"><div class=\"t m0 x2f h30 y9bd ff4 fsb fc1 sc0 ls0 ws0\">1. Depositi a </div><div class=\"t m0 x2f h30 y7b1 ff4 fsb fc1 sc0 ls0 ws0\">scadenza<span class=\"_ _df\"> </span></div></td><td class=\"c x352 y2659 w154 h98\"><div class=\"t m0 x31 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x369 y2659 w1e1 h98\"><div class=\"t m0 x3a h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x36a y2659 w318 h98\"><div class=\"t m0 x97 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x355 y2659 w169 h98\"><div class=\"t m0 x55 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x35d y2659 w164 h98\"><div class=\"t m0 x116 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x35e y2659 w2ce h98\"><div class=\"t m0 x39 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x353 y2659 w1e3 h98\"><div class=\"t m0 x37 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x36b y2659 w324 h98\"><div class=\"t m0 x3a h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x36c y2659 w1d4 h98\"><div class=\"t m0 x97 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x356 y2659 w2bb h98\"><div class=\"t m0 x55 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x361 y2659 w164 h98\"><div class=\"t m0 x116 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x362 y2659 w16c h98\"><div class=\"t m0 x55 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">X </div></td></tr><tr><td class=\"c x36e y265a w9c0 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">2. Riserva<span class=\"_ _df\"> </span></div></td><td class=\"c x352 y265b w154 h98\"><div class=\"t m0 x16a h30 y27 ff4 fsb fc1 sc0 ls0 ws0\">397.763 </div></td><td class=\"c x369 y265b w1e1 h98\"><div class=\"t m0 x3a h30 y27 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x36a y265b w318 h98\"><div class=\"t m0 x97 h30 y27 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x355 y265b w169 h98\"><div class=\"t m0 x55 h30 y27 ff4 fsb fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x35d y265b w164 h98\"><div class=\"t m0 x116 h30 y27 ff4 fsb fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x35e y265b w2ce h98\"><div class=\"t m0 x39 h30 y27 ff4 fsb fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x353 y265b w1e3 h98\"><div class=\"t m0 xac h30 y27 ff4 fsb fc1 sc0 ls5c ws0\">38<span class=\"ls0\">7.897</span><span class=\"ls0\"> </span></div></td><td class=\"c x36b y265b w324 h98\"><div class=\"t m0 x3a h30 y27 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x36c y265b w1d4 h98\"><div class=\"t m0 x97 h30 y27 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x356 y265b w2bb h98\"><div class=\"t m0 x55 h30 y27 ff4 fsb fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x361 y265b w164 h98\"><div class=\"t m0 x116 h30 y27 ff4 fsb fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x362 y265b w16c h98\"><div class=\"t m0 x55 h30 y27 ff4 fsb fc1 sc0 ls0 ws0\">X </div></td></tr><tr><td class=\"c x36e y265c w9c1 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">obbligatoria<span class=\"_ _df\"> </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=\"c x36e y265d w9c2 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">3. Pronti contro<span class=\"_ _df\"> </span></div></td><td class=\"c x352 y265e w154 h12\"><div class=\"t m0 x31 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x369 y265e w1e1 h12\"><div class=\"t m0 x3a h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x36a y265e w318 h12\"><div class=\"t m0 x97 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x355 y265e w169 h12\"><div class=\"t m0 x55 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x35d y265e w164 h12\"><div class=\"t m0 x116 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x35e y265e w2ce h12\"><div class=\"t m0 x39 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x353 y265e w1e3 h12\"><div class=\"t m0 x37 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x36b y265e w324 h12\"><div class=\"t m0 x3a h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x36c y265e w1d4 h12\"><div class=\"t m0 x97 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x356 y265e w2bb h12\"><div class=\"t m0 x55 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x361 y265e w164 h12\"><div class=\"t m0 x116 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x362 y265e w16c h12\"><div class=\"t m0 x55 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">X </div></td></tr><tr><td class=\"c x36e y265f w9c3 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">termine<span class=\"_ _df\"> </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=\"c x36d y2660 w323 h227\"><div class=\"t m0 x2f h30 y1510 ff4 fsb fc1 sc0 ls0 ws0\">4. Altri<span class=\"_ _df\"> </span></div></td><td class=\"c x352 y2660 w154 h227\"><div class=\"t m0 x31 h30 y1510 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x369 y2660 w1e1 h227\"><div class=\"t m0 x3a h30 y1510 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x36a y2660 w318 h227\"><div class=\"t m0 x97 h30 y1510 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x355 y2660 w169 h227\"><div class=\"t m0 x55 h30 y1510 ff4 fsb fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x35d y2660 w164 h227\"><div class=\"t m0 x116 h30 y1510 ff4 fsb fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x35e y2660 w2ce h227\"><div class=\"t m0 x39 h30 y1510 ff4 fsb fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x353 y2660 w1e3 h227\"><div class=\"t m0 x37 h30 y1510 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x36b y2660 w324 h227\"><div class=\"t m0 x3a h30 y1510 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x36c y2660 w1d4 h227\"><div class=\"t m0 x97 h30 y1510 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x356 y2660 w2bb h227\"><div class=\"t m0 x55 h30 y1510 ff4 fsb fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x361 y2660 w164 h227\"><div class=\"t m0 x116 h30 y1510 ff4 fsb fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x362 y2660 w16c h227\"><div class=\"t m0 x55 h30 y1510 ff4 fsb fc1 sc0 ls0 ws0\">X </div></td></tr><tr><td class=\"c x262 y2661 w9c4 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc2 ls0 ws0\">B. Crediti<span class=\"_ _f\"></span> v<span class=\"_ _2\"></span>erso<span class=\"_ _df\"> </span></div></td><td class=\"c x352 y2662 w154 h98\"><div class=\"t m0 xac h30 y295 ff4 fsb fc1 sc2 ls0 ws0\">2.057.5<span class=\"_ _1\"></span>61<span class=\"sc0\"> </span></div></td><td class=\"c x369 y2662 w1e1 h98\"><div class=\"t m0 x3a h30 y295 ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x36a y2662 w318 h98\"><div class=\"t m0 x97 h30 y295 ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x355 y2662 w169 h98\"><div class=\"t m0 xab h30 y295 ff4 fsb fc1 sc2 ls0 ws0\">642.872<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x35d y2662 w164 h98\"><div class=\"t m0 x33 h30 y295 ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x35e y2662 w2ce h98\"><div class=\"t m0 xab h30 y295 ff4 fsb fc1 sc2 ls0 ws0\">1.416.54<span class=\"_ _1\"></span>0<span class=\"sc0\"> </span></div></td><td class=\"c x353 y2662 w1e3 h98\"><div class=\"t m0 xab h30 y295 ff4 fsb fc1 sc2 ls0 ws0\">1.191.880<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x36b y2662 w324 h98\"><div class=\"t m0 x3a h30 y295 ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x36c y2662 w1d4 h98\"><div class=\"t m0 x97 h30 y295 ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x356 y2662 w2bb h98\"><div class=\"t m0 xab h30 y295 ff4 fsb fc1 sc2 ls0 ws0\">637.763<span class=\"sc0\"> </span></div></td><td class=\"c x361 y2662 w164 h98\"><div class=\"t m0 x33 h30 y295 ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x362 y2662 w16c h98\"><div class=\"t m0 xac h30 y295 ff4 fsb fc1 sc2 ls0 ws0\">552.772<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x262 y2663 w9c5 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc2 ls0 ws0\">banche<span class=\"_ _df\"> </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=\"c x36d y2664 w323 hc8\"><div class=\"t m0 x2f h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">1. Finanziamenti</div></td><td class=\"c x352 y2664 w154 hc8\"><div class=\"t m0 xac h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">1.416.542 </div></td><td class=\"c x369 y2664 w1e1 hc8\"><div class=\"t m0 x3a h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x36a y2664 w318 hc8\"><div class=\"t m0 x97 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x355 y2664 w169 hc8\"><div class=\"t m0 x26 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x35d y2664 w164 hc8\"><div class=\"t m0 x33 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x35e y2664 w2ce hc8\"><div class=\"t m0 x8a h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">1.416.540 </div></td><td class=\"c x353 y2664 w1e3 hc8\"><div class=\"t m0 x8e h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">552.772 </div></td><td class=\"c x36b y2664 w324 hc8\"><div class=\"t m0 x3a h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x36c y2664 w1d4 hc8\"><div class=\"t m0 x97 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x356 y2664 w2bb hc8\"><div class=\"t m0 x26 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x361 y2664 w164 hc8\"><div class=\"t m0 x33 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x362 y2664 w16c hc8\"><div class=\"t m0 xab h30 y74a ff4 fsb fc1 sc0 ls87 ws0\">552<span class=\"ls0\">.772</span><span class=\"ls0\"> </span></div></td></tr><tr><td class=\"c x36d y2665 w323 hc8\"><div class=\"t m0 x55 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">1.1 Conti correnti </div></td><td class=\"c x352 y2665 w154 hc8\"><div class=\"t m0 x31 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x369 y2665 w1e1 hc8\"><div class=\"t m0 x3a h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x36a y2665 w318 hc8\"><div class=\"t m0 x97 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x355 y2665 w169 hc8\"><div class=\"t m0 x55 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x35d y2665 w164 hc8\"><div class=\"t m0 x116 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x35e y2665 w2ce hc8\"><div class=\"t m0 x39 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x353 y2665 w1e3 hc8\"><div class=\"t m0 x37 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x36b y2665 w324 hc8\"><div class=\"t m0 x3a h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x36c y2665 w1d4 hc8\"><div class=\"t m0 x97 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x356 y2665 w2bb hc8\"><div class=\"t m0 x55 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x361 y2665 w164 hc8\"><div class=\"t m0 x116 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x362 y2665 w16c hc8\"><div class=\"t m0 x55 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">X </div></td></tr><tr><td class=\"c x36d y2666 w323 h98\"><div class=\"t m0 x55 h30 y9bd ff4 fsb fc1 sc0 ls0 ws0\"> 1.2. Depositi a </div><div class=\"t m0 x55 h30 y7b6 ff4 fsb fc1 sc0 ls0 ws0\">scadenza  </div></td><td class=\"c x352 y2666 w154 h98\"><div class=\"t m0 x31 h30 y27 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x369 y2666 w1e1 h98\"><div class=\"t m0 x3a h30 y27 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x36a y2666 w318 h98\"><div class=\"t m0 x97 h30 y27 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x355 y2666 w169 h98\"><div class=\"t m0 x55 h30 y27 ff4 fsb fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x35d y2666 w164 h98\"><div class=\"t m0 x116 h30 y27 ff4 fsb fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x35e y2666 w2ce h98\"><div class=\"t m0 x39 h30 y27 ff4 fsb fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x353 y2666 w1e3 h98\"><div class=\"t m0 x37 h30 y27 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x36b y2666 w324 h98\"><div class=\"t m0 x3a h30 y27 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x36c y2666 w1d4 h98\"><div class=\"t m0 x97 h30 y27 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x356 y2666 w2bb h98\"><div class=\"t m0 x55 h30 y27 ff4 fsb fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x361 y2666 w164 h98\"><div class=\"t m0 x116 h30 y27 ff4 fsb fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x362 y2666 w16c h98\"><div class=\"t m0 x55 h30 y27 ff4 fsb fc1 sc0 ls0 ws0\">X </div></td></tr><tr><td class=\"c x36f y2667 w9c6 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">1.3. Altri<span class=\"_ _df\"> </span></div></td><td class=\"c x352 y2668 w154 h12\"><div class=\"t m0 xac h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">1.416.542 </div></td><td class=\"c x369 y2668 w1e1 h12\"><div class=\"t m0 x3a h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x36a y2668 w318 h12\"><div class=\"t m0 x97 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x355 y2668 w169 h12\"><div class=\"t m0 x55 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x35d y2668 w164 h12\"><div class=\"t m0 x116 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x35e y2668 w2ce h12\"><div class=\"t m0 x39 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x353 y2668 w1e3 h12\"><div class=\"t m0 x8e h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">552.772 </div></td><td class=\"c x36b y2668 w324 h12\"><div class=\"t m0 x3a h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x36c y2668 w1d4 h12\"><div class=\"t m0 x97 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x356 y2668 w2bb h12\"><div class=\"t m0 x55 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x361 y2668 w164 h12\"><div class=\"t m0 x116 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x362 y2668 w16c h12\"><div class=\"t m0 x55 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">X </div></td></tr><tr><td class=\"c x370 y2669 w9c7 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">finanziamenti:<span class=\"_ _df\"> </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=\"c x36f y266a w9c8 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">- Pronti contro<span class=\"_ _df\"> </span></div></td><td class=\"c x352 y266b w154 h98\"><div class=\"t m0 x16a h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">996.158 </div></td><td class=\"c x369 y266b w1e1 h98\"><div class=\"t m0 x3a h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x36a y266b w318 h98\"><div class=\"t m0 x97 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x355 y266b w169 h98\"><div class=\"t m0 x55 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x35d y266b w164 h98\"><div class=\"t m0 x116 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x35e y266b w2ce h98\"><div class=\"t m0 x39 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x353 y266b w1e3 h98\"><div class=\"t m0 x37 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x36b y266b w324 h98\"><div class=\"t m0 x3a h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x36c y266b w1d4 h98\"><div class=\"t m0 x97 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x356 y266b w2bb h98\"><div class=\"t m0 x55 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x361 y266b w164 h98\"><div class=\"t m0 x116 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x362 y266b w16c h98\"><div class=\"t m0 x55 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">X </div></td></tr><tr><td class=\"c x370 y266c w9c9 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">termine attiv<span class=\"_ _2\"></span>i<span class=\"_ _df\"> </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=\"c x36f y266d w9ca h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">- Finanziamenti<span class=\"_ _df\"> </span></div></td><td class=\"c x352 y266e w154 h98\"><div class=\"t m0 x26 h30 y27 ff4 fsb fc1 sc0 ls86 ws0\">88<span class=\"ls0\"> </span></div></td><td class=\"c x369 y266e w1e1 h98\"><div class=\"t m0 x3a h30 y27 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x36a y266e w318 h98\"><div class=\"t m0 x97 h30 y27 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x355 y266e w169 h98\"><div class=\"t m0 x55 h30 y27 ff4 fsb fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x35d y266e w164 h98\"><div class=\"t m0 x116 h30 y27 ff4 fsb fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x35e y266e w2ce h98\"><div class=\"t m0 x39 h30 y27 ff4 fsb fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x353 y266e w1e3 h98\"><div class=\"t m0 x32 h30 y27 ff4 fsb fc1 sc0 ls0 ws0\">129 </div></td><td class=\"c x36b y266e w324 h98\"><div class=\"t m0 x3a h30 y27 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x36c y266e w1d4 h98\"><div class=\"t m0 x97 h30 y27 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x356 y266e w2bb h98\"><div class=\"t m0 x55 h30 y27 ff4 fsb fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x361 y266e w164 h98\"><div class=\"t m0 x116 h30 y27 ff4 fsb fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x362 y266e w16c h98\"><div class=\"t m0 x55 h30 y27 ff4 fsb fc1 sc0 ls0 ws0\">X </div></td></tr><tr><td class=\"c x370 y266f w9cb h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">per leasing</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=\"c x36d y2670 w323 hc8\"><div class=\"t m0 x55 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\"> - Altri </div></td><td class=\"c x352 y2670 w154 hc8\"><div class=\"t m0 x2f h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">420.296 </div></td><td class=\"c x369 y2670 w1e1 hc8\"><div class=\"t m0 x3a h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x36a y2670 w318 hc8\"><div class=\"t m0 x97 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x355 y2670 w169 hc8\"><div class=\"t m0 x55 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x35d y2670 w164 hc8\"><div class=\"t m0 x116 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x35e y2670 w2ce hc8\"><div class=\"t m0 x39 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x353 y2670 w1e3 hc8\"><div class=\"t m0 xac h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">552.644 </div></td><td class=\"c x36b y2670 w324 hc8\"><div class=\"t m0 x3a h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x36c y2670 w1d4 hc8\"><div class=\"t m0 x97 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x356 y2670 w2bb hc8\"><div class=\"t m0 x55 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x361 y2670 w164 hc8\"><div class=\"t m0 x116 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x362 y2670 w16c hc8\"><div class=\"t m0 x55 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">X </div></td></tr><tr><td class=\"c x36d y2671 w323 hc8\"><div class=\"t m0 x2f h30 y74a ff4 fsb fc1 sc0 ls0 ws0\"> 2. Titoli di debito</div></td><td class=\"c x352 y2671 w154 hc8\"><div class=\"t m0 x2a h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">641.019 </div></td><td class=\"c x369 y2671 w1e1 hc8\"><div class=\"t m0 x3a h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x36a y2671 w318 hc8\"><div class=\"t m0 x97 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x355 y2671 w169 hc8\"><div class=\"t m0 x8a h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">642.872 </div></td><td class=\"c x35d y2671 w164 hc8\"><div class=\"t m0 x33 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x35e y2671 w2ce hc8\"><div class=\"t m0 x97 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x353 y2671 w1e3 hc8\"><div class=\"t m0 x8e h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">639.108 </div></td><td class=\"c x36b y2671 w324 hc8\"><div class=\"t m0 x3a h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x36c y2671 w1d4 hc8\"><div class=\"t m0 x97 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x356 y2671 w2bb hc8\"><div class=\"t m0 xab h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">637.763 </div></td><td class=\"c x361 y2671 w164 hc8\"><div class=\"t m0 x33 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x362 y2671 w16c hc8\"><div class=\"t m0 x26 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x36f y2672 w9cc h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">2.1 Titoli<span class=\"_ _df\"> </span></div></td><td class=\"c x352 y2673 w154 h12\"><div class=\"t m0 x55 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">86.317 </div></td><td class=\"c x369 y2673 w1e1 h12\"><div class=\"t m0 x3a h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x36a y2673 w318 h12\"><div class=\"t m0 x97 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x355 y2673 w169 h12\"><div class=\"t m0 x8e h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">87.250 </div></td><td class=\"c x35d y2673 w164 h12\"><div class=\"t m0 x33 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x35e y2673 w2ce h12\"><div class=\"t m0 x97 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x353 y2673 w1e3 h12\"><div class=\"t m0 x8e h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">107.625 </div></td><td class=\"c x36b y2673 w324 h12\"><div class=\"t m0 x3a h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x36c y2673 w1d4 h12\"><div class=\"t m0 x97 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x356 y2673 w2bb h12\"><div class=\"t m0 xac h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">108.148 </div></td><td class=\"c x361 y2673 w164 h12\"><div class=\"t m0 x33 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x362 y2673 w16c h12\"><div class=\"t m0 x26 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x370 y2674 w9cd h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">strutturati<span class=\"_ _df\"> </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=\"c x36f y2675 w9ce h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">2.2 Altri ti<span class=\"_ _2\"></span>toli di<span class=\"_ _df\"> </span></div></td><td class=\"c x352 y2676 w154 h98\"><div class=\"t m0 x16a h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">554.702 </div></td><td class=\"c x369 y2676 w1e1 h98\"><div class=\"t m0 x3a h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x36a y2676 w318 h98\"><div class=\"t m0 x97 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x355 y2676 w169 h98\"><div class=\"t m0 xab h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">555.622 </div></td><td class=\"c x35d y2676 w164 h98\"><div class=\"t m0 x33 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x35e y2676 w2ce h98\"><div class=\"t m0 x97 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x353 y2676 w1e3 h98\"><div class=\"t m0 x8e h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">531.483 </div></td><td class=\"c x36b y2676 w324 h98\"><div class=\"t m0 x3a h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x36c y2676 w1d4 h98\"><div class=\"t m0 x97 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x356 y2676 w2bb h98\"><div class=\"t m0 xab h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">529.615 </div></td><td class=\"c x361 y2676 w164 h98\"><div class=\"t m0 x33 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x362 y2676 w16c h98\"><div class=\"t m0 x26 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x370 y2677 w9cf h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">debito<span class=\"_ _df\"> </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=\"c x36d y2678 w323 hc8\"><div class=\"t m0 xe h30 y74a ff4 fsb fc1 sc2 ls0 ws0\">Totale<span class=\"sc0\"> </span></div></td><td class=\"c x352 y2678 w154 hc8\"><div class=\"t m0 x8a h30 y74a ff4 fsb fc1 sc2 ls0 ws0\">2.455.32<span class=\"_ _f\"></span>4<span class=\"sc0\"> </span></div></td><td class=\"c x369 y2678 w1e1 hc8\"><div class=\"t m0 x3a h30 y74a ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x36a y2678 w318 hc8\"><div class=\"t m0 x97 h30 y74a ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x355 y2678 w169 hc8\"><div class=\"t m0 xab h30 y74a ff4 fsb fc1 sc2 ls0 ws0\">642.872<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x35d y2678 w164 hc8\"><div class=\"t m0 x33 h30 y74a ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x35e y2678 w2ce hc8\"><div class=\"t m0 xab h30 y74a ff4 fsb fc1 sc2 ls0 ws0\">1.814.303<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x353 y2678 w1e3 hc8\"><div class=\"t m0 x8a h30 y74a ff4 fsb fc1 sc2 ls0 ws0\">1.579.777<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x36b y2678 w324 hc8\"><div class=\"t m0 x3a h30 y74a ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x36c y2678 w1d4 hc8\"><div class=\"t m0 x97 h30 y74a ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x356 y2678 w2bb hc8\"><div class=\"t m0 xab h30 y74a ff4 fsb fc1 sc2 ls0 ws0\">637.763<span class=\"sc0\"> </span></div></td><td class=\"c x361 y2678 w164 hc8\"><div class=\"t m0 x33 h30 y74a ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x362 y2678 w16c hc8\"><div class=\"t m0 x8a h30 y74a ff4 fsb fc1 sc2 ls0 ws0\">940.669<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td></tr></table>Lege<span class=\"_ _f\"></span>nda: L1= Livello 1 L2= Livello 2 L3= Livello 3 Sono inclusi i crediti di<span class=\"_ _1\"></span> funzionamento connessi con la prestazione d<span class=\"_ _2\"></span>i servizi finanziari. I crediti,<span class=\"_ _1\"></span> ad eccezione <span class=\"_ _1\"></span>dei titoli di de<span class=\"_ _1\"></span>bito, sono iscritti al l<span class=\"_ _1\"></span>oro valor<span class=\"_ _1\"></span>e nominale, corrisponde<span class=\"_ _1\"></span>nte al loro fair value e il livello di fair value attribuito risulta essere pari <span class=\"_ _1\"></span>a 3.<span class=\"_ _2\"></span> Le metodologie <span class=\"_ _2\"></span>utilizzate <span class=\"_ _2\"></span>per la <span class=\"_ _2\"></span>determinazione <span class=\"_ _2\"></span>de<span class=\"_ _2\"></span>l fair <span class=\"_ _2\"></span>value <span class=\"_ _2\"></span>sono <span class=\"_ _2\"></span>riportate nella <span class=\"_ _2\"></span>Parte <span class=\"_ _2\"></span>A1 <span class=\"_ _2\"></span><span class=\"ff5\">\u2013</span> <span class=\"_ _2\"></span>Parte generale <span class=\"ff5\">\u2013</span> Sezione 16 <span class=\"ff5\">\u201cAltre</span> <span class=\"ff5\">informazioni\u201d.</span> ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfLoansAndAdvancesToBanksExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-749": {
   "value": "4.2 At<span class=\"_ _1\"></span>tivit\u00e0<span class=\"_ _f\"></span> finanzia<span class=\"_ _1\"></span>rie va<span class=\"_ _f\"></span>lutate <span class=\"_ _1\"></span>al cos<span class=\"_ _1\"></span>to am<span class=\"_ _1\"></span>mor<span class=\"_ _1\"></span>tizzat<span class=\"_ _1\"></span>o: co<span class=\"_ _1\"></span>mpos<span class=\"_ _f\"></span>izione<span class=\"_ _1\"></span> mer<span class=\"_ _1\"></span>ceolo<span class=\"_ _1\"></span>gica<span class=\"_ _1\"></span> dei <span class=\"_ _1\"></span>credit<span class=\"_ _1\"></span>i vers<span class=\"_ _f\"></span>o clientela<span class=\"_ _df\"> </span>Totale<span class=\"_ _df\"> </span>Totale<span class=\"_ _df\"> </span>31/12/20<span class=\"_ _1\"></span>25<span class=\"_ _df\"> </span>31/12/20<span class=\"_ _1\"></span>24<span class=\"_ _df\"> </span>Tipolog<span class=\"_ _f\"></span>ia<span class=\"_ _df\"> </span>Valor<span class=\"_ _1\"></span>e di bila<span class=\"_ _f\"></span>ncio<span class=\"_ _df\"> </span>Fair va<span class=\"_ _1\"></span>lue<span class=\"_ _df\"> </span>Valor<span class=\"_ _1\"></span>e di bila<span class=\"_ _f\"></span>ncio<span class=\"_ _df\"> </span>operaz<span class=\"_ _1\"></span>ioni/Va<span class=\"_ _f\"></span>lori<span class=\"_ _df\"> </span>Primo <span class=\"_ _f\"></span>e<span class=\"_ _df\"> </span>Impai<span class=\"_ _1\"></span>red<span class=\"_ _df\"> </span>Primo <span class=\"_ _f\"></span>e<span class=\"_ _df\"> </span>Impai<span class=\"_ _1\"></span>red<span class=\"_ _df\"> </span>secon<span class=\"_ _1\"></span>doTerzo<span class=\"_ _df\"> </span>acqui<span class=\"_ _1\"></span>site<span class=\"_ _df\"> </span>L1<span class=\"_ _df\"> </span>L2<span class=\"_ _df\"> </span>L3<span class=\"_ _df\"> </span>secon<span class=\"_ _1\"></span>doTerzo<span class=\"_ _df\"> </span>acqui<span class=\"_ _1\"></span>site<span class=\"_ _df\"> </span>L1<span class=\"_ _df\"> </span>stadiostadio<span class=\"_ _df\"> </span>o<span class=\"_ _df\"> </span>stadiostadio<span class=\"_ _df\"> </span>o<span class=\"_ _df\"> </span>origina<span class=\"_ _f\"></span>te<span class=\"_ _df\"> </span>origina<span class=\"_ _f\"></span>te<span class=\"_ _df\"> </span>1. Fina<span class=\"_ _1\"></span>nziame<span class=\"_ _f\"></span>nti<span class=\"_ _df\"> </span>38.763<span class=\"_ _1\"></span>.503244.5<span class=\"_ _1\"></span>4212.871<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-38.832.<span class=\"_ _f\"></span>58536.08<span class=\"_ _1\"></span>9.466258.71715.455<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>1.1. Conti correnti<span class=\"_ _df\"> </span>1.851.66015.666<span class=\"_ _df\"> </span>515<span class=\"_ _df\"> </span>X<span class=\"_ _df\"> </span>X<span class=\"_ _df\"> </span>X1.774.96617.109<span class=\"_ _df\"> </span>616<span class=\"_ _df\"> </span>X<span class=\"_ _df\"> </span>1.2. Pronti contro<span class=\"_ _df\"> </span>1.346.894<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>X<span class=\"_ _df\"> </span>X<span class=\"_ _df\"> </span>X<span class=\"_ _df\"> </span>499<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>X<span class=\"_ _df\"> </span>termine attivi<span class=\"_ _df\"> </span>1.3. Mutui<span class=\"_ _df\"> </span>20.805.742160.4314.778<span class=\"_ _df\"> </span>X<span class=\"_ _df\"> </span>X<span class=\"_ _df\"> </span>X20.493.12<span class=\"_ _1\"></span>4176.7426.093<span class=\"_ _df\"> </span>X<span class=\"_ _df\"> </span>1.4. Carte di credito,<span class=\"_ _df\"> </span>prestiti personali e<span class=\"_ _df\"> </span>4.247.09029.0327.252<span class=\"_ _df\"> </span>X<span class=\"_ _df\"> </span>X<span class=\"_ _df\"> </span>X3.839.14726.2578.420<span class=\"_ _df\"> </span>X<span class=\"_ _df\"> </span>cessioni del quinto<span class=\"_ _df\"> </span>1.5. Finanziamenti per<span class=\"_ _df\"> </span>3.291.55829.004<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>X<span class=\"_ _df\"> </span>X<span class=\"_ _df\"> </span>X3.187.50230.468<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>X<span class=\"_ _df\"> </span>leasing<span class=\"_ _df\"> </span>1.6. Factoring<span class=\"_ _df\"> </span>1.550.4357.611<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>X<span class=\"_ _df\"> </span>X<span class=\"_ _df\"> </span>X1.430.7004.941<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>X<span class=\"_ _df\"> </span>1.7. Altri finanziamenti5.670.1242.798<span class=\"_ _df\"> </span>326<span class=\"_ _df\"> </span>X<span class=\"_ _df\"> </span>X<span class=\"_ _df\"> </span>X5.363.5283.200326<span class=\"_ _df\"> </span>X<span class=\"_ _df\"> </span>2. Titoli<span class=\"_ _f\"></span> di debito<span class=\"_ _df\"> </span>6.231.0<span class=\"_ _f\"></span>8<span class=\"_ _2\"></span>1<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-5.726.<span class=\"_ _1\"></span>709487.7<span class=\"_ _1\"></span>6566.8497.331.2<span class=\"_ _f\"></span>88<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-7.022.2<span class=\"_ _f\"></span>96<span class=\"_ _df\"> </span>1.<span class=\"ls0\"> Titoli strutturati<span class=\"_ _df\"> </span></span>608.091<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-81.586459.11366.849394.647<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-142.828<span class=\"_ _df\"> </span>2. Altri titoli di debito5.622.990<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-5.645.12328.652<span class=\"_ _df\"> </span>-6.936.641<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-6.879.468<span class=\"_ _df\"> </span>Totale44.99<span class=\"_ _1\"></span>4.584244.5<span class=\"_ _1\"></span>4212.8715.726.<span class=\"_ _1\"></span>709487.7<span class=\"_ _1\"></span>6538.89<span class=\"_ _f\"></span>9<span class=\"_ _2\"></span>.43<span class=\"_ _1\"></span>443.420.<span class=\"_ _f\"></span>754258.7<span class=\"lsa\">17</span>15.4557.022.2<span class=\"_ _f\"></span>96<span class=\"_ _df\"> </span>I crediti verso la clientela per finanziame<span class=\"_ _1\"></span>nti sono pari a <span class=\"_ _2\"></span>39.020,9 milioni di<span class=\"_ _1\"></span> euro.<span class=\"_ _df\"> </span>Si fornisce di seguito il de<span class=\"_ _1\"></span>ttaglio dei finanziamenti erogati alla clientela con indicazione del credito<span class=\"_ _df\"> </span>lordo, delle previsioni di perdi<span class=\"_ _1\"></span>ta, del credito nett<span class=\"_ _2\"></span>o e del relativo c<span class=\"_ _f\"></span>overage per categoria.<table class=\"s w9d0 h4ab\" id=\"_a6a21593-d3f8-48c5-84ff-bfbbe8b84425\"><tr><td class=\"c x306 y2679 w332 h69\"><div class=\"t m0 x163 h1f y5b ff4 fs7 fc7 sc6 ls0 ws0\">CRED<span class=\"_ _f\"></span>ITI VER<span class=\"_ _1\"></span>SO C<span class=\"_ _f\"></span>LIENTE<span class=\"_ _f\"></span>LA PER<span class=\"_ _1\"></span> FIN<span class=\"_ _1\"></span>ANZ<span class=\"_ _f\"></span>IAMENTI<span class=\"_ _f\"></span> </div></td><td></td><td></td><td></td><td></td><td></td><td class=\"c x371 y267a w9d1 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc7 sc0 ls0 ws0\">Crediti<span class=\"_ _df\"> </span></div></td><td class=\"c x372 y267a w9d2 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc7 sc0 ls0 ws0\">TOTALE<span class=\"_ _df\"> </span></div></td></tr><tr><td class=\"c x306 y267b w333 h92\"><div class=\"t m0 x90 h1f yf96 ff5 fs7 fc7 sc0 ls0 ws0\">\u20acmln<span class=\"ff4\"> </span></div></td><td></td><td class=\"c x373 y267b w319 h92\"><div class=\"t m0 x8e h1f yf96 ff4 fs7 fc7 sc0 ls0 ws0\">Sofferenze </div></td><td class=\"c x374 y267c w9d3 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc7 sc0 ls0 ws0\">Inadempienze<span class=\"_ _df\"> </span></div></td><td class=\"c x375 y267c w9d4 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc7 sc0 ls0 ws0\">Esposizioni<span class=\"_ _df\"> </span></div></td><td class=\"c x376 y267c w9d5 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc7 sc0 ls0 ws0\">Tot. Crediti<span class=\"_ _df\"> </span></div></td><td class=\"c x377 y267d w9d6 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc7 sc0 ls0 ws0\">performing<span class=\"_ _df\"> </span></div></td><td class=\"c x378 y267d w9d7 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc7 sc0 ls0 ws0\">CREDITI<span class=\"_ _df\"> </span></div></td></tr><tr><td></td><td></td><td></td><td class=\"c x379 y267e w9d8 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc7 sc0 ls0 ws0\">probabili<span class=\"_ _df\"> </span></div></td><td class=\"c x37a y267e w9d9 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc7 sc0 ls0 ws0\">scadute<span class=\"_ _df\"> </span></div></td><td class=\"c x37b y267e w9da h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc7 sc0 ls0 ws0\">problematici<span class=\"_ _df\"> </span></div></td><td></td><td></td></tr><tr><td class=\"c x306 y267f w99 h69\"><div class=\"t m0 x163 h1f y302 ff4 fs7 fc7 sc6 ls0 ws0\">Val<span class=\"_ _1\"></span>ori lor<span class=\"_ _f\"></span>di </div></td><td class=\"c x37c y267f w336 h69\"><div class=\"t m0 x48 h1f y302 ff4 fs7 fc7 sc6 ls0 ws0\">2025<span class=\"_ _f\"></span> </div></td><td class=\"c x373 y267f w319 h69\"><div class=\"t m0 x12 h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">231 </div></td><td class=\"c x37d y267f w334 h69\"><div class=\"t m0 x90 h1f y302 ff4 fs7 fc1 sc0 ls27 ws0\">337<span class=\"ls0\"> </span></div></td><td class=\"c x37e y267f w335 h69\"><div class=\"t m0 x8f h1f y302 ff4 fs7 fc1 sc0 lsa ws0\">47<span class=\"ls0\"> </span></div></td><td class=\"c x37f y267f w86 h69\"><div class=\"t m0 x36 h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">615 </div></td><td class=\"c x380 y267f w337 h69\"><div class=\"t m0 x33 h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">38.860 </div></td><td class=\"c x381 y267f w11e h69\"><div class=\"t m0 x38 h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">39.475 </div></td></tr><tr><td class=\"c x262 y2680 w9db h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc7 sc6 ls0 ws0\">Previ<span class=\"_ _1\"></span>sion<span class=\"_ _f\"></span>i di<span class=\"_ _df\"> </span></div></td><td class=\"c x37c y2681 w336 h90\"><div class=\"t m0 x48 h1f y2c6 ff4 fs7 fc7 sc6 ls0 ws0\">2025<span class=\"_ _f\"></span> </div></td><td class=\"c x373 y2681 w319 h90\"><div class=\"t m0 x12 h1f y2c6 ff4 fs7 fc1 sc0 ls0 ws0\">194 </div></td><td class=\"c x37d y2681 w334 h90\"><div class=\"t m0 x7 h1f y2c6 ff4 fs7 fc1 sc0 ls0 ws0\">150 </div></td><td class=\"c x37e y2681 w335 h90\"><div class=\"t m0 x8f h1f y2c6 ff4 fs7 fc1 sc0 ls2a ws0\">20<span class=\"ls0\"> </span></div></td><td class=\"c x37f y2681 w86 h90\"><div class=\"t m0 x30 h1f y2c6 ff4 fs7 fc1 sc0 ls0 ws0\">364 </div></td><td class=\"c x380 y2681 w337 h90\"><div class=\"t m0 x36 h1f y2c6 ff4 fs7 fc1 sc0 ls29 ws0\">90<span class=\"ls0\"> </span></div></td><td class=\"c x381 y2681 w11e h90\"><div class=\"t m0 x12 h1f y2c6 ff4 fs7 fc1 sc0 ls0 ws0\">454 </div></td></tr><tr><td class=\"c x262 y2682 w9dc h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc7 sc6 ls0 ws0\">perdit<span class=\"_ _f\"></span>a<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x306 y2683 w99 h69\"><div class=\"t m0 x163 h1f y302 ff4 fs7 fc7 sc6 ls0 ws0\">Val<span class=\"_ _1\"></span>ori net<span class=\"_ _f\"></span>ti </div></td><td class=\"c x37c y2683 w336 h69\"><div class=\"t m0 x48 h1f y302 ff4 fs7 fc7 sc6 ls0 ws0\">2025<span class=\"_ _f\"></span> </div></td><td class=\"c x373 y2683 w319 h69\"><div class=\"t m0 x7 h1f y302 ff4 fs7 fc1 sc0 ls27 ws0\">37<span class=\"ls0\"> </span></div></td><td class=\"c x37d y2683 w334 h69\"><div class=\"t m0 x7 h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">187 </div></td><td class=\"c x37e y2683 w335 h69\"><div class=\"t m0 x8f h1f y302 ff4 fs7 fc1 sc0 ls2a ws0\">27<span class=\"ls0\"> </span></div></td><td class=\"c x37f y2683 w86 h69\"><div class=\"t m0 x36 h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">251<span class=\"fc17\"> </span></div></td><td class=\"c x380 y2683 w337 h69\"><div class=\"t m0 x32 h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">38.770 </div></td><td class=\"c x381 y2683 w11e h69\"><div class=\"t m0 x31 h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">39.021 </div></td></tr><tr><td class=\"c x262 y2684 w9dd h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc7 sc6 ls0 ws0\">Cove<span class=\"_ _1\"></span>rag<span class=\"_ _1\"></span>e<span class=\"_ _df\"> </span></div></td><td class=\"c x37c y2685 w336 h90\"><div class=\"t m0 x48 h1f y2c6 ff4 fs7 fc7 sc6 ls0 ws0\">2025<span class=\"_ _f\"></span> </div></td><td class=\"c x373 y2685 w319 h90\"><div class=\"t m0 x27 h1f y2c6 ff4 fs7 fc1 sc0 ls0 ws0\">83,98% </div></td><td class=\"c x37d y2685 w334 h90\"><div class=\"t m0 x38 h1f y2c6 ff4 fs7 fc1 sc0 ls0 ws0\">44,51% </div></td><td class=\"c x37e y2685 w335 h90\"><div class=\"t m0 x48 h1f y2c6 ff4 fs7 fc1 sc0 ls0 ws0\">42,55% </div></td><td class=\"c x37f y2685 w86 h90\"><div class=\"t m0 x32 h1f y2c6 ff4 fs7 fc1 sc0 ls0 ws0\">59,19% </div></td><td class=\"c x380 y2685 w337 h90\"><div class=\"t m0 x35 h1f y2c6 ff4 fs7 fc1 sc0 ls0 ws0\">0,23% </div></td><td class=\"c x381 y2685 w11e h90\"><div class=\"t m0 x36 h1f y2c6 ff4 fs7 fc1 sc0 ls0 ws0\">1,15% </div></td></tr><tr><td class=\"c x262 y2491 w9de h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc7 sc6 ls0 ws0\">puntu<span class=\"_ _1\"></span>ali<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr></table>Sono presenti coperture <span class=\"_ _2\"></span>di micro <span class=\"_ _2\"></span>fair value hedge s<span class=\"_ _2\"></span>u titoli di <span class=\"_ _2\"></span>debito a tasso <span class=\"_ _2\"></span>fisso. La <span class=\"_ _2\"></span>copertura \u00e8 di<span class=\"_ _df\"> </span>tipo fair value he<span class=\"_ _1\"></span>dge attuata attraverso la designaz<span class=\"_ _1\"></span>ione di appositi strumenti di copertura (Inte<span class=\"_ _1\"></span>res<span class=\"_ _2\"></span><span class=\"ls4a\">t<span class=\"_ _df\"> </span></span>Rate Swap) con copertura s<span class=\"_ _2\"></span>peci<span class=\"_ _1\"></span>fica del c.d. \u201crischio tasso\u201d<span class=\"_ _2\"></span> su detti titoli; la relazione venuta cos\u00ec a<span class=\"_ _df\"> </span>crearsi <span class=\"_ _4\"> </span>fra <span class=\"_ _4\"> </span>Hedg<span class=\"_ _1\"></span>ed <span class=\"_ _4\"> </span>Item <span class=\"_ _4\"> </span>e <span class=\"_ _22\"> </span>Hedging <span class=\"_ _4\"> </span>Instrument <span class=\"_ _4\"> </span>ha <span class=\"_ _4\"> </span>comportato <span class=\"_ _4\"> </span>la  r<span class=\"_ _2\"></span>edazione<span class=\"_ _1\"></span> <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>una <span class=\"_ _22\"> </span>specifica<span class=\"_ _df\"> </span>documentazione <span class=\"_ _d\"></span>che <span class=\"_ _0\"></span>formalizza <span class=\"_ _0\"></span>la <span class=\"_ _0\"></span>relazione <span class=\"_ _d\"></span>di <span class=\"_ _0\"></span>copertura <span class=\"_ _0\"></span>ed <span class=\"_ _0\"></span>ha <span class=\"_ _0\"></span>altres\u00ec <span class=\"_ _0\"></span>usufruito <span class=\"_ _d\"></span>delle <span class=\"_ _0\"></span>particolari<span class=\"_ _df\"> </span>regole <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>contabilizzazione <span class=\"_ _0\"></span>d<span class=\"_ _2\"></span>ell\u2019Hedge <span class=\"_ _9\"> </span>Accounting. <span class=\"_ _9\"> </span>Si <span class=\"_ _9\"> </span>segnala <span class=\"_ _9\"> </span>che <span class=\"_ _9\"> </span>sono <span class=\"_ _9\"> </span>stat<span class=\"_ _2\"></span>i <span class=\"_ _0\"></span>effettuati <span class=\"_ _9\"> </span>i <span class=\"_ _9\"> </span>test <span class=\"_ _9\"> </span>di<span class=\"_ _df\"> </span>efficacia (sia prospettici che retrospettivi)<span class=\"_ _1\"></span> con esito positivo.<span class=\"_ _df\"> </span>Sono <span class=\"_ _2\"></span>presenti <span class=\"_ _2\"></span>nella <span class=\"_ _2\"></span>categoria <span class=\"_ _2\"></span>contabile \u201cAt<span class=\"_ _2\"></span>tivit\u00e0 <span class=\"_ _2\"></span>finanziarie <span class=\"_ _2\"></span>valutate <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>costo <span class=\"_ _2\"></span>ammortizzato\u201d, <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>31<span class=\"_ _df\"> </span>dicembre <span class=\"_ _d\"></span>2025, <span class=\"_ _0\"></span>557 <span class=\"_ _0\"></span>milioni <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>E<span class=\"_ _2\"></span>uro <span class=\"_ _d\"></span>complessivi <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>ABS <span class=\"_ _d\"></span>emessi <span class=\"_ _0\"></span>da <span class=\"_ _d\"></span>veicoli <span class=\"_ _0\"></span>terzi, <span class=\"_ _d\"></span>col<span class=\"_ _2\"></span>legati <span class=\"_ _d\"></span>a <span class=\"_ _d\"></span>credi<span class=\"_ _2\"></span>ti<span class=\"_ _df\"> </span>originati <span class=\"_ _0\"></span>in <span class=\"_ _9\"> </span>Europa, <span class=\"_ _9\"> </span>con <span class=\"_ _9\"> </span>preponderanza <span class=\"_ _0\"></span>della <span class=\"_ _9\"> </span>componente <span class=\"_ _0\"></span>di<span class=\"_ _df\"> </span>origination <span class=\"_ _9\"> </span>italiana <span class=\"_ _0\"></span>(191,4 <span class=\"_ _9\"> </span>milioni <span class=\"_ _0\"></span>di<span class=\"_ _df\"> </span>Euro). <span class=\"_ _e\"> </span>Il <span class=\"_ _10\"> </span>port<span class=\"_ _2\"></span>afoglio <span class=\"_ _e\"> </span>\u00e8 <span class=\"_ _10\"> </span>costituito <span class=\"_ _10\"> </span>da <span class=\"_ _10\"> </span>differenti <span class=\"_ _10\"> </span>tipologie <span class=\"_ _e\"> </span>di <span class=\"_ _18\"> </span>ABS <span class=\"_ _e\"> </span>con <span class=\"_ _10\"> </span>una <span class=\"_ _10\"> </span>prevalenza <span class=\"_ _10\"> </span>delle<span class=\"_ _df\"> </span>cartolarizzazioni di mutui residenziali,<span class=\"_ _1\"></span> che incidono per il 35,1%. L\u2019attuale esposizione suddivisa pe<span class=\"_ _1\"></span>r rischio paese \u00e8 cos\u00ec composta:<table class=\"s w9f5 h4b0\" id=\"_7a87fcfb-6357-4377-9742-1822ed008461\"><tr><td></td><td class=\"c x39f y26a7 w9f6 h4b1\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">Cont<span class=\"_ _f\"></span>rovalo<span class=\"_ _1\"></span>re (m<span class=\"_ _f\"></span>igliaia<span class=\"_ _df\"> </span></div></td><td></td></tr><tr><td class=\"c x3a0 y26a8 w307 h23d\"><div class=\"t m0 x31 h1f y496 ff4 fs7 fc4 sc3 ls0 ws0\">Paes<span class=\"_ _1\"></span>e </div></td><td class=\"c x3a1 y26a9 w9f7 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">Euro<span class=\"_ _1\"></span>)<span class=\"_ _df\"> </span></div></td><td class=\"c x3a2 y26a8 w33a h23d\"><div class=\"t m0 x27 h1f y496 ff4 fs7 fc4 sc3 lsce ws0\">% <span class=\"ls0\">Espo<span class=\"_ _f\"></span>sizione</span><span class=\"ls0\"><span class=\"_ _f\"></span> </span></div></td></tr><tr><td class=\"c x3a0 y26aa w307 h242\"><div class=\"t m0 x31 h1f y496 ff4 fs7 fc1 sc0 ls0 ws0\">ITALIA </div></td><td class=\"c x3a3 y26aa w339 h242\"><div class=\"t m0 x8f h1f y496 ff4 fs7 fc1 sc0 ls0 ws0\">191.403 </div></td><td class=\"c x3a2 y26aa w33a h242\"><div class=\"t m0 x90 h1f y496 ff4 fs7 fc1 sc0 ls0 ws0\">34,3 </div></td></tr><tr><td class=\"c x3a0 y26ab w307 h243\"><div class=\"t m0 x26 h1f y496 ff4 fs7 fc1 sc0 ls0 ws0\">FRANCIA </div></td><td class=\"c x3a3 y26ab w339 h243\"><div class=\"t m0 x8f h1f y496 ff4 fs7 fc1 sc0 ls0 ws0\">127.869 </div></td><td class=\"c x3a2 y26ab w33a h243\"><div class=\"t m0 x90 h1f y496 ff4 fs7 fc1 sc0 ls0 ws0\">22,9 </div></td></tr><tr><td class=\"c x3a0 y26ac w307 h243\"><div class=\"t m0 x2c h1f y496 ff4 fs7 fc1 sc0 ls0 ws0\">GERMANIA </div></td><td class=\"c x3a3 y26ac w339 h243\"><div class=\"t m0 x8f h1f y496 ff4 fs7 fc1 sc0 ls0 ws0\">105.840 </div></td><td class=\"c x3a2 y26ac w33a h243\"><div class=\"t m0 x7 h1f y496 ff4 fs7 fc1 sc0 ls0 ws0\">19,1 </div></td></tr><tr><td class=\"c x3a0 y26ad w307 h17f\"><div class=\"t m0 x34 h1f y496 ff4 fs7 fc1 sc0 ls0 ws0\">SPAGNA </div></td><td class=\"c x3a3 y26ad w339 h17f\"><div class=\"t m0 x96 h1f y496 ff4 fs7 fc1 sc0 ls0 ws0\">87.101 </div></td><td class=\"c x3a2 y26ad w33a h17f\"><div class=\"t m0 x90 h1f y496 ff4 fs7 fc1 sc0 ls0 ws0\">15,6 </div></td></tr><tr><td class=\"c x3a0 y26ae w307 h1af\"><div class=\"t m0 x33 h1f y496 ff4 fs7 fc1 sc0 ls0 ws0\">PAESI BASSI </div></td><td class=\"c x3a3 y26ae w339 h1af\"><div class=\"t m0 x96 h1f y496 ff4 fs7 fc1 sc0 ls0 ws0\">45.112 </div></td><td class=\"c x3a2 y26ae w33a h1af\"><div class=\"t m0 x1c h1f y496 ff4 fs7 fc1 sc0 ls0 ws0\">8,1 </div></td></tr><tr><td class=\"c x3a0 y26af w307 h243\"><div class=\"t m0 x37 h1f y496 ff4 fs7 fc4 sc3 ls0 ws0\">TOTA<span class=\"_ _1\"></span>LE </div></td><td class=\"c x3a3 y26af w339 h243\"><div class=\"t m0 x8f h1f y496 ff4 fs7 fc4 sc3 ls0 ws0\">557.<span class=\"_ _1\"></span>325 </div></td><td class=\"c x3a2 y26af w33a h243\"><div class=\"t m0 x12 h1f y496 ff4 fs7 fc4 sc3 ls0 ws0\">100,<span class=\"_ _f\"></span>0 </div></td></tr></table>Si <span class=\"_ _f\"></span>\u00e8 adottata <span class=\"_ _f\"></span>anche <span class=\"_ _1\"></span>la <span class=\"_ _f\"></span>met<span class=\"_ _2\"></span>odolog<span class=\"_ _1\"></span>ia <span class=\"_ _f\"></span>cont<span class=\"_ _2\"></span>abile<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>del <span class=\"_ _f\"></span>Macro Fair <span class=\"_ _f\"></span>Value Hed<span class=\"_ _f\"></span>g<span class=\"_ _2\"></span>e <span class=\"_ _f\"></span>per la <span class=\"_ _f\"></span>copertura <span class=\"_ _f\"></span>del rischio<span class=\"_ _df\"> </span>di tasso <span class=\"ff5\">associato all\u2019erogazione di mutui a tasso fisso</span>.<span class=\"_ _df\"> </span>Sono p<span class=\"_ _1\"></span>resenti, inoltre,<span class=\"_ _f\"></span> coperture <span class=\"_ _f\"></span>di Macro Cash<span class=\"_ _f\"></span> Flow <span class=\"_ _1\"></span>Hedge <span class=\"_ _f\"></span>su erogazioni <span class=\"_ _f\"></span>di mutui <span class=\"_ _f\"></span>a tasso <span class=\"_ _f\"></span>variabile.<span class=\"_ _df\"> </span><div class=\"c w2da h244 gs914\"><div class=\"t m0 x8a h5 y41f ff4 fs1 fc4 sc3 ls0 ws0\">4.3 <span class=\"_ _1\"></span>Attivi<span class=\"_ _1\"></span>t\u00e0 fina<span class=\"_ _1\"></span>nziari<span class=\"_ _1\"></span>e va<span class=\"_ _1\"></span>lutat<span class=\"_ _f\"></span>e al cos<span class=\"_ _1\"></span>to am<span class=\"_ _f\"></span>mortizza<span class=\"_ _1\"></span>to: <span class=\"_ _1\"></span>compo<span class=\"_ _f\"></span>sizione <span class=\"_ _1\"></span>per d<span class=\"_ _1\"></span>ebito<span class=\"_ _1\"></span>ri/em<span class=\"_ _f\"></span>ittenti de<span class=\"_ _1\"></span>i cred<span class=\"_ _1\"></span>iti ve<span class=\"_ _1\"></span>rso cli<span class=\"_ _1\"></span>entela<span class=\"_ _f\"></span><span class=\"fc1 sc0\"> </span></div></div><div class=\"gs915\"><table class=\"s w9f8 h4b2\" id=\"_e24eb7b0-f774-4aa3-9bf6-f2946fcdb2e9\"><tr><td></td><td></td><td class=\"c x3a4 y26b0 w33c h131\"><div class=\"t m0 x24 h1f y32 ff4 fs7 fc4 sc3 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale<span class=\"fc1 sc0\"> </span></div></td><td></td><td></td><td class=\"c x3a5 y26b0 w33d h131\"><div class=\"t m0 x24 h1f y32 ff4 fs7 fc4 sc3 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale<span class=\"fc1 sc0\"> </span></div></td><td></td></tr><tr><td></td><td></td><td class=\"c x3a4 y26b1 w33c h131\"><div class=\"t m0 x1b1 h1f y40 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/<span class=\"_ _f\"></span>2025<span class=\"fc1 sc0\"> </span></div></td><td></td><td></td><td class=\"c x3a5 y26b1 w33d h131\"><div class=\"t m0 x1b1 h1f y40 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/<span class=\"_ _f\"></span>2024<span class=\"fc1 sc0\"> </span></div></td><td></td></tr><tr><td class=\"c x36d y26b2 w33b h245\"><div class=\"t m0 xab h1f y1532 ff4 fs7 fc4 sc3 ls0 ws0\">Tipol<span class=\"_ _f\"></span>ogia op<span class=\"_ _f\"></span>erazion<span class=\"_ _1\"></span>i/Va<span class=\"_ _1\"></span>lori<span class=\"_ _1\"></span><span class=\"fc1 sc0\"> </span></div></td><td class=\"c x3a6 y26b3 w9f9 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">Prim<span class=\"_ _1\"></span>o e<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x3a7 y26b4 w9fa h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">Atti<span class=\"_ _1\"></span>vit\u00e0 i<span class=\"_ _1\"></span>mpa<span class=\"_ _1\"></span>ired<span class=\"_ _df\"> </span></div></td><td class=\"c x3a8 y26b3 w9fb h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">Prim<span class=\"_ _1\"></span>o e<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x3a9 y26b4 w9fa h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">Atti<span class=\"_ _1\"></span>vit\u00e0 i<span class=\"_ _1\"></span>mpa<span class=\"_ _1\"></span>ired<span class=\"_ _df\"> </span></div></td></tr><tr><td></td><td class=\"c x3aa y26b5 w9fc h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">secon<span class=\"_ _f\"></span>do sta<span class=\"_ _1\"></span>dio<span class=\"_ _df\"> </span></div></td><td class=\"c x3ab y26b2 w33f h246\"><div class=\"t m0 xac h1f y14 ff4 fs7 fc4 sc3 ls0 ws0\">Terz<span class=\"_ _1\"></span>o sta<span class=\"_ _f\"></span>dio<span class=\"fc1 sc0\"> </span></div></td><td class=\"c x3ac y26b6 w9fd h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">acq<span class=\"_ _1\"></span>uisit<span class=\"_ _f\"></span>e o<span class=\"_ _df\"> </span></div></td><td class=\"c x3ad y26b5 w9fc h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">secon<span class=\"_ _f\"></span>do sta<span class=\"_ _1\"></span>dio<span class=\"_ _df\"> </span></div></td><td class=\"c x3ae y26b2 w341 h246\"><div class=\"t m0 xab h1f y14 ff4 fs7 fc4 sc3 ls0 ws0\">Terz<span class=\"_ _1\"></span>o sta<span class=\"_ _f\"></span>dio<span class=\"fc1 sc0\"> </span></div></td><td class=\"c x3af y26b6 w9fd h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">acq<span class=\"_ _1\"></span>uisit<span class=\"_ _f\"></span>e o<span class=\"_ _df\"> </span></div></td></tr><tr><td></td><td></td><td></td><td class=\"c x3b0 y26b7 w9ad h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">origi<span class=\"_ _1\"></span>nat<span class=\"_ _f\"></span>e<span class=\"_ _df\"> </span></div></td><td></td><td></td><td class=\"c x3b1 y26b7 w9fe h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">origi<span class=\"_ _1\"></span>nat<span class=\"_ _1\"></span>e<span class=\"_ _df\"> </span></div></td></tr><tr><td class=\"c x36d y26b8 w343 hc8\"><div class=\"t m0 x8a h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">1. Tit<span class=\"_ _f\"></span>oli di de<span class=\"_ _f\"></span>bito<span class=\"sc0\"> </span></div></td><td class=\"c x3a4 y26b8 w33e hc8\"><div class=\"t m0 x34 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">6.231.<span class=\"_ _f\"></span>081<span class=\"sc0\"> </span></div></td><td class=\"c x3ab y26b8 w344 hc8\"><div class=\"t m0 xe h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x3b2 y26b8 w345 hc8\"><div class=\"t m0 xe6 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x3a5 y26b8 w256 hc8\"><div class=\"t m0 x26 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">7.33<span class=\"_ _1\"></span>1.288<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x3b3 y26b8 w346 hc8\"><div class=\"t m0 xe h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x3b4 y26b8 w347 hc8\"><div class=\"t m0 xe5 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x3b5 y26b9 w9ff h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">a) Amministrazion<span class=\"_ _f\"></span>i<span class=\"_ _df\"> </span></div></td><td class=\"c x3a4 y26ba w33e h58\"><div class=\"t m0 x3a h1f y2ea ff4 fs7 fc1 sc0 ls0 ws0\">5.504.865 </div></td><td class=\"c x3ab y26ba w344 h58\"><div class=\"t m0 xe h1f y2ea ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x3b2 y26ba w345 h58\"><div class=\"t m0 xe6 h1f y2ea ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x3a5 y26ba w256 h58\"><div class=\"t m0 x3a h1f y2ea ff4 fs7 fc1 sc0 ls0 ws0\">6.794.368 </div></td><td class=\"c x3b3 y26ba w346 h58\"><div class=\"t m0 xe h1f y2ea ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x3b4 y26ba w347 h58\"><div class=\"t m0 xe5 h1f y2ea ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x3b5 y26bb wa00 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">pubbliche<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x3b5 y26bc wa01 h48b\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">b) Altre societ\u00e0<span class=\"_ _df\"> </span></div></td><td class=\"c x3a4 y26bd w33e h58\"><div class=\"t m0 x30 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">726.216 </div></td><td class=\"c x3ab y26bd w344 h58\"><div class=\"t m0 xe h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x3b2 y26bd w345 h58\"><div class=\"t m0 xe6 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x3a5 y26bd w256 h58\"><div class=\"t m0 x30 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">536.421 </div></td><td class=\"c x3b3 y26bd w346 h58\"><div class=\"t m0 xe h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x3b4 y26bd w347 h58\"><div class=\"t m0 xe5 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x3b5 y26be wa02 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">finanziarie<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x3b6 y26bf wa03 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">di cui: imprese d<span class=\"_ _1\"></span>i<span class=\"_ _df\"> </span></div></td><td class=\"c x3a4 y26c0 w33e had\"><div class=\"t m0 xe h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">515 </div></td><td class=\"c x3ab y26c0 w344 had\"><div class=\"t m0 xe h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x3b2 y26c0 w345 had\"><div class=\"t m0 xe6 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x3a5 y26c0 w256 had\"><div class=\"t m0 xe h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">521 </div></td><td class=\"c x3b3 y26c0 w346 had\"><div class=\"t m0 xe h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x3b4 y26c0 w347 had\"><div class=\"t m0 xe5 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x3b6 y26c1 wa04 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">assicurazione<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x3b5 y26c2 wa05 h48b\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">c) Societ\u00e0 non<span class=\"_ _df\"> </span></div></td><td class=\"c x3a4 y26c3 w33e h58\"><div class=\"t m0 xc3 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x3ab y26c3 w344 h58\"><div class=\"t m0 xe h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x3b2 y26c3 w345 h58\"><div class=\"t m0 xe6 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x3a5 y26c3 w256 h58\"><div class=\"t m0 xf h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">499 </div></td><td class=\"c x3b3 y26c3 w346 h58\"><div class=\"t m0 xe h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x3b4 y26c3 w347 h58\"><div class=\"t m0 xe5 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x3b5 y26c4 wa02 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">finanziarie<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x36d y26c5 w343 h227\"><div class=\"t m0 x8a h1f y1534 ff4 fs7 fc1 sc2 ls0 ws0\">2. Fin<span class=\"_ _1\"></span>anz<span class=\"_ _1\"></span>iam<span class=\"_ _1\"></span>enti<span class=\"_ _1\"></span> vers<span class=\"_ _f\"></span>o:<span class=\"sc0\"> </span></div></td><td class=\"c x3a4 y26c5 w33e h227\"><div class=\"t m0 x32 h1f y1534 ff4 fs7 fc1 sc2 ls0 ws0\">38.76<span class=\"_ _f\"></span>3.503<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x3ab y26c5 w344 h227\"><div class=\"t m0 x2c h1f y1534 ff4 fs7 fc1 sc2 ls0 ws0\">244.5<span class=\"_ _f\"></span>42<span class=\"sc0\"> </span></div></td><td class=\"c x3b2 y26c5 w345 h227\"><div class=\"t m0 xa3 h1f y1534 ff4 fs7 fc1 sc2 ls0 ws0\">12.87<span class=\"_ _f\"></span>1<span class=\"sc0\"> </span></div></td><td class=\"c x3a5 y26c5 w256 h227\"><div class=\"t m0 x33 h1f y1534 ff4 fs7 fc1 sc2 ls0 ws0\">36.08<span class=\"_ _1\"></span>9.46<span class=\"_ _f\"></span>5<span class=\"sc0\"> </span></div></td><td class=\"c x3b3 y26c5 w346 h227\"><div class=\"t m0 x27 h1f y1534 ff4 fs7 fc1 sc2 ls0 ws0\">258.7<span class=\"_ _f\"></span>17<span class=\"sc0\"> </span></div></td><td class=\"c x3b4 y26c5 w347 h227\"><div class=\"t m0 xa3 h1f y1534 ff4 fs7 fc1 sc2 ls0 ws0\">15.45<span class=\"_ _f\"></span>5<span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x3b5 y26c6 w9ff h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">a) Amministrazion<span class=\"_ _f\"></span>i<span class=\"_ _df\"> </span></div></td><td class=\"c x3a4 y26c7 w33e had\"><div class=\"t m0 x31 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">567.272 </div></td><td class=\"c x3ab y26c7 w344 had\"><div class=\"t m0 x15 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">1.327 </div></td><td class=\"c x3b2 y26c7 w345 had\"><div class=\"t m0 xe6 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x3a5 y26c7 w256 had\"><div class=\"t m0 x31 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">567.423 </div></td><td class=\"c x3b3 y26c7 w346 had\"><div class=\"t m0 x30 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">1.632 </div></td><td class=\"c x3b4 y26c7 w347 had\"><div class=\"t m0 xe5 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x3b5 y26c8 wa00 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">pubbliche<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x3b5 y26c9 wa01 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">b) Altre societ\u00e0<span class=\"_ _df\"> </span></div></td><td class=\"c x3a4 y26ca w33e h58\"><div class=\"t m0 x38 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">2.171.912 </div></td><td class=\"c x3ab y26ca w344 h58\"><div class=\"t m0 x90 h1f y420 ff4 fs7 fc1 sc0 ls2b ws0\">87<span class=\"ls0\"> </span></div></td><td class=\"c x3b2 y26ca w345 h58\"><div class=\"t m0 xe6 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x3a5 y26ca w256 h58\"><div class=\"t m0 x31 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">753.490 </div></td><td class=\"c x3b3 y26ca w346 h58\"><div class=\"t m0 x13 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">265 </div></td><td class=\"c x3b4 y26ca w347 h58\"><div class=\"t m0 xec h1f y420 ff4 fs7 fc1 sc0 ls27 ws0\">31<span class=\"ls0\"> </span></div></td></tr><tr><td class=\"c x3b5 y26cb wa02 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">finanziarie<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x3b6 y26cc wa03 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">di cui: imprese d<span class=\"_ _1\"></span>i<span class=\"_ _df\"> </span></div></td><td class=\"c x3a4 y26cd w33e had\"><div class=\"t m0 x15 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">211.524 </div></td><td class=\"c x3ab y26cd w344 had\"><div class=\"t m0 xe h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x3b2 y26cd w345 had\"><div class=\"t m0 xe6 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x3a5 y26cd w256 had\"><div class=\"t m0 x30 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">173.063 </div></td><td class=\"c x3b3 y26cd w346 had\"><div class=\"t m0 xe h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x3b4 y26cd w347 had\"><div class=\"t m0 xe5 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x3b6 y26ce wa04 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">assicurazione<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x3b5 y26cf wa05 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">c) Societ\u00e0 non<span class=\"_ _df\"> </span></div></td><td class=\"c x3a4 y26d0 w33e h58\"><div class=\"t m0 x35 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">17.898.497 </div></td><td class=\"c x3ab y26d0 w344 h58\"><div class=\"t m0 x26 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">101.025 </div></td><td class=\"c x3b2 y26d0 w345 h58\"><div class=\"t m0 x8 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">3.407 </div></td><td class=\"c x3a5 y26d0 w256 h58\"><div class=\"t m0 x32 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">17.360.980 </div></td><td class=\"c x3b3 y26d0 w346 h58\"><div class=\"t m0 x3a h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">107.937 </div></td><td class=\"c x3b4 y26d0 w347 h58\"><div class=\"t m0 x8 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">4.395 </div></td></tr><tr><td class=\"c x3b5 y26d1 wa02 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">finanziarie<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x36d y26d2 w343 hc8\"><div class=\"t m0 x130 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">d) Famiglie </div></td><td class=\"c x3a4 y26d2 w33e hc8\"><div class=\"t m0 x2c h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">18.125.822 </div></td><td class=\"c x3ab y26d2 w344 hc8\"><div class=\"t m0 x26 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">142.103 </div></td><td class=\"c x3b2 y26d2 w345 hc8\"><div class=\"t m0 xa3 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">9.464 </div></td><td class=\"c x3a5 y26d2 w256 hc8\"><div class=\"t m0 x2c h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">17.407.572 </div></td><td class=\"c x3b3 y26d2 w346 hc8\"><div class=\"t m0 x2c h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">148.883 </div></td><td class=\"c x3b4 y26d2 w347 hc8\"><div class=\"t m0 xa3 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">11.029 </div></td></tr><tr><td class=\"c x36d y26d3 w343 hc8\"><div class=\"t m0 x199 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale<span class=\"sc0\"> </span></div></td><td class=\"c x3a4 y26d3 w33e hc8\"><div class=\"t m0 x33 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">44.99<span class=\"_ _f\"></span>4.584<span class=\"sc0\"> </span></div></td><td class=\"c x3ab y26d3 w344 hc8\"><div class=\"t m0 x2c h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">244.5<span class=\"_ _f\"></span>42<span class=\"sc0\"> </span></div></td><td class=\"c x3b2 y26d3 w345 hc8\"><div class=\"t m0 xa3 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">12.87<span class=\"_ _f\"></span>1<span class=\"sc0\"> </span></div></td><td class=\"c x3a5 y26d3 w256 hc8\"><div class=\"t m0 x32 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">43.4<span class=\"_ _1\"></span>20.7<span class=\"_ _1\"></span>53<span class=\"sc0\"> </span></div></td><td class=\"c x3b3 y26d3 w346 hc8\"><div class=\"t m0 x27 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">258.7<span class=\"_ _f\"></span>17<span class=\"sc0\"> </span></div></td><td class=\"c x3b4 y26d3 w347 hc8\"><div class=\"t m0 xa3 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">15.45<span class=\"_ _f\"></span>5<span class=\"sc0\"> </span></div></td></tr></table></div>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfLoansAndAdvancesToCustomersExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-867": {
   "value": "<div class=\"t m0 he ff4 fs5 fc4 sc3 ls0 ws0 gs948\">Sezio<span class=\"_ _1\"></span>ne 7 - L<span class=\"_ _1\"></span>e pa<span class=\"_ _1\"></span>rtecipaz<span class=\"_ _f\"></span>ioni - Voce<span class=\"_ _1\"></span> 70 </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs949\">Il valore di bilancio della voce \u201cPartecipazioni\u201d ammonta a <span class=\"_ _2\"></span><span class=\"ff4 ls3\">6<span class=\"ff2a ls1b\">2,<span class=\"ls0 ws26\">6 </span></span><span class=\"ls0\">milioni di euro.<span class=\"fc4 sc3 ws67\"> </span></span></span></div><div class=\"t m0 h5 ff4 fs1 fc4 sc3 ls0 ws0 gs94a\">7.1 Pa<span class=\"_ _f\"></span>rtecipazio<span class=\"_ _f\"></span>ni: inform<span class=\"_ _1\"></span>azi<span class=\"_ _1\"></span>oni s<span class=\"_ _f\"></span>ui rapport<span class=\"_ _f\"></span>i parteci<span class=\"_ _1\"></span>pativ<span class=\"_ _1\"></span>i </div><div class=\"gs94b\"><table class=\"s wa2a h4ba\" id=\"_59ec7c2c-a502-4977-899c-49d4144bd260\"><tr><td></td><td></td><td></td><td></td><td class=\"c x3f0 y2711 w35c h19\"><div class=\"t m0 x39 h1f y1d ff4 fs7 fc7 sc6 ls0 ws0\">Rap<span class=\"_ _f\"></span>porto di <span class=\"_ _1\"></span>part<span class=\"_ _1\"></span>ecipa<span class=\"_ _f\"></span>zione </div></td><td></td></tr><tr><td class=\"c x2e0 y2712 w359 h16e\"><div class=\"t m0 xa3 h1f ya13 ff4 fs7 fc7 sc6 ls0 ws0\">Deno<span class=\"_ _f\"></span>minazi<span class=\"_ _1\"></span>oni <span class=\"_ _f\"></span> </div></td><td class=\"c x3f1 y2712 w35a h16e\"><div class=\"t m0 x8f h1f ya13 ff4 fs7 fc7 sc6 ls0 ws0\">Sede<span class=\"_ _f\"></span> legale<span class=\"_ _f\"></span> </div></td><td class=\"c x3f2 y2713 wa2b h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc7 sc6 ls0 ws0\">Tipo <span class=\"_ _f\"></span>di<span class=\"_ _df\"> </span></div></td><td></td><td></td><td class=\"c x3f3 y2713 wa2c h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc7 sc6 ls0 ws0\">Dispo<span class=\"_ _f\"></span>nibilit\u00e0<span class=\"_ _f\"></span> voti<span class=\"_ _df\"> </span></div></td></tr><tr><td></td><td></td><td class=\"c x3f4 y2714 wa2d h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc7 sc6 ls0 ws0\">rappo<span class=\"_ _1\"></span>rto<span class=\"_ _df\"> </span></div></td><td></td><td></td><td class=\"c x3f5 y2714 wa2e h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc7 sc6 ls0 ws0\">%<span class=\"_ _df\"> </span></div></td></tr><tr><td></td><td></td><td></td><td class=\"c x3f0 y2712 w35d h1c1\"><div class=\"t m0 xab h1f ye13 ff4 fs7 fc7 sc6 ls0 ws0\">Impr<span class=\"_ _f\"></span>esa part<span class=\"_ _f\"></span>ecipan<span class=\"_ _1\"></span>te </div></td><td class=\"c x3f6 y2712 w35e h1c1\"><div class=\"t m0 x8a h1f ye13 ff4 fs7 fc7 sc6 ls0 ws0\">Quot<span class=\"_ _1\"></span>a %<span class=\"_ _f\"></span> </div></td><td></td></tr><tr><td class=\"c x2e0 y2715 w359 h1e\"><div class=\"t m0 x10 h1f y1220 ff4 fs7 fc1 sc2 ls0 ws0\">A.<span class=\"_ _15\"> </span>Impr<span class=\"_ _f\"></span>ese con<span class=\"_ _1\"></span>trol<span class=\"_ _1\"></span>lat<span class=\"_ _1\"></span>e in m<span class=\"_ _f\"></span>odo con<span class=\"_ _f\"></span>giunto </div></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x3f7 y2716 w35f h69\"><div class=\"t m0 x10 h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">1. Credemassicur<span class=\"_ _1\"></span>azioni spa </div></td><td class=\"c x3f1 y2716 w360 h69\"><div class=\"t m0 x10 h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">Reggio Emilia<span class=\"_ _1\"></span> </div></td><td class=\"c x3f8 y2716 w163 h69\"><div class=\"t m0 x48 h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">1 </div></td><td class=\"c x3f0 y2716 w35d h69\"><div class=\"t m0 x55 h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">Credito Emiliano<span class=\"_ _1\"></span> </div></td><td class=\"c x3f6 y2716 w35e h69\"><div class=\"t m0 xab h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">50,00% </div></td><td></td></tr><tr><td class=\"c x262 y2717 wa2f h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc2 ls0 ws0\">B.<span class=\"_ _15\"> </span>Impre<span class=\"_ _1\"></span>se s<span class=\"_ _f\"></span>ottopo<span class=\"_ _f\"></span>ste a in<span class=\"_ _1\"></span>fluen<span class=\"_ _f\"></span>za<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x262 y2718 wa30 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc2 ls0 ws0\">not<span class=\"_ _1\"></span>evole<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x3f7 y2719 w35f h69\"><div class=\"t m0 x10 h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">1. SBC Fintech 2224<span class=\"_ _1\"></span> Milan srl </div></td><td class=\"c x3f1 y2719 w35a h69\"><div class=\"t m0 x163 h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">Milano </div></td><td class=\"c x3f8 y2719 w35b h69\"><div class=\"t m0 x48 h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">1 </div></td><td class=\"c x3f9 y2719 w28b h69\"><div class=\"t m0 x3a h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">Credemtel </div></td><td class=\"c x3f6 y2719 w1fb h69\"><div class=\"t m0 xab h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">45,92% </div></td><td></td></tr><tr><td class=\"c x3f7 y271a w35f h69\"><div class=\"t m0 x10 h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">2. Andxor srl<span class=\"_ _1\"></span> </div></td><td class=\"c x3f1 y271a w35a h69\"><div class=\"t m0 x163 h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">Cinisello Balsam<span class=\"_ _f\"></span>o </div></td><td class=\"c x3f8 y271a w35b h69\"><div class=\"t m0 x48 h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">1 </div></td><td class=\"c x3f9 y271a w28b h69\"><div class=\"t m0 x3a h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">Credemtel </div></td><td class=\"c x3f6 y271a w1fb h69\"><div class=\"t m0 x8a h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">40,00% </div></td><td></td></tr><tr><td class=\"c x3f7 y271b w35f h6a\"><div class=\"t m0 x10 h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">3<span class=\"ls3f\">. </span>Mynet srl </div></td><td class=\"c x3f1 y271b w35a h6a\"><div class=\"t m0 x163 h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">Udine </div></td><td class=\"c x3f8 y271b w35b h6a\"><div class=\"t m0 x48 h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">1 </div></td><td class=\"c x3f9 y271b w28b h6a\"><div class=\"t m0 x3a h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">Credemtel </div></td><td class=\"c x3f6 y271b w1fb h6a\"><div class=\"t m0 xab h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">12,99% </div></td><td></td></tr><tr><td class=\"c x3f7 y271c w35f h69\"><div class=\"t m0 x10 h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">4. Flairbit srl </div></td><td class=\"c x3f1 y271c w35a h69\"><div class=\"t m0 x163 h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">Genova </div></td><td class=\"c x3f8 y271c w35b h69\"><div class=\"t m0 x48 h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">1 </div></td><td class=\"c x3f9 y271c w28b h69\"><div class=\"t m0 x3a h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">Credemtel </div></td><td class=\"c x3f6 y271c w1fb h69\"><div class=\"t m0 xab h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">10,00% </div></td><td></td></tr></table></div><div class=\"t m0 h5 ff4 fs1 fc4 sc3 ls0 ws0 gs94c\">Lege<span class=\"_ _f\"></span>nda </div><div class=\"t m0 h1f ff4 fs7 fc1 sc0 ls0 ws0 gs94d\">Tipo di rappor<span class=\"_ _1\"></span>to: </div><div class=\"t m0 h1f ff4 fs7 fc1 sc0 ls0 ws0 gs94e\">1 <span class=\"ff5\">\u2013</span> partecipazione<span class=\"_ _1\"></span> al capitale soc<span class=\"_ _1\"></span>iale<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc7 sc6 ls0 ws0 gs950\">7.2 P<span class=\"_ _1\"></span>arte<span class=\"_ _1\"></span>cipazio<span class=\"_ _f\"></span>ni signifi<span class=\"_ _1\"></span>cativ<span class=\"_ _1\"></span>e: v<span class=\"_ _f\"></span>alore di <span class=\"_ _1\"></span>bilanci<span class=\"_ _1\"></span>o, fa<span class=\"_ _f\"></span>ir value<span class=\"_ _1\"></span> e divid<span class=\"_ _f\"></span>endi per<span class=\"_ _1\"></span>cepit<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span> </div><div class=\"gs951\"><table class=\"s wa31 h4bb\" id=\"_c3cf25a3-d82b-401f-a378-5d2529241b35\"><tr><td class=\"c x3fb y271d w361 h24e\"><div class=\"t m0 x22 h1f y1258 ff4 fs7 fc4 sc3 ls0 ws0\">Deno<span class=\"_ _f\"></span>minazi<span class=\"_ _1\"></span>oni </div></td><td></td><td class=\"c x3fc y271d w30a h24e\"><div class=\"t m0 x116 h1f y1258 ff4 fs7 fc4 sc3 ls0 ws0\">Val<span class=\"_ _1\"></span>ore di<span class=\"_ _1\"></span> bila<span class=\"_ _f\"></span>ncio </div></td><td class=\"c x3fd y271d w362 h24e\"><div class=\"t m0 x30 h1f y1258 ff4 fs7 fc4 sc3 ls0 ws0\">Fair<span class=\"_ _f\"></span> value </div></td><td class=\"c x3fe y271d w363 h24e\"><div class=\"t m0 x8e h1f y1258 ff4 fs7 fc4 sc3 ls0 ws0\">Divi<span class=\"_ _1\"></span>dendi <span class=\"_ _f\"></span>perce<span class=\"_ _1\"></span>piti </div></td></tr><tr><td class=\"c x3ff y271e w364 h49\"><div class=\"t m0 x15d h1f y32 ff4 fs7 fc1 sc2 ls0 ws0\">A. Im<span class=\"_ _1\"></span>pres<span class=\"_ _f\"></span>e cont<span class=\"_ _1\"></span>roll<span class=\"_ _1\"></span>ate in<span class=\"_ _1\"></span> mo<span class=\"_ _1\"></span>do con<span class=\"_ _f\"></span>giun<span class=\"_ _1\"></span>to </div></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x3ff y271f w364 he9\"><div class=\"t m0 x35 h1f yd81 ff4 fs7 fc1 sc0 ls9 ws0\">1.<span class=\"_ _27\"> </span><span class=\"ls0\">Credemassicurazioni spa</span><span class=\"ls0\"> </span></div></td><td></td><td class=\"c x3fc y271f w365 he9\"><div class=\"t m0 x11d h1f yd81 ff4 fs7 fc1 sc0 ls0 ws0\">59.650 </div></td><td class=\"c x400 y271f w366 he9\"><div class=\"t m0 x1de h1f yd81 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x3fe y271f w367 he9\"><div class=\"t m0 xeb h1f yd81 ff4 fs7 fc1 sc0 ls0 ws0\">4.713 </div></td></tr><tr><td class=\"c x3ff y2720 w364 h49\"><div class=\"t m0 x15d h1f y32 ff4 fs7 fc1 sc2 ls0 ws0\">B. Im<span class=\"_ _f\"></span>prese s<span class=\"_ _1\"></span>otto<span class=\"_ _1\"></span>post<span class=\"_ _1\"></span>e ad i<span class=\"_ _f\"></span>nfluen<span class=\"_ _f\"></span>za not<span class=\"_ _f\"></span>evole </div></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x3ff y2721 w364 he9\"><div class=\"t m0 x48 h1f yd81 ff4 fs7 fc1 sc0 ls9 ws0\">1.<span class=\"_ _b\"> </span><span class=\"ls0\">SBC Fintech 2224 Milan s<span class=\"_ _f\"></span>rl<span class=\"_ _df\"> </span></span></div></td><td></td><td class=\"c x3fc y2721 w365 he9\"><div class=\"t m0 xe5 h1f yd81 ff4 fs7 fc1 sc0 ls0 ws0\">584 </div></td><td class=\"c x400 y2721 w366 he9\"><div class=\"t m0 x1de h1f yd81 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x3fe y2721 w367 he9\"><div class=\"t m0 xe3 h1f yd81 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x3ff y2722 w364 he9\"><div class=\"t m0 x48 h1f yd81 ff4 fs7 fc1 sc0 ls2a ws0\">2.<span class=\"_ _33\"> </span><span class=\"ls0\">Andxor srl</span><span class=\"ls0\"> </span></div></td><td></td><td class=\"c x3fc y2722 w365 he9\"><div class=\"t m0 xec h1f yd81 ff4 fs7 fc1 sc0 ls0 ws0\">1.388 </div></td><td class=\"c x400 y2722 w366 he9\"><div class=\"t m0 x1de h1f yd81 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x3fe y2722 w367 he9\"><div class=\"t m0 x12a h1f yd81 ff4 fs7 fc1 sc0 ls0 ws0\">172 </div></td></tr><tr><td class=\"c x3ff y2723 w364 h24f\"><div class=\"t m0 x48 h1f y1567 ff4 fs7 fc1 sc0 ls27 ws0\">3.<span class=\"_ _35\"> </span><span class=\"ls0\">Mynet srl<span class=\"_ _df\"> </span></span></div></td><td></td><td class=\"c x3fc y2723 w365 h24f\"><div class=\"t m0 xe8 h1f y1567 ff4 fs7 fc1 sc0 ls0 ws0\">375 </div></td><td class=\"c x400 y2723 w366 h24f\"><div class=\"t m0 x1de h1f y1567 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x3fe y2723 w367 h24f\"><div class=\"t m0 xe3 h1f y1567 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x3ff y2724 w364 he9\"><div class=\"t m0 x48 h1f yd81 ff4 fs7 fc1 sc0 lsa ws0\">4.<span class=\"_ _35\"> </span><span class=\"ls0\">Flairbit srl</span><span class=\"ls0\"> </span></div></td><td></td><td class=\"c x3fc y2724 w365 he9\"><div class=\"t m0 xe5 h1f yd81 ff4 fs7 fc1 sc0 ls0 ws0\">584 </div></td><td class=\"c x400 y2724 w366 he9\"><div class=\"t m0 x1de h1f yd81 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x3fe y2724 w367 he9\"><div class=\"t m0 xe3 h1f yd81 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td></td><td class=\"c x3ff y2725 w364 h49\"><div class=\"t m0 x100 h1f y25f ff4 fs7 fc1 sc2 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale </div></td><td class=\"c x3fc y2725 w365 h49\"><div class=\"t m0 x11d h1f y25f ff4 fs7 fc1 sc2 ls0 ws0\">62.58<span class=\"_ _f\"></span>2 </div></td><td class=\"c x400 y2725 w366 h49\"><div class=\"t m0 x1de h1f y25f ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td><td class=\"c x3fe y2725 w367 h49\"><div class=\"t m0 x11f h1f y25f ff4 fs7 fc1 sc2 ls0 ws0\">4.885<span class=\"_ _f\"></span> </div></td></tr></table></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs952\">La colonn<span class=\"_ _1\"></span>a fair <span class=\"_ _f\"></span>value non \u00e8<span class=\"_ _f\"></span> avvalorata perch\u00e9<span class=\"_ _1\"></span> non <span class=\"_ _f\"></span>sono presenti socie<span class=\"_ _f\"></span>t<span class=\"_ _2\"></span>\u00e0 q<span class=\"_ _1\"></span>uotate classificate<span class=\"_ _1\"></span> tra <span class=\"_ _f\"></span>le partecipazioni <span class=\"_ _f\"></span>significative.<span class=\"_ _df\"> </span><span class=\"_ _2\"></span> </div>Ricon<span class=\"_ _f\"></span>ciliazione <span class=\"_ _f\"></span>tra le i<span class=\"_ _1\"></span>nform<span class=\"_ _1\"></span>azion<span class=\"_ _f\"></span>i di natur<span class=\"_ _f\"></span>a conta<span class=\"_ _1\"></span>bile e<span class=\"_ _1\"></span>d il v<span class=\"_ _1\"></span>alor<span class=\"_ _f\"></span>e<span class=\"_ _2\"></span> c<span class=\"_ _1\"></span>onta<span class=\"_ _1\"></span>bile d<span class=\"_ _1\"></span>elle p<span class=\"_ _1\"></span>arte<span class=\"_ _1\"></span>cipazi<span class=\"_ _1\"></span>oni <table class=\"s wa56 h4be\" id=\"_b31a3db7-a814-478e-83c1-8138e26b2cee\"><tr><td></td><td></td><td class=\"c x436 y273c wa57 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">Patr<span class=\"_ _f\"></span>imonio<span class=\"_ _df\"> </span></div></td><td class=\"c x437 y273c wa58 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">Perc<span class=\"_ _1\"></span>entu<span class=\"_ _1\"></span>ale <span class=\"_ _f\"></span>di</div></td><td class=\"c x438 y273d wa59 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">Patr<span class=\"_ _f\"></span>imonio<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x439 y273c wa5a h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">Altr<span class=\"_ _1\"></span>e<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x43a y273c wa5b h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">Val<span class=\"_ _1\"></span>ore di<span class=\"_ _df\"> </span></div></td></tr><tr><td class=\"c x43b y273e w374 h253\"><div class=\"t m0 x171 h1f y293 ff4 fs7 fc4 sc3 ls0 ws0\">Deno<span class=\"_ _f\"></span>minazi<span class=\"_ _1\"></span>oni </div></td><td></td><td class=\"c x43c y273f wa5c h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">net<span class=\"_ _1\"></span>to (*)<span class=\"_ _df\"> </span></div></td><td class=\"c x43d y273f wa5d h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">inter<span class=\"_ _1\"></span>esse<span class=\"_ _1\"></span>nza</div></td><td class=\"c x43e y2740 wa5e h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">net<span class=\"_ _1\"></span>to di<span class=\"_ _df\"> </span></div></td><td class=\"c x43f y273e w376 h253\"><div class=\"t m0 x8a h1f y293 ff4 fs7 fc4 sc3 ls0 ws0\">Avvi<span class=\"_ _1\"></span>ame<span class=\"_ _1\"></span>nto </div></td><td class=\"c x440 y273f wa5f h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">post<span class=\"_ _1\"></span>e<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x441 y273f wa60 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">bilan<span class=\"_ _f\"></span>cio<span class=\"_ _df\"> </span></div></td></tr><tr><td></td><td></td><td></td><td></td><td class=\"c x442 y2741 wa61 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">perti<span class=\"_ _f\"></span>nenza<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x43b y2742 w378 h49\"><div class=\"t m0 x10 h1f y32 ff4 fs7 fc1 sc2 ls0 ws0\">A. Im<span class=\"_ _1\"></span>pres<span class=\"_ _f\"></span>e cont<span class=\"_ _1\"></span>rollat<span class=\"_ _f\"></span>e in mo<span class=\"_ _f\"></span>do cong<span class=\"_ _1\"></span>iun<span class=\"_ _f\"></span>to </div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x43b y2743 w378 h49\"><div class=\"t m0 x130 h1f y32 ff4 fs7 fc1 sc2 ls26 ws0\">  <span class=\"sc0 ls0\">Credemass<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span>curazion<span class=\"_ _1\"></span>i </span></div></td><td></td><td class=\"c x443 y2743 w379 h49\"><div class=\"t m0 x35 h1f y25f ff4 fs7 fc1 sc0 ls0 ws0\">98.652 </div></td><td class=\"c x444 y2743 w27c h49\"><div class=\"t m0 x26 h1f y25f ff4 fs7 fc1 sc0 ls0 ws0\">50,00% </div></td><td class=\"c x445 y2743 w37a h49\"><div class=\"t m0 x97 h1f y25f ff4 fs7 fc1 sc0 ls0 ws0\">42.662 </div></td><td class=\"c x446 y2743 waf h49\"><div class=\"t m0 x33 h1f y25f ff4 fs7 fc1 sc0 ls26 ws0\">   <span class=\"ls0\">10.324 </span></div></td><td></td><td class=\"c x447 y2743 w168 h49\"><div class=\"t m0 x36 h1f y25f ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x448 y2743 w37b h49\"><div class=\"t m0 x35 h1f y25f ff4 fs7 fc1 sc0 ls0 ws0\">59.650 </div></td></tr><tr><td class=\"c x43b y2744 w378 h82\"><div class=\"t m0 x48 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">SBC Fintech 2224 M<span class=\"_ _1\"></span>ilan </div></td><td></td><td class=\"c x443 y2744 w379 h82\"><div class=\"t m0 x38 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">1.271 </div></td><td class=\"c x444 y2744 w27c h82\"><div class=\"t m0 x34 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">45,92% </div></td><td class=\"c x445 y2744 w37a h82\"><div class=\"t m0 x12 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">584 </div></td><td class=\"c x446 y2744 waf h82\"><div class=\"t m0 x7 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x447 y2744 w168 h82\"><div class=\"t m0 x36 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x448 y2744 w37b h82\"><div class=\"t m0 x30 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">584 </div></td></tr><tr><td class=\"c x43b y2745 w378 h82\"><div class=\"t m0 x48 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">Andxor </div></td><td></td><td class=\"c x443 y2745 w379 h82\"><div class=\"t m0 x15 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">813 </div></td><td class=\"c x444 y2745 w27c h82\"><div class=\"t m0 x26 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">40,00% </div></td><td class=\"c x445 y2745 w37a h82\"><div class=\"t m0 x90 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">168 </div></td><td class=\"c x446 y2745 waf h82\"><div class=\"t m0 x97 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">1.062 </div></td><td></td><td class=\"c x447 y2745 w168 h82\"><div class=\"t m0 x36 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x448 y2745 w37b h82\"><div class=\"t m0 x37 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">1.388 </div></td></tr><tr><td class=\"c x43b y2746 w378 h82\"><div class=\"t m0 x48 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">Mynet </div></td><td></td><td class=\"c x443 y2746 w379 h82\"><div class=\"t m0 x38 h1f y66c ff4 fs7 fc1 sc0 ls0 ws0\">1.215 </div></td><td class=\"c x444 y2746 w27c h82\"><div class=\"t m0 x97 h1f y66c ff4 fs7 fc1 sc0 ls0 ws0\">12,99% </div></td><td class=\"c x445 y2746 w37a h82\"><div class=\"t m0 x90 h1f y66c ff4 fs7 fc1 sc0 ls9 ws0\">107<span class=\"ls0\"> </span></div></td><td class=\"c x446 y2746 waf h82\"><div class=\"t m0 x8f h1f y66c ff4 fs7 fc1 sc0 ls2a ws0\">217<span class=\"ls0\"> </span></div></td><td></td><td></td><td class=\"c x448 y2746 w37b h82\"><div class=\"t m0 x15 h1f y66c ff4 fs7 fc1 sc0 ls0 ws0\">375 </div></td></tr><tr><td class=\"c x43b y2747 w378 h82\"><div class=\"t m0 x48 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">Flairbit </div></td><td></td><td class=\"c x443 y2747 w379 h82\"><div class=\"t m0 x37 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">1.873 </div></td><td class=\"c x444 y2747 w27c h82\"><div class=\"t m0 x37 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">10,00% </div></td><td class=\"c x445 y2747 w37a h82\"><div class=\"t m0 x7 h1f y54 ff4 fs7 fc1 sc0 ls9 ws0\">117<span class=\"ls0\"> </span></div></td><td class=\"c x446 y2747 waf h82\"><div class=\"t m0 x15 h1f y54 ff4 fs7 fc1 sc0 lsa ws0\">402<span class=\"ls0\"> </span></div></td><td></td><td></td><td class=\"c x448 y2747 w37b h82\"><div class=\"t m0 x30 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">589 </div></td></tr><tr><td></td><td class=\"c x43b y2748 w378 h82\"><div class=\"t m0 x85 h1f y54 ff4 fs7 fc1 sc2 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale </div></td><td class=\"c x443 y2748 w379 h82\"><div class=\"t m0 x2c h1f y54 ff4 fs7 fc1 sc2 ls0 ws0\">97.7<span class=\"_ _f\"></span>83 </div></td><td class=\"c x444 y2748 w27c h82\"><div class=\"t m0 x8 h1f y54 ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td><td class=\"c x445 y2748 w37a h82\"><div class=\"t m0 x38 h1f y54 ff4 fs7 fc1 sc2 ls0 ws0\">43.63<span class=\"_ _f\"></span>7 </div></td><td class=\"c x446 y2748 waf h82\"><div class=\"t m0 x27 h1f y54 ff4 fs7 fc1 sc2 ls0 ws0\">12.00<span class=\"_ _f\"></span>5 </div></td><td></td><td class=\"c x447 y2748 w168 h82\"><div class=\"t m0 x36 h1f y54 ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td><td class=\"c x448 y2748 w37b h82\"><div class=\"t m0 x2c h1f y54 ff4 fs7 fc1 sc2 ls0 ws0\">62.58<span class=\"_ _f\"></span>2 </div></td></tr></table> <span class=\"ff5\">(*) il patrimonio netto \u00e8 l<span class=\"_ _2\"></span>a somma delle \u201catti<span class=\"_ _2\"></span>vit\u00e0 finanziarie\u201d, delle \u201cAttivi<span class=\"_ _d\"></span>t\u00e0 non finanziarie\u201d al netto del<span class=\"_ _2\"></span>le \u201cPassivit\u00e0 </span>finanziarie\u201d e delle \u201cPassi<span class=\"_ _2\"></span>vit\u00e0 finanziarie\u201d riportate nel<span class=\"_ _2\"></span>la tabella 7.3.<span class=\"_ _2\"></span><span class=\"ff4\"> </span>7.5 <span class=\"_ _1\"></span>Partecip<span class=\"_ _1\"></span>azio<span class=\"_ _f\"></span>ni: vari<span class=\"_ _1\"></span>azioni<span class=\"_ _1\"></span> ann<span class=\"_ _f\"></span>ue <table class=\"s wa62 h4bf\" id=\"_758a7be1-7daa-4ba2-a7bb-5b91094c8eb4\"><tr><td></td><td class=\"c x44a y2749 w37d h49\"><div class=\"t m0 x11 h1f y32 ff4 fs7 fc4 sc3 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale </div></td><td></td><td class=\"c x44b y2749 w37e h49\"><div class=\"t m0 x11 h1f y32 ff4 fs7 fc4 sc3 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale </div></td><td></td></tr><tr><td></td><td class=\"c x44a y274a w37d h49\"><div class=\"t m0 x31 h1f y68b ff4 fs7 fc4 sc3 ls0 ws0\">31/12/<span class=\"_ _f\"></span>2025 </div></td><td class=\"c x44c y24be w993 h4c0\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/<span class=\"_ _df\"> </span></div></td><td class=\"c x44d y24be w994 h4c0\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc4 sc3 ls0 ws0\">2024<span class=\"_ _df\"> </span></div></td><td></td></tr><tr><td class=\"c x44e y274b w37f h82\"><div class=\"t m0 x10 h1f y54 ff4 fs7 fc1 sc2 ls0 ws0\">A. Es<span class=\"_ _1\"></span>iste<span class=\"_ _1\"></span>nze i<span class=\"_ _1\"></span>nzia<span class=\"_ _1\"></span>li </div></td><td></td><td class=\"c x44a y274b w37d h82\"><div class=\"t m0 xc h1f y32 ff4 fs7 fc1 sc2 ls0 ws0\">59.9<span class=\"_ _f\"></span>36 </div></td><td></td><td class=\"c x44b y274b w339 h82\"><div class=\"t m0 xc h1f y32 ff4 fs7 fc1 sc2 ls0 ws0\">54.95<span class=\"_ _1\"></span>5 </div></td></tr><tr><td class=\"c x44e y274c w37f h82\"><div class=\"t m0 x10 h1f y54 ff4 fs7 fc1 sc2 ls0 ws0\">B. A<span class=\"_ _1\"></span>umen<span class=\"_ _f\"></span>ti </div></td><td></td><td class=\"c x44a y274c w37d h82\"><div class=\"t m0 xe4 h1f y32 ff4 fs7 fc1 sc2 ls0 ws0\">7.53<span class=\"_ _1\"></span>2 </div></td><td></td><td class=\"c x44b y274c w339 h82\"><div class=\"t m0 xe4 h1f y32 ff4 fs7 fc1 sc2 ls0 ws0\">8.233<span class=\"_ _f\"></span> </div></td></tr><tr><td class=\"c x44e y274d w37f h82\"><div class=\"t m0 x16a h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">B.1 Acquisti </div></td><td></td><td class=\"c x44a y274d w37d h82\"><div class=\"t m0 x114 h1f y32 ff4 fs7 fc1 sc0 ls9 ws0\">115<span class=\"ls0\"> </span></div></td><td></td><td class=\"c x44b y274d w339 h82\"><div class=\"t m0 x191 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">315 </div></td></tr><tr><td class=\"c x44e y274e w37f h82\"><div class=\"t m0 x48 h1f y66c ff4 fs7 fc1 sc0 ls0 ws0\">- di cui operazio<span class=\"_ _1\"></span>ni di aggregaz<span class=\"_ _1\"></span>ione aziendale </div></td><td></td><td class=\"c x44a y274e w37d h82\"><div class=\"t m0 x189 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x44b y274e w339 h82\"><div class=\"t m0 x189 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y274f w37f h82\"><div class=\"t m0 x16a h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">B.2 Riprese di val<span class=\"_ _f\"></span>o<span class=\"_ _2\"></span>re </div></td><td></td><td class=\"c x44a y274f w37d h82\"><div class=\"t m0 x189 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x44b y274f w339 h82\"><div class=\"t m0 x189 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2750 w37f h82\"><div class=\"t m0 x16a h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">B.3 Rivalutazi<span class=\"_ _1\"></span>oni<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x44a y2750 w37d h82\"><div class=\"t m0 x114 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">151 </div></td><td></td><td class=\"c x44b y2750 w339 h82\"><div class=\"t m0 x189 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2751 w37f h82\"><div class=\"t m0 x16a h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">B.4 Altre variazi<span class=\"_ _1\"></span>oni </div></td><td></td><td class=\"c x44a y2751 w37d h82\"><div class=\"t m0 xe4 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">7.266 </div></td><td></td><td class=\"c x44b y2751 w339 h82\"><div class=\"t m0 xed h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">7.918 </div></td></tr><tr><td class=\"c x44e y2752 w37f h82\"><div class=\"t m0 x10 h1f y54 ff4 fs7 fc1 sc2 ls0 ws0\">C. Dim<span class=\"_ _f\"></span>inuzion<span class=\"_ _f\"></span>i </div></td><td></td><td class=\"c x44a y2752 w37d h82\"><div class=\"t m0 x11e h1f y32 ff4 fs7 fc1 sc2 ls0 ws0\">4.886<span class=\"_ _f\"></span> </div></td><td></td><td class=\"c x44b y2752 w339 h82\"><div class=\"t m0 xe3 h1f y32 ff4 fs7 fc1 sc2 ls0 ws0\">3.25<span class=\"_ _f\"></span>2 </div></td></tr><tr><td class=\"c x44e y2753 w37f h82\"><div class=\"t m0 x16a h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">C.1 Vendite </div></td><td></td><td class=\"c x44a y2753 w37d h82\"><div class=\"t m0 x189 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x44b y2753 w339 h82\"><div class=\"t m0 x189 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2754 w37f h254\"><div class=\"t m0 x48 h1f y66c ff4 fs7 fc1 sc0 ls0 ws0\">- di cui operazio<span class=\"_ _1\"></span>ni di aggregaz<span class=\"_ _1\"></span>ione aziendale </div></td><td></td><td class=\"c x44a y2754 w37d h254\"><div class=\"t m0 x189 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x44b y2754 w339 h254\"><div class=\"t m0 x189 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2755 w37f h82\"><div class=\"t m0 x16a h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">C.2 Rettifiche di <span class=\"_ _f\"></span>v<span class=\"_ _2\"></span>alore </div></td><td></td><td class=\"c x44a y2755 w37d h82\"><div class=\"t m0 x189 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x44b y2755 w339 h82\"><div class=\"t m0 x189 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2756 w37f h82\"><div class=\"t m0 x16a h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">C.3 Svalutazion<span class=\"_ _1\"></span>i </div></td><td></td><td class=\"c x44a y2756 w37d h82\"><div class=\"t m0 x24 h1f y32 ff4 fs7 fc1 sc0 ls2a ws0\">23<span class=\"ls0\"> </span></div></td><td></td><td class=\"c x44b y2756 w339 h82\"><div class=\"t m0 x191 h1f y32 ff4 fs7 fc1 sc0 ls9 ws0\">106<span class=\"ls0\"> </span></div></td></tr><tr><td class=\"c x44e y2757 w37f h82\"><div class=\"t m0 x16a h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">C.4 Altre variaz<span class=\"_ _1\"></span>ioni<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x44a y2757 w37d h82\"><div class=\"t m0 x11e h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">4.8<span class=\"ls29\">63</span> </div></td><td></td><td class=\"c x44b y2757 w339 h82\"><div class=\"t m0 xe3 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">3.146 </div></td></tr><tr><td class=\"c x44e y2758 w37f h82\"><div class=\"t m0 x10 h1f y54 ff4 fs7 fc1 sc2 ls0 ws0\">D. Rim<span class=\"_ _f\"></span>anenz<span class=\"_ _1\"></span>e fin<span class=\"_ _f\"></span>ali </div></td><td></td><td class=\"c x44a y2758 w37d h82\"><div class=\"t m0 xc h1f y32 ff4 fs7 fc1 sc2 ls0 ws0\">62.58<span class=\"_ _f\"></span>2 </div></td><td></td><td class=\"c x44b y2758 w339 h82\"><div class=\"t m0 xc h1f y32 ff4 fs7 fc1 sc2 ls0 ws0\">59.9<span class=\"_ _f\"></span>36 </div></td></tr><tr><td class=\"c x44e y2759 w37f h82\"><div class=\"t m0 x10 h1f y54 ff4 fs7 fc1 sc2 ls0 ws0\">E. Ri<span class=\"_ _1\"></span>valu<span class=\"_ _1\"></span>tazi<span class=\"_ _1\"></span>oni t<span class=\"_ _f\"></span>otali </div></td><td></td><td class=\"c x44a y2759 w37d h82\"><div class=\"t m0 x189 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"sc2\"> </span></div></td><td></td><td class=\"c x44b y2759 w339 h82\"><div class=\"t m0 x189 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"sc2\"> </span></div></td></tr><tr><td class=\"c x44e y275a w37f h82\"><div class=\"t m0 x10 h1f y66c ff4 fs7 fc1 sc2 ls0 ws0\">F. Ret<span class=\"_ _f\"></span>tifiche t<span class=\"_ _f\"></span>otali </div></td><td></td><td class=\"c x44a y275a w37d h82\"><div class=\"t m0 x189 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"sc2\"> </span></div></td><td></td><td class=\"c x44b y275a w339 h82\"><div class=\"t m0 x189 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"sc2\"> </span></div></td></tr></table>Le <span class=\"_ _0\"></span>variazioni <span class=\"_ _0\"></span>relative <span class=\"_ _0\"></span>al <span class=\"_ _9\"> </span>comparto <span class=\"_ _0\"> </span>delle <span class=\"_ _0\"></span>partecipazioni <span class=\"_ _0\"></span>re<span class=\"_ _2\"></span>cepiscono <span class=\"_ _9\"> </span>gli <span class=\"_ _0\"></span>utili <span class=\"_ _0\"></span>e <span class=\"_ _0\"></span>l<span class=\"_ _2\"></span>e <span class=\"_ _0\"></span>perdite delle societ\u00e0 consolidate al patrimonio netto, i divi<span class=\"_ _1\"></span>dendi distribuiti, <span class=\"_ _2\"></span><span class=\"ls1a\">gli </span>acquisti effettuati. Si <span class=\"_ _1\"></span>segnala <span class=\"_ _1\"></span>che nel <span class=\"_ _f\"></span>mese di <span class=\"_ _f\"></span>aprile 2025 SB<span class=\"_ _1\"></span>C ha <span class=\"_ _f\"></span>deliberato un <span class=\"_ _f\"></span>aumento di <span class=\"_ _f\"></span>capitale riservato a Credemtel per l\u2019importo complessi<span class=\"ff4\">vo di Euro migliaia 115. </span>Per effe<span class=\"_ _1\"></span>tto di tale ope<span class=\"_ _1\"></span>razione <span class=\"ff5\">che si colloca <span class=\"_ _1\"></span>all\u2019interno de<span class=\"_ _1\"></span>ll\u2019iniziativa di </span>Corporate Venture Capital (CVC) <span class=\"_ _1\"></span>avviata d<span class=\"_ _1\"></span>al Grup<span class=\"_ _1\"></span>po Cred<span class=\"_ _1\"></span>em pe<span class=\"_ _1\"></span>r l\u2019acqui<span class=\"_ _1\"></span>sizione e <span class=\"_ _f\"></span>la gestione <span class=\"_ _1\"></span>di p<span class=\"_ _1\"></span>artecipazioni in startup <span class=\"_ _d\"></span>innovative <span class=\"_ _d\"></span>e <span class=\"_ _0\"></span>ad <span class=\"_ _d\"></span>alto <span class=\"_ _0\"></span>potenziale<span class=\"_ _1\"></span> <span class=\"_ _d\"></span>di <span class=\"_ _0\"></span>crescita, <span class=\"_ _0\"></span>la <span class=\"_ _d\"></span>partecipazione <span class=\"_ _d\"></span>di <span class=\"_ _0\"></span>Credemtel <span class=\"_ _d\"></span>in SBC passa dal 40,69% del 2024 al 45,92% del 2025.  7.6 Va<span class=\"_ _f\"></span>lutazioni<span class=\"_ _1\"></span> e a<span class=\"_ _1\"></span>ssunzi<span class=\"_ _1\"></span>oni s<span class=\"_ _1\"></span>igni<span class=\"_ _f\"></span>ficative <span class=\"_ _1\"></span>per s<span class=\"_ _1\"></span>tabi<span class=\"_ _1\"></span>lire l\u2019es<span class=\"_ _f\"></span>istenza d<span class=\"_ _f\"></span>i contro<span class=\"_ _1\"></span>llo con<span class=\"_ _f\"></span>giunto o<span class=\"_ _1\"></span> influe<span class=\"_ _f\"></span>nza no<span class=\"_ _f\"></span>tevole<span class=\"ff4 fc1 sc0\"> </span>Credito <span class=\"_ _f\"></span>Emiliano S.<span class=\"_ _1\"></span>p.A. <span class=\"_ _f\"></span>detiene <span class=\"_ _f\"></span>il 50% <span class=\"_ _1\"></span>di <span class=\"_ _f\"></span>Credemassicurazioni <span class=\"_ _f\"></span>S.p.A., l<span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>cui <span class=\"_ _f\"></span>restante q<span class=\"_ _f\"></span>uot<span class=\"_ _2\"></span>a di capitale sociale (50%) \u00e8 invece detenuta da Reale<span class=\"_ _1\"></span> Mutua Assicurazioni.<span class=\"_ _2\"></span> In tale contesto: <span class=\"_ _27\"> </span><span class=\"ff4\">Credito <span class=\"_ _2\"></span>Emiliano <span class=\"_ _2\"></span>non <span class=\"_ _2\"></span>detiene <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>maggioranza <span class=\"_ _2\"></span>dei <span class=\"_ _2\"></span>diritti <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>voto, <span class=\"_ _2\"></span>non <span class=\"_ _2\"></span>potendo <span class=\"_ _2\"></span>da <span class=\"_ _2\"></span>solo<span class=\"_ _df\"> </span></span>determinare <span class=\"_ _15\"> </span>le <span class=\"_ _e\"> </span>scelte <span class=\"_ _15\"> </span>societarie, <span class=\"_ _e\"> </span>non <span class=\"_ _e\"> </span>avendo <span class=\"_ _e\"> </span>la <span class=\"_ _15\"> </span>capacit\u00e0 <span class=\"_ _e\"> </span>prat<span class=\"_ _2\"></span>ica <span class=\"_ _15\"> </span>di <span class=\"_ _e\"> </span>condurre unilateralmente <span class=\"_ _f\"></span>l<span class=\"_ _2\"></span>e <span class=\"_ _f\"></span>at<span class=\"_ _2\"></span>tivit\u00e0 <span class=\"_ _1\"></span>rilevanti d<span class=\"_ _1\"></span>ella <span class=\"_ _1\"></span>partecipata, per <span class=\"_ _f\"></span>le quali \u00e8<span class=\"_ _1\"></span> sempre <span class=\"_ _f\"></span>necessario<span class=\"_ _df\"> </span>anche il consenso dell\u2019altro socio;<span class=\"_ _df\"> </span><div class=\"t m0 h5 ff14 fs1 fc1 sc0 ls0 ws0 gs96f\"><span class=\"ff10\"> <span class=\"_ _8\"> </span><span class=\"ff5\">Credito <span class=\"_ _9\"> </span>Emiliano <span class=\"_ _9\"> </span>ha <span class=\"_ _9\"> </span>il <span class=\"_ _9\"> </span>potere <span class=\"_ _16\"> </span>di <span class=\"_ _0\"></span>veto <span class=\"_ _16\"> </span>sulle <span class=\"_ _0\"></span>scelte <span class=\"_ _9\"> </span>dell\u2019altro <span class=\"_ _16\"> </span>socio, <span class=\"_ _0\"></span>nel <span class=\"_ _9\"> </span>senso <span class=\"_ _16\"> </span>che <span class=\"_ _0\"></span>in<span class=\"_ _df\"> </span></span></span><span class=\"ff10\"><span class=\"ff5\"> </span></span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs970\">mancanza <span class=\"_ _d\"></span>del <span class=\"_ _d\"></span>voto <span class=\"_ _d\"></span>favorevole <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>Credito <span class=\"_ _d\"></span>Emiliano <span class=\"_ _d\"></span>anche <span class=\"_ _0\"></span>l\u2019altro <span class=\"_ _d\"></span>socio <span class=\"_ _d\"></span>detentore <span class=\"_ _d\"></span>del<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs971\">restante 50% del capitale sociale non \u00e8 in grado di inc<span class=\"_ _1\"></span>idere sulla societ\u00e0.<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs972\">In relazione a Credemassicurazioni la posizione<span class=\"_ _1\"></span> di Credito Emiliano \u00e8 pertanto quella:<span class=\"_ _df\"> </span><span class=\"_ _2\"></span> </div><div class=\"t m0 h5 ff14 fs1 fc1 sc0 ls0 ws0 gs973\"><span class=\"ff10\"> <span class=\"_ _8\"> </span><span class=\"ff4\">di un soggetto che \u00e8 esposto a rend<span class=\"_ _1\"></span>imenti variabili e che detiene comunque d<span class=\"_ _1\"></span>iritti su<span class=\"_ _df\"> </span></span></span><span class=\"ff10\"><span class=\"ff4\"> </span></span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs974\">tali possibili rendimenti;<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff14 fs1 fc1 sc0 ls0 ws0 gs975\"><span class=\"ff10\"> <span class=\"_ _8\"> </span><span class=\"ff4\">che ha una <span class=\"_ _2\"></span>propria capacit\u00e0 di <span class=\"_ _2\"></span>incide<span class=\"_ _1\"></span>re su <span class=\"_ _2\"></span>tali rendimenti solo <span class=\"_ _2\"></span>esercitando un potere<span class=\"_ _df\"> </span></span></span><span class=\"ff10\"><span class=\"ff4\"> </span></span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs976\">di veto sulle scelte dell\u2019altro socio.<span class=\"_ _df\"> </span><span class=\"ff4\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs977\">Gli  accordi  in  essere  tr<span class=\"_ _2\"></span>a  i  soci  detentori  rispettivamente  il  50%  del  capitale  sociale<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs978\">prevedono:<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff14 fs1 fc1 sc0 ls0 ws0 gs979\"><span class=\"ff10\"> <span class=\"_ _8\"> </span><span class=\"ff5\">diritto  con<span class=\"_ _f\"></span>t<span class=\"_ _2\"></span>emplato <span class=\"_ _9\"> </span>nell\u2019atto  d<span class=\"_ _1\"></span>i <span class=\"_ _16\"> </span>compravendita <span class=\"_ _9\"> </span>di  azioni,<span class=\"_ _1\"></span>  ci<span class=\"_ _f\"></span>r<span class=\"_ _2\"></span>coscritto <span class=\"_ _16\"> </span>entro <span class=\"_ _16\"> </span>precisi<span class=\"_ _df\"> </span></span></span><span class=\"ff10\"><span class=\"ff5\"> </span></span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs97a\">limiti temporali (ogni 5 anni), ad ese<span class=\"_ _1\"></span>rcitare opzioni call e put sulle rispettive azioni;<span class=\"_ _df\"> </span><span class=\"_ _2\"></span> </div><div class=\"t m0 h5 ff14 fs1 fc1 sc0 ls0 ws0 gs97b\"><span class=\"ff10\"> <span class=\"_ _8\"> </span><span class=\"ff4\">diritto <span class=\"_ _2\"></span>contemplato <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>apposito patt<span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>parasociale di <span class=\"_ _2\"></span>ottenere <span class=\"_ _2\"></span>esponenti <span class=\"_ _2\"></span>aziendali (l<span class=\"_ _2\"></span>a<span class=\"_ _df\"> </span></span></span><span class=\"ff10\"><span class=\"ff4\"> </span></span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs97c\">met\u00e0 <span class=\"_ _0\"></span>degli <span class=\"_ _d\"></span>amministrator<span class=\"_ _2\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>e, <span class=\"_ _0\"></span>a <span class=\"_ _d\"></span>rinnovi <span class=\"_ _0\"></span>alternati <span class=\"_ _0\"></span>del <span class=\"_ _d\"></span>Consiglio <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>Amministrazione, <span class=\"_ _0\"></span>il<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs97d\">Presidente <span class=\"_ _17\"> </span>del <span class=\"_ _14\"> </span>Consiglio <span class=\"_ _14\"> </span>di <span class=\"_ _14\"> </span>Amministr<span class=\"_ _2\"></span>azione, <span class=\"_ _17\"> </span>i <span class=\"_ _14\"> </span>Sindaci <span class=\"_ _14\"> </span>e, <span class=\"_ _17\"> </span>a<span class=\"_ _2\"></span> <span class=\"_ _14\"> </span>rinnovi <span class=\"_ _17\"> </span>alternat<span class=\"_ _2\"></span>i, <span class=\"_ _17\"> </span>il<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs97e\">Presidente <span class=\"_ _5\"> </span>de<span class=\"ff5\">l <span class=\"_ _5\"> </span>Collegio <span class=\"_ _5\"> </span>Sindacale). <span class=\"_ _5\"> </span>Siccome <span class=\"_ _5\"> </span>non <span class=\"_ _6\"> </span>vi <span class=\"_ _5\"> </span>sono <span class=\"_ _5\"> </span>nell\u2019ambito <span class=\"_ _5\"> </span>di<span class=\"_ _df\"> </span></span><span class=\"ff5\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs97f\">Credemassicurazioni voti d<span class=\"_ _1\"></span>i consiglieri che <span class=\"_ _1\"></span>prevalgano su quelli di <span class=\"_ _1\"></span>altri Consiglieri (ad<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs980\">esempio <span class=\"_ _0\"></span>non <span class=\"_ _0\"></span>\u00e8 <span class=\"_ _0\"></span>contem<span class=\"_ _2\"></span>plata <span class=\"_ _0\"></span>la <span class=\"_ _0\"></span>prevalenza <span class=\"_ _0\"></span>del <span class=\"_ _9\"> </span>voto <span class=\"_ _0\"></span>del <span class=\"_ _9\"> </span>Presidente <span class=\"_ _0\"></span>del <span class=\"_ _0\"></span>Consi<span class=\"_ _2\"></span>glio <span class=\"_ _0\"></span>di<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs981\">Amministrazione), <span class=\"_ _d\"></span>la <span class=\"_ _0\"></span>designazio<span class=\"_ _2\"></span>ne <span class=\"_ _d\"></span>di <span class=\"_ _0\"></span>esponenti <span class=\"_ _0\"></span>aziendali <span class=\"_ _0\"></span>non <span class=\"_ _0\"></span>attr<span class=\"_ _2\"></span>ibuisce<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>a <span class=\"_ _0\"></span>nessun<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs982\">socio una prevalenza sulle scelte societarie;<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff14 fs1 fc1 sc0 ls0 ws0 gs983\"><span class=\"ff10\"> <span class=\"_ _8\"> </span><span class=\"ff4\">obbligo a non trasferire le azioni a terzi per la durata del<span class=\"_ _1\"></span> patto parasociale.<span class=\"_ _df\"> </span></span></span><span class=\"ff10\"><span class=\"ff4\"><span class=\"_ _2\"></span> </span></span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs984\">In <span class=\"_ _17\"> </span>tale <span class=\"_ _14\"> </span>contesto, <span class=\"_ _17\"> </span>i <span class=\"_ _17\"> </span>diritti <span class=\"_ _17\"> </span>di <span class=\"_ _14\"> </span>Credito <span class=\"_ _17\"> </span>Emiliano <span class=\"_ _17\"> </span>sono <span class=\"_ _17\"> </span>circos<span class=\"_ _2\"></span>critti <span class=\"_ _4\"> </span>alle <span class=\"_ _14\"> </span>atti<span class=\"_ _2\"></span>vit\u00e0 <span class=\"_ _17\"> </span>nette <span class=\"_ _17\"> </span>di<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs985\">Credemassicurazioni.<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs986\">Credito <span class=\"_ _f\"></span>Emiliano S.<span class=\"_ _1\"></span>p.A. <span class=\"_ _f\"></span>detiene <span class=\"_ _f\"></span>il 100% <span class=\"_ _f\"></span>di <span class=\"_ _f\"></span>Credemtel <span class=\"_ _1\"></span>S.p.A., <span class=\"_ _f\"></span>che <span class=\"_ _f\"></span>a sua <span class=\"_ _f\"></span>volta <span class=\"_ _1\"></span>detiene <span class=\"_ _f\"></span>il 45,92<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs987\">% di SBC.<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs988\">In tale contesto:<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff14 fs1 fc1 sc0 ls0 ws0 gs989\"><span class=\"ff10\"> <span class=\"_ _8\"> </span><span class=\"ff4\">Credemtel <span class=\"_ _4\"> </span>non <span class=\"_ _22\"> </span>detiene <span class=\"_ _4\"> </span>la <span class=\"_ _4\"> </span>maggioranza <span class=\"_ _4\"> </span>dei <span class=\"_ _4\"> </span>diritti <span class=\"_ _4\"> </span>di <span class=\"_ _22\"> </span>voto, <span class=\"_ _4\"> </span>non <span class=\"_ _4\"> </span>potendo <span class=\"_ _4\"> </span>da <span class=\"_ _22\"> </span>s<span class=\"_ _2\"></span>olo<span class=\"_ _df\"> </span></span></span><span class=\"ff10\"><span class=\"ff4\"> </span></span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs98a\">determinare <span class=\"_ _15\"> </span>le <span class=\"_ _e\"> </span>scelte <span class=\"_ _e\"> </span>societarie, <span class=\"_ _15\"> </span>non <span class=\"_ _e\"> </span>avendo <span class=\"_ _e\"> </span>la <span class=\"_ _15\"> </span>capacit\u00e0 <span class=\"_ _e\"> </span>pratica <span class=\"_ _e\"> </span>di <span class=\"_ _e\"> </span>condurre<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs98b\">unilateralmente <span class=\"_ _f\"></span>l<span class=\"_ _2\"></span>e <span class=\"_ _f\"></span>at<span class=\"_ _2\"></span>tivit\u00e0 <span class=\"_ _1\"></span>rilevanti d<span class=\"_ _1\"></span>ella <span class=\"_ _1\"></span>partecipata, per <span class=\"_ _f\"></span>le quali \u00e8<span class=\"_ _1\"></span> sempre <span class=\"_ _f\"></span>necessario<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs98c\">anche il consenso degli altri soci;<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff14 fs1 fc1 sc0 ls0 ws0 gs98d\"><span class=\"ff10\"> <span class=\"_ _8\"> </span><span class=\"ff4\">Credemtel per\u00f2 ha il potere il veto, su specifici<span class=\"_ _1\"></span> argomenti, sulle scelte<span class=\"_ _2\"></span> degli altri soci,<span class=\"_ _df\"> </span></span></span><span class=\"ff10\"><span class=\"ff4\"> </span></span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs98e\">nel <span class=\"_ _2\"></span>senso <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>mancanza <span class=\"_ _2\"></span>del <span class=\"_ _d\"></span>voto <span class=\"_ _2\"></span>favorevole <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>Credemtel <span class=\"_ _2\"></span>anche <span class=\"_ _2\"></span>gli <span class=\"_ _2\"></span>altri <span class=\"_ _2\"></span>soci <span class=\"_ _2\"></span>non<span class=\"_ _df\"> </span><span class=\"_ _2\"></span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs98f\">sono in grado di incidere sulla societ\u00e0.<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs990\">In relazione a SBC la posizione di Credemtel \u00e8 p<span class=\"_ _1\"></span>ertanto quella:<span class=\"_ _df\"> </span><span class=\"_ _2\"></span> </div><div class=\"t m0 h5 ff14 fs1 fc1 sc0 ls0 ws0 gs991\"><span class=\"ff10\"> <span class=\"_ _8\"> </span><span class=\"ff4\">di un soggetto che \u00e8 esposto a re<span class=\"_ _1\"></span>ndimenti variabili e che detiene comunque diritti su<span class=\"_ _df\"> </span></span></span><span class=\"ff10\"><span class=\"ff4\"> </span></span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs992\">tali possibili rendimenti;<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff14 fs1 fc1 sc0 ls0 ws0 gs993\"><span class=\"ff10\"> <span class=\"_ _8\"> </span><span class=\"ff4\">che ha una <span class=\"_ _2\"></span>propria capacit\u00e0 di <span class=\"_ _2\"></span>incide<span class=\"_ _1\"></span>re su <span class=\"_ _2\"></span>tali rendimenti solo <span class=\"_ _2\"></span>esercitando un potere<span class=\"_ _df\"> </span></span></span><span class=\"ff10\"><span class=\"ff4\"> </span></span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs994\">di veto sulle scelte degli altri soci.<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs995\">Gli  accordi  <span class=\"ls1a\">in</span> <span class=\"_ _4\"> </span>essere  tra  i  soci  <span class=\"ls39\">di</span> <span class=\"_ _22\"> </span>SBC  contemplano,  a <span class=\"_ _22\"> </span>favore <span class=\"_ _22\"> </span><span class=\"ls39\">di</span> <span class=\"_ _22\"> </span>Cr<span class=\"_ _2\"></span>edemtel  <span class=\"ls1a\">il</span>  diritto<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs996\">contemplato <span class=\"_ _f\"></span>in <span class=\"_ _f\"></span>apposito patto<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>parasociale <span class=\"_ _f\"></span>di ot<span class=\"_ _1\"></span>tenere <span class=\"_ _f\"></span>esponenti <span class=\"_ _1\"></span>aziendali <span class=\"_ _f\"></span>(un <span class=\"_ _f\"></span>consigliere<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs997\">di <span class=\"_ _17\"> </span>amministr<span class=\"_ _2\"></span>azione).<span class=\"_ _1\"></span> <span class=\"_ _14\"> </span>Sicc<span class=\"_ _f\"></span>ome <span class=\"_ _4\"> </span>non<span class=\"_ _f\"></span> <span class=\"_ _4\"> </span><span class=\"lsb2\">vi</span> <span class=\"_ _4\"> </span>sono <span class=\"_ _4\"> </span><span class=\"ff5\">n<span class=\"_ _1\"></span>ell<span class=\"_ _f\"></span>\u2019ambi<span class=\"_ _1\"></span>to<span class=\"ff4\"> <span class=\"_ _4\"> </span><span class=\"lsb2\">di</span> <span class=\"_ _4\"> </span>SB<span class=\"_ _f\"></span>C <span class=\"_ _4\"> </span>voti<span class=\"_ _1\"></span> <span class=\"_ _4\"> </span><span class=\"lsb2\">di</span> <span class=\"_ _4\"> </span>con<span class=\"_ _f\"></span>siglie<span class=\"_ _f\"></span>ri <span class=\"_ _4\"> </span>che<span class=\"_ _df\"> </span></span></span><span class=\"ff5\"><span class=\"ff4\"><span class=\"_ _1\"></span> </span></span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs998\">pre<span class=\"_ _f\"></span>valga<span class=\"_ _f\"></span>no <span class=\"_ _17\"> </span><span class=\"lsd0\">su</span> <span class=\"_ _14\"> </span>que<span class=\"_ _f\"></span>lli <span class=\"_ _17\"> </span><span class=\"ls39\">di</span> <span class=\"_ _17\"> </span>altr<span class=\"_ _1\"></span>i <span class=\"_ _17\"> </span>con<span class=\"_ _f\"></span>siglie<span class=\"_ _f\"></span>ri, <span class=\"_ _14\"> </span><span class=\"ls1a\">la</span> <span class=\"_ _15\"> </span>designazione <span class=\"_ _14\"> </span><span class=\"ls39\">di</span> <span class=\"_ _15\"> </span>esponenti <span class=\"_ _14\"> </span>aziendali <span class=\"_ _17\"> </span>non<span class=\"_ _df\"> </span><span class=\"_ _2\"></span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs999\">attribuisce <span class=\"_ _f\"></span>a nessun socio <span class=\"_ _f\"></span>una prevalenz<span class=\"_ _1\"></span>a sulle <span class=\"_ _f\"></span>scelte soci<span class=\"_ _1\"></span>eta<span class=\"_ _f\"></span>rie.<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs99a\">Credito Emiliano <span class=\"_ _1\"></span>S.p.A. <span class=\"_ _1\"></span>detiene il 100% di<span class=\"_ _1\"></span> Credemtel <span class=\"_ _1\"></span>S.p.A., che<span class=\"_ _1\"></span> a sua vol<span class=\"_ _1\"></span>ta detiene <span class=\"_ _1\"></span>il 40%<span class=\"_ _df\"> </span><span class=\"_ _1\"></span> </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs99b\">di ANDXOR SOLUZIONI INFORMATICHE S.R.L. \u201cANDXOR\u201d.<span class=\"_ _df\"> </span><span class=\"ff4\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs99c\">In tale contesto, per ANDXOR:<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff14 fs1 fc1 sc0 ls0 ws0 gs99d\"><span class=\"ff10\"> <span class=\"_ _8\"> </span><span class=\"ff4\">Credemtel <span class=\"_ _4\"> </span>non <span class=\"_ _22\"> </span>d<span class=\"_ _2\"></span>etiene <span class=\"_ _4\"> </span>la <span class=\"_ _22\"> </span>maggioranza <span class=\"_ _4\"> </span>dei <span class=\"_ _4\"> </span>diritti <span class=\"_ _4\"> </span>di <span class=\"_ _22\"> </span>vot<span class=\"_ _2\"></span>o, <span class=\"_ _4\"> </span>non <span class=\"_ _22\"> </span>pot<span class=\"_ _2\"></span>endo  da <span class=\"_ _4\"> </span>sola<span class=\"_ _df\"> </span></span></span><span class=\"ff10\"><span class=\"ff4\"><span class=\"_ _2\"></span> </span></span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs99e\">determinare <span class=\"_ _15\"> </span>le <span class=\"_ _e\"> </span>scelte <span class=\"_ _15\"> </span>societarie, <span class=\"_ _e\"> </span>non <span class=\"_ _e\"> </span>avendo <span class=\"_ _15\"> </span>la <span class=\"_ _e\"> </span>capacit\u00e0 <span class=\"_ _e\"> </span>pratica <span class=\"_ _e\"> </span>di <span class=\"_ _15\"> </span>condurre<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs99f\">unilateralmente <span class=\"_ _f\"></span>l<span class=\"_ _2\"></span>e <span class=\"_ _f\"></span>at<span class=\"_ _2\"></span>tivit\u00e0 <span class=\"_ _1\"></span>rilevanti d<span class=\"_ _1\"></span>ella <span class=\"_ _1\"></span>partecipata, per <span class=\"_ _f\"></span>le quali \u00e8<span class=\"_ _1\"></span> sempre <span class=\"_ _f\"></span>necessario<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs9a0\">anche il consenso degli altri soci;<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff14 fs1 fc1 sc0 ls0 ws0 gs9a1\"><span class=\"ff10\"> <span class=\"_ _8\"> </span><span class=\"ff4\">Credemtel ha <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>potere di <span class=\"_ _2\"></span>veto, su <span class=\"_ _2\"></span>specifici argomenti, <span class=\"_ _2\"></span>sulle scelte <span class=\"_ _2\"></span>degli altr<span class=\"_ _2\"></span>i soci, <span class=\"_ _2\"></span>nel<span class=\"_ _df\"> </span></span></span><span class=\"ff10\"><span class=\"ff4\"> </span></span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs9a2\">senso che i<span class=\"_ _1\"></span>n mancanza del <span class=\"_ _1\"></span>voto favorevole <span class=\"_ _1\"></span>di Credemtel anche<span class=\"_ _1\"></span> gli altri soci d<span class=\"_ _1\"></span>etentori<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs9a3\">del restante 60% del capitale sociale<span class=\"_ _1\"></span> non sono<span class=\"_ _2\"></span> in grado di incidere sulla societ\u00e0.<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs9a4\">Pe<span class=\"_ _f\"></span>rtant<span class=\"_ _1\"></span>o l<span class=\"_ _1\"></span>a p<span class=\"_ _f\"></span>osizi<span class=\"_ _1\"></span>one <span class=\"_ _f\"></span><span class=\"ls39\">di<span class=\"ls0\"> C<span class=\"_ _f\"></span>redem<span class=\"_ _f\"></span>t<span class=\"_ _2\"></span>e<span class=\"_ _1\"></span>l \u00e8<span class=\"_ _f\"></span> que<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>a:<span class=\"_ _df\"> </span></span></span><span class=\"ls39\"><span class=\"ls0\"> </span></span></div><div class=\"t m0 h5 ff14 fs1 fc1 sc0 ls0 ws0 gs9a5\"><span class=\"ff10\"> <span class=\"_ _8\"> </span><span class=\"ff4\">di un soggetto che \u00e8 esposto a re<span class=\"_ _1\"></span>ndimenti variabili e che detiene comunque<span class=\"_ _1\"></span> diritti su<span class=\"_ _df\"> </span></span></span><span class=\"ff10\"><span class=\"ff4\"> </span></span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs9a6\">tali possibili rendimenti;<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff14 fs1 fc1 sc0 ls0 ws0 gs9a8\"><span class=\"_ _27\"> </span><span class=\"ff4\">che ha <span class=\"_ _2\"></span>una propria capacit\u00e0 di <span class=\"_ _2\"></span>incide<span class=\"_ _1\"></span>re su <span class=\"_ _2\"></span>tali rendimenti s<span class=\"_ _2\"></span>olo esercitando un <span class=\"_ _2\"></span>potere<span class=\"_ _df\"> </span></span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs9a9\">di veto sulle scelte degli altri soci.<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs9aa\">Gli<span class=\"_ _f\"></span> ac<span class=\"_ _f\"></span>cordi <span class=\"_ _f\"></span><span class=\"ls1a\">in<span class=\"ls0\"> e<span class=\"_ _f\"></span>ssere <span class=\"_ _f\"></span><span class=\"ls14\">tra<span class=\"ls0\"> i<span class=\"_ _1\"></span> so<span class=\"_ _f\"></span>ci <span class=\"_ _1\"></span><span class=\"lsb2\">di<span class=\"ls0\"> AN<span class=\"_ _1\"></span>DXOR<span class=\"_ _f\"></span> con<span class=\"_ _f\"></span>templ<span class=\"_ _f\"></span>ano, <span class=\"_ _f\"></span>a f<span class=\"_ _1\"></span>avor<span class=\"_ _f\"></span>e <span class=\"ls39\">di<span class=\"_ _f\"></span><span class=\"ls0\"> Cre<span class=\"_ _1\"></span>dem<span class=\"_ _1\"></span>tel<span class=\"_ _1\"></span>:<span class=\"_ _df\"> </span></span></span></span></span></span></span></span></span><span class=\"ls1a\"><span class=\"ls0\"><span class=\"ls14\"><span class=\"ls0\"><span class=\"lsb2\"><span class=\"ls0\"><span class=\"ls39\"><span class=\"ls0\"> </span></span></span></span></span></span></span></span></div><div class=\"t m0 h5 ff14 fs1 fc1 sc0 ls0 ws0 gs9ab\"><span class=\"_ _27\"> </span><span class=\"ff4\">diritto contemplato in apposito patto parasociale di ottenere esponenti aziendali (un<span class=\"_ _df\"> </span></span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs9ac\">consigliere di amministr<span class=\"_ _2\"></span>az<span class=\"ff5\">ione ed il <span class=\"_ _2\"></span>sindaco unico). Siccom<span class=\"_ _2\"></span>e non <span class=\"_ _2\"></span>vi sono nell\u2019ambito<span class=\"_ _df\"> </span></span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs9ad\">di <span class=\"_ _e\"> </span>ANDXOR <span class=\"_ _e\"> </span>voti <span class=\"_ _e\"> </span>di <span class=\"_ _e\"> </span>consiglieri <span class=\"_ _e\"> </span>che <span class=\"_ _15\"> </span>prevalgano <span class=\"_ _e\"> </span>su <span class=\"_ _e\"> </span>quelli <span class=\"_ _e\"> </span>di <span class=\"_ _e\"> </span>altr<span class=\"_ _2\"></span>i <span class=\"_ _15\"> </span>Consiglieri, <span class=\"_ _e\"> </span>la<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs9ae\">designazione <span class=\"_ _2\"></span>di <span class=\"_ _d\"></span>espon<span class=\"_ _2\"></span>enti <span class=\"_ _2\"></span>aziendali <span class=\"_ _d\"></span>non <span class=\"_ _d\"></span>at<span class=\"_ _2\"></span>tribuisce<span class=\"_ _1\"></span> <span class=\"_ _d\"></span>a <span class=\"_ _d\"></span>nessun <span class=\"_ _d\"></span>socio <span class=\"_ _0\"></span>una <span class=\"_ _d\"></span>prevalenza<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs9af\">sulle scelte societarie;<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff14 fs1 fc1 sc0 ls0 ws0 gs9b0\"><span class=\"_ _27\"> </span><span class=\"ff4\">diritto <span class=\"_ _d\"></span>di <span class=\"_ _0\"></span><span class=\"ls13\">co</span>-vendita <span class=\"_ _d\"></span>a <span class=\"_ _0\"></span>favore <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>Credemtel <span class=\"_ _d\"></span>qualora <span class=\"_ _0\"></span>venga <span class=\"_ _d\"></span>trasferita <span class=\"_ _d\"></span>per <span class=\"_ _0\"></span>atto <span class=\"_ _d\"></span>tra <span class=\"_ _d\"></span>vivi<span class=\"_ _df\"> </span></span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs9b1\">una <span class=\"_ _f\"></span>quota di<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>almeno <span class=\"_ _f\"></span>il 50% <span class=\"_ _f\"></span>del <span class=\"_ _f\"></span>capitale <span class=\"_ _f\"></span>sociale d<span class=\"_ _1\"></span>i <span class=\"_ _f\"></span>AND<span class=\"_ _2\"></span>XOR <span class=\"_ _f\"></span>per tu<span class=\"_ _f\"></span>tta la <span class=\"_ _f\"></span>durata <span class=\"_ _f\"></span>del p<span class=\"_ _1\"></span>atto<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs9b2\">parasociale attualmente in essere.<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs9b3\">Credito <span class=\"_ _0\"></span>Emiliano <span class=\"_ _9\"> </span>S.p.A. <span class=\"_ _9\"> </span>detiene <span class=\"_ _9\"> </span>il <span class=\"_ _0\"></span>100<span class=\"_ _2\"></span>% <span class=\"_ _0\"></span>di <span class=\"_ _9\"> </span>Credemtel <span class=\"_ _0\"></span>S.<span class=\"_ _2\"></span>p.A., <span class=\"_ _0\"></span>che <span class=\"_ _9\"> </span>a <span class=\"_ _9\"> </span>sua <span class=\"_ _9\"> </span>volta <span class=\"_ _9\"> </span>detiene <span class=\"_ _0\"></span>il<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs9b4\">12,99% di MYNET.  </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs9b5\">In tale contesto:<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff14 fs1 fc1 sc0 ls0 ws0 gs9b6\"><span class=\"_ _27\"> </span><span class=\"ff4\">Credemtel <span class=\"_ _4\"> </span>non <span class=\"_ _22\"> </span>deti<span class=\"_ _2\"></span>ene  la <span class=\"_ _4\"> </span>mag<span class=\"_ _2\"></span>gioranza <span class=\"_ _4\"> </span>dei<span class=\"_ _1\"></span> <span class=\"_ _4\"> </span>diritti <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>voto, <span class=\"_ _4\"> </span>no<span class=\"_ _1\"></span>n <span class=\"_ _4\"> </span>potendo <span class=\"_ _4\"> </span>da <span class=\"_ _22\"> </span>so<span class=\"_ _2\"></span>lo<span class=\"_ _df\"> </span></span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs9b7\">determinare <span class=\"_ _15\"> </span>le <span class=\"_ _e\"> </span>scelte <span class=\"_ _15\"> </span>societarie, <span class=\"_ _e\"> </span>non <span class=\"_ _e\"> </span>avendo <span class=\"_ _15\"> </span>la <span class=\"_ _e\"> </span>capacit\u00e0 <span class=\"_ _e\"> </span>pratica <span class=\"_ _e\"> </span>di <span class=\"_ _15\"> </span>condurre<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs9b8\">unilateralmente <span class=\"_ _f\"></span>l<span class=\"_ _2\"></span>e <span class=\"_ _f\"></span>at<span class=\"_ _2\"></span>tivit\u00e0 <span class=\"_ _1\"></span>rilevanti del<span class=\"_ _1\"></span>la partecipata, <span class=\"_ _f\"></span>per le <span class=\"_ _f\"></span>q<span class=\"_ _2\"></span>uali \u00e8<span class=\"_ _f\"></span> sempre ne<span class=\"_ _1\"></span>cessario<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs9b9\">anche il consenso degli altri soci;<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff14 fs1 fc1 sc0 ls0 ws0 gs9ba\"><span class=\"_ _27\"> </span><span class=\"ff4\">Credemtel per\u00f2 ha il potere il veto, su specifici<span class=\"_ _1\"></span> argomenti, sulle scelte degli altri soci,<span class=\"_ _df\"> </span></span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs9bb\">nel <span class=\"_ _2\"></span>senso <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>mancanza <span class=\"_ _2\"></span>del <span class=\"_ _d\"></span>voto <span class=\"_ _2\"></span>favorevole <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>Credemtel <span class=\"_ _2\"></span>anche <span class=\"_ _2\"></span>gli <span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>ltri <span class=\"_ _2\"></span>soci <span class=\"_ _2\"></span>non<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs9bc\">sono in grado di incidere sulla societ\u00e0.<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs9bd\">In relazione a MYNET la posizi<span class=\"_ _1\"></span>one di Credemtel \u00e8 pertanto quella:<span class=\"_ _df\"> </span><span class=\"_ _2\"></span> </div><div class=\"t m0 h5 ff14 fs1 fc1 sc0 ls0 ws0 gs9be\"><span class=\"_ _27\"> </span><span class=\"ff4\">di un soggetto che \u00e8 esposto a rend<span class=\"_ _f\"></span>im<span class=\"_ _2\"></span>enti variabili e<span class=\"_ _1\"></span> che detiene comunque diritti su<span class=\"_ _df\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs9bf\">tali possibili rendimenti;<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff14 fs1 fc1 sc0 ls0 ws0 gs9c0\"><span class=\"_ _27\"> </span><span class=\"ff4\">che ha <span class=\"_ _2\"></span>una propria capacit\u00e0 <span class=\"_ _2\"></span>di incidere su tali <span class=\"_ _2\"></span>rendimenti solo esercitando un potere<span class=\"_ _df\"> </span></span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs9c1\">di veto sulle scelte degli altri soci.<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs9c2\">Gli <span class=\"_ _0\"></span>accordi <span class=\"_ _9\"> </span>in <span class=\"_ _9\"> </span>essere <span class=\"_ _0\"></span>tra <span class=\"_ _9\"> </span>i <span class=\"_ _0\"> </span>s<span class=\"_ _2\"></span>oci <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>MYNET <span class=\"_ _9\"> </span>contemplano, <span class=\"_ _0\"></span>a <span class=\"_ _9\"> </span>favore <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>Credemtel <span class=\"_ _0\"></span>il <span class=\"_ _9\"> </span>diritto<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs9c3\">contemplato <span class=\"_ _f\"></span>in app<span class=\"_ _1\"></span>osito <span class=\"_ _1\"></span>patto <span class=\"_ _f\"></span>parasociale <span class=\"_ _f\"></span>di <span class=\"_ _1\"></span>ottenere <span class=\"_ _f\"></span>esponenti <span class=\"_ _f\"></span>a<span class=\"_ _2\"></span>ziendali <span class=\"_ _f\"></span>(un <span class=\"_ _f\"></span>consigliere<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs9c4\">di <span class=\"_ _15\"> </span>amministrazione) <span class=\"_ _15\"> </span>oltre <span class=\"_ _15\"> </span>alla <span class=\"_ _e\"> </span>designazione <span class=\"_ _14\"> </span>di <span class=\"_ _e\"> </span>un <span class=\"_ _15\"> </span>sindaco <span class=\"_ _15\"> </span>effettivo <span class=\"_ _15\"> </span>(con <span class=\"_ _15\"> </span>r<span class=\"_ _2\"></span>uolo <span class=\"_ _15\"> </span>di<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs9c5\">presidente del <span class=\"_ _2\"></span>collegio <span class=\"_ _2\"></span>sindacale) <span class=\"_ _2\"></span>ed <span class=\"_ _2\"></span>uno <span class=\"_ _2\"></span>supplente. Siccome <span class=\"_ _2\"></span>non <span class=\"_ _2\"></span>vi <span class=\"_ _2\"></span>sono <span class=\"_ _2\"></span>nell\u2019<span class=\"_ _1\"></span>ambito <span class=\"_ _2\"></span>di<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs9c6\">MYNET <span class=\"_ _d\"></span>voti <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>consiglieri <span class=\"_ _d\"></span>che <span class=\"_ _d\"></span>prevalgano <span class=\"_ _d\"></span>su <span class=\"_ _d\"></span>quelli <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>altri <span class=\"_ _d\"></span>c<span class=\"_ _2\"></span>onsi<span class=\"_ _2\"></span>glieri,<span class=\"_ _1\"></span> <span class=\"_ _d\"></span>la <span class=\"_ _0\"></span>designazione <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>i<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs9c7\">esponenti <span class=\"_ _f\"></span>aziendali non <span class=\"_ _f\"></span>attribuisce <span class=\"_ _f\"></span>a nessun <span class=\"_ _f\"></span>socio <span class=\"_ _f\"></span>una prevalenza <span class=\"_ _f\"></span>sulle <span class=\"_ _1\"></span>scelte <span class=\"_ _f\"></span>soci<span class=\"_ _2\"></span>etarie.<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs9c8\">Credito <span class=\"_ _11\"></span>Emiliano <span class=\"_ _11\"></span>S.p.A. <span class=\"_ _11\"></span>detiene <span class=\"_ _11\"></span><span class=\"ls1a\">il<span class=\"ls0\"> <span class=\"_ _11\"></span>1<span class=\"_ _2\"></span>00% <span class=\"_ _11\"></span><span class=\"ls39\">di<span class=\"ls0\"> <span class=\"_ _f\"></span>Credemtel <span class=\"_ _13\"></span>S.p.A., <span class=\"_ _11\"></span><span class=\"ls13\">che<span class=\"ls0\"> <span class=\"_ _11\"></span>a <span class=\"_ _f\"></span>sua <span class=\"_ _11\"></span>volta <span class=\"_ _11\"></span>detiene <span class=\"_ _11\"></span><span class=\"ls1a\">il<span class=\"ls0\"> <span class=\"_ _11\"></span>10<span class=\"_ _2\"></span>,00%<span class=\"_ _df\"> </span></span></span></span></span></span></span></span></span><span class=\"ls1a\"><span class=\"ls0\"><span class=\"ls39\"><span class=\"ls0\"><span class=\"ls13\"><span class=\"ls0\"><span class=\"ls1a\"><span class=\"ls0\"> </span></span></span></span></span></span></span></span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls39 ws0 gs9c9\">di<span class=\"ls0\"> <span class=\"_ _f\"></span>FLAIRBIT.<span class=\"_ _df\"> </span></span><span class=\"ls0\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls40 ws0 gs9ca\">In<span class=\"ls0\"> <span class=\"_ _f\"></span>tale <span class=\"_ _f\"></span>con<span class=\"_ _f\"></span>testo:<span class=\"_ _df\"> </span></span><span class=\"ls0\"> </span></div><div class=\"t m0 h5 ff14 fs1 fc1 sc0 ls0 ws0 gs9cb\"><span class=\"_ _27\"> </span><span class=\"ff4\">Credemtel <span class=\"_ _4\"> </span>non <span class=\"_ _4\"> </span>detiene  la <span class=\"_ _4\"> </span>maggioranza <span class=\"_ _4\"> </span>dei <span class=\"_ _4\"> </span>diritti <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>voto, <span class=\"_ _4\"> </span>non  potendo <span class=\"_ _4\"> </span>da <span class=\"_ _4\"> </span>solo<span class=\"_ _df\"> </span></span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs9cc\">determinare <span class=\"_ _15\"> </span>le <span class=\"_ _e\"> </span>scelte <span class=\"_ _15\"> </span>societarie, <span class=\"_ _e\"> </span>non <span class=\"_ _e\"> </span>avendo <span class=\"_ _15\"> </span>la <span class=\"_ _e\"> </span>capacit\u00e0 <span class=\"_ _e\"> </span>pratica <span class=\"_ _e\"> </span>di <span class=\"_ _15\"> </span>condurre<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs9cd\">unilateralmente <span class=\"_ _f\"></span>l<span class=\"_ _2\"></span>e <span class=\"_ _f\"></span>at<span class=\"_ _2\"></span>tivit\u00e0 <span class=\"_ _1\"></span>rilevanti d<span class=\"_ _1\"></span>ella <span class=\"_ _1\"></span>partecipata, per <span class=\"_ _f\"></span>le quali \u00e8<span class=\"_ _1\"></span> sempre <span class=\"_ _f\"></span>necessario<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs9ce\">anche il consenso degli altri soci;<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff14 fs1 fc1 sc0 ls0 ws0 gs9cf\"><span class=\"_ _27\"> </span><span class=\"ff4\">Credemtel per\u00f2 ha il potere il veto, su specifici<span class=\"_ _1\"></span> argomenti, sulle scelte degli altri soci,<span class=\"_ _df\"> </span></span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs9d0\">nel <span class=\"_ _2\"></span>senso <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>mancanza <span class=\"_ _2\"></span>del <span class=\"_ _d\"></span>voto <span class=\"_ _2\"></span>favorevole <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>Credemtel <span class=\"_ _2\"></span>anche <span class=\"_ _2\"></span>gli <span class=\"_ _2\"></span>altri <span class=\"_ _2\"></span>soci <span class=\"_ _2\"></span>non<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs9d1\">sono in grado di incidere sulla societ\u00e0.<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs9d2\">In relazione a FLAIRBIT la posizione di Crede<span class=\"_ _1\"></span>mtel \u00e8 pertanto quella:<span class=\"_ _df\"> </span><span class=\"_ _2\"></span> </div><div class=\"t m0 h5 ff14 fs1 fc1 sc0 ls0 ws0 gs9d3\"><span class=\"_ _27\"> </span><span class=\"ff4\">di un soggetto che \u00e8 esposto a rend<span class=\"_ _f\"></span>im<span class=\"_ _2\"></span>enti variabili e<span class=\"_ _1\"></span> che detiene comunque diritti su<span class=\"_ _df\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs9d4\">tali possibili rendimenti;<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff14 fs1 fc1 sc0 ls0 ws0 gs9d5\"><span class=\"_ _27\"> </span><span class=\"ff4\">che ha <span class=\"_ _2\"></span>una propria capacit\u00e0 di <span class=\"_ _2\"></span>incide<span class=\"_ _1\"></span>re su <span class=\"_ _2\"></span>tali rendimenti solo <span class=\"_ _2\"></span>esercitando un potere<span class=\"_ _df\"> </span></span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs9d6\">di veto sulle scelte degli altri soci.<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs9d7\">Gli <span class=\"_ _2\"></span>accor<span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>in <span class=\"_ _d\"></span>ess<span class=\"_ _2\"></span>ere <span class=\"_ _2\"></span>tra <span class=\"_ _d\"></span>i <span class=\"_ _d\"></span>soci <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>FLAIRBIT <span class=\"_ _2\"></span>cont<span class=\"_ _2\"></span>emplano, <span class=\"_ _2\"></span>a <span class=\"_ _d\"></span>favore <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>Credemtel <span class=\"_ _d\"></span>il <span class=\"_ _d\"></span>diritto<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs9d8\">contemplato <span class=\"_ _f\"></span>in app<span class=\"_ _1\"></span>osito <span class=\"_ _1\"></span>patto <span class=\"_ _f\"></span>parasociale <span class=\"_ _f\"></span>di <span class=\"_ _1\"></span>ottenere <span class=\"_ _f\"></span>esponenti <span class=\"_ _f\"></span>aziendali <span class=\"_ _f\"></span>(un consig<span class=\"_ _1\"></span>liere<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs9d9\">di <span class=\"_ _2\"></span>amministrazione). Si<span class=\"_ _2\"></span>ccome <span class=\"_ _2\"></span>non <span class=\"_ _2\"></span>vi <span class=\"_ _2\"></span>sono <span class=\"_ _2\"></span>nell<span class=\"ff5\">\u2019ambito <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>FLAIRBIT <span class=\"_ _2\"></span>voti <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>consiglieri <span class=\"_ _2\"></span>che<span class=\"_ _df\"> </span></span><span class=\"ff5\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs9da\">prevalgano <span class=\"_ _4\"> </span>su <span class=\"_ _17\"> </span>quelli <span class=\"_ _4\"> </span>di <span class=\"_ _17\"> </span>altri <span class=\"_ _17\"> </span>consiglieri, <span class=\"_ _4\"> </span>la <span class=\"_ _4\"> </span>d<span class=\"_ _2\"></span>esignazi<span class=\"_ _1\"></span>one <span class=\"_ _17\"> </span>di <span class=\"_ _4\"> </span>esponenti <span class=\"_ _17\"> </span>aziendali <span class=\"_ _4\"> </span>non<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs9db\">attribuisce a nessun socio una prevale<span class=\"_ _f\"></span>nza s<span class=\"_ _2\"></span>ulle scelte societarie.<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc4 sc3 ls0 ws0 gs9dc\">7.7 Im<span class=\"_ _1\"></span>peg<span class=\"_ _1\"></span>ni rife<span class=\"_ _1\"></span>riti a <span class=\"_ _1\"></span>part<span class=\"_ _1\"></span>ecipa<span class=\"_ _1\"></span>zioni<span class=\"_ _1\"></span> in s<span class=\"_ _1\"></span>ociet\u00e0<span class=\"_ _f\"></span> control<span class=\"_ _1\"></span>late in <span class=\"_ _1\"></span>modo<span class=\"_ _f\"></span> congiu<span class=\"_ _f\"></span>nto<span class=\"_ _df\"> </span><span class=\"sc0\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs9dd\">Credito <span class=\"_ _0\"></span>Emiliano <span class=\"_ _d\"></span>ha <span class=\"_ _0\"></span>sot<span class=\"_ _2\"></span>toscritto <span class=\"_ _0\"></span>con <span class=\"_ _0\"></span>Reale <span class=\"_ _d\"></span>M<span class=\"_ _2\"></span>utua <span class=\"_ _d\"></span>di <span class=\"_ _0\"> </span>Ass<span class=\"_ _2\"></span>icurazioni <span class=\"_ _d\"></span>accor<span class=\"_ _2\"></span>di <span class=\"_ _d\"></span>contrat<span class=\"_ _2\"></span>tuali<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs9de\">volti a disciplinare pi\u00f9 compiutamente la partnership in Crede<span class=\"_ _1\"></span>massicurazioni.<span class=\"_ _df\"> </span><span class=\"_ _2\"></span> </div>In <span class=\"_ _9\"> </span>tale <span class=\"_ _16\"> </span>contesto <span class=\"_ _16\"> </span>le <span class=\"_ _9\"> </span>clausole <span class=\"_ _16\"> </span>del <span class=\"_ _9\"> </span>cont<span class=\"_ _2\"></span>ratto <span class=\"_ _9\"> </span>di <span class=\"_ _16\"> </span>compravendita <span class=\"_ _9\"> </span>delle <span class=\"_ _16\"> </span>azion<span class=\"_ _2\"></span>i <span class=\"_ _9\"> </span>a <span class=\"_ _16\"> </span>suo <span class=\"_ _9\"> </span>t<span class=\"_ _2\"></span>empo<span class=\"_ _df\"> </span>perfezionato <span class=\"_ _2\"></span>tra <span class=\"_ _2\"></span>Credito <span class=\"_ _2\"></span>Emiliano <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>Reale <span class=\"_ _2\"></span>Mutua <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>Assicurazioni <span class=\"_ _2\"></span>hanno <span class=\"_ _2\"></span>espressamente<span class=\"_ _df\"> </span>convenuto <span class=\"_ _f\"></span>un\u2019opzione <span class=\"_ _f\"></span>put <span class=\"_ _f\"></span>in <span class=\"_ _1\"></span>capo <span class=\"_ _f\"></span>a Re<span class=\"_ _1\"></span>ale <span class=\"_ _f\"></span>Mutua <span class=\"_ _f\"></span>di <span class=\"_ _f\"></span>Ass<span class=\"_ _2\"></span>icurazioni <span class=\"_ _f\"></span>e <span class=\"_ _f\"></span>un\u2019opzione <span class=\"_ _f\"></span>call <span class=\"_ _f\"></span>in <span class=\"_ _f\"></span>ca<span class=\"_ _2\"></span>po<span class=\"_ _df\"> </span>a  Credi<span class=\"_ _1\"></span>to  Emiliano <span class=\"_ _16\"> </span>S.p.A. <span class=\"_ _9\"> </span>r<span class=\"_ _2\"></span>iguardante <span class=\"_ _16\"> </span>il  50% <span class=\"_ _16\"> </span>della <span class=\"_ _9\"> </span>part<span class=\"_ _2\"></span>ecipazione  di <span class=\"_ _9\"> </span>Reale  Mutua  ne<span class=\"_ _1\"></span>l<span class=\"_ _df\"> </span>capitale <span class=\"_ _17\"> </span>sociale <span class=\"_ _17\"> </span>di <span class=\"_ _17\"> </span>Cr<span class=\"_ _2\"></span>ede<span class=\"_ _1\"></span>massicurazioni. <span class=\"_ _14\"> </span>Entrambe <span class=\"_ _17\"> </span>le <span class=\"_ _17\"> </span>opzioni <span class=\"_ _14\"> </span>sono <span class=\"_ _17\"> </span>esercitabili <span class=\"_ _17\"> </span>allo<span class=\"_ _df\"> </span>scadere <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>ogni <span class=\"_ _0\"></span>quinquennio <span class=\"_ _d\"></span>dall\u2019acquisto <span class=\"_ _0\"></span>della <span class=\"_ _d\"></span>partecipazione <span class=\"_ _d\"></span>i<span class=\"_ _2\"></span>n <span class=\"_ _d\"></span>Credemassicurazioni<span class=\"_ _df\"> </span>da parte di Reale Mutua. A <span class=\"_ _2\"></span>distanza <span class=\"_ _d\"></span>di <span class=\"_ _2\"></span>10 <span class=\"_ _2\"></span>anni <span class=\"_ _2\"></span>dalla <span class=\"_ _d\"></span>sottoscrizione <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>primo <span class=\"_ _d\"></span>accordo <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>collaborazione, <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>Credito<span class=\"_ _df\"> </span>Emiliano <span class=\"_ _d\"></span>e <span class=\"_ _d\"></span>la <span class=\"_ _0\"></span>Societ\u00e0 <span class=\"_ _0\"></span>Reale <span class=\"_ _d\"></span>Mutua <span class=\"_ _d\"></span>di <span class=\"_ _0\"></span>Assicurazioni <span class=\"_ _d\"></span>hanno <span class=\"_ _0\"></span>rinnovato <span class=\"_ _d\"></span>la <span class=\"_ _0\"></span>loro <span class=\"_ _d\"></span>partnership<span class=\"_ _df\"> </span>paritetica  nella  s<span class=\"_ _2\"></span>ociet\u00e0  in  r<span class=\"_ _2\"></span>assegna.  Il  r<span class=\"_ _2\"></span>innovo  dell\u2019accordo  permett<span class=\"_ _2\"></span>er\u00e0  al <span class=\"_ _22\"> </span>gruppo <span class=\"_ _22\"> </span>di<span class=\"_ _df\"> </span>sviluppare <span class=\"_ _2\"></span>l\u2019offerta <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>prodotti<span class=\"ff4\"> <span class=\"_ _d\"></span>dei <span class=\"_ _d\"></span>rami <span class=\"_ _d\"></span>danni <span class=\"_ _2\"></span>e <span class=\"_ _d\"></span>di <span class=\"_ _2\"></span>accresc<span class=\"_ _2\"></span>ere <span class=\"_ _2\"></span>il <span class=\"_ _d\"></span>livello <span class=\"_ _d\"></span>di <span class=\"_ _2\"></span>servizio <span class=\"_ _d\"></span>offerto<span class=\"_ _df\"> </span></span>alla <span class=\"_ _d\"></span>propria <span class=\"_ _0\"></span>clientela, <span class=\"_ _d\"></span>grazie <span class=\"_ _0\"></span>al <span class=\"_ _d\"></span>s<span class=\"_ _2\"></span>upporto <span class=\"_ _d\"></span>di <span class=\"_ _0\"></span>un <span class=\"_ _d\"></span>primar<span class=\"_ _2\"></span>io <span class=\"_ _d\"></span>player <span class=\"_ _d\"></span>s<span class=\"_ _2\"></span>pecializzato <span class=\"_ _d\"></span>nel <span class=\"_ _d\"></span>settor<span class=\"_ _2\"></span>e<span class=\"_ _df\"> </span>della protection. Le parti hanno poi perfezionato un patto parasociale le<span class=\"_ _1\"></span> cui clausole contemplano:<span class=\"_ _df\"> </span><span class=\"ff10\"> <span class=\"_ _38\"> </span><span class=\"ff4\">Il <span class=\"_ _f\"></span>divieto d<span class=\"_ _1\"></span>i <span class=\"_ _f\"></span>t<span class=\"_ _2\"></span>rasferimento <span class=\"_ _f\"></span>delle <span class=\"_ _f\"></span>azioni e <span class=\"_ _f\"></span>dei <span class=\"_ _f\"></span>diritti di <span class=\"_ _f\"></span>opzione <span class=\"_ _f\"></span>a terzi, <span class=\"_ _f\"></span>diversi <span class=\"_ _f\"></span>da societ\u00e0<span class=\"_ _df\"> </span></span></span>controllate, per tutta la durata del<span class=\"_ _1\"></span> patto parasociale attualmente in essere;<span class=\"_ _df\"> </span><span class=\"ff10\"> <span class=\"_ _38\"> </span><span class=\"ff4\">Il <span class=\"_ _d\"></span>diritto <span class=\"_ _0\"></span>di <span class=\"_ _d\"></span>ciascuna <span class=\"_ _0\"></span>parte <span class=\"_ _0\"></span>ottenere <span class=\"_ _d\"></span>la <span class=\"_ _d\"></span>nomina <span class=\"_ _0\"></span>di <span class=\"_ _d\"></span>ot<span class=\"_ _2\"></span>tenere <span class=\"_ _d\"></span>la <span class=\"_ _d\"></span>no<span class=\"_ _2\"></span>mina <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>espon<span class=\"_ _2\"></span>enti<span class=\"_ _df\"> </span></span></span>az<span class=\"ls0\">iendali di propria desig<span class=\"_ _1\"></span>nazione (la met\u00e0 degli amministratori e, a rinnovi<span class=\"_ _1\"></span> alternati<span class=\"_ _df\"> </span></span>del <span class=\"_ _2\"></span>Consiglio <span class=\"_ _2\"></span>di <span class=\"_ _d\"></span>Amministrazione, <span class=\"_ _2\"></span>il <span class=\"_ _d\"></span>Presidente <span class=\"_ _2\"></span>del <span class=\"_ _d\"></span>Consiglio <span class=\"_ _2\"></span>di <span class=\"_ _d\"></span>Amministrazione, <span class=\"_ _2\"></span>i<span class=\"_ _df\"> </span>Sindaci e, a rinnovi alternati, il Preside<span class=\"_ _1\"></span>nte del Collegio Sindacale);<span class=\"_ _df\"> </span><span class=\"ff10\"> <span class=\"_ _38\"> </span><span class=\"ff4\">La  necessit\u00e0 <span class=\"_ _22\"> </span>di <span class=\"_ _4\"> </span>un  quorum  qualificato <span class=\"_ _22\"> </span>per <span class=\"_ _4\"> </span>le  deliberazioni  dei  componenti <span class=\"_ _22\"> </span>del<span class=\"_ _df\"> </span></span></span>Consiglio <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>Amministrazione rigu<span class=\"_ _1\"></span>ardanti particolari <span class=\"_ _f\"></span>tematiche (come<span class=\"_ _1\"></span>, tra <span class=\"_ _f\"></span>le altre,<span class=\"_ _1\"></span> la<span class=\"_ _df\"> </span>nomina <span class=\"_ _5\"> </span>del <span class=\"_ _6\"> </span>Direttore <span class=\"_ _5\"> </span>Generale, <span class=\"_ _5\"> </span>del <span class=\"_ _6\"> </span>Responsabile <span class=\"_ _5\"> </span>Sinistr<span class=\"_ _2\"></span>i, <span class=\"_ _5\"> </span>del <span class=\"_ _5\"> </span>Dirett<span class=\"_ _2\"></span>ore<span class=\"_ _df\"> </span>Commerciale, <span class=\"_ _0\"> </span>della <span class=\"_ _16\"> </span>funzione <span class=\"_ _0\"></span>di <span class=\"_ _9\"> </span>audi<span class=\"ff5\">t<span class=\"_ _2\"></span>ing, <span class=\"_ _9\"> </span>l\u2019approvazione <span class=\"_ _0\"></span>di <span class=\"_ _9\"> </span>oper<span class=\"_ _2\"></span>azioni <span class=\"_ _0\"> </span>di <span class=\"_ _16\"> </span>finanzi<span class=\"_ _1\"></span>a<span class=\"_ _df\"> </span></span>straordinaria, di accordi distributivi,<span class=\"_ _1\"></span> ecc).<span class=\"_ _df\"> </span>7.8 Im<span class=\"_ _1\"></span>peg<span class=\"_ _1\"></span>ni rife<span class=\"_ _1\"></span>riti a <span class=\"_ _f\"></span>partecipa<span class=\"_ _f\"></span>zioni in <span class=\"_ _f\"></span>societ\u00e0 <span class=\"_ _1\"></span>sottop<span class=\"_ _1\"></span>oste<span class=\"_ _1\"></span> ad <span class=\"_ _1\"></span>influe<span class=\"_ _f\"></span>nza note<span class=\"_ _1\"></span>vole<span class=\"_ _df\"> </span>Credemtel <span class=\"_ _d\"></span>ha <span class=\"_ _0\"></span>sottos<span class=\"_ _2\"></span>critto <span class=\"_ _d\"></span>con <span class=\"_ _0\"></span>i <span class=\"_ _d\"></span>soci <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>SBC <span class=\"_ _d\"></span>accordi <span class=\"_ _0\"></span>contrattuali <span class=\"_ _0\"></span>volti <span class=\"_ _0\"></span>a <span class=\"_ _d\"></span>discipl<span class=\"_ _2\"></span>inare <span class=\"_ _0\"></span>pi\u00f9<span class=\"_ _df\"> </span>compiutamente la partnership nella socie<span class=\"_ _1\"></span>t\u00e0.<span class=\"_ _df\"> </span>Le parti hanno poi perfezionato un patto parasociale le<span class=\"_ _1\"></span> cui clausole contemplano:<span class=\"_ _df\"> </span><span class=\"ff10\"> <span class=\"_ _38\"> </span><span class=\"ff4\">il <span class=\"_ _4\"> </span>diritto <span class=\"_ _4\"> </span>di <span class=\"_ _22\"> </span>Cr<span class=\"_ _2\"></span>edemtel <span class=\"_ _22\"> </span>di<span class=\"_ _2\"></span> <span class=\"_ _4\"> </span>ottenere <span class=\"_ _22\"> </span>la <span class=\"_ _4\"> </span>nomina <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>esponenti <span class=\"_ _4\"> </span>aziendali <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>propria<span class=\"_ _df\"> </span></span></span>designazione (un consigliere di amministrazione);<span class=\"_ _df\"> </span><span class=\"ff10\"> <span class=\"_ _38\"> </span><span class=\"ff4\">la <span class=\"_ _16\"> </span>necessit\u00e0 <span class=\"_ _9\"> </span>di  un <span class=\"_ _9\"> </span>quorum  q<span class=\"_ _1\"></span>ualificato <span class=\"_ _16\"> </span>per <span class=\"_ _9\"> </span>le  de<span class=\"_ _1\"></span>liberazioni <span class=\"_ _16\"> </span>riguardanti <span class=\"_ _16\"> </span>particolari<span class=\"_ _df\"> </span></span></span>tematiche <span class=\"_ _0\"></span>(come <span class=\"_ _d\"></span>le <span class=\"_ _0\"></span>modificazioni <span class=\"_ _0\"></span>dello <span class=\"_ _d\"></span>st<span class=\"_ _2\"></span>atuto, <span class=\"_ _d\"></span>il <span class=\"_ _0\"></span>trasferimento <span class=\"_ _0\"></span>di <span class=\"_ _d\"></span>part<span class=\"_ _2\"></span>ecipazi<span class=\"_ _1\"></span>oni<span class=\"_ _df\"> </span>sociali, <span class=\"_ _2\"></span>acquisizioni <span class=\"_ _2\"></span>e/o <span class=\"_ _d\"></span>dismissioni, <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>qualsiasi <span class=\"_ _2\"></span>forma <span class=\"_ _d\"></span>effettuate, <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>b<span class=\"_ _2\"></span>eni <span class=\"_ _2\"></span>im<span class=\"_ _2\"></span>mobili<span class=\"_ _df\"> </span>e/o <span class=\"_ _16\"> </span>di <span class=\"_ _9\"> </span>beni  mobil<span class=\"_ _1\"></span>i <span class=\"_ _16\"> </span>di <span class=\"_ _9\"> </span>valore  unitario <span class=\"_ _16\"> </span>superiore <span class=\"_ _9\"> </span>a  Euro <span class=\"_ _9\"> </span>20.000,00  e/<span class=\"_ _1\"></span>o  b<span class=\"_ _1\"></span>eni <span class=\"_ _16\"> </span>mobili<span class=\"_ _df\"> </span>registrati, <span class=\"_ _0\"></span>l\u2019assunzione <span class=\"_ _d\"></span>di <span class=\"_ _0\"></span>dipen<span class=\"_ _2\"></span>denti,<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>l\u2019assunzione <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>indebitamento <span class=\"_ _0\"></span>finanziario <span class=\"_ _0\"></span>e<span class=\"_ _df\"> </span>concessione di finanziamenti e garanzie).<span class=\"_ _df\"> </span>Credemtel <span class=\"_ _f\"></span>ha <span class=\"_ _1\"></span>sottoscritto con<span class=\"_ _1\"></span> <span class=\"_ _f\"></span>i soci <span class=\"_ _f\"></span>di <span class=\"_ _f\"></span>A<span class=\"_ _2\"></span>NDXOR <span class=\"_ _1\"></span>accordi <span class=\"_ _f\"></span>contrattuali <span class=\"_ _f\"></span>volti a <span class=\"_ _f\"></span>disciplinare <span class=\"_ _f\"></span>pi\u00f9<span class=\"_ _df\"> </span>compiutamente la partnership nella societ\u00e0.<span class=\"_ _df\"> </span>Le parti hanno poi perfezionato un patto parasociale le<span class=\"_ _1\"></span> cui clausole contemplano:<span class=\"_ _df\"> </span><span class=\"ff10\"> <span class=\"_ _38\"> </span><span class=\"ff4\">il <span class=\"_ _4\"> </span>diritto <span class=\"_ _4\"> </span>di <span class=\"_ _22\"> </span>Cr<span class=\"_ _2\"></span>edemtel <span class=\"_ _22\"> </span>di<span class=\"_ _2\"></span> <span class=\"_ _4\"> </span>ottenere <span class=\"_ _22\"> </span>la <span class=\"_ _4\"> </span>nomina <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>esponenti <span class=\"_ _4\"> </span>aziendali <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>propri<span class=\"_ _2\"></span><span class=\"ls73\">a<span class=\"_ _df\"> </span></span></span></span>designazione (un consigliere di amministrazione ed il sindaco unico);<span class=\"_ _df\"> </span><span class=\"ff10\"> <span class=\"_ _38\"> </span><span class=\"ff4\">il <span class=\"_ _1\"></span>diritto di <span class=\"_ _f\"></span>co-vendita a fav<span class=\"_ _1\"></span>ore di Cred<span class=\"_ _1\"></span>emtel qualora <span class=\"_ _f\"></span>venga trasferita p<span class=\"_ _1\"></span>er atto <span class=\"_ _f\"></span>t<span class=\"_ _2\"></span>ra v<span class=\"_ _1\"></span>ivi<span class=\"_ _df\"> </span></span></span>una <span class=\"_ _2\"></span>quota <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>almeno <span class=\"_ _2\"></span>il <span class=\"_ _d\"></span>50% <span class=\"_ _d\"></span>del <span class=\"_ _d\"></span>capitale <span class=\"_ _2\"></span>sociale <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>ANDXOR <span class=\"_ _d\"></span>per <span class=\"_ _2\"></span>tutta <span class=\"_ _d\"></span>la <span class=\"_ _d\"></span>durata <span class=\"_ _d\"></span>del<span class=\"_ _df\"> </span>patto parasociale attualmente in essere;<span class=\"_ _df\"> </span><span class=\"ff10\"> <span class=\"_ _38\"> </span><span class=\"ff4\">la <span class=\"_ _4\"> </span>necessit\u00e0 <span class=\"_ _4\"> </span>di  un <span class=\"_ _4\"> </span>quorum <span class=\"_ _4\"> </span>quali<span class=\"_ _1\"></span>ficato <span class=\"_ _4\"> </span>per <span class=\"_ _4\"> </span>le <span class=\"_ _22\"> </span>deliberazioni <span class=\"_ _4\"> </span>dei <span class=\"_ _22\"> </span>componenti <span class=\"_ _4\"> </span>del<span class=\"_ _df\"> </span></span></span>Consiglio <span class=\"_ _5\"> </span>di <span class=\"_ _20\"> </span>Amministr<span class=\"_ _2\"></span>azione <span class=\"_ _20\"> </span>riguardanti <span class=\"_ _5\"> </span>particolari <span class=\"_ _5\"> </span>tematiche <span class=\"_ _20\"> </span>(come <span class=\"_ _5\"> </span>le<span class=\"_ _df\"> </span>modificazioni <span class=\"_ _6\"> </span>dell\u2019atto <span class=\"_ _26\"> </span>costitutivo, <span class=\"_ _26\"> </span>la <span class=\"_ _6\"> </span>mo<span class=\"_ _2\"></span>dificaz<span class=\"_ _1\"></span>ione <span class=\"_ _26\"> </span>dell\u2019oggetto <span class=\"_ _26\"> </span>sociale,<span class=\"_ _df\"> </span>l<span class=\"ff5\">\u2019assunzione <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>finanziamenti <span class=\"_ _d\"></span>oltre <span class=\"_ _d\"></span>i <span class=\"_ _0\"></span>150.000 <span class=\"_ _d\"></span>euro, <span class=\"_ _d\"></span>la <span class=\"_ _d\"></span>compravendita <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>diritt<span class=\"_ _2\"></span>i <span class=\"_ _d\"></span>reali<span class=\"_ _df\"> </span></span>immobiliari, emissione d<span class=\"_ _1\"></span>i titoli di debito, distribuzione di riserve).<span class=\"_ _df\"> </span>Credemtel ha sottoscritto con i soci di MYNET accordi contrattuali volti a disciplinare pi\u00f9<span class=\"_ _df\"> </span>compiutamente la partnership nella societ\u00e0.<span class=\"_ _df\"> </span>Le parti hanno poi perfezionato un patto parasociale le<span class=\"_ _1\"></span> cui clausole contemplano:<span class=\"_ _df\"> </span><span class=\"ff10\"> <span class=\"_ _38\"> </span><span class=\"ff4\">il <span class=\"_ _4\"> </span>diritto <span class=\"_ _4\"> </span>di <span class=\"_ _22\"> </span>Cr<span class=\"_ _2\"></span>edemtel <span class=\"_ _22\"> </span>di<span class=\"_ _2\"></span> <span class=\"_ _4\"> </span>ottenere <span class=\"_ _22\"> </span>la <span class=\"_ _4\"> </span>nomina <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>esponenti <span class=\"_ _4\"> </span>aziendali <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>propria<span class=\"_ _df\"> </span></span></span>designazione (un <span class=\"_ _2\"></span>consigliere <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>amministrazione, <span class=\"_ _2\"></span>un <span class=\"_ _2\"></span>sindaco <span class=\"_ _2\"></span>effettivo <span class=\"_ _2\"></span>con <span class=\"_ _2\"></span>ruolo <span class=\"_ _2\"></span>di<span class=\"_ _df\"> </span>presidente del collegio sindacale ed un sindaco supplente)<span class=\"_ _1\"></span>;<span class=\"_ _df\"> </span>la <span class=\"_ _16\"> </span>necessit\u00e0 <span class=\"_ _9\"> </span>di  un <span class=\"_ _9\"> </span>quorum  q<span class=\"_ _1\"></span>ualificato <span class=\"_ _16\"> </span>per <span class=\"_ _9\"> </span>le  de<span class=\"_ _1\"></span>liberazioni <span class=\"_ _16\"> </span>riguardanti <span class=\"_ _16\"> </span>particolari<span class=\"_ _df\"> </span>tematiche <span class=\"_ _5\"> </span>(come <span class=\"_ _6\"> </span>le <span class=\"_ _5\"> </span>modificazioni <span class=\"_ _5\"> </span>dell\u2019atto <span class=\"_ _6\"> </span>costitutivo, <span class=\"_ _5\"> </span>la <span class=\"_ _6\"> </span>modificaz<span class=\"_ _1\"></span>ione<span class=\"_ _df\"> </span>dell\u2019oggetto <span class=\"_ _1a\"> </span>sociale, <span class=\"_ _1a\"> </span>l\u2019assunzione <span class=\"_ _c\"> </span>di <span class=\"_ _1a\"> </span>finanziamenti <span class=\"_ _1a\"> </span>oltre <span class=\"_ _1a\"> </span>i <span class=\"_ _1a\"> </span>1.500.000 <span class=\"_ _1a\"> </span>euro,<span class=\"_ _df\"> </span>l\u2019emissione di <span class=\"_ _2\"></span>titoli <span class=\"_ _2\"></span>di debito, <span class=\"_ _2\"></span>l\u2019acquisizione o <span class=\"_ _2\"></span>dismissione di <span class=\"_ _2\"></span>beni <span class=\"_ _2\"></span>mobili o <span class=\"_ _2\"></span>immobili<span class=\"_ _df\"> </span>di valore superiore a 1.000.000 euro).<span class=\"_ _df\"> </span>Credemtel <span class=\"_ _2\"></span>ha <span class=\"_ _2\"></span>sot<span class=\"_ _2\"></span>toscritto <span class=\"_ _2\"></span>con <span class=\"_ _d\"></span>i <span class=\"_ _2\"></span>soci <span class=\"_ _d\"></span>di <span class=\"_ _2\"></span>FLAIRBIT <span class=\"_ _2\"></span>accordi <span class=\"_ _d\"></span>contrattu<span class=\"_ _2\"></span>ali <span class=\"_ _2\"></span>volti <span class=\"_ _d\"></span>a <span class=\"_ _2\"></span>disciplinare<span class=\"_ _df\"> </span>pi\u00f9 compiutamente la partnership nella societ\u00e0.<span class=\"_ _df\"> </span>Le parti hanno poi perfezionato un patto parasociale le<span class=\"_ _1\"></span> cui clausole contemplano:<span class=\"_ _df\"> </span><span class=\"_ _39\"> </span><span class=\"ff4\">il <span class=\"_ _4\"> </span>diritto <span class=\"_ _4\"> </span>di <span class=\"_ _22\"> </span>Cr<span class=\"_ _2\"></span>edemtel <span class=\"_ _22\"> </span>di<span class=\"_ _2\"></span> <span class=\"_ _4\"> </span>ottenere <span class=\"_ _22\"> </span>la <span class=\"_ _4\"> </span>nomina <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>esponenti <span class=\"_ _4\"> </span>aziendali <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>propria<span class=\"_ _df\"> </span></span>designazione (un consigliere di amministrazione);<span class=\"_ _df\"> </span><span class=\"_ _39\"> </span><span class=\"ff4\">la <span class=\"_ _16\"> </span>necessit\u00e0 <span class=\"_ _9\"> </span>di  un <span class=\"_ _9\"> </span>quorum  q<span class=\"_ _1\"></span>ualificato <span class=\"_ _16\"> </span>per <span class=\"_ _9\"> </span>le  de<span class=\"_ _1\"></span>liberazioni <span class=\"_ _16\"> </span>riguardanti <span class=\"_ _16\"> </span>particolari<span class=\"_ _df\"> </span></span>tematiche  (come <span class=\"_ _22\"> </span>le <span class=\"_ _22\"> </span>mo<span class=\"_ _2\"></span>dificazioni  dello  Statuto <span class=\"_ _4\"> </span>afferenti  all\u2019oggetto  s<span class=\"_ _2\"></span>ociale,  la<span class=\"_ _df\"> </span>stipula  di  cont<span class=\"_ _2\"></span>ratti <span class=\"_ _22\"> </span>di <span class=\"_ _22\"> </span>qualsiasi <span class=\"_ _4\"> </span>natura  con <span class=\"_ _4\"> </span>alcuna  parte  cor<span class=\"_ _2\"></span>relata <span class=\"_ _22\"> </span>di <span class=\"_ _4\"> </span>FLAIRBIT,<span class=\"_ _df\"> </span>l\u2019assunzione <span class=\"_ _1\"></span>di finanzi<span class=\"_ _1\"></span>amenti oltre <span class=\"_ _1\"></span>i 500.000 <span class=\"_ _1\"></span>euro, l<span class=\"_ _1\"></span>\u2019assunzione <span class=\"_ _1\"></span>di pe<span class=\"_ _1\"></span>rsonale con <span class=\"_ _f\"></span>un<span class=\"_ _df\"> </span>trattamento <span class=\"_ _15\"> </span>economico <span class=\"_ _15\"> </span>(retribuzione <span class=\"_ _14\"> </span>annua <span class=\"_ _e\"> </span>lorda) <span class=\"_ _15\"> </span>pari <span class=\"_ _15\"> </span>o <span class=\"_ _15\"> </span>superiore <span class=\"_ _15\"> </span>ad <span class=\"_ _15\"> </span>Euro<span class=\"_ _df\"> </span>100.000,00 (centomila) annui).<span class=\"_ _df\"> </span>7.10 Al<span class=\"_ _1\"></span>tre i<span class=\"_ _1\"></span>nform<span class=\"_ _1\"></span>azio<span class=\"_ _f\"></span>ni<span class=\"_ _df\"> </span>Credemassicurazioni, <span class=\"_ _9\"> </span>A<span class=\"_ _2\"></span>ndxor,  Flairbit  <span class=\"lse\">e  </span>M<span class=\"_ _1\"></span>ynet,  partecipazioni  p<span class=\"_ _1\"></span>er  le <span class=\"_ _9\"> </span>q<span class=\"_ _2\"></span>uali <span class=\"_ _16\"> </span>il  valore <span class=\"_ _9\"> </span>di<span class=\"_ _df\"> </span>bilancio r<span class=\"_ _2\"></span>isulta essere <span class=\"_ _2\"></span>superiore alla <span class=\"_ _2\"></span>quota <span class=\"_ _2\"></span>di pertinenza <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>patrimonio netto<span class=\"_ _2\"></span>, sono <span class=\"_ _2\"></span>state<span class=\"_ _df\"> </span>assoggettate a test d\u2019impairment dal q<span class=\"_ _1\"></span>uale \u00e8 emerso un valore r<span class=\"_ _1\"></span>ecuperabile superiore al<span class=\"_ _df\"> </span>valore <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>car<span class=\"_ _2\"></span>ico. <span class=\"_ _2\"></span>Si <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _d\"></span>quindi <span class=\"_ _d\"></span>ritenuto <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>la <span class=\"_ _d\"></span>differenza <span class=\"_ _2\"></span>negativa <span class=\"_ _d\"></span>fra <span class=\"_ _2\"></span>il <span class=\"_ _d\"></span>valore <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>car<span class=\"_ _2\"></span>ico <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>a<span class=\"_ _df\"> </span>quota <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>pertinenza <span class=\"_ _0\"></span>del <span class=\"_ _0\"> </span>patr<span class=\"_ _2\"></span>imonio <span class=\"_ _0\"></span>netto <span class=\"_ _0\"></span>di <span class=\"_ _9\"> </span>tali <span class=\"_ _0\"></span>partecipate<span class=\"fce\"> <span class=\"_ _9\"> </span></span>non <span class=\"_ _0\"></span>\u00e8 <span class=\"_ _0\"> </span>as<span class=\"_ _2\"></span>crivibi<span class=\"_ _1\"></span>le <span class=\"_ _0\"></span>a <span class=\"_ _9\"> </span>perdita<span class=\"_ _df\"> </span>durevole di valore <span class=\"_ _2\"></span>e, pertanto, <span class=\"_ _2\"></span>non sono <span class=\"_ _2\"></span>stati rettificati i <span class=\"_ _2\"></span>valori di <span class=\"_ _2\"></span>iscrizione. <span class=\"_ _2\"></span>Per maggiori<span class=\"_ _df\"> </span>dettagli <span class=\"_ _8\"> </span>sull\u2019impairment <span class=\"_ _30\"> </span>test <span class=\"_ _8\"> </span>effettuato <span class=\"_ _30\"> </span>riguardo <span class=\"_ _30\"> </span>l\u2019avviamento <span class=\"_ _8\"> </span>generato <span class=\"_ _30\"> </span>da<span class=\"_ _df\"> </span>Credemassicurazioni si rimanda alla Parte B <span class=\"ff5\">\u2013</span> <span class=\"ff5\">Sezione 10 \u201cAvviamento\u201d.<span class=\"_ _df\"> </span></span>Per Credemassicurazioni la differenza negativ<span class=\"_ _1\"></span>a \u00e8 ascrivibile alla quota di avviamento per<span class=\"_ _df\"> </span>10,3 <span class=\"_ _1\"></span>milioni <span class=\"_ _f\"></span>di euro, <span class=\"_ _f\"></span>mentre <span class=\"_ _f\"></span>per Andxor, Flairbi<span class=\"_ _1\"></span>t e<span class=\"_ _f\"></span> Mynet <span class=\"_ _f\"></span>la differenza <span class=\"_ _f\"></span>negativa \u00e8<span class=\"_ _1\"></span> <span class=\"_ _f\"></span>as<span class=\"_ _2\"></span>crivibile<span class=\"_ _df\"> </span>alla <span class=\"_ _2\"></span>quota <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>avviamento <span class=\"_ _2\"></span>rispettivamente per <span class=\"_ _2\"></span>1.062 <span class=\"_ _2\"></span>mila <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>euro<span class=\"_ _2\"></span>, <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>402 <span class=\"_ _2\"></span>mila <span class=\"_ _2\"></span>euro <span class=\"_ _d\"></span>e <span class=\"_ _2\"></span>per<span class=\"_ _df\"> </span>21<span class=\"ls0\">7 mila euro.</span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-886": {
   "value": "Sezio<span class=\"_ _1\"></span>ne 7 - L<span class=\"_ _1\"></span>e pa<span class=\"_ _1\"></span>rtecipaz<span class=\"_ _f\"></span>ioni - Voce<span class=\"_ _1\"></span> 70 Il valore di bilancio della voce \u201cPartecipazioni\u201d ammonta a <span class=\"_ _2\"></span><span class=\"ff4 ls3\">6<span class=\"ff2a ls1b\">2,<span class=\"ls0 ws26\">6 </span></span><span class=\"ls0\">milioni di euro.<span class=\"fc4 sc3 ws67\"> </span></span></span>7.1 Pa<span class=\"_ _f\"></span>rtecipazio<span class=\"_ _f\"></span>ni: inform<span class=\"_ _1\"></span>azi<span class=\"_ _1\"></span>oni s<span class=\"_ _f\"></span>ui rapport<span class=\"_ _f\"></span>i parteci<span class=\"_ _1\"></span>pativ<span class=\"_ _1\"></span>i <table class=\"s wa2a h4ba\" id=\"_59ec7c2c-a502-4977-899c-49d4144bd260\"><tr><td></td><td></td><td></td><td></td><td class=\"c x3f0 y2711 w35c h19\"><div class=\"t m0 x39 h1f y1d ff4 fs7 fc7 sc6 ls0 ws0\">Rap<span class=\"_ _f\"></span>porto di <span class=\"_ _1\"></span>part<span class=\"_ _1\"></span>ecipa<span class=\"_ _f\"></span>zione </div></td><td></td></tr><tr><td class=\"c x2e0 y2712 w359 h16e\"><div class=\"t m0 xa3 h1f ya13 ff4 fs7 fc7 sc6 ls0 ws0\">Deno<span class=\"_ _f\"></span>minazi<span class=\"_ _1\"></span>oni <span class=\"_ _f\"></span> </div></td><td class=\"c x3f1 y2712 w35a h16e\"><div class=\"t m0 x8f h1f ya13 ff4 fs7 fc7 sc6 ls0 ws0\">Sede<span class=\"_ _f\"></span> legale<span class=\"_ _f\"></span> </div></td><td class=\"c x3f2 y2713 wa2b h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc7 sc6 ls0 ws0\">Tipo <span class=\"_ _f\"></span>di<span class=\"_ _df\"> </span></div></td><td></td><td></td><td class=\"c x3f3 y2713 wa2c h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc7 sc6 ls0 ws0\">Dispo<span class=\"_ _f\"></span>nibilit\u00e0<span class=\"_ _f\"></span> voti<span class=\"_ _df\"> </span></div></td></tr><tr><td></td><td></td><td class=\"c x3f4 y2714 wa2d h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc7 sc6 ls0 ws0\">rappo<span class=\"_ _1\"></span>rto<span class=\"_ _df\"> </span></div></td><td></td><td></td><td class=\"c x3f5 y2714 wa2e h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc7 sc6 ls0 ws0\">%<span class=\"_ _df\"> </span></div></td></tr><tr><td></td><td></td><td></td><td class=\"c x3f0 y2712 w35d h1c1\"><div class=\"t m0 xab h1f ye13 ff4 fs7 fc7 sc6 ls0 ws0\">Impr<span class=\"_ _f\"></span>esa part<span class=\"_ _f\"></span>ecipan<span class=\"_ _1\"></span>te </div></td><td class=\"c x3f6 y2712 w35e h1c1\"><div class=\"t m0 x8a h1f ye13 ff4 fs7 fc7 sc6 ls0 ws0\">Quot<span class=\"_ _1\"></span>a %<span class=\"_ _f\"></span> </div></td><td></td></tr><tr><td class=\"c x2e0 y2715 w359 h1e\"><div class=\"t m0 x10 h1f y1220 ff4 fs7 fc1 sc2 ls0 ws0\">A.<span class=\"_ _15\"> </span>Impr<span class=\"_ _f\"></span>ese con<span class=\"_ _1\"></span>trol<span class=\"_ _1\"></span>lat<span class=\"_ _1\"></span>e in m<span class=\"_ _f\"></span>odo con<span class=\"_ _f\"></span>giunto </div></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x3f7 y2716 w35f h69\"><div class=\"t m0 x10 h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">1. Credemassicur<span class=\"_ _1\"></span>azioni spa </div></td><td class=\"c x3f1 y2716 w360 h69\"><div class=\"t m0 x10 h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">Reggio Emilia<span class=\"_ _1\"></span> </div></td><td class=\"c x3f8 y2716 w163 h69\"><div class=\"t m0 x48 h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">1 </div></td><td class=\"c x3f0 y2716 w35d h69\"><div class=\"t m0 x55 h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">Credito Emiliano<span class=\"_ _1\"></span> </div></td><td class=\"c x3f6 y2716 w35e h69\"><div class=\"t m0 xab h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">50,00% </div></td><td></td></tr><tr><td class=\"c x262 y2717 wa2f h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc2 ls0 ws0\">B.<span class=\"_ _15\"> </span>Impre<span class=\"_ _1\"></span>se s<span class=\"_ _f\"></span>ottopo<span class=\"_ _f\"></span>ste a in<span class=\"_ _1\"></span>fluen<span class=\"_ _f\"></span>za<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x262 y2718 wa30 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc2 ls0 ws0\">not<span class=\"_ _1\"></span>evole<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x3f7 y2719 w35f h69\"><div class=\"t m0 x10 h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">1. SBC Fintech 2224<span class=\"_ _1\"></span> Milan srl </div></td><td class=\"c x3f1 y2719 w35a h69\"><div class=\"t m0 x163 h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">Milano </div></td><td class=\"c x3f8 y2719 w35b h69\"><div class=\"t m0 x48 h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">1 </div></td><td class=\"c x3f9 y2719 w28b h69\"><div class=\"t m0 x3a h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">Credemtel </div></td><td class=\"c x3f6 y2719 w1fb h69\"><div class=\"t m0 xab h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">45,92% </div></td><td></td></tr><tr><td class=\"c x3f7 y271a w35f h69\"><div class=\"t m0 x10 h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">2. Andxor srl<span class=\"_ _1\"></span> </div></td><td class=\"c x3f1 y271a w35a h69\"><div class=\"t m0 x163 h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">Cinisello Balsam<span class=\"_ _f\"></span>o </div></td><td class=\"c x3f8 y271a w35b h69\"><div class=\"t m0 x48 h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">1 </div></td><td class=\"c x3f9 y271a w28b h69\"><div class=\"t m0 x3a h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">Credemtel </div></td><td class=\"c x3f6 y271a w1fb h69\"><div class=\"t m0 x8a h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">40,00% </div></td><td></td></tr><tr><td class=\"c x3f7 y271b w35f h6a\"><div class=\"t m0 x10 h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">3<span class=\"ls3f\">. </span>Mynet srl </div></td><td class=\"c x3f1 y271b w35a h6a\"><div class=\"t m0 x163 h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">Udine </div></td><td class=\"c x3f8 y271b w35b h6a\"><div class=\"t m0 x48 h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">1 </div></td><td class=\"c x3f9 y271b w28b h6a\"><div class=\"t m0 x3a h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">Credemtel </div></td><td class=\"c x3f6 y271b w1fb h6a\"><div class=\"t m0 xab h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">12,99% </div></td><td></td></tr><tr><td class=\"c x3f7 y271c w35f h69\"><div class=\"t m0 x10 h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">4. Flairbit srl </div></td><td class=\"c x3f1 y271c w35a h69\"><div class=\"t m0 x163 h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">Genova </div></td><td class=\"c x3f8 y271c w35b h69\"><div class=\"t m0 x48 h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">1 </div></td><td class=\"c x3f9 y271c w28b h69\"><div class=\"t m0 x3a h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">Credemtel </div></td><td class=\"c x3f6 y271c w1fb h69\"><div class=\"t m0 xab h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">10,00% </div></td><td></td></tr></table>Lege<span class=\"_ _f\"></span>nda Tipo di rappor<span class=\"_ _1\"></span>to: 1 <span class=\"ff5\">\u2013</span> partecipazione<span class=\"_ _1\"></span> al capitale soc<span class=\"_ _1\"></span>iale<span class=\"_ _df\"> </span>7.2 P<span class=\"_ _1\"></span>arte<span class=\"_ _1\"></span>cipazio<span class=\"_ _f\"></span>ni signifi<span class=\"_ _1\"></span>cativ<span class=\"_ _1\"></span>e: v<span class=\"_ _f\"></span>alore di <span class=\"_ _1\"></span>bilanci<span class=\"_ _1\"></span>o, fa<span class=\"_ _f\"></span>ir value<span class=\"_ _1\"></span> e divid<span class=\"_ _f\"></span>endi per<span class=\"_ _1\"></span>cepit<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span> <table class=\"s wa31 h4bb\" id=\"_c3cf25a3-d82b-401f-a378-5d2529241b35\"><tr><td class=\"c x3fb y271d w361 h24e\"><div class=\"t m0 x22 h1f y1258 ff4 fs7 fc4 sc3 ls0 ws0\">Deno<span class=\"_ _f\"></span>minazi<span class=\"_ _1\"></span>oni </div></td><td></td><td class=\"c x3fc y271d w30a h24e\"><div class=\"t m0 x116 h1f y1258 ff4 fs7 fc4 sc3 ls0 ws0\">Val<span class=\"_ _1\"></span>ore di<span class=\"_ _1\"></span> bila<span class=\"_ _f\"></span>ncio </div></td><td class=\"c x3fd y271d w362 h24e\"><div class=\"t m0 x30 h1f y1258 ff4 fs7 fc4 sc3 ls0 ws0\">Fair<span class=\"_ _f\"></span> value </div></td><td class=\"c x3fe y271d w363 h24e\"><div class=\"t m0 x8e h1f y1258 ff4 fs7 fc4 sc3 ls0 ws0\">Divi<span class=\"_ _1\"></span>dendi <span class=\"_ _f\"></span>perce<span class=\"_ _1\"></span>piti </div></td></tr><tr><td class=\"c x3ff y271e w364 h49\"><div class=\"t m0 x15d h1f y32 ff4 fs7 fc1 sc2 ls0 ws0\">A. Im<span class=\"_ _1\"></span>pres<span class=\"_ _f\"></span>e cont<span class=\"_ _1\"></span>roll<span class=\"_ _1\"></span>ate in<span class=\"_ _1\"></span> mo<span class=\"_ _1\"></span>do con<span class=\"_ _f\"></span>giun<span class=\"_ _1\"></span>to </div></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x3ff y271f w364 he9\"><div class=\"t m0 x35 h1f yd81 ff4 fs7 fc1 sc0 ls9 ws0\">1.<span class=\"_ _27\"> </span><span class=\"ls0\">Credemassicurazioni spa</span><span class=\"ls0\"> </span></div></td><td></td><td class=\"c x3fc y271f w365 he9\"><div class=\"t m0 x11d h1f yd81 ff4 fs7 fc1 sc0 ls0 ws0\">59.650 </div></td><td class=\"c x400 y271f w366 he9\"><div class=\"t m0 x1de h1f yd81 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x3fe y271f w367 he9\"><div class=\"t m0 xeb h1f yd81 ff4 fs7 fc1 sc0 ls0 ws0\">4.713 </div></td></tr><tr><td class=\"c x3ff y2720 w364 h49\"><div class=\"t m0 x15d h1f y32 ff4 fs7 fc1 sc2 ls0 ws0\">B. Im<span class=\"_ _f\"></span>prese s<span class=\"_ _1\"></span>otto<span class=\"_ _1\"></span>post<span class=\"_ _1\"></span>e ad i<span class=\"_ _f\"></span>nfluen<span class=\"_ _f\"></span>za not<span class=\"_ _f\"></span>evole </div></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x3ff y2721 w364 he9\"><div class=\"t m0 x48 h1f yd81 ff4 fs7 fc1 sc0 ls9 ws0\">1.<span class=\"_ _b\"> </span><span class=\"ls0\">SBC Fintech 2224 Milan s<span class=\"_ _f\"></span>rl<span class=\"_ _df\"> </span></span></div></td><td></td><td class=\"c x3fc y2721 w365 he9\"><div class=\"t m0 xe5 h1f yd81 ff4 fs7 fc1 sc0 ls0 ws0\">584 </div></td><td class=\"c x400 y2721 w366 he9\"><div class=\"t m0 x1de h1f yd81 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x3fe y2721 w367 he9\"><div class=\"t m0 xe3 h1f yd81 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x3ff y2722 w364 he9\"><div class=\"t m0 x48 h1f yd81 ff4 fs7 fc1 sc0 ls2a ws0\">2.<span class=\"_ _33\"> </span><span class=\"ls0\">Andxor srl</span><span class=\"ls0\"> </span></div></td><td></td><td class=\"c x3fc y2722 w365 he9\"><div class=\"t m0 xec h1f yd81 ff4 fs7 fc1 sc0 ls0 ws0\">1.388 </div></td><td class=\"c x400 y2722 w366 he9\"><div class=\"t m0 x1de h1f yd81 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x3fe y2722 w367 he9\"><div class=\"t m0 x12a h1f yd81 ff4 fs7 fc1 sc0 ls0 ws0\">172 </div></td></tr><tr><td class=\"c x3ff y2723 w364 h24f\"><div class=\"t m0 x48 h1f y1567 ff4 fs7 fc1 sc0 ls27 ws0\">3.<span class=\"_ _35\"> </span><span class=\"ls0\">Mynet srl<span class=\"_ _df\"> </span></span></div></td><td></td><td class=\"c x3fc y2723 w365 h24f\"><div class=\"t m0 xe8 h1f y1567 ff4 fs7 fc1 sc0 ls0 ws0\">375 </div></td><td class=\"c x400 y2723 w366 h24f\"><div class=\"t m0 x1de h1f y1567 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x3fe y2723 w367 h24f\"><div class=\"t m0 xe3 h1f y1567 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x3ff y2724 w364 he9\"><div class=\"t m0 x48 h1f yd81 ff4 fs7 fc1 sc0 lsa ws0\">4.<span class=\"_ _35\"> </span><span class=\"ls0\">Flairbit srl</span><span class=\"ls0\"> </span></div></td><td></td><td class=\"c x3fc y2724 w365 he9\"><div class=\"t m0 xe5 h1f yd81 ff4 fs7 fc1 sc0 ls0 ws0\">584 </div></td><td class=\"c x400 y2724 w366 he9\"><div class=\"t m0 x1de h1f yd81 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x3fe y2724 w367 he9\"><div class=\"t m0 xe3 h1f yd81 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td></td><td class=\"c x3ff y2725 w364 h49\"><div class=\"t m0 x100 h1f y25f ff4 fs7 fc1 sc2 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale </div></td><td class=\"c x3fc y2725 w365 h49\"><div class=\"t m0 x11d h1f y25f ff4 fs7 fc1 sc2 ls0 ws0\">62.58<span class=\"_ _f\"></span>2 </div></td><td class=\"c x400 y2725 w366 h49\"><div class=\"t m0 x1de h1f y25f ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td><td class=\"c x3fe y2725 w367 h49\"><div class=\"t m0 x11f h1f y25f ff4 fs7 fc1 sc2 ls0 ws0\">4.885<span class=\"_ _f\"></span> </div></td></tr></table>La colonn<span class=\"_ _1\"></span>a fair <span class=\"_ _f\"></span>value non \u00e8<span class=\"_ _f\"></span> avvalorata perch\u00e9<span class=\"_ _1\"></span> non <span class=\"_ _f\"></span>sono presenti socie<span class=\"_ _f\"></span>t<span class=\"_ _2\"></span>\u00e0 q<span class=\"_ _1\"></span>uotate classificate<span class=\"_ _1\"></span> tra <span class=\"_ _f\"></span>le partecipazioni <span class=\"_ _f\"></span>significative.<span class=\"_ _df\"> </span>Ricon<span class=\"_ _f\"></span>ciliazione <span class=\"_ _f\"></span>tra le i<span class=\"_ _1\"></span>nform<span class=\"_ _1\"></span>azion<span class=\"_ _f\"></span>i di natur<span class=\"_ _f\"></span>a conta<span class=\"_ _1\"></span>bile e<span class=\"_ _1\"></span>d il v<span class=\"_ _1\"></span>alor<span class=\"_ _f\"></span>e<span class=\"_ _2\"></span> c<span class=\"_ _1\"></span>onta<span class=\"_ _1\"></span>bile d<span class=\"_ _1\"></span>elle p<span class=\"_ _1\"></span>arte<span class=\"_ _1\"></span>cipazi<span class=\"_ _1\"></span>oni <table class=\"s wa56 h4be\" id=\"_b31a3db7-a814-478e-83c1-8138e26b2cee\"><tr><td></td><td></td><td class=\"c x436 y273c wa57 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">Patr<span class=\"_ _f\"></span>imonio<span class=\"_ _df\"> </span></div></td><td class=\"c x437 y273c wa58 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">Perc<span class=\"_ _1\"></span>entu<span class=\"_ _1\"></span>ale <span class=\"_ _f\"></span>di</div></td><td class=\"c x438 y273d wa59 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">Patr<span class=\"_ _f\"></span>imonio<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x439 y273c wa5a h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">Altr<span class=\"_ _1\"></span>e<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x43a y273c wa5b h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">Val<span class=\"_ _1\"></span>ore di<span class=\"_ _df\"> </span></div></td></tr><tr><td class=\"c x43b y273e w374 h253\"><div class=\"t m0 x171 h1f y293 ff4 fs7 fc4 sc3 ls0 ws0\">Deno<span class=\"_ _f\"></span>minazi<span class=\"_ _1\"></span>oni </div></td><td></td><td class=\"c x43c y273f wa5c h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">net<span class=\"_ _1\"></span>to (*)<span class=\"_ _df\"> </span></div></td><td class=\"c x43d y273f wa5d h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">inter<span class=\"_ _1\"></span>esse<span class=\"_ _1\"></span>nza</div></td><td class=\"c x43e y2740 wa5e h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">net<span class=\"_ _1\"></span>to di<span class=\"_ _df\"> </span></div></td><td class=\"c x43f y273e w376 h253\"><div class=\"t m0 x8a h1f y293 ff4 fs7 fc4 sc3 ls0 ws0\">Avvi<span class=\"_ _1\"></span>ame<span class=\"_ _1\"></span>nto </div></td><td class=\"c x440 y273f wa5f h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">post<span class=\"_ _1\"></span>e<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x441 y273f wa60 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">bilan<span class=\"_ _f\"></span>cio<span class=\"_ _df\"> </span></div></td></tr><tr><td></td><td></td><td></td><td></td><td class=\"c x442 y2741 wa61 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">perti<span class=\"_ _f\"></span>nenza<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x43b y2742 w378 h49\"><div class=\"t m0 x10 h1f y32 ff4 fs7 fc1 sc2 ls0 ws0\">A. Im<span class=\"_ _1\"></span>pres<span class=\"_ _f\"></span>e cont<span class=\"_ _1\"></span>rollat<span class=\"_ _f\"></span>e in mo<span class=\"_ _f\"></span>do cong<span class=\"_ _1\"></span>iun<span class=\"_ _f\"></span>to </div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x43b y2743 w378 h49\"><div class=\"t m0 x130 h1f y32 ff4 fs7 fc1 sc2 ls26 ws0\">  <span class=\"sc0 ls0\">Credemass<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span>curazion<span class=\"_ _1\"></span>i </span></div></td><td></td><td class=\"c x443 y2743 w379 h49\"><div class=\"t m0 x35 h1f y25f ff4 fs7 fc1 sc0 ls0 ws0\">98.652 </div></td><td class=\"c x444 y2743 w27c h49\"><div class=\"t m0 x26 h1f y25f ff4 fs7 fc1 sc0 ls0 ws0\">50,00% </div></td><td class=\"c x445 y2743 w37a h49\"><div class=\"t m0 x97 h1f y25f ff4 fs7 fc1 sc0 ls0 ws0\">42.662 </div></td><td class=\"c x446 y2743 waf h49\"><div class=\"t m0 x33 h1f y25f ff4 fs7 fc1 sc0 ls26 ws0\">   <span class=\"ls0\">10.324 </span></div></td><td></td><td class=\"c x447 y2743 w168 h49\"><div class=\"t m0 x36 h1f y25f ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x448 y2743 w37b h49\"><div class=\"t m0 x35 h1f y25f ff4 fs7 fc1 sc0 ls0 ws0\">59.650 </div></td></tr><tr><td class=\"c x43b y2744 w378 h82\"><div class=\"t m0 x48 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">SBC Fintech 2224 M<span class=\"_ _1\"></span>ilan </div></td><td></td><td class=\"c x443 y2744 w379 h82\"><div class=\"t m0 x38 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">1.271 </div></td><td class=\"c x444 y2744 w27c h82\"><div class=\"t m0 x34 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">45,92% </div></td><td class=\"c x445 y2744 w37a h82\"><div class=\"t m0 x12 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">584 </div></td><td class=\"c x446 y2744 waf h82\"><div class=\"t m0 x7 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x447 y2744 w168 h82\"><div class=\"t m0 x36 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x448 y2744 w37b h82\"><div class=\"t m0 x30 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">584 </div></td></tr><tr><td class=\"c x43b y2745 w378 h82\"><div class=\"t m0 x48 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">Andxor </div></td><td></td><td class=\"c x443 y2745 w379 h82\"><div class=\"t m0 x15 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">813 </div></td><td class=\"c x444 y2745 w27c h82\"><div class=\"t m0 x26 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">40,00% </div></td><td class=\"c x445 y2745 w37a h82\"><div class=\"t m0 x90 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">168 </div></td><td class=\"c x446 y2745 waf h82\"><div class=\"t m0 x97 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">1.062 </div></td><td></td><td class=\"c x447 y2745 w168 h82\"><div class=\"t m0 x36 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x448 y2745 w37b h82\"><div class=\"t m0 x37 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">1.388 </div></td></tr><tr><td class=\"c x43b y2746 w378 h82\"><div class=\"t m0 x48 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">Mynet </div></td><td></td><td class=\"c x443 y2746 w379 h82\"><div class=\"t m0 x38 h1f y66c ff4 fs7 fc1 sc0 ls0 ws0\">1.215 </div></td><td class=\"c x444 y2746 w27c h82\"><div class=\"t m0 x97 h1f y66c ff4 fs7 fc1 sc0 ls0 ws0\">12,99% </div></td><td class=\"c x445 y2746 w37a h82\"><div class=\"t m0 x90 h1f y66c ff4 fs7 fc1 sc0 ls9 ws0\">107<span class=\"ls0\"> </span></div></td><td class=\"c x446 y2746 waf h82\"><div class=\"t m0 x8f h1f y66c ff4 fs7 fc1 sc0 ls2a ws0\">217<span class=\"ls0\"> </span></div></td><td></td><td></td><td class=\"c x448 y2746 w37b h82\"><div class=\"t m0 x15 h1f y66c ff4 fs7 fc1 sc0 ls0 ws0\">375 </div></td></tr><tr><td class=\"c x43b y2747 w378 h82\"><div class=\"t m0 x48 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">Flairbit </div></td><td></td><td class=\"c x443 y2747 w379 h82\"><div class=\"t m0 x37 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">1.873 </div></td><td class=\"c x444 y2747 w27c h82\"><div class=\"t m0 x37 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">10,00% </div></td><td class=\"c x445 y2747 w37a h82\"><div class=\"t m0 x7 h1f y54 ff4 fs7 fc1 sc0 ls9 ws0\">117<span class=\"ls0\"> </span></div></td><td class=\"c x446 y2747 waf h82\"><div class=\"t m0 x15 h1f y54 ff4 fs7 fc1 sc0 lsa ws0\">402<span class=\"ls0\"> </span></div></td><td></td><td></td><td class=\"c x448 y2747 w37b h82\"><div class=\"t m0 x30 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">589 </div></td></tr><tr><td></td><td class=\"c x43b y2748 w378 h82\"><div class=\"t m0 x85 h1f y54 ff4 fs7 fc1 sc2 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale </div></td><td class=\"c x443 y2748 w379 h82\"><div class=\"t m0 x2c h1f y54 ff4 fs7 fc1 sc2 ls0 ws0\">97.7<span class=\"_ _f\"></span>83 </div></td><td class=\"c x444 y2748 w27c h82\"><div class=\"t m0 x8 h1f y54 ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td><td class=\"c x445 y2748 w37a h82\"><div class=\"t m0 x38 h1f y54 ff4 fs7 fc1 sc2 ls0 ws0\">43.63<span class=\"_ _f\"></span>7 </div></td><td class=\"c x446 y2748 waf h82\"><div class=\"t m0 x27 h1f y54 ff4 fs7 fc1 sc2 ls0 ws0\">12.00<span class=\"_ _f\"></span>5 </div></td><td></td><td class=\"c x447 y2748 w168 h82\"><div class=\"t m0 x36 h1f y54 ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td><td class=\"c x448 y2748 w37b h82\"><div class=\"t m0 x2c h1f y54 ff4 fs7 fc1 sc2 ls0 ws0\">62.58<span class=\"_ _f\"></span>2 </div></td></tr></table> <span class=\"ff5\">(*) il patrimonio netto \u00e8 l<span class=\"_ _2\"></span>a somma delle \u201catti<span class=\"_ _2\"></span>vit\u00e0 finanziarie\u201d, delle \u201cAttivi<span class=\"_ _d\"></span>t\u00e0 non finanziarie\u201d al netto del<span class=\"_ _2\"></span>le \u201cPassivit\u00e0 </span>finanziarie\u201d e delle \u201cPassi<span class=\"_ _2\"></span>vit\u00e0 finanziarie\u201d riportate nel<span class=\"_ _2\"></span>la tabella 7.3.<span class=\"_ _2\"></span><span class=\"ff4\"> </span>7.5 <span class=\"_ _1\"></span>Partecip<span class=\"_ _1\"></span>azio<span class=\"_ _f\"></span>ni: vari<span class=\"_ _1\"></span>azioni<span class=\"_ _1\"></span> ann<span class=\"_ _f\"></span>ue <table class=\"s wa62 h4bf\" id=\"_758a7be1-7daa-4ba2-a7bb-5b91094c8eb4\"><tr><td></td><td class=\"c x44a y2749 w37d h49\"><div class=\"t m0 x11 h1f y32 ff4 fs7 fc4 sc3 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale </div></td><td></td><td class=\"c x44b y2749 w37e h49\"><div class=\"t m0 x11 h1f y32 ff4 fs7 fc4 sc3 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale </div></td><td></td></tr><tr><td></td><td class=\"c x44a y274a w37d h49\"><div class=\"t m0 x31 h1f y68b ff4 fs7 fc4 sc3 ls0 ws0\">31/12/<span class=\"_ _f\"></span>2025 </div></td><td class=\"c x44c y24be w993 h4c0\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/<span class=\"_ _df\"> </span></div></td><td class=\"c x44d y24be w994 h4c0\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc4 sc3 ls0 ws0\">2024<span class=\"_ _df\"> </span></div></td><td></td></tr><tr><td class=\"c x44e y274b w37f h82\"><div class=\"t m0 x10 h1f y54 ff4 fs7 fc1 sc2 ls0 ws0\">A. Es<span class=\"_ _1\"></span>iste<span class=\"_ _1\"></span>nze i<span class=\"_ _1\"></span>nzia<span class=\"_ _1\"></span>li </div></td><td></td><td class=\"c x44a y274b w37d h82\"><div class=\"t m0 xc h1f y32 ff4 fs7 fc1 sc2 ls0 ws0\">59.9<span class=\"_ _f\"></span>36 </div></td><td></td><td class=\"c x44b y274b w339 h82\"><div class=\"t m0 xc h1f y32 ff4 fs7 fc1 sc2 ls0 ws0\">54.95<span class=\"_ _1\"></span>5 </div></td></tr><tr><td class=\"c x44e y274c w37f h82\"><div class=\"t m0 x10 h1f y54 ff4 fs7 fc1 sc2 ls0 ws0\">B. A<span class=\"_ _1\"></span>umen<span class=\"_ _f\"></span>ti </div></td><td></td><td class=\"c x44a y274c w37d h82\"><div class=\"t m0 xe4 h1f y32 ff4 fs7 fc1 sc2 ls0 ws0\">7.53<span class=\"_ _1\"></span>2 </div></td><td></td><td class=\"c x44b y274c w339 h82\"><div class=\"t m0 xe4 h1f y32 ff4 fs7 fc1 sc2 ls0 ws0\">8.233<span class=\"_ _f\"></span> </div></td></tr><tr><td class=\"c x44e y274d w37f h82\"><div class=\"t m0 x16a h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">B.1 Acquisti </div></td><td></td><td class=\"c x44a y274d w37d h82\"><div class=\"t m0 x114 h1f y32 ff4 fs7 fc1 sc0 ls9 ws0\">115<span class=\"ls0\"> </span></div></td><td></td><td class=\"c x44b y274d w339 h82\"><div class=\"t m0 x191 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">315 </div></td></tr><tr><td class=\"c x44e y274e w37f h82\"><div class=\"t m0 x48 h1f y66c ff4 fs7 fc1 sc0 ls0 ws0\">- di cui operazio<span class=\"_ _1\"></span>ni di aggregaz<span class=\"_ _1\"></span>ione aziendale </div></td><td></td><td class=\"c x44a y274e w37d h82\"><div class=\"t m0 x189 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x44b y274e w339 h82\"><div class=\"t m0 x189 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y274f w37f h82\"><div class=\"t m0 x16a h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">B.2 Riprese di val<span class=\"_ _f\"></span>o<span class=\"_ _2\"></span>re </div></td><td></td><td class=\"c x44a y274f w37d h82\"><div class=\"t m0 x189 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x44b y274f w339 h82\"><div class=\"t m0 x189 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2750 w37f h82\"><div class=\"t m0 x16a h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">B.3 Rivalutazi<span class=\"_ _1\"></span>oni<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x44a y2750 w37d h82\"><div class=\"t m0 x114 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">151 </div></td><td></td><td class=\"c x44b y2750 w339 h82\"><div class=\"t m0 x189 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2751 w37f h82\"><div class=\"t m0 x16a h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">B.4 Altre variazi<span class=\"_ _1\"></span>oni </div></td><td></td><td class=\"c x44a y2751 w37d h82\"><div class=\"t m0 xe4 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">7.266 </div></td><td></td><td class=\"c x44b y2751 w339 h82\"><div class=\"t m0 xed h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">7.918 </div></td></tr><tr><td class=\"c x44e y2752 w37f h82\"><div class=\"t m0 x10 h1f y54 ff4 fs7 fc1 sc2 ls0 ws0\">C. Dim<span class=\"_ _f\"></span>inuzion<span class=\"_ _f\"></span>i </div></td><td></td><td class=\"c x44a y2752 w37d h82\"><div class=\"t m0 x11e h1f y32 ff4 fs7 fc1 sc2 ls0 ws0\">4.886<span class=\"_ _f\"></span> </div></td><td></td><td class=\"c x44b y2752 w339 h82\"><div class=\"t m0 xe3 h1f y32 ff4 fs7 fc1 sc2 ls0 ws0\">3.25<span class=\"_ _f\"></span>2 </div></td></tr><tr><td class=\"c x44e y2753 w37f h82\"><div class=\"t m0 x16a h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">C.1 Vendite </div></td><td></td><td class=\"c x44a y2753 w37d h82\"><div class=\"t m0 x189 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x44b y2753 w339 h82\"><div class=\"t m0 x189 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2754 w37f h254\"><div class=\"t m0 x48 h1f y66c ff4 fs7 fc1 sc0 ls0 ws0\">- di cui operazio<span class=\"_ _1\"></span>ni di aggregaz<span class=\"_ _1\"></span>ione aziendale </div></td><td></td><td class=\"c x44a y2754 w37d h254\"><div class=\"t m0 x189 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x44b y2754 w339 h254\"><div class=\"t m0 x189 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2755 w37f h82\"><div class=\"t m0 x16a h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">C.2 Rettifiche di <span class=\"_ _f\"></span>v<span class=\"_ _2\"></span>alore </div></td><td></td><td class=\"c x44a y2755 w37d h82\"><div class=\"t m0 x189 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x44b y2755 w339 h82\"><div class=\"t m0 x189 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2756 w37f h82\"><div class=\"t m0 x16a h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">C.3 Svalutazion<span class=\"_ _1\"></span>i </div></td><td></td><td class=\"c x44a y2756 w37d h82\"><div class=\"t m0 x24 h1f y32 ff4 fs7 fc1 sc0 ls2a ws0\">23<span class=\"ls0\"> </span></div></td><td></td><td class=\"c x44b y2756 w339 h82\"><div class=\"t m0 x191 h1f y32 ff4 fs7 fc1 sc0 ls9 ws0\">106<span class=\"ls0\"> </span></div></td></tr><tr><td class=\"c x44e y2757 w37f h82\"><div class=\"t m0 x16a h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">C.4 Altre variaz<span class=\"_ _1\"></span>ioni<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x44a y2757 w37d h82\"><div class=\"t m0 x11e h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">4.8<span class=\"ls29\">63</span> </div></td><td></td><td class=\"c x44b y2757 w339 h82\"><div class=\"t m0 xe3 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">3.146 </div></td></tr><tr><td class=\"c x44e y2758 w37f h82\"><div class=\"t m0 x10 h1f y54 ff4 fs7 fc1 sc2 ls0 ws0\">D. Rim<span class=\"_ _f\"></span>anenz<span class=\"_ _1\"></span>e fin<span class=\"_ _f\"></span>ali </div></td><td></td><td class=\"c x44a y2758 w37d h82\"><div class=\"t m0 xc h1f y32 ff4 fs7 fc1 sc2 ls0 ws0\">62.58<span class=\"_ _f\"></span>2 </div></td><td></td><td class=\"c x44b y2758 w339 h82\"><div class=\"t m0 xc h1f y32 ff4 fs7 fc1 sc2 ls0 ws0\">59.9<span class=\"_ _f\"></span>36 </div></td></tr><tr><td class=\"c x44e y2759 w37f h82\"><div class=\"t m0 x10 h1f y54 ff4 fs7 fc1 sc2 ls0 ws0\">E. Ri<span class=\"_ _1\"></span>valu<span class=\"_ _1\"></span>tazi<span class=\"_ _1\"></span>oni t<span class=\"_ _f\"></span>otali </div></td><td></td><td class=\"c x44a y2759 w37d h82\"><div class=\"t m0 x189 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"sc2\"> </span></div></td><td></td><td class=\"c x44b y2759 w339 h82\"><div class=\"t m0 x189 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"sc2\"> </span></div></td></tr><tr><td class=\"c x44e y275a w37f h82\"><div class=\"t m0 x10 h1f y66c ff4 fs7 fc1 sc2 ls0 ws0\">F. Ret<span class=\"_ _f\"></span>tifiche t<span class=\"_ _f\"></span>otali </div></td><td></td><td class=\"c x44a y275a w37d h82\"><div class=\"t m0 x189 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"sc2\"> </span></div></td><td></td><td class=\"c x44b y275a w339 h82\"><div class=\"t m0 x189 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"sc2\"> </span></div></td></tr></table>Le <span class=\"_ _0\"></span>variazioni <span class=\"_ _0\"></span>relative <span class=\"_ _0\"></span>al <span class=\"_ _9\"> </span>comparto <span class=\"_ _0\"> </span>delle <span class=\"_ _0\"></span>partecipazioni <span class=\"_ _0\"></span>re<span class=\"_ _2\"></span>cepiscono <span class=\"_ _9\"> </span>gli <span class=\"_ _0\"></span>utili <span class=\"_ _0\"></span>e <span class=\"_ _0\"></span>l<span class=\"_ _2\"></span>e <span class=\"_ _0\"></span>perdite delle societ\u00e0 consolidate al patrimonio netto, i divi<span class=\"_ _1\"></span>dendi distribuiti, <span class=\"_ _2\"></span><span class=\"ls1a\">gli </span>acquisti effettuati. Si <span class=\"_ _1\"></span>segnala <span class=\"_ _1\"></span>che nel <span class=\"_ _f\"></span>mese di <span class=\"_ _f\"></span>aprile 2025 SB<span class=\"_ _1\"></span>C ha <span class=\"_ _f\"></span>deliberato un <span class=\"_ _f\"></span>aumento di <span class=\"_ _f\"></span>capitale riservato a Credemtel per l\u2019importo complessi<span class=\"ff4\">vo di Euro migliaia 115. </span>Per effe<span class=\"_ _1\"></span>tto di tale ope<span class=\"_ _1\"></span>razione <span class=\"ff5\">che si colloca <span class=\"_ _1\"></span>all\u2019interno de<span class=\"_ _1\"></span>ll\u2019iniziativa di </span>Corporate Venture Capital (CVC) <span class=\"_ _1\"></span>avviata d<span class=\"_ _1\"></span>al Grup<span class=\"_ _1\"></span>po Cred<span class=\"_ _1\"></span>em pe<span class=\"_ _1\"></span>r l\u2019acqui<span class=\"_ _1\"></span>sizione e <span class=\"_ _f\"></span>la gestione <span class=\"_ _1\"></span>di p<span class=\"_ _1\"></span>artecipazioni in startup <span class=\"_ _d\"></span>innovative <span class=\"_ _d\"></span>e <span class=\"_ _0\"></span>ad <span class=\"_ _d\"></span>alto <span class=\"_ _0\"></span>potenziale<span class=\"_ _1\"></span> <span class=\"_ _d\"></span>di <span class=\"_ _0\"></span>crescita, <span class=\"_ _0\"></span>la <span class=\"_ _d\"></span>partecipazione <span class=\"_ _d\"></span>di <span class=\"_ _0\"></span>Credemtel <span class=\"_ _d\"></span>in SBC passa dal 40,69% del 2024 al 45,92% del 2025.  7.6 Va<span class=\"_ _f\"></span>lutazioni<span class=\"_ _1\"></span> e a<span class=\"_ _1\"></span>ssunzi<span class=\"_ _1\"></span>oni s<span class=\"_ _1\"></span>igni<span class=\"_ _f\"></span>ficative <span class=\"_ _1\"></span>per s<span class=\"_ _1\"></span>tabi<span class=\"_ _1\"></span>lire l\u2019es<span class=\"_ _f\"></span>istenza d<span class=\"_ _f\"></span>i contro<span class=\"_ _1\"></span>llo con<span class=\"_ _f\"></span>giunto o<span class=\"_ _1\"></span> influe<span class=\"_ _f\"></span>nza no<span class=\"_ _f\"></span>tevole<span class=\"ff4 fc1 sc0\"> </span>Credito <span class=\"_ _f\"></span>Emiliano S.<span class=\"_ _1\"></span>p.A. <span class=\"_ _f\"></span>detiene <span class=\"_ _f\"></span>il 50% <span class=\"_ _1\"></span>di <span class=\"_ _f\"></span>Credemassicurazioni <span class=\"_ _f\"></span>S.p.A., l<span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>cui <span class=\"_ _f\"></span>restante q<span class=\"_ _f\"></span>uot<span class=\"_ _2\"></span>a di capitale sociale (50%) \u00e8 invece detenuta da Reale<span class=\"_ _1\"></span> Mutua Assicurazioni.<span class=\"_ _2\"></span> In tale contesto: <span class=\"_ _27\"> </span><span class=\"ff4\">Credito <span class=\"_ _2\"></span>Emiliano <span class=\"_ _2\"></span>non <span class=\"_ _2\"></span>detiene <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>maggioranza <span class=\"_ _2\"></span>dei <span class=\"_ _2\"></span>diritti <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>voto, <span class=\"_ _2\"></span>non <span class=\"_ _2\"></span>potendo <span class=\"_ _2\"></span>da <span class=\"_ _2\"></span>solo<span class=\"_ _df\"> </span></span>determinare <span class=\"_ _15\"> </span>le <span class=\"_ _e\"> </span>scelte <span class=\"_ _15\"> </span>societarie, <span class=\"_ _e\"> </span>non <span class=\"_ _e\"> </span>avendo <span class=\"_ _e\"> </span>la <span class=\"_ _15\"> </span>capacit\u00e0 <span class=\"_ _e\"> </span>prat<span class=\"_ _2\"></span>ica <span class=\"_ _15\"> </span>di <span class=\"_ _e\"> </span>condurre unilateralmente <span class=\"_ _f\"></span>l<span class=\"_ _2\"></span>e <span class=\"_ _f\"></span>at<span class=\"_ _2\"></span>tivit\u00e0 <span class=\"_ _1\"></span>rilevanti d<span class=\"_ _1\"></span>ella <span class=\"_ _1\"></span>partecipata, per <span class=\"_ _f\"></span>le quali \u00e8<span class=\"_ _1\"></span> sempre <span class=\"_ _f\"></span>necessario<span class=\"_ _df\"> </span>anche il consenso dell\u2019altro socio;<span class=\"_ _df\"> </span><span class=\"ff10\"> <span class=\"_ _8\"> </span><span class=\"ff5\">Credito <span class=\"_ _9\"> </span>Emiliano <span class=\"_ _9\"> </span>ha <span class=\"_ _9\"> </span>il <span class=\"_ _9\"> </span>potere <span class=\"_ _16\"> </span>di <span class=\"_ _0\"></span>veto <span class=\"_ _16\"> </span>sulle <span class=\"_ _0\"></span>scelte <span class=\"_ _9\"> </span>dell\u2019altro <span class=\"_ _16\"> </span>socio, <span class=\"_ _0\"></span>nel <span class=\"_ _9\"> </span>senso <span class=\"_ _16\"> </span>che <span class=\"_ _0\"></span>in<span class=\"_ _df\"> </span></span></span><span class=\"ff10\"><span class=\"ff5\"> </span></span>mancanza <span class=\"_ _d\"></span>del <span class=\"_ _d\"></span>voto <span class=\"_ _d\"></span>favorevole <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>Credito <span class=\"_ _d\"></span>Emiliano <span class=\"_ _d\"></span>anche <span class=\"_ _0\"></span>l\u2019altro <span class=\"_ _d\"></span>socio <span class=\"_ _d\"></span>detentore <span class=\"_ _d\"></span>del<span class=\"_ _df\"> </span> restante 50% del capitale sociale non \u00e8 in grado di inc<span class=\"_ _1\"></span>idere sulla societ\u00e0.<span class=\"_ _df\"> </span> In relazione a Credemassicurazioni la posizione<span class=\"_ _1\"></span> di Credito Emiliano \u00e8 pertanto quella:<span class=\"_ _df\"> </span><span class=\"_ _2\"></span> <span class=\"ff10\"> <span class=\"_ _8\"> </span><span class=\"ff4\">di un soggetto che \u00e8 esposto a rend<span class=\"_ _1\"></span>imenti variabili e che detiene comunque d<span class=\"_ _1\"></span>iritti su<span class=\"_ _df\"> </span></span></span><span class=\"ff10\"><span class=\"ff4\"> </span></span>tali possibili rendimenti;<span class=\"_ _df\"> </span> <span class=\"ff10\"> <span class=\"_ _8\"> </span><span class=\"ff4\">che ha una <span class=\"_ _2\"></span>propria capacit\u00e0 di <span class=\"_ _2\"></span>incide<span class=\"_ _1\"></span>re su <span class=\"_ _2\"></span>tali rendimenti solo <span class=\"_ _2\"></span>esercitando un potere<span class=\"_ _df\"> </span></span></span><span class=\"ff10\"><span class=\"ff4\"> </span></span>di veto sulle scelte dell\u2019altro socio.<span class=\"_ _df\"> </span><span class=\"ff4\"> </span>Gli  accordi  in  essere  tr<span class=\"_ _2\"></span>a  i  soci  detentori  rispettivamente  il  50%  del  capitale  sociale<span class=\"_ _df\"> </span> prevedono:<span class=\"_ _df\"> </span> <span class=\"ff10\"> <span class=\"_ _8\"> </span><span class=\"ff5\">diritto  con<span class=\"_ _f\"></span>t<span class=\"_ _2\"></span>emplato <span class=\"_ _9\"> </span>nell\u2019atto  d<span class=\"_ _1\"></span>i <span class=\"_ _16\"> </span>compravendita <span class=\"_ _9\"> </span>di  azioni,<span class=\"_ _1\"></span>  ci<span class=\"_ _f\"></span>r<span class=\"_ _2\"></span>coscritto <span class=\"_ _16\"> </span>entro <span class=\"_ _16\"> </span>precisi<span class=\"_ _df\"> </span></span></span><span class=\"ff10\"><span class=\"ff5\"> </span></span>limiti temporali (ogni 5 anni), ad ese<span class=\"_ _1\"></span>rcitare opzioni call e put sulle rispettive azioni;<span class=\"_ _df\"> </span><span class=\"_ _2\"></span> <span class=\"ff10\"> <span class=\"_ _8\"> </span><span class=\"ff4\">diritto <span class=\"_ _2\"></span>contemplato <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>apposito patt<span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>parasociale di <span class=\"_ _2\"></span>ottenere <span class=\"_ _2\"></span>esponenti <span class=\"_ _2\"></span>aziendali (l<span class=\"_ _2\"></span>a<span class=\"_ _df\"> </span></span></span><span class=\"ff10\"><span class=\"ff4\"> </span></span>met\u00e0 <span class=\"_ _0\"></span>degli <span class=\"_ _d\"></span>amministrator<span class=\"_ _2\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>e, <span class=\"_ _0\"></span>a <span class=\"_ _d\"></span>rinnovi <span class=\"_ _0\"></span>alternati <span class=\"_ _0\"></span>del <span class=\"_ _d\"></span>Consiglio <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>Amministrazione, <span class=\"_ _0\"></span>il<span class=\"_ _df\"> </span> Presidente <span class=\"_ _17\"> </span>del <span class=\"_ _14\"> </span>Consiglio <span class=\"_ _14\"> </span>di <span class=\"_ _14\"> </span>Amministr<span class=\"_ _2\"></span>azione, <span class=\"_ _17\"> </span>i <span class=\"_ _14\"> </span>Sindaci <span class=\"_ _14\"> </span>e, <span class=\"_ _17\"> </span>a<span class=\"_ _2\"></span> <span class=\"_ _14\"> </span>rinnovi <span class=\"_ _17\"> </span>alternat<span class=\"_ _2\"></span>i, <span class=\"_ _17\"> </span>il<span class=\"_ _df\"> </span> Presidente <span class=\"_ _5\"> </span>de<span class=\"ff5\">l <span class=\"_ _5\"> </span>Collegio <span class=\"_ _5\"> </span>Sindacale). <span class=\"_ _5\"> </span>Siccome <span class=\"_ _5\"> </span>non <span class=\"_ _6\"> </span>vi <span class=\"_ _5\"> </span>sono <span class=\"_ _5\"> </span>nell\u2019ambito <span class=\"_ _5\"> </span>di<span class=\"_ _df\"> </span></span><span class=\"ff5\"> </span>Credemassicurazioni voti d<span class=\"_ _1\"></span>i consiglieri che <span class=\"_ _1\"></span>prevalgano su quelli di <span class=\"_ _1\"></span>altri Consiglieri (ad<span class=\"_ _df\"> </span> esempio <span class=\"_ _0\"></span>non <span class=\"_ _0\"></span>\u00e8 <span class=\"_ _0\"></span>contem<span class=\"_ _2\"></span>plata <span class=\"_ _0\"></span>la <span class=\"_ _0\"></span>prevalenza <span class=\"_ _0\"></span>del <span class=\"_ _9\"> </span>voto <span class=\"_ _0\"></span>del <span class=\"_ _9\"> </span>Presidente <span class=\"_ _0\"></span>del <span class=\"_ _0\"></span>Consi<span class=\"_ _2\"></span>glio <span class=\"_ _0\"></span>di<span class=\"_ _df\"> </span> Amministrazione), <span class=\"_ _d\"></span>la <span class=\"_ _0\"></span>designazio<span class=\"_ _2\"></span>ne <span class=\"_ _d\"></span>di <span class=\"_ _0\"></span>esponenti <span class=\"_ _0\"></span>aziendali <span class=\"_ _0\"></span>non <span class=\"_ _0\"></span>attr<span class=\"_ _2\"></span>ibuisce<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>a <span class=\"_ _0\"></span>nessun<span class=\"_ _df\"> </span> socio una prevalenza sulle scelte societarie;<span class=\"_ _df\"> </span> <span class=\"ff10\"> <span class=\"_ _8\"> </span><span class=\"ff4\">obbligo a non trasferire le azioni a terzi per la durata del<span class=\"_ _1\"></span> patto parasociale.<span class=\"_ _df\"> </span></span></span><span class=\"ff10\"><span class=\"ff4\"><span class=\"_ _2\"></span> </span></span>In <span class=\"_ _17\"> </span>tale <span class=\"_ _14\"> </span>contesto, <span class=\"_ _17\"> </span>i <span class=\"_ _17\"> </span>diritti <span class=\"_ _17\"> </span>di <span class=\"_ _14\"> </span>Credito <span class=\"_ _17\"> </span>Emiliano <span class=\"_ _17\"> </span>sono <span class=\"_ _17\"> </span>circos<span class=\"_ _2\"></span>critti <span class=\"_ _4\"> </span>alle <span class=\"_ _14\"> </span>atti<span class=\"_ _2\"></span>vit\u00e0 <span class=\"_ _17\"> </span>nette <span class=\"_ _17\"> </span>di<span class=\"_ _df\"> </span> Credemassicurazioni.<span class=\"_ _df\"> </span> Credito <span class=\"_ _f\"></span>Emiliano S.<span class=\"_ _1\"></span>p.A. <span class=\"_ _f\"></span>detiene <span class=\"_ _f\"></span>il 100% <span class=\"_ _f\"></span>di <span class=\"_ _f\"></span>Credemtel <span class=\"_ _1\"></span>S.p.A., <span class=\"_ _f\"></span>che <span class=\"_ _f\"></span>a sua <span class=\"_ _f\"></span>volta <span class=\"_ _1\"></span>detiene <span class=\"_ _f\"></span>il 45,92<span class=\"_ _df\"> </span> % di SBC.<span class=\"_ _df\"> </span> In tale contesto:<span class=\"_ _df\"> </span> <span class=\"ff10\"> <span class=\"_ _8\"> </span><span class=\"ff4\">Credemtel <span class=\"_ _4\"> </span>non <span class=\"_ _22\"> </span>detiene <span class=\"_ _4\"> </span>la <span class=\"_ _4\"> </span>maggioranza <span class=\"_ _4\"> </span>dei <span class=\"_ _4\"> </span>diritti <span class=\"_ _4\"> </span>di <span class=\"_ _22\"> </span>voto, <span class=\"_ _4\"> </span>non <span class=\"_ _4\"> </span>potendo <span class=\"_ _4\"> </span>da <span class=\"_ _22\"> </span>s<span class=\"_ _2\"></span>olo<span class=\"_ _df\"> </span></span></span><span class=\"ff10\"><span class=\"ff4\"> </span></span>determinare <span class=\"_ _15\"> </span>le <span class=\"_ _e\"> </span>scelte <span class=\"_ _e\"> </span>societarie, <span class=\"_ _15\"> </span>non <span class=\"_ _e\"> </span>avendo <span class=\"_ _e\"> </span>la <span class=\"_ _15\"> </span>capacit\u00e0 <span class=\"_ _e\"> </span>pratica <span class=\"_ _e\"> </span>di <span class=\"_ _e\"> </span>condurre<span class=\"_ _df\"> </span> unilateralmente <span class=\"_ _f\"></span>l<span class=\"_ _2\"></span>e <span class=\"_ _f\"></span>at<span class=\"_ _2\"></span>tivit\u00e0 <span class=\"_ _1\"></span>rilevanti d<span class=\"_ _1\"></span>ella <span class=\"_ _1\"></span>partecipata, per <span class=\"_ _f\"></span>le quali \u00e8<span class=\"_ _1\"></span> sempre <span class=\"_ _f\"></span>necessario<span class=\"_ _df\"> </span> anche il consenso degli altri soci;<span class=\"_ _df\"> </span> <span class=\"ff10\"> <span class=\"_ _8\"> </span><span class=\"ff4\">Credemtel per\u00f2 ha il potere il veto, su specifici<span class=\"_ _1\"></span> argomenti, sulle scelte<span class=\"_ _2\"></span> degli altri soci,<span class=\"_ _df\"> </span></span></span><span class=\"ff10\"><span class=\"ff4\"> </span></span>nel <span class=\"_ _2\"></span>senso <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>mancanza <span class=\"_ _2\"></span>del <span class=\"_ _d\"></span>voto <span class=\"_ _2\"></span>favorevole <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>Credemtel <span class=\"_ _2\"></span>anche <span class=\"_ _2\"></span>gli <span class=\"_ _2\"></span>altri <span class=\"_ _2\"></span>soci <span class=\"_ _2\"></span>non<span class=\"_ _df\"> </span><span class=\"_ _2\"></span> sono in grado di incidere sulla societ\u00e0.<span class=\"_ _df\"> </span> In relazione a SBC la posizione di Credemtel \u00e8 p<span class=\"_ _1\"></span>ertanto quella:<span class=\"_ _df\"> </span><span class=\"_ _2\"></span> <span class=\"ff10\"> <span class=\"_ _8\"> </span><span class=\"ff4\">di un soggetto che \u00e8 esposto a re<span class=\"_ _1\"></span>ndimenti variabili e che detiene comunque diritti su<span class=\"_ _df\"> </span></span></span><span class=\"ff10\"><span class=\"ff4\"> </span></span>tali possibili rendimenti;<span class=\"_ _df\"> </span> <span class=\"ff10\"> <span class=\"_ _8\"> </span><span class=\"ff4\">che ha una <span class=\"_ _2\"></span>propria capacit\u00e0 di <span class=\"_ _2\"></span>incide<span class=\"_ _1\"></span>re su <span class=\"_ _2\"></span>tali rendimenti solo <span class=\"_ _2\"></span>esercitando un potere<span class=\"_ _df\"> </span></span></span><span class=\"ff10\"><span class=\"ff4\"> </span></span>di veto sulle scelte degli altri soci.<span class=\"_ _df\"> </span> Gli  accordi  <span class=\"ls1a\">in</span> <span class=\"_ _4\"> </span>essere  tra  i  soci  <span class=\"ls39\">di</span> <span class=\"_ _22\"> </span>SBC  contemplano,  a <span class=\"_ _22\"> </span>favore <span class=\"_ _22\"> </span><span class=\"ls39\">di</span> <span class=\"_ _22\"> </span>Cr<span class=\"_ _2\"></span>edemtel  <span class=\"ls1a\">il</span>  diritto<span class=\"_ _df\"> </span> contemplato <span class=\"_ _f\"></span>in <span class=\"_ _f\"></span>apposito patto<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>parasociale <span class=\"_ _f\"></span>di ot<span class=\"_ _1\"></span>tenere <span class=\"_ _f\"></span>esponenti <span class=\"_ _1\"></span>aziendali <span class=\"_ _f\"></span>(un <span class=\"_ _f\"></span>consigliere<span class=\"_ _df\"> </span> di <span class=\"_ _17\"> </span>amministr<span class=\"_ _2\"></span>azione).<span class=\"_ _1\"></span> <span class=\"_ _14\"> </span>Sicc<span class=\"_ _f\"></span>ome <span class=\"_ _4\"> </span>non<span class=\"_ _f\"></span> <span class=\"_ _4\"> </span><span class=\"lsb2\">vi</span> <span class=\"_ _4\"> </span>sono <span class=\"_ _4\"> </span><span class=\"ff5\">n<span class=\"_ _1\"></span>ell<span class=\"_ _f\"></span>\u2019ambi<span class=\"_ _1\"></span>to<span class=\"ff4\"> <span class=\"_ _4\"> </span><span class=\"lsb2\">di</span> <span class=\"_ _4\"> </span>SB<span class=\"_ _f\"></span>C <span class=\"_ _4\"> </span>voti<span class=\"_ _1\"></span> <span class=\"_ _4\"> </span><span class=\"lsb2\">di</span> <span class=\"_ _4\"> </span>con<span class=\"_ _f\"></span>siglie<span class=\"_ _f\"></span>ri <span class=\"_ _4\"> </span>che<span class=\"_ _df\"> </span></span></span><span class=\"ff5\"><span class=\"ff4\"><span class=\"_ _1\"></span> </span></span>pre<span class=\"_ _f\"></span>valga<span class=\"_ _f\"></span>no <span class=\"_ _17\"> </span><span class=\"lsd0\">su</span> <span class=\"_ _14\"> </span>que<span class=\"_ _f\"></span>lli <span class=\"_ _17\"> </span><span class=\"ls39\">di</span> <span class=\"_ _17\"> </span>altr<span class=\"_ _1\"></span>i <span class=\"_ _17\"> </span>con<span class=\"_ _f\"></span>siglie<span class=\"_ _f\"></span>ri, <span class=\"_ _14\"> </span><span class=\"ls1a\">la</span> <span class=\"_ _15\"> </span>designazione <span class=\"_ _14\"> </span><span class=\"ls39\">di</span> <span class=\"_ _15\"> </span>esponenti <span class=\"_ _14\"> </span>aziendali <span class=\"_ _17\"> </span>non<span class=\"_ _df\"> </span><span class=\"_ _2\"></span> attribuisce <span class=\"_ _f\"></span>a nessun socio <span class=\"_ _f\"></span>una prevalenz<span class=\"_ _1\"></span>a sulle <span class=\"_ _f\"></span>scelte soci<span class=\"_ _1\"></span>eta<span class=\"_ _f\"></span>rie.<span class=\"_ _df\"> </span> Credito Emiliano <span class=\"_ _1\"></span>S.p.A. <span class=\"_ _1\"></span>detiene il 100% di<span class=\"_ _1\"></span> Credemtel <span class=\"_ _1\"></span>S.p.A., che<span class=\"_ _1\"></span> a sua vol<span class=\"_ _1\"></span>ta detiene <span class=\"_ _1\"></span>il 40%<span class=\"_ _df\"> </span><span class=\"_ _1\"></span> di ANDXOR SOLUZIONI INFORMATICHE S.R.L. \u201cANDXOR\u201d.<span class=\"_ _df\"> </span><span class=\"ff4\"> </span>In tale contesto, per ANDXOR:<span class=\"_ _df\"> </span> <span class=\"ff10\"> <span class=\"_ _8\"> </span><span class=\"ff4\">Credemtel <span class=\"_ _4\"> </span>non <span class=\"_ _22\"> </span>d<span class=\"_ _2\"></span>etiene <span class=\"_ _4\"> </span>la <span class=\"_ _22\"> </span>maggioranza <span class=\"_ _4\"> </span>dei <span class=\"_ _4\"> </span>diritti <span class=\"_ _4\"> </span>di <span class=\"_ _22\"> </span>vot<span class=\"_ _2\"></span>o, <span class=\"_ _4\"> </span>non <span class=\"_ _22\"> </span>pot<span class=\"_ _2\"></span>endo  da <span class=\"_ _4\"> </span>sola<span class=\"_ _df\"> </span></span></span><span class=\"ff10\"><span class=\"ff4\"><span class=\"_ _2\"></span> </span></span>determinare <span class=\"_ _15\"> </span>le <span class=\"_ _e\"> </span>scelte <span class=\"_ _15\"> </span>societarie, <span class=\"_ _e\"> </span>non <span class=\"_ _e\"> </span>avendo <span class=\"_ _15\"> </span>la <span class=\"_ _e\"> </span>capacit\u00e0 <span class=\"_ _e\"> </span>pratica <span class=\"_ _e\"> </span>di <span class=\"_ _15\"> </span>condurre<span class=\"_ _df\"> </span> unilateralmente <span class=\"_ _f\"></span>l<span class=\"_ _2\"></span>e <span class=\"_ _f\"></span>at<span class=\"_ _2\"></span>tivit\u00e0 <span class=\"_ _1\"></span>rilevanti d<span class=\"_ _1\"></span>ella <span class=\"_ _1\"></span>partecipata, per <span class=\"_ _f\"></span>le quali \u00e8<span class=\"_ _1\"></span> sempre <span class=\"_ _f\"></span>necessario<span class=\"_ _df\"> </span> anche il consenso degli altri soci;<span class=\"_ _df\"> </span> <span class=\"ff10\"> <span class=\"_ _8\"> </span><span class=\"ff4\">Credemtel ha <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>potere di <span class=\"_ _2\"></span>veto, su <span class=\"_ _2\"></span>specifici argomenti, <span class=\"_ _2\"></span>sulle scelte <span class=\"_ _2\"></span>degli altr<span class=\"_ _2\"></span>i soci, <span class=\"_ _2\"></span>nel<span class=\"_ _df\"> </span></span></span><span class=\"ff10\"><span class=\"ff4\"> </span></span>senso che i<span class=\"_ _1\"></span>n mancanza del <span class=\"_ _1\"></span>voto favorevole <span class=\"_ _1\"></span>di Credemtel anche<span class=\"_ _1\"></span> gli altri soci d<span class=\"_ _1\"></span>etentori<span class=\"_ _df\"> </span> del restante 60% del capitale sociale<span class=\"_ _1\"></span> non sono<span class=\"_ _2\"></span> in grado di incidere sulla societ\u00e0.<span class=\"_ _df\"> </span> Pe<span class=\"_ _f\"></span>rtant<span class=\"_ _1\"></span>o l<span class=\"_ _1\"></span>a p<span class=\"_ _f\"></span>osizi<span class=\"_ _1\"></span>one <span class=\"_ _f\"></span><span class=\"ls39\">di<span class=\"ls0\"> C<span class=\"_ _f\"></span>redem<span class=\"_ _f\"></span>t<span class=\"_ _2\"></span>e<span class=\"_ _1\"></span>l \u00e8<span class=\"_ _f\"></span> que<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>a:<span class=\"_ _df\"> </span></span></span><span class=\"ls39\"><span class=\"ls0\"> </span></span><span class=\"ff10\"> <span class=\"_ _8\"> </span><span class=\"ff4\">di un soggetto che \u00e8 esposto a re<span class=\"_ _1\"></span>ndimenti variabili e che detiene comunque<span class=\"_ _1\"></span> diritti su<span class=\"_ _df\"> </span></span></span><span class=\"ff10\"><span class=\"ff4\"> </span></span>tali possibili rendimenti;<span class=\"_ _df\"> </span> <span class=\"_ _27\"> </span><span class=\"ff4\">che ha <span class=\"_ _2\"></span>una propria capacit\u00e0 di <span class=\"_ _2\"></span>incide<span class=\"_ _1\"></span>re su <span class=\"_ _2\"></span>tali rendimenti s<span class=\"_ _2\"></span>olo esercitando un <span class=\"_ _2\"></span>potere<span class=\"_ _df\"> </span></span>di veto sulle scelte degli altri soci.<span class=\"_ _df\"> </span>Gli<span class=\"_ _f\"></span> ac<span class=\"_ _f\"></span>cordi <span class=\"_ _f\"></span><span class=\"ls1a\">in<span class=\"ls0\"> e<span class=\"_ _f\"></span>ssere <span class=\"_ _f\"></span><span class=\"ls14\">tra<span class=\"ls0\"> i<span class=\"_ _1\"></span> so<span class=\"_ _f\"></span>ci <span class=\"_ _1\"></span><span class=\"lsb2\">di<span class=\"ls0\"> AN<span class=\"_ _1\"></span>DXOR<span class=\"_ _f\"></span> con<span class=\"_ _f\"></span>templ<span class=\"_ _f\"></span>ano, <span class=\"_ _f\"></span>a f<span class=\"_ _1\"></span>avor<span class=\"_ _f\"></span>e <span class=\"ls39\">di<span class=\"_ _f\"></span><span class=\"ls0\"> Cre<span class=\"_ _1\"></span>dem<span class=\"_ _1\"></span>tel<span class=\"_ _1\"></span>:<span class=\"_ _df\"> </span></span></span></span></span></span></span></span></span><span class=\"_ _27\"> </span><span class=\"ff4\">diritto contemplato in apposito patto parasociale di ottenere esponenti aziendali (un<span class=\"_ _df\"> </span></span>consigliere di amministr<span class=\"_ _2\"></span>az<span class=\"ff5\">ione ed il <span class=\"_ _2\"></span>sindaco unico). Siccom<span class=\"_ _2\"></span>e non <span class=\"_ _2\"></span>vi sono nell\u2019ambito<span class=\"_ _df\"> </span></span>di <span class=\"_ _e\"> </span>ANDXOR <span class=\"_ _e\"> </span>voti <span class=\"_ _e\"> </span>di <span class=\"_ _e\"> </span>consiglieri <span class=\"_ _e\"> </span>che <span class=\"_ _15\"> </span>prevalgano <span class=\"_ _e\"> </span>su <span class=\"_ _e\"> </span>quelli <span class=\"_ _e\"> </span>di <span class=\"_ _e\"> </span>altr<span class=\"_ _2\"></span>i <span class=\"_ _15\"> </span>Consiglieri, <span class=\"_ _e\"> </span>la<span class=\"_ _df\"> </span>designazione <span class=\"_ _2\"></span>di <span class=\"_ _d\"></span>espon<span class=\"_ _2\"></span>enti <span class=\"_ _2\"></span>aziendali <span class=\"_ _d\"></span>non <span class=\"_ _d\"></span>at<span class=\"_ _2\"></span>tribuisce<span class=\"_ _1\"></span> <span class=\"_ _d\"></span>a <span class=\"_ _d\"></span>nessun <span class=\"_ _d\"></span>socio <span class=\"_ _0\"></span>una <span class=\"_ _d\"></span>prevalenza<span class=\"_ _df\"> </span>sulle scelte societarie;<span class=\"_ _df\"> </span><span class=\"_ _27\"> </span><span class=\"ff4\">diritto <span class=\"_ _d\"></span>di <span class=\"_ _0\"></span><span class=\"ls13\">co</span>-vendita <span class=\"_ _d\"></span>a <span class=\"_ _0\"></span>favore <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>Credemtel <span class=\"_ _d\"></span>qualora <span class=\"_ _0\"></span>venga <span class=\"_ _d\"></span>trasferita <span class=\"_ _d\"></span>per <span class=\"_ _0\"></span>atto <span class=\"_ _d\"></span>tra <span class=\"_ _d\"></span>vivi<span class=\"_ _df\"> </span></span>una <span class=\"_ _f\"></span>quota di<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>almeno <span class=\"_ _f\"></span>il 50% <span class=\"_ _f\"></span>del <span class=\"_ _f\"></span>capitale <span class=\"_ _f\"></span>sociale d<span class=\"_ _1\"></span>i <span class=\"_ _f\"></span>AND<span class=\"_ _2\"></span>XOR <span class=\"_ _f\"></span>per tu<span class=\"_ _f\"></span>tta la <span class=\"_ _f\"></span>durata <span class=\"_ _f\"></span>del p<span class=\"_ _1\"></span>atto<span class=\"_ _df\"> </span>parasociale attualmente in essere.<span class=\"_ _df\"> </span>Credito <span class=\"_ _0\"></span>Emiliano <span class=\"_ _9\"> </span>S.p.A. <span class=\"_ _9\"> </span>detiene <span class=\"_ _9\"> </span>il <span class=\"_ _0\"></span>100<span class=\"_ _2\"></span>% <span class=\"_ _0\"></span>di <span class=\"_ _9\"> </span>Credemtel <span class=\"_ _0\"></span>S.<span class=\"_ _2\"></span>p.A., <span class=\"_ _0\"></span>che <span class=\"_ _9\"> </span>a <span class=\"_ _9\"> </span>sua <span class=\"_ _9\"> </span>volta <span class=\"_ _9\"> </span>detiene <span class=\"_ _0\"></span>il<span class=\"_ _df\"> </span>12,99% di MYNET. In tale contesto:<span class=\"_ _df\"> </span><span class=\"_ _27\"> </span><span class=\"ff4\">Credemtel <span class=\"_ _4\"> </span>non <span class=\"_ _22\"> </span>deti<span class=\"_ _2\"></span>ene  la <span class=\"_ _4\"> </span>mag<span class=\"_ _2\"></span>gioranza <span class=\"_ _4\"> </span>dei<span class=\"_ _1\"></span> <span class=\"_ _4\"> </span>diritti <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>voto, <span class=\"_ _4\"> </span>no<span class=\"_ _1\"></span>n <span class=\"_ _4\"> </span>potendo <span class=\"_ _4\"> </span>da <span class=\"_ _22\"> </span>so<span class=\"_ _2\"></span>lo<span class=\"_ _df\"> </span></span>determinare <span class=\"_ _15\"> </span>le <span class=\"_ _e\"> </span>scelte <span class=\"_ _15\"> </span>societarie, <span class=\"_ _e\"> </span>non <span class=\"_ _e\"> </span>avendo <span class=\"_ _15\"> </span>la <span class=\"_ _e\"> </span>capacit\u00e0 <span class=\"_ _e\"> </span>pratica <span class=\"_ _e\"> </span>di <span class=\"_ _15\"> </span>condurre<span class=\"_ _df\"> </span>unilateralmente <span class=\"_ _f\"></span>l<span class=\"_ _2\"></span>e <span class=\"_ _f\"></span>at<span class=\"_ _2\"></span>tivit\u00e0 <span class=\"_ _1\"></span>rilevanti del<span class=\"_ _1\"></span>la partecipata, <span class=\"_ _f\"></span>per le <span class=\"_ _f\"></span>q<span class=\"_ _2\"></span>uali \u00e8<span class=\"_ _f\"></span> sempre ne<span class=\"_ _1\"></span>cessario<span class=\"_ _df\"> </span>anche il consenso degli altri soci;<span class=\"_ _df\"> </span><span class=\"_ _27\"> </span><span class=\"ff4\">Credemtel per\u00f2 ha il potere il veto, su specifici<span class=\"_ _1\"></span> argomenti, sulle scelte degli altri soci,<span class=\"_ _df\"> </span></span>nel <span class=\"_ _2\"></span>senso <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>mancanza <span class=\"_ _2\"></span>del <span class=\"_ _d\"></span>voto <span class=\"_ _2\"></span>favorevole <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>Credemtel <span class=\"_ _2\"></span>anche <span class=\"_ _2\"></span>gli <span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>ltri <span class=\"_ _2\"></span>soci <span class=\"_ _2\"></span>non<span class=\"_ _df\"> </span>sono in grado di incidere sulla societ\u00e0.<span class=\"_ _df\"> </span>In relazione a MYNET la posizi<span class=\"_ _1\"></span>one di Credemtel \u00e8 pertanto quella:<span class=\"_ _df\"> </span><span class=\"_ _27\"> </span><span class=\"ff4\">di un soggetto che \u00e8 esposto a rend<span class=\"_ _f\"></span>im<span class=\"_ _2\"></span>enti variabili e<span class=\"_ _1\"></span> che detiene comunque diritti su<span class=\"_ _df\"> </span></span>tali possibili rendimenti;<span class=\"_ _df\"> </span><span class=\"_ _27\"> </span><span class=\"ff4\">che ha <span class=\"_ _2\"></span>una propria capacit\u00e0 <span class=\"_ _2\"></span>di incidere su tali <span class=\"_ _2\"></span>rendimenti solo esercitando un potere<span class=\"_ _df\"> </span></span>di veto sulle scelte degli altri soci.<span class=\"_ _df\"> </span>Gli <span class=\"_ _0\"></span>accordi <span class=\"_ _9\"> </span>in <span class=\"_ _9\"> </span>essere <span class=\"_ _0\"></span>tra <span class=\"_ _9\"> </span>i <span class=\"_ _0\"> </span>s<span class=\"_ _2\"></span>oci <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>MYNET <span class=\"_ _9\"> </span>contemplano, <span class=\"_ _0\"></span>a <span class=\"_ _9\"> </span>favore <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>Credemtel <span class=\"_ _0\"></span>il <span class=\"_ _9\"> </span>diritto<span class=\"_ _df\"> </span>contemplato <span class=\"_ _f\"></span>in app<span class=\"_ _1\"></span>osito <span class=\"_ _1\"></span>patto <span class=\"_ _f\"></span>parasociale <span class=\"_ _f\"></span>di <span class=\"_ _1\"></span>ottenere <span class=\"_ _f\"></span>esponenti <span class=\"_ _f\"></span>a<span class=\"_ _2\"></span>ziendali <span class=\"_ _f\"></span>(un <span class=\"_ _f\"></span>consigliere<span class=\"_ _df\"> </span>di <span class=\"_ _15\"> </span>amministrazione) <span class=\"_ _15\"> </span>oltre <span class=\"_ _15\"> </span>alla <span class=\"_ _e\"> </span>designazione <span class=\"_ _14\"> </span>di <span class=\"_ _e\"> </span>un <span class=\"_ _15\"> </span>sindaco <span class=\"_ _15\"> </span>effettivo <span class=\"_ _15\"> </span>(con <span class=\"_ _15\"> </span>r<span class=\"_ _2\"></span>uolo <span class=\"_ _15\"> </span>di<span class=\"_ _df\"> </span>presidente del <span class=\"_ _2\"></span>collegio <span class=\"_ _2\"></span>sindacale) <span class=\"_ _2\"></span>ed <span class=\"_ _2\"></span>uno <span class=\"_ _2\"></span>supplente. Siccome <span class=\"_ _2\"></span>non <span class=\"_ _2\"></span>vi <span class=\"_ _2\"></span>sono <span class=\"_ _2\"></span>nell\u2019<span class=\"_ _1\"></span>ambito <span class=\"_ _2\"></span>di<span class=\"_ _df\"> </span>MYNET <span class=\"_ _d\"></span>voti <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>consiglieri <span class=\"_ _d\"></span>che <span class=\"_ _d\"></span>prevalgano <span class=\"_ _d\"></span>su <span class=\"_ _d\"></span>quelli <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>altri <span class=\"_ _d\"></span>c<span class=\"_ _2\"></span>onsi<span class=\"_ _2\"></span>glieri,<span class=\"_ _1\"></span> <span class=\"_ _d\"></span>la <span class=\"_ _0\"></span>designazione <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>i<span class=\"_ _df\"> </span>esponenti <span class=\"_ _f\"></span>aziendali non <span class=\"_ _f\"></span>attribuisce <span class=\"_ _f\"></span>a nessun <span class=\"_ _f\"></span>socio <span class=\"_ _f\"></span>una prevalenza <span class=\"_ _f\"></span>sulle <span class=\"_ _1\"></span>scelte <span class=\"_ _f\"></span>soci<span class=\"_ _2\"></span>etarie.<span class=\"_ _df\"> </span>Credito <span class=\"_ _11\"></span>Emiliano <span class=\"_ _11\"></span>S.p.A. <span class=\"_ _11\"></span>detiene <span class=\"_ _11\"></span><span class=\"ls1a\">il<span class=\"ls0\"> <span class=\"_ _11\"></span>1<span class=\"_ _2\"></span>00% <span class=\"_ _11\"></span><span class=\"ls39\">di<span class=\"ls0\"> <span class=\"_ _f\"></span>Credemtel <span class=\"_ _13\"></span>S.p.A., <span class=\"_ _11\"></span><span class=\"ls13\">che<span class=\"ls0\"> <span class=\"_ _11\"></span>a <span class=\"_ _f\"></span>sua <span class=\"_ _11\"></span>volta <span class=\"_ _11\"></span>detiene <span class=\"_ _11\"></span><span class=\"ls1a\">il<span class=\"ls0\"> <span class=\"_ _11\"></span>10<span class=\"_ _2\"></span>,00%<span class=\"_ _df\"> </span></span></span></span></span></span></span></span></span>di<span class=\"ls0\"> <span class=\"_ _f\"></span>FLAIRBIT.<span class=\"_ _df\"> </span></span>In<span class=\"ls0\"> <span class=\"_ _f\"></span>tale <span class=\"_ _f\"></span>con<span class=\"_ _f\"></span>testo:<span class=\"_ _df\"> </span></span><span class=\"_ _27\"> </span><span class=\"ff4\">Credemtel <span class=\"_ _4\"> </span>non <span class=\"_ _4\"> </span>detiene  la <span class=\"_ _4\"> </span>maggioranza <span class=\"_ _4\"> </span>dei <span class=\"_ _4\"> </span>diritti <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>voto, <span class=\"_ _4\"> </span>non  potendo <span class=\"_ _4\"> </span>da <span class=\"_ _4\"> </span>solo<span class=\"_ _df\"> </span></span>determinare <span class=\"_ _15\"> </span>le <span class=\"_ _e\"> </span>scelte <span class=\"_ _15\"> </span>societarie, <span class=\"_ _e\"> </span>non <span class=\"_ _e\"> </span>avendo <span class=\"_ _15\"> </span>la <span class=\"_ _e\"> </span>capacit\u00e0 <span class=\"_ _e\"> </span>pratica <span class=\"_ _e\"> </span>di <span class=\"_ _15\"> </span>condurre<span class=\"_ _df\"> </span>unilateralmente <span class=\"_ _f\"></span>l<span class=\"_ _2\"></span>e <span class=\"_ _f\"></span>at<span class=\"_ _2\"></span>tivit\u00e0 <span class=\"_ _1\"></span>rilevanti d<span class=\"_ _1\"></span>ella <span class=\"_ _1\"></span>partecipata, per <span class=\"_ _f\"></span>le quali \u00e8<span class=\"_ _1\"></span> sempre <span class=\"_ _f\"></span>necessario<span class=\"_ _df\"> </span>anche il consenso degli altri soci;<span class=\"_ _df\"> </span><span class=\"_ _27\"> </span><span class=\"ff4\">Credemtel per\u00f2 ha il potere il veto, su specifici<span class=\"_ _1\"></span> argomenti, sulle scelte degli altri soci,<span class=\"_ _df\"> </span></span>nel <span class=\"_ _2\"></span>senso <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>mancanza <span class=\"_ _2\"></span>del <span class=\"_ _d\"></span>voto <span class=\"_ _2\"></span>favorevole <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>Credemtel <span class=\"_ _2\"></span>anche <span class=\"_ _2\"></span>gli <span class=\"_ _2\"></span>altri <span class=\"_ _2\"></span>soci <span class=\"_ _2\"></span>non<span class=\"_ _df\"> </span>sono in grado di incidere sulla societ\u00e0.<span class=\"_ _df\"> </span>In relazione a FLAIRBIT la posizione di Crede<span class=\"_ _1\"></span>mtel \u00e8 pertanto quella:<span class=\"_ _df\"> </span><span class=\"_ _27\"> </span><span class=\"ff4\">di un soggetto che \u00e8 esposto a rend<span class=\"_ _f\"></span>im<span class=\"_ _2\"></span>enti variabili e<span class=\"_ _1\"></span> che detiene comunque diritti su<span class=\"_ _df\"> </span></span>tali possibili rendimenti;<span class=\"_ _df\"> </span><span class=\"_ _27\"> </span><span class=\"ff4\">che ha <span class=\"_ _2\"></span>una propria capacit\u00e0 di <span class=\"_ _2\"></span>incide<span class=\"_ _1\"></span>re su <span class=\"_ _2\"></span>tali rendimenti solo <span class=\"_ _2\"></span>esercitando un potere<span class=\"_ _df\"> </span></span>di veto sulle scelte degli altri soci.<span class=\"_ _df\"> </span>Gli <span class=\"_ _2\"></span>accor<span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>in <span class=\"_ _d\"></span>ess<span class=\"_ _2\"></span>ere <span class=\"_ _2\"></span>tra <span class=\"_ _d\"></span>i <span class=\"_ _d\"></span>soci <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>FLAIRBIT <span class=\"_ _2\"></span>cont<span class=\"_ _2\"></span>emplano, <span class=\"_ _2\"></span>a <span class=\"_ _d\"></span>favore <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>Credemtel <span class=\"_ _d\"></span>il <span class=\"_ _d\"></span>diritto<span class=\"_ _df\"> </span>contemplato <span class=\"_ _f\"></span>in app<span class=\"_ _1\"></span>osito <span class=\"_ _1\"></span>patto <span class=\"_ _f\"></span>parasociale <span class=\"_ _f\"></span>di <span class=\"_ _1\"></span>ottenere <span class=\"_ _f\"></span>esponenti <span class=\"_ _f\"></span>aziendali <span class=\"_ _f\"></span>(un consig<span class=\"_ _1\"></span>liere<span class=\"_ _df\"> </span>di <span class=\"_ _2\"></span>amministrazione). Si<span class=\"_ _2\"></span>ccome <span class=\"_ _2\"></span>non <span class=\"_ _2\"></span>vi <span class=\"_ _2\"></span>sono <span class=\"_ _2\"></span>nell<span class=\"ff5\">\u2019ambito <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>FLAIRBIT <span class=\"_ _2\"></span>voti <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>consiglieri <span class=\"_ _2\"></span>che<span class=\"_ _df\"> </span></span>prevalgano <span class=\"_ _4\"> </span>su <span class=\"_ _17\"> </span>quelli <span class=\"_ _4\"> </span>di <span class=\"_ _17\"> </span>altri <span class=\"_ _17\"> </span>consiglieri, <span class=\"_ _4\"> </span>la <span class=\"_ _4\"> </span>d<span class=\"_ _2\"></span>esignazi<span class=\"_ _1\"></span>one <span class=\"_ _17\"> </span>di <span class=\"_ _4\"> </span>esponenti <span class=\"_ _17\"> </span>aziendali <span class=\"_ _4\"> </span>non<span class=\"_ _df\"> </span>attribuisce a nessun socio una prevale<span class=\"_ _f\"></span>nza s<span class=\"_ _2\"></span>ulle scelte societarie.<span class=\"_ _df\"> </span>7.7 Im<span class=\"_ _1\"></span>peg<span class=\"_ _1\"></span>ni rife<span class=\"_ _1\"></span>riti a <span class=\"_ _1\"></span>part<span class=\"_ _1\"></span>ecipa<span class=\"_ _1\"></span>zioni<span class=\"_ _1\"></span> in s<span class=\"_ _1\"></span>ociet\u00e0<span class=\"_ _f\"></span> control<span class=\"_ _1\"></span>late in <span class=\"_ _1\"></span>modo<span class=\"_ _f\"></span> congiu<span class=\"_ _f\"></span>nto<span class=\"_ _df\"> </span>Credito <span class=\"_ _0\"></span>Emiliano <span class=\"_ _d\"></span>ha <span class=\"_ _0\"></span>sot<span class=\"_ _2\"></span>toscritto <span class=\"_ _0\"></span>con <span class=\"_ _0\"></span>Reale <span class=\"_ _d\"></span>M<span class=\"_ _2\"></span>utua <span class=\"_ _d\"></span>di <span class=\"_ _0\"> </span>Ass<span class=\"_ _2\"></span>icurazioni <span class=\"_ _d\"></span>accor<span class=\"_ _2\"></span>di <span class=\"_ _d\"></span>contrat<span class=\"_ _2\"></span>tuali<span class=\"_ _df\"> </span>volti a disciplinare pi\u00f9 compiutamente la partnership in Crede<span class=\"_ _1\"></span>massicurazioni.<span class=\"_ _df\"> </span>In <span class=\"_ _9\"> </span>tale <span class=\"_ _16\"> </span>contesto <span class=\"_ _16\"> </span>le <span class=\"_ _9\"> </span>clausole <span class=\"_ _16\"> </span>del <span class=\"_ _9\"> </span>cont<span class=\"_ _2\"></span>ratto <span class=\"_ _9\"> </span>di <span class=\"_ _16\"> </span>compravendita <span class=\"_ _9\"> </span>delle <span class=\"_ _16\"> </span>azion<span class=\"_ _2\"></span>i <span class=\"_ _9\"> </span>a <span class=\"_ _16\"> </span>suo <span class=\"_ _9\"> </span>t<span class=\"_ _2\"></span>empo<span class=\"_ _df\"> </span>perfezionato <span class=\"_ _2\"></span>tra <span class=\"_ _2\"></span>Credito <span class=\"_ _2\"></span>Emiliano <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>Reale <span class=\"_ _2\"></span>Mutua <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>Assicurazioni <span class=\"_ _2\"></span>hanno <span class=\"_ _2\"></span>espressamente<span class=\"_ _df\"> </span>convenuto <span class=\"_ _f\"></span>un\u2019opzione <span class=\"_ _f\"></span>put <span class=\"_ _f\"></span>in <span class=\"_ _1\"></span>capo <span class=\"_ _f\"></span>a Re<span class=\"_ _1\"></span>ale <span class=\"_ _f\"></span>Mutua <span class=\"_ _f\"></span>di <span class=\"_ _f\"></span>Ass<span class=\"_ _2\"></span>icurazioni <span class=\"_ _f\"></span>e <span class=\"_ _f\"></span>un\u2019opzione <span class=\"_ _f\"></span>call <span class=\"_ _f\"></span>in <span class=\"_ _f\"></span>ca<span class=\"_ _2\"></span>po<span class=\"_ _df\"> </span>a  Credi<span class=\"_ _1\"></span>to  Emiliano <span class=\"_ _16\"> </span>S.p.A. <span class=\"_ _9\"> </span>r<span class=\"_ _2\"></span>iguardante <span class=\"_ _16\"> </span>il  50% <span class=\"_ _16\"> </span>della <span class=\"_ _9\"> </span>part<span class=\"_ _2\"></span>ecipazione  di <span class=\"_ _9\"> </span>Reale  Mutua  ne<span class=\"_ _1\"></span>l<span class=\"_ _df\"> </span>capitale <span class=\"_ _17\"> </span>sociale <span class=\"_ _17\"> </span>di <span class=\"_ _17\"> </span>Cr<span class=\"_ _2\"></span>ede<span class=\"_ _1\"></span>massicurazioni. <span class=\"_ _14\"> </span>Entrambe <span class=\"_ _17\"> </span>le <span class=\"_ _17\"> </span>opzioni <span class=\"_ _14\"> </span>sono <span class=\"_ _17\"> </span>esercitabili <span class=\"_ _17\"> </span>allo<span class=\"_ _df\"> </span>scadere <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>ogni <span class=\"_ _0\"></span>quinquennio <span class=\"_ _d\"></span>dall\u2019acquisto <span class=\"_ _0\"></span>della <span class=\"_ _d\"></span>partecipazione <span class=\"_ _d\"></span>i<span class=\"_ _2\"></span>n <span class=\"_ _d\"></span>Credemassicurazioni<span class=\"_ _df\"> </span>da parte di Reale Mutua. A <span class=\"_ _2\"></span>distanza <span class=\"_ _d\"></span>di <span class=\"_ _2\"></span>10 <span class=\"_ _2\"></span>anni <span class=\"_ _2\"></span>dalla <span class=\"_ _d\"></span>sottoscrizione <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>primo <span class=\"_ _d\"></span>accordo <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>collaborazione, <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>Credito<span class=\"_ _df\"> </span>Emiliano <span class=\"_ _d\"></span>e <span class=\"_ _d\"></span>la <span class=\"_ _0\"></span>Societ\u00e0 <span class=\"_ _0\"></span>Reale <span class=\"_ _d\"></span>Mutua <span class=\"_ _d\"></span>di <span class=\"_ _0\"></span>Assicurazioni <span class=\"_ _d\"></span>hanno <span class=\"_ _0\"></span>rinnovato <span class=\"_ _d\"></span>la <span class=\"_ _0\"></span>loro <span class=\"_ _d\"></span>partnership<span class=\"_ _df\"> </span>paritetica  nella  s<span class=\"_ _2\"></span>ociet\u00e0  in  r<span class=\"_ _2\"></span>assegna.  Il  r<span class=\"_ _2\"></span>innovo  dell\u2019accordo  permett<span class=\"_ _2\"></span>er\u00e0  al <span class=\"_ _22\"> </span>gruppo <span class=\"_ _22\"> </span>di<span class=\"_ _df\"> </span>sviluppare <span class=\"_ _2\"></span>l\u2019offerta <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>prodotti<span class=\"ff4\"> <span class=\"_ _d\"></span>dei <span class=\"_ _d\"></span>rami <span class=\"_ _d\"></span>danni <span class=\"_ _2\"></span>e <span class=\"_ _d\"></span>di <span class=\"_ _2\"></span>accresc<span class=\"_ _2\"></span>ere <span class=\"_ _2\"></span>il <span class=\"_ _d\"></span>livello <span class=\"_ _d\"></span>di <span class=\"_ _2\"></span>servizio <span class=\"_ _d\"></span>offerto<span class=\"_ _df\"> </span></span>alla <span class=\"_ _d\"></span>propria <span class=\"_ _0\"></span>clientela, <span class=\"_ _d\"></span>grazie <span class=\"_ _0\"></span>al <span class=\"_ _d\"></span>s<span class=\"_ _2\"></span>upporto <span class=\"_ _d\"></span>di <span class=\"_ _0\"></span>un <span class=\"_ _d\"></span>primar<span class=\"_ _2\"></span>io <span class=\"_ _d\"></span>player <span class=\"_ _d\"></span>s<span class=\"_ _2\"></span>pecializzato <span class=\"_ _d\"></span>nel <span class=\"_ _d\"></span>settor<span class=\"_ _2\"></span>e<span class=\"_ _df\"> </span>della protection. Le parti hanno poi perfezionato un patto parasociale le<span class=\"_ _1\"></span> cui clausole contemplano:<span class=\"_ _df\"> </span><span class=\"ff10\"> <span class=\"_ _38\"> </span><span class=\"ff4\">Il <span class=\"_ _f\"></span>divieto d<span class=\"_ _1\"></span>i <span class=\"_ _f\"></span>t<span class=\"_ _2\"></span>rasferimento <span class=\"_ _f\"></span>delle <span class=\"_ _f\"></span>azioni e <span class=\"_ _f\"></span>dei <span class=\"_ _f\"></span>diritti di <span class=\"_ _f\"></span>opzione <span class=\"_ _f\"></span>a terzi, <span class=\"_ _f\"></span>diversi <span class=\"_ _f\"></span>da societ\u00e0<span class=\"_ _df\"> </span></span></span>controllate, per tutta la durata del<span class=\"_ _1\"></span> patto parasociale attualmente in essere;<span class=\"_ _df\"> </span><span class=\"ff10\"> <span class=\"_ _38\"> </span><span class=\"ff4\">Il <span class=\"_ _d\"></span>diritto <span class=\"_ _0\"></span>di <span class=\"_ _d\"></span>ciascuna <span class=\"_ _0\"></span>parte <span class=\"_ _0\"></span>ottenere <span class=\"_ _d\"></span>la <span class=\"_ _d\"></span>nomina <span class=\"_ _0\"></span>di <span class=\"_ _d\"></span>ot<span class=\"_ _2\"></span>tenere <span class=\"_ _d\"></span>la <span class=\"_ _d\"></span>no<span class=\"_ _2\"></span>mina <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>espon<span class=\"_ _2\"></span>enti<span class=\"_ _df\"> </span></span></span>az<span class=\"ls0\">iendali di propria desig<span class=\"_ _1\"></span>nazione (la met\u00e0 degli amministratori e, a rinnovi<span class=\"_ _1\"></span> alternati<span class=\"_ _df\"> </span></span>del <span class=\"_ _2\"></span>Consiglio <span class=\"_ _2\"></span>di <span class=\"_ _d\"></span>Amministrazione, <span class=\"_ _2\"></span>il <span class=\"_ _d\"></span>Presidente <span class=\"_ _2\"></span>del <span class=\"_ _d\"></span>Consiglio <span class=\"_ _2\"></span>di <span class=\"_ _d\"></span>Amministrazione, <span class=\"_ _2\"></span>i<span class=\"_ _df\"> </span>Sindaci e, a rinnovi alternati, il Preside<span class=\"_ _1\"></span>nte del Collegio Sindacale);<span class=\"_ _df\"> </span><span class=\"ff10\"> <span class=\"_ _38\"> </span><span class=\"ff4\">La  necessit\u00e0 <span class=\"_ _22\"> </span>di <span class=\"_ _4\"> </span>un  quorum  qualificato <span class=\"_ _22\"> </span>per <span class=\"_ _4\"> </span>le  deliberazioni  dei  componenti <span class=\"_ _22\"> </span>del<span class=\"_ _df\"> </span></span></span>Consiglio <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>Amministrazione rigu<span class=\"_ _1\"></span>ardanti particolari <span class=\"_ _f\"></span>tematiche (come<span class=\"_ _1\"></span>, tra <span class=\"_ _f\"></span>le altre,<span class=\"_ _1\"></span> la<span class=\"_ _df\"> </span>nomina <span class=\"_ _5\"> </span>del <span class=\"_ _6\"> </span>Direttore <span class=\"_ _5\"> </span>Generale, <span class=\"_ _5\"> </span>del <span class=\"_ _6\"> </span>Responsabile <span class=\"_ _5\"> </span>Sinistr<span class=\"_ _2\"></span>i, <span class=\"_ _5\"> </span>del <span class=\"_ _5\"> </span>Dirett<span class=\"_ _2\"></span>ore<span class=\"_ _df\"> </span>Commerciale, <span class=\"_ _0\"> </span>della <span class=\"_ _16\"> </span>funzione <span class=\"_ _0\"></span>di <span class=\"_ _9\"> </span>audi<span class=\"ff5\">t<span class=\"_ _2\"></span>ing, <span class=\"_ _9\"> </span>l\u2019approvazione <span class=\"_ _0\"></span>di <span class=\"_ _9\"> </span>oper<span class=\"_ _2\"></span>azioni <span class=\"_ _0\"> </span>di <span class=\"_ _16\"> </span>finanzi<span class=\"_ _1\"></span>a<span class=\"_ _df\"> </span></span>straordinaria, di accordi distributivi,<span class=\"_ _1\"></span> ecc).<span class=\"_ _df\"> </span>7.8 Im<span class=\"_ _1\"></span>peg<span class=\"_ _1\"></span>ni rife<span class=\"_ _1\"></span>riti a <span class=\"_ _f\"></span>partecipa<span class=\"_ _f\"></span>zioni in <span class=\"_ _f\"></span>societ\u00e0 <span class=\"_ _1\"></span>sottop<span class=\"_ _1\"></span>oste<span class=\"_ _1\"></span> ad <span class=\"_ _1\"></span>influe<span class=\"_ _f\"></span>nza note<span class=\"_ _1\"></span>vole<span class=\"_ _df\"> </span>Credemtel <span class=\"_ _d\"></span>ha <span class=\"_ _0\"></span>sottos<span class=\"_ _2\"></span>critto <span class=\"_ _d\"></span>con <span class=\"_ _0\"></span>i <span class=\"_ _d\"></span>soci <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>SBC <span class=\"_ _d\"></span>accordi <span class=\"_ _0\"></span>contrattuali <span class=\"_ _0\"></span>volti <span class=\"_ _0\"></span>a <span class=\"_ _d\"></span>discipl<span class=\"_ _2\"></span>inare <span class=\"_ _0\"></span>pi\u00f9<span class=\"_ _df\"> </span>compiutamente la partnership nella socie<span class=\"_ _1\"></span>t\u00e0.<span class=\"_ _df\"> </span>Le parti hanno poi perfezionato un patto parasociale le<span class=\"_ _1\"></span> cui clausole contemplano:<span class=\"_ _df\"> </span><span class=\"ff10\"> <span class=\"_ _38\"> </span><span class=\"ff4\">il <span class=\"_ _4\"> </span>diritto <span class=\"_ _4\"> </span>di <span class=\"_ _22\"> </span>Cr<span class=\"_ _2\"></span>edemtel <span class=\"_ _22\"> </span>di<span class=\"_ _2\"></span> <span class=\"_ _4\"> </span>ottenere <span class=\"_ _22\"> </span>la <span class=\"_ _4\"> </span>nomina <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>esponenti <span class=\"_ _4\"> </span>aziendali <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>propria<span class=\"_ _df\"> </span></span></span>designazione (un consigliere di amministrazione);<span class=\"_ _df\"> </span><span class=\"ff10\"> <span class=\"_ _38\"> </span><span class=\"ff4\">la <span class=\"_ _16\"> </span>necessit\u00e0 <span class=\"_ _9\"> </span>di  un <span class=\"_ _9\"> </span>quorum  q<span class=\"_ _1\"></span>ualificato <span class=\"_ _16\"> </span>per <span class=\"_ _9\"> </span>le  de<span class=\"_ _1\"></span>liberazioni <span class=\"_ _16\"> </span>riguardanti <span class=\"_ _16\"> </span>particolari<span class=\"_ _df\"> </span></span></span>tematiche <span class=\"_ _0\"></span>(come <span class=\"_ _d\"></span>le <span class=\"_ _0\"></span>modificazioni <span class=\"_ _0\"></span>dello <span class=\"_ _d\"></span>st<span class=\"_ _2\"></span>atuto, <span class=\"_ _d\"></span>il <span class=\"_ _0\"></span>trasferimento <span class=\"_ _0\"></span>di <span class=\"_ _d\"></span>part<span class=\"_ _2\"></span>ecipazi<span class=\"_ _1\"></span>oni<span class=\"_ _df\"> </span>sociali, <span class=\"_ _2\"></span>acquisizioni <span class=\"_ _2\"></span>e/o <span class=\"_ _d\"></span>dismissioni, <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>qualsiasi <span class=\"_ _2\"></span>forma <span class=\"_ _d\"></span>effettuate, <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>b<span class=\"_ _2\"></span>eni <span class=\"_ _2\"></span>im<span class=\"_ _2\"></span>mobili<span class=\"_ _df\"> </span>e/o <span class=\"_ _16\"> </span>di <span class=\"_ _9\"> </span>beni  mobil<span class=\"_ _1\"></span>i <span class=\"_ _16\"> </span>di <span class=\"_ _9\"> </span>valore  unitario <span class=\"_ _16\"> </span>superiore <span class=\"_ _9\"> </span>a  Euro <span class=\"_ _9\"> </span>20.000,00  e/<span class=\"_ _1\"></span>o  b<span class=\"_ _1\"></span>eni <span class=\"_ _16\"> </span>mobili<span class=\"_ _df\"> </span>registrati, <span class=\"_ _0\"></span>l\u2019assunzione <span class=\"_ _d\"></span>di <span class=\"_ _0\"></span>dipen<span class=\"_ _2\"></span>denti,<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>l\u2019assunzione <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>indebitamento <span class=\"_ _0\"></span>finanziario <span class=\"_ _0\"></span>e<span class=\"_ _df\"> </span>concessione di finanziamenti e garanzie).<span class=\"_ _df\"> </span>Credemtel <span class=\"_ _f\"></span>ha <span class=\"_ _1\"></span>sottoscritto con<span class=\"_ _1\"></span> <span class=\"_ _f\"></span>i soci <span class=\"_ _f\"></span>di <span class=\"_ _f\"></span>A<span class=\"_ _2\"></span>NDXOR <span class=\"_ _1\"></span>accordi <span class=\"_ _f\"></span>contrattuali <span class=\"_ _f\"></span>volti a <span class=\"_ _f\"></span>disciplinare <span class=\"_ _f\"></span>pi\u00f9<span class=\"_ _df\"> </span>compiutamente la partnership nella societ\u00e0.<span class=\"_ _df\"> </span>Le parti hanno poi perfezionato un patto parasociale le<span class=\"_ _1\"></span> cui clausole contemplano:<span class=\"_ _df\"> </span><span class=\"ff10\"> <span class=\"_ _38\"> </span><span class=\"ff4\">il <span class=\"_ _4\"> </span>diritto <span class=\"_ _4\"> </span>di <span class=\"_ _22\"> </span>Cr<span class=\"_ _2\"></span>edemtel <span class=\"_ _22\"> </span>di<span class=\"_ _2\"></span> <span class=\"_ _4\"> </span>ottenere <span class=\"_ _22\"> </span>la <span class=\"_ _4\"> </span>nomina <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>esponenti <span class=\"_ _4\"> </span>aziendali <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>propri<span class=\"_ _2\"></span><span class=\"ls73\">a<span class=\"_ _df\"> </span></span></span></span>designazione (un consigliere di amministrazione ed il sindaco unico);<span class=\"_ _df\"> </span><span class=\"ff10\"> <span class=\"_ _38\"> </span><span class=\"ff4\">il <span class=\"_ _1\"></span>diritto di <span class=\"_ _f\"></span>co-vendita a fav<span class=\"_ _1\"></span>ore di Cred<span class=\"_ _1\"></span>emtel qualora <span class=\"_ _f\"></span>venga trasferita p<span class=\"_ _1\"></span>er atto <span class=\"_ _f\"></span>t<span class=\"_ _2\"></span>ra v<span class=\"_ _1\"></span>ivi<span class=\"_ _df\"> </span></span></span>una <span class=\"_ _2\"></span>quota <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>almeno <span class=\"_ _2\"></span>il <span class=\"_ _d\"></span>50% <span class=\"_ _d\"></span>del <span class=\"_ _d\"></span>capitale <span class=\"_ _2\"></span>sociale <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>ANDXOR <span class=\"_ _d\"></span>per <span class=\"_ _2\"></span>tutta <span class=\"_ _d\"></span>la <span class=\"_ _d\"></span>durata <span class=\"_ _d\"></span>del<span class=\"_ _df\"> </span>patto parasociale attualmente in essere;<span class=\"_ _df\"> </span><span class=\"ff10\"> <span class=\"_ _38\"> </span><span class=\"ff4\">la <span class=\"_ _4\"> </span>necessit\u00e0 <span class=\"_ _4\"> </span>di  un <span class=\"_ _4\"> </span>quorum <span class=\"_ _4\"> </span>quali<span class=\"_ _1\"></span>ficato <span class=\"_ _4\"> </span>per <span class=\"_ _4\"> </span>le <span class=\"_ _22\"> </span>deliberazioni <span class=\"_ _4\"> </span>dei <span class=\"_ _22\"> </span>componenti <span class=\"_ _4\"> </span>del<span class=\"_ _df\"> </span></span></span>Consiglio <span class=\"_ _5\"> </span>di <span class=\"_ _20\"> </span>Amministr<span class=\"_ _2\"></span>azione <span class=\"_ _20\"> </span>riguardanti <span class=\"_ _5\"> </span>particolari <span class=\"_ _5\"> </span>tematiche <span class=\"_ _20\"> </span>(come <span class=\"_ _5\"> </span>le<span class=\"_ _df\"> </span>modificazioni <span class=\"_ _6\"> </span>dell\u2019atto <span class=\"_ _26\"> </span>costitutivo, <span class=\"_ _26\"> </span>la <span class=\"_ _6\"> </span>mo<span class=\"_ _2\"></span>dificaz<span class=\"_ _1\"></span>ione <span class=\"_ _26\"> </span>dell\u2019oggetto <span class=\"_ _26\"> </span>sociale,<span class=\"_ _df\"> </span>l<span class=\"ff5\">\u2019assunzione <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>finanziamenti <span class=\"_ _d\"></span>oltre <span class=\"_ _d\"></span>i <span class=\"_ _0\"></span>150.000 <span class=\"_ _d\"></span>euro, <span class=\"_ _d\"></span>la <span class=\"_ _d\"></span>compravendita <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>diritt<span class=\"_ _2\"></span>i <span class=\"_ _d\"></span>reali<span class=\"_ _df\"> </span></span>immobiliari, emissione d<span class=\"_ _1\"></span>i titoli di debito, distribuzione di riserve).<span class=\"_ _df\"> </span>Credemtel ha sottoscritto con i soci di MYNET accordi contrattuali volti a disciplinare pi\u00f9<span class=\"_ _df\"> </span>compiutamente la partnership nella societ\u00e0.<span class=\"_ _df\"> </span>Le parti hanno poi perfezionato un patto parasociale le<span class=\"_ _1\"></span> cui clausole contemplano:<span class=\"_ _df\"> </span><span class=\"ff10\"> <span class=\"_ _38\"> </span><span class=\"ff4\">il <span class=\"_ _4\"> </span>diritto <span class=\"_ _4\"> </span>di <span class=\"_ _22\"> </span>Cr<span class=\"_ _2\"></span>edemtel <span class=\"_ _22\"> </span>di<span class=\"_ _2\"></span> <span class=\"_ _4\"> </span>ottenere <span class=\"_ _22\"> </span>la <span class=\"_ _4\"> </span>nomina <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>esponenti <span class=\"_ _4\"> </span>aziendali <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>propria<span class=\"_ _df\"> </span></span></span>designazione (un <span class=\"_ _2\"></span>consigliere <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>amministrazione, <span class=\"_ _2\"></span>un <span class=\"_ _2\"></span>sindaco <span class=\"_ _2\"></span>effettivo <span class=\"_ _2\"></span>con <span class=\"_ _2\"></span>ruolo <span class=\"_ _2\"></span>di<span class=\"_ _df\"> </span>presidente del collegio sindacale ed un sindaco supplente)<span class=\"_ _1\"></span>;<span class=\"_ _df\"> </span>la <span class=\"_ _16\"> </span>necessit\u00e0 <span class=\"_ _9\"> </span>di  un <span class=\"_ _9\"> </span>quorum  q<span class=\"_ _1\"></span>ualificato <span class=\"_ _16\"> </span>per <span class=\"_ _9\"> </span>le  de<span class=\"_ _1\"></span>liberazioni <span class=\"_ _16\"> </span>riguardanti <span class=\"_ _16\"> </span>particolari<span class=\"_ _df\"> </span>tematiche <span class=\"_ _5\"> </span>(come <span class=\"_ _6\"> </span>le <span class=\"_ _5\"> </span>modificazioni <span class=\"_ _5\"> </span>dell\u2019atto <span class=\"_ _6\"> </span>costitutivo, <span class=\"_ _5\"> </span>la <span class=\"_ _6\"> </span>modificaz<span class=\"_ _1\"></span>ione<span class=\"_ _df\"> </span>dell\u2019oggetto <span class=\"_ _1a\"> </span>sociale, <span class=\"_ _1a\"> </span>l\u2019assunzione <span class=\"_ _c\"> </span>di <span class=\"_ _1a\"> </span>finanziamenti <span class=\"_ _1a\"> </span>oltre <span class=\"_ _1a\"> </span>i <span class=\"_ _1a\"> </span>1.500.000 <span class=\"_ _1a\"> </span>euro,<span class=\"_ _df\"> </span>l\u2019emissione di <span class=\"_ _2\"></span>titoli <span class=\"_ _2\"></span>di debito, <span class=\"_ _2\"></span>l\u2019acquisizione o <span class=\"_ _2\"></span>dismissione di <span class=\"_ _2\"></span>beni <span class=\"_ _2\"></span>mobili o <span class=\"_ _2\"></span>immobili<span class=\"_ _df\"> </span>di valore superiore a 1.000.000 euro).<span class=\"_ _df\"> </span>Credemtel <span class=\"_ _2\"></span>ha <span class=\"_ _2\"></span>sot<span class=\"_ _2\"></span>toscritto <span class=\"_ _2\"></span>con <span class=\"_ _d\"></span>i <span class=\"_ _2\"></span>soci <span class=\"_ _d\"></span>di <span class=\"_ _2\"></span>FLAIRBIT <span class=\"_ _2\"></span>accordi <span class=\"_ _d\"></span>contrattu<span class=\"_ _2\"></span>ali <span class=\"_ _2\"></span>volti <span class=\"_ _d\"></span>a <span class=\"_ _2\"></span>disciplinare<span class=\"_ _df\"> </span>pi\u00f9 compiutamente la partnership nella societ\u00e0.<span class=\"_ _df\"> </span>Le parti hanno poi perfezionato un patto parasociale le<span class=\"_ _1\"></span> cui clausole contemplano:<span class=\"_ _df\"> </span><span class=\"_ _39\"> </span><span class=\"ff4\">il <span class=\"_ _4\"> </span>diritto <span class=\"_ _4\"> </span>di <span class=\"_ _22\"> </span>Cr<span class=\"_ _2\"></span>edemtel <span class=\"_ _22\"> </span>di<span class=\"_ _2\"></span> <span class=\"_ _4\"> </span>ottenere <span class=\"_ _22\"> </span>la <span class=\"_ _4\"> </span>nomina <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>esponenti <span class=\"_ _4\"> </span>aziendali <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>propria<span class=\"_ _df\"> </span></span>designazione (un consigliere di amministrazione);<span class=\"_ _df\"> </span><span class=\"_ _39\"> </span><span class=\"ff4\">la <span class=\"_ _16\"> </span>necessit\u00e0 <span class=\"_ _9\"> </span>di  un <span class=\"_ _9\"> </span>quorum  q<span class=\"_ _1\"></span>ualificato <span class=\"_ _16\"> </span>per <span class=\"_ _9\"> </span>le  de<span class=\"_ _1\"></span>liberazioni <span class=\"_ _16\"> </span>riguardanti <span class=\"_ _16\"> </span>particolari<span class=\"_ _df\"> </span></span>tematiche  (come <span class=\"_ _22\"> </span>le <span class=\"_ _22\"> </span>mo<span class=\"_ _2\"></span>dificazioni  dello  Statuto <span class=\"_ _4\"> </span>afferenti  all\u2019oggetto  s<span class=\"_ _2\"></span>ociale,  la<span class=\"_ _df\"> </span>stipula  di  cont<span class=\"_ _2\"></span>ratti <span class=\"_ _22\"> </span>di <span class=\"_ _22\"> </span>qualsiasi <span class=\"_ _4\"> </span>natura  con <span class=\"_ _4\"> </span>alcuna  parte  cor<span class=\"_ _2\"></span>relata <span class=\"_ _22\"> </span>di <span class=\"_ _4\"> </span>FLAIRBIT,<span class=\"_ _df\"> </span>l\u2019assunzione <span class=\"_ _1\"></span>di finanzi<span class=\"_ _1\"></span>amenti oltre <span class=\"_ _1\"></span>i 500.000 <span class=\"_ _1\"></span>euro, l<span class=\"_ _1\"></span>\u2019assunzione <span class=\"_ _1\"></span>di pe<span class=\"_ _1\"></span>rsonale con <span class=\"_ _f\"></span>un<span class=\"_ _df\"> </span>trattamento <span class=\"_ _15\"> </span>economico <span class=\"_ _15\"> </span>(retribuzione <span class=\"_ _14\"> </span>annua <span class=\"_ _e\"> </span>lorda) <span class=\"_ _15\"> </span>pari <span class=\"_ _15\"> </span>o <span class=\"_ _15\"> </span>superiore <span class=\"_ _15\"> </span>ad <span class=\"_ _15\"> </span>Euro<span class=\"_ _df\"> </span>100.000,00 (centomila) annui).<span class=\"_ _df\"> </span>7.10 Al<span class=\"_ _1\"></span>tre i<span class=\"_ _1\"></span>nform<span class=\"_ _1\"></span>azio<span class=\"_ _f\"></span>ni<span class=\"_ _df\"> </span>Credemassicurazioni, <span class=\"_ _9\"> </span>A<span class=\"_ _2\"></span>ndxor,  Flairbit  <span class=\"lse\">e  </span>M<span class=\"_ _1\"></span>ynet,  partecipazioni  p<span class=\"_ _1\"></span>er  le <span class=\"_ _9\"> </span>q<span class=\"_ _2\"></span>uali <span class=\"_ _16\"> </span>il  valore <span class=\"_ _9\"> </span>di<span class=\"_ _df\"> </span>bilancio r<span class=\"_ _2\"></span>isulta essere <span class=\"_ _2\"></span>superiore alla <span class=\"_ _2\"></span>quota <span class=\"_ _2\"></span>di pertinenza <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>patrimonio netto<span class=\"_ _2\"></span>, sono <span class=\"_ _2\"></span>state<span class=\"_ _df\"> </span>assoggettate a test d\u2019impairment dal q<span class=\"_ _1\"></span>uale \u00e8 emerso un valore r<span class=\"_ _1\"></span>ecuperabile superiore al<span class=\"_ _df\"> </span>valore <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>car<span class=\"_ _2\"></span>ico. <span class=\"_ _2\"></span>Si <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _d\"></span>quindi <span class=\"_ _d\"></span>ritenuto <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>la <span class=\"_ _d\"></span>differenza <span class=\"_ _2\"></span>negativa <span class=\"_ _d\"></span>fra <span class=\"_ _2\"></span>il <span class=\"_ _d\"></span>valore <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>car<span class=\"_ _2\"></span>ico <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>a<span class=\"_ _df\"> </span>quota <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>pertinenza <span class=\"_ _0\"></span>del <span class=\"_ _0\"> </span>patr<span class=\"_ _2\"></span>imonio <span class=\"_ _0\"></span>netto <span class=\"_ _0\"></span>di <span class=\"_ _9\"> </span>tali <span class=\"_ _0\"></span>partecipate<span class=\"fce\"> <span class=\"_ _9\"> </span></span>non <span class=\"_ _0\"></span>\u00e8 <span class=\"_ _0\"> </span>as<span class=\"_ _2\"></span>crivibi<span class=\"_ _1\"></span>le <span class=\"_ _0\"></span>a <span class=\"_ _9\"> </span>perdita<span class=\"_ _df\"> </span>durevole di valore <span class=\"_ _2\"></span>e, pertanto, <span class=\"_ _2\"></span>non sono <span class=\"_ _2\"></span>stati rettificati i <span class=\"_ _2\"></span>valori di <span class=\"_ _2\"></span>iscrizione. <span class=\"_ _2\"></span>Per maggiori<span class=\"_ _df\"> </span>dettagli <span class=\"_ _8\"> </span>sull\u2019impairment <span class=\"_ _30\"> </span>test <span class=\"_ _8\"> </span>effettuato <span class=\"_ _30\"> </span>riguardo <span class=\"_ _30\"> </span>l\u2019avviamento <span class=\"_ _8\"> </span>generato <span class=\"_ _30\"> </span>da<span class=\"_ _df\"> </span>Credemassicurazioni si rimanda alla Parte B <span class=\"ff5\">\u2013</span> <span class=\"ff5\">Sezione 10 \u201cAvviamento\u201d.<span class=\"_ _df\"> </span></span>Per Credemassicurazioni la differenza negativ<span class=\"_ _1\"></span>a \u00e8 ascrivibile alla quota di avviamento per<span class=\"_ _df\"> </span>10,3 <span class=\"_ _1\"></span>milioni <span class=\"_ _f\"></span>di euro, <span class=\"_ _f\"></span>mentre <span class=\"_ _f\"></span>per Andxor, Flairbi<span class=\"_ _1\"></span>t e<span class=\"_ _f\"></span> Mynet <span class=\"_ _f\"></span>la differenza <span class=\"_ _f\"></span>negativa \u00e8<span class=\"_ _1\"></span> <span class=\"_ _f\"></span>as<span class=\"_ _2\"></span>crivibile<span class=\"_ _df\"> </span>alla <span class=\"_ _2\"></span>quota <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>avviamento <span class=\"_ _2\"></span>rispettivamente per <span class=\"_ _2\"></span>1.062 <span class=\"_ _2\"></span>mila <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>euro<span class=\"_ _2\"></span>, <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>402 <span class=\"_ _2\"></span>mila <span class=\"_ _2\"></span>euro <span class=\"_ _d\"></span>e <span class=\"_ _2\"></span>per<span class=\"_ _df\"> </span>21<span class=\"ls0\">7 mila euro.</span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-879": {
   "value": "Sezio<span class=\"_ _1\"></span>ne 7 - L<span class=\"_ _1\"></span>e pa<span class=\"_ _1\"></span>rtecipaz<span class=\"_ _f\"></span>ioni - Voce<span class=\"_ _1\"></span> 70 Il valore di bilancio della voce \u201cPartecipazioni\u201d ammonta a <span class=\"_ _2\"></span><span class=\"ff4 ls3\">6<span class=\"ff2a ls1b\">2,<span class=\"ls0 ws26\">6 </span></span><span class=\"ls0\">milioni di euro.<span class=\"fc4 sc3 ws67\"> </span></span></span>7.1 Pa<span class=\"_ _f\"></span>rtecipazio<span class=\"_ _f\"></span>ni: inform<span class=\"_ _1\"></span>azi<span class=\"_ _1\"></span>oni s<span class=\"_ _f\"></span>ui rapport<span class=\"_ _f\"></span>i parteci<span class=\"_ _1\"></span>pativ<span class=\"_ _1\"></span>i <table class=\"s wa2a h4ba\" id=\"_59ec7c2c-a502-4977-899c-49d4144bd260\"><tr><td></td><td></td><td></td><td></td><td class=\"c x3f0 y2711 w35c h19\"><div class=\"t m0 x39 h1f y1d ff4 fs7 fc7 sc6 ls0 ws0\">Rap<span class=\"_ _f\"></span>porto di <span class=\"_ _1\"></span>part<span class=\"_ _1\"></span>ecipa<span class=\"_ _f\"></span>zione </div></td><td></td></tr><tr><td class=\"c x2e0 y2712 w359 h16e\"><div class=\"t m0 xa3 h1f ya13 ff4 fs7 fc7 sc6 ls0 ws0\">Deno<span class=\"_ _f\"></span>minazi<span class=\"_ _1\"></span>oni <span class=\"_ _f\"></span> </div></td><td class=\"c x3f1 y2712 w35a h16e\"><div class=\"t m0 x8f h1f ya13 ff4 fs7 fc7 sc6 ls0 ws0\">Sede<span class=\"_ _f\"></span> legale<span class=\"_ _f\"></span> </div></td><td class=\"c x3f2 y2713 wa2b h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc7 sc6 ls0 ws0\">Tipo <span class=\"_ _f\"></span>di<span class=\"_ _df\"> </span></div></td><td></td><td></td><td class=\"c x3f3 y2713 wa2c h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc7 sc6 ls0 ws0\">Dispo<span class=\"_ _f\"></span>nibilit\u00e0<span class=\"_ _f\"></span> voti<span class=\"_ _df\"> </span></div></td></tr><tr><td></td><td></td><td class=\"c x3f4 y2714 wa2d h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc7 sc6 ls0 ws0\">rappo<span class=\"_ _1\"></span>rto<span class=\"_ _df\"> </span></div></td><td></td><td></td><td class=\"c x3f5 y2714 wa2e h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc7 sc6 ls0 ws0\">%<span class=\"_ _df\"> </span></div></td></tr><tr><td></td><td></td><td></td><td class=\"c x3f0 y2712 w35d h1c1\"><div class=\"t m0 xab h1f ye13 ff4 fs7 fc7 sc6 ls0 ws0\">Impr<span class=\"_ _f\"></span>esa part<span class=\"_ _f\"></span>ecipan<span class=\"_ _1\"></span>te </div></td><td class=\"c x3f6 y2712 w35e h1c1\"><div class=\"t m0 x8a h1f ye13 ff4 fs7 fc7 sc6 ls0 ws0\">Quot<span class=\"_ _1\"></span>a %<span class=\"_ _f\"></span> </div></td><td></td></tr><tr><td class=\"c x2e0 y2715 w359 h1e\"><div class=\"t m0 x10 h1f y1220 ff4 fs7 fc1 sc2 ls0 ws0\">A.<span class=\"_ _15\"> </span>Impr<span class=\"_ _f\"></span>ese con<span class=\"_ _1\"></span>trol<span class=\"_ _1\"></span>lat<span class=\"_ _1\"></span>e in m<span class=\"_ _f\"></span>odo con<span class=\"_ _f\"></span>giunto </div></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x3f7 y2716 w35f h69\"><div class=\"t m0 x10 h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">1. Credemassicur<span class=\"_ _1\"></span>azioni spa </div></td><td class=\"c x3f1 y2716 w360 h69\"><div class=\"t m0 x10 h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">Reggio Emilia<span class=\"_ _1\"></span> </div></td><td class=\"c x3f8 y2716 w163 h69\"><div class=\"t m0 x48 h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">1 </div></td><td class=\"c x3f0 y2716 w35d h69\"><div class=\"t m0 x55 h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">Credito Emiliano<span class=\"_ _1\"></span> </div></td><td class=\"c x3f6 y2716 w35e h69\"><div class=\"t m0 xab h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">50,00% </div></td><td></td></tr><tr><td class=\"c x262 y2717 wa2f h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc2 ls0 ws0\">B.<span class=\"_ _15\"> </span>Impre<span class=\"_ _1\"></span>se s<span class=\"_ _f\"></span>ottopo<span class=\"_ _f\"></span>ste a in<span class=\"_ _1\"></span>fluen<span class=\"_ _f\"></span>za<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x262 y2718 wa30 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc2 ls0 ws0\">not<span class=\"_ _1\"></span>evole<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x3f7 y2719 w35f h69\"><div class=\"t m0 x10 h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">1. SBC Fintech 2224<span class=\"_ _1\"></span> Milan srl </div></td><td class=\"c x3f1 y2719 w35a h69\"><div class=\"t m0 x163 h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">Milano </div></td><td class=\"c x3f8 y2719 w35b h69\"><div class=\"t m0 x48 h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">1 </div></td><td class=\"c x3f9 y2719 w28b h69\"><div class=\"t m0 x3a h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">Credemtel </div></td><td class=\"c x3f6 y2719 w1fb h69\"><div class=\"t m0 xab h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">45,92% </div></td><td></td></tr><tr><td class=\"c x3f7 y271a w35f h69\"><div class=\"t m0 x10 h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">2. Andxor srl<span class=\"_ _1\"></span> </div></td><td class=\"c x3f1 y271a w35a h69\"><div class=\"t m0 x163 h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">Cinisello Balsam<span class=\"_ _f\"></span>o </div></td><td class=\"c x3f8 y271a w35b h69\"><div class=\"t m0 x48 h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">1 </div></td><td class=\"c x3f9 y271a w28b h69\"><div class=\"t m0 x3a h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">Credemtel </div></td><td class=\"c x3f6 y271a w1fb h69\"><div class=\"t m0 x8a h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">40,00% </div></td><td></td></tr><tr><td class=\"c x3f7 y271b w35f h6a\"><div class=\"t m0 x10 h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">3<span class=\"ls3f\">. </span>Mynet srl </div></td><td class=\"c x3f1 y271b w35a h6a\"><div class=\"t m0 x163 h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">Udine </div></td><td class=\"c x3f8 y271b w35b h6a\"><div class=\"t m0 x48 h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">1 </div></td><td class=\"c x3f9 y271b w28b h6a\"><div class=\"t m0 x3a h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">Credemtel </div></td><td class=\"c x3f6 y271b w1fb h6a\"><div class=\"t m0 xab h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">12,99% </div></td><td></td></tr><tr><td class=\"c x3f7 y271c w35f h69\"><div class=\"t m0 x10 h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">4. Flairbit srl </div></td><td class=\"c x3f1 y271c w35a h69\"><div class=\"t m0 x163 h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">Genova </div></td><td class=\"c x3f8 y271c w35b h69\"><div class=\"t m0 x48 h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">1 </div></td><td class=\"c x3f9 y271c w28b h69\"><div class=\"t m0 x3a h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">Credemtel </div></td><td class=\"c x3f6 y271c w1fb h69\"><div class=\"t m0 xab h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">10,00% </div></td><td></td></tr></table>Lege<span class=\"_ _f\"></span>nda Tipo di rappor<span class=\"_ _1\"></span>to: 1 <span class=\"ff5\">\u2013</span> partecipazione<span class=\"_ _1\"></span> al capitale soc<span class=\"_ _1\"></span>iale<span class=\"_ _df\"> </span>7.2 P<span class=\"_ _1\"></span>arte<span class=\"_ _1\"></span>cipazio<span class=\"_ _f\"></span>ni signifi<span class=\"_ _1\"></span>cativ<span class=\"_ _1\"></span>e: v<span class=\"_ _f\"></span>alore di <span class=\"_ _1\"></span>bilanci<span class=\"_ _1\"></span>o, fa<span class=\"_ _f\"></span>ir value<span class=\"_ _1\"></span> e divid<span class=\"_ _f\"></span>endi per<span class=\"_ _1\"></span>cepit<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span> <table class=\"s wa31 h4bb\" id=\"_c3cf25a3-d82b-401f-a378-5d2529241b35\"><tr><td class=\"c x3fb y271d w361 h24e\"><div class=\"t m0 x22 h1f y1258 ff4 fs7 fc4 sc3 ls0 ws0\">Deno<span class=\"_ _f\"></span>minazi<span class=\"_ _1\"></span>oni </div></td><td></td><td class=\"c x3fc y271d w30a h24e\"><div class=\"t m0 x116 h1f y1258 ff4 fs7 fc4 sc3 ls0 ws0\">Val<span class=\"_ _1\"></span>ore di<span class=\"_ _1\"></span> bila<span class=\"_ _f\"></span>ncio </div></td><td class=\"c x3fd y271d w362 h24e\"><div class=\"t m0 x30 h1f y1258 ff4 fs7 fc4 sc3 ls0 ws0\">Fair<span class=\"_ _f\"></span> value </div></td><td class=\"c x3fe y271d w363 h24e\"><div class=\"t m0 x8e h1f y1258 ff4 fs7 fc4 sc3 ls0 ws0\">Divi<span class=\"_ _1\"></span>dendi <span class=\"_ _f\"></span>perce<span class=\"_ _1\"></span>piti </div></td></tr><tr><td class=\"c x3ff y271e w364 h49\"><div class=\"t m0 x15d h1f y32 ff4 fs7 fc1 sc2 ls0 ws0\">A. Im<span class=\"_ _1\"></span>pres<span class=\"_ _f\"></span>e cont<span class=\"_ _1\"></span>roll<span class=\"_ _1\"></span>ate in<span class=\"_ _1\"></span> mo<span class=\"_ _1\"></span>do con<span class=\"_ _f\"></span>giun<span class=\"_ _1\"></span>to </div></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x3ff y271f w364 he9\"><div class=\"t m0 x35 h1f yd81 ff4 fs7 fc1 sc0 ls9 ws0\">1.<span class=\"_ _27\"> </span><span class=\"ls0\">Credemassicurazioni spa</span><span class=\"ls0\"> </span></div></td><td></td><td class=\"c x3fc y271f w365 he9\"><div class=\"t m0 x11d h1f yd81 ff4 fs7 fc1 sc0 ls0 ws0\">59.650 </div></td><td class=\"c x400 y271f w366 he9\"><div class=\"t m0 x1de h1f yd81 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x3fe y271f w367 he9\"><div class=\"t m0 xeb h1f yd81 ff4 fs7 fc1 sc0 ls0 ws0\">4.713 </div></td></tr><tr><td class=\"c x3ff y2720 w364 h49\"><div class=\"t m0 x15d h1f y32 ff4 fs7 fc1 sc2 ls0 ws0\">B. Im<span class=\"_ _f\"></span>prese s<span class=\"_ _1\"></span>otto<span class=\"_ _1\"></span>post<span class=\"_ _1\"></span>e ad i<span class=\"_ _f\"></span>nfluen<span class=\"_ _f\"></span>za not<span class=\"_ _f\"></span>evole </div></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x3ff y2721 w364 he9\"><div class=\"t m0 x48 h1f yd81 ff4 fs7 fc1 sc0 ls9 ws0\">1.<span class=\"_ _b\"> </span><span class=\"ls0\">SBC Fintech 2224 Milan s<span class=\"_ _f\"></span>rl<span class=\"_ _df\"> </span></span></div></td><td></td><td class=\"c x3fc y2721 w365 he9\"><div class=\"t m0 xe5 h1f yd81 ff4 fs7 fc1 sc0 ls0 ws0\">584 </div></td><td class=\"c x400 y2721 w366 he9\"><div class=\"t m0 x1de h1f yd81 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x3fe y2721 w367 he9\"><div class=\"t m0 xe3 h1f yd81 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x3ff y2722 w364 he9\"><div class=\"t m0 x48 h1f yd81 ff4 fs7 fc1 sc0 ls2a ws0\">2.<span class=\"_ _33\"> </span><span class=\"ls0\">Andxor srl</span><span class=\"ls0\"> </span></div></td><td></td><td class=\"c x3fc y2722 w365 he9\"><div class=\"t m0 xec h1f yd81 ff4 fs7 fc1 sc0 ls0 ws0\">1.388 </div></td><td class=\"c x400 y2722 w366 he9\"><div class=\"t m0 x1de h1f yd81 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x3fe y2722 w367 he9\"><div class=\"t m0 x12a h1f yd81 ff4 fs7 fc1 sc0 ls0 ws0\">172 </div></td></tr><tr><td class=\"c x3ff y2723 w364 h24f\"><div class=\"t m0 x48 h1f y1567 ff4 fs7 fc1 sc0 ls27 ws0\">3.<span class=\"_ _35\"> </span><span class=\"ls0\">Mynet srl<span class=\"_ _df\"> </span></span></div></td><td></td><td class=\"c x3fc y2723 w365 h24f\"><div class=\"t m0 xe8 h1f y1567 ff4 fs7 fc1 sc0 ls0 ws0\">375 </div></td><td class=\"c x400 y2723 w366 h24f\"><div class=\"t m0 x1de h1f y1567 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x3fe y2723 w367 h24f\"><div class=\"t m0 xe3 h1f y1567 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x3ff y2724 w364 he9\"><div class=\"t m0 x48 h1f yd81 ff4 fs7 fc1 sc0 lsa ws0\">4.<span class=\"_ _35\"> </span><span class=\"ls0\">Flairbit srl</span><span class=\"ls0\"> </span></div></td><td></td><td class=\"c x3fc y2724 w365 he9\"><div class=\"t m0 xe5 h1f yd81 ff4 fs7 fc1 sc0 ls0 ws0\">584 </div></td><td class=\"c x400 y2724 w366 he9\"><div class=\"t m0 x1de h1f yd81 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x3fe y2724 w367 he9\"><div class=\"t m0 xe3 h1f yd81 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td></td><td class=\"c x3ff y2725 w364 h49\"><div class=\"t m0 x100 h1f y25f ff4 fs7 fc1 sc2 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale </div></td><td class=\"c x3fc y2725 w365 h49\"><div class=\"t m0 x11d h1f y25f ff4 fs7 fc1 sc2 ls0 ws0\">62.58<span class=\"_ _f\"></span>2 </div></td><td class=\"c x400 y2725 w366 h49\"><div class=\"t m0 x1de h1f y25f ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td><td class=\"c x3fe y2725 w367 h49\"><div class=\"t m0 x11f h1f y25f ff4 fs7 fc1 sc2 ls0 ws0\">4.885<span class=\"_ _f\"></span> </div></td></tr></table>La colonn<span class=\"_ _1\"></span>a fair <span class=\"_ _f\"></span>value non \u00e8<span class=\"_ _f\"></span> avvalorata perch\u00e9<span class=\"_ _1\"></span> non <span class=\"_ _f\"></span>sono presenti socie<span class=\"_ _f\"></span>t<span class=\"_ _2\"></span>\u00e0 q<span class=\"_ _1\"></span>uotate classificate<span class=\"_ _1\"></span> tra <span class=\"_ _f\"></span>le partecipazioni <span class=\"_ _f\"></span>significative.<span class=\"_ _df\"> </span>Ricon<span class=\"_ _f\"></span>ciliazione <span class=\"_ _f\"></span>tra le i<span class=\"_ _1\"></span>nform<span class=\"_ _1\"></span>azion<span class=\"_ _f\"></span>i di natur<span class=\"_ _f\"></span>a conta<span class=\"_ _1\"></span>bile e<span class=\"_ _1\"></span>d il v<span class=\"_ _1\"></span>alor<span class=\"_ _f\"></span>e<span class=\"_ _2\"></span> c<span class=\"_ _1\"></span>onta<span class=\"_ _1\"></span>bile d<span class=\"_ _1\"></span>elle p<span class=\"_ _1\"></span>arte<span class=\"_ _1\"></span>cipazi<span class=\"_ _1\"></span>oni <table class=\"s wa56 h4be\" id=\"_b31a3db7-a814-478e-83c1-8138e26b2cee\"><tr><td></td><td></td><td class=\"c x436 y273c wa57 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">Patr<span class=\"_ _f\"></span>imonio<span class=\"_ _df\"> </span></div></td><td class=\"c x437 y273c wa58 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">Perc<span class=\"_ _1\"></span>entu<span class=\"_ _1\"></span>ale <span class=\"_ _f\"></span>di</div></td><td class=\"c x438 y273d wa59 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">Patr<span class=\"_ _f\"></span>imonio<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x439 y273c wa5a h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">Altr<span class=\"_ _1\"></span>e<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x43a y273c wa5b h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">Val<span class=\"_ _1\"></span>ore di<span class=\"_ _df\"> </span></div></td></tr><tr><td class=\"c x43b y273e w374 h253\"><div class=\"t m0 x171 h1f y293 ff4 fs7 fc4 sc3 ls0 ws0\">Deno<span class=\"_ _f\"></span>minazi<span class=\"_ _1\"></span>oni </div></td><td></td><td class=\"c x43c y273f wa5c h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">net<span class=\"_ _1\"></span>to (*)<span class=\"_ _df\"> </span></div></td><td class=\"c x43d y273f wa5d h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">inter<span class=\"_ _1\"></span>esse<span class=\"_ _1\"></span>nza</div></td><td class=\"c x43e y2740 wa5e h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">net<span class=\"_ _1\"></span>to di<span class=\"_ _df\"> </span></div></td><td class=\"c x43f y273e w376 h253\"><div class=\"t m0 x8a h1f y293 ff4 fs7 fc4 sc3 ls0 ws0\">Avvi<span class=\"_ _1\"></span>ame<span class=\"_ _1\"></span>nto </div></td><td class=\"c x440 y273f wa5f h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">post<span class=\"_ _1\"></span>e<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x441 y273f wa60 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">bilan<span class=\"_ _f\"></span>cio<span class=\"_ _df\"> </span></div></td></tr><tr><td></td><td></td><td></td><td></td><td class=\"c x442 y2741 wa61 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">perti<span class=\"_ _f\"></span>nenza<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x43b y2742 w378 h49\"><div class=\"t m0 x10 h1f y32 ff4 fs7 fc1 sc2 ls0 ws0\">A. Im<span class=\"_ _1\"></span>pres<span class=\"_ _f\"></span>e cont<span class=\"_ _1\"></span>rollat<span class=\"_ _f\"></span>e in mo<span class=\"_ _f\"></span>do cong<span class=\"_ _1\"></span>iun<span class=\"_ _f\"></span>to </div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x43b y2743 w378 h49\"><div class=\"t m0 x130 h1f y32 ff4 fs7 fc1 sc2 ls26 ws0\">  <span class=\"sc0 ls0\">Credemass<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span>curazion<span class=\"_ _1\"></span>i </span></div></td><td></td><td class=\"c x443 y2743 w379 h49\"><div class=\"t m0 x35 h1f y25f ff4 fs7 fc1 sc0 ls0 ws0\">98.652 </div></td><td class=\"c x444 y2743 w27c h49\"><div class=\"t m0 x26 h1f y25f ff4 fs7 fc1 sc0 ls0 ws0\">50,00% </div></td><td class=\"c x445 y2743 w37a h49\"><div class=\"t m0 x97 h1f y25f ff4 fs7 fc1 sc0 ls0 ws0\">42.662 </div></td><td class=\"c x446 y2743 waf h49\"><div class=\"t m0 x33 h1f y25f ff4 fs7 fc1 sc0 ls26 ws0\">   <span class=\"ls0\">10.324 </span></div></td><td></td><td class=\"c x447 y2743 w168 h49\"><div class=\"t m0 x36 h1f y25f ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x448 y2743 w37b h49\"><div class=\"t m0 x35 h1f y25f ff4 fs7 fc1 sc0 ls0 ws0\">59.650 </div></td></tr><tr><td class=\"c x43b y2744 w378 h82\"><div class=\"t m0 x48 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">SBC Fintech 2224 M<span class=\"_ _1\"></span>ilan </div></td><td></td><td class=\"c x443 y2744 w379 h82\"><div class=\"t m0 x38 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">1.271 </div></td><td class=\"c x444 y2744 w27c h82\"><div class=\"t m0 x34 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">45,92% </div></td><td class=\"c x445 y2744 w37a h82\"><div class=\"t m0 x12 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">584 </div></td><td class=\"c x446 y2744 waf h82\"><div class=\"t m0 x7 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x447 y2744 w168 h82\"><div class=\"t m0 x36 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x448 y2744 w37b h82\"><div class=\"t m0 x30 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">584 </div></td></tr><tr><td class=\"c x43b y2745 w378 h82\"><div class=\"t m0 x48 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">Andxor </div></td><td></td><td class=\"c x443 y2745 w379 h82\"><div class=\"t m0 x15 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">813 </div></td><td class=\"c x444 y2745 w27c h82\"><div class=\"t m0 x26 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">40,00% </div></td><td class=\"c x445 y2745 w37a h82\"><div class=\"t m0 x90 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">168 </div></td><td class=\"c x446 y2745 waf h82\"><div class=\"t m0 x97 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">1.062 </div></td><td></td><td class=\"c x447 y2745 w168 h82\"><div class=\"t m0 x36 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x448 y2745 w37b h82\"><div class=\"t m0 x37 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">1.388 </div></td></tr><tr><td class=\"c x43b y2746 w378 h82\"><div class=\"t m0 x48 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">Mynet </div></td><td></td><td class=\"c x443 y2746 w379 h82\"><div class=\"t m0 x38 h1f y66c ff4 fs7 fc1 sc0 ls0 ws0\">1.215 </div></td><td class=\"c x444 y2746 w27c h82\"><div class=\"t m0 x97 h1f y66c ff4 fs7 fc1 sc0 ls0 ws0\">12,99% </div></td><td class=\"c x445 y2746 w37a h82\"><div class=\"t m0 x90 h1f y66c ff4 fs7 fc1 sc0 ls9 ws0\">107<span class=\"ls0\"> </span></div></td><td class=\"c x446 y2746 waf h82\"><div class=\"t m0 x8f h1f y66c ff4 fs7 fc1 sc0 ls2a ws0\">217<span class=\"ls0\"> </span></div></td><td></td><td></td><td class=\"c x448 y2746 w37b h82\"><div class=\"t m0 x15 h1f y66c ff4 fs7 fc1 sc0 ls0 ws0\">375 </div></td></tr><tr><td class=\"c x43b y2747 w378 h82\"><div class=\"t m0 x48 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">Flairbit </div></td><td></td><td class=\"c x443 y2747 w379 h82\"><div class=\"t m0 x37 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">1.873 </div></td><td class=\"c x444 y2747 w27c h82\"><div class=\"t m0 x37 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">10,00% </div></td><td class=\"c x445 y2747 w37a h82\"><div class=\"t m0 x7 h1f y54 ff4 fs7 fc1 sc0 ls9 ws0\">117<span class=\"ls0\"> </span></div></td><td class=\"c x446 y2747 waf h82\"><div class=\"t m0 x15 h1f y54 ff4 fs7 fc1 sc0 lsa ws0\">402<span class=\"ls0\"> </span></div></td><td></td><td></td><td class=\"c x448 y2747 w37b h82\"><div class=\"t m0 x30 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">589 </div></td></tr><tr><td></td><td class=\"c x43b y2748 w378 h82\"><div class=\"t m0 x85 h1f y54 ff4 fs7 fc1 sc2 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale </div></td><td class=\"c x443 y2748 w379 h82\"><div class=\"t m0 x2c h1f y54 ff4 fs7 fc1 sc2 ls0 ws0\">97.7<span class=\"_ _f\"></span>83 </div></td><td class=\"c x444 y2748 w27c h82\"><div class=\"t m0 x8 h1f y54 ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td><td class=\"c x445 y2748 w37a h82\"><div class=\"t m0 x38 h1f y54 ff4 fs7 fc1 sc2 ls0 ws0\">43.63<span class=\"_ _f\"></span>7 </div></td><td class=\"c x446 y2748 waf h82\"><div class=\"t m0 x27 h1f y54 ff4 fs7 fc1 sc2 ls0 ws0\">12.00<span class=\"_ _f\"></span>5 </div></td><td></td><td class=\"c x447 y2748 w168 h82\"><div class=\"t m0 x36 h1f y54 ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td><td class=\"c x448 y2748 w37b h82\"><div class=\"t m0 x2c h1f y54 ff4 fs7 fc1 sc2 ls0 ws0\">62.58<span class=\"_ _f\"></span>2 </div></td></tr></table> <span class=\"ff5\">(*) il patrimonio netto \u00e8 l<span class=\"_ _2\"></span>a somma delle \u201catti<span class=\"_ _2\"></span>vit\u00e0 finanziarie\u201d, delle \u201cAttivi<span class=\"_ _d\"></span>t\u00e0 non finanziarie\u201d al netto del<span class=\"_ _2\"></span>le \u201cPassivit\u00e0 </span>finanziarie\u201d e delle \u201cPassi<span class=\"_ _2\"></span>vit\u00e0 finanziarie\u201d riportate nel<span class=\"_ _2\"></span>la tabella 7.3.<span class=\"_ _2\"></span><span class=\"ff4\"> </span>7.5 <span class=\"_ _1\"></span>Partecip<span class=\"_ _1\"></span>azio<span class=\"_ _f\"></span>ni: vari<span class=\"_ _1\"></span>azioni<span class=\"_ _1\"></span> ann<span class=\"_ _f\"></span>ue <table class=\"s wa62 h4bf\" id=\"_758a7be1-7daa-4ba2-a7bb-5b91094c8eb4\"><tr><td></td><td class=\"c x44a y2749 w37d h49\"><div class=\"t m0 x11 h1f y32 ff4 fs7 fc4 sc3 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale </div></td><td></td><td class=\"c x44b y2749 w37e h49\"><div class=\"t m0 x11 h1f y32 ff4 fs7 fc4 sc3 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale </div></td><td></td></tr><tr><td></td><td class=\"c x44a y274a w37d h49\"><div class=\"t m0 x31 h1f y68b ff4 fs7 fc4 sc3 ls0 ws0\">31/12/<span class=\"_ _f\"></span>2025 </div></td><td class=\"c x44c y24be w993 h4c0\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/<span class=\"_ _df\"> </span></div></td><td class=\"c x44d y24be w994 h4c0\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc4 sc3 ls0 ws0\">2024<span class=\"_ _df\"> </span></div></td><td></td></tr><tr><td class=\"c x44e y274b w37f h82\"><div class=\"t m0 x10 h1f y54 ff4 fs7 fc1 sc2 ls0 ws0\">A. Es<span class=\"_ _1\"></span>iste<span class=\"_ _1\"></span>nze i<span class=\"_ _1\"></span>nzia<span class=\"_ _1\"></span>li </div></td><td></td><td class=\"c x44a y274b w37d h82\"><div class=\"t m0 xc h1f y32 ff4 fs7 fc1 sc2 ls0 ws0\">59.9<span class=\"_ _f\"></span>36 </div></td><td></td><td class=\"c x44b y274b w339 h82\"><div class=\"t m0 xc h1f y32 ff4 fs7 fc1 sc2 ls0 ws0\">54.95<span class=\"_ _1\"></span>5 </div></td></tr><tr><td class=\"c x44e y274c w37f h82\"><div class=\"t m0 x10 h1f y54 ff4 fs7 fc1 sc2 ls0 ws0\">B. A<span class=\"_ _1\"></span>umen<span class=\"_ _f\"></span>ti </div></td><td></td><td class=\"c x44a y274c w37d h82\"><div class=\"t m0 xe4 h1f y32 ff4 fs7 fc1 sc2 ls0 ws0\">7.53<span class=\"_ _1\"></span>2 </div></td><td></td><td class=\"c x44b y274c w339 h82\"><div class=\"t m0 xe4 h1f y32 ff4 fs7 fc1 sc2 ls0 ws0\">8.233<span class=\"_ _f\"></span> </div></td></tr><tr><td class=\"c x44e y274d w37f h82\"><div class=\"t m0 x16a h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">B.1 Acquisti </div></td><td></td><td class=\"c x44a y274d w37d h82\"><div class=\"t m0 x114 h1f y32 ff4 fs7 fc1 sc0 ls9 ws0\">115<span class=\"ls0\"> </span></div></td><td></td><td class=\"c x44b y274d w339 h82\"><div class=\"t m0 x191 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">315 </div></td></tr><tr><td class=\"c x44e y274e w37f h82\"><div class=\"t m0 x48 h1f y66c ff4 fs7 fc1 sc0 ls0 ws0\">- di cui operazio<span class=\"_ _1\"></span>ni di aggregaz<span class=\"_ _1\"></span>ione aziendale </div></td><td></td><td class=\"c x44a y274e w37d h82\"><div class=\"t m0 x189 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x44b y274e w339 h82\"><div class=\"t m0 x189 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y274f w37f h82\"><div class=\"t m0 x16a h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">B.2 Riprese di val<span class=\"_ _f\"></span>o<span class=\"_ _2\"></span>re </div></td><td></td><td class=\"c x44a y274f w37d h82\"><div class=\"t m0 x189 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x44b y274f w339 h82\"><div class=\"t m0 x189 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2750 w37f h82\"><div class=\"t m0 x16a h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">B.3 Rivalutazi<span class=\"_ _1\"></span>oni<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x44a y2750 w37d h82\"><div class=\"t m0 x114 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">151 </div></td><td></td><td class=\"c x44b y2750 w339 h82\"><div class=\"t m0 x189 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2751 w37f h82\"><div class=\"t m0 x16a h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">B.4 Altre variazi<span class=\"_ _1\"></span>oni </div></td><td></td><td class=\"c x44a y2751 w37d h82\"><div class=\"t m0 xe4 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">7.266 </div></td><td></td><td class=\"c x44b y2751 w339 h82\"><div class=\"t m0 xed h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">7.918 </div></td></tr><tr><td class=\"c x44e y2752 w37f h82\"><div class=\"t m0 x10 h1f y54 ff4 fs7 fc1 sc2 ls0 ws0\">C. Dim<span class=\"_ _f\"></span>inuzion<span class=\"_ _f\"></span>i </div></td><td></td><td class=\"c x44a y2752 w37d h82\"><div class=\"t m0 x11e h1f y32 ff4 fs7 fc1 sc2 ls0 ws0\">4.886<span class=\"_ _f\"></span> </div></td><td></td><td class=\"c x44b y2752 w339 h82\"><div class=\"t m0 xe3 h1f y32 ff4 fs7 fc1 sc2 ls0 ws0\">3.25<span class=\"_ _f\"></span>2 </div></td></tr><tr><td class=\"c x44e y2753 w37f h82\"><div class=\"t m0 x16a h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">C.1 Vendite </div></td><td></td><td class=\"c x44a y2753 w37d h82\"><div class=\"t m0 x189 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x44b y2753 w339 h82\"><div class=\"t m0 x189 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2754 w37f h254\"><div class=\"t m0 x48 h1f y66c ff4 fs7 fc1 sc0 ls0 ws0\">- di cui operazio<span class=\"_ _1\"></span>ni di aggregaz<span class=\"_ _1\"></span>ione aziendale </div></td><td></td><td class=\"c x44a y2754 w37d h254\"><div class=\"t m0 x189 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x44b y2754 w339 h254\"><div class=\"t m0 x189 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2755 w37f h82\"><div class=\"t m0 x16a h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">C.2 Rettifiche di <span class=\"_ _f\"></span>v<span class=\"_ _2\"></span>alore </div></td><td></td><td class=\"c x44a y2755 w37d h82\"><div class=\"t m0 x189 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x44b y2755 w339 h82\"><div class=\"t m0 x189 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2756 w37f h82\"><div class=\"t m0 x16a h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">C.3 Svalutazion<span class=\"_ _1\"></span>i </div></td><td></td><td class=\"c x44a y2756 w37d h82\"><div class=\"t m0 x24 h1f y32 ff4 fs7 fc1 sc0 ls2a ws0\">23<span class=\"ls0\"> </span></div></td><td></td><td class=\"c x44b y2756 w339 h82\"><div class=\"t m0 x191 h1f y32 ff4 fs7 fc1 sc0 ls9 ws0\">106<span class=\"ls0\"> </span></div></td></tr><tr><td class=\"c x44e y2757 w37f h82\"><div class=\"t m0 x16a h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">C.4 Altre variaz<span class=\"_ _1\"></span>ioni<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x44a y2757 w37d h82\"><div class=\"t m0 x11e h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">4.8<span class=\"ls29\">63</span> </div></td><td></td><td class=\"c x44b y2757 w339 h82\"><div class=\"t m0 xe3 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">3.146 </div></td></tr><tr><td class=\"c x44e y2758 w37f h82\"><div class=\"t m0 x10 h1f y54 ff4 fs7 fc1 sc2 ls0 ws0\">D. Rim<span class=\"_ _f\"></span>anenz<span class=\"_ _1\"></span>e fin<span class=\"_ _f\"></span>ali </div></td><td></td><td class=\"c x44a y2758 w37d h82\"><div class=\"t m0 xc h1f y32 ff4 fs7 fc1 sc2 ls0 ws0\">62.58<span class=\"_ _f\"></span>2 </div></td><td></td><td class=\"c x44b y2758 w339 h82\"><div class=\"t m0 xc h1f y32 ff4 fs7 fc1 sc2 ls0 ws0\">59.9<span class=\"_ _f\"></span>36 </div></td></tr><tr><td class=\"c x44e y2759 w37f h82\"><div class=\"t m0 x10 h1f y54 ff4 fs7 fc1 sc2 ls0 ws0\">E. Ri<span class=\"_ _1\"></span>valu<span class=\"_ _1\"></span>tazi<span class=\"_ _1\"></span>oni t<span class=\"_ _f\"></span>otali </div></td><td></td><td class=\"c x44a y2759 w37d h82\"><div class=\"t m0 x189 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"sc2\"> </span></div></td><td></td><td class=\"c x44b y2759 w339 h82\"><div class=\"t m0 x189 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"sc2\"> </span></div></td></tr><tr><td class=\"c x44e y275a w37f h82\"><div class=\"t m0 x10 h1f y66c ff4 fs7 fc1 sc2 ls0 ws0\">F. Ret<span class=\"_ _f\"></span>tifiche t<span class=\"_ _f\"></span>otali </div></td><td></td><td class=\"c x44a y275a w37d h82\"><div class=\"t m0 x189 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"sc2\"> </span></div></td><td></td><td class=\"c x44b y275a w339 h82\"><div class=\"t m0 x189 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"sc2\"> </span></div></td></tr></table>Le <span class=\"_ _0\"></span>variazioni <span class=\"_ _0\"></span>relative <span class=\"_ _0\"></span>al <span class=\"_ _9\"> </span>comparto <span class=\"_ _0\"> </span>delle <span class=\"_ _0\"></span>partecipazioni <span class=\"_ _0\"></span>re<span class=\"_ _2\"></span>cepiscono <span class=\"_ _9\"> </span>gli <span class=\"_ _0\"></span>utili <span class=\"_ _0\"></span>e <span class=\"_ _0\"></span>l<span class=\"_ _2\"></span>e <span class=\"_ _0\"></span>perdite delle societ\u00e0 consolidate al patrimonio netto, i divi<span class=\"_ _1\"></span>dendi distribuiti, <span class=\"_ _2\"></span><span class=\"ls1a\">gli </span>acquisti effettuati. Si <span class=\"_ _1\"></span>segnala <span class=\"_ _1\"></span>che nel <span class=\"_ _f\"></span>mese di <span class=\"_ _f\"></span>aprile 2025 SB<span class=\"_ _1\"></span>C ha <span class=\"_ _f\"></span>deliberato un <span class=\"_ _f\"></span>aumento di <span class=\"_ _f\"></span>capitale riservato a Credemtel per l\u2019importo complessi<span class=\"ff4\">vo di Euro migliaia 115. </span>Per effe<span class=\"_ _1\"></span>tto di tale ope<span class=\"_ _1\"></span>razione <span class=\"ff5\">che si colloca <span class=\"_ _1\"></span>all\u2019interno de<span class=\"_ _1\"></span>ll\u2019iniziativa di </span>Corporate Venture Capital (CVC) <span class=\"_ _1\"></span>avviata d<span class=\"_ _1\"></span>al Grup<span class=\"_ _1\"></span>po Cred<span class=\"_ _1\"></span>em pe<span class=\"_ _1\"></span>r l\u2019acqui<span class=\"_ _1\"></span>sizione e <span class=\"_ _f\"></span>la gestione <span class=\"_ _1\"></span>di p<span class=\"_ _1\"></span>artecipazioni in startup <span class=\"_ _d\"></span>innovative <span class=\"_ _d\"></span>e <span class=\"_ _0\"></span>ad <span class=\"_ _d\"></span>alto <span class=\"_ _0\"></span>potenziale<span class=\"_ _1\"></span> <span class=\"_ _d\"></span>di <span class=\"_ _0\"></span>crescita, <span class=\"_ _0\"></span>la <span class=\"_ _d\"></span>partecipazione <span class=\"_ _d\"></span>di <span class=\"_ _0\"></span>Credemtel <span class=\"_ _d\"></span>in SBC passa dal 40,69% del 2024 al 45,92% del 2025.  7.6 Va<span class=\"_ _f\"></span>lutazioni<span class=\"_ _1\"></span> e a<span class=\"_ _1\"></span>ssunzi<span class=\"_ _1\"></span>oni s<span class=\"_ _1\"></span>igni<span class=\"_ _f\"></span>ficative <span class=\"_ _1\"></span>per s<span class=\"_ _1\"></span>tabi<span class=\"_ _1\"></span>lire l\u2019es<span class=\"_ _f\"></span>istenza d<span class=\"_ _f\"></span>i contro<span class=\"_ _1\"></span>llo con<span class=\"_ _f\"></span>giunto o<span class=\"_ _1\"></span> influe<span class=\"_ _f\"></span>nza no<span class=\"_ _f\"></span>tevole<span class=\"ff4 fc1 sc0\"> </span>Credito <span class=\"_ _f\"></span>Emiliano S.<span class=\"_ _1\"></span>p.A. <span class=\"_ _f\"></span>detiene <span class=\"_ _f\"></span>il 50% <span class=\"_ _1\"></span>di <span class=\"_ _f\"></span>Credemassicurazioni <span class=\"_ _f\"></span>S.p.A., l<span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>cui <span class=\"_ _f\"></span>restante q<span class=\"_ _f\"></span>uot<span class=\"_ _2\"></span>a di capitale sociale (50%) \u00e8 invece detenuta da Reale<span class=\"_ _1\"></span> Mutua Assicurazioni.<span class=\"_ _2\"></span> In tale contesto: <span class=\"_ _27\"> </span><span class=\"ff4\">Credito <span class=\"_ _2\"></span>Emiliano <span class=\"_ _2\"></span>non <span class=\"_ _2\"></span>detiene <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>maggioranza <span class=\"_ _2\"></span>dei <span class=\"_ _2\"></span>diritti <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>voto, <span class=\"_ _2\"></span>non <span class=\"_ _2\"></span>potendo <span class=\"_ _2\"></span>da <span class=\"_ _2\"></span>solo<span class=\"_ _df\"> </span></span>determinare <span class=\"_ _15\"> </span>le <span class=\"_ _e\"> </span>scelte <span class=\"_ _15\"> </span>societarie, <span class=\"_ _e\"> </span>non <span class=\"_ _e\"> </span>avendo <span class=\"_ _e\"> </span>la <span class=\"_ _15\"> </span>capacit\u00e0 <span class=\"_ _e\"> </span>prat<span class=\"_ _2\"></span>ica <span class=\"_ _15\"> </span>di <span class=\"_ _e\"> </span>condurre unilateralmente <span class=\"_ _f\"></span>l<span class=\"_ _2\"></span>e <span class=\"_ _f\"></span>at<span class=\"_ _2\"></span>tivit\u00e0 <span class=\"_ _1\"></span>rilevanti d<span class=\"_ _1\"></span>ella <span class=\"_ _1\"></span>partecipata, per <span class=\"_ _f\"></span>le quali \u00e8<span class=\"_ _1\"></span> sempre <span class=\"_ _f\"></span>necessario<span class=\"_ _df\"> </span>anche il consenso dell\u2019altro socio;<span class=\"_ _df\"> </span><span class=\"ff10\"> <span class=\"_ _8\"> </span><span class=\"ff5\">Credito <span class=\"_ _9\"> </span>Emiliano <span class=\"_ _9\"> </span>ha <span class=\"_ _9\"> </span>il <span class=\"_ _9\"> </span>potere <span class=\"_ _16\"> </span>di <span class=\"_ _0\"></span>veto <span class=\"_ _16\"> </span>sulle <span class=\"_ _0\"></span>scelte <span class=\"_ _9\"> </span>dell\u2019altro <span class=\"_ _16\"> </span>socio, <span class=\"_ _0\"></span>nel <span class=\"_ _9\"> </span>senso <span class=\"_ _16\"> </span>che <span class=\"_ _0\"></span>in<span class=\"_ _df\"> </span></span></span><span class=\"ff10\"><span class=\"ff5\"> </span></span>mancanza <span class=\"_ _d\"></span>del <span class=\"_ _d\"></span>voto <span class=\"_ _d\"></span>favorevole <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>Credito <span class=\"_ _d\"></span>Emiliano <span class=\"_ _d\"></span>anche <span class=\"_ _0\"></span>l\u2019altro <span class=\"_ _d\"></span>socio <span class=\"_ _d\"></span>detentore <span class=\"_ _d\"></span>del<span class=\"_ _df\"> </span> restante 50% del capitale sociale non \u00e8 in grado di inc<span class=\"_ _1\"></span>idere sulla societ\u00e0.<span class=\"_ _df\"> </span> In relazione a Credemassicurazioni la posizione<span class=\"_ _1\"></span> di Credito Emiliano \u00e8 pertanto quella:<span class=\"_ _df\"> </span><span class=\"_ _2\"></span> <span class=\"ff10\"> <span class=\"_ _8\"> </span><span class=\"ff4\">di un soggetto che \u00e8 esposto a rend<span class=\"_ _1\"></span>imenti variabili e che detiene comunque d<span class=\"_ _1\"></span>iritti su<span class=\"_ _df\"> </span></span></span><span class=\"ff10\"><span class=\"ff4\"> </span></span>tali possibili rendimenti;<span class=\"_ _df\"> </span> <span class=\"ff10\"> <span class=\"_ _8\"> </span><span class=\"ff4\">che ha una <span class=\"_ _2\"></span>propria capacit\u00e0 di <span class=\"_ _2\"></span>incide<span class=\"_ _1\"></span>re su <span class=\"_ _2\"></span>tali rendimenti solo <span class=\"_ _2\"></span>esercitando un potere<span class=\"_ _df\"> </span></span></span><span class=\"ff10\"><span class=\"ff4\"> </span></span>di veto sulle scelte dell\u2019altro socio.<span class=\"_ _df\"> </span><span class=\"ff4\"> </span>Gli  accordi  in  essere  tr<span class=\"_ _2\"></span>a  i  soci  detentori  rispettivamente  il  50%  del  capitale  sociale<span class=\"_ _df\"> </span> prevedono:<span class=\"_ _df\"> </span> <span class=\"ff10\"> <span class=\"_ _8\"> </span><span class=\"ff5\">diritto  con<span class=\"_ _f\"></span>t<span class=\"_ _2\"></span>emplato <span class=\"_ _9\"> </span>nell\u2019atto  d<span class=\"_ _1\"></span>i <span class=\"_ _16\"> </span>compravendita <span class=\"_ _9\"> </span>di  azioni,<span class=\"_ _1\"></span>  ci<span class=\"_ _f\"></span>r<span class=\"_ _2\"></span>coscritto <span class=\"_ _16\"> </span>entro <span class=\"_ _16\"> </span>precisi<span class=\"_ _df\"> </span></span></span><span class=\"ff10\"><span class=\"ff5\"> </span></span>limiti temporali (ogni 5 anni), ad ese<span class=\"_ _1\"></span>rcitare opzioni call e put sulle rispettive azioni;<span class=\"_ _df\"> </span><span class=\"_ _2\"></span> <span class=\"ff10\"> <span class=\"_ _8\"> </span><span class=\"ff4\">diritto <span class=\"_ _2\"></span>contemplato <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>apposito patt<span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>parasociale di <span class=\"_ _2\"></span>ottenere <span class=\"_ _2\"></span>esponenti <span class=\"_ _2\"></span>aziendali (l<span class=\"_ _2\"></span>a<span class=\"_ _df\"> </span></span></span><span class=\"ff10\"><span class=\"ff4\"> </span></span>met\u00e0 <span class=\"_ _0\"></span>degli <span class=\"_ _d\"></span>amministrator<span class=\"_ _2\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>e, <span class=\"_ _0\"></span>a <span class=\"_ _d\"></span>rinnovi <span class=\"_ _0\"></span>alternati <span class=\"_ _0\"></span>del <span class=\"_ _d\"></span>Consiglio <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>Amministrazione, <span class=\"_ _0\"></span>il<span class=\"_ _df\"> </span> Presidente <span class=\"_ _17\"> </span>del <span class=\"_ _14\"> </span>Consiglio <span class=\"_ _14\"> </span>di <span class=\"_ _14\"> </span>Amministr<span class=\"_ _2\"></span>azione, <span class=\"_ _17\"> </span>i <span class=\"_ _14\"> </span>Sindaci <span class=\"_ _14\"> </span>e, <span class=\"_ _17\"> </span>a<span class=\"_ _2\"></span> <span class=\"_ _14\"> </span>rinnovi <span class=\"_ _17\"> </span>alternat<span class=\"_ _2\"></span>i, <span class=\"_ _17\"> </span>il<span class=\"_ _df\"> </span> Presidente <span class=\"_ _5\"> </span>de<span class=\"ff5\">l <span class=\"_ _5\"> </span>Collegio <span class=\"_ _5\"> </span>Sindacale). <span class=\"_ _5\"> </span>Siccome <span class=\"_ _5\"> </span>non <span class=\"_ _6\"> </span>vi <span class=\"_ _5\"> </span>sono <span class=\"_ _5\"> </span>nell\u2019ambito <span class=\"_ _5\"> </span>di<span class=\"_ _df\"> </span></span><span class=\"ff5\"> </span>Credemassicurazioni voti d<span class=\"_ _1\"></span>i consiglieri che <span class=\"_ _1\"></span>prevalgano su quelli di <span class=\"_ _1\"></span>altri Consiglieri (ad<span class=\"_ _df\"> </span> esempio <span class=\"_ _0\"></span>non <span class=\"_ _0\"></span>\u00e8 <span class=\"_ _0\"></span>contem<span class=\"_ _2\"></span>plata <span class=\"_ _0\"></span>la <span class=\"_ _0\"></span>prevalenza <span class=\"_ _0\"></span>del <span class=\"_ _9\"> </span>voto <span class=\"_ _0\"></span>del <span class=\"_ _9\"> </span>Presidente <span class=\"_ _0\"></span>del <span class=\"_ _0\"></span>Consi<span class=\"_ _2\"></span>glio <span class=\"_ _0\"></span>di<span class=\"_ _df\"> </span> Amministrazione), <span class=\"_ _d\"></span>la <span class=\"_ _0\"></span>designazio<span class=\"_ _2\"></span>ne <span class=\"_ _d\"></span>di <span class=\"_ _0\"></span>esponenti <span class=\"_ _0\"></span>aziendali <span class=\"_ _0\"></span>non <span class=\"_ _0\"></span>attr<span class=\"_ _2\"></span>ibuisce<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>a <span class=\"_ _0\"></span>nessun<span class=\"_ _df\"> </span> socio una prevalenza sulle scelte societarie;<span class=\"_ _df\"> </span> <span class=\"ff10\"> <span class=\"_ _8\"> </span><span class=\"ff4\">obbligo a non trasferire le azioni a terzi per la durata del<span class=\"_ _1\"></span> patto parasociale.<span class=\"_ _df\"> </span></span></span><span class=\"ff10\"><span class=\"ff4\"><span class=\"_ _2\"></span> </span></span>In <span class=\"_ _17\"> </span>tale <span class=\"_ _14\"> </span>contesto, <span class=\"_ _17\"> </span>i <span class=\"_ _17\"> </span>diritti <span class=\"_ _17\"> </span>di <span class=\"_ _14\"> </span>Credito <span class=\"_ _17\"> </span>Emiliano <span class=\"_ _17\"> </span>sono <span class=\"_ _17\"> </span>circos<span class=\"_ _2\"></span>critti <span class=\"_ _4\"> </span>alle <span class=\"_ _14\"> </span>atti<span class=\"_ _2\"></span>vit\u00e0 <span class=\"_ _17\"> </span>nette <span class=\"_ _17\"> </span>di<span class=\"_ _df\"> </span> Credemassicurazioni.<span class=\"_ _df\"> </span> Credito <span class=\"_ _f\"></span>Emiliano S.<span class=\"_ _1\"></span>p.A. <span class=\"_ _f\"></span>detiene <span class=\"_ _f\"></span>il 100% <span class=\"_ _f\"></span>di <span class=\"_ _f\"></span>Credemtel <span class=\"_ _1\"></span>S.p.A., <span class=\"_ _f\"></span>che <span class=\"_ _f\"></span>a sua <span class=\"_ _f\"></span>volta <span class=\"_ _1\"></span>detiene <span class=\"_ _f\"></span>il 45,92<span class=\"_ _df\"> </span> % di SBC.<span class=\"_ _df\"> </span> In tale contesto:<span class=\"_ _df\"> </span> <span class=\"ff10\"> <span class=\"_ _8\"> </span><span class=\"ff4\">Credemtel <span class=\"_ _4\"> </span>non <span class=\"_ _22\"> </span>detiene <span class=\"_ _4\"> </span>la <span class=\"_ _4\"> </span>maggioranza <span class=\"_ _4\"> </span>dei <span class=\"_ _4\"> </span>diritti <span class=\"_ _4\"> </span>di <span class=\"_ _22\"> </span>voto, <span class=\"_ _4\"> </span>non <span class=\"_ _4\"> </span>potendo <span class=\"_ _4\"> </span>da <span class=\"_ _22\"> </span>s<span class=\"_ _2\"></span>olo<span class=\"_ _df\"> </span></span></span><span class=\"ff10\"><span class=\"ff4\"> </span></span>determinare <span class=\"_ _15\"> </span>le <span class=\"_ _e\"> </span>scelte <span class=\"_ _e\"> </span>societarie, <span class=\"_ _15\"> </span>non <span class=\"_ _e\"> </span>avendo <span class=\"_ _e\"> </span>la <span class=\"_ _15\"> </span>capacit\u00e0 <span class=\"_ _e\"> </span>pratica <span class=\"_ _e\"> </span>di <span class=\"_ _e\"> </span>condurre<span class=\"_ _df\"> </span> unilateralmente <span class=\"_ _f\"></span>l<span class=\"_ _2\"></span>e <span class=\"_ _f\"></span>at<span class=\"_ _2\"></span>tivit\u00e0 <span class=\"_ _1\"></span>rilevanti d<span class=\"_ _1\"></span>ella <span class=\"_ _1\"></span>partecipata, per <span class=\"_ _f\"></span>le quali \u00e8<span class=\"_ _1\"></span> sempre <span class=\"_ _f\"></span>necessario<span class=\"_ _df\"> </span> anche il consenso degli altri soci;<span class=\"_ _df\"> </span> <span class=\"ff10\"> <span class=\"_ _8\"> </span><span class=\"ff4\">Credemtel per\u00f2 ha il potere il veto, su specifici<span class=\"_ _1\"></span> argomenti, sulle scelte<span class=\"_ _2\"></span> degli altri soci,<span class=\"_ _df\"> </span></span></span><span class=\"ff10\"><span class=\"ff4\"> </span></span>nel <span class=\"_ _2\"></span>senso <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>mancanza <span class=\"_ _2\"></span>del <span class=\"_ _d\"></span>voto <span class=\"_ _2\"></span>favorevole <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>Credemtel <span class=\"_ _2\"></span>anche <span class=\"_ _2\"></span>gli <span class=\"_ _2\"></span>altri <span class=\"_ _2\"></span>soci <span class=\"_ _2\"></span>non<span class=\"_ _df\"> </span><span class=\"_ _2\"></span> sono in grado di incidere sulla societ\u00e0.<span class=\"_ _df\"> </span> In relazione a SBC la posizione di Credemtel \u00e8 p<span class=\"_ _1\"></span>ertanto quella:<span class=\"_ _df\"> </span><span class=\"_ _2\"></span> <span class=\"ff10\"> <span class=\"_ _8\"> </span><span class=\"ff4\">di un soggetto che \u00e8 esposto a re<span class=\"_ _1\"></span>ndimenti variabili e che detiene comunque diritti su<span class=\"_ _df\"> </span></span></span><span class=\"ff10\"><span class=\"ff4\"> </span></span>tali possibili rendimenti;<span class=\"_ _df\"> </span> <span class=\"ff10\"> <span class=\"_ _8\"> </span><span class=\"ff4\">che ha una <span class=\"_ _2\"></span>propria capacit\u00e0 di <span class=\"_ _2\"></span>incide<span class=\"_ _1\"></span>re su <span class=\"_ _2\"></span>tali rendimenti solo <span class=\"_ _2\"></span>esercitando un potere<span class=\"_ _df\"> </span></span></span><span class=\"ff10\"><span class=\"ff4\"> </span></span>di veto sulle scelte degli altri soci.<span class=\"_ _df\"> </span> Gli  accordi  <span class=\"ls1a\">in</span> <span class=\"_ _4\"> </span>essere  tra  i  soci  <span class=\"ls39\">di</span> <span class=\"_ _22\"> </span>SBC  contemplano,  a <span class=\"_ _22\"> </span>favore <span class=\"_ _22\"> </span><span class=\"ls39\">di</span> <span class=\"_ _22\"> </span>Cr<span class=\"_ _2\"></span>edemtel  <span class=\"ls1a\">il</span>  diritto<span class=\"_ _df\"> </span> contemplato <span class=\"_ _f\"></span>in <span class=\"_ _f\"></span>apposito patto<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>parasociale <span class=\"_ _f\"></span>di ot<span class=\"_ _1\"></span>tenere <span class=\"_ _f\"></span>esponenti <span class=\"_ _1\"></span>aziendali <span class=\"_ _f\"></span>(un <span class=\"_ _f\"></span>consigliere<span class=\"_ _df\"> </span> di <span class=\"_ _17\"> </span>amministr<span class=\"_ _2\"></span>azione).<span class=\"_ _1\"></span> <span class=\"_ _14\"> </span>Sicc<span class=\"_ _f\"></span>ome <span class=\"_ _4\"> </span>non<span class=\"_ _f\"></span> <span class=\"_ _4\"> </span><span class=\"lsb2\">vi</span> <span class=\"_ _4\"> </span>sono <span class=\"_ _4\"> </span><span class=\"ff5\">n<span class=\"_ _1\"></span>ell<span class=\"_ _f\"></span>\u2019ambi<span class=\"_ _1\"></span>to<span class=\"ff4\"> <span class=\"_ _4\"> </span><span class=\"lsb2\">di</span> <span class=\"_ _4\"> </span>SB<span class=\"_ _f\"></span>C <span class=\"_ _4\"> </span>voti<span class=\"_ _1\"></span> <span class=\"_ _4\"> </span><span class=\"lsb2\">di</span> <span class=\"_ _4\"> </span>con<span class=\"_ _f\"></span>siglie<span class=\"_ _f\"></span>ri <span class=\"_ _4\"> </span>che<span class=\"_ _df\"> </span></span></span><span class=\"ff5\"><span class=\"ff4\"><span class=\"_ _1\"></span> </span></span>pre<span class=\"_ _f\"></span>valga<span class=\"_ _f\"></span>no <span class=\"_ _17\"> </span><span class=\"lsd0\">su</span> <span class=\"_ _14\"> </span>que<span class=\"_ _f\"></span>lli <span class=\"_ _17\"> </span><span class=\"ls39\">di</span> <span class=\"_ _17\"> </span>altr<span class=\"_ _1\"></span>i <span class=\"_ _17\"> </span>con<span class=\"_ _f\"></span>siglie<span class=\"_ _f\"></span>ri, <span class=\"_ _14\"> </span><span class=\"ls1a\">la</span> <span class=\"_ _15\"> </span>designazione <span class=\"_ _14\"> </span><span class=\"ls39\">di</span> <span class=\"_ _15\"> </span>esponenti <span class=\"_ _14\"> </span>aziendali <span class=\"_ _17\"> </span>non<span class=\"_ _df\"> </span><span class=\"_ _2\"></span> attribuisce <span class=\"_ _f\"></span>a nessun socio <span class=\"_ _f\"></span>una prevalenz<span class=\"_ _1\"></span>a sulle <span class=\"_ _f\"></span>scelte soci<span class=\"_ _1\"></span>eta<span class=\"_ _f\"></span>rie.<span class=\"_ _df\"> </span> Credito Emiliano <span class=\"_ _1\"></span>S.p.A. <span class=\"_ _1\"></span>detiene il 100% di<span class=\"_ _1\"></span> Credemtel <span class=\"_ _1\"></span>S.p.A., che<span class=\"_ _1\"></span> a sua vol<span class=\"_ _1\"></span>ta detiene <span class=\"_ _1\"></span>il 40%<span class=\"_ _df\"> </span><span class=\"_ _1\"></span> di ANDXOR SOLUZIONI INFORMATICHE S.R.L. \u201cANDXOR\u201d.<span class=\"_ _df\"> </span><span class=\"ff4\"> </span>In tale contesto, per ANDXOR:<span class=\"_ _df\"> </span> <span class=\"ff10\"> <span class=\"_ _8\"> </span><span class=\"ff4\">Credemtel <span class=\"_ _4\"> </span>non <span class=\"_ _22\"> </span>d<span class=\"_ _2\"></span>etiene <span class=\"_ _4\"> </span>la <span class=\"_ _22\"> </span>maggioranza <span class=\"_ _4\"> </span>dei <span class=\"_ _4\"> </span>diritti <span class=\"_ _4\"> </span>di <span class=\"_ _22\"> </span>vot<span class=\"_ _2\"></span>o, <span class=\"_ _4\"> </span>non <span class=\"_ _22\"> </span>pot<span class=\"_ _2\"></span>endo  da <span class=\"_ _4\"> </span>sola<span class=\"_ _df\"> </span></span></span><span class=\"ff10\"><span class=\"ff4\"><span class=\"_ _2\"></span> </span></span>determinare <span class=\"_ _15\"> </span>le <span class=\"_ _e\"> </span>scelte <span class=\"_ _15\"> </span>societarie, <span class=\"_ _e\"> </span>non <span class=\"_ _e\"> </span>avendo <span class=\"_ _15\"> </span>la <span class=\"_ _e\"> </span>capacit\u00e0 <span class=\"_ _e\"> </span>pratica <span class=\"_ _e\"> </span>di <span class=\"_ _15\"> </span>condurre<span class=\"_ _df\"> </span> unilateralmente <span class=\"_ _f\"></span>l<span class=\"_ _2\"></span>e <span class=\"_ _f\"></span>at<span class=\"_ _2\"></span>tivit\u00e0 <span class=\"_ _1\"></span>rilevanti d<span class=\"_ _1\"></span>ella <span class=\"_ _1\"></span>partecipata, per <span class=\"_ _f\"></span>le quali \u00e8<span class=\"_ _1\"></span> sempre <span class=\"_ _f\"></span>necessario<span class=\"_ _df\"> </span> anche il consenso degli altri soci;<span class=\"_ _df\"> </span> <span class=\"ff10\"> <span class=\"_ _8\"> </span><span class=\"ff4\">Credemtel ha <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>potere di <span class=\"_ _2\"></span>veto, su <span class=\"_ _2\"></span>specifici argomenti, <span class=\"_ _2\"></span>sulle scelte <span class=\"_ _2\"></span>degli altr<span class=\"_ _2\"></span>i soci, <span class=\"_ _2\"></span>nel<span class=\"_ _df\"> </span></span></span><span class=\"ff10\"><span class=\"ff4\"> </span></span>senso che i<span class=\"_ _1\"></span>n mancanza del <span class=\"_ _1\"></span>voto favorevole <span class=\"_ _1\"></span>di Credemtel anche<span class=\"_ _1\"></span> gli altri soci d<span class=\"_ _1\"></span>etentori<span class=\"_ _df\"> </span> del restante 60% del capitale sociale<span class=\"_ _1\"></span> non sono<span class=\"_ _2\"></span> in grado di incidere sulla societ\u00e0.<span class=\"_ _df\"> </span> Pe<span class=\"_ _f\"></span>rtant<span class=\"_ _1\"></span>o l<span class=\"_ _1\"></span>a p<span class=\"_ _f\"></span>osizi<span class=\"_ _1\"></span>one <span class=\"_ _f\"></span><span class=\"ls39\">di<span class=\"ls0\"> C<span class=\"_ _f\"></span>redem<span class=\"_ _f\"></span>t<span class=\"_ _2\"></span>e<span class=\"_ _1\"></span>l \u00e8<span class=\"_ _f\"></span> que<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>a:<span class=\"_ _df\"> </span></span></span><span class=\"ls39\"><span class=\"ls0\"> </span></span><span class=\"ff10\"> <span class=\"_ _8\"> </span><span class=\"ff4\">di un soggetto che \u00e8 esposto a re<span class=\"_ _1\"></span>ndimenti variabili e che detiene comunque<span class=\"_ _1\"></span> diritti su<span class=\"_ _df\"> </span></span></span><span class=\"ff10\"><span class=\"ff4\"> </span></span>tali possibili rendimenti;<span class=\"_ _df\"> </span> che ha <span class=\"_ _2\"></span>una propria capacit\u00e0 di <span class=\"_ _2\"></span>incide<span class=\"_ _1\"></span>re su <span class=\"_ _2\"></span>tali rendimenti s<span class=\"_ _2\"></span>olo esercitando un <span class=\"_ _2\"></span>potere<span class=\"_ _df\"> </span>di veto sulle scelte degli altri soci.<span class=\"_ _df\"> </span>Gli<span class=\"_ _f\"></span> ac<span class=\"_ _f\"></span>cordi <span class=\"_ _f\"></span><span class=\"ls1a\">in<span class=\"ls0\"> e<span class=\"_ _f\"></span>ssere <span class=\"_ _f\"></span><span class=\"ls14\">tra<span class=\"ls0\"> i<span class=\"_ _1\"></span> so<span class=\"_ _f\"></span>ci <span class=\"_ _1\"></span><span class=\"lsb2\">di<span class=\"ls0\"> AN<span class=\"_ _1\"></span>DXOR<span class=\"_ _f\"></span> con<span class=\"_ _f\"></span>templ<span class=\"_ _f\"></span>ano, <span class=\"_ _f\"></span>a f<span class=\"_ _1\"></span>avor<span class=\"_ _f\"></span>e <span class=\"ls39\">di<span class=\"_ _f\"></span><span class=\"ls0\"> Cre<span class=\"_ _1\"></span>dem<span class=\"_ _1\"></span>tel<span class=\"_ _1\"></span>:<span class=\"_ _df\"> </span></span></span></span></span></span></span></span></span><span class=\"ls1a\"><span class=\"ls0\"><span class=\"ls14\"><span class=\"ls0\"><span class=\"lsb2\"><span class=\"ls0\"><span class=\"ls39\"><span class=\"ls0\"> </span></span></span></span></span></span></span></span><span class=\"_ _27\"> </span><span class=\"ff4\">diritto contemplato in apposito patto parasociale di ottenere esponenti aziendali (un<span class=\"_ _df\"> </span></span>consigliere di amministr<span class=\"_ _2\"></span>az<span class=\"ff5\">ione ed il <span class=\"_ _2\"></span>sindaco unico). Siccom<span class=\"_ _2\"></span>e non <span class=\"_ _2\"></span>vi sono nell\u2019ambito<span class=\"_ _df\"> </span></span>di <span class=\"_ _e\"> </span>ANDXOR <span class=\"_ _e\"> </span>voti <span class=\"_ _e\"> </span>di <span class=\"_ _e\"> </span>consiglieri <span class=\"_ _e\"> </span>che <span class=\"_ _15\"> </span>prevalgano <span class=\"_ _e\"> </span>su <span class=\"_ _e\"> </span>quelli <span class=\"_ _e\"> </span>di <span class=\"_ _e\"> </span>altr<span class=\"_ _2\"></span>i <span class=\"_ _15\"> </span>Consiglieri, <span class=\"_ _e\"> </span>la<span class=\"_ _df\"> </span>designazione <span class=\"_ _2\"></span>di <span class=\"_ _d\"></span>espon<span class=\"_ _2\"></span>enti <span class=\"_ _2\"></span>aziendali <span class=\"_ _d\"></span>non <span class=\"_ _d\"></span>at<span class=\"_ _2\"></span>tribuisce<span class=\"_ _1\"></span> <span class=\"_ _d\"></span>a <span class=\"_ _d\"></span>nessun <span class=\"_ _d\"></span>socio <span class=\"_ _0\"></span>una <span class=\"_ _d\"></span>prevalenza<span class=\"_ _df\"> </span>sulle scelte societarie;<span class=\"_ _df\"> </span><span class=\"_ _27\"> </span><span class=\"ff4\">diritto <span class=\"_ _d\"></span>di <span class=\"_ _0\"></span><span class=\"ls13\">co</span>-vendita <span class=\"_ _d\"></span>a <span class=\"_ _0\"></span>favore <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>Credemtel <span class=\"_ _d\"></span>qualora <span class=\"_ _0\"></span>venga <span class=\"_ _d\"></span>trasferita <span class=\"_ _d\"></span>per <span class=\"_ _0\"></span>atto <span class=\"_ _d\"></span>tra <span class=\"_ _d\"></span>vivi<span class=\"_ _df\"> </span></span>una <span class=\"_ _f\"></span>quota di<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>almeno <span class=\"_ _f\"></span>il 50% <span class=\"_ _f\"></span>del <span class=\"_ _f\"></span>capitale <span class=\"_ _f\"></span>sociale d<span class=\"_ _1\"></span>i <span class=\"_ _f\"></span>AND<span class=\"_ _2\"></span>XOR <span class=\"_ _f\"></span>per tu<span class=\"_ _f\"></span>tta la <span class=\"_ _f\"></span>durata <span class=\"_ _f\"></span>del p<span class=\"_ _1\"></span>atto<span class=\"_ _df\"> </span>parasociale attualmente in essere.<span class=\"_ _df\"> </span>Credito <span class=\"_ _0\"></span>Emiliano <span class=\"_ _9\"> </span>S.p.A. <span class=\"_ _9\"> </span>detiene <span class=\"_ _9\"> </span>il <span class=\"_ _0\"></span>100<span class=\"_ _2\"></span>% <span class=\"_ _0\"></span>di <span class=\"_ _9\"> </span>Credemtel <span class=\"_ _0\"></span>S.<span class=\"_ _2\"></span>p.A., <span class=\"_ _0\"></span>che <span class=\"_ _9\"> </span>a <span class=\"_ _9\"> </span>sua <span class=\"_ _9\"> </span>volta <span class=\"_ _9\"> </span>detiene <span class=\"_ _0\"></span>il<span class=\"_ _df\"> </span> 12,99% di MYNET.  In tale contesto:<span class=\"_ _df\"> </span> <span class=\"_ _27\"> </span><span class=\"ff4\">Credemtel <span class=\"_ _4\"> </span>non <span class=\"_ _22\"> </span>deti<span class=\"_ _2\"></span>ene  la <span class=\"_ _4\"> </span>mag<span class=\"_ _2\"></span>gioranza <span class=\"_ _4\"> </span>dei<span class=\"_ _1\"></span> <span class=\"_ _4\"> </span>diritti <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>voto, <span class=\"_ _4\"> </span>no<span class=\"_ _1\"></span>n <span class=\"_ _4\"> </span>potendo <span class=\"_ _4\"> </span>da <span class=\"_ _22\"> </span>so<span class=\"_ _2\"></span>lo<span class=\"_ _df\"> </span></span>determinare <span class=\"_ _15\"> </span>le <span class=\"_ _e\"> </span>scelte <span class=\"_ _15\"> </span>societarie, <span class=\"_ _e\"> </span>non <span class=\"_ _e\"> </span>avendo <span class=\"_ _15\"> </span>la <span class=\"_ _e\"> </span>capacit\u00e0 <span class=\"_ _e\"> </span>pratica <span class=\"_ _e\"> </span>di <span class=\"_ _15\"> </span>condurre<span class=\"_ _df\"> </span> unilateralmente <span class=\"_ _f\"></span>l<span class=\"_ _2\"></span>e <span class=\"_ _f\"></span>at<span class=\"_ _2\"></span>tivit\u00e0 <span class=\"_ _1\"></span>rilevanti del<span class=\"_ _1\"></span>la partecipata, <span class=\"_ _f\"></span>per le <span class=\"_ _f\"></span>q<span class=\"_ _2\"></span>uali \u00e8<span class=\"_ _f\"></span> sempre ne<span class=\"_ _1\"></span>cessario<span class=\"_ _df\"> </span>anche il consenso degli altri soci;<span class=\"_ _df\"> </span><span class=\"_ _27\"> </span><span class=\"ff4\">Credemtel per\u00f2 ha il potere il veto, su specifici<span class=\"_ _1\"></span> argomenti, sulle scelte degli altri soci,<span class=\"_ _df\"> </span></span>nel <span class=\"_ _2\"></span>senso <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>mancanza <span class=\"_ _2\"></span>del <span class=\"_ _d\"></span>voto <span class=\"_ _2\"></span>favorevole <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>Credemtel <span class=\"_ _2\"></span>anche <span class=\"_ _2\"></span>gli <span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>ltri <span class=\"_ _2\"></span>soci <span class=\"_ _2\"></span>non<span class=\"_ _df\"> </span>sono in grado di incidere sulla societ\u00e0.<span class=\"_ _df\"> </span>In relazione a MYNET la posizi<span class=\"_ _1\"></span>one di Credemtel \u00e8 pertanto quella:<span class=\"_ _df\"> </span><span class=\"_ _2\"></span> <span class=\"_ _27\"> </span><span class=\"ff4\">di un soggetto che \u00e8 esposto a rend<span class=\"_ _f\"></span>im<span class=\"_ _2\"></span>enti variabili e<span class=\"_ _1\"></span> che detiene comunque diritti su<span class=\"_ _df\"> </span></span><span class=\"ff4\"> </span>tali possibili rendimenti;<span class=\"_ _df\"> </span><span class=\"_ _27\"> </span><span class=\"ff4\">che ha <span class=\"_ _2\"></span>una propria capacit\u00e0 <span class=\"_ _2\"></span>di incidere su tali <span class=\"_ _2\"></span>rendimenti solo esercitando un potere<span class=\"_ _df\"> </span></span>di veto sulle scelte degli altri soci.<span class=\"_ _df\"> </span>Gli <span class=\"_ _0\"></span>accordi <span class=\"_ _9\"> </span>in <span class=\"_ _9\"> </span>essere <span class=\"_ _0\"></span>tra <span class=\"_ _9\"> </span>i <span class=\"_ _0\"> </span>s<span class=\"_ _2\"></span>oci <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>MYNET <span class=\"_ _9\"> </span>contemplano, <span class=\"_ _0\"></span>a <span class=\"_ _9\"> </span>favore <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>Credemtel <span class=\"_ _0\"></span>il <span class=\"_ _9\"> </span>diritto<span class=\"_ _df\"> </span> contemplato <span class=\"_ _f\"></span>in app<span class=\"_ _1\"></span>osito <span class=\"_ _1\"></span>patto <span class=\"_ _f\"></span>parasociale <span class=\"_ _f\"></span>di <span class=\"_ _1\"></span>ottenere <span class=\"_ _f\"></span>esponenti <span class=\"_ _f\"></span>a<span class=\"_ _2\"></span>ziendali <span class=\"_ _f\"></span>(un <span class=\"_ _f\"></span>consigliere<span class=\"_ _df\"> </span> di <span class=\"_ _15\"> </span>amministrazione) <span class=\"_ _15\"> </span>oltre <span class=\"_ _15\"> </span>alla <span class=\"_ _e\"> </span>designazione <span class=\"_ _14\"> </span>di <span class=\"_ _e\"> </span>un <span class=\"_ _15\"> </span>sindaco <span class=\"_ _15\"> </span>effettivo <span class=\"_ _15\"> </span>(con <span class=\"_ _15\"> </span>r<span class=\"_ _2\"></span>uolo <span class=\"_ _15\"> </span>di<span class=\"_ _df\"> </span> presidente del <span class=\"_ _2\"></span>collegio <span class=\"_ _2\"></span>sindacale) <span class=\"_ _2\"></span>ed <span class=\"_ _2\"></span>uno <span class=\"_ _2\"></span>supplente. Siccome <span class=\"_ _2\"></span>non <span class=\"_ _2\"></span>vi <span class=\"_ _2\"></span>sono <span class=\"_ _2\"></span>nell\u2019<span class=\"_ _1\"></span>ambito <span class=\"_ _2\"></span>di<span class=\"_ _df\"> </span> MYNET <span class=\"_ _d\"></span>voti <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>consiglieri <span class=\"_ _d\"></span>che <span class=\"_ _d\"></span>prevalgano <span class=\"_ _d\"></span>su <span class=\"_ _d\"></span>quelli <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>altri <span class=\"_ _d\"></span>c<span class=\"_ _2\"></span>onsi<span class=\"_ _2\"></span>glieri,<span class=\"_ _1\"></span> <span class=\"_ _d\"></span>la <span class=\"_ _0\"></span>designazione <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>i<span class=\"_ _df\"> </span> esponenti <span class=\"_ _f\"></span>aziendali non <span class=\"_ _f\"></span>attribuisce <span class=\"_ _f\"></span>a nessun <span class=\"_ _f\"></span>socio <span class=\"_ _f\"></span>una prevalenza <span class=\"_ _f\"></span>sulle <span class=\"_ _1\"></span>scelte <span class=\"_ _f\"></span>soci<span class=\"_ _2\"></span>etarie.<span class=\"_ _df\"> </span> Credito <span class=\"_ _11\"></span>Emiliano <span class=\"_ _11\"></span>S.p.A. <span class=\"_ _11\"></span>detiene <span class=\"_ _11\"></span><span class=\"ls1a\">il<span class=\"ls0\"> <span class=\"_ _11\"></span>1<span class=\"_ _2\"></span>00% <span class=\"_ _11\"></span><span class=\"ls39\">di<span class=\"ls0\"> <span class=\"_ _f\"></span>Credemtel <span class=\"_ _13\"></span>S.p.A., <span class=\"_ _11\"></span><span class=\"ls13\">che<span class=\"ls0\"> <span class=\"_ _11\"></span>a <span class=\"_ _f\"></span>sua <span class=\"_ _11\"></span>volta <span class=\"_ _11\"></span>detiene <span class=\"_ _11\"></span><span class=\"ls1a\">il<span class=\"ls0\"> <span class=\"_ _11\"></span>10<span class=\"_ _2\"></span>,00%<span class=\"_ _df\"> </span></span></span></span></span></span></span></span></span><span class=\"ls1a\"><span class=\"ls0\"><span class=\"ls39\"><span class=\"ls0\"><span class=\"ls13\"><span class=\"ls0\"><span class=\"ls1a\"><span class=\"ls0\"> </span></span></span></span></span></span></span></span>di<span class=\"ls0\"> <span class=\"_ _f\"></span>FLAIRBIT.<span class=\"_ _df\"> </span></span><span class=\"ls0\"> </span>In<span class=\"ls0\"> <span class=\"_ _f\"></span>tale <span class=\"_ _f\"></span>con<span class=\"_ _f\"></span>testo:<span class=\"_ _df\"> </span></span><span class=\"ls0\"> </span><span class=\"_ _27\"> </span><span class=\"ff4\">Credemtel <span class=\"_ _4\"> </span>non <span class=\"_ _4\"> </span>detiene  la <span class=\"_ _4\"> </span>maggioranza <span class=\"_ _4\"> </span>dei <span class=\"_ _4\"> </span>diritti <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>voto, <span class=\"_ _4\"> </span>non  potendo <span class=\"_ _4\"> </span>da <span class=\"_ _4\"> </span>solo<span class=\"_ _df\"> </span></span>determinare <span class=\"_ _15\"> </span>le <span class=\"_ _e\"> </span>scelte <span class=\"_ _15\"> </span>societarie, <span class=\"_ _e\"> </span>non <span class=\"_ _e\"> </span>avendo <span class=\"_ _15\"> </span>la <span class=\"_ _e\"> </span>capacit\u00e0 <span class=\"_ _e\"> </span>pratica <span class=\"_ _e\"> </span>di <span class=\"_ _15\"> </span>condurre<span class=\"_ _df\"> </span> unilateralmente <span class=\"_ _f\"></span>l<span class=\"_ _2\"></span>e <span class=\"_ _f\"></span>at<span class=\"_ _2\"></span>tivit\u00e0 <span class=\"_ _1\"></span>rilevanti d<span class=\"_ _1\"></span>ella <span class=\"_ _1\"></span>partecipata, per <span class=\"_ _f\"></span>le quali \u00e8<span class=\"_ _1\"></span> sempre <span class=\"_ _f\"></span>necessario<span class=\"_ _df\"> </span>anche il consenso degli altri soci;<span class=\"_ _df\"> </span><span class=\"_ _27\"> </span><span class=\"ff4\">Credemtel per\u00f2 ha il potere il veto, su specifici<span class=\"_ _1\"></span> argomenti, sulle scelte degli altri soci,<span class=\"_ _df\"> </span></span>nel <span class=\"_ _2\"></span>senso <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>mancanza <span class=\"_ _2\"></span>del <span class=\"_ _d\"></span>voto <span class=\"_ _2\"></span>favorevole <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>Credemtel <span class=\"_ _2\"></span>anche <span class=\"_ _2\"></span>gli <span class=\"_ _2\"></span>altri <span class=\"_ _2\"></span>soci <span class=\"_ _2\"></span>non<span class=\"_ _df\"> </span>sono in grado di incidere sulla societ\u00e0.<span class=\"_ _df\"> </span>In relazione a FLAIRBIT la posizione di Crede<span class=\"_ _1\"></span>mtel \u00e8 pertanto quella:<span class=\"_ _df\"> </span><span class=\"_ _2\"></span> <span class=\"_ _27\"> </span><span class=\"ff4\">di un soggetto che \u00e8 esposto a rend<span class=\"_ _f\"></span>im<span class=\"_ _2\"></span>enti variabili e<span class=\"_ _1\"></span> che detiene comunque diritti su<span class=\"_ _df\"> </span></span><span class=\"ff4\"> </span>tali possibili rendimenti;<span class=\"_ _df\"> </span><span class=\"_ _27\"> </span><span class=\"ff4\">che ha <span class=\"_ _2\"></span>una propria capacit\u00e0 di <span class=\"_ _2\"></span>incide<span class=\"_ _1\"></span>re su <span class=\"_ _2\"></span>tali rendimenti solo <span class=\"_ _2\"></span>esercitando un potere<span class=\"_ _df\"> </span></span>di veto sulle scelte degli altri soci.<span class=\"_ _df\"> </span>Gli <span class=\"_ _2\"></span>accor<span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>in <span class=\"_ _d\"></span>ess<span class=\"_ _2\"></span>ere <span class=\"_ _2\"></span>tra <span class=\"_ _d\"></span>i <span class=\"_ _d\"></span>soci <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>FLAIRBIT <span class=\"_ _2\"></span>cont<span class=\"_ _2\"></span>emplano, <span class=\"_ _2\"></span>a <span class=\"_ _d\"></span>favore <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>Credemtel <span class=\"_ _d\"></span>il <span class=\"_ _d\"></span>diritto<span class=\"_ _df\"> </span> contemplato <span class=\"_ _f\"></span>in app<span class=\"_ _1\"></span>osito <span class=\"_ _1\"></span>patto <span class=\"_ _f\"></span>parasociale <span class=\"_ _f\"></span>di <span class=\"_ _1\"></span>ottenere <span class=\"_ _f\"></span>esponenti <span class=\"_ _f\"></span>aziendali <span class=\"_ _f\"></span>(un consig<span class=\"_ _1\"></span>liere<span class=\"_ _df\"> </span> di <span class=\"_ _2\"></span>amministrazione). Si<span class=\"_ _2\"></span>ccome <span class=\"_ _2\"></span>non <span class=\"_ _2\"></span>vi <span class=\"_ _2\"></span>sono <span class=\"_ _2\"></span>nell<span class=\"ff5\">\u2019ambito <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>FLAIRBIT <span class=\"_ _2\"></span>voti <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>consiglieri <span class=\"_ _2\"></span>che<span class=\"_ _df\"> </span></span><span class=\"ff5\"> </span>prevalgano <span class=\"_ _4\"> </span>su <span class=\"_ _17\"> </span>quelli <span class=\"_ _4\"> </span>di <span class=\"_ _17\"> </span>altri <span class=\"_ _17\"> </span>consiglieri, <span class=\"_ _4\"> </span>la <span class=\"_ _4\"> </span>d<span class=\"_ _2\"></span>esignazi<span class=\"_ _1\"></span>one <span class=\"_ _17\"> </span>di <span class=\"_ _4\"> </span>esponenti <span class=\"_ _17\"> </span>aziendali <span class=\"_ _4\"> </span>non<span class=\"_ _df\"> </span> attribuisce a nessun socio una prevale<span class=\"_ _f\"></span>nza s<span class=\"_ _2\"></span>ulle scelte societarie.<span class=\"_ _df\"> </span> 7.7 Im<span class=\"_ _1\"></span>peg<span class=\"_ _1\"></span>ni rife<span class=\"_ _1\"></span>riti a <span class=\"_ _1\"></span>part<span class=\"_ _1\"></span>ecipa<span class=\"_ _1\"></span>zioni<span class=\"_ _1\"></span> in s<span class=\"_ _1\"></span>ociet\u00e0<span class=\"_ _f\"></span> control<span class=\"_ _1\"></span>late in <span class=\"_ _1\"></span>modo<span class=\"_ _f\"></span> congiu<span class=\"_ _f\"></span>nto<span class=\"_ _df\"> </span><span class=\"sc0\"> </span>Credito <span class=\"_ _0\"></span>Emiliano <span class=\"_ _d\"></span>ha <span class=\"_ _0\"></span>sot<span class=\"_ _2\"></span>toscritto <span class=\"_ _0\"></span>con <span class=\"_ _0\"></span>Reale <span class=\"_ _d\"></span>M<span class=\"_ _2\"></span>utua <span class=\"_ _d\"></span>di <span class=\"_ _0\"> </span>Ass<span class=\"_ _2\"></span>icurazioni <span class=\"_ _d\"></span>accor<span class=\"_ _2\"></span>di <span class=\"_ _d\"></span>contrat<span class=\"_ _2\"></span>tuali<span class=\"_ _df\"> </span> volti a disciplinare pi\u00f9 compiutamente la partnership in Crede<span class=\"_ _1\"></span>massicurazioni.<span class=\"_ _df\"> </span><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs9e0\">In <span class=\"_ _9\"> </span>tale <span class=\"_ _16\"> </span>contesto <span class=\"_ _16\"> </span>le <span class=\"_ _9\"> </span>clausole <span class=\"_ _16\"> </span>del <span class=\"_ _9\"> </span>cont<span class=\"_ _2\"></span>ratto <span class=\"_ _9\"> </span>di <span class=\"_ _16\"> </span>compravendita <span class=\"_ _9\"> </span>delle <span class=\"_ _16\"> </span>azion<span class=\"_ _2\"></span>i <span class=\"_ _9\"> </span>a <span class=\"_ _16\"> </span>suo <span class=\"_ _9\"> </span>t<span class=\"_ _2\"></span>empo<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs9e1\">perfezionato <span class=\"_ _2\"></span>tra <span class=\"_ _2\"></span>Credito <span class=\"_ _2\"></span>Emiliano <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>Reale <span class=\"_ _2\"></span>Mutua <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>Assicurazioni <span class=\"_ _2\"></span>hanno <span class=\"_ _2\"></span>espressamente<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs9e3\">convenuto <span class=\"_ _f\"></span>un\u2019opzione <span class=\"_ _f\"></span>put <span class=\"_ _f\"></span>in <span class=\"_ _1\"></span>capo <span class=\"_ _f\"></span>a Re<span class=\"_ _1\"></span>ale <span class=\"_ _f\"></span>Mutua <span class=\"_ _f\"></span>di <span class=\"_ _f\"></span>Ass<span class=\"_ _2\"></span>icurazioni <span class=\"_ _f\"></span>e <span class=\"_ _f\"></span>un\u2019opzione <span class=\"_ _f\"></span>call <span class=\"_ _f\"></span>in <span class=\"_ _f\"></span>ca<span class=\"_ _2\"></span>po<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs9e4\">a  Credi<span class=\"_ _1\"></span>to  Emiliano <span class=\"_ _16\"> </span>S.p.A. <span class=\"_ _9\"> </span>r<span class=\"_ _2\"></span>iguardante <span class=\"_ _16\"> </span>il  50% <span class=\"_ _16\"> </span>della <span class=\"_ _9\"> </span>part<span class=\"_ _2\"></span>ecipazione  di <span class=\"_ _9\"> </span>Reale  Mutua  ne<span class=\"_ _1\"></span>l<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs9e5\">capitale <span class=\"_ _17\"> </span>sociale <span class=\"_ _17\"> </span>di <span class=\"_ _17\"> </span>Cr<span class=\"_ _2\"></span>ede<span class=\"_ _1\"></span>massicurazioni. <span class=\"_ _14\"> </span>Entrambe <span class=\"_ _17\"> </span>le <span class=\"_ _17\"> </span>opzioni <span class=\"_ _14\"> </span>sono <span class=\"_ _17\"> </span>esercitabili <span class=\"_ _17\"> </span>allo<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs9e6\">scadere <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>ogni <span class=\"_ _0\"></span>quinquennio <span class=\"_ _d\"></span>dall\u2019acquisto <span class=\"_ _0\"></span>della <span class=\"_ _d\"></span>partecipazione <span class=\"_ _d\"></span>i<span class=\"_ _2\"></span>n <span class=\"_ _d\"></span>Credemassicurazioni<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs9e7\">da parte di Reale Mutua.  </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs9e8\">A <span class=\"_ _2\"></span>distanza <span class=\"_ _d\"></span>di <span class=\"_ _2\"></span>10 <span class=\"_ _2\"></span>anni <span class=\"_ _2\"></span>dalla <span class=\"_ _d\"></span>sottoscrizione <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>primo <span class=\"_ _d\"></span>accordo <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>collaborazione, <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>Credito<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs9e9\">Emiliano <span class=\"_ _d\"></span>e <span class=\"_ _d\"></span>la <span class=\"_ _0\"></span>Societ\u00e0 <span class=\"_ _0\"></span>Reale <span class=\"_ _d\"></span>Mutua <span class=\"_ _d\"></span>di <span class=\"_ _0\"></span>Assicurazioni <span class=\"_ _d\"></span>hanno <span class=\"_ _0\"></span>rinnovato <span class=\"_ _d\"></span>la <span class=\"_ _0\"></span>loro <span class=\"_ _d\"></span>partnership<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs9ea\">paritetica  nella  s<span class=\"_ _2\"></span>ociet\u00e0  in  r<span class=\"_ _2\"></span>assegna.  Il  r<span class=\"_ _2\"></span>innovo  dell\u2019accordo  permett<span class=\"_ _2\"></span>er\u00e0  al <span class=\"_ _22\"> </span>gruppo <span class=\"_ _22\"> </span>di<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs9eb\">sviluppare <span class=\"_ _2\"></span>l\u2019offerta <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>prodotti<span class=\"ff4\"> <span class=\"_ _d\"></span>dei <span class=\"_ _d\"></span>rami <span class=\"_ _d\"></span>danni <span class=\"_ _2\"></span>e <span class=\"_ _d\"></span>di <span class=\"_ _2\"></span>accresc<span class=\"_ _2\"></span>ere <span class=\"_ _2\"></span>il <span class=\"_ _d\"></span>livello <span class=\"_ _d\"></span>di <span class=\"_ _2\"></span>servizio <span class=\"_ _d\"></span>offerto<span class=\"_ _df\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs9ec\">alla <span class=\"_ _d\"></span>propria <span class=\"_ _0\"></span>clientela, <span class=\"_ _d\"></span>grazie <span class=\"_ _0\"></span>al <span class=\"_ _d\"></span>s<span class=\"_ _2\"></span>upporto <span class=\"_ _d\"></span>di <span class=\"_ _0\"></span>un <span class=\"_ _d\"></span>primar<span class=\"_ _2\"></span>io <span class=\"_ _d\"></span>player <span class=\"_ _d\"></span>s<span class=\"_ _2\"></span>pecializzato <span class=\"_ _d\"></span>nel <span class=\"_ _d\"></span>settor<span class=\"_ _2\"></span>e<span class=\"_ _df\"> </span><span class=\"_ _1\"></span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs9ed\">della protection.  </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs9ee\">Le parti hanno poi perfezionato un patto parasociale le<span class=\"_ _1\"></span> cui clausole contemplano:<span class=\"_ _df\"> </span><span class=\"_ _2\"></span> </div><div class=\"t m0 h5 ff14 fs1 fc1 sc0 ls0 ws0 gs9ef\"><span class=\"ff10\"> <span class=\"_ _38\"> </span><span class=\"ff4\">Il <span class=\"_ _f\"></span>divieto d<span class=\"_ _1\"></span>i <span class=\"_ _f\"></span>t<span class=\"_ _2\"></span>rasferimento <span class=\"_ _f\"></span>delle <span class=\"_ _f\"></span>azioni e <span class=\"_ _f\"></span>dei <span class=\"_ _f\"></span>diritti di <span class=\"_ _f\"></span>opzione <span class=\"_ _f\"></span>a terzi, <span class=\"_ _f\"></span>diversi <span class=\"_ _f\"></span>da societ\u00e0<span class=\"_ _df\"> </span></span></span><span class=\"ff10\"><span class=\"ff4\"> </span></span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs9f0\">controllate, per tutta la durata del<span class=\"_ _1\"></span> patto parasociale attualmente in essere;<span class=\"_ _df\"> </span><span class=\"_ _2\"></span> </div><div class=\"t m0 h5 ff14 fs1 fc1 sc0 ls0 ws0 gs9f1\"><span class=\"ff10\"> <span class=\"_ _38\"> </span><span class=\"ff4\">Il <span class=\"_ _d\"></span>diritto <span class=\"_ _0\"></span>di <span class=\"_ _d\"></span>ciascuna <span class=\"_ _0\"></span>parte <span class=\"_ _0\"></span>ottenere <span class=\"_ _d\"></span>la <span class=\"_ _d\"></span>nomina <span class=\"_ _0\"></span>di <span class=\"_ _d\"></span>ot<span class=\"_ _2\"></span>tenere <span class=\"_ _d\"></span>la <span class=\"_ _d\"></span>no<span class=\"_ _2\"></span>mina <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>espon<span class=\"_ _2\"></span>enti<span class=\"_ _df\"> </span></span></span><span class=\"ff10\"><span class=\"ff4\"> </span></span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls73 ws0 gs9f2\">az<span class=\"ls0\">iendali di propria desig<span class=\"_ _1\"></span>nazione (la met\u00e0 degli amministratori e, a rinnovi<span class=\"_ _1\"></span> alternati<span class=\"_ _df\"> </span></span><span class=\"ls0\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs9f3\">del <span class=\"_ _2\"></span>Consiglio <span class=\"_ _2\"></span>di <span class=\"_ _d\"></span>Amministrazione, <span class=\"_ _2\"></span>il <span class=\"_ _d\"></span>Presidente <span class=\"_ _2\"></span>del <span class=\"_ _d\"></span>Consiglio <span class=\"_ _2\"></span>di <span class=\"_ _d\"></span>Amministrazione, <span class=\"_ _2\"></span>i<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs9f4\">Sindaci e, a rinnovi alternati, il Preside<span class=\"_ _1\"></span>nte del Collegio Sindacale);<span class=\"_ _df\"> </span><span class=\"_ _2\"></span> </div><div class=\"t m0 h5 ff14 fs1 fc1 sc0 ls0 ws0 gs9f5\"><span class=\"ff10\"> <span class=\"_ _38\"> </span><span class=\"ff4\">La  necessit\u00e0 <span class=\"_ _22\"> </span>di <span class=\"_ _4\"> </span>un  quorum  qualificato <span class=\"_ _22\"> </span>per <span class=\"_ _4\"> </span>le  deliberazioni  dei  componenti <span class=\"_ _22\"> </span>del<span class=\"_ _df\"> </span></span></span><span class=\"ff10\"><span class=\"ff4\"> </span></span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs9f6\">Consiglio <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>Amministrazione rigu<span class=\"_ _1\"></span>ardanti particolari <span class=\"_ _f\"></span>tematiche (come<span class=\"_ _1\"></span>, tra <span class=\"_ _f\"></span>le altre,<span class=\"_ _1\"></span> la<span class=\"_ _df\"> </span><span class=\"_ _1\"></span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs9f7\">nomina <span class=\"_ _5\"> </span>del <span class=\"_ _6\"> </span>Direttore <span class=\"_ _5\"> </span>Generale, <span class=\"_ _5\"> </span>del <span class=\"_ _6\"> </span>Responsabile <span class=\"_ _5\"> </span>Sinistr<span class=\"_ _2\"></span>i, <span class=\"_ _5\"> </span>del <span class=\"_ _5\"> </span>Dirett<span class=\"_ _2\"></span>ore<span class=\"_ _df\"> </span><span class=\"_ _1\"></span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs9f8\">Commerciale, <span class=\"_ _0\"> </span>della <span class=\"_ _16\"> </span>funzione <span class=\"_ _0\"></span>di <span class=\"_ _9\"> </span>audi<span class=\"ff5\">t<span class=\"_ _2\"></span>ing, <span class=\"_ _9\"> </span>l\u2019approvazione <span class=\"_ _0\"></span>di <span class=\"_ _9\"> </span>oper<span class=\"_ _2\"></span>azioni <span class=\"_ _0\"> </span>di <span class=\"_ _16\"> </span>finanzi<span class=\"_ _1\"></span>a<span class=\"_ _df\"> </span></span><span class=\"ff5\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs9f9\">straordinaria, di accordi distributivi,<span class=\"_ _1\"></span> ecc).<span class=\"_ _df\"> </span><span class=\"_ _2\"></span> </div><div class=\"t m0 h5 ff4 fs1 fc4 sc3 ls0 ws0 gs9fa\">7.8 Im<span class=\"_ _1\"></span>peg<span class=\"_ _1\"></span>ni rife<span class=\"_ _1\"></span>riti a <span class=\"_ _f\"></span>partecipa<span class=\"_ _f\"></span>zioni in <span class=\"_ _f\"></span>societ\u00e0 <span class=\"_ _1\"></span>sottop<span class=\"_ _1\"></span>oste<span class=\"_ _1\"></span> ad <span class=\"_ _1\"></span>influe<span class=\"_ _f\"></span>nza note<span class=\"_ _1\"></span>vole<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs9fb\">Credemtel <span class=\"_ _d\"></span>ha <span class=\"_ _0\"></span>sottos<span class=\"_ _2\"></span>critto <span class=\"_ _d\"></span>con <span class=\"_ _0\"></span>i <span class=\"_ _d\"></span>soci <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>SBC <span class=\"_ _d\"></span>accordi <span class=\"_ _0\"></span>contrattuali <span class=\"_ _0\"></span>volti <span class=\"_ _0\"></span>a <span class=\"_ _d\"></span>discipl<span class=\"_ _2\"></span>inare <span class=\"_ _0\"></span>pi\u00f9<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs9fc\">compiutamente la partnership nella socie<span class=\"_ _1\"></span>t\u00e0.<span class=\"_ _df\"> </span><span class=\"_ _2\"></span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs9fd\">Le parti hanno poi perfezionato un patto parasociale le<span class=\"_ _1\"></span> cui clausole contemplano:<span class=\"_ _df\"> </span><span class=\"_ _2\"></span> </div><div class=\"t m0 h5 ff14 fs1 fc1 sc0 ls0 ws0 gs9fe\"><span class=\"ff10\"> <span class=\"_ _38\"> </span><span class=\"ff4\">il <span class=\"_ _4\"> </span>diritto <span class=\"_ _4\"> </span>di <span class=\"_ _22\"> </span>Cr<span class=\"_ _2\"></span>edemtel <span class=\"_ _22\"> </span>di<span class=\"_ _2\"></span> <span class=\"_ _4\"> </span>ottenere <span class=\"_ _22\"> </span>la <span class=\"_ _4\"> </span>nomina <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>esponenti <span class=\"_ _4\"> </span>aziendali <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>propria<span class=\"_ _df\"> </span></span></span><span class=\"ff10\"><span class=\"ff4\"> </span></span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs9ff\">designazione (un consigliere di amministrazione);<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff14 fs1 fc1 sc0 ls0 ws0 gsa00\"><span class=\"ff10\"> <span class=\"_ _38\"> </span><span class=\"ff4\">la <span class=\"_ _16\"> </span>necessit\u00e0 <span class=\"_ _9\"> </span>di  un <span class=\"_ _9\"> </span>quorum  q<span class=\"_ _1\"></span>ualificato <span class=\"_ _16\"> </span>per <span class=\"_ _9\"> </span>le  de<span class=\"_ _1\"></span>liberazioni <span class=\"_ _16\"> </span>riguardanti <span class=\"_ _16\"> </span>particolari<span class=\"_ _df\"> </span></span></span><span class=\"ff10\"><span class=\"ff4\"><span class=\"_ _1\"></span> </span></span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsa01\">tematiche <span class=\"_ _0\"></span>(come <span class=\"_ _d\"></span>le <span class=\"_ _0\"></span>modificazioni <span class=\"_ _0\"></span>dello <span class=\"_ _d\"></span>st<span class=\"_ _2\"></span>atuto, <span class=\"_ _d\"></span>il <span class=\"_ _0\"></span>trasferimento <span class=\"_ _0\"></span>di <span class=\"_ _d\"></span>part<span class=\"_ _2\"></span>ecipazi<span class=\"_ _1\"></span>oni<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsa02\">sociali, <span class=\"_ _2\"></span>acquisizioni <span class=\"_ _2\"></span>e/o <span class=\"_ _d\"></span>dismissioni, <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>qualsiasi <span class=\"_ _2\"></span>forma <span class=\"_ _d\"></span>effettuate, <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>b<span class=\"_ _2\"></span>eni <span class=\"_ _2\"></span>im<span class=\"_ _2\"></span>mobili<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsa03\">e/o <span class=\"_ _16\"> </span>di <span class=\"_ _9\"> </span>beni  mobil<span class=\"_ _1\"></span>i <span class=\"_ _16\"> </span>di <span class=\"_ _9\"> </span>valore  unitario <span class=\"_ _16\"> </span>superiore <span class=\"_ _9\"> </span>a  Euro <span class=\"_ _9\"> </span>20.000,00  e/<span class=\"_ _1\"></span>o  b<span class=\"_ _1\"></span>eni <span class=\"_ _16\"> </span>mobili<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gsa04\">registrati, <span class=\"_ _0\"></span>l\u2019assunzione <span class=\"_ _d\"></span>di <span class=\"_ _0\"></span>dipen<span class=\"_ _2\"></span>denti,<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>l\u2019assunzione <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>indebitamento <span class=\"_ _0\"></span>finanziario <span class=\"_ _0\"></span>e<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsa05\">concessione di finanziamenti e garanzie).<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fcc sc0 ls0 ws0 gsa06\">Credemtel <span class=\"_ _f\"></span>ha <span class=\"_ _1\"></span>sottoscritto con<span class=\"_ _1\"></span> <span class=\"_ _f\"></span>i soci <span class=\"_ _f\"></span>di <span class=\"_ _f\"></span>A<span class=\"_ _2\"></span>NDXOR <span class=\"_ _1\"></span>accordi <span class=\"_ _f\"></span>contrattuali <span class=\"_ _f\"></span>volti a <span class=\"_ _f\"></span>disciplinare <span class=\"_ _f\"></span>pi\u00f9<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fcc sc0 ls0 ws0 gsa07\">compiutamente la partnership nella societ\u00e0.<span class=\"_ _df\"> </span> </div><div class=\"t m0 h1a ff4 fs1 fcc sc0 ls0 ws0 gsa08\">Le parti hanno poi perfezionato un patto parasociale le<span class=\"_ _1\"></span> cui clausole contemplano:<span class=\"_ _df\"> </span><span class=\"_ _2\"></span><span class=\"fs6\"> </span></div><div class=\"t m0 h5 ff14 fs1 fc1 sc0 ls0 ws0 gsa09\"><span class=\"ff10\"> <span class=\"_ _38\"> </span><span class=\"ff4\">il <span class=\"_ _4\"> </span>diritto <span class=\"_ _4\"> </span>di <span class=\"_ _22\"> </span>Cr<span class=\"_ _2\"></span>edemtel <span class=\"_ _22\"> </span>di<span class=\"_ _2\"></span> <span class=\"_ _4\"> </span>ottenere <span class=\"_ _22\"> </span>la <span class=\"_ _4\"> </span>nomina <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>esponenti <span class=\"_ _4\"> </span>aziendali <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>propri<span class=\"_ _2\"></span><span class=\"ls73\">a<span class=\"_ _df\"> </span></span></span></span><span class=\"ff10\"><span class=\"ff4\"><span class=\"ls73\"> </span></span></span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsa0a\">designazione (un consigliere di amministrazione ed il sindaco unico);<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff14 fs1 fc1 sc0 ls0 ws0 gsa0b\"><span class=\"ff10\"> <span class=\"_ _38\"> </span><span class=\"ff4\">il <span class=\"_ _1\"></span>diritto di <span class=\"_ _f\"></span>co-vendita a fav<span class=\"_ _1\"></span>ore di Cred<span class=\"_ _1\"></span>emtel qualora <span class=\"_ _f\"></span>venga trasferita p<span class=\"_ _1\"></span>er atto <span class=\"_ _f\"></span>t<span class=\"_ _2\"></span>ra v<span class=\"_ _1\"></span>ivi<span class=\"_ _df\"> </span></span></span><span class=\"ff10\"><span class=\"ff4\"> </span></span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsa0c\">una <span class=\"_ _2\"></span>quota <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>almeno <span class=\"_ _2\"></span>il <span class=\"_ _d\"></span>50% <span class=\"_ _d\"></span>del <span class=\"_ _d\"></span>capitale <span class=\"_ _2\"></span>sociale <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>ANDXOR <span class=\"_ _d\"></span>per <span class=\"_ _2\"></span>tutta <span class=\"_ _d\"></span>la <span class=\"_ _d\"></span>durata <span class=\"_ _d\"></span>del<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsa0d\">patto parasociale attualmente in essere;<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff14 fs1 fc1 sc0 ls0 ws0 gsa0e\"><span class=\"ff10\"> <span class=\"_ _38\"> </span><span class=\"ff4\">la <span class=\"_ _4\"> </span>necessit\u00e0 <span class=\"_ _4\"> </span>di  un <span class=\"_ _4\"> </span>quorum <span class=\"_ _4\"> </span>quali<span class=\"_ _1\"></span>ficato <span class=\"_ _4\"> </span>per <span class=\"_ _4\"> </span>le <span class=\"_ _22\"> </span>deliberazioni <span class=\"_ _4\"> </span>dei <span class=\"_ _22\"> </span>componenti <span class=\"_ _4\"> </span>del<span class=\"_ _df\"> </span></span></span><span class=\"ff10\"><span class=\"ff4\"> </span></span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsa0f\">Consiglio <span class=\"_ _5\"> </span>di <span class=\"_ _20\"> </span>Amministr<span class=\"_ _2\"></span>azione <span class=\"_ _20\"> </span>riguardanti <span class=\"_ _5\"> </span>particolari <span class=\"_ _5\"> </span>tematiche <span class=\"_ _20\"> </span>(come <span class=\"_ _5\"> </span>le<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gsa10\">modificazioni <span class=\"_ _6\"> </span>dell\u2019atto <span class=\"_ _26\"> </span>costitutivo, <span class=\"_ _26\"> </span>la <span class=\"_ _6\"> </span>mo<span class=\"_ _2\"></span>dificaz<span class=\"_ _1\"></span>ione <span class=\"_ _26\"> </span>dell\u2019oggetto <span class=\"_ _26\"> </span>sociale,<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsa11\">l<span class=\"ff5\">\u2019assunzione <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>finanziamenti <span class=\"_ _d\"></span>oltre <span class=\"_ _d\"></span>i <span class=\"_ _0\"></span>150.000 <span class=\"_ _d\"></span>euro, <span class=\"_ _d\"></span>la <span class=\"_ _d\"></span>compravendita <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>diritt<span class=\"_ _2\"></span>i <span class=\"_ _d\"></span>reali<span class=\"_ _df\"> </span></span><span class=\"ff5\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsa12\">immobiliari, emissione d<span class=\"_ _1\"></span>i titoli di debito, distribuzione di riserve).<span class=\"_ _df\"> </span><span class=\"_ _2\"></span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsa13\">Credemtel ha sottoscritto con i soci di MYNET accordi contrattuali volti a disciplinare pi\u00f9<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsa14\">compiutamente la partnership nella societ\u00e0.<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsa15\">Le parti hanno poi perfezionato un patto parasociale le<span class=\"_ _1\"></span> cui clausole contemplano:<span class=\"_ _df\"> </span><span class=\"_ _2\"></span> </div><div class=\"t m0 h5 ff14 fs1 fc1 sc0 ls0 ws0 gsa16\"><span class=\"ff10\"> <span class=\"_ _38\"> </span><span class=\"ff4\">il <span class=\"_ _4\"> </span>diritto <span class=\"_ _4\"> </span>di <span class=\"_ _22\"> </span>Cr<span class=\"_ _2\"></span>edemtel <span class=\"_ _22\"> </span>di<span class=\"_ _2\"></span> <span class=\"_ _4\"> </span>ottenere <span class=\"_ _22\"> </span>la <span class=\"_ _4\"> </span>nomina <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>esponenti <span class=\"_ _4\"> </span>aziendali <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>propria<span class=\"_ _df\"> </span></span></span><span class=\"ff10\"><span class=\"ff4\"> </span></span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsa17\">designazione (un <span class=\"_ _2\"></span>consigliere <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>amministrazione, <span class=\"_ _2\"></span>un <span class=\"_ _2\"></span>sindaco <span class=\"_ _2\"></span>effettivo <span class=\"_ _2\"></span>con <span class=\"_ _2\"></span>ruolo <span class=\"_ _2\"></span>di<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsa18\">presidente del collegio sindacale ed un sindaco supplente)<span class=\"_ _1\"></span>;<span class=\"_ _df\"> </span><span class=\"_ _2\"></span> </div>la <span class=\"_ _16\"> </span>necessit\u00e0 <span class=\"_ _9\"> </span>di  un <span class=\"_ _9\"> </span>quorum  q<span class=\"_ _1\"></span>ualificato <span class=\"_ _16\"> </span>per <span class=\"_ _9\"> </span>le  de<span class=\"_ _1\"></span>liberazioni <span class=\"_ _16\"> </span>riguardanti <span class=\"_ _16\"> </span>particolari<span class=\"_ _df\"> </span>tematiche <span class=\"_ _5\"> </span>(come <span class=\"_ _6\"> </span>le <span class=\"_ _5\"> </span>modificazioni <span class=\"_ _5\"> </span>dell\u2019atto <span class=\"_ _6\"> </span>costitutivo, <span class=\"_ _5\"> </span>la <span class=\"_ _6\"> </span>modificaz<span class=\"_ _1\"></span>ione<span class=\"_ _df\"> </span><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gsa1a\">dell\u2019oggetto <span class=\"_ _1a\"> </span>sociale, <span class=\"_ _1a\"> </span>l\u2019assunzione <span class=\"_ _c\"> </span>di <span class=\"_ _1a\"> </span>finanziamenti <span class=\"_ _1a\"> </span>oltre <span class=\"_ _1a\"> </span>i <span class=\"_ _1a\"> </span>1.500.000 <span class=\"_ _1a\"> </span>euro,<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gsa1b\">l\u2019emissione di <span class=\"_ _2\"></span>titoli <span class=\"_ _2\"></span>di debito, <span class=\"_ _2\"></span>l\u2019acquisizione o <span class=\"_ _2\"></span>dismissione di <span class=\"_ _2\"></span>beni <span class=\"_ _2\"></span>mobili o <span class=\"_ _2\"></span>immobili<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsa1c\">di valore superiore a 1.000.000 euro).<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsa1d\">Credemtel <span class=\"_ _2\"></span>ha <span class=\"_ _2\"></span>sot<span class=\"_ _2\"></span>toscritto <span class=\"_ _2\"></span>con <span class=\"_ _d\"></span>i <span class=\"_ _2\"></span>soci <span class=\"_ _d\"></span>di <span class=\"_ _2\"></span>FLAIRBIT <span class=\"_ _2\"></span>accordi <span class=\"_ _d\"></span>contrattu<span class=\"_ _2\"></span>ali <span class=\"_ _2\"></span>volti <span class=\"_ _d\"></span>a <span class=\"_ _2\"></span>disciplinare<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsa1e\">pi\u00f9 compiutamente la partnership nella societ\u00e0.<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsa1f\">Le parti hanno poi perfezionato un patto parasociale le<span class=\"_ _1\"></span> cui clausole contemplano:<span class=\"_ _df\"> </span><span class=\"_ _2\"></span> </div><div class=\"t m0 h5 ff14 fs1 fc1 sc0 ls0 ws0 gsa20\"><span class=\"_ _39\"> </span><span class=\"ff4\">il <span class=\"_ _4\"> </span>diritto <span class=\"_ _4\"> </span>di <span class=\"_ _22\"> </span>Cr<span class=\"_ _2\"></span>edemtel <span class=\"_ _22\"> </span>di<span class=\"_ _2\"></span> <span class=\"_ _4\"> </span>ottenere <span class=\"_ _22\"> </span>la <span class=\"_ _4\"> </span>nomina <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>esponenti <span class=\"_ _4\"> </span>aziendali <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>propria<span class=\"_ _df\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsa21\">designazione (un consigliere di amministrazione);<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff14 fs1 fc1 sc0 ls0 ws0 gsa22\"><span class=\"_ _39\"> </span><span class=\"ff4\">la <span class=\"_ _16\"> </span>necessit\u00e0 <span class=\"_ _9\"> </span>di  un <span class=\"_ _9\"> </span>quorum  q<span class=\"_ _1\"></span>ualificato <span class=\"_ _16\"> </span>per <span class=\"_ _9\"> </span>le  de<span class=\"_ _1\"></span>liberazioni <span class=\"_ _16\"> </span>riguardanti <span class=\"_ _16\"> </span>particolari<span class=\"_ _df\"> </span></span><span class=\"ff4\"><span class=\"_ _1\"></span> </span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gsa23\">tematiche  (come <span class=\"_ _22\"> </span>le <span class=\"_ _22\"> </span>mo<span class=\"_ _2\"></span>dificazioni  dello  Statuto <span class=\"_ _4\"> </span>afferenti  all\u2019oggetto  s<span class=\"_ _2\"></span>ociale,  la<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsa24\">stipula  di  cont<span class=\"_ _2\"></span>ratti <span class=\"_ _22\"> </span>di <span class=\"_ _22\"> </span>qualsiasi <span class=\"_ _4\"> </span>natura  con <span class=\"_ _4\"> </span>alcuna  parte  cor<span class=\"_ _2\"></span>relata <span class=\"_ _22\"> </span>di <span class=\"_ _4\"> </span>FLAIRBIT,<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gsa25\">l\u2019assunzione <span class=\"_ _1\"></span>di finanzi<span class=\"_ _1\"></span>amenti oltre <span class=\"_ _1\"></span>i 500.000 <span class=\"_ _1\"></span>euro, l<span class=\"_ _1\"></span>\u2019assunzione <span class=\"_ _1\"></span>di pe<span class=\"_ _1\"></span>rsonale con <span class=\"_ _f\"></span>un<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsa26\">trattamento <span class=\"_ _15\"> </span>economico <span class=\"_ _15\"> </span>(retribuzione <span class=\"_ _14\"> </span>annua <span class=\"_ _e\"> </span>lorda) <span class=\"_ _15\"> </span>pari <span class=\"_ _15\"> </span>o <span class=\"_ _15\"> </span>superiore <span class=\"_ _15\"> </span>ad <span class=\"_ _15\"> </span>Euro<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsa27\">100.000,00 (centomila) annui).<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc4 sc3 ls0 ws0 gsa28\">7.10 Al<span class=\"_ _1\"></span>tre i<span class=\"_ _1\"></span>nform<span class=\"_ _1\"></span>azio<span class=\"_ _f\"></span>ni<span class=\"_ _df\"> </span><span class=\"sc0\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsa29\">Credemassicurazioni, <span class=\"_ _9\"> </span>A<span class=\"_ _2\"></span>ndxor,  Flairbit  <span class=\"lse\">e  </span>M<span class=\"_ _1\"></span>ynet,  partecipazioni  p<span class=\"_ _1\"></span>er  le <span class=\"_ _9\"> </span>q<span class=\"_ _2\"></span>uali <span class=\"_ _16\"> </span>il  valore <span class=\"_ _9\"> </span>di<span class=\"_ _df\"> </span><span class=\"_ _2\"></span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsa2a\">bilancio r<span class=\"_ _2\"></span>isulta essere <span class=\"_ _2\"></span>superiore alla <span class=\"_ _2\"></span>quota <span class=\"_ _2\"></span>di pertinenza <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>patrimonio netto<span class=\"_ _2\"></span>, sono <span class=\"_ _2\"></span>state<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gsa2b\">assoggettate a test d\u2019impairment dal q<span class=\"_ _1\"></span>uale \u00e8 emerso un valore r<span class=\"_ _1\"></span>ecuperabile superiore al<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsa2c\">valore <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>car<span class=\"_ _2\"></span>ico. <span class=\"_ _2\"></span>Si <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _d\"></span>quindi <span class=\"_ _d\"></span>ritenuto <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>la <span class=\"_ _d\"></span>differenza <span class=\"_ _2\"></span>negativa <span class=\"_ _d\"></span>fra <span class=\"_ _2\"></span>il <span class=\"_ _d\"></span>valore <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>car<span class=\"_ _2\"></span>ico <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>a<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsa2d\">quota <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>pertinenza <span class=\"_ _0\"></span>del <span class=\"_ _0\"> </span>patr<span class=\"_ _2\"></span>imonio <span class=\"_ _0\"></span>netto <span class=\"_ _0\"></span>di <span class=\"_ _9\"> </span>tali <span class=\"_ _0\"></span>partecipate<span class=\"fce\"> <span class=\"_ _9\"> </span></span>non <span class=\"_ _0\"></span>\u00e8 <span class=\"_ _0\"> </span>as<span class=\"_ _2\"></span>crivibi<span class=\"_ _1\"></span>le <span class=\"_ _0\"></span>a <span class=\"_ _9\"> </span>perdita<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsa2e\">durevole di valore <span class=\"_ _2\"></span>e, pertanto, <span class=\"_ _2\"></span>non sono <span class=\"_ _2\"></span>stati rettificati i <span class=\"_ _2\"></span>valori di <span class=\"_ _2\"></span>iscrizione. <span class=\"_ _2\"></span>Per maggiori<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gsa2f\">dettagli <span class=\"_ _8\"> </span>sull\u2019impairment <span class=\"_ _30\"> </span>test <span class=\"_ _8\"> </span>effettuato <span class=\"_ _30\"> </span>riguardo <span class=\"_ _30\"> </span>l\u2019avviamento <span class=\"_ _8\"> </span>generato <span class=\"_ _30\"> </span>da<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsa30\">Credemassicurazioni si rimanda alla Parte B <span class=\"ff5\">\u2013</span> <span class=\"ff5\">Sezione 10 \u201cAvviamento\u201d.<span class=\"_ _df\"> </span></span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsa31\">Per Credemassicurazioni la differenza negativ<span class=\"_ _1\"></span>a \u00e8 ascrivibile alla quota di avviamento per<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsa32\">10,3 <span class=\"_ _1\"></span>milioni <span class=\"_ _f\"></span>di euro, <span class=\"_ _f\"></span>mentre <span class=\"_ _f\"></span>per Andxor, Flairbi<span class=\"_ _1\"></span>t e<span class=\"_ _f\"></span> Mynet <span class=\"_ _f\"></span>la differenza <span class=\"_ _f\"></span>negativa \u00e8<span class=\"_ _1\"></span> <span class=\"_ _f\"></span>as<span class=\"_ _2\"></span>crivibile<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsa33\">alla <span class=\"_ _2\"></span>quota <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>avviamento <span class=\"_ _2\"></span>rispettivamente per <span class=\"_ _2\"></span>1.062 <span class=\"_ _2\"></span>mila <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>euro<span class=\"_ _2\"></span>, <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>402 <span class=\"_ _2\"></span>mila <span class=\"_ _2\"></span>euro <span class=\"_ _d\"></span>e <span class=\"_ _2\"></span>per<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls4 ws0 gsa34\">21<span class=\"ls0\">7 mila euro.</span><span class=\"ls0\"> </span></div>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-889": {
   "value": "<div class=\"c w37c h8f gsa36\"><div class=\"t m0 x8a h5 yd3f ff4 fs1 fc4 sc3 ls0 ws0\">Sezion<span class=\"_ _f\"></span>e 8 <span class=\"ff5\">\u2013</span> At<span class=\"_ _f\"></span>tivit\u00e0 as<span class=\"_ _1\"></span>sicura<span class=\"_ _f\"></span>tive - Vo<span class=\"_ _1\"></span>ce 80<span class=\"_ _f\"></span> </div><div class=\"t m0 x8a h5 y476 ff4 fs1 fc4 sc3 ls0 ws0\">Dinam<span class=\"_ _f\"></span>ica del v<span class=\"_ _1\"></span>alor<span class=\"_ _f\"></span>e di bila<span class=\"_ _1\"></span>ncio d<span class=\"_ _1\"></span>elle ce<span class=\"_ _f\"></span>ssioni in <span class=\"_ _f\"></span>riassicur<span class=\"_ _1\"></span>azio<span class=\"_ _1\"></span>ne - GM<span class=\"_ _1\"></span>M <span class=\"ff5\">\u2013</span> a<span class=\"_ _f\"></span>ttivit\u00e0 pe<span class=\"_ _1\"></span>r res<span class=\"_ _1\"></span>idua<span class=\"_ _1\"></span> cope<span class=\"_ _1\"></span>rtu<span class=\"_ _1\"></span>ra e p<span class=\"_ _1\"></span>er si<span class=\"_ _1\"></span>nistri<span class=\"_ _1\"></span> </div><div class=\"t m0 x8a h1a y477 ff4 fs1 fc4 sc3 ls0 ws0\">acca<span class=\"_ _1\"></span>duti<span class=\"_ _f\"></span><span class=\"fs6 fc1 sc0\"> </span></div></div><div class=\"gsa37\"><table class=\"s wa63 h4c1\" id=\"_c83e93d3-61fd-4c79-bc79-bb973394de17\"><tr><td></td><td class=\"c x450 y275b w382 h1d1\"><div class=\"t m0 x8e h30 y7b6 ff4 fsb fc4 sc3 ls0 ws0\">Attivit\u00e0<span class=\"_ _1\"></span> per residu<span class=\"_ _1\"></span>a copert<span class=\"_ _1\"></span>ura<span class=\"fc1 sc0\"> </span></div></td><td class=\"c x450 y275c w382 h1d6\"><div class=\"t m0 x36 h30 ye47 ff4 fsb fc4 sc3 ls0 ws0\">31/12/2025<span class=\"_ _f\"></span><span class=\"fc1 sc0\"> </span></div></td><td class=\"c x451 y275d wa64 h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">Attivit\u00e0<span class=\"_ _1\"></span> per<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x452 y275b w382 h1d1\"><div class=\"t m0 x8e h30 y7b6 ff4 fsb fc4 sc3 ls0 ws0\">Attivit\u00e0<span class=\"_ _1\"></span> per residu<span class=\"_ _1\"></span>a copert<span class=\"_ _1\"></span>ura<span class=\"fc1 sc0\"> </span></div></td><td class=\"c x452 y275c w382 h1d6\"><div class=\"t m0 x36 h30 ye47 ff4 fsb fc4 sc3 ls0 ws0\">31/12/202<span class=\"_ _f\"></span>4<span class=\"fc1 sc0\"> </span></div></td><td class=\"c x453 y275d wa64 h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">Attivit\u00e0<span class=\"_ _1\"></span> per<span class=\"_ _df\"> </span></div></td><td></td></tr><tr><td></td><td></td><td></td><td class=\"c x454 y275e wa65 h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">sinistri<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td class=\"c x455 y275e wa65 h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">sinistri<span class=\"_ _df\"> </span></div></td><td></td></tr><tr><td></td><td></td><td></td><td class=\"c x456 y275f wa66 h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">accaduti<span class=\"_ _df\"> </span></div></td><td class=\"c x457 y275c w383 h1d6\"><div class=\"t m0 x2a h30 y7b6 ff4 fsb fc4 sc3 ls0 ws0\">Totale<span class=\"fc1 sc0\"> </span></div></td><td></td><td></td><td class=\"c x458 y275f wa66 h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">accaduti<span class=\"_ _df\"> </span></div></td><td class=\"c x459 y275c w2b2 h1d6\"><div class=\"t m0 x2a h30 y7b6 ff4 fsb fc4 sc3 ls0 ws0\">Totale<span class=\"fc1 sc0\"> </span></div></td></tr><tr><td></td><td class=\"c x45a y2760 wa67 h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">Al netto de<span class=\"_ _f\"></span>l<span class=\"_ _2\"></span>la<span class=\"_ _df\"> </span></div></td><td class=\"c x45b y2761 wa68 h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">Compo<span class=\"_ _f\"></span>n<span class=\"_ _2\"></span>ente<span class=\"_ _df\"> </span></div></td><td class=\"c x45c y2762 w197 h257\"><div class=\"t m0 xab h30 y15b2 ff4 fsb fc4 sc3 ls0 ws0\">31/12/2025<span class=\"_ _f\"></span><span class=\"fc1 sc0\"> </span></div></td><td class=\"c x457 y2762 w383 h257\"><div class=\"t m0 xab h30 y15b2 ff4 fsb fc4 sc3 ls0 ws0\">31/12/2025<span class=\"_ _f\"></span><span class=\"fc1 sc0\"> </span></div></td><td class=\"c x45d y2760 wa67 h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">Al netto de<span class=\"_ _f\"></span>l<span class=\"_ _2\"></span>la<span class=\"_ _df\"> </span></div></td><td class=\"c x45e y2761 wa69 h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">Compo<span class=\"_ _f\"></span>n<span class=\"_ _2\"></span>ente<span class=\"_ _df\"> </span></div></td><td class=\"c x45f y2762 w384 h257\"><div class=\"t m0 xab h30 y15b2 ff4 fsb fc4 sc3 ls0 ws0\">31/12/202<span class=\"_ _f\"></span>4<span class=\"fc1 sc0\"> </span></div></td><td class=\"c x459 y2762 w2b2 h257\"><div class=\"t m0 xab h30 y15b2 ff4 fsb fc4 sc3 ls0 ws0\">31/12/202<span class=\"_ _f\"></span>4<span class=\"fc1 sc0\"> </span></div></td></tr><tr><td></td><td class=\"c x45a y2763 wa6a h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">compo<span class=\"_ _1\"></span>nente<span class=\"_ _df\"> </span></div></td><td class=\"c x460 y2764 wa6b h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">recupero<span class=\"_ _df\"> </span></div></td><td></td><td></td><td class=\"c x45d y2763 wa6a h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">compo<span class=\"_ _1\"></span>nente<span class=\"_ _df\"> </span></div></td><td class=\"c x461 y2764 wa6b h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">recupero<span class=\"_ _df\"> </span></div></td><td></td><td></td></tr><tr><td></td><td class=\"c x462 y2765 wa6b h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">recupero<span class=\"_ _df\"> </span></div></td><td class=\"c x463 y2766 wa6c h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">perdite<span class=\"_ _df\"> </span></div></td><td></td><td></td><td class=\"c x464 y2765 wa6b h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">recupero<span class=\"_ _df\"> </span></div></td><td class=\"c x465 y2766 wa6d h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">perdite<span class=\"_ _df\"> </span></div></td><td></td><td></td></tr><tr><td></td><td class=\"c x466 y2767 wa6c h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">perdite<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td class=\"c x467 y2767 wa6d h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">perdite<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td></tr><tr><td class=\"c x262 y2768 wa6e h4bd\"><div class=\"t m0 x250 hd6 y2726 ff4 fs1b fc1 sc2 ls0 ws0\">A. Val<span class=\"_ _1\"></span>ore di bila<span class=\"_ _f\"></span>ncio<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x262 y2769 wa6f h4bd\"><div class=\"t m0 x250 hd6 y2726 ff4 fs1b fc1 sc2 ls0 ws0\">iniziale<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2a8 y276b wa70 h4c2\"><div class=\"t m0 x250 hd6 y276a ff4 fs1b fc1 sc0 ls0 ws0\">1. Cessioni in<span class=\"_ _df\"> </span></div><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">riassicurazione che<span class=\"_ _df\"> </span></div></td><td class=\"c x450 y276c w59 h91\"><div class=\"t m0 x97 hd6 yc5f ff4 fs1b fc1 sc0 ls0 ws0\">11.002<span class=\"_ _df\"> </span></div></td><td class=\"c x468 y276c wa5 h91\"><div class=\"t m0 x96 hd6 yc5f ff4 fs1b fc1 sc0 ls1 ws0\">64<span class=\"_ _df\"> </span></div></td><td class=\"c x45c y276c w384 h91\"><div class=\"t m0 x97 hd6 yc5f ff4 fs1b fc1 sc0 ls0 ws0\">186<span class=\"_ _df\"> </span></div></td><td class=\"c x457 y276c w2ae h91\"><div class=\"t m0 x2c hd6 yc5f ff4 fs1b fc1 sc0 ls0 ws0\">11.252<span class=\"_ _df\"> </span></div></td><td class=\"c x452 y276c wae h91\"><div class=\"t m0 x37 hd6 yc5f ff4 fs1b fc1 sc0 ls0 ws0\">14.506<span class=\"_ _df\"> </span></div></td><td class=\"c x469 y276c w387 h91\"><div class=\"t m0 x91 hd6 yc5f ff4 fs1b fc1 sc0 ls4a ws0\">17<span class=\"_ _df\"> </span></div></td><td class=\"c x45f y276c w2df h91\"><div class=\"t m0 x37 hd6 yc5f ff4 fs1b fc1 sc0 ls0 ws0\">839<span class=\"_ _df\"> </span></div></td><td class=\"c x459 y276c w2e0 h91\"><div class=\"t m0 x35 hd6 yc5f ff4 fs1b fc1 sc0 ls0 ws0\">15.362<span class=\"_ _df\"> </span></div></td></tr><tr><td class=\"c x2a8 y276d wa71 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">costituiscono attivit\u00e0<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2a8 y276f wa70 h4c3\"><div class=\"t m0 x250 hd6 y276e ff4 fs1b fc1 sc0 ls0 ws0\">2. Cessioni in<span class=\"_ _df\"> </span></div><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">riassicurazione che<span class=\"_ _df\"> </span></div></td><td class=\"c x450 y2770 w59 h89\"><div class=\"t m0 x97 hd6 y3d ff4 fs1b fc1 sc0 ls0 ws0\">(1.515)<span class=\"_ _df\"> </span></div></td><td class=\"c x468 y2770 wa5 h89\"><div class=\"t m0 x7 hd6 y3d ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x45c y2770 w384 h89\"><div class=\"t m0 x26 hd6 y3d ff4 fs1b fc1 sc0 ls0 ws0\">1.133<span class=\"_ _df\"> </span></div></td><td class=\"c x457 y2770 w2ae h89\"><div class=\"t m0 x27 hd6 y3d ff4 fs1b fc1 sc0 ls0 ws0\">(382)<span class=\"_ _df\"> </span></div></td><td class=\"c x452 y2770 wae h89\"><div class=\"t m0 x7 hd6 y3d ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x469 y2770 w387 h89\"><div class=\"t m0 x7 hd6 y3d ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x45f y2770 w2df h89\"><div class=\"t m0 x8f hd6 y3d ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x459 y2770 w2e0 h89\"><div class=\"t m0 x8f hd6 y3d ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td></tr><tr><td class=\"c x2a8 y2771 wa72 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">costituiscono<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2a8 y2772 wa73 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">passivit\u00e0<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2a8 y2773 wa74 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc2 ls0 ws0\">3. Valor<span class=\"_ _1\"></span>e nett<span class=\"_ _1\"></span>o di<span class=\"_ _df\"> </span></div></td><td class=\"c x450 y2774 w59 h258\"><div class=\"t m0 x31 hd6 y61e ff4 fs1b fc1 sc2 ls0 ws0\">9.487<span class=\"_ _df\"> </span></div></td><td class=\"c x468 y2774 wa5 h258\"><div class=\"t m0 x96 hd6 y61e ff4 fs1b fc1 sc2 ls1 ws0\">64<span class=\"_ _df\"> </span></div></td><td class=\"c x45c y2774 w384 h258\"><div class=\"t m0 x26 hd6 y61e ff4 fs1b fc1 sc2 ls0 ws0\">1.319<span class=\"_ _df\"> </span></div></td><td class=\"c x457 y2774 w2ae h258\"><div class=\"t m0 x35 hd6 y61e ff4 fs1b fc1 sc2 ls0 ws0\">10.<span class=\"lsd1\">870<span class=\"_ _df\"> </span></span></div></td><td class=\"c x452 y2774 wae h258\"><div class=\"t m0 x37 hd6 y61e ff4 fs1b fc1 sc2 ls0 ws0\">14.506<span class=\"_ _df\"> </span></div></td><td class=\"c x469 y2774 w387 h258\"><div class=\"t m0 x91 hd6 y61e ff4 fs1b fc1 sc2 ls4a ws0\">17<span class=\"_ _df\"> </span></div></td><td class=\"c x45f y2774 w2df h258\"><div class=\"t m0 x37 hd6 y61e ff4 fs1b fc1 sc2 ls0 ws0\">839<span class=\"_ _df\"> </span></div></td><td class=\"c x459 y2774 w2e0 h258\"><div class=\"t m0 x35 hd6 y61e ff4 fs1b fc1 sc2 ls0 ws0\">15.362<span class=\"_ _df\"> </span></div></td></tr><tr><td class=\"c x2a8 y2775 wa75 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc2 ls0 ws0\">bilanci<span class=\"_ _f\"></span>o<span class=\"_ _2\"></span> al 1\u00b0 g<span class=\"_ _f\"></span>ennaio<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x262 y2776 wa76 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc2 ls0 ws0\">B. Effetti <span class=\"_ _f\"></span>economici<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x262 y2777 wa77 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc2 ls0 ws0\">connes<span class=\"_ _1\"></span>si con l<span class=\"_ _1\"></span>e cessi<span class=\"_ _f\"></span>o<span class=\"_ _2\"></span>ni<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x262 y2778 wa78 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc2 ls0 ws0\">in riassi<span class=\"_ _f\"></span>curazione<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2a8 y2779 wa79 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">1. Costo della<span class=\"_ _df\"> </span></div></td><td class=\"c x450 y277a w59 hcb\"><div class=\"t m0 x37 hd6 y25f ff4 fs1b fc1 sc0 ls0 ws0\">(5.166)<span class=\"_ _df\"> </span></div></td><td class=\"c x468 y277a wa5 hcb\"><div class=\"t m0 x7 hd6 y25f ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x45c y277a w384 hcb\"><div class=\"t m0 x8f hd6 y25f ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x457 y277a w2ae hcb\"><div class=\"t m0 x32 hd6 y25f ff4 fs1b fc1 sc0 ls0 ws0\">(5.166)<span class=\"_ _df\"> </span></div></td><td class=\"c x452 y277a wae hcb\"><div class=\"t m0 x26 hd6 y25f ff4 fs1b fc1 sc0 ls0 ws0\">(4.943)<span class=\"_ _df\"> </span></div></td><td class=\"c x469 y277a w387 hcb\"><div class=\"t m0 x7 hd6 y25f ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x45f y277a w2df hcb\"><div class=\"t m0 x8f hd6 y25f ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x459 y277a w2e0 hcb\"><div class=\"t m0 x33 hd6 y25f ff4 fs1b fc1 sc0 ls0 ws0\">(4.943)<span class=\"_ _df\"> </span></div></td></tr><tr><td class=\"c x2a8 y277b wa7a h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">riassicurazione<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2a8 y277c wa7b h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">2. Sinistri e altri costi<span class=\"_ _df\"> </span></div></td><td class=\"c x450 y277d w59 h148\"><div class=\"t m0 x7 hd6 y25f ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x468 y277d wa5 h148\"><div class=\"t m0 x7 hd6 y25f ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x45c y277d w384 h148\"><div class=\"t m0 x2c hd6 y25f ff4 fs1b fc1 sc0 ls0 ws0\">3.302<span class=\"_ _df\"> </span></div></td><td class=\"c x457 y277d w2ae h148\"><div class=\"t m0 x2c hd6 y25f ff4 fs1b fc1 sc0 ls0 ws0\">3.302<span class=\"_ _df\"> </span></div></td><td class=\"c x452 y277d wae h148\"><div class=\"t m0 x7 hd6 y25f ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x469 y277d w387 h148\"><div class=\"t m0 x7 hd6 y25f ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x45f y277d w2df h148\"><div class=\"t m0 x27 hd6 y25f ff4 fs1b fc1 sc0 ls0 ws0\">3.251<span class=\"_ _df\"> </span></div></td><td class=\"c x459 y277d w2e0 h148\"><div class=\"t m0 x27 hd6 y25f ff4 fs1b fc1 sc0 ls0 ws0\">3.251<span class=\"_ _df\"> </span></div></td></tr><tr><td class=\"c x2a8 y277e wa12 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">recuperati<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2a8 y277f wa7c h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">3. Variazioni<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2a8 y2780 wa7d h4bd\"><div class=\"t m0 x250 hd6 y2736 ff5 fs1b fc1 sc0 ls0 ws0\">dell\u2019attivit\u00e0 per<span class=\"_ _df\"> </span></div></td><td class=\"c x450 y2781 w59 h91\"><div class=\"t m0 x7 hd6 yc5f ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x468 y2781 wa5 h91\"><div class=\"t m0 x7 hd6 yc5f ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x45c y2781 w384 h91\"><div class=\"t m0 x37 hd6 yc5f ff4 fs1b fc1 sc0 ls0 ws0\">830<span class=\"_ _df\"> </span></div></td><td class=\"c x457 y2781 w2ae h91\"><div class=\"t m0 x37 hd6 yc5f ff4 fs1b fc1 sc0 ls0 ws0\">830<span class=\"_ _df\"> </span></div></td><td class=\"c x452 y2781 wae h91\"><div class=\"t m0 x7 hd6 yc5f ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x469 y2781 w387 h91\"><div class=\"t m0 x7 hd6 yc5f ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x45f y2781 w2df h91\"><div class=\"t m0 x37 hd6 yc5f ff4 fs1b fc1 sc0 ls0 ws0\">836<span class=\"_ _df\"> </span></div></td><td class=\"c x459 y2781 w2e0 h91\"><div class=\"t m0 x37 hd6 yc5f ff4 fs1b fc1 sc0 ls0 ws0\">836<span class=\"_ _df\"> </span></div></td></tr><tr><td class=\"c x2a8 y2782 wa7e h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">sinistri accaduti<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2a8 y2783 wa70 h4c3\"><div class=\"t m0 x250 hd6 y276e ff4 fs1b fc1 sc0 ls0 ws0\">4. Cessioni in<span class=\"_ _df\"> </span></div><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">riassicurazione che<span class=\"_ _df\"> </span></div></td><td class=\"c x450 y2784 w59 h89\"><div class=\"t m0 x7 hd6 y3d ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x468 y2784 wa5 h89\"><div class=\"t m0 x13 hd6 y3d ff4 fs1b fc1 sc0 ls0 ws0\">(41)<span class=\"_ _df\"> </span></div></td><td class=\"c x45c y2784 w384 h89\"><div class=\"t m0 x8f hd6 y3d ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x457 y2784 w2ae h89\"><div class=\"t m0 x97 hd6 y3d ff4 fs1b fc1 sc0 ls0 ws0\">(41)<span class=\"_ _df\"> </span></div></td><td class=\"c x452 y2784 wae h89\"><div class=\"t m0 x7 hd6 y3d ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x469 y2784 w387 h89\"><div class=\"t m0 x96 hd6 y3d ff4 fs1b fc1 sc0 ls0 ws0\">46<span class=\"_ _df\"> </span></div></td><td class=\"c x45f y2784 w2df h89\"><div class=\"t m0 x8f hd6 y3d ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x459 y2784 w2e0 h89\"><div class=\"t m0 x31 hd6 y3d ff4 fs1b fc1 sc0 ls0 ws0\">46<span class=\"_ _df\"> </span></div></td></tr><tr><td class=\"c x2a8 y2785 wa7f h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">coprono contratti<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2a8 y2786 wa80 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">onerosi<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x46a y2787 wa81 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">4.1 Ricavi connessi<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x46a y2788 wa82 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff5 fs1b fc1 sc0 ls0 ws0\">con l\u2019iscrizione di<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x46a y2789 wa83 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">contratti<span class=\"_ _df\"> </span></div></td><td class=\"c x450 y278a w59 h153\"><div class=\"t m0 x7 hd6 yc62 ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x468 y278a wa5 h153\"><div class=\"t m0 x13 hd6 yc62 ff4 fs1b fc1 sc0 ls0 ws0\">317<span class=\"_ _df\"> </span></div></td><td class=\"c x45c y278a w384 h153\"><div class=\"t m0 x8f hd6 yc62 ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x457 y278a w2ae h153\"><div class=\"t m0 x38 hd6 yc62 ff4 fs1b fc1 sc0 ls0 ws0\">317<span class=\"_ _df\"> </span></div></td><td class=\"c x452 y278a wae h153\"><div class=\"t m0 x7 hd6 yc62 ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x469 y278a w387 h153\"><div class=\"t m0 x7 hd6 yc62 ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x45f y278a w2df h153\"><div class=\"t m0 x8f hd6 yc62 ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x459 y278a w2e0 h153\"><div class=\"t m0 x8f hd6 yc62 ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td></tr><tr><td class=\"c x46a y278b wa84 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">assicurativi<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x46a y278c wa85 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">sottostanti onerosi<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x46a y278d wa86 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">4.2 Rilasci della<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x46a y278e wa87 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">componente di<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x46a y278f wa88 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">recupero perdite<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x46a y2790 wa89 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">diversi dalle<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x46a y2791 wa8a h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">variazioni dei flussi<span class=\"_ _df\"> </span></div></td><td class=\"c x450 y2792 w59 h25a\"><div class=\"t m0 x7 hd6 yca7 ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x468 y2792 wa5 h25a\"><div class=\"t m0 x8f hd6 yca7 ff4 fs1b fc1 sc0 ls0 ws0\">(28)<span class=\"_ _df\"> </span></div></td><td class=\"c x45c y2792 w384 h25a\"><div class=\"t m0 x8f hd6 yca7 ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x457 y2792 w2ae h25a\"><div class=\"t m0 x37 hd6 yca7 ff4 fs1b fc1 sc0 ls0 ws0\">(28)<span class=\"_ _df\"> </span></div></td><td class=\"c x452 y2792 wae h25a\"><div class=\"t m0 x7 hd6 yca7 ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x469 y2792 w387 h25a\"><div class=\"t m0 x96 hd6 yca7 ff4 fs1b fc1 sc0 ls73 ws0\">(4)<span class=\"_ _df\"> </span></div></td><td class=\"c x45f y2792 w2df h25a\"><div class=\"t m0 x8f hd6 yca7 ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x459 y2792 w2e0 h25a\"><div class=\"t m0 x31 hd6 yca7 ff4 fs1b fc1 sc0 ls73 ws0\">(4)<span class=\"_ _df\"> </span></div></td></tr><tr><td class=\"c x46a y2793 wa8b h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">finanziari dei<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x46a y2794 wa8c h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">contratti di<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x46a y2795 wa7a h4c3\"><div class=\"t m0 x250 hd6 y276e ff4 fs1b fc1 sc0 ls0 ws0\">cessione in<span class=\"_ _df\"> </span></div><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">riassicurazione<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x46a y2796 wa8d h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">4.3 Variazioni dei<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x46a y2797 wa68 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">flussi finanziari<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x46a y2799 wa8e h4c4\"><div class=\"t m0 x250 hd6 y2798 ff4 fs1b fc1 sc0 ls0 ws0\">delle cessioni in<span class=\"_ _df\"> </span></div><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">riassicurazione<span class=\"_ _df\"> </span></div></td><td class=\"c x450 y279a w59 h25b\"><div class=\"t m0 x7 hd6 yce6 ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x468 y279a wa5 h25b\"><div class=\"t m0 x30 hd6 yce6 ff4 fs1b fc1 sc0 ls0 ws0\">(330)<span class=\"_ _df\"> </span></div></td><td class=\"c x45c y279a w384 h25b\"><div class=\"t m0 x8f hd6 yce6 ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x457 y279a w2ae h25b\"><div class=\"t m0 x3a hd6 yce6 ff4 fs1b fc1 sc0 ls0 ws0\">(330)<span class=\"_ _df\"> </span></div></td><td class=\"c x452 y279a wae h25b\"><div class=\"t m0 x7 hd6 yce6 ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x469 y279a w387 h25b\"><div class=\"t m0 x96 hd6 yce6 ff4 fs1b fc1 sc0 ls1 ws0\">50<span class=\"_ _df\"> </span></div></td><td class=\"c x45f y279a w2df h25b\"><div class=\"t m0 x8f hd6 yce6 ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x459 y279a w2e0 h25b\"><div class=\"t m0 x31 hd6 yce6 ff4 fs1b fc1 sc0 ls1 ws0\">50<span class=\"_ _df\"> </span></div></td></tr><tr><td class=\"c x46a y2655 w9f0 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">derivanti dai<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x46a y279b wa8f h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">contratt<span class=\"ls6\">i<span class=\"_ _df\"> </span></span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x46a y279c wa84 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">assicurativi<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x46a y279d wa85 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">sottostanti onerosi<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2a8 y279e wa90 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">5. Effetti del<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2a8 y279f wa91 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">cambiamento del<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2a8 y27a0 wa92 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">rischio di<span class=\"_ _df\"> </span></div></td><td class=\"c x450 y27a1 w59 h170\"><div class=\"t m0 x7 hd6 y293 ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x468 y27a1 wa5 h170\"><div class=\"t m0 x7 hd6 y293 ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x45c y27a1 w384 h170\"><div class=\"t m0 x8f hd6 y293 ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x457 y27a1 w2ae h170\"><div class=\"t m0 x8f hd6 y293 ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x452 y27a1 wae h170\"><div class=\"t m0 x7 hd6 y293 ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x469 y27a1 w387 h170\"><div class=\"t m0 x7 hd6 y293 ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x45f y27a1 w2df h170\"><div class=\"t m0 x8f hd6 y293 ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x459 y27a1 w2e0 h170\"><div class=\"t m0 x8f hd6 y293 ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td></tr><tr><td class=\"c x2a8 y27a2 wa93 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">inadempimento da<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2a8 y27a3 wa94 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">parte dei<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2a8 y27a4 wa95 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">riassicuratori<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x46b y27a5 w386 h131\"><div class=\"t m0 x16a hd6 y25c ff4 fs1b fc1 sc2 ls0 ws0\">6. Total<span class=\"_ _f\"></span>e<span class=\"_ _df\"> </span></div></td><td class=\"c x450 y27a5 w59 h131\"><div class=\"t m0 x37 hd6 y25c ff4 fs1b fc1 sc2 ls0 ws0\">(5.166)<span class=\"_ _df\"> </span></div></td><td class=\"c x468 y27a5 wa5 h131\"><div class=\"t m0 x13 hd6 y25c ff4 fs1b fc1 sc2 ls0 ws0\">(41)<span class=\"_ _df\"> </span></div></td><td class=\"c x45c y27a5 w384 h131\"><div class=\"t m0 x27 hd6 y25c ff4 fs1b fc1 sc2 ls0 ws0\">4.132<span class=\"_ _df\"> </span></div></td><td class=\"c x457 y27a5 w2ae h131\"><div class=\"t m0 x32 hd6 y25c ff4 fs1b fc1 sc2 ls0 ws0\">(1.075)<span class=\"_ _df\"> </span></div></td><td class=\"c x452 y27a5 wae h131\"><div class=\"t m0 x34 hd6 y25c ff4 fs1b fc1 sc2 ls0 ws0\">(4.943)<span class=\"_ _df\"> </span></div></td><td class=\"c x469 y27a5 w387 h131\"><div class=\"t m0 x96 hd6 y25c ff4 fs1b fc1 sc2 ls0 ws0\">46<span class=\"_ _df\"> </span></div></td><td class=\"c x45f y27a5 w2df h131\"><div class=\"t m0 x3a hd6 y25c ff4 fs1b fc1 sc2 ls0 ws0\">4.087<span class=\"_ _df\"> </span></div></td><td class=\"c x459 y27a5 w2e0 h131\"><div class=\"t m0 x26 hd6 y25c ff4 fs1b fc1 sc2 ls0 ws0\">(810)<span class=\"_ _df\"> </span></div></td></tr><tr><td class=\"c x262 y27a6 wa96 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc2 ls0 ws0\">C. Risult<span class=\"_ _1\"></span>ato d<span class=\"_ _1\"></span>ei serviz<span class=\"_ _1\"></span>i<span class=\"_ _df\"> </span></div></td><td class=\"c x450 y27a7 w59 h258\"><div class=\"t m0 x37 hd6 y2e7 ff4 fs1b fc1 sc2 ls0 ws0\">(5.166)<span class=\"_ _df\"> </span></div></td><td class=\"c x468 y27a7 wa5 h258\"><div class=\"t m0 x13 hd6 y2e7 ff4 fs1b fc1 sc2 ls0 ws0\">(41)<span class=\"_ _df\"> </span></div></td><td class=\"c x45c y27a7 w384 h258\"><div class=\"t m0 x27 hd6 y2e7 ff4 fs1b fc1 sc2 ls0 ws0\">4.132<span class=\"_ _df\"> </span></div></td><td class=\"c x457 y27a7 w2ae h258\"><div class=\"t m0 x32 hd6 y2e7 ff4 fs1b fc1 sc2 ls0 ws0\">(1.075)<span class=\"_ _df\"> </span></div></td><td class=\"c x452 y27a7 wae h258\"><div class=\"t m0 x34 hd6 y2e7 ff4 fs1b fc1 sc2 ls0 ws0\">(4.943)<span class=\"_ _df\"> </span></div></td><td class=\"c x469 y27a7 w387 h258\"><div class=\"t m0 x96 hd6 y2e7 ff4 fs1b fc1 sc2 ls0 ws0\">46<span class=\"_ _df\"> </span></div></td><td class=\"c x45f y27a7 w2df h258\"><div class=\"t m0 x3a hd6 y2e7 ff4 fs1b fc1 sc2 ls0 ws0\">4.087<span class=\"_ _df\"> </span></div></td><td class=\"c x459 y27a7 w2e0 h258\"><div class=\"t m0 x26 hd6 y2e7 ff4 fs1b fc1 sc2 ls0 ws0\">(810)<span class=\"_ _df\"> </span></div></td></tr><tr><td class=\"c x262 y27a8 wa97 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc2 ls0 ws0\">assicurati<span class=\"_ _f\"></span>vi (Totale B<span class=\"_ _1\"></span>)<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x262 y27a9 wa98 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc2 ls0 ws0\">D. Ricav<span class=\"_ _1\"></span>i/costi n<span class=\"_ _f\"></span>etti di<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x262 y27aa wa99 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc2 ls0 ws0\">natura <span class=\"_ _1\"></span>finanzia<span class=\"_ _1\"></span>ria<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2a8 y27ab wa9a h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">1. Relativi alle<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2a8 y27ac wa7a h4c3\"><div class=\"t m0 x250 hd6 y276e ff4 fs1b fc1 sc0 ls0 ws0\">cessioni in<span class=\"_ _df\"> </span></div><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">riassicurazione<span class=\"_ _df\"> </span></div></td><td class=\"c x450 y27ad w59 h90\"><div class=\"t m0 x36 hd6 yc5f ff4 fs1b fc1 sc0 ls0 ws0\">253<span class=\"_ _df\"> </span></div></td><td class=\"c x468 y27ad wa5 h90\"><div class=\"t m0 x7 hd6 yc5f ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x45c y27ad w384 h90\"><div class=\"t m0 x8f hd6 yc5f ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x457 y27ad w2ae h90\"><div class=\"t m0 x37 hd6 yc5f ff4 fs1b fc1 sc0 ls0 ws0\">253<span class=\"_ _df\"> </span></div></td><td class=\"c x452 y27ad wae h90\"><div class=\"t m0 x36 hd6 yc5f ff4 fs1b fc1 sc0 ls0 ws0\">426<span class=\"_ _df\"> </span></div></td><td class=\"c x469 y27ad w387 h90\"><div class=\"t m0 x7 hd6 yc5f ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x45f y27ad w2df h90\"><div class=\"t m0 x8f hd6 yc5f ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x459 y27ad w2e0 h90\"><div class=\"t m0 x97 hd6 yc5f ff4 fs1b fc1 sc0 ls0 ws0\">426<span class=\"_ _df\"> </span></div></td></tr><tr><td class=\"c x46b y27ae w386 h148\"><div class=\"t m0 x39 hd6 yc5f ff4 fs1b fc1 sc0 ls0 ws0\">1.1. Registrati in </div><div class=\"t m0 x39 hd6 yc2e ff4 fs1b fc1 sc0 ls0 ws0\">conto economico<span class=\"_ _df\"> </span></div></td><td class=\"c x450 y27ae w59 h148\"><div class=\"t m0 x96 hd6 y25f ff4 fs1b fc1 sc0 ls1 ws0\">92<span class=\"_ _df\"> </span></div></td><td class=\"c x468 y27ae wa5 h148\"><div class=\"t m0 x7 hd6 y25f ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x45c y27ae w384 h148\"><div class=\"t m0 x8f hd6 y25f ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x457 y27ae w2ae h148\"><div class=\"t m0 x31 hd6 y25f ff4 fs1b fc1 sc0 ls1 ws0\">92<span class=\"_ _df\"> </span></div></td><td class=\"c x452 y27ae wae h148\"><div class=\"t m0 x11 hd6 y25f ff4 fs1b fc1 sc0 ls1 ws0\">98<span class=\"_ _df\"> </span></div></td><td class=\"c x469 y27ae w387 h148\"><div class=\"t m0 x7 hd6 y25f ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x45f y27ae w2df h148\"><div class=\"t m0 x8f hd6 y25f ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x459 y27ae w2e0 h148\"><div class=\"t m0 x31 hd6 y25f ff4 fs1b fc1 sc0 ls1 ws0\">98<span class=\"_ _df\"> </span></div></td></tr><tr><td class=\"c x46a y27af wa9b h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">1.2. Registrati nel<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x46a y27b0 wa9c h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">conto economico<span class=\"_ _df\"> </span></div></td><td class=\"c x450 y27b1 w59 h92\"><div class=\"t m0 x13 hd6 y308 ff4 fs1b fc1 sc0 ls0 ws0\">161<span class=\"_ _df\"> </span></div></td><td class=\"c x468 y27b1 wa5 h92\"><div class=\"t m0 x7 hd6 y308 ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x45c y27b1 w384 h92\"><div class=\"t m0 x8f hd6 y308 ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x457 y27b1 w2ae h92\"><div class=\"t m0 x31 hd6 y308 ff4 fs1b fc1 sc0 ls0 ws0\">161<span class=\"_ _df\"> </span></div></td><td class=\"c x452 y27b1 wae h92\"><div class=\"t m0 x36 hd6 y308 ff4 fs1b fc1 sc0 ls0 ws0\">328<span class=\"_ _df\"> </span></div></td><td class=\"c x469 y27b1 w387 h92\"><div class=\"t m0 x7 hd6 y308 ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x45f y27b1 w2df h92\"><div class=\"t m0 x8f hd6 y308 ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x459 y27b1 w2e0 h92\"><div class=\"t m0 x37 hd6 y308 ff4 fs1b fc1 sc0 ls0 ws0\">328<span class=\"_ _df\"> </span></div></td></tr><tr><td class=\"c x46a y27b2 wa9d h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">complessivo<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2a8 y27b3 wa9e h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">2. Effetti connessi<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2a8 y27b4 wa9f h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">con le variazioni dei<span class=\"_ _df\"> </span></div></td><td class=\"c x450 y27b5 w59 h91\"><div class=\"t m0 x7 hd6 yc5f ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x468 y27b5 wa5 h91\"><div class=\"t m0 x7 hd6 yc5f ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x45c y27b5 w384 h91\"><div class=\"t m0 x8f hd6 yc5f ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x457 y27b5 w2ae h91\"><div class=\"t m0 x8f hd6 yc5f ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x452 y27b5 wae h91\"><div class=\"t m0 x7 hd6 yc5f ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x469 y27b5 w387 h91\"><div class=\"t m0 x7 hd6 yc5f ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x45f y27b5 w2df h91\"><div class=\"t m0 x8f hd6 yc5f ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x459 y27b5 w2e0 h91\"><div class=\"t m0 x8f hd6 yc5f ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td></tr><tr><td class=\"c x2a8 y27b6 waa0 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">tassi di cambio<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x46b y27b7 w386 h131\"><div class=\"t m0 x16a hd6 y25c ff4 fs1b fc1 sc2 ls0 ws0\">3. Total<span class=\"_ _1\"></span>e<span class=\"_ _df\"> </span></div></td><td class=\"c x450 y27b7 w59 h131\"><div class=\"t m0 x8f hd6 y25c ff4 fs1b fc1 sc2 ls0 ws0\">253<span class=\"_ _df\"> </span></div></td><td class=\"c x468 y27b7 wa5 h131\"><div class=\"t m0 x7 hd6 y25c ff4 fs1b fc1 sc2 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x45c y27b7 w384 h131\"><div class=\"t m0 x8f hd6 y25c ff4 fs1b fc1 sc2 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x457 y27b7 w2ae h131\"><div class=\"t m0 x97 hd6 y25c ff4 fs1b fc1 sc2 ls0 ws0\">253<span class=\"_ _df\"> </span></div></td><td class=\"c x452 y27b7 wae h131\"><div class=\"t m0 x36 hd6 y25c ff4 fs1b fc1 sc2 ls0 ws0\">426<span class=\"_ _df\"> </span></div></td><td class=\"c x469 y27b7 w387 h131\"><div class=\"t m0 x7 hd6 y25c ff4 fs1b fc1 sc2 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x45f y27b7 w2df h131\"><div class=\"t m0 x8f hd6 y25c ff4 fs1b fc1 sc2 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x459 y27b7 w2e0 h131\"><div class=\"t m0 x97 hd6 y25c ff4 fs1b fc1 sc2 ls0 ws0\">426<span class=\"_ _df\"> </span></div></td></tr><tr><td class=\"c x262 y27b8 waa1 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc2 ls0 ws0\">E. Co<span class=\"_ _1\"></span>mponent<span class=\"_ _1\"></span>i di<span class=\"_ _df\"> </span></div></td><td class=\"c x450 y27b9 w59 h148\"><div class=\"t m0 x7 hd6 y394 ff4 fs1b fc1 sc2 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x468 y27b9 wa5 h148\"><div class=\"t m0 x7 hd6 y394 ff4 fs1b fc1 sc2 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x45c y27b9 w384 h148\"><div class=\"t m0 x8f hd6 y394 ff4 fs1b fc1 sc2 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x457 y27b9 w2ae h148\"><div class=\"t m0 x8f hd6 y394 ff4 fs1b fc1 sc2 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x452 y27b9 wae h148\"><div class=\"t m0 x7 hd6 y394 ff4 fs1b fc1 sc2 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x469 y27b9 w387 h148\"><div class=\"t m0 x7 hd6 y394 ff4 fs1b fc1 sc2 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x45f y27b9 w2df h148\"><div class=\"t m0 x8f hd6 y394 ff4 fs1b fc1 sc2 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x459 y27b9 w2e0 h148\"><div class=\"t m0 x8f hd6 y394 ff4 fs1b fc1 sc2 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td></tr><tr><td class=\"c x262 y27ba waa2 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc2 ls0 ws0\">investim<span class=\"_ _f\"></span>ento<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x262 y27bb waa3 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc2 ls0 ws0\">F. Imp<span class=\"_ _f\"></span>o<span class=\"_ _2\"></span>rto c<span class=\"_ _1\"></span>omples<span class=\"_ _1\"></span>sivo<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x262 y27bc waa4 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc2 ls0 ws0\">registrat<span class=\"_ _f\"></span>o<span class=\"_ _2\"></span> in c<span class=\"_ _f\"></span>onto<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x262 y27bd waa5 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc2 ls0 ws0\">econo<span class=\"_ _1\"></span>mico e <span class=\"_ _1\"></span>nel cont<span class=\"_ _f\"></span>o<span class=\"_ _df\"> </span></div></td><td class=\"c x450 y27be w59 h153\"><div class=\"t m0 x37 hd6 yc62 ff4 fs1b fc1 sc2 ls0 ws0\">(4.913)<span class=\"_ _df\"> </span></div></td><td class=\"c x468 y27be wa5 h153\"><div class=\"t m0 x13 hd6 yc62 ff4 fs1b fc1 sc2 ls0 ws0\">(41)<span class=\"_ _df\"> </span></div></td><td class=\"c x45c y27be w384 h153\"><div class=\"t m0 x27 hd6 yc62 ff4 fs1b fc1 sc2 ls0 ws0\">4.132<span class=\"_ _df\"> </span></div></td><td class=\"c x457 y27be w2ae h153\"><div class=\"t m0 x27 hd6 yc62 ff4 fs1b fc1 sc2 ls0 ws0\">(822)<span class=\"_ _df\"> </span></div></td><td class=\"c x452 y27be wae h153\"><div class=\"t m0 x97 hd6 yc62 ff4 fs1b fc1 sc2 ls0 ws0\">(4.517)<span class=\"_ _df\"> </span></div></td><td class=\"c x469 y27be w387 h153\"><div class=\"t m0 x96 hd6 yc62 ff4 fs1b fc1 sc2 ls0 ws0\">46<span class=\"_ _df\"> </span></div></td><td class=\"c x45f y27be w2df h153\"><div class=\"t m0 x3a hd6 yc62 ff4 fs1b fc1 sc2 ls0 ws0\">4.087<span class=\"_ _df\"> </span></div></td><td class=\"c x459 y27be w2e0 h153\"><div class=\"t m0 x27 hd6 yc62 ff4 fs1b fc1 sc2 ls0 ws0\">(384)<span class=\"_ _df\"> </span></div></td></tr><tr><td class=\"c x262 y27bf waa6 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc2 ls0 ws0\">econo<span class=\"_ _1\"></span>mico c<span class=\"_ _1\"></span>omples<span class=\"_ _1\"></span>sivo<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x262 y27c0 waa7 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc2 ls0 ws0\">(C+D<span class=\"_ _1\"></span>+E)<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x46b y27c1 w386 h131\"><div class=\"t m0 x8a hd6 y25c ff4 fs1b fc1 sc2 ls0 ws0\">G. Altr<span class=\"_ _1\"></span>e variazi<span class=\"_ _1\"></span>oni<span class=\"_ _df\"> </span></div></td><td class=\"c x450 y27c1 w59 h131\"><div class=\"t m0 x7 hd6 y25c ff4 fs1b fc1 sc2 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x468 y27c1 wa5 h131\"><div class=\"t m0 x7 hd6 y25c ff4 fs1b fc1 sc2 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x45c y27c1 w384 h131\"><div class=\"t m0 x8f hd6 y25c ff4 fs1b fc1 sc2 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x457 y27c1 w2ae h131\"><div class=\"t m0 x8f hd6 y25c ff4 fs1b fc1 sc2 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x452 y27c1 wae h131\"><div class=\"t m0 x7 hd6 y25c ff4 fs1b fc1 sc2 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x469 y27c1 w387 h131\"><div class=\"t m0 x7 hd6 y25c ff4 fs1b fc1 sc2 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x45f y27c1 w2df h131\"><div class=\"t m0 x8f hd6 y25c ff4 fs1b fc1 sc2 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x459 y27c1 w2e0 h131\"><div class=\"t m0 x8f hd6 y25c ff4 fs1b fc1 sc2 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td></tr><tr><td class=\"c x46b y27c2 w386 h131\"><div class=\"t m0 x8a hd6 y15c3 ff4 fs1b fc1 sc2 ls0 ws0\">H. Movi<span class=\"_ _1\"></span>menti d<span class=\"_ _1\"></span>i cassa<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr></table></div><div class=\"gsa39\"><table class=\"s waa8 h4c5\" id=\"_5ea9dcb9-391a-4df9-a76f-5db52fa9c626\"><tr><td class=\"c x2a8 y27c3 waa9 h4bd\"><div class=\"t m0 x250 hd6 y2726 ff4 fs1b fc1 sc0 ls0 ws0\">1. Premi pagati al<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2a8 y27c4 waaa h4bd\"><div class=\"t m0 x250 hd6 y2726 ff4 fs1b fc1 sc0 ls0 ws0\">netto di importi non<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2a8 y27c5 waab h4bd\"><div class=\"t m0 x250 hd6 y2726 ff4 fs1b fc1 sc0 ls0 ws0\">connessi con i sinistri<span class=\"_ _df\"> </span></div></td><td class=\"c x450 y27c6 w59 h154\"><div class=\"t m0 x31 hd6 yd08 ff4 fs1b fc1 sc0 ls0 ws0\">1.856<span class=\"_ _df\"> </span></div></td><td class=\"c x468 y27c6 wa5 h154\"><div class=\"t m0 x7 hd6 yd08 ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x45c y27c6 w384 h154\"><div class=\"t m0 x8f hd6 yd08 ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x457 y27c6 w2ae h154\"><div class=\"t m0 x27 hd6 yd08 ff4 fs1b fc1 sc0 ls0 ws0\">1.856<span class=\"_ _df\"> </span></div></td><td class=\"c x452 y27c6 wae h154\"><div class=\"t m0 x30 hd6 yd08 ff4 fs1b fc1 sc0 ls0 ws0\">(501)<span class=\"_ _df\"> </span></div></td><td class=\"c x469 y27c6 w387 h154\"><div class=\"t m0 x7 hd6 yd08 ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x45f y27c6 w2df h154\"><div class=\"t m0 x8f hd6 yd08 ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x459 y27c6 w2e0 h154\"><div class=\"t m0 x26 hd6 yd08 ff4 fs1b fc1 sc0 ls0 ws0\">(501)<span class=\"_ _df\"> </span></div></td></tr><tr><td class=\"c x2a8 y27c7 waac h4bd\"><div class=\"t m0 x250 hd6 y2726 ff4 fs1b fc1 sc0 ls0 ws0\">recuperati dai<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2a8 y27c8 wa95 h4bd\"><div class=\"t m0 x250 hd6 y2726 ff4 fs1b fc1 sc0 ls0 ws0\">riassicuratori<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2a8 y27c9 waad h4bd\"><div class=\"t m0 x250 hd6 y2726 ff4 fs1b fc1 sc0 ls0 ws0\">2. Importo dei sinistri<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2a8 y27ca waae h4bd\"><div class=\"t m0 x250 hd6 y2726 ff4 fs1b fc1 sc0 ls0 ws0\">recuperato dai<span class=\"_ _df\"> </span></div></td><td class=\"c x450 y27cb w59 h90\"><div class=\"t m0 x7 hd6 y308 ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x468 y27cb wa5 h90\"><div class=\"t m0 x7 hd6 y308 ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x45c y27cb w384 h90\"><div class=\"t m0 x33 hd6 y308 ff4 fs1b fc1 sc0 ls0 ws0\">(3.955)<span class=\"_ _df\"> </span></div></td><td class=\"c x457 y27cb w2ae h90\"><div class=\"t m0 x33 hd6 y308 ff4 fs1b fc1 sc0 ls0 ws0\">(3.955)<span class=\"_ _df\"> </span></div></td><td class=\"c x452 y27cb wae h90\"><div class=\"t m0 x7 hd6 y308 ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x469 y27cb w387 h90\"><div class=\"t m0 x7 hd6 y308 ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x45f y27cb w2df h90\"><div class=\"t m0 x33 hd6 y308 ff4 fs1b fc1 sc0 ls0 ws0\">(3.607)<span class=\"_ _df\"> </span></div></td><td class=\"c x459 y27cb w2e0 h90\"><div class=\"t m0 x33 hd6 y308 ff4 fs1b fc1 sc0 ls0 ws0\">(3.607) </div></td></tr><tr><td class=\"c x2a8 y27cc wa95 h4bd\"><div class=\"t m0 x250 hd6 y2726 ff4 fs1b fc1 sc0 ls0 ws0\">riassicuratori<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x46b y27cd w386 h131\"><div class=\"t m0 x16a hd6 y25c ff4 fs1b fc1 sc0 ls0 ws0\">3. Altri movimenti<span class=\"_ _df\"> </span></div></td><td class=\"c x450 y27cd w59 h131\"><div class=\"t m0 x7 hd6 y25c ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x468 y27cd wa5 h131\"><div class=\"t m0 x7 hd6 y25c ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x45c y27cd w384 h131\"><div class=\"t m0 x8f hd6 y25c ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x457 y27cd w2ae h131\"><div class=\"t m0 x8f hd6 y25c ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x452 y27cd wae h131\"><div class=\"t m0 x7 hd6 y25c ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x469 y27cd w387 h131\"><div class=\"t m0 x7 hd6 y25c ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x45f y27cd w2df h131\"><div class=\"t m0 x8f hd6 y25c ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x459 y27cd w2e0 h131\"><div class=\"t m0 x8f hd6 y25c ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td></tr><tr><td class=\"c x46b y27ce w386 h131\"><div class=\"t m0 x16a hd6 y25c ff4 fs1b fc1 sc2 ls0 ws0\">4. Total<span class=\"_ _f\"></span>e<span class=\"_ _df\"> </span></div></td><td class=\"c x450 y27ce w59 h131\"><div class=\"t m0 x31 hd6 y25c ff4 fs1b fc1 sc2 ls0 ws0\">1.856<span class=\"_ _df\"> </span></div></td><td class=\"c x468 y27ce wa5 h131\"><div class=\"t m0 x7 hd6 y25c ff4 fs1b fc1 sc2 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x45c y27ce w384 h131\"><div class=\"t m0 x33 hd6 y25c ff4 fs1b fc1 sc2 ls0 ws0\">(3.955<span class=\"_ _1\"></span>)<span class=\"_ _df\"> </span></div></td><td class=\"c x457 y27ce w2ae h131\"><div class=\"t m0 x33 hd6 y25c ff4 fs1b fc1 sc2 ls0 ws0\">(2.099)<span class=\"_ _df\"> </span></div></td><td class=\"c x452 y27ce wae h131\"><div class=\"t m0 x30 hd6 y25c ff4 fs1b fc1 sc2 ls0 ws0\">(501)<span class=\"_ _df\"> </span></div></td><td class=\"c x469 y27ce w387 h131\"><div class=\"t m0 x7 hd6 y25c ff4 fs1b fc1 sc2 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x45f y27ce w2df h131\"><div class=\"t m0 x32 hd6 y25c ff4 fs1b fc1 sc2 ls0 ws0\">(3.607)<span class=\"_ _df\"> </span></div></td><td class=\"c x459 y27ce w2e0 h131\"><div class=\"t m0 x32 hd6 y25c ff4 fs1b fc1 sc2 ls0 ws0\">(4.108)<span class=\"_ _df\"> </span></div></td></tr><tr><td class=\"c x262 y27cf waaf h4bd\"><div class=\"t m0 x250 hd6 y2726 ff4 fs1b fc1 sc2 ls0 ws0\">I. Valor<span class=\"_ _1\"></span>e di bilan<span class=\"_ _f\"></span>cio<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x262 y259a wab0 h4bd\"><div class=\"t m0 x250 hd6 y2726 ff4 fs1b fc1 sc2 ls0 ws0\">netto al <span class=\"_ _f\"></span>31<span class=\"_ _2\"></span> di<span class=\"_ _f\"></span>cembre<span class=\"_ _df\"> </span></div></td><td class=\"c x450 y27d0 w59 h90\"><div class=\"t m0 x38 hd6 yc5f ff4 fs1b fc1 sc2 ls0 ws0\">6.430<span class=\"_ _df\"> </span></div></td><td class=\"c x468 y27d0 wa5 h90\"><div class=\"t m0 x12 hd6 yc5f ff4 fs1b fc1 sc2 ls14 ws0\">23<span class=\"_ _df\"> </span></div></td><td class=\"c x45c y27d0 w384 h90\"><div class=\"t m0 x27 hd6 yc5f ff4 fs1b fc1 sc2 ls0 ws0\">1.496<span class=\"_ _df\"> </span></div></td><td class=\"c x457 y27d0 w2ae h90\"><div class=\"t m0 x3a hd6 yc5f ff4 fs1b fc1 sc2 ls0 ws0\">7.949<span class=\"_ _df\"> </span></div></td><td class=\"c x452 y27d0 wae h90\"><div class=\"t m0 x38 hd6 yc5f ff4 fs1b fc1 sc2 ls0 ws0\">9.488<span class=\"_ _df\"> </span></div></td><td class=\"c x469 y27d0 w387 h90\"><div class=\"t m0 x12 hd6 yc5f ff4 fs1b fc1 sc2 ls11 ws0\">63<span class=\"_ _df\"> </span></div></td><td class=\"c x45f y27d0 w2df h90\"><div class=\"t m0 x26 hd6 yc5f ff4 fs1b fc1 sc2 ls0 ws0\">1.319<span class=\"_ _df\"> </span></div></td><td class=\"c x459 y27d0 w2e0 h90\"><div class=\"t m0 x35 hd6 yc5f ff4 fs1b fc1 sc2 ls0 ws0\">10.870<span class=\"_ _df\"> </span></div></td></tr><tr><td class=\"c x262 y27d1 wab1 h4bd\"><div class=\"t m0 x250 hd6 y2726 ff4 fs1b fc1 sc2 ls0 ws0\">(A.3+F+<span class=\"_ _1\"></span>G+H.<span class=\"_ _1\"></span>3)<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x262 y27d2 wab2 h4bd\"><div class=\"t m0 x250 hd6 y2726 ff4 fs1b fc1 sc2 ls0 ws0\">L. Valor<span class=\"_ _1\"></span>e di bila<span class=\"_ _1\"></span>ncio<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x262 y27d3 wab3 h4bd\"><div class=\"t m0 x250 hd6 y2726 ff4 fs1b fc1 sc2 ls0 ws0\">finale<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2a8 y27d5 wa70 h4c6\"><div class=\"t m0 x250 hd6 y27d4 ff4 fs1b fc1 sc0 ls0 ws0\">1. Cessioni in<span class=\"_ _df\"> </span></div><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">riassicurazione che<span class=\"_ _df\"> </span></div></td><td class=\"c x450 y27d6 w59 h90\"><div class=\"t m0 x38 hd6 yc5f ff4 fs1b fc1 sc0 ls0 ws0\">8.523<span class=\"_ _df\"> </span></div></td><td class=\"c x468 y27d6 wa5 h90\"><div class=\"t m0 x12 hd6 yc5f ff4 fs1b fc1 sc0 ls4a ws0\">23<span class=\"_ _df\"> </span></div></td><td class=\"c x45c y27d6 w384 h90\"><div class=\"t m0 x37 hd6 yc5f ff4 fs1b fc1 sc0 ls0 ws0\">204<span class=\"_ _df\"> </span></div></td><td class=\"c x457 y27d6 w2ae h90\"><div class=\"t m0 x3a hd6 yc5f ff4 fs1b fc1 sc0 ls0 ws0\">8.750<span class=\"_ _df\"> </span></div></td><td class=\"c x452 y27d6 wae h90\"><div class=\"t m0 x97 hd6 yc5f ff4 fs1b fc1 sc0 ls0 ws0\">11.002<span class=\"_ _df\"> </span></div></td><td class=\"c x469 y27d6 w387 h90\"><div class=\"t m0 x96 hd6 yc5f ff4 fs1b fc1 sc0 ls1 ws0\">64<span class=\"_ _df\"> </span></div></td><td class=\"c x45f y27d6 w2df h90\"><div class=\"t m0 x38 hd6 yc5f ff4 fs1b fc1 sc0 ls0 ws0\">186<span class=\"_ _df\"> </span></div></td><td class=\"c x459 y27d6 w2e0 h90\"><div class=\"t m0 x2c hd6 yc5f ff4 fs1b fc1 sc0 ls0 ws0\">11.252<span class=\"_ _df\"> </span></div></td></tr><tr><td class=\"c x2a8 y27d7 wa71 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">costituiscono attivit\u00e0<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2a8 y27d8 wa70 h4c3\"><div class=\"t m0 x250 hd6 y276e ff4 fs1b fc1 sc0 ls0 ws0\">2. Cessioni in<span class=\"_ _df\"> </span></div><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">riassicurazione che<span class=\"_ _df\"> </span></div></td><td class=\"c x450 y27d9 w59 ha6\"><div class=\"t m0 x34 hd6 y496 ff4 fs1b fc1 sc0 ls0 ws0\">(2.092)<span class=\"_ _df\"> </span></div></td><td class=\"c x468 y27d9 wa5 ha6\"><div class=\"t m0 x7 hd6 y496 ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x45c y27d9 w384 ha6\"><div class=\"t m0 x26 hd6 y496 ff4 fs1b fc1 sc0 ls0 ws0\">1.291<span class=\"_ _df\"> </span></div></td><td class=\"c x457 y27d9 w2ae ha6\"><div class=\"t m0 x26 hd6 y496 ff4 fs1b fc1 sc0 ls0 ws0\">(801)<span class=\"_ _df\"> </span></div></td><td class=\"c x452 y27d9 wae ha6\"><div class=\"t m0 x97 hd6 y496 ff4 fs1b fc1 sc0 ls0 ws0\">(1.515)<span class=\"_ _df\"> </span></div></td><td class=\"c x469 y27d9 w387 ha6\"><div class=\"t m0 x7 hd6 y496 ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x45f y27d9 w2df ha6\"><div class=\"t m0 x26 hd6 y496 ff4 fs1b fc1 sc0 ls0 ws0\">1.133<span class=\"_ _df\"> </span></div></td><td class=\"c x459 y27d9 w2e0 ha6\"><div class=\"t m0 x27 hd6 y496 ff4 fs1b fc1 sc0 ls0 ws0\">(382)<span class=\"_ _df\"> </span></div></td></tr><tr><td class=\"c x2a8 y27da wa72 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">costituiscono<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2a8 y27db wa73 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">passivit\u00e0<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2a8 y27dc wa74 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc2 ls0 ws0\">3. Valor<span class=\"_ _1\"></span>e nett<span class=\"_ _1\"></span>o di<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2a8 y27dd wab4 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc2 ls0 ws0\">bilanci<span class=\"_ _f\"></span>o<span class=\"_ _2\"></span> al <span class=\"_ _1\"></span>31<span class=\"_ _df\"> </span></div></td><td class=\"c x450 y27de w59 h90\"><div class=\"t m0 x31 hd6 yc5f ff4 fs1b fc1 sc2 ls0 ws0\">6.431<span class=\"_ _df\"> </span></div></td><td class=\"c x468 y27de wa5 h90\"><div class=\"t m0 x12 hd6 yc5f ff4 fs1b fc1 sc2 ls14 ws0\">23<span class=\"_ _df\"> </span></div></td><td class=\"c x45c y27de w384 h90\"><div class=\"t m0 x27 hd6 yc5f ff4 fs1b fc1 sc2 ls0 ws0\">1.495<span class=\"_ _df\"> </span></div></td><td class=\"c x457 y27de w2ae h90\"><div class=\"t m0 x3a hd6 yc5f ff4 fs1b fc1 sc2 ls0 ws0\">7.949<span class=\"_ _df\"> </span></div></td><td class=\"c x452 y27de wae h90\"><div class=\"t m0 x31 hd6 yc5f ff4 fs1b fc1 sc2 ls0 ws0\">9.487<span class=\"_ _df\"> </span></div></td><td class=\"c x469 y27de w387 h90\"><div class=\"t m0 x96 hd6 yc5f ff4 fs1b fc1 sc2 ls1 ws0\">64<span class=\"_ _df\"> </span></div></td><td class=\"c x45f y27de w2df h90\"><div class=\"t m0 x26 hd6 yc5f ff4 fs1b fc1 sc2 ls0 ws0\">1.319<span class=\"_ _df\"> </span></div></td><td class=\"c x459 y27de w2e0 h90\"><div class=\"t m0 x35 hd6 yc5f ff4 fs1b fc1 sc2 ls0 ws0\">10.870<span class=\"_ _df\"> </span></div></td></tr><tr><td class=\"c x2a8 y2491 wab5 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc2 ls0 ws0\">dicem<span class=\"_ _1\"></span>bre<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr></table></div><div class=\"c w389 h226 gsa3b\"><div class=\"t m0 x8a h5 y35c ff4 fs1 fc4 sc3 ls0 ws0\">Dinam<span class=\"_ _f\"></span>ica del v<span class=\"_ _1\"></span>alor<span class=\"_ _f\"></span>e di bila<span class=\"_ _1\"></span>ncio d<span class=\"_ _1\"></span>elle ce<span class=\"_ _f\"></span>ssioni in <span class=\"_ _f\"></span>riassicur<span class=\"_ _1\"></span>azio<span class=\"_ _1\"></span>ne dis<span class=\"_ _f\"></span>tinta p<span class=\"_ _1\"></span>er elem<span class=\"_ _1\"></span>ent<span class=\"_ _1\"></span>i sott<span class=\"_ _1\"></span>ostant<span class=\"_ _1\"></span>i all<span class=\"_ _1\"></span>a misu<span class=\"_ _1\"></span>razio<span class=\"_ _f\"></span>ne<span class=\"_ _df\"> </span></div></div><div class=\"gsa3c\"><table class=\"s wab6 h4c7\" id=\"_b1c7272a-518d-4555-a143-8191f6743247\"><tr><td></td><td class=\"c x46c y27df wab7 h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">Elementi<span class=\"_ _1\"></span> sottost<span class=\"_ _f\"></span>an<span class=\"_ _2\"></span>ti all<span class=\"_ _1\"></span>a misurazi<span class=\"_ _1\"></span>one del<span class=\"_ _1\"></span> valore di<span class=\"_ _f\"></span> b<span class=\"_ _2\"></span>ilanci<span class=\"_ _1\"></span>o<span class=\"_ _df\"> </span></div></td><td class=\"c x46d y27e0 wab8 h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">delle ces<span class=\"_ _1\"></span>sioni in ri<span class=\"_ _f\"></span>a<span class=\"_ _2\"></span>ssicu<span class=\"_ _1\"></span>razione<span class=\"_ _df\"> </span></div></td><td></td><td></td><td class=\"c x46e y27df wab7 h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">Elementi<span class=\"_ _1\"></span> sottost<span class=\"_ _f\"></span>an<span class=\"_ _2\"></span>ti all<span class=\"_ _1\"></span>a misurazi<span class=\"_ _1\"></span>one del<span class=\"_ _1\"></span> valore di<span class=\"_ _f\"></span> b<span class=\"_ _2\"></span>ilanci<span class=\"_ _1\"></span>o<span class=\"_ _df\"> </span></div></td><td class=\"c x46f y27e0 wab8 h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">delle ces<span class=\"_ _1\"></span>sioni in ri<span class=\"_ _f\"></span>a<span class=\"_ _2\"></span>ssicu<span class=\"_ _1\"></span>razione<span class=\"_ _df\"> </span></div></td><td></td><td></td></tr><tr><td></td><td class=\"c x470 y27e1 wab9 h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">Valore<span class=\"_ _df\"> </span></div></td><td class=\"c x471 y27e2 waba h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">Aggiustam<span class=\"_ _f\"></span>ento<span class=\"_ _df\"> </span></div></td><td></td><td></td><td class=\"c x472 y27e1 wab9 h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">Valore<span class=\"_ _df\"> </span></div></td><td class=\"c x473 y27e2 waba h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">Aggiustam<span class=\"_ _f\"></span>ento<span class=\"_ _df\"> </span></div></td><td></td><td></td></tr><tr><td class=\"c x262 y27e3 wabb h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">Voci/Sco<span class=\"_ _f\"></span>mposizione valor<span class=\"_ _1\"></span>e<span class=\"_ _df\"> </span></div></td><td class=\"c x474 y27e3 wabc h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">attuale<span class=\"_ _1\"></span> dei<span class=\"_ _df\"> </span></div></td><td class=\"c x475 y27e4 wabd h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">per i risc<span class=\"_ _1\"></span>hi non</div></td><td class=\"c x476 y27e3 wabe h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">Margine<span class=\"_ _f\"></span> <span class=\"_ _2\"></span>sui<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x477 y27e3 wabc h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">attuale<span class=\"_ _1\"></span> dei<span class=\"_ _df\"> </span></div></td><td class=\"c x478 y27e4 wabd h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">per i risc<span class=\"_ _1\"></span>hi non</div></td><td class=\"c x479 y27e3 wabe h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">Margine<span class=\"_ _f\"></span> <span class=\"_ _2\"></span>sui<span class=\"_ _df\"> </span></div></td><td></td></tr><tr><td class=\"c x262 y27e5 wabf h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">di bilanci<span class=\"_ _1\"></span>o<span class=\"_ _df\"> </span></div></td><td class=\"c x47a y27e5 wac0 h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">flussi<span class=\"_ _df\"> </span></div></td><td class=\"c x47b y27e6 wac1 h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">finanziari<span class=\"_ _df\"> </span></div></td><td class=\"c x47c y27e5 wac2 h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">servizi<span class=\"_ _df\"> </span></div></td><td class=\"c x47d y27e7 wdb h8e\"><div class=\"t m0 x8e h30 yd1d ff4 fsb fc4 sc3 ls0 ws0\">Totale<span class=\"fc1 sc0\"> </span></div></td><td class=\"c x47e y27e5 wac3 h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">flussi<span class=\"_ _df\"> </span></div></td><td class=\"c x47f y27e6 wac1 h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">finanziari<span class=\"_ _df\"> </span></div></td><td class=\"c x480 y27e5 wac2 h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">servizi<span class=\"_ _df\"> </span></div></td><td class=\"c x481 y27e7 w185 h8e\"><div class=\"t m0 x8e h30 yd1d ff4 fsb fc4 sc3 ls0 ws0\">Totale<span class=\"fc1 sc0\"> </span></div></td></tr><tr><td></td><td class=\"c x46c y27e8 wac1 h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">finanziari<span class=\"_ _df\"> </span></div></td><td class=\"c x283 y27e8 wac4 h4a9\" colspan=\"2\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">contrattu<span class=\"_ _f\"></span>ali<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x46e y27e8 wac1 h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">finanziari<span class=\"_ _df\"> </span></div></td><td class=\"c x482 y27e8 wac5 h4a9\" colspan=\"2\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">contrattu<span class=\"_ _f\"></span>al<span class=\"_ _2\"></span>i<span class=\"_ _df\"> </span></div></td><td></td></tr><tr><td></td><td></td><td class=\"c x483 y27e7 w38e h1b9\" colspan=\"2\"><div class=\"t m0 xac h30 y892 ff4 fsb fc4 sc3 ls0 ws0\">31/12/2025<span class=\"_ _1\"></span><span class=\"fc1 sc0\"> </span></div></td><td></td><td></td><td class=\"c x484 y27e7 w198 h1b9\" colspan=\"2\"><div class=\"t m0 xac h30 y892 ff4 fsb fc4 sc3 ls0 ws0\">31/12/202<span class=\"_ _f\"></span>4<span class=\"fc1 sc0\"> </span></div></td><td></td></tr><tr><td></td><td class=\"c x485 y27e7 w38d h1b9\"><div class=\"t m0 xab h30 y5b ff4 fsb fc4 sc3 ls0 ws0\">31/12/2025<span class=\"_ _f\"></span><span class=\"fc1 sc0\"> </span></div></td><td class=\"c x486 y27e7 w27c h1b9\"><div class=\"t m0 x2a h30 y5b ff4 fsb fc4 sc3 ls0 ws0\">31/12/2025<span class=\"_ _f\"></span><span class=\"fc1 sc0\"> </span></div></td><td></td><td></td><td class=\"c x487 y27e7 w38f h1b9\"><div class=\"t m0 xab h30 y5b ff4 fsb fc4 sc3 ls0 ws0\">31/12/202<span class=\"_ _f\"></span>4<span class=\"fc1 sc0\"> </span></div></td><td class=\"c x488 y27e7 w37a h1b9\"><div class=\"t m0 x2a h30 y5b ff4 fsb fc4 sc3 ls0 ws0\">31/12/202<span class=\"_ _f\"></span>4<span class=\"fc1 sc0\"> </span></div></td><td></td><td></td></tr><tr><td class=\"c x46b y27e9 w390 hbc\"><div class=\"t m0 x8a hd6 y392 ff4 fs1b fc1 sc2 ls0 ws0\">A. Val<span class=\"_ _1\"></span>ore di bila<span class=\"_ _f\"></span>ncio iniziale<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2a8 y27ea wac6 h4bd\"><div class=\"t m0 x250 hd6 y2726 ff4 fs1b fc1 sc0 ls0 ws0\">1. Cessioni in riassicurazione<span class=\"_ _df\"> </span></div></td><td class=\"c x485 y27eb w391 h69\"><div class=\"t m0 x2c hd6 y153d ff4 fs1b fc1 sc0 ls0 ws0\">10.161<span class=\"_ _df\"> </span></div></td><td class=\"c x486 y27eb w36b h69\"><div class=\"t m0 x90 hd6 y153d ff4 fs1b fc1 sc0 ls0 ws0\">235<span class=\"_ _df\"> </span></div></td><td class=\"c x483 y27eb wee h69\"><div class=\"t m0 x38 hd6 y153d ff4 fs1b fc1 sc0 ls8c ws0\">856</div></td><td class=\"c x47d y27eb w315 h69\"><div class=\"t m0 x130 hd6 y153d ff4 fs1b fc1 sc0 ls0 ws0\">11.252<span class=\"_ _df\"> </span></div></td><td class=\"c x487 y27eb w18f h69\"><div class=\"t m0 x32 hd6 y153d ff4 fs1b fc1 sc0 ls0 ws0\">13.447<span class=\"_ _df\"> </span></div></td><td class=\"c x488 y27eb w392 h69\"><div class=\"t m0 x90 hd6 y153d ff4 fs1b fc1 sc0 ls1 ws0\">508<span class=\"_ _df\"> </span></div></td><td class=\"c x484 y27eb wf0 h69\"><div class=\"t m0 x26 hd6 y153d ff4 fs1b fc1 sc0 ls0 ws0\">1.408</div></td><td class=\"c x481 y27eb w1c7 h69\"><div class=\"t m0 x55 hd6 y153d ff4 fs1b fc1 sc0 ls0 ws0\">15.363<span class=\"_ _df\"> </span></div></td></tr><tr><td class=\"c x2a8 y27ec wac7 h4c8\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">che costituiscono attivit\u00e0<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2a8 y27ed wac8 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">2. Cessioni in riassicurazione<span class=\"_ _df\"> </span></div></td><td class=\"c x485 y27ee w391 h19a\"><div class=\"t m0 x2c hd6 y153d ff4 fs1b fc1 sc0 ls0 ws0\">(680)<span class=\"_ _df\"> </span></div></td><td class=\"c x486 y27ee w36b h19a\"><div class=\"t m0 x7 hd6 y153d ff4 fs1b fc1 sc0 ls0 ws0\">198<span class=\"_ _df\"> </span></div></td><td class=\"c x483 y27ee wee h19a\"><div class=\"t m0 x31 hd6 y153d ff4 fs1b fc1 sc0 ls0 ws0\">100</div></td><td class=\"c x47d y27ee w315 h19a\"><div class=\"t m0 x14 hd6 y153d ff4 fs1b fc1 sc0 ls0 ws0\">(382)<span class=\"_ _df\"> </span></div></td><td class=\"c x487 y27ee w18f h19a\"><div class=\"t m0 x36 hd6 y153d ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x488 y27ee w392 h19a\"><div class=\"t m0 xa3 hd6 y153d ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x484 y27ee wf0 h19a\"><div class=\"t m0 x13 hd6 y153d ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x481 y27ee w1c7 h19a\"><div class=\"t m0 x37 hd6 y153d ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td></tr><tr><td class=\"c x2a8 y27ef wac9 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">che costituiscono passivit\u00e0<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2a8 y27f0 waca h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc2 ls0 ws0\">3. Valor<span class=\"_ _1\"></span>e nett<span class=\"_ _1\"></span>o di bilan<span class=\"_ _f\"></span>cio al 1\u00b0<span class=\"_ _df\"> </span></div></td><td class=\"c x485 y27f1 w391 hcb\"><div class=\"t m0 x3a hd6 y25f ff4 fs1b fc1 sc2 ls0 ws0\">9.481<span class=\"_ _df\"> </span></div></td><td class=\"c x486 y27f1 w36b hcb\"><div class=\"t m0 x90 hd6 y25f ff4 fs1b fc1 sc2 ls0 ws0\">433<span class=\"_ _df\"> </span></div></td><td class=\"c x483 y27f1 wee hcb\"><div class=\"t m0 x38 hd6 y25f ff4 fs1b fc1 sc2 ls0 ws0\">956</div></td><td class=\"c x47d y27f1 w315 hcb\"><div class=\"t m0 x55 hd6 y25f ff4 fs1b fc1 sc2 ls0 ws0\">10.870<span class=\"_ _df\"> </span></div></td><td class=\"c x487 y27f1 w18f hcb\"><div class=\"t m0 x32 hd6 y25f ff4 fs1b fc1 sc2 ls0 ws0\">13.447<span class=\"_ _df\"> </span></div></td><td class=\"c x488 y27f1 w392 hcb\"><div class=\"t m0 x90 hd6 y25f ff4 fs1b fc1 sc2 ls0 ws0\">508<span class=\"_ _df\"> </span></div></td><td class=\"c x484 y27f1 wf0 hcb\"><div class=\"t m0 x26 hd6 y25f ff4 fs1b fc1 sc2 ls0 ws0\">1.408</div></td><td class=\"c x481 y27f1 w1c7 hcb\"><div class=\"t m0 x55 hd6 y25f ff4 fs1b fc1 sc2 ls0 ws0\">15.363<span class=\"_ _df\"> </span></div></td></tr><tr><td class=\"c x2a8 y27f2 wacb h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc2 ls0 ws0\">gennai<span class=\"_ _1\"></span>o<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x262 y27f3 wacc h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc2 ls0 ws0\">B. Variaz<span class=\"_ _1\"></span>ioni r<span class=\"_ _1\"></span>elative ai <span class=\"_ _1\"></span>serviz<span class=\"_ _1\"></span>i<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x262 y27f4 wacd h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc2 ls0 ws0\">attuali<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2a8 y27f5 wace h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">1. Margine sui servizi<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2a8 y27f6 wacf h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">contrattuali registrato in conto<span class=\"_ _df\"> </span></div></td><td class=\"c x485 y27f7 w391 h91\"><div class=\"t m0 x36 hd6 yc5f ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x486 y27f7 w36b h91\"><div class=\"t m0 xa3 hd6 yc5f ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x483 y27f7 wee h91\"><div class=\"t m0 x2c hd6 yc5f ff4 fs1b fc1 sc0 ls0 ws0\">(1.338) </div></td><td class=\"c x47d y27f7 w315 h91\"><div class=\"t m0 x2e hd6 yc5f ff4 fs1b fc1 sc0 ls0 ws0\">(1.338)<span class=\"_ _df\"> </span></div></td><td class=\"c x487 y27f7 w18f h91\"><div class=\"t m0 x36 hd6 yc5f ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x488 y27f7 w392 h91\"><div class=\"t m0 xa3 hd6 yc5f ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x484 y27f7 wf0 h91\"><div class=\"t m0 x26 hd6 yc5f ff4 fs1b fc1 sc0 ls0 ws0\">(595)<span class=\"_ _df\"> </span></div></td><td class=\"c x481 y27f7 w1c7 h91\"><div class=\"t m0 x14 hd6 yc5f ff4 fs1b fc1 sc0 ls0 ws0\">(595) </div></td></tr><tr><td class=\"c x2a8 y27f8 wad0 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">economico<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2a8 y27f9 wad1 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">2. Variazione per rischi non<span class=\"_ _df\"> </span></div></td><td class=\"c x485 y27fa w391 h150\"><div class=\"t m0 x36 hd6 y1553 ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x486 y27fa w36b h150\"><div class=\"t m0 x91 hd6 y1553 ff4 fs1b fc1 sc0 ls0 ws0\">(118)<span class=\"_ _df\"> </span></div></td><td class=\"c x483 y27fa wee h150\"><div class=\"t m0 x13 hd6 y1553 ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x47d y27fa w315 h150\"><div class=\"t m0 x33 hd6 y1553 ff4 fs1b fc1 sc0 ls0 ws0\">(118)<span class=\"_ _df\"> </span></div></td><td class=\"c x487 y27fa w18f h150\"><div class=\"t m0 x36 hd6 y1553 ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x488 y27fa w392 h150\"><div class=\"t m0 x96 hd6 y1553 ff4 fs1b fc1 sc0 ls0 ws0\">(138)<span class=\"_ _df\"> </span></div></td><td class=\"c x484 y27fa wf0 h150\"><div class=\"t m0 x13 hd6 y1553 ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x481 y27fa w1c7 h150\"><div class=\"t m0 x48 hd6 y1553 ff4 fs1b fc1 sc0 ls0 ws0\">(138)<span class=\"_ _df\"> </span></div></td></tr><tr><td class=\"c x2a8 y27fb wad2 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">finanziari scaduti<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2a8 y27fc wad3 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">3. Modifiche connesse con<span class=\"_ _df\"> </span></div></td><td class=\"c x485 y27fd w391 h148\"><div class=\"t m0 x27 hd6 y25f ff4 fs1b fc1 sc0 ls0 ws0\">(196)<span class=\"_ _df\"> </span></div></td><td class=\"c x486 y27fd w36b h148\"><div class=\"t m0 xa3 hd6 y25f ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x483 y27fd wee h148\"><div class=\"t m0 x13 hd6 y25f ff4 fs1b fc1 sc0 ls0 ws0\">-</div></td><td class=\"c x47d y27fd w315 h148\"><div class=\"t m0 x48 hd6 y25f ff4 fs1b fc1 sc0 ls0 ws0\">(196)<span class=\"_ _df\"> </span></div></td><td class=\"c x487 y27fd w18f h148\"><div class=\"t m0 x27 hd6 y25f ff4 fs1b fc1 sc0 ls0 ws0\">(810)<span class=\"_ _df\"> </span></div></td><td class=\"c x488 y27fd w392 h148\"><div class=\"t m0 xa3 hd6 y25f ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x484 y27fd wf0 h148\"><div class=\"t m0 x13 hd6 y25f ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x481 y27fd w1c7 h148\"><div class=\"t m0 x48 hd6 y25f ff4 fs1b fc1 sc0 ls0 ws0\">(810)<span class=\"_ _df\"> </span></div></td></tr><tr><td class=\"c x2a8 y2502 wad4 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">l'esperienza<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x46b y27fe w390 hbc\"><div class=\"t m0 x16a hd6 y392 ff4 fs1b fc1 sc2 ls0 ws0\">4. Total<span class=\"_ _f\"></span>e<span class=\"_ _df\"> </span></div></td><td class=\"c x485 y27fe w391 hbc\"><div class=\"t m0 x27 hd6 y392 ff4 fs1b fc1 sc2 ls0 ws0\">(196)<span class=\"_ _df\"> </span></div></td><td class=\"c x486 y27fe w36b hbc\"><div class=\"t m0 x91 hd6 y392 ff4 fs1b fc1 sc2 ls0 ws0\">(118)<span class=\"_ _df\"> </span></div></td><td class=\"c x483 y27fe wee hbc\"><div class=\"t m0 x2c hd6 y392 ff4 fs1b fc1 sc2 ls0 ws0\">(1.338)</div></td><td class=\"c x47d y27fe w315 hbc\"><div class=\"t m0 x55 hd6 y392 ff4 fs1b fc1 sc2 ls0 ws0\">(1.652)<span class=\"_ _df\"> </span></div></td><td class=\"c x487 y27fe w18f hbc\"><div class=\"t m0 x27 hd6 y392 ff4 fs1b fc1 sc2 ls0 ws0\">(8<span class=\"ls14\">10</span>)<span class=\"_ _df\"> </span></div></td><td class=\"c x488 y27fe w392 hbc\"><div class=\"t m0 x96 hd6 y392 ff4 fs1b fc1 sc2 ls0 ws0\">(138)<span class=\"_ _df\"> </span></div></td><td class=\"c x484 y27fe wf0 hbc\"><div class=\"t m0 x34 hd6 y392 ff4 fs1b fc1 sc2 ls0 ws0\">(595)</div></td><td class=\"c x481 y27fe w1c7 hbc\"><div class=\"t m0 x55 hd6 y392 ff4 fs1b fc1 sc2 ls0 ws0\">(1.543)<span class=\"_ _df\"> </span></div></td></tr><tr><td class=\"c x46b y27ff w390 h1fa\"><div class=\"t m0 x8a hd6 y80 ff4 fs1b fc1 sc2 ls0 ws0\">C. Variaz<span class=\"_ _1\"></span>ioni r<span class=\"_ _1\"></span>elative a <span class=\"_ _1\"></span>sevizi fu<span class=\"_ _1\"></span>turi<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2a8 y2800 wad5 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">1. Cambiamenti di stime che<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2a8 y2801 wad6 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">modificano il margine sui<span class=\"_ _df\"> </span></div></td><td class=\"c x485 y2802 w391 h91\"><div class=\"t m0 x48 hd6 yc5f ff4 fs1b fc1 sc0 ls0 ws0\">(2.640)<span class=\"_ _df\"> </span></div></td><td class=\"c x486 y2802 w36b h91\"><div class=\"t m0 x91 hd6 yc5f ff4 fs1b fc1 sc0 ls0 ws0\">(64)<span class=\"_ _df\"> </span></div></td><td class=\"c x483 y2802 wee h91\"><div class=\"t m0 x26 hd6 yc5f ff4 fs1b fc1 sc0 ls0 ws0\">2.492</div></td><td class=\"c x47d y2802 w315 h91\"><div class=\"t m0 x48 hd6 yc5f ff4 fs1b fc1 sc0 ls0 ws0\">(212)<span class=\"_ _df\"> </span></div></td><td class=\"c x487 y2802 w18f h91\"><div class=\"t m0 x27 hd6 yc5f ff4 fs1b fc1 sc0 ls0 ws0\">(615)<span class=\"_ _df\"> </span></div></td><td class=\"c x488 y2802 w392 h91\"><div class=\"t m0 x90 hd6 yc5f ff4 fs1b fc1 sc0 ls0 ws0\">(16)<span class=\"_ _df\"> </span></div></td><td class=\"c x484 y2802 wf0 h91\"><div class=\"t m0 x38 hd6 yc5f ff4 fs1b fc1 sc0 ls0 ws0\">483<span class=\"_ _df\"> </span></div></td><td class=\"c x481 y2802 w1c7 h91\"><div class=\"t m0 x48 hd6 yc5f ff4 fs1b fc1 sc0 ls0 ws0\">(148)<span class=\"_ _df\"> </span></div></td></tr><tr><td class=\"c x2a8 y2803 wad7 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">servizi contrattuali<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2a8 y2804 wad8 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">2. Effetti dei contratti iscritti<span class=\"_ _df\"> </span></div></td><td class=\"c x485 y2805 w391 h148\"><div class=\"t m0 x3a hd6 y394 ff4 fs1b fc1 sc0 ls0 ws0\">(939)<span class=\"_ _df\"> </span></div></td><td class=\"c x486 y2805 w36b h148\"><div class=\"t m0 xf hd6 y394 ff4 fs1b fc1 sc0 ls1 ws0\">52<span class=\"_ _df\"> </span></div></td><td class=\"c x483 y2805 wee h148\"><div class=\"t m0 x38 hd6 y394 ff4 fs1b fc1 sc0 ls8c ws0\">888<span class=\"_ _df\"> </span></div></td><td class=\"c x47d y2805 w315 h148\"><div class=\"t m0 x97 hd6 y394 ff4 fs1b fc1 sc0 ls0 ws0\">1<span class=\"_ _df\"> </span></div></td><td class=\"c x487 y2805 w18f h148\"><div class=\"t m0 x37 hd6 y394 ff4 fs1b fc1 sc0 ls0 ws0\">296<span class=\"_ _df\"> </span></div></td><td class=\"c x488 y2805 w392 h148\"><div class=\"t m0 xf hd6 y394 ff4 fs1b fc1 sc0 ls1 ws0\">61<span class=\"_ _df\"> </span></div></td><td class=\"c x484 y2805 wf0 h148\"><div class=\"t m0 x34 hd6 y394 ff4 fs1b fc1 sc0 ls0 ws0\">(357)<span class=\"_ _df\"> </span></div></td><td class=\"c x481 y2805 w1c7 h148\"><div class=\"t m0 x37 hd6 y394 ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td></tr><tr><td class=\"c x2a8 y2806 wad9 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">nell'esercizio<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2a8 y2807 wada h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">3. Aggiustamento del margine<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2a8 y2808 wadb h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">sui servizi contrattuali<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2a8 y2809 wadc h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">connesso con recuperi relativi<span class=\"_ _df\"> </span></div></td><td class=\"c x485 y280a w391 h172\"><div class=\"t m0 x36 hd6 y293 ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x486 y280a w36b h172\"><div class=\"t m0 xa3 hd6 y293 ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x483 y280a wee h172\"><div class=\"t m0 x31 hd6 y293 ff4 fs1b fc1 sc0 ls0 ws0\">317<span class=\"_ _df\"> </span></div></td><td class=\"c x47d y280a w315 h172\"><div class=\"t m0 x35 hd6 y293 ff4 fs1b fc1 sc0 ls0 ws0\">317<span class=\"_ _df\"> </span></div></td><td class=\"c x487 y280a w18f h172\"><div class=\"t m0 x36 hd6 y293 ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x488 y280a w392 h172\"><div class=\"t m0 xa3 hd6 y293 ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x484 y280a wf0 h172\"><div class=\"t m0 x13 hd6 y293 ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x481 y280a w1c7 h172\"><div class=\"t m0 x37 hd6 y293 ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td></tr><tr><td class=\"c x2a8 y280b wadd h4bd\"><div class=\"t m0 x250 hd6 y2736 ff5 fs1b fc1 sc0 ls0 ws0\">all\u2019iscrizione iniziale di<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2a8 y280c wade h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">contratti assicurativi<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2a8 y280d wa85 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">sottostanti onerosi<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2a8 y280e wadf h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">4. Rilasci della componente di<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2a8 y280f wae0 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">recupero perdite diversi dalle<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2a8 y2810 wae1 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">variazioni dei flussi finanziari<span class=\"_ _df\"> </span></div></td><td class=\"c x485 y2811 w391 h153\"><div class=\"t m0 x36 hd6 yc62 ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x486 y2811 w36b h153\"><div class=\"t m0 xa3 hd6 yc62 ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x483 y2811 wee h153\"><div class=\"t m0 x38 hd6 yc62 ff4 fs1b fc1 sc0 ls0 ws0\">(28)<span class=\"_ _df\"> </span></div></td><td class=\"c x47d y2811 w315 h153\"><div class=\"t m0 x32 hd6 yc62 ff4 fs1b fc1 sc0 ls0 ws0\">(28)<span class=\"_ _df\"> </span></div></td><td class=\"c x487 y2811 w18f h153\"><div class=\"t m0 x36 hd6 yc62 ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x488 y2811 w392 h153\"><div class=\"t m0 xa3 hd6 yc62 ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x484 y2811 wf0 h153\"><div class=\"t m0 x30 hd6 yc62 ff4 fs1b fc1 sc0 ls73 ws0\">(4)<span class=\"_ _df\"> </span></div></td><td class=\"c x481 y2811 w1c7 h153\"><div class=\"t m0 x3a hd6 yc62 ff4 fs1b fc1 sc0 ls73 ws0\">(4)<span class=\"_ _df\"> </span></div></td></tr><tr><td class=\"c x2a8 y2812 wae2 h4c3\"><div class=\"t m0 x250 hd6 y276e ff4 fs1b fc1 sc0 ls0 ws0\">dei contratti di cessione in<span class=\"_ _df\"> </span></div><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">riassicurazione<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2a8 y2813 wae3 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">5. Variazioni dei flussi finanziari<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2a8 y2814 wae4 h4c3\"><div class=\"t m0 x250 hd6 y276e ff4 fs1b fc1 sc0 ls0 ws0\">delle cessioni in<span class=\"_ _df\"> </span></div><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">riassicurazione derivanti dai<span class=\"_ _df\"> </span></div></td><td class=\"c x485 y2815 w391 h154\"><div class=\"t m0 x36 hd6 yd08 ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x486 y2815 w36b h154\"><div class=\"t m0 xa3 hd6 yd08 ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x483 y2815 wee h154\"><div class=\"t m0 x26 hd6 yd08 ff4 fs1b fc1 sc0 ls0 ws0\">(330)</div></td><td class=\"c x47d y2815 w315 h154\"><div class=\"t m0 x14 hd6 yd08 ff4 fs1b fc1 sc0 ls0 ws0\">(330)<span class=\"_ _df\"> </span></div></td><td class=\"c x487 y2815 w18f h154\"><div class=\"t m0 x36 hd6 yd08 ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x488 y2815 w392 h154\"><div class=\"t m0 xa3 hd6 yd08 ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x484 y2815 wf0 h154\"><div class=\"t m0 x15 hd6 yd08 ff4 fs1b fc1 sc0 ls1 ws0\">50<span class=\"_ _df\"> </span></div></td><td class=\"c x481 y2815 w1c7 h154\"><div class=\"t m0 x3a hd6 yd08 ff4 fs1b fc1 sc0 ls1 ws0\">50<span class=\"_ _df\"> </span></div></td></tr><tr><td class=\"c x2a8 y2816 wade h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">contratti assicurativi<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2a8 y2817 wa85 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">sottostanti onerosi<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x46b y2818 w390 h1fa\"><div class=\"t m0 x16a hd6 y80 ff4 fs1b fc1 sc2 ls0 ws0\">6. Total<span class=\"_ _f\"></span>e<span class=\"_ _df\"> </span></div></td><td class=\"c x485 y2818 w391 h1fa\"><div class=\"t m0 x33 hd6 y80 ff4 fs1b fc1 sc2 ls0 ws0\">(3.579)<span class=\"_ _df\"> </span></div></td><td class=\"c x486 y2818 w36b h1fa\"><div class=\"t m0 x7 hd6 y80 ff4 fs1b fc1 sc2 ls0 ws0\">(12)<span class=\"_ _df\"> </span></div></td><td class=\"c x483 y2818 wee h1fa\"><div class=\"t m0 x26 hd6 y80 ff4 fs1b fc1 sc2 ls0 ws0\">3.339</div></td><td class=\"c x47d y2818 w315 h1fa\"><div class=\"t m0 x14 hd6 y80 ff4 fs1b fc1 sc2 ls0 ws0\">(252)<span class=\"_ _df\"> </span></div></td><td class=\"c x487 y2818 w18f h1fa\"><div class=\"t m0 x26 hd6 y80 ff4 fs1b fc1 sc2 ls0 ws0\">(319)<span class=\"_ _df\"> </span></div></td><td class=\"c x488 y2818 w392 h1fa\"><div class=\"t m0 xf hd6 y80 ff4 fs1b fc1 sc2 ls0 ws0\">45<span class=\"_ _df\"> </span></div></td><td class=\"c x484 y2818 wf0 h1fa\"><div class=\"t m0 x31 hd6 y80 ff4 fs1b fc1 sc2 ls0 ws0\">172<span class=\"_ _df\"> </span></div></td><td class=\"c x481 y2818 w1c7 h1fa\"><div class=\"t m0 x48 hd6 y80 ff4 fs1b fc1 sc2 ls0 ws0\">(102)<span class=\"_ _df\"> </span></div></td></tr><tr><td class=\"c x262 y2819 wae5 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc2 ls0 ws0\">D. Variaz<span class=\"_ _1\"></span>ioni r<span class=\"_ _1\"></span>elative a <span class=\"_ _f\"></span>servizi<span class=\"_ _df\"> </span></div></td><td class=\"c x485 y281a w391 h148\"><div class=\"t m0 x34 hd6 y25f ff4 fs1b fc1 sc2 ls0 ws0\">830<span class=\"_ _df\"> </span></div></td><td class=\"c x486 y281a w36b h148\"><div class=\"t m0 xa3 hd6 y25f ff4 fs1b fc1 sc2 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x483 y281a wee h148\"><div class=\"t m0 x13 hd6 y25f ff4 fs1b fc1 sc2 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x47d y281a w315 h148\"><div class=\"t m0 x32 hd6 y25f ff4 fs1b fc1 sc2 ls0 ws0\">830<span class=\"_ _df\"> </span></div></td><td class=\"c x487 y281a w18f h148\"><div class=\"t m0 x34 hd6 y25f ff4 fs1b fc1 sc2 ls0 ws0\">836<span class=\"_ _df\"> </span></div></td><td class=\"c x488 y281a w392 h148\"><div class=\"t m0 xa3 hd6 y25f ff4 fs1b fc1 sc2 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x484 y281a wf0 h148\"><div class=\"t m0 x13 hd6 y25f ff4 fs1b fc1 sc2 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x481 y281a w1c7 h148\"><div class=\"t m0 x32 hd6 y25f ff4 fs1b fc1 sc2 ls0 ws0\">836<span class=\"_ _df\"> </span></div></td></tr><tr><td class=\"c x262 y281b wae6 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc2 ls0 ws0\">passat<span class=\"_ _1\"></span>i<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2a8 y281c wae7 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">1. aggiustamenti all'attivit\u00e0 per<span class=\"_ _df\"> </span></div></td><td class=\"c x485 y281d w391 h148\"><div class=\"t m0 x34 hd6 y394 ff4 fs1b fc1 sc0 ls0 ws0\">830<span class=\"_ _df\"> </span></div></td><td class=\"c x486 y281d w36b h148\"><div class=\"t m0 xa3 hd6 y394 ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x483 y281d wee h148\"><div class=\"t m0 x13 hd6 y394 ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x47d y281d w315 h148\"><div class=\"t m0 x32 hd6 y394 ff4 fs1b fc1 sc0 ls0 ws0\">830<span class=\"_ _df\"> </span></div></td><td class=\"c x487 y281d w18f h148\"><div class=\"t m0 x34 hd6 y394 ff4 fs1b fc1 sc0 ls0 ws0\">836<span class=\"_ _df\"> </span></div></td><td class=\"c x488 y281d w392 h148\"><div class=\"t m0 xa3 hd6 y394 ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x484 y281d wf0 h148\"><div class=\"t m0 x13 hd6 y394 ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x481 y281d w1c7 h148\"><div class=\"t m0 x32 hd6 y394 ff4 fs1b fc1 sc0 ls0 ws0\">836<span class=\"_ _df\"> </span></div></td></tr><tr><td class=\"c x2a8 y281e wa7e h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">sinistri accaduti<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x262 y281f wae8 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc2 ls0 ws0\">E. Effett<span class=\"_ _f\"></span>i delle variazi<span class=\"_ _1\"></span>oni de<span class=\"_ _1\"></span>l<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x262 y2820 wae9 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc2 ls0 ws0\">rischi<span class=\"_ _1\"></span>o di inade<span class=\"_ _1\"></span>mpim<span class=\"_ _f\"></span>e<span class=\"_ _2\"></span>n<span class=\"ls80\">to</span> dei<span class=\"_ _df\"> </span></div></td><td class=\"c x485 y2821 w391 h90\"><div class=\"t m0 x36 hd6 yc5f ff4 fs1b fc1 sc2 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x486 y2821 w36b h90\"><div class=\"t m0 xa3 hd6 yc5f ff4 fs1b fc1 sc2 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x483 y2821 wee h90\"><div class=\"t m0 x13 hd6 yc5f ff4 fs1b fc1 sc2 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x47d y2821 w315 h90\"><div class=\"t m0 x37 hd6 yc5f ff4 fs1b fc1 sc2 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x487 y2821 w18f h90\"><div class=\"t m0 x36 hd6 yc5f ff4 fs1b fc1 sc2 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x488 y2821 w392 h90\"><div class=\"t m0 xa3 hd6 yc5f ff4 fs1b fc1 sc2 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x484 y2821 wf0 h90\"><div class=\"t m0 x13 hd6 yc5f ff4 fs1b fc1 sc2 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x481 y2821 w1c7 h90\"><div class=\"t m0 x37 hd6 yc5f ff4 fs1b fc1 sc2 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td></tr><tr><td class=\"c x262 y2822 waea h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc2 ls0 ws0\">riassicura<span class=\"_ _f\"></span>tori<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x262 y2823 waeb h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc2 ls0 ws0\">F. Risulta<span class=\"_ _f\"></span>to dei servizi <span class=\"_ _1\"></span>assi<span class=\"_ _1\"></span>curativi<span class=\"_ _df\"> </span></div></td><td class=\"c x485 y2824 w391 h19a\"><div class=\"t m0 x33 hd6 y153d ff4 fs1b fc1 sc2 ls0 ws0\">(2.945)<span class=\"_ _df\"> </span></div></td><td class=\"c x486 y2824 w36b h19a\"><div class=\"t m0 x96 hd6 y153d ff4 fs1b fc1 sc2 ls0 ws0\">(130)<span class=\"_ _df\"> </span></div></td><td class=\"c x483 y2824 wee h19a\"><div class=\"t m0 x26 hd6 y153d ff4 fs1b fc1 sc2 ls0 ws0\">2.001</div></td><td class=\"c x47d y2824 w315 h19a\"><div class=\"t m0 x55 hd6 y153d ff4 fs1b fc1 sc2 ls0 ws0\">(1.074)<span class=\"_ _df\"> </span></div></td><td class=\"c x487 y2824 w18f h19a\"><div class=\"t m0 x3a hd6 y153d ff4 fs1b fc1 sc2 ls0 ws0\">(293)<span class=\"_ _df\"> </span></div></td><td class=\"c x488 y2824 w392 h19a\"><div class=\"t m0 x91 hd6 y153d ff4 fs1b fc1 sc2 ls0 ws0\">(93)<span class=\"_ _df\"> </span></div></td><td class=\"c x484 y2824 wf0 h19a\"><div class=\"t m0 x26 hd6 y153d ff4 fs1b fc1 sc2 ls0 ws0\">(423)<span class=\"_ _df\"> </span></div></td><td class=\"c x481 y2824 w1c7 h19a\"><div class=\"t m0 x14 hd6 y153d ff4 fs1b fc1 sc2 ls0 ws0\">(809)<span class=\"_ _df\"> </span></div></td></tr><tr><td class=\"c x262 y2825 waec h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc2 ls0 ws0\">(B+C+D<span class=\"_ _f\"></span>+E)<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x262 y2826 waed h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc2 ls0 ws0\">G. Ricav<span class=\"_ _f\"></span>i/costi netti di <span class=\"_ _f\"></span>natura<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x262 y2827 waee h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc2 ls0 ws0\">finanzia<span class=\"_ _f\"></span>ri<span class=\"_ _2\"></span>a<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x46b y2828 w390 h148\"><div class=\"t m0 x16a hd6 yc5f ff4 fs1b fc1 sc0 ls0 ws0\">1. Relativi alle cessioni in<span class=\"_ _df\"> </span></div><div class=\"t m0 x16a hd6 yc2e ff4 fs1b fc1 sc0 ls0 ws0\">riassicurazione<span class=\"_ _df\"> </span></div></td><td class=\"c x485 y2828 w391 h148\"><div class=\"t m0 x97 hd6 y25f ff4 fs1b fc1 sc0 ls0 ws0\">271<span class=\"_ _df\"> </span></div></td><td class=\"c x486 y2828 w36b h148\"><div class=\"t m0 xe hd6 y25f ff4 fs1b fc1 sc0 ls4a ws0\">11<span class=\"_ _df\"> </span></div></td><td class=\"c x483 y2828 wee h148\"><div class=\"t m0 x38 hd6 y25f ff4 fs1b fc1 sc0 ls0 ws0\">(28)<span class=\"_ _df\"> </span></div></td><td class=\"c x47d y2828 w315 h148\"><div class=\"t m0 x32 hd6 y25f ff4 fs1b fc1 sc0 ls0 ws0\">254<span class=\"_ _df\"> </span></div></td><td class=\"c x487 y2828 w18f h148\"><div class=\"t m0 x37 hd6 y25f ff4 fs1b fc1 sc0 ls0 ws0\">437<span class=\"_ _df\"> </span></div></td><td class=\"c x488 y2828 w392 h148\"><div class=\"t m0 xf hd6 y25f ff4 fs1b fc1 sc0 ls4a ws0\">18<span class=\"_ _df\"> </span></div></td><td class=\"c x484 y2828 wf0 h148\"><div class=\"t m0 x97 hd6 y25f ff4 fs1b fc1 sc0 ls0 ws0\">(30)<span class=\"_ _df\"> </span></div></td><td class=\"c x481 y2828 w1c7 h148\"><div class=\"t m0 x32 hd6 y25f ff4 fs1b fc1 sc0 ls0 ws0\">425<span class=\"_ _df\"> </span></div></td></tr><tr><td class=\"c x46a y2829 waef h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">1.1 Registrati in conto<span class=\"_ _df\"> </span></div></td><td class=\"c x485 y282a w391 h148\"><div class=\"t m0 x38 hd6 y394 ff4 fs1b fc1 sc0 ls4a ws0\">114<span class=\"_ _df\"> </span></div></td><td class=\"c x486 y282a w36b h148\"><div class=\"t m0 xa3 hd6 y394 ff4 fs1b fc1 sc0 ls0 ws0\">7<span class=\"_ _df\"> </span></div></td><td class=\"c x483 y282a wee h148\"><div class=\"t m0 x38 hd6 y394 ff4 fs1b fc1 sc0 ls0 ws0\">(28)<span class=\"_ _df\"> </span></div></td><td class=\"c x47d y282a w315 h148\"><div class=\"t m0 x3a hd6 y394 ff4 fs1b fc1 sc0 ls1 ws0\">93<span class=\"_ _df\"> </span></div></td><td class=\"c x487 y282a w18f h148\"><div class=\"t m0 x38 hd6 y394 ff4 fs1b fc1 sc0 ls4a ws0\">121<span class=\"_ _df\"> </span></div></td><td class=\"c x488 y282a w392 h148\"><div class=\"t m0 xa3 hd6 y394 ff4 fs1b fc1 sc0 ls0 ws0\">6<span class=\"_ _df\"> </span></div></td><td class=\"c x484 y282a wf0 h148\"><div class=\"t m0 x97 hd6 y394 ff4 fs1b fc1 sc0 ls0 ws0\">(30)<span class=\"_ _df\"> </span></div></td><td class=\"c x481 y282a w1c7 h148\"><div class=\"t m0 x3a hd6 y394 ff4 fs1b fc1 sc0 ls1 ws0\">97<span class=\"_ _df\"> </span></div></td></tr><tr><td class=\"c x46a y282b wad0 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">economico<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x46a y282c waf0 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">1.2. Registrati nel conto<span class=\"_ _df\"> </span></div></td><td class=\"c x485 y282d w391 h69\"><div class=\"t m0 x97 hd6 y153d ff4 fs1b fc1 sc0 ls0 ws0\">157<span class=\"_ _df\"> </span></div></td><td class=\"c x486 y282d w36b h69\"><div class=\"t m0 xa3 hd6 y153d ff4 fs1b fc1 sc0 ls0 ws0\">4<span class=\"_ _df\"> </span></div></td><td class=\"c x483 y282d wee h69\"><div class=\"t m0 x13 hd6 y153d ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x47d y282d w315 h69\"><div class=\"t m0 x2c hd6 y153d ff4 fs1b fc1 sc0 ls0 ws0\">161<span class=\"_ _df\"> </span></div></td><td class=\"c x487 y282d w18f h69\"><div class=\"t m0 x97 hd6 y153d ff4 fs1b fc1 sc0 ls0 ws0\">316<span class=\"_ _df\"> </span></div></td><td class=\"c x488 y282d w392 h69\"><div class=\"t m0 xf hd6 y153d ff4 fs1b fc1 sc0 ls4a ws0\">12<span class=\"_ _df\"> </span></div></td><td class=\"c x484 y282d wf0 h69\"><div class=\"t m0 x13 hd6 y153d ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x481 y282d w1c7 h69\"><div class=\"t m0 x32 hd6 y153d ff4 fs1b fc1 sc0 ls0 ws0\">328<span class=\"_ _df\"> </span></div></td></tr><tr><td class=\"c x46a y282e waf1 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">economico complessivo<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2a8 y282f waf2 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">2. Effetti connessi con le<span class=\"_ _df\"> </span></div></td><td class=\"c x485 y2830 w391 h19a\"><div class=\"t m0 x36 hd6 y153d ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x486 y2830 w36b h19a\"><div class=\"t m0 xa3 hd6 y153d ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x483 y2830 wee h19a\"><div class=\"t m0 x13 hd6 y153d ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x47d y2830 w315 h19a\"><div class=\"t m0 x37 hd6 y153d ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x487 y2830 w18f h19a\"><div class=\"t m0 x36 hd6 y153d ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x488 y2830 w392 h19a\"><div class=\"t m0 xa3 hd6 y153d ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x484 y2830 wf0 h19a\"><div class=\"t m0 x13 hd6 y153d ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x481 y2830 w1c7 h19a\"><div class=\"t m0 x37 hd6 y153d ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td></tr><tr><td class=\"c x2a8 y2831 waf3 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">variazioni dei tassi di cambio<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x46b y2832 w390 h1fa\"><div class=\"t m0 x16a hd6 y80 ff4 fs1b fc1 sc2 ls0 ws0\">3. Total<span class=\"_ _1\"></span>e<span class=\"_ _df\"> </span></div></td><td class=\"c x485 y2832 w391 h1fa\"><div class=\"t m0 x97 hd6 y80 ff4 fs1b fc1 sc0 ls0 ws0\">271<span class=\"_ _df\"> </span></div></td><td class=\"c x486 y2832 w36b h1fa\"><div class=\"t m0 xe hd6 y80 ff4 fs1b fc1 sc0 ls4a ws0\">11<span class=\"_ _df\"> </span></div></td><td class=\"c x483 y2832 wee h1fa\"><div class=\"t m0 x38 hd6 y80 ff4 fs1b fc1 sc0 ls0 ws0\">(28)<span class=\"_ _df\"> </span></div></td><td class=\"c x47d y2832 w315 h1fa\"><div class=\"t m0 x32 hd6 y80 ff4 fs1b fc1 sc0 ls0 ws0\">254<span class=\"_ _df\"> </span></div></td><td class=\"c x487 y2832 w18f h1fa\"><div class=\"t m0 x37 hd6 y80 ff4 fs1b fc1 sc0 ls0 ws0\">437<span class=\"_ _df\"> </span></div></td><td class=\"c x488 y2832 w392 h1fa\"><div class=\"t m0 xf hd6 y80 ff4 fs1b fc1 sc0 ls4a ws0\">18<span class=\"_ _df\"> </span></div></td><td class=\"c x484 y2832 wf0 h1fa\"><div class=\"t m0 x97 hd6 y80 ff4 fs1b fc1 sc0 ls0 ws0\">(30)<span class=\"_ _df\"> </span></div></td><td class=\"c x481 y2832 w1c7 h1fa\"><div class=\"t m0 x32 hd6 y80 ff4 fs1b fc1 sc0 ls0 ws0\">425<span class=\"_ _df\"> </span></div></td></tr><tr><td class=\"c x262 y2833 waf4 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc2 ls0 ws0\">H. Imp<span class=\"_ _1\"></span>orto co<span class=\"_ _1\"></span>mples<span class=\"_ _1\"></span>sivo regi<span class=\"_ _f\"></span>s<span class=\"_ _2\"></span>trat<span class=\"_ _1\"></span>o<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x262 y2834 waf5 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc2 ls0 ws0\">in cont<span class=\"_ _1\"></span>o econ<span class=\"_ _f\"></span>omico e nel c<span class=\"_ _f\"></span>o<span class=\"_ _2\"></span>nt<span class=\"_ _1\"></span>o<span class=\"_ _df\"> </span></div></td><td class=\"c x485 y2835 w391 h25c\"><div class=\"t m0 x33 hd6 yd41 ff4 fs1b fc1 sc2 ls0 ws0\">(2.674)<span class=\"_ _df\"> </span></div></td><td class=\"c x486 y2835 w36b h25c\"><div class=\"t m0 x91 hd6 yd41 ff4 fs1b fc1 sc2 ls0 ws0\">(119)<span class=\"_ _df\"> </span></div></td><td class=\"c x483 y2835 wee h25c\"><div class=\"t m0 x34 hd6 yd41 ff4 fs1b fc1 sc2 ls0 ws0\">1.973</div></td><td class=\"c x47d y2835 w315 h25c\"><div class=\"t m0 x14 hd6 yd41 ff4 fs1b fc1 sc2 ls0 ws0\">(820)<span class=\"_ _df\"> </span></div></td><td class=\"c x487 y2835 w18f h25c\"><div class=\"t m0 x97 hd6 yd41 ff4 fs1b fc1 sc2 ls0 ws0\">144<span class=\"_ _df\"> </span></div></td><td class=\"c x488 y2835 w392 h25c\"><div class=\"t m0 x90 hd6 yd41 ff4 fs1b fc1 sc2 ls0 ws0\">(75)<span class=\"_ _df\"> </span></div></td><td class=\"c x484 y2835 wf0 h25c\"><div class=\"t m0 x26 hd6 yd41 ff4 fs1b fc1 sc2 ls0 ws0\">(453)<span class=\"_ _df\"> </span></div></td><td class=\"c x481 y2835 w1c7 h25c\"><div class=\"t m0 x14 hd6 yd41 ff4 fs1b fc1 sc2 ls0 ws0\">(384)<span class=\"_ _df\"> </span></div></td></tr><tr><td class=\"c x262 y2836 waf6 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc2 ls0 ws0\">econo<span class=\"_ _1\"></span>mico c<span class=\"_ _1\"></span>omples<span class=\"_ _1\"></span>sivo (F+ <span class=\"_ _f\"></span>G<span class=\"_ _2\"></span>)<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x46b y2837 w390 hbc\"><div class=\"t m0 x8a hd6 y80 ff4 fs1b fc1 sc2 ls0 ws0\">I. Altre v<span class=\"_ _1\"></span>ariazi<span class=\"_ _f\"></span>o<span class=\"_ _2\"></span>ni<span class=\"_ _df\"> </span></div></td><td class=\"c x485 y2837 w391 hbc\"><div class=\"t m0 x36 hd6 y80 ff4 fs1b fc1 sc2 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x486 y2837 w36b hbc\"><div class=\"t m0 xa3 hd6 y80 ff4 fs1b fc1 sc2 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x483 y2837 wee hbc\"><div class=\"t m0 x13 hd6 y80 ff4 fs1b fc1 sc2 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x47d y2837 w315 hbc\"><div class=\"t m0 x37 hd6 y80 ff4 fs1b fc1 sc2 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x487 y2837 w18f hbc\"><div class=\"t m0 x36 hd6 y80 ff4 fs1b fc1 sc2 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x488 y2837 w392 hbc\"><div class=\"t m0 xa3 hd6 y80 ff4 fs1b fc1 sc2 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x484 y2837 wf0 hbc\"><div class=\"t m0 x13 hd6 y80 ff4 fs1b fc1 sc2 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x481 y2837 w1c7 hbc\"><div class=\"t m0 x37 hd6 y80 ff4 fs1b fc1 sc2 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td></tr><tr><td class=\"c x46b y2838 w390 hbc\"><div class=\"t m0 x8a hd6 y392 ff4 fs1b fc1 sc2 ls0 ws0\">L. Movi<span class=\"_ _1\"></span>menti d<span class=\"_ _1\"></span>i cassa<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2a8 y2839 waf7 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">1. Premi pagati al netto di<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2a8 y283a waf8 h4c9\"><div class=\"t m0 x250 hd6 y27d4 ff4 fs1b fc1 sc0 ls0 ws0\">importi non connessi con i<span class=\"_ _df\"> </span></div><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">sinistri recuperati dai<span class=\"_ _df\"> </span></div></td><td class=\"c x485 y283b w391 h89\"><div class=\"t m0 x3a hd6 y3d ff4 fs1b fc1 sc0 ls0 ws0\">1.856<span class=\"_ _df\"> </span></div></td><td class=\"c x486 y283b w36b h89\"><div class=\"t m0 xa3 hd6 y3d ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x483 y283b wee h89\"><div class=\"t m0 x13 hd6 y3d ff4 fs1b fc1 sc0 ls0 ws0\">-</div></td><td class=\"c x47d y283b w315 h89\"><div class=\"t m0 x14 hd6 y3d ff4 fs1b fc1 sc0 ls0 ws0\">1.856<span class=\"_ _df\"> </span></div></td><td class=\"c x487 y283b w18f h89\"><div class=\"t m0 x27 hd6 y3d ff4 fs1b fc1 sc0 ls0 ws0\">(501)<span class=\"_ _df\"> </span></div></td><td class=\"c x488 y283b w392 h89\"><div class=\"t m0 xa3 hd6 y3d ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x484 y283b wf0 h89\"><div class=\"t m0 x13 hd6 y3d ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x481 y283b w1c7 h89\"><div class=\"t m0 x48 hd6 y3d ff4 fs1b fc1 sc0 ls0 ws0\">(501)<span class=\"_ _df\"> </span></div></td></tr><tr><td class=\"c x2a8 y283c wa95 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">riassicuratori<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2a8 y283d waf9 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">2. Importi recuperati dai<span class=\"_ _df\"> </span></div></td><td class=\"c x485 y283e w391 h148\"><div class=\"t m0 x33 hd6 y394 ff4 fs1b fc1 sc0 ls0 ws0\">(3.955)<span class=\"_ _df\"> </span></div></td><td class=\"c x486 y283e w36b h148\"><div class=\"t m0 xa3 hd6 y394 ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x483 y283e wee h148\"><div class=\"t m0 x13 hd6 y394 ff4 fs1b fc1 sc0 ls0 ws0\">-</div></td><td class=\"c x47d y283e w315 h148\"><div class=\"t m0 x2e hd6 y394 ff4 fs1b fc1 sc0 ls0 ws0\">(3.955)<span class=\"_ _df\"> </span></div></td><td class=\"c x487 y283e w18f h148\"><div class=\"t m0 x33 hd6 y394 ff4 fs1b fc1 sc0 ls0 ws0\">(3.607)<span class=\"_ _df\"> </span></div></td><td class=\"c x488 y283e w392 h148\"><div class=\"t m0 xa3 hd6 y394 ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x484 y283e wf0 h148\"><div class=\"t m0 x13 hd6 y394 ff4 fs1b fc1 sc0 ls0 ws0\">-</div></td><td class=\"c x481 y283e w1c7 h148\"><div class=\"t m0 x2e hd6 y394 ff4 fs1b fc1 sc0 ls0 ws0\">(3.607)<span class=\"_ _df\"> </span></div></td></tr><tr><td class=\"c x2a8 y283f wa95 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">riassicuratori<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x46b y2840 w390 hbc\"><div class=\"t m0 x16a hd6 y392 ff4 fs1b fc1 sc0 ls0 ws0\">3. Altri movimenti<span class=\"_ _df\"> </span></div></td><td class=\"c x485 y2840 w391 hbc\"><div class=\"t m0 x36 hd6 y392 ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x486 y2840 w36b hbc\"><div class=\"t m0 xa3 hd6 y392 ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x483 y2840 wee hbc\"><div class=\"t m0 x13 hd6 y392 ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x47d y2840 w315 hbc\"><div class=\"t m0 x37 hd6 y392 ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x487 y2840 w18f hbc\"><div class=\"t m0 x36 hd6 y392 ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x488 y2840 w392 hbc\"><div class=\"t m0 xa3 hd6 y392 ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x484 y2840 wf0 hbc\"><div class=\"t m0 x13 hd6 y392 ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x481 y2840 w1c7 hbc\"><div class=\"t m0 x37 hd6 y392 ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td></tr><tr><td class=\"c x46b y2841 w390 h1fa\"><div class=\"t m0 x16a hd6 y80 ff4 fs1b fc1 sc2 ls0 ws0\">4. Total<span class=\"_ _f\"></span>e<span class=\"_ _df\"> </span></div></td><td class=\"c x485 y2841 w391 h1fa\"><div class=\"t m0 x33 hd6 y80 ff4 fs1b fc1 sc2 ls0 ws0\">(2.099)<span class=\"_ _df\"> </span></div></td><td class=\"c x486 y2841 w36b h1fa\"><div class=\"t m0 xa3 hd6 y80 ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x483 y2841 wee h1fa\"><div class=\"t m0 x13 hd6 y80 ff4 fs1b fc1 sc2 ls0 ws0\">-</div></td><td class=\"c x47d y2841 w315 h1fa\"><div class=\"t m0 x2e hd6 y80 ff4 fs1b fc1 sc2 ls0 ws0\">(2.099)<span class=\"_ _df\"> </span></div></td><td class=\"c x487 y2841 w18f h1fa\"><div class=\"t m0 x33 hd6 y80 ff4 fs1b fc1 sc2 ls0 ws0\">(4.108)<span class=\"_ _df\"> </span></div></td><td class=\"c x488 y2841 w392 h1fa\"><div class=\"t m0 xa3 hd6 y80 ff4 fs1b fc1 sc2 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x484 y2841 wf0 h1fa\"><div class=\"t m0 x13 hd6 y80 ff4 fs1b fc1 sc2 ls0 ws0\">-</div></td><td class=\"c x481 y2841 w1c7 h1fa\"><div class=\"t m0 x55 hd6 y80 ff4 fs1b fc1 sc2 ls73 ws0\">(4<span class=\"ls0\">.108</span><span class=\"ls0\">)<span class=\"_ _df\"> </span></span></div></td></tr><tr><td class=\"c x262 y2842 wafa h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc2 ls0 ws0\">M. Val<span class=\"_ _1\"></span>ore netto <span class=\"_ _f\"></span>di bilancio a<span class=\"_ _1\"></span>l 31<span class=\"_ _df\"> </span></div></td><td class=\"c x485 y2843 w391 h19a\"><div class=\"t m0 x2c hd6 y153d ff4 fs1b fc1 sc2 ls0 ws0\">4.708<span class=\"_ _df\"> </span></div></td><td class=\"c x486 y2843 w36b h19a\"><div class=\"t m0 x7 hd6 y153d ff4 fs1b fc1 sc2 ls0 ws0\">314<span class=\"_ _df\"> </span></div></td><td class=\"c x483 y2843 wee h19a\"><div class=\"t m0 x26 hd6 y153d ff4 fs1b fc1 sc2 ls0 ws0\">2.929</div></td><td class=\"c x47d y2843 w315 h19a\"><div class=\"t m0 x14 hd6 y153d ff4 fs1b fc1 sc2 ls0 ws0\">7.951<span class=\"_ _df\"> </span></div></td><td class=\"c x487 y2843 w18f h19a\"><div class=\"t m0 x2c hd6 y153d ff4 fs1b fc1 sc2 ls0 ws0\">9.483<span class=\"_ _df\"> </span></div></td><td class=\"c x488 y2843 w392 h19a\"><div class=\"t m0 x36 hd6 y153d ff4 fs1b fc1 sc2 ls0 ws0\">13.447<span class=\"_ _df\"> </span></div></td><td class=\"c x484 y2843 wf0 h19a\"><div class=\"t m0 x38 hd6 y153d ff4 fs1b fc1 sc2 ls0 ws0\">433</div></td><td class=\"c x481 y2843 w1c7 h19a\"><div class=\"t m0 x130 hd6 y153d ff4 fs1b fc1 sc2 ls0 ws0\">10.871<span class=\"_ _df\"> </span></div></td></tr><tr><td class=\"c x262 y2844 wafb h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc2 ls0 ws0\">dicem<span class=\"_ _1\"></span>bre (A.3<span class=\"_ _f\"></span>+<span class=\"_ _2\"></span>H+<span class=\"_ _1\"></span>I+L.3)<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x46b y2845 w390 hbc\"><div class=\"t m0 x8a hd6 y392 ff4 fs1b fc1 sc2 ls0 ws0\">N. Val<span class=\"_ _1\"></span>ore di bila<span class=\"_ _f\"></span>ncio finale<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2a8 y27dd wac6 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">1. Cessioni in riassicurazione<span class=\"_ _df\"> </span></div></td><td class=\"c x485 y2846 w391 h69\"><div class=\"t m0 x2c hd6 y153d ff4 fs1b fc1 sc0 ls0 ws0\">7.052<span class=\"_ _df\"> </span></div></td><td class=\"c x486 y2846 w36b h69\"><div class=\"t m0 x1c hd6 y153d ff4 fs1b fc1 sc0 ls0 ws0\">131<span class=\"_ _df\"> </span></div></td><td class=\"c x483 y2846 wee h69\"><div class=\"t m0 x34 hd6 y153d ff4 fs1b fc1 sc0 ls0 ws0\">1.567</div></td><td class=\"c x47d y2846 w315 h69\"><div class=\"t m0 x39 hd6 y153d ff4 fs1b fc1 sc0 ls0 ws0\">8.750<span class=\"_ _df\"> </span></div></td><td class=\"c x487 y2846 w18f h69\"><div class=\"t m0 x2c hd6 y153d ff4 fs1b fc1 sc0 ls0 ws0\">10.161<span class=\"_ _df\"> </span></div></td><td class=\"c x488 y2846 w392 h69\"><div class=\"t m0 x36 hd6 y153d ff4 fs1b fc1 sc0 ls0 ws0\">13.447<span class=\"_ _df\"> </span></div></td><td class=\"c x484 y2846 wf0 h69\"><div class=\"t m0 x38 hd6 y153d ff4 fs1b fc1 sc0 ls0 ws0\">235</div></td><td class=\"c x481 y2846 w1c7 h69\"><div class=\"t m0 x130 hd6 y153d ff4 fs1b fc1 sc0 ls0 ws0\">11.252<span class=\"_ _df\"> </span></div></td></tr><tr><td class=\"c x2a8 y2491 wac7 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">che costituiscono attivit\u00e0<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr></table></div><div class=\"gsa3e\"><table class=\"s wafc h4ca\" id=\"_c52d421d-33ad-4926-ac87-5e6d3839561c\"><tr><td class=\"c x262 y2847 wafd h4bd\"><div class=\"t m0 x250 hd6 y2726 ff4 fs1b fc1 sc0 ls0 ws0\">2. Cessioni in riassicurazione<span class=\"_ _df\"> </span></div></td><td class=\"c x48a y2848 w391 h69\"><div class=\"t m0 x33 hd6 y823 ff4 fs1b fc1 sc0 ls0 ws0\">(2.345)<span class=\"_ _df\"> </span></div></td><td class=\"c x48b y2848 w36b h69\"><div class=\"t m0 x7 hd6 y823 ff4 fs1b fc1 sc0 ls0 ws0\">183<span class=\"_ _df\"> </span></div></td><td class=\"c x48c y2848 wee h69\"><div class=\"t m0 x34 hd6 y823 ff4 fs1b fc1 sc0 ls0 ws0\">1.361</div></td><td class=\"c x48d y2848 w315 h69\"><div class=\"t m0 x48 hd6 y823 ff4 fs1b fc1 sc0 ls0 ws0\">(801)<span class=\"_ _df\"> </span></div></td><td class=\"c x48e y2848 w18f h69\"><div class=\"t m0 x3a hd6 y823 ff4 fs1b fc1 sc0 ls0 ws0\">(680)<span class=\"_ _df\"> </span></div></td><td class=\"c x48f y2848 w392 h69\"><div class=\"t m0 xa3 hd6 y823 ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x490 y2848 wf0 h69\"><div class=\"t m0 x31 hd6 y823 ff4 fs1b fc1 sc0 ls0 ws0\">198</div></td><td class=\"c x491 y2848 w1c7 h69\"><div class=\"t m0 x14 hd6 y823 ff4 fs1b fc1 sc0 ls0 ws0\">(382)<span class=\"_ _df\"> </span></div></td></tr><tr><td class=\"c x262 y2849 wac9 h4bd\"><div class=\"t m0 x250 hd6 y2726 ff4 fs1b fc1 sc0 ls0 ws0\">che costituiscono passivit\u00e0<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x262 y27dd wafe h4bd\"><div class=\"t m0 x250 hd6 y2726 ff4 fs1b fc1 sc2 ls0 ws0\">3. Valor<span class=\"_ _1\"></span>e nett<span class=\"_ _1\"></span>o di bilan<span class=\"_ _f\"></span>cio al 31<span class=\"_ _df\"> </span></div></td><td class=\"c x48a y284a w391 h4a\"><div class=\"t m0 x2c hd6 ye55 ff4 fs1b fc1 sc2 ls0 ws0\">4.707<span class=\"_ _df\"> </span></div></td><td class=\"c x48b y284a w36b h4a\"><div class=\"t m0 x7 hd6 ye55 ff4 fs1b fc1 sc2 ls0 ws0\">314<span class=\"_ _df\"> </span></div></td><td class=\"c x48c y284a wee h4a\"><div class=\"t m0 x26 hd6 ye55 ff4 fs1b fc1 sc2 ls0 ws0\">2.928</div></td><td class=\"c x48d y284a w315 h4a\"><div class=\"t m0 x39 hd6 ye55 ff4 fs1b fc1 sc2 ls0 ws0\">7.949<span class=\"_ _df\"> </span></div></td><td class=\"c x48e y284a w18f h4a\"><div class=\"t m0 x3a hd6 ye55 ff4 fs1b fc1 sc2 ls0 ws0\">9.481<span class=\"_ _df\"> </span></div></td><td class=\"c x48f y284a w392 h4a\"><div class=\"t m0 x36 hd6 ye55 ff4 fs1b fc1 sc2 ls0 ws0\">13.447<span class=\"_ _df\"> </span></div></td><td class=\"c x490 y284a wf0 h4a\"><div class=\"t m0 x38 hd6 ye55 ff4 fs1b fc1 sc2 ls0 ws0\">433</div></td><td class=\"c x491 y284a w1c7 h4a\"><div class=\"t m0 x55 hd6 ye55 ff4 fs1b fc1 sc2 ls0 ws0\">10.870<span class=\"_ _df\"> </span></div></td></tr><tr><td class=\"c x262 y2491 waff h4bd\"><div class=\"t m0 x250 hd6 y2726 ff4 fs1b fc1 sc2 ls0 ws0\">dicem<span class=\"_ _1\"></span>bre<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr></table></div><div class=\"c w37c h244 gsa3f\"><div class=\"t m0 x8a h5 y307 ff4 fs1 fc4 sc3 ls0 ws0\">Dinam<span class=\"_ _f\"></span>ica del m<span class=\"_ _f\"></span>argine s<span class=\"_ _1\"></span>ui se<span class=\"_ _1\"></span>rvizi <span class=\"_ _f\"></span>contrat<span class=\"_ _1\"></span>tuali d<span class=\"_ _1\"></span>elle ces<span class=\"_ _f\"></span>sioni in <span class=\"_ _f\"></span>riassicu<span class=\"_ _1\"></span>razio<span class=\"_ _1\"></span>ne ri<span class=\"_ _1\"></span>part<span class=\"_ _1\"></span>ito i<span class=\"_ _1\"></span>n bas<span class=\"_ _1\"></span>e ai co<span class=\"_ _f\"></span>ntratti es<span class=\"_ _f\"></span>istenti a<span class=\"_ _1\"></span>l </div><div class=\"t m0 x8a h5 y2e7 ff5 fs1 fc4 sc3 ls0 ws0\">mom<span class=\"_ _1\"></span>ento <span class=\"_ _1\"></span>della<span class=\"_ _1\"></span> tra<span class=\"_ _f\"></span>nsizione a<span class=\"_ _f\"></span>ll\u2019IFRS 17<span class=\"_ _1\"></span> </div></div><div class=\"gsa40\"><table class=\"s wb00 h4cb\" id=\"_dc5adfe7-b5cc-44f1-9b74-86a3900b46f6\"><tr><td></td><td></td><td></td><td class=\"c x492 y284b w2e6 h258\"><div class=\"t m0 x24 hd6 y2e7 ff4 fs1b fc4 sc3 ls0 ws0\">31/12/2<span class=\"_ _1\"></span>025<span class=\"fc1 sc0\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td class=\"c x493 y284b w394 h258\"><div class=\"t m0 x24 hd6 y2e7 ff4 fs1b fc4 sc3 ls0 ws0\">31/12/2<span class=\"_ _1\"></span>024<span class=\"fc1 sc0\"> </span></div></td><td></td><td></td><td></td></tr><tr><td></td><td class=\"c x494 y284c wb01 h4bd\"><div class=\"t m0 x250 hd6 y2726 ff4 fs1b fc4 sc3 ls0 ws0\">Nuovi <span class=\"_ _1\"></span>contratt<span class=\"_ _1\"></span>i<span class=\"_ _df\"> </span></div></td><td class=\"c x495 y284d wb02 h4bd\"><div class=\"t m0 x250 hd6 y2726 ff4 fs1b fc4 sc3 ls0 ws0\">Contra<span class=\"_ _1\"></span>tti<span class=\"_ _df\"> </span></div></td><td class=\"c x496 y284d wb02 h4bd\"><div class=\"t m0 x250 hd6 y2726 ff4 fs1b fc4 sc3 ls0 ws0\">Contra<span class=\"_ _1\"></span>tti<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td class=\"c x497 y284c wb01 h4bd\"><div class=\"t m0 x250 hd6 y2726 ff4 fs1b fc4 sc3 ls0 ws0\">Nuovi <span class=\"_ _1\"></span>contratt<span class=\"_ _1\"></span>i<span class=\"_ _df\"> </span></div></td><td class=\"c x498 y284d wb02 h4bd\"><div class=\"t m0 x250 hd6 y2726 ff4 fs1b fc4 sc3 ls0 ws0\">Contra<span class=\"_ _1\"></span>tti<span class=\"_ _df\"> </span></div></td><td class=\"c x499 y284d wb02 h4bd\"><div class=\"t m0 x250 hd6 y2726 ff4 fs1b fc4 sc3 ls0 ws0\">Contra<span class=\"_ _1\"></span>tti<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td></tr><tr><td></td><td class=\"c x49a y284e wb03 h4c8\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc4 sc3 ls0 ws0\">e contra<span class=\"_ _f\"></span>tti<span class=\"_ _df\"> </span></div></td><td class=\"c x49b y284f wb04 h4c8\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc4 sc3 ls0 ws0\">misura<span class=\"_ _1\"></span>ti alla<span class=\"_ _df\"> </span></div></td><td class=\"c x496 y284f wb05 h4c8\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc4 sc3 ls0 ws0\">misura<span class=\"_ _1\"></span>ti<span class=\"_ _df\"> </span></div></td><td class=\"c x49c y284f wb06 h4c8\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc4 sc3 ls0 ws0\">Contra<span class=\"_ _1\"></span>tt<span class=\"_ _df\"> </span></div></td><td></td><td></td><td class=\"c x49d y284e wa60 h4c8\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc4 sc3 ls0 ws0\">e contra<span class=\"_ _f\"></span>tti<span class=\"_ _df\"> </span></div></td><td class=\"c x49e y284f wb04 h4c8\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc4 sc3 ls0 ws0\">misura<span class=\"_ _1\"></span>ti alla<span class=\"_ _df\"> </span></div></td><td class=\"c x499 y284f wb05 h4c8\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc4 sc3 ls0 ws0\">misura<span class=\"_ _1\"></span>ti<span class=\"_ _df\"> </span></div></td><td class=\"c x49f y284f wb06 h4c8\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc4 sc3 ls0 ws0\">Contra<span class=\"_ _1\"></span>tt<span class=\"_ _df\"> </span></div></td><td></td><td></td></tr><tr><td></td><td class=\"c x4a0 y2850 wb04 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc4 sc3 ls0 ws0\">misura<span class=\"_ _1\"></span>ti alla<span class=\"_ _df\"> </span></div></td><td class=\"c x4a1 y2851 wb07 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc4 sc3 ls0 ws0\">data di<span class=\"_ _df\"> </span></div></td><td class=\"c x4a2 y2851 wb08 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc4 sc3 ls0 ws0\">alla data<span class=\"_ _1\"></span> di<span class=\"_ _df\"> </span></div></td><td class=\"c x4a3 y2851 wb09 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc4 sc3 ls6 ws0\">i<span class=\"_ _df\"> </span></div></td><td></td><td></td><td class=\"c x4a4 y2850 wb0a h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc4 sc3 ls6e ws0\">mi<span class=\"ls0\">sura<span class=\"_ _1\"></span>ti alla<span class=\"_ _df\"> </span></span></div></td><td class=\"c x4a5 y2851 wb07 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc4 sc3 ls0 ws0\">data di<span class=\"_ _df\"> </span></div></td><td class=\"c x4a6 y2851 wb08 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc4 sc3 ls0 ws0\">alla data<span class=\"_ _1\"></span> di<span class=\"_ _df\"> </span></div></td><td class=\"c x4a7 y2851 wb09 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc4 sc3 ls6 ws0\">i<span class=\"_ _df\"> </span></div></td><td></td><td></td></tr><tr><td></td><td class=\"c x4a8 y2852 wb07 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc4 sc3 ls0 ws0\">data di<span class=\"_ _df\"> </span></div></td><td class=\"c x4a9 y2853 wb0b h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc4 sc3 ls0 ws0\">transizio<span class=\"_ _f\"></span>ne con<span class=\"_ _df\"> </span></div></td><td class=\"c x4aa y2853 wb0c h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc4 sc3 ls0 ws0\">transizio<span class=\"_ _f\"></span>n<span class=\"_ _df\"> </span></div></td><td class=\"c x4ab y2853 wb0d h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc4 sc3 ls0 ws0\">oggetto<span class=\"_ _df\"> </span></div></td><td></td><td></td><td class=\"c x37b y2852 wb07 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc4 sc3 ls0 ws0\">data di<span class=\"_ _df\"> </span></div></td><td class=\"c x4ac y2853 wb0b h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc4 sc3 ls0 ws0\">transizio<span class=\"_ _f\"></span>ne con<span class=\"_ _df\"> </span></div></td><td class=\"c x4ad y2853 wb0c h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc4 sc3 ls0 ws0\">transizio<span class=\"_ _f\"></span>n<span class=\"_ _df\"> </span></div></td><td class=\"c x4ae y2853 wb0d h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc4 sc3 ls0 ws0\">oggetto<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x4af y2853 wb0e h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc4 sc3 ls0 ws0\">Total<span class=\"_ _df\"> </span></div></td></tr><tr><td></td><td class=\"c x494 y2854 wb0b h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc4 sc3 ls0 ws0\">transizio<span class=\"_ _f\"></span>ne con<span class=\"_ _df\"> </span></div></td><td class=\"c x495 y2855 wb0f h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc4 sc3 ls0 ws0\">il meto<span class=\"_ _1\"></span>do<span class=\"_ _df\"> </span></div></td><td class=\"c x4b0 y2855 wb10 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc4 sc3 ls0 ws0\">e con il<span class=\"_ _df\"> </span></div></td><td class=\"c x4b1 y2855 wb11 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc4 sc3 ls0 ws0\">di<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x4b2 y2856 w396 h25d\"><div class=\"t m0 x8a hd6 y15e2 ff4 fs1b fc4 sc3 ls0 ws0\">Totale<span class=\"fc1 sc0\"> </span></div></td><td class=\"c x497 y2854 wb0b h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc4 sc3 ls0 ws0\">transizio<span class=\"_ _f\"></span>ne con<span class=\"_ _df\"> </span></div></td><td class=\"c x498 y2855 wb0f h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc4 sc3 ls0 ws0\">il meto<span class=\"_ _1\"></span>do<span class=\"_ _df\"> </span></div></td><td class=\"c x4b3 y2855 wb10 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc4 sc3 ls0 ws0\">e con il<span class=\"_ _df\"> </span></div></td><td class=\"c x4b4 y2855 wb11 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc4 sc3 ls0 ws0\">di<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x4b5 y2855 wb12 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc4 sc3 ls0 ws0\">e<span class=\"_ _df\"> </span></div></td></tr><tr><td></td><td class=\"c x4b6 y2857 wb0f h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc4 sc3 ls0 ws0\">il meto<span class=\"_ _1\"></span>do<span class=\"_ _df\"> </span></div></td><td class=\"c x4a9 y2858 wb13 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff5 fs1b fc4 sc3 ls0 ws0\">dell\u2019appl<span class=\"_ _f\"></span>ic<span class=\"_ _2\"></span>az<span class=\"_ _1\"></span>ion<span class=\"_ _df\"> </span></div></td><td class=\"c x4b7 y2858 wb14 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc4 sc3 ls0 ws0\">metod<span class=\"_ _1\"></span>o<span class=\"_ _df\"> </span></div></td><td class=\"c x4b8 y2858 wb15 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc4 sc3 ls0 ws0\">carve-<span class=\"_ _df\"> </span></div></td><td></td><td></td><td class=\"c x4b9 y2857 wb0f h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc4 sc3 ls0 ws0\">il meto<span class=\"_ _1\"></span>do<span class=\"_ _df\"> </span></div></td><td class=\"c x4ac y2858 wb16 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff5 fs1b fc4 sc3 ls0 ws0\">dell\u2019appl<span class=\"_ _f\"></span>ic<span class=\"_ _2\"></span>az<span class=\"_ _1\"></span>ion<span class=\"_ _df\"> </span></div></td><td class=\"c x4ba y2858 wb14 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc4 sc3 ls0 ws0\">metod<span class=\"_ _1\"></span>o<span class=\"_ _df\"> </span></div></td><td class=\"c x4bb y2858 wb15 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc4 sc3 ls0 ws0\">carve-<span class=\"_ _df\"> </span></div></td><td></td><td></td></tr><tr><td></td><td class=\"c x494 y2859 wb13 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff5 fs1b fc4 sc3 ls0 ws0\">dell\u2019appl<span class=\"_ _f\"></span>ic<span class=\"_ _2\"></span>az<span class=\"_ _1\"></span>ion<span class=\"_ _df\"> </span></div></td><td class=\"c x49b y285a wb17 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc4 sc3 ls0 ws0\">e retroat<span class=\"_ _f\"></span>tiva<span class=\"_ _df\"> </span></div></td><td class=\"c x4b0 y285a wb18 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc4 sc3 ls0 ws0\">del fair<span class=\"_ _df\"> </span></div></td><td class=\"c x4bc y285a wb19 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc4 sc3 ls0 ws0\">out<span class=\"_ _df\"> </span></div></td><td></td><td></td><td class=\"c x497 y2859 wb16 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff5 fs1b fc4 sc3 ls0 ws0\">dell\u2019appl<span class=\"_ _f\"></span>ic<span class=\"_ _2\"></span>az<span class=\"_ _1\"></span>ion<span class=\"_ _df\"> </span></div></td><td class=\"c x49e y285a wb17 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc4 sc3 ls0 ws0\">e retroat<span class=\"_ _f\"></span>tiva<span class=\"_ _df\"> </span></div></td><td class=\"c x4b3 y285a wb18 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc4 sc3 ls0 ws0\">del fair<span class=\"_ _df\"> </span></div></td><td class=\"c x4bd y285a wb19 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc4 sc3 ls0 ws0\">out<span class=\"_ _df\"> </span></div></td><td></td><td></td></tr><tr><td></td><td class=\"c x4a0 y285b wb1a h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc4 sc3 ls0 ws0\">e retroat<span class=\"_ _f\"></span>ti<span class=\"_ _2\"></span>va<span class=\"_ _df\"> </span></div></td><td class=\"c x4be y285c wb1b h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc4 sc3 ls0 ws0\">modifi<span class=\"_ _1\"></span>cata<span class=\"_ _df\"> </span></div></td><td class=\"c x4bf y285c wb1c h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc4 sc3 ls0 ws0\">value<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td class=\"c x4a4 y285b wb17 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc4 sc3 ls0 ws0\">e retroat<span class=\"_ _f\"></span>tiva<span class=\"_ _df\"> </span></div></td><td class=\"c x4c0 y285c wb1b h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc4 sc3 ls0 ws0\">modifi<span class=\"_ _1\"></span>cata<span class=\"_ _df\"> </span></div></td><td class=\"c x4c1 y285c wb1c h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc4 sc3 ls0 ws0\">value<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td></tr><tr><td></td><td class=\"c x4c2 y285d wab3 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc4 sc3 ls0 ws0\">piena<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td class=\"c x4c3 y285d wab3 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc4 sc3 ls0 ws0\">piena<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x262 y285e wb1d h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc2 ls0 ws0\">Margine <span class=\"_ _f\"></span>sui<span class=\"_ _df\"> </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=\"c x262 y285f wb1e h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc2 ls0 ws0\">servizi<span class=\"_ _df\"> </span></div></td><td class=\"c x492 y2860 w243 ha2\"><div class=\"t m0 x37 hd6 yc81 ff4 fs1b fc1 sc2 ls0 ws0\">(1.809)<span class=\"_ _df\"> </span></div></td><td class=\"c x4c4 y2860 w8a ha2\"><div class=\"t m0 x7 hd6 yc81 ff4 fs1b fc1 sc2 ls0 ws0\">-</div></td><td class=\"c x4c5 y2860 w34c ha2\"><div class=\"t m0 x14 hd6 yc81 ff4 fs1b fc1 sc2 ls0 ws0\">2.765<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x4c6 y2860 w399 ha2\"><div class=\"t m0 x3a hd6 yc81 ff4 fs1b fc1 sc2 ls0 ws0\">-</div></td><td class=\"c x4c7 y2860 w39a ha2\"><div class=\"t m0 x116 hd6 yc81 ff4 fs1b fc1 sc2 ls0 ws0\">956<span class=\"_ _df\"> </span></div></td><td class=\"c x493 y2860 w9e ha2\"><div class=\"t m0 x38 hd6 yc81 ff4 fs1b fc1 sc2 ls0 ws0\">(1.197)<span class=\"_ _df\"> </span></div></td><td class=\"c x4c8 y2860 w385 ha2\"><div class=\"t m0 x7 hd6 yc81 ff4 fs1b fc1 sc2 ls0 ws0\">-</div></td><td class=\"c x4c9 y2860 w34c ha2\"><div class=\"t m0 x14 hd6 yc81 ff4 fs1b fc1 sc2 ls0 ws0\">2.605<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x4ca y2860 w39b ha2\"><div class=\"t m0 x3a hd6 yc81 ff4 fs1b fc1 sc2 ls0 ws0\">-</div></td><td class=\"c x4cb y2860 w39c ha2\"><div class=\"t m0 xac hd6 yc81 ff4 fs1b fc1 sc2 ls0 ws0\">1.408<span class=\"_ _df\"> </span></div></td></tr><tr><td class=\"c x262 y2861 wb1f h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc2 ls0 ws0\">contrattu<span class=\"_ _f\"></span>ali <span class=\"ff5\">\u2013<span class=\"_ _df\"> </span></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=\"c x262 y2862 wb20 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc2 ls0 ws0\">Esistenz<span class=\"_ _f\"></span>e iniziali<span class=\"_ _df\"> </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=\"c x262 y2863 wb21 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc2 ls0 ws0\">Variazio<span class=\"_ _f\"></span>n<span class=\"_ _2\"></span>i rife<span class=\"_ _f\"></span>rite<span class=\"_ _df\"> </span></div></td><td class=\"c x492 y2864 w243 h148\"><div class=\"t m0 x8f hd6 y394 ff4 fs1b fc1 sc2 ls0 ws0\">543<span class=\"_ _df\"> </span></div></td><td class=\"c x4c4 y2864 w8a h148\"><div class=\"t m0 x7 hd6 y394 ff4 fs1b fc1 sc2 ls0 ws0\">-</div></td><td class=\"c x4c5 y2864 w34c h148\"><div class=\"t m0 x130 hd6 y394 ff4 fs1b fc1 sc2 ls0 ws0\">(1.881)<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x4c6 y2864 w399 h148\"><div class=\"t m0 x3a hd6 y394 ff4 fs1b fc1 sc2 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x4cc y2863 wb22 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc2 ls0 ws0\">(1.338<span class=\"_ _df\"> </span></div></td><td class=\"c x493 y2864 w9e h148\"><div class=\"t m0 x8f hd6 y394 ff4 fs1b fc1 sc2 ls0 ws0\">696<span class=\"_ _df\"> </span></div></td><td class=\"c x4c8 y2864 w385 h148\"><div class=\"t m0 x7 hd6 y394 ff4 fs1b fc1 sc2 ls0 ws0\">-</div></td><td class=\"c x4c9 y2864 w34c h148\"><div class=\"t m0 x39 hd6 y394 ff4 fs1b fc1 sc2 ls0 ws0\">(1.291)<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x4ca y2864 w39b h148\"><div class=\"t m0 x3a hd6 y394 ff4 fs1b fc1 sc2 ls0 ws0\">-</div></td><td class=\"c x4cb y2864 w39c h148\"><div class=\"t m0 xac hd6 y394 ff4 fs1b fc1 sc2 ls0 ws0\">(595)<span class=\"_ _df\"> </span></div></td></tr><tr><td class=\"c x262 y2865 wb23 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc2 ls0 ws0\">ai serviz<span class=\"_ _1\"></span>i attuali<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td class=\"c x27e y2865 wb24 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc2 ls0 ws0\">)<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2a8 y2866 wb25 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">- Margine sui<span class=\"_ _df\"> </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=\"c x2a8 y2867 wb1e h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">servizi<span class=\"_ _df\"> </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=\"c x2a8 y2868 wb26 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">contrattuali<span class=\"_ _df\"> </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=\"c x2a8 y2869 wb27 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">rilevato in<span class=\"_ _df\"> </span></div></td><td class=\"c x492 y286a w243 h25e\"><div class=\"t m0 x8f hd6 yce6 ff4 fs1b fc1 sc0 ls0 ws0\">543<span class=\"_ _df\"> </span></div></td><td class=\"c x4c4 y286a w8a h25e\"><div class=\"t m0 x7 hd6 yce6 ff4 fs1b fc1 sc0 ls0 ws0\">-</div></td><td class=\"c x4c5 y286a w34c h25e\"><div class=\"t m0 x130 hd6 yce6 ff4 fs1b fc1 sc0 ls0 ws0\">(1.881)<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x4c6 y286a w399 h25e\"><div class=\"t m0 x3a hd6 yce6 ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x4cc y2869 wb22 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">(1.338<span class=\"_ _df\"> </span></div></td><td class=\"c x493 y286a w9e h25e\"><div class=\"t m0 x8f hd6 yce6 ff4 fs1b fc1 sc0 ls1 ws0\">696<span class=\"_ _df\"> </span></div></td><td class=\"c x4c8 y286a w385 h25e\"><div class=\"t m0 x7 hd6 yce6 ff4 fs1b fc1 sc0 ls0 ws0\">-</div></td><td class=\"c x4c9 y286a w34c h25e\"><div class=\"t m0 x39 hd6 yce6 ff4 fs1b fc1 sc0 ls0 ws0\">(1.291)<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x4ca y286a w39b h25e\"><div class=\"t m0 x3a hd6 yce6 ff4 fs1b fc1 sc0 ls0 ws0\">-</div></td><td class=\"c x4cb y286a w39c h25e\"><div class=\"t m0 xac hd6 yce6 ff4 fs1b fc1 sc0 ls0 ws0\">(595)<span class=\"_ _df\"> </span></div></td></tr><tr><td class=\"c x2a8 y286b wb28 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">conto<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td class=\"c x27e y286b wb24 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">)<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2a8 y286c wad0 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">economico<span class=\"_ _df\"> </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=\"c x2a8 y286d wb29 h4c3\"><div class=\"t m0 x250 hd6 y276e ff4 fs1b fc1 sc0 ls0 ws0\">per riflettere i<span class=\"_ _df\"> </span></div><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">servizi ricevuti<span class=\"_ _df\"> </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=\"c x262 y286e wb21 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc2 ls0 ws0\">Variazio<span class=\"_ _f\"></span>n<span class=\"_ _2\"></span>i rife<span class=\"_ _f\"></span>rite<span class=\"_ _df\"> </span></div></td><td class=\"c x492 y286f w243 h148\"><div class=\"t m0 x30 hd6 y25f ff4 fs1b fc1 sc2 ls0 ws0\">1.077<span class=\"_ _df\"> </span></div></td><td class=\"c x4c4 y286f w8a h148\"><div class=\"t m0 x7 hd6 y25f ff4 fs1b fc1 sc2 ls0 ws0\">-</div></td><td class=\"c x4c5 y286f w34c h148\"><div class=\"t m0 x14 hd6 y25f ff4 fs1b fc1 sc2 ls0 ws0\">2.262<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x4c6 y286f w399 h148\"><div class=\"t m0 x3a hd6 y25f ff4 fs1b fc1 sc2 ls0 ws0\">-</div></td><td class=\"c x4c7 y286f w39a h148\"><div class=\"t m0 xac hd6 y25f ff4 fs1b fc1 sc2 ls0 ws0\">3.339<span class=\"_ _df\"> </span></div></td><td class=\"c x493 y286f w9e h148\"><div class=\"t m0 x97 hd6 y25f ff4 fs1b fc1 sc2 ls0 ws0\">(1.270)<span class=\"_ _df\"> </span></div></td><td class=\"c x4c8 y286f w385 h148\"><div class=\"t m0 x7 hd6 y25f ff4 fs1b fc1 sc2 ls0 ws0\">-</div></td><td class=\"c x4c9 y286f w34c h148\"><div class=\"t m0 x48 hd6 y25f ff4 fs1b fc1 sc2 ls0 ws0\">1.442<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x4ca y286f w39b h148\"><div class=\"t m0 x3a hd6 y25f ff4 fs1b fc1 sc2 ls0 ws0\">-</div></td><td class=\"c x4cb y286f w39c h148\"><div class=\"t m0 x2a hd6 y25f ff4 fs1b fc1 sc2 ls0 ws0\">172<span class=\"_ _df\"> </span></div></td></tr><tr><td class=\"c x262 y2870 wb2a h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc2 ls0 ws0\">ai serviz<span class=\"_ _1\"></span>i futuri<span class=\"_ _df\"> </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=\"c x2a8 y2871 wb2b h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">- Variazioni<span class=\"_ _df\"> </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=\"c x2a8 y2872 w96b h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">delle stime<span class=\"_ _df\"> </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=\"c x2a8 y2873 wb2c h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">che<span class=\"_ _df\"> </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=\"c x2a8 y2874 wb2d h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">modificano il<span class=\"_ _df\"> </span></div></td><td class=\"c x492 y2875 w243 h1d7\"><div class=\"t m0 x8f hd6 yc61 ff4 fs1b fc1 sc0 ls0 ws0\">230<span class=\"_ _df\"> </span></div></td><td class=\"c x4c4 y2875 w8a h1d7\"><div class=\"t m0 x7 hd6 yc61 ff4 fs1b fc1 sc0 ls0 ws0\">-</div></td><td class=\"c x4c5 y2875 w34c h1d7\"><div class=\"t m0 x14 hd6 yc61 ff4 fs1b fc1 sc0 ls0 ws0\">2.262<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x4c6 y2875 w399 h1d7\"><div class=\"t m0 x3a hd6 yc61 ff4 fs1b fc1 sc0 ls0 ws0\">-</div></td><td class=\"c x4c7 y2875 w39a h1d7\"><div class=\"t m0 xac hd6 yc61 ff4 fs1b fc1 sc0 ls0 ws0\">2.492<span class=\"_ _df\"> </span></div></td><td class=\"c x493 y2875 w9e h1d7\"><div class=\"t m0 x15 hd6 yc61 ff4 fs1b fc1 sc0 ls0 ws0\">(913)<span class=\"_ _df\"> </span></div></td><td class=\"c x4c8 y2875 w385 h1d7\"><div class=\"t m0 x7 hd6 yc61 ff4 fs1b fc1 sc0 ls0 ws0\">-</div></td><td class=\"c x4c9 y2875 w34c h1d7\"><div class=\"t m0 x48 hd6 yc61 ff4 fs1b fc1 sc0 ls0 ws0\">1.442<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x4ca y2875 w39b h1d7\"><div class=\"t m0 x3a hd6 yc61 ff4 fs1b fc1 sc0 ls0 ws0\">-</div></td><td class=\"c x4cb y2875 w39c h1d7\"><div class=\"t m0 x16a hd6 yc61 ff4 fs1b fc1 sc0 ls0 ws0\">529<span class=\"_ _df\"> </span></div></td></tr><tr><td class=\"c x2a8 y2876 wb2e h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">margine sui<span class=\"_ _df\"> </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=\"c x2a8 y2877 wb1e h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">servizi<span class=\"_ _df\"> </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=\"c x2a8 y2878 wb26 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">contrattuali<span class=\"_ _df\"> </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=\"c x2a8 y2879 wb2f h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">- Effetti dei<span class=\"_ _df\"> </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=\"c x2a8 y287a wa83 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">contratti<span class=\"_ _df\"> </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=\"c x2a8 y287b wb30 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">inizialmente<span class=\"_ _df\"> </span></div></td><td class=\"c x492 y287c w243 h25f\"><div class=\"t m0 x8f hd6 yd06 ff4 fs1b fc1 sc0 ls0 ws0\">847<span class=\"_ _df\"> </span></div></td><td class=\"c x4c4 y287c w8a h25f\"><div class=\"t m0 x7 hd6 yd06 ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x4c5 y287c w34c h25f\"><div class=\"t m0 x97 hd6 yd06 ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x4c6 y287c w399 h25f\"><div class=\"t m0 x3a hd6 yd06 ff4 fs1b fc1 sc0 ls0 ws0\">-</div></td><td class=\"c x4c7 y287c w39a h25f\"><div class=\"t m0 x116 hd6 yd06 ff4 fs1b fc1 sc0 ls0 ws0\">847<span class=\"_ _df\"> </span></div></td><td class=\"c x493 y287c w9e h25f\"><div class=\"t m0 x30 hd6 yd06 ff4 fs1b fc1 sc0 ls0 ws0\">(357)<span class=\"_ _df\"> </span></div></td><td class=\"c x4c8 y287c w385 h25f\"><div class=\"t m0 x7 hd6 yd06 ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x4c9 y287c w34c h25f\"><div class=\"t m0 x97 hd6 yd06 ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x4ca y287c w39b h25f\"><div class=\"t m0 x3a hd6 yd06 ff4 fs1b fc1 sc0 ls0 ws0\">-</div></td><td class=\"c x4cb y287c w39c h25f\"><div class=\"t m0 xac hd6 yd06 ff4 fs1b fc1 sc0 ls0 ws0\">(357)<span class=\"_ _df\"> </span></div></td></tr><tr><td class=\"c x2a8 y287d wb31 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">rilevati<span class=\"_ _df\"> </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=\"c x2a8 y287e wb32 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff5 fs1b fc1 sc0 ls0 ws0\">nell\u2019esercizio<span class=\"_ _df\"> </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=\"c x2a8 y287f wb33 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">di riferimento<span class=\"_ _df\"> </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=\"c x262 y2880 wb34 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc2 ls0 ws0\">Ricavi/<span class=\"_ _1\"></span>costi net<span class=\"_ _f\"></span>ti<span class=\"_ _df\"> </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=\"c x262 y2881 wb35 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc2 ls0 ws0\">di natura<span class=\"_ _df\"> </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=\"c x262 y2882 waee h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc2 ls0 ws0\">finanzia<span class=\"_ _f\"></span>ri<span class=\"_ _2\"></span>a<span class=\"_ _df\"> </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=\"c x2a8 y2883 wa9a h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">1. Relativi alle<span class=\"_ _df\"> </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=\"c x2a8 y2884 wb36 h4c9\"><div class=\"t m0 x250 hd6 y27d4 ff4 fs1b fc1 sc0 ls0 ws0\">cessioni in<span class=\"_ _df\"> </span></div><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">riassicurazion<span class=\"_ _df\"> </span></div></td><td class=\"c x492 y2885 w243 h89\"><div class=\"t m0 x36 hd6 y3d ff4 fs1b fc1 sc0 ls0 ws0\">(40)<span class=\"_ _df\"> </span></div></td><td class=\"c x4c4 y2885 w8a h89\"><div class=\"t m0 x7 hd6 y3d ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x4c5 y2885 w34c h89\"><div class=\"t m0 x26 hd6 y3d ff4 fs1b fc1 sc0 ls4a ws0\">12<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x4c6 y2885 w399 h89\"><div class=\"t m0 x3a hd6 y3d ff4 fs1b fc1 sc0 ls0 ws0\">-</div></td><td class=\"c x4c7 y2885 w39a h89\"><div class=\"t m0 x16a hd6 y3d ff4 fs1b fc1 sc0 ls0 ws0\">(28)<span class=\"_ _df\"> </span></div></td><td class=\"c x493 y2885 w9e h89\"><div class=\"t m0 x36 hd6 y3d ff4 fs1b fc1 sc0 ls0 ws0\">(38)<span class=\"_ _df\"> </span></div></td><td class=\"c x4c8 y2885 w385 h89\"><div class=\"t m0 x7 hd6 y3d ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x4c9 y2885 w34c h89\"><div class=\"t m0 x37 hd6 y3d ff4 fs1b fc1 sc0 ls0 ws0\">8<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x4ca y2885 w39b h89\"><div class=\"t m0 x3a hd6 y3d ff4 fs1b fc1 sc0 ls0 ws0\">-</div></td><td class=\"c x4cb y2885 w39c h89\"><div class=\"t m0 x2f hd6 y3d ff4 fs1b fc1 sc0 ls0 ws0\">(30)<span class=\"_ _df\"> </span></div></td></tr><tr><td class=\"c x2a8 y2886 wb37 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">e<span class=\"_ _df\"> </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=\"c x2a8 y2887 wb38 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">2. Effetti<span class=\"_ _df\"> </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=\"c x2a8 y2888 wb39 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">connessi con<span class=\"_ _df\"> </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=\"c x2a8 y2889 wb3a h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">le variazioni<span class=\"_ _df\"> </span></div></td><td class=\"c x492 y288a w243 h153\"><div class=\"t m0 x7 hd6 y473 ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x4c4 y288a w8a h153\"><div class=\"t m0 x7 hd6 y473 ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x4c5 y288a w34c h153\"><div class=\"t m0 x97 hd6 y473 ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x4c6 y288a w399 h153\"><div class=\"t m0 x3a hd6 y473 ff4 fs1b fc1 sc0 ls0 ws0\">-</div></td><td class=\"c x4c7 y288a w39a h153\"><div class=\"t m0 x48 hd6 y473 ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x493 y288a w9e h153\"><div class=\"t m0 x7 hd6 y473 ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x4c8 y288a w385 h153\"><div class=\"t m0 x7 hd6 y473 ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x4c9 y288a w34c h153\"><div class=\"t m0 x97 hd6 y473 ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x4ca y288a w39b h153\"><div class=\"t m0 x3a hd6 y473 ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x4cb y288a w39c h153\"><div class=\"t m0 x14 hd6 y473 ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td></tr><tr><td class=\"c x2a8 y288b wb3b h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">dei tassi di<span class=\"_ _df\"> </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=\"c x2a8 y288c wb3c h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">cambio<span class=\"_ _df\"> </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=\"c x46b y288d w398 h260\"><div class=\"t m0 x2f h23f y25c ff4 fs26 fc1 sc2 ls0 ws0\">3. Total<span class=\"_ _f\"></span>e<span class=\"_ _df\"> </span></div></td><td class=\"c x492 y288d w243 h260\"><div class=\"t m0 x36 hd6 y5b ff4 fs1b fc1 sc2 ls0 ws0\">(40)<span class=\"_ _df\"> </span></div></td><td class=\"c x4c4 y288d w8a h260\"><div class=\"t m0 x7 hd6 y5b ff4 fs1b fc1 sc2 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x4c5 y288d w34c h260\"><div class=\"t m0 x34 hd6 y5b ff4 fs1b fc1 sc2 ls14 ws0\">12<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x4c6 y288d w399 h260\"><div class=\"t m0 x3a hd6 y5b ff4 fs1b fc1 sc2 ls0 ws0\">-</div></td><td class=\"c x4c7 y288d w39a h260\"><div class=\"t m0 x16a hd6 y5b ff4 fs1b fc1 sc2 ls0 ws0\">(28)<span class=\"_ _df\"> </span></div></td><td class=\"c x493 y288d w9e h260\"><div class=\"t m0 x36 hd6 y5b ff4 fs1b fc1 sc2 ls0 ws0\">(38)<span class=\"_ _df\"> </span></div></td><td class=\"c x4c8 y288d w385 h260\"><div class=\"t m0 x7 hd6 y5b ff4 fs1b fc1 sc2 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x4c9 y288d w34c h260\"><div class=\"t m0 x37 hd6 y5b ff4 fs1b fc1 sc2 ls0 ws0\">8<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x4ca y288d w39b h260\"><div class=\"t m0 x3a hd6 y5b ff4 fs1b fc1 sc2 ls0 ws0\">-</div></td><td class=\"c x4cb y288d w39c h260\"><div class=\"t m0 x2f hd6 y5b ff4 fs1b fc1 sc2 ls0 ws0\">(30)<span class=\"_ _df\"> </span></div></td></tr><tr><td class=\"c x46b y288e w398 h77\"><div class=\"t m0 x8a h23f y25c ff4 fs26 fc1 sc2 ls0 ws0\">Altri m<span class=\"_ _1\"></span>ovime<span class=\"_ _1\"></span>nti<span class=\"_ _df\"> </span></div></td><td class=\"c x492 y288e w243 h77\"><div class=\"t m0 x7 hd6 y5b ff4 fs1b fc1 sc2 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x4c4 y288e w8a h77\"><div class=\"t m0 x7 hd6 y5b ff4 fs1b fc1 sc2 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x4c5 y288e w34c h77\"><div class=\"t m0 x97 hd6 y5b ff4 fs1b fc1 sc2 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x4c6 y288e w399 h77\"><div class=\"t m0 x3a hd6 y5b ff4 fs1b fc1 sc2 ls0 ws0\">-</div></td><td class=\"c x4c7 y288e w39a h77\"><div class=\"t m0 x48 hd6 y5b ff4 fs1b fc1 sc2 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x493 y288e w9e h77\"><div class=\"t m0 x7 hd6 y5b ff4 fs1b fc1 sc2 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x4c8 y288e w385 h77\"><div class=\"t m0 x7 hd6 y5b ff4 fs1b fc1 sc2 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x4c9 y288e w34c h77\"><div class=\"t m0 x97 hd6 y5b ff4 fs1b fc1 sc2 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x4ca y288e w39b h77\"><div class=\"t m0 x3a hd6 y5b ff4 fs1b fc1 sc2 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x4cb y288e w39c h77\"><div class=\"t m0 x14 hd6 y5b ff4 fs1b fc1 sc2 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td></tr><tr><td class=\"c x262 y288f wb3d h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc2 ls0 ws0\">Totale <span class=\"_ _1\"></span>variazi<span class=\"_ _f\"></span>o<span class=\"_ _2\"></span>ni<span class=\"_ _df\"> </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=\"c x262 y2890 wb3e h4c3\"><div class=\"t m0 x250 hd6 y276e ff4 fs1b fc1 sc2 ls0 ws0\">riconos<span class=\"_ _1\"></span>ciute in<span class=\"_ _df\"> </span></div><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc2 ls0 ws0\">conto<span class=\"_ _df\"> </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=\"c x262 y2891 wb3f h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc2 ls0 ws0\">econo<span class=\"_ _1\"></span>mico e <span class=\"_ _1\"></span>nel<span class=\"_ _df\"> </span></div></td><td class=\"c x492 y2892 w243 h1d7\"><div class=\"t m0 x30 hd6 yc61 ff4 fs1b fc1 sc2 ls0 ws0\">1.580<span class=\"_ _df\"> </span></div></td><td class=\"c x4c4 y2892 w8a h1d7\"><div class=\"t m0 x7 hd6 yc61 ff4 fs1b fc1 sc2 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x4c5 y2892 w34c h1d7\"><div class=\"t m0 x35 hd6 yc61 ff4 fs1b fc1 sc2 ls0 ws0\">393<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x4c6 y2892 w399 h1d7\"><div class=\"t m0 x3a hd6 yc61 ff4 fs1b fc1 sc2 ls0 ws0\">-</div></td><td class=\"c x4c7 y2892 w39a h1d7\"><div class=\"t m0 x8e hd6 yc61 ff4 fs1b fc1 sc2 ls0 ws0\">1.973<span class=\"_ _df\"> </span></div></td><td class=\"c x493 y2892 w9e h1d7\"><div class=\"t m0 x15 hd6 yc61 ff4 fs1b fc1 sc2 ls0 ws0\">(612)<span class=\"_ _df\"> </span></div></td><td class=\"c x4c8 y2892 w385 h1d7\"><div class=\"t m0 x7 hd6 yc61 ff4 fs1b fc1 sc2 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x4c9 y2892 w34c h1d7\"><div class=\"t m0 x2c hd6 yc61 ff4 fs1b fc1 sc2 ls0 ws0\">159<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x4ca y2892 w39b h1d7\"><div class=\"t m0 x3a hd6 yc61 ff4 fs1b fc1 sc2 ls0 ws0\">-</div></td><td class=\"c x4cb y2892 w39c h1d7\"><div class=\"t m0 xac hd6 yc61 ff4 fs1b fc1 sc2 ls0 ws0\">(453)<span class=\"_ _df\"> </span></div></td></tr><tr><td class=\"c x262 y2893 wb28 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc2 ls0 ws0\">conto<span class=\"_ _df\"> </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=\"c x262 y2894 wb40 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc2 ls0 ws0\">econo<span class=\"_ _1\"></span>mico<span class=\"_ _df\"> </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=\"c x262 y2895 wb41 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc2 ls0 ws0\">comple<span class=\"_ _f\"></span>ssivo<span class=\"_ _df\"> </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=\"c x262 y2896 wb1d h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc2 ls0 ws0\">Margine <span class=\"_ _f\"></span>sui<span class=\"_ _df\"> </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=\"c x262 y2897 wb1e h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc2 ls0 ws0\">servizi<span class=\"_ _df\"> </span></div></td><td class=\"c x492 y2898 w243 ha2\"><div class=\"t m0 x30 hd6 y3d ff4 fs1b fc1 sc2 ls0 ws0\">(229)<span class=\"_ _df\"> </span></div></td><td class=\"c x4c4 y2898 w8a ha2\"><div class=\"t m0 x7 hd6 y3d ff4 fs1b fc1 sc2 ls0 ws0\">-</div></td><td class=\"c x4c5 y2898 w34c ha2\"><div class=\"t m0 x48 hd6 y3d ff4 fs1b fc1 sc2 ls0 ws0\">3.158<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x4c6 y2898 w399 ha2\"><div class=\"t m0 x3a hd6 y3d ff4 fs1b fc1 sc2 ls0 ws0\">-</div></td><td class=\"c x4c7 y2898 w39a ha2\"><div class=\"t m0 xac hd6 y3d ff4 fs1b fc1 sc2 ls0 ws0\">2.929<span class=\"_ _df\"> </span></div></td><td class=\"c x493 y2898 w9e ha2\"><div class=\"t m0 x37 hd6 y3d ff4 fs1b fc1 sc2 ls0 ws0\">(1.809)<span class=\"_ _df\"> </span></div></td><td class=\"c x4c8 y2898 w385 ha2\"><div class=\"t m0 x7 hd6 y3d ff4 fs1b fc1 sc2 ls0 ws0\">-</div></td><td class=\"c x4c9 y2898 w34c ha2\"><div class=\"t m0 x14 hd6 y3d ff4 fs1b fc1 sc2 ls0 ws0\">2.764<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x4ca y2898 w39b ha2\"><div class=\"t m0 x3a hd6 y3d ff4 fs1b fc1 sc2 ls0 ws0\">-</div></td><td class=\"c x4cb y2898 w39c ha2\"><div class=\"t m0 x16a hd6 y3d ff4 fs1b fc1 sc2 ls0 ws0\">955<span class=\"_ _df\"> </span></div></td></tr><tr><td class=\"c x262 y27dd wb1f h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc2 ls0 ws0\">contrattu<span class=\"_ _f\"></span>ali <span class=\"ff5\">\u2013<span class=\"_ _df\"> </span></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=\"c x262 y2491 wb42 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc2 ls0 ws0\">Riman<span class=\"_ _1\"></span>enze fina<span class=\"_ _1\"></span>li<span class=\"_ _df\"> </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></table></div>Eleme<span class=\"_ _f\"></span>nti sot<span class=\"_ _1\"></span>tosta<span class=\"_ _1\"></span>nti a<span class=\"_ _1\"></span>lla mi<span class=\"_ _1\"></span>sura<span class=\"_ _1\"></span>zione <span class=\"_ _1\"></span>delle <span class=\"_ _1\"></span>cessio<span class=\"_ _f\"></span>ni in ria<span class=\"_ _1\"></span>ssicur<span class=\"_ _1\"></span>azi<span class=\"_ _1\"></span>one iscr<span class=\"_ _f\"></span>itte nell'es<span class=\"_ _f\"></span>ercizio<table class=\"s wb56 h4cf\" id=\"_c70ec04f-d157-494f-90cf-5c28eb8638d5\"><tr><td></td><td></td><td class=\"c x4eb y28a5 w39d h70\"><div class=\"t m0 x124 h30 y54 ff4 fsb fc4 sc3 ls0 ws0\">Contratti o<span class=\"_ _f\"></span>riginati<span class=\"fc1 sc0\"> </span></div></td><td></td><td></td><td class=\"c x4ec y28a5 w39e h70\"><div class=\"t m0 x124 h30 y54 ff4 fsb fc4 sc3 ls0 ws0\">Contratti o<span class=\"_ _f\"></span>riginati<span class=\"fc1 sc0\"> </span></div></td><td></td></tr><tr><td></td><td></td><td class=\"c x4ed y28a6 w212 h2a\"><div class=\"t m0 x2e h30 y25c ff4 fsb fc4 sc3 ls0 ws0\">31/12/2025<span class=\"_ _1\"></span><span class=\"fc1 sc0\"> </span></div></td><td></td><td></td><td class=\"c x4ee y28a6 w213 h2a\"><div class=\"t m0 x2e h30 y25c ff4 fsb fc4 sc3 ls0 ws0\">31/12/202<span class=\"_ _f\"></span>4<span class=\"fc1 sc0\"> </span></div></td><td></td></tr><tr><td class=\"c x46b y28a7 w39f h244\"><div class=\"t m0 x3a h30 y15ed ff4 fsb fc4 sc3 ls0 ws0\">Voci/Grup<span class=\"_ _1\"></span>pi di co<span class=\"_ _1\"></span>ntratti<span class=\"fc1 sc0\"> </span></div></td><td class=\"c x4ef y28a8 wb57 h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">Contratti s<span class=\"_ _f\"></span>enza<span class=\"_ _df\"> </span></div></td><td class=\"c x4f0 y28a8 wb58 h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">Contratti c<span class=\"_ _f\"></span>on<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x4f1 y28a8 wb57 h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">Contratti s<span class=\"_ _f\"></span>enza<span class=\"_ _df\"> </span></div></td><td class=\"c x4f2 y28a8 wb58 h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">Contratti c<span class=\"_ _f\"></span>on<span class=\"_ _df\"> </span></div></td><td></td></tr><tr><td></td><td class=\"c x4ef y28a9 wb59 h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">compo<span class=\"_ _1\"></span>nente di<span class=\"_ _df\"> </span></div></td><td class=\"c x4f3 y28a9 wb5a h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">compo<span class=\"_ _1\"></span>nente di<span class=\"_ _df\"> </span></div></td><td class=\"c x4f4 y28a7 w3a1 h244\"><div class=\"t m0 x55 h30 y3d ff4 fsb fc4 sc3 ls0 ws0\">Totale<span class=\"fc1 sc0\"> </span></div></td><td class=\"c x4f1 y28a9 wb5a h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">compo<span class=\"_ _1\"></span>nente di<span class=\"_ _df\"> </span></div></td><td class=\"c x4f5 y28a9 wb5a h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">compo<span class=\"_ _1\"></span>nente di<span class=\"_ _df\"> </span></div></td><td class=\"c x4f6 y28a7 w24f h244\"><div class=\"t m0 x55 h30 y3d ff4 fsb fc4 sc3 ls0 ws0\">Totale<span class=\"fc1 sc0\"> </span></div></td></tr><tr><td></td><td class=\"c x4f7 y28aa wb5b h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">recupero<span class=\"_ _1\"></span> perdite<span class=\"_ _df\"> </span></div></td><td class=\"c x4f8 y28aa wb5c h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">recupero<span class=\"_ _1\"></span> perdita<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x4f9 y28aa wb5d h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">recupero<span class=\"_ _1\"></span> perdite<span class=\"_ _df\"> </span></div></td><td class=\"c x4fa y28aa wb5c h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">recupero<span class=\"_ _1\"></span> perdita<span class=\"_ _df\"> </span></div></td><td></td></tr><tr><td class=\"c x262 y28ab wb5e h4bd\"><div class=\"t m0 x250 hd6 y2726 ff4 fs1b fc1 sc0 ls0 ws0\">A. Stima del valore attuale dei flussi<span class=\"_ _df\"> </span></div></td><td class=\"c x4eb y28ac w1ff h148\"><div class=\"t m0 x8f hd6 y394 ff4 fs1b fc1 sc0 ls0 ws0\">(2.578)<span class=\"_ _df\"> </span></div></td><td class=\"c x4ed y28ac w212 h148\"><div class=\"t m0 x49 hd6 y394 ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x4fb y28ac w86 h148\"><div class=\"t m0 x26 hd6 y394 ff4 fs1b fc1 sc0 ls0 ws0\">(2.578)<span class=\"_ _df\"> </span></div></td><td class=\"c x4ec y28ac w3a4 h148\"><div class=\"t m0 x13 hd6 y394 ff4 fs1b fc1 sc0 ls0 ws0\">(1.563)<span class=\"_ _df\"> </span></div></td><td class=\"c x4ee y28ac w213 h148\"><div class=\"t m0 x49 hd6 y394 ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x4f6 y28ac w4f h148\"><div class=\"t m0 x26 hd6 y394 ff4 fs1b fc1 sc0 ls0 ws0\">(1.563)<span class=\"_ _df\"> </span></div></td></tr><tr><td class=\"c x262 y28ad wb5f h4bd\"><div class=\"t m0 x250 hd6 y2726 ff4 fs1b fc1 sc0 ls0 ws0\">finanziari in uscita<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2a8 y28ae wb60 h4bd\"><div class=\"t m0 x250 hd6 y2726 ff4 fs1b fc1 sc0 ls0 ws0\">di cui: Flussi finanziari connessi con<span class=\"_ _df\"> </span></div></td><td class=\"c x4eb y28af w1ff h206\"><div class=\"t m0 x49 hd6 y305 ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x4ed y28af w212 h206\"><div class=\"t m0 x49 hd6 y305 ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x4fb y28af w86 h206\"><div class=\"t m0 x91 hd6 y305 ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x4ec y28af w3a4 h206\"><div class=\"t m0 x49 hd6 y305 ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x4ee y28af w213 h206\"><div class=\"t m0 x49 hd6 y305 ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x4f6 y28af w4f h206\"><div class=\"t m0 x91 hd6 y305 ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td></tr><tr><td class=\"c x2a8 y28b0 wb61 h4bd\"><div class=\"t m0 x250 hd6 y2726 ff4 fs1b fc1 sc0 ls0 ws0\">l'acquisizione dei contratti assicurativi<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x262 y28b1 wb62 h4bd\"><div class=\"t m0 x250 hd6 y2726 ff4 fs1b fc1 sc0 ls0 ws0\">B. Stima del valore attuale dei flussi<span class=\"_ _df\"> </span></div></td><td class=\"c x4eb y28b2 w1ff hcb\"><div class=\"t m0 x8f hd6 y25f ff4 fs1b fc1 sc0 ls0 ws0\">(1.639)<span class=\"_ _df\"> </span></div></td><td class=\"c x4ed y28b2 w212 hcb\"><div class=\"t m0 x49 hd6 y25f ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x4fb y28b2 w86 hcb\"><div class=\"t m0 x26 hd6 y25f ff4 fs1b fc1 sc0 ls0 ws0\">(1.639)<span class=\"_ _df\"> </span></div></td><td class=\"c x4ec y28b2 w3a4 hcb\"><div class=\"t m0 x13 hd6 y25f ff4 fs1b fc1 sc0 ls0 ws0\">(1.859)<span class=\"_ _df\"> </span></div></td><td class=\"c x4ee y28b2 w213 hcb\"><div class=\"t m0 x49 hd6 y25f ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x4f6 y28b2 w4f hcb\"><div class=\"t m0 x26 hd6 y25f ff4 fs1b fc1 sc0 ls0 ws0\">(1.859)<span class=\"_ _df\"> </span></div></td></tr><tr><td class=\"c x262 y28b3 wa70 h4c8\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">finanziari in entrata<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x262 y28b4 wb63 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc2 ls0 ws0\">C. Stima <span class=\"_ _f\"></span>del valore at<span class=\"_ _1\"></span>tuale n<span class=\"_ _1\"></span>etto d<span class=\"_ _1\"></span>ei flussi<span class=\"_ _df\"> </span></div></td><td class=\"c x4eb y28b5 w1ff h206\"><div class=\"t m0 x91 hd6 y409 ff4 fs1b fc1 sc2 ls0 ws0\">(939)<span class=\"_ _df\"> </span></div></td><td class=\"c x4ed y28b5 w212 h206\"><div class=\"t m0 x49 hd6 y409 ff4 fs1b fc1 sc2 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x4fb y28b5 w86 h206\"><div class=\"t m0 x38 hd6 y409 ff4 fs1b fc1 sc2 ls0 ws0\">(939)<span class=\"_ _df\"> </span></div></td><td class=\"c x4ec y28b5 w3a4 h206\"><div class=\"t m0 x1c hd6 y409 ff4 fs1b fc1 sc2 ls0 ws0\">296<span class=\"_ _df\"> </span></div></td><td class=\"c x4ee y28b5 w213 h206\"><div class=\"t m0 x49 hd6 y409 ff4 fs1b fc1 sc2 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x4f6 y28b5 w4f h206\"><div class=\"t m0 x15 hd6 y409 ff4 fs1b fc1 sc2 ls0 ws0\">296<span class=\"_ _df\"> </span></div></td></tr><tr><td class=\"c x262 y28b6 wb64 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc2 ls0 ws0\">finanzia<span class=\"_ _f\"></span>ri<span class=\"_ _2\"></span> futu<span class=\"_ _f\"></span>ri (A-<span class=\"ls15\">B</span><span class=\"ls15\">)<span class=\"_ _df\"> </span></span></div></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x262 y28b7 wb65 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">D. Stima aggisutamento per i rischi non<span class=\"_ _df\"> </span></div></td><td class=\"c x4eb y28b8 w1ff h148\"><div class=\"t m0 xe hd6 y394 ff4 fs1b fc1 sc0 ls1 ws0\">52<span class=\"_ _df\"> </span></div></td><td class=\"c x4ed y28b8 w212 h148\"><div class=\"t m0 x49 hd6 y394 ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x4fb y28b8 w86 h148\"><div class=\"t m0 x13 hd6 y394 ff4 fs1b fc1 sc0 ls1 ws0\">52<span class=\"_ _df\"> </span></div></td><td class=\"c x4ec y28b8 w3a4 h148\"><div class=\"t m0 xa3 hd6 y394 ff4 fs1b fc1 sc0 ls1 ws0\">61<span class=\"_ _df\"> </span></div></td><td class=\"c x4ee y28b8 w213 h148\"><div class=\"t m0 x49 hd6 y394 ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x4f6 y28b8 w4f h148\"><div class=\"t m0 x11 hd6 y394 ff4 fs1b fc1 sc0 ls1 ws0\">61<span class=\"_ _df\"> </span></div></td></tr><tr><td class=\"c x262 y28b9 wb66 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">finanziari<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x262 y28ba wb67 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">E. Eliminazione contabile di gi\u00e0 iscritti<span class=\"_ _df\"> </span></div></td><td class=\"c x4eb y28bb w1ff h148\"><div class=\"t m0 x49 hd6 y394 ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x4ed y28bb w212 h148\"><div class=\"t m0 x49 hd6 y394 ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x4fb y28bb w86 h148\"><div class=\"t m0 x91 hd6 y394 ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x4ec y28bb w3a4 h148\"><div class=\"t m0 x49 hd6 y394 ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x4ee y28bb w213 h148\"><div class=\"t m0 x49 hd6 y394 ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x4f6 y28bb w4f h148\"><div class=\"t m0 x91 hd6 y394 ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td></tr><tr><td class=\"c x262 y28bc wa68 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">flussi finanziari<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x46b y28bd w3a3 h2a\"><div class=\"t m0 x8a hd6 y28b ff4 fs1b fc1 sc0 ls0 ws0\">F. Margine sui servizi contrattuali<span class=\"_ _df\"> </span></div></td><td class=\"c x4eb y28bd w1ff h2a\"><div class=\"t m0 x7 hd6 y28b ff4 fs1b fc1 sc0 ls8c ws0\">888<span class=\"_ _df\"> </span></div></td><td class=\"c x4ed y28bd w212 h2a\"><div class=\"t m0 x49 hd6 y28b ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x4fb y28bd w86 h2a\"><div class=\"t m0 x15 hd6 y28b ff4 fs1b fc1 sc0 ls8c ws0\">888<span class=\"_ _df\"> </span></div></td><td class=\"c x4ec y28bd w3a4 h2a\"><div class=\"t m0 x91 hd6 y28b ff4 fs1b fc1 sc0 ls0 ws0\">(357)<span class=\"_ _df\"> </span></div></td><td class=\"c x4ee y28bd w213 h2a\"><div class=\"t m0 x49 hd6 y28b ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x4f6 y28bd w4f h2a\"><div class=\"t m0 x38 hd6 y28b ff4 fs1b fc1 sc0 ls0 ws0\">(357)<span class=\"_ _df\"> </span></div></td></tr><tr><td class=\"c x262 y28bf wb68 h4d0\"><div class=\"t m0 x250 hd6 y28be ff4 fs1b fc1 sc2 ls0 ws0\">G. Incr<span class=\"_ _1\"></span>emento d<span class=\"_ _f\"></span>ell'attivit\u00e0 p<span class=\"_ _f\"></span>er cessioni in<span class=\"_ _df\"> </span></div><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc2 ls0 ws0\">riassicuraz<span class=\"_ _f\"></span>ione regis<span class=\"_ _1\"></span>trato <span class=\"_ _1\"></span>nell'eser<span class=\"_ _f\"></span>c<span class=\"_ _2\"></span>izio<span class=\"_ _df\"> </span></div></td><td class=\"c x4eb y28c0 w1ff h1c4\"><div class=\"t m0 x49 hd6 y532 ff4 fs1b fc1 sc2 ls0 ws0\">1<span class=\"_ _df\"> </span></div></td><td class=\"c x4ed y28c0 w212 h1c4\"><div class=\"t m0 x49 hd6 y532 ff4 fs1b fc1 sc2 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x4fb y28c0 w86 h1c4\"><div class=\"t m0 x90 hd6 y532 ff4 fs1b fc1 sc2 ls0 ws0\">1<span class=\"_ _df\"> </span></div></td><td class=\"c x4ec y28c0 w3a4 h1c4\"><div class=\"t m0 x49 hd6 y532 ff4 fs1b fc1 sc2 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x4ee y28c0 w213 h1c4\"><div class=\"t m0 x49 hd6 y532 ff4 fs1b fc1 sc2 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x4f6 y28c0 w4f h1c4\"><div class=\"t m0 x91 hd6 y532 ff4 fs1b fc1 sc2 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td></tr><tr><td class=\"c x262 y28c1 wb69 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc2 ls0 ws0\">per efffe<span class=\"_ _f\"></span>tto dell'iscrizi<span class=\"_ _1\"></span>one di <span class=\"_ _1\"></span>nuovi<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x262 y2491 wb6a h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc2 ls0 ws0\">contratt<span class=\"_ _f\"></span>i (C+D+E+F)<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td></tr></table>Cessi<span class=\"_ _1\"></span>oni in <span class=\"_ _f\"></span>riassicur<span class=\"_ _f\"></span>azione - M<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>gine s<span class=\"_ _1\"></span>ui se<span class=\"_ _1\"></span>rvizi co<span class=\"_ _f\"></span>ntrattua<span class=\"_ _f\"></span>li ripar<span class=\"_ _1\"></span>tito p<span class=\"_ _1\"></span>er te<span class=\"_ _1\"></span>mpi a<span class=\"_ _f\"></span>ttesi di<span class=\"_ _1\"></span> registr<span class=\"_ _f\"></span>azione <span class=\"_ _1\"></span>in cont<span class=\"_ _f\"></span>o<span class=\"_ _df\"> </span>econo<span class=\"_ _1\"></span>mico<table class=\"s wb43 h4cc\" id=\"_1bf71eb3-6c9f-44db-85fb-acd009ab1ffe\"><tr><td></td><td></td><td class=\"c x4cd y289a wb44 h4cd\"><div class=\"t m0 x250 h262 y2899 ff4 fs27 fc4 sc3 ls0 ws0\">Da ol<span class=\"_ _1\"></span>tre 1<span class=\"_ _df\"> </span></div></td><td class=\"c x4ce y289a wb45 h4cd\"><div class=\"t m0 x250 h262 y2899 ff4 fs27 fc4 sc3 ls0 ws0\">Da ol<span class=\"_ _1\"></span>tre 2<span class=\"_ _df\"> </span></div></td><td class=\"c x4cf y289a wb46 h4cd\"><div class=\"t m0 x250 h262 y2899 ff4 fs27 fc4 sc3 ls0 ws0\">Da ol<span class=\"_ _1\"></span>tre 3<span class=\"_ _df\"> </span></div></td><td class=\"c x4d0 y289a wb47 h4cd\"><div class=\"t m0 x250 h262 y2899 ff4 fs27 fc4 sc3 ls0 ws0\">Da ol<span class=\"_ _1\"></span>tre 4<span class=\"_ _df\"> </span></div></td><td class=\"c x4d1 y289a wb48 h4cd\"><div class=\"t m0 x250 h262 y2899 ff4 fs27 fc4 sc3 ls0 ws0\">Da ol<span class=\"_ _1\"></span>tre 5<span class=\"_ _df\"> </span></div></td><td class=\"c x4d2 y289b wb49 h4cd\"><div class=\"t m0 x250 h262 y2899 ff4 fs27 fc4 sc3 ls0 ws0\">Da ol<span class=\"_ _1\"></span>tre<span class=\"_ _df\"> </span></div></td><td></td><td></td></tr><tr><td class=\"c x44e y289c w24e h261\"><div class=\"t m0 x10 h262 ye28 ff4 fs27 fc4 sc3 ls0 ws0\">Bas<span class=\"_ _1\"></span>i di<span class=\"_ _1\"></span> agg<span class=\"_ _1\"></span>rega<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e/Te<span class=\"_ _f\"></span>mpi di<span class=\"_ _f\"></span> attesa<span class=\"_ _f\"></span> </div></td><td class=\"c x4d3 y289d wb4a h4cd\"><div class=\"t m0 x250 h262 y2899 ff4 fs27 fc4 sc3 ls0 ws0\">Fino<span class=\"_ _1\"></span> a 1<span class=\"_ _df\"> </span></div></td><td class=\"c x4cd y289e wb4b h4cd\"><div class=\"t m0 x250 h262 y2899 ff4 fs27 fc4 sc3 ls0 ws0\">ann<span class=\"_ _1\"></span>o fin<span class=\"_ _1\"></span>o<span class=\"_ _df\"> </span></div></td><td class=\"c x4d4 y289e wb4c h4cd\"><div class=\"t m0 x250 h262 y2899 ff4 fs27 fc4 sc3 ls0 ws0\">ann<span class=\"_ _1\"></span>i fin<span class=\"_ _1\"></span>o a<span class=\"_ _df\"> </span></div></td><td class=\"c x4d5 y289e wb4d h4cd\"><div class=\"t m0 x250 h262 y2899 ff4 fs27 fc4 sc3 ls0 ws0\">ann<span class=\"_ _1\"></span>i fin<span class=\"_ _1\"></span>o<span class=\"_ _df\"> </span></div></td><td class=\"c x4d6 y289e wb4d h4cd\"><div class=\"t m0 x250 h262 y2899 ff4 fs27 fc4 sc3 ls0 ws0\">ann<span class=\"_ _1\"></span>i fin<span class=\"_ _1\"></span>o<span class=\"_ _df\"> </span></div></td><td class=\"c x4d7 y289e wb4d h4cd\"><div class=\"t m0 x250 h262 y2899 ff4 fs27 fc4 sc3 ls0 ws0\">ann<span class=\"_ _1\"></span>i fin<span class=\"_ _1\"></span>o</div></td><td class=\"c x4d8 y289d wb4e h4cd\"><div class=\"t m0 x250 h262 y2899 ff4 fs27 fc4 sc3 ls0 ws0\">10 a<span class=\"_ _f\"></span>nni<span class=\"_ _df\"> </span></div></td><td class=\"c x4d9 y289d wb4f h4cd\"><div class=\"t m0 x250 h262 y2899 ff4 fs27 fc4 sc3 ls0 ws0\">Oltr<span class=\"_ _1\"></span>e<span class=\"_ _df\"> </span></div></td><td class=\"c x4da y289c w3a7 h261\"><div class=\"t m0 xab h262 ye28 ff4 fs27 fc4 sc3 ls0 ws0\">Tota<span class=\"_ _1\"></span>le </div></td></tr><tr><td></td><td class=\"c x4db y289f wb50 h4cd\"><div class=\"t m0 x250 h262 y2899 ff4 fs27 fc4 sc3 ls0 ws0\">ann<span class=\"_ _1\"></span>o<span class=\"_ _df\"> </span></div></td><td class=\"c x4dc y28a0 wb51 h4cd\"><div class=\"t m0 x250 h262 y2899 ff4 fs27 fc4 sc3 ls0 ws0\">a 2 a<span class=\"_ _1\"></span>nni<span class=\"_ _df\"> </span></div></td><td class=\"c x4dd y28a0 wb52 h4cd\"><div class=\"t m0 x250 h262 y2899 ff4 fs27 fc4 sc3 ls0 ws0\">3 an<span class=\"_ _1\"></span>ni<span class=\"_ _df\"> </span></div></td><td class=\"c x4de y28a0 wb53 h4cd\"><div class=\"t m0 x250 h262 y2899 ff4 fs27 fc4 sc3 ls0 ws0\">a 4 a<span class=\"_ _f\"></span>nni<span class=\"_ _df\"> </span></div></td><td class=\"c x4df y28a0 w91b h4cd\"><div class=\"t m0 x250 h262 y2899 ff4 fs27 fc4 sc3 ls0 ws0\">a 5 a<span class=\"_ _1\"></span>nni<span class=\"_ _df\"> </span></div></td><td class=\"c x4d7 y28a0 wb54 h4cd\"><div class=\"t m0 x250 h262 y2899 ff4 fs27 fc4 sc3 ls0 ws0\">a 10<span class=\"_ _f\"></span> anni</div></td><td class=\"c x4e0 y289f wb44 h4cd\"><div class=\"t m0 x250 h262 y2899 ff4 fs27 fc4 sc3 ls0 ws0\">fino<span class=\"_ _1\"></span> a 20 </div></td><td class=\"c x4e2 y28a2 wb55 h4ce\"><div class=\"t m0 x4e1 h262 y28a1 ff4 fs27 fc4 sc3 ls0 ws0\">20 an<span class=\"_ _f\"></span>ni<span class=\"_ _df\"> </span></div><div class=\"t m0 x250 h262 y2899 ff4 fs27 fc4 sc3 ls0 ws0\">ann<span class=\"_ _1\"></span>i </div></td><td></td></tr><tr><td class=\"c x44e y28a3 w224 h4d\"><div class=\"t m0 x10 h262 y71 ff4 fs27 fc1 sc0 ls0 ws0\">Segmento V<span class=\"_ _1\"></span>ita </div></td><td class=\"c x4e3 y28a3 w14a h4d\"><div class=\"t m0 xab h262 y71 ff4 fs27 fc1 sc0 lsd2 ws0\">42<span class=\"ls0\">,00%</span><span class=\"ls0\"> </span></div></td><td class=\"c x4e4 y28a3 w135 h4d\"><div class=\"t m0 x2a h262 y71 ff4 fs27 fc1 sc0 lsd3 ws0\">25<span class=\"ls0\">,00%</span><span class=\"ls0\"> </span></div></td><td class=\"c x4e5 y28a3 w2e8 h4d\"><div class=\"t m0 x2a h262 y71 ff4 fs27 fc1 sc0 lsd4 ws0\">15<span class=\"ls0\">,00%</span><span class=\"ls0\"><span class=\"_ _1\"></span> </span></div></td><td class=\"c x4e6 y28a3 w1e3 h4d\"><div class=\"t m0 x2a h262 y71 ff4 fs27 fc1 sc0 ls0 ws0\">8,00% </div></td><td class=\"c x4e7 y28a3 w1e3 h4d\"><div class=\"t m0 x2e h262 y71 ff4 fs27 fc1 sc0 ls0 ws0\">4,00% </div></td><td class=\"c x4e8 y28a3 w1b6 h4d\"><div class=\"t m0 x2e h262 y71 ff4 fs27 fc1 sc0 ls0 ws0\">4,00% </div></td><td class=\"c x4e9 y28a3 w12c h4d\"><div class=\"t m0 x55 h262 y71 ff4 fs27 fc1 sc0 ls0 ws0\">1,00% </div></td><td class=\"c x4ea y28a3 w3a8 h4d\"><div class=\"t m0 xab h262 y71 ff4 fs27 fc1 sc0 ls0 ws0\">0,00% </div></td><td class=\"c x4da y28a3 w3a9 h4d\"><div class=\"t m0 x10 h262 y71 ff4 fs27 fc1 sc2 ls0 ws0\">1<span class=\"lsd5\">00</span>,00<span class=\"_ _f\"></span>% </div></td></tr><tr><td class=\"c x44e y28a4 w224 h4e\"><div class=\"t m0 x10 h262 y3e4 ff4 fs27 fc1 sc0 ls0 ws0\">Segmento Da<span class=\"_ _f\"></span>nni </div></td><td class=\"c x4e3 y28a4 w14a h4e\"><div class=\"t m0 x8e h262 y3e4 ff4 fs27 fc1 sc0 ls0 ws0\">0,00% </div></td><td class=\"c x4e4 y28a4 w135 h4e\"><div class=\"t m0 x130 h262 y3e4 ff4 fs27 fc1 sc0 ls0 ws0\">0,00% </div></td><td class=\"c x4e5 y28a4 w2e8 h4e\"><div class=\"t m0 x55 h262 y3e4 ff4 fs27 fc1 sc0 ls0 ws0\">0,00% </div></td><td class=\"c x4e6 y28a4 w1e3 h4e\"><div class=\"t m0 x2a h262 y3e4 ff4 fs27 fc1 sc0 ls0 ws0\">0,00% </div></td><td class=\"c x4e7 y28a4 w1e3 h4e\"><div class=\"t m0 x2a h262 y3e4 ff4 fs27 fc1 sc0 ls0 ws0\">0,00% </div></td><td class=\"c x4e8 y28a4 w1b6 h4e\"><div class=\"t m0 x2e h262 y3e4 ff4 fs27 fc1 sc0 ls0 ws0\">0,00% </div></td><td class=\"c x4e9 y28a4 w12c h4e\"><div class=\"t m0 x2e h262 y3e4 ff4 fs27 fc1 sc0 ls0 ws0\">0,00% </div></td><td class=\"c x4ea y28a4 w3a8 h4e\"><div class=\"t m0 xab h262 y3e4 ff4 fs27 fc1 sc0 ls0 ws0\">0,00% </div></td><td class=\"c x4da y28a4 w3a9 h4e\"><div class=\"t m0 x2f h262 y3e4 ff4 fs27 fc1 sc2 ls0 ws0\">0,0<span class=\"_ _1\"></span>0% </div></td></tr></table>Sezi<span class=\"_ _f\"></span>one 1<span class=\"_ _1\"></span>1 <span class=\"ff5\">\u2013</span> P<span class=\"_ _f\"></span>assivi<span class=\"_ _f\"></span>t\u00e0 assi<span class=\"_ _f\"></span>cura<span class=\"_ _1\"></span>tive<span class=\"_ _1\"></span> <span class=\"ff14\"></span> Vo<span class=\"_ _1\"></span>ce 1<span class=\"_ _f\"></span>10<span class=\"_ _df\"> </span> Come  riportato <span class=\"_ _22\"> </span>nelle  t<span class=\"_ _2\"></span>abelle<span class=\"_ _1\"></span>  s<span class=\"_ _2\"></span>otto  esposte,  le <span class=\"_ _22\"> </span>Pass<span class=\"_ _2\"></span>ivit\u00e0  Assicurative<span class=\"_ _1\"></span>  r<span class=\"_ _2\"></span>isultano  iscritte <span class=\"_ _4\"> </span>per  un  ammontare <span class=\"_ _d\"></span>complessivo <span class=\"_ _d\"></span>pari <span class=\"_ _2\"></span>ad <span class=\"_ _d\"></span>Euro <span class=\"_ _d\"></span>5.774 <span class=\"_ _d\"></span>milioni <span class=\"_ _d\"></span>e <span class=\"_ _d\"></span>si <span class=\"_ _d\"></span>compongono <span class=\"_ _d\"></span>di <span class=\"_ _2\"></span>Euro <span class=\"_ _d\"></span>59 <span class=\"_ _d\"></span>milioni <span class=\"_ _d\"></span>relativi <span class=\"_ _d\"></span>a<span class=\"_ _df\"> </span> passivit\u00e0  assicurative  valu<span class=\"_ _f\"></span>t<span class=\"_ _2\"></span>ate  sulla  b<span class=\"_ _1\"></span>ase  del  modello  di <span class=\"_ _16\"> </span>valutazione  General  Mode<span class=\"_ _1\"></span>l  (Contratti  assicurativi <span class=\"_ _4\"> </span>emessi  senza <span class=\"_ _4\"> </span>elementi <span class=\"_ _4\"> </span>di <span class=\"_ _22\"> </span>part<span class=\"_ _2\"></span>ecip<span class=\"_ _1\"></span>azione <span class=\"_ _4\"> </span>diretta) <span class=\"_ _4\"> </span>ed <span class=\"_ _4\"> </span>Euro <span class=\"_ _22\"> </span>5.715 <span class=\"_ _4\"> </span>milioni <span class=\"_ _4\"> </span>relativi  a  passivit\u00e0 assicurative valutate sulla base del modello di valutazione Variable<span class=\"_ _1\"></span> Fee Approach (di cui:<span class=\"_ _df\"> </span> Contratti <span class=\"_ _1\"></span>assicurativi <span class=\"_ _f\"></span>emessi <span class=\"_ _1\"></span>con <span class=\"_ _f\"></span>elementi <span class=\"_ _1\"></span>di <span class=\"_ _f\"></span>partecipazione <span class=\"_ _1\"></span>diretta - Se<span class=\"_ _f\"></span>gmento Vita <span class=\"_ _f\"></span>per E<span class=\"_ _1\"></span>uro <span class=\"_ _f\"></span>4.757<span class=\"_ _df\"> </span> mln <span class=\"_ _d\"></span>e <span class=\"_ _0\"></span>Contratti <span class=\"_ _0\"></span>d'investimento <span class=\"_ _d\"></span>emessi <span class=\"_ _d\"></span>con <span class=\"_ _0\"></span>elementi <span class=\"_ _0\"></span>di <span class=\"_ _d\"></span>partecipazione <span class=\"_ _0\"></span>discrezionali <span class=\"_ _0\"></span>- <span class=\"_ _0\"></span>Segmento Vita per Euro 958 mln).<span class=\"_ _df\"> </span>Dinam<span class=\"_ _f\"></span>ica del v<span class=\"_ _1\"></span>alor<span class=\"_ _f\"></span>e di bila<span class=\"_ _1\"></span>ncio d<span class=\"_ _1\"></span>ei co<span class=\"_ _1\"></span>ntrat<span class=\"_ _1\"></span>ti di a<span class=\"_ _f\"></span>ssicurazi<span class=\"_ _1\"></span>one e<span class=\"_ _1\"></span>mes<span class=\"_ _f\"></span>si - GMM o<span class=\"_ _1\"></span> VFA <span class=\"_ _1\"></span>- pa<span class=\"_ _1\"></span>ssivit<span class=\"_ _f\"></span>\u00e0 per res<span class=\"_ _1\"></span>idua <span class=\"_ _1\"></span>coper<span class=\"_ _1\"></span>tura<span class=\"_ _1\"></span> e pe<span class=\"_ _1\"></span>r<span class=\"_ _df\"> </span>sinist<span class=\"_ _1\"></span>ri acca<span class=\"_ _f\"></span>duti<span class=\"_ _df\"> </span>Come rip<span class=\"_ _1\"></span>ortato di <span class=\"_ _1\"></span>seguito, <span class=\"_ _f\"></span>il margine sui <span class=\"_ _1\"></span>servizi c<span class=\"_ _1\"></span>ontrattual<span class=\"_ _1\"></span>i al 31 <span class=\"_ _1\"></span>dicembr<span class=\"_ _1\"></span>e 2025 <span class=\"_ _1\"></span>risulta pa<span class=\"_ _1\"></span>ri a <span class=\"_ _1\"></span>Euro <span class=\"_ _1\"></span>516  <span class=\"_ _1\"></span>milioni <span class=\"_ _f\"></span>ed \u00e8 composto <span class=\"_ _f\"></span>da circa<span class=\"_ _df\"> </span>427 mln relativamente<span class=\"_ _1\"></span> ai Contratti a<span class=\"_ _f\"></span>ssi<span class=\"_ _2\"></span>curat<span class=\"_ _1\"></span>ivi emessi con elemen<span class=\"_ _f\"></span>t<span class=\"_ _2\"></span>i di  partec<span class=\"_ _1\"></span>ipazione dire<span class=\"_ _1\"></span>tta, circa 29 mln relativame<span class=\"_ _1\"></span>nte a <span class=\"_ _2\"></span>Contratti<span class=\"_ _df\"> </span>assicurativi <span class=\"_ _2\"></span>emessi <span class=\"_ _d\"></span>senza <span class=\"_ _d\"></span>elementi <span class=\"_ _2\"></span>di <span class=\"_ _0\"></span> <span class=\"_ _d\"></span>partecipazione <span class=\"_ _2\"></span>diretta <span class=\"_ _d\"></span>e <span class=\"_ _d\"></span>circa <span class=\"_ _d\"></span>60 <span class=\"_ _d\"></span>mln <span class=\"_ _d\"></span>relativamente <span class=\"_ _2\"></span>a <span class=\"_ _d\"></span>Contratti <span class=\"_ _d\"></span>d'investimento <span class=\"_ _d\"></span>emessi <span class=\"_ _0\"></span>con<span class=\"_ _df\"> </span>elementi di  partec<span class=\"_ _1\"></span>ipazione d<span class=\"_ _1\"></span>iscrezionali.<span class=\"_ _df\"> </span>Contr<span class=\"_ _1\"></span>atti a<span class=\"_ _f\"></span>ssicurat<span class=\"_ _1\"></span>ivi em<span class=\"_ _f\"></span>essi con<span class=\"_ _f\"></span> elementi<span class=\"_ _1\"></span> di p<span class=\"_ _1\"></span>arte<span class=\"_ _1\"></span>cipazi<span class=\"_ _1\"></span>one d<span class=\"_ _1\"></span>irett<span class=\"_ _f\"></span>a - Segme<span class=\"_ _1\"></span>nto V<span class=\"_ _1\"></span>ita<table class=\"s wbe9 h508\" id=\"_96af2db0-84f6-41c7-b8a6-27f87c4e25d4\"><tr><td></td><td></td><td></td><td class=\"c x604 y2b6e wbea h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">Passivit<span class=\"_ _1\"></span>\u00e0<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td class=\"c x605 y2b6e wbea h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">Passivit<span class=\"_ _1\"></span>\u00e0<span class=\"_ _df\"> </span></div></td><td></td></tr><tr><td class=\"c x46b y2b6f w462 hb8\"><div class=\"t m0 x8a h30 y532 ff4 fsb fc4 sc3 ls0 ws0\">Voci/Pas<span class=\"_ _1\"></span>sivit\u00e0<span class=\"fc1 sc0\"> </span></div></td><td class=\"c x606 y2b70 wbeb h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">Passivit<span class=\"_ _1\"></span>\u00e0 per resi<span class=\"_ _f\"></span>d<span class=\"_ _2\"></span>ua<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x607 y2b71 wbec h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">per sinistri<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x608 y2b70 wbeb h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">Passivit<span class=\"_ _1\"></span>\u00e0 per resi<span class=\"_ _f\"></span>d<span class=\"_ _2\"></span>ua<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x609 y2b71 wbed h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">per sinistri<span class=\"_ _df\"> </span></div></td><td></td></tr><tr><td></td><td class=\"c x60a y27ec wbee h4a9\" colspan=\"2\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">copert<span class=\"_ _1\"></span>ura<span class=\"_ _df\"> </span></div></td><td class=\"c x60b y2b72 wa66 h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">accaduti<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x60c y27ec wbef h4a9\" colspan=\"2\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">copert<span class=\"_ _1\"></span>ura<span class=\"_ _df\"> </span></div></td><td class=\"c x60d y2b72 wbf0 h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">accaduti<span class=\"_ _df\"> </span></div></td><td></td></tr><tr><td></td><td class=\"c x60e y2b73 wbf1 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc4 sc3 ls0 ws0\">Al netto<span class=\"_ _df\"> </span></div></td><td class=\"c x60f y2b74 w463 h49\"><div class=\"t m0 x26 h30 y1d ff4 fsb fc4 sc3 ls0 ws0\">31/12/2025<span class=\"_ _f\"></span><span class=\"fc1 sc0\"> </span></div></td><td class=\"c x610 y2b74 w437 h49\"><div class=\"t m0 xab h30 y1d ff4 fsb fc4 sc3 ls0 ws0\">31/12/2025<span class=\"_ _1\"></span><span class=\"fc1 sc0\"> </span></div></td><td class=\"c x5e0 y2b74 w25f h298\"><div class=\"t m0 x116 h30 y7b1 ff4 fsb fc4 sc3 ls0 ws0\">Totale<span class=\"fc1 sc0\"> </span></div></td><td class=\"c x611 y2b73 wbf1 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc4 sc3 ls0 ws0\">Al netto<span class=\"_ _df\"> </span></div></td><td class=\"c x612 y2b74 w25a h49\"><div class=\"t m0 x26 h30 y1d ff4 fsb fc4 sc3 ls0 ws0\">31/12/202<span class=\"_ _f\"></span>4<span class=\"fc1 sc0\"> </span></div></td><td class=\"c x613 y2b74 w25f h49\"><div class=\"t m0 xab h30 y1d ff4 fsb fc4 sc3 ls0 ws0\">31/12/202<span class=\"_ _f\"></span>4<span class=\"fc1 sc0\"> </span></div></td><td class=\"c x50f y2b74 w163 h298\"><div class=\"t m0 x116 h30 y7b1 ff4 fsb fc4 sc3 ls0 ws0\">Totale<span class=\"fc1 sc0\"> </span></div></td></tr><tr><td></td><td class=\"c x614 y2b75 wab3 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc4 sc3 ls0 ws0\">della<span class=\"_ _df\"> </span></div></td><td class=\"c x4c5 y2b76 w1b0 h203\"><div class=\"t m0 x2f h30 y15 ff4 fsb fc4 sc3 ls0 ws0\">Perdita<span class=\"fc1 sc0\"> </span></div></td><td></td><td></td><td class=\"c x615 y2b75 wab3 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc4 sc3 ls0 ws0\">della<span class=\"_ _df\"> </span></div></td><td class=\"c x616 y2b76 w464 h203\"><div class=\"t m0 x2f h30 y15 ff4 fsb fc4 sc3 ls0 ws0\">Perdita<span class=\"fc1 sc0\"> </span></div></td><td></td><td></td></tr><tr><td></td><td class=\"c x60e y2b77 wbf2 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc4 sc3 ls0 ws0\">perdita<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td class=\"c x617 y2b77 wbf2 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc4 sc3 ls0 ws0\">perdita<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td></tr><tr><td class=\"c x46b y2b78 w465 h131\"><div class=\"t m0 x8a h30 y392 ff4 fsb fc1 sc2 ls0 ws0\">A. Valore<span class=\"_ _1\"></span> di bilancio<span class=\"_ _f\"></span> iniziale<span class=\"sc0\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2a8 y27f8 wbf3 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">1. Contratti di assi<span class=\"_ _2\"></span>curazione<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2a8 y2b79 wbf4 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">emessi che<span class=\"_ _2\"></span> costituiscono<span class=\"_ _df\"> </span></div></td><td class=\"c x60f y2b7a w162 h136\"><div class=\"t m0 xac h30 y9bd ff4 fsb fc1 sc0 ls0 ws0\">4.352.558 </div></td><td class=\"c x4c5 y2b7a w1a4 h136\"><div class=\"t m0 x31 h30 y9bd ff4 fsb fc1 sc0 ls0 ws0\">-</div></td><td class=\"c x483 y2b7a w38d h136\"><div class=\"t m0 x39 h30 y9bd ff4 fsb fc1 sc0 ls0 ws0\">30.209</div></td><td class=\"c x5e0 y2b7a w1e2 h136\"><div class=\"t m0 x8e h30 y9bd ff4 fsb fc1 sc0 ls0 ws0\">4.382.767 </div></td><td class=\"c x612 y2b7a w1a5 h136\"><div class=\"t m0 x2f h30 y9bd ff4 fsb fc1 sc0 ls0 ws0\">3.837.771 </div></td><td class=\"c x5e2 y2b7a w1ef h136\"><div class=\"t m0 x31 h30 y9bd ff4 fsb fc1 sc0 ls0 ws0\">-</div></td><td class=\"c x613 y2b7a w1df h136\"><div class=\"t m0 x39 h30 y9bd ff4 fsb fc1 sc0 ls0 ws0\">36.288</div></td><td class=\"c x618 y2b7a w437 h136\"><div class=\"t m0 xac h30 y9bd ff4 fsb fc1 sc0 ls0 ws0\">3.874.059 </div></td></tr><tr><td class=\"c x2a8 y2b7b wbf5 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">passivit\u00e0<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2a8 y2b7c wbf6 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">2. Contratti di assicu<span class=\"_ _2\"></span>razione<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2a8 y2b7d wbf7 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">emessi <span class=\"_ _2\"></span>che costituiscono<span class=\"_ _df\"> </span></div></td><td class=\"c x60f y2b7e w162 h1ab\"><div class=\"t m0 x15 h30 y9bd ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x4c5 y2b7e w1a4 h1ab\"><div class=\"t m0 x31 h30 y9bd ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x483 y2b7e w38d h1ab\"><div class=\"t m0 x36 h30 y9bd ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5e0 y2b7e w1e2 h1ab\"><div class=\"t m0 x36 h30 y9bd ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x612 y2b7e w1a5 h1ab\"><div class=\"t m0 x15 h30 y9bd ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5e2 y2b7e w1ef h1ab\"><div class=\"t m0 x31 h30 y9bd ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x613 y2b7e w1df h1ab\"><div class=\"t m0 x36 h30 y9bd ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x618 y2b7e w437 h1ab\"><div class=\"t m0 x36 h30 y9bd ff4 fsb fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2a8 y2b7f wbf8 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">attivit\u00e0<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x262 y2b80 wbf9 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc2 ls0 ws0\">3. Valore<span class=\"_ _1\"></span> netto di b<span class=\"_ _1\"></span>ilancio al<span class=\"_ _1\"></span> 1\u00b0<span class=\"_ _df\"> </span></div></td><td class=\"c x60f y2b81 w162 h12\"><div class=\"t m0 xac h30 y295 ff4 fsb fc1 sc2 ls0 ws0\">4.352.55<span class=\"_ _f\"></span>9<span class=\"sc0\"> </span></div></td><td class=\"c x4c5 y2b81 w1a4 h12\"><div class=\"t m0 x31 h30 y295 ff4 fsb fc1 sc2 ls0 ws0\">-</div></td><td class=\"c x483 y2b81 w38d h12\"><div class=\"t m0 x39 h30 y295 ff4 fsb fc1 sc2 ls0 ws0\">30.209</div></td><td class=\"c x5e0 y2b81 w1e2 h12\"><div class=\"t m0 x8e h30 y295 ff4 fsb fc1 sc2 ls0 ws0\">4.382.768<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x612 y2b81 w1a5 h12\"><div class=\"t m0 x2f h30 y295 ff4 fsb fc1 sc2 ls0 ws0\">3.837.771<span class=\"sc0\"> </span></div></td><td class=\"c x5e2 y2b81 w1ef h12\"><div class=\"t m0 x31 h30 y295 ff4 fsb fc1 sc2 ls0 ws0\">-</div></td><td class=\"c x613 y2b81 w1df h12\"><div class=\"t m0 x39 h30 y295 ff4 fsb fc1 sc2 ls0 ws0\">36.288<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x618 y2b81 w437 h12\"><div class=\"t m0 x8e h30 y295 ff4 fsb fc1 sc2 ls0 ws0\">3.874.05<span class=\"_ _1\"></span>9<span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x262 y2b82 wbfa h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc2 ls0 ws0\">gennaio<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x46b y2b83 w465 h131\"><div class=\"t m0 x8a h30 y30c ff4 fsb fc1 sc2 ls0 ws0\">B. Ricavi a<span class=\"_ _1\"></span>ssicurati<span class=\"_ _1\"></span>vi<span class=\"sc0\"> </span></div></td><td class=\"c x60f y2b83 w162 h131\"><div class=\"t m0 x2e h30 y30c ff4 fsb fc1 sc2 ls0 ws0\">(68.193)<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x4c5 y2b83 w1a4 h131\"><div class=\"t m0 x31 h30 y30c ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x483 y2b83 w38d h131\"><div class=\"t m0 x36 h30 y30c ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x5e0 y2b83 w1e2 h131\"><div class=\"t m0 x55 h30 y30c ff4 fsb fc1 sc2 ls0 ws0\">(68.193)<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x612 y2b83 w1a5 h131\"><div class=\"t m0 x2a h30 y30c ff4 fsb fc1 sc2 ls0 ws0\">(62.540)<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x5e2 y2b83 w1ef h131\"><div class=\"t m0 x31 h30 y30c ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x613 y2b83 w1df h131\"><div class=\"t m0 x36 h30 y30c ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x618 y2b83 w437 h131\"><div class=\"t m0 x2e h30 y30c ff4 fsb fc1 sc2 ls0 ws0\">(62.540)<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x46b y2b84 w465 h131\"><div class=\"t m0 x8a h30 y392 ff4 fsb fc1 sc2 ls0 ws0\">C. Costi<span class=\"_ _1\"></span> per servizi<span class=\"_ _f\"></span> assicurativi<span class=\"sc0\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2a8 y2b85 wbfb h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">1. Sinistri accaduti e alt<span class=\"_ _2\"></span>ri costi<span class=\"_ _df\"> </span></div></td><td class=\"c x60f y2b86 w162 h12\"><div class=\"t m0 x15 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x4c5 y2b86 w1a4 h12\"><div class=\"t m0 x31 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x483 y2b86 w38d h12\"><div class=\"t m0 x2e h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">474.262 </div></td><td class=\"c x5e0 y2b86 w1e2 h12\"><div class=\"t m0 x2e h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">474.262 </div></td><td class=\"c x612 y2b86 w1a5 h12\"><div class=\"t m0 x15 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5e2 y2b86 w1ef h12\"><div class=\"t m0 x31 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x613 y2b86 w1df h12\"><div class=\"t m0 x2a h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">804.023 </div></td><td class=\"c x618 y2b86 w437 h12\"><div class=\"t m0 x2a h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">804.023 </div></td></tr><tr><td class=\"c x2a8 y2b87 wbfc h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">direttamente attribu<span class=\"_ _2\"></span>ibili<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2a8 y2b88 wbfd h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">2. Variazioni della pass<span class=\"_ _2\"></span>ivit\u00e0 per<span class=\"_ _df\"> </span></div></td><td class=\"c x60f y2b89 w162 h98\"><div class=\"t m0 x15 h30 y27 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x4c5 y2b89 w1a4 h98\"><div class=\"t m0 x31 h30 y27 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x483 y2b89 w38d h98\"><div class=\"t m0 x2f h30 y27 ff4 fsb fc1 sc0 ls0 ws0\">(453.472) </div></td><td class=\"c x5e0 y2b89 w1e2 h98\"><div class=\"t m0 x2f h30 y27 ff4 fsb fc1 sc0 ls0 ws0\">(453.472) </div></td><td class=\"c x612 y2b89 w1a5 h98\"><div class=\"t m0 x15 h30 y27 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5e2 y2b89 w1ef h98\"><div class=\"t m0 x31 h30 y27 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x613 y2b89 w1df h98\"><div class=\"t m0 x8e h30 y27 ff4 fsb fc1 sc0 ls0 ws0\">(784.503) </div></td><td class=\"c x618 y2b89 w437 h98\"><div class=\"t m0 x8e h30 y27 ff4 fsb fc1 sc0 ls0 ws0\">(784.503) </div></td></tr><tr><td class=\"c x2a8 y2b8a wbfe h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">sinistri accaduti<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2a8 y2b8b wbff h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">3. Perdite e relativ<span class=\"_ _2\"></span>i recuperi su<span class=\"_ _df\"> </span></div></td><td class=\"c x60f y2b8c w162 h12\"><div class=\"t m0 x15 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x4c5 y2b8c w1a4 h12\"><div class=\"t m0 x31 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x483 y2b8c w38d h12\"><div class=\"t m0 x36 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5e0 y2b8c w1e2 h12\"><div class=\"t m0 x36 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x612 y2b8c w1a5 h12\"><div class=\"t m0 x15 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5e2 y2b8c w1ef h12\"><div class=\"t m0 x31 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x613 y2b8c w1df h12\"><div class=\"t m0 x36 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x618 y2b8c w437 h12\"><div class=\"t m0 x36 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2a8 y2b8d wc00 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">contratti oneros<span class=\"_ _2\"></span>i<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2a8 y2b8e wc01 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">4. Ammortamento dei cos<span class=\"_ _2\"></span>ti di<span class=\"_ _df\"> </span></div></td><td class=\"c x60f y2b8f w162 h12\"><div class=\"t m0 x97 h30 y295 ff4 fsb fc1 sc0 ls54 ws0\">44<span class=\"ls0\"> </span></div></td><td class=\"c x4c5 y2b8f w1a4 h12\"><div class=\"t m0 x31 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x483 y2b8f w38d h12\"><div class=\"t m0 x36 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5e0 y2b8f w1e2 h12\"><div class=\"t m0 x97 h30 y295 ff4 fsb fc1 sc0 ls54 ws0\">44<span class=\"ls0\"> </span></div></td><td class=\"c x612 y2b8f w1a5 h12\"><div class=\"t m0 x97 h30 y295 ff4 fsb fc1 sc0 ls87 ws0\">54<span class=\"ls0\"> </span></div></td><td class=\"c x5e2 y2b8f w1ef h12\"><div class=\"t m0 x31 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x613 y2b8f w1df h12\"><div class=\"t m0 x36 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x618 y2b8f w437 h12\"><div class=\"t m0 x97 h30 y295 ff4 fsb fc1 sc0 ls87 ws0\">54<span class=\"ls0\"> </span></div></td></tr><tr><td class=\"c x2a8 y2861 wc02 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">acquisizione dei co<span class=\"_ _2\"></span>ntratti<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x46b y2b90 w465 h131\"><div class=\"t m0 x16a h30 y392 ff4 fsb fc1 sc2 ls0 ws0\">5. Totale<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x60f y2b90 w162 h131\"><div class=\"t m0 x97 h30 y392 ff4 fsb fc1 sc2 ls54 ws0\">44<span class=\"sc0 ls0\"> </span></div></td><td class=\"c x4c5 y2b90 w1a4 h131\"><div class=\"t m0 x31 h30 y392 ff4 fsb fc1 sc2 ls0 ws0\">-</div></td><td class=\"c x483 y2b90 w38d h131\"><div class=\"t m0 x14 h30 y392 ff4 fsb fc1 sc2 ls0 ws0\">20.790<span class=\"sc0\"> </span></div></td><td class=\"c x5e0 y2b90 w1e2 h131\"><div class=\"t m0 x39 h30 y392 ff4 fsb fc1 sc2 ls0 ws0\">20.834<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x612 y2b90 w1a5 h131\"><div class=\"t m0 x97 h30 y392 ff4 fsb fc1 sc2 ls6d ws0\">54<span class=\"sc0 ls0\"> </span></div></td><td class=\"c x5e2 y2b90 w1ef h131\"><div class=\"t m0 x31 h30 y392 ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x613 y2b90 w1df h131\"><div class=\"t m0 x48 h30 y392 ff4 fsb fc1 sc2 ls0 ws0\">19.520<span class=\"sc0\"> </span></div></td><td class=\"c x618 y2b90 w437 h131\"><div class=\"t m0 x48 h30 y392 ff4 fsb fc1 sc2 ls0 ws0\">19.574<span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x262 y2b91 wc03 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc2 ls0 ws0\">D. Risult<span class=\"_ _f\"></span>a<span class=\"_ _2\"></span>to dei<span class=\"_ _f\"></span> s<span class=\"_ _2\"></span>ervi<span class=\"_ _1\"></span>zi assicura<span class=\"_ _1\"></span>tivi<span class=\"_ _df\"> </span></div></td><td class=\"c x60f y2b92 w162 h98\"><div class=\"t m0 x2e h30 y27 ff4 fsb fc1 sc2 ls0 ws0\">(68.149)<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x4c5 y2b92 w1a4 h98\"><div class=\"t m0 x31 h30 y27 ff4 fsb fc1 sc2 ls0 ws0\">-</div></td><td class=\"c x483 y2b92 w38d h98\"><div class=\"t m0 x14 h30 y27 ff4 fsb fc1 sc2 ls0 ws0\">20.790<span class=\"sc0\"> </span></div></td><td class=\"c x5e0 y2b92 w1e2 h98\"><div class=\"t m0 x2e h30 y27 ff4 fsb fc1 sc2 ls0 ws0\">(47.35<span class=\"_ _1\"></span>9)<span class=\"sc0\"> </span></div></td><td class=\"c x612 y2b92 w1a5 h98\"><div class=\"t m0 x2a h30 y27 ff4 fsb fc1 sc2 ls0 ws0\">(62.486)<span class=\"sc0\"> </span></div></td><td class=\"c x5e2 y2b92 w1ef h98\"><div class=\"t m0 x31 h30 y27 ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x613 y2b92 w1df h98\"><div class=\"t m0 x48 h30 y27 ff4 fsb fc1 sc2 ls0 ws0\">19.520<span class=\"sc0\"> </span></div></td><td class=\"c x618 y2b92 w437 h98\"><div class=\"t m0 x2e h30 y27 ff4 fsb fc1 sc2 ls0 ws0\">(42.966)<span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x262 y2b93 wc04 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc2 ls0 ws0\">(B+C)<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x262 y2b94 wc05 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc2 ls0 ws0\">E. Costi/ric<span class=\"_ _1\"></span>avi netti<span class=\"_ _1\"></span> di natur<span class=\"_ _1\"></span>a<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x262 y2b95 wc06 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc2 ls0 ws0\">finanziari<span class=\"_ _1\"></span>a<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2a8 y2b96 wc07 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">1. Relativi ai contratti<span class=\"_ _df\"> </span></div></td><td class=\"c x60f y2b97 w162 h99\"><div class=\"t m0 x130 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">131.747 </div></td><td class=\"c x4c5 y2b97 w1a4 h99\"><div class=\"t m0 x31 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x483 y2b97 w38d h99\"><div class=\"t m0 x36 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5e0 y2b97 w1e2 h99\"><div class=\"t m0 x39 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">131.747 </div></td><td class=\"c x612 y2b97 w1a5 h99\"><div class=\"t m0 x2e h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">174.484 </div></td><td class=\"c x5e2 y2b97 w1ef h99\"><div class=\"t m0 x31 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x613 y2b97 w1df h99\"><div class=\"t m0 x36 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x618 y2b97 w437 h99\"><div class=\"t m0 x55 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">174.484 </div></td></tr><tr><td class=\"c x2a8 y2b98 wc08 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">assucurativ<span class=\"_ _2\"></span>i emessi<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x46a y2b99 wc09 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">1.1 Registrati in co<span class=\"_ _2\"></span>nto<span class=\"_ _df\"> </span></div></td><td class=\"c x60f y2b9a w162 h98\"><div class=\"t m0 x55 h30 y27 ff4 fsb fc1 sc0 ls0 ws0\">131.864 </div></td><td class=\"c x4c5 y2b9a w1a4 h98\"><div class=\"t m0 x31 h30 y27 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x483 y2b9a w38d h98\"><div class=\"t m0 x36 h30 y27 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5e0 y2b9a w1e2 h98\"><div class=\"t m0 x55 h30 y27 ff4 fsb fc1 sc0 ls0 ws0\">131.864 </div></td><td class=\"c x612 y2b9a w1a5 h98\"><div class=\"t m0 x130 h30 y27 ff4 fsb fc1 sc0 ls0 ws0\">116.522 </div></td><td class=\"c x5e2 y2b9a w1ef h98\"><div class=\"t m0 x31 h30 y27 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x613 y2b9a w1df h98\"><div class=\"t m0 x36 h30 y27 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x618 y2b9a w437 h98\"><div class=\"t m0 x130 h30 y27 ff4 fsb fc1 sc0 ls0 ws0\">116.522 </div></td></tr><tr><td class=\"c x46a y2b9b wc0a h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">economico<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x46a y2b9c wc0b h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">1.2 Registrati nel co<span class=\"_ _2\"></span>nto<span class=\"_ _df\"> </span></div></td><td class=\"c x60f y2b9d w162 h12\"><div class=\"t m0 x3a h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">(117)<span class=\"_ _df\"> </span></div></td><td class=\"c x4c5 y2b9d w1a4 h12\"><div class=\"t m0 x31 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x483 y2b9d w38d h12\"><div class=\"t m0 x36 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5e0 y2b9d w1e2 h12\"><div class=\"t m0 x27 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">(117) </div></td><td class=\"c x612 y2b9d w1a5 h12\"><div class=\"t m0 x39 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">57.962 </div></td><td class=\"c x5e2 y2b9d w1ef h12\"><div class=\"t m0 x31 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x613 y2b9d w1df h12\"><div class=\"t m0 x36 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x618 y2b9d w437 h12\"><div class=\"t m0 x14 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">57.962 </div></td></tr><tr><td class=\"c x46a y24b1 wc0c h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">economico co<span class=\"_ _2\"></span>mplessivo<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2a8 y2b9e wc0d h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">2. Effetti co<span class=\"_ _2\"></span>nnessi con le<span class=\"_ _df\"> </span></div></td><td class=\"c x60f y2b9f w162 h98\"><div class=\"t m0 x15 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x4c5 y2b9f w1a4 h98\"><div class=\"t m0 x31 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x483 y2b9f w38d h98\"><div class=\"t m0 x36 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5e0 y2b9f w1e2 h98\"><div class=\"t m0 x36 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x612 y2b9f w1a5 h98\"><div class=\"t m0 x15 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5e2 y2b9f w1ef h98\"><div class=\"t m0 x31 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x613 y2b9f w1df h98\"><div class=\"t m0 x36 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x618 y2b9f w437 h98\"><div class=\"t m0 x36 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2a8 y2ba0 wc0e h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">variazioni dei tassi di cam<span class=\"_ _2\"></span>bio<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x46b y2ba1 w465 h131\"><div class=\"t m0 x16a h30 y392 ff4 fsb fc1 sc2 ls0 ws0\">3. Totale<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x60f y2ba1 w162 h131\"><div class=\"t m0 x130 h30 y392 ff4 fsb fc1 sc2 ls0 ws0\">131.747<span class=\"sc0\"> </span></div></td><td class=\"c x4c5 y2ba1 w1a4 h131\"><div class=\"t m0 x31 h30 y392 ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x483 y2ba1 w38d h131\"><div class=\"t m0 x36 h30 y392 ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x5e0 y2ba1 w1e2 h131\"><div class=\"t m0 x39 h30 y392 ff4 fsb fc1 sc2 ls0 ws0\">131.747<span class=\"sc0\"> </span></div></td><td class=\"c x612 y2ba1 w1a5 h131\"><div class=\"t m0 x55 h30 y392 ff4 fsb fc1 sc2 ls0 ws0\">174.484<span class=\"sc0\"> </span></div></td><td class=\"c x5e2 y2ba1 w1ef h131\"><div class=\"t m0 x31 h30 y392 ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x613 y2ba1 w1df h131\"><div class=\"t m0 x36 h30 y392 ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x618 y2ba1 w437 h131\"><div class=\"t m0 x55 h30 y392 ff4 fsb fc1 sc2 ls0 ws0\">174.484<span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x46b y2ba2 w465 h131\"><div class=\"t m0 x8a h30 y392 ff4 fsb fc1 sc2 ls0 ws0\">F. Compo<span class=\"_ _f\"></span>nenti di investi<span class=\"_ _1\"></span>mento<span class=\"sc0\"> </span></div></td><td class=\"c x60f y2ba2 w162 h131\"><div class=\"t m0 x8e h30 y392 ff4 fsb fc1 sc2 ls0 ws0\">(444.2<span class=\"_ _1\"></span>60)<span class=\"sc0\"> </span></div></td><td class=\"c x4c5 y2ba2 w1a4 h131\"><div class=\"t m0 x31 h30 y392 ff4 fsb fc1 sc2 ls0 ws0\">-</div></td><td class=\"c x483 y2ba2 w38d h131\"><div class=\"t m0 x2e h30 y392 ff4 fsb fc1 sc2 ls0 ws0\">444.260<span class=\"_ _df\"> </span></div></td><td class=\"c x5e0 y2ba2 w1e2 h131\"><div class=\"t m0 x36 h30 y392 ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x612 y2ba2 w1a5 h131\"><div class=\"t m0 x2f h30 y392 ff4 fsb fc1 sc2 ls0 ws0\">(778.424<span class=\"_ _1\"></span>)<span class=\"sc0\"> </span></div></td><td class=\"c x5e2 y2ba2 w1ef h131\"><div class=\"t m0 x31 h30 y392 ff4 fsb fc1 sc2 ls0 ws0\">-</div></td><td class=\"c x613 y2ba2 w1df h131\"><div class=\"t m0 x55 h30 y392 ff4 fsb fc1 sc2 ls0 ws0\">778.424<span class=\"sc0\"> </span></div></td><td class=\"c x618 y2ba2 w437 h131\"><div class=\"t m0 x36 h30 y392 ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x262 y2ba4 wc0f h509\"><div class=\"t m0 x250 h30 y2ba3 ff4 fsb fc1 sc2 ls0 ws0\">G. Import<span class=\"_ _1\"></span>o totale<span class=\"_ _f\"></span> <span class=\"_ _2\"></span>registr<span class=\"_ _1\"></span>ato in<span class=\"_ _df\"> </span></div><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc2 ls0 ws0\">conto eco<span class=\"_ _f\"></span>nomico e nel co<span class=\"_ _f\"></span>nto<span class=\"_ _df\"> </span></div></td><td class=\"c x60f y2ba5 w162 h136\"><div class=\"t m0 x8e h30 y9bd ff4 fsb fc1 sc2 ls0 ws0\">(380.662)<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x4c5 y2ba5 w1a4 h136\"><div class=\"t m0 x31 h30 y9bd ff4 fsb fc1 sc2 ls0 ws0\">-</div></td><td class=\"c x483 y2ba5 w38d h136\"><div class=\"t m0 x2e h30 y9bd ff4 fsb fc1 sc2 ls0 ws0\">465.05<span class=\"_ _1\"></span>0</div></td><td class=\"c x5e0 y2ba5 w1e2 h136\"><div class=\"t m0 x39 h30 y9bd ff4 fsb fc1 sc2 ls0 ws0\">84.388<span class=\"sc0\"> </span></div></td><td class=\"c x612 y2ba5 w1a5 h136\"><div class=\"t m0 x8e h30 y9bd ff4 fsb fc1 sc2 ls0 ws0\">(666.426)<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x5e2 y2ba5 w1ef h136\"><div class=\"t m0 x31 h30 y9bd ff4 fsb fc1 sc2 ls0 ws0\">-</div></td><td class=\"c x613 y2ba5 w1df h136\"><div class=\"t m0 x55 h30 y9bd ff4 fsb fc1 sc2 ls0 ws0\">797.944<span class=\"sc0\"> </span></div></td><td class=\"c x618 y2ba5 w437 h136\"><div class=\"t m0 x14 h30 y9bd ff4 fsb fc1 sc2 ls0 ws0\">131.518<span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x262 y2ba6 wc10 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc2 ls0 ws0\">econo<span class=\"_ _1\"></span>mico compl<span class=\"_ _f\"></span>e<span class=\"_ _2\"></span>ssivo<span class=\"_ _f\"></span> (D<span class=\"_ _2\"></span>+E+<span class=\"_ _f\"></span>F)<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x46b y2ba7 w465 h131\"><div class=\"t m0 x8a h30 y392 ff4 fsb fc1 sc2 ls0 ws0\">H. Altre<span class=\"_ _1\"></span> variazioni </div></td><td class=\"c x60f y2ba7 w162 h131\"><div class=\"t m0 x2e h30 y392 ff4 fsb fc1 sc2 ls0 ws0\">(15.443<span class=\"_ _1\"></span>)<span class=\"sc0\"> </span></div></td><td class=\"c x4c5 y2ba7 w1a4 h131\"><div class=\"t m0 x31 h30 y392 ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x483 y2ba7 w38d h131\"><div class=\"t m0 x36 h30 y392 ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x5e0 y2ba7 w1e2 h131\"><div class=\"t m0 x55 h30 y392 ff4 fsb fc1 sc2 ls0 ws0\">(15.443<span class=\"_ _1\"></span>)<span class=\"sc0\"> </span></div></td><td class=\"c x612 y2ba7 w1a5 h131\"><div class=\"t m0 x39 h30 y392 ff4 fsb fc1 sc2 ls0 ws0\">(1.930)<span class=\"sc0\"> </span></div></td><td class=\"c x5e2 y2ba7 w1ef h131\"><div class=\"t m0 x31 h30 y392 ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x613 y2ba7 w1df h131\"><div class=\"t m0 x36 h30 y392 ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x618 y2ba7 w437 h131\"><div class=\"t m0 x14 h30 y392 ff4 fsb fc1 sc2 ls0 ws0\">(1.930)<span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x46b y2ba8 w465 h131\"><div class=\"t m0 x8a h30 y392 ff4 fsb fc1 sc2 ls0 ws0\">I. Movim<span class=\"_ _1\"></span>enti di ca<span class=\"_ _1\"></span>ssa<span class=\"sc0\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x46b y2ba9 w465 h131\"><div class=\"t m0 x16a h30 y392 ff4 fsb fc1 sc0 ls0 ws0\">1. Premi ricevu<span class=\"_ _2\"></span>ti </div></td><td class=\"c x60f y2ba9 w162 h131\"><div class=\"t m0 x55 h30 y392 ff4 fsb fc1 sc0 ls0 ws0\">779.619 </div></td><td class=\"c x4c5 y2ba9 w1a4 h131\"><div class=\"t m0 x31 h30 y392 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x483 y2ba9 w38d h131\"><div class=\"t m0 x36 h30 y392 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5e0 y2ba9 w1e2 h131\"><div class=\"t m0 x55 h30 y392 ff4 fsb fc1 sc0 ls0 ws0\">779.619 </div></td><td class=\"c x612 y2ba9 w1a5 h131\"><div class=\"t m0 x16a h30 y392 ff4 fsb fc1 sc0 ls0 ws0\">1.183.144 </div></td><td class=\"c x5e2 y2ba9 w1ef h131\"><div class=\"t m0 x31 h30 y392 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x613 y2ba9 w1df h131\"><div class=\"t m0 x36 h30 y392 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x618 y2ba9 w437 h131\"><div class=\"t m0 x116 h30 y392 ff4 fsb fc1 sc0 ls0 ws0\">1.183.144 </div></td></tr><tr><td class=\"c x2a8 y2bab wc11 h50a\"><div class=\"t m0 x250 h30 y2baa ff4 fsb fc1 sc0 ls0 ws0\">2. Pagamenti conness<span class=\"_ _2\"></span>i con i<span class=\"_ _df\"> </span></div><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">costi di acquisi<span class=\"_ _2\"></span>zione dei<span class=\"_ _df\"> </span></div></td><td class=\"c x60f y2bac w162 h136\"><div class=\"t m0 x15 h30 y589 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x4c5 y2bac w1a4 h136\"><div class=\"t m0 x31 h30 y589 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x483 y2bac w38d h136\"><div class=\"t m0 x36 h30 y589 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5e0 y2bac w1e2 h136\"><div class=\"t m0 x36 h30 y589 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x612 y2bac w1a5 h136\"><div class=\"t m0 x15 h30 y589 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5e2 y2bac w1ef h136\"><div class=\"t m0 x31 h30 y589 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x613 y2bac w1df h136\"><div class=\"t m0 x36 h30 y589 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x618 y2bac w437 h136\"><div class=\"t m0 x36 h30 y589 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2a8 y2bad wc12 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">contratti<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2a8 y2bae wc13 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">3. Sinistri pagati e altre u<span class=\"_ _2\"></span>scite di<span class=\"_ _df\"> </span></div></td><td class=\"c x60f y2baf w162 h196\"><div class=\"t m0 x15 h30 y27 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x4c5 y2baf w1a4 h196\"><div class=\"t m0 x31 h30 y27 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x483 y2baf w38d h196\"><div class=\"t m0 x2f h30 y27 ff4 fsb fc1 sc0 ls0 ws0\">(474.262) </div></td><td class=\"c x5e0 y2baf w1e2 h196\"><div class=\"t m0 x2f h30 y27 ff4 fsb fc1 sc0 ls0 ws0\">(474.262) </div></td><td class=\"c x612 y2baf w1a5 h196\"><div class=\"t m0 x15 h30 y27 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5e2 y2baf w1ef h196\"><div class=\"t m0 x31 h30 y27 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x613 y2baf w1df h196\"><div class=\"t m0 x8e h30 y27 ff4 fsb fc1 sc0 ls0 ws0\">(804.023) </div></td><td class=\"c x618 y2baf w437 h196\"><div class=\"t m0 x8e h30 y27 ff4 fsb fc1 sc0 ls0 ws0\">(804.023) </div></td></tr><tr><td class=\"c x2a8 y2bb0 wc14 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">cassa<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x46b y2bb1 w465 h131\"><div class=\"t m0 x16a h30 y392 ff4 fsb fc1 sc0 ls0 ws0\">4. Altri movim<span class=\"_ _2\"></span>enti<span class=\"_ _df\"> </span></div></td><td class=\"c x60f y2bb1 w162 h131\"><div class=\"t m0 x15 h30 y392 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x4c5 y2bb1 w1a4 h131\"><div class=\"t m0 x31 h30 y392 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x483 y2bb1 w38d h131\"><div class=\"t m0 x36 h30 y392 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5e0 y2bb1 w1e2 h131\"><div class=\"t m0 x36 h30 y392 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x612 y2bb1 w1a5 h131\"><div class=\"t m0 x15 h30 y392 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5e2 y2bb1 w1ef h131\"><div class=\"t m0 x31 h30 y392 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x613 y2bb1 w1df h131\"><div class=\"t m0 x36 h30 y392 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x618 y2bb1 w437 h131\"><div class=\"t m0 x36 h30 y392 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y2bb2 w465 h131\"><div class=\"t m0 x16a h30 y392 ff4 fsb fc1 sc2 ls0 ws0\">5. Totale<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x60f y2bb2 w162 h131\"><div class=\"t m0 x55 h30 y392 ff4 fsb fc1 sc2 ls0 ws0\">779.619<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x4c5 y2bb2 w1a4 h131\"><div class=\"t m0 x31 h30 y392 ff4 fsb fc1 sc2 ls0 ws0\">-</div></td><td class=\"c x483 y2bb2 w38d h131\"><div class=\"t m0 x2f h30 y392 ff4 fsb fc1 sc2 ls0 ws0\">(474.26<span class=\"ls6a\">2</span><span class=\"ls6a\">)</span><span class=\"sc0\"> </span></div></td><td class=\"c x5e0 y2bb2 w1e2 h131\"><div class=\"t m0 x2e h30 y392 ff4 fsb fc1 sc2 ls0 ws0\">305.357<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x612 y2bb2 w1a5 h131\"><div class=\"t m0 x116 h30 y392 ff4 fsb fc1 sc2 ls0 ws0\">1.183.14<span class=\"_ _1\"></span>4<span class=\"sc0\"> </span></div></td><td class=\"c x5e2 y2bb2 w1ef h131\"><div class=\"t m0 x31 h30 y392 ff4 fsb fc1 sc2 ls0 ws0\">-</div></td><td class=\"c x613 y2bb2 w1df h131\"><div class=\"t m0 x8e h30 y392 ff4 fsb fc1 sc2 ls0 ws0\">(804.023<span class=\"_ _f\"></span>)<span class=\"sc0\"> </span></div></td><td class=\"c x618 y2bb2 w437 h131\"><div class=\"t m0 x39 h30 y392 ff4 fsb fc1 sc2 ls0 ws0\">379.121<span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x262 y2bb3 wc15 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc2 ls0 ws0\">L. Valore<span class=\"_ _1\"></span> netto di b<span class=\"_ _1\"></span>ilancio al<span class=\"_ _1\"></span> 31<span class=\"_ _df\"> </span></div></td><td class=\"c x60f y2bb4 w162 h98\"><div class=\"t m0 x8e h30 y27 ff4 fsb fc1 sc2 ls0 ws0\">4.736.073<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x4c5 y2bb4 w1a4 h98\"><div class=\"t m0 x31 h30 y27 ff4 fsb fc1 sc2 ls0 ws0\">-</div></td><td class=\"c x483 y2bb4 w38d h98\"><div class=\"t m0 x14 h30 y27 ff4 fsb fc1 sc2 ls0 ws0\">20.997<span class=\"sc0\"> </span></div></td><td class=\"c x5e0 y2bb4 w1e2 h98\"><div class=\"t m0 x8e h30 y27 ff4 fsb fc1 sc2 ls0 ws0\">4.757.07<span class=\"_ _1\"></span>0<span class=\"sc0\"> </span></div></td><td class=\"c x612 y2bb4 w1a5 h98\"><div class=\"t m0 xac h30 y27 ff4 fsb fc1 sc2 ls0 ws0\">4.352.55<span class=\"_ _f\"></span>9<span class=\"sc0\"> </span></div></td><td class=\"c x5e2 y2bb4 w1ef h98\"><div class=\"t m0 x31 h30 y27 ff4 fsb fc1 sc2 ls0 ws0\">-</div></td><td class=\"c x613 y2bb4 w1df h98\"><div class=\"t m0 x39 h30 y27 ff4 fsb fc1 sc2 ls0 ws0\">30.209<span class=\"sc0\"> </span></div></td><td class=\"c x618 y2bb4 w437 h98\"><div class=\"t m0 x8e h30 y27 ff4 fsb fc1 sc2 ls0 ws0\">4.382.768<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x262 y2bb5 wc16 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc2 ls0 ws0\">dicembre<span class=\"_ _f\"></span> (<span class=\"_ _2\"></span>A.3+<span class=\"_ _f\"></span>G<span class=\"_ _2\"></span>+H+<span class=\"_ _f\"></span>I.4)<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x46b y2bb6 w465 h131\"><div class=\"t m0 x8a h30 y30c ff4 fsb fc1 sc2 ls0 ws0\">M. Valore<span class=\"_ _1\"></span> di bilanci<span class=\"_ _1\"></span>o finale<span class=\"sc0\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2a8 y2bb7 wbf3 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">1. Contratti di assi<span class=\"_ _2\"></span>curazione<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2a8 y2bb8 wbf4 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">emessi che<span class=\"_ _2\"></span> costituiscono<span class=\"_ _df\"> </span></div></td><td class=\"c x60f y2bb9 w162 h17f\"><div class=\"t m0 xac h30 y589 ff4 fsb fc1 sc0 ls0 ws0\">4.736.073 </div></td><td class=\"c x4c5 y2bb9 w1a4 h17f\"><div class=\"t m0 x31 h30 y589 ff4 fsb fc1 sc0 ls0 ws0\">-</div></td><td class=\"c x483 y2bb9 w38d h17f\"><div class=\"t m0 x14 h30 y589 ff4 fsb fc1 sc0 ls0 ws0\">20.997</div></td><td class=\"c x5e0 y2bb9 w1e2 h17f\"><div class=\"t m0 x8e h30 y589 ff4 fsb fc1 sc0 ls0 ws0\">4.757.070 </div></td><td class=\"c x612 y2bb9 w1a5 h17f\"><div class=\"t m0 xac h30 y589 ff4 fsb fc1 sc0 ls0 ws0\">4.352.558 </div></td><td class=\"c x5e2 y2bb9 w1ef h17f\"><div class=\"t m0 x31 h30 y589 ff4 fsb fc1 sc0 ls0 ws0\">-</div></td><td class=\"c x613 y2bb9 w1df h17f\"><div class=\"t m0 x39 h30 y589 ff4 fsb fc1 sc0 ls0 ws0\">30.209</div></td><td class=\"c x618 y2bb9 w437 h17f\"><div class=\"t m0 x8e h30 y589 ff4 fsb fc1 sc0 ls0 ws0\">4.382.767 </div></td></tr><tr><td class=\"c x2a8 y2bba wbf5 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">passivit\u00e0<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2a8 y2bbb wbf6 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">2. Contratti di assicu<span class=\"_ _2\"></span>razione<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2a8 y2bbc wbf4 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">emessi che<span class=\"_ _2\"></span> costituiscono<span class=\"_ _df\"> </span></div></td><td class=\"c x60f y2bbd w162 h17f\"><div class=\"t m0 x15 h30 yaa6 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x4c5 y2bbd w1a4 h17f\"><div class=\"t m0 x31 h30 yaa6 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x483 y2bbd w38d h17f\"><div class=\"t m0 x36 h30 yaa6 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5e0 y2bbd w1e2 h17f\"><div class=\"t m0 x36 h30 yaa6 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x612 y2bbd w1a5 h17f\"><div class=\"t m0 x15 h30 yaa6 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5e2 y2bbd w1ef h17f\"><div class=\"t m0 x31 h30 yaa6 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x613 y2bbd w1df h17f\"><div class=\"t m0 x36 h30 yaa6 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x618 y2bbd w437 h17f\"><div class=\"t m0 x36 h30 yaa6 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2a8 y2bbe wbf8 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">attivit\u00e0<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x262 y2bbf wc17 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc2 ls0 ws0\">3. Valore<span class=\"_ _1\"></span> netto di b<span class=\"_ _1\"></span>ilancio al<span class=\"_ _1\"></span> 31<span class=\"_ _df\"> </span></div></td><td class=\"c x60f y2bc0 w162 h8a\"><div class=\"t m0 x8e h30 y27 ff4 fsb fc1 sc2 ls0 ws0\">4.736.073<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x4c5 y2bc0 w1a4 h8a\"><div class=\"t m0 x31 h30 y27 ff4 fsb fc1 sc2 ls0 ws0\">-</div></td><td class=\"c x483 y2bc0 w38d h8a\"><div class=\"t m0 x14 h30 y27 ff4 fsb fc1 sc2 ls0 ws0\">20.997<span class=\"sc0\"> </span></div></td><td class=\"c x5e0 y2bc0 w1e2 h8a\"><div class=\"t m0 x8e h30 y27 ff4 fsb fc1 sc2 ls0 ws0\">4.757.07<span class=\"_ _1\"></span>0<span class=\"sc0\"> </span></div></td><td class=\"c x612 y2bc0 w1a5 h8a\"><div class=\"t m0 xac h30 y27 ff4 fsb fc1 sc2 ls0 ws0\">4.352.55<span class=\"_ _f\"></span>8<span class=\"sc0\"> </span></div></td><td class=\"c x5e2 y2bc0 w1ef h8a\"><div class=\"t m0 x31 h30 y27 ff4 fsb fc1 sc2 ls0 ws0\">-</div></td><td class=\"c x613 y2bc0 w1df h8a\"><div class=\"t m0 x39 h30 y27 ff4 fsb fc1 sc2 ls0 ws0\">30.209<span class=\"sc0\"> </span></div></td><td class=\"c x618 y2bc0 w437 h8a\"><div class=\"t m0 x8e h30 y27 ff4 fsb fc1 sc2 ls0 ws0\">4.382.767<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x262 y2491 wc18 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc2 ls0 ws0\">dicembre<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr></table>Dinam<span class=\"_ _f\"></span>ica del v<span class=\"_ _1\"></span>alor<span class=\"_ _f\"></span>e di bila<span class=\"_ _1\"></span>ncio d<span class=\"_ _1\"></span>ei co<span class=\"_ _1\"></span>ntrat<span class=\"_ _1\"></span>ti di a<span class=\"_ _f\"></span>ssicurazi<span class=\"_ _1\"></span>one e<span class=\"_ _1\"></span>mes<span class=\"_ _f\"></span>si - GMM o<span class=\"_ _1\"></span> VFA <span class=\"_ _1\"></span>- pas<span class=\"_ _f\"></span>sivit\u00e0 per<span class=\"_ _df\"> </span>resid<span class=\"_ _1\"></span>ua co<span class=\"_ _f\"></span>pertura<span class=\"_ _1\"></span> e pe<span class=\"_ _1\"></span>r sinist<span class=\"_ _1\"></span>ri a<span class=\"_ _1\"></span>ccadu<span class=\"_ _1\"></span>ti<span class=\"_ _df\"> </span>Contr<span class=\"_ _1\"></span>atti a<span class=\"_ _f\"></span>ssicurat<span class=\"_ _1\"></span>ivi em<span class=\"_ _f\"></span>essi sen<span class=\"_ _f\"></span>za elem<span class=\"_ _1\"></span>enti d<span class=\"_ _1\"></span>i par<span class=\"_ _1\"></span>tecipa<span class=\"_ _f\"></span>zione d<span class=\"_ _1\"></span>iretta - <span class=\"_ _f\"></span>Segmento<span class=\"_ _f\"></span> Vita<table class=\"s wc19 h50b\" id=\"_220db95e-a0b8-4fd3-8437-663a2b3c42db\"><tr><td></td><td></td><td></td><td class=\"c x619 y2bc1 wbea h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">Passivit<span class=\"_ _1\"></span>\u00e0<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td class=\"c x61a y2bc1 wbea h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">Passivit<span class=\"_ _1\"></span>\u00e0<span class=\"_ _df\"> </span></div></td><td></td></tr><tr><td class=\"c x46b y2bc2 w22c h1ea\"><div class=\"t m0 x8a h30 y17ae ff4 fsb fc4 sc3 ls0 ws0\">Voci/Pas<span class=\"_ _1\"></span>sivit\u00e0<span class=\"fc1 sc0\"> </span></div></td><td></td><td></td><td class=\"c x61b y2bc3 wbec h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">per sinistri<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td class=\"c x61c y2bc3 wbed h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">per sinistri<span class=\"_ _df\"> </span></div></td><td></td></tr><tr><td></td><td class=\"c x61d y2bc4 wbeb h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">Passivit<span class=\"_ _1\"></span>\u00e0 per resi<span class=\"_ _f\"></span>d<span class=\"_ _2\"></span>ua<span class=\"_ _df\"> </span></div></td><td class=\"c x61e y2bc5 wbee h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">copert<span class=\"_ _1\"></span>ura<span class=\"_ _df\"> </span></div></td><td class=\"c x619 y2bc6 wa66 h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">accaduti<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x61f y2bc4 wbeb h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">Passivit<span class=\"_ _1\"></span>\u00e0 per resi<span class=\"_ _f\"></span>d<span class=\"_ _2\"></span>ua<span class=\"_ _df\"> </span></div></td><td class=\"c x620 y2bc5 wbef h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">copert<span class=\"_ _1\"></span>ura<span class=\"_ _df\"> </span></div></td><td class=\"c x61a y2bc6 wbf0 h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">accaduti<span class=\"_ _df\"> </span></div></td><td></td></tr><tr><td></td><td class=\"c x621 y2bc7 w468 h159\" colspan=\"2\"><div class=\"t m0 x26 h30 y1116 ff4 fsb fc4 sc3 ls0 ws0\">31/12/2025<span class=\"_ _f\"></span><span class=\"fc1 sc0\"> </span></div></td><td class=\"c x622 y2bc7 w356 h159\"><div class=\"t m0 x8a h30 y1116 ff4 fsb fc4 sc3 ls0 ws0\">31/12/2025<span class=\"_ _1\"></span><span class=\"fc1 sc0\"> </span></div></td><td></td><td class=\"c x623 y2bc7 w13 h159\" colspan=\"2\"><div class=\"t m0 x27 h30 y1116 ff4 fsb fc4 sc3 ls0 ws0\">31/12/202<span class=\"_ _f\"></span>4<span class=\"fc1 sc0\"> </span></div></td><td class=\"c x580 y2bc7 w1b2 h159\"><div class=\"t m0 x8a h30 y1116 ff4 fsb fc4 sc3 ls0 ws0\">31/12/202<span class=\"_ _f\"></span>4<span class=\"fc1 sc0\"> </span></div></td><td></td></tr><tr><td></td><td></td><td></td><td></td><td class=\"c x624 y2bc7 w1b2 h29a\"><div class=\"t m0 x116 h30 y7b6 ff4 fsb fc4 sc3 ls0 ws0\">Totale<span class=\"fc1 sc0\"> </span></div></td><td></td><td></td><td></td><td class=\"c x625 y2bc7 w356 h29a\"><div class=\"t m0 x116 h30 y7b6 ff4 fsb fc4 sc3 ls0 ws0\">Totale<span class=\"fc1 sc0\"> </span></div></td></tr><tr><td></td><td class=\"c x626 y2bc8 wbf1 h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">Al netto<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td class=\"c x627 y2bc8 wbf1 h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">Al netto<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td></tr><tr><td></td><td class=\"c x628 y2bc9 wab3 h4aa\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc4 sc3 ls0 ws0\">della<span class=\"_ _df\"> </span></div></td><td class=\"c x5e1 y2bca w10d h29b\"><div class=\"t m0 x2f h30 y11c8 ff4 fsb fc4 sc3 ls0 ws0\">Perdita<span class=\"fc1 sc0\"> </span></div></td><td></td><td></td><td class=\"c x629 y2bc9 wab3 h4aa\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc4 sc3 ls0 ws0\">della<span class=\"_ _df\"> </span></div></td><td class=\"c x62a y2bca w436 h29b\"><div class=\"t m0 x2f h30 y11c8 ff4 fsb fc4 sc3 ls0 ws0\">Perdita<span class=\"fc1 sc0\"> </span></div></td><td></td><td></td></tr><tr><td></td><td class=\"c x62b y27f2 wbf2 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc4 sc3 ls0 ws0\">perdita<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td class=\"c x62c y27f2 wbf2 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc4 sc3 ls0 ws0\">perdita<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td></tr><tr><td class=\"c x46b y2bcb w469 h11\"><div class=\"t m0 x8a h30 yd67 ff4 fsb fc1 sc2 ls0 ws0\">A. Valore<span class=\"_ _1\"></span> di bilancio<span class=\"_ _f\"></span> iniziale<span class=\"sc0\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2a8 y2bcc wc1a h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">1. Contratti di assi<span class=\"_ _2\"></span>curazione emessi<span class=\"_ _df\"> </span></div></td><td class=\"c x621 y2bcd w17d h10\"><div class=\"t m0 x55 h30 y420 ff4 fsb fc1 sc0 ls0 ws0\">55.402 </div></td><td class=\"c x5e1 y2bcd w17d h10\"><div class=\"t m0 x27 h30 y420 ff4 fsb fc1 sc0 ls0 ws0\">130 </div></td><td class=\"c x622 y2bcd w358 h10\"><div class=\"t m0 x2c h30 y420 ff4 fsb fc1 sc0 ls0 ws0\">7.151 </div></td><td class=\"c x624 y2bcd w1a8 h10\"><div class=\"t m0 x130 h30 y420 ff4 fsb fc1 sc0 ls0 ws0\">62.683 </div></td><td class=\"c x623 y2bcd w17c h10\"><div class=\"t m0 x39 h30 y420 ff4 fsb fc1 sc0 ls0 ws0\">57.100 </div></td><td class=\"c x62a y2bcd w46a h10\"><div class=\"t m0 x37 h30 y420 ff4 fsb fc1 sc0 ls5c ws0\">36<span class=\"ls0\"> </span></div></td><td class=\"c x580 y2bcd w1a5 h10\"><div class=\"t m0 x33 h30 y420 ff4 fsb fc1 sc0 ls0 ws0\">5.866 </div></td><td class=\"c x625 y2bcd w35b h10\"><div class=\"t m0 x130 h30 y420 ff4 fsb fc1 sc0 ls0 ws0\">63.002 </div></td></tr><tr><td class=\"c x2a8 y2bce wc1b h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">che costituis<span class=\"_ _2\"></span>cono passivit\u00e0<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2a8 y2bcf wbf6 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">2. Contratti di assicu<span class=\"_ _2\"></span>razione<span class=\"_ _df\"> </span></div></td><td class=\"c x621 y2bd0 w17d h10\"><div class=\"t m0 x30 h30 y825 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5e1 y2bd0 w17d h10\"><div class=\"t m0 x30 h30 y825 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x622 y2bd0 w358 h10\"><div class=\"t m0 x15 h30 y825 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x624 y2bd0 w1a8 h10\"><div class=\"t m0 x15 h30 y825 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x623 y2bd0 w17c h10\"><div class=\"t m0 x30 h30 y825 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x62a y2bd0 w46a h10\"><div class=\"t m0 x30 h30 y825 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x580 y2bd0 w1a5 h10\"><div class=\"t m0 x15 h30 y825 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x625 y2bd0 w35b h10\"><div class=\"t m0 x15 h30 y825 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2a8 y2bd1 wc1c h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">emessi che<span class=\"_ _2\"></span> costituiscono attivit\u00e0<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x262 y2bd2 wbf9 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc2 ls0 ws0\">3. Valore<span class=\"_ _1\"></span> netto di b<span class=\"_ _1\"></span>ilancio al<span class=\"_ _1\"></span> 1\u00b0<span class=\"_ _df\"> </span></div></td><td class=\"c x621 y2bd3 w17d h29c\"><div class=\"t m0 x130 h30 y825 ff4 fsb fc1 sc2 ls0 ws0\">55.402<span class=\"sc0\"> </span></div></td><td class=\"c x5e1 y2bd3 w17d h29c\"><div class=\"t m0 x26 h30 y825 ff4 fsb fc1 sc2 ls0 ws0\">130<span class=\"sc0\"> </span></div></td><td class=\"c x622 y2bd3 w358 h29c\"><div class=\"t m0 x2c h30 y825 ff4 fsb fc1 sc2 ls0 ws0\">7.151<span class=\"sc0\"> </span></div></td><td class=\"c x624 y2bd3 w1a8 h29c\"><div class=\"t m0 x130 h30 y825 ff4 fsb fc1 sc2 ls0 ws0\">62.683<span class=\"sc0\"> </span></div></td><td class=\"c x623 y2bd3 w17c h29c\"><div class=\"t m0 x39 h30 y825 ff4 fsb fc1 sc2 ls0 ws0\">57.100<span class=\"sc0\"> </span></div></td><td class=\"c x62a y2bd3 w46a h29c\"><div class=\"t m0 x37 h30 y825 ff4 fsb fc1 sc2 ls6c ws0\">36<span class=\"sc0 ls0\"> </span></div></td><td class=\"c x580 y2bd3 w1a5 h29c\"><div class=\"t m0 x33 h30 y825 ff4 fsb fc1 sc2 ls0 ws0\">5.866<span class=\"sc0\"> </span></div></td><td class=\"c x625 y2bd3 w35b h29c\"><div class=\"t m0 x130 h30 y825 ff4 fsb fc1 sc2 ls0 ws0\">63.002<span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x262 y2bd4 wbfa h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc2 ls0 ws0\">gennaio<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x46b y2bd5 w469 h11\"><div class=\"t m0 x8a h30 yd67 ff4 fsb fc1 sc2 ls0 ws0\">B. Ricavi a<span class=\"_ _1\"></span>ssicurati<span class=\"_ _1\"></span>vi<span class=\"sc0\"> </span></div></td><td class=\"c x621 y2bd5 w17d h11\"><div class=\"t m0 x2a h30 yd67 ff4 fsb fc1 sc2 ls0 ws0\">(34.162)<span class=\"sc0\"> </span></div></td><td class=\"c x5e1 y2bd5 w17d h11\"><div class=\"t m0 x34 h30 yd67 ff4 fsb fc1 sc2 ls0 ws0\">(5)<span class=\"sc0\"> </span></div></td><td class=\"c x622 y2bd5 w358 h11\"><div class=\"t m0 x15 h30 yd67 ff4 fsb fc1 sc2 ls0 ws0\">-</div></td><td class=\"c x624 y2bd5 w1a8 h11\"><div class=\"t m0 x2e h30 yd67 ff4 fsb fc1 sc2 ls0 ws0\">(34.167)<span class=\"sc0\"> </span></div></td><td class=\"c x623 y2bd5 w17c h11\"><div class=\"t m0 x2a h30 yd67 ff4 fsb fc1 sc2 ls0 ws0\">(31.846)<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x62a y2bd5 w46a h11\"><div class=\"t m0 x30 h30 yd67 ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x580 y2bd5 w1a5 h11\"><div class=\"t m0 x15 h30 yd67 ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x625 y2bd5 w35b h11\"><div class=\"t m0 x2e h30 yd67 ff4 fsb fc1 sc2 ls0 ws0\">(31.846)<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x46b y2bd6 w469 h11\"><div class=\"t m0 x8a h30 yd67 ff4 fsb fc1 sc2 ls0 ws0\">C. Costi<span class=\"_ _1\"></span> per servizi<span class=\"_ _f\"></span> assicurativi<span class=\"sc0\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2a8 y2bd7 wbfb h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">1. Sinistri accaduti e alt<span class=\"_ _2\"></span>ri costi<span class=\"_ _df\"> </span></div></td><td class=\"c x621 y2bd8 w17d h10\"><div class=\"t m0 x30 h30 y420 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5e1 y2bd8 w17d h10\"><div class=\"t m0 x30 h30 y420 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x622 y2bd8 w358 h10\"><div class=\"t m0 x33 h30 y420 ff4 fsb fc1 sc0 ls0 ws0\">9.784 </div></td><td class=\"c x624 y2bd8 w1a8 h10\"><div class=\"t m0 x33 h30 y420 ff4 fsb fc1 sc0 ls0 ws0\">9.784 </div></td><td class=\"c x623 y2bd8 w17c h10\"><div class=\"t m0 x30 h30 y420 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x62a y2bd8 w46a h10\"><div class=\"t m0 x30 h30 y420 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x580 y2bd8 w1a5 h10\"><div class=\"t m0 x39 h30 y420 ff4 fsb fc1 sc0 ls0 ws0\">10.306 </div></td><td class=\"c x625 y2bd8 w35b h10\"><div class=\"t m0 x39 h30 y420 ff4 fsb fc1 sc0 ls0 ws0\">10.306 </div></td></tr><tr><td class=\"c x2a8 y2bd9 wc1d h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">direttamente attri<span class=\"_ _2\"></span>buibili<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2a8 y2bda wbfd h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">2. Variazioni della pass<span class=\"_ _2\"></span>ivit\u00e0 per<span class=\"_ _df\"> </span></div></td><td class=\"c x621 y2bdb w17d h10\"><div class=\"t m0 x30 h30 y420 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5e1 y2bdb w17d h10\"><div class=\"t m0 x30 h30 y420 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x622 y2bdb w358 h10\"><div class=\"t m0 x32 h30 y420 ff4 fsb fc1 sc0 ls0 ws0\">(342) </div></td><td class=\"c x624 y2bdb w1a8 h10\"><div class=\"t m0 x32 h30 y420 ff4 fsb fc1 sc0 ls0 ws0\">(342) </div></td><td class=\"c x623 y2bdb w17c h10\"><div class=\"t m0 x30 h30 y420 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x62a y2bdb w46a h10\"><div class=\"t m0 x30 h30 y420 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x580 y2bdb w1a5 h10\"><div class=\"t m0 x32 h30 y420 ff4 fsb fc1 sc0 ls0 ws0\">1.285 </div></td><td class=\"c x625 y2bdb w35b h10\"><div class=\"t m0 x32 h30 y420 ff4 fsb fc1 sc0 ls0 ws0\">1.285 </div></td></tr><tr><td class=\"c x2a8 y2bdc wbfe h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">sinistri accaduti<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2a8 y2bdd wbff h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">3. Perdite e relativ<span class=\"_ _2\"></span>i recuperi su<span class=\"_ _df\"> </span></div></td><td class=\"c x621 y2bde w17d h10\"><div class=\"t m0 x30 h30 y825 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x5e1 y2bde w17d h10\"><div class=\"t m0 x2c h30 y825 ff4 fsb fc1 sc0 ls0 ws0\">(82)<span class=\"_ _df\"> </span></div></td><td class=\"c x622 y2bde w358 h10\"><div class=\"t m0 x15 h30 y825 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x624 y2bde w1a8 h10\"><div class=\"t m0 x27 h30 y825 ff4 fsb fc1 sc0 ls0 ws0\">(82)<span class=\"_ _df\"> </span></div></td><td class=\"c x623 y2bde w17c h10\"><div class=\"t m0 x30 h30 y825 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x62a y2bde w46a h10\"><div class=\"t m0 x37 h30 y825 ff4 fsb fc1 sc0 ls53 ws0\">93<span class=\"ls0\"> </span></div></td><td class=\"c x580 y2bde w1a5 h10\"><div class=\"t m0 x15 h30 y825 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x625 y2bde w35b h10\"><div class=\"t m0 x97 h30 y825 ff4 fsb fc1 sc0 ls53 ws0\">93<span class=\"_ _df\"> </span></div></td></tr><tr><td class=\"c x2a8 y2bdf wc00 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">contratti oneros<span class=\"_ _2\"></span>i<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2a8 y25cc wc01 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">4. Ammortamento dei cos<span class=\"_ _2\"></span>ti di<span class=\"_ _df\"> </span></div></td><td class=\"c x621 y2be0 w17d h10\"><div class=\"t m0 x48 h30 y825 ff4 fsb fc1 sc0 ls0 ws0\">4.703 </div></td><td class=\"c x5e1 y2be0 w17d h10\"><div class=\"t m0 x30 h30 y825 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x622 y2be0 w358 h10\"><div class=\"t m0 x15 h30 y825 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x624 y2be0 w1a8 h10\"><div class=\"t m0 x33 h30 y825 ff4 fsb fc1 sc0 ls0 ws0\">4.703 </div></td><td class=\"c x623 y2be0 w17c h10\"><div class=\"t m0 x48 h30 y825 ff4 fsb fc1 sc0 ls0 ws0\">3.683 </div></td><td class=\"c x62a y2be0 w46a h10\"><div class=\"t m0 x30 h30 y825 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x580 y2be0 w1a5 h10\"><div class=\"t m0 x15 h30 y825 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x625 y2be0 w35b h10\"><div class=\"t m0 x33 h30 y825 ff4 fsb fc1 sc0 ls0 ws0\">3.683 </div></td></tr><tr><td class=\"c x2a8 y2be1 wc02 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">acquisizione dei<span class=\"_ _2\"></span> contratti<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x46b y2be2 w469 h11\"><div class=\"t m0 x16a h30 yd67 ff4 fsb fc1 sc2 ls0 ws0\">5. Totale<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x621 y2be2 w17d h11\"><div class=\"t m0 x48 h30 yd67 ff4 fsb fc1 sc2 ls0 ws0\">4.703<span class=\"sc0\"> </span></div></td><td class=\"c x5e1 y2be2 w17d h11\"><div class=\"t m0 x3a h30 yd67 ff4 fsb fc1 sc2 ls0 ws0\">(82)<span class=\"sc0\"> </span></div></td><td class=\"c x622 y2be2 w358 h11\"><div class=\"t m0 x33 h30 yd67 ff4 fsb fc1 sc2 ls0 ws0\">9.442<span class=\"sc0\"> </span></div></td><td class=\"c x624 y2be2 w1a8 h11\"><div class=\"t m0 x14 h30 yd67 ff4 fsb fc1 sc2 ls0 ws0\">14.063<span class=\"sc0\"> </span></div></td><td class=\"c x623 y2be2 w17c h11\"><div class=\"t m0 x48 h30 yd67 ff4 fsb fc1 sc2 ls0 ws0\">3.683<span class=\"sc0\"> </span></div></td><td class=\"c x62a y2be2 w46a h11\"><div class=\"t m0 x37 h30 yd67 ff4 fsb fc1 sc2 ls53 ws0\">93<span class=\"sc0 ls0\"> </span></div></td><td class=\"c x580 y2be2 w1a5 h11\"><div class=\"t m0 x33 h30 yd67 ff4 fsb fc1 sc2 ls0 ws0\">11.591<span class=\"sc0\"> </span></div></td><td class=\"c x625 y2be2 w35b h11\"><div class=\"t m0 x14 h30 yd67 ff4 fsb fc1 sc2 ls0 ws0\">15.367<span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x262 y2be3 wc03 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc2 ls0 ws0\">D. Risult<span class=\"_ _f\"></span>a<span class=\"_ _2\"></span>to dei<span class=\"_ _f\"></span> s<span class=\"_ _2\"></span>ervi<span class=\"_ _1\"></span>zi assicura<span class=\"_ _1\"></span>tivi<span class=\"_ _df\"> </span></div></td><td class=\"c x621 y2be4 w17d h10\"><div class=\"t m0 x116 h30 y825 ff4 fsb fc1 sc2 ls0 ws0\">(29.459)<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x5e1 y2be4 w17d h10\"><div class=\"t m0 x3a h30 y825 ff4 fsb fc1 sc2 ls0 ws0\">(87)<span class=\"sc0\"> </span></div></td><td class=\"c x622 y2be4 w358 h10\"><div class=\"t m0 x33 h30 y825 ff4 fsb fc1 sc2 ls0 ws0\">9.442<span class=\"sc0\"> </span></div></td><td class=\"c x624 y2be4 w1a8 h10\"><div class=\"t m0 x2e h30 y825 ff4 fsb fc1 sc2 ls0 ws0\">(20.104)<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x623 y2be4 w17c h10\"><div class=\"t m0 x2a h30 y825 ff4 fsb fc1 sc2 ls0 ws0\">(28.163)<span class=\"sc0\"> </span></div></td><td class=\"c x62a y2be4 w46a h10\"><div class=\"t m0 x37 h30 y825 ff4 fsb fc1 sc2 ls53 ws0\">93<span class=\"sc0 ls0\"> </span></div></td><td class=\"c x580 y2be4 w1a5 h10\"><div class=\"t m0 x33 h30 y825 ff4 fsb fc1 sc2 ls0 ws0\">11.591<span class=\"sc0\"> </span></div></td><td class=\"c x625 y2be4 w35b h10\"><div class=\"t m0 x2e h30 y825 ff4 fsb fc1 sc2 ls0 ws0\">(16.479)<span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x262 y2431 wc04 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc2 ls0 ws0\">(B+C)<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x262 y2be5 wc05 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc2 ls0 ws0\">E. Costi/ric<span class=\"_ _1\"></span>avi netti<span class=\"_ _1\"></span> di natur<span class=\"_ _1\"></span>a<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x262 y2be6 wc06 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc2 ls0 ws0\">finanziari<span class=\"_ _1\"></span>a<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2a8 y2be7 wc1e h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">1. Relativi ai contratti ass<span class=\"_ _2\"></span>ucurativi<span class=\"_ _df\"> </span></div></td><td class=\"c x621 y2be8 w17d h12\"><div class=\"t m0 x33 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">1.362 </div></td><td class=\"c x5e1 y2be8 w17d h12\"><div class=\"t m0 x31 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">5 </div></td><td class=\"c x622 y2be8 w358 h12\"><div class=\"t m0 x15 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x624 y2be8 w1a8 h12\"><div class=\"t m0 x32 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">1.367<span class=\"_ _df\"> </span></div></td><td class=\"c x623 y2be8 w17c h12\"><div class=\"t m0 x33 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">1.799 </div></td><td class=\"c x62a y2be8 w46a h12\"><div class=\"t m0 x30 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x580 y2be8 w1a5 h12\"><div class=\"t m0 x15 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x625 y2be8 w35b h12\"><div class=\"t m0 x32 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">1.799 </div></td></tr><tr><td class=\"c x2a8 y2be9 wc1f h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">emessi<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x46b y2bea w469 h4a\"><div class=\"t m0 x39 h30 yd67 ff4 fsb fc1 sc0 ls0 ws0\">1.1 Registrati in co<span class=\"_ _2\"></span>nto economico </div></td><td class=\"c x621 y2bea w17d h4a\"><div class=\"t m0 x32 h30 yd67 ff4 fsb fc1 sc0 ls0 ws0\">1.149 </div></td><td class=\"c x5e1 y2bea w17d h4a\"><div class=\"t m0 x31 h30 yd67 ff4 fsb fc1 sc0 ls0 ws0\">5 </div></td><td class=\"c x622 y2bea w358 h4a\"><div class=\"t m0 x15 h30 yd67 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x624 y2bea w1a8 h4a\"><div class=\"t m0 x35 h30 yd67 ff4 fsb fc1 sc0 ls0 ws0\">1.154<span class=\"_ _df\"> </span></div></td><td class=\"c x623 y2bea w17c h4a\"><div class=\"t m0 x33 h30 yd67 ff4 fsb fc1 sc0 ls0 ws0\">1.047 </div></td><td class=\"c x62a y2bea w46a h4a\"><div class=\"t m0 x30 h30 yd67 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x580 y2bea w1a5 h4a\"><div class=\"t m0 x15 h30 yd67 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x625 y2bea w35b h4a\"><div class=\"t m0 x32 h30 yd67 ff4 fsb fc1 sc0 ls0 ws0\">1.047 </div></td></tr><tr><td class=\"c x46a y2beb wc0b h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">1.2 Registrati nel co<span class=\"_ _2\"></span>nto<span class=\"_ _df\"> </span></div></td><td class=\"c x621 y2bec w17d h10\"><div class=\"t m0 x26 h30 y420 ff4 fsb fc1 sc0 ls0 ws0\">213 </div></td><td class=\"c x5e1 y2bec w17d h10\"><div class=\"t m0 x30 h30 y420 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x622 y2bec w358 h10\"><div class=\"t m0 x15 h30 y420 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x624 y2bec w1a8 h10\"><div class=\"t m0 x26 h30 y420 ff4 fsb fc1 sc0 ls0 ws0\">213 </div></td><td class=\"c x623 y2bec w17c h10\"><div class=\"t m0 x27 h30 y420 ff4 fsb fc1 sc0 ls0 ws0\">752 </div></td><td class=\"c x62a y2bec w46a h10\"><div class=\"t m0 x30 h30 y420 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x580 y2bec w1a5 h10\"><div class=\"t m0 x15 h30 y420 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x625 y2bec w35b h10\"><div class=\"t m0 x26 h30 y420 ff4 fsb fc1 sc0 ls0 ws0\">752 </div></td></tr><tr><td class=\"c x46a y2bed wc0c h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">economico co<span class=\"_ _2\"></span>mplessivo<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2a8 y2bee wc20 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">2. Effetti co<span class=\"_ _2\"></span>nnessi con le variazioni<span class=\"_ _df\"> </span></div></td><td class=\"c x621 y2bef w17d h10\"><div class=\"t m0 x30 h30 y420 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5e1 y2bef w17d h10\"><div class=\"t m0 x30 h30 y420 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x622 y2bef w358 h10\"><div class=\"t m0 x15 h30 y420 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x624 y2bef w1a8 h10\"><div class=\"t m0 x15 h30 y420 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x623 y2bef w17c h10\"><div class=\"t m0 x30 h30 y420 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x62a y2bef w46a h10\"><div class=\"t m0 x30 h30 y420 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x580 y2bef w1a5 h10\"><div class=\"t m0 x15 h30 y420 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x625 y2bef w35b h10\"><div class=\"t m0 x15 h30 y420 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2a8 y2bf0 wc21 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">dei tassi di cambio<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x46b y2bf1 w469 h49\"><div class=\"t m0 x16a h30 yd67 ff4 fsb fc1 sc2 ls0 ws0\">3. Totale<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x621 y2bf1 w17d h49\"><div class=\"t m0 x33 h30 yd67 ff4 fsb fc1 sc2 ls0 ws0\">1.362<span class=\"sc0\"> </span></div></td><td class=\"c x5e1 y2bf1 w17d h49\"><div class=\"t m0 x31 h30 yd67 ff4 fsb fc1 sc2 ls0 ws0\">5<span class=\"sc0\"> </span></div></td><td class=\"c x622 y2bf1 w358 h49\"><div class=\"t m0 x15 h30 yd67 ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x624 y2bf1 w1a8 h49\"><div class=\"t m0 x32 h30 yd67 ff4 fsb fc1 sc2 ls0 ws0\">1.367<span class=\"sc0\"> </span></div></td><td class=\"c x623 y2bf1 w17c h49\"><div class=\"t m0 x32 h30 yd67 ff4 fsb fc1 sc2 ls0 ws0\">1.799<span class=\"sc0\"> </span></div></td><td class=\"c x62a y2bf1 w46a h49\"><div class=\"t m0 x30 h30 yd67 ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x580 y2bf1 w1a5 h49\"><div class=\"t m0 x15 h30 yd67 ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x625 y2bf1 w35b h49\"><div class=\"t m0 x32 h30 yd67 ff4 fsb fc1 sc2 ls0 ws0\">1.799<span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x46b y2bf2 w469 h49\"><div class=\"t m0 x8a h30 y823 ff4 fsb fc1 sc2 ls0 ws0\">F. Compo<span class=\"_ _f\"></span>nenti di investi<span class=\"_ _1\"></span>mento<span class=\"sc0\"> </span></div></td><td class=\"c x621 y2bf2 w17d h49\"><div class=\"t m0 x30 h30 y823 ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x5e1 y2bf2 w17d h49\"><div class=\"t m0 x30 h30 y823 ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x622 y2bf2 w358 h49\"><div class=\"t m0 x15 h30 y823 ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x624 y2bf2 w1a8 h49\"><div class=\"t m0 x15 h30 y823 ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x623 y2bf2 w17c h49\"><div class=\"t m0 x30 h30 y823 ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x62a y2bf2 w46a h49\"><div class=\"t m0 x30 h30 y823 ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x580 y2bf2 w1a5 h49\"><div class=\"t m0 x15 h30 y823 ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x625 y2bf2 w35b h49\"><div class=\"t m0 x15 h30 y823 ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x262 y26b5 wc22 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc2 ls0 ws0\">G. Import<span class=\"_ _1\"></span>o totale<span class=\"_ _f\"></span> <span class=\"_ _2\"></span>registr<span class=\"_ _1\"></span>ato in conto<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x262 y2bf3 wc23 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc2 ls0 ws0\">econo<span class=\"_ _1\"></span>mico e nel co<span class=\"_ _1\"></span>nto eco<span class=\"_ _f\"></span>n<span class=\"_ _2\"></span>omico<span class=\"_ _df\"> </span></div></td><td class=\"c x621 y2bf4 w17d h29d\"><div class=\"t m0 x116 h30 y41f ff4 fsb fc1 sc2 ls0 ws0\">(28.097)<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x5e1 y2bf4 w17d h29d\"><div class=\"t m0 x3a h30 y41f ff4 fsb fc1 sc2 ls0 ws0\">(82)<span class=\"sc0\"> </span></div></td><td class=\"c x622 y2bf4 w358 h29d\"><div class=\"t m0 x33 h30 y41f ff4 fsb fc1 sc2 ls0 ws0\">9.442<span class=\"sc0\"> </span></div></td><td class=\"c x624 y2bf4 w1a8 h29d\"><div class=\"t m0 x55 h30 y41f ff4 fsb fc1 sc2 ls0 ws0\">(18.737)<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x623 y2bf4 w17c h29d\"><div class=\"t m0 x116 h30 y41f ff4 fsb fc1 sc2 ls0 ws0\">(26.364)<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x62a y2bf4 w46a h29d\"><div class=\"t m0 x37 h30 y41f ff4 fsb fc1 sc2 ls53 ws0\">93<span class=\"sc0 ls0\"> </span></div></td><td class=\"c x580 y2bf4 w1a5 h29d\"><div class=\"t m0 x33 h30 y41f ff4 fsb fc1 sc2 ls0 ws0\">11.591<span class=\"sc0\"> </span></div></td><td class=\"c x625 y2bf4 w35b h29d\"><div class=\"t m0 x2e h30 y41f ff4 fsb fc1 sc2 ls0 ws0\">(14.680)<span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x262 y2bf5 wc24 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc2 ls0 ws0\">comples<span class=\"_ _1\"></span>sivo (D+<span class=\"_ _1\"></span>E+F)<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x46b y2bf6 w469 h11\"><div class=\"t m0 x8a h30 yd67 ff4 fsb fc1 sc2 ls0 ws0\">H. Altre<span class=\"_ _1\"></span> variazioni </div></td><td class=\"c x621 y2bf6 w17d h11\"><div class=\"t m0 x30 h30 yd67 ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x5e1 y2bf6 w17d h11\"><div class=\"t m0 x30 h30 yd67 ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x622 y2bf6 w358 h11\"><div class=\"t m0 x15 h30 yd67 ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x624 y2bf6 w1a8 h11\"><div class=\"t m0 x15 h30 yd67 ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x623 y2bf6 w17c h11\"><div class=\"t m0 x30 h30 yd67 ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x62a y2bf6 w46a h11\"><div class=\"t m0 x30 h30 yd67 ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x580 y2bf6 w1a5 h11\"><div class=\"t m0 x15 h30 yd67 ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x625 y2bf6 w35b h11\"><div class=\"t m0 x15 h30 yd67 ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x46b y2bf7 w469 h49\"><div class=\"t m0 x8a h30 yd67 ff4 fsb fc1 sc2 ls0 ws0\">I. Movim<span class=\"_ _1\"></span>enti di ca<span class=\"_ _1\"></span>ssa<span class=\"sc0\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x46b y2bf8 w469 h49\"><div class=\"t m0 x16a h30 y823 ff4 fsb fc1 sc0 ls0 ws0\">1. Premi ricevu<span class=\"_ _2\"></span>ti </div></td><td class=\"c x621 y2bf8 w17d h49\"><div class=\"t m0 x55 h30 y823 ff4 fsb fc1 sc0 ls0 ws0\">24.242 </div></td><td class=\"c x5e1 y2bf8 w17d h49\"><div class=\"t m0 x30 h30 y823 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x622 y2bf8 w358 h49\"><div class=\"t m0 x15 h30 y823 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x624 y2bf8 w1a8 h49\"><div class=\"t m0 x39 h30 y823 ff4 fsb fc1 sc0 ls0 ws0\">24.242 </div></td><td class=\"c x623 y2bf8 w17c h49\"><div class=\"t m0 x55 h30 y823 ff4 fsb fc1 sc0 ls0 ws0\">24.666 </div></td><td class=\"c x62a y2bf8 w46a h49\"><div class=\"t m0 x30 h30 y823 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x580 y2bf8 w1a5 h49\"><div class=\"t m0 x15 h30 y823 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x625 y2bf8 w35b h49\"><div class=\"t m0 x130 h30 y823 ff4 fsb fc1 sc0 ls0 ws0\">24.666 </div></td></tr><tr><td class=\"c x2a8 y2bf9 wc25 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">2. Pagamenti conness<span class=\"_ _2\"></span>i con i costi<span class=\"_ _df\"> </span></div></td><td class=\"c x621 y2bfa w17d h10\"><div class=\"t m0 x30 h30 y825 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5e1 y2bfa w17d h10\"><div class=\"t m0 x30 h30 y825 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x622 y2bfa w358 h10\"><div class=\"t m0 x15 h30 y825 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x624 y2bfa w1a8 h10\"><div class=\"t m0 x15 h30 y825 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x623 y2bfa w17c h10\"><div class=\"t m0 x30 h30 y825 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x62a y2bfa w46a h10\"><div class=\"t m0 x30 h30 y825 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x580 y2bfa w1a5 h10\"><div class=\"t m0 x15 h30 y825 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x625 y2bfa w35b h10\"><div class=\"t m0 x15 h30 y825 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2a8 y26f6 wc26 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">di acquisizione dei co<span class=\"_ _2\"></span>ntratti<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2a8 y2bfb wc27 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">3. Sinistri pagati e alt<span class=\"_ _2\"></span>re uscite di<span class=\"_ _df\"> </span></div></td><td class=\"c x621 y2bfc w17d h99\"><div class=\"t m0 x30 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5e1 y2bfc w17d h99\"><div class=\"t m0 x30 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x622 y2bfc w358 h99\"><div class=\"t m0 x130 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">(9.784) </div></td><td class=\"c x624 y2bfc w1a8 h99\"><div class=\"t m0 x130 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">(9.784) </div></td><td class=\"c x623 y2bfc w17c h99\"><div class=\"t m0 x30 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x62a y2bfc w46a h99\"><div class=\"t m0 x30 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x580 y2bfc w1a5 h99\"><div class=\"t m0 x2e h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">(10.306) </div></td><td class=\"c x625 y2bfc w35b h99\"><div class=\"t m0 x2e h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">(10.306) </div></td></tr><tr><td class=\"c x2a8 y2bfd wc14 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">cassa<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x46b y2bfe w469 h49\"><div class=\"t m0 x16a h30 yd67 ff4 fsb fc1 sc0 ls0 ws0\">4. Altri movim<span class=\"_ _2\"></span>enti<span class=\"_ _df\"> </span></div></td><td class=\"c x621 y2bfe w17d h49\"><div class=\"t m0 x30 h30 yd67 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5e1 y2bfe w17d h49\"><div class=\"t m0 x30 h30 yd67 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x622 y2bfe w358 h49\"><div class=\"t m0 x15 h30 yd67 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x624 y2bfe w1a8 h49\"><div class=\"t m0 x15 h30 yd67 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x623 y2bfe w17c h49\"><div class=\"t m0 x30 h30 yd67 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x62a y2bfe w46a h49\"><div class=\"t m0 x30 h30 yd67 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x580 y2bfe w1a5 h49\"><div class=\"t m0 x15 h30 yd67 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x625 y2bfe w35b h49\"><div class=\"t m0 x15 h30 yd67 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y2bff w469 h49\"><div class=\"t m0 x16a h30 y823 ff4 fsb fc1 sc2 ls0 ws0\">5. Totale<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x621 y2bff w17d h49\"><div class=\"t m0 x130 h30 y823 ff4 fsb fc1 sc2 ls0 ws0\">24.242<span class=\"sc0\"> </span></div></td><td class=\"c x5e1 y2bff w17d h49\"><div class=\"t m0 x30 h30 y823 ff4 fsb fc1 sc2 ls0 ws0\">-</div></td><td class=\"c x622 y2bff w358 h49\"><div class=\"t m0 x130 h30 y823 ff4 fsb fc1 sc2 ls0 ws0\">(9.784)<span class=\"sc0\"> </span></div></td><td class=\"c x624 y2bff w1a8 h49\"><div class=\"t m0 x14 h30 y823 ff4 fsb fc1 sc2 ls0 ws0\">14.458<span class=\"sc0\"> </span></div></td><td class=\"c x623 y2bff w17c h49\"><div class=\"t m0 x55 h30 y823 ff4 fsb fc1 sc2 ls0 ws0\">24.666<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x62a y2bff w46a h49\"><div class=\"t m0 x30 h30 y823 ff4 fsb fc1 sc2 ls0 ws0\">-</div></td><td class=\"c x580 y2bff w1a5 h49\"><div class=\"t m0 x2e h30 y823 ff4 fsb fc1 sc2 ls0 ws0\">(10.306)<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x625 y2bff w35b h49\"><div class=\"t m0 x14 h30 y823 ff4 fsb fc1 sc2 ls0 ws0\">14.360<span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x262 y2c00 wc15 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc2 ls0 ws0\">L. Valore<span class=\"_ _1\"></span> netto di b<span class=\"_ _1\"></span>ilancio al<span class=\"_ _1\"></span> 31<span class=\"_ _df\"> </span></div></td><td class=\"c x621 y2c01 w17d h10\"><div class=\"t m0 x14 h30 y825 ff4 fsb fc1 sc2 ls0 ws0\">51.547<span class=\"sc0\"> </span></div></td><td class=\"c x5e1 y2c01 w17d h10\"><div class=\"t m0 x37 h30 y825 ff4 fsb fc1 sc2 ls54 ws0\">48<span class=\"sc0 ls0\"> </span></div></td><td class=\"c x622 y2c01 w358 h10\"><div class=\"t m0 x33 h30 y825 ff4 fsb fc1 sc2 ls0 ws0\">6.809<span class=\"sc0\"> </span></div></td><td class=\"c x624 y2c01 w1a8 h10\"><div class=\"t m0 x130 h30 y825 ff4 fsb fc1 sc2 ls0 ws0\">58.404<span class=\"sc0\"> </span></div></td><td class=\"c x623 y2c01 w17c h10\"><div class=\"t m0 x130 h30 y825 ff4 fsb fc1 sc2 ls0 ws0\">55.402<span class=\"sc0\"> </span></div></td><td class=\"c x62a y2c01 w46a h10\"><div class=\"t m0 x26 h30 y825 ff4 fsb fc1 sc2 ls0 ws0\">129<span class=\"sc0\"> </span></div></td><td class=\"c x580 y2c01 w1a5 h10\"><div class=\"t m0 x2c h30 y825 ff4 fsb fc1 sc2 ls0 ws0\">7.151<span class=\"sc0\"> </span></div></td><td class=\"c x625 y2c01 w35b h10\"><div class=\"t m0 x39 h30 y825 ff4 fsb fc1 sc2 ls0 ws0\">62.682<span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x262 y2c02 wc16 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc2 ls0 ws0\">dicembre<span class=\"_ _f\"></span> (<span class=\"_ _2\"></span>A.3+<span class=\"_ _f\"></span>G<span class=\"_ _2\"></span>+H+<span class=\"_ _f\"></span>I.4)<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x46b y2c03 w469 h49\"><div class=\"t m0 x8a h30 y823 ff4 fsb fc1 sc2 ls0 ws0\">M. Valore<span class=\"_ _1\"></span> di bilanci<span class=\"_ _1\"></span>o finale<span class=\"sc0\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2a8 y289e wc1a h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">1. Contratti di assi<span class=\"_ _2\"></span>curazione emessi<span class=\"_ _df\"> </span></div></td><td class=\"c x621 y2c04 w17d h10\"><div class=\"t m0 x39 h30 y825 ff4 fsb fc1 sc0 ls0 ws0\">51.547 </div></td><td class=\"c x5e1 y2c04 w17d h10\"><div class=\"t m0 x34 h30 y825 ff4 fsb fc1 sc0 ls54 ws0\">48<span class=\"ls0\"> </span></div></td><td class=\"c x622 y2c04 w358 h10\"><div class=\"t m0 x48 h30 y825 ff4 fsb fc1 sc0 ls0 ws0\">6.808 </div></td><td class=\"c x624 y2c04 w1a8 h10\"><div class=\"t m0 x130 h30 y825 ff4 fsb fc1 sc0 ls0 ws0\">58.403 </div></td><td class=\"c x623 y2c04 w17c h10\"><div class=\"t m0 x55 h30 y825 ff4 fsb fc1 sc0 ls0 ws0\">55.402 </div></td><td class=\"c x62a y2c04 w46a h10\"><div class=\"t m0 x27 h30 y825 ff4 fsb fc1 sc0 ls0 ws0\">130 </div></td><td class=\"c x580 y2c04 w1a5 h10\"><div class=\"t m0 x2c h30 y825 ff4 fsb fc1 sc0 ls0 ws0\">7.151 </div></td><td class=\"c x625 y2c04 w35b h10\"><div class=\"t m0 x130 h30 y825 ff4 fsb fc1 sc0 ls0 ws0\">62.683 </div></td></tr><tr><td class=\"c x2a8 y2c05 wc1b h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">che costituis<span class=\"_ _2\"></span>cono passivit\u00e0<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2a8 y2c06 wbf6 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">2. Contratti di assicu<span class=\"_ _2\"></span>razione<span class=\"_ _df\"> </span></div></td><td class=\"c x621 y2c07 w17d h10\"><div class=\"t m0 x30 h30 y825 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5e1 y2c07 w17d h10\"><div class=\"t m0 x30 h30 y825 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x622 y2c07 w358 h10\"><div class=\"t m0 x15 h30 y825 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x624 y2c07 w1a8 h10\"><div class=\"t m0 x15 h30 y825 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x623 y2c07 w17c h10\"><div class=\"t m0 x30 h30 y825 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x62a y2c07 w46a h10\"><div class=\"t m0 x30 h30 y825 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x580 y2c07 w1a5 h10\"><div class=\"t m0 x15 h30 y825 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x625 y2c07 w35b h10\"><div class=\"t m0 x15 h30 y825 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2a8 y2c08 wc1c h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">emessi che<span class=\"_ _2\"></span> costituiscono attivit\u00e0<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x262 y2bbf wc28 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc2 ls0 ws0\">3. Valore<span class=\"_ _1\"></span> netto di bi<span class=\"_ _1\"></span>lancio al<span class=\"_ _1\"></span> 31<span class=\"_ _df\"> </span></div></td><td class=\"c x621 y2c09 w17d hf6\"><div class=\"t m0 x14 h30 yd20 ff4 fsb fc1 sc2 ls0 ws0\">51.547<span class=\"sc0\"> </span></div></td><td class=\"c x5e1 y2c09 w17d hf6\"><div class=\"t m0 x37 h30 yd20 ff4 fsb fc1 sc2 ls54 ws0\">48<span class=\"sc0 ls0\"> </span></div></td><td class=\"c x622 y2c09 w358 hf6\"><div class=\"t m0 x33 h30 yd20 ff4 fsb fc1 sc2 ls0 ws0\">6.808<span class=\"sc0\"> </span></div></td><td class=\"c x624 y2c09 w1a8 hf6\"><div class=\"t m0 x130 h30 yd20 ff4 fsb fc1 sc2 ls0 ws0\">58.403<span class=\"sc0\"> </span></div></td><td class=\"c x623 y2c09 w17c hf6\"><div class=\"t m0 x130 h30 yd20 ff4 fsb fc1 sc2 ls0 ws0\">55.402<span class=\"sc0\"> </span></div></td><td class=\"c x62a y2c09 w46a hf6\"><div class=\"t m0 x26 h30 yd20 ff4 fsb fc1 sc2 ls0 ws0\">130<span class=\"sc0\"> </span></div></td><td class=\"c x580 y2c09 w1a5 hf6\"><div class=\"t m0 x2c h30 yd20 ff4 fsb fc1 sc2 ls0 ws0\">7.151<span class=\"sc0\"> </span></div></td><td class=\"c x625 y2c09 w35b hf6\"><div class=\"t m0 x130 h30 yd20 ff4 fsb fc1 sc2 ls0 ws0\">62.683<span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x262 y2491 wc18 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc2 ls0 ws0\">dicembre<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr></table>Dinam<span class=\"_ _f\"></span>ica del v<span class=\"_ _1\"></span>alor<span class=\"_ _f\"></span>e di bila<span class=\"_ _1\"></span>ncio d<span class=\"_ _1\"></span>ei co<span class=\"_ _1\"></span>ntrat<span class=\"_ _1\"></span>ti di a<span class=\"_ _f\"></span>ssicurazi<span class=\"_ _1\"></span>one e<span class=\"_ _1\"></span>mes<span class=\"_ _f\"></span>si - GMM o<span class=\"_ _1\"></span> VFA <span class=\"_ _1\"></span>- pas<span class=\"_ _f\"></span>sivit\u00e0 per<span class=\"_ _1\"></span> resid<span class=\"_ _1\"></span>ua co<span class=\"_ _f\"></span>pertura<span class=\"_ _1\"></span> e pe<span class=\"_ _1\"></span>r sinist<span class=\"_ _1\"></span>ri a<span class=\"_ _1\"></span>ccadu<span class=\"_ _1\"></span>ti<span class=\"fc1 sc2\"> </span>Contr<span class=\"_ _1\"></span>atti <span class=\"_ _f\"></span>d'investim<span class=\"_ _f\"></span>ento eme<span class=\"_ _1\"></span>ssi <span class=\"_ _f\"></span>con eleme<span class=\"_ _f\"></span>nti di p<span class=\"_ _1\"></span>arte<span class=\"_ _1\"></span>cipazi<span class=\"_ _1\"></span>one d<span class=\"_ _1\"></span>iscr<span class=\"_ _1\"></span>eziona<span class=\"_ _f\"></span>li - Segm<span class=\"_ _1\"></span>ento <span class=\"_ _1\"></span>Vita<span class=\"_ _f\"></span><span class=\"fc1 sc2\"> </span><table class=\"s wc29 h50c\" id=\"_08316b65-a5c9-4d04-bc72-e526c6eed7a8\"><tr><td></td><td></td><td></td><td class=\"c x62d y2c0a wbea h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">Passivit<span class=\"_ _1\"></span>\u00e0<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td class=\"c x62e y2c0a wbea h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">Passivit<span class=\"_ _1\"></span>\u00e0<span class=\"_ _df\"> </span></div></td><td></td></tr><tr><td class=\"c x46b y2c0b w46b h29f\"><div class=\"t m0 x8a h30 y307 ff4 fsb fc4 sc3 ls0 ws0\">Voci/Pas<span class=\"_ _1\"></span>sivit\u00e0<span class=\"fc1 sc0\"> </span></div></td><td></td><td></td><td class=\"c x62f y2c0c wbec h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">per sinistri<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td class=\"c x630 y2c0c wbed h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">per sinistri<span class=\"_ _df\"> </span></div></td><td></td></tr><tr><td></td><td class=\"c x501 y2c0d wbeb h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">Passivit<span class=\"_ _1\"></span>\u00e0 per resi<span class=\"_ _f\"></span>d<span class=\"_ _2\"></span>ua<span class=\"_ _df\"> </span></div></td><td class=\"c x631 y2c0e wbee h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">copert<span class=\"_ _1\"></span>ura<span class=\"_ _df\"> </span></div></td><td class=\"c x62d y2c0f wa66 h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">accaduti<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x632 y2c0d wbeb h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">Passivit<span class=\"_ _1\"></span>\u00e0 per resi<span class=\"_ _f\"></span>d<span class=\"_ _2\"></span>ua<span class=\"_ _df\"> </span></div></td><td class=\"c x633 y2c0e wbef h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">copert<span class=\"_ _1\"></span>ura<span class=\"_ _df\"> </span></div></td><td class=\"c x62e y2c0f wbf0 h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">accaduti<span class=\"_ _df\"> </span></div></td><td></td></tr><tr><td></td><td class=\"c x634 y2c10 w14 h95\" colspan=\"2\"><div class=\"t m0 x27 h30 y35c ff4 fsb fc4 sc3 ls0 ws0\">31/12/2025<span class=\"_ _f\"></span><span class=\"fc1 sc0\"> </span></div></td><td class=\"c x635 y2c10 w10e h95\"><div class=\"t m0 x8a h30 y35c ff4 fsb fc4 sc3 ls0 ws0\">31/12/2025<span class=\"_ _1\"></span><span class=\"fc1 sc0\"> </span></div></td><td></td><td class=\"c x636 y2c10 w46c h95\" colspan=\"2\"><div class=\"t m0 x27 h30 y35c ff4 fsb fc4 sc3 ls0 ws0\">31/12/202<span class=\"_ _f\"></span>4<span class=\"fc1 sc0\"> </span></div></td><td class=\"c x637 y2c10 w1c6 h95\"><div class=\"t m0 x8a h30 y35c ff4 fsb fc4 sc3 ls0 ws0\">31/12/202<span class=\"_ _f\"></span>4<span class=\"fc1 sc0\"> </span></div></td><td></td></tr><tr><td></td><td></td><td></td><td></td><td class=\"c x638 y2c10 w111 h2a0\"><div class=\"t m0 x16a h30 y7b6 ff4 fsb fc4 sc3 ls0 ws0\">Totale<span class=\"fc1 sc0\"> </span></div></td><td></td><td></td><td></td><td class=\"c x50f y2c10 w356 h2a0\"><div class=\"t m0 x116 h30 y7b6 ff4 fsb fc4 sc3 ls0 ws0\">Totale<span class=\"fc1 sc0\"> </span></div></td></tr><tr><td></td><td class=\"c x639 y2c11 wbf1 h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">Al netto<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td class=\"c x63a y2c11 wbf1 h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">Al netto<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td></tr><tr><td></td><td class=\"c x63b y2c12 wab3 h4aa\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc4 sc3 ls0 ws0\">della<span class=\"_ _df\"> </span></div></td><td class=\"c x63c y2c13 w1a4 h29e\"><div class=\"t m0 x2f h30 y36a ff4 fsb fc4 sc3 ls0 ws0\">Perdita<span class=\"fc1 sc0\"> </span></div></td><td></td><td></td><td class=\"c x63d y2c12 wab3 h4aa\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc4 sc3 ls0 ws0\">della<span class=\"_ _df\"> </span></div></td><td class=\"c x616 y2c13 w46d h29e\"><div class=\"t m0 x2f h30 y36a ff4 fsb fc4 sc3 ls0 ws0\">Perdita<span class=\"fc1 sc0\"> </span></div></td><td></td><td></td></tr><tr><td></td><td class=\"c x63e y2c14 wbf2 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc4 sc3 ls0 ws0\">perdita<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td class=\"c x63f y2c14 wbf2 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc4 sc3 ls0 ws0\">perdita<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td></tr><tr><td class=\"c x46b y2c15 w46e h19a\"><div class=\"t m0 x8a h30 y394 ff4 fsb fc1 sc2 ls0 ws0\">A. Valore<span class=\"_ _1\"></span> di bilancio<span class=\"_ _f\"></span> iniziale<span class=\"sc0\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2a8 y2c16 wbf3 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">1. Contratti di assi<span class=\"_ _2\"></span>curazione<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2a8 y2c17 wbf4 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">emessi che<span class=\"_ _2\"></span> costituiscono<span class=\"_ _df\"> </span></div></td><td class=\"c x634 y2c18 w177 h136\"><div class=\"t m0 x16a h30 y9bd ff4 fsb fc1 sc0 ls0 ws0\">546.489 </div></td><td class=\"c x63c y2c18 w179 h136\"><div class=\"t m0 x30 h30 y9bd ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x635 y2c18 w3b6 h136\"><div class=\"t m0 x27 h30 y9bd ff4 fsb fc1 sc0 ls0 ws0\">678 </div></td><td class=\"c x638 y2c18 w17b h136\"><div class=\"t m0 x55 h30 y9bd ff4 fsb fc1 sc0 ls0 ws0\">547.167 </div></td><td class=\"c x636 y2c18 w177 h136\"><div class=\"t m0 x2e h30 y9bd ff4 fsb fc1 sc0 ls0 ws0\">348.611 </div></td><td class=\"c x616 y2c18 w176 h136\"><div class=\"t m0 x30 h30 y9bd ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x637 y2c18 w168 h136\"><div class=\"t m0 x32 h30 y9bd ff4 fsb fc1 sc0 ls0 ws0\">2.319 </div></td><td class=\"c x50f y2c18 w358 h136\"><div class=\"t m0 x2a h30 y9bd ff4 fsb fc1 sc0 ls0 ws0\">350.930 </div></td></tr><tr><td class=\"c x2a8 y2c19 wbf5 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">passivit\u00e0<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2a8 y2c1a wbf6 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">2. Contratti di assicu<span class=\"_ _2\"></span>razione<span class=\"_ _df\"> </span></div></td><td class=\"c x634 y2c1b w177 h159\"><div class=\"t m0 x30 h30 y45 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x63c y2c1b w179 h159\"><div class=\"t m0 x30 h30 y45 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x635 y2c1b w3b6 h159\"><div class=\"t m0 x15 h30 y45 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x638 y2c1b w17b h159\"><div class=\"t m0 x15 h30 y45 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x636 y2c1b w177 h159\"><div class=\"t m0 x30 h30 y45 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x616 y2c1b w176 h159\"><div class=\"t m0 x30 h30 y45 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x637 y2c1b w168 h159\"><div class=\"t m0 x15 h30 y45 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x50f y2c1b w358 h159\"><div class=\"t m0 x15 h30 y45 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2a8 y2c1c wc1c h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">emessi che<span class=\"_ _2\"></span> costituiscono attivit\u00e0<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x262 y2bd4 wbf9 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc2 ls0 ws0\">3. Valore<span class=\"_ _1\"></span> netto di b<span class=\"_ _1\"></span>ilancio al<span class=\"_ _1\"></span> 1\u00b0<span class=\"_ _df\"> </span></div></td><td class=\"c x634 y2c1d w177 h184\"><div class=\"t m0 x116 h30 y45 ff4 fsb fc1 sc2 ls0 ws0\">546.489<span class=\"sc0\"> </span></div></td><td class=\"c x63c y2c1d w179 h184\"><div class=\"t m0 x30 h30 y45 ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x635 y2c1d w3b6 h184\"><div class=\"t m0 x27 h30 y45 ff4 fsb fc1 sc2 ls0 ws0\">678<span class=\"sc0\"> </span></div></td><td class=\"c x638 y2c1d w17b h184\"><div class=\"t m0 x55 h30 y45 ff4 fsb fc1 sc2 ls0 ws0\">547.167<span class=\"sc0\"> </span></div></td><td class=\"c x636 y2c1d w177 h184\"><div class=\"t m0 x2e h30 y45 ff4 fsb fc1 sc2 ls0 ws0\">348.611<span class=\"sc0\"> </span></div></td><td class=\"c x616 y2c1d w176 h184\"><div class=\"t m0 x30 h30 y45 ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x637 y2c1d w168 h184\"><div class=\"t m0 x32 h30 y45 ff4 fsb fc1 sc2 ls0 ws0\">2.319<span class=\"sc0\"> </span></div></td><td class=\"c x50f y2c1d w358 h184\"><div class=\"t m0 x2a h30 y45 ff4 fsb fc1 sc2 ls0 ws0\">350.930<span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x262 y2c1e wbfa h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc2 ls0 ws0\">gennaio<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x46b y2c1f w46e h69\"><div class=\"t m0 x8a h30 y25f ff4 fsb fc1 sc2 ls0 ws0\">B. Ricavi a<span class=\"_ _1\"></span>ssicurati<span class=\"_ _1\"></span>vi<span class=\"sc0\"> </span></div></td><td class=\"c x634 y2c1f w177 h69\"><div class=\"t m0 x2e h30 y25f ff4 fsb fc1 sc2 ls0 ws0\">(11.383)<span class=\"sc0\"> </span></div></td><td class=\"c x63c y2c1f w179 h69\"><div class=\"t m0 x30 h30 y25f ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x635 y2c1f w3b6 h69\"><div class=\"t m0 x15 h30 y25f ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x638 y2c1f w17b h69\"><div class=\"t m0 x55 h30 y25f ff4 fsb fc1 sc2 ls0 ws0\">(11.383)<span class=\"sc0\"> </span></div></td><td class=\"c x636 y2c1f w177 h69\"><div class=\"t m0 x55 h30 y25f ff4 fsb fc1 sc2 ls0 ws0\">(5.960)<span class=\"sc0\"> </span></div></td><td class=\"c x616 y2c1f w176 h69\"><div class=\"t m0 x30 h30 y25f ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x637 y2c1f w168 h69\"><div class=\"t m0 x15 h30 y25f ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x50f y2c1f w358 h69\"><div class=\"t m0 x130 h30 y25f ff4 fsb fc1 sc2 ls0 ws0\">(5.960)<span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x46b y2c20 w46e h69\"><div class=\"t m0 x8a h30 y25f ff4 fsb fc1 sc2 ls0 ws0\">C. Costi<span class=\"_ _1\"></span> per serviz<span class=\"_ _1\"></span>i assicur<span class=\"_ _1\"></span>ativi<span class=\"sc0\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2a8 y2c21 wbfb h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">1. Sinistri accaduti e alt<span class=\"_ _2\"></span>ri costi<span class=\"_ _df\"> </span></div></td><td class=\"c x634 y2c22 w177 h159\"><div class=\"t m0 x30 h30 y45 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x63c y2c22 w179 h159\"><div class=\"t m0 x30 h30 y45 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x635 y2c22 w3b6 h159\"><div class=\"t m0 x130 h30 y45 ff4 fsb fc1 sc0 ls0 ws0\">47.560 </div></td><td class=\"c x638 y2c22 w17b h159\"><div class=\"t m0 x130 h30 y45 ff4 fsb fc1 sc0 ls0 ws0\">47.560 </div></td><td class=\"c x636 y2c22 w177 h159\"><div class=\"t m0 x30 h30 y45 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x616 y2c22 w176 h159\"><div class=\"t m0 x30 h30 y45 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x637 y2c22 w168 h159\"><div class=\"t m0 x130 h30 y45 ff4 fsb fc1 sc0 ls0 ws0\">44.335 </div></td><td class=\"c x50f y2c22 w358 h159\"><div class=\"t m0 x130 h30 y45 ff4 fsb fc1 sc0 ls0 ws0\">44.335 </div></td></tr><tr><td class=\"c x2a8 y2c23 wbfc h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">direttamente attribu<span class=\"_ _2\"></span>ibili<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2a8 y2c24 wbfd h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">2. Variazioni della pass<span class=\"_ _2\"></span>ivit\u00e0 per<span class=\"_ _df\"> </span></div></td><td class=\"c x634 y2c25 w177 h159\"><div class=\"t m0 x30 h30 y45 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x63c y2c25 w179 h159\"><div class=\"t m0 x30 h30 y45 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x635 y2c25 w3b6 h159\"><div class=\"t m0 x16a h30 y45 ff4 fsb fc1 sc0 ls0 ws0\">(43.440) </div></td><td class=\"c x638 y2c25 w17b h159\"><div class=\"t m0 x16a h30 y45 ff4 fsb fc1 sc0 ls0 ws0\">(43.440) </div></td><td class=\"c x636 y2c25 w177 h159\"><div class=\"t m0 x30 h30 y45 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x616 y2c25 w176 h159\"><div class=\"t m0 x30 h30 y45 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x637 y2c25 w168 h159\"><div class=\"t m0 x55 h30 y45 ff4 fsb fc1 sc0 ls0 ws0\">(41.619) </div></td><td class=\"c x50f y2c25 w358 h159\"><div class=\"t m0 x55 h30 y45 ff4 fsb fc1 sc0 ls0 ws0\">(41.619) </div></td></tr><tr><td class=\"c x2a8 y2c26 wbfe h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">sinistri accaduti<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2a8 y2c27 wc2a h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">3. Perdite e relati<span class=\"_ _2\"></span>vi recuperi su<span class=\"_ _df\"> </span></div></td><td class=\"c x634 y2c28 w177 h159\"><div class=\"t m0 x30 h30 y45 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x63c y2c28 w179 h159\"><div class=\"t m0 x30 h30 y45 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x635 y2c28 w3b6 h159\"><div class=\"t m0 x15 h30 y45 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x638 y2c28 w17b h159\"><div class=\"t m0 x15 h30 y45 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x636 y2c28 w177 h159\"><div class=\"t m0 x30 h30 y45 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x616 y2c28 w176 h159\"><div class=\"t m0 x30 h30 y45 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x637 y2c28 w168 h159\"><div class=\"t m0 x15 h30 y45 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x50f y2c28 w358 h159\"><div class=\"t m0 x15 h30 y45 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2a8 y2c29 wc00 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">contratti oneros<span class=\"_ _2\"></span>i<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2a8 y2c2a wc01 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">4. Ammortamento dei cos<span class=\"_ _2\"></span>ti di<span class=\"_ _df\"> </span></div></td><td class=\"c x634 y2c2b w177 h159\"><div class=\"t m0 x97 h30 y2ea ff4 fsb fc1 sc0 ls52 ws0\">13<span class=\"ls0\"> </span></div></td><td class=\"c x63c y2c2b w179 h159\"><div class=\"t m0 x30 h30 y2ea ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x635 y2c2b w3b6 h159\"><div class=\"t m0 x15 h30 y2ea ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x638 y2c2b w17b h159\"><div class=\"t m0 x38 h30 y2ea ff4 fsb fc1 sc0 ls52 ws0\">13<span class=\"ls0\"> </span></div></td><td class=\"c x636 y2c2b w177 h159\"><div class=\"t m0 x97 h30 y2ea ff4 fsb fc1 sc0 ls52 ws0\">14<span class=\"ls0\"> </span></div></td><td class=\"c x616 y2c2b w176 h159\"><div class=\"t m0 x30 h30 y2ea ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x637 y2c2b w168 h159\"><div class=\"t m0 x15 h30 y2ea ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x50f y2c2b w358 h159\"><div class=\"t m0 x38 h30 y2ea ff4 fsb fc1 sc0 ls52 ws0\">14<span class=\"ls0\"> </span></div></td></tr><tr><td class=\"c x2a8 y2c2c wc02 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">acquisizione dei co<span class=\"_ _2\"></span>ntratti<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x46b y2c2d w46e h69\"><div class=\"t m0 x16a h30 y25f ff4 fsb fc1 sc2 ls0 ws0\">5. Totale<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x634 y2c2d w177 h69\"><div class=\"t m0 x97 h30 y25f ff4 fsb fc1 sc2 ls52 ws0\">13<span class=\"sc0 ls0\"> </span></div></td><td class=\"c x63c y2c2d w179 h69\"><div class=\"t m0 x30 h30 y25f ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x635 y2c2d w3b6 h69\"><div class=\"t m0 x32 h30 y25f ff4 fsb fc1 sc2 ls0 ws0\">4.120<span class=\"sc0\"> </span></div></td><td class=\"c x638 y2c2d w17b h69\"><div class=\"t m0 x32 h30 y25f ff4 fsb fc1 sc2 ls0 ws0\">4.133<span class=\"sc0\"> </span></div></td><td class=\"c x636 y2c2d w177 h69\"><div class=\"t m0 x97 h30 y25f ff4 fsb fc1 sc2 ls52 ws0\">14<span class=\"sc0 ls0\"> </span></div></td><td class=\"c x616 y2c2d w176 h69\"><div class=\"t m0 x30 h30 y25f ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x637 y2c2d w168 h69\"><div class=\"t m0 x32 h30 y25f ff4 fsb fc1 sc2 ls0 ws0\">2.716<span class=\"sc0\"> </span></div></td><td class=\"c x50f y2c2d w358 h69\"><div class=\"t m0 x33 h30 y25f ff4 fsb fc1 sc2 ls0 ws0\">2.730<span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x262 y2c2e wc03 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc2 ls0 ws0\">D. Risult<span class=\"_ _f\"></span>a<span class=\"_ _2\"></span>to dei<span class=\"_ _f\"></span> s<span class=\"_ _2\"></span>ervi<span class=\"_ _1\"></span>zi assicura<span class=\"_ _1\"></span>tivi<span class=\"_ _df\"> </span></div></td><td class=\"c x634 y2c2f w177 h159\"><div class=\"t m0 x2e h30 y45 ff4 fsb fc1 sc2 ls0 ws0\">(11.370)<span class=\"sc0\"> </span></div></td><td class=\"c x63c y2c2f w179 h159\"><div class=\"t m0 x30 h30 y45 ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x635 y2c2f w3b6 h159\"><div class=\"t m0 x32 h30 y45 ff4 fsb fc1 sc2 ls0 ws0\">4.120<span class=\"sc0\"> </span></div></td><td class=\"c x638 y2c2f w17b h159\"><div class=\"t m0 x130 h30 y45 ff4 fsb fc1 sc2 ls0 ws0\">(7.250)<span class=\"sc0\"> </span></div></td><td class=\"c x636 y2c2f w177 h159\"><div class=\"t m0 x55 h30 y45 ff4 fsb fc1 sc2 ls0 ws0\">(5.946)<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x616 y2c2f w176 h159\"><div class=\"t m0 x30 h30 y45 ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x637 y2c2f w168 h159\"><div class=\"t m0 x32 h30 y45 ff4 fsb fc1 sc2 ls0 ws0\">2.716<span class=\"sc0\"> </span></div></td><td class=\"c x50f y2c2f w358 h159\"><div class=\"t m0 x130 h30 y45 ff4 fsb fc1 sc2 ls0 ws0\">(3.230)<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x262 y2c30 wc04 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc2 ls0 ws0\">(B+C)<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x262 y2c31 wc05 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc2 ls0 ws0\">E. Costi/ric<span class=\"_ _1\"></span>avi netti<span class=\"_ _1\"></span> di natur<span class=\"_ _1\"></span>a<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x262 y2c32 wc06 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc2 ls0 ws0\">finanziari<span class=\"_ _1\"></span>a<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2a8 y2c33 wc1e h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">1. Relativi ai contratti ass<span class=\"_ _2\"></span>ucurativi<span class=\"_ _df\"> </span></div></td><td class=\"c x634 y2c34 w177 h12\"><div class=\"t m0 x55 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">33.083 </div></td><td class=\"c x63c y2c34 w179 h12\"><div class=\"t m0 x30 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x635 y2c34 w3b6 h12\"><div class=\"t m0 x15 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x638 y2c34 w17b h12\"><div class=\"t m0 x55 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">33.083 </div></td><td class=\"c x636 y2c34 w177 h12\"><div class=\"t m0 x55 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">33.586 </div></td><td class=\"c x616 y2c34 w176 h12\"><div class=\"t m0 x30 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x637 y2c34 w168 h12\"><div class=\"t m0 x15 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x50f y2c34 w358 h12\"><div class=\"t m0 x130 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">33.586 </div></td></tr><tr><td class=\"c x2a8 y2c35 wc1f h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">emessi<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x46b y2c36 w46e h290\"><div class=\"t m0 x39 h30 y394 ff4 fsb fc1 sc0 ls0 ws0\">1.1 Registrati in co<span class=\"_ _2\"></span>nto economico </div></td><td class=\"c x634 y2c36 w177 h290\"><div class=\"t m0 x55 h30 y394 ff4 fsb fc1 sc0 ls0 ws0\">30.598 </div></td><td class=\"c x63c y2c36 w179 h290\"><div class=\"t m0 x30 h30 y394 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x635 y2c36 w3b6 h290\"><div class=\"t m0 x15 h30 y394 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x638 y2c36 w17b h290\"><div class=\"t m0 x55 h30 y394 ff4 fsb fc1 sc0 ls0 ws0\">30.598 </div></td><td class=\"c x636 y2c36 w177 h290\"><div class=\"t m0 x48 h30 y394 ff4 fsb fc1 sc0 ls0 ws0\">31.181 </div></td><td class=\"c x616 y2c36 w176 h290\"><div class=\"t m0 x30 h30 y394 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x637 y2c36 w168 h290\"><div class=\"t m0 x15 h30 y394 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x50f y2c36 w358 h290\"><div class=\"t m0 x33 h30 y394 ff4 fsb fc1 sc0 ls0 ws0\">31.181 </div></td></tr><tr><td class=\"c x46a y2c37 wc0b h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">1.2 Registrati nel co<span class=\"_ _2\"></span>nto<span class=\"_ _df\"> </span></div></td><td class=\"c x634 y2c38 w177 h159\"><div class=\"t m0 x48 h30 y45 ff4 fsb fc1 sc0 ls0 ws0\">2.485 </div></td><td class=\"c x63c y2c38 w179 h159\"><div class=\"t m0 x30 h30 y45 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x635 y2c38 w3b6 h159\"><div class=\"t m0 x15 h30 y45 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x638 y2c38 w17b h159\"><div class=\"t m0 x48 h30 y45 ff4 fsb fc1 sc0 ls0 ws0\">2.485 </div></td><td class=\"c x636 y2c38 w177 h159\"><div class=\"t m0 x48 h30 y45 ff4 fsb fc1 sc0 ls0 ws0\">2.405 </div></td><td class=\"c x616 y2c38 w176 h159\"><div class=\"t m0 x30 h30 y45 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x637 y2c38 w168 h159\"><div class=\"t m0 x15 h30 y45 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x50f y2c38 w358 h159\"><div class=\"t m0 x33 h30 y45 ff4 fsb fc1 sc0 ls0 ws0\">2.405 </div></td></tr><tr><td class=\"c x46a y2c39 wc0c h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">economico co<span class=\"_ _2\"></span>mplessivo<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2a8 y2c3a wc20 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">2. Effetti co<span class=\"_ _2\"></span>nnessi con le variazioni<span class=\"_ _df\"> </span></div></td><td class=\"c x634 y2c3b w177 h159\"><div class=\"t m0 x30 h30 y45 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x63c y2c3b w179 h159\"><div class=\"t m0 x30 h30 y45 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x635 y2c3b w3b6 h159\"><div class=\"t m0 x15 h30 y45 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x638 y2c3b w17b h159\"><div class=\"t m0 x15 h30 y45 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x636 y2c3b w177 h159\"><div class=\"t m0 x30 h30 y45 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x616 y2c3b w176 h159\"><div class=\"t m0 x30 h30 y45 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x637 y2c3b w168 h159\"><div class=\"t m0 x15 h30 y45 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x50f y2c3b w358 h159\"><div class=\"t m0 x15 h30 y45 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2a8 y2c3c wc21 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">dei tassi di cambio<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x46b y2c3d w46e h69\"><div class=\"t m0 x16a h30 y25f ff4 fsb fc1 sc2 ls0 ws0\">3. Totale<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x634 y2c3d w177 h69\"><div class=\"t m0 x55 h30 y25f ff4 fsb fc1 sc2 ls0 ws0\">33.083<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x63c y2c3d w179 h69\"><div class=\"t m0 x30 h30 y25f ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x635 y2c3d w3b6 h69\"><div class=\"t m0 x15 h30 y25f ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x638 y2c3d w17b h69\"><div class=\"t m0 x130 h30 y25f ff4 fsb fc1 sc2 ls0 ws0\">33.083<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x636 y2c3d w177 h69\"><div class=\"t m0 x55 h30 y25f ff4 fsb fc1 sc2 ls0 ws0\">33.586<span class=\"sc0\"> </span></div></td><td class=\"c x616 y2c3d w176 h69\"><div class=\"t m0 x30 h30 y25f ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x637 y2c3d w168 h69\"><div class=\"t m0 x15 h30 y25f ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x50f y2c3d w358 h69\"><div class=\"t m0 x130 h30 y25f ff4 fsb fc1 sc2 ls0 ws0\">33.586<span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x46b y2c3e w46e h69\"><div class=\"t m0 x8a h30 y25f ff4 fsb fc1 sc2 ls0 ws0\">F. Compo<span class=\"_ _f\"></span>nenti di investi<span class=\"_ _1\"></span>mento<span class=\"sc0\"> </span></div></td><td class=\"c x634 y2c3e w177 h69\"><div class=\"t m0 x116 h30 y25f ff4 fsb fc1 sc2 ls0 ws0\">(45.293<span class=\"_ _1\"></span>)<span class=\"sc0\"> </span></div></td><td class=\"c x63c y2c3e w179 h69\"><div class=\"t m0 x30 h30 y25f ff4 fsb fc1 sc2 ls0 ws0\">-</div></td><td class=\"c x635 y2c3e w3b6 h69\"><div class=\"t m0 x130 h30 y25f ff4 fsb fc1 sc2 ls0 ws0\">45.293<span class=\"sc0\"> </span></div></td><td class=\"c x638 y2c3e w17b h69\"><div class=\"t m0 x15 h30 y25f ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x636 y2c3e w177 h69\"><div class=\"t m0 x116 h30 y25f ff4 fsb fc1 sc2 ls0 ws0\">(39.977)<span class=\"sc0\"> </span></div></td><td class=\"c x616 y2c3e w176 h69\"><div class=\"t m0 x30 h30 y25f ff4 fsb fc1 sc2 ls0 ws0\">-</div></td><td class=\"c x637 y2c3e w168 h69\"><div class=\"t m0 x39 h30 y25f ff4 fsb fc1 sc2 ls0 ws0\">39.977<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x50f y2c3e w358 h69\"><div class=\"t m0 x15 h30 y25f ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x262 y2c3f wc22 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc2 ls0 ws0\">G. Import<span class=\"_ _1\"></span>o totale<span class=\"_ _f\"></span> <span class=\"_ _2\"></span>registra<span class=\"_ _1\"></span>to in conto<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x262 y2c40 wc23 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc2 ls0 ws0\">econo<span class=\"_ _1\"></span>mico e nel co<span class=\"_ _1\"></span>nto eco<span class=\"_ _f\"></span>n<span class=\"_ _2\"></span>omico<span class=\"_ _df\"> </span></div></td><td class=\"c x634 y2c41 w177 h64\"><div class=\"t m0 x16a h30 y1498 ff4 fsb fc1 sc2 ls0 ws0\">(23.58<span class=\"_ _1\"></span>0)<span class=\"sc0\"> </span></div></td><td class=\"c x63c y2c41 w179 h64\"><div class=\"t m0 x30 h30 y1498 ff4 fsb fc1 sc2 ls0 ws0\">-</div></td><td class=\"c x635 y2c41 w3b6 h64\"><div class=\"t m0 x39 h30 y1498 ff4 fsb fc1 sc2 ls0 ws0\">49.413<span class=\"sc0\"> </span></div></td><td class=\"c x638 y2c41 w17b h64\"><div class=\"t m0 x130 h30 y1498 ff4 fsb fc1 sc2 ls0 ws0\">25.833<span class=\"sc0\"> </span></div></td><td class=\"c x636 y2c41 w177 h64\"><div class=\"t m0 x2e h30 y1498 ff4 fsb fc1 sc2 ls0 ws0\">(12.337)<span class=\"sc0\"> </span></div></td><td class=\"c x616 y2c41 w176 h64\"><div class=\"t m0 x30 h30 y1498 ff4 fsb fc1 sc2 ls0 ws0\">-</div></td><td class=\"c x637 y2c41 w168 h64\"><div class=\"t m0 x130 h30 y1498 ff4 fsb fc1 sc2 ls0 ws0\">42.693<span class=\"sc0\"> </span></div></td><td class=\"c x50f y2c41 w358 h64\"><div class=\"t m0 x130 h30 y1498 ff4 fsb fc1 sc2 ls0 ws0\">30.356<span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x262 y2c42 wc24 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc2 ls0 ws0\">comples<span class=\"_ _1\"></span>sivo (D+<span class=\"_ _1\"></span>E+F)<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x46b y2c43 w46e h19a\"><div class=\"t m0 x8a h30 y25f ff4 fsb fc1 sc2 ls0 ws0\">H. Altre<span class=\"_ _1\"></span> variazioni </div></td><td class=\"c x634 y2c43 w177 h19a\"><div class=\"t m0 x55 h30 y25f ff4 fsb fc1 sc2 ls0 ws0\">(2.285)<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x63c y2c43 w179 h19a\"><div class=\"t m0 x30 h30 y25f ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x635 y2c43 w3b6 h19a\"><div class=\"t m0 x15 h30 y25f ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x638 y2c43 w17b h19a\"><div class=\"t m0 x130 h30 y25f ff4 fsb fc1 sc2 ls0 ws0\">(2.285)<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x636 y2c43 w177 h19a\"><div class=\"t m0 x32 h30 y25f ff4 fsb fc1 sc2 ls0 ws0\">1.931<span class=\"sc0\"> </span></div></td><td class=\"c x616 y2c43 w176 h19a\"><div class=\"t m0 x30 h30 y25f ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x637 y2c43 w168 h19a\"><div class=\"t m0 x15 h30 y25f ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x50f y2c43 w358 h19a\"><div class=\"t m0 x35 h30 y25f ff4 fsb fc1 sc2 ls0 ws0\">1.931<span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x46b y2c44 w46e h69\"><div class=\"t m0 x8a h30 y25f ff4 fsb fc1 sc2 ls0 ws0\">I. Movim<span class=\"_ _1\"></span>enti di ca<span class=\"_ _1\"></span>ssa<span class=\"sc0\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x46b y2c45 w46e h19a\"><div class=\"t m0 x16a h30 y25f ff4 fsb fc1 sc0 ls0 ws0\">1. Premi ricevu<span class=\"_ _2\"></span>ti </div></td><td class=\"c x634 y2c45 w177 h19a\"><div class=\"t m0 x16a h30 y25f ff4 fsb fc1 sc0 ls0 ws0\">434.542 </div></td><td class=\"c x63c y2c45 w179 h19a\"><div class=\"t m0 x30 h30 y25f ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x635 y2c45 w3b6 h19a\"><div class=\"t m0 x15 h30 y25f ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x638 y2c45 w17b h19a\"><div class=\"t m0 x116 h30 y25f ff4 fsb fc1 sc0 ls0 ws0\">434.542 </div></td><td class=\"c x636 y2c45 w177 h19a\"><div class=\"t m0 x16a h30 y25f ff4 fsb fc1 sc0 ls0 ws0\">208.285 </div></td><td class=\"c x616 y2c45 w176 h19a\"><div class=\"t m0 x30 h30 y25f ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x637 y2c45 w168 h19a\"><div class=\"t m0 x15 h30 y25f ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x50f y2c45 w358 h19a\"><div class=\"t m0 x2a h30 y25f ff4 fsb fc1 sc0 ls0 ws0\">208.285 </div></td></tr><tr><td class=\"c x2a8 y2c46 wc25 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">2. Pagamenti conness<span class=\"_ _2\"></span>i con i costi<span class=\"_ _df\"> </span></div></td><td class=\"c x634 y2c47 w177 h159\"><div class=\"t m0 x30 h30 y45 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x63c y2c47 w179 h159\"><div class=\"t m0 x30 h30 y45 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x635 y2c47 w3b6 h159\"><div class=\"t m0 x15 h30 y45 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x638 y2c47 w17b h159\"><div class=\"t m0 x15 h30 y45 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x636 y2c47 w177 h159\"><div class=\"t m0 x30 h30 y45 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x616 y2c47 w176 h159\"><div class=\"t m0 x30 h30 y45 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x637 y2c47 w168 h159\"><div class=\"t m0 x15 h30 y45 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x50f y2c47 w358 h159\"><div class=\"t m0 x15 h30 y45 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2a8 y2c48 wc26 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">di acquisizione dei co<span class=\"_ _2\"></span>ntratti<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2a8 y2c49 wc13 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">3. Sinistri pagati e altre u<span class=\"_ _2\"></span>scite di<span class=\"_ _df\"> </span></div></td><td class=\"c x634 y2c4a w177 h196\"><div class=\"t m0 x30 h30 y1649 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x63c y2c4a w179 h196\"><div class=\"t m0 x30 h30 y1649 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x635 y2c4a w3b6 h196\"><div class=\"t m0 x116 h30 y1649 ff4 fsb fc1 sc0 ls0 ws0\">(47.560) </div></td><td class=\"c x638 y2c4a w17b h196\"><div class=\"t m0 x116 h30 y1649 ff4 fsb fc1 sc0 ls0 ws0\">(47.560) </div></td><td class=\"c x636 y2c4a w177 h196\"><div class=\"t m0 x30 h30 y1649 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x616 y2c4a w176 h196\"><div class=\"t m0 x30 h30 y1649 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x637 y2c4a w168 h196\"><div class=\"t m0 x116 h30 y1649 ff4 fsb fc1 sc0 ls0 ws0\">(44.335) </div></td><td class=\"c x50f y2c4a w358 h196\"><div class=\"t m0 x116 h30 y1649 ff4 fsb fc1 sc0 ls0 ws0\">(44.335) </div></td></tr><tr><td class=\"c x2a8 y2c4b wc14 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">cassa<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x46b y2c4c w46e h69\"><div class=\"t m0 x16a h30 y25f ff4 fsb fc1 sc0 ls0 ws0\">4. Altri movim<span class=\"_ _2\"></span>enti<span class=\"_ _df\"> </span></div></td><td class=\"c x634 y2c4c w177 h69\"><div class=\"t m0 x30 h30 y25f ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x63c y2c4c w179 h69\"><div class=\"t m0 x30 h30 y25f ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x635 y2c4c w3b6 h69\"><div class=\"t m0 x15 h30 y25f ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x638 y2c4c w17b h69\"><div class=\"t m0 x15 h30 y25f ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x636 y2c4c w177 h69\"><div class=\"t m0 x30 h30 y25f ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x616 y2c4c w176 h69\"><div class=\"t m0 x30 h30 y25f ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x637 y2c4c w168 h69\"><div class=\"t m0 x15 h30 y25f ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x50f y2c4c w358 h69\"><div class=\"t m0 x15 h30 y25f ff4 fsb fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y2c4d w46e h19a\"><div class=\"t m0 x16a h30 y394 ff4 fsb fc1 sc2 ls0 ws0\">5. Totale<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x634 y2c4d w177 h19a\"><div class=\"t m0 x116 h30 y394 ff4 fsb fc1 sc2 ls0 ws0\">434.542<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x63c y2c4d w179 h19a\"><div class=\"t m0 x30 h30 y394 ff4 fsb fc1 sc2 ls0 ws0\">-</div></td><td class=\"c x635 y2c4d w3b6 h19a\"><div class=\"t m0 x2a h30 y394 ff4 fsb fc1 sc2 ls0 ws0\">(47.560)<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x638 y2c4d w17b h19a\"><div class=\"t m0 x2a h30 y394 ff4 fsb fc1 sc2 ls0 ws0\">386.982<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x636 y2c4d w177 h19a\"><div class=\"t m0 x116 h30 y394 ff4 fsb fc1 sc2 ls6a ws0\">20<span class=\"ls0\">8.285</span><span class=\"ls0\"><span class=\"sc0\"> </span></span></div></td><td class=\"c x616 y2c4d w176 h19a\"><div class=\"t m0 x30 h30 y394 ff4 fsb fc1 sc2 ls0 ws0\">-</div></td><td class=\"c x637 y2c4d w168 h19a\"><div class=\"t m0 x116 h30 y394 ff4 fsb fc1 sc2 ls0 ws0\">(44.335)<span class=\"sc0\"> </span></div></td><td class=\"c x50f y2c4d w358 h19a\"><div class=\"t m0 x2e h30 y394 ff4 fsb fc1 sc2 ls0 ws0\">163.95<span class=\"_ _1\"></span>0<span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x262 y2c4e wc15 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc2 ls0 ws0\">L. Valore<span class=\"_ _1\"></span> netto di b<span class=\"_ _1\"></span>ilancio al<span class=\"_ _1\"></span> 31<span class=\"_ _df\"> </span></div></td><td class=\"c x634 y2c4f w177 h159\"><div class=\"t m0 x2e h30 y45 ff4 fsb fc1 sc2 ls0 ws0\">955.166<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x63c y2c4f w179 h159\"><div class=\"t m0 x30 h30 y45 ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x635 y2c4f w3b6 h159\"><div class=\"t m0 x32 h30 y45 ff4 fsb fc1 sc2 ls0 ws0\">2.531<span class=\"sc0\"> </span></div></td><td class=\"c x638 y2c4f w17b h159\"><div class=\"t m0 x2e h30 y45 ff4 fsb fc1 sc2 ls0 ws0\">957.697<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x636 y2c4f w177 h159\"><div class=\"t m0 x116 h30 y45 ff4 fsb fc1 sc2 ls0 ws0\">546.490<span class=\"sc0\"> </span></div></td><td class=\"c x616 y2c4f w176 h159\"><div class=\"t m0 x30 h30 y45 ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x637 y2c4f w168 h159\"><div class=\"t m0 x26 h30 y45 ff4 fsb fc1 sc2 ls0 ws0\">677<span class=\"sc0\"> </span></div></td><td class=\"c x50f y2c4f w358 h159\"><div class=\"t m0 x55 h30 y45 ff4 fsb fc1 sc2 ls0 ws0\">547.167<span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x262 y2c50 wc16 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc2 ls0 ws0\">dicembre<span class=\"_ _f\"></span> (<span class=\"_ _2\"></span>A.3+<span class=\"_ _f\"></span>G<span class=\"_ _2\"></span>+H+<span class=\"_ _f\"></span>I.4)<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x46b y2c51 w46e h69\"><div class=\"t m0 x8a h30 y25f ff4 fsb fc1 sc2 ls0 ws0\">M. Valore<span class=\"_ _1\"></span> di bilanci<span class=\"_ _1\"></span>o finale<span class=\"sc0\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2a8 y2c52 wbf3 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">1. Contratti di assi<span class=\"_ _2\"></span>curazione<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2a8 y2c53 wbf4 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">emessi che<span class=\"_ _2\"></span> costituiscono<span class=\"_ _df\"> </span></div></td><td class=\"c x634 y2c54 w177 h136\"><div class=\"t m0 x2a h30 y589 ff4 fsb fc1 sc0 ls0 ws0\">955.165 </div></td><td class=\"c x63c y2c54 w179 h136\"><div class=\"t m0 x30 h30 y589 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x635 y2c54 w3b6 h136\"><div class=\"t m0 x32 h30 y589 ff4 fsb fc1 sc0 ls0 ws0\">2.531</div></td><td class=\"c x638 y2c54 w17b h136\"><div class=\"t m0 x2a h30 y589 ff4 fsb fc1 sc0 ls0 ws0\">957.696 </div></td><td class=\"c x636 y2c54 w177 h136\"><div class=\"t m0 x16a h30 y589 ff4 fsb fc1 sc0 ls0 ws0\">546.489 </div></td><td class=\"c x616 y2c54 w176 h136\"><div class=\"t m0 x30 h30 y589 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x637 y2c54 w168 h136\"><div class=\"t m0 x27 h30 y589 ff4 fsb fc1 sc0 ls0 ws0\">678 </div></td><td class=\"c x50f y2c54 w358 h136\"><div class=\"t m0 x55 h30 y589 ff4 fsb fc1 sc0 ls0 ws0\">547.167 </div></td></tr><tr><td class=\"c x2a8 y2c55 wbf5 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">passivit\u00e0<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2a8 y2c56 wbf6 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">2. Contratti di assicu<span class=\"_ _2\"></span>razione<span class=\"_ _df\"> </span></div></td><td class=\"c x634 y2c57 w177 h159\"><div class=\"t m0 x30 h30 y45 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x63c y2c57 w179 h159\"><div class=\"t m0 x30 h30 y45 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x635 y2c57 w3b6 h159\"><div class=\"t m0 x15 h30 y45 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x638 y2c57 w17b h159\"><div class=\"t m0 x15 h30 y45 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x636 y2c57 w177 h159\"><div class=\"t m0 x30 h30 y45 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x616 y2c57 w176 h159\"><div class=\"t m0 x30 h30 y45 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x637 y2c57 w168 h159\"><div class=\"t m0 x15 h30 y45 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x50f y2c57 w358 h159\"><div class=\"t m0 x15 h30 y45 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2a8 y2c58 wc1c h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">emessi che<span class=\"_ _2\"></span> costituiscono attivit\u00e0<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x262 y2bbf wc17 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc2 ls0 ws0\">3. Valore<span class=\"_ _1\"></span> netto di b<span class=\"_ _1\"></span>ilancio al<span class=\"_ _1\"></span> 31<span class=\"_ _df\"> </span></div></td><td class=\"c x634 y2c59 w177 h207\"><div class=\"t m0 x2e h30 y17bf ff4 fsb fc1 sc2 ls0 ws0\">955.165<span class=\"sc0\"> </span></div></td><td class=\"c x63c y2c59 w179 h207\"><div class=\"t m0 x30 h30 y17bf ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x635 y2c59 w3b6 h207\"><div class=\"t m0 x32 h30 y17bf ff4 fsb fc1 sc2 ls0 ws0\">2.531<span class=\"sc0\"> </span></div></td><td class=\"c x638 y2c59 w17b h207\"><div class=\"t m0 x2a h30 y17bf ff4 fsb fc1 sc2 ls0 ws0\">957.696<span class=\"sc0\"> </span></div></td><td class=\"c x636 y2c59 w177 h207\"><div class=\"t m0 x116 h30 y17bf ff4 fsb fc1 sc2 ls0 ws0\">546.489<span class=\"sc0\"> </span></div></td><td class=\"c x616 y2c59 w176 h207\"><div class=\"t m0 x30 h30 y17bf ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x637 y2c59 w168 h207\"><div class=\"t m0 x27 h30 y17bf ff4 fsb fc1 sc2 ls0 ws0\">678<span class=\"sc0\"> </span></div></td><td class=\"c x50f y2c59 w358 h207\"><div class=\"t m0 x55 h30 y17bf ff4 fsb fc1 sc2 ls0 ws0\">547.167<span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x262 y2491 wc18 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc2 ls0 ws0\">dicembre<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr></table>Dinam<span class=\"_ _f\"></span>ica del v<span class=\"_ _1\"></span>alor<span class=\"_ _f\"></span>e di bila<span class=\"_ _1\"></span>ncio d<span class=\"_ _1\"></span>ei co<span class=\"_ _1\"></span>ntrat<span class=\"_ _1\"></span>ti di as<span class=\"_ _f\"></span>sicurazio<span class=\"_ _1\"></span>ne em<span class=\"_ _1\"></span>ess<span class=\"_ _f\"></span>i distinta <span class=\"_ _1\"></span>per e<span class=\"_ _1\"></span>lement<span class=\"_ _f\"></span>i<span class=\"_ _df\"> </span>sott<span class=\"_ _1\"></span>ostant<span class=\"_ _f\"></span>i alla mi<span class=\"_ _1\"></span>sura<span class=\"_ _1\"></span>zione<span class=\"_ _df\"> </span>Contr<span class=\"_ _1\"></span>atti a<span class=\"_ _f\"></span>ssicurat<span class=\"_ _1\"></span>ivi em<span class=\"_ _f\"></span>essi con<span class=\"_ _f\"></span> elementi<span class=\"_ _1\"></span> di p<span class=\"_ _1\"></span>arte<span class=\"_ _1\"></span>cipazi<span class=\"_ _1\"></span>one d<span class=\"_ _1\"></span>irett<span class=\"_ _f\"></span>a - Segment<span class=\"_ _f\"></span>o Vita<table class=\"s wc2b h50d\" id=\"_df52f9de-d54f-4ea9-84f4-a77f1532b693\"><tr><td></td><td></td><td></td><td class=\"c x640 y2c5a wc2c h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc4 sc3 ls0 ws0\">Elemen<span class=\"_ _1\"></span>ti sott<span class=\"_ _f\"></span>o<span class=\"_ _2\"></span>stan<span class=\"_ _1\"></span>ti alla mi<span class=\"_ _f\"></span>s<span class=\"_ _2\"></span>ura<span class=\"_ _1\"></span>zione <span class=\"_ _f\"></span>del valore di<span class=\"_ _1\"></span> bilancio <span class=\"_ _f\"></span>dei contratti<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td class=\"c x641 y2c5a wc2c h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc4 sc3 ls0 ws0\">Elemen<span class=\"_ _1\"></span>ti sott<span class=\"_ _f\"></span>o<span class=\"_ _2\"></span>stan<span class=\"_ _1\"></span>ti alla mi<span class=\"_ _f\"></span>s<span class=\"_ _2\"></span>ura<span class=\"_ _1\"></span>zione <span class=\"_ _f\"></span>del valore di<span class=\"_ _1\"></span> bilancio <span class=\"_ _f\"></span>dei contratti<span class=\"_ _df\"> </span></div></td><td></td></tr><tr><td></td><td class=\"c x642 y2c5b wc2d h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc4 sc3 ls0 ws0\">Valore<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x643 y2c5c wc2e h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc4 sc3 ls0 ws0\">di assicu<span class=\"_ _1\"></span>razion<span class=\"_ _1\"></span>e eme<span class=\"_ _1\"></span>ssi<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x644 y2c5b wc2f h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc4 sc3 ls0 ws0\">Valore<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x645 y2c5c wc2e h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc4 sc3 ls0 ws0\">di assicu<span class=\"_ _1\"></span>razi<span class=\"_ _1\"></span>one eme<span class=\"_ _1\"></span>ssi<span class=\"_ _df\"> </span></div></td><td></td></tr><tr><td class=\"c x262 y2c5d wc30 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc4 sc3 ls0 ws0\">Voci/El<span class=\"_ _f\"></span>e<span class=\"_ _2\"></span>me<span class=\"_ _1\"></span>nti sott<span class=\"_ _1\"></span>ostanti<span class=\"_ _df\"> </span></div></td><td class=\"c x646 y2c5d wc31 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc4 sc3 ls0 ws0\">attuale d<span class=\"_ _f\"></span>ei</div></td><td class=\"c x647 y2c5e wc32 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc4 sc3 ls0 ws0\">Aggiusta<span class=\"_ _f\"></span>mento<span class=\"_ _df\"> </span></div></td><td class=\"c x648 y2c5e wc33 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc4 sc3 ls0 ws0\">Margine <span class=\"_ _f\"></span>sui<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x649 y2c5d wc34 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc4 sc3 ls0 ws0\">attuale d<span class=\"_ _f\"></span>ei</div></td><td class=\"c x64a y2c5e wc32 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc4 sc3 ls0 ws0\">Aggiusta<span class=\"_ _f\"></span>mento<span class=\"_ _df\"> </span></div></td><td class=\"c x64b y2c5e wc33 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc4 sc3 ls0 ws0\">Margine <span class=\"_ _f\"></span>sui<span class=\"_ _df\"> </span></div></td><td></td></tr><tr><td class=\"c x262 y2c5f wc35 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc4 sc3 ls0 ws0\">alla mis<span class=\"_ _1\"></span>urazio<span class=\"_ _1\"></span>ne<span class=\"_ _df\"> </span></div></td><td class=\"c x64c y2c5f wc36 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc4 sc3 ls0 ws0\">flussi</div></td><td class=\"c x64d y2c60 wc37 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc4 sc3 ls0 ws0\">per i ri<span class=\"_ _1\"></span>schi non<span class=\"_ _df\"> </span></div></td><td class=\"c x64e y2c60 wb15 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc4 sc3 ls0 ws0\">servizi<span class=\"_ _df\"> </span></div></td><td class=\"c x4b2 y2c61 w111 h2a2\"><div class=\"t m0 x2a hd6 y17ae ff4 fs1b fc4 sc3 ls0 ws0\">Totale<span class=\"fc1 sc0\"> </span></div></td><td class=\"c x64f y2c5f wc36 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc4 sc3 ls0 ws0\">flussi</div></td><td class=\"c x650 y2c60 wc37 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc4 sc3 ls0 ws0\">per i ri<span class=\"_ _1\"></span>schi non<span class=\"_ _df\"> </span></div></td><td class=\"c x651 y2c60 wb15 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc4 sc3 ls0 ws0\">servizi<span class=\"_ _df\"> </span></div></td><td class=\"c x652 y2c61 w10e h2a2\"><div class=\"t m0 x2a hd6 y17ae ff4 fs1b fc4 sc3 ls0 ws0\">Totale<span class=\"fc1 sc0\"> </span></div></td></tr><tr><td></td><td class=\"c x5d4 y2c62 wa92 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc4 sc3 ls0 ws0\">finanzia<span class=\"_ _f\"></span>ri<span class=\"_ _df\"> </span></div></td><td class=\"c x653 y2c63 wa92 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc4 sc3 ls0 ws0\">finanzia<span class=\"_ _f\"></span>ri<span class=\"_ _df\"> </span></div></td><td class=\"c x648 y2c63 wc38 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc4 sc3 ls0 ws0\">contrattu<span class=\"_ _f\"></span>ali<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x654 y2c62 wa92 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc4 sc3 ls0 ws0\">finanzia<span class=\"_ _f\"></span>ri<span class=\"_ _df\"> </span></div></td><td class=\"c x655 y2c63 wa92 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc4 sc3 ls0 ws0\">finanzia<span class=\"_ _f\"></span>ri<span class=\"_ _df\"> </span></div></td><td class=\"c x64b y2c63 wc38 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc4 sc3 ls0 ws0\">contrattu<span class=\"_ _f\"></span>ali<span class=\"_ _df\"> </span></div></td><td></td></tr><tr><td></td><td class=\"c x656 y2c61 w473 hc3\"><div class=\"t m0 xac hd6 y30c ff4 fs1b fc4 sc3 ls0 ws0\">31/12/2<span class=\"_ _1\"></span>025<span class=\"fc1 sc0\"> </span></div></td><td class=\"c x657 y2c61 w36b hc3\"><div class=\"t m0 x55 hd6 y30c ff4 fs1b fc4 sc3 ls0 ws0\">31/12/2<span class=\"_ _1\"></span>025<span class=\"fc1 sc0\"> </span></div></td><td class=\"c x544 y2c61 w130 hc3\"><div class=\"t m0 x8e hd6 y30c ff4 fs1b fc4 sc3 ls0 ws0\">31/12/2<span class=\"_ _1\"></span>025<span class=\"fc1 sc0\"> </span></div></td><td></td><td class=\"c x658 y2c61 w1d6 hc3\"><div class=\"t m0 xac hd6 y30c ff4 fs1b fc4 sc3 ls0 ws0\">31/12/2<span class=\"_ _1\"></span>024<span class=\"fc1 sc0\"> </span></div></td><td class=\"c x469 y2c61 w392 hc3\"><div class=\"t m0 x55 hd6 y30c ff4 fs1b fc4 sc3 ls0 ws0\">31/12/2<span class=\"_ _1\"></span>024<span class=\"fc1 sc0\"> </span></div></td><td class=\"c x659 y2c61 wf0 hc3\"><div class=\"t m0 x8e hd6 y30c ff4 fs1b fc4 sc3 ls0 ws0\">31/12/2<span class=\"_ _1\"></span>024<span class=\"fc1 sc0\"> </span></div></td><td></td></tr><tr><td class=\"c x46b y2c64 w474 h139\"><div class=\"t m0 x8a hd6 y360 ff4 fs1b fc1 sc2 ls0 ws0\">A. Val<span class=\"_ _1\"></span>ore di bila<span class=\"_ _f\"></span>ncio iniziale<span class=\"sc0\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2a8 y2c65 wc39 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">1. Contratti di<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2a8 y2c66 wc3a h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">assicurazione emessi<span class=\"_ _df\"> </span></div></td><td class=\"c x656 y2c67 w473 h89\"><div class=\"t m0 x116 hd6 y3d ff4 fs1b fc1 sc0 ls0 ws0\">4.046.784 </div></td><td class=\"c x657 y2c67 w475 h89\"><div class=\"t m0 x36 hd6 y3d ff4 fs1b fc1 sc0 ls0 ws0\">49.814 </div></td><td class=\"c x544 y2c67 w476 h89\"><div class=\"t m0 x33 hd6 y3d ff4 fs1b fc1 sc0 ls0 ws0\">286.170 </div></td><td class=\"c x4b2 y2c67 w17b h89\"><div class=\"t m0 x16a hd6 y3d ff4 fs1b fc1 sc0 ls0 ws0\">4.382.768 </div></td><td class=\"c x658 y2c67 w25f h89\"><div class=\"t m0 x2a hd6 y3d ff4 fs1b fc1 sc0 ls0 ws0\">3.638.143 </div></td><td class=\"c x469 y2c67 w477 h89\"><div class=\"t m0 x15 hd6 y3d ff4 fs1b fc1 sc0 ls0 ws0\">48.456 </div></td><td class=\"c x65a y2c67 w1d8 h89\"><div class=\"t m0 x33 hd6 y3d ff4 fs1b fc1 sc0 ls0 ws0\">187.460 </div></td><td class=\"c x652 y2c67 w3b6 h89\"><div class=\"t m0 x16a hd6 y3d ff4 fs1b fc1 sc0 ls0 ws0\">3.874.059 </div></td></tr><tr><td class=\"c x2a8 y2c68 wc3b h50e\"><div class=\"t m0 x250 hd6 y2726 ff4 fs1b fc1 sc0 ls0 ws0\">che costituiscono<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2a8 y2c69 wa73 h4bd\"><div class=\"t m0 x250 hd6 y2726 ff4 fs1b fc1 sc0 ls0 ws0\">passivit\u00e0<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2a8 y2c6a wc3c h4c8\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">2. Contratti di<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2a8 y2c6b wc3a h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">assicurazione emessi<span class=\"_ _df\"> </span></div></td><td class=\"c x656 y2c6c w473 h90\"><div class=\"t m0 x36 hd6 y308 ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x657 y2c6c w475 h90\"><div class=\"t m0 x8 hd6 y308 ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x544 y2c6c w476 h90\"><div class=\"t m0 x11 hd6 y308 ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x4b2 y2c6c w17b h90\"><div class=\"t m0 x15 hd6 y308 ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x658 y2c6c w25f h90\"><div class=\"t m0 x36 hd6 y308 ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x469 y2c6c w477 h90\"><div class=\"t m0 x8 hd6 y308 ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x65a y2c6c w1d8 h90\"><div class=\"t m0 x11 hd6 y308 ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x652 y2c6c w3b6 h90\"><div class=\"t m0 x15 hd6 y308 ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2a8 y2c6d wac7 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">che costituiscono attivit\u00e0<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x262 y2c6e wc3d h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc2 ls0 ws0\">3. Valor<span class=\"_ _1\"></span>e nett<span class=\"_ _1\"></span>o di bilan<span class=\"_ _f\"></span>cio al<span class=\"_ _df\"> </span></div></td><td class=\"c x656 y2c6f w473 h148\"><div class=\"t m0 x116 hd6 y25f ff4 fs1b fc1 sc2 ls0 ws0\">4.046.7<span class=\"_ _f\"></span>84<span class=\"sc0\"> </span></div></td><td class=\"c x657 y2c6f w475 h148\"><div class=\"t m0 x36 hd6 y25f ff4 fs1b fc1 sc2 ls0 ws0\">49.814<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x544 y2c6f w476 h148\"><div class=\"t m0 x32 hd6 y25f ff4 fs1b fc1 sc2 ls0 ws0\">286.17<span class=\"_ _f\"></span>0<span class=\"sc0\"> </span></div></td><td class=\"c x4b2 y2c6f w17b h148\"><div class=\"t m0 x116 hd6 y25f ff4 fs1b fc1 sc2 ls0 ws0\">4.382.<span class=\"_ _1\"></span>768<span class=\"sc0\"> </span></div></td><td class=\"c x658 y2c6f w25f h148\"><div class=\"t m0 x2e hd6 y25f ff4 fs1b fc1 sc2 ls0 ws0\">3.638.<span class=\"_ _1\"></span>143<span class=\"sc0\"> </span></div></td><td class=\"c x469 y2c6f w477 h148\"><div class=\"t m0 x15 hd6 y25f ff4 fs1b fc1 sc2 ls0 ws0\">48.456<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x65a y2c6f w1d8 h148\"><div class=\"t m0 x32 hd6 y25f ff4 fs1b fc1 sc2 ls0 ws0\">187.46<span class=\"_ _1\"></span>0<span class=\"sc0\"> </span></div></td><td class=\"c x652 y2c6f w3b6 h148\"><div class=\"t m0 x116 hd6 y25f ff4 fs1b fc1 sc2 ls0 ws0\">3.874.0<span class=\"_ _1\"></span>59<span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x262 y2c70 wc3e h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc2 ls0 ws0\">1\u00b0 genna<span class=\"_ _1\"></span>io<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x262 y2c71 wc3f h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc2 ls0 ws0\">B. Variaz<span class=\"_ _1\"></span>ioni r<span class=\"_ _1\"></span>elative ai<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x262 y2c72 wc40 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc2 ls0 ws0\">servizi a<span class=\"_ _1\"></span>ttuali<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2a8 y2c73 wace h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">1. Margine sui servizi<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2a8 y2c74 wc41 h4c3\"><div class=\"t m0 x250 hd6 y276e ff4 fs1b fc1 sc0 ls0 ws0\">contrattuali registrato in<span class=\"_ _df\"> </span></div><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">conto economico<span class=\"_ _df\"> </span></div></td><td class=\"c x656 y2c75 w473 h90\"><div class=\"t m0 x36 hd6 yc5f ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x657 y2c75 w475 h90\"><div class=\"t m0 x8 hd6 yc5f ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x544 y2c75 w476 h90\"><div class=\"t m0 x48 hd6 yc5f ff4 fs1b fc1 sc0 ls0 ws0\">(42.322) </div></td><td class=\"c x4b2 y2c75 w17b h90\"><div class=\"t m0 x55 hd6 yc5f ff4 fs1b fc1 sc0 ls0 ws0\">(42.322) </div></td><td class=\"c x658 y2c75 w25f h90\"><div class=\"t m0 x36 hd6 yc5f ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x469 y2c75 w477 h90\"><div class=\"t m0 x8 hd6 yc5f ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x65a y2c75 w1d8 h90\"><div class=\"t m0 x48 hd6 yc5f ff4 fs1b fc1 sc0 ls0 ws0\">(36.320) </div></td><td class=\"c x652 y2c75 w3b6 h90\"><div class=\"t m0 x55 hd6 yc5f ff4 fs1b fc1 sc0 ls0 ws0\">(36.320) </div></td></tr><tr><td class=\"c x2a8 y2c76 wc42 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">2. Variazione per rischi<span class=\"_ _df\"> </span></div></td><td class=\"c x656 y2c77 w473 h15b\"><div class=\"t m0 x36 hd6 y1553 ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x657 y2c77 w475 h15b\"><div class=\"t m0 x15 hd6 y1553 ff4 fs1b fc1 sc0 ls0 ws0\">(5.020) </div></td><td class=\"c x544 y2c77 w476 h15b\"><div class=\"t m0 x11 hd6 y1553 ff4 fs1b fc1 sc0 ls0 ws0\">-</div></td><td class=\"c x4b2 y2c77 w17b h15b\"><div class=\"t m0 x14 hd6 y1553 ff4 fs1b fc1 sc0 ls0 ws0\">(5.020) </div></td><td class=\"c x658 y2c77 w25f h15b\"><div class=\"t m0 x36 hd6 y1553 ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x469 y2c77 w477 h15b\"><div class=\"t m0 x36 hd6 y1553 ff4 fs1b fc1 sc0 ls0 ws0\">(7.777) </div></td><td class=\"c x65a y2c77 w1d8 h15b\"><div class=\"t m0 x11 hd6 y1553 ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x652 y2c77 w3b6 h15b\"><div class=\"t m0 x48 hd6 y1553 ff4 fs1b fc1 sc0 ls0 ws0\">(7.777) </div></td></tr><tr><td class=\"c x2a8 y2c78 wc43 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">non finanziari scaduti<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2a8 y2c79 wc44 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">3. Modifiche connesse<span class=\"_ _df\"> </span></div></td><td class=\"c x656 y2c7a w473 h148\"><div class=\"t m0 x14 hd6 y394 ff4 fs1b fc1 sc0 ls0 ws0\">181.092 </div></td><td class=\"c x657 y2c7a w475 h148\"><div class=\"t m0 x8 hd6 y394 ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x544 y2c7a w476 h148\"><div class=\"t m0 x11 hd6 y394 ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x4b2 y2c7a w17b h148\"><div class=\"t m0 x14 hd6 y394 ff4 fs1b fc1 sc0 ls0 ws0\">181.092 </div></td><td class=\"c x658 y2c7a w25f h148\"><div class=\"t m0 x39 hd6 y394 ff4 fs1b fc1 sc0 ls0 ws0\">757.986 </div></td><td class=\"c x469 y2c7a w477 h148\"><div class=\"t m0 x8 hd6 y394 ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x65a y2c7a w1d8 h148\"><div class=\"t m0 x11 hd6 y394 ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x652 y2c7a w3b6 h148\"><div class=\"t m0 x130 hd6 y394 ff4 fs1b fc1 sc0 ls0 ws0\">757.986 </div></td></tr><tr><td class=\"c x2a8 y2c7b wc45 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff5 fs1b fc1 sc0 ls0 ws0\">con l\u2019esperienza<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x46b y2c7c w474 h13b\"><div class=\"t m0 x16a hd6 y35e ff4 fs1b fc1 sc2 ls0 ws0\">4. Total<span class=\"_ _f\"></span>e<span class=\"sc0\"> </span></div></td><td class=\"c x656 y2c7c w473 h13b\"><div class=\"t m0 x48 hd6 y35e ff4 fs1b fc1 sc2 ls0 ws0\">181.09<span class=\"_ _f\"></span>2<span class=\"sc0\"> </span></div></td><td class=\"c x657 y2c7c w475 h13b\"><div class=\"t m0 x15 hd6 y35e ff4 fs1b fc1 sc2 ls0 ws0\">(5.02<span class=\"_ _1\"></span>0)<span class=\"sc0\"> </span></div></td><td class=\"c x544 y2c7c w476 h13b\"><div class=\"t m0 x33 hd6 y35e ff4 fs1b fc1 sc2 ls0 ws0\">(42.322<span class=\"_ _1\"></span>)<span class=\"sc0\"> </span></div></td><td class=\"c x4b2 y2c7c w17b h13b\"><div class=\"t m0 x39 hd6 y35e ff4 fs1b fc1 sc2 ls0 ws0\">133.75<span class=\"_ _f\"></span>0<span class=\"sc0\"> </span></div></td><td class=\"c x658 y2c7c w25f h13b\"><div class=\"t m0 x14 hd6 y35e ff4 fs1b fc1 sc2 ls0 ws0\">757.98<span class=\"_ _1\"></span>6<span class=\"sc0\"> </span></div></td><td class=\"c x469 y2c7c w477 h13b\"><div class=\"t m0 x36 hd6 y35e ff4 fs1b fc1 sc2 ls0 ws0\">(7.777)<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x65a y2c7c w1d8 h13b\"><div class=\"t m0 x48 hd6 y35e ff4 fs1b fc1 sc2 ls0 ws0\">(36.3<span class=\"_ _1\"></span>20)<span class=\"sc0\"> </span></div></td><td class=\"c x652 y2c7c w3b6 h13b\"><div class=\"t m0 x39 hd6 y35e ff4 fs1b fc1 sc2 ls0 ws0\">713.889<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x46b y2c7d w474 hcb\"><div class=\"t m0 x8a hd6 y308 ff4 fs1b fc1 sc2 ls0 ws0\">C. Variaz<span class=\"_ _1\"></span>ioni r<span class=\"_ _1\"></span>elative a </div><div class=\"t m0 x8a hd6 yc2e ff4 fs1b fc1 sc2 ls0 ws0\">servizi fu<span class=\"_ _1\"></span>turi<span class=\"sc0\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2a8 y2c7e wc46 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">1. Variazioni del margine<span class=\"_ _df\"> </span></div></td><td class=\"c x656 y2c7f w473 h148\"><div class=\"t m0 x14 hd6 y25f ff4 fs1b fc1 sc0 ls0 ws0\">106.228 </div></td><td class=\"c x657 y2c7f w475 h148\"><div class=\"t m0 x13 hd6 y25f ff4 fs1b fc1 sc0 ls0 ws0\">16.181 </div></td><td class=\"c x544 y2c7f w476 h148\"><div class=\"t m0 x33 hd6 y25f ff4 fs1b fc1 sc0 ls0 ws0\">149.955 </div></td><td class=\"c x4b2 y2c7f w17b h148\"><div class=\"t m0 x130 hd6 y25f ff4 fs1b fc1 sc0 ls0 ws0\">272.364 </div></td><td class=\"c x658 y2c7f w25f h148\"><div class=\"t m0 x14 hd6 y25f ff4 fs1b fc1 sc0 ls0 ws0\">126.424 </div></td><td class=\"c x469 y2c7f w477 h148\"><div class=\"t m0 x15 hd6 y25f ff4 fs1b fc1 sc0 ls0 ws0\">(5.693) </div></td><td class=\"c x65a y2c7f w1d8 h148\"><div class=\"t m0 x48 hd6 y25f ff4 fs1b fc1 sc0 ls0 ws0\">(93.082) </div></td><td class=\"c x652 y2c7f w3b6 h148\"><div class=\"t m0 x48 hd6 y25f ff4 fs1b fc1 sc0 ls0 ws0\">27.649 </div></td></tr><tr><td class=\"c x2a8 y2c80 wadb h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">sui servizi contrattuali<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2a8 y2c81 wc47 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">2. Perdite su gruppi di<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2a8 y2c82 wc48 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">contratti onerosi e relativi<span class=\"_ _df\"> </span></div></td><td class=\"c x656 y2c83 w473 h91\"><div class=\"t m0 x36 hd6 yc5f ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x657 y2c83 w475 h91\"><div class=\"t m0 x8 hd6 yc5f ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x544 y2c83 w476 h91\"><div class=\"t m0 x11 hd6 yc5f ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x4b2 y2c83 w17b h91\"><div class=\"t m0 x15 hd6 yc5f ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x658 y2c83 w25f h91\"><div class=\"t m0 x36 hd6 yc5f ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x469 y2c83 w477 h91\"><div class=\"t m0 x8 hd6 yc5f ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x65a y2c83 w1d8 h91\"><div class=\"t m0 x11 hd6 yc5f ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x652 y2c83 w3b6 h91\"><div class=\"t m0 x15 hd6 yc5f ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2a8 y2c84 wc49 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">recuperi<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2a8 y2c85 wc4a h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">3. Effetti dei contratti<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2a8 y2c86 wc4b h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">inizialmente rilevati<span class=\"_ _df\"> </span></div></td><td class=\"c x656 y2c87 w473 h89\"><div class=\"t m0 x130 hd6 y3d ff4 fs1b fc1 sc0 ls0 ws0\">(39.770) </div></td><td class=\"c x657 y2c87 w475 h89\"><div class=\"t m0 x12 hd6 y3d ff4 fs1b fc1 sc0 ls0 ws0\">6.171 </div></td><td class=\"c x544 y2c87 w476 h89\"><div class=\"t m0 x35 hd6 y3d ff4 fs1b fc1 sc0 ls0 ws0\">33.598 </div></td><td class=\"c x4b2 y2c87 w17b h89\"><div class=\"t m0 x38 hd6 y3d ff4 fs1b fc1 sc0 ls0 ws0\">(1) </div></td><td class=\"c x658 y2c87 w25f h89\"><div class=\"t m0 x48 hd6 y3d ff4 fs1b fc1 sc0 ls0 ws0\">(71.913) </div></td><td class=\"c x469 y2c87 w477 h89\"><div class=\"t m0 x36 hd6 y3d ff4 fs1b fc1 sc0 ls0 ws0\">14.446 </div></td><td class=\"c x65a y2c87 w1d8 h89\"><div class=\"t m0 x2c hd6 y3d ff4 fs1b fc1 sc0 ls0 ws0\">57.467 </div></td><td class=\"c x652 y2c87 w3b6 h89\"><div class=\"t m0 x15 hd6 y3d ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2a8 y2c88 wc4c h4bd\"><div class=\"t m0 x250 hd6 y2736 ff5 fs1b fc1 sc0 ls0 ws0\">nell\u2019esercizio di<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2a8 y2863 wc4d h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">riferimento<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x46b y2c89 w474 h13b\"><div class=\"t m0 x16a hd6 y35e ff4 fs1b fc1 sc2 ls0 ws0\">4. Total<span class=\"_ _f\"></span>e<span class=\"sc0\"> </span></div></td><td class=\"c x656 y2c89 w473 h13b\"><div class=\"t m0 x48 hd6 y35e ff4 fs1b fc1 sc2 ls0 ws0\">66.458<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x657 y2c89 w475 h13b\"><div class=\"t m0 x36 hd6 y35e ff4 fs1b fc1 sc2 ls0 ws0\">22.352<span class=\"sc0\"> </span></div></td><td class=\"c x544 y2c89 w476 h13b\"><div class=\"t m0 x32 hd6 y35e ff4 fs1b fc1 sc2 ls0 ws0\">183.55<span class=\"_ _f\"></span>3<span class=\"sc0\"> </span></div></td><td class=\"c x4b2 y2c89 w17b h13b\"><div class=\"t m0 x130 hd6 y35e ff4 fs1b fc1 sc2 ls0 ws0\">272.36<span class=\"_ _1\"></span>3<span class=\"sc0\"> </span></div></td><td class=\"c x658 y2c89 w25f h13b\"><div class=\"t m0 x35 hd6 y35e ff4 fs1b fc1 sc2 ls0 ws0\">54.511<span class=\"sc0\"> </span></div></td><td class=\"c x469 y2c89 w477 h13b\"><div class=\"t m0 x13 hd6 y35e ff4 fs1b fc1 sc2 ls0 ws0\">8.753<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x65a y2c89 w1d8 h13b\"><div class=\"t m0 x33 hd6 y35e ff4 fs1b fc1 sc2 ls0 ws0\">(35.615)<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x652 y2c89 w3b6 h13b\"><div class=\"t m0 x48 hd6 y35e ff4 fs1b fc1 sc2 ls0 ws0\">27.649<span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x46b y2c8a w474 h148\"><div class=\"t m0 x8a hd6 yc5f ff4 fs1b fc1 sc2 ls0 ws0\">D. Variaz<span class=\"_ _1\"></span>ioni r<span class=\"_ _1\"></span>elative a </div><div class=\"t m0 x8a hd6 yc2e ff4 fs1b fc1 sc2 ls0 ws0\">servizi pa<span class=\"_ _f\"></span>ssati<span class=\"sc0\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2a8 y2c8b wc4e h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">1. Aggiustamenti alla<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2a8 y2c8c wc4f h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">passivit\u00e0 per sinistri<span class=\"_ _df\"> </span></div></td><td class=\"c x656 y2c8d w473 h90\"><div class=\"t m0 x2e hd6 yc5f ff4 fs1b fc1 sc0 ls0 ws0\">(453.472) </div></td><td class=\"c x657 y2c8d w475 h90\"><div class=\"t m0 x8 hd6 yc5f ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x544 y2c8d w476 h90\"><div class=\"t m0 x11 hd6 yc5f ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x4b2 y2c8d w17b h90\"><div class=\"t m0 x2a hd6 yc5f ff4 fs1b fc1 sc0 ls0 ws0\">(453.472) </div></td><td class=\"c x658 y2c8d w25f h90\"><div class=\"t m0 x2e hd6 yc5f ff4 fs1b fc1 sc0 ls0 ws0\">(784.503) </div></td><td class=\"c x469 y2c8d w477 h90\"><div class=\"t m0 x8 hd6 yc5f ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x65a y2c8d w1d8 h90\"><div class=\"t m0 x11 hd6 yc5f ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x652 y2c8d w3b6 h90\"><div class=\"t m0 x116 hd6 yc5f ff4 fs1b fc1 sc0 ls0 ws0\">(784.503) </div></td></tr><tr><td class=\"c x2a8 y2c8e w9c5 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">accaduti<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x262 y2c8f wc50 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc2 ls0 ws0\">E. Risulta<span class=\"_ _f\"></span>to dei servizi <span class=\"_ _f\"></span>di<span class=\"_ _df\"> </span></div></td><td class=\"c x656 y2c90 w473 h148\"><div class=\"t m0 x2e hd6 y394 ff4 fs1b fc1 sc2 ls0 ws0\">(205.92<span class=\"_ _1\"></span>2)<span class=\"sc0\"> </span></div></td><td class=\"c x657 y2c90 w475 h148\"><div class=\"t m0 x8f hd6 y394 ff4 fs1b fc1 sc2 ls0 ws0\">17.332<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x544 y2c90 w476 h148\"><div class=\"t m0 x2c hd6 y394 ff4 fs1b fc1 sc2 ls0 ws0\">141.231<span class=\"sc0\"> </span></div></td><td class=\"c x4b2 y2c90 w17b h148\"><div class=\"t m0 x130 hd6 y394 ff4 fs1b fc1 sc2 ls0 ws0\">(47.35<span class=\"_ _1\"></span>9)<span class=\"sc0\"> </span></div></td><td class=\"c x658 y2c90 w25f h148\"><div class=\"t m0 x33 hd6 y394 ff4 fs1b fc1 sc2 ls0 ws0\">27.994<span class=\"sc0\"> </span></div></td><td class=\"c x469 y2c90 w477 h148\"><div class=\"t m0 x90 hd6 y394 ff4 fs1b fc1 sc2 ls0 ws0\">976<span class=\"sc0\"> </span></div></td><td class=\"c x65a y2c90 w1d8 h148\"><div class=\"t m0 x32 hd6 y394 ff4 fs1b fc1 sc2 ls0 ws0\">(71.935)<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x652 y2c90 w3b6 h148\"><div class=\"t m0 x55 hd6 y394 ff4 fs1b fc1 sc2 ls0 ws0\">(42.96<span class=\"_ _1\"></span>5)<span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x262 y2c91 wc51 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc2 ls0 ws0\">assicura<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e(B+C<span class=\"_ _1\"></span>+D)<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x262 y2c92 wc52 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc2 ls0 ws0\">F. Costi/<span class=\"_ _f\"></span>ricavi di natura<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x262 y2c93 waee h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc2 ls0 ws0\">finanzia<span class=\"_ _f\"></span>ri<span class=\"_ _2\"></span>a<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2a8 y2c94 wc53 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">1. Relativi ai contratti di<span class=\"_ _df\"> </span></div></td><td class=\"c x656 y2c95 w473 h150\"><div class=\"t m0 x48 hd6 y25f ff4 fs1b fc1 sc0 ls0 ws0\">151.562 </div></td><td class=\"c x657 y2c95 w475 h150\"><div class=\"t m0 x12 hd6 y25f ff4 fs1b fc1 sc0 ls0 ws0\">1.154 </div></td><td class=\"c x544 y2c95 w476 h150\"><div class=\"t m0 x48 hd6 y25f ff4 fs1b fc1 sc0 ls0 ws0\">(20.969) </div></td><td class=\"c x4b2 y2c95 w17b h150\"><div class=\"t m0 x14 hd6 y25f ff4 fs1b fc1 sc0 ls0 ws0\">131.747 </div></td><td class=\"c x658 y2c95 w25f h150\"><div class=\"t m0 x33 hd6 y25f ff4 fs1b fc1 sc0 ls0 ws0\">70.580 </div></td><td class=\"c x469 y2c95 w477 h150\"><div class=\"t m0 x11 hd6 y25f ff4 fs1b fc1 sc0 ls0 ws0\">1.365 </div></td><td class=\"c x65a y2c95 w1d8 h150\"><div class=\"t m0 x33 hd6 y25f ff4 fs1b fc1 sc0 ls0 ws0\">102.540 </div></td><td class=\"c x652 y2c95 w3b6 h150\"><div class=\"t m0 x39 hd6 y25f ff4 fs1b fc1 sc0 ls0 ws0\">174.485 </div></td></tr><tr><td class=\"c x2a8 y2c96 wc54 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls1b ws0\">as<span class=\"ls0\">sicurazione emessi<span class=\"_ _df\"> </span></span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x46a y2c97 waef h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">1.1 Registrati in conto<span class=\"_ _df\"> </span></div></td><td class=\"c x656 y2c98 w473 h148\"><div class=\"t m0 x48 hd6 y394 ff4 fs1b fc1 sc0 ls0 ws0\">151.562 </div></td><td class=\"c x657 y2c98 w475 h148\"><div class=\"t m0 x12 hd6 y394 ff4 fs1b fc1 sc0 ls0 ws0\">1.154 </div></td><td class=\"c x544 y2c98 w476 h148\"><div class=\"t m0 x48 hd6 y394 ff4 fs1b fc1 sc0 ls0 ws0\">(20.852) </div></td><td class=\"c x4b2 y2c98 w17b h148\"><div class=\"t m0 x14 hd6 y394 ff4 fs1b fc1 sc0 ls0 ws0\">131.864 </div></td><td class=\"c x658 y2c98 w25f h148\"><div class=\"t m0 x33 hd6 y394 ff4 fs1b fc1 sc0 ls0 ws0\">70.580 </div></td><td class=\"c x469 y2c98 w477 h148\"><div class=\"t m0 x11 hd6 y394 ff4 fs1b fc1 sc0 ls0 ws0\">1.365 </div></td><td class=\"c x65a y2c98 w1d8 h148\"><div class=\"t m0 x35 hd6 y394 ff4 fs1b fc1 sc0 ls0 ws0\">44.578 </div></td><td class=\"c x652 y2c98 w3b6 h148\"><div class=\"t m0 x14 hd6 y394 ff4 fs1b fc1 sc0 ls0 ws0\">116.523 </div></td></tr><tr><td class=\"c x46a y2c99 wad0 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">economico<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x46a y2c9a wc55 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">1.2 Registrati nel conto<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x46a y2c9b wad0 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">economico<span class=\"_ _df\"> </span></div></td><td class=\"c x656 y2c9c w473 h90\"><div class=\"t m0 x36 hd6 yc5f ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x657 y2c9c w475 h90\"><div class=\"t m0 x8 hd6 yc5f ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x544 y2c9c w476 h90\"><div class=\"t m0 x97 hd6 yc5f ff4 fs1b fc1 sc0 ls0 ws0\">(117) </div></td><td class=\"c x4b2 y2c9c w17b h90\"><div class=\"t m0 x27 hd6 yc5f ff4 fs1b fc1 sc0 ls0 ws0\">(117) </div></td><td class=\"c x658 y2c9c w25f h90\"><div class=\"t m0 x36 hd6 yc5f ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x469 y2c9c w477 h90\"><div class=\"t m0 x8 hd6 yc5f ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x65a y2c9c w1d8 h90\"><div class=\"t m0 x2c hd6 yc5f ff4 fs1b fc1 sc0 ls0 ws0\">57.962 </div></td><td class=\"c x652 y2c9c w3b6 h90\"><div class=\"t m0 x48 hd6 yc5f ff4 fs1b fc1 sc0 ls0 ws0\">57.962 </div></td></tr><tr><td class=\"c x46a y2c9d wa9d h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">complessivo<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2a8 y2c9e waf2 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">2. Effetti connessi con le<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2a8 y2c9f wc56 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">variazioni dei tassi di<span class=\"_ _df\"> </span></div></td><td class=\"c x656 y2ca0 w473 h91\"><div class=\"t m0 x36 hd6 yc5f ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x657 y2ca0 w475 h91\"><div class=\"t m0 x8 hd6 yc5f ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x544 y2ca0 w476 h91\"><div class=\"t m0 x11 hd6 yc5f ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x4b2 y2ca0 w17b h91\"><div class=\"t m0 x15 hd6 yc5f ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x658 y2ca0 w25f h91\"><div class=\"t m0 x36 hd6 yc5f ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x469 y2ca0 w477 h91\"><div class=\"t m0 x8 hd6 yc5f ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x65a y2ca0 w1d8 h91\"><div class=\"t m0 x11 hd6 yc5f ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x652 y2ca0 w3b6 h91\"><div class=\"t m0 x15 hd6 yc5f ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2a8 y26b7 wb3c h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">cambio<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x46b y2ca1 w474 h13b\"><div class=\"t m0 x16a hd6 y35e ff4 fs1b fc1 sc2 ls0 ws0\">3. Total<span class=\"_ _1\"></span>e<span class=\"sc0\"> </span></div></td><td class=\"c x656 y2ca1 w473 h13b\"><div class=\"t m0 x48 hd6 y35e ff4 fs1b fc1 sc2 ls0 ws0\">151.56<span class=\"_ _f\"></span>2<span class=\"sc0\"> </span></div></td><td class=\"c x657 y2ca1 w475 h13b\"><div class=\"t m0 x12 hd6 y35e ff4 fs1b fc1 sc2 ls0 ws0\">1.154<span class=\"sc0\"> </span></div></td><td class=\"c x544 y2ca1 w476 h13b\"><div class=\"t m0 x48 hd6 y35e ff4 fs1b fc1 sc2 ls0 ws0\">(20.969)<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x4b2 y2ca1 w17b h13b\"><div class=\"t m0 x48 hd6 y35e ff4 fs1b fc1 sc2 ls0 ws0\">131.747<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x658 y2ca1 w25f h13b\"><div class=\"t m0 x33 hd6 y35e ff4 fs1b fc1 sc2 ls0 ws0\">70.58<span class=\"_ _1\"></span>0<span class=\"sc0\"> </span></div></td><td class=\"c x469 y2ca1 w477 h13b\"><div class=\"t m0 x96 hd6 y35e ff4 fs1b fc1 sc2 ls0 ws0\">1.365<span class=\"sc0\"> </span></div></td><td class=\"c x65a y2ca1 w1d8 h13b\"><div class=\"t m0 x33 hd6 y35e ff4 fs1b fc1 sc2 ls0 ws0\">102.540<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x652 y2ca1 w3b6 h13b\"><div class=\"t m0 x39 hd6 y35e ff4 fs1b fc1 sc2 ls0 ws0\">174.48<span class=\"_ _1\"></span>5<span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x262 y2ca2 wc57 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc2 ls0 ws0\">G. Imp<span class=\"_ _f\"></span>o<span class=\"_ _2\"></span>rto t<span class=\"_ _1\"></span>otale d<span class=\"_ _f\"></span>e<span class=\"_ _2\"></span>lle<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x262 y2ca3 wc58 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc2 ls0 ws0\">variazio<span class=\"_ _1\"></span>ni regi<span class=\"_ _1\"></span>strate in <span class=\"_ _f\"></span>conto<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x262 y2ca4 waa5 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc2 ls0 ws0\">econo<span class=\"_ _1\"></span>mico e <span class=\"_ _1\"></span>nel cont<span class=\"_ _f\"></span>o<span class=\"_ _df\"> </span></div></td><td class=\"c x656 y2ca5 w473 h153\"><div class=\"t m0 x130 hd6 yc62 ff4 fs1b fc1 sc2 ls0 ws0\">(54.360)<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x657 y2ca5 w475 h153\"><div class=\"t m0 x36 hd6 yc62 ff4 fs1b fc1 sc2 ls0 ws0\">18.486<span class=\"sc0\"> </span></div></td><td class=\"c x544 y2ca5 w476 h153\"><div class=\"t m0 x32 hd6 yc62 ff4 fs1b fc1 sc2 ls0 ws0\">120.26<span class=\"_ _1\"></span>2<span class=\"sc0\"> </span></div></td><td class=\"c x4b2 y2ca5 w17b h153\"><div class=\"t m0 x14 hd6 yc62 ff4 fs1b fc1 sc2 ls0 ws0\">84.388<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x658 y2ca5 w25f h153\"><div class=\"t m0 x33 hd6 yc62 ff4 fs1b fc1 sc2 ls0 ws0\">98.574<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x469 y2ca5 w477 h153\"><div class=\"t m0 x96 hd6 yc62 ff4 fs1b fc1 sc2 ls0 ws0\">2.341<span class=\"sc0\"> </span></div></td><td class=\"c x65a y2ca5 w1d8 h153\"><div class=\"t m0 x35 hd6 yc62 ff4 fs1b fc1 sc2 ls0 ws0\">30.605<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x652 y2ca5 w3b6 h153\"><div class=\"t m0 x14 hd6 yc62 ff4 fs1b fc1 sc2 ls0 ws0\">131.52<span class=\"_ _1\"></span>0<span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x262 y2ca6 waa6 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc2 ls0 ws0\">econo<span class=\"_ _1\"></span>mico c<span class=\"_ _1\"></span>omples<span class=\"_ _1\"></span>sivo<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x262 y2ca7 wc59 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc2 ls0 ws0\">(E+F)<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x46b y2ca8 w474 hc3\"><div class=\"t m0 x8a hd6 y28e ff4 fs1b fc1 sc2 ls0 ws0\">H. Altre v<span class=\"_ _f\"></span>ariazioni </div></td><td class=\"c x656 y2ca8 w473 hc3\"><div class=\"t m0 x39 hd6 y28e ff4 fs1b fc1 sc2 ls0 ws0\">(35.770)<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x657 y2ca8 w475 hc3\"><div class=\"t m0 x96 hd6 y28e ff4 fs1b fc1 sc2 ls0 ws0\">(526)<span class=\"sc0\"> </span></div></td><td class=\"c x544 y2ca8 w476 hc3\"><div class=\"t m0 x2c hd6 y28e ff4 fs1b fc1 sc2 ls0 ws0\">20.852<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x4b2 y2ca8 w17b hc3\"><div class=\"t m0 x130 hd6 y28e ff4 fs1b fc1 sc2 ls0 ws0\">(15.444)<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x658 y2ca8 w25f hc3\"><div class=\"t m0 x130 hd6 y28e ff4 fs1b fc1 sc2 ls0 ws0\">(69.05<span class=\"_ _1\"></span>4)<span class=\"sc0\"> </span></div></td><td class=\"c x469 y2ca8 w477 hc3\"><div class=\"t m0 x11 hd6 y28e ff4 fs1b fc1 sc2 ls0 ws0\">(982)<span class=\"sc0\"> </span></div></td><td class=\"c x65a y2ca8 w1d8 hc3\"><div class=\"t m0 x2c hd6 y28e ff4 fs1b fc1 sc2 ls0 ws0\">68.106<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x652 y2ca8 w3b6 hc3\"><div class=\"t m0 x48 hd6 y28e ff4 fs1b fc1 sc2 ls0 ws0\">(1.930)<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x46b y2ca9 w474 h2c\"><div class=\"t m0 x8a hd6 y497 ff4 fs1b fc1 sc2 ls0 ws0\">I. Movim<span class=\"_ _f\"></span>enti di cassa<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x46b y2caa w474 h2a3\"><div class=\"t m0 x16a hd6 y360 ff4 fs1b fc1 sc0 ls0 ws0\">1. Premi ricevuti </div></td><td class=\"c x656 y2caa w473 h2a3\"><div class=\"t m0 x14 hd6 y360 ff4 fs1b fc1 sc0 ls0 ws0\">779.619 </div></td><td class=\"c x657 y2caa w475 h2a3\"><div class=\"t m0 x8 hd6 y360 ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x544 y2caa w476 h2a3\"><div class=\"t m0 x11 hd6 y360 ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x4b2 y2caa w17b h2a3\"><div class=\"t m0 x39 hd6 y360 ff4 fs1b fc1 sc0 ls0 ws0\">779.619 </div></td><td class=\"c x658 y2caa w25f h2a3\"><div class=\"t m0 x55 hd6 y360 ff4 fs1b fc1 sc0 ls0 ws0\">1.183.144 </div></td><td class=\"c x469 y2caa w477 h2a3\"><div class=\"t m0 x8 hd6 y360 ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x65a y2caa w1d8 h2a3\"><div class=\"t m0 x11 hd6 y360 ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x652 y2caa w3b6 h2a3\"><div class=\"t m0 x55 hd6 y360 ff4 fs1b fc1 sc0 ls0 ws0\">1.183.144 </div></td></tr><tr><td class=\"c x2a8 y2cab wc5a h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">2. Pagamenti connessi<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2a8 y2cac wc5b h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls8c ws0\">co<span class=\"ls0\">n i costi di acquisizione<span class=\"_ _df\"> </span></span></div></td><td class=\"c x656 y2cad w473 h91\"><div class=\"t m0 x36 hd6 yc5f ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x657 y2cad w475 h91\"><div class=\"t m0 x8 hd6 yc5f ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x544 y2cad w476 h91\"><div class=\"t m0 x11 hd6 yc5f ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x4b2 y2cad w17b h91\"><div class=\"t m0 x15 hd6 yc5f ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x658 y2cad w25f h91\"><div class=\"t m0 x36 hd6 yc5f ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x469 y2cad w477 h91\"><div class=\"t m0 x8 hd6 yc5f ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x65a y2cad w1d8 h91\"><div class=\"t m0 x11 hd6 yc5f ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x652 y2cad w3b6 h91\"><div class=\"t m0 x15 hd6 yc5f ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2a8 y2cae wc5c h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">dei contratti<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2a8 y2caf wc5d h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">3. Sinistri pagati e altre<span class=\"_ _df\"> </span></div></td><td class=\"c x656 y2cb0 w473 hcb\"><div class=\"t m0 x2e hd6 y25f ff4 fs1b fc1 sc0 ls0 ws0\">(474.262) </div></td><td class=\"c x657 y2cb0 w475 hcb\"><div class=\"t m0 x8 hd6 y25f ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x544 y2cb0 w476 hcb\"><div class=\"t m0 x11 hd6 y25f ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x4b2 y2cb0 w17b hcb\"><div class=\"t m0 x2a hd6 y25f ff4 fs1b fc1 sc0 ls0 ws0\">(474.262) </div></td><td class=\"c x658 y2cb0 w25f hcb\"><div class=\"t m0 x2a hd6 y25f ff4 fs1b fc1 sc0 ls0 ws0\">(804.023) </div></td><td class=\"c x469 y2cb0 w477 hcb\"><div class=\"t m0 x8 hd6 y25f ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x65a y2cb0 w1d8 hcb\"><div class=\"t m0 x11 hd6 y25f ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x652 y2cb0 w3b6 hcb\"><div class=\"t m0 x116 hd6 y25f ff4 fs1b fc1 sc0 ls0 ws0\">(804.023) </div></td></tr><tr><td class=\"c x2a8 y2cb1 wc5e h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">uscite di cassa<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x46b y2cb2 w474 h13b\"><div class=\"t m0 x16a hd6 y360 ff4 fs1b fc1 sc0 ls0 ws0\">4. Altri movimenti </div></td><td class=\"c x656 y2cb2 w473 h13b\"><div class=\"t m0 x36 hd6 y360 ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x657 y2cb2 w475 h13b\"><div class=\"t m0 x8 hd6 y360 ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x544 y2cb2 w476 h13b\"><div class=\"t m0 x11 hd6 y360 ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x4b2 y2cb2 w17b h13b\"><div class=\"t m0 x15 hd6 y360 ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x658 y2cb2 w25f h13b\"><div class=\"t m0 x36 hd6 y360 ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x469 y2cb2 w477 h13b\"><div class=\"t m0 x8 hd6 y360 ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x65a y2cb2 w1d8 h13b\"><div class=\"t m0 x11 hd6 y360 ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x652 y2cb2 w3b6 h13b\"><div class=\"t m0 x15 hd6 y360 ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y2cb3 w474 h141\"><div class=\"t m0 x16a hd6 y360 ff4 fs1b fc1 sc2 ls0 ws0\">5. Total<span class=\"_ _f\"></span>e<span class=\"sc0\"> </span></div></td><td class=\"c x656 y2cb3 w473 h141\"><div class=\"t m0 x39 hd6 y360 ff4 fs1b fc1 sc2 ls0 ws0\">305.35<span class=\"_ _f\"></span>7<span class=\"sc0\"> </span></div></td><td class=\"c x657 y2cb3 w475 h141\"><div class=\"t m0 x8 hd6 y360 ff4 fs1b fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x544 y2cb3 w476 h141\"><div class=\"t m0 x11 hd6 y360 ff4 fs1b fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x4b2 y2cb3 w17b h141\"><div class=\"t m0 x130 hd6 y360 ff4 fs1b fc1 sc2 ls0 ws0\">305.35<span class=\"_ _f\"></span>7<span class=\"sc0\"> </span></div></td><td class=\"c x658 y2cb3 w25f h141\"><div class=\"t m0 x33 hd6 y360 ff4 fs1b fc1 sc2 ls0 ws0\">379.12<span class=\"_ _1\"></span>1<span class=\"sc0\"> </span></div></td><td class=\"c x469 y2cb3 w477 h141\"><div class=\"t m0 x8 hd6 y360 ff4 fs1b fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x65a y2cb3 w1d8 h141\"><div class=\"t m0 x11 hd6 y360 ff4 fs1b fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x652 y2cb3 w3b6 h141\"><div class=\"t m0 x48 hd6 y360 ff4 fs1b fc1 sc2 ls0 ws0\">379.12<span class=\"_ _1\"></span>1<span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x262 y2cb4 wc5f h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc2 ls0 ws0\">L. Valor<span class=\"_ _1\"></span>e nett<span class=\"_ _f\"></span>o<span class=\"_ _2\"></span> di bila<span class=\"_ _f\"></span>ncio al<span class=\"_ _df\"> </span></div></td><td class=\"c x656 y2cb5 w473 hcb\"><div class=\"t m0 x55 hd6 y25f ff4 fs1b fc1 sc2 ls0 ws0\">4.262.<span class=\"_ _1\"></span>011<span class=\"sc0\"> </span></div></td><td class=\"c x657 y2cb5 w475 hcb\"><div class=\"t m0 x36 hd6 y25f ff4 fs1b fc1 sc2 ls0 ws0\">67.774<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x544 y2cb5 w476 hcb\"><div class=\"t m0 x33 hd6 y25f ff4 fs1b fc1 sc2 ls0 ws0\">427.284<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x4b2 y2cb5 w17b hcb\"><div class=\"t m0 x116 hd6 y25f ff4 fs1b fc1 sc2 ls0 ws0\">4.757.0<span class=\"_ _1\"></span>69<span class=\"sc0\"> </span></div></td><td class=\"c x658 y2cb5 w25f hcb\"><div class=\"t m0 x2a hd6 y25f ff4 fs1b fc1 sc2 ls0 ws0\">4.046.7<span class=\"_ _f\"></span>84<span class=\"sc0\"> </span></div></td><td class=\"c x469 y2cb5 w477 hcb\"><div class=\"t m0 x36 hd6 y25f ff4 fs1b fc1 sc2 ls0 ws0\">49.815<span class=\"sc0\"> </span></div></td><td class=\"c x65a y2cb5 w1d8 hcb\"><div class=\"t m0 x35 hd6 y25f ff4 fs1b fc1 sc2 ls0 ws0\">286.171<span class=\"sc0\"> </span></div></td><td class=\"c x652 y2cb5 w3b6 hcb\"><div class=\"t m0 x116 hd6 y25f ff4 fs1b fc1 sc2 ls0 ws0\">4.382.<span class=\"_ _1\"></span>770<span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x262 y2cb6 wc60 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc2 ls0 ws0\">31 dic<span class=\"_ _1\"></span>embre (A.<span class=\"_ _f\"></span>3+G+H+I.4)<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x46b y2cb7 w474 h275\"><div class=\"t m0 x8a hd6 y56 ff4 fs1b fc1 sc2 ls0 ws0\">M. Val<span class=\"_ _1\"></span>ore di bila<span class=\"_ _f\"></span>ncio finale<span class=\"sc0\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2a8 y2cb8 wc39 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">1. Contratti di<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2a8 y2cb9 wc3a h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">assicurazione emessi<span class=\"_ _df\"> </span></div></td><td class=\"c x656 y2cba w473 h89\"><div class=\"t m0 x2e hd6 y3d ff4 fs1b fc1 sc0 ls0 ws0\">4.262.011 </div></td><td class=\"c x657 y2cba w475 h89\"><div class=\"t m0 x36 hd6 y3d ff4 fs1b fc1 sc0 ls0 ws0\">67.774 </div></td><td class=\"c x544 y2cba w476 h89\"><div class=\"t m0 x33 hd6 y3d ff4 fs1b fc1 sc0 ls0 ws0\">427.284 </div></td><td class=\"c x4b2 y2cba w17b h89\"><div class=\"t m0 x116 hd6 y3d ff4 fs1b fc1 sc0 ls0 ws0\">4.757.069 </div></td><td class=\"c x658 y2cba w25f h89\"><div class=\"t m0 x116 hd6 y3d ff4 fs1b fc1 sc0 ls0 ws0\">4.046.784 </div></td><td class=\"c x469 y2cba w477 h89\"><div class=\"t m0 x36 hd6 y3d ff4 fs1b fc1 sc0 ls0 ws0\">49.814 </div></td><td class=\"c x65a y2cba w1d8 h89\"><div class=\"t m0 x33 hd6 y3d ff4 fs1b fc1 sc0 ls0 ws0\">286.170 </div></td><td class=\"c x652 y2cba w3b6 h89\"><div class=\"t m0 x16a hd6 y3d ff4 fs1b fc1 sc0 ls0 ws0\">4.382.768 </div></td></tr><tr><td class=\"c x2a8 y2cbb wc3b h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">che costituiscono<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2a8 y2cbc wa73 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">passivit\u00e0<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2a8 y2cbd wc3c h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">2. Contratti di<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2a8 y2cbe wc3a h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">assicurazione emessi<span class=\"_ _df\"> </span></div></td><td class=\"c x656 y2cbf w473 h91\"><div class=\"t m0 x36 hd6 yc5f ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x657 y2cbf w475 h91\"><div class=\"t m0 x8 hd6 yc5f ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x544 y2cbf w476 h91\"><div class=\"t m0 x11 hd6 yc5f ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x4b2 y2cbf w17b h91\"><div class=\"t m0 x15 hd6 yc5f ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x658 y2cbf w25f h91\"><div class=\"t m0 x36 hd6 yc5f ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x469 y2cbf w477 h91\"><div class=\"t m0 x8 hd6 yc5f ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x65a y2cbf w1d8 h91\"><div class=\"t m0 x11 hd6 yc5f ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x652 y2cbf w3b6 h91\"><div class=\"t m0 x15 hd6 yc5f ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2a8 y2cc0 wac7 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">che costituiscono attivit\u00e0<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2a8 y27dd wc61 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc2 ls0 ws0\">3. Valor<span class=\"_ _1\"></span>e nett<span class=\"_ _1\"></span>o di bilan<span class=\"_ _f\"></span>cio<span class=\"_ _df\"> </span></div></td><td class=\"c x656 y2cc1 w473 hcb\"><div class=\"t m0 x55 hd6 y25f ff4 fs1b fc1 sc2 ls0 ws0\">4.262.<span class=\"_ _1\"></span>011<span class=\"sc0\"> </span></div></td><td class=\"c x657 y2cc1 w475 hcb\"><div class=\"t m0 x36 hd6 y25f ff4 fs1b fc1 sc2 ls0 ws0\">67.774<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x544 y2cc1 w476 hcb\"><div class=\"t m0 x33 hd6 y25f ff4 fs1b fc1 sc2 ls0 ws0\">427.284<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x4b2 y2cc1 w17b hcb\"><div class=\"t m0 x116 hd6 y25f ff4 fs1b fc1 sc2 ls0 ws0\">4.757.0<span class=\"_ _1\"></span>69<span class=\"sc0\"> </span></div></td><td class=\"c x658 y2cc1 w25f hcb\"><div class=\"t m0 x2a hd6 y25f ff4 fs1b fc1 sc2 ls0 ws0\">4.046.7<span class=\"_ _f\"></span>84<span class=\"sc0\"> </span></div></td><td class=\"c x469 y2cc1 w477 hcb\"><div class=\"t m0 x36 hd6 y25f ff4 fs1b fc1 sc2 ls0 ws0\">49.814<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x65a y2cc1 w1d8 hcb\"><div class=\"t m0 x32 hd6 y25f ff4 fs1b fc1 sc2 ls0 ws0\">286.17<span class=\"_ _f\"></span>0<span class=\"sc0\"> </span></div></td><td class=\"c x652 y2cc1 w3b6 hcb\"><div class=\"t m0 x116 hd6 y25f ff4 fs1b fc1 sc2 ls0 ws0\">4.382.<span class=\"_ _1\"></span>768<span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x2a8 y2491 wc62 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc2 ls0 ws0\">al 31 dic<span class=\"_ _f\"></span>embre<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr></table><div class=\"c w37c he2 gsd63\"><div class=\"t m0 xe h5 y17cc ff4 fs1 fc4 sc3 ls0 ws0\">Dinam<span class=\"_ _f\"></span>ica del v<span class=\"_ _1\"></span>alor<span class=\"_ _f\"></span>e di bilanc<span class=\"_ _1\"></span>io de<span class=\"_ _1\"></span>i cont<span class=\"_ _f\"></span>ratti di a<span class=\"_ _f\"></span>ssicurazi<span class=\"_ _1\"></span>one e<span class=\"_ _1\"></span>mes<span class=\"_ _f\"></span>si distint<span class=\"_ _f\"></span>a per elem<span class=\"_ _f\"></span>enti </div><div class=\"t m0 xe h5 y17cd ff4 fs1 fc4 sc3 ls0 ws0\">sott<span class=\"_ _1\"></span>ostant<span class=\"_ _f\"></span>i alla mi<span class=\"_ _1\"></span>sura<span class=\"_ _1\"></span>zione - <span class=\"_ _f\"></span>Contrat<span class=\"_ _f\"></span>ti<span class=\"_ _2\"></span> a<span class=\"_ _1\"></span>ssicur<span class=\"_ _f\"></span>ativi em<span class=\"_ _1\"></span>essi <span class=\"_ _f\"></span>senza ele<span class=\"_ _1\"></span>menti <span class=\"_ _f\"></span>di parte<span class=\"_ _1\"></span>cipazio<span class=\"_ _f\"></span>ne </div><div class=\"t m0 xe h5 y17c1 ff4 fs1 fc4 sc3 ls0 ws0\">diret<span class=\"_ _1\"></span>ta - Se<span class=\"_ _1\"></span>gme<span class=\"_ _1\"></span>nto V<span class=\"_ _1\"></span>ita<span class=\"_ _1\"></span><span class=\"fc1 sc2\"> </span></div></div><div class=\"gsd64\"><table class=\"s wc63 h50f\" id=\"_de7f3155-ed37-473a-9fdb-e3e43a798e4b\"><tr><td></td><td></td><td></td><td class=\"c x474 y2cc2 wc64 h48d\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc4 sc3 ls0 ws0\">Elemen<span class=\"_ _1\"></span>ti sottos<span class=\"_ _1\"></span>tanti alla <span class=\"_ _1\"></span>misur<span class=\"_ _1\"></span>azione de<span class=\"_ _1\"></span>l valore di b<span class=\"_ _f\"></span>il<span class=\"_ _2\"></span>anc<span class=\"_ _1\"></span>io dei<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td class=\"c x65b y2cc2 wc65 h48d\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc4 sc3 ls0 ws0\">Elemen<span class=\"_ _1\"></span>ti sottos<span class=\"_ _1\"></span>tanti alla <span class=\"_ _1\"></span>misur<span class=\"_ _1\"></span>azione de<span class=\"_ _1\"></span>l valore di b<span class=\"_ _f\"></span>il<span class=\"_ _2\"></span>an<span class=\"_ _1\"></span>cio dei<span class=\"_ _df\"> </span></div></td><td></td></tr><tr><td></td><td></td><td class=\"c x65c y2cc3 wc66 h48d\" colspan=\"2\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc4 sc3 ls0 ws0\">contr<span class=\"_ _1\"></span>atti di assicu<span class=\"_ _1\"></span>razion<span class=\"_ _1\"></span>e emess<span class=\"_ _f\"></span>i<span class=\"_ _df\"> </span></div></td><td></td><td></td><td class=\"c x65d y2cc3 wc66 h48d\" colspan=\"2\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc4 sc3 ls0 ws0\">contr<span class=\"_ _1\"></span>atti di assicu<span class=\"_ _1\"></span>razion<span class=\"_ _1\"></span>e emess<span class=\"_ _f\"></span>i<span class=\"_ _df\"> </span></div></td><td></td></tr><tr><td></td><td></td><td></td><td class=\"c x470 y2cc4 wc67 h48d\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc4 sc3 ls0 ws0\">Valore<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td class=\"c x65e y2cc4 wc68 h48d\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc4 sc3 ls0 ws0\">Valore<span class=\"_ _df\"> </span></div></td><td></td></tr><tr><td class=\"c x262 y2cc5 wc69 h48d\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc4 sc3 ls0 ws0\">Voci/Elem<span class=\"_ _f\"></span>enti sottost<span class=\"_ _1\"></span>anti alla<span class=\"_ _df\"> </span></div></td><td class=\"c x474 y2cc5 wc6a h48d\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc4 sc3 ls0 ws0\">attuale<span class=\"_ _1\"></span> dei</div></td><td class=\"c x65f y2cc6 wc6b h48d\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc4 sc3 ls0 ws0\">Aggius<span class=\"_ _1\"></span>tamento<span class=\"_ _df\"> </span></div></td><td class=\"c x660 y2cc6 wc6c h48d\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc4 sc3 ls0 ws0\">Margine<span class=\"_ _1\"></span> sui<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x65b y2cc5 wc6d h48d\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc4 sc3 ls0 ws0\">attuale<span class=\"_ _1\"></span> dei</div></td><td class=\"c x661 y2cc6 wc6b h48d\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc4 sc3 ls0 ws0\">Aggius<span class=\"_ _1\"></span>tamento<span class=\"_ _df\"> </span></div></td><td class=\"c x662 y2cc6 wc6c h48d\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc4 sc3 ls0 ws0\">Margine<span class=\"_ _1\"></span> sui<span class=\"_ _df\"> </span></div></td><td></td></tr><tr><td></td><td></td><td class=\"c x663 y2cc7 wc6e h48d\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc4 sc3 ls0 ws0\">per i ris<span class=\"_ _1\"></span>chi non<span class=\"_ _df\"> </span></div></td><td class=\"c x664 y2cc7 wc6f h48d\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc4 sc3 ls0 ws0\">servizi<span class=\"_ _df\"> </span></div></td><td></td><td></td><td class=\"c x665 y2cc7 wc70 h48d\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc4 sc3 ls0 ws0\">per i ris<span class=\"_ _1\"></span>chi non<span class=\"_ _df\"> </span></div></td><td class=\"c x666 y2cc7 wc6f h48d\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc4 sc3 ls0 ws0\">servizi<span class=\"_ _df\"> </span></div></td><td></td></tr><tr><td class=\"c x262 y2cc8 wc71 h48d\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc4 sc3 ls0 ws0\">misuraz<span class=\"_ _1\"></span>ione<span class=\"_ _df\"> </span></div></td><td></td><td></td><td class=\"c x667 y2cc8 wc72 h48d\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc4 sc3 ls0 ws0\">flussi<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td class=\"c x668 y2cc8 wc72 h48d\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc4 sc3 ls0 ws0\">flussi<span class=\"_ _df\"> </span></div></td><td></td></tr><tr><td></td><td></td><td class=\"c x669 y2cc9 wc73 h48d\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc4 sc3 ls0 ws0\">finanziar<span class=\"_ _1\"></span>i<span class=\"_ _df\"> </span></div></td><td class=\"c x66a y2cc9 wc74 h48d\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc4 sc3 ls0 ws0\">contr<span class=\"_ _1\"></span>attuali<span class=\"_ _df\"> </span></div></td><td class=\"c x54c y2cca w149 h2a4\"><div class=\"t m0 x16a h200 yda3 ff4 fs22 fc4 sc3 ls0 ws0\">Totale<span class=\"_ _1\"></span><span class=\"fc1 sc0\"> </span></div></td><td></td><td class=\"c x66b y2cc9 wc73 h48d\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc4 sc3 ls0 ws0\">finanziar<span class=\"_ _1\"></span>i<span class=\"_ _df\"> </span></div></td><td class=\"c x66c y2cc9 wc75 h48d\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc4 sc3 ls0 ws0\">contr<span class=\"_ _1\"></span>attuali<span class=\"_ _df\"> </span></div></td><td class=\"c x66d y2cca w137 h2a4\"><div class=\"t m0 x16a h200 yda3 ff4 fs22 fc4 sc3 ls0 ws0\">Totale<span class=\"_ _1\"></span><span class=\"fc1 sc0\"> </span></div></td></tr><tr><td></td><td class=\"c x46c y2ccb wc73 h48d\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc4 sc3 ls0 ws0\">finanziar<span class=\"_ _1\"></span>i<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td class=\"c x66e y2ccb wc73 h48d\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc4 sc3 ls0 ws0\">finanziar<span class=\"_ _1\"></span>i<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td></tr><tr><td></td><td class=\"c x485 y2cca w47a h4e\"><div class=\"t m0 xab h200 y30 ff4 fs22 fc4 sc3 ls0 ws0\">31/12/20<span class=\"_ _f\"></span>2<span class=\"_ _2\"></span>5<span class=\"fc1 sc0\"> </span></div></td><td class=\"c x66f y2cca w398 h4e\"><div class=\"t m0 x116 h200 y30 ff4 fs22 fc4 sc3 ls0 ws0\">31/12/20<span class=\"_ _f\"></span>2<span class=\"_ _2\"></span>5<span class=\"fc1 sc0\"> </span></div></td><td class=\"c x670 y2cca w437 h4e\"><div class=\"t m0 xac h200 y30 ff4 fs22 fc4 sc3 ls0 ws0\">31/12/20<span class=\"_ _f\"></span>2<span class=\"_ _2\"></span>5<span class=\"fc1 sc0\"> </span></div></td><td></td><td class=\"c x671 y2cca w179 h4e\"><div class=\"t m0 xab h200 y30 ff4 fs22 fc4 sc3 ls0 ws0\">31/12/20<span class=\"_ _f\"></span>24<span class=\"fc1 sc0\"> </span></div></td><td class=\"c x672 y2cca w47b h4e\"><div class=\"t m0 x116 h200 y30 ff4 fs22 fc4 sc3 ls0 ws0\">31/12/20<span class=\"_ _f\"></span>24<span class=\"fc1 sc0\"> </span></div></td><td class=\"c x65a y2cca w25f h4e\"><div class=\"t m0 xac h200 y30 ff4 fs22 fc4 sc3 ls0 ws0\">31/12/20<span class=\"_ _f\"></span>24<span class=\"fc1 sc0\"> </span></div></td><td></td></tr><tr><td class=\"c x46b y2ccc w47c h221\"><div class=\"t m0 x8a h200 y54 ff4 fs22 fc1 sc2 ls0 ws0\">A. Valor<span class=\"_ _1\"></span>e di bilanc<span class=\"_ _f\"></span>io iniziale<span class=\"sc0\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2a8 y2ccd wc76 h48d\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc1 sc0 ls0 ws0\">1. Contratti di assicurazione<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2a8 y2cce wc77 h48d\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc1 sc0 ls0 ws0\">emessi che costituiscono<span class=\"_ _df\"> </span></div></td><td class=\"c x485 y2ccf w176 h16\"><div class=\"t m0 x39 h200 y409 ff4 fs22 fc1 sc0 ls0 ws0\">37.856 </div></td><td class=\"c x66f y2ccf w47d h16\"><div class=\"t m0 x15 h200 y409 ff4 fs22 fc1 sc0 ls0 ws0\">1.372 </div></td><td class=\"c x670 y2ccf w391 h16\"><div class=\"t m0 x48 h200 y409 ff4 fs22 fc1 sc0 ls0 ws0\">23.454 </div></td><td class=\"c x54c y2ccf w1b0 h16\"><div class=\"t m0 x130 h200 y409 ff4 fs22 fc1 sc0 ls0 ws0\">62.682 </div></td><td class=\"c x671 y2ccf w177 h16\"><div class=\"t m0 x130 h200 y409 ff4 fs22 fc1 sc0 ls0 ws0\">40.325 </div></td><td class=\"c x672 y2ccf w47e h16\"><div class=\"t m0 x15 h200 y409 ff4 fs22 fc1 sc0 ls0 ws0\">1.570 </div></td><td class=\"c x65a y2ccf w1e2 h16\"><div class=\"t m0 x33 h200 y409 ff4 fs22 fc1 sc0 ls0 ws0\">21.108 </div></td><td class=\"c x66d y2ccf w464 h16\"><div class=\"t m0 x55 h200 y409 ff4 fs22 fc1 sc0 ls0 ws0\">63.003 </div></td></tr><tr><td class=\"c x2a8 y2cd0 wc78 h48e\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc1 sc0 ls0 ws0\">passivit\u00e0<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2a8 y2cd1 wc79 h48e\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc1 sc0 ls0 ws0\">2. Contratti di assicurazione<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2a8 y2cd2 wc77 h48e\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc1 sc0 ls0 ws0\">emessi che costituiscono<span class=\"_ _df\"> </span></div></td><td class=\"c x485 y2cd3 w176 h206\"><div class=\"t m0 x30 h200 yd41 ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x66f y2cd3 w47d h206\"><div class=\"t m0 xf h200 yd41 ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x670 y2cd3 w391 h206\"><div class=\"t m0 x36 h200 yd41 ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x54c y2cd3 w1b0 h206\"><div class=\"t m0 x30 h200 yd41 ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x671 y2cd3 w177 h206\"><div class=\"t m0 x30 h200 yd41 ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x672 y2cd3 w47e h206\"><div class=\"t m0 xf h200 yd41 ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x65a y2cd3 w1e2 h206\"><div class=\"t m0 x36 h200 yd41 ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x66d y2cd3 w464 h206\"><div class=\"t m0 x31 h200 yd41 ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2a8 y2cd4 wc7a h48e\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc1 sc0 ls0 ws0\">attivit\u00e0<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x262 y2cd5 wc7b h48e\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc1 sc2 ls0 ws0\">3. Valo<span class=\"_ _1\"></span>re netto<span class=\"_ _1\"></span> di bilanc<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span>o al 1\u00b0<span class=\"_ _df\"> </span></div></td><td class=\"c x485 y2cd6 w176 hf\"><div class=\"t m0 x39 h200 y823 ff4 fs22 fc1 sc2 ls0 ws0\">37.856<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x66f y2cd6 w47d hf\"><div class=\"t m0 x15 h200 y823 ff4 fs22 fc1 sc2 ls0 ws0\">1.372<span class=\"sc0\"> </span></div></td><td class=\"c x670 y2cd6 w391 hf\"><div class=\"t m0 x48 h200 y823 ff4 fs22 fc1 sc2 ls0 ws0\">23.454<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x54c y2cd6 w1b0 hf\"><div class=\"t m0 x130 h200 y823 ff4 fs22 fc1 sc2 ls0 ws0\">62.682<span class=\"sc0\"> </span></div></td><td class=\"c x671 y2cd6 w177 hf\"><div class=\"t m0 x39 h200 y823 ff4 fs22 fc1 sc2 ls0 ws0\">40.325<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x672 y2cd6 w47e hf\"><div class=\"t m0 x15 h200 y823 ff4 fs22 fc1 sc2 ls0 ws0\">1.570<span class=\"sc0\"> </span></div></td><td class=\"c x65a y2cd6 w1e2 hf\"><div class=\"t m0 x32 h200 y823 ff4 fs22 fc1 sc2 ls0 ws0\">21.108<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x66d y2cd6 w464 hf\"><div class=\"t m0 x55 h200 y823 ff4 fs22 fc1 sc2 ls0 ws0\">63.003<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x262 y2cd7 wa83 h48e\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc1 sc2 ls0 ws0\">gennaio<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x262 y2cd8 wc7c h48e\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc1 sc2 ls0 ws0\">B. Variazio<span class=\"_ _1\"></span>ni relat<span class=\"_ _1\"></span>ive ai s<span class=\"_ _1\"></span>ervizi<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x262 y2cd9 wc7d h48e\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc1 sc2 ls0 ws0\">attuali<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2a8 y2cda wc7e h48e\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc1 sc0 ls0 ws0\">1. Margine sui servizi<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2a8 y2cdc wc7f h510\"><div class=\"t m0 x250 h200 y2cdb ff4 fs22 fc1 sc0 ls0 ws0\">contrattuali registrato in<span class=\"_ _df\"> </span></div><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc1 sc0 ls0 ws0\">conto economico<span class=\"_ _df\"> </span></div></td><td class=\"c x485 y2cdd w176 h2a5\"><div class=\"t m0 x30 h200 ye62 ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x66f y2cdd w47d h2a5\"><div class=\"t m0 xf h200 ye62 ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x670 y2cdd w391 h2a5\"><div class=\"t m0 x14 h200 ye62 ff4 fs22 fc1 sc0 ls0 ws0\">(8.063) </div></td><td class=\"c x54c y2cdd w1b0 h2a5\"><div class=\"t m0 x55 h200 ye62 ff4 fs22 fc1 sc0 ls0 ws0\">(8.063) </div></td><td class=\"c x671 y2cdd w177 h2a5\"><div class=\"t m0 x30 h200 ye62 ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x672 y2cdd w47e h2a5\"><div class=\"t m0 xf h200 ye62 ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x65a y2cdd w1e2 h2a5\"><div class=\"t m0 x48 h200 ye62 ff4 fs22 fc1 sc0 ls0 ws0\">(6.401) </div></td><td class=\"c x66d y2cdd w464 h2a5\"><div class=\"t m0 x130 h200 ye62 ff4 fs22 fc1 sc0 ls0 ws0\">(6.401) </div></td></tr><tr><td class=\"c x2a8 y2504 wc80 h48e\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc1 sc0 ls0 ws0\">2. Variazione per rischi non<span class=\"_ _df\"> </span></div></td><td class=\"c x485 y2cde w176 hf\"><div class=\"t m0 x30 h200 y823 ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x66f y2cde w47d hf\"><div class=\"t m0 x15 h200 y823 ff4 fs22 fc1 sc0 ls0 ws0\">(407) </div></td><td class=\"c x670 y2cde w391 hf\"><div class=\"t m0 x36 h200 y823 ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x54c y2cde w1b0 hf\"><div class=\"t m0 x33 h200 y823 ff4 fs22 fc1 sc0 ls0 ws0\">(407) </div></td><td class=\"c x671 y2cde w177 hf\"><div class=\"t m0 x30 h200 y823 ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x672 y2cde w47e hf\"><div class=\"t m0 x15 h200 y823 ff4 fs22 fc1 sc0 ls0 ws0\">(466) </div></td><td class=\"c x65a y2cde w1e2 hf\"><div class=\"t m0 x36 h200 y823 ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x66d y2cde w464 hf\"><div class=\"t m0 x33 h200 y823 ff4 fs22 fc1 sc0 ls0 ws0\">(466) </div></td></tr><tr><td class=\"c x2a8 y2cdf wc81 h48e\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc1 sc0 ls0 ws0\">finanziari scaduti<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2a8 y2ce0 wc82 h48e\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc1 sc0 ls0 ws0\">3. Modifiche connesse co<span class=\"_ _2\"></span>n<span class=\"_ _df\"> </span></div></td><td class=\"c x485 y2ce1 w176 hf\"><div class=\"t m0 x55 h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">(10.755) </div></td><td class=\"c x66f y2ce1 w47d hf\"><div class=\"t m0 xf h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x670 y2ce1 w391 hf\"><div class=\"t m0 x36 h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x54c y2ce1 w1b0 hf\"><div class=\"t m0 x2e h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">(10.755) </div></td><td class=\"c x671 y2ce1 w177 hf\"><div class=\"t m0 x2e h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">(10.554) </div></td><td class=\"c x672 y2ce1 w47e hf\"><div class=\"t m0 xf h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x65a y2ce1 w1e2 hf\"><div class=\"t m0 x36 h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x66d y2ce1 w464 hf\"><div class=\"t m0 x2e h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">(10.554) </div></td></tr><tr><td class=\"c x2a8 y2ce2 wc83 h48e\"><div class=\"t m0 x250 h200 y24a6 ff5 fs22 fc1 sc0 ls0 ws0\">l\u2019esperienza<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x46b y2ce3 w47c h70\"><div class=\"t m0 x16a h200 ye4c ff4 fs22 fc1 sc2 ls0 ws0\">4. Totale<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x485 y2ce3 w176 h70\"><div class=\"t m0 x55 h200 ye4c ff4 fs22 fc1 sc2 ls0 ws0\">(10.755<span class=\"_ _1\"></span>)<span class=\"sc0\"> </span></div></td><td class=\"c x66f y2ce3 w47d h70\"><div class=\"t m0 x15 h200 ye4c ff4 fs22 fc1 sc2 ls0 ws0\">(407)<span class=\"sc0\"> </span></div></td><td class=\"c x670 y2ce3 w391 h70\"><div class=\"t m0 x14 h200 ye4c ff4 fs22 fc1 sc2 ls0 ws0\">(8.063)</div></td><td class=\"c x54c y2ce3 w1b0 h70\"><div class=\"t m0 x2e h200 ye4c ff4 fs22 fc1 sc2 ls0 ws0\">(19.225)<span class=\"sc0\"> </span></div></td><td class=\"c x671 y2ce3 w177 h70\"><div class=\"t m0 x2e h200 ye4c ff4 fs22 fc1 sc2 ls0 ws0\">(10.554)<span class=\"sc0\"> </span></div></td><td class=\"c x672 y2ce3 w47e h70\"><div class=\"t m0 x15 h200 ye4c ff4 fs22 fc1 sc2 ls0 ws0\">(466)<span class=\"sc0\"> </span></div></td><td class=\"c x65a y2ce3 w1e2 h70\"><div class=\"t m0 x48 h200 ye4c ff4 fs22 fc1 sc2 ls0 ws0\">(6.401<span class=\"_ _1\"></span>)<span class=\"sc0\"> </span></div></td><td class=\"c x66d y2ce3 w464 h70\"><div class=\"t m0 x55 h200 ye4c ff4 fs22 fc1 sc2 ls0 ws0\">(17.421<span class=\"_ _1\"></span>)<span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x262 y2ce4 wc84 h48e\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc1 sc2 ls0 ws0\">C. Variazio<span class=\"_ _1\"></span>ni relat<span class=\"_ _1\"></span>ive a s<span class=\"_ _f\"></span>ervizi<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x262 y2ce5 wc85 h48e\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc1 sc2 lse2 ws0\">futuri<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2a8 y2ce6 wc86 h48e\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc1 sc0 ls0 ws0\">1. Variazioni del margine sui<span class=\"_ _df\"> </span></div></td><td class=\"c x485 y2ce7 w176 hf\"><div class=\"t m0 x130 h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">(6.844) </div></td><td class=\"c x66f y2ce7 w47d hf\"><div class=\"t m0 x15 h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">(100) </div></td><td class=\"c x670 y2ce7 w391 hf\"><div class=\"t m0 x32 h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">6.488<span class=\"_ _df\"> </span></div></td><td class=\"c x54c y2ce7 w1b0 hf\"><div class=\"t m0 x33 h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">(456) </div></td><td class=\"c x671 y2ce7 w177 hf\"><div class=\"t m0 x39 h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">(1.663) </div></td><td class=\"c x672 y2ce7 w47e hf\"><div class=\"t m0 x13 h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">(59) </div></td><td class=\"c x65a y2ce7 w1e2 hf\"><div class=\"t m0 x2c h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">1.285 </div></td><td class=\"c x66d y2ce7 w464 hf\"><div class=\"t m0 x33 h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">(437) </div></td></tr><tr><td class=\"c x2a8 y2ce8 wc87 h48e\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc1 sc0 ls0 ws0\">servizi contrattuali<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2a8 y2ce9 wc88 h48e\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc1 sc0 ls0 ws0\">2. Perdite su gruppi di<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2a8 y2cea wc89 h48e\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc1 sc0 ls0 ws0\">contratti onerosi e relativi<span class=\"_ _df\"> </span></div></td><td class=\"c x485 y2ceb w176 h16\"><div class=\"t m0 x3a h200 y409 ff4 fs22 fc1 sc0 ls0 ws0\">(39) </div></td><td class=\"c x66f y2ceb w47d h16\"><div class=\"t m0 x8f h200 y409 ff4 fs22 fc1 sc0 ls0 ws0\">(20) </div></td><td class=\"c x670 y2ceb w391 h16\"><div class=\"t m0 x36 h200 y409 ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x54c y2ceb w1b0 h16\"><div class=\"t m0 x3a h200 y409 ff4 fs22 fc1 sc0 ls0 ws0\">(59) </div></td><td class=\"c x671 y2ceb w177 h16\"><div class=\"t m0 x26 h200 y409 ff4 fs22 fc1 sc0 ls0 ws0\">109 </div></td><td class=\"c x672 y2ceb w47e h16\"><div class=\"t m0 x11 h200 y409 ff4 fs22 fc1 sc0 ls0 ws0\">(15) </div></td><td class=\"c x65a y2ceb w1e2 h16\"><div class=\"t m0 x36 h200 y409 ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x66d y2ceb w464 h16\"><div class=\"t m0 x34 h200 y409 ff4 fs22 fc1 sc0 ls62 ws0\">94<span class=\"ls0\"> </span></div></td></tr><tr><td class=\"c x2a8 y2cec wc8a h48e\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc1 sc0 ls0 ws0\">recuperi<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2a8 y2ced wc8b h48e\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc1 sc0 ls0 ws0\">3. Effetti dei contratti<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2a8 y2cee wc8c h48f\"><div class=\"t m0 x250 h200 y24d8 ff4 fs22 fc1 sc0 ls0 ws0\">inizialmente rilevati<span class=\"_ _df\"> </span></div></td><td class=\"c x485 y2cef w176 h206\"><div class=\"t m0 x130 h200 yd41 ff4 fs22 fc1 sc0 ls0 ws0\">(6.265) </div></td><td class=\"c x66f y2cef w47d h206\"><div class=\"t m0 x13 h200 yd41 ff4 fs22 fc1 sc0 ls0 ws0\">254 </div></td><td class=\"c x670 y2cef w391 h206\"><div class=\"t m0 x32 h200 yd41 ff4 fs22 fc1 sc0 ls0 ws0\">5.988 </div></td><td class=\"c x54c y2cef w1b0 h206\"><div class=\"t m0 x3a h200 yd41 ff4 fs22 fc1 sc0 ls0 ws0\">(23) </div></td><td class=\"c x671 y2cef w177 h206\"><div class=\"t m0 x39 h200 yd41 ff4 fs22 fc1 sc0 ls0 ws0\">(7.207) </div></td><td class=\"c x672 y2cef w47e h206\"><div class=\"t m0 x13 h200 yd41 ff4 fs22 fc1 sc0 ls0 ws0\">283 </div></td><td class=\"c x65a y2cef w1e2 h206\"><div class=\"t m0 x32 h200 yd41 ff4 fs22 fc1 sc0 ls0 ws0\">6.925 </div></td><td class=\"c x66d y2cef w464 h206\"><div class=\"t m0 x30 h200 yd41 ff4 fs22 fc1 sc0 ls0 ws0\">1 </div></td></tr><tr><td class=\"c x2a8 y2cf0 wc8d h48f\"><div class=\"t m0 x250 h200 y24d8 ff5 fs22 fc1 sc0 ls0 ws0\">nell\u2019esercizio di riferimento<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x46b y2cf1 w47c h70\"><div class=\"t m0 x16a h200 y66c ff4 fs22 fc1 sc2 ls0 ws0\">4. Totale<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x485 y2cf1 w176 h70\"><div class=\"t m0 x55 h200 y66c ff4 fs22 fc1 sc2 ls0 ws0\">(13.148)<span class=\"sc0\"> </span></div></td><td class=\"c x66f y2cf1 w47d h70\"><div class=\"t m0 x11 h200 y66c ff4 fs22 fc1 sc2 ls0 ws0\">134<span class=\"sc0\"> </span></div></td><td class=\"c x670 y2cf1 w391 h70\"><div class=\"t m0 x33 h200 y66c ff4 fs22 fc1 sc2 ls0 ws0\">12.476<span class=\"sc0\"> </span></div></td><td class=\"c x54c y2cf1 w1b0 h70\"><div class=\"t m0 x33 h200 y66c ff4 fs22 fc1 sc2 ls0 ws0\">(538)<span class=\"sc0\"> </span></div></td><td class=\"c x671 y2cf1 w177 h70\"><div class=\"t m0 x14 h200 y66c ff4 fs22 fc1 sc2 ls0 ws0\">(8.761)<span class=\"sc0\"> </span></div></td><td class=\"c x672 y2cf1 w47e h70\"><div class=\"t m0 x13 h200 y66c ff4 fs22 fc1 sc2 ls0 ws0\">209<span class=\"sc0\"> </span></div></td><td class=\"c x65a y2cf1 w1e2 h70\"><div class=\"t m0 x2c h200 y66c ff4 fs22 fc1 sc2 ls0 ws0\">8.210<span class=\"sc0\"> </span></div></td><td class=\"c x66d y2cf1 w464 h70\"><div class=\"t m0 x33 h200 y66c ff4 fs22 fc1 sc2 ls0 ws0\">(342)<span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x262 y2cf2 wc8e h48f\"><div class=\"t m0 x250 h200 y24d8 ff4 fs22 fc1 sc2 ls0 ws0\">D. Variazio<span class=\"_ _1\"></span>ni relat<span class=\"_ _1\"></span>ive a s<span class=\"_ _1\"></span>ervizi<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x262 y2cf3 wc8f h48f\"><div class=\"t m0 x250 h200 y24d8 ff4 fs22 fc1 sc2 ls0 ws0\">passat<span class=\"_ _1\"></span>i<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2a8 y2cf4 wc90 h48f\"><div class=\"t m0 x250 h200 y24d8 ff4 fs22 fc1 sc0 ls0 ws0\">1. Aggiustamenti alla<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2a8 y2cf5 wc91 h48f\"><div class=\"t m0 x250 h200 y24d8 ff4 fs22 fc1 sc0 ls0 ws0\">passivit\u00e0 per sinistri<span class=\"_ _df\"> </span></div></td><td class=\"c x485 y2cf6 w176 h206\"><div class=\"t m0 x32 h200 yd41 ff4 fs22 fc1 sc0 ls0 ws0\">(342) </div></td><td class=\"c x66f y2cf6 w47d h206\"><div class=\"t m0 xf h200 yd41 ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x670 y2cf6 w391 h206\"><div class=\"t m0 x36 h200 yd41 ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x54c y2cf6 w1b0 h206\"><div class=\"t m0 x33 h200 yd41 ff4 fs22 fc1 sc0 ls0 ws0\">(342) </div></td><td class=\"c x671 y2cf6 w177 h206\"><div class=\"t m0 x32 h200 yd41 ff4 fs22 fc1 sc0 ls0 ws0\">1.285 </div></td><td class=\"c x672 y2cf6 w47e h206\"><div class=\"t m0 xf h200 yd41 ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x65a y2cf6 w1e2 h206\"><div class=\"t m0 x36 h200 yd41 ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x66d y2cf6 w464 h206\"><div class=\"t m0 x33 h200 yd41 ff4 fs22 fc1 sc0 ls0 ws0\">1.285 </div></td></tr><tr><td class=\"c x2a8 y2cf7 wc92 h48f\"><div class=\"t m0 x250 h200 y24d8 ff4 fs22 fc1 sc0 ls0 ws0\">accaduti<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x262 y2cf8 wc93 h48f\"><div class=\"t m0 x250 h200 y24d8 ff4 fs22 fc1 sc2 ls0 ws0\">E. Risulta<span class=\"_ _1\"></span>to dei s<span class=\"_ _f\"></span>ervizi di<span class=\"_ _df\"> </span></div></td><td class=\"c x485 y2cf9 w176 h2a6\"><div class=\"t m0 x2e h200 y823 ff4 fs22 fc1 sc2 ls0 ws0\">(24.245<span class=\"_ _f\"></span>)<span class=\"sc0\"> </span></div></td><td class=\"c x66f y2cf9 w47d h2a6\"><div class=\"t m0 x15 h200 y823 ff4 fs22 fc1 sc2 ls0 ws0\">(273)<span class=\"sc0\"> </span></div></td><td class=\"c x670 y2cf9 w391 h2a6\"><div class=\"t m0 x2c h200 y823 ff4 fs22 fc1 sc2 ls0 ws0\">4.413<span class=\"sc0\"> </span></div></td><td class=\"c x54c y2cf9 w1b0 h2a6\"><div class=\"t m0 x2e h200 y823 ff4 fs22 fc1 sc2 ls0 ws0\">(20.105<span class=\"_ _1\"></span>)<span class=\"sc0\"> </span></div></td><td class=\"c x671 y2cf9 w177 h2a6\"><div class=\"t m0 x2e h200 y823 ff4 fs22 fc1 sc2 ls0 ws0\">(18.030<span class=\"_ _f\"></span>)<span class=\"sc0\"> </span></div></td><td class=\"c x672 y2cf9 w47e h2a6\"><div class=\"t m0 x15 h200 y823 ff4 fs22 fc1 sc2 ls0 ws0\">(257)<span class=\"sc0\"> </span></div></td><td class=\"c x65a y2cf9 w1e2 h2a6\"><div class=\"t m0 x2c h200 y823 ff4 fs22 fc1 sc2 ls0 ws0\">1.809<span class=\"sc0\"> </span></div></td><td class=\"c x66d y2cf9 w464 h2a6\"><div class=\"t m0 x2e h200 y823 ff4 fs22 fc1 sc2 ls0 ws0\">(16.478)<span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x262 y2cfa wc94 h48f\"><div class=\"t m0 x250 h200 y24d8 ff4 fs22 fc1 sc2 ls0 ws0\">assicura<span class=\"_ _1\"></span>zione<span class=\"_ _1\"></span>(B+C+D.1<span class=\"_ _1\"></span>)<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x262 y2cfb wc95 h48f\"><div class=\"t m0 x250 h200 y24d8 ff4 fs22 fc1 sc2 ls0 ws0\">F. Cos<span class=\"_ _1\"></span>ti/ricavi di n<span class=\"_ _f\"></span>atura<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x262 y2cfc wc96 h48f\"><div class=\"t m0 x250 h200 y24d8 ff4 fs22 fc1 sc2 ls0 ws0\">finanziar<span class=\"_ _1\"></span>ia<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2a8 y2cfd wc97 h48f\"><div class=\"t m0 x250 h200 y24d8 ff4 fs22 fc1 sc0 ls0 ws0\">1. Relativi ai contratti di<span class=\"_ _df\"> </span></div></td><td class=\"c x485 y2cfe w176 hf\"><div class=\"t m0 x27 h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">749 </div></td><td class=\"c x66f y2cfe w47d hf\"><div class=\"t m0 x91 h200 y153d ff4 fs22 fc1 sc0 ls79 ws0\">34<span class=\"ls0\"> </span></div></td><td class=\"c x670 y2cfe w391 hf\"><div class=\"t m0 x26 h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">584 </div></td><td class=\"c x54c y2cfe w1b0 hf\"><div class=\"t m0 x32 h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">1.367 </div></td><td class=\"c x671 y2cfe w177 hf\"><div class=\"t m0 x32 h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">1.202 </div></td><td class=\"c x672 y2cfe w47e hf\"><div class=\"t m0 x91 h200 y153d ff4 fs22 fc1 sc0 ls62 ws0\">60<span class=\"ls0\"> </span></div></td><td class=\"c x65a y2cfe w1e2 hf\"><div class=\"t m0 x34 h200 y153d ff4 fs22 fc1 sc0 lse3 ws0\">537<span class=\"ls0\"> </span></div></td><td class=\"c x66d y2cfe w464 hf\"><div class=\"t m0 x33 h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">1.799 </div></td></tr><tr><td class=\"c x2a8 y2cff wc98 h48f\"><div class=\"t m0 x250 h200 y24d8 ff4 fs22 fc1 sc0 ls0 ws0\">assicurazione emessi<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x46a y2d00 wc99 h48f\"><div class=\"t m0 x250 h200 y24d8 ff4 fs22 fc1 sc0 ls0 ws0\">1.1 Registrati in conto<span class=\"_ _df\"> </span></div></td><td class=\"c x485 y2d01 w176 hf\"><div class=\"t m0 x27 h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">545 </div></td><td class=\"c x66f y2d01 w47d hf\"><div class=\"t m0 x91 h200 y153d ff4 fs22 fc1 sc0 ls61 ws0\">25<span class=\"ls0\"> </span></div></td><td class=\"c x670 y2d01 w391 hf\"><div class=\"t m0 x26 h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">584 </div></td><td class=\"c x54c y2d01 w1b0 hf\"><div class=\"t m0 x32 h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">1.154 </div></td><td class=\"c x671 y2d01 w177 hf\"><div class=\"t m0 x3a h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">486 </div></td><td class=\"c x672 y2d01 w47e hf\"><div class=\"t m0 x91 h200 y153d ff4 fs22 fc1 sc0 ls61 ws0\">24<span class=\"ls0\"> </span></div></td><td class=\"c x65a y2d01 w1e2 hf\"><div class=\"t m0 x34 h200 y153d ff4 fs22 fc1 sc0 lse3 ws0\">537<span class=\"ls0\"> </span></div></td><td class=\"c x66d y2d01 w464 hf\"><div class=\"t m0 x33 h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">1.047 </div></td></tr><tr><td class=\"c x46a y2d02 wb17 h48f\"><div class=\"t m0 x250 h200 y24d8 ff4 fs22 fc1 sc0 ls0 ws0\">economico<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x46a y2d03 wc95 h48f\"><div class=\"t m0 x250 h200 y24d8 ff4 fs22 fc1 sc0 ls0 ws0\">1.2 Registrati nel conto<span class=\"_ _df\"> </span></div></td><td class=\"c x485 y2d04 w176 hf\"><div class=\"t m0 x3a h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">204 </div></td><td class=\"c x66f y2d04 w47d hf\"><div class=\"t m0 x1c h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">9 </div></td><td class=\"c x670 y2d04 w391 hf\"><div class=\"t m0 x36 h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x54c y2d04 w1b0 hf\"><div class=\"t m0 x26 h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">213 </div></td><td class=\"c x671 y2d04 w177 hf\"><div class=\"t m0 x26 h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">716 </div></td><td class=\"c x672 y2d04 w47e hf\"><div class=\"t m0 x91 h200 y153d ff4 fs22 fc1 sc0 ls79 ws0\">36<span class=\"ls0\"> </span></div></td><td class=\"c x65a y2d04 w1e2 hf\"><div class=\"t m0 x36 h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x66d y2d04 w464 hf\"><div class=\"t m0 x3a h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">752 </div></td></tr><tr><td class=\"c x46a y2d05 wc9a h48f\"><div class=\"t m0 x250 h200 y24d8 ff4 fs22 fc1 sc0 ls0 ws0\">economico complessivo<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2a8 y2d06 wc9b h48f\"><div class=\"t m0 x250 h200 y24d8 ff4 fs22 fc1 sc0 ls0 ws0\">2. Effetti connessi con le<span class=\"_ _df\"> </span></div></td><td class=\"c x485 y2d07 w176 hf\"><div class=\"t m0 x30 h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x66f y2d07 w47d hf\"><div class=\"t m0 xf h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x670 y2d07 w391 hf\"><div class=\"t m0 x36 h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x54c y2d07 w1b0 hf\"><div class=\"t m0 x30 h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x671 y2d07 w177 hf\"><div class=\"t m0 x30 h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x672 y2d07 w47e hf\"><div class=\"t m0 xf h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x65a y2d07 w1e2 hf\"><div class=\"t m0 x36 h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x66d y2d07 w464 hf\"><div class=\"t m0 x31 h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2a8 y2d08 wc9c h48f\"><div class=\"t m0 x250 h200 y24d8 ff4 fs22 fc1 sc0 ls0 ws0\">variazioni dei tassi di cambio<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x46b y2d09 w47c h70\"><div class=\"t m0 x16a h200 ye4c ff4 fs22 fc1 sc2 ls0 ws0\">3. Tota<span class=\"_ _1\"></span>le<span class=\"sc0\"> </span></div></td><td class=\"c x485 y2d09 w176 h70\"><div class=\"t m0 x27 h200 ye4c ff4 fs22 fc1 sc2 ls0 ws0\">749<span class=\"sc0\"> </span></div></td><td class=\"c x66f y2d09 w47d h70\"><div class=\"t m0 x91 h200 ye4c ff4 fs22 fc1 sc2 lse4 ws0\">34<span class=\"sc0 ls0\"> </span></div></td><td class=\"c x670 y2d09 w391 h70\"><div class=\"t m0 x34 h200 ye4c ff4 fs22 fc1 sc2 ls0 ws0\">584<span class=\"sc0\"> </span></div></td><td class=\"c x54c y2d09 w1b0 h70\"><div class=\"t m0 x32 h200 ye4c ff4 fs22 fc1 sc2 ls0 ws0\">1.367<span class=\"sc0\"> </span></div></td><td class=\"c x671 y2d09 w177 h70\"><div class=\"t m0 x32 h200 ye4c ff4 fs22 fc1 sc2 ls0 ws0\">1.202<span class=\"sc0\"> </span></div></td><td class=\"c x672 y2d09 w47e h70\"><div class=\"t m0 x91 h200 ye4c ff4 fs22 fc1 sc2 ls62 ws0\">60<span class=\"sc0 ls0\"> </span></div></td><td class=\"c x65a y2d09 w1e2 h70\"><div class=\"t m0 x34 h200 ye4c ff4 fs22 fc1 sc2 ls0 ws0\">537<span class=\"sc0\"> </span></div></td><td class=\"c x66d y2d09 w464 h70\"><div class=\"t m0 x32 h200 ye4c ff4 fs22 fc1 sc2 ls0 ws0\">1.799<span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x262 y2d0a wc9d h48f\"><div class=\"t m0 x250 h200 y24d8 ff4 fs22 fc1 sc2 ls0 ws0\">G. Impor<span class=\"_ _1\"></span>to totale<span class=\"_ _1\"></span> delle<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x262 y2d0b wc9e h48f\"><div class=\"t m0 x250 h200 y24d8 ff4 fs22 fc1 sc2 ls0 ws0\">variazion<span class=\"_ _1\"></span>i regis<span class=\"_ _1\"></span>trate in <span class=\"_ _1\"></span>conto<span class=\"_ _df\"> </span></div></td><td class=\"c x485 y2d0c w176 h2a7\"><div class=\"t m0 x2a h200 yd1f ff4 fs22 fc1 sc2 ls0 ws0\">(23.496<span class=\"_ _1\"></span>)<span class=\"sc0\"> </span></div></td><td class=\"c x66f y2d0c w47d h2a7\"><div class=\"t m0 x15 h200 yd1f ff4 fs22 fc1 sc2 ls0 ws0\">(239)<span class=\"sc0\"> </span></div></td><td class=\"c x670 y2d0c w391 h2a7\"><div class=\"t m0 x35 h200 yd1f ff4 fs22 fc1 sc2 ls0 ws0\">4.997<span class=\"sc0\"> </span></div></td><td class=\"c x54c y2d0c w1b0 h2a7\"><div class=\"t m0 x2e h200 yd1f ff4 fs22 fc1 sc2 ls0 ws0\">(18.738<span class=\"_ _f\"></span>)<span class=\"sc0\"> </span></div></td><td class=\"c x671 y2d0c w177 h2a7\"><div class=\"t m0 x2e h200 yd1f ff4 fs22 fc1 sc2 ls0 ws0\">(16.828<span class=\"_ _f\"></span>)<span class=\"sc0\"> </span></div></td><td class=\"c x672 y2d0c w47e h2a7\"><div class=\"t m0 x36 h200 yd1f ff4 fs22 fc1 sc2 ls0 ws0\">(197)<span class=\"sc0\"> </span></div></td><td class=\"c x65a y2d0c w1e2 h2a7\"><div class=\"t m0 x35 h200 yd1f ff4 fs22 fc1 sc2 ls0 ws0\">2.346<span class=\"sc0\"> </span></div></td><td class=\"c x66d y2d0c w464 h2a7\"><div class=\"t m0 x2e h200 yd1f ff4 fs22 fc1 sc2 ls0 ws0\">(14.679)<span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x262 y2d0d wc9f h48f\"><div class=\"t m0 x250 h200 y24d8 ff4 fs22 fc1 sc2 ls0 ws0\">econom<span class=\"_ _f\"></span>ico e nel cont<span class=\"_ _1\"></span>o<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x262 y2d0e wca0 h48f\"><div class=\"t m0 x250 h200 y24d8 ff4 fs22 fc1 sc2 ls0 ws0\">econom<span class=\"_ _f\"></span>ico compless<span class=\"_ _1\"></span>ivo (E+F<span class=\"_ _f\"></span>)<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x46b y2d0f w47c h77\"><div class=\"t m0 x8a h200 y30c ff4 fs22 fc1 sc2 ls0 ws0\">H. Altre v<span class=\"_ _f\"></span>ariazioni </div></td><td class=\"c x485 y2d0f w176 h77\"><div class=\"t m0 x30 h200 y30c ff4 fs22 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x66f y2d0f w47d h77\"><div class=\"t m0 xf h200 y30c ff4 fs22 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x670 y2d0f w391 h77\"><div class=\"t m0 x36 h200 y30c ff4 fs22 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x54c y2d0f w1b0 h77\"><div class=\"t m0 x30 h200 y30c ff4 fs22 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x671 y2d0f w177 h77\"><div class=\"t m0 x30 h200 y30c ff4 fs22 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x672 y2d0f w47e h77\"><div class=\"t m0 xf h200 y30c ff4 fs22 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x65a y2d0f w1e2 h77\"><div class=\"t m0 x36 h200 y30c ff4 fs22 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x66d y2d0f w464 h77\"><div class=\"t m0 x31 h200 y30c ff4 fs22 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x46b y2d10 w47c h279\"><div class=\"t m0 x8a h200 y3e4 ff4 fs22 fc1 sc2 ls0 ws0\">I. Movim<span class=\"_ _f\"></span>e<span class=\"_ _2\"></span>nti di <span class=\"_ _1\"></span>cass<span class=\"_ _1\"></span>a<span class=\"sc0\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x46b y2d11 w47c h221\"><div class=\"t m0 x16a h200 y54 ff4 fs22 fc1 sc0 ls0 ws0\">1. Premi ricevuti<span class=\"_ _df\"> </span></div></td><td class=\"c x485 y2d11 w176 h221\"><div class=\"t m0 x39 h200 y54 ff4 fs22 fc1 sc0 ls0 ws0\">24.242 </div></td><td class=\"c x66f y2d11 w47d h221\"><div class=\"t m0 xf h200 y54 ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x670 y2d11 w391 h221\"><div class=\"t m0 x36 h200 y54 ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x54c y2d11 w1b0 h221\"><div class=\"t m0 x130 h200 y54 ff4 fs22 fc1 sc0 ls0 ws0\">24.242 </div></td><td class=\"c x671 y2d11 w177 h221\"><div class=\"t m0 x130 h200 y54 ff4 fs22 fc1 sc0 ls0 ws0\">24.666 </div></td><td class=\"c x672 y2d11 w47e h221\"><div class=\"t m0 xf h200 y54 ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x65a y2d11 w1e2 h221\"><div class=\"t m0 x36 h200 y54 ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x66d y2d11 w464 h221\"><div class=\"t m0 x55 h200 y54 ff4 fs22 fc1 sc0 ls0 ws0\">24.666 </div></td></tr><tr><td class=\"c x2a8 y2d13 wca1 h511\"><div class=\"t m0 x250 h200 y2d12 ff4 fs22 fc1 sc0 ls0 ws0\">2. Pagamenti connessi co<span class=\"_ _2\"></span>n i<span class=\"_ _df\"> </span></div><div class=\"t m0 x250 h200 y24d8 ff4 fs22 fc1 sc0 ls0 ws0\">costi di acquisizione dei<span class=\"_ _df\"> </span></div></td><td class=\"c x485 y2d14 w176 hf4\"><div class=\"t m0 x30 h200 y17db ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x66f y2d14 w47d hf4\"><div class=\"t m0 xf h200 y17db ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x670 y2d14 w391 hf4\"><div class=\"t m0 x36 h200 y17db ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x54c y2d14 w1b0 hf4\"><div class=\"t m0 x30 h200 y17db ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x671 y2d14 w177 hf4\"><div class=\"t m0 x30 h200 y17db ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x672 y2d14 w47e hf4\"><div class=\"t m0 xf h200 y17db ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x65a y2d14 w1e2 hf4\"><div class=\"t m0 x36 h200 y17db ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x66d y2d14 w464 hf4\"><div class=\"t m0 x31 h200 y17db ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2a8 y2d15 wca2 h48f\"><div class=\"t m0 x250 h200 y24d8 ff4 fs22 fc1 sc0 ls0 ws0\">contratti<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2a8 y2d16 wca3 h48f\"><div class=\"t m0 x250 h200 y24d8 ff4 fs22 fc1 sc0 ls0 ws0\">3. Sinistri pagati e altre<span class=\"_ _df\"> </span></div></td><td class=\"c x485 y2d17 w176 hf\"><div class=\"t m0 x130 h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">(9.784) </div></td><td class=\"c x66f y2d17 w47d hf\"><div class=\"t m0 xf h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x670 y2d17 w391 hf\"><div class=\"t m0 x36 h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x54c y2d17 w1b0 hf\"><div class=\"t m0 x55 h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">(9.784) </div></td><td class=\"c x671 y2d17 w177 hf\"><div class=\"t m0 x2e h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">(10.306) </div></td><td class=\"c x672 y2d17 w47e hf\"><div class=\"t m0 xf h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x65a y2d17 w1e2 hf\"><div class=\"t m0 x36 h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x66d y2d17 w464 hf\"><div class=\"t m0 x2a h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">(10.306) </div></td></tr><tr><td class=\"c x2a8 y2d18 wca4 h48f\"><div class=\"t m0 x250 h200 y24d8 ff4 fs22 fc1 sc0 ls0 ws0\">uscite di cassa<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x46b y2d19 w47c h70\"><div class=\"t m0 x16a h200 ye4c ff4 fs22 fc1 sc0 ls0 ws0\">4. Altri movimenti<span class=\"_ _df\"> </span></div></td><td class=\"c x485 y2d19 w176 h70\"><div class=\"t m0 x30 h200 ye4c ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x66f y2d19 w47d h70\"><div class=\"t m0 xf h200 ye4c ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x670 y2d19 w391 h70\"><div class=\"t m0 x36 h200 ye4c ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x54c y2d19 w1b0 h70\"><div class=\"t m0 x30 h200 ye4c ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x671 y2d19 w177 h70\"><div class=\"t m0 x30 h200 ye4c ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x672 y2d19 w47e h70\"><div class=\"t m0 xf h200 ye4c ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x65a y2d19 w1e2 h70\"><div class=\"t m0 x36 h200 ye4c ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x66d y2d19 w464 h70\"><div class=\"t m0 x31 h200 ye4c ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y2d1a w47c h70\"><div class=\"t m0 x16a h200 ye4c ff4 fs22 fc1 sc2 ls0 ws0\">5. Tota<span class=\"_ _1\"></span>le<span class=\"sc0\"> </span></div></td><td class=\"c x485 y2d1a w176 h70\"><div class=\"t m0 x14 h200 ye4c ff4 fs22 fc1 sc2 ls0 ws0\">14.458<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x66f y2d1a w47d h70\"><div class=\"t m0 xf h200 ye4c ff4 fs22 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x670 y2d1a w391 h70\"><div class=\"t m0 x36 h200 ye4c ff4 fs22 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x54c y2d1a w1b0 h70\"><div class=\"t m0 x39 h200 ye4c ff4 fs22 fc1 sc2 ls0 ws0\">14.458<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x671 y2d1a w177 h70\"><div class=\"t m0 x14 h200 ye4c ff4 fs22 fc1 sc2 ls0 ws0\">14.360<span class=\"sc0\"> </span></div></td><td class=\"c x672 y2d1a w47e h70\"><div class=\"t m0 xf h200 ye4c ff4 fs22 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x65a y2d1a w1e2 h70\"><div class=\"t m0 x36 h200 ye4c ff4 fs22 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x66d y2d1a w464 h70\"><div class=\"t m0 x39 h200 ye4c ff4 fs22 fc1 sc2 ls0 ws0\">14.360<span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x262 y2d1b wca5 h48f\"><div class=\"t m0 x250 h200 y24d8 ff4 fs22 fc1 sc2 ls0 ws0\">L. Valore<span class=\"_ _f\"></span> <span class=\"_ _2\"></span>net<span class=\"_ _1\"></span>to di bilanc<span class=\"_ _f\"></span>io al 31<span class=\"_ _df\"> </span></div></td><td class=\"c x485 y2d1c w176 hf\"><div class=\"t m0 x14 h200 y153d ff4 fs22 fc1 sc2 ls0 ws0\">28.818<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x66f y2d1c w47d hf\"><div class=\"t m0 x36 h200 y153d ff4 fs22 fc1 sc2 ls0 ws0\">1.133<span class=\"sc0\"> </span></div></td><td class=\"c x670 y2d1c w391 hf\"><div class=\"t m0 x33 h200 y153d ff4 fs22 fc1 sc2 ls0 ws0\">28.451<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x54c y2d1c w1b0 hf\"><div class=\"t m0 x130 h200 y153d ff4 fs22 fc1 sc2 ls0 ws0\">58.40<span class=\"_ _1\"></span>2<span class=\"sc0\"> </span></div></td><td class=\"c x671 y2d1c w177 hf\"><div class=\"t m0 x39 h200 y153d ff4 fs22 fc1 sc2 ls0 ws0\">37.857<span class=\"sc0\"> </span></div></td><td class=\"c x672 y2d1c w47e hf\"><div class=\"t m0 x15 h200 y153d ff4 fs22 fc1 sc2 ls0 ws0\">1.373<span class=\"sc0\"> </span></div></td><td class=\"c x65a y2d1c w1e2 hf\"><div class=\"t m0 x48 h200 y153d ff4 fs22 fc1 sc2 ls0 ws0\">23.454<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x66d y2d1c w464 hf\"><div class=\"t m0 x130 h200 y153d ff4 fs22 fc1 sc2 ls0 ws0\">62.684<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x262 y2d1d wca6 h48f\"><div class=\"t m0 x250 h200 y24d8 ff4 fs22 fc1 sc2 ls0 ws0\">dicembr<span class=\"_ _1\"></span>e (A.3+G<span class=\"_ _f\"></span>+H+I.5)<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x46b y2d1e w47c hcc\"><div class=\"t m0 x8a h200 y5b ff4 fs22 fc1 sc2 ls0 ws0\">M. Valor<span class=\"_ _1\"></span>e di bilan<span class=\"_ _f\"></span>cio finale<span class=\"sc0\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2a8 y2d1f wc76 h48f\"><div class=\"t m0 x250 h200 y24d8 ff4 fs22 fc1 sc0 ls0 ws0\">1. Contratti di assicurazione<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2a8 y2d20 wc77 h48f\"><div class=\"t m0 x250 h200 y24d8 ff4 fs22 fc1 sc0 ls0 ws0\">emessi che costituiscono<span class=\"_ _df\"> </span></div></td><td class=\"c x485 y2d21 w176 h16\"><div class=\"t m0 x39 h200 y409 ff4 fs22 fc1 sc0 ls0 ws0\">28.818 </div></td><td class=\"c x66f y2d21 w47d h16\"><div class=\"t m0 x36 h200 y409 ff4 fs22 fc1 sc0 ls0 ws0\">1.133 </div></td><td class=\"c x670 y2d21 w391 h16\"><div class=\"t m0 x48 h200 y409 ff4 fs22 fc1 sc0 ls0 ws0\">28.452 </div></td><td class=\"c x54c y2d21 w1b0 h16\"><div class=\"t m0 x55 h200 y409 ff4 fs22 fc1 sc0 ls0 ws0\">58.403 </div></td><td class=\"c x671 y2d21 w177 h16\"><div class=\"t m0 x39 h200 y409 ff4 fs22 fc1 sc0 ls0 ws0\">37.856 </div></td><td class=\"c x672 y2d21 w47e h16\"><div class=\"t m0 x15 h200 y409 ff4 fs22 fc1 sc0 ls0 ws0\">1.372 </div></td><td class=\"c x65a y2d21 w1e2 h16\"><div class=\"t m0 x14 h200 y409 ff4 fs22 fc1 sc0 ls0 ws0\">23.454 </div></td><td class=\"c x66d y2d21 w464 h16\"><div class=\"t m0 x55 h200 y409 ff4 fs22 fc1 sc0 ls0 ws0\">62.682 </div></td></tr><tr><td class=\"c x2a8 y2d22 w929 h48f\"><div class=\"t m0 x250 h200 y24d8 ff4 fs22 fc1 sc0 lse5 ws0\">pa<span class=\"ls0\">ssivit\u00e0<span class=\"_ _df\"> </span></span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2a8 y2d23 wc79 h48f\"><div class=\"t m0 x250 h200 y24d8 ff4 fs22 fc1 sc0 ls0 ws0\">2. Contratti di assicurazione<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2a8 y2d24 wc77 h48f\"><div class=\"t m0 x250 h200 y24d8 ff4 fs22 fc1 sc0 ls0 ws0\">emessi che costituiscono<span class=\"_ _df\"> </span></div></td><td class=\"c x485 y2d25 w176 h16\"><div class=\"t m0 x30 h200 y409 ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x66f y2d25 w47d h16\"><div class=\"t m0 xf h200 y409 ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x670 y2d25 w391 h16\"><div class=\"t m0 x36 h200 y409 ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x54c y2d25 w1b0 h16\"><div class=\"t m0 x30 h200 y409 ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x671 y2d25 w177 h16\"><div class=\"t m0 x30 h200 y409 ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x672 y2d25 w47e h16\"><div class=\"t m0 xf h200 y409 ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x65a y2d25 w1e2 h16\"><div class=\"t m0 x36 h200 y409 ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x66d y2d25 w464 h16\"><div class=\"t m0 x31 h200 y409 ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2a8 y2849 wc7a h48f\"><div class=\"t m0 x250 h200 y24d8 ff4 fs22 fc1 sc0 ls0 ws0\">attivit\u00e0<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2a8 y24dc wca7 h48f\"><div class=\"t m0 x250 h200 y24d8 ff4 fs22 fc1 sc2 ls0 ws0\">3. Valo<span class=\"_ _1\"></span>re netto<span class=\"_ _1\"></span> di bilanc<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span>o al<span class=\"_ _df\"> </span></div></td><td class=\"c x485 y2d26 w176 hf\"><div class=\"t m0 x14 h200 y153d ff4 fs22 fc1 sc2 ls0 ws0\">28.818<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x66f y2d26 w47d hf\"><div class=\"t m0 x36 h200 y153d ff4 fs22 fc1 sc2 ls0 ws0\">1.133<span class=\"sc0\"> </span></div></td><td class=\"c x670 y2d26 w391 hf\"><div class=\"t m0 x48 h200 y153d ff4 fs22 fc1 sc2 ls0 ws0\">28.452<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x54c y2d26 w1b0 hf\"><div class=\"t m0 x130 h200 y153d ff4 fs22 fc1 sc2 ls0 ws0\">58.403<span class=\"sc0\"> </span></div></td><td class=\"c x671 y2d26 w177 hf\"><div class=\"t m0 x39 h200 y153d ff4 fs22 fc1 sc2 ls0 ws0\">37.856<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x672 y2d26 w47e hf\"><div class=\"t m0 x15 h200 y153d ff4 fs22 fc1 sc2 ls0 ws0\">1.372<span class=\"sc0\"> </span></div></td><td class=\"c x65a y2d26 w1e2 hf\"><div class=\"t m0 x48 h200 y153d ff4 fs22 fc1 sc2 ls0 ws0\">23.454<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x66d y2d26 w464 hf\"><div class=\"t m0 x130 h200 y153d ff4 fs22 fc1 sc2 ls0 ws0\">62.682<span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x2a8 y2491 wca8 h48f\"><div class=\"t m0 x250 h200 y24d8 ff4 fs22 fc1 sc2 ls0 ws0\">31 dicem<span class=\"_ _1\"></span>bre<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr></table></div>Dinam<span class=\"_ _f\"></span>ica del v<span class=\"_ _1\"></span>alor<span class=\"_ _f\"></span>e di bila<span class=\"_ _1\"></span>ncio d<span class=\"_ _1\"></span>ei co<span class=\"_ _1\"></span>ntrat<span class=\"_ _1\"></span>ti di a<span class=\"_ _f\"></span>ssicurazi<span class=\"_ _1\"></span>one e<span class=\"_ _1\"></span>mes<span class=\"_ _f\"></span>si distint<span class=\"_ _f\"></span>a per elem<span class=\"_ _f\"></span>enti<span class=\"_ _df\"> </span>sott<span class=\"_ _1\"></span>ostant<span class=\"_ _f\"></span>i alla mi<span class=\"_ _1\"></span>sura<span class=\"_ _1\"></span>zione - <span class=\"_ _f\"></span>Contrat<span class=\"_ _f\"></span>ti<span class=\"_ _2\"></span> d'in<span class=\"_ _f\"></span>vestime<span class=\"_ _f\"></span>nto eme<span class=\"_ _1\"></span>ssi co<span class=\"_ _f\"></span>n element<span class=\"_ _1\"></span>i di <span class=\"_ _1\"></span>part<span class=\"_ _1\"></span>ecipazi<span class=\"_ _1\"></span>one<span class=\"_ _df\"> </span>discre<span class=\"_ _1\"></span>ziona<span class=\"_ _1\"></span>li - Se<span class=\"_ _f\"></span>gmento <span class=\"_ _1\"></span>Vita<table class=\"s wca9 h512\" id=\"_03f437f0-b4f1-42f6-a598-01eca89397e9\"><tr><td></td><td class=\"c x673 y2d27 wcaa h4bd\"><div class=\"t m0 x250 hd6 y2726 ff4 fs1b fc4 sc3 ls0 ws0\">Elemen<span class=\"_ _1\"></span>ti sott<span class=\"_ _f\"></span>o<span class=\"_ _2\"></span>stan<span class=\"_ _1\"></span>ti alla mi<span class=\"_ _f\"></span>s<span class=\"_ _2\"></span>uraz<span class=\"_ _1\"></span>ione <span class=\"_ _1\"></span>del valo<span class=\"_ _1\"></span>re di <span class=\"_ _1\"></span>bilancio d<span class=\"_ _f\"></span>ei<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td class=\"c x674 y2d27 wcab h4bd\"><div class=\"t m0 x250 hd6 y2726 ff4 fs1b fc4 sc3 ls0 ws0\">Elemen<span class=\"_ _1\"></span>ti sott<span class=\"_ _f\"></span>o<span class=\"_ _2\"></span>stan<span class=\"_ _1\"></span>ti alla mi<span class=\"_ _f\"></span>s<span class=\"_ _2\"></span>ura<span class=\"_ _1\"></span>zione <span class=\"_ _f\"></span>del valore di<span class=\"_ _1\"></span> bilancio <span class=\"_ _f\"></span>dei<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td></tr><tr><td></td><td class=\"c x675 y2d28 wcac h4bd\" colspan=\"2\"><div class=\"t m0 x250 hd6 y2726 ff4 fs1b fc4 sc3 ls0 ws0\">contratt<span class=\"_ _f\"></span>i di assicurazi<span class=\"_ _f\"></span>one emessi<span class=\"_ _df\"> </span></div></td><td></td><td></td><td class=\"c x676 y2d28 wcac h4bd\" colspan=\"2\"><div class=\"t m0 x250 hd6 y2726 ff4 fs1b fc4 sc3 ls0 ws0\">contratt<span class=\"_ _f\"></span>i di assicurazi<span class=\"_ _f\"></span>one emessi<span class=\"_ _df\"> </span></div></td><td></td><td></td></tr><tr><td></td><td class=\"c x677 y2b71 wc2d h4bd\"><div class=\"t m0 x250 hd6 y2726 ff4 fs1b fc4 sc3 ls0 ws0\">Valore<span class=\"_ _df\"> </span></div></td><td class=\"c x678 y2d29 wc32 h4bd\"><div class=\"t m0 x250 hd6 y2726 ff4 fs1b fc4 sc3 ls0 ws0\">Aggiusta<span class=\"_ _f\"></span>mento<span class=\"_ _df\"> </span></div></td><td class=\"c x679 y2d29 wc33 h4bd\"><div class=\"t m0 x250 hd6 y2726 ff4 fs1b fc4 sc3 ls0 ws0\">Margine <span class=\"_ _f\"></span>sui<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x65b y2b71 wc2f h4bd\"><div class=\"t m0 x250 hd6 y2726 ff4 fs1b fc4 sc3 ls0 ws0\">Valore<span class=\"_ _df\"> </span></div></td><td class=\"c x67a y2d29 wc32 h4bd\"><div class=\"t m0 x250 hd6 y2726 ff4 fs1b fc4 sc3 ls0 ws0\">Aggiusta<span class=\"_ _f\"></span>mento<span class=\"_ _df\"> </span></div></td><td class=\"c x67b y2d29 wc33 h4bd\"><div class=\"t m0 x250 hd6 y2726 ff4 fs1b fc4 sc3 ls0 ws0\">Margine <span class=\"_ _f\"></span>sui<span class=\"_ _df\"> </span></div></td><td></td></tr><tr><td class=\"c x262 y2d2a wcad h4bd\"><div class=\"t m0 x250 hd6 y2726 ff4 fs1b fc4 sc3 ls0 ws0\">Voci/El<span class=\"_ _f\"></span>e<span class=\"_ _2\"></span>me<span class=\"_ _1\"></span>nti sott<span class=\"_ _1\"></span>ostanti a<span class=\"_ _f\"></span>lla<span class=\"_ _df\"> </span></div></td><td class=\"c x67c y2d2a wc31 h4bd\"><div class=\"t m0 x250 hd6 y2726 ff4 fs1b fc4 sc3 ls0 ws0\">attuale d<span class=\"_ _f\"></span>ei<span class=\"_ _df\"> </span></div></td><td class=\"c x678 y2d2b wc37 h4bd\"><div class=\"t m0 x250 hd6 y2726 ff4 fs1b fc4 sc3 ls0 ws0\">per i ri<span class=\"_ _1\"></span>schi non<span class=\"_ _df\"> </span></div></td><td class=\"c x67d y2d2b wb1e h4bd\"><div class=\"t m0 x250 hd6 y2726 ff4 fs1b fc4 sc3 ls0 ws0\">servizi<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x67e y2d2a wc34 h4bd\"><div class=\"t m0 x250 hd6 y2726 ff4 fs1b fc4 sc3 ls0 ws0\">attuale d<span class=\"_ _f\"></span>ei<span class=\"_ _df\"> </span></div></td><td class=\"c x67a y2d2b wc37 h4bd\"><div class=\"t m0 x250 hd6 y2726 ff4 fs1b fc4 sc3 ls0 ws0\">per i ri<span class=\"_ _1\"></span>schi non<span class=\"_ _df\"> </span></div></td><td class=\"c x67f y2d2b wb15 h4bd\"><div class=\"t m0 x250 hd6 y2726 ff4 fs1b fc4 sc3 ls0 ws0\">servizi<span class=\"_ _df\"> </span></div></td><td></td></tr><tr><td class=\"c x262 y2d2c wcae h4bd\"><div class=\"t m0 x250 hd6 y2726 ff4 fs1b fc4 sc3 ls0 ws0\">misuraz<span class=\"_ _f\"></span>ione<span class=\"_ _df\"> </span></div></td><td class=\"c x680 y2d2c wc36 h4bd\"><div class=\"t m0 x250 hd6 y2726 ff4 fs1b fc4 sc3 ls0 ws0\">flussi<span class=\"_ _df\"> </span></div></td><td class=\"c x681 y2d2d wa92 h4bd\"><div class=\"t m0 x250 hd6 y2726 ff4 fs1b fc4 sc3 ls0 ws0\">finanzia<span class=\"_ _f\"></span>ri<span class=\"_ _df\"> </span></div></td><td class=\"c x679 y2d2d wc38 h4bd\"><div class=\"t m0 x250 hd6 y2726 ff4 fs1b fc4 sc3 ls0 ws0\">contrattu<span class=\"_ _f\"></span>ali<span class=\"_ _df\"> </span></div></td><td class=\"c x682 y2d2e w1c3 h2a8\"><div class=\"t m0 x16a hd6 ye28 ff4 fs1b fc4 sc3 ls0 ws0\">Totale<span class=\"fc1 sc0\"> </span></div></td><td class=\"c x683 y2d2c wc36 h4bd\"><div class=\"t m0 x250 hd6 y2726 ff4 fs1b fc4 sc3 ls0 ws0\">flussi<span class=\"_ _df\"> </span></div></td><td class=\"c x684 y2d2d wa92 h4bd\"><div class=\"t m0 x250 hd6 y2726 ff4 fs1b fc4 sc3 ls0 ws0\">finanzia<span class=\"_ _f\"></span>ri<span class=\"_ _df\"> </span></div></td><td class=\"c x67b y2d2d wc38 h4bd\"><div class=\"t m0 x250 hd6 y2726 ff4 fs1b fc4 sc3 ls0 ws0\">contrattu<span class=\"_ _f\"></span>ali<span class=\"_ _df\"> </span></div></td><td class=\"c x685 y2d2e w18b h2a8\"><div class=\"t m0 x16a hd6 ye28 ff4 fs1b fc4 sc3 ls0 ws0\">Totale<span class=\"fc1 sc0\"> </span></div></td></tr><tr><td></td><td class=\"c x686 y2d2f wa92 h4bd\"><div class=\"t m0 x250 hd6 y2726 ff4 fs1b fc4 sc3 ls0 ws0\">finanzia<span class=\"_ _f\"></span>ri<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td class=\"c x687 y2d2f wa92 h4bd\"><div class=\"t m0 x250 hd6 y2726 ff4 fs1b fc4 sc3 ls0 ws0\">finanzia<span class=\"_ _f\"></span>ri<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td></tr><tr><td></td><td class=\"c x688 y2d2e w3b5 h2a9\"><div class=\"t m0 xab hd6 y392 ff4 fs1b fc4 sc3 ls0 ws0\">31/12/2<span class=\"_ _1\"></span>025<span class=\"fc1 sc0\"> </span></div></td><td class=\"c x689 y2d2e w398 h2a9\"><div class=\"t m0 x2e hd6 y392 ff4 fs1b fc4 sc3 ls0 ws0\">31/12/2<span class=\"_ _1\"></span>025<span class=\"fc1 sc0\"> </span></div></td><td class=\"c x68a y2d2e w484 h2a9\"><div class=\"t m0 xac hd6 y392 ff4 fs1b fc4 sc3 ls0 ws0\">31/12/2<span class=\"_ _1\"></span>025<span class=\"fc1 sc0\"> </span></div></td><td></td><td class=\"c x68b y2d2e w1ca h2a9\"><div class=\"t m0 xab hd6 y392 ff4 fs1b fc4 sc3 ls0 ws0\">31/12/2<span class=\"_ _1\"></span>024<span class=\"fc1 sc0\"> </span></div></td><td class=\"c x68c y2d2e w485 h2a9\"><div class=\"t m0 x2a hd6 y392 ff4 fs1b fc4 sc3 ls0 ws0\">31/12/20<span class=\"_ _f\"></span>2<span class=\"_ _2\"></span>4<span class=\"fc1 sc0\"> </span></div></td><td class=\"c x68d y2d2e w162 h2a9\"><div class=\"t m0 xac hd6 y392 ff4 fs1b fc4 sc3 ls0 ws0\">31/12/2<span class=\"_ _1\"></span>024<span class=\"fc1 sc0\"> </span></div></td><td></td></tr><tr><td class=\"c x46b y2d30 w483 h221\"><div class=\"t m0 x8a hd6 y66c ff4 fs1b fc1 sc2 ls0 ws0\">A. Val<span class=\"_ _1\"></span>ore di bila<span class=\"_ _f\"></span>ncio iniziale<span class=\"sc0\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2a8 y2d31 wcaf h4bd\"><div class=\"t m0 x250 hd6 y2726 ff4 fs1b fc1 sc0 ls0 ws0\">1. Contratti di assicurazione<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2a8 y2d32 wcb0 h4c8\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">emessi che costituiscono<span class=\"_ _df\"> </span></div></td><td class=\"c x688 y2d33 w2f0 h90\"><div class=\"t m0 x55 hd6 yc5f ff4 fs1b fc1 sc0 ls0 ws0\">513.441 </div></td><td class=\"c x68e y2d33 w47d h90\"><div class=\"t m0 x15 hd6 yc5f ff4 fs1b fc1 sc0 ls0 ws0\">2.607 </div></td><td class=\"c x68a y2d33 w437 h90\"><div class=\"t m0 x2c hd6 yc5f ff4 fs1b fc1 sc0 ls0 ws0\">31.119 </div></td><td class=\"c x682 y2d33 w1c3 h90\"><div class=\"t m0 x55 hd6 yc5f ff4 fs1b fc1 sc0 ls0 ws0\">547.167 </div></td><td class=\"c x68b y2d33 w186 h90\"><div class=\"t m0 x2e hd6 yc5f ff4 fs1b fc1 sc0 ls0 ws0\">329.467 </div></td><td class=\"c x68c y2d33 w486 h90\"><div class=\"t m0 x36 hd6 yc5f ff4 fs1b fc1 sc0 ls0 ws0\">2.218 </div></td><td class=\"c x68d y2d33 w25f h90\"><div class=\"t m0 x32 hd6 yc5f ff4 fs1b fc1 sc0 ls0 ws0\">19.245 </div></td><td class=\"c x685 y2d33 w2af h90\"><div class=\"t m0 x2a hd6 yc5f ff4 fs1b fc1 sc0 ls0 ws0\">350.930 </div></td></tr><tr><td class=\"c x2a8 y2d34 wa73 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">passivit\u00e0<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2a8 y2d35 wcb1 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">2. Contratti di assicurazione<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2a8 y2d36 wcb0 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">emessi che costituiscono<span class=\"_ _df\"> </span></div></td><td class=\"c x688 y2d37 w2f0 h90\"><div class=\"t m0 x31 hd6 y308 ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x68e y2d37 w47d h90\"><div class=\"t m0 xf hd6 y308 ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x68a y2d37 w437 h90\"><div class=\"t m0 x36 hd6 y308 ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x682 y2d37 w1c3 h90\"><div class=\"t m0 x31 hd6 y308 ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x68b y2d37 w186 h90\"><div class=\"t m0 x31 hd6 y308 ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x68c y2d37 w486 h90\"><div class=\"t m0 xf hd6 y308 ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x68d y2d37 w25f h90\"><div class=\"t m0 x36 hd6 y308 ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x685 y2d37 w2af h90\"><div class=\"t m0 x38 hd6 y308 ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2a8 y2d38 wcb2 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">attivit\u00e0<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x262 y2d39 waca h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc2 ls0 ws0\">3. Valor<span class=\"_ _1\"></span>e nett<span class=\"_ _1\"></span>o di bilan<span class=\"_ _f\"></span>cio al 1\u00b0<span class=\"_ _df\"> </span></div></td><td class=\"c x688 y2d3a w2f0 h148\"><div class=\"t m0 x130 hd6 y394 ff4 fs1b fc1 sc2 ls0 ws0\">513.44<span class=\"_ _1\"></span>1<span class=\"sc0\"> </span></div></td><td class=\"c x68e y2d3a w47d h148\"><div class=\"t m0 x15 hd6 y394 ff4 fs1b fc1 sc2 ls0 ws0\">2.607<span class=\"sc0\"> </span></div></td><td class=\"c x68a y2d3a w437 h148\"><div class=\"t m0 x2c hd6 y394 ff4 fs1b fc1 sc2 ls0 ws0\">31.119<span class=\"sc0\"> </span></div></td><td class=\"c x682 y2d3a w1c3 h148\"><div class=\"t m0 x55 hd6 y394 ff4 fs1b fc1 sc2 ls0 ws0\">547.16<span class=\"_ _1\"></span>7<span class=\"sc0\"> </span></div></td><td class=\"c x68b y2d3a w186 h148\"><div class=\"t m0 x2e hd6 y394 ff4 fs1b fc1 sc2 ls0 ws0\">329.4<span class=\"_ _1\"></span>67<span class=\"sc0\"> </span></div></td><td class=\"c x68c y2d3a w486 h148\"><div class=\"t m0 x36 hd6 y394 ff4 fs1b fc1 sc2 ls0 ws0\">2.218<span class=\"sc0\"> </span></div></td><td class=\"c x68d y2d3a w25f h148\"><div class=\"t m0 x32 hd6 y394 ff4 fs1b fc1 sc2 ls0 ws0\">19.245<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x685 y2d3a w2af h148\"><div class=\"t m0 x2a hd6 y394 ff4 fs1b fc1 sc2 ls0 ws0\">350.9<span class=\"_ _1\"></span>30<span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x262 y2d3b wacb h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc2 ls0 ws0\">gennai<span class=\"_ _1\"></span>o<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x262 y2d3c wacc h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc2 ls0 ws0\">B. Variaz<span class=\"_ _1\"></span>ioni r<span class=\"_ _1\"></span>elative ai <span class=\"_ _1\"></span>serviz<span class=\"_ _1\"></span>i<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x262 y2d3d wcb3 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc2 ls0 ws0\">attuali<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2a8 y2d3e wace h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">1. Margine sui servizi<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2a8 y2d3f wc41 h4c3\"><div class=\"t m0 x250 hd6 y276e ff4 fs1b fc1 sc0 ls0 ws0\">contrattuali registrato in<span class=\"_ _df\"> </span></div><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">conto economico<span class=\"_ _df\"> </span></div></td><td class=\"c x688 y2d40 w2f0 h90\"><div class=\"t m0 x31 hd6 yc5f ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x68e y2d40 w47d h90\"><div class=\"t m0 xf hd6 yc5f ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x68a y2d40 w437 h90\"><div class=\"t m0 x48 hd6 yc5f ff4 fs1b fc1 sc0 ls0 ws0\">(5.332) </div></td><td class=\"c x682 y2d40 w1c3 h90\"><div class=\"t m0 x130 hd6 yc5f ff4 fs1b fc1 sc0 ls0 ws0\">(5.332) </div></td><td class=\"c x68b y2d40 w186 h90\"><div class=\"t m0 x31 hd6 yc5f ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x68c y2d40 w486 h90\"><div class=\"t m0 xf hd6 yc5f ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x68d y2d40 w25f h90\"><div class=\"t m0 x35 hd6 yc5f ff4 fs1b fc1 sc0 ls0 ws0\">(3.117) </div></td><td class=\"c x685 y2d40 w2af h90\"><div class=\"t m0 x14 hd6 yc5f ff4 fs1b fc1 sc0 ls0 ws0\">(3.117) </div></td></tr><tr><td class=\"c x2a8 y2d41 wad1 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">2. Variazione per rischi non<span class=\"_ _df\"> </span></div></td><td class=\"c x688 y2d42 w2f0 ha3\"><div class=\"t m0 x31 hd6 y153d ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x68e y2d42 w47d ha3\"><div class=\"t m0 x36 hd6 y153d ff4 fs1b fc1 sc0 ls0 ws0\">(263) </div></td><td class=\"c x68a y2d42 w437 ha3\"><div class=\"t m0 x36 hd6 y153d ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x682 y2d42 w1c3 ha3\"><div class=\"t m0 x33 hd6 y153d ff4 fs1b fc1 sc0 ls0 ws0\">(263) </div></td><td class=\"c x68b y2d42 w186 ha3\"><div class=\"t m0 x31 hd6 y153d ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x68c y2d42 w486 ha3\"><div class=\"t m0 x8f hd6 y153d ff4 fs1b fc1 sc0 ls0 ws0\">(197) </div></td><td class=\"c x68d y2d42 w25f ha3\"><div class=\"t m0 x36 hd6 y153d ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x685 y2d42 w2af ha3\"><div class=\"t m0 x32 hd6 y153d ff4 fs1b fc1 sc0 ls0 ws0\">(197) </div></td></tr><tr><td class=\"c x2a8 y2d43 wad2 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">finanziari scaduti<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2a8 y2d44 wad3 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">3. Modifiche connesse con<span class=\"_ _df\"> </span></div></td><td class=\"c x688 y2d45 w2f0 h148\"><div class=\"t m0 x33 hd6 y394 ff4 fs1b fc1 sc0 ls0 ws0\">7.456 </div></td><td class=\"c x68e y2d45 w47d h148\"><div class=\"t m0 xf hd6 y394 ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x68a y2d45 w437 h148\"><div class=\"t m0 x36 hd6 y394 ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x682 y2d45 w1c3 h148\"><div class=\"t m0 x33 hd6 y394 ff4 fs1b fc1 sc0 ls0 ws0\">7.456 </div></td><td class=\"c x68b y2d45 w186 h148\"><div class=\"t m0 x130 hd6 y394 ff4 fs1b fc1 sc0 ls0 ws0\">28.584 </div></td><td class=\"c x68c y2d45 w486 h148\"><div class=\"t m0 xf hd6 y394 ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x68d y2d45 w25f h148\"><div class=\"t m0 x36 hd6 y394 ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x685 y2d45 w2af h148\"><div class=\"t m0 x55 hd6 y394 ff4 fs1b fc1 sc0 ls0 ws0\">28.584 </div></td></tr><tr><td class=\"c x2a8 y2d46 wcb4 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff5 fs1b fc1 sc0 ls0 ws0\">l\u2019esperienza<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x46b y2d47 w483 h70\"><div class=\"t m0 x16a hd6 y28b ff4 fs1b fc1 sc2 ls0 ws0\">4. Total<span class=\"_ _f\"></span>e<span class=\"sc0\"> </span></div></td><td class=\"c x688 y2d47 w2f0 h70\"><div class=\"t m0 x33 hd6 y28b ff4 fs1b fc1 sc2 ls0 ws0\">7.456<span class=\"sc0\"> </span></div></td><td class=\"c x68e y2d47 w47d h70\"><div class=\"t m0 x36 hd6 y28b ff4 fs1b fc1 sc2 ls0 ws0\">(263)<span class=\"sc0\"> </span></div></td><td class=\"c x68a y2d47 w437 h70\"><div class=\"t m0 x33 hd6 y28b ff4 fs1b fc1 sc2 ls0 ws0\">(5.33<span class=\"_ _1\"></span>2)<span class=\"sc0\"> </span></div></td><td class=\"c x682 y2d47 w1c3 h70\"><div class=\"t m0 x32 hd6 y28b ff4 fs1b fc1 sc2 ls0 ws0\">1.861<span class=\"sc0\"> </span></div></td><td class=\"c x68b y2d47 w186 h70\"><div class=\"t m0 x39 hd6 y28b ff4 fs1b fc1 sc2 ls0 ws0\">28.584<span class=\"sc0\"> </span></div></td><td class=\"c x68c y2d47 w486 h70\"><div class=\"t m0 x8f hd6 y28b ff4 fs1b fc1 sc2 ls0 ws0\">(197)<span class=\"sc0\"> </span></div></td><td class=\"c x68d y2d47 w25f h70\"><div class=\"t m0 x35 hd6 y28b ff4 fs1b fc1 sc2 ls0 ws0\">(3.117)<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x685 y2d47 w2af h70\"><div class=\"t m0 x130 hd6 y28b ff4 fs1b fc1 sc2 ls0 ws0\">25.270<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x262 y2d48 wcb5 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc2 ls0 ws0\">C. Variaz<span class=\"_ _1\"></span>ioni r<span class=\"_ _1\"></span>elative a <span class=\"_ _1\"></span>servizi<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x262 y2d49 wcb6 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc2 ls0 ws0\">futuri<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2a8 y2d4a wcb7 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">1. Variazioni del margine sui<span class=\"_ _df\"> </span></div></td><td class=\"c x688 y2d4b w2f0 h1d\"><div class=\"t m0 x48 hd6 y823 ff4 fs1b fc1 sc0 ls0 ws0\">26.141 </div></td><td class=\"c x68e y2d4b w47d h1d\"><div class=\"t m0 x13 hd6 y823 ff4 fs1b fc1 sc0 ls0 ws0\">(66) </div></td><td class=\"c x68a y2d4b w437 h1d\"><div class=\"t m0 x2c hd6 y823 ff4 fs1b fc1 sc0 ls0 ws0\">8.252 </div></td><td class=\"c x682 y2d4b w1c3 h1d\"><div class=\"t m0 x130 hd6 y823 ff4 fs1b fc1 sc0 ls0 ws0\">34.327 </div></td><td class=\"c x68b y2d4b w186 h1d\"><div class=\"t m0 x48 hd6 y823 ff4 fs1b fc1 sc0 ls0 ws0\">15.157 </div></td><td class=\"c x68c y2d4b w486 h1d\"><div class=\"t m0 x13 hd6 y823 ff4 fs1b fc1 sc0 ls0 ws0\">(121) </div></td><td class=\"c x68d y2d4b w25f h1d\"><div class=\"t m0 x32 hd6 y823 ff4 fs1b fc1 sc0 ls0 ws0\">(1.917) </div></td><td class=\"c x685 y2d4b w2af h1d\"><div class=\"t m0 x48 hd6 y823 ff4 fs1b fc1 sc0 ls0 ws0\">13.119 </div></td></tr><tr><td class=\"c x2a8 y2c82 wad7 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">servizi contrattuali<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2a8 y2d4c wc47 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">2. Perdite su gruppi di<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2a8 y2d4d wc48 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">contratti onerosi e relativi<span class=\"_ _df\"> </span></div></td><td class=\"c x688 y2d4e w2f0 h90\"><div class=\"t m0 x31 hd6 yc5f ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x68e y2d4e w47d h90\"><div class=\"t m0 xf hd6 yc5f ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x68a y2d4e w437 h90\"><div class=\"t m0 x36 hd6 yc5f ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x682 y2d4e w1c3 h90\"><div class=\"t m0 x31 hd6 yc5f ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x68b y2d4e w186 h90\"><div class=\"t m0 x31 hd6 yc5f ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x68c y2d4e w486 h90\"><div class=\"t m0 xf hd6 yc5f ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x68d y2d4e w25f h90\"><div class=\"t m0 x36 hd6 yc5f ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x685 y2d4e w2af h90\"><div class=\"t m0 x38 hd6 yc5f ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2a8 y2d4f wc49 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">recuperi<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2a8 y2d50 wc4a h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">3. Effetti dei contratti<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2a8 y2d51 wc4b h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">inizialmente rilevati<span class=\"_ _df\"> </span></div></td><td class=\"c x688 y2d52 w2f0 h91\"><div class=\"t m0 x2e hd6 yc5f ff4 fs1b fc1 sc0 ls0 ws0\">(23.976) </div></td><td class=\"c x68e y2d52 w47d h91\"><div class=\"t m0 x11 hd6 yc5f ff4 fs1b fc1 sc0 ls0 ws0\">526 </div></td><td class=\"c x68a y2d52 w437 h91\"><div class=\"t m0 x32 hd6 yc5f ff4 fs1b fc1 sc0 ls0 ws0\">23.451 </div></td><td class=\"c x682 y2d52 w1c3 h91\"><div class=\"t m0 x31 hd6 yc5f ff4 fs1b fc1 sc0 ls0 ws0\">1 </div></td><td class=\"c x68b y2d52 w186 h91\"><div class=\"t m0 x130 hd6 yc5f ff4 fs1b fc1 sc0 ls0 ws0\">(11.375) </div></td><td class=\"c x68c y2d52 w486 h91\"><div class=\"t m0 x11 hd6 yc5f ff4 fs1b fc1 sc0 ls0 ws0\">532 </div></td><td class=\"c x68d y2d52 w25f h91\"><div class=\"t m0 x33 hd6 yc5f ff4 fs1b fc1 sc0 ls0 ws0\">10.843 </div></td><td class=\"c x685 y2d52 w2af h91\"><div class=\"t m0 x38 hd6 yc5f ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2a8 y2d53 wcb8 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff5 fs1b fc1 sc0 ls0 ws0\">nell\u2019esercizio di riferimento<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x46b y2d54 w483 h70\"><div class=\"t m0 x16a hd6 y28b ff4 fs1b fc1 sc2 ls0 ws0\">4. Total<span class=\"_ _f\"></span>e<span class=\"sc0\"> </span></div></td><td class=\"c x688 y2d54 w2f0 h70\"><div class=\"t m0 x32 hd6 y28b ff4 fs1b fc1 sc2 ls0 ws0\">2.165<span class=\"sc0\"> </span></div></td><td class=\"c x68e y2d54 w47d h70\"><div class=\"t m0 x11 hd6 y28b ff4 fs1b fc1 sc2 ls0 ws0\">460<span class=\"sc0\"> </span></div></td><td class=\"c x68a y2d54 w437 h70\"><div class=\"t m0 x32 hd6 y28b ff4 fs1b fc1 sc2 ls0 ws0\">31.703<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x682 y2d54 w1c3 h70\"><div class=\"t m0 x130 hd6 y28b ff4 fs1b fc1 sc2 ls0 ws0\">34.328<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x68b y2d54 w186 h70\"><div class=\"t m0 x33 hd6 y28b ff4 fs1b fc1 sc2 ls0 ws0\">3.782<span class=\"sc0\"> </span></div></td><td class=\"c x68c y2d54 w486 h70\"><div class=\"t m0 x91 hd6 y28b ff4 fs1b fc1 sc2 ls0 ws0\">411<span class=\"sc0\"> </span></div></td><td class=\"c x68d y2d54 w25f h70\"><div class=\"t m0 x2c hd6 y28b ff4 fs1b fc1 sc2 ls0 ws0\">8.926<span class=\"sc0\"> </span></div></td><td class=\"c x685 y2d54 w2af h70\"><div class=\"t m0 x48 hd6 y28b ff4 fs1b fc1 sc2 ls0 ws0\">13.119<span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x262 y2d55 wae5 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc2 ls0 ws0\">D. Variaz<span class=\"_ _1\"></span>ioni r<span class=\"_ _1\"></span>elative a <span class=\"_ _f\"></span>servizi<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x262 y2d56 wae6 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc2 ls0 ws0\">passat<span class=\"_ _1\"></span>i<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2a8 y2435 wcb9 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">1. Aggiustamenti alla passivit\u00e0<span class=\"_ _df\"> </span></div></td><td class=\"c x688 y2d57 w2f0 h19a\"><div class=\"t m0 x2a hd6 y153d ff4 fs1b fc1 sc0 ls0 ws0\">(43.440) </div></td><td class=\"c x68e y2d57 w47d h19a\"><div class=\"t m0 xf hd6 y153d ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x68a y2d57 w437 h19a\"><div class=\"t m0 x36 hd6 y153d ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x682 y2d57 w1c3 h19a\"><div class=\"t m0 x2a hd6 y153d ff4 fs1b fc1 sc0 ls0 ws0\">(43.440) </div></td><td class=\"c x68b y2d57 w186 h19a\"><div class=\"t m0 x55 hd6 y153d ff4 fs1b fc1 sc0 ls0 ws0\">(41.619) </div></td><td class=\"c x68c y2d57 w486 h19a\"><div class=\"t m0 xf hd6 y153d ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x68d y2d57 w25f h19a\"><div class=\"t m0 x36 hd6 y153d ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x685 y2d57 w2af h19a\"><div class=\"t m0 x55 hd6 y153d ff4 fs1b fc1 sc0 ls0 ws0\">(41.619) </div></td></tr><tr><td class=\"c x2a8 y2d58 wcba h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">per sinistri accaduti<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x262 y2d59 wc50 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc2 ls0 ws0\">E. Risulta<span class=\"_ _f\"></span>to dei servizi <span class=\"_ _f\"></span>di<span class=\"_ _df\"> </span></div></td><td class=\"c x688 y2d5a w2f0 h148\"><div class=\"t m0 x2e hd6 y394 ff4 fs1b fc1 sc2 ls0 ws0\">(33.819)<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x68e y2d5a w47d h148\"><div class=\"t m0 x12 hd6 y394 ff4 fs1b fc1 sc2 ls0 ws0\">197<span class=\"sc0\"> </span></div></td><td class=\"c x68a y2d5a w437 h148\"><div class=\"t m0 x32 hd6 y394 ff4 fs1b fc1 sc2 ls0 ws0\">26.371<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x682 y2d5a w1c3 h148\"><div class=\"t m0 x14 hd6 y394 ff4 fs1b fc1 sc2 ls0 ws0\">(7.251)<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x68b y2d5a w186 h148\"><div class=\"t m0 x39 hd6 y394 ff4 fs1b fc1 sc2 ls0 ws0\">(9.253)<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x68c y2d5a w486 h148\"><div class=\"t m0 x96 hd6 y394 ff4 fs1b fc1 sc2 ls0 ws0\">214<span class=\"sc0\"> </span></div></td><td class=\"c x68d y2d5a w25f h148\"><div class=\"t m0 x2c hd6 y394 ff4 fs1b fc1 sc2 ls0 ws0\">5.809<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x685 y2d5a w2af h148\"><div class=\"t m0 x55 hd6 y394 ff4 fs1b fc1 sc2 ls0 ws0\">(3.230)<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x262 y2d5b wcbb h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc2 ls0 ws0\">assicura<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e(B+C<span class=\"_ _1\"></span>+D.1)<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x262 y2d5c wc52 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc2 ls0 ws0\">F. Costi/<span class=\"_ _f\"></span>ricavi di natura<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x262 y2d5d waee h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc2 ls0 ws0\">finanzia<span class=\"_ _f\"></span>ri<span class=\"_ _2\"></span>a<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2a8 y2d5e wc53 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">1. Relativi ai contratti di<span class=\"_ _df\"> </span></div></td><td class=\"c x688 y2d5f w2f0 h290\"><div class=\"t m0 x14 hd6 y153d ff4 fs1b fc1 sc0 ls0 ws0\">27.677 </div></td><td class=\"c x68e y2d5f w47d h290\"><div class=\"t m0 x12 hd6 y153d ff4 fs1b fc1 sc0 ls0 ws0\">167 </div></td><td class=\"c x68a y2d5f w437 h290\"><div class=\"t m0 x2c hd6 y153d ff4 fs1b fc1 sc0 ls0 ws0\">5.238 </div></td><td class=\"c x682 y2d5f w1c3 h290\"><div class=\"t m0 x130 hd6 y153d ff4 fs1b fc1 sc0 ls0 ws0\">33.0<span class=\"lsd1\">82</span> </div></td><td class=\"c x68b y2d5f w186 h290\"><div class=\"t m0 x14 hd6 y153d ff4 fs1b fc1 sc0 ls0 ws0\">30.138 </div></td><td class=\"c x68c y2d5f w486 h290\"><div class=\"t m0 x96 hd6 y153d ff4 fs1b fc1 sc0 ls0 ws0\">178 </div></td><td class=\"c x68d y2d5f w25f h290\"><div class=\"t m0 x3a hd6 y153d ff4 fs1b fc1 sc0 ls0 ws0\">3.271 </div></td><td class=\"c x685 y2d5f w2af h290\"><div class=\"t m0 x130 hd6 y153d ff4 fs1b fc1 sc0 ls0 ws0\">33.587 </div></td></tr><tr><td class=\"c x2a8 y2d60 wc3a h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">assicurazione emessi<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x46a y2d61 waef h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">1.1 Registrati in conto<span class=\"_ _df\"> </span></div></td><td class=\"c x688 y2d62 w2f0 h148\"><div class=\"t m0 x14 hd6 y25f ff4 fs1b fc1 sc0 ls0 ws0\">27.677 </div></td><td class=\"c x68e y2d62 w47d h148\"><div class=\"t m0 x12 hd6 y25f ff4 fs1b fc1 sc0 ls0 ws0\">167 </div></td><td class=\"c x68a y2d62 w437 h148\"><div class=\"t m0 x2c hd6 y25f ff4 fs1b fc1 sc0 ls0 ws0\">2.753 </div></td><td class=\"c x682 y2d62 w1c3 h148\"><div class=\"t m0 x130 hd6 y25f ff4 fs1b fc1 sc0 ls0 ws0\">30.597 </div></td><td class=\"c x68b y2d62 w186 h148\"><div class=\"t m0 x14 hd6 y25f ff4 fs1b fc1 sc0 ls0 ws0\">30.138 </div></td><td class=\"c x68c y2d62 w486 h148\"><div class=\"t m0 x96 hd6 y25f ff4 fs1b fc1 sc0 ls0 ws0\">178 </div></td><td class=\"c x68d y2d62 w25f h148\"><div class=\"t m0 x34 hd6 y25f ff4 fs1b fc1 sc0 ls8c ws0\">866<span class=\"ls0\"> </span></div></td><td class=\"c x685 y2d62 w2af h148\"><div class=\"t m0 x14 hd6 y25f ff4 fs1b fc1 sc0 ls0 ws0\">31.182 </div></td></tr><tr><td class=\"c x46a y2d63 wad0 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">economico<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x46a y2d64 wc55 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">1.2 Registrati nel conto<span class=\"_ _df\"> </span></div></td><td class=\"c x688 y2d65 w2f0 ha4\"><div class=\"t m0 x31 hd6 y2ef ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x68e y2d65 w47d ha4\"><div class=\"t m0 xf hd6 y2ef ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x68a y2d65 w437 ha4\"><div class=\"t m0 x2c hd6 y2ef ff4 fs1b fc1 sc0 ls0 ws0\">2.485 </div></td><td class=\"c x682 y2d65 w1c3 ha4\"><div class=\"t m0 x48 hd6 y2ef ff4 fs1b fc1 sc0 ls0 ws0\">2.485 </div></td><td class=\"c x68b y2d65 w186 ha4\"><div class=\"t m0 x31 hd6 y2ef ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x68c y2d65 w486 ha4\"><div class=\"t m0 xf hd6 y2ef ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x68d y2d65 w25f ha4\"><div class=\"t m0 x2c hd6 y2ef ff4 fs1b fc1 sc0 ls0 ws0\">2.405 </div></td><td class=\"c x685 y2d65 w2af ha4\"><div class=\"t m0 x48 hd6 y2ef ff4 fs1b fc1 sc0 ls0 ws0\">2.405 </div></td></tr><tr><td class=\"c x46a y2d66 waf1 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">economico complessivo<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2a8 y26b3 waf2 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">2. Effetti connessi con le<span class=\"_ _df\"> </span></div></td><td class=\"c x688 y2d67 w2f0 h19a\"><div class=\"t m0 x31 hd6 y153d ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x68e y2d67 w47d h19a\"><div class=\"t m0 xf hd6 y153d ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x68a y2d67 w437 h19a\"><div class=\"t m0 x36 hd6 y153d ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x682 y2d67 w1c3 h19a\"><div class=\"t m0 x31 hd6 y153d ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x68b y2d67 w186 h19a\"><div class=\"t m0 x31 hd6 y153d ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x68c y2d67 w486 h19a\"><div class=\"t m0 xf hd6 y153d ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x68d y2d67 w25f h19a\"><div class=\"t m0 x36 hd6 y153d ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x685 y2d67 w2af h19a\"><div class=\"t m0 x38 hd6 y153d ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2a8 y2d68 waf3 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">variazioni dei tassi di cambio<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x46b y2d69 w483 h2a\"><div class=\"t m0 x16a hd6 y28b ff4 fs1b fc1 sc2 ls0 ws0\">3. Total<span class=\"_ _1\"></span>e<span class=\"sc0\"> </span></div></td><td class=\"c x688 y2d69 w2f0 h2a\"><div class=\"t m0 x14 hd6 y28b ff4 fs1b fc1 sc2 ls0 ws0\">27.677<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x68e y2d69 w47d h2a\"><div class=\"t m0 x12 hd6 y28b ff4 fs1b fc1 sc2 ls0 ws0\">167<span class=\"sc0\"> </span></div></td><td class=\"c x68a y2d69 w437 h2a\"><div class=\"t m0 x2c hd6 y28b ff4 fs1b fc1 sc2 ls0 ws0\">5.238<span class=\"sc0\"> </span></div></td><td class=\"c x682 y2d69 w1c3 h2a\"><div class=\"t m0 x130 hd6 y28b ff4 fs1b fc1 sc2 ls0 ws0\">33.082<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x68b y2d69 w186 h2a\"><div class=\"t m0 x14 hd6 y28b ff4 fs1b fc1 sc2 ls0 ws0\">30.138<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x68c y2d69 w486 h2a\"><div class=\"t m0 x12 hd6 y28b ff4 fs1b fc1 sc2 ls0 ws0\">178<span class=\"sc0\"> </span></div></td><td class=\"c x68d y2d69 w25f h2a\"><div class=\"t m0 x3a hd6 y28b ff4 fs1b fc1 sc2 ls0 ws0\">3.271<span class=\"sc0\"> </span></div></td><td class=\"c x685 y2d69 w2af h2a\"><div class=\"t m0 x130 hd6 y28b ff4 fs1b fc1 sc2 ls0 ws0\">33.587<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x262 y2d6a wcbc h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc2 ls0 ws0\">G. Imp<span class=\"_ _f\"></span>o<span class=\"_ _2\"></span>rto t<span class=\"_ _1\"></span>otale d<span class=\"_ _f\"></span>e<span class=\"_ _2\"></span>lle va<span class=\"_ _f\"></span>riazioni<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x262 y2d6b wcbd h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc2 ls0 ws0\">registrat<span class=\"_ _f\"></span>e<span class=\"_ _2\"></span> in c<span class=\"_ _f\"></span>onto econ<span class=\"_ _1\"></span>omico e<span class=\"_ _df\"> </span></div></td><td class=\"c x688 y2d6c w2f0 h89\"><div class=\"t m0 x14 hd6 y3d ff4 fs1b fc1 sc2 ls0 ws0\">(6.142)<span class=\"sc0\"> </span></div></td><td class=\"c x68e y2d6c w47d h89\"><div class=\"t m0 x11 hd6 y3d ff4 fs1b fc1 sc2 ls0 ws0\">364<span class=\"sc0\"> </span></div></td><td class=\"c x68a y2d6c w437 h89\"><div class=\"t m0 x32 hd6 y3d ff4 fs1b fc1 sc2 ls0 ws0\">31.609<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x682 y2d6c w1c3 h89\"><div class=\"t m0 x14 hd6 y3d ff4 fs1b fc1 sc2 ls0 ws0\">25.831<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x68b y2d6c w186 h89\"><div class=\"t m0 x39 hd6 y3d ff4 fs1b fc1 sc2 ls0 ws0\">20.885<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x68c y2d6c w486 h89\"><div class=\"t m0 x11 hd6 y3d ff4 fs1b fc1 sc2 ls0 ws0\">392<span class=\"sc0\"> </span></div></td><td class=\"c x68d y2d6c w25f h89\"><div class=\"t m0 x35 hd6 y3d ff4 fs1b fc1 sc2 ls0 ws0\">9.080<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x685 y2d6c w2af h89\"><div class=\"t m0 x130 hd6 y3d ff4 fs1b fc1 sc2 ls0 ws0\">30.357<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x262 y2d6d wcbe h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc2 ls0 ws0\">nel cont<span class=\"_ _f\"></span>o<span class=\"_ _2\"></span> ec<span class=\"_ _f\"></span>onomico<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x262 y2d6e wcbf h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc2 ls0 ws0\">comple<span class=\"_ _f\"></span>ssivo (E+F)<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x46b y2d6f w483 h4e\"><div class=\"t m0 x8a hd6 y302 ff4 fs1b fc1 sc2 ls0 ws0\">H. Altre v<span class=\"_ _f\"></span>ariazioni </div></td><td class=\"c x688 y2d6f w2f0 h4e\"><div class=\"t m0 x3a hd6 y302 ff4 fs1b fc1 sc2 ls0 ws0\">467<span class=\"sc0\"> </span></div></td><td class=\"c x68e y2d6f w47d h4e\"><div class=\"t m0 xf hd6 y302 ff4 fs1b fc1 sc2 ls0 ws0\">1<span class=\"sc0\"> </span></div></td><td class=\"c x68a y2d6f w437 h4e\"><div class=\"t m0 x33 hd6 y302 ff4 fs1b fc1 sc2 ls0 ws0\">(2.753)<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x682 y2d6f w1c3 h4e\"><div class=\"t m0 x130 hd6 y302 ff4 fs1b fc1 sc2 ls0 ws0\">(2.285)<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x68b y2d6f w186 h4e\"><div class=\"t m0 x32 hd6 y302 ff4 fs1b fc1 sc2 ls0 ws0\">(861)<span class=\"sc0\"> </span></div></td><td class=\"c x68c y2d6f w486 h4e\"><div class=\"t m0 x91 hd6 y302 ff4 fs1b fc1 sc2 ls0 ws0\">(3)<span class=\"sc0\"> </span></div></td><td class=\"c x68d y2d6f w25f h4e\"><div class=\"t m0 x2c hd6 y302 ff4 fs1b fc1 sc2 ls0 ws0\">2.795<span class=\"sc0\"> </span></div></td><td class=\"c x685 y2d6f w2af h4e\"><div class=\"t m0 x32 hd6 y302 ff4 fs1b fc1 sc2 ls0 ws0\">1.931<span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x46b y2d70 w483 h211\"><div class=\"t m0 x8a hd6 y74a ff4 fs1b fc1 sc2 ls0 ws0\">I. Movim<span class=\"_ _f\"></span>enti di cassa<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x46b y2d71 w483 h221\"><div class=\"t m0 x16a hd6 ye4c ff4 fs1b fc1 sc0 ls0 ws0\">1. Premi ricevuti </div></td><td class=\"c x688 y2d71 w2f0 h221\"><div class=\"t m0 x2e hd6 ye4c ff4 fs1b fc1 sc0 ls0 ws0\">434.542 </div></td><td class=\"c x68e y2d71 w47d h221\"><div class=\"t m0 xf hd6 ye4c ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x68a y2d71 w437 h221\"><div class=\"t m0 x36 hd6 ye4c ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x682 y2d71 w1c3 h221\"><div class=\"t m0 x2e hd6 ye4c ff4 fs1b fc1 sc0 ls0 ws0\">434.542 </div></td><td class=\"c x68b y2d71 w186 h221\"><div class=\"t m0 x2e hd6 ye4c ff4 fs1b fc1 sc0 ls0 ws0\">208.285 </div></td><td class=\"c x68c y2d71 w486 h221\"><div class=\"t m0 xf hd6 ye4c ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x68d y2d71 w25f h221\"><div class=\"t m0 x36 hd6 ye4c ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x685 y2d71 w2af h221\"><div class=\"t m0 x2a hd6 ye4c ff4 fs1b fc1 sc0 ls0 ws0\">208.285 </div></td></tr><tr><td class=\"c x2a8 y2d72 wcc0 h513\"><div class=\"t m0 x250 hd6 y276a ff4 fs1b fc1 sc0 ls0 ws0\">2. Pagamenti connessi con i<span class=\"_ _df\"> </span></div><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">costi di acquisizione dei<span class=\"_ _df\"> </span></div></td><td class=\"c x688 y2d73 w2f0 h90\"><div class=\"t m0 x31 hd6 y308 ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x68e y2d73 w47d h90\"><div class=\"t m0 xf hd6 y308 ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x68a y2d73 w437 h90\"><div class=\"t m0 x36 hd6 y308 ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x682 y2d73 w1c3 h90\"><div class=\"t m0 x31 hd6 y308 ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x68b y2d73 w186 h90\"><div class=\"t m0 x31 hd6 y308 ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x68c y2d73 w486 h90\"><div class=\"t m0 xf hd6 y308 ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x68d y2d73 w25f h90\"><div class=\"t m0 x36 hd6 y308 ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x685 y2d73 w2af h90\"><div class=\"t m0 x38 hd6 y308 ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2a8 y26c2 wa83 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">contratti<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2a8 y2d74 wcc1 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">3. Sinistri pagati e altre uscite<span class=\"_ _df\"> </span></div></td><td class=\"c x688 y2d75 w2f0 hcb\"><div class=\"t m0 x2e hd6 y25f ff4 fs1b fc1 sc0 ls0 ws0\">(47.560) </div></td><td class=\"c x68e y2d75 w47d hcb\"><div class=\"t m0 xf hd6 y25f ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x68a y2d75 w437 hcb\"><div class=\"t m0 x36 hd6 y25f ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x682 y2d75 w1c3 hcb\"><div class=\"t m0 x2a hd6 y25f ff4 fs1b fc1 sc0 ls0 ws0\">(47.560) </div></td><td class=\"c x68b y2d75 w186 hcb\"><div class=\"t m0 x2a hd6 y25f ff4 fs1b fc1 sc0 ls0 ws0\">(44.335) </div></td><td class=\"c x68c y2d75 w486 hcb\"><div class=\"t m0 xf hd6 y25f ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x68d y2d75 w25f hcb\"><div class=\"t m0 x36 hd6 y25f ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x685 y2d75 w2af hcb\"><div class=\"t m0 x116 hd6 y25f ff4 fs1b fc1 sc0 ls0 ws0\">(44.335) </div></td></tr><tr><td class=\"c x2a8 y2d76 wcc2 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">di cassa<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x46b y2d77 w483 h221\"><div class=\"t m0 x16a hd6 y66c ff4 fs1b fc1 sc0 ls0 ws0\">4. Altri movimenti </div></td><td class=\"c x688 y2d77 w2f0 h221\"><div class=\"t m0 x31 hd6 y66c ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x68e y2d77 w47d h221\"><div class=\"t m0 xf hd6 y66c ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x68a y2d77 w437 h221\"><div class=\"t m0 x36 hd6 y66c ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x682 y2d77 w1c3 h221\"><div class=\"t m0 x31 hd6 y66c ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x68b y2d77 w186 h221\"><div class=\"t m0 x31 hd6 y66c ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x68c y2d77 w486 h221\"><div class=\"t m0 xf hd6 y66c ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x68d y2d77 w25f h221\"><div class=\"t m0 x36 hd6 y66c ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x685 y2d77 w2af h221\"><div class=\"t m0 x38 hd6 y66c ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y2d78 w483 h2aa\"><div class=\"t m0 x16a hd6 y28b ff4 fs1b fc1 sc2 ls0 ws0\">5. Total<span class=\"_ _f\"></span>e<span class=\"sc0\"> </span></div></td><td class=\"c x688 y2d78 w2f0 h2aa\"><div class=\"t m0 x2e hd6 y28b ff4 fs1b fc1 sc2 ls0 ws0\">386.9<span class=\"_ _1\"></span>82<span class=\"sc0\"> </span></div></td><td class=\"c x68e y2d78 w47d h2aa\"><div class=\"t m0 xf hd6 y28b ff4 fs1b fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x68a y2d78 w437 h2aa\"><div class=\"t m0 x36 hd6 y28b ff4 fs1b fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x682 y2d78 w1c3 h2aa\"><div class=\"t m0 x2e hd6 y28b ff4 fs1b fc1 sc2 ls0 ws0\">386.9<span class=\"_ _1\"></span>82<span class=\"sc0\"> </span></div></td><td class=\"c x68b y2d78 w186 h2aa\"><div class=\"t m0 x55 hd6 y28b ff4 fs1b fc1 sc2 ls0 ws0\">163.950<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x68c y2d78 w486 h2aa\"><div class=\"t m0 xf hd6 y28b ff4 fs1b fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x68d y2d78 w25f h2aa\"><div class=\"t m0 x36 hd6 y28b ff4 fs1b fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x685 y2d78 w2af h2aa\"><div class=\"t m0 x2e hd6 y28b ff4 fs1b fc1 sc2 ls0 ws0\">163.950<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x262 y2d79 wcc3 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc2 ls0 ws0\">L. Valor<span class=\"_ _1\"></span>e nett<span class=\"_ _f\"></span>o<span class=\"_ _2\"></span> di b<span class=\"_ _1\"></span>ilanci<span class=\"_ _1\"></span>o al 31<span class=\"_ _df\"> </span></div></td><td class=\"c x688 y2d7a w2f0 h13\"><div class=\"t m0 x2e hd6 y394 ff4 fs1b fc1 sc2 ls0 ws0\">894.74<span class=\"_ _f\"></span>8<span class=\"sc0\"> </span></div></td><td class=\"c x68e y2d7a w47d h13\"><div class=\"t m0 x15 hd6 y394 ff4 fs1b fc1 sc2 ls0 ws0\">2.972<span class=\"sc0\"> </span></div></td><td class=\"c x68a y2d7a w437 h13\"><div class=\"t m0 x33 hd6 y394 ff4 fs1b fc1 sc2 ls0 ws0\">59.975<span class=\"sc0\"> </span></div></td><td class=\"c x682 y2d7a w1c3 h13\"><div class=\"t m0 x2e hd6 y394 ff4 fs1b fc1 sc2 ls0 ws0\">957.69<span class=\"_ _1\"></span>5<span class=\"sc0\"> </span></div></td><td class=\"c x68b y2d7a w186 h13\"><div class=\"t m0 x130 hd6 y394 ff4 fs1b fc1 sc2 ls0 ws0\">513.44<span class=\"_ _1\"></span>1<span class=\"sc0\"> </span></div></td><td class=\"c x68c y2d7a w486 h13\"><div class=\"t m0 x15 hd6 y394 ff4 fs1b fc1 sc2 ls0 ws0\">2.607<span class=\"sc0\"> </span></div></td><td class=\"c x68d y2d7a w25f h13\"><div class=\"t m0 x35 hd6 y394 ff4 fs1b fc1 sc2 ls0 ws0\">31.120<span class=\"sc0\"> </span></div></td><td class=\"c x685 y2d7a w2af h13\"><div class=\"t m0 x55 hd6 y394 ff4 fs1b fc1 sc2 ls0 ws0\">547.16<span class=\"_ _1\"></span>8<span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x262 y2737 wcc4 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc2 ls0 ws0\">dicem<span class=\"_ _1\"></span>bre (A.3<span class=\"_ _f\"></span>+G+H+I.5)<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x46b y2d7b w483 hcc\"><div class=\"t m0 x8a hd6 y25f ff4 fs1b fc1 sc2 ls0 ws0\">M. Val<span class=\"_ _1\"></span>ore di bila<span class=\"_ _f\"></span>ncio finale<span class=\"sc0\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2a8 y2d7c wcaf h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">1. Contratti di assicurazione<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2a8 y2d7d wcb0 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">emessi che costituiscono<span class=\"_ _df\"> </span></div></td><td class=\"c x688 y2d7e w2f0 h91\"><div class=\"t m0 x2e hd6 yc5f ff4 fs1b fc1 sc0 ls0 ws0\">894.748 </div></td><td class=\"c x68e y2d7e w47d h91\"><div class=\"t m0 x15 hd6 yc5f ff4 fs1b fc1 sc0 ls0 ws0\">2.972 </div></td><td class=\"c x68a y2d7e w437 h91\"><div class=\"t m0 x33 hd6 yc5f ff4 fs1b fc1 sc0 ls0 ws0\">59.976 </div></td><td class=\"c x682 y2d7e w1c3 h91\"><div class=\"t m0 x2e hd6 yc5f ff4 fs1b fc1 sc0 ls0 ws0\">957.696 </div></td><td class=\"c x68b y2d7e w186 h91\"><div class=\"t m0 x55 hd6 yc5f ff4 fs1b fc1 sc0 ls0 ws0\">513.441 </div></td><td class=\"c x68c y2d7e w486 h91\"><div class=\"t m0 x15 hd6 yc5f ff4 fs1b fc1 sc0 ls0 ws0\">2.607 </div></td><td class=\"c x68d y2d7e w25f h91\"><div class=\"t m0 x2c hd6 yc5f ff4 fs1b fc1 sc0 ls0 ws0\">31.119 </div></td><td class=\"c x685 y2d7e w2af h91\"><div class=\"t m0 x55 hd6 yc5f ff4 fs1b fc1 sc0 ls0 ws0\">547.167 </div></td></tr><tr><td class=\"c x2a8 y2d7f wa73 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">passivit\u00e0<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2a8 y2d80 wcb1 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">2. Contratti di assicurazione<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2a8 y2d81 wcb0 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">emessi che costituiscono<span class=\"_ _df\"> </span></div></td><td class=\"c x688 y2d82 w2f0 h90\"><div class=\"t m0 x31 hd6 yc5f ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x68e y2d82 w47d h90\"><div class=\"t m0 xf hd6 yc5f ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x68a y2d82 w437 h90\"><div class=\"t m0 x36 hd6 yc5f ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x682 y2d82 w1c3 h90\"><div class=\"t m0 x31 hd6 yc5f ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x68b y2d82 w186 h90\"><div class=\"t m0 x31 hd6 yc5f ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x68c y2d82 w486 h90\"><div class=\"t m0 xf hd6 yc5f ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x68d y2d82 w25f h90\"><div class=\"t m0 x36 hd6 yc5f ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x685 y2d82 w2af h90\"><div class=\"t m0 x38 hd6 yc5f ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2a8 y2d83 wcb2 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">attivit\u00e0<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2a8 y27dd wcc5 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc2 ls0 ws0\">3. Valor<span class=\"_ _1\"></span>e nett<span class=\"_ _1\"></span>o di bilan<span class=\"_ _f\"></span>cio al 31<span class=\"_ _df\"> </span></div></td><td class=\"c x688 y2d84 w2f0 h1c\"><div class=\"t m0 x2e hd6 yd67 ff4 fs1b fc1 sc2 ls0 ws0\">894.74<span class=\"_ _f\"></span>8<span class=\"sc0\"> </span></div></td><td class=\"c x68e y2d84 w47d h1c\"><div class=\"t m0 x15 hd6 yd67 ff4 fs1b fc1 sc2 ls0 ws0\">2.972<span class=\"sc0\"> </span></div></td><td class=\"c x68a y2d84 w437 h1c\"><div class=\"t m0 x33 hd6 yd67 ff4 fs1b fc1 sc2 ls0 ws0\">59.976<span class=\"sc0\"> </span></div></td><td class=\"c x682 y2d84 w1c3 h1c\"><div class=\"t m0 x2e hd6 yd67 ff4 fs1b fc1 sc2 ls0 ws0\">957.69<span class=\"_ _1\"></span>6<span class=\"sc0\"> </span></div></td><td class=\"c x68b y2d84 w186 h1c\"><div class=\"t m0 x130 hd6 yd67 ff4 fs1b fc1 sc2 ls0 ws0\">513.44<span class=\"_ _1\"></span>1<span class=\"sc0\"> </span></div></td><td class=\"c x68c y2d84 w486 h1c\"><div class=\"t m0 x15 hd6 yd67 ff4 fs1b fc1 sc2 ls0 ws0\">2.607<span class=\"sc0\"> </span></div></td><td class=\"c x68d y2d84 w25f h1c\"><div class=\"t m0 x2c hd6 yd67 ff4 fs1b fc1 sc2 ls0 ws0\">31.119<span class=\"sc0\"> </span></div></td><td class=\"c x685 y2d84 w2af h1c\"><div class=\"t m0 x55 hd6 yd67 ff4 fs1b fc1 sc2 ls0 ws0\">547.16<span class=\"_ _1\"></span>7<span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x2a8 y2491 wab5 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc2 ls0 ws0\">dicem<span class=\"_ _1\"></span>bre<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr></table>Dinam<span class=\"_ _f\"></span>ica dei r<span class=\"_ _f\"></span>icavi as<span class=\"_ _1\"></span>sicura<span class=\"_ _f\"></span>tivi e del <span class=\"_ _1\"></span>mar<span class=\"_ _1\"></span>gine s<span class=\"_ _1\"></span>ui se<span class=\"_ _1\"></span>rvizi <span class=\"_ _1\"></span>contra<span class=\"_ _f\"></span>ttuali d<span class=\"_ _1\"></span>ei co<span class=\"_ _1\"></span>ntrat<span class=\"_ _1\"></span>ti a<span class=\"_ _1\"></span>ssicura<span class=\"_ _f\"></span>tivi emes<span class=\"_ _f\"></span>si ripar<span class=\"_ _1\"></span>titi<span class=\"_ _df\"> </span>in ba<span class=\"_ _f\"></span>se ai cont<span class=\"_ _1\"></span>ratt<span class=\"_ _1\"></span>i esis<span class=\"_ _f\"></span>tenti al m<span class=\"_ _1\"></span>oment<span class=\"_ _1\"></span>o de<span class=\"_ _1\"></span>lla t<span class=\"_ _1\"></span>ransi<span class=\"ff5\">zio<span class=\"_ _f\"></span>ne all\u2019IF<span class=\"_ _f\"></span>RS 17</span><table class=\"s wcc6 h514\" id=\"_cab5b27b-51b1-4c6c-b7ad-fe5ed97ae58e\"><tr><td></td><td></td><td></td><td class=\"c x68f y2d85 w488 h260\"><div class=\"t m0 x58 h200 y302 ff4 fs22 fc4 sc3 ls0 ws0\">31/12/20<span class=\"_ _f\"></span>2<span class=\"_ _2\"></span>5<span class=\"fc1 sc0\"> </span></div></td><td></td><td></td><td></td><td class=\"c x690 y2d85 w489 h260\"><div class=\"t m0 x58 h200 y302 ff4 fs22 fc4 sc3 ls0 ws0\">31/12/20<span class=\"_ _f\"></span>24<span class=\"fc1 sc0\"> </span></div></td><td></td><td></td><td></td></tr><tr><td></td><td class=\"c x691 y2d86 wcc7 h48d\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc4 sc3 ls0 ws0\">Nuovi c<span class=\"_ _1\"></span>ontratt<span class=\"_ _1\"></span>i e<span class=\"_ _df\"> </span></div></td><td class=\"c x692 y2d86 wcc8 h48d\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc4 sc3 ls0 ws0\">Contr<span class=\"_ _1\"></span>atti<span class=\"_ _df\"> </span></div></td><td class=\"c x693 y2d87 wcc8 h48d\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc4 sc3 ls0 ws0\">Contr<span class=\"_ _1\"></span>atti<span class=\"_ _df\"> </span></div></td><td></td><td></td><td class=\"c x694 y2d86 wcc7 h48d\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc4 sc3 ls0 ws0\">Nuovi c<span class=\"_ _1\"></span>ontratt<span class=\"_ _1\"></span>i e<span class=\"_ _df\"> </span></div></td><td class=\"c x695 y2d86 wcc9 h48d\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc4 sc3 ls0 ws0\">Contr<span class=\"_ _1\"></span>atti<span class=\"_ _df\"> </span></div></td><td class=\"c x696 y2d87 wcc9 h48d\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc4 sc3 ls0 ws0\">Contr<span class=\"_ _1\"></span>atti<span class=\"_ _df\"> </span></div></td><td></td><td></td></tr><tr><td></td><td class=\"c x697 y2d88 w96e h48d\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc4 sc3 ls0 ws0\">contr<span class=\"_ _1\"></span>atti<span class=\"_ _df\"> </span></div></td><td class=\"c x698 y2d88 wcca h48d\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc4 sc3 ls0 ws0\">misurat<span class=\"_ _1\"></span>i alla<span class=\"_ _df\"> </span></div></td><td class=\"c x699 y2d89 wccb h48d\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc4 sc3 ls0 ws0\">misurat<span class=\"_ _1\"></span>i<span class=\"_ _df\"> </span></div></td><td></td><td></td><td class=\"c x69a y2d88 w96e h48d\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc4 sc3 ls0 ws0\">contr<span class=\"_ _1\"></span>atti<span class=\"_ _df\"> </span></div></td><td class=\"c x69b y2d88 wcca h48d\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc4 sc3 ls0 ws0\">misurat<span class=\"_ _1\"></span>i alla<span class=\"_ _df\"> </span></div></td><td class=\"c x696 y2d89 wccb h48d\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc4 sc3 ls0 ws0\">misurat<span class=\"_ _1\"></span>i<span class=\"_ _df\"> </span></div></td><td></td><td></td></tr><tr><td></td><td class=\"c x69c y2d8a wcca h48d\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc4 sc3 ls0 ws0\">misurat<span class=\"_ _1\"></span>i alla<span class=\"_ _df\"> </span></div></td><td class=\"c x69d y2d8a wccc h48d\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc4 sc3 ls0 ws0\">data di<span class=\"_ _df\"> </span></div></td><td class=\"c x69e y2d8b wccd h48d\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc4 sc3 ls0 ws0\">alla data d<span class=\"_ _f\"></span>i</div></td><td class=\"c x69f y2d8a wcc8 h48d\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc4 sc3 ls0 ws0\">Contr<span class=\"_ _1\"></span>atti<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x28e y2d8a wcca h48d\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc4 sc3 ls0 ws0\">misurat<span class=\"_ _1\"></span>i alla<span class=\"_ _df\"> </span></div></td><td class=\"c x6a0 y2d8a wccc h48d\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc4 sc3 ls0 ws0\">data di<span class=\"_ _df\"> </span></div></td><td class=\"c x6a1 y2d8b wccd h48d\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc4 sc3 ls0 ws0\">alla data d<span class=\"_ _f\"></span>i</div></td><td class=\"c x6a2 y2d8a wcc9 h48d\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc4 sc3 ls0 ws0\">Contr<span class=\"_ _1\"></span>atti<span class=\"_ _df\"> </span></div></td><td></td></tr><tr><td></td><td class=\"c x6a3 y2d8c wccc h48d\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc4 sc3 ls0 ws0\">data di<span class=\"_ _df\"> </span></div></td><td class=\"c x6a4 y2d8c wcce h48d\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc4 sc3 ls0 ws0\">transizio<span class=\"_ _1\"></span>ne con <span class=\"_ _1\"></span>il<span class=\"_ _df\"> </span></div></td><td class=\"c x6a5 y2d8d wccf h48d\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc4 sc3 ls0 ws0\">transizio<span class=\"_ _1\"></span>ne</div></td><td class=\"c x6a6 y2d8c wcd0 h48d\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc4 sc3 ls0 ws0\">oggett<span class=\"_ _1\"></span>o<span class=\"_ _df\"> </span></div></td><td class=\"c x6a7 y2d8e w32f h2ab\"><div class=\"t m0 xac h200 y1182 ff4 fs22 fc4 sc3 ls0 ws0\">Totale<span class=\"_ _1\"></span><span class=\"fc1 sc0\"> </span></div></td><td class=\"c x6a8 y2d8c wccc h48d\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc4 sc3 ls0 ws0\">data di<span class=\"_ _df\"> </span></div></td><td class=\"c x6a9 y2d8c wcce h48d\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc4 sc3 ls0 ws0\">transizio<span class=\"_ _1\"></span>ne con <span class=\"_ _1\"></span>il<span class=\"_ _df\"> </span></div></td><td class=\"c x6aa y2d8d wccf h48d\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc4 sc3 ls0 ws0\">transizio<span class=\"_ _1\"></span>ne</div></td><td class=\"c x6ab y2d8c wcd1 h48d\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc4 sc3 ls0 ws0\">oggett<span class=\"_ _1\"></span>o<span class=\"_ _df\"> </span></div></td><td class=\"c x6ac y2d8e w32e h2ab\"><div class=\"t m0 xac h200 y1182 ff4 fs22 fc4 sc3 ls0 ws0\">Totale<span class=\"_ _1\"></span><span class=\"fc1 sc0\"> </span></div></td></tr><tr><td></td><td class=\"c x6ad y2d8f wcce h48d\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc4 sc3 ls0 ws0\">transizio<span class=\"_ _1\"></span>ne con <span class=\"_ _1\"></span>il<span class=\"_ _df\"> </span></div></td><td class=\"c x6ae y2d8f wcd2 h48d\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc4 sc3 ls0 ws0\">metodo<span class=\"_ _df\"> </span></div></td><td class=\"c x6af y27f6 wcd3 h48d\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc4 sc3 ls0 ws0\">con il</div></td><td class=\"c x69f y2d8f waff h48d\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc4 sc3 ls0 ws0\">di carve-<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x6b0 y2d8f wcce h48d\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc4 sc3 ls0 ws0\">transizio<span class=\"_ _1\"></span>ne con <span class=\"_ _1\"></span>il<span class=\"_ _df\"> </span></div></td><td class=\"c x6b1 y2d8f wcd2 h48d\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc4 sc3 ls0 ws0\">metodo<span class=\"_ _df\"> </span></div></td><td class=\"c x6b2 y27f6 wcd3 h48d\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc4 sc3 ls0 ws0\">con il</div></td><td class=\"c x6a2 y2d8f waff h48d\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc4 sc3 ls0 ws0\">di carve-<span class=\"_ _df\"> </span></div></td><td></td></tr><tr><td></td><td class=\"c x6b3 y2d90 wcd2 h48d\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc4 sc3 ls0 ws0\">metodo<span class=\"_ _df\"> </span></div></td><td class=\"c x6a4 y2d90 wcd4 h48d\"><div class=\"t m0 x250 h200 y24a6 ff5 fs22 fc4 sc3 ls0 ws0\">dell\u2019applic<span class=\"_ _1\"></span>azion<span class=\"ff4 lse6\">e<span class=\"_ _df\"> </span></span></div></td><td class=\"c x6a5 y2d91 wcd5 h48e\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc4 sc3 ls0 ws0\">metodo<span class=\"_ _f\"></span> del</div></td><td class=\"c x6b4 y2d90 wcd6 h48d\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc4 sc3 ls0 ws0\">out<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x6b5 y2d90 wcd2 h48d\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc4 sc3 ls0 ws0\">metodo<span class=\"_ _df\"> </span></div></td><td class=\"c x6a9 y2d90 wcd7 h48d\"><div class=\"t m0 x250 h200 y24a6 ff5 fs22 fc4 sc3 ls0 ws0\">dell\u2019applic<span class=\"_ _1\"></span>azione<span class=\"_ _df\"> </span></div></td><td class=\"c x6aa y2d91 wcd8 h48e\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc4 sc3 ls0 ws0\">metodo<span class=\"_ _f\"></span> del</div></td><td class=\"c x6b6 y2d90 wcd9 h48d\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc4 sc3 ls0 ws0\">out<span class=\"_ _df\"> </span></div></td><td></td></tr><tr><td></td><td class=\"c x6ad y2d92 wcd7 h48e\"><div class=\"t m0 x250 h200 y24a6 ff5 fs22 fc4 sc3 ls0 ws0\">dell\u2019applic<span class=\"_ _1\"></span>azione<span class=\"_ _df\"> </span></div></td><td class=\"c x6b7 y2d92 wcda h48e\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc4 sc3 ls0 ws0\">retroat<span class=\"_ _1\"></span>tiva<span class=\"_ _df\"> </span></div></td><td class=\"c x693 y2b79 wcdb h48e\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc4 sc3 ls0 ws0\">fair va<span class=\"_ _1\"></span>lue<span class=\"_ _df\"> </span></div></td><td></td><td></td><td class=\"c x6b0 y2d92 wcd7 h48e\"><div class=\"t m0 x250 h200 y24a6 ff5 fs22 fc4 sc3 ls0 ws0\">dell\u2019applic<span class=\"_ _1\"></span>azione<span class=\"_ _df\"> </span></div></td><td class=\"c x6b8 y2d92 wcda h48e\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc4 sc3 ls0 ws0\">retroat<span class=\"_ _1\"></span>tiva<span class=\"_ _df\"> </span></div></td><td class=\"c x6b9 y2b79 wcdb h48e\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc4 sc3 ls0 ws0\">fair va<span class=\"_ _1\"></span>lue<span class=\"_ _df\"> </span></div></td><td></td><td></td></tr><tr><td></td><td class=\"c x6ad y2d93 wcdc h48e\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc4 sc3 ls0 ws0\">retroat<span class=\"_ _1\"></span>tiva pien<span class=\"_ _f\"></span>a<span class=\"_ _df\"> </span></div></td><td class=\"c x6b7 y2d93 wa0e h48e\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc4 sc3 ls0 ws0\">modificat<span class=\"_ _1\"></span>a<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td class=\"c x6b0 y2d93 wcdc h48e\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc4 sc3 ls0 ws0\">retroat<span class=\"_ _1\"></span>tiva pien<span class=\"_ _f\"></span>a<span class=\"_ _df\"> </span></div></td><td class=\"c x6b8 y2d93 wa0e h48e\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc4 sc3 ls0 ws0\">modificat<span class=\"_ _1\"></span>a<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td></tr><tr><td class=\"c x262 y2d94 wcdd h48e\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc1 sc2 ls0 ws0\">Ricavi<span class=\"_ _df\"> </span></div></td><td class=\"c x68f y2d95 w11e hf\"><div class=\"t m0 xa3 h200 y153d ff4 fs22 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x6ba y2d95 w344 hf\"><div class=\"t m0 xa3 h200 y153d ff4 fs22 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x504 y2d95 w17d hf\"><div class=\"t m0 x30 h200 y153d ff4 fs22 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x6bb y2d95 w32c hf\"><div class=\"t m0 x116 h200 y153d ff4 fs22 fc1 sc2 ls0 ws0\">68.193<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x6a7 y2d95 w155 hf\"><div class=\"t m0 x2f h200 y153d ff4 fs22 fc1 sc2 ls0 ws0\">68.193<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x690 y2d95 w11f hf\"><div class=\"t m0 xa3 h200 y153d ff4 fs22 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x6bc y2d95 w37a hf\"><div class=\"t m0 xa3 h200 y153d ff4 fs22 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x6bd y2d95 w10d hf\"><div class=\"t m0 x30 h200 y153d ff4 fs22 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x6be y2d95 w32c hf\"><div class=\"t m0 x16a h200 y153d ff4 fs22 fc1 sc2 ls0 ws0\">62.540<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x6ac y2d95 w14a hf\"><div class=\"t m0 x2f h200 y153d ff4 fs22 fc1 sc2 ls0 ws0\">62.540<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x262 y2d96 wcde h48e\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc1 sc2 ls0 ws0\">assicura<span class=\"_ _1\"></span>tivi<span class=\"_ _df\"> </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 x262 y2d97 wc6c h48e\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc1 sc2 ls0 ws0\">Margine<span class=\"_ _1\"></span> sui<span class=\"_ _df\"> </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 x262 y2d98 wc6f h48e\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc1 sc2 ls0 ws0\">servizi<span class=\"_ _df\"> </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 x262 y2d99 wcdf h48e\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc1 sc2 ls0 ws0\">contr<span class=\"_ _1\"></span>attuali <span class=\"ff5\">\u2013<span class=\"_ _df\"> </span></span></div></td><td class=\"c x68f y2d9a w11e h2ac\"><div class=\"t m0 xa3 h200 y17d2 ff4 fs22 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x6ba y2d9a w344 h2ac\"><div class=\"t m0 xa3 h200 y17d2 ff4 fs22 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x504 y2d9a w17d h2ac\"><div class=\"t m0 x30 h200 y17d2 ff4 fs22 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x6bb y2d9a w32c h2ac\"><div class=\"t m0 x8e h200 y17d2 ff4 fs22 fc1 sc2 ls0 ws0\">286.170<span class=\"sc0\"> </span></div></td><td class=\"c x6a7 y2d9a w155 h2ac\"><div class=\"t m0 xac h200 y17d2 ff4 fs22 fc1 sc2 ls0 ws0\">286.170<span class=\"sc0\"> </span></div></td><td class=\"c x690 y2d9a w11f h2ac\"><div class=\"t m0 xa3 h200 y17d2 ff4 fs22 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x6bc y2d9a w37a h2ac\"><div class=\"t m0 xa3 h200 y17d2 ff4 fs22 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x6bd y2d9a w10d h2ac\"><div class=\"t m0 x30 h200 y17d2 ff4 fs22 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x6be y2d9a w32c h2ac\"><div class=\"t m0 x8e h200 y17d2 ff4 fs22 fc1 sc2 ls0 ws0\">187.460<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x6ac y2d9a w14a h2ac\"><div class=\"t m0 xac h200 y17d2 ff4 fs22 fc1 sc2 ls0 ws0\">187.460<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x262 y2d9b w905 h48e\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc1 sc2 ls0 ws0\">Esisten<span class=\"_ _f\"></span>z<span class=\"_ _2\"></span>e<span class=\"_ _df\"> </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 x262 y2d9c wce0 h48e\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc1 sc2 ls0 ws0\">iniziali<span class=\"_ _df\"> </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 x262 y2d9d w911 h48e\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc1 sc2 ls0 ws0\">Variazion<span class=\"_ _f\"></span>i<span class=\"_ _df\"> </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 x262 y2d9e wce1 h48e\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc1 sc2 ls0 ws0\">riferite ai<span class=\"_ _df\"> </span></div></td><td class=\"c x68f y2d9f w11e h16\"><div class=\"t m0 xa3 h200 y409 ff4 fs22 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x6ba y2d9f w344 h16\"><div class=\"t m0 xa3 h200 y409 ff4 fs22 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x504 y2d9f w17d h16\"><div class=\"t m0 x30 h200 y409 ff4 fs22 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x6bb y2d9f w32c h16\"><div class=\"t m0 xac h200 y409 ff4 fs22 fc1 sc2 ls0 ws0\">(42.32<span class=\"_ _1\"></span>2)<span class=\"sc0\"> </span></div></td><td class=\"c x6a7 y2d9f w155 h16\"><div class=\"t m0 x8a h200 y409 ff4 fs22 fc1 sc2 ls0 ws0\">(42.32<span class=\"_ _1\"></span>2)<span class=\"sc0\"> </span></div></td><td class=\"c x690 y2d9f w11f h16\"><div class=\"t m0 xa3 h200 y409 ff4 fs22 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x6bc y2d9f w37a h16\"><div class=\"t m0 xa3 h200 y409 ff4 fs22 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x6bd y2d9f w10d h16\"><div class=\"t m0 x30 h200 y409 ff4 fs22 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x6be y2d9f w32c h16\"><div class=\"t m0 xac h200 y409 ff4 fs22 fc1 sc2 ls0 ws0\">(36.320<span class=\"_ _1\"></span>)<span class=\"sc0\"> </span></div></td><td class=\"c x6ac y2d9f w14a h16\"><div class=\"t m0 x8a h200 y409 ff4 fs22 fc1 sc2 ls0 ws0\">(36.320<span class=\"_ _1\"></span>)<span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x262 y2da0 wce2 h48e\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc1 sc2 ls0 ws0\">servizi at<span class=\"_ _1\"></span>tuali<span class=\"_ _df\"> </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 x2a8 y2da1 wce3 h48e\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc1 sc0 ls0 ws0\">- Margine sui<span class=\"_ _df\"> </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 x2a8 y2da2 wc6f h48e\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc1 sc0 ls0 ws0\">servizi<span class=\"_ _df\"> </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 x2a8 y2da3 wce4 h48e\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc1 sc0 ls0 ws0\">contrattuali<span class=\"_ _df\"> </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 x2a8 y2da5 wce5 h515\"><div class=\"t m0 x250 h200 y2da4 ff4 fs22 fc1 sc0 ls0 ws0\">rilevato in<span class=\"_ _df\"> </span></div><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc1 sc0 ls0 ws0\">conto<span class=\"_ _df\"> </span></div></td><td class=\"c x68f y2da6 w11e h2ad\"><div class=\"t m0 xa3 h200 y110e ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x6ba y2da6 w344 h2ad\"><div class=\"t m0 xa3 h200 y110e ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x504 y2da6 w17d h2ad\"><div class=\"t m0 x30 h200 y110e ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x6bb y2da6 w32c h2ad\"><div class=\"t m0 xac h200 y110e ff4 fs22 fc1 sc0 ls0 ws0\">(42.322) </div></td><td class=\"c x6a7 y2da6 w155 h2ad\"><div class=\"t m0 x8a h200 y110e ff4 fs22 fc1 sc0 ls0 ws0\">(42.322) </div></td><td class=\"c x690 y2da6 w11f h2ad\"><div class=\"t m0 xa3 h200 y110e ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x6bc y2da6 w37a h2ad\"><div class=\"t m0 xa3 h200 y110e ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x6bd y2da6 w10d h2ad\"><div class=\"t m0 x30 h200 y110e ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x6be y2da6 w32c h2ad\"><div class=\"t m0 xab h200 y110e ff4 fs22 fc1 sc0 ls0 ws0\">(36.320) </div></td><td class=\"c x6ac y2da6 w14a h2ad\"><div class=\"t m0 x8a h200 y110e ff4 fs22 fc1 sc0 ls0 ws0\">(36.320) </div></td></tr><tr><td class=\"c x2a8 y278c wb17 h48e\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc1 sc0 ls0 ws0\">economico<span class=\"_ _df\"> </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 x2a8 y2da7 wce6 h48e\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc1 sc0 ls0 ws0\">per riflettere<span class=\"_ _df\"> </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 x2a8 y2da8 wce7 h48e\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc1 sc0 ls0 ws0\">i servizi<span class=\"_ _df\"> </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 x2a8 y2da9 wce8 h48e\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc1 sc0 ls0 ws0\">prestati<span class=\"_ _df\"> </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 x262 y2daa w911 h48e\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc1 sc2 ls0 ws0\">Variazion<span class=\"_ _f\"></span>i<span class=\"_ _df\"> </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 x262 y2dab wce1 h48e\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc1 sc2 ls0 ws0\">riferite ai<span class=\"_ _df\"> </span></div></td><td class=\"c x68f y2dac w11e h16\"><div class=\"t m0 xa3 h200 y409 ff4 fs22 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x6ba y2dac w344 h16\"><div class=\"t m0 xa3 h200 y409 ff4 fs22 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x504 y2dac w17d h16\"><div class=\"t m0 x30 h200 y409 ff4 fs22 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x6bb y2dac w32c h16\"><div class=\"t m0 x8e h200 y409 ff4 fs22 fc1 sc2 ls0 ws0\">183.553<span class=\"sc0\"> </span></div></td><td class=\"c x6a7 y2dac w155 h16\"><div class=\"t m0 xab h200 y409 ff4 fs22 fc1 sc2 ls0 ws0\">183.553<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x690 y2dac w11f h16\"><div class=\"t m0 xa3 h200 y409 ff4 fs22 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x6bc y2dac w37a h16\"><div class=\"t m0 xa3 h200 y409 ff4 fs22 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x6bd y2dac w10d h16\"><div class=\"t m0 x30 h200 y409 ff4 fs22 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x6be y2dac w32c h16\"><div class=\"t m0 x8e h200 y409 ff4 fs22 fc1 sc2 ls0 ws0\">(35.615<span class=\"_ _1\"></span>)<span class=\"sc0\"> </span></div></td><td class=\"c x6ac y2dac w14a h16\"><div class=\"t m0 xac h200 y409 ff4 fs22 fc1 sc2 ls0 ws0\">(35.615<span class=\"_ _1\"></span>)<span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x262 y2dad wce9 h48f\"><div class=\"t m0 x250 h200 y24d8 ff4 fs22 fc1 sc2 ls0 ws0\">servizi f<span class=\"_ _1\"></span>uturi<span class=\"_ _df\"> </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 x2a8 y2dae wcea h48f\"><div class=\"t m0 x250 h200 y24d8 ff4 fs22 fc1 sc0 ls0 ws0\">- Variazioni<span class=\"_ _df\"> </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 x2a8 y2daf wceb h48f\"><div class=\"t m0 x250 h200 y24d8 ff4 fs22 fc1 sc0 ls0 ws0\">delle stime<span class=\"_ _df\"> </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 x2a8 y2db0 wcec h48f\"><div class=\"t m0 x250 h200 y24d8 ff4 fs22 fc1 sc0 ls0 ws0\">che<span class=\"_ _df\"> </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 x2a8 y2db1 wced h48f\"><div class=\"t m0 x250 h200 y24d8 ff4 fs22 fc1 sc0 ls0 ws0\">modificano il<span class=\"_ _df\"> </span></div></td><td class=\"c x68f y2db2 w11e h2ae\"><div class=\"t m0 xa3 h200 y1634 ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x6ba y2db2 w344 h2ae\"><div class=\"t m0 xa3 h200 y1634 ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x504 y2db2 w17d h2ae\"><div class=\"t m0 x30 h200 y1634 ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x6bb y2db2 w32c h2ae\"><div class=\"t m0 x8e h200 y1634 ff4 fs22 fc1 sc0 ls0 ws0\">149.955 </div></td><td class=\"c x6a7 y2db2 w155 h2ae\"><div class=\"t m0 xab h200 y1634 ff4 fs22 fc1 sc0 ls0 ws0\">149.955 </div></td><td class=\"c x690 y2db2 w11f h2ae\"><div class=\"t m0 xa3 h200 y1634 ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x6bc y2db2 w37a h2ae\"><div class=\"t m0 xa3 h200 y1634 ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x6bd y2db2 w10d h2ae\"><div class=\"t m0 x30 h200 y1634 ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x6be y2db2 w32c h2ae\"><div class=\"t m0 xab h200 y1634 ff4 fs22 fc1 sc0 ls0 ws0\">(93.082) </div></td><td class=\"c x6ac y2db2 w14a h2ae\"><div class=\"t m0 x8a h200 y1634 ff4 fs22 fc1 sc0 ls0 ws0\">(93.082) </div></td></tr><tr><td class=\"c x2a8 y2db3 wcee h48f\"><div class=\"t m0 x250 h200 y24d8 ff4 fs22 fc1 sc0 ls0 ws0\">margine sui<span class=\"_ _df\"> </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 x2a8 y2db4 wc6f h48f\"><div class=\"t m0 x250 h200 y24d8 ff4 fs22 fc1 sc0 ls0 ws0\">servizi<span class=\"_ _df\"> </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 x2a8 y2db5 wce4 h48f\"><div class=\"t m0 x250 h200 y24d8 ff4 fs22 fc1 sc0 ls0 ws0\">contrattuali<span class=\"_ _df\"> </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 x2a8 y2db6 wcef h48f\"><div class=\"t m0 x250 h200 y24d8 ff4 fs22 fc1 sc0 ls0 ws0\">- Effetti dei<span class=\"_ _df\"> </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 x2a8 y2db7 wca2 h48f\"><div class=\"t m0 x250 h200 y24d8 ff4 fs22 fc1 sc0 ls0 ws0\">contratti<span class=\"_ _df\"> </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 x2a8 y2d63 w934 h48f\"><div class=\"t m0 x250 h200 y24d8 ff4 fs22 fc1 sc0 ls0 ws0\">inizialmente<span class=\"_ _df\"> </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 x2a8 y2db8 wcf0 h48f\"><div class=\"t m0 x250 h200 y24d8 ff4 fs22 fc1 sc0 ls0 ws0\">rilevati<span class=\"_ _df\"> </span></div></td><td class=\"c x68f y2db9 w11e h2af\"><div class=\"t m0 xa3 h200 y1634 ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x6ba y2db9 w344 h2af\"><div class=\"t m0 xa3 h200 y1634 ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x504 y2db9 w17d h2af\"><div class=\"t m0 x30 h200 y1634 ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x6bb y2db9 w32c h2af\"><div class=\"t m0 x2f h200 y1634 ff4 fs22 fc1 sc0 ls0 ws0\">33.598 </div></td><td class=\"c x6a7 y2db9 w155 h2af\"><div class=\"t m0 x8e h200 y1634 ff4 fs22 fc1 sc0 ls0 ws0\">33.598 </div></td><td class=\"c x690 y2db9 w11f h2af\"><div class=\"t m0 xa3 h200 y1634 ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x6bc y2db9 w37a h2af\"><div class=\"t m0 xa3 h200 y1634 ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x6bd y2db9 w10d h2af\"><div class=\"t m0 x30 h200 y1634 ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x6be y2db9 w32c h2af\"><div class=\"t m0 x16a h200 y1634 ff4 fs22 fc1 sc0 ls0 ws0\">57.467 </div></td><td class=\"c x6ac y2db9 w14a h2af\"><div class=\"t m0 x2f h200 y1634 ff4 fs22 fc1 sc0 ls0 ws0\">57.467 </div></td></tr><tr><td class=\"c x2a8 y2dba wcf1 h48f\"><div class=\"t m0 x250 h200 y24d8 ff5 fs22 fc1 sc0 ls0 ws0\">nell\u2019esercizio<span class=\"_ _df\"> </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 x2a8 y2dbb wcf2 h48f\"><div class=\"t m0 x250 h200 y24d8 ff4 fs22 fc1 sc0 ls0 ws0\">di<span class=\"_ _df\"> </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 x2a8 y2dbc wcf3 h48f\"><div class=\"t m0 x250 h200 y24d8 ff4 fs22 fc1 sc0 ls0 ws0\">riferimento<span class=\"_ _df\"> </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 x262 y2dbd wcf4 h48f\"><div class=\"t m0 x250 h200 y24d8 ff4 fs22 fc1 sc2 ls0 ws0\">Ricavi/c<span class=\"_ _1\"></span>osti di<span class=\"_ _df\"> </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 x262 y2dbe wcf5 h48f\"><div class=\"t m0 x250 h200 y24d8 ff4 fs22 fc1 sc2 ls0 ws0\">natura<span class=\"_ _df\"> </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 x262 y2dbf wc96 h48f\"><div class=\"t m0 x250 h200 y24d8 ff4 fs22 fc1 sc2 ls0 ws0\">finanziar<span class=\"_ _1\"></span>ia<span class=\"_ _df\"> </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 x2a8 y2967 wcf6 h48f\"><div class=\"t m0 x250 h200 y24d8 ff4 fs22 fc1 sc0 ls0 ws0\">1. Relativi ai<span class=\"_ _df\"> </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 x2a8 y2dc0 wca2 h48f\"><div class=\"t m0 x250 h200 y24d8 ff4 fs22 fc1 sc0 ls0 ws0\">contratti<span class=\"_ _df\"> </span></div></td><td class=\"c x68f y2dc1 w11e h2a7\"><div class=\"t m0 xa3 h200 yd1f ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x6ba y2dc1 w344 h2a7\"><div class=\"t m0 xa3 h200 yd1f ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x504 y2dc1 w17d h2a7\"><div class=\"t m0 x30 h200 yd1f ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x6bb y2dc1 w32c h2a7\"><div class=\"t m0 x14 h200 yd1f ff4 fs22 fc1 sc0 ls0 ws0\">(117) </div></td><td class=\"c x6a7 y2dc1 w155 h2a7\"><div class=\"t m0 x130 h200 yd1f ff4 fs22 fc1 sc0 ls0 ws0\">(117) </div></td><td class=\"c x690 y2dc1 w11f h2a7\"><div class=\"t m0 xa3 h200 yd1f ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x6bc y2dc1 w37a h2a7\"><div class=\"t m0 xa3 h200 yd1f ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x6bd y2dc1 w10d h2a7\"><div class=\"t m0 x30 h200 yd1f ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x6be y2dc1 w32c h2a7\"><div class=\"t m0 x8e h200 yd1f ff4 fs22 fc1 sc0 ls0 ws0\">170.645 </div></td><td class=\"c x6ac y2dc1 w14a h2a7\"><div class=\"t m0 xac h200 yd1f ff4 fs22 fc1 sc0 ls0 ws0\">170.645 </div></td></tr><tr><td class=\"c x2a8 y2881 wcf7 h48f\"><div class=\"t m0 x250 h200 y24d8 ff4 fs22 fc1 sc0 ls0 ws0\">assicurativi<span class=\"_ _df\"> </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 x2a8 y2dc2 wcf8 h48f\"><div class=\"t m0 x250 h200 y24d8 ff4 fs22 fc1 sc0 ls0 ws0\">eme<span class=\"ls15\">ssi<span class=\"_ _df\"> </span></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 x2a8 y2dc3 wcf9 h48f\"><div class=\"t m0 x250 h200 y24d8 ff4 fs22 fc1 sc0 ls0 ws0\">2. Effetti<span class=\"_ _df\"> </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 x2a8 y2dc4 wcfa h48f\"><div class=\"t m0 x250 h200 y24d8 ff4 fs22 fc1 sc0 ls0 ws0\">connessi<span class=\"_ _df\"> </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 x2a8 y2dc5 w92f h48f\"><div class=\"t m0 x250 h200 y24d8 ff4 fs22 fc1 sc0 ls0 ws0\">con le<span class=\"_ _df\"> </span></div></td><td class=\"c x68f y2dc6 w11e h2b0\"><div class=\"t m0 xa3 h200 y843 ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x6ba y2dc6 w344 h2b0\"><div class=\"t m0 xa3 h200 y843 ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x504 y2dc6 w17d h2b0\"><div class=\"t m0 x30 h200 y843 ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x6bb y2dc6 w32c h2b0\"><div class=\"t m0 x26 h200 y843 ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x6a7 y2dc6 w155 h2b0\"><div class=\"t m0 x27 h200 y843 ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x690 y2dc6 w11f h2b0\"><div class=\"t m0 xa3 h200 y843 ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x6bc y2dc6 w37a h2b0\"><div class=\"t m0 xa3 h200 y843 ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x6bd y2dc6 w10d h2b0\"><div class=\"t m0 x30 h200 y843 ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x6be y2dc6 w32c h2b0\"><div class=\"t m0 x26 h200 y843 ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x6ac y2dc6 w14a h2b0\"><div class=\"t m0 x27 h200 y843 ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2a8 y2dc7 wcfb h48f\"><div class=\"t m0 x250 h200 y24d8 ff4 fs22 fc1 sc0 ls0 ws0\">variazioni dei<span class=\"_ _df\"> </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 x2a8 y2dc8 wcfc h48f\"><div class=\"t m0 x250 h200 y24d8 ff4 fs22 fc1 sc0 ls0 ws0\">tassi di<span class=\"_ _df\"> </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 x2a8 y2dc9 wcfd h48f\"><div class=\"t m0 x250 h200 y24d8 ff4 fs22 fc1 sc0 ls0 ws0\">cambio<span class=\"_ _df\"> </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 x46b y2dca w48a h221\"><div class=\"t m0 x16a h200 y54 ff4 fs22 fc1 sc0 ls0 ws0\">3. Totale<span class=\"_ _df\"> </span></div></td><td class=\"c x68f y2dca w11e h221\"><div class=\"t m0 xa3 h200 y54 ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x6ba y2dca w344 h221\"><div class=\"t m0 xa3 h200 y54 ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x504 y2dca w17d h221\"><div class=\"t m0 x30 h200 y54 ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x6bb y2dca w32c h221\"><div class=\"t m0 x14 h200 y54 ff4 fs22 fc1 sc0 ls0 ws0\">(117) </div></td><td class=\"c x6a7 y2dca w155 h221\"><div class=\"t m0 x130 h200 y54 ff4 fs22 fc1 sc0 ls0 ws0\">(117) </div></td><td class=\"c x690 y2dca w11f h221\"><div class=\"t m0 xa3 h200 y54 ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x6bc y2dca w37a h221\"><div class=\"t m0 xa3 h200 y54 ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x6bd y2dca w10d h221\"><div class=\"t m0 x30 h200 y54 ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x6be y2dca w32c h221\"><div class=\"t m0 x8e h200 y54 ff4 fs22 fc1 sc0 ls0 ws0\">170.645 </div></td><td class=\"c x6ac y2dca w14a h221\"><div class=\"t m0 xac h200 y54 ff4 fs22 fc1 sc0 ls0 ws0\">170.645 </div></td></tr><tr><td class=\"c x46b y2dcb w48a h2b\"><div class=\"t m0 x8a h200 y54 ff4 fs22 fc1 sc2 ls0 ws0\">Altri m<span class=\"_ _1\"></span>oviment<span class=\"_ _1\"></span>i<span class=\"sc0\"> </span></div></td><td class=\"c x68f y2dcb w11e h2b\"><div class=\"t m0 xa3 h200 y54 ff4 fs22 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x6ba y2dcb w344 h2b\"><div class=\"t m0 xa3 h200 y54 ff4 fs22 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x504 y2dcb w17d h2b\"><div class=\"t m0 x30 h200 y54 ff4 fs22 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x6bb y2dcb w32c h2b\"><div class=\"t m0 x26 h200 y54 ff4 fs22 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x6a7 y2dcb w155 h2b\"><div class=\"t m0 x27 h200 y54 ff4 fs22 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x690 y2dcb w11f h2b\"><div class=\"t m0 xa3 h200 y54 ff4 fs22 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x6bc y2dcb w37a h2b\"><div class=\"t m0 xa3 h200 y54 ff4 fs22 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x6bd y2dcb w10d h2b\"><div class=\"t m0 x30 h200 y54 ff4 fs22 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x6be y2dcb w32c h2b\"><div class=\"t m0 x26 h200 y54 ff4 fs22 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x6ac y2dcb w14a h2b\"><div class=\"t m0 x27 h200 y54 ff4 fs22 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x262 y2dcc wcfe h48f\"><div class=\"t m0 x250 h200 y24d8 ff4 fs22 fc1 sc2 ls0 ws0\">Totale<span class=\"_ _df\"> </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 x262 y2dcd wcff h48f\"><div class=\"t m0 x250 h200 y24d8 ff4 fs22 fc1 sc2 ls0 ws0\">variazion<span class=\"_ _1\"></span>i<span class=\"_ _df\"> </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 x262 y2dce wd00 h511\"><div class=\"t m0 x250 h200 y2d12 ff4 fs22 fc1 sc2 ls0 ws0\">ricono<span class=\"_ _1\"></span>sciute in<span class=\"_ _df\"> </span></div><div class=\"t m0 x250 h200 y24d8 ff4 fs22 fc1 sc2 ls0 ws0\">conto<span class=\"_ _df\"> </span></div></td><td class=\"c x68f y2dcf w11e h2b1\"><div class=\"t m0 xa3 h200 y292 ff4 fs22 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x6ba y2dcf w344 h2b1\"><div class=\"t m0 xa3 h200 y292 ff4 fs22 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x504 y2dcf w17d h2b1\"><div class=\"t m0 x30 h200 y292 ff4 fs22 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x6bb y2dcf w32c h2b1\"><div class=\"t m0 x2a h200 y292 ff4 fs22 fc1 sc2 ls0 ws0\">141.114<span class=\"sc0\"> </span></div></td><td class=\"c x6a7 y2dcf w155 h2b1\"><div class=\"t m0 x16a h200 y292 ff4 fs22 fc1 sc2 ls0 ws0\">141.114<span class=\"sc0\"> </span></div></td><td class=\"c x690 y2dcf w11f h2b1\"><div class=\"t m0 xa3 h200 y292 ff4 fs22 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x6bc y2dcf w37a h2b1\"><div class=\"t m0 xa3 h200 y292 ff4 fs22 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x6bd y2dcf w10d h2b1\"><div class=\"t m0 x30 h200 y292 ff4 fs22 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x6be y2dcf w32c h2b1\"><div class=\"t m0 x2a h200 y292 ff4 fs22 fc1 sc2 ls0 ws0\">98.710<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x6ac y2dcf w14a h2b1\"><div class=\"t m0 x16a h200 y292 ff4 fs22 fc1 sc2 ls0 ws0\">98.710<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x262 y2dd0 wd01 h48f\"><div class=\"t m0 x250 h200 y24d8 ff4 fs22 fc1 sc2 ls0 ws0\">econom<span class=\"_ _f\"></span>ico e<span class=\"_ _df\"> </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 x262 y2dd1 wd02 h48f\"><div class=\"t m0 x250 h200 y24d8 ff4 fs22 fc1 sc2 ls0 ws0\">nel cont<span class=\"_ _1\"></span>o<span class=\"_ _df\"> </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 x262 y2dd2 wd03 h48f\"><div class=\"t m0 x250 h200 y24d8 ff4 fs22 fc1 sc2 ls0 ws0\">econom<span class=\"_ _f\"></span>ico<span class=\"_ _df\"> </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 x262 y2dd3 wd04 h48f\"><div class=\"t m0 x250 h200 y24d8 ff4 fs22 fc1 sc2 ls0 ws0\">comple<span class=\"_ _1\"></span>ssivo<span class=\"_ _df\"> </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 x262 y2dd4 wc6c h48f\"><div class=\"t m0 x250 h200 y24d8 ff4 fs22 fc1 sc2 ls0 ws0\">Margine<span class=\"_ _1\"></span> sui<span class=\"_ _df\"> </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 x262 y2dd5 wc6f h48f\"><div class=\"t m0 x250 h200 y24d8 ff4 fs22 fc1 sc2 ls0 ws0\">servizi<span class=\"_ _df\"> </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 x262 y2dd6 wcdf h48f\"><div class=\"t m0 x250 h200 y24d8 ff4 fs22 fc1 sc2 ls0 ws0\">contr<span class=\"_ _1\"></span>attuali <span class=\"ff5\">\u2013<span class=\"_ _df\"> </span></span></div></td><td class=\"c x68f y2dd7 w11e h2b2\"><div class=\"t m0 xa3 h200 y656 ff4 fs22 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x6ba y2dd7 w344 h2b2\"><div class=\"t m0 xa3 h200 y656 ff4 fs22 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x504 y2dd7 w17d h2b2\"><div class=\"t m0 x30 h200 y656 ff4 fs22 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x6bb y2dd7 w32c h2b2\"><div class=\"t m0 xac h200 y656 ff4 fs22 fc1 sc2 ls0 ws0\">427.28<span class=\"_ _1\"></span>4<span class=\"sc0\"> </span></div></td><td class=\"c x6a7 y2dd7 w155 h2b2\"><div class=\"t m0 xab h200 y656 ff4 fs22 fc1 sc2 ls0 ws0\">427.28<span class=\"_ _1\"></span>4<span class=\"sc0\"> </span></div></td><td class=\"c x690 y2dd7 w11f h2b2\"><div class=\"t m0 xa3 h200 y656 ff4 fs22 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x6bc y2dd7 w37a h2b2\"><div class=\"t m0 xa3 h200 y656 ff4 fs22 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x6bd y2dd7 w10d h2b2\"><div class=\"t m0 x30 h200 y656 ff4 fs22 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x6be y2dd7 w32c h2b2\"><div class=\"t m0 x8e h200 y656 ff4 fs22 fc1 sc2 ls0 ws0\">286.170<span class=\"sc0\"> </span></div></td><td class=\"c x6ac y2dd7 w14a h2b2\"><div class=\"t m0 xac h200 y656 ff4 fs22 fc1 sc2 ls0 ws0\">286.170<span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x262 y2dd8 wd05 h48f\"><div class=\"t m0 x250 h200 y24d8 ff4 fs22 fc1 sc2 ls0 ws0\">Riman<span class=\"_ _1\"></span>enze<span class=\"_ _df\"> </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 x262 y2491 wd06 h48f\"><div class=\"t m0 x250 h200 y24d8 ff4 fs22 fc1 sc2 ls0 ws0\">finali<span class=\"_ _df\"> </span></div></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=\"c w37c h2b4 gsd6c\"><div class=\"t m0 xe h5 y17fc ff4 fs1 fc4 sc3 ls0 ws0\">Dinam<span class=\"_ _f\"></span>ica dei r<span class=\"_ _f\"></span>icavi as<span class=\"_ _1\"></span>sicura<span class=\"_ _f\"></span>tivi e del <span class=\"_ _1\"></span>margi<span class=\"_ _1\"></span>ne su<span class=\"_ _1\"></span>i ser<span class=\"_ _1\"></span>vizi co<span class=\"_ _f\"></span>ntrattu<span class=\"_ _f\"></span>ali dei cont<span class=\"_ _f\"></span>ratti a<span class=\"_ _f\"></span>ssicurativi<span class=\"_ _df\"> </span><span class=\"_ _1\"></span> </div><div class=\"t m0 xe h5 y2e7 ff5 fs1 fc4 sc3 ls0 ws0\">emes<span class=\"_ _1\"></span>si ri<span class=\"_ _1\"></span>part<span class=\"_ _1\"></span>iti in ba<span class=\"_ _f\"></span>se ai cont<span class=\"_ _f\"></span>ratti esis<span class=\"_ _1\"></span>tenti <span class=\"_ _f\"></span>al mom<span class=\"_ _1\"></span>ento <span class=\"_ _1\"></span>della<span class=\"_ _1\"></span> tra<span class=\"_ _1\"></span>nsizio<span class=\"_ _1\"></span>ne al<span class=\"_ _1\"></span>l\u2019IFRS <span class=\"_ _f\"></span>17<span class=\"ff4 fc1 sc0\"> </span></div></div><div class=\"gsd6d\"><table class=\"s wd07 h516\" id=\"_b80a16fc-a339-4062-a8ef-264f9a17bbe1\"><tr><td></td><td></td><td></td><td class=\"c x6bf y2dd9 w48b h258\"><div class=\"t m0 x22 hd6 y61e ff4 fs1b fc4 sc3 ls0 ws0\">31/12/2<span class=\"_ _1\"></span>025<span class=\"fc1 sc0\"> </span></div></td><td></td><td></td><td></td><td></td><td class=\"c x6c0 y2dd9 w48c h258\"><div class=\"t m0 x22 hd6 y61e ff4 fs1b fc4 sc3 ls0 ws0\">31/12/2<span class=\"_ _1\"></span>024<span class=\"fc1 sc0\"> </span></div></td><td></td><td></td></tr><tr><td></td><td class=\"c x6c1 y2dda wb01 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc4 sc3 ls0 ws0\">Nuovi <span class=\"_ _1\"></span>contratt<span class=\"_ _1\"></span>i<span class=\"_ _df\"> </span></div></td><td class=\"c x6c2 y2ddb wb02 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc4 sc3 ls0 ws0\">Contra<span class=\"_ _1\"></span>tti<span class=\"_ _df\"> </span></div></td><td class=\"c x6c3 y2ddb wb02 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc4 sc3 ls0 ws0\">Contra<span class=\"_ _1\"></span>tti<span class=\"_ _df\"> </span></div></td><td></td><td></td><td class=\"c x6c4 y2dda wb01 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc4 sc3 ls0 ws0\">Nuovi <span class=\"_ _1\"></span>contratt<span class=\"_ _1\"></span>i<span class=\"_ _df\"> </span></div></td><td class=\"c x6c5 y2ddb wb02 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc4 sc3 ls0 ws0\">Contra<span class=\"_ _1\"></span>tti<span class=\"_ _df\"> </span></div></td><td class=\"c x6c6 y2ddb wb02 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc4 sc3 ls0 ws0\">Contra<span class=\"_ _1\"></span>tti<span class=\"_ _df\"> </span></div></td><td></td><td></td></tr><tr><td></td><td class=\"c x6c7 y2ddc wb03 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc4 sc3 ls0 ws0\">e contra<span class=\"_ _f\"></span>tti<span class=\"_ _df\"> </span></div></td><td class=\"c x6c8 y2ddd wb04 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc4 sc3 ls0 ws0\">misura<span class=\"_ _1\"></span>ti alla<span class=\"_ _df\"> </span></div></td><td class=\"c x365 y2ddd wd08 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc4 sc3 ls0 ws0\">misura<span class=\"_ _1\"></span>ti<span class=\"_ _df\"> </span></div></td><td></td><td></td><td class=\"c x6c9 y2ddc wa60 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc4 sc3 ls0 ws0\">e contra<span class=\"_ _f\"></span>tti<span class=\"_ _df\"> </span></div></td><td class=\"c x6ca y2ddd wb04 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc4 sc3 ls0 ws0\">misura<span class=\"_ _1\"></span>ti alla<span class=\"_ _df\"> </span></div></td><td class=\"c x6cb y2ddd wb05 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc4 sc3 ls0 ws0\">misura<span class=\"_ _1\"></span>ti<span class=\"_ _df\"> </span></div></td><td></td><td></td></tr><tr><td></td><td class=\"c x6cc y2dde wb04 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc4 sc3 ls0 ws0\">misura<span class=\"_ _1\"></span>ti alla<span class=\"_ _df\"> </span></div></td><td class=\"c x6cd y2ddf wb07 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc4 sc3 ls0 ws0\">data di<span class=\"_ _df\"> </span></div></td><td class=\"c x6ce y2ddf wb08 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc4 sc3 ls0 ws0\">alla data<span class=\"_ _1\"></span> di</div></td><td class=\"c x66a y2dde wd09 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc4 sc3 ls0 ws0\">Contra<span class=\"_ _1\"></span>tt<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x6cf y2dde wb04 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc4 sc3 ls0 ws0\">misura<span class=\"_ _1\"></span>ti alla<span class=\"_ _df\"> </span></div></td><td class=\"c x6d0 y2ddf wb07 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc4 sc3 ls0 ws0\">data di<span class=\"_ _df\"> </span></div></td><td class=\"c x6d1 y2ddf wb08 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc4 sc3 ls0 ws0\">alla data<span class=\"_ _1\"></span> di</div></td><td class=\"c x6d2 y2dde wb06 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc4 sc3 ls0 ws0\">Contra<span class=\"_ _1\"></span>tt<span class=\"_ _df\"> </span></div></td><td></td></tr><tr><td></td><td class=\"c x6d3 y2de0 wb07 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc4 sc3 ls0 ws0\">data di<span class=\"_ _df\"> </span></div></td><td class=\"c x6d4 y2de1 wb0b h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc4 sc3 ls0 ws0\">transizio<span class=\"_ _f\"></span>ne con<span class=\"_ _df\"> </span></div></td><td class=\"c x6d5 y2de1 wb0c h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc4 sc3 ls0 ws0\">transizio<span class=\"_ _f\"></span>n</div></td><td class=\"c x6d6 y2de0 wd0a h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc4 sc3 ls6 ws0\">i<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x6d7 y2de0 wb07 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc4 sc3 ls0 ws0\">data di<span class=\"_ _df\"> </span></div></td><td class=\"c x6d8 y2de1 wb0b h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc4 sc3 ls0 ws0\">transizio<span class=\"_ _f\"></span>ne con<span class=\"_ _df\"> </span></div></td><td class=\"c x6d9 y2de1 wb0c h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc4 sc3 ls0 ws0\">transizio<span class=\"_ _f\"></span>n</div></td><td class=\"c x6da y2de0 wb09 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc4 sc3 ls6 ws0\">i<span class=\"_ _df\"> </span></div></td><td></td></tr><tr><td></td><td class=\"c x6db y2de2 wb0b h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc4 sc3 ls0 ws0\">transizio<span class=\"_ _f\"></span>ne con<span class=\"_ _df\"> </span></div></td><td class=\"c x6c2 y2de3 wb0f h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc4 sc3 ls0 ws0\">il meto<span class=\"_ _1\"></span>do<span class=\"_ _df\"> </span></div></td><td class=\"c x6dc y2de3 wcb2 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc4 sc3 ls0 ws0\">e con il</div></td><td class=\"c x660 y2de2 wb0d h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc4 sc3 ls0 ws0\">oggetto<span class=\"_ _df\"> </span></div></td><td class=\"c x6dd y2de4 w1c2 h2b5\"><div class=\"t m0 xab hd6 yec6 ff4 fs1b fc4 sc3 ls0 ws0\">Totale<span class=\"fc1 sc0\"> </span></div></td><td class=\"c x6de y2de2 wb0b h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc4 sc3 ls0 ws0\">transizio<span class=\"_ _f\"></span>ne con<span class=\"_ _df\"> </span></div></td><td class=\"c x6c5 y2de3 wb0f h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc4 sc3 ls0 ws0\">il meto<span class=\"_ _1\"></span>do<span class=\"_ _df\"> </span></div></td><td class=\"c x6df y2de3 wb10 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc4 sc3 ls0 ws0\">e con il</div></td><td class=\"c x6e0 y2de2 wb0d h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc4 sc3 ls0 ws0\">oggetto<span class=\"_ _df\"> </span></div></td><td class=\"c x481 y2de4 w48d h2b5\"><div class=\"t m0 x8a hd6 yec6 ff4 fs1b fc4 sc3 ls0 ws0\">Totale<span class=\"fc1 sc0\"> </span></div></td></tr><tr><td></td><td class=\"c x2bb y2de5 wb0f h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc4 sc3 ls0 ws0\">il meto<span class=\"_ _1\"></span>do<span class=\"_ _df\"> </span></div></td><td class=\"c x6d4 y2de6 wb13 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff5 fs1b fc4 sc3 ls0 ws0\">dell\u2019appl<span class=\"_ _f\"></span>ic<span class=\"_ _2\"></span>az<span class=\"_ _1\"></span>ion<span class=\"_ _df\"> </span></div></td><td class=\"c x365 y2de6 wb14 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc4 sc3 ls0 ws0\">metod<span class=\"_ _1\"></span>o<span class=\"_ _df\"> </span></div></td><td class=\"c x66a y2de5 wd0b h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc4 sc3 ls0 ws0\">di carv<span class=\"_ _1\"></span>e-<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x6e1 y2de5 wb0f h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc4 sc3 ls0 ws0\">il meto<span class=\"_ _1\"></span>do<span class=\"_ _df\"> </span></div></td><td class=\"c x6d8 y2de6 wb16 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff5 fs1b fc4 sc3 ls0 ws0\">dell\u2019appl<span class=\"_ _f\"></span>ic<span class=\"_ _2\"></span>az<span class=\"_ _1\"></span>ion<span class=\"_ _df\"> </span></div></td><td class=\"c x6cb y2de6 wb14 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc4 sc3 ls0 ws0\">metod<span class=\"_ _1\"></span>o<span class=\"_ _df\"> </span></div></td><td class=\"c x6d2 y2de5 wd0c h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc4 sc3 ls0 ws0\">di carv<span class=\"_ _1\"></span>e-<span class=\"_ _df\"> </span></div></td><td></td></tr><tr><td></td><td class=\"c x6db y2de7 wb13 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff5 fs1b fc4 sc3 ls0 ws0\">dell\u2019appl<span class=\"_ _f\"></span>ic<span class=\"_ _2\"></span>az<span class=\"_ _1\"></span>ion<span class=\"_ _df\"> </span></div></td><td class=\"c x6c8 y2de8 wb17 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc4 sc3 ls0 ws0\">e retroat<span class=\"_ _f\"></span>tiva<span class=\"_ _df\"> </span></div></td><td class=\"c x6dc y2de8 wd0d h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc4 sc3 ls0 ws0\">del fair</div></td><td class=\"c x6e2 y2de7 wb19 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc4 sc3 ls0 ws0\">out<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x6de y2de7 wb16 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff5 fs1b fc4 sc3 ls0 ws0\">dell\u2019appl<span class=\"_ _f\"></span>ic<span class=\"_ _2\"></span>az<span class=\"_ _1\"></span>ion<span class=\"_ _df\"> </span></div></td><td class=\"c x6ca y2de8 wb17 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc4 sc3 ls0 ws0\">e retroat<span class=\"_ _f\"></span>tiva<span class=\"_ _df\"> </span></div></td><td class=\"c x6df y2de8 wb18 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc4 sc3 ls0 ws0\">del fair</div></td><td class=\"c x6e3 y2de7 wb19 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc4 sc3 ls0 ws0\">out<span class=\"_ _df\"> </span></div></td><td></td></tr><tr><td></td><td class=\"c x6cc y2de9 wb17 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc4 sc3 ls0 ws0\">e retroat<span class=\"_ _f\"></span>tiva<span class=\"_ _df\"> </span></div></td><td class=\"c x6e4 y2dea wb1b h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc4 sc3 ls0 ws0\">modifi<span class=\"_ _1\"></span>cata<span class=\"_ _df\"> </span></div></td><td class=\"c x6e5 y2dea wd0e h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc4 sc3 ls0 ws0\">value<span class=\"_ _df\"> </span></div></td><td></td><td></td><td class=\"c x6cf y2de9 wb17 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc4 sc3 ls0 ws0\">e retroat<span class=\"_ _f\"></span>tiva<span class=\"_ _df\"> </span></div></td><td class=\"c x6e6 y2dea wb1b h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc4 sc3 ls0 ws0\">modifi<span class=\"_ _1\"></span>cata<span class=\"_ _df\"> </span></div></td><td class=\"c x6e7 y2dea wb1c h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc4 sc3 ls0 ws0\">value<span class=\"_ _df\"> </span></div></td><td></td><td></td></tr><tr><td></td><td class=\"c x6e8 y2deb wab3 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc4 sc3 ls0 ws0\">piena<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td class=\"c x6e9 y2deb wab3 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc4 sc3 ls0 ws0\">piena<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x262 y2dec wd0f h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc2 ls0 ws0\">Ricavi<span class=\"_ _df\"> </span></div></td><td class=\"c x6bf y2ded w9f h15b\"><div class=\"t m0 x31 hd6 y25f ff4 fs1b fc1 sc2 ls0 ws0\">25.101<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x6ea y2ded wfa h15b\"><div class=\"t m0 x7 hd6 y25f ff4 fs1b fc1 sc2 ls0 ws0\">-</div></td><td class=\"c x6eb y2ded w34d h15b\"><div class=\"t m0 x14 hd6 y25f ff4 fs1b fc1 sc2 ls0 ws0\">9.067<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x670 y2ded w1b9 h15b\"><div class=\"t m0 x3a hd6 y25f ff4 fs1b fc1 sc2 ls0 ws0\">-</div></td><td class=\"c x6dd y2ded w1e9 h15b\"><div class=\"t m0 xab hd6 y25f ff4 fs1b fc1 sc2 ls0 ws0\">34.168<span class=\"sc0\"> </span></div></td><td class=\"c x6c0 y2ded wa5 h15b\"><div class=\"t m0 x97 hd6 y25f ff4 fs1b fc1 sc2 ls0 ws0\">19.958<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x6ec y2ded wfa h15b\"><div class=\"t m0 x7 hd6 y25f ff4 fs1b fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x6ed y2ded w1fc h15b\"><div class=\"t m0 x39 hd6 y25f ff4 fs1b fc1 sc2 ls0 ws0\">11.889<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x6ee y2ded w1e0 h15b\"><div class=\"t m0 x3a hd6 y25f ff4 fs1b fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x481 y2ded w48f h15b\"><div class=\"t m0 xab hd6 y25f ff4 fs1b fc1 sc2 ls0 ws0\">31.847<span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x262 y2dee wd10 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc2 ls0 ws0\">assicura<span class=\"_ _1\"></span>tivi<span class=\"_ _df\"> </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 x262 y2def wb1d h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc2 ls0 ws0\">Margine <span class=\"_ _f\"></span>sui<span class=\"_ _df\"> </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 x262 y2df0 wb1e h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc2 ls0 ws0\">servizi<span class=\"_ _df\"> </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 x262 y2df1 wb1f h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc2 ls0 ws0\">contrattu<span class=\"_ _f\"></span>ali <span class=\"ff5\">\u2013<span class=\"_ _df\"> </span></span></div></td><td class=\"c x6bf y2df2 w9f h153\"><div class=\"t m0 x38 hd6 y473 ff4 fs1b fc1 sc2 ls0 ws0\">15.326<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x6ea y2df2 wfa h153\"><div class=\"t m0 x7 hd6 y473 ff4 fs1b fc1 sc2 ls0 ws0\">-</div></td><td class=\"c x6eb y2df2 w34d h153\"><div class=\"t m0 x48 hd6 y473 ff4 fs1b fc1 sc2 ls0 ws0\">8.128<span class=\"sc0\"> </span></div></td><td class=\"c x670 y2df2 w1b9 h153\"><div class=\"t m0 x3a hd6 y473 ff4 fs1b fc1 sc2 ls0 ws0\">-</div></td><td class=\"c x6dd y2df2 w1e9 h153\"><div class=\"t m0 x8a hd6 y473 ff4 fs1b fc1 sc2 ls0 ws0\">23.454<span class=\"sc0\"> </span></div></td><td class=\"c x6c0 y2df2 wa5 h153\"><div class=\"t m0 x38 hd6 y473 ff4 fs1b fc1 sc2 ls0 ws0\">10.507<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x6ec y2df2 wfa h153\"><div class=\"t m0 x7 hd6 y473 ff4 fs1b fc1 sc2 ls0 ws0\">-</div></td><td class=\"c x6ed y2df2 w1fc h153\"><div class=\"t m0 x39 hd6 y473 ff4 fs1b fc1 sc2 ls0 ws0\">10.601<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x6ee y2df2 w1e0 h153\"><div class=\"t m0 x3a hd6 y473 ff4 fs1b fc1 sc2 ls0 ws0\">-</div></td><td class=\"c x481 y2df2 w48f h153\"><div class=\"t m0 xac hd6 y473 ff4 fs1b fc1 sc2 ls0 ws0\">21.108<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x262 y2df3 wd11 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc2 ls0 ws0\">Esistenz<span class=\"_ _f\"></span>e<span class=\"_ _df\"> </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 x262 y2df4 wd12 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc2 ls0 ws0\">iniziali<span class=\"_ _df\"> </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 x262 y2df5 wd13 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc2 ls0 ws0\">Variazio<span class=\"_ _f\"></span>n<span class=\"_ _2\"></span>i<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td class=\"c x6ef y2df6 wd14 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc2 ls0 ws0\">(8.062<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x262 y2df7 wd15 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc2 ls0 ws0\">riferite ai<span class=\"_ _df\"> </span></div></td><td class=\"c x6bf y2df8 w9f h91\"><div class=\"t m0 x37 hd6 yc5f ff4 fs1b fc1 sc2 ls0 ws0\">(6.079)<span class=\"sc0\"> </span></div></td><td class=\"c x6ea y2df8 wfa h91\"><div class=\"t m0 x7 hd6 yc5f ff4 fs1b fc1 sc2 ls0 ws0\">-</div></td><td class=\"c x6eb y2df8 w34d h91\"><div class=\"t m0 x55 hd6 yc5f ff4 fs1b fc1 sc2 ls0 ws0\">(1.983)<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x670 y2df8 w1b9 h91\"><div class=\"t m0 x3a hd6 yc5f ff4 fs1b fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x6f0 y2df9 wb24 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc2 ls0 ws0\">)<span class=\"_ _df\"> </span></div></td><td class=\"c x6c0 y2df8 wa5 h91\"><div class=\"t m0 x37 hd6 yc5f ff4 fs1b fc1 sc2 ls0 ws0\">(3.630)<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x6ec y2df8 wfa h91\"><div class=\"t m0 x7 hd6 yc5f ff4 fs1b fc1 sc2 ls0 ws0\">-</div></td><td class=\"c x6ed y2df8 w1fc h91\"><div class=\"t m0 x39 hd6 yc5f ff4 fs1b fc1 sc2 ls0 ws0\">(2.771)<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x6ee y2df8 w1e0 h91\"><div class=\"t m0 x3a hd6 yc5f ff4 fs1b fc1 sc2 ls0 ws0\">-</div></td><td class=\"c x481 y2df8 w48f h91\"><div class=\"t m0 x8a hd6 yc5f ff4 fs1b fc1 sc2 ls0 ws0\">(6.401)<span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x262 y2dfa wc40 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc2 ls0 ws0\">servizi a<span class=\"_ _1\"></span>ttuali<span class=\"_ _df\"> </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 x2a8 y2dfb wd16 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">- Margine<span class=\"_ _df\"> </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 x2a8 y2dfc wd17 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">sui servizi<span class=\"_ _df\"> </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 x2a8 y2dfd wb26 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">contrattuali<span class=\"_ _df\"> </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 x2a8 y2dfe wb27 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">rilevato in<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td class=\"c x6ef y2dff wd14 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">(8.062<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td class=\"c x6f1 y2dff wd18 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">(6.401<span class=\"_ _df\"> </span></div></td></tr><tr><td class=\"c x2a8 y2e00 wb28 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">conto<span class=\"_ _df\"> </span></div></td><td class=\"c x6bf y2e01 w9f h25a\"><div class=\"t m0 x37 hd6 yca7 ff4 fs1b fc1 sc0 ls0 ws0\">(6.079) </div></td><td class=\"c x6ea y2e01 wfa h25a\"><div class=\"t m0 x7 hd6 yca7 ff4 fs1b fc1 sc0 ls0 ws0\">-</div></td><td class=\"c x6eb y2e01 w34d h25a\"><div class=\"t m0 x55 hd6 yca7 ff4 fs1b fc1 sc0 ls0 ws0\">(1.983) </div></td><td class=\"c x670 y2e01 w1b9 h25a\"><div class=\"t m0 x3a hd6 yca7 ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x6f0 y2cf2 wb24 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">)<span class=\"_ _df\"> </span></div></td><td class=\"c x6c0 y2e01 wa5 h25a\"><div class=\"t m0 x34 hd6 yca7 ff4 fs1b fc1 sc0 ls0 ws0\">(3.630) </div></td><td class=\"c x6ec y2e01 wfa h25a\"><div class=\"t m0 x7 hd6 yca7 ff4 fs1b fc1 sc0 ls0 ws0\">-</div></td><td class=\"c x6ed y2e01 w1fc h25a\"><div class=\"t m0 x130 hd6 yca7 ff4 fs1b fc1 sc0 ls0 ws0\">(2.771) </div></td><td class=\"c x6ee y2e01 w1e0 h25a\"><div class=\"t m0 x3a hd6 yca7 ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x6f2 y2cf2 wb24 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">)<span class=\"_ _df\"> </span></div></td></tr><tr><td class=\"c x2a8 y2e02 wad0 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">economico<span class=\"_ _df\"> </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 x2a8 y2e03 wd19 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">per riflettere<span class=\"_ _df\"> </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 x2a8 y2e04 wd1a h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">i servizi<span class=\"_ _df\"> </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 x2a8 y2e05 wd1b h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">prestati<span class=\"_ _df\"> </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 x262 y2e06 wd13 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc2 ls0 ws0\">Variazio<span class=\"_ _f\"></span>n<span class=\"_ _2\"></span>i<span class=\"_ _df\"> </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 x262 y2e07 wd15 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc2 ls0 ws0\">riferite ai<span class=\"_ _df\"> </span></div></td><td class=\"c x6bf y2e08 w9f h90\"><div class=\"t m0 x38 hd6 y308 ff4 fs1b fc1 sc2 ls0 ws0\">10.785<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x6ea y2e08 wfa h90\"><div class=\"t m0 x7 hd6 y308 ff4 fs1b fc1 sc2 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x6eb y2e08 w34d h90\"><div class=\"t m0 x33 hd6 y308 ff4 fs1b fc1 sc2 ls0 ws0\">1.691<span class=\"sc0\"> </span></div></td><td class=\"c x670 y2e08 w1b9 h90\"><div class=\"t m0 x3a hd6 y308 ff4 fs1b fc1 sc2 ls0 ws0\">-</div></td><td class=\"c x6dd y2e08 w1e9 h90\"><div class=\"t m0 xab hd6 y308 ff4 fs1b fc1 sc2 ls0 ws0\">12.476<span class=\"sc0\"> </span></div></td><td class=\"c x6c0 y2e08 wa5 h90\"><div class=\"t m0 x31 hd6 y308 ff4 fs1b fc1 sc2 ls0 ws0\">7.947<span class=\"sc0\"> </span></div></td><td class=\"c x6ec y2e08 wfa h90\"><div class=\"t m0 x7 hd6 y308 ff4 fs1b fc1 sc2 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x6ed y2e08 w1fc h90\"><div class=\"t m0 x35 hd6 y308 ff4 fs1b fc1 sc2 ls0 ws0\">263<span class=\"sc0\"> </span></div></td><td class=\"c x6ee y2e08 w1e0 h90\"><div class=\"t m0 x3a hd6 y308 ff4 fs1b fc1 sc2 ls0 ws0\">-</div></td><td class=\"c x481 y2e08 w48f h90\"><div class=\"t m0 x8e hd6 y308 ff4 fs1b fc1 sc2 ls0 ws0\">8.210<span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x262 y2e09 wd1c h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc2 ls0 ws0\">servizi fu<span class=\"_ _1\"></span>turi<span class=\"_ _df\"> </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 x2a8 y2e0a wb2b h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">- Variazioni<span class=\"_ _df\"> </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 x2a8 y2e0b w96b h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">delle stime<span class=\"_ _df\"> </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 x2a8 y2e0c wd1d h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">che<span class=\"_ _df\"> </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 x2a8 y2e0d wd1e h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">modificano<span class=\"_ _df\"> </span></div></td><td class=\"c x6bf y2e0e w9f h1db\"><div class=\"t m0 x31 hd6 yca9 ff4 fs1b fc1 sc0 ls0 ws0\">4.797 </div></td><td class=\"c x6ea y2e0e wfa h1db\"><div class=\"t m0 x7 hd6 yca9 ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x6eb y2e0e w34d h1db\"><div class=\"t m0 x33 hd6 yca9 ff4 fs1b fc1 sc0 ls0 ws0\">1.691 </div></td><td class=\"c x670 y2e0e w1b9 h1db\"><div class=\"t m0 x3a hd6 yca9 ff4 fs1b fc1 sc0 ls0 ws0\">-</div></td><td class=\"c x6dd y2e0e w1e9 h1db\"><div class=\"t m0 xac hd6 yca9 ff4 fs1b fc1 sc0 ls0 ws0\">6.488<span class=\"_ _df\"> </span></div></td><td class=\"c x6c0 y2e0e wa5 h1db\"><div class=\"t m0 x30 hd6 yca9 ff4 fs1b fc1 sc0 ls0 ws0\">1.022 </div></td><td class=\"c x6ec y2e0e wfa h1db\"><div class=\"t m0 x7 hd6 yca9 ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x6ed y2e0e w1fc h1db\"><div class=\"t m0 x35 hd6 yca9 ff4 fs1b fc1 sc0 ls0 ws0\">263 </div></td><td class=\"c x6ee y2e0e w1e0 h1db\"><div class=\"t m0 x3a hd6 yca9 ff4 fs1b fc1 sc0 ls0 ws0\">-</div></td><td class=\"c x481 y2e0e w48f h1db\"><div class=\"t m0 x8e hd6 yca9 ff4 fs1b fc1 sc0 ls0 ws0\">1.285 </div></td></tr><tr><td class=\"c x2a8 y2e0f wd1f h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">il margine<span class=\"_ _df\"> </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 x2a8 y2e10 wd17 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">sui servizi<span class=\"_ _df\"> </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 x2a8 y2e11 wb26 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">contrattuali<span class=\"_ _df\"> </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 x2a8 y2e12 wb2f h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">- Effetti dei<span class=\"_ _df\"> </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 x2a8 y2e13 wa83 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">contratti<span class=\"_ _df\"> </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 x2a8 y2e14 wb30 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">inizialmente<span class=\"_ _df\"> </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 x2a8 y2e15 wb31 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">rilevati<span class=\"_ _df\"> </span></div></td><td class=\"c x6bf y2e16 w9f h1d7\"><div class=\"t m0 x31 hd6 yc61 ff4 fs1b fc1 sc0 ls0 ws0\">5.988 </div></td><td class=\"c x6ea y2e16 wfa h1d7\"><div class=\"t m0 x7 hd6 yc61 ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x6eb y2e16 w34d h1d7\"><div class=\"t m0 x38 hd6 yc61 ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x670 y2e16 w1b9 h1d7\"><div class=\"t m0 x3a hd6 yc61 ff4 fs1b fc1 sc0 ls0 ws0\">-</div></td><td class=\"c x6dd y2e16 w1e9 h1d7\"><div class=\"t m0 xac hd6 yc61 ff4 fs1b fc1 sc0 ls0 ws0\">5.988 </div></td><td class=\"c x6c0 y2e16 wa5 h1d7\"><div class=\"t m0 x31 hd6 yc61 ff4 fs1b fc1 sc0 ls0 ws0\">6.925 </div></td><td class=\"c x6ec y2e16 wfa h1d7\"><div class=\"t m0 x7 hd6 yc61 ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x6ed y2e16 w1fc h1d7\"><div class=\"t m0 x38 hd6 yc61 ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x6ee y2e16 w1e0 h1d7\"><div class=\"t m0 x3a hd6 yc61 ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x481 y2e16 w48f h1d7\"><div class=\"t m0 xac hd6 yc61 ff4 fs1b fc1 sc0 ls0 ws0\">6.925 </div></td></tr><tr><td class=\"c x2a8 y2e17 wd20 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff5 fs1b fc1 sc0 ls0 ws0\">nell\u2019esercizi<span class=\"_ _df\"> </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 x2a8 y2e18 wd21 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">o di<span class=\"_ _df\"> </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 x2a8 y2e19 wc4d h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">riferimento<span class=\"_ _df\"> </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 x262 y2e1a wd22 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc2 ls0 ws0\">Ricavi/<span class=\"_ _1\"></span>costi di<span class=\"_ _df\"> </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 x262 y2e1b wd23 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc2 ls0 ws0\">natura<span class=\"_ _df\"> </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 x262 y2e1c waee h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc2 ls0 ws0\">finanzia<span class=\"_ _f\"></span>ri<span class=\"_ _2\"></span>a<span class=\"_ _df\"> </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 x2a8 y2dc0 wd24 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">1. Relativi ai<span class=\"_ _df\"> </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 x2a8 y2e1d wa83 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">contratti<span class=\"_ _df\"> </span></div></td><td class=\"c x6bf y2e1e w9f ha6\"><div class=\"t m0 x8f hd6 y496 ff4 fs1b fc1 sc0 ls0 ws0\">549 </div></td><td class=\"c x6ea y2e1e wfa ha6\"><div class=\"t m0 x7 hd6 y496 ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x6eb y2e1e w34d ha6\"><div class=\"t m0 x26 hd6 y496 ff4 fs1b fc1 sc0 ls49 ws0\">35<span class=\"ls0\"> </span></div></td><td class=\"c x670 y2e1e w1b9 ha6\"><div class=\"t m0 x3a hd6 y496 ff4 fs1b fc1 sc0 ls0 ws0\">-</div></td><td class=\"c x6dd y2e1e w1e9 ha6\"><div class=\"t m0 x2a hd6 y496 ff4 fs1b fc1 sc0 ls1 ws0\">584<span class=\"ls0\"> </span></div></td><td class=\"c x6c0 y2e1e wa5 ha6\"><div class=\"t m0 x8f hd6 y496 ff4 fs1b fc1 sc0 ls1 ws0\">503<span class=\"ls0\"> </span></div></td><td class=\"c x6ec y2e1e wfa ha6\"><div class=\"t m0 x7 hd6 y496 ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x6ed y2e1e w1fc ha6\"><div class=\"t m0 x26 hd6 y496 ff4 fs1b fc1 sc0 ls49 ws0\">34<span class=\"_ _df\"> </span></div></td><td class=\"c x6ee y2e1e w1e0 ha6\"><div class=\"t m0 x3a hd6 y496 ff4 fs1b fc1 sc0 ls0 ws0\">-</div></td><td class=\"c x481 y2e1e w48f ha6\"><div class=\"t m0 x2a hd6 y496 ff4 fs1b fc1 sc0 ls0 ws0\">537 </div></td></tr><tr><td class=\"c x2a8 y2e1f wa84 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">assicurativi<span class=\"_ _df\"> </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 x2a8 y2e20 wd25 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">emessi<span class=\"_ _df\"> </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 x2a8 y2714 wb38 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">2. Effetti<span class=\"_ _df\"> </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 x2a8 y2e21 wd26 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">connessi<span class=\"_ _df\"> </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 x2a8 y2e22 wd27 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">con le<span class=\"_ _df\"> </span></div></td><td class=\"c x6bf y2e23 w9f h172\"><div class=\"t m0 x7 hd6 y293 ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x6ea y2e23 wfa h172\"><div class=\"t m0 x7 hd6 y293 ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x6eb y2e23 w34d h172\"><div class=\"t m0 x38 hd6 y293 ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x670 y2e23 w1b9 h172\"><div class=\"t m0 x3a hd6 y293 ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x6dd y2e23 w1e9 h172\"><div class=\"t m0 x33 hd6 y293 ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x6c0 y2e23 wa5 h172\"><div class=\"t m0 x7 hd6 y293 ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x6ec y2e23 wfa h172\"><div class=\"t m0 x7 hd6 y293 ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x6ed y2e23 w1fc h172\"><div class=\"t m0 x38 hd6 y293 ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x6ee y2e23 w1e0 h172\"><div class=\"t m0 x3a hd6 y293 ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x481 y2e23 w48f h172\"><div class=\"t m0 x48 hd6 y293 ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2a8 y2e24 wd11 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">variazioni<span class=\"_ _df\"> </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 x2a8 y2e25 wb3b h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">dei tassi di<span class=\"_ _df\"> </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 x2a8 y2e26 wb3c h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">cambio<span class=\"_ _df\"> </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 x46b y2e27 w48e h12f\"><div class=\"t m0 x16a hd6 y1068 ff4 fs1b fc1 sc0 ls0 ws0\">3. Totale </div></td><td class=\"c x6bf y2e27 w9f h12f\"><div class=\"t m0 x8f hd6 y1068 ff4 fs1b fc1 sc0 ls0 ws0\">549 </div></td><td class=\"c x6ea y2e27 wfa h12f\"><div class=\"t m0 x7 hd6 y1068 ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x6eb y2e27 w34d h12f\"><div class=\"t m0 x26 hd6 y1068 ff4 fs1b fc1 sc0 ls49 ws0\">35<span class=\"ls0\"> </span></div></td><td class=\"c x670 y2e27 w1b9 h12f\"><div class=\"t m0 x3a hd6 y1068 ff4 fs1b fc1 sc0 ls0 ws0\">-</div></td><td class=\"c x6dd y2e27 w1e9 h12f\"><div class=\"t m0 x2a hd6 y1068 ff4 fs1b fc1 sc0 ls1 ws0\">584<span class=\"ls0\"> </span></div></td><td class=\"c x6c0 y2e27 wa5 h12f\"><div class=\"t m0 x8f hd6 y1068 ff4 fs1b fc1 sc0 ls1 ws0\">503<span class=\"ls0\"> </span></div></td><td class=\"c x6ec y2e27 wfa h12f\"><div class=\"t m0 x7 hd6 y1068 ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x6ed y2e27 w1fc h12f\"><div class=\"t m0 x26 hd6 y1068 ff4 fs1b fc1 sc0 ls49 ws0\">34<span class=\"_ _df\"> </span></div></td><td class=\"c x6ee y2e27 w1e0 h12f\"><div class=\"t m0 x3a hd6 y1068 ff4 fs1b fc1 sc0 ls0 ws0\">-</div></td><td class=\"c x481 y2e27 w48f h12f\"><div class=\"t m0 x2a hd6 y1068 ff4 fs1b fc1 sc0 ls0 ws0\">537 </div></td></tr><tr><td class=\"c x262 y2e28 wd28 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc2 ls0 ws0\">Altri<span class=\"_ _df\"> </span></div></td><td class=\"c x6bf y2e29 w9f hcb\"><div class=\"t m0 x7 hd6 y25f ff4 fs1b fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x6ea y2e29 wfa hcb\"><div class=\"t m0 x7 hd6 y25f ff4 fs1b fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x6eb y2e29 w34d hcb\"><div class=\"t m0 x38 hd6 y25f ff4 fs1b fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x670 y2e29 w1b9 hcb\"><div class=\"t m0 x3a hd6 y25f ff4 fs1b fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x6dd y2e29 w1e9 hcb\"><div class=\"t m0 x33 hd6 y25f ff4 fs1b fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x6c0 y2e29 wa5 hcb\"><div class=\"t m0 x7 hd6 y25f ff4 fs1b fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x6ec y2e29 wfa hcb\"><div class=\"t m0 x7 hd6 y25f ff4 fs1b fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x6ed y2e29 w1fc hcb\"><div class=\"t m0 x38 hd6 y25f ff4 fs1b fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x6ee y2e29 w1e0 hcb\"><div class=\"t m0 x3a hd6 y25f ff4 fs1b fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x481 y2e29 w48f hcb\"><div class=\"t m0 x48 hd6 y25f ff4 fs1b fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x262 y2e2a wd29 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc2 ls0 ws0\">movim<span class=\"_ _1\"></span>enti<span class=\"_ _df\"> </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 x262 y2e2b wd2a h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc2 ls0 ws0\">Totale<span class=\"_ _df\"> </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 x262 y2e2c wd2b h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc2 ls0 ws0\">variazio<span class=\"_ _1\"></span>ni<span class=\"_ _df\"> </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 x262 y2e2d wb3e h4c3\"><div class=\"t m0 x250 hd6 y276e ff4 fs1b fc1 sc2 ls0 ws0\">riconos<span class=\"_ _1\"></span>ciute in<span class=\"_ _df\"> </span></div><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc2 ls0 ws0\">conto<span class=\"_ _df\"> </span></div></td><td class=\"c x6bf y2e2e w9f h2b6\"><div class=\"t m0 x31 hd6 yce6 ff4 fs1b fc1 sc2 ls0 ws0\">5.255<span class=\"sc0\"> </span></div></td><td class=\"c x6ea y2e2e wfa h2b6\"><div class=\"t m0 x7 hd6 yce6 ff4 fs1b fc1 sc2 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x6eb y2e2e w34d h2b6\"><div class=\"t m0 x33 hd6 yce6 ff4 fs1b fc1 sc2 ls0 ws0\">(257)<span class=\"sc0\"> </span></div></td><td class=\"c x670 y2e2e w1b9 h2b6\"><div class=\"t m0 x3a hd6 yce6 ff4 fs1b fc1 sc2 ls0 ws0\">-</div></td><td class=\"c x6dd y2e2e w1e9 h2b6\"><div class=\"t m0 x8e hd6 yce6 ff4 fs1b fc1 sc2 ls0 ws0\">4.998<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x6c0 y2e2e wa5 h2b6\"><div class=\"t m0 x31 hd6 yce6 ff4 fs1b fc1 sc2 ls0 ws0\">4.820<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x6ec y2e2e wfa h2b6\"><div class=\"t m0 x7 hd6 yce6 ff4 fs1b fc1 sc2 ls0 ws0\">-</div></td><td class=\"c x6ed y2e2e w1fc h2b6\"><div class=\"t m0 x55 hd6 yce6 ff4 fs1b fc1 sc2 ls0 ws0\">(2.474)<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x6ee y2e2e w1e0 h2b6\"><div class=\"t m0 x3a hd6 yce6 ff4 fs1b fc1 sc2 ls0 ws0\">-</div></td><td class=\"c x481 y2e2e w48f h2b6\"><div class=\"t m0 xac hd6 yce6 ff4 fs1b fc1 sc2 ls0 ws0\">2.346<span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x262 y2e2f wd2c h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc2 ls0 ws0\">econo<span class=\"_ _1\"></span>mico e<span class=\"_ _df\"> </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 x262 y2e30 wd2d h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc2 ls0 ws0\">nel cont<span class=\"_ _f\"></span>o<span class=\"_ _df\"> </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 x262 y2e31 wb40 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc2 ls0 ws0\">econo<span class=\"_ _1\"></span>mico<span class=\"_ _df\"> </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 x262 y2c55 wb41 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc2 ls0 ws0\">comple<span class=\"_ _f\"></span>ssivo<span class=\"_ _df\"> </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 x262 y2e32 wb1d h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc2 ls0 ws0\">Margine <span class=\"_ _f\"></span>sui<span class=\"_ _df\"> </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 x262 y2e33 wb1e h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc2 ls0 ws0\">servizi<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td class=\"c x6f3 y2e34 wd2e h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc2 ls0 ws0\">23.45<span class=\"_ _df\"> </span></div></td></tr><tr><td class=\"c x262 y27dc wb1f h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc2 ls0 ws0\">contrattu<span class=\"_ _f\"></span>ali <span class=\"ff5\">\u2013<span class=\"_ _df\"> </span></span></div></td><td class=\"c x6bf y2e35 w9f h153\"><div class=\"t m0 x97 hd6 yc62 ff4 fs1b fc1 sc2 ls0 ws0\">20.581<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x6ea y2e35 wfa h153\"><div class=\"t m0 x7 hd6 yc62 ff4 fs1b fc1 sc2 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x6eb y2e35 w34d h153\"><div class=\"t m0 x33 hd6 yc62 ff4 fs1b fc1 sc2 ls0 ws0\">7.871<span class=\"sc0\"> </span></div></td><td class=\"c x670 y2e35 w1b9 h153\"><div class=\"t m0 x3a hd6 yc62 ff4 fs1b fc1 sc2 ls0 ws0\">-</div></td><td class=\"c x6dd y2e35 w1e9 h153\"><div class=\"t m0 x8a hd6 yc62 ff4 fs1b fc1 sc2 ls0 ws0\">28.45<span class=\"_ _1\"></span>2<span class=\"sc0\"> </span></div></td><td class=\"c x6c0 y2e35 wa5 h153\"><div class=\"t m0 x38 hd6 yc62 ff4 fs1b fc1 sc2 ls0 ws0\">15.327<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x6ec y2e35 wfa h153\"><div class=\"t m0 x7 hd6 yc62 ff4 fs1b fc1 sc2 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x6ed y2e35 w1fc h153\"><div class=\"t m0 x33 hd6 yc62 ff4 fs1b fc1 sc2 ls0 ws0\">8.127<span class=\"sc0\"> </span></div></td><td class=\"c x6ee y2e35 w1e0 h153\"><div class=\"t m0 x3a hd6 yc62 ff4 fs1b fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x6f4 y2e36 wd2f h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc2 ls0 ws0\">4<span class=\"_ _df\"> </span></div></td></tr><tr><td class=\"c x262 y27dd wd30 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc2 ls0 ws0\">Riman<span class=\"_ _1\"></span>enze<span class=\"_ _df\"> </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 x262 y2491 wd31 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc2 ls0 ws0\">finali<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr></table></div>Dinam<span class=\"_ _f\"></span>ica dei r<span class=\"_ _f\"></span>icavi as<span class=\"_ _1\"></span>sicura<span class=\"_ _f\"></span>tivi e del <span class=\"_ _1\"></span>mar<span class=\"_ _1\"></span>gine s<span class=\"_ _1\"></span>ui se<span class=\"_ _1\"></span>rvizi <span class=\"_ _1\"></span>contra<span class=\"_ _f\"></span>ttuali d<span class=\"_ _1\"></span>ei co<span class=\"_ _1\"></span>ntrat<span class=\"_ _1\"></span>ti a<span class=\"_ _1\"></span>ssicura<span class=\"_ _f\"></span>tivi<span class=\"_ _df\"> </span>emes<span class=\"_ _1\"></span>si ri<span class=\"_ _1\"></span>part<span class=\"_ _1\"></span>iti in ba<span class=\"_ _f\"></span>se ai cont<span class=\"_ _f\"></span>ratti esis<span class=\"_ _1\"></span>tenti <span class=\"_ _f\"></span>al mom<span class=\"_ _1\"></span>ento <span class=\"_ _1\"></span>della<span class=\"_ _1\"></span> tra<span class=\"ff2c\">ns<span class=\"_ _1\"></span>izione <span class=\"_ _f\"></span>all\u2019IFRS <span class=\"_ _1\"></span>17</span><table class=\"s wd32 h517\" id=\"_e324c4b0-55bf-449f-982e-8f12ba21ffab\"><tr><td></td><td></td><td></td><td class=\"c x6bf y2e37 w490 h258\"><div class=\"t m0 x22 hd6 y2e7 ff2b fs1b fc4 sc3 ls0 ws0\">31/12/2<span class=\"_ _1\"></span>025<span class=\"fc1 sc0\"> </span></div></td><td></td><td></td><td></td><td class=\"c x6c0 y2e37 w491 h258\"><div class=\"t m0 x1ef hd6 y2e7 ff2b fs1b fc4 sc3 ls0 ws0\">31/12/2<span class=\"_ _1\"></span>024<span class=\"fc1 sc0\"> </span></div></td><td></td><td></td><td></td></tr><tr><td></td><td class=\"c x6f5 y2e38 wd33 h4bd\"><div class=\"t m0 x250 hd6 y2726 ff2b fs1b fc4 sc3 ls0 ws0\">Nuovi<span class=\"_ _df\"> </span></div></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 x6f6 y2e39 wa60 h4bd\"><div class=\"t m0 x250 hd6 y2726 ff2b fs1b fc4 sc3 ls0 ws0\">contratt<span class=\"_ _f\"></span>i e<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td class=\"c x6c4 y2e3a wd34 h4bd\"><div class=\"t m0 x250 hd6 y2726 ff2b fs1b fc4 sc3 ls0 ws0\">Nuovi <span class=\"_ _1\"></span>contratt<span class=\"_ _1\"></span>i<span class=\"_ _df\"> </span></div></td><td class=\"c x6f7 y2e3a wd35 h4bd\"><div class=\"t m0 x250 hd6 y2726 ff2b fs1b fc4 sc3 ls0 ws0\">Contra<span class=\"_ _1\"></span>tti<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td></tr><tr><td></td><td class=\"c x6cc y2d8c wd36 h4bd\"><div class=\"t m0 x250 hd6 y2726 ff2b fs1b fc4 sc3 ls0 ws0\">contratt<span class=\"_ _f\"></span>i<span class=\"_ _df\"> </span></div></td><td class=\"c x6f8 y2d8c wb02 h4bd\"><div class=\"t m0 x250 hd6 y2726 ff2b fs1b fc4 sc3 ls0 ws0\">Contra<span class=\"_ _1\"></span>tti<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td class=\"c x6f9 y2d8c wd37 h4bd\"><div class=\"t m0 x250 hd6 y2726 ff2b fs1b fc4 sc3 ls0 ws0\">Contratti<span class=\"_ _df\"> </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 x6c9 y2e3b wa60 h4bd\"><div class=\"t m0 x250 hd6 y2726 ff2b fs1b fc4 sc3 ls0 ws0\">e contra<span class=\"_ _f\"></span>tti<span class=\"_ _df\"> </span></div></td><td class=\"c x6fa y2e3b wb05 h4bd\"><div class=\"t m0 x250 hd6 y2726 ff2b fs1b fc4 sc3 ls0 ws0\">misura<span class=\"_ _1\"></span>ti<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td></tr><tr><td></td><td class=\"c x6db y2e3c wb04 h4bd\"><div class=\"t m0 x250 hd6 y2726 ff2b fs1b fc4 sc3 ls0 ws0\">misura<span class=\"_ _1\"></span>ti alla<span class=\"_ _df\"> </span></div></td><td class=\"c x6fb y2e3c wb04 h4bd\"><div class=\"t m0 x250 hd6 y2726 ff2b fs1b fc4 sc3 ls0 ws0\">misura<span class=\"_ _1\"></span>ti alla<span class=\"_ _df\"> </span></div></td><td class=\"c x6fc y2e3c wb02 h4bd\"><div class=\"t m0 x250 hd6 y2726 ff2b fs1b fc4 sc3 ls0 ws0\">Contra<span class=\"_ _1\"></span>tti<span class=\"_ _df\"> </span></div></td><td class=\"c x6fd y2e3c wd38 h4bd\"><div class=\"t m0 x250 hd6 y2726 ff2b fs1b fc4 sc3 ls0 ws0\">Contra<span class=\"_ _1\"></span>t<span class=\"_ _df\"> </span></div></td><td></td><td></td><td class=\"c x6ca y2e3c wd39 h4bd\"><div class=\"t m0 x250 hd6 y2726 ff2b fs1b fc4 sc3 ls0 ws0\">misura<span class=\"_ _1\"></span>ti alla<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x6fe y2e3c wd3a h4bd\"><div class=\"t m0 x250 hd6 y2726 ff2b fs1b fc4 sc3 ls0 ws0\">Contra<span class=\"_ _df\"> </span></div></td><td></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td class=\"c x6cf y2e3d wd39 h4bd\"><div class=\"t m0 x250 hd6 y2726 ff2b fs1b fc4 sc3 ls0 ws0\">misura<span class=\"_ _1\"></span>ti alla<span class=\"_ _df\"> </span></div></td><td class=\"c x6fa y2e3d wd3b h4bd\"><div class=\"t m0 x250 hd6 y2726 ff2b fs1b fc4 sc3 ls0 ws0\">alla data<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td></tr><tr><td></td><td class=\"c x6c7 y2e3e wb07 h4bd\"><div class=\"t m0 x250 hd6 y2726 ff2b fs1b fc4 sc3 ls0 ws0\">data di<span class=\"_ _df\"> </span></div></td><td class=\"c x6ff y2e3e wb07 h4bd\"><div class=\"t m0 x250 hd6 y2726 ff2b fs1b fc4 sc3 ls0 ws0\">data di<span class=\"_ _df\"> </span></div></td><td class=\"c x700 y2e3e wb04 h4bd\"><div class=\"t m0 x250 hd6 y2726 ff2b fs1b fc4 sc3 ls0 ws0\">misura<span class=\"_ _1\"></span>ti alla<span class=\"_ _df\"> </span></div></td><td class=\"c x701 y2e3e wd3c h4bd\"><div class=\"t m0 x250 hd6 y2726 ff2b fs1b fc4 sc3 ls0 ws0\">ti<span class=\"_ _df\"> </span></div></td><td></td><td></td><td class=\"c x6d0 y2e3e wd3d h4bd\"><div class=\"t m0 x250 hd6 y2726 ff2b fs1b fc4 sc3 ls0 ws0\">data di<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x702 y2e3e wd3e h4bd\"><div class=\"t m0 x250 hd6 y2726 ff2b fs1b fc4 sc3 ls0 ws0\">tti<span class=\"_ _df\"> </span></div></td><td></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td class=\"c x6d7 y2e3f wd3d h4bd\"><div class=\"t m0 x250 hd6 y2726 ff2b fs1b fc4 sc3 ls0 ws0\">data di<span class=\"_ _df\"> </span></div></td><td class=\"c x703 y2e3f wb11 h4bd\"><div class=\"t m0 x250 hd6 y2726 ff2b fs1b fc4 sc3 ls0 ws0\">di<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td></tr><tr><td></td><td class=\"c x6c1 y2e40 wd3f h4bd\"><div class=\"t m0 x250 hd6 y2726 ff2b fs1b fc4 sc3 ls0 ws0\">transizio<span class=\"_ _f\"></span>ne<span class=\"_ _df\"> </span></div></td><td class=\"c x704 y2e40 wb0b h4bd\"><div class=\"t m0 x250 hd6 y2726 ff2b fs1b fc4 sc3 ls0 ws0\">transizio<span class=\"_ _f\"></span>ne con<span class=\"_ _df\"> </span></div></td><td class=\"c x705 y2e40 wb07 h4bd\"><div class=\"t m0 x250 hd6 y2726 ff2b fs1b fc4 sc3 ls0 ws0\">data di<span class=\"_ _df\"> </span></div></td><td class=\"c x706 y2e40 wd40 h4bd\"><div class=\"t m0 x250 hd6 y2726 ff2b fs1b fc4 sc3 ls0 ws0\">oggett<span class=\"_ _df\"> </span></div></td><td></td><td></td><td class=\"c x6d8 y2e40 wd41 h4bd\"><div class=\"t m0 x250 hd6 y2726 ff2b fs1b fc4 sc3 ls0 ws0\">transizio<span class=\"_ _f\"></span>ne con<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x6fe y2e40 wd40 h4bd\"><div class=\"t m0 x250 hd6 y2726 ff2b fs1b fc4 sc3 ls0 ws0\">oggett<span class=\"_ _df\"> </span></div></td><td></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td class=\"c x707 y2e41 w18a h2b7\"><div class=\"t m0 xac hd6 ycca ff2b fs1b fc4 sc3 ls0 ws0\">Totale<span class=\"fc1 sc0\"> </span></div></td><td class=\"c x6de y2e42 wd41 h4bd\"><div class=\"t m0 x250 hd6 y2726 ff2b fs1b fc4 sc3 ls0 ws0\">transizio<span class=\"_ _f\"></span>ne con<span class=\"_ _df\"> </span></div></td><td class=\"c x708 y2e42 wb0c h4bd\"><div class=\"t m0 x250 hd6 y2726 ff2b fs1b fc4 sc3 ls0 ws0\">transizio<span class=\"_ _f\"></span>n<span class=\"_ _df\"> </span></div></td><td></td><td></td><td class=\"c x709 y2e41 w493 h2b7\"><div class=\"t m0 xac hd6 ycca ff2b fs1b fc4 sc3 ls0 ws0\">Totale<span class=\"fc1 sc0\"> </span></div></td></tr><tr><td></td><td class=\"c x6f5 y2e43 wd42 h4c8\"><div class=\"t m0 x250 hd6 y2736 ff2b fs1b fc4 sc3 ls0 ws0\">con il<span class=\"_ _df\"> </span></div></td><td class=\"c x70a y2e43 wb0f h4c8\"><div class=\"t m0 x250 hd6 y2736 ff2b fs1b fc4 sc3 ls0 ws0\">il meto<span class=\"_ _1\"></span>do<span class=\"_ _df\"> </span></div></td><td class=\"c x70b y2e43 wd3f h4c8\"><div class=\"t m0 x250 hd6 y2736 ff2b fs1b fc4 sc3 ls0 ws0\">transizio<span class=\"_ _f\"></span>ne<span class=\"_ _df\"> </span></div></td><td class=\"c x70c y2e43 wd21 h4c8\"><div class=\"t m0 x250 hd6 y2736 ff2b fs1b fc4 sc3 ls0 ws0\">o di<span class=\"_ _df\"> </span></div></td><td></td><td></td><td class=\"c x6c5 y2e43 wd43 h4c8\"><div class=\"t m0 x250 hd6 y2736 ff2b fs1b fc4 sc3 ls0 ws0\">il meto<span class=\"_ _1\"></span>do<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x70d y2e43 wd21 h4c8\"><div class=\"t m0 x250 hd6 y2736 ff2b fs1b fc4 sc3 ls0 ws0\">o di<span class=\"_ _df\"> </span></div></td><td></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td class=\"c x6e1 y2e44 wd43 h4c8\"><div class=\"t m0 x250 hd6 y2736 ff2b fs1b fc4 sc3 ls0 ws0\">il meto<span class=\"_ _1\"></span>do<span class=\"_ _df\"> </span></div></td><td class=\"c x70e y2e44 wb10 h4c8\"><div class=\"t m0 x250 hd6 y2736 ff2b fs1b fc4 sc3 ls0 ws0\">e con il<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td></tr><tr><td></td><td class=\"c x70f y2e45 wb14 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff2b fs1b fc4 sc3 ls0 ws0\">metod<span class=\"_ _1\"></span>o<span class=\"_ _df\"> </span></div></td><td class=\"c x704 y2e45 wd44 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff2c fs1b fc4 sc3 ls0 ws0\">dell\u2019appl<span class=\"_ _f\"></span>ic<span class=\"_ _2\"></span>az<span class=\"ff2b\">i<span class=\"_ _f\"></span>o<span class=\"_ _2\"></span>n<span class=\"_ _df\"> </span></span></div></td><td class=\"c x710 y2e45 wd45 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff2b fs1b fc4 sc3 ls0 ws0\">con il m<span class=\"_ _f\"></span>e<span class=\"_ _2\"></span>to<span class=\"_ _1\"></span>do<span class=\"_ _df\"> </span></div></td><td class=\"c x706 y2e45 wb15 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff2b fs1b fc4 sc3 ls0 ws0\">carve-<span class=\"_ _df\"> </span></div></td><td></td><td></td><td class=\"c x6d8 y2e45 wb16 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff2c fs1b fc4 sc3 ls0 ws0\">dell\u2019appl<span class=\"_ _f\"></span>ic<span class=\"_ _2\"></span>az<span class=\"_ _1\"></span>ion<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x711 y2e45 wb15 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff2b fs1b fc4 sc3 ls0 ws0\">carve-<span class=\"_ _df\"> </span></div></td><td></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td class=\"c x6de y2e46 wb16 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff2c fs1b fc4 sc3 ls0 ws0\">dell\u2019appl<span class=\"_ _f\"></span>ic<span class=\"_ _2\"></span>az<span class=\"_ _1\"></span>ion<span class=\"_ _df\"> </span></div></td><td class=\"c x6fa y2e46 wd46 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff2b fs1b fc4 sc3 ls0 ws0\">metod<span class=\"_ _1\"></span>o<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td></tr><tr><td></td><td class=\"c x712 y2e47 wd47 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff2c fs1b fc4 sc3 ls0 ws0\">dell\u2019appl<span class=\"_ _f\"></span>ic<span class=\"_ _2\"></span>az<span class=\"_ _1\"></span>i<span class=\"_ _df\"> </span></div></td><td class=\"c x6fb y2e47 wb17 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff2b fs1b fc4 sc3 ls0 ws0\">e retroat<span class=\"_ _f\"></span>tiva<span class=\"_ _df\"> </span></div></td><td class=\"c x710 y2e47 wd48 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff2b fs1b fc4 sc3 ls0 ws0\">del fair v<span class=\"_ _f\"></span>alue<span class=\"_ _df\"> </span></div></td><td class=\"c x70c y2e47 wb19 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff2b fs1b fc4 sc3 ls0 ws0\">out<span class=\"_ _df\"> </span></div></td><td></td><td></td><td class=\"c x6ca y2e47 wd49 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff2b fs1b fc4 sc3 ls0 ws0\">e retroat<span class=\"_ _f\"></span>tiva<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x713 y2e47 wb19 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff2b fs1b fc4 sc3 ls0 ws0\">out<span class=\"_ _df\"> </span></div></td><td></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td class=\"c x6cf y2e48 wd49 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff2b fs1b fc4 sc3 ls0 ws0\">e retroat<span class=\"_ _f\"></span>tiva<span class=\"_ _df\"> </span></div></td><td class=\"c x70e y2e48 wb18 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff2b fs1b fc4 sc3 ls0 ws0\">del fair<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td></tr><tr><td></td><td class=\"c x714 y2e49 wd4a h4bd\"><div class=\"t m0 x250 hd6 y2736 ff2b fs1b fc4 sc3 ls0 ws0\">one<span class=\"_ _df\"> </span></div></td><td class=\"c x715 y2e49 wb1b h4bd\"><div class=\"t m0 x250 hd6 y2736 ff2b fs1b fc4 sc3 ls0 ws0\">modifi<span class=\"_ _1\"></span>cata<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td class=\"c x6e6 y2e49 wd4b h4bd\"><div class=\"t m0 x250 hd6 y2736 ff2b fs1b fc4 sc3 ls0 ws0\">modifi<span class=\"_ _1\"></span>cata<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td></tr><tr><td></td><td class=\"c x6c1 y2e4a wd4c h4bd\"><div class=\"t m0 x250 hd6 y2736 ff2b fs1b fc4 sc3 ls0 ws0\">retroatti<span class=\"_ _1\"></span>va<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td class=\"c x6e9 y2e4b wab3 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff2b fs1b fc4 sc3 ls0 ws0\">piena<span class=\"_ _df\"> </span></div></td><td class=\"c x716 y2e4b wb1c h4bd\"><div class=\"t m0 x250 hd6 y2736 ff2b fs1b fc4 sc3 ls0 ws0\">value<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td></tr><tr><td class=\"c x262 y2e4c wd4d h4bd\"><div class=\"t m0 x250 hd6 y2736 ff2b fs1b fc1 sc2 ls0 ws0\">Ricavi<span class=\"_ _df\"> </span></div></td><td class=\"c x6f5 y2e4d wab3 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff2b fs1b fc4 sc3 ls0 ws0\">piena<span class=\"_ _df\"> </span></div></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 x6bf y2e4e w183 h148\"><div class=\"t m0 x36 hd6 y394 ff2b fs1b fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x717 y2e4e w379 h148\"><div class=\"t m0 x90 hd6 y394 ff2b fs1b fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x718 y2e4e w48e h148\"><div class=\"t m0 x91 hd6 y394 ff2b fs1b fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x719 y2e4e w247 h148\"><div class=\"t m0 x8e hd6 y394 ff2b fs1b fc1 sc2 ls0 ws0\">11.383<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x707 y2e4e w494 h148\"><div class=\"t m0 x2f hd6 y394 ff2b fs1b fc1 sc2 ls4a ws0\">11.<span class=\"ls0\">3<span class=\"_ _1\"></span>83</span><span class=\"ls0\"><span class=\"sc0\"> </span></span></div></td><td class=\"c x6c0 y2e4e wf9 h148\"><div class=\"t m0 x7 hd6 y394 ff2b fs1b fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x6ec y2e4e wfa h148\"><div class=\"t m0 x7 hd6 y394 ff2b fs1b fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x71a y2e4e w19b h148\"><div class=\"t m0 x34 hd6 y394 ff2b fs1b fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x71b y2e4e w166 h148\"><div class=\"t m0 x8e hd6 y394 ff2b fs1b fc1 sc2 ls0 ws0\">5.960<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x709 y2e4e w3a7 h148\"><div class=\"t m0 x2e hd6 y394 ff2b fs1b fc1 sc2 ls0 ws0\">5.960<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x262 y2e4f wd4e h4bd\"><div class=\"t m0 x250 hd6 y2736 ff2b fs1b fc1 sc2 ls0 ws0\">assicura<span class=\"_ _1\"></span>tivi<span class=\"_ _df\"> </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 x262 y2e50 wc33 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff2b fs1b fc1 sc2 ls0 ws0\">Margine <span class=\"_ _f\"></span>sui<span class=\"_ _df\"> </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 x262 y2e51 wb15 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff2b fs1b fc1 sc2 ls0 ws0\">servizi<span class=\"_ _df\"> </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 x262 y2e52 wb1f h4bd\"><div class=\"t m0 x250 hd6 y2736 ff2b fs1b fc1 sc2 ls0 ws0\">contrattu<span class=\"_ _f\"></span>ali <span class=\"ff2c\">\u2013<span class=\"_ _df\"> </span></span></div></td><td class=\"c x6bf y2e53 w183 h154\"><div class=\"t m0 x36 hd6 yc62 ff2b fs1b fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x717 y2e53 w379 h154\"><div class=\"t m0 x90 hd6 yc62 ff2b fs1b fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x718 y2e53 w48e h154\"><div class=\"t m0 x91 hd6 yc62 ff2b fs1b fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x719 y2e53 w247 h154\"><div class=\"t m0 x2f hd6 yc62 ff2b fs1b fc1 sc2 ls0 ws0\">31.119<span class=\"sc0\"> </span></div></td><td class=\"c x707 y2e53 w494 h154\"><div class=\"t m0 x116 hd6 yc62 ff2b fs1b fc1 sc2 ls0 ws0\">31.119<span class=\"sc0\"> </span></div></td><td class=\"c x6c0 y2e53 wf9 h154\"><div class=\"t m0 x7 hd6 yc62 ff2b fs1b fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x6ec y2e53 wfa h154\"><div class=\"t m0 x7 hd6 yc62 ff2b fs1b fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x71a y2e53 w19b h154\"><div class=\"t m0 x34 hd6 yc62 ff2b fs1b fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x71b y2e53 w166 h154\"><div class=\"t m0 xab hd6 yc62 ff2b fs1b fc1 sc2 ls0 ws0\">19.245<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x709 y2e53 w3a7 h154\"><div class=\"t m0 x116 hd6 yc62 ff2b fs1b fc1 sc2 ls0 ws0\">19.245<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x262 y2e54 wd11 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff2b fs1b fc1 sc2 ls0 ws0\">Esistenz<span class=\"_ _f\"></span>e<span class=\"_ _df\"> </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 x262 y2e55 wd4f h4bd\"><div class=\"t m0 x250 hd6 y2736 ff2b fs1b fc1 sc2 ls0 ws0\">iniziali<span class=\"_ _df\"> </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 x262 y2e56 wd13 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff2b fs1b fc1 sc2 ls0 ws0\">Variazio<span class=\"_ _f\"></span>n<span class=\"_ _2\"></span>i<span class=\"_ _df\"> </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 x262 y2e57 wd15 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff2b fs1b fc1 sc2 ls0 ws0\">riferite ai<span class=\"_ _df\"> </span></div></td><td class=\"c x6bf y2e58 w183 h90\"><div class=\"t m0 x36 hd6 yc5f ff2b fs1b fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x717 y2e58 w379 h90\"><div class=\"t m0 x90 hd6 yc5f ff2b fs1b fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x718 y2e58 w48e h90\"><div class=\"t m0 x91 hd6 yc5f ff2b fs1b fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x719 y2e58 w247 h90\"><div class=\"t m0 xab hd6 yc5f ff2b fs1b fc1 sc2 ls0 ws0\">(5.33<span class=\"_ _1\"></span>2)<span class=\"sc0\"> </span></div></td><td class=\"c x707 y2e58 w494 h90\"><div class=\"t m0 xac hd6 yc5f ff2b fs1b fc1 sc2 ls0 ws0\">(5.33<span class=\"_ _1\"></span>2)<span class=\"sc0\"> </span></div></td><td class=\"c x6c0 y2e58 wf9 h90\"><div class=\"t m0 x7 hd6 yc5f ff2b fs1b fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x6ec y2e58 wfa h90\"><div class=\"t m0 x7 hd6 yc5f ff2b fs1b fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x71a y2e58 w19b h90\"><div class=\"t m0 x34 hd6 yc5f ff2b fs1b fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x71b y2e58 w166 h90\"><div class=\"t m0 xac hd6 yc5f ff2b fs1b fc1 sc2 ls0 ws0\">(3.117)<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x709 y2e58 w3a7 h90\"><div class=\"t m0 x2a hd6 yc5f ff2b fs1b fc1 sc2 ls0 ws0\">(3.117)<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x262 y2e59 wc40 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff2b fs1b fc1 sc2 ls0 ws0\">servizi a<span class=\"_ _1\"></span>ttuali<span class=\"_ _df\"> </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 x2a8 y2e5a wd16 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff2b fs1b fc1 sc0 ls0 ws0\">- Margine<span class=\"_ _df\"> </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 x2a8 y2d4d wd50 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff2b fs1b fc1 sc0 ls0 ws0\">sui servizi<span class=\"_ _df\"> </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 x2a8 y2d4f wd51 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff2b fs1b fc1 sc0 ls0 ws0\">contrattuali<span class=\"_ _df\"> </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 x2a8 y2e5b wd52 h4c3\"><div class=\"t m0 x250 hd6 y276e ff2b fs1b fc1 sc0 ls0 ws0\">rilevato in<span class=\"_ _df\"> </span></div><div class=\"t m0 x250 hd6 y2736 ff2b fs1b fc1 sc0 ls0 ws0\">conto<span class=\"_ _df\"> </span></div></td><td class=\"c x6bf y2e5c w183 h25a\"><div class=\"t m0 x36 hd6 yca7 ff2b fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x717 y2e5c w379 h25a\"><div class=\"t m0 x90 hd6 yca7 ff2b fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x718 y2e5c w48e h25a\"><div class=\"t m0 x91 hd6 yca7 ff2b fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x719 y2e5c w247 h25a\"><div class=\"t m0 xab hd6 yca7 ff2b fs1b fc1 sc0 ls0 ws0\">(5.332) </div></td><td class=\"c x707 y2e5c w494 h25a\"><div class=\"t m0 xac hd6 yca7 ff2b fs1b fc1 sc0 ls0 ws0\">(5.332) </div></td><td class=\"c x6c0 y2e5c wf9 h25a\"><div class=\"t m0 x7 hd6 yca7 ff2b fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x6ec y2e5c wfa h25a\"><div class=\"t m0 x7 hd6 yca7 ff2b fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x71a y2e5c w19b h25a\"><div class=\"t m0 x34 hd6 yca7 ff2b fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x71b y2e5c w166 h25a\"><div class=\"t m0 xac hd6 yca7 ff2b fs1b fc1 sc0 ls0 ws0\">(3.117) </div></td><td class=\"c x709 y2e5c w3a7 h25a\"><div class=\"t m0 x2a hd6 yca7 ff2b fs1b fc1 sc0 ls0 ws0\">(3.117) </div></td></tr><tr><td class=\"c x2a8 y2e5d wd53 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff2b fs1b fc1 sc0 ls0 ws0\">economico<span class=\"_ _df\"> </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 x2a8 y2866 wd54 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff2b fs1b fc1 sc0 ls0 ws0\">per riflettere<span class=\"_ _df\"> </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 x2a8 y2e5e wd1a h4bd\"><div class=\"t m0 x250 hd6 y2736 ff2b fs1b fc1 sc0 ls0 ws0\">i servizi<span class=\"_ _df\"> </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 x2a8 y2e5f wd55 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff2b fs1b fc1 sc0 ls0 ws0\">prestati<span class=\"_ _df\"> </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 x262 y2e60 wd13 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff2b fs1b fc1 sc2 ls0 ws0\">Variazio<span class=\"_ _f\"></span>n<span class=\"_ _2\"></span>i<span class=\"_ _df\"> </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 x262 y2e61 wd15 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff2b fs1b fc1 sc2 ls0 ws0\">riferite ai<span class=\"_ _df\"> </span></div></td><td class=\"c x6bf y2e62 w183 h90\"><div class=\"t m0 x36 hd6 yc5f ff2b fs1b fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x717 y2e62 w379 h90\"><div class=\"t m0 x90 hd6 yc5f ff2b fs1b fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x718 y2e62 w48e h90\"><div class=\"t m0 x91 hd6 yc5f ff2b fs1b fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x719 y2e62 w247 h90\"><div class=\"t m0 xac hd6 yc5f ff2b fs1b fc1 sc2 ls0 ws0\">31.704<span class=\"sc0\"> </span></div></td><td class=\"c x707 y2e62 w494 h90\"><div class=\"t m0 x8e hd6 yc5f ff2b fs1b fc1 sc2 ls0 ws0\">31.704<span class=\"sc0\"> </span></div></td><td class=\"c x6c0 y2e62 wf9 h90\"><div class=\"t m0 x7 hd6 yc5f ff2b fs1b fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x6ec y2e62 wfa h90\"><div class=\"t m0 x7 hd6 yc5f ff2b fs1b fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x71a y2e62 w19b h90\"><div class=\"t m0 x34 hd6 yc5f ff2b fs1b fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x71b y2e62 w166 h90\"><div class=\"t m0 x8e hd6 yc5f ff2b fs1b fc1 sc2 ls0 ws0\">8.925<span class=\"sc0\"> </span></div></td><td class=\"c x709 y2e62 w3a7 h90\"><div class=\"t m0 x2e hd6 yc5f ff2b fs1b fc1 sc2 ls0 ws0\">8.925<span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x262 y2e63 wd1c h4bd\"><div class=\"t m0 x250 hd6 y2736 ff2b fs1b fc1 sc2 ls0 ws0\">servizi fu<span class=\"_ _1\"></span>turi<span class=\"_ _df\"> </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 x2a8 y2e64 wb2b h4bd\"><div class=\"t m0 x250 hd6 y2736 ff2b fs1b fc1 sc0 ls0 ws0\">- Variazioni<span class=\"_ _df\"> </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 x2a8 y2e65 w96b h4bd\"><div class=\"t m0 x250 hd6 y2736 ff2b fs1b fc1 sc0 ls0 ws0\">delle stime<span class=\"_ _df\"> </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 x2a8 y2e66 wb2c h4bd\"><div class=\"t m0 x250 hd6 y2736 ff2b fs1b fc1 sc0 ls0 ws0\">che<span class=\"_ _df\"> </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 x2a8 y2e67 wd56 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff2b fs1b fc1 sc0 ls0 ws0\">modificano<span class=\"_ _df\"> </span></div></td><td class=\"c x6bf y2e68 w183 h1d7\"><div class=\"t m0 x36 hd6 yc61 ff2b fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x717 y2e68 w379 h1d7\"><div class=\"t m0 x90 hd6 yc61 ff2b fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x718 y2e68 w48e h1d7\"><div class=\"t m0 x91 hd6 yc61 ff2b fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x719 y2e68 w247 h1d7\"><div class=\"t m0 x2f hd6 yc61 ff2b fs1b fc1 sc0 ls0 ws0\">8.253 </div></td><td class=\"c x707 y2e68 w494 h1d7\"><div class=\"t m0 x16a hd6 yc61 ff2b fs1b fc1 sc0 ls0 ws0\">8.253 </div></td><td class=\"c x6c0 y2e68 wf9 h1d7\"><div class=\"t m0 x7 hd6 yc61 ff2b fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x6ec y2e68 wfa h1d7\"><div class=\"t m0 x7 hd6 yc61 ff2b fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x71a y2e68 w19b h1d7\"><div class=\"t m0 x34 hd6 yc61 ff2b fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x71b y2e68 w166 h1d7\"><div class=\"t m0 xac hd6 yc61 ff2b fs1b fc1 sc0 ls0 ws0\">(1.918) </div></td><td class=\"c x709 y2e68 w3a7 h1d7\"><div class=\"t m0 x116 hd6 yc61 ff2b fs1b fc1 sc0 ls0 ws0\">(1.918) </div></td></tr><tr><td class=\"c x2a8 y2e69 wd57 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff2b fs1b fc1 sc0 ls0 ws0\">il margine<span class=\"_ _df\"> </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 x2a8 y2e6a wd50 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff2b fs1b fc1 sc0 ls0 ws0\">sui servizi<span class=\"_ _df\"> </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 x2a8 y2e6b wd51 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff2b fs1b fc1 sc0 ls0 ws0\">contrattuali<span class=\"_ _df\"> </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 x2a8 y2e6c wb2f h4bd\"><div class=\"t m0 x250 hd6 y2736 ff2b fs1b fc1 sc0 ls0 ws0\">- Effetti dei<span class=\"_ _df\"> </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 x2a8 y24bb wa83 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff2b fs1b fc1 sc0 ls0 ws0\">contratti<span class=\"_ _df\"> </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 x2a8 y2e6d wd58 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff2b fs1b fc1 sc0 ls0 ws0\">inizialmente<span class=\"_ _df\"> </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 x2a8 y2e6e wb31 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff2b fs1b fc1 sc0 ls0 ws0\">rilevati<span class=\"_ _df\"> </span></div></td><td class=\"c x6bf y2e6f w183 h1db\"><div class=\"t m0 x36 hd6 yca9 ff2b fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x717 y2e6f w379 h1db\"><div class=\"t m0 x90 hd6 yca9 ff2b fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x718 y2e6f w48e h1db\"><div class=\"t m0 x91 hd6 yca9 ff2b fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x719 y2e6f w247 h1db\"><div class=\"t m0 xac hd6 yca9 ff2b fs1b fc1 sc0 ls0 ws0\">23.451 </div></td><td class=\"c x707 y2e6f w494 h1db\"><div class=\"t m0 x8e hd6 yca9 ff2b fs1b fc1 sc0 ls0 ws0\">23.451 </div></td><td class=\"c x6c0 y2e6f wf9 h1db\"><div class=\"t m0 x7 hd6 yca9 ff2b fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x6ec y2e6f wfa h1db\"><div class=\"t m0 x7 hd6 yca9 ff2b fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x71a y2e6f w19b h1db\"><div class=\"t m0 x34 hd6 yca9 ff2b fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x71b y2e6f w166 h1db\"><div class=\"t m0 xab hd6 yca9 ff2b fs1b fc1 sc0 ls0 ws0\">10.843 </div></td><td class=\"c x709 y2e6f w3a7 h1db\"><div class=\"t m0 x16a hd6 yca9 ff2b fs1b fc1 sc0 ls0 ws0\">10.843 </div></td></tr><tr><td class=\"c x2a8 y2e70 wd20 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff2c fs1b fc1 sc0 ls0 ws0\">nell\u2019esercizi<span class=\"_ _df\"> </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 x2a8 y2e71 wd21 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff2b fs1b fc1 sc0 ls0 ws0\">o di<span class=\"_ _df\"> </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 x2a8 y2e72 wc4d h4bd\"><div class=\"t m0 x250 hd6 y2736 ff2b fs1b fc1 sc0 ls0 ws0\">riferimento<span class=\"_ _df\"> </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 x262 y2e73 wd22 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff2b fs1b fc1 sc2 ls0 ws0\">Ricavi/<span class=\"_ _1\"></span>costi di<span class=\"_ _df\"> </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 x262 y2e74 wd59 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff2b fs1b fc1 sc2 ls0 ws0\">natura<span class=\"_ _df\"> </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 x262 y2b49 w911 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff2b fs1b fc1 sc2 ls0 ws0\">finanzia<span class=\"_ _f\"></span>ri<span class=\"_ _2\"></span>a<span class=\"_ _df\"> </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 x2a8 y2e75 wd24 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff2b fs1b fc1 sc0 ls0 ws0\">1. Relativi ai<span class=\"_ _df\"> </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 x2a8 y2e76 wa83 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff2b fs1b fc1 sc0 ls0 ws0\">contratti<span class=\"_ _df\"> </span></div></td><td class=\"c x6bf y2e77 w183 h89\"><div class=\"t m0 x36 hd6 y3d ff2b fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x717 y2e77 w379 h89\"><div class=\"t m0 x90 hd6 y3d ff2b fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x718 y2e77 w48e h89\"><div class=\"t m0 x91 hd6 y3d ff2b fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x719 y2e77 w247 h89\"><div class=\"t m0 x2f hd6 y3d ff2b fs1b fc1 sc0 ls0 ws0\">2.4<span class=\"ls8c\">85</span> </div></td><td class=\"c x707 y2e77 w494 h89\"><div class=\"t m0 x16a hd6 y3d ff2b fs1b fc1 sc0 ls0 ws0\">2.485 </div></td><td class=\"c x6c0 y2e77 wf9 h89\"><div class=\"t m0 x7 hd6 y3d ff2b fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x6ec y2e77 wfa h89\"><div class=\"t m0 x7 hd6 y3d ff2b fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x71a y2e77 w19b h89\"><div class=\"t m0 x34 hd6 y3d ff2b fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x71b y2e77 w166 h89\"><div class=\"t m0 xac hd6 y3d ff2b fs1b fc1 sc0 ls0 ws0\">6.066 </div></td><td class=\"c x709 y2e77 w3a7 h89\"><div class=\"t m0 x2a hd6 y3d ff2b fs1b fc1 sc0 ls0 ws0\">6.066 </div></td></tr><tr><td class=\"c x2a8 y2e78 wd5a h4bd\"><div class=\"t m0 x250 hd6 y2736 ff2b fs1b fc1 sc0 ls0 ws0\">assicurativi<span class=\"_ _df\"> </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 x2a8 y2e79 wd25 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff2b fs1b fc1 sc0 ls0 ws0\">emessi<span class=\"_ _df\"> </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 x2a8 y2e7a wd5b h4bd\"><div class=\"t m0 x250 hd6 y2736 ff2b fs1b fc1 sc0 ls0 ws0\">2. Effetti<span class=\"_ _df\"> </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 x2a8 y2e7b wd26 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff2b fs1b fc1 sc0 ls0 ws0\">connessi<span class=\"_ _df\"> </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 x2a8 y2e7c wd27 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff2b fs1b fc1 sc0 ls0 ws0\">con le<span class=\"_ _df\"> </span></div></td><td class=\"c x6bf y2e7d w183 h170\"><div class=\"t m0 x36 hd6 y293 ff2b fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x717 y2e7d w379 h170\"><div class=\"t m0 x90 hd6 y293 ff2b fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x718 y2e7d w48e h170\"><div class=\"t m0 x91 hd6 y293 ff2b fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x719 y2e7d w247 h170\"><div class=\"t m0 x32 hd6 y293 ff2b fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x707 y2e7d w494 h170\"><div class=\"t m0 x35 hd6 y293 ff2b fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x6c0 y2e7d wf9 h170\"><div class=\"t m0 x7 hd6 y293 ff2b fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x6ec y2e7d wfa h170\"><div class=\"t m0 x7 hd6 y293 ff2b fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x71a y2e7d w19b h170\"><div class=\"t m0 x34 hd6 y293 ff2b fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x71b y2e7d w166 h170\"><div class=\"t m0 x33 hd6 y293 ff2b fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x709 y2e7d w3a7 h170\"><div class=\"t m0 x27 hd6 y293 ff2b fs1b fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2a8 y2887 wd11 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff2b fs1b fc1 sc0 ls0 ws0\">variazioni<span class=\"_ _df\"> </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 x2a8 y2e7e wd5c h4bd\"><div class=\"t m0 x250 hd6 y2736 ff2b fs1b fc1 sc0 ls0 ws0\">dei tassi di<span class=\"_ _df\"> </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 x2a8 y2e7f wd5d h4bd\"><div class=\"t m0 x250 hd6 y2736 ff2b fs1b fc1 sc0 ls0 ws0\">cambio<span class=\"_ _df\"> </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 x46b y2e80 w227 h77\"><div class=\"t m0 x16a hd6 y302 ff2b fs1b fc1 sc0 ls0 ws0\">3. Totale </div></td><td class=\"c x6bf y2e80 w183 h77\"><div class=\"t m0 x36 hd6 y302 ff2b fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x717 y2e80 w379 h77\"><div class=\"t m0 x90 hd6 y302 ff2b fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x718 y2e80 w48e h77\"><div class=\"t m0 x91 hd6 y302 ff2b fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x719 y2e80 w247 h77\"><div class=\"t m0 x2f hd6 y302 ff2b fs1b fc1 sc0 ls0 ws0\">2.485 </div></td><td class=\"c x707 y2e80 w494 h77\"><div class=\"t m0 x16a hd6 y302 ff2b fs1b fc1 sc0 ls0 ws0\">2.485 </div></td><td class=\"c x6c0 y2e80 wf9 h77\"><div class=\"t m0 x7 hd6 y302 ff2b fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x6ec y2e80 wfa h77\"><div class=\"t m0 x7 hd6 y302 ff2b fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x71a y2e80 w19b h77\"><div class=\"t m0 x34 hd6 y302 ff2b fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x71b y2e80 w166 h77\"><div class=\"t m0 xac hd6 y302 ff2b fs1b fc1 sc0 ls0 ws0\">6.066 </div></td><td class=\"c x709 y2e80 w3a7 h77\"><div class=\"t m0 x2a hd6 y302 ff2b fs1b fc1 sc0 ls0 ws0\">6.066 </div></td></tr><tr><td class=\"c x46b y2e81 w227 h260\"><div class=\"t m0 x8a hd6 y5b ff2b fs1b fc1 sc2 ls0 ws0\">Altri m<span class=\"_ _1\"></span>oviment<span class=\"_ _1\"></span>i<span class=\"sc0\"> </span></div></td><td class=\"c x6bf y2e81 w183 h260\"><div class=\"t m0 x36 hd6 y5b ff2b fs1b fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x717 y2e81 w379 h260\"><div class=\"t m0 x90 hd6 y5b ff2b fs1b fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x718 y2e81 w48e h260\"><div class=\"t m0 x91 hd6 y5b ff2b fs1b fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x719 y2e81 w247 h260\"><div class=\"t m0 x32 hd6 y5b ff2b fs1b fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x707 y2e81 w494 h260\"><div class=\"t m0 x35 hd6 y5b ff2b fs1b fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x6c0 y2e81 wf9 h260\"><div class=\"t m0 x7 hd6 y5b ff2b fs1b fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x6ec y2e81 wfa h260\"><div class=\"t m0 x7 hd6 y5b ff2b fs1b fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x71a y2e81 w19b h260\"><div class=\"t m0 x34 hd6 y5b ff2b fs1b fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x71b y2e81 w166 h260\"><div class=\"t m0 x33 hd6 y5b ff2b fs1b fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x709 y2e81 w3a7 h260\"><div class=\"t m0 x27 hd6 y5b ff2b fs1b fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x262 y2e82 wd2a h4bd\"><div class=\"t m0 x250 hd6 y2736 ff2b fs1b fc1 sc2 ls0 ws0\">Totale<span class=\"_ _df\"> </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 x262 y2e83 wd2b h4bd\"><div class=\"t m0 x250 hd6 y2736 ff2b fs1b fc1 sc2 ls0 ws0\">variazio<span class=\"_ _1\"></span>ni<span class=\"_ _df\"> </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 x262 y2e2d wd5e h518\"><div class=\"t m0 x250 hd6 y2e84 ff2b fs1b fc1 sc2 ls0 ws0\">riconos<span class=\"_ _1\"></span>ciute in<span class=\"_ _df\"> </span></div><div class=\"t m0 x250 hd6 y2736 ff2b fs1b fc1 sc2 ls0 ws0\">conto<span class=\"_ _df\"> </span></div></td><td class=\"c x6bf y2e85 w183 h2b8\"><div class=\"t m0 x36 hd6 yce6 ff2b fs1b fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x717 y2e85 w379 h2b8\"><div class=\"t m0 x90 hd6 yce6 ff2b fs1b fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x718 y2e85 w48e h2b8\"><div class=\"t m0 x91 hd6 yce6 ff2b fs1b fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x719 y2e85 w247 h2b8\"><div class=\"t m0 xac hd6 yce6 ff2b fs1b fc1 sc2 ls0 ws0\">28.85<span class=\"_ _1\"></span>7<span class=\"sc0\"> </span></div></td><td class=\"c x707 y2e85 w494 h2b8\"><div class=\"t m0 xac hd6 yce6 ff2b fs1b fc1 sc2 ls0 ws0\">28.85<span class=\"_ _1\"></span>7<span class=\"sc0\"> </span></div></td><td class=\"c x6c0 y2e85 wf9 h2b8\"><div class=\"t m0 x7 hd6 yce6 ff2b fs1b fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x6ec y2e85 wfa h2b8\"><div class=\"t m0 x7 hd6 yce6 ff2b fs1b fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x71a y2e85 w19b h2b8\"><div class=\"t m0 x34 hd6 yce6 ff2b fs1b fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x71b y2e85 w166 h2b8\"><div class=\"t m0 xac hd6 yce6 ff2b fs1b fc1 sc2 ls0 ws0\">11.874<span class=\"sc0\"> </span></div></td><td class=\"c x709 y2e85 w3a7 h2b8\"><div class=\"t m0 x2a hd6 yce6 ff2b fs1b fc1 sc2 ls0 ws0\">11.874<span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x262 y2e86 wd2c h4bd\"><div class=\"t m0 x250 hd6 y2736 ff2b fs1b fc1 sc2 ls0 ws0\">econo<span class=\"_ _1\"></span>mico e<span class=\"_ _df\"> </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 x262 y2e87 wd2d h4bd\"><div class=\"t m0 x250 hd6 y2736 ff2b fs1b fc1 sc2 ls0 ws0\">nel cont<span class=\"_ _f\"></span>o<span class=\"_ _df\"> </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 x262 y2e31 wd5f h4bd\"><div class=\"t m0 x250 hd6 y2736 ff2b fs1b fc1 sc2 ls0 ws0\">econo<span class=\"_ _1\"></span>mico<span class=\"_ _df\"> </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 x262 y2c55 wb41 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff2b fs1b fc1 sc2 ls0 ws0\">comple<span class=\"_ _f\"></span>ssivo<span class=\"_ _df\"> </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 x262 y2e32 wc33 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff2b fs1b fc1 sc2 ls0 ws0\">Margine <span class=\"_ _f\"></span>sui<span class=\"_ _df\"> </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 x262 y25a2 wb15 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff2b fs1b fc1 sc2 ls0 ws0\">servizi<span class=\"_ _df\"> </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 x262 y2e88 wb1f h4bd\"><div class=\"t m0 x250 hd6 y2736 ff2b fs1b fc1 sc2 ls0 ws0\">contrattu<span class=\"_ _f\"></span>ali <span class=\"ff2c\">\u2013<span class=\"_ _df\"> </span></span></div></td><td class=\"c x6bf y2e89 w183 h153\"><div class=\"t m0 x36 hd6 y473 ff2b fs1b fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x717 y2e89 w379 h153\"><div class=\"t m0 x90 hd6 y473 ff2b fs1b fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x718 y2e89 w48e h153\"><div class=\"t m0 x91 hd6 y473 ff2b fs1b fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x719 y2e89 w247 h153\"><div class=\"t m0 xac hd6 y473 ff2b fs1b fc1 sc2 ls0 ws0\">59.976<span class=\"sc0\"> </span></div></td><td class=\"c x707 y2e89 w494 h153\"><div class=\"t m0 xac hd6 y473 ff2b fs1b fc1 sc2 ls0 ws0\">59.976<span class=\"sc0\"> </span></div></td><td class=\"c x6c0 y2e89 wf9 h153\"><div class=\"t m0 x7 hd6 y473 ff2b fs1b fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x6ec y2e89 wfa h153\"><div class=\"t m0 x7 hd6 y473 ff2b fs1b fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x71a y2e89 w19b h153\"><div class=\"t m0 x34 hd6 y473 ff2b fs1b fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x71b y2e89 w166 h153\"><div class=\"t m0 x8e hd6 y473 ff2b fs1b fc1 sc2 ls0 ws0\">31.119<span class=\"sc0\"> </span></div></td><td class=\"c x709 y2e89 w3a7 h153\"><div class=\"t m0 x2e hd6 y473 ff2b fs1b fc1 sc2 ls0 ws0\">31.119<span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x262 y28c1 wd60 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff2b fs1b fc1 sc2 ls0 ws0\">Riman<span class=\"_ _1\"></span>enze<span class=\"_ _df\"> </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 x262 y2491 wd61 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff2b fs1b fc1 sc2 ls0 ws0\">finali<span class=\"_ _df\"> </span></div></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=\"c w37c h2b9 gsd72\"><div class=\"t m0 xe h5 y1814 ff2b fs1 fc4 sc3 ls0 ws0\">Eleme<span class=\"_ _f\"></span>nti sot<span class=\"_ _1\"></span>tosta<span class=\"_ _1\"></span>nte a<span class=\"_ _1\"></span>lla mi<span class=\"_ _1\"></span>sura<span class=\"_ _1\"></span>zione <span class=\"_ _1\"></span>dei co<span class=\"_ _f\"></span>ntratti <span class=\"_ _1\"></span>di as<span class=\"_ _f\"></span>sicurazio<span class=\"_ _1\"></span>ne em<span class=\"_ _1\"></span>essi <span class=\"_ _1\"></span>iscrit<span class=\"_ _1\"></span>ti nell'es<span class=\"_ _1\"></span>erci<span class=\"_ _1\"></span>zio<span class=\"_ _df\"> </span><span class=\"fc1 sc2\"> </span></div></div><div class=\"c w37c h22 gsd73\"><div class=\"t m0 xe h5 y3e6 ff2b fs1 fc4 sc3 ls0 ws0\">Contr<span class=\"_ _1\"></span>atti a<span class=\"_ _f\"></span>ssicurat<span class=\"_ _1\"></span>ivi em<span class=\"_ _f\"></span>essi con<span class=\"_ _f\"></span> elementi<span class=\"_ _1\"></span> di p<span class=\"_ _1\"></span>arte<span class=\"_ _1\"></span>cipazi<span class=\"_ _1\"></span>one d<span class=\"_ _1\"></span>irett<span class=\"_ _f\"></span>a - Segment<span class=\"_ _f\"></span>o Vita<span class=\"_ _f\"></span><span class=\"fc1 sc2\"> </span></div></div><div class=\"gsd74\"><table class=\"s wd62 h519\" id=\"_bbdf99d0-b192-4cf3-9acb-d96fcd1e0818\"><tr><td></td><td></td><td class=\"c x71c y2e8a we h240\"><div class=\"t m0 xf h1f y32 ff2b fs7 fc4 sc3 ls0 ws0\">Cont<span class=\"_ _f\"></span>ratti or<span class=\"_ _1\"></span>igina<span class=\"_ _f\"></span>ti<span class=\"fc1 sc0\"> </span></div></td><td></td><td></td><td></td><td class=\"c x6ec y2e8a w495 h240\"><div class=\"t m0 xf h1f y32 ff2b fs7 fc4 sc3 ls0 ws0\">Cont<span class=\"_ _f\"></span>ratti or<span class=\"_ _1\"></span>igina<span class=\"_ _f\"></span>ti<span class=\"fc1 sc0\"> </span></div></td><td></td><td></td></tr><tr><td class=\"c x46b y2e8b w496 h49\"><div class=\"t m0 x11 h1f y25c ff2b fs7 fc4 sc3 ls0 ws0\">Voci<span class=\"_ _1\"></span>/Gru<span class=\"_ _f\"></span>ppi di co<span class=\"_ _1\"></span>ntr<span class=\"_ _1\"></span>atti<span class=\"fc1 sc0\"> </span></div></td><td></td><td class=\"c x71c y2e8b we h49\" colspan=\"2\"><div class=\"t m0 x11d h1f y25 ff2b fs7 fc4 sc3 ls0 ws0\">31/12/<span class=\"_ _f\"></span>2025<span class=\"fc1 sc0\"> </span></div></td><td></td><td></td><td class=\"c x6ec y2e8b w497 h49\" colspan=\"2\"><div class=\"t m0 x11d h1f y25 ff2b fs7 fc4 sc3 ls0 ws0\">31/12/<span class=\"_ _f\"></span>2024<span class=\"fc1 sc0\"> </span></div></td><td></td></tr><tr><td></td><td class=\"c x71d y2e8c wd63 h484\"><div class=\"t m0 x250 h1f y2409 ff2b fs7 fc4 sc3 ls0 ws0\">Cont<span class=\"_ _f\"></span>ratti<span class=\"_ _df\"> </span></div></td><td class=\"c x71e y2e8c wd63 h484\" colspan=\"2\"><div class=\"t m0 x250 h1f y2409 ff2b fs7 fc4 sc3 ls0 ws0\">Cont<span class=\"_ _f\"></span>ratti<span class=\"_ _df\"> </span></div></td><td class=\"c x71f y2e8d w49a had\"><div class=\"t m0 x2e h1f y420 ff2b fs7 fc4 sc3 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale<span class=\"fc1 sc0\"> </span></div></td><td class=\"c x720 y2e8c wd63 h484\"><div class=\"t m0 x250 h1f y2409 ff2b fs7 fc4 sc3 ls0 ws0\">Cont<span class=\"_ _f\"></span>ratti<span class=\"_ _df\"> </span></div></td><td class=\"c x721 y2e8c wd63 h484\" colspan=\"2\"><div class=\"t m0 x250 h1f y2409 ff2b fs7 fc4 sc3 ls0 ws0\">Cont<span class=\"_ _f\"></span>ratti<span class=\"_ _df\"> </span></div></td><td class=\"c x4f6 y2e8d w49b had\"><div class=\"t m0 x2e h1f y420 ff2b fs7 fc4 sc3 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale<span class=\"fc1 sc0\"> </span></div></td></tr><tr><td class=\"c x262 y2e74 wd64 h4d6\"><div class=\"t m0 x250 h1f y2410 ff2b fs7 fc1 sc2 ls0 ws0\">A. St<span class=\"_ _1\"></span>ima<span class=\"_ _1\"></span> del v<span class=\"_ _f\"></span>alore at<span class=\"_ _f\"></span>tuale de<span class=\"_ _f\"></span>i flussi<span class=\"_ _df\"> </span></div></td><td class=\"c x722 y2e8e wd65 h484\"><div class=\"t m0 x250 h1f y2409 ff2b fs7 fc4 sc3 ls0 ws0\">oner<span class=\"_ _f\"></span>osi<span class=\"_ _df\"> </span></div></td><td class=\"c x723 y2e8e wd66 h484\" colspan=\"2\"><div class=\"t m0 x250 h1f y2409 ff2b fs7 fc4 sc3 ls0 ws0\">non<span class=\"_ _1\"></span> oner<span class=\"_ _f\"></span>osi<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x6e6 y2e8e wd67 h484\"><div class=\"t m0 x250 h1f y2409 ff2b fs7 fc4 sc3 ls0 ws0\">oner<span class=\"_ _f\"></span>osi<span class=\"_ _df\"> </span></div></td><td class=\"c x724 y2e8e wd68 h484\" colspan=\"2\"><div class=\"t m0 x250 h1f y2409 ff2b fs7 fc4 sc3 ls0 ws0\">non<span class=\"_ _1\"></span> oner<span class=\"_ _f\"></span>osi<span class=\"_ _df\"> </span></div></td><td></td></tr><tr><td class=\"c x262 y2e8f wd69 h484\"><div class=\"t m0 x250 h1f y2410 ff2b fs7 fc1 sc2 ls0 ws0\">finan<span class=\"_ _f\"></span>ziari fut<span class=\"_ _1\"></span>uri in<span class=\"_ _f\"></span> uscita<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x46b y2e90 w49c hcb\"><div class=\"t m0 x16a h1f y80 ff2b fs7 fc1 sc0 ls0 ws0\">1. Costi di acquis<span class=\"_ _1\"></span>izione dei contra<span class=\"_ _1\"></span>tti<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x71c y2e90 w86 hcb\"><div class=\"t m0 x91 h1f y80 ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x725 y2e90 w37b hcb\"><div class=\"t m0 x91 h1f y80 ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x71f y2e90 w93 hcb\"><div class=\"t m0 x91 h1f y80 ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x6ec y2e90 w4f hcb\"><div class=\"t m0 x91 h1f y80 ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x726 y2e90 w269 hcb\"><div class=\"t m0 x91 h1f y80 ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x727 y2e90 w4d hcb\"><div class=\"t m0 x91 h1f y80 ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2a8 y2e91 wd6a h484\"><div class=\"t m0 x250 h1f y2410 ff2b fs7 fc1 sc0 ls0 ws0\">2. Importo dei sin<span class=\"_ _1\"></span>istri e altri co<span class=\"_ _1\"></span>sti<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x71c y2e92 w86 h58\"><div class=\"t m0 x91 h1f y2ea ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x725 y2e92 w37b h58\"><div class=\"t m0 x14 h1f y2ea ff2b fs7 fc1 sc0 ls0 ws0\">417.360 </div></td><td class=\"c x71f y2e92 w93 h58\"><div class=\"t m0 x14 h1f y2ea ff2b fs7 fc1 sc0 ls0 ws0\">417.360 </div></td><td></td><td class=\"c x6ec y2e92 w4f h58\"><div class=\"t m0 x91 h1f y2ea ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x726 y2e92 w269 h58\"><div class=\"t m0 x2e h1f y2ea ff2b fs7 fc1 sc0 ls0 ws0\">1.026.512 </div></td><td class=\"c x727 y2e92 w4d h58\"><div class=\"t m0 x2e h1f y2ea ff2b fs7 fc1 sc0 ls0 ws0\">1.026.512 </div></td></tr><tr><td class=\"c x2a8 y2e93 wd6b h484\"><div class=\"t m0 x250 h1f y2410 ff2b fs7 fc1 sc0 ls0 ws0\">direttamente attr<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span>buibi<span class=\"_ _1\"></span>li<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x46b y2e94 w49c h49\"><div class=\"t m0 x16a h1f y25c ff2b fs7 fc1 sc0 ls0 ws0\">3. Totale </div></td><td></td><td class=\"c x71c y2e94 w86 h49\"><div class=\"t m0 x91 h1f y25c ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x725 y2e94 w37b h49\"><div class=\"t m0 x14 h1f y25c ff2b fs7 fc1 sc0 ls0 ws0\">417.360 </div></td><td class=\"c x71f y2e94 w93 h49\"><div class=\"t m0 x14 h1f y25c ff2b fs7 fc1 sc0 ls0 ws0\">417.360 </div></td><td></td><td class=\"c x6ec y2e94 w4f h49\"><div class=\"t m0 x91 h1f y25c ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x726 y2e94 w269 h49\"><div class=\"t m0 x2e h1f y25c ff2b fs7 fc1 sc0 ls0 ws0\">1.026.512 </div></td><td class=\"c x727 y2e94 w4d h49\"><div class=\"t m0 x2e h1f y25c ff2b fs7 fc1 sc0 ls0 ws0\">1.026.512 </div></td></tr><tr><td class=\"c x262 y2e95 wd6c h48b\"><div class=\"t m0 x250 h1f y2410 ff2b fs7 fc1 sc2 ls0 ws0\">B. St<span class=\"_ _f\"></span>ima del v<span class=\"_ _1\"></span>alor<span class=\"_ _f\"></span>e attual<span class=\"_ _f\"></span>e dei fl<span class=\"_ _1\"></span>ussi<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x71c y2e96 w86 h58\"><div class=\"t m0 x91 h1f y420 ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x725 y2e96 w37b h58\"><div class=\"t m0 x2e h1f y420 ff2b fs7 fc1 sc0 ls0 ws0\">(457.130) </div></td><td class=\"c x71f y2e96 w93 h58\"><div class=\"t m0 x2e h1f y420 ff2b fs7 fc1 sc0 ls0 ws0\">(457.130) </div></td><td></td><td class=\"c x6ec y2e96 w4f h58\"><div class=\"t m0 x91 h1f y420 ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x726 y2e96 w269 h58\"><div class=\"t m0 xac h1f y420 ff2b fs7 fc1 sc0 ls0 ws0\">(1.098.426)</div></td><td class=\"c x727 y2e96 w4d h58\"><div class=\"t m0 xac h1f y420 ff2b fs7 fc1 sc0 ls0 ws0\">(1.098.426) </div></td></tr><tr><td class=\"c x262 y2e97 wd6d h484\"><div class=\"t m0 x250 h1f y2410 ff2b fs7 fc1 sc2 ls0 ws0\">finan<span class=\"_ _f\"></span>ziari fut<span class=\"_ _1\"></span>uri in<span class=\"_ _f\"></span> entrat<span class=\"_ _f\"></span>a<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x262 y2e98 wd6e h484\"><div class=\"t m0 x250 h1f y2410 ff2b fs7 fc1 sc2 ls0 ws0\">C. St<span class=\"_ _1\"></span>ima<span class=\"_ _1\"></span> del v<span class=\"_ _f\"></span>alore at<span class=\"_ _f\"></span>tuale ne<span class=\"_ _1\"></span>tto<span class=\"_ _1\"></span> dei f<span class=\"_ _1\"></span>lus<span class=\"_ _1\"></span>si<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x71c y2e99 w86 hbb\"><div class=\"t m0 x91 h1f y420 ff2b fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x725 y2e99 w37b hbb\"><div class=\"t m0 x39 h1f y420 ff2b fs7 fc1 sc2 ls0 ws0\">(39.7<span class=\"_ _f\"></span>70)<span class=\"sc0\"> </span></div></td><td class=\"c x71f y2e99 w93 hbb\"><div class=\"t m0 x39 h1f y420 ff2b fs7 fc1 sc2 ls0 ws0\">(39.7<span class=\"_ _f\"></span>70)<span class=\"sc0\"> </span></div></td><td></td><td class=\"c x6ec y2e99 w4f hbb\"><div class=\"t m0 x91 h1f y420 ff2b fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x726 y2e99 w269 hbb\"><div class=\"t m0 x33 h1f y420 ff2b fs7 fc1 sc2 ls0 ws0\">(71.9<span class=\"_ _1\"></span>14)<span class=\"sc0\"> </span></div></td><td class=\"c x727 y2e99 w4d hbb\"><div class=\"t m0 x33 h1f y420 ff2b fs7 fc1 sc2 ls0 ws0\">(71.9<span class=\"_ _1\"></span>14)<span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x262 y2e9a wd6f h484\"><div class=\"t m0 x250 h1f y2410 ff2b fs7 fc1 sc2 ls0 ws0\">finan<span class=\"_ _f\"></span>ziari fut<span class=\"_ _1\"></span>uri <span class=\"_ _1\"></span>(A-<span class=\"lse7\">B</span><span class=\"lse7\">)<span class=\"_ _df\"> </span></span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x262 y2e9b wd70 h48b\"><div class=\"t m0 x250 h1f y2410 ff2b fs7 fc1 sc2 ls0 ws0\">D. St<span class=\"_ _f\"></span>ima ag<span class=\"_ _1\"></span>giust<span class=\"_ _1\"></span>ame<span class=\"_ _1\"></span>nto<span class=\"_ _1\"></span> per i<span class=\"_ _1\"></span> risc<span class=\"_ _1\"></span>hi n<span class=\"_ _f\"></span>on<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x71c y2e9c w86 h58\"><div class=\"t m0 x91 h1f y420 ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x725 y2e9c w37b h58\"><div class=\"t m0 x37 h1f y420 ff2b fs7 fc1 sc0 ls0 ws0\">6.171 </div></td><td class=\"c x71f y2e9c w93 h58\"><div class=\"t m0 x37 h1f y420 ff2b fs7 fc1 sc0 ls0 ws0\">6.171 </div></td><td></td><td class=\"c x6ec y2e9c w4f h58\"><div class=\"t m0 x91 h1f y420 ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x726 y2e9c w269 h58\"><div class=\"t m0 x35 h1f y420 ff2b fs7 fc1 sc0 ls0 ws0\">14.446<span class=\"_ _df\"> </span></div></td><td class=\"c x727 y2e9c w4d h58\"><div class=\"t m0 x35 h1f y420 ff2b fs7 fc1 sc0 ls0 ws0\">14.446 </div></td></tr><tr><td class=\"c x262 y2e9d wd71 h484\"><div class=\"t m0 x250 h1f y2410 ff2b fs7 fc1 sc2 ls0 ws0\">finan<span class=\"_ _f\"></span>ziari<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x262 y2e9e wd72 h4b6\"><div class=\"t m0 x250 h1f y2410 ff2b fs7 fc1 sc2 ls0 ws0\">E. El<span class=\"_ _f\"></span>iminazio<span class=\"_ _f\"></span>ne cont<span class=\"_ _f\"></span>abile di<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x262 y26cb wd73 h484\"><div class=\"t m0 x250 h1f y2410 ff2b fs7 fc1 sc2 ls0 ws0\">attiv<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span>t\u00e0<span class=\"_ _1\"></span>/pass<span class=\"_ _f\"></span>ivit\u00e0 gi<span class=\"_ _1\"></span>\u00e0 iscr<span class=\"_ _f\"></span>itte a fro<span class=\"_ _f\"></span>nte di<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x71c y2e9f w86 h24a\"><div class=\"t m0 x91 h1f ydae ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x725 y2e9f w37b h24a\"><div class=\"t m0 x91 h1f ydae ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x71f y2e9f w93 h24a\"><div class=\"t m0 x91 h1f ydae ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x6ec y2e9f w4f h24a\"><div class=\"t m0 x91 h1f ydae ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x726 y2e9f w269 h24a\"><div class=\"t m0 x91 h1f ydae ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x727 y2e9f w4d h24a\"><div class=\"t m0 x91 h1f ydae ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x262 y2dd1 wd74 h484\"><div class=\"t m0 x250 h1f y2410 ff2b fs7 fc1 sc2 ls0 ws0\">flus<span class=\"_ _1\"></span>si fin<span class=\"_ _1\"></span>anzi<span class=\"_ _1\"></span>ari con<span class=\"_ _f\"></span>ness<span class=\"_ _1\"></span>i con i<span class=\"_ _1\"></span> con<span class=\"_ _1\"></span>tra<span class=\"_ _1\"></span>tti di<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x262 y2ea0 wd75 h484\"><div class=\"t m0 x250 h1f y2410 ff2b fs7 fc1 sc2 ls0 ws0\">assic<span class=\"_ _1\"></span>urazi<span class=\"_ _f\"></span>one em<span class=\"_ _f\"></span>essi<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x46b y2ea1 w49c h49\"><div class=\"t m0 x8a h1f y25c ff2b fs7 fc1 sc2 ls0 ws0\">F. Ma<span class=\"_ _1\"></span>rgi<span class=\"_ _1\"></span>ne sui<span class=\"_ _f\"></span> servi<span class=\"_ _1\"></span>zi con<span class=\"_ _1\"></span>tra<span class=\"_ _1\"></span>ttual<span class=\"_ _1\"></span>i<span class=\"sc0\"> </span></div></td><td></td><td class=\"c x71c y2ea1 w86 h49\"><div class=\"t m0 x91 h1f y25c ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x725 y2ea1 w37b h49\"><div class=\"t m0 x33 h1f y25c ff2b fs7 fc1 sc0 ls0 ws0\">33.598 </div></td><td class=\"c x71f y2ea1 w93 h49\"><div class=\"t m0 x33 h1f y25c ff2b fs7 fc1 sc0 ls0 ws0\">33.598 </div></td><td></td><td class=\"c x6ec y2ea1 w4f h49\"><div class=\"t m0 x91 h1f y25c ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x726 y2ea1 w269 h49\"><div class=\"t m0 x32 h1f y25c ff2b fs7 fc1 sc0 ls0 ws0\">57.467 </div></td><td class=\"c x727 y2ea1 w4d h49\"><div class=\"t m0 x32 h1f y25c ff2b fs7 fc1 sc0 ls0 ws0\">57.467 </div></td></tr><tr><td class=\"c x262 y2b0e wd76 h4b7\"><div class=\"t m0 x250 h1f y2410 ff2b fs7 fc1 sc2 ls0 ws0\">G. Au<span class=\"_ _f\"></span>mento i<span class=\"_ _1\"></span>nclus<span class=\"_ _f\"></span>o nella<span class=\"_ _f\"></span> passiv<span class=\"_ _1\"></span>it\u00e0 pe<span class=\"_ _f\"></span>r<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x262 y2684 wd77 h484\"><div class=\"t m0 x250 h1f y2410 ff2b fs7 fc1 sc2 ls0 ws0\">cont<span class=\"_ _1\"></span>ratt<span class=\"_ _1\"></span>i di as<span class=\"_ _f\"></span>sicurazi<span class=\"_ _1\"></span>one<span class=\"_ _f\"></span> emess<span class=\"_ _f\"></span>i<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x71c y2ea2 w86 h89\"><div class=\"t m0 x91 h1f y15 ff2b fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x725 y2ea2 w37b h89\"><div class=\"t m0 x8f h1f y15 ff2b fs7 fc1 sc2 ls28 ws0\">(1)<span class=\"sc0 ls0\"> </span></div></td><td class=\"c x71f y2ea2 w93 h89\"><div class=\"t m0 x8f h1f y15 ff2b fs7 fc1 sc2 ls28 ws0\">(1)<span class=\"sc0 ls0\"> </span></div></td><td></td><td class=\"c x6ec y2ea2 w4f h89\"><div class=\"t m0 x91 h1f y15 ff2b fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x726 y2ea2 w269 h89\"><div class=\"t m0 x13 h1f y15 ff2b fs7 fc1 sc2 ls28 ws0\">(1)<span class=\"sc0 ls0\"> </span></div></td><td class=\"c x727 y2ea2 w4d h89\"><div class=\"t m0 x13 h1f y15 ff2b fs7 fc1 sc2 ls28 ws0\">(1)<span class=\"sc0 ls0\"> </span></div></td></tr><tr><td class=\"c x262 y2491 wd78 h484\"><div class=\"t m0 x250 h1f y2410 ff2b fs7 fc1 sc2 ls0 ws0\">nell<span class=\"_ _1\"></span>'eser<span class=\"_ _f\"></span>cizio (C+D<span class=\"_ _f\"></span>+E+F)<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr></table></div>Eleme<span class=\"_ _f\"></span>nti sot<span class=\"_ _1\"></span>tosta<span class=\"_ _1\"></span>nte a<span class=\"_ _1\"></span>lla mi<span class=\"_ _1\"></span>surazi<span class=\"_ _1\"></span>one d<span class=\"_ _1\"></span>ei co<span class=\"_ _1\"></span>ntrat<span class=\"_ _1\"></span>ti di<span class=\"_ _1\"></span> ass<span class=\"_ _1\"></span>icura<span class=\"_ _1\"></span>zione <span class=\"_ _1\"></span>emes<span class=\"_ _1\"></span>si is<span class=\"_ _1\"></span>critti <span class=\"_ _f\"></span>nell'eser<span class=\"_ _1\"></span>cizio<span class=\"_ _df\"> </span>Contr<span class=\"_ _1\"></span>atti a<span class=\"_ _f\"></span>ssicurat<span class=\"_ _1\"></span>ivi em<span class=\"_ _f\"></span>essi sen<span class=\"_ _f\"></span>za elem<span class=\"_ _1\"></span>enti d<span class=\"_ _1\"></span>i par<span class=\"_ _1\"></span>tecipa<span class=\"_ _f\"></span>zione d<span class=\"_ _1\"></span>iretta - <span class=\"_ _f\"></span>Segmento<span class=\"_ _f\"></span> Vita<table class=\"s wd79 h51a\" id=\"_f2e41df4-54a6-4d4b-8580-0187a81abdbb\"><tr><td></td><td class=\"c x728 y2ea3 w49d h240\"><div class=\"t m0 x1c h1f y32 ff2b fs7 fc4 sc3 ls0 ws0\">Cont<span class=\"_ _f\"></span>ratti or<span class=\"_ _1\"></span>igina<span class=\"_ _f\"></span>ti<span class=\"fc1 sc0\"> </span></div></td><td></td><td></td><td></td><td class=\"c x4c8 y2ea3 w49e h240\"><div class=\"t m0 x1c h1f y32 ff2b fs7 fc4 sc3 ls0 ws0\">Cont<span class=\"_ _f\"></span>ratti or<span class=\"_ _1\"></span>igina<span class=\"_ _f\"></span>ti<span class=\"fc1 sc0\"> </span></div></td><td></td><td></td></tr><tr><td class=\"c x46b y2ea4 w49f h49\"><div class=\"t m0 x96 h1f y25c ff2b fs7 fc4 sc3 ls0 ws0\">Voci<span class=\"_ _1\"></span>/Gru<span class=\"_ _f\"></span>ppi di co<span class=\"_ _1\"></span>ntr<span class=\"_ _1\"></span>atti<span class=\"fc1 sc0\"> </span></div></td><td class=\"c x728 y2ea4 w49d h49\" colspan=\"2\"><div class=\"t m0 xef h1f y25 ff2b fs7 fc4 sc3 ls0 ws0\">31/12/<span class=\"_ _f\"></span>2025<span class=\"fc1 sc0\"> </span></div></td><td></td><td></td><td class=\"c x4c8 y2ea4 w4a0 h49\" colspan=\"2\"><div class=\"t m0 xef h1f y25 ff2b fs7 fc4 sc3 ls0 ws0\">31/12/<span class=\"_ _f\"></span>2024<span class=\"fc1 sc0\"> </span></div></td><td></td></tr><tr><td></td><td class=\"c x729 y2ea5 wd63 h484\"><div class=\"t m0 x250 h1f y2409 ff2b fs7 fc4 sc3 ls0 ws0\">Cont<span class=\"_ _f\"></span>ratti</div></td><td class=\"c x72a y2ea6 wd63 h51b\"><div class=\"t m0 x250 h1f y2409 ff2b fs7 fc4 sc3 ls0 ws0\">Cont<span class=\"_ _f\"></span>ratti<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x49e y2ea5 wd63 h484\"><div class=\"t m0 x250 h1f y2409 ff2b fs7 fc4 sc3 ls0 ws0\">Cont<span class=\"_ _f\"></span>ratti</div></td><td class=\"c x6df y2ea6 wd63 h51b\" colspan=\"2\"><div class=\"t m0 x250 h1f y2409 ff2b fs7 fc4 sc3 ls0 ws0\">Cont<span class=\"_ _f\"></span>ratti<span class=\"_ _df\"> </span></div></td><td></td></tr><tr><td></td><td class=\"c x72b y2ea7 wd65 h484\"><div class=\"t m0 x250 h1f y2409 ff2b fs7 fc4 sc3 ls0 ws0\">oner<span class=\"_ _f\"></span>osi<span class=\"_ _df\"> </span></div></td><td class=\"c x72c y2ea8 wd7a h484\"><div class=\"t m0 x250 h1f y2409 ff2b fs7 fc4 sc3 ls0 ws0\">non<span class=\"_ _df\"> </span></div></td><td class=\"c x72d y2ea9 w3a1 ha6\"><div class=\"t m0 x2e h1f y41f ff2b fs7 fc4 sc3 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale<span class=\"fc1 sc0\"> </span></div></td><td class=\"c x4c0 y2ea7 wd67 h484\"><div class=\"t m0 x250 h1f y2409 ff2b fs7 fc4 sc3 ls0 ws0\">oner<span class=\"_ _f\"></span>osi<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x72e y2ea8 wd7a h484\"><div class=\"t m0 x250 h1f y2409 ff2b fs7 fc4 sc3 ls0 ws0\">non<span class=\"_ _df\"> </span></div></td><td class=\"c x4f6 y2ea9 w24f ha6\"><div class=\"t m0 x2e h1f y41f ff2b fs7 fc4 sc3 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale<span class=\"fc1 sc0\"> </span></div></td></tr><tr><td class=\"c x262 y2eaa wd64 h48b\"><div class=\"t m0 x250 h1f y2410 ff2b fs7 fc1 sc2 ls0 ws0\">A. St<span class=\"_ _1\"></span>ima<span class=\"_ _1\"></span> del v<span class=\"_ _f\"></span>alore at<span class=\"_ _f\"></span>tuale de<span class=\"_ _f\"></span>i flussi<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x72f y2eab wd65 h4d6\"><div class=\"t m0 x250 h1f y2410 ff2b fs7 fc4 sc3 ls0 ws0\">oner<span class=\"_ _f\"></span>osi<span class=\"_ _df\"> </span></div></td><td></td><td></td><td class=\"c x6e7 y2eab wd67 h4d6\" colspan=\"2\"><div class=\"t m0 x250 h1f y2410 ff2b fs7 fc4 sc3 ls0 ws0\">oner<span class=\"_ _f\"></span>osi<span class=\"_ _df\"> </span></div></td><td></td></tr><tr><td class=\"c x262 y2e8f wd69 h484\"><div class=\"t m0 x250 h1f y2410 ff2b fs7 fc1 sc2 ls0 ws0\">finan<span class=\"_ _f\"></span>ziari fut<span class=\"_ _1\"></span>uri in<span class=\"_ _f\"></span> uscita<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x46b y2eac w4a1 hcb\"><div class=\"t m0 x16a h1f y80 ff2b fs7 fc1 sc0 ls0 ws0\">1. Costi di acquis<span class=\"_ _1\"></span>izione dei contra<span class=\"_ _1\"></span>tti<span class=\"_ _df\"> </span></div></td><td class=\"c x728 y2eac w281 hcb\"><div class=\"t m0 x91 h1f y80 ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x50a y2eac w4a2 hcb\"><div class=\"t m0 x26 h1f y80 ff2b fs7 fc1 sc0 ls0 ws0\">1.439 </div></td><td class=\"c x72d y2eac w498 hcb\"><div class=\"t m0 x26 h1f y80 ff2b fs7 fc1 sc0 ls0 ws0\">1.439 </div></td><td></td><td class=\"c x4c8 y2eac w4a2 hcb\"><div class=\"t m0 x91 h1f y80 ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x6ed y2eac w281 hcb\"><div class=\"t m0 x26 h1f y80 ff2b fs7 fc1 sc0 ls0 ws0\">1.682 </div></td><td class=\"c x4f6 y2eac w4f hcb\"><div class=\"t m0 x26 h1f y80 ff2b fs7 fc1 sc0 ls0 ws0\">1.682 </div></td></tr><tr><td class=\"c x2a8 y2ead wd6a h484\"><div class=\"t m0 x250 h1f y2410 ff2b fs7 fc1 sc0 ls0 ws0\">2. Importo dei sin<span class=\"_ _1\"></span>istri e altri co<span class=\"_ _1\"></span>sti<span class=\"_ _df\"> </span></div></td><td class=\"c x728 y2eae w281 h58\"><div class=\"t m0 x26 h1f y420 ff2b fs7 fc1 sc0 ls0 ws0\">1.058 </div></td><td class=\"c x50a y2eae w4a2 h58\"><div class=\"t m0 x2c h1f y420 ff2b fs7 fc1 sc0 ls0 ws0\">13.515 </div></td><td class=\"c x72d y2eae w498 h58\"><div class=\"t m0 x32 h1f y420 ff2b fs7 fc1 sc0 ls0 ws0\">14.573 </div></td><td></td><td class=\"c x4c8 y2eae w4a2 h58\"><div class=\"t m0 x91 h1f y420 ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x6ed y2eae w281 h58\"><div class=\"t m0 x2c h1f y420 ff2b fs7 fc1 sc0 ls0 ws0\">14.901 </div></td><td class=\"c x4f6 y2eae w4f h58\"><div class=\"t m0 x35 h1f y420 ff2b fs7 fc1 sc0 ls0 ws0\">14.901 </div></td></tr><tr><td class=\"c x2a8 y2eaf wd6b h484\"><div class=\"t m0 x250 h1f y2410 ff2b fs7 fc1 sc0 ls0 ws0\">direttamente attr<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span>buibi<span class=\"_ _1\"></span>li<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x46b y2eb0 w4a1 h49\"><div class=\"t m0 x16a h1f y25c ff2b fs7 fc1 sc0 ls0 ws0\">3. Totale </div></td><td class=\"c x728 y2eb0 w281 h49\"><div class=\"t m0 x26 h1f y25c ff2b fs7 fc1 sc0 ls0 ws0\">1.058 </div></td><td class=\"c x50a y2eb0 w4a2 h49\"><div class=\"t m0 x32 h1f y25c ff2b fs7 fc1 sc0 ls0 ws0\">14.954 </div></td><td class=\"c x72d y2eb0 w498 h49\"><div class=\"t m0 x2c h1f y25c ff2b fs7 fc1 sc0 ls0 ws0\">16.012 </div></td><td></td><td class=\"c x4c8 y2eb0 w4a2 h49\"><div class=\"t m0 x91 h1f y25c ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x6ed y2eb0 w281 h49\"><div class=\"t m0 x32 h1f y25c ff2b fs7 fc1 sc0 ls0 ws0\">16.583 </div></td><td class=\"c x4f6 y2eb0 w4f h49\"><div class=\"t m0 x32 h1f y25c ff2b fs7 fc1 sc0 ls0 ws0\">16.583 </div></td></tr><tr><td class=\"c x262 y2eb1 wd6c h51c\"><div class=\"t m0 x250 h1f y2410 ff2b fs7 fc1 sc2 ls0 ws0\">B. St<span class=\"_ _f\"></span>ima del v<span class=\"_ _1\"></span>alor<span class=\"_ _f\"></span>e attual<span class=\"_ _f\"></span>e dei fl<span class=\"_ _1\"></span>ussi<span class=\"_ _df\"> </span></div></td><td class=\"c x728 y2eb2 w281 hcd\"><div class=\"t m0 x3a h1f y420 ff2b fs7 fc1 sc0 ls0 ws0\">(1.113) </div></td><td class=\"c x50a y2eb2 w4a2 hcd\"><div class=\"t m0 x48 h1f y420 ff2b fs7 fc1 sc0 ls0 ws0\">(21.164) </div></td><td class=\"c x72d y2eb2 w498 hcd\"><div class=\"t m0 x39 h1f y420 ff2b fs7 fc1 sc0 ls0 ws0\">(22.277) </div></td><td></td><td class=\"c x4c8 y2eb2 w4a2 hcd\"><div class=\"t m0 x91 h1f y420 ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x6ed y2eb2 w281 hcd\"><div class=\"t m0 x130 h1f y420 ff2b fs7 fc1 sc0 ls0 ws0\">(23.790) </div></td><td class=\"c x4f6 y2eb2 w4f hcd\"><div class=\"t m0 x55 h1f y420 ff2b fs7 fc1 sc0 ls0 ws0\">(23.790) </div></td></tr><tr><td class=\"c x262 y2eb3 wd6d h484\"><div class=\"t m0 x250 h1f y2410 ff2b fs7 fc1 sc2 ls0 ws0\">finan<span class=\"_ _f\"></span>ziari fut<span class=\"_ _1\"></span>uri in<span class=\"_ _f\"></span> entrat<span class=\"_ _f\"></span>a<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x262 y2e98 wd7b h484\"><div class=\"t m0 x250 h1f y2410 ff2b fs7 fc1 sc2 ls44 ws0\">C.<span class=\"ls0\"> Stim<span class=\"_ _f\"></span>a del va<span class=\"_ _f\"></span>lore at<span class=\"_ _1\"></span>tual<span class=\"_ _1\"></span>e net<span class=\"_ _1\"></span>to <span class=\"_ _1\"></span>dei fl<span class=\"_ _f\"></span>ussi<span class=\"_ _df\"> </span></span></div></td><td class=\"c x728 y2eb4 w281 had\"><div class=\"t m0 x38 h1f y420 ff2b fs7 fc1 sc2 ls0 ws0\">(55)<span class=\"sc0\"> </span></div></td><td class=\"c x50a y2eb4 w4a2 had\"><div class=\"t m0 x32 h1f y420 ff2b fs7 fc1 sc2 ls0 ws0\">(6.21<span class=\"_ _1\"></span>0)<span class=\"sc0\"> </span></div></td><td class=\"c x72d y2eb4 w498 had\"><div class=\"t m0 x33 h1f y420 ff2b fs7 fc1 sc2 ls0 ws0\">(6.26<span class=\"_ _1\"></span>5)<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td><td></td><td class=\"c x4c8 y2eb4 w4a2 had\"><div class=\"t m0 x91 h1f y420 ff2b fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x6ed y2eb4 w281 had\"><div class=\"t m0 x32 h1f y420 ff2b fs7 fc1 sc2 ls0 ws0\">(7.2<span class=\"_ _1\"></span>07)<span class=\"sc0\"> </span></div></td><td class=\"c x4f6 y2eb4 w4f had\"><div class=\"t m0 x33 h1f y420 ff2b fs7 fc1 sc2 ls0 ws0\">(7.2<span class=\"_ _1\"></span>07)<span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x262 y2e9a wd6f h484\"><div class=\"t m0 x250 h1f y2410 ff2b fs7 fc1 sc2 ls0 ws0\">finan<span class=\"_ _f\"></span>ziari fut<span class=\"_ _1\"></span>uri <span class=\"_ _1\"></span>(A-<span class=\"lse7\">B</span><span class=\"lse7\">)<span class=\"_ _df\"> </span></span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x262 y2eb5 wd70 h48b\"><div class=\"t m0 x250 h1f y2410 ff2b fs7 fc1 sc2 ls0 ws0\">D. St<span class=\"_ _f\"></span>ima ag<span class=\"_ _1\"></span>giust<span class=\"_ _1\"></span>ame<span class=\"_ _1\"></span>nto<span class=\"_ _1\"></span> per i<span class=\"_ _1\"></span> risc<span class=\"_ _1\"></span>hi n<span class=\"_ _f\"></span>on<span class=\"_ _df\"> </span></div></td><td class=\"c x728 y2eb6 w281 h58\"><div class=\"t m0 x36 h1f y420 ff2b fs7 fc1 sc0 ls27 ws0\">33<span class=\"ls0\"> </span></div></td><td class=\"c x50a y2eb6 w4a2 h58\"><div class=\"t m0 x30 h1f y420 ff2b fs7 fc1 sc0 ls2a ws0\">221<span class=\"ls0\"> </span></div></td><td class=\"c x72d y2eb6 w498 h58\"><div class=\"t m0 x38 h1f y420 ff2b fs7 fc1 sc0 ls0 ws0\">254 </div></td><td></td><td class=\"c x4c8 y2eb6 w4a2 h58\"><div class=\"t m0 x91 h1f y420 ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x6ed y2eb6 w281 h58\"><div class=\"t m0 x38 h1f y420 ff2b fs7 fc1 sc0 ls2a ws0\">283<span class=\"ls0\"> </span></div></td><td class=\"c x4f6 y2eb6 w4f h58\"><div class=\"t m0 x38 h1f y420 ff2b fs7 fc1 sc0 ls2a ws0\">283<span class=\"ls0\"> </span></div></td></tr><tr><td class=\"c x262 y2cb4 wd71 h484\"><div class=\"t m0 x250 h1f y2410 ff2b fs7 fc1 sc2 ls0 ws0\">finan<span class=\"_ _f\"></span>ziari<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x262 y2eb7 wd72 h4b6\"><div class=\"t m0 x250 h1f y2410 ff2b fs7 fc1 sc2 ls0 ws0\">E. El<span class=\"_ _f\"></span>iminazio<span class=\"_ _f\"></span>ne cont<span class=\"_ _f\"></span>abile di<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x262 y2eb8 wd73 h484\"><div class=\"t m0 x250 h1f y2410 ff2b fs7 fc1 sc2 ls0 ws0\">attiv<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span>t\u00e0<span class=\"_ _1\"></span>/pass<span class=\"_ _f\"></span>ivit\u00e0 gi<span class=\"_ _1\"></span>\u00e0 iscr<span class=\"_ _f\"></span>itte a fro<span class=\"_ _f\"></span>nte di<span class=\"_ _df\"> </span></div></td><td class=\"c x728 y2eb9 w281 h24a\"><div class=\"t m0 x91 h1f y2c4 ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x50a y2eb9 w4a2 h24a\"><div class=\"t m0 x91 h1f y2c4 ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x72d y2eb9 w498 h24a\"><div class=\"t m0 x12 h1f y2c4 ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x4c8 y2eb9 w4a2 h24a\"><div class=\"t m0 x91 h1f y2c4 ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x6ed y2eb9 w281 h24a\"><div class=\"t m0 x91 h1f y2c4 ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x4f6 y2eb9 w4f h24a\"><div class=\"t m0 x12 h1f y2c4 ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x262 y2eba wd7c h484\"><div class=\"t m0 x250 h1f y2410 ff2b fs7 fc1 sc2 lse8 ws0\">flu<span class=\"ls0\">ssi f<span class=\"_ _1\"></span>inan<span class=\"_ _1\"></span>ziari co<span class=\"_ _f\"></span>nnes<span class=\"_ _1\"></span>si con<span class=\"_ _f\"></span> i contr<span class=\"_ _f\"></span>atti di<span class=\"_ _df\"> </span></span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x262 y2ebb wd75 h484\"><div class=\"t m0 x250 h1f y2410 ff2b fs7 fc1 sc2 ls0 ws0\">assic<span class=\"_ _1\"></span>urazi<span class=\"_ _f\"></span>one em<span class=\"_ _f\"></span>essi<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x46b y2ebc w4a1 h49\"><div class=\"t m0 x8a h1f y25c ff2b fs7 fc1 sc2 ls0 ws0\">F. Ma<span class=\"_ _1\"></span>rgi<span class=\"_ _1\"></span>ne sui<span class=\"_ _f\"></span> servi<span class=\"_ _1\"></span>zi con<span class=\"_ _1\"></span>tra<span class=\"_ _1\"></span>ttual<span class=\"_ _1\"></span>i<span class=\"sc0\"> </span></div></td><td class=\"c x728 y2ebc w281 h49\"><div class=\"t m0 x91 h1f y25c ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x50a y2ebc w4a2 h49\"><div class=\"t m0 x3a h1f y25c ff2b fs7 fc1 sc0 ls0 ws0\">5.988 </div></td><td class=\"c x72d y2ebc w498 h49\"><div class=\"t m0 x2c h1f y25c ff2b fs7 fc1 sc0 ls0 ws0\">5.988 </div></td><td></td><td class=\"c x4c8 y2ebc w4a2 h49\"><div class=\"t m0 x91 h1f y25c ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x6ed y2ebc w281 h49\"><div class=\"t m0 x27 h1f y25c ff2b fs7 fc1 sc0 ls0 ws0\">6.925 </div></td><td class=\"c x4f6 y2ebc w4f h49\"><div class=\"t m0 x3a h1f y25c ff2b fs7 fc1 sc0 ls0 ws0\">6.925 </div></td></tr><tr><td class=\"c x262 y2b0e wd76 h4b7\"><div class=\"t m0 x250 h1f y2410 ff2b fs7 fc1 sc2 ls0 ws0\">G. Au<span class=\"_ _f\"></span>mento i<span class=\"_ _1\"></span>nclus<span class=\"_ _f\"></span>o nella<span class=\"_ _f\"></span> passiv<span class=\"_ _1\"></span>it\u00e0 pe<span class=\"_ _f\"></span>r<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x262 y2684 wd77 h484\"><div class=\"t m0 x250 h1f y2410 ff2b fs7 fc1 sc2 ls0 ws0\">cont<span class=\"_ _1\"></span>ratt<span class=\"_ _1\"></span>i di as<span class=\"_ _f\"></span>sicurazi<span class=\"_ _1\"></span>one<span class=\"_ _f\"></span> emess<span class=\"_ _f\"></span>i<span class=\"_ _df\"> </span></div></td><td class=\"c x728 y2ebd w281 h89\"><div class=\"t m0 x38 h1f y15 ff2b fs7 fc1 sc2 ls0 ws0\">(22)<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x50a y2ebd w4a2 h89\"><div class=\"t m0 x8f h1f y15 ff2b fs7 fc1 sc2 ls28 ws0\">(1)<span class=\"sc0 ls0\"> </span></div></td><td class=\"c x72d y2ebd w498 h89\"><div class=\"t m0 x38 h1f y15 ff2b fs7 fc1 sc2 ls0 ws0\">(23)<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td><td></td><td class=\"c x4c8 y2ebd w4a2 h89\"><div class=\"t m0 x91 h1f y15 ff2b fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x6ed y2ebd w281 h89\"><div class=\"t m0 x91 h1f y15 ff2b fs7 fc1 sc2 ls0 ws0\">1<span class=\"sc0\"> </span></div></td><td class=\"c x4f6 y2ebd w4f h89\"><div class=\"t m0 x91 h1f y15 ff2b fs7 fc1 sc2 ls0 ws0\">1<span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x262 y2491 wd78 h484\"><div class=\"t m0 x250 h1f y2410 ff2b fs7 fc1 sc2 ls0 ws0\">nell<span class=\"_ _1\"></span>'eser<span class=\"_ _f\"></span>cizio (C+D<span class=\"_ _f\"></span>+E+F)<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr></table>Eleme<span class=\"_ _f\"></span>nti sot<span class=\"_ _1\"></span>tosta<span class=\"_ _1\"></span>nte a<span class=\"_ _1\"></span>lla mi<span class=\"_ _1\"></span>sura<span class=\"_ _1\"></span>zione <span class=\"_ _1\"></span>dei co<span class=\"_ _f\"></span>ntratti <span class=\"_ _1\"></span>di as<span class=\"_ _f\"></span>sicurazio<span class=\"_ _1\"></span>ne em<span class=\"_ _1\"></span>essi <span class=\"_ _1\"></span>iscrit<span class=\"_ _1\"></span>ti nel<span class=\"_ _1\"></span>l'eser<span class=\"_ _f\"></span>cizio<span class=\"_ _df\"> </span>Contr<span class=\"_ _1\"></span>atti <span class=\"_ _f\"></span>d'investim<span class=\"_ _f\"></span>ento eme<span class=\"_ _1\"></span>ssi <span class=\"_ _f\"></span>con elem<span class=\"_ _1\"></span>enti<span class=\"_ _1\"></span> di p<span class=\"_ _1\"></span>arte<span class=\"_ _1\"></span>cipazi<span class=\"_ _1\"></span>one d<span class=\"_ _1\"></span>iscr<span class=\"_ _1\"></span>eziona<span class=\"_ _1\"></span>li -<span class=\"_ _df\"> </span>Segme<span class=\"_ _f\"></span>nto Vita<table class=\"s wd7d h51a\" id=\"_2cc7d017-e283-432a-a801-c6883f849565\"><tr><td></td><td></td><td class=\"c x4c5 y2ebe w4a4 h240\"><div class=\"t m0 x1c h1f y32 ff4 fs7 fc4 sc3 ls0 ws0\">Cont<span class=\"_ _f\"></span>ratti or<span class=\"_ _1\"></span>igina<span class=\"_ _f\"></span>ti<span class=\"fc1 sc0\"> </span></div></td><td></td><td></td><td></td><td class=\"c x730 y2ebe w4a5 h240\"><div class=\"t m0 x1c h1f y32 ff4 fs7 fc4 sc3 ls0 ws0\">Cont<span class=\"_ _f\"></span>ratti or<span class=\"_ _1\"></span>igina<span class=\"_ _f\"></span>t<span class=\"_ _2\"></span>i<span class=\"fc1 sc0\"> </span></div></td><td></td><td></td></tr><tr><td class=\"c x46b y2ebf w4a6 h49\"><div class=\"t m0 x96 h1f y25f ff4 fs7 fc4 sc3 ls0 ws0\">Voci<span class=\"_ _1\"></span>/Gru<span class=\"_ _f\"></span>ppi di co<span class=\"_ _1\"></span>ntr<span class=\"_ _1\"></span>atti<span class=\"fc1 sc0\"> </span></div></td><td class=\"c x731 y2d06 w990 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/<span class=\"_ _df\"> </span></div></td><td class=\"c x732 y2d06 w991 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">2025<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td class=\"c x730 y2ebf w4a7 h49\"><div class=\"t m0 xef h1f y25 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/<span class=\"_ _f\"></span>2024<span class=\"fc1 sc0\"> </span></div></td><td></td><td></td></tr><tr><td></td><td class=\"c x4b0 y2c3f wd63 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">Cont<span class=\"_ _f\"></span>ratti</div></td><td class=\"c x733 y2ea6 wd63 h4b7\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">Cont<span class=\"_ _f\"></span>ratti<span class=\"_ _df\"> </span></div></td><td></td><td></td><td class=\"c x734 y2c3f wd63 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">Cont<span class=\"_ _f\"></span>ratti</div></td><td class=\"c x6df y2ea6 wd63 h4b7\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">Cont<span class=\"_ _f\"></span>ratti<span class=\"_ _df\"> </span></div></td><td></td><td></td></tr><tr><td></td><td class=\"c x4bf y2ec0 wd65 h4d6\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc4 sc3 ls0 ws0\">oner<span class=\"_ _f\"></span>osi<span class=\"_ _df\"> </span></div></td><td class=\"c x735 y2ba4 wd7a h4d6\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc4 sc3 ls0 ws0\">non<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x736 y2ec1 w22d h89\"><div class=\"t m0 x2e h1f y41f ff4 fs7 fc4 sc3 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale<span class=\"fc1 sc0\"> </span></div></td><td class=\"c x737 y2ec0 wd67 h4d6\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc4 sc3 ls0 ws0\">oner<span class=\"_ _f\"></span>osi<span class=\"_ _df\"> </span></div></td><td class=\"c x72e y2ba4 wd7a h4d6\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc4 sc3 ls0 ws0\">non<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x4f6 y2ec1 w4f h89\"><div class=\"t m0 x2e h1f y41f ff4 fs7 fc4 sc3 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale<span class=\"fc1 sc0\"> </span></div></td></tr><tr><td class=\"c x262 y2eaa wd64 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc2 ls0 ws0\">A. St<span class=\"_ _1\"></span>ima<span class=\"_ _1\"></span> del v<span class=\"_ _f\"></span>alore at<span class=\"_ _f\"></span>tuale de<span class=\"_ _f\"></span>i flussi<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x738 y2dbe wd65 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc4 sc3 ls0 ws0\">oner<span class=\"_ _f\"></span>osi<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td class=\"c x6e7 y2dbe wd67 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc4 sc3 ls0 ws0\">oner<span class=\"_ _f\"></span>osi<span class=\"_ _df\"> </span></div></td><td></td><td></td></tr><tr><td class=\"c x262 y2e8f wd69 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc2 ls0 ws0\">finan<span class=\"_ _f\"></span>ziari fut<span class=\"_ _1\"></span>uri in<span class=\"_ _f\"></span> uscita<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x46b y2ec2 w3c0 hcc\"><div class=\"t m0 x16a h1f y74a ff4 fs7 fc1 sc0 ls0 ws0\">1. Costi di acquis<span class=\"_ _1\"></span>izione dei contratt<span class=\"_ _f\"></span>i<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x4c5 y2ec2 w281 hcc\"><div class=\"t m0 x91 h1f y74a ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x50a y2ec2 w379 hcc\"><div class=\"t m0 x12 h1f y74a ff4 fs7 fc1 sc0 ls0 ws0\">2 </div></td><td class=\"c x736 y2ec2 w281 hcc\"><div class=\"t m0 x12 h1f y74a ff4 fs7 fc1 sc0 ls0 ws0\">2 </div></td><td></td><td class=\"c x730 y2ec2 w4a2 hcc\"><div class=\"t m0 x91 h1f y74a ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x56a y2ec2 w281 hcc\"><div class=\"t m0 x96 h1f y74a ff4 fs7 fc1 sc0 ls0 ws0\">6<span class=\"_ _df\"> </span></div></td><td class=\"c x4f6 y2ec2 w2c5 hcc\"><div class=\"t m0 x96 h1f y74a ff4 fs7 fc1 sc0 ls0 ws0\">6 </div></td></tr><tr><td class=\"c x2a8 y2ec3 wd6a h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">2. Importo dei sin<span class=\"_ _1\"></span>istri e altri co<span class=\"_ _1\"></span>sti<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x4c5 y2ec4 w281 had\"><div class=\"t m0 x91 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x50a y2ec4 w379 had\"><div class=\"t m0 x130 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">374.289 </div></td><td class=\"c x736 y2ec4 w281 had\"><div class=\"t m0 x130 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">374.289 </div></td><td></td><td class=\"c x730 y2ec4 w4a2 had\"><div class=\"t m0 x91 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x56a y2ec4 w281 had\"><div class=\"t m0 x14 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">182.435 </div></td><td class=\"c x4f6 y2ec4 w2c5 had\"><div class=\"t m0 x14 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">182.435 </div></td></tr><tr><td class=\"c x2a8 y2eaf wd6b h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">direttamente attr<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span>buibi<span class=\"_ _1\"></span>li<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x46b y2ec5 w3c0 h49\"><div class=\"t m0 x16a h1f y25f ff4 fs7 fc1 sc0 ls0 ws0\">3. Totale </div></td><td></td><td class=\"c x4c5 y2ec5 w281 h49\"><div class=\"t m0 x91 h1f y25f ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x50a y2ec5 w379 h49\"><div class=\"t m0 x14 h1f y25f ff4 fs7 fc1 sc0 ls0 ws0\">374.291 </div></td><td class=\"c x736 y2ec5 w281 h49\"><div class=\"t m0 x14 h1f y25f ff4 fs7 fc1 sc0 ls0 ws0\">374.291 </div></td><td></td><td class=\"c x730 y2ec5 w4a2 h49\"><div class=\"t m0 x91 h1f y25f ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x56a y2ec5 w281 h49\"><div class=\"t m0 x48 h1f y25f ff4 fs7 fc1 sc0 ls0 ws0\">182.441 </div></td><td class=\"c x4f6 y2ec5 w2c5 h49\"><div class=\"t m0 x48 h1f y25f ff4 fs7 fc1 sc0 ls0 ws0\">182.441 </div></td></tr><tr><td class=\"c x262 y2ec6 wd6c h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc2 ls0 ws0\">B. St<span class=\"_ _f\"></span>ima del v<span class=\"_ _1\"></span>alor<span class=\"_ _f\"></span>e attual<span class=\"_ _f\"></span>e dei fl<span class=\"_ _1\"></span>ussi<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x4c5 y2ec7 w281 hcd\"><div class=\"t m0 x91 h1f y2ea ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x50a y2ec7 w379 hcd\"><div class=\"t m0 x116 h1f y2ea ff4 fs7 fc1 sc0 ls0 ws0\">(398.267) </div></td><td class=\"c x736 y2ec7 w281 hcd\"><div class=\"t m0 x116 h1f y2ea ff4 fs7 fc1 sc0 ls0 ws0\">(398.267) </div></td><td></td><td class=\"c x730 y2ec7 w4a2 hcd\"><div class=\"t m0 x91 h1f y2ea ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x56a y2ec7 w281 hcd\"><div class=\"t m0 x55 h1f y2ea ff4 fs7 fc1 sc0 ls0 ws0\">(193.816) </div></td><td class=\"c x4f6 y2ec7 w2c5 hcd\"><div class=\"t m0 x2e h1f y2ea ff4 fs7 fc1 sc0 ls0 ws0\">(193.816) </div></td></tr><tr><td class=\"c x262 y2ec8 wd6d h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc2 ls0 ws0\">finan<span class=\"_ _f\"></span>ziari fut<span class=\"_ _1\"></span>uri in<span class=\"_ _f\"></span> entrat<span class=\"_ _f\"></span>a<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x262 y2ec9 wd6e h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc2 ls0 ws0\">C. St<span class=\"_ _1\"></span>ima<span class=\"_ _1\"></span> del v<span class=\"_ _f\"></span>alore at<span class=\"_ _f\"></span>tuale ne<span class=\"_ _1\"></span>tto<span class=\"_ _1\"></span> dei f<span class=\"_ _1\"></span>lus<span class=\"_ _1\"></span>si<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x4c5 y2eca w281 had\"><div class=\"t m0 x91 h1f y420 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x50a y2eca w379 had\"><div class=\"t m0 x39 h1f y420 ff4 fs7 fc1 sc2 ls0 ws0\">(23.97<span class=\"_ _f\"></span>6)<span class=\"sc0\"> </span></div></td><td class=\"c x736 y2eca w281 had\"><div class=\"t m0 x39 h1f y420 ff4 fs7 fc1 sc2 ls0 ws0\">(23.97<span class=\"_ _f\"></span>6)<span class=\"sc0\"> </span></div></td><td></td><td class=\"c x730 y2eca w4a2 had\"><div class=\"t m0 x91 h1f y420 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x56a y2eca w281 had\"><div class=\"t m0 x33 h1f y420 ff4 fs7 fc1 sc2 ls0 ws0\">(11.375<span class=\"_ _f\"></span>)<span class=\"sc0\"> </span></div></td><td class=\"c x4f6 y2eca w2c5 had\"><div class=\"t m0 x48 h1f y420 ff4 fs7 fc1 sc2 ls0 ws0\">(11.375<span class=\"_ _f\"></span>)<span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x262 y2ecb wd6f h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc2 ls0 ws0\">finan<span class=\"_ _f\"></span>ziari fut<span class=\"_ _1\"></span>uri <span class=\"_ _1\"></span>(A-<span class=\"lse7\">B</span><span class=\"lse7\">)<span class=\"_ _df\"> </span></span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x262 y2e9b wd70 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc2 ls0 ws0\">D. St<span class=\"_ _f\"></span>ima ag<span class=\"_ _1\"></span>giust<span class=\"_ _1\"></span>ame<span class=\"_ _1\"></span>nto<span class=\"_ _1\"></span> per i<span class=\"_ _1\"></span> risc<span class=\"_ _1\"></span>hi n<span class=\"_ _f\"></span>on<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x4c5 y2ecc w281 h58\"><div class=\"t m0 x91 h1f y2ea ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x50a y2ecc w379 h58\"><div class=\"t m0 x31 h1f y2ea ff4 fs7 fc1 sc0 ls0 ws0\">526 </div></td><td class=\"c x736 y2ecc w281 h58\"><div class=\"t m0 x31 h1f y2ea ff4 fs7 fc1 sc0 ls0 ws0\">526 </div></td><td></td><td class=\"c x730 y2ecc w4a2 h58\"><div class=\"t m0 x91 h1f y2ea ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x56a y2ecc w281 h58\"><div class=\"t m0 x31 h1f y2ea ff4 fs7 fc1 sc0 ls0 ws0\">532 </div></td><td class=\"c x4f6 y2ecc w2c5 h58\"><div class=\"t m0 x38 h1f y2ea ff4 fs7 fc1 sc0 ls0 ws0\">532 </div></td></tr><tr><td class=\"c x262 y2ecd wd71 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc2 ls0 ws0\">finan<span class=\"_ _f\"></span>ziari<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x262 y2ece wd72 h51d\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc2 ls0 ws0\">E. El<span class=\"_ _f\"></span>iminazio<span class=\"_ _f\"></span>ne cont<span class=\"_ _f\"></span>abile di<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x262 y2ecf wd73 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc2 ls0 ws0\">attiv<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span>t\u00e0<span class=\"_ _1\"></span>/pass<span class=\"_ _f\"></span>ivit\u00e0 gi\u00e0<span class=\"_ _f\"></span> iscritte<span class=\"_ _1\"></span> a fro<span class=\"_ _f\"></span>nte di<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x4c5 y2ed0 w281 h2ba\"><div class=\"t m0 x91 h1f ydae ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x50a y2ed0 w379 h2ba\"><div class=\"t m0 x91 h1f ydae ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x736 y2ed0 w281 h2ba\"><div class=\"t m0 x91 h1f ydae ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x730 y2ed0 w4a2 h2ba\"><div class=\"t m0 x91 h1f ydae ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x56a y2ed0 w281 h2ba\"><div class=\"t m0 x91 h1f ydae ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x4f6 y2ed0 w2c5 h2ba\"><div class=\"t m0 x91 h1f ydae ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x262 y2dd1 wd74 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc2 ls0 ws0\">flus<span class=\"_ _1\"></span>si fin<span class=\"_ _1\"></span>anzi<span class=\"_ _1\"></span>ari con<span class=\"_ _f\"></span>ness<span class=\"_ _1\"></span>i con i<span class=\"_ _1\"></span> con<span class=\"_ _1\"></span>tra<span class=\"_ _1\"></span>tti di<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x262 y2ed1 wd75 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc2 ls0 ws0\">assic<span class=\"_ _1\"></span>urazi<span class=\"_ _f\"></span>one em<span class=\"_ _f\"></span>essi<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x46b y2ed2 w3c0 h49\"><div class=\"t m0 x8a h1f y25f ff4 fs7 fc1 sc2 ls0 ws0\">F. Ma<span class=\"_ _1\"></span>rgi<span class=\"_ _1\"></span>ne sui<span class=\"_ _f\"></span> servi<span class=\"_ _1\"></span>zi con<span class=\"_ _1\"></span>tra<span class=\"_ _1\"></span>ttual<span class=\"_ _1\"></span>i<span class=\"sc0\"> </span></div></td><td></td><td class=\"c x4c5 y2ed2 w281 h49\"><div class=\"t m0 x91 h1f y25f ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x50a y2ed2 w379 h49\"><div class=\"t m0 x35 h1f y25f ff4 fs7 fc1 sc0 ls0 ws0\">23.451 </div></td><td class=\"c x736 y2ed2 w281 h49\"><div class=\"t m0 x35 h1f y25f ff4 fs7 fc1 sc0 ls0 ws0\">23.451 </div></td><td></td><td class=\"c x730 y2ed2 w4a2 h49\"><div class=\"t m0 x91 h1f y25f ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x56a y2ed2 w281 h49\"><div class=\"t m0 x32 h1f y25f ff4 fs7 fc1 sc0 ls0 ws0\">10.843<span class=\"_ _df\"> </span></div></td><td class=\"c x4f6 y2ed2 w2c5 h49\"><div class=\"t m0 x32 h1f y25f ff4 fs7 fc1 sc0 ls0 ws0\">10.843 </div></td></tr><tr><td class=\"c x262 y2ed3 wd76 h49b\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc2 ls0 ws0\">G. Au<span class=\"_ _f\"></span>mento i<span class=\"_ _1\"></span>nclus<span class=\"_ _f\"></span>o nella<span class=\"_ _f\"></span> passiv<span class=\"_ _1\"></span>it\u00e0 pe<span class=\"_ _f\"></span>r<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x262 y2701 wd77 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc2 ls0 ws0\">cont<span class=\"_ _1\"></span>ratt<span class=\"_ _1\"></span>i di as<span class=\"_ _f\"></span>sicurazi<span class=\"_ _1\"></span>one<span class=\"_ _f\"></span> emess<span class=\"_ _f\"></span>i<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x4c5 y2ed4 w281 h89\"><div class=\"t m0 x91 h1f y41f ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x50a y2ed4 w379 h89\"><div class=\"t m0 x91 h1f y41f ff4 fs7 fc1 sc2 ls0 ws0\">1<span class=\"sc0\"> </span></div></td><td class=\"c x736 y2ed4 w281 h89\"><div class=\"t m0 x91 h1f y41f ff4 fs7 fc1 sc2 ls0 ws0\">1<span class=\"sc0\"> </span></div></td><td></td><td class=\"c x730 y2ed4 w4a2 h89\"><div class=\"t m0 x91 h1f y41f ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x56a y2ed4 w281 h89\"><div class=\"t m0 x91 h1f y41f ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x4f6 y2ed4 w2c5 h89\"><div class=\"t m0 x91 h1f y41f ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x262 y2491 wd78 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc2 ls0 ws0\">nell<span class=\"_ _1\"></span>'eser<span class=\"_ _f\"></span>cizio (C+D<span class=\"_ _f\"></span>+E+F)<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr></table><div class=\"c w37c h23d gsd7e\"><div class=\"t m0 xe h5 y1517 ff2c fs1 fc4 sc3 ls0 ws0\">Riser<span class=\"_ _1\"></span>ve te<span class=\"_ _1\"></span>cniche<span class=\"_ _1\"></span> di c<span class=\"_ _f\"></span>ui all\u2019art<span class=\"_ _f\"></span>icolo 10 d<span class=\"_ _1\"></span>el Reg<span class=\"_ _1\"></span>olam<span class=\"_ _f\"></span>ento IS<span class=\"_ _1\"></span>VAP <span class=\"_ _1\"></span>n. 7 d<span class=\"_ _1\"></span>el 13<span class=\"_ _1\"></span> luglio<span class=\"_ _f\"></span> 2007<span class=\"ff2b fc1 sc0\"> </span></div></div><div class=\"gsd7f\"><table class=\"s wd7e h51e\" id=\"_c6f41808-9c60-4e53-9150-e4294bfa782c\"><tr><td></td><td class=\"c x580 y2ed5 w3f7 h2bb\"><div class=\"t m0 x26 h1f yd67 ff2b fs7 fc4 sc3 ls0 ws0\">Impo<span class=\"_ _1\"></span>rto<span class=\"fc1 sc0\"> </span></div></td></tr><tr><td></td><td class=\"c x580 y2ed6 w3f7 h4e\"><div class=\"t m0 x32 h1f y71 ff2b fs7 fc4 sc3 ls0 ws0\">31/12/<span class=\"_ _f\"></span>2025<span class=\"fc1 sc0\"> </span></div></td></tr><tr><td class=\"c x46b y2ed7 w4a8 h131\"><div class=\"t m0 x8a h1f y3e4 ff2b fs7 fc1 sc2 ls0 ws0\">C. Ris<span class=\"_ _f\"></span>erve te<span class=\"_ _1\"></span>cnich<span class=\"_ _f\"></span>e<span class=\"sc0\"> </span></div></td><td class=\"c x580 y2ed7 w3f7 h131\"><div class=\"t m0 x1c h1f y3e4 ff2b fs7 fc1 sc2 ls0 ws0\">5.681.<span class=\"_ _1\"></span>918<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x46b y2ed8 w4a8 h131\"><div class=\"t m0 x16a h1f y3e4 ff2b fs7 fc1 sc2 ls0 ws0\">I. Ra<span class=\"_ _1\"></span>mo Da<span class=\"_ _f\"></span>nni<span class=\"sc0\"> </span></div></td><td class=\"c x580 y2ed8 w3f7 h131\"><div class=\"t m0 xc h1f y3e4 ff2b fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x46b y2ed9 w4a8 h131\"><div class=\"t m0 x39 h1f y3e4 ff2b fs7 fc1 sc2 ls0 ws0\">1. Ris<span class=\"_ _1\"></span>erva<span class=\"_ _f\"></span> premi<span class=\"sc0\"> </span></div></td><td class=\"c x580 y2ed9 w3f7 h131\"><div class=\"t m0 xc h1f y3e4 ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y2eda w4a8 h131\"><div class=\"t m0 x39 h1f y3e4 ff2b fs7 fc1 sc2 ls0 ws0\">2. Ris<span class=\"_ _1\"></span>erva<span class=\"_ _f\"></span> sinistr<span class=\"_ _1\"></span>i<span class=\"sc0\"> </span></div></td><td class=\"c x580 y2eda w3f7 h131\"><div class=\"t m0 xc h1f y3e4 ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y2edb w4a8 h131\"><div class=\"t m0 x39 h1f y3e4 ff2b fs7 fc1 sc2 ls0 ws0\">3. Ris<span class=\"_ _f\"></span>erva p<span class=\"_ _1\"></span>er par<span class=\"_ _f\"></span>tecipaz<span class=\"_ _1\"></span>ione<span class=\"_ _1\"></span> agl<span class=\"_ _1\"></span>i util<span class=\"_ _1\"></span>i e ris<span class=\"_ _f\"></span>torni<span class=\"sc0\"> </span></div></td><td class=\"c x580 y2edb w3f7 h131\"><div class=\"t m0 xc h1f y3e4 ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y2edc w4a8 h131\"><div class=\"t m0 x39 h1f y3e4 ff2b fs7 fc1 sc2 ls0 ws0\">4. Alt<span class=\"_ _1\"></span>re ri<span class=\"_ _1\"></span>serv<span class=\"_ _1\"></span>e te<span class=\"_ _1\"></span>cnich<span class=\"_ _f\"></span>e<span class=\"sc0\"> </span></div></td><td class=\"c x580 y2edc w3f7 h131\"><div class=\"t m0 xc h1f y3e4 ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y2edd w4a8 h131\"><div class=\"t m0 x39 h1f y3e4 ff2b fs7 fc1 sc2 ls0 ws0\">5. Ris<span class=\"_ _f\"></span>erve di <span class=\"_ _f\"></span>perequa<span class=\"_ _1\"></span>zion<span class=\"_ _f\"></span>e<span class=\"sc0\"> </span></div></td><td class=\"c x580 y2edd w3f7 h131\"><div class=\"t m0 xc h1f y3e4 ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y2ede w4a8 h131\"><div class=\"t m0 x16a h1f y3e4 ff2b fs7 fc1 sc2 ls0 ws0\">II. Ram<span class=\"_ _f\"></span>o vita<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x580 y2ede w3f7 h131\"><div class=\"t m0 x1c h1f y3e4 ff2b fs7 fc1 sc2 ls0 ws0\">5.681.<span class=\"_ _1\"></span>918<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x46b y2edf w4a8 h131\"><div class=\"t m0 x39 h1f y3e4 ff2b fs7 fc1 sc2 ls0 ws0\">1. Ris<span class=\"_ _1\"></span>erve<span class=\"_ _1\"></span> mat<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>ati<span class=\"_ _1\"></span>che<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x580 y2edf w3f7 h131\"><div class=\"t m0 x90 h1f y3e4 ff2b fs7 fc1 sc0 ls0 ws0\">5.624.013 </div></td></tr><tr><td class=\"c x46b y2ee0 w4a8 h131\"><div class=\"t m0 x39 h1f y3e4 ff2b fs7 fc1 sc2 ls0 ws0\">2. Ris<span class=\"_ _1\"></span>erva<span class=\"_ _f\"></span> premi <span class=\"_ _f\"></span>delle ass<span class=\"_ _f\"></span>icuraz<span class=\"_ _1\"></span>ioni<span class=\"_ _1\"></span> com<span class=\"_ _f\"></span>plemen<span class=\"_ _f\"></span>tari </div></td><td class=\"c x580 y2ee0 w3f7 h131\"><div class=\"t m0 xc h1f y3e4 ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y2ee1 w4a8 h131\"><div class=\"t m0 x39 h1f y3e4 ff2b fs7 fc1 sc2 ls0 ws0\">3. Ris<span class=\"_ _f\"></span>erve per<span class=\"_ _f\"></span> somm<span class=\"_ _f\"></span>e da pa<span class=\"_ _1\"></span>gar<span class=\"_ _f\"></span>e<span class=\"sc0\"> </span></div></td><td class=\"c x580 y2ee1 w3f7 h131\"><div class=\"t m0 x49 h1f y3e4 ff2b fs7 fc1 sc0 ls0 ws0\">44.128 </div></td></tr><tr><td class=\"c x46b y2ee2 w4a8 h12f\"><div class=\"t m0 x39 h1f y74a ff2b fs7 fc1 sc2 ls0 ws0\">4. Ris<span class=\"_ _1\"></span>erva<span class=\"_ _f\"></span> per pa<span class=\"_ _1\"></span>rteci<span class=\"_ _f\"></span>pazion<span class=\"_ _1\"></span>e ag<span class=\"_ _1\"></span>li uti<span class=\"_ _1\"></span>li e ri<span class=\"_ _1\"></span>sto<span class=\"_ _1\"></span>rni<span class=\"sc0\"> </span></div></td><td class=\"c x580 y2ee2 w3f7 h12f\"><div class=\"t m0 xc h1f y74a ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y2ee3 w4a8 h131\"><div class=\"t m0 x39 h1f y3e4 ff2b fs7 fc1 sc2 ls0 ws0\">5. Alt<span class=\"_ _1\"></span>re ri<span class=\"_ _1\"></span>serv<span class=\"_ _f\"></span>e tecni<span class=\"_ _1\"></span>che<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x580 y2ee3 w3f7 h131\"><div class=\"t m0 xf0 h1f y3e4 ff2b fs7 fc1 sc0 ls0 ws0\">13.777 </div></td></tr><tr><td class=\"c x262 y2c55 wd7f h48b\"><div class=\"t m0 x250 h1f y2410 ff2b fs7 fc1 sc2 ls0 ws0\">D. Ris<span class=\"_ _f\"></span>erve te<span class=\"_ _f\"></span>cniche a<span class=\"_ _1\"></span>llor<span class=\"_ _1\"></span>ch\u00e9<span class=\"_ _1\"></span> il ris<span class=\"_ _f\"></span>chio dell'<span class=\"_ _1\"></span>inve<span class=\"_ _1\"></span>stim<span class=\"_ _f\"></span>ento \u00e8 s<span class=\"_ _1\"></span>opp<span class=\"_ _f\"></span>ortato<span class=\"_ _1\"></span> dagl<span class=\"_ _1\"></span>i assi<span class=\"_ _1\"></span>cura<span class=\"_ _1\"></span>ti e ri<span class=\"_ _f\"></span>serve de<span class=\"_ _f\"></span>rivant<span class=\"_ _f\"></span>i dalla<span class=\"_ _df\"> </span></div></td><td class=\"c x580 y2ee4 w3f7 h58\"><div class=\"t m0 xc h1f y420 ff2b fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x262 y2ee5 wd80 h484\"><div class=\"t m0 x250 h1f y2410 ff2b fs7 fc1 sc2 ls0 ws0\">ges<span class=\"_ _1\"></span>tione <span class=\"_ _f\"></span>dei fon<span class=\"_ _1\"></span>di pen<span class=\"_ _f\"></span>sione<span class=\"_ _df\"> </span></div></td><td></td></tr><tr><td class=\"c x46b y2ee6 w4a8 h131\"><div class=\"t m0 x16a h1f y3e4 ff2b fs7 fc1 sc2 ls0 ws0\">I. Ris<span class=\"_ _f\"></span>erve rel<span class=\"_ _1\"></span>ativ<span class=\"_ _f\"></span>e a contr<span class=\"_ _f\"></span>atti le cu<span class=\"_ _1\"></span>i pr<span class=\"_ _f\"></span>estazi<span class=\"_ _1\"></span>oni s<span class=\"_ _f\"></span>ono conn<span class=\"_ _f\"></span>esse c<span class=\"_ _f\"></span>on fondi<span class=\"_ _f\"></span> di inv<span class=\"_ _1\"></span>esti<span class=\"_ _1\"></span>men<span class=\"_ _1\"></span>to e i<span class=\"_ _1\"></span>ndici <span class=\"_ _f\"></span>di mer<span class=\"_ _1\"></span>cato<span class=\"sc0\"> </span></div></td><td class=\"c x580 y2ee6 w3f7 h131\"><div class=\"t m0 xc h1f y3e4 ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y2ee7 w4a8 h13\"><div class=\"t m0 x16a h1f y80 ff2b fs7 fc1 sc2 ls0 ws0\">II. Ris<span class=\"_ _1\"></span>erve<span class=\"_ _1\"></span> de<span class=\"_ _1\"></span>riva<span class=\"_ _f\"></span>nti dalla<span class=\"_ _1\"></span> gest<span class=\"_ _f\"></span>ione dei<span class=\"_ _f\"></span> fondi <span class=\"_ _f\"></span>pension<span class=\"_ _1\"></span>e<span class=\"sc0\"> </span></div></td><td class=\"c x580 y2ee7 w3f7 h13\"><div class=\"t m0 xc h1f y80 ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td></tr></table></div><div class=\"c w37c h90 gsd80\"><div class=\"t m0 xe h5 y476 ff2b fs1 fc4 sc3 ls0 ws0\">Contr<span class=\"_ _1\"></span>atti a<span class=\"_ _f\"></span>ssicurat<span class=\"_ _1\"></span>ivi em<span class=\"_ _f\"></span>essi - M<span class=\"_ _1\"></span>argine<span class=\"_ _f\"></span> sui ser<span class=\"_ _1\"></span>vizi co<span class=\"_ _1\"></span>ntra<span class=\"_ _1\"></span>ttua<span class=\"_ _1\"></span>li rip<span class=\"_ _1\"></span>artito<span class=\"_ _1\"></span> per <span class=\"_ _1\"></span>tempi <span class=\"_ _1\"></span>attesi<span class=\"_ _1\"></span> di<span class=\"_ _df\"> </span> </div><div class=\"t m0 xe h1a y477 ff2b fs1 fc4 sc3 ls0 ws0\">regis<span class=\"_ _1\"></span>trazi<span class=\"_ _1\"></span>one in <span class=\"_ _f\"></span>conto eco<span class=\"_ _f\"></span>nomic<span class=\"_ _1\"></span>o<span class=\"fs6 fc1 sc0\"> </span></div></div><div class=\"gsd81\"><table class=\"s wd81 h51f\" id=\"_6a013cda-85cc-4a9b-8efd-5d080954e1bd\"><tr><td class=\"c x739 y2ee8 wd82 h4cd\"><div class=\"t m0 x250 h262 y2899 ff2b fs27 fc4 sc3 ls0 ws0\">Bas<span class=\"_ _1\"></span>i di<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x73a y2ee9 wb44 h520\"><div class=\"t m0 x250 h262 y2899 ff2b fs27 fc4 sc3 ls0 ws0\">Da ol<span class=\"_ _1\"></span>tre 1<span class=\"_ _df\"> </span></div></td><td class=\"c x73b y2ee9 wd83 h520\"><div class=\"t m0 x250 h262 y2899 ff2b fs27 fc4 sc3 ls0 ws0\">Da ol<span class=\"_ _1\"></span>tre<span class=\"_ _df\"> </span></div></td><td class=\"c x73c y2ee9 wd83 h520\"><div class=\"t m0 x250 h262 y2899 ff2b fs27 fc4 sc3 ls0 ws0\">Da ol<span class=\"_ _1\"></span>tre<span class=\"_ _df\"> </span></div></td><td class=\"c x6de y2ee9 wb49 h520\"><div class=\"t m0 x250 h262 y2899 ff2b fs27 fc4 sc3 ls0 ws0\">Da ol<span class=\"_ _1\"></span>tre<span class=\"_ _df\"> </span></div></td><td class=\"c x73d y2ee9 wb49 h520\"><div class=\"t m0 x250 h262 y2899 ff2b fs27 fc4 sc3 ls0 ws0\">Da ol<span class=\"_ _1\"></span>tre<span class=\"_ _df\"> </span></div></td><td class=\"c x73e y2ee9 wb49 h520\"><div class=\"t m0 x250 h262 y2899 ff2b fs27 fc4 sc3 ls0 ws0\">Da ol<span class=\"_ _1\"></span>tre<span class=\"_ _df\"> </span></div></td><td></td><td></td></tr><tr><td class=\"c x2a8 y2eea wd84 h4cd\"><div class=\"t m0 x250 h262 y2899 ff2b fs27 fc4 sc3 ls0 ws0\">agg<span class=\"_ _f\"></span>regazion<span class=\"_ _f\"></span>e/Tem<span class=\"_ _1\"></span>pi d<span class=\"_ _1\"></span>i</div></td><td class=\"c x686 y2eeb wb4a h4cd\"><div class=\"t m0 x250 h262 y2899 ff2b fs27 fc4 sc3 ls0 ws0\">Fino<span class=\"_ _1\"></span> a 1<span class=\"_ _df\"> </span></div></td><td class=\"c x73f y2eeb wb50 h4cd\"><div class=\"t m0 x250 h262 y2899 ff2b fs27 fc4 sc3 ls0 ws0\">ann<span class=\"_ _1\"></span>o<span class=\"_ _df\"> </span></div></td><td class=\"c x740 y2eeb wd85 h4cd\"><div class=\"t m0 x250 h262 y2899 ff2b fs27 fc4 sc3 ls0 ws0\">2 ann<span class=\"_ _f\"></span>i<span class=\"_ _df\"> </span></div></td><td class=\"c x741 y2eeb wb52 h4cd\"><div class=\"t m0 x250 h262 y2899 ff2b fs27 fc4 sc3 ls0 ws0\">3 an<span class=\"_ _1\"></span>ni<span class=\"_ _df\"> </span></div></td><td class=\"c x6cf y2eeb wd86 h4cd\"><div class=\"t m0 x250 h262 y2899 ff2b fs27 fc4 sc3 ls0 ws0\">4 an<span class=\"_ _f\"></span>ni<span class=\"_ _df\"> </span></div></td><td class=\"c x742 y2eeb wd87 h4cd\"><div class=\"t m0 x250 h262 y2899 ff2b fs27 fc4 sc3 ls0 ws0\">5 an<span class=\"_ _1\"></span>ni<span class=\"_ _df\"> </span></div></td><td class=\"c x743 y2eeb wb4e h4cd\"><div class=\"t m0 x250 h262 y2899 ff2b fs27 fc4 sc3 ls0 ws0\">10 a<span class=\"_ _f\"></span>nni<span class=\"_ _df\"> </span></div></td><td class=\"c x744 y2eeb wd88 h4cd\"><div class=\"t m0 x250 h262 y2899 ff2b fs27 fc4 sc3 ls0 ws0\">Oltr<span class=\"_ _1\"></span>e 20<span class=\"_ _df\"> </span></div></td><td class=\"c x549 y2eec w230 h153\"><div class=\"t m0 x2a h262 y532 ff2b fs27 fc4 sc3 ls0 ws0\">Tota<span class=\"_ _1\"></span>le<span class=\"_ _df\"> </span></div></td></tr><tr><td class=\"c x739 y2eed wd89 h4cd\"><div class=\"t m0 x250 h262 y2899 ff2b fs27 fc4 sc3 ls0 ws0\">attes<span class=\"_ _f\"></span>a<span class=\"_ _df\"> </span></div></td><td class=\"c x677 y2eee wb50 h4cd\"><div class=\"t m0 x250 h262 y2899 ff2b fs27 fc4 sc3 ls0 ws0\">ann<span class=\"_ _1\"></span>o<span class=\"_ _df\"> </span></div></td><td class=\"c x678 y2eee wd8a h4cd\"><div class=\"t m0 x250 h262 y2899 ff2b fs27 fc4 sc3 ls0 ws0\">fino<span class=\"_ _1\"></span> a 2<span class=\"_ _df\"> </span></div></td><td class=\"c x73b y2eee wd8b h4cd\"><div class=\"t m0 x250 h262 y2899 ff2b fs27 fc4 sc3 ls0 ws0\">fino<span class=\"_ _1\"></span> a 3<span class=\"_ _df\"> </span></div></td><td class=\"c x2f1 y2eee wd2d h4cd\"><div class=\"t m0 x250 h262 y2899 ff2b fs27 fc4 sc3 ls0 ws0\">fino<span class=\"_ _1\"></span> a 4<span class=\"_ _df\"> </span></div></td><td class=\"c x6c4 y2eee wd8c h4cd\"><div class=\"t m0 x250 h262 y2899 ff2b fs27 fc4 sc3 ls0 ws0\">fino<span class=\"_ _1\"></span> a 5<span class=\"_ _df\"> </span></div></td><td class=\"c x745 y2eee wd8d h4cd\"><div class=\"t m0 x250 h262 y2899 ff2b fs27 fc4 sc3 ls0 ws0\">fino<span class=\"_ _1\"></span> a 10<span class=\"_ _df\"> </span></div></td><td class=\"c x746 y2eee wd8e h4cd\"><div class=\"t m0 x250 h262 y2899 ff2b fs27 fc4 sc3 ls0 ws0\">fino<span class=\"_ _1\"></span> a 20<span class=\"_ _df\"> </span></div></td><td class=\"c x747 y2eee wd8f h4cd\"><div class=\"t m0 x250 h262 y2899 ff2b fs27 fc4 sc3 ls0 ws0\">ann<span class=\"_ _1\"></span>i<span class=\"_ _df\"> </span></div></td><td></td></tr><tr><td></td><td></td><td class=\"c x748 y2eef wd8f h4cd\"><div class=\"t m0 x250 h262 y2899 ff2b fs27 fc4 sc3 ls0 ws0\">ann<span class=\"_ _1\"></span>i<span class=\"_ _df\"> </span></div></td><td class=\"c x454 y2eef wd8f h4cd\"><div class=\"t m0 x250 h262 y2899 ff2b fs27 fc4 sc3 ls0 ws0\">ann<span class=\"_ _1\"></span>i<span class=\"_ _df\"> </span></div></td><td class=\"c x749 y2eef wd8f h4cd\"><div class=\"t m0 x250 h262 y2899 ff2b fs27 fc4 sc3 ls0 ws0\">ann<span class=\"_ _1\"></span>i<span class=\"_ _df\"> </span></div></td><td class=\"c x6c9 y2eef wd8f h4cd\"><div class=\"t m0 x250 h262 y2899 ff2b fs27 fc4 sc3 ls0 ws0\">ann<span class=\"_ _1\"></span>i<span class=\"_ _df\"> </span></div></td><td class=\"c x74a y2eef wd8f h4cd\"><div class=\"t m0 x250 h262 y2899 ff2b fs27 fc4 sc3 ls0 ws0\">ann<span class=\"_ _1\"></span>i<span class=\"_ _df\"> </span></div></td><td class=\"c x74b y2eef wd8f h4cd\"><div class=\"t m0 x250 h262 y2899 ff2b fs27 fc4 sc3 ls0 ws0\">ann<span class=\"_ _1\"></span>i<span class=\"_ _df\"> </span></div></td><td></td><td></td></tr><tr><td class=\"c x46b y2ef0 w3f1 hc8\"><div class=\"t m0 x8a h262 y71 ff2b fs27 fc1 sc0 ls0 ws0\">Segmento V<span class=\"_ _1\"></span>ita<span class=\"_ _df\"> </span></div></td><td class=\"c x688 y2ef0 w3b8 hc8\"><div class=\"t m0 x2a h262 y71 ff2b fs27 fc1 sc0 ls0 ws0\">11,00%</div></td><td class=\"c x689 y2ef0 w2af hc8\"><div class=\"t m0 x2a h262 y71 ff2b fs27 fc1 sc0 ls0 ws0\">9,00%</div></td><td class=\"c x74c y2ef0 w182 hc8\"><div class=\"t m0 x2a h262 y71 ff2b fs27 fc1 sc0 ls0 ws0\">8,00%</div></td><td class=\"c x74d y2ef0 w41a hc8\"><div class=\"t m0 x2a h262 y71 ff2b fs27 fc1 sc0 ls0 ws0\">8,00%</div></td><td class=\"c x6c0 y2ef0 w2af hc8\"><div class=\"t m0 x2e h262 y71 ff2b fs27 fc1 sc0 ls0 ws0\">7,00%</div></td><td class=\"c x74e y2ef0 w1bd hc8\"><div class=\"t m0 x2f h262 y71 ff2b fs27 fc1 sc0 ls0 ws0\">25,00%</div></td><td class=\"c x74f y2ef0 w3b5 hc8\"><div class=\"t m0 x2f h262 y71 ff2b fs27 fc1 sc0 ls0 ws0\">24,00%</div></td><td class=\"c x750 y2ef0 w2af hc8\"><div class=\"t m0 x2a h262 y71 ff2b fs27 fc1 sc0 ls0 ws0\">8,00%</div></td><td class=\"c x549 y2ef0 w238 hc8\"><div class=\"t m0 x2a h262 y71 ff2b fs27 fc1 sc2 ls0 ws0\">100<span class=\"_ _f\"></span>,00%<span class=\"_ _df\"> </span></div></td></tr><tr><td class=\"c x46b y2ef1 w3f1 hc8\"><div class=\"t m0 x8a h262 y71 ff2b fs27 fc1 sc0 ls0 ws0\">Segmento Da<span class=\"_ _f\"></span>nni<span class=\"_ _df\"> </span></div></td><td class=\"c x688 y2ef1 w3b8 hc8\"><div class=\"t m0 x2e h262 y71 ff2b fs27 fc1 sc0 ls0 ws0\">0,00%</div></td><td class=\"c x689 y2ef1 w2af hc8\"><div class=\"t m0 x2a h262 y71 ff2b fs27 fc1 sc0 ls0 ws0\">0,00%</div></td><td class=\"c x74c y2ef1 w182 hc8\"><div class=\"t m0 x2a h262 y71 ff2b fs27 fc1 sc0 ls0 ws0\">0,00%</div></td><td class=\"c x74d y2ef1 w41a hc8\"><div class=\"t m0 x2a h262 y71 ff2b fs27 fc1 sc0 ls0 ws0\">0,00%</div></td><td class=\"c x6c0 y2ef1 w2af hc8\"><div class=\"t m0 x2a h262 y71 ff2b fs27 fc1 sc0 ls0 ws0\">0,00%</div></td><td class=\"c x74e y2ef1 w1bd hc8\"><div class=\"t m0 x2e h262 y71 ff2b fs27 fc1 sc0 ls0 ws0\">0,00%</div></td><td class=\"c x74f y2ef1 w3b5 hc8\"><div class=\"t m0 x2e h262 y71 ff2b fs27 fc1 sc0 ls0 ws0\">0,00%</div></td><td class=\"c x750 y2ef1 w2af hc8\"><div class=\"t m0 x2a h262 y71 ff2b fs27 fc1 sc0 ls0 ws0\">0,00%</div></td><td class=\"c x549 y2ef1 w238 hc8\"><div class=\"t m0 x48 h262 y71 ff2b fs27 fc1 sc2 ls0 ws0\">0,0<span class=\"_ _1\"></span>0%<span class=\"_ _df\"> </span></div></td></tr></table></div><div class=\"t m0 h1a ff4 fs4 fc4 sc3 ls0 ws0 gs175c\">Sezi<span class=\"_ _f\"></span>one 3<span class=\"_ _f\"></span> <span class=\"ff5\">\u2013</span> Risc<span class=\"_ _f\"></span>hi del<span class=\"_ _f\"></span>le impr<span class=\"_ _f\"></span>ese di<span class=\"_ _1\"></span> as<span class=\"_ _1\"></span>sicu<span class=\"_ _1\"></span>raz<span class=\"_ _f\"></span>ione<span class=\"_ _df\"> </span><span class=\"fs6\"> </span></div><div class=\"t m0 he ff4 fs5 fc4 sc3 ls0 ws0 gs175d\">3.1 Ris<span class=\"_ _1\"></span>chi as<span class=\"_ _1\"></span>sicura<span class=\"_ _1\"></span>tivi<span class=\"_ _df\"> </span> </div><div class=\"t m0 he ff4 fs5 fc4 sc3 ls0 ws0 gs175e\">CREDE<span class=\"_ _f\"></span>MVITA S.<span class=\"_ _1\"></span>P.A.<span class=\"_ _df\"> </span> </div><div class=\"t m0 he ff4 fs5 fc4 sc3 ls0 ws0 gs175f\">Appro<span class=\"_ _f\"></span>ccio alla g<span class=\"_ _1\"></span>estio<span class=\"_ _1\"></span>ne del ri<span class=\"_ _f\"></span>schio di C<span class=\"_ _f\"></span>redemvita<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc4 sc3 ls0 ws0 gs1760\">Stra<span class=\"_ _1\"></span>tegie <span class=\"_ _1\"></span>e ges<span class=\"_ _1\"></span>tione<span class=\"_ _1\"></span> del r<span class=\"_ _f\"></span>ischio<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1761\">Credemvita S.p.A opera <span class=\"_ _2\"></span>sulla sco<span class=\"_ _2\"></span>rta di <span class=\"_ _2\"></span>una strategia di ass<span class=\"_ _2\"></span>unzione<span class=\"_ _1\"></span> e <span class=\"_ _2\"></span>gestione dei rischi <span class=\"_ _2\"></span>basata su<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs1762\">criteri di<span class=\"_ _1\"></span> sana<span class=\"_ _1\"></span> e <span class=\"_ _f\"></span>prudente g<span class=\"_ _1\"></span>estione e<span class=\"_ _1\"></span> coerente <span class=\"_ _f\"></span>con il <span class=\"_ _f\"></span>livello p<span class=\"_ _1\"></span>atrimoniale dell<span class=\"_ _1\"></span>\u2019impresa. Tale<span class=\"_ _1\"></span> strategia<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1763\">si <span class=\"_ _15\"> </span>fonda <span class=\"_ _14\"> </span>s<span class=\"_ _2\"></span>u <span class=\"_ _14\"> </span>principi <span class=\"_ _15\"> </span>di <span class=\"_ _14\"> </span>valutazione <span class=\"_ _15\"> </span>dei <span class=\"_ _15\"> </span>rischi <span class=\"_ _15\"> </span>che <span class=\"_ _14\"> </span>cons<span class=\"_ _2\"></span>iderano <span class=\"_ _15\"> </span>gli <span class=\"_ _14\"> </span>as<span class=\"_ _2\"></span>petti <span class=\"_ _14\"> </span>relativi <span class=\"_ _15\"> </span>a<span class=\"_ _2\"></span>lla <span class=\"_ _15\"> </span>loro<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1764\">rilevanza/significativit\u00e0.  </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs1765\">L\u2019approccio  seguito  nella  gestione  dei <span class=\"_ _22\"> </span>r<span class=\"_ _2\"></span>ischi  \u00e8  fondato  sul  criterio  di  proporzionalit\u00e0 <span class=\"_ _22\"> </span>e  vien<span class=\"_ _2\"></span>e<span class=\"_ _df\"> </span><span class=\"_ _1\"></span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1766\">delineato <span class=\"_ _1\"></span>in apposite <span class=\"_ _f\"></span>politiche interne <span class=\"_ _1\"></span>ai sensi <span class=\"_ _f\"></span>del Regolamento <span class=\"_ _1\"></span>IVASS n.38/2018, <span class=\"_ _1\"></span>per ognu<span class=\"_ _f\"></span>no degli<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1767\">ambiti di rischiosit\u00e0 che insistono sulla Compagnia.<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1768\">Gli e<span class=\"_ _1\"></span>lementi <span class=\"_ _f\"></span>chiave attraverso cu<span class=\"_ _f\"></span>i viene<span class=\"_ _1\"></span> defini<span class=\"_ _1\"></span>ta la <span class=\"_ _f\"></span>s<span class=\"_ _2\"></span>trategia <span class=\"_ _f\"></span>e le <span class=\"_ _f\"></span>modalit\u00e0 d<span class=\"_ _1\"></span>i g<span class=\"_ _1\"></span>estione d<span class=\"_ _1\"></span>ei rischi<span class=\"_ _1\"></span> de<span class=\"_ _1\"></span>lla<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1769\">Compagnia sono i seguenti:<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff18 fs1 fc1 sc0 ls0 ws0 gs176a\">-<span class=\"_ _28\"> </span><span class=\"ff4\">identificazione e classificazione dei rischi <span class=\"ff5\">\u2013</span> mappa dei rischi;<span class=\"_ _df\"> </span></span></div><div class=\"t m0 h5 ff18 fs1 fc1 sc0 ls0 ws0 gs176b\">-<span class=\"_ _28\"> </span><span class=\"ff4\">valutazione dei rischi;<span class=\"_ _df\"> </span></span></div><div class=\"t m0 h5 ff18 fs1 fc1 sc0 ls0 ws0 gs176c\">-<span class=\"_ _28\"> </span><span class=\"ff4\">str<span class=\"_ _2\"></span>umenti e metodologie<span class=\"_ _1\"></span> di misurazione;<span class=\"_ _df\"> </span></span></div><div class=\"t m0 h5 ff18 fs1 fc1 sc0 ls0 ws0 gs176d\">-<span class=\"_ _28\"> </span><span class=\"ff4\">gestione dei rischi;<span class=\"_ _df\"> </span></span></div><div class=\"t m0 h5 ff18 fs1 fc1 sc0 ls0 ws0 gs176e\">-<span class=\"_ _28\"> </span><span class=\"ff4\">monitor<span class=\"_ _2\"></span>aggio e repor<span class=\"_ _1\"></span>ting.<span class=\"_ _df\"> </span></span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs176f\">I principi <span class=\"_ _1\"></span>generali adottati per l<span class=\"_ _1\"></span>a definizione d<span class=\"_ _1\"></span>el sistema di ge<span class=\"_ _1\"></span>stione del rischio consi<span class=\"_ _1\"></span>derano quindi:<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff18 fs1 fc1 sc0 ls0 ws0 gs1770\">-<span class=\"_ _28\"> </span><span class=\"ff4\">la <span class=\"_ _0\"></span>verifica <span class=\"_ _d\"></span>della <span class=\"_ _d\"></span>coerenza <span class=\"_ _0\"></span>tra <span class=\"_ _0\"></span>il <span class=\"_ _d\"></span>livello <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>rischio <span class=\"_ _0\"></span>assunto <span class=\"_ _d\"></span>e <span class=\"_ _0\"></span>il <span class=\"_ _d\"></span>liv<span class=\"_ _2\"></span>ello <span class=\"_ _0\"></span>di <span class=\"_ _d\"></span>patrimonio <span class=\"_ _d\"></span>disponibile<span class=\"_ _df\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1771\">atteso (c.d Risk Appetite);<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff18 fs1 fc1 sc0 ls0 ws0 gs1772\">-<span class=\"_ _28\"> </span><span class=\"ff4\">la <span class=\"_ _19\"> </span>misurabilit\u00e0 <span class=\"_ _18\"> </span>/ <span class=\"_ _19\"> </span>valutazione<span class=\"_ _1\"></span> <span class=\"_ _19\"> </span>dei <span class=\"_ _18\"> </span>rischi <span class=\"_ _18\"> </span>(<span class=\"_ _2\"></span>per <span class=\"_ _18\"> </span>quelli <span class=\"_ _18\"> </span>q<span class=\"_ _2\"></span>uantificabili) <span class=\"_ _18\"> </span>per <span class=\"_ _18\"> </span>permett<span class=\"_ _2\"></span>ere <span class=\"_ _18\"> </span>al<span class=\"_ _df\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs1773\">management di valutare l\u2019impatto degli stessi sull\u2019and<span class=\"_ _1\"></span>amento aziendale;<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff18 fs1 fc1 sc0 ls0 ws0 gs1774\">-<span class=\"_ _28\"> </span><span class=\"ff4\">la determinazione di processi e presidi operativi per quelli non quantificabili;<span class=\"_ _df\"> </span></span></div><div class=\"t m0 h5 ff18 fs1 fc1 sc0 ls0 ws0 gs1775\">-<span class=\"_ _28\"> </span><span class=\"ff4\">la <span class=\"_ _4\"> </span>presenza <span class=\"_ _22\"> </span>di <span class=\"_ _4\"> </span>un <span class=\"_ _22\"> </span>sist<span class=\"_ _2\"></span>ema  di <span class=\"_ _4\"> </span>monitoraggio <span class=\"_ _4\"> </span>continuativo  del <span class=\"_ _4\"> </span>profilo <span class=\"_ _4\"> </span>di  rischio <span class=\"_ _4\"> </span>attuale  e<span class=\"_ _df\"> </span></span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1776\">prospettico e dei relativi indicatori di rischio e/o rendi<span class=\"_ _1\"></span>mento identificati.<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs1777\">Credemvita nell\u2019ambito del pro<span class=\"_ _2\"></span>prio sistema di <span class=\"_ _2\"></span><span class=\"ff4\">gestione dei rischi, <span class=\"_ _2\"></span>ha strutturato ed implementato<span class=\"_ _df\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1778\">un <span class=\"_ _10\"> </span>autonomo <span class=\"_ _10\"> </span>processo<span class=\"_ _2\"></span> <span class=\"_ _10\"> </span>di <span class=\"_ _10\"> </span>valutazione <span class=\"_ _10\"> </span>della <span class=\"_ _10\"> </span>propria <span class=\"_ _18\"> </span>adeguatezza <span class=\"_ _10\"> </span>patrimoniale, <span class=\"_ _10\"> </span>attuale <span class=\"_ _18\"> </span>e<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1779\">prospettica, <span class=\"_ _0\"></span>in <span class=\"_ _9\"> </span>relazione <span class=\"_ _9\"> </span>ai <span class=\"_ _0\"></span>r<span class=\"_ _2\"></span>ischi<span class=\"_ _1\"></span> <span class=\"_ _9\"> </span>rilevanti <span class=\"_ _0\"></span>verso <span class=\"_ _9\"> </span>i <span class=\"_ _9\"> </span>quali <span class=\"_ _0\"></span>la <span class=\"_ _9\"> </span>Compagnia <span class=\"_ _9\"> </span>risulta <span class=\"_ _9\"> </span>esposta <span class=\"_ _0\"></span>(processo<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls13 ws0 gs177a\">ORSA <span class=\"ff5 ls0\">\u2013<span class=\"ff4\"> Own Risk and Solvency Assessment). Tale processo ha le seguenti fasi: </span></span><span class=\"ff5 ls0\"><span class=\"ff4\"> </span></span></div><div class=\"t m0 h5 ff18 fs1 fc1 sc0 ls0 ws0 gs177b\">-<span class=\"_ _28\"> </span><span class=\"ff4\">Valutazione attuale e prospettica del Solvency II Ratio;<span class=\"_ _df\"> </span></span></div><div class=\"t m0 h5 ff18 fs1 fc1 sc0 ls0 ws0 gs177c\">-<span class=\"_ _28\"> </span><span class=\"ff4\">Sensitivity, Stress Test e Scenario Test;<span class=\"_ _df\"> </span></span></div><div class=\"t m0 h5 ff18 fs1 fc1 sc0 ls0 ws0 gs177d\">-<span class=\"_ _28\"> </span><span class=\"ff4\">Piano di Liquidit\u00e0 prospettico;<span class=\"_ _df\"> </span></span></div><div class=\"t m0 h5 ff18 fs1 fc1 sc0 ls0 ws0 gs177e\">-<span class=\"_ _28\"> </span><span class=\"ff4\">Adeguatezza della Formula Standard rispetto il profilo di rischio della Compagnia;<span class=\"_ _df\"> </span></span></div><div class=\"t m0 h5 ff18 fs1 fc1 sc0 ls0 ws0 gs177f\">-<span class=\"_ _28\"> </span><span class=\"ff4\">Back Testing;<span class=\"_ _df\"> </span></span></div><div class=\"t m0 h5 ff18 fs1 fc1 sc0 ls0 ws0 gs1780\">-<span class=\"_ _28\"> </span><span class=\"ff4\">Predisposizione ORSA Report e invio.<span class=\"_ _df\"> </span></span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1781\">Tra  essi  sono <span class=\"_ _16\"> </span>incluse  i<span class=\"_ _1\"></span>noltre  le  valutazioni<span class=\"_ _1\"></span>  dei  rischi <span class=\"_ _16\"> </span>ESG  (con <span class=\"_ _16\"> </span>un  focus  p<span class=\"_ _1\"></span>articolare  sui <span class=\"_ _16\"> </span>rischi<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1782\">climatici).<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1783\">Parte integrante del processo ORSA sono anche i seg<span class=\"_ _1\"></span>uenti processi:<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff18 fs1 fc1 sc0 ls0 ws0 gs1784\">-<span class=\"_ _28\"> </span><span class=\"ff4\">Definizione del piano preliminare e del budget aziendale;<span class=\"_ _df\"> </span></span></div><div class=\"t m0 h5 ff18 fs1 fc1 sc0 ls0 ws0 gs1785\">-<span class=\"_ _28\"> </span><span class=\"ff4\">Definizione del Risk Appetite;<span class=\"_ _df\"> </span></span></div><div class=\"t m0 h5 ff18 fs1 fc1 sc0 ls0 ws0 gs1786\">-<span class=\"_ _28\"> </span><span class=\"ff4\">Individuazione e valutazione dei rischi e Continuous Monitoring.<span class=\"_ _df\"> </span></span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs1787\">Nell\u2019ambito <span class=\"_ _0\"></span>dell\u2019attivit\u00e0 <span class=\"_ _9\"> </span>di <span class=\"_ _0\"></span>indiri<span class=\"_ _2\"></span>zzo <span class=\"_ _0\"></span>strat<span class=\"_ _2\"></span>egico <span class=\"_ _0\"></span>della <span class=\"_ _0\"></span>Compagnia, <span class=\"_ _9\"> </span>il <span class=\"_ _9\"> </span>Consiglio <span class=\"_ _0\"></span>di <span class=\"_ _9\"> </span>Amministrazione<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1788\">individua <span class=\"_ _9\"> </span>e <span class=\"_ _16\"> </span>approva <span class=\"_ _9\"> </span>il  corretto <span class=\"_ _9\"> </span>dimensionamento <span class=\"_ _16\"> </span>dell<span class=\"_ _1\"></span>a <span class=\"_ _16\"> </span>dotazione <span class=\"_ _9\"> </span>complessiva <span class=\"_ _16\"> </span>di <span class=\"_ _9\"> </span>capitale <span class=\"_ _16\"> </span>e <span class=\"_ _16\"> </span>gli<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1789\">obiettivi di <span class=\"_ _2\"></span>redditivit\u00e0 <span class=\"_ _2\"></span>corretta <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>il rischio. <span class=\"_ _2\"></span>La <span class=\"_ _2\"></span>formulazione <span class=\"_ _2\"></span>di pr<span class=\"_ _2\"></span>eliminari linee <span class=\"_ _2\"></span>guida s<span class=\"_ _2\"></span>trategiche<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs178a\">da <span class=\"_ _0\"></span>part<span class=\"_ _2\"></span>e <span class=\"_ _0\"></span>del <span class=\"_ _0\"></span>Consigl<span class=\"_ _2\"></span>io <span class=\"_ _0\"></span>di <span class=\"_ _9\"> </span>Amministrazione <span class=\"_ _9\"> </span>indirizza <span class=\"_ _0\"></span>la <span class=\"_ _9\"> </span>calibrazio<span class=\"_ _2\"></span>ne <span class=\"_ _0\"></span>de<span class=\"_ _2\"></span>gli <span class=\"_ _0\"></span>obiett<span class=\"_ _2\"></span>ivi <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>r<span class=\"_ _2\"></span>ischio <span class=\"_ _0\"></span>e <span class=\"_ _9\"> </span>lo<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs178b\">sviluppo del piano <span class=\"_ _2\"></span>strategico. Tali attivit\u00e0 <span class=\"_ _2\"></span>sono significativamente connesse e vengono entr<span class=\"_ _2\"></span>ambe<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs178c\">sviluppate <span class=\"_ _9\"> </span>consid<span class=\"_ _2\"></span>erando <span class=\"_ _9\"> </span>la  situazione <span class=\"_ _9\"> </span>di  partenza <span class=\"_ _9\"> </span>della  Compagnia, <span class=\"_ _9\"> </span>la  visione <span class=\"_ _9\"> </span>prospettica  del<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs178d\">contesto esterno, i profili di rischio e gli orientamenti in termini di rischio/rendimento.  </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs178f\">Nel <span class=\"_ _2\"></span>continuo, <span class=\"_ _2\"></span>la <span class=\"_ _d\"></span>Funzione <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>Risk <span class=\"_ _2\"></span>Management <span class=\"_ _d\"></span>supporta <span class=\"_ _2\"></span>gli <span class=\"_ _2\"></span>organi <span class=\"_ _2\"></span>aziendali <span class=\"_ _2\"></span>nelle <span class=\"_ _2\"></span>scelte <span class=\"_ _d\"></span>derivanti </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs1790\">dall\u2019attuazione <span class=\"_ _1a\"> </span>del <span class=\"_ _c\"> </span>piano <span class=\"_ _1a\"> </span>agevolando <span class=\"_ _c\"> </span>la <span class=\"_ _1a\"> </span>comprensione <span class=\"_ _c\"> </span>e <span class=\"_ _1a\"> </span>la <span class=\"_ _c\"> </span>consapevolezza <span class=\"_ _1a\"> </span>dei <span class=\"_ _c\"> </span>rischi </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1791\">assunti/assumibili e il presidio degli<span class=\"_ _1\"></span> stessi.  <span class=\"_ _2\"></span> </div><div class=\"t m0 h5 ff4 fs1 fc4 sc3 ls0 ws0 gs1792\">Identi<span class=\"_ _1\"></span>ficazio<span class=\"_ _f\"></span>ne e cla<span class=\"_ _f\"></span>ssificazio<span class=\"_ _1\"></span>ne <span class=\"_ _1\"></span>dei ri<span class=\"_ _1\"></span>schi <span class=\"ff5\">\u2013</span> <span class=\"_ _f\"></span>mappa <span class=\"_ _1\"></span>dei r<span class=\"_ _1\"></span>ischi </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1793\">La <span class=\"_ _2\"></span>regolamentazione <span class=\"_ _2\"></span>di <span class=\"_ _d\"></span>settore, <span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>ecante <span class=\"_ _2\"></span>disposizioni <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>mat<span class=\"_ _2\"></span>eria <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>sistema <span class=\"_ _d\"></span>di <span class=\"_ _2\"></span>gestione <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>ei <span class=\"_ _2\"></span>rischi, </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1794\">richiede <span class=\"_ _14\"> </span>alle <span class=\"_ _15\"> </span>imprese <span class=\"_ _15\"> </span>di <span class=\"_ _15\"> </span>effettuare <span class=\"_ _15\"> </span>una <span class=\"_ _15\"> </span>catalogazione <span class=\"_ _15\"> </span>dei <span class=\"_ _15\"> </span>ri<span class=\"_ _2\"></span>schi <span class=\"_ _14\"> </span>a <span class=\"_ _15\"> </span>cui <span class=\"_ _15\"> </span>esse <span class=\"_ _15\"> </span>sono <span class=\"_ _15\"> </span>esposte </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1795\">indipendentemente <span class=\"_ _4\"> </span>dalla <span class=\"_ _4\"> </span>circostanza <span class=\"_ _4\"> </span>che <span class=\"_ _4\"> </span>siano <span class=\"_ _4\"> </span>quantificabili, <span class=\"_ _4\"> </span>in <span class=\"_ _4\"> </span>funzione <span class=\"_ _4\"> </span>del<span class=\"_ _1\"></span>la <span class=\"_ _4\"> </span>natura, <span class=\"_ _4\"> </span>della </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs1796\">portata <span class=\"_ _2\"></span>e <span class=\"_ _d\"></span>complessit\u00e0 <span class=\"_ _2\"></span>inerenti <span class=\"_ _2\"></span>all\u2019attivit\u00e0 <span class=\"_ _d\"></span>svolta, <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>ot<span class=\"_ _2\"></span>tica <span class=\"_ _2\"></span>attuale <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>pros<span class=\"_ _2\"></span>pettica, <span class=\"_ _2\"></span>nonch\u00e9 <span class=\"_ _2\"></span>gli <span class=\"_ _2\"></span>effett<span class=\"_ _2\"></span>i </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1797\">indiretti connessi ai rischi significativi. </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1798\">Tale <span class=\"_ _f\"></span>catalogazione costituisce <span class=\"_ _f\"></span>il l<span class=\"_ _1\"></span>inguaggio <span class=\"_ _f\"></span>comune per <span class=\"_ _f\"></span>lo svolg<span class=\"_ _1\"></span>imento di<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>tutte <span class=\"_ _1\"></span>le <span class=\"_ _f\"></span>att<span class=\"_ _2\"></span>ivit\u00e0 <span class=\"_ _f\"></span>connesse </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1799\">con il sistema di gestione dei rischi<span class=\"_ _1\"></span> aziendali.<span class=\"_ _2\"></span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs179a\">I rischi della Compagnia sono classificati nelle seguenti<span class=\"_ _1\"></span> principali classi:<span class=\"_ _2\"></span> </div><div class=\"t m0 h5 ff13 fs1 fc1 sc0 ls0 ws0 gs179b\">-<span class=\"ff10\"> <span class=\"_ _35\"> </span><span class=\"ff4\">Rischi sot<span class=\"_ _2\"></span>toscrizione life<span class=\"_ _1\"></span> (o tecnici assicurativi): </span></span></div><div class=\"t m0 h5 ff12 fs1 fc1 sc0 ls0 ws0 gs179c\">o<span class=\"ff10\"> <span class=\"_ _2f\"> </span><span class=\"ff4\">Rischi assunzione e<span class=\"_ _1\"></span> tariffazione;<span class=\"_ _2\"></span> </span></span></div><div class=\"t m0 h5 ff12 fs1 fc1 sc0 ls0 ws0 gs179d\">o<span class=\"ff10\"> <span class=\"_ _2f\"> </span><span class=\"ff4\">Rischio riservazione; </span></span></div><div class=\"t m0 h5 ff13 fs1 fc1 sc0 ls0 ws0 gs179e\">-<span class=\"ff10\"> <span class=\"_ _35\"> </span><span class=\"ff4\">Rischi di mercato: </span></span></div><div class=\"t m0 h5 ff12 fs1 fc1 sc0 ls0 ws0 gs179f\">o<span class=\"ff10\"> <span class=\"_ _2f\"> </span><span class=\"ff4\">Rischi Mercato; </span></span></div><div class=\"t m0 h5 ff12 fs1 fc1 sc0 ls0 ws0 gs17a0\">o<span class=\"ff10\"> <span class=\"_ _2f\"> </span><span class=\"ff4\">Rischio ALM; </span></span></div><div class=\"t m0 h5 ff12 fs1 fc1 sc0 ls0 ws0 gs17a1\">o<span class=\"ff10\"> <span class=\"_ _2f\"> </span><span class=\"ff4\">Rischio Liquidit\u00e0.; </span></span></div><div class=\"t m0 h5 ff13 fs1 fc1 sc0 ls0 ws0 gs17a2\">-<span class=\"ff10\"> <span class=\"_ _35\"> </span><span class=\"ff4\">Rischi di credito e counterparty<span class=\"_ _2\"></span>: </span></span></div><div class=\"t m0 h5 ff12 fs1 fc1 sc0 ls0 ws0 gs17a3\">o<span class=\"ff10\"> <span class=\"_ _2f\"> </span><span class=\"ff4\">Investimenti; </span></span></div><div class=\"t m0 h5 ff12 fs1 fc1 sc0 ls0 ws0 gs17a4\">o<span class=\"ff10\"> <span class=\"_ _2f\"> </span><span class=\"ff4\">Riassicurazione; </span></span></div><div class=\"t m0 h5 ff12 fs1 fc1 sc0 ls0 ws0 gs17a5\">o<span class=\"ff10\"> <span class=\"_ _2f\"> </span><span class=\"ff4\">Intermediari e controparti. </span></span></div><div class=\"t m0 h5 ff13 fs1 fc1 sc0 ls0 ws0 gs17a6\">-<span class=\"ff10\"> <span class=\"_ _35\"> </span><span class=\"ff4\">Rischi operativi: </span></span></div><div class=\"t m0 h5 ff12 fs1 fc1 sc0 ls0 ws0 gs17a7\">o<span class=\"ff10\"> <span class=\"_ _2f\"> </span><span class=\"ff4\">Rischi Operativi; </span></span></div><div class=\"t m0 h5 ff12 fs1 fc1 sc0 ls0 ws0 gs17a8\">o<span class=\"ff10\"> <span class=\"_ _2f\"> </span><span class=\"ff4\">Rischio ICT e Si<span class=\"_ _1\"></span>curezza; </span></span></div><div class=\"t m0 h5 ff12 fs1 fc1 sc0 ls0 ws0 gs17a9\">o<span class=\"ff10\"> <span class=\"_ _2f\"> </span><span class=\"ff4\">Rischi di non conformit\u00e0 alle norme; </span></span></div><div class=\"t m0 h5 ff12 fs1 fc1 sc0 ls0 ws0 gs17aa\">o<span class=\"ff10\"> <span class=\"_ _2f\"> </span><span class=\"ff4\">Model Ri<span class=\"_ _1\"></span>sk;<span class=\"_ _2\"></span> </span></span></div><div class=\"t m0 h5 ff12 fs1 fc1 sc0 ls0 ws0 gs17ab\">o<span class=\"ff10\"> <span class=\"_ _2f\"> </span><span class=\"ff4\">Continuit\u00e0 Operativa; </span></span></div><div class=\"t m0 h5 ff12 fs1 fc1 sc0 ls0 ws0 gs17ac\">o<span class=\"ff10\"> <span class=\"_ _2f\"> </span><span class=\"ff4\">Regulatory Operational Risk; </span></span></div><div class=\"t m0 h5 ff13 fs1 fc1 sc0 ls0 ws0 gs17ad\">-<span class=\"ff10\"> <span class=\"_ _35\"> </span><span class=\"ff4\">Rischi di secondo livello;<span class=\"_ _2\"></span> </span></span></div><div class=\"t m0 h5 ff12 fs1 fc1 sc0 ls0 ws0 gs17ae\">o<span class=\"ff10\"> <span class=\"_ _2f\"> </span><span class=\"ff5\">Rischio legato all\u2019appartenenz<span class=\"_ _1\"></span>a al gruppo;<span class=\"_ _2\"></span><span class=\"ff4\"> </span></span></span></div><div class=\"t m0 h5 ff12 fs1 fc1 sc0 ls0 ws0 gs17af\">o<span class=\"ff10\"> <span class=\"_ _2f\"> </span><span class=\"ff4\">Rischio reputazionale; </span></span></div><div class=\"t m0 h5 ff12 fs1 fc1 sc0 ls0 ws0 gs17b0\">o<span class=\"ff10\"> <span class=\"_ _2f\"> </span><span class=\"ff4\">Rischi di cond<span class=\"_ _1\"></span>otta; </span></span></div><div class=\"t m0 h5 ff12 fs1 fc1 sc0 ls0 ws0 gs17b1\">o<span class=\"ff10\"> <span class=\"_ _2f\"> </span><span class=\"ff4\">Rischi ESG </span></span></div><div class=\"t m0 h5 ff13 fs1 fc1 sc0 ls0 ws0 gs17b2\">-<span class=\"ff10\"> <span class=\"_ _35\"> </span><span class=\"ff4\">Rischi str<span class=\"_ _2\"></span>ategici </span></span></div><div class=\"t m0 h5 ff13 fs1 fc1 sc0 ls0 ws0 gs17b3\">-<span class=\"ff10\"> <span class=\"_ _35\"> </span><span class=\"ff4\">Rischi emergenti </span></span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs17b4\">Il  processo  di <span class=\"_ _16\"> </span>identificazione  dei  rischi <span class=\"_ _16\"> </span>a  cui  la <span class=\"_ _16\"> </span>Compagnia  \u00e8  esposta  costituisce  un <span class=\"_ _16\"> </span>elemento </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs17b5\">fondamentale per l<span class=\"_ _1\"></span>a corretta implementazione <span class=\"_ _f\"></span>e valutazione del pi\u00f9 ampio processo di<span class=\"_ _1\"></span> gestione dei </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs17b6\">rischi. <span class=\"_ _14\"> </span>Credemvita, <span class=\"_ _15\"> </span>in <span class=\"_ _14\"> </span>linea <span class=\"_ _15\"> </span>con <span class=\"_ _15\"> </span>la <span class=\"_ _14\"> </span>Normat<span class=\"_ _2\"></span>iva <span class=\"_ _14\"> </span>Regolamentare, <span class=\"_ _14\"> </span>ha <span class=\"_ _15\"> </span>previsto <span class=\"_ _14\"> </span>una <span class=\"_ _15\"> </span>procedura <span class=\"_ _15\"> </span>di </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs17b7\">censimento <span class=\"_ _2\"></span>dei <span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>ischi, <span class=\"_ _2\"></span>da <span class=\"_ _2\"></span>inte<span class=\"_ _2\"></span>ndersi <span class=\"_ _2\"></span>come <span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>trumento <span class=\"_ _2\"></span>metodologico <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>su<span class=\"_ _2\"></span>pporto <span class=\"_ _2\"></span>nello <span class=\"_ _2\"></span>svolgime<span class=\"_ _2\"></span>nto </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs17b8\">delle attivit\u00e0 d<span class=\"_ _1\"></span>i individuazione <span class=\"_ _1\"></span>e valutazione dei<span class=\"_ _1\"></span> rischi che permetta di raccogliere <span class=\"_ _f\"></span>in via continuativa </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs17b9\">informazioni <span class=\"_ _9\"> </span>sui <span class=\"_ _9\"> </span>rischi, <span class=\"_ _9\"> </span>interni <span class=\"_ _9\"> </span>ed <span class=\"_ _9\"> </span>esterni, <span class=\"_ _9\"> </span>esistenti <span class=\"_ _9\"> </span>e <span class=\"_ _9\"> </span>prospettici <span class=\"_ _9\"> </span>a <span class=\"_ _9\"> </span>cui <span class=\"_ _9\"> </span>\u00e8 <span class=\"_ _9\"> </span>esposta, <span class=\"_ _9\"> </span>e <span class=\"_ _9\"> </span>che <span class=\"_ _9\"> </span>possono </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs17ba\">interessare <span class=\"_ _2\"></span>tutti i <span class=\"_ _2\"></span>processi <span class=\"_ _2\"></span>operativi e <span class=\"_ _2\"></span>le are<span class=\"_ _2\"></span>e aziendali. <span class=\"_ _2\"></span>Per <span class=\"_ _2\"></span>sua <span class=\"_ _2\"></span>natura <span class=\"_ _2\"></span>tale procedura <span class=\"_ _2\"></span>\u00e8 in <span class=\"_ _2\"></span>continua </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs17bb\">evoluzione in <span class=\"_ _2\"></span><span class=\"ff5\">base al <span class=\"_ _2\"></span>progressivo <span class=\"_ _2\"></span>affinamento del sistema <span class=\"_ _2\"></span>di gestione <span class=\"_ _2\"></span>dei rischi <span class=\"_ _2\"></span>e all\u2019evoluzione del </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs17bc\">quadro normativo di riferimento. </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs17bd\">La procedura di censimento dei rischi di<span class=\"_ _1\"></span> Credemvita si articola in quattro fasi:<span class=\"_ _2\"></span> </div><div class=\"t m0 h5 ff13 fs1 fc1 sc0 ls0 ws0 gs17be\">-<span class=\"ff10\"> <span class=\"_ _35\"> </span><span class=\"ff4\">analisi del piano str<span class=\"_ _2\"></span>ategico azie<span class=\"_ _1\"></span>ndale e individuazione dei fattor<span class=\"_ _2\"></span>i di<span class=\"_ _1\"></span> rischio emergenti; </span></span></div><div class=\"t m0 h5 ff13 fs1 fc1 sc0 ls0 ws0 gs17bf\">-<span class=\"ff10\"> <span class=\"_ _35\"> </span><span class=\"ff4\">individuazione dei fattori di rischio esterni; </span></span></div><div class=\"t m0 h5 ff13 fs1 fc1 sc0 ls0 ws0 gs17c0\">-<span class=\"ff10\"> <span class=\"_ _35\"> </span><span class=\"ff4\">individuazione de<span class=\"_ _1\"></span>i <span class=\"_ _f\"></span>fatt<span class=\"_ _2\"></span>ori <span class=\"_ _f\"></span>di rischi<span class=\"_ _f\"></span>o operativi <span class=\"_ _f\"></span>(ivi <span class=\"_ _f\"></span>inclusi <span class=\"_ _1\"></span>quelli <span class=\"_ _f\"></span>informat<span class=\"_ _2\"></span>ici <span class=\"_ _f\"></span>e <span class=\"_ _f\"></span>di cybe<span class=\"_ _1\"></span>r risk)<span class=\"_ _1\"></span>, <span class=\"_ _f\"></span>di non<span class=\"_ _f\"></span> </span></span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs17c1\">conformit\u00e0 alle norme e di secondo liv<span class=\"_ _1\"></span>ello;<span class=\"_ _2\"></span> </div><div class=\"t m0 h5 ff13 fs1 fc1 sc0 ls0 ws0 gs17c2\">-<span class=\"ff10\"> <span class=\"_ _35\"> </span><span class=\"ff4\">individuazione dei fatt<span class=\"_ _2\"></span>ori di rischio strategico. </span></span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs17c3\">Le <span class=\"_ _d\"></span>mo<span class=\"_ _2\"></span>dalit\u00e0 <span class=\"_ _d\"></span>adottate <span class=\"_ _0\"></span>per <span class=\"_ _0\"></span>l\u2019identificazione <span class=\"_ _d\"></span>dei <span class=\"_ _0\"></span>rischi <span class=\"_ _0\"></span>si <span class=\"_ _0\"></span>basano <span class=\"_ _d\"></span>sostanzialmente <span class=\"_ _0\"></span>su <span class=\"_ _0\"></span>uno <span class=\"_ _d\"></span>o <span class=\"_ _0\"></span>pi\u00f9 <span class=\"_ _d\"></span>dei </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs17c4\">seguenti approcci: </div><div class=\"t m0 h5 ff13 fs1 fc1 sc0 ls0 ws0 gs17c5\">-<span class=\"ff10\"> <span class=\"_ _35\"> </span><span class=\"ff4\">Risk Assess<span class=\"_ _2\"></span>ment specifici<span class=\"_ _1\"></span> (per famiglie di rischio); </span></span></div><div class=\"t m0 h5 ff13 fs1 fc1 sc0 ls0 ws0 gs17c6\">-<span class=\"ff10\"> <span class=\"_ _35\"> </span><span class=\"ff4\">Valutazioni delle differenze tra <span class=\"_ _2\"></span>ogni<span class=\"_ _1\"></span> assunzione di rischio e il risul<span class=\"_ _2\"></span>tato attuale;<span class=\"_ _df\"> </span></span></span><span class=\"ff10\"><span class=\"ff4\"> </span></span></div>Eventi perdita o errori accaduti;<span class=\"_ _df\"> </span>-<span class=\"_ _1d\"> </span><span class=\"ff4\">Revisione dei processi, della matrice dei rischi normativa o risk assessment normativi;<span class=\"_ _df\"> </span></span>-<span class=\"_ _1d\"> </span><span class=\"ff4\">Brainstorming con il management e i risk owner;<span class=\"_ _df\"> </span></span>-<span class=\"_ _1d\"> </span><span class=\"ff4\">Valutazioni di Internal/External Audit<span class=\"_ _df\"> </span></span>-<span class=\"_ _1d\"> </span><span class=\"ff4\">Comunicazioni e confronti con i regulator;<span class=\"_ _df\"> </span></span>-<span class=\"_ _1d\"> </span><span class=\"ff4\">Altri eventi esterni;<span class=\"_ _df\"> </span></span>-<span class=\"_ _1d\"> </span><span class=\"ff4\">Reporting trasmesso dalle arre funzionali della Compagnia.<span class=\"_ _df\"> </span></span>Una  volta  che <span class=\"_ _16\"> </span>i  rischi <span class=\"_ _16\"> </span>sono  s<span class=\"_ _1\"></span>tati  identifi<span class=\"_ _1\"></span>cati  essi  vanno  a<span class=\"_ _1\"></span>  costituire <span class=\"_ _16\"> </span>la  Mappa  d<span class=\"_ _1\"></span>ei  Rischi <span class=\"_ _16\"> </span>della Compagnia. Valu<span class=\"_ _1\"></span>tazio<span class=\"_ _1\"></span>ne dei<span class=\"_ _1\"></span> Risc<span class=\"_ _f\"></span>hi Il processo d<span class=\"_ _1\"></span>i valutazione de<span class=\"_ _1\"></span>i rischi \u00e8 realizzato sia con <span class=\"_ _f\"></span>logiche attuali sia con <span class=\"_ _1\"></span>logiche p<span class=\"_ _1\"></span>rospettiche ed <span class=\"_ _15\"> </span>integra <span class=\"_ _e\"> </span>metodologie <span class=\"_ _15\"> </span>ed <span class=\"_ _e\"> </span>approcci <span class=\"_ _15\"> </span>di <span class=\"_ _e\"> </span>carattere <span class=\"_ _e\"> </span>quantitativo <span class=\"_ _15\"> </span>(sia <span class=\"_ _e\"> </span>regolamentare <span class=\"_ _e\"> </span>sia <span class=\"_ _15\"> </span>non regolamentare) e qualitativo. La <span class=\"_ _0\"></span>valutazione <span class=\"_ _9\"> </span>dei <span class=\"_ _9\"> </span>rischi <span class=\"_ _9\"> </span>\u00e8 <span class=\"_ _9\"> </span>effettuata <span class=\"_ _9\"> </span>su <span class=\"_ _9\"> </span>base <span class=\"_ _9\"> </span>individuale, <span class=\"_ _9\"> </span>a <span class=\"_ _9\"> </span>livello <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>singolo <span class=\"_ _0\"></span>rischio, <span class=\"_ _9\"> </span>e <span class=\"_ _9\"> </span>su <span class=\"_ _9\"> </span>base aggregata, pe<span class=\"_ _1\"></span>r tener conto delle interrelazi<span class=\"_ _1\"></span>oni fra le <span class=\"_ _1\"></span>fonti di rischio. Vengono <span class=\"_ _1\"></span>inoltre considerati gli effetti indiretti connessi ai rischi pi\u00f9 signi<span class=\"_ _1\"></span>ficativi.<span class=\"_ _2\"></span> La <span class=\"_ _2\"></span>frequenza <span class=\"_ _2\"></span>della <span class=\"_ _2\"></span>valutazione <span class=\"_ _d\"></span>dei <span class=\"_ _2\"></span>rischi <span class=\"_ _2\"></span>dipende <span class=\"_ _d\"></span>dalla <span class=\"_ _2\"></span>tipologia <span class=\"_ _2\"></span>dei <span class=\"_ _d\"></span>rischi, <span class=\"_ _2\"></span>dagli <span class=\"_ _2\"></span>strumenti <span class=\"_ _d\"></span>e <span class=\"_ _2\"></span>dalle metodologie di <span class=\"_ _2\"></span>valutazione <span class=\"_ _2\"></span>utilizzate <span class=\"_ _2\"></span>ed \u00e8 <span class=\"_ _2\"></span>stabilita <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>coerenza con <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>frequenza e <span class=\"_ _2\"></span>le <span class=\"_ _2\"></span>esigenze <span class=\"_ _2\"></span>dei processi <span class=\"_ _d\"></span>strategici<span class=\"_ _1\"></span> <span class=\"_ _d\"></span>e <span class=\"_ _2\"></span>decisionali <span class=\"_ _d\"></span>della <span class=\"_ _2\"></span>Compagnia. <span class=\"_ _d\"></span>La <span class=\"_ _d\"></span>frequenza <span class=\"_ _2\"></span>di <span class=\"_ _d\"></span>valutazione <span class=\"_ _d\"></span>dei <span class=\"_ _2\"></span>rischi <span class=\"_ _d\"></span>in <span class=\"_ _2\"></span>ot<span class=\"_ _2\"></span>tica prospettica \u00e8 coerente con il processo annuale d<span class=\"_ _1\"></span>i pianificazione strategica. <span class=\"_ _2\"></span> Accanto <span class=\"_ _9\"> </span>alla <span class=\"_ _9\"> </span>gestione <span class=\"_ _9\"> </span>ordinaria <span class=\"_ _16\"> </span>del <span class=\"_ _9\"> </span>processo <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>valutazione <span class=\"_ _9\"> </span>d<span class=\"_ _2\"></span>ei <span class=\"_ _9\"> </span>rischi, <span class=\"_ _9\"> </span>\u00e8 <span class=\"_ _16\"> </span>prevista <span class=\"_ _9\"> </span>una <span class=\"_ _9\"> </span>gestione all\u2019occorrenza, <span class=\"_ _f\"></span>in <span class=\"_ _1\"></span>ragione <span class=\"_ _f\"></span>d<span class=\"_ _2\"></span>i <span class=\"_ _f\"></span>eventi che <span class=\"_ _f\"></span>possano <span class=\"_ _1\"></span>determinare <span class=\"_ _f\"></span>una v<span class=\"_ _1\"></span>ariazione <span class=\"_ _f\"></span>significat<span class=\"_ _2\"></span><span class=\"ff4\">iva <span class=\"_ _f\"></span>d<span class=\"_ _2\"></span>el <span class=\"_ _f\"></span>profilo </span>di rischio. In particolare, sono stati identifi<span class=\"_ _1\"></span>cati i seguenti principali eventi: <span class=\"_ _2\"></span> -<span class=\"_ _1d\"> </span><span class=\"ff5\">l\u2019aggiornamento del piano strategico;<span class=\"_ _df\"> </span></span>-<span class=\"_ _1d\"> </span><span class=\"ff5\">un\u2019acquisizione <span class=\"_ _0\"></span>o <span class=\"_ _9\"> </span>un <span class=\"_ _9\"> </span>disinvestimento <span class=\"_ _9\"> </span>che <span class=\"_ _0\"></span>mo<span class=\"_ _2\"></span>difich<span class=\"_ _1\"></span>i <span class=\"_ _0\"></span>s<span class=\"_ _2\"></span>ensibilmente <span class=\"_ _0\"></span>il <span class=\"_ _9\"> </span>business, <span class=\"_ _9\"> </span>il <span class=\"_ _0\"></span>profilo <span class=\"_ _9\"> </span>di </span>rischio o la posizione di solvibilit\u00e0;<span class=\"_ _df\"> </span>-<span class=\"_ _1d\"> </span><span class=\"ff4\">una  v<span class=\"_ _1\"></span>ariazione <span class=\"_ _16\"> </span>significativa <span class=\"_ _16\"> </span>nei <span class=\"_ _16\"> </span>mercati <span class=\"_ _16\"> </span>finanziari <span class=\"_ _9\"> </span>che  d<span class=\"_ _1\"></span>etermini  un <span class=\"_ _9\"> </span>notevole <span class=\"_ _16\"> </span>impatto  sul<span class=\"_ _f\"></span> </span>portafoglio attivi della compagnia; -<span class=\"_ _1d\"> </span><span class=\"ff4\">una variazione significativa nelle passivit\u00e0 della Compagni<span class=\"_ _1\"></span>a;<span class=\"_ _df\"> </span></span>-<span class=\"_ _1d\"> </span><span class=\"ff4\">una riduzione della posizione di solvibilit\u00e0 al di sott<span class=\"_ _2\"></span>o di valori criti<span class=\"_ _f\"></span>ci; </span>-<span class=\"_ _1d\"> </span><span class=\"ff4\">un cambiamento significativo del quadro regolamentare;<span class=\"_ _df\"> </span></span>-<span class=\"_ _1d\"> </span><span class=\"ff5\">un cambiamento significativo del profilo di rischio e l\u2019insorgere di nuov<span class=\"_ _1\"></span>i rischi; </span>-<span class=\"_ _1d\"> </span><span class=\"ff4\">un cambiamento significativo dei processi, sistemi e procedure aziendali. </span>Strum<span class=\"_ _f\"></span>enti e Met<span class=\"_ _1\"></span>odol<span class=\"_ _1\"></span>ogie<span class=\"_ _f\"></span> di Misur<span class=\"_ _f\"></span>azione<span class=\"fc1 sc0\"> </span>La <span class=\"_ _0\"></span>Compagnia <span class=\"_ _d\"></span>ha <span class=\"_ _9\"> </span>definito <span class=\"_ _0\"></span>ai <span class=\"_ _0\"></span>sensi <span class=\"_ _0\"></span>della <span class=\"_ _0\"></span>normativa <span class=\"_ _0\"></span>regolamentare <span class=\"_ _0\"></span>un <span class=\"_ _d\"></span>processo <span class=\"_ _0\"> </span>di <span class=\"_ _0\"></span>valutazione <span class=\"_ _0\"></span>e analisi <span class=\"_ _9\"> </span>dei <span class=\"_ _9\"> </span>r<span class=\"_ _2\"></span>ischi <span class=\"_ _9\"> </span>basato <span class=\"_ _9\"> </span>sostanzialmente <span class=\"_ _9\"> </span>sugli <span class=\"_ _9\"> </span>st<span class=\"_ _2\"></span>rumenti <span class=\"_ _9\"> </span>e <span class=\"_ _9\"> </span>metodologie <span class=\"_ _9\"> </span>s<span class=\"_ _2\"></span>vilu<span class=\"_ _1\"></span>ppate <span class=\"_ _16\"> </span>nell<span class=\"_ _1\"></span>\u2019ambito della  p<span class=\"_ _1\"></span>rocedura  di  profilazione <span class=\"_ _9\"> </span>dei  rischi  ovvero  a  indicatori<span class=\"_ _1\"></span>  di  rischio <span class=\"_ _16\"> </span>i  q<span class=\"_ _1\"></span>uali  possono  e<span class=\"_ _1\"></span>ssere costruiti dai seguenti approcci metodologici<span class=\"_ _1\"></span>:<span class=\"_ _2\"></span> -<span class=\"_ _1d\"> </span><span class=\"ff4\">quantitativi <span class=\"_ _14\"> </span>regolamentari <span class=\"_ _15\"> </span>basati <span class=\"_ _15\"> </span>sui <span class=\"_ _14\"> </span>principi <span class=\"_ _14\"> </span>alla <span class=\"_ _15\"> </span>base <span class=\"_ _14\"> </span>delle <span class=\"_ _15\"> </span>grandezze <span class=\"_ _14\"> </span>regolamentari </span>Solvency tra cui il Requisito di Capi<span class=\"_ _1\"></span>tale;<span class=\"_ _df\"> </span>-<span class=\"_ _1d\"> </span><span class=\"ff4\">quantitativi <span class=\"_ _18\"> </span>non <span class=\"_ _19\"> </span>regolamentari <span class=\"_ _19\"> </span>(o <span class=\"_ _18\"> </span>gestionali) <span class=\"_ _18\"> </span>basati <span class=\"_ _19\"> </span>su <span class=\"_ _18\"> </span>concetti <span class=\"_ _18\"> </span>come <span class=\"_ _19\"> </span>ad <span class=\"_ _18\"> </span>esempio </span>esposizione, <span class=\"_ _2\"></span>concentrazione, <span class=\"_ _2\"></span>volatilit\u00e0, <span class=\"_ _2\"></span>perdita <span class=\"_ _2\"></span>attesa <span class=\"_ _d\"></span>o <span class=\"_ _2\"></span>potenziale, <span class=\"_ _2\"></span>e/o <span class=\"_ _2\"></span>volti <span class=\"_ _2\"></span>a <span class=\"_ _d\"></span>valutare <span class=\"_ _2\"></span>quei rischi non <span class=\"_ _f\"></span>ricompresi ne<span class=\"_ _1\"></span>lla formu<span class=\"_ _f\"></span>la standard <span class=\"_ _1\"></span>e/o ad<span class=\"_ _f\"></span> integrare l<span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>valutazione <span class=\"_ _f\"></span>degli stessi <span class=\"_ _f\"></span>r<span class=\"_ _2\"></span>ischi<span class=\"_ _1\"></span> regolamentari tra cui:<span class=\"_ _df\"> </span>o<span class=\"_ _25\"> </span><span class=\"ff4\">Rischio Liquidit\u00e0;<span class=\"_ _df\"> </span></span>o<span class=\"_ _25\"> </span><span class=\"ff4\">Rischio ALM;<span class=\"_ _df\"> </span></span>o<span class=\"_ _25\"> </span><span class=\"ff4\">Rischi Operativi;<span class=\"_ _df\"> </span></span>o<span class=\"_ _25\"> </span><span class=\"ff4\">Rischio ICT &amp; di Sicurezza;<span class=\"_ _df\"> </span></span>o<span class=\"_ _25\"> </span><span class=\"ff4\">Rischio di Appartenenza al Gruppo;<span class=\"_ _df\"> </span></span>o<span class=\"_ _25\"> </span><span class=\"ff4\">Rischio ESG (rischio climatico);<span class=\"_ _df\"> </span></span>o<span class=\"_ _25\"> </span><span class=\"ff4\">Rischio strategico<span class=\"_ _df\"> </span></span>-<span class=\"_ _1d\"> </span><span class=\"ff4\">qualitativi <span class=\"_ _15\"> </span>basati <span class=\"_ _e\"> </span>su <span class=\"_ _e\"> </span>grandezze <span class=\"_ _15\"> </span>non <span class=\"_ _e\"> </span>quantificabili <span class=\"_ _e\"> </span>o <span class=\"_ _e\"> </span>difficilmente <span class=\"_ _15\"> </span>quantificabili<span class=\"_ _2\"></span>, <span class=\"_ _15\"> </span>la <span class=\"_ _e\"> </span>cui </span>valutazione del giudizio espe<span class=\"_ _1\"></span>rto \u00e8 prevalente, tra cui:<span class=\"_ _df\"> </span>o<span class=\"_ _25\"> </span><span class=\"ff4\">Rischio Modello;<span class=\"_ _df\"> </span></span>o<span class=\"_ _25\"> </span><span class=\"ff4\">Rischio Legale &amp; Non Conformit\u00e0;<span class=\"_ _df\"> </span></span>o<span class=\"_ _25\"> </span><span class=\"ff4\">Rischio di Condotta;<span class=\"_ _df\"> </span></span>o<span class=\"_ _25\"> </span><span class=\"ff4\">Rischio Reputazionale;<span class=\"_ _df\"> </span></span>o<span class=\"ff10\"> <span class=\"_ _5\"> </span><span class=\"ff4\">Rischi Emergenti.<span class=\"_ _2\"></span> </span></span>Oltre <span class=\"_ _4\"> </span>alle <span class=\"_ _4\"> </span>metodologie <span class=\"_ _4\"> </span>alla <span class=\"_ _4\"> </span>ba<span class=\"_ _2\"></span>se <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>tali <span class=\"_ _4\"> </span>indicatori <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>r<span class=\"_ _2\"></span>ischio, <span class=\"_ _4\"> </span>la <span class=\"_ _4\"> </span>misurazione <span class=\"_ _17\"> </span>del <span class=\"_ _4\"> </span>rischio <span class=\"_ _4\"> </span>dell<span class=\"_ _2\"></span>a Compagnia, sia att<span class=\"_ _2\"></span>uale che prospettica, si <span class=\"_ _2\"></span>basa sulle metodologie <span class=\"_ _2\"></span>regolamentari per il calcolo <span class=\"_ _2\"></span>del Requisito <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>Capitale (c<span class=\"_ _2\"></span>fr. <span class=\"_ _2\"></span>SCR): <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>metodologia <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>riferimento <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _2\"></span>quella <span class=\"_ _2\"></span>della <span class=\"_ _2\"></span>Formula <span class=\"_ _2\"></span>Standard. <span class=\"_ _2\"></span> <span class=\"_ _2\"></span>Si precisa <span class=\"_ _0\"></span>inoltra <span class=\"_ _9\"> </span>che <span class=\"_ _0\"></span>la <span class=\"_ _0\"></span>Compagnia <span class=\"_ _0\"></span>adott<span class=\"ff5\">a <span class=\"_ _9\"> </span>l\u2019applicazione <span class=\"_ _0\"></span>del <span class=\"_ _0\"></span>Volatility <span class=\"_ _0\"></span>Adjustments: <span class=\"_ _9\"> </span>le <span class=\"_ _0\"></span>valutazioni<span class=\"_ _1\"></span> </span>attuali <span class=\"_ _2\"></span>e prospettiche dei <span class=\"_ _2\"></span>rischi <span class=\"_ _2\"></span>regol<span class=\"_ _1\"></span>amentari <span class=\"_ _2\"></span>prevedono l\u2019utilizzo <span class=\"_ _2\"></span>del Volatility <span class=\"_ _2\"></span>Adjustment come Long <span class=\"_ _d\"></span>Term <span class=\"_ _d\"></span>Guarantee <span class=\"_ _d\"></span>measure. <span class=\"_ _d\"></span>Il <span class=\"_ _d\"></span>Volatility <span class=\"_ _d\"></span>Adjust<span class=\"_ _2\"></span>ment <span class=\"_ _d\"></span>viene <span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>pplicato <span class=\"_ _d\"></span>sul <span class=\"_ _d\"></span>totale <span class=\"_ _d\"></span>delle <span class=\"_ _d\"></span>passivit\u00e0<span class=\"_ _2\"></span> detenute e vendute <span class=\"_ _2\"></span>interamente in <span class=\"_ _2\"></span>Italia e nella <span class=\"_ _2\"></span>valuta Euro. N<span class=\"_ _2\"></span>on viene applicato dalla Compag<span class=\"_ _2\"></span>nia il <span class=\"_ _1a\"> </span>Matching <span class=\"_ _1a\"> </span>Adjustment. <span class=\"_ _1a\"> </span>Al <span class=\"_ _1a\"> </span>fine <span class=\"_ _19\"> </span>di <span class=\"_ _1a\"> </span>una <span class=\"_ _1a\"> </span>maggiore <span class=\"_ _1a\"> </span>comprensione <span class=\"_ _1a\"> </span>degli <span class=\"_ _1a\"> </span>effetti <span class=\"_ _1a\"> </span>derivanti dall\u2019applicazione <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>Volatility <span class=\"_ _d\"></span>Adjustment <span class=\"_ _2\"></span>sulle <span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>iserve <span class=\"_ _2\"></span>tecniche <span class=\"_ _d\"></span>e <span class=\"_ _2\"></span>sui<span class=\"_ _2\"></span><span class=\"ff4\"> <span class=\"_ _2\"></span>fondi <span class=\"_ _d\"></span>propri, <span class=\"_ _2\"></span>viene <span class=\"_ _d\"></span>effettua </span>inoltre analisi d<span class=\"_ _1\"></span>i sensitivity <span class=\"_ _f\"></span>o<span class=\"_ _2\"></span>gni <span class=\"_ _f\"></span>qualvolta lo scostamento <span class=\"_ _1\"></span>tra la <span class=\"_ _1\"></span>curva <span class=\"_ _1\"></span>risk free <span class=\"_ _1\"></span>EIOPA e<span class=\"_ _1\"></span> la curva <span class=\"_ _f\"></span>r<span class=\"_ _2\"></span>isk free EIOPA con Volatility Adjustement risulti signifi<span class=\"_ _1\"></span>cativo.<span class=\"_ _2\"></span> Tutte queste grandezze, oltre <span class=\"_ _2\"></span>a costituire l\u2019impianto per i<span class=\"_ _2\"></span><span class=\"ff4\">l monitoraggio nel continuo alla base <span class=\"_ _2\"></span>de<span class=\"_ _1\"></span>l </span>modello <span class=\"_ _15\"> </span>o<span class=\"_ _2\"></span>rganizzativo <span class=\"_ _15\"> </span>di <span class=\"_ _e\"> </span>gest<span class=\"_ _2\"></span>ione <span class=\"_ _15\"> </span>del <span class=\"_ _e\"> </span>r<span class=\"_ _2\"></span>ischio, <span class=\"_ _15\"> </span>rappresentano <span class=\"_ _10\"> </span>gli <span class=\"_ _15\"> </span>elementi <span class=\"_ _e\"> </span>alla <span class=\"_ _10\"> </span>base <span class=\"_ _15\"> </span>d<span class=\"_ _2\"></span>ella metodologia  per <span class=\"_ _4\"> </span>la <span class=\"_ _4\"> </span>profilazione  del <span class=\"_ _22\"> </span>r<span class=\"_ _2\"></span>ischio  d<span class=\"_ _2\"></span>ella  Compagnia. <span class=\"_ _4\"> </span>Tale <span class=\"_ _22\"> </span>att<span class=\"_ _2\"></span>ivit\u00e0  ha <span class=\"_ _4\"> </span>come <span class=\"_ _4\"> </span>obie<span class=\"_ _1\"></span>ttivo l\u2019individuazione e <span class=\"_ _2\"></span>valutazione <span class=\"_ _2\"></span>dei <span class=\"_ _2\"></span>fattori di <span class=\"_ _2\"></span>rischio <span class=\"_ _2\"></span>e l\u2019att<span class=\"_ _2\"></span>ribuzione ad <span class=\"_ _2\"></span>ognuno di <span class=\"_ _2\"></span>essi <span class=\"_ _2\"></span>di un <span class=\"_ _2\"></span>livello di significativit\u00e0.  Da un punto di vista metodologico, concorrono alla valu<span class=\"_ _f\"></span>t<span class=\"_ _2\"></span>azione dei<span class=\"_ _1\"></span> rischi anche:<span class=\"_ _2\"></span> -<span class=\"ff10\"> <span class=\"_ _5e\"> </span><span class=\"ff5\">Sensitivity, <span class=\"_ _2\"></span>stress <span class=\"_ _2\"></span>test <span class=\"_ _2\"></span>e scenario <span class=\"_ _2\"></span>test: <span class=\"_ _2\"></span>ai <span class=\"_ _2\"></span>sensi <span class=\"_ _2\"></span>dell\u2019Art. <span class=\"_ _2\"></span>19, <span class=\"_ _2\"></span>com<span class=\"_ _1\"></span>ma <span class=\"_ _2\"></span>4 <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>Reg.<span class=\"ff4\"> <span class=\"_ _2\"></span>IVASS <span class=\"_ _2\"></span>n.38, <span class=\"_ _2\"></span>la </span></span></span>Funzione R<span class=\"_ _2\"></span>isk <span class=\"_ _2\"></span>Management, all<span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>scopo <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>valutare <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>ottica <span class=\"_ _2\"></span>attuale e <span class=\"_ _d\"></span>prospettica <span class=\"_ _2\"></span>gli <span class=\"_ _2\"></span>impatti sulla  situazione  economica  e <span class=\"_ _4\"> </span>patrimoniale  derivanti  da  andamenti  avvers<span class=\"_ _2\"></span>i  dei  principali fattori di <span class=\"_ _f\"></span>r<span class=\"_ _2\"></span>ischio, <span class=\"_ _1\"></span>effettua, pe<span class=\"_ _1\"></span>r ciascuna <span class=\"_ _1\"></span>delle <span class=\"_ _1\"></span>fonti di rischio <span class=\"_ _1\"></span>identificate come magg<span class=\"_ _1\"></span>iormente<span class=\"_ _1\"></span> significative, analisi di stress test e sensitivity. -<span class=\"ff10\"> <span class=\"_ _5e\"> </span><span class=\"ff4\">Risk Self Assessment sui rischi operativi<span class=\"_ _1\"></span> (ivi inclusi il rischio ICT e di Sicurezza).<span class=\"_ _2\"></span> </span></span>Gest<span class=\"_ _1\"></span>ione <span class=\"_ _1\"></span>dei Ris<span class=\"_ _f\"></span>chi<span class=\"fc1 sc0\"> </span>L\u2019obiettivo <span class=\"_ _2\"></span>del s<span class=\"_ _2\"></span>istema di <span class=\"_ _2\"></span>gestione <span class=\"_ _2\"></span>dei <span class=\"_ _2\"></span>rischi <span class=\"_ _2\"></span>consiste <span class=\"_ _2\"></span>n<span class=\"ff4\">el <span class=\"_ _2\"></span>mantenere <span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>rischi <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>cui <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>Compagnia \u00e8 </span>esposta <span class=\"_ _14\"> </span>a <span class=\"_ _14\"> </span>un <span class=\"_ _14\"> </span>livello <span class=\"_ _14\"> </span>definito <span class=\"_ _14\"> </span>accettabile, <span class=\"_ _14\"> </span>attraverso <span class=\"_ _15\"> </span>l\u2019indicazione<span class=\"_ _1\"></span> <span class=\"_ _14\"> </span>della <span class=\"_ _14\"> </span>propensione <span class=\"_ _15\"> </span>e <span class=\"_ _14\"> </span>della tolleranza al rischio <span class=\"_ _f\"></span>stabilite in coerenza <span class=\"_ _1\"></span>con l\u2019obie<span class=\"_ _1\"></span>ttivo di salvaguardia <span class=\"_ _1\"></span>del p<span class=\"_ _1\"></span>atrimonio delle stesse<span class=\"_ _f\"></span> a <span class=\"_ _d\"></span>garanzia <span class=\"_ _2\"></span>della <span class=\"_ _d\"></span>continuit\u00e0 <span class=\"_ _d\"></span>aziendale. <span class=\"_ _2\"></span>Le <span class=\"_ _d\"></span>linee <span class=\"_ _2\"></span>guida <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>tema <span class=\"_ _d\"></span>di <span class=\"_ _2\"></span>gestione <span class=\"_ _d\"></span>dei <span class=\"_ _2\"></span>rischi <span class=\"_ _d\"></span>sono <span class=\"_ _d\"></span>riportate<span class=\"_ _1\"></span> nelle <span class=\"_ _1\"></span>singole <span class=\"_ _1\"></span>politiche <span class=\"_ _1\"></span>redatte, rivi<span class=\"_ _1\"></span>ste ed <span class=\"_ _f\"></span>approvate annualmente <span class=\"_ _1\"></span>dal <span class=\"_ _1\"></span>Consiglio <span class=\"_ _1\"></span>di Ammin<span class=\"_ _1\"></span>istrazione, previo <span class=\"_ _17\"> </span>passaggio <span class=\"_ _17\"> </span>da <span class=\"_ _14\"> </span>parte <span class=\"_ _17\"> </span>d<span class=\"_ _2\"></span>el <span class=\"_ _17\"> </span>Comitato <span class=\"_ _14\"> </span>Consiliare <span class=\"_ _17\"> </span>per <span class=\"_ _14\"> </span>il <span class=\"_ _17\"> </span>Controllo <span class=\"_ _14\"> </span>Inte<span class=\"_ _2\"></span>rno <span class=\"_ _17\"> </span>e <span class=\"_ _14\"> </span>i <span class=\"_ _17\"> </span>Rischi <span class=\"_ _14\"> </span>della Compagnia.  Elementi costitutivi della ge<span class=\"_ _1\"></span>stione dei rischi sono:<span class=\"_ _2\"></span> o<span class=\"ff10\"> <span class=\"_ _5\"> </span><span class=\"ff4 fc4 sc3\">Risk App<span class=\"_ _1\"></span>etite<span class=\"_ _1\"></span> Fra<span class=\"_ _f\"></span>mework<span class=\"fc1 sc2\"> </span></span></span>La Compagnia <span class=\"_ _1\"></span>si \u00e8 dotata <span class=\"_ _f\"></span>di un Risk Ap<span class=\"_ _1\"></span>petite Framework (cf<span class=\"_ _1\"></span>r. RAF) che<span class=\"_ _1\"></span> definisce <span class=\"_ _1\"></span>la propensione al<span class=\"_ _f\"></span> rischio, <span class=\"_ _2\"></span>le <span class=\"_ _2\"></span>soglie di <span class=\"_ _2\"></span>tolleranza, <span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>limiti <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>ischi<span class=\"_ _1\"></span>o, <span class=\"_ _2\"></span>le <span class=\"_ _2\"></span>politiche di <span class=\"_ _2\"></span>governo <span class=\"_ _2\"></span>dei <span class=\"_ _2\"></span>rischi <span class=\"_ _2\"></span>nonch\u00e9 <span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>processi<span class=\"_ _1\"></span> di riferimento <span class=\"_ _2\"></span>necessari <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>definirli e <span class=\"_ _2\"></span>attuarli. <span class=\"_ _2\"></span>Nell\u2019ambito <span class=\"_ _2\"></span>dell\u2019attivit\u00e0 <span class=\"_ _2\"></span>di indirizzo <span class=\"_ _2\"></span>strategico <span class=\"_ _2\"></span>della Compagnia, i<span class=\"_ _1\"></span>l Consiglio di <span class=\"_ _1\"></span>Amministrazione indiv<span class=\"_ _1\"></span>idua e approva <span class=\"_ _1\"></span>la propria propensione<span class=\"_ _1\"></span> al rischio. Il processo di <span class=\"_ _2\"></span>definizione/revi<span class=\"_ _1\"></span>sione <span class=\"_ _2\"></span>del Risk Appetite <span class=\"_ _2\"></span>Framework si <span class=\"_ _2\"></span>affianca pertanto <span class=\"_ _2\"></span>al processo <span class=\"_ _2\"></span>d<span class=\"_ _1\"></span>i Pianificazione <span class=\"_ _2\"></span>Str<span class=\"_ _2\"></span>ategica/Ope<span class=\"_ _1\"></span>rativa <span class=\"_ _d\"></span>(Budget) <span class=\"_ _2\"></span>e <span class=\"_ _d\"></span>tiene <span class=\"_ _d\"></span>conto <span class=\"_ _d\"></span>della <span class=\"_ _d\"></span>valutazione <span class=\"_ _2\"></span>interna <span class=\"_ _d\"></span>del <span class=\"_ _d\"></span>rischio <span class=\"_ _2\"></span>e<span class=\"_ _2\"></span> della solvibilit\u00e0. Tali elementi non sono infa<span class=\"ff5\">tti disgiunti, ma si influenzano a vicenda con l\u2019obiettivo </span>di <span class=\"_ _f\"></span>ott<span class=\"_ _2\"></span>enere <span class=\"_ _f\"></span>la <span class=\"_ _f\"></span>mas<span class=\"_ _2\"></span>simizzazione <span class=\"_ _f\"></span>del <span class=\"_ _f\"></span>profilo rischio <span class=\"_ _f\"></span><span class=\"ff5\">\u2013<span class=\"_ _2\"></span><span class=\"ff4\"> <span class=\"_ _f\"></span>rendimento d<span class=\"_ _1\"></span>ella <span class=\"_ _f\"></span>Com<span class=\"_ _2\"></span>pagnia.<span class=\"_ _1\"></span> La <span class=\"_ _f\"></span>definizione <span class=\"_ _f\"></span>del </span></span>RAF tiene conto dei seguenti aspetti:  -<span class=\"ff10\"> <span class=\"_ _5e\"> </span><span class=\"ff4\">la <span class=\"_ _2\"></span>strategia della <span class=\"_ _2\"></span>Compagnia, <span class=\"_ _2\"></span>ivi inclusi <span class=\"_ _2\"></span>gli obi<span class=\"_ _2\"></span>ettivi or<span class=\"_ _2\"></span>ganizzativi, <span class=\"_ _2\"></span>il piano <span class=\"_ _2\"></span>strat<span class=\"_ _2\"></span>egico, i <span class=\"_ _2\"></span>vincoli </span></span>finanziari, nonch\u00e9 normativi e le aspettative de<span class=\"_ _1\"></span>gli stakeholders;<span class=\"_ _2\"></span> -<span class=\"ff10\"> <span class=\"_ _5e\"> </span><span class=\"ff4\">gli aspetti chiave del business del<span class=\"_ _1\"></span>la Compagnia;<span class=\"_ _2\"></span> </span></span>-<span class=\"ff10\"> <span class=\"_ _5e\"> </span><span class=\"ff4\">la volont\u00e0 e la capacit\u00e0 di assumere rischi; </span></span>-<span class=\"ff10\"> <span class=\"_ _5e\"> </span><span class=\"ff4\">le  competenze,  le  risorse  e  la  tecnologia  a  disposizione  della  Compagnia  per  gestire  e </span></span>monitorare le esposizioni al rischio. La <span class=\"_ _f\"></span>propensione <span class=\"_ _1\"></span>al <span class=\"_ _f\"></span>r<span class=\"_ _2\"></span>ischio <span class=\"_ _f\"></span>della <span class=\"_ _1\"></span>Compagnia <span class=\"_ _1\"></span>congiuntamente <span class=\"_ _f\"></span>alla valutazione<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>del <span class=\"_ _f\"></span>s<span class=\"_ _2\"></span>istema <span class=\"_ _f\"></span>di g<span class=\"_ _1\"></span>overno societario adottato nonch\u00e9<span class=\"_ _f\"></span> alla mappatura e id<span class=\"_ _1\"></span>entificazione dei fattori d<span class=\"_ _1\"></span>i rischio e ad una <span class=\"_ _1\"></span>generale applicazione <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>el <span class=\"_ _2\"></span>princ<span class=\"_ _2\"></span>ipio <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>ella <span class=\"_ _d\"></span>persona <span class=\"_ _d\"></span>prudente, <span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>appresentano <span class=\"_ _d\"></span>i <span class=\"_ _d\"></span>principali <span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>lementi <span class=\"_ _d\"></span>costitutivi alla base <span class=\"_ _2\"></span>della d<span class=\"_ _2\"></span>eterminazione del <span class=\"_ _2\"></span>modello organizzativo <span class=\"_ _2\"></span>di gestione <span class=\"_ _2\"></span>dei rischi <span class=\"_ _2\"></span>(specifico per <span class=\"_ _2\"></span>ogni classe di rischio). Nella <span class=\"_ _2\"></span>definizione <span class=\"_ _2\"></span>delle pro<span class=\"_ _2\"></span>prie st<span class=\"_ _2\"></span>rategie <span class=\"_ _2\"></span>di business, <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>Com<span class=\"_ _2\"></span>pagnia valuta, <span class=\"_ _2\"></span>su <span class=\"_ _2\"></span>base <span class=\"_ _2\"></span>continuativa, <span class=\"_ _2\"></span>il rispetto, <span class=\"_ _2\"></span>nei <span class=\"_ _d\"></span>dive<span class=\"_ _1\"></span>rsi <span class=\"_ _d\"></span>anni <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>sviluppo <span class=\"_ _d\"></span>del <span class=\"_ _2\"></span>piano, <span class=\"_ _2\"></span>dei <span class=\"_ _2\"></span>li<span class=\"_ _2\"></span>velli <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>ischio <span class=\"_ _2\"></span>target <span class=\"_ _2\"></span>definiti <span class=\"_ _2\"></span>nel <span class=\"_ _d\"></span>Risk <span class=\"_ _2\"></span>Appetite Framework <span class=\"_ _2\"></span>(c.d. <span class=\"_ _2\"></span>RAF), <span class=\"_ _d\"></span>al <span class=\"_ _2\"></span>fine <span class=\"_ _2\"></span>di <span class=\"_ _d\"></span>garantire <span class=\"_ _2\"></span>la <span class=\"_ _d\"></span>coerenza <span class=\"_ _2\"></span>tra <span class=\"_ _2\"></span>gli <span class=\"_ _d\"></span>obiettivi <span class=\"_ _2\"></span>di <span class=\"_ _d\"></span>medio-lungo <span class=\"_ _2\"></span>periodo <span class=\"_ _2\"></span>e <span class=\"_ _d\"></span>la<span class=\"_ _df\"> </span>capacit\u00e0 e la volont\u00e0 di assumere rischi de<span class=\"_ _1\"></span>lla Compagnia stessa.<span class=\"_ _df\"> </span>Si declinano, di seguito, i conce<span class=\"_ _1\"></span>tt<span class=\"_ _2\"></span>i rilevanti ai fini<span class=\"_ _1\"></span> della definizione del RAF:<span class=\"_ _df\"> </span>-<span class=\"_ _43\"> </span><span class=\"ff4\">il <span class=\"_ _9\"> </span>Risk <span class=\"_ _9\"> </span>Profile <span class=\"_ _9\"> </span>rappresenta <span class=\"_ _9\"> </span>il <span class=\"_ _9\"> </span>rischio <span class=\"_ _9\"> </span>effettivo <span class=\"_ _9\"> </span>della <span class=\"_ _9\"> </span>Compagnia <span class=\"_ _9\"> </span>valutato <span class=\"_ _16\"> </span>in <span class=\"_ _16\"> </span>un <span class=\"_ _0\"></span>determinato<span class=\"_ _df\"> </span></span>istante temporale;<span class=\"_ _df\"> </span>-<span class=\"_ _43\"> </span><span class=\"ff4\">il <span class=\"_ _f\"></span>Risk Appetite <span class=\"_ _f\"></span>rappresenta <span class=\"_ _1\"></span>la <span class=\"_ _f\"></span>ver<span class=\"_ _2\"></span>a <span class=\"_ _f\"></span>e p<span class=\"_ _1\"></span>ropria p<span class=\"_ _1\"></span>ropensione <span class=\"_ _f\"></span>al rischio <span class=\"_ _f\"></span>da p<span class=\"_ _1\"></span>arte d<span class=\"_ _1\"></span>ella <span class=\"_ _1\"></span>Compagnia<span class=\"_ _df\"> </span></span>e cos<span class=\"_ _2\"></span>tituisce, quindi, <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>livello di <span class=\"_ _2\"></span>rischio <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>essa intende <span class=\"_ _2\"></span>assumere <span class=\"_ _2\"></span>per il <span class=\"_ _2\"></span>perseguimento <span class=\"_ _2\"></span>dei<span class=\"_ _df\"> </span>suoi obiettivi strategici;<span class=\"_ _df\"> </span>-<span class=\"_ _43\"> </span><span class=\"ff4\">la  Risk  Tole<span class=\"_ _1\"></span>rance  individu<span class=\"_ _1\"></span>a  la  soglia  massima  d<span class=\"_ _1\"></span>i  tolleranza  d<span class=\"_ _f\"></span>el  rischio,  fissata  al<span class=\"_ _1\"></span>  fine  di<span class=\"_ _df\"> </span></span>assicurare <span class=\"_ _2\"></span>alla <span class=\"_ _2\"></span>Compagnia <span class=\"_ _2\"></span>margini <span class=\"_ _2\"></span>sufficienti <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>operare <span class=\"_ _2\"></span>sia <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>fase <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>normale <span class=\"_ _2\"></span>corso <span class=\"_ _2\"></span>degli<span class=\"_ _df\"> </span>affari sia in condizioni di mercato particolarmente stressate;<span class=\"_ _df\"> </span>-<span class=\"_ _43\"> </span><span class=\"ff4\">la  Risk  Capacity,  invece,  rappresenta  il  massimo  r<span class=\"_ _2\"></span>ischio<span class=\"_ _1\"></span>  assumibile  dalla  Compagnia;  \u00e8<span class=\"_ _df\"> </span></span>costituito <span class=\"_ _0\"></span>quindi <span class=\"_ _0\"></span>dal <span class=\"_ _0\"></span>livello <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>r<span class=\"_ _2\"></span>ischio <span class=\"_ _0\"></span>che <span class=\"_ _0\"></span>essa <span class=\"_ _0\"></span>\u00e8 <span class=\"_ _9\"> </span>in <span class=\"_ _0\"></span>grado <span class=\"_ _0\"></span>di <span class=\"_ _0\"> </span>as<span class=\"_ _2\"></span>sumere <span class=\"_ _d\"></span>a <span class=\"_ _9\"> </span>suo <span class=\"_ _0\"></span>carico <span class=\"_ _0\"> </span>s<span class=\"_ _2\"></span>enza<span class=\"_ _df\"> </span>violare i requisiti regolame<span class=\"_ _1\"></span>ntari o gli altri vincoli imposti dall\u2019autorit\u00e0 di vigilanza<span class=\"ff4\">.<span class=\"_ _df\"> </span></span>Nella <span class=\"_ _2\"></span>definizione <span class=\"_ _2\"></span>delle proprie <span class=\"_ _2\"></span>str<span class=\"_ _2\"></span>ategie di <span class=\"_ _2\"></span>business, <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>Compagnia <span class=\"_ _2\"></span>valuta, <span class=\"_ _2\"></span>su <span class=\"_ _2\"></span>base <span class=\"_ _2\"></span>continuativa, <span class=\"_ _2\"></span>il<span class=\"_ _df\"> </span>rispetto, <span class=\"_ _2\"></span>nei <span class=\"_ _d\"></span>diversi <span class=\"_ _2\"></span>anni <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>viluppo <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>piano, <span class=\"_ _d\"></span>dei <span class=\"_ _2\"></span>livelli <span class=\"_ _d\"></span>di <span class=\"_ _2\"></span>rischio <span class=\"_ _d\"></span>target <span class=\"_ _2\"></span>definiti <span class=\"_ _2\"></span>nel <span class=\"_ _2\"></span>Risk <span class=\"_ _d\"></span>Appetite<span class=\"_ _df\"> </span>Framework, <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>fine di <span class=\"_ _2\"></span>garantire <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>coerenza <span class=\"_ _2\"></span>tr<span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>gli obiettivi <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>medio-lungo <span class=\"_ _2\"></span>periodo <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>capacit\u00e0 e<span class=\"_ _df\"> </span>la <span class=\"_ _2\"></span>volont\u00e0 di assumere <span class=\"_ _2\"></span>rischi. In part<span class=\"_ _2\"></span>icolare il <span class=\"_ _2\"></span>piano strategico, partendo <span class=\"_ _2\"></span>dal profilo <span class=\"_ _2\"></span>di rischio <span class=\"_ _2\"></span>della<span class=\"_ _df\"> </span>Compagnia al <span class=\"_ _1\"></span>momento della redazione de<span class=\"_ _1\"></span>l piano stesso, tiene <span class=\"_ _1\"></span>conto del rischio assumib<span class=\"_ _1\"></span>ile senza<span class=\"_ _df\"> </span>violare i <span class=\"_ _2\"></span>requisiti r<span class=\"_ _2\"></span>egolamentari o <span class=\"_ _2\"></span>altri vincoli impost<span class=\"_ _2\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _2\"></span>dall\u2019Au<span class=\"_ _1\"></span>torit\u00e0 <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>Vigilanz<span class=\"_ _1\"></span>a, <span class=\"_ _2\"></span>l\u2019appetito al <span class=\"_ _2\"></span>rischio<span class=\"_ _df\"> </span>(ovvero <span class=\"_ _9\"> </span>del <span class=\"_ _0\"></span>livello <span class=\"_ _9\"> </span>di <span class=\"_ _0\"> </span>r<span class=\"_ _2\"></span>ischio <span class=\"_ _0\"></span>che<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>essa <span class=\"_ _9\"> </span>intende <span class=\"_ _0\"> </span>as<span class=\"_ _2\"></span>sumere <span class=\"_ _0\"></span>per <span class=\"_ _9\"> </span>il <span class=\"_ _9\"> </span>perseguimento <span class=\"_ _9\"> </span>dei <span class=\"_ _0\"> </span>s<span class=\"_ _2\"></span>uoi <span class=\"_ _0\"></span>o<span class=\"_ _2\"></span>biettivi<span class=\"_ _df\"> </span>strategici) e la <span class=\"_ _2\"></span>tolleranza al <span class=\"_ _2\"></span>rischio (ovvero <span class=\"_ _2\"></span>la s<span class=\"_ _2\"></span><span class=\"ff5\">oglia massima <span class=\"_ _2\"></span>di scostamento r<span class=\"_ _2\"></span>ispetto all\u2019appetito<span class=\"_ _df\"> </span></span>al rischio) fissate  dal Consiglio di Ammini<span class=\"_ _1\"></span>strazione.<span class=\"_ _df\"> </span>La <span class=\"_ _d\"></span>Compagnia <span class=\"_ _2\"></span>ha <span class=\"_ _d\"></span>inoltre <span class=\"_ _d\"></span>definito <span class=\"_ _d\"></span>una <span class=\"_ _2\"></span>Politica <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>Gestione <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>el <span class=\"_ _2\"></span>Capitale <span class=\"_ _d\"></span>e <span class=\"_ _d\"></span>un <span class=\"_ _d\"></span>Piano <span class=\"_ _2\"></span>di <span class=\"_ _d\"></span>Gestione <span class=\"_ _d\"></span>del<span class=\"_ _df\"> </span>Capitale <span class=\"_ _2\"></span>il c<span class=\"_ _2\"></span>ui <span class=\"_ _2\"></span>scopo <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _2\"></span>quello <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>adottare <span class=\"_ _2\"></span>pro<span class=\"_ _2\"></span>cedu<span class=\"_ _1\"></span>re<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>atte <span class=\"_ _2\"></span>ad <span class=\"_ _2\"></span>accertare <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>salvaguardia <span class=\"_ _2\"></span>dei <span class=\"_ _2\"></span>requisiti<span class=\"_ _df\"> </span>regolamentari  e<span class=\"_ _1\"></span>  dei<span class=\"_ _1\"></span>  livelli <span class=\"_ _16\"> </span>obiettivo  di<span class=\"_ _1\"></span>  Risk <span class=\"_ _16\"> </span>Appe<span class=\"_ _1\"></span>tite  nonch\u00e9 <span class=\"_ _16\"> </span>di  garantire <span class=\"_ _16\"> </span>che, <span class=\"_ _16\"> </span>sia  al <span class=\"_ _9\"> </span>momento<span class=\"_ _df\"> </span>dell\u2019emissione <span class=\"_ _f\"></span>che <span class=\"_ _1\"></span>successivamente, <span class=\"_ _f\"></span>gli <span class=\"_ _1\"></span>elementi <span class=\"_ _1\"></span>dei <span class=\"_ _f\"></span>Fondi <span class=\"_ _1\"></span>Propri <span class=\"_ _f\"></span>a cui <span class=\"_ _f\"></span>l\u2019impresa <span class=\"_ _f\"></span>intende attingere<span class=\"_ _df\"> </span>al fine di realizzare gli obiettivi di business stabiliti in sede<span class=\"_ _1\"></span> di pianificazione strategica, soddisfino i<span class=\"_ _df\"> </span>requisiti <span class=\"_ _d\"></span>regolamentari <span class=\"_ _d\"></span>definiti <span class=\"_ _d\"></span>da <span class=\"_ _d\"></span>EIOPA <span class=\"_ _d\"></span>e <span class=\"_ _d\"></span>siano <span class=\"_ _d\"></span>corrett<span class=\"_ _2\"></span>amente <span class=\"_ _2\"></span>classificati. <span class=\"_ _d\"></span>Tale <span class=\"_ _d\"></span>Piano <span class=\"_ _d\"></span>\u00e8 <span class=\"_ _d\"></span>r<span class=\"_ _2\"></span>edatto<span class=\"_ _df\"> </span>coerentemente  con  le  risultanze <span class=\"_ _22\"> </span>della <span class=\"_ _4\"> </span>valu<span class=\"_ _1\"></span>tazione  prospettic<span class=\"_ _2\"></span><span class=\"ff5\">a  dei  rischi  secondo <span class=\"_ _22\"> </span>l\u2019approccio<span class=\"_ _df\"> </span></span>Solvency <span class=\"_ _9\"> </span>II <span class=\"_ _9\"> </span>(c.d <span class=\"_ _9\"> </span>ORSA), <span class=\"_ _9\"> </span>con <span class=\"_ _9\"> </span>gl<span class=\"_ _2\"></span>i <span class=\"_ _9\"> </span>obiettivi <span class=\"_ _0\"></span>e <span class=\"_ _16\"> </span>le <span class=\"_ _9\"> </span>metodologie <span class=\"_ _9\"> </span>stabilite <span class=\"_ _9\"> </span>nella <span class=\"_ _9\"> </span>Politica <span class=\"_ _9\"> </span>di <span class=\"_ _16\"> </span>Gestione <span class=\"_ _0\"></span>del<span class=\"_ _df\"> </span>Capitale <span class=\"_ _4\"> </span>e <span class=\"_ _4\"> </span>con <span class=\"_ _4\"> </span>i <span class=\"_ _4\"> </span>requisiti <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>solvibilit\u00e0 <span class=\"_ _4\"> </span>stabiliti <span class=\"_ _4\"> </span>dal <span class=\"_ _4\"> </span>Regolatore, <span class=\"_ _4\"> </span>al <span class=\"_ _4\"> </span>fine <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>garantire <span class=\"_ _4\"> </span>la <span class=\"_ _4\"> </span>solidit\u00e0<span class=\"_ _df\"> </span>patrimoniale della Com<span class=\"ff5\">pagnia nell\u2019esercizio della propria attivit\u00e0 e nei suoi possibili<span class=\"_ _1\"></span> sviluppi futuri.<span class=\"_ _df\"> </span></span>o<span class=\"_ _25\"> </span><span class=\"ff4 sc3\">Indicato<span class=\"_ _1\"></span>ri di <span class=\"_ _f\"></span>Rischio<span class=\"_ _df\"> </span></span>In <span class=\"_ _e\"> </span>coerenza <span class=\"_ _10\"> </span>con <span class=\"_ _10\"> </span>quanto <span class=\"_ _10\"> </span>disciplinato <span class=\"_ _e\"> </span>nel <span class=\"_ _10\"> </span>Regolamento <span class=\"_ _10\"> </span>di <span class=\"_ _10\"> </span>Risk <span class=\"_ _e\"> </span>Appetite <span class=\"_ _10\"> </span>Framework <span class=\"_ _10\"> </span>della<span class=\"_ _df\"> </span>Compagnia, <span class=\"_ _0\"></span>la <span class=\"_ _9\"> </span>gestione <span class=\"_ _9\"> </span>dei <span class=\"_ _0\"></span>risc<span class=\"_ _2\"></span>hi <span class=\"_ _0\"></span>in <span class=\"_ _9\"> </span>ottica <span class=\"_ _9\"> </span>attuale <span class=\"_ _9\"> </span>e <span class=\"_ _0\"></span>pros<span class=\"_ _2\"></span>pettica <span class=\"_ _9\"> </span>della <span class=\"_ _0\"></span>Compagnia <span class=\"_ _9\"> </span>si <span class=\"_ _9\"> </span>basa <span class=\"_ _9\"> </span>sulla<span class=\"_ _df\"> </span>definizione di indicatori per ogni categoria di rischio valutata come rile<span class=\"_ _1\"></span>vante.<span class=\"_ _df\"> </span>Gli indicatori sono ulteriormente suddi<span class=\"_ _1\"></span>visi in:<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>indicatori <span class=\"_ _14\"> </span>di <span class=\"_ _17\"> </span>I\u00b0 <span class=\"_ _14\"> </span>livello: <span class=\"_ _17\"> </span>sono <span class=\"_ _14\"> </span>indicatori <span class=\"_ _14\"> </span>finalizzati <span class=\"_ _17\"> </span>principalmente <span class=\"_ _17\"> </span>al <span class=\"_ _14\"> </span>rispetto <span class=\"_ _17\"> </span>dei <span class=\"_ _17\"> </span>vincoli <span class=\"_ _17\"> </span>di<span class=\"_ _df\"> </span>solvibilit\u00e0, <span class=\"_ _4\"> </span>liqu<span class=\"_ _1\"></span>idit\u00e0 <span class=\"_ _4\"> </span>e <span class=\"_ _4\"> </span>redditivi<span class=\"_ _1\"></span>t\u00e0. <span class=\"_ _4\"> </span>Sono <span class=\"_ _4\"> </span>indicatori <span class=\"_ _4\"> </span>di <span class=\"_ _22\"> </span>poss<span class=\"_ _2\"></span>ibil<span class=\"_ _1\"></span>i <span class=\"_ _4\"> </span>impatti <span class=\"_ _4\"> </span>negativi  e <span class=\"_ _4\"> </span>forniscono<span class=\"_ _df\"> </span>avvertimenti <span class=\"_ _d\"></span>atti <span class=\"_ _0\"></span>ad <span class=\"_ _d\"></span>identificare <span class=\"_ _0\"></span>potenziali <span class=\"_ _d\"></span>eventi <span class=\"_ _0\"></span>dannosi <span class=\"_ _d\"></span>c<span class=\"_ _2\"></span>he <span class=\"_ _d\"></span>minacciano <span class=\"_ _0\"></span>il <span class=\"_ _d\"></span>raggiungimento<span class=\"_ _df\"> </span>degli <span class=\"_ _4\"> </span>obiettivi <span class=\"_ _4\"> </span>e <span class=\"_ _4\"> </span>la <span class=\"_ _4\"> </span>continuit\u00e0 <span class=\"_ _4\"> </span>del <span class=\"_ _4\"> </span>Business. <span class=\"_ _4\"> </span>Tali <span class=\"_ _4\"> </span>indicatori <span class=\"_ _17\"> </span>sono <span class=\"_ _17\"> </span><span class=\"ff5\">integrati <span class=\"_ _4\"> </span>all\u2019interno <span class=\"_ _4\"> </span>della<span class=\"_ _df\"> </span></span>Regolamento <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>Risk <span class=\"_ _d\"></span>Appetire <span class=\"_ _2\"></span>Framework <span class=\"_ _2\"></span>della <span class=\"_ _2\"></span>Compagnia <span class=\"_ _2\"></span>e <span class=\"_ _d\"></span>ad <span class=\"_ _2\"></span>essi <span class=\"_ _2\"></span>viene <span class=\"_ _2\"></span>associato <span class=\"_ _2\"></span>un <span class=\"_ _d\"></span>Risk<span class=\"_ _df\"> </span>Appetite, <span class=\"_ _4\"> </span>una <span class=\"_ _4\"> </span>Risk <span class=\"_ _4\"> </span>Tolerance <span class=\"_ _4\"> </span>e <span class=\"_ _4\"> </span>una <span class=\"_ _4\"> </span>Risk <span class=\"_ _4\"> </span>Capacity <span class=\"_ _17\"> </span>e <span class=\"_ _4\"> </span>il <span class=\"_ _4\"> </span>relativo <span class=\"_ _4\"> </span>sistema <span class=\"_ _17\"> </span>di <span class=\"_ _4\"> </span>Risk <span class=\"_ _4\"> </span>Appetite<span class=\"_ _df\"> </span>Statement;<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>indicatori di early warning: al fine di eff<span class=\"_ _1\"></span>ettuare un monitoraggio p<span class=\"_ _1\"></span>reventivo e nel continuo su<span class=\"_ _1\"></span>gli<span class=\"_ _df\"> </span>indicatori <span class=\"_ _17\"> </span>di <span class=\"_ _4\"> </span>s<span class=\"_ _2\"></span>olvibilit\u00e0 <span class=\"_ _4\"> </span>sono <span class=\"_ _14\"> </span>stati <span class=\"_ _4\"> </span>inoltr<span class=\"_ _2\"></span>e <span class=\"_ _4\"> </span>definiti <span class=\"_ _17\"> </span>degli <span class=\"_ _17\"> </span>indicatori <span class=\"_ _17\"> </span>di <span class=\"_ _17\"> </span>early <span class=\"_ _17\"> </span>warnig <span class=\"_ _17\"> </span>volti <span class=\"_ _17\"> </span>ad<span class=\"_ _df\"> </span>intercettare fenomeni e/o eventi di potenziale<span class=\"_ _f\"></span> <span class=\"_ _2\"></span>elevata criticit\u00e0 e/o attenzione;<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>indicatori <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>I<span class=\"_ _2\"></span>I\u00b0 <span class=\"_ _0\"></span>livello: <span class=\"_ _0\"></span>sono <span class=\"_ _9\"> </span>indicator<span class=\"_ _2\"></span>i <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>tipo <span class=\"_ _0\"></span>operativo/gestionali <span class=\"_ _0\"></span>funzionali <span class=\"_ _0\"></span>a<span class=\"_ _2\"></span>d <span class=\"_ _0\"></span>irrobustire <span class=\"_ _0\"></span>le<span class=\"_ _df\"> </span>attivit\u00e0 di monitoraggio d<span class=\"_ _1\"></span>ei rischi ed<span class=\"_ _1\"></span> eventualmente fornire segnali p<span class=\"_ _1\"></span>reventivi ad un potenziale<span class=\"_ _df\"> </span>deterioramento <span class=\"_ _14\"> </span>delle <span class=\"_ _14\"> </span>metriche <span class=\"_ _15\"> </span>di <span class=\"_ _14\"> </span>I\u00b0 <span class=\"_ _14\"> </span>L<span class=\"_ _2\"></span>ivello. <span class=\"_ _17\"> </span>Tal<span class=\"_ _2\"></span>i <span class=\"_ _14\"> </span>indicatori <span class=\"_ _14\"> </span>sono <span class=\"_ _15\"> </span>integrati <span class=\"_ _14\"> </span>a<span class=\"_ _2\"></span><span class=\"ff5\">ll\u2019interno <span class=\"_ _14\"> </span>del<span class=\"_ _df\"> </span></span>Regolamento di Risk Appe<span class=\"_ _1\"></span>tite Framework della Compagnia.<span class=\"_ _df\"> </span>Nell\u2019ambito <span class=\"_ _f\"></span>generale <span class=\"_ _f\"></span>del <span class=\"_ _f\"></span>sistema<span class=\"_ _2\"></span> <span class=\"_ _f\"></span>di <span class=\"_ _f\"></span>gestione <span class=\"_ _f\"></span>dei <span class=\"_ _f\"></span>rischi <span class=\"_ _1\"></span>la <span class=\"_ _f\"></span>Compag<span class=\"_ _2\"></span>nia <span class=\"_ _f\"></span>definisce <span class=\"_ _f\"></span>inoltre <span class=\"_ _f\"></span>specifici <span class=\"_ _f\"></span>l<span class=\"_ _2\"></span>imiti<span class=\"_ _df\"> </span>operativi <span class=\"_ _16\"> </span>funzionali <span class=\"_ _16\"> </span>alla  gestione <span class=\"_ _16\"> </span>(ad <span class=\"_ _16\"> </span>es. <span class=\"_ _16\"> </span>limiti  in <span class=\"_ _16\"> </span>termini <span class=\"_ _16\"> </span>di  esposizione<span class=\"_ _1\"></span>,  concentr<span class=\"_ _2\"></span>azione, <span class=\"_ _16\"> </span>etc.)<span class=\"_ _df\"> </span>coerenti con l\u2019appetito al rischio de<span class=\"_ _1\"></span>lla Compagnia. Il <span class=\"_ _9\"> </span>principale <span class=\"_ _9\"> </span>indicatore <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>I\u00b0 <span class=\"_ _9\"> </span>Livello <span class=\"_ _9\"> </span>della <span class=\"_ _9\"> </span>Compagnia <span class=\"_ _16\"> </span>\u00e8 <span class=\"_ _0\"></span>il <span class=\"_ _16\"> </span>Solve<span class=\"_ _1\"></span>ncy <span class=\"_ _16\"> </span>II <span class=\"_ _0\"></span>Ratio <span class=\"_ _16\"> </span>ovvero <span class=\"_ _0\"> </span>il <span class=\"_ _9\"> </span>rapporto <span class=\"_ _9\"> </span>tra<span class=\"_ _df\"> </span>Eligible Capital <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>Solvency <span class=\"_ _2\"></span>Capital Requirement. <span class=\"_ _2\"></span>La <span class=\"_ _2\"></span>Compagnia, <span class=\"_ _2\"></span>nel 2025, <span class=\"_ _2\"></span>si <span class=\"_ _2\"></span>prefig<span class=\"_ _2\"></span><span class=\"ff5\">ge l\u2019o<span class=\"_ _2\"></span>biettivo di</span><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1840\">avere un <span class=\"_ _2\"></span>livello <span class=\"_ _2\"></span>di Ca<span class=\"_ _2\"></span>pitale <span class=\"_ _2\"></span>Economico <span class=\"_ _2\"></span>adegu<span class=\"_ _1\"></span>ato <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>in li<span class=\"_ _2\"></span>nea con <span class=\"_ _2\"></span>gli <span class=\"_ _2\"></span>obiettivi s<span class=\"_ _2\"></span>trategici, superiore <span class=\"_ _2\"></span>ad<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1841\">un prefissato livello di Solvenc<span class=\"_ _1\"></span>y Ratio <span class=\"_ _2\"></span>come di segu<span class=\"_ _1\"></span>ito riportato:<span class=\"_ _df\"> </span><span class=\"_ _2\"></span> </div><div class=\"t m0 h5 ff13 fs1 fc1 sc0 ls0 ws0 gs1842\">-<span class=\"_ _1b\"> </span><span class=\"ff4\">Risk Appetite: 170%;<span class=\"_ _df\"> </span></span></div><div class=\"t m0 h5 ff13 fs1 fc1 sc0 ls0 ws0 gs9e4\">-<span class=\"_ _1b\"> </span><span class=\"ff4\">Risk Tolerance: 125%;<span class=\"_ _df\"> </span></span></div><div class=\"t m0 h5 ff13 fs1 fc1 sc0 ls0 ws0 gs9e5\">-<span class=\"_ _1b\"> </span><span class=\"ff4\">Risk Capacity: 105%.<span class=\"_ _df\"> </span></span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs9e7\">Nell<span class=\"ff5\">\u2019ambito <span class=\"_ _16\"> </span>della  d<span class=\"_ _1\"></span>efinizione  del <span class=\"_ _16\"> </span>RAF <span class=\"_ _16\"> </span>risulta  nece<span class=\"_ _1\"></span>ssario  fissare <span class=\"_ _9\"> </span>il  livello <span class=\"_ _16\"> </span>di <span class=\"_ _16\"> </span>rischio  che<span class=\"_ _1\"></span>,  se <span class=\"_ _16\"> </span>non<span class=\"_ _df\"> </span></span><span class=\"ff5\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs9e8\">rispettato dal <span class=\"_ _2\"></span>Risk<span class=\"_ _1\"></span> Profile della Compagnia, necessita <span class=\"_ _2\"></span>di interventi correttivi. Le soglie individuano<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs9e9\">dunque <span class=\"_ _4\"> </span>i <span class=\"_ _4\"> </span>binari  al<span class=\"_ _2\"></span>l\u2019interno <span class=\"_ _4\"> </span>dei <span class=\"_ _4\"> </span>quali <span class=\"_ _4\"> </span>la <span class=\"_ _22\"> </span>Compagnia <span class=\"_ _4\"> </span>pu\u00f2 <span class=\"_ _4\"> </span>con<span class=\"_ _2\"></span><span class=\"ff4\">durre <span class=\"_ _4\"> </span>la <span class=\"_ _4\"> </span>sua <span class=\"_ _4\"> </span>azione <span class=\"_ _4\"> </span>finalizzata <span class=\"_ _22\"> </span>al<span class=\"_ _df\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs9ea\">raggiungimento <span class=\"_ _2\"></span>degli <span class=\"_ _2\"></span>obiettivi <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>business. <span class=\"_ _2\"></span>La <span class=\"_ _2\"></span>violazione <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>queste <span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>oglie <span class=\"_ _2\"></span>richieda <span class=\"_ _2\"></span>un <span class=\"_ _2\"></span>processo <span class=\"_ _d\"></span>di<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs9eb\">escalation da <span class=\"_ _2\"></span>parte <span class=\"_ _2\"></span>dell<span class=\"_ _1\"></span>a <span class=\"_ _2\"></span>Compagnia e <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>defi<span class=\"_ _1\"></span>nizione <span class=\"_ _2\"></span>di specifici <span class=\"_ _2\"></span>piani di intervento <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>fare fronte<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs9ec\">alla situazione.<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc4 sc3 ls108 ws0 gs1843\">Mo<span class=\"ls0\">nito<span class=\"_ _1\"></span>raggio<span class=\"_ _f\"></span> e Repor<span class=\"_ _1\"></span>ting<span class=\"_ _df\"> </span></span><span class=\"ls0\"><span class=\"_ _f\"></span> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs9ef\">Il modello organi<span class=\"_ _1\"></span>zzativo di <span class=\"_ _1\"></span>gestione del rischi<span class=\"_ _1\"></span>o di Credemvita coinv<span class=\"_ _1\"></span>olge tutte le<span class=\"_ _1\"></span> strutture aziendali,<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1844\">dalle fu<span class=\"_ _2\"></span>nzioni operative <span class=\"_ _2\"></span>(coinvolte <span class=\"_ _2\"></span>nella <span class=\"_ _2\"></span>gestione <span class=\"_ _2\"></span>dei <span class=\"_ _2\"></span>rischi <span class=\"_ _2\"></span>sui <span class=\"_ _2\"></span>processi di <span class=\"_ _2\"></span>propria <span class=\"_ _2\"></span>competenza) <span class=\"_ _2\"></span>ai<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs9f1\">Comitati fino al Consiglio di Amministrazione, ivi incluse le<span class=\"_ _1\"></span> Funzioni Fondamentali.<span class=\"_ _df\"> </span><span class=\"_ _2\"></span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1845\">In <span class=\"_ _0\"></span>tale <span class=\"_ _0\"></span>contesto<span class=\"_ _2\"></span>, <span class=\"_ _0\"></span>la <span class=\"_ _0\"></span>funzione <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>Risk <span class=\"_ _0\"> </span>Manag<span class=\"_ _2\"></span>ement <span class=\"_ _0\"></span>funge <span class=\"_ _0\"></span>inoltre <span class=\"_ _9\"> </span>da <span class=\"_ _0\"></span>coordinatore <span class=\"_ _9\"> </span>delle <span class=\"_ _d\"></span>at<span class=\"_ _2\"></span>tivit\u00e0 <span class=\"_ _0\"></span>di<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1846\">monitoraggio <span class=\"_ _e\"> </span>dei <span class=\"_ _e\"> </span>rischi. <span class=\"_ _e\"> </span>Pi\u00f9 <span class=\"_ _e\"> </span>in <span class=\"_ _e\"> </span>particolare, <span class=\"_ _e\"> </span>concorre <span class=\"_ _e\"> </span>alla <span class=\"_ _e\"> </span>definizione <span class=\"_ _15\"> </span>delle <span class=\"_ _e\"> </span>metodologie <span class=\"_ _e\"> </span>di<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1847\">misurazione <span class=\"_ _d\"></span>dei <span class=\"_ _d\"></span>r<span class=\"_ _2\"></span>ischi <span class=\"_ _d\"></span>e <span class=\"_ _d\"></span>dei <span class=\"_ _d\"></span>limi<span class=\"_ _2\"></span>ti <span class=\"_ _d\"></span>(sia <span class=\"_ _0\"></span>di <span class=\"_ _d\"></span>RAF <span class=\"_ _0\"></span>che <span class=\"_ _d\"></span>operativi), <span class=\"_ _d\"></span>definendo <span class=\"_ _d\"></span>appropriate <span class=\"_ _0\"></span>procedure <span class=\"_ _d\"></span>di<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs1848\">verifica,  e<span class=\"_ _1\"></span>d  ha <span class=\"_ _9\"> </span>il  compito  di <span class=\"_ _9\"> </span>validare  i <span class=\"_ _16\"> </span>flussi  i<span class=\"_ _1\"></span>nformativi  de<span class=\"_ _1\"></span>ll\u2019attivit\u00e0  di<span class=\"_ _1\"></span>  monitoraggio <span class=\"_ _16\"> </span>dei <span class=\"_ _16\"> </span>rischi,<span class=\"_ _df\"> </span><span class=\"_ _f\"></span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1849\">predisporre la reportistica per i vertici aziendali e verificare l<span class=\"_ _2\"></span>a coe<span class=\"_ _2\"></span>renza dei modelli di misurazione<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs184a\">dei rischi con l\u2019operativi<span class=\"_ _1\"></span>t\u00e0 svolta dall\u2019impresa.<span class=\"_ _df\"> </span><span class=\"_ _2\"></span><span class=\"ff4\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs184b\">I rischi <span class=\"_ _2\"></span>sono monitorati in maniera continuativa dalla funzione di <span class=\"_ _2\"></span>Risk Management e dalle singole<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs184c\">funzioni competenti; <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>tal f<span class=\"_ _2\"></span>ine <span class=\"_ _2\"></span>\u00e8 s<span class=\"_ _2\"></span>tato s<span class=\"_ _2\"></span>vilu<span class=\"_ _1\"></span>ppato <span class=\"_ _2\"></span>e affinato <span class=\"_ _2\"></span>progres<span class=\"_ _2\"></span>sivamente il <span class=\"_ _2\"></span>reporting <span class=\"_ _2\"></span>relativo<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs184d\">all\u2019evoluzione <span class=\"_ _f\"></span>dei rischi <span class=\"_ _1\"></span>nei <span class=\"_ _1\"></span>confronti del <span class=\"_ _f\"></span>Consiglio di <span class=\"_ _f\"></span>Amministr<span class=\"_ _2\"></span>azione, <span class=\"_ _f\"></span> del <span class=\"_ _f\"></span>Comitato<span class=\"_ _2\"></span> <span class=\"_ _1\"></span>Consiliare <span class=\"_ _1\"></span>per<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs184e\">i  Controlli  Interni  e  i  Rischi  della  Compagnia,  del  Comitato  Investimenti  e  ALM,  del  Comitato<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs9fb\">Attuariale, <span class=\"_ _4\"> </span>dell\u2019Alta <span class=\"_ _17\"> </span>Direz<span class=\"ff4\">ione <span class=\"_ _17\"> </span>e <span class=\"_ _4\"> </span>delle <span class=\"_ _17\"> </span>strutture <span class=\"_ _17\"> </span>operative <span class=\"_ _4\"> </span>competenti <span class=\"_ _17\"> </span>al <span class=\"_ _4\"> </span>fin<span class=\"_ _2\"></span>e <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>mi<span class=\"_ _2\"></span>gliorare <span class=\"_ _4\"> </span>la<span class=\"_ _df\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs9fc\">comunicazione <span class=\"_ _f\"></span>dei risultati <span class=\"_ _f\"></span>e <span class=\"_ _f\"></span>cons<span class=\"_ _2\"></span>entire <span class=\"_ _f\"></span>una <span class=\"_ _f\"></span>maggior comprensione <span class=\"_ _f\"></span>delle <span class=\"_ _f\"></span>tematich<span class=\"_ _2\"></span>e <span class=\"_ _f\"></span>connesse <span class=\"_ _f\"></span>alla<span class=\"_ _df\"> </span><span class=\"_ _2\"></span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs9fd\">valutazione dei rischi.<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs184f\">Il modello di gestione dei<span class=\"_ _1\"></span> rischi adott<span class=\"_ _2\"></span>ato da Credemv<span class=\"_ _1\"></span>ita \u00e8 caratte<span class=\"_ _2\"></span>rizzato da:<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff13 fs1 fc1 sc0 ls0 ws0 gs1850\">-<span class=\"_ _1d\"> </span><span class=\"ff4\">una fase <span class=\"_ _f\"></span>d<span class=\"_ _2\"></span>i <span class=\"_ _f\"></span>aggiornamento degli ind<span class=\"_ _1\"></span>icatori di <span class=\"_ _f\"></span>rischio e/o dei<span class=\"_ _1\"></span> limiti <span class=\"_ _f\"></span>(<span class=\"_ _2\"></span>sia d<span class=\"_ _f\"></span>i RAF sia <span class=\"_ _f\"></span>operativi) per<span class=\"_ _df\"> </span></span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1851\">il <span class=\"_ _2\"></span>governo <span class=\"_ _d\"></span>del <span class=\"_ _d\"></span>rischio <span class=\"_ _2\"></span>a <span class=\"_ _d\"></span>seconda <span class=\"_ _d\"></span>delle <span class=\"_ _2\"></span>esigenze <span class=\"_ _d\"></span>organizzative <span class=\"_ _2\"></span>e/<span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>a <span class=\"_ _d\"></span>seguito <span class=\"_ _d\"></span>di <span class=\"_ _2\"></span>variazioni <span class=\"_ _d\"></span>del<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsa02\">contesto <span class=\"_ _2\"></span>interno <span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>esterno, <span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>qualora <span class=\"_ _2\"></span>non <span class=\"_ _2\"></span>siano <span class=\"_ _2\"></span>pi<span class=\"_ _2\"></span>\u00f9 <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>linea <span class=\"_ _2\"></span>con <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>profilo <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>rischio <span class=\"_ _2\"></span>richiesto<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gsa03\">dall\u2019Organo Amministrativo;<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff13 fs1 fc1 sc0 ls0 ws0 gs1852\">-<span class=\"_ _1d\"> </span><span class=\"ff4\">una consegu<span class=\"_ _1\"></span>ente attivit\u00e0 <span class=\"_ _f\"></span>di moni<span class=\"_ _1\"></span>toraggio deg<span class=\"_ _1\"></span>li i<span class=\"_ _1\"></span>ndicatori e <span class=\"_ _f\"></span>dei l<span class=\"_ _1\"></span>imiti ope<span class=\"_ _1\"></span>rativi e <span class=\"_ _f\"></span>di gove<span class=\"_ _1\"></span>rno d<span class=\"_ _1\"></span>el<span class=\"_ _df\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsa05\">rischio.  Le<span class=\"_ _1\"></span>  attivit\u00e0 <span class=\"_ _16\"> </span>di  moni<span class=\"_ _1\"></span>toraggio  si <span class=\"_ _16\"> </span>sostanziano  in <span class=\"_ _9\"> </span>s<span class=\"_ _2\"></span>pecifi<span class=\"_ _1\"></span>ci  presidi <span class=\"_ _9\"> </span>or<span class=\"_ _2\"></span>ganizzat<span class=\"_ _2\"></span>ivi <span class=\"_ _9\"> </span>at<span class=\"_ _2\"></span>ti  a<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1853\">garantire <span class=\"_ _2\"></span>il rispetto <span class=\"_ _2\"></span>dei limiti <span class=\"_ _2\"></span>stessi, ad <span class=\"_ _2\"></span>attivare tempestivi proces<span class=\"_ _2\"></span>si di <span class=\"_ _2\"></span>segnalazione a <span class=\"_ _2\"></span>fronte<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1854\">di <span class=\"_ _d\"></span>eventuali <span class=\"_ _d\"></span>rilevazioni <span class=\"_ _0\"></span>di <span class=\"_ _d\"></span>superamento <span class=\"_ _0\"></span>e <span class=\"_ _d\"></span>a <span class=\"_ _0\"></span>defini<span class=\"_ _1\"></span>re <span class=\"_ _d\"></span>s<span class=\"_ _2\"></span>pecifici <span class=\"_ _d\"></span>piani <span class=\"_ _d\"></span>di <span class=\"_ _0\"></span>rientro <span class=\"_ _d\"></span>a <span class=\"_ _d\"></span>seguito <span class=\"_ _0\"></span>delle<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1855\">segnalazioni stesse.<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs1856\">Nell\u2019ambito <span class=\"_ _17\"> </span>del <span class=\"_ _14\"> </span>sist<span class=\"_ _2\"></span>ema <span class=\"_ _17\"> </span>di <span class=\"_ _14\"> </span>g<span class=\"ff4\">est<span class=\"_ _2\"></span>ione <span class=\"_ _17\"> </span>dei <span class=\"_ _14\"> </span>rischi <span class=\"_ _14\"> </span>e <span class=\"_ _17\"> </span>coerentem<span class=\"_ _2\"></span>ente <span class=\"_ _17\"> </span>con <span class=\"_ _14\"> </span>quanto <span class=\"_ _14\"> </span>previsto <span class=\"_ _14\"> </span>dalla<span class=\"_ _df\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsa0b\">Normativa,  il  Consig<span class=\"_ _1\"></span>lio  di  Amministrazione  ha  formalizzato  un  set  di<span class=\"_ _1\"></span>  politiche,  regolamenti  e<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1857\">allegati, <span class=\"_ _2\"></span>che, <span class=\"_ _d\"></span>relativamente <span class=\"_ _d\"></span>ad <span class=\"_ _d\"></span>ognuno <span class=\"_ _d\"></span>degli <span class=\"_ _d\"></span>ambiti <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>rischiosit\u00e0 <span class=\"_ _d\"></span>che <span class=\"_ _d\"></span>insistono <span class=\"_ _d\"></span>sulla <span class=\"_ _d\"></span>Compagnia,<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls39 ws0 gs1858\">det<span class=\"ls0\">tagliano <span class=\"_ _0\"></span>gli <span class=\"_ _9\"> </span>obiettivi, <span class=\"_ _0\"></span>i <span class=\"_ _0\"> </span>comp<span class=\"_ _2\"></span>iti, <span class=\"_ _0\"></span>le <span class=\"_ _0\"></span>r<span class=\"_ _2\"></span>esponsabilit\u00e0, <span class=\"_ _0\"></span>il <span class=\"_ _0\"></span>processo <span class=\"_ _9\"> </span>e <span class=\"_ _0\"></span>definiscono <span class=\"_ _0\"></span>g<span class=\"_ _2\"></span>li <span class=\"_ _0\"></span>strumenti <span class=\"_ _0\"></span>e <span class=\"_ _9\"> </span>le<span class=\"_ _df\"> </span></span><span class=\"ls0\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1859\">procedure, <span class=\"_ _f\"></span>anche di<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>reporting, <span class=\"_ _1\"></span>necessarie <span class=\"_ _1\"></span>ad <span class=\"_ _f\"></span>i<span class=\"_ _2\"></span>ndividuare <span class=\"_ _f\"></span>e <span class=\"_ _1\"></span>conseguentemente gestire <span class=\"_ _f\"></span>ogni <span class=\"_ _f\"></span>ambito<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs185a\">di rischio. Tali <span class=\"_ _2\"></span>documenti, inoltr<span class=\"_ _2\"></span>e, hanno l\u2019obiettivo <span class=\"_ _2\"></span>pi\u00f9 ge<span class=\"_ _2\"></span><span class=\"ff4\">nerale di <span class=\"_ _2\"></span>contribuire alla d<span class=\"_ _2\"></span>iffusione della<span class=\"_ _df\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs185b\">cultura del controllo e di gestione de<span class=\"_ _1\"></span>i rischi all\u2019interno della societ\u00e0.<span class=\"_ _df\"> </span><span class=\"_ _2\"></span><span class=\"ff4\"> </span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs185c\">Il <span class=\"_ _d\"></span>rispetto <span class=\"_ _0\"></span>e <span class=\"_ _d\"></span>l\u2019applicazione <span class=\"_ _d\"></span>dei <span class=\"_ _0\"></span>documenti <span class=\"_ _d\"></span>sono <span class=\"_ _0\"></span>garantiti <span class=\"_ _0\"></span>dalla <span class=\"_ _d\"></span>presenza <span class=\"_ _d\"></span>del <span class=\"_ _d\"></span>Sistema <span class=\"_ _0\"></span>dei <span class=\"_ _d\"></span>Controlli<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs185d\">Interni <span class=\"_ _e\"> </span>costituito <span class=\"_ _e\"> </span>da <span class=\"_ _e\"> </span>un <span class=\"_ _e\"> </span>insieme <span class=\"_ _15\"> </span>di <span class=\"_ _e\"> </span>re<span class=\"_ _2\"></span>gole, <span class=\"_ _15\"> </span>procedure <span class=\"_ _e\"> </span>e <span class=\"_ _e\"> </span>tecniche <span class=\"_ _e\"> </span>di <span class=\"_ _e\"> </span>controllo <span class=\"_ _e\"> </span>e <span class=\"_ _e\"> </span>strutture<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gsa13\">organizzative volto ad assicurare il corretto funzioname<span class=\"_ _1\"></span>nto ed il buon andamento dell\u2019impresa. <span class=\"_ _2\"></span><span class=\"ff4\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc4 sc3 ls0 ws0 gs185e\">Analis<span class=\"_ _f\"></span>i dei ris<span class=\"_ _1\"></span>chi<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs185f\">La Compagnia <span class=\"_ _1\"></span>ha definito ai <span class=\"_ _1\"></span>sensi dell<span class=\"_ _1\"></span>a Regolamentazione di <span class=\"_ _1\"></span>settore, un processo <span class=\"_ _1\"></span>di valutazione e<span class=\"_ _df\"> </span><span class=\"_ _1\"></span> </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs1860\">analisi dei r<span class=\"_ _2\"></span>ischi che include <span class=\"_ _2\"></span>sia una valutazione <span class=\"_ _2\"></span>qualitativa sia, per <span class=\"_ _2\"></span>quelli quantificabili, l\u2019adozione<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs1861\">di <span class=\"_ _d\"></span>metodologie <span class=\"_ _2\"></span>di <span class=\"_ _d\"></span>misurazion<span class=\"_ _2\"></span>e <span class=\"_ _d\"></span>dell\u2019esposizione <span class=\"_ _2\"></span>al <span class=\"_ _0\"></span>rischio, <span class=\"_ _d\"></span>incluso, <span class=\"_ _d\"></span>un <span class=\"_ _d\"></span>sistema <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>determinazione </div>dell\u2019ammontare della massima <span class=\"_ _2\"></span>perdita potenz<span class=\"ff4\">iale <span class=\"_ _2\"></span>sia in o<span class=\"_ _2\"></span>ttica attuale <span class=\"_ _2\"></span>che prospettica. Tali anali<span class=\"_ _2\"></span>si<span class=\"_ _df\"> </span></span>consento di<span class=\"_ _1\"></span> eff<span class=\"_ _1\"></span>ettuare in <span class=\"_ _f\"></span>maniera continuativa <span class=\"_ _f\"></span>una profilazione<span class=\"_ _1\"></span> dei <span class=\"_ _f\"></span>rischi a cu<span class=\"_ _f\"></span>i l\u2019impresa <span class=\"_ _1\"></span>\u00e8 e<span class=\"_ _1\"></span>sposta.<span class=\"_ _df\"> </span>Si <span class=\"_ _2\"></span>specifica <span class=\"_ _2\"></span>che la <span class=\"_ _d\"></span>Compagnia p<span class=\"_ _2\"></span>er <span class=\"_ _2\"></span>le <span class=\"_ _2\"></span>valutazioni del <span class=\"_ _2\"></span>requisito <span class=\"_ _2\"></span>patrimoniale <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>solvibilit\u00e0 <span class=\"_ _2\"></span>secondo<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>il<span class=\"_ _df\"> </span>regime <span class=\"_ _d\"></span>normativo <span class=\"_ _d\"></span>Solvency <span class=\"_ _2\"></span>II <span class=\"_ _d\"></span>utilizza <span class=\"_ _d\"></span>la <span class=\"_ _d\"></span>For<span class=\"_ _2\"></span>mula<span class=\"_ _1\"></span> <span class=\"_ _d\"></span>Standard <span class=\"_ _d\"></span>conformemente <span class=\"_ _d\"></span>a <span class=\"_ _d\"></span>quanto <span class=\"_ _d\"></span>definito <span class=\"_ _d\"></span>nel<span class=\"_ _df\"> </span>Regolamento <span class=\"_ _15\"> </span>delegato <span class=\"_ _14\"> </span>(UE) <span class=\"_ _15\"> </span>2<span class=\"_ _2\"></span>019/981 <span class=\"_ _15\"> </span>della <span class=\"_ _14\"> </span>Commissione. <span class=\"_ _15\"> </span>Pertanto, <span class=\"_ _15\"> </span>le <span class=\"_ _15\"> </span>valutazioni <span class=\"_ _14\"> </span>at<span class=\"_ _2\"></span>tuali <span class=\"_ _14\"> </span>e<span class=\"_ _df\"> </span>prospettiche  dei<span class=\"_ _1\"></span>  rischi  tengono  conto  d<span class=\"_ _1\"></span>i  tutti <span class=\"_ _16\"> </span>i  rischi, <span class=\"_ _16\"> </span>compresi  nel  framework  della <span class=\"_ _16\"> </span>Formula<span class=\"_ _df\"> </span>Standard, a cui l\u2019impresa \u00e8 esposta. Al fine di valu<span class=\"_ _f\"></span>t<span class=\"_ _2\"></span>are nel continuo la propria<span class=\"_ _1\"></span> situazione di solvibili<span class=\"_ _1\"></span>t\u00e0, la Compagnia provvede inoltre su<span class=\"_ _df\"> </span>base <span class=\"_ _2\"></span>trimestr<span class=\"_ _2\"></span>ale <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>calcolo <span class=\"_ _d\"></span>del <span class=\"_ _2\"></span>proprio <span class=\"_ _d\"></span>Requ<span class=\"_ _1\"></span>isito <span class=\"_ _2\"></span>di <span class=\"_ _d\"></span>Capitale, <span class=\"_ _2\"></span>alla <span class=\"_ _d\"></span>determinazione <span class=\"_ _2\"></span>dei <span class=\"_ _2\"></span>F<span class=\"_ _2\"></span>ondi <span class=\"_ _d\"></span>Propri<span class=\"_ _df\"> </span>Ammissibili <span class=\"_ _2\"></span>e <span class=\"_ _d\"></span>della <span class=\"_ _2\"></span>relativa <span class=\"_ _2\"></span>qualit\u00e0 <span class=\"_ _d\"></span>e <span class=\"_ _2\"></span>composizione, <span class=\"_ _2\"></span>verificando <span class=\"_ _d\"></span>nel <span class=\"_ _2\"></span>contempo <span class=\"_ _2\"></span>il <span class=\"_ _d\"></span>rispetto <span class=\"_ _d\"></span>dei <span class=\"_ _2\"></span>limiti<span class=\"_ _df\"> </span>operativi <span class=\"_ _0\"></span>e <span class=\"_ _0\"></span>della <span class=\"_ _0\"></span>propensione <span class=\"_ _0\"></span>al <span class=\"_ _0\"></span>rischio. <span class=\"_ _0\"></span>Specifiche <span class=\"_ _0\"></span>valutazioni <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>stress <span class=\"_ _0\"></span>t<span class=\"_ _2\"></span>est <span class=\"_ _0\"></span>e <span class=\"_ _d\"></span>s<span class=\"_ _2\"></span>ensitivity <span class=\"_ _d\"></span>vengo<span class=\"_ _df\"> </span>effettuate con la stessa frequenza sulle grandezze patrimoniali. Adeguata documentazione viene<span class=\"_ _df\"> </span>rendicontata <span class=\"_ _17\"> </span>al <span class=\"_ _14\"> </span>Consiglio <span class=\"_ _17\"> </span>di <span class=\"_ _14\"> </span>Amministrazione <span class=\"_ _14\"> </span>e <span class=\"_ _17\"> </span>tr<span class=\"_ _2\"></span>asmessa <span class=\"_ _17\"> </span>all\u2019Organo <span class=\"_ _17\"> </span>di <span class=\"_ _14\"> </span>Vigilanza <span class=\"_ _17\"> </span>tr<span class=\"_ _2\"></span>amite <span class=\"_ _17\"> </span>i<span class=\"_ _df\"> </span>Quantitative <span class=\"_ _d\"></span>Reporting <span class=\"_ _d\"></span>Template <span class=\"_ _d\"></span>(QRT). <span class=\"_ _d\"></span>Con <span class=\"_ _d\"></span>la <span class=\"_ _d\"></span>stessa <span class=\"_ _d\"></span>frequenza <span class=\"_ _d\"></span>viene <span class=\"_ _d\"></span>verificato <span class=\"_ _d\"></span>il <span class=\"_ _d\"></span>rispetto <span class=\"_ _d\"></span>degli<span class=\"_ _df\"> </span>indicatori di I\u00b0 e di II\u00b0 Livello declinati nel Reg<span class=\"_ _1\"></span>olamento di Risk Appetite Framework. Qualora <span class=\"_ _d\"></span>nell\u2019ambito <span class=\"_ _d\"></span>delle <span class=\"_ _d\"></span>diverse <span class=\"_ _0\"></span>attivit\u00e0 <span class=\"_ _d\"></span>di <span class=\"_ _0\"></span>monitoraggio <span class=\"_ _d\"></span>effettuate <span class=\"_ _d\"></span>dalla <span class=\"_ _d\"></span>Compagnia <span class=\"_ _0\"></span>dovessero<span class=\"_ _df\"> </span>emergere <span class=\"_ _9\"> </span>scostamenti <span class=\"_ _9\"> </span>continuativi <span class=\"_ _9\"> </span>e/o <span class=\"_ _9\"> </span>s<span class=\"_ _2\"></span>ignifi<span class=\"_ _1\"></span>cativi <span class=\"_ _9\"> </span>del <span class=\"_ _9\"> </span>profilo  d<span class=\"_ _1\"></span>i <span class=\"_ _9\"> </span>rischio <span class=\"_ _9\"> </span>rispetto<span class=\"_ _2\"></span> <span class=\"_ _9\"> </span>al<span class=\"_ _2\"></span><span class=\"ff5\">l\u2019Appetito <span class=\"_ _9\"> </span>al<span class=\"_ _df\"> </span></span>Rischio <span class=\"_ _1\"></span>dell\u2019impresa, <span class=\"_ _f\"></span>scos<span class=\"_ _2\"></span>tamenti <span class=\"_ _f\"></span>significativi rispe<span class=\"_ _1\"></span>tto alle<span class=\"_ _1\"></span> princ<span class=\"_ _1\"></span>ipali <span class=\"_ _1\"></span>ipotesi <span class=\"_ _1\"></span>tecniche/finanziarie/di<span class=\"_ _df\"> </span>mercato/di <span class=\"_ _9\"> </span>prodotto <span class=\"_ _0\"></span>definite <span class=\"_ _0\"></span>nell\u2019ambito <span class=\"_ _9\"> </span>del <span class=\"_ _0\"></span>Piano <span class=\"_ _9\"> </span>Strategico <span class=\"_ _9\"> </span>(e <span class=\"_ _0\"></span>quindi <span class=\"_ _0\"></span>nelle <span class=\"_ _9\"> </span>valutazioni <span class=\"_ _0\"></span>ORSA),<span class=\"_ _df\"> </span>viene <span class=\"_ _f\"></span>effettuata un\u2019attivit\u00e0 <span class=\"_ _f\"></span>di <span class=\"_ _f\"></span>Non<span class=\"ff4\">-Regular ORSA <span class=\"_ _f\"></span>al <span class=\"_ _f\"></span>fine di <span class=\"_ _f\"></span>valutare <span class=\"_ _1\"></span>gli <span class=\"_ _f\"></span>impatti di<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>tali <span class=\"_ _1\"></span>variazioni <span class=\"_ _f\"></span>anche<span class=\"_ _df\"> </span></span>in ottica prospettica. La Compagnia nel corso del 2025 ha adempiu<span class=\"_ _1\"></span>to alle seguenti scadenze normative:<span class=\"_ _df\"> </span>-<span class=\"ff10\"> <span class=\"_ _35\"> </span><span class=\"ff5\">Predisposizione <span class=\"_ _15\"> </span>ed <span class=\"_ _15\"> </span>invio <span class=\"_ _e\"> </span>all\u2019Autorit\u00e0 <span class=\"_ _15\"> </span>di <span class=\"_ _15\"> </span>Vigilanza, <span class=\"_ _15\"> </span>entro <span class=\"_ _15\"> </span>i <span class=\"_ _15\"> </span>termini <span class=\"_ _15\"> </span>r<span class=\"_ _2\"></span>egolamentari, <span class=\"_ _14\"> </span>del<span class=\"_ _2\"></span><span class=\"ff4\">le<span class=\"_ _df\"> </span></span></span></span>reportistiche trimestrali (QRT) richie<span class=\"_ _1\"></span>ste dal Pillar III; -<span class=\"ff10\"> <span class=\"_ _35\"> </span><span class=\"ff4\">Predisposizione <span class=\"_ _16\"> </span>del <span class=\"_ _9\"> </span>Regular <span class=\"_ _9\"> </span>Supervisory  Rep<span class=\"_ _1\"></span>ort  -<span class=\"_ _1\"></span> <span class=\"_ _16\"> </span><span class=\"ff5\">RSR <span class=\"_ _9\"> </span>(Relazione <span class=\"_ _9\"> </span>periodica <span class=\"_ _9\"> </span>all\u2019Autorit\u00e0  d<span class=\"_ _f\"></span>i<span class=\"_ _df\"> </span></span></span></span>Vigilanza) <span class=\"_ _4\"> </span>con <span class=\"_ _17\"> </span>r<span class=\"_ _2\"></span>iferimento <span class=\"_ _4\"> </span>alla <span class=\"_ _17\"> </span>data <span class=\"_ _14\"> </span>di <span class=\"_ _4\"> </span>esercizio <span class=\"_ _17\"> </span>31.12.2024, <span class=\"_ _17\"> </span>deliberata <span class=\"_ _17\"> </span>dal <span class=\"_ _4\"> </span>Cons<span class=\"_ _2\"></span>iglio <span class=\"_ _4\"> </span>di<span class=\"_ _df\"> </span>Amministrazione di Marzo 2025 ed inviati entro il termine regolamentare ad IVAS<span class=\"_ _1\"></span>S;<span class=\"_ _df\"> </span>-<span class=\"ff10\"> <span class=\"_ _35\"> </span><span class=\"ff4\">Predisposizione <span class=\"_ _2\"></span>del Solvency <span class=\"_ _2\"></span>Financial <span class=\"_ _2\"></span>Condition Report <span class=\"_ _d\"></span>- <span class=\"_ _2\"></span>SFCR (Relazione sulla <span class=\"_ _2\"></span>solvibilit\u00e0 <span class=\"_ _2\"></span>e<span class=\"_ _df\"> </span></span></span>sulla <span class=\"_ _2\"></span>condizione <span class=\"_ _d\"></span>finanziaria) <span class=\"_ _2\"></span>con <span class=\"_ _d\"></span>riferimento <span class=\"_ _d\"></span>alla <span class=\"_ _2\"></span>data <span class=\"_ _d\"></span>di <span class=\"_ _2\"></span>esercizio <span class=\"_ _d\"></span>31.12.2024, <span class=\"_ _2\"></span>deliberata <span class=\"_ _d\"></span>da<span class=\"_ _2\"></span><span class=\"ls98\">l<span class=\"_ _df\"> </span></span>Consiglio <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>Amministrazione <span class=\"_ _9\"> </span>di <span class=\"_ _16\"> </span>Marzo <span class=\"_ _9\"> </span>2025 <span class=\"_ _9\"> </span>ed <span class=\"_ _9\"> </span>inviati <span class=\"_ _16\"> </span>entro <span class=\"_ _9\"> </span>il <span class=\"_ _9\"> </span>t<span class=\"_ _2\"></span>ermine <span class=\"_ _0\"> </span>r<span class=\"_ _2\"></span>egolamentare <span class=\"_ _0\"></span>ad<span class=\"_ _df\"> </span>IVASS; -<span class=\"ff10\"> <span class=\"_ _35\"> </span><span class=\"ff4\">Realizzazione delle elaborazioni <span class=\"_ _2\"></span>ORSA necessarie alla valutazione del profilo di solvibilit\u00e0 del<span class=\"_ _df\"> </span></span></span>piano st<span class=\"_ _2\"></span>rategico 2025-2027 <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>alla predisposizione <span class=\"_ _2\"></span>del Report<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>ORSA delibero <span class=\"_ _2\"></span>dal Consiglio <span class=\"_ _2\"></span>di<span class=\"_ _df\"> </span>Amministrazione di Aprile 2025 ed inviato, entro la scadenz<span class=\"_ _1\"></span>a regolamentare, ad IVASS.<span class=\"_ _df\"> </span>Si specifica inf<span class=\"_ _1\"></span>ine che in continuit\u00e0 con quanto avv<span class=\"_ _1\"></span>enuto dal 2020 con l\u2019emergenz<span class=\"_ _1\"></span>a Covid<span class=\"ff4\">-19 e con<span class=\"_ _df\"> </span></span>le <span class=\"_ _2\"></span>successive <span class=\"_ _2\"></span>tensioni <span class=\"_ _d\"></span>legate <span class=\"_ _2\"></span>alla <span class=\"_ _2\"></span>guerr<span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>Russo-Ucraina, <span class=\"_ _d\"></span>la <span class=\"_ _2\"></span>Compagnia <span class=\"_ _2\"></span>continua <span class=\"_ _2\"></span>a <span class=\"_ _d\"></span>partecipare <span class=\"_ _2\"></span>su<span class=\"_ _df\"> </span>richiesta dell\u2019Autorit\u00e0 di vigilanza alle segu<span class=\"_ _1\"></span>enti attivit\u00e0:<span class=\"_ _df\"> </span>-<span class=\"ff10\"> <span class=\"_ _35\"> </span><span class=\"ff4\">mo<span class=\"_ _2\"></span>nitoraggio <span class=\"_ _f\"></span>mensile <span class=\"_ _f\"></span>della <span class=\"_ _f\"></span>posizione <span class=\"_ _f\"></span>di <span class=\"_ _1\"></span>solvibilit\u00e0 <span class=\"_ _f\"></span>(attivit\u00e0 <span class=\"_ _f\"></span>av<span class=\"_ _2\"></span>viata <span class=\"_ _f\"></span>a <span class=\"_ _f\"></span>partire <span class=\"_ _1\"></span>dal <span class=\"_ _f\"></span>mese <span class=\"_ _f\"></span>di <span class=\"_ _1\"></span>marzo<span class=\"_ _df\"> </span></span></span>2020);<span class=\"_ _df\"> </span>-<span class=\"ff10\"> <span class=\"_ _35\"> </span><span class=\"ff4\">mo<span class=\"_ _2\"></span>nitoraggio trimestrale <span class=\"_ _2\"></span>del r<span class=\"_ _2\"></span>ischio <span class=\"_ _2\"></span>di liquidit\u00e0 <span class=\"_ _2\"></span>(attivit\u00e0 <span class=\"_ _2\"></span>avviata <span class=\"_ _2\"></span>nel mese <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>giugno <span class=\"_ _2\"></span>a part<span class=\"_ _2\"></span>ire<span class=\"_ _df\"> </span></span></span>dalla base dati del 31.03.2020).<span class=\"_ _df\"> </span>Rischi <span class=\"_ _1\"></span>di so<span class=\"_ _f\"></span>ttoscrizio<span class=\"_ _f\"></span>ne life (o<span class=\"_ _1\"></span> tec<span class=\"_ _f\"></span>nici assicu<span class=\"_ _f\"></span>rativi) Si <span class=\"_ _d\"></span>definisce <span class=\"_ _d\"></span>R<span class=\"_ _2\"></span>ischio <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>Sott<span class=\"_ _2\"></span>oscrizione<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>- <span class=\"_ _0\"></span>il <span class=\"_ _d\"></span>rischio <span class=\"_ _0\"></span>di <span class=\"_ _d\"></span>perdita <span class=\"_ _0\"></span>o <span class=\"_ _0\"></span>di <span class=\"_ _d\"></span>variazione <span class=\"_ _d\"></span>s<span class=\"_ _2\"></span>favorevole <span class=\"_ _d\"></span>del <span class=\"_ _d\"></span>valore<span class=\"_ _df\"> </span>delle <span class=\"_ _0\"></span>passivit\u00e0 <span class=\"_ _9\"> </span>assicurative <span class=\"_ _9\"> </span>dovuto <span class=\"_ _0\"></span>ad <span class=\"_ _9\"> </span>ipotesi <span class=\"_ _9\"> </span>inadeguate <span class=\"_ _0\"></span>in <span class=\"_ _0\"> </span>mat<span class=\"_ _2\"></span>eria <span class=\"_ _0\"></span>di <span class=\"_ _9\"> </span>fissazione <span class=\"_ _9\"> </span>di <span class=\"_ _0\"></span>prezzi <span class=\"_ _9\"> </span>e <span class=\"_ _0\"></span>di<span class=\"_ _df\"> </span>costituzione delle riserve tecniche (cf<span class=\"_ _1\"></span>r. articolo 1, comm<span class=\"_ _2\"></span>a 1, le<span class=\"_ _1\"></span>ttera vv<span class=\"_ _2\"></span>-bis 4 del CAP)<span class=\"_ _1\"></span>. Nell\u2019ambito  del  Framework  dei  r<span class=\"_ _2\"></span>ischi  della  Compagnia,  tale  rischio<span class=\"_ _2\"></span><span class=\"ff4\">  pu\u00f2  essere  ulteriormente<span class=\"_ _df\"> </span></span>distinto nelle seguenti categorie:<span class=\"_ _df\"> </span>-<span class=\"_ _1b\"> </span><span class=\"ff4\">Rischio <span class=\"_ _9\"> </span>di  assunzione: <span class=\"_ _9\"> </span>rappresenta  il <span class=\"_ _9\"> </span>r<span class=\"_ _2\"></span>ischio <span class=\"_ _9\"> </span>derivante  dalla <span class=\"_ _9\"> </span>so<span class=\"_ _2\"></span>ttoscrizione <span class=\"_ _9\"> </span>dei  contratti <span class=\"_ _16\"> </span>di<span class=\"_ _df\"> </span></span>assicurazione, <span class=\"_ _f\"></span>coll<span class=\"_ _2\"></span>egato <span class=\"_ _1\"></span>agli <span class=\"_ _1\"></span>eventi assicurati, <span class=\"_ _1\"></span>ai p<span class=\"_ _1\"></span>rocessi segui<span class=\"_ _1\"></span>ti pe<span class=\"_ _1\"></span>r la <span class=\"_ _f\"></span>t<span class=\"_ _2\"></span>ariffazione <span class=\"_ _f\"></span>e selezione<span class=\"_ _df\"> </span>dei <span class=\"_ _d\"></span>rischi, <span class=\"_ _d\"></span>all\u2019andamento <span class=\"_ _d\"></span>sfavorevole<span class=\"_ _1\"></span> <span class=\"_ _d\"></span>della <span class=\"_ _d\"></span>sinistrosit\u00e0 <span class=\"_ _d\"></span>effettiva <span class=\"_ _d\"></span>rispetto <span class=\"_ _d\"></span>a <span class=\"_ _d\"></span>quella <span class=\"_ _d\"></span>stimata <span class=\"_ _d\"></span>(tali<span class=\"_ _df\"> </span>rischi <span class=\"_ _d\"></span>si <span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>ostanziano <span class=\"_ _2\"></span>in <span class=\"_ _d\"></span>particolar <span class=\"_ _2\"></span>mo<span class=\"_ _2\"></span>do <span class=\"_ _2\"></span>nel <span class=\"_ _d\"></span>rischio <span class=\"_ _d\"></span>risultante <span class=\"_ _2\"></span>da <span class=\"_ _d\"></span>un <span class=\"_ _2\"></span>default <span class=\"_ _d\"></span>del <span class=\"_ _d\"></span>prezzo <span class=\"_ _d\"></span>legato<span class=\"_ _df\"> </span>alla valutazione del rischio e in ipotesi di prezzo ini<span class=\"_ _1\"></span>ziale <span class=\"_ _2\"></span><span class=\"ff5\">inadatta all\u2019evolu<span class=\"_ _1\"></span>zione del rischio);<span class=\"_ _df\"> </span></span>-<span class=\"_ _1b\"> </span><span class=\"ff4\">Rischio di <span class=\"_ _2\"></span>riservazione: <span class=\"_ _2\"></span>ovvero <span class=\"_ _d\"></span>il <span class=\"_ _2\"></span>rischio <span class=\"_ _2\"></span>connesso <span class=\"_ _2\"></span>alla <span class=\"_ _2\"></span>quantificazi<span class=\"_ _1\"></span>one <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>riserve <span class=\"_ _2\"></span>tecniche <span class=\"_ _2\"></span>non<span class=\"_ _df\"> </span></span>sufficienti a coprire gli impegni assunti nei confronti deg<span class=\"_ _1\"></span>li assicurati.<span class=\"_ _df\"> </span>Tale classe di rischio pu\u00f2 essere distinta nei seguenti fattori di rischio:<span class=\"_ _df\"> </span>-<span class=\"_ _1b\"> </span><span class=\"ff4\">mortalit\u00e0: ossia <span class=\"_ _2\"></span>il rischio che <span class=\"_ _2\"></span>deriva da <span class=\"_ _2\"></span>un aumento inatt<span class=\"_ _2\"></span>eso dei tassi <span class=\"_ _2\"></span>di mortalit\u00e0, <span class=\"_ _2\"></span>\u00e8 associato<span class=\"_ _df\"> </span></span>alle  poli<span class=\"_ _1\"></span>zze  (come  ad  ese<span class=\"_ _1\"></span>mpio  le  assicurazioni  caso <span class=\"_ _16\"> </span>morte  o<span class=\"_ _1\"></span>  le  polizz<span class=\"_ _1\"></span>e  miste)  nel<span class=\"_ _1\"></span>le  quali<span class=\"_ _df\"> </span>l\u2019impresa <span class=\"_ _10\"> </span>garantisce <span class=\"_ _10\"> </span>una <span class=\"_ _10\"> </span>seri<span class=\"_ _2\"></span>e <span class=\"_ _10\"> </span>di <span class=\"_ _10\"> </span>paga<span class=\"ff4\">menti <span class=\"_ _18\"> </span>singoli <span class=\"_ _10\"> </span>o <span class=\"_ _10\"> </span>rico<span class=\"_ _2\"></span>rrenti <span class=\"_ _10\"> </span>in <span class=\"_ _10\"> </span>caso <span class=\"_ _18\"> </span>di <span class=\"_ _10\"> </span>decesso<span class=\"_ _df\"> </span></span>dell\u2019assicurato o nel corso della durata della pol<span class=\"_ _1\"></span>izza;<span class=\"_ _df\"> </span>-<span class=\"_ _1b\"> </span><span class=\"ff4\">sopravvive<span class=\"_ _1\"></span>nza:  il  rischio <span class=\"_ _22\"> </span>di  longevit\u00e0,  che  deriva  da  una  diminuzione  inattesa  dei  tassi  di<span class=\"_ _df\"> </span></span>mortalit\u00e0, <span class=\"_ _15\"> </span>\u00e8 <span class=\"_ _14\"> </span>associato <span class=\"_ _15\"> </span>alle <span class=\"_ _14\"> </span>polizze <span class=\"_ _15\"> </span>(ad <span class=\"_ _14\"> </span>esempio, <span class=\"_ _15\"> </span>rendite) <span class=\"_ _15\"> </span>che <span class=\"_ _e\"> </span><span class=\"ff5\">prevedono <span class=\"_ _14\"> </span>che <span class=\"_ _15\"> </span>l\u2019impresa<span class=\"_ _df\"> </span></span>garantisca <span class=\"_ _d\"></span>una <span class=\"_ _0\"></span>serie <span class=\"_ _d\"></span>di <span class=\"_ _0\"></span>pagamenti <span class=\"_ _0\"></span>fino <span class=\"_ _d\"></span>alla <span class=\"_ _0\"></span>morte <span class=\"_ _0\"></span>dell\u2019assicurato <span class=\"_ _d\"></span>o <span class=\"_ _0\"></span>a <span class=\"_ _0\"></span>polizze <span class=\"_ _d\"></span>(ad <span class=\"_ _0\"></span>esempio <span class=\"_ _d\"></span>le<span class=\"_ _df\"> </span>polizze miste) che prevedono la garanzia da parte dell\u2019impresa di un unico pagamento in caso<span class=\"_ _df\"> </span>di sopravvivenza dell\u2019assicu<span class=\"_ _1\"></span>rato per tutt<span class=\"_ _2\"></span>a la <span class=\"ff4\">durata prevista dalla polizza;<span class=\"_ _df\"> </span></span>-<span class=\"_ _1b\"> </span><span class=\"ff4\">invalidit\u00e0 <span class=\"ff5\">\u2013</span> mo<span class=\"_ _1\"></span>rbilit\u00e0: il <span class=\"_ _1\"></span>rischio di i<span class=\"_ _1\"></span>nvalidit\u00e0 <span class=\"ff5\">\u2013</span> morbilit\u00e0, ch<span class=\"_ _1\"></span>e deriv<span class=\"_ _1\"></span>a da una <span class=\"_ _1\"></span>variazione inattesa d<span class=\"_ _1\"></span>el<span class=\"_ _df\"> </span></span>livello, <span class=\"_ _0\"></span>del <span class=\"_ _9\"> </span>trend <span class=\"_ _9\"> </span>o <span class=\"_ _9\"> </span>della <span class=\"_ _0\"></span>volatilit<span class=\"_ _2\"></span>\u00e0 <span class=\"_ _0\"></span>dei <span class=\"_ _9\"> </span>tassi <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>disabilit\u00e0 <span class=\"_ _0\"></span>e <span class=\"_ _9\"> </span>mor<span class=\"_ _2\"></span>bili<span class=\"_ _1\"></span>t\u00e0, <span class=\"_ _9\"> </span>\u00e8 <span class=\"_ _9\"> </span>applicabile <span class=\"_ _0\"></span>alle <span class=\"_ _9\"> </span>polizze<span class=\"_ _df\"> </span>associate alla disabilit\u00e0;<span class=\"_ _df\"> </span>-<span class=\"_ _1b\"> </span><span class=\"ff4\">malattia: il r<span class=\"_ _2\"></span>ischio malattia pu\u00f2 <span class=\"_ _2\"></span>essere commercializzato come <span class=\"_ _2\"></span>forma <span class=\"_ _2\"></span>complementare ad una<span class=\"_ _df\"> </span></span>prestazione caso <span class=\"_ _1\"></span>morte. E\u2019 <span class=\"_ _1\"></span>facolt\u00e0, ne<span class=\"_ _1\"></span>l rispetto <span class=\"_ _1\"></span>delle <span class=\"_ _1\"></span>normative vige<span class=\"_ _1\"></span>nti, utilizzare <span class=\"_ _f\"></span>basi tecniche<span class=\"_ _df\"> </span>di  e<span class=\"_ _1\"></span>sperienza  desumibili<span class=\"_ _1\"></span>  dal  p<span class=\"_ _1\"></span>roprio  portafoglio  ovve<span class=\"_ _1\"></span>ro  da  operatori  qualifi<span class=\"_ _1\"></span>cati  di <span class=\"_ _16\"> </span>mercato<span class=\"_ _df\"> </span>ovvero <span class=\"_ _2\"></span>dal <span class=\"_ _2\"></span>mercato. <span class=\"_ _2\"></span>In <span class=\"_ _2\"></span>ogni <span class=\"_ _2\"></span>caso <span class=\"_ _2\"></span>le <span class=\"_ _2\"></span>basi <span class=\"_ _2\"></span>tecniche <span class=\"_ _2\"></span>utilizzate <span class=\"_ _2\"></span>devono <span class=\"_ _2\"></span>essere <span class=\"_ _2\"></span>stabili <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>provata<span class=\"_ _df\"> </span>tenuta;<span class=\"_ _df\"> </span>-<span class=\"_ _1b\"> </span><span class=\"ff5\">mutualit\u00e0: <span class=\"_ _0\"></span>con <span class=\"_ _16\"> </span>il <span class=\"_ _9\"> </span>fattor<span class=\"_ _2\"></span>e <span class=\"_ _0\"> </span>di <span class=\"_ _16\"> </span>rischio <span class=\"_ _9\"> </span>\u201cMutualit\u00e0\u201d <span class=\"_ _9\"> </span>si <span class=\"_ _9\"> </span>intende <span class=\"_ _9\"> </span>i<span class=\"_ _2\"></span>l <span class=\"_ _9\"> </span>fatto <span class=\"_ _9\"> </span>che <span class=\"_ _9\"> </span>una <span class=\"_ _9\"> </span>d<span class=\"_ _2\"></span>iminuzione <span class=\"_ _9\"> </span>della<span class=\"_ _df\"> </span></span>numerosit\u00e0 <span class=\"_ _16\"> </span>delle <span class=\"_ _9\"> </span>polizze  in <span class=\"_ _9\"> </span>por<span class=\"_ _2\"></span>tafoglio <span class=\"_ _16\"> </span>potrebbe <span class=\"_ _9\"> </span>avere  e<span class=\"_ _f\"></span>ff<span class=\"_ _2\"></span>etti <span class=\"_ _16\"> </span>negativi <span class=\"_ _9\"> </span>inattesi  sui <span class=\"_ _9\"> </span>benefici<span class=\"_ _df\"> </span>provenienti <span class=\"_ _1\"></span>dalla <span class=\"_ _1\"></span>mutualit\u00e0. <span class=\"_ _1\"></span>Un\u2019elevata <span class=\"_ _1\"></span>numerosit\u00e0 di <span class=\"_ _f\"></span>polizze <span class=\"_ _1\"></span>permette d<span class=\"_ _1\"></span>i \u201ca<span class=\"_ _1\"></span>ttutire\u201d il <span class=\"_ _f\"></span>verificarsi<span class=\"_ _df\"> </span>di <span class=\"_ _0\"></span>eventi <span class=\"_ _9\"> </span>sinistrosi <span class=\"_ _9\"> </span>sull\u2019intera <span class=\"_ _9\"> </span>popolazione; <span class=\"_ _0\"></span>nel <span class=\"_ _9\"> </span>business <span class=\"_ _9\"> </span>Vita <span class=\"_ _9\"> </span>la <span class=\"_ _9\"> </span>diminuzione <span class=\"_ _0\"></span>del <span class=\"_ _9\"> </span>num<span class=\"_ _2\"></span><span class=\"ff4\">ero <span class=\"_ _9\"> </span>dei<span class=\"_ _df\"> </span></span>contratti <span class=\"_ _1\"></span>porta <span class=\"_ _f\"></span>per <span class=\"_ _1\"></span>esempio <span class=\"_ _f\"></span>ad u<span class=\"_ _f\"></span>n increme<span class=\"_ _1\"></span>nto <span class=\"_ _1\"></span>delle <span class=\"_ _f\"></span>fluttuazioni <span class=\"_ _1\"></span>casuali <span class=\"_ _f\"></span>della <span class=\"_ _f\"></span>mor<span class=\"_ _2\"></span>talit\u00e0. <span class=\"_ _f\"></span>Il fa<span class=\"_ _f\"></span>t<span class=\"_ _2\"></span>tore<span class=\"_ _df\"> </span>di  rischi<span class=\"_ _1\"></span>o  mutualit\u00e0, <span class=\"_ _16\"> </span>quind<span class=\"_ _1\"></span>i,  \u00e8<span class=\"_ _1\"></span>  strettamente <span class=\"_ _9\"> </span>correlato  ai  fa<span class=\"_ _f\"></span>t<span class=\"_ _2\"></span>tori <span class=\"_ _9\"> </span>di  rischio <span class=\"_ _16\"> </span>\u201cComportamento<span class=\"_ _df\"> </span>dell\u2019assicurato\u201d e \u201cControparte\u201d;<span class=\"_ _df\"> </span>-<span class=\"_ _1b\"> </span><span class=\"ff4\">estinzione <span class=\"_ _17\"> </span>anticipata <span class=\"_ _14\"> </span>/riscatti <span class=\"_ _14\"> </span><span class=\"ff5\">\u2013</span> <span class=\"_ _14\"> </span>comportamento <span class=\"_ _14\"> </span>degli <span class=\"_ _17\"> </span>as<span class=\"_ _2\"></span>sicu<span class=\"_ _1\"></span>rati: <span class=\"_ _14\"> </span>il <span class=\"_ _14\"> </span>rischio <span class=\"_ _17\"> </span>di <span class=\"_ _14\"> </span>estinzione<span class=\"_ _df\"> </span></span>anticipata, <span class=\"_ _d\"></span>che <span class=\"_ _d\"></span>deriva <span class=\"_ _d\"></span>da <span class=\"_ _d\"></span>una <span class=\"_ _d\"></span>var<span class=\"_ _2\"></span>iazione <span class=\"_ _2\"></span>inatt<span class=\"_ _2\"></span>esa <span class=\"_ _d\"></span>dei <span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>assi <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>esercizio <span class=\"_ _d\"></span>delle <span class=\"_ _d\"></span>opzioni <span class=\"_ _d\"></span>da <span class=\"_ _d\"></span>parte<span class=\"_ _df\"> </span>degli <span class=\"_ _2\"></span>assicurati, <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _2\"></span>applicab<span class=\"_ _1\"></span>ile <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>tutte <span class=\"_ _2\"></span>le <span class=\"_ _2\"></span>opzioni <span class=\"_ _2\"></span>previste <span class=\"_ _2\"></span>per gli <span class=\"_ _2\"></span>ass<span class=\"_ _2\"></span>icurati, legali <span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>co<span class=\"_ _2\"></span>ntrattuali,<span class=\"_ _df\"> </span>che <span class=\"_ _4\"> </span>possono <span class=\"_ _4\"> </span>modificare <span class=\"_ _4\"> </span>sensibilmente <span class=\"_ _4\"> </span>il <span class=\"_ _4\"> </span>valore <span class=\"_ _4\"> </span>dei <span class=\"_ _4\"> </span>flussi <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>cassa <span class=\"_ _4\"> </span>futuri, <span class=\"_ _4\"> </span>le <span class=\"_ _4\"> </span>opzioni <span class=\"_ _4\"> </span>per<span class=\"_ _df\"> </span>interrompere  completamente <span class=\"_ _22\"> </span>o <span class=\"_ _4\"> </span>parzialmente,  ridurre,  limitare <span class=\"_ _22\"> </span>o <span class=\"_ _4\"> </span>sospendere  la  copertura<span class=\"_ _df\"> </span>assicurativa <span class=\"_ _2\"></span>cos\u00ec <span class=\"_ _2\"></span>come <span class=\"_ _d\"></span>le <span class=\"_ _2\"></span>opzioni <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>consentono <span class=\"_ _d\"></span>la <span class=\"_ _2\"></span>modifica <span class=\"_ _2\"></span>completa <span class=\"_ _d\"></span>o <span class=\"_ _2\"></span>parziale, <span class=\"_ _2\"></span>il <span class=\"_ _d\"></span>rinnovo,<span class=\"_ _df\"> </span>l\u2019aumento, l'estensione o la ripresa dell<span class=\"_ _1\"></span>a copertura assicurativa;<span class=\"_ _df\"> </span>-<span class=\"_ _1b\"> </span><span class=\"ff5\">garanzia/copertura: la <span class=\"_ _1\"></span>rischiosit\u00e0 dei<span class=\"_ _1\"></span> prodotti Vita dip<span class=\"_ _1\"></span>ende dalle \u201cgaranzie/cope<span class=\"_ _f\"></span>r<span class=\"_ _2\"></span>ture\u201d previste<span class=\"_ _df\"> </span></span>dai contratti <span class=\"_ _2\"></span>stessi e in <span class=\"_ _2\"></span>base alle quali la societ\u00e0 <span class=\"_ _2\"></span>si impegna a<span class=\"_ _2\"></span> pagare <span class=\"_ _2\"></span>le prestazioni assicurate<span class=\"_ _df\"> </span>ai <span class=\"_ _2\"></span>beneficiari. Se <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>verificarsi del <span class=\"_ _2\"></span>fatto <span class=\"_ _2\"></span>dannoso <span class=\"_ _2\"></span>per il <span class=\"_ _2\"></span>quale \u00e8 <span class=\"_ _2\"></span>prestat<span class=\"_ _2\"></span>a la <span class=\"_ _2\"></span>garanzia ass<span class=\"_ _2\"></span>icurativa<span class=\"_ _df\"> </span>non <span class=\"_ _9\"> </span>\u00e8  cor<span class=\"_ _f\"></span>r<span class=\"_ _2\"></span>ettamente <span class=\"_ _9\"> </span>monitorato <span class=\"_ _9\"> </span>o <span class=\"_ _16\"> </span>non <span class=\"_ _9\"> </span>corrisponde <span class=\"_ _9\"> </span>alle <span class=\"_ _16\"> </span>stime <span class=\"_ _9\"> </span>fatte <span class=\"_ _16\"> </span>in <span class=\"_ _9\"> </span>fase <span class=\"_ _9\"> </span>di <span class=\"_ _16\"> </span>tariffazione<span class=\"_ _1\"></span>,<span class=\"_ _df\"> </span>questo costituisce un elemento di rischiosit\u00e0 del prodotto stesso;<span class=\"_ _df\"> </span>-<span class=\"_ _1b\"> </span><span class=\"ff4\">inflazione/spese:<span class=\"_ _1\"></span> <span class=\"_ _16\"> </span>il <span class=\"_ _16\"> </span>fattore  d<span class=\"_ _1\"></span>i <span class=\"_ _16\"> </span>rischio, <span class=\"_ _9\"> </span>che  d<span class=\"_ _1\"></span>eriva <span class=\"_ _16\"> </span>da <span class=\"_ _9\"> </span>una  variazione <span class=\"_ _9\"> </span>inattese  del<span class=\"_ _1\"></span>le  spe<span class=\"_ _1\"></span>se, <span class=\"_ _16\"> </span>si<span class=\"_ _df\"> </span></span>riferisce ai costi di gestione dei contratti di assicu<span class=\"_ _1\"></span>razione;<span class=\"_ _df\"> </span>-<span class=\"_ _1b\"> </span><span class=\"ff4\">catastrofale: <span class=\"_ _0\"></span>il <span class=\"_ _0\"></span>fattore <span class=\"_ _0\"></span>di <span class=\"_ _0\"> </span>r<span class=\"_ _2\"></span>ischio <span class=\"_ _d\"></span>cat<span class=\"_ _2\"></span>astrofale, <span class=\"_ _0\"></span>che <span class=\"_ _0\"></span>deriva <span class=\"_ _0\"> </span>da <span class=\"_ _9\"> </span>eventi <span class=\"_ _0\"> </span>est<span class=\"_ _2\"></span>remi <span class=\"_ _0\"></span>o <span class=\"_ _0\"></span>irregolari, <span class=\"_ _0\"></span>i <span class=\"_ _9\"> </span>cui<span class=\"_ _df\"> </span></span>effetti  non <span class=\"_ _9\"> </span>s<span class=\"_ _2\"></span>ono  suff<span class=\"_ _1\"></span>icientemente  catturati  ne<span class=\"_ _1\"></span>gli  altri <span class=\"_ _16\"> </span>rischi <span class=\"_ _16\"> </span>di  sottoscrizione<span class=\"_ _1\"></span>  (ad <span class=\"_ _9\"> </span>esempio<span class=\"_ _df\"> </span>evento <span class=\"_ _17\"> </span>pandemico <span class=\"_ _4\"> </span>o <span class=\"_ _14\"> </span>esplosione <span class=\"_ _4\"> </span>nucleare), <span class=\"_ _17\"> </span>si <span class=\"_ _14\"> </span>riferisce <span class=\"_ _17\"> </span>alle <span class=\"_ _17\"> </span>polizze <span class=\"_ _17\"> </span>che <span class=\"_ _17\"> </span>sono <span class=\"_ _17\"> </span>legate <span class=\"_ _17\"> </span>alla<span class=\"_ _df\"> </span>mortalit\u00e0;<span class=\"_ _df\"> </span>-<span class=\"_ _1b\"> </span><span class=\"ff4\">Revisione: <span class=\"_ _4\"> </span>Il <span class=\"_ _4\"> </span>fattor<span class=\"_ _2\"></span>e <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>r<span class=\"_ _2\"></span>ischio <span class=\"_ _4\"> </span>revisione <span class=\"_ _4\"> </span>ha <span class=\"_ _4\"> </span>lo <span class=\"_ _17\"> </span>scopo <span class=\"_ _17\"> </span>di <span class=\"_ _4\"> </span>catturare <span class=\"_ _17\"> </span>il <span class=\"_ _4\"> </span>rischio <span class=\"_ _17\"> </span>di <span class=\"_ _4\"> </span>variazione<span class=\"_ _df\"> </span></span>sfavorevole <span class=\"_ _2\"></span>dell'importo <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>una <span class=\"_ _2\"></span>rendita, <span class=\"_ _d\"></span>a <span class=\"_ _d\"></span>seguito <span class=\"_ _2\"></span>di <span class=\"_ _d\"></span>una <span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>evisione <span class=\"_ _2\"></span>imprevista <span class=\"_ _d\"></span>del <span class=\"_ _2\"></span>processo <span class=\"_ _d\"></span>di<span class=\"_ _df\"> </span>richiesta di risarcimento.<div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs18ba\">Per <span class=\"_ _d\"></span>i <span class=\"_ _0\"></span>prodotti <span class=\"_ _0\"></span>di <span class=\"_ _d\"></span>tipo <span class=\"_ _0\"></span>protection <span class=\"_ _0\"></span>(puro <span class=\"_ _d\"></span>rischio) <span class=\"_ _d\"></span>s<span class=\"_ _2\"></span>i <span class=\"_ _d\"></span>possono <span class=\"_ _0\"></span>identi<span class=\"_ _2\"></span>ficare <span class=\"_ _d\"></span>inoltre <span class=\"_ _0\"></span>i <span class=\"_ _d\"></span>seg<span class=\"_ _2\"></span>uenti <span class=\"_ _d\"></span>fattori <span class=\"_ _0\"></span>di<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs18bb\">rischio:<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff13 fs1 fc1 sc0 ls0 ws0 gs18bc\">-<span class=\"_ _1b\"> </span><span class=\"ff5\">Risk <span class=\"_ _c\"> </span>Volatility: <span class=\"_ _c\"> </span>tale <span class=\"_ _20\"> </span>fattore <span class=\"_ _c\"> </span>di <span class=\"_ _c\"> </span>r<span class=\"_ _2\"></span>ischio <span class=\"_ _c\"> </span>nell\u2019ambito <span class=\"_ _c\"> </span>del <span class=\"_ _20\"> </span>processo <span class=\"_ _20\"> </span>assuntiv<span class=\"_ _1\"></span>o <span class=\"_ _c\"> </span>dipende<span class=\"_ _df\"> </span></span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs18bd\">sostanzialmente <span class=\"_ _d\"></span>dalla <span class=\"_ _d\"></span>presenza <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>basi <span class=\"_ _d\"></span>t<span class=\"_ _2\"></span>ecniche <span class=\"_ _d\"></span>non <span class=\"_ _d\"></span>aggiornate <span class=\"_ _d\"></span>correttamente <span class=\"_ _d\"></span>al <span class=\"_ _0\"></span>momento<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs18be\">della <span class=\"_ _f\"></span>determinazione <span class=\"_ _f\"></span>del <span class=\"_ _f\"></span>prezzo; <span class=\"_ _1\"></span>da <span class=\"_ _f\"></span>un <span class=\"_ _f\"></span>mar<span class=\"_ _2\"></span>gine <span class=\"_ _f\"></span>tecnico <span class=\"_ _f\"></span>molto <span class=\"_ _1\"></span>basso <span class=\"_ _f\"></span>e/o <span class=\"_ _f\"></span>da <span class=\"_ _f\"></span>basi tecn<span class=\"_ _1\"></span>iche <span class=\"_ _f\"></span>molto<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs18bf\">strette; <span class=\"_ _0\"></span>dalla <span class=\"_ _d\"></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>della <span class=\"_ _0\"></span>determinazione <span class=\"_ _d\"></span>d<span class=\"_ _2\"></span>el<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs18c0\">prezzo; <span class=\"_ _d\"></span>rischio <span class=\"_ _0\"></span>controparte <span class=\"_ _0\"></span>elevato <span class=\"_ _d\"></span>(da <span class=\"_ _0\"></span>parte <span class=\"_ _d\"></span>del <span class=\"_ _d\"></span>part<span class=\"_ _2\"></span>ner/distributore, <span class=\"_ _d\"></span>soprattutto <span class=\"_ _0\"></span>in <span class=\"_ _d\"></span>caso <span class=\"_ _0\"></span>di<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs18c1\">commissioni u<span class=\"ff5\">pfront / goodwi<span class=\"_ _1\"></span>ll). Nell\u2019amb<span class=\"_ _1\"></span>ito del processo di <span class=\"_ _f\"></span>r<span class=\"_ _2\"></span>iservazione <span class=\"_ _1\"></span>tale fattore di rischio<span class=\"_ _df\"> </span></span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs18c2\">dipende dal <span class=\"_ _2\"></span>rischio <span class=\"_ _2\"></span>di pagament<span class=\"_ _2\"></span>o eccessivo <span class=\"_ _2\"></span>della q<span class=\"_ _2\"></span>uota di <span class=\"_ _2\"></span>profitto <span class=\"_ _2\"></span>se <span class=\"_ _2\"></span>i parametri <span class=\"_ _2\"></span>delle riserve<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs18c3\">sono fissati in modo improprio;<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff13 fs1 fc1 sc0 ls0 ws0 gs18c4\">-<span class=\"_ _1b\"> </span><span class=\"ff5\">Popul<span class=\"_ _1\"></span>ation: <span class=\"_ _0\"></span>nell\u2019ambito <span class=\"_ _d\"></span>del <span class=\"_ _0\"></span>processo <span class=\"_ _0\"></span>di <span class=\"_ _d\"></span>tar<span class=\"_ _2\"></span><span class=\"ff4\">iffazione <span class=\"_ _d\"></span>tale <span class=\"_ _0\"></span>fattore <span class=\"_ _0\"></span>di <span class=\"_ _d\"></span>rischio <span class=\"_ _0\"></span>\u00e8 <span class=\"_ _d\"></span>s<span class=\"_ _2\"></span>ostanzialmente<span class=\"_ _df\"> </span></span></span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs18c5\">correlato ad una tariffazi<span class=\"_ _1\"></span>one unica per una vasta pop<span class=\"_ _1\"></span>olazione di fasce<span class=\"_ _1\"></span> d\u2019et\u00e0 (specialmente<span class=\"_ _1\"></span> per<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs18c6\">il rischio m<span class=\"_ _f\"></span>orte) o fascia d<span class=\"_ _1\"></span>i du<span class=\"_ _1\"></span>rata / fascia<span class=\"_ _f\"></span> di tasso di<span class=\"_ _1\"></span> interesse;<span class=\"_ _1\"></span> alto <span class=\"_ _1\"></span>rischio di<span class=\"_ _1\"></span> selezione<span class=\"_ _1\"></span> avversa<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs18c7\">nella <span class=\"_ _f\"></span>strutt<span class=\"_ _2\"></span>ura <span class=\"_ _f\"></span>del <span class=\"_ _1\"></span>prodotto. <span class=\"_ _f\"></span>Nel c<span class=\"_ _f\"></span>as<span class=\"_ _2\"></span>o <span class=\"_ _f\"></span>del <span class=\"_ _1\"></span>processo <span class=\"_ _1\"></span>di <span class=\"_ _f\"></span>riservazione tale<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>fattore <span class=\"_ _f\"></span>di rischio <span class=\"_ _f\"></span>dipende<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs18c8\">sostanzialmente <span class=\"_ _10\"> </span>da: <span class=\"_ _18\"> </span>ad<span class=\"_ _2\"></span>eguatezza <span class=\"_ _10\"> </span>delle <span class=\"_ _18\"> </span>riserve <span class=\"_ _18\"> </span>for<span class=\"_ _2\"></span>temente <span class=\"_ _10\"> </span>legata <span class=\"_ _18\"> </span>alla <span class=\"_ _18\"> </span>s<span class=\"_ _2\"></span>truttura <span class=\"_ _18\"> </span>della<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs18c9\">popolazione <span class=\"_ _0\"></span>(soprattutto <span class=\"_ _0\"> </span>r<span class=\"_ _2\"></span>iserve<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>matematiche <span class=\"_ _0\"> </span>/<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>passivit\u00e0 <span class=\"_ _0\"></span>a <span class=\"_ _9\"> </span>lungo <span class=\"_ _0\"></span>termine); <span class=\"_ _0\"></span>ri<span class=\"_ _2\"></span>serve <span class=\"_ _0\"></span>che <span class=\"_ _9\"> </span>non<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs18ca\">includono <span class=\"_ _f\"></span>il costo <span class=\"_ _f\"></span>reale <span class=\"_ _f\"></span>delle <span class=\"_ _1\"></span>opzioni <span class=\"_ _f\"></span>della <span class=\"_ _1\"></span>popolazione <span class=\"_ _f\"></span>come l\u2019estinzione<span class=\"_ _1\"></span>, <span class=\"_ _f\"></span>i<span class=\"_ _2\"></span>l <span class=\"_ _f\"></span>riscatt<span class=\"_ _2\"></span>o; <span class=\"_ _f\"></span>riserve <span class=\"_ _f\"></span>che<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs18cb\">non includono il giusto livello di spe<span class=\"_ _1\"></span>se generali per la specifica popolazione/prodotto.<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs18cc\">Da un <span class=\"_ _f\"></span>punto di <span class=\"_ _1\"></span>vista de<span class=\"_ _1\"></span>lla distribuzi<span class=\"_ _1\"></span>one dei <span class=\"_ _f\"></span>r<span class=\"_ _2\"></span>ischi di<span class=\"_ _1\"></span> sottoscrizione <span class=\"_ _f\"></span>di Credemvita second<span class=\"_ _f\"></span>o<span class=\"_ _2\"></span> <span class=\"_ _1\"></span>i dettami<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs18cd\">normativi <span class=\"_ _2\"></span>Solvency <span class=\"_ _2\"></span>II <span class=\"_ _d\"></span>si <span class=\"_ _2\"></span>riporta <span class=\"_ _2\"></span>nella <span class=\"_ _2\"></span>tabella <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>seguito <span class=\"_ _2\"></span>la <span class=\"_ _d\"></span>miglior <span class=\"_ _2\"></span>stima <span class=\"_ _2\"></span>della <span class=\"_ _2\"></span>rappresentazione <span class=\"_ _2\"></span>del<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs18ce\">rischio <span class=\"_ _22\"> </span>disponibile <span class=\"_ _4\"> </span>alla  data <span class=\"_ _4\"> </span>di <span class=\"_ _22\"> </span>valutazione <span class=\"_ _4\"> </span>(si  precisa <span class=\"_ _4\"> </span>che  il <span class=\"_ _4\"> </span>peso  complessivo <span class=\"_ _4\"> </span>dei  rischi <span class=\"_ _4\"> </span>life<span class=\"_ _df\"> </span><span class=\"_ _f\"></span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs18cf\">underwriting \u00e8 pari al 47,6%).<span class=\"_ _df\"> </span> </div><div class=\"c w634 h69 gs18d0\"><div class=\"t m1 x8a h6 y3e6 ff4 fs2 fc1 sc0 ls0 ws0\">Life risk - risk/sum of risk components - relativo e complessivo </div></div><div class=\"gs18d1\"><table class=\"s w119e h5b6\" id=\"_912f1218-1f4c-47e3-8e2a-bbc19050652a\"><tr><td></td><td class=\"c xb1a y3834 w528 h69\"><div class=\"t m0 x35 h5 y71 ff4 fs1 fc4 sc3 ls0 ws0\">Relat<span class=\"_ _1\"></span>ivo </div></td><td class=\"c xb1b y3834 w635 h69\"><div class=\"t m0 x116 h5 y71 ff4 fs1 fc4 sc3 ls0 ws0\">Comp<span class=\"_ _1\"></span>lessiv<span class=\"_ _1\"></span>o</div><div class=\"t m1 xee h6 y71 ff4 fs2 fc1 sc2 ls0 ws0\"> </div></td></tr><tr><td class=\"c xb1c y3835 w76 h69\"><div class=\"t m0 x8a h5 y3e6 ff4 fs1 fc1 sc0 ls0 ws0\">Mortality risk </div></td><td class=\"c xb1a y3835 w636 h69\"><div class=\"t m0 x1c h5 y394 ff4 fs1 fc1 sc0 ls0 ws0\">9,2% </div></td><td class=\"c xb1d y3835 w637 h69\"><div class=\"t m0 xf0 h5 y394 ff4 fs1 fc1 sc0 ls0 ws0\">4,4% </div></td></tr><tr><td class=\"c xb1c y3836 w76 h49\"><div class=\"t m0 x8a h5 y3e6 ff4 fs1 fc1 sc0 ls0 ws0\">Longevity risk </div></td><td class=\"c xb1a y3836 w636 h49\"><div class=\"t m0 x1c h5 y295 ff4 fs1 fc1 sc0 ls0 ws0\">0,4% </div></td><td class=\"c xb1d y3836 w637 h49\"><div class=\"t m0 xef h5 y295 ff4 fs1 fc1 sc0 ls0 ws0\">0,1% </div></td></tr><tr><td class=\"c xb1c y3837 w76 h69\"><div class=\"t m0 x8a h5 y3e6 ff4 fs1 fc1 sc0 ls0 ws0\">Disability morbidity risk </div></td><td class=\"c xb1a y3837 w636 h69\"><div class=\"t m0 x7 h5 y394 ff4 fs1 fc1 sc0 ls0 ws0\">0,0% </div></td><td class=\"c xb1d y3837 w637 h69\"><div class=\"t m0 xf0 h5 y394 ff4 fs1 fc1 sc0 ls0 ws0\">0,0% </div></td></tr><tr><td class=\"c xb1c y3838 w76 h69\"><div class=\"t m0 x8a h5 y3e6 ff4 fs1 fc1 sc0 ls0 ws0\">Life Lapse risk </div></td><td class=\"c xb1a y3838 w636 h69\"><div class=\"t m0 x96 h5 y394 ff4 fs1 fc1 sc0 ls0 ws0\">80,4% </div></td><td class=\"c xb1d y3838 w637 h69\"><div class=\"t m0 xa3 h5 y394 ff4 fs1 fc1 sc0 ls0 ws0\">38,3% </div></td></tr><tr><td class=\"c xb1c y3839 w76 h69\"><div class=\"t m0 x8a h5 y3e6 ff4 fs1 fc1 sc0 ls0 ws0\">Expense risk </div></td><td class=\"c xb1a y3839 w636 h69\"><div class=\"t m0 xf h5 y394 ff4 fs1 fc1 sc0 ls0 ws0\">7,2% </div></td><td class=\"c xb1d y3839 w637 h69\"><div class=\"t m0 xf0 h5 y394 ff4 fs1 fc1 sc0 ls0 ws0\">3,4% </div></td></tr><tr><td class=\"c xb1c y383a w76 h4a\"><div class=\"t m0 x8a h5 y3e6 ff4 fs1 fc1 sc0 ls0 ws0\">Revisionary risk </div></td><td class=\"c xb1a y383a w636 h4a\"><div class=\"t m0 x7 h5 ye55 ff4 fs1 fc1 sc0 ls0 ws0\">0,0% </div></td><td class=\"c xb1d y383a w637 h4a\"><div class=\"t m0 xf0 h5 ye55 ff4 fs1 fc1 sc0 ls0 ws0\">0,0% </div></td></tr><tr><td class=\"c xb1c y383b w76 h69\"><div class=\"t m0 x8a h5 y3e6 ff4 fs1 fc1 sc0 ls0 ws0\">CAT risk </div></td><td class=\"c xb1a y383b w636 h69\"><div class=\"t m0 x1c h5 y394 ff4 fs1 fc1 sc0 ls0 ws0\">2,8% </div></td><td class=\"c xb1d y383b w637 h69\"><div class=\"t m0 xef h5 y394 ff4 fs1 fc1 sc0 ls0 ws0\">1,3% </div></td></tr></table></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs18d2\">La Compagnia adotta, nei confronti di tali rischi, linee<span class=\"_ _1\"></span> guida che:<span class=\"_ _df\"> </span><span class=\"_ _2\"></span> </div><div class=\"t m0 h5 ff13 fs1 fc1 sc0 ls0 ws0 gs18d3\">-<span class=\"_ _1b\"> </span><span class=\"ff4\">definiscono <span class=\"_ _d\"></span>il <span class=\"_ _d\"></span>modello <span class=\"_ _0\"></span>organizzativo <span class=\"_ _d\"></span>e <span class=\"_ _d\"></span>di <span class=\"_ _0\"></span>governance, <span class=\"_ _d\"></span>nonch\u00e9 <span class=\"_ _d\"></span>i <span class=\"_ _0\"></span>ruoli <span class=\"_ _d\"></span>e <span class=\"_ _0\"></span>le <span class=\"_ _d\"></span>responsabilit\u00e0 <span class=\"_ _d\"></span>delle<span class=\"_ _df\"> </span></span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs18d4\">strutture <span class=\"_ _9\"> </span>aziendali <span class=\"_ _9\"> </span>coinvolte <span class=\"_ _9\"> </span>nell\u2019assunzi<span class=\"ff4\">one <span class=\"_ _9\"> </span>e <span class=\"_ _9\"> </span>n<span class=\"_ _2\"></span>el <span class=\"_ _0\"></span>mo<span class=\"_ _2\"></span>nitoraggio <span class=\"_ _9\"> </span>del <span class=\"_ _0\"> </span>r<span class=\"_ _2\"></span>ischio <span class=\"_ _0\"> </span>as<span class=\"_ _2\"></span>sunto <span class=\"_ _0\"> </span>e <span class=\"_ _16\"> </span>nelle<span class=\"_ _df\"> </span></span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs18d5\">attivit\u00e0 di riservazione;<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff13 fs1 fc1 sc0 ls0 ws0 gs18d6\">-<span class=\"_ _1b\"> </span><span class=\"ff4\">descrivono <span class=\"_ _9\"> </span>le  p<span class=\"_ _1\"></span>rocedure  d<span class=\"_ _1\"></span>i <span class=\"_ _16\"> </span>reporting  ap<span class=\"_ _1\"></span>plicate <span class=\"_ _9\"> </span>ed  i <span class=\"_ _9\"> </span>fluss<span class=\"_ _2\"></span>i <span class=\"_ _9\"> </span>di  comunicaz<span class=\"_ _1\"></span>ione  tra <span class=\"_ _9\"> </span>le  funzi<span class=\"_ _1\"></span>oni<span class=\"_ _df\"> </span></span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs18d7\">coinvolte nei processi di sottoscrizione e<span class=\"_ _1\"></span> riservazione;<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff13 fs1 fc1 sc0 ls0 ws0 gs18d8\">-<span class=\"_ _1b\"> </span><span class=\"ff4\">illustrano <span class=\"_ _2\"></span>le <span class=\"_ _2\"></span>modalit\u00e0 <span class=\"_ _2\"></span>con <span class=\"_ _d\"></span>c<span class=\"ff5\">ui <span class=\"_ _2\"></span>l\u2019impresa <span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>iene <span class=\"_ _2\"></span>conto <span class=\"_ _2\"></span>della <span class=\"_ _2\"></span>riassicurazione <span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>di <span class=\"_ _d\"></span>altre <span class=\"_ _2\"></span>tecniche<span class=\"_ _1\"></span> <span class=\"_ _2\"></span>di<span class=\"_ _df\"> </span></span></span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs18d9\">mitigazione <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>rischio <span class=\"_ _2\"></span>nel <span class=\"_ _d\"></span>processo <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>progettazione <span class=\"_ _2\"></span>di <span class=\"_ _d\"></span>un <span class=\"_ _2\"></span>nuovo <span class=\"_ _2\"></span>prodotto <span class=\"_ _2\"></span>assicurativo <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>del<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs18da\">calcolo del relativo premio.<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs18db\">La Com<span class=\"_ _2\"></span>pagnia misura <span class=\"_ _2\"></span>e mo<span class=\"_ _2\"></span>nitora la <span class=\"_ _2\"></span>propria <span class=\"_ _2\"></span>esposizione al <span class=\"_ _2\"></span>risc<span class=\"_ _2\"></span>hio di <span class=\"_ _2\"></span>sottoscrizione considerando<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs18dc\">il portafoglio complessivo, oltre a verificare<span class=\"_ _1\"></span> la conformit\u00e0 ai limiti ed alle politiche definite. <span class=\"_ _2\"></span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs18dd\">La <span class=\"_ _2\"></span>valutazione dei <span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>ischi t<span class=\"_ _2\"></span>ecnici<span class=\"_ _1\"></span> <span class=\"_ _2\"></span>viene <span class=\"_ _2\"></span>realizzata <span class=\"_ _2\"></span>sia <span class=\"_ _2\"></span>con <span class=\"_ _2\"></span>logiche di <span class=\"_ _2\"></span>caratt<span class=\"_ _2\"></span>ere ALM <span class=\"_ _d\"></span><span class=\"ff5\">\u2013</span> <span class=\"_ _2\"></span>Asset-Liability<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs18de\">Management <span class=\"_ _22\"> </span><span class=\"ff5\">\u2013<span class=\"_ _2\"></span></span> <span class=\"_ _22\"> </span>al <span class=\"_ _4\"> </span>fine  di <span class=\"_ _4\"> </span>cogliere  le <span class=\"_ _4\"> </span>interrelazioni  esistenti <span class=\"_ _4\"> </span>fra <span class=\"_ _4\"> </span>le  dinamiche  dei <span class=\"_ _4\"> </span>passivi  e <span class=\"_ _4\"> </span>le<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs18df\">dinamiche <span class=\"_ _4\"> </span>degli  at<span class=\"_ _2\"></span>tivi <span class=\"_ _22\"> </span>a <span class=\"_ _4\"> </span>copertura, <span class=\"_ _4\"> </span>sia <span class=\"_ _4\"> </span>seguendo <span class=\"_ _4\"> </span>i <span class=\"_ _4\"> </span>principi <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>Solvi<span class=\"_ _1\"></span>bilit\u00e0 <span class=\"_ _17\"> </span><span class=\"ff5\">\u2013</span> <span class=\"_ _4\"> </span>al <span class=\"_ _4\"> </span>fine <span class=\"_ _4\"> </span>di <span class=\"_ _22\"> </span>cogliere<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs18e0\">l\u2019eventuale requisito capitale assorbito da ogni singolo fattore di<span class=\"_ _1\"></span> rischio. <span class=\"_ _2\"></span><span class=\"ff4\"> </span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs18e1\">L\u2019ide<span class=\"ff4\">ntificazione <span class=\"_ _0\"></span>dei <span class=\"_ _16\"> </span>rischi <span class=\"_ _0\"> </span>viene <span class=\"_ _9\"> </span>effettuata <span class=\"_ _16\"> </span>con <span class=\"_ _0\"></span>r<span class=\"_ _2\"></span>iferimento <span class=\"_ _0\"></span>ai <span class=\"_ _9\"> </span>nuovi <span class=\"_ _9\"> </span>prodotti <span class=\"_ _9\"> </span>e <span class=\"_ _9\"> </span>al <span class=\"_ _9\"> </span>portafoglio <span class=\"_ _9\"> </span>in<span class=\"_ _df\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs18e2\">essere:<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff13 fs1 fc1 sc0 ls0 ws0 gs18e3\">-<span class=\"_ _1b\"> </span><span class=\"ff4\">Nuovi <span class=\"_ _f\"></span>prodotti: <span class=\"_ _f\"></span>coerentemente <span class=\"_ _1\"></span>con <span class=\"_ _1\"></span>il <span class=\"_ _f\"></span>Piano St<span class=\"_ _f\"></span>r<span class=\"_ _2\"></span>ategico,<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>la <span class=\"_ _f\"></span>r<span class=\"_ _2\"></span>ilev<span class=\"_ _1\"></span>azione <span class=\"_ _f\"></span>dei <span class=\"_ _f\"></span>r<span class=\"_ _2\"></span>ischi <span class=\"_ _f\"></span>connessi <span class=\"_ _1\"></span>ai <span class=\"_ _f\"></span>nuovi<span class=\"_ _df\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs18e4\">prodotti vie<span class=\"_ _1\"></span>ne <span class=\"_ _1\"></span>effettuata sulla <span class=\"_ _f\"></span>base delle <span class=\"_ _f\"></span>loro caratt<span class=\"_ _2\"></span><span class=\"ff5\">eristiche<span class=\"_ _1\"></span> tecniche <span class=\"_ _f\"></span>nell\u2019ambito del <span class=\"_ _f\"></span>processo<span class=\"_ _df\"> </span></span><span class=\"ff5\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs18e5\">di <span class=\"_ _16\"> </span>ORSA. <span class=\"_ _9\"> </span>  Inoltre, <span class=\"_ _16\"> </span>in <span class=\"_ _16\"> </span>coerenza  con <span class=\"_ _9\"> </span>il  p<span class=\"_ _1\"></span>rocesso  final<span class=\"_ _1\"></span>izzato  alla <span class=\"_ _9\"> </span>creazione  e <span class=\"_ _9\"> </span>lancio  dei <span class=\"_ _9\"> </span>nuovi<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs18e6\">prodotti <span class=\"_ _17\"> </span>definito <span class=\"_ _4\"> </span>nell\u2019ambito <span class=\"_ _4\"> </span>d<span class=\"_ _2\"></span>el <span class=\"_ _4\"> </span>pi\u00f9 <span class=\"_ _4\"> </span>ge<span class=\"_ _2\"></span>nerale <span class=\"_ _4\"> </span>processo <span class=\"_ _17\"> </span>POG <span class=\"_ _17\"> </span>(c,d <span class=\"_ _4\"> </span>Product <span class=\"_ _17\"> </span>Oversight <span class=\"_ _4\"> </span>and<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs18e7\">Governance), <span class=\"_ _9\"> </span>la  funzione <span class=\"_ _9\"> </span>Risk  Management  \u00e8<span class=\"_ _1\"></span> <span class=\"_ _16\"> </span>chiamata <span class=\"_ _16\"> </span>a <span class=\"_ _16\"> </span>redig<span class=\"_ _1\"></span>ere <span class=\"_ _16\"> </span>una <span class=\"_ _9\"> </span>s<span class=\"_ _2\"></span>pecifica <span class=\"_ _9\"> </span>analisi  di<span class=\"_ _df\"> </span></div>rischiosit\u00e0 <span class=\"_ _0\"></span>del <span class=\"_ _9\"> </span>singolo <span class=\"_ _0\"> </span>pro<span class=\"_ _2\"></span>dotto <span class=\"_ _0\"></span>mentre <span class=\"_ _0\"></span>la <span class=\"_ _9\"> </span>Funzione <span class=\"_ _0\"></span>Attuariale <span class=\"_ _9\"> </span>\u00e8 <span class=\"_ _0\"> </span>chiamata <span class=\"_ _9\"> </span>ad <span class=\"_ _9\"> </span>esprimersi <span class=\"_ _0\"></span>su<span class=\"_ _df\"> </span>pricing <span class=\"_ _2\"></span>e s<span class=\"_ _2\"></span>ulle <span class=\"_ _2\"></span>valutazioni<span class=\"_ _1\"></span> <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>materia <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>profit <span class=\"_ _2\"></span>test. <span class=\"_ _2\"></span>Inoltre, <span class=\"_ _2\"></span>parte <span class=\"_ _2\"></span>integrante <span class=\"_ _2\"></span>delle<span class=\"_ _f\"></span> <span class=\"_ _d\"></span>valutazioni <span class=\"_ _2\"></span>di<span class=\"_ _df\"> </span>redditivit\u00e0 <span class=\"_ _2\"></span>e di r<span class=\"_ _2\"></span>ischio connessi ai <span class=\"_ _2\"></span>nuovi prodotti, <span class=\"_ _2\"></span>sono il <span class=\"_ _2\"></span>profit test, <span class=\"_ _2\"></span>i test di <span class=\"_ _2\"></span>prodotto e <span class=\"_ _2\"></span>il Value<span class=\"_ _df\"> </span>for Money effettuati dalla Compagnia. -<span class=\"ff10\"> <span class=\"_ _24\"> </span><span class=\"ff5\">Portafoglio <span class=\"_ _2\"></span>in essere: <span class=\"_ _2\"></span>con <span class=\"_ _2\"></span>riferimento al <span class=\"_ _2\"></span>portafoglio <span class=\"_ _2\"></span>in essere, <span class=\"_ _2\"></span>l\u2019identificazione dei <span class=\"_ _2\"></span>rischi v<span class=\"_ _2\"></span>iene<span class=\"_ _df\"> </span></span></span>effettuata <span class=\"_ _2\"></span>sulla base <span class=\"_ _2\"></span>dei dati <span class=\"_ _2\"></span>tecnici del <span class=\"_ _2\"></span>portafoglio <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>dell<span class=\"_ _1\"></span>e <span class=\"_ _2\"></span>misure di <span class=\"_ _2\"></span>assorbimento di <span class=\"_ _2\"></span>capitale<span class=\"_ _df\"> </span>determinate <span class=\"_ _14\"> </span>attraverso <span class=\"_ _15\"> </span>lo <span class=\"_ _14\"> </span>strumento <span class=\"_ _14\"> </span>utilizzato <span class=\"_ _14\"> </span>dalla <span class=\"_ _15\"> </span>Compagnia <span class=\"_ _14\"> </span>per <span class=\"_ _14\"> </span>il <span class=\"_ _14\"> </span>calcolo <span class=\"_ _15\"> </span>del <span class=\"_ _14\"> </span>SCR<span class=\"_ _df\"> </span>(Standard Formula). Le informazioni relative all\u2019andamento tecnico complessivo del ramo vita<span class=\"_ _df\"> </span>rispecchiano sinteticamente <span class=\"_ _2\"></span>i r<span class=\"_ _2\"></span>isultati tecnici <span class=\"_ _2\"></span>dei singoli <span class=\"_ _2\"></span>Rami e <span class=\"_ _2\"></span>quindi dei <span class=\"_ _2\"></span>prodotti <span class=\"_ _2\"></span>presenti in<span class=\"_ _df\"> </span>portafoglio  (che  in  generale  possono <span class=\"_ _4\"> </span>comprende<span class=\"_ _1\"></span>re  pi\u00f9  Rami).  Sempre  con <span class=\"_ _22\"> </span>r<span class=\"_ _2\"></span>iferimento  al<span class=\"_ _df\"> </span>portafoglio in essere, vengono effettuate dalla Compagnia v<span class=\"_ _1\"></span>alutazioni <span class=\"_ _2\"></span>di back testing.<span class=\"_ _df\"> </span>Si riportano sinteticamente di segui<span class=\"_ _1\"></span>to le principali misure di rischio utilizzate:<span class=\"_ _df\"> </span>-<span class=\"ff10\"> <span class=\"_ _24\"> </span><span class=\"ff5\">SCR Life in valore assoluto: fornisce un\u2019indicazione dell<span class=\"_ _1\"></span>\u2019assorbimento di capitale; </span></span>-<span class=\"ff10\"> <span class=\"_ _24\"> </span><span class=\"ff5\">SCR <span class=\"_ _d\"></span>Life <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>termini <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>ratio: <span class=\"_ _d\"></span>fornisce <span class=\"_ _d\"></span>un\u2019indicazione <span class=\"_ _d\"></span>dell\u2019assorbiment<span class=\"ff4\">o <span class=\"_ _0\"></span>di <span class=\"_ _d\"></span>capitale <span class=\"_ _d\"></span>per <span class=\"_ _d\"></span>unit\u00e0 <span class=\"_ _d\"></span>di<span class=\"_ _df\"> </span></span></span></span>Best Estimate Life; -<span class=\"ff10\"> <span class=\"_ _24\"> </span><span class=\"ff5\">SCR <span class=\"_ _d\"></span>Lapse <span class=\"_ _2\"></span>in <span class=\"_ _d\"></span>termini <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>ratio: <span class=\"_ _d\"></span>fornisce <span class=\"_ _2\"></span>un\u2019indicazione <span class=\"_ _2\"></span>dell\u2019ass<span class=\"_ _2\"></span>orbimento <span class=\"_ _2\"></span>di <span class=\"_ _d\"></span>capitale <span class=\"_ _2\"></span>derivante<span class=\"_ _df\"> </span></span></span>dal rischio Lapse per unit\u00e0 di Best Estimate Life;<span class=\"_ _df\"> </span>-<span class=\"ff10\"> <span class=\"_ _24\"> </span><span class=\"ff5\">SCR <span class=\"_ _2\"></span>Lapse <span class=\"_ _2\"></span>in <span class=\"_ _d\"></span>valore <span class=\"_ _2\"></span>assoluto: <span class=\"_ _2\"></span>fornisce <span class=\"_ _2\"></span>un\u2019indicazione <span class=\"_ _2\"></span>dell\u2019ass<span class=\"_ _2\"></span><span class=\"ff4\">orbimento <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>capitale <span class=\"_ _2\"></span>derivante<span class=\"_ _df\"> </span></span></span></span>dal rischio Lapse;<span class=\"_ _df\"> </span>-<span class=\"ff10\"> <span class=\"_ _24\"> </span><span class=\"ff4\">PVFP <span class=\"_ _4\"> </span>portafoglio <span class=\"_ _17\"> </span>in <span class=\"_ _4\"> </span>for<span class=\"_ _2\"></span>ce: <span class=\"_ _4\"> </span>Present <span class=\"_ _17\"> </span>Value <span class=\"_ _4\"> </span>Future <span class=\"_ _17\"> </span>Profit <span class=\"_ _17\"> </span>\u00e8 <span class=\"_ _4\"> </span>un<span class=\"_ _2\"></span> <span class=\"_ _4\"> </span>indicatore <span class=\"_ _17\"> </span>che <span class=\"_ _4\"> </span>consente <span class=\"_ _17\"> </span>di<span class=\"_ _df\"> </span></span></span>monitorare, <span class=\"_ _4\"> </span>per <span class=\"_ _17\"> </span>ciascuna <span class=\"_ _4\"> </span>Lob <span class=\"_ _17\"> </span>Solvency <span class=\"_ _4\"> </span>II <span class=\"_ _17\"> </span>del <span class=\"_ _4\"> </span>portafoglio <span class=\"_ _17\"> </span>in<span class=\"_ _2\"></span>-force <span class=\"_ _4\"> </span>il <span class=\"_ _17\"> </span>contributo <span class=\"_ _17\"> </span>dato <span class=\"_ _4\"> </span>alla<span class=\"_ _df\"> </span>creazione del valore economico aziendale;<span class=\"_ _df\"> </span>-<span class=\"ff10\"> <span class=\"_ _35\"> </span><span class=\"ff4\">SCR per LoB (Line of Business).<span class=\"_ _df\"> </span></span></span>Di seguito <span class=\"_ _2\"></span>si riportano le <span class=\"_ _2\"></span>informazioni sulla sensitivit\u00e0 alle variazioni <span class=\"_ _2\"></span>delle variabili legate al <span class=\"_ _2\"></span>rischio<span class=\"_ _df\"> </span>assicurativo <span class=\"_ _9\"> </span>derivanti <span class=\"_ _0\"></span>dai <span class=\"_ _9\"> </span>contratti <span class=\"_ _0\"></span>rientranti <span class=\"_ _9\"> </span>nell\u2019ambi<span class=\"_ _1\"></span>to <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>applicazione <span class=\"_ _0\"></span>dell\u2019IFRS <span class=\"_ _0\"> </span>1<span class=\"_ _2\"></span>7. <span class=\"_ _0\"></span> <span class=\"_ _9\"> </span>Le <span class=\"_ _0\"></span>analisi<span class=\"_ _df\"> </span>condotte hanno <span class=\"_ _2\"></span>identifi<span class=\"_ _1\"></span>cato nella <span class=\"_ _2\"></span>dinamica delle estinzioni anticipate <span class=\"_ _2\"></span>e dei costi <span class=\"_ _2\"></span>i principali fattori<span class=\"_ _df\"> </span>di  rischio  a  cui  la  Compagnia  \u00e8  esposta.  Di  conseguenza  sono  state  identificate  le  seguenti<span class=\"_ _df\"> </span>sensitivities:<span class=\"_ _df\"> </span>-<span class=\"ff10\"> <span class=\"_ _35\"> </span><span class=\"ff4\">Incremento ipotesi di estinzioni anticipate (laps<span class=\"_ _2\"></span>e risk) +10% </span></span>-<span class=\"ff10\"> <span class=\"_ _35\"> </span><span class=\"ff4\">Incremento ipotesi di spesa +10%<span class=\"_ _df\"> </span></span></span>In <span class=\"_ _2\"></span>relazione <span class=\"_ _2\"></span>a <span class=\"_ _d\"></span>tali <span class=\"_ _2\"></span>sensitivit\u00e0 <span class=\"_ _2\"></span>si <span class=\"_ _2\"></span>fornisce <span class=\"_ _2\"></span>di <span class=\"_ _d\"></span>seguito <span class=\"_ _2\"></span>l\u2019impatto <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>termini <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>st<span class=\"_ _2\"></span>ock <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>CSM, <span class=\"_ _2\"></span>contributo<span class=\"_ _df\"> </span>all\u2019utile <span class=\"_ _d\"></span>consolidato <span class=\"_ _d\"></span>e <span class=\"_ _d\"></span>Patrimonio <span class=\"_ _d\"></span>N<span class=\"_ _2\"></span>etto. <span class=\"_ _d\"></span>La <span class=\"_ _d\"></span>valutazione <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>stress <span class=\"_ _d\"></span>\u00e8 <span class=\"_ _d\"></span>st<span class=\"_ _2\"></span>ata <span class=\"_ _d\"></span>effettuata <span class=\"_ _d\"></span>al <span class=\"_ _d\"></span>lordo <span class=\"_ _d\"></span>della<span class=\"_ _df\"> </span>riassicurazione <span class=\"_ _2\"></span>passiva <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>quanto poco <span class=\"_ _2\"></span>significativa <span class=\"_ _2\"></span>rispetto <span class=\"_ _2\"></span>agli s<span class=\"_ _2\"></span>cenari di <span class=\"_ _2\"></span>stress <span class=\"_ _2\"></span>individuati ed <span class=\"_ _d\"></span>\u00e8<span class=\"_ _df\"> </span>da intendersi <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>lordo dell\u2019impatto <span class=\"_ _2\"></span>fiscale con <span class=\"_ _2\"></span>riferimento <span class=\"_ _2\"></span>al CSM e <span class=\"_ _2\"></span>al nett<span class=\"_ _2\"></span>o dell\u2019effetto <span class=\"_ _2\"></span>fiscale con<span class=\"_ _df\"> </span>riferimento a Patrimonio Netto e Contributo all\u2019Ut<span class=\"ff4\">ile Consolidato.</span>                  Analisi di sensitivit\u00e0 <span class=\"ff5\">\u2013</span> Variazioni di CSM, Contributo al Consolidato di Gruppo e Patrimon<span class=\"_ _1\"></span>io Netto<span class=\"_ _2\"></span> <table class=\"s w119f h5b7\" id=\"_6540bbc0-5a6c-4395-ab05-f4ccf9b9cce3\"><tr><td class=\"c xb1f y383c w2e5 h183\"><div class=\"t m1 x8a h6 y3e6 ff4 fs19 fc1 sc0 ls0 ws0\">(in migliaia di eu<span class=\"_ _1\"></span>ro)<span class=\"fs2\"> </span></div></td><td></td><td></td><td></td></tr><tr><td></td><td></td><td class=\"c xb20 y31c1 w11a0 h593\"><div class=\"t m0 x250 h5 y254f ff4 fs1 fc1 sc0 ls0 ws0\">Variazione di<span class=\"_ _df\"> </span></div></td><td></td></tr><tr><td class=\"c xb1f y383d w2e5 h1e1\"><div class=\"t m0 x8a h5 y10fa ff4 fs1 fc1 sc0 ls0 ws0\">Analisi di Sensitivit\u00e0 </div></td><td class=\"c xb21 y2643 w11a0 h593\"><div class=\"t m0 x250 h5 y254f ff4 fs1 fc1 sc0 ls0 ws0\">Variazione di<span class=\"_ _df\"> </span></div></td><td class=\"c xb22 y2643 w11a1 h593\"><div class=\"t m0 x250 h5 y254f ff5 fs1 fc1 sc0 ls0 ws0\">Contributo all\u2019Utile<span class=\"_ _df\"> </span></div></td><td class=\"c xb23 y2643 w11a0 h593\"><div class=\"t m0 x250 h5 y254f ff4 fs1 fc1 sc0 ls0 ws0\">Variazione di<span class=\"_ _df\"> </span></div></td></tr><tr><td></td><td class=\"c xb24 y383e w11a2 h593\"><div class=\"t m0 x250 h5 y254f ff4 fs1 fc1 sc0 lsc3 ws0\">CSM<span class=\"_ _df\"> </span></div></td><td class=\"c xb25 y383e w11a3 h593\"><div class=\"t m0 x250 h5 y254f ff4 fs1 fc1 sc0 ls0 ws0\">Consolidato di<span class=\"_ _df\"> </span></div></td><td class=\"c xb26 y383e w11a4 h593\"><div class=\"t m0 x250 h5 y254f ff4 fs1 fc1 sc0 ls0 ws0\">Patrimonio Netto<span class=\"_ _df\"> </span></div></td></tr><tr><td></td><td></td><td class=\"c xb27 y383f w11a5 h593\"><div class=\"t m0 x250 h5 y254f ff4 fs1 fc1 sc0 ls0 ws0\">Gruppo<span class=\"_ _df\"> </span></div></td><td></td></tr><tr><td class=\"c xb1f y3840 w2e5 h1c\"><div class=\"t m0 x8a h5 y28b ff4 fs1 fc1 sc0 ls0 ws0\">Estinzioni anticipate +10% </div></td><td class=\"c xb28 y3840 w63a h1c\"><div class=\"t m0 x31 h5 y28b ff4 fs1 fc1 sc0 ls0 ws0\">-13.392 </div></td><td class=\"c xb29 y3840 w63b h1c\"><div class=\"t m0 x8f h5 y28b ff4 fs1 fc1 sc0 ls0 ws0\">-847 </div></td><td class=\"c xb2a y3840 w63b h1c\"><div class=\"t m0 x8f h5 y28b ff4 fs1 fc1 sc0 ls0 ws0\">-847 </div></td></tr><tr><td class=\"c xb1f y3841 w2e5 h1c\"><div class=\"t m0 x8a h5 y28b ff4 fs1 fc1 sc0 ls0 ws0\">Spese + 10% </div></td><td class=\"c xb28 y3841 w63a h1c\"><div class=\"t m0 x30 h5 y28b ff4 fs1 fc1 sc0 ls0 ws0\">-6.206 </div></td><td class=\"c xb29 y3841 w63b h1c\"><div class=\"t m0 x8f h5 y28b ff4 fs1 fc1 sc0 ls0 ws0\">-683 </div></td><td class=\"c xb2a y3841 w63b h1c\"><div class=\"t m0 x8f h5 y28b ff4 fs1 fc1 sc0 ls0 ws0\">-683 </div></td></tr></table>Rischi <span class=\"_ _1\"></span>di m<span class=\"_ _1\"></span>ercat<span class=\"_ _1\"></span>o<span class=\"_ _df\"> </span>Alla pi\u00f9 generale categoria del Rischio Mercato appartengono le <span class=\"_ _1\"></span>seguenti sotto<span class=\"_ _2\"></span>-categorie:<span class=\"_ _df\"> </span>-<span class=\"ff10\"> <span class=\"_ _24\"> </span><span class=\"ff4\">Rischio Mercato;<span class=\"_ _df\"> </span></span></span>-<span class=\"ff10\"> <span class=\"_ _24\"> </span><span class=\"ff4\">Rischio Asset &amp; Liability Management;<span class=\"_ _df\"> </span></span></span>-<span class=\"ff10\"> <span class=\"_ _24\"> </span><span class=\"ff4 fc1\">Rischio di Liquidit\u00e0,<span class=\"_ _df\"> </span></span></span>di seguito meglio esplici<span class=\"_ _1\"></span>tate.<span class=\"_ _df\"> </span>Si <span class=\"_ _9\"> </span>definisce <span class=\"_ _9\"> </span>rischio <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>mercato, <span class=\"_ _9\"> </span>il <span class=\"_ _16\"> </span>rischio <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>perdita <span class=\"_ _9\"> </span>o <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>variazione <span class=\"_ _9\"> </span>sfavorevole <span class=\"_ _9\"> </span>della <span class=\"_ _9\"> </span>situazione<span class=\"_ _df\"> </span>finanziaria derivante, <span class=\"_ _2\"></span>direttamente <span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>indirettamente, da <span class=\"_ _2\"></span>oscillazioni <span class=\"_ _2\"></span>del li<span class=\"_ _2\"></span>vello e <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>ella <span class=\"_ _2\"></span>volatilit\u00e0 d<span class=\"_ _2\"></span>ei<span class=\"_ _df\"> </span>prezzi di mercato delle attivit\u00e0, delle passivit\u00e0 e degli strumenti finanziari (cfr. articolo 1, comma 1,<span class=\"_ _df\"> </span>lettera vv-bis 3 del CAP). <div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs16ed\">I <span class=\"_ _14\"> </span>r<span class=\"_ _2\"></span>ischi <span class=\"_ _14\"> </span>di <span class=\"_ _15\"> </span>mercato <span class=\"_ _15\"> </span>risentono <span class=\"_ _15\"> </span>dell\u2019andamento <span class=\"_ _15\"> </span>congiunturale <span class=\"_ _14\"> </span>del <span class=\"_ _15\"> </span>ciclo <span class=\"_ _15\"> </span>economico, <span class=\"_ _15\"> </span>che <span class=\"_ _15\"> </span>pu\u00f2<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs16ee\">amplificarne <span class=\"_ _2\"></span>o <span class=\"_ _d\"></span>eventualme<span class=\"_ _1\"></span>nte <span class=\"_ _2\"></span>diminuirne <span class=\"_ _d\"></span>la <span class=\"_ _2\"></span>significativit\u00e0, <span class=\"_ _2\"></span>soprattutto <span class=\"_ _2\"></span>se <span class=\"_ _d\"></span>il <span class=\"_ _2\"></span>portafoglio <span class=\"_ _2\"></span>titoli <span class=\"_ _2\"></span>della<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs16ef\">Compagnia  \u00e8 <span class=\"_ _4\"> </span>particolarmente <span class=\"_ _4\"> </span>concentrato <span class=\"_ _4\"> </span>in  determinati <span class=\"_ _4\"> </span>settori, <span class=\"_ _4\"> </span>valute  o <span class=\"_ _4\"> </span>aree  g<span class=\"_ _2\"></span>eografiche.<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs18f4\">Conseguentemente,  le <span class=\"_ _4\"> </span>imprese  s<span class=\"_ _2\"></span>ono  esposte <span class=\"_ _4\"> </span>al<span class=\"_ _1\"></span>  r<span class=\"_ _2\"></span>ischio  di <span class=\"_ _4\"> </span>consegu<span class=\"_ _1\"></span>ire <span class=\"_ _22\"> </span>r<span class=\"_ _2\"></span>endimenti <span class=\"_ _4\"> </span>diversi,  ed<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs16f0\">eventualmente <span class=\"_ _15\"> </span>anche <span class=\"_ _e\"> </span>inferiori, <span class=\"_ _e\"> </span>r<span class=\"_ _2\"></span>ispet<span class=\"_ _1\"></span>to <span class=\"_ _e\"> </span>al <span class=\"_ _e\"> </span>rendimento <span class=\"_ _e\"> </span>atteso <span class=\"_ _15\"> </span>al <span class=\"_ _e\"> </span>momento <span class=\"_ _e\"> </span>dell\u2019assunzione<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs18f5\">dell\u2019impegno, oppure rispetto ad un rendimento minimo defi<span class=\"_ _1\"></span>nito contr<span class=\"_ _2\"></span>attualmente.<span class=\"_ _1\"></span> <span class=\"_ _2\"></span><span class=\"ff4\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs18f6\">Tale rischio pu\u00f2 essere distinto nei<span class=\"_ _1\"></span> seguenti fattori di rischio:<span class=\"_ _df\"> </span><span class=\"_ _2\"></span> </div><div class=\"t m0 h5 ff13 fs1 fc1 sc0 ls0 ws0 gs18f7\">-<span class=\"_ _1b\"> </span><span class=\"ff4\">Rischio <span class=\"_ _d\"></span>tas<span class=\"_ _2\"></span>so <span class=\"_ _d\"></span>di <span class=\"_ _0\"></span>interesse: <span class=\"_ _0\"></span>il <span class=\"_ _0\"></span>valore <span class=\"_ _d\"></span>degli <span class=\"_ _d\"></span>at<span class=\"_ _2\"></span>tivi <span class=\"_ _d\"></span>di <span class=\"_ _0\"></span>una <span class=\"_ _0\"></span>impresa <span class=\"_ _0\"></span>di <span class=\"_ _d\"></span>assicurazione <span class=\"_ _0\"></span>\u00e8 <span class=\"_ _0\"></span>sensibile <span class=\"_ _d\"></span>a<span class=\"_ _df\"> </span></span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs18f8\">variazioni <span class=\"_ _16\"> </span>dei <span class=\"_ _16\"> </span>tassi  di <span class=\"_ _16\"> </span>interesse. <span class=\"_ _16\"> </span>Inoltre, <span class=\"_ _16\"> </span>se  i <span class=\"_ _16\"> </span>flussi <span class=\"_ _16\"> </span>finanziari <span class=\"_ _16\"> </span>gene<span class=\"_ _1\"></span>rati  dalle <span class=\"_ _9\"> </span>at<span class=\"_ _2\"></span>tivit\u00e0  e<span class=\"_ _1\"></span>  que<span class=\"_ _1\"></span>lli<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs18f9\">generati <span class=\"_ _15\"> </span>dalle <span class=\"_ _14\"> </span>pass<span class=\"_ _2\"></span>ivit\u00e0 <span class=\"_ _14\"> </span>di <span class=\"_ _e\"> </span>un\u2019impresa <span class=\"_ _15\"> </span>non <span class=\"_ _15\"> </span>sono <span class=\"_ _15\"> </span>perfettamente <span class=\"_ _15\"> </span>a<span class=\"_ _2\"></span><span class=\"ff4\">llineati <span class=\"_ _15\"> </span>per <span class=\"_ _15\"> </span>scadenza,<span class=\"_ _df\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs18fa\">periodicit\u00e0 <span class=\"_ _4\"> </span>degli <span class=\"_ _4\"> </span>eventuali <span class=\"_ _4\"> </span>pagamenti <span class=\"_ _4\"> </span>e <span class=\"_ _17\"> </span>per <span class=\"_ _4\"> </span>natura <span class=\"_ _4\"> </span>dei <span class=\"_ _4\"> </span>tass<span class=\"_ _2\"></span>i <span class=\"_ _4\"> </span>degli <span class=\"_ _4\"> </span>investimenti <span class=\"_ _4\"> </span>(maturity<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs18fb\">mismatching, <span class=\"_ _d\"></span>interest<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>r<span class=\"_ _2\"></span>ate <span class=\"_ _d\"></span>mismatching, <span class=\"_ _0\"></span>reset <span class=\"_ _0\"></span>date <span class=\"_ _0\"></span>mismatching, <span class=\"_ _d\"></span>basic <span class=\"_ _0\"></span>mismatching), <span class=\"_ _0\"></span>uno<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs18fc\">shock (positivo o negativo) dei tassi di interesse pu\u00f2 <span class=\"_ _2\"></span>produrre v<span class=\"_ _2\"></span>ariazioni non sincronizzate nel<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs18fd\">valore d<span class=\"_ _1\"></span>elle <span class=\"_ _1\"></span>attivit\u00e0 e<span class=\"_ _1\"></span> de<span class=\"_ _1\"></span>lle <span class=\"_ _1\"></span>passivit\u00e0. Sostanzialme<span class=\"_ _f\"></span>nt<span class=\"_ _2\"></span>e <span class=\"_ _f\"></span>l'esposizione al <span class=\"_ _f\"></span>rischio tasso <span class=\"_ _f\"></span>di interes<span class=\"_ _1\"></span>se<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs18fe\">si  riferisce <span class=\"_ _9\"> </span>a  tutte <span class=\"_ _16\"> </span>le  a<span class=\"_ _f\"></span>tt<span class=\"_ _2\"></span>ivit\u00e0 <span class=\"_ _9\"> </span>e  le <span class=\"_ _16\"> </span>passivit\u00e0 <span class=\"_ _16\"> </span>il  cu<span class=\"_ _f\"></span>i  valore  \u00e8 <span class=\"_ _9\"> </span>\u201csensibile\u201d  ai <span class=\"_ _16\"> </span>cambiamenti <span class=\"_ _16\"> </span>nella<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs18ff\">struttura a termine dei tassi di interesse o alla volatilit\u00e0 de<span class=\"_ _1\"></span>i tassi di interesse;<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff13 fs1 fc1 sc0 ls0 ws0 gs148a\">-<span class=\"_ _1b\"> </span><span class=\"ff5\">Rischio  azionario: <span class=\"_ _16\"> </span>i  valori  di<span class=\"_ _1\"></span>  mercato  dell<span class=\"_ _1\"></span>e  posizioni  assunte  d<span class=\"_ _f\"></span>all\u2019<span class=\"_ _2\"></span>impresa  possono <span class=\"_ _16\"> </span>essere<span class=\"_ _df\"> </span></span><span class=\"ff5\"> </span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs1900\">sensibili <span class=\"_ _f\"></span>all\u2019andamento d<span class=\"_ _1\"></span>ei <span class=\"_ _f\"></span>merc<span class=\"_ _2\"></span>ati <span class=\"_ _f\"></span>azionari (p<span class=\"_ _1\"></span>er <span class=\"_ _1\"></span>esempio <span class=\"_ _f\"></span>nel <span class=\"_ _f\"></span>cas<span class=\"_ _2\"></span>o <span class=\"_ _1\"></span>di <span class=\"_ _f\"></span>contratti le <span class=\"_ _f\"></span>cui <span class=\"_ _f\"></span>prestazio<span class=\"_ _2\"></span><span class=\"ff4 ls13\">ni<span class=\"_ _df\"> </span></span><span class=\"ff4 ls13\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1901\">sono collegate al valore di un titolo azionario);<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff13 fs1 fc1 sc0 ls0 ws0 gs1902\">-<span class=\"_ _1b\"> </span><span class=\"ff5\">Rischio <span class=\"_ _2\"></span>tass<span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>di <span class=\"_ _d\"></span>cambio: <span class=\"_ _d\"></span>il <span class=\"_ _2\"></span>valore <span class=\"_ _d\"></span>di <span class=\"_ _2\"></span>mer<span class=\"_ _2\"></span>cato <span class=\"_ _2\"></span>delle <span class=\"_ _d\"></span>posizioni <span class=\"_ _2\"></span>as<span class=\"_ _2\"></span>sunte <span class=\"_ _d\"></span>dall\u2019impresa <span class=\"_ _2\"></span>p<span class=\"_ _2\"></span>u\u00f2 <span class=\"_ _2\"></span>essere<span class=\"_ _df\"> </span></span><span class=\"ff5\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1903\">sensibile <span class=\"_ _1\"></span>a variazi<span class=\"_ _1\"></span>oni dei <span class=\"_ _f\"></span>tas<span class=\"_ _2\"></span>si <span class=\"_ _1\"></span>di cambio <span class=\"_ _f\"></span>(per esempio <span class=\"_ _f\"></span>n<span class=\"_ _2\"></span>el <span class=\"_ _f\"></span>caso di titoli <span class=\"_ _1\"></span>azionari o <span class=\"_ _f\"></span>obbligazionari<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1904\">denominati <span class=\"_ _f\"></span>in valuta estera). <span class=\"_ _f\"></span>Quest<span class=\"_ _2\"></span>o <span class=\"_ _1\"></span>fattore di <span class=\"_ _f\"></span>rischio, qui<span class=\"_ _1\"></span>ndi, assume <span class=\"_ _1\"></span>particolare rilev<span class=\"_ _1\"></span>anza per<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1905\">le <span class=\"_ _15\"> </span>imprese <span class=\"_ _e\"> </span>di <span class=\"_ _15\"> </span>ass<span class=\"_ _2\"></span>icurazione<span class=\"_ _1\"></span> <span class=\"_ _e\"> </span>in <span class=\"_ _15\"> </span>presenza <span class=\"_ _e\"> </span>di <span class=\"_ _15\"> </span>att<span class=\"_ _2\"></span>ivit\u00e0<span class=\"_ _1\"></span> <span class=\"_ _e\"> </span>a <span class=\"_ _15\"> </span>copertura <span class=\"_ _15\"> </span>delle <span class=\"_ _15\"> </span>r<span class=\"_ _2\"></span>iserve <span class=\"_ _15\"> </span>tecniche<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1906\">denominate <span class=\"_ _17\"> </span>in <span class=\"_ _14\"> </span>una <span class=\"_ _14\"> </span>va<span class=\"_ _2\"></span>luta <span class=\"_ _17\"> </span>div<span class=\"_ _2\"></span>ersa <span class=\"_ _14\"> </span>da <span class=\"_ _17\"> </span>quella <span class=\"_ _14\"> </span>dei <span class=\"_ _14\"> </span>corr<span class=\"_ _2\"></span>ispondenti<span class=\"_ _1\"></span> <span class=\"_ _14\"> </span>impegni <span class=\"_ _14\"> </span>tecnici <span class=\"_ _14\"> </span>a<span class=\"_ _2\"></span>ssunti<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs1907\">contrattualmente. <span class=\"_ _d\"></span>Infatti, <span class=\"_ _d\"></span>poich\u00e9 <span class=\"_ _d\"></span>la <span class=\"_ _d\"></span>conversione <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>valute <span class=\"_ _d\"></span>avviene <span class=\"_ _d\"></span>alla <span class=\"_ _d\"></span>chiusura <span class=\"_ _d\"></span>d\u2019esercizio <span class=\"_ _d\"></span>al<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1908\">cambio corrente, in <span class=\"_ _2\"></span>corrispondenza di detta data possono r<span class=\"_ _2\"></span>ealizz<span class=\"_ _1\"></span>arsi <span class=\"_ _2\"></span>dell<span class=\"_ _1\"></span>e plus/minusvalenze<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1909\">a causa della variazione dei tassi di cambio;<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff13 fs1 fc1 sc0 ls0 ws0 gs190a\">-<span class=\"_ _1b\"> </span><span class=\"ff4\">Rischio i<span class=\"_ _1\"></span>mmobi<span class=\"ff5\">liare: qualora gli attivi d<span class=\"_ _1\"></span>i un\u2019impresa di<span class=\"_ _1\"></span> assicurazione siano inv<span class=\"_ _1\"></span>estiti in immobili,<span class=\"_ _df\"> </span></span></span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs190b\">i valori di tali attivit\u00e0 sono sensibili<span class=\"_ _1\"></span> all\u2019andamento dei prezzi di mercato degli stessi;<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff13 fs1 fc1 sc0 ls0 ws0 gs190c\">-<span class=\"_ _1b\"> </span><span class=\"ff5\">Credit Sp<span class=\"_ _1\"></span>read: ogni <span class=\"_ _1\"></span>volta che u<span class=\"_ _f\"></span>n\u2019impresa di assicurazione s<span class=\"_ _f\"></span>o<span class=\"_ _2\"></span>ttoscrive<span class=\"_ _1\"></span> strumenti<span class=\"ff4\"> finanziari, pu\u00f2<span class=\"_ _df\"> </span></span></span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs190d\">incorrere ne<span class=\"_ _1\"></span>l rischio <span class=\"_ _f\"></span>di insolvenza <span class=\"_ _1\"></span>del <span class=\"_ _f\"></span>proprio debitore il <span class=\"_ _f\"></span>quale potrebbe<span class=\"_ _1\"></span> non <span class=\"_ _f\"></span>essere in <span class=\"_ _f\"></span>gr<span class=\"_ _2\"></span>ado <span class=\"_ _f\"></span>s<span class=\"_ _2\"></span>ia<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs190e\">di <span class=\"_ _2\"></span>adempiere <span class=\"_ _2\"></span>alle <span class=\"_ _d\"></span>proprie <span class=\"_ _2\"></span>obbligazioni <span class=\"_ _2\"></span>sia <span class=\"_ _d\"></span>di <span class=\"_ _2\"></span>incorrere <span class=\"_ _d\"></span>nel <span class=\"_ _2\"></span>rischio <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>un <span class=\"_ _d\"></span>peggioramento <span class=\"_ _2\"></span>merito<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs190f\">creditizio, <span class=\"_ _d\"></span>con <span class=\"_ _d\"></span>conseguente <span class=\"_ _d\"></span>r<span class=\"_ _2\"></span>iduzione <span class=\"_ _d\"></span>del <span class=\"_ _d\"></span>val<span class=\"ff5\">or<span class=\"_ _2\"></span>e <span class=\"_ _d\"></span>del <span class=\"_ _d\"></span>titolo. <span class=\"_ _0\"></span>L\u2019esposizione<span class=\"_ _f\"></span> <span class=\"_ _0\"></span>al <span class=\"_ _0\"></span>rischio <span class=\"_ _d\"></span>credito <span class=\"_ _d\"></span>s<span class=\"_ _2\"></span>i<span class=\"_ _df\"> </span></span><span class=\"ff5\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1910\">riferisce <span class=\"_ _4\"> </span>ad <span class=\"_ _4\"> </span>attivit\u00e0, <span class=\"_ _4\"> </span>passivit\u00e0 <span class=\"_ _4\"> </span>e <span class=\"_ _4\"> </span>strumenti <span class=\"_ _4\"> </span>finanziari <span class=\"_ _4\"> </span>sensibili <span class=\"_ _4\"> </span>alla <span class=\"_ _4\"> </span>variazione <span class=\"_ _4\"> </span>degli<span class=\"_ _1\"></span> <span class=\"_ _4\"> </span>spread<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1911\">creditizi;<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff13 fs1 fc1 sc0 ls0 ws0 gs1709\">-<span class=\"_ _1b\"> </span><span class=\"ff5\">Rischio <span class=\"_ _15\"> </span>concentrazione: <span class=\"_ _e\"> </span>l\u2019espos<span class=\"_ _2\"></span>izione <span class=\"_ _15\"> </span>al <span class=\"_ _e\"> </span>rischio <span class=\"_ _e\"> </span>di <span class=\"_ _e\"> </span>concentrazione, <span class=\"_ _e\"> </span>che <span class=\"_ _e\"> </span>deriva <span class=\"_ _e\"> </span>da <span class=\"_ _10\"> </span>una<span class=\"_ _df\"> </span></span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1912\">variazione <span class=\"_ _16\"> </span>inattesa  dei <span class=\"_ _16\"> </span>prezzi,  d<span class=\"_ _1\"></span>el  v<span class=\"_ _1\"></span>alore  delle  esp<span class=\"_ _1\"></span>osizioni  verso  e<span class=\"_ _1\"></span>mittenti  su <span class=\"_ _16\"> </span>cui <span class=\"_ _16\"> </span>si  ha <span class=\"_ _16\"> </span>un<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1913\">accumulo di <span class=\"_ _2\"></span>esposizione con <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>stessa <span class=\"_ _2\"></span>controparte, <span class=\"_ _2\"></span>si riferisce <span class=\"_ _2\"></span>alle attivit\u00e0 <span class=\"_ _2\"></span>soggette <span class=\"_ _2\"></span>al r<span class=\"_ _2\"></span>ischio<span class=\"_ _df\"> </span><span class=\"_ _1\"></span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1914\">azionario, al <span class=\"_ _2\"></span>tasso <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>interesse e <span class=\"_ _2\"></span>spread e <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>rischio immobiliare <span class=\"_ _2\"></span>inclusi ne<span class=\"_ _2\"></span>l <span class=\"_ _2\"></span>rischio <span class=\"_ _2\"></span>di mercato,<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1915\">ed <span class=\"_ _1\"></span>esclude le<span class=\"_ _1\"></span> attivit\u00e0 <span class=\"_ _f\"></span>s<span class=\"_ _2\"></span>oggette <span class=\"_ _f\"></span>al rischio d<span class=\"_ _1\"></span>i inad<span class=\"_ _1\"></span>empimento d<span class=\"_ _1\"></span>i controparte. Al <span class=\"_ _f\"></span>momento a <span class=\"_ _f\"></span>livello<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1916\">regolamentare sono esclusi anche i titoli di stato;<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff13 fs1 fc1 sc0 ls0 ws0 gs14a2\">-<span class=\"_ _1b\"> </span><span class=\"ff5\">Rischio <span class=\"_ _0\"></span>Sovrano: <span class=\"_ _0\"></span>\u00e8 <span class=\"_ _0\"></span>il <span class=\"_ _0\"></span>r<span class=\"_ _2\"></span>ischi<span class=\"_ _1\"></span>o <span class=\"_ _0\"></span>associato <span class=\"_ _0\"></span>all\u2019eventualit\u00e0 <span class=\"_ _0\"></span>che <span class=\"_ _0\"></span>un <span class=\"_ _0\"> </span>G<span class=\"_ _2\"></span>ove<span class=\"_ _1\"></span>rno <span class=\"_ _0\"></span>non <span class=\"_ _9\"> </span>rispetti <span class=\"_ _0\"></span>l<span class=\"_ _2\"></span><span class=\"ff4\">e <span class=\"_ _0\"></span>proprie<span class=\"_ _df\"> </span></span></span><span class=\"ff5\"><span class=\"ff4\"> </span></span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1917\">obbligazioni <span class=\"_ _d\"></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=\"_ _2\"></span>i <span class=\"_ _d\"></span>economici, <span class=\"_ _0\"></span>finanziari <span class=\"_ _0\"></span>e <span class=\"_ _0\"></span>politici. <span class=\"_ _d\"></span>Pu\u00f2 <span class=\"_ _0\"></span>essere<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1918\">legato <span class=\"_ _f\"></span>alla <span class=\"_ _f\"></span>congiuntura <span class=\"_ _f\"></span>o <span class=\"_ _1\"></span>svilupparsi <span class=\"_ _f\"></span>nel <span class=\"_ _f\"></span>medio-lungo <span class=\"_ _1\"></span>periodo. <span class=\"_ _f\"></span>Il <span class=\"_ _f\"></span>rischio <span class=\"_ _1\"></span>sovrano <span class=\"_ _f\"></span>viene <span class=\"_ _f\"></span>associato<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1919\">ai <span class=\"_ _0\"></span>rendimenti <span class=\"_ _d\"></span>dei <span class=\"_ _0\"></span>titoli <span class=\"_ _0\"></span>pubblici <span class=\"_ _0\"></span>e <span class=\"_ _d\"></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=\"_ _d\"></span>cor<span class=\"_ _2\"></span>rispondere <span class=\"_ _d\"></span>agli<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs191a\">investitori per potersi finanziare;<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff13 fs1 fc1 sc0 ls0 ws0 gs14a7\">-<span class=\"_ _1b\"> </span><span class=\"ff4\">Liquidi<span class=\"_ _1\"></span>t\u00e0 <span class=\"_ _16\"> </span>del <span class=\"_ _9\"> </span>titolo: <span class=\"_ _16\"> </span>La <span class=\"_ _9\"> </span>possibilit\u00e0 <span class=\"_ _9\"> </span>di <span class=\"_ _16\"> </span>procede<span class=\"_ _1\"></span>re <span class=\"_ _9\"> </span>allo  s<span class=\"_ _1\"></span>mobilizzo <span class=\"_ _9\"> </span>tempestivo <span class=\"_ _16\"> </span>del <span class=\"_ _0\"> </span>por<span class=\"_ _2\"></span>tafoglio <span class=\"_ _9\"> </span>\u00e8<span class=\"_ _df\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs191b\">fortemente  condizionata  dall<span class=\"_ _1\"></span>a  liquidabilit\u00e0  de<span class=\"_ _1\"></span>i  titoli  in  cu<span class=\"_ _1\"></span>i  lo  stesso  \u00e8<span class=\"_ _1\"></span>  investit<span class=\"_ _2\"></span>o.  La <span class=\"_ _16\"> </span>scarsa<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs191c\">liquidabilit\u00e0 <span class=\"_ _d\"></span>dei <span class=\"_ _d\"></span>titoli, <span class=\"_ _0\"></span>infatti, <span class=\"_ _d\"></span>pu\u00f2 <span class=\"_ _0\"></span>esporre <span class=\"_ _d\"></span>la <span class=\"_ _0\"></span>Compagnia <span class=\"_ _d\"></span>al <span class=\"_ _d\"></span>rischio <span class=\"_ _0\"></span>di <span class=\"_ _d\"></span>conseguire <span class=\"_ _d\"></span>delle <span class=\"_ _0\"></span>perdite<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs191d\">connesse alla <span class=\"_ _2\"></span>difficolt\u00e0 <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>trovare <span class=\"_ _2\"></span>sul mercato <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>controparte <span class=\"_ _2\"></span>interessata <span class=\"_ _2\"></span>all\u2019acqui<span class=\"_ _1\"></span>sto <span class=\"_ _2\"></span>dei tit<span class=\"_ _2\"></span>oli<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs191e\">che si intende smobilizzare. A li<span class=\"_ _1\"></span>vello regolamentare non \u00e8 at<span class=\"_ _2\"></span>tualme<span class=\"_ _1\"></span>nte previsto un requisito di<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs191f\">capitale specifico;<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff13 fs1 fc1 sc0 ls0 ws0 gs14ad\">-<span class=\"_ _1b\"> </span><span class=\"ff4\">Altre <span class=\"_ _d\"></span>esposizioni <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>assets: <span class=\"_ _2\"></span>Tale <span class=\"_ _d\"></span>fattore <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>rischio <span class=\"_ _d\"></span>si <span class=\"_ _d\"></span>concretizza <span class=\"_ _d\"></span>nel <span class=\"_ _d\"></span>rischio <span class=\"_ _d\"></span>mercato <span class=\"_ _d\"></span>legato <span class=\"_ _d\"></span>a<span class=\"_ _df\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs1920\">private equity, strumenti alternativi, infrastrutture, prodotti legati<span class=\"_ _1\"></span> all\u2019inflazione e<span class=\"ff4\"> <span class=\"_ _2\"></span>ibridi.<span class=\"_ _df\"> </span></span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs14af\">I fat<span class=\"_ _2\"></span>tori di r<span class=\"_ _2\"></span>ischi<span class=\"_ _1\"></span>o <span class=\"_ _2\"></span>di mercato <span class=\"_ _2\"></span>vengono principalmente individuati <span class=\"_ _2\"></span>nelle classi <span class=\"_ _2\"></span>di bilancio <span class=\"_ _2\"></span>specifiche<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs14b0\">delle Gestioni Separate, Specifiche Provviste e del Portafoglio di Proprie<span class=\"_ _1\"></span>t\u00e0. <span class=\"_ _2\"></span> </div>La t<span class=\"_ _2\"></span>abella riportata <span class=\"_ _2\"></span>di seguito rappresenta <span class=\"_ _2\"></span>la distr<span class=\"_ _2\"></span>ibuzi<span class=\"_ _1\"></span>one deg<span class=\"_ _2\"></span>li <span class=\"_ _2\"></span>strumenti <span class=\"_ _2\"></span>nei suddetti portafogli,<span class=\"_ _df\"> </span>alla <span class=\"_ _9\"> </span>data <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>valutazione <span class=\"_ _9\"> </span>per <span class=\"_ _16\"> </span>tipologia, <span class=\"_ _0\"></span>espressi <span class=\"_ _9\"> </span>in <span class=\"_ _16\"> </span>percentu<span class=\"_ _1\"></span>ale <span class=\"_ _16\"> </span>rispetto <span class=\"_ _9\"> </span>al <span class=\"_ _9\"> </span>controvalore <span class=\"_ _9\"> </span>totale <span class=\"_ _9\"> </span>di<span class=\"_ _df\"> </span>mercato.<table class=\"s w11a7 h5b9\" id=\"_cb69646c-bf67-4e54-89e1-dceed6848d54\"><tr><td class=\"c xb2f y384a w428 hcc\"><div class=\"t m0 x36 h5 y3e6 ff4 fs1 fc4 sc3 ls0 ws0\">Tipo <span class=\"_ _1\"></span>Titolo<span class=\"_ _1\"></span> </div></td><td class=\"c xb30 y384a wc8 hcc\"><div class=\"t m0 x35 h5 y3e6 ff4 fs1 fc4 sc3 ls0 ws0\">Tipo <span class=\"_ _1\"></span>Cedola<span class=\"_ _f\"></span> </div></td><td></td><td class=\"c xb31 y384a w229 hcc\"><div class=\"t m0 x2e h5 y3e6 ff4 fs1 fc4 sc3 ls0 ws0\">Tota<span class=\"_ _1\"></span>li </div></td></tr><tr><td class=\"c xb2f y384b w428 h4d\"><div class=\"t m0 x8a h5 y3e6 ff4 fs1 fc1 sc0 ls0 ws0\">Emittenti Governativi </div></td><td class=\"c xb30 y384b wc8 h4d\"><div class=\"t m0 x8a h5 y3e6 ff4 fs1 fc1 sc0 ls0 ws0\">Fixed </div></td><td class=\"c xb32 y384b w2d5 h4d\"><div class=\"t m0 x2e h5 y3e6 ff4 fs1 fc1 sc0 ls0 ws0\">70,52% </div></td><td></td></tr><tr><td></td><td class=\"c xb30 y384c wc8 h4e\"><div class=\"t m0 x8a h5 y3e6 ff4 fs1 fc1 sc0 ls0 ws0\">Floating </div></td><td class=\"c xb32 y384c w2d5 h4e\"><div class=\"t m0 x14 h5 y3e6 ff4 fs1 fc1 sc0 ls0 ws0\">0,07% </div></td><td></td></tr><tr><td></td><td class=\"c xb30 y384d wc8 hcc\"><div class=\"t m0 x8a h5 y3e6 ff4 fs1 fc1 sc0 ls0 ws0\">Totale </div></td><td></td><td class=\"c xb31 y384d w229 hcc\"><div class=\"t m0 x55 h5 y3e6 ff4 fs1 fc1 sc0 ls0 ws0\">70,59% </div></td></tr><tr><td class=\"c xb2f y384e w428 h4d\"><div class=\"t m0 x8a h5 y3e6 ff4 fs1 fc1 sc0 ls0 ws0\">Emittenti Obbligazionari </div></td><td class=\"c xb30 y384e wc8 h4d\"><div class=\"t m0 x8a h5 y3e6 ff4 fs1 fc1 sc0 ls0 ws0\">Fixed </div></td><td class=\"c xb32 y384e w2d5 h4d\"><div class=\"t m0 x55 h5 y3e6 ff4 fs1 fc1 sc0 ls0 ws0\">10,95% </div></td><td></td></tr><tr><td></td><td class=\"c xb30 y384f wc8 h4d\"><div class=\"t m0 x8a h5 y3e6 ff4 fs1 fc1 sc0 ls0 ws0\">Floating </div></td><td class=\"c xb32 y384f w2d5 h4d\"><div class=\"t m0 x14 h5 y3e6 ff4 fs1 fc1 sc0 ls0 ws0\">6,25% </div></td><td></td></tr><tr><td></td><td class=\"c xb30 y3850 wc8 hcb\"><div class=\"t m0 x8a h5 y3e6 ff4 fs1 fc1 sc0 ls0 ws0\">Totale </div></td><td></td><td class=\"c xb31 y3850 w229 hcb\"><div class=\"t m0 x130 h5 y3e6 ff4 fs1 fc1 sc0 ls0 ws0\">17,20% </div></td></tr><tr><td class=\"c xb2f y3851 w428 h4e\"><div class=\"t m0 x8a h5 y3e6 ff4 fs1 fc1 sc0 ls0 ws0\">OICR </div></td><td class=\"c xb30 y3851 wc8 h4e\"><div class=\"t m0 x8a h5 y3e6 ff4 fs1 fc1 sc0 ls0 ws0\">Totale </div></td><td></td><td class=\"c xb31 y3851 w229 h4e\"><div class=\"t m0 x14 h5 y93e ff4 fs1 fc1 sc0 ls0 ws0\">11,95% </div></td></tr><tr><td class=\"c xb2f y3852 w428 h4d\"><div class=\"t m0 x8a h5 y3e6 ff4 fs1 fc1 sc0 ls0 ws0\">C/C </div></td><td class=\"c xb30 y3852 wc8 h4d\"><div class=\"t m0 x8a h5 y3e6 ff4 fs1 fc1 sc0 ls0 ws0\">Totale </div></td><td></td><td class=\"c xb31 y3852 w229 h4d\"><div class=\"t m0 x48 h5 y28e ff4 fs1 fc1 sc0 ls0 ws0\">0,26% </div></td></tr></table>Di cui la ripartizione in OICR risulta cos\u00ec composta:<table class=\"s w11a6 h5b8\" id=\"_3f1836a5-4ded-4a58-9ce1-92d7c2a98b7f\"><tr><td class=\"c xb2c y3842 w63c hcc\"><div class=\"t m0 x8f h5 y3e6 ff4 fs1 fc4 sc3 ls0 ws0\">Tipo <span class=\"_ _1\"></span>OICR<span class=\"_ _f\"></span> </div></td><td class=\"c xb2d y3842 w1d0 hcc\"><div class=\"t m0 x48 h5 y3e6 ff4 fs1 fc4 sc3 ls0 ws0\"> % </div></td></tr><tr><td class=\"c xb2c y3843 w63c hcb\"><div class=\"t m0 x8a h5 y80 ff4 fs1 fc1 sc0 ls0 ws0\">OICR Azionario </div></td><td class=\"c xb2d y3843 w1d0 hcb\"><div class=\"t m0 x39 h5 y80 ff4 fs1 fc1 sc0 ls0 ws0\">19,21% </div></td></tr><tr><td class=\"c xb2c y3844 w63c h4d\"><div class=\"t m0 x8a h5 y54 ff4 fs1 fc1 sc0 ls0 ws0\">OICR Governativo </div></td><td class=\"c xb2d y3844 w1d0 h4d\"><div class=\"t m0 x55 h5 y54 ff4 fs1 fc1 sc0 ls1 ws0\">18<span class=\"ls0\">,66%</span><span class=\"ls0\"> </span></div></td></tr><tr><td class=\"c xb2c y3845 w63c h4d\"><div class=\"t m0 x8a h5 y54 ff4 fs1 fc1 sc0 ls0 ws0\">OICR Immobiliare </div></td><td class=\"c xb2d y3845 w1d0 h4d\"><div class=\"t m0 x14 h5 y54 ff4 fs1 fc1 sc0 ls0 ws0\">9,02% </div></td></tr><tr><td class=\"c xb2c y3846 w63c hcc\"><div class=\"t m0 x8a h5 y74a ff4 fs1 fc1 sc0 ls0 ws0\">OICR Loans </div></td><td class=\"c xb2d y3846 w1d0 hcc\"><div class=\"t m0 x2e h5 y74a ff4 fs1 fc1 sc0 ls0 ws0\">26,98% </div></td></tr><tr><td class=\"c xb2c y3847 w63c hcc\"><div class=\"t m0 x8a h5 y74a ff4 fs1 fc1 sc0 ls0 ws0\">OICR Corporate </div></td><td class=\"c xb2d y3847 w1d0 hcc\"><div class=\"t m0 x39 h5 y74a ff4 fs1 fc1 sc0 ls0 ws0\">12,01% </div></td></tr><tr><td class=\"c xb2c y3848 w63c hcb\"><div class=\"t m0 x8a h5 y80 ff4 fs1 fc1 sc0 ls0 ws0\">OICR Infrastrutturali </div></td><td class=\"c xb2d y3848 w1d0 hcb\"><div class=\"t m0 x33 h5 y80 ff4 fs1 fc1 sc0 ls0 ws0\">8,17% </div></td></tr><tr><td class=\"c xb2c y3849 w63c hcc\"><div class=\"t m0 x8a h5 y74a ff4 fs1 fc1 sc0 ls0 ws0\">OICR Private Equity </div></td><td class=\"c xb2d y3849 w1d0 hcc\"><div class=\"t m0 x14 h5 y74a ff4 fs1 fc1 sc0 ls0 ws0\">5,95% </div></td></tr></table>La percentuale esposta in valuta sul totale di portafoglio assets \u00e8<span class=\"_ _1\"></span> del 1,87%.<span class=\"_ _df\"> </span>Da <span class=\"_ _9\"> </span>un <span class=\"_ _9\"> </span>punto <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>vista <span class=\"_ _9\"> </span>della <span class=\"_ _9\"> </span>distribuzione <span class=\"_ _0\"></span>dei <span class=\"_ _9\"> </span>ri<span class=\"_ _2\"></span>schi <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>mercato <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>Credemvita <span class=\"_ _9\"> </span>secondo <span class=\"_ _9\"> </span>i <span class=\"_ _16\"> </span>dettami<span class=\"_ _df\"> </span>normativi <span class=\"_ _2\"></span>Solvency <span class=\"_ _2\"></span>II <span class=\"_ _d\"></span>si <span class=\"_ _2\"></span>riporta <span class=\"_ _2\"></span>nella <span class=\"_ _2\"></span>tabella <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>seguito <span class=\"_ _2\"></span>la <span class=\"_ _d\"></span>miglior <span class=\"_ _2\"></span>stima <span class=\"_ _2\"></span>della <span class=\"_ _2\"></span>rappresentazione <span class=\"_ _2\"></span>del<span class=\"_ _df\"> </span>rischio <span class=\"_ _2\"></span>disponibile <span class=\"_ _2\"></span>alla <span class=\"_ _2\"></span>data <span class=\"_ _d\"></span>di <span class=\"_ _2\"></span>valutazione <span class=\"_ _2\"></span>(si <span class=\"_ _d\"></span>precisa <span class=\"_ _2\"></span>che <span class=\"_ _d\"></span>il <span class=\"_ _2\"></span>peso <span class=\"_ _d\"></span>complessivo <span class=\"_ _2\"></span>dei <span class=\"_ _2\"></span>rischi <span class=\"_ _2\"></span>mar<span class=\"_ _2\"></span>ket <span class=\"_ _2\"></span>\u00e8<span class=\"_ _df\"> </span>pari al 40,7%).<span class=\"_ _df\"> </span>Market risk - risk/sum of risk components - relativo e complessivo <table class=\"s w11a8 h5ba\" id=\"_ddc5bda4-9f48-4e09-a470-5cb92aa84cd4\"><tr><td></td><td class=\"c xb34 y3853 w63e ha4\"><div class=\"t m0 x33 h5 y3e4 ff4 fs1 fc4 sc3 ls0 ws0\">Relat<span class=\"_ _1\"></span>ivo</div><div class=\"t m1 xc7 h6 y3e4 ff4 fs2 fc1 sc2 ls0 ws0\"> </div></td><td class=\"c xb35 y3853 w63f ha4\"><div class=\"t m0 x116 h5 y3e4 ff4 fs1 fc4 sc3 ls0 ws0\">Comp<span class=\"_ _1\"></span>lessiv<span class=\"_ _1\"></span>o<span class=\"fc1 sc2\"> </span></div></td></tr><tr><td class=\"c xb36 y3854 w640 ha4\"><div class=\"t m0 x8a h5 y3e6 ff4 fs1 fc1 sc0 ls0 ws0\">Interest rate risk </div></td><td class=\"c xb34 y3854 w342 ha4\"><div class=\"t m0 x8 h5 y823 ff4 fs1 fc1 sc0 ls0 ws0\">9,9% </div></td><td class=\"c xb37 y3854 wa9 ha4\"><div class=\"t m0 xf h5 y823 ff4 fs1 fc1 sc0 ls0 ws0\">4,0% </div></td></tr><tr><td class=\"c xb36 y3855 w640 ha4\"><div class=\"t m0 x8a h5 y3e6 ff4 fs1 fc1 sc0 ls0 ws0\">Equity risk </div></td><td class=\"c xb34 y3855 w342 ha4\"><div class=\"t m0 x1c h5 y823 ff4 fs1 fc1 sc0 ls0 ws0\">43,4% </div></td><td class=\"c xb37 y3855 wa9 ha4\"><div class=\"t m0 x7 h5 y823 ff4 fs1 fc1 sc0 ls0 ws0\">17,7% </div></td></tr><tr><td class=\"c xb36 y3856 w640 ha4\"><div class=\"t m0 x8a h5 y3e6 ff4 fs1 fc1 sc0 ls0 ws0\">Property risk </div></td><td class=\"c xb34 y3856 w342 ha4\"><div class=\"t m0 x8 h5 y823 ff4 fs1 fc1 sc0 ls0 ws0\">4,4% </div></td><td class=\"c xb37 y3856 wa9 ha4\"><div class=\"t m0 xc6 h5 y823 ff4 fs1 fc1 sc0 ls0 ws0\">1,8% </div></td></tr><tr><td class=\"c xb36 y3857 w640 ha4\"><div class=\"t m0 x8a h5 y3e6 ff4 fs1 fc1 sc0 ls0 ws0\">Spread risk </div></td><td class=\"c xb34 y3857 w342 ha4\"><div class=\"t m0 x1c h5 y823 ff4 fs1 fc1 sc0 ls0 ws0\">26,3% </div></td><td class=\"c xb37 y3857 wa9 ha4\"><div class=\"t m0 x90 h5 y823 ff4 fs1 fc1 sc0 ls0 ws0\">10,7% </div></td></tr><tr><td class=\"c xb36 y3858 w640 hf\"><div class=\"t m0 x8a h5 y3e6 ff4 fs1 fc1 sc0 ls0 ws0\">Currency risk </div></td><td class=\"c xb34 y3858 w342 hf\"><div class=\"t m0 xc6 h5 y153d ff4 fs1 fc1 sc0 ls0 ws0\">15,4% </div></td><td class=\"c xb37 y3858 wa9 hf\"><div class=\"t m0 xf h5 y153d ff4 fs1 fc1 sc0 ls0 ws0\">6,3% </div></td></tr><tr><td class=\"c xb36 y3859 w640 h6c\"><div class=\"t m0 x8a h5 y3e6 ff4 fs1 fc1 sc0 ls0 ws0\">Concentration risk </div></td><td class=\"c xb34 y3859 w342 h6c\"><div class=\"t m0 x8 h5 y61e ff4 fs1 fc1 sc0 ls5 ws0\">0,<span class=\"ls3\">6%</span><span class=\"ls3\"><span class=\"ls0\"> </span></span></div></td><td class=\"c xb37 y3859 wa9 h6c\"><div class=\"t m0 xf h5 y61e ff4 fs1 fc1 sc0 ls0 ws0\">0,2% </div></td></tr></table>La <span class=\"_ _14\"> </span>Compagnia <span class=\"_ _14\"> </span>adotta, <span class=\"_ _14\"> </span>nei <span class=\"_ _15\"> </span>confronti <span class=\"_ _14\"> </span>dei <span class=\"_ _14\"> </span>fattori <span class=\"_ _14\"> </span>di <span class=\"_ _14\"> </span>rischio <span class=\"_ _14\"> </span>sopra <span class=\"_ _14\"> </span>enunciati, <span class=\"_ _14\"> </span>linee <span class=\"_ _14\"> </span>guida <span class=\"_ _14\"> </span>che<span class=\"_ _df\"> </span>definiscono i <span class=\"_ _2\"></span>principi g<span class=\"_ _2\"></span>enerali per <span class=\"_ _2\"></span>l\u2019attivit\u00e0 <span class=\"_ _2\"></span>del Team <span class=\"_ _2\"></span>Finanza, la <span class=\"_ _2\"></span>periodicit\u00e0 dei <span class=\"_ _2\"></span>controlli <span class=\"_ _2\"></span>e le <span class=\"_ _2\"></span>azioni<span class=\"_ _df\"> </span>di <span class=\"_ _14\"> </span>ripristino <span class=\"_ _15\"> </span>in <span class=\"_ _14\"> </span>caso <span class=\"_ _15\"> </span>di <span class=\"_ _14\"> </span>superamento <span class=\"_ _15\"> </span>dei <span class=\"_ _14\"> </span>limiti <span class=\"_ _15\"> </span>(s<span class=\"_ _2\"></span>ia <span class=\"_ _14\"> </span>RAF <span class=\"_ _14\"> </span>si<span class=\"_ _2\"></span>a <span class=\"_ _14\"> </span>operativi). <span class=\"_ _14\"> </span>Nella <span class=\"_ _14\"> </span>composizio<span class=\"_ _2\"></span>ne<span class=\"_ _df\"> </span>complessiva <span class=\"_ _0\"></span>del <span class=\"_ _0\"></span>portafoglio <span class=\"_ _0\"></span>d\u2019investimento <span class=\"_ _0\"></span>si <span class=\"_ _0\"></span>tiene <span class=\"_ _0\"></span>conto <span class=\"_ _9\"> </span>dell\u2019esp<span class=\"_ _1\"></span>osizione <span class=\"_ _0\"></span>al <span class=\"_ _0\"></span>rischio, <span class=\"_ _9\"> </span>dei <span class=\"_ _0\"></span>vincoli<span class=\"_ _df\"> </span>legati <span class=\"_ _2\"></span>alla <span class=\"_ _2\"></span>copertura <span class=\"_ _2\"></span>delle <span class=\"_ _2\"></span>riserve <span class=\"_ _d\"></span>tecniche <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>degli <span class=\"_ _2\"></span>effetti <span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>ul <span class=\"_ _2\"></span>Solve<span class=\"_ _1\"></span>ncy <span class=\"_ _2\"></span>Ratio. <span class=\"_ _d\"></span>I <span class=\"_ _2\"></span>limiti <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>gli <span class=\"_ _d\"></span>indicatori<span class=\"_ _df\"> </span>relativi <span class=\"_ _d\"></span>agli <span class=\"_ _d\"></span>in<span class=\"_ _2\"></span>vestimenti <span class=\"_ _d\"></span>sono <span class=\"_ _0\"></span>oggetto <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>verifica <span class=\"_ _d\"></span>e <span class=\"_ _0\"></span>controllo <span class=\"_ _0\"></span>su <span class=\"_ _d\"></span>base <span class=\"_ _d\"></span>cont<span class=\"_ _2\"></span>inuativa <span class=\"_ _d\"></span>da <span class=\"_ _d\"></span>parte <span class=\"_ _0\"></span>delle<span class=\"_ _df\"> </span>funzioni  aziendali  prep<span class=\"_ _1\"></span>oste  e,  con  frequenza  periodica,  i  risultati  di  tali  controlli  sono  p<span class=\"_ _1\"></span>ortati<span class=\"_ _df\"> </span>all\u2019attenzione <span class=\"_ _2\"></span>del <span class=\"_ _d\"></span>Consiglio <span class=\"_ _d\"></span>di <span class=\"_ _2\"></span>A<span class=\"_ _2\"></span>mministrazione. <span class=\"_ _2\"></span>Il <span class=\"_ _d\"></span>processo <span class=\"_ _d\"></span>pre<span class=\"_ _2\"></span><span class=\"ff4\">vede <span class=\"_ _2\"></span>inoltre <span class=\"_ _d\"></span>una <span class=\"_ _d\"></span>fase <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>revisione<span class=\"_ _df\"> </span></span>dei suddetti limiti realizzata mediante analisi di sensitiv<span class=\"_ _1\"></span>it\u00e0 condotte sui portafogli attivi e passivi.<span class=\"_ _df\"> </span>La <span class=\"_ _0\"></span>valutazione <span class=\"_ _d\"></span>dei <span class=\"_ _0\"></span>rischi <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>mercato <span class=\"_ _0\"></span>viene <span class=\"_ _d\"></span>effettuata <span class=\"_ _0\"></span>con <span class=\"_ _0\"></span>riferimento <span class=\"_ _0\"></span>al <span class=\"_ _0\"></span>portafoglio <span class=\"_ _0\"></span>investimenti<span class=\"_ _df\"> </span><span class=\"_ _f\"></span> mobiliare <span class=\"_ _2\"></span>gi\u00e0 <span class=\"_ _2\"></span>acquisito <span class=\"_ _d\"></span>e <span class=\"_ _2\"></span>agli <span class=\"_ _d\"></span>scenari <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>in<span class=\"_ _2\"></span>vestimento <span class=\"_ _2\"></span>futuro. <span class=\"_ _2\"></span>Tal<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>attivit\u00e0 <span class=\"_ _2\"></span>viene <span class=\"_ _d\"></span>realizzata <span class=\"_ _2\"></span>sia <span class=\"_ _2\"></span>con<span class=\"_ _df\"> </span> logiche di <span class=\"_ _f\"></span>Ass<span class=\"_ _2\"></span>et-Liability Manage<span class=\"_ _1\"></span>ment, al fi<span class=\"_ _1\"></span>ne di cogliere <span class=\"_ _1\"></span>le interrelazioni<span class=\"_ _1\"></span> esistenti fra le d<span class=\"_ _1\"></span>inamiche<span class=\"_ _df\"> </span> dei <span class=\"_ _d\"></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>att<span class=\"_ _2\"></span>ivi <span class=\"_ _d\"></span>a <span class=\"_ _0\"></span>copertura <span class=\"_ _0\"></span>delle <span class=\"_ _d\"></span>riserve <span class=\"_ _0\"></span>te<span class=\"_ _2\"></span>cniche, <span class=\"_ _0\"></span>sia <span class=\"_ _0\"></span>seguendo <span class=\"_ _0\"></span>i <span class=\"_ _d\"></span>princip<span class=\"_ _2\"></span>i<span class=\"_ _df\"> </span> Solvency <span class=\"_ _2\"></span>II <span class=\"_ _d\"></span>al <span class=\"_ _d\"></span>fine <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>cogliere <span class=\"_ _d\"></span>l\u2019eventuale <span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>equisito <span class=\"_ _2\"></span>di <span class=\"_ _d\"></span>capitale <span class=\"_ _2\"></span>as<span class=\"_ _2\"></span>sorbito <span class=\"_ _2\"></span>da <span class=\"_ _d\"></span>ogni <span class=\"_ _d\"></span>singolo <span class=\"_ _2\"></span>modulo <span class=\"_ _d\"></span>e<span class=\"_ _df\"> </span> sottomodulo di rischio.  L\u2019identificazione <span class=\"_ _d\"></span>dei <span class=\"_ _0\"></span>rischi <span class=\"_ _0\"></span>mercato <span class=\"_ _d\"></span>vita <span class=\"_ _0\"> </span>viene <span class=\"_ _0\"></span>effettuata <span class=\"_ _0\"></span>con <span class=\"_ _d\"></span>r<span class=\"_ _2\"></span>iferimento <span class=\"_ _d\"></span>ai <span class=\"_ _0\"></span>nuovi <span class=\"_ _0\"></span>investimenti <span class=\"_ _0\"></span><span class=\"ff4 lse\">e<span class=\"_ _df\"> </span></span><span class=\"ff4 lse\"> </span>asset allocation target, e al portafoglio in essere:<span class=\"_ _df\"> </span> -<span class=\"ff10\"> <span class=\"_ _24\"> </span><span class=\"ff5\">Nuovi  investimenti: <span class=\"_ _22\"> </span>con <span class=\"_ _4\"> </span>riferimento  ai <span class=\"_ _4\"> </span>nuovi  investimenti,  nell<span class=\"_ _2\"></span>\u2019ambito  del <span class=\"_ _4\"> </span>processo  ORSA<span class=\"_ _df\"> </span></span></span><span class=\"ff10\"><span class=\"ff5\"> </span></span>vengono <span class=\"_ _15\"> </span>ef<span class=\"_ _2\"></span>fettuate <span class=\"_ _e\"> </span>analisi <span class=\"_ _15\"> </span>r<span class=\"_ _2\"></span>elative <span class=\"_ _15\"> </span>a <span class=\"_ _10\"> </span>scenari <span class=\"_ _e\"> </span>di <span class=\"_ _e\"> </span>investimento <span class=\"_ _e\"> </span>futuro <span class=\"_ _e\"> </span>con <span class=\"_ _e\"> </span>l\u2019obiettivo <span class=\"_ _e\"> </span>di<span class=\"_ _df\"> </span> identificare <span class=\"_ _2\"></span>i <span class=\"_ _d\"></span>rischi <span class=\"_ _d\"></span>co<span class=\"ff5\">nnessi <span class=\"_ _d\"></span>a <span class=\"_ _2\"></span>tali <span class=\"_ _d\"></span>scelte <span class=\"_ _2\"></span>di <span class=\"_ _d\"></span>investimento <span class=\"_ _d\"></span>e <span class=\"_ _2\"></span>a <span class=\"_ _d\"></span>valutarne <span class=\"_ _d\"></span>l\u2019impatto <span class=\"_ _2\"></span>sul <span class=\"_ _d\"></span>profilo <span class=\"_ _d\"></span>di<span class=\"_ _df\"> </span></span><span class=\"ff5\"> </span>rischio <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>termini <span class=\"_ _2\"></span>quantitativi. <span class=\"_ _2\"></span>Inoltre, <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>gli <span class=\"_ _2\"></span>investimenti <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>\u201cnatura <span class=\"_ _d\"></span>occasionale\u201d <span class=\"_ _2\"></span>(secondo la<span class=\"_ _df\"> </span><span class=\"_ _2\"></span> definizione data nella Pol<span class=\"_ _2\"></span>icy e Regolamento Investimenti) <span class=\"_ _2\"></span>sulla base delle <span class=\"_ _2\"></span>informazioni <span class=\"_ _2\"></span>fornite<span class=\"_ _df\"> </span> dal <span class=\"_ _4\"> </span>Team <span class=\"_ _17\"> </span>Finanza <span class=\"_ _4\"> </span>viene <span class=\"_ _17\"> </span>effettuata <span class=\"_ _17\"> </span>dalla <span class=\"_ _4\"> </span>Funzione <span class=\"_ _4\"> </span>di <span class=\"_ _17\"> </span>Risk <span class=\"_ _17\"> </span>Management <span class=\"_ _4\"> </span>una <span class=\"_ _17\"> </span>valutazione<span class=\"_ _df\"> </span> quali/quantitativa <span class=\"_ _4\"> </span>ex-ante <span class=\"_ _4\"> </span>basat<span class=\"_ _2\"></span>a <span class=\"_ _4\"> </span>sia <span class=\"_ _4\"> </span>su <span class=\"_ _4\"> </span>logiche <span class=\"_ _4\"> </span>gest<span class=\"_ _2\"></span>ionali <span class=\"_ _4\"> </span>che <span class=\"_ _4\"> </span>regolamentari. <span class=\"_ _4\"> </span>Un <span class=\"_ _4\"> </span>iter <span class=\"_ _17\"> </span>di<span class=\"_ _df\"> </span> valutazione del rischio <span class=\"_ _2\"></span>ex-ante viene effettuata <span class=\"_ _2\"></span>dalla Funzione di <span class=\"_ _2\"></span>Risk Management anche per<span class=\"_ _df\"> </span> tutti <span class=\"_ _16\"> </span>gli <span class=\"_ _9\"> </span>attivi <span class=\"_ _16\"> </span>classificati <span class=\"_ _9\"> </span>come <span class=\"_ _16\"> </span>complessi, <span class=\"_ _9\"> </span>con  un <span class=\"_ _0\"> </span>focus  particolare <span class=\"_ _9\"> </span>su <span class=\"_ _16\"> </span>OICR <span class=\"_ _9\"> </span>non  UCITs <span class=\"_ _9\"> </span>(in<span class=\"_ _df\"> </span> particolare i FIA).  -<span class=\"ff10\"> <span class=\"_ _24\"> </span><span class=\"ff5\">Portafoglio in <span class=\"_ _2\"></span>essere: Con r<span class=\"_ _2\"></span>iferimento al port<span class=\"_ _2\"></span>afoglio in essere, l<span class=\"_ _2\"></span>\u2019identificazione dei r<span class=\"_ _2\"></span>ischi viene<span class=\"_ _df\"> </span></span></span><span class=\"ff10\"><span class=\"ff5\"> </span></span>effettuata sul<span class=\"_ _1\"></span>la base <span class=\"_ _f\"></span>dei dati <span class=\"_ _f\"></span>t<span class=\"_ _2\"></span>ecnici<span class=\"_ _1\"></span> del <span class=\"_ _f\"></span>port<span class=\"_ _2\"></span>afoglio, <span class=\"_ _f\"></span>dei dati <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>mercato e <span class=\"_ _f\"></span>delle misure <span class=\"_ _f\"></span>di rischio<span class=\"_ _df\"> </span> determinate attraverso lo strumento di calcolo del<span class=\"_ _1\"></span> SCR adottato.<span class=\"_ _df\"> </span><span class=\"_ _2\"></span> Si riportano di seguito i macro-indicatori analizzati per la valutazione<span class=\"_ _1\"></span> e il monitoraggio dei rischi di<span class=\"_ _df\"> </span> mercato:<span class=\"_ _df\"> </span> -<span class=\"ff10\"> <span class=\"_ _24\"> </span><span class=\"ff4\">SCR Maket <span class=\"_ _2\"></span>Risk- Based: indicator<span class=\"_ _2\"></span>i basati sulle grandezze regolamentar<span class=\"_ _2\"></span>i relative al r<span class=\"_ _2\"></span>equi<span class=\"_ _1\"></span>sito <span class=\"_ _2\"></span>di<span class=\"_ _df\"> </span></span></span><span class=\"ff10\"><span class=\"ff4\"> </span></span>capitale afferenti alla classe di rischio mercato;<span class=\"_ _df\"> </span> -<span class=\"ff10\"> <span class=\"_ _24\"> </span><span class=\"ff4\">Percentuale  di <span class=\"_ _16\"> </span>Esposizione <span class=\"_ _16\"> </span>in  Asset  Cl<span class=\"_ _1\"></span>ass:  indicatore <span class=\"_ _16\"> </span>volto  a<span class=\"_ _f\"></span>  quantificare  e <span class=\"_ _16\"> </span>monitorare  le<span class=\"_ _df\"> </span></span></span><span class=\"ff10\"><span class=\"ff4\"> </span></span>esposizi<span class=\"ff5\">oni nelle principali asset class declinate<span class=\"_ _1\"></span> all\u2019interno della Policy degli Investimenti;<span class=\"_ _df\"> </span></span><span class=\"ff5\"><span class=\"_ _2\"></span><span class=\"ff4\"> </span></span>-<span class=\"ff10\"> <span class=\"_ _24\"> </span><span class=\"ff4\">Percentuale di Concentrazione Emitt<span class=\"_ _2\"></span>enti Financial e Corporate: indicatore volto a <span class=\"_ _2\"></span>quantifi<span class=\"_ _1\"></span>care<span class=\"_ _df\"> </span></span></span><span class=\"ff10\"><span class=\"ff4\"> </span></span>e mo<span class=\"_ _2\"></span>nitorare la <span class=\"_ _2\"></span>concentrazione degli <span class=\"_ _2\"></span>emittenti <span class=\"_ _2\"></span>Corporate <span class=\"_ _2\"></span>in base a <span class=\"_ _2\"></span>specif<span class=\"_ _2\"></span>iche fasce <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>merito<span class=\"_ _df\"> </span> creditizio;<span class=\"_ _df\"> </span> -<span class=\"ff10\"> <span class=\"_ _24\"> </span><span class=\"ff4\">Limite esposizione in OICR e limite esposizione<span class=\"_ _1\"></span> per strategia in OICR;<span class=\"_ _df\"> </span></span></span><span class=\"ff10\"><span class=\"ff4\"><span class=\"_ _2\"></span> </span></span>-<span class=\"ff10\"> <span class=\"_ _24\"> </span><span class=\"ff4\">Sensitivities <span class=\"_ _d\"></span>Spread <span class=\"_ _2\"></span>Goverantivo <span class=\"_ _d\"></span>Italia <span class=\"_ _d\"></span>(al <span class=\"_ _2\"></span>fine <span class=\"_ _d\"></span>di <span class=\"_ _2\"></span>catturar<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>il <span class=\"_ _d\"></span>fattore <span class=\"_ _d\"></span>di <span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>ischio <span class=\"_ _2\"></span>spread <span class=\"_ _d\"></span>sui <span class=\"_ _d\"></span>titoli<span class=\"_ _df\"> </span></span></span><span class=\"ff10\"><span class=\"ff4\"> </span></span>governativi non incluso nella formula standard);<span class=\"_ _df\"> </span> -<span class=\"ff10\"> <span class=\"_ _24\"> </span><span class=\"ff4\">Sensitivity sui fattori di rischio mercato (es. tasso, spread)<span class=\"_ _1\"></span>.</span></span><span class=\"ff10\"><span class=\"ff4\"><span class=\"_ _2\"></span> </span></span>     <span class=\"fs1 ls0\">Di <span class=\"_ _9\"> </span>seguito <span class=\"_ _9\"> </span>si <span class=\"_ _9\"> </span>r<span class=\"_ _2\"></span>iportano <span class=\"_ _9\"> </span>le <span class=\"_ _9\"> </span>informazioni <span class=\"_ _9\"> </span>sulla <span class=\"_ _9\"> </span>sensitivit\u00e0 <span class=\"_ _9\"> </span>alle <span class=\"_ _16\"> </span>variazioni <span class=\"_ _0\"> </span>d<span class=\"_ _2\"></span>elle <span class=\"_ _9\"> </span>variabili <span class=\"_ _9\"> </span>legate <span class=\"_ _9\"> </span>al<span class=\"_ _df\"> </span></span><span class=\"fs1 ls0\"> </span>rischio <span class=\"_ _9\"> </span>di <span class=\"_ _0\"></span>mercato <span class=\"_ _9\"> </span>derivanti <span class=\"_ _0\"></span>dai <span class=\"_ _9\"> </span>contratti <span class=\"_ _0\"></span>rientranti <span class=\"_ _9\"> </span>nell\u2019ambi<span class=\"_ _1\"></span>to <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>applicazione <span class=\"_ _0\"></span>del<span class=\"_ _2\"></span>l\u2019IFRS <span class=\"_ _0\"></span>17. <span class=\"_ _9\"> </span>Con<span class=\"_ _df\"> </span> l\u2019obiettivo <span class=\"_ _0\"></span>di <span class=\"_ _d\"></span>valutare <span class=\"_ _0\"></span>la <span class=\"_ _0\"></span>reattivit\u00e0 <span class=\"_ _d\"></span>del <span class=\"_ _0\"></span>patrimonio <span class=\"_ _0\"></span>netto <span class=\"_ _0\"></span>e <span class=\"_ _0\"></span>del <span class=\"_ _d\"></span>risultato <span class=\"_ _0\"></span>d\u2019esercizio <span class=\"_ _d\"></span>al <span class=\"_ _0\"></span>verificarsi <span class=\"_ _0\"></span>di<span class=\"_ _df\"> </span> specifici <span class=\"_ _0\"></span>eventi <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>str<span class=\"_ _2\"></span>ess, <span class=\"_ _0\"></span>partend<span class=\"_ _1\"></span>o <span class=\"_ _0\"></span>dalla <span class=\"_ _0\"></span>composizione <span class=\"_ _0\"></span>del <span class=\"_ _9\"> </span>portafoglio <span class=\"_ _0\"></span>in <span class=\"_ _9\"> </span>essere <span class=\"_ _0\"></span>al <span class=\"_ _0\"></span>31 <span class=\"_ _0\"></span>dicembre<span class=\"_ _df\"> </span> 2025, sono stati definiti diversi live<span class=\"_ _1\"></span>lli di sensitivities r<span class=\"_ _2\"></span>ispetto ai se<span class=\"_ _1\"></span>guenti fattori di rischio:<span class=\"_ _df\"> </span> -<span class=\"ff10\"> <span class=\"_ _24\"> </span><span class=\"ff4\">Incremento d<span class=\"_ _1\"></span>ei <span class=\"_ _1\"></span>credit spread <span class=\"_ _f\"></span>di +100 b<span class=\"_ _f\"></span>ps, +200 b<span class=\"_ _1\"></span>ps e <span class=\"_ _f\"></span>+300 bp<span class=\"_ _1\"></span>s da <span class=\"_ _f\"></span>applicare ai <span class=\"_ _f\"></span>titoli governativi<span class=\"_ _df\"> </span></span></span><span class=\"ff10\"><span class=\"ff4\"> </span></span>italiani e del <span class=\"_ _2\"></span>Sud Europa; vengono <span class=\"_ _2\"></span>esclusi dall\u2019analisi i titoli <span class=\"_ _2\"></span>di emittenti Core Europe <span class=\"_ _2\"></span>ed USA i<span class=\"_ _2\"></span><span class=\"ff4 lsc6\">n<span class=\"_ _df\"> </span></span><span class=\"ff4 lsc6\"> </span>ragione dell\u2019elevato rating e dell<span class=\"_ _1\"></span>\u2019assenza di volatilit\u00e0 storiche cos\u00ec accentuate.<span class=\"_ _df\"> </span><span class=\"_ _2\"></span><span class=\"ff4\"> </span>-<span class=\"ff10\"> <span class=\"_ _24\"> </span><span class=\"ff4\">Incremento <span class=\"_ _d\"></span>delle <span class=\"_ _d\"></span>curve <span class=\"_ _d\"></span>dei <span class=\"_ _d\"></span>tassi <span class=\"_ _d\"></span>risk <span class=\"_ _d\"></span>free <span class=\"_ _d\"></span>EUR <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>+100 <span class=\"_ _d\"></span>bps <span class=\"_ _d\"></span>e <span class=\"_ _d\"></span>+200 <span class=\"_ _0\"></span>bps <span class=\"_ _2\"></span>da <span class=\"_ _d\"></span>applicare <span class=\"_ _d\"></span>a <span class=\"_ _d\"></span>tutto <span class=\"_ _0\"></span>il<span class=\"_ _df\"> </span></span></span><span class=\"ff10\"><span class=\"ff4\"> </span></span>portafoglio titoli<span class=\"_ _df\"> </span> -<span class=\"ff10\"> <span class=\"_ _24\"> </span><span class=\"ff4\">Incremento/diminuzione <span class=\"_ _4\"> </span>del <span class=\"_ _4\"> </span>rapporto <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>cambio <span class=\"_ _4\"> </span>EUR/USD <span class=\"_ _4\"> </span>del <span class=\"_ _17\"> </span><span class=\"ls1\">+/</span>- <span class=\"_ _4\"> </span>10% <span class=\"_ _4\"> </span>sulle <span class=\"_ _4\"> </span>posizioni <span class=\"_ _4\"> </span>ad<span class=\"_ _df\"> </span></span></span><span class=\"ff10\"><span class=\"ff4\"> </span></span>investimento diretto.<span class=\"_ _df\"> </span> Tali <span class=\"_ _f\"></span>sensitivites appartengono <span class=\"_ _f\"></span>al pi<span class=\"_ _1\"></span>\u00f9 <span class=\"_ _f\"></span>amp<span class=\"_ _2\"></span>io <span class=\"_ _f\"></span>sistema di <span class=\"_ _f\"></span>monitoraggio <span class=\"_ _1\"></span>e <span class=\"_ _f\"></span>cont<span class=\"_ _2\"></span>rollo <span class=\"_ _f\"></span>dei <span class=\"_ _f\"></span>r<span class=\"_ _2\"></span>ischi <span class=\"_ _f\"></span>di <span class=\"_ _f\"></span>G<span class=\"_ _2\"></span>ruppo<span class=\"_ _df\"> </span> oggetto di reporting trimestrale al Consigli<span class=\"_ _1\"></span>o di Amministrazione della controllante.<span class=\"_ _df\"> </span><span class=\"_ _2\"></span> Di seguito vengono riepilogate le variazioni percentuali conseguenti agli eventi sopra dettagliati.<span class=\"_ _df\"> </span> Analisi di sensitivit\u00e0 <span class=\"ff5\">\u2013</span> Variazioni di CSM, Contributo al Consolidato di Gruppo e Patrimonio Ne<span class=\"_ _1\"></span>tto<span class=\"_ _2\"></span> <table class=\"s w11a9 h5bb\" id=\"_1a69bfb8-0153-4119-add2-60ea61d7e36a\"><tr><td class=\"c xb39 y385a w642 h13\"><div class=\"t m1 x8a h6 y3e6 ff4 fs19 fc1 sc0 ls0 ws0\">(in migliaia di eu<span class=\"_ _1\"></span>ro)<span class=\"fs2\"> </span></div></td><td></td><td></td><td></td></tr><tr><td></td><td class=\"c xb3a y385b w11a0 h593\"><div class=\"t m0 x250 h5 y254f ff4 fs1 fc1 sc0 ls0 ws0\">Variazione di<span class=\"_ _df\"> </span></div></td><td class=\"c xb3b y385b w11aa h593\"><div class=\"t m0 x250 h5 y254f ff4 fs1 fc1 sc0 ls0 ws0\">Variazione d<span class=\"ls1a\">i<span class=\"_ _df\"> </span></span></div></td><td class=\"c xb3c y25a1 w11a0 h593\"><div class=\"t m0 x250 h5 y254f ff4 fs1 fc1 sc0 ls0 ws0\">Variazione di<span class=\"_ _df\"> </span></div></td></tr><tr><td class=\"c xb39 y385c w642 h1e1\"><div class=\"t m0 x13 h5 y10fa ff4 fs1 fc1 sc0 ls0 ws0\">Analisi di Sensitivit\u00e0 </div></td><td class=\"c xb3d y26d1 w11a2 h593\"><div class=\"t m0 x250 h5 y254f ff4 fs1 fc1 sc0 lsc3 ws0\">CSM<span class=\"_ _df\"> </span></div></td><td class=\"c xb3e y26d1 w11ab h593\"><div class=\"t m0 x250 h5 y254f ff4 fs1 fc1 sc0 ls0 ws0\">Utile<span class=\"_ _df\"> </span></div></td><td class=\"c xb3f y385d w11ac h593\"><div class=\"t m0 x250 h5 y254f ff4 fs1 fc1 sc0 ls0 ws0\">Patrimonio<span class=\"_ _df\"> </span></div></td></tr><tr><td></td><td></td><td class=\"c xb40 y385e w11a3 h593\"><div class=\"t m0 x250 h5 y254f ff4 fs1 fc1 sc0 ls0 ws0\">Consolidato di<span class=\"_ _df\"> </span></div></td><td class=\"c xb41 y385f w11ad h593\"><div class=\"t m0 x250 h5 y254f ff4 fs1 fc1 sc0 ls0 ws0\">Netto<span class=\"_ _df\"> </span></div></td></tr><tr><td></td><td></td><td class=\"c xb42 y2491 w11a5 h593\"><div class=\"t m0 x250 h5 y254f ff4 fs1 fc1 sc0 ls0 ws0\">Gruppo<span class=\"_ _df\"> </span></div></td><td></td></tr></table><table class=\"s w11ae h5bc\" id=\"_598c573f-d6a9-4108-a8b3-62eddbb0952f\"><tr><td class=\"c xb44 y3860 w642 h13\"><div class=\"t m0 x8a h5 y66c ff4 fs1 fc1 sc0 ls0 ws0\">Credit Spread + 100bps </div></td><td class=\"c xb45 y3860 w643 h13\"><div class=\"t m0 x35 h5 y66c ff4 fs1 fc1 sc0 ls0 ws0\">-19.486<span class=\"_ _df\"> </span></div></td><td class=\"c xb46 y3860 w644 h13\"><div class=\"t m0 x27 h5 y66c ff4 fs1 fc1 sc0 ls0 ws0\">-1.927<span class=\"_ _df\"> </span></div></td><td class=\"c xb47 y3860 w643 h13\"><div class=\"t m0 x2c h5 y66c ff4 fs1 fc1 sc0 ls0 ws0\">-17.573 </div></td></tr><tr><td class=\"c xb44 y3861 w642 h13\"><div class=\"t m0 x8a h5 y66c ff4 fs1 fc1 sc0 ls0 ws0\">Credit Spread + 200bps </div></td><td class=\"c xb45 y3861 w643 h13\"><div class=\"t m0 x32 h5 y66c ff4 fs1 fc1 sc0 ls0 ws0\">-38.972 </div></td><td class=\"c xb46 y3861 w644 h13\"><div class=\"t m0 x3a h5 y66c ff4 fs1 fc1 sc0 ls0 ws0\">-3.855 </div></td><td class=\"c xb47 y3861 w643 h13\"><div class=\"t m0 x35 h5 y66c ff4 fs1 fc1 sc0 ls0 ws0\">-35,146 </div></td></tr><tr><td class=\"c xb44 y3862 w642 h1f4\"><div class=\"t m0 x8a h5 y66c ff4 fs1 fc1 sc0 ls0 ws0\">Credit Spread + 300bps </div></td><td class=\"c xb45 y3862 w643 h1f4\"><div class=\"t m0 x32 h5 y66c ff4 fs1 fc1 sc0 ls0 ws0\">-58.459 </div></td><td class=\"c xb46 y3862 w644 h1f4\"><div class=\"t m0 x3a h5 y66c ff4 fs1 fc1 sc0 ls0 ws0\">-5.782 </div></td><td class=\"c xb47 y3862 w643 h1f4\"><div class=\"t m0 x35 h5 y66c ff4 fs1 fc1 sc0 ls0 ws0\">-52.718 </div></td></tr><tr><td class=\"c xb44 y3863 w642 h13\"><div class=\"t m0 x8a h5 ye4c ff4 fs1 fc1 sc0 ls0 ws0\">Rischio Tasso EUR +100bps </div></td><td class=\"c xb45 y3863 w643 h13\"><div class=\"t m0 x35 h5 ye4c ff4 fs1 fc1 sc0 ls0 ws0\">-16.922<span class=\"_ _df\"> </span></div></td><td class=\"c xb46 y3863 w644 h13\"><div class=\"t m0 x27 h5 ye4c ff4 fs1 fc1 sc0 ls0 ws0\">-1.674<span class=\"_ _df\"> </span></div></td><td class=\"c xb47 y3863 w643 h13\"><div class=\"t m0 x35 h5 ye4c ff4 fs1 fc1 sc0 ls0 ws0\">-19.802<span class=\"_ _df\"> </span></div></td></tr><tr><td class=\"c xb44 y3864 w642 h13\"><div class=\"t m0 x8a h5 ye4c ff4 fs1 fc1 sc0 ls4 ws0\">Ris<span class=\"ls0\">chio Tasso EUR +200bps</span><span class=\"ls0\"> </span></div></td><td class=\"c xb45 y3864 w643 h13\"><div class=\"t m0 x32 h5 ye4c ff4 fs1 fc1 sc0 ls0 ws0\">-33.845 </div></td><td class=\"c xb46 y3864 w644 h13\"><div class=\"t m0 x2c h5 ye4c ff4 fs1 fc1 sc0 ls0 ws0\">-3.348<span class=\"_ _df\"> </span></div></td><td class=\"c xb47 y3864 w643 h13\"><div class=\"t m0 x32 h5 ye4c ff4 fs1 fc1 sc0 ls0 ws0\">-39.604<span class=\"_ _df\"> </span></div></td></tr><tr><td class=\"c xb44 y3865 w642 h13\"><div class=\"t m0 x8a h5 ye4c ff4 fs1 fc1 sc0 ls0 ws0\">Rischio Cambio EUR/USD -10% </div></td><td class=\"c xb45 y3865 w643 h13\"><div class=\"t m0 x3a h5 ye4c ff4 fs1 fc1 sc0 ls0 ws0\">-4.564 </div></td><td class=\"c xb46 y3865 w644 h13\"><div class=\"t m0 x37 h5 ye4c ff4 fs1 fc1 sc0 ls0 ws0\">-451 </div></td><td class=\"c xb47 y3865 w643 h13\"><div class=\"t m0 x37 h5 ye4c ff4 fs1 fc1 sc0 ls0 ws0\">-<span class=\"ls2\">501</span> </div></td></tr><tr><td class=\"c xb44 y3866 w642 h13\"><div class=\"t m0 x8a h5 y66c ff4 fs1 fc1 sc0 ls0 ws0\">Rischio Cambio EUR/USD +10% </div></td><td class=\"c xb45 y3866 w643 h13\"><div class=\"t m0 x26 h5 y66c ff4 fs1 fc1 sc0 ls0 ws0\">4.564 </div></td><td class=\"c xb46 y3866 w644 h13\"><div class=\"t m0 x38 h5 y66c ff4 fs1 fc1 sc0 ls0 ws0\">451 </div></td><td class=\"c xb47 y3866 w643 h13\"><div class=\"t m0 x34 h5 y66c ff4 fs1 fc1 sc0 ls0 ws0\">+501 </div></td></tr></table>Le <span class=\"_ _0\"></span>analisi <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>sensitivit\u00e0 <span class=\"_ _9\"> </span>di <span class=\"_ _0\"></span>cui <span class=\"_ _0\"></span>sopra <span class=\"_ _9\"> </span>sono <span class=\"_ _0\"></span>state <span class=\"_ _0\"></span>effettuate <span class=\"_ _9\"> </span>tramite <span class=\"_ _0\"></span>elaborazioni <span class=\"_ _0\"></span>integrate <span class=\"_ _0\"></span>attivo<span class=\"_ _2\"></span>-<span class=\"_ _df\"> </span>passivo <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>tenessero <span class=\"_ _d\"></span>pertanto <span class=\"_ _2\"></span>conto <span class=\"_ _2\"></span>congiuntamente <span class=\"_ _2\"></span>degli <span class=\"_ _2\"></span>effetti <span class=\"_ _d\"></span>dei <span class=\"_ _2\"></span>relativi <span class=\"_ _2\"></span>stress <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>mercato<span class=\"_ _df\"> </span>sia <span class=\"_ _2\"></span>sul <span class=\"_ _2\"></span>portafoglio polizze <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>sul <span class=\"_ _2\"></span>portafoglio <span class=\"_ _2\"></span>titoli. <span class=\"_ _2\"></span>La valutazione <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _2\"></span>stata <span class=\"_ _2\"></span>effettuata al <span class=\"_ _2\"></span>lordo <span class=\"_ _2\"></span>della<span class=\"_ _df\"> </span>riassicurazione <span class=\"_ _2\"></span>passiva <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>quanto poco <span class=\"_ _2\"></span>significativa <span class=\"_ _2\"></span>rispetto <span class=\"_ _2\"></span>agli s<span class=\"_ _2\"></span>cenari <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>stress <span class=\"_ _2\"></span>individuati ed <span class=\"_ _d\"></span>\u00e8<span class=\"_ _df\"> </span>da intendersi <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>lordo dell\u2019impatto <span class=\"_ _2\"></span>fiscale con <span class=\"_ _2\"></span>riferimento <span class=\"_ _2\"></span>al CSM e <span class=\"_ _2\"></span>al nett<span class=\"_ _2\"></span>o dell\u2019effetto <span class=\"_ _2\"></span>fiscale con<span class=\"_ _df\"> </span>riferimento a Patrimonio Netto e Contributo all\u2019Utile<span class=\"_ _1\"></span> Consolidato.<span class=\"_ _df\"> </span>Rischio<span class=\"_ _f\"></span> Asset <span class=\"_ _f\"></span>Liability M<span class=\"_ _1\"></span>anag<span class=\"_ _f\"></span>ement <span class=\"_ _f\"></span>(ALM)<span class=\"_ _df\"> </span>Il  rischio  ALM  \u00e8<span class=\"_ _1\"></span>  un  rischio<span class=\"_ _1\"></span>  strettamente  correlato  ai  d<span class=\"_ _f\"></span>isallineamenti  tra  attivit\u00e0  e<span class=\"_ _f\"></span>  passivit\u00e0.  Il<span class=\"_ _df\"> </span>processo <span class=\"_ _e\"> </span>ALM <span class=\"_ _15\"> </span>include <span class=\"_ _15\"> </span>al <span class=\"_ _e\"> </span>suo <span class=\"_ _e\"> </span>interno <span class=\"_ _e\"> </span>dinamiche <span class=\"_ _15\"> </span>conness<span class=\"_ _2\"></span>e <span class=\"_ _15\"> </span>alla <span class=\"_ _e\"> </span>gestione <span class=\"_ _15\"> </span>dei <span class=\"_ _e\"> </span>rischi <span class=\"_ _e\"> </span>e <span class=\"_ _15\"> </span>alla<span class=\"_ _df\"> </span>pianificazione <span class=\"_ _4\"> </span>strategica. <span class=\"_ _4\"> </span>Si <span class=\"_ _4\"> </span>focalizza <span class=\"_ _4\"> </span>sul <span class=\"_ _4\"> </span>medio <span class=\"_ _4\"> </span>- <span class=\"_ _17\"> </span>lungo <span class=\"_ _4\"> </span>termine <span class=\"_ _4\"> </span>anzich\u00e9 <span class=\"_ _4\"> </span>offrire <span class=\"_ _4\"> </span>so<span class=\"_ _2\"></span>luzioni <span class=\"_ _22\"> </span>di<span class=\"_ _df\"> </span>mitigazione <span class=\"_ _f\"></span>o copertura del <span class=\"_ _f\"></span>risc<span class=\"_ _2\"></span>hio. <span class=\"_ _1\"></span>L\u2019obiettivo d<span class=\"_ _1\"></span>i tale <span class=\"_ _f\"></span>gestione del rischio <span class=\"_ _f\"></span>\u00e8 quello di <span class=\"_ _f\"></span>mass<span class=\"_ _2\"></span>imizzare<span class=\"_ _df\"> </span>le attivit\u00e0 per soddisfare le passiv<span class=\"_ _1\"></span>it\u00e0 complesse che possono aumentare la redditivit\u00e0.<span class=\"_ _df\"> </span>Alla sottocategoria dei Rischi ALM appartengono i seguenti fattori di rischio: -<span class=\"ff10\"> <span class=\"_ _24\"> </span><span class=\"ff4\">Asset <span class=\"_ _40\"> </span>Al<span class=\"_ _1\"></span>location <span class=\"_ _29\"> </span>Str<span class=\"_ _2\"></span>ategi<span class=\"_ _1\"></span>ca <span class=\"_ _29\"> </span>(A<span class=\"_ _2\"></span>AT): <span class=\"_ _29\"> </span>consiste <span class=\"_ _40\"> </span>ne<span class=\"_ _f\"></span>l <span class=\"_ _40\"> </span>rischio <span class=\"_ _29\"> </span>risultante<span class=\"_ _df\"> </span></span></span>dall\u2019inadeguatezza/incoerenza dell\u2019<span class=\"_ _1\"></span>asset allocation per fare fronte alle passivit\u00e0.<span class=\"_ _df\"> </span>-<span class=\"_ _1b\"> </span><span class=\"ff4\">Asset &amp;<span class=\"_ _1\"></span> Li<span class=\"_ _1\"></span>ability mismatch: <span class=\"_ _f\"></span>corrisponde <span class=\"_ _f\"></span>al rischio di<span class=\"_ _1\"></span> di<span class=\"_ _1\"></span>sallineamento tra <span class=\"_ _f\"></span>atti<span class=\"_ _2\"></span>vi <span class=\"_ _1\"></span>e p<span class=\"_ _1\"></span>assivi ch<span class=\"_ _1\"></span>e p<span class=\"_ _1\"></span>u\u00f2<span class=\"_ _df\"> </span></span>comportare <span class=\"_ _5\"> </span>un\u2019<span class=\"_ _1\"></span>esposizione <span class=\"_ _5\"> </span>dell\u2019impresa <span class=\"_ _20\"> </span>o <span class=\"_ _5\"> </span>al <span class=\"_ _5\"> </span>rischio <span class=\"_ _20\"> </span>disinvestimento <span class=\"_ _5\"> </span>o <span class=\"_ _5\"> </span>al <span class=\"_ _20\"> </span>rischio<span class=\"_ _df\"> </span>reinvestimento.<span class=\"_ _df\"> </span>La <span class=\"_ _14\"> </span>Compagnia <span class=\"_ _14\"> </span>adotta, <span class=\"_ _14\"> </span>nei <span class=\"_ _15\"> </span>confronti <span class=\"_ _14\"> </span>dei <span class=\"_ _14\"> </span>fattori <span class=\"_ _14\"> </span>di <span class=\"_ _14\"> </span>rischio <span class=\"_ _14\"> </span>sopra <span class=\"_ _14\"> </span>enunciati, <span class=\"_ _14\"> </span>linee <span class=\"_ _14\"> </span>guida <span class=\"_ _14\"> </span>che<span class=\"_ _df\"> </span>definiscono <span class=\"_ _4\"> </span>i <span class=\"_ _17\"> </span>principi <span class=\"_ _4\"> </span>generali, <span class=\"_ _17\"> </span>la <span class=\"_ _4\"> </span>periodicit\u00e0 <span class=\"_ _17\"> </span>dei <span class=\"_ _4\"> </span>controlli <span class=\"_ _17\"> </span>e <span class=\"_ _4\"> </span>le <span class=\"_ _4\"> </span>azioni <span class=\"_ _17\"> </span>di <span class=\"_ _4\"> </span>r<span class=\"_ _2\"></span>ipristino <span class=\"_ _4\"> </span>in <span class=\"_ _4\"> </span>caso <span class=\"_ _4\"> </span>di<span class=\"_ _df\"> </span>superamento dei limiti. Valutazione <span class=\"_ _d\"></span>dei <span class=\"_ _d\"></span>rischi <span class=\"_ _d\"></span>ALM <span class=\"_ _d\"></span>vien<span class=\"_ _2\"></span>e <span class=\"_ _d\"></span>effettuata <span class=\"_ _d\"></span>con <span class=\"_ _d\"></span>riferimento <span class=\"_ _d\"></span>al <span class=\"_ _d\"></span>por<span class=\"_ _2\"></span>tafoglio <span class=\"_ _d\"></span>investimenti <span class=\"_ _2\"></span>mobiliar<span class=\"_ _2\"></span>e<span class=\"_ _df\"> </span>gi\u00e0 <span class=\"_ _9\"> </span>acquisito <span class=\"_ _9\"> </span>e <span class=\"_ _9\"> </span>agli <span class=\"_ _9\"> </span>s<span class=\"_ _2\"></span>cenari <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>investimento <span class=\"_ _9\"> </span>futuro. <span class=\"_ _9\"> </span>Tale <span class=\"_ _9\"> </span>at<span class=\"_ _2\"></span>tivit\u00e0 <span class=\"_ _9\"> </span>viene <span class=\"_ _9\"> </span>realizz<span class=\"_ _2\"></span>ata <span class=\"_ _16\"> </span>con <span class=\"_ _9\"> </span>logiche <span class=\"_ _9\"> </span>di<span class=\"_ _df\"> </span>Asset-Liability <span class=\"_ _f\"></span>Management, <span class=\"_ _1\"></span>al <span class=\"_ _f\"></span>fi<span class=\"_ _2\"></span>ne <span class=\"_ _f\"></span>di <span class=\"_ _1\"></span>cogliere <span class=\"_ _f\"></span>le inte<span class=\"_ _1\"></span>rrelazioni e<span class=\"_ _1\"></span>sistenti fra <span class=\"_ _f\"></span>le <span class=\"_ _f\"></span>dinamiche <span class=\"_ _f\"></span>dei p<span class=\"_ _1\"></span>assivi<span class=\"_ _df\"> </span>e le dinamiche degli attivi a copertura delle riserve tecni<span class=\"_ _1\"></span>che. Per quanto riguarda i macro-indicatori analizzati per la valutazione e monitoraggio dei rischi ALM:<span class=\"_ _df\"> </span>-<span class=\"_ _1b\"> </span><span class=\"ff4\">SCR <span class=\"_ _9\"> </span>Interest  Rate <span class=\"_ _9\"> </span><span class=\"ff5\">\u2013<span class=\"_ _2\"></span></span> <span class=\"_ _16\"> </span><span class=\"ff5\">Based: <span class=\"_ _9\"> </span>indicatori  ch<span class=\"_ _1\"></span>e <span class=\"_ _16\"> </span>hanno <span class=\"_ _16\"> </span>lo <span class=\"_ _9\"> </span>scopo  d<span class=\"_ _1\"></span>i <span class=\"_ _16\"> </span>individu<span class=\"_ _1\"></span>are  l<span class=\"_ _1\"></span>\u2019assorbimento  d<span class=\"_ _1\"></span>i<span class=\"_ _df\"> </span></span></span>capitale, secondo <span class=\"_ _2\"></span>le metriche <span class=\"_ _2\"></span>Solvency II, <span class=\"_ _2\"></span>del rischio <span class=\"_ _2\"></span>tasso di <span class=\"_ _2\"></span>interesse secondo <span class=\"_ _2\"></span>un approccio<span class=\"_ _df\"> </span>sia regolamentare che gestionale;<span class=\"_ _df\"> </span>-<span class=\"_ _1b\"> </span><span class=\"ff4\">Dis<span class=\"ff5\">allineamento <span class=\"_ _0\"></span>rendimenti <span class=\"_ _0\"></span>delle <span class=\"_ _0\"></span>gestioni <span class=\"_ _0\"> </span>s<span class=\"_ _2\"></span>eparate: <span class=\"_ _0\"></span>l\u2019indicatore <span class=\"_ _0\"></span>misura <span class=\"_ _9\"> </span>il <span class=\"_ _0\"></span>disallinemento <span class=\"_ _0\"> </span>t<span class=\"_ _2\"></span>ra<span class=\"_ _df\"> </span></span></span>rendimenti dalle gestioni separate e rendimenti mini<span class=\"_ _1\"></span>mi garantiti agli assicurati;<span class=\"_ _df\"> </span>-<span class=\"_ _1b\"> </span><span class=\"ff5\">Cash Flow <span class=\"_ _2\"></span>Matching: l\u2019indicatore <span class=\"_ _2\"></span>descrive il <span class=\"_ _2\"></span>disallineamento, <span class=\"_ _2\"></span>tempo per <span class=\"_ _2\"></span>tempo, <span class=\"_ _2\"></span>tra <span class=\"_ _2\"></span><span class=\"ff4\">i <span class=\"_ _2\"></span>Cashflow<span class=\"_ _df\"> </span></span></span>degli attivi e i Cashflow del passiv<span class=\"_ _1\"></span>o;<span class=\"_ _df\"> </span>-<span class=\"_ _1b\"> </span><span class=\"ff4\">Duration <span class=\"_ _4\"> </span>Matching: <span class=\"_ _17\"> </span>disalline<span class=\"_ _1\"></span>amento <span class=\"_ _17\"> </span>tra <span class=\"_ _17\"> </span>la <span class=\"_ _4\"> </span>duration <span class=\"_ _17\"> </span>dei <span class=\"_ _4\"> </span>Cashflow <span class=\"_ _4\"> </span>At<span class=\"_ _2\"></span>tivi <span class=\"_ _4\"> </span>e <span class=\"_ _4\"> </span>la <span class=\"_ _17\"> </span>duration <span class=\"_ _17\"> </span>dei<span class=\"_ _df\"> </span></span>Cashflow Passivi;<span class=\"_ _df\"> </span>-<span class=\"_ _1b\"> </span><span class=\"ff4\">Future <span class=\"_ _d\"></span>D<span class=\"_ _2\"></span>iscretionary <span class=\"_ _d\"></span>Benefit <span class=\"_ _0\"></span>(cd. <span class=\"_ _d\"></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=\"_ _d\"></span>di <span class=\"_ _0\"></span>monitor<span class=\"_ _2\"></span>are <span class=\"_ _d\"></span>in <span class=\"_ _0\"></span>maniera<span class=\"_ _df\"> </span></span>indiretta <span class=\"_ _17\"> </span>la <span class=\"_ _17\"> </span>capacit\u00e0 <span class=\"_ _17\"> </span>di <span class=\"_ _17\"> </span>assorbimento <span class=\"_ _17\"> </span>delle <span class=\"_ _17\"> </span>perdite <span class=\"_ _17\"> </span>Solvency <span class=\"_ _14\"> </span>II <span class=\"_ _17\"> </span>da <span class=\"_ _17\"> </span>parte <span class=\"_ _17\"> </span>delle <span class=\"_ _17\"> </span>Technical<span class=\"_ _df\"> </span>Provisions;<span class=\"_ _df\"> </span>-<span class=\"_ _1b\"> </span><span class=\"ff4\">Sensitivities Spread Gove<span class=\"_ _1\"></span>rantivo Italia;<span class=\"_ _df\"> </span></span>-<span class=\"_ _1b\"> </span><span class=\"ff4\">Sensitivity sui fattori di rischio me<span class=\"_ _1\"></span>rcato e tecnici (es. tasso e riscatti).<span class=\"_ _df\"> </span></span>Rischio<span class=\"_ _f\"></span> di liquid<span class=\"_ _1\"></span>it\u00e0<span class=\"_ _df\"> </span>Le <span class=\"_ _2\"></span>Compagnie <span class=\"_ _2\"></span>sono <span class=\"_ _d\"></span>soggette <span class=\"_ _d\"></span>a <span class=\"_ _2\"></span>possibili <span class=\"_ _2\"></span>tensioni <span class=\"_ _2\"></span>di <span class=\"_ _d\"></span>liquidit\u00e0 <span class=\"_ _2\"></span>derivanti <span class=\"_ _d\"></span>da <span class=\"_ _2\"></span>scadenze <span class=\"_ _2\"></span>di<span class=\"_ _2\"></span>verse <span class=\"_ _2\"></span>tra <span class=\"_ _d\"></span>gli<span class=\"_ _df\"> </span>attivi e<span class=\"_ _1\"></span> i <span class=\"_ _f\"></span>relativi passivi.<span class=\"_ _1\"></span> Pe<span class=\"_ _1\"></span>r rischio di<span class=\"_ _1\"></span> liq<span class=\"_ _1\"></span>uidit\u00e0 si <span class=\"_ _f\"></span>intende il <span class=\"_ _f\"></span>r<span class=\"_ _2\"></span>ischio <span class=\"_ _f\"></span>che la <span class=\"_ _f\"></span>Com<span class=\"_ _2\"></span>pagnia <span class=\"_ _f\"></span>non sia <span class=\"_ _1\"></span>in g<span class=\"_ _1\"></span>rado<span class=\"_ _df\"> </span>di <span class=\"_ _2\"></span>liquidare <span class=\"_ _2\"></span>investimenti <span class=\"_ _2\"></span>ed a<span class=\"_ _2\"></span>ltre <span class=\"_ _2\"></span>attivit\u00e0 <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>regolare <span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>propri <span class=\"_ _2\"></span>im<span class=\"_ _2\"></span>pegni <span class=\"_ _2\"></span>finanziari <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>momento <span class=\"_ _2\"></span>della<span class=\"_ _df\"> </span>relativa scadenza (cfr. articolo 1, comma 1, lettera vv-bis 2 del CAP). <div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1963\">La <span class=\"_ _d\"></span>possibilit\u00e0 <span class=\"_ _2\"></span>di <span class=\"_ _d\"></span>procedere <span class=\"_ _2\"></span>allo <span class=\"_ _d\"></span>smobilizzo <span class=\"_ _d\"></span>tempestivo <span class=\"_ _2\"></span>del <span class=\"_ _d\"></span>portafoglio <span class=\"_ _d\"></span>\u00e8 <span class=\"_ _2\"></span>for<span class=\"_ _2\"></span>temente <span class=\"_ _2\"></span>condizionata<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1964\">dalla liquidabilit\u00e0 dei t<span class=\"_ _2\"></span>itoli in cui lo <span class=\"_ _2\"></span>stesso \u00e8 i<span class=\"_ _2\"></span>nvestito. La s<span class=\"_ _2\"></span>carsa<span class=\"_ _1\"></span> liquidabilit\u00e0 dei <span class=\"_ _2\"></span>titoli in portafoglio,<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1965\">infatti, <span class=\"_ _2\"></span>pu\u00f2 <span class=\"_ _2\"></span>esporr<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>Compagnia <span class=\"_ _2\"></span>al <span class=\"_ _d\"></span>rischio <span class=\"_ _2\"></span>di <span class=\"_ _d\"></span>conseguire <span class=\"_ _2\"></span>delle <span class=\"_ _2\"></span>perdite <span class=\"_ _2\"></span>connesse <span class=\"_ _2\"></span>alla <span class=\"_ _d\"></span>difficolt\u00e0 <span class=\"_ _2\"></span>di<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs1966\">trovare sul mercato la controparte interessata all\u2019acq<span class=\"_ _1\"></span>uisto dei titoli che si intende smobiliz<span class=\"_ _2\"></span><span class=\"ff4\">zare.<span class=\"_ _df\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1967\">Alla sottocategoria dei Rischi di Li<span class=\"_ _1\"></span>quidit\u00e0 appartengono i seguenti fattori di rischio: <span class=\"_ _2\"></span> </div><div class=\"t m0 h5 ff13 fs1 fc1 sc0 ls0 ws0 gs1968\">-<span class=\"ff10\"> <span class=\"_ _24\"> </span><span class=\"ff4\">Market <span class=\"_ _0\"></span>Liquidity <span class=\"_ _d\"></span>Risk: <span class=\"_ _0\"></span>Rischio <span class=\"_ _0\"></span>che <span class=\"_ _0\"></span>la <span class=\"_ _0\"></span>Compagnia <span class=\"_ _d\"></span>non <span class=\"_ _0\"></span>sia <span class=\"_ _0\"></span>in <span class=\"_ _0\"></span>grado <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>liquidare <span class=\"_ _d\"></span>o <span class=\"_ _0\"></span>finanziare <span class=\"_ _0\"></span>le<span class=\"_ _df\"> </span></span></span><span class=\"ff10\"><span class=\"ff4\"> </span></span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1969\">proprie <span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>iserve <span class=\"_ _2\"></span>di <span class=\"_ _d\"></span>liquidit\u00e0 <span class=\"_ _2\"></span>senza <span class=\"_ _d\"></span>incorrere <span class=\"_ _d\"></span>in <span class=\"_ _2\"></span>perdite <span class=\"_ _d\"></span>a <span class=\"_ _d\"></span>causa <span class=\"_ _2\"></span>della <span class=\"_ _d\"></span>scar<span class=\"_ _2\"></span>sa <span class=\"_ _2\"></span>liquidit\u00e0 <span class=\"_ _2\"></span>o <span class=\"_ _d\"></span>chiusura<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs196a\">dei mercati;<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff13 fs1 fc1 sc0 ls0 ws0 gs196b\">-<span class=\"ff10\"> <span class=\"_ _24\"> </span><span class=\"ff4\">Liquidity <span class=\"_ _14\"> </span>Mismatch <span class=\"_ _15\"> </span>Risk: <span class=\"_ _15\"> </span>Rischio <span class=\"_ _15\"> </span>che <span class=\"_ _14\"> </span>il <span class=\"_ _15\"> </span>profilo <span class=\"_ _15\"> </span>dei <span class=\"_ _14\"> </span>flussi <span class=\"_ _15\"> </span>di <span class=\"_ _15\"> </span>cassa <span class=\"_ _14\"> </span>in <span class=\"_ _15\"> </span>uscita <span class=\"_ _15\"> </span>non <span class=\"_ _14\"> </span>risulti<span class=\"_ _df\"> </span></span></span><span class=\"ff10\"><span class=\"ff4\"> </span></span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs196c\">adeguatamente <span class=\"_ _d\"></span>compensato <span class=\"_ _0\"></span>dal <span class=\"_ _d\"></span>profilo <span class=\"_ _d\"></span>dei <span class=\"_ _d\"></span>flussi <span class=\"_ _0\"></span>di <span class=\"_ _d\"></span>cassa <span class=\"_ _d\"></span>in <span class=\"_ _0\"></span>entrara <span class=\"_ _d\"></span>nel <span class=\"_ _d\"></span>breve <span class=\"_ _d\"></span>e <span class=\"_ _0\"></span>brevissimo<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs196d\">termine;<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff13 fs1 fc1 sc0 ls0 ws0 gs196e\">-<span class=\"ff10\"> <span class=\"_ _24\"> </span><span class=\"ff4\">Contingency Liquidity <span class=\"_ _2\"></span><span class=\"ff5\">Risk: Rischio derivante da <span class=\"_ _2\"></span>un\u2019evoluzione d<span class=\"_ _2\"></span>elle passivit\u00e0 a <span class=\"_ _2\"></span>breve termine<span class=\"_ _df\"> </span></span></span></span><span class=\"ff10\"><span class=\"ff4\"><span class=\"ff5\"> </span></span></span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs196f\">che genera una situazione di incapaci<span class=\"_ _1\"></span>t\u00e0 da parte dell\u2019attivo corrente.<span class=\"_ _df\"> </span><span class=\"ff4\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1970\">La Comp<span class=\"_ _1\"></span>agnia q<span class=\"_ _1\"></span>uantifica la <span class=\"_ _f\"></span>sua posizione <span class=\"_ _f\"></span>di solvibili<span class=\"_ _1\"></span>t\u00e0 con <span class=\"_ _f\"></span>le metriche <span class=\"_ _f\"></span>della Formula Standard,<span class=\"_ _1\"></span> che<span class=\"_ _df\"> </span><span class=\"_ _1\"></span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1971\">non prevede una quantificazione del rischio liquidit\u00e0 in termini di assorbimento di cap<span class=\"_ _1\"></span>itale.<span class=\"_ _df\"> </span><span class=\"_ _2\"></span> </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs1972\">L\u2019identificazione <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>rischio <span class=\"_ _d\"></span>di <span class=\"_ _2\"></span>liquidit\u00e0 <span class=\"_ _d\"></span>viene <span class=\"_ _2\"></span>effettuata <span class=\"_ _d\"></span>con <span class=\"_ _2\"></span>riferimento <span class=\"_ _2\"></span>ai <span class=\"_ _d\"></span>portafogli <span class=\"_ _2\"></span>investimenti<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs1973\">sottostanti <span class=\"_ _0\"></span>i <span class=\"_ _9\"> </span>prodotti <span class=\"_ _0\"></span>con <span class=\"_ _0\"></span>garanzia <span class=\"_ _9\"> </span>di <span class=\"_ _0\"></span>capitale <span class=\"_ _9\"> </span>e/o <span class=\"_ _0\"></span>rendimento. <span class=\"_ _0\"> </span>L\u2019iden<span class=\"_ _2\"></span><span class=\"ff4\">tificazione <span class=\"_ _9\"> </span>dei <span class=\"_ _0\"></span>rischi <span class=\"_ _0\"> </span>vi<span class=\"_ _2\"></span>ene<span class=\"_ _df\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1974\">effettuata <span class=\"_ _15\"> </span>sulla <span class=\"_ _e\"> </span>base <span class=\"_ _e\"> </span>dei <span class=\"_ _15\"> </span>dati <span class=\"_ _e\"> </span>tecnici <span class=\"_ _15\"> </span>dei <span class=\"_ _e\"> </span>portafogli <span class=\"_ _e\"> </span>e <span class=\"_ _e\"> </span>delle <span class=\"_ _15\"> </span>metr<span class=\"_ _2\"></span>iche <span class=\"_ _15\"> </span>definite <span class=\"_ _15\"> </span>in <span class=\"_ _e\"> </span>funzione<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs1975\">dell\u2019orizzonte temporale con cui vie<span class=\"_ _1\"></span>ne analizzato e studiato il rischio stesso.<span class=\"_ _df\"> </span><span class=\"_ _2\"></span><span class=\"ff4\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1976\">Si  riportano  di  segu<span class=\"_ _1\"></span>ito  gli  indicatori  utilizzati  dalla  Compagnia  per  il  monitoraggio  del  rischio<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1977\">liquidit\u00e0:<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff13 fs1 fc1 sc0 ls0 ws0 gs1978\">-<span class=\"ff10\"> <span class=\"_ _24\"> </span><span class=\"ff5\">importo <span class=\"_ _2\"></span>dei <span class=\"_ _2\"></span>conti <span class=\"_ _2\"></span>correnti: <span class=\"_ _2\"></span>la Compagnia <span class=\"_ _2\"></span>ha <span class=\"_ _2\"></span>scelto <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>monitorare l\u2019importo <span class=\"_ _2\"></span>detenuto <span class=\"_ _2\"></span>nei <span class=\"_ _2\"></span>Conti<span class=\"_ _df\"> </span></span></span><span class=\"ff10\"><span class=\"ff5\"> </span></span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1979\">Correnti  al <span class=\"_ _9\"> </span>fine <span class=\"_ _16\"> </span>di <span class=\"_ _9\"> </span>fissar<span class=\"_ _2\"></span>e <span class=\"_ _9\"> </span>un  li<span class=\"_ _f\"></span>mit<span class=\"_ _2\"></span>e <span class=\"_ _9\"> </span>inferiore  che<span class=\"_ _1\"></span>  rapp<span class=\"_ _1\"></span>resenta  l<span class=\"_ _1\"></span>a  R<span class=\"_ _1\"></span>iserva <span class=\"_ _16\"> </span>di <span class=\"_ _9\"> </span>Liquidit\u00e0  (come<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs197a\">prescritta dal <span class=\"_ _2\"></span>Reg. <span class=\"_ _2\"></span>38 IVASS) <span class=\"_ _2\"></span>e un <span class=\"_ _2\"></span>limite <span class=\"_ _2\"></span>superiore in <span class=\"_ _2\"></span>termini <span class=\"_ _2\"></span>di importo <span class=\"_ _2\"></span>massimo <span class=\"_ _2\"></span>da detenere<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs197b\">nei <span class=\"_ _2\"></span>Conti <span class=\"_ _2\"></span>Correnti <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>fine <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>rendere <span class=\"_ _2\"></span>efficace la <span class=\"_ _d\"></span>gestione d<span class=\"_ _2\"></span>el por<span class=\"_ _2\"></span>tafoglio <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>limitare <span class=\"_ _2\"></span>gli eventuali<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs197c\">effetti <span class=\"_ _2\"></span>sull\u2019SCR Default. <span class=\"_ _2\"></span>N<span class=\"_ _2\"></span>ella quantificazione <span class=\"_ _2\"></span>della <span class=\"_ _2\"></span>Riserva di <span class=\"_ _2\"></span>Liquidit\u00e0 <span class=\"_ _d\"></span><span class=\"ff4\">concorrono <span class=\"_ _2\"></span>non <span class=\"_ _2\"></span>solo <span class=\"_ _2\"></span>le<span class=\"_ _df\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs197d\">esposizioni in Conto Corrente ma anche<span class=\"_ _1\"></span> titoli Governativi dell'Area Euro con qualit\u00e0 del cred<span class=\"_ _1\"></span>ito<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs197e\">superiore a 2 e scadenza inferiore ai 3 mesi.  </div><div class=\"t m0 h5 ff13 fs1 fc1 sc0 ls0 ws0 gs197f\">-<span class=\"ff10\"> <span class=\"_ _24\"> </span><span class=\"ff4\">Liquidity <span class=\"_ _4\"> </span>Buffer: <span class=\"_ _17\"> </span>il <span class=\"_ _17\"> </span>numero <span class=\"_ _4\"> </span>di <span class=\"_ _17\"> </span>periodi, <span class=\"_ _4\"> </span>m<span class=\"_ _2\"></span>ensili, <span class=\"_ _4\"> </span>consecutivi <span class=\"_ _4\"> </span>c<span class=\"_ _2\"></span>on <span class=\"_ _4\"> </span>Liquidity <span class=\"_ _17\"> </span>Buffer <span class=\"_ _4\"> </span>negativ<span class=\"_ _d\"></span>o,<span class=\"_ _df\"> </span></span></span><span class=\"ff10\"><span class=\"ff4\"> </span></span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs1980\">nell\u2019orizzonte <span class=\"_ _10\"> </span>temporale <span class=\"_ _10\"> </span>annuale <span class=\"_ _10\"> </span>considerato <span class=\"_ _18\"> </span>e <span class=\"_ _10\"> </span>fornisce <span class=\"_ _10\"> </span>un\u2019indicazione <span class=\"_ _10\"> </span>sintetica <span class=\"_ _10\"> </span>della<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1981\">situazione di liquidit\u00e0 della Compagnia;<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff13 fs1 fc1 sc0 ls0 ws0 gs1982\">-<span class=\"ff10\"> <span class=\"_ _24\"> </span><span class=\"ff5\">Piano <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>Liquidit\u00e0: <span class=\"_ _d\"></span>l\u2019indicatore <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _2\"></span>volto <span class=\"_ _d\"></span>a <span class=\"_ _2\"></span>dimostrare <span class=\"_ _d\"></span>che <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>Compagnia <span class=\"_ _2\"></span>ha <span class=\"_ _2\"></span>le <span class=\"_ _d\"></span>risorse <span class=\"_ _2\"></span>finanziarie<span class=\"_ _df\"> </span></span></span><span class=\"ff10\"><span class=\"ff5\"> </span></span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1983\">su base cont<span class=\"_ _2\"></span>inuativa per la <span class=\"_ _2\"></span>gestione del <span class=\"_ _2\"></span>rischio liquidit\u00e0. <span class=\"_ _2\"></span>Tale condizione risulta <span class=\"_ _2\"></span>inoltre essere<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs1984\">alla base per l\u2019applicazione del Volatility Adjustment a livel<span class=\"_ _1\"></span>lo Regolamentare; <span class=\"_ _2\"></span><span class=\"ff4\"> </span></div><div class=\"t m0 h5 ff13 fs1 fc1 sc0 ls0 ws0 gs1985\">-<span class=\"ff10\"> <span class=\"_ _24\"> </span><span class=\"ff4\">Contingency di liquidit\u00e0: ovvero titoli facilmente<span class=\"_ _1\"></span> liquidabili;<span class=\"_ _df\"> </span></span></span><span class=\"ff10\"><span class=\"ff4\"><span class=\"_ _2\"></span> </span></span></div><div class=\"t m0 h5 ff13 fs1 fc1 sc0 ls0 ws0 gs1986\">-<span class=\"ff10\"> <span class=\"_ _24\"> </span><span class=\"ff4\">SCR <span class=\"_ _0\"></span>d<span class=\"_ _2\"></span>efault <span class=\"_ _0\"></span>conti <span class=\"_ _9\"> </span>corrente: <span class=\"_ _9\"> </span>al <span class=\"_ _9\"> </span>fine <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>l<span class=\"ff5\">imitare <span class=\"_ _9\"> </span>gli <span class=\"_ _9\"> </span>eventuali <span class=\"_ _9\"> </span>effetti <span class=\"_ _9\"> </span>sull\u2019SCR <span class=\"_ _0\"></span>d<span class=\"_ _2\"></span>efault <span class=\"_ _0\"></span>derivante<span class=\"_ _df\"> </span></span></span></span><span class=\"ff10\"><span class=\"ff4\"><span class=\"ff5\"> </span></span></span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs1987\">dall\u2019aumento <span class=\"_ _9\"> </span>dei <span class=\"_ _9\"> </span>volumi <span class=\"_ _16\"> </span>dei <span class=\"_ _9\"> </span>conti <span class=\"_ _16\"> </span>corrente, <span class=\"_ _9\"> </span>la <span class=\"_ _16\"> </span>Compagnia <span class=\"_ _9\"> </span>ha <span class=\"_ _9\"> </span>fissato <span class=\"_ _16\"> </span>un <span class=\"_ _9\"> </span>limite <span class=\"_ _16\"> </span>superiore <span class=\"_ _9\"> </span>in<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1988\">termini di SCR Default.<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs1989\">Con <span class=\"_ _d\"></span>l\u2019introduzione<span class=\"_ _1\"></span> <span class=\"_ _d\"></span>del <span class=\"_ _2\"></span>principio <span class=\"_ _d\"></span>IFRS17 <span class=\"_ _2\"></span>si <span class=\"_ _d\"></span>\u00e8 <span class=\"_ _d\"></span>voluto <span class=\"_ _2\"></span>dare <span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>peci<span class=\"_ _1\"></span>fica <span class=\"_ _d\"></span>attenzione <span class=\"_ _2\"></span>all<span class=\"_ _2\"></span><span class=\"ff4\">e <span class=\"_ _d\"></span>aspettative <span class=\"_ _2\"></span>delle<span class=\"_ _df\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs198a\">compagnie assicurative rispetto ai flussi di cassa attesi sottostanti le<span class=\"_ _1\"></span> valutazioni di riserva.   <span class=\"_ _2\"></span> </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs198b\">Di seguito si riporta l\u2019evoluzione temporale dei relativi flussi finanziari netti non attualizzati relativi<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs198c\">ai <span class=\"_ _17\"> </span>contratti <span class=\"_ _17\"> </span>assicurativi <span class=\"_ _4\"> </span>em<span class=\"_ _2\"></span>essi <span class=\"_ _4\"> </span>delle <span class=\"_ _17\"> </span>cessioni <span class=\"_ _17\"> </span>in <span class=\"_ _17\"> </span>riassicurazione <span class=\"_ _17\"> </span>che <span class=\"_ _17\"> </span>costituiscono <span class=\"_ _17\"> </span>passivit\u00e0<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs198d\">valutate secondo il principio IFRS17.<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs198e\">Tale <span class=\"_ _9\"> </span>evoluzione <span class=\"_ _9\"> </span>tiene <span class=\"_ _9\"> </span>conto <span class=\"_ _16\"> </span>dei <span class=\"_ _9\"> </span>flussi <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>cassa <span class=\"_ _9\"> </span>che <span class=\"_ _9\"> </span>concorr<span class=\"_ _2\"></span>ono <span class=\"_ _0\"></span>a <span class=\"_ _16\"> </span>determinare <span class=\"_ _9\"> </span>la <span class=\"_ _9\"> </span>riserva <span class=\"_ _9\"> </span>per <span class=\"_ _9\"> </span>la<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs198f\">Liability for Remaining Coverage (LRC) IFRS17.<span class=\"_ _df\"> </span> </div><div class=\"c w2c2 hec gs1991\"><div class=\"t m0 x10 h5 yd63 ff4 fs1 fc4 sc3 ls0 ws0\">Rischio<span class=\"_ _f\"></span> di liquid<span class=\"_ _1\"></span>it\u00e0 <span class=\"_ _1\"></span>contra<span class=\"_ _f\"></span>tti ass<span class=\"_ _1\"></span>icura<span class=\"_ _1\"></span>tivi - Fl<span class=\"_ _1\"></span>ussi <span class=\"_ _1\"></span>finanzia<span class=\"_ _f\"></span>ri di a<span class=\"_ _1\"></span>dem<span class=\"_ _1\"></span>piment<span class=\"_ _f\"></span>o dei co<span class=\"_ _1\"></span>ntrat<span class=\"_ _1\"></span>ti a<span class=\"_ _1\"></span>ssicur<span class=\"_ _f\"></span>ativi em<span class=\"_ _1\"></span>essi <span class=\"_ _f\"></span>e delle </div><div class=\"t m0 x10 h5 yd20 ff4 fs1 fc4 sc3 ls0 ws0\">cessi<span class=\"_ _1\"></span>oni in <span class=\"_ _f\"></span>riassicur<span class=\"_ _f\"></span>azione c<span class=\"_ _f\"></span>he cost<span class=\"_ _1\"></span>ituis<span class=\"_ _1\"></span>cono <span class=\"_ _1\"></span>pass<span class=\"_ _1\"></span>ivit\u00e0<span class=\"_ _1\"></span>: distr<span class=\"_ _1\"></span>ibuzi<span class=\"_ _1\"></span>one t<span class=\"_ _f\"></span>emporal<span class=\"_ _1\"></span>e </div></div><div class=\"gs1992\"><table class=\"s w11af h5bd\" id=\"_3336409b-eb06-49f2-9e51-6ea54dbbff09\"><tr><td></td><td class=\"c xb48 y3867 wb4a h4da\"><div class=\"t m0 x250 h262 y2919 ff4 fs27 fc4 sc3 ls0 ws0\">Fino<span class=\"_ _1\"></span> a 1</div></td><td class=\"c xb49 y3868 wb44 h4da\"><div class=\"t m0 x250 h262 y2919 ff4 fs27 fc4 sc3 ls0 ws0\">Da ol<span class=\"_ _1\"></span>tre 1<span class=\"_ _df\"> </span></div></td><td class=\"c xb4a y3868 wb45 h4da\"><div class=\"t m0 x250 h262 y2919 ff4 fs27 fc4 sc3 ls0 ws0\">Da ol<span class=\"_ _1\"></span>tre 2<span class=\"_ _df\"> </span></div></td><td class=\"c xb4b y3868 w11b0 h4da\"><div class=\"t m0 x250 h262 y2919 ff4 fs27 fc4 sc3 ls0 ws0\">Da ol<span class=\"_ _1\"></span>tre 3<span class=\"_ _df\"> </span></div></td><td class=\"c xb4c y3868 wb47 h4da\"><div class=\"t m0 x250 h262 y2919 ff4 fs27 fc4 sc3 ls0 ws0\">Da ol<span class=\"_ _1\"></span>tre 4<span class=\"_ _df\"> </span></div></td><td class=\"c xb4d y3867 w11b1 h4da\"><div class=\"t m0 x250 h262 y2919 ff4 fs27 fc4 sc3 ls0 ws0\">Oltr<span class=\"_ _1\"></span>e 5<span class=\"_ _df\"> </span></div></td><td></td></tr><tr><td class=\"c x44e y3869 w645 h261\"><div class=\"t m0 x13 h262 ye28 ff4 fs27 fc4 sc3 ls0 ws0\">Voci/<span class=\"_ _f\"></span>Scagli<span class=\"_ _1\"></span>oni te<span class=\"_ _f\"></span>mpora<span class=\"_ _1\"></span>li </div></td><td class=\"c xb4e y386a wb50 h4da\"><div class=\"t m0 x250 h262 y2919 ff4 fs27 fc4 sc3 ls0 ws0\">ann<span class=\"_ _1\"></span>o</div></td><td class=\"c xb4f y386b w11b2 h4da\"><div class=\"t m0 x250 h262 y2919 ff4 fs27 fc4 sc3 ls0 ws0\">ann<span class=\"_ _1\"></span>o fin<span class=\"_ _1\"></span>o a<span class=\"_ _df\"> </span></div></td><td class=\"c x545 y386b w11b3 h4da\"><div class=\"t m0 x250 h262 y2919 ff4 fs27 fc4 sc3 ls0 ws0\">ann<span class=\"_ _1\"></span>i fin<span class=\"_ _1\"></span>o a 3<span class=\"_ _df\"> </span></div></td><td class=\"c xb50 y386b w11b4 h4da\"><div class=\"t m0 x250 h262 y2919 ff4 fs27 fc4 sc3 ls0 ws0\">ann<span class=\"_ _1\"></span>i fin<span class=\"_ _1\"></span>o a 4<span class=\"_ _df\"> </span></div></td><td class=\"c xb51 y386b w11b5 h4da\"><div class=\"t m0 x250 h262 y2919 ff4 fs27 fc4 sc3 ls0 ws0\">ann<span class=\"_ _1\"></span>i fin<span class=\"_ _1\"></span>o a 5<span class=\"_ _df\"> </span></div></td><td class=\"c xb52 y386a wd8f h4da\"><div class=\"t m0 x250 h262 y2919 ff4 fs27 fc4 sc3 ls0 ws0\">ann<span class=\"_ _1\"></span>i<span class=\"_ _df\"> </span></div></td><td class=\"c xb53 y3869 w1f1 h261\"><div class=\"t m0 x8e h262 ye28 ff4 fs27 fc4 sc3 ls0 ws0\">Tota<span class=\"_ _1\"></span>le </div></td></tr><tr><td></td><td></td><td class=\"c xb54 y2af4 wd85 h4da\"><div class=\"t m0 x250 h262 y2919 ff4 fs27 fc4 sc3 ls0 ws0\">2 ann<span class=\"_ _f\"></span>i<span class=\"_ _df\"> </span></div></td><td class=\"c xb55 y2af4 wd8f h4da\"><div class=\"t m0 x250 h262 y2919 ff4 fs27 fc4 sc3 ls0 ws0\">ann<span class=\"_ _1\"></span>i<span class=\"_ _df\"> </span></div></td><td class=\"c xb56 y2af4 wd8f h4da\"><div class=\"t m0 x250 h262 y2919 ff4 fs27 fc4 sc3 ls0 ws0\">ann<span class=\"_ _1\"></span>i<span class=\"_ _df\"> </span></div></td><td class=\"c xb57 y2af4 wd8f h4da\"><div class=\"t m0 x250 h262 y2919 ff4 fs27 fc4 sc3 ls0 ws0\">ann<span class=\"_ _1\"></span>i<span class=\"_ _df\"> </span></div></td><td></td><td></td></tr><tr><td class=\"c x44e y386c w646 h54\"><div class=\"t m0 x1af h262 yc5f ff4 fs27 fc4 sc3 ls0 ws0\">Segm<span class=\"_ _f\"></span>ento V<span class=\"_ _f\"></span>ita </div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x262 y386d w11b6 h4db\"><div class=\"t m0 x250 h262 y2899 ff4 fs27 fc1 sc0 ls0 ws0\">1. Contratt<span class=\"_ _1\"></span>i assicurativi e<span class=\"_ _f\"></span>messi con elementi<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x262 y386e w11b7 h4cd\"><div class=\"t m0 x250 h262 y2899 ff4 fs27 fc1 sc0 ls0 ws0\">di partecipa<span class=\"_ _f\"></span>z<span class=\"_ _2\"></span>ione dire<span class=\"_ _1\"></span>tta<span class=\"ls109\">: </span>- Flussi fin<span class=\"_ _f\"></span>anziari<span class=\"_ _df\"> </span></div></td><td class=\"c x8c1 y386f wdc h1c1\"><div class=\"t m0 xab h262 yffc ff4 fs27 fc1 sc0 ls0 ws0\">300.829  </div></td><td class=\"c xb58 y386f wab h1c1\"><div class=\"t m0 x39 h262 yffc ff4 fs27 fc1 sc0 ls0 ws0\">522.545 <span class=\"_ _1\"></span> </div></td><td class=\"c x5c0 y386f wb6 h1c1\"><div class=\"t m0 x39 h262 yffc ff4 fs27 fc1 sc0 ls0 ws0\">347.742  </div></td><td class=\"c xb59 y386f wab h1c1\"><div class=\"t m0 x39 h262 yffc ff4 fs27 fc1 sc0 ls0 ws0\">324.542  </div></td><td class=\"c x7b6 y386f wab h1c1\"><div class=\"t m0 x39 h262 yffc ff4 fs27 fc1 sc0 ls0 ws0\">280.375  </div></td><td class=\"c x533 y386f w587 h1c1\"><div class=\"t m0 x10 h262 yffc ff4 fs27 fc1 sc0 ls0 ws0\">4.503.806 <span class=\"_ _1\"></span> </div></td><td class=\"c xb5a y386f w351 h1c1\"><div class=\"t m0 x10 h262 yffc ff4 fs27 fc1 sc2 ls0 ws0\">6.27<span class=\"_ _1\"></span>9.83<span class=\"_ _1\"></span>9  </div></td></tr><tr><td class=\"c x262 y3870 w11b8 h4cd\"><div class=\"t m0 x250 h262 y2899 ff4 fs27 fc1 sc0 ls0 ws0\">netti non at<span class=\"_ _1\"></span>tualizzati<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x262 y3871 w11b9 h4cd\"><div class=\"t m0 x250 h262 y2899 ff4 fs27 fc1 sc0 ls0 ws0\">2. Contratt<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span> di invest<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span>ment<span class=\"_ _1\"></span>o emessi co<span class=\"_ _f\"></span>n<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x262 y2e7c w11ba h4ce\"><div class=\"t m0 x250 h262 y28a1 ff4 fs27 fc1 sc0 ls0 ws0\">elementi di <span class=\"_ _f\"></span>partecipazione discre<span class=\"_ _1\"></span>ziona<span class=\"_ _1\"></span>le -<span class=\"_ _df\"> </span></div><div class=\"t m0 x250 h262 y2899 ff4 fs27 fc1 sc0 ls0 ws0\">Flussi finan<span class=\"_ _1\"></span>ziari netti <span class=\"_ _1\"></span>non attualiz<span class=\"_ _f\"></span>z<span class=\"_ _2\"></span>ati<span class=\"_ _df\"> </span></div></td><td class=\"c x8c1 y3872 wdc h1c1\"><div class=\"t m0 x16a h262 yffc ff4 fs27 fc1 sc0 ls0 ws0\">62.356  </div></td><td class=\"c xb58 y3872 wab h1c1\"><div class=\"t m0 x33 h262 yffc ff4 fs27 fc1 sc0 ls0 ws0\">76.869  </div></td><td class=\"c x5c0 y3872 wb6 h1c1\"><div class=\"t m0 x33 h262 yffc ff4 fs27 fc1 sc0 ls6b ws0\">83<span class=\"ls0\">.243</span><span class=\"ls0\">  </span></div></td><td class=\"c xb59 y3872 wab h1c1\"><div class=\"t m0 x33 h262 yffc ff4 fs27 fc1 sc0 ls0 ws0\">85.663  </div></td><td class=\"c x7b6 y3872 wab h1c1\"><div class=\"t m0 x33 h262 yffc ff4 fs27 fc1 sc0 ls0 ws0\">79.900  </div></td><td class=\"c x533 y3872 w587 h1c1\"><div class=\"t m0 x2a h262 yffc ff4 fs27 fc1 sc0 ls0 ws0\">871.992  </div></td><td class=\"c xb5a y3872 w351 h1c1\"><div class=\"t m0 x8a h262 yffc ff4 fs27 fc1 sc2 ls0 ws0\">1.260<span class=\"_ _f\"></span>.023 <span class=\"_ _1\"></span> </div></td></tr><tr><td class=\"c x262 y3320 w11bb h4cd\"><div class=\"t m0 x250 h262 y2899 ff4 fs27 fc1 sc0 ls0 ws0\">3. Contratti a<span class=\"_ _f\"></span>ssi<span class=\"_ _2\"></span>cur<span class=\"_ _1\"></span>ativi emes<span class=\"_ _1\"></span>si senza<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x262 y3873 w11bc h4cd\"><div class=\"t m0 x250 h262 y2899 ff4 fs27 fc1 sc0 ls0 ws0\">elementi di <span class=\"_ _f\"></span>partecipazione dire<span class=\"_ _1\"></span>tta - Flussi<span class=\"_ _df\"> </span></div></td><td class=\"c x8c1 y3874 wdc h1c1\"><div class=\"t m0 x55 h262 yffc ff4 fs27 fc1 sc0 ls0 ws0\">6.369  </div></td><td class=\"c xb58 y3874 wab h1c1\"><div class=\"t m0 x3a h262 yffc ff4 fs27 fc1 sc0 ls0 ws0\">4.463  </div></td><td class=\"c x5c0 y3874 wb6 h1c1\"><div class=\"t m0 x34 h262 yffc ff4 fs27 fc1 sc0 ls0 ws0\">3.117  </div></td><td class=\"c xb59 y3874 wab h1c1\"><div class=\"t m0 x27 h262 yffc ff4 fs27 fc1 sc0 ls0 ws0\">2.223  </div></td><td class=\"c x7b6 y3874 wab h1c1\"><div class=\"t m0 x26 h262 yffc ff4 fs27 fc1 sc0 ls0 ws0\">1.558  </div></td><td class=\"c x533 y3874 w587 h1c1\"><div class=\"t m0 x14 h262 yffc ff4 fs27 fc1 sc0 ls0 ws0\">6.599  </div></td><td class=\"c xb5a y3874 w351 h1c1\"><div class=\"t m0 x2e h262 yffc ff4 fs27 fc1 sc2 ls0 ws0\">24.32<span class=\"_ _f\"></span>9  </div></td></tr><tr><td class=\"c x262 y3875 w11bd h4cd\"><div class=\"t m0 x250 h262 y2899 ff4 fs27 fc1 sc0 ls0 ws0\">finanziari ne<span class=\"_ _1\"></span>tti non att<span class=\"_ _1\"></span>ualizzati<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x262 y3876 w11be h4cd\"><div class=\"t m0 x250 h262 y2899 ff4 fs27 fc1 sc0 ls0 ws0\">4. Cessioni i<span class=\"_ _1\"></span>n riassicuraz<span class=\"_ _1\"></span>ione - Flussi<span class=\"_ _df\"> </span></div></td><td class=\"c x8c1 y3877 wdc h35d\"><div class=\"t m0 x33 h262 y66a ff4 fs27 fc1 sc0 ls0 ws0\">606  </div></td><td class=\"c xb58 y3877 wab h35d\"><div class=\"t m0 x31 h262 y66a ff4 fs27 fc1 sc0 ls0 ws0\">513  </div></td><td class=\"c x5c0 y3877 wb6 h35d\"><div class=\"t m0 x97 h262 y66a ff4 fs27 fc1 sc0 ls0 ws0\">428  </div></td><td class=\"c xb59 y3877 wab h35d\"><div class=\"t m0 x38 h262 y66a ff4 fs27 fc1 sc0 ls0 ws0\">352  </div></td><td class=\"c x7b6 y3877 wab h35d\"><div class=\"t m0 x38 h262 y66a ff4 fs27 fc1 sc0 ls0 ws0\">289  </div></td><td class=\"c x533 y3877 w587 h35d\"><div class=\"t m0 x3a h262 y66a ff4 fs27 fc1 sc0 ls0 ws0\">932  </div></td><td class=\"c xb5a y3877 w351 h35d\"><div class=\"t m0 x14 h262 y66a ff4 fs27 fc1 sc2 ls0 ws0\">3.120<span class=\"_ _f\"></span>  </div></td></tr><tr><td class=\"c x262 y3878 w11bf h4cd\"><div class=\"t m0 x250 h262 y2899 ff4 fs27 fc1 sc0 ls0 ws0\">finanziari net<span class=\"_ _1\"></span>ti non attual<span class=\"_ _f\"></span>izzati<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x44e y3879 w646 h54\"><div class=\"t m0 x8 h262 yc5f ff4 fs27 fc4 sc3 ls0 ws0\">Segm<span class=\"_ _f\"></span>ento D<span class=\"_ _1\"></span>ann<span class=\"_ _1\"></span>i </div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x262 y387a w11b6 h4cd\"><div class=\"t m0 x250 h262 y2899 ff4 fs27 fc1 sc0 ls0 ws0\">1. Contratt<span class=\"_ _1\"></span>i assicurativi e<span class=\"_ _f\"></span>messi con elementi<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x262 y2bbb w11c0 h4cd\"><div class=\"t m0 x250 h262 y2899 ff4 fs27 fc1 sc0 ls0 ws0\">di partecipa<span class=\"_ _f\"></span>z<span class=\"_ _2\"></span>ione dire<span class=\"_ _1\"></span>tta - Fluss<span class=\"_ _1\"></span>i finanziari<span class=\"_ _df\"> </span></div></td><td class=\"c x8c1 y387b wdc h1c1\"><div class=\"t m0 x97 h262 yffc ff4 fs27 fc1 sc0 ls0 ws0\">-  </div></td><td class=\"c xb58 y387b wab h1c1\"><div class=\"t m0 x96 h262 yffc ff4 fs27 fc1 sc0 ls0 ws0\">-  </div></td><td class=\"c x5c0 y387b wb6 h1c1\"><div class=\"t m0 x96 h262 yffc ff4 fs27 fc1 sc0 ls0 ws0\">-  </div></td><td class=\"c xb59 y387b wab h1c1\"><div class=\"t m0 x12 h262 yffc ff4 fs27 fc1 sc0 ls0 ws0\">-  </div></td><td class=\"c x7b6 y387b wab h1c1\"><div class=\"t m0 x12 h262 yffc ff4 fs27 fc1 sc0 ls0 ws0\">-  </div></td><td class=\"c x533 y387b w587 h1c1\"><div class=\"t m0 x15 h262 yffc ff4 fs27 fc1 sc0 ls0 ws0\">-  </div></td><td class=\"c xb5a y387b w351 h1c1\"><div class=\"t m0 x31 h262 yffc ff4 fs27 fc1 sc2 ls0 ws0\">-  </div></td></tr><tr><td class=\"c x262 y387c w11b8 h4cd\"><div class=\"t m0 x250 h262 y2899 ff4 fs27 fc1 sc0 ls0 ws0\">netti non at<span class=\"_ _1\"></span>tualizzati<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x262 y387d w11c1 h4cd\"><div class=\"t m0 x250 h262 y2899 ff4 fs27 fc1 sc0 ls0 ws0\">2. Cessioni i<span class=\"_ _1\"></span>n riassicuraz<span class=\"_ _1\"></span>ione - Flussi f<span class=\"_ _1\"></span>inanziari<span class=\"_ _df\"> </span></div></td><td class=\"c x8c1 y387e wdc h54\"><div class=\"t m0 x97 h262 yc5f ff4 fs27 fc1 sc0 ls0 ws0\">-  </div></td><td class=\"c xb58 y387e wab h54\"><div class=\"t m0 x96 h262 yc5f ff4 fs27 fc1 sc0 ls0 ws0\">-  </div></td><td class=\"c x5c0 y387e wb6 h54\"><div class=\"t m0 x96 h262 yc5f ff4 fs27 fc1 sc0 ls0 ws0\">-  </div></td><td class=\"c xb59 y387e wab h54\"><div class=\"t m0 x12 h262 yc5f ff4 fs27 fc1 sc0 ls0 ws0\">-  </div></td><td class=\"c x7b6 y387e wab h54\"><div class=\"t m0 x12 h262 yc5f ff4 fs27 fc1 sc0 ls0 ws0\">-  </div></td><td class=\"c x533 y387e w587 h54\"><div class=\"t m0 x15 h262 yc5f ff4 fs27 fc1 sc0 ls0 ws0\">-  </div></td><td class=\"c xb5a y387e w351 h54\"><div class=\"t m0 x31 h262 yc5f ff4 fs27 fc1 sc2 ls0 ws0\">-  </div></td></tr><tr><td class=\"c x262 y2491 w11b8 h4cd\"><div class=\"t m0 x250 h262 y2899 ff4 fs27 fc1 sc0 ls0 ws0\">netti non at<span class=\"_ _1\"></span>tualizzati<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr></table></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1993\">In relazione ai soli contratti che prevedono con clausole di riscatto si <span class=\"_ _2\"></span>d\u00e0 d<span class=\"ff30\">  </span>i seguito evidenza degli </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1994\">importi <span class=\"_ _2\"></span>pagabili r<span class=\"_ _2\"></span>ispetto <span class=\"_ _2\"></span>al valore <span class=\"_ _2\"></span>contabile <span class=\"_ _2\"></span>dei <span class=\"_ _2\"></span>relativi <span class=\"_ _2\"></span>portafogli <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>contra<span class=\"_ _2\"></span>tti. <span class=\"_ _2\"></span>Coerentemente <span class=\"_ _2\"></span>con </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs1995\">la<span class=\"wsa\"> </span>tabella<span class=\"wsa\"> </span>p<span class=\"_ _1\"></span>recedente,<span class=\"ws68\"> </span>il<span class=\"wsa\"> </span>valore<span class=\"wsa\"> </span>contabile<span class=\"wsa\"> </span>dei<span class=\"wsa\"> </span>contratti<span class=\"wsa\"> </span>\u00e8<span class=\"wsa\"> </span>dato<span class=\"wsa\"> </span>dal<span class=\"ws69\"> </span>valore<span class=\"wsa\"> </span>del<span class=\"_ _1\"></span>l\u2019intera<span class=\"wsa\"> </span>Liability<span class=\"wsa\"> </span>for </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1996\">Remaining Coverage (LRC) IFRS17. </div><div class=\"c w3da h35e gs1997\"><div class=\"t m0 x10 h5 yd62 ff4 fs1 fc4 sc3 ls0 ws0\">Rischio<span class=\"_ _f\"></span> di liquid<span class=\"_ _1\"></span>it\u00e0 <span class=\"_ _1\"></span>contra<span class=\"_ _f\"></span>tti ass<span class=\"_ _1\"></span>icura<span class=\"_ _1\"></span>tivi - Cont<span class=\"_ _f\"></span>ratti a<span class=\"_ _1\"></span>ssicu<span class=\"_ _1\"></span>rativ<span class=\"_ _1\"></span>i em<span class=\"_ _1\"></span>essi <span class=\"_ _1\"></span>e ces<span class=\"_ _1\"></span>sioni <span class=\"_ _1\"></span>in </div><div class=\"t m0 x10 h5 yd5f ff4 fs1 fc4 sc3 ls0 ws0\">riassi<span class=\"_ _1\"></span>curazi<span class=\"_ _1\"></span>one<span class=\"_ _1\"></span> che co<span class=\"_ _f\"></span>stituisco<span class=\"_ _f\"></span>no pas<span class=\"_ _f\"></span>sivit\u00e0 co<span class=\"_ _f\"></span>n clauso<span class=\"_ _1\"></span>le di <span class=\"_ _1\"></span>risca<span class=\"_ _f\"></span>tto: impor<span class=\"_ _f\"></span>ti paga<span class=\"_ _1\"></span>bili a </div><div class=\"t m0 x10 h5 y943 ff4 fs1 fc4 sc3 ls0 ws0\">richies<span class=\"_ _f\"></span>ta e va<span class=\"_ _f\"></span>lore di bil<span class=\"_ _1\"></span>ancio<span class=\"_ _1\"></span> </div></div><div class=\"gs1998\"><table class=\"s w11c2 h5be\" id=\"_7c76c0e0-223f-4b90-a837-a820ee6eea8a\"><tr><td class=\"c xb5c y387f w647 h261\"><div class=\"t m0 x1e9 h262 ye28 ff4 fs27 fc4 sc3 ls0 ws0\">Voci/<span class=\"_ _f\"></span>Valori </div></td><td class=\"c xb5d y387f w3fb h261\"><div class=\"t m0 x14 h262 ye28 ff4 fs27 fc4 sc3 ls0 ws0\">Imp<span class=\"_ _1\"></span>orti p<span class=\"_ _f\"></span>agabil<span class=\"_ _1\"></span>i </div></td><td class=\"c xb5e y387f w3fb h261\"><div class=\"t m0 x130 h262 ye28 ff4 fs27 fc4 sc3 ls0 ws0\">Val<span class=\"_ _1\"></span>ori d<span class=\"_ _1\"></span>i bila<span class=\"_ _f\"></span>ncio </div></td></tr><tr><td class=\"c x262 y3880 w11c3 h4cd\"><div class=\"t m0 x250 h262 y2899 ff4 fs27 fc1 sc0 ls0 ws0\">1. Contratt<span class=\"_ _1\"></span>i assicurativi e<span class=\"_ _f\"></span>messi con elementi <span class=\"_ _f\"></span>di<span class=\"_ _df\"> </span></div></td><td class=\"c xb5f y3881 w16 h1d6\"><div class=\"t m0 x96 h262 yd3d ff4 fs27 fc1 sc0 ls0 ws0\">4.521.549.10<span class=\"_ _f\"></span>0  </div></td><td class=\"c xb5e y3881 w648 h1d6\"><div class=\"t m0 x8f h262 yd3d ff4 fs27 fc1 sc0 ls0 ws0\">4.736.072.54<span class=\"_ _f\"></span>3<span class=\"_ _2\"></span>  </div></td></tr><tr><td class=\"c x262 y3882 w11c4 h4cd\"><div class=\"t m0 x250 h262 y2899 ff4 fs27 fc1 sc0 ls0 ws0\">partecipazio<span class=\"_ _f\"></span>n<span class=\"_ _2\"></span>e dirett<span class=\"_ _f\"></span>a<span class=\"_ _df\"> </span></div></td><td></td><td></td></tr><tr><td class=\"c x262 y3883 w11c5 h4cd\"><div class=\"t m0 x250 h262 y2899 ff4 fs27 fc1 sc0 ls0 ws0\">2. Contratt<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span> d'invest<span class=\"_ _1\"></span>imento eme<span class=\"_ _1\"></span>ssi con e<span class=\"_ _1\"></span>lementi di<span class=\"_ _df\"> </span></div></td><td class=\"c xb5f y3884 w16 h1d6\"><div class=\"t m0 x1c h262 yd3d ff4 fs27 fc1 sc0 ls0 ws0\">579.920.721 <span class=\"_ _f\"></span> </div></td><td class=\"c xb5e y3884 w648 h1d6\"><div class=\"t m0 x1c h262 yd3d ff4 fs27 fc1 sc0 ls0 ws0\">955.114.866 <span class=\"_ _1\"></span> </div></td></tr><tr><td class=\"c x262 y3885 w11c4 h4cd\"><div class=\"t m0 x250 h262 y2899 ff4 fs27 fc1 sc0 ls0 ws0\">partecipazio<span class=\"_ _f\"></span>n<span class=\"_ _2\"></span>e dirett<span class=\"_ _f\"></span>a<span class=\"_ _df\"> </span></div></td><td></td><td></td></tr><tr><td class=\"c x262 y2eef w11c6 h4cd\"><div class=\"t m0 x250 h262 y2899 ff4 fs27 fc1 sc0 ls0 ws0\">3. Contratti a<span class=\"_ _f\"></span>ssi<span class=\"_ _2\"></span>cur<span class=\"_ _1\"></span>ativi emes<span class=\"_ _1\"></span>si senza e<span class=\"_ _1\"></span>lementi di<span class=\"_ _df\"> </span></div></td><td class=\"c xb5f y3886 w16 h1d1\"><div class=\"t m0 xed h262 yb6d ff4 fs27 fc1 sc0 ls0 ws0\">-  </div></td><td class=\"c xb5e y3886 w648 h1d1\"><div class=\"t m0 xed h262 yb6d ff4 fs27 fc1 sc0 ls0 ws0\">-  </div></td></tr><tr><td class=\"c x262 y3887 w11c4 h4cd\"><div class=\"t m0 x250 h262 y2899 ff4 fs27 fc1 sc0 ls0 ws0\">partecipazio<span class=\"_ _f\"></span>n<span class=\"_ _2\"></span>e dirett<span class=\"_ _f\"></span>a<span class=\"_ _df\"> </span></div></td><td></td><td></td></tr><tr><td class=\"c xb60 y3888 w88 h13\"><div class=\"t m0 x10 h262 y30c ff4 fs27 fc1 sc0 ls0 ws0\">4. Cessioni i<span class=\"_ _1\"></span>n riassicuraz<span class=\"_ _1\"></span>ione </div></td><td class=\"c xb5f y3888 w16 h13\"><div class=\"t m0 xed h262 y30c ff4 fs27 fc1 sc0 ls0 ws0\">-  </div></td><td class=\"c xb5e y3888 w648 h13\"><div class=\"t m0 xed h262 y30c ff4 fs27 fc1 sc0 ls0 ws0\">-  </div></td></tr></table></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1999\">In  conf<span class=\"_ _1\"></span>ormit\u00e0  alle <span class=\"_ _16\"> </span>disposizioni <span class=\"_ _16\"> </span>del <span class=\"_ _9\"> </span>Re<span class=\"_ _2\"></span>golamento <span class=\"_ _16\"> </span>ISVAP <span class=\"_ _16\"> </span>n.  7/20027 <span class=\"_ _9\"> </span>relativo  alla <span class=\"_ _16\"> </span>disciplina <span class=\"_ _16\"> </span>degli </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs199a\">schemi di bilancio delle <span class=\"_ _2\"></span>imprese di assicurazione e <span class=\"_ _2\"></span>al Provvedimento IVASS n. 152/20<span class=\"_ _2\"></span>24 di seguito </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs199b\">si <span class=\"_ _d\"></span>fornisce <span class=\"_ _d\"></span>una <span class=\"_ _0\"></span>rappresentazione <span class=\"_ _d\"></span>analitica <span class=\"_ _0\"></span>della <span class=\"_ _d\"></span>distribuzione <span class=\"_ _d\"></span>tem<span class=\"_ _2\"></span>porale <span class=\"_ _d\"></span>delle <span class=\"_ _d\"></span>attivit\u00e0 <span class=\"_ _0\"></span>per <span class=\"_ _d\"></span>cassa, </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs199c\">finalizzata <span class=\"_ _4\"> </span>al <span class=\"_ _17\"> </span>presidio <span class=\"_ _17\"> </span>del <span class=\"_ _17\"> </span>r<span class=\"_ _2\"></span>ischio <span class=\"_ _4\"> </span>di <span class=\"_ _17\"> </span>liquidit\u00e0 <span class=\"_ _17\"> </span>e <span class=\"_ _17\"> </span>alla <span class=\"_ _17\"> </span>valutazione <span class=\"_ _17\"> </span>della <span class=\"_ _17\"> </span>congruenza <span class=\"_ _17\"> </span>finanziaria </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs199d\">dell\u2019attivo.<span class=\"_ _df\"> </span><span class=\"ff4\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc4 sc3 ls0 ws0 gs199f\">Rischio<span class=\"_ _f\"></span> di liquid<span class=\"_ _1\"></span>it\u00e0 <span class=\"_ _1\"></span>degli s<span class=\"_ _f\"></span>trumen<span class=\"_ _f\"></span>ti finanzi<span class=\"_ _1\"></span>ari <span class=\"ff5\">\u2013</span> <span class=\"_ _f\"></span>Distribuzio<span class=\"_ _f\"></span>ne temp<span class=\"_ _f\"></span>orale per<span class=\"_ _1\"></span> dura<span class=\"_ _f\"></span>ta residua<span class=\"_ _f\"></span> contra<span class=\"_ _1\"></span>ttua<span class=\"_ _1\"></span>le del<span class=\"_ _1\"></span>le attivi<span class=\"_ _1\"></span>t\u00e0 e<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc4 sc3 ls0 ws0 gs19a0\">pass<span class=\"_ _f\"></span>ivit\u00e0 finanz<span class=\"_ _1\"></span>iarie<span class=\"_ _f\"></span> </div><div class=\"gs19a1\"><table class=\"s w11c7 h5bf\" id=\"_be121bbf-52a1-4248-aa28-6c6f640f08a9\"><tr><td></td><td></td><td class=\"c xb62 y3889 w11c8 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc1 sc2 ls0 ws0\">Da ol<span class=\"_ _f\"></span>tre 1<span class=\"_ _df\"> </span></div></td><td class=\"c xb63 y3889 w11c9 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc1 sc2 ls0 ws0\">Da ol<span class=\"_ _f\"></span>tre<span class=\"_ _df\"> </span></div></td><td class=\"c xb64 y3889 w11c9 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc1 sc2 ls0 ws0\">Da ol<span class=\"_ _f\"></span>tre<span class=\"_ _df\"> </span></div></td><td class=\"c xb65 y3889 w11c9 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc1 sc2 ls0 ws0\">Da ol<span class=\"_ _f\"></span>tre<span class=\"_ _df\"> </span></div></td><td class=\"c xb66 y3889 w11c9 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc1 sc2 ls0 ws0\">Da ol<span class=\"_ _f\"></span>tre<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c xb67 y388a wb95 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc1 sc2 ls0 ws0\">Dura<span class=\"_ _f\"></span>ta<span class=\"_ _df\"> </span></div></td></tr><tr><td class=\"c x262 y388b w11ca h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc1 sc0 ls0 ws0\">Voci/Scaglioni temp<span class=\"_ _f\"></span>orali<span class=\"_ _df\"> </span></div></td><td class=\"c xb68 y388b w11cb h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc1 sc2 ls0 ws0\">Fino<span class=\"_ _f\"></span> a 1<span class=\"_ _df\"> </span></div></td><td class=\"c xb69 y388b w11cc h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc1 sc2 ls0 ws0\">ann<span class=\"_ _f\"></span>o<span class=\"_ _df\"> </span></div></td><td class=\"c xb6a y388b w11cd h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc1 sc2 ls0 ws0\">2 ann<span class=\"_ _f\"></span>i<span class=\"_ _df\"> </span></div></td><td class=\"c xb6b y388b w11ce h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc1 sc2 ls0 ws0\">3 an<span class=\"_ _1\"></span>ni<span class=\"_ _df\"> </span></div></td><td class=\"c xb6c y388b w11cf h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc1 sc2 ls0 ws0\">4 ann<span class=\"_ _f\"></span>i<span class=\"_ _df\"> </span></div></td><td class=\"c xb6d y388b w11d0 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc1 sc2 ls0 ws0\">5 an<span class=\"_ _1\"></span>ni<span class=\"_ _df\"> </span></div></td><td class=\"c x9bd y388b wd57 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc1 sc2 ls0 ws0\">Oltr<span class=\"_ _1\"></span>e 10<span class=\"_ _df\"> </span></div></td><td class=\"c xb6e y388c w11d1 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc1 sc2 ls0 ws0\">indet<span class=\"_ _f\"></span>erm<span class=\"_ _df\"> </span></div></td></tr><tr><td class=\"c x262 y388d w11d2 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc1 sc0 ls0 ws0\">(in migliaia di eur<span class=\"_ _f\"></span>o<span class=\"_ _2\"></span>)<span class=\"_ _df\"> </span></div></td><td class=\"c xb6f y388d w11d3 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc1 sc2 lsd5 ws0\">anno<span class=\"_ _df\"> </span></div></td><td class=\"c xb70 y388d w11d4 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc1 sc2 ls0 ws0\">fino a<span class=\"_ _f\"></span> 2<span class=\"_ _df\"> </span></div></td><td class=\"c xb63 y388d w11d5 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc1 sc2 ls0 ws0\">fino a<span class=\"_ _f\"></span> 3<span class=\"_ _df\"> </span></div></td><td class=\"c xb64 y388d w11d6 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc1 sc2 ls0 ws0\">fino a<span class=\"_ _f\"></span> 4<span class=\"_ _df\"> </span></div></td><td class=\"c xb65 y388d w90c h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc1 sc2 ls0 ws0\">fino a<span class=\"_ _f\"></span> 5<span class=\"_ _df\"> </span></div></td><td class=\"c xb71 y388d w11d7 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc1 sc2 ls0 ws0\">fino a<span class=\"_ _f\"></span> 10<span class=\"_ _df\"> </span></div></td><td class=\"c xb72 y388d w11d8 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc1 sc2 lsd5 ws0\">an<span class=\"ls3e\">ni<span class=\"_ _df\"> </span></span></div></td><td class=\"c xb73 y388e w11d9 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc1 sc2 ls0 ws0\">inat<span class=\"_ _1\"></span>a<span class=\"_ _df\"> </span></div></td></tr><tr><td></td><td></td><td class=\"c xb74 y388f w11da h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc1 sc2 ls0 ws0\">anni<span class=\"_ _df\"> </span></div></td><td class=\"c xb75 y388f w11da h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc1 sc2 ls0 ws0\">anni<span class=\"_ _df\"> </span></div></td><td class=\"c xb76 y388f w11da h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc1 sc2 ls0 ws0\">anni<span class=\"_ _df\"> </span></div></td><td class=\"c xb77 y388f w11da h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc1 sc2 ls0 ws0\">anni<span class=\"_ _df\"> </span></div></td><td class=\"c xb78 y388f w11da h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc1 sc2 ls0 ws0\">anni<span class=\"_ _df\"> </span></div></td><td></td><td></td></tr><tr><td class=\"c xb79 y3890 w64a h1d\"><div class=\"t m0 x8a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">A. Attivit\u00e0 per cas<span class=\"_ _f\"></span>sa </div></td><td class=\"c xb7a y3890 w1a4 h1d\"><div class=\"t m0 x8e h30 y28b ff4 fsb fc1 sc2 ls0 ws0\">736.000 </div></td><td class=\"c xb7b y3890 w1a4 h1d\"><div class=\"t m0 x8e h30 y28b ff4 fsb fc1 sc2 ls0 ws0\">264.915<span class=\"_ _1\"></span> </div></td><td class=\"c xb7c y3890 w1a4 h1d\"><div class=\"t m0 x2f h30 y28b ff4 fsb fc1 sc2 ls0 ws0\">411.835 </div></td><td class=\"c xb7d y3890 w1ef h1d\"><div class=\"t m0 x8e h30 y28b ff4 fsb fc1 sc2 ls0 ws0\">328.065 </div></td><td class=\"c xb7e y3890 w1a4 h1d\"><div class=\"t m0 x8e h30 y28b ff4 fsb fc1 sc2 ls0 ws0\">320.607<span class=\"_ _1\"></span> </div></td><td class=\"c xb7f y3890 w1ea h1d\"><div class=\"t m0 xab h30 y28b ff4 fsb fc1 sc2 ls0 ws0\">1.309.27<span class=\"_ _f\"></span>4 </div></td><td class=\"c xb80 y3890 w15f h1d\"><div class=\"t m0 xab h30 y28b ff4 fsb fc1 sc2 ls0 ws0\">1.648.595<span class=\"_ _f\"></span> </div></td><td class=\"c xb81 y3890 w1ea h1d\"><div class=\"t m0 xac h30 y28b ff4 fsb fc1 sc2 ls0 ws0\">1.136.42<span class=\"_ _1\"></span>4 </div></td></tr><tr><td class=\"c x262 y3891 w11db h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc1 sc0 ls0 ws0\">A.1 Connesse c<span class=\"_ _1\"></span>on contratti<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x262 y3892 w11dc h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc1 sc0 ls0 ws0\">assicurativi emess<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span> con eleme<span class=\"_ _1\"></span>nti<span class=\"_ _df\"> </span></div></td><td class=\"c xb7a y3893 w1a4 h331\"><div class=\"t m0 x8e h30 y8f2 ff4 fsb fc1 sc2 ls0 ws0\">650.685<span class=\"_ _1\"></span> </div></td><td class=\"c xb7b y3893 w1a4 h331\"><div class=\"t m0 x8e h30 y8f2 ff4 fsb fc1 sc2 ls0 ws0\">221.285<span class=\"_ _1\"></span> </div></td><td class=\"c xb7c y3893 w1a4 h331\"><div class=\"t m0 x8e h30 y8f2 ff4 fsb fc1 sc2 ls0 ws0\">358.525<span class=\"_ _1\"></span> </div></td><td class=\"c xb7d y3893 w1ef h331\"><div class=\"t m0 x8e h30 y8f2 ff4 fsb fc1 sc2 ls0 ws0\">279.662 </div></td><td class=\"c xb7e y3893 w1a4 h331\"><div class=\"t m0 x8e h30 y8f2 ff4 fsb fc1 sc2 ls0 ws0\">271.293 </div></td><td class=\"c xb7f y3893 w1ea h331\"><div class=\"t m0 xac h30 y8f2 ff4 fsb fc1 sc2 ls0 ws0\">1.130.835<span class=\"_ _f\"></span> </div></td><td class=\"c xb80 y3893 w15f h331\"><div class=\"t m0 xac h30 y8f2 ff4 fsb fc1 sc2 ls52 ws0\">1.<span class=\"ls0\">499.911</span><span class=\"ls0\"> </span></div></td><td class=\"c xb81 y3893 w1ea h331\"><div class=\"t m0 xab h30 y8f2 ff4 fsb fc1 sc2 ls0 ws0\">1.072.44<span class=\"_ _1\"></span>4 </div></td></tr><tr><td class=\"c x262 y3894 w11dd h4d6\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">di partecipazione<span class=\"_ _1\"></span> diretta<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c xb79 y3895 w64a h1d\"><div class=\"t m0 x8a h1f y71 ff4 fs7 fc1 sc0 ls0 ws0\">A.1.1 Titoli di Sta<span class=\"_ _1\"></span>to </div></td><td class=\"c xb7a y3895 w1a4 h1d\"><div class=\"t m0 x8e h30 y71 ff4 fsb fc1 sc0 ls0 ws0\">361.293 </div></td><td class=\"c xb7b y3895 w1a4 h1d\"><div class=\"t m0 x2f h30 y71 ff4 fsb fc1 sc0 ls0 ws0\">116.791 </div></td><td class=\"c xb7c y3895 w1a4 h1d\"><div class=\"t m0 x8e h30 y71 ff4 fsb fc1 sc0 ls0 ws0\">229.607 </div></td><td class=\"c xb7d y3895 w1ef h1d\"><div class=\"t m0 x2f h30 y71 ff4 fsb fc1 sc0 ls0 ws0\">198.951 </div></td><td class=\"c xb7e y3895 w1a4 h1d\"><div class=\"t m0 x8e h30 y71 ff4 fsb fc1 sc0 ls0 ws0\">219.265 </div></td><td class=\"c xb7f y3895 w1ea h1d\"><div class=\"t m0 x2f h30 y71 ff4 fsb fc1 sc0 ls0 ws0\">918.110 </div></td><td class=\"c xb80 y3895 w15f h1d\"><div class=\"t m0 xab h30 y71 ff4 fsb fc1 sc0 ls0 ws0\">1.456.360 </div></td><td class=\"c xb81 y3895 w1ea h1d\"><div class=\"t m0 x14 h30 y71 ff4 fsb fc1 sc0 ls0 ws0\">0 </div></td></tr><tr><td class=\"c xb79 y3896 w64a h1d\"><div class=\"t m0 x8a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">A.1.2 Altri tito<span class=\"_ _1\"></span>li di debito<span class=\"_ _df\"> </span></div></td><td class=\"c xb7a y3896 w1a4 h1d\"><div class=\"t m0 xac h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">289.392 </div></td><td class=\"c xb7b y3896 w1a4 h1d\"><div class=\"t m0 x8e h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">104.494 </div></td><td class=\"c xb7c y3896 w1a4 h1d\"><div class=\"t m0 x2f h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">128.918 </div></td><td class=\"c xb7d y3896 w1ef h1d\"><div class=\"t m0 x116 h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">80.711 </div></td><td class=\"c xb7e y3896 w1a4 h1d\"><div class=\"t m0 x2f h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">52.028 </div></td><td class=\"c xb7f y3896 w1ea h1d\"><div class=\"t m0 x8e h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">212.725 </div></td><td class=\"c xb80 y3896 w15f h1d\"><div class=\"t m0 x16a h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">43.551 </div></td><td class=\"c xb81 y3896 w1ea h1d\"><div class=\"t m0 x14 h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">0 </div></td></tr><tr><td class=\"c xb79 y3897 w64a h1d\"><div class=\"t m0 x8a h1f y71 ff4 fs7 fc1 sc0 ls0 ws0\">A.1.3 Altre attivi<span class=\"_ _1\"></span>t\u00e0 finanziarie </div></td><td class=\"c xb7a y3897 w1a4 h1d\"><div class=\"t m0 x14 h30 y71 ff4 fsb fc1 sc0 ls0 ws0\">0 </div></td><td class=\"c xb7b y3897 w1a4 h1d\"><div class=\"t m0 x14 h30 y71 ff4 fsb fc1 sc0 ls0 ws0\">0 </div></td><td class=\"c xb7c y3897 w1a4 h1d\"><div class=\"t m0 x14 h30 y71 ff4 fsb fc1 sc0 ls0 ws0\">0 </div></td><td class=\"c xb7d y3897 w1ef h1d\"><div class=\"t m0 x14 h30 y71 ff4 fsb fc1 sc0 ls0 ws0\">0 </div></td><td class=\"c xb7e y3897 w1a4 h1d\"><div class=\"t m0 x14 h30 y71 ff4 fsb fc1 sc0 ls0 ws0\">0 </div></td><td class=\"c xb7f y3897 w1ea h1d\"><div class=\"t m0 x14 h30 y71 ff4 fsb fc1 sc0 ls0 ws0\">0 </div></td><td class=\"c xb80 y3897 w15f h1d\"><div class=\"t m0 x14 h30 y71 ff4 fsb fc1 sc0 ls0 ws0\">0 </div></td><td class=\"c xb81 y3897 w1ea h1d\"><div class=\"t m0 xab h30 y71 ff4 fsb fc1 sc0 ls0 ws0\">1.072.444 </div></td></tr><tr><td class=\"c xb79 y3898 w64a h1d\"><div class=\"t m0 x8a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">A.2 Altre attivit\u00e0 pe<span class=\"_ _1\"></span>r cassa </div></td><td class=\"c xb7a y3898 w1a4 h1d\"><div class=\"t m0 x16a h30 y28b ff4 fsb fc1 sc2 ls0 ws0\">85.315<span class=\"_ _1\"></span> </div></td><td class=\"c xb7b y3898 w1a4 h1d\"><div class=\"t m0 x2f h30 y28b ff4 fsb fc1 sc2 ls0 ws0\">43.630<span class=\"_ _1\"></span> </div></td><td class=\"c xb7c y3898 w1a4 h1d\"><div class=\"t m0 x16a h30 y28b ff4 fsb fc1 sc2 ls0 ws0\">53.310 </div></td><td class=\"c xb7d y3898 w1ef h1d\"><div class=\"t m0 x2f h30 y28b ff4 fsb fc1 sc2 ls0 ws0\">48.403 </div></td><td class=\"c xb7e y3898 w1a4 h1d\"><div class=\"t m0 x16a h30 y28b ff4 fsb fc1 sc2 ls0 ws0\">49.314 </div></td><td class=\"c xb7f y3898 w1ea h1d\"><div class=\"t m0 x8e h30 y28b ff4 fsb fc1 sc2 ls0 ws0\">178.439<span class=\"_ _1\"></span> </div></td><td class=\"c xb80 y3898 w15f h1d\"><div class=\"t m0 x8e h30 y28b ff4 fsb fc1 sc2 ls0 ws0\">148.684<span class=\"_ _1\"></span> </div></td><td class=\"c xb81 y3898 w1ea h1d\"><div class=\"t m0 x2f h30 y28b ff4 fsb fc1 sc2 ls0 ws0\">63.980<span class=\"_ _1\"></span> </div></td></tr><tr><td class=\"c xb79 y3899 w64a h1d\"><div class=\"t m0 x8a h1f y71 ff4 fs7 fc1 sc0 ls0 ws0\">A.2.1 Titoli di Sta<span class=\"_ _1\"></span>to </div></td><td class=\"c xb7a y3899 w1a4 h1d\"><div class=\"t m0 x2f h30 y71 ff4 fsb fc1 sc0 ls0 ws0\">64.747 </div></td><td class=\"c xb7b y3899 w1a4 h1d\"><div class=\"t m0 x116 h30 y71 ff4 fsb fc1 sc0 ls0 ws0\">18.714 </div></td><td class=\"c xb7c y3899 w1a4 h1d\"><div class=\"t m0 x2f h30 y71 ff4 fsb fc1 sc0 ls0 ws0\">20.966 </div></td><td class=\"c xb7d y3899 w1ef h1d\"><div class=\"t m0 x2f h30 y71 ff4 fsb fc1 sc0 ls0 ws0\">35.387 </div></td><td class=\"c xb7e y3899 w1a4 h1d\"><div class=\"t m0 x116 h30 y71 ff4 fsb fc1 sc0 ls0 ws0\">41.164 </div></td><td class=\"c xb7f y3899 w1ea h1d\"><div class=\"t m0 x8e h30 y71 ff4 fsb fc1 sc0 ls0 ws0\">149.497 </div></td><td class=\"c xb80 y3899 w15f h1d\"><div class=\"t m0 x2f h30 y71 ff4 fsb fc1 sc0 ls0 ws0\">145.591 </div></td><td class=\"c xb81 y3899 w1ea h1d\"><div class=\"t m0 x14 h30 y71 ff4 fsb fc1 sc0 ls0 ws0\">0 </div></td></tr><tr><td class=\"c xb79 y389a w64a h61\"><div class=\"t m0 x8a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">A.2.2 Altri tito<span class=\"_ _1\"></span>li di debito<span class=\"_ _df\"> </span></div></td><td class=\"c xb7a y389a w1a4 h61\"><div class=\"t m0 x2f h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">20.568 </div></td><td class=\"c xb7b y389a w1a4 h61\"><div class=\"t m0 x16a h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">24.916 </div></td><td class=\"c xb7c y389a w1a4 h61\"><div class=\"t m0 x2f h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">32.344 </div></td><td class=\"c xb7d y389a w1ef h61\"><div class=\"t m0 x116 h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">13.016 </div></td><td class=\"c xb7e y389a w1a4 h61\"><div class=\"t m0 x2a h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">8.150 </div></td><td class=\"c xb7f y389a w1ea h61\"><div class=\"t m0 x2f h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">28.942 </div></td><td class=\"c xb80 y389a w15f h61\"><div class=\"t m0 x116 h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">3.093 </div></td><td class=\"c xb81 y389a w1ea h61\"><div class=\"t m0 x14 h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">0 </div></td></tr><tr><td class=\"c xb79 y389b w64a h1d\"><div class=\"t m0 x8a h1f y71 ff4 fs7 fc1 sc0 ls0 ws0\">A.2.3 Finanziame<span class=\"_ _1\"></span>nti </div></td><td class=\"c xb7a y389b w1a4 h1d\"><div class=\"t m0 x14 h30 y71 ff4 fsb fc1 sc0 ls0 ws0\">0 </div></td><td class=\"c xb7b y389b w1a4 h1d\"><div class=\"t m0 x14 h30 y71 ff4 fsb fc1 sc0 ls0 ws0\">0 </div></td><td class=\"c xb7c y389b w1a4 h1d\"><div class=\"t m0 x14 h30 y71 ff4 fsb fc1 sc0 ls0 ws0\">0 </div></td><td class=\"c xb7d y389b w1ef h1d\"><div class=\"t m0 x14 h30 y71 ff4 fsb fc1 sc0 ls0 ws0\">0 </div></td><td class=\"c xb7e y389b w1a4 h1d\"><div class=\"t m0 x14 h30 y71 ff4 fsb fc1 sc0 ls0 ws0\">0 </div></td><td class=\"c xb7f y389b w1ea h1d\"><div class=\"t m0 x14 h30 y71 ff4 fsb fc1 sc0 ls0 ws0\">0 </div></td><td class=\"c xb80 y389b w15f h1d\"><div class=\"t m0 x14 h30 y71 ff4 fsb fc1 sc0 ls0 ws0\">0 </div></td><td class=\"c xb81 y389b w1ea h1d\"><div class=\"t m0 x2f h30 y71 ff4 fsb fc1 sc0 ls0 ws0\">63.980 </div></td></tr><tr><td class=\"c xb79 y389c w64a h1d\"><div class=\"t m0 x8a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">A.2.4 Altre attiv<span class=\"_ _1\"></span>it\u00e0 finanziarie </div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c xb79 y389d w64a h1d\"><div class=\"t m0 x8a h1f y71 ff4 fs7 fc1 sc0 ls0 ws0\">B. Passivit\u00e0 per cas<span class=\"_ _f\"></span>sa </div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x262 y357d w11de h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">B.1 Strumenti f<span class=\"_ _1\"></span>inanziari<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x262 y389e w11df h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">partecipativi<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c xb79 y389f w64a h1d\"><div class=\"t m0 x8a h1f y71 ff4 fs7 fc1 sc0 ls0 ws0\">B.2 Passivit\u00e0 sub<span class=\"_ _f\"></span>o<span class=\"_ _2\"></span>rdinate </div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c xb79 y38a0 w64a h1d\"><div class=\"t m0 x8a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">B.3 Titoli di debit<span class=\"_ _1\"></span>o<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c xb79 y38a1 w64a h1d\"><div class=\"t m0 x8a h1f y71 ff4 fs7 fc1 sc0 ls0 ws0\">B.4 Altre passiv<span class=\"_ _1\"></span>it\u00e0 finanziarie </div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c xb79 y38a2 w64a h1d\"><div class=\"t m0 x8a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">C.1 Derivati finanz<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span>ari </div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c xb79 y38a3 w64a h1d\"><div class=\"t m0 x3a h1f y71 ff4 fs7 fc1 sc0 ls0 ws0\">- Posizioni lunghe<span class=\"_ _f\"></span> </div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c xb79 y38a4 w64a h1d\"><div class=\"t m0 x3a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- Posizioni corte<span class=\"_ _f\"></span> </div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c xb79 y38a5 w64a h1d\"><div class=\"t m0 x8a h1f y71 ff4 fs7 fc1 sc0 ls0 ws0\">Totale </div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c xb79 y38a6 w64a h61\"><div class=\"t m0 x3a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- Posizione lunga<span class=\"_ _1\"></span> </div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c xb79 y38a7 w64a h1d\"><div class=\"t m0 x3a h1f y71 ff4 fs7 fc1 sc0 ls0 ws0\">- Posizione corta </div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr></table></div><div class=\"t m0 h5 ff4 fs1 fc4 sc3 ls0 ws0 gs19a2\">Rischio<span class=\"_ _f\"></span> di credit<span class=\"_ _1\"></span>o o <span class=\"_ _f\"></span>counterpa<span class=\"_ _1\"></span>rty <span class=\"_ _f\"></span>default<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs19a3\">Si <span class=\"_ _2\"></span>definisce r<span class=\"_ _2\"></span>ischio <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>credito <span class=\"_ _2\"></span>(rischio <span class=\"_ _2\"></span>default) <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>rischio <span class=\"_ _2\"></span>di <span class=\"_ _d\"></span>perdita <span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>variazione <span class=\"_ _2\"></span>sfavorevole <span class=\"_ _2\"></span>della<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs19a4\">situazione <span class=\"_ _1\"></span>finanziaria d<span class=\"_ _1\"></span>erivante da <span class=\"_ _f\"></span>oscillazioni del <span class=\"_ _f\"></span>m<span class=\"_ _2\"></span>erito d<span class=\"_ _1\"></span>i cred<span class=\"_ _1\"></span>ito di <span class=\"_ _f\"></span>emitt<span class=\"_ _2\"></span>enti <span class=\"_ _f\"></span>di titoli, <span class=\"_ _1\"></span>controparti<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs19a5\">e debitori <span class=\"_ _2\"></span>nei confronti dei quali l\u2019impresa di <span class=\"_ _2\"></span>assicurazione o di <span class=\"_ _2\"></span>riassicurazione<span class=\"_ _1\"></span> \u00e8 <span class=\"_ _2\"></span>esposta in forma<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs19a6\">di ris<span class=\"_ _2\"></span>chio di <span class=\"_ _2\"></span>inadempimento della <span class=\"_ _2\"></span>controparte, <span class=\"_ _2\"></span>di rischio <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>spread o <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>concentrazione del <span class=\"_ _2\"></span>rischio<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs19a7\">di mercato (cfr. articolo 1, comma 1, lettera vv-bis 1 del CAP).<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs19a8\">La perdita di valore del<span class=\"_ _1\"></span>la posizione cred<span class=\"_ _1\"></span>itoria e collegata principalmente alla q<span class=\"_ _1\"></span>ualit\u00e0 dell\u2019em<span class=\"_ _2\"></span><span class=\"ff4\">ittente<span class=\"_ _df\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs19a9\">o<span class=\"_ _10\"> </span>della  controparte <span class=\"_ _16\"> </span>(inclusi <span class=\"_ _16\"> </span>i  riassicuratori,  coassicu<span class=\"_ _1\"></span>ratori,  assicurati  ed<span class=\"_ _1\"></span>  intermediari)  ma  p<span class=\"_ _1\"></span>u\u00f2<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs19aa\">anche <span class=\"_ _d\"></span>derivare <span class=\"_ _d\"></span>da <span class=\"_ _d\"></span>un <span class=\"_ _d\"></span>deterioramento <span class=\"_ _d\"></span>delle <span class=\"_ _d\"></span>condizioni <span class=\"_ _d\"></span>economico<span class=\"_ _2\"></span>-finanziarie <span class=\"_ _d\"></span>del <span class=\"_ _d\"></span>debitore <span class=\"_ _d\"></span>da <span class=\"_ _d\"></span>cui<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs19ab\">dipende <span class=\"_ _1\"></span>la cap<span class=\"_ _1\"></span>acita di<span class=\"_ _1\"></span> far <span class=\"_ _f\"></span>fronte <span class=\"_ _1\"></span>agli <span class=\"_ _1\"></span>impegni <span class=\"_ _1\"></span>finanziari assunti, <span class=\"_ _f\"></span>nonch\u00e9 da <span class=\"_ _f\"></span>cause indi<span class=\"_ _1\"></span>pendenti dalla<span class=\"_ _df\"> </span><span class=\"_ _f\"></span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs19ac\">situazione <span class=\"_ _d\"></span>economica <span class=\"_ _d\"></span>o <span class=\"_ _d\"></span>finanziaria <span class=\"_ _d\"></span>della <span class=\"_ _d\"></span>contropart<span class=\"_ _2\"></span>e <span class=\"_ _d\"></span>debitrice<span class=\"_ _1\"></span>, <span class=\"_ _d\"></span>quali <span class=\"_ _d\"></span>ad <span class=\"_ _0\"></span>esempio <span class=\"_ _2\"></span>caus<span class=\"_ _2\"></span>e <span class=\"_ _d\"></span>politico<span class=\"_ _2\"></span>-<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsa2d\">militare.<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs19ad\">Da un punto di vista puramente rappresentativo id<span class=\"_ _1\"></span>entifichiamo tre macro aree del rischio credito:<span class=\"_ _df\"> </span><span class=\"_ _2\"></span> </div><div class=\"t m0 h5 ff13 fs1 fc1 sc0 ls0 ws0 gs19ae\">-<span class=\"_ _1b\"> </span><span class=\"ff4\">Riassicurazione;<span class=\"_ _df\"> </span></span></div><div class=\"t m0 h5 ff13 fs1 fc1 sc0 ls0 ws0 gs19af\">-<span class=\"_ _1b\"> </span><span class=\"ff4\">Intermediarie<span class=\"_ _1\"></span> e altre contropart<span class=\"_ _2\"></span>i;<span class=\"_ _df\"> </span></span><span class=\"ff4\"><span class=\"_ _1\"></span> </span></div><div class=\"t m0 h5 ff13 fs1 fc1 sc0 ls0 ws0 gsa32\">-<span class=\"_ _1b\"> </span><span class=\"ff4\">Investimenti.<span class=\"_ _df\"> </span></span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs19b0\">I fattori di rischio sottostanti alle singole sottocategorie de<span class=\"_ _1\"></span>l rischio credito sono i seguenti:<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff13 fs1 fc1 sc0 ls0 ws0 gs19b1\">-<span class=\"_ _1b\"> </span><span class=\"ff4\">Per quanto riguarda la sottoclasse Rassicurazione<span class=\"_ _1\"></span>:<span class=\"_ _df\"> </span></span></div>o<span class=\"_ _25\"> </span><span class=\"ff4\">Rischio <span class=\"_ _19\"> </span>di <span class=\"_ _18\"> </span>cr<span class=\"_ _2\"></span>edito <span class=\"_ _18\"> </span>verso <span class=\"_ _19\"> </span>riassicuratori: <span class=\"_ _18\"> </span>rap<span class=\"_ _2\"></span>presenta <span class=\"_ _19\"> </span>il <span class=\"_ _18\"> </span>rischio <span class=\"_ _19\"> </span>di <span class=\"_ _18\"> </span>perdite <span class=\"_ _19\"> </span>derivanti </span>dall\u2019insolvenza di uno o pi\u00f9 riassicuratori;<span class=\"_ _df\"> </span>o<span class=\"_ _25\"> </span><span class=\"ff4\">Rischio <span class=\"_ _2\"></span>di <span class=\"_ _d\"></span>base: <span class=\"_ _2\"></span>derivante <span class=\"_ _d\"></span>dalle <span class=\"_ _d\"></span>eventuali <span class=\"_ _2\"></span>discrepanze <span class=\"_ _2\"></span>tr<span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>le <span class=\"_ _2\"></span>esi<span class=\"_ _2\"></span>genze <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>riassicurazione <span class=\"_ _d\"></span>e </span>l\u2019effettiva copertura prevista dal <span class=\"_ _1\"></span>trattato comportando per la Co<span class=\"_ _1\"></span>mpagnia un\u2019as<span class=\"ff4\">sunzione di<span class=\"_ _df\"> </span></span>rischio maggiore rispetto a quella preventiv<span class=\"_ _1\"></span>ata.<span class=\"_ _df\"> </span>-<span class=\"_ _1b\"> </span><span class=\"ff4\">Per quanto riguarda gli inte<span class=\"_ _1\"></span>rmediari e le altre controparti:<span class=\"_ _df\"> </span></span>o<span class=\"_ _25\"> </span><span class=\"ff4\">Rischio <span class=\"_ _2\"></span>di credito <span class=\"_ _2\"></span>verso <span class=\"_ _2\"></span>intermedi<span class=\"_ _1\"></span>ari <span class=\"_ _2\"></span>e altr<span class=\"_ _2\"></span>e controparti: <span class=\"_ _2\"></span>rappresenta il <span class=\"_ _2\"></span>rischio di <span class=\"_ _2\"></span>perdite in </span>conseguenza <span class=\"_ _f\"></span>all\u2019inadempimento cont<span class=\"_ _1\"></span>ratt<span class=\"ff4\">uale d<span class=\"_ _1\"></span>i <span class=\"_ _f\"></span>so<span class=\"_ _2\"></span>ggetti <span class=\"_ _f\"></span>terzi (<span class=\"_ _1\"></span>es. <span class=\"_ _f\"></span>i credi<span class=\"_ _1\"></span>ti <span class=\"_ _1\"></span>verso <span class=\"_ _1\"></span>assicurati, </span>verso intermediari assicurativi, conti correnti verso banche)<span class=\"_ _1\"></span>.<span class=\"_ _df\"> </span>-<span class=\"_ _1b\"> </span><span class=\"ff4\">Per <span class=\"_ _2\"></span>quanto <span class=\"_ _2\"></span>riguarda <span class=\"_ _d\"></span>la <span class=\"_ _2\"></span>sottoclasse <span class=\"_ _2\"></span>rischio <span class=\"_ _2\"></span>di <span class=\"_ _d\"></span>credito <span class=\"_ _2\"></span>degli<span class=\"_ _1\"></span> <span class=\"_ _2\"></span>investimenti <span class=\"_ _d\"></span>(correlato <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>pro<span class=\"_ _2\"></span>cesso<span class=\"_ _df\"> </span></span>di <span class=\"_ _2\"></span>asset <span class=\"_ _2\"></span>management) <span class=\"_ _2\"></span>essa <span class=\"_ _2\"></span>rappresenta <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span><span class=\"ff5\">r<span class=\"_ _2\"></span>ischio di <span class=\"_ _2\"></span>p<span class=\"_ _2\"></span>erdite d<span class=\"_ _2\"></span>erivanti dall\u2019insolvenza <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>una <span class=\"_ _2\"></span>o<span class=\"_ _df\"> </span></span>pi\u00f9 obbligazioni pertanto si identifican<span class=\"_ _1\"></span>o i seguenti fattori di rischio:<span class=\"_ _df\"> </span>o<span class=\"_ _25\"> </span><span class=\"ff5\">Bond default: rischio <span class=\"_ _1\"></span>legato all\u2019inademp<span class=\"_ _1\"></span>ienza dell\u2019emittente prima del<span class=\"_ _1\"></span>la realizzazione della </span>sua obbligazione;<span class=\"_ _df\"> </span>o<span class=\"_ _25\"> </span><span class=\"ff4\">Altre investment as<span class=\"_ _2\"></span>sets: rischio cred<span class=\"_ _1\"></span>ito verso altri assets.<span class=\"_ _df\"> </span></span>Da <span class=\"_ _2\"></span>un <span class=\"_ _2\"></span>punto <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>vista <span class=\"_ _2\"></span>della distribuzione d<span class=\"_ _2\"></span>ei <span class=\"_ _2\"></span>rischi <span class=\"_ _2\"></span>di counterpart<span class=\"_ _2\"></span>y default <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>Credemvita <span class=\"_ _2\"></span>secondo <span class=\"_ _2\"></span>i dettami <span class=\"_ _19\"> </span>normativi <span class=\"_ _18\"> </span>Solvency <span class=\"_ _19\"> </span>II <span class=\"_ _19\"> </span>si <span class=\"_ _19\"> </span>riporta <span class=\"_ _18\"> </span>nella <span class=\"_ _19\"> </span>tabella <span class=\"_ _19\"> </span>di <span class=\"_ _19\"> </span>seguito <span class=\"_ _18\"> </span>la <span class=\"_ _19\"> </span>miglior <span class=\"_ _19\"> </span>stima <span class=\"_ _19\"> </span>della rappresentazione <span class=\"_ _f\"></span>del rischio disponi<span class=\"_ _1\"></span>bile all<span class=\"_ _1\"></span>a data <span class=\"_ _f\"></span>di valutazione <span class=\"_ _f\"></span>(<span class=\"_ _2\"></span>si <span class=\"_ _1\"></span>precisa <span class=\"_ _1\"></span>che i<span class=\"_ _1\"></span>l p<span class=\"_ _1\"></span>eso comple<span class=\"_ _1\"></span>ssivo dei rischi counterpary defaul<span class=\"_ _1\"></span>t \u00e8 pari al 1<span class=\"_ _2\"></span>,1%). Credit risk - risk/sum of risk components - relativo e complessivo <table class=\"s w11e0 h5c0\" id=\"_f38a6fde-916c-4e67-a3d4-be698e4c86a3\"><tr><td></td><td class=\"c xb1a y38a8 w64c h69\"><div class=\"t m0 x32 h5 y71 ff4 fs1 fc4 sc3 ls0 ws0\">Relat<span class=\"_ _1\"></span>ivo </div></td><td class=\"c xb82 y38a8 w64d h69\"><div class=\"t m0 x2a h5 y71 ff4 fs1 fc4 sc3 ls0 ws0\">Comp<span class=\"_ _1\"></span>lessiv<span class=\"_ _1\"></span>o</div><div class=\"t m1 x11f h6 y71 ff4 fs2 fc1 sc2 ls0 ws0\"> </div></td></tr><tr><td class=\"c xb1c y38a9 w64e h69\"><div class=\"t m0 x8a h5 y394 ff4 fs1 fc1 sc0 ls0 ws0\">Type 1 counterparties </div></td><td class=\"c xb1a y38a9 w636 h69\"><div class=\"t m0 x8f h5 y394 ff4 fs1 fc1 sc0 ls0 ws0\">100,0% </div></td><td class=\"c xb1d y38a9 w637 h69\"><div class=\"t m0 x124 h5 y394 ff4 fs1 fc1 sc0 ls0 ws0\">1,1% </div></td></tr><tr><td class=\"c xb1c y38aa w64e h49\"><div class=\"t m0 x8a h5 y295 ff4 fs1 fc1 sc0 ls4 ws0\">Ty<span class=\"ls0\">pe 2 counterparties</span><span class=\"ls0\"> </span></div></td><td class=\"c xb1a y38aa w636 h49\"><div class=\"t m0 x7 h5 y295 ff4 fs1 fc1 sc0 ls0 ws0\">0,0% </div></td><td class=\"c xb1d y38aa w637 h49\"><div class=\"t m0 xf0 h5 y295 ff4 fs1 fc1 sc0 ls0 ws0\">0,0% </div></td></tr></table>Di <span class=\"_ _18\"> </span>tale <span class=\"_ _18\"> </span>requisito <span class=\"_ _18\"> </span>regolamentare <span class=\"_ _18\"> </span>la <span class=\"_ _18\"> </span>quota <span class=\"_ _18\"> </span>parte <span class=\"_ _18\"> </span>assorbita <span class=\"_ _10\"> </span>dal <span class=\"_ _18\"> </span>rischio <span class=\"_ _18\"> </span>default <span class=\"_ _18\"> </span>legato <span class=\"_ _18\"> </span>alla riassicurazione mar<span class=\"_ _2\"></span>ginale<span class=\"_ _1\"></span>. <span class=\"_ _2\"></span>I <span class=\"_ _2\"></span>trattati <span class=\"_ _2\"></span>di riass<span class=\"_ _2\"></span>icurazione<span class=\"_ _1\"></span> <span class=\"_ _2\"></span>in essere <span class=\"_ _2\"></span>hanno <span class=\"_ _2\"></span>una <span class=\"_ _2\"></span>qualit\u00e0 del <span class=\"_ _2\"></span>credito <span class=\"_ _2\"></span>pari a <span class=\"_ _14\"> </span>AA <span class=\"_ _15\"> </span>(si <span class=\"_ _14\"> </span>precisa <span class=\"_ _14\"> </span>che <span class=\"_ _14\"> </span>la <span class=\"_ _15\"> </span>Compagni<span class=\"_ _1\"></span>a <span class=\"_ _15\"> </span>pu\u00f2 <span class=\"_ _14\"> </span>sott<span class=\"_ _2\"></span>oscrive<span class=\"_ _1\"></span>re <span class=\"_ _14\"> </span>tr<span class=\"_ _2\"></span>attati <span class=\"_ _14\"> </span>di <span class=\"_ _14\"> </span>riassicurazione <span class=\"_ _14\"> </span>sono <span class=\"_ _14\"> </span>con riassicurazioni aventi una qualit\u00e0 del cred<span class=\"_ _1\"></span>ito maggiore o uguale a BBB).<span class=\"_ _2\"></span> Le <span class=\"_ _d\"></span>politiche <span class=\"_ _d\"></span>r<span class=\"_ _2\"></span>elative<span class=\"_ _1\"></span> <span class=\"_ _d\"></span>alla <span class=\"_ _0\"></span>gestione <span class=\"_ _d\"></span>del <span class=\"_ _d\"></span>r<span class=\"_ _2\"></span>ischio <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>credito <span class=\"_ _0\"></span>verso <span class=\"_ _d\"></span>gli <span class=\"_ _d\"></span>emitt<span class=\"_ _2\"></span>enti <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>strumenti <span class=\"_ _d\"></span>finanziari sono <span class=\"_ _d\"></span>riconducibili <span class=\"_ _d\"></span>a <span class=\"_ _d\"></span>quanto <span class=\"_ _d\"></span>s<span class=\"_ _2\"></span>opra <span class=\"_ _d\"></span>riportato <span class=\"_ _d\"></span>a <span class=\"_ _d\"></span>proposito <span class=\"_ _d\"></span>del <span class=\"_ _d\"></span>rischio <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>mercato <span class=\"_ _d\"></span>con <span class=\"_ _d\"></span>riferimento <span class=\"_ _d\"></span>ai principi ge<span class=\"_ _1\"></span>nerali relativi al <span class=\"_ _1\"></span>controllo deg<span class=\"_ _1\"></span>li investimenti di <span class=\"_ _1\"></span>natura finanziaria. P<span class=\"_ _1\"></span>er quanto conce<span class=\"_ _1\"></span>rne le controparti <span class=\"_ _9\"> </span>riassicurative, <span class=\"_ _9\"> </span>Credemvita <span class=\"_ _9\"> </span>ha <span class=\"_ _9\"> </span>definito <span class=\"_ _9\"> </span>politiche <span class=\"_ _9\"> </span>per <span class=\"_ _16\"> </span>la <span class=\"_ _9\"> </span>gestione<span class=\"_ _2\"></span> <span class=\"_ _9\"> </span>e <span class=\"_ _9\"> </span>il <span class=\"_ _9\"> </span>controllo <span class=\"_ _16\"> </span>di <span class=\"_ _0\"></span>tale rischio in termini di linee guid<span class=\"_ _1\"></span>a e limiti relativi alle controparti. <span class=\"_ _2\"></span> L\u2019identificazione <span class=\"_ _d\"></span>d<span class=\"_ _2\"></span>el <span class=\"_ _0\"></span>Counterparty <span class=\"_ _0\"></span>Default <span class=\"_ _0\"></span>Risk <span class=\"_ _0\"></span>viene <span class=\"_ _0\"></span>effettuata <span class=\"_ _0\"></span>con <span class=\"_ _0\"></span>r<span class=\"_ _2\"></span>iferimento <span class=\"_ _0\"></span>alle <span class=\"_ _0\"></span>controparti verso le quali sussistono posizioni di<span class=\"_ _1\"></span> credito.<span class=\"_ _2\"></span> Si riportano sinteticamente di seguito le misure di rischio utili<span class=\"_ _1\"></span>zzate:<span class=\"_ _2\"></span> -<span class=\"_ _1b\"> </span><span class=\"ff5\">Importo <span class=\"_ _2\"></span>Massimo in <span class=\"_ _2\"></span>Conti <span class=\"_ _2\"></span>Correnti: rappresenta <span class=\"_ _2\"></span>l\u2019ammontare <span class=\"_ _2\"></span>massimo in <span class=\"_ _2\"></span>C/C <span class=\"_ _2\"></span>da detenere <span class=\"_ _2\"></span>su<span class=\"_ _df\"> </span></span>singolo portafoglio;<span class=\"_ _df\"> </span>-<span class=\"_ _1b\"> </span><span class=\"ff5\">SCR <span class=\"_ _0\"></span>default <span class=\"_ _9\"> </span>conti <span class=\"_ _9\"> </span>corrente: <span class=\"_ _9\"> </span>al <span class=\"_ _0\"> </span>f<span class=\"_ _2\"></span>ine <span class=\"_ _0\"></span>di <span class=\"_ _9\"> </span>limitare <span class=\"_ _9\"> </span>gli <span class=\"_ _9\"> </span>eventuali <span class=\"_ _9\"> </span>effetti <span class=\"_ _9\"> </span>sull\u2019SCR <span class=\"_ _0\"> </span>d<span class=\"_ _2\"></span>efault <span class=\"_ _0\"></span>de<span class=\"_ _2\"></span><span class=\"ff4\">rivante<span class=\"_ _df\"> </span></span></span>dall\u2019aumento <span class=\"_ _9\"> </span>dei <span class=\"_ _9\"> </span>volumi <span class=\"_ _16\"> </span>dei <span class=\"_ _9\"> </span>conti <span class=\"_ _16\"> </span>corrente, <span class=\"_ _9\"> </span>la <span class=\"_ _16\"> </span>Compagnia <span class=\"_ _9\"> </span>ha <span class=\"_ _9\"> </span>fissato <span class=\"_ _16\"> </span>un <span class=\"_ _9\"> </span>limite <span class=\"_ _16\"> </span>superiore <span class=\"_ _9\"> </span>in termini di SCR Default;<span class=\"_ _df\"> </span>-<span class=\"_ _1b\"> </span><span class=\"ff5\">SCR <span class=\"_ _e\"> </span>Counterparty <span class=\"_ _e\"> </span>Default <span class=\"_ _10\"> </span>Risk <span class=\"_ _e\"> </span>Riassicurativo/Recoverables <span class=\"_ _e\"> </span>SII: <span class=\"_ _e\"> </span>l\u2019indicator<span class=\"_ _2\"></span>e <span class=\"_ _e\"> </span>\u00e8 <span class=\"_ _e\"> </span>cos<span class=\"_ _2\"></span>truito </span>rapportando  l\u2019SCR  Counterparty  Default  Risk  v<span class=\"ff4\">erso  Riassicuratori  (pre-diversificazione),<span class=\"_ _1\"></span>  ai<span class=\"_ _df\"> </span></span>Recoverables (somma tra le riserve ce<span class=\"_ _1\"></span>dute e crediti netti verso riassicuratori); -<span class=\"_ _1b\"> </span><span class=\"ff5\">Esposizione <span class=\"_ _26\"> </span>per <span class=\"_ _26\"> </span>Riassicuratore: <span class=\"_ _21\"> </span>l\u2019indicatore <span class=\"_ _26\"> </span>individua <span class=\"_ _26\"> </span>l\u2019e<span class=\"_ _2\"></span>sposizione <span class=\"_ _26\"> </span>verso <span class=\"_ _26\"> </span>ciascun </span>Riassicuratore in termini di somme assicurat<span class=\"lse\">e;</span> -<span class=\"_ _1b\"> </span><span class=\"ff5\">Anzianit\u00e0 <span class=\"_ _2\"></span>dei <span class=\"_ _d\"></span>crediti <span class=\"_ _2\"></span>netti <span class=\"_ _d\"></span>per <span class=\"_ _d\"></span>Riassicuratore: <span class=\"_ _2\"></span>l\u2019indicatore <span class=\"_ _d\"></span>individua <span class=\"_ _2\"></span>l\u2019anzianit\u00e0 <span class=\"_ _d\"></span>dei <span class=\"_ _2\"></span>crediti <span class=\"_ _d\"></span>netti </span>verso ciascuna controparte riassicurativa;<span class=\"_ _df\"> </span>-<span class=\"_ _1b\"> </span><span class=\"ff5\">Ammontare <span class=\"_ _d\"></span>dei <span class=\"_ _2\"></span>crediti <span class=\"_ _d\"></span>netti <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>Riassicuratore: <span class=\"_ _d\"></span>l\u2019indicatore <span class=\"_ _2\"></span>individua <span class=\"_ _d\"></span>l\u2019ammontare <span class=\"_ _d\"></span>dei <span class=\"_ _2\"></span>crediti </span>netti verso ciascuna controparte riassicurativa.<span class=\"_ _df\"> </span>Rischi <span class=\"_ _1\"></span>Oper<span class=\"_ _f\"></span>ativi Il <span class=\"_ _1\"></span>rischio ope<span class=\"_ _1\"></span>rativo \u00e8 <span class=\"_ _f\"></span>d<span class=\"_ _2\"></span>efinibile <span class=\"_ _f\"></span>co<span class=\"_ _2\"></span>me <span class=\"_ _f\"></span>il rischio d<span class=\"_ _1\"></span>i subire <span class=\"_ _f\"></span>perdite derivanti <span class=\"_ _1\"></span>dalla inadegu<span class=\"_ _f\"></span>at<span class=\"_ _2\"></span>ezza o <span class=\"_ _f\"></span>dalla disfunzione <span class=\"_ _0\"></span>(<span class=\"_ _2\"></span>carenze <span class=\"_ _0\"></span>o  errori) <span class=\"_ _0\"></span>di <span class=\"_ _9\"> </span>procedure <span class=\"_ _16\"> </span>interne, <span class=\"_ _0\"></span>risor<span class=\"_ _2\"></span>se <span class=\"_ _9\"> </span>umane <span class=\"_ _9\"> </span>o <span class=\"_ _9\"> </span>sistemi <span class=\"_ _16\"> </span>oppure <span class=\"_ _0\"></span>da <span class=\"_ _16\"> </span>eventi esogeni <span class=\"_ _0\"></span>(cfr. <span class=\"_ _d\"></span>ar<span class=\"_ _2\"></span>ticolo <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-<span class=\"ff5\">bis <span class=\"_ _0\"></span>5 <span class=\"_ _9\"> </span>del <span class=\"_ _d\"></span>CAP). <span class=\"_ _0\"></span>P<span class=\"_ _2\"></span>ertanto, <span class=\"_ _0\"></span>l\u2019impresa <span class=\"_ _d\"></span>pu\u00f2 <span class=\"_ _0\"></span>incor<span class=\"_ _2\"></span>rere <span class=\"_ _d\"></span>in</span><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs19e7\">perdite <span class=\"_ _22\"> </span>o<span class=\"_ _2\"></span>perative, <span class=\"_ _22\"> </span>definibili <span class=\"_ _4\"> </span>come <span class=\"_ _4\"> </span>gli <span class=\"_ _4\"> </span>effetti <span class=\"_ _4\"> </span>economici <span class=\"_ _22\"> </span>negat<span class=\"_ _2\"></span>ivi <span class=\"_ _22\"> </span>d<span class=\"_ _2\"></span>erivanti <span class=\"_ _22\"> </span>da <span class=\"_ _4\"> </span>eventi <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>natura </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs19e8\">operativa, rilevati nella contabilit\u00e0 aziendale e tali da avere impatto sul conto economico.<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs16ec\">Alla pi\u00f9 generale categoria dei Rischi Ope<span class=\"_ _1\"></span>rativi appartengono le seguenti sotto<span class=\"_ _2\"></span>-categorie:<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff13 fs1 fc1 sc0 ls0 ws0 gs16ed\">-<span class=\"ff10\"> <span class=\"_ _24\"> </span><span class=\"ff4\">Rischio Operativi;<span class=\"_ _df\"> </span></span></span><span class=\"ff10\"><span class=\"ff4\"> </span></span></div><div class=\"t m0 h5 ff13 fs1 fc1 sc0 ls0 ws0 gs16ee\">-<span class=\"ff10\"> <span class=\"_ _24\"> </span><span class=\"ff4\">Rischio Informatico &amp; di Sicurezza;<span class=\"_ _df\"> </span></span></span><span class=\"ff10\"><span class=\"ff4\"> </span></span></div><div class=\"t m0 h5 ff13 fs1 fc1 sc0 ls0 ws0 gs16ef\">-<span class=\"ff10\"> <span class=\"_ _24\"> </span><span class=\"ff4\">Rischio di non Conformit\u00e0 alle norme;<span class=\"_ _df\"> </span></span></span><span class=\"ff10\"><span class=\"ff4\"> </span></span></div><div class=\"t m0 h5 ff13 fs1 fc1 sc0 ls0 ws0 gs18f4\">-<span class=\"ff10\"> <span class=\"_ _24\"> </span><span class=\"ff4\">Model Risk;<span class=\"_ _df\"> </span></span></span><span class=\"ff10\"><span class=\"ff4\"> </span></span></div><div class=\"t m0 h5 ff13 fs1 fc1 sc0 ls0 ws0 gs16f0\">-<span class=\"ff10\"> <span class=\"_ _24\"> </span><span class=\"ff4\">Continuit\u00e0 Operativa;<span class=\"_ _df\"> </span></span></span><span class=\"ff10\"><span class=\"ff4\"> </span></span></div><div class=\"t m0 h5 ff13 fs1 fc1 sc0 ls0 ws0 gs18f5\">-<span class=\"ff10\"> <span class=\"_ _24\"> </span><span class=\"ff4\">Regulatory Operational Risk,<span class=\"_ _df\"> </span></span></span><span class=\"ff10\"><span class=\"ff4\"> </span></span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs19ea\">di seguito meglio esplici<span class=\"_ _1\"></span>tate.<span class=\"_ _df\"> </span><span class=\"_ _2\"></span><span class=\"fc4 sc3\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc4 sc0 ls0 ws0 gs18f7\">Rischio Operativo e Rischio Inf<span class=\"_ _1\"></span>ormat<span class=\"_ _2\"></span>ico &amp; di Sicu<span class=\"_ _f\"></span>r<span class=\"_ _2\"></span>ezza<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1483\">I principali fattori di rischio che caratterizzano il rischio operativo<span class=\"_ _1\"></span> sono:<span class=\"_ _df\"> </span><span class=\"_ _2\"></span> </div><div class=\"t m0 h5 ff13 fs1 fc1 sc0 ls0 ws0 gs1484\">-<span class=\"ff10\"> <span class=\"_ _24\"> </span><span class=\"ff5\">Persone:  le <span class=\"_ _22\"> </span>riso<span class=\"_ _2\"></span>rse  umane  poss<span class=\"_ _2\"></span>ono  essere <span class=\"_ _4\"> </span>fon<span class=\"_ _1\"></span>te  di <span class=\"_ _4\"> </span>rischio  per  l\u2019impresa<span class=\"_ _2\"></span><span class=\"ff4\">, <span class=\"_ _22\"> </span>se <span class=\"_ _4\"> </span>la  struttura<span class=\"_ _df\"> </span></span></span></span><span class=\"ff10\"><span class=\"ff5\"><span class=\"ff4\"> </span></span></span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs18fa\">organizzativa <span class=\"_ _1\"></span>non \u00e8<span class=\"_ _1\"></span> effi<span class=\"_ _1\"></span>ciente, <span class=\"_ _f\"></span>oppure si <span class=\"_ _f\"></span>verificano carenze <span class=\"_ _f\"></span>nella professionalit\u00e0 <span class=\"_ _f\"></span>dei dip<span class=\"_ _1\"></span>endenti<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs18fb\">o, <span class=\"_ _f\"></span>per esemp<span class=\"_ _1\"></span>io, <span class=\"_ _f\"></span>s<span class=\"_ _2\"></span>e <span class=\"_ _f\"></span>la <span class=\"_ _1\"></span>struttura <span class=\"_ _f\"></span>r<span class=\"_ _2\"></span>etribu<span class=\"_ _1\"></span>tiva <span class=\"_ _f\"></span>e il <span class=\"_ _f\"></span>percorso d<span class=\"_ _f\"></span>i carriera <span class=\"_ _f\"></span>non <span class=\"_ _f\"></span>sono adegu<span class=\"_ _1\"></span>ati <span class=\"_ _1\"></span>e <span class=\"_ _f\"></span>se il <span class=\"_ _f\"></span>clima<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs18fc\">aziendale non <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _2\"></span>idoneo. Gli <span class=\"_ _2\"></span>esempi <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>perdite dovute <span class=\"_ _2\"></span>a r<span class=\"_ _2\"></span>isorse <span class=\"_ _2\"></span>inc<span class=\"_ _1\"></span>ompetenti o <span class=\"_ _2\"></span>negligenti <span class=\"_ _2\"></span>sono<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs18fd\">numerosi, <span class=\"_ _0\"></span>fra <span class=\"_ _0\"></span>questi <span class=\"_ _9\"> </span>emergono <span class=\"_ _0\"></span>i <span class=\"_ _0\"></span>casi <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>inserimento <span class=\"_ _9\"> </span>erroneo <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>dati <span class=\"_ _0\"></span>nei <span class=\"_ _0\"></span>sistemi, <span class=\"_ _0\"></span>errori <span class=\"_ _0\"></span>nella<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs18fe\">trasposizione dei dati o violazi<span class=\"_ _1\"></span>oni di regolamenti.<span class=\"_ _df\"> </span><span class=\"_ _2\"></span> </div><div class=\"t m0 h5 ff13 fs1 fc1 sc0 ls0 ws0 gs1489\">-<span class=\"ff10\"> <span class=\"_ _24\"> </span><span class=\"ff4\">Processi: <span class=\"_ _2\"></span>i processi <span class=\"_ _2\"></span>aziendali so<span class=\"_ _2\"></span>no fonte <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>rischio o<span class=\"_ _2\"></span>perativo <span class=\"_ _2\"></span>nel caso <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>cui si <span class=\"_ _2\"></span>verifichino <span class=\"_ _2\"></span>delle<span class=\"_ _df\"> </span></span></span><span class=\"ff10\"><span class=\"ff4\"> </span></span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs19eb\">inefficienze nel <span class=\"_ _2\"></span>disegno, <span class=\"_ _2\"></span>nella fo<span class=\"_ _2\"></span>rmalizzazione e <span class=\"_ _2\"></span>nella <span class=\"_ _2\"></span>definizione della <span class=\"_ _2\"></span>struttura <span class=\"_ _2\"></span>degli stessi <span class=\"_ _2\"></span>e<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1900\">quindi nella definizione <span class=\"_ _2\"></span>degli attori <span class=\"_ _2\"></span>che vi prendono <span class=\"_ _2\"></span>parte e del <span class=\"_ _2\"></span>relativo livello di <span class=\"_ _2\"></span>responsabilit\u00e0<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1901\">e d<span class=\"_ _1\"></span>i autorizzazione. <span class=\"_ _f\"></span>Poss<span class=\"_ _2\"></span>ono risu<span class=\"_ _f\"></span>ltar<span class=\"_ _2\"></span>e <span class=\"_ _f\"></span>inadeguati e q<span class=\"_ _1\"></span>uindi essere <span class=\"_ _f\"></span>f<span class=\"_ _2\"></span>onte <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>rischio operativo <span class=\"_ _f\"></span>tutt<span class=\"_ _2\"></span>i<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs19ec\">i p<span class=\"_ _1\"></span>rocessi aziend<span class=\"_ _f\"></span>ali, compresi <span class=\"_ _1\"></span>i <span class=\"_ _f\"></span>mo<span class=\"_ _2\"></span>dell<span class=\"_ _1\"></span>i v<span class=\"_ _1\"></span>alutativi e <span class=\"_ _f\"></span>di calcolo <span class=\"_ _f\"></span>e gli<span class=\"_ _1\"></span> stessi <span class=\"_ _f\"></span>processi di<span class=\"_ _1\"></span> gestione<span class=\"_ _1\"></span> de<span class=\"_ _1\"></span>l<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1903\">rischio. Sono fonte di rischio operativo:<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff12 fs1 fc1 sc0 ls0 ws0 gs1904\">o<span class=\"ff10\"> <span class=\"_ _6\"> </span><span class=\"ff4\">le <span class=\"_ _4\"> </span>esternalizzazioni <span class=\"_ _4\"> </span>d<span class=\"_ _2\"></span>i <span class=\"_ _4\"> </span>attivit\u00e0 <span class=\"_ _4\"> </span>aziendali <span class=\"_ _17\"> </span>nel <span class=\"_ _4\"> </span>caso <span class=\"_ _17\"> </span>in <span class=\"_ _17\"> </span>cui <span class=\"_ _4\"> </span>si <span class=\"_ _17\"> </span>verifichino <span class=\"_ _4\"> </span>delle <span class=\"_ _4\"> </span>carenze <span class=\"_ _17\"> </span>/<span class=\"_ _df\"> </span></span></span><span class=\"ff10\"><span class=\"ff4\"> </span></span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs19ed\">inadeguatezze <span class=\"_ _f\"></span>nei processi <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>gestione de<span class=\"_ _1\"></span>l rapporto <span class=\"_ _f\"></span>con gli <span class=\"_ _f\"></span>outsourcer tali <span class=\"_ _f\"></span>da causare <span class=\"_ _f\"></span>delle<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs19ee\">perdite all\u2019impresa;<span class=\"_ _df\"> </span><span class=\"ff4\"> </span></div><div class=\"t m0 h5 ff12 fs1 fc1 sc0 ls0 ws0 gs1907\">o<span class=\"ff10\"> <span class=\"_ _6\"> </span><span class=\"ff5\">il <span class=\"_ _d\"></span>mancato <span class=\"_ _d\"></span>aggiornamento <span class=\"_ _0\"></span>o <span class=\"_ _d\"></span>l\u2019inadeguata <span class=\"_ _d\"></span>archiviazione <span class=\"_ _d\"></span>delle <span class=\"_ _d\"></span>procedure <span class=\"_ _d\"></span>e <span class=\"_ _0\"></span>no<span class=\"_ _2\"></span><span class=\"ff4\">rmative <span class=\"_ _d\"></span>che<span class=\"_ _df\"> </span></span></span></span><span class=\"ff10\"><span class=\"ff5\"><span class=\"ff4\"> </span></span></span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs19ef\">formalizzano i processi interni;<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff12 fs1 fc1 sc0 ls0 ws0 gs1909\">o<span class=\"ff10\"> <span class=\"_ _6\"> </span><span class=\"ff4\">mancata/inadeguata/intempestiva <span class=\"_ _f\"></span>emanazione di norme <span class=\"_ _f\"></span>att<span class=\"_ _2\"></span>uative <span class=\"_ _f\"></span>interne in <span class=\"_ _1\"></span>relazione alla<span class=\"_ _df\"> </span></span></span><span class=\"ff10\"><span class=\"ff4\"> </span></span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs19f0\">normativa esterna vigente.<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff13 fs1 fc1 sc0 ls0 ws0 gs19f1\">-<span class=\"ff10\"> <span class=\"_ _24\"> </span><span class=\"ff5\">Eventi Esterni: gli eventi legati a fattori esterni possono causare perdite all\u2019impresa a fronte<span class=\"_ _2\"></span><span class=\"ff4\"> di<span class=\"_ _df\"> </span></span></span></span><span class=\"ff10\"><span class=\"ff5\"><span class=\"ff4\"> </span></span></span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs19f2\">calamit\u00e0 <span class=\"_ _0\"></span>naturali, <span class=\"_ _0\"></span>di <span class=\"_ _0\"> </span>prevenzione <span class=\"_ _0\"></span>e <span class=\"_ _9\"> </span>sicurezza <span class=\"_ _0\"></span>verso <span class=\"_ _0\"></span>eventi <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>nat<span class=\"_ _2\"></span>ura <span class=\"_ _0\"></span>accidentale, <span class=\"_ _d\"></span>a <span class=\"_ _9\"> </span>fronte <span class=\"_ _9\"> </span>di<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs190d\">obsolescenza delle infrastrutture, di prevenzione e di <span class=\"_ _2\"></span>sicurezza verso atti di natura <span class=\"_ _2\"></span>criminosa,<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs190e\">nei <span class=\"_ _9\"> </span>passaggi <span class=\"_ _9\"> </span>autorizzativi <span class=\"_ _9\"> </span>per <span class=\"_ _9\"> </span>l'esecuzione <span class=\"_ _0\"></span>delle <span class=\"_ _9\"> </span>att<span class=\"_ _2\"></span>ivit\u00e0 <span class=\"_ _9\"> </span>operative, <span class=\"_ _9\"> </span>nelle <span class=\"_ _9\"> </span>misure <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>contr<span class=\"_ _2\"></span>oll<span class=\"_ _1\"></span>o<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs190f\">verso attivit\u00e0 non <span class=\"_ _f\"></span>autorizzate e frodi <span class=\"_ _1\"></span>da parte <span class=\"_ _f\"></span>di dipendenti, di <span class=\"_ _1\"></span>misure preve<span class=\"_ _1\"></span>ntive verso frodi d<span class=\"_ _1\"></span>a<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1910\">parte di est<span class=\"_ _2\"></span>erni, a fronte di un <span class=\"_ _2\"></span>inade<span class=\"_ _1\"></span>guato <span class=\"_ _2\"></span>e/o non tempestivo aggiornamento della nor<span class=\"_ _2\"></span>mativa<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1911\">interna in relazione ai mutamenti della normativa esterna da cui deriva.   </div><div class=\"t m0 h5 ff13 fs1 fc1 sc0 ls0 ws0 gs1709\">-<span class=\"ff10\"> <span class=\"_ _24\"> </span><span class=\"ff4\">Rischio Informatico e <span class=\"_ _1\"></span>di Sicurezza: q<span class=\"_ _1\"></span>uesto fattore di rischio \u00e8<span class=\"_ _1\"></span> composta dai <span class=\"_ _f\"></span>s<span class=\"_ _2\"></span>egue<span class=\"_ _1\"></span>nti elementi:<span class=\"_ _df\"> </span></span></span><span class=\"ff10\"><span class=\"ff4\"><span class=\"_ _2\"></span> </span></span></div><div class=\"t m0 h5 ff12 fs1 fc1 sc0 ls0 ws0 gs19f3\">o<span class=\"ff10\"> <span class=\"_ _2f\"> </span><span class=\"ff4\">ICT Data Inte<span class=\"_ _1\"></span>graty Risks: rischi de<span class=\"_ _1\"></span>rivanti da eventi o <span class=\"_ _f\"></span>s<span class=\"_ _2\"></span>ituazioni <span class=\"_ _1\"></span>che possono causare<span class=\"_ _df\"> </span></span></span><span class=\"ff10\"><span class=\"ff4\"> </span></span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs19f4\">l\u2019interruzione <span class=\"_ _26\"> </span>dei <span class=\"_ _8\"> </span>servizi <span class=\"_ _21\"> </span>(<span class=\"ff4\">es. <span class=\"_ _21\"> </span>cyber <span class=\"_ _21\"> </span>at<span class=\"_ _2\"></span>tacks, <span class=\"_ _26\"> </span>guasti <span class=\"_ _8\"> </span>hardware/software,<span class=\"_ _df\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs19f5\">inadeguatezza dei piani di Disaster Recovery).<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff12 fs1 fc1 sc0 ls0 ws0 gs19f6\">o<span class=\"ff10\"> <span class=\"_ _2f\"> </span><span class=\"ff4\">ICT <span class=\"_ _4\"> </span>Security <span class=\"_ _4\"> </span>Risk: <span class=\"_ _4\"> </span>rischi <span class=\"_ _4\"> </span>derivanti <span class=\"_ _4\"> </span>da <span class=\"_ _4\"> </span>eventi <span class=\"_ _4\"> </span>o <span class=\"_ _4\"> </span>sit<span class=\"_ _2\"></span>uazioni <span class=\"_ _4\"> </span>che <span class=\"_ _4\"> </span>possono <span class=\"_ _4\"> </span>causare<span class=\"_ _df\"> </span></span></span><span class=\"ff10\"><span class=\"ff4\"><span class=\"_ _f\"></span> </span></span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs19f7\">l\u2019accesso  non  autorizzato  a <span class=\"_ _4\"> </span>da<span class=\"_ _f\"></span>t<span class=\"_ _2\"></span>i  o  sistemi  aziendali  (es.  rischi  di  cyber <span class=\"_ _22\"> </span>at<span class=\"_ _2\"></span>tack,<span class=\"_ _df\"> </span><span class=\"_ _1\"></span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls1a ws0 gs19f8\">ina<span class=\"ls0\">deguatezza dei sistemi di autenticazione/autorizzazione).<span class=\"_ _df\"> </span></span><span class=\"ls0\"> </span></div><div class=\"t m0 h5 ff12 fs1 fc1 sc0 ls0 ws0 gs19f9\">o<span class=\"ff10\"> <span class=\"_ _2f\"> </span><span class=\"ff4\">ICT <span class=\"_ _d\"></span>Change <span class=\"_ _d\"></span>Risks: <span class=\"_ _d\"></span>r<span class=\"_ _2\"></span>ischi <span class=\"_ _d\"></span>derivanti <span class=\"_ _d\"></span>dall'incapacit\u00e0 <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>gestire, <span class=\"_ _0\"></span>in <span class=\"_ _d\"></span>modo <span class=\"_ _d\"></span>tempestivo <span class=\"_ _d\"></span>e<span class=\"_ _df\"> </span></span></span><span class=\"ff10\"><span class=\"ff4\"> </span></span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs19fa\">controllato, <span class=\"_ _d\"></span>i <span class=\"_ _d\"></span>cambiamenti <span class=\"_ _2\"></span>dei <span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>istemi <span class=\"_ _d\"></span>ICT <span class=\"_ _2\"></span>in <span class=\"_ _d\"></span>particolare <span class=\"_ _d\"></span>per <span class=\"_ _d\"></span>piani <span class=\"_ _d\"></span>di <span class=\"_ _2\"></span>cambiamento<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs19fb\">ampi <span class=\"_ _4\"> </span>e <span class=\"_ _22\"> </span>complessi <span class=\"_ _4\"> </span>(es. <span class=\"_ _4\"> </span>inadeguat<span class=\"_ _2\"></span>ezza <span class=\"_ _22\"> </span>o <span class=\"_ _4\"> </span>as<span class=\"_ _2\"></span>senza <span class=\"_ _22\"> </span>di <span class=\"_ _4\"> </span>controlli <span class=\"_ _4\"> </span>nello <span class=\"_ _4\"> </span>sviluppo <span class=\"_ _22\"> </span>d<span class=\"_ _2\"></span>el<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs19fc\">software, inadeguatezza dell\u2019architettura ICT).<span class=\"_ _df\"> </span><span class=\"ff4\"> </span></div><div class=\"t m0 h5 ff12 fs1 fc1 sc0 ls0 ws0 gs19fd\">o<span class=\"ff10\"> <span class=\"_ _2f\"> </span><span class=\"ff5\">ICT <span class=\"_ _0\"></span>D<span class=\"_ _2\"></span>ata <span class=\"_ _9\"> </span>Integrity <span class=\"_ _9\"> </span>Risk: <span class=\"_ _0\"></span>r<span class=\"_ _2\"></span>ischi <span class=\"_ _0\"></span>derivanti <span class=\"_ _9\"> </span>dalla <span class=\"_ _9\"> </span>presenza <span class=\"_ _9\"> </span>e <span class=\"_ _9\"> </span>dall\u2019ut<span class=\"_ _2\"></span>ilizzo <span class=\"_ _0\"></span>da <span class=\"_ _9\"> </span>part<span class=\"_ _2\"></span>e <span class=\"_ _9\"> </span>dei<span class=\"_ _df\"> </span></span></span><span class=\"ff10\"><span class=\"ff5\"><span class=\"_ _1\"></span> </span></span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs19fe\">sistemi <span class=\"_ _d\"></span>ICT <span class=\"_ _2\"></span>di <span class=\"_ _d\"></span>dati <span class=\"_ _2\"></span>non <span class=\"_ _d\"></span>completi, <span class=\"_ _2\"></span>non <span class=\"_ _d\"></span>accurati <span class=\"_ _2\"></span>e <span class=\"_ _d\"></span>non <span class=\"_ _d\"></span>coerenti<span class=\"_ _1\"></span> <span class=\"_ _d\"></span>tra <span class=\"_ _2\"></span>loro <span class=\"_ _d\"></span>che <span class=\"_ _d\"></span>possono<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs19ff\">compromettere <span class=\"_ _15\"> </span>la <span class=\"_ _15\"> </span>correttezza <span class=\"_ _15\"> </span>e <span class=\"_ _14\"> </span>la <span class=\"_ _15\"> </span>temp<span class=\"_ _2\"></span>estivit\u00e0 <span class=\"_ _14\"> </span>del <span class=\"_ _15\"> </span>servizio <span class=\"_ _15\"> </span>erogato <span class=\"_ _15\"> </span>e <span class=\"_ _15\"> </span>delle<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs1a00\">informazioni gestionali e <span class=\"_ _2\"></span>finanziarie fornite <span class=\"_ _2\"></span>(es. anomalie nell\u2019elaborazione dei dati<span class=\"_ _2\"></span>,<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1a01\">inadeguatezza dei controlli di data-input / data-<span class=\"ff5\">extraction, \u2026).<span class=\"_ _df\"> </span></span> </div><div class=\"t m0 h5 ff12 fs1 fc1 sc0 ls0 ws0 gs1a02\">o<span class=\"ff10\"> <span class=\"_ _2f\"> </span><span class=\"ff4\">ICT <span class=\"_ _2\"></span>Outsourcing <span class=\"_ _d\"></span>Risk: <span class=\"_ _d\"></span>rischi <span class=\"_ _2\"></span>derivanti <span class=\"_ _d\"></span>da <span class=\"_ _2\"></span>est<span class=\"_ _2\"></span>ernalizzazione<span class=\"_ _f\"></span> <span class=\"_ _d\"></span>verso <span class=\"_ _d\"></span>una <span class=\"_ _d\"></span>terza <span class=\"_ _2\"></span>parte <span class=\"_ _d\"></span>o<span class=\"_ _df\"> </span></span></span><span class=\"ff10\"><span class=\"ff4\"> </span></span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs1a03\">verso un\u2019altra <span class=\"_ _2\"></span>entit\u00e0 del Gruppo (intra<span class=\"ff4\">-group outs<span class=\"_ _2\"></span>ourcing) di processi di fornitura di<span class=\"_ _df\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1a04\">sistemi <span class=\"_ _16\"> </span>ICT <span class=\"_ _16\"> </span>o <span class=\"_ _9\"> </span>servizi  co<span class=\"_ _f\"></span>r<span class=\"_ _2\"></span>relati <span class=\"_ _9\"> </span>(es. <span class=\"_ _16\"> </span>inadeguatezza <span class=\"_ _9\"> </span>dei  me<span class=\"_ _1\"></span>ccanismi  contrattuali <span class=\"_ _9\"> </span>di<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1a05\">controllo, degrado del <span class=\"ff5\">servizio offerto, \u2026).<span class=\"_ _df\"> </span></span> </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs14af\">L\u2019approccio di identificazione del rischio operativo segue una logica di tipo \u2018bottom up\u2019, basata su<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs14b0\">una <span class=\"_ _f\"></span>metodologia <span class=\"_ _f\"></span>di <span class=\"_ _f\"></span>Risk<span class=\"_ _2\"></span> <span class=\"_ _f\"></span>Self <span class=\"_ _f\"></span>Assessment con <span class=\"_ _11\"></span>l\u2019obiettivo <span class=\"_ _f\"></span>di <span class=\"_ _1\"></span>valutare <span class=\"_ _f\"></span>il <span class=\"_ _f\"></span>li<span class=\"_ _2\"></span>vello <span class=\"_ _f\"></span>di <span class=\"_ _f\"></span>rischiosit\u00e0 <span class=\"_ _f\"></span>e <span class=\"_ _f\"></span>la qualit\u00e0 </div>dei <span class=\"_ _f\"></span>controlli p<span class=\"_ _1\"></span>osti i<span class=\"_ _1\"></span>n <span class=\"_ _1\"></span>essere <span class=\"_ _f\"></span>per m<span class=\"_ _1\"></span>itigare <span class=\"_ _f\"></span>il rischio <span class=\"_ _f\"></span>afferente <span class=\"_ _f\"></span>alle <span class=\"_ _1\"></span>attivit\u00e0 <span class=\"_ _f\"></span>operative e<span class=\"_ _f\"></span> ad <span class=\"_ _f\"></span>ogni <span class=\"_ _1\"></span>processo<span class=\"_ _df\"> </span>aziendale. L\u2019obiettivo di <span class=\"_ _1\"></span>tale approccio, <span class=\"_ _1\"></span>basato sull\u2019anal<span class=\"_ _1\"></span>isi per Team Fu<span class=\"_ _1\"></span>nzionali, \u00e8<span class=\"_ _1\"></span> l\u2019individuazione de<span class=\"_ _1\"></span>gli eventi<span class=\"_ _df\"> </span>perdita <span class=\"_ _17\"> </span>che <span class=\"_ _14\"> </span>potrebbero <span class=\"_ _14\"> </span>manifestar<span class=\"_ _2\"></span>si, <span class=\"_ _17\"> </span>la <span class=\"_ _14\"> </span>valutazione <span class=\"_ _14\"> </span>del <span class=\"_ _14\"> </span>pos<span class=\"_ _2\"></span>sibile<span class=\"_ _1\"></span> <span class=\"_ _14\"> </span>impatto <span class=\"_ _14\"> </span>e <span class=\"_ _14\"> </span>della <span class=\"_ _14\"> </span>possibile<span class=\"_ _df\"> </span>frequenza <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>r<span class=\"_ _2\"></span>ealizzazione <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>t<span class=\"_ _2\"></span>ali <span class=\"_ _4\"> </span>eventi <span class=\"_ _17\"> </span>(quantificazione <span class=\"_ _4\"> </span>delle <span class=\"_ _17\"> </span>perdite <span class=\"_ _4\"> </span>attese <span class=\"_ _17\"> </span>e <span class=\"_ _4\"> </span>inatt<span class=\"_ _2\"></span>ese), <span class=\"_ _4\"> </span>la<span class=\"_ _df\"> </span>valutazione de<span class=\"_ _1\"></span>ll\u2019efficacia dei controlli a p<span class=\"_ _1\"></span>residio e <span class=\"_ _1\"></span>dei possibi<span class=\"_ _1\"></span>li strumenti organizzativ<span class=\"_ _1\"></span>i attivabili per<span class=\"_ _df\"> </span>la mitigazione del rischio. La valutazione delle p<span class=\"_ _2\"></span>erdite attese e inattese viene fatta sia in relazione<span class=\"_ _df\"> </span>al rischio <span class=\"_ _2\"></span>operativo nella sua interezza <span class=\"_ _2\"></span>sia per la <span class=\"_ _2\"></span>componente relativa al <span class=\"_ _2\"></span>rischio ICT e <span class=\"_ _2\"></span>di sicurezza.<span class=\"_ _df\"> </span>Su entrambe le grandezze esistono dei li<span class=\"_ _1\"></span>miti RAF.<span class=\"_ _df\"> </span>La <span class=\"_ _4\"> </span>Compagnia <span class=\"_ _17\"> </span>ha <span class=\"_ _4\"> </span>st<span class=\"_ _2\"></span>rutturato, <span class=\"_ _4\"> </span>inoltre, <span class=\"_ _4\"> </span>con <span class=\"_ _17\"> </span>periodicit\u00e0 <span class=\"_ _4\"> </span>annuale <span class=\"_ _4\"> </span>una <span class=\"_ _17\"> </span>valutazione <span class=\"_ _4\"> </span>delle <span class=\"_ _4\"> </span>perdite<span class=\"_ _df\"> </span>effettive <span class=\"_ _1\"></span>subite derivanti da rischi op<span class=\"_ _1\"></span>erativi (c.d. LDC <span class=\"ff5\">\u2013</span> Loss Data Colle<span class=\"_ _f\"></span>ct<span class=\"_ _2\"></span>ion). Tale anal<span class=\"_ _1\"></span>isi consente<span class=\"_ _df\"> </span>inoltre di effettuare un back-test circa la valutazione ex-ante mediante Risk Self-Assessment.<span class=\"_ _df\"> </span>Regulatory Operational Risk<span class=\"_ _df\"> </span>Per quanto <span class=\"_ _1\"></span>riguarda la valu<span class=\"_ _f\"></span>t<span class=\"_ _2\"></span>azione <span class=\"_ _1\"></span>del requisito d<span class=\"_ _1\"></span>i capitale <span class=\"_ _1\"></span>(SCR), i rischi <span class=\"_ _1\"></span>operativi veng<span class=\"_ _1\"></span>ono valutati<span class=\"_ _df\"> </span>mediante <span class=\"_ _f\"></span>l<span class=\"_ _2\"></span>\u2019applicazione <span class=\"_ _1\"></span>della Stand<span class=\"_ _1\"></span>ard Formula. <span class=\"_ _f\"></span>D<span class=\"_ _2\"></span>a <span class=\"_ _1\"></span>un <span class=\"_ _1\"></span>punto di <span class=\"_ _1\"></span>vista de<span class=\"_ _1\"></span>lla distribuzi<span class=\"_ _1\"></span>one del <span class=\"_ _f\"></span>r<span class=\"_ _2\"></span>ischio<span class=\"_ _df\"> </span>operativo d<span class=\"_ _1\"></span>i Credemvita <span class=\"_ _f\"></span>s<span class=\"_ _2\"></span>econdo <span class=\"_ _1\"></span>i de<span class=\"_ _f\"></span>t<span class=\"_ _2\"></span>tami normativi <span class=\"_ _f\"></span>Solvency II si <span class=\"_ _f\"></span>riporta nella <span class=\"_ _f\"></span>t<span class=\"_ _2\"></span>abella <span class=\"_ _f\"></span>di seguito la<span class=\"_ _df\"> </span>miglior stima della r<span class=\"_ _2\"></span>appresentazione del rischio disponibile alla <span class=\"_ _2\"></span>data di <span class=\"_ _2\"></span>valutazione (si precisa che<span class=\"_ _df\"> </span>il peso complessivo del rischio op<span class=\"_ _1\"></span>erativo \u00e8 pari al 10,6<span class=\"_ _2\"></span>%).<span class=\"_ _df\"> </span>Operational risk - risk/sum of risk components - relativo e complessivo<span class=\"_ _df\"> </span><table class=\"s w11e1 h5c1\" id=\"_432c0f4e-fa99-402d-9f79-d2df796770ab\"><tr><td></td><td class=\"c xb84 y38ab w63a h82\"><div class=\"t m0 x38 h5 y3e6 ff4 fs1 fc4 sc3 ls0 ws0\">Relat<span class=\"_ _1\"></span>ivo </div></td><td></td><td class=\"c xb85 y38ab w650 h82\"><div class=\"t m0 x2f h5 y3e6 ff4 fs1 fc4 sc3 ls0 ws0\">Comp<span class=\"_ _1\"></span>lessiv<span class=\"_ _1\"></span>o</div><div class=\"t m1 x11d h6 y3e6 ff4 fs2 fc1 sc2 ls0 ws0\"> </div></td></tr><tr><td class=\"c xb86 y38ac w651 h82\"><div class=\"t m0 x8a h5 y3e6 ff4 fs1 fc1 sc0 ls0 ws0\">Operational risk </div></td><td></td><td class=\"c xb84 y38ac w44d h82\"><div class=\"t m0 x11d h5 y3e6 ff4 fs1 fc1 sc0 ls0 ws0\">10,6% </div></td><td class=\"c xb87 y38ac wcd h82\"><div class=\"t m0 xc6 h5 y3e6 ff4 fs1 fc1 sc0 ls0 ws0\">10,6% </div></td></tr></table>Rischio legale e rischio di non conformit\u00e0 alle norme<span class=\"_ _df\"> </span>Il <span class=\"_ _16\"> </span>rischio <span class=\"_ _9\"> </span>nor<span class=\"_ _2\"></span>mativo <span class=\"_ _9\"> </span>di  compli<span class=\"_ _1\"></span>ance <span class=\"_ _16\"> </span>(ovvero <span class=\"_ _9\"> </span>di  non <span class=\"_ _9\"> </span>confor<span class=\"_ _2\"></span>mit\u00e0 <span class=\"_ _9\"> </span>alle <span class=\"_ _16\"> </span>norm<span class=\"_ _2\"></span>e) <span class=\"_ _9\"> </span>riguarda  il<span class=\"_ _1\"></span>  rischi<span class=\"_ _1\"></span>o  d<span class=\"_ _1\"></span>i<span class=\"_ _df\"> </span>incorrere <span class=\"_ _17\"> </span>in <span class=\"_ _17\"> </span>sanzioni <span class=\"_ _17\"> </span>giudiziarie <span class=\"_ _17\"> </span>o <span class=\"_ _17\"> </span>amministrative, <span class=\"_ _17\"> </span>e <span class=\"_ _17\"> </span>subire <span class=\"_ _17\"> </span>perdite <span class=\"_ _4\"> </span>o <span class=\"_ _14\"> </span>danni <span class=\"_ _4\"> </span>r<span class=\"_ _2\"></span>eputazionali <span class=\"_ _4\"> </span>in<span class=\"_ _df\"> </span>conseguenza <span class=\"_ _0\"></span>della <span class=\"_ _0\"></span>mancat<span class=\"_ _2\"></span>a <span class=\"_ _0\"></span>osservanza <span class=\"_ _9\"> </span>di <span class=\"_ _0\"></span>leggi, <span class=\"_ _0\"> </span>r<span class=\"_ _2\"></span>egolamenti <span class=\"_ _0\"></span>o <span class=\"_ _9\"> </span>provvedimenti <span class=\"_ _0\"></span>delle <span class=\"_ _0\"></span>Autorit\u00e0 <span class=\"_ _9\"> </span>di<span class=\"_ _df\"> </span>Vigilanza <span class=\"_ _0\"></span>ovvero <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>norme <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>autor<span class=\"_ _2\"></span>egolamentazione, <span class=\"_ _0\"></span>quali <span class=\"_ _0\"></span>statuti, <span class=\"_ _0\"></span>codici <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>condotta <span class=\"_ _0\"></span>o <span class=\"_ _0\"></span>codici <span class=\"_ _0\"></span>di<span class=\"_ _df\"> </span>autodisciplina; <span class=\"_ _18\"> </span>rischio <span class=\"_ _19\"> </span>derivante <span class=\"_ _19\"> </span>da <span class=\"_ _19\"> </span>modifich<span class=\"_ _1\"></span>e <span class=\"_ _19\"> </span>sfavorevoli <span class=\"_ _18\"> </span>del <span class=\"_ _19\"> </span>quadro <span class=\"_ _19\"> </span>normativo <span class=\"_ _19\"> </span>o <span class=\"_ _18\"> </span>degli<span class=\"_ _df\"> </span>orientamenti giurisprud<span class=\"_ _1\"></span>enziali. Il rischio norma<span class=\"_ _1\"></span>tivo di ricicl<span class=\"_ _1\"></span>aggio e di<span class=\"_ _1\"></span> finanziamento del<span class=\"_ _1\"></span> terrorismo:<span class=\"_ _df\"> </span>rischio di mancata<span class=\"_ _1\"></span> prevenz<span class=\"_ _1\"></span>ione, da parte <span class=\"_ _1\"></span>della Compag<span class=\"_ _1\"></span>nia, del<span class=\"_ _1\"></span>la realizzazione <span class=\"_ _1\"></span>di attivit\u00e0 a<span class=\"_ _1\"></span> scopo d<span class=\"_ _1\"></span>i<span class=\"_ _df\"> </span>riciclaggio dei <span class=\"_ _2\"></span>proventi <span class=\"_ _2\"></span>di attivit\u00e0 <span class=\"_ _2\"></span>criminose <span class=\"_ _2\"></span>e di <span class=\"_ _2\"></span>finanziamento <span class=\"_ _2\"></span>del terror<span class=\"_ _2\"></span>ismo; rischio <span class=\"_ _2\"></span>di incorrere<span class=\"_ _df\"> </span>in sanzioni g<span class=\"_ _2\"></span>iudiziarie o amminist<span class=\"_ _2\"></span>rative<span class=\"_ _1\"></span>, subire <span class=\"_ _2\"></span>perdite o <span class=\"_ _2\"></span>danni <span class=\"_ _2\"></span>reputazionali in <span class=\"_ _2\"></span>conseguenza della<span class=\"_ _df\"> </span>mancata <span class=\"_ _d\"></span>osservanza <span class=\"_ _0\"></span>di <span class=\"_ _d\"></span>leggi, <span class=\"_ _d\"></span>regolamenti <span class=\"_ _d\"></span>o <span class=\"_ _0\"></span>provve<span class=\"_ _1\"></span>dimenti <span class=\"_ _d\"></span>delle <span class=\"_ _0\"></span>Autorit\u00e0 <span class=\"_ _d\"></span>di <span class=\"_ _0\"></span>Vigilanz<span class=\"_ _1\"></span>a <span class=\"_ _d\"></span>in <span class=\"_ _0\"></span>materia<span class=\"_ _df\"> </span>antiriciclaggio e antiterrorismo.<span class=\"_ _df\"> </span>I fattori di rischio legale e di<span class=\"_ _1\"></span> non conformit\u00e0 alle norme sono riconducibili a:<span class=\"_ _df\"> </span>-<span class=\"_ _1b\"> </span><span class=\"ff4\">Legal enviroment: rischio <span class=\"_ _2\"></span>legato in generale <span class=\"_ _2\"></span>al mancato <span class=\"_ _2\"></span>rispetto delle l<span class=\"_ _2\"></span>eggi, sia esso <span class=\"_ _2\"></span>di natura<span class=\"_ _df\"> </span></span>fiscale o di <span class=\"_ _2\"></span>trattamento dati <span class=\"_ _2\"></span>personali.<span class=\"_ _1\"></span> Rischio <span class=\"_ _2\"></span>di controversia causato <span class=\"_ _2\"></span>da un vuoto <span class=\"_ _2\"></span>giuridico o<span class=\"_ _df\"> </span>da un inquadramento incompleto o inadeguato degl<span class=\"_ _1\"></span>i obblighi e delle re<span class=\"_ _2\"></span>sponsabilit\u00e0 assegnate<span class=\"_ _df\"> </span>alle  parti.  Assenza <span class=\"_ _16\"> </span>di  contratti,  condi<span class=\"_ _1\"></span>zioni  carenti  di<span class=\"_ _1\"></span>  conservazione  della <span class=\"_ _16\"> </span>documentazione<span class=\"_ _df\"> </span>legale. <span class=\"_ _2\"></span>Rischio <span class=\"_ _2\"></span>legato <span class=\"_ _d\"></span>al <span class=\"_ _2\"></span>non <span class=\"_ _d\"></span>rispetto <span class=\"_ _2\"></span>delle <span class=\"_ _d\"></span>leggi <span class=\"_ _2\"></span>sulle <span class=\"_ _2\"></span>im<span class=\"_ _2\"></span>poste <span class=\"_ _2\"></span>legate <span class=\"_ _2\"></span>alla <span class=\"_ _2\"></span>Com<span class=\"_ _2\"></span>pagnia. <span class=\"_ _2\"></span>Rischio<span class=\"_ _df\"> </span>legato <span class=\"_ _0\"></span>all\u2019antiriciclaggio. <span class=\"_ _9\"> </span>Rischio <span class=\"_ _9\"> </span>legato <span class=\"_ _9\"> </span>all<span class=\"ff4\">a <span class=\"_ _9\"> </span>sicurezza <span class=\"_ _9\"> </span>sul <span class=\"_ _0\"></span>lavoro. <span class=\"_ _9\"> </span>Rischio <span class=\"_ _9\"> </span>legato <span class=\"_ _9\"> </span>al <span class=\"_ _9\"> </span>mancato<span class=\"_ _df\"> </span></span>rispetto della normativa sulla privacy;<span class=\"_ _df\"> </span>-<span class=\"_ _1b\"> </span><span class=\"ff4\">Compliance <span class=\"_ _2\"></span>with <span class=\"_ _2\"></span>regulations: <span class=\"_ _2\"></span>inoss<span class=\"_ _2\"></span>ervanza <span class=\"_ _2\"></span>dei <span class=\"_ _2\"></span>regolamenti <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>provvedimenti <span class=\"_ _2\"></span>applicabili <span class=\"_ _2\"></span>(<span class=\"_ _2\"></span>leggi<span class=\"_ _df\"> </span></span>assicurative,  aziendali <span class=\"_ _4\"> </span>o <span class=\"_ _22\"> </span>d<span class=\"_ _2\"></span>el  lavor<span class=\"_ _2\"></span>o).  Mancanza <span class=\"_ _4\"> </span>di  follow<span class=\"_ _2\"></span>-up <span class=\"_ _4\"> </span>delle <span class=\"_ _22\"> </span>q<span class=\"_ _2\"></span>uestioni  nor<span class=\"_ _2\"></span>mative.  In<span class=\"_ _df\"> </span>particolare <span class=\"_ _e\"> </span>il <span class=\"_ _e\"> </span>fattore <span class=\"_ _e\"> </span>di <span class=\"_ _e\"> </span>rischio <span class=\"_ _e\"> </span>Compliance <span class=\"_ _e\"> </span>with <span class=\"_ _e\"> </span>regulations <span class=\"_ _e\"> </span>(di <span class=\"_ _e\"> </span>seguito <span class=\"_ _e\"> </span>anche <span class=\"_ _e\"> </span>rischio<span class=\"_ _df\"> </span>\u201cNormativa\u201d) <span class=\"_ _9\"> </span>pu\u00f2 <span class=\"_ _9\"> </span>esporre <span class=\"_ _9\"> </span>l\u2019impresa <span class=\"_ _9\"> </span>a <span class=\"_ _9\"> </span>specifici <span class=\"_ _9\"> </span>eventi <span class=\"_ _9\"> </span>perdita, <span class=\"_ _9\"> </span>legati <span class=\"_ _9\"> </span>appunto <span class=\"_ _9\"> </span>all\u2019evoluzione<span class=\"_ _df\"> </span>della <span class=\"_ _6\"> </span>stessa. <span class=\"_ _26\"> </span>Mutamenti <span class=\"_ _6\"> </span>sfavorevoli <span class=\"_ _6\"> </span>del <span class=\"_ _26\"> </span>quadro <span class=\"_ _6\"> </span>normativo <span class=\"_ _26\"> </span>o <span class=\"_ _26\"> </span>degli <span class=\"_ _6\"> </span>orientamenti<span class=\"_ _df\"> </span>giurisprudenziali, possono, infatti, riguardare:<span class=\"_ _df\"> </span>o<span class=\"_ _25\"> </span><span class=\"ff5\">rapporti con <span class=\"_ _2\"></span>l\u2019Autori<span class=\"_ _1\"></span>t\u00e0 di Vigilanza;<span class=\"_ _df\"> </span></span>o<span class=\"_ _25\"> </span><span class=\"ff4\">rapporti con <span class=\"_ _2\"></span>i clienti<span class=\"_ _1\"></span>;<span class=\"_ _df\"> </span></span>o<span class=\"_ _25\"> </span><span class=\"ff4\">rapporti con <span class=\"_ _2\"></span>i dipe<span class=\"_ _1\"></span>ndenti;<span class=\"_ _df\"> </span></span>o<span class=\"_ _25\"> </span><span class=\"ff4\">sicurezza sui luoghi di lavoro;<span class=\"_ _df\"> </span></span>o<span class=\"_ _25\"> </span><span class=\"ff4\">rapporti con <span class=\"_ _2\"></span>altri O<span class=\"_ _1\"></span>rgani.<span class=\"_ _df\"> </span></span>In <span class=\"_ _2\"></span>particolare, <span class=\"_ _2\"></span>tale <span class=\"_ _2\"></span>fattore <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>rischi<span class=\"ff5\">o <span class=\"_ _2\"></span>riguarda <span class=\"_ _2\"></span>l\u2019incorrere <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>sanzioni <span class=\"_ _2\"></span>giudiziarie o <span class=\"_ _2\"></span>amm<span class=\"_ _2\"></span>inistrative, il<span class=\"_ _df\"> </span></span>subire <span class=\"_ _e\"> </span>perdite <span class=\"_ _10\"> </span>o <span class=\"_ _10\"> </span>danni <span class=\"_ _10\"> </span>reputazionali <span class=\"_ _e\"> </span>in <span class=\"_ _10\"> </span>conseguenza <span class=\"_ _10\"> </span>della <span class=\"_ _10\"> </span>mancata <span class=\"_ _10\"> </span>osservanza <span class=\"_ _10\"> </span>di <span class=\"_ _e\"> </span>leggi,<span class=\"_ _df\"> </span>regolamenti o provve<span class=\"_ _1\"></span>dimenti delle Autorit\u00e0 di Vigi<span class=\"_ _1\"></span>lanza ovvero di norme di aut<span class=\"_ _1\"></span>oregolamentazione,<span class=\"_ _df\"> </span>con <span class=\"_ _2\"></span> <span class=\"_ _2\"></span>particolare <span class=\"_ _2\"></span>attenzione <span class=\"_ _2\"></span>alle <span class=\"_ _2\"></span>nor<span class=\"_ _2\"></span>me <span class=\"_ _2\"></span>relative alla <span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>rasparenza <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>correttezza <span class=\"_ _2\"></span>dei <span class=\"_ _2\"></span>comportamenti<span class=\"_ _df\"> </span>nei <span class=\"_ _9\"> </span>confronti <span class=\"_ _16\"> </span>degli <span class=\"_ _9\"> </span>assic<span class=\"_ _2\"></span>urati <span class=\"_ _9\"> </span>e  dann<span class=\"_ _1\"></span>eggiati, <span class=\"_ _9\"> </span>all\u2019infor<span class=\"_ _2\"></span>mativa <span class=\"_ _9\"> </span>precontrattuale <span class=\"_ _16\"> </span>e <span class=\"_ _9\"> </span>contratt<span class=\"_ _2\"></span>uale, <span class=\"_ _0\"> </span>all<span class=\"_ _2\"></span>a<span class=\"_ _df\"> </span>corretta <span class=\"_ _9\"> </span>esecuzione <span class=\"_ _9\"> </span>dei <span class=\"_ _0\"></span>cont<span class=\"_ _2\"></span>ratti, <span class=\"_ _9\"> </span>con <span class=\"_ _9\"> </span>particolare <span class=\"_ _0\"></span>r<span class=\"_ _2\"></span>iferimento <span class=\"_ _0\"></span>a<span class=\"_ _2\"></span>lla <span class=\"_ _9\"> </span>gestione <span class=\"_ _9\"> </span>dei <span class=\"_ _9\"> </span>sinistri <span class=\"_ _9\"> </span>e, <span class=\"_ _9\"> </span>pi\u00f9 <span class=\"_ _9\"> </span>in<span class=\"_ _df\"> </span>generale, alla tutela del consumatore.<span class=\"_ _df\"> </span>Modelling Risk<span class=\"_ _df\"> </span>Rischio di <span class=\"_ _2\"></span>perdite in <span class=\"_ _2\"></span>materia <span class=\"_ _2\"></span>di sviluppo, implementazione <span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>usi improprio <span class=\"_ _2\"></span>di altri <span class=\"_ _2\"></span>modelli da <span class=\"_ _2\"></span>parte<span class=\"_ _df\"> </span>della Compagnia per il processo decisionale (ad esempio, i prezz<span class=\"_ _2\"></span>i dei prodott<span class=\"_ _2\"></span>i, la valutazione<span class=\"_ _1\"></span> degli<span class=\"_ _df\"> </span>strumenti finanziari, il monitoraggio de<span class=\"_ _1\"></span>i limiti di rischio, etc).<span class=\"_ _df\"> </span>Continuit\u00e0 Operativa<span class=\"_ _df\"> </span>Il <span class=\"_ _d\"></span>r<span class=\"_ _2\"></span>ischio <span class=\"_ _d\"></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=\"_ _d\"></span>all\u2019utilizzo <span class=\"_ _0\"></span>di <span class=\"_ _d\"></span>u<span class=\"_ _2\"></span>n <span class=\"_ _d\"></span>pia<span class=\"_ _2\"></span>no <span class=\"_ _d\"></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=\"_ _df\"> </span>gestione <span class=\"_ _0\"></span>di <span class=\"_ _9\"> </span>situazioni <span class=\"_ _0\"> </span>di <span class=\"_ _9\"> </span>cr<span class=\"_ _2\"></span>isi <span class=\"_ _0\"></span>conseguenti <span class=\"_ _0\"></span>ad <span class=\"_ _9\"> </span>incidenti <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>portata <span class=\"_ _9\"> </span>settoriale, <span class=\"_ _0\"></span>aziendale <span class=\"_ _0\"></span>ovvero <span class=\"_ _9\"> </span>a<span class=\"_ _df\"> </span>catastrofi  estese <span class=\"_ _22\"> </span>che <span class=\"_ _4\"> </span>colpisco<span class=\"_ _f\"></span>no <span class=\"_ _4\"> </span>l\u2019operatore  o  le <span class=\"_ _22\"> </span>sue <span class=\"_ _22\"> </span>controparti  r<span class=\"_ _2\"></span>ilevanti.<span class=\"_ _1\"></span>  La <span class=\"_ _4\"> </span>Compagnia  ha<span class=\"_ _df\"> </span>sviluppato un piano di continui<span class=\"_ _1\"></span>t\u00e0 o<span class=\"_ _2\"></span>perativa defi<span class=\"_ _1\"></span>nito secondo le disposizioni DORA.<span class=\"_ _df\"> </span>Rischi <span class=\"_ _1\"></span>di Se<span class=\"_ _f\"></span>condo Liv<span class=\"_ _f\"></span>ello (o <span class=\"_ _1\"></span>indire<span class=\"_ _f\"></span>tti)<span class=\"_ _df\"> </span>Secondo  il  modello  adottato  dalla  Compagnia,  inoltre,  esistono  altri  rischi/ev<span class=\"_ _1\"></span>enti  perdita  non<span class=\"_ _df\"> </span>strettamente <span class=\"_ _1\"></span>riconducibili <span class=\"_ _f\"></span>a fattori d<span class=\"_ _1\"></span>i <span class=\"_ _f\"></span>r<span class=\"_ _2\"></span>ischio <span class=\"_ _f\"></span>specifici, <span class=\"_ _1\"></span>ma che <span class=\"_ _f\"></span>possono d<span class=\"_ _1\"></span>erivare <span class=\"_ _1\"></span>da fat<span class=\"_ _1\"></span>tori d<span class=\"_ _1\"></span>i <span class=\"_ _f\"></span>r<span class=\"_ _2\"></span>ischio<span class=\"_ _df\"> </span>riconducibili <span class=\"_ _15\"> </span>alle <span class=\"_ _15\"> </span>class<span class=\"_ _2\"></span>i <span class=\"_ _15\"> </span>di <span class=\"_ _15\"> </span>rischio <span class=\"_ _15\"> </span>precedentemente <span class=\"_ _15\"> </span>illustrate. <span class=\"_ _15\"> </span>Si <span class=\"_ _15\"> </span>t<span class=\"_ _2\"></span>ratta <span class=\"_ _15\"> </span>in <span class=\"_ _e\"> </span>particolare, <span class=\"_ _14\"> </span>cos<span class=\"_ _2\"></span>\u00ec<span class=\"_ _df\"> </span>identificati dalla normativa di settore, delle cl<span class=\"_ _1\"></span>assi di rischio: -<span class=\"ff10\"> <span class=\"_ _24\"> </span><span class=\"ff5\">Rischio legato all\u2019appartenenza al gruppo;<span class=\"_ _df\"> </span></span></span>-<span class=\"ff10\"> <span class=\"_ _24\"> </span><span class=\"ff4\">Rischio reputazionale;<span class=\"_ _df\"> </span></span></span>-<span class=\"ff10\"> <span class=\"_ _24\"> </span><span class=\"ff4\">Rischio di condotta;<span class=\"_ _df\"> </span></span></span>-<span class=\"ff10\"> <span class=\"_ _24\"> </span><span class=\"ff4\">Rischi ESG,<span class=\"_ _df\"> </span></span></span>e di seguito rappresentati.<span class=\"_ _df\"> </span>Rischio legato all\u2019appartenenza al gruppo<span class=\"_ _df\"> </span>Il <span class=\"_ _9\"> </span>rischio <span class=\"_ _16\"> </span>legato <span class=\"_ _9\"> </span>all\u2019appartenenza <span class=\"_ _9\"> </span>al <span class=\"_ _16\"> </span>grupp<span class=\"_ _f\"></span>o<span class=\"_ _2\"></span> <span class=\"_ _9\"> </span>(rischio <span class=\"_ _16\"> </span>di <span class=\"_ _9\"> </span>\u2018contagio\u2019) <span class=\"_ _9\"> </span>\u00e8 <span class=\"_ _9\"> </span>inteso <span class=\"_ _16\"> </span>come <span class=\"_ _9\"> </span>rischio <span class=\"_ _9\"> </span>che, <span class=\"_ _9\"> </span>a<span class=\"_ _df\"> </span>seguito <span class=\"_ _d\"></span>dei <span class=\"_ _d\"></span>rapporti <span class=\"_ _d\"></span>intercorrenti <span class=\"_ _d\"></span>tra <span class=\"_ _2\"></span>l\u2019impresa <span class=\"_ _d\"></span>e <span class=\"_ _d\"></span>le <span class=\"_ _d\"></span>altre <span class=\"_ _d\"></span>entit\u00e0 <span class=\"_ _d\"></span>del <span class=\"_ _d\"></span>gruppo, <span class=\"_ _d\"></span>situazioni <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>difficolt\u00e0<span class=\"_ _df\"> </span>che <span class=\"_ _2\"></span>insorgono <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>una <span class=\"_ _2\"></span>societ\u00e0 <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>medesimo <span class=\"_ _2\"></span>gruppo <span class=\"_ _2\"></span>possano <span class=\"_ _2\"></span>propagarsi <span class=\"_ _2\"></span>con <span class=\"_ _2\"></span>effetti <span class=\"_ _2\"></span>negativi s<span class=\"_ _2\"></span>ulla<span class=\"_ _df\"> </span>solvibilit\u00e0 dell\u2019impresa stessa. In  coe<span class=\"_ _1\"></span>renza  con <span class=\"_ _16\"> </span>la <span class=\"_ _16\"> </span>propria <span class=\"_ _9\"> </span>strategia  e <span class=\"_ _16\"> </span>con  le<span class=\"_ _f\"></span>  politiche  i<span class=\"_ _1\"></span>n  ma<span class=\"_ _1\"></span>teria  d<span class=\"_ _1\"></span>egli <span class=\"_ _16\"> </span>investimenti, <span class=\"_ _16\"> </span>adottata<span class=\"_ _df\"> </span>dall\u2019Organo  Amministrativo  ha  d<span class=\"ff4\">efinito <span class=\"_ _4\"> </span>una  propria  politica  delle  operazioni  infragruppo  e  ha<span class=\"_ _df\"> </span></span>determinato appropriati limiti di ope<span class=\"_ _1\"></span>rativit\u00e0.<span class=\"_ _df\"> </span>L\u2019identificazione  e  l\u2019analisi <span class=\"_ _4\"> </span>de<span class=\"_ _1\"></span>l  r<span class=\"_ _2\"></span>ischio  \u00e8  effettuata <span class=\"_ _22\"> </span>pertanto <span class=\"_ _4\"> </span>i<span class=\"_ _1\"></span>n  coerenza <span class=\"_ _4\"> </span>alle<span class=\"_ _1\"></span>  cat<span class=\"_ _2\"></span>egorie  e  alle<span class=\"_ _df\"> </span>controparti <span class=\"_ _1\"></span>delle <span class=\"_ _f\"></span>operazioni <span class=\"_ _f\"></span>stesse, con <span class=\"_ _f\"></span>particolare rig<span class=\"_ _1\"></span>uardo <span class=\"_ _f\"></span>alle <span class=\"_ _f\"></span>garanzie eventu<span class=\"_ _1\"></span>almente <span class=\"_ _f\"></span>rilasciate<span class=\"_ _df\"> </span>nell\u2019ambito del Gruppo ed<span class=\"_ _1\"></span> in coer<span class=\"_ _2\"></span>enza con le caratteristiche de<span class=\"_ _1\"></span>lle seguenti tipologie di operazioni:<span class=\"_ _df\"> </span>-<span class=\"ff10\"> <span class=\"_ _24\"> </span><span class=\"ff4\">Operazioni  s<span class=\"_ _2\"></span>ignificative  (compr<span class=\"_ _2\"></span>ese  tr<span class=\"_ _2\"></span>a  il <span class=\"_ _4\"> </span>1% <span class=\"_ _4\"> </span>e  il <span class=\"_ _22\"> </span>5% <span class=\"_ _4\"> </span>del  Solv<span class=\"_ _2\"></span>ency  Capital <span class=\"_ _4\"> </span>Requirement <span class=\"_ _22\"> </span>di<span class=\"_ _df\"> </span></span></span>periodo);<span class=\"_ _df\"> </span>-<span class=\"ff10\"> <span class=\"_ _24\"> </span><span class=\"ff4\">Operazioni Molto significative (&gt;5% del Solvency Capital Requi<span class=\"_ _1\"></span>rement di periodo).<span class=\"_ _df\"> </span></span></span>Rischio Reputazionale<span class=\"_ _df\"> </span>Il <span class=\"_ _0\"></span>rischio <span class=\"_ _9\"> </span>reputazionale <span class=\"_ _0\"></span>\u00e8 <span class=\"_ _9\"> </span>inteso <span class=\"_ _9\"> </span>come <span class=\"_ _0\"> </span>il <span class=\"_ _9\"> </span>rischio <span class=\"_ _0\"></span>di <span class=\"_ _9\"> </span>deterioramento <span class=\"_ _0\"></span>dell\u2019immagine <span class=\"_ _0\"></span>aziendale <span class=\"_ _9\"> </span>e <span class=\"_ _9\"> </span>di<span class=\"_ _df\"> </span>aumento <span class=\"_ _16\"> </span>della <span class=\"_ _9\"> </span>conflittualit\u00e0  sia <span class=\"_ _9\"> </span>con  gli<span class=\"_ _1\"></span>  a<span class=\"_ _f\"></span>ss<span class=\"_ _2\"></span>icurati <span class=\"_ _9\"> </span>(dovu<span class=\"_ _2\"></span>to <span class=\"_ _16\"> </span>anche<span class=\"_ _1\"></span>  all<span class=\"_ _1\"></span>a <span class=\"_ _16\"> </span>scarsa <span class=\"_ _16\"> </span>qualit\u00e0 <span class=\"_ _9\"> </span>dei  servi<span class=\"_ _1\"></span>zi<span class=\"_ _df\"> </span>offerti, <span class=\"_ _16\"> </span>al <span class=\"_ _16\"> </span>collocamento <span class=\"_ _9\"> </span>di  polizze <span class=\"_ _9\"> </span>non  adeguate <span class=\"_ _9\"> </span>o  al <span class=\"_ _16\"> </span>comportamento <span class=\"_ _16\"> </span>in <span class=\"_ _16\"> </span>fase <span class=\"_ _16\"> </span>di <span class=\"_ _9\"> </span>ven<span class=\"_ _2\"></span>dita, <span class=\"_ _9\"> </span>post<span class=\"_ _df\"> </span>vendita e di <span class=\"_ _2\"></span>liquidazione)<span class=\"_ _1\"></span> sia <span class=\"_ _2\"></span>con le <span class=\"_ _2\"></span>Autorit\u00e0 di Vigilanza e <span class=\"_ _2\"></span>gli shareholders. Il <span class=\"_ _2\"></span>rischio reputazionale<span class=\"_ _df\"> </span>\u00e8 generalmente classificato in:<span class=\"_ _df\"> </span>-<span class=\"ff10\"> <span class=\"_ _24\"> </span><span class=\"ff4\">rischio <span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>epu<span class=\"_ _1\"></span>tazionale <span class=\"_ _d\"></span>diretto: <span class=\"_ _2\"></span>incentrato <span class=\"_ _d\"></span>su <span class=\"_ _2\"></span>business <span class=\"_ _2\"></span>sensibili, <span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>ulla <span class=\"_ _2\"></span>base <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>E<span class=\"_ _2\"></span>SG <span class=\"_ _2\"></span>(Ambientale,<span class=\"_ _df\"> </span></span></span>Sociale e Governance);<span class=\"_ _df\"> </span>-<span class=\"ff10\"> <span class=\"_ _24\"> </span><span class=\"ff5\">rischio <span class=\"_ _d\"></span>reputazionale <span class=\"_ _2\"></span>indiretto: <span class=\"_ _d\"></span>basato <span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>ulla <span class=\"_ _2\"></span>gestione <span class=\"_ _d\"></span>dell\u2019impatto <span class=\"_ _2\"></span>reputazionale <span class=\"_ _d\"></span>di <span class=\"_ _2\"></span>altri <span class=\"_ _d\"></span>tipi <span class=\"_ _d\"></span>di<span class=\"_ _df\"> </span></span></span>rischio (eg: rischio operativo, cyber risk, rischio legale, etc).<span class=\"_ _df\"> </span>Si <span class=\"_ _1\"></span>specifica ch<span class=\"_ _1\"></span>e l<span class=\"_ _1\"></span>a valu<span class=\"_ _1\"></span>tazione del <span class=\"_ _f\"></span>r<span class=\"_ _2\"></span>ischio <span class=\"_ _f\"></span>reputazionale <span class=\"_ _1\"></span>avviene nell<span class=\"_ _1\"></span>\u2019ambito dell<span class=\"_ _1\"></span>a campagna <span class=\"_ _f\"></span>di Risk<span class=\"_ _df\"> </span>Self <span class=\"_ _22\"> </span>Ass<span class=\"_ _2\"></span>essment <span class=\"_ _4\"> </span>afferente <span class=\"_ _22\"> </span>alla <span class=\"_ _4\"> </span>gestione <span class=\"_ _4\"> </span>del <span class=\"_ _4\"> </span>rischio <span class=\"_ _22\"> </span>operativo. <span class=\"_ _4\"> </span>L\u2019identificazi<span class=\"_ _1\"></span>one <span class=\"_ _4\"> </span>del <span class=\"_ _4\"> </span>rischio <span class=\"_ _4\"> </span>\u00e8<span class=\"_ _df\"> </span>effettuata gesti<span class=\"ff5\">onalmente mediante l\u2019analisi: </span>-<span class=\"ff10\"> <span class=\"_ _24\"> </span><span class=\"ff4\">delle procedure di collocamento <span class=\"_ _2\"></span>che contemplano una <span class=\"_ _2\"></span>preventi<span class=\"_ _1\"></span>va <span class=\"_ _2\"></span>valutazione<span class=\"_ _1\"></span> di <span class=\"_ _2\"></span>adegu<span class=\"_ _1\"></span>atezza<span class=\"_ _df\"> </span></span></span>del contratto <span class=\"_ _2\"></span>finalizz<span class=\"_ _1\"></span>ata <span class=\"_ _2\"></span>ad individuare in via <span class=\"_ _2\"></span>preliminare le esige<span class=\"_ _2\"></span>nze assicurative e i <span class=\"_ _2\"></span>bisogni di<span class=\"_ _df\"> </span>protezione del cliente, nonch\u00e9<span class=\"_ _1\"></span> a fo<span class=\"_ _2\"></span><span class=\"ff5\">rnire l\u2019adeguata informativa sul prodotto;<span class=\"_ _df\"> </span></span>-<span class=\"ff10\"> <span class=\"_ _24\"> </span><span class=\"ff4\">dei servizi di assistenza da parte dell<span class=\"_ _1\"></span>a rete distributiva;<span class=\"_ _df\"> </span></span></span>-<span class=\"ff10\"> <span class=\"_ _24\"> </span><span class=\"ff4\">del processo di gestione dei<span class=\"_ _1\"></span> reclami;</span></span><div class=\"t m0 h5 ff13 fs1 fc1 sc0 ls0 ws0 gs1a76\">-<span class=\"_ _1b\"> </span><span class=\"ff4\">del processo di liq<span class=\"_ _f\"></span>u<span class=\"_ _2\"></span>idazione dei sinistri.<span class=\"_ _df\"> </span></span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1a77\">Essendo <span class=\"_ _0\"></span>inoltre <span class=\"_ _9\"> </span>il <span class=\"_ _0\"> </span>r<span class=\"_ _2\"></span>ischio <span class=\"_ _0\"></span>reputazionale <span class=\"_ _0\"></span>strettamente <span class=\"_ _9\"> </span>connesso <span class=\"_ _0\"> </span>ai <span class=\"_ _9\"> </span>risch<span class=\"_ _2\"></span>i <span class=\"_ _0\"></span>operativi, <span class=\"_ _9\"> </span>informatici <span class=\"_ _0\"></span>e<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1a78\">cyber <span class=\"_ _d\"></span>e <span class=\"_ _0\"></span>al <span class=\"_ _d\"></span>rischio <span class=\"_ _0\"></span>di <span class=\"_ _d\"></span>condotta, <span class=\"_ _0\"></span>gli <span class=\"_ _d\"></span>specifici <span class=\"_ _0\"></span>presidi <span class=\"_ _d\"></span>operativi <span class=\"_ _0\"></span>e <span class=\"_ _d\"></span>or<span class=\"_ _2\"></span>ganizzativi<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>posti <span class=\"_ _0\"></span>in <span class=\"_ _d\"></span>essere <span class=\"_ _0\"></span>per <span class=\"_ _d\"></span>la<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1a79\">gestione <span class=\"_ _9\"> </span>di  tali <span class=\"_ _9\"> </span>rischi  rapprese<span class=\"_ _1\"></span>nto  un<span class=\"_ _f\"></span>  ulteriore <span class=\"_ _9\"> </span>elemento  a<span class=\"_ _f\"></span>  supp<span class=\"_ _f\"></span>o<span class=\"_ _2\"></span>rto  d<span class=\"_ _1\"></span>ella <span class=\"_ _9\"> </span>gestione  del<span class=\"_ _1\"></span> <span class=\"_ _16\"> </span>rischio<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1a7a\">reputazionale.<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc4 sc0 ls0 ws0 gs1a7b\">Rischio di Condotta<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1a7c\">Il <span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>ischio <span class=\"_ _2\"></span>di <span class=\"_ _d\"></span>condotta <span class=\"_ _d\"></span>- <span class=\"_ _2\"></span>quale <span class=\"_ _d\"></span>sottocategoria <span class=\"_ _2\"></span>di <span class=\"_ _d\"></span>rischio <span class=\"_ _2\"></span>operativo, <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>compliance<span class=\"_ _1\"></span> <span class=\"_ _d\"></span>e <span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>eputazional<span class=\"_ _1\"></span>e <span class=\"_ _d\"></span><span class=\"ff5\">\u2013<span class=\"_ _df\"> </span></span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1a7d\">pu\u00f2 <span class=\"_ _0\"></span>essere <span class=\"_ _0\"></span>definito <span class=\"_ _0\"> </span>come <span class=\"_ _9\"> </span>il <span class=\"_ _0\"></span>rischio <span class=\"_ _0\"></span>attuale <span class=\"_ _0\"> </span>o<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>prospettico <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>perdite <span class=\"_ _0\"></span>conseguenti <span class=\"_ _0\"></span>a <span class=\"_ _0\"></span>casist<span class=\"_ _2\"></span>iche <span class=\"_ _d\"></span>di<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1a7e\">offerta <span class=\"_ _19\"> </span>inappropriata <span class=\"_ _19\"> </span>di <span class=\"_ _19\"> </span>prodotti <span class=\"_ _19\"> </span>e/o <span class=\"_ _19\"> </span>servizi, <span class=\"_ _18\"> </span>inclus<span class=\"_ _2\"></span>e <span class=\"_ _19\"> </span>fattispecie <span class=\"_ _19\"> </span>di <span class=\"_ _19\"> </span>condotta <span class=\"_ _19\"> </span>inadeguata<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs1a7f\">(dolo/negligenza) da parte dell\u2019<span class=\"_ _1\"></span>impresa.<span class=\"_ _df\"> </span><span class=\"_ _2\"></span><span class=\"ff4\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1a80\">I fattori di rischio presi in esame pe<span class=\"_ _1\"></span>r la valutazione del rischio di condotta sono:<span class=\"_ _df\"> </span><span class=\"_ _2\"></span> </div><div class=\"t m0 h5 ff13 fs1 fc1 sc0 ls0 ws0 gs1a81\">-<span class=\"_ _1b\"> </span><span class=\"ff4\">Commercial deve<span class=\"_ _f\"></span>lo<span class=\"_ _2\"></span>pment risk: mancanza <span class=\"_ _1\"></span>di visibilit\u00e0/trasparenza e<span class=\"_ _1\"></span>/o scarsa valutazione delle<span class=\"_ _df\"> </span></span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1a82\">prospettive <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>sviluppo <span class=\"_ _4\"> </span>o <span class=\"_ _4\"> </span>degli <span class=\"_ _4\"> </span>obiettivi <span class=\"_ _4\"> </span>o <span class=\"_ _4\"> </span>della <span class=\"_ _4\"> </span>redditivit\u00e0 <span class=\"_ _4\"> </span>delle <span class=\"_ _4\"> </span>nuove <span class=\"_ _4\"> </span>att<span class=\"_ _2\"></span>ivit\u00e0/prodotti <span class=\"_ _4\"> </span>e<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1a83\">misurazione/monitoraggi inadeguati delle pe<span class=\"_ _1\"></span>rformance commerciali/rischi;<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff13 fs1 fc1 sc0 ls0 ws0 gs1a84\">-<span class=\"_ _1b\"> </span><span class=\"ff4\">Communication  resources:  risorse  di  comunicaz<span class=\"_ _1\"></span>ione  o  strumenti  di  marketing  inadeguati<span class=\"_ _df\"> </span></span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1a85\">rispetto agli obiettivi defini<span class=\"_ _1\"></span>ti. Catt<span class=\"_ _2\"></span>iva gestione d<span class=\"_ _1\"></span>el brand;<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff13 fs1 fc1 sc0 ls0 ws0 gs1a86\">-<span class=\"_ _1b\"> </span><span class=\"ff4\">Commercial pe<span class=\"_ _f\"></span>r<span class=\"_ _2\"></span>formance: erosione,<span class=\"_ _1\"></span> mancata sostituzione o <span class=\"_ _f\"></span>s<span class=\"_ _2\"></span>vilu<span class=\"_ _1\"></span>ppo non red<span class=\"_ _1\"></span>ditizio della <span class=\"_ _1\"></span>base<span class=\"_ _df\"> </span></span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1a87\">commerciale;<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff13 fs1 fc1 sc0 ls0 ws0 gs1a88\">-<span class=\"_ _1b\"> </span><span class=\"ff4\">Profitability &amp; <span class=\"_ _2\"></span>Risk Profile: <span class=\"_ _2\"></span>redditivi<span class=\"_ _1\"></span>t\u00e0 <span class=\"_ _2\"></span>insufficiente, carenze <span class=\"_ _2\"></span>delle procedure <span class=\"_ _2\"></span>di fissazio<span class=\"_ _2\"></span>ne <span class=\"_ _2\"></span>delle<span class=\"_ _df\"> </span></span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1a89\">tariffe, <span class=\"_ _f\"></span>carenza o <span class=\"_ _f\"></span>inadeguatezza <span class=\"_ _f\"></span>dei <span class=\"_ _f\"></span>mo<span class=\"_ _2\"></span>delli <span class=\"_ _f\"></span>di <span class=\"_ _f\"></span>valutazione (<span class=\"_ _1\"></span>V4M, <span class=\"_ _1\"></span>redditivit\u00e0 <span class=\"_ _f\"></span>per la <span class=\"_ _f\"></span>clientela, <span class=\"_ _f\"></span>etc)<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1a8a\">o di applicazione delle deroghe.<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs1a8b\">La <span class=\"_ _d\"></span>gestione <span class=\"_ _2\"></span>del <span class=\"_ _d\"></span>rischio <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>condotta <span class=\"_ _d\"></span>\u00e8 <span class=\"_ _d\"></span>strettamente <span class=\"_ _d\"></span>connessa <span class=\"_ _d\"></span>alle <span class=\"_ _2\"></span>attivit\u00e0 <span class=\"_ _d\"></span>definite <span class=\"_ _d\"></span>nell\u2019ambito <span class=\"_ _d\"></span>del<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1a8c\">processo  P<span class=\"_ _1\"></span>OG.  <span class=\"ff5\">L<span class=\"_ _1\"></span>a <span class=\"_ _16\"> </span>Compagnia, <span class=\"_ _9\"> </span>nell\u2019ambito  del<span class=\"_ _1\"></span>la <span class=\"_ _16\"> </span>gestione <span class=\"_ _16\"> </span>del <span class=\"_ _9\"> </span>rischio  di <span class=\"_ _9\"> </span>Condotta,  si <span class=\"_ _16\"> </span>prefigg<span class=\"_ _1\"></span>e <span class=\"_ _16\"> </span>i<span class=\"_ _df\"> </span></span><span class=\"ff5\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1a8d\">seguenti obiettivi:<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff13 fs1 fc1 sc0 ls0 ws0 gs1a8e\">-<span class=\"_ _1b\"> </span><span class=\"ff4\">rendere <span class=\"_ _d\"></span>le <span class=\"_ _0\"></span>iniziative <span class=\"_ _d\"></span>d<span class=\"_ _2\"></span>i <span class=\"_ _d\"></span>business <span class=\"_ _0\"> </span>o<span class=\"_ _2\"></span>rientate <span class=\"_ _d\"></span>e <span class=\"_ _0\"></span>focalizzate <span class=\"_ _0\"></span>sulla <span class=\"_ _d\"></span>figura <span class=\"_ _0\"></span>del <span class=\"_ _0\"></span>cliente <span class=\"_ _d\"></span>(c.d <span class=\"_ _0\"></span>Value <span class=\"_ _0\"></span>for<span class=\"_ _df\"> </span></span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1a8f\">Money). In tale ambito il focus \u00e8 incentrato sul disegno <span class=\"_ _2\"></span>dei prodotti e la definizione di servizi in<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1a90\">linea con le esigenze della clientela;<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff13 fs1 fc1 sc0 ls0 ws0 gs1a91\">-<span class=\"_ _1b\"> </span><span class=\"ff5\">stabilire <span class=\"_ _16\"> </span>un <span class=\"_ _16\"> </span>codice/sistema  d<span class=\"_ _1\"></span>i  condotta <span class=\"_ _16\"> </span>completamente <span class=\"_ _16\"> </span>radicato <span class=\"_ _16\"> </span>all\u2019interno <span class=\"_ _16\"> </span>della <span class=\"_ _16\"> </span>struttura<span class=\"_ _df\"> </span></span><span class=\"ff5\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1a92\">aziendale. <span class=\"_ _d\"></span>In <span class=\"_ _0\"></span>tale <span class=\"_ _d\"></span>ambito <span class=\"_ _0\"></span>il <span class=\"_ _d\"></span>focus <span class=\"_ _d\"></span>\u00e8 <span class=\"_ _0\"></span>incentrato <span class=\"_ _d\"></span>sulla <span class=\"_ _d\"></span>vendita <span class=\"_ _0\"></span>di <span class=\"_ _d\"></span>prodotti <span class=\"_ _d\"></span>/ <span class=\"_ _0\"></span>erogaz<span class=\"_ _2\"></span>one <span class=\"_ _d\"></span>di <span class=\"_ _0\"></span>servizi<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1a93\">assicurando trasparenza informativa verso la cliente<span class=\"_ _1\"></span>la,<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff13 fs1 fc1 sc0 ls0 ws0 gs1a94\">-<span class=\"_ _1b\"> </span><span class=\"ff4\">garantire <span class=\"_ _2\"></span>che <span class=\"_ _d\"></span>il <span class=\"_ _d\"></span>business <span class=\"_ _d\"></span>sia <span class=\"_ _2\"></span>nel <span class=\"_ _d\"></span>continuo <span class=\"_ _d\"></span>focalizzato <span class=\"_ _2\"></span>sul <span class=\"_ _d\"></span>conseguimento <span class=\"_ _d\"></span>del <span class=\"_ _2\"></span>miglior <span class=\"_ _d\"></span>risultato<span class=\"_ _df\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs1a95\">per <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>cliente <span class=\"_ _2\"></span>(cfr. <span class=\"_ _2\"></span>Monitoraggio <span class=\"_ _2\"></span>KPI e <span class=\"_ _2\"></span>K<span class=\"_ _2\"></span>RI), <span class=\"_ _2\"></span>tutelando l\u2019integrit\u00e0 <span class=\"_ _d\"></span>e <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>condotta <span class=\"_ _2\"></span>della <span class=\"_ _2\"></span>Co<span class=\"_ _2\"></span><span class=\"ff4\">mpagnia<span class=\"_ _df\"> </span></span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1a96\">nella relazione con la clientela.<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc4 sc0 ls0 ws0 gs1a97\">Rischio ESG<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs1a98\">Il rischio E<span class=\"_ _1\"></span>SG (Enviromental, Social <span class=\"_ _1\"></span>and Governance) <span class=\"_ _1\"></span>si pone l\u2019obiettivo di <span class=\"_ _1\"></span>valutare un evento <span class=\"_ _1\"></span>o una<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1a99\">condizione <span class=\"_ _2\"></span>di t<span class=\"_ _2\"></span>ipo <span class=\"_ _2\"></span>ambientale, s<span class=\"_ _2\"></span>ociale <span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>governance <span class=\"_ _2\"></span>che, <span class=\"_ _2\"></span>verificandosi, potr<span class=\"_ _2\"></span>ebbe provocare <span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>n<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1a9a\">imp<span class=\"ff5\">atto <span class=\"_ _0\"></span>negativo <span class=\"_ _0\"></span>effettivo <span class=\"_ _0\"></span>o <span class=\"_ _9\"> </span>potenziale <span class=\"_ _0\"></span>sul <span class=\"_ _0\"></span>valore <span class=\"_ _9\"> </span>dell\u2019investimento <span class=\"_ _0\"></span>o <span class=\"_ _9\"> </span>sul <span class=\"_ _0\"></span>valore <span class=\"_ _0\"></span>della <span class=\"_ _9\"> </span>passivit\u00e0.<span class=\"_ _df\"> </span></span><span class=\"ff5\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1a9b\">Questa <span class=\"_ _9\"> </span>t<span class=\"_ _2\"></span>ipologia <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>rischio <span class=\"_ _16\"> </span>rientra <span class=\"_ _9\"> </span>tra  i<span class=\"_ _1\"></span> <span class=\"_ _9\"> </span>rischi <span class=\"_ _16\"> </span>di <span class=\"_ _9\"> </span>secondo <span class=\"_ _9\"> </span>livello <span class=\"_ _16\"> </span>o <span class=\"_ _9\"> </span>rischi <span class=\"_ _16\"> </span>indiretti <span class=\"_ _9\"> </span>in <span class=\"_ _16\"> </span>quanto <span class=\"_ _9\"> </span>pu\u00f2<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1a9c\">manifestarsi provocand<span class=\"_ _1\"></span>o un <span class=\"_ _f\"></span>impatt<span class=\"_ _2\"></span>o ne<span class=\"_ _f\"></span>gat<span class=\"_ _2\"></span>ivo <span class=\"_ _f\"></span>su attivit\u00e0 <span class=\"_ _1\"></span>e passivit\u00e0 i<span class=\"_ _1\"></span>nfluenzando <span class=\"_ _f\"></span>i fattori di <span class=\"_ _f\"></span>r<span class=\"_ _2\"></span>ischio<span class=\"_ _df\"> </span><span class=\"_ _1\"></span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1a9d\">gi\u00e0 contemplati nelle altre risk category (ad esempi<span class=\"_ _1\"></span>o rischio di mercato e di sottoscrizione). <span class=\"_ _2\"></span> </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs1a9e\">All\u2019interno <span class=\"_ _0\"></span>della <span class=\"_ _9\"> </span>categoria <span class=\"_ _9\"> </span>dei <span class=\"_ _0\"></span>rischi <span class=\"_ _9\"> </span>ESG, <span class=\"_ _9\"> </span>particolare <span class=\"_ _0\"> </span>r<span class=\"_ _2\"></span>ilevanz<span class=\"_ _1\"></span>a <span class=\"_ _9\"> </span>\u00e8 <span class=\"_ _0\"></span>as<span class=\"_ _2\"></span>segnata <span class=\"_ _0\"></span>ai <span class=\"_ _9\"> </span>rischi <span class=\"_ _0\"></span>climatici <span class=\"_ _9\"> </span>in<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1a9f\">quanto potrebbero generare elevate perdite per le Compagnie Assicurative se non correttamente<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1aa0\">identificati e gestiti.<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1aa1\">La Compagnia valuta il rischio climatico considerando entrambi i seg<span class=\"_ _1\"></span>uenti fattori:<span class=\"_ _df\"> </span><span class=\"_ _2\"></span> </div><div class=\"t m0 h5 ff13 fs1 fc1 sc0 ls0 ws0 gs1aa2\">-<span class=\"_ _1b\"> </span><span class=\"ff5\">Rischio <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>Transizione: <span class=\"_ _0\"></span>la <span class=\"_ _0\"></span>transizione <span class=\"_ _0\"></span>verso <span class=\"_ _0\"> </span>un\u2019economia <span class=\"_ _0\"></span>a <span class=\"_ _9\"> </span>basse <span class=\"_ _0\"></span>emiss<span class=\"_ _2\"></span><span class=\"ff4\">ioni <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>car<span class=\"_ _2\"></span>bonio <span class=\"_ _0\"></span>pu\u00f2<span class=\"_ _df\"> </span></span></span><span class=\"ff5\"><span class=\"ff4\"> </span></span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1aa3\">comportare ampi camb<span class=\"_ _1\"></span>iamenti politici<span class=\"_ _1\"></span>, legali, tecnologi<span class=\"_ _1\"></span>ci e di <span class=\"_ _1\"></span>mercato per affronta<span class=\"_ _1\"></span>re i requ<span class=\"_ _1\"></span>isiti<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1aa4\">di mitigazione <span class=\"_ _2\"></span>e adatt<span class=\"_ _2\"></span>amento relativi al <span class=\"_ _2\"></span>cambiamento climatico. <span class=\"_ _2\"></span>A s<span class=\"_ _2\"></span>econda della natura, <span class=\"_ _2\"></span>della<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs1aa5\">velocit\u00e0 <span class=\"_ _9\"> </span>e  dell\u2019obiettivo <span class=\"_ _16\"> </span>di <span class=\"_ _9\"> </span>q<span class=\"_ _2\"></span>uesti <span class=\"_ _16\"> </span>cambiam<span class=\"ff4\">enti, <span class=\"_ _16\"> </span>i <span class=\"_ _16\"> </span>rischi <span class=\"_ _9\"> </span>d<span class=\"_ _2\"></span>i <span class=\"_ _16\"> </span>transizione <span class=\"_ _9\"> </span>poss<span class=\"_ _2\"></span>ono <span class=\"_ _16\"> </span>comportare<span class=\"_ _df\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1aa6\">diversi livelli di rischio finan<span class=\"_ _1\"></span>ziario e di reputazione per le organizzazioni;<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff13 fs1 fc1 sc0 ls0 ws0 gs1aa7\">-<span class=\"_ _1b\"> </span><span class=\"ff4\">Rischio <span class=\"_ _0\"></span>Fisico: <span class=\"_ _9\"> </span>i <span class=\"_ _9\"> </span>rischi <span class=\"_ _9\"> </span>derivanti <span class=\"_ _9\"> </span>dal <span class=\"_ _0\"></span>cambiamento <span class=\"_ _9\"> </span>climatico <span class=\"_ _9\"> </span>pos<span class=\"_ _2\"></span>sono <span class=\"_ _0\"> </span>ess<span class=\"_ _2\"></span>ere <span class=\"_ _0\"></span>determinati <span class=\"_ _9\"> </span>da<span class=\"_ _df\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1aa8\">eventi <span class=\"_ _16\"> </span>acuti <span class=\"_ _9\"> </span>o  da <span class=\"_ _9\"> </span>cambiamenti <span class=\"_ _16\"> </span>climati<span class=\"ff5\">ci  a <span class=\"_ _9\"> </span>lungo <span class=\"_ _9\"> </span>t<span class=\"_ _2\"></span>ermine <span class=\"_ _9\"> </span>tali  d<span class=\"_ _1\"></span>\u2019avere <span class=\"_ _16\"> </span>possibili <span class=\"_ _9\"> </span>implicazione<span class=\"_ _df\"> </span></span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1aa9\">finanziarie <span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>ulle <span class=\"_ _2\"></span>or<span class=\"_ _2\"></span>ganizzazioni, <span class=\"_ _d\"></span>come <span class=\"_ _d\"></span>danni <span class=\"_ _d\"></span>diretti <span class=\"_ _d\"></span>alle <span class=\"_ _d\"></span>risors<span class=\"_ _2\"></span>e <span class=\"_ _d\"></span>e <span class=\"_ _d\"></span>gli <span class=\"_ _d\"></span>impatti <span class=\"_ _d\"></span>indiretti <span class=\"_ _d\"></span>derivanti<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs1aaa\">dall\u2019interruzione <span class=\"_ _0\"></span>della <span class=\"_ _0\"></span>catena <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>fornitura. <span class=\"_ _0\"></span>D<span class=\"_ _2\"></span>al <span class=\"_ _d\"></span>punto <span class=\"_ _9\"> </span>di <span class=\"_ _0\"></span>vista <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>una <span class=\"_ _0\"></span>compagnia <span class=\"_ _0\"></span>assicurativa,<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1aab\">questi <span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>ischi <span class=\"_ _2\"></span>non <span class=\"_ _d\"></span>solo <span class=\"_ _d\"></span>possono <span class=\"_ _2\"></span>avere <span class=\"_ _d\"></span>un <span class=\"_ _2\"></span>ef<span class=\"_ _2\"></span>fetto <span class=\"_ _2\"></span>dirett<span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>sui <span class=\"_ _d\"></span>propri <span class=\"_ _d\"></span>asset <span class=\"_ _2\"></span>fisici <span class=\"_ _d\"></span>e <span class=\"_ _d\"></span>indiretto <span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>ugli<span class=\"_ _df\"> </span><span class=\"_ _1\"></span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1aac\">investimenti, <span class=\"_ _f\"></span>ma p<span class=\"_ _1\"></span>ossono ave<span class=\"_ _1\"></span>re <span class=\"_ _f\"></span>un impatto <span class=\"_ _f\"></span>anche <span class=\"_ _f\"></span>s<span class=\"_ _2\"></span>ulle<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>passivit\u00e0 <span class=\"_ _f\"></span>as<span class=\"_ _2\"></span>sicurative. <span class=\"_ _f\"></span>Un <span class=\"_ _f\"></span>amento del<span class=\"_ _1\"></span>la<span class=\"_ _df\"> </span></div>frequenza <span class=\"_ _0\"></span>e <span class=\"_ _9\"> </span>severit\u00e0 <span class=\"_ _9\"> </span>degli <span class=\"_ _9\"> </span>eventi <span class=\"_ _9\"> </span>climatici <span class=\"_ _0\"></span>avvers<span class=\"_ _2\"></span>i <span class=\"_ _0\"></span>pu\u00f2 <span class=\"_ _9\"> </span>tradursi <span class=\"_ _9\"> </span>in <span class=\"_ _9\"> </span>un <span class=\"_ _9\"> </span>aum<span class=\"_ _2\"></span>ento <span class=\"_ _0\"></span>dei <span class=\"_ _9\"> </span>tassi <span class=\"_ _9\"> </span>dei<span class=\"_ _df\"> </span>sinistri, infortuni, malattia e mortalit\u00e0.<span class=\"_ _df\"> </span>Con <span class=\"_ _22\"> </span>s<span class=\"_ _2\"></span>pecifi<span class=\"_ _1\"></span>co <span class=\"_ _4\"> </span>riferimento <span class=\"_ _22\"> </span>ai <span class=\"_ _4\"> </span>rischi  climatici, <span class=\"_ _4\"> </span>in  co<span class=\"_ _2\"></span>erenza  con<span class=\"_ _2\"></span> <span class=\"_ _22\"> </span>le <span class=\"_ _4\"> </span>indicazioni  del <span class=\"_ _4\"> </span>Regolamento<span class=\"_ _df\"> </span>Delegato <span class=\"_ _d\"></span>(UE) <span class=\"_ _d\"></span>2021/1256 <span class=\"_ _0\"></span>della <span class=\"_ _d\"></span>Commissione <span class=\"_ _0\"></span>del <span class=\"_ _d\"></span>21 <span class=\"_ _0\"></span>Aprile <span class=\"_ _d\"></span>2021, <span class=\"_ _d\"></span>la <span class=\"_ _0\"></span>Compagnia <span class=\"_ _d\"></span>ha <span class=\"_ _0\"></span>strutturato <span class=\"_ _d\"></span>una<span class=\"_ _df\"> </span>serie <span class=\"_ _2\"></span>di <span class=\"_ _d\"></span>analisi <span class=\"_ _d\"></span>sul <span class=\"_ _d\"></span>proprio <span class=\"_ _d\"></span>portafoglio <span class=\"_ _2\"></span>(sia <span class=\"_ _d\"></span>investimenti, <span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>ia <span class=\"_ _2\"></span>tecnico/as<span class=\"_ _2\"></span>sicurativo) <span class=\"_ _2\"></span>per <span class=\"_ _d\"></span>verificare <span class=\"_ _d\"></span>la<span class=\"_ _df\"> </span>materialit\u00e0 <span class=\"_ _f\"></span>dell\u2019esposizione <span class=\"_ _f\"></span>ai <span class=\"_ _f\"></span>rischi <span class=\"_ _1\"></span>climatici <span class=\"_ _f\"></span>e, <span class=\"_ _1\"></span>successivamente, <span class=\"_ _f\"></span>condurre <span class=\"_ _f\"></span>l<span class=\"_ _2\"></span>\u2019analisi <span class=\"_ _f\"></span>di <span class=\"_ _f\"></span>scenario <span class=\"_ _f\"></span>per<span class=\"_ _df\"> </span>quantificare l\u2019impatto che essi producono sulle p<span class=\"ff4\">rincipali grandezze economiche e patrimoniali.<span class=\"_ _df\"> </span></span>Il Framework sviluppato dalla Compagnia <span class=\"_ _2\"></span>per la gestione del r<span class=\"_ _2\"></span>ischi<span class=\"_ _1\"></span>o climatico <span class=\"_ _2\"></span>identifi<span class=\"_ _1\"></span>ca i <span class=\"_ _2\"></span>seguenti<span class=\"_ _df\"> </span>step:<span class=\"_ _df\"> </span>-<span class=\"ff10\"> <span class=\"_ _24\"> </span><span class=\"ff4\">Identificazione dei fatt<span class=\"_ _2\"></span>ori di rischio e <span class=\"_ _2\"></span>del perimetro di <span class=\"_ _2\"></span>analisi <span class=\"_ _2\"></span>- identificazione e classificazione<span class=\"_ _df\"> </span></span></span>delle <span class=\"_ _d\"></span>principali <span class=\"_ _d\"></span>fonti <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>rischio <span class=\"_ _d\"></span>climatico <span class=\"_ _0\"></span>e <span class=\"_ _d\"></span>del <span class=\"_ _d\"></span>p<span class=\"_ _2\"></span>erimetro <span class=\"_ _d\"></span>di <span class=\"_ _0\"></span>prodotti <span class=\"_ _0\"></span>e <span class=\"_ _d\"></span>assets <span class=\"_ _d\"></span>potenzialmente<span class=\"_ _df\"> </span>impattati secondo le linee guida indicate d<span class=\"_ _1\"></span>a EIOPA.<span class=\"_ _df\"> </span>-<span class=\"ff10\"> <span class=\"_ _24\"> </span><span class=\"ff4\">Valutazione <span class=\"_ _d\"></span>della <span class=\"_ _d\"></span>materialit\u00e0 <span class=\"_ _0\"></span><span class=\"ff5\">\u2013</span> <span class=\"_ _d\"></span><span class=\"ff5\">la <span class=\"_ _d\"></span>valutazione, <span class=\"_ _d\"></span>propedeutica <span class=\"_ _d\"></span>all\u2019analisi <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>ril<span class=\"_ _2\"></span>evanza <span class=\"_ _d\"></span>(cfr. <span class=\"_ _d\"></span>punto<span class=\"_ _df\"> </span></span></span></span>successivo), \u00e8 effettuata su ogni singolo perimetro (sia lato Asset, sia Liabil<span class=\"_ _1\"></span>ities);<span class=\"_ _df\"> </span>-<span class=\"ff10\"> <span class=\"_ _24\"> </span><span class=\"ff4\">Analisi d<span class=\"_ _f\"></span>i Rilevanza <span class=\"ff5\">\u2013</span> <span class=\"_ _1\"></span>analisi attivata solo <span class=\"_ _f\"></span>per i <span class=\"_ _1\"></span>rischi i<span class=\"_ _1\"></span>dentificati <span class=\"_ _f\"></span>come potenzialmente <span class=\"_ _1\"></span>materiali<span class=\"_ _df\"> </span></span></span>nel <span class=\"_ _2\"></span>punto <span class=\"_ _2\"></span>precedente, e<span class=\"_ _2\"></span>d <span class=\"_ _2\"></span>ha <span class=\"_ _2\"></span>come <span class=\"_ _2\"></span>obiettivo <span class=\"_ _2\"></span>l\u2019identificazione<span class=\"_ _1\"></span> <span class=\"_ _2\"></span>dei <span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>ischi climati<span class=\"_ _2\"></span><span class=\"ff4\">ci <span class=\"_ _2\"></span>rilevanti <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>il<span class=\"_ _df\"> </span></span>business <span class=\"_ _d\"></span>e <span class=\"_ _0\"></span>per <span class=\"_ _0\"></span>la <span class=\"_ _0\"></span>relativa <span class=\"_ _d\"></span>analisi <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>stress <span class=\"_ _0\"></span>ai <span class=\"_ _d\"></span>fini <span class=\"_ _0\"></span>ORSA. <span class=\"_ _0\"></span>L\u2019analisi <span class=\"_ _0\"></span>\u00e8 <span class=\"_ _0\"></span>effettuata <span class=\"_ _d\"></span>su <span class=\"_ _0\"></span>ogni <span class=\"_ _d\"></span>s<span class=\"_ _2\"></span>ingolo<span class=\"_ _df\"> </span>perimetro (sia lato Asset, sia Liabilities) e preved<span class=\"_ _1\"></span>e almeno le seguenti macro attivit\u00e0:<span class=\"_ _df\"> </span>o<span class=\"ff10\"> <span class=\"_ _6\"> </span><span class=\"ff4\">Identificazione d<span class=\"_ _2\"></span>ei cr<span class=\"_ _2\"></span>iteri <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>delle <span class=\"_ _2\"></span>metodologie <span class=\"_ _2\"></span>da <span class=\"_ _2\"></span>uti<span class=\"_ _2\"></span>lizzare sui <span class=\"_ _d\"></span>portafogli <span class=\"_ _2\"></span>esposti <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>ischi<span class=\"_ _1\"></span>o<span class=\"_ _df\"> </span></span></span>(sia asset, sia liabilitie<span class=\"_ _1\"></span>s) analizzate nei paragrafi successivi;<span class=\"_ _df\"> </span>o<span class=\"ff10\"> <span class=\"_ _6\"> </span><span class=\"ff4\">Valutazione  q<span class=\"_ _2\"></span>uali/quantitativa <span class=\"_ _22\"> </span>di <span class=\"_ _4\"> </span>ogni <span class=\"_ _4\"> </span>perimetro <span class=\"_ _4\"> </span>identificato <span class=\"_ _22\"> </span>r<span class=\"_ _2\"></span>ispetto <span class=\"_ _4\"> </span>alle <span class=\"_ _22\"> </span>metodologie<span class=\"_ _df\"> </span></span></span>individuate e alle specifiche soglie di materialit\u00e0.<span class=\"_ _df\"> </span>Il<span class=\"ls0\">  s<span class=\"_ _2\"></span>istema  di <span class=\"_ _22\"> </span>g<span class=\"_ _2\"></span>estione  dei  r<span class=\"_ _2\"></span>ischi  ESG  pre<span class=\"_ _2\"></span>vede  inoltre <span class=\"_ _4\"> </span>la  definizione <span class=\"_ _22\"> </span>di <span class=\"_ _22\"> </span>in<span class=\"_ _2\"></span>dicatori  utilizzati <span class=\"_ _22\"> </span>per<span class=\"_ _df\"> </span></span>monitorare <span class=\"_ _d\"></span>l\u2019esposizione<span class=\"_ _1\"></span>, <span class=\"_ _d\"></span>con <span class=\"_ _2\"></span>un <span class=\"_ _d\"></span>focus <span class=\"_ _d\"></span>specifico <span class=\"_ _2\"></span>sui <span class=\"_ _d\"></span>rischi <span class=\"_ _d\"></span>climatici <span class=\"_ _2\"></span>connessi <span class=\"_ _d\"></span>ai <span class=\"_ _2\"></span>rischi <span class=\"_ _d\"></span>ambientali<span class=\"_ _df\"> </span>insiti nei portafogli Asset e Liabilities de<span class=\"_ _1\"></span>lla Compagnia. Si riportano sinteticamente di segui<span class=\"_ _1\"></span>to le misure di rischio utilizzate e i volumi analizzati:<span class=\"_ _df\"> </span>-<span class=\"ff10\"> <span class=\"_ _24\"> </span><span class=\"ff4\">Weighted Average Carbon Footprint;<span class=\"_ _df\"> </span></span></span>-<span class=\"ff10\"> <span class=\"_ _24\"> </span><span class=\"ff4\">Percentuale Climate Policy Relevant Activities;<span class=\"_ _df\"> </span></span></span>-<span class=\"ff10\"> <span class=\"_ _24\"> </span><span class=\"ff4\">Weighted Average Liabilities Hazard Exposure; </span></span>-<span class=\"ff10\"> <span class=\"_ _24\"> </span><span class=\"ff4\">Percentuale passivit\u00e0 ad alto rischio climatico.<span class=\"_ _df\"> </span></span></span>Rischio Strategico<span class=\"_ _df\"> </span>Per rischio <span class=\"_ _2\"></span>strategico si intende il rischio <span class=\"_ _2\"></span>attuale o prospettico di flessione degli utili <span class=\"_ _2\"></span>o del capitale<span class=\"_ _df\"> </span>e di <span class=\"_ _2\"></span>sostenibilit\u00e0 <span class=\"_ _2\"></span>del mod<span class=\"_ _2\"></span>ello di <span class=\"_ _2\"></span>business, incluso <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>rischio di <span class=\"_ _2\"></span>non <span class=\"_ _2\"></span>riuscire <span class=\"_ _2\"></span>a generar<span class=\"_ _2\"></span>e un <span class=\"_ _2\"></span>adeguato<span class=\"_ _df\"> </span>ritorno  su<span class=\"ff5\">l  capitale  sul<span class=\"_ _1\"></span>la  base  della  propensione  al  rischio  defini<span class=\"_ _1\"></span>ta  dall\u2019impresa,  derivante  da<span class=\"_ _df\"> </span></span>cambiamenti del contesto <span class=\"_ _2\"></span>operativo o da decisioni aziendali err<span class=\"_ _2\"></span>ate, dall\u2019 attuazione inadeguata di<span class=\"_ _df\"> </span>decisioni, <span class=\"_ _9\"> </span>impropria <span class=\"_ _16\"> </span>gestione <span class=\"_ _9\"> </span>del <span class=\"_ _9\"> </span>rischio <span class=\"_ _16\"> </span>di <span class=\"_ _9\"> </span>appartenenza <span class=\"_ _9\"> </span>al  g<span class=\"_ _1\"></span>ruppo, <span class=\"_ _9\"> </span>e<span class=\"_ _2\"></span> <span class=\"_ _16\"> </span>dalla <span class=\"_ _9\"> </span>scarsa <span class=\"_ _16\"> </span>reattivit\u00e0 <span class=\"_ _9\"> </span>a<span class=\"_ _df\"> </span>variazioni del contesto competitivo.<span class=\"_ _df\"> </span>La Compagnia distingue tre principali<span class=\"_ _1\"></span> fattori di rischio:<span class=\"_ _df\"> </span>-<span class=\"ff10\"> <span class=\"_ _24\"> </span><span class=\"ff4\">Strategic <span class=\"_ _14\"> </span>risk: <span class=\"_ _15\"> </span>incapacit\u00e0 <span class=\"_ _14\"> </span>di <span class=\"_ _14\"> </span>a<span class=\"_ _2\"></span>vere <span class=\"_ _14\"> </span>una <span class=\"_ _14\"> </span>s<span class=\"_ _2\"></span>trategia <span class=\"_ _14\"> </span>aziendale <span class=\"_ _14\"> </span>completamente <span class=\"_ _15\"> </span>elaborata <span class=\"_ _14\"> </span>e<span class=\"_ _df\"> </span></span></span>concordata  o <span class=\"_ _4\"> </span>l\u2019inc<span class=\"_ _1\"></span>apacit\u00e0  di <span class=\"_ _22\"> </span>s<span class=\"_ _2\"></span>e<span class=\"_ _1\"></span>guire  tale <span class=\"_ _22\"> </span>s<span class=\"_ _2\"></span>trat<span class=\"ff4\">egia  tale <span class=\"_ _22\"> </span>da <span class=\"_ _4\"> </span>creare  valore  nel  medio <span class=\"_ _4\"> </span>lung<span class=\"_ _1\"></span>o<span class=\"_ _df\"> </span></span>periodo.<span class=\"_ _df\"> </span>-<span class=\"ff10\"> <span class=\"_ _24\"> </span><span class=\"ff4\">Business <span class=\"_ _17\"> </span>environmental <span class=\"_ _14\"> </span>risk: <span class=\"_ _17\"> </span>Esposizione <span class=\"_ _17\"> </span>a <span class=\"_ _14\"> </span>forze <span class=\"_ _17\"> </span>pro<span class=\"_ _2\"></span>venienti <span class=\"_ _17\"> </span>dal <span class=\"_ _17\"> </span>contest<span class=\"_ _2\"></span>o <span class=\"_ _17\"> </span>esterno <span class=\"_ _17\"> </span>che<span class=\"_ _df\"> </span></span></span>potrebbero <span class=\"_ _0\"></span>cambiare <span class=\"_ _0\"></span>significativamente <span class=\"_ _0\"></span>i <span class=\"_ _9\"> </span>fondamenti <span class=\"_ _0\"></span>che <span class=\"_ _9\"> </span>guidano <span class=\"_ _0\"> </span>gli <span class=\"_ _9\"> </span>obiettivi <span class=\"_ _0\"></span>generali <span class=\"_ _9\"> </span>e <span class=\"_ _0\"></span>la<span class=\"_ _df\"> </span>strategia aziendale.<span class=\"_ _df\"> </span>-<span class=\"ff10\"> <span class=\"_ _24\"> </span><span class=\"ff4\">Rischio Reddituale: <span class=\"_ _2\"></span>relativo <span class=\"_ _2\"></span>alla <span class=\"_ _2\"></span>coerenza della <span class=\"_ _2\"></span>componente reddituale <span class=\"_ _2\"></span>dei port<span class=\"_ _2\"></span>afogli verso <span class=\"_ _2\"></span>gli<span class=\"_ _df\"> </span></span></span>obblighi assunti nei confronti degli<span class=\"_ _1\"></span> assicurati e la marginalit\u00e0 finanziaria attesa dagli azionisti.<span class=\"_ _df\"> </span>L\u2019analisi <span class=\"_ _f\"></span>dei <span class=\"_ _1\"></span>rischi <span class=\"_ _f\"></span>s<span class=\"_ _2\"></span>trategici <span class=\"_ _f\"></span>viene <span class=\"_ _1\"></span>effettuate <span class=\"_ _f\"></span>mediante spe<span class=\"_ _1\"></span>cif<span class=\"_ _2\"></span><span class=\"ff4\">iche <span class=\"_ _f\"></span>analisi <span class=\"_ _1\"></span>si <span class=\"_ _1\"></span>sensitivity <span class=\"_ _f\"></span>in sede<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>ORSA<span class=\"_ _df\"> </span></span>o <span class=\"_ _9\"> </span>ogni <span class=\"_ _9\"> </span>qualvolta <span class=\"_ _9\"> </span>si <span class=\"_ _9\"> </span>as<span class=\"_ _2\"></span>sista <span class=\"_ _0\"></span>a <span class=\"_ _16\"> </span>va<span class=\"_ _1\"></span>riazioni <span class=\"_ _9\"> </span>significative <span class=\"_ _9\"> </span>del <span class=\"_ _9\"> </span>mercato, <span class=\"_ _9\"> </span>dell\u2019mix <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>produzione <span class=\"_ _9\"> </span>e <span class=\"_ _9\"> </span>d<span class=\"_ _2\"></span>elle<span class=\"_ _df\"> </span>ipotesi sottostanti <span class=\"_ _2\"></span>le valutazioni (a t<span class=\"_ _2\"></span>itolo esemplificativo, tassi di <span class=\"_ _2\"></span>riscatto best <span class=\"_ _2\"></span>estimate, ipotesi di<span class=\"_ _df\"> </span>minimo garantito, etc).<span class=\"_ _df\"> </span>In <span class=\"_ _9\"> </span>tale <span class=\"_ _16\"> </span>ambito <span class=\"_ _9\"> </span>viene <span class=\"_ _9\"> </span>altres\u00ec <span class=\"_ _16\"> </span>valutata <span class=\"_ _9\"> </span>la <span class=\"_ _16\"> </span>presenza <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>potenziali <span class=\"_ _9\"> </span>r<span class=\"_ _2\"></span>ischi <span class=\"_ _9\"> </span>emergenti <span class=\"_ _9\"> </span>sulla <span class=\"_ _16\"> </span>base <span class=\"_ _9\"> </span>delle<span class=\"_ _df\"> </span>informazioni derivanti dal piano industriale, dalle evoluzioni di prodotto<span class=\"_ _2\"></span>, dalle<span class=\"_ _1\"></span> variazioni normative<span class=\"_ _df\"> </span>e da qualsiasi altra variazione potenzia<span class=\"ff5\">lmente impattante sul profilo di rischio del<span class=\"_ _1\"></span>l\u2019impresa.<span class=\"_ _df\"> </span></span>In seguito <span class=\"_ _2\"></span>ai <span class=\"_ _2\"></span>risultati <span class=\"_ _2\"></span>di t<span class=\"_ _2\"></span>ale analisi, <span class=\"_ _2\"></span>vengono <span class=\"_ _2\"></span>valutati gli <span class=\"_ _2\"></span>eventuali <span class=\"_ _2\"></span>cambiamenti <span class=\"_ _2\"></span>da a<span class=\"_ _2\"></span>pportare nella<span class=\"_ _df\"> </span>mappa dei rischi aziendali.<div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1ab6\">Le valutazioni effettuate dall<span class=\"_ _1\"></span>a Compagnia alla data di valutazione ha<span class=\"_ _2\"></span>nno consentito di deline<span class=\"_ _1\"></span>are la<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1ab7\">mappa de<span class=\"_ _1\"></span>i rischi regolame<span class=\"_ _1\"></span>ntari <span class=\"ff5\">\u2013</span> <span class=\"_ _1\"></span>Framework Solvenc<span class=\"_ _1\"></span>y II - a<span class=\"_ _f\"></span> cui la <span class=\"_ _1\"></span>Compagnia \u00e8 <span class=\"_ _1\"></span>esposta (<span class=\"_ _f\"></span>di seguito<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1ab8\">riportata).  </div><div class=\"gs1ab9\"><table class=\"s w11e2 h5c2\" id=\"_6a76666f-2298-41e4-a182-fc14ac6ee998\"><tr><td class=\"c xb89 y38ad w653 h4e\"><div class=\"t m0 x12 h1f y66c ff4 fs7 fc1 sc0 ls0 ws0\">Modulo di rischi<span class=\"_ _1\"></span>o  </div></td><td class=\"c xb8a y38ad w654 h4e\"><div class=\"t m0 x96 h1f y66c ff4 fs7 fc1 sc0 ls0 ws0\">Sottomodulo di <span class=\"_ _f\"></span>r<span class=\"_ _2\"></span>ischio  </div></td><td class=\"c xb8b y38ad w4c3 h4e\"><div class=\"t m0 xab h1f y66c ff4 fs7 fc1 sc0 ls0 ws0\">Esposizione </div></td></tr><tr><td></td><td class=\"c xb8a y38ae w654 h4e\"><div class=\"t m0 x8a h1f y93e ff4 fs7 fc1 sc0 ls0 ws0\">Mortality risk </div></td><td class=\"c xb8b y38ae w4c9 h4e\"><div class=\"t m0 x3a h1f y93e ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td></tr><tr><td></td><td class=\"c xb8a y38af w654 h4e\"><div class=\"t m0 x8a h1f y93e ff4 fs7 fc1 sc0 ls0 ws0\">Longevity risk </div></td><td class=\"c xb8b y38af w4c9 h4e\"><div class=\"t m0 x3a h1f y93e ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td></tr><tr><td></td><td class=\"c xb8a y38b0 w654 h4e\"><div class=\"t m0 x8a h1f y93e ff4 fs7 fc1 sc0 ls0 ws0\">Disability morb<span class=\"_ _1\"></span>idity risk </div></td><td class=\"c xb8b y38b0 w4c9 h4e\"><div class=\"t m0 x32 h1f y93e ff4 fs7 fc1 sc0 ls10a ws0\">---<span class=\"ls0\"> </span></div></td></tr><tr><td class=\"c xb89 y38b1 w653 h362\"><div class=\"t m0 x96 h1f y1870 ff4 fs7 fc1 sc0 ls0 ws0\">Underwriting R<span class=\"_ _1\"></span>isk </div></td><td class=\"c xb8a y38b2 w654 h4d\"><div class=\"t m0 x8a h1f y28e ff4 fs7 fc1 sc0 ls0 ws0\">Life Lapse risk </div></td><td class=\"c xb8b y38b2 w4c9 h4d\"><div class=\"t m0 x3a h1f y28e ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td></tr><tr><td></td><td class=\"c xb8a y38b3 w654 h4d\"><div class=\"t m0 x8a h1f y28e ff4 fs7 fc1 sc0 ls0 ws0\">Expense risk </div></td><td class=\"c xb8b y38b3 w4c9 h4d\"><div class=\"t m0 x3a h1f y28e ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td></tr><tr><td></td><td class=\"c xb8a y38b4 w654 h4d\"><div class=\"t m0 x8a h1f y28e ff4 fs7 fc1 sc0 ls0 ws0\">Revisionary risk<span class=\"_ _1\"></span> </div></td><td class=\"c xb8b y38b4 w4c9 h4d\"><div class=\"t m0 x32 h1f y28e ff4 fs7 fc1 sc0 ls10a ws0\">---<span class=\"ls0\"> </span></div></td></tr><tr><td></td><td class=\"c xb8a y38b1 w654 h4d\"><div class=\"t m0 x8a h1f y28e ff4 fs7 fc1 sc0 ls0 ws0\">CAT risk </div></td><td class=\"c xb8b y38b1 w4c9 h4d\"><div class=\"t m0 x3a h1f y28e ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td></tr><tr><td></td><td class=\"c xb8a y38b5 w654 h4e\"><div class=\"t m0 x8a h1f y28e ff4 fs7 fc1 sc0 ls0 ws0\">Interest rate r<span class=\"_ _1\"></span>isk </div></td><td class=\"c xb8b y38b5 w4c9 h4e\"><div class=\"t m0 x3a h1f y28e ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td></tr><tr><td></td><td class=\"c xb8a y38b6 w654 h4e\"><div class=\"t m0 x8a h1f y28e ff4 fs7 fc1 sc0 ls0 ws0\">Equity risk </div></td><td class=\"c xb8b y38b6 w4c9 h4e\"><div class=\"t m0 x3a h1f y28e ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td></tr><tr><td class=\"c xb89 y38b7 w653 h363\"><div class=\"t m0 x8 h1f y1bf0 ff4 fs7 fc1 sc0 ls0 ws0\">Market risk </div></td><td class=\"c xb8a y38b8 w654 h4e\"><div class=\"t m0 x8a h1f y28e ff4 fs7 fc1 sc0 ls0 ws0\">Property risk </div></td><td class=\"c xb8b y38b8 w4c9 h4e\"><div class=\"t m0 x3a h1f y28e ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td></tr><tr><td></td><td class=\"c xb8a y38b9 w654 h4e\"><div class=\"t m0 x8a h1f y28e ff4 fs7 fc1 sc0 ls0 ws0\">Spread risk </div></td><td class=\"c xb8b y38b9 w4c9 h4e\"><div class=\"t m0 x3a h1f y28e ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td></tr><tr><td></td><td class=\"c xb8a y38ba w654 hc9\"><div class=\"t m0 x8a h1f y1bf2 ff4 fs7 fc1 sc0 ls0 ws0\">Currency risk<span class=\"_ _1\"></span> </div></td><td class=\"c xb8b y38ba w4c9 hc9\"><div class=\"t m0 x3a h1f y1bf2 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td></tr><tr><td></td><td class=\"c xb8a y38b7 w654 h4e\"><div class=\"t m0 x8a h1f y93e ff4 fs7 fc1 sc0 ls0 ws0\">Concentration ri<span class=\"_ _1\"></span>sk </div></td><td class=\"c xb8b y38b7 w4c9 h4e\"><div class=\"t m0 x32 h1f y93e ff4 fs7 fc1 sc0 ls10a ws0\">---<span class=\"ls0\"> </span></div></td></tr><tr><td class=\"c xb89 y38bb w653 h306\"><div class=\"t m0 x26 h1f y8b7 ff4 fs7 fc1 sc0 ls0 ws0\">Counterparty de<span class=\"_ _1\"></span>fault risk </div></td><td class=\"c xb8a y38bc w654 h4e\"><div class=\"t m0 x8a h1f y93e ff4 fs7 fc1 sc0 ls0 ws0\">Type 1 counterpa<span class=\"_ _1\"></span>rties </div></td><td class=\"c xb8b y38bc w4c9 h4e\"><div class=\"t m0 x3a h1f y93e ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td></tr><tr><td></td><td class=\"c xb8a y38bb w654 h4e\"><div class=\"t m0 x8a h1f y93e ff4 fs7 fc1 sc0 ls0 ws0\">Type 2 counterpa<span class=\"_ _1\"></span>rties </div></td><td class=\"c xb8b y38bb w4c9 h4e\"><div class=\"t m0 x32 h1f y93e ff4 fs7 fc1 sc0 ls10a ws0\">---<span class=\"ls0\"> </span></div></td></tr><tr><td class=\"c xb89 y38bd w655 h4d\"><div class=\"t m0 x91 h1f y28e ff4 fs7 fc1 sc0 ls0 ws0\">Operational Risk </div></td><td class=\"c xb8a y38bd w654 h4d\"><div class=\"t m0 x8a h1f y28e ff4 fs7 fc1 sc0 ls0 ws0\">Operational risk<span class=\"_ _1\"></span> </div></td><td class=\"c xb8b y38bd w4c9 h4d\"><div class=\"t m0 x3a h1f y28e ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td></tr></table></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1aba\">Le  valutazioni  p<span class=\"_ _1\"></span>rospettiche  dei  rischi  non  han<span class=\"_ _1\"></span>no  rilevato  d<span class=\"_ _1\"></span>a  un  punto  d<span class=\"_ _1\"></span>i  vista  regolamentare<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1abb\">(Solvency II) rischi emergenti in <span class=\"_ _2\"></span>ragione delle azioni previst<span class=\"_ _2\"></span>e dalle nu<span class=\"_ _2\"></span>ove strategie di investimento<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1abc\">e di business (da segnalare tuttavi<span class=\"_ _1\"></span>a la review Solvency II la cui applicazione<span class=\"_ _1\"></span> \u00e8 prevista a partire dal<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1abd\">30.01.2027). A <span class=\"_ _f\"></span>livello <span class=\"_ _1\"></span>prospettico <span class=\"_ _1\"></span>si osserva <span class=\"_ _f\"></span>una lo<span class=\"_ _1\"></span>ro diffe<span class=\"_ _1\"></span>rente composizi<span class=\"_ _1\"></span>one in <span class=\"_ _f\"></span>termini di <span class=\"_ _f\"></span>rilevanza<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1abe\">rispetto al dato consuntivo. <span class=\"_ _1\"></span>In particolare, pur conf<span class=\"_ _1\"></span>ermandosi il Life Un<span class=\"_ _1\"></span>derwriting Risk superiore a<span class=\"_ _f\"></span>i<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1abf\">Market Risk, si osse<span class=\"_ _1\"></span>rva un ribilanciamento tra le<span class=\"_ _1\"></span> due classi di rischio gu<span class=\"_ _1\"></span>idato in particolar modo d<span class=\"_ _f\"></span>a<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1ac0\">una  riduzione  del  Lapse  Mass  Risk  come  cons<span class=\"_ _2\"></span>eguenza  indiretta  delle  dinamiche  dei <span class=\"_ _22\"> </span>t<span class=\"_ _2\"></span>assi  in<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1ac1\">progressiva riduzione<span class=\"_ _f\"></span> ed un incremento d<span class=\"_ _1\"></span>el Market R<span class=\"_ _1\"></span>isk coerente con l<span class=\"_ _1\"></span>a crescita dei <span class=\"_ _1\"></span>volumi e<span class=\"_ _1\"></span> delle<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1ac2\">strategie di investimento sottostanti.  </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs1ac3\">Con <span class=\"_ _4\"> </span>riferimento <span class=\"_ _4\"> </span>ai <span class=\"_ _4\"> </span>dati <span class=\"_ _22\"> </span>pros<span class=\"_ _2\"></span>pettici <span class=\"_ _22\"> </span>e <span class=\"_ _4\"> </span>a <span class=\"_ _4\"> </span>quelli <span class=\"_ _4\"> </span>monitorati <span class=\"_ _4\"> </span>alla <span class=\"_ _4\"> </span>data <span class=\"_ _22\"> </span>di <span class=\"_ _4\"> </span>valutazione, <span class=\"_ _4\"> </span>l\u2019analisi <span class=\"_ _4\"> </span>ha<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1ac4\">permesso <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>individuare <span class=\"_ _0\"></span>i <span class=\"_ _0\"></span>sotto <span class=\"_ _9\"> </span>moduli <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>rischio <span class=\"_ _0\"></span>maggiormente <span class=\"_ _0\"></span>significativi <span class=\"_ _0\"></span>e <span class=\"_ _0\"></span>impattant<span class=\"_ _2\"></span>i <span class=\"_ _0\"></span>per <span class=\"_ _0\"></span>la<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1ac5\">Compagnia, che <span class=\"_ _2\"></span>risultano <span class=\"_ _2\"></span>essere <span class=\"_ _2\"></span>i sot<span class=\"_ _2\"></span>to moduli <span class=\"_ _2\"></span>di rischio <span class=\"_ _2\"></span>Equity, <span class=\"_ _2\"></span>Spread, Currency, <span class=\"_ _2\"></span>Interest <span class=\"_ _2\"></span>Rate,<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1ac6\">Operational <span class=\"_ _f\"></span>e L<span class=\"_ _1\"></span>apse M<span class=\"_ _1\"></span>ass. An<span class=\"_ _1\"></span>che <span class=\"_ _1\"></span>se <span class=\"_ _f\"></span>da un <span class=\"_ _f\"></span>punto d<span class=\"_ _1\"></span>i <span class=\"_ _f\"></span>vista del<span class=\"_ _1\"></span> requisito d<span class=\"_ _1\"></span>i <span class=\"_ _f\"></span>capitale g<span class=\"_ _1\"></span>enerato, all<span class=\"_ _1\"></span>a <span class=\"_ _f\"></span>data<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1ac7\">di <span class=\"_ _2\"></span>valutazione, <span class=\"_ _d\"></span>il <span class=\"_ _d\"></span>modulo <span class=\"_ _2\"></span>di <span class=\"_ _d\"></span>rischio <span class=\"_ _d\"></span>Interest <span class=\"_ _d\"></span>Rate <span class=\"_ _d\"></span>non <span class=\"_ _d\"></span>\u00e8 <span class=\"_ _2\"></span>il <span class=\"_ _d\"></span>modulo <span class=\"_ _d\"></span>di <span class=\"_ _2\"></span>rischio <span class=\"_ _d\"></span>pi\u00f9 <span class=\"_ _d\"></span>rilevante, <span class=\"_ _2\"></span>esso <span class=\"_ _d\"></span>pi\u00f2  </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1ac8\">rappresentare <span class=\"_ _2\"></span>un <span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>ischio <span class=\"_ _2\"></span>significativo <span class=\"_ _2\"></span>sulla <span class=\"_ _2\"></span>posizione <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>solvibilit\u00e0 <span class=\"_ _d\"></span>per <span class=\"_ _2\"></span>gli <span class=\"_ _d\"></span>effetti <span class=\"_ _2\"></span>indiretti <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>esso<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1ac9\">pu\u00f2 generare.<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs1aca\">Inoltre si <span class=\"_ _f\"></span>conferma l\u2019esposizione <span class=\"_ _f\"></span>della Compagnia <span class=\"_ _f\"></span>al rischio <span class=\"_ _1\"></span>Spread sui <span class=\"_ _f\"></span>Governativi ITA <span class=\"_ _f\"></span>(rischio non<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1acb\">contemplato <span class=\"_ _10\"> </span>nella <span class=\"_ _10\"> </span>Formula <span class=\"_ _10\"> </span>Standard). <span class=\"_ _10\"> </span>La <span class=\"_ _18\"> </span>Compagnia <span class=\"_ _10\"> </span>nelle <span class=\"_ _18\"> </span>proprie <span class=\"_ _10\"> </span>valutazioni <span class=\"_ _10\"> </span>prende <span class=\"_ _10\"> </span>in<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1acc\">considerazione <span class=\"_ _15\"> </span>tale <span class=\"_ _10\"> </span>fattore <span class=\"_ _e\"> </span>di <span class=\"_ _e\"> </span>rischio <span class=\"_ _10\"> </span>mediante <span class=\"_ _15\"> </span>specifiche <span class=\"_ _10\"> </span>analisi <span class=\"_ _e\"> </span>di <span class=\"_ _e\"> </span>se<span class=\"_ _2\"></span>nsitivity <span class=\"_ _e\"> </span>effettuate<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs1acd\">periodicamente (almeno con frequenza trimestrale) e all\u2019<span class=\"_ _1\"></span>interno del Report ORSA. <span class=\"_ _2\"></span><span class=\"ff4\"> </span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs1ace\">Le  analisi  quali/quantitativa <span class=\"_ _4\"> </span>sull\u2019<span class=\"_ _1\"></span>adeguatezza  del <span class=\"_ _22\"> </span>profilo <span class=\"_ _4\"> </span>di  rischio  della  Compagnia  rispetto  i<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs1acf\">requisiti sottostanti l\u2019appli<span class=\"_ _1\"></span>cazione della Fo<span class=\"_ _2\"></span><span class=\"ff4\">rmula Standard sono risultate positive.<span class=\"_ _df\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs1ad0\">Le risultanze delle att<span class=\"_ _2\"></span>ivit\u00e0 di valutazione dei r<span class=\"_ _2\"></span>ischi hanno evidenziato <span class=\"_ _2\"></span>una volatilit\u00e0 nell\u2019evoluzione<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1ad1\">della <span class=\"_ _17\"> </span>solvibilit\u00e0 <span class=\"_ _17\"> </span>della <span class=\"_ _14\"> </span>Compagnia <span class=\"_ _17\"> </span>derivante <span class=\"_ _17\"> </span>dalle <span class=\"_ _14\"> </span>fluttuazioni <span class=\"_ _17\"> </span>dello <span class=\"_ _17\"> </span>s<span class=\"_ _2\"></span>pread <span class=\"_ _17\"> </span>BTP/Bund <span class=\"_ _17\"> </span>e <span class=\"_ _17\"> </span>dalle<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1ad2\">dinamiche <span class=\"_ _f\"></span>collegat<span class=\"ff5\">e ai <span class=\"_ _1\"></span>tassi d<span class=\"_ _1\"></span>i in<span class=\"_ _f\"></span>teress<span class=\"_ _2\"></span>i. <span class=\"_ _f\"></span>Tuttavia, tale <span class=\"_ _f\"></span>volatilit\u00e0 d<span class=\"_ _1\"></span>ell\u2019indice <span class=\"_ _f\"></span>di solvibilit\u00e0, <span class=\"_ _f\"></span>\u00e8 governata<span class=\"_ _df\"> </span></span><span class=\"ff5\"> </span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs1ad3\">mediante l\u2019attivazione di specifici presid<span class=\"_ _1\"></span>i organizzativi e di monitoraggio.<span class=\"_ _df\"> </span><span class=\"_ _2\"></span><span class=\"ff4\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1ad4\">Al <span class=\"_ _9\"> </span>calcolo <span class=\"_ _9\"> </span>degli <span class=\"_ _9\"> </span>impatti <span class=\"_ _9\"> </span>dovuti <span class=\"_ _0\"></span>ai <span class=\"_ _16\"> </span>rischi <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>natura <span class=\"_ _0\"></span>quantificabile <span class=\"_ _9\"> </span>e <span class=\"_ _9\"> </span>regolamentare, <span class=\"_ _9\"> </span>la  Compagnia<span class=\"_ _df\"> </span><span class=\"_ _f\"></span> </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs1ad5\">monitora e <span class=\"_ _2\"></span>valuta anche i rischi quantitativi ma <span class=\"_ _2\"></span>non rientranti <span class=\"_ _2\"></span>nell\u2019<span class=\"_ _1\"></span>ambito della <span class=\"_ _2\"></span>Formula Standard,<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs1ad6\">i cosiddetti \u201crischi quantitativi non regolamentari\u201d, quali:<span class=\"_ _df\"> </span><span class=\"ff4\"> </span></div><div class=\"t m0 h5 ff13 fs1 fc1 sc0 ls0 ws0 gs1ad7\">-<span class=\"_ _1b\"> </span><span class=\"ff4\">rischio spread sui titoli gove<span class=\"_ _1\"></span>rnativi;<span class=\"_ _df\"> </span></span></div><div class=\"t m0 h5 ff13 fs1 fc1 sc0 ls0 ws0 gs1ad8\">-<span class=\"_ _1b\"> </span><span class=\"ff4\">rischio di liqu<span class=\"_ _1\"></span>idit\u00e0;<span class=\"_ _df\"> </span></span></div><div class=\"t m0 h5 ff13 fs1 fc1 sc0 ls0 ws0 gs1ad9\">-<span class=\"_ _1b\"> </span><span class=\"ff4\">rischio ALM;<span class=\"_ _df\"> </span></span></div><div class=\"t m0 h5 ff13 fs1 fc1 sc0 ls0 ws0 gs1adb\">-<span class=\"ff10\"> <span class=\"_ _24\"> </span><span class=\"ff4\">rischio operativo; </span></span></div><div class=\"t m0 h5 ff13 fs1 fc1 sc0 ls0 ws0 gs1adc\">-<span class=\"ff10\"> <span class=\"_ _24\"> </span><span class=\"ff4\">rischio iCT &amp; di sicurezza; </span></span></div><div class=\"t m0 h5 ff13 fs1 fc1 sc0 ls0 ws0 gs1add\">-<span class=\"ff10\"> <span class=\"_ _24\"> </span><span class=\"ff4\">rischio condotta </span></span></div><div class=\"t m0 h5 ff13 fs1 fc1 sc0 ls0 ws0 gs1ade\">-<span class=\"ff10\"> <span class=\"_ _24\"> </span><span class=\"ff4\">rischio di appartenenza al gruppo; </span></span></div><div class=\"t m0 h5 ff13 fs1 fc1 sc0 ls0 ws0 gs1adf\">-<span class=\"ff10\"> <span class=\"_ _24\"> </span><span class=\"ff4\">rischio ESG (con un focus specifico sui rischi climatici connessi ai rischi ambientali)<span class=\"_ _f\"></span>;<span class=\"_ _d\"></span> </span></span></div><div class=\"t m0 h5 ff13 fs1 fc1 sc0 ls0 ws0 gs1ae0\">-<span class=\"ff10\"> <span class=\"_ _24\"> </span><span class=\"ff4\">rischio strategico. </span></span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1ae1\">Oltre <span class=\"_ _2\"></span>alle valutazioni <span class=\"_ _2\"></span>sui rischi <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>natura <span class=\"_ _2\"></span>quantificabi<span class=\"_ _1\"></span>le <span class=\"_ _2\"></span>(sia <span class=\"_ _2\"></span>regolamentare <span class=\"_ _2\"></span>che non), <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>Compagnia </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1ae2\">gestisce e monitora anche: </div><div class=\"t m0 h5 ff13 fs1 fc1 sc0 ls0 ws0 gs1ae3\">-<span class=\"ff10\"> <span class=\"_ _24\"> </span><span class=\"ff4\">rischio modello; </span></span></div><div class=\"t m0 h5 ff13 fs1 fc1 sc0 ls0 ws0 gs1ae4\">-<span class=\"ff10\"> <span class=\"_ _24\"> </span><span class=\"ff4\">rischio di non conformit\u00e0 alle norme; </span></span></div><div class=\"t m0 h5 ff13 fs1 fc1 sc0 ls0 ws0 gs1ae5\">-<span class=\"ff10\"> <span class=\"_ _24\"> </span><span class=\"ff4\">rischio reputazionale; </span></span></div><div class=\"t m0 h5 ff13 fs1 fc1 sc0 ls0 ws0 gs1ae6\">-<span class=\"ff10\"> <span class=\"_ _24\"> </span><span class=\"ff4\">rischi emergenti. </span></span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1ae7\">Allo <span class=\"_ _2\"></span>stato <span class=\"_ _2\"></span>attuale, <span class=\"_ _2\"></span>tali <span class=\"_ _2\"></span>tipologie <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>rischio <span class=\"_ _2\"></span>hanno <span class=\"_ _2\"></span>un <span class=\"_ _2\"></span>livello <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>gest<span class=\"_ _2\"></span>ione, monitor<span class=\"_ _2\"></span>aggio <span class=\"_ _2\"></span>e<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>valutazione </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1ae8\">coerente <span class=\"_ _2\"></span>con <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>loro <span class=\"_ _2\"></span>rilevanza. E<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>dalle valutazioni <span class=\"_ _2\"></span>condotte <span class=\"_ _2\"></span>non <span class=\"_ _2\"></span>compor<span class=\"_ _2\"></span>tano <span class=\"_ _2\"></span>un <span class=\"_ _2\"></span>add-on <span class=\"_ _d\"></span>in <span class=\"_ _2\"></span>termini </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1ae9\">di capitale regolamentare. </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1aea\">Al  momento  non  vi <span class=\"_ _16\"> </span>sono  risultati  ch<span class=\"_ _1\"></span>e  evidenzino  situazioni<span class=\"_ _1\"></span>  di  criticit\u00e0  in  termini  di  solvib<span class=\"_ _1\"></span>ilit\u00e0 </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1aeb\">derivanti <span class=\"_ _2\"></span>dai r<span class=\"_ _2\"></span>ischi <span class=\"_ _2\"></span>strategici<span class=\"_ _1\"></span>. <span class=\"_ _2\"></span>Tuttavia, <span class=\"_ _2\"></span>stante <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>rilevanza <span class=\"_ _2\"></span>di t<span class=\"_ _2\"></span>ale rischio, <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>una <span class=\"_ _2\"></span>prudente <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>sana<span class=\"_ _f\"></span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsfaa\">gestione  dei  rischi  attuali  e  prospettici  \u00e8  definito <span class=\"_ _22\"> </span>un  processo  di  monito<span class=\"_ _2\"></span>raggio  con  il  fine  di </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1aec\">intercettare possibi<span class=\"_ _1\"></span>li variazioni <span class=\"_ _1\"></span>del contesto macro-economico e<span class=\"_ _1\"></span>/o di bu<span class=\"_ _1\"></span>siness che possono <span class=\"_ _1\"></span>avere </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1aed\">impatti significativi sugli Own Fund<span class=\"_ _1\"></span>s e sul Requisito di Capitale della Compagnia.<span class=\"_ _df\"> </span><span class=\"_ _2\"></span> </div><div class=\"t m0 he ff4 fs5 fc4 sc3 ls0 ws0 gs1aef\">CREDE<span class=\"_ _f\"></span>MASSICUR<span class=\"_ _f\"></span>AZIONI S.<span class=\"_ _1\"></span>P.A.<span class=\"_ _df\"> </span> </div><div class=\"t m0 he ff4 fs5 fc4 sc3 ls0 ws0 gs1af0\">Appro<span class=\"_ _f\"></span>ccio alla g<span class=\"_ _1\"></span>estio<span class=\"_ _1\"></span>ne del ri<span class=\"_ _f\"></span>schio di C<span class=\"_ _f\"></span>redemas<span class=\"_ _1\"></span>sicura<span class=\"_ _1\"></span>zioni<span class=\"_ _df\"> </span> </div><div class=\"t m0 he ff4 fs5 fc4 sc3 ls0 ws0 gs1af1\">Strate<span class=\"_ _f\"></span>gie e ges<span class=\"_ _1\"></span>tione de<span class=\"_ _f\"></span>l rischio<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1af2\">Credemassicurazioni S.<span class=\"_ _2\"></span>p.A op<span class=\"_ _2\"></span>era <span class=\"_ _2\"></span>sulla <span class=\"_ _2\"></span>scorta <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>una <span class=\"_ _2\"></span>strategia <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>assunzione <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>gestione <span class=\"_ _2\"></span>dei <span class=\"_ _2\"></span>rischi<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs1af3\">basata <span class=\"_ _d\"></span>s<span class=\"_ _2\"></span>u <span class=\"_ _d\"></span>criteri <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>sana <span class=\"_ _0\"></span>e <span class=\"_ _d\"></span>prudente <span class=\"_ _d\"></span>gestione <span class=\"_ _0\"></span>e <span class=\"_ _d\"></span>coerente <span class=\"_ _0\"></span>con <span class=\"_ _d\"></span>il <span class=\"_ _0\"></span>livello <span class=\"_ _d\"></span>patrimoniale <span class=\"_ _d\"></span>dell\u2019impresa.<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1af4\">Tale <span class=\"_ _2\"></span>strategia <span class=\"_ _2\"></span>si <span class=\"_ _d\"></span>fonda <span class=\"_ _2\"></span>su <span class=\"_ _2\"></span>principi <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>valutazione <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>ei <span class=\"_ _2\"></span>rischi <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>considerano <span class=\"_ _d\"></span>gli <span class=\"_ _2\"></span>aspetti<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>relativi <span class=\"_ _2\"></span>alla<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1af5\">loro rilevanza/significativit\u00e0.  </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs1af6\">L\u2019approccio  seguito  nella  gestione  dei <span class=\"_ _22\"> </span>r<span class=\"_ _2\"></span>ischi  \u00e8  fondato  sul  criterio  di  proporzionalit\u00e0 <span class=\"_ _22\"> </span>e  vien<span class=\"_ _2\"></span>e<span class=\"_ _df\"> </span><span class=\"_ _1\"></span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1af7\">delineato <span class=\"_ _1\"></span>in apposite <span class=\"_ _f\"></span>politiche interne ai <span class=\"_ _f\"></span>s<span class=\"_ _2\"></span>ensi <span class=\"_ _f\"></span>del Regolamento IVAS<span class=\"_ _1\"></span>S n.38/2018, per <span class=\"_ _f\"></span>ognuno degli<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1af8\">ambiti di rischiosit\u00e0 che insistono sulla Compagnia.<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1af9\">Gli e<span class=\"_ _1\"></span>lementi <span class=\"_ _f\"></span>chiave attraverso cu<span class=\"_ _f\"></span>i viene<span class=\"_ _1\"></span> definita <span class=\"_ _1\"></span>la <span class=\"_ _f\"></span>s<span class=\"_ _2\"></span>trategia <span class=\"_ _f\"></span>e le <span class=\"_ _f\"></span>modalit\u00e0 di <span class=\"_ _f\"></span>gestione dei<span class=\"_ _1\"></span> rischi <span class=\"_ _f\"></span>della<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1afa\">Compagnia sono i seguenti:<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff13 fs1 fc1 sc0 ls0 ws0 gs1afb\">-<span class=\"_ _1d\"> </span><span class=\"ff4\">identificazione e classificazione dei rischi <span class=\"ff5\">\u2013</span> mappa dei rischi;<span class=\"_ _df\"> </span></span></div><div class=\"t m0 h5 ff13 fs1 fc1 sc0 ls0 ws0 gs1afc\">-<span class=\"_ _1d\"> </span><span class=\"ff4\">valutazione dei rischi;<span class=\"_ _df\"> </span></span></div><div class=\"t m0 h5 ff13 fs1 fc1 sc0 ls0 ws0 gs1afd\">-<span class=\"_ _1d\"> </span><span class=\"ff4\">str<span class=\"_ _2\"></span>umenti e metodologi<span class=\"_ _1\"></span>e di misurazione;<span class=\"_ _df\"> </span></span></div><div class=\"t m0 h5 ff13 fs1 fc1 sc0 ls0 ws0 gs1afe\">-<span class=\"_ _1d\"> </span><span class=\"ff4\">gestione dei rischi;<span class=\"_ _df\"> </span></span></div><div class=\"t m0 h5 ff13 fs1 fc1 sc0 ls0 ws0 gs1aff\">-<span class=\"_ _1d\"> </span><span class=\"ff4\">monitoraggio e reporting.<span class=\"_ _df\"> </span></span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1b00\">I principi <span class=\"_ _1\"></span>generali adottati per la <span class=\"_ _f\"></span>definizione del sistema di g<span class=\"_ _1\"></span>estione del rischio <span class=\"_ _1\"></span>considerano quindi:<span class=\"_ _df\"> </span><span class=\"_ _2\"></span> </div><div class=\"t m0 h5 ff13 fs1 fc1 sc0 ls0 ws0 gs1b01\">-<span class=\"_ _1d\"> </span><span class=\"ff4\">la <span class=\"_ _0\"></span>verifica <span class=\"_ _d\"></span>della <span class=\"_ _d\"></span>coerenza <span class=\"_ _0\"></span>tra <span class=\"_ _0\"></span>il <span class=\"_ _d\"></span>livell<span class=\"_ _1\"></span>o <span class=\"_ _d\"></span>di <span class=\"_ _0\"></span>rischio <span class=\"_ _d\"></span>as<span class=\"_ _2\"></span>sunto <span class=\"_ _0\"></span>e <span class=\"_ _0\"></span>il <span class=\"_ _d\"></span>livello <span class=\"_ _d\"></span>di <span class=\"_ _0\"></span>patrimonio <span class=\"_ _d\"></span>disponibile<span class=\"_ _df\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1b02\">atteso (c.d. Risk Appetite);<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff13 fs1 fc1 sc0 ls0 ws0 gs1b03\">-<span class=\"_ _1d\"> </span><span class=\"ff4\">la misurabilit\u00e0/valu<span class=\"_ _1\"></span>tazione dei<span class=\"_ _1\"></span> rischi <span class=\"_ _f\"></span>(per quelli <span class=\"_ _f\"></span>quantificabili) per <span class=\"_ _1\"></span>permettere al <span class=\"_ _f\"></span>management<span class=\"_ _df\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs1b04\">di valutare l\u2019impatto degli stessi sull\u2019<span class=\"_ _1\"></span>andamento aziendale;<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff13 fs1 fc1 sc0 ls0 ws0 gs1b05\">-<span class=\"_ _1d\"> </span><span class=\"ff4\">la determinazione di processi e presidi operativi per quelli non quantificabili;<span class=\"_ _df\"> </span></span></div><div class=\"t m0 h5 ff13 fs1 fc1 sc0 ls0 ws0 gs1b06\">-<span class=\"_ _1d\"> </span><span class=\"ff4\">la <span class=\"_ _4\"> </span>presenza <span class=\"_ _22\"> </span>di <span class=\"_ _4\"> </span>un  s<span class=\"_ _2\"></span>istema <span class=\"_ _22\"> </span>di <span class=\"_ _4\"> </span>monitoraggio <span class=\"_ _4\"> </span>continuativo  del <span class=\"_ _4\"> </span>profilo <span class=\"_ _22\"> </span>di <span class=\"_ _4\"> </span>rischio <span class=\"_ _22\"> </span>at<span class=\"_ _2\"></span>tuale  e<span class=\"_ _df\"> </span></span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1b07\">prospettico e dei relativi indicatori di rischio identifi<span class=\"_ _1\"></span>cati.<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs1b08\">Credemassicurazioni  nell\u2019ambito  del  proprio  sistem<span class=\"ff4\">a  di  gestione  dei  rischi,  ha  strutturato  ed<span class=\"_ _df\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1b09\">implementato  un <span class=\"_ _4\"> </span>autonomo  processo <span class=\"_ _22\"> </span>di <span class=\"_ _22\"> </span>valutazione <span class=\"_ _22\"> </span>d<span class=\"_ _2\"></span>ella  propria <span class=\"_ _22\"> </span>adeguatezza <span class=\"_ _4\"> </span>patrimoniale,<span class=\"_ _df\"> </span><span class=\"_ _1\"></span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1b0a\">attuale <span class=\"_ _9\"> </span>e <span class=\"_ _16\"> </span>prospettica, <span class=\"_ _9\"> </span>in <span class=\"_ _16\"> </span>relazione <span class=\"_ _9\"> </span>ai <span class=\"_ _16\"> </span>rischi <span class=\"_ _9\"> </span>rilevanti <span class=\"_ _9\"> </span>verso  i <span class=\"_ _9\"> </span>quali <span class=\"_ _9\"> </span>la <span class=\"_ _16\"> </span>Compagnia <span class=\"_ _9\"> </span>risulta <span class=\"_ _16\"> </span>esposta<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1b0b\">(processo ORSA <span class=\"ff5\">\u2013</span> Own Risk and Solvency Assessment). Tale processo ha le seguenti fasi:  </div><div class=\"t m0 h5 ff13 fs1 fc1 sc0 ls0 ws0 gs1b0c\">-<span class=\"_ _1d\"> </span><span class=\"ff4\">Valutazione prospettica del Solvency II Ratio;<span class=\"_ _df\"> </span></span></div><div class=\"t m0 h5 ff13 fs1 fc1 sc0 ls0 ws0 gs1b0d\">-<span class=\"_ _1d\"> </span><span class=\"ff4\">Stress <span class=\"_ _2\"></span>Test;<span class=\"_ _df\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m0 h5 ff13 fs1 fc1 sc0 ls0 ws0 gs1b0e\">-<span class=\"_ _1d\"> </span><span class=\"ff4\">Piano di Liquidit\u00e0 prospettico;<span class=\"_ _df\"> </span></span></div><div class=\"t m0 h5 ff13 fs1 fc1 sc0 ls0 ws0 gs1b0f\">-<span class=\"_ _1d\"> </span><span class=\"ff4\">Adeguatezza della Formula Standard rispetto il profilo di rischio del<span class=\"_ _1\"></span>la Compagnia;<span class=\"_ _df\"> </span></span></div><div class=\"t m0 h5 ff13 fs1 fc1 sc0 ls0 ws0 gs1b10\">-<span class=\"_ _1d\"> </span><span class=\"ff4\">Back Testing;<span class=\"_ _df\"> </span></span></div><div class=\"t m0 h5 ff13 fs1 fc1 sc0 ls0 ws0 gs1b11\">-<span class=\"_ _1d\"> </span><span class=\"ff4\">Predisposizione ORSA Report e invio.<span class=\"_ _df\"> </span></span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1b12\">Tra  essi  sono <span class=\"_ _16\"> </span>incluse  i<span class=\"_ _1\"></span>noltre  le  valutazioni<span class=\"_ _1\"></span>  dei  rischi <span class=\"_ _16\"> </span>ESG  (con <span class=\"_ _16\"> </span>un  focus  p<span class=\"_ _1\"></span>articolare  sui <span class=\"_ _16\"> </span>rischi<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1b13\">climatici).<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1b14\">Parte integrante del processo ORSA sono anche i seg<span class=\"_ _1\"></span>uenti processi:<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff13 fs1 fc1 sc0 ls0 ws0 gs1b15\">-<span class=\"_ _1d\"> </span><span class=\"ff4\">Definizione del piano preliminare e del budget aziendale;<span class=\"_ _df\"> </span></span></div><div class=\"t m0 h5 ff13 fs1 fc1 sc0 ls0 ws0 gs1b16\">-<span class=\"_ _1d\"> </span><span class=\"ff4\">Definizione del Risk Appetite;<span class=\"_ _df\"> </span></span></div><div class=\"t m0 h5 ff13 fs1 fc1 sc0 ls0 ws0 gs1b17\">-<span class=\"_ _1d\"> </span><span class=\"ff4\">Individuazione e valutazione dei rischi e Continuous Monitoring.<span class=\"_ _df\"> </span></span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs1b18\">Nell\u2019ambito <span class=\"_ _0\"></span>dell\u2019attivit\u00e0 <span class=\"_ _9\"> </span>di <span class=\"_ _0\"></span>in<span class=\"_ _2\"></span>dirizzo <span class=\"_ _0\"></span>strat<span class=\"_ _2\"></span>egico <span class=\"_ _0\"></span>della <span class=\"_ _0\"></span>Compagnia<span class=\"_ _2\"></span>, <span class=\"_ _0\"></span>il <span class=\"_ _9\"> </span>Consiglio <span class=\"_ _0\"></span>di <span class=\"_ _9\"> </span>Amministr<span class=\"_ _2\"></span>azione<span class=\"_ _df\"> </span><span class=\"_ _f\"></span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1b19\">individua  e <span class=\"_ _22\"> </span>approva <span class=\"_ _4\"> </span>il  corretto  dimensionamento <span class=\"_ _22\"> </span>della <span class=\"_ _22\"> </span>dotazione <span class=\"_ _22\"> </span>complessiva <span class=\"_ _22\"> </span>di <span class=\"_ _4\"> </span>capitale.<span class=\"_ _1\"></span>  La<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1b1a\">formulazione  di <span class=\"_ _16\"> </span>preliminari  linee  g<span class=\"_ _1\"></span>uida  strategiche  da <span class=\"_ _16\"> </span>parte  de<span class=\"_ _1\"></span>l  Consiglio  di<span class=\"_ _1\"></span>  Amministrazione<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1b1b\">indirizza la calib<span class=\"_ _1\"></span>razione degli obiettivi di rischio e<span class=\"_ _1\"></span> lo svilupp<span class=\"_ _1\"></span>o del piano strategico. Tali attivit\u00e0 sono<span class=\"_ _df\"> </span><span class=\"_ _f\"></span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1b1c\">significativamente <span class=\"_ _17\"> </span>connesse <span class=\"_ _14\"> </span>e <span class=\"_ _17\"> </span>vengono <span class=\"_ _14\"> </span>entrambe <span class=\"_ _17\"> </span>s<span class=\"_ _2\"></span>vilupp<span class=\"_ _1\"></span>ate <span class=\"_ _14\"> </span>considerando <span class=\"_ _17\"> </span>la <span class=\"_ _14\"> </span>situazione <span class=\"_ _14\"> </span>di<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1b1d\">partenza della Compagnia, la visione prospettica del contesto esterno e il profilo di<span class=\"_ _1\"></span> rischio. <span class=\"_ _2\"></span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1b1e\">Nel <span class=\"_ _2\"></span>continuo, <span class=\"_ _2\"></span>la <span class=\"_ _d\"></span>Funzione <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>Risk <span class=\"_ _2\"></span>Management <span class=\"_ _d\"></span>supporta <span class=\"_ _2\"></span>gli <span class=\"_ _2\"></span>organi <span class=\"_ _2\"></span>aziendali <span class=\"_ _2\"></span>nelle<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>scelte <span class=\"_ _d\"></span>derivanti<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs1b1f\">dall\u2019attuazione <span class=\"_ _1a\"> </span>del <span class=\"_ _c\"> </span>piano <span class=\"_ _1a\"> </span>ag<span class=\"_ _2\"></span>evolando <span class=\"_ _1a\"> </span>la <span class=\"_ _c\"> </span>comprensione <span class=\"_ _1a\"> </span>e <span class=\"_ _c\"> </span>la <span class=\"_ _c\"> </span>consape<span class=\"_ _1\"></span>volezza <span class=\"_ _c\"> </span>de<span class=\"_ _1\"></span>i <span class=\"_ _1a\"> </span>r<span class=\"_ _2\"></span>ischi<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1b20\">assunti/assumibili e il presidi<span class=\"_ _1\"></span>o degli stessi.  <span class=\"_ _2\"></span> </div>Identi<span class=\"_ _1\"></span>ficazio<span class=\"_ _f\"></span>ne e cla<span class=\"_ _f\"></span>ssificazio<span class=\"_ _1\"></span>ne <span class=\"_ _1\"></span>dei ri<span class=\"_ _1\"></span>schi <span class=\"ff5\">\u2013</span> <span class=\"_ _f\"></span>mappa <span class=\"_ _1\"></span>dei r<span class=\"_ _1\"></span>ischi La <span class=\"_ _2\"></span>regolamentazione <span class=\"_ _2\"></span>di <span class=\"_ _d\"></span>settore, <span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>ecante <span class=\"_ _2\"></span>disposizioni <span class=\"_ _2\"></span>in <span class=\"_ _d\"></span>materia <span class=\"_ _d\"></span>di <span class=\"_ _2\"></span>sistema <span class=\"_ _2\"></span>di <span class=\"_ _d\"></span>gestione <span class=\"_ _2\"></span>dei <span class=\"_ _2\"></span>rischi<span class=\"_ _2\"></span>, richiede <span class=\"_ _14\"> </span>alle <span class=\"_ _15\"> </span>imprese <span class=\"_ _15\"> </span>di <span class=\"_ _15\"> </span>effettuare <span class=\"_ _15\"> </span>una <span class=\"_ _15\"> </span>catalogazione <span class=\"_ _15\"> </span>dei <span class=\"_ _14\"> </span>ri<span class=\"_ _2\"></span>schi <span class=\"_ _14\"> </span>a <span class=\"_ _15\"> </span>cui <span class=\"_ _15\"> </span>esse <span class=\"_ _15\"> </span>sono <span class=\"_ _15\"> </span>esposte indipendentemente <span class=\"_ _4\"> </span>dalla <span class=\"_ _4\"> </span>circostanza <span class=\"_ _4\"> </span>che <span class=\"_ _4\"> </span>siano <span class=\"_ _4\"> </span>quantificabili, <span class=\"_ _4\"> </span>in <span class=\"_ _4\"> </span>funzione <span class=\"_ _4\"> </span>del<span class=\"_ _1\"></span>la <span class=\"_ _4\"> </span>natura, <span class=\"_ _4\"> </span>della portata <span class=\"_ _2\"></span>e <span class=\"_ _d\"></span>com<span class=\"ff5\">plessit\u00e0 <span class=\"_ _2\"></span>inerenti <span class=\"_ _2\"></span>all\u2019attivit\u00e0 <span class=\"_ _d\"></span>svolta, <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>ttica <span class=\"_ _2\"></span>attuale <span class=\"_ _2\"></span>e <span class=\"_ _d\"></span>prospettica, <span class=\"_ _2\"></span>nonch\u00e9 <span class=\"_ _2\"></span>gli <span class=\"_ _d\"></span>effetti </span>indiretti <span class=\"_ _2\"></span>connessi <span class=\"_ _2\"></span>ai <span class=\"_ _2\"></span>rischi <span class=\"_ _2\"></span>significativi<span class=\"_ _1\"></span>. <span class=\"_ _2\"></span>Tale <span class=\"_ _2\"></span>catalogazione <span class=\"_ _2\"></span>costituisce <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>linguaggio <span class=\"_ _2\"></span>comune p<span class=\"_ _2\"></span>er <span class=\"_ _2\"></span>lo svolgimento di<span class=\"_ _1\"></span> tutte le attivit\u00e0 conn<span class=\"_ _1\"></span>esse con il<span class=\"_ _1\"></span> sistema di gestione dei <span class=\"_ _1\"></span>rischi aziendali. I<span class=\"_ _1\"></span> rischi della Compagnia sono classificati nelle seguenti princip<span class=\"_ _1\"></span>ali classi:<span class=\"_ _2\"></span> -<span class=\"ff10\"> <span class=\"_ _1c\"> </span><span class=\"ff4\">Rischi sottoscrizione (o tecnici assicurativi<span class=\"_ _1\"></span>);<span class=\"_ _2\"></span> </span></span>-<span class=\"ff10\"> <span class=\"_ _1c\"> </span><span class=\"ff4\">Rischi assunzione e<span class=\"_ _1\"></span> tariffazione;<span class=\"_ _2\"></span> </span></span>-<span class=\"ff10\"> <span class=\"_ _1c\"> </span><span class=\"ff4\">Rischio riservazione; </span></span>-<span class=\"ff10\"> <span class=\"_ _1c\"> </span><span class=\"ff4\">Rischi di mercato: </span></span>-<span class=\"ff10\"> <span class=\"_ _1c\"> </span><span class=\"ff4\">Rischi Mercato; </span></span>-<span class=\"ff10\"> <span class=\"_ _1c\"> </span><span class=\"ff4\">Rischio ALM; </span></span>-<span class=\"ff10\"> <span class=\"_ _1c\"> </span><span class=\"ff4\">Rischio Liquidit\u00e0. </span></span>-<span class=\"ff10\"> <span class=\"_ _1c\"> </span><span class=\"ff4\">Rischi di credito e counterparty; </span></span>-<span class=\"ff10\"> <span class=\"_ _1c\"> </span><span class=\"ff4\">Investimenti; </span></span>-<span class=\"ff10\"> <span class=\"_ _1c\"> </span><span class=\"ff4\">Riassicurazione; </span></span>-<span class=\"ff10\"> <span class=\"_ _1c\"> </span><span class=\"ff4\">Intermediari e controparti. </span></span>-<span class=\"ff10\"> <span class=\"_ _1c\"> </span><span class=\"ff4\">Rischi operativi: </span></span>-<span class=\"ff10\"> <span class=\"_ _1c\"> </span><span class=\"ff4\">Rischi Operativi; </span></span>-<span class=\"ff10\"> <span class=\"_ _35\"> </span><span class=\"ff4\">Rischio ICT e Sicurezza; <span class=\"_ _2\"></span> </span></span>-<span class=\"ff10\"> <span class=\"_ _35\"> </span><span class=\"ff4\">Rischi di non conformit\u00e0 alle norme;<span class=\"_ _2\"></span> </span></span>-<span class=\"ff10\"> <span class=\"_ _35\"> </span><span class=\"ff4\">Model Risk;<span class=\"_ _2\"></span> </span></span>-<span class=\"ff10\"> <span class=\"_ _35\"> </span><span class=\"ff4\">Cont<span class=\"_ _2\"></span>inuit\u00e0 Ope<span class=\"_ _1\"></span>rativa; </span></span>-<span class=\"ff10\"> <span class=\"_ _35\"> </span><span class=\"ff4\">Regulator<span class=\"_ _2\"></span>y Operational Risk. </span></span>-<span class=\"ff10\"> <span class=\"_ _1c\"> </span><span class=\"ff4\">Rischi indiretti o di secondo live<span class=\"_ _1\"></span>llo; </span></span>o<span class=\"ff10\"> <span class=\"_ _2f\"> </span><span class=\"ff5\">Rischio legato all\u2019appartenenz<span class=\"_ _1\"></span>a al gruppo;<span class=\"_ _2\"></span><span class=\"ff4\"> </span></span></span>o<span class=\"ff10\"> <span class=\"_ _2f\"> </span><span class=\"ff4\">Rischio reputazionale; </span></span>o<span class=\"ff10\"> <span class=\"_ _2f\"> </span><span class=\"ff4\">Rischi di cond<span class=\"_ _1\"></span>otta; </span></span>o<span class=\"ff10\"> <span class=\"_ _2f\"> </span><span class=\"ff4\">Rischi ESG; </span></span>-<span class=\"ff10\"> <span class=\"_ _1c\"> </span><span class=\"ff4\">Rischi strategici; </span></span>-<span class=\"ff10\"> <span class=\"_ _1c\"> </span><span class=\"ff4\">Rischi emergenti. </span></span>Il  processo  di  identificazione  d<span class=\"_ _2\"></span>ei  rischi  cui  la  Compagnia  \u00e8 <span class=\"_ _4\"> </span>esposta <span class=\"_ _22\"> </span>costituisce  un  element<span class=\"_ _2\"></span>o fondamentale <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>la <span class=\"_ _d\"></span>corretta <span class=\"_ _2\"></span>implementazione <span class=\"_ _2\"></span>e <span class=\"_ _d\"></span>valutazione <span class=\"_ _2\"></span>del <span class=\"_ _d\"></span>pi\u00f9 <span class=\"_ _2\"></span>ampio <span class=\"_ _2\"></span>processo <span class=\"_ _d\"></span>di <span class=\"_ _2\"></span>gestione dei <span class=\"_ _4\"> </span>rischi. <span class=\"_ _4\"> </span> <span class=\"_ _4\"> </span>Credemassicurazioni, <span class=\"_ _4\"> </span>in <span class=\"_ _4\"> </span>linea <span class=\"_ _4\"> </span>con <span class=\"_ _17\"> </span>la <span class=\"_ _4\"> </span>Normativa <span class=\"_ _4\"> </span>Regolamentare, <span class=\"_ _4\"> </span>ha <span class=\"_ _4\"> </span>previsto <span class=\"_ _4\"> </span>una procedura di<span class=\"_ _1\"></span> censimento dei <span class=\"_ _f\"></span>r<span class=\"_ _2\"></span>ischi, d<span class=\"_ _1\"></span>a intendersi come strumento metod<span class=\"_ _1\"></span>ologico di <span class=\"_ _1\"></span>supporto nello<span class=\"_ _1\"></span> svolgimento <span class=\"_ _2\"></span>delle at<span class=\"_ _2\"></span>tivit\u00e0 <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>individuazione<span class=\"_ _f\"></span> <span class=\"_ _d\"></span>e <span class=\"_ _2\"></span>valutazione <span class=\"_ _2\"></span>dei <span class=\"_ _2\"></span>rischi <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>permetta <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>raccogliere <span class=\"_ _2\"></span>in via continuativa informazioni sui<span class=\"_ _2\"></span> rischi, interni <span class=\"_ _2\"></span>ed esterni, esistenti e <span class=\"_ _2\"></span>prospettici a cui \u00e8 <span class=\"_ _2\"></span>espo<span class=\"_ _2\"></span>sta, e che possono interessa<span class=\"_ _1\"></span>re tutti i<span class=\"_ _f\"></span> processi operativi e <span class=\"_ _1\"></span>le aree <span class=\"_ _1\"></span>aziendali. <span class=\"_ _1\"></span>Per sua natura <span class=\"_ _f\"></span>tale procedura \u00e8 <span class=\"_ _d\"></span>continua <span class=\"_ _0\"></span>in <span class=\"_ _d\"></span>evoluzione <span class=\"_ _d\"></span>in <span class=\"_ _0\"></span>base <span class=\"_ _d\"></span>al <span class=\"_ _0\"></span>progressivo <span class=\"_ _d\"></span>affinamento <span class=\"_ _0\"></span>del <span class=\"_ _d\"></span>sistema <span class=\"_ _d\"></span>di <span class=\"_ _0\"></span>gestione <span class=\"_ _d\"></span>dei <span class=\"_ _d\"></span>rischi <span class=\"_ _0\"></span>e all\u2019evoluzione del quadro normativo di riferimento<span class=\"ff4\">. </span>La procedura di censimento dei rischi di<span class=\"_ _1\"></span> Credemassicurazioni si articola in quattro fasi:<span class=\"_ _2\"></span> -<span class=\"ff10\"> <span class=\"_ _1c\"> </span><span class=\"ff4\">analisi del<span class=\"_ _1\"></span> piano st<span class=\"_ _2\"></span>rategico azie<span class=\"_ _1\"></span>ndale e individuazione dei fattori di rischio emergenti; </span></span>-<span class=\"ff10\"> <span class=\"_ _1c\"> </span><span class=\"ff4\">individuazione dei<span class=\"_ _1\"></span> fattori di rischio esterni; </span></span>-<span class=\"ff10\"> <span class=\"_ _1c\"> </span><span class=\"ff4\">individuazione <span class=\"_ _0\"></span>dei <span class=\"_ _0\"></span>fattori <span class=\"_ _0\"> </span>di <span class=\"_ _9\"> </span>rischio <span class=\"_ _0\"></span>operativi <span class=\"_ _0\"></span>(ivi <span class=\"_ _0\"></span>inclusi <span class=\"_ _0\"></span>quelli <span class=\"_ _0\"></span>informatici <span class=\"_ _9\"> </span>e <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>cyber <span class=\"_ _0\"></span>risk), <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>non </span></span>conformit\u00e0 alle norme e di secondo liv<span class=\"_ _1\"></span>ello;<span class=\"_ _2\"></span> -<span class=\"ff10\"> <span class=\"_ _1c\"> </span><span class=\"ff4\">individuazione dei<span class=\"_ _1\"></span> fattori di rischio strategico. </span></span>Le <span class=\"_ _d\"></span>mo<span class=\"_ _2\"></span>dalit\u00e0 <span class=\"_ _d\"></span>adottate <span class=\"_ _0\"></span>per <span class=\"_ _0\"></span>l\u2019identificazione <span class=\"_ _d\"></span>dei <span class=\"_ _0\"></span>rischi <span class=\"_ _0\"></span>si <span class=\"_ _0\"></span>basano <span class=\"_ _d\"></span>sostanzialmente <span class=\"_ _0\"></span>su<span class=\"_ _2\"></span><span class=\"ff4\"> <span class=\"_ _0\"></span>uno <span class=\"_ _d\"></span>o <span class=\"_ _0\"></span>pi\u00f9 <span class=\"_ _0\"></span>dei </span>seguenti approcci: -<span class=\"ff10\"> <span class=\"_ _1c\"> </span><span class=\"ff4\">Risk Assessment specifici (<span class=\"_ _1\"></span>per famiglie di rischio);<span class=\"_ _2\"></span> </span></span>-<span class=\"ff10\"> <span class=\"_ _1c\"> </span><span class=\"ff4\">Valutazioni delle differenze tra ogni assunzione<span class=\"_ _1\"></span> di rischio e il risultato attuale;<span class=\"_ _2\"></span> </span></span>-<span class=\"ff10\"> <span class=\"_ _1c\"> </span><span class=\"ff4\">Eventi perdita o errori accaduti; </span></span>-<span class=\"ff10\"> <span class=\"_ _1c\"> </span><span class=\"ff4\">Revisione dei processi, de<span class=\"_ _1\"></span>lla matrice dei rischi no<span class=\"_ _2\"></span>rmativa o risk assessment normativi; </span></span>-<span class=\"ff10\"> <span class=\"_ _1c\"> </span><span class=\"ff4\">Brainstorming con il management e i risk owner;</span></span><div class=\"t m0 h5 ff18 fs1 fc1 sc0 ls0 ws0 gs1b5a\">-<span class=\"_ _28\"> </span><span class=\"ff4\">Valutazioni di Internal/External Audit<span class=\"_ _df\"> </span></span></div><div class=\"t m0 h5 ff18 fs1 fc1 sc0 ls0 ws0 gs1b5b\">-<span class=\"_ _28\"> </span><span class=\"ff4\">Comunicazioni e confronti con i regulator;<span class=\"_ _df\"> </span></span></div><div class=\"t m0 h5 ff18 fs1 fc1 sc0 ls0 ws0 gs1b5c\">-<span class=\"_ _28\"> </span><span class=\"ff4\">Altri eventi esterni;<span class=\"_ _df\"> </span></span></div><div class=\"t m0 h5 ff18 fs1 fc1 sc0 ls0 ws0 gs1b5d\">-<span class=\"_ _28\"> </span><span class=\"ff4\">Reporting trasmesso dalle arre funzionali della Compagnia.<span class=\"_ _df\"> </span></span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1b5e\">Una  volta  che  i  rischi  sono  stati  identificati  essi  vanno  a <span class=\"_ _22\"> </span>costituire  la <span class=\"_ _22\"> </span>Mappa  dei  rischi  della<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1b5f\">Compagnia.<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc4 sc3 ls0 ws0 gs1b60\">Valu<span class=\"_ _1\"></span>tazio<span class=\"_ _1\"></span>ne dei<span class=\"_ _1\"></span> Risc<span class=\"_ _f\"></span>hi<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1b61\">Il processo d<span class=\"_ _1\"></span>i valutazione d<span class=\"_ _1\"></span>ei rischi \u00e8 reali<span class=\"_ _f\"></span>z<span class=\"_ _2\"></span>zato sia con logi<span class=\"_ _1\"></span>che attuali sia con <span class=\"_ _1\"></span>logiche p<span class=\"_ _1\"></span>rospettiche<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1b62\">ed <span class=\"_ _15\"> </span>integra <span class=\"_ _e\"> </span>metodologie <span class=\"_ _15\"> </span>ed <span class=\"_ _e\"> </span>a<span class=\"_ _2\"></span>pprocci <span class=\"_ _15\"> </span>di <span class=\"_ _e\"> </span>carattere <span class=\"_ _e\"> </span>quantitativo <span class=\"_ _e\"> </span>(sia <span class=\"_ _e\"> </span>regolamentare <span class=\"_ _15\"> </span>sia <span class=\"_ _e\"> </span>non<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1b63\">regolamentare) e qualitativo.<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1b64\">La <span class=\"_ _0\"></span>valutazione <span class=\"_ _9\"> </span>dei <span class=\"_ _9\"> </span>rischi <span class=\"_ _9\"> </span>\u00e8 <span class=\"_ _9\"> </span>effettuata <span class=\"_ _9\"> </span>su <span class=\"_ _9\"> </span>base <span class=\"_ _9\"> </span>individuale, <span class=\"_ _0\"></span>a <span class=\"_ _9\"> </span>livello <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>singolo <span class=\"_ _9\"> </span>rischio, <span class=\"_ _9\"> </span>e <span class=\"_ _9\"> </span>su <span class=\"_ _0\"></span>base<span class=\"_ _df\"> </span><span class=\"_ _2\"></span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1b65\">aggregata, pe<span class=\"_ _1\"></span>r tener conto delle interrelazioni <span class=\"_ _1\"></span>fra le fonti di <span class=\"_ _1\"></span>r<span class=\"_ _2\"></span>ischio. Veng<span class=\"_ _1\"></span>ono inoltre considerati gli<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1b66\">effetti indiretti connessi ai rischi pi\u00f9 signi<span class=\"_ _1\"></span>ficativi.<span class=\"_ _df\"> </span><span class=\"_ _2\"></span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1b67\">La <span class=\"_ _2\"></span>frequenza <span class=\"_ _2\"></span>della <span class=\"_ _2\"></span>valutazione <span class=\"_ _d\"></span>dei <span class=\"_ _2\"></span>rischi <span class=\"_ _2\"></span>dipende <span class=\"_ _d\"></span>dalla <span class=\"_ _2\"></span>tipologia <span class=\"_ _2\"></span>dei <span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>ischi, <span class=\"_ _2\"></span>dagli <span class=\"_ _2\"></span>strumenti <span class=\"_ _2\"></span>e <span class=\"_ _d\"></span>dalle<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1b68\">metodologie di <span class=\"_ _2\"></span>valutazione <span class=\"_ _2\"></span>utilizzate <span class=\"_ _2\"></span>ed \u00e8 <span class=\"_ _2\"></span>stabilita <span class=\"_ _2\"></span>in co<span class=\"_ _2\"></span>erenza <span class=\"_ _2\"></span>con <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>frequenza e <span class=\"_ _2\"></span>le <span class=\"_ _2\"></span>esigenze <span class=\"_ _2\"></span>dei<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1b69\">processi <span class=\"_ _d\"></span>strategici<span class=\"_ _1\"></span> <span class=\"_ _d\"></span>e <span class=\"_ _2\"></span>decisionali <span class=\"_ _d\"></span>della <span class=\"_ _d\"></span>Compagnia. <span class=\"_ _2\"></span>La <span class=\"_ _d\"></span>frequenza <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>valutazione <span class=\"_ _2\"></span>dei <span class=\"_ _d\"></span>rischi <span class=\"_ _2\"></span>in <span class=\"_ _d\"></span>ott<span class=\"_ _2\"></span>ica<span class=\"_ _df\"> </span><span class=\"_ _1\"></span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1b6a\">prospettica \u00e8 coerente con il processo annuale<span class=\"_ _1\"></span> di pianificazione strategica. <span class=\"_ _2\"></span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1b6b\">Accanto <span class=\"_ _9\"> </span>alla <span class=\"_ _9\"> </span>gestione <span class=\"_ _9\"> </span>ordinaria <span class=\"_ _16\"> </span>del <span class=\"_ _9\"> </span>pro<span class=\"_ _2\"></span>cesso <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>valutazione <span class=\"_ _9\"> </span>dei <span class=\"_ _9\"> </span>r<span class=\"_ _2\"></span>ischi, <span class=\"_ _0\"></span>\u00e8  p<span class=\"_ _f\"></span>r<span class=\"_ _2\"></span>evista <span class=\"_ _9\"> </span>una <span class=\"_ _9\"> </span>gestione<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs1b6c\">all\u2019occorrenza, <span class=\"_ _f\"></span>in <span class=\"_ _1\"></span>ragione d<span class=\"_ _1\"></span>i <span class=\"_ _f\"></span>e<span class=\"_ _2\"></span>venti <span class=\"_ _f\"></span>che <span class=\"_ _1\"></span>possano d<span class=\"_ _1\"></span>eterminare <span class=\"_ _f\"></span>una variazi<span class=\"_ _1\"></span>one <span class=\"_ _f\"></span>s<span class=\"_ _2\"></span>ignificativa <span class=\"_ _f\"></span>del <span class=\"_ _f\"></span>profil<span class=\"_ _2\"></span>o<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1b6d\">di rischio. In particolare, sono stati identificati i seguenti p<span class=\"_ _1\"></span>rincipali eventi: <span class=\"_ _2\"></span> </div><div class=\"t m0 h5 ff18 fs1 fc1 sc0 ls0 ws0 gs1b6e\">-<span class=\"_ _28\"> </span><span class=\"ff5\">l\u2019aggiornam<span class=\"ff4\">ento del piano strategico;<span class=\"_ _df\"> </span></span></span></div><div class=\"t m0 h5 ff18 fs1 fc1 sc0 ls0 ws0 gs1b6f\">-<span class=\"_ _28\"> </span><span class=\"ff5\">un\u2019acquisizione o un disinvestimento che modifichi sensibilmente il business, il profilo di rischio o<span class=\"_ _df\"> </span></span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1b70\">la posizione di solvibili<span class=\"_ _1\"></span>t\u00e0;<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff18 fs1 fc1 sc0 ls0 ws0 gs1b71\">-<span class=\"_ _28\"> </span><span class=\"ff4\">una v<span class=\"_ _1\"></span>ariazione <span class=\"_ _f\"></span>significativa ne<span class=\"_ _f\"></span>i mercati <span class=\"_ _f\"></span>finanziari <span class=\"_ _f\"></span>che de<span class=\"_ _1\"></span>termini <span class=\"_ _f\"></span>un notevole<span class=\"_ _1\"></span> <span class=\"_ _f\"></span>impatt<span class=\"_ _2\"></span>o <span class=\"_ _f\"></span>sul po<span class=\"_ _f\"></span>r<span class=\"_ _2\"></span>tafoglio<span class=\"_ _df\"> </span></span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1b72\">attivi della compagnia;<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff18 fs1 fc1 sc0 ls0 ws0 gs1b73\">-<span class=\"_ _28\"> </span><span class=\"ff4\">una variazione significativa nelle passivit\u00e0 della Compagnia;<span class=\"_ _df\"> </span></span></div><div class=\"t m0 h5 ff18 fs1 fc1 sc0 ls0 ws0 gs1b74\">-<span class=\"_ _28\"> </span><span class=\"ff4\">una riduzione della posizione di solvibilit\u00e0 al di sotto di valori critici<span class=\"_ _f\"></span>;<span class=\"_ _df\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m0 h5 ff18 fs1 fc1 sc0 ls0 ws0 gs1b75\">-<span class=\"_ _28\"> </span><span class=\"ff4\">un cambiamento significativo del quadro regolamentare;<span class=\"_ _df\"> </span></span></div><div class=\"t m0 h5 ff18 fs1 fc1 sc0 ls0 ws0 gs1b76\">-<span class=\"_ _28\"> </span><span class=\"ff4\">un cambiamento significativo del <span class=\"ff5\">profilo di rischio e l\u2019insorgere di nuovi rischi;<span class=\"_ _df\"> </span></span></span><span class=\"ff4\"><span class=\"ff5\"> </span></span></div><div class=\"t m0 h5 ff18 fs1 fc1 sc0 ls0 ws0 gs1b77\">-<span class=\"_ _28\"> </span><span class=\"ff4\">un cambiamento significativo dei processi, sistemi e procedure aziendali.<span class=\"_ _df\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc4 sc3 ls0 ws0 gs1b78\">Strum<span class=\"_ _f\"></span>enti e Met<span class=\"_ _1\"></span>odol<span class=\"_ _1\"></span>ogie<span class=\"_ _1\"></span> di M<span class=\"_ _1\"></span>isur<span class=\"_ _f\"></span>azione<span class=\"_ _df\"> </span><span class=\"fc1 sc0\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1b79\">La <span class=\"_ _0\"></span>Compagnia <span class=\"_ _d\"></span>ha <span class=\"_ _9\"> </span>definito <span class=\"_ _0\"></span>ai <span class=\"_ _0\"></span>sensi <span class=\"_ _0\"></span>della <span class=\"_ _0\"></span>normativa <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=\"_ _2\"></span> <span class=\"_ _0\"></span><span class=\"ls2d\">e<span class=\"_ _df\"> </span></span><span class=\"ls2d\"> </span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs1b7a\">analisi <span class=\"_ _9\"> </span>dei <span class=\"_ _9\"> </span>r<span class=\"_ _2\"></span>ischi <span class=\"_ _9\"> </span>basato <span class=\"_ _9\"> </span>sostanzialmente <span class=\"_ _9\"> </span>s<span class=\"_ _2\"></span>ugli<span class=\"_ _1\"></span> <span class=\"_ _16\"> </span>strumenti <span class=\"_ _9\"> </span>e <span class=\"_ _16\"> </span>metodologie<span class=\"_ _1\"></span> <span class=\"_ _9\"> </span>s<span class=\"_ _2\"></span>vilu<span class=\"_ _1\"></span>ppate <span class=\"_ _16\"> </span>nell<span class=\"_ _1\"></span>\u2019ambito<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1b7b\">della  p<span class=\"_ _1\"></span>rocedura  di  profilazione <span class=\"_ _16\"> </span>dei  rischi <span class=\"_ _16\"> </span>ovvero  a <span class=\"_ _16\"> </span>indicatori  di<span class=\"_ _f\"></span>  r<span class=\"_ _2\"></span>ischio<span class=\"_ _1\"></span>  i  quali<span class=\"_ _1\"></span>  possono  e<span class=\"_ _1\"></span>ssere<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1b7c\">costruiti ai seguenti approcci metodologici:<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff13 fs1 fc1 sc0 ls0 ws0 gs1b7d\">-<span class=\"_ _1d\"> </span><span class=\"ff4\">quantitativi regolamentari basati sui principi alla base delle gran<span class=\"_ _2\"></span>dezze regolamentari Solvency tra<span class=\"_ _df\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1b7e\">cui il Requisito di Capitale;<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff13 fs1 fc1 sc0 ls0 ws0 gs1b7f\">-<span class=\"_ _1d\"> </span><span class=\"ff4\">quantitativi <span class=\"_ _9\"> </span>non <span class=\"_ _9\"> </span>regolamentari <span class=\"_ _9\"> </span>(o <span class=\"_ _9\"> </span>gestionali) <span class=\"_ _9\"> </span>basati <span class=\"_ _9\"> </span>su <span class=\"_ _9\"> </span>concetti <span class=\"_ _9\"> </span>come <span class=\"_ _9\"> </span>ad <span class=\"_ _9\"> </span>esempio <span class=\"_ _9\"> </span>esposizione,<span class=\"_ _df\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1b80\">concentrazione, <span class=\"_ _f\"></span>volatilit\u00e0, <span class=\"_ _f\"></span>perdita <span class=\"_ _1\"></span>attesa <span class=\"_ _f\"></span>o <span class=\"_ _f\"></span>pot<span class=\"_ _2\"></span>enziale, <span class=\"_ _f\"></span>e/o <span class=\"_ _f\"></span>volti <span class=\"_ _f\"></span>a v<span class=\"_ _1\"></span>alutare <span class=\"_ _f\"></span>quei <span class=\"_ _f\"></span>rischi <span class=\"_ _f\"></span>non ricompresi<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1b81\">nella formula standard e/o ad integrare la valutazione<span class=\"_ _1\"></span> degli stessi rischi regolamentari tra cui:<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff13 fs1 fc1 sc0 ls0 ws0 gs1b82\">-<span class=\"_ _1d\"> </span><span class=\"ff4\">Rischio Liquidit\u00e0;<span class=\"_ _df\"> </span></span></div><div class=\"t m0 h5 ff13 fs1 fc1 sc0 ls0 ws0 gs1b83\">-<span class=\"_ _1d\"> </span><span class=\"ff4\">Rischio ALM;<span class=\"_ _df\"> </span></span></div><div class=\"t m0 h5 ff13 fs1 fc1 sc0 ls0 ws0 gs1b84\">-<span class=\"_ _1d\"> </span><span class=\"ff4\">Rischi Operativi;<span class=\"_ _df\"> </span></span></div><div class=\"t m0 h5 ff13 fs1 fc1 sc0 ls0 ws0 gs1b85\">-<span class=\"_ _1d\"> </span><span class=\"ff4\">Rischi ICT e di Sicurezza;<span class=\"_ _df\"> </span></span></div><div class=\"t m0 h5 ff13 fs1 fc1 sc0 ls0 ws0 gs1b86\">-<span class=\"_ _1d\"> </span><span class=\"ff4\">Rischio di Condotta;<span class=\"_ _df\"> </span></span></div><div class=\"t m0 h5 ff13 fs1 fc1 sc0 ls0 ws0 gs1b87\">-<span class=\"_ _1d\"> </span><span class=\"ff4 ls4\">Ris<span class=\"ls0\">chio di Appartenenza al Gruppo;<span class=\"_ _df\"> </span></span></span></div><div class=\"t m0 h5 ff13 fs1 fc1 sc0 ls0 ws0 gs1b88\">-<span class=\"_ _1d\"> </span><span class=\"ff4\">Rischio ESG (rischio climatico);<span class=\"_ _df\"> </span></span></div><div class=\"t m0 h5 ff13 fs1 fc1 sc0 ls0 ws0 gs1b89\">-<span class=\"_ _1d\"> </span><span class=\"ff4\">Rischio strategico,<span class=\"_ _df\"> </span></span></div><div class=\"t m0 h5 ff13 fs1 fc1 sc0 ls0 ws0 gs1b8a\">-<span class=\"_ _1d\"> </span><span class=\"ff4\">qualitativi <span class=\"_ _1\"></span>basati su <span class=\"_ _f\"></span>grandezze <span class=\"_ _f\"></span>n<span class=\"_ _2\"></span>on q<span class=\"_ _1\"></span>uantificabili <span class=\"_ _f\"></span>o difficilme<span class=\"_ _1\"></span>nte quantificabili, <span class=\"_ _f\"></span>la cui <span class=\"_ _f\"></span>valutazione d<span class=\"_ _1\"></span>el<span class=\"_ _df\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1b8b\">giudizio esperto \u00e8 prevalente, tra cui:<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff13 fs1 fc1 sc0 ls0 ws0 gs1b8c\">-<span class=\"_ _1d\"> </span><span class=\"ff4\">Rischio Modello;<span class=\"_ _df\"> </span></span></div><div class=\"t m0 h5 ff13 fs1 fc1 sc0 ls0 ws0 gs1b8d\">-<span class=\"_ _1d\"> </span><span class=\"ff4\">Rischio Legale &amp; Non Conformit\u00e0;<span class=\"_ _df\"> </span></span></div><div class=\"t m0 h5 ff13 fs1 fc1 sc0 ls0 ws0 gs1b8e\">-<span class=\"_ _1d\"> </span><span class=\"ff4\">Rischi di Condotta;<span class=\"_ _df\"> </span></span></div><div class=\"t m0 h5 ff13 fs1 fc1 sc0 ls0 ws0 gs1b8f\">-<span class=\"_ _1d\"> </span><span class=\"ff4\">Rischio Reputazionale;<span class=\"_ _df\"> </span></span></div><div class=\"t m0 h5 ff13 fs1 fc1 sc0 ls0 ws0 gs1b90\">-<span class=\"_ _1d\"> </span><span class=\"ff4\">Rischi Emergenti.<span class=\"_ _df\"> </span></span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1b91\">Oltre <span class=\"_ _4\"> </span>alle <span class=\"_ _4\"> </span>metodologie <span class=\"_ _4\"> </span>alla <span class=\"_ _4\"> </span>ba<span class=\"_ _2\"></span>se <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>tali <span class=\"_ _4\"> </span>indicatori <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>r<span class=\"_ _2\"></span>ischio, <span class=\"_ _4\"> </span>la <span class=\"_ _4\"> </span>misurazione <span class=\"_ _4\"> </span>del <span class=\"_ _4\"> </span>rischio <span class=\"_ _4\"> </span>della<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1b92\">Compagnia, sia att<span class=\"_ _2\"></span>uale che prospettica, si <span class=\"_ _2\"></span>basa sulle metodologie <span class=\"_ _2\"></span>regolamentari <span class=\"_ _2\"></span>per il calcolo <span class=\"_ _2\"></span>del </div>Requisito <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>Cap<span class=\"_ _2\"></span>itale <span class=\"_ _2\"></span>(cfr. <span class=\"_ _2\"></span>SCR<span class=\"_ _2\"></span>): <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>meto<span class=\"_ _2\"></span>dologia <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>riferimento <span class=\"_ _d\"></span>\u00e8 <span class=\"_ _2\"></span>quella <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>ella <span class=\"_ _2\"></span>Formula <span class=\"_ _2\"></span>Standard. <span class=\"_ _0\"></span>Si<span class=\"_ _2\"></span> precisa <span class=\"_ _0\"></span>inoltra <span class=\"_ _9\"> </span>che <span class=\"_ _0\"></span>la <span class=\"_ _0\"></span>Compagnia <span class=\"_ _0\"></span>adotta <span class=\"_ _9\"> </span>l\u2019appli<span class=\"_ _1\"></span>cazione <span class=\"_ _0\"></span>del <span class=\"_ _0\"></span>Volat<span class=\"_ _2\"></span>ility <span class=\"_ _0\"></span>Adjustments: <span class=\"_ _0\"></span>le <span class=\"_ _0\"></span>valutazioni attuali <span class=\"_ _d\"></span>e <span class=\"_ _2\"></span>prospettiche <span class=\"_ _d\"></span>dei <span class=\"_ _d\"></span>risc<span class=\"ff5\">hi <span class=\"_ _d\"></span>regolamentari <span class=\"_ _d\"></span>della <span class=\"_ _2\"></span>Compagnia <span class=\"_ _d\"></span>prevedono <span class=\"_ _d\"></span>l\u2019utilizzo <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>el <span class=\"_ _2\"></span>Volatility </span>Adjustment <span class=\"_ _f\"></span>come <span class=\"_ _f\"></span>Long <span class=\"_ _1\"></span>Term <span class=\"_ _f\"></span>Guarant<span class=\"_ _2\"></span>ee <span class=\"_ _f\"></span>measure. <span class=\"_ _f\"></span>Il <span class=\"_ _f\"></span>Volatility <span class=\"_ _f\"></span>Adjust<span class=\"_ _2\"></span>ment <span class=\"_ _f\"></span>viene <span class=\"_ _f\"></span>applicato <span class=\"_ _f\"></span>sul <span class=\"_ _f\"></span>to<span class=\"_ _2\"></span>tale delle <span class=\"_ _d\"></span>passivit\u00e0 <span class=\"_ _0\"></span>detenute <span class=\"_ _0\"></span>dalla <span class=\"_ _d\"></span>C<span class=\"_ _2\"></span>ompagnia <span class=\"_ _d\"></span>vendute <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=\"_ _d\"></span>valuta <span class=\"_ _0\"></span>Euro<span class=\"_ _2\"></span>. <span class=\"_ _0\"></span>Non viene <span class=\"_ _d\"></span>applicato <span class=\"_ _d\"></span>dalla <span class=\"_ _d\"></span>Compagnia <span class=\"_ _d\"></span>il <span class=\"_ _d\"></span>Matching <span class=\"_ _d\"></span>Adjustment. <span class=\"_ _d\"></span>Al <span class=\"_ _d\"></span>fin<span class=\"_ _2\"></span>e <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>una <span class=\"_ _d\"></span>maggiore <span class=\"_ _d\"></span>comprensione degli <span class=\"_ _2\"></span>effett<span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>derivanti <span class=\"_ _d\"></span>dall\u2019applicazione <span class=\"_ _2\"></span>del <span class=\"_ _d\"></span>Volatility <span class=\"_ _d\"></span>Adjustment <span class=\"_ _2\"></span>sulle <span class=\"_ _d\"></span>riserve <span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>ecniche <span class=\"_ _2\"></span>e <span class=\"_ _d\"></span>sui <span class=\"_ _2\"></span>fon<span class=\"_ _2\"></span>di propri, l<span class=\"_ _1\"></span>a Co<span class=\"_ _1\"></span>mpagnia <span class=\"_ _1\"></span>effettua <span class=\"_ _1\"></span>inoltre anali<span class=\"_ _1\"></span>si di<span class=\"_ _f\"></span> sensitivity ogni<span class=\"_ _1\"></span> qu<span class=\"_ _1\"></span>alvolta l<span class=\"_ _1\"></span>o sco<span class=\"_ _f\"></span>s<span class=\"_ _2\"></span>tamento <span class=\"_ _f\"></span>tra la <span class=\"_ _f\"></span>curva risk free EIOPA e la curva risk free EI<span class=\"_ _1\"></span>OPA con volatility Adjustement risulti significativo.<span class=\"_ _2\"></span> Tutte queste grandezze, oltr<span class=\"_ _2\"></span>e a costituire l\u2019impianto per il <span class=\"_ _2\"></span>monitoraggio nel continuo alla base del modello <span class=\"_ _15\"> </span>o<span class=\"_ _2\"></span>rganizzativo <span class=\"_ _15\"> </span>di <span class=\"_ _10\"> </span>gestione <span class=\"_ _e\"> </span>del <span class=\"_ _e\"> </span>rischio, <span class=\"_ _e\"> </span>rappresentano <span class=\"_ _e\"> </span>gli <span class=\"_ _e\"> </span>elementi <span class=\"_ _e\"> </span>alla <span class=\"_ _e\"> </span>base <span class=\"_ _10\"> </span>della metodologia  per <span class=\"_ _4\"> </span>la <span class=\"_ _4\"> </span>profilazione  del <span class=\"_ _4\"> </span>rischio <span class=\"_ _22\"> </span>della <span class=\"_ _4\"> </span>Compagnia. <span class=\"_ _4\"> </span>Tale  att<span class=\"_ _2\"></span>ivit\u00e0  ha <span class=\"_ _4\"> </span>come <span class=\"_ _22\"> </span>obiettivo l\u2019individuazione e <span class=\"_ _2\"></span>valutazione <span class=\"_ _2\"></span>dei fatt<span class=\"_ _2\"></span>ori di <span class=\"_ _2\"></span>rischio e <span class=\"_ _2\"></span>l\u2019attribuzione <span class=\"_ _2\"></span>ad ognuno <span class=\"_ _2\"></span>di e<span class=\"_ _2\"></span><span class=\"ff4\">ss<span class=\"_ _2\"></span>i di <span class=\"_ _2\"></span>un <span class=\"_ _2\"></span>livello di<span class=\"_ _2\"></span> </span>significativit\u00e0.  Da un punto di vista metodologico, concorrono alla valu<span class=\"_ _f\"></span>t<span class=\"_ _2\"></span>azione dei<span class=\"_ _1\"></span> rischi anche:<span class=\"_ _2\"></span> -<span class=\"_ _28\"> </span><span class=\"ff5\">Sensitivity,  stress <span class=\"_ _16\"> </span>test <span class=\"_ _16\"> </span>e  scenario <span class=\"_ _9\"> </span>test:  ai <span class=\"_ _16\"> </span>sensi  d<span class=\"_ _1\"></span>ell\u2019Art.  19,<span class=\"_ _1\"></span>  c<span class=\"_ _1\"></span>omma  4 <span class=\"_ _16\"> </span>del <span class=\"_ _16\"> </span>Reg. <span class=\"_ _16\"> </span>IVASS<span class=\"_ _1\"></span>  n.38, <span class=\"_ _16\"> </span>la </span>Funzione <span class=\"_ _2\"></span>Risk <span class=\"_ _2\"></span>Management, <span class=\"_ _d\"></span>allo <span class=\"_ _2\"></span>scopo <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>valutare <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>ott<span class=\"_ _2\"></span>ica <span class=\"_ _2\"></span>attuale <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>prospettica <span class=\"_ _2\"></span>gli <span class=\"_ _d\"></span>impatti <span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>ulla situazione <span class=\"_ _1\"></span>economica <span class=\"_ _1\"></span>e p<span class=\"_ _1\"></span>atrimoniale derivanti <span class=\"_ _f\"></span>da andamenti <span class=\"_ _1\"></span>avversi de<span class=\"_ _1\"></span>i p<span class=\"_ _1\"></span>rincipali fattori <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>rischio, effettua, pe<span class=\"_ _1\"></span>r ciascuna d<span class=\"_ _1\"></span>elle fonti di rischio <span class=\"_ _1\"></span>identificate <span class=\"_ _1\"></span>come maggiormente <span class=\"_ _1\"></span>significative, analisi di stress test e sensitivity.<span class=\"_ _df\"> </span>-<span class=\"_ _28\"> </span><span class=\"ff4\">Risk Self Assessment sui rischi operativi (ivi inclusi il rischio ICT e d<span class=\"_ _1\"></span>i Sicurezza).<span class=\"_ _df\"> </span></span>Gest<span class=\"_ _1\"></span>ione <span class=\"_ _1\"></span>dei Ris<span class=\"_ _f\"></span>chi<span class=\"fc1 sc0\"> </span>L\u2019obiettivo <span class=\"_ _d\"></span>del <span class=\"_ _d\"></span>sistema <span class=\"_ _0\"></span>di <span class=\"_ _d\"></span>gestione <span class=\"_ _d\"></span>dei <span class=\"_ _d\"></span>r<span class=\"_ _2\"></span>ischi <span class=\"_ _d\"></span>consiste <span class=\"_ _d\"></span>nel <span class=\"_ _d\"></span>mantenere <span class=\"_ _d\"></span>i <span class=\"_ _0\"></span>rischi <span class=\"_ _0\"></span>cui <span class=\"_ _d\"></span>la <span class=\"_ _d\"></span>Compagnia <span class=\"_ _d\"></span>\u00e8 esposta <span class=\"_ _14\"> </span>a <span class=\"_ _14\"> </span>un <span class=\"_ _15\"> </span>l<span class=\"ff5\">ivello <span class=\"_ _14\"> </span>definito <span class=\"_ _14\"> </span>accettabile, <span class=\"_ _14\"> </span>attraverso <span class=\"_ _14\"> </span>l\u2019indicazione <span class=\"_ _14\"> </span>della <span class=\"_ _14\"> </span>propensione <span class=\"_ _14\"> </span>e <span class=\"_ _15\"> </span>della </span>tolleranza al rischio <span class=\"_ _f\"></span>stabilite in coerenza <span class=\"_ _1\"></span>con l\u2019obie<span class=\"_ _1\"></span>ttivo di salvaguardia <span class=\"_ _1\"></span>del p<span class=\"_ _1\"></span>atrimonio delle stesse a <span class=\"_ _d\"></span>garanzia <span class=\"_ _2\"></span>della <span class=\"_ _d\"></span>continuit\u00e0 <span class=\"_ _2\"></span>aziendale. <span class=\"_ _d\"></span>Le <span class=\"_ _d\"></span>linee <span class=\"_ _2\"></span>guida <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>tema <span class=\"_ _d\"></span>di <span class=\"_ _2\"></span>gestion<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>dei <span class=\"_ _d\"></span>rischi <span class=\"_ _d\"></span>sono <span class=\"_ _d\"></span>riportate nelle <span class=\"_ _1\"></span>singole <span class=\"_ _1\"></span>politiche <span class=\"_ _1\"></span>redatte, riviste <span class=\"_ _1\"></span>ed <span class=\"_ _1\"></span>approvate <span class=\"_ _1\"></span>annualmente dal <span class=\"_ _f\"></span>Consiglio di <span class=\"_ _f\"></span>Amminist<span class=\"_ _2\"></span>razione, previo <span class=\"_ _9\"> </span>passaggio  con <span class=\"_ _9\"> </span>il  Consi<span class=\"_ _1\"></span>gliere <span class=\"_ _9\"> </span>Incaricato  al <span class=\"_ _9\"> </span>controllo  inte<span class=\"_ _f\"></span>rno  e <span class=\"_ _9\"> </span>ai <span class=\"_ _16\"> </span>rischi <span class=\"_ _16\"> </span>dell<span class=\"_ _1\"></span>a  Comp<span class=\"_ _1\"></span>agnia.  Elementi costitutivi della gestione dei rischi sono: <span class=\"_ _27\"> </span><span class=\"ff4 sc3\">Risk App<span class=\"_ _f\"></span>etite Fr<span class=\"_ _1\"></span>amew<span class=\"_ _f\"></span>ork </span>La Compagnia <span class=\"_ _1\"></span>si \u00e8 dotata <span class=\"_ _f\"></span>di un Risk Ap<span class=\"_ _1\"></span>petite Framework (cf<span class=\"_ _1\"></span>r. RAF) che<span class=\"_ _1\"></span> definisce <span class=\"_ _1\"></span>la propensione al<span class=\"_ _df\"> </span>rischio, <span class=\"_ _2\"></span>le <span class=\"_ _2\"></span>soglie di <span class=\"_ _2\"></span>to<span class=\"_ _2\"></span>lleranza, i <span class=\"_ _2\"></span>limiti <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>rischio, <span class=\"_ _2\"></span>le <span class=\"_ _2\"></span>politiche<span class=\"_ _1\"></span> <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>governo <span class=\"_ _2\"></span>dei <span class=\"_ _2\"></span>rischi <span class=\"_ _2\"></span>nonch\u00e9 i <span class=\"_ _2\"></span>processi di <span class=\"ff5\">r<span class=\"_ _2\"></span>iferimento necessari <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>definirli e <span class=\"_ _2\"></span>attuarli. <span class=\"_ _2\"></span>Nell\u2019ambito <span class=\"_ _2\"></span>dell\u2019attivit\u00e0 <span class=\"_ _2\"></span>di indirizzo <span class=\"_ _2\"></span>strategico <span class=\"_ _2\"></span>della<span class=\"_ _df\"> </span></span>Compagnia, i<span class=\"_ _1\"></span>l Consiglio di <span class=\"_ _1\"></span>Amministrazione individua <span class=\"_ _1\"></span>e approva la p<span class=\"_ _1\"></span>ropria propensione al <span class=\"_ _f\"></span>r<span class=\"_ _2\"></span>ischio. <span class=\"_ _f\"></span>Il<span class=\"_ _df\"> </span>processo di <span class=\"_ _2\"></span>definizione/revi<span class=\"_ _1\"></span>sione <span class=\"_ _2\"></span>del Risk Appetite<span class=\"_ _2\"></span> Fr<span class=\"_ _2\"></span>amework si <span class=\"_ _2\"></span>affianca pertanto <span class=\"_ _2\"></span>al processo <span class=\"_ _2\"></span>di Pianificazione <span class=\"_ _2\"></span>Str<span class=\"_ _2\"></span>ategica/Ope<span class=\"_ _1\"></span>rativa <span class=\"_ _d\"></span>(Budget) <span class=\"_ _2\"></span>e <span class=\"_ _d\"></span>ti<span class=\"_ _2\"></span>ene <span class=\"_ _2\"></span>conto <span class=\"_ _d\"></span>della <span class=\"_ _d\"></span>valutazione <span class=\"_ _d\"></span>interna <span class=\"_ _2\"></span>del <span class=\"_ _d\"></span>rischio <span class=\"_ _d\"></span>e<span class=\"_ _df\"> </span>della solvibilit\u00e0. Tali elementi non sono infatti disgiunti, ma si influenz<span class=\"_ _1\"></span>ano a vicenda con l\u2019obiettivo<span class=\"_ _df\"> </span>di <span class=\"_ _f\"></span>ott<span class=\"_ _2\"></span>enere <span class=\"_ _f\"></span>la <span class=\"_ _1\"></span>massimizzazione <span class=\"_ _f\"></span>del p<span class=\"_ _1\"></span>rofilo <span class=\"_ _1\"></span>rischio <span class=\"ff5\">\u2013</span> <span class=\"_ _f\"></span>rendimento <span class=\"_ _1\"></span>della <span class=\"_ _f\"></span>Compagnia. La <span class=\"_ _f\"></span>definizione de<span class=\"_ _1\"></span>l<span class=\"_ _df\"> </span>RAF tiene conto dei seguenti aspetti:<span class=\"_ _df\"> </span>-<span class=\"_ _28\"> </span><span class=\"ff4\">la  strat<span class=\"_ _2\"></span>egia  dell<span class=\"_ _1\"></span>a  Compagnia,  ivi  inclusi  gli  obiettivi  or<span class=\"_ _2\"></span>ganizzativ<span class=\"_ _1\"></span>i,  il  piano  strat<span class=\"_ _2\"></span>egico,  i  vincoli<span class=\"_ _df\"> </span></span>finanziari, nonch\u00e9 normativi e le aspettative degl<span class=\"_ _1\"></span>i stakeholders;<span class=\"_ _df\"> </span>-<span class=\"_ _28\"> </span><span class=\"ff4\">gli aspetti chiave del business della Compagnia;<span class=\"_ _df\"> </span></span>-<span class=\"_ _28\"> </span><span class=\"ff4\">la volont\u00e0 e la capacit\u00e0 di assumere rischi;<span class=\"_ _df\"> </span></span>-<span class=\"_ _28\"> </span><span class=\"ff4\">le competenze, <span class=\"_ _2\"></span>le risorse <span class=\"_ _2\"></span>e la tecnologia a disposizione della <span class=\"_ _2\"></span>Compagnia per gestire e <span class=\"_ _2\"></span>monitorare<span class=\"_ _df\"> </span></span>le esposizioni al rischio.<span class=\"_ _df\"> </span>La <span class=\"_ _f\"></span>propensione <span class=\"_ _1\"></span>al <span class=\"_ _f\"></span>r<span class=\"_ _2\"></span>ischio <span class=\"_ _f\"></span>della <span class=\"_ _1\"></span>Compagnia <span class=\"_ _1\"></span>congiuntamente <span class=\"_ _f\"></span>alla valutazione<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>del <span class=\"_ _f\"></span>s<span class=\"_ _2\"></span>istema <span class=\"_ _f\"></span>di g<span class=\"_ _1\"></span>overno societario adottato nonch\u00e9<span class=\"_ _f\"></span> alla mappatura e id<span class=\"_ _1\"></span>entificazione dei fattori d<span class=\"_ _1\"></span>i rischio e <span class=\"_ _1\"></span>ad una <span class=\"_ _1\"></span>generale applicazione <span class=\"_ _d\"></span>del <span class=\"_ _d\"></span>principio <span class=\"_ _d\"></span>della <span class=\"_ _d\"></span>persona <span class=\"_ _d\"></span>prudente, <span class=\"_ _d\"></span>rappres<span class=\"_ _2\"></span>entano <span class=\"_ _d\"></span>i <span class=\"_ _d\"></span>principali <span class=\"_ _d\"></span>elementi <span class=\"_ _d\"></span>costitutivi alla base <span class=\"_ _2\"></span>della d<span class=\"_ _2\"></span>eterminazione del <span class=\"_ _2\"></span>modello organizzativo <span class=\"_ _2\"></span>di gestione <span class=\"_ _2\"></span>dei r<span class=\"_ _2\"></span>ischi (specifico <span class=\"_ _2\"></span>per ogni classe di rischio). Nella <span class=\"_ _2\"></span>definizione <span class=\"_ _2\"></span>delle proprie <span class=\"_ _2\"></span>str<span class=\"_ _2\"></span>ategie di <span class=\"_ _2\"></span>business, <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>Compagnia <span class=\"_ _2\"></span>valuta, <span class=\"_ _2\"></span>su <span class=\"_ _2\"></span>base <span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>ontinuativa, <span class=\"_ _2\"></span>il rispetto, <span class=\"_ _2\"></span>nei <span class=\"_ _d\"></span>diversi <span class=\"_ _2\"></span>anni <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>viluppo <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>piano, <span class=\"_ _d\"></span>dei <span class=\"_ _2\"></span>livelli <span class=\"_ _d\"></span>di <span class=\"_ _2\"></span>rischio <span class=\"_ _d\"></span>target <span class=\"_ _2\"></span>definiti <span class=\"_ _2\"></span>nel <span class=\"_ _2\"></span>Risk <span class=\"_ _d\"></span>Appetite Framework, <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>fine di <span class=\"_ _2\"></span>garantire <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>coerenza <span class=\"_ _2\"></span>tra <span class=\"_ _2\"></span>gli <span class=\"_ _2\"></span>obiettivi di <span class=\"_ _2\"></span>medio<span class=\"_ _2\"></span>-lungo <span class=\"_ _2\"></span>periodo <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>capacit\u00e0 e la volont\u00e0 di assumere rischi della Compagnia stessa.  Si declinano, di seguito, i conce<span class=\"_ _1\"></span>tt<span class=\"_ _2\"></span>i rilevanti ai fini<span class=\"_ _1\"></span> della definizione del RAF:<span class=\"_ _2\"></span> -<span class=\"_ _28\"> </span><span class=\"ff4\">il <span class=\"_ _d\"></span>Risk <span class=\"_ _d\"></span>Profile <span class=\"_ _d\"></span>rappresenta <span class=\"_ _d\"></span>il <span class=\"_ _d\"></span>rischio <span class=\"_ _d\"></span>effettivo <span class=\"_ _d\"></span>della <span class=\"_ _2\"></span>Compagnia <span class=\"_ _d\"></span>valutato<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>in <span class=\"_ _2\"></span>un <span class=\"_ _d\"></span>determinato <span class=\"_ _d\"></span>istante<span class=\"_ _df\"> </span></span>temporale;<span class=\"_ _df\"> </span><div class=\"t m0 h5 ff18 fs1 fc1 sc0 ls0 ws0 gs1bce\">-<span class=\"ff10\"> <span class=\"_ _1c\"> </span><span class=\"ff4\">il <span class=\"_ _d\"></span>Risk <span class=\"_ _d\"></span>Appetite <span class=\"_ _2\"></span>rappresenta <span class=\"_ _d\"></span>la <span class=\"_ _0\"></span>vera <span class=\"_ _d\"></span>e <span class=\"_ _d\"></span>propria <span class=\"_ _d\"></span>propensione <span class=\"_ _d\"></span>al <span class=\"_ _d\"></span>rischio <span class=\"_ _d\"></span>da <span class=\"_ _d\"></span>parte <span class=\"_ _d\"></span>della <span class=\"_ _d\"></span>Compagnia <span class=\"_ _d\"></span>e<span class=\"_ _df\"> </span></span></span><span class=\"ff10\"><span class=\"ff4\"> </span></span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1bcf\">costituisce, <span class=\"_ _0\"></span>quindi, <span class=\"_ _d\"></span>il <span class=\"_ _9\"> </span>livello <span class=\"_ _d\"></span>d<span class=\"_ _2\"></span>i <span class=\"_ _d\"></span>r<span class=\"_ _2\"></span>ischio <span class=\"_ _0\"></span>che <span class=\"_ _0\"></span>essa <span class=\"_ _0\"></span>intende <span class=\"_ _d\"></span>ass<span class=\"_ _2\"></span>umere <span class=\"_ _d\"></span>per <span class=\"_ _0\"></span>il <span class=\"_ _9\"> </span>perseguimento <span class=\"_ _d\"></span>dei <span class=\"_ _0\"></span>s<span class=\"_ _2\"></span>uoi<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1bd0\">obiettivi strategici;<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff18 fs1 fc1 sc0 ls0 ws0 gs1bd1\">-<span class=\"ff10\"> <span class=\"_ _1c\"> </span><span class=\"ff4\">la <span class=\"_ _2\"></span>Risk <span class=\"_ _2\"></span>Tolerance individua <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>soglia <span class=\"_ _2\"></span>massima <span class=\"_ _2\"></span>di tolleranza <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>rischio, fiss<span class=\"_ _2\"></span>at<span class=\"_ _2\"></span>a al <span class=\"_ _2\"></span>fine <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>assicurare<span class=\"_ _df\"> </span></span></span><span class=\"ff10\"><span class=\"ff4\"> </span></span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1bd2\">alla  Compag<span class=\"_ _1\"></span>nia  margini <span class=\"_ _9\"> </span>s<span class=\"_ _2\"></span>ufficienti <span class=\"_ _16\"> </span>per <span class=\"_ _16\"> </span>operare <span class=\"_ _16\"> </span>sia  i<span class=\"_ _1\"></span>n  fa<span class=\"_ _1\"></span>se  di<span class=\"_ _1\"></span>  normale <span class=\"_ _9\"> </span>corso  degli<span class=\"_ _1\"></span>  affari <span class=\"_ _16\"> </span>sia  i<span class=\"_ _f\"></span>n<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1bd3\">condizioni di mercato particolarmente stressate;<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff18 fs1 fc1 sc0 ls0 ws0 gs1bd4\">-<span class=\"ff10\"> <span class=\"_ _1c\"> </span><span class=\"ff4\">la <span class=\"_ _2\"></span>Risk <span class=\"_ _2\"></span>Capacity, invece, <span class=\"_ _2\"></span>rappresenta <span class=\"_ _d\"></span>il mas<span class=\"_ _2\"></span>simo <span class=\"_ _2\"></span>rischio <span class=\"_ _2\"></span>assumibil<span class=\"_ _1\"></span>e <span class=\"_ _2\"></span>dalla <span class=\"_ _2\"></span>Compagnia; <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _d\"></span>costituito<span class=\"_ _df\"> </span></span></span><span class=\"ff10\"><span class=\"ff4\"> </span></span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1bd5\">quindi <span class=\"_ _d\"></span>dal <span class=\"_ _d\"></span>livello <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>rischio <span class=\"_ _d\"></span>che <span class=\"_ _0\"></span>essa <span class=\"_ _d\"></span>\u00e8 <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>grado <span class=\"_ _0\"></span>di <span class=\"_ _d\"></span>assumere <span class=\"_ _d\"></span>a <span class=\"_ _d\"></span>suo <span class=\"_ _d\"></span>carico <span class=\"_ _d\"></span>senza <span class=\"_ _d\"></span>violare <span class=\"_ _d\"></span>i <span class=\"_ _d\"></span>r<span class=\"_ _2\"></span>equisiti<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs1bd6\">regolamentari o gli altri vincoli<span class=\"_ _1\"></span> imposti dall\u2019autorit\u00e0 di vigilanza.<span class=\"_ _df\"> </span><span class=\"_ _2\"></span><span class=\"ff4\"> </span></div><div class=\"t m0 h5 ff18 fs1 fc1 sc0 ls0 ws0 gs1bd7\">-<span class=\"ff10\"> <span class=\"_ _1c\"> </span><span class=\"ff4\">Risk <span class=\"_ _0\"></span>Preferences, <span class=\"_ _0\"></span>rappresentano <span class=\"_ _0\"></span>le <span class=\"_ _0\"></span>preferenze <span class=\"_ _0\"></span>in <span class=\"_ _0\"></span>materia <span class=\"_ _9\"> </span>di <span class=\"_ _0\"></span>selezione <span class=\"_ _0\"></span>dei <span class=\"_ _9\"> </span>rischi, <span class=\"_ _0\"></span>sintetizzano <span class=\"_ _0\"></span>il<span class=\"_ _df\"> </span></span></span><span class=\"ff10\"><span class=\"ff4\"> </span></span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1bd8\">collegamento tra Risk Appetite e Strategia, caratterizzano gli e<span class=\"_ _1\"></span>lementi qualitativi del RAF.<span class=\"_ _df\"> </span><span class=\"_ _2\"></span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1bd9\">Nella <span class=\"_ _2\"></span>definizione <span class=\"_ _2\"></span>delle proprie <span class=\"_ _2\"></span>str<span class=\"_ _2\"></span>ategie di <span class=\"_ _2\"></span>business, <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>Compagnia <span class=\"_ _2\"></span>valuta, <span class=\"_ _2\"></span>su <span class=\"_ _2\"></span>base <span class=\"_ _2\"></span>continuativa, <span class=\"_ _2\"></span>il<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1bda\">rispetto, <span class=\"_ _2\"></span>nei <span class=\"_ _d\"></span>diversi <span class=\"_ _2\"></span>anni <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>viluppo <span class=\"_ _2\"></span>del <span class=\"_ _d\"></span>piano, <span class=\"_ _2\"></span>dei <span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>ivelli <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>rischi<span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>target <span class=\"_ _d\"></span>definiti <span class=\"_ _2\"></span>nel <span class=\"_ _2\"></span>Risk <span class=\"_ _2\"></span>Appetit<span class=\"_ _2\"></span>e<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1bdb\">Framework, <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>fine di <span class=\"_ _2\"></span>garantire <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>coerenza <span class=\"_ _2\"></span>tra <span class=\"_ _2\"></span>gli <span class=\"_ _2\"></span>obiettivi di <span class=\"_ _2\"></span>medio<span class=\"_ _2\"></span>-lungo <span class=\"_ _2\"></span>periodo <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>capacit\u00e0 e<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1bdc\">la <span class=\"_ _2\"></span>volont\u00e0 di assumere <span class=\"_ _2\"></span>rischi. In part<span class=\"_ _2\"></span>icolare il <span class=\"_ _2\"></span>piano strategico, partendo <span class=\"_ _2\"></span>dal profi<span class=\"_ _2\"></span>lo <span class=\"_ _2\"></span>di rischio <span class=\"_ _2\"></span>della<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1bdd\">Compagnia al <span class=\"_ _1\"></span>momento della redazione de<span class=\"_ _1\"></span>l piano stesso, tiene <span class=\"_ _1\"></span>conto del rischio assumib<span class=\"_ _1\"></span>ile senza<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs1bde\">violare i <span class=\"_ _2\"></span>requisiti r<span class=\"_ _2\"></span>egolamentari o <span class=\"_ _2\"></span>altri vincoli impost<span class=\"_ _2\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _2\"></span>dall\u2019Au<span class=\"_ _1\"></span>torit\u00e0 <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>Vigilanz<span class=\"_ _1\"></span>a, <span class=\"_ _2\"></span>l\u2019appetito al <span class=\"_ _2\"></span>rischio<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1bdf\">(ovvero <span class=\"_ _9\"> </span>del <span class=\"_ _0\"></span>livello <span class=\"_ _9\"> </span>di <span class=\"_ _0\"> </span>r<span class=\"_ _2\"></span>ischio <span class=\"_ _0\"></span>c<span class=\"_ _2\"></span>he <span class=\"_ _9\"> </span>essa <span class=\"_ _9\"> </span>intende <span class=\"_ _0\"></span>assumere <span class=\"_ _9\"> </span>per <span class=\"_ _9\"> </span>il <span class=\"_ _9\"> </span>perseguimento <span class=\"_ _9\"> </span>dei <span class=\"_ _0\"></span>s<span class=\"_ _2\"></span>uoi <span class=\"_ _0\"></span>obiettivi<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs1be0\">strategici) e la <span class=\"_ _2\"></span>tolleranza al <span class=\"_ _2\"></span>rischio (ovvero <span class=\"_ _2\"></span>la soglia mas<span class=\"_ _2\"></span>sima di scos<span class=\"_ _2\"></span>tamento rispetto all\u2019appetito<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1be1\">al rischio) fissate  dal Consiglio di Ammini<span class=\"_ _1\"></span>strazione.<span class=\"_ _df\"> </span><span class=\"_ _2\"></span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1be2\">La <span class=\"_ _d\"></span>Compagnia <span class=\"_ _2\"></span>ha <span class=\"_ _d\"></span>inoltre <span class=\"_ _d\"></span>definito <span class=\"_ _d\"></span>una<span class=\"_ _df\"> </span> </div><div class=\"t m1 h6 ff4 fs2 fc1 sc0 ls0 ws0 gs1be3\">Politica <span class=\"_ _2\"></span>di <span class=\"_ _d\"></span>Gestione <span class=\"_ _d\"></span>del <span class=\"_ _d\"></span>Capitale</div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1be4\"> <span class=\"_ _d\"></span>e <span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>n<span class=\"_ _df\"> </span> </div><div class=\"t m1 h6 ff4 fs2 fc1 sc0 ls0 ws0 gs1be5\">Piano <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>G<span class=\"_ _2\"></span>estione <span class=\"_ _2\"></span>del </div><div class=\"t m1 h6 ff4 fs2 fc1 sc0 ls0 ws0 gs1be6\">Capitale</div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1be7\"> <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>cui <span class=\"_ _2\"></span>scopo <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _2\"></span>quello <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>adot<span class=\"_ _2\"></span>tare <span class=\"_ _2\"></span>procedure at<span class=\"_ _2\"></span>te <span class=\"_ _2\"></span>ad <span class=\"_ _2\"></span>accertare <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>salvaguardia <span class=\"_ _2\"></span>dei re<span class=\"_ _2\"></span>quisiti<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1be8\">regolamentari  e<span class=\"_ _1\"></span>  dei<span class=\"_ _1\"></span>  livelli <span class=\"_ _16\"> </span>obiettivo  di<span class=\"_ _1\"></span>  Risk <span class=\"_ _16\"> </span>Appetite <span class=\"_ _16\"> </span>nonch\u00e9 <span class=\"_ _16\"> </span>di  garantire <span class=\"_ _16\"> </span>che, <span class=\"_ _16\"> </span>sia  al <span class=\"_ _9\"> </span>mom<span class=\"_ _d\"></span>ento<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs1be9\">dell\u2019emissione <span class=\"_ _f\"></span>che <span class=\"_ _1\"></span>successivamente, <span class=\"_ _f\"></span>gli ele<span class=\"_ _1\"></span>menti <span class=\"_ _1\"></span>dei <span class=\"_ _f\"></span>Fondi Propri <span class=\"_ _f\"></span>a cu<span class=\"_ _1\"></span>i <span class=\"_ _f\"></span>l\u2019impresa i<span class=\"_ _1\"></span>ntende <span class=\"_ _f\"></span>at<span class=\"_ _2\"></span>tingere<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1bea\">al fine di realizzare gli obiettivi di busine<span class=\"_ _1\"></span>ss stabiliti in sede di pianificazione strategica, soddisfino i<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1beb\">requisiti <span class=\"_ _0\"></span>regolamentari <span class=\"_ _9\"> </span>definiti <span class=\"_ _9\"> </span>da <span class=\"_ _0\"></span>EIOPA <span class=\"_ _9\"> </span>e <span class=\"_ _9\"> </span>siano <span class=\"_ _9\"> </span>correttamente <span class=\"_ _0\"></span>classificati. <span class=\"_ _9\"> </span> <span class=\"_ _9\"> </span>Tale <span class=\"_ _0\"> </span>Piano <span class=\"_ _9\"> </span>\u00e8 <span class=\"_ _9\"> </span>stato<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1bec\">redatto <span class=\"_ _e\"> </span>coerentemente <span class=\"_ _15\"> </span>con <span class=\"_ _e\"> </span>le <span class=\"_ _15\"> </span>r<span class=\"_ _2\"></span>isultanze <span class=\"_ _15\"> </span>della <span class=\"_ _15\"> </span>valutazione <span class=\"_ _e\"> </span>pros<span class=\"_ _2\"></span>pettica <span class=\"_ _15\"> </span>dei <span class=\"_ _15\"> </span>rischi <span class=\"_ _e\"> </span>secondo<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs1bed\">l\u2019approccio Solvency <span class=\"_ _2\"></span>II (ORSA), <span class=\"_ _2\"></span>con <span class=\"_ _2\"></span>gli obiettivi <span class=\"_ _2\"></span>e le <span class=\"_ _2\"></span>metodologie stabilite <span class=\"_ _2\"></span>nella Politica <span class=\"_ _2\"></span>di Gestione<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1bee\">del <span class=\"_ _9\"> </span>Capitale <span class=\"_ _9\"> </span>e <span class=\"_ _16\"> </span>con <span class=\"_ _9\"> </span>i <span class=\"_ _16\"> </span>requisiti <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>solvibilit\u00e0 <span class=\"_ _9\"> </span>stabiliti <span class=\"_ _16\"> </span>dal <span class=\"_ _9\"> </span>Regolatore, <span class=\"_ _9\"> </span>al <span class=\"_ _16\"> </span>fine <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>garantire <span class=\"_ _16\"> </span>la <span class=\"_ _0\"></span>so<span class=\"_ _2\"></span>lidit\u00e0<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs1bef\">patrimoniale della Compagnia nell\u2019esercizio della p<span class=\"_ _1\"></span>ropria attivit\u00e0 e nei suoi possibili sviluppi futuri.<span class=\"_ _df\"> </span><span class=\"_ _2\"></span><span class=\"ff4\"> </span></div><div class=\"t m0 h5 ff14 fs1 fc4 sc0 ls0 ws0 gs1bf0\"><span class=\"ff10\"> <span class=\"_ _8\"> </span><span class=\"ff4 sc3\">Indicato<span class=\"_ _1\"></span>ri di<span class=\"_ _1\"></span> Rischio<span class=\"_ _df\"> </span></span></span><span class=\"ff10\"><span class=\"ff4 sc3\"><span class=\"_ _f\"></span> </span></span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1bf1\">In <span class=\"_ _e\"> </span>coerenza <span class=\"_ _10\"> </span>con <span class=\"_ _10\"> </span>quanto <span class=\"_ _10\"> </span>disciplinato <span class=\"_ _10\"> </span>nel <span class=\"_ _e\"> </span>Regolamento <span class=\"_ _10\"> </span>di <span class=\"_ _10\"> </span>Risk <span class=\"_ _e\"> </span>Appetite <span class=\"_ _10\"> </span>Framework <span class=\"_ _10\"> </span>della<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1bf2\">Compagnia, <span class=\"_ _0\"></span>la <span class=\"_ _9\"> </span>gestione <span class=\"_ _9\"> </span>dei <span class=\"_ _0\"></span>risc<span class=\"_ _2\"></span>hi <span class=\"_ _0\"></span>in <span class=\"_ _9\"> </span>ottica <span class=\"_ _9\"> </span>attuale <span class=\"_ _9\"> </span>e <span class=\"_ _0\"></span>pros<span class=\"_ _2\"></span>pettica <span class=\"_ _0\"></span>della <span class=\"_ _0\"></span>Compagnia <span class=\"_ _9\"> </span>si <span class=\"_ _9\"> </span>basa <span class=\"_ _9\"> </span>sulla<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1bf3\">definizione di indicatori per ogni categoria di rischio.<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1bf4\">Gli indicatori sono ulteriormente suddi<span class=\"_ _1\"></span>visi in:<span class=\"_ _df\"> </span><span class=\"_ _2\"></span> </div><div class=\"t m0 h366 ff18 fs1 fc1 sc0 ls0 ws0 gs1bf5\">-<span class=\"_ _df\"> </span><span class=\"ff10\"> </span></div><div class=\"t m1 h6 ff4 fs2 fc1 sc0 ls0 ws0 gs1bf6\">indicatori <span class=\"_ _2\"></span>di <span class=\"_ _d\"></span>I\u00b0 <span class=\"_ _d\"></span>livello:</div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1bf7\"> <span class=\"_ _d\"></span>sono <span class=\"_ _d\"></span>indicatori <span class=\"_ _2\"></span>finalizzati <span class=\"_ _d\"></span>principalmente <span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>l <span class=\"_ _2\"></span>rispetto <span class=\"_ _d\"></span>dei <span class=\"_ _2\"></span>vincoli <span class=\"_ _d\"></span>di <span class=\"_ _2\"></span>solvibilit\u00e0.<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1bf8\">Sono indicatori di possibili impatti negativi e forniscono avve<span class=\"_ _1\"></span>rtimenti at<span class=\"_ _2\"></span>ti ad identifi<span class=\"_ _1\"></span>care potenziali<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1bf9\">eventi <span class=\"_ _2\"></span>dannosi <span class=\"_ _d\"></span>che <span class=\"_ _d\"></span>minacciano <span class=\"_ _2\"></span>il <span class=\"_ _d\"></span>raggiungimento <span class=\"_ _d\"></span>degli <span class=\"_ _2\"></span>obiettivi <span class=\"_ _d\"></span>e <span class=\"_ _d\"></span>la <span class=\"_ _2\"></span>cont<span class=\"_ _2\"></span>inui<span class=\"_ _1\"></span>t\u00e0 <span class=\"_ _d\"></span>del <span class=\"_ _2\"></span>Business. <span class=\"_ _d\"></span>Tali<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs1bfa\">indicatori <span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>ono <span class=\"_ _2\"></span>integrati <span class=\"_ _d\"></span>all\u2019interno <span class=\"_ _d\"></span>del <span class=\"_ _d\"></span><span class=\"ff4\">Regolamento <span class=\"_ _d\"></span>di <span class=\"_ _2\"></span>Risk <span class=\"_ _d\"></span>Appetite <span class=\"_ _d\"></span>Framework<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>e <span class=\"_ _d\"></span>ad <span class=\"_ _d\"></span>essi <span class=\"_ _d\"></span>viene<span class=\"_ _df\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1bfb\">associato <span class=\"_ _0\"></span>un <span class=\"_ _d\"></span>Risk <span class=\"_ _0\"></span>Appetite, <span class=\"_ _d\"></span>una <span class=\"_ _0\"></span>Risk <span class=\"_ _d\"></span>Tolerance <span class=\"_ _0\"></span>e <span class=\"_ _d\"></span>una <span class=\"_ _0\"></span>Risk <span class=\"_ _d\"></span>Ca<span class=\"_ _2\"></span>pacity <span class=\"_ _0\"></span>e <span class=\"_ _d\"></span>il <span class=\"_ _d\"></span>r<span class=\"_ _2\"></span>elativo <span class=\"_ _d\"></span>sistema <span class=\"_ _0\"></span>di <span class=\"_ _d\"></span>Risk<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1bfc\">Appetite Statement;<span class=\"_ _df\"> </span> </div><div class=\"t m0 h366 ff18 fs1 fc1 sc0 ls0 ws0 gs1bfd\">-<span class=\"_ _df\"> </span><span class=\"ff10\"> </span></div><div class=\"t m1 h6 ff4 fs2 fc1 sc0 ls0 ws0 gs1bfe\">indicatori <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>early <span class=\"_ _0\"></span>warning:</div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1bff\"> <span class=\"_ _0\"></span>al <span class=\"_ _0\"></span>fine <span class=\"_ _d\"></span>di <span class=\"_ _0\"></span>effettuare <span class=\"_ _0\"></span>un <span class=\"_ _0\"></span>monitoraggio <span class=\"_ _0\"></span>preventivo <span class=\"_ _d\"></span>e <span class=\"_ _0\"></span>nel <span class=\"_ _0\"></span>continuo <span class=\"_ _0\"></span>sugli<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1c00\">indicatori di solvibilit\u00e0 <span class=\"_ _2\"></span>sono stati inoltre <span class=\"_ _2\"></span>definiti degli indicatori di <span class=\"_ _2\"></span>early warnig <span class=\"_ _2\"></span>volti ad intercettare<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1c01\">fenomeni e/o eventi di potenziale elevata criticit\u00e0 e o attenzione;<span class=\"_ _df\"> </span> </div><div class=\"t m0 h366 ff18 fs1 fc1 sc0 ls0 ws0 gs1c02\">-<span class=\"_ _df\"> </span><span class=\"ff10\"> </span></div><div class=\"t m1 h6 ff4 fs2 fc1 sc0 ls0 ws0 gs1c03\">indicatori di II\u00b0 li<span class=\"_ _1\"></span>vello:</div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1c04\"> sono indicatori di tipo operativo/gestionali fu<span class=\"_ _1\"></span>nzionali ad irrobustire le attivit\u00e0<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1c05\">di <span class=\"_ _10\"> </span>monitoraggio <span class=\"_ _10\"> </span>dei <span class=\"_ _10\"> </span>rischi <span class=\"_ _10\"> </span>ed <span class=\"_ _10\"> </span>eventualmente <span class=\"_ _10\"> </span>fornire <span class=\"_ _10\"> </span>segnali <span class=\"_ _10\"> </span>preventivi <span class=\"_ _10\"> </span>ad <span class=\"_ _10\"> </span>un <span class=\"_ _10\"> </span>potenziale<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1c06\">deterioramento <span class=\"_ _f\"></span>delle <span class=\"_ _f\"></span>met<span class=\"ff5\">r<span class=\"_ _2\"></span>iche <span class=\"_ _11\"></span>d<span class=\"_ _2\"></span>i <span class=\"_ _f\"></span>I\u00b0 <span class=\"_ _f\"></span>Livello. <span class=\"_ _f\"></span>Tal<span class=\"_ _2\"></span>i <span class=\"_ _f\"></span>indicatori <span class=\"_ _f\"></span>sono i<span class=\"_ _1\"></span>ntegrati <span class=\"_ _f\"></span>all\u2019interno <span class=\"_ _f\"></span>del <span class=\"_ _1\"></span>Regolamento<span class=\"_ _df\"> </span></span><span class=\"ff5\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1c07\">di Risk Appetite Framework della Compagnia.  </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs1c08\">Nell\u2019ambito <span class=\"_ _f\"></span>generale <span class=\"_ _f\"></span>del <span class=\"_ _f\"></span>sistema<span class=\"_ _2\"></span> <span class=\"_ _f\"></span>di <span class=\"_ _f\"></span>gestione <span class=\"_ _f\"></span>dei <span class=\"_ _f\"></span>rischi <span class=\"_ _1\"></span>la <span class=\"_ _f\"></span>Compag<span class=\"_ _2\"></span>nia <span class=\"_ _f\"></span>definisce <span class=\"_ _f\"></span>inoltre <span class=\"_ _f\"></span>specifici <span class=\"_ _f\"></span>l<span class=\"_ _2\"></span>imiti<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1c09\">operativi <span class=\"_ _f\"></span>che <span class=\"_ _1\"></span>declinano <span class=\"_ _f\"></span>gli obi<span class=\"_ _1\"></span>ettivi d<span class=\"_ _1\"></span>i <span class=\"_ _f\"></span>r<span class=\"_ _2\"></span>ischio <span class=\"_ _f\"></span>(ad <span class=\"_ _f\"></span>es. limiti <span class=\"_ _f\"></span>in <span class=\"_ _f\"></span>termini <span class=\"_ _1\"></span>di <span class=\"_ _f\"></span>esposizione, <span class=\"_ _f\"></span>concentrazione,<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs1c0a\">etc.) <span class=\"_ _d\"></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><span class=\"ff4\">I<span class=\"_ _2\"></span>l <span class=\"_ _d\"></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=\"_ _df\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1c0b\">Compagnia <span class=\"_ _17\"> </span>\u00e8 <span class=\"_ _14\"> </span>il <span class=\"_ _14\"> </span>Solvency <span class=\"_ _14\"> </span>II <span class=\"_ _17\"> </span>Ratio <span class=\"_ _14\"> </span>ovvero <span class=\"_ _14\"> </span>il <span class=\"_ _14\"> </span>rapporto <span class=\"_ _17\"> </span>tra <span class=\"_ _14\"> </span>Eligible <span class=\"_ _17\"> </span>Capital<span class=\"_ _2\"></span> <span class=\"_ _14\"> </span>e <span class=\"_ _14\"> </span>Solvency <span class=\"_ _17\"> </span>Capital<span class=\"_ _df\"> </span><span class=\"_ _2\"></span> </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs1c0c\">Requirement.  La <span class=\"_ _4\"> </span>Compagnia <span class=\"_ _22\"> </span>s<span class=\"_ _2\"></span>i <span class=\"_ _4\"> </span>prefig<span class=\"_ _1\"></span>ge <span class=\"_ _4\"> </span>l\u2019obiettivo  di <span class=\"_ _4\"> </span>avere <span class=\"_ _22\"> </span>u<span class=\"_ _2\"></span>n  livello <span class=\"_ _4\"> </span>di  Ca<span class=\"_ _2\"></span>pitale  Economico<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1c0d\">adeguato <span class=\"_ _2\"></span>e <span class=\"_ _d\"></span>in <span class=\"_ _2\"></span>linea <span class=\"_ _2\"></span>con <span class=\"_ _2\"></span>gli <span class=\"_ _d\"></span>obiettivi <span class=\"_ _2\"></span>strategici, <span class=\"_ _2\"></span>superiore <span class=\"_ _2\"></span>ad <span class=\"_ _2\"></span>un <span class=\"_ _d\"></span>prefissato <span class=\"_ _2\"></span>livello <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>Solvency <span class=\"_ _d\"></span>Ratio<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1c0e\">come di seguito riportato:<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff18 fs1 fc1 sc0 ls0 ws0 gs1c0f\">-<span class=\"ff10\"> <span class=\"_ _1c\"> </span><span class=\"ff4\">Risk Appetite: 230%;<span class=\"_ _df\"> </span></span></span><span class=\"ff10\"><span class=\"ff4\"> </span></span></div><div class=\"t m0 h5 ff18 fs1 fc1 sc0 ls0 ws0 gs1c10\">-<span class=\"ff10\"> <span class=\"_ _1c\"> </span><span class=\"ff4\">Risk Tolerance: 180%;<span class=\"_ _df\"> </span></span></span><span class=\"ff10\"><span class=\"ff4\"> </span></span></div>-<span class=\"_ _28\"> </span><span class=\"ff4\">Risk Capacity: 130%.<span class=\"_ _df\"> </span></span>Nell\u2019ambito <span class=\"_ _16\"> </span>della  d<span class=\"_ _1\"></span>efinizione  del <span class=\"_ _16\"> </span>RAF <span class=\"_ _16\"> </span>risulta  nece<span class=\"_ _1\"></span>ssario  fissa<span class=\"_ _1\"></span>re  il <span class=\"_ _16\"> </span>live<span class=\"_ _1\"></span>llo  di <span class=\"_ _16\"> </span>rischio  che<span class=\"_ _1\"></span>,  se <span class=\"_ _16\"> </span>non<span class=\"_ _df\"> </span> rispettato dal <span class=\"_ _2\"></span>Risk<span class=\"_ _1\"></span> Profile della Compagnia, necessita <span class=\"_ _2\"></span>di interventi correttivi. Le soglie individuano<span class=\"_ _df\"> </span> dun<span class=\"ff5 ls0\">que <span class=\"_ _4\"> </span>i <span class=\"_ _4\"> </span>binari <span class=\"_ _4\"> </span>all\u2019interno <span class=\"_ _4\"> </span>dei <span class=\"_ _4\"> </span>quali <span class=\"_ _4\"> </span>la <span class=\"_ _22\"> </span>Com<span class=\"_ _2\"></span>pagnia <span class=\"_ _4\"> </span>pu\u00f2  cond<span class=\"_ _2\"></span>urre <span class=\"_ _4\"> </span>la <span class=\"_ _4\"> </span>sua <span class=\"_ _4\"> </span>azione <span class=\"_ _22\"> </span>finalizzata <span class=\"_ _4\"> </span>al<span class=\"_ _df\"> </span></span><span class=\"ff5 ls0\"> </span>raggiungimento <span class=\"_ _2\"></span>degli <span class=\"_ _2\"></span>obiettivi <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>business. <span class=\"_ _2\"></span>La <span class=\"_ _2\"></span>violazione <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>queste <span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>oglie <span class=\"_ _2\"></span>richieda <span class=\"_ _2\"></span>un <span class=\"_ _2\"></span>processo <span class=\"_ _d\"></span>di<span class=\"_ _df\"> </span> escalation da <span class=\"_ _2\"></span>parte <span class=\"_ _2\"></span>dell<span class=\"_ _1\"></span>a <span class=\"_ _2\"></span>Compagnia e <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>defi<span class=\"_ _1\"></span>nizione <span class=\"_ _2\"></span>di specifici <span class=\"_ _2\"></span>piani <span class=\"_ _2\"></span>di intervento <span class=\"_ _2\"></span>per fare <span class=\"_ _2\"></span>fronte<span class=\"_ _df\"> </span> alla situazione.<span class=\"_ _df\"> </span> Monit<span class=\"_ _1\"></span>orag<span class=\"_ _1\"></span>gio e<span class=\"_ _1\"></span> Repo<span class=\"_ _1\"></span>rtin<span class=\"_ _1\"></span>g<span class=\"_ _df\"> </span> Il modello organizzativo di gestione del rischio di Credemassicurazioni coinvolge tutte le strutture<span class=\"_ _df\"> </span> aziendali, <span class=\"_ _22\"> </span>da<span class=\"_ _2\"></span>lle <span class=\"_ _22\"> </span>funzioni <span class=\"_ _4\"> </span>operative <span class=\"_ _4\"> </span>(coinvolte <span class=\"_ _4\"> </span>nella <span class=\"_ _22\"> </span>gestione <span class=\"_ _4\"> </span>dei <span class=\"_ _4\"> </span>rischi <span class=\"_ _4\"> </span>sui <span class=\"_ _4\"> </span>processi <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>propria<span class=\"_ _df\"> </span> competenza)  ivi  i<span class=\"_ _1\"></span>ncluse  le  Funzioni  d<span class=\"_ _f\"></span>i  Fondamentali,  il  Consigliere  I<span class=\"_ _1\"></span>ncaricato  e  il <span class=\"_ _22\"> </span>Consiglio  di<span class=\"_ _df\"> </span> Amministrazione<span class=\"ls1b\">. </span> In <span class=\"_ _0\"></span>tale <span class=\"_ _0\"></span>contesto<span class=\"_ _2\"></span>, <span class=\"_ _0\"></span>la <span class=\"_ _0\"></span>funzione <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>Risk <span class=\"_ _0\"> </span>Manag<span class=\"_ _2\"></span>ement <span class=\"_ _0\"></span>funge <span class=\"_ _0\"></span>inoltre <span class=\"_ _9\"> </span>da <span class=\"_ _0\"></span>coordinatore <span class=\"_ _9\"> </span>delle <span class=\"_ _d\"></span>at<span class=\"_ _2\"></span>tivit\u00e0 <span class=\"_ _0\"></span>di<span class=\"_ _df\"> </span> monitoraggio <span class=\"_ _e\"> </span>dei <span class=\"_ _e\"> </span>rischi. <span class=\"_ _e\"> </span>Pi\u00f9 <span class=\"_ _e\"> </span>in <span class=\"_ _e\"> </span>particolare, <span class=\"_ _e\"> </span>concorre <span class=\"_ _e\"> </span>alla <span class=\"_ _e\"> </span>definizione <span class=\"_ _e\"> </span>delle <span class=\"_ _e\"> </span>metodologie <span class=\"_ _e\"> </span>di<span class=\"_ _df\"> </span> misurazione <span class=\"_ _2\"></span>dei <span class=\"_ _d\"></span>rischi <span class=\"_ _d\"></span>e <span class=\"_ _d\"></span>dei <span class=\"_ _2\"></span>limit<span class=\"_ _2\"></span>i <span class=\"_ _d\"></span>(sia <span class=\"_ _d\"></span>di <span class=\"_ _2\"></span>RAF <span class=\"_ _d\"></span>che <span class=\"_ _d\"></span>operative), <span class=\"_ _d\"></span>definendo <span class=\"_ _2\"></span>appropriate <span class=\"_ _d\"></span>procedure <span class=\"_ _d\"></span>di<span class=\"_ _df\"> </span> verifica,  e<span class=\"_ _1\"></span>d  ha <span class=\"_ _9\"> </span>il  compito  di <span class=\"_ _9\"> </span>validare  i <span class=\"_ _16\"> </span>flussi  i<span class=\"_ _1\"></span>nformativi  de<span class=\"_ _1\"></span>ll\u2019attivit\u00e0  di<span class=\"_ _1\"></span>  monitoraggio<span class=\"_ _2\"></span><span class=\"ff4\">  d<span class=\"_ _1\"></span>ei  rischi,<span class=\"_ _df\"> </span></span><span class=\"ff4\"><span class=\"_ _f\"></span> </span>predisporre la reportistica per i vertici aziendali e verificare la <span class=\"_ _2\"></span>coerenza dei modelli di misurazione<span class=\"_ _df\"> </span> dei rischi con l\u2019operativi<span class=\"_ _1\"></span>t\u00e0 svolta dall\u2019impresa.<span class=\"_ _df\"> </span><span class=\"_ _2\"></span><span class=\"ff4\"> </span>I rischi <span class=\"_ _2\"></span>sono monitorati in maniera continuativa dalla funzione di <span class=\"_ _2\"></span>Risk Management e dall<span class=\"_ _2\"></span>e singole<span class=\"_ _df\"> </span><span class=\"_ _2\"></span> funzioni competenti; <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>tal f<span class=\"_ _2\"></span>ine <span class=\"_ _2\"></span>\u00e8 s<span class=\"_ _2\"></span>tato s<span class=\"_ _2\"></span>vilu<span class=\"_ _1\"></span>ppato <span class=\"_ _2\"></span>e affinato <span class=\"_ _2\"></span>progressivamente il <span class=\"_ _2\"></span>report<span class=\"_ _2\"></span>ing relativo<span class=\"_ _df\"> </span> all\u2019evoluzione dei <span class=\"_ _2\"></span>rischi <span class=\"_ _2\"></span>nei <span class=\"_ _2\"></span>confronti <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>Consiglio di <span class=\"_ _2\"></span>Amministrazione, <span class=\"_ _2\"></span> <span class=\"_ _2\"></span>del <span class=\"_ _d\"></span><span class=\"ff4\">Consigliere Incaricato<span class=\"_ _df\"> </span></span><span class=\"ff4\"><span class=\"_ _2\"></span> </span>per <span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>Controlli <span class=\"_ _2\"></span>Interni <span class=\"_ _2\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>Rischi, <span class=\"_ _2\"></span>del CRO<span class=\"_ _2\"></span><span class=\"ff5\">, <span class=\"_ _2\"></span>dell\u2019Alta <span class=\"_ _2\"></span>Direzione e <span class=\"_ _2\"></span>delle <span class=\"_ _2\"></span>strutture <span class=\"_ _2\"></span>operative <span class=\"_ _2\"></span>competenti<span class=\"_ _df\"> </span></span><span class=\"ff5\"> </span>al <span class=\"_ _d\"></span>fine <span class=\"_ _2\"></span>di <span class=\"_ _d\"></span>migliorare <span class=\"_ _d\"></span>la <span class=\"_ _d\"></span>comunicazione <span class=\"_ _d\"></span>dei <span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>isultati <span class=\"_ _2\"></span>e <span class=\"_ _d\"></span>consentire <span class=\"_ _d\"></span>una <span class=\"_ _d\"></span>maggior <span class=\"_ _d\"></span>comprensione <span class=\"_ _d\"></span>delle<span class=\"_ _df\"> </span> tematiche connesse alla valutazione dei<span class=\"_ _1\"></span> rischi.<span class=\"_ _df\"> </span><span class=\"_ _2\"></span> Il modello di gestione dei<span class=\"_ _1\"></span> rischi adott<span class=\"_ _2\"></span>ato da Credemassicurazioni \u00e8 caratterizzato da:<span class=\"_ _df\"> </span> -<span class=\"_ _28\"> </span><span class=\"ff4\">una <span class=\"_ _2\"></span>fase <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>aggiornamento <span class=\"_ _2\"></span>degli <span class=\"_ _d\"></span>indicatori <span class=\"_ _2\"></span>di r<span class=\"_ _2\"></span>ischio e/o <span class=\"_ _d\"></span>dei <span class=\"_ _2\"></span>limiti <span class=\"_ _d\"></span>(sia <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>RAF <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>op<span class=\"_ _2\"></span>erative) <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>il<span class=\"_ _df\"> </span></span>governo del rischio a seconda del<span class=\"_ _1\"></span>le esigenze organizzative e/o a seguito di variazioni d<span class=\"_ _1\"></span>el contesto<span class=\"_ _df\"> </span>interno <span class=\"_ _9\"> </span>o <span class=\"_ _0\"></span>ester<span class=\"ff5\">no, <span class=\"_ _9\"> </span>o <span class=\"_ _0\"> </span>qualora <span class=\"_ _9\"> </span>non <span class=\"_ _0\"></span>siano <span class=\"_ _9\"> </span>pi\u00f9 <span class=\"_ _0\"></span>in <span class=\"_ _9\"> </span>linea <span class=\"_ _0\"></span>con <span class=\"_ _9\"> </span>il <span class=\"_ _9\"> </span>profilo <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>r<span class=\"_ _2\"></span>ischio <span class=\"_ _0\"></span>richiesto <span class=\"_ _0\"></span>dall\u2019Organo<span class=\"_ _df\"> </span></span>Amministrativo;<span class=\"_ _df\"> </span> -<span class=\"_ _28\"> </span><span class=\"ff4\">una <span class=\"_ _9\"> </span>conseguente <span class=\"_ _0\"> </span>at<span class=\"_ _2\"></span>tivit\u00e0 <span class=\"_ _0\"></span>di <span class=\"_ _9\"> </span>monito<span class=\"_ _2\"></span>raggio <span class=\"_ _0\"></span>degli <span class=\"_ _9\"> </span>indicatori <span class=\"_ _9\"> </span>e <span class=\"_ _0\"> </span>dei <span class=\"_ _9\"> </span>limiti <span class=\"_ _9\"> </span>operativi <span class=\"_ _9\"> </span>e <span class=\"_ _9\"> </span>di <span class=\"_ _0\"></span>gov<span class=\"_ _2\"></span>erno <span class=\"_ _0\"></span>del<span class=\"_ _df\"> </span></span>rischio. Le attivit\u00e0 di monitoraggi<span class=\"_ _1\"></span>o si sostanziano in sp<span class=\"_ _2\"></span>ecifi<span class=\"_ _1\"></span>ci presidi organizzativi atti a garantire i<span class=\"_ _1\"></span>l<span class=\"_ _df\"> </span>rispetto  de<span class=\"_ _1\"></span>i  li<span class=\"_ _1\"></span>miti  stessi, <span class=\"_ _16\"> </span>ad <span class=\"_ _16\"> </span>attivare <span class=\"_ _9\"> </span>t<span class=\"_ _2\"></span>empestivi <span class=\"_ _9\"> </span>processi  di  se<span class=\"_ _f\"></span>gnalazione  a  fr<span class=\"_ _1\"></span>onte  di <span class=\"_ _9\"> </span>eventuali<span class=\"_ _df\"> </span> rilevazioni di superamento e a<span class=\"_ _1\"></span> defini<span class=\"_ _1\"></span>re specifici piani di rientro a <span class=\"_ _1\"></span>seguito delle<span class=\"_ _1\"></span> segnalazioni stesse.<span class=\"_ _df\"> </span>Nel<span class=\"ff5\">l\u2019ambito <span class=\"_ _17\"> </span>del <span class=\"_ _14\"> </span>sist<span class=\"_ _2\"></span>ema <span class=\"_ _17\"> </span>di <span class=\"_ _14\"> </span>gestione <span class=\"_ _14\"> </span>dei <span class=\"_ _17\"> </span>r<span class=\"_ _2\"></span>ischi <span class=\"_ _17\"> </span>e <span class=\"_ _14\"> </span>coerentemente <span class=\"_ _14\"> </span>con <span class=\"_ _14\"> </span>quanto <span class=\"_ _14\"> </span>previsto <span class=\"_ _14\"> </span>dalla<span class=\"_ _df\"> </span></span><span class=\"ff5\"> </span>Normativa,  il<span class=\"_ _1\"></span>  Consigli<span class=\"_ _1\"></span>o  di <span class=\"_ _16\"> </span>Amministrazione <span class=\"_ _16\"> </span>ha  formalizzato <span class=\"_ _9\"> </span>un  set  di <span class=\"_ _9\"> </span>politiche,  Reg<span class=\"_ _1\"></span>olamenti  e<span class=\"_ _df\"> </span> allegati, <span class=\"_ _20\"> </span>che, <span class=\"_ _20\"> </span>relativamente <span class=\"_ _5\"> </span>ad <span class=\"_ _20\"> </span>ognuno <span class=\"_ _20\"> </span>degli <span class=\"_ _20\"> </span>amb<span class=\"_ _2\"></span>iti <span class=\"_ _20\"> </span>di <span class=\"_ _20\"> </span>r<span class=\"_ _2\"></span>ischiosit\u00e0 <span class=\"_ _20\"> </span>che <span class=\"_ _20\"> </span>insis<span class=\"_ _2\"></span>tono <span class=\"_ _20\"> </span>su<span class=\"_ _df\"> </span> Credemassicurazioni, <span class=\"_ _f\"></span>dett<span class=\"_ _2\"></span>agliano <span class=\"_ _f\"></span>gli obiettivi<span class=\"_ _1\"></span>, i <span class=\"_ _f\"></span>compiti, <span class=\"_ _1\"></span>le resp<span class=\"_ _1\"></span>onsabilit\u00e0, <span class=\"_ _f\"></span>il processo <span class=\"_ _f\"></span>e defini<span class=\"_ _1\"></span>scono<span class=\"_ _df\"> </span> gli <span class=\"_ _2\"></span>st<span class=\"_ _2\"></span>rumenti <span class=\"_ _2\"></span>e <span class=\"_ _d\"></span>le <span class=\"_ _d\"></span>procedure,<span class=\"_ _1\"></span> <span class=\"_ _d\"></span>anche <span class=\"_ _d\"></span>di <span class=\"_ _2\"></span>reporting, <span class=\"_ _d\"></span>necessarie <span class=\"_ _d\"></span>ad <span class=\"_ _2\"></span>individuare <span class=\"_ _d\"></span>e <span class=\"_ _d\"></span>conseguentemente<span class=\"_ _df\"> </span> gestire ogni ambito <span class=\"_ _2\"></span>di rischio. Tali documenti, i<span class=\"_ _2\"></span><span class=\"ff5\">noltre, hanno l\u2019o<span class=\"_ _2\"></span>biettivo pi\u00f9 generale di <span class=\"_ _2\"></span>contribuire<span class=\"_ _df\"> </span></span><span class=\"ff5\"> </span>alla diffusione della cul<span class=\"_ _1\"></span>tura del controllo e di gestione dei rischi all\u2019interno della societ\u00e0.<span class=\"_ _df\"> </span><span class=\"_ _2\"></span><span class=\"ff4\"> </span>Il <span class=\"_ _d\"></span>rispetto <span class=\"_ _0\"></span>e <span class=\"_ _d\"></span>l\u2019applicazione <span class=\"_ _d\"></span>dei <span class=\"_ _0\"></span>documenti <span class=\"_ _d\"></span>sono <span class=\"_ _0\"></span>garantiti <span class=\"_ _0\"></span>dalla <span class=\"_ _d\"></span>presenza <span class=\"_ _d\"></span>del <span class=\"_ _d\"></span>Sistema <span class=\"_ _0\"></span>dei <span class=\"_ _d\"></span>Controlli<span class=\"_ _df\"> </span> Interni <span class=\"_ _e\"> </span>costituito <span class=\"_ _e\"> </span>da <span class=\"_ _e\"> </span>un <span class=\"_ _e\"> </span>insieme <span class=\"_ _15\"> </span>di <span class=\"_ _e\"> </span>regole, <span class=\"_ _e\"> </span>procedure <span class=\"_ _e\"> </span>e <span class=\"_ _e\"> </span>tecniche <span class=\"_ _e\"> </span>di <span class=\"_ _e\"> </span>controllo <span class=\"_ _e\"> </span>e <span class=\"_ _e\"> </span>strutture<span class=\"_ _df\"> </span> organizzative volto ad assicurare il corretto funzioname<span class=\"_ _1\"></span>nto ed il buon andamento dell\u2019impresa.<span class=\"_ _2\"></span><span class=\"ff4\"> </span><span class=\"ff4\"> </span>Analis<span class=\"_ _f\"></span>i dei ris<span class=\"_ _1\"></span>chi<span class=\"_ _df\"> </span> La Compagnia <span class=\"_ _1\"></span>ha definito ai <span class=\"_ _1\"></span>sensi dell<span class=\"_ _1\"></span>a Regolamentazione di settore, un <span class=\"_ _f\"></span>pro<span class=\"_ _2\"></span>cesso <span class=\"_ _1\"></span>di valu<span class=\"_ _1\"></span>tazione e<span class=\"_ _df\"> </span> analisi dei r<span class=\"_ _2\"></span>ischi che include <span class=\"_ _2\"></span>sia una valutazione <span class=\"_ _2\"></span>qualitativa sia, per <span class=\"_ _2\"></span>quelli quantificabili, l\u2019adozione<span class=\"_ _df\"> </span><span class=\"_ _2\"></span> di <span class=\"_ _d\"></span>metodologie <span class=\"_ _2\"></span>di <span class=\"_ _d\"></span>misurazion<span class=\"_ _2\"></span>e <span class=\"_ _d\"></span>dell\u2019esposizione <span class=\"_ _2\"></span>al <span class=\"_ _0\"></span>rischio, <span class=\"_ _d\"></span>incluso, <span class=\"_ _d\"></span>un <span class=\"_ _d\"></span>sistema <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>determinazione<span class=\"_ _df\"> </span> dell\u2019ammonta<span class=\"ff4\">re della mass<span class=\"_ _2\"></span>ima perdita potenziale sia <span class=\"_ _2\"></span>in ottica <span class=\"_ _2\"></span>attuale che prospettica. <span class=\"_ _2\"></span>Tali analisi<span class=\"_ _df\"> </span></span><span class=\"ff4\"> </span>consento di<span class=\"_ _1\"></span> eff<span class=\"_ _1\"></span>ettuare in <span class=\"_ _f\"></span>maniera continuativa <span class=\"_ _f\"></span>una profilazione<span class=\"_ _1\"></span> dei <span class=\"_ _f\"></span>rischi a cu<span class=\"_ _f\"></span>i l\u2019impresa <span class=\"_ _1\"></span>\u00e8 e<span class=\"_ _1\"></span>sposta.<span class=\"_ _df\"> </span><span class=\"ff4\"> </span>Si <span class=\"_ _2\"></span>specifica <span class=\"_ _2\"></span>che la <span class=\"_ _d\"></span>Compagnia p<span class=\"_ _2\"></span>er <span class=\"_ _2\"></span>le <span class=\"_ _2\"></span>valutazioni del <span class=\"_ _2\"></span>requisito <span class=\"_ _2\"></span>pat<span class=\"_ _2\"></span>rimoniale <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>solvibili<span class=\"_ _1\"></span>t\u00e0 <span class=\"_ _2\"></span>secondo <span class=\"_ _2\"></span>il<span class=\"_ _df\"> </span> regime <span class=\"_ _d\"></span>normativo <span class=\"_ _d\"></span>Solvency <span class=\"_ _2\"></span>II <span class=\"_ _d\"></span>utilizza <span class=\"_ _d\"></span>la <span class=\"_ _d\"></span>For<span class=\"_ _2\"></span>mula<span class=\"_ _1\"></span> <span class=\"_ _d\"></span>Standard <span class=\"_ _d\"></span>conformemente <span class=\"_ _d\"></span>a <span class=\"_ _d\"></span>quanto <span class=\"_ _d\"></span>definito <span class=\"_ _d\"></span>nel<span class=\"_ _df\"> </span> Regolamento <span class=\"_ _15\"> </span>delegato <span class=\"_ _14\"> </span>(UE) <span class=\"_ _15\"> </span>2<span class=\"_ _2\"></span>019/981 <span class=\"_ _15\"> </span>della <span class=\"_ _14\"> </span>Commissione. <span class=\"_ _15\"> </span>Pertanto, <span class=\"_ _15\"> </span>le <span class=\"_ _15\"> </span>valutazioni <span class=\"_ _14\"> </span>at<span class=\"_ _2\"></span>tuali <span class=\"_ _14\"> </span>e<span class=\"_ _df\"> </span><span class=\"_ _2\"></span> prospettiche  dei<span class=\"_ _1\"></span>  rischi  tengono  conto  di <span class=\"_ _16\"> </span>tutti  i <span class=\"_ _16\"> </span>rischi,  compre<span class=\"_ _1\"></span>si  nel  framework  de<span class=\"_ _f\"></span>lla<span class=\"_ _df\"> </span> Formula Standard, a cui l\u2019impresa \u00e8 esposta.<span class=\"_ _df\"> </span>Al fine di valu<span class=\"_ _f\"></span>t<span class=\"_ _2\"></span>are nel continuo la propria<span class=\"_ _1\"></span> situazione di solvibili<span class=\"_ _1\"></span>t\u00e0, la Compagnia provvede inoltre su<span class=\"_ _df\"> </span>base <span class=\"_ _d\"></span>trimestrale <span class=\"_ _d\"></span>al <span class=\"_ _d\"></span>calcolo <span class=\"_ _d\"></span>del <span class=\"_ _d\"></span>proprio <span class=\"_ _0\"></span>requisito <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>capitale, <span class=\"_ _d\"></span>all<span class=\"_ _2\"></span>a <span class=\"_ _d\"></span>determinazione <span class=\"_ _d\"></span>dei <span class=\"_ _d\"></span>Fondi <span class=\"_ _d\"></span>Propri<span class=\"_ _df\"> </span>Ammissibili <span class=\"_ _2\"></span>e <span class=\"_ _d\"></span>della <span class=\"_ _2\"></span>relativa <span class=\"_ _2\"></span>qualit\u00e0 <span class=\"_ _d\"></span>e <span class=\"_ _2\"></span>composizione, <span class=\"_ _2\"></span>verificando <span class=\"_ _d\"></span>nel <span class=\"_ _2\"></span>contempo <span class=\"_ _2\"></span>il <span class=\"_ _d\"></span>rispetto <span class=\"_ _d\"></span>dei <span class=\"_ _2\"></span>limiti<span class=\"_ _df\"> </span>operativi e <span class=\"_ _2\"></span>della <span class=\"_ _2\"></span>propensione <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>rischio. Specifiche <span class=\"_ _2\"></span>valutazioni <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>stress <span class=\"_ _2\"></span>test e <span class=\"_ _2\"></span>sensitivity <span class=\"_ _2\"></span>vengono<span class=\"_ _df\"> </span>effettuate con la stessa frequenza sulle grandezze patrimoniali. Adeguata documentazione viene<span class=\"_ _df\"> </span>rendicontata <span class=\"_ _17\"> </span>al <span class=\"_ _14\"> </span>Consiglio <span class=\"_ _17\"> </span>di <span class=\"_ _14\"> </span>Amministrazione <span class=\"_ _14\"> </span>e <span class=\"_ _17\"> </span>tr<span class=\"_ _2\"></span>asmessa <span class=\"_ _17\"> </span>all\u2019Organo <span class=\"_ _17\"> </span>di <span class=\"_ _14\"> </span>Vigilanza <span class=\"_ _17\"> </span>tr<span class=\"_ _2\"></span>amite <span class=\"_ _17\"> </span>i<span class=\"_ _df\"> </span>Quantitative <span class=\"_ _d\"></span>Reporting <span class=\"_ _d\"></span>Template <span class=\"_ _d\"></span>(QRT). <span class=\"_ _d\"></span>Con <span class=\"_ _d\"></span>la <span class=\"_ _d\"></span>st<span class=\"_ _2\"></span>essa <span class=\"_ _2\"></span>fr<span class=\"_ _2\"></span>eque<span class=\"_ _1\"></span>nza <span class=\"_ _d\"></span>viene <span class=\"_ _d\"></span>verificato <span class=\"_ _0\"></span>il <span class=\"_ _d\"></span>rispetto <span class=\"_ _d\"></span>degli<span class=\"_ _df\"> </span>indicatori di I\u00b0 e di<span class=\"_ _1\"></span> II\u00b0 Livello declinati nel Regolamento di Risk Appetite Framework. Qualora <span class=\"_ _d\"></span>nell\u2019ambito <span class=\"_ _d\"></span>delle <span class=\"_ _d\"></span>diverse <span class=\"_ _0\"></span>attivit\u00e0 <span class=\"_ _d\"></span>di <span class=\"_ _0\"></span>monitoraggio <span class=\"_ _d\"></span>effettuate <span class=\"_ _d\"></span>dalla <span class=\"_ _d\"></span>Compagnia <span class=\"_ _0\"></span>dovessero<span class=\"_ _df\"> </span>emergere <span class=\"_ _9\"> </span>scostamenti <span class=\"_ _9\"> </span>continuativi <span class=\"_ _9\"> </span>e/o <span class=\"_ _9\"> </span>s<span class=\"_ _2\"></span>ignifi<span class=\"_ _1\"></span>cativi <span class=\"_ _9\"> </span>d<span class=\"_ _2\"></span><span class=\"ff5\">el <span class=\"_ _9\"> </span>profilo <span class=\"_ _9\"> </span>di <span class=\"_ _16\"> </span>rischio <span class=\"_ _9\"> </span>rispetto <span class=\"_ _9\"> </span>all\u2019Appetito <span class=\"_ _9\"> </span>al<span class=\"_ _df\"> </span></span>Rischio <span class=\"_ _1\"></span>dell\u2019impresa, <span class=\"_ _f\"></span>scos<span class=\"_ _2\"></span>tamenti <span class=\"_ _f\"></span>significativi rispe<span class=\"_ _1\"></span>tto alle<span class=\"_ _1\"></span> princ<span class=\"_ _1\"></span>ipali <span class=\"_ _1\"></span>ipotesi <span class=\"_ _1\"></span>tecniche/finanziarie/di<span class=\"_ _df\"> </span>mercato/di <span class=\"_ _9\"> </span>prodotto <span class=\"_ _0\"></span>definite <span class=\"_ _0\"></span>nell\u2019ambito <span class=\"_ _9\"> </span>del <span class=\"_ _0\"></span>Piano <span class=\"_ _9\"> </span>Strategico <span class=\"_ _9\"> </span>(e <span class=\"_ _0\"></span>quindi <span class=\"_ _0\"></span>nelle <span class=\"_ _9\"> </span>valutazioni <span class=\"_ _0\"></span>ORSA),<span class=\"_ _df\"> </span>viene <span class=\"_ _f\"></span>e<span class=\"ff5\">ffettuata un\u2019attivit\u00e0 <span class=\"_ _f\"></span>di <span class=\"_ _f\"></span>Non<span class=\"ff4\">-Regular ORSA <span class=\"_ _f\"></span>al <span class=\"_ _f\"></span>fine di <span class=\"_ _f\"></span>valutare <span class=\"_ _1\"></span>gli <span class=\"_ _f\"></span>impatti di<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>tali <span class=\"_ _1\"></span>variazioni <span class=\"_ _f\"></span>anche<span class=\"_ _df\"> </span></span></span>in ottica prospettica. La Compagnia nel corso <span class=\"ff5\">dell\u2019Esercizio</span> 2025 ha adempiuto alle segue<span class=\"_ _1\"></span>nti scadenze normative:<span class=\"_ _df\"> </span>-<span class=\"ff10\"> <span class=\"_ _1c\"> </span><span class=\"ff5\">Predisposizi<span class=\"_ _1\"></span>one <span class=\"_ _2\"></span>ed <span class=\"_ _2\"></span>invio all\u2019Autor<span class=\"_ _2\"></span>it\u00e0 di <span class=\"_ _2\"></span>V<span class=\"ff4\">igilanza, <span class=\"_ _2\"></span>entro <span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>termini regolamentari, <span class=\"_ _2\"></span>delle <span class=\"_ _2\"></span>reportistiche<span class=\"_ _df\"> </span></span></span></span>trimestrali (QRT) richieste dal Pillar III;<span class=\"_ _1\"></span> -<span class=\"ff10\"> <span class=\"_ _1c\"> </span><span class=\"ff4\">Predisposizi<span class=\"_ _1\"></span>one del <span class=\"_ _f\"></span>Regular Supervisory <span class=\"_ _f\"></span>Report - <span class=\"ff5\">RS<span class=\"_ _1\"></span>R (R<span class=\"_ _1\"></span>elazione <span class=\"_ _f\"></span>periodica all\u2019<span class=\"_ _1\"></span>Autorit\u00e0 di <span class=\"_ _f\"></span>Vigilanza)<span class=\"_ _df\"> </span></span></span></span>con <span class=\"_ _0\"></span>riferimento <span class=\"_ _0\"></span>alla <span class=\"_ _9\"> </span>data <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>es<span class=\"_ _2\"></span>ercizio <span class=\"_ _0\"></span>31.12.2024<span class=\"_ _2\"></span>, <span class=\"_ _0\"></span>deliberata <span class=\"_ _9\"> </span>dal <span class=\"_ _0\"></span>Consiglio <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>Amministr<span class=\"_ _2\"></span>azione <span class=\"_ _0\"></span>di<span class=\"_ _df\"> </span>marzo 2025 ed inviati entro il termine regolamentare ad IV<span class=\"_ _1\"></span>ASS;<span class=\"_ _df\"> </span>-<span class=\"ff10\"> <span class=\"_ _1c\"> </span><span class=\"ff4\">Predisposizi<span class=\"_ _1\"></span>one <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>Solvency <span class=\"_ _2\"></span>Financial <span class=\"_ _2\"></span>Condition <span class=\"_ _2\"></span>Report <span class=\"_ _d\"></span>- <span class=\"_ _2\"></span>SFCR <span class=\"_ _2\"></span>(Relazione <span class=\"_ _2\"></span>sulla <span class=\"_ _2\"></span>solvibilit\u00e0 <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>sulla<span class=\"_ _df\"> </span></span></span>condizione finanziaria) con <span class=\"_ _2\"></span>riferimento alla<span class=\"_ _2\"></span> data <span class=\"_ _2\"></span>di esercizio 31.12.2024, deliberata <span class=\"_ _2\"></span>dal Consiglio di<span class=\"_ _df\"> </span>Amministrazione di marzo 2025 ed inviati entro il termine regolamentare ad IVAS<span class=\"_ _1\"></span>S; -<span class=\"ff10\"> <span class=\"_ _1c\"> </span><span class=\"ff4\">Realizzazione<span class=\"_ _1\"></span> delle elaborazioni ORSA <span class=\"_ _1\"></span>necessarie alla v<span class=\"_ _1\"></span>alutazione del profilo di<span class=\"_ _1\"></span> solvibilit\u00e0 del <span class=\"_ _1\"></span>piano<span class=\"_ _df\"> </span></span></span>strategico <span class=\"_ _19\"> </span>2025-2027 <span class=\"_ _18\"> </span>e <span class=\"_ _19\"> </span>alla <span class=\"_ _18\"> </span>predisposizione <span class=\"_ _19\"> </span>del <span class=\"_ _18\"> </span>Report<span class=\"_ _2\"></span> <span class=\"_ _18\"> </span>ORSA <span class=\"_ _19\"> </span>delibero <span class=\"_ _18\"> </span>dal <span class=\"_ _19\"> </span>Consiglio <span class=\"_ _18\"> </span>di<span class=\"_ _df\"> </span>Amministrazione di aprile 2024 ed inviato, entro la scadenza regolamentare, ad IVASS.<span class=\"_ _df\"> </span>Si <span class=\"_ _d\"></span>specifica <span class=\"_ _2\"></span>infine <span class=\"_ _d\"></span>che <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>continuit\u00e0 <span class=\"_ _d\"></span>con <span class=\"_ _0\"></span>gli <span class=\"_ _d\"></span>anni <span class=\"_ _d\"></span>precede<span class=\"_ _1\"></span>nti <span class=\"_ _d\"></span>(attivit\u00e0 <span class=\"_ _d\"></span>avviata <span class=\"_ _d\"></span>a <span class=\"_ _d\"></span>partire <span class=\"_ _d\"></span>dal <span class=\"_ _0\"></span>mese <span class=\"_ _2\"></span>di<span class=\"_ _df\"> </span>marzo 2020), l<span class=\"_ _1\"></span>a Compagnia ne<span class=\"_ _f\"></span>l cor<span class=\"_ _2\"></span>so de<span class=\"_ _1\"></span>l 2025 ha p<span class=\"_ _1\"></span>artecipato su <span class=\"_ _f\"></span>richiesta dell\u2019Autorit\u00e0 di vi<span class=\"_ _1\"></span>gilanza<span class=\"_ _df\"> </span>alle seguenti attivit\u00e0:<span class=\"_ _df\"> </span>-<span class=\"ff10\"> <span class=\"_ _1c\"> </span><span class=\"ff4\">monitoraggio mensile dell<span class=\"_ _1\"></span>a posizione di solvibilit\u00e0.<span class=\"_ _df\"> </span></span></span>Rischi <span class=\"_ _1\"></span>di so<span class=\"_ _f\"></span>ttoscrizio<span class=\"_ _f\"></span>ne NON <span class=\"_ _1\"></span>LIFE<span class=\"_ _f\"></span> (o tecnici <span class=\"_ _1\"></span>assi<span class=\"_ _1\"></span>curat<span class=\"_ _1\"></span>ivi) Si <span class=\"_ _d\"></span>definisce <span class=\"_ _d\"></span>R<span class=\"_ _2\"></span>ischio <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>Sott<span class=\"_ _2\"></span>oscrizione<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>- <span class=\"_ _0\"></span>il <span class=\"_ _d\"></span>rischio <span class=\"_ _0\"></span>di <span class=\"_ _d\"></span>perdita <span class=\"_ _0\"></span>o <span class=\"_ _0\"></span>di <span class=\"_ _d\"></span>variazione <span class=\"_ _d\"></span>s<span class=\"_ _2\"></span>favorevole <span class=\"_ _d\"></span>del <span class=\"_ _d\"></span>valore<span class=\"_ _df\"> </span>delle <span class=\"_ _0\"></span>passivit\u00e0 <span class=\"_ _9\"> </span>assicurative <span class=\"_ _9\"> </span>dovuto <span class=\"_ _0\"></span>ad <span class=\"_ _9\"> </span>ipotesi <span class=\"_ _9\"> </span>inadeguate <span class=\"_ _0\"></span>in <span class=\"_ _0\"> </span>mat<span class=\"_ _2\"></span>eria <span class=\"_ _0\"></span>di <span class=\"_ _9\"> </span>fissazione <span class=\"_ _9\"> </span>di <span class=\"_ _0\"></span>prezzi <span class=\"_ _9\"> </span>e <span class=\"_ _0\"></span>d<span class=\"_ _2\"></span>i<span class=\"_ _df\"> </span>costituzione delle riserve tecniche (cf<span class=\"_ _1\"></span>r. articolo 1, comm<span class=\"_ _2\"></span>a 1, le<span class=\"_ _1\"></span>t<span class=\"_ _2\"></span>tera vv-bis 4 del CAP)<span class=\"_ _1\"></span>. Nell\u2019ambito  del  Framework  dei  r<span class=\"_ _2\"></span>ischi  della  Compagnia,  tale  rischio  pu\u00f2  essere  ulteriormente<span class=\"_ _df\"> </span>distinto nelle seguenti categorie:<span class=\"_ _df\"> </span>-<span class=\"ff10\"> <span class=\"_ _51\"> </span><span class=\"ff4\">Rischio <span class=\"_ _14\"> </span>di <span class=\"_ _14\"> </span>assunzione: <span class=\"_ _14\"> </span>rappresenta <span class=\"_ _14\"> </span>il <span class=\"_ _14\"> </span>rischio <span class=\"_ _14\"> </span>derivante <span class=\"_ _14\"> </span>dalla <span class=\"_ _14\"> </span>sotto<span class=\"_ _2\"></span>scrizione<span class=\"_ _f\"></span> <span class=\"_ _15\"> </span>dei <span class=\"_ _17\"> </span>contrat<span class=\"_ _2\"></span>ti <span class=\"_ _17\"> </span>di<span class=\"_ _df\"> </span></span></span>assicurazione, collegato agl<span class=\"_ _1\"></span>i eventi assicu<span class=\"_ _1\"></span>rati, ai proce<span class=\"_ _1\"></span>ssi seguiti p<span class=\"_ _1\"></span>er la tariffazione <span class=\"_ _1\"></span>e selezi<span class=\"_ _1\"></span>one dei<span class=\"_ _df\"> </span>rischi, all\u2019andamento sfavorevole della sinistralit\u00e0 effettiva rispe<span class=\"_ _1\"></span>tto a quella stimata. -<span class=\"ff10\"> <span class=\"_ _51\"> </span><span class=\"ff4\">Rischio  di <span class=\"_ _9\"> </span>riservazione, <span class=\"_ _16\"> </span>ovvero  i<span class=\"_ _1\"></span>l <span class=\"_ _16\"> </span>rischio <span class=\"_ _16\"> </span>connesso <span class=\"_ _16\"> </span>alla <span class=\"_ _9\"> </span>quantificazio<span class=\"_ _2\"></span>ne <span class=\"_ _9\"> </span>di  riserve <span class=\"_ _9\"> </span>tecniche  non<span class=\"_ _df\"> </span></span></span>sufficienti a coprire gli impegni assunti nei confronti deg<span class=\"_ _1\"></span>li assicurati e dei danneggiati.<span class=\"_ _df\"> </span>-<span class=\"ff10\"> <span class=\"_ _51\"> </span><span class=\"ff4\">Rischio catastrofale, <span class=\"_ _1\"></span>ovvero i<span class=\"_ _1\"></span>l <span class=\"_ _f\"></span>r<span class=\"_ _2\"></span>ischi<span class=\"_ _1\"></span>o di <span class=\"_ _f\"></span>perdita o <span class=\"_ _f\"></span>di variazione<span class=\"_ _f\"></span> sfavorevole <span class=\"_ _f\"></span>del valore <span class=\"_ _f\"></span>delle passiv<span class=\"_ _1\"></span>it\u00e0<span class=\"_ _df\"> </span></span></span>assicurative, <span class=\"_ _0\"></span>derivante <span class=\"_ _0\"></span>dall\u2019in<span class=\"_ _2\"></span><span class=\"ff4\">certezza <span class=\"_ _0\"></span>significativa <span class=\"_ _0\"></span>delle <span class=\"_ _0\"></span>ipot<span class=\"_ _2\"></span>esi <span class=\"_ _0\"></span>relative <span class=\"_ _0\"></span>alla <span class=\"_ _0\"></span>determinazione <span class=\"_ _0\"> </span>d<span class=\"_ _2\"></span>ei<span class=\"_ _df\"> </span></span>premi <span class=\"_ _f\"></span>e <span class=\"_ _f\"></span>alla <span class=\"_ _f\"></span>cost<span class=\"_ _2\"></span>ituzione <span class=\"_ _11\"></span>delle riserve<span class=\"_ _1\"></span> <span class=\"_ _f\"></span>in <span class=\"_ _f\"></span>rapport<span class=\"_ _2\"></span>o <span class=\"_ _f\"></span>al <span class=\"_ _f\"></span>verificarsi <span class=\"_ _f\"></span>di <span class=\"_ _f\"></span>eventi <span class=\"_ _f\"></span>est<span class=\"_ _2\"></span>remi <span class=\"_ _f\"></span>ed <span class=\"_ _f\"></span>eccezionali <span class=\"_ _f\"></span>legati<span class=\"_ _df\"> </span>ad eventi naturali o causati dall\u2019uomo.<span class=\"_ _df\"> </span>-<span class=\"ff10\"> <span class=\"_ _51\"> </span><span class=\"ff4\">Rischio <span class=\"_ _9\"> </span>lapse, <span class=\"_ _9\"> </span>rappresenta <span class=\"_ _0\"></span>il <span class=\"_ _9\"> </span>rischio <span class=\"_ _9\"> </span>d<span class=\"ff5\">erivante <span class=\"_ _9\"> </span>dall\u2019esercizio <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>opzioni <span class=\"_ _0\"></span>da <span class=\"_ _9\"> </span>parte <span class=\"_ _9\"> </span>degli <span class=\"_ _9\"> </span>assicurati<span class=\"_ _df\"> </span></span></span></span>eventualmente <span class=\"_ _4\"> </span>contenute <span class=\"_ _17\"> </span>nei <span class=\"_ _17\"> </span>contr<span class=\"_ _2\"></span>atti <span class=\"_ _4\"> </span>non<span class=\"_ _2\"></span>-<span class=\"ff5\">life, <span class=\"_ _4\"> </span>quali <span class=\"_ _17\"> </span>ad <span class=\"_ _17\"> </span>esempio <span class=\"_ _4\"> </span>l\u2019opzione <span class=\"_ _17\"> </span>di <span class=\"_ _17\"> </span>rescindere <span class=\"_ _17\"> </span>il<span class=\"_ _df\"> </span></span>contratto <span class=\"_ _d\"></span>prima <span class=\"_ _0\"></span>della <span class=\"_ _d\"></span>scadenza <span class=\"_ _d\"></span>pattuita <span class=\"_ _0\"></span>o <span class=\"_ _d\"></span>l\u2019opzione <span class=\"_ _d\"></span>di <span class=\"_ _0\"></span>rinnovo <span class=\"_ _d\"></span>del <span class=\"_ _0\"></span>contratto <span class=\"_ _d\"></span>secondo <span class=\"_ _0\"></span>condizioni<span class=\"_ _df\"> </span>precedentemente stabilite. Da un <span class=\"_ _f\"></span>punto di <span class=\"_ _f\"></span>vista de<span class=\"_ _1\"></span>lla d<span class=\"_ _1\"></span>istribuzione <span class=\"_ _f\"></span>d<span class=\"_ _2\"></span>ei <span class=\"_ _f\"></span>r<span class=\"_ _2\"></span>ischi <span class=\"_ _f\"></span>di sottoscrizione <span class=\"_ _f\"></span>di Crede<span class=\"_ _1\"></span>massicurazioni secondo<span class=\"_ _df\"> </span>i <span class=\"_ _10\"> </span>dettami <span class=\"_ _10\"> </span>normativi <span class=\"_ _10\"> </span>Solvency <span class=\"_ _e\"> </span>II <span class=\"_ _10\"> </span>si <span class=\"_ _10\"> </span>riporta <span class=\"_ _10\"> </span>nella <span class=\"_ _10\"> </span>tabella <span class=\"_ _10\"> </span>di <span class=\"_ _10\"> </span>seguito <span class=\"_ _10\"> </span>la <span class=\"_ _10\"> </span>miglior <span class=\"_ _10\"> </span>stima <span class=\"_ _10\"> </span>della<span class=\"_ _df\"> </span>rappresentazione <span class=\"_ _2\"></span>del <span class=\"_ _d\"></span>rischio <span class=\"_ _d\"></span>alla <span class=\"_ _2\"></span>data <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>redazione <span class=\"_ _d\"></span>della <span class=\"_ _2\"></span>presente <span class=\"_ _d\"></span>sezione <span class=\"_ _d\"></span>(si <span class=\"_ _2\"></span>precisa <span class=\"_ _d\"></span>che <span class=\"_ _d\"></span>il <span class=\"_ _2\"></span>peso<span class=\"_ _df\"> </span>complessivo dei rischi NON life e Health NSLT und<span class=\"_ _1\"></span>erwriting \u00e8 pari al 78,4%).<div class=\"gs1c48\"><table class=\"s w11e3 h5c3\" id=\"_0c8ea47a-6978-4ec0-926d-4542687a496b\"><tr><td class=\"c xb8d y38be w11e4 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc1 sc0 ls0 ws0\">Non Life risk - risk<span class=\"_ _1\"></span>/sum of risk comp<span class=\"_ _f\"></span>onents <span class=\"_ _2\"></span>- re<span class=\"_ _1\"></span>lativo e<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c xb8e y38bf w2f8 h211\"><div class=\"t m0 x1e6 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">IVQ <span class=\"ls2a\">2025</span> </div></td></tr><tr><td class=\"c xb8f y38c0 w11e5 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc1 sc0 ls0 ws0\">complessivo<span class=\"_ _df\"> </span></div></td><td class=\"c xb8e y38c1 w657 h211\"><div class=\"t m1 x35 h5b y32 ff4 fs19 fc1 sc0 ls0 ws0\">% Relativo </div></td><td class=\"c xb90 y38c1 w658 h211\"><div class=\"t m1 x14 h5b y32 ff4 fs19 fc1 sc0 ls0 ws0\">% Complessiv<span class=\"_ _1\"></span>o </div></td></tr><tr><td class=\"c xb91 y38c2 w1e8 h12f\"><div class=\"t m0 x163 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">Non-Life premium <span class=\"_ _1\"></span>and reserve r<span class=\"_ _1\"></span>isk </div></td><td class=\"c xb8e y38c2 w657 h12f\"><div class=\"t m0 x97 h1f y1c2d ff4 fs7 fc1 sc0 ls0 ws0\">63,8% </div></td><td class=\"c xb90 y38c2 w658 h12f\"><div class=\"t m0 x30 h1f y1c2d ff4 fs7 fc1 sc0 ls0 ws0\">30,3% </div></td></tr><tr><td class=\"c xb91 y38c3 w1e8 h131\"><div class=\"t m0 x163 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">Non-Life lapse ri<span class=\"_ _1\"></span>sk </div></td><td class=\"c xb8e y38c3 w657 h131\"><div class=\"t m0 x38 h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">21,5% </div></td><td class=\"c xb90 y38c3 w658 h131\"><div class=\"t m0 x15 h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">10,2% </div></td></tr><tr><td class=\"c xb91 y24a4 w1e8 h131\"><div class=\"t m0 x163 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">Non-life CAT risk<span class=\"_ _1\"></span> </div></td><td class=\"c xb8e y24a4 w657 h131\"><div class=\"t m0 x38 h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">14,7% </div></td><td class=\"c xb90 y24a4 w658 h131\"><div class=\"t m0 x36 h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">7,0% </div></td></tr></table></div><div class=\"gs1c49\"><table class=\"s w11e3 h5c4\" id=\"_859ae502-3006-46c7-9eed-4b286c784641\"><tr><td class=\"c xb92 y38c4 w11e6 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc1 sc0 ls0 ws0\">Health risk - risk/sum <span class=\"_ _f\"></span>of<span class=\"_ _2\"></span> risk<span class=\"_ _1\"></span> components - relativ<span class=\"_ _1\"></span>o e<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c xb8e y38c5 w2f8 h131\"><div class=\"t m0 x1e6 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">IVQ <span class=\"ls2a\">2025</span> </div></td></tr><tr><td class=\"c xb8f y38c6 w11e5 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc1 sc0 ls0 ws0\">complessivo<span class=\"_ _df\"> </span></div></td><td></td><td></td></tr><tr><td></td><td class=\"c xb8e y38c7 w657 h131\"><div class=\"t m1 x35 h5b y32 ff4 fs19 fc1 sc0 ls0 ws0\">% Relativo </div></td><td class=\"c xb90 y38c7 w658 h131\"><div class=\"t m1 x14 h5b y32 ff4 fs19 fc1 sc0 ls0 ws0\">% Complessiv<span class=\"_ _1\"></span>o </div></td></tr><tr><td class=\"c xb91 y38c8 w1e8 h131\"><div class=\"t m0 x163 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">Health premium and <span class=\"_ _f\"></span>reserve risk </div></td><td class=\"c xb8e y38c8 w657 h131\"><div class=\"t m0 x97 h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">74,8% </div></td><td class=\"c xb90 y38c8 w658 h131\"><div class=\"t m0 x15 h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">23,1% </div></td></tr><tr><td class=\"c xb91 y38c9 w1e8 h131\"><div class=\"t m0 x163 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">Health Lapse risk<span class=\"_ _f\"></span> </div></td><td class=\"c xb8e y38c9 w657 h131\"><div class=\"t m0 x97 h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">22,8% </div></td><td class=\"c xb90 y38c9 w658 h131\"><div class=\"t m0 x8f h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">7,1% </div></td></tr><tr><td class=\"c xb91 y38ca w1e8 h131\"><div class=\"t m0 x163 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">Health CAT </div></td><td class=\"c xb8e y38ca w657 h131\"><div class=\"t m0 x31 h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">2,4% </div></td><td class=\"c xb90 y38ca w658 h131\"><div class=\"t m0 x36 h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">0,7% </div></td></tr><tr><td class=\"c xb91 y38cb w1e8 h131\"><div class=\"t m0 x163 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">Health SLT Morta<span class=\"_ _f\"></span>l<span class=\"_ _2\"></span>ity risk </div></td><td class=\"c xb8e y38cb w657 h131\"><div class=\"t m0 x31 h1f y74a ff4 fs7 fc1 sc0 ls0 ws0\">0,0% </div></td><td class=\"c xb90 y38cb w658 h131\"><div class=\"t m0 x36 h1f y74a ff4 fs7 fc1 sc0 ls0 ws0\">0,0% </div></td></tr><tr><td class=\"c xb91 y38cc w1e8 h131\"><div class=\"t m0 x163 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">Health SLT L<span class=\"_ _1\"></span>ongevity risk </div></td><td class=\"c xb8e y38cc w657 h131\"><div class=\"t m0 x31 h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">0,0% </div></td><td class=\"c xb90 y38cc w658 h131\"><div class=\"t m0 x36 h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">0,0% </div></td></tr><tr><td class=\"c xb91 y38cd w1e8 h131\"><div class=\"t m0 x163 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">Health SLT Disabi<span class=\"_ _1\"></span>lity morbidity r<span class=\"_ _1\"></span>isk </div></td><td class=\"c xb8e y38cd w657 h131\"><div class=\"t m0 x31 h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">0,0% </div></td><td class=\"c xb90 y38cd w658 h131\"><div class=\"t m0 x36 h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">0,0% </div></td></tr><tr><td class=\"c xb91 y38ce w1e8 h131\"><div class=\"t m0 x163 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">Health SLT Lap<span class=\"_ _1\"></span>se risk </div></td><td class=\"c xb8e y38ce w657 h131\"><div class=\"t m0 x31 h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">0,0% </div></td><td class=\"c xb90 y38ce w658 h131\"><div class=\"t m0 x36 h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">0,0% </div></td></tr><tr><td class=\"c xb91 y38cf w1e8 h131\"><div class=\"t m0 x163 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">Health SLT Expe<span class=\"_ _1\"></span>nse risk </div></td><td class=\"c xb8e y38cf w657 h131\"><div class=\"t m0 x31 h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">0,0% </div></td><td class=\"c xb90 y38cf w658 h131\"><div class=\"t m0 x36 h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">0,0% </div></td></tr><tr><td class=\"c xb91 y38d0 w1e8 h12f\"><div class=\"t m0 x163 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">Health SLT Rev<span class=\"_ _1\"></span>ision risk </div></td><td class=\"c xb8e y38d0 w657 h12f\"><div class=\"t m0 x31 h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">0,0% </div></td><td class=\"c xb90 y38d0 w658 h12f\"><div class=\"t m0 x36 h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">0,0% </div></td></tr></table></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1c4a\">La Compagnia adotta, nei confronti di tali rischi, linee<span class=\"_ _1\"></span> guida che:<span class=\"_ _df\"> </span><span class=\"_ _2\"></span> </div><div class=\"t m0 h5 ff18 fs1 fc1 sc0 ls0 ws0 gs1c4b\">-<span class=\"_ _2b\"> </span><span class=\"ff4\">illu<span class=\"_ _1\"></span>strano i t<span class=\"_ _2\"></span>ipi di<span class=\"_ _1\"></span> rischi assicurativi che intende assumere;<span class=\"_ _df\"> </span></span></div><div class=\"t m0 h5 ff18 fs1 fc1 sc0 ls0 ws0 gs1c4c\">-<span class=\"_ _2b\"> </span><span class=\"ff5\">evidenziano  le <span class=\"_ _4\"> </span>caratt<span class=\"_ _2\"></span>eristiche <span class=\"_ _22\"> </span>dell\u2019attivit\u00e0 <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>assicurazione <span class=\"_ _4\"> </span>(prodotti, <span class=\"_ _4\"> </span>canali <span class=\"_ _4\"> </span>distributivi,  r<span class=\"_ _2\"></span>ischi<span class=\"_ _df\"> </span></span><span class=\"ff5\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1c4d\">esclusi<span class=\"ls37\">);<span class=\"_ _df\"> </span></span></div><div class=\"t m0 h5 ff18 fs1 fc1 sc0 ls0 ws0 gs1c4e\">-<span class=\"_ _2b\"> </span><span class=\"ff4\">descrivono <span class=\"_ _0\"></span>le <span class=\"_ _9\"> </span>moda<span class=\"_ _2\"></span>lit\u00e0 <span class=\"_ _9\"> </span>volte <span class=\"_ _9\"> </span>a <span class=\"_ _16\"> </span>garantire <span class=\"_ _9\"> </span>che <span class=\"_ _9\"> </span>la <span class=\"_ _9\"> </span>raccolta <span class=\"_ _16\"> </span>premi <span class=\"_ _9\"> </span>sia <span class=\"_ _9\"> </span>adeguata <span class=\"_ _9\"> </span>a <span class=\"_ _16\"> </span>coprire <span class=\"_ _9\"> </span>i <span class=\"_ _9\"> </span>sinistri<span class=\"_ _df\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1c4f\">previsti e le relative<span class=\"_ _1\"></span> spese;<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff18 fs1 fc1 sc0 ls0 ws0 gs1c50\">-<span class=\"_ _2b\"> </span><span class=\"ff5\">illu<span class=\"_ _1\"></span>strano  le<span class=\"_ _f\"></span>  modalit\u00e0 <span class=\"_ _9\"> </span>con <span class=\"_ _16\"> </span>cui <span class=\"_ _9\"> </span>l\u2019impresa <span class=\"_ _9\"> </span>t<span class=\"_ _2\"></span>iene <span class=\"_ _9\"> </span>conto <span class=\"_ _16\"> </span>dell<span class=\"_ _1\"></span>a <span class=\"_ _16\"> </span>riassicurazione <span class=\"_ _9\"> </span>o <span class=\"_ _16\"> </span>di <span class=\"_ _9\"> </span>altre <span class=\"_ _16\"> </span>tecniche <span class=\"_ _9\"> </span>di<span class=\"_ _df\"> </span></span><span class=\"ff5\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1c51\">mitigazione <span class=\"_ _9\"> </span>del  rischio <span class=\"_ _9\"> </span>nel  processo <span class=\"_ _9\"> </span>di  proget<span class=\"_ _1\"></span>tazione <span class=\"_ _16\"> </span>di <span class=\"_ _9\"> </span>un  nuovo <span class=\"_ _9\"> </span>prodotto  a<span class=\"_ _1\"></span>ssicurativo  e<span class=\"_ _f\"></span>  de<span class=\"_ _1\"></span>l<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1c52\">calcolo del relativo premio;<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff18 fs1 fc1 sc0 ls0 ws0 gs1c53\">-<span class=\"_ _2b\"> </span><span class=\"ff5\">illu<span class=\"_ _1\"></span>strano le <span class=\"_ _1\"></span>modalit\u00e0 con <span class=\"_ _f\"></span>cui l\u2019impresa tiene <span class=\"_ _f\"></span>conto delle l<span class=\"_ _1\"></span>imitazioni degli <span class=\"_ _1\"></span>investimenti ne<span class=\"_ _f\"></span>l processo<span class=\"_ _df\"> </span></span><span class=\"ff5\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1c54\">di progettazione di un nu<span class=\"_ _1\"></span>ovo prodott<span class=\"_ _2\"></span>o assicurativo e del<span class=\"_ _1\"></span> c<span class=\"_ _2\"></span>alcolo del relativo premio.<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1c55\">La Com<span class=\"_ _2\"></span>pagnia misura <span class=\"_ _2\"></span>e mo<span class=\"_ _2\"></span>nitora la <span class=\"_ _2\"></span>propria <span class=\"_ _2\"></span>esposizione al <span class=\"_ _2\"></span>rischio <span class=\"_ _2\"></span>di sottoscrizione considerando<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1c56\">il portafoglio complessivo, oltre a verificare<span class=\"_ _1\"></span> la conformit\u00e0 ai limiti ed alle politiche definite.<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs1c57\">L\u2019identificazione <span class=\"_ _0\"></span>dei <span class=\"_ _9\"> </span>r<span class=\"_ _2\"></span>ischi <span class=\"_ _0\"> </span>vie<span class=\"ff4\">ne <span class=\"_ _16\"> </span>effettuata <span class=\"_ _9\"> </span>con <span class=\"_ _0\"></span>r<span class=\"_ _2\"></span>iferimento<span class=\"_ _1\"></span> <span class=\"_ _9\"> </span>ai <span class=\"_ _9\"> </span>nuovi <span class=\"_ _9\"> </span>prodotti <span class=\"_ _9\"> </span>e <span class=\"_ _9\"> </span>al <span class=\"_ _9\"> </span>portafoglio <span class=\"_ _9\"> </span>in<span class=\"_ _df\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1c58\">essere:<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff18 fs1 fc1 sc0 ls0 ws0 gs1c59\">-<span class=\"_ _2b\"> </span><span class=\"ff4\">Nuovi <span class=\"_ _2\"></span>prodott<span class=\"_ _2\"></span>i: <span class=\"_ _d\"></span>coerentemente <span class=\"_ _2\"></span>con <span class=\"_ _d\"></span>il <span class=\"_ _d\"></span>Piano <span class=\"_ _d\"></span>Strategico, <span class=\"_ _d\"></span>la <span class=\"_ _d\"></span>rilevazione <span class=\"_ _d\"></span>dei <span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>ischi <span class=\"_ _d\"></span>connessi <span class=\"_ _d\"></span>ai <span class=\"_ _d\"></span>nuovi<span class=\"_ _df\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1c5a\">prodotti <span class=\"_ _2\"></span><span class=\"ff5\">viene effettuata <span class=\"_ _2\"></span>sulla <span class=\"_ _2\"></span>base delle <span class=\"_ _2\"></span>loro <span class=\"_ _2\"></span>caratteristiche tecniche n<span class=\"_ _2\"></span>ell\u2019amb</span>ito <span class=\"_ _2\"></span>del processo <span class=\"_ _2\"></span>di<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1c5b\">ORSA. <span class=\"_ _d\"></span> <span class=\"_ _0\"></span>Inoltre, <span class=\"_ _0\"></span>in <span class=\"_ _0\"></span>coerenza <span class=\"_ _0\"></span>con <span class=\"_ _9\"> </span>il <span class=\"_ _d\"></span>pro<span class=\"_ _2\"></span>cesso <span class=\"_ _d\"></span>finalizzato <span class=\"_ _0\"></span>alla <span class=\"_ _0\"></span>creazione <span class=\"_ _0\"></span>e <span class=\"_ _d\"></span>lan<span class=\"_ _2\"></span>cio <span class=\"_ _d\"></span>dei <span class=\"_ _0\"></span>nuovi <span class=\"_ _0\"></span>prodotti<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs1c5c\">definito <span class=\"_ _4\"> </span>nell\u2019ambito <span class=\"_ _17\"> </span>del <span class=\"_ _4\"> </span>pi\u00f9 <span class=\"_ _4\"> </span>generale <span class=\"_ _17\"> </span>processo <span class=\"_ _17\"> </span>POG <span class=\"_ _4\"> </span>(Product <span class=\"_ _17\"> </span>Oversight <span class=\"_ _4\"> </span>and <span class=\"_ _17\"> </span>Governance), <span class=\"_ _4\"> </span>la<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1c5d\">funzione <span class=\"_ _2\"></span>Risk <span class=\"_ _2\"></span>Management <span class=\"_ _2\"></span>\u00e8 ch<span class=\"_ _2\"></span>iamata <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>redigere <span class=\"_ _2\"></span>una <span class=\"_ _2\"></span>specifica <span class=\"_ _2\"></span>analisi <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>rischiosit\u00e0 <span class=\"_ _2\"></span>(c.d. <span class=\"_ _2\"></span>scheda<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1c5e\">rischi) del singolo prodotto i cui e<span class=\"_ _1\"></span>siti sono trasmessi al Comitato di Product Governance<span class=\"_ _1\"></span>.<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff18 fs1 fc1 sc0 ls0 ws0 gs1c5f\">-<span class=\"_ _2b\"> </span><span class=\"ff5\">Portafoglio <span class=\"_ _9\"> </span>in <span class=\"_ _16\"> </span>essere: <span class=\"_ _9\"> </span>con <span class=\"_ _9\"> </span>riferimento <span class=\"_ _16\"> </span>al <span class=\"_ _9\"> </span>portafoglio <span class=\"_ _16\"> </span>in <span class=\"_ _9\"> </span>essere, <span class=\"_ _16\"> </span>l\u2019ide<span class=\"_ _f\"></span>nt<span class=\"_ _2\"></span>ificazione <span class=\"_ _9\"> </span>dei <span class=\"_ _9\"> </span>r<span class=\"_ _2\"></span>ischi <span class=\"_ _9\"> </span>viene<span class=\"_ _df\"> </span></span><span class=\"ff5\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1c60\">effettuata <span class=\"_ _0\"></span>s<span class=\"_ _2\"></span>ulla <span class=\"_ _0\"></span>base <span class=\"_ _9\"> </span>dei <span class=\"_ _0\"> </span>dati <span class=\"_ _9\"> </span>tecnici <span class=\"_ _9\"> </span>del <span class=\"_ _9\"> </span>portafoglio <span class=\"_ _9\"> </span>e <span class=\"_ _9\"> </span>delle <span class=\"_ _0\"></span>mi<span class=\"_ _2\"></span>sure <span class=\"_ _0\"></span>di <span class=\"_ _9\"> </span>assorbimento <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>capitale<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1c61\">determinate <span class=\"_ _d\"></span>attraverso <span class=\"_ _d\"></span>lo <span class=\"_ _d\"></span>strumento <span class=\"_ _2\"></span>utilizzato <span class=\"_ _d\"></span>dalla <span class=\"_ _d\"></span>Compagnia <span class=\"_ _d\"></span>per <span class=\"_ _d\"></span>il <span class=\"_ _d\"></span>calcolo <span class=\"_ _d\"></span>del <span class=\"_ _2\"></span>SCR <span class=\"_ _d\"></span>(Standard<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1c62\">Formula). <span class=\"_ _30\"> </span><span class=\"ff5\">Le <span class=\"_ _30\"> </span>informazioni <span class=\"_ _30\"> </span>r<span class=\"_ _2\"></span>elative<span class=\"_ _1\"></span> <span class=\"_ _30\"> </span>all\u2019andamento <span class=\"_ _24\"> </span>tecnico <span class=\"_ _30\"> </span>complessivo <span class=\"_ _30\"> </span>rispecc<span class=\"ff4\">hian<span class=\"_ _2\"></span>o<span class=\"_ _df\"> </span></span></span><span class=\"ff5\"><span class=\"ff4\"> </span></span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1c63\">sinteticamente <span class=\"_ _1\"></span>i risultati <span class=\"_ _f\"></span>tecnici dei <span class=\"_ _f\"></span>sin<span class=\"_ _2\"></span>goli <span class=\"_ _f\"></span>Rami e quindi <span class=\"_ _f\"></span>dei prodotti presenti <span class=\"_ _f\"></span>in portafoglio (<span class=\"_ _1\"></span>che <span class=\"_ _1\"></span>in<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1c64\">generale possono comprendere pi\u00f9 Rami).<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1c65\">Si riportano sinteticamente di segui<span class=\"_ _1\"></span>to le principali misure di rischio utilizzate:<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff18 fs1 fc1 sc0 ls0 ws0 gs1c66\">-<span class=\"_ _2b\"> </span><span class=\"ff4 ls4\">SCR <span class=\"_ _2\"></span><span class=\"ls0\">- <span class=\"_ _d\"></span>Non-life <span class=\"_ _d\"></span>underwriting <span class=\"_ _d\"></span>risk <span class=\"_ _d\"></span>e <span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>elativi <span class=\"_ _2\"></span>sottomoduli <span class=\"_ _d\"></span>di <span class=\"_ _2\"></span>rischio <span class=\"_ _d\"></span>(valutato <span class=\"_ _d\"></span>sia <span class=\"_ _d\"></span>al <span class=\"_ _2\"></span>lordo <span class=\"_ _d\"></span>sia <span class=\"_ _d\"></span>al <span class=\"_ _d\"></span>netto<span class=\"_ _df\"> </span></span></span><span class=\"ff4 ls4\"><span class=\"ls0\"> </span></span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1c67\">della Riassicurazione);<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff18 fs1 fc1 sc0 ls0 ws0 gs1c68\">-<span class=\"_ _2b\"> </span><span class=\"ff4 ls4\">SCR <span class=\"_ _1\"></span><span class=\"ls0\">- He<span class=\"_ _1\"></span>alth und<span class=\"_ _1\"></span>erwriting risk <span class=\"_ _f\"></span>e <span class=\"_ _f\"></span>r<span class=\"_ _2\"></span>elativi <span class=\"_ _f\"></span>sottomoduli di <span class=\"_ _f\"></span>rischio (v<span class=\"_ _1\"></span>alutato sia<span class=\"_ _f\"></span> al l<span class=\"_ _1\"></span>ordo sia<span class=\"_ _f\"></span> al <span class=\"_ _f\"></span>nett<span class=\"_ _2\"></span>o <span class=\"_ _f\"></span>della<span class=\"_ _df\"> </span></span></span><span class=\"ff4 ls4\"><span class=\"ls0\"> </span></span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1c69\">Riassicurazione);<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff18 fs1 fc1 sc0 ls0 ws0 gs1c6a\">-<span class=\"_ _2b\"> </span><span class=\"ff4\">Distribuzi<span class=\"_ _1\"></span>one <span class=\"_ _2\"></span>delle <span class=\"_ _2\"></span>Best <span class=\"_ _2\"></span>Estimate (Non-Life <span class=\"_ _2\"></span>ed <span class=\"_ _2\"></span>Health NSLT) <span class=\"_ _2\"></span>valutate <span class=\"_ _2\"></span>sia <span class=\"_ _2\"></span>al lor<span class=\"_ _2\"></span>do sia <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>netto della<span class=\"_ _df\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1c6b\">Riassicurazione;<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff18 fs1 fc1 sc0 ls0 ws0 gs1c6c\">-<span class=\"_ _2b\"> </span><span class=\"ff4\">Risk Margin (Non-Li<span class=\"_ _1\"></span>fe ed Health NSLT);<span class=\"_ _df\"> </span></span></div><div class=\"t m0 h5 ff18 fs1 fc1 sc0 ls0 ws0 gs1c6d\">-<span class=\"_ _2b\"> </span><span class=\"ff4\">Combined Ratio;<span class=\"_ _df\"> </span></span></div><div class=\"t m0 h5 ff18 fs1 fc1 sc0 ls0 ws0 gs1c6e\">-<span class=\"_ _2b\"> </span><span class=\"ff4\">Loss Ratio;<span class=\"_ _df\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m0 h5 ff18 fs1 fc1 sc0 ls0 ws0 gs1c6f\">-<span class=\"_ _2b\"> </span><span class=\"ff4\">Expense Ratio.<span class=\"_ _df\"> </span></span></div>Rischi <span class=\"_ _1\"></span>di m<span class=\"_ _1\"></span>ercat<span class=\"_ _1\"></span>o Alla pi\u00f9 generale categoria del Rischio Mercato appartengono le seguenti sotto-categorie:<span class=\"_ _df\"> </span>-<span class=\"ff10\"> <span class=\"_ _24\"> </span><span class=\"ff4\">Rischio Mercato;<span class=\"_ _df\"> </span></span></span>-<span class=\"ff10\"> <span class=\"_ _24\"> </span><span class=\"ff4\">Rischio Asset &amp; <span class=\"_ _2\"></span>Liabil<span class=\"_ _1\"></span>ity Management;<span class=\"_ _df\"> </span></span></span>-<span class=\"ff10\"> <span class=\"_ _24\"> </span><span class=\"ff4 fc1\">Rischio di Liquidit\u00e0,<span class=\"_ _df\"> </span></span></span>di seguito meglio esplici<span class=\"_ _1\"></span>tate.<span class=\"_ _df\"> </span>Si <span class=\"_ _9\"> </span>definisce <span class=\"_ _9\"> </span>rischio <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>mercato, <span class=\"_ _9\"> </span>il <span class=\"_ _16\"> </span>rischio <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>perdita <span class=\"_ _9\"> </span>o <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>variazione <span class=\"_ _9\"> </span>sfavorevole <span class=\"_ _9\"> </span>della <span class=\"_ _9\"> </span>situazione<span class=\"_ _df\"> </span>finanziaria der<span class=\"_ _2\"></span>ivante, direttamente <span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>indirettamente, da <span class=\"_ _2\"></span>oscillazioni <span class=\"_ _2\"></span>del li<span class=\"_ _2\"></span>vello e <span class=\"_ _2\"></span>della <span class=\"_ _2\"></span>volatilit\u00e0 d<span class=\"_ _2\"></span>ei<span class=\"_ _df\"> </span>prezzi di mercato delle attivit\u00e0, delle passivit\u00e0 e degli strumenti finanziari (cfr. articolo 1, comma 1,<span class=\"_ _df\"> </span>lettera vv-bis 3 del CAP).<span class=\"_ _df\"> </span>I <span class=\"_ _14\"> </span>r<span class=\"_ _2\"></span>ischi <span class=\"_ _14\"> </span>di <span class=\"_ _15\"> </span>mercato <span class=\"_ _15\"> </span>risentono <span class=\"_ _15\"> </span>del<span class=\"ff5\">l\u2019andam<span class=\"_ _2\"></span>ento <span class=\"_ _14\"> </span>congiunturale <span class=\"_ _15\"> </span>del <span class=\"_ _15\"> </span>ciclo <span class=\"_ _15\"> </span>economico, <span class=\"_ _15\"> </span>che <span class=\"_ _15\"> </span>pu\u00f2<span class=\"_ _df\"> </span></span>amplificarne <span class=\"_ _2\"></span>o <span class=\"_ _d\"></span>eventualme<span class=\"_ _f\"></span>nt<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>diminuirne <span class=\"_ _2\"></span>la <span class=\"_ _d\"></span>significativit\u00e0, <span class=\"_ _2\"></span>soprattutto <span class=\"_ _2\"></span>se <span class=\"_ _2\"></span>il <span class=\"_ _d\"></span>portafoglio t<span class=\"_ _2\"></span>itoli <span class=\"_ _2\"></span>della<span class=\"_ _df\"> </span>Compagnia \u00e8 particolarmente concentrato in determinati settori,<span class=\"_ _1\"></span> valute o aree geografiche. Tale rischio pu\u00f2 essere distinto nei<span class=\"_ _1\"></span> seguenti fattori di rischio:<span class=\"_ _df\"> </span>-<span class=\"ff10\"> <span class=\"_ _51\"> </span><span class=\"ff4\">Rischio <span class=\"_ _22\"> </span>tas<span class=\"_ _2\"></span>so  di  interesse:  il  v<span class=\"_ _1\"></span>alore  degli  attivi  di  una  impresa  di  assicurazione  \u00e8  sensibile<span class=\"_ _1\"></span>  a<span class=\"_ _df\"> </span></span></span>variazioni dei <span class=\"_ _2\"></span>tassi <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>interesse. Inoltr<span class=\"_ _2\"></span>e, se <span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>flussi finanziari <span class=\"_ _2\"></span>generati <span class=\"_ _2\"></span>dalle att<span class=\"_ _2\"></span>ivit\u00e0 e <span class=\"_ _2\"></span>quelli<span class=\"_ _2\"></span> g<span class=\"_ _2\"></span>enerati<span class=\"_ _df\"> </span>dalle <span class=\"_ _16\"> </span>passivit\u00e0 <span class=\"_ _9\"> </span>di  un\u2019impresa <span class=\"_ _9\"> </span>n<span class=\"_ _2\"></span>on <span class=\"_ _16\"> </span>sono <span class=\"_ _16\"> </span>perfettamente <span class=\"_ _9\"> </span>allineati  p<span class=\"_ _1\"></span>er  scad<span class=\"_ _1\"></span>enza, <span class=\"_ _16\"> </span>periodicit\u00e0 <span class=\"_ _16\"> </span>degli<span class=\"_ _df\"> </span>eventuali pagamenti e per natura dei tassi degli investimenti (maturity <span class=\"_ _2\"></span>mismatching<span class=\"_ _1\"></span>, interest rate<span class=\"_ _df\"> </span>mismatching, <span class=\"_ _d\"></span>reset <span class=\"_ _0\"></span>date <span class=\"_ _d\"></span>mismatching, <span class=\"_ _d\"></span>basic <span class=\"_ _d\"></span>mismat<span class=\"_ _2\"></span>ching), <span class=\"_ _d\"></span>uno <span class=\"_ _0\"></span>shock <span class=\"_ _d\"></span>(positivo <span class=\"_ _d\"></span>o <span class=\"_ _0\"></span>negativo) <span class=\"_ _d\"></span>dei<span class=\"_ _df\"> </span>tassi <span class=\"_ _f\"></span>di <span class=\"_ _f\"></span>interess<span class=\"_ _2\"></span>e <span class=\"_ _f\"></span>pu\u00f2 <span class=\"_ _f\"></span>produrre <span class=\"_ _f\"></span>variazioni <span class=\"_ _f\"></span>non <span class=\"_ _1\"></span>sincronizzate <span class=\"_ _f\"></span>nel valore <span class=\"_ _f\"></span>delle <span class=\"_ _f\"></span>attivit\u00e0 <span class=\"_ _f\"></span>e <span class=\"_ _f\"></span>del<span class=\"_ _2\"></span>le <span class=\"_ _f\"></span>passivit\u00e0.<span class=\"_ _df\"> </span>Sostanzialmente <span class=\"_ _f\"></span>l'esposizione <span class=\"_ _f\"></span>al <span class=\"_ _f\"></span>rischio <span class=\"_ _1\"></span>tasso <span class=\"_ _f\"></span>di <span class=\"_ _f\"></span>interesse <span class=\"_ _1\"></span>si <span class=\"_ _f\"></span>riferisce <span class=\"_ _f\"></span>a <span class=\"_ _f\"></span>tutt<span class=\"_ _2\"></span>e <span class=\"_ _f\"></span>le <span class=\"_ _f\"></span>attivit\u00e0 <span class=\"_ _f\"></span>e <span class=\"_ _f\"></span>le <span class=\"_ _f\"></span>passivit\u00e0<span class=\"_ _df\"> </span>i<span class=\"ff5\">l <span class=\"_ _9\"> </span>cui <span class=\"_ _9\"> </span>valore <span class=\"_ _9\"> </span>\u00e8 <span class=\"_ _9\"> </span>\u201csensibile\u201d <span class=\"_ _9\"> </span>ai <span class=\"_ _16\"> </span>cambiamenti <span class=\"_ _0\"></span>nella <span class=\"_ _16\"> </span>struttura <span class=\"_ _9\"> </span>a <span class=\"_ _9\"> </span>termine <span class=\"_ _9\"> </span>dei <span class=\"_ _9\"> </span>tassi <span class=\"_ _16\"> </span>di <span class=\"_ _0\"> </span>interess<span class=\"_ _2\"></span>e <span class=\"_ _0\"></span>o <span class=\"_ _9\"> </span>alla<span class=\"_ _df\"> </span></span>volatilit\u00e0 dei tassi di interesse;<span class=\"_ _df\"> </span>-<span class=\"ff10\"> <span class=\"_ _51\"> </span><span class=\"ff5\">Rischio <span class=\"_ _2\"></span>azionario: i valori <span class=\"_ _2\"></span>di mercato delle posizioni assunte <span class=\"_ _2\"></span>dall\u2019impresa possono essere sensibili<span class=\"_ _df\"> </span></span></span>all\u2019andamento  d<span class=\"_ _1\"></span>ei  merc<span class=\"ff4\">ati <span class=\"_ _16\"> </span>azionari  (p<span class=\"_ _1\"></span>er  esempi<span class=\"_ _1\"></span>o  nel <span class=\"_ _9\"> </span>caso<span class=\"_ _2\"></span>  d<span class=\"_ _1\"></span>i  contratti <span class=\"_ _16\"> </span>le <span class=\"_ _16\"> </span>cui <span class=\"_ _16\"> </span>prestazioni  son<span class=\"_ _f\"></span>o<span class=\"_ _df\"> </span></span>collegate al valore di un titolo azionario);<span class=\"_ _df\"> </span>-<span class=\"ff10\"> <span class=\"_ _51\"> </span><span class=\"ff5\">Rischio  tasso  di  camb<span class=\"_ _f\"></span>io:  il  valore <span class=\"_ _16\"> </span>di <span class=\"_ _16\"> </span>mercato  dell<span class=\"_ _1\"></span>e  posizioni  assunte <span class=\"_ _9\"> </span>dall\u2019impresa  pu\u00f2  e<span class=\"_ _1\"></span>ssere<span class=\"_ _df\"> </span></span></span>sensibile <span class=\"_ _d\"></span>a <span class=\"_ _d\"></span>variazioni <span class=\"_ _d\"></span>dei <span class=\"_ _d\"></span>tassi <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>cambio <span class=\"_ _d\"></span>(p<span class=\"_ _2\"></span>er <span class=\"_ _d\"></span>esempio <span class=\"_ _d\"></span>nel <span class=\"_ _d\"></span>caso <span class=\"_ _0\"></span>di <span class=\"_ _d\"></span>titoli <span class=\"_ _d\"></span>azionari <span class=\"_ _d\"></span>o <span class=\"_ _d\"></span>obbligazionari<span class=\"_ _df\"> </span>denominati in <span class=\"_ _2\"></span>valuta <span class=\"_ _2\"></span>estera). Qu<span class=\"_ _2\"></span>esto <span class=\"_ _2\"></span>fattore di <span class=\"_ _2\"></span>rischio, <span class=\"_ _2\"></span>quind<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span>, as<span class=\"_ _2\"></span>sume particolare <span class=\"_ _2\"></span>rilevanza per <span class=\"_ _2\"></span>le<span class=\"_ _df\"> </span>imprese <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>assicurazione <span class=\"_ _2\"></span>in <span class=\"_ _d\"></span>presenza <span class=\"_ _2\"></span>di <span class=\"_ _d\"></span>attivit\u00e0 <span class=\"_ _2\"></span>a <span class=\"_ _d\"></span>copertura <span class=\"_ _2\"></span>delle <span class=\"_ _2\"></span>riserve <span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>ecniche <span class=\"_ _2\"></span>denominate <span class=\"_ _2\"></span>in<span class=\"_ _df\"> </span>una <span class=\"_ _2\"></span>valuta <span class=\"_ _2\"></span>diversa <span class=\"_ _d\"></span>da <span class=\"_ _2\"></span>quella <span class=\"_ _2\"></span>dei <span class=\"_ _2\"></span>cor<span class=\"_ _2\"></span>rispondenti <span class=\"_ _2\"></span>impegni <span class=\"_ _2\"></span>tecnici <span class=\"_ _2\"></span>assunti <span class=\"_ _d\"></span>contrattualmente.<span class=\"_ _1\"></span> <span class=\"_ _2\"></span>Infatti,<span class=\"_ _df\"> </span>poich\u00e9 <span class=\"_ _e\"> </span>la <span class=\"_ _10\"> </span>conversione <span class=\"_ _10\"> </span>di <span class=\"_ _e\"> </span>valute <span class=\"_ _10\"> </span>avviene <span class=\"_ _e\"> </span>alla <span class=\"_ _10\"> </span>chiusura <span class=\"_ _10\"> </span>d\u2019esercizio <span class=\"_ _10\"> </span>al <span class=\"_ _10\"> </span>cambio <span class=\"_ _e\"> </span>corrente, <span class=\"_ _10\"> </span>in<span class=\"_ _df\"> </span>corrispondenza di<span class=\"_ _1\"></span> detta data possono realizz<span class=\"_ _1\"></span>arsi delle plus/minusvalenze a causa d<span class=\"_ _1\"></span>ella variazione<span class=\"_ _df\"> </span>dei tassi di cambio;<span class=\"_ _df\"> </span>-<span class=\"ff10\"> <span class=\"_ _51\"> </span><span class=\"ff5\">Rischio <span class=\"_ _d\"></span>immobiliare: <span class=\"_ _d\"></span>qualora <span class=\"_ _0\"></span>gli <span class=\"_ _2\"></span>at<span class=\"_ _2\"></span>tivi <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>un\u2019imp<span class=\"_ _1\"></span>resa <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>assicuraz<span class=\"_ _2\"></span>ione <span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>iano <span class=\"_ _d\"></span>investiti <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>immobili, <span class=\"_ _2\"></span>i<span class=\"_ _df\"> </span></span></span>valori di tali attivit\u00e0 sono sensibili all\u2019and<span class=\"_ _1\"></span>amento dei prezzi di mercato degli stessi;<span class=\"_ _df\"> </span>-<span class=\"ff10\"> <span class=\"_ _51\"> </span><span class=\"ff4\">Cr<span class=\"_ _2\"></span>edit <span class=\"_ _0\"></span>Spread: <span class=\"_ _0\"></span><span class=\"ff5\">ogni <span class=\"_ _9\"> </span>volta <span class=\"_ _0\"></span>che <span class=\"_ _9\"> </span>un\u2019impresa <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>assicurazione <span class=\"_ _9\"> </span>sottoscrive <span class=\"_ _0\"></span>st<span class=\"_ _2\"></span>rumenti <span class=\"_ _0\"></span>finanziari, <span class=\"_ _0\"></span>pu\u00f2<span class=\"_ _df\"> </span></span></span></span>incorrere nel r<span class=\"_ _2\"></span>ischio di insolvenza <span class=\"_ _2\"></span>del proprio debitore <span class=\"_ _2\"></span>il quale potrebbe non <span class=\"_ _2\"></span>essere in grado <span class=\"_ _2\"></span>sia di<span class=\"_ _df\"> </span>adempiere <span class=\"_ _4\"> </span>alle <span class=\"_ _4\"> </span>proprie <span class=\"_ _4\"> </span>obbligazioni <span class=\"_ _4\"> </span>sia <span class=\"_ _17\"> </span>di <span class=\"_ _4\"> </span>incorrere <span class=\"_ _4\"> </span>nel <span class=\"_ _4\"> </span>rischio <span class=\"_ _17\"> </span>di <span class=\"_ _4\"> </span>un <span class=\"_ _4\"> </span>pe<span class=\"_ _2\"></span>ggioramento <span class=\"_ _4\"> </span>merito<span class=\"_ _df\"> </span>creditizio,  con  conseguente  riduzione  del <span class=\"_ _22\"> </span>valore <span class=\"_ _4\"> </span>del<span class=\"_ _1\"></span>  titolo. <span class=\"_ _22\"> </span>L\u2019esposizione  al  risch<span class=\"_ _2\"></span>io  credito  si<span class=\"_ _df\"> </span>riferisce ad attivit\u00e0, passivit\u00e0 e strumenti finanziari sensibi<span class=\"_ _1\"></span>li alla variazione degli spread creditizi;<span class=\"_ _df\"> </span>-<span class=\"ff10\"> <span class=\"_ _51\"> </span><span class=\"ff5\">Rischio <span class=\"_ _d\"></span>conc<span class=\"_ _2\"></span>entrazione: <span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>\u2019esposizi<span class=\"ff4\">one <span class=\"_ _d\"></span>al <span class=\"_ _d\"></span>rischio <span class=\"_ _d\"></span>di <span class=\"_ _0\"></span>concentrazione, <span class=\"_ _d\"></span>che <span class=\"_ _d\"></span>deriva <span class=\"_ _0\"></span>da <span class=\"_ _d\"></span>una <span class=\"_ _d\"></span>variazione<span class=\"_ _df\"> </span></span></span></span>inattesa <span class=\"_ _22\"> </span>dei  prezzi, <span class=\"_ _4\"> </span>del  valore <span class=\"_ _22\"> </span>delle <span class=\"_ _22\"> </span>esposizioni <span class=\"_ _4\"> </span>verso  emittenti <span class=\"_ _22\"> </span>s<span class=\"_ _2\"></span>u  cui  si <span class=\"_ _4\"> </span>ha  un  accumulo <span class=\"_ _4\"> </span>di<span class=\"_ _df\"> </span>esposizione <span class=\"_ _f\"></span>con <span class=\"_ _1\"></span>la <span class=\"_ _f\"></span>s<span class=\"_ _2\"></span>tessa <span class=\"_ _f\"></span>cont<span class=\"_ _2\"></span>rop<span class=\"_ _1\"></span>arte, <span class=\"_ _1\"></span>si <span class=\"_ _f\"></span>r<span class=\"_ _2\"></span>iferisce <span class=\"_ _f\"></span>alle <span class=\"_ _f\"></span>att<span class=\"_ _2\"></span>ivit\u00e0 <span class=\"_ _f\"></span>soggette <span class=\"_ _1\"></span>al <span class=\"_ _1\"></span>rischio <span class=\"_ _f\"></span>azionario, al tasso<span class=\"_ _df\"> </span>di <span class=\"_ _2\"></span>interesse <span class=\"_ _2\"></span>e <span class=\"_ _d\"></span>spread <span class=\"_ _2\"></span>e <span class=\"_ _d\"></span>al <span class=\"_ _2\"></span>rischio <span class=\"_ _d\"></span>immobiliare <span class=\"_ _2\"></span>inclusi <span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>el <span class=\"_ _2\"></span>rischio <span class=\"_ _d\"></span>di <span class=\"_ _2\"></span>mercato, <span class=\"_ _d\"></span>ed <span class=\"_ _2\"></span>esclude <span class=\"_ _2\"></span>le <span class=\"_ _d\"></span>attivit\u00e0<span class=\"_ _df\"> </span>soggette <span class=\"_ _0\"></span>al <span class=\"_ _0\"></span>rischio <span class=\"_ _0\"></span>di <span class=\"_ _d\"></span>inadempimento <span class=\"_ _0\"> </span>di <span class=\"_ _0\"></span>contr<span class=\"_ _2\"></span>oparte. <span class=\"_ _d\"></span>Al <span class=\"_ _0\"></span>momento <span class=\"_ _0\"> </span>a <span class=\"_ _9\"> </span>livell<span class=\"_ _1\"></span>o <span class=\"_ _0\"></span>regolamentare <span class=\"_ _0\"></span>sono<span class=\"_ _df\"> </span>esclusi anche i titoli di stato;<span class=\"_ _df\"> </span>-<span class=\"ff10\"> <span class=\"_ _51\"> </span><span class=\"ff5\">Rischio  Sovrano: <span class=\"_ _22\"> </span>E\u2019  i<span class=\"_ _2\"></span>l  rischio  ass<span class=\"_ _2\"></span>ociato  all\u2019eventuali<span class=\"_ _1\"></span>t\u00e0  che <span class=\"_ _22\"> </span>un <span class=\"_ _22\"> </span>G<span class=\"_ _2\"></span>overno  non  rispetti  le  proprie<span class=\"_ _df\"> </span></span></span>obbligazioni finanzi<span class=\"_ _1\"></span>arie. Pu\u00f2 dipendere da fattori economici,<span class=\"_ _1\"></span> finanziari e politici. Pu<span class=\"_ _1\"></span>\u00f2 essere legato<span class=\"_ _df\"> </span>alla <span class=\"_ _22\"> </span>congiuntura <span class=\"_ _4\"> </span>o <span class=\"_ _22\"> </span>s<span class=\"_ _2\"></span>vilu<span class=\"_ _1\"></span>pparsi <span class=\"_ _4\"> </span>nel  medio<span class=\"_ _2\"></span>-lungo <span class=\"_ _22\"> </span>periodo. <span class=\"_ _4\"> </span>Il  rischio <span class=\"_ _4\"> </span>sovrano <span class=\"_ _4\"> </span>viene  as<span class=\"_ _2\"></span>sociato  ai<span class=\"_ _df\"> </span>rendimenti <span class=\"_ _f\"></span>dei titoli pu<span class=\"_ _1\"></span>bblici <span class=\"_ _f\"></span>e quindi <span class=\"_ _f\"></span>agli interessi <span class=\"_ _1\"></span>che <span class=\"_ _1\"></span>uno S<span class=\"_ _1\"></span>tato dev<span class=\"_ _1\"></span>e corrisponde<span class=\"_ _1\"></span>re agl<span class=\"_ _1\"></span>i investitori<span class=\"_ _df\"> </span>per potersi finanziare;<span class=\"_ _df\"> </span>-<span class=\"ff10\"> <span class=\"_ _51\"> </span><span class=\"ff4\">Liquidit\u00e0 <span class=\"_ _17\"> </span>del <span class=\"_ _4\"> </span>t<span class=\"_ _2\"></span>itolo: <span class=\"_ _4\"> </span>La <span class=\"_ _17\"> </span>possibilit\u00e0 <span class=\"_ _17\"> </span>di <span class=\"_ _4\"> </span>procedere <span class=\"_ _17\"> </span>allo <span class=\"_ _17\"> </span>smobilizzo <span class=\"_ _17\"> </span>tempestivo <span class=\"_ _4\"> </span>del <span class=\"_ _17\"> </span>portafoglio <span class=\"_ _17\"> </span>\u00e8<span class=\"_ _df\"> </span></span></span>fortemente <span class=\"_ _14\"> </span>condizionata <span class=\"_ _14\"> </span>dalla <span class=\"_ _17\"> </span>liquidabilit\u00e0 <span class=\"_ _14\"> </span>dei <span class=\"_ _17\"> </span>t<span class=\"_ _2\"></span>itoli <span class=\"_ _17\"> </span>in <span class=\"_ _14\"> </span>cui <span class=\"_ _14\"> </span>lo <span class=\"_ _14\"> </span>stesso <span class=\"_ _14\"> </span>\u00e8 <span class=\"_ _14\"> </span>investito. <span class=\"_ _17\"> </span>La <span class=\"_ _14\"> </span>scarsa<span class=\"_ _df\"> </span>liquidabilit\u00e0  dei  titoli,  infatti,  pu\u00f2  esporre  la  Compagnia  al  rischio  di  conseguire  delle  perdite<span class=\"_ _df\"> </span>connesse alla difficolt\u00e0 <span class=\"_ _2\"></span>di trovare <span class=\"_ _2\"></span>sul mercato <span class=\"_ _2\"></span>la controparte interessata <span class=\"_ _2\"></span>all<span class=\"ff5\">\u2019acquisto <span class=\"_ _2\"></span>dei titoli che<span class=\"_ _df\"> </span></span>si intende<span class=\"_ _1\"></span> smobilizzare. <span class=\"_ _1\"></span>A livello <span class=\"_ _1\"></span>regolamentare non \u00e8<span class=\"_ _1\"></span> attualmente<span class=\"_ _1\"></span> previsto un <span class=\"_ _f\"></span>r<span class=\"_ _2\"></span>equi<span class=\"_ _1\"></span>sito di capital<span class=\"_ _f\"></span>e<span class=\"_ _df\"> </span>specifico;<span class=\"_ _df\"> </span>-<span class=\"ff10\"> <span class=\"_ _51\"> </span><span class=\"ff4\">Altr<span class=\"_ _2\"></span>e <span class=\"_ _f\"></span>esposizioni in <span class=\"_ _f\"></span>assets: Tale<span class=\"_ _1\"></span> f<span class=\"_ _1\"></span>attore di <span class=\"_ _f\"></span>rischio <span class=\"_ _f\"></span>s<span class=\"_ _2\"></span>i <span class=\"_ _f\"></span>concretizza nel<span class=\"_ _1\"></span> rischio <span class=\"_ _f\"></span>mercato leg<span class=\"_ _1\"></span>ato a <span class=\"_ _f\"></span>private<span class=\"_ _df\"> </span></span></span>equity, strume<span class=\"ff5\">nti alternativi, infrastrutture, prodotti legati all\u2019i<span class=\"_ _1\"></span>nflazione e ibridi.<span class=\"_ _df\"> </span></span><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1cae\">I fattor<span class=\"_ _2\"></span>i di rischio <span class=\"_ _2\"></span>di mercato vengono <span class=\"_ _2\"></span>principalmente individuati <span class=\"_ _2\"></span>nelle classi d<span class=\"_ _2\"></span>i bilancio specifiche<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1caf\">del Portafoglio di Propriet\u00e0.  </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1cb0\">Da <span class=\"_ _0\"></span>un <span class=\"_ _0\"> </span>punto <span class=\"_ _0\"></span>di <span class=\"_ _9\"> </span>vista <span class=\"_ _0\"></span>della <span class=\"_ _0\"></span>distribuzione <span class=\"_ _0\"></span>dei <span class=\"_ _0\"></span>ris<span class=\"_ _2\"></span>chi <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>mercato <span class=\"_ _0\"> </span>di <span class=\"_ _0\"></span>Credemassicurazioni <span class=\"_ _0\"></span>secondo <span class=\"_ _0\"></span>i<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1cb1\">dettami <span class=\"_ _19\"> </span>normativi <span class=\"_ _18\"> </span>Solvency <span class=\"_ _19\"> </span>II <span class=\"_ _19\"> </span>si <span class=\"_ _19\"> </span>riporta <span class=\"_ _18\"> </span>nella <span class=\"_ _19\"> </span>tabella <span class=\"_ _18\"> </span>d<span class=\"_ _2\"></span>i <span class=\"_ _18\"> </span>seguito <span class=\"_ _19\"> </span>la <span class=\"_ _19\"> </span>miglior <span class=\"_ _19\"> </span>stima <span class=\"_ _19\"> </span>della<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1cb2\">rappresentazione <span class=\"_ _2\"></span>del <span class=\"_ _d\"></span>rischio <span class=\"_ _d\"></span>alla <span class=\"_ _2\"></span>data <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>redazione <span class=\"_ _d\"></span>della <span class=\"_ _2\"></span>presente <span class=\"_ _d\"></span>sezione <span class=\"_ _d\"></span>(si <span class=\"_ _d\"></span>precisa <span class=\"_ _2\"></span>che <span class=\"_ _d\"></span>il <span class=\"_ _d\"></span>peso<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1cb3\">complessivo dei rischi market \u00e8 pari al 14,3%). </div><div class=\"gs1cb4\"><table class=\"s w11e7 h5c5\" id=\"_daeeade3-8a00-4cd0-ac27-1d42e4bd958a\"><tr><td class=\"c xb94 y38d1 w11e8 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc1 sc0 ls0 ws0\">Market risk - risk<span class=\"_ _1\"></span>/sum of risk comp<span class=\"_ _f\"></span>onents <span class=\"_ _2\"></span>- re<span class=\"_ _1\"></span>lativo e<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c xb95 y38d2 w65a h1d\"><div class=\"t m0 x66 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">IVQ <span class=\"ls2a\">2025</span> </div></td></tr><tr><td class=\"c xb96 y38d3 w11e5 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc1 sc0 ls0 ws0\">complessivo<span class=\"_ _df\"> </span></div></td><td></td><td></td></tr><tr><td></td><td class=\"c xb95 y38d4 w65b h1d\"><div class=\"t m1 x14 h5b y32 ff4 fs19 fc1 sc0 ls0 ws0\">% Relativo </div></td><td class=\"c xb97 y38d4 w343 h1d\"><div class=\"t m1 x3a h5b y32 ff4 fs19 fc1 sc0 ls0 ws0\">% Complessiv<span class=\"_ _1\"></span>o </div></td></tr><tr><td class=\"c xb98 y38d5 w659 h1d\"><div class=\"t m0 x163 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">Interest rate r<span class=\"_ _1\"></span>isk </div></td><td class=\"c xb95 y38d5 w65b h1d\"><div class=\"t m0 x26 h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">67,1% </div></td><td class=\"c xb97 y38d5 w343 h1d\"><div class=\"t m0 x91 h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">9,6% </div></td></tr><tr><td class=\"c xb98 y38d6 w659 h1c\"><div class=\"t m0 x163 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">Equity risk </div></td><td class=\"c xb95 y38d6 w65b h1c\"><div class=\"t m0 x26 h1f y30c ff4 fs7 fc1 sc0 ls0 ws0\">0,0% </div></td><td class=\"c xb97 y38d6 w343 h1c\"><div class=\"t m0 x91 h1f y30c ff4 fs7 fc1 sc0 ls0 ws0\">0,0% </div></td></tr><tr><td class=\"c xb98 y38d7 w659 h1c\"><div class=\"t m0 x163 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">Property risk </div></td><td class=\"c xb95 y38d7 w65b h1c\"><div class=\"t m0 x26 h1f y30c ff4 fs7 fc1 sc0 ls0 ws0\">0,0% </div></td><td class=\"c xb97 y38d7 w343 h1c\"><div class=\"t m0 x91 h1f y30c ff4 fs7 fc1 sc0 ls0 ws0\">0,0% </div></td></tr><tr><td class=\"c xb98 y38d8 w659 h1c\"><div class=\"t m0 x163 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">Spread risk </div></td><td class=\"c xb95 y38d8 w65b h1c\"><div class=\"t m0 x27 h1f y30c ff4 fs7 fc1 sc0 ls0 ws0\">25,2% </div></td><td class=\"c xb97 y38d8 w343 h1c\"><div class=\"t m0 x91 h1f y30c ff4 fs7 fc1 sc0 ls0 ws0\">3,6% </div></td></tr><tr><td class=\"c xb98 y38d9 w659 h1d\"><div class=\"t m0 x163 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">Currency risk<span class=\"_ _1\"></span> </div></td><td class=\"c xb95 y38d9 w65b h1d\"><div class=\"t m0 x34 h1f y30c ff4 fs7 fc1 sc0 ls0 ws0\">7,7% </div></td><td class=\"c xb97 y38d9 w343 h1d\"><div class=\"t m0 x7 h1f y30c ff4 fs7 fc1 sc0 ls0 ws0\">1,1% </div></td></tr><tr><td class=\"c xb98 y38da w659 h1d\"><div class=\"t m0 x163 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">Concentration ri<span class=\"_ _1\"></span>sk </div></td><td class=\"c xb95 y38da w65b h1d\"><div class=\"t m0 x26 h1f y30c ff4 fs7 fc1 sc0 ls0 ws0\">0,0% </div></td><td class=\"c xb97 y38da w343 h1d\"><div class=\"t m0 x91 h1f y30c ff4 fs7 fc1 sc0 ls0 ws0\">0,0% </div></td></tr></table></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1cb5\">La <span class=\"_ _14\"> </span>Compagnia <span class=\"_ _14\"> </span>adotta, <span class=\"_ _14\"> </span>nei <span class=\"_ _15\"> </span>confronti <span class=\"_ _14\"> </span>dei <span class=\"_ _14\"> </span>fattori <span class=\"_ _14\"> </span>di <span class=\"_ _14\"> </span>rischio <span class=\"_ _14\"> </span>sopra <span class=\"_ _14\"> </span>enunciati, <span class=\"_ _14\"> </span>linee <span class=\"_ _14\"> </span>guida <span class=\"_ _14\"> </span>che<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs1cb6\">definiscono i <span class=\"_ _2\"></span>principi g<span class=\"_ _2\"></span>enerali per <span class=\"_ _2\"></span>l\u2019attivit\u00e0 <span class=\"_ _2\"></span>del Team <span class=\"_ _2\"></span>Finanza<span class=\"ff4 ls1b\">, <span class=\"_ _2\"></span><span class=\"ls0\">la <span class=\"_ _2\"></span>periodicit\u00e0 dei <span class=\"_ _2\"></span>controlli <span class=\"_ _2\"></span>e le <span class=\"_ _2\"></span>azioni<span class=\"_ _df\"> </span></span></span><span class=\"ff4 ls1b\"><span class=\"ls0\"> </span></span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1cb7\">di <span class=\"_ _9\"> </span>ripristino <span class=\"_ _16\"> </span>in <span class=\"_ _9\"> </span>caso <span class=\"_ _9\"> </span>d<span class=\"_ _2\"></span>i <span class=\"_ _9\"> </span>superamento <span class=\"_ _9\"> </span>dei <span class=\"_ _16\"> </span>limiti. <span class=\"_ _9\"> </span>Nella <span class=\"_ _9\"> </span>composizione <span class=\"_ _16\"> </span>complessiva <span class=\"_ _9\"> </span>del <span class=\"_ _9\"> </span>portafoglio<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs1cb8\">d\u2019investimento  si <span class=\"_ _9\"> </span>t<span class=\"_ _2\"></span>iene <span class=\"_ _9\"> </span>cont<span class=\"_ _2\"></span>o  d<span class=\"_ _1\"></span>ell\u2019esposizione  al <span class=\"_ _9\"> </span>r<span class=\"_ _2\"></span>ischio, <span class=\"_ _16\"> </span>dei  vinc<span class=\"_ _1\"></span>oli  legati <span class=\"_ _16\"> </span>alla  cope<span class=\"_ _1\"></span>rtura  delle<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1cb9\">riserve <span class=\"_ _d\"></span>tecniche <span class=\"_ _d\"></span>e <span class=\"_ _0\"></span>degli <span class=\"_ _d\"></span>effetti <span class=\"_ _0\"></span>sul <span class=\"_ _d\"></span>Solvency <span class=\"_ _0\"></span>Ratio. <span class=\"_ _d\"></span>I <span class=\"_ _0\"></span>limiti <span class=\"_ _d\"></span>e <span class=\"_ _0\"></span>gli <span class=\"_ _d\"></span>indicatori <span class=\"_ _0\"></span>relat<span class=\"_ _2\"></span>ivi <span class=\"_ _d\"></span>agli <span class=\"_ _d\"></span>investimenti<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1cba\">sono oggetto di verifi<span class=\"_ _1\"></span>ca e controllo su base<span class=\"_ _1\"></span> continuativa da parte dell<span class=\"_ _1\"></span>e funzioni aziendali preposte<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs1cbb\">e, <span class=\"_ _0\"></span>con <span class=\"_ _0\"></span>frequenza <span class=\"_ _9\"> </span>periodica, <span class=\"_ _0\"></span>i <span class=\"_ _9\"> </span>risultati <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>t<span class=\"_ _2\"></span>ali <span class=\"_ _0\"></span>controlli <span class=\"_ _0\"></span>sono <span class=\"_ _9\"> </span>portati <span class=\"_ _0\"></span>all\u2019attenzione <span class=\"_ _0\"></span>del <span class=\"_ _9\"> </span>Consiglio <span class=\"_ _0\"></span>di<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1cbc\">Amministrazione. <span class=\"_ _0\"></span>Il <span class=\"_ _0\"></span>processo <span class=\"_ _9\"> </span>prevede <span class=\"_ _0\"> </span>inoltr<span class=\"_ _2\"></span>e <span class=\"_ _0\"></span>una <span class=\"_ _0\"></span>fase <span class=\"_ _0\"></span>d<span class=\"_ _2\"></span>i <span class=\"_ _0\"></span>revisione <span class=\"_ _0\"></span>dei <span class=\"_ _0\"></span>suddetti <span class=\"_ _9\"> </span>limiti <span class=\"_ _0\"></span>realizzata<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1cbd\">mediante analisi di sensitivit\u00e0 condotte sui portafogli attivi e p<span class=\"_ _1\"></span>assivi.<span class=\"_ _df\"> </span><span class=\"_ _2\"></span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1cbe\">La <span class=\"_ _0\"></span>valutazione <span class=\"_ _d\"></span>dei <span class=\"_ _0\"></span>rischi <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>mercato <span class=\"_ _0\"></span>viene <span class=\"_ _d\"></span>effettuata <span class=\"_ _0\"></span>con <span class=\"_ _d\"></span>r<span class=\"_ _2\"></span>iferimento <span class=\"_ _d\"></span>al <span class=\"_ _0\"></span>portafoglio <span class=\"_ _0\"></span>investimenti<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1cbf\">mobiliare <span class=\"_ _2\"></span>gi\u00e0 <span class=\"_ _2\"></span>ac<span class=\"_ _2\"></span>quisito <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>agli <span class=\"_ _d\"></span>scenari <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>in<span class=\"_ _2\"></span>vestimento <span class=\"_ _2\"></span>futuro. <span class=\"_ _2\"></span>Tale <span class=\"_ _d\"></span>attivit\u00e0 <span class=\"_ _2\"></span>viene <span class=\"_ _2\"></span>rea<span class=\"_ _2\"></span>lizzata <span class=\"_ _2\"></span>sia <span class=\"_ _2\"></span>con<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1cc0\">logiche <span class=\"_ _1\"></span>di Asset-Liability Management, <span class=\"_ _1\"></span>al fine <span class=\"_ _f\"></span>d<span class=\"_ _2\"></span>i cogliere <span class=\"_ _1\"></span>le interrelazioni<span class=\"_ _1\"></span> esistenti fra le <span class=\"_ _f\"></span>dinamich<span class=\"_ _2\"></span>e<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1cc1\">dei <span class=\"_ _d\"></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>att<span class=\"_ _2\"></span>ivi <span class=\"_ _d\"></span>a <span class=\"_ _0\"></span>copertura <span class=\"_ _0\"></span>delle <span class=\"_ _d\"></span>riserve <span class=\"_ _9\"> </span>t<span class=\"_ _2\"></span>ecniche,<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>sia <span class=\"_ _0\"></span>seguendo <span class=\"_ _0\"></span>i <span class=\"_ _0\"></span>principi<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs1cc2\">Solvency <span class=\"_ _2\"></span>II <span class=\"_ _d\"></span>al <span class=\"_ _d\"></span>fine <span class=\"_ _2\"></span>di <span class=\"_ _d\"></span>cogliere <span class=\"_ _d\"></span>l\u2019eventuale <span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>equisito <span class=\"_ _2\"></span>di <span class=\"_ _d\"></span>capitale <span class=\"_ _2\"></span>as<span class=\"_ _2\"></span>sorbito <span class=\"_ _2\"></span>da <span class=\"_ _d\"></span>ogni <span class=\"_ _d\"></span>singolo <span class=\"_ _2\"></span>mo<span class=\"_ _2\"></span>dulo <span class=\"_ _2\"></span>e<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1cc3\">sottomodulo di rischio.  </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs1cc4\">L\u2019identificazione <span class=\"_ _d\"></span>dei <span class=\"_ _0\"></span>rischi <span class=\"_ _0\"></span>mercato <span class=\"_ _d\"></span>vita <span class=\"_ _0\"> </span>viene <span class=\"_ _0\"></span>effettuata <span class=\"_ _0\"></span>con <span class=\"_ _d\"></span>r<span class=\"_ _2\"></span>if<span class=\"_ _1\"></span>erimento <span class=\"_ _0\"></span>ai <span class=\"_ _0\"></span>nuovi <span class=\"_ _d\"></span>investimenti<span class=\"_ _2\"></span><span class=\"ff4\"> <span class=\"_ _d\"></span><span class=\"ls2d\">e<span class=\"_ _df\"> </span></span></span><span class=\"ff4\"><span class=\"ls2d\"> </span></span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1cc5\">asset allocation target, e al portafoglio in essere:<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff18 fs1 fc1 sc0 ls0 ws0 gs1cc6\">-<span class=\"_ _2b\"> </span><span class=\"ff5\">Nuovi investimenti: con riferimento ai nuovi investimenti, nell<span class=\"_ _1\"></span>\u2019ambito del processo ORSA vengono<span class=\"_ _df\"> </span></span><span class=\"ff5\"> </span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs1cc7\">effettuate <span class=\"_ _0\"></span>analisi <span class=\"_ _9\"> </span>relative <span class=\"_ _9\"> </span>a <span class=\"_ _9\"> </span>scenari <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>investimento <span class=\"_ _9\"> </span>futuro <span class=\"_ _9\"> </span>con <span class=\"_ _9\"> </span>l\u2019obiettivo <span class=\"_ _9\"> </span>di <span class=\"_ _0\"></span>identificare <span class=\"_ _9\"> </span>i <span class=\"_ _9\"> </span>rischi<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1cc8\">c<span class=\"ff5\">onnessi  a  tali  scelte  di  investimento <span class=\"_ _22\"> </span>e <span class=\"_ _22\"> </span>a <span class=\"_ _22\"> </span>valutarne  l\u2019impatto <span class=\"_ _22\"> </span>sul  pro<span class=\"_ _2\"></span>filo  di  rischio  in  termini<span class=\"_ _df\"> </span></span><span class=\"ff5\"> </span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs1cc9\">quantitativi.  Inoltre,  per  gli  investimenti  di  \u201cnatura  occasionale\u201d  sulla  base  delle  informazioni<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1cca\">fornite <span class=\"_ _4\"> </span>dal <span class=\"_ _4\"> </span>Team <span class=\"_ _4\"> </span>Finanza <span class=\"_ _4\"> </span>(a <span class=\"_ _4\"> </span>t<span class=\"_ _2\"></span>itolo <span class=\"_ _4\"> </span>esemplificativo: <span class=\"_ _4\"> </span>obiettivo <span class=\"_ _17\"> </span><span class=\"ff5\">dell\u2019investimento, <span class=\"_ _4\"> </span>portafoglio <span class=\"_ _4\"> </span>di<span class=\"_ _df\"> </span></span><span class=\"ff5\"> </span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs1ccb\">riferimento, <span class=\"_ _14\"> </span>size <span class=\"_ _15\"> </span>dell\u2019operazione) <span class=\"_ _15\"> </span>viene <span class=\"_ _15\"> </span>effettuata <span class=\"_ _15\"> </span>dalla <span class=\"_ _15\"> </span>funzione <span class=\"_ _15\"> </span>di <span class=\"_ _15\"> </span>Risk <span class=\"_ _15\"> </span>Management <span class=\"_ _15\"> </span>una<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1ccc\">valutazione <span class=\"_ _2\"></span>quali/quantitativa <span class=\"_ _2\"></span>ex-ante <span class=\"_ _d\"></span>basata <span class=\"_ _2\"></span>sia <span class=\"_ _2\"></span>su <span class=\"_ _2\"></span>logiche <span class=\"_ _2\"></span>gestionali <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>egolamentari. <span class=\"_ _2\"></span>Un <span class=\"_ _2\"></span>iter<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1ccd\">di <span class=\"_ _2\"></span>valutazione <span class=\"_ _2\"></span>del <span class=\"_ _d\"></span>rischio <span class=\"_ _2\"></span>ex<span class=\"_ _2\"></span>-ante <span class=\"_ _2\"></span>viene <span class=\"_ _2\"></span>effettuata <span class=\"_ _d\"></span>dalla <span class=\"_ _2\"></span>Funzione <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>Risk <span class=\"_ _d\"></span>Management <span class=\"_ _2\"></span>anche <span class=\"_ _d\"></span>per<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1cce\">tutti gli OICR non UCITs sulla base de<span class=\"_ _1\"></span>lla Due Diligence predisposta dal Team Finanza.<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff18 fs1 fc1 sc0 ls0 ws0 gs1ccf\">-<span class=\"_ _2b\"> </span><span class=\"ff5\">Portafoglio <span class=\"_ _9\"> </span>in <span class=\"_ _9\"> </span>essere: <span class=\"_ _9\"> </span>Con <span class=\"_ _9\"> </span>riferimento<span class=\"_ _2\"></span> <span class=\"_ _9\"> </span>al <span class=\"_ _9\"> </span>portafoglio <span class=\"_ _9\"> </span>in <span class=\"_ _9\"> </span>ess<span class=\"_ _2\"></span>ere, <span class=\"_ _0\"></span>l\u2019identificazione <span class=\"_ _9\"> </span>dei <span class=\"_ _9\"> </span>rischi  v<span class=\"_ _f\"></span>ie<span class=\"_ _2\"></span>ne<span class=\"_ _df\"> </span></span><span class=\"ff5\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1cd0\">effettuata <span class=\"_ _d\"></span>sulla <span class=\"_ _d\"></span>base <span class=\"_ _d\"></span>dei <span class=\"_ _d\"></span>dati <span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>ecn<span class=\"_ _1\"></span>ici <span class=\"_ _d\"></span>del <span class=\"_ _d\"></span>portafoglio, <span class=\"_ _d\"></span>dei <span class=\"_ _2\"></span>dati <span class=\"_ _0\"></span>di <span class=\"_ _2\"></span>mercato <span class=\"_ _d\"></span>e <span class=\"_ _d\"></span>delle <span class=\"_ _d\"></span>misure <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>rischio<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1cd1\">determinate attraverso lo strumento di calcolo del<span class=\"_ _1\"></span> SCR adottato.<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1cd2\">Si riportano di seguito i macro-indicatori analizzati per la valutazione<span class=\"_ _1\"></span> e il monitoraggio dei r<span class=\"_ _2\"></span>ischi d<span class=\"_ _f\"></span>i<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1cd3\">mercato:<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff18 fs1 fc1 sc0 ls0 ws0 gs1cd4\">-<span class=\"_ _2b\"> </span><span class=\"ff4\">SCR Interest Rate <span class=\"ff5\">\u2013</span> <span class=\"ff5\">Based: indicatori che hanno lo scopo di indi<span class=\"_ _1\"></span>viduare l\u2019assorbimento di capitale,<span class=\"_ _df\"> </span></span></span><span class=\"ff4\"><span class=\"ff5\"> </span></span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1cd5\">secondo <span class=\"_ _17\"> </span>le <span class=\"_ _14\"> </span>metrich<span class=\"_ _2\"></span>e <span class=\"_ _17\"> </span>Solvency <span class=\"_ _14\"> </span>II, <span class=\"_ _14\"> </span>del <span class=\"_ _14\"> </span>rischio <span class=\"_ _14\"> </span>tas<span class=\"_ _2\"></span>so <span class=\"_ _14\"> </span>di <span class=\"_ _17\"> </span>interesse <span class=\"_ _14\"> </span>secondo <span class=\"_ _14\"> </span>un <span class=\"_ _14\"> </span>approccio <span class=\"_ _14\"> </span>sia<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1cd6\">regolamentare che gestionale;<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff18 fs1 fc1 sc0 ls0 ws0 gs1cd7\">-<span class=\"_ _2b\"> </span><span class=\"ff4\">Concentrazione relativa su singola controp<span class=\"_ _1\"></span>arte;<span class=\"_ _df\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m0 h5 ff18 fs1 fc1 sc0 ls0 ws0 gs1cd8\">-<span class=\"_ _2b\"> </span><span class=\"ff4\">Rating su singola controparte;<span class=\"_ _df\"> </span></span></div><div class=\"t m0 h5 ff18 fs1 fc1 sc0 ls0 ws0 gs1cd9\">-<span class=\"_ _2b\"> </span><span class=\"ff4\">Esposizione<span class=\"_ _1\"></span> assoluta in Equity;<span class=\"_ _df\"> </span></span></div><div class=\"t m0 h5 ff18 fs1 fc1 sc0 ls0 ws0 gs1cda\">-<span class=\"_ _2b\"> </span><span class=\"ff4\">Esposizione<span class=\"_ _1\"></span> relativa in Obbligazioni Corporate;<span class=\"_ _df\"> </span></span></div><div class=\"t m0 h5 ff18 fs1 fc1 sc0 ls0 ws0 gs1cdb\">-<span class=\"_ _2b\"> </span><span class=\"ff4\">Esposizione<span class=\"_ _1\"></span> assoluta in valuta estera;<span class=\"_ _df\"> </span></span></div><div class=\"t m0 h5 ff18 fs1 fc1 sc0 ls0 ws0 gs1cdc\">-<span class=\"_ _2b\"> </span><span class=\"ff4\">Duration;<span class=\"_ _df\"> </span></span><span class=\"ff4\"> </span></div>-<span class=\"_ _2b\"> </span><span class=\"ff4\">Sensitivi<span class=\"_ _1\"></span>ties  Spread<span class=\"_ _1\"></span>  Goverantivo <span class=\"_ _16\"> </span>Italia <span class=\"_ _9\"> </span>(al  fine <span class=\"_ _16\"> </span>di <span class=\"_ _9\"> </span>cat<span class=\"_ _2\"></span>turare <span class=\"_ _16\"> </span>il  fattore <span class=\"_ _16\"> </span>di <span class=\"_ _9\"> </span>r<span class=\"_ _2\"></span>ischio <span class=\"_ _9\"> </span>spread  sui <span class=\"_ _9\"> </span>tito<span class=\"_ _2\"></span>li<span class=\"_ _df\"> </span></span>governativi non incluso nella formula standard);<span class=\"_ _df\"> </span>-<span class=\"_ _1b\"> </span><span class=\"ff4 fs1\">Sensitivity sui fattori di rischio mercato (es. tasso).<span class=\"_ _df\"> </span></span>Rischio<span class=\"_ _f\"></span> Asset <span class=\"_ _f\"></span>Liability M<span class=\"_ _1\"></span>anag<span class=\"_ _f\"></span>ement <span class=\"_ _f\"></span>(ALM)<span class=\"_ _df\"> </span>Il  rischio  ALM<span class=\"_ _1\"></span>  \u00e8  un  ri<span class=\"_ _f\"></span>s<span class=\"_ _2\"></span>chio  stre<span class=\"_ _f\"></span>t<span class=\"_ _2\"></span>tamente  correlato <span class=\"_ _16\"> </span>ai  disalline<span class=\"_ _f\"></span>amenti  tr<span class=\"_ _2\"></span>a  attivit\u00e0  e  p<span class=\"_ _1\"></span>assivit\u00e0.  Il<span class=\"_ _df\"> </span>processo <span class=\"_ _e\"> </span>ALM <span class=\"_ _15\"> </span>include <span class=\"_ _15\"> </span>al <span class=\"_ _e\"> </span>suo <span class=\"_ _e\"> </span>interno <span class=\"_ _e\"> </span>dinamiche <span class=\"_ _15\"> </span>connesse <span class=\"_ _e\"> </span>alla <span class=\"_ _15\"> </span>gestione <span class=\"_ _e\"> </span>dei <span class=\"_ _15\"> </span>rischi <span class=\"_ _e\"> </span>e <span class=\"_ _e\"> </span>alla<span class=\"_ _df\"> </span>pianificazione <span class=\"_ _4\"> </span>strategica. <span class=\"_ _4\"> </span>Si <span class=\"_ _4\"> </span>focalizza <span class=\"_ _4\"> </span>sul <span class=\"_ _4\"> </span>medio <span class=\"_ _4\"> </span>- <span class=\"_ _17\"> </span>lungo <span class=\"_ _4\"> </span>termine <span class=\"_ _4\"> </span>anzich\u00e9 <span class=\"_ _4\"> </span>offrire <span class=\"_ _4\"> </span>so<span class=\"_ _2\"></span>luzioni<span class=\"_ _1\"></span> <span class=\"_ _4\"> </span>di<span class=\"_ _df\"> </span>mitigazione <span class=\"_ _f\"></span>o copertura del <span class=\"_ _f\"></span>rischio. L\u2019obiettiv<span class=\"ff4\">o di <span class=\"_ _f\"></span>tal<span class=\"_ _2\"></span>e <span class=\"_ _f\"></span>gestione del rischio <span class=\"_ _f\"></span>\u00e8 quello di <span class=\"_ _f\"></span>mass<span class=\"_ _2\"></span>imizzare<span class=\"_ _df\"> </span></span>le attivit\u00e0 per soddisfare le passiv<span class=\"_ _1\"></span>it\u00e0 complesse che possono aumentare la redditivit\u00e0.<span class=\"_ _df\"> </span>Alla sottocategoria dei Rischi ALM appartengono i segue<span class=\"_ _1\"></span>nti fattori di rischio: -<span class=\"_ _2b\"> </span><span class=\"ff4\">Asset <span class=\"_ _0\"></span>Allocation <span class=\"_ _0\"></span>Strategica <span class=\"_ _0\"></span>(AAT<span class=\"ff5\">): <span class=\"_ _0\"></span>consist<span class=\"_ _2\"></span>e <span class=\"_ _0\"></span>nel <span class=\"_ _0\"></span>rischio <span class=\"_ _0\"></span>risultante <span class=\"_ _0\"></span>dall\u2019inadeguatezza/incoerenza<span class=\"_ _df\"> </span></span></span>dell\u2019asset allocation per fare fronte alle<span class=\"_ _1\"></span> passivit\u00e0.<span class=\"_ _df\"> </span>-<span class=\"_ _2b\"> </span><span class=\"ff4\">Asset <span class=\"_ _d\"></span>&amp; <span class=\"_ _d\"></span>Liability <span class=\"_ _d\"></span>mismatch: <span class=\"_ _d\"></span>corrisponde <span class=\"_ _d\"></span>al <span class=\"_ _d\"></span>rischio <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>disallineamento <span class=\"_ _d\"></span>t<span class=\"_ _2\"></span>ra <span class=\"_ _d\"></span>attivi <span class=\"_ _d\"></span>e <span class=\"_ _d\"></span>passivi <span class=\"_ _d\"></span>che <span class=\"_ _d\"></span>pu\u00f2<span class=\"_ _df\"> </span></span>comportare un\u2019esposizione dell\u2019impresa<span class=\"ff4\"> o al rischio disinvestimento o al rischio reinvestimento.<span class=\"_ _df\"> </span></span>La <span class=\"_ _14\"> </span>Compagnia <span class=\"_ _14\"> </span>adotta, <span class=\"_ _14\"> </span>nei <span class=\"_ _15\"> </span>confronti <span class=\"_ _14\"> </span>dei <span class=\"_ _14\"> </span>fattori <span class=\"_ _14\"> </span>di <span class=\"_ _14\"> </span>rischio <span class=\"_ _14\"> </span>sopra <span class=\"_ _14\"> </span>enunciati, <span class=\"_ _14\"> </span>linee <span class=\"_ _14\"> </span>guida <span class=\"_ _14\"> </span>che<span class=\"_ _df\"> </span>definiscono <span class=\"_ _4\"> </span>i <span class=\"_ _17\"> </span>principi <span class=\"_ _4\"> </span>generali<span class=\"ls4d\">, <span class=\"_ _4\"> </span></span>la <span class=\"_ _17\"> </span>periodicit\u00e0 <span class=\"_ _4\"> </span>dei <span class=\"_ _4\"> </span>controlli <span class=\"_ _17\"> </span>e <span class=\"_ _4\"> </span>le <span class=\"_ _4\"> </span>azioni <span class=\"_ _17\"> </span>di <span class=\"_ _4\"> </span>ripristino <span class=\"_ _17\"> </span>in <span class=\"_ _4\"> </span>caso <span class=\"_ _4\"> </span>di<span class=\"_ _df\"> </span>superamento dei limiti.<span class=\"_ _df\"> </span>Valutazione <span class=\"_ _d\"></span>dei <span class=\"_ _d\"></span>rischi <span class=\"_ _d\"></span>ALM <span class=\"_ _d\"></span>vien<span class=\"_ _2\"></span>e <span class=\"_ _d\"></span>effettuata <span class=\"_ _d\"></span>con <span class=\"_ _d\"></span>riferimento <span class=\"_ _d\"></span>al <span class=\"_ _d\"></span>portafoglio <span class=\"_ _d\"></span>investimenti <span class=\"_ _d\"></span>mobiliare<span class=\"_ _df\"> </span>gi\u00e0 <span class=\"_ _9\"> </span>acquisito <span class=\"_ _9\"> </span>e <span class=\"_ _9\"> </span>agli <span class=\"_ _9\"> </span>s<span class=\"_ _2\"></span>cenari <span class=\"_ _0\"></span>d<span class=\"_ _2\"></span>i <span class=\"_ _0\"> </span>i<span class=\"_ _2\"></span>nvestimento <span class=\"_ _9\"> </span>futuro. <span class=\"_ _9\"> </span>Tale <span class=\"_ _9\"> </span>attivit\u00e0 <span class=\"_ _16\"> </span>viene <span class=\"_ _9\"> </span>realizzata <span class=\"_ _9\"> </span>con <span class=\"_ _9\"> </span>logiche <span class=\"_ _16\"> </span>di<span class=\"_ _df\"> </span>Asset-Liability <span class=\"_ _f\"></span>Management, <span class=\"_ _1\"></span>al <span class=\"_ _f\"></span>fine d<span class=\"_ _1\"></span>i <span class=\"_ _f\"></span>co<span class=\"_ _2\"></span>gliere <span class=\"_ _f\"></span>le i<span class=\"_ _1\"></span>nterrelazioni e<span class=\"_ _1\"></span>sistenti <span class=\"_ _1\"></span>fra <span class=\"_ _f\"></span>le d<span class=\"_ _1\"></span>inamiche <span class=\"_ _f\"></span>dei <span class=\"_ _1\"></span>passivi<span class=\"_ _df\"> </span>e le dinamiche degli attivi a copertura delle riserve tecni<span class=\"_ _1\"></span>che.<span class=\"_ _df\"> </span>Per quanto riguarda i macro-indicatori analizzati per la valutazione e monitoraggio dei rischi AL<span class=\"_ _1\"></span>M:<span class=\"_ _df\"> </span>-<span class=\"_ _2b\"> </span><span class=\"ff4\">SCR Interest Rate <span class=\"ff5\">\u2013</span> Based: i<span class=\"ff5\">ndicatori che hanno lo scopo di indiv<span class=\"_ _1\"></span>iduare l\u2019assorbimento di capitale,<span class=\"_ _df\"> </span></span></span>secondo <span class=\"_ _17\"> </span>le <span class=\"_ _14\"> </span>metrich<span class=\"_ _2\"></span>e <span class=\"_ _17\"> </span>Solvency <span class=\"_ _14\"> </span>II, <span class=\"_ _14\"> </span>del <span class=\"_ _14\"> </span>rischio <span class=\"_ _14\"> </span>tas<span class=\"_ _2\"></span>so <span class=\"_ _14\"> </span>di <span class=\"_ _17\"> </span>interesse <span class=\"_ _14\"> </span>secondo <span class=\"_ _14\"> </span>un <span class=\"_ _14\"> </span>approccio <span class=\"_ _14\"> </span>sia<span class=\"_ _df\"> </span>regolamentare che gestionale;<span class=\"_ _df\"> </span>-<span class=\"_ _2b\"> </span><span class=\"ff5\">Cash <span class=\"_ _f\"></span>F<span class=\"_ _2\"></span>low <span class=\"_ _f\"></span>Matching: l\u2019indicatore <span class=\"_ _f\"></span>descrive il<span class=\"_ _1\"></span> disalline<span class=\"_ _1\"></span>amento, tem<span class=\"ff4\">po per <span class=\"_ _f\"></span>t<span class=\"_ _2\"></span>empo, <span class=\"_ _f\"></span>tr<span class=\"_ _2\"></span>a <span class=\"_ _f\"></span>i Cashflow <span class=\"_ _1\"></span>degli<span class=\"_ _df\"> </span></span></span>attivi e i Cashflow del passivo;<span class=\"_ _df\"> </span>-<span class=\"_ _2b\"> </span><span class=\"ff4\">Duration <span class=\"_ _2\"></span>Matching: <span class=\"_ _2\"></span>disallineamento <span class=\"_ _d\"></span>tra <span class=\"_ _d\"></span>la <span class=\"_ _d\"></span>duration <span class=\"_ _2\"></span>dei <span class=\"_ _2\"></span>Cas<span class=\"_ _2\"></span>hflow <span class=\"_ _2\"></span>Attivi <span class=\"_ _d\"></span>e <span class=\"_ _d\"></span>la <span class=\"_ _2\"></span>duration <span class=\"_ _d\"></span>dei <span class=\"_ _2\"></span>Cashflow<span class=\"_ _df\"> </span></span>Passivi.<span class=\"_ _df\"> </span>Rischio<span class=\"_ _f\"></span> di liquid<span class=\"_ _1\"></span>it\u00e0<span class=\"_ _df\"> </span>Le <span class=\"_ _2\"></span>Compagnie <span class=\"_ _2\"></span>sono <span class=\"_ _d\"></span>soggette <span class=\"_ _2\"></span>a <span class=\"_ _d\"></span>possibili <span class=\"_ _2\"></span>tensioni <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>liq<span class=\"_ _2\"></span>uidit\u00e0 <span class=\"_ _d\"></span>derivanti <span class=\"_ _2\"></span>da <span class=\"_ _2\"></span>scadenze <span class=\"_ _2\"></span>di<span class=\"_ _2\"></span>verse <span class=\"_ _2\"></span>tra <span class=\"_ _d\"></span>gli<span class=\"_ _df\"> </span>attivi e<span class=\"_ _1\"></span> i <span class=\"_ _f\"></span>relativi passivi.<span class=\"_ _1\"></span> Pe<span class=\"_ _1\"></span>r rischio di<span class=\"_ _1\"></span> liq<span class=\"_ _1\"></span>uidit\u00e0 si <span class=\"_ _f\"></span>intende il<span class=\"_ _1\"></span> rischio <span class=\"_ _f\"></span>c<span class=\"_ _2\"></span>he <span class=\"_ _f\"></span>la Compagnia <span class=\"_ _f\"></span>non sia in <span class=\"_ _f\"></span>grado<span class=\"_ _df\"> </span>di <span class=\"_ _2\"></span>liquidare <span class=\"_ _2\"></span>investimenti <span class=\"_ _2\"></span>ed alt<span class=\"_ _2\"></span>re <span class=\"_ _2\"></span>attivit\u00e0 <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>regolare <span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>propri <span class=\"_ _2\"></span>impegni <span class=\"_ _2\"></span>finanziari <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>momento <span class=\"_ _2\"></span>della<span class=\"_ _df\"> </span>relativa scadenza (cfr. articolo 1, comma 1, lettera vv-bis 2 del CAP). La <span class=\"_ _d\"></span>possibilit\u00e0 <span class=\"_ _2\"></span>di <span class=\"_ _d\"></span>procedere <span class=\"_ _2\"></span>allo <span class=\"_ _d\"></span>smobilizzo <span class=\"_ _2\"></span>tempestivo <span class=\"_ _d\"></span>del <span class=\"_ _2\"></span>port<span class=\"_ _2\"></span>afoglio <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _d\"></span>fortemente <span class=\"_ _d\"></span>condizionata<span class=\"_ _df\"> </span>dalla liquidabilit\u00e0 dei t<span class=\"_ _2\"></span>itoli in cui lo <span class=\"_ _2\"></span>stesso \u00e8 investito. La <span class=\"_ _2\"></span>scarsa liquidabilit\u00e0 dei <span class=\"_ _2\"></span>titoli <span class=\"_ _2\"></span>in portafoglio,<span class=\"_ _df\"> </span>infatti, <span class=\"_ _2\"></span>pu\u00f2 <span class=\"_ _2\"></span>esporr<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>Compagnia <span class=\"_ _2\"></span>al <span class=\"_ _d\"></span>rischio <span class=\"_ _2\"></span>di <span class=\"_ _d\"></span>conseguire <span class=\"_ _2\"></span>delle <span class=\"_ _2\"></span>perdite <span class=\"_ _2\"></span>connesse <span class=\"_ _2\"></span>alla <span class=\"_ _d\"></span>difficolt\u00e0 <span class=\"_ _2\"></span>di<span class=\"_ _df\"> </span>trovare sul mercato la controparte interessata all\u2019acq<span class=\"_ _1\"></span>uisto dei titoli che si intende smobilizzare.<span class=\"_ _df\"> </span>La Comp<span class=\"_ _1\"></span>agnia q<span class=\"_ _1\"></span>uantifica la <span class=\"_ _f\"></span>sua posizione <span class=\"_ _f\"></span>di solvibilit\u00e0 <span class=\"_ _f\"></span>con le <span class=\"_ _1\"></span>metriche d<span class=\"_ _1\"></span>ella Formula <span class=\"_ _f\"></span>Standard, che<span class=\"_ _df\"> </span>non prevede una quantificazione del rischio liquidit\u00e0 in termini di assorbimento di<span class=\"_ _1\"></span> capitale.<span class=\"_ _df\"> </span>L\u2019identificazione <span class=\"_ _f\"></span>dei rischi <span class=\"_ _1\"></span>viene <span class=\"_ _f\"></span>effettuata sulla <span class=\"_ _f\"></span>base dei <span class=\"_ _f\"></span>dati tecni<span class=\"_ _1\"></span>ci d<span class=\"_ _1\"></span>ei p<span class=\"_ _1\"></span>ortafogli e <span class=\"_ _f\"></span>del<span class=\"ff4\">le metriche<span class=\"_ _df\"> </span></span>definite in funzione dell\u2019orizzonte temporale con cui vi<span class=\"_ _1\"></span>ene analizzato e studiato il rischio stesso.<span class=\"_ _df\"> </span>Si  riportano  di  segu<span class=\"_ _1\"></span>ito  gli  indicatori  utilizzati  dalla  Compagnia  per  i<span class=\"_ _1\"></span>l  monitoraggio  del  rischio<span class=\"_ _df\"> </span>liquidit\u00e0:<span class=\"_ _df\"> </span>-<span class=\"_ _2b\"> </span><span class=\"ff4\">importo <span class=\"_ _9\"> </span>dei <span class=\"_ _9\"> </span>conti  co<span class=\"_ _f\"></span>rr<span class=\"_ _2\"></span>enti: <span class=\"_ _9\"> </span>la <span class=\"_ _9\"> </span>Co<span class=\"_ _2\"></span><span class=\"ff5\">mpagnia <span class=\"_ _9\"> </span>ha <span class=\"_ _16\"> </span>scelto <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>monitorare <span class=\"_ _9\"> </span>l\u2019importo <span class=\"_ _16\"> </span>detenuto <span class=\"_ _9\"> </span>nei <span class=\"_ _9\"> </span>Conti<span class=\"_ _df\"> </span></span></span>Correnti al <span class=\"_ _f\"></span>fine di <span class=\"_ _f\"></span>fiss<span class=\"_ _2\"></span>are <span class=\"_ _1\"></span>un l<span class=\"_ _1\"></span>imite inferiore <span class=\"_ _1\"></span>che <span class=\"_ _1\"></span>rappresenta la <span class=\"_ _f\"></span>Ri<span class=\"_ _2\"></span>serva <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>Liquidit\u00e0 (come<span class=\"_ _1\"></span> prescritta<span class=\"_ _df\"> </span>dal <span class=\"_ _9\"> </span>Reg. <span class=\"_ _9\"> </span>38 <span class=\"_ _9\"> </span>IVASS) <span class=\"_ _9\"> </span>e <span class=\"_ _16\"> </span>un <span class=\"_ _0\"></span>lim<span class=\"_ _2\"></span>ite <span class=\"_ _9\"> </span>superiore <span class=\"_ _9\"> </span>in <span class=\"_ _9\"> </span>termini <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>importo <span class=\"_ _9\"> </span>mas<span class=\"_ _2\"></span>simo <span class=\"_ _9\"> </span>da <span class=\"_ _9\"> </span>detenere <span class=\"_ _9\"> </span>nei <span class=\"_ _9\"> </span>Con<span class=\"_ _2\"></span>ti<span class=\"_ _df\"> </span>Correnti al <span class=\"_ _f\"></span>fine di <span class=\"_ _1\"></span>rendere e<span class=\"_ _1\"></span>fficace la <span class=\"_ _f\"></span>g<span class=\"_ _2\"></span>estione <span class=\"_ _1\"></span>del p<span class=\"_ _1\"></span>ortafoglio e <span class=\"_ _f\"></span>li<span class=\"_ _2\"></span>mitare <span class=\"_ _1\"></span>gli <span class=\"_ _1\"></span>eventuali effetti <span class=\"_ _f\"></span>s<span class=\"_ _2\"></span>ull\u2019<span class=\"_ _1\"></span>SCR<span class=\"_ _df\"> </span>Default. Nell<span class=\"_ _1\"></span>a quantificazione <span class=\"_ _1\"></span>della Riserva <span class=\"_ _1\"></span>di Liq<span class=\"_ _1\"></span>uidit\u00e0 concorrono non <span class=\"_ _f\"></span>so<span class=\"_ _2\"></span>lo <span class=\"_ _1\"></span>le esposizi<span class=\"_ _1\"></span>oni in Cont<span class=\"_ _1\"></span>o<span class=\"_ _df\"> </span>Corrente ma<span class=\"_ _1\"></span> anche<span class=\"_ _1\"></span> titoli <span class=\"_ _f\"></span>Governativi de<span class=\"_ _1\"></span>ll'Area Euro <span class=\"_ _f\"></span>con qualit\u00e0 <span class=\"_ _1\"></span>del <span class=\"_ _f\"></span>cr<span class=\"_ _2\"></span>edito <span class=\"_ _f\"></span>superiore a <span class=\"_ _1\"></span>2 e<span class=\"_ _1\"></span> scadenz<span class=\"_ _1\"></span>a<span class=\"_ _df\"> </span>inferiore ai 3 mesi.<span class=\"_ _df\"> </span>-<span class=\"_ _2b\"> </span><span class=\"ff4\">Liquid<span class=\"_ _1\"></span>ity <span class=\"_ _10\"> </span>Buffer: <span class=\"_ _10\"> </span>il <span class=\"_ _18\"> </span>numero <span class=\"_ _10\"> </span>di <span class=\"_ _10\"> </span>periodi, <span class=\"_ _10\"> </span>mensili, <span class=\"_ _10\"> </span>consec<span class=\"_ _2\"></span>utivi <span class=\"_ _10\"> </span>con <span class=\"_ _10\"> </span>Liquidity <span class=\"_ _10\"> </span>Buffer <span class=\"_ _10\"> </span>negativo,<span class=\"_ _df\"> </span></span>nell\u2019orizzonte <span class=\"_ _2\"></span>temporale <span class=\"_ _2\"></span>annuale <span class=\"_ _d\"></span>considerato <span class=\"_ _2\"></span>e <span class=\"_ _d\"></span>fornisce <span class=\"_ _2\"></span>un\u2019indicazione <span class=\"_ _2\"></span>sintetica <span class=\"_ _2\"></span>dell<span class=\"_ _2\"></span><span class=\"ff4\">a <span class=\"_ _2\"></span>situazione<span class=\"_ _df\"> </span></span>di liquidit\u00e0 della Compagnia;<span class=\"_ _df\"> </span><div class=\"t m0 h5 ff18 fs1 fc1 sc0 ls0 ws0 gs1d15\">-<span class=\"ff10\"> <span class=\"_ _51\"> </span><span class=\"ff5\">Piano <span class=\"_ _0\"></span>di <span class=\"_ _d\"></span>liquidit\u00e0: <span class=\"_ _0\"></span>l\u2019indicatore <span class=\"_ _d\"></span>\u00e8 <span class=\"_ _0\"></span>volto <span class=\"_ _d\"></span>a <span class=\"_ _0\"></span>dimostrare <span class=\"_ _d\"></span>che <span class=\"_ _0\"></span>la <span class=\"_ _d\"></span>Compagnia <span class=\"_ _d\"></span>ha <span class=\"_ _0\"></span>le <span class=\"_ _d\"></span>risorse <span class=\"_ _0\"></span>finanziarie <span class=\"_ _d\"></span>su<span class=\"_ _df\"> </span></span></span><span class=\"ff10\"><span class=\"ff5\"> </span></span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1d16\">base <span class=\"_ _0\"></span>continuativa <span class=\"_ _d\"></span>per <span class=\"_ _0\"></span>la <span class=\"_ _0\"></span>gestione <span class=\"_ _0\"></span>del <span class=\"_ _d\"></span>r<span class=\"_ _2\"></span>ischio <span class=\"_ _d\"></span>liquidit\u00e0. <span class=\"_ _0\"></span>Tale <span class=\"_ _0\"></span>condizione <span class=\"_ _0\"></span>risulta <span class=\"_ _0\"></span>inoltre <span class=\"_ _0\"></span>essere <span class=\"_ _0\"></span>alla<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs1d17\">base per l\u2019a<span class=\"ff4\">pplicazione del Volatility Adju<span class=\"_ _1\"></span>stment a livello Regolamentare; </span><span class=\"ff4\"><span class=\"_ _2\"></span> </span></div><div class=\"t m0 h5 ff18 fs1 fc1 sc0 ls0 ws0 gs1d18\">-<span class=\"ff10\"> <span class=\"_ _51\"> </span><span class=\"ff4\">Cont<span class=\"_ _2\"></span>ingenc<span class=\"_ _1\"></span>y di liquidit\u00e0: ovvero titoli facilmente liquidabili;<span class=\"_ _df\"> </span></span></span><span class=\"ff10\"><span class=\"ff4\"> </span></span></div><div class=\"t m0 h5 ff18 fs1 fc1 sc0 ls0 ws0 gs1d19\">-<span class=\"ff10\"> <span class=\"_ _51\"> </span><span class=\"ff5\">SCR <span class=\"_ _4\"> </span>default <span class=\"_ _4\"> </span>conti <span class=\"_ _4\"> </span>corrente: <span class=\"_ _4\"> </span>al <span class=\"_ _4\"> </span>fine <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>limitare <span class=\"_ _4\"> </span>gli <span class=\"_ _4\"> </span>eventuali <span class=\"_ _4\"> </span>effetti <span class=\"_ _4\"> </span>sull\u2019SCR <span class=\"_ _4\"> </span>default <span class=\"_ _22\"> </span>derivan<span class=\"_ _2\"></span>te<span class=\"_ _df\"> </span></span></span><span class=\"ff10\"><span class=\"ff5\"> </span></span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs1d1a\">dall\u2019aumento dei <span class=\"_ _2\"></span>volumi d<span class=\"_ _2\"></span>ei con<span class=\"_ _2\"></span><span class=\"ff4\">ti <span class=\"_ _2\"></span>corrente, la <span class=\"_ _2\"></span>Compagnia ha <span class=\"_ _2\"></span>fissato <span class=\"_ _2\"></span>un <span class=\"_ _2\"></span>limite superiore <span class=\"_ _2\"></span>in t<span class=\"_ _2\"></span>ermini<span class=\"_ _df\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1d1b\">di SCR Default.<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc4 sc3 ls0 ws0 gs1d1c\">Rischio<span class=\"_ _f\"></span> di credit<span class=\"_ _1\"></span>o (d<span class=\"_ _1\"></span>efault<span class=\"_ _1\"></span>)<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1d1d\">Si <span class=\"_ _2\"></span>definisce r<span class=\"_ _2\"></span>ischio <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>credito <span class=\"_ _2\"></span>(rischio <span class=\"_ _2\"></span>default) il <span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>ischio <span class=\"_ _2\"></span>di p<span class=\"_ _2\"></span>erdita <span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>variazione sfavorevole <span class=\"_ _2\"></span>della<span class=\"_ _df\"> </span><span class=\"_ _2\"></span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1d1e\">situazione <span class=\"_ _1\"></span>finanziaria d<span class=\"_ _1\"></span>erivante da <span class=\"_ _1\"></span>oscillazioni d<span class=\"_ _1\"></span>el me<span class=\"_ _1\"></span>rito di <span class=\"_ _f\"></span>credi<span class=\"_ _2\"></span>to di<span class=\"_ _1\"></span> emittenti <span class=\"_ _f\"></span>di titoli, <span class=\"_ _f\"></span>cont<span class=\"_ _2\"></span>roparti<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs1d1f\">e debitori nei confront<span class=\"_ _2\"></span>i dei quali l\u2019impresa di <span class=\"_ _2\"></span>assicurazione o di <span class=\"_ _2\"></span>riassicurazione<span class=\"_ _1\"></span> \u00e8 <span class=\"_ _2\"></span>esposta in forma<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1d20\">di rischio <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>inadempimento della <span class=\"_ _2\"></span>controparte, <span class=\"_ _2\"></span>di rischio <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>spread o <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>concentraz<span class=\"_ _2\"></span>ione del <span class=\"_ _2\"></span>rischio<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1d21\">di mercato (cfr. articolo 1, comma 1, lettera vv-bis 1 del CAP).<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs1d22\">La perdita di valore<span class=\"_ _1\"></span> della posizione cred<span class=\"_ _1\"></span>itoria e collegata principalmente all<span class=\"_ _1\"></span>a qualit\u00e0 dell\u2019emittente<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1d23\">o  della  controparte <span class=\"_ _16\"> </span>(inclusi <span class=\"_ _16\"> </span>i  riassicuratori,  coassicu<span class=\"_ _1\"></span>ratori,  assicurat<span class=\"_ _2\"></span>i  ed<span class=\"_ _1\"></span>  intermediari)  ma  p<span class=\"_ _1\"></span>u\u00f2<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1d24\">anche <span class=\"_ _d\"></span>derivare <span class=\"_ _d\"></span>da <span class=\"_ _d\"></span>un <span class=\"_ _d\"></span>deterioramento <span class=\"_ _d\"></span>delle <span class=\"_ _d\"></span>condizioni <span class=\"_ _d\"></span>economico<span class=\"_ _2\"></span>-finanziarie <span class=\"_ _d\"></span>del <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>ebitore <span class=\"_ _d\"></span>da <span class=\"_ _d\"></span>cui<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1d25\">dipende <span class=\"_ _1\"></span>la cap<span class=\"_ _1\"></span>acita di<span class=\"_ _1\"></span> far <span class=\"_ _f\"></span>fronte <span class=\"_ _1\"></span>agli <span class=\"_ _1\"></span>impegni <span class=\"_ _1\"></span>finanziari <span class=\"_ _1\"></span>assunti, nonch\u00e9<span class=\"_ _f\"></span> da cau<span class=\"_ _1\"></span>se ind<span class=\"_ _1\"></span>ipendenti d<span class=\"_ _1\"></span>alla<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1d26\">situazione <span class=\"_ _d\"></span>economica <span class=\"_ _d\"></span>o <span class=\"_ _d\"></span>finanziar<span class=\"_ _2\"></span>ia <span class=\"_ _d\"></span>della <span class=\"_ _2\"></span>cont<span class=\"_ _2\"></span>roparte <span class=\"_ _d\"></span>debitrice, <span class=\"_ _d\"></span>quali <span class=\"_ _d\"></span>ad <span class=\"_ _d\"></span>esempio <span class=\"_ _d\"></span>cause <span class=\"_ _d\"></span>politico<span class=\"_ _2\"></span>-<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1d27\">militare.<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1d28\">Da un punto di vista puramente rappresentativo id<span class=\"_ _1\"></span>entifichiamo tre macro aree del rischio credito:<span class=\"_ _df\"> </span><span class=\"_ _2\"></span> </div><div class=\"t m0 h5 ff18 fs1 fc1 sc0 ls0 ws0 gs1d29\">-<span class=\"ff10\"> <span class=\"_ _51\"> </span><span class=\"ff4\">Riass<span class=\"_ _2\"></span>icurazione<span class=\"_ _1\"></span>;<span class=\"_ _df\"> </span></span></span><span class=\"ff10\"><span class=\"ff4\"> </span></span></div><div class=\"t m0 h5 ff18 fs1 fc1 sc0 ls0 ws0 gs1d2a\">-<span class=\"ff10\"> <span class=\"_ _51\"> </span><span class=\"ff4\">Intermediarie e altre contropart<span class=\"_ _2\"></span>i; </span></span><span class=\"ff10\"><span class=\"ff4\"> </span></span></div><div class=\"t m0 h5 ff18 fs1 fc1 sc0 ls0 ws0 gs1d2b\">-<span class=\"ff10\"> <span class=\"_ _51\"> </span><span class=\"ff4\">Invest<span class=\"_ _2\"></span>imenti.<span class=\"_ _df\"> </span></span></span><span class=\"ff10\"><span class=\"ff4\"> </span></span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1d2c\">I fattori di rischio sottostanti alle singole sottocategorie del rischio credi<span class=\"_ _1\"></span>to sono i seguenti:<span class=\"_ _df\"> </span><span class=\"_ _2\"></span> </div><div class=\"t m0 h5 ff18 fs1 fc1 sc0 ls0 ws0 gs1d2d\">-<span class=\"ff10\"> <span class=\"_ _51\"> </span><span class=\"ff4\">Per quanto r<span class=\"_ _2\"></span>iguarda la sottoclasse<span class=\"_ _1\"></span> Rassicurazione:<span class=\"_ _df\"> </span></span></span><span class=\"ff10\"><span class=\"ff4\"><span class=\"_ _2\"></span> </span></span></div><div class=\"t m0 h5 ff12 fs1 fc1 sc0 ls0 ws0 gs1d2e\">o<span class=\"ff10\"> <span class=\"_ _6\"> </span><span class=\"ff4\">Rischio d<span class=\"_ _1\"></span>i credito v<span class=\"_ _1\"></span>erso riassicur<span class=\"_ _1\"></span>atori: <span class=\"ff5\">rappresenta il <span class=\"_ _f\"></span>r<span class=\"_ _2\"></span>ischio <span class=\"_ _f\"></span>di perdite deriv<span class=\"_ _1\"></span>anti dall\u2019insolvenz<span class=\"_ _1\"></span>a di<span class=\"_ _df\"> </span></span></span></span><span class=\"ff10\"><span class=\"ff4\"><span class=\"ff5\"> </span></span></span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1d2f\">uno o pi\u00f9 riassicuratori;<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff12 fs1 fc1 sc0 ls0 ws0 gs1d30\">o<span class=\"ff10\"> <span class=\"_ _6\"> </span><span class=\"ff4\">Rischio <span class=\"_ _22\"> </span>di <span class=\"_ _4\"> </span>base: <span class=\"_ _4\"> </span>derivante <span class=\"_ _4\"> </span>dalle <span class=\"_ _4\"> </span>eventuali <span class=\"_ _22\"> </span>d<span class=\"_ _2\"></span>iscrepanze <span class=\"_ _22\"> </span>t<span class=\"_ _2\"></span>ra <span class=\"_ _4\"> </span>le <span class=\"_ _4\"> </span>esige<span class=\"_ _1\"></span>nze <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>riassicurazione <span class=\"_ _22\"> </span>e<span class=\"_ _df\"> </span></span></span><span class=\"ff10\"><span class=\"ff4\"><span class=\"_ _2\"></span> </span></span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs1d31\">l\u2019effettiva  copertura <span class=\"_ _4\"> </span>previ<span class=\"_ _1\"></span>sta <span class=\"_ _4\"> </span>dal  trattato <span class=\"_ _4\"> </span>comportando  per  la <span class=\"_ _4\"> </span>Compagnia  un\u2019assunzione  di<span class=\"_ _df\"> </span><span class=\"_ _2\"></span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1d32\">rischio maggiore rispetto a quella preventiv<span class=\"_ _1\"></span>ata.<span class=\"_ _df\"> </span><span class=\"_ _2\"></span> </div><div class=\"t m0 h5 ff18 fs1 fc1 sc0 ls0 ws0 gs1d33\">-<span class=\"ff10\"> <span class=\"_ _51\"> </span><span class=\"ff4\">Per quanto r<span class=\"_ _2\"></span>iguarda gli intermediari e le altre controparti:<span class=\"_ _df\"> </span></span></span><span class=\"ff10\"><span class=\"ff4\"> </span></span></div><div class=\"t m0 h5 ff12 fs1 fc1 sc0 ls0 ws0 gs1d34\">o<span class=\"ff10\"> <span class=\"_ _6\"> </span><span class=\"ff4\">Rischio  di<span class=\"_ _1\"></span>  credito  verso  intermediari  e  altre  controparti:  rappre<span class=\"_ _1\"></span>senta  il  rischio  di  perdite  in<span class=\"_ _df\"> </span></span></span><span class=\"ff10\"><span class=\"ff4\"> </span></span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs1d35\">conseguenza <span class=\"_ _f\"></span>all\u2019inadempimento <span class=\"_ _f\"></span>contrattuale <span class=\"_ _f\"></span>di <span class=\"_ _f\"></span>s<span class=\"_ _2\"></span>oggetti <span class=\"_ _f\"></span>terzi <span class=\"_ _f\"></span>(es. <span class=\"_ _f\"></span>i <span class=\"_ _f\"></span>crediti <span class=\"_ _f\"></span>verso assicu<span class=\"_ _1\"></span>rati, <span class=\"_ _f\"></span>verso<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1d36\">intermediari assicurativi, conti correnti verso banche)<span class=\"_ _1\"></span>.<span class=\"_ _df\"> </span><span class=\"_ _2\"></span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1d37\">Da <span class=\"_ _d\"></span>un <span class=\"_ _2\"></span>punto <span class=\"_ _d\"></span>di <span class=\"_ _2\"></span>vista <span class=\"_ _d\"></span>della <span class=\"_ _2\"></span>distribuzione <span class=\"_ _d\"></span>dei <span class=\"_ _2\"></span>rischi <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>counterparty <span class=\"_ _2\"></span>default <span class=\"_ _d\"></span>di <span class=\"_ _2\"></span>Credemassicurazioni<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1d38\">secondo <span class=\"_ _0\"></span>i <span class=\"_ _9\"> </span>dettami <span class=\"_ _9\"> </span>normativi <span class=\"_ _9\"> </span>Solvency <span class=\"_ _0\"></span>II <span class=\"_ _9\"> </span>si <span class=\"_ _9\"> </span>riporta <span class=\"_ _9\"> </span>nella <span class=\"_ _9\"> </span>tabella <span class=\"_ _0\"></span>di <span class=\"_ _9\"> </span>seguito <span class=\"_ _9\"> </span>la <span class=\"_ _9\"> </span>miglior <span class=\"_ _0\"></span>s<span class=\"_ _2\"></span>tima <span class=\"_ _0\"></span>della<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1d39\">rappresentazione <span class=\"_ _2\"></span>del <span class=\"_ _d\"></span>rischio <span class=\"_ _d\"></span>alla <span class=\"_ _d\"></span>data <span class=\"_ _d\"></span>di <span class=\"_ _2\"></span>redazione <span class=\"_ _d\"></span>della <span class=\"_ _2\"></span>presente <span class=\"_ _d\"></span>sezione <span class=\"_ _d\"></span>(si <span class=\"_ _2\"></span>precisa <span class=\"_ _d\"></span>che <span class=\"_ _d\"></span>il <span class=\"_ _2\"></span>peso<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1d3a\">complessivo dei rischi counte<span class=\"_ _1\"></span>rpary<span class=\"_ _2\"></span> defaul<span class=\"_ _1\"></span>t \u00e8 pari al 0,7%).<span class=\"_ _2\"></span> </div><div class=\"gs1d3b\"><table class=\"s w11e9 h5c6\" id=\"_d7c3d707-0f79-49d7-981f-09824734fe4a\"><tr><td class=\"c xa51 y38db w11ea h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">Credit risk - risk/sum <span class=\"_ _f\"></span>of risk components - relativ<span class=\"_ _1\"></span>o e<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c xb9a y38dc w5b9 h49\"><div class=\"t m0 x1af h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">IVQ <span class=\"ls2a\">2025</span> </div></td></tr><tr><td class=\"c xb96 y2dd3 w11e5 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">complessivo<span class=\"_ _df\"> </span></div></td><td></td><td></td></tr><tr><td></td><td class=\"c xb9a y38dd w65b h49\"><div class=\"t m1 x14 h5b y32 ff4 fs19 fc1 sc0 ls0 ws0\">% Relativo </div></td><td class=\"c xb9b y38dd w590 h49\"><div class=\"t m1 xac h5b y32 ff4 fs19 fc1 sc0 ls0 ws0\">% Complessiv<span class=\"_ _1\"></span>o </div></td></tr><tr><td class=\"c xb9c y38de w659 h49\"><div class=\"t m0 x163 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">Type 1 counterpa<span class=\"_ _1\"></span>rties </div></td><td class=\"c xb9a y38de w65b h49\"><div class=\"t m0 x3a h1f y25c ff4 fs7 fc1 sc0 ls0 ws0\">69,0% </div></td><td class=\"c xb9b y38de w590 h49\"><div class=\"t m0 x2c h1f y25c ff4 fs7 fc1 sc0 ls0 ws0\">0,5% </div></td></tr><tr><td class=\"c xb9c y38df w659 h49\"><div class=\"t m0 x163 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">Type 2 counterpa<span class=\"_ _1\"></span>rties </div></td><td class=\"c xb9a y38df w65b h49\"><div class=\"t m0 x27 h1f y25c ff4 fs7 fc1 sc0 ls0 ws0\">31,0% </div></td><td class=\"c xb9b y38df w590 h49\"><div class=\"t m0 x2c h1f y25c ff4 fs7 fc1 sc0 ls0 ws0\">0,2% </div></td></tr></table></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1d3c\">Le <span class=\"_ _d\"></span>politiche <span class=\"_ _d\"></span>r<span class=\"_ _2\"></span>elative<span class=\"_ _1\"></span> <span class=\"_ _d\"></span>alla <span class=\"_ _0\"></span>gestione <span class=\"_ _d\"></span>del <span class=\"_ _d\"></span>r<span class=\"_ _2\"></span>ischio <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>credito <span class=\"_ _0\"></span>verso <span class=\"_ _d\"></span>gli <span class=\"_ _d\"></span>emitt<span class=\"_ _2\"></span>enti <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>strumenti <span class=\"_ _d\"></span>finanziari<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1d3d\">sono <span class=\"_ _d\"></span>riconducibili <span class=\"_ _d\"></span>a <span class=\"_ _d\"></span>quanto <span class=\"_ _d\"></span>sopra <span class=\"_ _d\"></span>r<span class=\"_ _2\"></span>iportato <span class=\"_ _2\"></span>a <span class=\"_ _0\"></span>proposito <span class=\"_ _d\"></span>del <span class=\"_ _2\"></span>rischio <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>mer<span class=\"_ _2\"></span>cato <span class=\"_ _d\"></span>con <span class=\"_ _d\"></span>riferimento<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>ai<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1d3e\">principi ge<span class=\"_ _1\"></span>nerali relativi al <span class=\"_ _1\"></span>controllo deg<span class=\"_ _1\"></span>li investimenti di <span class=\"_ _1\"></span>natura finanziaria. P<span class=\"_ _1\"></span>er quanto conce<span class=\"_ _1\"></span>rne le<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1d3f\">controparti riassicu<span class=\"_ _f\"></span>r<span class=\"_ _2\"></span>ative, <span class=\"_ _f\"></span>Credemass<span class=\"_ _2\"></span>icurazioni <span class=\"_ _f\"></span>ha defi<span class=\"_ _1\"></span>nito politiche <span class=\"_ _f\"></span>per la ge<span class=\"_ _1\"></span>stione e <span class=\"_ _f\"></span>il controllo <span class=\"_ _1\"></span>di<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1d40\">tale rischio in termini di linee guida e limiti relativi alle controparti.  </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs1d41\">L\u2019identificazione <span class=\"_ _d\"></span>d<span class=\"_ _2\"></span>el <span class=\"_ _0\"></span>Counterparty <span class=\"_ _0\"></span>Default <span class=\"_ _0\"></span>Risk <span class=\"_ _0\"></span>viene <span class=\"_ _0\"></span>effettuata <span class=\"_ _0\"></span>con <span class=\"_ _0\"></span>r<span class=\"_ _2\"></span>iferimento <span class=\"_ _0\"></span>alle <span class=\"_ _0\"></span>controparti<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1d42\">verso le quali sussistono posizioni di<span class=\"_ _1\"></span> credito.<span class=\"_ _df\"> </span><span class=\"_ _2\"></span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1d43\">Si riportano sinteticamente di segui<span class=\"_ _1\"></span>to le misure di rischio utilizzate:<span class=\"_ _df\"> </span><span class=\"_ _2\"></span> </div><div class=\"t m0 h5 ff18 fs1 fc1 sc0 ls0 ws0 gs1d44\">-<span class=\"ff10\"> <span class=\"_ _51\"> </span><span class=\"ff4\">SCR Counterparty<span class=\"_ _2\"></span> Default Risk;<span class=\"_ _df\"> </span></span></span><span class=\"ff10\"><span class=\"ff4\"> </span></span></div><div class=\"t m0 h5 ff18 fs1 fc1 sc0 ls0 ws0 gs1d45\">-<span class=\"ff10\"> <span class=\"_ _51\"> </span><span class=\"ff5\">Import<span class=\"_ _2\"></span>o <span class=\"_ _9\"> </span>Massimo <span class=\"_ _0\"> </span>in <span class=\"_ _16\"> </span>Conti <span class=\"_ _9\"> </span>Corre<span class=\"_ _1\"></span>nti: <span class=\"_ _9\"> </span>rappresenta <span class=\"_ _9\"> </span>l\u2019ammontare <span class=\"_ _9\"> </span>mass<span class=\"_ _2\"></span>imo <span class=\"_ _0\"></span>in <span class=\"_ _9\"> </span>C/C <span class=\"_ _16\"> </span>da <span class=\"_ _0\"></span>detenere <span class=\"_ _9\"> </span>sul<span class=\"_ _df\"> </span></span></span><span class=\"ff10\"><span class=\"ff5\"> </span></span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1d46\">portafoglio; </div>-<span class=\"_ _2b\"> </span><span class=\"ff5\">Esposizione<span class=\"_ _1\"></span> pe<span class=\"_ _1\"></span>r Riassicuratore: <span class=\"_ _1\"></span>l\u2019indicatore i<span class=\"_ _1\"></span>ndividua <span class=\"_ _f\"></span>l\u2019esposizione verso ciascu<span class=\"_ _1\"></span>n Ri<span class=\"_ _1\"></span>assicuratore in<span class=\"_ _df\"> </span></span>termini di somme assicurat<span class=\"lse\">e;<span class=\"_ _df\"> </span></span>-<span class=\"_ _1b\"> </span><span class=\"ff5 fs1\">Rating <span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>Solvency Rat<span class=\"_ _2\"></span>io per <span class=\"_ _2\"></span>Riassicuratore: <span class=\"_ _2\"></span>l\u2019indicatore <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _2\"></span>pari al <span class=\"_ _2\"></span>Rating <span class=\"_ _2\"></span>del s<span class=\"_ _2\"></span>ingolo Riassicuratore<span class=\"_ _df\"> </span></span>o, in caso di controparte non retata, al Solvency Ratio dell<span class=\"_ _1\"></span>o stesso.<span class=\"_ _df\"> </span>Rischi <span class=\"_ _1\"></span>oper<span class=\"_ _1\"></span>ativi<span class=\"_ _df\"> </span>Il<span class=\"_ _df\"> </span>rischio ope<span class=\"_ _f\"></span>r<span class=\"_ _2\"></span>ativo \u00e8 <span class=\"_ _f\"></span>definibile come i<span class=\"_ _1\"></span>l rischio <span class=\"_ _f\"></span>di subire <span class=\"_ _f\"></span>p<span class=\"_ _2\"></span>erdite derivanti <span class=\"_ _f\"></span>dalla inadeguatezza <span class=\"_ _f\"></span>o dalla<span class=\"_ _df\"> </span>disfunzione <span class=\"_ _0\"></span>(<span class=\"_ _2\"></span>carenze <span class=\"_ _0\"></span>o  errori) <span class=\"_ _0\"></span>di <span class=\"_ _9\"> </span>procedure <span class=\"_ _16\"> </span>interne, <span class=\"_ _9\"> </span>risorse <span class=\"_ _9\"> </span>umane <span class=\"_ _9\"> </span>o <span class=\"_ _16\"> </span>sistemi <span class=\"_ _9\"> </span>oppure <span class=\"_ _9\"> </span>da <span class=\"_ _9\"> </span>ev<span class=\"_ _2\"></span>enti<span class=\"_ _df\"> </span>esogeni <span class=\"_ _0\"></span>(cfr. <span class=\"_ _d\"></span>ar<span class=\"_ _2\"></span>ticolo <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=\"_ _9\"> </span>del <span class=\"_ _0\"></span>CAP). <span class=\"_ _0\"></span><span class=\"ff5\">Pertanto, <span class=\"_ _0\"></span>l\u2019impresa <span class=\"_ _0\"></span>pu\u00f2 <span class=\"_ _0\"></span>incorrere <span class=\"_ _0\"></span>in<span class=\"_ _df\"> </span></span>perdite <span class=\"_ _22\"> </span>o<span class=\"_ _2\"></span>perative, <span class=\"_ _22\"> </span>de<span class=\"_ _2\"></span>finibili <span class=\"_ _4\"> </span>come <span class=\"_ _22\"> </span>gli <span class=\"_ _4\"> </span>effetti <span class=\"_ _4\"> </span>economici <span class=\"_ _4\"> </span>negativi <span class=\"_ _4\"> </span>derivanti <span class=\"_ _4\"> </span>da <span class=\"_ _22\"> </span>eventi <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>natura<span class=\"_ _df\"> </span>operativa, rilevati nella contabilit\u00e0 aziendale e tali da avere imp<span class=\"_ _1\"></span>atto sul conto economico.<span class=\"_ _df\"> </span>Alla pi\u00f9 generale categoria dei Rischi Ope<span class=\"_ _1\"></span>rativi appartengono le seguenti sotto<span class=\"_ _2\"></span>-categori<span class=\"lse\">e:<span class=\"_ _df\"> </span></span>-<span class=\"_ _1b\"> </span><span class=\"ff4\">Rischio Operativi;<span class=\"_ _df\"> </span></span>-<span class=\"_ _1b\"> </span><span class=\"ff4\">Rischio ICT e di Sicurezza;<span class=\"_ _df\"> </span></span>-<span class=\"_ _1b\"> </span><span class=\"ff4\">Rischio di non Conformit\u00e0 alle norme;<span class=\"_ _df\"> </span></span>-<span class=\"_ _1b\"> </span><span class=\"ff4 fc1\">Model Risk;<span class=\"_ _df\"> </span></span>-<span class=\"_ _1b\"> </span><span class=\"ff4 fc1\">Continuit\u00e0 Operativa;<span class=\"_ _df\"> </span></span>-<span class=\"_ _1b\"> </span><span class=\"ff4 fc1\">Regulatory Operational Risk,<span class=\"_ _df\"> </span></span>di seguito meglio esplici<span class=\"_ _1\"></span>tate.<span class=\"_ _df\"> </span>Rischio<span class=\"_ _f\"></span> Opera<span class=\"_ _1\"></span>tivo <span class=\"_ _1\"></span>e ICT <span class=\"_ _1\"></span>&amp; di <span class=\"_ _f\"></span>Sicurezza<span class=\"_ _df\"> </span>I principali fattori di rischio che caratterizzano il rischio sono:<span class=\"_ _df\"> </span>-<span class=\"_ _2b\"> </span><span class=\"ff5\">Persone: <span class=\"_ _14\"> </span>le <span class=\"_ _14\"> </span>r<span class=\"_ _2\"></span>isorse <span class=\"_ _14\"> </span>umane <span class=\"_ _15\"> </span>possono <span class=\"_ _15\"> </span>essere <span class=\"_ _15\"> </span>fonte <span class=\"_ _15\"> </span>di <span class=\"_ _14\"> </span>r<span class=\"_ _2\"></span>ischio <span class=\"_ _14\"> </span>per <span class=\"_ _15\"> </span>l\u2019impresa, <span class=\"_ _14\"> </span>se <span class=\"_ _15\"> </span>la <span class=\"_ _15\"> </span>st<span class=\"_ _2\"></span>ruttura<span class=\"_ _df\"> </span></span>organizzativa non <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _2\"></span>efficie<span class=\"_ _1\"></span>nte, o<span class=\"_ _2\"></span>ppure si <span class=\"_ _2\"></span>verificano carenze nella <span class=\"_ _2\"></span>professionalit\u00e0 dei <span class=\"_ _2\"></span>dipendenti o,<span class=\"_ _df\"> </span>per <span class=\"_ _0\"></span>esempio, <span class=\"_ _d\"></span>se <span class=\"_ _0\"></span>la <span class=\"_ _0\"></span>strutt<span class=\"_ _2\"></span>ura <span class=\"_ _d\"></span>retr<span class=\"_ _2\"></span>ibutiva <span class=\"_ _d\"></span>e <span class=\"_ _0\"></span>il <span class=\"_ _0\"></span>percorso <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>carriera <span class=\"_ _0\"></span>non <span class=\"_ _0\"></span>sono <span class=\"_ _0\"></span>adeguati <span class=\"_ _0\"></span>e <span class=\"_ _0\"></span>se <span class=\"_ _0\"></span>il <span class=\"_ _d\"></span>clima<span class=\"_ _df\"> </span>aziendale <span class=\"_ _0\"> </span>non <span class=\"_ _16\"> </span>\u00e8 <span class=\"_ _9\"> </span>idoneo. <span class=\"_ _0\"></span>Gli <span class=\"_ _16\"> </span>esempi <span class=\"_ _0\"></span>di <span class=\"_ _9\"> </span>perdite <span class=\"_ _9\"> </span>dovute <span class=\"_ _9\"> </span>a <span class=\"_ _9\"> </span>risorse <span class=\"_ _9\"> </span>incompetenti <span class=\"_ _9\"> </span>o <span class=\"_ _9\"> </span>negligenti <span class=\"_ _9\"> </span>sono<span class=\"_ _df\"> </span>numerosi,  fra <span class=\"_ _4\"> </span>que<span class=\"_ _1\"></span>sti <span class=\"_ _22\"> </span>emergon<span class=\"_ _2\"></span>o  i <span class=\"_ _22\"> </span>cas<span class=\"_ _2\"></span>i  di  inserimento <span class=\"_ _4\"> </span>erroneo  di  dati <span class=\"_ _4\"> </span>nei  sistemi,  err<span class=\"_ _2\"></span>ori  nella<span class=\"_ _df\"> </span>trasposizione dei dati o violazi<span class=\"_ _1\"></span>oni di regolamenti.<span class=\"_ _df\"> </span>-<span class=\"_ _2b\"> </span><span class=\"ff4\">Processi: <span class=\"_ _0\"></span>i <span class=\"_ _9\"> </span>processi <span class=\"_ _9\"> </span>aziendali <span class=\"_ _0\"></span>sono <span class=\"_ _9\"> </span>fonte <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>rischio <span class=\"_ _9\"> </span>operativo <span class=\"_ _9\"> </span>nel<span class=\"_ _1\"></span> <span class=\"_ _9\"> </span>caso <span class=\"_ _9\"> </span>in <span class=\"_ _9\"> </span>cui <span class=\"_ _0\"></span>si <span class=\"_ _9\"> </span>verifichino <span class=\"_ _9\"> </span>delle<span class=\"_ _df\"> </span></span>inefficienze <span class=\"_ _9\"> </span>nel <span class=\"_ _16\"> </span>disegno, <span class=\"_ _9\"> </span>nella <span class=\"_ _16\"> </span>formalizzazione <span class=\"_ _9\"> </span>e <span class=\"_ _16\"> </span>nella <span class=\"_ _9\"> </span>definizione <span class=\"_ _16\"> </span>della <span class=\"_ _9\"> </span>str<span class=\"_ _2\"></span>uttura <span class=\"_ _9\"> </span>degli <span class=\"_ _9\"> </span>stessi  e<span class=\"_ _df\"> </span>quindi nella definizione degli att<span class=\"_ _2\"></span>ori che vi <span class=\"_ _2\"></span>prendono parte e del relativo livello di responsabilit\u00e0 e di<span class=\"_ _df\"> </span>autorizzazione.  Possono  risultare  inadeguati  e  quindi  essere  font<span class=\"_ _2\"></span>e  di  rischio  operativo  tutti  i<span class=\"_ _df\"> </span>processi <span class=\"_ _d\"></span>aziendali, <span class=\"_ _0\"></span>compresi <span class=\"_ _d\"></span>i <span class=\"_ _0\"></span>modelli <span class=\"_ _0\"></span>valutativi <span class=\"_ _d\"></span>e <span class=\"_ _0\"></span>di <span class=\"_ _d\"></span>cal<span class=\"_ _2\"></span>colo <span class=\"_ _0\"></span>e <span class=\"_ _0\"></span>gli <span class=\"_ _d\"></span>stess<span class=\"_ _2\"></span>i <span class=\"_ _d\"></span>processi <span class=\"_ _d\"></span>di <span class=\"_ _0\"></span>gestione <span class=\"_ _0\"></span>del<span class=\"_ _df\"> </span>rischio. Sono fonte di rischio operativo:<span class=\"_ _df\"> </span>o<span class=\"_ _25\"> </span><span class=\"ff4\">le est<span class=\"_ _2\"></span>ernalizzazi<span class=\"_ _1\"></span>oni <span class=\"_ _2\"></span>di at<span class=\"_ _2\"></span>tivit\u00e0 aziendali <span class=\"_ _2\"></span>nel caso <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>cui si <span class=\"_ _2\"></span>verifichino <span class=\"_ _2\"></span>delle carenze <span class=\"_ _2\"></span>/ <span class=\"_ _2\"></span>inadeguatezze<span class=\"_ _df\"> </span></span>nei processi di gestione del rapporto con gli outsourcer tali da cau<span class=\"_ _1\"></span>s<span class=\"_ _2\"></span><span class=\"ff5\">are delle perdite all\u2019impresa;<span class=\"_ _df\"> </span></span>o<span class=\"_ _25\"> </span><span class=\"ff5\">il <span class=\"_ _e\"> </span>mancato <span class=\"_ _10\"> </span>aggiornamento <span class=\"_ _e\"> </span>o<span class=\"_ _2\"></span> <span class=\"_ _e\"> </span>l\u2019inadeguata <span class=\"_ _e\"> </span>archiviazione <span class=\"_ _e\"> </span>dell<span class=\"_ _2\"></span>e <span class=\"_ _e\"> </span>procedure <span class=\"_ _e\"> </span>e <span class=\"_ _10\"> </span>normative <span class=\"_ _e\"> </span>che<span class=\"_ _df\"> </span></span>formalizzano i processi interni;<span class=\"_ _df\"> </span>o<span class=\"_ _25\"> </span><span class=\"ff4\">mancata/inadeguata/intempestiva <span class=\"_ _15\"> </span>emanazione <span class=\"_ _e\"> </span>di <span class=\"_ _15\"> </span>nor<span class=\"_ _2\"></span>me <span class=\"_ _15\"> </span>attuative <span class=\"_ _15\"> </span>interne <span class=\"_ _e\"> </span>in <span class=\"_ _e\"> </span>relazione <span class=\"_ _15\"> </span>al<span class=\"_ _2\"></span>la<span class=\"_ _df\"> </span></span>normativa esterna vigente.<span class=\"_ _df\"> </span>-<span class=\"_ _2b\"> </span><span class=\"ff5\">Eventi<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>Esterni: <span class=\"_ _9\"> </span>gli <span class=\"_ _0\"></span>eventi <span class=\"_ _0\"></span>legati <span class=\"_ _0\"></span>a <span class=\"_ _0\"></span>fattori <span class=\"_ _0\"></span>esterni <span class=\"_ _0\"></span>possono <span class=\"_ _0\"> </span>causare <span class=\"_ _0\"></span>perdite <span class=\"_ _0\"></span>all\u2019impresa <span class=\"_ _0\"></span>a <span class=\"_ _9\"> </span>fronte <span class=\"_ _0\"></span>di<span class=\"_ _df\"> </span></span>calamit\u00e0 <span class=\"_ _4\"> </span>naturali,  di <span class=\"_ _4\"> </span>preve<span class=\"_ _1\"></span>nzione <span class=\"_ _4\"> </span>e  s<span class=\"_ _2\"></span>icurezza  verso <span class=\"_ _4\"> </span>eventi  di<span class=\"_ _2\"></span>  nat<span class=\"_ _2\"></span>ura  accidentale, <span class=\"_ _22\"> </span>a <span class=\"_ _4\"> </span>fronte <span class=\"_ _22\"> </span>di<span class=\"_ _df\"> </span>obsolescenza delle infrastr<span class=\"_ _2\"></span>utture<span class=\"_ _1\"></span>, di pre<span class=\"_ _2\"></span>venzione e d<span class=\"_ _2\"></span>i sicurezza verso <span class=\"_ _2\"></span>atti di nat<span class=\"_ _2\"></span>ura criminosa, nei<span class=\"_ _df\"> </span>passaggi  au<span class=\"_ _1\"></span>torizzativi  pe<span class=\"_ _1\"></span>r  l'esecuzione <span class=\"_ _16\"> </span>delle <span class=\"_ _16\"> </span>attivit\u00e0  operative<span class=\"_ _1\"></span>,  nelle<span class=\"_ _1\"></span>  misure  di<span class=\"_ _1\"></span>  controllo  v<span class=\"_ _1\"></span>erso<span class=\"_ _df\"> </span>attivit\u00e0 <span class=\"_ _2\"></span>non autorizzate <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>frodi da <span class=\"_ _2\"></span>parte <span class=\"_ _2\"></span>di dipendenti, <span class=\"_ _2\"></span>di misure <span class=\"_ _2\"></span>preventive v<span class=\"_ _2\"></span>erso <span class=\"_ _2\"></span>frodi da <span class=\"_ _2\"></span>parte di<span class=\"_ _df\"> </span>esterni, <span class=\"_ _d\"></span>a <span class=\"_ _d\"></span>fronte <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>un <span class=\"_ _d\"></span>inadegu<span class=\"_ _1\"></span>ato <span class=\"_ _d\"></span>e/o <span class=\"_ _d\"></span>non <span class=\"_ _d\"></span>tempestivo <span class=\"_ _d\"></span>aggiornamento <span class=\"_ _d\"></span>della <span class=\"_ _d\"></span>normativa <span class=\"_ _d\"></span>interna <span class=\"_ _d\"></span>in<span class=\"_ _df\"> </span>relazione ai mutamenti della normativa esterna da cui deriva.<span class=\"_ _df\"> </span>-<span class=\"_ _2b\"> </span><span class=\"ff4\">Rischio Inf<span class=\"_ _1\"></span>ormatico e di Sicurezza: questo fattore di rischio \u00e8 composta dai seguenti ele<span class=\"_ _1\"></span>menti:<span class=\"_ _df\"> </span></span>-<span class=\"_ _28\"> </span><span class=\"ff4\">ICT D<span class=\"_ _2\"></span>ata <span class=\"ff5\">Integraty <span class=\"_ _2\"></span>Risks: rischi derivanti da eventi o <span class=\"_ _2\"></span>situazioni che possono <span class=\"_ _2\"></span>causare l\u2019interruzione<span class=\"_ _df\"> </span></span></span>dei  servizi <span class=\"_ _4\"> </span>(es.  cyber <span class=\"_ _4\"> </span>attacks,  guasti <span class=\"_ _4\"> </span>hardware/software,<span class=\"_ _1\"></span> <span class=\"_ _4\"> </span>inade<span class=\"_ _1\"></span>guatezza  dei <span class=\"_ _4\"> </span>piani  di <span class=\"_ _4\"> </span>Disaster<span class=\"_ _df\"> </span>Recovery).<span class=\"_ _df\"> </span>-<span class=\"_ _28\"> </span><span class=\"ff4\">ICT <span class=\"_ _22\"> </span>Security <span class=\"_ _4\"> </span>Risk:  rischi <span class=\"_ _22\"> </span>derivanti <span class=\"_ _4\"> </span>da  eventi  o <span class=\"_ _22\"> </span>s<span class=\"_ _2\"></span>ituazioni <span class=\"_ _22\"> </span><span class=\"ff5\">che <span class=\"_ _22\"> </span>poss<span class=\"_ _2\"></span>ono  causare  l\u2019accesso <span class=\"_ _4\"> </span>non<span class=\"_ _df\"> </span></span></span>autorizzato  a<span class=\"_ _f\"></span>  dati <span class=\"_ _16\"> </span>o <span class=\"_ _16\"> </span>sistemi <span class=\"_ _9\"> </span>aziendali  (<span class=\"_ _1\"></span>es. <span class=\"_ _16\"> </span>rischi <span class=\"_ _16\"> </span>di <span class=\"_ _16\"> </span>cyber <span class=\"_ _16\"> </span>attack, <span class=\"_ _9\"> </span>inadeguatezza  d<span class=\"_ _1\"></span>ei  sistemi <span class=\"_ _9\"> </span>di<span class=\"_ _df\"> </span>autenticazione/autorizzazione).<span class=\"_ _df\"> </span>-<span class=\"_ _28\"> </span><span class=\"ff4\">ICT <span class=\"_ _0\"></span>Change <span class=\"_ _0\"></span>Risks: <span class=\"_ _0\"></span>r<span class=\"_ _2\"></span>ischi <span class=\"_ _0\"></span>derivanti <span class=\"_ _0\"></span>dall'incapacit\u00e0 <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>gestire, <span class=\"_ _0\"></span>in <span class=\"_ _0\"></span>modo <span class=\"_ _9\"> </span>tempestivo <span class=\"_ _0\"></span>e <span class=\"_ _0\"></span>controlla<span class=\"_ _2\"></span>to, <span class=\"_ _0\"></span>i<span class=\"_ _df\"> </span></span>cambiamenti  dei <span class=\"_ _22\"> </span>sist<span class=\"_ _2\"></span>emi  ICT  in <span class=\"_ _4\"> </span>particolare  per <span class=\"_ _22\"> </span>piani <span class=\"_ _22\"> </span>di <span class=\"_ _4\"> </span>cambiamento  ampi <span class=\"_ _22\"> </span>e <span class=\"_ _4\"> </span>complessi  (es.<span class=\"_ _df\"> </span>inadeguatezza <span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>assenza <span class=\"_ _d\"></span>di <span class=\"_ _2\"></span>con<span class=\"_ _2\"></span>trolli <span class=\"_ _2\"></span>nello <span class=\"_ _2\"></span>sviluppo <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>el <span class=\"_ _2\"></span>software, <span class=\"_ _2\"></span>inadeguatezza <span class=\"_ _d\"></span>dell\u2019architettura<span class=\"_ _df\"> </span>ICT).<span class=\"_ _df\"> </span>-<span class=\"_ _28\"> </span><span class=\"ff4\">ICT Data Integrity <span class=\"_ _2\"></span>Risk: rischi derivanti dalla presenza <span class=\"ff5\">e <span class=\"_ _2\"></span>dall\u2019utilizzo da parte dei sistemi ICT di dati<span class=\"_ _df\"> </span></span></span>non completi, non accurati e non coerenti t<span class=\"_ _1\"></span>ra loro che possono compromettere la cor<span class=\"_ _1\"></span>rettezza e la<span class=\"_ _df\"> </span>tempestivit\u00e0 del servizio <span class=\"_ _2\"></span>erogato e <span class=\"_ _2\"></span>delle informazioni gestionali e <span class=\"_ _2\"></span>finanziarie fornite (es. <span class=\"_ _2\"></span>anomalie<span class=\"_ _df\"> </span>nell\u2019el<span class=\"ff4\">aborazione dei dati, inadeguatezza dei controlli di data-input / data-</span>extraction, \u2026).<span class=\"_ _df\"> </span>-<span class=\"ff10\"> <span class=\"_ _1c\"> </span><span class=\"ff5\">ICT <span class=\"_ _2\"></span>Outsourcing <span class=\"_ _2\"></span>Risk: <span class=\"_ _d\"></span>rischi <span class=\"_ _2\"></span>derivanti <span class=\"_ _d\"></span>da <span class=\"_ _2\"></span>esternalizzazione <span class=\"_ _2\"></span>vers<span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>una <span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>erza <span class=\"_ _2\"></span>parte <span class=\"_ _2\"></span>o<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>verso <span class=\"_ _2\"></span>un\u2019altra<span class=\"_ _df\"> </span></span></span><span class=\"ff10\"><span class=\"ff5\"> </span></span>entit\u00e0 del <span class=\"_ _1\"></span>Gruppo (intra-group outsourcing) d<span class=\"_ _f\"></span>i pro<span class=\"_ _2\"></span>cessi d<span class=\"_ _1\"></span>i fornitura di sistemi ICT <span class=\"_ _1\"></span>o servizi correlati<span class=\"_ _df\"> </span> (es. inadeguatezza dei meccanismi contrattuali di<span class=\"_ _1\"></span> controllo, degrado del servizio offerto, \u2026).<span class=\"_ _df\"> </span><span class=\"_ _2\"></span><span class=\"ff4\"> </span>L\u2019approccio di identificazione del rischio operativo segue una logica di tipo \u2018bottom up\u2019, basata su<span class=\"_ _df\"> </span> una <span class=\"_ _f\"></span>metodologia d<span class=\"_ _1\"></span>i <span class=\"_ _f\"></span>Risk Se<span class=\"ff5\">lf <span class=\"_ _f\"></span>Assessment <span class=\"_ _f\"></span>con <span class=\"_ _f\"></span>l\u2019obiettivo <span class=\"_ _1\"></span>di <span class=\"_ _f\"></span>valutare i<span class=\"_ _1\"></span>l <span class=\"_ _f\"></span>livello <span class=\"_ _f\"></span>di rischiosit\u00e0<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>e <span class=\"_ _f\"></span>la <span class=\"_ _1\"></span>qualit\u00e0<span class=\"_ _df\"> </span></span><span class=\"ff5\"> </span>dei <span class=\"_ _f\"></span>controlli p<span class=\"_ _1\"></span>osti i<span class=\"_ _1\"></span>n <span class=\"_ _1\"></span>essere <span class=\"_ _f\"></span>per <span class=\"_ _1\"></span>mitigare <span class=\"_ _f\"></span>il <span class=\"_ _1\"></span>rischio <span class=\"_ _f\"></span>afferente all<span class=\"_ _1\"></span>e <span class=\"_ _f\"></span>at<span class=\"_ _2\"></span>tivi<span class=\"_ _1\"></span>t\u00e0 op<span class=\"_ _1\"></span>erative <span class=\"_ _f\"></span>e ad <span class=\"_ _f\"></span>ogni <span class=\"_ _f\"></span>processo<span class=\"_ _df\"> </span> aziendale.  L\u2019obiettivo di <span class=\"_ _1\"></span>tale approccio, <span class=\"_ _1\"></span>basato sull\u2019anal<span class=\"_ _1\"></span>isi per Team Funzionali, \u00e8<span class=\"_ _1\"></span> l\u2019individuazione degl<span class=\"_ _1\"></span>i eventi<span class=\"_ _df\"> </span> perdita <span class=\"_ _17\"> </span>che <span class=\"_ _15\"> </span>potrebbero <span class=\"_ _17\"> </span>manif<span class=\"_ _2\"></span>estarsi, <span class=\"_ _14\"> </span>la <span class=\"_ _14\"> </span>valutazione <span class=\"_ _17\"> </span>del <span class=\"_ _14\"> </span>possibile <span class=\"_ _17\"> </span>im<span class=\"_ _2\"></span>patto <span class=\"_ _14\"> </span>e <span class=\"_ _14\"> </span>della <span class=\"_ _17\"> </span>possibile<span class=\"_ _df\"> </span> frequenza <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>r<span class=\"_ _2\"></span>ealizzazione <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>t<span class=\"_ _2\"></span>ali <span class=\"_ _4\"> </span>eventi <span class=\"_ _17\"> </span>(quantificazione <span class=\"_ _4\"> </span>delle <span class=\"_ _17\"> </span>perdite <span class=\"_ _4\"> </span>att<span class=\"_ _2\"></span>ese <span class=\"_ _4\"> </span>e <span class=\"_ _4\"> </span>inatt<span class=\"_ _2\"></span>ese), <span class=\"_ _4\"> </span>la<span class=\"_ _df\"> </span> valutazione de<span class=\"_ _1\"></span>ll\u2019eff<span class=\"ff4\">icacia dei controlli a presid<span class=\"_ _f\"></span>io e dei possibi<span class=\"_ _1\"></span>li strumenti organizzativi<span class=\"_ _1\"></span> attivabili per<span class=\"_ _df\"> </span></span><span class=\"ff4\"> </span>la mitigazione del rischio. <span class=\"_ _2\"></span>La valutazione<span class=\"_ _1\"></span> delle perdite <span class=\"_ _2\"></span>attese e inattese viene fatt<span class=\"_ _2\"></span>a sia in relazione<span class=\"_ _df\"> </span> al rischio <span class=\"_ _2\"></span>operativo nella sua interezza <span class=\"_ _2\"></span>sia per la <span class=\"_ _2\"></span>componente re<span class=\"_ _2\"></span>lativa al <span class=\"_ _2\"></span>rischio ICT e di <span class=\"_ _2\"></span>sicurezza.<span class=\"_ _df\"> </span> Su entrambe le grandezze esistono dei li<span class=\"_ _1\"></span>miti RAF.<span class=\"_ _df\"> </span><span class=\"_ _2\"></span> La <span class=\"_ _4\"> </span>Compagnia <span class=\"_ _17\"> </span>ha <span class=\"_ _4\"> </span>strutturato<span class=\"_ _2\"></span>,<span class=\"_ _1\"></span> <span class=\"_ _4\"> </span>inoltre, <span class=\"_ _17\"> </span>con <span class=\"_ _4\"> </span>periodicit\u00e0 <span class=\"_ _17\"> </span>annuale <span class=\"_ _4\"> </span>una <span class=\"_ _17\"> </span>valutazione <span class=\"_ _4\"> </span>delle <span class=\"_ _4\"> </span>perdite<span class=\"_ _df\"> </span> effettive subi<span class=\"_ _1\"></span>te derivanti da rischi operativi (c.d.<span class=\"_ _1\"></span> LDC <span class=\"ff5\">\u2013</span> Loss Data Collection). Tale analisi <span class=\"_ _1\"></span>consente<span class=\"_ _df\"> </span> inoltre di effettuare un back-test circa la valutazione ex-ante mediante Risk Self-Assessment.<span class=\"_ _df\"> </span><span class=\"fs4\"> </span>Regula<span class=\"_ _f\"></span>tory Ope<span class=\"_ _1\"></span>rati<span class=\"_ _1\"></span>onal <span class=\"_ _1\"></span>Risk<span class=\"_ _df\"> </span><span class=\"_ _1\"></span> Per quanto <span class=\"_ _1\"></span>riguarda la valu<span class=\"_ _f\"></span>t<span class=\"_ _2\"></span>azione del<span class=\"_ _1\"></span> requisito di cap<span class=\"_ _f\"></span>it<span class=\"_ _2\"></span>ale (SCR), i <span class=\"_ _f\"></span>r<span class=\"_ _2\"></span>ischi ope<span class=\"_ _1\"></span>rativi vengono <span class=\"_ _1\"></span>valutati<span class=\"_ _df\"> </span> mediante l\u2019applicazione<span class=\"_ _1\"></span> della Standard Formula. <span class=\"ff4\">Il peso <span class=\"_ _1\"></span>complessivo dei <span class=\"_ _1\"></span>rischi operative, secondo<span class=\"_ _df\"> </span></span><span class=\"ff4\"> </span>i dettami normativi Solvenc<span class=\"_ _1\"></span>y II \u00e8 pari al 6,6% (dato al <span class=\"_ _2\"></span><span class=\"fs7\">IVQ 2025).<span class=\"_ _df\"> </span></span> Rischio<span class=\"_ _f\"></span> legale e<span class=\"_ _1\"></span> risch<span class=\"_ _1\"></span>io di<span class=\"_ _1\"></span> no<span class=\"_ _1\"></span>n confo<span class=\"_ _f\"></span>rmit\u00e0 a<span class=\"_ _f\"></span>lle norme<span class=\"_ _df\"> </span><span class=\"_ _1\"></span> Il <span class=\"_ _16\"> </span>rischio <span class=\"_ _9\"> </span>nor<span class=\"_ _2\"></span>mativo <span class=\"_ _9\"> </span>di  compli<span class=\"_ _1\"></span>ance  (ovvero <span class=\"_ _9\"> </span>di  non <span class=\"_ _9\"> </span>confor<span class=\"_ _2\"></span>mit\u00e0 <span class=\"_ _9\"> </span>alle  norme)<span class=\"_ _1\"></span>  rigu<span class=\"_ _f\"></span>ar<span class=\"_ _2\"></span>da <span class=\"_ _9\"> </span>il  rischio <span class=\"_ _9\"> </span>di<span class=\"_ _df\"> </span> incorrere <span class=\"_ _17\"> </span>in <span class=\"_ _17\"> </span>sanzioni <span class=\"_ _17\"> </span>giudiziarie <span class=\"_ _17\"> </span>o <span class=\"_ _17\"> </span>amministrative, <span class=\"_ _17\"> </span>e <span class=\"_ _17\"> </span>subire <span class=\"_ _17\"> </span>perdite <span class=\"_ _17\"> </span>o <span class=\"_ _17\"> </span>danni <span class=\"_ _17\"> </span>reputazionali <span class=\"_ _17\"> </span>in<span class=\"_ _df\"> </span> conseguenza <span class=\"_ _0\"></span>della <span class=\"_ _0\"></span>mancat<span class=\"_ _2\"></span>a <span class=\"_ _0\"></span>osservanza <span class=\"_ _9\"> </span>di <span class=\"_ _0\"></span>leggi, <span class=\"_ _0\"> </span>r<span class=\"_ _2\"></span>egolamenti <span class=\"_ _0\"></span>o <span class=\"_ _9\"> </span>provvedimenti <span class=\"_ _0\"></span>delle <span class=\"_ _0\"></span>Autorit\u00e0 <span class=\"_ _9\"> </span>di<span class=\"_ _df\"> </span> Vigilanza <span class=\"_ _0\"></span>ovvero <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>norme <span class=\"_ _9\"> </span>di <span class=\"_ _0\"></span>autoregolamentazione, <span class=\"_ _d\"></span>quali <span class=\"_ _0\"></span>st<span class=\"_ _2\"></span>atuti, <span class=\"_ _0\"></span>codici <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>condotta <span class=\"_ _0\"></span>o <span class=\"_ _0\"></span>codici <span class=\"_ _0\"></span>di<span class=\"_ _df\"> </span> autodisciplina; <span class=\"_ _18\"> </span>rischio <span class=\"_ _19\"> </span>derivante <span class=\"_ _19\"> </span>da <span class=\"_ _19\"> </span>modifiche <span class=\"_ _18\"> </span>sfavor<span class=\"_ _2\"></span>evoli<span class=\"_ _1\"></span> <span class=\"_ _19\"> </span>del <span class=\"_ _19\"> </span>quadro <span class=\"_ _19\"> </span>normativo <span class=\"_ _18\"> </span>o<span class=\"_ _2\"></span> <span class=\"_ _18\"> </span>degli<span class=\"_ _df\"> </span> orientamenti giurisprudenziali.  Nella gestione<span class=\"_ _1\"></span> del rischio di non conformit\u00e0 normativa<span class=\"_ _df\"> </span>, l\u2019azie<span class=\"_ _1\"></span>nda identifica quale fattore p<span class=\"_ _1\"></span>rioritario<span class=\"_ _df\"> </span> di <span class=\"_ _f\"></span>successo il<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>conseguimento <span class=\"_ _f\"></span>della <span class=\"_ _1\"></span>conformit\u00e0 <span class=\"_ _f\"></span>in materia<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>di <span class=\"_ _f\"></span>trasparenza <span class=\"_ _f\"></span>e correttezza <span class=\"_ _f\"></span>nel <span class=\"_ _f\"></span>rapporto<span class=\"_ _df\"> </span> col <span class=\"_ _2\"></span>cliente as<span class=\"_ _2\"></span>sicurato <span class=\"_ _2\"></span>e danneggiato, <span class=\"_ _2\"></span>nell\u2019informativa <span class=\"_ _2\"></span>precontrattuale <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>contrattuale <span class=\"_ _2\"></span>dei <span class=\"_ _2\"></span>prodotti,<span class=\"_ _df\"> </span> nella <span class=\"_ _2\"></span>corr<span class=\"_ _2\"></span>etta <span class=\"_ _2\"></span>esecuzione <span class=\"_ _d\"></span>dei <span class=\"_ _d\"></span>contratti, <span class=\"_ _d\"></span>con <span class=\"_ _d\"></span>particolare <span class=\"_ _d\"></span>riguardo <span class=\"_ _2\"></span>alla <span class=\"_ _d\"></span>liquidazione <span class=\"_ _d\"></span>dei <span class=\"_ _d\"></span>sinistri, <span class=\"_ _2\"></span>e <span class=\"_ _d\"></span>in<span class=\"_ _df\"> </span><span class=\"_ _2\"></span> generale nella tutela del consumatore.  In <span class=\"_ _2\"></span>sintesi, <span class=\"_ _2\"></span>il <span class=\"_ _d\"></span>processo <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>analisi <span class=\"_ _2\"></span>di <span class=\"_ _d\"></span>conformit\u00e0 <span class=\"_ _2\"></span>alle <span class=\"_ _d\"></span>norme <span class=\"_ _2\"></span>mira, <span class=\"_ _2\"></span>attraverso <span class=\"_ _d\"></span>la <span class=\"_ _2\"></span>formalizzazione <span class=\"_ _2\"></span>della<span class=\"_ _df\"> </span> matrice di rischio di compliance, a:  -<span class=\"ff10\"> <span class=\"_ _1c\"> </span><span class=\"ff4\">migliorare il grado di<span class=\"_ _1\"></span> sensibilit\u00e0 nei<span class=\"_ _1\"></span> confronti del disposto normativo da par<span class=\"_ _1\"></span>te dei controlli di prim<span class=\"_ _f\"></span>o<span class=\"_ _df\"> </span></span></span><span class=\"ff10\"><span class=\"ff4\"> </span></span>livello;  -<span class=\"ff10\"> <span class=\"_ _1c\"> </span><span class=\"ff4\">valutare i presidi d<span class=\"_ _1\"></span>i controllo esistenti sui processi; </span></span><span class=\"ff10\"><span class=\"ff4\"><span class=\"_ _2\"></span> </span></span>-<span class=\"ff10\"> <span class=\"_ _1c\"> </span><span class=\"ff4\">stimolare la riflessione sui potenzi<span class=\"_ _1\"></span>ali rischi esistenti; </span></span><span class=\"ff10\"><span class=\"ff4\"> </span></span>-<span class=\"ff10\"> <span class=\"_ _1c\"> </span><span class=\"ff4\">valutare la capacit\u00e0 nel riconoscere o preve<span class=\"_ _1\"></span>nire i rischi medesimi; </span></span><span class=\"ff10\"><span class=\"ff4\"><span class=\"_ _2\"></span> </span></span>-<span class=\"ff10\"> <span class=\"_ _1c\"> </span><span class=\"ff4\">individuare gli inte<span class=\"_ _1\"></span>rventi organizzativi utili a colmare i gap eventualmente riscontrati. </span></span><span class=\"ff10\"><span class=\"ff4\"><span class=\"_ _2\"></span> </span></span>Nell\u2019esercizio  dei  propri <span class=\"_ _4\"> </span>compiti  la <span class=\"_ _4\"> </span>funz<span class=\"_ _1\"></span>ione  di <span class=\"_ _4\"> </span>Compliance  opera <span class=\"_ _4\"> </span>sulla  base  di <span class=\"_ _22\"> </span>un <span class=\"_ _22\"> </span>approccio<span class=\"_ _df\"> </span> me<span class=\"ls0\">todologico <span class=\"_ _9\"> </span>fondato <span class=\"_ _9\"> </span>su <span class=\"_ _9\"> </span>tecniche <span class=\"_ _9\"> </span>d<span class=\"_ _2\"></span>i <span class=\"_ _9\"> </span>identificazione, <span class=\"_ _9\"> </span>valutazione, <span class=\"_ _9\"> </span>gestione <span class=\"_ _9\"> </span>e <span class=\"_ _9\"> </span>mo<span class=\"_ _2\"></span>nitoraggio <span class=\"_ _9\"> </span>dei<span class=\"_ _df\"> </span></span><span class=\"ls0\"> </span>rischi <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>non <span class=\"_ _2\"></span>conformit\u00e0 <span class=\"_ _2\"></span>ispirate <span class=\"_ _2\"></span>alle <span class=\"_ _2\"></span>migliori pras<span class=\"_ _2\"></span>si <span class=\"_ _2\"></span>del mer<span class=\"_ _2\"></span>cato e <span class=\"_ _2\"></span>coerenti <span class=\"_ _2\"></span>con <span class=\"_ _2\"></span>quelli <span class=\"_ _2\"></span>utilizzati <span class=\"_ _2\"></span>nei<span class=\"_ _df\"> </span> processi di Risk Management e di Re<span class=\"_ _1\"></span>visione Interna.<span class=\"_ _df\"> </span><span class=\"_ _2\"></span> Model<span class=\"_ _1\"></span>ling <span class=\"_ _1\"></span>Risk<span class=\"_ _df\"> </span><span class=\"_ _f\"></span> Rischio di <span class=\"_ _2\"></span>perdite in <span class=\"_ _2\"></span>materia <span class=\"_ _2\"></span>di sviluppo, implementazione <span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>usi improprio <span class=\"_ _2\"></span>di altri <span class=\"_ _2\"></span>modelli da <span class=\"_ _2\"></span>parte<span class=\"_ _df\"> </span> della Compagnia per il processo decisionale (ad esempio, i prezzi dei <span class=\"_ _2\"></span>prodotti, la valutazione degli<span class=\"_ _df\"> </span> strumenti finanziari, il monitoraggio de<span class=\"_ _1\"></span>i limi<span class=\"_ _2\"></span>ti di rischio, etc).<span class=\"_ _df\"> </span><span class=\"fc4 sc3\"> </span>Continu<span class=\"_ _f\"></span>it\u00e0 Ope<span class=\"_ _1\"></span>rati<span class=\"_ _1\"></span>va<span class=\"_ _df\"> </span> Il <span class=\"_ _d\"></span>r<span class=\"_ _2\"></span>ischio <span class=\"_ _d\"></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=\"_ _d\"></span>all\u2019utilizzo <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=\"_ _d\"></span>o<span class=\"_ _2\"></span>perativa <span class=\"_ _d\"></span>per <span class=\"_ _0\"></span>la<span class=\"_ _df\"> </span> gestione <span class=\"_ _0\"></span>di <span class=\"_ _9\"> </span>situazioni <span class=\"_ _0\"> </span>di <span class=\"_ _9\"> </span>crisi <span class=\"_ _9\"> </span>conseguenti <span class=\"_ _0\"></span>ad <span class=\"_ _9\"> </span>incidenti <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>portata <span class=\"_ _9\"> </span>settoriale, <span class=\"_ _0\"></span>aziendale <span class=\"_ _9\"> </span>ovvero <span class=\"_ _9\"> </span>a<span class=\"_ _df\"> </span> catastrofi <span class=\"ff5\">estese che colpiscono l\u2019operatore o le sue controparti rilev<span class=\"_ _1\"></span>anti.<span class=\"_ _df\"> </span></span><span class=\"ff5\"><span class=\"_ _2\"></span><span class=\"ff4\"> </span></span>La Compagnia ha sviluppato un piano di continu<span class=\"_ _1\"></span>it\u00e0 operativa (Business Continuity Plan).<span class=\"_ _df\"> </span>Rischi <span class=\"_ _1\"></span>di Se<span class=\"_ _f\"></span>condo Liv<span class=\"_ _1\"></span>ello <span class=\"_ _1\"></span>(o ind<span class=\"_ _f\"></span>iretti)<span class=\"_ _df\"> </span>Secondo  il  modello  adottato  dalla  Compagnia,  inoltre,  esistono  altri  r<span class=\"_ _2\"></span>i<span class=\"_ _1\"></span>schi/eventi  perdita  non<span class=\"_ _df\"> </span>strettamente <span class=\"_ _1\"></span>riconducibili <span class=\"_ _f\"></span>a fattori d<span class=\"_ _1\"></span>i <span class=\"_ _f\"></span>r<span class=\"_ _2\"></span>ischio <span class=\"_ _f\"></span>s<span class=\"_ _2\"></span>peci<span class=\"_ _1\"></span>fici, <span class=\"_ _f\"></span>ma che p<span class=\"_ _1\"></span>ossono de<span class=\"_ _1\"></span>rivare d<span class=\"_ _1\"></span>a fattori <span class=\"_ _f\"></span>di ri<span class=\"_ _1\"></span>schio<span class=\"_ _df\"> </span>riconducibili <span class=\"_ _15\"> </span>alle <span class=\"_ _15\"> </span>classi <span class=\"_ _e\"> </span>di <span class=\"_ _15\"> </span>rischio <span class=\"_ _15\"> </span>precedentemente <span class=\"_ _15\"> </span>illustrate. <span class=\"_ _e\"> </span>Si <span class=\"_ _15\"> </span>t<span class=\"_ _2\"></span>ratta <span class=\"_ _15\"> </span>in <span class=\"_ _e\"> </span>particolare, <span class=\"_ _15\"> </span>cos\u00ec<span class=\"_ _df\"> </span>identificati dalla normativa di settore, delle classi di rischio: -<span class=\"_ _1b\"> </span><span class=\"ff5\">Rischio legato all\u2019appartenenza al gruppo;<span class=\"_ _df\"> </span></span>-<span class=\"_ _1b\"> </span><span class=\"ff4\">Rischio reputazionale;<span class=\"_ _df\"> </span></span>-<span class=\"_ _1b\"> </span><span class=\"ff4\">Rischio di condotta;<span class=\"_ _df\"> </span></span>-<span class=\"_ _1b\"> </span><span class=\"ff4\">Rischi ESG,<span class=\"_ _df\"> </span></span>e di seguito rappresentati.<span class=\"_ _df\"> </span>Rischio<span class=\"_ _f\"></span> legato <span class=\"_ _1\"></span>all\u2019a<span class=\"_ _f\"></span>ppartene<span class=\"_ _1\"></span>nza<span class=\"_ _1\"></span> al <span class=\"_ _1\"></span>gruppo<span class=\"_ _df\"> </span>Il<span class=\"_ _df\"> </span>rischio <span class=\"_ _16\"> </span>legato <span class=\"_ _9\"> </span>all\u2019appartenenza <span class=\"_ _16\"> </span>al <span class=\"_ _9\"> </span><span class=\"ff5\">gruppo <span class=\"_ _9\"> </span>(rischio  d<span class=\"_ _f\"></span>i  \u2018contagio\u2019<span class=\"_ _1\"></span>) <span class=\"_ _9\"> </span>\u00e8 <span class=\"_ _16\"> </span>inteso <span class=\"_ _9\"> </span>come <span class=\"_ _16\"> </span>rischio <span class=\"_ _9\"> </span>che, <span class=\"_ _9\"> </span>a<span class=\"_ _df\"> </span></span>seguito <span class=\"_ _d\"></span>dei <span class=\"_ _d\"></span>rapporti <span class=\"_ _d\"></span>intercorrenti <span class=\"_ _d\"></span>tra <span class=\"_ _2\"></span>l\u2019impresa <span class=\"_ _d\"></span>e <span class=\"_ _d\"></span>le <span class=\"_ _d\"></span>altr<span class=\"_ _2\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _d\"></span>entit\u00e0 <span class=\"_ _d\"></span>del <span class=\"_ _d\"></span>gruppo, <span class=\"_ _d\"></span>situazioni <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>difficolt\u00e0<span class=\"_ _df\"> </span>che <span class=\"_ _2\"></span>insorgono <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>una <span class=\"_ _2\"></span>societ\u00e0 <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>medesimo <span class=\"_ _2\"></span>gruppo <span class=\"_ _2\"></span>possano <span class=\"_ _2\"></span>propagarsi <span class=\"_ _2\"></span>con <span class=\"_ _2\"></span>effetti <span class=\"_ _2\"></span>negativi <span class=\"_ _2\"></span>sul<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>a<span class=\"_ _df\"> </span>solvibilit\u00e0 dell\u2019impresa stessa. In  coe<span class=\"_ _1\"></span>renza  con <span class=\"_ _16\"> </span>la <span class=\"_ _16\"> </span>propria <span class=\"_ _16\"> </span>strateg<span class=\"_ _1\"></span>ia  e <span class=\"_ _16\"> </span>con <span class=\"_ _16\"> </span>le  p<span class=\"_ _1\"></span>olitiche <span class=\"_ _16\"> </span>in  mat<span class=\"_ _1\"></span>eria  de<span class=\"_ _1\"></span>gli  i<span class=\"_ _1\"></span>nvestimenti,  adottata<span class=\"_ _df\"> </span>dall\u2019Organo  Amministrativo  ha  definito  una  propria <span class=\"_ _22\"> </span>politica  d<span class=\"_ _2\"></span>elle  operazioni  infragruppo  e  ha<span class=\"_ _df\"> </span>determinato appropriati limiti di operativit\u00e0.<span class=\"_ _df\"> </span>L\u2019identificazione  e  l\u2019analisi <span class=\"_ _4\"> </span>de<span class=\"_ _1\"></span>l <span class=\"_ _4\"> </span>rischio  \u00e8  effettuata <span class=\"_ _4\"> </span>pertanto  in  coerenza  alle <span class=\"_ _22\"> </span>cat<span class=\"_ _2\"></span>egorie  e  alle<span class=\"_ _df\"> </span>controparti <span class=\"_ _1\"></span>delle <span class=\"_ _f\"></span>operazioni <span class=\"_ _f\"></span>stesse, con <span class=\"_ _f\"></span>particolare <span class=\"_ _f\"></span>riguardo all<span class=\"_ _1\"></span>e <span class=\"_ _f\"></span>garanzie e<span class=\"_ _1\"></span>ventualmente <span class=\"_ _f\"></span>r<span class=\"_ _2\"></span>ilasciate<span class=\"_ _df\"> </span>nell\u2019ambito del Gruppo ed<span class=\"_ _1\"></span> in coer<span class=\"_ _2\"></span>enza c<span class=\"ff4\">on le caratteristiche delle seguenti tipologie<span class=\"_ _1\"></span> di operazioni:<span class=\"_ _df\"> </span></span>-<span class=\"_ _2b\"> </span><span class=\"ff4\">Operazioni<span class=\"_ _1\"></span> significative (comprese tra il 1% e il 5% del Solvency Capital Requirement di periodo);<span class=\"_ _df\"> </span></span>-<span class=\"_ _2b\"> </span><span class=\"ff4\">Operazioni<span class=\"_ _1\"></span> Molto significative (&gt;5% del Solvency Capital Requirement di periodo).<span class=\"_ _df\"> </span></span>Rischio<span class=\"_ _f\"></span> Reputa<span class=\"_ _f\"></span>zionale<span class=\"_ _df\"> </span>Il<span class=\"_ _df\"> </span>rischio <span class=\"_ _0\"></span>reputazionale <span class=\"_ _9\"> </span><span class=\"ff5\">\u00e8 <span class=\"_ _0\"></span>inteso <span class=\"_ _9\"> </span>come <span class=\"_ _9\"> </span>il <span class=\"_ _0\"></span>rischio <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>deterioramento <span class=\"_ _0\"></span>dell\u2019immagine <span class=\"_ _0\"></span>aziendale <span class=\"_ _9\"> </span>e <span class=\"_ _9\"> </span>di<span class=\"_ _df\"> </span></span>aumento <span class=\"_ _16\"> </span>della <span class=\"_ _9\"> </span>conflittualit\u00e0  sia <span class=\"_ _9\"> </span>con  gli<span class=\"_ _1\"></span>  as<span class=\"_ _f\"></span>s<span class=\"_ _2\"></span>icurati <span class=\"_ _9\"> </span>(dovuto  anc<span class=\"_ _f\"></span>he  alla <span class=\"_ _9\"> </span>scars<span class=\"_ _2\"></span>a <span class=\"_ _9\"> </span>qualit\u00e0  d<span class=\"_ _f\"></span>ei  servizi<span class=\"_ _df\"> </span>offerti, <span class=\"_ _16\"> </span>al <span class=\"_ _16\"> </span>collocamento <span class=\"_ _9\"> </span>di  polizze <span class=\"_ _9\"> </span>non  adeguate <span class=\"_ _9\"> </span>o<span class=\"_ _2\"></span>  al <span class=\"_ _9\"> </span>compor<span class=\"_ _2\"></span>tamento <span class=\"_ _9\"> </span>in  fase <span class=\"_ _9\"> </span>di  vendita, <span class=\"_ _9\"> </span>pos<span class=\"_ _2\"></span>t<span class=\"_ _df\"> </span>vendita e di liquidazione) sia con le Autorit\u00e0 di Vigil<span class=\"_ _1\"></span>anza e gli shareholders. Il rischio <span class=\"_ _f\"></span>r<span class=\"_ _2\"></span>epu<span class=\"_ _1\"></span>tazionale \u00e8 q<span class=\"_ _1\"></span>uindi strettamente l<span class=\"_ _1\"></span>egato alla <span class=\"_ _1\"></span>vendita d<span class=\"_ _1\"></span>el prodotto e<span class=\"_ _f\"></span> alla prestazione <span class=\"_ _1\"></span>dei<span class=\"_ _df\"> </span>servizi <span class=\"_ _d\"></span>ad <span class=\"_ _d\"></span>ess<span class=\"_ _2\"></span>o <span class=\"_ _d\"></span>collegati. <span class=\"_ _d\"></span>A <span class=\"_ _0\"></span>tutela <span class=\"_ _0\"></span>del <span class=\"_ _d\"></span>Cliente/Assicurato <span class=\"_ _0\"></span>e <span class=\"_ _0\"></span>di <span class=\"_ _d\"></span>conseguenza <span class=\"_ _d\"></span>a <span class=\"_ _0\"></span>presidio <span class=\"_ _d\"></span>del <span class=\"_ _0\"></span>rischio<span class=\"_ _df\"> </span>reputazionale sono attivate una serie di<span class=\"_ _1\"></span> misure:<span class=\"_ _df\"> </span>-<span class=\"_ _2b\"> </span><span class=\"ff4\">le <span class=\"_ _0\"></span>procedure <span class=\"_ _9\"> </span>di <span class=\"_ _0\"></span>collocamento <span class=\"_ _9\"> </span>che <span class=\"_ _9\"> </span>contemplano <span class=\"_ _0\"></span>una <span class=\"_ _9\"> </span>preventiva <span class=\"_ _9\"> </span>valutazione <span class=\"_ _0\"></span>di <span class=\"_ _9\"> </span>adeguatezza <span class=\"_ _9\"> </span>del<span class=\"_ _df\"> </span></span>contratto <span class=\"_ _4\"> </span>finalizzata <span class=\"_ _22\"> </span>ad <span class=\"_ _4\"> </span>individuare <span class=\"_ _4\"> </span>in <span class=\"_ _4\"> </span>via <span class=\"_ _22\"> </span>pr<span class=\"_ _2\"></span>eliminare <span class=\"_ _4\"> </span>le  esig<span class=\"_ _2\"></span>enze  as<span class=\"_ _2\"></span>sicurative  e <span class=\"_ _4\"> </span>i <span class=\"_ _4\"> </span>bisogni <span class=\"_ _4\"> </span>di<span class=\"_ _df\"> </span>protezione del cliente, nonch\u00e9<span class=\"_ _1\"></span> a fornire l\u2019adeguata informativa sul prodotto;<span class=\"_ _df\"> </span>-<span class=\"_ _2b\"> </span><span class=\"ff5\">l\u2019assistenza e i servizi ge<span class=\"_ _1\"></span>nerali alla rete distributiva;<span class=\"_ _df\"> </span></span>-<span class=\"_ _2b\"> </span><span class=\"ff4\">il processo di gestione d<span class=\"_ _1\"></span>ei reclami;<span class=\"_ _df\"> </span></span>-<span class=\"_ _2b\"> </span><span class=\"ff4\">il servizi<span class=\"_ _1\"></span>o di liquidazione sinist<span class=\"_ _2\"></span>ri.<span class=\"_ _df\"> </span></span>Essendo <span class=\"_ _0\"></span>inoltre <span class=\"_ _9\"> </span>il <span class=\"_ _9\"> </span>rischio <span class=\"_ _0\"></span>r<span class=\"_ _2\"></span>eputazional<span class=\"_ _1\"></span>e <span class=\"_ _0\"> </span>s<span class=\"_ _2\"></span>trettamente <span class=\"_ _0\"></span>connesso <span class=\"_ _9\"> </span>ai <span class=\"_ _9\"> </span>rischi <span class=\"_ _0\"></span>operativi, <span class=\"_ _9\"> </span>informatici <span class=\"_ _9\"> </span>e<span class=\"_ _df\"> </span>cyber <span class=\"_ _d\"></span>e <span class=\"_ _0\"></span>al <span class=\"_ _d\"></span>rischio <span class=\"_ _0\"></span>di <span class=\"_ _d\"></span>condotta, <span class=\"_ _0\"></span>gli <span class=\"_ _d\"></span>specifici <span class=\"_ _0\"></span>presidi <span class=\"_ _d\"></span>operat<span class=\"_ _2\"></span>ivi <span class=\"_ _d\"></span>e <span class=\"_ _d\"></span>organizzativi <span class=\"_ _0\"></span>posti <span class=\"_ _0\"></span>in <span class=\"_ _d\"></span>essere <span class=\"_ _0\"></span>per <span class=\"_ _d\"></span>la<span class=\"_ _df\"> </span>gestione <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>t<span class=\"_ _2\"></span>ali <span class=\"_ _d\"></span>rischi <span class=\"_ _d\"></span>rappresentano <span class=\"_ _0\"></span>un <span class=\"_ _d\"></span>ulteriore <span class=\"_ _0\"></span>elemento <span class=\"_ _d\"></span>a <span class=\"_ _d\"></span>supporto <span class=\"_ _0\"></span>della <span class=\"_ _d\"></span>gestione <span class=\"_ _d\"></span>del <span class=\"_ _0\"></span>rischio<span class=\"_ _df\"> </span>reputazionale.<span class=\"_ _df\"> </span>Rischio<span class=\"_ _f\"></span> di Cond<span class=\"_ _1\"></span>otta<span class=\"_ _df\"> </span>Il<span class=\"_ _df\"> </span>rischio <span class=\"_ _d\"></span>di <span class=\"_ _2\"></span>condott<span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>- <span class=\"_ _d\"></span>quale <span class=\"_ _2\"></span>sottocategoria <span class=\"_ _d\"></span>di <span class=\"_ _2\"></span>rischio <span class=\"_ _d\"></span>operativo, <span class=\"_ _2\"></span>di <span class=\"_ _d\"></span>compliance <span class=\"_ _2\"></span>e <span class=\"_ _d\"></span>reputazionale <span class=\"_ _d\"></span><span class=\"ff5\">\u2013<span class=\"_ _df\"> </span></span>pu\u00f2 <span class=\"_ _0\"></span>essere <span class=\"_ _0\"></span>definito <span class=\"_ _0\"> </span>come <span class=\"_ _9\"> </span>il <span class=\"_ _0\"></span>rischio <span class=\"_ _0\"></span>attuale <span class=\"_ _0\"> </span>o<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>prospettico <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>perdite <span class=\"_ _0\"></span>co<span class=\"_ _2\"></span>nseguenti <span class=\"_ _0\"></span>a <span class=\"_ _9\"> </span>casistiche <span class=\"_ _0\"></span>di<span class=\"_ _df\"> </span>offerta <span class=\"_ _19\"> </span>inappropriata <span class=\"_ _19\"> </span>di <span class=\"_ _19\"> </span>prodotti <span class=\"_ _19\"> </span>e/o <span class=\"_ _19\"> </span>servizi, <span class=\"_ _18\"> </span>incluse <span class=\"_ _19\"> </span>fatt<span class=\"_ _2\"></span>ispecie<span class=\"_ _1\"></span> <span class=\"_ _19\"> </span>di <span class=\"_ _19\"> </span>condotta <span class=\"_ _1a\"> </span>inade<span class=\"_ _1\"></span>guata<span class=\"_ _df\"> </span>(dolo/negligenza) da parte dell\u2019<span class=\"_ _1\"></span>impresa.<span class=\"_ _df\"> </span>I fattori di rischio presi in esame pe<span class=\"_ _1\"></span>r la valutazione del rischio di condotta sono:<span class=\"_ _df\"> </span>-<span class=\"_ _1b\"> </span><span class=\"ff4\">Commercial <span class=\"_ _16\"> </span>development <span class=\"_ _9\"> </span>risk:  mancanza <span class=\"_ _9\"> </span>di  v<span class=\"_ _1\"></span>isibilit\u00e0/trasparenza <span class=\"_ _16\"> </span>e/o <span class=\"_ _9\"> </span>scars<span class=\"_ _2\"></span>a <span class=\"_ _9\"> </span>valutazione <span class=\"_ _16\"> </span>delle<span class=\"_ _df\"> </span></span>prospettive <span class=\"_ _e\"> </span>di <span class=\"_ _e\"> </span>sviluppo <span class=\"_ _10\"> </span>o <span class=\"_ _e\"> </span>degli <span class=\"_ _10\"> </span>obiettivi <span class=\"_ _e\"> </span>o <span class=\"_ _e\"> </span>della <span class=\"_ _e\"> </span>r<span class=\"_ _2\"></span>edditivit\u00e0 <span class=\"_ _e\"> </span>delle <span class=\"_ _e\"> </span>nuove <span class=\"_ _e\"> </span>at<span class=\"_ _2\"></span>tivit\u00e0/prodotti <span class=\"_ _e\"> </span>e<span class=\"_ _df\"> </span>misurazione/monitoraggi inadeguati delle pe<span class=\"_ _1\"></span>rformance commerciali/rischi;<span class=\"_ _df\"> </span>-<span class=\"_ _1b\"> </span><span class=\"ff4\">Communication resources: risorse di<span class=\"_ _1\"></span> comunicazione o strumenti di marke<span class=\"_ _1\"></span>ting inadeguati rispetto<span class=\"_ _df\"> </span></span>agli obiettivi definiti. Cattiva gestione de<span class=\"_ _1\"></span>l brand;<span class=\"_ _df\"> </span>-<span class=\"_ _1b\"> </span><span class=\"ff4\">Commercial <span class=\"_ _9\"> </span>performance: <span class=\"_ _9\"> </span>erosione, <span class=\"_ _9\"> </span>mancata <span class=\"_ _16\"> </span>sostituzione <span class=\"_ _0\"></span>o <span class=\"_ _9\"> </span>sviluppo <span class=\"_ _9\"> </span>non <span class=\"_ _16\"> </span>redditizi<span class=\"_ _1\"></span>o <span class=\"_ _9\"> </span>della <span class=\"_ _9\"> </span>base<span class=\"_ _df\"> </span></span>commerciale;<span class=\"_ _df\"> </span>-<span class=\"_ _1b\"> </span><span class=\"ff4\">Profitability <span class=\"_ _16\"> </span>&amp; <span class=\"_ _9\"> </span>Risk <span class=\"_ _16\"> </span>Profile: <span class=\"_ _9\"> </span>redditivit\u00e0 <span class=\"_ _16\"> </span>insufficiente, <span class=\"_ _9\"> </span>carenze <span class=\"_ _16\"> </span>delle <span class=\"_ _9\"> </span>procedure <span class=\"_ _16\"> </span>di <span class=\"_ _9\"> </span>fissazione  de<span class=\"_ _1\"></span>lle<span class=\"_ _df\"> </span></span>tariffe, car<span class=\"_ _2\"></span>enza o <span class=\"_ _2\"></span>inadeg<span class=\"_ _1\"></span>uatezza <span class=\"_ _2\"></span>dei mo<span class=\"_ _2\"></span>dell<span class=\"_ _1\"></span>i <span class=\"_ _2\"></span>di valutazione <span class=\"_ _2\"></span>(V4M, r<span class=\"_ _2\"></span>eddi<span class=\"_ _1\"></span>tivit\u00e0 <span class=\"_ _2\"></span>per la <span class=\"_ _2\"></span>clientela, etc) <span class=\"_ _2\"></span>o<span class=\"_ _df\"> </span>di applicazione delle deroghe.<span class=\"_ _df\"> </span><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1dc7\">La <span class=\"_ _d\"></span>gestione <span class=\"_ _d\"></span>del <span class=\"_ _d\"></span>rischio <span class=\"_ _d\"></span>di <span class=\"_ _2\"></span>condott<span class=\"_ _2\"></span><span class=\"ff5\">a <span class=\"_ _d\"></span>\u00e8 <span class=\"_ _d\"></span>strettamente <span class=\"_ _2\"></span>connessa <span class=\"_ _0\"></span>alle <span class=\"_ _2\"></span>att<span class=\"_ _2\"></span>ivit\u00e0<span class=\"_ _1\"></span> <span class=\"_ _d\"></span>definite <span class=\"_ _d\"></span>nell\u2019ambito <span class=\"_ _d\"></span>del<span class=\"_ _df\"> </span></span><span class=\"ff5\"> </span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs1dc8\">processo <span class=\"_ _1\"></span>POG <span class=\"_ _f\"></span>(disciplinato <span class=\"_ _f\"></span>nella rispettiva <span class=\"_ _f\"></span>Policy <span class=\"_ _f\"></span>di P<span class=\"_ _1\"></span>OG). <span class=\"_ _f\"></span>La Compagni<span class=\"_ _1\"></span>a, <span class=\"_ _f\"></span>n<span class=\"_ _2\"></span>ell\u2019ambito <span class=\"_ _f\"></span>della <span class=\"_ _f\"></span>g<span class=\"_ _2\"></span>estione<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1dc9\">del rischio di Condotta, si prefigge<span class=\"_ _1\"></span> i seguenti obiettivi:<span class=\"_ _df\"> </span><span class=\"_ _2\"></span> </div><div class=\"t m0 h5 ff18 fs1 fc1 sc0 ls0 ws0 gs1dca\">-<span class=\"_ _2b\"> </span><span class=\"ff4\">rendere <span class=\"_ _f\"></span>l<span class=\"_ _2\"></span>e inizi<span class=\"_ _f\"></span>at<span class=\"_ _2\"></span>ive di bu<span class=\"_ _f\"></span>s<span class=\"_ _2\"></span>iness orientate e focali<span class=\"_ _1\"></span>zzate sulla fi<span class=\"_ _1\"></span>gura del cliente c.d <span class=\"_ _1\"></span>Value for Money)<span class=\"ls4d\">.<span class=\"_ _df\"> </span></span></span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1dcb\">In tale ambito <span class=\"_ _2\"></span>il focus <span class=\"_ _2\"></span>\u00e8 incentrato sul disegno dei <span class=\"_ _2\"></span>prodotti e <span class=\"_ _2\"></span>la definizione<span class=\"_ _1\"></span> d<span class=\"_ _2\"></span>i servizi in linea <span class=\"_ _2\"></span>con le<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1dcc\">esigenze della clientela;<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff18 fs1 fc1 sc0 ls0 ws0 gs1dcd\">-<span class=\"_ _2b\"> </span><span class=\"ff4\">stabilire <span class=\"_ _14\"> </span>un <span class=\"_ _e\"> </span>codice/sistema <span class=\"_ _15\"> </span>di <span class=\"_ _15\"> </span>condotta <span class=\"_ _e\"> </span>completame<span class=\"ff5\">nte <span class=\"_ _15\"> </span>radicato <span class=\"_ _e\"> </span>all\u2019interno <span class=\"_ _15\"> </span>della <span class=\"_ _14\"> </span>s<span class=\"_ _2\"></span>truttura<span class=\"_ _df\"> </span></span></span><span class=\"ff4\"><span class=\"ff5\"> </span></span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1dce\">aziendale.  In  tale <span class=\"_ _16\"> </span>ambito  il <span class=\"_ _16\"> </span>focus  \u00e8 <span class=\"_ _16\"> </span>incentrato  sulla <span class=\"_ _16\"> </span>vendita  di<span class=\"_ _1\"></span>  prodotti  /  e<span class=\"_ _1\"></span>rogazone  di <span class=\"_ _16\"> </span>servizi<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1dcf\">assicurando trasparenza informativa verso la cliente<span class=\"_ _1\"></span>la,<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff18 fs1 fc1 sc0 ls0 ws0 gs1dd0\">-<span class=\"_ _2b\"> </span><span class=\"ff4\">garantire che il business <span class=\"_ _2\"></span>sia nel continuo focalizzato sul <span class=\"_ _2\"></span>conseguimento del migl<span class=\"_ _2\"></span>ior risultato per il<span class=\"_ _df\"> </span></span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs1dd1\">cliente <span class=\"_ _9\"> </span>(cfr.  Monitoraggio <span class=\"_ _16\"> </span>KPI <span class=\"_ _9\"> </span>e <span class=\"_ _16\"> </span>KRI), <span class=\"_ _9\"> </span>tutelando  l\u2019i<span class=\"_ _1\"></span>ntegrit\u00e0  e<span class=\"_ _1\"></span> <span class=\"_ _16\"> </span>la <span class=\"_ _9\"> </span>condotta  della <span class=\"_ _9\"> </span>Compagnia  ne<span class=\"_ _f\"></span>ll<span class=\"_ _2\"></span>a<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1dd2\">relazione con la clientela.<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc4 sc3 ls0 ws0 gs1dd3\">Rischio<span class=\"_ _f\"></span> ESG<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1dd4\">Il<span class=\"_ _df\"> </span> </div><div class=\"t m1 h6 ff4 fs2 fc1 sc0 ls0 ws0 gs1dd5\">rischio ESG (<span class=\"_ _1\"></span>Enviromental, Social and <span class=\"_ _1\"></span>Governance)</div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1dd6\"> <span class=\"ff5\">si pone l\u2019obiettivo d<span class=\"_ _1\"></span>i v<span class=\"ff4\">alutare un evento o <span class=\"_ _f\"></span>un<span class=\"_ _2\"></span>a<span class=\"_ _df\"> </span></span></span><span class=\"ff5\"><span class=\"ff4\"> </span></span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1dd7\">condizione <span class=\"_ _2\"></span>di t<span class=\"_ _2\"></span>ipo <span class=\"_ _2\"></span>ambientale, s<span class=\"_ _2\"></span>ociale <span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>governance <span class=\"_ _2\"></span>che, <span class=\"_ _2\"></span>verificandosi, potr<span class=\"_ _2\"></span>ebbe provocare <span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>n<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs1dd8\">impatto <span class=\"_ _0\"></span>negativo <span class=\"_ _0\"></span>effettivo <span class=\"_ _0\"></span>o <span class=\"_ _9\"> </span>potenziale <span class=\"_ _0\"></span>sul <span class=\"_ _0\"></span>valore <span class=\"_ _9\"> </span>dell\u2019investimento <span class=\"_ _0\"></span>o <span class=\"_ _9\"> </span>sul <span class=\"_ _0\"></span>valore <span class=\"_ _0\"></span>della <span class=\"_ _9\"> </span>passivit\u00e0.<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1dd9\">Questa <span class=\"_ _9\"> </span>t<span class=\"_ _2\"></span>ipologia <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>rischio <span class=\"_ _16\"> </span>rientra <span class=\"_ _16\"> </span>tra <span class=\"_ _9\"> </span>i <span class=\"_ _16\"> </span>rischi <span class=\"_ _9\"> </span>di <span class=\"_ _16\"> </span>secondo <span class=\"_ _9\"> </span>livello <span class=\"_ _9\"> </span>o <span class=\"_ _16\"> </span>rischi <span class=\"_ _9\"> </span>indiretti <span class=\"_ _16\"> </span>in <span class=\"_ _9\"> </span>quanto <span class=\"_ _9\"> </span>pu\u00f2<span class=\"_ _df\"> </span><span class=\"_ _2\"></span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1dda\">manifestarsi provocand<span class=\"_ _1\"></span>o un <span class=\"_ _f\"></span>impatt<span class=\"_ _2\"></span>o ne<span class=\"_ _f\"></span>gat<span class=\"_ _2\"></span>ivo <span class=\"_ _f\"></span>su attivit\u00e0 <span class=\"_ _1\"></span>e p<span class=\"_ _1\"></span>assivit\u00e0 infl<span class=\"_ _1\"></span>uenzando <span class=\"_ _1\"></span>i fattori <span class=\"_ _1\"></span>di rischi<span class=\"_ _1\"></span>o<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1ddb\">gi\u00e0 contemplati nelle altre risk category (ad esempi<span class=\"_ _1\"></span>o Rischio di Mercato e di Sottoscrizi<span class=\"_ _2\"></span>one).  </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs1ddc\">All\u2019interno <span class=\"_ _0\"></span>della <span class=\"_ _9\"> </span>categoria <span class=\"_ _9\"> </span>dei <span class=\"_ _0\"></span>rischi <span class=\"_ _9\"> </span>ESG, <span class=\"_ _9\"> </span>particolare <span class=\"_ _0\"> </span>r<span class=\"_ _2\"></span>ilevanz<span class=\"_ _1\"></span>a <span class=\"_ _9\"> </span>\u00e8 <span class=\"_ _0\"></span>as<span class=\"_ _2\"></span>segnata <span class=\"_ _0\"></span>ai <span class=\"_ _9\"> </span>rischi <span class=\"_ _0\"></span>climatici <span class=\"_ _9\"> </span>in<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1ddd\">quanto potrebbero generare elevate perdite per le Compagnie Assicurative se non correttamente<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1dde\">identificati e gestiti.<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1ddf\">La Compagnia valuta il rischio climatico considerando entrambi i seguenti fattori:<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff13 fs1 fc1 sc0 ls0 ws0 gs1de0\">-<span class=\"_ _1b\"> </span><span class=\"ff5\">Rischio <span class=\"_ _4\"> </span>di <span class=\"_ _22\"> </span>Tr<span class=\"_ _2\"></span>ansizione:<span class=\"_ _1\"></span> <span class=\"_ _4\"> </span>la <span class=\"_ _4\"> </span>transizione <span class=\"_ _22\"> </span>verso <span class=\"_ _4\"> </span>un\u2019economia <span class=\"_ _4\"> </span>a <span class=\"_ _4\"> </span>basse <span class=\"_ _22\"> </span>emissioni <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>carbonio <span class=\"_ _22\"> </span>pu\u00f2<span class=\"_ _df\"> </span></span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1de1\">comportare <span class=\"_ _2\"></span>ampi <span class=\"_ _2\"></span>cambiamenti politici, <span class=\"_ _2\"></span>legali, <span class=\"_ _2\"></span>tecnologici <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>di mercato <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>affrontare <span class=\"_ _2\"></span>i r<span class=\"_ _2\"></span>equ<span class=\"_ _1\"></span>isiti <span class=\"_ _2\"></span>di<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1de2\">mitigazione <span class=\"_ _4\"> </span>e <span class=\"_ _22\"> </span>adatt<span class=\"_ _2\"></span>amento <span class=\"_ _4\"> </span>relativi  al <span class=\"_ _4\"> </span>cambiamento <span class=\"_ _4\"> </span>climatico. <span class=\"_ _4\"> </span>A <span class=\"_ _4\"> </span>seconda <span class=\"_ _4\"> </span>della <span class=\"_ _4\"> </span>natura, <span class=\"_ _4\"> </span>della<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs1de3\">velocit\u00e0 <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>dell\u2019obiettivo <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>questi <span class=\"_ _d\"></span>cambiamenti, <span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>rischi <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>transizione <span class=\"_ _2\"></span>possono <span class=\"_ _2\"></span>comportare <span class=\"_ _2\"></span>diversi<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1de4\">livelli di rischio finanziario e di rep<span class=\"_ _1\"></span>utazione per le organizzazioni;<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff13 fs1 fc1 sc0 ls0 ws0 gs1de5\">-<span class=\"_ _1b\"> </span><span class=\"ff4\">Rischio F<span class=\"_ _2\"></span>isico: i <span class=\"_ _2\"></span>rischi <span class=\"_ _2\"></span>derivanti dal cambiamento <span class=\"_ _2\"></span>climatico <span class=\"_ _2\"></span>possono <span class=\"_ _2\"></span>essere determinati <span class=\"_ _2\"></span>da <span class=\"_ _2\"></span>eventi<span class=\"_ _df\"> </span></span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs1de6\">acuti o <span class=\"_ _f\"></span>da cambiamenti <span class=\"_ _f\"></span>climatici a <span class=\"_ _1\"></span>lungo <span class=\"_ _1\"></span>termine tali <span class=\"_ _f\"></span>d\u2019avere p<span class=\"_ _1\"></span>ossibili <span class=\"_ _1\"></span>implicazione fi<span class=\"_ _1\"></span>nanziarie sul<span class=\"_ _1\"></span>le<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1de7\">organizzazioni, come danni dirett<span class=\"_ _2\"></span>i alle risorse <span class=\"_ _2\"></span>e<span class=\"_ _1\"></span> gli impatt<span class=\"_ _2\"></span><span class=\"ff5\">i <span class=\"_ _2\"></span>indiret<span class=\"_ _1\"></span>ti derivanti dall\u2019interruzione della<span class=\"_ _df\"> </span></span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1de8\">catena <span class=\"_ _f\"></span>di <span class=\"_ _f\"></span>fornitura. <span class=\"_ _1\"></span>Dal <span class=\"_ _f\"></span>punto <span class=\"_ _f\"></span>di vista <span class=\"_ _f\"></span>di <span class=\"_ _f\"></span>una <span class=\"_ _f\"></span>compagnia <span class=\"_ _f\"></span>as<span class=\"_ _2\"></span>sicurativa, <span class=\"_ _f\"></span>questi <span class=\"_ _f\"></span>rischi <span class=\"_ _f\"></span>non <span class=\"_ _1\"></span>solo <span class=\"_ _f\"></span>possono<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1de9\">avere <span class=\"_ _2\"></span>un <span class=\"_ _2\"></span>effetto <span class=\"_ _2\"></span>diretto <span class=\"_ _2\"></span>sui <span class=\"_ _2\"></span>propri <span class=\"_ _2\"></span>asset <span class=\"_ _d\"></span>fisici e <span class=\"_ _2\"></span>indiretto <span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>ugli investimenti, <span class=\"_ _2\"></span>ma <span class=\"_ _2\"></span>possono <span class=\"_ _d\"></span>avere <span class=\"_ _2\"></span>un<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1dea\">impatto anche sulle passivit\u00e0 assicurative.<span class=\"_ _df\"> </span><span class=\"_ _1\"></span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1deb\">Con <span class=\"_ _2\"></span>specifico <span class=\"_ _2\"></span>riferimento <span class=\"_ _d\"></span>ai <span class=\"_ _2\"></span>rischi <span class=\"_ _2\"></span>climatici, <span class=\"_ _d\"></span>in <span class=\"_ _2\"></span>coerenza <span class=\"_ _2\"></span>con <span class=\"_ _d\"></span>le <span class=\"_ _2\"></span>indicazioni <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>area <span class=\"_ _d\"></span>Delegato <span class=\"_ _2\"></span>(UE)<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1dec\">2021/1256 de<span class=\"_ _1\"></span>lla Commissione <span class=\"_ _f\"></span>del 21 <span class=\"_ _f\"></span>Aprile 2021, <span class=\"_ _f\"></span>la Compagnia <span class=\"_ _f\"></span>ha strutturato u<span class=\"_ _1\"></span>na serie <span class=\"_ _f\"></span>di analisi <span class=\"_ _f\"></span>sul<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1ded\">proprio <span class=\"_ _e\"> </span>port<span class=\"_ _2\"></span>afoglio <span class=\"_ _e\"> </span>(sia <span class=\"_ _10\"> </span>investimenti,<span class=\"_ _1\"></span> <span class=\"_ _e\"> </span>s<span class=\"_ _2\"></span>ia <span class=\"_ _e\"> </span>tecnico/assicurativo) <span class=\"_ _10\"> </span>per <span class=\"_ _e\"> </span>verificare <span class=\"_ _e\"> </span>la <span class=\"_ _10\"> </span>materialit\u00e0<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs1dee\">dell\u2019esposizione <span class=\"_ _10\"> </span>ai <span class=\"_ _10\"> </span>rischi <span class=\"_ _10\"> </span>climatici <span class=\"_ _10\"> </span>e, <span class=\"_ _10\"> </span>successivamente, <span class=\"_ _10\"> </span>condurre <span class=\"_ _10\"> </span>l\u2019analisi <span class=\"_ _10\"> </span>di <span class=\"_ _10\"> </span>scenario <span class=\"_ _18\"> </span>per<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs1def\">quantificare l\u2019impatto che essi producono sulle p<span class=\"_ _1\"></span>rincipali grandezze economiche e pa<span class=\"_ _2\"></span><span class=\"ff4\">trimoniali.<span class=\"_ _df\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1df0\">Il Framework sviluppato dalla Compagnia <span class=\"_ _2\"></span>per la gestione del r<span class=\"_ _2\"></span>ischi<span class=\"_ _1\"></span>o climatico <span class=\"_ _2\"></span>identifi<span class=\"_ _1\"></span>ca i <span class=\"_ _2\"></span>seguenti<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1df1\">step:<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff18 fs1 fc1 sc0 ls0 ws0 gs1df2\">-<span class=\"_ _2b\"> </span><span class=\"ff4\">Identificaz<span class=\"_ _1\"></span>ione dei<span class=\"_ _1\"></span> fattori <span class=\"_ _f\"></span>di rischio <span class=\"_ _f\"></span>e del <span class=\"_ _f\"></span>perimetro di<span class=\"_ _1\"></span> analisi -<span class=\"_ _f\"></span> identificaz<span class=\"_ _1\"></span>ione <span class=\"_ _1\"></span>e cl<span class=\"_ _1\"></span>assificazione <span class=\"_ _f\"></span>d<span class=\"_ _2\"></span>elle<span class=\"_ _df\"> </span></span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1df3\">principali <span class=\"_ _d\"></span>fonti <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>rischio <span class=\"_ _d\"></span>climatico <span class=\"_ _d\"></span>e <span class=\"_ _d\"></span>del <span class=\"_ _d\"></span>perimetro <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>prodotti <span class=\"_ _d\"></span>e <span class=\"_ _2\"></span>assets <span class=\"_ _d\"></span>potenzialmente <span class=\"_ _d\"></span>impattati<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1df4\">secondo le linee guida indicate da EIOPA.<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff18 fs1 fc1 sc0 ls0 ws0 gs1df5\">-<span class=\"_ _2b\"> </span><span class=\"ff4\">Valutazione<span class=\"_ _1\"></span> <span class=\"_ _4\"> </span>della  materialit\u00e0 <span class=\"_ _4\"> </span><span class=\"ff5\">\u2013</span>  <span class=\"ff5\">la  valutazione, <span class=\"_ _22\"> </span>pro<span class=\"_ _2\"></span>pedeutica  all\u2019analisi  di <span class=\"_ _4\"> </span>rilevanza  (cfr. <span class=\"_ _22\"> </span>punto<span class=\"_ _df\"> </span></span></span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1df6\">successivo), \u00e8 effettuata su ogni singolo perimetro (sia lato Asset, sia Liabilities);<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff18 fs1 fc1 sc0 ls0 ws0 gs1df7\">-<span class=\"_ _2b\"> </span><span class=\"ff4\">Analisi <span class=\"_ _1\"></span>di Rilevanza <span class=\"ff5\">\u2013</span> anali<span class=\"_ _1\"></span>si attivata solo <span class=\"_ _1\"></span>per i <span class=\"_ _f\"></span>r<span class=\"_ _2\"></span>ischi i<span class=\"_ _1\"></span>dentificati come p<span class=\"_ _1\"></span>otenzialmente materiali <span class=\"_ _f\"></span>n<span class=\"_ _2\"></span>el<span class=\"_ _df\"> </span></span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs1df8\">punto <span class=\"_ _1\"></span>precedente, <span class=\"_ _f\"></span>e<span class=\"_ _2\"></span>d <span class=\"_ _f\"></span>ha come o<span class=\"_ _1\"></span>biettivo <span class=\"_ _1\"></span>l\u2019identificazione <span class=\"_ _f\"></span>dei rischi <span class=\"_ _1\"></span>climatici <span class=\"_ _1\"></span>rilevanti <span class=\"_ _1\"></span>per il <span class=\"_ _f\"></span>business<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1df9\">e <span class=\"_ _2\"></span>per <span class=\"_ _d\"></span><span class=\"ff5\">la <span class=\"_ _d\"></span>relativa <span class=\"_ _d\"></span>analisi <span class=\"_ _2\"></span>di <span class=\"_ _d\"></span>stress <span class=\"_ _2\"></span>ai <span class=\"_ _d\"></span>fini <span class=\"_ _d\"></span>ORSA. <span class=\"_ _2\"></span>L\u2019analisi <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _d\"></span>effettuata <span class=\"_ _d\"></span>su <span class=\"_ _d\"></span>ogni <span class=\"_ _2\"></span>singolo <span class=\"_ _d\"></span>perimetro <span class=\"_ _d\"></span>(sia<span class=\"_ _df\"> </span></span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1dfa\">lato Asset, sia Liabilities) e p<span class=\"_ _1\"></span>revede almeno le seguenti macro attivit\u00e0:<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff12 fs1 fc1 sc0 ls0 ws0 gs1dfb\">o<span class=\"_ _25\"> </span><span class=\"ff4\">Identificazione <span class=\"_ _9\"> </span>dei <span class=\"_ _9\"> </span>criteri <span class=\"_ _9\"> </span>e  d<span class=\"_ _f\"></span>e<span class=\"_ _2\"></span>lle <span class=\"_ _9\"> </span>metodologie <span class=\"_ _9\"> </span>da <span class=\"_ _9\"> </span>utilizzare <span class=\"_ _9\"> </span>s<span class=\"_ _2\"></span>ui <span class=\"_ _9\"> </span>portafogli <span class=\"_ _9\"> </span>esposti<span class=\"_ _2\"></span> <span class=\"_ _16\"> </span>al <span class=\"_ _9\"> </span>rischio <span class=\"_ _9\"> </span>(sia<span class=\"_ _df\"> </span></span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1dfc\">asset, sia liabilities) analizzate nei paragrafi succe<span class=\"_ _1\"></span>ssivi;<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff12 fs1 fc1 sc0 ls0 ws0 gs1dfd\">o<span class=\"_ _25\"> </span><span class=\"ff4\">Valutazione <span class=\"_ _2\"></span>quali/quantitativa <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>ogni <span class=\"_ _2\"></span>perimetro <span class=\"_ _2\"></span>identificato <span class=\"_ _2\"></span>rispetto <span class=\"_ _2\"></span>alle <span class=\"_ _2\"></span>metodologie individuate<span class=\"_ _df\"> </span></span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1dfe\">e alle specifiche soglie di materialit\u00e0.<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1dff\">Il <span class=\"_ _d\"></span>sistema <span class=\"_ _0\"></span>di <span class=\"_ _d\"></span>gestione <span class=\"_ _0\"></span>dei <span class=\"_ _d\"></span>rischi <span class=\"_ _d\"></span>ESG <span class=\"_ _0\"></span>prevede <span class=\"_ _d\"></span>la <span class=\"_ _0\"></span>definizione <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>indicatori <span class=\"_ _0\"></span>utilizzati <span class=\"_ _d\"></span>per <span class=\"_ _0\"></span>monitorare<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs1e00\">l\u2019esposizione, <span class=\"_ _0\"></span>con  u<span class=\"_ _1\"></span>n <span class=\"_ _9\"> </span>focus <span class=\"_ _9\"> </span>sp<span class=\"_ _2\"></span>ecifico <span class=\"_ _9\"> </span>sui <span class=\"_ _9\"> </span>rischi <span class=\"_ _9\"> </span>climatici <span class=\"_ _9\"> </span>conn<span class=\"_ _2\"></span>essi <span class=\"_ _9\"> </span>ai <span class=\"_ _9\"> </span>rischi <span class=\"_ _9\"> </span>ambientali <span class=\"_ _16\"> </span>insiti <span class=\"_ _0\"> </span>n<span class=\"_ _2\"></span>ei<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1e01\">portafogli Asset e Liabilities della Compagnia.<span class=\"_ _df\"> </span><span class=\"_ _1\"></span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1e02\">Si riportano sinteticamente di segui<span class=\"_ _1\"></span>to le m<span class=\"_ _2\"></span>isure di rischio utilizzate e i volumi anali<span class=\"_ _1\"></span>zzati:<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff18 fs1 fc1 sc0 ls0 ws0 gs1e03\">-<span class=\"_ _2b\"> </span><span class=\"ff4\">Weig<span class=\"_ _1\"></span>hted Average Carbon Footprint;<span class=\"_ _df\"> </span></span></div>-<span class=\"ff10\"> <span class=\"_ _51\"> </span><span class=\"ff4\">Percentuale Climate Policy Relevant Activities;<span class=\"_ _df\"> </span></span></span>-<span class=\"ff10\"> <span class=\"_ _51\"> </span><span class=\"ff4\">Percentuale passivit\u00e0 ad alto r<span class=\"_ _2\"></span>ischi<span class=\"_ _1\"></span>o climatico.<span class=\"_ _df\"> </span></span></span>Rischi <span class=\"_ _1\"></span>stra<span class=\"_ _f\"></span>tegico<span class=\"_ _df\"> </span>Per rischio <span class=\"_ _2\"></span>strategico si intende il rischio <span class=\"_ _2\"></span>attuale o <span class=\"_ _2\"></span>prospettico di flessione degli utili o <span class=\"_ _2\"></span>del capitale<span class=\"_ _df\"> </span>e di <span class=\"_ _2\"></span>sostenibilit\u00e0 <span class=\"_ _2\"></span>del mod<span class=\"_ _2\"></span>ello di <span class=\"_ _2\"></span>business, incluso <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>rischio di <span class=\"_ _2\"></span>non <span class=\"_ _2\"></span>riuscire <span class=\"_ _2\"></span>a generar<span class=\"_ _2\"></span>e un <span class=\"_ _2\"></span>adeguato<span class=\"_ _df\"> </span>ritorno  sul  capitale <span class=\"_ _16\"> </span>sulla  base  della  propensione <span class=\"_ _16\"> </span>al  rischio  definita  dall\u2019impresa,  deriv<span class=\"_ _1\"></span>ante  da<span class=\"_ _df\"> </span>camb<span class=\"ff5\">iamenti del contesto <span class=\"_ _2\"></span>operativo o da decisioni aziendali err<span class=\"_ _2\"></span>ate, dall\u2019 attuazione inadeguata di<span class=\"_ _df\"> </span></span>decisioni, <span class=\"_ _9\"> </span>impropria <span class=\"_ _16\"> </span>gestione <span class=\"_ _9\"> </span>del <span class=\"_ _9\"> </span>rischio <span class=\"_ _16\"> </span>di <span class=\"_ _9\"> </span>appartenenza <span class=\"_ _9\"> </span>al  g<span class=\"_ _1\"></span>ruppo, <span class=\"_ _9\"> </span>e <span class=\"_ _16\"> </span>dalla <span class=\"_ _9\"> </span>scars<span class=\"_ _2\"></span>a <span class=\"_ _9\"> </span>reattivit\u00e0 <span class=\"_ _9\"> </span>a<span class=\"_ _df\"> </span>variazioni del contesto competitivo.<span class=\"_ _df\"> </span>L\u2019analisi <span class=\"_ _f\"></span>dei <span class=\"_ _1\"></span>rischi <span class=\"_ _f\"></span>s<span class=\"_ _2\"></span>trate<span class=\"ff4\">gici <span class=\"_ _f\"></span>viene eff<span class=\"_ _1\"></span>ettuate <span class=\"_ _1\"></span>mediante <span class=\"_ _f\"></span>specifiche anali<span class=\"_ _1\"></span>si <span class=\"_ _1\"></span>si <span class=\"_ _1\"></span>sensitivity <span class=\"_ _f\"></span>in sede<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>ORSA<span class=\"_ _df\"> </span></span>o <span class=\"_ _9\"> </span>ogni <span class=\"_ _9\"> </span>qualvolta <span class=\"_ _9\"> </span>si <span class=\"_ _9\"> </span>as<span class=\"_ _2\"></span>sista <span class=\"_ _0\"></span>a <span class=\"_ _16\"> </span>va<span class=\"_ _1\"></span>riazioni <span class=\"_ _9\"> </span>significative <span class=\"_ _9\"> </span>del <span class=\"_ _9\"> </span>mercato, <span class=\"_ _9\"> </span>dell\u2019mix <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>produzione <span class=\"_ _9\"> </span>e <span class=\"_ _9\"> </span>d<span class=\"_ _2\"></span>elle<span class=\"_ _df\"> </span>ipotesi sottostanti le valutazioni. In <span class=\"_ _9\"> </span>tale <span class=\"_ _16\"> </span>ambito <span class=\"_ _9\"> </span>viene <span class=\"_ _9\"> </span>altres\u00ec <span class=\"_ _16\"> </span>valutata <span class=\"_ _9\"> </span>la <span class=\"_ _16\"> </span>presenza <span class=\"_ _9\"> </span>di <span class=\"_ _16\"> </span>potenziali <span class=\"_ _9\"> </span>rischi <span class=\"_ _9\"> </span>emergenti <span class=\"_ _16\"> </span>sulla <span class=\"_ _9\"> </span>base <span class=\"_ _9\"> </span>delle<span class=\"_ _df\"> </span>informazioni derivanti dal piano industriale, dalle evoluzioni di prodotto<span class=\"_ _2\"></span>, dalle<span class=\"_ _1\"></span> variazioni normative<span class=\"_ _df\"> </span>e da qualsiasi altra variazione potenzialme<span class=\"_ _1\"></span>nte impattante sul profilo di rischio dell\u2019impresa.<span class=\"_ _df\"> </span>In<span class=\"ls0\"> <span class=\"_ _2\"></span>seguito <span class=\"_ _2\"></span>ai risultati <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>tale anali<span class=\"_ _2\"></span>si, vengono <span class=\"_ _2\"></span>valutati <span class=\"_ _2\"></span>gli eventuali<span class=\"_ _2\"></span> cambiamenti <span class=\"_ _2\"></span>da a<span class=\"_ _2\"></span>pportare <span class=\"_ _2\"></span>nella<span class=\"_ _df\"> </span></span>mappa dei rischi aziendali.<span class=\"_ _df\"> </span>***<span class=\"_ _df\"> </span>Le valutazioni effettuate dalla Compagnia alla data di v<span class=\"_ _1\"></span>alutazione hanno consentito di delineare la<span class=\"_ _df\"> </span>mappa dei rischi <span class=\"ff5\">\u2013</span> Framework Solvency II - a cui la Compagnia \u00e8 esposta (di seguito riportata).<table class=\"s w11eb h5c7\" id=\"_5869cd32-2393-4bce-bb74-7dffcb43bfe6\"><tr><td class=\"c xb9e y38e0 w65d h4d\"><div class=\"t m0 x15 h1f y2ef ff4 fs7 fc1 sc0 ls0 ws0\">Modulo di rischi<span class=\"_ _1\"></span>o  </div></td><td class=\"c xb9f y38e0 w65e h4d\"><div class=\"t m0 x31 h1f y2ef ff4 fs7 fc1 sc0 ls0 ws0\">Sottomodulo di <span class=\"_ _f\"></span>r<span class=\"_ _2\"></span>ischio  </div></td><td class=\"c xba0 y38e0 w510 h4d\"><div class=\"t m0 x163 h1f y2ef ff4 fs7 fc1 sc0 ls0 ws0\">Esposizione </div></td></tr><tr><td class=\"c xb9e y38e1 w65d h1ac\"><div class=\"t m0 x163 h1f ycc6 ff4 fs7 fc1 sc0 ls0 ws0\">Non-Life underwri<span class=\"_ _1\"></span>ting risk </div></td><td class=\"c xb9f y38e2 w65e h4e\"><div class=\"t m0 x163 h1f y71 ff4 fs7 fc1 sc0 ls0 ws0\">Non-Life premium <span class=\"_ _f\"></span>and r<span class=\"_ _2\"></span>ese<span class=\"_ _1\"></span>rve risk </div></td><td class=\"c xba0 y38e2 w4b0 h4e\"><div class=\"t m0 x32 h1f y71 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td></tr><tr><td></td><td class=\"c xb9f y38e3 w65e h4d\"><div class=\"t m0 x163 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">Non-Life lapse ri<span class=\"_ _1\"></span>sk </div></td><td class=\"c xba0 y38e3 w4b0 h4d\"><div class=\"t m0 x32 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td></tr><tr><td></td><td class=\"c xb9f y38e1 w65e h4e\"><div class=\"t m0 x163 h1f y71 ff4 fs7 fc1 sc0 ls0 ws0\">Non-life CAT risk<span class=\"_ _1\"></span> </div></td><td class=\"c xba0 y38e1 w4b0 h4e\"><div class=\"t m0 x32 h1f y71 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td></tr><tr><td class=\"c xb9e y38e4 w65d h36b\"><div class=\"t m0 x163 h1f y1a8b ff4 fs7 fc1 sc0 ls0 ws0\">Health underwr<span class=\"_ _1\"></span>iting risk </div></td><td class=\"c xb9f y38e5 w65e h4d\"><div class=\"t m0 x163 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">Health premium and <span class=\"_ _f\"></span>reserve risk </div></td><td class=\"c xba0 y38e5 w4b0 h4d\"><div class=\"t m0 x32 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td></tr><tr><td></td><td class=\"c xb9f y38e6 w65e h4e\"><div class=\"t m0 x163 h1f y71 ff4 fs7 fc1 sc0 ls0 ws0\">Health Lapse risk<span class=\"_ _1\"></span> </div></td><td class=\"c xba0 y38e6 w4b0 h4e\"><div class=\"t m0 x32 h1f y71 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td></tr><tr><td></td><td class=\"c xb9f y38e7 w65e h4d\"><div class=\"t m0 x163 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">Health CAT </div></td><td class=\"c xba0 y38e7 w4b0 h4d\"><div class=\"t m0 x32 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td></tr><tr><td></td><td class=\"c xb9f y38e8 w65e h4e\"><div class=\"t m0 x163 h1f y71 ff4 fs7 fc1 sc0 ls0 ws0\">Health SLT Morta<span class=\"_ _f\"></span>l<span class=\"_ _2\"></span>ity risk </div></td><td class=\"c xba0 y38e8 w4b0 h4e\"><div class=\"t m0 x48 h1f y71 ff4 fs7 fc1 sc0 ls10a ws0\">---<span class=\"ls0\"> </span></div></td></tr><tr><td></td><td class=\"c xb9f y38e9 w65e h4d\"><div class=\"t m0 x163 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">Health SLT L<span class=\"_ _1\"></span>ongevity risk </div></td><td class=\"c xba0 y38e9 w4b0 h4d\"><div class=\"t m0 x48 h1f y28b ff4 fs7 fc1 sc0 ls10a ws0\">---<span class=\"ls0\"> </span></div></td></tr><tr><td></td><td class=\"c xb9f y38ea w65e h4e\"><div class=\"t m0 x163 h1f y71 ff4 fs7 fc1 sc0 ls0 ws0\">Health SLT Disabi<span class=\"_ _1\"></span>lity morbidity r<span class=\"_ _1\"></span>isk </div></td><td class=\"c xba0 y38ea w4b0 h4e\"><div class=\"t m0 x48 h1f y71 ff4 fs7 fc1 sc0 ls10a ws0\">---<span class=\"ls0\"> </span></div></td></tr><tr><td></td><td class=\"c xb9f y38eb w65e h28e\"><div class=\"t m0 x163 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">Health SLT Lap<span class=\"_ _1\"></span>se risk </div></td><td class=\"c xba0 y38eb w4b0 h28e\"><div class=\"t m0 x48 h1f y28b ff4 fs7 fc1 sc0 ls10a ws0\">---<span class=\"ls0\"> </span></div></td></tr><tr><td></td><td class=\"c xb9f y38ec w65e h4e\"><div class=\"t m0 x163 h1f y71 ff4 fs7 fc1 sc0 ls0 ws0\">Health SLT Expe<span class=\"_ _1\"></span>nse risk </div></td><td class=\"c xba0 y38ec w4b0 h4e\"><div class=\"t m0 x48 h1f y71 ff4 fs7 fc1 sc0 ls10a ws0\">---<span class=\"ls0\"> </span></div></td></tr><tr><td></td><td class=\"c xb9f y38e4 w65e h4d\"><div class=\"t m0 x163 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">Health SLT Rev<span class=\"_ _1\"></span>ision risk </div></td><td class=\"c xba0 y38e4 w4b0 h4d\"><div class=\"t m0 x48 h1f y28b ff4 fs7 fc1 sc0 ls10a ws0\">---<span class=\"ls0\"> </span></div></td></tr><tr><td class=\"c xb9e y38ed w65d h36c\"><div class=\"t m0 x163 h1f y1c74 ff4 fs7 fc1 sc0 ls0 ws0\">Market risk </div></td><td class=\"c xb9f y38ee w65e h4e\"><div class=\"t m0 x163 h1f y71 ff4 fs7 fc1 sc0 ls0 ws0\">Interest rate r<span class=\"_ _1\"></span>isk </div></td><td class=\"c xba0 y38ee w4b0 h4e\"><div class=\"t m0 x32 h1f y71 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td></tr><tr><td></td><td class=\"c xb9f y38ef w65e h4d\"><div class=\"t m0 x163 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">Equity risk </div></td><td class=\"c xba0 y38ef w4b0 h4d\"><div class=\"t m0 x32 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td></tr><tr><td></td><td class=\"c xb9f y38f0 w65e h4e\"><div class=\"t m0 x163 h1f y71 ff4 fs7 fc1 sc0 ls0 ws0\">Property risk </div></td><td class=\"c xba0 y38f0 w4b0 h4e\"><div class=\"t m0 x48 h1f y71 ff4 fs7 fc1 sc0 ls10a ws0\">---<span class=\"ls0\"> </span></div></td></tr><tr><td></td><td class=\"c xb9f y38f1 w65e h4d\"><div class=\"t m0 x163 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">Spread risk </div></td><td class=\"c xba0 y38f1 w4b0 h4d\"><div class=\"t m0 x32 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td></tr><tr><td></td><td class=\"c xb9f y38f2 w65e h4e\"><div class=\"t m0 x163 h1f y71 ff4 fs7 fc1 sc0 ls0 ws0\">Currency risk<span class=\"_ _1\"></span> </div></td><td class=\"c xba0 y38f2 w4b0 h4e\"><div class=\"t m0 x32 h1f y71 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td></tr><tr><td></td><td class=\"c xb9f y38ed w65e h4d\"><div class=\"t m0 x163 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">Concentration ri<span class=\"_ _1\"></span>sk </div></td><td class=\"c xba0 y38ed w4b0 h4d\"><div class=\"t m0 x48 h1f y28b ff4 fs7 fc1 sc0 ls10a ws0\">---<span class=\"ls0\"> </span></div></td></tr><tr><td class=\"c xb9e y38f3 w65d h203\"><div class=\"t m0 x163 h1f y1a1f ff4 fs7 fc1 sc0 ls0 ws0\">Counterparty de<span class=\"_ _1\"></span>fault risk </div></td><td class=\"c xb9f y38f4 w65e h4e\"><div class=\"t m0 x163 h1f y71 ff4 fs7 fc1 sc0 ls0 ws0\">Type 1 counterpa<span class=\"_ _1\"></span>rties </div></td><td class=\"c xba0 y38f4 w4b0 h4e\"><div class=\"t m0 x32 h1f y71 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td></tr><tr><td></td><td class=\"c xb9f y38f3 w65e h4d\"><div class=\"t m0 x163 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">Type 2 counterpa<span class=\"_ _1\"></span>rties </div></td><td class=\"c xba0 y38f3 w4b0 h4d\"><div class=\"t m0 x32 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td></tr><tr><td class=\"c xb9e y38f5 w4d8 h4e\"><div class=\"t m0 x163 h1f y295 ff4 fs7 fc1 sc0 ls0 ws0\">Operational Risk </div></td><td class=\"c xb9f y38f5 w65e h4e\"><div class=\"t m0 x163 h1f y71 ff4 fs7 fc1 sc0 ls0 ws0\">Operational risk<span class=\"_ _1\"></span> </div></td><td class=\"c xba0 y38f5 w4b0 h4e\"><div class=\"t m0 x32 h1f y71 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td></tr></table>Le  valutazioni  p<span class=\"_ _1\"></span>rospettiche  dei  rischi  non  hanno  rile<span class=\"_ _1\"></span>vato  da  un <span class=\"_ _16\"> </span>punto  di <span class=\"_ _16\"> </span>vista  regolamentare<span class=\"_ _df\"> </span>(Solvency II) rischi emergenti in <span class=\"_ _2\"></span>ragione delle azioni previst<span class=\"_ _2\"></span>e dalle nuove str<span class=\"_ _2\"></span>ategi<span class=\"_ _1\"></span>e di investimento<span class=\"_ _df\"> </span>e <span class=\"_ _d\"></span>di <span class=\"_ _0\"></span>business <span class=\"_ _d\"></span>(da <span class=\"_ _0\"></span>segnalare <span class=\"_ _d\"></span>tuttavia <span class=\"_ _d\"></span>la <span class=\"_ _0\"></span>review <span class=\"_ _d\"></span>Solvency <span class=\"_ _0\"></span>II <span class=\"_ _d\"></span>la <span class=\"_ _0\"></span>cui <span class=\"_ _0\"></span>applicazione <span class=\"_ _d\"></span>\u00e8 <span class=\"_ _d\"></span>prevista <span class=\"_ _0\"></span>a <span class=\"_ _0\"></span>partire<span class=\"_ _df\"> </span>dal30.01.2027)<span class=\"ff5\">. Con <span class=\"_ _2\"></span>riferimento ai dati <span class=\"_ _2\"></span>prospettici e monitor<span class=\"_ _2\"></span>ati alla data <span class=\"_ _2\"></span>di valutazione, l\u2019analisi ha<span class=\"_ _df\"> </span></span>permesso <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>individuare <span class=\"_ _0\"></span>i <span class=\"_ _0\"></span>sot<span class=\"_ _2\"></span>to <span class=\"_ _d\"></span>mo<span class=\"_ _2\"></span>duli<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>rischio <span class=\"_ _9\"> </span>maggiormente <span class=\"_ _0\"></span>significativi <span class=\"_ _0\"></span>e <span class=\"_ _0\"></span>impattanti <span class=\"_ _9\"> </span>per <span class=\"_ _0\"></span>la<span class=\"_ _df\"> </span>Compagnia, <span class=\"_ _9\"> </span>che <span class=\"_ _16\"> </span>risultano <span class=\"_ _9\"> </span>essere  i<span class=\"_ _1\"></span> <span class=\"_ _16\"> </span>sotto <span class=\"_ _9\"> </span>moduli <span class=\"_ _9\"> </span>di <span class=\"_ _16\"> </span>rischio <span class=\"_ _9\"> </span>Non<span class=\"_ _2\"></span>-Life <span class=\"_ _16\"> </span>premium <span class=\"_ _9\"> </span>and <span class=\"_ _9\"> </span>r<span class=\"_ _2\"></span>eserve <span class=\"_ _9\"> </span>risk,<span class=\"_ _df\"> </span>Health premium and reserve risk, segu<span class=\"_ _1\"></span>iti dal sotto modulo Non Life lapse Risk.<span class=\"_ _df\"> </span>Inoltre si ev<span class=\"_ _1\"></span>idenzia l\u2019e<span class=\"_ _1\"></span>sposizione della <span class=\"_ _1\"></span>Compagnia al rischio <span class=\"_ _1\"></span>Spread sui <span class=\"_ _1\"></span>Governativi ITA <span class=\"_ _f\"></span>(r<span class=\"_ _2\"></span><span class=\"ff4\">ischio non<span class=\"_ _df\"> </span></span>contemplato <span class=\"_ _10\"> </span>nella <span class=\"_ _10\"> </span>Formula <span class=\"_ _10\"> </span>Standard). <span class=\"_ _10\"> </span>La <span class=\"_ _18\"> </span>Compagnia <span class=\"_ _10\"> </span>nelle <span class=\"_ _18\"> </span>proprie <span class=\"_ _10\"> </span>valutazioni <span class=\"_ _10\"> </span>prende <span class=\"_ _10\"> </span>in<span class=\"_ _df\"> </span>considerazione <span class=\"_ _15\"> </span>tal<span class=\"_ _2\"></span>e <span class=\"_ _e\"> </span>fattore <span class=\"_ _e\"> </span>di <span class=\"_ _e\"> </span>rischio <span class=\"_ _e\"> </span>mediante <span class=\"_ _e\"> </span>specifiche <span class=\"_ _10\"> </span>analisi <span class=\"_ _e\"> </span>di <span class=\"_ _e\"> </span>sensitivity <span class=\"_ _e\"> </span>effett<span class=\"_ _2\"></span>uate<span class=\"_ _df\"> </span>periodicamente e all\u2019interno del Report ORSA YE 31.12.2024. Le  an<span class=\"ff5\">alisi  q<span class=\"_ _1\"></span>uali/quantitativa  sull\u2019adeguatezza <span class=\"_ _16\"> </span>del  Profilo  di <span class=\"_ _16\"> </span>Rischio  del<span class=\"_ _1\"></span>la  Compagnia  rispetto  i<span class=\"_ _df\"> </span></span>requisiti sottostanti l\u2019appli<span class=\"_ _1\"></span>cazione della Formula Standard sono risultate positive. Al <span class=\"_ _9\"> </span>calcolo <span class=\"_ _9\"> </span>degli <span class=\"_ _9\"> </span>impatti <span class=\"_ _9\"> </span>dovuti <span class=\"_ _0\"></span>ai <span class=\"_ _16\"> </span>rischi <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>natura <span class=\"_ _9\"> </span>quantificabile <span class=\"_ _0\"></span>e <span class=\"_ _9\"> </span>regolamen<span class=\"_ _2\"></span>tare, <span class=\"_ _9\"> </span>la <span class=\"_ _9\"> </span>Compagnia<span class=\"_ _df\"> </span>monitora e <span class=\"_ _2\"></span>valuta anche i rischi quantitativi ma <span class=\"_ _2\"></span>non rientranti <span class=\"_ _2\"></span>nell\u2019<span class=\"_ _1\"></span>ambito della <span class=\"_ _2\"></span>Formula Standard,<span class=\"_ _df\"> </span>i cosiddetti \u201crischi quantitativi non regolamentari\u201d, quali:<span class=\"_ _df\"> </span>-<span class=\"_ _1b\"> </span><span class=\"ff4\">rischio spread sui titoli governativi;<span class=\"_ _df\"> </span></span>-<span class=\"_ _1b\"> </span><span class=\"ff4\">rischio di liquidit\u00e0 e ALM;<span class=\"_ _df\"> </span></span>-<span class=\"_ _1b\"> </span><span class=\"ff4\">rischio operativo;<span class=\"_ _df\"> </span></span>-<span class=\"_ _1b\"> </span><span class=\"ff4\">rischio ICT &amp; di Sicurezza;<span class=\"_ _df\"> </span></span>-<span class=\"_ _1b\"> </span><span class=\"ff4\">rischio condotta;<span class=\"_ _df\"> </span></span>-<span class=\"_ _1b\"> </span><span class=\"ff4\">rischio di appartenenza al gruppo;<span class=\"_ _df\"> </span></span>-<span class=\"_ _1b\"> </span><span class=\"ff4\">rischio ESG (con un focus specifico sui rischi climatici connessi ai rischi ambientali<span class=\"_ _1\"></span>);<span class=\"_ _df\"> </span></span>-<span class=\"_ _1b\"> </span><span class=\"ff4\">rischio strategico.<span class=\"_ _df\"> </span></span>Oltre <span class=\"_ _2\"></span>alle valutazioni <span class=\"_ _2\"></span>sui rischi <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>natura <span class=\"_ _2\"></span>quantificabile (sia <span class=\"_ _2\"></span>regolamentare <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>non), la <span class=\"_ _2\"></span>Compagnia<span class=\"_ _df\"> </span>gestisce e monitora anche:<span class=\"_ _df\"> </span>-<span class=\"_ _1b\"> </span><span class=\"ff4\">rischio modello;<span class=\"_ _df\"> </span></span>-<span class=\"_ _1b\"> </span><span class=\"ff4\">rischio di non conformit\u00e0 alle norme;<span class=\"_ _df\"> </span></span>-<span class=\"_ _1b\"> </span><span class=\"ff4\">rischio reputazionale;<span class=\"_ _df\"> </span></span>-<span class=\"_ _1b\"> </span><span class=\"ff4\">rischi emergenti.<span class=\"_ _df\"> </span></span>Allo <span class=\"_ _d\"></span>stato <span class=\"_ _d\"></span>attuale <span class=\"_ _d\"></span>tali <span class=\"_ _d\"></span>tipologie <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>rischio <span class=\"_ _d\"></span>hanno <span class=\"_ _d\"></span>un <span class=\"_ _d\"></span>livello <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>gestione <span class=\"_ _d\"></span>monitoraggio <span class=\"_ _d\"></span>e<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>valutazione<span class=\"_ _df\"> </span>coerente <span class=\"_ _2\"></span>con <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>rilevanza <span class=\"_ _2\"></span>dei <span class=\"_ _2\"></span>fattori <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>rischio <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>li <span class=\"_ _2\"></span>caratterizzano, <span class=\"_ _2\"></span>periodicamente <span class=\"_ _2\"></span>monitorate <span class=\"_ _2\"></span>e<span class=\"_ _df\"> </span>non comportano un add-on in termini di capitale regolamentare.<span class=\"_ _df\"> </span>Al  momento  non  vi <span class=\"_ _16\"> </span>sono  risultati  che  e<span class=\"_ _1\"></span>videnzino  situazioni  di  criticit\u00e0  in  termini  di  solvibilit\u00e0<span class=\"_ _df\"> </span>derivanti <span class=\"_ _9\"> </span>dai  rischi <span class=\"_ _9\"> </span>st<span class=\"_ _2\"></span>rategici. <span class=\"_ _9\"> </span>Tuttavia,  \u00e8<span class=\"_ _1\"></span>  d<span class=\"_ _1\"></span>a <span class=\"_ _16\"> </span>continuare <span class=\"_ _16\"> </span>a <span class=\"_ _16\"> </span>tenere <span class=\"_ _9\"> </span>in  conside<span class=\"_ _1\"></span>razione <span class=\"_ _16\"> </span>l\u2019effetto <span class=\"_ _16\"> </span>di<span class=\"_ _df\"> </span>possibili <span class=\"_ _0\"></span>variazioni <span class=\"_ _0\"></span>del <span class=\"_ _0\"></span>contesto <span class=\"_ _0\"></span>macr<span class=\"_ _2\"></span>o-economico <span class=\"_ _0\"></span>che <span class=\"_ _0\"></span>possono <span class=\"_ _9\"> </span>avere <span class=\"_ _0\"></span>impatti <span class=\"_ _0\"></span>significativi <span class=\"_ _0\"></span>sugli<span class=\"_ _df\"> </span>Own Funds della Compagnia e sul Re<span class=\"_ _1\"></span>quisito di Capitale.",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfInsuranceContractsExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-893": {
   "value": "Sezion<span class=\"_ _f\"></span>e 8 <span class=\"ff5\">\u2013</span> At<span class=\"_ _f\"></span>tivit\u00e0 as<span class=\"_ _1\"></span>sicura<span class=\"_ _f\"></span>tive - Vo<span class=\"_ _1\"></span>ce 80<span class=\"_ _f\"></span> Dinam<span class=\"_ _f\"></span>ica del v<span class=\"_ _1\"></span>alor<span class=\"_ _f\"></span>e di bila<span class=\"_ _1\"></span>ncio d<span class=\"_ _1\"></span>elle ce<span class=\"_ _f\"></span>ssioni in <span class=\"_ _f\"></span>riassicur<span class=\"_ _1\"></span>azio<span class=\"_ _1\"></span>ne - GM<span class=\"_ _1\"></span>M <span class=\"ff5\">\u2013</span> a<span class=\"_ _f\"></span>ttivit\u00e0 pe<span class=\"_ _1\"></span>r res<span class=\"_ _1\"></span>idua<span class=\"_ _1\"></span> cope<span class=\"_ _1\"></span>rtu<span class=\"_ _1\"></span>ra e p<span class=\"_ _1\"></span>er si<span class=\"_ _1\"></span>nistri<span class=\"_ _1\"></span> acca<span class=\"_ _1\"></span>duti<span class=\"_ _f\"></span><span class=\"fs6 fc1 sc0\"> </span><table class=\"s wa63 h4c1\" id=\"_c83e93d3-61fd-4c79-bc79-bb973394de17\"><tr><td></td><td class=\"c x450 y275b w382 h1d1\"><div class=\"t m0 x8e h30 y7b6 ff4 fsb fc4 sc3 ls0 ws0\">Attivit\u00e0<span class=\"_ _1\"></span> per residu<span class=\"_ _1\"></span>a copert<span class=\"_ _1\"></span>ura<span class=\"fc1 sc0\"> </span></div></td><td class=\"c x450 y275c w382 h1d6\"><div class=\"t m0 x36 h30 ye47 ff4 fsb fc4 sc3 ls0 ws0\">31/12/2025<span class=\"_ _f\"></span><span class=\"fc1 sc0\"> </span></div></td><td class=\"c x451 y275d wa64 h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">Attivit\u00e0<span class=\"_ _1\"></span> per<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x452 y275b w382 h1d1\"><div class=\"t m0 x8e h30 y7b6 ff4 fsb fc4 sc3 ls0 ws0\">Attivit\u00e0<span class=\"_ _1\"></span> per residu<span class=\"_ _1\"></span>a copert<span class=\"_ _1\"></span>ura<span class=\"fc1 sc0\"> </span></div></td><td class=\"c x452 y275c w382 h1d6\"><div class=\"t m0 x36 h30 ye47 ff4 fsb fc4 sc3 ls0 ws0\">31/12/202<span class=\"_ _f\"></span>4<span class=\"fc1 sc0\"> </span></div></td><td class=\"c x453 y275d wa64 h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">Attivit\u00e0<span class=\"_ _1\"></span> per<span class=\"_ _df\"> </span></div></td><td></td></tr><tr><td></td><td></td><td></td><td class=\"c x454 y275e wa65 h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">sinistri<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td class=\"c x455 y275e wa65 h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">sinistri<span class=\"_ _df\"> </span></div></td><td></td></tr><tr><td></td><td></td><td></td><td class=\"c x456 y275f wa66 h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">accaduti<span class=\"_ _df\"> </span></div></td><td class=\"c x457 y275c w383 h1d6\"><div class=\"t m0 x2a h30 y7b6 ff4 fsb fc4 sc3 ls0 ws0\">Totale<span class=\"fc1 sc0\"> </span></div></td><td></td><td></td><td class=\"c x458 y275f wa66 h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">accaduti<span class=\"_ _df\"> </span></div></td><td class=\"c x459 y275c w2b2 h1d6\"><div class=\"t m0 x2a h30 y7b6 ff4 fsb fc4 sc3 ls0 ws0\">Totale<span class=\"fc1 sc0\"> </span></div></td></tr><tr><td></td><td class=\"c x45a y2760 wa67 h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">Al netto de<span class=\"_ _f\"></span>l<span class=\"_ _2\"></span>la<span class=\"_ _df\"> </span></div></td><td class=\"c x45b y2761 wa68 h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">Compo<span class=\"_ _f\"></span>n<span class=\"_ _2\"></span>ente<span class=\"_ _df\"> </span></div></td><td class=\"c x45c y2762 w197 h257\"><div class=\"t m0 xab h30 y15b2 ff4 fsb fc4 sc3 ls0 ws0\">31/12/2025<span class=\"_ _f\"></span><span class=\"fc1 sc0\"> </span></div></td><td class=\"c x457 y2762 w383 h257\"><div class=\"t m0 xab h30 y15b2 ff4 fsb fc4 sc3 ls0 ws0\">31/12/2025<span class=\"_ _f\"></span><span class=\"fc1 sc0\"> </span></div></td><td class=\"c x45d y2760 wa67 h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">Al netto de<span class=\"_ _f\"></span>l<span class=\"_ _2\"></span>la<span class=\"_ _df\"> </span></div></td><td class=\"c x45e y2761 wa69 h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">Compo<span class=\"_ _f\"></span>n<span class=\"_ _2\"></span>ente<span class=\"_ _df\"> </span></div></td><td class=\"c x45f y2762 w384 h257\"><div class=\"t m0 xab h30 y15b2 ff4 fsb fc4 sc3 ls0 ws0\">31/12/202<span class=\"_ _f\"></span>4<span class=\"fc1 sc0\"> </span></div></td><td class=\"c x459 y2762 w2b2 h257\"><div class=\"t m0 xab h30 y15b2 ff4 fsb fc4 sc3 ls0 ws0\">31/12/202<span class=\"_ _f\"></span>4<span class=\"fc1 sc0\"> </span></div></td></tr><tr><td></td><td class=\"c x45a y2763 wa6a h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">compo<span class=\"_ _1\"></span>nente<span class=\"_ _df\"> </span></div></td><td class=\"c x460 y2764 wa6b h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">recupero<span class=\"_ _df\"> </span></div></td><td></td><td></td><td class=\"c x45d y2763 wa6a h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">compo<span class=\"_ _1\"></span>nente<span class=\"_ _df\"> </span></div></td><td class=\"c x461 y2764 wa6b h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">recupero<span class=\"_ _df\"> </span></div></td><td></td><td></td></tr><tr><td></td><td class=\"c x462 y2765 wa6b h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">recupero<span class=\"_ _df\"> </span></div></td><td class=\"c x463 y2766 wa6c h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">perdite<span class=\"_ _df\"> </span></div></td><td></td><td></td><td class=\"c x464 y2765 wa6b h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">recupero<span class=\"_ _df\"> </span></div></td><td class=\"c x465 y2766 wa6d h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">perdite<span class=\"_ _df\"> </span></div></td><td></td><td></td></tr><tr><td></td><td class=\"c x466 y2767 wa6c h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">perdite<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td class=\"c x467 y2767 wa6d h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">perdite<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td></tr><tr><td class=\"c x262 y2768 wa6e h4bd\"><div class=\"t m0 x250 hd6 y2726 ff4 fs1b fc1 sc2 ls0 ws0\">A. Val<span class=\"_ _1\"></span>ore di bila<span class=\"_ _f\"></span>ncio<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x262 y2769 wa6f h4bd\"><div class=\"t m0 x250 hd6 y2726 ff4 fs1b fc1 sc2 ls0 ws0\">iniziale<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2a8 y276b wa70 h4c2\"><div class=\"t m0 x250 hd6 y276a ff4 fs1b fc1 sc0 ls0 ws0\">1. Cessioni in<span class=\"_ _df\"> </span></div><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">riassicurazione che<span class=\"_ _df\"> </span></div></td><td class=\"c x450 y276c w59 h91\"><div class=\"t m0 x97 hd6 yc5f ff4 fs1b fc1 sc0 ls0 ws0\">11.002<span class=\"_ _df\"> </span></div></td><td class=\"c x468 y276c wa5 h91\"><div class=\"t m0 x96 hd6 yc5f ff4 fs1b fc1 sc0 ls1 ws0\">64<span class=\"_ _df\"> </span></div></td><td class=\"c x45c y276c w384 h91\"><div class=\"t m0 x97 hd6 yc5f ff4 fs1b fc1 sc0 ls0 ws0\">186<span class=\"_ _df\"> </span></div></td><td class=\"c x457 y276c w2ae h91\"><div class=\"t m0 x2c hd6 yc5f ff4 fs1b fc1 sc0 ls0 ws0\">11.252<span class=\"_ _df\"> </span></div></td><td class=\"c x452 y276c wae h91\"><div class=\"t m0 x37 hd6 yc5f ff4 fs1b fc1 sc0 ls0 ws0\">14.506<span class=\"_ _df\"> </span></div></td><td class=\"c x469 y276c w387 h91\"><div class=\"t m0 x91 hd6 yc5f ff4 fs1b fc1 sc0 ls4a ws0\">17<span class=\"_ _df\"> </span></div></td><td class=\"c x45f y276c w2df h91\"><div class=\"t m0 x37 hd6 yc5f ff4 fs1b fc1 sc0 ls0 ws0\">839<span class=\"_ _df\"> </span></div></td><td class=\"c x459 y276c w2e0 h91\"><div class=\"t m0 x35 hd6 yc5f ff4 fs1b fc1 sc0 ls0 ws0\">15.362<span class=\"_ _df\"> </span></div></td></tr><tr><td class=\"c x2a8 y276d wa71 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">costituiscono attivit\u00e0<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2a8 y276f wa70 h4c3\"><div class=\"t m0 x250 hd6 y276e ff4 fs1b fc1 sc0 ls0 ws0\">2. Cessioni in<span class=\"_ _df\"> </span></div><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">riassicurazione che<span class=\"_ _df\"> </span></div></td><td class=\"c x450 y2770 w59 h89\"><div class=\"t m0 x97 hd6 y3d ff4 fs1b fc1 sc0 ls0 ws0\">(1.515)<span class=\"_ _df\"> </span></div></td><td class=\"c x468 y2770 wa5 h89\"><div class=\"t m0 x7 hd6 y3d ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x45c y2770 w384 h89\"><div class=\"t m0 x26 hd6 y3d ff4 fs1b fc1 sc0 ls0 ws0\">1.133<span class=\"_ _df\"> </span></div></td><td class=\"c x457 y2770 w2ae h89\"><div class=\"t m0 x27 hd6 y3d ff4 fs1b fc1 sc0 ls0 ws0\">(382)<span class=\"_ _df\"> </span></div></td><td class=\"c x452 y2770 wae h89\"><div class=\"t m0 x7 hd6 y3d ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x469 y2770 w387 h89\"><div class=\"t m0 x7 hd6 y3d ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x45f y2770 w2df h89\"><div class=\"t m0 x8f hd6 y3d ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x459 y2770 w2e0 h89\"><div class=\"t m0 x8f hd6 y3d ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td></tr><tr><td class=\"c x2a8 y2771 wa72 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">costituiscono<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2a8 y2772 wa73 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">passivit\u00e0<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2a8 y2773 wa74 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc2 ls0 ws0\">3. Valor<span class=\"_ _1\"></span>e nett<span class=\"_ _1\"></span>o di<span class=\"_ _df\"> </span></div></td><td class=\"c x450 y2774 w59 h258\"><div class=\"t m0 x31 hd6 y61e ff4 fs1b fc1 sc2 ls0 ws0\">9.487<span class=\"_ _df\"> </span></div></td><td class=\"c x468 y2774 wa5 h258\"><div class=\"t m0 x96 hd6 y61e ff4 fs1b fc1 sc2 ls1 ws0\">64<span class=\"_ _df\"> </span></div></td><td class=\"c x45c y2774 w384 h258\"><div class=\"t m0 x26 hd6 y61e ff4 fs1b fc1 sc2 ls0 ws0\">1.319<span class=\"_ _df\"> </span></div></td><td class=\"c x457 y2774 w2ae h258\"><div class=\"t m0 x35 hd6 y61e ff4 fs1b fc1 sc2 ls0 ws0\">10.<span class=\"lsd1\">870<span class=\"_ _df\"> </span></span></div></td><td class=\"c x452 y2774 wae h258\"><div class=\"t m0 x37 hd6 y61e ff4 fs1b fc1 sc2 ls0 ws0\">14.506<span class=\"_ _df\"> </span></div></td><td class=\"c x469 y2774 w387 h258\"><div class=\"t m0 x91 hd6 y61e ff4 fs1b fc1 sc2 ls4a ws0\">17<span class=\"_ _df\"> </span></div></td><td class=\"c x45f y2774 w2df h258\"><div class=\"t m0 x37 hd6 y61e ff4 fs1b fc1 sc2 ls0 ws0\">839<span class=\"_ _df\"> </span></div></td><td class=\"c x459 y2774 w2e0 h258\"><div class=\"t m0 x35 hd6 y61e ff4 fs1b fc1 sc2 ls0 ws0\">15.362<span class=\"_ _df\"> </span></div></td></tr><tr><td class=\"c x2a8 y2775 wa75 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc2 ls0 ws0\">bilanci<span class=\"_ _f\"></span>o<span class=\"_ _2\"></span> al 1\u00b0 g<span class=\"_ _f\"></span>ennaio<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x262 y2776 wa76 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc2 ls0 ws0\">B. Effetti <span class=\"_ _f\"></span>economici<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x262 y2777 wa77 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc2 ls0 ws0\">connes<span class=\"_ _1\"></span>si con l<span class=\"_ _1\"></span>e cessi<span class=\"_ _f\"></span>o<span class=\"_ _2\"></span>ni<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x262 y2778 wa78 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc2 ls0 ws0\">in riassi<span class=\"_ _f\"></span>curazione<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2a8 y2779 wa79 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">1. Costo della<span class=\"_ _df\"> </span></div></td><td class=\"c x450 y277a w59 hcb\"><div class=\"t m0 x37 hd6 y25f ff4 fs1b fc1 sc0 ls0 ws0\">(5.166)<span class=\"_ _df\"> </span></div></td><td class=\"c x468 y277a wa5 hcb\"><div class=\"t m0 x7 hd6 y25f ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x45c y277a w384 hcb\"><div class=\"t m0 x8f hd6 y25f ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x457 y277a w2ae hcb\"><div class=\"t m0 x32 hd6 y25f ff4 fs1b fc1 sc0 ls0 ws0\">(5.166)<span class=\"_ _df\"> </span></div></td><td class=\"c x452 y277a wae hcb\"><div class=\"t m0 x26 hd6 y25f ff4 fs1b fc1 sc0 ls0 ws0\">(4.943)<span class=\"_ _df\"> </span></div></td><td class=\"c x469 y277a w387 hcb\"><div class=\"t m0 x7 hd6 y25f ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x45f y277a w2df hcb\"><div class=\"t m0 x8f hd6 y25f ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x459 y277a w2e0 hcb\"><div class=\"t m0 x33 hd6 y25f ff4 fs1b fc1 sc0 ls0 ws0\">(4.943)<span class=\"_ _df\"> </span></div></td></tr><tr><td class=\"c x2a8 y277b wa7a h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">riassicurazione<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2a8 y277c wa7b h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">2. Sinistri e altri costi<span class=\"_ _df\"> </span></div></td><td class=\"c x450 y277d w59 h148\"><div class=\"t m0 x7 hd6 y25f ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x468 y277d wa5 h148\"><div class=\"t m0 x7 hd6 y25f ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x45c y277d w384 h148\"><div class=\"t m0 x2c hd6 y25f ff4 fs1b fc1 sc0 ls0 ws0\">3.302<span class=\"_ _df\"> </span></div></td><td class=\"c x457 y277d w2ae h148\"><div class=\"t m0 x2c hd6 y25f ff4 fs1b fc1 sc0 ls0 ws0\">3.302<span class=\"_ _df\"> </span></div></td><td class=\"c x452 y277d wae h148\"><div class=\"t m0 x7 hd6 y25f ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x469 y277d w387 h148\"><div class=\"t m0 x7 hd6 y25f ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x45f y277d w2df h148\"><div class=\"t m0 x27 hd6 y25f ff4 fs1b fc1 sc0 ls0 ws0\">3.251<span class=\"_ _df\"> </span></div></td><td class=\"c x459 y277d w2e0 h148\"><div class=\"t m0 x27 hd6 y25f ff4 fs1b fc1 sc0 ls0 ws0\">3.251<span class=\"_ _df\"> </span></div></td></tr><tr><td class=\"c x2a8 y277e wa12 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">recuperati<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2a8 y277f wa7c h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">3. Variazioni<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2a8 y2780 wa7d h4bd\"><div class=\"t m0 x250 hd6 y2736 ff5 fs1b fc1 sc0 ls0 ws0\">dell\u2019attivit\u00e0 per<span class=\"_ _df\"> </span></div></td><td class=\"c x450 y2781 w59 h91\"><div class=\"t m0 x7 hd6 yc5f ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x468 y2781 wa5 h91\"><div class=\"t m0 x7 hd6 yc5f ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x45c y2781 w384 h91\"><div class=\"t m0 x37 hd6 yc5f ff4 fs1b fc1 sc0 ls0 ws0\">830<span class=\"_ _df\"> </span></div></td><td class=\"c x457 y2781 w2ae h91\"><div class=\"t m0 x37 hd6 yc5f ff4 fs1b fc1 sc0 ls0 ws0\">830<span class=\"_ _df\"> </span></div></td><td class=\"c x452 y2781 wae h91\"><div class=\"t m0 x7 hd6 yc5f ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x469 y2781 w387 h91\"><div class=\"t m0 x7 hd6 yc5f ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x45f y2781 w2df h91\"><div class=\"t m0 x37 hd6 yc5f ff4 fs1b fc1 sc0 ls0 ws0\">836<span class=\"_ _df\"> </span></div></td><td class=\"c x459 y2781 w2e0 h91\"><div class=\"t m0 x37 hd6 yc5f ff4 fs1b fc1 sc0 ls0 ws0\">836<span class=\"_ _df\"> </span></div></td></tr><tr><td class=\"c x2a8 y2782 wa7e h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">sinistri accaduti<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2a8 y2783 wa70 h4c3\"><div class=\"t m0 x250 hd6 y276e ff4 fs1b fc1 sc0 ls0 ws0\">4. Cessioni in<span class=\"_ _df\"> </span></div><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">riassicurazione che<span class=\"_ _df\"> </span></div></td><td class=\"c x450 y2784 w59 h89\"><div class=\"t m0 x7 hd6 y3d ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x468 y2784 wa5 h89\"><div class=\"t m0 x13 hd6 y3d ff4 fs1b fc1 sc0 ls0 ws0\">(41)<span class=\"_ _df\"> </span></div></td><td class=\"c x45c y2784 w384 h89\"><div class=\"t m0 x8f hd6 y3d ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x457 y2784 w2ae h89\"><div class=\"t m0 x97 hd6 y3d ff4 fs1b fc1 sc0 ls0 ws0\">(41)<span class=\"_ _df\"> </span></div></td><td class=\"c x452 y2784 wae h89\"><div class=\"t m0 x7 hd6 y3d ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x469 y2784 w387 h89\"><div class=\"t m0 x96 hd6 y3d ff4 fs1b fc1 sc0 ls0 ws0\">46<span class=\"_ _df\"> </span></div></td><td class=\"c x45f y2784 w2df h89\"><div class=\"t m0 x8f hd6 y3d ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x459 y2784 w2e0 h89\"><div class=\"t m0 x31 hd6 y3d ff4 fs1b fc1 sc0 ls0 ws0\">46<span class=\"_ _df\"> </span></div></td></tr><tr><td class=\"c x2a8 y2785 wa7f h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">coprono contratti<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2a8 y2786 wa80 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">onerosi<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x46a y2787 wa81 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">4.1 Ricavi connessi<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x46a y2788 wa82 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff5 fs1b fc1 sc0 ls0 ws0\">con l\u2019iscrizione di<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x46a y2789 wa83 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">contratti<span class=\"_ _df\"> </span></div></td><td class=\"c x450 y278a w59 h153\"><div class=\"t m0 x7 hd6 yc62 ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x468 y278a wa5 h153\"><div class=\"t m0 x13 hd6 yc62 ff4 fs1b fc1 sc0 ls0 ws0\">317<span class=\"_ _df\"> </span></div></td><td class=\"c x45c y278a w384 h153\"><div class=\"t m0 x8f hd6 yc62 ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x457 y278a w2ae h153\"><div class=\"t m0 x38 hd6 yc62 ff4 fs1b fc1 sc0 ls0 ws0\">317<span class=\"_ _df\"> </span></div></td><td class=\"c x452 y278a wae h153\"><div class=\"t m0 x7 hd6 yc62 ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x469 y278a w387 h153\"><div class=\"t m0 x7 hd6 yc62 ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x45f y278a w2df h153\"><div class=\"t m0 x8f hd6 yc62 ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x459 y278a w2e0 h153\"><div class=\"t m0 x8f hd6 yc62 ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td></tr><tr><td class=\"c x46a y278b wa84 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">assicurativi<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x46a y278c wa85 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">sottostanti onerosi<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x46a y278d wa86 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">4.2 Rilasci della<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x46a y278e wa87 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">componente di<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x46a y278f wa88 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">recupero perdite<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x46a y2790 wa89 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">diversi dalle<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x46a y2791 wa8a h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">variazioni dei flussi<span class=\"_ _df\"> </span></div></td><td class=\"c x450 y2792 w59 h25a\"><div class=\"t m0 x7 hd6 yca7 ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x468 y2792 wa5 h25a\"><div class=\"t m0 x8f hd6 yca7 ff4 fs1b fc1 sc0 ls0 ws0\">(28)<span class=\"_ _df\"> </span></div></td><td class=\"c x45c y2792 w384 h25a\"><div class=\"t m0 x8f hd6 yca7 ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x457 y2792 w2ae h25a\"><div class=\"t m0 x37 hd6 yca7 ff4 fs1b fc1 sc0 ls0 ws0\">(28)<span class=\"_ _df\"> </span></div></td><td class=\"c x452 y2792 wae h25a\"><div class=\"t m0 x7 hd6 yca7 ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x469 y2792 w387 h25a\"><div class=\"t m0 x96 hd6 yca7 ff4 fs1b fc1 sc0 ls73 ws0\">(4)<span class=\"_ _df\"> </span></div></td><td class=\"c x45f y2792 w2df h25a\"><div class=\"t m0 x8f hd6 yca7 ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x459 y2792 w2e0 h25a\"><div class=\"t m0 x31 hd6 yca7 ff4 fs1b fc1 sc0 ls73 ws0\">(4)<span class=\"_ _df\"> </span></div></td></tr><tr><td class=\"c x46a y2793 wa8b h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">finanziari dei<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x46a y2794 wa8c h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">contratti di<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x46a y2795 wa7a h4c3\"><div class=\"t m0 x250 hd6 y276e ff4 fs1b fc1 sc0 ls0 ws0\">cessione in<span class=\"_ _df\"> </span></div><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">riassicurazione<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x46a y2796 wa8d h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">4.3 Variazioni dei<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x46a y2797 wa68 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">flussi finanziari<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x46a y2799 wa8e h4c4\"><div class=\"t m0 x250 hd6 y2798 ff4 fs1b fc1 sc0 ls0 ws0\">delle cessioni in<span class=\"_ _df\"> </span></div><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">riassicurazione<span class=\"_ _df\"> </span></div></td><td class=\"c x450 y279a w59 h25b\"><div class=\"t m0 x7 hd6 yce6 ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x468 y279a wa5 h25b\"><div class=\"t m0 x30 hd6 yce6 ff4 fs1b fc1 sc0 ls0 ws0\">(330)<span class=\"_ _df\"> </span></div></td><td class=\"c x45c y279a w384 h25b\"><div class=\"t m0 x8f hd6 yce6 ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x457 y279a w2ae h25b\"><div class=\"t m0 x3a hd6 yce6 ff4 fs1b fc1 sc0 ls0 ws0\">(330)<span class=\"_ _df\"> </span></div></td><td class=\"c x452 y279a wae h25b\"><div class=\"t m0 x7 hd6 yce6 ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x469 y279a w387 h25b\"><div class=\"t m0 x96 hd6 yce6 ff4 fs1b fc1 sc0 ls1 ws0\">50<span class=\"_ _df\"> </span></div></td><td class=\"c x45f y279a w2df h25b\"><div class=\"t m0 x8f hd6 yce6 ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x459 y279a w2e0 h25b\"><div class=\"t m0 x31 hd6 yce6 ff4 fs1b fc1 sc0 ls1 ws0\">50<span class=\"_ _df\"> </span></div></td></tr><tr><td class=\"c x46a y2655 w9f0 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">derivanti dai<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x46a y279b wa8f h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">contratt<span class=\"ls6\">i<span class=\"_ _df\"> </span></span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x46a y279c wa84 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">assicurativi<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x46a y279d wa85 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">sottostanti onerosi<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2a8 y279e wa90 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">5. Effetti del<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2a8 y279f wa91 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">cambiamento del<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2a8 y27a0 wa92 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">rischio di<span class=\"_ _df\"> </span></div></td><td class=\"c x450 y27a1 w59 h170\"><div class=\"t m0 x7 hd6 y293 ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x468 y27a1 wa5 h170\"><div class=\"t m0 x7 hd6 y293 ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x45c y27a1 w384 h170\"><div class=\"t m0 x8f hd6 y293 ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x457 y27a1 w2ae h170\"><div class=\"t m0 x8f hd6 y293 ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x452 y27a1 wae h170\"><div class=\"t m0 x7 hd6 y293 ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x469 y27a1 w387 h170\"><div class=\"t m0 x7 hd6 y293 ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x45f y27a1 w2df h170\"><div class=\"t m0 x8f hd6 y293 ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x459 y27a1 w2e0 h170\"><div class=\"t m0 x8f hd6 y293 ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td></tr><tr><td class=\"c x2a8 y27a2 wa93 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">inadempimento da<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2a8 y27a3 wa94 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">parte dei<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2a8 y27a4 wa95 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">riassicuratori<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x46b y27a5 w386 h131\"><div class=\"t m0 x16a hd6 y25c ff4 fs1b fc1 sc2 ls0 ws0\">6. Total<span class=\"_ _f\"></span>e<span class=\"_ _df\"> </span></div></td><td class=\"c x450 y27a5 w59 h131\"><div class=\"t m0 x37 hd6 y25c ff4 fs1b fc1 sc2 ls0 ws0\">(5.166)<span class=\"_ _df\"> </span></div></td><td class=\"c x468 y27a5 wa5 h131\"><div class=\"t m0 x13 hd6 y25c ff4 fs1b fc1 sc2 ls0 ws0\">(41)<span class=\"_ _df\"> </span></div></td><td class=\"c x45c y27a5 w384 h131\"><div class=\"t m0 x27 hd6 y25c ff4 fs1b fc1 sc2 ls0 ws0\">4.132<span class=\"_ _df\"> </span></div></td><td class=\"c x457 y27a5 w2ae h131\"><div class=\"t m0 x32 hd6 y25c ff4 fs1b fc1 sc2 ls0 ws0\">(1.075)<span class=\"_ _df\"> </span></div></td><td class=\"c x452 y27a5 wae h131\"><div class=\"t m0 x34 hd6 y25c ff4 fs1b fc1 sc2 ls0 ws0\">(4.943)<span class=\"_ _df\"> </span></div></td><td class=\"c x469 y27a5 w387 h131\"><div class=\"t m0 x96 hd6 y25c ff4 fs1b fc1 sc2 ls0 ws0\">46<span class=\"_ _df\"> </span></div></td><td class=\"c x45f y27a5 w2df h131\"><div class=\"t m0 x3a hd6 y25c ff4 fs1b fc1 sc2 ls0 ws0\">4.087<span class=\"_ _df\"> </span></div></td><td class=\"c x459 y27a5 w2e0 h131\"><div class=\"t m0 x26 hd6 y25c ff4 fs1b fc1 sc2 ls0 ws0\">(810)<span class=\"_ _df\"> </span></div></td></tr><tr><td class=\"c x262 y27a6 wa96 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc2 ls0 ws0\">C. Risult<span class=\"_ _1\"></span>ato d<span class=\"_ _1\"></span>ei serviz<span class=\"_ _1\"></span>i<span class=\"_ _df\"> </span></div></td><td class=\"c x450 y27a7 w59 h258\"><div class=\"t m0 x37 hd6 y2e7 ff4 fs1b fc1 sc2 ls0 ws0\">(5.166)<span class=\"_ _df\"> </span></div></td><td class=\"c x468 y27a7 wa5 h258\"><div class=\"t m0 x13 hd6 y2e7 ff4 fs1b fc1 sc2 ls0 ws0\">(41)<span class=\"_ _df\"> </span></div></td><td class=\"c x45c y27a7 w384 h258\"><div class=\"t m0 x27 hd6 y2e7 ff4 fs1b fc1 sc2 ls0 ws0\">4.132<span class=\"_ _df\"> </span></div></td><td class=\"c x457 y27a7 w2ae h258\"><div class=\"t m0 x32 hd6 y2e7 ff4 fs1b fc1 sc2 ls0 ws0\">(1.075)<span class=\"_ _df\"> </span></div></td><td class=\"c x452 y27a7 wae h258\"><div class=\"t m0 x34 hd6 y2e7 ff4 fs1b fc1 sc2 ls0 ws0\">(4.943)<span class=\"_ _df\"> </span></div></td><td class=\"c x469 y27a7 w387 h258\"><div class=\"t m0 x96 hd6 y2e7 ff4 fs1b fc1 sc2 ls0 ws0\">46<span class=\"_ _df\"> </span></div></td><td class=\"c x45f y27a7 w2df h258\"><div class=\"t m0 x3a hd6 y2e7 ff4 fs1b fc1 sc2 ls0 ws0\">4.087<span class=\"_ _df\"> </span></div></td><td class=\"c x459 y27a7 w2e0 h258\"><div class=\"t m0 x26 hd6 y2e7 ff4 fs1b fc1 sc2 ls0 ws0\">(810)<span class=\"_ _df\"> </span></div></td></tr><tr><td class=\"c x262 y27a8 wa97 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc2 ls0 ws0\">assicurati<span class=\"_ _f\"></span>vi (Totale B<span class=\"_ _1\"></span>)<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x262 y27a9 wa98 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc2 ls0 ws0\">D. Ricav<span class=\"_ _1\"></span>i/costi n<span class=\"_ _f\"></span>etti di<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x262 y27aa wa99 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc2 ls0 ws0\">natura <span class=\"_ _1\"></span>finanzia<span class=\"_ _1\"></span>ria<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2a8 y27ab wa9a h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">1. Relativi alle<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2a8 y27ac wa7a h4c3\"><div class=\"t m0 x250 hd6 y276e ff4 fs1b fc1 sc0 ls0 ws0\">cessioni in<span class=\"_ _df\"> </span></div><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">riassicurazione<span class=\"_ _df\"> </span></div></td><td class=\"c x450 y27ad w59 h90\"><div class=\"t m0 x36 hd6 yc5f ff4 fs1b fc1 sc0 ls0 ws0\">253<span class=\"_ _df\"> </span></div></td><td class=\"c x468 y27ad wa5 h90\"><div class=\"t m0 x7 hd6 yc5f ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x45c y27ad w384 h90\"><div class=\"t m0 x8f hd6 yc5f ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x457 y27ad w2ae h90\"><div class=\"t m0 x37 hd6 yc5f ff4 fs1b fc1 sc0 ls0 ws0\">253<span class=\"_ _df\"> </span></div></td><td class=\"c x452 y27ad wae h90\"><div class=\"t m0 x36 hd6 yc5f ff4 fs1b fc1 sc0 ls0 ws0\">426<span class=\"_ _df\"> </span></div></td><td class=\"c x469 y27ad w387 h90\"><div class=\"t m0 x7 hd6 yc5f ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x45f y27ad w2df h90\"><div class=\"t m0 x8f hd6 yc5f ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x459 y27ad w2e0 h90\"><div class=\"t m0 x97 hd6 yc5f ff4 fs1b fc1 sc0 ls0 ws0\">426<span class=\"_ _df\"> </span></div></td></tr><tr><td class=\"c x46b y27ae w386 h148\"><div class=\"t m0 x39 hd6 yc5f ff4 fs1b fc1 sc0 ls0 ws0\">1.1. Registrati in </div><div class=\"t m0 x39 hd6 yc2e ff4 fs1b fc1 sc0 ls0 ws0\">conto economico<span class=\"_ _df\"> </span></div></td><td class=\"c x450 y27ae w59 h148\"><div class=\"t m0 x96 hd6 y25f ff4 fs1b fc1 sc0 ls1 ws0\">92<span class=\"_ _df\"> </span></div></td><td class=\"c x468 y27ae wa5 h148\"><div class=\"t m0 x7 hd6 y25f ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x45c y27ae w384 h148\"><div class=\"t m0 x8f hd6 y25f ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x457 y27ae w2ae h148\"><div class=\"t m0 x31 hd6 y25f ff4 fs1b fc1 sc0 ls1 ws0\">92<span class=\"_ _df\"> </span></div></td><td class=\"c x452 y27ae wae h148\"><div class=\"t m0 x11 hd6 y25f ff4 fs1b fc1 sc0 ls1 ws0\">98<span class=\"_ _df\"> </span></div></td><td class=\"c x469 y27ae w387 h148\"><div class=\"t m0 x7 hd6 y25f ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x45f y27ae w2df h148\"><div class=\"t m0 x8f hd6 y25f ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x459 y27ae w2e0 h148\"><div class=\"t m0 x31 hd6 y25f ff4 fs1b fc1 sc0 ls1 ws0\">98<span class=\"_ _df\"> </span></div></td></tr><tr><td class=\"c x46a y27af wa9b h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">1.2. Registrati nel<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x46a y27b0 wa9c h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">conto economico<span class=\"_ _df\"> </span></div></td><td class=\"c x450 y27b1 w59 h92\"><div class=\"t m0 x13 hd6 y308 ff4 fs1b fc1 sc0 ls0 ws0\">161<span class=\"_ _df\"> </span></div></td><td class=\"c x468 y27b1 wa5 h92\"><div class=\"t m0 x7 hd6 y308 ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x45c y27b1 w384 h92\"><div class=\"t m0 x8f hd6 y308 ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x457 y27b1 w2ae h92\"><div class=\"t m0 x31 hd6 y308 ff4 fs1b fc1 sc0 ls0 ws0\">161<span class=\"_ _df\"> </span></div></td><td class=\"c x452 y27b1 wae h92\"><div class=\"t m0 x36 hd6 y308 ff4 fs1b fc1 sc0 ls0 ws0\">328<span class=\"_ _df\"> </span></div></td><td class=\"c x469 y27b1 w387 h92\"><div class=\"t m0 x7 hd6 y308 ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x45f y27b1 w2df h92\"><div class=\"t m0 x8f hd6 y308 ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x459 y27b1 w2e0 h92\"><div class=\"t m0 x37 hd6 y308 ff4 fs1b fc1 sc0 ls0 ws0\">328<span class=\"_ _df\"> </span></div></td></tr><tr><td class=\"c x46a y27b2 wa9d h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">complessivo<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2a8 y27b3 wa9e h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">2. Effetti connessi<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2a8 y27b4 wa9f h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">con le variazioni dei<span class=\"_ _df\"> </span></div></td><td class=\"c x450 y27b5 w59 h91\"><div class=\"t m0 x7 hd6 yc5f ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x468 y27b5 wa5 h91\"><div class=\"t m0 x7 hd6 yc5f ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x45c y27b5 w384 h91\"><div class=\"t m0 x8f hd6 yc5f ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x457 y27b5 w2ae h91\"><div class=\"t m0 x8f hd6 yc5f ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x452 y27b5 wae h91\"><div class=\"t m0 x7 hd6 yc5f ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x469 y27b5 w387 h91\"><div class=\"t m0 x7 hd6 yc5f ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x45f y27b5 w2df h91\"><div class=\"t m0 x8f hd6 yc5f ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x459 y27b5 w2e0 h91\"><div class=\"t m0 x8f hd6 yc5f ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td></tr><tr><td class=\"c x2a8 y27b6 waa0 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">tassi di cambio<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x46b y27b7 w386 h131\"><div class=\"t m0 x16a hd6 y25c ff4 fs1b fc1 sc2 ls0 ws0\">3. Total<span class=\"_ _1\"></span>e<span class=\"_ _df\"> </span></div></td><td class=\"c x450 y27b7 w59 h131\"><div class=\"t m0 x8f hd6 y25c ff4 fs1b fc1 sc2 ls0 ws0\">253<span class=\"_ _df\"> </span></div></td><td class=\"c x468 y27b7 wa5 h131\"><div class=\"t m0 x7 hd6 y25c ff4 fs1b fc1 sc2 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x45c y27b7 w384 h131\"><div class=\"t m0 x8f hd6 y25c ff4 fs1b fc1 sc2 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x457 y27b7 w2ae h131\"><div class=\"t m0 x97 hd6 y25c ff4 fs1b fc1 sc2 ls0 ws0\">253<span class=\"_ _df\"> </span></div></td><td class=\"c x452 y27b7 wae h131\"><div class=\"t m0 x36 hd6 y25c ff4 fs1b fc1 sc2 ls0 ws0\">426<span class=\"_ _df\"> </span></div></td><td class=\"c x469 y27b7 w387 h131\"><div class=\"t m0 x7 hd6 y25c ff4 fs1b fc1 sc2 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x45f y27b7 w2df h131\"><div class=\"t m0 x8f hd6 y25c ff4 fs1b fc1 sc2 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x459 y27b7 w2e0 h131\"><div class=\"t m0 x97 hd6 y25c ff4 fs1b fc1 sc2 ls0 ws0\">426<span class=\"_ _df\"> </span></div></td></tr><tr><td class=\"c x262 y27b8 waa1 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc2 ls0 ws0\">E. Co<span class=\"_ _1\"></span>mponent<span class=\"_ _1\"></span>i di<span class=\"_ _df\"> </span></div></td><td class=\"c x450 y27b9 w59 h148\"><div class=\"t m0 x7 hd6 y394 ff4 fs1b fc1 sc2 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x468 y27b9 wa5 h148\"><div class=\"t m0 x7 hd6 y394 ff4 fs1b fc1 sc2 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x45c y27b9 w384 h148\"><div class=\"t m0 x8f hd6 y394 ff4 fs1b fc1 sc2 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x457 y27b9 w2ae h148\"><div class=\"t m0 x8f hd6 y394 ff4 fs1b fc1 sc2 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x452 y27b9 wae h148\"><div class=\"t m0 x7 hd6 y394 ff4 fs1b fc1 sc2 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x469 y27b9 w387 h148\"><div class=\"t m0 x7 hd6 y394 ff4 fs1b fc1 sc2 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x45f y27b9 w2df h148\"><div class=\"t m0 x8f hd6 y394 ff4 fs1b fc1 sc2 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x459 y27b9 w2e0 h148\"><div class=\"t m0 x8f hd6 y394 ff4 fs1b fc1 sc2 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td></tr><tr><td class=\"c x262 y27ba waa2 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc2 ls0 ws0\">investim<span class=\"_ _f\"></span>ento<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x262 y27bb waa3 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc2 ls0 ws0\">F. Imp<span class=\"_ _f\"></span>o<span class=\"_ _2\"></span>rto c<span class=\"_ _1\"></span>omples<span class=\"_ _1\"></span>sivo<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x262 y27bc waa4 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc2 ls0 ws0\">registrat<span class=\"_ _f\"></span>o<span class=\"_ _2\"></span> in c<span class=\"_ _f\"></span>onto<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x262 y27bd waa5 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc2 ls0 ws0\">econo<span class=\"_ _1\"></span>mico e <span class=\"_ _1\"></span>nel cont<span class=\"_ _f\"></span>o<span class=\"_ _df\"> </span></div></td><td class=\"c x450 y27be w59 h153\"><div class=\"t m0 x37 hd6 yc62 ff4 fs1b fc1 sc2 ls0 ws0\">(4.913)<span class=\"_ _df\"> </span></div></td><td class=\"c x468 y27be wa5 h153\"><div class=\"t m0 x13 hd6 yc62 ff4 fs1b fc1 sc2 ls0 ws0\">(41)<span class=\"_ _df\"> </span></div></td><td class=\"c x45c y27be w384 h153\"><div class=\"t m0 x27 hd6 yc62 ff4 fs1b fc1 sc2 ls0 ws0\">4.132<span class=\"_ _df\"> </span></div></td><td class=\"c x457 y27be w2ae h153\"><div class=\"t m0 x27 hd6 yc62 ff4 fs1b fc1 sc2 ls0 ws0\">(822)<span class=\"_ _df\"> </span></div></td><td class=\"c x452 y27be wae h153\"><div class=\"t m0 x97 hd6 yc62 ff4 fs1b fc1 sc2 ls0 ws0\">(4.517)<span class=\"_ _df\"> </span></div></td><td class=\"c x469 y27be w387 h153\"><div class=\"t m0 x96 hd6 yc62 ff4 fs1b fc1 sc2 ls0 ws0\">46<span class=\"_ _df\"> </span></div></td><td class=\"c x45f y27be w2df h153\"><div class=\"t m0 x3a hd6 yc62 ff4 fs1b fc1 sc2 ls0 ws0\">4.087<span class=\"_ _df\"> </span></div></td><td class=\"c x459 y27be w2e0 h153\"><div class=\"t m0 x27 hd6 yc62 ff4 fs1b fc1 sc2 ls0 ws0\">(384)<span class=\"_ _df\"> </span></div></td></tr><tr><td class=\"c x262 y27bf waa6 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc2 ls0 ws0\">econo<span class=\"_ _1\"></span>mico c<span class=\"_ _1\"></span>omples<span class=\"_ _1\"></span>sivo<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x262 y27c0 waa7 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc2 ls0 ws0\">(C+D<span class=\"_ _1\"></span>+E)<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x46b y27c1 w386 h131\"><div class=\"t m0 x8a hd6 y25c ff4 fs1b fc1 sc2 ls0 ws0\">G. Altr<span class=\"_ _1\"></span>e variazi<span class=\"_ _1\"></span>oni<span class=\"_ _df\"> </span></div></td><td class=\"c x450 y27c1 w59 h131\"><div class=\"t m0 x7 hd6 y25c ff4 fs1b fc1 sc2 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x468 y27c1 wa5 h131\"><div class=\"t m0 x7 hd6 y25c ff4 fs1b fc1 sc2 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x45c y27c1 w384 h131\"><div class=\"t m0 x8f hd6 y25c ff4 fs1b fc1 sc2 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x457 y27c1 w2ae h131\"><div class=\"t m0 x8f hd6 y25c ff4 fs1b fc1 sc2 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x452 y27c1 wae h131\"><div class=\"t m0 x7 hd6 y25c ff4 fs1b fc1 sc2 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x469 y27c1 w387 h131\"><div class=\"t m0 x7 hd6 y25c ff4 fs1b fc1 sc2 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x45f y27c1 w2df h131\"><div class=\"t m0 x8f hd6 y25c ff4 fs1b fc1 sc2 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x459 y27c1 w2e0 h131\"><div class=\"t m0 x8f hd6 y25c ff4 fs1b fc1 sc2 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td></tr><tr><td class=\"c x46b y27c2 w386 h131\"><div class=\"t m0 x8a hd6 y15c3 ff4 fs1b fc1 sc2 ls0 ws0\">H. Movi<span class=\"_ _1\"></span>menti d<span class=\"_ _1\"></span>i cassa<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr></table><table class=\"s waa8 h4c5\" id=\"_5ea9dcb9-391a-4df9-a76f-5db52fa9c626\"><tr><td class=\"c x2a8 y27c3 waa9 h4bd\"><div class=\"t m0 x250 hd6 y2726 ff4 fs1b fc1 sc0 ls0 ws0\">1. Premi pagati al<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2a8 y27c4 waaa h4bd\"><div class=\"t m0 x250 hd6 y2726 ff4 fs1b fc1 sc0 ls0 ws0\">netto di importi non<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2a8 y27c5 waab h4bd\"><div class=\"t m0 x250 hd6 y2726 ff4 fs1b fc1 sc0 ls0 ws0\">connessi con i sinistri<span class=\"_ _df\"> </span></div></td><td class=\"c x450 y27c6 w59 h154\"><div class=\"t m0 x31 hd6 yd08 ff4 fs1b fc1 sc0 ls0 ws0\">1.856<span class=\"_ _df\"> </span></div></td><td class=\"c x468 y27c6 wa5 h154\"><div class=\"t m0 x7 hd6 yd08 ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x45c y27c6 w384 h154\"><div class=\"t m0 x8f hd6 yd08 ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x457 y27c6 w2ae h154\"><div class=\"t m0 x27 hd6 yd08 ff4 fs1b fc1 sc0 ls0 ws0\">1.856<span class=\"_ _df\"> </span></div></td><td class=\"c x452 y27c6 wae h154\"><div class=\"t m0 x30 hd6 yd08 ff4 fs1b fc1 sc0 ls0 ws0\">(501)<span class=\"_ _df\"> </span></div></td><td class=\"c x469 y27c6 w387 h154\"><div class=\"t m0 x7 hd6 yd08 ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x45f y27c6 w2df h154\"><div class=\"t m0 x8f hd6 yd08 ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x459 y27c6 w2e0 h154\"><div class=\"t m0 x26 hd6 yd08 ff4 fs1b fc1 sc0 ls0 ws0\">(501)<span class=\"_ _df\"> </span></div></td></tr><tr><td class=\"c x2a8 y27c7 waac h4bd\"><div class=\"t m0 x250 hd6 y2726 ff4 fs1b fc1 sc0 ls0 ws0\">recuperati dai<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2a8 y27c8 wa95 h4bd\"><div class=\"t m0 x250 hd6 y2726 ff4 fs1b fc1 sc0 ls0 ws0\">riassicuratori<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2a8 y27c9 waad h4bd\"><div class=\"t m0 x250 hd6 y2726 ff4 fs1b fc1 sc0 ls0 ws0\">2. Importo dei sinistri<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2a8 y27ca waae h4bd\"><div class=\"t m0 x250 hd6 y2726 ff4 fs1b fc1 sc0 ls0 ws0\">recuperato dai<span class=\"_ _df\"> </span></div></td><td class=\"c x450 y27cb w59 h90\"><div class=\"t m0 x7 hd6 y308 ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x468 y27cb wa5 h90\"><div class=\"t m0 x7 hd6 y308 ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x45c y27cb w384 h90\"><div class=\"t m0 x33 hd6 y308 ff4 fs1b fc1 sc0 ls0 ws0\">(3.955)<span class=\"_ _df\"> </span></div></td><td class=\"c x457 y27cb w2ae h90\"><div class=\"t m0 x33 hd6 y308 ff4 fs1b fc1 sc0 ls0 ws0\">(3.955)<span class=\"_ _df\"> </span></div></td><td class=\"c x452 y27cb wae h90\"><div class=\"t m0 x7 hd6 y308 ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x469 y27cb w387 h90\"><div class=\"t m0 x7 hd6 y308 ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x45f y27cb w2df h90\"><div class=\"t m0 x33 hd6 y308 ff4 fs1b fc1 sc0 ls0 ws0\">(3.607)<span class=\"_ _df\"> </span></div></td><td class=\"c x459 y27cb w2e0 h90\"><div class=\"t m0 x33 hd6 y308 ff4 fs1b fc1 sc0 ls0 ws0\">(3.607) </div></td></tr><tr><td class=\"c x2a8 y27cc wa95 h4bd\"><div class=\"t m0 x250 hd6 y2726 ff4 fs1b fc1 sc0 ls0 ws0\">riassicuratori<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x46b y27cd w386 h131\"><div class=\"t m0 x16a hd6 y25c ff4 fs1b fc1 sc0 ls0 ws0\">3. Altri movimenti<span class=\"_ _df\"> </span></div></td><td class=\"c x450 y27cd w59 h131\"><div class=\"t m0 x7 hd6 y25c ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x468 y27cd wa5 h131\"><div class=\"t m0 x7 hd6 y25c ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x45c y27cd w384 h131\"><div class=\"t m0 x8f hd6 y25c ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x457 y27cd w2ae h131\"><div class=\"t m0 x8f hd6 y25c ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x452 y27cd wae h131\"><div class=\"t m0 x7 hd6 y25c ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x469 y27cd w387 h131\"><div class=\"t m0 x7 hd6 y25c ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x45f y27cd w2df h131\"><div class=\"t m0 x8f hd6 y25c ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x459 y27cd w2e0 h131\"><div class=\"t m0 x8f hd6 y25c ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td></tr><tr><td class=\"c x46b y27ce w386 h131\"><div class=\"t m0 x16a hd6 y25c ff4 fs1b fc1 sc2 ls0 ws0\">4. Total<span class=\"_ _f\"></span>e<span class=\"_ _df\"> </span></div></td><td class=\"c x450 y27ce w59 h131\"><div class=\"t m0 x31 hd6 y25c ff4 fs1b fc1 sc2 ls0 ws0\">1.856<span class=\"_ _df\"> </span></div></td><td class=\"c x468 y27ce wa5 h131\"><div class=\"t m0 x7 hd6 y25c ff4 fs1b fc1 sc2 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x45c y27ce w384 h131\"><div class=\"t m0 x33 hd6 y25c ff4 fs1b fc1 sc2 ls0 ws0\">(3.955<span class=\"_ _1\"></span>)<span class=\"_ _df\"> </span></div></td><td class=\"c x457 y27ce w2ae h131\"><div class=\"t m0 x33 hd6 y25c ff4 fs1b fc1 sc2 ls0 ws0\">(2.099)<span class=\"_ _df\"> </span></div></td><td class=\"c x452 y27ce wae h131\"><div class=\"t m0 x30 hd6 y25c ff4 fs1b fc1 sc2 ls0 ws0\">(501)<span class=\"_ _df\"> </span></div></td><td class=\"c x469 y27ce w387 h131\"><div class=\"t m0 x7 hd6 y25c ff4 fs1b fc1 sc2 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x45f y27ce w2df h131\"><div class=\"t m0 x32 hd6 y25c ff4 fs1b fc1 sc2 ls0 ws0\">(3.607)<span class=\"_ _df\"> </span></div></td><td class=\"c x459 y27ce w2e0 h131\"><div class=\"t m0 x32 hd6 y25c ff4 fs1b fc1 sc2 ls0 ws0\">(4.108)<span class=\"_ _df\"> </span></div></td></tr><tr><td class=\"c x262 y27cf waaf h4bd\"><div class=\"t m0 x250 hd6 y2726 ff4 fs1b fc1 sc2 ls0 ws0\">I. Valor<span class=\"_ _1\"></span>e di bilan<span class=\"_ _f\"></span>cio<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x262 y259a wab0 h4bd\"><div class=\"t m0 x250 hd6 y2726 ff4 fs1b fc1 sc2 ls0 ws0\">netto al <span class=\"_ _f\"></span>31<span class=\"_ _2\"></span> di<span class=\"_ _f\"></span>cembre<span class=\"_ _df\"> </span></div></td><td class=\"c x450 y27d0 w59 h90\"><div class=\"t m0 x38 hd6 yc5f ff4 fs1b fc1 sc2 ls0 ws0\">6.430<span class=\"_ _df\"> </span></div></td><td class=\"c x468 y27d0 wa5 h90\"><div class=\"t m0 x12 hd6 yc5f ff4 fs1b fc1 sc2 ls14 ws0\">23<span class=\"_ _df\"> </span></div></td><td class=\"c x45c y27d0 w384 h90\"><div class=\"t m0 x27 hd6 yc5f ff4 fs1b fc1 sc2 ls0 ws0\">1.496<span class=\"_ _df\"> </span></div></td><td class=\"c x457 y27d0 w2ae h90\"><div class=\"t m0 x3a hd6 yc5f ff4 fs1b fc1 sc2 ls0 ws0\">7.949<span class=\"_ _df\"> </span></div></td><td class=\"c x452 y27d0 wae h90\"><div class=\"t m0 x38 hd6 yc5f ff4 fs1b fc1 sc2 ls0 ws0\">9.488<span class=\"_ _df\"> </span></div></td><td class=\"c x469 y27d0 w387 h90\"><div class=\"t m0 x12 hd6 yc5f ff4 fs1b fc1 sc2 ls11 ws0\">63<span class=\"_ _df\"> </span></div></td><td class=\"c x45f y27d0 w2df h90\"><div class=\"t m0 x26 hd6 yc5f ff4 fs1b fc1 sc2 ls0 ws0\">1.319<span class=\"_ _df\"> </span></div></td><td class=\"c x459 y27d0 w2e0 h90\"><div class=\"t m0 x35 hd6 yc5f ff4 fs1b fc1 sc2 ls0 ws0\">10.870<span class=\"_ _df\"> </span></div></td></tr><tr><td class=\"c x262 y27d1 wab1 h4bd\"><div class=\"t m0 x250 hd6 y2726 ff4 fs1b fc1 sc2 ls0 ws0\">(A.3+F+<span class=\"_ _1\"></span>G+H.<span class=\"_ _1\"></span>3)<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x262 y27d2 wab2 h4bd\"><div class=\"t m0 x250 hd6 y2726 ff4 fs1b fc1 sc2 ls0 ws0\">L. Valor<span class=\"_ _1\"></span>e di bila<span class=\"_ _1\"></span>ncio<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x262 y27d3 wab3 h4bd\"><div class=\"t m0 x250 hd6 y2726 ff4 fs1b fc1 sc2 ls0 ws0\">finale<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2a8 y27d5 wa70 h4c6\"><div class=\"t m0 x250 hd6 y27d4 ff4 fs1b fc1 sc0 ls0 ws0\">1. Cessioni in<span class=\"_ _df\"> </span></div><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">riassicurazione che<span class=\"_ _df\"> </span></div></td><td class=\"c x450 y27d6 w59 h90\"><div class=\"t m0 x38 hd6 yc5f ff4 fs1b fc1 sc0 ls0 ws0\">8.523<span class=\"_ _df\"> </span></div></td><td class=\"c x468 y27d6 wa5 h90\"><div class=\"t m0 x12 hd6 yc5f ff4 fs1b fc1 sc0 ls4a ws0\">23<span class=\"_ _df\"> </span></div></td><td class=\"c x45c y27d6 w384 h90\"><div class=\"t m0 x37 hd6 yc5f ff4 fs1b fc1 sc0 ls0 ws0\">204<span class=\"_ _df\"> </span></div></td><td class=\"c x457 y27d6 w2ae h90\"><div class=\"t m0 x3a hd6 yc5f ff4 fs1b fc1 sc0 ls0 ws0\">8.750<span class=\"_ _df\"> </span></div></td><td class=\"c x452 y27d6 wae h90\"><div class=\"t m0 x97 hd6 yc5f ff4 fs1b fc1 sc0 ls0 ws0\">11.002<span class=\"_ _df\"> </span></div></td><td class=\"c x469 y27d6 w387 h90\"><div class=\"t m0 x96 hd6 yc5f ff4 fs1b fc1 sc0 ls1 ws0\">64<span class=\"_ _df\"> </span></div></td><td class=\"c x45f y27d6 w2df h90\"><div class=\"t m0 x38 hd6 yc5f ff4 fs1b fc1 sc0 ls0 ws0\">186<span class=\"_ _df\"> </span></div></td><td class=\"c x459 y27d6 w2e0 h90\"><div class=\"t m0 x2c hd6 yc5f ff4 fs1b fc1 sc0 ls0 ws0\">11.252<span class=\"_ _df\"> </span></div></td></tr><tr><td class=\"c x2a8 y27d7 wa71 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">costituiscono attivit\u00e0<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2a8 y27d8 wa70 h4c3\"><div class=\"t m0 x250 hd6 y276e ff4 fs1b fc1 sc0 ls0 ws0\">2. Cessioni in<span class=\"_ _df\"> </span></div><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">riassicurazione che<span class=\"_ _df\"> </span></div></td><td class=\"c x450 y27d9 w59 ha6\"><div class=\"t m0 x34 hd6 y496 ff4 fs1b fc1 sc0 ls0 ws0\">(2.092)<span class=\"_ _df\"> </span></div></td><td class=\"c x468 y27d9 wa5 ha6\"><div class=\"t m0 x7 hd6 y496 ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x45c y27d9 w384 ha6\"><div class=\"t m0 x26 hd6 y496 ff4 fs1b fc1 sc0 ls0 ws0\">1.291<span class=\"_ _df\"> </span></div></td><td class=\"c x457 y27d9 w2ae ha6\"><div class=\"t m0 x26 hd6 y496 ff4 fs1b fc1 sc0 ls0 ws0\">(801)<span class=\"_ _df\"> </span></div></td><td class=\"c x452 y27d9 wae ha6\"><div class=\"t m0 x97 hd6 y496 ff4 fs1b fc1 sc0 ls0 ws0\">(1.515)<span class=\"_ _df\"> </span></div></td><td class=\"c x469 y27d9 w387 ha6\"><div class=\"t m0 x7 hd6 y496 ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x45f y27d9 w2df ha6\"><div class=\"t m0 x26 hd6 y496 ff4 fs1b fc1 sc0 ls0 ws0\">1.133<span class=\"_ _df\"> </span></div></td><td class=\"c x459 y27d9 w2e0 ha6\"><div class=\"t m0 x27 hd6 y496 ff4 fs1b fc1 sc0 ls0 ws0\">(382)<span class=\"_ _df\"> </span></div></td></tr><tr><td class=\"c x2a8 y27da wa72 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">costituiscono<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2a8 y27db wa73 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">passivit\u00e0<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2a8 y27dc wa74 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc2 ls0 ws0\">3. Valor<span class=\"_ _1\"></span>e nett<span class=\"_ _1\"></span>o di<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2a8 y27dd wab4 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc2 ls0 ws0\">bilanci<span class=\"_ _f\"></span>o<span class=\"_ _2\"></span> al <span class=\"_ _1\"></span>31<span class=\"_ _df\"> </span></div></td><td class=\"c x450 y27de w59 h90\"><div class=\"t m0 x31 hd6 yc5f ff4 fs1b fc1 sc2 ls0 ws0\">6.431<span class=\"_ _df\"> </span></div></td><td class=\"c x468 y27de wa5 h90\"><div class=\"t m0 x12 hd6 yc5f ff4 fs1b fc1 sc2 ls14 ws0\">23<span class=\"_ _df\"> </span></div></td><td class=\"c x45c y27de w384 h90\"><div class=\"t m0 x27 hd6 yc5f ff4 fs1b fc1 sc2 ls0 ws0\">1.495<span class=\"_ _df\"> </span></div></td><td class=\"c x457 y27de w2ae h90\"><div class=\"t m0 x3a hd6 yc5f ff4 fs1b fc1 sc2 ls0 ws0\">7.949<span class=\"_ _df\"> </span></div></td><td class=\"c x452 y27de wae h90\"><div class=\"t m0 x31 hd6 yc5f ff4 fs1b fc1 sc2 ls0 ws0\">9.487<span class=\"_ _df\"> </span></div></td><td class=\"c x469 y27de w387 h90\"><div class=\"t m0 x96 hd6 yc5f ff4 fs1b fc1 sc2 ls1 ws0\">64<span class=\"_ _df\"> </span></div></td><td class=\"c x45f y27de w2df h90\"><div class=\"t m0 x26 hd6 yc5f ff4 fs1b fc1 sc2 ls0 ws0\">1.319<span class=\"_ _df\"> </span></div></td><td class=\"c x459 y27de w2e0 h90\"><div class=\"t m0 x35 hd6 yc5f ff4 fs1b fc1 sc2 ls0 ws0\">10.870<span class=\"_ _df\"> </span></div></td></tr><tr><td class=\"c x2a8 y2491 wab5 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc2 ls0 ws0\">dicem<span class=\"_ _1\"></span>bre<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr></table>Dinam<span class=\"_ _f\"></span>ica del v<span class=\"_ _1\"></span>alor<span class=\"_ _f\"></span>e di bila<span class=\"_ _1\"></span>ncio d<span class=\"_ _1\"></span>elle ce<span class=\"_ _f\"></span>ssioni in <span class=\"_ _f\"></span>riassicur<span class=\"_ _1\"></span>azio<span class=\"_ _1\"></span>ne dis<span class=\"_ _f\"></span>tinta p<span class=\"_ _1\"></span>er elem<span class=\"_ _1\"></span>ent<span class=\"_ _1\"></span>i sott<span class=\"_ _1\"></span>ostant<span class=\"_ _1\"></span>i all<span class=\"_ _1\"></span>a misu<span class=\"_ _1\"></span>razio<span class=\"_ _f\"></span>ne<span class=\"_ _df\"> </span><table class=\"s wab6 h4c7\" id=\"_b1c7272a-518d-4555-a143-8191f6743247\"><tr><td></td><td class=\"c x46c y27df wab7 h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">Elementi<span class=\"_ _1\"></span> sottost<span class=\"_ _f\"></span>an<span class=\"_ _2\"></span>ti all<span class=\"_ _1\"></span>a misurazi<span class=\"_ _1\"></span>one del<span class=\"_ _1\"></span> valore di<span class=\"_ _f\"></span> b<span class=\"_ _2\"></span>ilanci<span class=\"_ _1\"></span>o<span class=\"_ _df\"> </span></div></td><td class=\"c x46d y27e0 wab8 h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">delle ces<span class=\"_ _1\"></span>sioni in ri<span class=\"_ _f\"></span>a<span class=\"_ _2\"></span>ssicu<span class=\"_ _1\"></span>razione<span class=\"_ _df\"> </span></div></td><td></td><td></td><td class=\"c x46e y27df wab7 h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">Elementi<span class=\"_ _1\"></span> sottost<span class=\"_ _f\"></span>an<span class=\"_ _2\"></span>ti all<span class=\"_ _1\"></span>a misurazi<span class=\"_ _1\"></span>one del<span class=\"_ _1\"></span> valore di<span class=\"_ _f\"></span> b<span class=\"_ _2\"></span>ilanci<span class=\"_ _1\"></span>o<span class=\"_ _df\"> </span></div></td><td class=\"c x46f y27e0 wab8 h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">delle ces<span class=\"_ _1\"></span>sioni in ri<span class=\"_ _f\"></span>a<span class=\"_ _2\"></span>ssicu<span class=\"_ _1\"></span>razione<span class=\"_ _df\"> </span></div></td><td></td><td></td></tr><tr><td></td><td class=\"c x470 y27e1 wab9 h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">Valore<span class=\"_ _df\"> </span></div></td><td class=\"c x471 y27e2 waba h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">Aggiustam<span class=\"_ _f\"></span>ento<span class=\"_ _df\"> </span></div></td><td></td><td></td><td class=\"c x472 y27e1 wab9 h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">Valore<span class=\"_ _df\"> </span></div></td><td class=\"c x473 y27e2 waba h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">Aggiustam<span class=\"_ _f\"></span>ento<span class=\"_ _df\"> </span></div></td><td></td><td></td></tr><tr><td class=\"c x262 y27e3 wabb h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">Voci/Sco<span class=\"_ _f\"></span>mposizione valor<span class=\"_ _1\"></span>e<span class=\"_ _df\"> </span></div></td><td class=\"c x474 y27e3 wabc h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">attuale<span class=\"_ _1\"></span> dei<span class=\"_ _df\"> </span></div></td><td class=\"c x475 y27e4 wabd h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">per i risc<span class=\"_ _1\"></span>hi non</div></td><td class=\"c x476 y27e3 wabe h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">Margine<span class=\"_ _f\"></span> <span class=\"_ _2\"></span>sui<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x477 y27e3 wabc h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">attuale<span class=\"_ _1\"></span> dei<span class=\"_ _df\"> </span></div></td><td class=\"c x478 y27e4 wabd h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">per i risc<span class=\"_ _1\"></span>hi non</div></td><td class=\"c x479 y27e3 wabe h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">Margine<span class=\"_ _f\"></span> <span class=\"_ _2\"></span>sui<span class=\"_ _df\"> </span></div></td><td></td></tr><tr><td class=\"c x262 y27e5 wabf h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">di bilanci<span class=\"_ _1\"></span>o<span class=\"_ _df\"> </span></div></td><td class=\"c x47a y27e5 wac0 h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">flussi<span class=\"_ _df\"> </span></div></td><td class=\"c x47b y27e6 wac1 h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">finanziari<span class=\"_ _df\"> </span></div></td><td class=\"c x47c y27e5 wac2 h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">servizi<span class=\"_ _df\"> </span></div></td><td class=\"c x47d y27e7 wdb h8e\"><div class=\"t m0 x8e h30 yd1d ff4 fsb fc4 sc3 ls0 ws0\">Totale<span class=\"fc1 sc0\"> </span></div></td><td class=\"c x47e y27e5 wac3 h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">flussi<span class=\"_ _df\"> </span></div></td><td class=\"c x47f y27e6 wac1 h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">finanziari<span class=\"_ _df\"> </span></div></td><td class=\"c x480 y27e5 wac2 h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">servizi<span class=\"_ _df\"> </span></div></td><td class=\"c x481 y27e7 w185 h8e\"><div class=\"t m0 x8e h30 yd1d ff4 fsb fc4 sc3 ls0 ws0\">Totale<span class=\"fc1 sc0\"> </span></div></td></tr><tr><td></td><td class=\"c x46c y27e8 wac1 h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">finanziari<span class=\"_ _df\"> </span></div></td><td class=\"c x283 y27e8 wac4 h4a9\" colspan=\"2\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">contrattu<span class=\"_ _f\"></span>ali<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x46e y27e8 wac1 h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">finanziari<span class=\"_ _df\"> </span></div></td><td class=\"c x482 y27e8 wac5 h4a9\" colspan=\"2\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">contrattu<span class=\"_ _f\"></span>al<span class=\"_ _2\"></span>i<span class=\"_ _df\"> </span></div></td><td></td></tr><tr><td></td><td></td><td class=\"c x483 y27e7 w38e h1b9\" colspan=\"2\"><div class=\"t m0 xac h30 y892 ff4 fsb fc4 sc3 ls0 ws0\">31/12/2025<span class=\"_ _1\"></span><span class=\"fc1 sc0\"> </span></div></td><td></td><td></td><td class=\"c x484 y27e7 w198 h1b9\" colspan=\"2\"><div class=\"t m0 xac h30 y892 ff4 fsb fc4 sc3 ls0 ws0\">31/12/202<span class=\"_ _f\"></span>4<span class=\"fc1 sc0\"> </span></div></td><td></td></tr><tr><td></td><td class=\"c x485 y27e7 w38d h1b9\"><div class=\"t m0 xab h30 y5b ff4 fsb fc4 sc3 ls0 ws0\">31/12/2025<span class=\"_ _f\"></span><span class=\"fc1 sc0\"> </span></div></td><td class=\"c x486 y27e7 w27c h1b9\"><div class=\"t m0 x2a h30 y5b ff4 fsb fc4 sc3 ls0 ws0\">31/12/2025<span class=\"_ _f\"></span><span class=\"fc1 sc0\"> </span></div></td><td></td><td></td><td class=\"c x487 y27e7 w38f h1b9\"><div class=\"t m0 xab h30 y5b ff4 fsb fc4 sc3 ls0 ws0\">31/12/202<span class=\"_ _f\"></span>4<span class=\"fc1 sc0\"> </span></div></td><td class=\"c x488 y27e7 w37a h1b9\"><div class=\"t m0 x2a h30 y5b ff4 fsb fc4 sc3 ls0 ws0\">31/12/202<span class=\"_ _f\"></span>4<span class=\"fc1 sc0\"> </span></div></td><td></td><td></td></tr><tr><td class=\"c x46b y27e9 w390 hbc\"><div class=\"t m0 x8a hd6 y392 ff4 fs1b fc1 sc2 ls0 ws0\">A. Val<span class=\"_ _1\"></span>ore di bila<span class=\"_ _f\"></span>ncio iniziale<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2a8 y27ea wac6 h4bd\"><div class=\"t m0 x250 hd6 y2726 ff4 fs1b fc1 sc0 ls0 ws0\">1. Cessioni in riassicurazione<span class=\"_ _df\"> </span></div></td><td class=\"c x485 y27eb w391 h69\"><div class=\"t m0 x2c hd6 y153d ff4 fs1b fc1 sc0 ls0 ws0\">10.161<span class=\"_ _df\"> </span></div></td><td class=\"c x486 y27eb w36b h69\"><div class=\"t m0 x90 hd6 y153d ff4 fs1b fc1 sc0 ls0 ws0\">235<span class=\"_ _df\"> </span></div></td><td class=\"c x483 y27eb wee h69\"><div class=\"t m0 x38 hd6 y153d ff4 fs1b fc1 sc0 ls8c ws0\">856</div></td><td class=\"c x47d y27eb w315 h69\"><div class=\"t m0 x130 hd6 y153d ff4 fs1b fc1 sc0 ls0 ws0\">11.252<span class=\"_ _df\"> </span></div></td><td class=\"c x487 y27eb w18f h69\"><div class=\"t m0 x32 hd6 y153d ff4 fs1b fc1 sc0 ls0 ws0\">13.447<span class=\"_ _df\"> </span></div></td><td class=\"c x488 y27eb w392 h69\"><div class=\"t m0 x90 hd6 y153d ff4 fs1b fc1 sc0 ls1 ws0\">508<span class=\"_ _df\"> </span></div></td><td class=\"c x484 y27eb wf0 h69\"><div class=\"t m0 x26 hd6 y153d ff4 fs1b fc1 sc0 ls0 ws0\">1.408</div></td><td class=\"c x481 y27eb w1c7 h69\"><div class=\"t m0 x55 hd6 y153d ff4 fs1b fc1 sc0 ls0 ws0\">15.363<span class=\"_ _df\"> </span></div></td></tr><tr><td class=\"c x2a8 y27ec wac7 h4c8\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">che costituiscono attivit\u00e0<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2a8 y27ed wac8 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">2. Cessioni in riassicurazione<span class=\"_ _df\"> </span></div></td><td class=\"c x485 y27ee w391 h19a\"><div class=\"t m0 x2c hd6 y153d ff4 fs1b fc1 sc0 ls0 ws0\">(680)<span class=\"_ _df\"> </span></div></td><td class=\"c x486 y27ee w36b h19a\"><div class=\"t m0 x7 hd6 y153d ff4 fs1b fc1 sc0 ls0 ws0\">198<span class=\"_ _df\"> </span></div></td><td class=\"c x483 y27ee wee h19a\"><div class=\"t m0 x31 hd6 y153d ff4 fs1b fc1 sc0 ls0 ws0\">100</div></td><td class=\"c x47d y27ee w315 h19a\"><div class=\"t m0 x14 hd6 y153d ff4 fs1b fc1 sc0 ls0 ws0\">(382)<span class=\"_ _df\"> </span></div></td><td class=\"c x487 y27ee w18f h19a\"><div class=\"t m0 x36 hd6 y153d ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x488 y27ee w392 h19a\"><div class=\"t m0 xa3 hd6 y153d ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x484 y27ee wf0 h19a\"><div class=\"t m0 x13 hd6 y153d ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x481 y27ee w1c7 h19a\"><div class=\"t m0 x37 hd6 y153d ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td></tr><tr><td class=\"c x2a8 y27ef wac9 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">che costituiscono passivit\u00e0<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2a8 y27f0 waca h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc2 ls0 ws0\">3. Valor<span class=\"_ _1\"></span>e nett<span class=\"_ _1\"></span>o di bilan<span class=\"_ _f\"></span>cio al 1\u00b0<span class=\"_ _df\"> </span></div></td><td class=\"c x485 y27f1 w391 hcb\"><div class=\"t m0 x3a hd6 y25f ff4 fs1b fc1 sc2 ls0 ws0\">9.481<span class=\"_ _df\"> </span></div></td><td class=\"c x486 y27f1 w36b hcb\"><div class=\"t m0 x90 hd6 y25f ff4 fs1b fc1 sc2 ls0 ws0\">433<span class=\"_ _df\"> </span></div></td><td class=\"c x483 y27f1 wee hcb\"><div class=\"t m0 x38 hd6 y25f ff4 fs1b fc1 sc2 ls0 ws0\">956</div></td><td class=\"c x47d y27f1 w315 hcb\"><div class=\"t m0 x55 hd6 y25f ff4 fs1b fc1 sc2 ls0 ws0\">10.870<span class=\"_ _df\"> </span></div></td><td class=\"c x487 y27f1 w18f hcb\"><div class=\"t m0 x32 hd6 y25f ff4 fs1b fc1 sc2 ls0 ws0\">13.447<span class=\"_ _df\"> </span></div></td><td class=\"c x488 y27f1 w392 hcb\"><div class=\"t m0 x90 hd6 y25f ff4 fs1b fc1 sc2 ls0 ws0\">508<span class=\"_ _df\"> </span></div></td><td class=\"c x484 y27f1 wf0 hcb\"><div class=\"t m0 x26 hd6 y25f ff4 fs1b fc1 sc2 ls0 ws0\">1.408</div></td><td class=\"c x481 y27f1 w1c7 hcb\"><div class=\"t m0 x55 hd6 y25f ff4 fs1b fc1 sc2 ls0 ws0\">15.363<span class=\"_ _df\"> </span></div></td></tr><tr><td class=\"c x2a8 y27f2 wacb h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc2 ls0 ws0\">gennai<span class=\"_ _1\"></span>o<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x262 y27f3 wacc h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc2 ls0 ws0\">B. Variaz<span class=\"_ _1\"></span>ioni r<span class=\"_ _1\"></span>elative ai <span class=\"_ _1\"></span>serviz<span class=\"_ _1\"></span>i<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x262 y27f4 wacd h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc2 ls0 ws0\">attuali<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2a8 y27f5 wace h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">1. Margine sui servizi<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2a8 y27f6 wacf h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">contrattuali registrato in conto<span class=\"_ _df\"> </span></div></td><td class=\"c x485 y27f7 w391 h91\"><div class=\"t m0 x36 hd6 yc5f ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x486 y27f7 w36b h91\"><div class=\"t m0 xa3 hd6 yc5f ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x483 y27f7 wee h91\"><div class=\"t m0 x2c hd6 yc5f ff4 fs1b fc1 sc0 ls0 ws0\">(1.338) </div></td><td class=\"c x47d y27f7 w315 h91\"><div class=\"t m0 x2e hd6 yc5f ff4 fs1b fc1 sc0 ls0 ws0\">(1.338)<span class=\"_ _df\"> </span></div></td><td class=\"c x487 y27f7 w18f h91\"><div class=\"t m0 x36 hd6 yc5f ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x488 y27f7 w392 h91\"><div class=\"t m0 xa3 hd6 yc5f ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x484 y27f7 wf0 h91\"><div class=\"t m0 x26 hd6 yc5f ff4 fs1b fc1 sc0 ls0 ws0\">(595)<span class=\"_ _df\"> </span></div></td><td class=\"c x481 y27f7 w1c7 h91\"><div class=\"t m0 x14 hd6 yc5f ff4 fs1b fc1 sc0 ls0 ws0\">(595) </div></td></tr><tr><td class=\"c x2a8 y27f8 wad0 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">economico<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2a8 y27f9 wad1 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">2. Variazione per rischi non<span class=\"_ _df\"> </span></div></td><td class=\"c x485 y27fa w391 h150\"><div class=\"t m0 x36 hd6 y1553 ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x486 y27fa w36b h150\"><div class=\"t m0 x91 hd6 y1553 ff4 fs1b fc1 sc0 ls0 ws0\">(118)<span class=\"_ _df\"> </span></div></td><td class=\"c x483 y27fa wee h150\"><div class=\"t m0 x13 hd6 y1553 ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x47d y27fa w315 h150\"><div class=\"t m0 x33 hd6 y1553 ff4 fs1b fc1 sc0 ls0 ws0\">(118)<span class=\"_ _df\"> </span></div></td><td class=\"c x487 y27fa w18f h150\"><div class=\"t m0 x36 hd6 y1553 ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x488 y27fa w392 h150\"><div class=\"t m0 x96 hd6 y1553 ff4 fs1b fc1 sc0 ls0 ws0\">(138)<span class=\"_ _df\"> </span></div></td><td class=\"c x484 y27fa wf0 h150\"><div class=\"t m0 x13 hd6 y1553 ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x481 y27fa w1c7 h150\"><div class=\"t m0 x48 hd6 y1553 ff4 fs1b fc1 sc0 ls0 ws0\">(138)<span class=\"_ _df\"> </span></div></td></tr><tr><td class=\"c x2a8 y27fb wad2 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">finanziari scaduti<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2a8 y27fc wad3 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">3. Modifiche connesse con<span class=\"_ _df\"> </span></div></td><td class=\"c x485 y27fd w391 h148\"><div class=\"t m0 x27 hd6 y25f ff4 fs1b fc1 sc0 ls0 ws0\">(196)<span class=\"_ _df\"> </span></div></td><td class=\"c x486 y27fd w36b h148\"><div class=\"t m0 xa3 hd6 y25f ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x483 y27fd wee h148\"><div class=\"t m0 x13 hd6 y25f ff4 fs1b fc1 sc0 ls0 ws0\">-</div></td><td class=\"c x47d y27fd w315 h148\"><div class=\"t m0 x48 hd6 y25f ff4 fs1b fc1 sc0 ls0 ws0\">(196)<span class=\"_ _df\"> </span></div></td><td class=\"c x487 y27fd w18f h148\"><div class=\"t m0 x27 hd6 y25f ff4 fs1b fc1 sc0 ls0 ws0\">(810)<span class=\"_ _df\"> </span></div></td><td class=\"c x488 y27fd w392 h148\"><div class=\"t m0 xa3 hd6 y25f ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x484 y27fd wf0 h148\"><div class=\"t m0 x13 hd6 y25f ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x481 y27fd w1c7 h148\"><div class=\"t m0 x48 hd6 y25f ff4 fs1b fc1 sc0 ls0 ws0\">(810)<span class=\"_ _df\"> </span></div></td></tr><tr><td class=\"c x2a8 y2502 wad4 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">l'esperienza<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x46b y27fe w390 hbc\"><div class=\"t m0 x16a hd6 y392 ff4 fs1b fc1 sc2 ls0 ws0\">4. Total<span class=\"_ _f\"></span>e<span class=\"_ _df\"> </span></div></td><td class=\"c x485 y27fe w391 hbc\"><div class=\"t m0 x27 hd6 y392 ff4 fs1b fc1 sc2 ls0 ws0\">(196)<span class=\"_ _df\"> </span></div></td><td class=\"c x486 y27fe w36b hbc\"><div class=\"t m0 x91 hd6 y392 ff4 fs1b fc1 sc2 ls0 ws0\">(118)<span class=\"_ _df\"> </span></div></td><td class=\"c x483 y27fe wee hbc\"><div class=\"t m0 x2c hd6 y392 ff4 fs1b fc1 sc2 ls0 ws0\">(1.338)</div></td><td class=\"c x47d y27fe w315 hbc\"><div class=\"t m0 x55 hd6 y392 ff4 fs1b fc1 sc2 ls0 ws0\">(1.652)<span class=\"_ _df\"> </span></div></td><td class=\"c x487 y27fe w18f hbc\"><div class=\"t m0 x27 hd6 y392 ff4 fs1b fc1 sc2 ls0 ws0\">(8<span class=\"ls14\">10</span>)<span class=\"_ _df\"> </span></div></td><td class=\"c x488 y27fe w392 hbc\"><div class=\"t m0 x96 hd6 y392 ff4 fs1b fc1 sc2 ls0 ws0\">(138)<span class=\"_ _df\"> </span></div></td><td class=\"c x484 y27fe wf0 hbc\"><div class=\"t m0 x34 hd6 y392 ff4 fs1b fc1 sc2 ls0 ws0\">(595)</div></td><td class=\"c x481 y27fe w1c7 hbc\"><div class=\"t m0 x55 hd6 y392 ff4 fs1b fc1 sc2 ls0 ws0\">(1.543)<span class=\"_ _df\"> </span></div></td></tr><tr><td class=\"c x46b y27ff w390 h1fa\"><div class=\"t m0 x8a hd6 y80 ff4 fs1b fc1 sc2 ls0 ws0\">C. Variaz<span class=\"_ _1\"></span>ioni r<span class=\"_ _1\"></span>elative a <span class=\"_ _1\"></span>sevizi fu<span class=\"_ _1\"></span>turi<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2a8 y2800 wad5 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">1. Cambiamenti di stime che<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2a8 y2801 wad6 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">modificano il margine sui<span class=\"_ _df\"> </span></div></td><td class=\"c x485 y2802 w391 h91\"><div class=\"t m0 x48 hd6 yc5f ff4 fs1b fc1 sc0 ls0 ws0\">(2.640)<span class=\"_ _df\"> </span></div></td><td class=\"c x486 y2802 w36b h91\"><div class=\"t m0 x91 hd6 yc5f ff4 fs1b fc1 sc0 ls0 ws0\">(64)<span class=\"_ _df\"> </span></div></td><td class=\"c x483 y2802 wee h91\"><div class=\"t m0 x26 hd6 yc5f ff4 fs1b fc1 sc0 ls0 ws0\">2.492</div></td><td class=\"c x47d y2802 w315 h91\"><div class=\"t m0 x48 hd6 yc5f ff4 fs1b fc1 sc0 ls0 ws0\">(212)<span class=\"_ _df\"> </span></div></td><td class=\"c x487 y2802 w18f h91\"><div class=\"t m0 x27 hd6 yc5f ff4 fs1b fc1 sc0 ls0 ws0\">(615)<span class=\"_ _df\"> </span></div></td><td class=\"c x488 y2802 w392 h91\"><div class=\"t m0 x90 hd6 yc5f ff4 fs1b fc1 sc0 ls0 ws0\">(16)<span class=\"_ _df\"> </span></div></td><td class=\"c x484 y2802 wf0 h91\"><div class=\"t m0 x38 hd6 yc5f ff4 fs1b fc1 sc0 ls0 ws0\">483<span class=\"_ _df\"> </span></div></td><td class=\"c x481 y2802 w1c7 h91\"><div class=\"t m0 x48 hd6 yc5f ff4 fs1b fc1 sc0 ls0 ws0\">(148)<span class=\"_ _df\"> </span></div></td></tr><tr><td class=\"c x2a8 y2803 wad7 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">servizi contrattuali<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2a8 y2804 wad8 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">2. Effetti dei contratti iscritti<span class=\"_ _df\"> </span></div></td><td class=\"c x485 y2805 w391 h148\"><div class=\"t m0 x3a hd6 y394 ff4 fs1b fc1 sc0 ls0 ws0\">(939)<span class=\"_ _df\"> </span></div></td><td class=\"c x486 y2805 w36b h148\"><div class=\"t m0 xf hd6 y394 ff4 fs1b fc1 sc0 ls1 ws0\">52<span class=\"_ _df\"> </span></div></td><td class=\"c x483 y2805 wee h148\"><div class=\"t m0 x38 hd6 y394 ff4 fs1b fc1 sc0 ls8c ws0\">888<span class=\"_ _df\"> </span></div></td><td class=\"c x47d y2805 w315 h148\"><div class=\"t m0 x97 hd6 y394 ff4 fs1b fc1 sc0 ls0 ws0\">1<span class=\"_ _df\"> </span></div></td><td class=\"c x487 y2805 w18f h148\"><div class=\"t m0 x37 hd6 y394 ff4 fs1b fc1 sc0 ls0 ws0\">296<span class=\"_ _df\"> </span></div></td><td class=\"c x488 y2805 w392 h148\"><div class=\"t m0 xf hd6 y394 ff4 fs1b fc1 sc0 ls1 ws0\">61<span class=\"_ _df\"> </span></div></td><td class=\"c x484 y2805 wf0 h148\"><div class=\"t m0 x34 hd6 y394 ff4 fs1b fc1 sc0 ls0 ws0\">(357)<span class=\"_ _df\"> </span></div></td><td class=\"c x481 y2805 w1c7 h148\"><div class=\"t m0 x37 hd6 y394 ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td></tr><tr><td class=\"c x2a8 y2806 wad9 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">nell'esercizio<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2a8 y2807 wada h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">3. Aggiustamento del margine<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2a8 y2808 wadb h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">sui servizi contrattuali<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2a8 y2809 wadc h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">connesso con recuperi relativi<span class=\"_ _df\"> </span></div></td><td class=\"c x485 y280a w391 h172\"><div class=\"t m0 x36 hd6 y293 ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x486 y280a w36b h172\"><div class=\"t m0 xa3 hd6 y293 ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x483 y280a wee h172\"><div class=\"t m0 x31 hd6 y293 ff4 fs1b fc1 sc0 ls0 ws0\">317<span class=\"_ _df\"> </span></div></td><td class=\"c x47d y280a w315 h172\"><div class=\"t m0 x35 hd6 y293 ff4 fs1b fc1 sc0 ls0 ws0\">317<span class=\"_ _df\"> </span></div></td><td class=\"c x487 y280a w18f h172\"><div class=\"t m0 x36 hd6 y293 ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x488 y280a w392 h172\"><div class=\"t m0 xa3 hd6 y293 ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x484 y280a wf0 h172\"><div class=\"t m0 x13 hd6 y293 ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x481 y280a w1c7 h172\"><div class=\"t m0 x37 hd6 y293 ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td></tr><tr><td class=\"c x2a8 y280b wadd h4bd\"><div class=\"t m0 x250 hd6 y2736 ff5 fs1b fc1 sc0 ls0 ws0\">all\u2019iscrizione iniziale di<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2a8 y280c wade h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">contratti assicurativi<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2a8 y280d wa85 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">sottostanti onerosi<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2a8 y280e wadf h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">4. Rilasci della componente di<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2a8 y280f wae0 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">recupero perdite diversi dalle<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2a8 y2810 wae1 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">variazioni dei flussi finanziari<span class=\"_ _df\"> </span></div></td><td class=\"c x485 y2811 w391 h153\"><div class=\"t m0 x36 hd6 yc62 ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x486 y2811 w36b h153\"><div class=\"t m0 xa3 hd6 yc62 ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x483 y2811 wee h153\"><div class=\"t m0 x38 hd6 yc62 ff4 fs1b fc1 sc0 ls0 ws0\">(28)<span class=\"_ _df\"> </span></div></td><td class=\"c x47d y2811 w315 h153\"><div class=\"t m0 x32 hd6 yc62 ff4 fs1b fc1 sc0 ls0 ws0\">(28)<span class=\"_ _df\"> </span></div></td><td class=\"c x487 y2811 w18f h153\"><div class=\"t m0 x36 hd6 yc62 ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x488 y2811 w392 h153\"><div class=\"t m0 xa3 hd6 yc62 ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x484 y2811 wf0 h153\"><div class=\"t m0 x30 hd6 yc62 ff4 fs1b fc1 sc0 ls73 ws0\">(4)<span class=\"_ _df\"> </span></div></td><td class=\"c x481 y2811 w1c7 h153\"><div class=\"t m0 x3a hd6 yc62 ff4 fs1b fc1 sc0 ls73 ws0\">(4)<span class=\"_ _df\"> </span></div></td></tr><tr><td class=\"c x2a8 y2812 wae2 h4c3\"><div class=\"t m0 x250 hd6 y276e ff4 fs1b fc1 sc0 ls0 ws0\">dei contratti di cessione in<span class=\"_ _df\"> </span></div><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">riassicurazione<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2a8 y2813 wae3 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">5. Variazioni dei flussi finanziari<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2a8 y2814 wae4 h4c3\"><div class=\"t m0 x250 hd6 y276e ff4 fs1b fc1 sc0 ls0 ws0\">delle cessioni in<span class=\"_ _df\"> </span></div><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">riassicurazione derivanti dai<span class=\"_ _df\"> </span></div></td><td class=\"c x485 y2815 w391 h154\"><div class=\"t m0 x36 hd6 yd08 ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x486 y2815 w36b h154\"><div class=\"t m0 xa3 hd6 yd08 ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x483 y2815 wee h154\"><div class=\"t m0 x26 hd6 yd08 ff4 fs1b fc1 sc0 ls0 ws0\">(330)</div></td><td class=\"c x47d y2815 w315 h154\"><div class=\"t m0 x14 hd6 yd08 ff4 fs1b fc1 sc0 ls0 ws0\">(330)<span class=\"_ _df\"> </span></div></td><td class=\"c x487 y2815 w18f h154\"><div class=\"t m0 x36 hd6 yd08 ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x488 y2815 w392 h154\"><div class=\"t m0 xa3 hd6 yd08 ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x484 y2815 wf0 h154\"><div class=\"t m0 x15 hd6 yd08 ff4 fs1b fc1 sc0 ls1 ws0\">50<span class=\"_ _df\"> </span></div></td><td class=\"c x481 y2815 w1c7 h154\"><div class=\"t m0 x3a hd6 yd08 ff4 fs1b fc1 sc0 ls1 ws0\">50<span class=\"_ _df\"> </span></div></td></tr><tr><td class=\"c x2a8 y2816 wade h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">contratti assicurativi<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2a8 y2817 wa85 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">sottostanti onerosi<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x46b y2818 w390 h1fa\"><div class=\"t m0 x16a hd6 y80 ff4 fs1b fc1 sc2 ls0 ws0\">6. Total<span class=\"_ _f\"></span>e<span class=\"_ _df\"> </span></div></td><td class=\"c x485 y2818 w391 h1fa\"><div class=\"t m0 x33 hd6 y80 ff4 fs1b fc1 sc2 ls0 ws0\">(3.579)<span class=\"_ _df\"> </span></div></td><td class=\"c x486 y2818 w36b h1fa\"><div class=\"t m0 x7 hd6 y80 ff4 fs1b fc1 sc2 ls0 ws0\">(12)<span class=\"_ _df\"> </span></div></td><td class=\"c x483 y2818 wee h1fa\"><div class=\"t m0 x26 hd6 y80 ff4 fs1b fc1 sc2 ls0 ws0\">3.339</div></td><td class=\"c x47d y2818 w315 h1fa\"><div class=\"t m0 x14 hd6 y80 ff4 fs1b fc1 sc2 ls0 ws0\">(252)<span class=\"_ _df\"> </span></div></td><td class=\"c x487 y2818 w18f h1fa\"><div class=\"t m0 x26 hd6 y80 ff4 fs1b fc1 sc2 ls0 ws0\">(319)<span class=\"_ _df\"> </span></div></td><td class=\"c x488 y2818 w392 h1fa\"><div class=\"t m0 xf hd6 y80 ff4 fs1b fc1 sc2 ls0 ws0\">45<span class=\"_ _df\"> </span></div></td><td class=\"c x484 y2818 wf0 h1fa\"><div class=\"t m0 x31 hd6 y80 ff4 fs1b fc1 sc2 ls0 ws0\">172<span class=\"_ _df\"> </span></div></td><td class=\"c x481 y2818 w1c7 h1fa\"><div class=\"t m0 x48 hd6 y80 ff4 fs1b fc1 sc2 ls0 ws0\">(102)<span class=\"_ _df\"> </span></div></td></tr><tr><td class=\"c x262 y2819 wae5 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc2 ls0 ws0\">D. Variaz<span class=\"_ _1\"></span>ioni r<span class=\"_ _1\"></span>elative a <span class=\"_ _f\"></span>servizi<span class=\"_ _df\"> </span></div></td><td class=\"c x485 y281a w391 h148\"><div class=\"t m0 x34 hd6 y25f ff4 fs1b fc1 sc2 ls0 ws0\">830<span class=\"_ _df\"> </span></div></td><td class=\"c x486 y281a w36b h148\"><div class=\"t m0 xa3 hd6 y25f ff4 fs1b fc1 sc2 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x483 y281a wee h148\"><div class=\"t m0 x13 hd6 y25f ff4 fs1b fc1 sc2 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x47d y281a w315 h148\"><div class=\"t m0 x32 hd6 y25f ff4 fs1b fc1 sc2 ls0 ws0\">830<span class=\"_ _df\"> </span></div></td><td class=\"c x487 y281a w18f h148\"><div class=\"t m0 x34 hd6 y25f ff4 fs1b fc1 sc2 ls0 ws0\">836<span class=\"_ _df\"> </span></div></td><td class=\"c x488 y281a w392 h148\"><div class=\"t m0 xa3 hd6 y25f ff4 fs1b fc1 sc2 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x484 y281a wf0 h148\"><div class=\"t m0 x13 hd6 y25f ff4 fs1b fc1 sc2 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x481 y281a w1c7 h148\"><div class=\"t m0 x32 hd6 y25f ff4 fs1b fc1 sc2 ls0 ws0\">836<span class=\"_ _df\"> </span></div></td></tr><tr><td class=\"c x262 y281b wae6 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc2 ls0 ws0\">passat<span class=\"_ _1\"></span>i<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2a8 y281c wae7 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">1. aggiustamenti all'attivit\u00e0 per<span class=\"_ _df\"> </span></div></td><td class=\"c x485 y281d w391 h148\"><div class=\"t m0 x34 hd6 y394 ff4 fs1b fc1 sc0 ls0 ws0\">830<span class=\"_ _df\"> </span></div></td><td class=\"c x486 y281d w36b h148\"><div class=\"t m0 xa3 hd6 y394 ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x483 y281d wee h148\"><div class=\"t m0 x13 hd6 y394 ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x47d y281d w315 h148\"><div class=\"t m0 x32 hd6 y394 ff4 fs1b fc1 sc0 ls0 ws0\">830<span class=\"_ _df\"> </span></div></td><td class=\"c x487 y281d w18f h148\"><div class=\"t m0 x34 hd6 y394 ff4 fs1b fc1 sc0 ls0 ws0\">836<span class=\"_ _df\"> </span></div></td><td class=\"c x488 y281d w392 h148\"><div class=\"t m0 xa3 hd6 y394 ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x484 y281d wf0 h148\"><div class=\"t m0 x13 hd6 y394 ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x481 y281d w1c7 h148\"><div class=\"t m0 x32 hd6 y394 ff4 fs1b fc1 sc0 ls0 ws0\">836<span class=\"_ _df\"> </span></div></td></tr><tr><td class=\"c x2a8 y281e wa7e h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">sinistri accaduti<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x262 y281f wae8 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc2 ls0 ws0\">E. Effett<span class=\"_ _f\"></span>i delle variazi<span class=\"_ _1\"></span>oni de<span class=\"_ _1\"></span>l<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x262 y2820 wae9 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc2 ls0 ws0\">rischi<span class=\"_ _1\"></span>o di inade<span class=\"_ _1\"></span>mpim<span class=\"_ _f\"></span>e<span class=\"_ _2\"></span>n<span class=\"ls80\">to</span> dei<span class=\"_ _df\"> </span></div></td><td class=\"c x485 y2821 w391 h90\"><div class=\"t m0 x36 hd6 yc5f ff4 fs1b fc1 sc2 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x486 y2821 w36b h90\"><div class=\"t m0 xa3 hd6 yc5f ff4 fs1b fc1 sc2 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x483 y2821 wee h90\"><div class=\"t m0 x13 hd6 yc5f ff4 fs1b fc1 sc2 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x47d y2821 w315 h90\"><div class=\"t m0 x37 hd6 yc5f ff4 fs1b fc1 sc2 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x487 y2821 w18f h90\"><div class=\"t m0 x36 hd6 yc5f ff4 fs1b fc1 sc2 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x488 y2821 w392 h90\"><div class=\"t m0 xa3 hd6 yc5f ff4 fs1b fc1 sc2 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x484 y2821 wf0 h90\"><div class=\"t m0 x13 hd6 yc5f ff4 fs1b fc1 sc2 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x481 y2821 w1c7 h90\"><div class=\"t m0 x37 hd6 yc5f ff4 fs1b fc1 sc2 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td></tr><tr><td class=\"c x262 y2822 waea h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc2 ls0 ws0\">riassicura<span class=\"_ _f\"></span>tori<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x262 y2823 waeb h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc2 ls0 ws0\">F. Risulta<span class=\"_ _f\"></span>to dei servizi <span class=\"_ _1\"></span>assi<span class=\"_ _1\"></span>curativi<span class=\"_ _df\"> </span></div></td><td class=\"c x485 y2824 w391 h19a\"><div class=\"t m0 x33 hd6 y153d ff4 fs1b fc1 sc2 ls0 ws0\">(2.945)<span class=\"_ _df\"> </span></div></td><td class=\"c x486 y2824 w36b h19a\"><div class=\"t m0 x96 hd6 y153d ff4 fs1b fc1 sc2 ls0 ws0\">(130)<span class=\"_ _df\"> </span></div></td><td class=\"c x483 y2824 wee h19a\"><div class=\"t m0 x26 hd6 y153d ff4 fs1b fc1 sc2 ls0 ws0\">2.001</div></td><td class=\"c x47d y2824 w315 h19a\"><div class=\"t m0 x55 hd6 y153d ff4 fs1b fc1 sc2 ls0 ws0\">(1.074)<span class=\"_ _df\"> </span></div></td><td class=\"c x487 y2824 w18f h19a\"><div class=\"t m0 x3a hd6 y153d ff4 fs1b fc1 sc2 ls0 ws0\">(293)<span class=\"_ _df\"> </span></div></td><td class=\"c x488 y2824 w392 h19a\"><div class=\"t m0 x91 hd6 y153d ff4 fs1b fc1 sc2 ls0 ws0\">(93)<span class=\"_ _df\"> </span></div></td><td class=\"c x484 y2824 wf0 h19a\"><div class=\"t m0 x26 hd6 y153d ff4 fs1b fc1 sc2 ls0 ws0\">(423)<span class=\"_ _df\"> </span></div></td><td class=\"c x481 y2824 w1c7 h19a\"><div class=\"t m0 x14 hd6 y153d ff4 fs1b fc1 sc2 ls0 ws0\">(809)<span class=\"_ _df\"> </span></div></td></tr><tr><td class=\"c x262 y2825 waec h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc2 ls0 ws0\">(B+C+D<span class=\"_ _f\"></span>+E)<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x262 y2826 waed h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc2 ls0 ws0\">G. Ricav<span class=\"_ _f\"></span>i/costi netti di <span class=\"_ _f\"></span>natura<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x262 y2827 waee h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc2 ls0 ws0\">finanzia<span class=\"_ _f\"></span>ri<span class=\"_ _2\"></span>a<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x46b y2828 w390 h148\"><div class=\"t m0 x16a hd6 yc5f ff4 fs1b fc1 sc0 ls0 ws0\">1. Relativi alle cessioni in<span class=\"_ _df\"> </span></div><div class=\"t m0 x16a hd6 yc2e ff4 fs1b fc1 sc0 ls0 ws0\">riassicurazione<span class=\"_ _df\"> </span></div></td><td class=\"c x485 y2828 w391 h148\"><div class=\"t m0 x97 hd6 y25f ff4 fs1b fc1 sc0 ls0 ws0\">271<span class=\"_ _df\"> </span></div></td><td class=\"c x486 y2828 w36b h148\"><div class=\"t m0 xe hd6 y25f ff4 fs1b fc1 sc0 ls4a ws0\">11<span class=\"_ _df\"> </span></div></td><td class=\"c x483 y2828 wee h148\"><div class=\"t m0 x38 hd6 y25f ff4 fs1b fc1 sc0 ls0 ws0\">(28)<span class=\"_ _df\"> </span></div></td><td class=\"c x47d y2828 w315 h148\"><div class=\"t m0 x32 hd6 y25f ff4 fs1b fc1 sc0 ls0 ws0\">254<span class=\"_ _df\"> </span></div></td><td class=\"c x487 y2828 w18f h148\"><div class=\"t m0 x37 hd6 y25f ff4 fs1b fc1 sc0 ls0 ws0\">437<span class=\"_ _df\"> </span></div></td><td class=\"c x488 y2828 w392 h148\"><div class=\"t m0 xf hd6 y25f ff4 fs1b fc1 sc0 ls4a ws0\">18<span class=\"_ _df\"> </span></div></td><td class=\"c x484 y2828 wf0 h148\"><div class=\"t m0 x97 hd6 y25f ff4 fs1b fc1 sc0 ls0 ws0\">(30)<span class=\"_ _df\"> </span></div></td><td class=\"c x481 y2828 w1c7 h148\"><div class=\"t m0 x32 hd6 y25f ff4 fs1b fc1 sc0 ls0 ws0\">425<span class=\"_ _df\"> </span></div></td></tr><tr><td class=\"c x46a y2829 waef h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">1.1 Registrati in conto<span class=\"_ _df\"> </span></div></td><td class=\"c x485 y282a w391 h148\"><div class=\"t m0 x38 hd6 y394 ff4 fs1b fc1 sc0 ls4a ws0\">114<span class=\"_ _df\"> </span></div></td><td class=\"c x486 y282a w36b h148\"><div class=\"t m0 xa3 hd6 y394 ff4 fs1b fc1 sc0 ls0 ws0\">7<span class=\"_ _df\"> </span></div></td><td class=\"c x483 y282a wee h148\"><div class=\"t m0 x38 hd6 y394 ff4 fs1b fc1 sc0 ls0 ws0\">(28)<span class=\"_ _df\"> </span></div></td><td class=\"c x47d y282a w315 h148\"><div class=\"t m0 x3a hd6 y394 ff4 fs1b fc1 sc0 ls1 ws0\">93<span class=\"_ _df\"> </span></div></td><td class=\"c x487 y282a w18f h148\"><div class=\"t m0 x38 hd6 y394 ff4 fs1b fc1 sc0 ls4a ws0\">121<span class=\"_ _df\"> </span></div></td><td class=\"c x488 y282a w392 h148\"><div class=\"t m0 xa3 hd6 y394 ff4 fs1b fc1 sc0 ls0 ws0\">6<span class=\"_ _df\"> </span></div></td><td class=\"c x484 y282a wf0 h148\"><div class=\"t m0 x97 hd6 y394 ff4 fs1b fc1 sc0 ls0 ws0\">(30)<span class=\"_ _df\"> </span></div></td><td class=\"c x481 y282a w1c7 h148\"><div class=\"t m0 x3a hd6 y394 ff4 fs1b fc1 sc0 ls1 ws0\">97<span class=\"_ _df\"> </span></div></td></tr><tr><td class=\"c x46a y282b wad0 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">economico<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x46a y282c waf0 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">1.2. Registrati nel conto<span class=\"_ _df\"> </span></div></td><td class=\"c x485 y282d w391 h69\"><div class=\"t m0 x97 hd6 y153d ff4 fs1b fc1 sc0 ls0 ws0\">157<span class=\"_ _df\"> </span></div></td><td class=\"c x486 y282d w36b h69\"><div class=\"t m0 xa3 hd6 y153d ff4 fs1b fc1 sc0 ls0 ws0\">4<span class=\"_ _df\"> </span></div></td><td class=\"c x483 y282d wee h69\"><div class=\"t m0 x13 hd6 y153d ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x47d y282d w315 h69\"><div class=\"t m0 x2c hd6 y153d ff4 fs1b fc1 sc0 ls0 ws0\">161<span class=\"_ _df\"> </span></div></td><td class=\"c x487 y282d w18f h69\"><div class=\"t m0 x97 hd6 y153d ff4 fs1b fc1 sc0 ls0 ws0\">316<span class=\"_ _df\"> </span></div></td><td class=\"c x488 y282d w392 h69\"><div class=\"t m0 xf hd6 y153d ff4 fs1b fc1 sc0 ls4a ws0\">12<span class=\"_ _df\"> </span></div></td><td class=\"c x484 y282d wf0 h69\"><div class=\"t m0 x13 hd6 y153d ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x481 y282d w1c7 h69\"><div class=\"t m0 x32 hd6 y153d ff4 fs1b fc1 sc0 ls0 ws0\">328<span class=\"_ _df\"> </span></div></td></tr><tr><td class=\"c x46a y282e waf1 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">economico complessivo<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2a8 y282f waf2 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">2. Effetti connessi con le<span class=\"_ _df\"> </span></div></td><td class=\"c x485 y2830 w391 h19a\"><div class=\"t m0 x36 hd6 y153d ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x486 y2830 w36b h19a\"><div class=\"t m0 xa3 hd6 y153d ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x483 y2830 wee h19a\"><div class=\"t m0 x13 hd6 y153d ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x47d y2830 w315 h19a\"><div class=\"t m0 x37 hd6 y153d ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x487 y2830 w18f h19a\"><div class=\"t m0 x36 hd6 y153d ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x488 y2830 w392 h19a\"><div class=\"t m0 xa3 hd6 y153d ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x484 y2830 wf0 h19a\"><div class=\"t m0 x13 hd6 y153d ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x481 y2830 w1c7 h19a\"><div class=\"t m0 x37 hd6 y153d ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td></tr><tr><td class=\"c x2a8 y2831 waf3 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">variazioni dei tassi di cambio<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x46b y2832 w390 h1fa\"><div class=\"t m0 x16a hd6 y80 ff4 fs1b fc1 sc2 ls0 ws0\">3. Total<span class=\"_ _1\"></span>e<span class=\"_ _df\"> </span></div></td><td class=\"c x485 y2832 w391 h1fa\"><div class=\"t m0 x97 hd6 y80 ff4 fs1b fc1 sc0 ls0 ws0\">271<span class=\"_ _df\"> </span></div></td><td class=\"c x486 y2832 w36b h1fa\"><div class=\"t m0 xe hd6 y80 ff4 fs1b fc1 sc0 ls4a ws0\">11<span class=\"_ _df\"> </span></div></td><td class=\"c x483 y2832 wee h1fa\"><div class=\"t m0 x38 hd6 y80 ff4 fs1b fc1 sc0 ls0 ws0\">(28)<span class=\"_ _df\"> </span></div></td><td class=\"c x47d y2832 w315 h1fa\"><div class=\"t m0 x32 hd6 y80 ff4 fs1b fc1 sc0 ls0 ws0\">254<span class=\"_ _df\"> </span></div></td><td class=\"c x487 y2832 w18f h1fa\"><div class=\"t m0 x37 hd6 y80 ff4 fs1b fc1 sc0 ls0 ws0\">437<span class=\"_ _df\"> </span></div></td><td class=\"c x488 y2832 w392 h1fa\"><div class=\"t m0 xf hd6 y80 ff4 fs1b fc1 sc0 ls4a ws0\">18<span class=\"_ _df\"> </span></div></td><td class=\"c x484 y2832 wf0 h1fa\"><div class=\"t m0 x97 hd6 y80 ff4 fs1b fc1 sc0 ls0 ws0\">(30)<span class=\"_ _df\"> </span></div></td><td class=\"c x481 y2832 w1c7 h1fa\"><div class=\"t m0 x32 hd6 y80 ff4 fs1b fc1 sc0 ls0 ws0\">425<span class=\"_ _df\"> </span></div></td></tr><tr><td class=\"c x262 y2833 waf4 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc2 ls0 ws0\">H. Imp<span class=\"_ _1\"></span>orto co<span class=\"_ _1\"></span>mples<span class=\"_ _1\"></span>sivo regi<span class=\"_ _f\"></span>s<span class=\"_ _2\"></span>trat<span class=\"_ _1\"></span>o<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x262 y2834 waf5 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc2 ls0 ws0\">in cont<span class=\"_ _1\"></span>o econ<span class=\"_ _f\"></span>omico e nel c<span class=\"_ _f\"></span>o<span class=\"_ _2\"></span>nt<span class=\"_ _1\"></span>o<span class=\"_ _df\"> </span></div></td><td class=\"c x485 y2835 w391 h25c\"><div class=\"t m0 x33 hd6 yd41 ff4 fs1b fc1 sc2 ls0 ws0\">(2.674)<span class=\"_ _df\"> </span></div></td><td class=\"c x486 y2835 w36b h25c\"><div class=\"t m0 x91 hd6 yd41 ff4 fs1b fc1 sc2 ls0 ws0\">(119)<span class=\"_ _df\"> </span></div></td><td class=\"c x483 y2835 wee h25c\"><div class=\"t m0 x34 hd6 yd41 ff4 fs1b fc1 sc2 ls0 ws0\">1.973</div></td><td class=\"c x47d y2835 w315 h25c\"><div class=\"t m0 x14 hd6 yd41 ff4 fs1b fc1 sc2 ls0 ws0\">(820)<span class=\"_ _df\"> </span></div></td><td class=\"c x487 y2835 w18f h25c\"><div class=\"t m0 x97 hd6 yd41 ff4 fs1b fc1 sc2 ls0 ws0\">144<span class=\"_ _df\"> </span></div></td><td class=\"c x488 y2835 w392 h25c\"><div class=\"t m0 x90 hd6 yd41 ff4 fs1b fc1 sc2 ls0 ws0\">(75)<span class=\"_ _df\"> </span></div></td><td class=\"c x484 y2835 wf0 h25c\"><div class=\"t m0 x26 hd6 yd41 ff4 fs1b fc1 sc2 ls0 ws0\">(453)<span class=\"_ _df\"> </span></div></td><td class=\"c x481 y2835 w1c7 h25c\"><div class=\"t m0 x14 hd6 yd41 ff4 fs1b fc1 sc2 ls0 ws0\">(384)<span class=\"_ _df\"> </span></div></td></tr><tr><td class=\"c x262 y2836 waf6 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc2 ls0 ws0\">econo<span class=\"_ _1\"></span>mico c<span class=\"_ _1\"></span>omples<span class=\"_ _1\"></span>sivo (F+ <span class=\"_ _f\"></span>G<span class=\"_ _2\"></span>)<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x46b y2837 w390 hbc\"><div class=\"t m0 x8a hd6 y80 ff4 fs1b fc1 sc2 ls0 ws0\">I. Altre v<span class=\"_ _1\"></span>ariazi<span class=\"_ _f\"></span>o<span class=\"_ _2\"></span>ni<span class=\"_ _df\"> </span></div></td><td class=\"c x485 y2837 w391 hbc\"><div class=\"t m0 x36 hd6 y80 ff4 fs1b fc1 sc2 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x486 y2837 w36b hbc\"><div class=\"t m0 xa3 hd6 y80 ff4 fs1b fc1 sc2 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x483 y2837 wee hbc\"><div class=\"t m0 x13 hd6 y80 ff4 fs1b fc1 sc2 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x47d y2837 w315 hbc\"><div class=\"t m0 x37 hd6 y80 ff4 fs1b fc1 sc2 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x487 y2837 w18f hbc\"><div class=\"t m0 x36 hd6 y80 ff4 fs1b fc1 sc2 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x488 y2837 w392 hbc\"><div class=\"t m0 xa3 hd6 y80 ff4 fs1b fc1 sc2 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x484 y2837 wf0 hbc\"><div class=\"t m0 x13 hd6 y80 ff4 fs1b fc1 sc2 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x481 y2837 w1c7 hbc\"><div class=\"t m0 x37 hd6 y80 ff4 fs1b fc1 sc2 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td></tr><tr><td class=\"c x46b y2838 w390 hbc\"><div class=\"t m0 x8a hd6 y392 ff4 fs1b fc1 sc2 ls0 ws0\">L. Movi<span class=\"_ _1\"></span>menti d<span class=\"_ _1\"></span>i cassa<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2a8 y2839 waf7 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">1. Premi pagati al netto di<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2a8 y283a waf8 h4c9\"><div class=\"t m0 x250 hd6 y27d4 ff4 fs1b fc1 sc0 ls0 ws0\">importi non connessi con i<span class=\"_ _df\"> </span></div><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">sinistri recuperati dai<span class=\"_ _df\"> </span></div></td><td class=\"c x485 y283b w391 h89\"><div class=\"t m0 x3a hd6 y3d ff4 fs1b fc1 sc0 ls0 ws0\">1.856<span class=\"_ _df\"> </span></div></td><td class=\"c x486 y283b w36b h89\"><div class=\"t m0 xa3 hd6 y3d ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x483 y283b wee h89\"><div class=\"t m0 x13 hd6 y3d ff4 fs1b fc1 sc0 ls0 ws0\">-</div></td><td class=\"c x47d y283b w315 h89\"><div class=\"t m0 x14 hd6 y3d ff4 fs1b fc1 sc0 ls0 ws0\">1.856<span class=\"_ _df\"> </span></div></td><td class=\"c x487 y283b w18f h89\"><div class=\"t m0 x27 hd6 y3d ff4 fs1b fc1 sc0 ls0 ws0\">(501)<span class=\"_ _df\"> </span></div></td><td class=\"c x488 y283b w392 h89\"><div class=\"t m0 xa3 hd6 y3d ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x484 y283b wf0 h89\"><div class=\"t m0 x13 hd6 y3d ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x481 y283b w1c7 h89\"><div class=\"t m0 x48 hd6 y3d ff4 fs1b fc1 sc0 ls0 ws0\">(501)<span class=\"_ _df\"> </span></div></td></tr><tr><td class=\"c x2a8 y283c wa95 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">riassicuratori<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2a8 y283d waf9 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">2. Importi recuperati dai<span class=\"_ _df\"> </span></div></td><td class=\"c x485 y283e w391 h148\"><div class=\"t m0 x33 hd6 y394 ff4 fs1b fc1 sc0 ls0 ws0\">(3.955)<span class=\"_ _df\"> </span></div></td><td class=\"c x486 y283e w36b h148\"><div class=\"t m0 xa3 hd6 y394 ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x483 y283e wee h148\"><div class=\"t m0 x13 hd6 y394 ff4 fs1b fc1 sc0 ls0 ws0\">-</div></td><td class=\"c x47d y283e w315 h148\"><div class=\"t m0 x2e hd6 y394 ff4 fs1b fc1 sc0 ls0 ws0\">(3.955)<span class=\"_ _df\"> </span></div></td><td class=\"c x487 y283e w18f h148\"><div class=\"t m0 x33 hd6 y394 ff4 fs1b fc1 sc0 ls0 ws0\">(3.607)<span class=\"_ _df\"> </span></div></td><td class=\"c x488 y283e w392 h148\"><div class=\"t m0 xa3 hd6 y394 ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x484 y283e wf0 h148\"><div class=\"t m0 x13 hd6 y394 ff4 fs1b fc1 sc0 ls0 ws0\">-</div></td><td class=\"c x481 y283e w1c7 h148\"><div class=\"t m0 x2e hd6 y394 ff4 fs1b fc1 sc0 ls0 ws0\">(3.607)<span class=\"_ _df\"> </span></div></td></tr><tr><td class=\"c x2a8 y283f wa95 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">riassicuratori<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x46b y2840 w390 hbc\"><div class=\"t m0 x16a hd6 y392 ff4 fs1b fc1 sc0 ls0 ws0\">3. Altri movimenti<span class=\"_ _df\"> </span></div></td><td class=\"c x485 y2840 w391 hbc\"><div class=\"t m0 x36 hd6 y392 ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x486 y2840 w36b hbc\"><div class=\"t m0 xa3 hd6 y392 ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x483 y2840 wee hbc\"><div class=\"t m0 x13 hd6 y392 ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x47d y2840 w315 hbc\"><div class=\"t m0 x37 hd6 y392 ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x487 y2840 w18f hbc\"><div class=\"t m0 x36 hd6 y392 ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x488 y2840 w392 hbc\"><div class=\"t m0 xa3 hd6 y392 ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x484 y2840 wf0 hbc\"><div class=\"t m0 x13 hd6 y392 ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x481 y2840 w1c7 hbc\"><div class=\"t m0 x37 hd6 y392 ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td></tr><tr><td class=\"c x46b y2841 w390 h1fa\"><div class=\"t m0 x16a hd6 y80 ff4 fs1b fc1 sc2 ls0 ws0\">4. Total<span class=\"_ _f\"></span>e<span class=\"_ _df\"> </span></div></td><td class=\"c x485 y2841 w391 h1fa\"><div class=\"t m0 x33 hd6 y80 ff4 fs1b fc1 sc2 ls0 ws0\">(2.099)<span class=\"_ _df\"> </span></div></td><td class=\"c x486 y2841 w36b h1fa\"><div class=\"t m0 xa3 hd6 y80 ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x483 y2841 wee h1fa\"><div class=\"t m0 x13 hd6 y80 ff4 fs1b fc1 sc2 ls0 ws0\">-</div></td><td class=\"c x47d y2841 w315 h1fa\"><div class=\"t m0 x2e hd6 y80 ff4 fs1b fc1 sc2 ls0 ws0\">(2.099)<span class=\"_ _df\"> </span></div></td><td class=\"c x487 y2841 w18f h1fa\"><div class=\"t m0 x33 hd6 y80 ff4 fs1b fc1 sc2 ls0 ws0\">(4.108)<span class=\"_ _df\"> </span></div></td><td class=\"c x488 y2841 w392 h1fa\"><div class=\"t m0 xa3 hd6 y80 ff4 fs1b fc1 sc2 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x484 y2841 wf0 h1fa\"><div class=\"t m0 x13 hd6 y80 ff4 fs1b fc1 sc2 ls0 ws0\">-</div></td><td class=\"c x481 y2841 w1c7 h1fa\"><div class=\"t m0 x55 hd6 y80 ff4 fs1b fc1 sc2 ls73 ws0\">(4<span class=\"ls0\">.108</span><span class=\"ls0\">)<span class=\"_ _df\"> </span></span></div></td></tr><tr><td class=\"c x262 y2842 wafa h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc2 ls0 ws0\">M. Val<span class=\"_ _1\"></span>ore netto <span class=\"_ _f\"></span>di bilancio a<span class=\"_ _1\"></span>l 31<span class=\"_ _df\"> </span></div></td><td class=\"c x485 y2843 w391 h19a\"><div class=\"t m0 x2c hd6 y153d ff4 fs1b fc1 sc2 ls0 ws0\">4.708<span class=\"_ _df\"> </span></div></td><td class=\"c x486 y2843 w36b h19a\"><div class=\"t m0 x7 hd6 y153d ff4 fs1b fc1 sc2 ls0 ws0\">314<span class=\"_ _df\"> </span></div></td><td class=\"c x483 y2843 wee h19a\"><div class=\"t m0 x26 hd6 y153d ff4 fs1b fc1 sc2 ls0 ws0\">2.929</div></td><td class=\"c x47d y2843 w315 h19a\"><div class=\"t m0 x14 hd6 y153d ff4 fs1b fc1 sc2 ls0 ws0\">7.951<span class=\"_ _df\"> </span></div></td><td class=\"c x487 y2843 w18f h19a\"><div class=\"t m0 x2c hd6 y153d ff4 fs1b fc1 sc2 ls0 ws0\">9.483<span class=\"_ _df\"> </span></div></td><td class=\"c x488 y2843 w392 h19a\"><div class=\"t m0 x36 hd6 y153d ff4 fs1b fc1 sc2 ls0 ws0\">13.447<span class=\"_ _df\"> </span></div></td><td class=\"c x484 y2843 wf0 h19a\"><div class=\"t m0 x38 hd6 y153d ff4 fs1b fc1 sc2 ls0 ws0\">433</div></td><td class=\"c x481 y2843 w1c7 h19a\"><div class=\"t m0 x130 hd6 y153d ff4 fs1b fc1 sc2 ls0 ws0\">10.871<span class=\"_ _df\"> </span></div></td></tr><tr><td class=\"c x262 y2844 wafb h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc2 ls0 ws0\">dicem<span class=\"_ _1\"></span>bre (A.3<span class=\"_ _f\"></span>+<span class=\"_ _2\"></span>H+<span class=\"_ _1\"></span>I+L.3)<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x46b y2845 w390 hbc\"><div class=\"t m0 x8a hd6 y392 ff4 fs1b fc1 sc2 ls0 ws0\">N. Val<span class=\"_ _1\"></span>ore di bila<span class=\"_ _f\"></span>ncio finale<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2a8 y27dd wac6 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">1. Cessioni in riassicurazione<span class=\"_ _df\"> </span></div></td><td class=\"c x485 y2846 w391 h69\"><div class=\"t m0 x2c hd6 y153d ff4 fs1b fc1 sc0 ls0 ws0\">7.052<span class=\"_ _df\"> </span></div></td><td class=\"c x486 y2846 w36b h69\"><div class=\"t m0 x1c hd6 y153d ff4 fs1b fc1 sc0 ls0 ws0\">131<span class=\"_ _df\"> </span></div></td><td class=\"c x483 y2846 wee h69\"><div class=\"t m0 x34 hd6 y153d ff4 fs1b fc1 sc0 ls0 ws0\">1.567</div></td><td class=\"c x47d y2846 w315 h69\"><div class=\"t m0 x39 hd6 y153d ff4 fs1b fc1 sc0 ls0 ws0\">8.750<span class=\"_ _df\"> </span></div></td><td class=\"c x487 y2846 w18f h69\"><div class=\"t m0 x2c hd6 y153d ff4 fs1b fc1 sc0 ls0 ws0\">10.161<span class=\"_ _df\"> </span></div></td><td class=\"c x488 y2846 w392 h69\"><div class=\"t m0 x36 hd6 y153d ff4 fs1b fc1 sc0 ls0 ws0\">13.447<span class=\"_ _df\"> </span></div></td><td class=\"c x484 y2846 wf0 h69\"><div class=\"t m0 x38 hd6 y153d ff4 fs1b fc1 sc0 ls0 ws0\">235</div></td><td class=\"c x481 y2846 w1c7 h69\"><div class=\"t m0 x130 hd6 y153d ff4 fs1b fc1 sc0 ls0 ws0\">11.252<span class=\"_ _df\"> </span></div></td></tr><tr><td class=\"c x2a8 y2491 wac7 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">che costituiscono attivit\u00e0<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr></table><table class=\"s wafc h4ca\" id=\"_c52d421d-33ad-4926-ac87-5e6d3839561c\"><tr><td class=\"c x262 y2847 wafd h4bd\"><div class=\"t m0 x250 hd6 y2726 ff4 fs1b fc1 sc0 ls0 ws0\">2. Cessioni in riassicurazione<span class=\"_ _df\"> </span></div></td><td class=\"c x48a y2848 w391 h69\"><div class=\"t m0 x33 hd6 y823 ff4 fs1b fc1 sc0 ls0 ws0\">(2.345)<span class=\"_ _df\"> </span></div></td><td class=\"c x48b y2848 w36b h69\"><div class=\"t m0 x7 hd6 y823 ff4 fs1b fc1 sc0 ls0 ws0\">183<span class=\"_ _df\"> </span></div></td><td class=\"c x48c y2848 wee h69\"><div class=\"t m0 x34 hd6 y823 ff4 fs1b fc1 sc0 ls0 ws0\">1.361</div></td><td class=\"c x48d y2848 w315 h69\"><div class=\"t m0 x48 hd6 y823 ff4 fs1b fc1 sc0 ls0 ws0\">(801)<span class=\"_ _df\"> </span></div></td><td class=\"c x48e y2848 w18f h69\"><div class=\"t m0 x3a hd6 y823 ff4 fs1b fc1 sc0 ls0 ws0\">(680)<span class=\"_ _df\"> </span></div></td><td class=\"c x48f y2848 w392 h69\"><div class=\"t m0 xa3 hd6 y823 ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x490 y2848 wf0 h69\"><div class=\"t m0 x31 hd6 y823 ff4 fs1b fc1 sc0 ls0 ws0\">198</div></td><td class=\"c x491 y2848 w1c7 h69\"><div class=\"t m0 x14 hd6 y823 ff4 fs1b fc1 sc0 ls0 ws0\">(382)<span class=\"_ _df\"> </span></div></td></tr><tr><td class=\"c x262 y2849 wac9 h4bd\"><div class=\"t m0 x250 hd6 y2726 ff4 fs1b fc1 sc0 ls0 ws0\">che costituiscono passivit\u00e0<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x262 y27dd wafe h4bd\"><div class=\"t m0 x250 hd6 y2726 ff4 fs1b fc1 sc2 ls0 ws0\">3. Valor<span class=\"_ _1\"></span>e nett<span class=\"_ _1\"></span>o di bilan<span class=\"_ _f\"></span>cio al 31<span class=\"_ _df\"> </span></div></td><td class=\"c x48a y284a w391 h4a\"><div class=\"t m0 x2c hd6 ye55 ff4 fs1b fc1 sc2 ls0 ws0\">4.707<span class=\"_ _df\"> </span></div></td><td class=\"c x48b y284a w36b h4a\"><div class=\"t m0 x7 hd6 ye55 ff4 fs1b fc1 sc2 ls0 ws0\">314<span class=\"_ _df\"> </span></div></td><td class=\"c x48c y284a wee h4a\"><div class=\"t m0 x26 hd6 ye55 ff4 fs1b fc1 sc2 ls0 ws0\">2.928</div></td><td class=\"c x48d y284a w315 h4a\"><div class=\"t m0 x39 hd6 ye55 ff4 fs1b fc1 sc2 ls0 ws0\">7.949<span class=\"_ _df\"> </span></div></td><td class=\"c x48e y284a w18f h4a\"><div class=\"t m0 x3a hd6 ye55 ff4 fs1b fc1 sc2 ls0 ws0\">9.481<span class=\"_ _df\"> </span></div></td><td class=\"c x48f y284a w392 h4a\"><div class=\"t m0 x36 hd6 ye55 ff4 fs1b fc1 sc2 ls0 ws0\">13.447<span class=\"_ _df\"> </span></div></td><td class=\"c x490 y284a wf0 h4a\"><div class=\"t m0 x38 hd6 ye55 ff4 fs1b fc1 sc2 ls0 ws0\">433</div></td><td class=\"c x491 y284a w1c7 h4a\"><div class=\"t m0 x55 hd6 ye55 ff4 fs1b fc1 sc2 ls0 ws0\">10.870<span class=\"_ _df\"> </span></div></td></tr><tr><td class=\"c x262 y2491 waff h4bd\"><div class=\"t m0 x250 hd6 y2726 ff4 fs1b fc1 sc2 ls0 ws0\">dicem<span class=\"_ _1\"></span>bre<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr></table>Dinam<span class=\"_ _f\"></span>ica del m<span class=\"_ _f\"></span>argine s<span class=\"_ _1\"></span>ui se<span class=\"_ _1\"></span>rvizi <span class=\"_ _f\"></span>contrat<span class=\"_ _1\"></span>tuali d<span class=\"_ _1\"></span>elle ces<span class=\"_ _f\"></span>sioni in <span class=\"_ _f\"></span>riassicu<span class=\"_ _1\"></span>razio<span class=\"_ _1\"></span>ne ri<span class=\"_ _1\"></span>part<span class=\"_ _1\"></span>ito i<span class=\"_ _1\"></span>n bas<span class=\"_ _1\"></span>e ai co<span class=\"_ _f\"></span>ntratti es<span class=\"_ _f\"></span>istenti a<span class=\"_ _1\"></span>l mom<span class=\"_ _1\"></span>ento <span class=\"_ _1\"></span>della<span class=\"_ _1\"></span> tra<span class=\"_ _f\"></span>nsizione a<span class=\"_ _f\"></span>ll\u2019IFRS 17<span class=\"_ _1\"></span> <table class=\"s wb00 h4cb\" id=\"_dc5adfe7-b5cc-44f1-9b74-86a3900b46f6\"><tr><td></td><td></td><td></td><td class=\"c x492 y284b w2e6 h258\"><div class=\"t m0 x24 hd6 y2e7 ff4 fs1b fc4 sc3 ls0 ws0\">31/12/2<span class=\"_ _1\"></span>025<span class=\"fc1 sc0\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td class=\"c x493 y284b w394 h258\"><div class=\"t m0 x24 hd6 y2e7 ff4 fs1b fc4 sc3 ls0 ws0\">31/12/2<span class=\"_ _1\"></span>024<span class=\"fc1 sc0\"> </span></div></td><td></td><td></td><td></td></tr><tr><td></td><td class=\"c x494 y284c wb01 h4bd\"><div class=\"t m0 x250 hd6 y2726 ff4 fs1b fc4 sc3 ls0 ws0\">Nuovi <span class=\"_ _1\"></span>contratt<span class=\"_ _1\"></span>i<span class=\"_ _df\"> </span></div></td><td class=\"c x495 y284d wb02 h4bd\"><div class=\"t m0 x250 hd6 y2726 ff4 fs1b fc4 sc3 ls0 ws0\">Contra<span class=\"_ _1\"></span>tti<span class=\"_ _df\"> </span></div></td><td class=\"c x496 y284d wb02 h4bd\"><div class=\"t m0 x250 hd6 y2726 ff4 fs1b fc4 sc3 ls0 ws0\">Contra<span class=\"_ _1\"></span>tti<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td class=\"c x497 y284c wb01 h4bd\"><div class=\"t m0 x250 hd6 y2726 ff4 fs1b fc4 sc3 ls0 ws0\">Nuovi <span class=\"_ _1\"></span>contratt<span class=\"_ _1\"></span>i<span class=\"_ _df\"> </span></div></td><td class=\"c x498 y284d wb02 h4bd\"><div class=\"t m0 x250 hd6 y2726 ff4 fs1b fc4 sc3 ls0 ws0\">Contra<span class=\"_ _1\"></span>tti<span class=\"_ _df\"> </span></div></td><td class=\"c x499 y284d wb02 h4bd\"><div class=\"t m0 x250 hd6 y2726 ff4 fs1b fc4 sc3 ls0 ws0\">Contra<span class=\"_ _1\"></span>tti<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td></tr><tr><td></td><td class=\"c x49a y284e wb03 h4c8\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc4 sc3 ls0 ws0\">e contra<span class=\"_ _f\"></span>tti<span class=\"_ _df\"> </span></div></td><td class=\"c x49b y284f wb04 h4c8\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc4 sc3 ls0 ws0\">misura<span class=\"_ _1\"></span>ti alla<span class=\"_ _df\"> </span></div></td><td class=\"c x496 y284f wb05 h4c8\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc4 sc3 ls0 ws0\">misura<span class=\"_ _1\"></span>ti<span class=\"_ _df\"> </span></div></td><td class=\"c x49c y284f wb06 h4c8\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc4 sc3 ls0 ws0\">Contra<span class=\"_ _1\"></span>tt<span class=\"_ _df\"> </span></div></td><td></td><td></td><td class=\"c x49d y284e wa60 h4c8\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc4 sc3 ls0 ws0\">e contra<span class=\"_ _f\"></span>tti<span class=\"_ _df\"> </span></div></td><td class=\"c x49e y284f wb04 h4c8\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc4 sc3 ls0 ws0\">misura<span class=\"_ _1\"></span>ti alla<span class=\"_ _df\"> </span></div></td><td class=\"c x499 y284f wb05 h4c8\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc4 sc3 ls0 ws0\">misura<span class=\"_ _1\"></span>ti<span class=\"_ _df\"> </span></div></td><td class=\"c x49f y284f wb06 h4c8\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc4 sc3 ls0 ws0\">Contra<span class=\"_ _1\"></span>tt<span class=\"_ _df\"> </span></div></td><td></td><td></td></tr><tr><td></td><td class=\"c x4a0 y2850 wb04 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc4 sc3 ls0 ws0\">misura<span class=\"_ _1\"></span>ti alla<span class=\"_ _df\"> </span></div></td><td class=\"c x4a1 y2851 wb07 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc4 sc3 ls0 ws0\">data di<span class=\"_ _df\"> </span></div></td><td class=\"c x4a2 y2851 wb08 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc4 sc3 ls0 ws0\">alla data<span class=\"_ _1\"></span> di<span class=\"_ _df\"> </span></div></td><td class=\"c x4a3 y2851 wb09 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc4 sc3 ls6 ws0\">i<span class=\"_ _df\"> </span></div></td><td></td><td></td><td class=\"c x4a4 y2850 wb0a h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc4 sc3 ls6e ws0\">mi<span class=\"ls0\">sura<span class=\"_ _1\"></span>ti alla<span class=\"_ _df\"> </span></span></div></td><td class=\"c x4a5 y2851 wb07 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc4 sc3 ls0 ws0\">data di<span class=\"_ _df\"> </span></div></td><td class=\"c x4a6 y2851 wb08 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc4 sc3 ls0 ws0\">alla data<span class=\"_ _1\"></span> di<span class=\"_ _df\"> </span></div></td><td class=\"c x4a7 y2851 wb09 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc4 sc3 ls6 ws0\">i<span class=\"_ _df\"> </span></div></td><td></td><td></td></tr><tr><td></td><td class=\"c x4a8 y2852 wb07 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc4 sc3 ls0 ws0\">data di<span class=\"_ _df\"> </span></div></td><td class=\"c x4a9 y2853 wb0b h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc4 sc3 ls0 ws0\">transizio<span class=\"_ _f\"></span>ne con<span class=\"_ _df\"> </span></div></td><td class=\"c x4aa y2853 wb0c h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc4 sc3 ls0 ws0\">transizio<span class=\"_ _f\"></span>n<span class=\"_ _df\"> </span></div></td><td class=\"c x4ab y2853 wb0d h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc4 sc3 ls0 ws0\">oggetto<span class=\"_ _df\"> </span></div></td><td></td><td></td><td class=\"c x37b y2852 wb07 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc4 sc3 ls0 ws0\">data di<span class=\"_ _df\"> </span></div></td><td class=\"c x4ac y2853 wb0b h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc4 sc3 ls0 ws0\">transizio<span class=\"_ _f\"></span>ne con<span class=\"_ _df\"> </span></div></td><td class=\"c x4ad y2853 wb0c h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc4 sc3 ls0 ws0\">transizio<span class=\"_ _f\"></span>n<span class=\"_ _df\"> </span></div></td><td class=\"c x4ae y2853 wb0d h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc4 sc3 ls0 ws0\">oggetto<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x4af y2853 wb0e h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc4 sc3 ls0 ws0\">Total<span class=\"_ _df\"> </span></div></td></tr><tr><td></td><td class=\"c x494 y2854 wb0b h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc4 sc3 ls0 ws0\">transizio<span class=\"_ _f\"></span>ne con<span class=\"_ _df\"> </span></div></td><td class=\"c x495 y2855 wb0f h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc4 sc3 ls0 ws0\">il meto<span class=\"_ _1\"></span>do<span class=\"_ _df\"> </span></div></td><td class=\"c x4b0 y2855 wb10 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc4 sc3 ls0 ws0\">e con il<span class=\"_ _df\"> </span></div></td><td class=\"c x4b1 y2855 wb11 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc4 sc3 ls0 ws0\">di<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x4b2 y2856 w396 h25d\"><div class=\"t m0 x8a hd6 y15e2 ff4 fs1b fc4 sc3 ls0 ws0\">Totale<span class=\"fc1 sc0\"> </span></div></td><td class=\"c x497 y2854 wb0b h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc4 sc3 ls0 ws0\">transizio<span class=\"_ _f\"></span>ne con<span class=\"_ _df\"> </span></div></td><td class=\"c x498 y2855 wb0f h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc4 sc3 ls0 ws0\">il meto<span class=\"_ _1\"></span>do<span class=\"_ _df\"> </span></div></td><td class=\"c x4b3 y2855 wb10 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc4 sc3 ls0 ws0\">e con il<span class=\"_ _df\"> </span></div></td><td class=\"c x4b4 y2855 wb11 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc4 sc3 ls0 ws0\">di<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x4b5 y2855 wb12 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc4 sc3 ls0 ws0\">e<span class=\"_ _df\"> </span></div></td></tr><tr><td></td><td class=\"c x4b6 y2857 wb0f h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc4 sc3 ls0 ws0\">il meto<span class=\"_ _1\"></span>do<span class=\"_ _df\"> </span></div></td><td class=\"c x4a9 y2858 wb13 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff5 fs1b fc4 sc3 ls0 ws0\">dell\u2019appl<span class=\"_ _f\"></span>ic<span class=\"_ _2\"></span>az<span class=\"_ _1\"></span>ion<span class=\"_ _df\"> </span></div></td><td class=\"c x4b7 y2858 wb14 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc4 sc3 ls0 ws0\">metod<span class=\"_ _1\"></span>o<span class=\"_ _df\"> </span></div></td><td class=\"c x4b8 y2858 wb15 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc4 sc3 ls0 ws0\">carve-<span class=\"_ _df\"> </span></div></td><td></td><td></td><td class=\"c x4b9 y2857 wb0f h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc4 sc3 ls0 ws0\">il meto<span class=\"_ _1\"></span>do<span class=\"_ _df\"> </span></div></td><td class=\"c x4ac y2858 wb16 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff5 fs1b fc4 sc3 ls0 ws0\">dell\u2019appl<span class=\"_ _f\"></span>ic<span class=\"_ _2\"></span>az<span class=\"_ _1\"></span>ion<span class=\"_ _df\"> </span></div></td><td class=\"c x4ba y2858 wb14 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc4 sc3 ls0 ws0\">metod<span class=\"_ _1\"></span>o<span class=\"_ _df\"> </span></div></td><td class=\"c x4bb y2858 wb15 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc4 sc3 ls0 ws0\">carve-<span class=\"_ _df\"> </span></div></td><td></td><td></td></tr><tr><td></td><td class=\"c x494 y2859 wb13 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff5 fs1b fc4 sc3 ls0 ws0\">dell\u2019appl<span class=\"_ _f\"></span>ic<span class=\"_ _2\"></span>az<span class=\"_ _1\"></span>ion<span class=\"_ _df\"> </span></div></td><td class=\"c x49b y285a wb17 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc4 sc3 ls0 ws0\">e retroat<span class=\"_ _f\"></span>tiva<span class=\"_ _df\"> </span></div></td><td class=\"c x4b0 y285a wb18 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc4 sc3 ls0 ws0\">del fair<span class=\"_ _df\"> </span></div></td><td class=\"c x4bc y285a wb19 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc4 sc3 ls0 ws0\">out<span class=\"_ _df\"> </span></div></td><td></td><td></td><td class=\"c x497 y2859 wb16 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff5 fs1b fc4 sc3 ls0 ws0\">dell\u2019appl<span class=\"_ _f\"></span>ic<span class=\"_ _2\"></span>az<span class=\"_ _1\"></span>ion<span class=\"_ _df\"> </span></div></td><td class=\"c x49e y285a wb17 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc4 sc3 ls0 ws0\">e retroat<span class=\"_ _f\"></span>tiva<span class=\"_ _df\"> </span></div></td><td class=\"c x4b3 y285a wb18 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc4 sc3 ls0 ws0\">del fair<span class=\"_ _df\"> </span></div></td><td class=\"c x4bd y285a wb19 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc4 sc3 ls0 ws0\">out<span class=\"_ _df\"> </span></div></td><td></td><td></td></tr><tr><td></td><td class=\"c x4a0 y285b wb1a h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc4 sc3 ls0 ws0\">e retroat<span class=\"_ _f\"></span>ti<span class=\"_ _2\"></span>va<span class=\"_ _df\"> </span></div></td><td class=\"c x4be y285c wb1b h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc4 sc3 ls0 ws0\">modifi<span class=\"_ _1\"></span>cata<span class=\"_ _df\"> </span></div></td><td class=\"c x4bf y285c wb1c h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc4 sc3 ls0 ws0\">value<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td class=\"c x4a4 y285b wb17 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc4 sc3 ls0 ws0\">e retroat<span class=\"_ _f\"></span>tiva<span class=\"_ _df\"> </span></div></td><td class=\"c x4c0 y285c wb1b h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc4 sc3 ls0 ws0\">modifi<span class=\"_ _1\"></span>cata<span class=\"_ _df\"> </span></div></td><td class=\"c x4c1 y285c wb1c h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc4 sc3 ls0 ws0\">value<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td></tr><tr><td></td><td class=\"c x4c2 y285d wab3 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc4 sc3 ls0 ws0\">piena<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td class=\"c x4c3 y285d wab3 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc4 sc3 ls0 ws0\">piena<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x262 y285e wb1d h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc2 ls0 ws0\">Margine <span class=\"_ _f\"></span>sui<span class=\"_ _df\"> </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=\"c x262 y285f wb1e h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc2 ls0 ws0\">servizi<span class=\"_ _df\"> </span></div></td><td class=\"c x492 y2860 w243 ha2\"><div class=\"t m0 x37 hd6 yc81 ff4 fs1b fc1 sc2 ls0 ws0\">(1.809)<span class=\"_ _df\"> </span></div></td><td class=\"c x4c4 y2860 w8a ha2\"><div class=\"t m0 x7 hd6 yc81 ff4 fs1b fc1 sc2 ls0 ws0\">-</div></td><td class=\"c x4c5 y2860 w34c ha2\"><div class=\"t m0 x14 hd6 yc81 ff4 fs1b fc1 sc2 ls0 ws0\">2.765<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x4c6 y2860 w399 ha2\"><div class=\"t m0 x3a hd6 yc81 ff4 fs1b fc1 sc2 ls0 ws0\">-</div></td><td class=\"c x4c7 y2860 w39a ha2\"><div class=\"t m0 x116 hd6 yc81 ff4 fs1b fc1 sc2 ls0 ws0\">956<span class=\"_ _df\"> </span></div></td><td class=\"c x493 y2860 w9e ha2\"><div class=\"t m0 x38 hd6 yc81 ff4 fs1b fc1 sc2 ls0 ws0\">(1.197)<span class=\"_ _df\"> </span></div></td><td class=\"c x4c8 y2860 w385 ha2\"><div class=\"t m0 x7 hd6 yc81 ff4 fs1b fc1 sc2 ls0 ws0\">-</div></td><td class=\"c x4c9 y2860 w34c ha2\"><div class=\"t m0 x14 hd6 yc81 ff4 fs1b fc1 sc2 ls0 ws0\">2.605<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x4ca y2860 w39b ha2\"><div class=\"t m0 x3a hd6 yc81 ff4 fs1b fc1 sc2 ls0 ws0\">-</div></td><td class=\"c x4cb y2860 w39c ha2\"><div class=\"t m0 xac hd6 yc81 ff4 fs1b fc1 sc2 ls0 ws0\">1.408<span class=\"_ _df\"> </span></div></td></tr><tr><td class=\"c x262 y2861 wb1f h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc2 ls0 ws0\">contrattu<span class=\"_ _f\"></span>ali <span class=\"ff5\">\u2013<span class=\"_ _df\"> </span></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=\"c x262 y2862 wb20 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc2 ls0 ws0\">Esistenz<span class=\"_ _f\"></span>e iniziali<span class=\"_ _df\"> </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=\"c x262 y2863 wb21 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc2 ls0 ws0\">Variazio<span class=\"_ _f\"></span>n<span class=\"_ _2\"></span>i rife<span class=\"_ _f\"></span>rite<span class=\"_ _df\"> </span></div></td><td class=\"c x492 y2864 w243 h148\"><div class=\"t m0 x8f hd6 y394 ff4 fs1b fc1 sc2 ls0 ws0\">543<span class=\"_ _df\"> </span></div></td><td class=\"c x4c4 y2864 w8a h148\"><div class=\"t m0 x7 hd6 y394 ff4 fs1b fc1 sc2 ls0 ws0\">-</div></td><td class=\"c x4c5 y2864 w34c h148\"><div class=\"t m0 x130 hd6 y394 ff4 fs1b fc1 sc2 ls0 ws0\">(1.881)<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x4c6 y2864 w399 h148\"><div class=\"t m0 x3a hd6 y394 ff4 fs1b fc1 sc2 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x4cc y2863 wb22 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc2 ls0 ws0\">(1.338<span class=\"_ _df\"> </span></div></td><td class=\"c x493 y2864 w9e h148\"><div class=\"t m0 x8f hd6 y394 ff4 fs1b fc1 sc2 ls0 ws0\">696<span class=\"_ _df\"> </span></div></td><td class=\"c x4c8 y2864 w385 h148\"><div class=\"t m0 x7 hd6 y394 ff4 fs1b fc1 sc2 ls0 ws0\">-</div></td><td class=\"c x4c9 y2864 w34c h148\"><div class=\"t m0 x39 hd6 y394 ff4 fs1b fc1 sc2 ls0 ws0\">(1.291)<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x4ca y2864 w39b h148\"><div class=\"t m0 x3a hd6 y394 ff4 fs1b fc1 sc2 ls0 ws0\">-</div></td><td class=\"c x4cb y2864 w39c h148\"><div class=\"t m0 xac hd6 y394 ff4 fs1b fc1 sc2 ls0 ws0\">(595)<span class=\"_ _df\"> </span></div></td></tr><tr><td class=\"c x262 y2865 wb23 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc2 ls0 ws0\">ai serviz<span class=\"_ _1\"></span>i attuali<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td class=\"c x27e y2865 wb24 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc2 ls0 ws0\">)<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2a8 y2866 wb25 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">- Margine sui<span class=\"_ _df\"> </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=\"c x2a8 y2867 wb1e h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">servizi<span class=\"_ _df\"> </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=\"c x2a8 y2868 wb26 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">contrattuali<span class=\"_ _df\"> </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=\"c x2a8 y2869 wb27 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">rilevato in<span class=\"_ _df\"> </span></div></td><td class=\"c x492 y286a w243 h25e\"><div class=\"t m0 x8f hd6 yce6 ff4 fs1b fc1 sc0 ls0 ws0\">543<span class=\"_ _df\"> </span></div></td><td class=\"c x4c4 y286a w8a h25e\"><div class=\"t m0 x7 hd6 yce6 ff4 fs1b fc1 sc0 ls0 ws0\">-</div></td><td class=\"c x4c5 y286a w34c h25e\"><div class=\"t m0 x130 hd6 yce6 ff4 fs1b fc1 sc0 ls0 ws0\">(1.881)<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x4c6 y286a w399 h25e\"><div class=\"t m0 x3a hd6 yce6 ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x4cc y2869 wb22 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">(1.338<span class=\"_ _df\"> </span></div></td><td class=\"c x493 y286a w9e h25e\"><div class=\"t m0 x8f hd6 yce6 ff4 fs1b fc1 sc0 ls1 ws0\">696<span class=\"_ _df\"> </span></div></td><td class=\"c x4c8 y286a w385 h25e\"><div class=\"t m0 x7 hd6 yce6 ff4 fs1b fc1 sc0 ls0 ws0\">-</div></td><td class=\"c x4c9 y286a w34c h25e\"><div class=\"t m0 x39 hd6 yce6 ff4 fs1b fc1 sc0 ls0 ws0\">(1.291)<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x4ca y286a w39b h25e\"><div class=\"t m0 x3a hd6 yce6 ff4 fs1b fc1 sc0 ls0 ws0\">-</div></td><td class=\"c x4cb y286a w39c h25e\"><div class=\"t m0 xac hd6 yce6 ff4 fs1b fc1 sc0 ls0 ws0\">(595)<span class=\"_ _df\"> </span></div></td></tr><tr><td class=\"c x2a8 y286b wb28 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">conto<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td class=\"c x27e y286b wb24 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">)<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2a8 y286c wad0 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">economico<span class=\"_ _df\"> </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=\"c x2a8 y286d wb29 h4c3\"><div class=\"t m0 x250 hd6 y276e ff4 fs1b fc1 sc0 ls0 ws0\">per riflettere i<span class=\"_ _df\"> </span></div><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">servizi ricevuti<span class=\"_ _df\"> </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=\"c x262 y286e wb21 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc2 ls0 ws0\">Variazio<span class=\"_ _f\"></span>n<span class=\"_ _2\"></span>i rife<span class=\"_ _f\"></span>rite<span class=\"_ _df\"> </span></div></td><td class=\"c x492 y286f w243 h148\"><div class=\"t m0 x30 hd6 y25f ff4 fs1b fc1 sc2 ls0 ws0\">1.077<span class=\"_ _df\"> </span></div></td><td class=\"c x4c4 y286f w8a h148\"><div class=\"t m0 x7 hd6 y25f ff4 fs1b fc1 sc2 ls0 ws0\">-</div></td><td class=\"c x4c5 y286f w34c h148\"><div class=\"t m0 x14 hd6 y25f ff4 fs1b fc1 sc2 ls0 ws0\">2.262<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x4c6 y286f w399 h148\"><div class=\"t m0 x3a hd6 y25f ff4 fs1b fc1 sc2 ls0 ws0\">-</div></td><td class=\"c x4c7 y286f w39a h148\"><div class=\"t m0 xac hd6 y25f ff4 fs1b fc1 sc2 ls0 ws0\">3.339<span class=\"_ _df\"> </span></div></td><td class=\"c x493 y286f w9e h148\"><div class=\"t m0 x97 hd6 y25f ff4 fs1b fc1 sc2 ls0 ws0\">(1.270)<span class=\"_ _df\"> </span></div></td><td class=\"c x4c8 y286f w385 h148\"><div class=\"t m0 x7 hd6 y25f ff4 fs1b fc1 sc2 ls0 ws0\">-</div></td><td class=\"c x4c9 y286f w34c h148\"><div class=\"t m0 x48 hd6 y25f ff4 fs1b fc1 sc2 ls0 ws0\">1.442<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x4ca y286f w39b h148\"><div class=\"t m0 x3a hd6 y25f ff4 fs1b fc1 sc2 ls0 ws0\">-</div></td><td class=\"c x4cb y286f w39c h148\"><div class=\"t m0 x2a hd6 y25f ff4 fs1b fc1 sc2 ls0 ws0\">172<span class=\"_ _df\"> </span></div></td></tr><tr><td class=\"c x262 y2870 wb2a h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc2 ls0 ws0\">ai serviz<span class=\"_ _1\"></span>i futuri<span class=\"_ _df\"> </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=\"c x2a8 y2871 wb2b h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">- Variazioni<span class=\"_ _df\"> </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=\"c x2a8 y2872 w96b h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">delle stime<span class=\"_ _df\"> </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=\"c x2a8 y2873 wb2c h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">che<span class=\"_ _df\"> </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=\"c x2a8 y2874 wb2d h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">modificano il<span class=\"_ _df\"> </span></div></td><td class=\"c x492 y2875 w243 h1d7\"><div class=\"t m0 x8f hd6 yc61 ff4 fs1b fc1 sc0 ls0 ws0\">230<span class=\"_ _df\"> </span></div></td><td class=\"c x4c4 y2875 w8a h1d7\"><div class=\"t m0 x7 hd6 yc61 ff4 fs1b fc1 sc0 ls0 ws0\">-</div></td><td class=\"c x4c5 y2875 w34c h1d7\"><div class=\"t m0 x14 hd6 yc61 ff4 fs1b fc1 sc0 ls0 ws0\">2.262<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x4c6 y2875 w399 h1d7\"><div class=\"t m0 x3a hd6 yc61 ff4 fs1b fc1 sc0 ls0 ws0\">-</div></td><td class=\"c x4c7 y2875 w39a h1d7\"><div class=\"t m0 xac hd6 yc61 ff4 fs1b fc1 sc0 ls0 ws0\">2.492<span class=\"_ _df\"> </span></div></td><td class=\"c x493 y2875 w9e h1d7\"><div class=\"t m0 x15 hd6 yc61 ff4 fs1b fc1 sc0 ls0 ws0\">(913)<span class=\"_ _df\"> </span></div></td><td class=\"c x4c8 y2875 w385 h1d7\"><div class=\"t m0 x7 hd6 yc61 ff4 fs1b fc1 sc0 ls0 ws0\">-</div></td><td class=\"c x4c9 y2875 w34c h1d7\"><div class=\"t m0 x48 hd6 yc61 ff4 fs1b fc1 sc0 ls0 ws0\">1.442<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x4ca y2875 w39b h1d7\"><div class=\"t m0 x3a hd6 yc61 ff4 fs1b fc1 sc0 ls0 ws0\">-</div></td><td class=\"c x4cb y2875 w39c h1d7\"><div class=\"t m0 x16a hd6 yc61 ff4 fs1b fc1 sc0 ls0 ws0\">529<span class=\"_ _df\"> </span></div></td></tr><tr><td class=\"c x2a8 y2876 wb2e h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">margine sui<span class=\"_ _df\"> </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=\"c x2a8 y2877 wb1e h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">servizi<span class=\"_ _df\"> </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=\"c x2a8 y2878 wb26 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">contrattuali<span class=\"_ _df\"> </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=\"c x2a8 y2879 wb2f h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">- Effetti dei<span class=\"_ _df\"> </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=\"c x2a8 y287a wa83 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">contratti<span class=\"_ _df\"> </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=\"c x2a8 y287b wb30 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">inizialmente<span class=\"_ _df\"> </span></div></td><td class=\"c x492 y287c w243 h25f\"><div class=\"t m0 x8f hd6 yd06 ff4 fs1b fc1 sc0 ls0 ws0\">847<span class=\"_ _df\"> </span></div></td><td class=\"c x4c4 y287c w8a h25f\"><div class=\"t m0 x7 hd6 yd06 ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x4c5 y287c w34c h25f\"><div class=\"t m0 x97 hd6 yd06 ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x4c6 y287c w399 h25f\"><div class=\"t m0 x3a hd6 yd06 ff4 fs1b fc1 sc0 ls0 ws0\">-</div></td><td class=\"c x4c7 y287c w39a h25f\"><div class=\"t m0 x116 hd6 yd06 ff4 fs1b fc1 sc0 ls0 ws0\">847<span class=\"_ _df\"> </span></div></td><td class=\"c x493 y287c w9e h25f\"><div class=\"t m0 x30 hd6 yd06 ff4 fs1b fc1 sc0 ls0 ws0\">(357)<span class=\"_ _df\"> </span></div></td><td class=\"c x4c8 y287c w385 h25f\"><div class=\"t m0 x7 hd6 yd06 ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x4c9 y287c w34c h25f\"><div class=\"t m0 x97 hd6 yd06 ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x4ca y287c w39b h25f\"><div class=\"t m0 x3a hd6 yd06 ff4 fs1b fc1 sc0 ls0 ws0\">-</div></td><td class=\"c x4cb y287c w39c h25f\"><div class=\"t m0 xac hd6 yd06 ff4 fs1b fc1 sc0 ls0 ws0\">(357)<span class=\"_ _df\"> </span></div></td></tr><tr><td class=\"c x2a8 y287d wb31 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">rilevati<span class=\"_ _df\"> </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=\"c x2a8 y287e wb32 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff5 fs1b fc1 sc0 ls0 ws0\">nell\u2019esercizio<span class=\"_ _df\"> </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=\"c x2a8 y287f wb33 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">di riferimento<span class=\"_ _df\"> </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=\"c x262 y2880 wb34 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc2 ls0 ws0\">Ricavi/<span class=\"_ _1\"></span>costi net<span class=\"_ _f\"></span>ti<span class=\"_ _df\"> </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=\"c x262 y2881 wb35 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc2 ls0 ws0\">di natura<span class=\"_ _df\"> </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=\"c x262 y2882 waee h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc2 ls0 ws0\">finanzia<span class=\"_ _f\"></span>ri<span class=\"_ _2\"></span>a<span class=\"_ _df\"> </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=\"c x2a8 y2883 wa9a h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">1. Relativi alle<span class=\"_ _df\"> </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=\"c x2a8 y2884 wb36 h4c9\"><div class=\"t m0 x250 hd6 y27d4 ff4 fs1b fc1 sc0 ls0 ws0\">cessioni in<span class=\"_ _df\"> </span></div><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">riassicurazion<span class=\"_ _df\"> </span></div></td><td class=\"c x492 y2885 w243 h89\"><div class=\"t m0 x36 hd6 y3d ff4 fs1b fc1 sc0 ls0 ws0\">(40)<span class=\"_ _df\"> </span></div></td><td class=\"c x4c4 y2885 w8a h89\"><div class=\"t m0 x7 hd6 y3d ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x4c5 y2885 w34c h89\"><div class=\"t m0 x26 hd6 y3d ff4 fs1b fc1 sc0 ls4a ws0\">12<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x4c6 y2885 w399 h89\"><div class=\"t m0 x3a hd6 y3d ff4 fs1b fc1 sc0 ls0 ws0\">-</div></td><td class=\"c x4c7 y2885 w39a h89\"><div class=\"t m0 x16a hd6 y3d ff4 fs1b fc1 sc0 ls0 ws0\">(28)<span class=\"_ _df\"> </span></div></td><td class=\"c x493 y2885 w9e h89\"><div class=\"t m0 x36 hd6 y3d ff4 fs1b fc1 sc0 ls0 ws0\">(38)<span class=\"_ _df\"> </span></div></td><td class=\"c x4c8 y2885 w385 h89\"><div class=\"t m0 x7 hd6 y3d ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x4c9 y2885 w34c h89\"><div class=\"t m0 x37 hd6 y3d ff4 fs1b fc1 sc0 ls0 ws0\">8<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x4ca y2885 w39b h89\"><div class=\"t m0 x3a hd6 y3d ff4 fs1b fc1 sc0 ls0 ws0\">-</div></td><td class=\"c x4cb y2885 w39c h89\"><div class=\"t m0 x2f hd6 y3d ff4 fs1b fc1 sc0 ls0 ws0\">(30)<span class=\"_ _df\"> </span></div></td></tr><tr><td class=\"c x2a8 y2886 wb37 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">e<span class=\"_ _df\"> </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=\"c x2a8 y2887 wb38 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">2. Effetti<span class=\"_ _df\"> </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=\"c x2a8 y2888 wb39 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">connessi con<span class=\"_ _df\"> </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=\"c x2a8 y2889 wb3a h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">le variazioni<span class=\"_ _df\"> </span></div></td><td class=\"c x492 y288a w243 h153\"><div class=\"t m0 x7 hd6 y473 ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x4c4 y288a w8a h153\"><div class=\"t m0 x7 hd6 y473 ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x4c5 y288a w34c h153\"><div class=\"t m0 x97 hd6 y473 ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x4c6 y288a w399 h153\"><div class=\"t m0 x3a hd6 y473 ff4 fs1b fc1 sc0 ls0 ws0\">-</div></td><td class=\"c x4c7 y288a w39a h153\"><div class=\"t m0 x48 hd6 y473 ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x493 y288a w9e h153\"><div class=\"t m0 x7 hd6 y473 ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x4c8 y288a w385 h153\"><div class=\"t m0 x7 hd6 y473 ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x4c9 y288a w34c h153\"><div class=\"t m0 x97 hd6 y473 ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x4ca y288a w39b h153\"><div class=\"t m0 x3a hd6 y473 ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x4cb y288a w39c h153\"><div class=\"t m0 x14 hd6 y473 ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td></tr><tr><td class=\"c x2a8 y288b wb3b h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">dei tassi di<span class=\"_ _df\"> </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=\"c x2a8 y288c wb3c h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">cambio<span class=\"_ _df\"> </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=\"c x46b y288d w398 h260\"><div class=\"t m0 x2f h23f y25c ff4 fs26 fc1 sc2 ls0 ws0\">3. Total<span class=\"_ _f\"></span>e<span class=\"_ _df\"> </span></div></td><td class=\"c x492 y288d w243 h260\"><div class=\"t m0 x36 hd6 y5b ff4 fs1b fc1 sc2 ls0 ws0\">(40)<span class=\"_ _df\"> </span></div></td><td class=\"c x4c4 y288d w8a h260\"><div class=\"t m0 x7 hd6 y5b ff4 fs1b fc1 sc2 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x4c5 y288d w34c h260\"><div class=\"t m0 x34 hd6 y5b ff4 fs1b fc1 sc2 ls14 ws0\">12<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x4c6 y288d w399 h260\"><div class=\"t m0 x3a hd6 y5b ff4 fs1b fc1 sc2 ls0 ws0\">-</div></td><td class=\"c x4c7 y288d w39a h260\"><div class=\"t m0 x16a hd6 y5b ff4 fs1b fc1 sc2 ls0 ws0\">(28)<span class=\"_ _df\"> </span></div></td><td class=\"c x493 y288d w9e h260\"><div class=\"t m0 x36 hd6 y5b ff4 fs1b fc1 sc2 ls0 ws0\">(38)<span class=\"_ _df\"> </span></div></td><td class=\"c x4c8 y288d w385 h260\"><div class=\"t m0 x7 hd6 y5b ff4 fs1b fc1 sc2 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x4c9 y288d w34c h260\"><div class=\"t m0 x37 hd6 y5b ff4 fs1b fc1 sc2 ls0 ws0\">8<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x4ca y288d w39b h260\"><div class=\"t m0 x3a hd6 y5b ff4 fs1b fc1 sc2 ls0 ws0\">-</div></td><td class=\"c x4cb y288d w39c h260\"><div class=\"t m0 x2f hd6 y5b ff4 fs1b fc1 sc2 ls0 ws0\">(30)<span class=\"_ _df\"> </span></div></td></tr><tr><td class=\"c x46b y288e w398 h77\"><div class=\"t m0 x8a h23f y25c ff4 fs26 fc1 sc2 ls0 ws0\">Altri m<span class=\"_ _1\"></span>ovime<span class=\"_ _1\"></span>nti<span class=\"_ _df\"> </span></div></td><td class=\"c x492 y288e w243 h77\"><div class=\"t m0 x7 hd6 y5b ff4 fs1b fc1 sc2 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x4c4 y288e w8a h77\"><div class=\"t m0 x7 hd6 y5b ff4 fs1b fc1 sc2 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x4c5 y288e w34c h77\"><div class=\"t m0 x97 hd6 y5b ff4 fs1b fc1 sc2 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x4c6 y288e w399 h77\"><div class=\"t m0 x3a hd6 y5b ff4 fs1b fc1 sc2 ls0 ws0\">-</div></td><td class=\"c x4c7 y288e w39a h77\"><div class=\"t m0 x48 hd6 y5b ff4 fs1b fc1 sc2 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x493 y288e w9e h77\"><div class=\"t m0 x7 hd6 y5b ff4 fs1b fc1 sc2 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x4c8 y288e w385 h77\"><div class=\"t m0 x7 hd6 y5b ff4 fs1b fc1 sc2 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x4c9 y288e w34c h77\"><div class=\"t m0 x97 hd6 y5b ff4 fs1b fc1 sc2 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x4ca y288e w39b h77\"><div class=\"t m0 x3a hd6 y5b ff4 fs1b fc1 sc2 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x4cb y288e w39c h77\"><div class=\"t m0 x14 hd6 y5b ff4 fs1b fc1 sc2 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td></tr><tr><td class=\"c x262 y288f wb3d h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc2 ls0 ws0\">Totale <span class=\"_ _1\"></span>variazi<span class=\"_ _f\"></span>o<span class=\"_ _2\"></span>ni<span class=\"_ _df\"> </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=\"c x262 y2890 wb3e h4c3\"><div class=\"t m0 x250 hd6 y276e ff4 fs1b fc1 sc2 ls0 ws0\">riconos<span class=\"_ _1\"></span>ciute in<span class=\"_ _df\"> </span></div><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc2 ls0 ws0\">conto<span class=\"_ _df\"> </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=\"c x262 y2891 wb3f h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc2 ls0 ws0\">econo<span class=\"_ _1\"></span>mico e <span class=\"_ _1\"></span>nel<span class=\"_ _df\"> </span></div></td><td class=\"c x492 y2892 w243 h1d7\"><div class=\"t m0 x30 hd6 yc61 ff4 fs1b fc1 sc2 ls0 ws0\">1.580<span class=\"_ _df\"> </span></div></td><td class=\"c x4c4 y2892 w8a h1d7\"><div class=\"t m0 x7 hd6 yc61 ff4 fs1b fc1 sc2 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x4c5 y2892 w34c h1d7\"><div class=\"t m0 x35 hd6 yc61 ff4 fs1b fc1 sc2 ls0 ws0\">393<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x4c6 y2892 w399 h1d7\"><div class=\"t m0 x3a hd6 yc61 ff4 fs1b fc1 sc2 ls0 ws0\">-</div></td><td class=\"c x4c7 y2892 w39a h1d7\"><div class=\"t m0 x8e hd6 yc61 ff4 fs1b fc1 sc2 ls0 ws0\">1.973<span class=\"_ _df\"> </span></div></td><td class=\"c x493 y2892 w9e h1d7\"><div class=\"t m0 x15 hd6 yc61 ff4 fs1b fc1 sc2 ls0 ws0\">(612)<span class=\"_ _df\"> </span></div></td><td class=\"c x4c8 y2892 w385 h1d7\"><div class=\"t m0 x7 hd6 yc61 ff4 fs1b fc1 sc2 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x4c9 y2892 w34c h1d7\"><div class=\"t m0 x2c hd6 yc61 ff4 fs1b fc1 sc2 ls0 ws0\">159<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x4ca y2892 w39b h1d7\"><div class=\"t m0 x3a hd6 yc61 ff4 fs1b fc1 sc2 ls0 ws0\">-</div></td><td class=\"c x4cb y2892 w39c h1d7\"><div class=\"t m0 xac hd6 yc61 ff4 fs1b fc1 sc2 ls0 ws0\">(453)<span class=\"_ _df\"> </span></div></td></tr><tr><td class=\"c x262 y2893 wb28 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc2 ls0 ws0\">conto<span class=\"_ _df\"> </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=\"c x262 y2894 wb40 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc2 ls0 ws0\">econo<span class=\"_ _1\"></span>mico<span class=\"_ _df\"> </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=\"c x262 y2895 wb41 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc2 ls0 ws0\">comple<span class=\"_ _f\"></span>ssivo<span class=\"_ _df\"> </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=\"c x262 y2896 wb1d h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc2 ls0 ws0\">Margine <span class=\"_ _f\"></span>sui<span class=\"_ _df\"> </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=\"c x262 y2897 wb1e h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc2 ls0 ws0\">servizi<span class=\"_ _df\"> </span></div></td><td class=\"c x492 y2898 w243 ha2\"><div class=\"t m0 x30 hd6 y3d ff4 fs1b fc1 sc2 ls0 ws0\">(229)<span class=\"_ _df\"> </span></div></td><td class=\"c x4c4 y2898 w8a ha2\"><div class=\"t m0 x7 hd6 y3d ff4 fs1b fc1 sc2 ls0 ws0\">-</div></td><td class=\"c x4c5 y2898 w34c ha2\"><div class=\"t m0 x48 hd6 y3d ff4 fs1b fc1 sc2 ls0 ws0\">3.158<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x4c6 y2898 w399 ha2\"><div class=\"t m0 x3a hd6 y3d ff4 fs1b fc1 sc2 ls0 ws0\">-</div></td><td class=\"c x4c7 y2898 w39a ha2\"><div class=\"t m0 xac hd6 y3d ff4 fs1b fc1 sc2 ls0 ws0\">2.929<span class=\"_ _df\"> </span></div></td><td class=\"c x493 y2898 w9e ha2\"><div class=\"t m0 x37 hd6 y3d ff4 fs1b fc1 sc2 ls0 ws0\">(1.809)<span class=\"_ _df\"> </span></div></td><td class=\"c x4c8 y2898 w385 ha2\"><div class=\"t m0 x7 hd6 y3d ff4 fs1b fc1 sc2 ls0 ws0\">-</div></td><td class=\"c x4c9 y2898 w34c ha2\"><div class=\"t m0 x14 hd6 y3d ff4 fs1b fc1 sc2 ls0 ws0\">2.764<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x4ca y2898 w39b ha2\"><div class=\"t m0 x3a hd6 y3d ff4 fs1b fc1 sc2 ls0 ws0\">-</div></td><td class=\"c x4cb y2898 w39c ha2\"><div class=\"t m0 x16a hd6 y3d ff4 fs1b fc1 sc2 ls0 ws0\">955<span class=\"_ _df\"> </span></div></td></tr><tr><td class=\"c x262 y27dd wb1f h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc2 ls0 ws0\">contrattu<span class=\"_ _f\"></span>ali <span class=\"ff5\">\u2013<span class=\"_ _df\"> </span></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=\"c x262 y2491 wb42 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc2 ls0 ws0\">Riman<span class=\"_ _1\"></span>enze fina<span class=\"_ _1\"></span>li<span class=\"_ _df\"> </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></table><div class=\"c w37c h49 gsa42\"><div class=\"t m0 x8a h1a y477 ff4 fs1 fc4 sc3 ls0 ws0\">Eleme<span class=\"_ _f\"></span>nti sot<span class=\"_ _1\"></span>tosta<span class=\"_ _1\"></span>nti a<span class=\"_ _1\"></span>lla mi<span class=\"_ _1\"></span>sura<span class=\"_ _1\"></span>zione <span class=\"_ _1\"></span>delle <span class=\"_ _1\"></span>cessio<span class=\"_ _f\"></span>ni in ria<span class=\"_ _1\"></span>ssicur<span class=\"_ _1\"></span>azi<span class=\"_ _1\"></span>one iscr<span class=\"_ _f\"></span>itte nell'es<span class=\"_ _f\"></span>ercizio<span class=\"_ _1\"></span><span class=\"fs6 fc1 sc0\"> </span></div></div><div class=\"gsa43\"><table class=\"s wb56 h4cf\" id=\"_c70ec04f-d157-494f-90cf-5c28eb8638d5\"><tr><td></td><td></td><td class=\"c x4eb y28a5 w39d h70\"><div class=\"t m0 x124 h30 y54 ff4 fsb fc4 sc3 ls0 ws0\">Contratti o<span class=\"_ _f\"></span>riginati<span class=\"fc1 sc0\"> </span></div></td><td></td><td></td><td class=\"c x4ec y28a5 w39e h70\"><div class=\"t m0 x124 h30 y54 ff4 fsb fc4 sc3 ls0 ws0\">Contratti o<span class=\"_ _f\"></span>riginati<span class=\"fc1 sc0\"> </span></div></td><td></td></tr><tr><td></td><td></td><td class=\"c x4ed y28a6 w212 h2a\"><div class=\"t m0 x2e h30 y25c ff4 fsb fc4 sc3 ls0 ws0\">31/12/2025<span class=\"_ _1\"></span><span class=\"fc1 sc0\"> </span></div></td><td></td><td></td><td class=\"c x4ee y28a6 w213 h2a\"><div class=\"t m0 x2e h30 y25c ff4 fsb fc4 sc3 ls0 ws0\">31/12/202<span class=\"_ _f\"></span>4<span class=\"fc1 sc0\"> </span></div></td><td></td></tr><tr><td class=\"c x46b y28a7 w39f h244\"><div class=\"t m0 x3a h30 y15ed ff4 fsb fc4 sc3 ls0 ws0\">Voci/Grup<span class=\"_ _1\"></span>pi di co<span class=\"_ _1\"></span>ntratti<span class=\"fc1 sc0\"> </span></div></td><td class=\"c x4ef y28a8 wb57 h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">Contratti s<span class=\"_ _f\"></span>enza<span class=\"_ _df\"> </span></div></td><td class=\"c x4f0 y28a8 wb58 h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">Contratti c<span class=\"_ _f\"></span>on<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x4f1 y28a8 wb57 h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">Contratti s<span class=\"_ _f\"></span>enza<span class=\"_ _df\"> </span></div></td><td class=\"c x4f2 y28a8 wb58 h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">Contratti c<span class=\"_ _f\"></span>on<span class=\"_ _df\"> </span></div></td><td></td></tr><tr><td></td><td class=\"c x4ef y28a9 wb59 h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">compo<span class=\"_ _1\"></span>nente di<span class=\"_ _df\"> </span></div></td><td class=\"c x4f3 y28a9 wb5a h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">compo<span class=\"_ _1\"></span>nente di<span class=\"_ _df\"> </span></div></td><td class=\"c x4f4 y28a7 w3a1 h244\"><div class=\"t m0 x55 h30 y3d ff4 fsb fc4 sc3 ls0 ws0\">Totale<span class=\"fc1 sc0\"> </span></div></td><td class=\"c x4f1 y28a9 wb5a h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">compo<span class=\"_ _1\"></span>nente di<span class=\"_ _df\"> </span></div></td><td class=\"c x4f5 y28a9 wb5a h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">compo<span class=\"_ _1\"></span>nente di<span class=\"_ _df\"> </span></div></td><td class=\"c x4f6 y28a7 w24f h244\"><div class=\"t m0 x55 h30 y3d ff4 fsb fc4 sc3 ls0 ws0\">Totale<span class=\"fc1 sc0\"> </span></div></td></tr><tr><td></td><td class=\"c x4f7 y28aa wb5b h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">recupero<span class=\"_ _1\"></span> perdite<span class=\"_ _df\"> </span></div></td><td class=\"c x4f8 y28aa wb5c h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">recupero<span class=\"_ _1\"></span> perdita<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x4f9 y28aa wb5d h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">recupero<span class=\"_ _1\"></span> perdite<span class=\"_ _df\"> </span></div></td><td class=\"c x4fa y28aa wb5c h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">recupero<span class=\"_ _1\"></span> perdita<span class=\"_ _df\"> </span></div></td><td></td></tr><tr><td class=\"c x262 y28ab wb5e h4bd\"><div class=\"t m0 x250 hd6 y2726 ff4 fs1b fc1 sc0 ls0 ws0\">A. Stima del valore attuale dei flussi<span class=\"_ _df\"> </span></div></td><td class=\"c x4eb y28ac w1ff h148\"><div class=\"t m0 x8f hd6 y394 ff4 fs1b fc1 sc0 ls0 ws0\">(2.578)<span class=\"_ _df\"> </span></div></td><td class=\"c x4ed y28ac w212 h148\"><div class=\"t m0 x49 hd6 y394 ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x4fb y28ac w86 h148\"><div class=\"t m0 x26 hd6 y394 ff4 fs1b fc1 sc0 ls0 ws0\">(2.578)<span class=\"_ _df\"> </span></div></td><td class=\"c x4ec y28ac w3a4 h148\"><div class=\"t m0 x13 hd6 y394 ff4 fs1b fc1 sc0 ls0 ws0\">(1.563)<span class=\"_ _df\"> </span></div></td><td class=\"c x4ee y28ac w213 h148\"><div class=\"t m0 x49 hd6 y394 ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x4f6 y28ac w4f h148\"><div class=\"t m0 x26 hd6 y394 ff4 fs1b fc1 sc0 ls0 ws0\">(1.563)<span class=\"_ _df\"> </span></div></td></tr><tr><td class=\"c x262 y28ad wb5f h4bd\"><div class=\"t m0 x250 hd6 y2726 ff4 fs1b fc1 sc0 ls0 ws0\">finanziari in uscita<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2a8 y28ae wb60 h4bd\"><div class=\"t m0 x250 hd6 y2726 ff4 fs1b fc1 sc0 ls0 ws0\">di cui: Flussi finanziari connessi con<span class=\"_ _df\"> </span></div></td><td class=\"c x4eb y28af w1ff h206\"><div class=\"t m0 x49 hd6 y305 ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x4ed y28af w212 h206\"><div class=\"t m0 x49 hd6 y305 ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x4fb y28af w86 h206\"><div class=\"t m0 x91 hd6 y305 ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x4ec y28af w3a4 h206\"><div class=\"t m0 x49 hd6 y305 ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x4ee y28af w213 h206\"><div class=\"t m0 x49 hd6 y305 ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x4f6 y28af w4f h206\"><div class=\"t m0 x91 hd6 y305 ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td></tr><tr><td class=\"c x2a8 y28b0 wb61 h4bd\"><div class=\"t m0 x250 hd6 y2726 ff4 fs1b fc1 sc0 ls0 ws0\">l'acquisizione dei contratti assicurativi<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x262 y28b1 wb62 h4bd\"><div class=\"t m0 x250 hd6 y2726 ff4 fs1b fc1 sc0 ls0 ws0\">B. Stima del valore attuale dei flussi<span class=\"_ _df\"> </span></div></td><td class=\"c x4eb y28b2 w1ff hcb\"><div class=\"t m0 x8f hd6 y25f ff4 fs1b fc1 sc0 ls0 ws0\">(1.639)<span class=\"_ _df\"> </span></div></td><td class=\"c x4ed y28b2 w212 hcb\"><div class=\"t m0 x49 hd6 y25f ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x4fb y28b2 w86 hcb\"><div class=\"t m0 x26 hd6 y25f ff4 fs1b fc1 sc0 ls0 ws0\">(1.639)<span class=\"_ _df\"> </span></div></td><td class=\"c x4ec y28b2 w3a4 hcb\"><div class=\"t m0 x13 hd6 y25f ff4 fs1b fc1 sc0 ls0 ws0\">(1.859)<span class=\"_ _df\"> </span></div></td><td class=\"c x4ee y28b2 w213 hcb\"><div class=\"t m0 x49 hd6 y25f ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x4f6 y28b2 w4f hcb\"><div class=\"t m0 x26 hd6 y25f ff4 fs1b fc1 sc0 ls0 ws0\">(1.859)<span class=\"_ _df\"> </span></div></td></tr><tr><td class=\"c x262 y28b3 wa70 h4c8\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">finanziari in entrata<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x262 y28b4 wb63 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc2 ls0 ws0\">C. Stima <span class=\"_ _f\"></span>del valore at<span class=\"_ _1\"></span>tuale n<span class=\"_ _1\"></span>etto d<span class=\"_ _1\"></span>ei flussi<span class=\"_ _df\"> </span></div></td><td class=\"c x4eb y28b5 w1ff h206\"><div class=\"t m0 x91 hd6 y409 ff4 fs1b fc1 sc2 ls0 ws0\">(939)<span class=\"_ _df\"> </span></div></td><td class=\"c x4ed y28b5 w212 h206\"><div class=\"t m0 x49 hd6 y409 ff4 fs1b fc1 sc2 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x4fb y28b5 w86 h206\"><div class=\"t m0 x38 hd6 y409 ff4 fs1b fc1 sc2 ls0 ws0\">(939)<span class=\"_ _df\"> </span></div></td><td class=\"c x4ec y28b5 w3a4 h206\"><div class=\"t m0 x1c hd6 y409 ff4 fs1b fc1 sc2 ls0 ws0\">296<span class=\"_ _df\"> </span></div></td><td class=\"c x4ee y28b5 w213 h206\"><div class=\"t m0 x49 hd6 y409 ff4 fs1b fc1 sc2 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x4f6 y28b5 w4f h206\"><div class=\"t m0 x15 hd6 y409 ff4 fs1b fc1 sc2 ls0 ws0\">296<span class=\"_ _df\"> </span></div></td></tr><tr><td class=\"c x262 y28b6 wb64 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc2 ls0 ws0\">finanzia<span class=\"_ _f\"></span>ri<span class=\"_ _2\"></span> futu<span class=\"_ _f\"></span>ri (A-<span class=\"ls15\">B</span><span class=\"ls15\">)<span class=\"_ _df\"> </span></span></div></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x262 y28b7 wb65 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">D. Stima aggisutamento per i rischi non<span class=\"_ _df\"> </span></div></td><td class=\"c x4eb y28b8 w1ff h148\"><div class=\"t m0 xe hd6 y394 ff4 fs1b fc1 sc0 ls1 ws0\">52<span class=\"_ _df\"> </span></div></td><td class=\"c x4ed y28b8 w212 h148\"><div class=\"t m0 x49 hd6 y394 ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x4fb y28b8 w86 h148\"><div class=\"t m0 x13 hd6 y394 ff4 fs1b fc1 sc0 ls1 ws0\">52<span class=\"_ _df\"> </span></div></td><td class=\"c x4ec y28b8 w3a4 h148\"><div class=\"t m0 xa3 hd6 y394 ff4 fs1b fc1 sc0 ls1 ws0\">61<span class=\"_ _df\"> </span></div></td><td class=\"c x4ee y28b8 w213 h148\"><div class=\"t m0 x49 hd6 y394 ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x4f6 y28b8 w4f h148\"><div class=\"t m0 x11 hd6 y394 ff4 fs1b fc1 sc0 ls1 ws0\">61<span class=\"_ _df\"> </span></div></td></tr><tr><td class=\"c x262 y28b9 wb66 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">finanziari<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x262 y28ba wb67 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">E. Eliminazione contabile di gi\u00e0 iscritti<span class=\"_ _df\"> </span></div></td><td class=\"c x4eb y28bb w1ff h148\"><div class=\"t m0 x49 hd6 y394 ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x4ed y28bb w212 h148\"><div class=\"t m0 x49 hd6 y394 ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x4fb y28bb w86 h148\"><div class=\"t m0 x91 hd6 y394 ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x4ec y28bb w3a4 h148\"><div class=\"t m0 x49 hd6 y394 ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x4ee y28bb w213 h148\"><div class=\"t m0 x49 hd6 y394 ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x4f6 y28bb w4f h148\"><div class=\"t m0 x91 hd6 y394 ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td></tr><tr><td class=\"c x262 y28bc wa68 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">flussi finanziari<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x46b y28bd w3a3 h2a\"><div class=\"t m0 x8a hd6 y28b ff4 fs1b fc1 sc0 ls0 ws0\">F. Margine sui servizi contrattuali<span class=\"_ _df\"> </span></div></td><td class=\"c x4eb y28bd w1ff h2a\"><div class=\"t m0 x7 hd6 y28b ff4 fs1b fc1 sc0 ls8c ws0\">888<span class=\"_ _df\"> </span></div></td><td class=\"c x4ed y28bd w212 h2a\"><div class=\"t m0 x49 hd6 y28b ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x4fb y28bd w86 h2a\"><div class=\"t m0 x15 hd6 y28b ff4 fs1b fc1 sc0 ls8c ws0\">888<span class=\"_ _df\"> </span></div></td><td class=\"c x4ec y28bd w3a4 h2a\"><div class=\"t m0 x91 hd6 y28b ff4 fs1b fc1 sc0 ls0 ws0\">(357)<span class=\"_ _df\"> </span></div></td><td class=\"c x4ee y28bd w213 h2a\"><div class=\"t m0 x49 hd6 y28b ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x4f6 y28bd w4f h2a\"><div class=\"t m0 x38 hd6 y28b ff4 fs1b fc1 sc0 ls0 ws0\">(357)<span class=\"_ _df\"> </span></div></td></tr><tr><td class=\"c x262 y28bf wb68 h4d0\"><div class=\"t m0 x250 hd6 y28be ff4 fs1b fc1 sc2 ls0 ws0\">G. Incr<span class=\"_ _1\"></span>emento d<span class=\"_ _f\"></span>ell'attivit\u00e0 p<span class=\"_ _f\"></span>er cessioni in<span class=\"_ _df\"> </span></div><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc2 ls0 ws0\">riassicuraz<span class=\"_ _f\"></span>ione regis<span class=\"_ _1\"></span>trato <span class=\"_ _1\"></span>nell'eser<span class=\"_ _f\"></span>c<span class=\"_ _2\"></span>izio<span class=\"_ _df\"> </span></div></td><td class=\"c x4eb y28c0 w1ff h1c4\"><div class=\"t m0 x49 hd6 y532 ff4 fs1b fc1 sc2 ls0 ws0\">1<span class=\"_ _df\"> </span></div></td><td class=\"c x4ed y28c0 w212 h1c4\"><div class=\"t m0 x49 hd6 y532 ff4 fs1b fc1 sc2 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x4fb y28c0 w86 h1c4\"><div class=\"t m0 x90 hd6 y532 ff4 fs1b fc1 sc2 ls0 ws0\">1<span class=\"_ _df\"> </span></div></td><td class=\"c x4ec y28c0 w3a4 h1c4\"><div class=\"t m0 x49 hd6 y532 ff4 fs1b fc1 sc2 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x4ee y28c0 w213 h1c4\"><div class=\"t m0 x49 hd6 y532 ff4 fs1b fc1 sc2 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x4f6 y28c0 w4f h1c4\"><div class=\"t m0 x91 hd6 y532 ff4 fs1b fc1 sc2 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td></tr><tr><td class=\"c x262 y28c1 wb69 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc2 ls0 ws0\">per efffe<span class=\"_ _f\"></span>tto dell'iscrizi<span class=\"_ _1\"></span>one di <span class=\"_ _1\"></span>nuovi<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x262 y2491 wb6a h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc2 ls0 ws0\">contratt<span class=\"_ _f\"></span>i (C+D+E+F)<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td></tr></table></div><div class=\"c w37c h91 gsa44\"><div class=\"t m0 x10 h5 y1220 ff4 fs1 fc4 sc3 ls0 ws0\">Cessi<span class=\"_ _1\"></span>oni in <span class=\"_ _f\"></span>riassicur<span class=\"_ _f\"></span>azione - M<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>gine s<span class=\"_ _1\"></span>ui se<span class=\"_ _1\"></span>rvizi co<span class=\"_ _f\"></span>ntrattua<span class=\"_ _f\"></span>li ripar<span class=\"_ _1\"></span>tito p<span class=\"_ _1\"></span>er te<span class=\"_ _1\"></span>mpi a<span class=\"_ _f\"></span>ttesi di<span class=\"_ _1\"></span> registr<span class=\"_ _f\"></span>azione <span class=\"_ _1\"></span>in cont<span class=\"_ _f\"></span>o<span class=\"_ _df\"> </span> </div><div class=\"t m0 x10 h5 y477 ff4 fs1 fc4 sc3 ls0 ws0\">econo<span class=\"_ _1\"></span>mico<span class=\"_ _f\"></span> </div></div><div class=\"gsa45\"><table class=\"s wb43 h4cc\" id=\"_1bf71eb3-6c9f-44db-85fb-acd009ab1ffe\"><tr><td></td><td></td><td class=\"c x4cd y289a wb44 h4cd\"><div class=\"t m0 x250 h262 y2899 ff4 fs27 fc4 sc3 ls0 ws0\">Da ol<span class=\"_ _1\"></span>tre 1<span class=\"_ _df\"> </span></div></td><td class=\"c x4ce y289a wb45 h4cd\"><div class=\"t m0 x250 h262 y2899 ff4 fs27 fc4 sc3 ls0 ws0\">Da ol<span class=\"_ _1\"></span>tre 2<span class=\"_ _df\"> </span></div></td><td class=\"c x4cf y289a wb46 h4cd\"><div class=\"t m0 x250 h262 y2899 ff4 fs27 fc4 sc3 ls0 ws0\">Da ol<span class=\"_ _1\"></span>tre 3<span class=\"_ _df\"> </span></div></td><td class=\"c x4d0 y289a wb47 h4cd\"><div class=\"t m0 x250 h262 y2899 ff4 fs27 fc4 sc3 ls0 ws0\">Da ol<span class=\"_ _1\"></span>tre 4<span class=\"_ _df\"> </span></div></td><td class=\"c x4d1 y289a wb48 h4cd\"><div class=\"t m0 x250 h262 y2899 ff4 fs27 fc4 sc3 ls0 ws0\">Da ol<span class=\"_ _1\"></span>tre 5<span class=\"_ _df\"> </span></div></td><td class=\"c x4d2 y289b wb49 h4cd\"><div class=\"t m0 x250 h262 y2899 ff4 fs27 fc4 sc3 ls0 ws0\">Da ol<span class=\"_ _1\"></span>tre<span class=\"_ _df\"> </span></div></td><td></td><td></td></tr><tr><td class=\"c x44e y289c w24e h261\"><div class=\"t m0 x10 h262 ye28 ff4 fs27 fc4 sc3 ls0 ws0\">Bas<span class=\"_ _1\"></span>i di<span class=\"_ _1\"></span> agg<span class=\"_ _1\"></span>rega<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e/Te<span class=\"_ _f\"></span>mpi di<span class=\"_ _f\"></span> attesa<span class=\"_ _f\"></span> </div></td><td class=\"c x4d3 y289d wb4a h4cd\"><div class=\"t m0 x250 h262 y2899 ff4 fs27 fc4 sc3 ls0 ws0\">Fino<span class=\"_ _1\"></span> a 1<span class=\"_ _df\"> </span></div></td><td class=\"c x4cd y289e wb4b h4cd\"><div class=\"t m0 x250 h262 y2899 ff4 fs27 fc4 sc3 ls0 ws0\">ann<span class=\"_ _1\"></span>o fin<span class=\"_ _1\"></span>o<span class=\"_ _df\"> </span></div></td><td class=\"c x4d4 y289e wb4c h4cd\"><div class=\"t m0 x250 h262 y2899 ff4 fs27 fc4 sc3 ls0 ws0\">ann<span class=\"_ _1\"></span>i fin<span class=\"_ _1\"></span>o a<span class=\"_ _df\"> </span></div></td><td class=\"c x4d5 y289e wb4d h4cd\"><div class=\"t m0 x250 h262 y2899 ff4 fs27 fc4 sc3 ls0 ws0\">ann<span class=\"_ _1\"></span>i fin<span class=\"_ _1\"></span>o<span class=\"_ _df\"> </span></div></td><td class=\"c x4d6 y289e wb4d h4cd\"><div class=\"t m0 x250 h262 y2899 ff4 fs27 fc4 sc3 ls0 ws0\">ann<span class=\"_ _1\"></span>i fin<span class=\"_ _1\"></span>o<span class=\"_ _df\"> </span></div></td><td class=\"c x4d7 y289e wb4d h4cd\"><div class=\"t m0 x250 h262 y2899 ff4 fs27 fc4 sc3 ls0 ws0\">ann<span class=\"_ _1\"></span>i fin<span class=\"_ _1\"></span>o</div></td><td class=\"c x4d8 y289d wb4e h4cd\"><div class=\"t m0 x250 h262 y2899 ff4 fs27 fc4 sc3 ls0 ws0\">10 a<span class=\"_ _f\"></span>nni<span class=\"_ _df\"> </span></div></td><td class=\"c x4d9 y289d wb4f h4cd\"><div class=\"t m0 x250 h262 y2899 ff4 fs27 fc4 sc3 ls0 ws0\">Oltr<span class=\"_ _1\"></span>e<span class=\"_ _df\"> </span></div></td><td class=\"c x4da y289c w3a7 h261\"><div class=\"t m0 xab h262 ye28 ff4 fs27 fc4 sc3 ls0 ws0\">Tota<span class=\"_ _1\"></span>le </div></td></tr><tr><td></td><td class=\"c x4db y289f wb50 h4cd\"><div class=\"t m0 x250 h262 y2899 ff4 fs27 fc4 sc3 ls0 ws0\">ann<span class=\"_ _1\"></span>o<span class=\"_ _df\"> </span></div></td><td class=\"c x4dc y28a0 wb51 h4cd\"><div class=\"t m0 x250 h262 y2899 ff4 fs27 fc4 sc3 ls0 ws0\">a 2 a<span class=\"_ _1\"></span>nni<span class=\"_ _df\"> </span></div></td><td class=\"c x4dd y28a0 wb52 h4cd\"><div class=\"t m0 x250 h262 y2899 ff4 fs27 fc4 sc3 ls0 ws0\">3 an<span class=\"_ _1\"></span>ni<span class=\"_ _df\"> </span></div></td><td class=\"c x4de y28a0 wb53 h4cd\"><div class=\"t m0 x250 h262 y2899 ff4 fs27 fc4 sc3 ls0 ws0\">a 4 a<span class=\"_ _f\"></span>nni<span class=\"_ _df\"> </span></div></td><td class=\"c x4df y28a0 w91b h4cd\"><div class=\"t m0 x250 h262 y2899 ff4 fs27 fc4 sc3 ls0 ws0\">a 5 a<span class=\"_ _1\"></span>nni<span class=\"_ _df\"> </span></div></td><td class=\"c x4d7 y28a0 wb54 h4cd\"><div class=\"t m0 x250 h262 y2899 ff4 fs27 fc4 sc3 ls0 ws0\">a 10<span class=\"_ _f\"></span> anni</div></td><td class=\"c x4e0 y289f wb44 h4cd\"><div class=\"t m0 x250 h262 y2899 ff4 fs27 fc4 sc3 ls0 ws0\">fino<span class=\"_ _1\"></span> a 20 </div></td><td class=\"c x4e2 y28a2 wb55 h4ce\"><div class=\"t m0 x4e1 h262 y28a1 ff4 fs27 fc4 sc3 ls0 ws0\">20 an<span class=\"_ _f\"></span>ni<span class=\"_ _df\"> </span></div><div class=\"t m0 x250 h262 y2899 ff4 fs27 fc4 sc3 ls0 ws0\">ann<span class=\"_ _1\"></span>i </div></td><td></td></tr><tr><td class=\"c x44e y28a3 w224 h4d\"><div class=\"t m0 x10 h262 y71 ff4 fs27 fc1 sc0 ls0 ws0\">Segmento V<span class=\"_ _1\"></span>ita </div></td><td class=\"c x4e3 y28a3 w14a h4d\"><div class=\"t m0 xab h262 y71 ff4 fs27 fc1 sc0 lsd2 ws0\">42<span class=\"ls0\">,00%</span><span class=\"ls0\"> </span></div></td><td class=\"c x4e4 y28a3 w135 h4d\"><div class=\"t m0 x2a h262 y71 ff4 fs27 fc1 sc0 lsd3 ws0\">25<span class=\"ls0\">,00%</span><span class=\"ls0\"> </span></div></td><td class=\"c x4e5 y28a3 w2e8 h4d\"><div class=\"t m0 x2a h262 y71 ff4 fs27 fc1 sc0 lsd4 ws0\">15<span class=\"ls0\">,00%</span><span class=\"ls0\"><span class=\"_ _1\"></span> </span></div></td><td class=\"c x4e6 y28a3 w1e3 h4d\"><div class=\"t m0 x2a h262 y71 ff4 fs27 fc1 sc0 ls0 ws0\">8,00% </div></td><td class=\"c x4e7 y28a3 w1e3 h4d\"><div class=\"t m0 x2e h262 y71 ff4 fs27 fc1 sc0 ls0 ws0\">4,00% </div></td><td class=\"c x4e8 y28a3 w1b6 h4d\"><div class=\"t m0 x2e h262 y71 ff4 fs27 fc1 sc0 ls0 ws0\">4,00% </div></td><td class=\"c x4e9 y28a3 w12c h4d\"><div class=\"t m0 x55 h262 y71 ff4 fs27 fc1 sc0 ls0 ws0\">1,00% </div></td><td class=\"c x4ea y28a3 w3a8 h4d\"><div class=\"t m0 xab h262 y71 ff4 fs27 fc1 sc0 ls0 ws0\">0,00% </div></td><td class=\"c x4da y28a3 w3a9 h4d\"><div class=\"t m0 x10 h262 y71 ff4 fs27 fc1 sc2 ls0 ws0\">1<span class=\"lsd5\">00</span>,00<span class=\"_ _f\"></span>% </div></td></tr><tr><td class=\"c x44e y28a4 w224 h4e\"><div class=\"t m0 x10 h262 y3e4 ff4 fs27 fc1 sc0 ls0 ws0\">Segmento Da<span class=\"_ _f\"></span>nni </div></td><td class=\"c x4e3 y28a4 w14a h4e\"><div class=\"t m0 x8e h262 y3e4 ff4 fs27 fc1 sc0 ls0 ws0\">0,00% </div></td><td class=\"c x4e4 y28a4 w135 h4e\"><div class=\"t m0 x130 h262 y3e4 ff4 fs27 fc1 sc0 ls0 ws0\">0,00% </div></td><td class=\"c x4e5 y28a4 w2e8 h4e\"><div class=\"t m0 x55 h262 y3e4 ff4 fs27 fc1 sc0 ls0 ws0\">0,00% </div></td><td class=\"c x4e6 y28a4 w1e3 h4e\"><div class=\"t m0 x2a h262 y3e4 ff4 fs27 fc1 sc0 ls0 ws0\">0,00% </div></td><td class=\"c x4e7 y28a4 w1e3 h4e\"><div class=\"t m0 x2a h262 y3e4 ff4 fs27 fc1 sc0 ls0 ws0\">0,00% </div></td><td class=\"c x4e8 y28a4 w1b6 h4e\"><div class=\"t m0 x2e h262 y3e4 ff4 fs27 fc1 sc0 ls0 ws0\">0,00% </div></td><td class=\"c x4e9 y28a4 w12c h4e\"><div class=\"t m0 x2e h262 y3e4 ff4 fs27 fc1 sc0 ls0 ws0\">0,00% </div></td><td class=\"c x4ea y28a4 w3a8 h4e\"><div class=\"t m0 xab h262 y3e4 ff4 fs27 fc1 sc0 ls0 ws0\">0,00% </div></td><td class=\"c x4da y28a4 w3a9 h4e\"><div class=\"t m0 x2f h262 y3e4 ff4 fs27 fc1 sc2 ls0 ws0\">0,0<span class=\"_ _1\"></span>0% </div></td></tr></table></div>Sezio<span class=\"_ _1\"></span>ne 11 <span class=\"_ _1\"></span><span class=\"ff5\">\u2013<span class=\"ff4\"> Le a<span class=\"_ _f\"></span>ttivit\u00e0 fisca<span class=\"_ _1\"></span>li e le pa<span class=\"_ _f\"></span>ssivit\u00e0 fisca<span class=\"_ _f\"></span>li <span class=\"ff5\">\u2013</span> <span class=\"ff5\">Voce 1<span class=\"_ _1\"></span>10 dell\u2019<span class=\"_ _1\"></span>attivo<span class=\"_ _1\"></span> e Vo<span class=\"_ _f\"></span>ce 60 de<span class=\"_ _1\"></span>l passivo<span class=\"_ _1\"></span><span class=\"ff4\"> </span></span></span></span>Le <span class=\"_ _2\"></span>attivit\u00e0 <span class=\"_ _2\"></span>fiscali <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>le <span class=\"_ _2\"></span>passivit\u00e0 <span class=\"_ _2\"></span>fiscali cor<span class=\"_ _2\"></span>renti <span class=\"_ _2\"></span>comprendono <span class=\"_ _2\"></span>l\u2019a<span class=\"_ _1\"></span>mmontare <span class=\"_ _2\"></span>netto <span class=\"_ _2\"></span>(debito <span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>credito) IRES <span class=\"_ _d\"></span>ed <span class=\"_ _0\"></span>IRAP, <span class=\"_ _d\"></span>al <span class=\"_ _0\"></span>netto <span class=\"_ _d\"></span>dei <span class=\"_ _0\"></span>credit<span class=\"ff5\">i <span class=\"_ _d\"></span>d\u2019imposta <span class=\"_ _0\"></span>e <span class=\"_ _d\"></span>degli <span class=\"_ _d\"></span>acconti, <span class=\"_ _0\"></span>e <span class=\"_ _d\"></span>l\u2019addizionale <span class=\"_ _d\"></span>IRES, <span class=\"_ _d\"></span>prev<span class=\"_ _2\"></span>ista <span class=\"_ _d\"></span>per <span class=\"_ _0\"></span>gli </span>intermediari finanziari ai sensi dell\u2019<span class=\"_ _1\"></span>art.12, comma 3, del Decreto Legislativo n.142 del 29 novembre 2018.  Ai fini delle imposte dirette, risultano definiti, per decorrenza dei termini di<span class=\"_ _2\"></span> <span class=\"ff5\">cui all\u2019art. 43 del D.P.R. </span>29/9/1973, n. 600, i periodi di imp<span class=\"_ _1\"></span>osta chiusi al 31/12/2019.<span class=\"_ _2\"></span> I rischi <span class=\"_ _2\"></span>derivanti dal contenzioso fiscale <span class=\"_ _2\"></span>del Gruppo sono <span class=\"_ _2\"></span>presidiati da adeguati accantonamenti a fondi per rischi e oneri.  Con <span class=\"_ _f\"></span>r<span class=\"_ _2\"></span>iguardo <span class=\"_ _f\"></span>alla <span class=\"_ _f\"></span>capogruppo, sono <span class=\"_ _f\"></span>in <span class=\"_ _1\"></span>essere 9 <span class=\"_ _f\"></span>procedimenti <span class=\"_ _f\"></span>contenziosi, aff<span class=\"_ _1\"></span>erenti p<span class=\"_ _1\"></span>rincipalmente a <span class=\"_ _2\"></span>tributi <span class=\"_ _2\"></span>locali o<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>conseguenti a <span class=\"_ _2\"></span>dinieghi <span class=\"_ _2\"></span>su <span class=\"_ _2\"></span>istanze <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>rimborso <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>imposte <span class=\"_ _2\"></span>presentate <span class=\"_ _2\"></span>dalla <span class=\"_ _2\"></span>banca.<span class=\"_ _f\"></span> Relativamente a tali <span class=\"_ _f\"></span>cont<span class=\"_ _2\"></span>enziosi <span class=\"_ _1\"></span>non sono emersi ri<span class=\"_ _1\"></span>schi effettivi<span class=\"_ _1\"></span> o quanto meno il<span class=\"_ _1\"></span> rischio stimato \u00e8 apparso remoto. Per questa ragione non sono stati effe<span class=\"_ _1\"></span>ttuati accantonamenti specifici. <span class=\"_ _2\"></span> Per Crede<span class=\"_ _1\"></span>mleasing pendono 30 proced<span class=\"_ _1\"></span>imenti contenziosi, p<span class=\"_ _1\"></span>revalentemente relativi a <span class=\"_ _1\"></span>tributi locali. Iscrizi<span class=\"_ _1\"></span>one e<span class=\"_ _1\"></span> mis<span class=\"_ _1\"></span>urazi<span class=\"_ _1\"></span>one d<span class=\"_ _1\"></span>i at<span class=\"_ _1\"></span>tivit\u00e0 <span class=\"_ _1\"></span>per i<span class=\"_ _1\"></span>mpos<span class=\"_ _1\"></span>te di<span class=\"_ _1\"></span>fferite<span class=\"_ _f\"></span> Nell\u2019attivo <span class=\"_ _d\"></span>dello <span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>tato <span class=\"_ _d\"></span>patrimoniale <span class=\"_ _2\"></span>so<span class=\"_ _2\"></span>no <span class=\"_ _d\"></span>presenti <span class=\"_ _d\"></span>le <span class=\"_ _d\"></span>\u201cattivit\u00e0 <span class=\"_ _d\"></span>fiscali <span class=\"_ _2\"></span>per <span class=\"_ _d\"></span>impost<span class=\"_ _2\"></span>e <span class=\"_ _d\"></span>anticipate\u201d, <span class=\"_ _2\"></span>D<span class=\"_ _2\"></span>TA ovvero  Deferred  T<span class=\"_ _1\"></span>ax  Asset,  principalmente  derivanti  da  differenze  temporanee  tra  la  data  di<span class=\"_ _1\"></span> iscrizione <span class=\"_ _9\"> </span>nel <span class=\"_ _9\"> </span>conto<span class=\"_ _2\"></span> <span class=\"_ _9\"> </span>economico <span class=\"_ _16\"> </span>di <span class=\"_ _9\"> </span>costi <span class=\"_ _16\"> </span>e <span class=\"_ _9\"> </span>la <span class=\"_ _16\"> </span>data <span class=\"_ _9\"> </span>alla <span class=\"_ _16\"> </span>quale<span class=\"_ _1\"></span> <span class=\"_ _9\"> </span>i  costi  med<span class=\"_ _1\"></span>esimi <span class=\"_ _9\"> </span>potranno  es<span class=\"_ _f\"></span>s<span class=\"_ _2\"></span>ere dedotti. <span class=\"_ _f\"></span>Tali <span class=\"_ _1\"></span>attivit\u00e0 <span class=\"_ _f\"></span>iscritte i<span class=\"_ _1\"></span>n <span class=\"_ _f\"></span>bilancio <span class=\"_ _f\"></span>si <span class=\"_ _1\"></span>riferiscono <span class=\"_ _f\"></span>a diff<span class=\"_ _1\"></span>erenze <span class=\"_ _f\"></span>temporanee <span class=\"_ _1\"></span>recuperabili <span class=\"_ _f\"></span>in un <span class=\"_ _f\"></span>arco temporale abbastanza lungo. <span class=\"_ _2\"></span>Le att<span class=\"_ _2\"></span>ivit\u00e0 per imposte <span class=\"_ _2\"></span>anticipate vengono svalutate nella misura <span class=\"_ _2\"></span>in cui  le <span class=\"_ _4\"> </span>stesse <span class=\"_ _4\"> </span>veng<span class=\"_ _1\"></span>ono <span class=\"_ _4\"> </span>ritenute <span class=\"_ _4\"> </span>non  r<span class=\"_ _2\"></span>ecup<span class=\"_ _1\"></span>erabili <span class=\"_ _4\"> </span>in  relazione <span class=\"_ _4\"> </span>alle  prospettive <span class=\"_ _4\"> </span>reddituali  ed <span class=\"_ _4\"> </span>ai conseguenti r<span class=\"_ _2\"></span>edd<span class=\"_ _1\"></span>iti <span class=\"_ _2\"></span>imponibili attesi, <span class=\"_ _2\"></span>tenuto <span class=\"_ _2\"></span>altres\u00ec conto <span class=\"_ _2\"></span>della normativa <span class=\"_ _2\"></span>fiscale, che <span class=\"_ _2\"></span>consente la loro <span class=\"_ _4\"> </span>trasformazione <span class=\"_ _4\"> </span>in <span class=\"_ _22\"> </span>cr<span class=\"_ _2\"></span>editi <span class=\"_ _4\"> </span>di  impost<span class=\"_ _2\"></span>a, <span class=\"_ _4\"> </span>al <span class=\"_ _22\"> </span>r<span class=\"_ _2\"></span>icorrere <span class=\"_ _4\"> </span>di <span class=\"_ _22\"> </span>det<span class=\"_ _2\"></span>erminate <span class=\"_ _4\"> </span>condizioni.<span class=\"_ _1\"></span> <span class=\"_ _4\"> </span>Il <span class=\"_ _17\"> </span>processo valutativo \u00e8 fondato sulle prospettive red<span class=\"_ _1\"></span>dituali.<span class=\"_ _2\"></span> Le <span class=\"_ _2\"></span>att<span class=\"_ _2\"></span>ivit\u00e0 <span class=\"_ _2\"></span>per <span class=\"_ _d\"></span>imposte <span class=\"_ _2\"></span>ant<span class=\"_ _2\"></span>icipat<span class=\"_ _1\"></span>e <span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>ono <span class=\"_ _2\"></span>iscritte <span class=\"_ _d\"></span>in <span class=\"_ _2\"></span>bilancio <span class=\"_ _d\"></span>nella <span class=\"_ _2\"></span>misura <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>cui <span class=\"_ _2\"></span>esiste <span class=\"_ _d\"></span>la <span class=\"_ _d\"></span>probabili<span class=\"_ _1\"></span>t\u00e0 del <span class=\"_ _d\"></span>loro <span class=\"_ _0\"></span>recupero, <span class=\"_ _d\"></span>valutata <span class=\"_ _d\"></span>con <span class=\"_ _0\"></span>il <span class=\"_ _d\"></span>\u201c<span class=\"_ _2\"></span>Probabili<span class=\"_ _1\"></span>ty <span class=\"_ _0\"></span>test\u201d <span class=\"_ _0\"></span>prev<span class=\"_ _1\"></span>isto <span class=\"_ _0\"></span>dallo <span class=\"_ _d\"></span>IAS12 <span class=\"_ _d\"></span>sulla <span class=\"_ _0\"></span>base <span class=\"_ _d\"></span>della <span class=\"_ _d\"></span>c<span class=\"_ _2\"></span><span class=\"ff4\">apac<span class=\"_ _2\"></span>it\u00e0 </span>fiscale della <span class=\"_ _2\"></span>Banca e <span class=\"_ _2\"></span>delle <span class=\"_ _2\"></span>societ\u00e0 <span class=\"_ _2\"></span>del Gruppo <span class=\"_ _2\"></span>di generare <span class=\"_ _2\"></span>con <span class=\"_ _2\"></span>continu<span class=\"_ _1\"></span>it\u00e0 <span class=\"_ _2\"></span>redditi imponibili <span class=\"_ _2\"></span>positivi nei futuri esercizi, tenuto conto del<span class=\"_ _1\"></span>le disposizioni fiscali vigenti.<span class=\"_ _2\"></span> L\u2019ammontare <span class=\"_ _d\"></span>delle <span class=\"_ _d\"></span>imposte <span class=\"_ _d\"></span>anticipate <span class=\"_ _d\"></span>iscritto <span class=\"_ _d\"></span>in <span class=\"_ _0\"></span>bilancio <span class=\"_ _2\"></span>viene <span class=\"_ _0\"></span>sottoposto <span class=\"_ _d\"></span>a<span class=\"_ _d\"></span><span class=\"ff4\"> <span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>est <span class=\"_ _d\"></span>ogni <span class=\"_ _d\"></span>anno, <span class=\"_ _d\"></span>per </span>verificare s<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>sussista <span class=\"_ _2\"></span>o meno <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>probabilit\u00e0 <span class=\"_ _2\"></span>che la <span class=\"_ _d\"></span>societ\u00e0 <span class=\"_ _2\"></span>interessata consegua <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>futuro <span class=\"_ _2\"></span>risultati imponibili <span class=\"_ _0\"></span>t<span class=\"_ _2\"></span>ali <span class=\"_ _0\"> </span>da  consentire <span class=\"_ _0\"></span>un <span class=\"_ _16\"> </span>riassorbimento <span class=\"_ _9\"> </span>delle <span class=\"_ _9\"> </span>imposte <span class=\"_ _9\"> </span>anticipate <span class=\"_ _9\"> </span>iscritte <span class=\"_ _9\"> </span>nei <span class=\"_ _9\"> </span>pre<span class=\"_ _2\"></span>cedenti periodi d\u2019imposta. <span class=\"ff4\"> </span>Con <span class=\"_ _9\"> </span>r<span class=\"_ _2\"></span>iferimento<span class=\"_ _1\"></span> <span class=\"_ _9\"> </span>a<span class=\"_ _2\"></span><span class=\"ff5\">ll\u2019iscrivib<span class=\"_ _1\"></span>ilit\u00e0 <span class=\"_ _16\"> </span>delle <span class=\"_ _9\"> </span>attivit\u00e0 <span class=\"_ _9\"> </span>per <span class=\"_ _16\"> </span>imposte <span class=\"_ _9\"> </span>anticipate <span class=\"_ _9\"> </span>ed <span class=\"_ _16\"> </span>al <span class=\"_ _9\"> </span>loro <span class=\"_ _9\"> </span>mantenimento <span class=\"_ _16\"> </span>in<span class=\"_ _1\"></span> </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>importanti <span class=\"_ _0\"> </span>mo<span class=\"_ _2\"></span>difich<span class=\"_ _1\"></span>e <span class=\"_ _0\"></span>normative <span class=\"_ _0\"></span>introdotte <span class=\"_ _0\"></span>a <span class=\"_ _0\"></span>part<span class=\"_ _2\"></span>ire <span class=\"_ _d\"></span>dal 2011 <span class=\"_ _d\"></span>in <span class=\"_ _2\"></span>materia <span class=\"_ _d\"></span>fiscale <span class=\"_ _2\"></span>che, <span class=\"_ _d\"></span>prevedend<span class=\"_ _1\"></span>o <span class=\"_ _d\"></span>la <span class=\"_ _d\"></span>trasformazione <span class=\"_ _2\"></span>delle <span class=\"_ _2\"></span>att<span class=\"_ _2\"></span>ivit\u00e0 <span class=\"_ _2\"></span>per <span class=\"_ _d\"></span>im<span class=\"_ _2\"></span>poste <span class=\"_ _2\"></span>anticipate <span class=\"_ _2\"></span>in crediti <span class=\"_ _f\"></span>di <span class=\"_ _1\"></span>imposta i<span class=\"_ _1\"></span>n <span class=\"_ _f\"></span>predeterminate <span class=\"_ _f\"></span>ipotesi, han<span class=\"_ _1\"></span>no <span class=\"_ _1\"></span>introdotto <span class=\"_ _f\"></span>la <span class=\"_ _f\"></span>modalit\u00e0 di<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>recupero <span class=\"_ _f\"></span>delle <span class=\"_ _f\"></span>imposte anticipate att<span class=\"_ _2\"></span>ive tale <span class=\"_ _2\"></span>da assicurare il <span class=\"_ _2\"></span>loro r<span class=\"_ _2\"></span>iassorbimento a <span class=\"_ _2\"></span>presci<span class=\"_ _1\"></span>ndere <span class=\"_ _2\"></span>dalla capacit\u00e0 <span class=\"_ _2\"></span>di generare una redditivit\u00e0.  Con <span class=\"_ _d\"></span>la <span class=\"_ _0\"></span>pubblicazione <span class=\"_ _d\"></span>della <span class=\"_ _d\"></span>Legge <span class=\"_ _0\"></span>di <span class=\"_ _d\"></span>Bilancio <span class=\"_ _d\"></span>2026 <span class=\"_ _0\"></span>(legge <span class=\"_ _0\"></span>n.199 <span class=\"_ _d\"></span>del <span class=\"_ _0\"></span>30 <span class=\"_ _d\"></span>dicembre <span class=\"_ _d\"></span>2025<span class=\"_ _2\"></span>) <span class=\"_ _d\"></span>rubricata \u201cBilancio<span class=\"ff4\"> <span class=\"_ _2\"></span></span>di <span class=\"_ _2\"></span>previsione <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>ello <span class=\"_ _2\"></span>Stato <span class=\"_ _2\"></span>per <span class=\"_ _d\"></span>l\u2019anno <span class=\"_ _2\"></span>finanziario <span class=\"_ _2\"></span>2026 <span class=\"_ _d\"></span>e <span class=\"_ _2\"></span>bilancio <span class=\"_ _2\"></span>pluriennale <span class=\"_ _2\"></span>per <span class=\"_ _d\"></span>il <span class=\"_ _2\"></span>triennio 2026 <span class=\"_ _22\"> </span><span class=\"ff5\">\u2013</span> <span class=\"_ _4\"> </span>2028) <span class=\"_ _4\"> </span>il  Parlamento <span class=\"_ _4\"> </span>ha<span class=\"_ _1\"></span> <span class=\"_ _4\"> </span>introdotto  una <span class=\"_ _22\"> </span>serie <span class=\"_ _4\"> </span>di  mis<span class=\"_ _2\"></span>ure<span class=\"_ _1\"></span> <span class=\"_ _4\"> </span>rilevanti  in <span class=\"_ _4\"> </span>mat<span class=\"_ _2\"></span>eria <span class=\"_ _22\"> </span>fiscale. <span class=\"_ _4\"> </span>In particolare l\u2019art.1 (commi 56 e 57) ha previsto per il periodo d'imposta successivo a quello in corso al <span class=\"_ _0\"></span>31 <span class=\"_ _0\"></span>dicembre <span class=\"_ _d\"></span>2025 <span class=\"_ _0\"></span>e <span class=\"_ _0\"></span>per <span class=\"_ _0\"></span>i <span class=\"_ _0\"></span>successivi <span class=\"_ _d\"></span>t<span class=\"_ _2\"></span>re, <span class=\"_ _0\"></span> con <span class=\"_ _0\"></span>riferimento <span class=\"_ _0\"></span>agli <span class=\"_ _0\"></span>intermediari <span class=\"_ _0\"></span>finanziari <span class=\"_ _d\"></span>che <span class=\"_ _0\"></span>per <span class=\"_ _0\"></span>i crediti <span class=\"_ _0\"></span>del <span class=\"_ _0\"></span>primo <span class=\"_ _0\"></span>e <span class=\"_ _0\"> </span>s<span class=\"_ _2\"></span>econdo <span class=\"_ _d\"></span>s<span class=\"_ _2\"></span>tadio <span class=\"_ _9\"> </span>di <span class=\"_ _0\"></span>rischio <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>credito <span class=\"_ _9\"> </span>le <span class=\"_ _0\"></span>svalutazioni <span class=\"_ _0\"></span>derivanti <span class=\"_ _0\"></span>esclusivamente dall'adozione <span class=\"_ _2\"></span>del <span class=\"_ _d\"></span>modello <span class=\"_ _d\"></span>di <span class=\"_ _2\"></span>rilevazione <span class=\"_ _d\"></span>del <span class=\"_ _2\"></span>fondo <span class=\"_ _d\"></span>a <span class=\"_ _d\"></span>copertura <span class=\"_ _d\"></span>delle <span class=\"_ _2\"></span>perdite <span class=\"_ _d\"></span>per <span class=\"_ _d\"></span>perdite <span class=\"_ _2\"></span>at<span class=\"_ _2\"></span>tese <span class=\"_ _2\"></span>su crediti <span class=\"_ _2\"></span>siano <span class=\"_ _2\"></span>deducibili in <span class=\"_ _2\"></span>cinque <span class=\"_ _2\"></span>quote <span class=\"_ _2\"></span>costanti <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>partire <span class=\"_ _2\"></span>dall'esercizio <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>cui la <span class=\"_ _2\"></span>perdita <span class=\"_ _0\"></span>\u00e8 <span class=\"_ _2\"></span>iscritta a conto economico. Ci\u00f2 in deroga a quanto previsto ai fini Ires e Irap rispettivamente da articolo 106 comma <span class=\"_ _5\"> </span>3 <span class=\"_ _20\"> </span>del <span class=\"_ _20\"> </span>Tuir <span class=\"_ _5\"> </span>e <span class=\"_ _5\"> </span>dall<span class=\"_ _1\"></span>\u2019articolo <span class=\"_ _20\"> </span>6, <span class=\"_ _5\"> </span>comma <span class=\"_ _20\"> </span>1<span class=\"_ _2\"></span>, <span class=\"_ _20\"> </span>lettera<span class=\"ff4\"> c-bis) del <span class=\"_ _20\"> </span>D<span class=\"_ _2\"></span>lgs <span class=\"_ _20\"> </span>n. <span class=\"_ _5\"> </span>446/1997). </span>Conseguentemente <span class=\"_ _0\"></span>viene <span class=\"_ _0\"></span>meno <span class=\"_ _9\"> </span>la <span class=\"_ _0\"></span>possibilit\u00e0 <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>t<span class=\"_ _2\"></span>rasformare <span class=\"_ _0\"></span>i<span class=\"_ _2\"></span>n <span class=\"_ _0\"></span>credito <span class=\"_ _0\"></span>d'imposta <span class=\"_ _9\"> </span>le <span class=\"_ _0\"></span>att<span class=\"_ _2\"></span>ivit\u00e0 <span class=\"_ _0\"></span>per imposte <span class=\"_ _14\"> </span>anticipate <span class=\"_ _14\"> </span>(cosiddette<span class=\"_ _2\"></span> Deferred <span class=\"_ _14\"> </span>Tax <span class=\"_ _14\"> </span>Ass<span class=\"_ _2\"></span>ets- <span class=\"_ _14\"> </span>DTA) <span class=\"_ _14\"> </span>iscritte <span class=\"_ _15\"> </span>in <span class=\"_ _14\"> </span>bilancio, <span class=\"_ _14\"> </span>a <span class=\"_ _14\"> </span>fr<span class=\"_ _2\"></span>onte <span class=\"_ _14\"> </span>del differimento della deducibilit\u00e0 di tali componenti di redd<span class=\"_ _1\"></span>ito (articolo 2 commi 55, 56<span class=\"_ _d\"></span>-bis, 56-bis.1 <span class=\"_ _1\"></span>e 56<span class=\"ls0\">-ter del <span class=\"_ _14\"> </span>Dl <span class=\"_ _15\"> </span>n. <span class=\"_ _15\"> </span>225/2010) <span class=\"_ _15\"> </span>e <span class=\"_ _15\"> </span>di <span class=\"_ _15\"> </span>farle <span class=\"_ _14\"> </span>concorr<span class=\"_ _2\"></span>ere <span class=\"_ _14\"> </span>alla <span class=\"_ _15\"> </span>formazione <span class=\"_ _14\"> </span>della <span class=\"_ _15\"> </span>base <span class=\"_ _15\"> </span>imponibile <span class=\"_ _14\"> </span>d<span class=\"_ _2\"></span>el </span>canone DTA che <span class=\"_ _2\"></span>gli <span class=\"_ _d\"></span>intermediari <span class=\"_ _d\"></span>finanziari <span class=\"_ _d\"></span>stessi <span class=\"_ _d\"></span>devono <span class=\"_ _2\"></span>pagare<span class=\"_ _2\"></span>, <span class=\"_ _2\"></span>con <span class=\"_ _d\"></span>cadenza <span class=\"_ _d\"></span>annuale, <span class=\"_ _d\"></span>al <span class=\"_ _2\"></span>fin<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>di avvalersi di <span class=\"_ _1\"></span>tale regime d<span class=\"_ _1\"></span>i trasformazione delle DTA in credito d'imp<span class=\"_ _1\"></span>osta (articolo 11 co<span class=\"_ _1\"></span>mma 2, Dl n. 59/2016). Con <span class=\"_ _f\"></span><span class=\"ff5\">l\u2019art.<span class=\"ff4\"> 1 commi <span class=\"_ _f\"></span>68 <span class=\"ff5\">\u2013</span> 73 <span class=\"_ _f\"></span>\u00e8 <span class=\"ff5\">modificata <span class=\"_ _1\"></span>la d<span class=\"_ _1\"></span>isciplina dell\u2019imposta stra<span class=\"_ _1\"></span>ordinaria sui <span class=\"_ _f\"></span>margini<span class=\"_ _df\"> </span></span></span></span>di <span class=\"_ _2\"></span>interesse <span class=\"_ _2\"></span>delle <span class=\"_ _2\"></span>banche <span class=\"_ _2\"></span>operanti <span class=\"_ _2\"></span>nel <span class=\"_ _2\"></span>territorio <span class=\"_ _2\"></span>dello <span class=\"_ _2\"></span>Stato, <span class=\"_ _2\"></span>ist<span class=\"_ _2\"></span>it<span class=\"_ _1\"></span>uita <span class=\"_ _2\"></span>con <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>Dl <span class=\"_ _2\"></span>n. <span class=\"_ _2\"></span>104/2023 <span class=\"_ _d\"></span>(articolo<span class=\"_ _df\"> </span>26). <span class=\"_ _15\"> </span>I<span class=\"_ _2\"></span>n <span class=\"_ _e\"> </span>particolare, <span class=\"_ _e\"> </span>viene <span class=\"_ _e\"> </span>stabilita <span class=\"_ _e\"> </span>una <span class=\"_ _10\"> </span>presunzione <span class=\"_ _e\"> </span>legale <span class=\"_ _e\"> </span>secondo <span class=\"_ _e\"> </span>la <span class=\"_ _e\"> </span>q<span class=\"_ _2\"></span>uale, <span class=\"_ _15\"> </span>a <span class=\"_ _10\"> </span>decorrere dall\u2019esercizio <span class=\"_ _2\"></span>che <span class=\"_ _d\"></span>ha <span class=\"_ _d\"></span>inizio <span class=\"_ _d\"></span>successivamente <span class=\"_ _2\"></span>al <span class=\"_ _d\"></span>1\u00b0 <span class=\"_ _d\"></span>gennaio <span class=\"_ _d\"></span>2028, <span class=\"_ _d\"></span>nel <span class=\"_ _2\"></span>caso <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>distribuzione <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>utili, inclusi <span class=\"_ _0\"></span>g<span class=\"_ _2\"></span>li <span class=\"_ _0\"> </span>acconti <span class=\"_ _16\"> </span>sui <span class=\"_ _9\"> </span>dividendi, <span class=\"_ _9\"> </span>o <span class=\"_ _9\"> </span>di <span class=\"_ _16\"> </span>riserve, <span class=\"_ _0\"></span>indipendentemente <span class=\"_ _16\"> </span>dalla <span class=\"_ _0\"></span>delibera <span class=\"_ _16\"> </span>assembleare, <span class=\"_ _9\"> </span>si presum<span class=\"ff5\">e <span class=\"_ _4\"> </span>prior<span class=\"_ _2\"></span>itariamente <span class=\"_ _4\"> </span>distribuita <span class=\"_ _17\"> </span>la <span class=\"_ _17\"> </span>riserva <span class=\"_ _17\"> </span>che <span class=\"_ _17\"> </span>i <span class=\"_ _17\"> </span>so<span class=\"_ _2\"></span>ggetti <span class=\"_ _4\"> </span>passivi <span class=\"_ _17\"> </span>dell\u2019imposta <span class=\"_ _14\"> </span>potevano </span>accantonare <span class=\"_ _2\"></span>in <span class=\"_ _d\"></span>luogo <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>pagamento <span class=\"_ _2\"></span>dell\u2019imp<span class=\"_ _1\"></span>osta <span class=\"_ _d\"></span>medesima. <span class=\"_ _2\"></span>La <span class=\"_ _2\"></span>presunzione <span class=\"_ _2\"></span>non <span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _2\"></span>applica <span class=\"_ _2\"></span>se <span class=\"_ _d\"></span>e nei <span class=\"_ _f\"></span>limiti <span class=\"_ _1\"></span>in <span class=\"_ _f\"></span>cui l<span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>riserva <span class=\"_ _1\"></span>\u00e8 <span class=\"_ _f\"></span>cost<span class=\"_ _2\"></span>ituita <span class=\"_ _f\"></span>con <span class=\"_ _1\"></span>utili <span class=\"_ _f\"></span>destinati all<span class=\"_ _1\"></span>e <span class=\"_ _f\"></span>riserve <span class=\"_ _1\"></span>obbligatorie <span class=\"_ _1\"></span>da <span class=\"_ _f\"></span>part<span class=\"_ _2\"></span>e <span class=\"_ _f\"></span>delle <span class=\"_ _f\"></span>banche di credito cooperativo. Fino all<span class=\"_ _1\"></span>\u2019esercizio in corso al 3<span class=\"_ _1\"></span>1 dicembre 2028, inoltre, \u00e8 possib<span class=\"_ _1\"></span>ile applicare un\u2019imposta <span class=\"_ _d\"></span>sostitutiva <span class=\"_ _d\"></span>per <span class=\"_ _d\"></span>l\u2019affrancamento, <span class=\"_ _2\"></span>a <span class=\"_ _0\"></span>tasso <span class=\"_ _d\"></span>agevolato, <span class=\"_ _2\"></span>della <span class=\"_ _d\"></span>riserva <span class=\"_ _d\"></span>esistente <span class=\"_ _d\"></span>al <span class=\"_ _d\"></span>t<span class=\"_ _2\"></span>ermine dell\u2019esercizio <span class=\"_ _1\"></span>in corso<span class=\"_ _1\"></span> al <span class=\"_ _f\"></span>31 dice<span class=\"_ _1\"></span>mbre 2025<span class=\"_ _f\"></span> (aliquota <span class=\"_ _1\"></span>al 27,5%)<span class=\"_ _1\"></span> e<span class=\"_ _f\"></span> al <span class=\"_ _f\"></span>t<span class=\"_ _2\"></span>ermine <span class=\"_ _f\"></span>dell\u2019esercizio succ<span class=\"_ _1\"></span>essivo (aliquota al <span class=\"_ _f\"></span>33%), senza pagamento d<span class=\"_ _1\"></span>egli inte<span class=\"_ _1\"></span>ressi. Con l<span class=\"_ _1\"></span>\u2019art.1 commi <span class=\"_ _f\"></span>74 e 75 <span class=\"_ _f\"></span>s<span class=\"_ _2\"></span>ono i<span class=\"_ _1\"></span>ncrementate <span class=\"_ _f\"></span>di due punti <span class=\"_ _2\"></span>percentuali, per <span class=\"_ _2\"></span>il peri<span class=\"_ _2\"></span>odo d\u2019imposta <span class=\"_ _2\"></span>successivo a <span class=\"_ _2\"></span>quello in <span class=\"_ _2\"></span>cor<span class=\"_ _2\"></span><span class=\"ff4\">so <span class=\"_ _2\"></span>al 31 <span class=\"_ _2\"></span>dicembre 2025 <span class=\"_ _2\"></span>e </span>per i <span class=\"_ _2\"></span>due s<span class=\"_ _2\"></span>uccessiv<span class=\"_ _1\"></span>i, le <span class=\"_ _2\"></span>aliquote <span class=\"_ _2\"></span>Irap per <span class=\"_ _2\"></span>banche e <span class=\"_ _2\"></span>societ\u00e0 finanziarie <span class=\"_ _2\"></span>(6,65 anzich\u00e9 <span class=\"_ _2\"></span>4,65 per <span class=\"_ _2\"></span>cento e <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>le <span class=\"_ _2\"></span>imprese d<span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>assicurazione <span class=\"_ _2\"></span>(7,9 anzich\u00e9 <span class=\"_ _2\"></span>5<span class=\"_ _2\"></span>,9 <span class=\"_ _2\"></span>per cento). <span class=\"_ _2\"></span>Fi<span class=\"_ _2\"></span>no <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>concorrenza <span class=\"_ _2\"></span>dell<span class=\"_ _1\"></span>a <span class=\"_ _2\"></span>differenza tra <span class=\"_ _2\"></span>l'imposta <span class=\"_ _2\"></span>derivante dall'ap<span class=\"_ _2\"></span>plicazione di <span class=\"_ _2\"></span>tali <span class=\"_ _2\"></span>disposizioni <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>quella <span class=\"_ _2\"></span>che si <span class=\"_ _d\"></span>sarebb<span class=\"_ _1\"></span>e <span class=\"_ _2\"></span>determinata <span class=\"_ _2\"></span>in assenza <span class=\"_ _2\"></span>di esse, <span class=\"_ _2\"></span>per il <span class=\"_ _2\"></span>periodo d'imposta <span class=\"_ _2\"></span>successivo <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>que<span class=\"_ _1\"></span>llo <span class=\"_ _2\"></span>in corso <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>31 dicembre 2026 <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>per il successivo spetta una detrazione pari a 90mila euro. Sono esclusi una serie di sogget<span class=\"_ _d\"></span>ti (articolo 6 commi <span class=\"_ _17\"> </span>2, <span class=\"_ _17\"> </span>3, <span class=\"_ _17\"> </span>4 <span class=\"_ _17\"> </span>e <span class=\"_ _17\"> </span>9 <span class=\"_ _4\"> </span>del <span class=\"_ _17\"> </span>Dlgs <span class=\"_ _17\"> </span>n. <span class=\"_ _17\"> </span>446/1997. <span class=\"_ _17\"> </span>Con <span class=\"_ _17\"> </span>l\u2019art. <span class=\"_ _17\"> </span>1 <span class=\"_ _17\"> </span>commi <span class=\"_ _4\"> </span>76 <span class=\"_ _14\"> </span>\u2013<span class=\"ff4\"> <span class=\"_ _17\"> </span>81 <span class=\"_ _17\"> </span>viene <span class=\"_ _17\"> </span>disposto, <span class=\"_ _17\"> </span>nella </span>determinazione <span class=\"_ _d\"></span>delle <span class=\"_ _0\"></span>basi <span class=\"_ _0\"></span>imponibili <span class=\"_ _0\"></span>di <span class=\"_ _d\"></span>Ires <span class=\"_ _0\"></span>ed <span class=\"_ _0\"></span>Irap <span class=\"_ _0\"></span>per <span class=\"_ _0\"></span>gli <span class=\"_ _0\"></span>intermediari <span class=\"_ _d\"></span>finanziari, <span class=\"_ _0\"></span>il <span class=\"_ _0\"></span>differimento parziale <span class=\"_ _0\"></span>della <span class=\"_ _0\"></span>quota <span class=\"_ _9\"> </span>di <span class=\"_ _0\"></span>taluni <span class=\"_ _0\"></span>componenti <span class=\"_ _9\"> </span>negativi <span class=\"_ _9\"> </span>di <span class=\"_ _0\"></span>reddito <span class=\"_ _0\"> </span>deducibili <span class=\"_ _9\"> </span>nel <span class=\"_ _0\"></span>periodo <span class=\"_ _0\"></span>d'imposta <span class=\"_ _9\"> </span>in corso al 31 dicembre 2027, in quote costanti, al periodo d'imposta in corso al 3<span class=\"_ _2\"></span>1 dicembre 2028 ed al <span class=\"_ _f\"></span>successivo. <span class=\"_ _1\"></span>Si <span class=\"_ _f\"></span>tratta i<span class=\"_ _1\"></span>n <span class=\"_ _f\"></span>part<span class=\"_ _2\"></span>icolare <span class=\"_ _f\"></span>del <span class=\"_ _f\"></span>differimento <span class=\"_ _f\"></span> de<span class=\"_ _1\"></span>lle <span class=\"_ _f\"></span>eccedenze <span class=\"_ _1\"></span>relative <span class=\"_ _f\"></span>a svalu<span class=\"_ _1\"></span>tazioni <span class=\"_ _f\"></span>e de<span class=\"_ _1\"></span>lle per<span class=\"ff5 ls0\">dite <span class=\"_ _d\"></span>s<span class=\"_ _2\"></span>u <span class=\"_ _d\"></span>crediti <span class=\"_ _0\"></span>di <span class=\"_ _d\"></span>banche, <span class=\"_ _0\"></span>societ\u00e0 <span class=\"_ _0\"></span>finanziarie <span class=\"_ _d\"></span>e <span class=\"_ _0\"></span>assicurazioni <span class=\"_ _0\"></span>di <span class=\"_ _d\"></span>cui <span class=\"_ _0\"></span>all\u2019articolo <span class=\"_ _0\"></span>16 <span class=\"_ _d\"></span>del <span class=\"_ _0\"></span>decreto<span class=\"_ _2\"></span><span class=\"ff4\">-<span class=\"_ _df\"> </span></span></span>legge <span class=\"_ _4\"> </span>27<span class=\"_ _2\"></span> <span class=\"_ _4\"> </span>gi<span class=\"_ _2\"></span>ugno <span class=\"_ _4\"> </span>2015<span class=\"_ _2\"></span>, <span class=\"_ _4\"> </span> <span class=\"_ _14\"> </span>del <span class=\"_ _17\"> </span>differimento <span class=\"_ _17\"> </span>del <span class=\"_ _17\"> </span>piano <span class=\"_ _14\"> </span>di <span class=\"_ _17\"> </span>rientro <span class=\"_ _17\"> </span>delle <span class=\"_ _17\"> </span>q<span class=\"_ _2\"></span>uote <span class=\"_ _4\"> </span>deducibili <span class=\"_ _17\"> </span>riferi<span class=\"_ _2\"></span>bili<span class=\"_ _1\"></span> ai<span class=\"ls0\"> <span class=\"ff5\">componenti <span class=\"_ _d\"></span>negativi <span class=\"_ _d\"></span>emersi <span class=\"_ _0\"></span>in <span class=\"_ _d\"></span>sede <span class=\"_ _d\"></span>di <span class=\"_ _0\"></span>prima <span class=\"_ _d\"></span>adozione <span class=\"_ _d\"></span>dell\u2019IF<span class=\"_ _2\"></span></span>RS <span class=\"_ _d\"></span>9 applicabile agli <span class=\"_ _0\"></span>intermediari </span>finanziari e del <span class=\"_ _2\"></span>differimento dei componenti negativi <span class=\"_ _2\"></span>previsti dall\u2019art. 1 <span class=\"_ _2\"></span>comma 1079 della legge 30 dicembre <span class=\"_ _2\"></span>2018 <span class=\"_ _d\"></span>n. <span class=\"_ _2\"></span>145. <span class=\"_ _d\"></span>Inoltre, <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _2\"></span>limitato<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>temporaneamente, <span class=\"_ _2\"></span>relativamente <span class=\"_ _2\"></span>ai <span class=\"_ _d\"></span>periodi <span class=\"_ _2\"></span>d'imposta <span class=\"_ _d\"></span>in corso <span class=\"_ _9\"> </span>al <span class=\"_ _9\"> </span>31 <span class=\"_ _0\"> </span>dicembre <span class=\"_ _9\"> </span>20<span class=\"ff5\">26 <span class=\"_ _9\"> </span>ed <span class=\"_ _9\"> </span>al <span class=\"_ _9\"> </span>31 <span class=\"_ _9\"> </span>dicembre <span class=\"_ _9\"> </span>2027, <span class=\"_ _9\"> </span>l\u2019uso <span class=\"_ _0\"> </span>delle <span class=\"_ _9\"> </span>perdite <span class=\"_ _9\"> </span>fiscali <span class=\"_ _9\"> </span>pregresse <span class=\"_ _0\"> </span>e <span class=\"_ _16\"> </span>delle </span>eccedenze <span class=\"_ _d\"></span>residue <span class=\"_ _d\"></span>di <span class=\"_ _0\"></span>aiuti <span class=\"_ _d\"></span>alla <span class=\"_ _0\"></span>crescita <span class=\"_ _d\"></span>economica <span class=\"_ _0\"></span>(Ace). <span class=\"_ _d\"></span>Con <span class=\"_ _d\"></span>l\u2019art.1 <span class=\"_ _0\"></span>commi <span class=\"_ _d\"></span>133 <span class=\"_ _0\"></span>\u2013<span class=\"ff4\"> <span class=\"_ _0\"></span>136 <span class=\"_ _d\"></span>\u00e8 <span class=\"_ _0\"></span>limitata, </span>temporaneamente, la <span class=\"_ _f\"></span>deduzione degli interessi passivi <span class=\"_ _1\"></span>per gli <span class=\"_ _1\"></span>intermediari finan<span class=\"_ _1\"></span>ziari<span class=\"_ _2\"></span>, secondo u<span class=\"_ _1\"></span>na scaletta <span class=\"_ _9\"> </span>forfetaria, <span class=\"_ _9\"> </span>dal <span class=\"_ _9\"> </span>96 <span class=\"_ _16\"> </span>al <span class=\"_ _9\"> </span>99 <span class=\"_ _0\"></span>per <span class=\"_ _16\"> </span>cento, <span class=\"_ _0\"></span>con <span class=\"_ _16\"> </span>alcune <span class=\"_ _0\"></span>eccezioni, <span class=\"_ _9\"> </span>rispettivamente, <span class=\"_ _9\"> </span>per <span class=\"_ _9\"> </span>i <span class=\"_ _16\"> </span>periodi d'imposta <span class=\"_ _2\"></span>dal <span class=\"_ _d\"></span>2026 <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>2029, <span class=\"_ _2\"></span>con <span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>ipresa <span class=\"_ _2\"></span>della <span class=\"_ _2\"></span>deduzione <span class=\"_ _2\"></span>integrale <span class=\"_ _2\"></span>a <span class=\"_ _d\"></span>partire <span class=\"_ _2\"></span>dal <span class=\"_ _2\"></span>periodo <span class=\"_ _2\"></span>d'imposta 2030. <span class=\"_ _18\"> </span>Non <span class=\"_ _18\"> </span>r<span class=\"_ _2\"></span>ientrano <span class=\"_ _18\"> </span>in <span class=\"_ _18\"> </span>tale <span class=\"_ _18\"> </span>limitazione <span class=\"_ _18\"> </span>i <span class=\"_ _19\"> </span>soggett<span class=\"_ _2\"></span>i <span class=\"_ _18\"> </span>partecipanti <span class=\"_ _18\"> </span>al <span class=\"_ _18\"> </span>consolidato <span class=\"_ _19\"> </span>nazionale<span class=\"_ _1\"></span> limitatamente <span class=\"_ _c\"> </span>alla <span class=\"_ _c\"> </span>componente <span class=\"_ _c\"> </span>degli <span class=\"_ _c\"> </span>interessi <span class=\"_ _c\"> </span>passivi <span class=\"_ _c\"> </span>infragrupp<span class=\"_ _1\"></span>o <span class=\"_ _c\"> </span>fino <span class=\"_ _c\"> </span>a <span class=\"_ _c\"> </span>concorrenza dell\u2019ammontare <span class=\"_ _17\"> </span>complessivo <span class=\"_ _17\"> </span>degli <span class=\"_ _17\"> </span>interessi <span class=\"_ _17\"> </span>pass<span class=\"_ _2\"></span>ivi <span class=\"_ _4\"> </span>mat<span class=\"_ _2\"></span>urati <span class=\"_ _17\"> </span>in <span class=\"_ _17\"> </span>capo <span class=\"_ _14\"> </span>a <span class=\"_ _17\"> </span>soggetti <span class=\"_ _17\"> </span>estranei <span class=\"_ _17\"> </span>al consolidato. <span class=\"_ _d\"></span>Le <span class=\"_ _0\"></span>imposte <span class=\"_ _d\"></span>anticipat<span class=\"_ _2\"></span>e <span class=\"_ _d\"></span>e <span class=\"_ _0\"></span>differite <span class=\"_ _d\"></span>a <span class=\"_ _d\"></span>r<span class=\"_ _2\"></span>ientro <span class=\"_ _d\"></span>certo <span class=\"_ _0\"></span>sono <span class=\"_ _d\"></span>state <span class=\"_ _0\"></span>quantificate <span class=\"_ _d\"></span>t<span class=\"_ _2\"></span>enendo <span class=\"_ _d\"></span>in considerazione <span class=\"_ _f\"></span>l<span class=\"_ _2\"></span>\u2019inc<span class=\"ff4\">remento temp<span class=\"_ _1\"></span>oraneo del<span class=\"_ _1\"></span>le aliquote <span class=\"_ _f\"></span>IRAP previsto <span class=\"_ _1\"></span>dalla <span class=\"_ _1\"></span>Legge <span class=\"_ _1\"></span>di Bil<span class=\"_ _1\"></span>ancio 2026.<span class=\"_ _df\"> </span></span>11.1 Att<span class=\"_ _f\"></span>ivit\u00e0 per<span class=\"_ _f\"></span> imposte<span class=\"_ _1\"></span> ant<span class=\"_ _1\"></span>icipat<span class=\"_ _1\"></span>e: co<span class=\"_ _1\"></span>mpos<span class=\"_ _1\"></span>izione<span class=\"_ _1\"></span> <table class=\"s wba6 h4e7\" id=\"_267be029-443c-4162-94fc-820295902c59\"><tr><td></td><td class=\"c x561 y29c4 w3db h17\"><div class=\"t m0 x37 h1f yd67 ff4 fs7 fc1 sc2 ls0 ws0\">IRES<span class=\"_ _f\"></span> </div></td><td class=\"c x562 y29c4 w3dc h17\"><div class=\"t m0 x26 h1f yd67 ff4 fs7 fc1 sc2 ls0 ws0\">IRAP<span class=\"_ _1\"></span> </div></td><td class=\"c x563 y29c4 w3dd h17\"><div class=\"t m0 x3a h1f yd67 ff4 fs7 fc1 sc2 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale </div></td></tr><tr><td class=\"c x564 y29c5 w3de h20f\"><div class=\"t m0 x10 h1f yd67 ff4 fs7 fc1 sc0 ls0 ws0\">Rettifiche di valore<span class=\"_ _1\"></span> su crediti ver<span class=\"_ _1\"></span>so clientela </div></td><td class=\"c x561 y29c5 w3db h20f\"><div class=\"t m0 xf h1f yd67 ff4 fs7 fc1 sc0 ls0 ws0\">29.264 </div></td><td class=\"c x562 y29c5 w3dc h20f\"><div class=\"t m0 xf h1f yd67 ff4 fs7 fc1 sc0 ls0 ws0\">5.322 </div></td><td class=\"c x563 y29c5 w3dd h20f\"><div class=\"t m0 x7 h1f yd67 ff4 fs7 fc1 sc0 ls0 ws0\">34.586 </div></td></tr><tr><td class=\"c x564 y29c6 w3de h258\"><div class=\"t m0 x10 h1f yd67 ff4 fs7 fc1 sc0 ls0 ws0\">Svalutazione di s<span class=\"_ _1\"></span>trumenti finanz<span class=\"_ _1\"></span>iari </div></td><td class=\"c x561 y29c6 w3db h258\"><div class=\"t m0 x7 h1f yd67 ff4 fs7 fc1 sc0 ls0 ws0\">144.737 </div></td><td class=\"c x562 y29c6 w3dc h258\"><div class=\"t m0 x91 h1f yd67 ff4 fs7 fc1 sc0 ls0 ws0\">36.986 </div></td><td class=\"c x563 y29c6 w3dd h258\"><div class=\"t m0 x7 h1f yd67 ff4 fs7 fc1 sc0 ls0 ws0\">181.723 </div></td></tr><tr><td class=\"c x564 y29c7 w3de h258\"><div class=\"t m0 x10 h1f yd67 ff4 fs7 fc1 sc0 ls0 ws0\">Spese di rappresen<span class=\"_ _1\"></span>tanza ed avviam<span class=\"_ _1\"></span>ento </div></td><td class=\"c x561 y29c7 w3db h258\"><div class=\"t m0 x8 h1f yd67 ff4 fs7 fc1 sc0 ls0 ws0\">7.853 </div></td><td class=\"c x562 y29c7 w3dc h258\"><div class=\"t m0 xc6 h1f yd67 ff4 fs7 fc1 sc0 ls0 ws0\">1.709 </div></td><td class=\"c x563 y29c7 w3dd h258\"><div class=\"t m0 xa3 h1f yd67 ff4 fs7 fc1 sc0 ls0 ws0\">9.562 </div></td></tr><tr><td class=\"c x564 y29c8 w3de h58\"><div class=\"t m0 x10 h1f y15 ff4 fs7 fc1 sc0 ls0 ws0\">Crediti di firma, re<span class=\"_ _1\"></span>vocatorie <span class=\"_ _1\"></span>fallimentari e cau<span class=\"_ _1\"></span>se legali in </div><div class=\"t m0 x10 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">corso </div></td><td class=\"c x561 y29c8 w3db h58\"><div class=\"t m0 x49 h1f y2ea ff4 fs7 fc1 sc0 ls0 ws0\">2.107 </div></td><td class=\"c x562 y29c8 w3dc h58\"><div class=\"t m0 xec h1f y2ea ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x563 y29c8 w3dd h58\"><div class=\"t m0 x8 h1f y2ea ff4 fs7 fc1 sc0 ls0 ws0\">2.107 </div></td></tr><tr><td class=\"c x564 y29c9 w3de h20f\"><div class=\"t m0 x10 h1f yd67 ff4 fs7 fc1 sc0 ls0 ws0\">Accantonamenti per <span class=\"_ _f\"></span>spese per il personale </div></td><td class=\"c x561 y29c9 w3db h20f\"><div class=\"t m0 xf h1f yd67 ff4 fs7 fc1 sc0 ls0 ws0\">32.294 </div></td><td class=\"c x562 y29c9 w3dc h20f\"><div class=\"t m0 xa3 h1f yd67 ff4 fs7 fc1 sc0 ls0 ws0\">8.181 </div></td><td class=\"c x563 y29c9 w3dd h20f\"><div class=\"t m0 x7 h1f yd67 ff4 fs7 fc1 sc0 ls0 ws0\">40.475 </div></td></tr><tr><td class=\"c x564 y29ca w3de h258\"><div class=\"t m0 x10 h1f yd67 ff4 fs7 fc1 sc0 ls0 ws0\">Altre </div></td><td class=\"c x561 y29ca w3db h258\"><div class=\"t m0 x1c h1f yd67 ff4 fs7 fc1 sc0 ls0 ws0\">113.632 </div></td><td class=\"c x562 y29ca w3dc h258\"><div class=\"t m0 xf h1f yd67 ff4 fs7 fc1 sc0 ls0 ws0\">7.766 </div></td><td class=\"c x563 y29ca w3dd h258\"><div class=\"t m0 x90 h1f yd67 ff4 fs7 fc1 sc0 ls0 ws0\">121.398 </div></td></tr><tr><td class=\"c x564 y29cb w3de h258\"><div class=\"t m0 x1bb h1f yd67 ff4 fs7 fc1 sc2 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale </div></td><td class=\"c x561 y29cb w3db h258\"><div class=\"t m0 x90 h1f yd67 ff4 fs7 fc1 sc2 ls0 ws0\">329.8<span class=\"_ _f\"></span>87 </div></td><td class=\"c x562 y29cb w3dc h258\"><div class=\"t m0 x91 h1f yd67 ff4 fs7 fc1 sc2 ls0 ws0\">59.9<span class=\"_ _f\"></span>64 </div></td><td class=\"c x563 y29cb w3dd h258\"><div class=\"t m0 x91 h1f yd67 ff4 fs7 fc1 sc2 ls0 ws0\">389.<span class=\"_ _1\"></span>851<span class=\"_ _1\"></span> </div></td></tr></table>11.2 P<span class=\"_ _1\"></span>assi<span class=\"_ _1\"></span>vit\u00e0 pe<span class=\"_ _1\"></span>r im<span class=\"_ _1\"></span>poste<span class=\"_ _1\"></span> diffe<span class=\"_ _1\"></span>rite<span class=\"_ _1\"></span>: com<span class=\"_ _f\"></span>posizione<span class=\"_ _f\"></span><span class=\"fc1 sc0\"> </span><table class=\"s wba7 h4e8\" id=\"_a2715481-5a9b-4e08-80d7-9781f237622f\"><tr><td></td><td class=\"c x566 y29cc w3e0 h5a\"><div class=\"t m0 x34 h1f y295 ff4 fs7 fc1 sc2 ls0 ws0\">IRES<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x567 y29cc w3dc h5a\"><div class=\"t m0 x27 h1f y295 ff4 fs7 fc1 sc2 ls0 ws0\">IRAP<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x568 y29cc w3e1 h5a\"><div class=\"t m0 x26 h1f y295 ff4 fs7 fc1 sc2 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale<span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x569 y29cd w3e2 h4f\"><div class=\"t m0 x8a h1f y27 ff4 fs7 fc1 sc0 ls0 ws0\">Plusvalenze strume<span class=\"_ _1\"></span>nti finanzia<span class=\"_ _1\"></span>ri </div></td><td class=\"c x566 y29cd w3e0 h4f\"><div class=\"t m0 x90 h1f y27 ff4 fs7 fc1 sc0 ls0 ws0\">29.838 </div></td><td class=\"c x567 y29cd w3dc h4f\"><div class=\"t m0 x1c h1f y27 ff4 fs7 fc1 sc0 ls0 ws0\">9.168 </div></td><td class=\"c x568 y29cd w3e1 h4f\"><div class=\"t m0 xf h1f y27 ff4 fs7 fc1 sc0 ls0 ws0\">39.006 </div></td></tr><tr><td class=\"c x262 y29ce wba8 h48b\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">Accantonamenti ef<span class=\"_ _1\"></span>fettuati esclus<span class=\"_ _1\"></span>ivamente in <span class=\"_ _1\"></span>ambito<span class=\"_ _df\"> </span></div></td><td class=\"c x566 y29cf w3e0 h58\"><div class=\"t m0 x1c h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">78.071 </div></td><td class=\"c x567 y29cf w3dc h58\"><div class=\"t m0 x12 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">15.809 </div></td><td class=\"c x568 y29cf w3e1 h58\"><div class=\"t m0 xf h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">93.880 </div></td></tr><tr><td class=\"c x262 y29d0 wba9 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">fiscale<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td></tr><tr><td class=\"c x569 y29d1 w3e2 h4f\"><div class=\"t m0 x8a h1f y27 ff4 fs7 fc1 sc0 ls0 ws0\">Altre residuali </div></td><td class=\"c x566 y29d1 w3e0 h4f\"><div class=\"t m0 x91 h1f y27 ff4 fs7 fc1 sc0 ls0 ws0\">136.776 </div></td><td class=\"c x567 y29d1 w3dc h4f\"><div class=\"t m0 x96 h1f y27 ff4 fs7 fc1 sc0 ls0 ws0\">38.079 </div></td><td class=\"c x568 y29d1 w3e1 h4f\"><div class=\"t m0 x7 h1f y27 ff4 fs7 fc1 sc0 ls0 ws0\">174.855 </div></td></tr><tr><td class=\"c x569 y29d2 w3e2 h2c\"><div class=\"t m0 x8a h1f y32 ff4 fs7 fc1 sc2 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale </div></td><td class=\"c x566 y29d2 w3e0 h2c\"><div class=\"t m0 x96 h1f y32 ff4 fs7 fc1 sc2 ls0 ws0\">244.6<span class=\"_ _f\"></span>85 </div></td><td class=\"c x567 y29d2 w3dc h2c\"><div class=\"t m0 x96 h1f y32 ff4 fs7 fc1 sc2 ls0 ws0\">63.05<span class=\"_ _1\"></span>6 </div></td><td class=\"c x568 y29d2 w3e1 h2c\"><div class=\"t m0 x1c h1f y32 ff4 fs7 fc1 sc2 ls0 ws0\">307.7<span class=\"_ _f\"></span>41<span class=\"_ _df\"> </span></div></td></tr></table>11.3 <span class=\"_ _1\"></span>Varia<span class=\"_ _1\"></span>zioni d<span class=\"_ _1\"></span>elle i<span class=\"_ _1\"></span>mpos<span class=\"_ _1\"></span>te a<span class=\"_ _1\"></span>ntici<span class=\"_ _1\"></span>pate<span class=\"_ _1\"></span> (in co<span class=\"_ _f\"></span>ntropar<span class=\"_ _1\"></span>tita d<span class=\"_ _1\"></span>el cont<span class=\"_ _f\"></span>o econo<span class=\"_ _f\"></span>mico)<span class=\"fc1 sc0\"> </span><table class=\"s wbaa h4e9\" id=\"_f831904c-b531-4136-a9c9-3d70252d7258\"><tr><td></td><td class=\"c x493 y29d3 w339 h49\"><div class=\"t m0 x11 h1f y32 ff4 fs7 fc4 sc3 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale<span class=\"fc1 sc0\"> </span></div></td><td></td><td class=\"c x56a y29d3 w366 h49\"><div class=\"t m0 x96 h1f y32 ff4 fs7 fc4 sc3 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale<span class=\"fc1 sc0\"> </span></div></td><td></td></tr><tr><td></td><td class=\"c x493 y29d4 w339 h49\"><div class=\"t m0 x31 h1f y68b ff4 fs7 fc4 sc3 ls0 ws0\">31/12/<span class=\"_ _f\"></span>2025<span class=\"fc1 sc0\"> </span></div></td><td class=\"c x56b y29d5 w993 h4ea\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/<span class=\"_ _df\"> </span></div></td><td class=\"c x56c y29d5 w994 h4ea\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">2024<span class=\"_ _df\"> </span></div></td><td></td></tr><tr><td class=\"c x46b y29d6 w200 hc8\"><div class=\"t m0 x8a h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">1. Impo<span class=\"_ _f\"></span>rto ini<span class=\"_ _1\"></span>ziale<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td><td></td><td class=\"c x493 y29d6 w339 hc8\"><div class=\"t m0 xe8 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">206.<span class=\"_ _1\"></span>812<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td><td></td><td class=\"c x56a y29d6 w3e3 hc8\"><div class=\"t m0 xe8 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">222.8<span class=\"_ _1\"></span>75<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x46b y29d7 w200 hc8\"><div class=\"t m0 x8a h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">2. Aum<span class=\"_ _f\"></span>enti<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td><td></td><td class=\"c x493 y29d7 w339 hc8\"><div class=\"t m0 x66 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">42.9<span class=\"_ _f\"></span>24<span class=\"sc0\"> </span></div></td><td></td><td class=\"c x56a y29d7 w3e3 hc8\"><div class=\"t m0 x1e9 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">45.16<span class=\"_ _f\"></span>2<span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x46b y29d8 w200 hc8\"><div class=\"t m0 x8a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">2.1 Imposte antic<span class=\"_ _1\"></span>ipate rilevate<span class=\"_ _1\"></span> nell'esercizio </div></td><td></td><td class=\"c x493 y29d8 w339 hc8\"><div class=\"t m0 x12a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">39.900 </div></td><td></td><td class=\"c x56a y29d8 w3e3 hc8\"><div class=\"t m0 xc h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">45.162 </div></td></tr><tr><td class=\"c x46b y29d9 w200 hc8\"><div class=\"t m0 x2c h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">a) relative a precede<span class=\"_ _1\"></span>nti esercizi<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x493 y29d9 w339 hc8\"><div class=\"t m0 x2 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x56a y29d9 w3e3 hc8\"><div class=\"t m0 x189 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y29da w200 hc8\"><div class=\"t m0 x2c h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">b) dovute al mutame<span class=\"_ _1\"></span>nto di crite<span class=\"_ _1\"></span>ri contabili<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x493 y29da w339 hc8\"><div class=\"t m0 x2 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x56a y29da w3e3 hc8\"><div class=\"t m0 x189 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y29db w200 hc8\"><div class=\"t m0 x2c h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">c) riprese di valore<span class=\"_ _1\"></span> </div></td><td></td><td class=\"c x493 y29db w339 hc8\"><div class=\"t m0 x2 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x56a y29db w3e3 hc8\"><div class=\"t m0 x189 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y29dc w200 hc8\"><div class=\"t m0 x2c h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">d) altre </div></td><td></td><td class=\"c x493 y29dc w339 hc8\"><div class=\"t m0 x12a h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">39.900 </div></td><td></td><td class=\"c x56a y29dc w3e3 hc8\"><div class=\"t m0 xc h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">45.162 </div></td></tr><tr><td class=\"c x46b y29dd w200 hc8\"><div class=\"t m0 x8a h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">2.2 Nuove imp<span class=\"_ _1\"></span>oste o incremen<span class=\"_ _1\"></span>ti di aliquote<span class=\"_ _1\"></span> fiscali </div></td><td></td><td class=\"c x493 y29dd w339 hc8\"><div class=\"t m0 x199 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">3.024 </div></td><td></td><td class=\"c x56a y29dd w3e3 hc8\"><div class=\"t m0 x189 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y29de w200 hc8\"><div class=\"t m0 x8a h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">2.3 Altri aumenti </div></td><td></td><td class=\"c x493 y29de w339 hc8\"><div class=\"t m0 x2 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x56a y29de w3e3 hc8\"><div class=\"t m0 x189 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y29df w200 hc8\"><div class=\"t m0 x8a h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">3. Di<span class=\"_ _1\"></span>min<span class=\"_ _1\"></span>uzion<span class=\"_ _1\"></span>i<span class=\"sc0\"> </span></div></td><td></td><td class=\"c x493 y29df w339 hc8\"><div class=\"t m0 x12a h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">39.9<span class=\"_ _f\"></span>36<span class=\"sc0\"> </span></div></td><td></td><td class=\"c x56a y29df w3e3 hc8\"><div class=\"t m0 x1e9 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">61.22<span class=\"_ _f\"></span>5<span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x46b y29e0 w200 hc8\"><div class=\"t m0 x8a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">3.1 Imposte ant<span class=\"_ _1\"></span>icipate annullate ne<span class=\"_ _f\"></span>l<span class=\"_ _2\"></span>l'eserc<span class=\"_ _1\"></span>izio </div></td><td></td><td class=\"c x493 y29e0 w339 hc8\"><div class=\"t m0 xc h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">39.158 </div></td><td></td><td class=\"c x56a y29e0 w3e3 hc8\"><div class=\"t m0 x1e9 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">61.225 </div></td></tr><tr><td class=\"c x46b y29e1 w200 h227\"><div class=\"t m0 x2c h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">a) rigiri </div></td><td></td><td class=\"c x493 y29e1 w339 h227\"><div class=\"t m0 xc h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">39.158 </div></td><td></td><td class=\"c x56a y29e1 w3e3 h227\"><div class=\"t m0 x1e9 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">61.225 </div></td></tr><tr><td class=\"c x46b y29e2 w200 hc8\"><div class=\"t m0 x2c h1f y28b ff4 fs7 fc1 sc0 lsd7 ws0\">b) <span class=\"ls0\">svalutazioni per<span class=\"_ _1\"></span> sopravvenuta i<span class=\"_ _1\"></span>rrecuperabilit<span class=\"_ _1\"></span>\u00e0<span class=\"_ _df\"> </span></span></div></td><td></td><td class=\"c x493 y29e2 w339 hc8\"><div class=\"t m0 x2 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x56a y29e2 w3e3 hc8\"><div class=\"t m0 x189 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y29e3 w200 hc8\"><div class=\"t m0 x2c h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">c) dovute a mut<span class=\"_ _1\"></span>amento di criteri<span class=\"_ _1\"></span> contabili<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x493 y29e3 w339 hc8\"><div class=\"t m0 x2 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x56a y29e3 w3e3 hc8\"><div class=\"t m0 x189 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y29e4 w200 hc8\"><div class=\"t m0 x2c h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">d) altre </div></td><td></td><td class=\"c x493 y29e4 w339 hc8\"><div class=\"t m0 x2 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x56a y29e4 w3e3 hc8\"><div class=\"t m0 x189 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y29e5 w200 hc8\"><div class=\"t m0 x8a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">3.2 Riduzioni di a<span class=\"_ _1\"></span>liquote fiscali </div></td><td></td><td class=\"c x493 y29e5 w339 hc8\"><div class=\"t m0 x2 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x56a y29e5 w3e3 hc8\"><div class=\"t m0 x189 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y29e6 w200 hc8\"><div class=\"t m0 x8a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">3.3 Altre diminuz<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span>oni:  </div></td><td></td><td class=\"c x493 y29e6 w339 hc8\"><div class=\"t m0 x1a0 h1f y28b ff4 fs7 fc1 sc0 ls34 ws0\">778<span class=\"ls0\"> </span></div></td><td></td><td class=\"c x56a y29e6 w3e3 hc8\"><div class=\"t m0 x189 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y29e7 w200 h64\"><div class=\"t m0 x2c h1f y35c ff4 fs7 fc1 sc0 ls0 ws0\">a) trasformazi<span class=\"_ _1\"></span>one in crediti d'imp<span class=\"_ _f\"></span>o<span class=\"_ _2\"></span>sta di cu<span class=\"_ _1\"></span>i alla legge.n.214/2011<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x493 y29e7 w339 h64\"><div class=\"t m0 x2 h1f y35c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x56a y29e7 w3e3 h64\"><div class=\"t m0 x189 h1f y35c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y29e8 w200 hc8\"><div class=\"t m0 x2c h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">b) altre </div></td><td></td><td class=\"c x493 y29e8 w339 hc8\"><div class=\"t m0 x1a0 h1f y28b ff4 fs7 fc1 sc0 ls34 ws0\">778<span class=\"ls0\"> </span></div></td><td></td><td class=\"c x56a y29e8 w3e3 hc8\"><div class=\"t m0 x189 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y29e9 w200 hc8\"><div class=\"t m0 x8a h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">4. Im<span class=\"_ _1\"></span>por<span class=\"_ _1\"></span>to fi<span class=\"_ _1\"></span>nale<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td><td></td><td class=\"c x493 y29e9 w339 hc8\"><div class=\"t m0 xe8 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">209.<span class=\"_ _1\"></span>801<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td><td></td><td class=\"c x56a y29e9 w3e3 hc8\"><div class=\"t m0 xe8 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">206.<span class=\"_ _1\"></span>812<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td></tr></table>Gli <span class=\"_ _d\"></span>importi <span class=\"_ _d\"></span>presenti <span class=\"_ _d\"></span>nella <span class=\"_ _d\"></span>riga <span class=\"_ _d\"></span>\u201c<span class=\"_ _2\"></span>Nuove <span class=\"_ _2\"></span>im<span class=\"_ _2\"></span>poste <span class=\"_ _d\"></span>o <span class=\"_ _d\"></span>incrementi <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>aliquote <span class=\"_ _d\"></span>fiscali\u201d <span class=\"_ _0\"></span>sono <span class=\"_ _d\"></span>riconducibili all\u2019incremento temporaneo dell\u2019IRAP<span class=\"_ _1\"></span> definito dalla Legge di bilancio 2026.<span class=\"_ _2\"></span><span class=\"ff4\"> </span>11.4 V<span class=\"_ _1\"></span>aria<span class=\"_ _f\"></span>zioni delle<span class=\"_ _1\"></span> impo<span class=\"_ _f\"></span>ste anti<span class=\"_ _1\"></span>cipate<span class=\"_ _f\"></span> di cui a<span class=\"_ _1\"></span>lla L. <span class=\"_ _1\"></span>214/<span class=\"_ _1\"></span>2011 <table class=\"s wbab h4eb\" id=\"_67b594a6-4f46-45b5-a813-c9bcf079d3dc\"><tr><td></td><td class=\"c x56d y29ea w3e4 h49\"><div class=\"t m0 x96 h1f y32 ff4 fs7 fc4 sc3 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale </div></td><td></td><td class=\"c x56e y29ea w116 h49\"><div class=\"t m0 x96 h1f y32 ff4 fs7 fc4 sc3 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale </div></td><td></td></tr><tr><td></td><td class=\"c x56f y29eb w3e3 h49\"><div class=\"t m0 x31 h1f y25 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/<span class=\"_ _f\"></span>2025 </div></td><td class=\"c x570 y29ec w993 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/<span class=\"_ _df\"> </span></div></td><td class=\"c x571 y29ec w994 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc4 sc3 ls0 ws0\">2024<span class=\"_ _df\"> </span></div></td><td></td></tr><tr><td class=\"c x44e y29ed w3e5 hc8\"><div class=\"t m0 x10 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">1. Impo<span class=\"_ _f\"></span>rto ini<span class=\"_ _1\"></span>ziale<span class=\"_ _f\"></span> </div></td><td></td><td class=\"c x56f y29ed w3e3 hc8\"><div class=\"t m0 x1e9 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">26.30<span class=\"_ _f\"></span>2 </div></td><td></td><td class=\"c x56e y29ed w3e6 hc8\"><div class=\"t m0 xc h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">48.87<span class=\"_ _f\"></span>6 </div></td></tr><tr><td class=\"c x44e y29ee w3e7 hc8\"><div class=\"t m0 x10 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">2. Aum<span class=\"_ _f\"></span>enti<span class=\"_ _1\"></span> </div></td><td></td><td class=\"c x56d y29ee w3e4 hc8\"><div class=\"t m0 x191 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">654<span class=\"_ _f\"></span> </div></td><td></td><td class=\"c x56e y29ee w3e6 hc8\"><div class=\"t m0 x120 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y29ef w3e7 hc8\"><div class=\"t m0 x10 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">3. Di<span class=\"_ _1\"></span>min<span class=\"_ _1\"></span>uzion<span class=\"_ _1\"></span>i </div></td><td></td><td class=\"c x56d y29ef w3e4 hc8\"><div class=\"t m0 x22 h1f y28b ff4 fs7 fc1 sc2 ls2a ws0\">29<span class=\"ls0\"> </span></div></td><td></td><td class=\"c x56e y29ef w3e6 hc8\"><div class=\"t m0 x1e9 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">22.57<span class=\"_ _f\"></span>4 </div></td></tr><tr><td class=\"c x44e y29f0 w3e7 hc8\"><div class=\"t m0 x10 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">3.1 Rigiri </div></td><td></td><td class=\"c x56d y29f0 w3e4 hc8\"><div class=\"t m0 x120 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x56e y29f0 w3e6 hc8\"><div class=\"t m0 x1e9 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">22.574 </div></td></tr><tr><td class=\"c x44e y29f1 w3e7 hc8\"><div class=\"t m0 x10 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">3.2 Trasformazi<span class=\"_ _f\"></span>o<span class=\"_ _2\"></span>ne in credi<span class=\"_ _1\"></span>ti d'imposta </div></td><td></td><td class=\"c x56d y29f1 w3e4 hc8\"><div class=\"t m0 x120 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x56e y29f1 w3e6 hc8\"><div class=\"t m0 x120 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y29f2 w3e7 hc8\"><div class=\"t m0 x32 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">a) derivante da perd<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span>te d<span class=\"_ _1\"></span>i esercizio<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x56d y29f2 w3e4 hc8\"><div class=\"t m0 x120 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x56e y29f2 w3e6 hc8\"><div class=\"t m0 x120 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y29f3 w3e7 hc8\"><div class=\"t m0 x32 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">b) derivante da pe<span class=\"_ _1\"></span>rdite fiscali<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x56d y29f3 w3e4 hc8\"><div class=\"t m0 x120 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x56e y29f3 w3e6 hc8\"><div class=\"t m0 x120 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y29f4 w3e7 hc8\"><div class=\"t m0 x10 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">3.3 Altre diminuz<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span>oni </div></td><td></td><td class=\"c x56d y29f4 w3e4 hc8\"><div class=\"t m0 x22 h1f y28b ff4 fs7 fc1 sc0 ls2a ws0\">29<span class=\"ls0\"> </span></div></td><td></td><td class=\"c x56e y29f4 w3e6 hc8\"><div class=\"t m0 x120 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y29f5 w3e7 h227\"><div class=\"t m0 x10 h1f y14c1 ff4 fs7 fc1 sc2 ls0 ws0\">4. Im<span class=\"_ _1\"></span>por<span class=\"_ _1\"></span>to fi<span class=\"_ _1\"></span>nale<span class=\"_ _1\"></span> </div></td><td></td><td class=\"c x56d y29f5 w3e4 h227\"><div class=\"t m0 x1e9 h1f y14c1 ff4 fs7 fc1 sc2 ls0 ws0\">26.9<span class=\"_ _1\"></span>25 </div></td><td></td><td class=\"c x56e y29f5 w3e6 h227\"><div class=\"t m0 x1e9 h1f y14c1 ff4 fs7 fc1 sc2 ls0 ws0\">26.30<span class=\"_ _f\"></span>2 </div></td></tr></table>Per r<span class=\"_ _2\"></span>agioni di tr<span class=\"_ _2\"></span>asparenza informativa vengono <span class=\"_ _2\"></span>fornite le <span class=\"_ _2\"></span>variazioni delle <span class=\"_ _2\"></span>imposte anticipate <span class=\"_ _2\"></span>di cui alla <span class=\"_ _2\"></span>Legge <span class=\"_ _2\"></span>214/2011; <span class=\"_ _2\"></span>sono <span class=\"_ _2\"></span>rivenienti <span class=\"_ _2\"></span>principalmente <span class=\"_ _2\"></span>da <span class=\"_ _2\"></span>svalutazione su <span class=\"_ _2\"></span>crediti, <span class=\"_ _2\"></span>ex <span class=\"_ _2\"></span>art. <span class=\"_ _2\"></span>106, <span class=\"_ _2\"></span>comma 3, DPR 917/86 (24,0 milioni di euro) e da affrancamento su avviamenti (<span class=\"ls4\">2,9</span> milioni di euro).<span class=\"sc2\"> </span>11.5 <span class=\"_ _1\"></span>Varia<span class=\"_ _f\"></span>zioni delle<span class=\"_ _1\"></span> imp<span class=\"_ _1\"></span>oste <span class=\"_ _f\"></span>differite<span class=\"_ _1\"></span> (in co<span class=\"_ _1\"></span>ntropa<span class=\"_ _f\"></span>rtita d<span class=\"_ _1\"></span>el co<span class=\"_ _1\"></span>nto e<span class=\"_ _1\"></span>cono<span class=\"_ _f\"></span>mico)<span class=\"fc1 sc0\"> </span><table class=\"s wbac h4ec\" id=\"_25fa66d9-251f-4f8f-826a-e75b3c91c277\"><tr><td></td><td class=\"c x493 y29f6 w3e8 hcc\"><div class=\"t m0 x36 h1f y32 ff4 fs7 fc4 sc3 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale<span class=\"fc1 sc0\"> </span></div></td><td></td><td class=\"c x572 y29f6 w3e9 hcc\"><div class=\"t m0 x90 h1f y32 ff4 fs7 fc4 sc3 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale<span class=\"fc1 sc0\"> </span></div></td><td></td></tr><tr><td></td><td class=\"c x493 y29f7 w3e8 h1d\"><div class=\"t m0 x37 h1f y400 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/<span class=\"_ _f\"></span>2025<span class=\"fc1 sc0\"> </span></div></td><td class=\"c x573 y29f8 w993 h4ed\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/<span class=\"_ _df\"> </span></div></td><td class=\"c x574 y29f8 w994 h4ed\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">2024<span class=\"_ _df\"> </span></div></td><td></td></tr><tr><td class=\"c x46b y29f9 w265 hc8\"><div class=\"t m0 x8a h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">1. Impo<span class=\"_ _f\"></span>rto ini<span class=\"_ _1\"></span>ziale<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td><td></td><td class=\"c x493 y29f9 w3e8 hc8\"><div class=\"t m0 xe6 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">171.46<span class=\"_ _1\"></span>1<span class=\"sc0\"> </span></div></td><td></td><td class=\"c x572 y29f9 w3ea hc8\"><div class=\"t m0 x11e h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">148.6<span class=\"_ _f\"></span>76 </div></td></tr><tr><td class=\"c x46b y29fa w265 hc8\"><div class=\"t m0 x8a h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">2. Aum<span class=\"_ _f\"></span>enti<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td><td></td><td class=\"c x493 y29fa w3e8 hc8\"><div class=\"t m0 xe6 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">16.89<span class=\"_ _f\"></span>0<span class=\"sc0\"> </span></div></td><td></td><td class=\"c x572 y29fa w3ea hc8\"><div class=\"t m0 x1b1 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">23.29<span class=\"_ _f\"></span>1 </div></td></tr><tr><td class=\"c x46b y29fb w265 hc8\"><div class=\"t m0 x8a h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">2.1 Imposte dif<span class=\"_ _1\"></span>ferite rilevate nel<span class=\"_ _f\"></span>l<span class=\"_ _2\"></span>'eser<span class=\"_ _1\"></span>cizio </div></td><td></td><td class=\"c x493 y29fb w3e8 hc8\"><div class=\"t m0 xe6 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">16.850 </div></td><td></td><td class=\"c x572 y29fb w3ea hc8\"><div class=\"t m0 x1b1 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">23.29<span class=\"_ _f\"></span>1 </div></td></tr><tr><td class=\"c x46b y29fc w265 hc8\"><div class=\"t m0 x2c h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">a) relative a precede<span class=\"_ _1\"></span>nti esercizi<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x493 y29fc w3e8 hc8\"><div class=\"t m0 x191 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x572 y29fc w3ea hc8\"><div class=\"t m0 x58 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y29fd w265 hc8\"><div class=\"t m0 x2c h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">b) dovute al mutame<span class=\"_ _1\"></span>nto di crite<span class=\"_ _1\"></span>ri contabili<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x493 y29fd w3e8 hc8\"><div class=\"t m0 x191 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x572 y29fd w3ea hc8\"><div class=\"t m0 x58 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y29fe w265 hc8\"><div class=\"t m0 x2c h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">c) altre </div></td><td></td><td class=\"c x493 y29fe w3e8 hc8\"><div class=\"t m0 xe6 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">16.850 </div></td><td></td><td class=\"c x572 y29fe w3ea hc8\"><div class=\"t m0 x1b1 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">23.29<span class=\"_ _f\"></span>1 </div></td></tr><tr><td class=\"c x46b y29ff w265 hc8\"><div class=\"t m0 x8a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">2.2 Nuove imp<span class=\"_ _1\"></span>oste o incremen<span class=\"_ _1\"></span>ti di aliquote<span class=\"_ _1\"></span> fiscali </div></td><td></td><td class=\"c x493 y29ff w3e8 hc8\"><div class=\"t m0 xed h1f y28b ff4 fs7 fc1 sc0 lsa ws0\">40<span class=\"ls0\"> </span></div></td><td></td><td class=\"c x572 y29ff w3ea hc8\"><div class=\"t m0 x58 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y2a00 w265 hc8\"><div class=\"t m0 x8a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">2.3 Altri aumenti </div></td><td></td><td class=\"c x493 y2a00 w3e8 hc8\"><div class=\"t m0 x191 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x572 y2a00 w3ea hc8\"><div class=\"t m0 x58 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y2a01 w265 hc8\"><div class=\"t m0 x8a h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">3. Di<span class=\"_ _1\"></span>min<span class=\"_ _1\"></span>uzion<span class=\"_ _1\"></span>i<span class=\"sc0\"> </span></div></td><td></td><td class=\"c x493 y2a01 w3e8 hc8\"><div class=\"t m0 x1e6 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">4.377<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td><td></td><td class=\"c x572 y2a01 w3ea hc8\"><div class=\"t m0 x22 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">506<span class=\"_ _1\"></span> </div></td></tr><tr><td class=\"c x46b y2a02 w265 hc8\"><div class=\"t m0 x8a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">3.1 Imposte di<span class=\"_ _1\"></span>fferite annullate <span class=\"_ _1\"></span>nell'esercizio </div></td><td></td><td class=\"c x493 y2a02 w3e8 hc8\"><div class=\"t m0 x1e6 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">4.372 </div></td><td></td><td class=\"c x572 y2a02 w3ea hc8\"><div class=\"t m0 x22 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">506<span class=\"_ _1\"></span> </div></td></tr><tr><td class=\"c x46b y2a03 w265 hc8\"><div class=\"t m0 x2c h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">a) rigiri </div></td><td></td><td class=\"c x493 y2a03 w3e8 hc8\"><div class=\"t m0 x1e6 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">4.372 </div></td><td></td><td class=\"c x572 y2a03 w3ea hc8\"><div class=\"t m0 x22 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">506<span class=\"_ _1\"></span> </div></td></tr><tr><td class=\"c x46b y2a04 w265 h227\"><div class=\"t m0 x2c h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">b) dovute al mutame<span class=\"_ _1\"></span>nto di crite<span class=\"_ _1\"></span>ri contabili<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x493 y2a04 w3e8 h227\"><div class=\"t m0 x191 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x572 y2a04 w3ea h227\"><div class=\"t m0 x58 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y2a05 w265 hc8\"><div class=\"t m0 x2c h1f y28b ff4 fs7 fc1 sc0 lsdd ws0\">c)<span class=\"ls0\"> altre</span><span class=\"ls0\"> </span></div></td><td></td><td class=\"c x493 y2a05 w3e8 hc8\"><div class=\"t m0 x191 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x572 y2a05 w3ea hc8\"><div class=\"t m0 x58 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y2a06 w265 hc8\"><div class=\"t m0 x8a h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">3.2 Riduzioni di a<span class=\"_ _1\"></span>liquote fiscali </div></td><td></td><td class=\"c x493 y2a06 w3e8 hc8\"><div class=\"t m0 x191 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x572 y2a06 w3ea hc8\"><div class=\"t m0 x58 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y2a07 w265 hc8\"><div class=\"t m0 x8a h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">3.3 Altre diminuz<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span>oni </div></td><td></td><td class=\"c x493 y2a07 w3e8 hc8\"><div class=\"t m0 x191 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">5 </div></td><td></td><td class=\"c x572 y2a07 w3ea hc8\"><div class=\"t m0 x58 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y2a08 w265 hc8\"><div class=\"t m0 x8a h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">4. Im<span class=\"_ _1\"></span>por<span class=\"_ _1\"></span>to fi<span class=\"_ _1\"></span>nale<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td><td></td><td class=\"c x493 y2a08 w3e8 hc8\"><div class=\"t m0 xec h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">183.9<span class=\"_ _1\"></span>75<span class=\"sc0\"> </span></div></td><td></td><td class=\"c x572 y2a08 w3ea hc8\"><div class=\"t m0 xed h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">171.46<span class=\"_ _1\"></span>1 </div></td></tr></table>11.6 Va<span class=\"_ _f\"></span>riazioni <span class=\"_ _1\"></span>delle <span class=\"_ _f\"></span>imposte <span class=\"_ _1\"></span>anti<span class=\"_ _f\"></span>cipate (<span class=\"_ _1\"></span>in cont<span class=\"_ _f\"></span>ropartit<span class=\"_ _f\"></span>a del pat<span class=\"_ _1\"></span>rimo<span class=\"_ _1\"></span>nio ne<span class=\"_ _1\"></span>tto) <table class=\"s wbad h4ee\" id=\"_a983346a-8c7a-400a-b30c-a74ba3c2f2d0\"><tr><td></td><td class=\"c x44a y2a09 w37d h131\"><div class=\"t m0 x11 h1f y32 ff4 fs7 fc4 sc3 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale </div></td><td></td><td class=\"c x44b y2a09 w37e h131\"><div class=\"t m0 x11 h1f y32 ff4 fs7 fc4 sc3 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale </div></td><td></td></tr><tr><td></td><td class=\"c x575 y2a0a w362 h13\"><div class=\"t m0 x31 h1f y825 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/<span class=\"_ _f\"></span>2025 </div></td><td class=\"c x44c y2a0b w990 h4ef\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/<span class=\"_ _df\"> </span></div></td><td class=\"c x576 y2a0b wbae h4ef\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc4 sc3 ls0 ws0\">2024<span class=\"_ _df\"> </span></div></td><td></td></tr><tr><td class=\"c x44e y2a0c w3eb hc8\"><div class=\"t m0 x10 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">1. Im<span class=\"_ _1\"></span>porto<span class=\"_ _1\"></span> iniz<span class=\"_ _1\"></span>iale<span class=\"_ _f\"></span> </div></td><td></td><td class=\"c x575 y2a0c w362 hc8\"><div class=\"t m0 x12a h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">196.<span class=\"_ _1\"></span>274 </div></td><td></td><td class=\"c x44b y2a0c w339 hc8\"><div class=\"t m0 x12a h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">221.26<span class=\"_ _f\"></span>4 </div></td></tr><tr><td class=\"c x44e y2a0d w37f h227\"><div class=\"t m0 x10 h1f y14d6 ff4 fs7 fc1 sc2 ls0 ws0\">2. Aum<span class=\"_ _f\"></span>enti<span class=\"_ _1\"></span> </div></td><td></td><td class=\"c x44a y2a0d w37d h227\"><div class=\"t m0 x11e h1f y14d6 ff4 fs7 fc1 sc2 ls0 ws0\">4.506<span class=\"_ _f\"></span> </div></td><td></td><td class=\"c x44b y2a0d w339 h227\"><div class=\"t m0 xe4 h1f y14d6 ff4 fs7 fc1 sc2 ls0 ws0\">6.5<span class=\"lscf\">94</span> </div></td></tr><tr><td class=\"c x44e y2a0e w37f hc8\"><div class=\"t m0 x10 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">2.1 Imposte antic<span class=\"_ _1\"></span>ipate rilevate<span class=\"_ _1\"></span> nell'esercizio </div></td><td></td><td class=\"c x44a y2a0e w37d hc8\"><div class=\"t m0 x11e h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">4.506 </div></td><td></td><td class=\"c x44b y2a0e w339 hc8\"><div class=\"t m0 xe4 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">6.594 </div></td></tr><tr><td class=\"c x44e y2a0f w37f hc8\"><div class=\"t m0 x32 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">a) relative a precede<span class=\"_ _1\"></span>nti esercizi<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x44a y2a0f w37d hc8\"><div class=\"t m0 x189 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x44b y2a0f w339 hc8\"><div class=\"t m0 x189 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2a10 w37f hc8\"><div class=\"t m0 x32 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">b) dovute al mutame<span class=\"_ _1\"></span>nto di crite<span class=\"_ _1\"></span>ri contabili<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x44a y2a10 w37d hc8\"><div class=\"t m0 x189 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x44b y2a10 w339 hc8\"><div class=\"t m0 x189 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2a11 w37f hc8\"><div class=\"t m0 x32 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">c) altre </div></td><td></td><td class=\"c x44a y2a11 w37d hc8\"><div class=\"t m0 x11e h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">4.506 </div></td><td></td><td class=\"c x44b y2a11 w339 hc8\"><div class=\"t m0 xe4 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">6.5<span class=\"ls2a\">28</span> </div></td></tr><tr><td class=\"c x44e y2a12 w37f hc8\"><div class=\"t m0 x10 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">2.2 Nuove imp<span class=\"_ _1\"></span>oste o incremen<span class=\"_ _1\"></span>ti di aliquote fiscali </div></td><td></td><td class=\"c x44a y2a12 w37d hc8\"><div class=\"t m0 x189 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x44b y2a12 w339 hc8\"><div class=\"t m0 x189 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2a13 w37f hc8\"><div class=\"t m0 x10 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">2.3 Altri aumenti </div></td><td></td><td class=\"c x44a y2a13 w37d hc8\"><div class=\"t m0 x189 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x44b y2a13 w339 hc8\"><div class=\"t m0 x189 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2a14 w37f hc8\"><div class=\"t m0 x10 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">3. Di<span class=\"_ _1\"></span>min<span class=\"_ _1\"></span>uzion<span class=\"_ _1\"></span>i </div></td><td></td><td class=\"c x44a y2a14 w37d hc8\"><div class=\"t m0 xc h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">20.7<span class=\"_ _1\"></span>26 </div></td><td></td><td class=\"c x44b y2a14 w339 hc8\"><div class=\"t m0 x1e9 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">31.58<span class=\"_ _f\"></span>4 </div></td></tr><tr><td class=\"c x44e y2a15 w37f hc8\"><div class=\"t m0 x10 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">3.1 Imposte ant<span class=\"_ _1\"></span>icipate annullate ne<span class=\"_ _f\"></span>l<span class=\"_ _2\"></span>l'eserc<span class=\"_ _1\"></span>izio </div></td><td></td><td class=\"c x44a y2a15 w37d hc8\"><div class=\"t m0 xc h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">20.697 </div></td><td></td><td class=\"c x44b y2a15 w339 hc8\"><div class=\"t m0 x1e9 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">31.584 </div></td></tr><tr><td class=\"c x44e y2a16 w37f hc8\"><div class=\"t m0 x32 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">a) rigiri </div></td><td></td><td class=\"c x44a y2a16 w37d hc8\"><div class=\"t m0 xc h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">20.697 </div></td><td></td><td class=\"c x44b y2a16 w339 hc8\"><div class=\"t m0 x1e9 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">31.584 </div></td></tr><tr><td class=\"c x44e y2a17 w37f hc8\"><div class=\"t m0 x32 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">b) svalutazioni per<span class=\"_ _f\"></span> sopravvenuta irrecupe<span class=\"_ _1\"></span>rabilit\u00e0<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x44a y2a17 w37d hc8\"><div class=\"t m0 x189 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x44b y2a17 w339 hc8\"><div class=\"t m0 x189 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2a18 w37f hc8\"><div class=\"t m0 x32 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">c) dovute al mutame<span class=\"_ _1\"></span>nto di criter<span class=\"_ _1\"></span>i contabili </div></td><td></td><td class=\"c x44a y2a18 w37d hc8\"><div class=\"t m0 x189 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x44b y2a18 w339 hc8\"><div class=\"t m0 x189 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2a19 w37f hc8\"><div class=\"t m0 x32 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">d) altre </div></td><td></td><td class=\"c x44a y2a19 w37d hc8\"><div class=\"t m0 x189 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x44b y2a19 w339 hc8\"><div class=\"t m0 x189 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2a1a w37f hc8\"><div class=\"t m0 x10 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">3.2 Riduzioni di a<span class=\"_ _1\"></span>liquote fiscali </div></td><td></td><td class=\"c x44a y2a1a w37d hc8\"><div class=\"t m0 x189 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x44b y2a1a w339 hc8\"><div class=\"t m0 x189 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2a1b w37f h227\"><div class=\"t m0 x10 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">3.3 Altre diminuz<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span>oni </div></td><td></td><td class=\"c x44a y2a1b w37d h227\"><div class=\"t m0 x24 h1f y28b ff4 fs7 fc1 sc0 ls2a ws0\">29<span class=\"ls0\"> </span></div></td><td></td><td class=\"c x44b y2a1b w339 h227\"><div class=\"t m0 x189 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2a1c w37f hc8\"><div class=\"t m0 x10 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">4. Im<span class=\"_ _1\"></span>por<span class=\"_ _1\"></span>to fi<span class=\"_ _1\"></span>nale<span class=\"_ _1\"></span> </div></td><td></td><td class=\"c x44a y2a1c w37d hc8\"><div class=\"t m0 xe8 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">180.0<span class=\"_ _f\"></span>54 </div></td><td></td><td class=\"c x44b y2a1c w339 hc8\"><div class=\"t m0 x12a h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">196.<span class=\"_ _1\"></span>2<span class=\"ls35\">74</span> </div></td></tr></table>11.7 <span class=\"_ _1\"></span>Variazi<span class=\"_ _1\"></span>oni de<span class=\"_ _1\"></span>lle im<span class=\"_ _f\"></span>poste di<span class=\"_ _1\"></span>ffe<span class=\"_ _f\"></span>rite (in co<span class=\"_ _1\"></span>ntropa<span class=\"_ _f\"></span>rtita d<span class=\"_ _1\"></span>el pa<span class=\"_ _f\"></span>trimonio<span class=\"_ _1\"></span> netto<span class=\"_ _f\"></span>)<span class=\"_ _2\"></span><span class=\"fc1 sc0\"> </span><table class=\"s wbaf h4f0\" id=\"_83eff5bf-a14c-4018-987c-c499f55defd5\"><tr><td></td><td class=\"c x577 y2a1d w327 h49\"><div class=\"t m0 x90 h1f y32 ff4 fs7 fc4 sc3 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale<span class=\"fc1 sc0\"> </span></div></td><td></td><td class=\"c x578 y2a1d w3ec h49\"><div class=\"t m0 x30 h1f y32 ff4 fs7 fc4 sc3 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale<span class=\"fc1 sc0\"> </span></div></td></tr><tr><td></td><td class=\"c x577 y2a1e w327 h49\"><div class=\"t m0 x36 h1f y25 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/<span class=\"_ _f\"></span>2025<span class=\"fc1 sc0\"> </span></div></td><td class=\"c x579 y2a1f w990 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/<span class=\"_ _df\"> </span></div></td><td class=\"c x57a y2a1f wbae h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">2024<span class=\"_ _df\"> </span></div></td></tr><tr><td class=\"c x46b y2a20 w3ed hc8\"><div class=\"t m0 x8a h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">1. Impo<span class=\"_ _f\"></span>rto ini<span class=\"_ _1\"></span>ziale<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td><td></td><td class=\"c x577 y2a20 w327 hc8\"><div class=\"t m0 xe4 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">119.53<span class=\"_ _f\"></span>9<span class=\"sc0\"> </span></div></td><td class=\"c x578 y2a20 w3ee hc8\"><div class=\"t m0 xef h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">136.2<span class=\"_ _f\"></span>20<span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x46b y2a21 w3ed hc8\"><div class=\"t m0 x8a h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">2. Aum<span class=\"_ _f\"></span>enti<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td><td></td><td class=\"c x577 y2a21 w327 hc8\"><div class=\"t m0 x191 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">5.012<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x578 y2a21 w3ee hc8\"><div class=\"t m0 xeb h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">2.269<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x46b y2a22 w3ed hc8\"><div class=\"t m0 x8a h1f y28b ff5 fs7 fc1 sc0 ls0 ws0\">2.1 Imposte dif<span class=\"_ _1\"></span>ferite rilevate nel<span class=\"_ _f\"></span>l<span class=\"_ _2\"></span>\u2019esercizio<span class=\"ff4\"> </span></div></td><td></td><td class=\"c x577 y2a22 w327 hc8\"><div class=\"t m0 x171 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">5.012 </div></td><td class=\"c x578 y2a22 w3ee hc8\"><div class=\"t m0 xeb h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">2.269 </div></td></tr><tr><td class=\"c x46b y2a23 w3ed hc8\"><div class=\"t m0 x2c h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">a) relative a precede<span class=\"_ _1\"></span>nti esercizi<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x577 y2a23 w327 hc8\"><div class=\"t m0 x58 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x578 y2a23 w3ee hc8\"><div class=\"t m0 xed h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y2a24 w3ed hc8\"><div class=\"t m0 x2c h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">b) dovute al mutame<span class=\"_ _1\"></span>nto dei criter<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span> contabi<span class=\"_ _f\"></span>l<span class=\"_ _2\"></span>i<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x577 y2a24 w327 hc8\"><div class=\"t m0 x58 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x578 y2a24 w3ee hc8\"><div class=\"t m0 xed h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y2a25 w3ed hc8\"><div class=\"t m0 x2c h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">c) altre </div></td><td></td><td class=\"c x577 y2a25 w327 hc8\"><div class=\"t m0 x171 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">5.012 </div></td><td class=\"c x578 y2a25 w3ee hc8\"><div class=\"t m0 xeb h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">2.269 </div></td></tr><tr><td class=\"c x46b y2a26 w3ed hc8\"><div class=\"t m0 x8a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">2.2 Nuove imp<span class=\"_ _1\"></span>oste o incrementi d<span class=\"_ _1\"></span>i aliquote f<span class=\"_ _1\"></span>iscali </div></td><td></td><td class=\"c x577 y2a26 w327 hc8\"><div class=\"t m0 x58 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x578 y2a26 w3ee hc8\"><div class=\"t m0 xed h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y2a27 w3ed hc8\"><div class=\"t m0 x8a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">2.3 Altri aumenti </div></td><td></td><td class=\"c x577 y2a27 w327 hc8\"><div class=\"t m0 x58 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x578 y2a27 w3ee hc8\"><div class=\"t m0 xed h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y2a28 w3ed hc8\"><div class=\"t m0 x8a h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">3. Di<span class=\"_ _1\"></span>min<span class=\"_ _1\"></span>uzion<span class=\"_ _1\"></span>i<span class=\"sc0\"> </span></div></td><td></td><td class=\"c x577 y2a28 w327 hc8\"><div class=\"t m0 x22 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">785<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x578 y2a28 w3ee hc8\"><div class=\"t m0 x11f h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">18.95<span class=\"_ _f\"></span>0<span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x46b y2a29 w3ed hc8\"><div class=\"t m0 x8a h1f ye4c ff5 fs7 fc1 sc0 ls0 ws0\">3.1 Imposte di<span class=\"_ _1\"></span>fferite annullate <span class=\"_ _1\"></span>nell\u2019esercizio<span class=\"ff4\"> </span></div></td><td></td><td class=\"c x577 y2a29 w327 hc8\"><div class=\"t m0 x22 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">785 </div></td><td class=\"c x578 y2a29 w3ee hc8\"><div class=\"t m0 x11f h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">18.950 </div></td></tr><tr><td class=\"c x46b y2a2a w3ed h227\"><div class=\"t m0 x2c h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">a) rigiri </div></td><td></td><td class=\"c x577 y2a2a w327 h227\"><div class=\"t m0 x22 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">785 </div></td><td class=\"c x578 y2a2a w3ee h227\"><div class=\"t m0 x11f h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">18.950 </div></td></tr><tr><td class=\"c x46b y2a2b w3ed hc8\"><div class=\"t m0 x2c h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">b) dovute al mutame<span class=\"_ _1\"></span>nto di crite<span class=\"_ _1\"></span>ri contabili<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x577 y2a2b w327 hc8\"><div class=\"t m0 x58 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x578 y2a2b w3ee hc8\"><div class=\"t m0 xed h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y2a2c w3ed hc8\"><div class=\"t m0 x2c h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">c) altre </div></td><td></td><td class=\"c x577 y2a2c w327 hc8\"><div class=\"t m0 x58 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x578 y2a2c w3ee hc8\"><div class=\"t m0 xed h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y2a2d w3ed hc8\"><div class=\"t m0 x8a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">3.2 Riduzioni di a<span class=\"_ _1\"></span>liquote fiscali </div></td><td></td><td class=\"c x577 y2a2d w327 hc8\"><div class=\"t m0 x58 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x578 y2a2d w3ee hc8\"><div class=\"t m0 xed h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y2a2e w3ed hc8\"><div class=\"t m0 x8a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">3.3 Altre diminuz<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span>oni </div></td><td></td><td class=\"c x577 y2a2e w327 hc8\"><div class=\"t m0 x58 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x578 y2a2e w3ee hc8\"><div class=\"t m0 xed h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y2a2f w3ed hc8\"><div class=\"t m0 x8a h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">4. Im<span class=\"_ _1\"></span>por<span class=\"_ _1\"></span>to fi<span class=\"_ _1\"></span>nale<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td><td></td><td class=\"c x577 y2a2f w327 hc8\"><div class=\"t m0 x11e h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">123.76<span class=\"_ _f\"></span>6<span class=\"sc0\"> </span></div></td><td class=\"c x578 y2a2f w3ee hc8\"><div class=\"t m0 x124 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">119.53<span class=\"_ _f\"></span>9<span class=\"sc0\"> </span></div></td></tr></table>Sezio<span class=\"_ _1\"></span>ne <span class=\"ls5b\">12 </span><span class=\"ff5\">\u2013</span> A<span class=\"_ _f\"></span>ttivit\u00e0 non <span class=\"_ _1\"></span>corren<span class=\"_ _1\"></span>ti e gru<span class=\"_ _f\"></span>ppi di attivit\u00e0<span class=\"_ _f\"></span> in via d<span class=\"_ _1\"></span>i dismis<span class=\"_ _1\"></span>sione<span class=\"_ _1\"></span> e pa<span class=\"_ _f\"></span>ssivit\u00e0 ass<span class=\"_ _1\"></span>ociate<span class=\"_ _f\"></span> <span class=\"_ _2\"></span><span class=\"ff5\">\u2013</span> Vo<span class=\"_ _f\"></span>ce 120 dell\u2019a<span class=\"_ _f\"></span>ttivo e voce<span class=\"_ _1\"></span> 70 d<span class=\"_ _f\"></span>el passivo<span class=\"ff4\"> </span>12.1 At<span class=\"_ _1\"></span>tivit\u00e0<span class=\"_ _f\"></span> non corr<span class=\"_ _f\"></span>enti e gru<span class=\"_ _1\"></span>ppi <span class=\"_ _f\"></span>di attivit\u00e0<span class=\"_ _f\"></span> in via di<span class=\"_ _1\"></span> dism<span class=\"_ _1\"></span>issio<span class=\"_ _f\"></span>ne: com<span class=\"_ _1\"></span>posizi<span class=\"_ _1\"></span>one p<span class=\"_ _1\"></span>er ti<span class=\"_ _1\"></span>polog<span class=\"_ _1\"></span>ia d<span class=\"_ _1\"></span>i at<span class=\"_ _1\"></span>tivit\u00e0 <table class=\"s wbb0 h4f1\" id=\"_05c62c38-3dbc-4667-9f3c-5368b9062be8\"><tr><td></td><td class=\"c x57b y2a30 w123 h2c\"><div class=\"t m0 x8f h1f y32 ff4 fs7 fc4 sc3 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale </div></td><td></td><td class=\"c x57c y2a30 w3f1 h2c\"><div class=\"t m0 x8f h1f y32 ff4 fs7 fc4 sc3 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale </div></td><td></td></tr><tr><td class=\"c x44e y2a31 w3f4 h2c\"><div class=\"t m0 x10 h1f y32 ff4 fs7 fc1 sc2 ls0 ws0\">A. Att<span class=\"_ _f\"></span>ivit\u00e0 pos<span class=\"_ _f\"></span>sedute<span class=\"_ _f\"></span> per la v<span class=\"_ _f\"></span>endita<span class=\"_ _1\"></span> </div></td><td class=\"c x57b y2a32 w3f2 h2c\"><div class=\"t m0 x97 h1f y32 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/<span class=\"_ _f\"></span>2025 </div></td><td class=\"c x57d y2a33 w993 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/<span class=\"_ _df\"> </span></div></td><td class=\"c x57e y2a33 w994 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">2024<span class=\"_ _df\"> </span></div></td><td></td></tr><tr><td class=\"c x44e y2a34 w3f4 h2c\"><div class=\"t m0 x10 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">A.1 Attivit\u00e0 finanz<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span>arie </div></td><td></td><td class=\"c x57b y2a34 w3f5 h2c\"><div class=\"t m0 x22 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x57c y2a34 w3f6 h2c\"><div class=\"t m0 x22 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2a35 w3f4 h2d\"><div class=\"t m0 x10 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">A.2 Partecipazioni<span class=\"_ _1\"></span> </div></td><td></td><td class=\"c x57b y2a35 w3f5 h2d\"><div class=\"t m0 x22 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x57c y2a35 w3f6 h2d\"><div class=\"t m0 x22 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2a36 w3f4 h2d\"><div class=\"t m0 x10 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">A.3 Attivit\u00e0 mate<span class=\"_ _1\"></span>riali<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x57b y2a36 w3f5 h2d\"><div class=\"t m0 x22 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x57c y2a36 w3f6 h2d\"><div class=\"t m0 xed h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">533 </div></td></tr><tr><td class=\"c x44e y2a37 w3f4 h279\"><div class=\"t m0 x32 h1f y54 ff5 fs7 fc1 sc0 ls0 ws0\">di cui: ottenute<span class=\"_ _1\"></span> tramite l\u2019escuss<span class=\"_ _1\"></span>ione delle ga<span class=\"_ _1\"></span>ranzie ricevute<span class=\"ff4\"> </span></div></td><td></td><td class=\"c x57b y2a37 w3f5 h279\"><div class=\"t m0 x22 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x57c y2a37 w3f6 h279\"><div class=\"t m0 x22 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2a38 w3f4 h2c\"><div class=\"t m0 x10 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">A.4 Attivit\u00e0 imm<span class=\"_ _1\"></span>ateriali<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x57b y2a38 w3f5 h2c\"><div class=\"t m0 x22 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x57c y2a38 w3f6 h2c\"><div class=\"t m0 x22 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2a39 w3f4 h2c\"><div class=\"t m0 x10 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">A.5 Altre attivit\u00e0<span class=\"_ _1\"></span> non correnti<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x57b y2a39 w3f5 h2c\"><div class=\"t m0 x22 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x57c y2a39 w3f6 h2c\"><div class=\"t m0 x22 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2a3a w3f4 h2d\"><div class=\"t m0 x1d8 h1f y32 ff4 fs7 fc1 sc2 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale (A<span class=\"_ _f\"></span>) </div></td><td></td><td class=\"c x57b y2a3a w3f5 h2d\"><div class=\"t m0 x22 h1f y32 ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td><td></td><td class=\"c x57c y2a3a w3f6 h2d\"><div class=\"t m0 xed h1f y32 ff4 fs7 fc1 sc2 ls0 ws0\">533<span class=\"_ _f\"></span> </div></td></tr><tr><td class=\"c x44e y2a3b w3f4 h2d\"><div class=\"t m1 xbc h5b y32 ff4 fs19 fc1 sc0 ls0 ws0\">di cui valutate <span class=\"_ _1\"></span>al costo </div></td><td></td><td class=\"c x57b y2a3b w3f5 h2d\"><div class=\"t m0 x22 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x57c y2a3b w3f6 h2d\"><div class=\"t m0 xed h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">533 </div></td></tr><tr><td class=\"c x44e y2a3c w3f4 h2d\"><div class=\"t m1 x109 h5b y32 ff4 fs19 fc1 sc0 ls0 ws0\">di cui valutate <span class=\"_ _1\"></span>al fair value <span class=\"_ _1\"></span>livello 1 </div></td><td></td><td class=\"c x57b y2a3c w3f5 h2d\"><div class=\"t m0 x22 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x57c y2a3c w3f6 h2d\"><div class=\"t m0 x22 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2a3d w3f4 h2c\"><div class=\"t m1 x98 h5b y32 ff4 fs19 fc1 sc0 ls0 ws0\">di cui valutate <span class=\"_ _1\"></span>al fair value livell<span class=\"_ _1\"></span>o 2 </div></td><td></td><td class=\"c x57b y2a3d w3f5 h2c\"><div class=\"t m0 x22 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x57c y2a3d w3f6 h2c\"><div class=\"t m0 x22 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2a3e w3f4 h2c\"><div class=\"t m1 x98 h5b y32 ff4 fs19 fc1 sc0 ls0 ws0\">di cui valutate <span class=\"_ _1\"></span>al fair value <span class=\"_ _1\"></span>livello 3 </div></td><td></td><td class=\"c x57b y2a3e w3f5 h2c\"><div class=\"t m0 x22 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x57c y2a3e w3f6 h2c\"><div class=\"t m0 x22 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2a3f w3f4 h2c\"><div class=\"t m0 x10 h1f y32 ff4 fs7 fc1 sc2 ls0 ws0\">B. At<span class=\"_ _1\"></span>tivit<span class=\"_ _1\"></span>\u00e0 ope<span class=\"_ _1\"></span>rat<span class=\"_ _1\"></span>ive ce<span class=\"_ _1\"></span>ssa<span class=\"_ _1\"></span>te </div></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x262 y2a40 wbb1 h4f2\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">B.1 Attivit\u00e0 finanz<span class=\"_ _1\"></span>iarie valutate <span class=\"_ _f\"></span>al<span class=\"_ _2\"></span> fair <span class=\"_ _1\"></span>value con impat<span class=\"_ _1\"></span>to a conto<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x57b y2a41 w3f5 hbb\"><div class=\"t m0 x22 h1f y16ec ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x57c y2a41 w3f6 hbb\"><div class=\"t m0 x22 h1f y16ec ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x262 y2a42 w962 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">economico<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x44e y2a43 w3f4 h2c\"><div class=\"t m0 x10 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">- attivit\u00e0 finanzi<span class=\"_ _1\"></span>arie detenute per <span class=\"_ _f\"></span>l<span class=\"_ _2\"></span>a negoziaz<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span>one<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x57b y2a43 w3f5 h2c\"><div class=\"t m0 x22 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x57c y2a43 w3f6 h2c\"><div class=\"t m0 x22 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2a44 w3f4 h2d\"><div class=\"t m0 x10 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">- attivit\u00e0 finanziarie de<span class=\"_ _f\"></span>signate al fair value </div></td><td></td><td class=\"c x57b y2a44 w3f5 h2d\"><div class=\"t m0 x22 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x57c y2a44 w3f6 h2d\"><div class=\"t m0 x22 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2a45 w3f4 h211\"><div class=\"t m0 x10 h1f y56 ff4 fs7 fc1 sc0 ls0 ws0\">- altre attivit\u00e0 f<span class=\"_ _1\"></span>inanziarie obbl<span class=\"_ _1\"></span>igatoriamente valuta<span class=\"_ _f\"></span>te al fair value<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x57b y2a45 w3f5 h211\"><div class=\"t m0 x22 h1f y56 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x57c y2a45 w3f6 h211\"><div class=\"t m0 x22 h1f y56 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x262 y2a46 wbb2 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">B.2 Attivit\u00e0 fin<span class=\"_ _1\"></span>anziarie valutate <span class=\"_ _f\"></span>al<span class=\"_ _2\"></span> fair<span class=\"_ _f\"></span> v<span class=\"_ _2\"></span>alue con <span class=\"_ _1\"></span>impatto sulla re<span class=\"_ _1\"></span>dditivit\u00e0<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x57b y2a47 w3f5 had\"><div class=\"t m0 x22 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x57c y2a47 w3f6 had\"><div class=\"t m0 x22 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x262 y2a48 w902 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">complessiva<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x44e y2a49 w3f4 h2d\"><div class=\"t m0 x10 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">B.3 Attivit\u00e0 finanz<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span>arie valut<span class=\"_ _f\"></span>at<span class=\"_ _2\"></span>e a<span class=\"_ _1\"></span>l costo ammortizzato </div></td><td></td><td class=\"c x57b y2a49 w3f5 h2d\"><div class=\"t m0 x22 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x57c y2a49 w3f6 h2d\"><div class=\"t m0 x22 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2a4a w3f4 h2d\"><div class=\"t m0 x10 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">B.4 Partecipazion<span class=\"_ _f\"></span>i </div></td><td></td><td class=\"c x57b y2a4a w3f5 h2d\"><div class=\"t m0 x22 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x57c y2a4a w3f6 h2d\"><div class=\"t m0 x22 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2a4b w3f4 h2d\"><div class=\"t m0 x10 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">B.5 Attivit\u00e0 mate<span class=\"_ _1\"></span>riali<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x57b y2a4b w3f5 h2d\"><div class=\"t m0 x22 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x57c y2a4b w3f6 h2d\"><div class=\"t m0 x22 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2a4c w3f4 h279\"><div class=\"t m0 x116 h1f y54 ff5 fs7 fc1 sc0 ls0 ws0\">di cui: ottenute<span class=\"_ _1\"></span> tramite l\u2019escuss<span class=\"_ _1\"></span>ione delle ga<span class=\"_ _1\"></span>ranzie ricevute<span class=\"ff4\"> </span></div></td><td></td><td class=\"c x57b y2a4c w3f5 h279\"><div class=\"t m0 x22 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x57c y2a4c w3f6 h279\"><div class=\"t m0 x22 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2a4d w3f4 h2c\"><div class=\"t m0 x10 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">B.6 Attivit\u00e0 imma<span class=\"_ _1\"></span>teriali<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x57b y2a4d w3f5 h2c\"><div class=\"t m0 x22 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x57c y2a4d w3f6 h2c\"><div class=\"t m0 x22 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2a4e w3f4 h2c\"><div class=\"t m0 x10 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">B.7 Altre attivit<span class=\"_ _1\"></span>\u00e0 </div></td><td></td><td class=\"c x57b y2a4e w3f5 h2c\"><div class=\"t m0 x22 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x57c y2a4e w3f6 h2c\"><div class=\"t m0 x22 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2a4f w3f4 h2d\"><div class=\"t m0 x1d8 h1f y32 ff4 fs7 fc1 sc2 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale (B<span class=\"_ _1\"></span>) </div></td><td></td><td class=\"c x57b y2a4f w3f5 h2d\"><div class=\"t m0 x22 h1f y32 ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td><td></td><td class=\"c x57c y2a4f w3f6 h2d\"><div class=\"t m0 x22 h1f y32 ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2a50 w3f4 h2d\"><div class=\"t m1 xbc h5b y32 ff4 fs19 fc1 sc0 ls0 ws0\">di cui valutate <span class=\"_ _1\"></span>al costo </div></td><td></td><td class=\"c x57b y2a50 w3f5 h2d\"><div class=\"t m0 x22 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x57c y2a50 w3f6 h2d\"><div class=\"t m0 x22 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2a51 w3f4 h2d\"><div class=\"t m1 x109 h5b y32 ff4 fs19 fc1 sc0 ls0 ws0\">di cui valutate <span class=\"_ _1\"></span>al fair value livello 1 </div></td><td></td><td class=\"c x57b y2a51 w3f5 h2d\"><div class=\"t m0 x22 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x57c y2a51 w3f6 h2d\"><div class=\"t m0 x22 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2a52 w3f4 h2c\"><div class=\"t m1 x98 h5b y32 ff4 fs19 fc1 sc0 ls0 ws0\">di cui valutate <span class=\"_ _1\"></span>al fair value <span class=\"_ _1\"></span>livello 2 </div></td><td></td><td class=\"c x57b y2a52 w3f5 h2c\"><div class=\"t m0 x22 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x57c y2a52 w3f6 h2c\"><div class=\"t m0 x22 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2a53 w3f4 h2c\"><div class=\"t m1 x98 h5b y32 ff4 fs19 fc1 sc0 ls0 ws0\">di cui valutate <span class=\"_ _1\"></span>al fair value <span class=\"_ _1\"></span>livello 3 </div></td><td></td><td class=\"c x57b y2a53 w3f5 h2c\"><div class=\"t m0 x22 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x57c y2a53 w3f6 h2c\"><div class=\"t m0 x22 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2a54 w3f4 h279\"><div class=\"t m0 x10 h1f y54 ff4 fs7 fc1 sc2 ls0 ws0\">C. Pas<span class=\"_ _1\"></span>sivi<span class=\"_ _f\"></span>t\u00e0 ass<span class=\"_ _1\"></span>ociat<span class=\"_ _f\"></span>e ad at<span class=\"_ _1\"></span>tivit<span class=\"_ _1\"></span>\u00e0 pos<span class=\"_ _f\"></span>sedute<span class=\"_ _1\"></span> per l<span class=\"_ _1\"></span>a ven<span class=\"_ _f\"></span>dita </div></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x44e y2a55 w3f4 h2e\"><div class=\"t m0 x10 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">C.1 Debiti </div></td><td></td><td class=\"c x57b y2a55 w3f5 h2e\"><div class=\"t m0 x22 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x57c y2a55 w3f6 h2e\"><div class=\"t m0 x22 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2a56 w3f4 h2d\"><div class=\"t m0 x10 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">C.2 Titoli </div></td><td></td><td class=\"c x57b y2a56 w3f5 h2d\"><div class=\"t m0 x22 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x57c y2a56 w3f6 h2d\"><div class=\"t m0 x22 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2a57 w3f4 h2d\"><div class=\"t m0 x10 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">C.3 Altre pass<span class=\"_ _1\"></span>ivit\u00e0 </div></td><td></td><td class=\"c x57b y2a57 w3f5 h2d\"><div class=\"t m0 x22 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x57c y2a57 w3f6 h2d\"><div class=\"t m0 x22 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2a58 w3f4 h2c\"><div class=\"t m0 x1d8 h1f y32 ff4 fs7 fc1 sc2 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale (C)<span class=\"_ _f\"></span> </div></td><td></td><td class=\"c x57b y2a58 w3f5 h2c\"><div class=\"t m0 x22 h1f y32 ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td><td></td><td class=\"c x57c y2a58 w3f6 h2c\"><div class=\"t m0 x22 h1f y32 ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2a59 w3f4 h2c\"><div class=\"t m1 xbc h5b y32 ff4 fs19 fc1 sc0 ls0 ws0\">di cui valutate <span class=\"_ _1\"></span>al costo </div></td><td></td><td class=\"c x57b y2a59 w3f5 h2c\"><div class=\"t m0 x22 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x57c y2a59 w3f6 h2c\"><div class=\"t m0 x22 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2a5a w3f4 h2c\"><div class=\"t m1 x109 h5b y32 ff4 fs19 fc1 sc0 ls0 ws0\">di cui valutate <span class=\"_ _1\"></span>al fair value <span class=\"_ _1\"></span>livello 1 </div></td><td></td><td class=\"c x57b y2a5a w3f5 h2c\"><div class=\"t m0 x22 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x57c y2a5a w3f6 h2c\"><div class=\"t m0 x22 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2a5b w3f4 h2c\"><div class=\"t m1 x98 h5b y32 ff4 fs19 fc1 sc0 ls0 ws0\">di cui valutate <span class=\"_ _1\"></span>al fair value <span class=\"_ _1\"></span>livello 2 </div></td><td></td><td class=\"c x57b y2a5b w3f5 h2c\"><div class=\"t m0 x22 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x57c y2a5b w3f6 h2c\"><div class=\"t m0 x22 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2a5c w3f4 h2c\"><div class=\"t m1 x98 h5b y32 ff4 fs19 fc1 sc0 ls0 ws0\">di cui valutate <span class=\"_ _1\"></span>al fair value <span class=\"_ _1\"></span>livello 3 </div></td><td></td><td class=\"c x57b y2a5c w3f5 h2c\"><div class=\"t m0 x22 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x57c y2a5c w3f6 h2c\"><div class=\"t m0 x22 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2a5d w3f4 h2c\"><div class=\"t m0 x10 h1f y32 ff4 fs7 fc1 sc2 ls0 ws0\">D. Pas<span class=\"_ _f\"></span>sivit\u00e0<span class=\"_ _1\"></span> ass<span class=\"_ _1\"></span>ociat<span class=\"_ _f\"></span>e ad att<span class=\"_ _1\"></span>ivit\u00e0<span class=\"_ _1\"></span> oper<span class=\"_ _f\"></span>ative c<span class=\"_ _1\"></span>essa<span class=\"_ _f\"></span>te </div></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x44e y2a5e w3f4 h260\"><div class=\"t m0 x10 h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">D.1 Passivit\u00e0 fina<span class=\"_ _1\"></span>nziarie valutate a<span class=\"_ _f\"></span>l<span class=\"_ _2\"></span> costo ammo<span class=\"_ _1\"></span>rtizzato </div></td><td></td><td class=\"c x57b y2a5e w3f5 h260\"><div class=\"t m0 x22 h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x57c y2a5e w3f6 h260\"><div class=\"t m0 x22 h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2a5f w3f4 h2d\"><div class=\"t m0 x10 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">D.2 Passivit\u00e0 fina<span class=\"_ _1\"></span>nziarie di neg<span class=\"_ _1\"></span>oziazione </div></td><td></td><td class=\"c x57b y2a5f w3f5 h2d\"><div class=\"t m0 x22 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x57c y2a5f w3f6 h2d\"><div class=\"t m0 x22 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2a60 w3f4 h2d\"><div class=\"t m0 x10 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">D.3 Passivit\u00e0 fi<span class=\"_ _1\"></span>nanziarie designate<span class=\"_ _1\"></span> al fair value<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x57b y2a60 w3f5 h2d\"><div class=\"t m0 x22 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x57c y2a60 w3f6 h2d\"><div class=\"t m0 x22 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2a61 w3f4 h2d\"><div class=\"t m0 x10 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">D.4 Fondi </div></td><td></td><td class=\"c x57b y2a61 w3f5 h2d\"><div class=\"t m0 x22 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x57c y2a61 w3f6 h2d\"><div class=\"t m0 x22 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2a62 w3f4 h2c\"><div class=\"t m0 x10 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">D.5 Altre pass<span class=\"_ _1\"></span>ivit\u00e0 </div></td><td></td><td class=\"c x57b y2a62 w3f5 h2c\"><div class=\"t m0 x22 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x57c y2a62 w3f6 h2c\"><div class=\"t m0 x22 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2a63 w3f4 h2c\"><div class=\"t m0 x1d8 h1f y32 ff4 fs7 fc1 sc2 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale (D<span class=\"_ _1\"></span>) </div></td><td></td><td class=\"c x57b y2a63 w3f5 h2c\"><div class=\"t m0 x22 h1f y32 ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td><td></td><td class=\"c x57c y2a63 w3f6 h2c\"><div class=\"t m0 x22 h1f y32 ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2a64 w3f4 h2c\"><div class=\"t m1 xbc h5b y32 ff4 fs19 fc1 sc0 ls0 ws0\">di cui valutate <span class=\"_ _1\"></span>al costo </div></td><td></td><td class=\"c x57b y2a64 w3f5 h2c\"><div class=\"t m0 x22 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x57c y2a64 w3f6 h2c\"><div class=\"t m0 x22 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2a65 w3f4 h2c\"><div class=\"t m1 x109 h5b y32 ff4 fs19 fc1 sc0 ls0 ws0\">di cui valutate <span class=\"_ _1\"></span>al fair value <span class=\"_ _1\"></span>livello 1 </div></td><td></td><td class=\"c x57b y2a65 w3f5 h2c\"><div class=\"t m0 x22 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x57c y2a65 w3f6 h2c\"><div class=\"t m0 x22 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2a66 w3f4 h2c\"><div class=\"t m1 x98 h5b y32 ff4 fs19 fc1 sc0 ls0 ws0\">di cui valutate <span class=\"_ _1\"></span>al fair value <span class=\"_ _1\"></span>livello 2 </div></td><td></td><td class=\"c x57b y2a66 w3f5 h2c\"><div class=\"t m0 x22 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x57c y2a66 w3f6 h2c\"><div class=\"t m0 x22 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2a67 w3f4 h27a\"><div class=\"t m1 x98 h5b y32 ff4 fs19 fc1 sc0 ls0 ws0\">di cui valutate <span class=\"_ _1\"></span>al fair value <span class=\"_ _1\"></span>livello 3 </div></td><td></td><td class=\"c x57b y2a67 w3f5 h27a\"><div class=\"t m0 x22 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x57c y2a67 w3f6 h27a\"><div class=\"t m0 x22 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr></table>Sezi<span class=\"_ _f\"></span>one 1<span class=\"_ _1\"></span>1 <span class=\"ff5\">\u2013</span> P<span class=\"_ _f\"></span>assivi<span class=\"_ _f\"></span>t\u00e0 assi<span class=\"_ _f\"></span>cura<span class=\"_ _1\"></span>tive<span class=\"_ _1\"></span> <span class=\"ff14\"></span> Vo<span class=\"_ _1\"></span>ce 1<span class=\"_ _f\"></span>10<span class=\"_ _df\"> </span>Come  riportato <span class=\"_ _22\"> </span>nelle  t<span class=\"_ _2\"></span>abelle<span class=\"_ _1\"></span>  s<span class=\"_ _2\"></span>otto  esposte,  le <span class=\"_ _22\"> </span>Pass<span class=\"_ _2\"></span>ivit\u00e0  Assicurative<span class=\"_ _1\"></span>  r<span class=\"_ _2\"></span>isultano  iscritte <span class=\"_ _4\"> </span>per  un ammontare <span class=\"_ _d\"></span>complessivo <span class=\"_ _d\"></span>pari <span class=\"_ _2\"></span>ad <span class=\"_ _d\"></span>Euro <span class=\"_ _d\"></span>5.774 <span class=\"_ _d\"></span>milioni <span class=\"_ _d\"></span>e <span class=\"_ _d\"></span>si <span class=\"_ _d\"></span>compongono <span class=\"_ _d\"></span>di <span class=\"_ _2\"></span>Euro <span class=\"_ _d\"></span>59 <span class=\"_ _d\"></span>milioni <span class=\"_ _d\"></span>relativi <span class=\"_ _d\"></span>a<span class=\"_ _df\"> </span>passivit\u00e0  assicurative  valu<span class=\"_ _f\"></span>t<span class=\"_ _2\"></span>ate  sulla  b<span class=\"_ _1\"></span>ase  del  modello  di <span class=\"_ _16\"> </span>valutazione  General  Mode<span class=\"_ _1\"></span>l  (Contratti assicurativi <span class=\"_ _4\"> </span>emessi  senza <span class=\"_ _4\"> </span>elementi <span class=\"_ _4\"> </span>di <span class=\"_ _22\"> </span>part<span class=\"_ _2\"></span>ecip<span class=\"_ _1\"></span>azione <span class=\"_ _4\"> </span>diretta) <span class=\"_ _4\"> </span>ed <span class=\"_ _4\"> </span>Euro <span class=\"_ _22\"> </span>5.715 <span class=\"_ _4\"> </span>milioni <span class=\"_ _4\"> </span>relativi  a passivit\u00e0 assicurative valutate sulla base del modello di valutazione Variable<span class=\"_ _1\"></span> Fee Approach (di cui:<span class=\"_ _df\"> </span>Contratti <span class=\"_ _1\"></span>assicurativi <span class=\"_ _f\"></span>emessi <span class=\"_ _1\"></span>con <span class=\"_ _f\"></span>elementi <span class=\"_ _1\"></span>di <span class=\"_ _f\"></span>partecipazione <span class=\"_ _1\"></span>diretta - Se<span class=\"_ _f\"></span>gmento Vita <span class=\"_ _f\"></span>per E<span class=\"_ _1\"></span>uro <span class=\"_ _f\"></span>4.757<span class=\"_ _df\"> </span>mln <span class=\"_ _d\"></span>e <span class=\"_ _0\"></span>Contratti <span class=\"_ _0\"></span>d'investimento <span class=\"_ _d\"></span>emessi <span class=\"_ _d\"></span>con <span class=\"_ _0\"></span>elementi <span class=\"_ _0\"></span>di <span class=\"_ _d\"></span>partecipazione <span class=\"_ _0\"></span>discrezionali <span class=\"_ _0\"></span>- <span class=\"_ _0\"></span>Segmento<div class=\"c w37c h297 gsd53\"><div class=\"t m0 x8a h5 y179d ff4 fs1 fc4 sc3 ls0 ws0\">Dinam<span class=\"_ _f\"></span>ica del v<span class=\"_ _1\"></span>alor<span class=\"_ _f\"></span>e di bila<span class=\"_ _1\"></span>ncio d<span class=\"_ _1\"></span>ei co<span class=\"_ _1\"></span>ntrat<span class=\"_ _1\"></span>ti di a<span class=\"_ _f\"></span>ssicurazi<span class=\"_ _1\"></span>one e<span class=\"_ _1\"></span>mes<span class=\"_ _f\"></span>si - GMM o<span class=\"_ _1\"></span> VFA <span class=\"_ _1\"></span>- pa<span class=\"_ _1\"></span>ssivit<span class=\"_ _f\"></span>\u00e0 per res<span class=\"_ _1\"></span>idua <span class=\"_ _1\"></span>coper<span class=\"_ _1\"></span>tura<span class=\"_ _1\"></span> e pe<span class=\"_ _1\"></span>r<span class=\"_ _df\"> </span> </div><div class=\"t m0 x8a h5 y179e ff4 fs1 fc4 sc3 ls0 ws0\">sinist<span class=\"_ _1\"></span>ri acca<span class=\"_ _f\"></span>duti<span class=\"_ _df\"> </span> </div><div class=\"t m0 x8a h1f y11a8 ff4 fs7 fc1 sc0 ls0 ws0\">Come rip<span class=\"_ _1\"></span>ortato di <span class=\"_ _1\"></span>seguito, <span class=\"_ _f\"></span>il margine sui <span class=\"_ _1\"></span>servizi c<span class=\"_ _1\"></span>ontrattual<span class=\"_ _1\"></span>i al 31 <span class=\"_ _1\"></span>dicembr<span class=\"_ _1\"></span>e 2025 <span class=\"_ _1\"></span>risulta pa<span class=\"_ _1\"></span>ri a <span class=\"_ _1\"></span>Euro <span class=\"_ _1\"></span>516  <span class=\"_ _1\"></span>milioni <span class=\"_ _f\"></span>ed \u00e8 composto <span class=\"_ _f\"></span>da circa<span class=\"_ _df\"> </span> </div><div class=\"t m0 x8a h1f yfed ff4 fs7 fc1 sc0 ls0 ws0\">427 mln relativamente<span class=\"_ _1\"></span> ai Contratti a<span class=\"_ _f\"></span>ssi<span class=\"_ _2\"></span>curat<span class=\"_ _1\"></span>ivi emessi con elemen<span class=\"_ _f\"></span>t<span class=\"_ _2\"></span>i di  partec<span class=\"_ _1\"></span>ipazione dire<span class=\"_ _1\"></span>tta, circa 29 mln relativame<span class=\"_ _1\"></span>nte a <span class=\"_ _2\"></span>Contratti<span class=\"_ _df\"> </span><span class=\"_ _f\"></span> </div><div class=\"t m0 x8a h1f y532 ff4 fs7 fc1 sc0 ls0 ws0\">assicurativi <span class=\"_ _2\"></span>emessi <span class=\"_ _d\"></span>senza <span class=\"_ _d\"></span>elementi <span class=\"_ _2\"></span>di <span class=\"_ _0\"></span> <span class=\"_ _d\"></span>partecipazione <span class=\"_ _2\"></span>diretta <span class=\"_ _d\"></span>e <span class=\"_ _d\"></span>circa <span class=\"_ _d\"></span>60 <span class=\"_ _d\"></span>mln <span class=\"_ _d\"></span>relativamente <span class=\"_ _2\"></span>a <span class=\"_ _d\"></span>Contratti <span class=\"_ _d\"></span>d'investimento <span class=\"_ _d\"></span>emessi <span class=\"_ _0\"></span>con<span class=\"_ _df\"> </span> </div><div class=\"t m0 x8a h5 y3e6 ff4 fs7 fc1 sc0 ls0 ws0\">elementi di  partec<span class=\"_ _1\"></span>ipazione d<span class=\"_ _1\"></span>iscrezionali.<span class=\"_ _df\"> </span><span class=\"fs1 sc2\"> </span></div></div><div class=\"c w37c h49 gsd54\"><div class=\"t m0 x8a h5 y302 ff4 fs1 fc4 sc3 ls0 ws0\">Contr<span class=\"_ _1\"></span>atti a<span class=\"_ _f\"></span>ssicurat<span class=\"_ _1\"></span>ivi em<span class=\"_ _f\"></span>essi con<span class=\"_ _f\"></span> elementi<span class=\"_ _1\"></span> di p<span class=\"_ _1\"></span>arte<span class=\"_ _1\"></span>cipazi<span class=\"_ _1\"></span>one d<span class=\"_ _1\"></span>irett<span class=\"_ _f\"></span>a - Segme<span class=\"_ _1\"></span>nto V<span class=\"_ _1\"></span>ita<span class=\"_ _1\"></span><span class=\"fc1 sc2\"> </span></div></div><div class=\"gsd55\"><table class=\"s wbe9 h508\" id=\"_96af2db0-84f6-41c7-b8a6-27f87c4e25d4\"><tr><td></td><td></td><td></td><td class=\"c x604 y2b6e wbea h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">Passivit<span class=\"_ _1\"></span>\u00e0<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td class=\"c x605 y2b6e wbea h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">Passivit<span class=\"_ _1\"></span>\u00e0<span class=\"_ _df\"> </span></div></td><td></td></tr><tr><td class=\"c x46b y2b6f w462 hb8\"><div class=\"t m0 x8a h30 y532 ff4 fsb fc4 sc3 ls0 ws0\">Voci/Pas<span class=\"_ _1\"></span>sivit\u00e0<span class=\"fc1 sc0\"> </span></div></td><td class=\"c x606 y2b70 wbeb h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">Passivit<span class=\"_ _1\"></span>\u00e0 per resi<span class=\"_ _f\"></span>d<span class=\"_ _2\"></span>ua<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x607 y2b71 wbec h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">per sinistri<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x608 y2b70 wbeb h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">Passivit<span class=\"_ _1\"></span>\u00e0 per resi<span class=\"_ _f\"></span>d<span class=\"_ _2\"></span>ua<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x609 y2b71 wbed h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">per sinistri<span class=\"_ _df\"> </span></div></td><td></td></tr><tr><td></td><td class=\"c x60a y27ec wbee h4a9\" colspan=\"2\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">copert<span class=\"_ _1\"></span>ura<span class=\"_ _df\"> </span></div></td><td class=\"c x60b y2b72 wa66 h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">accaduti<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x60c y27ec wbef h4a9\" colspan=\"2\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">copert<span class=\"_ _1\"></span>ura<span class=\"_ _df\"> </span></div></td><td class=\"c x60d y2b72 wbf0 h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">accaduti<span class=\"_ _df\"> </span></div></td><td></td></tr><tr><td></td><td class=\"c x60e y2b73 wbf1 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc4 sc3 ls0 ws0\">Al netto<span class=\"_ _df\"> </span></div></td><td class=\"c x60f y2b74 w463 h49\"><div class=\"t m0 x26 h30 y1d ff4 fsb fc4 sc3 ls0 ws0\">31/12/2025<span class=\"_ _f\"></span><span class=\"fc1 sc0\"> </span></div></td><td class=\"c x610 y2b74 w437 h49\"><div class=\"t m0 xab h30 y1d ff4 fsb fc4 sc3 ls0 ws0\">31/12/2025<span class=\"_ _1\"></span><span class=\"fc1 sc0\"> </span></div></td><td class=\"c x5e0 y2b74 w25f h298\"><div class=\"t m0 x116 h30 y7b1 ff4 fsb fc4 sc3 ls0 ws0\">Totale<span class=\"fc1 sc0\"> </span></div></td><td class=\"c x611 y2b73 wbf1 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc4 sc3 ls0 ws0\">Al netto<span class=\"_ _df\"> </span></div></td><td class=\"c x612 y2b74 w25a h49\"><div class=\"t m0 x26 h30 y1d ff4 fsb fc4 sc3 ls0 ws0\">31/12/202<span class=\"_ _f\"></span>4<span class=\"fc1 sc0\"> </span></div></td><td class=\"c x613 y2b74 w25f h49\"><div class=\"t m0 xab h30 y1d ff4 fsb fc4 sc3 ls0 ws0\">31/12/202<span class=\"_ _f\"></span>4<span class=\"fc1 sc0\"> </span></div></td><td class=\"c x50f y2b74 w163 h298\"><div class=\"t m0 x116 h30 y7b1 ff4 fsb fc4 sc3 ls0 ws0\">Totale<span class=\"fc1 sc0\"> </span></div></td></tr><tr><td></td><td class=\"c x614 y2b75 wab3 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc4 sc3 ls0 ws0\">della<span class=\"_ _df\"> </span></div></td><td class=\"c x4c5 y2b76 w1b0 h203\"><div class=\"t m0 x2f h30 y15 ff4 fsb fc4 sc3 ls0 ws0\">Perdita<span class=\"fc1 sc0\"> </span></div></td><td></td><td></td><td class=\"c x615 y2b75 wab3 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc4 sc3 ls0 ws0\">della<span class=\"_ _df\"> </span></div></td><td class=\"c x616 y2b76 w464 h203\"><div class=\"t m0 x2f h30 y15 ff4 fsb fc4 sc3 ls0 ws0\">Perdita<span class=\"fc1 sc0\"> </span></div></td><td></td><td></td></tr><tr><td></td><td class=\"c x60e y2b77 wbf2 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc4 sc3 ls0 ws0\">perdita<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td class=\"c x617 y2b77 wbf2 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc4 sc3 ls0 ws0\">perdita<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td></tr><tr><td class=\"c x46b y2b78 w465 h131\"><div class=\"t m0 x8a h30 y392 ff4 fsb fc1 sc2 ls0 ws0\">A. Valore<span class=\"_ _1\"></span> di bilancio<span class=\"_ _f\"></span> iniziale<span class=\"sc0\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2a8 y27f8 wbf3 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">1. Contratti di assi<span class=\"_ _2\"></span>curazione<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2a8 y2b79 wbf4 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">emessi che<span class=\"_ _2\"></span> costituiscono<span class=\"_ _df\"> </span></div></td><td class=\"c x60f y2b7a w162 h136\"><div class=\"t m0 xac h30 y9bd ff4 fsb fc1 sc0 ls0 ws0\">4.352.558 </div></td><td class=\"c x4c5 y2b7a w1a4 h136\"><div class=\"t m0 x31 h30 y9bd ff4 fsb fc1 sc0 ls0 ws0\">-</div></td><td class=\"c x483 y2b7a w38d h136\"><div class=\"t m0 x39 h30 y9bd ff4 fsb fc1 sc0 ls0 ws0\">30.209</div></td><td class=\"c x5e0 y2b7a w1e2 h136\"><div class=\"t m0 x8e h30 y9bd ff4 fsb fc1 sc0 ls0 ws0\">4.382.767 </div></td><td class=\"c x612 y2b7a w1a5 h136\"><div class=\"t m0 x2f h30 y9bd ff4 fsb fc1 sc0 ls0 ws0\">3.837.771 </div></td><td class=\"c x5e2 y2b7a w1ef h136\"><div class=\"t m0 x31 h30 y9bd ff4 fsb fc1 sc0 ls0 ws0\">-</div></td><td class=\"c x613 y2b7a w1df h136\"><div class=\"t m0 x39 h30 y9bd ff4 fsb fc1 sc0 ls0 ws0\">36.288</div></td><td class=\"c x618 y2b7a w437 h136\"><div class=\"t m0 xac h30 y9bd ff4 fsb fc1 sc0 ls0 ws0\">3.874.059 </div></td></tr><tr><td class=\"c x2a8 y2b7b wbf5 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">passivit\u00e0<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2a8 y2b7c wbf6 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">2. Contratti di assicu<span class=\"_ _2\"></span>razione<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2a8 y2b7d wbf7 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">emessi <span class=\"_ _2\"></span>che costituiscono<span class=\"_ _df\"> </span></div></td><td class=\"c x60f y2b7e w162 h1ab\"><div class=\"t m0 x15 h30 y9bd ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x4c5 y2b7e w1a4 h1ab\"><div class=\"t m0 x31 h30 y9bd ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x483 y2b7e w38d h1ab\"><div class=\"t m0 x36 h30 y9bd ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5e0 y2b7e w1e2 h1ab\"><div class=\"t m0 x36 h30 y9bd ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x612 y2b7e w1a5 h1ab\"><div class=\"t m0 x15 h30 y9bd ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5e2 y2b7e w1ef h1ab\"><div class=\"t m0 x31 h30 y9bd ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x613 y2b7e w1df h1ab\"><div class=\"t m0 x36 h30 y9bd ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x618 y2b7e w437 h1ab\"><div class=\"t m0 x36 h30 y9bd ff4 fsb fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2a8 y2b7f wbf8 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">attivit\u00e0<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x262 y2b80 wbf9 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc2 ls0 ws0\">3. Valore<span class=\"_ _1\"></span> netto di b<span class=\"_ _1\"></span>ilancio al<span class=\"_ _1\"></span> 1\u00b0<span class=\"_ _df\"> </span></div></td><td class=\"c x60f y2b81 w162 h12\"><div class=\"t m0 xac h30 y295 ff4 fsb fc1 sc2 ls0 ws0\">4.352.55<span class=\"_ _f\"></span>9<span class=\"sc0\"> </span></div></td><td class=\"c x4c5 y2b81 w1a4 h12\"><div class=\"t m0 x31 h30 y295 ff4 fsb fc1 sc2 ls0 ws0\">-</div></td><td class=\"c x483 y2b81 w38d h12\"><div class=\"t m0 x39 h30 y295 ff4 fsb fc1 sc2 ls0 ws0\">30.209</div></td><td class=\"c x5e0 y2b81 w1e2 h12\"><div class=\"t m0 x8e h30 y295 ff4 fsb fc1 sc2 ls0 ws0\">4.382.768<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x612 y2b81 w1a5 h12\"><div class=\"t m0 x2f h30 y295 ff4 fsb fc1 sc2 ls0 ws0\">3.837.771<span class=\"sc0\"> </span></div></td><td class=\"c x5e2 y2b81 w1ef h12\"><div class=\"t m0 x31 h30 y295 ff4 fsb fc1 sc2 ls0 ws0\">-</div></td><td class=\"c x613 y2b81 w1df h12\"><div class=\"t m0 x39 h30 y295 ff4 fsb fc1 sc2 ls0 ws0\">36.288<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x618 y2b81 w437 h12\"><div class=\"t m0 x8e h30 y295 ff4 fsb fc1 sc2 ls0 ws0\">3.874.05<span class=\"_ _1\"></span>9<span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x262 y2b82 wbfa h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc2 ls0 ws0\">gennaio<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x46b y2b83 w465 h131\"><div class=\"t m0 x8a h30 y30c ff4 fsb fc1 sc2 ls0 ws0\">B. Ricavi a<span class=\"_ _1\"></span>ssicurati<span class=\"_ _1\"></span>vi<span class=\"sc0\"> </span></div></td><td class=\"c x60f y2b83 w162 h131\"><div class=\"t m0 x2e h30 y30c ff4 fsb fc1 sc2 ls0 ws0\">(68.193)<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x4c5 y2b83 w1a4 h131\"><div class=\"t m0 x31 h30 y30c ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x483 y2b83 w38d h131\"><div class=\"t m0 x36 h30 y30c ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x5e0 y2b83 w1e2 h131\"><div class=\"t m0 x55 h30 y30c ff4 fsb fc1 sc2 ls0 ws0\">(68.193)<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x612 y2b83 w1a5 h131\"><div class=\"t m0 x2a h30 y30c ff4 fsb fc1 sc2 ls0 ws0\">(62.540)<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x5e2 y2b83 w1ef h131\"><div class=\"t m0 x31 h30 y30c ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x613 y2b83 w1df h131\"><div class=\"t m0 x36 h30 y30c ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x618 y2b83 w437 h131\"><div class=\"t m0 x2e h30 y30c ff4 fsb fc1 sc2 ls0 ws0\">(62.540)<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x46b y2b84 w465 h131\"><div class=\"t m0 x8a h30 y392 ff4 fsb fc1 sc2 ls0 ws0\">C. Costi<span class=\"_ _1\"></span> per servizi<span class=\"_ _f\"></span> assicurativi<span class=\"sc0\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2a8 y2b85 wbfb h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">1. Sinistri accaduti e alt<span class=\"_ _2\"></span>ri costi<span class=\"_ _df\"> </span></div></td><td class=\"c x60f y2b86 w162 h12\"><div class=\"t m0 x15 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x4c5 y2b86 w1a4 h12\"><div class=\"t m0 x31 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x483 y2b86 w38d h12\"><div class=\"t m0 x2e h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">474.262 </div></td><td class=\"c x5e0 y2b86 w1e2 h12\"><div class=\"t m0 x2e h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">474.262 </div></td><td class=\"c x612 y2b86 w1a5 h12\"><div class=\"t m0 x15 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5e2 y2b86 w1ef h12\"><div class=\"t m0 x31 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x613 y2b86 w1df h12\"><div class=\"t m0 x2a h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">804.023 </div></td><td class=\"c x618 y2b86 w437 h12\"><div class=\"t m0 x2a h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">804.023 </div></td></tr><tr><td class=\"c x2a8 y2b87 wbfc h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">direttamente attribu<span class=\"_ _2\"></span>ibili<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2a8 y2b88 wbfd h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">2. Variazioni della pass<span class=\"_ _2\"></span>ivit\u00e0 per<span class=\"_ _df\"> </span></div></td><td class=\"c x60f y2b89 w162 h98\"><div class=\"t m0 x15 h30 y27 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x4c5 y2b89 w1a4 h98\"><div class=\"t m0 x31 h30 y27 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x483 y2b89 w38d h98\"><div class=\"t m0 x2f h30 y27 ff4 fsb fc1 sc0 ls0 ws0\">(453.472) </div></td><td class=\"c x5e0 y2b89 w1e2 h98\"><div class=\"t m0 x2f h30 y27 ff4 fsb fc1 sc0 ls0 ws0\">(453.472) </div></td><td class=\"c x612 y2b89 w1a5 h98\"><div class=\"t m0 x15 h30 y27 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5e2 y2b89 w1ef h98\"><div class=\"t m0 x31 h30 y27 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x613 y2b89 w1df h98\"><div class=\"t m0 x8e h30 y27 ff4 fsb fc1 sc0 ls0 ws0\">(784.503) </div></td><td class=\"c x618 y2b89 w437 h98\"><div class=\"t m0 x8e h30 y27 ff4 fsb fc1 sc0 ls0 ws0\">(784.503) </div></td></tr><tr><td class=\"c x2a8 y2b8a wbfe h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">sinistri accaduti<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2a8 y2b8b wbff h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">3. Perdite e relativ<span class=\"_ _2\"></span>i recuperi su<span class=\"_ _df\"> </span></div></td><td class=\"c x60f y2b8c w162 h12\"><div class=\"t m0 x15 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x4c5 y2b8c w1a4 h12\"><div class=\"t m0 x31 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x483 y2b8c w38d h12\"><div class=\"t m0 x36 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5e0 y2b8c w1e2 h12\"><div class=\"t m0 x36 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x612 y2b8c w1a5 h12\"><div class=\"t m0 x15 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5e2 y2b8c w1ef h12\"><div class=\"t m0 x31 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x613 y2b8c w1df h12\"><div class=\"t m0 x36 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x618 y2b8c w437 h12\"><div class=\"t m0 x36 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2a8 y2b8d wc00 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">contratti oneros<span class=\"_ _2\"></span>i<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2a8 y2b8e wc01 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">4. Ammortamento dei cos<span class=\"_ _2\"></span>ti di<span class=\"_ _df\"> </span></div></td><td class=\"c x60f y2b8f w162 h12\"><div class=\"t m0 x97 h30 y295 ff4 fsb fc1 sc0 ls54 ws0\">44<span class=\"ls0\"> </span></div></td><td class=\"c x4c5 y2b8f w1a4 h12\"><div class=\"t m0 x31 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x483 y2b8f w38d h12\"><div class=\"t m0 x36 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5e0 y2b8f w1e2 h12\"><div class=\"t m0 x97 h30 y295 ff4 fsb fc1 sc0 ls54 ws0\">44<span class=\"ls0\"> </span></div></td><td class=\"c x612 y2b8f w1a5 h12\"><div class=\"t m0 x97 h30 y295 ff4 fsb fc1 sc0 ls87 ws0\">54<span class=\"ls0\"> </span></div></td><td class=\"c x5e2 y2b8f w1ef h12\"><div class=\"t m0 x31 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x613 y2b8f w1df h12\"><div class=\"t m0 x36 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x618 y2b8f w437 h12\"><div class=\"t m0 x97 h30 y295 ff4 fsb fc1 sc0 ls87 ws0\">54<span class=\"ls0\"> </span></div></td></tr><tr><td class=\"c x2a8 y2861 wc02 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">acquisizione dei co<span class=\"_ _2\"></span>ntratti<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x46b y2b90 w465 h131\"><div class=\"t m0 x16a h30 y392 ff4 fsb fc1 sc2 ls0 ws0\">5. Totale<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x60f y2b90 w162 h131\"><div class=\"t m0 x97 h30 y392 ff4 fsb fc1 sc2 ls54 ws0\">44<span class=\"sc0 ls0\"> </span></div></td><td class=\"c x4c5 y2b90 w1a4 h131\"><div class=\"t m0 x31 h30 y392 ff4 fsb fc1 sc2 ls0 ws0\">-</div></td><td class=\"c x483 y2b90 w38d h131\"><div class=\"t m0 x14 h30 y392 ff4 fsb fc1 sc2 ls0 ws0\">20.790<span class=\"sc0\"> </span></div></td><td class=\"c x5e0 y2b90 w1e2 h131\"><div class=\"t m0 x39 h30 y392 ff4 fsb fc1 sc2 ls0 ws0\">20.834<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x612 y2b90 w1a5 h131\"><div class=\"t m0 x97 h30 y392 ff4 fsb fc1 sc2 ls6d ws0\">54<span class=\"sc0 ls0\"> </span></div></td><td class=\"c x5e2 y2b90 w1ef h131\"><div class=\"t m0 x31 h30 y392 ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x613 y2b90 w1df h131\"><div class=\"t m0 x48 h30 y392 ff4 fsb fc1 sc2 ls0 ws0\">19.520<span class=\"sc0\"> </span></div></td><td class=\"c x618 y2b90 w437 h131\"><div class=\"t m0 x48 h30 y392 ff4 fsb fc1 sc2 ls0 ws0\">19.574<span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x262 y2b91 wc03 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc2 ls0 ws0\">D. Risult<span class=\"_ _f\"></span>a<span class=\"_ _2\"></span>to dei<span class=\"_ _f\"></span> s<span class=\"_ _2\"></span>ervi<span class=\"_ _1\"></span>zi assicura<span class=\"_ _1\"></span>tivi<span class=\"_ _df\"> </span></div></td><td class=\"c x60f y2b92 w162 h98\"><div class=\"t m0 x2e h30 y27 ff4 fsb fc1 sc2 ls0 ws0\">(68.149)<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x4c5 y2b92 w1a4 h98\"><div class=\"t m0 x31 h30 y27 ff4 fsb fc1 sc2 ls0 ws0\">-</div></td><td class=\"c x483 y2b92 w38d h98\"><div class=\"t m0 x14 h30 y27 ff4 fsb fc1 sc2 ls0 ws0\">20.790<span class=\"sc0\"> </span></div></td><td class=\"c x5e0 y2b92 w1e2 h98\"><div class=\"t m0 x2e h30 y27 ff4 fsb fc1 sc2 ls0 ws0\">(47.35<span class=\"_ _1\"></span>9)<span class=\"sc0\"> </span></div></td><td class=\"c x612 y2b92 w1a5 h98\"><div class=\"t m0 x2a h30 y27 ff4 fsb fc1 sc2 ls0 ws0\">(62.486)<span class=\"sc0\"> </span></div></td><td class=\"c x5e2 y2b92 w1ef h98\"><div class=\"t m0 x31 h30 y27 ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x613 y2b92 w1df h98\"><div class=\"t m0 x48 h30 y27 ff4 fsb fc1 sc2 ls0 ws0\">19.520<span class=\"sc0\"> </span></div></td><td class=\"c x618 y2b92 w437 h98\"><div class=\"t m0 x2e h30 y27 ff4 fsb fc1 sc2 ls0 ws0\">(42.966)<span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x262 y2b93 wc04 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc2 ls0 ws0\">(B+C)<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x262 y2b94 wc05 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc2 ls0 ws0\">E. Costi/ric<span class=\"_ _1\"></span>avi netti<span class=\"_ _1\"></span> di natur<span class=\"_ _1\"></span>a<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x262 y2b95 wc06 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc2 ls0 ws0\">finanziari<span class=\"_ _1\"></span>a<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2a8 y2b96 wc07 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">1. Relativi ai contratti<span class=\"_ _df\"> </span></div></td><td class=\"c x60f y2b97 w162 h99\"><div class=\"t m0 x130 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">131.747 </div></td><td class=\"c x4c5 y2b97 w1a4 h99\"><div class=\"t m0 x31 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x483 y2b97 w38d h99\"><div class=\"t m0 x36 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5e0 y2b97 w1e2 h99\"><div class=\"t m0 x39 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">131.747 </div></td><td class=\"c x612 y2b97 w1a5 h99\"><div class=\"t m0 x2e h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">174.484 </div></td><td class=\"c x5e2 y2b97 w1ef h99\"><div class=\"t m0 x31 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x613 y2b97 w1df h99\"><div class=\"t m0 x36 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x618 y2b97 w437 h99\"><div class=\"t m0 x55 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">174.484 </div></td></tr><tr><td class=\"c x2a8 y2b98 wc08 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">assucurativ<span class=\"_ _2\"></span>i emessi<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x46a y2b99 wc09 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">1.1 Registrati in co<span class=\"_ _2\"></span>nto<span class=\"_ _df\"> </span></div></td><td class=\"c x60f y2b9a w162 h98\"><div class=\"t m0 x55 h30 y27 ff4 fsb fc1 sc0 ls0 ws0\">131.864 </div></td><td class=\"c x4c5 y2b9a w1a4 h98\"><div class=\"t m0 x31 h30 y27 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x483 y2b9a w38d h98\"><div class=\"t m0 x36 h30 y27 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5e0 y2b9a w1e2 h98\"><div class=\"t m0 x55 h30 y27 ff4 fsb fc1 sc0 ls0 ws0\">131.864 </div></td><td class=\"c x612 y2b9a w1a5 h98\"><div class=\"t m0 x130 h30 y27 ff4 fsb fc1 sc0 ls0 ws0\">116.522 </div></td><td class=\"c x5e2 y2b9a w1ef h98\"><div class=\"t m0 x31 h30 y27 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x613 y2b9a w1df h98\"><div class=\"t m0 x36 h30 y27 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x618 y2b9a w437 h98\"><div class=\"t m0 x130 h30 y27 ff4 fsb fc1 sc0 ls0 ws0\">116.522 </div></td></tr><tr><td class=\"c x46a y2b9b wc0a h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">economico<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x46a y2b9c wc0b h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">1.2 Registrati nel co<span class=\"_ _2\"></span>nto<span class=\"_ _df\"> </span></div></td><td class=\"c x60f y2b9d w162 h12\"><div class=\"t m0 x3a h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">(117)<span class=\"_ _df\"> </span></div></td><td class=\"c x4c5 y2b9d w1a4 h12\"><div class=\"t m0 x31 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x483 y2b9d w38d h12\"><div class=\"t m0 x36 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5e0 y2b9d w1e2 h12\"><div class=\"t m0 x27 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">(117) </div></td><td class=\"c x612 y2b9d w1a5 h12\"><div class=\"t m0 x39 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">57.962 </div></td><td class=\"c x5e2 y2b9d w1ef h12\"><div class=\"t m0 x31 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x613 y2b9d w1df h12\"><div class=\"t m0 x36 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x618 y2b9d w437 h12\"><div class=\"t m0 x14 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">57.962 </div></td></tr><tr><td class=\"c x46a y24b1 wc0c h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">economico co<span class=\"_ _2\"></span>mplessivo<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2a8 y2b9e wc0d h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">2. Effetti co<span class=\"_ _2\"></span>nnessi con le<span class=\"_ _df\"> </span></div></td><td class=\"c x60f y2b9f w162 h98\"><div class=\"t m0 x15 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x4c5 y2b9f w1a4 h98\"><div class=\"t m0 x31 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x483 y2b9f w38d h98\"><div class=\"t m0 x36 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5e0 y2b9f w1e2 h98\"><div class=\"t m0 x36 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x612 y2b9f w1a5 h98\"><div class=\"t m0 x15 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5e2 y2b9f w1ef h98\"><div class=\"t m0 x31 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x613 y2b9f w1df h98\"><div class=\"t m0 x36 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x618 y2b9f w437 h98\"><div class=\"t m0 x36 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2a8 y2ba0 wc0e h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">variazioni dei tassi di cam<span class=\"_ _2\"></span>bio<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x46b y2ba1 w465 h131\"><div class=\"t m0 x16a h30 y392 ff4 fsb fc1 sc2 ls0 ws0\">3. Totale<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x60f y2ba1 w162 h131\"><div class=\"t m0 x130 h30 y392 ff4 fsb fc1 sc2 ls0 ws0\">131.747<span class=\"sc0\"> </span></div></td><td class=\"c x4c5 y2ba1 w1a4 h131\"><div class=\"t m0 x31 h30 y392 ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x483 y2ba1 w38d h131\"><div class=\"t m0 x36 h30 y392 ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x5e0 y2ba1 w1e2 h131\"><div class=\"t m0 x39 h30 y392 ff4 fsb fc1 sc2 ls0 ws0\">131.747<span class=\"sc0\"> </span></div></td><td class=\"c x612 y2ba1 w1a5 h131\"><div class=\"t m0 x55 h30 y392 ff4 fsb fc1 sc2 ls0 ws0\">174.484<span class=\"sc0\"> </span></div></td><td class=\"c x5e2 y2ba1 w1ef h131\"><div class=\"t m0 x31 h30 y392 ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x613 y2ba1 w1df h131\"><div class=\"t m0 x36 h30 y392 ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x618 y2ba1 w437 h131\"><div class=\"t m0 x55 h30 y392 ff4 fsb fc1 sc2 ls0 ws0\">174.484<span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x46b y2ba2 w465 h131\"><div class=\"t m0 x8a h30 y392 ff4 fsb fc1 sc2 ls0 ws0\">F. Compo<span class=\"_ _f\"></span>nenti di investi<span class=\"_ _1\"></span>mento<span class=\"sc0\"> </span></div></td><td class=\"c x60f y2ba2 w162 h131\"><div class=\"t m0 x8e h30 y392 ff4 fsb fc1 sc2 ls0 ws0\">(444.2<span class=\"_ _1\"></span>60)<span class=\"sc0\"> </span></div></td><td class=\"c x4c5 y2ba2 w1a4 h131\"><div class=\"t m0 x31 h30 y392 ff4 fsb fc1 sc2 ls0 ws0\">-</div></td><td class=\"c x483 y2ba2 w38d h131\"><div class=\"t m0 x2e h30 y392 ff4 fsb fc1 sc2 ls0 ws0\">444.260<span class=\"_ _df\"> </span></div></td><td class=\"c x5e0 y2ba2 w1e2 h131\"><div class=\"t m0 x36 h30 y392 ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x612 y2ba2 w1a5 h131\"><div class=\"t m0 x2f h30 y392 ff4 fsb fc1 sc2 ls0 ws0\">(778.424<span class=\"_ _1\"></span>)<span class=\"sc0\"> </span></div></td><td class=\"c x5e2 y2ba2 w1ef h131\"><div class=\"t m0 x31 h30 y392 ff4 fsb fc1 sc2 ls0 ws0\">-</div></td><td class=\"c x613 y2ba2 w1df h131\"><div class=\"t m0 x55 h30 y392 ff4 fsb fc1 sc2 ls0 ws0\">778.424<span class=\"sc0\"> </span></div></td><td class=\"c x618 y2ba2 w437 h131\"><div class=\"t m0 x36 h30 y392 ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x262 y2ba4 wc0f h509\"><div class=\"t m0 x250 h30 y2ba3 ff4 fsb fc1 sc2 ls0 ws0\">G. Import<span class=\"_ _1\"></span>o totale<span class=\"_ _f\"></span> <span class=\"_ _2\"></span>registr<span class=\"_ _1\"></span>ato in<span class=\"_ _df\"> </span></div><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc2 ls0 ws0\">conto eco<span class=\"_ _f\"></span>nomico e nel co<span class=\"_ _f\"></span>nto<span class=\"_ _df\"> </span></div></td><td class=\"c x60f y2ba5 w162 h136\"><div class=\"t m0 x8e h30 y9bd ff4 fsb fc1 sc2 ls0 ws0\">(380.662)<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x4c5 y2ba5 w1a4 h136\"><div class=\"t m0 x31 h30 y9bd ff4 fsb fc1 sc2 ls0 ws0\">-</div></td><td class=\"c x483 y2ba5 w38d h136\"><div class=\"t m0 x2e h30 y9bd ff4 fsb fc1 sc2 ls0 ws0\">465.05<span class=\"_ _1\"></span>0</div></td><td class=\"c x5e0 y2ba5 w1e2 h136\"><div class=\"t m0 x39 h30 y9bd ff4 fsb fc1 sc2 ls0 ws0\">84.388<span class=\"sc0\"> </span></div></td><td class=\"c x612 y2ba5 w1a5 h136\"><div class=\"t m0 x8e h30 y9bd ff4 fsb fc1 sc2 ls0 ws0\">(666.426)<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x5e2 y2ba5 w1ef h136\"><div class=\"t m0 x31 h30 y9bd ff4 fsb fc1 sc2 ls0 ws0\">-</div></td><td class=\"c x613 y2ba5 w1df h136\"><div class=\"t m0 x55 h30 y9bd ff4 fsb fc1 sc2 ls0 ws0\">797.944<span class=\"sc0\"> </span></div></td><td class=\"c x618 y2ba5 w437 h136\"><div class=\"t m0 x14 h30 y9bd ff4 fsb fc1 sc2 ls0 ws0\">131.518<span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x262 y2ba6 wc10 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc2 ls0 ws0\">econo<span class=\"_ _1\"></span>mico compl<span class=\"_ _f\"></span>e<span class=\"_ _2\"></span>ssivo<span class=\"_ _f\"></span> (D<span class=\"_ _2\"></span>+E+<span class=\"_ _f\"></span>F)<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x46b y2ba7 w465 h131\"><div class=\"t m0 x8a h30 y392 ff4 fsb fc1 sc2 ls0 ws0\">H. Altre<span class=\"_ _1\"></span> variazioni </div></td><td class=\"c x60f y2ba7 w162 h131\"><div class=\"t m0 x2e h30 y392 ff4 fsb fc1 sc2 ls0 ws0\">(15.443<span class=\"_ _1\"></span>)<span class=\"sc0\"> </span></div></td><td class=\"c x4c5 y2ba7 w1a4 h131\"><div class=\"t m0 x31 h30 y392 ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x483 y2ba7 w38d h131\"><div class=\"t m0 x36 h30 y392 ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x5e0 y2ba7 w1e2 h131\"><div class=\"t m0 x55 h30 y392 ff4 fsb fc1 sc2 ls0 ws0\">(15.443<span class=\"_ _1\"></span>)<span class=\"sc0\"> </span></div></td><td class=\"c x612 y2ba7 w1a5 h131\"><div class=\"t m0 x39 h30 y392 ff4 fsb fc1 sc2 ls0 ws0\">(1.930)<span class=\"sc0\"> </span></div></td><td class=\"c x5e2 y2ba7 w1ef h131\"><div class=\"t m0 x31 h30 y392 ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x613 y2ba7 w1df h131\"><div class=\"t m0 x36 h30 y392 ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x618 y2ba7 w437 h131\"><div class=\"t m0 x14 h30 y392 ff4 fsb fc1 sc2 ls0 ws0\">(1.930)<span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x46b y2ba8 w465 h131\"><div class=\"t m0 x8a h30 y392 ff4 fsb fc1 sc2 ls0 ws0\">I. Movim<span class=\"_ _1\"></span>enti di ca<span class=\"_ _1\"></span>ssa<span class=\"sc0\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x46b y2ba9 w465 h131\"><div class=\"t m0 x16a h30 y392 ff4 fsb fc1 sc0 ls0 ws0\">1. Premi ricevu<span class=\"_ _2\"></span>ti </div></td><td class=\"c x60f y2ba9 w162 h131\"><div class=\"t m0 x55 h30 y392 ff4 fsb fc1 sc0 ls0 ws0\">779.619 </div></td><td class=\"c x4c5 y2ba9 w1a4 h131\"><div class=\"t m0 x31 h30 y392 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x483 y2ba9 w38d h131\"><div class=\"t m0 x36 h30 y392 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5e0 y2ba9 w1e2 h131\"><div class=\"t m0 x55 h30 y392 ff4 fsb fc1 sc0 ls0 ws0\">779.619 </div></td><td class=\"c x612 y2ba9 w1a5 h131\"><div class=\"t m0 x16a h30 y392 ff4 fsb fc1 sc0 ls0 ws0\">1.183.144 </div></td><td class=\"c x5e2 y2ba9 w1ef h131\"><div class=\"t m0 x31 h30 y392 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x613 y2ba9 w1df h131\"><div class=\"t m0 x36 h30 y392 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x618 y2ba9 w437 h131\"><div class=\"t m0 x116 h30 y392 ff4 fsb fc1 sc0 ls0 ws0\">1.183.144 </div></td></tr><tr><td class=\"c x2a8 y2bab wc11 h50a\"><div class=\"t m0 x250 h30 y2baa ff4 fsb fc1 sc0 ls0 ws0\">2. Pagamenti conness<span class=\"_ _2\"></span>i con i<span class=\"_ _df\"> </span></div><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">costi di acquisi<span class=\"_ _2\"></span>zione dei<span class=\"_ _df\"> </span></div></td><td class=\"c x60f y2bac w162 h136\"><div class=\"t m0 x15 h30 y589 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x4c5 y2bac w1a4 h136\"><div class=\"t m0 x31 h30 y589 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x483 y2bac w38d h136\"><div class=\"t m0 x36 h30 y589 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5e0 y2bac w1e2 h136\"><div class=\"t m0 x36 h30 y589 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x612 y2bac w1a5 h136\"><div class=\"t m0 x15 h30 y589 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5e2 y2bac w1ef h136\"><div class=\"t m0 x31 h30 y589 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x613 y2bac w1df h136\"><div class=\"t m0 x36 h30 y589 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x618 y2bac w437 h136\"><div class=\"t m0 x36 h30 y589 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2a8 y2bad wc12 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">contratti<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2a8 y2bae wc13 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">3. Sinistri pagati e altre u<span class=\"_ _2\"></span>scite di<span class=\"_ _df\"> </span></div></td><td class=\"c x60f y2baf w162 h196\"><div class=\"t m0 x15 h30 y27 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x4c5 y2baf w1a4 h196\"><div class=\"t m0 x31 h30 y27 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x483 y2baf w38d h196\"><div class=\"t m0 x2f h30 y27 ff4 fsb fc1 sc0 ls0 ws0\">(474.262) </div></td><td class=\"c x5e0 y2baf w1e2 h196\"><div class=\"t m0 x2f h30 y27 ff4 fsb fc1 sc0 ls0 ws0\">(474.262) </div></td><td class=\"c x612 y2baf w1a5 h196\"><div class=\"t m0 x15 h30 y27 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5e2 y2baf w1ef h196\"><div class=\"t m0 x31 h30 y27 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x613 y2baf w1df h196\"><div class=\"t m0 x8e h30 y27 ff4 fsb fc1 sc0 ls0 ws0\">(804.023) </div></td><td class=\"c x618 y2baf w437 h196\"><div class=\"t m0 x8e h30 y27 ff4 fsb fc1 sc0 ls0 ws0\">(804.023) </div></td></tr><tr><td class=\"c x2a8 y2bb0 wc14 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">cassa<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x46b y2bb1 w465 h131\"><div class=\"t m0 x16a h30 y392 ff4 fsb fc1 sc0 ls0 ws0\">4. Altri movim<span class=\"_ _2\"></span>enti<span class=\"_ _df\"> </span></div></td><td class=\"c x60f y2bb1 w162 h131\"><div class=\"t m0 x15 h30 y392 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x4c5 y2bb1 w1a4 h131\"><div class=\"t m0 x31 h30 y392 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x483 y2bb1 w38d h131\"><div class=\"t m0 x36 h30 y392 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5e0 y2bb1 w1e2 h131\"><div class=\"t m0 x36 h30 y392 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x612 y2bb1 w1a5 h131\"><div class=\"t m0 x15 h30 y392 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5e2 y2bb1 w1ef h131\"><div class=\"t m0 x31 h30 y392 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x613 y2bb1 w1df h131\"><div class=\"t m0 x36 h30 y392 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x618 y2bb1 w437 h131\"><div class=\"t m0 x36 h30 y392 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y2bb2 w465 h131\"><div class=\"t m0 x16a h30 y392 ff4 fsb fc1 sc2 ls0 ws0\">5. Totale<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x60f y2bb2 w162 h131\"><div class=\"t m0 x55 h30 y392 ff4 fsb fc1 sc2 ls0 ws0\">779.619<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x4c5 y2bb2 w1a4 h131\"><div class=\"t m0 x31 h30 y392 ff4 fsb fc1 sc2 ls0 ws0\">-</div></td><td class=\"c x483 y2bb2 w38d h131\"><div class=\"t m0 x2f h30 y392 ff4 fsb fc1 sc2 ls0 ws0\">(474.26<span class=\"ls6a\">2</span><span class=\"ls6a\">)</span><span class=\"sc0\"> </span></div></td><td class=\"c x5e0 y2bb2 w1e2 h131\"><div class=\"t m0 x2e h30 y392 ff4 fsb fc1 sc2 ls0 ws0\">305.357<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x612 y2bb2 w1a5 h131\"><div class=\"t m0 x116 h30 y392 ff4 fsb fc1 sc2 ls0 ws0\">1.183.14<span class=\"_ _1\"></span>4<span class=\"sc0\"> </span></div></td><td class=\"c x5e2 y2bb2 w1ef h131\"><div class=\"t m0 x31 h30 y392 ff4 fsb fc1 sc2 ls0 ws0\">-</div></td><td class=\"c x613 y2bb2 w1df h131\"><div class=\"t m0 x8e h30 y392 ff4 fsb fc1 sc2 ls0 ws0\">(804.023<span class=\"_ _f\"></span>)<span class=\"sc0\"> </span></div></td><td class=\"c x618 y2bb2 w437 h131\"><div class=\"t m0 x39 h30 y392 ff4 fsb fc1 sc2 ls0 ws0\">379.121<span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x262 y2bb3 wc15 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc2 ls0 ws0\">L. Valore<span class=\"_ _1\"></span> netto di b<span class=\"_ _1\"></span>ilancio al<span class=\"_ _1\"></span> 31<span class=\"_ _df\"> </span></div></td><td class=\"c x60f y2bb4 w162 h98\"><div class=\"t m0 x8e h30 y27 ff4 fsb fc1 sc2 ls0 ws0\">4.736.073<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x4c5 y2bb4 w1a4 h98\"><div class=\"t m0 x31 h30 y27 ff4 fsb fc1 sc2 ls0 ws0\">-</div></td><td class=\"c x483 y2bb4 w38d h98\"><div class=\"t m0 x14 h30 y27 ff4 fsb fc1 sc2 ls0 ws0\">20.997<span class=\"sc0\"> </span></div></td><td class=\"c x5e0 y2bb4 w1e2 h98\"><div class=\"t m0 x8e h30 y27 ff4 fsb fc1 sc2 ls0 ws0\">4.757.07<span class=\"_ _1\"></span>0<span class=\"sc0\"> </span></div></td><td class=\"c x612 y2bb4 w1a5 h98\"><div class=\"t m0 xac h30 y27 ff4 fsb fc1 sc2 ls0 ws0\">4.352.55<span class=\"_ _f\"></span>9<span class=\"sc0\"> </span></div></td><td class=\"c x5e2 y2bb4 w1ef h98\"><div class=\"t m0 x31 h30 y27 ff4 fsb fc1 sc2 ls0 ws0\">-</div></td><td class=\"c x613 y2bb4 w1df h98\"><div class=\"t m0 x39 h30 y27 ff4 fsb fc1 sc2 ls0 ws0\">30.209<span class=\"sc0\"> </span></div></td><td class=\"c x618 y2bb4 w437 h98\"><div class=\"t m0 x8e h30 y27 ff4 fsb fc1 sc2 ls0 ws0\">4.382.768<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x262 y2bb5 wc16 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc2 ls0 ws0\">dicembre<span class=\"_ _f\"></span> (<span class=\"_ _2\"></span>A.3+<span class=\"_ _f\"></span>G<span class=\"_ _2\"></span>+H+<span class=\"_ _f\"></span>I.4)<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x46b y2bb6 w465 h131\"><div class=\"t m0 x8a h30 y30c ff4 fsb fc1 sc2 ls0 ws0\">M. Valore<span class=\"_ _1\"></span> di bilanci<span class=\"_ _1\"></span>o finale<span class=\"sc0\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2a8 y2bb7 wbf3 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">1. Contratti di assi<span class=\"_ _2\"></span>curazione<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2a8 y2bb8 wbf4 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">emessi che<span class=\"_ _2\"></span> costituiscono<span class=\"_ _df\"> </span></div></td><td class=\"c x60f y2bb9 w162 h17f\"><div class=\"t m0 xac h30 y589 ff4 fsb fc1 sc0 ls0 ws0\">4.736.073 </div></td><td class=\"c x4c5 y2bb9 w1a4 h17f\"><div class=\"t m0 x31 h30 y589 ff4 fsb fc1 sc0 ls0 ws0\">-</div></td><td class=\"c x483 y2bb9 w38d h17f\"><div class=\"t m0 x14 h30 y589 ff4 fsb fc1 sc0 ls0 ws0\">20.997</div></td><td class=\"c x5e0 y2bb9 w1e2 h17f\"><div class=\"t m0 x8e h30 y589 ff4 fsb fc1 sc0 ls0 ws0\">4.757.070 </div></td><td class=\"c x612 y2bb9 w1a5 h17f\"><div class=\"t m0 xac h30 y589 ff4 fsb fc1 sc0 ls0 ws0\">4.352.558 </div></td><td class=\"c x5e2 y2bb9 w1ef h17f\"><div class=\"t m0 x31 h30 y589 ff4 fsb fc1 sc0 ls0 ws0\">-</div></td><td class=\"c x613 y2bb9 w1df h17f\"><div class=\"t m0 x39 h30 y589 ff4 fsb fc1 sc0 ls0 ws0\">30.209</div></td><td class=\"c x618 y2bb9 w437 h17f\"><div class=\"t m0 x8e h30 y589 ff4 fsb fc1 sc0 ls0 ws0\">4.382.767 </div></td></tr><tr><td class=\"c x2a8 y2bba wbf5 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">passivit\u00e0<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2a8 y2bbb wbf6 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">2. Contratti di assicu<span class=\"_ _2\"></span>razione<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2a8 y2bbc wbf4 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">emessi che<span class=\"_ _2\"></span> costituiscono<span class=\"_ _df\"> </span></div></td><td class=\"c x60f y2bbd w162 h17f\"><div class=\"t m0 x15 h30 yaa6 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x4c5 y2bbd w1a4 h17f\"><div class=\"t m0 x31 h30 yaa6 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x483 y2bbd w38d h17f\"><div class=\"t m0 x36 h30 yaa6 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5e0 y2bbd w1e2 h17f\"><div class=\"t m0 x36 h30 yaa6 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x612 y2bbd w1a5 h17f\"><div class=\"t m0 x15 h30 yaa6 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5e2 y2bbd w1ef h17f\"><div class=\"t m0 x31 h30 yaa6 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x613 y2bbd w1df h17f\"><div class=\"t m0 x36 h30 yaa6 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x618 y2bbd w437 h17f\"><div class=\"t m0 x36 h30 yaa6 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2a8 y2bbe wbf8 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">attivit\u00e0<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x262 y2bbf wc17 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc2 ls0 ws0\">3. Valore<span class=\"_ _1\"></span> netto di b<span class=\"_ _1\"></span>ilancio al<span class=\"_ _1\"></span> 31<span class=\"_ _df\"> </span></div></td><td class=\"c x60f y2bc0 w162 h8a\"><div class=\"t m0 x8e h30 y27 ff4 fsb fc1 sc2 ls0 ws0\">4.736.073<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x4c5 y2bc0 w1a4 h8a\"><div class=\"t m0 x31 h30 y27 ff4 fsb fc1 sc2 ls0 ws0\">-</div></td><td class=\"c x483 y2bc0 w38d h8a\"><div class=\"t m0 x14 h30 y27 ff4 fsb fc1 sc2 ls0 ws0\">20.997<span class=\"sc0\"> </span></div></td><td class=\"c x5e0 y2bc0 w1e2 h8a\"><div class=\"t m0 x8e h30 y27 ff4 fsb fc1 sc2 ls0 ws0\">4.757.07<span class=\"_ _1\"></span>0<span class=\"sc0\"> </span></div></td><td class=\"c x612 y2bc0 w1a5 h8a\"><div class=\"t m0 xac h30 y27 ff4 fsb fc1 sc2 ls0 ws0\">4.352.55<span class=\"_ _f\"></span>8<span class=\"sc0\"> </span></div></td><td class=\"c x5e2 y2bc0 w1ef h8a\"><div class=\"t m0 x31 h30 y27 ff4 fsb fc1 sc2 ls0 ws0\">-</div></td><td class=\"c x613 y2bc0 w1df h8a\"><div class=\"t m0 x39 h30 y27 ff4 fsb fc1 sc2 ls0 ws0\">30.209<span class=\"sc0\"> </span></div></td><td class=\"c x618 y2bc0 w437 h8a\"><div class=\"t m0 x8e h30 y27 ff4 fsb fc1 sc2 ls0 ws0\">4.382.767<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x262 y2491 wc18 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc2 ls0 ws0\">dicembre<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr></table></div><div class=\"c w467 h299 gsd57\"><div class=\"t m0 xe h5 y17aa ff4 fs1 fc4 sc3 ls0 ws0\">Dinam<span class=\"_ _f\"></span>ica del v<span class=\"_ _1\"></span>alor<span class=\"_ _f\"></span>e di bila<span class=\"_ _1\"></span>ncio d<span class=\"_ _1\"></span>ei co<span class=\"_ _1\"></span>ntrat<span class=\"_ _1\"></span>ti di a<span class=\"_ _f\"></span>ssicurazi<span class=\"_ _1\"></span>one e<span class=\"_ _1\"></span>mes<span class=\"_ _f\"></span>si - GMM o<span class=\"_ _1\"></span> VFA <span class=\"_ _1\"></span>- pas<span class=\"_ _f\"></span>sivit\u00e0 per<span class=\"_ _df\"> </span><span class=\"_ _1\"></span> </div><div class=\"t m0 xe h5 y17ab ff4 fs1 fc4 sc3 ls0 ws0\">resid<span class=\"_ _1\"></span>ua co<span class=\"_ _f\"></span>pertura<span class=\"_ _1\"></span> e pe<span class=\"_ _1\"></span>r sinist<span class=\"_ _1\"></span>ri a<span class=\"_ _1\"></span>ccadu<span class=\"_ _1\"></span>ti<span class=\"_ _df\"> </span><span class=\"fc1 sc2\"> </span></div></div><div class=\"c w467 h159 gsd58\"><div class=\"t m0 xe h5 y2ef ff4 fs1 fc4 sc3 ls0 ws0\">Contr<span class=\"_ _1\"></span>atti a<span class=\"_ _f\"></span>ssicurat<span class=\"_ _1\"></span>ivi em<span class=\"_ _f\"></span>essi sen<span class=\"_ _f\"></span>za elem<span class=\"_ _1\"></span>enti d<span class=\"_ _1\"></span>i par<span class=\"_ _1\"></span>tecipa<span class=\"_ _f\"></span>zione d<span class=\"_ _1\"></span>iretta - <span class=\"_ _f\"></span>Segmento<span class=\"_ _f\"></span> Vita<span class=\"fc1 sc2\"> </span></div></div><div class=\"gsd59\"><table class=\"s wc19 h50b\" id=\"_220db95e-a0b8-4fd3-8437-663a2b3c42db\"><tr><td></td><td></td><td></td><td class=\"c x619 y2bc1 wbea h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">Passivit<span class=\"_ _1\"></span>\u00e0<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td class=\"c x61a y2bc1 wbea h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">Passivit<span class=\"_ _1\"></span>\u00e0<span class=\"_ _df\"> </span></div></td><td></td></tr><tr><td class=\"c x46b y2bc2 w22c h1ea\"><div class=\"t m0 x8a h30 y17ae ff4 fsb fc4 sc3 ls0 ws0\">Voci/Pas<span class=\"_ _1\"></span>sivit\u00e0<span class=\"fc1 sc0\"> </span></div></td><td></td><td></td><td class=\"c x61b y2bc3 wbec h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">per sinistri<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td class=\"c x61c y2bc3 wbed h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">per sinistri<span class=\"_ _df\"> </span></div></td><td></td></tr><tr><td></td><td class=\"c x61d y2bc4 wbeb h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">Passivit<span class=\"_ _1\"></span>\u00e0 per resi<span class=\"_ _f\"></span>d<span class=\"_ _2\"></span>ua<span class=\"_ _df\"> </span></div></td><td class=\"c x61e y2bc5 wbee h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">copert<span class=\"_ _1\"></span>ura<span class=\"_ _df\"> </span></div></td><td class=\"c x619 y2bc6 wa66 h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">accaduti<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x61f y2bc4 wbeb h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">Passivit<span class=\"_ _1\"></span>\u00e0 per resi<span class=\"_ _f\"></span>d<span class=\"_ _2\"></span>ua<span class=\"_ _df\"> </span></div></td><td class=\"c x620 y2bc5 wbef h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">copert<span class=\"_ _1\"></span>ura<span class=\"_ _df\"> </span></div></td><td class=\"c x61a y2bc6 wbf0 h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">accaduti<span class=\"_ _df\"> </span></div></td><td></td></tr><tr><td></td><td class=\"c x621 y2bc7 w468 h159\" colspan=\"2\"><div class=\"t m0 x26 h30 y1116 ff4 fsb fc4 sc3 ls0 ws0\">31/12/2025<span class=\"_ _f\"></span><span class=\"fc1 sc0\"> </span></div></td><td class=\"c x622 y2bc7 w356 h159\"><div class=\"t m0 x8a h30 y1116 ff4 fsb fc4 sc3 ls0 ws0\">31/12/2025<span class=\"_ _1\"></span><span class=\"fc1 sc0\"> </span></div></td><td></td><td class=\"c x623 y2bc7 w13 h159\" colspan=\"2\"><div class=\"t m0 x27 h30 y1116 ff4 fsb fc4 sc3 ls0 ws0\">31/12/202<span class=\"_ _f\"></span>4<span class=\"fc1 sc0\"> </span></div></td><td class=\"c x580 y2bc7 w1b2 h159\"><div class=\"t m0 x8a h30 y1116 ff4 fsb fc4 sc3 ls0 ws0\">31/12/202<span class=\"_ _f\"></span>4<span class=\"fc1 sc0\"> </span></div></td><td></td></tr><tr><td></td><td></td><td></td><td></td><td class=\"c x624 y2bc7 w1b2 h29a\"><div class=\"t m0 x116 h30 y7b6 ff4 fsb fc4 sc3 ls0 ws0\">Totale<span class=\"fc1 sc0\"> </span></div></td><td></td><td></td><td></td><td class=\"c x625 y2bc7 w356 h29a\"><div class=\"t m0 x116 h30 y7b6 ff4 fsb fc4 sc3 ls0 ws0\">Totale<span class=\"fc1 sc0\"> </span></div></td></tr><tr><td></td><td class=\"c x626 y2bc8 wbf1 h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">Al netto<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td class=\"c x627 y2bc8 wbf1 h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">Al netto<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td></tr><tr><td></td><td class=\"c x628 y2bc9 wab3 h4aa\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc4 sc3 ls0 ws0\">della<span class=\"_ _df\"> </span></div></td><td class=\"c x5e1 y2bca w10d h29b\"><div class=\"t m0 x2f h30 y11c8 ff4 fsb fc4 sc3 ls0 ws0\">Perdita<span class=\"fc1 sc0\"> </span></div></td><td></td><td></td><td class=\"c x629 y2bc9 wab3 h4aa\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc4 sc3 ls0 ws0\">della<span class=\"_ _df\"> </span></div></td><td class=\"c x62a y2bca w436 h29b\"><div class=\"t m0 x2f h30 y11c8 ff4 fsb fc4 sc3 ls0 ws0\">Perdita<span class=\"fc1 sc0\"> </span></div></td><td></td><td></td></tr><tr><td></td><td class=\"c x62b y27f2 wbf2 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc4 sc3 ls0 ws0\">perdita<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td class=\"c x62c y27f2 wbf2 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc4 sc3 ls0 ws0\">perdita<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td></tr><tr><td class=\"c x46b y2bcb w469 h11\"><div class=\"t m0 x8a h30 yd67 ff4 fsb fc1 sc2 ls0 ws0\">A. Valore<span class=\"_ _1\"></span> di bilancio<span class=\"_ _f\"></span> iniziale<span class=\"sc0\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2a8 y2bcc wc1a h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">1. Contratti di assi<span class=\"_ _2\"></span>curazione emessi<span class=\"_ _df\"> </span></div></td><td class=\"c x621 y2bcd w17d h10\"><div class=\"t m0 x55 h30 y420 ff4 fsb fc1 sc0 ls0 ws0\">55.402 </div></td><td class=\"c x5e1 y2bcd w17d h10\"><div class=\"t m0 x27 h30 y420 ff4 fsb fc1 sc0 ls0 ws0\">130 </div></td><td class=\"c x622 y2bcd w358 h10\"><div class=\"t m0 x2c h30 y420 ff4 fsb fc1 sc0 ls0 ws0\">7.151 </div></td><td class=\"c x624 y2bcd w1a8 h10\"><div class=\"t m0 x130 h30 y420 ff4 fsb fc1 sc0 ls0 ws0\">62.683 </div></td><td class=\"c x623 y2bcd w17c h10\"><div class=\"t m0 x39 h30 y420 ff4 fsb fc1 sc0 ls0 ws0\">57.100 </div></td><td class=\"c x62a y2bcd w46a h10\"><div class=\"t m0 x37 h30 y420 ff4 fsb fc1 sc0 ls5c ws0\">36<span class=\"ls0\"> </span></div></td><td class=\"c x580 y2bcd w1a5 h10\"><div class=\"t m0 x33 h30 y420 ff4 fsb fc1 sc0 ls0 ws0\">5.866 </div></td><td class=\"c x625 y2bcd w35b h10\"><div class=\"t m0 x130 h30 y420 ff4 fsb fc1 sc0 ls0 ws0\">63.002 </div></td></tr><tr><td class=\"c x2a8 y2bce wc1b h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">che costituis<span class=\"_ _2\"></span>cono passivit\u00e0<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2a8 y2bcf wbf6 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">2. Contratti di assicu<span class=\"_ _2\"></span>razione<span class=\"_ _df\"> </span></div></td><td class=\"c x621 y2bd0 w17d h10\"><div class=\"t m0 x30 h30 y825 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5e1 y2bd0 w17d h10\"><div class=\"t m0 x30 h30 y825 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x622 y2bd0 w358 h10\"><div class=\"t m0 x15 h30 y825 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x624 y2bd0 w1a8 h10\"><div class=\"t m0 x15 h30 y825 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x623 y2bd0 w17c h10\"><div class=\"t m0 x30 h30 y825 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x62a y2bd0 w46a h10\"><div class=\"t m0 x30 h30 y825 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x580 y2bd0 w1a5 h10\"><div class=\"t m0 x15 h30 y825 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x625 y2bd0 w35b h10\"><div class=\"t m0 x15 h30 y825 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2a8 y2bd1 wc1c h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">emessi che<span class=\"_ _2\"></span> costituiscono attivit\u00e0<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x262 y2bd2 wbf9 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc2 ls0 ws0\">3. Valore<span class=\"_ _1\"></span> netto di b<span class=\"_ _1\"></span>ilancio al<span class=\"_ _1\"></span> 1\u00b0<span class=\"_ _df\"> </span></div></td><td class=\"c x621 y2bd3 w17d h29c\"><div class=\"t m0 x130 h30 y825 ff4 fsb fc1 sc2 ls0 ws0\">55.402<span class=\"sc0\"> </span></div></td><td class=\"c x5e1 y2bd3 w17d h29c\"><div class=\"t m0 x26 h30 y825 ff4 fsb fc1 sc2 ls0 ws0\">130<span class=\"sc0\"> </span></div></td><td class=\"c x622 y2bd3 w358 h29c\"><div class=\"t m0 x2c h30 y825 ff4 fsb fc1 sc2 ls0 ws0\">7.151<span class=\"sc0\"> </span></div></td><td class=\"c x624 y2bd3 w1a8 h29c\"><div class=\"t m0 x130 h30 y825 ff4 fsb fc1 sc2 ls0 ws0\">62.683<span class=\"sc0\"> </span></div></td><td class=\"c x623 y2bd3 w17c h29c\"><div class=\"t m0 x39 h30 y825 ff4 fsb fc1 sc2 ls0 ws0\">57.100<span class=\"sc0\"> </span></div></td><td class=\"c x62a y2bd3 w46a h29c\"><div class=\"t m0 x37 h30 y825 ff4 fsb fc1 sc2 ls6c ws0\">36<span class=\"sc0 ls0\"> </span></div></td><td class=\"c x580 y2bd3 w1a5 h29c\"><div class=\"t m0 x33 h30 y825 ff4 fsb fc1 sc2 ls0 ws0\">5.866<span class=\"sc0\"> </span></div></td><td class=\"c x625 y2bd3 w35b h29c\"><div class=\"t m0 x130 h30 y825 ff4 fsb fc1 sc2 ls0 ws0\">63.002<span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x262 y2bd4 wbfa h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc2 ls0 ws0\">gennaio<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x46b y2bd5 w469 h11\"><div class=\"t m0 x8a h30 yd67 ff4 fsb fc1 sc2 ls0 ws0\">B. Ricavi a<span class=\"_ _1\"></span>ssicurati<span class=\"_ _1\"></span>vi<span class=\"sc0\"> </span></div></td><td class=\"c x621 y2bd5 w17d h11\"><div class=\"t m0 x2a h30 yd67 ff4 fsb fc1 sc2 ls0 ws0\">(34.162)<span class=\"sc0\"> </span></div></td><td class=\"c x5e1 y2bd5 w17d h11\"><div class=\"t m0 x34 h30 yd67 ff4 fsb fc1 sc2 ls0 ws0\">(5)<span class=\"sc0\"> </span></div></td><td class=\"c x622 y2bd5 w358 h11\"><div class=\"t m0 x15 h30 yd67 ff4 fsb fc1 sc2 ls0 ws0\">-</div></td><td class=\"c x624 y2bd5 w1a8 h11\"><div class=\"t m0 x2e h30 yd67 ff4 fsb fc1 sc2 ls0 ws0\">(34.167)<span class=\"sc0\"> </span></div></td><td class=\"c x623 y2bd5 w17c h11\"><div class=\"t m0 x2a h30 yd67 ff4 fsb fc1 sc2 ls0 ws0\">(31.846)<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x62a y2bd5 w46a h11\"><div class=\"t m0 x30 h30 yd67 ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x580 y2bd5 w1a5 h11\"><div class=\"t m0 x15 h30 yd67 ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x625 y2bd5 w35b h11\"><div class=\"t m0 x2e h30 yd67 ff4 fsb fc1 sc2 ls0 ws0\">(31.846)<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x46b y2bd6 w469 h11\"><div class=\"t m0 x8a h30 yd67 ff4 fsb fc1 sc2 ls0 ws0\">C. Costi<span class=\"_ _1\"></span> per servizi<span class=\"_ _f\"></span> assicurativi<span class=\"sc0\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2a8 y2bd7 wbfb h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">1. Sinistri accaduti e alt<span class=\"_ _2\"></span>ri costi<span class=\"_ _df\"> </span></div></td><td class=\"c x621 y2bd8 w17d h10\"><div class=\"t m0 x30 h30 y420 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5e1 y2bd8 w17d h10\"><div class=\"t m0 x30 h30 y420 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x622 y2bd8 w358 h10\"><div class=\"t m0 x33 h30 y420 ff4 fsb fc1 sc0 ls0 ws0\">9.784 </div></td><td class=\"c x624 y2bd8 w1a8 h10\"><div class=\"t m0 x33 h30 y420 ff4 fsb fc1 sc0 ls0 ws0\">9.784 </div></td><td class=\"c x623 y2bd8 w17c h10\"><div class=\"t m0 x30 h30 y420 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x62a y2bd8 w46a h10\"><div class=\"t m0 x30 h30 y420 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x580 y2bd8 w1a5 h10\"><div class=\"t m0 x39 h30 y420 ff4 fsb fc1 sc0 ls0 ws0\">10.306 </div></td><td class=\"c x625 y2bd8 w35b h10\"><div class=\"t m0 x39 h30 y420 ff4 fsb fc1 sc0 ls0 ws0\">10.306 </div></td></tr><tr><td class=\"c x2a8 y2bd9 wc1d h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">direttamente attri<span class=\"_ _2\"></span>buibili<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2a8 y2bda wbfd h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">2. Variazioni della pass<span class=\"_ _2\"></span>ivit\u00e0 per<span class=\"_ _df\"> </span></div></td><td class=\"c x621 y2bdb w17d h10\"><div class=\"t m0 x30 h30 y420 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5e1 y2bdb w17d h10\"><div class=\"t m0 x30 h30 y420 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x622 y2bdb w358 h10\"><div class=\"t m0 x32 h30 y420 ff4 fsb fc1 sc0 ls0 ws0\">(342) </div></td><td class=\"c x624 y2bdb w1a8 h10\"><div class=\"t m0 x32 h30 y420 ff4 fsb fc1 sc0 ls0 ws0\">(342) </div></td><td class=\"c x623 y2bdb w17c h10\"><div class=\"t m0 x30 h30 y420 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x62a y2bdb w46a h10\"><div class=\"t m0 x30 h30 y420 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x580 y2bdb w1a5 h10\"><div class=\"t m0 x32 h30 y420 ff4 fsb fc1 sc0 ls0 ws0\">1.285 </div></td><td class=\"c x625 y2bdb w35b h10\"><div class=\"t m0 x32 h30 y420 ff4 fsb fc1 sc0 ls0 ws0\">1.285 </div></td></tr><tr><td class=\"c x2a8 y2bdc wbfe h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">sinistri accaduti<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2a8 y2bdd wbff h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">3. Perdite e relativ<span class=\"_ _2\"></span>i recuperi su<span class=\"_ _df\"> </span></div></td><td class=\"c x621 y2bde w17d h10\"><div class=\"t m0 x30 h30 y825 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x5e1 y2bde w17d h10\"><div class=\"t m0 x2c h30 y825 ff4 fsb fc1 sc0 ls0 ws0\">(82)<span class=\"_ _df\"> </span></div></td><td class=\"c x622 y2bde w358 h10\"><div class=\"t m0 x15 h30 y825 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x624 y2bde w1a8 h10\"><div class=\"t m0 x27 h30 y825 ff4 fsb fc1 sc0 ls0 ws0\">(82)<span class=\"_ _df\"> </span></div></td><td class=\"c x623 y2bde w17c h10\"><div class=\"t m0 x30 h30 y825 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x62a y2bde w46a h10\"><div class=\"t m0 x37 h30 y825 ff4 fsb fc1 sc0 ls53 ws0\">93<span class=\"ls0\"> </span></div></td><td class=\"c x580 y2bde w1a5 h10\"><div class=\"t m0 x15 h30 y825 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x625 y2bde w35b h10\"><div class=\"t m0 x97 h30 y825 ff4 fsb fc1 sc0 ls53 ws0\">93<span class=\"_ _df\"> </span></div></td></tr><tr><td class=\"c x2a8 y2bdf wc00 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">contratti oneros<span class=\"_ _2\"></span>i<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2a8 y25cc wc01 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">4. Ammortamento dei cos<span class=\"_ _2\"></span>ti di<span class=\"_ _df\"> </span></div></td><td class=\"c x621 y2be0 w17d h10\"><div class=\"t m0 x48 h30 y825 ff4 fsb fc1 sc0 ls0 ws0\">4.703 </div></td><td class=\"c x5e1 y2be0 w17d h10\"><div class=\"t m0 x30 h30 y825 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x622 y2be0 w358 h10\"><div class=\"t m0 x15 h30 y825 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x624 y2be0 w1a8 h10\"><div class=\"t m0 x33 h30 y825 ff4 fsb fc1 sc0 ls0 ws0\">4.703 </div></td><td class=\"c x623 y2be0 w17c h10\"><div class=\"t m0 x48 h30 y825 ff4 fsb fc1 sc0 ls0 ws0\">3.683 </div></td><td class=\"c x62a y2be0 w46a h10\"><div class=\"t m0 x30 h30 y825 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x580 y2be0 w1a5 h10\"><div class=\"t m0 x15 h30 y825 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x625 y2be0 w35b h10\"><div class=\"t m0 x33 h30 y825 ff4 fsb fc1 sc0 ls0 ws0\">3.683 </div></td></tr><tr><td class=\"c x2a8 y2be1 wc02 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">acquisizione dei<span class=\"_ _2\"></span> contratti<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x46b y2be2 w469 h11\"><div class=\"t m0 x16a h30 yd67 ff4 fsb fc1 sc2 ls0 ws0\">5. Totale<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x621 y2be2 w17d h11\"><div class=\"t m0 x48 h30 yd67 ff4 fsb fc1 sc2 ls0 ws0\">4.703<span class=\"sc0\"> </span></div></td><td class=\"c x5e1 y2be2 w17d h11\"><div class=\"t m0 x3a h30 yd67 ff4 fsb fc1 sc2 ls0 ws0\">(82)<span class=\"sc0\"> </span></div></td><td class=\"c x622 y2be2 w358 h11\"><div class=\"t m0 x33 h30 yd67 ff4 fsb fc1 sc2 ls0 ws0\">9.442<span class=\"sc0\"> </span></div></td><td class=\"c x624 y2be2 w1a8 h11\"><div class=\"t m0 x14 h30 yd67 ff4 fsb fc1 sc2 ls0 ws0\">14.063<span class=\"sc0\"> </span></div></td><td class=\"c x623 y2be2 w17c h11\"><div class=\"t m0 x48 h30 yd67 ff4 fsb fc1 sc2 ls0 ws0\">3.683<span class=\"sc0\"> </span></div></td><td class=\"c x62a y2be2 w46a h11\"><div class=\"t m0 x37 h30 yd67 ff4 fsb fc1 sc2 ls53 ws0\">93<span class=\"sc0 ls0\"> </span></div></td><td class=\"c x580 y2be2 w1a5 h11\"><div class=\"t m0 x33 h30 yd67 ff4 fsb fc1 sc2 ls0 ws0\">11.591<span class=\"sc0\"> </span></div></td><td class=\"c x625 y2be2 w35b h11\"><div class=\"t m0 x14 h30 yd67 ff4 fsb fc1 sc2 ls0 ws0\">15.367<span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x262 y2be3 wc03 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc2 ls0 ws0\">D. Risult<span class=\"_ _f\"></span>a<span class=\"_ _2\"></span>to dei<span class=\"_ _f\"></span> s<span class=\"_ _2\"></span>ervi<span class=\"_ _1\"></span>zi assicura<span class=\"_ _1\"></span>tivi<span class=\"_ _df\"> </span></div></td><td class=\"c x621 y2be4 w17d h10\"><div class=\"t m0 x116 h30 y825 ff4 fsb fc1 sc2 ls0 ws0\">(29.459)<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x5e1 y2be4 w17d h10\"><div class=\"t m0 x3a h30 y825 ff4 fsb fc1 sc2 ls0 ws0\">(87)<span class=\"sc0\"> </span></div></td><td class=\"c x622 y2be4 w358 h10\"><div class=\"t m0 x33 h30 y825 ff4 fsb fc1 sc2 ls0 ws0\">9.442<span class=\"sc0\"> </span></div></td><td class=\"c x624 y2be4 w1a8 h10\"><div class=\"t m0 x2e h30 y825 ff4 fsb fc1 sc2 ls0 ws0\">(20.104)<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x623 y2be4 w17c h10\"><div class=\"t m0 x2a h30 y825 ff4 fsb fc1 sc2 ls0 ws0\">(28.163)<span class=\"sc0\"> </span></div></td><td class=\"c x62a y2be4 w46a h10\"><div class=\"t m0 x37 h30 y825 ff4 fsb fc1 sc2 ls53 ws0\">93<span class=\"sc0 ls0\"> </span></div></td><td class=\"c x580 y2be4 w1a5 h10\"><div class=\"t m0 x33 h30 y825 ff4 fsb fc1 sc2 ls0 ws0\">11.591<span class=\"sc0\"> </span></div></td><td class=\"c x625 y2be4 w35b h10\"><div class=\"t m0 x2e h30 y825 ff4 fsb fc1 sc2 ls0 ws0\">(16.479)<span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x262 y2431 wc04 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc2 ls0 ws0\">(B+C)<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x262 y2be5 wc05 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc2 ls0 ws0\">E. Costi/ric<span class=\"_ _1\"></span>avi netti<span class=\"_ _1\"></span> di natur<span class=\"_ _1\"></span>a<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x262 y2be6 wc06 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc2 ls0 ws0\">finanziari<span class=\"_ _1\"></span>a<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2a8 y2be7 wc1e h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">1. Relativi ai contratti ass<span class=\"_ _2\"></span>ucurativi<span class=\"_ _df\"> </span></div></td><td class=\"c x621 y2be8 w17d h12\"><div class=\"t m0 x33 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">1.362 </div></td><td class=\"c x5e1 y2be8 w17d h12\"><div class=\"t m0 x31 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">5 </div></td><td class=\"c x622 y2be8 w358 h12\"><div class=\"t m0 x15 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x624 y2be8 w1a8 h12\"><div class=\"t m0 x32 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">1.367<span class=\"_ _df\"> </span></div></td><td class=\"c x623 y2be8 w17c h12\"><div class=\"t m0 x33 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">1.799 </div></td><td class=\"c x62a y2be8 w46a h12\"><div class=\"t m0 x30 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x580 y2be8 w1a5 h12\"><div class=\"t m0 x15 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x625 y2be8 w35b h12\"><div class=\"t m0 x32 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">1.799 </div></td></tr><tr><td class=\"c x2a8 y2be9 wc1f h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">emessi<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x46b y2bea w469 h4a\"><div class=\"t m0 x39 h30 yd67 ff4 fsb fc1 sc0 ls0 ws0\">1.1 Registrati in co<span class=\"_ _2\"></span>nto economico </div></td><td class=\"c x621 y2bea w17d h4a\"><div class=\"t m0 x32 h30 yd67 ff4 fsb fc1 sc0 ls0 ws0\">1.149 </div></td><td class=\"c x5e1 y2bea w17d h4a\"><div class=\"t m0 x31 h30 yd67 ff4 fsb fc1 sc0 ls0 ws0\">5 </div></td><td class=\"c x622 y2bea w358 h4a\"><div class=\"t m0 x15 h30 yd67 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x624 y2bea w1a8 h4a\"><div class=\"t m0 x35 h30 yd67 ff4 fsb fc1 sc0 ls0 ws0\">1.154<span class=\"_ _df\"> </span></div></td><td class=\"c x623 y2bea w17c h4a\"><div class=\"t m0 x33 h30 yd67 ff4 fsb fc1 sc0 ls0 ws0\">1.047 </div></td><td class=\"c x62a y2bea w46a h4a\"><div class=\"t m0 x30 h30 yd67 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x580 y2bea w1a5 h4a\"><div class=\"t m0 x15 h30 yd67 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x625 y2bea w35b h4a\"><div class=\"t m0 x32 h30 yd67 ff4 fsb fc1 sc0 ls0 ws0\">1.047 </div></td></tr><tr><td class=\"c x46a y2beb wc0b h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">1.2 Registrati nel co<span class=\"_ _2\"></span>nto<span class=\"_ _df\"> </span></div></td><td class=\"c x621 y2bec w17d h10\"><div class=\"t m0 x26 h30 y420 ff4 fsb fc1 sc0 ls0 ws0\">213 </div></td><td class=\"c x5e1 y2bec w17d h10\"><div class=\"t m0 x30 h30 y420 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x622 y2bec w358 h10\"><div class=\"t m0 x15 h30 y420 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x624 y2bec w1a8 h10\"><div class=\"t m0 x26 h30 y420 ff4 fsb fc1 sc0 ls0 ws0\">213 </div></td><td class=\"c x623 y2bec w17c h10\"><div class=\"t m0 x27 h30 y420 ff4 fsb fc1 sc0 ls0 ws0\">752 </div></td><td class=\"c x62a y2bec w46a h10\"><div class=\"t m0 x30 h30 y420 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x580 y2bec w1a5 h10\"><div class=\"t m0 x15 h30 y420 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x625 y2bec w35b h10\"><div class=\"t m0 x26 h30 y420 ff4 fsb fc1 sc0 ls0 ws0\">752 </div></td></tr><tr><td class=\"c x46a y2bed wc0c h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">economico co<span class=\"_ _2\"></span>mplessivo<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2a8 y2bee wc20 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">2. Effetti co<span class=\"_ _2\"></span>nnessi con le variazioni<span class=\"_ _df\"> </span></div></td><td class=\"c x621 y2bef w17d h10\"><div class=\"t m0 x30 h30 y420 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5e1 y2bef w17d h10\"><div class=\"t m0 x30 h30 y420 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x622 y2bef w358 h10\"><div class=\"t m0 x15 h30 y420 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x624 y2bef w1a8 h10\"><div class=\"t m0 x15 h30 y420 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x623 y2bef w17c h10\"><div class=\"t m0 x30 h30 y420 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x62a y2bef w46a h10\"><div class=\"t m0 x30 h30 y420 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x580 y2bef w1a5 h10\"><div class=\"t m0 x15 h30 y420 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x625 y2bef w35b h10\"><div class=\"t m0 x15 h30 y420 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2a8 y2bf0 wc21 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">dei tassi di cambio<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x46b y2bf1 w469 h49\"><div class=\"t m0 x16a h30 yd67 ff4 fsb fc1 sc2 ls0 ws0\">3. Totale<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x621 y2bf1 w17d h49\"><div class=\"t m0 x33 h30 yd67 ff4 fsb fc1 sc2 ls0 ws0\">1.362<span class=\"sc0\"> </span></div></td><td class=\"c x5e1 y2bf1 w17d h49\"><div class=\"t m0 x31 h30 yd67 ff4 fsb fc1 sc2 ls0 ws0\">5<span class=\"sc0\"> </span></div></td><td class=\"c x622 y2bf1 w358 h49\"><div class=\"t m0 x15 h30 yd67 ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x624 y2bf1 w1a8 h49\"><div class=\"t m0 x32 h30 yd67 ff4 fsb fc1 sc2 ls0 ws0\">1.367<span class=\"sc0\"> </span></div></td><td class=\"c x623 y2bf1 w17c h49\"><div class=\"t m0 x32 h30 yd67 ff4 fsb fc1 sc2 ls0 ws0\">1.799<span class=\"sc0\"> </span></div></td><td class=\"c x62a y2bf1 w46a h49\"><div class=\"t m0 x30 h30 yd67 ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x580 y2bf1 w1a5 h49\"><div class=\"t m0 x15 h30 yd67 ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x625 y2bf1 w35b h49\"><div class=\"t m0 x32 h30 yd67 ff4 fsb fc1 sc2 ls0 ws0\">1.799<span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x46b y2bf2 w469 h49\"><div class=\"t m0 x8a h30 y823 ff4 fsb fc1 sc2 ls0 ws0\">F. Compo<span class=\"_ _f\"></span>nenti di investi<span class=\"_ _1\"></span>mento<span class=\"sc0\"> </span></div></td><td class=\"c x621 y2bf2 w17d h49\"><div class=\"t m0 x30 h30 y823 ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x5e1 y2bf2 w17d h49\"><div class=\"t m0 x30 h30 y823 ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x622 y2bf2 w358 h49\"><div class=\"t m0 x15 h30 y823 ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x624 y2bf2 w1a8 h49\"><div class=\"t m0 x15 h30 y823 ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x623 y2bf2 w17c h49\"><div class=\"t m0 x30 h30 y823 ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x62a y2bf2 w46a h49\"><div class=\"t m0 x30 h30 y823 ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x580 y2bf2 w1a5 h49\"><div class=\"t m0 x15 h30 y823 ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x625 y2bf2 w35b h49\"><div class=\"t m0 x15 h30 y823 ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x262 y26b5 wc22 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc2 ls0 ws0\">G. Import<span class=\"_ _1\"></span>o totale<span class=\"_ _f\"></span> <span class=\"_ _2\"></span>registr<span class=\"_ _1\"></span>ato in conto<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x262 y2bf3 wc23 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc2 ls0 ws0\">econo<span class=\"_ _1\"></span>mico e nel co<span class=\"_ _1\"></span>nto eco<span class=\"_ _f\"></span>n<span class=\"_ _2\"></span>omico<span class=\"_ _df\"> </span></div></td><td class=\"c x621 y2bf4 w17d h29d\"><div class=\"t m0 x116 h30 y41f ff4 fsb fc1 sc2 ls0 ws0\">(28.097)<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x5e1 y2bf4 w17d h29d\"><div class=\"t m0 x3a h30 y41f ff4 fsb fc1 sc2 ls0 ws0\">(82)<span class=\"sc0\"> </span></div></td><td class=\"c x622 y2bf4 w358 h29d\"><div class=\"t m0 x33 h30 y41f ff4 fsb fc1 sc2 ls0 ws0\">9.442<span class=\"sc0\"> </span></div></td><td class=\"c x624 y2bf4 w1a8 h29d\"><div class=\"t m0 x55 h30 y41f ff4 fsb fc1 sc2 ls0 ws0\">(18.737)<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x623 y2bf4 w17c h29d\"><div class=\"t m0 x116 h30 y41f ff4 fsb fc1 sc2 ls0 ws0\">(26.364)<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x62a y2bf4 w46a h29d\"><div class=\"t m0 x37 h30 y41f ff4 fsb fc1 sc2 ls53 ws0\">93<span class=\"sc0 ls0\"> </span></div></td><td class=\"c x580 y2bf4 w1a5 h29d\"><div class=\"t m0 x33 h30 y41f ff4 fsb fc1 sc2 ls0 ws0\">11.591<span class=\"sc0\"> </span></div></td><td class=\"c x625 y2bf4 w35b h29d\"><div class=\"t m0 x2e h30 y41f ff4 fsb fc1 sc2 ls0 ws0\">(14.680)<span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x262 y2bf5 wc24 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc2 ls0 ws0\">comples<span class=\"_ _1\"></span>sivo (D+<span class=\"_ _1\"></span>E+F)<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x46b y2bf6 w469 h11\"><div class=\"t m0 x8a h30 yd67 ff4 fsb fc1 sc2 ls0 ws0\">H. Altre<span class=\"_ _1\"></span> variazioni </div></td><td class=\"c x621 y2bf6 w17d h11\"><div class=\"t m0 x30 h30 yd67 ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x5e1 y2bf6 w17d h11\"><div class=\"t m0 x30 h30 yd67 ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x622 y2bf6 w358 h11\"><div class=\"t m0 x15 h30 yd67 ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x624 y2bf6 w1a8 h11\"><div class=\"t m0 x15 h30 yd67 ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x623 y2bf6 w17c h11\"><div class=\"t m0 x30 h30 yd67 ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x62a y2bf6 w46a h11\"><div class=\"t m0 x30 h30 yd67 ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x580 y2bf6 w1a5 h11\"><div class=\"t m0 x15 h30 yd67 ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x625 y2bf6 w35b h11\"><div class=\"t m0 x15 h30 yd67 ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x46b y2bf7 w469 h49\"><div class=\"t m0 x8a h30 yd67 ff4 fsb fc1 sc2 ls0 ws0\">I. Movim<span class=\"_ _1\"></span>enti di ca<span class=\"_ _1\"></span>ssa<span class=\"sc0\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x46b y2bf8 w469 h49\"><div class=\"t m0 x16a h30 y823 ff4 fsb fc1 sc0 ls0 ws0\">1. Premi ricevu<span class=\"_ _2\"></span>ti </div></td><td class=\"c x621 y2bf8 w17d h49\"><div class=\"t m0 x55 h30 y823 ff4 fsb fc1 sc0 ls0 ws0\">24.242 </div></td><td class=\"c x5e1 y2bf8 w17d h49\"><div class=\"t m0 x30 h30 y823 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x622 y2bf8 w358 h49\"><div class=\"t m0 x15 h30 y823 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x624 y2bf8 w1a8 h49\"><div class=\"t m0 x39 h30 y823 ff4 fsb fc1 sc0 ls0 ws0\">24.242 </div></td><td class=\"c x623 y2bf8 w17c h49\"><div class=\"t m0 x55 h30 y823 ff4 fsb fc1 sc0 ls0 ws0\">24.666 </div></td><td class=\"c x62a y2bf8 w46a h49\"><div class=\"t m0 x30 h30 y823 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x580 y2bf8 w1a5 h49\"><div class=\"t m0 x15 h30 y823 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x625 y2bf8 w35b h49\"><div class=\"t m0 x130 h30 y823 ff4 fsb fc1 sc0 ls0 ws0\">24.666 </div></td></tr><tr><td class=\"c x2a8 y2bf9 wc25 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">2. Pagamenti conness<span class=\"_ _2\"></span>i con i costi<span class=\"_ _df\"> </span></div></td><td class=\"c x621 y2bfa w17d h10\"><div class=\"t m0 x30 h30 y825 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5e1 y2bfa w17d h10\"><div class=\"t m0 x30 h30 y825 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x622 y2bfa w358 h10\"><div class=\"t m0 x15 h30 y825 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x624 y2bfa w1a8 h10\"><div class=\"t m0 x15 h30 y825 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x623 y2bfa w17c h10\"><div class=\"t m0 x30 h30 y825 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x62a y2bfa w46a h10\"><div class=\"t m0 x30 h30 y825 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x580 y2bfa w1a5 h10\"><div class=\"t m0 x15 h30 y825 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x625 y2bfa w35b h10\"><div class=\"t m0 x15 h30 y825 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2a8 y26f6 wc26 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">di acquisizione dei co<span class=\"_ _2\"></span>ntratti<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2a8 y2bfb wc27 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">3. Sinistri pagati e alt<span class=\"_ _2\"></span>re uscite di<span class=\"_ _df\"> </span></div></td><td class=\"c x621 y2bfc w17d h99\"><div class=\"t m0 x30 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5e1 y2bfc w17d h99\"><div class=\"t m0 x30 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x622 y2bfc w358 h99\"><div class=\"t m0 x130 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">(9.784) </div></td><td class=\"c x624 y2bfc w1a8 h99\"><div class=\"t m0 x130 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">(9.784) </div></td><td class=\"c x623 y2bfc w17c h99\"><div class=\"t m0 x30 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x62a y2bfc w46a h99\"><div class=\"t m0 x30 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x580 y2bfc w1a5 h99\"><div class=\"t m0 x2e h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">(10.306) </div></td><td class=\"c x625 y2bfc w35b h99\"><div class=\"t m0 x2e h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">(10.306) </div></td></tr><tr><td class=\"c x2a8 y2bfd wc14 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">cassa<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x46b y2bfe w469 h49\"><div class=\"t m0 x16a h30 yd67 ff4 fsb fc1 sc0 ls0 ws0\">4. Altri movim<span class=\"_ _2\"></span>enti<span class=\"_ _df\"> </span></div></td><td class=\"c x621 y2bfe w17d h49\"><div class=\"t m0 x30 h30 yd67 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5e1 y2bfe w17d h49\"><div class=\"t m0 x30 h30 yd67 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x622 y2bfe w358 h49\"><div class=\"t m0 x15 h30 yd67 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x624 y2bfe w1a8 h49\"><div class=\"t m0 x15 h30 yd67 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x623 y2bfe w17c h49\"><div class=\"t m0 x30 h30 yd67 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x62a y2bfe w46a h49\"><div class=\"t m0 x30 h30 yd67 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x580 y2bfe w1a5 h49\"><div class=\"t m0 x15 h30 yd67 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x625 y2bfe w35b h49\"><div class=\"t m0 x15 h30 yd67 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y2bff w469 h49\"><div class=\"t m0 x16a h30 y823 ff4 fsb fc1 sc2 ls0 ws0\">5. Totale<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x621 y2bff w17d h49\"><div class=\"t m0 x130 h30 y823 ff4 fsb fc1 sc2 ls0 ws0\">24.242<span class=\"sc0\"> </span></div></td><td class=\"c x5e1 y2bff w17d h49\"><div class=\"t m0 x30 h30 y823 ff4 fsb fc1 sc2 ls0 ws0\">-</div></td><td class=\"c x622 y2bff w358 h49\"><div class=\"t m0 x130 h30 y823 ff4 fsb fc1 sc2 ls0 ws0\">(9.784)<span class=\"sc0\"> </span></div></td><td class=\"c x624 y2bff w1a8 h49\"><div class=\"t m0 x14 h30 y823 ff4 fsb fc1 sc2 ls0 ws0\">14.458<span class=\"sc0\"> </span></div></td><td class=\"c x623 y2bff w17c h49\"><div class=\"t m0 x55 h30 y823 ff4 fsb fc1 sc2 ls0 ws0\">24.666<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x62a y2bff w46a h49\"><div class=\"t m0 x30 h30 y823 ff4 fsb fc1 sc2 ls0 ws0\">-</div></td><td class=\"c x580 y2bff w1a5 h49\"><div class=\"t m0 x2e h30 y823 ff4 fsb fc1 sc2 ls0 ws0\">(10.306)<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x625 y2bff w35b h49\"><div class=\"t m0 x14 h30 y823 ff4 fsb fc1 sc2 ls0 ws0\">14.360<span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x262 y2c00 wc15 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc2 ls0 ws0\">L. Valore<span class=\"_ _1\"></span> netto di b<span class=\"_ _1\"></span>ilancio al<span class=\"_ _1\"></span> 31<span class=\"_ _df\"> </span></div></td><td class=\"c x621 y2c01 w17d h10\"><div class=\"t m0 x14 h30 y825 ff4 fsb fc1 sc2 ls0 ws0\">51.547<span class=\"sc0\"> </span></div></td><td class=\"c x5e1 y2c01 w17d h10\"><div class=\"t m0 x37 h30 y825 ff4 fsb fc1 sc2 ls54 ws0\">48<span class=\"sc0 ls0\"> </span></div></td><td class=\"c x622 y2c01 w358 h10\"><div class=\"t m0 x33 h30 y825 ff4 fsb fc1 sc2 ls0 ws0\">6.809<span class=\"sc0\"> </span></div></td><td class=\"c x624 y2c01 w1a8 h10\"><div class=\"t m0 x130 h30 y825 ff4 fsb fc1 sc2 ls0 ws0\">58.404<span class=\"sc0\"> </span></div></td><td class=\"c x623 y2c01 w17c h10\"><div class=\"t m0 x130 h30 y825 ff4 fsb fc1 sc2 ls0 ws0\">55.402<span class=\"sc0\"> </span></div></td><td class=\"c x62a y2c01 w46a h10\"><div class=\"t m0 x26 h30 y825 ff4 fsb fc1 sc2 ls0 ws0\">129<span class=\"sc0\"> </span></div></td><td class=\"c x580 y2c01 w1a5 h10\"><div class=\"t m0 x2c h30 y825 ff4 fsb fc1 sc2 ls0 ws0\">7.151<span class=\"sc0\"> </span></div></td><td class=\"c x625 y2c01 w35b h10\"><div class=\"t m0 x39 h30 y825 ff4 fsb fc1 sc2 ls0 ws0\">62.682<span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x262 y2c02 wc16 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc2 ls0 ws0\">dicembre<span class=\"_ _f\"></span> (<span class=\"_ _2\"></span>A.3+<span class=\"_ _f\"></span>G<span class=\"_ _2\"></span>+H+<span class=\"_ _f\"></span>I.4)<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x46b y2c03 w469 h49\"><div class=\"t m0 x8a h30 y823 ff4 fsb fc1 sc2 ls0 ws0\">M. Valore<span class=\"_ _1\"></span> di bilanci<span class=\"_ _1\"></span>o finale<span class=\"sc0\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2a8 y289e wc1a h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">1. Contratti di assi<span class=\"_ _2\"></span>curazione emessi<span class=\"_ _df\"> </span></div></td><td class=\"c x621 y2c04 w17d h10\"><div class=\"t m0 x39 h30 y825 ff4 fsb fc1 sc0 ls0 ws0\">51.547 </div></td><td class=\"c x5e1 y2c04 w17d h10\"><div class=\"t m0 x34 h30 y825 ff4 fsb fc1 sc0 ls54 ws0\">48<span class=\"ls0\"> </span></div></td><td class=\"c x622 y2c04 w358 h10\"><div class=\"t m0 x48 h30 y825 ff4 fsb fc1 sc0 ls0 ws0\">6.808 </div></td><td class=\"c x624 y2c04 w1a8 h10\"><div class=\"t m0 x130 h30 y825 ff4 fsb fc1 sc0 ls0 ws0\">58.403 </div></td><td class=\"c x623 y2c04 w17c h10\"><div class=\"t m0 x55 h30 y825 ff4 fsb fc1 sc0 ls0 ws0\">55.402 </div></td><td class=\"c x62a y2c04 w46a h10\"><div class=\"t m0 x27 h30 y825 ff4 fsb fc1 sc0 ls0 ws0\">130 </div></td><td class=\"c x580 y2c04 w1a5 h10\"><div class=\"t m0 x2c h30 y825 ff4 fsb fc1 sc0 ls0 ws0\">7.151 </div></td><td class=\"c x625 y2c04 w35b h10\"><div class=\"t m0 x130 h30 y825 ff4 fsb fc1 sc0 ls0 ws0\">62.683 </div></td></tr><tr><td class=\"c x2a8 y2c05 wc1b h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">che costituis<span class=\"_ _2\"></span>cono passivit\u00e0<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2a8 y2c06 wbf6 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">2. Contratti di assicu<span class=\"_ _2\"></span>razione<span class=\"_ _df\"> </span></div></td><td class=\"c x621 y2c07 w17d h10\"><div class=\"t m0 x30 h30 y825 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5e1 y2c07 w17d h10\"><div class=\"t m0 x30 h30 y825 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x622 y2c07 w358 h10\"><div class=\"t m0 x15 h30 y825 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x624 y2c07 w1a8 h10\"><div class=\"t m0 x15 h30 y825 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x623 y2c07 w17c h10\"><div class=\"t m0 x30 h30 y825 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x62a y2c07 w46a h10\"><div class=\"t m0 x30 h30 y825 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x580 y2c07 w1a5 h10\"><div class=\"t m0 x15 h30 y825 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x625 y2c07 w35b h10\"><div class=\"t m0 x15 h30 y825 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2a8 y2c08 wc1c h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">emessi che<span class=\"_ _2\"></span> costituiscono attivit\u00e0<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x262 y2bbf wc28 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc2 ls0 ws0\">3. Valore<span class=\"_ _1\"></span> netto di bi<span class=\"_ _1\"></span>lancio al<span class=\"_ _1\"></span> 31<span class=\"_ _df\"> </span></div></td><td class=\"c x621 y2c09 w17d hf6\"><div class=\"t m0 x14 h30 yd20 ff4 fsb fc1 sc2 ls0 ws0\">51.547<span class=\"sc0\"> </span></div></td><td class=\"c x5e1 y2c09 w17d hf6\"><div class=\"t m0 x37 h30 yd20 ff4 fsb fc1 sc2 ls54 ws0\">48<span class=\"sc0 ls0\"> </span></div></td><td class=\"c x622 y2c09 w358 hf6\"><div class=\"t m0 x33 h30 yd20 ff4 fsb fc1 sc2 ls0 ws0\">6.808<span class=\"sc0\"> </span></div></td><td class=\"c x624 y2c09 w1a8 hf6\"><div class=\"t m0 x130 h30 yd20 ff4 fsb fc1 sc2 ls0 ws0\">58.403<span class=\"sc0\"> </span></div></td><td class=\"c x623 y2c09 w17c hf6\"><div class=\"t m0 x130 h30 yd20 ff4 fsb fc1 sc2 ls0 ws0\">55.402<span class=\"sc0\"> </span></div></td><td class=\"c x62a y2c09 w46a hf6\"><div class=\"t m0 x26 h30 yd20 ff4 fsb fc1 sc2 ls0 ws0\">130<span class=\"sc0\"> </span></div></td><td class=\"c x580 y2c09 w1a5 hf6\"><div class=\"t m0 x2c h30 yd20 ff4 fsb fc1 sc2 ls0 ws0\">7.151<span class=\"sc0\"> </span></div></td><td class=\"c x625 y2c09 w35b hf6\"><div class=\"t m0 x130 h30 yd20 ff4 fsb fc1 sc2 ls0 ws0\">62.683<span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x262 y2491 wc18 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc2 ls0 ws0\">dicembre<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr></table></div><div class=\"c w37c h29e gsd5b\"><div class=\"t m0 xe h5 y966 ff4 fs1 fc4 sc3 ls0 ws0\">Dinam<span class=\"_ _f\"></span>ica del v<span class=\"_ _1\"></span>alor<span class=\"_ _f\"></span>e di bila<span class=\"_ _1\"></span>ncio d<span class=\"_ _1\"></span>ei co<span class=\"_ _1\"></span>ntrat<span class=\"_ _1\"></span>ti di a<span class=\"_ _f\"></span>ssicurazi<span class=\"_ _1\"></span>one e<span class=\"_ _1\"></span>mes<span class=\"_ _f\"></span>si - GMM o<span class=\"_ _1\"></span> VFA <span class=\"_ _1\"></span>- pas<span class=\"_ _f\"></span>sivit\u00e0 per<span class=\"_ _1\"></span> </div><div class=\"t m0 xe h5 y45 ff4 fs1 fc4 sc3 ls0 ws0\">resid<span class=\"_ _1\"></span>ua co<span class=\"_ _f\"></span>pertura<span class=\"_ _1\"></span> e pe<span class=\"_ _1\"></span>r sinist<span class=\"_ _1\"></span>ri a<span class=\"_ _1\"></span>ccadu<span class=\"_ _1\"></span>ti<span class=\"fc1 sc2\"> </span></div></div><div class=\"c w37c h96 gsd5c\"><div class=\"t m0 xe h5 y823 ff4 fs1 fc4 sc3 ls0 ws0\">Contr<span class=\"_ _1\"></span>atti <span class=\"_ _f\"></span>d'investim<span class=\"_ _f\"></span>ento eme<span class=\"_ _1\"></span>ssi <span class=\"_ _f\"></span>con eleme<span class=\"_ _f\"></span>nti di p<span class=\"_ _1\"></span>arte<span class=\"_ _1\"></span>cipazi<span class=\"_ _1\"></span>one d<span class=\"_ _1\"></span>iscr<span class=\"_ _1\"></span>eziona<span class=\"_ _f\"></span>li - Segm<span class=\"_ _1\"></span>ento <span class=\"_ _1\"></span>Vita<span class=\"_ _f\"></span><span class=\"fc1 sc2\"> </span></div></div><div class=\"gsd5d\"><table class=\"s wc29 h50c\" id=\"_08316b65-a5c9-4d04-bc72-e526c6eed7a8\"><tr><td></td><td></td><td></td><td class=\"c x62d y2c0a wbea h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">Passivit<span class=\"_ _1\"></span>\u00e0<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td class=\"c x62e y2c0a wbea h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">Passivit<span class=\"_ _1\"></span>\u00e0<span class=\"_ _df\"> </span></div></td><td></td></tr><tr><td class=\"c x46b y2c0b w46b h29f\"><div class=\"t m0 x8a h30 y307 ff4 fsb fc4 sc3 ls0 ws0\">Voci/Pas<span class=\"_ _1\"></span>sivit\u00e0<span class=\"fc1 sc0\"> </span></div></td><td></td><td></td><td class=\"c x62f y2c0c wbec h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">per sinistri<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td class=\"c x630 y2c0c wbed h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">per sinistri<span class=\"_ _df\"> </span></div></td><td></td></tr><tr><td></td><td class=\"c x501 y2c0d wbeb h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">Passivit<span class=\"_ _1\"></span>\u00e0 per resi<span class=\"_ _f\"></span>d<span class=\"_ _2\"></span>ua<span class=\"_ _df\"> </span></div></td><td class=\"c x631 y2c0e wbee h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">copert<span class=\"_ _1\"></span>ura<span class=\"_ _df\"> </span></div></td><td class=\"c x62d y2c0f wa66 h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">accaduti<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x632 y2c0d wbeb h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">Passivit<span class=\"_ _1\"></span>\u00e0 per resi<span class=\"_ _f\"></span>d<span class=\"_ _2\"></span>ua<span class=\"_ _df\"> </span></div></td><td class=\"c x633 y2c0e wbef h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">copert<span class=\"_ _1\"></span>ura<span class=\"_ _df\"> </span></div></td><td class=\"c x62e y2c0f wbf0 h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">accaduti<span class=\"_ _df\"> </span></div></td><td></td></tr><tr><td></td><td class=\"c x634 y2c10 w14 h95\" colspan=\"2\"><div class=\"t m0 x27 h30 y35c ff4 fsb fc4 sc3 ls0 ws0\">31/12/2025<span class=\"_ _f\"></span><span class=\"fc1 sc0\"> </span></div></td><td class=\"c x635 y2c10 w10e h95\"><div class=\"t m0 x8a h30 y35c ff4 fsb fc4 sc3 ls0 ws0\">31/12/2025<span class=\"_ _1\"></span><span class=\"fc1 sc0\"> </span></div></td><td></td><td class=\"c x636 y2c10 w46c h95\" colspan=\"2\"><div class=\"t m0 x27 h30 y35c ff4 fsb fc4 sc3 ls0 ws0\">31/12/202<span class=\"_ _f\"></span>4<span class=\"fc1 sc0\"> </span></div></td><td class=\"c x637 y2c10 w1c6 h95\"><div class=\"t m0 x8a h30 y35c ff4 fsb fc4 sc3 ls0 ws0\">31/12/202<span class=\"_ _f\"></span>4<span class=\"fc1 sc0\"> </span></div></td><td></td></tr><tr><td></td><td></td><td></td><td></td><td class=\"c x638 y2c10 w111 h2a0\"><div class=\"t m0 x16a h30 y7b6 ff4 fsb fc4 sc3 ls0 ws0\">Totale<span class=\"fc1 sc0\"> </span></div></td><td></td><td></td><td></td><td class=\"c x50f y2c10 w356 h2a0\"><div class=\"t m0 x116 h30 y7b6 ff4 fsb fc4 sc3 ls0 ws0\">Totale<span class=\"fc1 sc0\"> </span></div></td></tr><tr><td></td><td class=\"c x639 y2c11 wbf1 h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">Al netto<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td class=\"c x63a y2c11 wbf1 h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">Al netto<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td></tr><tr><td></td><td class=\"c x63b y2c12 wab3 h4aa\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc4 sc3 ls0 ws0\">della<span class=\"_ _df\"> </span></div></td><td class=\"c x63c y2c13 w1a4 h29e\"><div class=\"t m0 x2f h30 y36a ff4 fsb fc4 sc3 ls0 ws0\">Perdita<span class=\"fc1 sc0\"> </span></div></td><td></td><td></td><td class=\"c x63d y2c12 wab3 h4aa\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc4 sc3 ls0 ws0\">della<span class=\"_ _df\"> </span></div></td><td class=\"c x616 y2c13 w46d h29e\"><div class=\"t m0 x2f h30 y36a ff4 fsb fc4 sc3 ls0 ws0\">Perdita<span class=\"fc1 sc0\"> </span></div></td><td></td><td></td></tr><tr><td></td><td class=\"c x63e y2c14 wbf2 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc4 sc3 ls0 ws0\">perdita<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td class=\"c x63f y2c14 wbf2 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc4 sc3 ls0 ws0\">perdita<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td></tr><tr><td class=\"c x46b y2c15 w46e h19a\"><div class=\"t m0 x8a h30 y394 ff4 fsb fc1 sc2 ls0 ws0\">A. Valore<span class=\"_ _1\"></span> di bilancio<span class=\"_ _f\"></span> iniziale<span class=\"sc0\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2a8 y2c16 wbf3 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">1. Contratti di assi<span class=\"_ _2\"></span>curazione<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2a8 y2c17 wbf4 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">emessi che<span class=\"_ _2\"></span> costituiscono<span class=\"_ _df\"> </span></div></td><td class=\"c x634 y2c18 w177 h136\"><div class=\"t m0 x16a h30 y9bd ff4 fsb fc1 sc0 ls0 ws0\">546.489 </div></td><td class=\"c x63c y2c18 w179 h136\"><div class=\"t m0 x30 h30 y9bd ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x635 y2c18 w3b6 h136\"><div class=\"t m0 x27 h30 y9bd ff4 fsb fc1 sc0 ls0 ws0\">678 </div></td><td class=\"c x638 y2c18 w17b h136\"><div class=\"t m0 x55 h30 y9bd ff4 fsb fc1 sc0 ls0 ws0\">547.167 </div></td><td class=\"c x636 y2c18 w177 h136\"><div class=\"t m0 x2e h30 y9bd ff4 fsb fc1 sc0 ls0 ws0\">348.611 </div></td><td class=\"c x616 y2c18 w176 h136\"><div class=\"t m0 x30 h30 y9bd ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x637 y2c18 w168 h136\"><div class=\"t m0 x32 h30 y9bd ff4 fsb fc1 sc0 ls0 ws0\">2.319 </div></td><td class=\"c x50f y2c18 w358 h136\"><div class=\"t m0 x2a h30 y9bd ff4 fsb fc1 sc0 ls0 ws0\">350.930 </div></td></tr><tr><td class=\"c x2a8 y2c19 wbf5 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">passivit\u00e0<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2a8 y2c1a wbf6 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">2. Contratti di assicu<span class=\"_ _2\"></span>razione<span class=\"_ _df\"> </span></div></td><td class=\"c x634 y2c1b w177 h159\"><div class=\"t m0 x30 h30 y45 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x63c y2c1b w179 h159\"><div class=\"t m0 x30 h30 y45 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x635 y2c1b w3b6 h159\"><div class=\"t m0 x15 h30 y45 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x638 y2c1b w17b h159\"><div class=\"t m0 x15 h30 y45 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x636 y2c1b w177 h159\"><div class=\"t m0 x30 h30 y45 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x616 y2c1b w176 h159\"><div class=\"t m0 x30 h30 y45 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x637 y2c1b w168 h159\"><div class=\"t m0 x15 h30 y45 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x50f y2c1b w358 h159\"><div class=\"t m0 x15 h30 y45 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2a8 y2c1c wc1c h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">emessi che<span class=\"_ _2\"></span> costituiscono attivit\u00e0<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x262 y2bd4 wbf9 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc2 ls0 ws0\">3. Valore<span class=\"_ _1\"></span> netto di b<span class=\"_ _1\"></span>ilancio al<span class=\"_ _1\"></span> 1\u00b0<span class=\"_ _df\"> </span></div></td><td class=\"c x634 y2c1d w177 h184\"><div class=\"t m0 x116 h30 y45 ff4 fsb fc1 sc2 ls0 ws0\">546.489<span class=\"sc0\"> </span></div></td><td class=\"c x63c y2c1d w179 h184\"><div class=\"t m0 x30 h30 y45 ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x635 y2c1d w3b6 h184\"><div class=\"t m0 x27 h30 y45 ff4 fsb fc1 sc2 ls0 ws0\">678<span class=\"sc0\"> </span></div></td><td class=\"c x638 y2c1d w17b h184\"><div class=\"t m0 x55 h30 y45 ff4 fsb fc1 sc2 ls0 ws0\">547.167<span class=\"sc0\"> </span></div></td><td class=\"c x636 y2c1d w177 h184\"><div class=\"t m0 x2e h30 y45 ff4 fsb fc1 sc2 ls0 ws0\">348.611<span class=\"sc0\"> </span></div></td><td class=\"c x616 y2c1d w176 h184\"><div class=\"t m0 x30 h30 y45 ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x637 y2c1d w168 h184\"><div class=\"t m0 x32 h30 y45 ff4 fsb fc1 sc2 ls0 ws0\">2.319<span class=\"sc0\"> </span></div></td><td class=\"c x50f y2c1d w358 h184\"><div class=\"t m0 x2a h30 y45 ff4 fsb fc1 sc2 ls0 ws0\">350.930<span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x262 y2c1e wbfa h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc2 ls0 ws0\">gennaio<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x46b y2c1f w46e h69\"><div class=\"t m0 x8a h30 y25f ff4 fsb fc1 sc2 ls0 ws0\">B. Ricavi a<span class=\"_ _1\"></span>ssicurati<span class=\"_ _1\"></span>vi<span class=\"sc0\"> </span></div></td><td class=\"c x634 y2c1f w177 h69\"><div class=\"t m0 x2e h30 y25f ff4 fsb fc1 sc2 ls0 ws0\">(11.383)<span class=\"sc0\"> </span></div></td><td class=\"c x63c y2c1f w179 h69\"><div class=\"t m0 x30 h30 y25f ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x635 y2c1f w3b6 h69\"><div class=\"t m0 x15 h30 y25f ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x638 y2c1f w17b h69\"><div class=\"t m0 x55 h30 y25f ff4 fsb fc1 sc2 ls0 ws0\">(11.383)<span class=\"sc0\"> </span></div></td><td class=\"c x636 y2c1f w177 h69\"><div class=\"t m0 x55 h30 y25f ff4 fsb fc1 sc2 ls0 ws0\">(5.960)<span class=\"sc0\"> </span></div></td><td class=\"c x616 y2c1f w176 h69\"><div class=\"t m0 x30 h30 y25f ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x637 y2c1f w168 h69\"><div class=\"t m0 x15 h30 y25f ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x50f y2c1f w358 h69\"><div class=\"t m0 x130 h30 y25f ff4 fsb fc1 sc2 ls0 ws0\">(5.960)<span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x46b y2c20 w46e h69\"><div class=\"t m0 x8a h30 y25f ff4 fsb fc1 sc2 ls0 ws0\">C. Costi<span class=\"_ _1\"></span> per serviz<span class=\"_ _1\"></span>i assicur<span class=\"_ _1\"></span>ativi<span class=\"sc0\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2a8 y2c21 wbfb h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">1. Sinistri accaduti e alt<span class=\"_ _2\"></span>ri costi<span class=\"_ _df\"> </span></div></td><td class=\"c x634 y2c22 w177 h159\"><div class=\"t m0 x30 h30 y45 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x63c y2c22 w179 h159\"><div class=\"t m0 x30 h30 y45 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x635 y2c22 w3b6 h159\"><div class=\"t m0 x130 h30 y45 ff4 fsb fc1 sc0 ls0 ws0\">47.560 </div></td><td class=\"c x638 y2c22 w17b h159\"><div class=\"t m0 x130 h30 y45 ff4 fsb fc1 sc0 ls0 ws0\">47.560 </div></td><td class=\"c x636 y2c22 w177 h159\"><div class=\"t m0 x30 h30 y45 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x616 y2c22 w176 h159\"><div class=\"t m0 x30 h30 y45 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x637 y2c22 w168 h159\"><div class=\"t m0 x130 h30 y45 ff4 fsb fc1 sc0 ls0 ws0\">44.335 </div></td><td class=\"c x50f y2c22 w358 h159\"><div class=\"t m0 x130 h30 y45 ff4 fsb fc1 sc0 ls0 ws0\">44.335 </div></td></tr><tr><td class=\"c x2a8 y2c23 wbfc h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">direttamente attribu<span class=\"_ _2\"></span>ibili<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2a8 y2c24 wbfd h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">2. Variazioni della pass<span class=\"_ _2\"></span>ivit\u00e0 per<span class=\"_ _df\"> </span></div></td><td class=\"c x634 y2c25 w177 h159\"><div class=\"t m0 x30 h30 y45 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x63c y2c25 w179 h159\"><div class=\"t m0 x30 h30 y45 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x635 y2c25 w3b6 h159\"><div class=\"t m0 x16a h30 y45 ff4 fsb fc1 sc0 ls0 ws0\">(43.440) </div></td><td class=\"c x638 y2c25 w17b h159\"><div class=\"t m0 x16a h30 y45 ff4 fsb fc1 sc0 ls0 ws0\">(43.440) </div></td><td class=\"c x636 y2c25 w177 h159\"><div class=\"t m0 x30 h30 y45 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x616 y2c25 w176 h159\"><div class=\"t m0 x30 h30 y45 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x637 y2c25 w168 h159\"><div class=\"t m0 x55 h30 y45 ff4 fsb fc1 sc0 ls0 ws0\">(41.619) </div></td><td class=\"c x50f y2c25 w358 h159\"><div class=\"t m0 x55 h30 y45 ff4 fsb fc1 sc0 ls0 ws0\">(41.619) </div></td></tr><tr><td class=\"c x2a8 y2c26 wbfe h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">sinistri accaduti<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2a8 y2c27 wc2a h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">3. Perdite e relati<span class=\"_ _2\"></span>vi recuperi su<span class=\"_ _df\"> </span></div></td><td class=\"c x634 y2c28 w177 h159\"><div class=\"t m0 x30 h30 y45 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x63c y2c28 w179 h159\"><div class=\"t m0 x30 h30 y45 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x635 y2c28 w3b6 h159\"><div class=\"t m0 x15 h30 y45 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x638 y2c28 w17b h159\"><div class=\"t m0 x15 h30 y45 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x636 y2c28 w177 h159\"><div class=\"t m0 x30 h30 y45 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x616 y2c28 w176 h159\"><div class=\"t m0 x30 h30 y45 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x637 y2c28 w168 h159\"><div class=\"t m0 x15 h30 y45 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x50f y2c28 w358 h159\"><div class=\"t m0 x15 h30 y45 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2a8 y2c29 wc00 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">contratti oneros<span class=\"_ _2\"></span>i<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2a8 y2c2a wc01 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">4. Ammortamento dei cos<span class=\"_ _2\"></span>ti di<span class=\"_ _df\"> </span></div></td><td class=\"c x634 y2c2b w177 h159\"><div class=\"t m0 x97 h30 y2ea ff4 fsb fc1 sc0 ls52 ws0\">13<span class=\"ls0\"> </span></div></td><td class=\"c x63c y2c2b w179 h159\"><div class=\"t m0 x30 h30 y2ea ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x635 y2c2b w3b6 h159\"><div class=\"t m0 x15 h30 y2ea ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x638 y2c2b w17b h159\"><div class=\"t m0 x38 h30 y2ea ff4 fsb fc1 sc0 ls52 ws0\">13<span class=\"ls0\"> </span></div></td><td class=\"c x636 y2c2b w177 h159\"><div class=\"t m0 x97 h30 y2ea ff4 fsb fc1 sc0 ls52 ws0\">14<span class=\"ls0\"> </span></div></td><td class=\"c x616 y2c2b w176 h159\"><div class=\"t m0 x30 h30 y2ea ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x637 y2c2b w168 h159\"><div class=\"t m0 x15 h30 y2ea ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x50f y2c2b w358 h159\"><div class=\"t m0 x38 h30 y2ea ff4 fsb fc1 sc0 ls52 ws0\">14<span class=\"ls0\"> </span></div></td></tr><tr><td class=\"c x2a8 y2c2c wc02 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">acquisizione dei co<span class=\"_ _2\"></span>ntratti<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x46b y2c2d w46e h69\"><div class=\"t m0 x16a h30 y25f ff4 fsb fc1 sc2 ls0 ws0\">5. Totale<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x634 y2c2d w177 h69\"><div class=\"t m0 x97 h30 y25f ff4 fsb fc1 sc2 ls52 ws0\">13<span class=\"sc0 ls0\"> </span></div></td><td class=\"c x63c y2c2d w179 h69\"><div class=\"t m0 x30 h30 y25f ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x635 y2c2d w3b6 h69\"><div class=\"t m0 x32 h30 y25f ff4 fsb fc1 sc2 ls0 ws0\">4.120<span class=\"sc0\"> </span></div></td><td class=\"c x638 y2c2d w17b h69\"><div class=\"t m0 x32 h30 y25f ff4 fsb fc1 sc2 ls0 ws0\">4.133<span class=\"sc0\"> </span></div></td><td class=\"c x636 y2c2d w177 h69\"><div class=\"t m0 x97 h30 y25f ff4 fsb fc1 sc2 ls52 ws0\">14<span class=\"sc0 ls0\"> </span></div></td><td class=\"c x616 y2c2d w176 h69\"><div class=\"t m0 x30 h30 y25f ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x637 y2c2d w168 h69\"><div class=\"t m0 x32 h30 y25f ff4 fsb fc1 sc2 ls0 ws0\">2.716<span class=\"sc0\"> </span></div></td><td class=\"c x50f y2c2d w358 h69\"><div class=\"t m0 x33 h30 y25f ff4 fsb fc1 sc2 ls0 ws0\">2.730<span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x262 y2c2e wc03 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc2 ls0 ws0\">D. Risult<span class=\"_ _f\"></span>a<span class=\"_ _2\"></span>to dei<span class=\"_ _f\"></span> s<span class=\"_ _2\"></span>ervi<span class=\"_ _1\"></span>zi assicura<span class=\"_ _1\"></span>tivi<span class=\"_ _df\"> </span></div></td><td class=\"c x634 y2c2f w177 h159\"><div class=\"t m0 x2e h30 y45 ff4 fsb fc1 sc2 ls0 ws0\">(11.370)<span class=\"sc0\"> </span></div></td><td class=\"c x63c y2c2f w179 h159\"><div class=\"t m0 x30 h30 y45 ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x635 y2c2f w3b6 h159\"><div class=\"t m0 x32 h30 y45 ff4 fsb fc1 sc2 ls0 ws0\">4.120<span class=\"sc0\"> </span></div></td><td class=\"c x638 y2c2f w17b h159\"><div class=\"t m0 x130 h30 y45 ff4 fsb fc1 sc2 ls0 ws0\">(7.250)<span class=\"sc0\"> </span></div></td><td class=\"c x636 y2c2f w177 h159\"><div class=\"t m0 x55 h30 y45 ff4 fsb fc1 sc2 ls0 ws0\">(5.946)<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x616 y2c2f w176 h159\"><div class=\"t m0 x30 h30 y45 ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x637 y2c2f w168 h159\"><div class=\"t m0 x32 h30 y45 ff4 fsb fc1 sc2 ls0 ws0\">2.716<span class=\"sc0\"> </span></div></td><td class=\"c x50f y2c2f w358 h159\"><div class=\"t m0 x130 h30 y45 ff4 fsb fc1 sc2 ls0 ws0\">(3.230)<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x262 y2c30 wc04 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc2 ls0 ws0\">(B+C)<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x262 y2c31 wc05 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc2 ls0 ws0\">E. Costi/ric<span class=\"_ _1\"></span>avi netti<span class=\"_ _1\"></span> di natur<span class=\"_ _1\"></span>a<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x262 y2c32 wc06 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc2 ls0 ws0\">finanziari<span class=\"_ _1\"></span>a<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2a8 y2c33 wc1e h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">1. Relativi ai contratti ass<span class=\"_ _2\"></span>ucurativi<span class=\"_ _df\"> </span></div></td><td class=\"c x634 y2c34 w177 h12\"><div class=\"t m0 x55 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">33.083 </div></td><td class=\"c x63c y2c34 w179 h12\"><div class=\"t m0 x30 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x635 y2c34 w3b6 h12\"><div class=\"t m0 x15 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x638 y2c34 w17b h12\"><div class=\"t m0 x55 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">33.083 </div></td><td class=\"c x636 y2c34 w177 h12\"><div class=\"t m0 x55 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">33.586 </div></td><td class=\"c x616 y2c34 w176 h12\"><div class=\"t m0 x30 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x637 y2c34 w168 h12\"><div class=\"t m0 x15 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x50f y2c34 w358 h12\"><div class=\"t m0 x130 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">33.586 </div></td></tr><tr><td class=\"c x2a8 y2c35 wc1f h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">emessi<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x46b y2c36 w46e h290\"><div class=\"t m0 x39 h30 y394 ff4 fsb fc1 sc0 ls0 ws0\">1.1 Registrati in co<span class=\"_ _2\"></span>nto economico </div></td><td class=\"c x634 y2c36 w177 h290\"><div class=\"t m0 x55 h30 y394 ff4 fsb fc1 sc0 ls0 ws0\">30.598 </div></td><td class=\"c x63c y2c36 w179 h290\"><div class=\"t m0 x30 h30 y394 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x635 y2c36 w3b6 h290\"><div class=\"t m0 x15 h30 y394 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x638 y2c36 w17b h290\"><div class=\"t m0 x55 h30 y394 ff4 fsb fc1 sc0 ls0 ws0\">30.598 </div></td><td class=\"c x636 y2c36 w177 h290\"><div class=\"t m0 x48 h30 y394 ff4 fsb fc1 sc0 ls0 ws0\">31.181 </div></td><td class=\"c x616 y2c36 w176 h290\"><div class=\"t m0 x30 h30 y394 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x637 y2c36 w168 h290\"><div class=\"t m0 x15 h30 y394 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x50f y2c36 w358 h290\"><div class=\"t m0 x33 h30 y394 ff4 fsb fc1 sc0 ls0 ws0\">31.181 </div></td></tr><tr><td class=\"c x46a y2c37 wc0b h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">1.2 Registrati nel co<span class=\"_ _2\"></span>nto<span class=\"_ _df\"> </span></div></td><td class=\"c x634 y2c38 w177 h159\"><div class=\"t m0 x48 h30 y45 ff4 fsb fc1 sc0 ls0 ws0\">2.485 </div></td><td class=\"c x63c y2c38 w179 h159\"><div class=\"t m0 x30 h30 y45 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x635 y2c38 w3b6 h159\"><div class=\"t m0 x15 h30 y45 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x638 y2c38 w17b h159\"><div class=\"t m0 x48 h30 y45 ff4 fsb fc1 sc0 ls0 ws0\">2.485 </div></td><td class=\"c x636 y2c38 w177 h159\"><div class=\"t m0 x48 h30 y45 ff4 fsb fc1 sc0 ls0 ws0\">2.405 </div></td><td class=\"c x616 y2c38 w176 h159\"><div class=\"t m0 x30 h30 y45 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x637 y2c38 w168 h159\"><div class=\"t m0 x15 h30 y45 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x50f y2c38 w358 h159\"><div class=\"t m0 x33 h30 y45 ff4 fsb fc1 sc0 ls0 ws0\">2.405 </div></td></tr><tr><td class=\"c x46a y2c39 wc0c h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">economico co<span class=\"_ _2\"></span>mplessivo<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2a8 y2c3a wc20 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">2. Effetti co<span class=\"_ _2\"></span>nnessi con le variazioni<span class=\"_ _df\"> </span></div></td><td class=\"c x634 y2c3b w177 h159\"><div class=\"t m0 x30 h30 y45 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x63c y2c3b w179 h159\"><div class=\"t m0 x30 h30 y45 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x635 y2c3b w3b6 h159\"><div class=\"t m0 x15 h30 y45 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x638 y2c3b w17b h159\"><div class=\"t m0 x15 h30 y45 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x636 y2c3b w177 h159\"><div class=\"t m0 x30 h30 y45 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x616 y2c3b w176 h159\"><div class=\"t m0 x30 h30 y45 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x637 y2c3b w168 h159\"><div class=\"t m0 x15 h30 y45 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x50f y2c3b w358 h159\"><div class=\"t m0 x15 h30 y45 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2a8 y2c3c wc21 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">dei tassi di cambio<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x46b y2c3d w46e h69\"><div class=\"t m0 x16a h30 y25f ff4 fsb fc1 sc2 ls0 ws0\">3. Totale<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x634 y2c3d w177 h69\"><div class=\"t m0 x55 h30 y25f ff4 fsb fc1 sc2 ls0 ws0\">33.083<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x63c y2c3d w179 h69\"><div class=\"t m0 x30 h30 y25f ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x635 y2c3d w3b6 h69\"><div class=\"t m0 x15 h30 y25f ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x638 y2c3d w17b h69\"><div class=\"t m0 x130 h30 y25f ff4 fsb fc1 sc2 ls0 ws0\">33.083<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x636 y2c3d w177 h69\"><div class=\"t m0 x55 h30 y25f ff4 fsb fc1 sc2 ls0 ws0\">33.586<span class=\"sc0\"> </span></div></td><td class=\"c x616 y2c3d w176 h69\"><div class=\"t m0 x30 h30 y25f ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x637 y2c3d w168 h69\"><div class=\"t m0 x15 h30 y25f ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x50f y2c3d w358 h69\"><div class=\"t m0 x130 h30 y25f ff4 fsb fc1 sc2 ls0 ws0\">33.586<span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x46b y2c3e w46e h69\"><div class=\"t m0 x8a h30 y25f ff4 fsb fc1 sc2 ls0 ws0\">F. Compo<span class=\"_ _f\"></span>nenti di investi<span class=\"_ _1\"></span>mento<span class=\"sc0\"> </span></div></td><td class=\"c x634 y2c3e w177 h69\"><div class=\"t m0 x116 h30 y25f ff4 fsb fc1 sc2 ls0 ws0\">(45.293<span class=\"_ _1\"></span>)<span class=\"sc0\"> </span></div></td><td class=\"c x63c y2c3e w179 h69\"><div class=\"t m0 x30 h30 y25f ff4 fsb fc1 sc2 ls0 ws0\">-</div></td><td class=\"c x635 y2c3e w3b6 h69\"><div class=\"t m0 x130 h30 y25f ff4 fsb fc1 sc2 ls0 ws0\">45.293<span class=\"sc0\"> </span></div></td><td class=\"c x638 y2c3e w17b h69\"><div class=\"t m0 x15 h30 y25f ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x636 y2c3e w177 h69\"><div class=\"t m0 x116 h30 y25f ff4 fsb fc1 sc2 ls0 ws0\">(39.977)<span class=\"sc0\"> </span></div></td><td class=\"c x616 y2c3e w176 h69\"><div class=\"t m0 x30 h30 y25f ff4 fsb fc1 sc2 ls0 ws0\">-</div></td><td class=\"c x637 y2c3e w168 h69\"><div class=\"t m0 x39 h30 y25f ff4 fsb fc1 sc2 ls0 ws0\">39.977<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x50f y2c3e w358 h69\"><div class=\"t m0 x15 h30 y25f ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x262 y2c3f wc22 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc2 ls0 ws0\">G. Import<span class=\"_ _1\"></span>o totale<span class=\"_ _f\"></span> <span class=\"_ _2\"></span>registra<span class=\"_ _1\"></span>to in conto<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x262 y2c40 wc23 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc2 ls0 ws0\">econo<span class=\"_ _1\"></span>mico e nel co<span class=\"_ _1\"></span>nto eco<span class=\"_ _f\"></span>n<span class=\"_ _2\"></span>omico<span class=\"_ _df\"> </span></div></td><td class=\"c x634 y2c41 w177 h64\"><div class=\"t m0 x16a h30 y1498 ff4 fsb fc1 sc2 ls0 ws0\">(23.58<span class=\"_ _1\"></span>0)<span class=\"sc0\"> </span></div></td><td class=\"c x63c y2c41 w179 h64\"><div class=\"t m0 x30 h30 y1498 ff4 fsb fc1 sc2 ls0 ws0\">-</div></td><td class=\"c x635 y2c41 w3b6 h64\"><div class=\"t m0 x39 h30 y1498 ff4 fsb fc1 sc2 ls0 ws0\">49.413<span class=\"sc0\"> </span></div></td><td class=\"c x638 y2c41 w17b h64\"><div class=\"t m0 x130 h30 y1498 ff4 fsb fc1 sc2 ls0 ws0\">25.833<span class=\"sc0\"> </span></div></td><td class=\"c x636 y2c41 w177 h64\"><div class=\"t m0 x2e h30 y1498 ff4 fsb fc1 sc2 ls0 ws0\">(12.337)<span class=\"sc0\"> </span></div></td><td class=\"c x616 y2c41 w176 h64\"><div class=\"t m0 x30 h30 y1498 ff4 fsb fc1 sc2 ls0 ws0\">-</div></td><td class=\"c x637 y2c41 w168 h64\"><div class=\"t m0 x130 h30 y1498 ff4 fsb fc1 sc2 ls0 ws0\">42.693<span class=\"sc0\"> </span></div></td><td class=\"c x50f y2c41 w358 h64\"><div class=\"t m0 x130 h30 y1498 ff4 fsb fc1 sc2 ls0 ws0\">30.356<span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x262 y2c42 wc24 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc2 ls0 ws0\">comples<span class=\"_ _1\"></span>sivo (D+<span class=\"_ _1\"></span>E+F)<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x46b y2c43 w46e h19a\"><div class=\"t m0 x8a h30 y25f ff4 fsb fc1 sc2 ls0 ws0\">H. Altre<span class=\"_ _1\"></span> variazioni </div></td><td class=\"c x634 y2c43 w177 h19a\"><div class=\"t m0 x55 h30 y25f ff4 fsb fc1 sc2 ls0 ws0\">(2.285)<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x63c y2c43 w179 h19a\"><div class=\"t m0 x30 h30 y25f ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x635 y2c43 w3b6 h19a\"><div class=\"t m0 x15 h30 y25f ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x638 y2c43 w17b h19a\"><div class=\"t m0 x130 h30 y25f ff4 fsb fc1 sc2 ls0 ws0\">(2.285)<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x636 y2c43 w177 h19a\"><div class=\"t m0 x32 h30 y25f ff4 fsb fc1 sc2 ls0 ws0\">1.931<span class=\"sc0\"> </span></div></td><td class=\"c x616 y2c43 w176 h19a\"><div class=\"t m0 x30 h30 y25f ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x637 y2c43 w168 h19a\"><div class=\"t m0 x15 h30 y25f ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x50f y2c43 w358 h19a\"><div class=\"t m0 x35 h30 y25f ff4 fsb fc1 sc2 ls0 ws0\">1.931<span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x46b y2c44 w46e h69\"><div class=\"t m0 x8a h30 y25f ff4 fsb fc1 sc2 ls0 ws0\">I. Movim<span class=\"_ _1\"></span>enti di ca<span class=\"_ _1\"></span>ssa<span class=\"sc0\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x46b y2c45 w46e h19a\"><div class=\"t m0 x16a h30 y25f ff4 fsb fc1 sc0 ls0 ws0\">1. Premi ricevu<span class=\"_ _2\"></span>ti </div></td><td class=\"c x634 y2c45 w177 h19a\"><div class=\"t m0 x16a h30 y25f ff4 fsb fc1 sc0 ls0 ws0\">434.542 </div></td><td class=\"c x63c y2c45 w179 h19a\"><div class=\"t m0 x30 h30 y25f ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x635 y2c45 w3b6 h19a\"><div class=\"t m0 x15 h30 y25f ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x638 y2c45 w17b h19a\"><div class=\"t m0 x116 h30 y25f ff4 fsb fc1 sc0 ls0 ws0\">434.542 </div></td><td class=\"c x636 y2c45 w177 h19a\"><div class=\"t m0 x16a h30 y25f ff4 fsb fc1 sc0 ls0 ws0\">208.285 </div></td><td class=\"c x616 y2c45 w176 h19a\"><div class=\"t m0 x30 h30 y25f ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x637 y2c45 w168 h19a\"><div class=\"t m0 x15 h30 y25f ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x50f y2c45 w358 h19a\"><div class=\"t m0 x2a h30 y25f ff4 fsb fc1 sc0 ls0 ws0\">208.285 </div></td></tr><tr><td class=\"c x2a8 y2c46 wc25 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">2. Pagamenti conness<span class=\"_ _2\"></span>i con i costi<span class=\"_ _df\"> </span></div></td><td class=\"c x634 y2c47 w177 h159\"><div class=\"t m0 x30 h30 y45 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x63c y2c47 w179 h159\"><div class=\"t m0 x30 h30 y45 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x635 y2c47 w3b6 h159\"><div class=\"t m0 x15 h30 y45 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x638 y2c47 w17b h159\"><div class=\"t m0 x15 h30 y45 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x636 y2c47 w177 h159\"><div class=\"t m0 x30 h30 y45 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x616 y2c47 w176 h159\"><div class=\"t m0 x30 h30 y45 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x637 y2c47 w168 h159\"><div class=\"t m0 x15 h30 y45 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x50f y2c47 w358 h159\"><div class=\"t m0 x15 h30 y45 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2a8 y2c48 wc26 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">di acquisizione dei co<span class=\"_ _2\"></span>ntratti<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2a8 y2c49 wc13 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">3. Sinistri pagati e altre u<span class=\"_ _2\"></span>scite di<span class=\"_ _df\"> </span></div></td><td class=\"c x634 y2c4a w177 h196\"><div class=\"t m0 x30 h30 y1649 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x63c y2c4a w179 h196\"><div class=\"t m0 x30 h30 y1649 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x635 y2c4a w3b6 h196\"><div class=\"t m0 x116 h30 y1649 ff4 fsb fc1 sc0 ls0 ws0\">(47.560) </div></td><td class=\"c x638 y2c4a w17b h196\"><div class=\"t m0 x116 h30 y1649 ff4 fsb fc1 sc0 ls0 ws0\">(47.560) </div></td><td class=\"c x636 y2c4a w177 h196\"><div class=\"t m0 x30 h30 y1649 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x616 y2c4a w176 h196\"><div class=\"t m0 x30 h30 y1649 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x637 y2c4a w168 h196\"><div class=\"t m0 x116 h30 y1649 ff4 fsb fc1 sc0 ls0 ws0\">(44.335) </div></td><td class=\"c x50f y2c4a w358 h196\"><div class=\"t m0 x116 h30 y1649 ff4 fsb fc1 sc0 ls0 ws0\">(44.335) </div></td></tr><tr><td class=\"c x2a8 y2c4b wc14 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">cassa<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x46b y2c4c w46e h69\"><div class=\"t m0 x16a h30 y25f ff4 fsb fc1 sc0 ls0 ws0\">4. Altri movim<span class=\"_ _2\"></span>enti<span class=\"_ _df\"> </span></div></td><td class=\"c x634 y2c4c w177 h69\"><div class=\"t m0 x30 h30 y25f ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x63c y2c4c w179 h69\"><div class=\"t m0 x30 h30 y25f ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x635 y2c4c w3b6 h69\"><div class=\"t m0 x15 h30 y25f ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x638 y2c4c w17b h69\"><div class=\"t m0 x15 h30 y25f ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x636 y2c4c w177 h69\"><div class=\"t m0 x30 h30 y25f ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x616 y2c4c w176 h69\"><div class=\"t m0 x30 h30 y25f ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x637 y2c4c w168 h69\"><div class=\"t m0 x15 h30 y25f ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x50f y2c4c w358 h69\"><div class=\"t m0 x15 h30 y25f ff4 fsb fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y2c4d w46e h19a\"><div class=\"t m0 x16a h30 y394 ff4 fsb fc1 sc2 ls0 ws0\">5. Totale<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x634 y2c4d w177 h19a\"><div class=\"t m0 x116 h30 y394 ff4 fsb fc1 sc2 ls0 ws0\">434.542<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x63c y2c4d w179 h19a\"><div class=\"t m0 x30 h30 y394 ff4 fsb fc1 sc2 ls0 ws0\">-</div></td><td class=\"c x635 y2c4d w3b6 h19a\"><div class=\"t m0 x2a h30 y394 ff4 fsb fc1 sc2 ls0 ws0\">(47.560)<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x638 y2c4d w17b h19a\"><div class=\"t m0 x2a h30 y394 ff4 fsb fc1 sc2 ls0 ws0\">386.982<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x636 y2c4d w177 h19a\"><div class=\"t m0 x116 h30 y394 ff4 fsb fc1 sc2 ls6a ws0\">20<span class=\"ls0\">8.285</span><span class=\"ls0\"><span class=\"sc0\"> </span></span></div></td><td class=\"c x616 y2c4d w176 h19a\"><div class=\"t m0 x30 h30 y394 ff4 fsb fc1 sc2 ls0 ws0\">-</div></td><td class=\"c x637 y2c4d w168 h19a\"><div class=\"t m0 x116 h30 y394 ff4 fsb fc1 sc2 ls0 ws0\">(44.335)<span class=\"sc0\"> </span></div></td><td class=\"c x50f y2c4d w358 h19a\"><div class=\"t m0 x2e h30 y394 ff4 fsb fc1 sc2 ls0 ws0\">163.95<span class=\"_ _1\"></span>0<span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x262 y2c4e wc15 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc2 ls0 ws0\">L. Valore<span class=\"_ _1\"></span> netto di b<span class=\"_ _1\"></span>ilancio al<span class=\"_ _1\"></span> 31<span class=\"_ _df\"> </span></div></td><td class=\"c x634 y2c4f w177 h159\"><div class=\"t m0 x2e h30 y45 ff4 fsb fc1 sc2 ls0 ws0\">955.166<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x63c y2c4f w179 h159\"><div class=\"t m0 x30 h30 y45 ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x635 y2c4f w3b6 h159\"><div class=\"t m0 x32 h30 y45 ff4 fsb fc1 sc2 ls0 ws0\">2.531<span class=\"sc0\"> </span></div></td><td class=\"c x638 y2c4f w17b h159\"><div class=\"t m0 x2e h30 y45 ff4 fsb fc1 sc2 ls0 ws0\">957.697<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x636 y2c4f w177 h159\"><div class=\"t m0 x116 h30 y45 ff4 fsb fc1 sc2 ls0 ws0\">546.490<span class=\"sc0\"> </span></div></td><td class=\"c x616 y2c4f w176 h159\"><div class=\"t m0 x30 h30 y45 ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x637 y2c4f w168 h159\"><div class=\"t m0 x26 h30 y45 ff4 fsb fc1 sc2 ls0 ws0\">677<span class=\"sc0\"> </span></div></td><td class=\"c x50f y2c4f w358 h159\"><div class=\"t m0 x55 h30 y45 ff4 fsb fc1 sc2 ls0 ws0\">547.167<span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x262 y2c50 wc16 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc2 ls0 ws0\">dicembre<span class=\"_ _f\"></span> (<span class=\"_ _2\"></span>A.3+<span class=\"_ _f\"></span>G<span class=\"_ _2\"></span>+H+<span class=\"_ _f\"></span>I.4)<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x46b y2c51 w46e h69\"><div class=\"t m0 x8a h30 y25f ff4 fsb fc1 sc2 ls0 ws0\">M. Valore<span class=\"_ _1\"></span> di bilanci<span class=\"_ _1\"></span>o finale<span class=\"sc0\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2a8 y2c52 wbf3 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">1. Contratti di assi<span class=\"_ _2\"></span>curazione<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2a8 y2c53 wbf4 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">emessi che<span class=\"_ _2\"></span> costituiscono<span class=\"_ _df\"> </span></div></td><td class=\"c x634 y2c54 w177 h136\"><div class=\"t m0 x2a h30 y589 ff4 fsb fc1 sc0 ls0 ws0\">955.165 </div></td><td class=\"c x63c y2c54 w179 h136\"><div class=\"t m0 x30 h30 y589 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x635 y2c54 w3b6 h136\"><div class=\"t m0 x32 h30 y589 ff4 fsb fc1 sc0 ls0 ws0\">2.531</div></td><td class=\"c x638 y2c54 w17b h136\"><div class=\"t m0 x2a h30 y589 ff4 fsb fc1 sc0 ls0 ws0\">957.696 </div></td><td class=\"c x636 y2c54 w177 h136\"><div class=\"t m0 x16a h30 y589 ff4 fsb fc1 sc0 ls0 ws0\">546.489 </div></td><td class=\"c x616 y2c54 w176 h136\"><div class=\"t m0 x30 h30 y589 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x637 y2c54 w168 h136\"><div class=\"t m0 x27 h30 y589 ff4 fsb fc1 sc0 ls0 ws0\">678 </div></td><td class=\"c x50f y2c54 w358 h136\"><div class=\"t m0 x55 h30 y589 ff4 fsb fc1 sc0 ls0 ws0\">547.167 </div></td></tr><tr><td class=\"c x2a8 y2c55 wbf5 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">passivit\u00e0<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2a8 y2c56 wbf6 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">2. Contratti di assicu<span class=\"_ _2\"></span>razione<span class=\"_ _df\"> </span></div></td><td class=\"c x634 y2c57 w177 h159\"><div class=\"t m0 x30 h30 y45 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x63c y2c57 w179 h159\"><div class=\"t m0 x30 h30 y45 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x635 y2c57 w3b6 h159\"><div class=\"t m0 x15 h30 y45 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x638 y2c57 w17b h159\"><div class=\"t m0 x15 h30 y45 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x636 y2c57 w177 h159\"><div class=\"t m0 x30 h30 y45 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x616 y2c57 w176 h159\"><div class=\"t m0 x30 h30 y45 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x637 y2c57 w168 h159\"><div class=\"t m0 x15 h30 y45 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x50f y2c57 w358 h159\"><div class=\"t m0 x15 h30 y45 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2a8 y2c58 wc1c h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">emessi che<span class=\"_ _2\"></span> costituiscono attivit\u00e0<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x262 y2bbf wc17 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc2 ls0 ws0\">3. Valore<span class=\"_ _1\"></span> netto di b<span class=\"_ _1\"></span>ilancio al<span class=\"_ _1\"></span> 31<span class=\"_ _df\"> </span></div></td><td class=\"c x634 y2c59 w177 h207\"><div class=\"t m0 x2e h30 y17bf ff4 fsb fc1 sc2 ls0 ws0\">955.165<span class=\"sc0\"> </span></div></td><td class=\"c x63c y2c59 w179 h207\"><div class=\"t m0 x30 h30 y17bf ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x635 y2c59 w3b6 h207\"><div class=\"t m0 x32 h30 y17bf ff4 fsb fc1 sc2 ls0 ws0\">2.531<span class=\"sc0\"> </span></div></td><td class=\"c x638 y2c59 w17b h207\"><div class=\"t m0 x2a h30 y17bf ff4 fsb fc1 sc2 ls0 ws0\">957.696<span class=\"sc0\"> </span></div></td><td class=\"c x636 y2c59 w177 h207\"><div class=\"t m0 x116 h30 y17bf ff4 fsb fc1 sc2 ls0 ws0\">546.489<span class=\"sc0\"> </span></div></td><td class=\"c x616 y2c59 w176 h207\"><div class=\"t m0 x30 h30 y17bf ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x637 y2c59 w168 h207\"><div class=\"t m0 x27 h30 y17bf ff4 fsb fc1 sc2 ls0 ws0\">678<span class=\"sc0\"> </span></div></td><td class=\"c x50f y2c59 w358 h207\"><div class=\"t m0 x55 h30 y17bf ff4 fsb fc1 sc2 ls0 ws0\">547.167<span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x262 y2491 wc18 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc2 ls0 ws0\">dicembre<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr></table></div><div class=\"c w470 h90 gsd5f\"><div class=\"t m0 xe h5 y476 ff4 fs1 fc4 sc3 ls0 ws0\">Dinam<span class=\"_ _f\"></span>ica del v<span class=\"_ _1\"></span>alor<span class=\"_ _f\"></span>e di bila<span class=\"_ _1\"></span>ncio d<span class=\"_ _1\"></span>ei co<span class=\"_ _1\"></span>ntrat<span class=\"_ _1\"></span>ti di as<span class=\"_ _f\"></span>sicurazio<span class=\"_ _1\"></span>ne em<span class=\"_ _1\"></span>ess<span class=\"_ _f\"></span>i distinta <span class=\"_ _1\"></span>per e<span class=\"_ _1\"></span>lement<span class=\"_ _f\"></span>i<span class=\"_ _df\"> </span> </div><div class=\"t m0 xe h5 y477 ff4 fs1 fc4 sc3 ls0 ws0\">sott<span class=\"_ _1\"></span>ostant<span class=\"_ _f\"></span>i alla mi<span class=\"_ _1\"></span>sura<span class=\"_ _1\"></span>zione<span class=\"_ _df\"> </span><span class=\"_ _1\"></span><span class=\"fc1 sc2\"> </span></div></div><div class=\"c w470 h2a1 gsd60\"><div class=\"t m0 xe h5 y17c1 ff4 fs1 fc4 sc3 ls0 ws0\">Contr<span class=\"_ _1\"></span>atti a<span class=\"_ _f\"></span>ssicurat<span class=\"_ _1\"></span>ivi em<span class=\"_ _f\"></span>essi con<span class=\"_ _f\"></span> elementi<span class=\"_ _1\"></span> di p<span class=\"_ _1\"></span>arte<span class=\"_ _1\"></span>cipazi<span class=\"_ _1\"></span>one d<span class=\"_ _1\"></span>irett<span class=\"_ _f\"></span>a - Segment<span class=\"_ _f\"></span>o Vita<span class=\"_ _f\"></span><span class=\"fc1 sc2\"> </span></div></div><div class=\"gsd61\"><table class=\"s wc2b h50d\" id=\"_df52f9de-d54f-4ea9-84f4-a77f1532b693\"><tr><td></td><td></td><td></td><td class=\"c x640 y2c5a wc2c h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc4 sc3 ls0 ws0\">Elemen<span class=\"_ _1\"></span>ti sott<span class=\"_ _f\"></span>o<span class=\"_ _2\"></span>stan<span class=\"_ _1\"></span>ti alla mi<span class=\"_ _f\"></span>s<span class=\"_ _2\"></span>ura<span class=\"_ _1\"></span>zione <span class=\"_ _f\"></span>del valore di<span class=\"_ _1\"></span> bilancio <span class=\"_ _f\"></span>dei contratti<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td class=\"c x641 y2c5a wc2c h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc4 sc3 ls0 ws0\">Elemen<span class=\"_ _1\"></span>ti sott<span class=\"_ _f\"></span>o<span class=\"_ _2\"></span>stan<span class=\"_ _1\"></span>ti alla mi<span class=\"_ _f\"></span>s<span class=\"_ _2\"></span>ura<span class=\"_ _1\"></span>zione <span class=\"_ _f\"></span>del valore di<span class=\"_ _1\"></span> bilancio <span class=\"_ _f\"></span>dei contratti<span class=\"_ _df\"> </span></div></td><td></td></tr><tr><td></td><td class=\"c x642 y2c5b wc2d h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc4 sc3 ls0 ws0\">Valore<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x643 y2c5c wc2e h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc4 sc3 ls0 ws0\">di assicu<span class=\"_ _1\"></span>razion<span class=\"_ _1\"></span>e eme<span class=\"_ _1\"></span>ssi<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x644 y2c5b wc2f h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc4 sc3 ls0 ws0\">Valore<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x645 y2c5c wc2e h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc4 sc3 ls0 ws0\">di assicu<span class=\"_ _1\"></span>razi<span class=\"_ _1\"></span>one eme<span class=\"_ _1\"></span>ssi<span class=\"_ _df\"> </span></div></td><td></td></tr><tr><td class=\"c x262 y2c5d wc30 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc4 sc3 ls0 ws0\">Voci/El<span class=\"_ _f\"></span>e<span class=\"_ _2\"></span>me<span class=\"_ _1\"></span>nti sott<span class=\"_ _1\"></span>ostanti<span class=\"_ _df\"> </span></div></td><td class=\"c x646 y2c5d wc31 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc4 sc3 ls0 ws0\">attuale d<span class=\"_ _f\"></span>ei</div></td><td class=\"c x647 y2c5e wc32 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc4 sc3 ls0 ws0\">Aggiusta<span class=\"_ _f\"></span>mento<span class=\"_ _df\"> </span></div></td><td class=\"c x648 y2c5e wc33 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc4 sc3 ls0 ws0\">Margine <span class=\"_ _f\"></span>sui<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x649 y2c5d wc34 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc4 sc3 ls0 ws0\">attuale d<span class=\"_ _f\"></span>ei</div></td><td class=\"c x64a y2c5e wc32 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc4 sc3 ls0 ws0\">Aggiusta<span class=\"_ _f\"></span>mento<span class=\"_ _df\"> </span></div></td><td class=\"c x64b y2c5e wc33 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc4 sc3 ls0 ws0\">Margine <span class=\"_ _f\"></span>sui<span class=\"_ _df\"> </span></div></td><td></td></tr><tr><td class=\"c x262 y2c5f wc35 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc4 sc3 ls0 ws0\">alla mis<span class=\"_ _1\"></span>urazio<span class=\"_ _1\"></span>ne<span class=\"_ _df\"> </span></div></td><td class=\"c x64c y2c5f wc36 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc4 sc3 ls0 ws0\">flussi</div></td><td class=\"c x64d y2c60 wc37 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc4 sc3 ls0 ws0\">per i ri<span class=\"_ _1\"></span>schi non<span class=\"_ _df\"> </span></div></td><td class=\"c x64e y2c60 wb15 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc4 sc3 ls0 ws0\">servizi<span class=\"_ _df\"> </span></div></td><td class=\"c x4b2 y2c61 w111 h2a2\"><div class=\"t m0 x2a hd6 y17ae ff4 fs1b fc4 sc3 ls0 ws0\">Totale<span class=\"fc1 sc0\"> </span></div></td><td class=\"c x64f y2c5f wc36 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc4 sc3 ls0 ws0\">flussi</div></td><td class=\"c x650 y2c60 wc37 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc4 sc3 ls0 ws0\">per i ri<span class=\"_ _1\"></span>schi non<span class=\"_ _df\"> </span></div></td><td class=\"c x651 y2c60 wb15 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc4 sc3 ls0 ws0\">servizi<span class=\"_ _df\"> </span></div></td><td class=\"c x652 y2c61 w10e h2a2\"><div class=\"t m0 x2a hd6 y17ae ff4 fs1b fc4 sc3 ls0 ws0\">Totale<span class=\"fc1 sc0\"> </span></div></td></tr><tr><td></td><td class=\"c x5d4 y2c62 wa92 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc4 sc3 ls0 ws0\">finanzia<span class=\"_ _f\"></span>ri<span class=\"_ _df\"> </span></div></td><td class=\"c x653 y2c63 wa92 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc4 sc3 ls0 ws0\">finanzia<span class=\"_ _f\"></span>ri<span class=\"_ _df\"> </span></div></td><td class=\"c x648 y2c63 wc38 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc4 sc3 ls0 ws0\">contrattu<span class=\"_ _f\"></span>ali<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x654 y2c62 wa92 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc4 sc3 ls0 ws0\">finanzia<span class=\"_ _f\"></span>ri<span class=\"_ _df\"> </span></div></td><td class=\"c x655 y2c63 wa92 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc4 sc3 ls0 ws0\">finanzia<span class=\"_ _f\"></span>ri<span class=\"_ _df\"> </span></div></td><td class=\"c x64b y2c63 wc38 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc4 sc3 ls0 ws0\">contrattu<span class=\"_ _f\"></span>ali<span class=\"_ _df\"> </span></div></td><td></td></tr><tr><td></td><td class=\"c x656 y2c61 w473 hc3\"><div class=\"t m0 xac hd6 y30c ff4 fs1b fc4 sc3 ls0 ws0\">31/12/2<span class=\"_ _1\"></span>025<span class=\"fc1 sc0\"> </span></div></td><td class=\"c x657 y2c61 w36b hc3\"><div class=\"t m0 x55 hd6 y30c ff4 fs1b fc4 sc3 ls0 ws0\">31/12/2<span class=\"_ _1\"></span>025<span class=\"fc1 sc0\"> </span></div></td><td class=\"c x544 y2c61 w130 hc3\"><div class=\"t m0 x8e hd6 y30c ff4 fs1b fc4 sc3 ls0 ws0\">31/12/2<span class=\"_ _1\"></span>025<span class=\"fc1 sc0\"> </span></div></td><td></td><td class=\"c x658 y2c61 w1d6 hc3\"><div class=\"t m0 xac hd6 y30c ff4 fs1b fc4 sc3 ls0 ws0\">31/12/2<span class=\"_ _1\"></span>024<span class=\"fc1 sc0\"> </span></div></td><td class=\"c x469 y2c61 w392 hc3\"><div class=\"t m0 x55 hd6 y30c ff4 fs1b fc4 sc3 ls0 ws0\">31/12/2<span class=\"_ _1\"></span>024<span class=\"fc1 sc0\"> </span></div></td><td class=\"c x659 y2c61 wf0 hc3\"><div class=\"t m0 x8e hd6 y30c ff4 fs1b fc4 sc3 ls0 ws0\">31/12/2<span class=\"_ _1\"></span>024<span class=\"fc1 sc0\"> </span></div></td><td></td></tr><tr><td class=\"c x46b y2c64 w474 h139\"><div class=\"t m0 x8a hd6 y360 ff4 fs1b fc1 sc2 ls0 ws0\">A. Val<span class=\"_ _1\"></span>ore di bila<span class=\"_ _f\"></span>ncio iniziale<span class=\"sc0\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2a8 y2c65 wc39 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">1. Contratti di<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2a8 y2c66 wc3a h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">assicurazione emessi<span class=\"_ _df\"> </span></div></td><td class=\"c x656 y2c67 w473 h89\"><div class=\"t m0 x116 hd6 y3d ff4 fs1b fc1 sc0 ls0 ws0\">4.046.784 </div></td><td class=\"c x657 y2c67 w475 h89\"><div class=\"t m0 x36 hd6 y3d ff4 fs1b fc1 sc0 ls0 ws0\">49.814 </div></td><td class=\"c x544 y2c67 w476 h89\"><div class=\"t m0 x33 hd6 y3d ff4 fs1b fc1 sc0 ls0 ws0\">286.170 </div></td><td class=\"c x4b2 y2c67 w17b h89\"><div class=\"t m0 x16a hd6 y3d ff4 fs1b fc1 sc0 ls0 ws0\">4.382.768 </div></td><td class=\"c x658 y2c67 w25f h89\"><div class=\"t m0 x2a hd6 y3d ff4 fs1b fc1 sc0 ls0 ws0\">3.638.143 </div></td><td class=\"c x469 y2c67 w477 h89\"><div class=\"t m0 x15 hd6 y3d ff4 fs1b fc1 sc0 ls0 ws0\">48.456 </div></td><td class=\"c x65a y2c67 w1d8 h89\"><div class=\"t m0 x33 hd6 y3d ff4 fs1b fc1 sc0 ls0 ws0\">187.460 </div></td><td class=\"c x652 y2c67 w3b6 h89\"><div class=\"t m0 x16a hd6 y3d ff4 fs1b fc1 sc0 ls0 ws0\">3.874.059 </div></td></tr><tr><td class=\"c x2a8 y2c68 wc3b h50e\"><div class=\"t m0 x250 hd6 y2726 ff4 fs1b fc1 sc0 ls0 ws0\">che costituiscono<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2a8 y2c69 wa73 h4bd\"><div class=\"t m0 x250 hd6 y2726 ff4 fs1b fc1 sc0 ls0 ws0\">passivit\u00e0<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2a8 y2c6a wc3c h4c8\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">2. Contratti di<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2a8 y2c6b wc3a h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">assicurazione emessi<span class=\"_ _df\"> </span></div></td><td class=\"c x656 y2c6c w473 h90\"><div class=\"t m0 x36 hd6 y308 ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x657 y2c6c w475 h90\"><div class=\"t m0 x8 hd6 y308 ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x544 y2c6c w476 h90\"><div class=\"t m0 x11 hd6 y308 ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x4b2 y2c6c w17b h90\"><div class=\"t m0 x15 hd6 y308 ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x658 y2c6c w25f h90\"><div class=\"t m0 x36 hd6 y308 ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x469 y2c6c w477 h90\"><div class=\"t m0 x8 hd6 y308 ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x65a y2c6c w1d8 h90\"><div class=\"t m0 x11 hd6 y308 ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x652 y2c6c w3b6 h90\"><div class=\"t m0 x15 hd6 y308 ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2a8 y2c6d wac7 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">che costituiscono attivit\u00e0<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x262 y2c6e wc3d h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc2 ls0 ws0\">3. Valor<span class=\"_ _1\"></span>e nett<span class=\"_ _1\"></span>o di bilan<span class=\"_ _f\"></span>cio al<span class=\"_ _df\"> </span></div></td><td class=\"c x656 y2c6f w473 h148\"><div class=\"t m0 x116 hd6 y25f ff4 fs1b fc1 sc2 ls0 ws0\">4.046.7<span class=\"_ _f\"></span>84<span class=\"sc0\"> </span></div></td><td class=\"c x657 y2c6f w475 h148\"><div class=\"t m0 x36 hd6 y25f ff4 fs1b fc1 sc2 ls0 ws0\">49.814<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x544 y2c6f w476 h148\"><div class=\"t m0 x32 hd6 y25f ff4 fs1b fc1 sc2 ls0 ws0\">286.17<span class=\"_ _f\"></span>0<span class=\"sc0\"> </span></div></td><td class=\"c x4b2 y2c6f w17b h148\"><div class=\"t m0 x116 hd6 y25f ff4 fs1b fc1 sc2 ls0 ws0\">4.382.<span class=\"_ _1\"></span>768<span class=\"sc0\"> </span></div></td><td class=\"c x658 y2c6f w25f h148\"><div class=\"t m0 x2e hd6 y25f ff4 fs1b fc1 sc2 ls0 ws0\">3.638.<span class=\"_ _1\"></span>143<span class=\"sc0\"> </span></div></td><td class=\"c x469 y2c6f w477 h148\"><div class=\"t m0 x15 hd6 y25f ff4 fs1b fc1 sc2 ls0 ws0\">48.456<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x65a y2c6f w1d8 h148\"><div class=\"t m0 x32 hd6 y25f ff4 fs1b fc1 sc2 ls0 ws0\">187.46<span class=\"_ _1\"></span>0<span class=\"sc0\"> </span></div></td><td class=\"c x652 y2c6f w3b6 h148\"><div class=\"t m0 x116 hd6 y25f ff4 fs1b fc1 sc2 ls0 ws0\">3.874.0<span class=\"_ _1\"></span>59<span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x262 y2c70 wc3e h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc2 ls0 ws0\">1\u00b0 genna<span class=\"_ _1\"></span>io<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x262 y2c71 wc3f h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc2 ls0 ws0\">B. Variaz<span class=\"_ _1\"></span>ioni r<span class=\"_ _1\"></span>elative ai<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x262 y2c72 wc40 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc2 ls0 ws0\">servizi a<span class=\"_ _1\"></span>ttuali<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2a8 y2c73 wace h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">1. Margine sui servizi<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2a8 y2c74 wc41 h4c3\"><div class=\"t m0 x250 hd6 y276e ff4 fs1b fc1 sc0 ls0 ws0\">contrattuali registrato in<span class=\"_ _df\"> </span></div><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">conto economico<span class=\"_ _df\"> </span></div></td><td class=\"c x656 y2c75 w473 h90\"><div class=\"t m0 x36 hd6 yc5f ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x657 y2c75 w475 h90\"><div class=\"t m0 x8 hd6 yc5f ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x544 y2c75 w476 h90\"><div class=\"t m0 x48 hd6 yc5f ff4 fs1b fc1 sc0 ls0 ws0\">(42.322) </div></td><td class=\"c x4b2 y2c75 w17b h90\"><div class=\"t m0 x55 hd6 yc5f ff4 fs1b fc1 sc0 ls0 ws0\">(42.322) </div></td><td class=\"c x658 y2c75 w25f h90\"><div class=\"t m0 x36 hd6 yc5f ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x469 y2c75 w477 h90\"><div class=\"t m0 x8 hd6 yc5f ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x65a y2c75 w1d8 h90\"><div class=\"t m0 x48 hd6 yc5f ff4 fs1b fc1 sc0 ls0 ws0\">(36.320) </div></td><td class=\"c x652 y2c75 w3b6 h90\"><div class=\"t m0 x55 hd6 yc5f ff4 fs1b fc1 sc0 ls0 ws0\">(36.320) </div></td></tr><tr><td class=\"c x2a8 y2c76 wc42 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">2. Variazione per rischi<span class=\"_ _df\"> </span></div></td><td class=\"c x656 y2c77 w473 h15b\"><div class=\"t m0 x36 hd6 y1553 ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x657 y2c77 w475 h15b\"><div class=\"t m0 x15 hd6 y1553 ff4 fs1b fc1 sc0 ls0 ws0\">(5.020) </div></td><td class=\"c x544 y2c77 w476 h15b\"><div class=\"t m0 x11 hd6 y1553 ff4 fs1b fc1 sc0 ls0 ws0\">-</div></td><td class=\"c x4b2 y2c77 w17b h15b\"><div class=\"t m0 x14 hd6 y1553 ff4 fs1b fc1 sc0 ls0 ws0\">(5.020) </div></td><td class=\"c x658 y2c77 w25f h15b\"><div class=\"t m0 x36 hd6 y1553 ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x469 y2c77 w477 h15b\"><div class=\"t m0 x36 hd6 y1553 ff4 fs1b fc1 sc0 ls0 ws0\">(7.777) </div></td><td class=\"c x65a y2c77 w1d8 h15b\"><div class=\"t m0 x11 hd6 y1553 ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x652 y2c77 w3b6 h15b\"><div class=\"t m0 x48 hd6 y1553 ff4 fs1b fc1 sc0 ls0 ws0\">(7.777) </div></td></tr><tr><td class=\"c x2a8 y2c78 wc43 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">non finanziari scaduti<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2a8 y2c79 wc44 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">3. Modifiche connesse<span class=\"_ _df\"> </span></div></td><td class=\"c x656 y2c7a w473 h148\"><div class=\"t m0 x14 hd6 y394 ff4 fs1b fc1 sc0 ls0 ws0\">181.092 </div></td><td class=\"c x657 y2c7a w475 h148\"><div class=\"t m0 x8 hd6 y394 ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x544 y2c7a w476 h148\"><div class=\"t m0 x11 hd6 y394 ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x4b2 y2c7a w17b h148\"><div class=\"t m0 x14 hd6 y394 ff4 fs1b fc1 sc0 ls0 ws0\">181.092 </div></td><td class=\"c x658 y2c7a w25f h148\"><div class=\"t m0 x39 hd6 y394 ff4 fs1b fc1 sc0 ls0 ws0\">757.986 </div></td><td class=\"c x469 y2c7a w477 h148\"><div class=\"t m0 x8 hd6 y394 ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x65a y2c7a w1d8 h148\"><div class=\"t m0 x11 hd6 y394 ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x652 y2c7a w3b6 h148\"><div class=\"t m0 x130 hd6 y394 ff4 fs1b fc1 sc0 ls0 ws0\">757.986 </div></td></tr><tr><td class=\"c x2a8 y2c7b wc45 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff5 fs1b fc1 sc0 ls0 ws0\">con l\u2019esperienza<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x46b y2c7c w474 h13b\"><div class=\"t m0 x16a hd6 y35e ff4 fs1b fc1 sc2 ls0 ws0\">4. Total<span class=\"_ _f\"></span>e<span class=\"sc0\"> </span></div></td><td class=\"c x656 y2c7c w473 h13b\"><div class=\"t m0 x48 hd6 y35e ff4 fs1b fc1 sc2 ls0 ws0\">181.09<span class=\"_ _f\"></span>2<span class=\"sc0\"> </span></div></td><td class=\"c x657 y2c7c w475 h13b\"><div class=\"t m0 x15 hd6 y35e ff4 fs1b fc1 sc2 ls0 ws0\">(5.02<span class=\"_ _1\"></span>0)<span class=\"sc0\"> </span></div></td><td class=\"c x544 y2c7c w476 h13b\"><div class=\"t m0 x33 hd6 y35e ff4 fs1b fc1 sc2 ls0 ws0\">(42.322<span class=\"_ _1\"></span>)<span class=\"sc0\"> </span></div></td><td class=\"c x4b2 y2c7c w17b h13b\"><div class=\"t m0 x39 hd6 y35e ff4 fs1b fc1 sc2 ls0 ws0\">133.75<span class=\"_ _f\"></span>0<span class=\"sc0\"> </span></div></td><td class=\"c x658 y2c7c w25f h13b\"><div class=\"t m0 x14 hd6 y35e ff4 fs1b fc1 sc2 ls0 ws0\">757.98<span class=\"_ _1\"></span>6<span class=\"sc0\"> </span></div></td><td class=\"c x469 y2c7c w477 h13b\"><div class=\"t m0 x36 hd6 y35e ff4 fs1b fc1 sc2 ls0 ws0\">(7.777)<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x65a y2c7c w1d8 h13b\"><div class=\"t m0 x48 hd6 y35e ff4 fs1b fc1 sc2 ls0 ws0\">(36.3<span class=\"_ _1\"></span>20)<span class=\"sc0\"> </span></div></td><td class=\"c x652 y2c7c w3b6 h13b\"><div class=\"t m0 x39 hd6 y35e ff4 fs1b fc1 sc2 ls0 ws0\">713.889<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x46b y2c7d w474 hcb\"><div class=\"t m0 x8a hd6 y308 ff4 fs1b fc1 sc2 ls0 ws0\">C. Variaz<span class=\"_ _1\"></span>ioni r<span class=\"_ _1\"></span>elative a </div><div class=\"t m0 x8a hd6 yc2e ff4 fs1b fc1 sc2 ls0 ws0\">servizi fu<span class=\"_ _1\"></span>turi<span class=\"sc0\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2a8 y2c7e wc46 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">1. Variazioni del margine<span class=\"_ _df\"> </span></div></td><td class=\"c x656 y2c7f w473 h148\"><div class=\"t m0 x14 hd6 y25f ff4 fs1b fc1 sc0 ls0 ws0\">106.228 </div></td><td class=\"c x657 y2c7f w475 h148\"><div class=\"t m0 x13 hd6 y25f ff4 fs1b fc1 sc0 ls0 ws0\">16.181 </div></td><td class=\"c x544 y2c7f w476 h148\"><div class=\"t m0 x33 hd6 y25f ff4 fs1b fc1 sc0 ls0 ws0\">149.955 </div></td><td class=\"c x4b2 y2c7f w17b h148\"><div class=\"t m0 x130 hd6 y25f ff4 fs1b fc1 sc0 ls0 ws0\">272.364 </div></td><td class=\"c x658 y2c7f w25f h148\"><div class=\"t m0 x14 hd6 y25f ff4 fs1b fc1 sc0 ls0 ws0\">126.424 </div></td><td class=\"c x469 y2c7f w477 h148\"><div class=\"t m0 x15 hd6 y25f ff4 fs1b fc1 sc0 ls0 ws0\">(5.693) </div></td><td class=\"c x65a y2c7f w1d8 h148\"><div class=\"t m0 x48 hd6 y25f ff4 fs1b fc1 sc0 ls0 ws0\">(93.082) </div></td><td class=\"c x652 y2c7f w3b6 h148\"><div class=\"t m0 x48 hd6 y25f ff4 fs1b fc1 sc0 ls0 ws0\">27.649 </div></td></tr><tr><td class=\"c x2a8 y2c80 wadb h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">sui servizi contrattuali<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2a8 y2c81 wc47 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">2. Perdite su gruppi di<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2a8 y2c82 wc48 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">contratti onerosi e relativi<span class=\"_ _df\"> </span></div></td><td class=\"c x656 y2c83 w473 h91\"><div class=\"t m0 x36 hd6 yc5f ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x657 y2c83 w475 h91\"><div class=\"t m0 x8 hd6 yc5f ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x544 y2c83 w476 h91\"><div class=\"t m0 x11 hd6 yc5f ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x4b2 y2c83 w17b h91\"><div class=\"t m0 x15 hd6 yc5f ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x658 y2c83 w25f h91\"><div class=\"t m0 x36 hd6 yc5f ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x469 y2c83 w477 h91\"><div class=\"t m0 x8 hd6 yc5f ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x65a y2c83 w1d8 h91\"><div class=\"t m0 x11 hd6 yc5f ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x652 y2c83 w3b6 h91\"><div class=\"t m0 x15 hd6 yc5f ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2a8 y2c84 wc49 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">recuperi<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2a8 y2c85 wc4a h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">3. Effetti dei contratti<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2a8 y2c86 wc4b h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">inizialmente rilevati<span class=\"_ _df\"> </span></div></td><td class=\"c x656 y2c87 w473 h89\"><div class=\"t m0 x130 hd6 y3d ff4 fs1b fc1 sc0 ls0 ws0\">(39.770) </div></td><td class=\"c x657 y2c87 w475 h89\"><div class=\"t m0 x12 hd6 y3d ff4 fs1b fc1 sc0 ls0 ws0\">6.171 </div></td><td class=\"c x544 y2c87 w476 h89\"><div class=\"t m0 x35 hd6 y3d ff4 fs1b fc1 sc0 ls0 ws0\">33.598 </div></td><td class=\"c x4b2 y2c87 w17b h89\"><div class=\"t m0 x38 hd6 y3d ff4 fs1b fc1 sc0 ls0 ws0\">(1) </div></td><td class=\"c x658 y2c87 w25f h89\"><div class=\"t m0 x48 hd6 y3d ff4 fs1b fc1 sc0 ls0 ws0\">(71.913) </div></td><td class=\"c x469 y2c87 w477 h89\"><div class=\"t m0 x36 hd6 y3d ff4 fs1b fc1 sc0 ls0 ws0\">14.446 </div></td><td class=\"c x65a y2c87 w1d8 h89\"><div class=\"t m0 x2c hd6 y3d ff4 fs1b fc1 sc0 ls0 ws0\">57.467 </div></td><td class=\"c x652 y2c87 w3b6 h89\"><div class=\"t m0 x15 hd6 y3d ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2a8 y2c88 wc4c h4bd\"><div class=\"t m0 x250 hd6 y2736 ff5 fs1b fc1 sc0 ls0 ws0\">nell\u2019esercizio di<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2a8 y2863 wc4d h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">riferimento<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x46b y2c89 w474 h13b\"><div class=\"t m0 x16a hd6 y35e ff4 fs1b fc1 sc2 ls0 ws0\">4. Total<span class=\"_ _f\"></span>e<span class=\"sc0\"> </span></div></td><td class=\"c x656 y2c89 w473 h13b\"><div class=\"t m0 x48 hd6 y35e ff4 fs1b fc1 sc2 ls0 ws0\">66.458<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x657 y2c89 w475 h13b\"><div class=\"t m0 x36 hd6 y35e ff4 fs1b fc1 sc2 ls0 ws0\">22.352<span class=\"sc0\"> </span></div></td><td class=\"c x544 y2c89 w476 h13b\"><div class=\"t m0 x32 hd6 y35e ff4 fs1b fc1 sc2 ls0 ws0\">183.55<span class=\"_ _f\"></span>3<span class=\"sc0\"> </span></div></td><td class=\"c x4b2 y2c89 w17b h13b\"><div class=\"t m0 x130 hd6 y35e ff4 fs1b fc1 sc2 ls0 ws0\">272.36<span class=\"_ _1\"></span>3<span class=\"sc0\"> </span></div></td><td class=\"c x658 y2c89 w25f h13b\"><div class=\"t m0 x35 hd6 y35e ff4 fs1b fc1 sc2 ls0 ws0\">54.511<span class=\"sc0\"> </span></div></td><td class=\"c x469 y2c89 w477 h13b\"><div class=\"t m0 x13 hd6 y35e ff4 fs1b fc1 sc2 ls0 ws0\">8.753<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x65a y2c89 w1d8 h13b\"><div class=\"t m0 x33 hd6 y35e ff4 fs1b fc1 sc2 ls0 ws0\">(35.615)<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x652 y2c89 w3b6 h13b\"><div class=\"t m0 x48 hd6 y35e ff4 fs1b fc1 sc2 ls0 ws0\">27.649<span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x46b y2c8a w474 h148\"><div class=\"t m0 x8a hd6 yc5f ff4 fs1b fc1 sc2 ls0 ws0\">D. Variaz<span class=\"_ _1\"></span>ioni r<span class=\"_ _1\"></span>elative a </div><div class=\"t m0 x8a hd6 yc2e ff4 fs1b fc1 sc2 ls0 ws0\">servizi pa<span class=\"_ _f\"></span>ssati<span class=\"sc0\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2a8 y2c8b wc4e h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">1. Aggiustamenti alla<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2a8 y2c8c wc4f h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">passivit\u00e0 per sinistri<span class=\"_ _df\"> </span></div></td><td class=\"c x656 y2c8d w473 h90\"><div class=\"t m0 x2e hd6 yc5f ff4 fs1b fc1 sc0 ls0 ws0\">(453.472) </div></td><td class=\"c x657 y2c8d w475 h90\"><div class=\"t m0 x8 hd6 yc5f ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x544 y2c8d w476 h90\"><div class=\"t m0 x11 hd6 yc5f ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x4b2 y2c8d w17b h90\"><div class=\"t m0 x2a hd6 yc5f ff4 fs1b fc1 sc0 ls0 ws0\">(453.472) </div></td><td class=\"c x658 y2c8d w25f h90\"><div class=\"t m0 x2e hd6 yc5f ff4 fs1b fc1 sc0 ls0 ws0\">(784.503) </div></td><td class=\"c x469 y2c8d w477 h90\"><div class=\"t m0 x8 hd6 yc5f ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x65a y2c8d w1d8 h90\"><div class=\"t m0 x11 hd6 yc5f ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x652 y2c8d w3b6 h90\"><div class=\"t m0 x116 hd6 yc5f ff4 fs1b fc1 sc0 ls0 ws0\">(784.503) </div></td></tr><tr><td class=\"c x2a8 y2c8e w9c5 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">accaduti<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x262 y2c8f wc50 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc2 ls0 ws0\">E. Risulta<span class=\"_ _f\"></span>to dei servizi <span class=\"_ _f\"></span>di<span class=\"_ _df\"> </span></div></td><td class=\"c x656 y2c90 w473 h148\"><div class=\"t m0 x2e hd6 y394 ff4 fs1b fc1 sc2 ls0 ws0\">(205.92<span class=\"_ _1\"></span>2)<span class=\"sc0\"> </span></div></td><td class=\"c x657 y2c90 w475 h148\"><div class=\"t m0 x8f hd6 y394 ff4 fs1b fc1 sc2 ls0 ws0\">17.332<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x544 y2c90 w476 h148\"><div class=\"t m0 x2c hd6 y394 ff4 fs1b fc1 sc2 ls0 ws0\">141.231<span class=\"sc0\"> </span></div></td><td class=\"c x4b2 y2c90 w17b h148\"><div class=\"t m0 x130 hd6 y394 ff4 fs1b fc1 sc2 ls0 ws0\">(47.35<span class=\"_ _1\"></span>9)<span class=\"sc0\"> </span></div></td><td class=\"c x658 y2c90 w25f h148\"><div class=\"t m0 x33 hd6 y394 ff4 fs1b fc1 sc2 ls0 ws0\">27.994<span class=\"sc0\"> </span></div></td><td class=\"c x469 y2c90 w477 h148\"><div class=\"t m0 x90 hd6 y394 ff4 fs1b fc1 sc2 ls0 ws0\">976<span class=\"sc0\"> </span></div></td><td class=\"c x65a y2c90 w1d8 h148\"><div class=\"t m0 x32 hd6 y394 ff4 fs1b fc1 sc2 ls0 ws0\">(71.935)<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x652 y2c90 w3b6 h148\"><div class=\"t m0 x55 hd6 y394 ff4 fs1b fc1 sc2 ls0 ws0\">(42.96<span class=\"_ _1\"></span>5)<span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x262 y2c91 wc51 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc2 ls0 ws0\">assicura<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e(B+C<span class=\"_ _1\"></span>+D)<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x262 y2c92 wc52 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc2 ls0 ws0\">F. Costi/<span class=\"_ _f\"></span>ricavi di natura<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x262 y2c93 waee h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc2 ls0 ws0\">finanzia<span class=\"_ _f\"></span>ri<span class=\"_ _2\"></span>a<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2a8 y2c94 wc53 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">1. Relativi ai contratti di<span class=\"_ _df\"> </span></div></td><td class=\"c x656 y2c95 w473 h150\"><div class=\"t m0 x48 hd6 y25f ff4 fs1b fc1 sc0 ls0 ws0\">151.562 </div></td><td class=\"c x657 y2c95 w475 h150\"><div class=\"t m0 x12 hd6 y25f ff4 fs1b fc1 sc0 ls0 ws0\">1.154 </div></td><td class=\"c x544 y2c95 w476 h150\"><div class=\"t m0 x48 hd6 y25f ff4 fs1b fc1 sc0 ls0 ws0\">(20.969) </div></td><td class=\"c x4b2 y2c95 w17b h150\"><div class=\"t m0 x14 hd6 y25f ff4 fs1b fc1 sc0 ls0 ws0\">131.747 </div></td><td class=\"c x658 y2c95 w25f h150\"><div class=\"t m0 x33 hd6 y25f ff4 fs1b fc1 sc0 ls0 ws0\">70.580 </div></td><td class=\"c x469 y2c95 w477 h150\"><div class=\"t m0 x11 hd6 y25f ff4 fs1b fc1 sc0 ls0 ws0\">1.365 </div></td><td class=\"c x65a y2c95 w1d8 h150\"><div class=\"t m0 x33 hd6 y25f ff4 fs1b fc1 sc0 ls0 ws0\">102.540 </div></td><td class=\"c x652 y2c95 w3b6 h150\"><div class=\"t m0 x39 hd6 y25f ff4 fs1b fc1 sc0 ls0 ws0\">174.485 </div></td></tr><tr><td class=\"c x2a8 y2c96 wc54 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls1b ws0\">as<span class=\"ls0\">sicurazione emessi<span class=\"_ _df\"> </span></span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x46a y2c97 waef h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">1.1 Registrati in conto<span class=\"_ _df\"> </span></div></td><td class=\"c x656 y2c98 w473 h148\"><div class=\"t m0 x48 hd6 y394 ff4 fs1b fc1 sc0 ls0 ws0\">151.562 </div></td><td class=\"c x657 y2c98 w475 h148\"><div class=\"t m0 x12 hd6 y394 ff4 fs1b fc1 sc0 ls0 ws0\">1.154 </div></td><td class=\"c x544 y2c98 w476 h148\"><div class=\"t m0 x48 hd6 y394 ff4 fs1b fc1 sc0 ls0 ws0\">(20.852) </div></td><td class=\"c x4b2 y2c98 w17b h148\"><div class=\"t m0 x14 hd6 y394 ff4 fs1b fc1 sc0 ls0 ws0\">131.864 </div></td><td class=\"c x658 y2c98 w25f h148\"><div class=\"t m0 x33 hd6 y394 ff4 fs1b fc1 sc0 ls0 ws0\">70.580 </div></td><td class=\"c x469 y2c98 w477 h148\"><div class=\"t m0 x11 hd6 y394 ff4 fs1b fc1 sc0 ls0 ws0\">1.365 </div></td><td class=\"c x65a y2c98 w1d8 h148\"><div class=\"t m0 x35 hd6 y394 ff4 fs1b fc1 sc0 ls0 ws0\">44.578 </div></td><td class=\"c x652 y2c98 w3b6 h148\"><div class=\"t m0 x14 hd6 y394 ff4 fs1b fc1 sc0 ls0 ws0\">116.523 </div></td></tr><tr><td class=\"c x46a y2c99 wad0 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">economico<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x46a y2c9a wc55 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">1.2 Registrati nel conto<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x46a y2c9b wad0 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">economico<span class=\"_ _df\"> </span></div></td><td class=\"c x656 y2c9c w473 h90\"><div class=\"t m0 x36 hd6 yc5f ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x657 y2c9c w475 h90\"><div class=\"t m0 x8 hd6 yc5f ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x544 y2c9c w476 h90\"><div class=\"t m0 x97 hd6 yc5f ff4 fs1b fc1 sc0 ls0 ws0\">(117) </div></td><td class=\"c x4b2 y2c9c w17b h90\"><div class=\"t m0 x27 hd6 yc5f ff4 fs1b fc1 sc0 ls0 ws0\">(117) </div></td><td class=\"c x658 y2c9c w25f h90\"><div class=\"t m0 x36 hd6 yc5f ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x469 y2c9c w477 h90\"><div class=\"t m0 x8 hd6 yc5f ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x65a y2c9c w1d8 h90\"><div class=\"t m0 x2c hd6 yc5f ff4 fs1b fc1 sc0 ls0 ws0\">57.962 </div></td><td class=\"c x652 y2c9c w3b6 h90\"><div class=\"t m0 x48 hd6 yc5f ff4 fs1b fc1 sc0 ls0 ws0\">57.962 </div></td></tr><tr><td class=\"c x46a y2c9d wa9d h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">complessivo<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2a8 y2c9e waf2 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">2. Effetti connessi con le<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2a8 y2c9f wc56 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">variazioni dei tassi di<span class=\"_ _df\"> </span></div></td><td class=\"c x656 y2ca0 w473 h91\"><div class=\"t m0 x36 hd6 yc5f ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x657 y2ca0 w475 h91\"><div class=\"t m0 x8 hd6 yc5f ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x544 y2ca0 w476 h91\"><div class=\"t m0 x11 hd6 yc5f ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x4b2 y2ca0 w17b h91\"><div class=\"t m0 x15 hd6 yc5f ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x658 y2ca0 w25f h91\"><div class=\"t m0 x36 hd6 yc5f ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x469 y2ca0 w477 h91\"><div class=\"t m0 x8 hd6 yc5f ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x65a y2ca0 w1d8 h91\"><div class=\"t m0 x11 hd6 yc5f ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x652 y2ca0 w3b6 h91\"><div class=\"t m0 x15 hd6 yc5f ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2a8 y26b7 wb3c h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">cambio<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x46b y2ca1 w474 h13b\"><div class=\"t m0 x16a hd6 y35e ff4 fs1b fc1 sc2 ls0 ws0\">3. Total<span class=\"_ _1\"></span>e<span class=\"sc0\"> </span></div></td><td class=\"c x656 y2ca1 w473 h13b\"><div class=\"t m0 x48 hd6 y35e ff4 fs1b fc1 sc2 ls0 ws0\">151.56<span class=\"_ _f\"></span>2<span class=\"sc0\"> </span></div></td><td class=\"c x657 y2ca1 w475 h13b\"><div class=\"t m0 x12 hd6 y35e ff4 fs1b fc1 sc2 ls0 ws0\">1.154<span class=\"sc0\"> </span></div></td><td class=\"c x544 y2ca1 w476 h13b\"><div class=\"t m0 x48 hd6 y35e ff4 fs1b fc1 sc2 ls0 ws0\">(20.969)<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x4b2 y2ca1 w17b h13b\"><div class=\"t m0 x48 hd6 y35e ff4 fs1b fc1 sc2 ls0 ws0\">131.747<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x658 y2ca1 w25f h13b\"><div class=\"t m0 x33 hd6 y35e ff4 fs1b fc1 sc2 ls0 ws0\">70.58<span class=\"_ _1\"></span>0<span class=\"sc0\"> </span></div></td><td class=\"c x469 y2ca1 w477 h13b\"><div class=\"t m0 x96 hd6 y35e ff4 fs1b fc1 sc2 ls0 ws0\">1.365<span class=\"sc0\"> </span></div></td><td class=\"c x65a y2ca1 w1d8 h13b\"><div class=\"t m0 x33 hd6 y35e ff4 fs1b fc1 sc2 ls0 ws0\">102.540<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x652 y2ca1 w3b6 h13b\"><div class=\"t m0 x39 hd6 y35e ff4 fs1b fc1 sc2 ls0 ws0\">174.48<span class=\"_ _1\"></span>5<span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x262 y2ca2 wc57 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc2 ls0 ws0\">G. Imp<span class=\"_ _f\"></span>o<span class=\"_ _2\"></span>rto t<span class=\"_ _1\"></span>otale d<span class=\"_ _f\"></span>e<span class=\"_ _2\"></span>lle<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x262 y2ca3 wc58 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc2 ls0 ws0\">variazio<span class=\"_ _1\"></span>ni regi<span class=\"_ _1\"></span>strate in <span class=\"_ _f\"></span>conto<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x262 y2ca4 waa5 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc2 ls0 ws0\">econo<span class=\"_ _1\"></span>mico e <span class=\"_ _1\"></span>nel cont<span class=\"_ _f\"></span>o<span class=\"_ _df\"> </span></div></td><td class=\"c x656 y2ca5 w473 h153\"><div class=\"t m0 x130 hd6 yc62 ff4 fs1b fc1 sc2 ls0 ws0\">(54.360)<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x657 y2ca5 w475 h153\"><div class=\"t m0 x36 hd6 yc62 ff4 fs1b fc1 sc2 ls0 ws0\">18.486<span class=\"sc0\"> </span></div></td><td class=\"c x544 y2ca5 w476 h153\"><div class=\"t m0 x32 hd6 yc62 ff4 fs1b fc1 sc2 ls0 ws0\">120.26<span class=\"_ _1\"></span>2<span class=\"sc0\"> </span></div></td><td class=\"c x4b2 y2ca5 w17b h153\"><div class=\"t m0 x14 hd6 yc62 ff4 fs1b fc1 sc2 ls0 ws0\">84.388<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x658 y2ca5 w25f h153\"><div class=\"t m0 x33 hd6 yc62 ff4 fs1b fc1 sc2 ls0 ws0\">98.574<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x469 y2ca5 w477 h153\"><div class=\"t m0 x96 hd6 yc62 ff4 fs1b fc1 sc2 ls0 ws0\">2.341<span class=\"sc0\"> </span></div></td><td class=\"c x65a y2ca5 w1d8 h153\"><div class=\"t m0 x35 hd6 yc62 ff4 fs1b fc1 sc2 ls0 ws0\">30.605<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x652 y2ca5 w3b6 h153\"><div class=\"t m0 x14 hd6 yc62 ff4 fs1b fc1 sc2 ls0 ws0\">131.52<span class=\"_ _1\"></span>0<span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x262 y2ca6 waa6 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc2 ls0 ws0\">econo<span class=\"_ _1\"></span>mico c<span class=\"_ _1\"></span>omples<span class=\"_ _1\"></span>sivo<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x262 y2ca7 wc59 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc2 ls0 ws0\">(E+F)<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x46b y2ca8 w474 hc3\"><div class=\"t m0 x8a hd6 y28e ff4 fs1b fc1 sc2 ls0 ws0\">H. Altre v<span class=\"_ _f\"></span>ariazioni </div></td><td class=\"c x656 y2ca8 w473 hc3\"><div class=\"t m0 x39 hd6 y28e ff4 fs1b fc1 sc2 ls0 ws0\">(35.770)<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x657 y2ca8 w475 hc3\"><div class=\"t m0 x96 hd6 y28e ff4 fs1b fc1 sc2 ls0 ws0\">(526)<span class=\"sc0\"> </span></div></td><td class=\"c x544 y2ca8 w476 hc3\"><div class=\"t m0 x2c hd6 y28e ff4 fs1b fc1 sc2 ls0 ws0\">20.852<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x4b2 y2ca8 w17b hc3\"><div class=\"t m0 x130 hd6 y28e ff4 fs1b fc1 sc2 ls0 ws0\">(15.444)<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x658 y2ca8 w25f hc3\"><div class=\"t m0 x130 hd6 y28e ff4 fs1b fc1 sc2 ls0 ws0\">(69.05<span class=\"_ _1\"></span>4)<span class=\"sc0\"> </span></div></td><td class=\"c x469 y2ca8 w477 hc3\"><div class=\"t m0 x11 hd6 y28e ff4 fs1b fc1 sc2 ls0 ws0\">(982)<span class=\"sc0\"> </span></div></td><td class=\"c x65a y2ca8 w1d8 hc3\"><div class=\"t m0 x2c hd6 y28e ff4 fs1b fc1 sc2 ls0 ws0\">68.106<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x652 y2ca8 w3b6 hc3\"><div class=\"t m0 x48 hd6 y28e ff4 fs1b fc1 sc2 ls0 ws0\">(1.930)<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x46b y2ca9 w474 h2c\"><div class=\"t m0 x8a hd6 y497 ff4 fs1b fc1 sc2 ls0 ws0\">I. Movim<span class=\"_ _f\"></span>enti di cassa<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x46b y2caa w474 h2a3\"><div class=\"t m0 x16a hd6 y360 ff4 fs1b fc1 sc0 ls0 ws0\">1. Premi ricevuti </div></td><td class=\"c x656 y2caa w473 h2a3\"><div class=\"t m0 x14 hd6 y360 ff4 fs1b fc1 sc0 ls0 ws0\">779.619 </div></td><td class=\"c x657 y2caa w475 h2a3\"><div class=\"t m0 x8 hd6 y360 ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x544 y2caa w476 h2a3\"><div class=\"t m0 x11 hd6 y360 ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x4b2 y2caa w17b h2a3\"><div class=\"t m0 x39 hd6 y360 ff4 fs1b fc1 sc0 ls0 ws0\">779.619 </div></td><td class=\"c x658 y2caa w25f h2a3\"><div class=\"t m0 x55 hd6 y360 ff4 fs1b fc1 sc0 ls0 ws0\">1.183.144 </div></td><td class=\"c x469 y2caa w477 h2a3\"><div class=\"t m0 x8 hd6 y360 ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x65a y2caa w1d8 h2a3\"><div class=\"t m0 x11 hd6 y360 ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x652 y2caa w3b6 h2a3\"><div class=\"t m0 x55 hd6 y360 ff4 fs1b fc1 sc0 ls0 ws0\">1.183.144 </div></td></tr><tr><td class=\"c x2a8 y2cab wc5a h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">2. Pagamenti connessi<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2a8 y2cac wc5b h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls8c ws0\">co<span class=\"ls0\">n i costi di acquisizione<span class=\"_ _df\"> </span></span></div></td><td class=\"c x656 y2cad w473 h91\"><div class=\"t m0 x36 hd6 yc5f ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x657 y2cad w475 h91\"><div class=\"t m0 x8 hd6 yc5f ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x544 y2cad w476 h91\"><div class=\"t m0 x11 hd6 yc5f ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x4b2 y2cad w17b h91\"><div class=\"t m0 x15 hd6 yc5f ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x658 y2cad w25f h91\"><div class=\"t m0 x36 hd6 yc5f ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x469 y2cad w477 h91\"><div class=\"t m0 x8 hd6 yc5f ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x65a y2cad w1d8 h91\"><div class=\"t m0 x11 hd6 yc5f ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x652 y2cad w3b6 h91\"><div class=\"t m0 x15 hd6 yc5f ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2a8 y2cae wc5c h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">dei contratti<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2a8 y2caf wc5d h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">3. Sinistri pagati e altre<span class=\"_ _df\"> </span></div></td><td class=\"c x656 y2cb0 w473 hcb\"><div class=\"t m0 x2e hd6 y25f ff4 fs1b fc1 sc0 ls0 ws0\">(474.262) </div></td><td class=\"c x657 y2cb0 w475 hcb\"><div class=\"t m0 x8 hd6 y25f ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x544 y2cb0 w476 hcb\"><div class=\"t m0 x11 hd6 y25f ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x4b2 y2cb0 w17b hcb\"><div class=\"t m0 x2a hd6 y25f ff4 fs1b fc1 sc0 ls0 ws0\">(474.262) </div></td><td class=\"c x658 y2cb0 w25f hcb\"><div class=\"t m0 x2a hd6 y25f ff4 fs1b fc1 sc0 ls0 ws0\">(804.023) </div></td><td class=\"c x469 y2cb0 w477 hcb\"><div class=\"t m0 x8 hd6 y25f ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x65a y2cb0 w1d8 hcb\"><div class=\"t m0 x11 hd6 y25f ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x652 y2cb0 w3b6 hcb\"><div class=\"t m0 x116 hd6 y25f ff4 fs1b fc1 sc0 ls0 ws0\">(804.023) </div></td></tr><tr><td class=\"c x2a8 y2cb1 wc5e h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">uscite di cassa<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x46b y2cb2 w474 h13b\"><div class=\"t m0 x16a hd6 y360 ff4 fs1b fc1 sc0 ls0 ws0\">4. Altri movimenti </div></td><td class=\"c x656 y2cb2 w473 h13b\"><div class=\"t m0 x36 hd6 y360 ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x657 y2cb2 w475 h13b\"><div class=\"t m0 x8 hd6 y360 ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x544 y2cb2 w476 h13b\"><div class=\"t m0 x11 hd6 y360 ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x4b2 y2cb2 w17b h13b\"><div class=\"t m0 x15 hd6 y360 ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x658 y2cb2 w25f h13b\"><div class=\"t m0 x36 hd6 y360 ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x469 y2cb2 w477 h13b\"><div class=\"t m0 x8 hd6 y360 ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x65a y2cb2 w1d8 h13b\"><div class=\"t m0 x11 hd6 y360 ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x652 y2cb2 w3b6 h13b\"><div class=\"t m0 x15 hd6 y360 ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y2cb3 w474 h141\"><div class=\"t m0 x16a hd6 y360 ff4 fs1b fc1 sc2 ls0 ws0\">5. Total<span class=\"_ _f\"></span>e<span class=\"sc0\"> </span></div></td><td class=\"c x656 y2cb3 w473 h141\"><div class=\"t m0 x39 hd6 y360 ff4 fs1b fc1 sc2 ls0 ws0\">305.35<span class=\"_ _f\"></span>7<span class=\"sc0\"> </span></div></td><td class=\"c x657 y2cb3 w475 h141\"><div class=\"t m0 x8 hd6 y360 ff4 fs1b fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x544 y2cb3 w476 h141\"><div class=\"t m0 x11 hd6 y360 ff4 fs1b fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x4b2 y2cb3 w17b h141\"><div class=\"t m0 x130 hd6 y360 ff4 fs1b fc1 sc2 ls0 ws0\">305.35<span class=\"_ _f\"></span>7<span class=\"sc0\"> </span></div></td><td class=\"c x658 y2cb3 w25f h141\"><div class=\"t m0 x33 hd6 y360 ff4 fs1b fc1 sc2 ls0 ws0\">379.12<span class=\"_ _1\"></span>1<span class=\"sc0\"> </span></div></td><td class=\"c x469 y2cb3 w477 h141\"><div class=\"t m0 x8 hd6 y360 ff4 fs1b fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x65a y2cb3 w1d8 h141\"><div class=\"t m0 x11 hd6 y360 ff4 fs1b fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x652 y2cb3 w3b6 h141\"><div class=\"t m0 x48 hd6 y360 ff4 fs1b fc1 sc2 ls0 ws0\">379.12<span class=\"_ _1\"></span>1<span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x262 y2cb4 wc5f h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc2 ls0 ws0\">L. Valor<span class=\"_ _1\"></span>e nett<span class=\"_ _f\"></span>o<span class=\"_ _2\"></span> di bila<span class=\"_ _f\"></span>ncio al<span class=\"_ _df\"> </span></div></td><td class=\"c x656 y2cb5 w473 hcb\"><div class=\"t m0 x55 hd6 y25f ff4 fs1b fc1 sc2 ls0 ws0\">4.262.<span class=\"_ _1\"></span>011<span class=\"sc0\"> </span></div></td><td class=\"c x657 y2cb5 w475 hcb\"><div class=\"t m0 x36 hd6 y25f ff4 fs1b fc1 sc2 ls0 ws0\">67.774<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x544 y2cb5 w476 hcb\"><div class=\"t m0 x33 hd6 y25f ff4 fs1b fc1 sc2 ls0 ws0\">427.284<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x4b2 y2cb5 w17b hcb\"><div class=\"t m0 x116 hd6 y25f ff4 fs1b fc1 sc2 ls0 ws0\">4.757.0<span class=\"_ _1\"></span>69<span class=\"sc0\"> </span></div></td><td class=\"c x658 y2cb5 w25f hcb\"><div class=\"t m0 x2a hd6 y25f ff4 fs1b fc1 sc2 ls0 ws0\">4.046.7<span class=\"_ _f\"></span>84<span class=\"sc0\"> </span></div></td><td class=\"c x469 y2cb5 w477 hcb\"><div class=\"t m0 x36 hd6 y25f ff4 fs1b fc1 sc2 ls0 ws0\">49.815<span class=\"sc0\"> </span></div></td><td class=\"c x65a y2cb5 w1d8 hcb\"><div class=\"t m0 x35 hd6 y25f ff4 fs1b fc1 sc2 ls0 ws0\">286.171<span class=\"sc0\"> </span></div></td><td class=\"c x652 y2cb5 w3b6 hcb\"><div class=\"t m0 x116 hd6 y25f ff4 fs1b fc1 sc2 ls0 ws0\">4.382.<span class=\"_ _1\"></span>770<span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x262 y2cb6 wc60 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc2 ls0 ws0\">31 dic<span class=\"_ _1\"></span>embre (A.<span class=\"_ _f\"></span>3+G+H+I.4)<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x46b y2cb7 w474 h275\"><div class=\"t m0 x8a hd6 y56 ff4 fs1b fc1 sc2 ls0 ws0\">M. Val<span class=\"_ _1\"></span>ore di bila<span class=\"_ _f\"></span>ncio finale<span class=\"sc0\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2a8 y2cb8 wc39 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">1. Contratti di<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2a8 y2cb9 wc3a h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">assicurazione emessi<span class=\"_ _df\"> </span></div></td><td class=\"c x656 y2cba w473 h89\"><div class=\"t m0 x2e hd6 y3d ff4 fs1b fc1 sc0 ls0 ws0\">4.262.011 </div></td><td class=\"c x657 y2cba w475 h89\"><div class=\"t m0 x36 hd6 y3d ff4 fs1b fc1 sc0 ls0 ws0\">67.774 </div></td><td class=\"c x544 y2cba w476 h89\"><div class=\"t m0 x33 hd6 y3d ff4 fs1b fc1 sc0 ls0 ws0\">427.284 </div></td><td class=\"c x4b2 y2cba w17b h89\"><div class=\"t m0 x116 hd6 y3d ff4 fs1b fc1 sc0 ls0 ws0\">4.757.069 </div></td><td class=\"c x658 y2cba w25f h89\"><div class=\"t m0 x116 hd6 y3d ff4 fs1b fc1 sc0 ls0 ws0\">4.046.784 </div></td><td class=\"c x469 y2cba w477 h89\"><div class=\"t m0 x36 hd6 y3d ff4 fs1b fc1 sc0 ls0 ws0\">49.814 </div></td><td class=\"c x65a y2cba w1d8 h89\"><div class=\"t m0 x33 hd6 y3d ff4 fs1b fc1 sc0 ls0 ws0\">286.170 </div></td><td class=\"c x652 y2cba w3b6 h89\"><div class=\"t m0 x16a hd6 y3d ff4 fs1b fc1 sc0 ls0 ws0\">4.382.768 </div></td></tr><tr><td class=\"c x2a8 y2cbb wc3b h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">che costituiscono<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2a8 y2cbc wa73 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">passivit\u00e0<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2a8 y2cbd wc3c h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">2. Contratti di<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2a8 y2cbe wc3a h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">assicurazione emessi<span class=\"_ _df\"> </span></div></td><td class=\"c x656 y2cbf w473 h91\"><div class=\"t m0 x36 hd6 yc5f ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x657 y2cbf w475 h91\"><div class=\"t m0 x8 hd6 yc5f ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x544 y2cbf w476 h91\"><div class=\"t m0 x11 hd6 yc5f ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x4b2 y2cbf w17b h91\"><div class=\"t m0 x15 hd6 yc5f ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x658 y2cbf w25f h91\"><div class=\"t m0 x36 hd6 yc5f ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x469 y2cbf w477 h91\"><div class=\"t m0 x8 hd6 yc5f ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x65a y2cbf w1d8 h91\"><div class=\"t m0 x11 hd6 yc5f ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x652 y2cbf w3b6 h91\"><div class=\"t m0 x15 hd6 yc5f ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2a8 y2cc0 wac7 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">che costituiscono attivit\u00e0<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2a8 y27dd wc61 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc2 ls0 ws0\">3. Valor<span class=\"_ _1\"></span>e nett<span class=\"_ _1\"></span>o di bilan<span class=\"_ _f\"></span>cio<span class=\"_ _df\"> </span></div></td><td class=\"c x656 y2cc1 w473 hcb\"><div class=\"t m0 x55 hd6 y25f ff4 fs1b fc1 sc2 ls0 ws0\">4.262.<span class=\"_ _1\"></span>011<span class=\"sc0\"> </span></div></td><td class=\"c x657 y2cc1 w475 hcb\"><div class=\"t m0 x36 hd6 y25f ff4 fs1b fc1 sc2 ls0 ws0\">67.774<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x544 y2cc1 w476 hcb\"><div class=\"t m0 x33 hd6 y25f ff4 fs1b fc1 sc2 ls0 ws0\">427.284<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x4b2 y2cc1 w17b hcb\"><div class=\"t m0 x116 hd6 y25f ff4 fs1b fc1 sc2 ls0 ws0\">4.757.0<span class=\"_ _1\"></span>69<span class=\"sc0\"> </span></div></td><td class=\"c x658 y2cc1 w25f hcb\"><div class=\"t m0 x2a hd6 y25f ff4 fs1b fc1 sc2 ls0 ws0\">4.046.7<span class=\"_ _f\"></span>84<span class=\"sc0\"> </span></div></td><td class=\"c x469 y2cc1 w477 hcb\"><div class=\"t m0 x36 hd6 y25f ff4 fs1b fc1 sc2 ls0 ws0\">49.814<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x65a y2cc1 w1d8 hcb\"><div class=\"t m0 x32 hd6 y25f ff4 fs1b fc1 sc2 ls0 ws0\">286.17<span class=\"_ _f\"></span>0<span class=\"sc0\"> </span></div></td><td class=\"c x652 y2cc1 w3b6 hcb\"><div class=\"t m0 x116 hd6 y25f ff4 fs1b fc1 sc2 ls0 ws0\">4.382.<span class=\"_ _1\"></span>768<span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x2a8 y2491 wc62 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc2 ls0 ws0\">al 31 dic<span class=\"_ _f\"></span>embre<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr></table></div>Dinam<span class=\"_ _f\"></span>ica del v<span class=\"_ _1\"></span>alor<span class=\"_ _f\"></span>e di bilanc<span class=\"_ _1\"></span>io de<span class=\"_ _1\"></span>i cont<span class=\"_ _f\"></span>ratti di a<span class=\"_ _f\"></span>ssicurazi<span class=\"_ _1\"></span>one e<span class=\"_ _1\"></span>mes<span class=\"_ _f\"></span>si distint<span class=\"_ _f\"></span>a per elem<span class=\"_ _f\"></span>enti sott<span class=\"_ _1\"></span>ostant<span class=\"_ _f\"></span>i alla mi<span class=\"_ _1\"></span>sura<span class=\"_ _1\"></span>zione - <span class=\"_ _f\"></span>Contrat<span class=\"_ _f\"></span>ti<span class=\"_ _2\"></span> a<span class=\"_ _1\"></span>ssicur<span class=\"_ _f\"></span>ativi em<span class=\"_ _1\"></span>essi <span class=\"_ _f\"></span>senza ele<span class=\"_ _1\"></span>menti <span class=\"_ _f\"></span>di parte<span class=\"_ _1\"></span>cipazio<span class=\"_ _f\"></span>ne diret<span class=\"_ _1\"></span>ta - Se<span class=\"_ _1\"></span>gme<span class=\"_ _1\"></span>nto V<span class=\"_ _1\"></span>ita<span class=\"_ _1\"></span><span class=\"fc1 sc2\"> </span><table class=\"s wc63 h50f\" id=\"_de7f3155-ed37-473a-9fdb-e3e43a798e4b\"><tr><td></td><td></td><td></td><td class=\"c x474 y2cc2 wc64 h48d\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc4 sc3 ls0 ws0\">Elemen<span class=\"_ _1\"></span>ti sottos<span class=\"_ _1\"></span>tanti alla <span class=\"_ _1\"></span>misur<span class=\"_ _1\"></span>azione de<span class=\"_ _1\"></span>l valore di b<span class=\"_ _f\"></span>il<span class=\"_ _2\"></span>anc<span class=\"_ _1\"></span>io dei<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td class=\"c x65b y2cc2 wc65 h48d\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc4 sc3 ls0 ws0\">Elemen<span class=\"_ _1\"></span>ti sottos<span class=\"_ _1\"></span>tanti alla <span class=\"_ _1\"></span>misur<span class=\"_ _1\"></span>azione de<span class=\"_ _1\"></span>l valore di b<span class=\"_ _f\"></span>il<span class=\"_ _2\"></span>an<span class=\"_ _1\"></span>cio dei<span class=\"_ _df\"> </span></div></td><td></td></tr><tr><td></td><td></td><td class=\"c x65c y2cc3 wc66 h48d\" colspan=\"2\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc4 sc3 ls0 ws0\">contr<span class=\"_ _1\"></span>atti di assicu<span class=\"_ _1\"></span>razion<span class=\"_ _1\"></span>e emess<span class=\"_ _f\"></span>i<span class=\"_ _df\"> </span></div></td><td></td><td></td><td class=\"c x65d y2cc3 wc66 h48d\" colspan=\"2\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc4 sc3 ls0 ws0\">contr<span class=\"_ _1\"></span>atti di assicu<span class=\"_ _1\"></span>razion<span class=\"_ _1\"></span>e emess<span class=\"_ _f\"></span>i<span class=\"_ _df\"> </span></div></td><td></td></tr><tr><td></td><td></td><td></td><td class=\"c x470 y2cc4 wc67 h48d\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc4 sc3 ls0 ws0\">Valore<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td class=\"c x65e y2cc4 wc68 h48d\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc4 sc3 ls0 ws0\">Valore<span class=\"_ _df\"> </span></div></td><td></td></tr><tr><td class=\"c x262 y2cc5 wc69 h48d\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc4 sc3 ls0 ws0\">Voci/Elem<span class=\"_ _f\"></span>enti sottost<span class=\"_ _1\"></span>anti alla<span class=\"_ _df\"> </span></div></td><td class=\"c x474 y2cc5 wc6a h48d\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc4 sc3 ls0 ws0\">attuale<span class=\"_ _1\"></span> dei</div></td><td class=\"c x65f y2cc6 wc6b h48d\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc4 sc3 ls0 ws0\">Aggius<span class=\"_ _1\"></span>tamento<span class=\"_ _df\"> </span></div></td><td class=\"c x660 y2cc6 wc6c h48d\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc4 sc3 ls0 ws0\">Margine<span class=\"_ _1\"></span> sui<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x65b y2cc5 wc6d h48d\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc4 sc3 ls0 ws0\">attuale<span class=\"_ _1\"></span> dei</div></td><td class=\"c x661 y2cc6 wc6b h48d\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc4 sc3 ls0 ws0\">Aggius<span class=\"_ _1\"></span>tamento<span class=\"_ _df\"> </span></div></td><td class=\"c x662 y2cc6 wc6c h48d\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc4 sc3 ls0 ws0\">Margine<span class=\"_ _1\"></span> sui<span class=\"_ _df\"> </span></div></td><td></td></tr><tr><td></td><td></td><td class=\"c x663 y2cc7 wc6e h48d\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc4 sc3 ls0 ws0\">per i ris<span class=\"_ _1\"></span>chi non<span class=\"_ _df\"> </span></div></td><td class=\"c x664 y2cc7 wc6f h48d\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc4 sc3 ls0 ws0\">servizi<span class=\"_ _df\"> </span></div></td><td></td><td></td><td class=\"c x665 y2cc7 wc70 h48d\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc4 sc3 ls0 ws0\">per i ris<span class=\"_ _1\"></span>chi non<span class=\"_ _df\"> </span></div></td><td class=\"c x666 y2cc7 wc6f h48d\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc4 sc3 ls0 ws0\">servizi<span class=\"_ _df\"> </span></div></td><td></td></tr><tr><td class=\"c x262 y2cc8 wc71 h48d\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc4 sc3 ls0 ws0\">misuraz<span class=\"_ _1\"></span>ione<span class=\"_ _df\"> </span></div></td><td></td><td></td><td class=\"c x667 y2cc8 wc72 h48d\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc4 sc3 ls0 ws0\">flussi<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td class=\"c x668 y2cc8 wc72 h48d\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc4 sc3 ls0 ws0\">flussi<span class=\"_ _df\"> </span></div></td><td></td></tr><tr><td></td><td></td><td class=\"c x669 y2cc9 wc73 h48d\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc4 sc3 ls0 ws0\">finanziar<span class=\"_ _1\"></span>i<span class=\"_ _df\"> </span></div></td><td class=\"c x66a y2cc9 wc74 h48d\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc4 sc3 ls0 ws0\">contr<span class=\"_ _1\"></span>attuali<span class=\"_ _df\"> </span></div></td><td class=\"c x54c y2cca w149 h2a4\"><div class=\"t m0 x16a h200 yda3 ff4 fs22 fc4 sc3 ls0 ws0\">Totale<span class=\"_ _1\"></span><span class=\"fc1 sc0\"> </span></div></td><td></td><td class=\"c x66b y2cc9 wc73 h48d\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc4 sc3 ls0 ws0\">finanziar<span class=\"_ _1\"></span>i<span class=\"_ _df\"> </span></div></td><td class=\"c x66c y2cc9 wc75 h48d\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc4 sc3 ls0 ws0\">contr<span class=\"_ _1\"></span>attuali<span class=\"_ _df\"> </span></div></td><td class=\"c x66d y2cca w137 h2a4\"><div class=\"t m0 x16a h200 yda3 ff4 fs22 fc4 sc3 ls0 ws0\">Totale<span class=\"_ _1\"></span><span class=\"fc1 sc0\"> </span></div></td></tr><tr><td></td><td class=\"c x46c y2ccb wc73 h48d\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc4 sc3 ls0 ws0\">finanziar<span class=\"_ _1\"></span>i<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td class=\"c x66e y2ccb wc73 h48d\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc4 sc3 ls0 ws0\">finanziar<span class=\"_ _1\"></span>i<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td></tr><tr><td></td><td class=\"c x485 y2cca w47a h4e\"><div class=\"t m0 xab h200 y30 ff4 fs22 fc4 sc3 ls0 ws0\">31/12/20<span class=\"_ _f\"></span>2<span class=\"_ _2\"></span>5<span class=\"fc1 sc0\"> </span></div></td><td class=\"c x66f y2cca w398 h4e\"><div class=\"t m0 x116 h200 y30 ff4 fs22 fc4 sc3 ls0 ws0\">31/12/20<span class=\"_ _f\"></span>2<span class=\"_ _2\"></span>5<span class=\"fc1 sc0\"> </span></div></td><td class=\"c x670 y2cca w437 h4e\"><div class=\"t m0 xac h200 y30 ff4 fs22 fc4 sc3 ls0 ws0\">31/12/20<span class=\"_ _f\"></span>2<span class=\"_ _2\"></span>5<span class=\"fc1 sc0\"> </span></div></td><td></td><td class=\"c x671 y2cca w179 h4e\"><div class=\"t m0 xab h200 y30 ff4 fs22 fc4 sc3 ls0 ws0\">31/12/20<span class=\"_ _f\"></span>24<span class=\"fc1 sc0\"> </span></div></td><td class=\"c x672 y2cca w47b h4e\"><div class=\"t m0 x116 h200 y30 ff4 fs22 fc4 sc3 ls0 ws0\">31/12/20<span class=\"_ _f\"></span>24<span class=\"fc1 sc0\"> </span></div></td><td class=\"c x65a y2cca w25f h4e\"><div class=\"t m0 xac h200 y30 ff4 fs22 fc4 sc3 ls0 ws0\">31/12/20<span class=\"_ _f\"></span>24<span class=\"fc1 sc0\"> </span></div></td><td></td></tr><tr><td class=\"c x46b y2ccc w47c h221\"><div class=\"t m0 x8a h200 y54 ff4 fs22 fc1 sc2 ls0 ws0\">A. Valor<span class=\"_ _1\"></span>e di bilanc<span class=\"_ _f\"></span>io iniziale<span class=\"sc0\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2a8 y2ccd wc76 h48d\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc1 sc0 ls0 ws0\">1. Contratti di assicurazione<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2a8 y2cce wc77 h48d\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc1 sc0 ls0 ws0\">emessi che costituiscono<span class=\"_ _df\"> </span></div></td><td class=\"c x485 y2ccf w176 h16\"><div class=\"t m0 x39 h200 y409 ff4 fs22 fc1 sc0 ls0 ws0\">37.856 </div></td><td class=\"c x66f y2ccf w47d h16\"><div class=\"t m0 x15 h200 y409 ff4 fs22 fc1 sc0 ls0 ws0\">1.372 </div></td><td class=\"c x670 y2ccf w391 h16\"><div class=\"t m0 x48 h200 y409 ff4 fs22 fc1 sc0 ls0 ws0\">23.454 </div></td><td class=\"c x54c y2ccf w1b0 h16\"><div class=\"t m0 x130 h200 y409 ff4 fs22 fc1 sc0 ls0 ws0\">62.682 </div></td><td class=\"c x671 y2ccf w177 h16\"><div class=\"t m0 x130 h200 y409 ff4 fs22 fc1 sc0 ls0 ws0\">40.325 </div></td><td class=\"c x672 y2ccf w47e h16\"><div class=\"t m0 x15 h200 y409 ff4 fs22 fc1 sc0 ls0 ws0\">1.570 </div></td><td class=\"c x65a y2ccf w1e2 h16\"><div class=\"t m0 x33 h200 y409 ff4 fs22 fc1 sc0 ls0 ws0\">21.108 </div></td><td class=\"c x66d y2ccf w464 h16\"><div class=\"t m0 x55 h200 y409 ff4 fs22 fc1 sc0 ls0 ws0\">63.003 </div></td></tr><tr><td class=\"c x2a8 y2cd0 wc78 h48e\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc1 sc0 ls0 ws0\">passivit\u00e0<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2a8 y2cd1 wc79 h48e\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc1 sc0 ls0 ws0\">2. Contratti di assicurazione<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2a8 y2cd2 wc77 h48e\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc1 sc0 ls0 ws0\">emessi che costituiscono<span class=\"_ _df\"> </span></div></td><td class=\"c x485 y2cd3 w176 h206\"><div class=\"t m0 x30 h200 yd41 ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x66f y2cd3 w47d h206\"><div class=\"t m0 xf h200 yd41 ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x670 y2cd3 w391 h206\"><div class=\"t m0 x36 h200 yd41 ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x54c y2cd3 w1b0 h206\"><div class=\"t m0 x30 h200 yd41 ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x671 y2cd3 w177 h206\"><div class=\"t m0 x30 h200 yd41 ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x672 y2cd3 w47e h206\"><div class=\"t m0 xf h200 yd41 ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x65a y2cd3 w1e2 h206\"><div class=\"t m0 x36 h200 yd41 ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x66d y2cd3 w464 h206\"><div class=\"t m0 x31 h200 yd41 ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2a8 y2cd4 wc7a h48e\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc1 sc0 ls0 ws0\">attivit\u00e0<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x262 y2cd5 wc7b h48e\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc1 sc2 ls0 ws0\">3. Valo<span class=\"_ _1\"></span>re netto<span class=\"_ _1\"></span> di bilanc<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span>o al 1\u00b0<span class=\"_ _df\"> </span></div></td><td class=\"c x485 y2cd6 w176 hf\"><div class=\"t m0 x39 h200 y823 ff4 fs22 fc1 sc2 ls0 ws0\">37.856<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x66f y2cd6 w47d hf\"><div class=\"t m0 x15 h200 y823 ff4 fs22 fc1 sc2 ls0 ws0\">1.372<span class=\"sc0\"> </span></div></td><td class=\"c x670 y2cd6 w391 hf\"><div class=\"t m0 x48 h200 y823 ff4 fs22 fc1 sc2 ls0 ws0\">23.454<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x54c y2cd6 w1b0 hf\"><div class=\"t m0 x130 h200 y823 ff4 fs22 fc1 sc2 ls0 ws0\">62.682<span class=\"sc0\"> </span></div></td><td class=\"c x671 y2cd6 w177 hf\"><div class=\"t m0 x39 h200 y823 ff4 fs22 fc1 sc2 ls0 ws0\">40.325<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x672 y2cd6 w47e hf\"><div class=\"t m0 x15 h200 y823 ff4 fs22 fc1 sc2 ls0 ws0\">1.570<span class=\"sc0\"> </span></div></td><td class=\"c x65a y2cd6 w1e2 hf\"><div class=\"t m0 x32 h200 y823 ff4 fs22 fc1 sc2 ls0 ws0\">21.108<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x66d y2cd6 w464 hf\"><div class=\"t m0 x55 h200 y823 ff4 fs22 fc1 sc2 ls0 ws0\">63.003<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x262 y2cd7 wa83 h48e\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc1 sc2 ls0 ws0\">gennaio<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x262 y2cd8 wc7c h48e\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc1 sc2 ls0 ws0\">B. Variazio<span class=\"_ _1\"></span>ni relat<span class=\"_ _1\"></span>ive ai s<span class=\"_ _1\"></span>ervizi<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x262 y2cd9 wc7d h48e\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc1 sc2 ls0 ws0\">attuali<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2a8 y2cda wc7e h48e\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc1 sc0 ls0 ws0\">1. Margine sui servizi<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2a8 y2cdc wc7f h510\"><div class=\"t m0 x250 h200 y2cdb ff4 fs22 fc1 sc0 ls0 ws0\">contrattuali registrato in<span class=\"_ _df\"> </span></div><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc1 sc0 ls0 ws0\">conto economico<span class=\"_ _df\"> </span></div></td><td class=\"c x485 y2cdd w176 h2a5\"><div class=\"t m0 x30 h200 ye62 ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x66f y2cdd w47d h2a5\"><div class=\"t m0 xf h200 ye62 ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x670 y2cdd w391 h2a5\"><div class=\"t m0 x14 h200 ye62 ff4 fs22 fc1 sc0 ls0 ws0\">(8.063) </div></td><td class=\"c x54c y2cdd w1b0 h2a5\"><div class=\"t m0 x55 h200 ye62 ff4 fs22 fc1 sc0 ls0 ws0\">(8.063) </div></td><td class=\"c x671 y2cdd w177 h2a5\"><div class=\"t m0 x30 h200 ye62 ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x672 y2cdd w47e h2a5\"><div class=\"t m0 xf h200 ye62 ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x65a y2cdd w1e2 h2a5\"><div class=\"t m0 x48 h200 ye62 ff4 fs22 fc1 sc0 ls0 ws0\">(6.401) </div></td><td class=\"c x66d y2cdd w464 h2a5\"><div class=\"t m0 x130 h200 ye62 ff4 fs22 fc1 sc0 ls0 ws0\">(6.401) </div></td></tr><tr><td class=\"c x2a8 y2504 wc80 h48e\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc1 sc0 ls0 ws0\">2. Variazione per rischi non<span class=\"_ _df\"> </span></div></td><td class=\"c x485 y2cde w176 hf\"><div class=\"t m0 x30 h200 y823 ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x66f y2cde w47d hf\"><div class=\"t m0 x15 h200 y823 ff4 fs22 fc1 sc0 ls0 ws0\">(407) </div></td><td class=\"c x670 y2cde w391 hf\"><div class=\"t m0 x36 h200 y823 ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x54c y2cde w1b0 hf\"><div class=\"t m0 x33 h200 y823 ff4 fs22 fc1 sc0 ls0 ws0\">(407) </div></td><td class=\"c x671 y2cde w177 hf\"><div class=\"t m0 x30 h200 y823 ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x672 y2cde w47e hf\"><div class=\"t m0 x15 h200 y823 ff4 fs22 fc1 sc0 ls0 ws0\">(466) </div></td><td class=\"c x65a y2cde w1e2 hf\"><div class=\"t m0 x36 h200 y823 ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x66d y2cde w464 hf\"><div class=\"t m0 x33 h200 y823 ff4 fs22 fc1 sc0 ls0 ws0\">(466) </div></td></tr><tr><td class=\"c x2a8 y2cdf wc81 h48e\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc1 sc0 ls0 ws0\">finanziari scaduti<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2a8 y2ce0 wc82 h48e\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc1 sc0 ls0 ws0\">3. Modifiche connesse co<span class=\"_ _2\"></span>n<span class=\"_ _df\"> </span></div></td><td class=\"c x485 y2ce1 w176 hf\"><div class=\"t m0 x55 h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">(10.755) </div></td><td class=\"c x66f y2ce1 w47d hf\"><div class=\"t m0 xf h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x670 y2ce1 w391 hf\"><div class=\"t m0 x36 h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x54c y2ce1 w1b0 hf\"><div class=\"t m0 x2e h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">(10.755) </div></td><td class=\"c x671 y2ce1 w177 hf\"><div class=\"t m0 x2e h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">(10.554) </div></td><td class=\"c x672 y2ce1 w47e hf\"><div class=\"t m0 xf h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x65a y2ce1 w1e2 hf\"><div class=\"t m0 x36 h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x66d y2ce1 w464 hf\"><div class=\"t m0 x2e h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">(10.554) </div></td></tr><tr><td class=\"c x2a8 y2ce2 wc83 h48e\"><div class=\"t m0 x250 h200 y24a6 ff5 fs22 fc1 sc0 ls0 ws0\">l\u2019esperienza<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x46b y2ce3 w47c h70\"><div class=\"t m0 x16a h200 ye4c ff4 fs22 fc1 sc2 ls0 ws0\">4. Totale<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x485 y2ce3 w176 h70\"><div class=\"t m0 x55 h200 ye4c ff4 fs22 fc1 sc2 ls0 ws0\">(10.755<span class=\"_ _1\"></span>)<span class=\"sc0\"> </span></div></td><td class=\"c x66f y2ce3 w47d h70\"><div class=\"t m0 x15 h200 ye4c ff4 fs22 fc1 sc2 ls0 ws0\">(407)<span class=\"sc0\"> </span></div></td><td class=\"c x670 y2ce3 w391 h70\"><div class=\"t m0 x14 h200 ye4c ff4 fs22 fc1 sc2 ls0 ws0\">(8.063)</div></td><td class=\"c x54c y2ce3 w1b0 h70\"><div class=\"t m0 x2e h200 ye4c ff4 fs22 fc1 sc2 ls0 ws0\">(19.225)<span class=\"sc0\"> </span></div></td><td class=\"c x671 y2ce3 w177 h70\"><div class=\"t m0 x2e h200 ye4c ff4 fs22 fc1 sc2 ls0 ws0\">(10.554)<span class=\"sc0\"> </span></div></td><td class=\"c x672 y2ce3 w47e h70\"><div class=\"t m0 x15 h200 ye4c ff4 fs22 fc1 sc2 ls0 ws0\">(466)<span class=\"sc0\"> </span></div></td><td class=\"c x65a y2ce3 w1e2 h70\"><div class=\"t m0 x48 h200 ye4c ff4 fs22 fc1 sc2 ls0 ws0\">(6.401<span class=\"_ _1\"></span>)<span class=\"sc0\"> </span></div></td><td class=\"c x66d y2ce3 w464 h70\"><div class=\"t m0 x55 h200 ye4c ff4 fs22 fc1 sc2 ls0 ws0\">(17.421<span class=\"_ _1\"></span>)<span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x262 y2ce4 wc84 h48e\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc1 sc2 ls0 ws0\">C. Variazio<span class=\"_ _1\"></span>ni relat<span class=\"_ _1\"></span>ive a s<span class=\"_ _f\"></span>ervizi<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x262 y2ce5 wc85 h48e\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc1 sc2 lse2 ws0\">futuri<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2a8 y2ce6 wc86 h48e\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc1 sc0 ls0 ws0\">1. Variazioni del margine sui<span class=\"_ _df\"> </span></div></td><td class=\"c x485 y2ce7 w176 hf\"><div class=\"t m0 x130 h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">(6.844) </div></td><td class=\"c x66f y2ce7 w47d hf\"><div class=\"t m0 x15 h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">(100) </div></td><td class=\"c x670 y2ce7 w391 hf\"><div class=\"t m0 x32 h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">6.488<span class=\"_ _df\"> </span></div></td><td class=\"c x54c y2ce7 w1b0 hf\"><div class=\"t m0 x33 h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">(456) </div></td><td class=\"c x671 y2ce7 w177 hf\"><div class=\"t m0 x39 h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">(1.663) </div></td><td class=\"c x672 y2ce7 w47e hf\"><div class=\"t m0 x13 h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">(59) </div></td><td class=\"c x65a y2ce7 w1e2 hf\"><div class=\"t m0 x2c h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">1.285 </div></td><td class=\"c x66d y2ce7 w464 hf\"><div class=\"t m0 x33 h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">(437) </div></td></tr><tr><td class=\"c x2a8 y2ce8 wc87 h48e\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc1 sc0 ls0 ws0\">servizi contrattuali<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2a8 y2ce9 wc88 h48e\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc1 sc0 ls0 ws0\">2. Perdite su gruppi di<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2a8 y2cea wc89 h48e\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc1 sc0 ls0 ws0\">contratti onerosi e relativi<span class=\"_ _df\"> </span></div></td><td class=\"c x485 y2ceb w176 h16\"><div class=\"t m0 x3a h200 y409 ff4 fs22 fc1 sc0 ls0 ws0\">(39) </div></td><td class=\"c x66f y2ceb w47d h16\"><div class=\"t m0 x8f h200 y409 ff4 fs22 fc1 sc0 ls0 ws0\">(20) </div></td><td class=\"c x670 y2ceb w391 h16\"><div class=\"t m0 x36 h200 y409 ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x54c y2ceb w1b0 h16\"><div class=\"t m0 x3a h200 y409 ff4 fs22 fc1 sc0 ls0 ws0\">(59) </div></td><td class=\"c x671 y2ceb w177 h16\"><div class=\"t m0 x26 h200 y409 ff4 fs22 fc1 sc0 ls0 ws0\">109 </div></td><td class=\"c x672 y2ceb w47e h16\"><div class=\"t m0 x11 h200 y409 ff4 fs22 fc1 sc0 ls0 ws0\">(15) </div></td><td class=\"c x65a y2ceb w1e2 h16\"><div class=\"t m0 x36 h200 y409 ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x66d y2ceb w464 h16\"><div class=\"t m0 x34 h200 y409 ff4 fs22 fc1 sc0 ls62 ws0\">94<span class=\"ls0\"> </span></div></td></tr><tr><td class=\"c x2a8 y2cec wc8a h48e\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc1 sc0 ls0 ws0\">recuperi<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2a8 y2ced wc8b h48e\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc1 sc0 ls0 ws0\">3. Effetti dei contratti<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2a8 y2cee wc8c h48f\"><div class=\"t m0 x250 h200 y24d8 ff4 fs22 fc1 sc0 ls0 ws0\">inizialmente rilevati<span class=\"_ _df\"> </span></div></td><td class=\"c x485 y2cef w176 h206\"><div class=\"t m0 x130 h200 yd41 ff4 fs22 fc1 sc0 ls0 ws0\">(6.265) </div></td><td class=\"c x66f y2cef w47d h206\"><div class=\"t m0 x13 h200 yd41 ff4 fs22 fc1 sc0 ls0 ws0\">254 </div></td><td class=\"c x670 y2cef w391 h206\"><div class=\"t m0 x32 h200 yd41 ff4 fs22 fc1 sc0 ls0 ws0\">5.988 </div></td><td class=\"c x54c y2cef w1b0 h206\"><div class=\"t m0 x3a h200 yd41 ff4 fs22 fc1 sc0 ls0 ws0\">(23) </div></td><td class=\"c x671 y2cef w177 h206\"><div class=\"t m0 x39 h200 yd41 ff4 fs22 fc1 sc0 ls0 ws0\">(7.207) </div></td><td class=\"c x672 y2cef w47e h206\"><div class=\"t m0 x13 h200 yd41 ff4 fs22 fc1 sc0 ls0 ws0\">283 </div></td><td class=\"c x65a y2cef w1e2 h206\"><div class=\"t m0 x32 h200 yd41 ff4 fs22 fc1 sc0 ls0 ws0\">6.925 </div></td><td class=\"c x66d y2cef w464 h206\"><div class=\"t m0 x30 h200 yd41 ff4 fs22 fc1 sc0 ls0 ws0\">1 </div></td></tr><tr><td class=\"c x2a8 y2cf0 wc8d h48f\"><div class=\"t m0 x250 h200 y24d8 ff5 fs22 fc1 sc0 ls0 ws0\">nell\u2019esercizio di riferimento<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x46b y2cf1 w47c h70\"><div class=\"t m0 x16a h200 y66c ff4 fs22 fc1 sc2 ls0 ws0\">4. Totale<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x485 y2cf1 w176 h70\"><div class=\"t m0 x55 h200 y66c ff4 fs22 fc1 sc2 ls0 ws0\">(13.148)<span class=\"sc0\"> </span></div></td><td class=\"c x66f y2cf1 w47d h70\"><div class=\"t m0 x11 h200 y66c ff4 fs22 fc1 sc2 ls0 ws0\">134<span class=\"sc0\"> </span></div></td><td class=\"c x670 y2cf1 w391 h70\"><div class=\"t m0 x33 h200 y66c ff4 fs22 fc1 sc2 ls0 ws0\">12.476<span class=\"sc0\"> </span></div></td><td class=\"c x54c y2cf1 w1b0 h70\"><div class=\"t m0 x33 h200 y66c ff4 fs22 fc1 sc2 ls0 ws0\">(538)<span class=\"sc0\"> </span></div></td><td class=\"c x671 y2cf1 w177 h70\"><div class=\"t m0 x14 h200 y66c ff4 fs22 fc1 sc2 ls0 ws0\">(8.761)<span class=\"sc0\"> </span></div></td><td class=\"c x672 y2cf1 w47e h70\"><div class=\"t m0 x13 h200 y66c ff4 fs22 fc1 sc2 ls0 ws0\">209<span class=\"sc0\"> </span></div></td><td class=\"c x65a y2cf1 w1e2 h70\"><div class=\"t m0 x2c h200 y66c ff4 fs22 fc1 sc2 ls0 ws0\">8.210<span class=\"sc0\"> </span></div></td><td class=\"c x66d y2cf1 w464 h70\"><div class=\"t m0 x33 h200 y66c ff4 fs22 fc1 sc2 ls0 ws0\">(342)<span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x262 y2cf2 wc8e h48f\"><div class=\"t m0 x250 h200 y24d8 ff4 fs22 fc1 sc2 ls0 ws0\">D. Variazio<span class=\"_ _1\"></span>ni relat<span class=\"_ _1\"></span>ive a s<span class=\"_ _1\"></span>ervizi<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x262 y2cf3 wc8f h48f\"><div class=\"t m0 x250 h200 y24d8 ff4 fs22 fc1 sc2 ls0 ws0\">passat<span class=\"_ _1\"></span>i<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2a8 y2cf4 wc90 h48f\"><div class=\"t m0 x250 h200 y24d8 ff4 fs22 fc1 sc0 ls0 ws0\">1. Aggiustamenti alla<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2a8 y2cf5 wc91 h48f\"><div class=\"t m0 x250 h200 y24d8 ff4 fs22 fc1 sc0 ls0 ws0\">passivit\u00e0 per sinistri<span class=\"_ _df\"> </span></div></td><td class=\"c x485 y2cf6 w176 h206\"><div class=\"t m0 x32 h200 yd41 ff4 fs22 fc1 sc0 ls0 ws0\">(342) </div></td><td class=\"c x66f y2cf6 w47d h206\"><div class=\"t m0 xf h200 yd41 ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x670 y2cf6 w391 h206\"><div class=\"t m0 x36 h200 yd41 ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x54c y2cf6 w1b0 h206\"><div class=\"t m0 x33 h200 yd41 ff4 fs22 fc1 sc0 ls0 ws0\">(342) </div></td><td class=\"c x671 y2cf6 w177 h206\"><div class=\"t m0 x32 h200 yd41 ff4 fs22 fc1 sc0 ls0 ws0\">1.285 </div></td><td class=\"c x672 y2cf6 w47e h206\"><div class=\"t m0 xf h200 yd41 ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x65a y2cf6 w1e2 h206\"><div class=\"t m0 x36 h200 yd41 ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x66d y2cf6 w464 h206\"><div class=\"t m0 x33 h200 yd41 ff4 fs22 fc1 sc0 ls0 ws0\">1.285 </div></td></tr><tr><td class=\"c x2a8 y2cf7 wc92 h48f\"><div class=\"t m0 x250 h200 y24d8 ff4 fs22 fc1 sc0 ls0 ws0\">accaduti<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x262 y2cf8 wc93 h48f\"><div class=\"t m0 x250 h200 y24d8 ff4 fs22 fc1 sc2 ls0 ws0\">E. Risulta<span class=\"_ _1\"></span>to dei s<span class=\"_ _f\"></span>ervizi di<span class=\"_ _df\"> </span></div></td><td class=\"c x485 y2cf9 w176 h2a6\"><div class=\"t m0 x2e h200 y823 ff4 fs22 fc1 sc2 ls0 ws0\">(24.245<span class=\"_ _f\"></span>)<span class=\"sc0\"> </span></div></td><td class=\"c x66f y2cf9 w47d h2a6\"><div class=\"t m0 x15 h200 y823 ff4 fs22 fc1 sc2 ls0 ws0\">(273)<span class=\"sc0\"> </span></div></td><td class=\"c x670 y2cf9 w391 h2a6\"><div class=\"t m0 x2c h200 y823 ff4 fs22 fc1 sc2 ls0 ws0\">4.413<span class=\"sc0\"> </span></div></td><td class=\"c x54c y2cf9 w1b0 h2a6\"><div class=\"t m0 x2e h200 y823 ff4 fs22 fc1 sc2 ls0 ws0\">(20.105<span class=\"_ _1\"></span>)<span class=\"sc0\"> </span></div></td><td class=\"c x671 y2cf9 w177 h2a6\"><div class=\"t m0 x2e h200 y823 ff4 fs22 fc1 sc2 ls0 ws0\">(18.030<span class=\"_ _f\"></span>)<span class=\"sc0\"> </span></div></td><td class=\"c x672 y2cf9 w47e h2a6\"><div class=\"t m0 x15 h200 y823 ff4 fs22 fc1 sc2 ls0 ws0\">(257)<span class=\"sc0\"> </span></div></td><td class=\"c x65a y2cf9 w1e2 h2a6\"><div class=\"t m0 x2c h200 y823 ff4 fs22 fc1 sc2 ls0 ws0\">1.809<span class=\"sc0\"> </span></div></td><td class=\"c x66d y2cf9 w464 h2a6\"><div class=\"t m0 x2e h200 y823 ff4 fs22 fc1 sc2 ls0 ws0\">(16.478)<span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x262 y2cfa wc94 h48f\"><div class=\"t m0 x250 h200 y24d8 ff4 fs22 fc1 sc2 ls0 ws0\">assicura<span class=\"_ _1\"></span>zione<span class=\"_ _1\"></span>(B+C+D.1<span class=\"_ _1\"></span>)<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x262 y2cfb wc95 h48f\"><div class=\"t m0 x250 h200 y24d8 ff4 fs22 fc1 sc2 ls0 ws0\">F. Cos<span class=\"_ _1\"></span>ti/ricavi di n<span class=\"_ _f\"></span>atura<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x262 y2cfc wc96 h48f\"><div class=\"t m0 x250 h200 y24d8 ff4 fs22 fc1 sc2 ls0 ws0\">finanziar<span class=\"_ _1\"></span>ia<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2a8 y2cfd wc97 h48f\"><div class=\"t m0 x250 h200 y24d8 ff4 fs22 fc1 sc0 ls0 ws0\">1. Relativi ai contratti di<span class=\"_ _df\"> </span></div></td><td class=\"c x485 y2cfe w176 hf\"><div class=\"t m0 x27 h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">749 </div></td><td class=\"c x66f y2cfe w47d hf\"><div class=\"t m0 x91 h200 y153d ff4 fs22 fc1 sc0 ls79 ws0\">34<span class=\"ls0\"> </span></div></td><td class=\"c x670 y2cfe w391 hf\"><div class=\"t m0 x26 h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">584 </div></td><td class=\"c x54c y2cfe w1b0 hf\"><div class=\"t m0 x32 h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">1.367 </div></td><td class=\"c x671 y2cfe w177 hf\"><div class=\"t m0 x32 h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">1.202 </div></td><td class=\"c x672 y2cfe w47e hf\"><div class=\"t m0 x91 h200 y153d ff4 fs22 fc1 sc0 ls62 ws0\">60<span class=\"ls0\"> </span></div></td><td class=\"c x65a y2cfe w1e2 hf\"><div class=\"t m0 x34 h200 y153d ff4 fs22 fc1 sc0 lse3 ws0\">537<span class=\"ls0\"> </span></div></td><td class=\"c x66d y2cfe w464 hf\"><div class=\"t m0 x33 h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">1.799 </div></td></tr><tr><td class=\"c x2a8 y2cff wc98 h48f\"><div class=\"t m0 x250 h200 y24d8 ff4 fs22 fc1 sc0 ls0 ws0\">assicurazione emessi<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x46a y2d00 wc99 h48f\"><div class=\"t m0 x250 h200 y24d8 ff4 fs22 fc1 sc0 ls0 ws0\">1.1 Registrati in conto<span class=\"_ _df\"> </span></div></td><td class=\"c x485 y2d01 w176 hf\"><div class=\"t m0 x27 h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">545 </div></td><td class=\"c x66f y2d01 w47d hf\"><div class=\"t m0 x91 h200 y153d ff4 fs22 fc1 sc0 ls61 ws0\">25<span class=\"ls0\"> </span></div></td><td class=\"c x670 y2d01 w391 hf\"><div class=\"t m0 x26 h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">584 </div></td><td class=\"c x54c y2d01 w1b0 hf\"><div class=\"t m0 x32 h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">1.154 </div></td><td class=\"c x671 y2d01 w177 hf\"><div class=\"t m0 x3a h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">486 </div></td><td class=\"c x672 y2d01 w47e hf\"><div class=\"t m0 x91 h200 y153d ff4 fs22 fc1 sc0 ls61 ws0\">24<span class=\"ls0\"> </span></div></td><td class=\"c x65a y2d01 w1e2 hf\"><div class=\"t m0 x34 h200 y153d ff4 fs22 fc1 sc0 lse3 ws0\">537<span class=\"ls0\"> </span></div></td><td class=\"c x66d y2d01 w464 hf\"><div class=\"t m0 x33 h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">1.047 </div></td></tr><tr><td class=\"c x46a y2d02 wb17 h48f\"><div class=\"t m0 x250 h200 y24d8 ff4 fs22 fc1 sc0 ls0 ws0\">economico<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x46a y2d03 wc95 h48f\"><div class=\"t m0 x250 h200 y24d8 ff4 fs22 fc1 sc0 ls0 ws0\">1.2 Registrati nel conto<span class=\"_ _df\"> </span></div></td><td class=\"c x485 y2d04 w176 hf\"><div class=\"t m0 x3a h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">204 </div></td><td class=\"c x66f y2d04 w47d hf\"><div class=\"t m0 x1c h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">9 </div></td><td class=\"c x670 y2d04 w391 hf\"><div class=\"t m0 x36 h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x54c y2d04 w1b0 hf\"><div class=\"t m0 x26 h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">213 </div></td><td class=\"c x671 y2d04 w177 hf\"><div class=\"t m0 x26 h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">716 </div></td><td class=\"c x672 y2d04 w47e hf\"><div class=\"t m0 x91 h200 y153d ff4 fs22 fc1 sc0 ls79 ws0\">36<span class=\"ls0\"> </span></div></td><td class=\"c x65a y2d04 w1e2 hf\"><div class=\"t m0 x36 h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x66d y2d04 w464 hf\"><div class=\"t m0 x3a h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">752 </div></td></tr><tr><td class=\"c x46a y2d05 wc9a h48f\"><div class=\"t m0 x250 h200 y24d8 ff4 fs22 fc1 sc0 ls0 ws0\">economico complessivo<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2a8 y2d06 wc9b h48f\"><div class=\"t m0 x250 h200 y24d8 ff4 fs22 fc1 sc0 ls0 ws0\">2. Effetti connessi con le<span class=\"_ _df\"> </span></div></td><td class=\"c x485 y2d07 w176 hf\"><div class=\"t m0 x30 h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x66f y2d07 w47d hf\"><div class=\"t m0 xf h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x670 y2d07 w391 hf\"><div class=\"t m0 x36 h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x54c y2d07 w1b0 hf\"><div class=\"t m0 x30 h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x671 y2d07 w177 hf\"><div class=\"t m0 x30 h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x672 y2d07 w47e hf\"><div class=\"t m0 xf h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x65a y2d07 w1e2 hf\"><div class=\"t m0 x36 h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x66d y2d07 w464 hf\"><div class=\"t m0 x31 h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2a8 y2d08 wc9c h48f\"><div class=\"t m0 x250 h200 y24d8 ff4 fs22 fc1 sc0 ls0 ws0\">variazioni dei tassi di cambio<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x46b y2d09 w47c h70\"><div class=\"t m0 x16a h200 ye4c ff4 fs22 fc1 sc2 ls0 ws0\">3. Tota<span class=\"_ _1\"></span>le<span class=\"sc0\"> </span></div></td><td class=\"c x485 y2d09 w176 h70\"><div class=\"t m0 x27 h200 ye4c ff4 fs22 fc1 sc2 ls0 ws0\">749<span class=\"sc0\"> </span></div></td><td class=\"c x66f y2d09 w47d h70\"><div class=\"t m0 x91 h200 ye4c ff4 fs22 fc1 sc2 lse4 ws0\">34<span class=\"sc0 ls0\"> </span></div></td><td class=\"c x670 y2d09 w391 h70\"><div class=\"t m0 x34 h200 ye4c ff4 fs22 fc1 sc2 ls0 ws0\">584<span class=\"sc0\"> </span></div></td><td class=\"c x54c y2d09 w1b0 h70\"><div class=\"t m0 x32 h200 ye4c ff4 fs22 fc1 sc2 ls0 ws0\">1.367<span class=\"sc0\"> </span></div></td><td class=\"c x671 y2d09 w177 h70\"><div class=\"t m0 x32 h200 ye4c ff4 fs22 fc1 sc2 ls0 ws0\">1.202<span class=\"sc0\"> </span></div></td><td class=\"c x672 y2d09 w47e h70\"><div class=\"t m0 x91 h200 ye4c ff4 fs22 fc1 sc2 ls62 ws0\">60<span class=\"sc0 ls0\"> </span></div></td><td class=\"c x65a y2d09 w1e2 h70\"><div class=\"t m0 x34 h200 ye4c ff4 fs22 fc1 sc2 ls0 ws0\">537<span class=\"sc0\"> </span></div></td><td class=\"c x66d y2d09 w464 h70\"><div class=\"t m0 x32 h200 ye4c ff4 fs22 fc1 sc2 ls0 ws0\">1.799<span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x262 y2d0a wc9d h48f\"><div class=\"t m0 x250 h200 y24d8 ff4 fs22 fc1 sc2 ls0 ws0\">G. Impor<span class=\"_ _1\"></span>to totale<span class=\"_ _1\"></span> delle<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x262 y2d0b wc9e h48f\"><div class=\"t m0 x250 h200 y24d8 ff4 fs22 fc1 sc2 ls0 ws0\">variazion<span class=\"_ _1\"></span>i regis<span class=\"_ _1\"></span>trate in <span class=\"_ _1\"></span>conto<span class=\"_ _df\"> </span></div></td><td class=\"c x485 y2d0c w176 h2a7\"><div class=\"t m0 x2a h200 yd1f ff4 fs22 fc1 sc2 ls0 ws0\">(23.496<span class=\"_ _1\"></span>)<span class=\"sc0\"> </span></div></td><td class=\"c x66f y2d0c w47d h2a7\"><div class=\"t m0 x15 h200 yd1f ff4 fs22 fc1 sc2 ls0 ws0\">(239)<span class=\"sc0\"> </span></div></td><td class=\"c x670 y2d0c w391 h2a7\"><div class=\"t m0 x35 h200 yd1f ff4 fs22 fc1 sc2 ls0 ws0\">4.997<span class=\"sc0\"> </span></div></td><td class=\"c x54c y2d0c w1b0 h2a7\"><div class=\"t m0 x2e h200 yd1f ff4 fs22 fc1 sc2 ls0 ws0\">(18.738<span class=\"_ _f\"></span>)<span class=\"sc0\"> </span></div></td><td class=\"c x671 y2d0c w177 h2a7\"><div class=\"t m0 x2e h200 yd1f ff4 fs22 fc1 sc2 ls0 ws0\">(16.828<span class=\"_ _f\"></span>)<span class=\"sc0\"> </span></div></td><td class=\"c x672 y2d0c w47e h2a7\"><div class=\"t m0 x36 h200 yd1f ff4 fs22 fc1 sc2 ls0 ws0\">(197)<span class=\"sc0\"> </span></div></td><td class=\"c x65a y2d0c w1e2 h2a7\"><div class=\"t m0 x35 h200 yd1f ff4 fs22 fc1 sc2 ls0 ws0\">2.346<span class=\"sc0\"> </span></div></td><td class=\"c x66d y2d0c w464 h2a7\"><div class=\"t m0 x2e h200 yd1f ff4 fs22 fc1 sc2 ls0 ws0\">(14.679)<span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x262 y2d0d wc9f h48f\"><div class=\"t m0 x250 h200 y24d8 ff4 fs22 fc1 sc2 ls0 ws0\">econom<span class=\"_ _f\"></span>ico e nel cont<span class=\"_ _1\"></span>o<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x262 y2d0e wca0 h48f\"><div class=\"t m0 x250 h200 y24d8 ff4 fs22 fc1 sc2 ls0 ws0\">econom<span class=\"_ _f\"></span>ico compless<span class=\"_ _1\"></span>ivo (E+F<span class=\"_ _f\"></span>)<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x46b y2d0f w47c h77\"><div class=\"t m0 x8a h200 y30c ff4 fs22 fc1 sc2 ls0 ws0\">H. Altre v<span class=\"_ _f\"></span>ariazioni </div></td><td class=\"c x485 y2d0f w176 h77\"><div class=\"t m0 x30 h200 y30c ff4 fs22 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x66f y2d0f w47d h77\"><div class=\"t m0 xf h200 y30c ff4 fs22 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x670 y2d0f w391 h77\"><div class=\"t m0 x36 h200 y30c ff4 fs22 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x54c y2d0f w1b0 h77\"><div class=\"t m0 x30 h200 y30c ff4 fs22 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x671 y2d0f w177 h77\"><div class=\"t m0 x30 h200 y30c ff4 fs22 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x672 y2d0f w47e h77\"><div class=\"t m0 xf h200 y30c ff4 fs22 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x65a y2d0f w1e2 h77\"><div class=\"t m0 x36 h200 y30c ff4 fs22 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x66d y2d0f w464 h77\"><div class=\"t m0 x31 h200 y30c ff4 fs22 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x46b y2d10 w47c h279\"><div class=\"t m0 x8a h200 y3e4 ff4 fs22 fc1 sc2 ls0 ws0\">I. Movim<span class=\"_ _f\"></span>e<span class=\"_ _2\"></span>nti di <span class=\"_ _1\"></span>cass<span class=\"_ _1\"></span>a<span class=\"sc0\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x46b y2d11 w47c h221\"><div class=\"t m0 x16a h200 y54 ff4 fs22 fc1 sc0 ls0 ws0\">1. Premi ricevuti<span class=\"_ _df\"> </span></div></td><td class=\"c x485 y2d11 w176 h221\"><div class=\"t m0 x39 h200 y54 ff4 fs22 fc1 sc0 ls0 ws0\">24.242 </div></td><td class=\"c x66f y2d11 w47d h221\"><div class=\"t m0 xf h200 y54 ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x670 y2d11 w391 h221\"><div class=\"t m0 x36 h200 y54 ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x54c y2d11 w1b0 h221\"><div class=\"t m0 x130 h200 y54 ff4 fs22 fc1 sc0 ls0 ws0\">24.242 </div></td><td class=\"c x671 y2d11 w177 h221\"><div class=\"t m0 x130 h200 y54 ff4 fs22 fc1 sc0 ls0 ws0\">24.666 </div></td><td class=\"c x672 y2d11 w47e h221\"><div class=\"t m0 xf h200 y54 ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x65a y2d11 w1e2 h221\"><div class=\"t m0 x36 h200 y54 ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x66d y2d11 w464 h221\"><div class=\"t m0 x55 h200 y54 ff4 fs22 fc1 sc0 ls0 ws0\">24.666 </div></td></tr><tr><td class=\"c x2a8 y2d13 wca1 h511\"><div class=\"t m0 x250 h200 y2d12 ff4 fs22 fc1 sc0 ls0 ws0\">2. Pagamenti connessi co<span class=\"_ _2\"></span>n i<span class=\"_ _df\"> </span></div><div class=\"t m0 x250 h200 y24d8 ff4 fs22 fc1 sc0 ls0 ws0\">costi di acquisizione dei<span class=\"_ _df\"> </span></div></td><td class=\"c x485 y2d14 w176 hf4\"><div class=\"t m0 x30 h200 y17db ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x66f y2d14 w47d hf4\"><div class=\"t m0 xf h200 y17db ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x670 y2d14 w391 hf4\"><div class=\"t m0 x36 h200 y17db ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x54c y2d14 w1b0 hf4\"><div class=\"t m0 x30 h200 y17db ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x671 y2d14 w177 hf4\"><div class=\"t m0 x30 h200 y17db ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x672 y2d14 w47e hf4\"><div class=\"t m0 xf h200 y17db ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x65a y2d14 w1e2 hf4\"><div class=\"t m0 x36 h200 y17db ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x66d y2d14 w464 hf4\"><div class=\"t m0 x31 h200 y17db ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2a8 y2d15 wca2 h48f\"><div class=\"t m0 x250 h200 y24d8 ff4 fs22 fc1 sc0 ls0 ws0\">contratti<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2a8 y2d16 wca3 h48f\"><div class=\"t m0 x250 h200 y24d8 ff4 fs22 fc1 sc0 ls0 ws0\">3. Sinistri pagati e altre<span class=\"_ _df\"> </span></div></td><td class=\"c x485 y2d17 w176 hf\"><div class=\"t m0 x130 h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">(9.784) </div></td><td class=\"c x66f y2d17 w47d hf\"><div class=\"t m0 xf h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x670 y2d17 w391 hf\"><div class=\"t m0 x36 h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x54c y2d17 w1b0 hf\"><div class=\"t m0 x55 h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">(9.784) </div></td><td class=\"c x671 y2d17 w177 hf\"><div class=\"t m0 x2e h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">(10.306) </div></td><td class=\"c x672 y2d17 w47e hf\"><div class=\"t m0 xf h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x65a y2d17 w1e2 hf\"><div class=\"t m0 x36 h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x66d y2d17 w464 hf\"><div class=\"t m0 x2a h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">(10.306) </div></td></tr><tr><td class=\"c x2a8 y2d18 wca4 h48f\"><div class=\"t m0 x250 h200 y24d8 ff4 fs22 fc1 sc0 ls0 ws0\">uscite di cassa<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x46b y2d19 w47c h70\"><div class=\"t m0 x16a h200 ye4c ff4 fs22 fc1 sc0 ls0 ws0\">4. Altri movimenti<span class=\"_ _df\"> </span></div></td><td class=\"c x485 y2d19 w176 h70\"><div class=\"t m0 x30 h200 ye4c ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x66f y2d19 w47d h70\"><div class=\"t m0 xf h200 ye4c ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x670 y2d19 w391 h70\"><div class=\"t m0 x36 h200 ye4c ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x54c y2d19 w1b0 h70\"><div class=\"t m0 x30 h200 ye4c ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x671 y2d19 w177 h70\"><div class=\"t m0 x30 h200 ye4c ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x672 y2d19 w47e h70\"><div class=\"t m0 xf h200 ye4c ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x65a y2d19 w1e2 h70\"><div class=\"t m0 x36 h200 ye4c ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x66d y2d19 w464 h70\"><div class=\"t m0 x31 h200 ye4c ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y2d1a w47c h70\"><div class=\"t m0 x16a h200 ye4c ff4 fs22 fc1 sc2 ls0 ws0\">5. Tota<span class=\"_ _1\"></span>le<span class=\"sc0\"> </span></div></td><td class=\"c x485 y2d1a w176 h70\"><div class=\"t m0 x14 h200 ye4c ff4 fs22 fc1 sc2 ls0 ws0\">14.458<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x66f y2d1a w47d h70\"><div class=\"t m0 xf h200 ye4c ff4 fs22 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x670 y2d1a w391 h70\"><div class=\"t m0 x36 h200 ye4c ff4 fs22 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x54c y2d1a w1b0 h70\"><div class=\"t m0 x39 h200 ye4c ff4 fs22 fc1 sc2 ls0 ws0\">14.458<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x671 y2d1a w177 h70\"><div class=\"t m0 x14 h200 ye4c ff4 fs22 fc1 sc2 ls0 ws0\">14.360<span class=\"sc0\"> </span></div></td><td class=\"c x672 y2d1a w47e h70\"><div class=\"t m0 xf h200 ye4c ff4 fs22 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x65a y2d1a w1e2 h70\"><div class=\"t m0 x36 h200 ye4c ff4 fs22 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x66d y2d1a w464 h70\"><div class=\"t m0 x39 h200 ye4c ff4 fs22 fc1 sc2 ls0 ws0\">14.360<span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x262 y2d1b wca5 h48f\"><div class=\"t m0 x250 h200 y24d8 ff4 fs22 fc1 sc2 ls0 ws0\">L. Valore<span class=\"_ _f\"></span> <span class=\"_ _2\"></span>net<span class=\"_ _1\"></span>to di bilanc<span class=\"_ _f\"></span>io al 31<span class=\"_ _df\"> </span></div></td><td class=\"c x485 y2d1c w176 hf\"><div class=\"t m0 x14 h200 y153d ff4 fs22 fc1 sc2 ls0 ws0\">28.818<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x66f y2d1c w47d hf\"><div class=\"t m0 x36 h200 y153d ff4 fs22 fc1 sc2 ls0 ws0\">1.133<span class=\"sc0\"> </span></div></td><td class=\"c x670 y2d1c w391 hf\"><div class=\"t m0 x33 h200 y153d ff4 fs22 fc1 sc2 ls0 ws0\">28.451<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x54c y2d1c w1b0 hf\"><div class=\"t m0 x130 h200 y153d ff4 fs22 fc1 sc2 ls0 ws0\">58.40<span class=\"_ _1\"></span>2<span class=\"sc0\"> </span></div></td><td class=\"c x671 y2d1c w177 hf\"><div class=\"t m0 x39 h200 y153d ff4 fs22 fc1 sc2 ls0 ws0\">37.857<span class=\"sc0\"> </span></div></td><td class=\"c x672 y2d1c w47e hf\"><div class=\"t m0 x15 h200 y153d ff4 fs22 fc1 sc2 ls0 ws0\">1.373<span class=\"sc0\"> </span></div></td><td class=\"c x65a y2d1c w1e2 hf\"><div class=\"t m0 x48 h200 y153d ff4 fs22 fc1 sc2 ls0 ws0\">23.454<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x66d y2d1c w464 hf\"><div class=\"t m0 x130 h200 y153d ff4 fs22 fc1 sc2 ls0 ws0\">62.684<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x262 y2d1d wca6 h48f\"><div class=\"t m0 x250 h200 y24d8 ff4 fs22 fc1 sc2 ls0 ws0\">dicembr<span class=\"_ _1\"></span>e (A.3+G<span class=\"_ _f\"></span>+H+I.5)<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x46b y2d1e w47c hcc\"><div class=\"t m0 x8a h200 y5b ff4 fs22 fc1 sc2 ls0 ws0\">M. Valor<span class=\"_ _1\"></span>e di bilan<span class=\"_ _f\"></span>cio finale<span class=\"sc0\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2a8 y2d1f wc76 h48f\"><div class=\"t m0 x250 h200 y24d8 ff4 fs22 fc1 sc0 ls0 ws0\">1. Contratti di assicurazione<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2a8 y2d20 wc77 h48f\"><div class=\"t m0 x250 h200 y24d8 ff4 fs22 fc1 sc0 ls0 ws0\">emessi che costituiscono<span class=\"_ _df\"> </span></div></td><td class=\"c x485 y2d21 w176 h16\"><div class=\"t m0 x39 h200 y409 ff4 fs22 fc1 sc0 ls0 ws0\">28.818 </div></td><td class=\"c x66f y2d21 w47d h16\"><div class=\"t m0 x36 h200 y409 ff4 fs22 fc1 sc0 ls0 ws0\">1.133 </div></td><td class=\"c x670 y2d21 w391 h16\"><div class=\"t m0 x48 h200 y409 ff4 fs22 fc1 sc0 ls0 ws0\">28.452 </div></td><td class=\"c x54c y2d21 w1b0 h16\"><div class=\"t m0 x55 h200 y409 ff4 fs22 fc1 sc0 ls0 ws0\">58.403 </div></td><td class=\"c x671 y2d21 w177 h16\"><div class=\"t m0 x39 h200 y409 ff4 fs22 fc1 sc0 ls0 ws0\">37.856 </div></td><td class=\"c x672 y2d21 w47e h16\"><div class=\"t m0 x15 h200 y409 ff4 fs22 fc1 sc0 ls0 ws0\">1.372 </div></td><td class=\"c x65a y2d21 w1e2 h16\"><div class=\"t m0 x14 h200 y409 ff4 fs22 fc1 sc0 ls0 ws0\">23.454 </div></td><td class=\"c x66d y2d21 w464 h16\"><div class=\"t m0 x55 h200 y409 ff4 fs22 fc1 sc0 ls0 ws0\">62.682 </div></td></tr><tr><td class=\"c x2a8 y2d22 w929 h48f\"><div class=\"t m0 x250 h200 y24d8 ff4 fs22 fc1 sc0 lse5 ws0\">pa<span class=\"ls0\">ssivit\u00e0<span class=\"_ _df\"> </span></span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2a8 y2d23 wc79 h48f\"><div class=\"t m0 x250 h200 y24d8 ff4 fs22 fc1 sc0 ls0 ws0\">2. Contratti di assicurazione<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2a8 y2d24 wc77 h48f\"><div class=\"t m0 x250 h200 y24d8 ff4 fs22 fc1 sc0 ls0 ws0\">emessi che costituiscono<span class=\"_ _df\"> </span></div></td><td class=\"c x485 y2d25 w176 h16\"><div class=\"t m0 x30 h200 y409 ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x66f y2d25 w47d h16\"><div class=\"t m0 xf h200 y409 ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x670 y2d25 w391 h16\"><div class=\"t m0 x36 h200 y409 ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x54c y2d25 w1b0 h16\"><div class=\"t m0 x30 h200 y409 ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x671 y2d25 w177 h16\"><div class=\"t m0 x30 h200 y409 ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x672 y2d25 w47e h16\"><div class=\"t m0 xf h200 y409 ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x65a y2d25 w1e2 h16\"><div class=\"t m0 x36 h200 y409 ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x66d y2d25 w464 h16\"><div class=\"t m0 x31 h200 y409 ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2a8 y2849 wc7a h48f\"><div class=\"t m0 x250 h200 y24d8 ff4 fs22 fc1 sc0 ls0 ws0\">attivit\u00e0<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2a8 y24dc wca7 h48f\"><div class=\"t m0 x250 h200 y24d8 ff4 fs22 fc1 sc2 ls0 ws0\">3. Valo<span class=\"_ _1\"></span>re netto<span class=\"_ _1\"></span> di bilanc<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span>o al<span class=\"_ _df\"> </span></div></td><td class=\"c x485 y2d26 w176 hf\"><div class=\"t m0 x14 h200 y153d ff4 fs22 fc1 sc2 ls0 ws0\">28.818<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x66f y2d26 w47d hf\"><div class=\"t m0 x36 h200 y153d ff4 fs22 fc1 sc2 ls0 ws0\">1.133<span class=\"sc0\"> </span></div></td><td class=\"c x670 y2d26 w391 hf\"><div class=\"t m0 x48 h200 y153d ff4 fs22 fc1 sc2 ls0 ws0\">28.452<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x54c y2d26 w1b0 hf\"><div class=\"t m0 x130 h200 y153d ff4 fs22 fc1 sc2 ls0 ws0\">58.403<span class=\"sc0\"> </span></div></td><td class=\"c x671 y2d26 w177 hf\"><div class=\"t m0 x39 h200 y153d ff4 fs22 fc1 sc2 ls0 ws0\">37.856<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x672 y2d26 w47e hf\"><div class=\"t m0 x15 h200 y153d ff4 fs22 fc1 sc2 ls0 ws0\">1.372<span class=\"sc0\"> </span></div></td><td class=\"c x65a y2d26 w1e2 hf\"><div class=\"t m0 x48 h200 y153d ff4 fs22 fc1 sc2 ls0 ws0\">23.454<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x66d y2d26 w464 hf\"><div class=\"t m0 x130 h200 y153d ff4 fs22 fc1 sc2 ls0 ws0\">62.682<span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x2a8 y2491 wca8 h48f\"><div class=\"t m0 x250 h200 y24d8 ff4 fs22 fc1 sc2 ls0 ws0\">31 dicem<span class=\"_ _1\"></span>bre<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr></table><div class=\"c w480 he2 gsd66\"><div class=\"t m0 xe h5 y17cc ff4 fs1 fc4 sc3 ls0 ws0\">Dinam<span class=\"_ _f\"></span>ica del v<span class=\"_ _1\"></span>alor<span class=\"_ _f\"></span>e di bila<span class=\"_ _1\"></span>ncio d<span class=\"_ _1\"></span>ei co<span class=\"_ _1\"></span>ntrat<span class=\"_ _1\"></span>ti di a<span class=\"_ _f\"></span>ssicurazi<span class=\"_ _1\"></span>one e<span class=\"_ _1\"></span>mes<span class=\"_ _f\"></span>si distint<span class=\"_ _f\"></span>a per elem<span class=\"_ _f\"></span>enti<span class=\"_ _df\"> </span> </div><div class=\"t m0 xe h5 y17cd ff4 fs1 fc4 sc3 ls0 ws0\">sott<span class=\"_ _1\"></span>ostant<span class=\"_ _f\"></span>i alla mi<span class=\"_ _1\"></span>sura<span class=\"_ _1\"></span>zione - <span class=\"_ _f\"></span>Contrat<span class=\"_ _f\"></span>ti<span class=\"_ _2\"></span> d'in<span class=\"_ _f\"></span>vestime<span class=\"_ _f\"></span>nto eme<span class=\"_ _1\"></span>ssi co<span class=\"_ _f\"></span>n element<span class=\"_ _1\"></span>i di <span class=\"_ _1\"></span>part<span class=\"_ _1\"></span>ecipazi<span class=\"_ _1\"></span>one<span class=\"_ _df\"> </span><span class=\"_ _1\"></span> </div><div class=\"t m0 xe h5 y17c1 ff4 fs1 fc4 sc3 ls0 ws0\">discre<span class=\"_ _1\"></span>ziona<span class=\"_ _1\"></span>li - Se<span class=\"_ _f\"></span>gmento <span class=\"_ _1\"></span>Vita<span class=\"_ _f\"></span><span class=\"fc1 sc2\"> </span></div></div><div class=\"gsd67\"><table class=\"s wca9 h512\" id=\"_03f437f0-b4f1-42f6-a598-01eca89397e9\"><tr><td></td><td class=\"c x673 y2d27 wcaa h4bd\"><div class=\"t m0 x250 hd6 y2726 ff4 fs1b fc4 sc3 ls0 ws0\">Elemen<span class=\"_ _1\"></span>ti sott<span class=\"_ _f\"></span>o<span class=\"_ _2\"></span>stan<span class=\"_ _1\"></span>ti alla mi<span class=\"_ _f\"></span>s<span class=\"_ _2\"></span>uraz<span class=\"_ _1\"></span>ione <span class=\"_ _1\"></span>del valo<span class=\"_ _1\"></span>re di <span class=\"_ _1\"></span>bilancio d<span class=\"_ _f\"></span>ei<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td class=\"c x674 y2d27 wcab h4bd\"><div class=\"t m0 x250 hd6 y2726 ff4 fs1b fc4 sc3 ls0 ws0\">Elemen<span class=\"_ _1\"></span>ti sott<span class=\"_ _f\"></span>o<span class=\"_ _2\"></span>stan<span class=\"_ _1\"></span>ti alla mi<span class=\"_ _f\"></span>s<span class=\"_ _2\"></span>ura<span class=\"_ _1\"></span>zione <span class=\"_ _f\"></span>del valore di<span class=\"_ _1\"></span> bilancio <span class=\"_ _f\"></span>dei<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td></tr><tr><td></td><td class=\"c x675 y2d28 wcac h4bd\" colspan=\"2\"><div class=\"t m0 x250 hd6 y2726 ff4 fs1b fc4 sc3 ls0 ws0\">contratt<span class=\"_ _f\"></span>i di assicurazi<span class=\"_ _f\"></span>one emessi<span class=\"_ _df\"> </span></div></td><td></td><td></td><td class=\"c x676 y2d28 wcac h4bd\" colspan=\"2\"><div class=\"t m0 x250 hd6 y2726 ff4 fs1b fc4 sc3 ls0 ws0\">contratt<span class=\"_ _f\"></span>i di assicurazi<span class=\"_ _f\"></span>one emessi<span class=\"_ _df\"> </span></div></td><td></td><td></td></tr><tr><td></td><td class=\"c x677 y2b71 wc2d h4bd\"><div class=\"t m0 x250 hd6 y2726 ff4 fs1b fc4 sc3 ls0 ws0\">Valore<span class=\"_ _df\"> </span></div></td><td class=\"c x678 y2d29 wc32 h4bd\"><div class=\"t m0 x250 hd6 y2726 ff4 fs1b fc4 sc3 ls0 ws0\">Aggiusta<span class=\"_ _f\"></span>mento<span class=\"_ _df\"> </span></div></td><td class=\"c x679 y2d29 wc33 h4bd\"><div class=\"t m0 x250 hd6 y2726 ff4 fs1b fc4 sc3 ls0 ws0\">Margine <span class=\"_ _f\"></span>sui<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x65b y2b71 wc2f h4bd\"><div class=\"t m0 x250 hd6 y2726 ff4 fs1b fc4 sc3 ls0 ws0\">Valore<span class=\"_ _df\"> </span></div></td><td class=\"c x67a y2d29 wc32 h4bd\"><div class=\"t m0 x250 hd6 y2726 ff4 fs1b fc4 sc3 ls0 ws0\">Aggiusta<span class=\"_ _f\"></span>mento<span class=\"_ _df\"> </span></div></td><td class=\"c x67b y2d29 wc33 h4bd\"><div class=\"t m0 x250 hd6 y2726 ff4 fs1b fc4 sc3 ls0 ws0\">Margine <span class=\"_ _f\"></span>sui<span class=\"_ _df\"> </span></div></td><td></td></tr><tr><td class=\"c x262 y2d2a wcad h4bd\"><div class=\"t m0 x250 hd6 y2726 ff4 fs1b fc4 sc3 ls0 ws0\">Voci/El<span class=\"_ _f\"></span>e<span class=\"_ _2\"></span>me<span class=\"_ _1\"></span>nti sott<span class=\"_ _1\"></span>ostanti a<span class=\"_ _f\"></span>lla<span class=\"_ _df\"> </span></div></td><td class=\"c x67c y2d2a wc31 h4bd\"><div class=\"t m0 x250 hd6 y2726 ff4 fs1b fc4 sc3 ls0 ws0\">attuale d<span class=\"_ _f\"></span>ei<span class=\"_ _df\"> </span></div></td><td class=\"c x678 y2d2b wc37 h4bd\"><div class=\"t m0 x250 hd6 y2726 ff4 fs1b fc4 sc3 ls0 ws0\">per i ri<span class=\"_ _1\"></span>schi non<span class=\"_ _df\"> </span></div></td><td class=\"c x67d y2d2b wb1e h4bd\"><div class=\"t m0 x250 hd6 y2726 ff4 fs1b fc4 sc3 ls0 ws0\">servizi<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x67e y2d2a wc34 h4bd\"><div class=\"t m0 x250 hd6 y2726 ff4 fs1b fc4 sc3 ls0 ws0\">attuale d<span class=\"_ _f\"></span>ei<span class=\"_ _df\"> </span></div></td><td class=\"c x67a y2d2b wc37 h4bd\"><div class=\"t m0 x250 hd6 y2726 ff4 fs1b fc4 sc3 ls0 ws0\">per i ri<span class=\"_ _1\"></span>schi non<span class=\"_ _df\"> </span></div></td><td class=\"c x67f y2d2b wb15 h4bd\"><div class=\"t m0 x250 hd6 y2726 ff4 fs1b fc4 sc3 ls0 ws0\">servizi<span class=\"_ _df\"> </span></div></td><td></td></tr><tr><td class=\"c x262 y2d2c wcae h4bd\"><div class=\"t m0 x250 hd6 y2726 ff4 fs1b fc4 sc3 ls0 ws0\">misuraz<span class=\"_ _f\"></span>ione<span class=\"_ _df\"> </span></div></td><td class=\"c x680 y2d2c wc36 h4bd\"><div class=\"t m0 x250 hd6 y2726 ff4 fs1b fc4 sc3 ls0 ws0\">flussi<span class=\"_ _df\"> </span></div></td><td class=\"c x681 y2d2d wa92 h4bd\"><div class=\"t m0 x250 hd6 y2726 ff4 fs1b fc4 sc3 ls0 ws0\">finanzia<span class=\"_ _f\"></span>ri<span class=\"_ _df\"> </span></div></td><td class=\"c x679 y2d2d wc38 h4bd\"><div class=\"t m0 x250 hd6 y2726 ff4 fs1b fc4 sc3 ls0 ws0\">contrattu<span class=\"_ _f\"></span>ali<span class=\"_ _df\"> </span></div></td><td class=\"c x682 y2d2e w1c3 h2a8\"><div class=\"t m0 x16a hd6 ye28 ff4 fs1b fc4 sc3 ls0 ws0\">Totale<span class=\"fc1 sc0\"> </span></div></td><td class=\"c x683 y2d2c wc36 h4bd\"><div class=\"t m0 x250 hd6 y2726 ff4 fs1b fc4 sc3 ls0 ws0\">flussi<span class=\"_ _df\"> </span></div></td><td class=\"c x684 y2d2d wa92 h4bd\"><div class=\"t m0 x250 hd6 y2726 ff4 fs1b fc4 sc3 ls0 ws0\">finanzia<span class=\"_ _f\"></span>ri<span class=\"_ _df\"> </span></div></td><td class=\"c x67b y2d2d wc38 h4bd\"><div class=\"t m0 x250 hd6 y2726 ff4 fs1b fc4 sc3 ls0 ws0\">contrattu<span class=\"_ _f\"></span>ali<span class=\"_ _df\"> </span></div></td><td class=\"c x685 y2d2e w18b h2a8\"><div class=\"t m0 x16a hd6 ye28 ff4 fs1b fc4 sc3 ls0 ws0\">Totale<span class=\"fc1 sc0\"> </span></div></td></tr><tr><td></td><td class=\"c x686 y2d2f wa92 h4bd\"><div class=\"t m0 x250 hd6 y2726 ff4 fs1b fc4 sc3 ls0 ws0\">finanzia<span class=\"_ _f\"></span>ri<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td class=\"c x687 y2d2f wa92 h4bd\"><div class=\"t m0 x250 hd6 y2726 ff4 fs1b fc4 sc3 ls0 ws0\">finanzia<span class=\"_ _f\"></span>ri<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td></tr><tr><td></td><td class=\"c x688 y2d2e w3b5 h2a9\"><div class=\"t m0 xab hd6 y392 ff4 fs1b fc4 sc3 ls0 ws0\">31/12/2<span class=\"_ _1\"></span>025<span class=\"fc1 sc0\"> </span></div></td><td class=\"c x689 y2d2e w398 h2a9\"><div class=\"t m0 x2e hd6 y392 ff4 fs1b fc4 sc3 ls0 ws0\">31/12/2<span class=\"_ _1\"></span>025<span class=\"fc1 sc0\"> </span></div></td><td class=\"c x68a y2d2e w484 h2a9\"><div class=\"t m0 xac hd6 y392 ff4 fs1b fc4 sc3 ls0 ws0\">31/12/2<span class=\"_ _1\"></span>025<span class=\"fc1 sc0\"> </span></div></td><td></td><td class=\"c x68b y2d2e w1ca h2a9\"><div class=\"t m0 xab hd6 y392 ff4 fs1b fc4 sc3 ls0 ws0\">31/12/2<span class=\"_ _1\"></span>024<span class=\"fc1 sc0\"> </span></div></td><td class=\"c x68c y2d2e w485 h2a9\"><div class=\"t m0 x2a hd6 y392 ff4 fs1b fc4 sc3 ls0 ws0\">31/12/20<span class=\"_ _f\"></span>2<span class=\"_ _2\"></span>4<span class=\"fc1 sc0\"> </span></div></td><td class=\"c x68d y2d2e w162 h2a9\"><div class=\"t m0 xac hd6 y392 ff4 fs1b fc4 sc3 ls0 ws0\">31/12/2<span class=\"_ _1\"></span>024<span class=\"fc1 sc0\"> </span></div></td><td></td></tr><tr><td class=\"c x46b y2d30 w483 h221\"><div class=\"t m0 x8a hd6 y66c ff4 fs1b fc1 sc2 ls0 ws0\">A. Val<span class=\"_ _1\"></span>ore di bila<span class=\"_ _f\"></span>ncio iniziale<span class=\"sc0\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2a8 y2d31 wcaf h4bd\"><div class=\"t m0 x250 hd6 y2726 ff4 fs1b fc1 sc0 ls0 ws0\">1. Contratti di assicurazione<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2a8 y2d32 wcb0 h4c8\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">emessi che costituiscono<span class=\"_ _df\"> </span></div></td><td class=\"c x688 y2d33 w2f0 h90\"><div class=\"t m0 x55 hd6 yc5f ff4 fs1b fc1 sc0 ls0 ws0\">513.441 </div></td><td class=\"c x68e y2d33 w47d h90\"><div class=\"t m0 x15 hd6 yc5f ff4 fs1b fc1 sc0 ls0 ws0\">2.607 </div></td><td class=\"c x68a y2d33 w437 h90\"><div class=\"t m0 x2c hd6 yc5f ff4 fs1b fc1 sc0 ls0 ws0\">31.119 </div></td><td class=\"c x682 y2d33 w1c3 h90\"><div class=\"t m0 x55 hd6 yc5f ff4 fs1b fc1 sc0 ls0 ws0\">547.167 </div></td><td class=\"c x68b y2d33 w186 h90\"><div class=\"t m0 x2e hd6 yc5f ff4 fs1b fc1 sc0 ls0 ws0\">329.467 </div></td><td class=\"c x68c y2d33 w486 h90\"><div class=\"t m0 x36 hd6 yc5f ff4 fs1b fc1 sc0 ls0 ws0\">2.218 </div></td><td class=\"c x68d y2d33 w25f h90\"><div class=\"t m0 x32 hd6 yc5f ff4 fs1b fc1 sc0 ls0 ws0\">19.245 </div></td><td class=\"c x685 y2d33 w2af h90\"><div class=\"t m0 x2a hd6 yc5f ff4 fs1b fc1 sc0 ls0 ws0\">350.930 </div></td></tr><tr><td class=\"c x2a8 y2d34 wa73 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">passivit\u00e0<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2a8 y2d35 wcb1 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">2. Contratti di assicurazione<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2a8 y2d36 wcb0 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">emessi che costituiscono<span class=\"_ _df\"> </span></div></td><td class=\"c x688 y2d37 w2f0 h90\"><div class=\"t m0 x31 hd6 y308 ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x68e y2d37 w47d h90\"><div class=\"t m0 xf hd6 y308 ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x68a y2d37 w437 h90\"><div class=\"t m0 x36 hd6 y308 ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x682 y2d37 w1c3 h90\"><div class=\"t m0 x31 hd6 y308 ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x68b y2d37 w186 h90\"><div class=\"t m0 x31 hd6 y308 ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x68c y2d37 w486 h90\"><div class=\"t m0 xf hd6 y308 ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x68d y2d37 w25f h90\"><div class=\"t m0 x36 hd6 y308 ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x685 y2d37 w2af h90\"><div class=\"t m0 x38 hd6 y308 ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2a8 y2d38 wcb2 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">attivit\u00e0<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x262 y2d39 waca h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc2 ls0 ws0\">3. Valor<span class=\"_ _1\"></span>e nett<span class=\"_ _1\"></span>o di bilan<span class=\"_ _f\"></span>cio al 1\u00b0<span class=\"_ _df\"> </span></div></td><td class=\"c x688 y2d3a w2f0 h148\"><div class=\"t m0 x130 hd6 y394 ff4 fs1b fc1 sc2 ls0 ws0\">513.44<span class=\"_ _1\"></span>1<span class=\"sc0\"> </span></div></td><td class=\"c x68e y2d3a w47d h148\"><div class=\"t m0 x15 hd6 y394 ff4 fs1b fc1 sc2 ls0 ws0\">2.607<span class=\"sc0\"> </span></div></td><td class=\"c x68a y2d3a w437 h148\"><div class=\"t m0 x2c hd6 y394 ff4 fs1b fc1 sc2 ls0 ws0\">31.119<span class=\"sc0\"> </span></div></td><td class=\"c x682 y2d3a w1c3 h148\"><div class=\"t m0 x55 hd6 y394 ff4 fs1b fc1 sc2 ls0 ws0\">547.16<span class=\"_ _1\"></span>7<span class=\"sc0\"> </span></div></td><td class=\"c x68b y2d3a w186 h148\"><div class=\"t m0 x2e hd6 y394 ff4 fs1b fc1 sc2 ls0 ws0\">329.4<span class=\"_ _1\"></span>67<span class=\"sc0\"> </span></div></td><td class=\"c x68c y2d3a w486 h148\"><div class=\"t m0 x36 hd6 y394 ff4 fs1b fc1 sc2 ls0 ws0\">2.218<span class=\"sc0\"> </span></div></td><td class=\"c x68d y2d3a w25f h148\"><div class=\"t m0 x32 hd6 y394 ff4 fs1b fc1 sc2 ls0 ws0\">19.245<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x685 y2d3a w2af h148\"><div class=\"t m0 x2a hd6 y394 ff4 fs1b fc1 sc2 ls0 ws0\">350.9<span class=\"_ _1\"></span>30<span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x262 y2d3b wacb h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc2 ls0 ws0\">gennai<span class=\"_ _1\"></span>o<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x262 y2d3c wacc h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc2 ls0 ws0\">B. Variaz<span class=\"_ _1\"></span>ioni r<span class=\"_ _1\"></span>elative ai <span class=\"_ _1\"></span>serviz<span class=\"_ _1\"></span>i<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x262 y2d3d wcb3 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc2 ls0 ws0\">attuali<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2a8 y2d3e wace h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">1. Margine sui servizi<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2a8 y2d3f wc41 h4c3\"><div class=\"t m0 x250 hd6 y276e ff4 fs1b fc1 sc0 ls0 ws0\">contrattuali registrato in<span class=\"_ _df\"> </span></div><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">conto economico<span class=\"_ _df\"> </span></div></td><td class=\"c x688 y2d40 w2f0 h90\"><div class=\"t m0 x31 hd6 yc5f ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x68e y2d40 w47d h90\"><div class=\"t m0 xf hd6 yc5f ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x68a y2d40 w437 h90\"><div class=\"t m0 x48 hd6 yc5f ff4 fs1b fc1 sc0 ls0 ws0\">(5.332) </div></td><td class=\"c x682 y2d40 w1c3 h90\"><div class=\"t m0 x130 hd6 yc5f ff4 fs1b fc1 sc0 ls0 ws0\">(5.332) </div></td><td class=\"c x68b y2d40 w186 h90\"><div class=\"t m0 x31 hd6 yc5f ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x68c y2d40 w486 h90\"><div class=\"t m0 xf hd6 yc5f ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x68d y2d40 w25f h90\"><div class=\"t m0 x35 hd6 yc5f ff4 fs1b fc1 sc0 ls0 ws0\">(3.117) </div></td><td class=\"c x685 y2d40 w2af h90\"><div class=\"t m0 x14 hd6 yc5f ff4 fs1b fc1 sc0 ls0 ws0\">(3.117) </div></td></tr><tr><td class=\"c x2a8 y2d41 wad1 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">2. Variazione per rischi non<span class=\"_ _df\"> </span></div></td><td class=\"c x688 y2d42 w2f0 ha3\"><div class=\"t m0 x31 hd6 y153d ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x68e y2d42 w47d ha3\"><div class=\"t m0 x36 hd6 y153d ff4 fs1b fc1 sc0 ls0 ws0\">(263) </div></td><td class=\"c x68a y2d42 w437 ha3\"><div class=\"t m0 x36 hd6 y153d ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x682 y2d42 w1c3 ha3\"><div class=\"t m0 x33 hd6 y153d ff4 fs1b fc1 sc0 ls0 ws0\">(263) </div></td><td class=\"c x68b y2d42 w186 ha3\"><div class=\"t m0 x31 hd6 y153d ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x68c y2d42 w486 ha3\"><div class=\"t m0 x8f hd6 y153d ff4 fs1b fc1 sc0 ls0 ws0\">(197) </div></td><td class=\"c x68d y2d42 w25f ha3\"><div class=\"t m0 x36 hd6 y153d ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x685 y2d42 w2af ha3\"><div class=\"t m0 x32 hd6 y153d ff4 fs1b fc1 sc0 ls0 ws0\">(197) </div></td></tr><tr><td class=\"c x2a8 y2d43 wad2 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">finanziari scaduti<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2a8 y2d44 wad3 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">3. Modifiche connesse con<span class=\"_ _df\"> </span></div></td><td class=\"c x688 y2d45 w2f0 h148\"><div class=\"t m0 x33 hd6 y394 ff4 fs1b fc1 sc0 ls0 ws0\">7.456 </div></td><td class=\"c x68e y2d45 w47d h148\"><div class=\"t m0 xf hd6 y394 ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x68a y2d45 w437 h148\"><div class=\"t m0 x36 hd6 y394 ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x682 y2d45 w1c3 h148\"><div class=\"t m0 x33 hd6 y394 ff4 fs1b fc1 sc0 ls0 ws0\">7.456 </div></td><td class=\"c x68b y2d45 w186 h148\"><div class=\"t m0 x130 hd6 y394 ff4 fs1b fc1 sc0 ls0 ws0\">28.584 </div></td><td class=\"c x68c y2d45 w486 h148\"><div class=\"t m0 xf hd6 y394 ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x68d y2d45 w25f h148\"><div class=\"t m0 x36 hd6 y394 ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x685 y2d45 w2af h148\"><div class=\"t m0 x55 hd6 y394 ff4 fs1b fc1 sc0 ls0 ws0\">28.584 </div></td></tr><tr><td class=\"c x2a8 y2d46 wcb4 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff5 fs1b fc1 sc0 ls0 ws0\">l\u2019esperienza<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x46b y2d47 w483 h70\"><div class=\"t m0 x16a hd6 y28b ff4 fs1b fc1 sc2 ls0 ws0\">4. Total<span class=\"_ _f\"></span>e<span class=\"sc0\"> </span></div></td><td class=\"c x688 y2d47 w2f0 h70\"><div class=\"t m0 x33 hd6 y28b ff4 fs1b fc1 sc2 ls0 ws0\">7.456<span class=\"sc0\"> </span></div></td><td class=\"c x68e y2d47 w47d h70\"><div class=\"t m0 x36 hd6 y28b ff4 fs1b fc1 sc2 ls0 ws0\">(263)<span class=\"sc0\"> </span></div></td><td class=\"c x68a y2d47 w437 h70\"><div class=\"t m0 x33 hd6 y28b ff4 fs1b fc1 sc2 ls0 ws0\">(5.33<span class=\"_ _1\"></span>2)<span class=\"sc0\"> </span></div></td><td class=\"c x682 y2d47 w1c3 h70\"><div class=\"t m0 x32 hd6 y28b ff4 fs1b fc1 sc2 ls0 ws0\">1.861<span class=\"sc0\"> </span></div></td><td class=\"c x68b y2d47 w186 h70\"><div class=\"t m0 x39 hd6 y28b ff4 fs1b fc1 sc2 ls0 ws0\">28.584<span class=\"sc0\"> </span></div></td><td class=\"c x68c y2d47 w486 h70\"><div class=\"t m0 x8f hd6 y28b ff4 fs1b fc1 sc2 ls0 ws0\">(197)<span class=\"sc0\"> </span></div></td><td class=\"c x68d y2d47 w25f h70\"><div class=\"t m0 x35 hd6 y28b ff4 fs1b fc1 sc2 ls0 ws0\">(3.117)<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x685 y2d47 w2af h70\"><div class=\"t m0 x130 hd6 y28b ff4 fs1b fc1 sc2 ls0 ws0\">25.270<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x262 y2d48 wcb5 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc2 ls0 ws0\">C. Variaz<span class=\"_ _1\"></span>ioni r<span class=\"_ _1\"></span>elative a <span class=\"_ _1\"></span>servizi<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x262 y2d49 wcb6 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc2 ls0 ws0\">futuri<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2a8 y2d4a wcb7 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">1. Variazioni del margine sui<span class=\"_ _df\"> </span></div></td><td class=\"c x688 y2d4b w2f0 h1d\"><div class=\"t m0 x48 hd6 y823 ff4 fs1b fc1 sc0 ls0 ws0\">26.141 </div></td><td class=\"c x68e y2d4b w47d h1d\"><div class=\"t m0 x13 hd6 y823 ff4 fs1b fc1 sc0 ls0 ws0\">(66) </div></td><td class=\"c x68a y2d4b w437 h1d\"><div class=\"t m0 x2c hd6 y823 ff4 fs1b fc1 sc0 ls0 ws0\">8.252 </div></td><td class=\"c x682 y2d4b w1c3 h1d\"><div class=\"t m0 x130 hd6 y823 ff4 fs1b fc1 sc0 ls0 ws0\">34.327 </div></td><td class=\"c x68b y2d4b w186 h1d\"><div class=\"t m0 x48 hd6 y823 ff4 fs1b fc1 sc0 ls0 ws0\">15.157 </div></td><td class=\"c x68c y2d4b w486 h1d\"><div class=\"t m0 x13 hd6 y823 ff4 fs1b fc1 sc0 ls0 ws0\">(121) </div></td><td class=\"c x68d y2d4b w25f h1d\"><div class=\"t m0 x32 hd6 y823 ff4 fs1b fc1 sc0 ls0 ws0\">(1.917) </div></td><td class=\"c x685 y2d4b w2af h1d\"><div class=\"t m0 x48 hd6 y823 ff4 fs1b fc1 sc0 ls0 ws0\">13.119 </div></td></tr><tr><td class=\"c x2a8 y2c82 wad7 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">servizi contrattuali<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2a8 y2d4c wc47 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">2. Perdite su gruppi di<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2a8 y2d4d wc48 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">contratti onerosi e relativi<span class=\"_ _df\"> </span></div></td><td class=\"c x688 y2d4e w2f0 h90\"><div class=\"t m0 x31 hd6 yc5f ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x68e y2d4e w47d h90\"><div class=\"t m0 xf hd6 yc5f ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x68a y2d4e w437 h90\"><div class=\"t m0 x36 hd6 yc5f ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x682 y2d4e w1c3 h90\"><div class=\"t m0 x31 hd6 yc5f ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x68b y2d4e w186 h90\"><div class=\"t m0 x31 hd6 yc5f ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x68c y2d4e w486 h90\"><div class=\"t m0 xf hd6 yc5f ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x68d y2d4e w25f h90\"><div class=\"t m0 x36 hd6 yc5f ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x685 y2d4e w2af h90\"><div class=\"t m0 x38 hd6 yc5f ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2a8 y2d4f wc49 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">recuperi<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2a8 y2d50 wc4a h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">3. Effetti dei contratti<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2a8 y2d51 wc4b h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">inizialmente rilevati<span class=\"_ _df\"> </span></div></td><td class=\"c x688 y2d52 w2f0 h91\"><div class=\"t m0 x2e hd6 yc5f ff4 fs1b fc1 sc0 ls0 ws0\">(23.976) </div></td><td class=\"c x68e y2d52 w47d h91\"><div class=\"t m0 x11 hd6 yc5f ff4 fs1b fc1 sc0 ls0 ws0\">526 </div></td><td class=\"c x68a y2d52 w437 h91\"><div class=\"t m0 x32 hd6 yc5f ff4 fs1b fc1 sc0 ls0 ws0\">23.451 </div></td><td class=\"c x682 y2d52 w1c3 h91\"><div class=\"t m0 x31 hd6 yc5f ff4 fs1b fc1 sc0 ls0 ws0\">1 </div></td><td class=\"c x68b y2d52 w186 h91\"><div class=\"t m0 x130 hd6 yc5f ff4 fs1b fc1 sc0 ls0 ws0\">(11.375) </div></td><td class=\"c x68c y2d52 w486 h91\"><div class=\"t m0 x11 hd6 yc5f ff4 fs1b fc1 sc0 ls0 ws0\">532 </div></td><td class=\"c x68d y2d52 w25f h91\"><div class=\"t m0 x33 hd6 yc5f ff4 fs1b fc1 sc0 ls0 ws0\">10.843 </div></td><td class=\"c x685 y2d52 w2af h91\"><div class=\"t m0 x38 hd6 yc5f ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2a8 y2d53 wcb8 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff5 fs1b fc1 sc0 ls0 ws0\">nell\u2019esercizio di riferimento<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x46b y2d54 w483 h70\"><div class=\"t m0 x16a hd6 y28b ff4 fs1b fc1 sc2 ls0 ws0\">4. Total<span class=\"_ _f\"></span>e<span class=\"sc0\"> </span></div></td><td class=\"c x688 y2d54 w2f0 h70\"><div class=\"t m0 x32 hd6 y28b ff4 fs1b fc1 sc2 ls0 ws0\">2.165<span class=\"sc0\"> </span></div></td><td class=\"c x68e y2d54 w47d h70\"><div class=\"t m0 x11 hd6 y28b ff4 fs1b fc1 sc2 ls0 ws0\">460<span class=\"sc0\"> </span></div></td><td class=\"c x68a y2d54 w437 h70\"><div class=\"t m0 x32 hd6 y28b ff4 fs1b fc1 sc2 ls0 ws0\">31.703<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x682 y2d54 w1c3 h70\"><div class=\"t m0 x130 hd6 y28b ff4 fs1b fc1 sc2 ls0 ws0\">34.328<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x68b y2d54 w186 h70\"><div class=\"t m0 x33 hd6 y28b ff4 fs1b fc1 sc2 ls0 ws0\">3.782<span class=\"sc0\"> </span></div></td><td class=\"c x68c y2d54 w486 h70\"><div class=\"t m0 x91 hd6 y28b ff4 fs1b fc1 sc2 ls0 ws0\">411<span class=\"sc0\"> </span></div></td><td class=\"c x68d y2d54 w25f h70\"><div class=\"t m0 x2c hd6 y28b ff4 fs1b fc1 sc2 ls0 ws0\">8.926<span class=\"sc0\"> </span></div></td><td class=\"c x685 y2d54 w2af h70\"><div class=\"t m0 x48 hd6 y28b ff4 fs1b fc1 sc2 ls0 ws0\">13.119<span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x262 y2d55 wae5 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc2 ls0 ws0\">D. Variaz<span class=\"_ _1\"></span>ioni r<span class=\"_ _1\"></span>elative a <span class=\"_ _f\"></span>servizi<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x262 y2d56 wae6 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc2 ls0 ws0\">passat<span class=\"_ _1\"></span>i<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2a8 y2435 wcb9 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">1. Aggiustamenti alla passivit\u00e0<span class=\"_ _df\"> </span></div></td><td class=\"c x688 y2d57 w2f0 h19a\"><div class=\"t m0 x2a hd6 y153d ff4 fs1b fc1 sc0 ls0 ws0\">(43.440) </div></td><td class=\"c x68e y2d57 w47d h19a\"><div class=\"t m0 xf hd6 y153d ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x68a y2d57 w437 h19a\"><div class=\"t m0 x36 hd6 y153d ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x682 y2d57 w1c3 h19a\"><div class=\"t m0 x2a hd6 y153d ff4 fs1b fc1 sc0 ls0 ws0\">(43.440) </div></td><td class=\"c x68b y2d57 w186 h19a\"><div class=\"t m0 x55 hd6 y153d ff4 fs1b fc1 sc0 ls0 ws0\">(41.619) </div></td><td class=\"c x68c y2d57 w486 h19a\"><div class=\"t m0 xf hd6 y153d ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x68d y2d57 w25f h19a\"><div class=\"t m0 x36 hd6 y153d ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x685 y2d57 w2af h19a\"><div class=\"t m0 x55 hd6 y153d ff4 fs1b fc1 sc0 ls0 ws0\">(41.619) </div></td></tr><tr><td class=\"c x2a8 y2d58 wcba h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">per sinistri accaduti<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x262 y2d59 wc50 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc2 ls0 ws0\">E. Risulta<span class=\"_ _f\"></span>to dei servizi <span class=\"_ _f\"></span>di<span class=\"_ _df\"> </span></div></td><td class=\"c x688 y2d5a w2f0 h148\"><div class=\"t m0 x2e hd6 y394 ff4 fs1b fc1 sc2 ls0 ws0\">(33.819)<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x68e y2d5a w47d h148\"><div class=\"t m0 x12 hd6 y394 ff4 fs1b fc1 sc2 ls0 ws0\">197<span class=\"sc0\"> </span></div></td><td class=\"c x68a y2d5a w437 h148\"><div class=\"t m0 x32 hd6 y394 ff4 fs1b fc1 sc2 ls0 ws0\">26.371<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x682 y2d5a w1c3 h148\"><div class=\"t m0 x14 hd6 y394 ff4 fs1b fc1 sc2 ls0 ws0\">(7.251)<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x68b y2d5a w186 h148\"><div class=\"t m0 x39 hd6 y394 ff4 fs1b fc1 sc2 ls0 ws0\">(9.253)<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x68c y2d5a w486 h148\"><div class=\"t m0 x96 hd6 y394 ff4 fs1b fc1 sc2 ls0 ws0\">214<span class=\"sc0\"> </span></div></td><td class=\"c x68d y2d5a w25f h148\"><div class=\"t m0 x2c hd6 y394 ff4 fs1b fc1 sc2 ls0 ws0\">5.809<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x685 y2d5a w2af h148\"><div class=\"t m0 x55 hd6 y394 ff4 fs1b fc1 sc2 ls0 ws0\">(3.230)<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x262 y2d5b wcbb h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc2 ls0 ws0\">assicura<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e(B+C<span class=\"_ _1\"></span>+D.1)<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x262 y2d5c wc52 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc2 ls0 ws0\">F. Costi/<span class=\"_ _f\"></span>ricavi di natura<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x262 y2d5d waee h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc2 ls0 ws0\">finanzia<span class=\"_ _f\"></span>ri<span class=\"_ _2\"></span>a<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2a8 y2d5e wc53 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">1. Relativi ai contratti di<span class=\"_ _df\"> </span></div></td><td class=\"c x688 y2d5f w2f0 h290\"><div class=\"t m0 x14 hd6 y153d ff4 fs1b fc1 sc0 ls0 ws0\">27.677 </div></td><td class=\"c x68e y2d5f w47d h290\"><div class=\"t m0 x12 hd6 y153d ff4 fs1b fc1 sc0 ls0 ws0\">167 </div></td><td class=\"c x68a y2d5f w437 h290\"><div class=\"t m0 x2c hd6 y153d ff4 fs1b fc1 sc0 ls0 ws0\">5.238 </div></td><td class=\"c x682 y2d5f w1c3 h290\"><div class=\"t m0 x130 hd6 y153d ff4 fs1b fc1 sc0 ls0 ws0\">33.0<span class=\"lsd1\">82</span> </div></td><td class=\"c x68b y2d5f w186 h290\"><div class=\"t m0 x14 hd6 y153d ff4 fs1b fc1 sc0 ls0 ws0\">30.138 </div></td><td class=\"c x68c y2d5f w486 h290\"><div class=\"t m0 x96 hd6 y153d ff4 fs1b fc1 sc0 ls0 ws0\">178 </div></td><td class=\"c x68d y2d5f w25f h290\"><div class=\"t m0 x3a hd6 y153d ff4 fs1b fc1 sc0 ls0 ws0\">3.271 </div></td><td class=\"c x685 y2d5f w2af h290\"><div class=\"t m0 x130 hd6 y153d ff4 fs1b fc1 sc0 ls0 ws0\">33.587 </div></td></tr><tr><td class=\"c x2a8 y2d60 wc3a h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">assicurazione emessi<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x46a y2d61 waef h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">1.1 Registrati in conto<span class=\"_ _df\"> </span></div></td><td class=\"c x688 y2d62 w2f0 h148\"><div class=\"t m0 x14 hd6 y25f ff4 fs1b fc1 sc0 ls0 ws0\">27.677 </div></td><td class=\"c x68e y2d62 w47d h148\"><div class=\"t m0 x12 hd6 y25f ff4 fs1b fc1 sc0 ls0 ws0\">167 </div></td><td class=\"c x68a y2d62 w437 h148\"><div class=\"t m0 x2c hd6 y25f ff4 fs1b fc1 sc0 ls0 ws0\">2.753 </div></td><td class=\"c x682 y2d62 w1c3 h148\"><div class=\"t m0 x130 hd6 y25f ff4 fs1b fc1 sc0 ls0 ws0\">30.597 </div></td><td class=\"c x68b y2d62 w186 h148\"><div class=\"t m0 x14 hd6 y25f ff4 fs1b fc1 sc0 ls0 ws0\">30.138 </div></td><td class=\"c x68c y2d62 w486 h148\"><div class=\"t m0 x96 hd6 y25f ff4 fs1b fc1 sc0 ls0 ws0\">178 </div></td><td class=\"c x68d y2d62 w25f h148\"><div class=\"t m0 x34 hd6 y25f ff4 fs1b fc1 sc0 ls8c ws0\">866<span class=\"ls0\"> </span></div></td><td class=\"c x685 y2d62 w2af h148\"><div class=\"t m0 x14 hd6 y25f ff4 fs1b fc1 sc0 ls0 ws0\">31.182 </div></td></tr><tr><td class=\"c x46a y2d63 wad0 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">economico<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x46a y2d64 wc55 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">1.2 Registrati nel conto<span class=\"_ _df\"> </span></div></td><td class=\"c x688 y2d65 w2f0 ha4\"><div class=\"t m0 x31 hd6 y2ef ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x68e y2d65 w47d ha4\"><div class=\"t m0 xf hd6 y2ef ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x68a y2d65 w437 ha4\"><div class=\"t m0 x2c hd6 y2ef ff4 fs1b fc1 sc0 ls0 ws0\">2.485 </div></td><td class=\"c x682 y2d65 w1c3 ha4\"><div class=\"t m0 x48 hd6 y2ef ff4 fs1b fc1 sc0 ls0 ws0\">2.485 </div></td><td class=\"c x68b y2d65 w186 ha4\"><div class=\"t m0 x31 hd6 y2ef ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x68c y2d65 w486 ha4\"><div class=\"t m0 xf hd6 y2ef ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x68d y2d65 w25f ha4\"><div class=\"t m0 x2c hd6 y2ef ff4 fs1b fc1 sc0 ls0 ws0\">2.405 </div></td><td class=\"c x685 y2d65 w2af ha4\"><div class=\"t m0 x48 hd6 y2ef ff4 fs1b fc1 sc0 ls0 ws0\">2.405 </div></td></tr><tr><td class=\"c x46a y2d66 waf1 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">economico complessivo<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2a8 y26b3 waf2 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">2. Effetti connessi con le<span class=\"_ _df\"> </span></div></td><td class=\"c x688 y2d67 w2f0 h19a\"><div class=\"t m0 x31 hd6 y153d ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x68e y2d67 w47d h19a\"><div class=\"t m0 xf hd6 y153d ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x68a y2d67 w437 h19a\"><div class=\"t m0 x36 hd6 y153d ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x682 y2d67 w1c3 h19a\"><div class=\"t m0 x31 hd6 y153d ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x68b y2d67 w186 h19a\"><div class=\"t m0 x31 hd6 y153d ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x68c y2d67 w486 h19a\"><div class=\"t m0 xf hd6 y153d ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x68d y2d67 w25f h19a\"><div class=\"t m0 x36 hd6 y153d ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x685 y2d67 w2af h19a\"><div class=\"t m0 x38 hd6 y153d ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2a8 y2d68 waf3 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">variazioni dei tassi di cambio<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x46b y2d69 w483 h2a\"><div class=\"t m0 x16a hd6 y28b ff4 fs1b fc1 sc2 ls0 ws0\">3. Total<span class=\"_ _1\"></span>e<span class=\"sc0\"> </span></div></td><td class=\"c x688 y2d69 w2f0 h2a\"><div class=\"t m0 x14 hd6 y28b ff4 fs1b fc1 sc2 ls0 ws0\">27.677<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x68e y2d69 w47d h2a\"><div class=\"t m0 x12 hd6 y28b ff4 fs1b fc1 sc2 ls0 ws0\">167<span class=\"sc0\"> </span></div></td><td class=\"c x68a y2d69 w437 h2a\"><div class=\"t m0 x2c hd6 y28b ff4 fs1b fc1 sc2 ls0 ws0\">5.238<span class=\"sc0\"> </span></div></td><td class=\"c x682 y2d69 w1c3 h2a\"><div class=\"t m0 x130 hd6 y28b ff4 fs1b fc1 sc2 ls0 ws0\">33.082<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x68b y2d69 w186 h2a\"><div class=\"t m0 x14 hd6 y28b ff4 fs1b fc1 sc2 ls0 ws0\">30.138<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x68c y2d69 w486 h2a\"><div class=\"t m0 x12 hd6 y28b ff4 fs1b fc1 sc2 ls0 ws0\">178<span class=\"sc0\"> </span></div></td><td class=\"c x68d y2d69 w25f h2a\"><div class=\"t m0 x3a hd6 y28b ff4 fs1b fc1 sc2 ls0 ws0\">3.271<span class=\"sc0\"> </span></div></td><td class=\"c x685 y2d69 w2af h2a\"><div class=\"t m0 x130 hd6 y28b ff4 fs1b fc1 sc2 ls0 ws0\">33.587<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x262 y2d6a wcbc h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc2 ls0 ws0\">G. Imp<span class=\"_ _f\"></span>o<span class=\"_ _2\"></span>rto t<span class=\"_ _1\"></span>otale d<span class=\"_ _f\"></span>e<span class=\"_ _2\"></span>lle va<span class=\"_ _f\"></span>riazioni<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x262 y2d6b wcbd h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc2 ls0 ws0\">registrat<span class=\"_ _f\"></span>e<span class=\"_ _2\"></span> in c<span class=\"_ _f\"></span>onto econ<span class=\"_ _1\"></span>omico e<span class=\"_ _df\"> </span></div></td><td class=\"c x688 y2d6c w2f0 h89\"><div class=\"t m0 x14 hd6 y3d ff4 fs1b fc1 sc2 ls0 ws0\">(6.142)<span class=\"sc0\"> </span></div></td><td class=\"c x68e y2d6c w47d h89\"><div class=\"t m0 x11 hd6 y3d ff4 fs1b fc1 sc2 ls0 ws0\">364<span class=\"sc0\"> </span></div></td><td class=\"c x68a y2d6c w437 h89\"><div class=\"t m0 x32 hd6 y3d ff4 fs1b fc1 sc2 ls0 ws0\">31.609<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x682 y2d6c w1c3 h89\"><div class=\"t m0 x14 hd6 y3d ff4 fs1b fc1 sc2 ls0 ws0\">25.831<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x68b y2d6c w186 h89\"><div class=\"t m0 x39 hd6 y3d ff4 fs1b fc1 sc2 ls0 ws0\">20.885<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x68c y2d6c w486 h89\"><div class=\"t m0 x11 hd6 y3d ff4 fs1b fc1 sc2 ls0 ws0\">392<span class=\"sc0\"> </span></div></td><td class=\"c x68d y2d6c w25f h89\"><div class=\"t m0 x35 hd6 y3d ff4 fs1b fc1 sc2 ls0 ws0\">9.080<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x685 y2d6c w2af h89\"><div class=\"t m0 x130 hd6 y3d ff4 fs1b fc1 sc2 ls0 ws0\">30.357<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x262 y2d6d wcbe h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc2 ls0 ws0\">nel cont<span class=\"_ _f\"></span>o<span class=\"_ _2\"></span> ec<span class=\"_ _f\"></span>onomico<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x262 y2d6e wcbf h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc2 ls0 ws0\">comple<span class=\"_ _f\"></span>ssivo (E+F)<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x46b y2d6f w483 h4e\"><div class=\"t m0 x8a hd6 y302 ff4 fs1b fc1 sc2 ls0 ws0\">H. Altre v<span class=\"_ _f\"></span>ariazioni </div></td><td class=\"c x688 y2d6f w2f0 h4e\"><div class=\"t m0 x3a hd6 y302 ff4 fs1b fc1 sc2 ls0 ws0\">467<span class=\"sc0\"> </span></div></td><td class=\"c x68e y2d6f w47d h4e\"><div class=\"t m0 xf hd6 y302 ff4 fs1b fc1 sc2 ls0 ws0\">1<span class=\"sc0\"> </span></div></td><td class=\"c x68a y2d6f w437 h4e\"><div class=\"t m0 x33 hd6 y302 ff4 fs1b fc1 sc2 ls0 ws0\">(2.753)<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x682 y2d6f w1c3 h4e\"><div class=\"t m0 x130 hd6 y302 ff4 fs1b fc1 sc2 ls0 ws0\">(2.285)<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x68b y2d6f w186 h4e\"><div class=\"t m0 x32 hd6 y302 ff4 fs1b fc1 sc2 ls0 ws0\">(861)<span class=\"sc0\"> </span></div></td><td class=\"c x68c y2d6f w486 h4e\"><div class=\"t m0 x91 hd6 y302 ff4 fs1b fc1 sc2 ls0 ws0\">(3)<span class=\"sc0\"> </span></div></td><td class=\"c x68d y2d6f w25f h4e\"><div class=\"t m0 x2c hd6 y302 ff4 fs1b fc1 sc2 ls0 ws0\">2.795<span class=\"sc0\"> </span></div></td><td class=\"c x685 y2d6f w2af h4e\"><div class=\"t m0 x32 hd6 y302 ff4 fs1b fc1 sc2 ls0 ws0\">1.931<span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x46b y2d70 w483 h211\"><div class=\"t m0 x8a hd6 y74a ff4 fs1b fc1 sc2 ls0 ws0\">I. Movim<span class=\"_ _f\"></span>enti di cassa<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x46b y2d71 w483 h221\"><div class=\"t m0 x16a hd6 ye4c ff4 fs1b fc1 sc0 ls0 ws0\">1. Premi ricevuti </div></td><td class=\"c x688 y2d71 w2f0 h221\"><div class=\"t m0 x2e hd6 ye4c ff4 fs1b fc1 sc0 ls0 ws0\">434.542 </div></td><td class=\"c x68e y2d71 w47d h221\"><div class=\"t m0 xf hd6 ye4c ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x68a y2d71 w437 h221\"><div class=\"t m0 x36 hd6 ye4c ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x682 y2d71 w1c3 h221\"><div class=\"t m0 x2e hd6 ye4c ff4 fs1b fc1 sc0 ls0 ws0\">434.542 </div></td><td class=\"c x68b y2d71 w186 h221\"><div class=\"t m0 x2e hd6 ye4c ff4 fs1b fc1 sc0 ls0 ws0\">208.285 </div></td><td class=\"c x68c y2d71 w486 h221\"><div class=\"t m0 xf hd6 ye4c ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x68d y2d71 w25f h221\"><div class=\"t m0 x36 hd6 ye4c ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x685 y2d71 w2af h221\"><div class=\"t m0 x2a hd6 ye4c ff4 fs1b fc1 sc0 ls0 ws0\">208.285 </div></td></tr><tr><td class=\"c x2a8 y2d72 wcc0 h513\"><div class=\"t m0 x250 hd6 y276a ff4 fs1b fc1 sc0 ls0 ws0\">2. Pagamenti connessi con i<span class=\"_ _df\"> </span></div><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">costi di acquisizione dei<span class=\"_ _df\"> </span></div></td><td class=\"c x688 y2d73 w2f0 h90\"><div class=\"t m0 x31 hd6 y308 ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x68e y2d73 w47d h90\"><div class=\"t m0 xf hd6 y308 ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x68a y2d73 w437 h90\"><div class=\"t m0 x36 hd6 y308 ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x682 y2d73 w1c3 h90\"><div class=\"t m0 x31 hd6 y308 ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x68b y2d73 w186 h90\"><div class=\"t m0 x31 hd6 y308 ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x68c y2d73 w486 h90\"><div class=\"t m0 xf hd6 y308 ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x68d y2d73 w25f h90\"><div class=\"t m0 x36 hd6 y308 ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x685 y2d73 w2af h90\"><div class=\"t m0 x38 hd6 y308 ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2a8 y26c2 wa83 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">contratti<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2a8 y2d74 wcc1 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">3. Sinistri pagati e altre uscite<span class=\"_ _df\"> </span></div></td><td class=\"c x688 y2d75 w2f0 hcb\"><div class=\"t m0 x2e hd6 y25f ff4 fs1b fc1 sc0 ls0 ws0\">(47.560) </div></td><td class=\"c x68e y2d75 w47d hcb\"><div class=\"t m0 xf hd6 y25f ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x68a y2d75 w437 hcb\"><div class=\"t m0 x36 hd6 y25f ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x682 y2d75 w1c3 hcb\"><div class=\"t m0 x2a hd6 y25f ff4 fs1b fc1 sc0 ls0 ws0\">(47.560) </div></td><td class=\"c x68b y2d75 w186 hcb\"><div class=\"t m0 x2a hd6 y25f ff4 fs1b fc1 sc0 ls0 ws0\">(44.335) </div></td><td class=\"c x68c y2d75 w486 hcb\"><div class=\"t m0 xf hd6 y25f ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x68d y2d75 w25f hcb\"><div class=\"t m0 x36 hd6 y25f ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x685 y2d75 w2af hcb\"><div class=\"t m0 x116 hd6 y25f ff4 fs1b fc1 sc0 ls0 ws0\">(44.335) </div></td></tr><tr><td class=\"c x2a8 y2d76 wcc2 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">di cassa<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x46b y2d77 w483 h221\"><div class=\"t m0 x16a hd6 y66c ff4 fs1b fc1 sc0 ls0 ws0\">4. Altri movimenti </div></td><td class=\"c x688 y2d77 w2f0 h221\"><div class=\"t m0 x31 hd6 y66c ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x68e y2d77 w47d h221\"><div class=\"t m0 xf hd6 y66c ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x68a y2d77 w437 h221\"><div class=\"t m0 x36 hd6 y66c ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x682 y2d77 w1c3 h221\"><div class=\"t m0 x31 hd6 y66c ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x68b y2d77 w186 h221\"><div class=\"t m0 x31 hd6 y66c ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x68c y2d77 w486 h221\"><div class=\"t m0 xf hd6 y66c ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x68d y2d77 w25f h221\"><div class=\"t m0 x36 hd6 y66c ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x685 y2d77 w2af h221\"><div class=\"t m0 x38 hd6 y66c ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y2d78 w483 h2aa\"><div class=\"t m0 x16a hd6 y28b ff4 fs1b fc1 sc2 ls0 ws0\">5. Total<span class=\"_ _f\"></span>e<span class=\"sc0\"> </span></div></td><td class=\"c x688 y2d78 w2f0 h2aa\"><div class=\"t m0 x2e hd6 y28b ff4 fs1b fc1 sc2 ls0 ws0\">386.9<span class=\"_ _1\"></span>82<span class=\"sc0\"> </span></div></td><td class=\"c x68e y2d78 w47d h2aa\"><div class=\"t m0 xf hd6 y28b ff4 fs1b fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x68a y2d78 w437 h2aa\"><div class=\"t m0 x36 hd6 y28b ff4 fs1b fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x682 y2d78 w1c3 h2aa\"><div class=\"t m0 x2e hd6 y28b ff4 fs1b fc1 sc2 ls0 ws0\">386.9<span class=\"_ _1\"></span>82<span class=\"sc0\"> </span></div></td><td class=\"c x68b y2d78 w186 h2aa\"><div class=\"t m0 x55 hd6 y28b ff4 fs1b fc1 sc2 ls0 ws0\">163.950<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x68c y2d78 w486 h2aa\"><div class=\"t m0 xf hd6 y28b ff4 fs1b fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x68d y2d78 w25f h2aa\"><div class=\"t m0 x36 hd6 y28b ff4 fs1b fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x685 y2d78 w2af h2aa\"><div class=\"t m0 x2e hd6 y28b ff4 fs1b fc1 sc2 ls0 ws0\">163.950<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x262 y2d79 wcc3 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc2 ls0 ws0\">L. Valor<span class=\"_ _1\"></span>e nett<span class=\"_ _f\"></span>o<span class=\"_ _2\"></span> di b<span class=\"_ _1\"></span>ilanci<span class=\"_ _1\"></span>o al 31<span class=\"_ _df\"> </span></div></td><td class=\"c x688 y2d7a w2f0 h13\"><div class=\"t m0 x2e hd6 y394 ff4 fs1b fc1 sc2 ls0 ws0\">894.74<span class=\"_ _f\"></span>8<span class=\"sc0\"> </span></div></td><td class=\"c x68e y2d7a w47d h13\"><div class=\"t m0 x15 hd6 y394 ff4 fs1b fc1 sc2 ls0 ws0\">2.972<span class=\"sc0\"> </span></div></td><td class=\"c x68a y2d7a w437 h13\"><div class=\"t m0 x33 hd6 y394 ff4 fs1b fc1 sc2 ls0 ws0\">59.975<span class=\"sc0\"> </span></div></td><td class=\"c x682 y2d7a w1c3 h13\"><div class=\"t m0 x2e hd6 y394 ff4 fs1b fc1 sc2 ls0 ws0\">957.69<span class=\"_ _1\"></span>5<span class=\"sc0\"> </span></div></td><td class=\"c x68b y2d7a w186 h13\"><div class=\"t m0 x130 hd6 y394 ff4 fs1b fc1 sc2 ls0 ws0\">513.44<span class=\"_ _1\"></span>1<span class=\"sc0\"> </span></div></td><td class=\"c x68c y2d7a w486 h13\"><div class=\"t m0 x15 hd6 y394 ff4 fs1b fc1 sc2 ls0 ws0\">2.607<span class=\"sc0\"> </span></div></td><td class=\"c x68d y2d7a w25f h13\"><div class=\"t m0 x35 hd6 y394 ff4 fs1b fc1 sc2 ls0 ws0\">31.120<span class=\"sc0\"> </span></div></td><td class=\"c x685 y2d7a w2af h13\"><div class=\"t m0 x55 hd6 y394 ff4 fs1b fc1 sc2 ls0 ws0\">547.16<span class=\"_ _1\"></span>8<span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x262 y2737 wcc4 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc2 ls0 ws0\">dicem<span class=\"_ _1\"></span>bre (A.3<span class=\"_ _f\"></span>+G+H+I.5)<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x46b y2d7b w483 hcc\"><div class=\"t m0 x8a hd6 y25f ff4 fs1b fc1 sc2 ls0 ws0\">M. Val<span class=\"_ _1\"></span>ore di bila<span class=\"_ _f\"></span>ncio finale<span class=\"sc0\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2a8 y2d7c wcaf h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">1. Contratti di assicurazione<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2a8 y2d7d wcb0 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">emessi che costituiscono<span class=\"_ _df\"> </span></div></td><td class=\"c x688 y2d7e w2f0 h91\"><div class=\"t m0 x2e hd6 yc5f ff4 fs1b fc1 sc0 ls0 ws0\">894.748 </div></td><td class=\"c x68e y2d7e w47d h91\"><div class=\"t m0 x15 hd6 yc5f ff4 fs1b fc1 sc0 ls0 ws0\">2.972 </div></td><td class=\"c x68a y2d7e w437 h91\"><div class=\"t m0 x33 hd6 yc5f ff4 fs1b fc1 sc0 ls0 ws0\">59.976 </div></td><td class=\"c x682 y2d7e w1c3 h91\"><div class=\"t m0 x2e hd6 yc5f ff4 fs1b fc1 sc0 ls0 ws0\">957.696 </div></td><td class=\"c x68b y2d7e w186 h91\"><div class=\"t m0 x55 hd6 yc5f ff4 fs1b fc1 sc0 ls0 ws0\">513.441 </div></td><td class=\"c x68c y2d7e w486 h91\"><div class=\"t m0 x15 hd6 yc5f ff4 fs1b fc1 sc0 ls0 ws0\">2.607 </div></td><td class=\"c x68d y2d7e w25f h91\"><div class=\"t m0 x2c hd6 yc5f ff4 fs1b fc1 sc0 ls0 ws0\">31.119 </div></td><td class=\"c x685 y2d7e w2af h91\"><div class=\"t m0 x55 hd6 yc5f ff4 fs1b fc1 sc0 ls0 ws0\">547.167 </div></td></tr><tr><td class=\"c x2a8 y2d7f wa73 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">passivit\u00e0<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2a8 y2d80 wcb1 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">2. Contratti di assicurazione<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2a8 y2d81 wcb0 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">emessi che costituiscono<span class=\"_ _df\"> </span></div></td><td class=\"c x688 y2d82 w2f0 h90\"><div class=\"t m0 x31 hd6 yc5f ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x68e y2d82 w47d h90\"><div class=\"t m0 xf hd6 yc5f ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x68a y2d82 w437 h90\"><div class=\"t m0 x36 hd6 yc5f ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x682 y2d82 w1c3 h90\"><div class=\"t m0 x31 hd6 yc5f ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x68b y2d82 w186 h90\"><div class=\"t m0 x31 hd6 yc5f ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x68c y2d82 w486 h90\"><div class=\"t m0 xf hd6 yc5f ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x68d y2d82 w25f h90\"><div class=\"t m0 x36 hd6 yc5f ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x685 y2d82 w2af h90\"><div class=\"t m0 x38 hd6 yc5f ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2a8 y2d83 wcb2 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">attivit\u00e0<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2a8 y27dd wcc5 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc2 ls0 ws0\">3. Valor<span class=\"_ _1\"></span>e nett<span class=\"_ _1\"></span>o di bilan<span class=\"_ _f\"></span>cio al 31<span class=\"_ _df\"> </span></div></td><td class=\"c x688 y2d84 w2f0 h1c\"><div class=\"t m0 x2e hd6 yd67 ff4 fs1b fc1 sc2 ls0 ws0\">894.74<span class=\"_ _f\"></span>8<span class=\"sc0\"> </span></div></td><td class=\"c x68e y2d84 w47d h1c\"><div class=\"t m0 x15 hd6 yd67 ff4 fs1b fc1 sc2 ls0 ws0\">2.972<span class=\"sc0\"> </span></div></td><td class=\"c x68a y2d84 w437 h1c\"><div class=\"t m0 x33 hd6 yd67 ff4 fs1b fc1 sc2 ls0 ws0\">59.976<span class=\"sc0\"> </span></div></td><td class=\"c x682 y2d84 w1c3 h1c\"><div class=\"t m0 x2e hd6 yd67 ff4 fs1b fc1 sc2 ls0 ws0\">957.69<span class=\"_ _1\"></span>6<span class=\"sc0\"> </span></div></td><td class=\"c x68b y2d84 w186 h1c\"><div class=\"t m0 x130 hd6 yd67 ff4 fs1b fc1 sc2 ls0 ws0\">513.44<span class=\"_ _1\"></span>1<span class=\"sc0\"> </span></div></td><td class=\"c x68c y2d84 w486 h1c\"><div class=\"t m0 x15 hd6 yd67 ff4 fs1b fc1 sc2 ls0 ws0\">2.607<span class=\"sc0\"> </span></div></td><td class=\"c x68d y2d84 w25f h1c\"><div class=\"t m0 x2c hd6 yd67 ff4 fs1b fc1 sc2 ls0 ws0\">31.119<span class=\"sc0\"> </span></div></td><td class=\"c x685 y2d84 w2af h1c\"><div class=\"t m0 x55 hd6 yd67 ff4 fs1b fc1 sc2 ls0 ws0\">547.16<span class=\"_ _1\"></span>7<span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x2a8 y2491 wab5 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc2 ls0 ws0\">dicem<span class=\"_ _1\"></span>bre<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr></table></div><div class=\"c w487 h7d gsd69\"><div class=\"t m0 xe h5 ye13 ff4 fs1 fc4 sc3 ls0 ws0\">Dinam<span class=\"_ _f\"></span>ica dei r<span class=\"_ _f\"></span>icavi as<span class=\"_ _1\"></span>sicura<span class=\"_ _f\"></span>tivi e del <span class=\"_ _1\"></span>mar<span class=\"_ _1\"></span>gine s<span class=\"_ _1\"></span>ui se<span class=\"_ _1\"></span>rvizi <span class=\"_ _1\"></span>contra<span class=\"_ _f\"></span>ttuali d<span class=\"_ _1\"></span>ei co<span class=\"_ _1\"></span>ntrat<span class=\"_ _1\"></span>ti a<span class=\"_ _1\"></span>ssicura<span class=\"_ _f\"></span>tivi emes<span class=\"_ _f\"></span>si ripar<span class=\"_ _1\"></span>titi<span class=\"_ _df\"> </span> </div><div class=\"t m0 xe h5 y28b ff4 fs1 fc4 sc3 ls0 ws0\">in ba<span class=\"_ _f\"></span>se ai cont<span class=\"_ _1\"></span>ratt<span class=\"_ _1\"></span>i esis<span class=\"_ _f\"></span>tenti al m<span class=\"_ _1\"></span>oment<span class=\"_ _1\"></span>o de<span class=\"_ _1\"></span>lla t<span class=\"_ _1\"></span>ransi<span class=\"ff5\">zio<span class=\"_ _f\"></span>ne all\u2019IF<span class=\"_ _f\"></span>RS 17</span><span class=\"ff5\"><span class=\"ff4 fc1 sc2\"> </span></span></div></div><div class=\"gsd6a\"><table class=\"s wcc6 h514\" id=\"_cab5b27b-51b1-4c6c-b7ad-fe5ed97ae58e\"><tr><td></td><td></td><td></td><td class=\"c x68f y2d85 w488 h260\"><div class=\"t m0 x58 h200 y302 ff4 fs22 fc4 sc3 ls0 ws0\">31/12/20<span class=\"_ _f\"></span>2<span class=\"_ _2\"></span>5<span class=\"fc1 sc0\"> </span></div></td><td></td><td></td><td></td><td class=\"c x690 y2d85 w489 h260\"><div class=\"t m0 x58 h200 y302 ff4 fs22 fc4 sc3 ls0 ws0\">31/12/20<span class=\"_ _f\"></span>24<span class=\"fc1 sc0\"> </span></div></td><td></td><td></td><td></td></tr><tr><td></td><td class=\"c x691 y2d86 wcc7 h48d\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc4 sc3 ls0 ws0\">Nuovi c<span class=\"_ _1\"></span>ontratt<span class=\"_ _1\"></span>i e<span class=\"_ _df\"> </span></div></td><td class=\"c x692 y2d86 wcc8 h48d\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc4 sc3 ls0 ws0\">Contr<span class=\"_ _1\"></span>atti<span class=\"_ _df\"> </span></div></td><td class=\"c x693 y2d87 wcc8 h48d\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc4 sc3 ls0 ws0\">Contr<span class=\"_ _1\"></span>atti<span class=\"_ _df\"> </span></div></td><td></td><td></td><td class=\"c x694 y2d86 wcc7 h48d\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc4 sc3 ls0 ws0\">Nuovi c<span class=\"_ _1\"></span>ontratt<span class=\"_ _1\"></span>i e<span class=\"_ _df\"> </span></div></td><td class=\"c x695 y2d86 wcc9 h48d\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc4 sc3 ls0 ws0\">Contr<span class=\"_ _1\"></span>atti<span class=\"_ _df\"> </span></div></td><td class=\"c x696 y2d87 wcc9 h48d\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc4 sc3 ls0 ws0\">Contr<span class=\"_ _1\"></span>atti<span class=\"_ _df\"> </span></div></td><td></td><td></td></tr><tr><td></td><td class=\"c x697 y2d88 w96e h48d\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc4 sc3 ls0 ws0\">contr<span class=\"_ _1\"></span>atti<span class=\"_ _df\"> </span></div></td><td class=\"c x698 y2d88 wcca h48d\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc4 sc3 ls0 ws0\">misurat<span class=\"_ _1\"></span>i alla<span class=\"_ _df\"> </span></div></td><td class=\"c x699 y2d89 wccb h48d\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc4 sc3 ls0 ws0\">misurat<span class=\"_ _1\"></span>i<span class=\"_ _df\"> </span></div></td><td></td><td></td><td class=\"c x69a y2d88 w96e h48d\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc4 sc3 ls0 ws0\">contr<span class=\"_ _1\"></span>atti<span class=\"_ _df\"> </span></div></td><td class=\"c x69b y2d88 wcca h48d\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc4 sc3 ls0 ws0\">misurat<span class=\"_ _1\"></span>i alla<span class=\"_ _df\"> </span></div></td><td class=\"c x696 y2d89 wccb h48d\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc4 sc3 ls0 ws0\">misurat<span class=\"_ _1\"></span>i<span class=\"_ _df\"> </span></div></td><td></td><td></td></tr><tr><td></td><td class=\"c x69c y2d8a wcca h48d\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc4 sc3 ls0 ws0\">misurat<span class=\"_ _1\"></span>i alla<span class=\"_ _df\"> </span></div></td><td class=\"c x69d y2d8a wccc h48d\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc4 sc3 ls0 ws0\">data di<span class=\"_ _df\"> </span></div></td><td class=\"c x69e y2d8b wccd h48d\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc4 sc3 ls0 ws0\">alla data d<span class=\"_ _f\"></span>i</div></td><td class=\"c x69f y2d8a wcc8 h48d\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc4 sc3 ls0 ws0\">Contr<span class=\"_ _1\"></span>atti<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x28e y2d8a wcca h48d\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc4 sc3 ls0 ws0\">misurat<span class=\"_ _1\"></span>i alla<span class=\"_ _df\"> </span></div></td><td class=\"c x6a0 y2d8a wccc h48d\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc4 sc3 ls0 ws0\">data di<span class=\"_ _df\"> </span></div></td><td class=\"c x6a1 y2d8b wccd h48d\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc4 sc3 ls0 ws0\">alla data d<span class=\"_ _f\"></span>i</div></td><td class=\"c x6a2 y2d8a wcc9 h48d\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc4 sc3 ls0 ws0\">Contr<span class=\"_ _1\"></span>atti<span class=\"_ _df\"> </span></div></td><td></td></tr><tr><td></td><td class=\"c x6a3 y2d8c wccc h48d\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc4 sc3 ls0 ws0\">data di<span class=\"_ _df\"> </span></div></td><td class=\"c x6a4 y2d8c wcce h48d\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc4 sc3 ls0 ws0\">transizio<span class=\"_ _1\"></span>ne con <span class=\"_ _1\"></span>il<span class=\"_ _df\"> </span></div></td><td class=\"c x6a5 y2d8d wccf h48d\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc4 sc3 ls0 ws0\">transizio<span class=\"_ _1\"></span>ne</div></td><td class=\"c x6a6 y2d8c wcd0 h48d\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc4 sc3 ls0 ws0\">oggett<span class=\"_ _1\"></span>o<span class=\"_ _df\"> </span></div></td><td class=\"c x6a7 y2d8e w32f h2ab\"><div class=\"t m0 xac h200 y1182 ff4 fs22 fc4 sc3 ls0 ws0\">Totale<span class=\"_ _1\"></span><span class=\"fc1 sc0\"> </span></div></td><td class=\"c x6a8 y2d8c wccc h48d\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc4 sc3 ls0 ws0\">data di<span class=\"_ _df\"> </span></div></td><td class=\"c x6a9 y2d8c wcce h48d\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc4 sc3 ls0 ws0\">transizio<span class=\"_ _1\"></span>ne con <span class=\"_ _1\"></span>il<span class=\"_ _df\"> </span></div></td><td class=\"c x6aa y2d8d wccf h48d\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc4 sc3 ls0 ws0\">transizio<span class=\"_ _1\"></span>ne</div></td><td class=\"c x6ab y2d8c wcd1 h48d\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc4 sc3 ls0 ws0\">oggett<span class=\"_ _1\"></span>o<span class=\"_ _df\"> </span></div></td><td class=\"c x6ac y2d8e w32e h2ab\"><div class=\"t m0 xac h200 y1182 ff4 fs22 fc4 sc3 ls0 ws0\">Totale<span class=\"_ _1\"></span><span class=\"fc1 sc0\"> </span></div></td></tr><tr><td></td><td class=\"c x6ad y2d8f wcce h48d\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc4 sc3 ls0 ws0\">transizio<span class=\"_ _1\"></span>ne con <span class=\"_ _1\"></span>il<span class=\"_ _df\"> </span></div></td><td class=\"c x6ae y2d8f wcd2 h48d\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc4 sc3 ls0 ws0\">metodo<span class=\"_ _df\"> </span></div></td><td class=\"c x6af y27f6 wcd3 h48d\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc4 sc3 ls0 ws0\">con il</div></td><td class=\"c x69f y2d8f waff h48d\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc4 sc3 ls0 ws0\">di carve-<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x6b0 y2d8f wcce h48d\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc4 sc3 ls0 ws0\">transizio<span class=\"_ _1\"></span>ne con <span class=\"_ _1\"></span>il<span class=\"_ _df\"> </span></div></td><td class=\"c x6b1 y2d8f wcd2 h48d\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc4 sc3 ls0 ws0\">metodo<span class=\"_ _df\"> </span></div></td><td class=\"c x6b2 y27f6 wcd3 h48d\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc4 sc3 ls0 ws0\">con il</div></td><td class=\"c x6a2 y2d8f waff h48d\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc4 sc3 ls0 ws0\">di carve-<span class=\"_ _df\"> </span></div></td><td></td></tr><tr><td></td><td class=\"c x6b3 y2d90 wcd2 h48d\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc4 sc3 ls0 ws0\">metodo<span class=\"_ _df\"> </span></div></td><td class=\"c x6a4 y2d90 wcd4 h48d\"><div class=\"t m0 x250 h200 y24a6 ff5 fs22 fc4 sc3 ls0 ws0\">dell\u2019applic<span class=\"_ _1\"></span>azion<span class=\"ff4 lse6\">e<span class=\"_ _df\"> </span></span></div></td><td class=\"c x6a5 y2d91 wcd5 h48e\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc4 sc3 ls0 ws0\">metodo<span class=\"_ _f\"></span> del</div></td><td class=\"c x6b4 y2d90 wcd6 h48d\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc4 sc3 ls0 ws0\">out<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x6b5 y2d90 wcd2 h48d\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc4 sc3 ls0 ws0\">metodo<span class=\"_ _df\"> </span></div></td><td class=\"c x6a9 y2d90 wcd7 h48d\"><div class=\"t m0 x250 h200 y24a6 ff5 fs22 fc4 sc3 ls0 ws0\">dell\u2019applic<span class=\"_ _1\"></span>azione<span class=\"_ _df\"> </span></div></td><td class=\"c x6aa y2d91 wcd8 h48e\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc4 sc3 ls0 ws0\">metodo<span class=\"_ _f\"></span> del</div></td><td class=\"c x6b6 y2d90 wcd9 h48d\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc4 sc3 ls0 ws0\">out<span class=\"_ _df\"> </span></div></td><td></td></tr><tr><td></td><td class=\"c x6ad y2d92 wcd7 h48e\"><div class=\"t m0 x250 h200 y24a6 ff5 fs22 fc4 sc3 ls0 ws0\">dell\u2019applic<span class=\"_ _1\"></span>azione<span class=\"_ _df\"> </span></div></td><td class=\"c x6b7 y2d92 wcda h48e\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc4 sc3 ls0 ws0\">retroat<span class=\"_ _1\"></span>tiva<span class=\"_ _df\"> </span></div></td><td class=\"c x693 y2b79 wcdb h48e\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc4 sc3 ls0 ws0\">fair va<span class=\"_ _1\"></span>lue<span class=\"_ _df\"> </span></div></td><td></td><td></td><td class=\"c x6b0 y2d92 wcd7 h48e\"><div class=\"t m0 x250 h200 y24a6 ff5 fs22 fc4 sc3 ls0 ws0\">dell\u2019applic<span class=\"_ _1\"></span>azione<span class=\"_ _df\"> </span></div></td><td class=\"c x6b8 y2d92 wcda h48e\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc4 sc3 ls0 ws0\">retroat<span class=\"_ _1\"></span>tiva<span class=\"_ _df\"> </span></div></td><td class=\"c x6b9 y2b79 wcdb h48e\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc4 sc3 ls0 ws0\">fair va<span class=\"_ _1\"></span>lue<span class=\"_ _df\"> </span></div></td><td></td><td></td></tr><tr><td></td><td class=\"c x6ad y2d93 wcdc h48e\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc4 sc3 ls0 ws0\">retroat<span class=\"_ _1\"></span>tiva pien<span class=\"_ _f\"></span>a<span class=\"_ _df\"> </span></div></td><td class=\"c x6b7 y2d93 wa0e h48e\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc4 sc3 ls0 ws0\">modificat<span class=\"_ _1\"></span>a<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td class=\"c x6b0 y2d93 wcdc h48e\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc4 sc3 ls0 ws0\">retroat<span class=\"_ _1\"></span>tiva pien<span class=\"_ _f\"></span>a<span class=\"_ _df\"> </span></div></td><td class=\"c x6b8 y2d93 wa0e h48e\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc4 sc3 ls0 ws0\">modificat<span class=\"_ _1\"></span>a<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td></tr><tr><td class=\"c x262 y2d94 wcdd h48e\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc1 sc2 ls0 ws0\">Ricavi<span class=\"_ _df\"> </span></div></td><td class=\"c x68f y2d95 w11e hf\"><div class=\"t m0 xa3 h200 y153d ff4 fs22 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x6ba y2d95 w344 hf\"><div class=\"t m0 xa3 h200 y153d ff4 fs22 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x504 y2d95 w17d hf\"><div class=\"t m0 x30 h200 y153d ff4 fs22 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x6bb y2d95 w32c hf\"><div class=\"t m0 x116 h200 y153d ff4 fs22 fc1 sc2 ls0 ws0\">68.193<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x6a7 y2d95 w155 hf\"><div class=\"t m0 x2f h200 y153d ff4 fs22 fc1 sc2 ls0 ws0\">68.193<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x690 y2d95 w11f hf\"><div class=\"t m0 xa3 h200 y153d ff4 fs22 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x6bc y2d95 w37a hf\"><div class=\"t m0 xa3 h200 y153d ff4 fs22 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x6bd y2d95 w10d hf\"><div class=\"t m0 x30 h200 y153d ff4 fs22 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x6be y2d95 w32c hf\"><div class=\"t m0 x16a h200 y153d ff4 fs22 fc1 sc2 ls0 ws0\">62.540<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x6ac y2d95 w14a hf\"><div class=\"t m0 x2f h200 y153d ff4 fs22 fc1 sc2 ls0 ws0\">62.540<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x262 y2d96 wcde h48e\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc1 sc2 ls0 ws0\">assicura<span class=\"_ _1\"></span>tivi<span class=\"_ _df\"> </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 x262 y2d97 wc6c h48e\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc1 sc2 ls0 ws0\">Margine<span class=\"_ _1\"></span> sui<span class=\"_ _df\"> </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 x262 y2d98 wc6f h48e\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc1 sc2 ls0 ws0\">servizi<span class=\"_ _df\"> </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 x262 y2d99 wcdf h48e\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc1 sc2 ls0 ws0\">contr<span class=\"_ _1\"></span>attuali <span class=\"ff5\">\u2013<span class=\"_ _df\"> </span></span></div></td><td class=\"c x68f y2d9a w11e h2ac\"><div class=\"t m0 xa3 h200 y17d2 ff4 fs22 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x6ba y2d9a w344 h2ac\"><div class=\"t m0 xa3 h200 y17d2 ff4 fs22 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x504 y2d9a w17d h2ac\"><div class=\"t m0 x30 h200 y17d2 ff4 fs22 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x6bb y2d9a w32c h2ac\"><div class=\"t m0 x8e h200 y17d2 ff4 fs22 fc1 sc2 ls0 ws0\">286.170<span class=\"sc0\"> </span></div></td><td class=\"c x6a7 y2d9a w155 h2ac\"><div class=\"t m0 xac h200 y17d2 ff4 fs22 fc1 sc2 ls0 ws0\">286.170<span class=\"sc0\"> </span></div></td><td class=\"c x690 y2d9a w11f h2ac\"><div class=\"t m0 xa3 h200 y17d2 ff4 fs22 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x6bc y2d9a w37a h2ac\"><div class=\"t m0 xa3 h200 y17d2 ff4 fs22 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x6bd y2d9a w10d h2ac\"><div class=\"t m0 x30 h200 y17d2 ff4 fs22 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x6be y2d9a w32c h2ac\"><div class=\"t m0 x8e h200 y17d2 ff4 fs22 fc1 sc2 ls0 ws0\">187.460<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x6ac y2d9a w14a h2ac\"><div class=\"t m0 xac h200 y17d2 ff4 fs22 fc1 sc2 ls0 ws0\">187.460<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x262 y2d9b w905 h48e\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc1 sc2 ls0 ws0\">Esisten<span class=\"_ _f\"></span>z<span class=\"_ _2\"></span>e<span class=\"_ _df\"> </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 x262 y2d9c wce0 h48e\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc1 sc2 ls0 ws0\">iniziali<span class=\"_ _df\"> </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 x262 y2d9d w911 h48e\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc1 sc2 ls0 ws0\">Variazion<span class=\"_ _f\"></span>i<span class=\"_ _df\"> </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 x262 y2d9e wce1 h48e\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc1 sc2 ls0 ws0\">riferite ai<span class=\"_ _df\"> </span></div></td><td class=\"c x68f y2d9f w11e h16\"><div class=\"t m0 xa3 h200 y409 ff4 fs22 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x6ba y2d9f w344 h16\"><div class=\"t m0 xa3 h200 y409 ff4 fs22 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x504 y2d9f w17d h16\"><div class=\"t m0 x30 h200 y409 ff4 fs22 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x6bb y2d9f w32c h16\"><div class=\"t m0 xac h200 y409 ff4 fs22 fc1 sc2 ls0 ws0\">(42.32<span class=\"_ _1\"></span>2)<span class=\"sc0\"> </span></div></td><td class=\"c x6a7 y2d9f w155 h16\"><div class=\"t m0 x8a h200 y409 ff4 fs22 fc1 sc2 ls0 ws0\">(42.32<span class=\"_ _1\"></span>2)<span class=\"sc0\"> </span></div></td><td class=\"c x690 y2d9f w11f h16\"><div class=\"t m0 xa3 h200 y409 ff4 fs22 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x6bc y2d9f w37a h16\"><div class=\"t m0 xa3 h200 y409 ff4 fs22 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x6bd y2d9f w10d h16\"><div class=\"t m0 x30 h200 y409 ff4 fs22 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x6be y2d9f w32c h16\"><div class=\"t m0 xac h200 y409 ff4 fs22 fc1 sc2 ls0 ws0\">(36.320<span class=\"_ _1\"></span>)<span class=\"sc0\"> </span></div></td><td class=\"c x6ac y2d9f w14a h16\"><div class=\"t m0 x8a h200 y409 ff4 fs22 fc1 sc2 ls0 ws0\">(36.320<span class=\"_ _1\"></span>)<span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x262 y2da0 wce2 h48e\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc1 sc2 ls0 ws0\">servizi at<span class=\"_ _1\"></span>tuali<span class=\"_ _df\"> </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 x2a8 y2da1 wce3 h48e\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc1 sc0 ls0 ws0\">- Margine sui<span class=\"_ _df\"> </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 x2a8 y2da2 wc6f h48e\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc1 sc0 ls0 ws0\">servizi<span class=\"_ _df\"> </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 x2a8 y2da3 wce4 h48e\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc1 sc0 ls0 ws0\">contrattuali<span class=\"_ _df\"> </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 x2a8 y2da5 wce5 h515\"><div class=\"t m0 x250 h200 y2da4 ff4 fs22 fc1 sc0 ls0 ws0\">rilevato in<span class=\"_ _df\"> </span></div><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc1 sc0 ls0 ws0\">conto<span class=\"_ _df\"> </span></div></td><td class=\"c x68f y2da6 w11e h2ad\"><div class=\"t m0 xa3 h200 y110e ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x6ba y2da6 w344 h2ad\"><div class=\"t m0 xa3 h200 y110e ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x504 y2da6 w17d h2ad\"><div class=\"t m0 x30 h200 y110e ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x6bb y2da6 w32c h2ad\"><div class=\"t m0 xac h200 y110e ff4 fs22 fc1 sc0 ls0 ws0\">(42.322) </div></td><td class=\"c x6a7 y2da6 w155 h2ad\"><div class=\"t m0 x8a h200 y110e ff4 fs22 fc1 sc0 ls0 ws0\">(42.322) </div></td><td class=\"c x690 y2da6 w11f h2ad\"><div class=\"t m0 xa3 h200 y110e ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x6bc y2da6 w37a h2ad\"><div class=\"t m0 xa3 h200 y110e ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x6bd y2da6 w10d h2ad\"><div class=\"t m0 x30 h200 y110e ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x6be y2da6 w32c h2ad\"><div class=\"t m0 xab h200 y110e ff4 fs22 fc1 sc0 ls0 ws0\">(36.320) </div></td><td class=\"c x6ac y2da6 w14a h2ad\"><div class=\"t m0 x8a h200 y110e ff4 fs22 fc1 sc0 ls0 ws0\">(36.320) </div></td></tr><tr><td class=\"c x2a8 y278c wb17 h48e\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc1 sc0 ls0 ws0\">economico<span class=\"_ _df\"> </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 x2a8 y2da7 wce6 h48e\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc1 sc0 ls0 ws0\">per riflettere<span class=\"_ _df\"> </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 x2a8 y2da8 wce7 h48e\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc1 sc0 ls0 ws0\">i servizi<span class=\"_ _df\"> </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 x2a8 y2da9 wce8 h48e\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc1 sc0 ls0 ws0\">prestati<span class=\"_ _df\"> </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 x262 y2daa w911 h48e\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc1 sc2 ls0 ws0\">Variazion<span class=\"_ _f\"></span>i<span class=\"_ _df\"> </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 x262 y2dab wce1 h48e\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc1 sc2 ls0 ws0\">riferite ai<span class=\"_ _df\"> </span></div></td><td class=\"c x68f y2dac w11e h16\"><div class=\"t m0 xa3 h200 y409 ff4 fs22 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x6ba y2dac w344 h16\"><div class=\"t m0 xa3 h200 y409 ff4 fs22 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x504 y2dac w17d h16\"><div class=\"t m0 x30 h200 y409 ff4 fs22 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x6bb y2dac w32c h16\"><div class=\"t m0 x8e h200 y409 ff4 fs22 fc1 sc2 ls0 ws0\">183.553<span class=\"sc0\"> </span></div></td><td class=\"c x6a7 y2dac w155 h16\"><div class=\"t m0 xab h200 y409 ff4 fs22 fc1 sc2 ls0 ws0\">183.553<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x690 y2dac w11f h16\"><div class=\"t m0 xa3 h200 y409 ff4 fs22 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x6bc y2dac w37a h16\"><div class=\"t m0 xa3 h200 y409 ff4 fs22 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x6bd y2dac w10d h16\"><div class=\"t m0 x30 h200 y409 ff4 fs22 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x6be y2dac w32c h16\"><div class=\"t m0 x8e h200 y409 ff4 fs22 fc1 sc2 ls0 ws0\">(35.615<span class=\"_ _1\"></span>)<span class=\"sc0\"> </span></div></td><td class=\"c x6ac y2dac w14a h16\"><div class=\"t m0 xac h200 y409 ff4 fs22 fc1 sc2 ls0 ws0\">(35.615<span class=\"_ _1\"></span>)<span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x262 y2dad wce9 h48f\"><div class=\"t m0 x250 h200 y24d8 ff4 fs22 fc1 sc2 ls0 ws0\">servizi f<span class=\"_ _1\"></span>uturi<span class=\"_ _df\"> </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 x2a8 y2dae wcea h48f\"><div class=\"t m0 x250 h200 y24d8 ff4 fs22 fc1 sc0 ls0 ws0\">- Variazioni<span class=\"_ _df\"> </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 x2a8 y2daf wceb h48f\"><div class=\"t m0 x250 h200 y24d8 ff4 fs22 fc1 sc0 ls0 ws0\">delle stime<span class=\"_ _df\"> </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 x2a8 y2db0 wcec h48f\"><div class=\"t m0 x250 h200 y24d8 ff4 fs22 fc1 sc0 ls0 ws0\">che<span class=\"_ _df\"> </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 x2a8 y2db1 wced h48f\"><div class=\"t m0 x250 h200 y24d8 ff4 fs22 fc1 sc0 ls0 ws0\">modificano il<span class=\"_ _df\"> </span></div></td><td class=\"c x68f y2db2 w11e h2ae\"><div class=\"t m0 xa3 h200 y1634 ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x6ba y2db2 w344 h2ae\"><div class=\"t m0 xa3 h200 y1634 ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x504 y2db2 w17d h2ae\"><div class=\"t m0 x30 h200 y1634 ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x6bb y2db2 w32c h2ae\"><div class=\"t m0 x8e h200 y1634 ff4 fs22 fc1 sc0 ls0 ws0\">149.955 </div></td><td class=\"c x6a7 y2db2 w155 h2ae\"><div class=\"t m0 xab h200 y1634 ff4 fs22 fc1 sc0 ls0 ws0\">149.955 </div></td><td class=\"c x690 y2db2 w11f h2ae\"><div class=\"t m0 xa3 h200 y1634 ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x6bc y2db2 w37a h2ae\"><div class=\"t m0 xa3 h200 y1634 ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x6bd y2db2 w10d h2ae\"><div class=\"t m0 x30 h200 y1634 ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x6be y2db2 w32c h2ae\"><div class=\"t m0 xab h200 y1634 ff4 fs22 fc1 sc0 ls0 ws0\">(93.082) </div></td><td class=\"c x6ac y2db2 w14a h2ae\"><div class=\"t m0 x8a h200 y1634 ff4 fs22 fc1 sc0 ls0 ws0\">(93.082) </div></td></tr><tr><td class=\"c x2a8 y2db3 wcee h48f\"><div class=\"t m0 x250 h200 y24d8 ff4 fs22 fc1 sc0 ls0 ws0\">margine sui<span class=\"_ _df\"> </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 x2a8 y2db4 wc6f h48f\"><div class=\"t m0 x250 h200 y24d8 ff4 fs22 fc1 sc0 ls0 ws0\">servizi<span class=\"_ _df\"> </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 x2a8 y2db5 wce4 h48f\"><div class=\"t m0 x250 h200 y24d8 ff4 fs22 fc1 sc0 ls0 ws0\">contrattuali<span class=\"_ _df\"> </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 x2a8 y2db6 wcef h48f\"><div class=\"t m0 x250 h200 y24d8 ff4 fs22 fc1 sc0 ls0 ws0\">- Effetti dei<span class=\"_ _df\"> </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 x2a8 y2db7 wca2 h48f\"><div class=\"t m0 x250 h200 y24d8 ff4 fs22 fc1 sc0 ls0 ws0\">contratti<span class=\"_ _df\"> </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 x2a8 y2d63 w934 h48f\"><div class=\"t m0 x250 h200 y24d8 ff4 fs22 fc1 sc0 ls0 ws0\">inizialmente<span class=\"_ _df\"> </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 x2a8 y2db8 wcf0 h48f\"><div class=\"t m0 x250 h200 y24d8 ff4 fs22 fc1 sc0 ls0 ws0\">rilevati<span class=\"_ _df\"> </span></div></td><td class=\"c x68f y2db9 w11e h2af\"><div class=\"t m0 xa3 h200 y1634 ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x6ba y2db9 w344 h2af\"><div class=\"t m0 xa3 h200 y1634 ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x504 y2db9 w17d h2af\"><div class=\"t m0 x30 h200 y1634 ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x6bb y2db9 w32c h2af\"><div class=\"t m0 x2f h200 y1634 ff4 fs22 fc1 sc0 ls0 ws0\">33.598 </div></td><td class=\"c x6a7 y2db9 w155 h2af\"><div class=\"t m0 x8e h200 y1634 ff4 fs22 fc1 sc0 ls0 ws0\">33.598 </div></td><td class=\"c x690 y2db9 w11f h2af\"><div class=\"t m0 xa3 h200 y1634 ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x6bc y2db9 w37a h2af\"><div class=\"t m0 xa3 h200 y1634 ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x6bd y2db9 w10d h2af\"><div class=\"t m0 x30 h200 y1634 ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x6be y2db9 w32c h2af\"><div class=\"t m0 x16a h200 y1634 ff4 fs22 fc1 sc0 ls0 ws0\">57.467 </div></td><td class=\"c x6ac y2db9 w14a h2af\"><div class=\"t m0 x2f h200 y1634 ff4 fs22 fc1 sc0 ls0 ws0\">57.467 </div></td></tr><tr><td class=\"c x2a8 y2dba wcf1 h48f\"><div class=\"t m0 x250 h200 y24d8 ff5 fs22 fc1 sc0 ls0 ws0\">nell\u2019esercizio<span class=\"_ _df\"> </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 x2a8 y2dbb wcf2 h48f\"><div class=\"t m0 x250 h200 y24d8 ff4 fs22 fc1 sc0 ls0 ws0\">di<span class=\"_ _df\"> </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 x2a8 y2dbc wcf3 h48f\"><div class=\"t m0 x250 h200 y24d8 ff4 fs22 fc1 sc0 ls0 ws0\">riferimento<span class=\"_ _df\"> </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 x262 y2dbd wcf4 h48f\"><div class=\"t m0 x250 h200 y24d8 ff4 fs22 fc1 sc2 ls0 ws0\">Ricavi/c<span class=\"_ _1\"></span>osti di<span class=\"_ _df\"> </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 x262 y2dbe wcf5 h48f\"><div class=\"t m0 x250 h200 y24d8 ff4 fs22 fc1 sc2 ls0 ws0\">natura<span class=\"_ _df\"> </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 x262 y2dbf wc96 h48f\"><div class=\"t m0 x250 h200 y24d8 ff4 fs22 fc1 sc2 ls0 ws0\">finanziar<span class=\"_ _1\"></span>ia<span class=\"_ _df\"> </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 x2a8 y2967 wcf6 h48f\"><div class=\"t m0 x250 h200 y24d8 ff4 fs22 fc1 sc0 ls0 ws0\">1. Relativi ai<span class=\"_ _df\"> </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 x2a8 y2dc0 wca2 h48f\"><div class=\"t m0 x250 h200 y24d8 ff4 fs22 fc1 sc0 ls0 ws0\">contratti<span class=\"_ _df\"> </span></div></td><td class=\"c x68f y2dc1 w11e h2a7\"><div class=\"t m0 xa3 h200 yd1f ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x6ba y2dc1 w344 h2a7\"><div class=\"t m0 xa3 h200 yd1f ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x504 y2dc1 w17d h2a7\"><div class=\"t m0 x30 h200 yd1f ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x6bb y2dc1 w32c h2a7\"><div class=\"t m0 x14 h200 yd1f ff4 fs22 fc1 sc0 ls0 ws0\">(117) </div></td><td class=\"c x6a7 y2dc1 w155 h2a7\"><div class=\"t m0 x130 h200 yd1f ff4 fs22 fc1 sc0 ls0 ws0\">(117) </div></td><td class=\"c x690 y2dc1 w11f h2a7\"><div class=\"t m0 xa3 h200 yd1f ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x6bc y2dc1 w37a h2a7\"><div class=\"t m0 xa3 h200 yd1f ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x6bd y2dc1 w10d h2a7\"><div class=\"t m0 x30 h200 yd1f ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x6be y2dc1 w32c h2a7\"><div class=\"t m0 x8e h200 yd1f ff4 fs22 fc1 sc0 ls0 ws0\">170.645 </div></td><td class=\"c x6ac y2dc1 w14a h2a7\"><div class=\"t m0 xac h200 yd1f ff4 fs22 fc1 sc0 ls0 ws0\">170.645 </div></td></tr><tr><td class=\"c x2a8 y2881 wcf7 h48f\"><div class=\"t m0 x250 h200 y24d8 ff4 fs22 fc1 sc0 ls0 ws0\">assicurativi<span class=\"_ _df\"> </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 x2a8 y2dc2 wcf8 h48f\"><div class=\"t m0 x250 h200 y24d8 ff4 fs22 fc1 sc0 ls0 ws0\">eme<span class=\"ls15\">ssi<span class=\"_ _df\"> </span></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 x2a8 y2dc3 wcf9 h48f\"><div class=\"t m0 x250 h200 y24d8 ff4 fs22 fc1 sc0 ls0 ws0\">2. Effetti<span class=\"_ _df\"> </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 x2a8 y2dc4 wcfa h48f\"><div class=\"t m0 x250 h200 y24d8 ff4 fs22 fc1 sc0 ls0 ws0\">connessi<span class=\"_ _df\"> </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 x2a8 y2dc5 w92f h48f\"><div class=\"t m0 x250 h200 y24d8 ff4 fs22 fc1 sc0 ls0 ws0\">con le<span class=\"_ _df\"> </span></div></td><td class=\"c x68f y2dc6 w11e h2b0\"><div class=\"t m0 xa3 h200 y843 ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x6ba y2dc6 w344 h2b0\"><div class=\"t m0 xa3 h200 y843 ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x504 y2dc6 w17d h2b0\"><div class=\"t m0 x30 h200 y843 ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x6bb y2dc6 w32c h2b0\"><div class=\"t m0 x26 h200 y843 ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x6a7 y2dc6 w155 h2b0\"><div class=\"t m0 x27 h200 y843 ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x690 y2dc6 w11f h2b0\"><div class=\"t m0 xa3 h200 y843 ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x6bc y2dc6 w37a h2b0\"><div class=\"t m0 xa3 h200 y843 ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x6bd y2dc6 w10d h2b0\"><div class=\"t m0 x30 h200 y843 ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x6be y2dc6 w32c h2b0\"><div class=\"t m0 x26 h200 y843 ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x6ac y2dc6 w14a h2b0\"><div class=\"t m0 x27 h200 y843 ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2a8 y2dc7 wcfb h48f\"><div class=\"t m0 x250 h200 y24d8 ff4 fs22 fc1 sc0 ls0 ws0\">variazioni dei<span class=\"_ _df\"> </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 x2a8 y2dc8 wcfc h48f\"><div class=\"t m0 x250 h200 y24d8 ff4 fs22 fc1 sc0 ls0 ws0\">tassi di<span class=\"_ _df\"> </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 x2a8 y2dc9 wcfd h48f\"><div class=\"t m0 x250 h200 y24d8 ff4 fs22 fc1 sc0 ls0 ws0\">cambio<span class=\"_ _df\"> </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 x46b y2dca w48a h221\"><div class=\"t m0 x16a h200 y54 ff4 fs22 fc1 sc0 ls0 ws0\">3. Totale<span class=\"_ _df\"> </span></div></td><td class=\"c x68f y2dca w11e h221\"><div class=\"t m0 xa3 h200 y54 ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x6ba y2dca w344 h221\"><div class=\"t m0 xa3 h200 y54 ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x504 y2dca w17d h221\"><div class=\"t m0 x30 h200 y54 ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x6bb y2dca w32c h221\"><div class=\"t m0 x14 h200 y54 ff4 fs22 fc1 sc0 ls0 ws0\">(117) </div></td><td class=\"c x6a7 y2dca w155 h221\"><div class=\"t m0 x130 h200 y54 ff4 fs22 fc1 sc0 ls0 ws0\">(117) </div></td><td class=\"c x690 y2dca w11f h221\"><div class=\"t m0 xa3 h200 y54 ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x6bc y2dca w37a h221\"><div class=\"t m0 xa3 h200 y54 ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x6bd y2dca w10d h221\"><div class=\"t m0 x30 h200 y54 ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x6be y2dca w32c h221\"><div class=\"t m0 x8e h200 y54 ff4 fs22 fc1 sc0 ls0 ws0\">170.645 </div></td><td class=\"c x6ac y2dca w14a h221\"><div class=\"t m0 xac h200 y54 ff4 fs22 fc1 sc0 ls0 ws0\">170.645 </div></td></tr><tr><td class=\"c x46b y2dcb w48a h2b\"><div class=\"t m0 x8a h200 y54 ff4 fs22 fc1 sc2 ls0 ws0\">Altri m<span class=\"_ _1\"></span>oviment<span class=\"_ _1\"></span>i<span class=\"sc0\"> </span></div></td><td class=\"c x68f y2dcb w11e h2b\"><div class=\"t m0 xa3 h200 y54 ff4 fs22 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x6ba y2dcb w344 h2b\"><div class=\"t m0 xa3 h200 y54 ff4 fs22 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x504 y2dcb w17d h2b\"><div class=\"t m0 x30 h200 y54 ff4 fs22 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x6bb y2dcb w32c h2b\"><div class=\"t m0 x26 h200 y54 ff4 fs22 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x6a7 y2dcb w155 h2b\"><div class=\"t m0 x27 h200 y54 ff4 fs22 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x690 y2dcb w11f h2b\"><div class=\"t m0 xa3 h200 y54 ff4 fs22 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x6bc y2dcb w37a h2b\"><div class=\"t m0 xa3 h200 y54 ff4 fs22 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x6bd y2dcb w10d h2b\"><div class=\"t m0 x30 h200 y54 ff4 fs22 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x6be y2dcb w32c h2b\"><div class=\"t m0 x26 h200 y54 ff4 fs22 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x6ac y2dcb w14a h2b\"><div class=\"t m0 x27 h200 y54 ff4 fs22 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x262 y2dcc wcfe h48f\"><div class=\"t m0 x250 h200 y24d8 ff4 fs22 fc1 sc2 ls0 ws0\">Totale<span class=\"_ _df\"> </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 x262 y2dcd wcff h48f\"><div class=\"t m0 x250 h200 y24d8 ff4 fs22 fc1 sc2 ls0 ws0\">variazion<span class=\"_ _1\"></span>i<span class=\"_ _df\"> </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 x262 y2dce wd00 h511\"><div class=\"t m0 x250 h200 y2d12 ff4 fs22 fc1 sc2 ls0 ws0\">ricono<span class=\"_ _1\"></span>sciute in<span class=\"_ _df\"> </span></div><div class=\"t m0 x250 h200 y24d8 ff4 fs22 fc1 sc2 ls0 ws0\">conto<span class=\"_ _df\"> </span></div></td><td class=\"c x68f y2dcf w11e h2b1\"><div class=\"t m0 xa3 h200 y292 ff4 fs22 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x6ba y2dcf w344 h2b1\"><div class=\"t m0 xa3 h200 y292 ff4 fs22 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x504 y2dcf w17d h2b1\"><div class=\"t m0 x30 h200 y292 ff4 fs22 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x6bb y2dcf w32c h2b1\"><div class=\"t m0 x2a h200 y292 ff4 fs22 fc1 sc2 ls0 ws0\">141.114<span class=\"sc0\"> </span></div></td><td class=\"c x6a7 y2dcf w155 h2b1\"><div class=\"t m0 x16a h200 y292 ff4 fs22 fc1 sc2 ls0 ws0\">141.114<span class=\"sc0\"> </span></div></td><td class=\"c x690 y2dcf w11f h2b1\"><div class=\"t m0 xa3 h200 y292 ff4 fs22 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x6bc y2dcf w37a h2b1\"><div class=\"t m0 xa3 h200 y292 ff4 fs22 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x6bd y2dcf w10d h2b1\"><div class=\"t m0 x30 h200 y292 ff4 fs22 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x6be y2dcf w32c h2b1\"><div class=\"t m0 x2a h200 y292 ff4 fs22 fc1 sc2 ls0 ws0\">98.710<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x6ac y2dcf w14a h2b1\"><div class=\"t m0 x16a h200 y292 ff4 fs22 fc1 sc2 ls0 ws0\">98.710<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x262 y2dd0 wd01 h48f\"><div class=\"t m0 x250 h200 y24d8 ff4 fs22 fc1 sc2 ls0 ws0\">econom<span class=\"_ _f\"></span>ico e<span class=\"_ _df\"> </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 x262 y2dd1 wd02 h48f\"><div class=\"t m0 x250 h200 y24d8 ff4 fs22 fc1 sc2 ls0 ws0\">nel cont<span class=\"_ _1\"></span>o<span class=\"_ _df\"> </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 x262 y2dd2 wd03 h48f\"><div class=\"t m0 x250 h200 y24d8 ff4 fs22 fc1 sc2 ls0 ws0\">econom<span class=\"_ _f\"></span>ico<span class=\"_ _df\"> </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 x262 y2dd3 wd04 h48f\"><div class=\"t m0 x250 h200 y24d8 ff4 fs22 fc1 sc2 ls0 ws0\">comple<span class=\"_ _1\"></span>ssivo<span class=\"_ _df\"> </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 x262 y2dd4 wc6c h48f\"><div class=\"t m0 x250 h200 y24d8 ff4 fs22 fc1 sc2 ls0 ws0\">Margine<span class=\"_ _1\"></span> sui<span class=\"_ _df\"> </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 x262 y2dd5 wc6f h48f\"><div class=\"t m0 x250 h200 y24d8 ff4 fs22 fc1 sc2 ls0 ws0\">servizi<span class=\"_ _df\"> </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 x262 y2dd6 wcdf h48f\"><div class=\"t m0 x250 h200 y24d8 ff4 fs22 fc1 sc2 ls0 ws0\">contr<span class=\"_ _1\"></span>attuali <span class=\"ff5\">\u2013<span class=\"_ _df\"> </span></span></div></td><td class=\"c x68f y2dd7 w11e h2b2\"><div class=\"t m0 xa3 h200 y656 ff4 fs22 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x6ba y2dd7 w344 h2b2\"><div class=\"t m0 xa3 h200 y656 ff4 fs22 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x504 y2dd7 w17d h2b2\"><div class=\"t m0 x30 h200 y656 ff4 fs22 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x6bb y2dd7 w32c h2b2\"><div class=\"t m0 xac h200 y656 ff4 fs22 fc1 sc2 ls0 ws0\">427.28<span class=\"_ _1\"></span>4<span class=\"sc0\"> </span></div></td><td class=\"c x6a7 y2dd7 w155 h2b2\"><div class=\"t m0 xab h200 y656 ff4 fs22 fc1 sc2 ls0 ws0\">427.28<span class=\"_ _1\"></span>4<span class=\"sc0\"> </span></div></td><td class=\"c x690 y2dd7 w11f h2b2\"><div class=\"t m0 xa3 h200 y656 ff4 fs22 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x6bc y2dd7 w37a h2b2\"><div class=\"t m0 xa3 h200 y656 ff4 fs22 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x6bd y2dd7 w10d h2b2\"><div class=\"t m0 x30 h200 y656 ff4 fs22 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x6be y2dd7 w32c h2b2\"><div class=\"t m0 x8e h200 y656 ff4 fs22 fc1 sc2 ls0 ws0\">286.170<span class=\"sc0\"> </span></div></td><td class=\"c x6ac y2dd7 w14a h2b2\"><div class=\"t m0 xac h200 y656 ff4 fs22 fc1 sc2 ls0 ws0\">286.170<span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x262 y2dd8 wd05 h48f\"><div class=\"t m0 x250 h200 y24d8 ff4 fs22 fc1 sc2 ls0 ws0\">Riman<span class=\"_ _1\"></span>enze<span class=\"_ _df\"> </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 x262 y2491 wd06 h48f\"><div class=\"t m0 x250 h200 y24d8 ff4 fs22 fc1 sc2 ls0 ws0\">finali<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr></table></div>Dinam<span class=\"_ _f\"></span>ica dei r<span class=\"_ _f\"></span>icavi as<span class=\"_ _1\"></span>sicura<span class=\"_ _f\"></span>tivi e del <span class=\"_ _1\"></span>margi<span class=\"_ _1\"></span>ne su<span class=\"_ _1\"></span>i ser<span class=\"_ _1\"></span>vizi co<span class=\"_ _f\"></span>ntrattu<span class=\"_ _f\"></span>ali dei cont<span class=\"_ _f\"></span>ratti a<span class=\"_ _f\"></span>ssicurativi<span class=\"_ _df\"> </span>emes<span class=\"_ _1\"></span>si ri<span class=\"_ _1\"></span>part<span class=\"_ _1\"></span>iti in ba<span class=\"_ _f\"></span>se ai cont<span class=\"_ _f\"></span>ratti esis<span class=\"_ _1\"></span>tenti <span class=\"_ _f\"></span>al mom<span class=\"_ _1\"></span>ento <span class=\"_ _1\"></span>della<span class=\"_ _1\"></span> tra<span class=\"_ _1\"></span>nsizio<span class=\"_ _1\"></span>ne al<span class=\"_ _1\"></span>l\u2019IFRS <span class=\"_ _f\"></span>17<table class=\"s wd07 h516\" id=\"_b80a16fc-a339-4062-a8ef-264f9a17bbe1\"><tr><td></td><td></td><td></td><td class=\"c x6bf y2dd9 w48b h258\"><div class=\"t m0 x22 hd6 y61e ff4 fs1b fc4 sc3 ls0 ws0\">31/12/2<span class=\"_ _1\"></span>025<span class=\"fc1 sc0\"> </span></div></td><td></td><td></td><td></td><td></td><td class=\"c x6c0 y2dd9 w48c h258\"><div class=\"t m0 x22 hd6 y61e ff4 fs1b fc4 sc3 ls0 ws0\">31/12/2<span class=\"_ _1\"></span>024<span class=\"fc1 sc0\"> </span></div></td><td></td><td></td></tr><tr><td></td><td class=\"c x6c1 y2dda wb01 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc4 sc3 ls0 ws0\">Nuovi <span class=\"_ _1\"></span>contratt<span class=\"_ _1\"></span>i<span class=\"_ _df\"> </span></div></td><td class=\"c x6c2 y2ddb wb02 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc4 sc3 ls0 ws0\">Contra<span class=\"_ _1\"></span>tti<span class=\"_ _df\"> </span></div></td><td class=\"c x6c3 y2ddb wb02 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc4 sc3 ls0 ws0\">Contra<span class=\"_ _1\"></span>tti<span class=\"_ _df\"> </span></div></td><td></td><td></td><td class=\"c x6c4 y2dda wb01 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc4 sc3 ls0 ws0\">Nuovi <span class=\"_ _1\"></span>contratt<span class=\"_ _1\"></span>i<span class=\"_ _df\"> </span></div></td><td class=\"c x6c5 y2ddb wb02 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc4 sc3 ls0 ws0\">Contra<span class=\"_ _1\"></span>tti<span class=\"_ _df\"> </span></div></td><td class=\"c x6c6 y2ddb wb02 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc4 sc3 ls0 ws0\">Contra<span class=\"_ _1\"></span>tti<span class=\"_ _df\"> </span></div></td><td></td><td></td></tr><tr><td></td><td class=\"c x6c7 y2ddc wb03 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc4 sc3 ls0 ws0\">e contra<span class=\"_ _f\"></span>tti<span class=\"_ _df\"> </span></div></td><td class=\"c x6c8 y2ddd wb04 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc4 sc3 ls0 ws0\">misura<span class=\"_ _1\"></span>ti alla<span class=\"_ _df\"> </span></div></td><td class=\"c x365 y2ddd wd08 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc4 sc3 ls0 ws0\">misura<span class=\"_ _1\"></span>ti<span class=\"_ _df\"> </span></div></td><td></td><td></td><td class=\"c x6c9 y2ddc wa60 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc4 sc3 ls0 ws0\">e contra<span class=\"_ _f\"></span>tti<span class=\"_ _df\"> </span></div></td><td class=\"c x6ca y2ddd wb04 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc4 sc3 ls0 ws0\">misura<span class=\"_ _1\"></span>ti alla<span class=\"_ _df\"> </span></div></td><td class=\"c x6cb y2ddd wb05 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc4 sc3 ls0 ws0\">misura<span class=\"_ _1\"></span>ti<span class=\"_ _df\"> </span></div></td><td></td><td></td></tr><tr><td></td><td class=\"c x6cc y2dde wb04 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc4 sc3 ls0 ws0\">misura<span class=\"_ _1\"></span>ti alla<span class=\"_ _df\"> </span></div></td><td class=\"c x6cd y2ddf wb07 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc4 sc3 ls0 ws0\">data di<span class=\"_ _df\"> </span></div></td><td class=\"c x6ce y2ddf wb08 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc4 sc3 ls0 ws0\">alla data<span class=\"_ _1\"></span> di</div></td><td class=\"c x66a y2dde wd09 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc4 sc3 ls0 ws0\">Contra<span class=\"_ _1\"></span>tt<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x6cf y2dde wb04 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc4 sc3 ls0 ws0\">misura<span class=\"_ _1\"></span>ti alla<span class=\"_ _df\"> </span></div></td><td class=\"c x6d0 y2ddf wb07 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc4 sc3 ls0 ws0\">data di<span class=\"_ _df\"> </span></div></td><td class=\"c x6d1 y2ddf wb08 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc4 sc3 ls0 ws0\">alla data<span class=\"_ _1\"></span> di</div></td><td class=\"c x6d2 y2dde wb06 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc4 sc3 ls0 ws0\">Contra<span class=\"_ _1\"></span>tt<span class=\"_ _df\"> </span></div></td><td></td></tr><tr><td></td><td class=\"c x6d3 y2de0 wb07 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc4 sc3 ls0 ws0\">data di<span class=\"_ _df\"> </span></div></td><td class=\"c x6d4 y2de1 wb0b h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc4 sc3 ls0 ws0\">transizio<span class=\"_ _f\"></span>ne con<span class=\"_ _df\"> </span></div></td><td class=\"c x6d5 y2de1 wb0c h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc4 sc3 ls0 ws0\">transizio<span class=\"_ _f\"></span>n</div></td><td class=\"c x6d6 y2de0 wd0a h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc4 sc3 ls6 ws0\">i<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x6d7 y2de0 wb07 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc4 sc3 ls0 ws0\">data di<span class=\"_ _df\"> </span></div></td><td class=\"c x6d8 y2de1 wb0b h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc4 sc3 ls0 ws0\">transizio<span class=\"_ _f\"></span>ne con<span class=\"_ _df\"> </span></div></td><td class=\"c x6d9 y2de1 wb0c h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc4 sc3 ls0 ws0\">transizio<span class=\"_ _f\"></span>n</div></td><td class=\"c x6da y2de0 wb09 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc4 sc3 ls6 ws0\">i<span class=\"_ _df\"> </span></div></td><td></td></tr><tr><td></td><td class=\"c x6db y2de2 wb0b h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc4 sc3 ls0 ws0\">transizio<span class=\"_ _f\"></span>ne con<span class=\"_ _df\"> </span></div></td><td class=\"c x6c2 y2de3 wb0f h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc4 sc3 ls0 ws0\">il meto<span class=\"_ _1\"></span>do<span class=\"_ _df\"> </span></div></td><td class=\"c x6dc y2de3 wcb2 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc4 sc3 ls0 ws0\">e con il</div></td><td class=\"c x660 y2de2 wb0d h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc4 sc3 ls0 ws0\">oggetto<span class=\"_ _df\"> </span></div></td><td class=\"c x6dd y2de4 w1c2 h2b5\"><div class=\"t m0 xab hd6 yec6 ff4 fs1b fc4 sc3 ls0 ws0\">Totale<span class=\"fc1 sc0\"> </span></div></td><td class=\"c x6de y2de2 wb0b h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc4 sc3 ls0 ws0\">transizio<span class=\"_ _f\"></span>ne con<span class=\"_ _df\"> </span></div></td><td class=\"c x6c5 y2de3 wb0f h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc4 sc3 ls0 ws0\">il meto<span class=\"_ _1\"></span>do<span class=\"_ _df\"> </span></div></td><td class=\"c x6df y2de3 wb10 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc4 sc3 ls0 ws0\">e con il</div></td><td class=\"c x6e0 y2de2 wb0d h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc4 sc3 ls0 ws0\">oggetto<span class=\"_ _df\"> </span></div></td><td class=\"c x481 y2de4 w48d h2b5\"><div class=\"t m0 x8a hd6 yec6 ff4 fs1b fc4 sc3 ls0 ws0\">Totale<span class=\"fc1 sc0\"> </span></div></td></tr><tr><td></td><td class=\"c x2bb y2de5 wb0f h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc4 sc3 ls0 ws0\">il meto<span class=\"_ _1\"></span>do<span class=\"_ _df\"> </span></div></td><td class=\"c x6d4 y2de6 wb13 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff5 fs1b fc4 sc3 ls0 ws0\">dell\u2019appl<span class=\"_ _f\"></span>ic<span class=\"_ _2\"></span>az<span class=\"_ _1\"></span>ion<span class=\"_ _df\"> </span></div></td><td class=\"c x365 y2de6 wb14 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc4 sc3 ls0 ws0\">metod<span class=\"_ _1\"></span>o<span class=\"_ _df\"> </span></div></td><td class=\"c x66a y2de5 wd0b h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc4 sc3 ls0 ws0\">di carv<span class=\"_ _1\"></span>e-<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x6e1 y2de5 wb0f h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc4 sc3 ls0 ws0\">il meto<span class=\"_ _1\"></span>do<span class=\"_ _df\"> </span></div></td><td class=\"c x6d8 y2de6 wb16 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff5 fs1b fc4 sc3 ls0 ws0\">dell\u2019appl<span class=\"_ _f\"></span>ic<span class=\"_ _2\"></span>az<span class=\"_ _1\"></span>ion<span class=\"_ _df\"> </span></div></td><td class=\"c x6cb y2de6 wb14 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc4 sc3 ls0 ws0\">metod<span class=\"_ _1\"></span>o<span class=\"_ _df\"> </span></div></td><td class=\"c x6d2 y2de5 wd0c h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc4 sc3 ls0 ws0\">di carv<span class=\"_ _1\"></span>e-<span class=\"_ _df\"> </span></div></td><td></td></tr><tr><td></td><td class=\"c x6db y2de7 wb13 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff5 fs1b fc4 sc3 ls0 ws0\">dell\u2019appl<span class=\"_ _f\"></span>ic<span class=\"_ _2\"></span>az<span class=\"_ _1\"></span>ion<span class=\"_ _df\"> </span></div></td><td class=\"c x6c8 y2de8 wb17 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc4 sc3 ls0 ws0\">e retroat<span class=\"_ _f\"></span>tiva<span class=\"_ _df\"> </span></div></td><td class=\"c x6dc y2de8 wd0d h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc4 sc3 ls0 ws0\">del fair</div></td><td class=\"c x6e2 y2de7 wb19 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc4 sc3 ls0 ws0\">out<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x6de y2de7 wb16 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff5 fs1b fc4 sc3 ls0 ws0\">dell\u2019appl<span class=\"_ _f\"></span>ic<span class=\"_ _2\"></span>az<span class=\"_ _1\"></span>ion<span class=\"_ _df\"> </span></div></td><td class=\"c x6ca y2de8 wb17 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc4 sc3 ls0 ws0\">e retroat<span class=\"_ _f\"></span>tiva<span class=\"_ _df\"> </span></div></td><td class=\"c x6df y2de8 wb18 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc4 sc3 ls0 ws0\">del fair</div></td><td class=\"c x6e3 y2de7 wb19 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc4 sc3 ls0 ws0\">out<span class=\"_ _df\"> </span></div></td><td></td></tr><tr><td></td><td class=\"c x6cc y2de9 wb17 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc4 sc3 ls0 ws0\">e retroat<span class=\"_ _f\"></span>tiva<span class=\"_ _df\"> </span></div></td><td class=\"c x6e4 y2dea wb1b h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc4 sc3 ls0 ws0\">modifi<span class=\"_ _1\"></span>cata<span class=\"_ _df\"> </span></div></td><td class=\"c x6e5 y2dea wd0e h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc4 sc3 ls0 ws0\">value<span class=\"_ _df\"> </span></div></td><td></td><td></td><td class=\"c x6cf y2de9 wb17 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc4 sc3 ls0 ws0\">e retroat<span class=\"_ _f\"></span>tiva<span class=\"_ _df\"> </span></div></td><td class=\"c x6e6 y2dea wb1b h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc4 sc3 ls0 ws0\">modifi<span class=\"_ _1\"></span>cata<span class=\"_ _df\"> </span></div></td><td class=\"c x6e7 y2dea wb1c h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc4 sc3 ls0 ws0\">value<span class=\"_ _df\"> </span></div></td><td></td><td></td></tr><tr><td></td><td class=\"c x6e8 y2deb wab3 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc4 sc3 ls0 ws0\">piena<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td class=\"c x6e9 y2deb wab3 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc4 sc3 ls0 ws0\">piena<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x262 y2dec wd0f h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc2 ls0 ws0\">Ricavi<span class=\"_ _df\"> </span></div></td><td class=\"c x6bf y2ded w9f h15b\"><div class=\"t m0 x31 hd6 y25f ff4 fs1b fc1 sc2 ls0 ws0\">25.101<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x6ea y2ded wfa h15b\"><div class=\"t m0 x7 hd6 y25f ff4 fs1b fc1 sc2 ls0 ws0\">-</div></td><td class=\"c x6eb y2ded w34d h15b\"><div class=\"t m0 x14 hd6 y25f ff4 fs1b fc1 sc2 ls0 ws0\">9.067<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x670 y2ded w1b9 h15b\"><div class=\"t m0 x3a hd6 y25f ff4 fs1b fc1 sc2 ls0 ws0\">-</div></td><td class=\"c x6dd y2ded w1e9 h15b\"><div class=\"t m0 xab hd6 y25f ff4 fs1b fc1 sc2 ls0 ws0\">34.168<span class=\"sc0\"> </span></div></td><td class=\"c x6c0 y2ded wa5 h15b\"><div class=\"t m0 x97 hd6 y25f ff4 fs1b fc1 sc2 ls0 ws0\">19.958<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x6ec y2ded wfa h15b\"><div class=\"t m0 x7 hd6 y25f ff4 fs1b fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x6ed y2ded w1fc h15b\"><div class=\"t m0 x39 hd6 y25f ff4 fs1b fc1 sc2 ls0 ws0\">11.889<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x6ee y2ded w1e0 h15b\"><div class=\"t m0 x3a hd6 y25f ff4 fs1b fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x481 y2ded w48f h15b\"><div class=\"t m0 xab hd6 y25f ff4 fs1b fc1 sc2 ls0 ws0\">31.847<span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x262 y2dee wd10 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc2 ls0 ws0\">assicura<span class=\"_ _1\"></span>tivi<span class=\"_ _df\"> </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 x262 y2def wb1d h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc2 ls0 ws0\">Margine <span class=\"_ _f\"></span>sui<span class=\"_ _df\"> </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 x262 y2df0 wb1e h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc2 ls0 ws0\">servizi<span class=\"_ _df\"> </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 x262 y2df1 wb1f h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc2 ls0 ws0\">contrattu<span class=\"_ _f\"></span>ali <span class=\"ff5\">\u2013<span class=\"_ _df\"> </span></span></div></td><td class=\"c x6bf y2df2 w9f h153\"><div class=\"t m0 x38 hd6 y473 ff4 fs1b fc1 sc2 ls0 ws0\">15.326<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x6ea y2df2 wfa h153\"><div class=\"t m0 x7 hd6 y473 ff4 fs1b fc1 sc2 ls0 ws0\">-</div></td><td class=\"c x6eb y2df2 w34d h153\"><div class=\"t m0 x48 hd6 y473 ff4 fs1b fc1 sc2 ls0 ws0\">8.128<span class=\"sc0\"> </span></div></td><td class=\"c x670 y2df2 w1b9 h153\"><div class=\"t m0 x3a hd6 y473 ff4 fs1b fc1 sc2 ls0 ws0\">-</div></td><td class=\"c x6dd y2df2 w1e9 h153\"><div class=\"t m0 x8a hd6 y473 ff4 fs1b fc1 sc2 ls0 ws0\">23.454<span class=\"sc0\"> </span></div></td><td class=\"c x6c0 y2df2 wa5 h153\"><div class=\"t m0 x38 hd6 y473 ff4 fs1b fc1 sc2 ls0 ws0\">10.507<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x6ec y2df2 wfa h153\"><div class=\"t m0 x7 hd6 y473 ff4 fs1b fc1 sc2 ls0 ws0\">-</div></td><td class=\"c x6ed y2df2 w1fc h153\"><div class=\"t m0 x39 hd6 y473 ff4 fs1b fc1 sc2 ls0 ws0\">10.601<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x6ee y2df2 w1e0 h153\"><div class=\"t m0 x3a hd6 y473 ff4 fs1b fc1 sc2 ls0 ws0\">-</div></td><td class=\"c x481 y2df2 w48f h153\"><div class=\"t m0 xac hd6 y473 ff4 fs1b fc1 sc2 ls0 ws0\">21.108<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x262 y2df3 wd11 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc2 ls0 ws0\">Esistenz<span class=\"_ _f\"></span>e<span class=\"_ _df\"> </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 x262 y2df4 wd12 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc2 ls0 ws0\">iniziali<span class=\"_ _df\"> </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 x262 y2df5 wd13 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc2 ls0 ws0\">Variazio<span class=\"_ _f\"></span>n<span class=\"_ _2\"></span>i<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td class=\"c x6ef y2df6 wd14 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc2 ls0 ws0\">(8.062<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x262 y2df7 wd15 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc2 ls0 ws0\">riferite ai<span class=\"_ _df\"> </span></div></td><td class=\"c x6bf y2df8 w9f h91\"><div class=\"t m0 x37 hd6 yc5f ff4 fs1b fc1 sc2 ls0 ws0\">(6.079)<span class=\"sc0\"> </span></div></td><td class=\"c x6ea y2df8 wfa h91\"><div class=\"t m0 x7 hd6 yc5f ff4 fs1b fc1 sc2 ls0 ws0\">-</div></td><td class=\"c x6eb y2df8 w34d h91\"><div class=\"t m0 x55 hd6 yc5f ff4 fs1b fc1 sc2 ls0 ws0\">(1.983)<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x670 y2df8 w1b9 h91\"><div class=\"t m0 x3a hd6 yc5f ff4 fs1b fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x6f0 y2df9 wb24 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc2 ls0 ws0\">)<span class=\"_ _df\"> </span></div></td><td class=\"c x6c0 y2df8 wa5 h91\"><div class=\"t m0 x37 hd6 yc5f ff4 fs1b fc1 sc2 ls0 ws0\">(3.630)<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x6ec y2df8 wfa h91\"><div class=\"t m0 x7 hd6 yc5f ff4 fs1b fc1 sc2 ls0 ws0\">-</div></td><td class=\"c x6ed y2df8 w1fc h91\"><div class=\"t m0 x39 hd6 yc5f ff4 fs1b fc1 sc2 ls0 ws0\">(2.771)<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x6ee y2df8 w1e0 h91\"><div class=\"t m0 x3a hd6 yc5f ff4 fs1b fc1 sc2 ls0 ws0\">-</div></td><td class=\"c x481 y2df8 w48f h91\"><div class=\"t m0 x8a hd6 yc5f ff4 fs1b fc1 sc2 ls0 ws0\">(6.401)<span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x262 y2dfa wc40 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc2 ls0 ws0\">servizi a<span class=\"_ _1\"></span>ttuali<span class=\"_ _df\"> </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 x2a8 y2dfb wd16 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">- Margine<span class=\"_ _df\"> </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 x2a8 y2dfc wd17 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">sui servizi<span class=\"_ _df\"> </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 x2a8 y2dfd wb26 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">contrattuali<span class=\"_ _df\"> </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 x2a8 y2dfe wb27 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">rilevato in<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td class=\"c x6ef y2dff wd14 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">(8.062<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td class=\"c x6f1 y2dff wd18 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">(6.401<span class=\"_ _df\"> </span></div></td></tr><tr><td class=\"c x2a8 y2e00 wb28 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">conto<span class=\"_ _df\"> </span></div></td><td class=\"c x6bf y2e01 w9f h25a\"><div class=\"t m0 x37 hd6 yca7 ff4 fs1b fc1 sc0 ls0 ws0\">(6.079) </div></td><td class=\"c x6ea y2e01 wfa h25a\"><div class=\"t m0 x7 hd6 yca7 ff4 fs1b fc1 sc0 ls0 ws0\">-</div></td><td class=\"c x6eb y2e01 w34d h25a\"><div class=\"t m0 x55 hd6 yca7 ff4 fs1b fc1 sc0 ls0 ws0\">(1.983) </div></td><td class=\"c x670 y2e01 w1b9 h25a\"><div class=\"t m0 x3a hd6 yca7 ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x6f0 y2cf2 wb24 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">)<span class=\"_ _df\"> </span></div></td><td class=\"c x6c0 y2e01 wa5 h25a\"><div class=\"t m0 x34 hd6 yca7 ff4 fs1b fc1 sc0 ls0 ws0\">(3.630) </div></td><td class=\"c x6ec y2e01 wfa h25a\"><div class=\"t m0 x7 hd6 yca7 ff4 fs1b fc1 sc0 ls0 ws0\">-</div></td><td class=\"c x6ed y2e01 w1fc h25a\"><div class=\"t m0 x130 hd6 yca7 ff4 fs1b fc1 sc0 ls0 ws0\">(2.771) </div></td><td class=\"c x6ee y2e01 w1e0 h25a\"><div class=\"t m0 x3a hd6 yca7 ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x6f2 y2cf2 wb24 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">)<span class=\"_ _df\"> </span></div></td></tr><tr><td class=\"c x2a8 y2e02 wad0 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">economico<span class=\"_ _df\"> </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 x2a8 y2e03 wd19 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">per riflettere<span class=\"_ _df\"> </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 x2a8 y2e04 wd1a h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">i servizi<span class=\"_ _df\"> </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 x2a8 y2e05 wd1b h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">prestati<span class=\"_ _df\"> </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 x262 y2e06 wd13 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc2 ls0 ws0\">Variazio<span class=\"_ _f\"></span>n<span class=\"_ _2\"></span>i<span class=\"_ _df\"> </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 x262 y2e07 wd15 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc2 ls0 ws0\">riferite ai<span class=\"_ _df\"> </span></div></td><td class=\"c x6bf y2e08 w9f h90\"><div class=\"t m0 x38 hd6 y308 ff4 fs1b fc1 sc2 ls0 ws0\">10.785<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x6ea y2e08 wfa h90\"><div class=\"t m0 x7 hd6 y308 ff4 fs1b fc1 sc2 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x6eb y2e08 w34d h90\"><div class=\"t m0 x33 hd6 y308 ff4 fs1b fc1 sc2 ls0 ws0\">1.691<span class=\"sc0\"> </span></div></td><td class=\"c x670 y2e08 w1b9 h90\"><div class=\"t m0 x3a hd6 y308 ff4 fs1b fc1 sc2 ls0 ws0\">-</div></td><td class=\"c x6dd y2e08 w1e9 h90\"><div class=\"t m0 xab hd6 y308 ff4 fs1b fc1 sc2 ls0 ws0\">12.476<span class=\"sc0\"> </span></div></td><td class=\"c x6c0 y2e08 wa5 h90\"><div class=\"t m0 x31 hd6 y308 ff4 fs1b fc1 sc2 ls0 ws0\">7.947<span class=\"sc0\"> </span></div></td><td class=\"c x6ec y2e08 wfa h90\"><div class=\"t m0 x7 hd6 y308 ff4 fs1b fc1 sc2 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x6ed y2e08 w1fc h90\"><div class=\"t m0 x35 hd6 y308 ff4 fs1b fc1 sc2 ls0 ws0\">263<span class=\"sc0\"> </span></div></td><td class=\"c x6ee y2e08 w1e0 h90\"><div class=\"t m0 x3a hd6 y308 ff4 fs1b fc1 sc2 ls0 ws0\">-</div></td><td class=\"c x481 y2e08 w48f h90\"><div class=\"t m0 x8e hd6 y308 ff4 fs1b fc1 sc2 ls0 ws0\">8.210<span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x262 y2e09 wd1c h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc2 ls0 ws0\">servizi fu<span class=\"_ _1\"></span>turi<span class=\"_ _df\"> </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 x2a8 y2e0a wb2b h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">- Variazioni<span class=\"_ _df\"> </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 x2a8 y2e0b w96b h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">delle stime<span class=\"_ _df\"> </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 x2a8 y2e0c wd1d h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">che<span class=\"_ _df\"> </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 x2a8 y2e0d wd1e h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">modificano<span class=\"_ _df\"> </span></div></td><td class=\"c x6bf y2e0e w9f h1db\"><div class=\"t m0 x31 hd6 yca9 ff4 fs1b fc1 sc0 ls0 ws0\">4.797 </div></td><td class=\"c x6ea y2e0e wfa h1db\"><div class=\"t m0 x7 hd6 yca9 ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x6eb y2e0e w34d h1db\"><div class=\"t m0 x33 hd6 yca9 ff4 fs1b fc1 sc0 ls0 ws0\">1.691 </div></td><td class=\"c x670 y2e0e w1b9 h1db\"><div class=\"t m0 x3a hd6 yca9 ff4 fs1b fc1 sc0 ls0 ws0\">-</div></td><td class=\"c x6dd y2e0e w1e9 h1db\"><div class=\"t m0 xac hd6 yca9 ff4 fs1b fc1 sc0 ls0 ws0\">6.488<span class=\"_ _df\"> </span></div></td><td class=\"c x6c0 y2e0e wa5 h1db\"><div class=\"t m0 x30 hd6 yca9 ff4 fs1b fc1 sc0 ls0 ws0\">1.022 </div></td><td class=\"c x6ec y2e0e wfa h1db\"><div class=\"t m0 x7 hd6 yca9 ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x6ed y2e0e w1fc h1db\"><div class=\"t m0 x35 hd6 yca9 ff4 fs1b fc1 sc0 ls0 ws0\">263 </div></td><td class=\"c x6ee y2e0e w1e0 h1db\"><div class=\"t m0 x3a hd6 yca9 ff4 fs1b fc1 sc0 ls0 ws0\">-</div></td><td class=\"c x481 y2e0e w48f h1db\"><div class=\"t m0 x8e hd6 yca9 ff4 fs1b fc1 sc0 ls0 ws0\">1.285 </div></td></tr><tr><td class=\"c x2a8 y2e0f wd1f h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">il margine<span class=\"_ _df\"> </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 x2a8 y2e10 wd17 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">sui servizi<span class=\"_ _df\"> </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 x2a8 y2e11 wb26 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">contrattuali<span class=\"_ _df\"> </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 x2a8 y2e12 wb2f h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">- Effetti dei<span class=\"_ _df\"> </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 x2a8 y2e13 wa83 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">contratti<span class=\"_ _df\"> </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 x2a8 y2e14 wb30 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">inizialmente<span class=\"_ _df\"> </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 x2a8 y2e15 wb31 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">rilevati<span class=\"_ _df\"> </span></div></td><td class=\"c x6bf y2e16 w9f h1d7\"><div class=\"t m0 x31 hd6 yc61 ff4 fs1b fc1 sc0 ls0 ws0\">5.988 </div></td><td class=\"c x6ea y2e16 wfa h1d7\"><div class=\"t m0 x7 hd6 yc61 ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x6eb y2e16 w34d h1d7\"><div class=\"t m0 x38 hd6 yc61 ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x670 y2e16 w1b9 h1d7\"><div class=\"t m0 x3a hd6 yc61 ff4 fs1b fc1 sc0 ls0 ws0\">-</div></td><td class=\"c x6dd y2e16 w1e9 h1d7\"><div class=\"t m0 xac hd6 yc61 ff4 fs1b fc1 sc0 ls0 ws0\">5.988 </div></td><td class=\"c x6c0 y2e16 wa5 h1d7\"><div class=\"t m0 x31 hd6 yc61 ff4 fs1b fc1 sc0 ls0 ws0\">6.925 </div></td><td class=\"c x6ec y2e16 wfa h1d7\"><div class=\"t m0 x7 hd6 yc61 ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x6ed y2e16 w1fc h1d7\"><div class=\"t m0 x38 hd6 yc61 ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x6ee y2e16 w1e0 h1d7\"><div class=\"t m0 x3a hd6 yc61 ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x481 y2e16 w48f h1d7\"><div class=\"t m0 xac hd6 yc61 ff4 fs1b fc1 sc0 ls0 ws0\">6.925 </div></td></tr><tr><td class=\"c x2a8 y2e17 wd20 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff5 fs1b fc1 sc0 ls0 ws0\">nell\u2019esercizi<span class=\"_ _df\"> </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 x2a8 y2e18 wd21 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">o di<span class=\"_ _df\"> </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 x2a8 y2e19 wc4d h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">riferimento<span class=\"_ _df\"> </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 x262 y2e1a wd22 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc2 ls0 ws0\">Ricavi/<span class=\"_ _1\"></span>costi di<span class=\"_ _df\"> </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 x262 y2e1b wd23 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc2 ls0 ws0\">natura<span class=\"_ _df\"> </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 x262 y2e1c waee h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc2 ls0 ws0\">finanzia<span class=\"_ _f\"></span>ri<span class=\"_ _2\"></span>a<span class=\"_ _df\"> </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 x2a8 y2dc0 wd24 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">1. Relativi ai<span class=\"_ _df\"> </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 x2a8 y2e1d wa83 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">contratti<span class=\"_ _df\"> </span></div></td><td class=\"c x6bf y2e1e w9f ha6\"><div class=\"t m0 x8f hd6 y496 ff4 fs1b fc1 sc0 ls0 ws0\">549 </div></td><td class=\"c x6ea y2e1e wfa ha6\"><div class=\"t m0 x7 hd6 y496 ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x6eb y2e1e w34d ha6\"><div class=\"t m0 x26 hd6 y496 ff4 fs1b fc1 sc0 ls49 ws0\">35<span class=\"ls0\"> </span></div></td><td class=\"c x670 y2e1e w1b9 ha6\"><div class=\"t m0 x3a hd6 y496 ff4 fs1b fc1 sc0 ls0 ws0\">-</div></td><td class=\"c x6dd y2e1e w1e9 ha6\"><div class=\"t m0 x2a hd6 y496 ff4 fs1b fc1 sc0 ls1 ws0\">584<span class=\"ls0\"> </span></div></td><td class=\"c x6c0 y2e1e wa5 ha6\"><div class=\"t m0 x8f hd6 y496 ff4 fs1b fc1 sc0 ls1 ws0\">503<span class=\"ls0\"> </span></div></td><td class=\"c x6ec y2e1e wfa ha6\"><div class=\"t m0 x7 hd6 y496 ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x6ed y2e1e w1fc ha6\"><div class=\"t m0 x26 hd6 y496 ff4 fs1b fc1 sc0 ls49 ws0\">34<span class=\"_ _df\"> </span></div></td><td class=\"c x6ee y2e1e w1e0 ha6\"><div class=\"t m0 x3a hd6 y496 ff4 fs1b fc1 sc0 ls0 ws0\">-</div></td><td class=\"c x481 y2e1e w48f ha6\"><div class=\"t m0 x2a hd6 y496 ff4 fs1b fc1 sc0 ls0 ws0\">537 </div></td></tr><tr><td class=\"c x2a8 y2e1f wa84 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">assicurativi<span class=\"_ _df\"> </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 x2a8 y2e20 wd25 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">emessi<span class=\"_ _df\"> </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 x2a8 y2714 wb38 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">2. Effetti<span class=\"_ _df\"> </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 x2a8 y2e21 wd26 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">connessi<span class=\"_ _df\"> </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 x2a8 y2e22 wd27 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">con le<span class=\"_ _df\"> </span></div></td><td class=\"c x6bf y2e23 w9f h172\"><div class=\"t m0 x7 hd6 y293 ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x6ea y2e23 wfa h172\"><div class=\"t m0 x7 hd6 y293 ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x6eb y2e23 w34d h172\"><div class=\"t m0 x38 hd6 y293 ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x670 y2e23 w1b9 h172\"><div class=\"t m0 x3a hd6 y293 ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x6dd y2e23 w1e9 h172\"><div class=\"t m0 x33 hd6 y293 ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x6c0 y2e23 wa5 h172\"><div class=\"t m0 x7 hd6 y293 ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x6ec y2e23 wfa h172\"><div class=\"t m0 x7 hd6 y293 ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x6ed y2e23 w1fc h172\"><div class=\"t m0 x38 hd6 y293 ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x6ee y2e23 w1e0 h172\"><div class=\"t m0 x3a hd6 y293 ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x481 y2e23 w48f h172\"><div class=\"t m0 x48 hd6 y293 ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2a8 y2e24 wd11 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">variazioni<span class=\"_ _df\"> </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 x2a8 y2e25 wb3b h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">dei tassi di<span class=\"_ _df\"> </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 x2a8 y2e26 wb3c h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">cambio<span class=\"_ _df\"> </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 x46b y2e27 w48e h12f\"><div class=\"t m0 x16a hd6 y1068 ff4 fs1b fc1 sc0 ls0 ws0\">3. Totale </div></td><td class=\"c x6bf y2e27 w9f h12f\"><div class=\"t m0 x8f hd6 y1068 ff4 fs1b fc1 sc0 ls0 ws0\">549 </div></td><td class=\"c x6ea y2e27 wfa h12f\"><div class=\"t m0 x7 hd6 y1068 ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x6eb y2e27 w34d h12f\"><div class=\"t m0 x26 hd6 y1068 ff4 fs1b fc1 sc0 ls49 ws0\">35<span class=\"ls0\"> </span></div></td><td class=\"c x670 y2e27 w1b9 h12f\"><div class=\"t m0 x3a hd6 y1068 ff4 fs1b fc1 sc0 ls0 ws0\">-</div></td><td class=\"c x6dd y2e27 w1e9 h12f\"><div class=\"t m0 x2a hd6 y1068 ff4 fs1b fc1 sc0 ls1 ws0\">584<span class=\"ls0\"> </span></div></td><td class=\"c x6c0 y2e27 wa5 h12f\"><div class=\"t m0 x8f hd6 y1068 ff4 fs1b fc1 sc0 ls1 ws0\">503<span class=\"ls0\"> </span></div></td><td class=\"c x6ec y2e27 wfa h12f\"><div class=\"t m0 x7 hd6 y1068 ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x6ed y2e27 w1fc h12f\"><div class=\"t m0 x26 hd6 y1068 ff4 fs1b fc1 sc0 ls49 ws0\">34<span class=\"_ _df\"> </span></div></td><td class=\"c x6ee y2e27 w1e0 h12f\"><div class=\"t m0 x3a hd6 y1068 ff4 fs1b fc1 sc0 ls0 ws0\">-</div></td><td class=\"c x481 y2e27 w48f h12f\"><div class=\"t m0 x2a hd6 y1068 ff4 fs1b fc1 sc0 ls0 ws0\">537 </div></td></tr><tr><td class=\"c x262 y2e28 wd28 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc2 ls0 ws0\">Altri<span class=\"_ _df\"> </span></div></td><td class=\"c x6bf y2e29 w9f hcb\"><div class=\"t m0 x7 hd6 y25f ff4 fs1b fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x6ea y2e29 wfa hcb\"><div class=\"t m0 x7 hd6 y25f ff4 fs1b fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x6eb y2e29 w34d hcb\"><div class=\"t m0 x38 hd6 y25f ff4 fs1b fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x670 y2e29 w1b9 hcb\"><div class=\"t m0 x3a hd6 y25f ff4 fs1b fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x6dd y2e29 w1e9 hcb\"><div class=\"t m0 x33 hd6 y25f ff4 fs1b fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x6c0 y2e29 wa5 hcb\"><div class=\"t m0 x7 hd6 y25f ff4 fs1b fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x6ec y2e29 wfa hcb\"><div class=\"t m0 x7 hd6 y25f ff4 fs1b fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x6ed y2e29 w1fc hcb\"><div class=\"t m0 x38 hd6 y25f ff4 fs1b fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x6ee y2e29 w1e0 hcb\"><div class=\"t m0 x3a hd6 y25f ff4 fs1b fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x481 y2e29 w48f hcb\"><div class=\"t m0 x48 hd6 y25f ff4 fs1b fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x262 y2e2a wd29 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc2 ls0 ws0\">movim<span class=\"_ _1\"></span>enti<span class=\"_ _df\"> </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 x262 y2e2b wd2a h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc2 ls0 ws0\">Totale<span class=\"_ _df\"> </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 x262 y2e2c wd2b h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc2 ls0 ws0\">variazio<span class=\"_ _1\"></span>ni<span class=\"_ _df\"> </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 x262 y2e2d wb3e h4c3\"><div class=\"t m0 x250 hd6 y276e ff4 fs1b fc1 sc2 ls0 ws0\">riconos<span class=\"_ _1\"></span>ciute in<span class=\"_ _df\"> </span></div><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc2 ls0 ws0\">conto<span class=\"_ _df\"> </span></div></td><td class=\"c x6bf y2e2e w9f h2b6\"><div class=\"t m0 x31 hd6 yce6 ff4 fs1b fc1 sc2 ls0 ws0\">5.255<span class=\"sc0\"> </span></div></td><td class=\"c x6ea y2e2e wfa h2b6\"><div class=\"t m0 x7 hd6 yce6 ff4 fs1b fc1 sc2 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x6eb y2e2e w34d h2b6\"><div class=\"t m0 x33 hd6 yce6 ff4 fs1b fc1 sc2 ls0 ws0\">(257)<span class=\"sc0\"> </span></div></td><td class=\"c x670 y2e2e w1b9 h2b6\"><div class=\"t m0 x3a hd6 yce6 ff4 fs1b fc1 sc2 ls0 ws0\">-</div></td><td class=\"c x6dd y2e2e w1e9 h2b6\"><div class=\"t m0 x8e hd6 yce6 ff4 fs1b fc1 sc2 ls0 ws0\">4.998<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x6c0 y2e2e wa5 h2b6\"><div class=\"t m0 x31 hd6 yce6 ff4 fs1b fc1 sc2 ls0 ws0\">4.820<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x6ec y2e2e wfa h2b6\"><div class=\"t m0 x7 hd6 yce6 ff4 fs1b fc1 sc2 ls0 ws0\">-</div></td><td class=\"c x6ed y2e2e w1fc h2b6\"><div class=\"t m0 x55 hd6 yce6 ff4 fs1b fc1 sc2 ls0 ws0\">(2.474)<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x6ee y2e2e w1e0 h2b6\"><div class=\"t m0 x3a hd6 yce6 ff4 fs1b fc1 sc2 ls0 ws0\">-</div></td><td class=\"c x481 y2e2e w48f h2b6\"><div class=\"t m0 xac hd6 yce6 ff4 fs1b fc1 sc2 ls0 ws0\">2.346<span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x262 y2e2f wd2c h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc2 ls0 ws0\">econo<span class=\"_ _1\"></span>mico e<span class=\"_ _df\"> </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 x262 y2e30 wd2d h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc2 ls0 ws0\">nel cont<span class=\"_ _f\"></span>o<span class=\"_ _df\"> </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 x262 y2e31 wb40 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc2 ls0 ws0\">econo<span class=\"_ _1\"></span>mico<span class=\"_ _df\"> </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 x262 y2c55 wb41 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc2 ls0 ws0\">comple<span class=\"_ _f\"></span>ssivo<span class=\"_ _df\"> </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 x262 y2e32 wb1d h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc2 ls0 ws0\">Margine <span class=\"_ _f\"></span>sui<span class=\"_ _df\"> </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 x262 y2e33 wb1e h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc2 ls0 ws0\">servizi<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td class=\"c x6f3 y2e34 wd2e h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc2 ls0 ws0\">23.45<span class=\"_ _df\"> </span></div></td></tr><tr><td class=\"c x262 y27dc wb1f h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc2 ls0 ws0\">contrattu<span class=\"_ _f\"></span>ali <span class=\"ff5\">\u2013<span class=\"_ _df\"> </span></span></div></td><td class=\"c x6bf y2e35 w9f h153\"><div class=\"t m0 x97 hd6 yc62 ff4 fs1b fc1 sc2 ls0 ws0\">20.581<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x6ea y2e35 wfa h153\"><div class=\"t m0 x7 hd6 yc62 ff4 fs1b fc1 sc2 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x6eb y2e35 w34d h153\"><div class=\"t m0 x33 hd6 yc62 ff4 fs1b fc1 sc2 ls0 ws0\">7.871<span class=\"sc0\"> </span></div></td><td class=\"c x670 y2e35 w1b9 h153\"><div class=\"t m0 x3a hd6 yc62 ff4 fs1b fc1 sc2 ls0 ws0\">-</div></td><td class=\"c x6dd y2e35 w1e9 h153\"><div class=\"t m0 x8a hd6 yc62 ff4 fs1b fc1 sc2 ls0 ws0\">28.45<span class=\"_ _1\"></span>2<span class=\"sc0\"> </span></div></td><td class=\"c x6c0 y2e35 wa5 h153\"><div class=\"t m0 x38 hd6 yc62 ff4 fs1b fc1 sc2 ls0 ws0\">15.327<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x6ec y2e35 wfa h153\"><div class=\"t m0 x7 hd6 yc62 ff4 fs1b fc1 sc2 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x6ed y2e35 w1fc h153\"><div class=\"t m0 x33 hd6 yc62 ff4 fs1b fc1 sc2 ls0 ws0\">8.127<span class=\"sc0\"> </span></div></td><td class=\"c x6ee y2e35 w1e0 h153\"><div class=\"t m0 x3a hd6 yc62 ff4 fs1b fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x6f4 y2e36 wd2f h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc2 ls0 ws0\">4<span class=\"_ _df\"> </span></div></td></tr><tr><td class=\"c x262 y27dd wd30 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc2 ls0 ws0\">Riman<span class=\"_ _1\"></span>enze<span class=\"_ _df\"> </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 x262 y2491 wd31 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc2 ls0 ws0\">finali<span class=\"_ _df\"> </span></div></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=\"c w37c h23d gsd6f\"><div class=\"t m0 xe h5 yd3c ff2b fs1 fc4 sc3 ls0 ws0\">Dinam<span class=\"_ _f\"></span>ica dei r<span class=\"_ _f\"></span>icavi as<span class=\"_ _1\"></span>sicura<span class=\"_ _f\"></span>tivi e del <span class=\"_ _1\"></span>mar<span class=\"_ _1\"></span>gine s<span class=\"_ _1\"></span>ui se<span class=\"_ _1\"></span>rvizi <span class=\"_ _1\"></span>contra<span class=\"_ _f\"></span>ttuali d<span class=\"_ _1\"></span>ei co<span class=\"_ _1\"></span>ntrat<span class=\"_ _1\"></span>ti a<span class=\"_ _1\"></span>ssicura<span class=\"_ _f\"></span>tivi<span class=\"_ _df\"> </span> </div><div class=\"t m0 xe h5 y2e7 ff2b fs1 fc4 sc3 ls0 ws0\">emes<span class=\"_ _1\"></span>si ri<span class=\"_ _1\"></span>part<span class=\"_ _1\"></span>iti in ba<span class=\"_ _f\"></span>se ai cont<span class=\"_ _f\"></span>ratti esis<span class=\"_ _1\"></span>tenti <span class=\"_ _f\"></span>al mom<span class=\"_ _1\"></span>ento <span class=\"_ _1\"></span>della<span class=\"_ _1\"></span> tra<span class=\"ff2c\">ns<span class=\"_ _1\"></span>izione <span class=\"_ _f\"></span>all\u2019IFRS <span class=\"_ _1\"></span>17</span><span class=\"ff2c\"><span class=\"ff2b fc1 sc2\"> </span></span></div></div><div class=\"gsd70\"><table class=\"s wd32 h517\" id=\"_e324c4b0-55bf-449f-982e-8f12ba21ffab\"><tr><td></td><td></td><td></td><td class=\"c x6bf y2e37 w490 h258\"><div class=\"t m0 x22 hd6 y2e7 ff2b fs1b fc4 sc3 ls0 ws0\">31/12/2<span class=\"_ _1\"></span>025<span class=\"fc1 sc0\"> </span></div></td><td></td><td></td><td></td><td class=\"c x6c0 y2e37 w491 h258\"><div class=\"t m0 x1ef hd6 y2e7 ff2b fs1b fc4 sc3 ls0 ws0\">31/12/2<span class=\"_ _1\"></span>024<span class=\"fc1 sc0\"> </span></div></td><td></td><td></td><td></td></tr><tr><td></td><td class=\"c x6f5 y2e38 wd33 h4bd\"><div class=\"t m0 x250 hd6 y2726 ff2b fs1b fc4 sc3 ls0 ws0\">Nuovi<span class=\"_ _df\"> </span></div></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 x6f6 y2e39 wa60 h4bd\"><div class=\"t m0 x250 hd6 y2726 ff2b fs1b fc4 sc3 ls0 ws0\">contratt<span class=\"_ _f\"></span>i e<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td class=\"c x6c4 y2e3a wd34 h4bd\"><div class=\"t m0 x250 hd6 y2726 ff2b fs1b fc4 sc3 ls0 ws0\">Nuovi <span class=\"_ _1\"></span>contratt<span class=\"_ _1\"></span>i<span class=\"_ _df\"> </span></div></td><td class=\"c x6f7 y2e3a wd35 h4bd\"><div class=\"t m0 x250 hd6 y2726 ff2b fs1b fc4 sc3 ls0 ws0\">Contra<span class=\"_ _1\"></span>tti<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td></tr><tr><td></td><td class=\"c x6cc y2d8c wd36 h4bd\"><div class=\"t m0 x250 hd6 y2726 ff2b fs1b fc4 sc3 ls0 ws0\">contratt<span class=\"_ _f\"></span>i<span class=\"_ _df\"> </span></div></td><td class=\"c x6f8 y2d8c wb02 h4bd\"><div class=\"t m0 x250 hd6 y2726 ff2b fs1b fc4 sc3 ls0 ws0\">Contra<span class=\"_ _1\"></span>tti<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td class=\"c x6f9 y2d8c wd37 h4bd\"><div class=\"t m0 x250 hd6 y2726 ff2b fs1b fc4 sc3 ls0 ws0\">Contratti<span class=\"_ _df\"> </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 x6c9 y2e3b wa60 h4bd\"><div class=\"t m0 x250 hd6 y2726 ff2b fs1b fc4 sc3 ls0 ws0\">e contra<span class=\"_ _f\"></span>tti<span class=\"_ _df\"> </span></div></td><td class=\"c x6fa y2e3b wb05 h4bd\"><div class=\"t m0 x250 hd6 y2726 ff2b fs1b fc4 sc3 ls0 ws0\">misura<span class=\"_ _1\"></span>ti<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td></tr><tr><td></td><td class=\"c x6db y2e3c wb04 h4bd\"><div class=\"t m0 x250 hd6 y2726 ff2b fs1b fc4 sc3 ls0 ws0\">misura<span class=\"_ _1\"></span>ti alla<span class=\"_ _df\"> </span></div></td><td class=\"c x6fb y2e3c wb04 h4bd\"><div class=\"t m0 x250 hd6 y2726 ff2b fs1b fc4 sc3 ls0 ws0\">misura<span class=\"_ _1\"></span>ti alla<span class=\"_ _df\"> </span></div></td><td class=\"c x6fc y2e3c wb02 h4bd\"><div class=\"t m0 x250 hd6 y2726 ff2b fs1b fc4 sc3 ls0 ws0\">Contra<span class=\"_ _1\"></span>tti<span class=\"_ _df\"> </span></div></td><td class=\"c x6fd y2e3c wd38 h4bd\"><div class=\"t m0 x250 hd6 y2726 ff2b fs1b fc4 sc3 ls0 ws0\">Contra<span class=\"_ _1\"></span>t<span class=\"_ _df\"> </span></div></td><td></td><td></td><td class=\"c x6ca y2e3c wd39 h4bd\"><div class=\"t m0 x250 hd6 y2726 ff2b fs1b fc4 sc3 ls0 ws0\">misura<span class=\"_ _1\"></span>ti alla<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x6fe y2e3c wd3a h4bd\"><div class=\"t m0 x250 hd6 y2726 ff2b fs1b fc4 sc3 ls0 ws0\">Contra<span class=\"_ _df\"> </span></div></td><td></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td class=\"c x6cf y2e3d wd39 h4bd\"><div class=\"t m0 x250 hd6 y2726 ff2b fs1b fc4 sc3 ls0 ws0\">misura<span class=\"_ _1\"></span>ti alla<span class=\"_ _df\"> </span></div></td><td class=\"c x6fa y2e3d wd3b h4bd\"><div class=\"t m0 x250 hd6 y2726 ff2b fs1b fc4 sc3 ls0 ws0\">alla data<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td></tr><tr><td></td><td class=\"c x6c7 y2e3e wb07 h4bd\"><div class=\"t m0 x250 hd6 y2726 ff2b fs1b fc4 sc3 ls0 ws0\">data di<span class=\"_ _df\"> </span></div></td><td class=\"c x6ff y2e3e wb07 h4bd\"><div class=\"t m0 x250 hd6 y2726 ff2b fs1b fc4 sc3 ls0 ws0\">data di<span class=\"_ _df\"> </span></div></td><td class=\"c x700 y2e3e wb04 h4bd\"><div class=\"t m0 x250 hd6 y2726 ff2b fs1b fc4 sc3 ls0 ws0\">misura<span class=\"_ _1\"></span>ti alla<span class=\"_ _df\"> </span></div></td><td class=\"c x701 y2e3e wd3c h4bd\"><div class=\"t m0 x250 hd6 y2726 ff2b fs1b fc4 sc3 ls0 ws0\">ti<span class=\"_ _df\"> </span></div></td><td></td><td></td><td class=\"c x6d0 y2e3e wd3d h4bd\"><div class=\"t m0 x250 hd6 y2726 ff2b fs1b fc4 sc3 ls0 ws0\">data di<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x702 y2e3e wd3e h4bd\"><div class=\"t m0 x250 hd6 y2726 ff2b fs1b fc4 sc3 ls0 ws0\">tti<span class=\"_ _df\"> </span></div></td><td></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td class=\"c x6d7 y2e3f wd3d h4bd\"><div class=\"t m0 x250 hd6 y2726 ff2b fs1b fc4 sc3 ls0 ws0\">data di<span class=\"_ _df\"> </span></div></td><td class=\"c x703 y2e3f wb11 h4bd\"><div class=\"t m0 x250 hd6 y2726 ff2b fs1b fc4 sc3 ls0 ws0\">di<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td></tr><tr><td></td><td class=\"c x6c1 y2e40 wd3f h4bd\"><div class=\"t m0 x250 hd6 y2726 ff2b fs1b fc4 sc3 ls0 ws0\">transizio<span class=\"_ _f\"></span>ne<span class=\"_ _df\"> </span></div></td><td class=\"c x704 y2e40 wb0b h4bd\"><div class=\"t m0 x250 hd6 y2726 ff2b fs1b fc4 sc3 ls0 ws0\">transizio<span class=\"_ _f\"></span>ne con<span class=\"_ _df\"> </span></div></td><td class=\"c x705 y2e40 wb07 h4bd\"><div class=\"t m0 x250 hd6 y2726 ff2b fs1b fc4 sc3 ls0 ws0\">data di<span class=\"_ _df\"> </span></div></td><td class=\"c x706 y2e40 wd40 h4bd\"><div class=\"t m0 x250 hd6 y2726 ff2b fs1b fc4 sc3 ls0 ws0\">oggett<span class=\"_ _df\"> </span></div></td><td></td><td></td><td class=\"c x6d8 y2e40 wd41 h4bd\"><div class=\"t m0 x250 hd6 y2726 ff2b fs1b fc4 sc3 ls0 ws0\">transizio<span class=\"_ _f\"></span>ne con<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x6fe y2e40 wd40 h4bd\"><div class=\"t m0 x250 hd6 y2726 ff2b fs1b fc4 sc3 ls0 ws0\">oggett<span class=\"_ _df\"> </span></div></td><td></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td class=\"c x707 y2e41 w18a h2b7\"><div class=\"t m0 xac hd6 ycca ff2b fs1b fc4 sc3 ls0 ws0\">Totale<span class=\"fc1 sc0\"> </span></div></td><td class=\"c x6de y2e42 wd41 h4bd\"><div class=\"t m0 x250 hd6 y2726 ff2b fs1b fc4 sc3 ls0 ws0\">transizio<span class=\"_ _f\"></span>ne con<span class=\"_ _df\"> </span></div></td><td class=\"c x708 y2e42 wb0c h4bd\"><div class=\"t m0 x250 hd6 y2726 ff2b fs1b fc4 sc3 ls0 ws0\">transizio<span class=\"_ _f\"></span>n<span class=\"_ _df\"> </span></div></td><td></td><td></td><td class=\"c x709 y2e41 w493 h2b7\"><div class=\"t m0 xac hd6 ycca ff2b fs1b fc4 sc3 ls0 ws0\">Totale<span class=\"fc1 sc0\"> </span></div></td></tr><tr><td></td><td class=\"c x6f5 y2e43 wd42 h4c8\"><div class=\"t m0 x250 hd6 y2736 ff2b fs1b fc4 sc3 ls0 ws0\">con il<span class=\"_ _df\"> </span></div></td><td class=\"c x70a y2e43 wb0f h4c8\"><div class=\"t m0 x250 hd6 y2736 ff2b fs1b fc4 sc3 ls0 ws0\">il meto<span class=\"_ _1\"></span>do<span class=\"_ _df\"> </span></div></td><td class=\"c x70b y2e43 wd3f h4c8\"><div class=\"t m0 x250 hd6 y2736 ff2b fs1b fc4 sc3 ls0 ws0\">transizio<span class=\"_ _f\"></span>ne<span class=\"_ _df\"> </span></div></td><td class=\"c x70c y2e43 wd21 h4c8\"><div class=\"t m0 x250 hd6 y2736 ff2b fs1b fc4 sc3 ls0 ws0\">o di<span class=\"_ _df\"> </span></div></td><td></td><td></td><td class=\"c x6c5 y2e43 wd43 h4c8\"><div class=\"t m0 x250 hd6 y2736 ff2b fs1b fc4 sc3 ls0 ws0\">il meto<span class=\"_ _1\"></span>do<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x70d y2e43 wd21 h4c8\"><div class=\"t m0 x250 hd6 y2736 ff2b fs1b fc4 sc3 ls0 ws0\">o di<span class=\"_ _df\"> </span></div></td><td></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td class=\"c x6e1 y2e44 wd43 h4c8\"><div class=\"t m0 x250 hd6 y2736 ff2b fs1b fc4 sc3 ls0 ws0\">il meto<span class=\"_ _1\"></span>do<span class=\"_ _df\"> </span></div></td><td class=\"c x70e y2e44 wb10 h4c8\"><div class=\"t m0 x250 hd6 y2736 ff2b fs1b fc4 sc3 ls0 ws0\">e con il<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td></tr><tr><td></td><td class=\"c x70f y2e45 wb14 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff2b fs1b fc4 sc3 ls0 ws0\">metod<span class=\"_ _1\"></span>o<span class=\"_ _df\"> </span></div></td><td class=\"c x704 y2e45 wd44 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff2c fs1b fc4 sc3 ls0 ws0\">dell\u2019appl<span class=\"_ _f\"></span>ic<span class=\"_ _2\"></span>az<span class=\"ff2b\">i<span class=\"_ _f\"></span>o<span class=\"_ _2\"></span>n<span class=\"_ _df\"> </span></span></div></td><td class=\"c x710 y2e45 wd45 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff2b fs1b fc4 sc3 ls0 ws0\">con il m<span class=\"_ _f\"></span>e<span class=\"_ _2\"></span>to<span class=\"_ _1\"></span>do<span class=\"_ _df\"> </span></div></td><td class=\"c x706 y2e45 wb15 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff2b fs1b fc4 sc3 ls0 ws0\">carve-<span class=\"_ _df\"> </span></div></td><td></td><td></td><td class=\"c x6d8 y2e45 wb16 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff2c fs1b fc4 sc3 ls0 ws0\">dell\u2019appl<span class=\"_ _f\"></span>ic<span class=\"_ _2\"></span>az<span class=\"_ _1\"></span>ion<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x711 y2e45 wb15 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff2b fs1b fc4 sc3 ls0 ws0\">carve-<span class=\"_ _df\"> </span></div></td><td></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td class=\"c x6de y2e46 wb16 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff2c fs1b fc4 sc3 ls0 ws0\">dell\u2019appl<span class=\"_ _f\"></span>ic<span class=\"_ _2\"></span>az<span class=\"_ _1\"></span>ion<span class=\"_ _df\"> </span></div></td><td class=\"c x6fa y2e46 wd46 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff2b fs1b fc4 sc3 ls0 ws0\">metod<span class=\"_ _1\"></span>o<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td></tr><tr><td></td><td class=\"c x712 y2e47 wd47 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff2c fs1b fc4 sc3 ls0 ws0\">dell\u2019appl<span class=\"_ _f\"></span>ic<span class=\"_ _2\"></span>az<span class=\"_ _1\"></span>i<span class=\"_ _df\"> </span></div></td><td class=\"c x6fb y2e47 wb17 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff2b fs1b fc4 sc3 ls0 ws0\">e retroat<span class=\"_ _f\"></span>tiva<span class=\"_ _df\"> </span></div></td><td class=\"c x710 y2e47 wd48 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff2b fs1b fc4 sc3 ls0 ws0\">del fair v<span class=\"_ _f\"></span>alue<span class=\"_ _df\"> </span></div></td><td class=\"c x70c y2e47 wb19 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff2b fs1b fc4 sc3 ls0 ws0\">out<span class=\"_ _df\"> </span></div></td><td></td><td></td><td class=\"c x6ca y2e47 wd49 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff2b fs1b fc4 sc3 ls0 ws0\">e retroat<span class=\"_ _f\"></span>tiva<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x713 y2e47 wb19 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff2b fs1b fc4 sc3 ls0 ws0\">out<span class=\"_ _df\"> </span></div></td><td></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td class=\"c x6cf y2e48 wd49 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff2b fs1b fc4 sc3 ls0 ws0\">e retroat<span class=\"_ _f\"></span>tiva<span class=\"_ _df\"> </span></div></td><td class=\"c x70e y2e48 wb18 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff2b fs1b fc4 sc3 ls0 ws0\">del fair<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td></tr><tr><td></td><td class=\"c x714 y2e49 wd4a h4bd\"><div class=\"t m0 x250 hd6 y2736 ff2b fs1b fc4 sc3 ls0 ws0\">one<span class=\"_ _df\"> </span></div></td><td class=\"c x715 y2e49 wb1b h4bd\"><div class=\"t m0 x250 hd6 y2736 ff2b fs1b fc4 sc3 ls0 ws0\">modifi<span class=\"_ _1\"></span>cata<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td class=\"c x6e6 y2e49 wd4b h4bd\"><div class=\"t m0 x250 hd6 y2736 ff2b fs1b fc4 sc3 ls0 ws0\">modifi<span class=\"_ _1\"></span>cata<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td></tr><tr><td></td><td class=\"c x6c1 y2e4a wd4c h4bd\"><div class=\"t m0 x250 hd6 y2736 ff2b fs1b fc4 sc3 ls0 ws0\">retroatti<span class=\"_ _1\"></span>va<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td class=\"c x6e9 y2e4b wab3 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff2b fs1b fc4 sc3 ls0 ws0\">piena<span class=\"_ _df\"> </span></div></td><td class=\"c x716 y2e4b wb1c h4bd\"><div class=\"t m0 x250 hd6 y2736 ff2b fs1b fc4 sc3 ls0 ws0\">value<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td></tr><tr><td class=\"c x262 y2e4c wd4d h4bd\"><div class=\"t m0 x250 hd6 y2736 ff2b fs1b fc1 sc2 ls0 ws0\">Ricavi<span class=\"_ _df\"> </span></div></td><td class=\"c x6f5 y2e4d wab3 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff2b fs1b fc4 sc3 ls0 ws0\">piena<span class=\"_ _df\"> </span></div></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 x6bf y2e4e w183 h148\"><div class=\"t m0 x36 hd6 y394 ff2b fs1b fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x717 y2e4e w379 h148\"><div class=\"t m0 x90 hd6 y394 ff2b fs1b fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x718 y2e4e w48e h148\"><div class=\"t m0 x91 hd6 y394 ff2b fs1b fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x719 y2e4e w247 h148\"><div class=\"t m0 x8e hd6 y394 ff2b fs1b fc1 sc2 ls0 ws0\">11.383<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x707 y2e4e w494 h148\"><div class=\"t m0 x2f hd6 y394 ff2b fs1b fc1 sc2 ls4a ws0\">11.<span class=\"ls0\">3<span class=\"_ _1\"></span>83</span><span class=\"ls0\"><span class=\"sc0\"> </span></span></div></td><td class=\"c x6c0 y2e4e wf9 h148\"><div class=\"t m0 x7 hd6 y394 ff2b fs1b fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x6ec y2e4e wfa h148\"><div class=\"t m0 x7 hd6 y394 ff2b fs1b fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x71a y2e4e w19b h148\"><div class=\"t m0 x34 hd6 y394 ff2b fs1b fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x71b y2e4e w166 h148\"><div class=\"t m0 x8e hd6 y394 ff2b fs1b fc1 sc2 ls0 ws0\">5.960<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x709 y2e4e w3a7 h148\"><div class=\"t m0 x2e hd6 y394 ff2b fs1b fc1 sc2 ls0 ws0\">5.960<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x262 y2e4f wd4e h4bd\"><div class=\"t m0 x250 hd6 y2736 ff2b fs1b fc1 sc2 ls0 ws0\">assicura<span class=\"_ _1\"></span>tivi<span class=\"_ _df\"> </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 x262 y2e50 wc33 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff2b fs1b fc1 sc2 ls0 ws0\">Margine <span class=\"_ _f\"></span>sui<span class=\"_ _df\"> </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 x262 y2e51 wb15 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff2b fs1b fc1 sc2 ls0 ws0\">servizi<span class=\"_ _df\"> </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 x262 y2e52 wb1f h4bd\"><div class=\"t m0 x250 hd6 y2736 ff2b fs1b fc1 sc2 ls0 ws0\">contrattu<span class=\"_ _f\"></span>ali <span class=\"ff2c\">\u2013<span class=\"_ _df\"> </span></span></div></td><td class=\"c x6bf y2e53 w183 h154\"><div class=\"t m0 x36 hd6 yc62 ff2b fs1b fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x717 y2e53 w379 h154\"><div class=\"t m0 x90 hd6 yc62 ff2b fs1b fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x718 y2e53 w48e h154\"><div class=\"t m0 x91 hd6 yc62 ff2b fs1b fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x719 y2e53 w247 h154\"><div class=\"t m0 x2f hd6 yc62 ff2b fs1b fc1 sc2 ls0 ws0\">31.119<span class=\"sc0\"> </span></div></td><td class=\"c x707 y2e53 w494 h154\"><div class=\"t m0 x116 hd6 yc62 ff2b fs1b fc1 sc2 ls0 ws0\">31.119<span class=\"sc0\"> </span></div></td><td class=\"c x6c0 y2e53 wf9 h154\"><div class=\"t m0 x7 hd6 yc62 ff2b fs1b fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x6ec y2e53 wfa h154\"><div class=\"t m0 x7 hd6 yc62 ff2b fs1b fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x71a y2e53 w19b h154\"><div class=\"t m0 x34 hd6 yc62 ff2b fs1b fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x71b y2e53 w166 h154\"><div class=\"t m0 xab hd6 yc62 ff2b fs1b fc1 sc2 ls0 ws0\">19.245<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x709 y2e53 w3a7 h154\"><div class=\"t m0 x116 hd6 yc62 ff2b fs1b fc1 sc2 ls0 ws0\">19.245<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x262 y2e54 wd11 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff2b fs1b fc1 sc2 ls0 ws0\">Esistenz<span class=\"_ _f\"></span>e<span class=\"_ _df\"> </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 x262 y2e55 wd4f h4bd\"><div class=\"t m0 x250 hd6 y2736 ff2b fs1b fc1 sc2 ls0 ws0\">iniziali<span class=\"_ _df\"> </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 x262 y2e56 wd13 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff2b fs1b fc1 sc2 ls0 ws0\">Variazio<span class=\"_ _f\"></span>n<span class=\"_ _2\"></span>i<span class=\"_ _df\"> </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 x262 y2e57 wd15 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff2b fs1b fc1 sc2 ls0 ws0\">riferite ai<span class=\"_ _df\"> </span></div></td><td class=\"c x6bf y2e58 w183 h90\"><div class=\"t m0 x36 hd6 yc5f ff2b fs1b fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x717 y2e58 w379 h90\"><div class=\"t m0 x90 hd6 yc5f ff2b fs1b fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x718 y2e58 w48e h90\"><div class=\"t m0 x91 hd6 yc5f ff2b fs1b fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x719 y2e58 w247 h90\"><div class=\"t m0 xab hd6 yc5f ff2b fs1b fc1 sc2 ls0 ws0\">(5.33<span class=\"_ _1\"></span>2)<span class=\"sc0\"> </span></div></td><td class=\"c x707 y2e58 w494 h90\"><div class=\"t m0 xac hd6 yc5f ff2b fs1b fc1 sc2 ls0 ws0\">(5.33<span class=\"_ _1\"></span>2)<span class=\"sc0\"> </span></div></td><td class=\"c x6c0 y2e58 wf9 h90\"><div class=\"t m0 x7 hd6 yc5f ff2b fs1b fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x6ec y2e58 wfa h90\"><div class=\"t m0 x7 hd6 yc5f ff2b fs1b fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x71a y2e58 w19b h90\"><div class=\"t m0 x34 hd6 yc5f ff2b fs1b fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x71b y2e58 w166 h90\"><div class=\"t m0 xac hd6 yc5f ff2b fs1b fc1 sc2 ls0 ws0\">(3.117)<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x709 y2e58 w3a7 h90\"><div class=\"t m0 x2a hd6 yc5f ff2b fs1b fc1 sc2 ls0 ws0\">(3.117)<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x262 y2e59 wc40 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff2b fs1b fc1 sc2 ls0 ws0\">servizi a<span class=\"_ _1\"></span>ttuali<span class=\"_ _df\"> </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 x2a8 y2e5a wd16 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff2b fs1b fc1 sc0 ls0 ws0\">- Margine<span class=\"_ _df\"> </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 x2a8 y2d4d wd50 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff2b fs1b fc1 sc0 ls0 ws0\">sui servizi<span class=\"_ _df\"> </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 x2a8 y2d4f wd51 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff2b fs1b fc1 sc0 ls0 ws0\">contrattuali<span class=\"_ _df\"> </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 x2a8 y2e5b wd52 h4c3\"><div class=\"t m0 x250 hd6 y276e ff2b fs1b fc1 sc0 ls0 ws0\">rilevato in<span class=\"_ _df\"> </span></div><div class=\"t m0 x250 hd6 y2736 ff2b fs1b fc1 sc0 ls0 ws0\">conto<span class=\"_ _df\"> </span></div></td><td class=\"c x6bf y2e5c w183 h25a\"><div class=\"t m0 x36 hd6 yca7 ff2b fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x717 y2e5c w379 h25a\"><div class=\"t m0 x90 hd6 yca7 ff2b fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x718 y2e5c w48e h25a\"><div class=\"t m0 x91 hd6 yca7 ff2b fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x719 y2e5c w247 h25a\"><div class=\"t m0 xab hd6 yca7 ff2b fs1b fc1 sc0 ls0 ws0\">(5.332) </div></td><td class=\"c x707 y2e5c w494 h25a\"><div class=\"t m0 xac hd6 yca7 ff2b fs1b fc1 sc0 ls0 ws0\">(5.332) </div></td><td class=\"c x6c0 y2e5c wf9 h25a\"><div class=\"t m0 x7 hd6 yca7 ff2b fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x6ec y2e5c wfa h25a\"><div class=\"t m0 x7 hd6 yca7 ff2b fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x71a y2e5c w19b h25a\"><div class=\"t m0 x34 hd6 yca7 ff2b fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x71b y2e5c w166 h25a\"><div class=\"t m0 xac hd6 yca7 ff2b fs1b fc1 sc0 ls0 ws0\">(3.117) </div></td><td class=\"c x709 y2e5c w3a7 h25a\"><div class=\"t m0 x2a hd6 yca7 ff2b fs1b fc1 sc0 ls0 ws0\">(3.117) </div></td></tr><tr><td class=\"c x2a8 y2e5d wd53 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff2b fs1b fc1 sc0 ls0 ws0\">economico<span class=\"_ _df\"> </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 x2a8 y2866 wd54 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff2b fs1b fc1 sc0 ls0 ws0\">per riflettere<span class=\"_ _df\"> </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 x2a8 y2e5e wd1a h4bd\"><div class=\"t m0 x250 hd6 y2736 ff2b fs1b fc1 sc0 ls0 ws0\">i servizi<span class=\"_ _df\"> </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 x2a8 y2e5f wd55 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff2b fs1b fc1 sc0 ls0 ws0\">prestati<span class=\"_ _df\"> </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 x262 y2e60 wd13 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff2b fs1b fc1 sc2 ls0 ws0\">Variazio<span class=\"_ _f\"></span>n<span class=\"_ _2\"></span>i<span class=\"_ _df\"> </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 x262 y2e61 wd15 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff2b fs1b fc1 sc2 ls0 ws0\">riferite ai<span class=\"_ _df\"> </span></div></td><td class=\"c x6bf y2e62 w183 h90\"><div class=\"t m0 x36 hd6 yc5f ff2b fs1b fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x717 y2e62 w379 h90\"><div class=\"t m0 x90 hd6 yc5f ff2b fs1b fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x718 y2e62 w48e h90\"><div class=\"t m0 x91 hd6 yc5f ff2b fs1b fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x719 y2e62 w247 h90\"><div class=\"t m0 xac hd6 yc5f ff2b fs1b fc1 sc2 ls0 ws0\">31.704<span class=\"sc0\"> </span></div></td><td class=\"c x707 y2e62 w494 h90\"><div class=\"t m0 x8e hd6 yc5f ff2b fs1b fc1 sc2 ls0 ws0\">31.704<span class=\"sc0\"> </span></div></td><td class=\"c x6c0 y2e62 wf9 h90\"><div class=\"t m0 x7 hd6 yc5f ff2b fs1b fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x6ec y2e62 wfa h90\"><div class=\"t m0 x7 hd6 yc5f ff2b fs1b fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x71a y2e62 w19b h90\"><div class=\"t m0 x34 hd6 yc5f ff2b fs1b fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x71b y2e62 w166 h90\"><div class=\"t m0 x8e hd6 yc5f ff2b fs1b fc1 sc2 ls0 ws0\">8.925<span class=\"sc0\"> </span></div></td><td class=\"c x709 y2e62 w3a7 h90\"><div class=\"t m0 x2e hd6 yc5f ff2b fs1b fc1 sc2 ls0 ws0\">8.925<span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x262 y2e63 wd1c h4bd\"><div class=\"t m0 x250 hd6 y2736 ff2b fs1b fc1 sc2 ls0 ws0\">servizi fu<span class=\"_ _1\"></span>turi<span class=\"_ _df\"> </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 x2a8 y2e64 wb2b h4bd\"><div class=\"t m0 x250 hd6 y2736 ff2b fs1b fc1 sc0 ls0 ws0\">- Variazioni<span class=\"_ _df\"> </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 x2a8 y2e65 w96b h4bd\"><div class=\"t m0 x250 hd6 y2736 ff2b fs1b fc1 sc0 ls0 ws0\">delle stime<span class=\"_ _df\"> </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 x2a8 y2e66 wb2c h4bd\"><div class=\"t m0 x250 hd6 y2736 ff2b fs1b fc1 sc0 ls0 ws0\">che<span class=\"_ _df\"> </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 x2a8 y2e67 wd56 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff2b fs1b fc1 sc0 ls0 ws0\">modificano<span class=\"_ _df\"> </span></div></td><td class=\"c x6bf y2e68 w183 h1d7\"><div class=\"t m0 x36 hd6 yc61 ff2b fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x717 y2e68 w379 h1d7\"><div class=\"t m0 x90 hd6 yc61 ff2b fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x718 y2e68 w48e h1d7\"><div class=\"t m0 x91 hd6 yc61 ff2b fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x719 y2e68 w247 h1d7\"><div class=\"t m0 x2f hd6 yc61 ff2b fs1b fc1 sc0 ls0 ws0\">8.253 </div></td><td class=\"c x707 y2e68 w494 h1d7\"><div class=\"t m0 x16a hd6 yc61 ff2b fs1b fc1 sc0 ls0 ws0\">8.253 </div></td><td class=\"c x6c0 y2e68 wf9 h1d7\"><div class=\"t m0 x7 hd6 yc61 ff2b fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x6ec y2e68 wfa h1d7\"><div class=\"t m0 x7 hd6 yc61 ff2b fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x71a y2e68 w19b h1d7\"><div class=\"t m0 x34 hd6 yc61 ff2b fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x71b y2e68 w166 h1d7\"><div class=\"t m0 xac hd6 yc61 ff2b fs1b fc1 sc0 ls0 ws0\">(1.918) </div></td><td class=\"c x709 y2e68 w3a7 h1d7\"><div class=\"t m0 x116 hd6 yc61 ff2b fs1b fc1 sc0 ls0 ws0\">(1.918) </div></td></tr><tr><td class=\"c x2a8 y2e69 wd57 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff2b fs1b fc1 sc0 ls0 ws0\">il margine<span class=\"_ _df\"> </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 x2a8 y2e6a wd50 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff2b fs1b fc1 sc0 ls0 ws0\">sui servizi<span class=\"_ _df\"> </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 x2a8 y2e6b wd51 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff2b fs1b fc1 sc0 ls0 ws0\">contrattuali<span class=\"_ _df\"> </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 x2a8 y2e6c wb2f h4bd\"><div class=\"t m0 x250 hd6 y2736 ff2b fs1b fc1 sc0 ls0 ws0\">- Effetti dei<span class=\"_ _df\"> </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 x2a8 y24bb wa83 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff2b fs1b fc1 sc0 ls0 ws0\">contratti<span class=\"_ _df\"> </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 x2a8 y2e6d wd58 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff2b fs1b fc1 sc0 ls0 ws0\">inizialmente<span class=\"_ _df\"> </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 x2a8 y2e6e wb31 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff2b fs1b fc1 sc0 ls0 ws0\">rilevati<span class=\"_ _df\"> </span></div></td><td class=\"c x6bf y2e6f w183 h1db\"><div class=\"t m0 x36 hd6 yca9 ff2b fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x717 y2e6f w379 h1db\"><div class=\"t m0 x90 hd6 yca9 ff2b fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x718 y2e6f w48e h1db\"><div class=\"t m0 x91 hd6 yca9 ff2b fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x719 y2e6f w247 h1db\"><div class=\"t m0 xac hd6 yca9 ff2b fs1b fc1 sc0 ls0 ws0\">23.451 </div></td><td class=\"c x707 y2e6f w494 h1db\"><div class=\"t m0 x8e hd6 yca9 ff2b fs1b fc1 sc0 ls0 ws0\">23.451 </div></td><td class=\"c x6c0 y2e6f wf9 h1db\"><div class=\"t m0 x7 hd6 yca9 ff2b fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x6ec y2e6f wfa h1db\"><div class=\"t m0 x7 hd6 yca9 ff2b fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x71a y2e6f w19b h1db\"><div class=\"t m0 x34 hd6 yca9 ff2b fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x71b y2e6f w166 h1db\"><div class=\"t m0 xab hd6 yca9 ff2b fs1b fc1 sc0 ls0 ws0\">10.843 </div></td><td class=\"c x709 y2e6f w3a7 h1db\"><div class=\"t m0 x16a hd6 yca9 ff2b fs1b fc1 sc0 ls0 ws0\">10.843 </div></td></tr><tr><td class=\"c x2a8 y2e70 wd20 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff2c fs1b fc1 sc0 ls0 ws0\">nell\u2019esercizi<span class=\"_ _df\"> </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 x2a8 y2e71 wd21 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff2b fs1b fc1 sc0 ls0 ws0\">o di<span class=\"_ _df\"> </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 x2a8 y2e72 wc4d h4bd\"><div class=\"t m0 x250 hd6 y2736 ff2b fs1b fc1 sc0 ls0 ws0\">riferimento<span class=\"_ _df\"> </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 x262 y2e73 wd22 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff2b fs1b fc1 sc2 ls0 ws0\">Ricavi/<span class=\"_ _1\"></span>costi di<span class=\"_ _df\"> </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 x262 y2e74 wd59 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff2b fs1b fc1 sc2 ls0 ws0\">natura<span class=\"_ _df\"> </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 x262 y2b49 w911 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff2b fs1b fc1 sc2 ls0 ws0\">finanzia<span class=\"_ _f\"></span>ri<span class=\"_ _2\"></span>a<span class=\"_ _df\"> </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 x2a8 y2e75 wd24 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff2b fs1b fc1 sc0 ls0 ws0\">1. Relativi ai<span class=\"_ _df\"> </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 x2a8 y2e76 wa83 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff2b fs1b fc1 sc0 ls0 ws0\">contratti<span class=\"_ _df\"> </span></div></td><td class=\"c x6bf y2e77 w183 h89\"><div class=\"t m0 x36 hd6 y3d ff2b fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x717 y2e77 w379 h89\"><div class=\"t m0 x90 hd6 y3d ff2b fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x718 y2e77 w48e h89\"><div class=\"t m0 x91 hd6 y3d ff2b fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x719 y2e77 w247 h89\"><div class=\"t m0 x2f hd6 y3d ff2b fs1b fc1 sc0 ls0 ws0\">2.4<span class=\"ls8c\">85</span> </div></td><td class=\"c x707 y2e77 w494 h89\"><div class=\"t m0 x16a hd6 y3d ff2b fs1b fc1 sc0 ls0 ws0\">2.485 </div></td><td class=\"c x6c0 y2e77 wf9 h89\"><div class=\"t m0 x7 hd6 y3d ff2b fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x6ec y2e77 wfa h89\"><div class=\"t m0 x7 hd6 y3d ff2b fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x71a y2e77 w19b h89\"><div class=\"t m0 x34 hd6 y3d ff2b fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x71b y2e77 w166 h89\"><div class=\"t m0 xac hd6 y3d ff2b fs1b fc1 sc0 ls0 ws0\">6.066 </div></td><td class=\"c x709 y2e77 w3a7 h89\"><div class=\"t m0 x2a hd6 y3d ff2b fs1b fc1 sc0 ls0 ws0\">6.066 </div></td></tr><tr><td class=\"c x2a8 y2e78 wd5a h4bd\"><div class=\"t m0 x250 hd6 y2736 ff2b fs1b fc1 sc0 ls0 ws0\">assicurativi<span class=\"_ _df\"> </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 x2a8 y2e79 wd25 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff2b fs1b fc1 sc0 ls0 ws0\">emessi<span class=\"_ _df\"> </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 x2a8 y2e7a wd5b h4bd\"><div class=\"t m0 x250 hd6 y2736 ff2b fs1b fc1 sc0 ls0 ws0\">2. Effetti<span class=\"_ _df\"> </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 x2a8 y2e7b wd26 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff2b fs1b fc1 sc0 ls0 ws0\">connessi<span class=\"_ _df\"> </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 x2a8 y2e7c wd27 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff2b fs1b fc1 sc0 ls0 ws0\">con le<span class=\"_ _df\"> </span></div></td><td class=\"c x6bf y2e7d w183 h170\"><div class=\"t m0 x36 hd6 y293 ff2b fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x717 y2e7d w379 h170\"><div class=\"t m0 x90 hd6 y293 ff2b fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x718 y2e7d w48e h170\"><div class=\"t m0 x91 hd6 y293 ff2b fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x719 y2e7d w247 h170\"><div class=\"t m0 x32 hd6 y293 ff2b fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x707 y2e7d w494 h170\"><div class=\"t m0 x35 hd6 y293 ff2b fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x6c0 y2e7d wf9 h170\"><div class=\"t m0 x7 hd6 y293 ff2b fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x6ec y2e7d wfa h170\"><div class=\"t m0 x7 hd6 y293 ff2b fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x71a y2e7d w19b h170\"><div class=\"t m0 x34 hd6 y293 ff2b fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x71b y2e7d w166 h170\"><div class=\"t m0 x33 hd6 y293 ff2b fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x709 y2e7d w3a7 h170\"><div class=\"t m0 x27 hd6 y293 ff2b fs1b fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2a8 y2887 wd11 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff2b fs1b fc1 sc0 ls0 ws0\">variazioni<span class=\"_ _df\"> </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 x2a8 y2e7e wd5c h4bd\"><div class=\"t m0 x250 hd6 y2736 ff2b fs1b fc1 sc0 ls0 ws0\">dei tassi di<span class=\"_ _df\"> </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 x2a8 y2e7f wd5d h4bd\"><div class=\"t m0 x250 hd6 y2736 ff2b fs1b fc1 sc0 ls0 ws0\">cambio<span class=\"_ _df\"> </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 x46b y2e80 w227 h77\"><div class=\"t m0 x16a hd6 y302 ff2b fs1b fc1 sc0 ls0 ws0\">3. Totale </div></td><td class=\"c x6bf y2e80 w183 h77\"><div class=\"t m0 x36 hd6 y302 ff2b fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x717 y2e80 w379 h77\"><div class=\"t m0 x90 hd6 y302 ff2b fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x718 y2e80 w48e h77\"><div class=\"t m0 x91 hd6 y302 ff2b fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x719 y2e80 w247 h77\"><div class=\"t m0 x2f hd6 y302 ff2b fs1b fc1 sc0 ls0 ws0\">2.485 </div></td><td class=\"c x707 y2e80 w494 h77\"><div class=\"t m0 x16a hd6 y302 ff2b fs1b fc1 sc0 ls0 ws0\">2.485 </div></td><td class=\"c x6c0 y2e80 wf9 h77\"><div class=\"t m0 x7 hd6 y302 ff2b fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x6ec y2e80 wfa h77\"><div class=\"t m0 x7 hd6 y302 ff2b fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x71a y2e80 w19b h77\"><div class=\"t m0 x34 hd6 y302 ff2b fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x71b y2e80 w166 h77\"><div class=\"t m0 xac hd6 y302 ff2b fs1b fc1 sc0 ls0 ws0\">6.066 </div></td><td class=\"c x709 y2e80 w3a7 h77\"><div class=\"t m0 x2a hd6 y302 ff2b fs1b fc1 sc0 ls0 ws0\">6.066 </div></td></tr><tr><td class=\"c x46b y2e81 w227 h260\"><div class=\"t m0 x8a hd6 y5b ff2b fs1b fc1 sc2 ls0 ws0\">Altri m<span class=\"_ _1\"></span>oviment<span class=\"_ _1\"></span>i<span class=\"sc0\"> </span></div></td><td class=\"c x6bf y2e81 w183 h260\"><div class=\"t m0 x36 hd6 y5b ff2b fs1b fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x717 y2e81 w379 h260\"><div class=\"t m0 x90 hd6 y5b ff2b fs1b fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x718 y2e81 w48e h260\"><div class=\"t m0 x91 hd6 y5b ff2b fs1b fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x719 y2e81 w247 h260\"><div class=\"t m0 x32 hd6 y5b ff2b fs1b fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x707 y2e81 w494 h260\"><div class=\"t m0 x35 hd6 y5b ff2b fs1b fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x6c0 y2e81 wf9 h260\"><div class=\"t m0 x7 hd6 y5b ff2b fs1b fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x6ec y2e81 wfa h260\"><div class=\"t m0 x7 hd6 y5b ff2b fs1b fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x71a y2e81 w19b h260\"><div class=\"t m0 x34 hd6 y5b ff2b fs1b fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x71b y2e81 w166 h260\"><div class=\"t m0 x33 hd6 y5b ff2b fs1b fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x709 y2e81 w3a7 h260\"><div class=\"t m0 x27 hd6 y5b ff2b fs1b fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x262 y2e82 wd2a h4bd\"><div class=\"t m0 x250 hd6 y2736 ff2b fs1b fc1 sc2 ls0 ws0\">Totale<span class=\"_ _df\"> </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 x262 y2e83 wd2b h4bd\"><div class=\"t m0 x250 hd6 y2736 ff2b fs1b fc1 sc2 ls0 ws0\">variazio<span class=\"_ _1\"></span>ni<span class=\"_ _df\"> </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 x262 y2e2d wd5e h518\"><div class=\"t m0 x250 hd6 y2e84 ff2b fs1b fc1 sc2 ls0 ws0\">riconos<span class=\"_ _1\"></span>ciute in<span class=\"_ _df\"> </span></div><div class=\"t m0 x250 hd6 y2736 ff2b fs1b fc1 sc2 ls0 ws0\">conto<span class=\"_ _df\"> </span></div></td><td class=\"c x6bf y2e85 w183 h2b8\"><div class=\"t m0 x36 hd6 yce6 ff2b fs1b fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x717 y2e85 w379 h2b8\"><div class=\"t m0 x90 hd6 yce6 ff2b fs1b fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x718 y2e85 w48e h2b8\"><div class=\"t m0 x91 hd6 yce6 ff2b fs1b fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x719 y2e85 w247 h2b8\"><div class=\"t m0 xac hd6 yce6 ff2b fs1b fc1 sc2 ls0 ws0\">28.85<span class=\"_ _1\"></span>7<span class=\"sc0\"> </span></div></td><td class=\"c x707 y2e85 w494 h2b8\"><div class=\"t m0 xac hd6 yce6 ff2b fs1b fc1 sc2 ls0 ws0\">28.85<span class=\"_ _1\"></span>7<span class=\"sc0\"> </span></div></td><td class=\"c x6c0 y2e85 wf9 h2b8\"><div class=\"t m0 x7 hd6 yce6 ff2b fs1b fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x6ec y2e85 wfa h2b8\"><div class=\"t m0 x7 hd6 yce6 ff2b fs1b fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x71a y2e85 w19b h2b8\"><div class=\"t m0 x34 hd6 yce6 ff2b fs1b fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x71b y2e85 w166 h2b8\"><div class=\"t m0 xac hd6 yce6 ff2b fs1b fc1 sc2 ls0 ws0\">11.874<span class=\"sc0\"> </span></div></td><td class=\"c x709 y2e85 w3a7 h2b8\"><div class=\"t m0 x2a hd6 yce6 ff2b fs1b fc1 sc2 ls0 ws0\">11.874<span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x262 y2e86 wd2c h4bd\"><div class=\"t m0 x250 hd6 y2736 ff2b fs1b fc1 sc2 ls0 ws0\">econo<span class=\"_ _1\"></span>mico e<span class=\"_ _df\"> </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 x262 y2e87 wd2d h4bd\"><div class=\"t m0 x250 hd6 y2736 ff2b fs1b fc1 sc2 ls0 ws0\">nel cont<span class=\"_ _f\"></span>o<span class=\"_ _df\"> </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 x262 y2e31 wd5f h4bd\"><div class=\"t m0 x250 hd6 y2736 ff2b fs1b fc1 sc2 ls0 ws0\">econo<span class=\"_ _1\"></span>mico<span class=\"_ _df\"> </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 x262 y2c55 wb41 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff2b fs1b fc1 sc2 ls0 ws0\">comple<span class=\"_ _f\"></span>ssivo<span class=\"_ _df\"> </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 x262 y2e32 wc33 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff2b fs1b fc1 sc2 ls0 ws0\">Margine <span class=\"_ _f\"></span>sui<span class=\"_ _df\"> </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 x262 y25a2 wb15 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff2b fs1b fc1 sc2 ls0 ws0\">servizi<span class=\"_ _df\"> </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 x262 y2e88 wb1f h4bd\"><div class=\"t m0 x250 hd6 y2736 ff2b fs1b fc1 sc2 ls0 ws0\">contrattu<span class=\"_ _f\"></span>ali <span class=\"ff2c\">\u2013<span class=\"_ _df\"> </span></span></div></td><td class=\"c x6bf y2e89 w183 h153\"><div class=\"t m0 x36 hd6 y473 ff2b fs1b fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x717 y2e89 w379 h153\"><div class=\"t m0 x90 hd6 y473 ff2b fs1b fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x718 y2e89 w48e h153\"><div class=\"t m0 x91 hd6 y473 ff2b fs1b fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x719 y2e89 w247 h153\"><div class=\"t m0 xac hd6 y473 ff2b fs1b fc1 sc2 ls0 ws0\">59.976<span class=\"sc0\"> </span></div></td><td class=\"c x707 y2e89 w494 h153\"><div class=\"t m0 xac hd6 y473 ff2b fs1b fc1 sc2 ls0 ws0\">59.976<span class=\"sc0\"> </span></div></td><td class=\"c x6c0 y2e89 wf9 h153\"><div class=\"t m0 x7 hd6 y473 ff2b fs1b fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x6ec y2e89 wfa h153\"><div class=\"t m0 x7 hd6 y473 ff2b fs1b fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x71a y2e89 w19b h153\"><div class=\"t m0 x34 hd6 y473 ff2b fs1b fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x71b y2e89 w166 h153\"><div class=\"t m0 x8e hd6 y473 ff2b fs1b fc1 sc2 ls0 ws0\">31.119<span class=\"sc0\"> </span></div></td><td class=\"c x709 y2e89 w3a7 h153\"><div class=\"t m0 x2e hd6 y473 ff2b fs1b fc1 sc2 ls0 ws0\">31.119<span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x262 y28c1 wd60 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff2b fs1b fc1 sc2 ls0 ws0\">Riman<span class=\"_ _1\"></span>enze<span class=\"_ _df\"> </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 x262 y2491 wd61 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff2b fs1b fc1 sc2 ls0 ws0\">finali<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr></table></div>Eleme<span class=\"_ _f\"></span>nti sot<span class=\"_ _1\"></span>tosta<span class=\"_ _1\"></span>nte a<span class=\"_ _1\"></span>lla mi<span class=\"_ _1\"></span>sura<span class=\"_ _1\"></span>zione <span class=\"_ _1\"></span>dei co<span class=\"_ _f\"></span>ntratti <span class=\"_ _1\"></span>di as<span class=\"_ _f\"></span>sicurazio<span class=\"_ _1\"></span>ne em<span class=\"_ _1\"></span>essi <span class=\"_ _1\"></span>iscrit<span class=\"_ _1\"></span>ti nell'es<span class=\"_ _1\"></span>erci<span class=\"_ _1\"></span>zio<span class=\"_ _df\"> </span>Contr<span class=\"_ _1\"></span>atti a<span class=\"_ _f\"></span>ssicurat<span class=\"_ _1\"></span>ivi em<span class=\"_ _f\"></span>essi con<span class=\"_ _f\"></span> elementi<span class=\"_ _1\"></span> di p<span class=\"_ _1\"></span>arte<span class=\"_ _1\"></span>cipazi<span class=\"_ _1\"></span>one d<span class=\"_ _1\"></span>irett<span class=\"_ _f\"></span>a - Segment<span class=\"_ _f\"></span>o Vita<table class=\"s wd62 h519\" id=\"_bbdf99d0-b192-4cf3-9acb-d96fcd1e0818\"><tr><td></td><td></td><td class=\"c x71c y2e8a we h240\"><div class=\"t m0 xf h1f y32 ff2b fs7 fc4 sc3 ls0 ws0\">Cont<span class=\"_ _f\"></span>ratti or<span class=\"_ _1\"></span>igina<span class=\"_ _f\"></span>ti<span class=\"fc1 sc0\"> </span></div></td><td></td><td></td><td></td><td class=\"c x6ec y2e8a w495 h240\"><div class=\"t m0 xf h1f y32 ff2b fs7 fc4 sc3 ls0 ws0\">Cont<span class=\"_ _f\"></span>ratti or<span class=\"_ _1\"></span>igina<span class=\"_ _f\"></span>ti<span class=\"fc1 sc0\"> </span></div></td><td></td><td></td></tr><tr><td class=\"c x46b y2e8b w496 h49\"><div class=\"t m0 x11 h1f y25c ff2b fs7 fc4 sc3 ls0 ws0\">Voci<span class=\"_ _1\"></span>/Gru<span class=\"_ _f\"></span>ppi di co<span class=\"_ _1\"></span>ntr<span class=\"_ _1\"></span>atti<span class=\"fc1 sc0\"> </span></div></td><td></td><td class=\"c x71c y2e8b we h49\" colspan=\"2\"><div class=\"t m0 x11d h1f y25 ff2b fs7 fc4 sc3 ls0 ws0\">31/12/<span class=\"_ _f\"></span>2025<span class=\"fc1 sc0\"> </span></div></td><td></td><td></td><td class=\"c x6ec y2e8b w497 h49\" colspan=\"2\"><div class=\"t m0 x11d h1f y25 ff2b fs7 fc4 sc3 ls0 ws0\">31/12/<span class=\"_ _f\"></span>2024<span class=\"fc1 sc0\"> </span></div></td><td></td></tr><tr><td></td><td class=\"c x71d y2e8c wd63 h484\"><div class=\"t m0 x250 h1f y2409 ff2b fs7 fc4 sc3 ls0 ws0\">Cont<span class=\"_ _f\"></span>ratti<span class=\"_ _df\"> </span></div></td><td class=\"c x71e y2e8c wd63 h484\" colspan=\"2\"><div class=\"t m0 x250 h1f y2409 ff2b fs7 fc4 sc3 ls0 ws0\">Cont<span class=\"_ _f\"></span>ratti<span class=\"_ _df\"> </span></div></td><td class=\"c x71f y2e8d w49a had\"><div class=\"t m0 x2e h1f y420 ff2b fs7 fc4 sc3 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale<span class=\"fc1 sc0\"> </span></div></td><td class=\"c x720 y2e8c wd63 h484\"><div class=\"t m0 x250 h1f y2409 ff2b fs7 fc4 sc3 ls0 ws0\">Cont<span class=\"_ _f\"></span>ratti<span class=\"_ _df\"> </span></div></td><td class=\"c x721 y2e8c wd63 h484\" colspan=\"2\"><div class=\"t m0 x250 h1f y2409 ff2b fs7 fc4 sc3 ls0 ws0\">Cont<span class=\"_ _f\"></span>ratti<span class=\"_ _df\"> </span></div></td><td class=\"c x4f6 y2e8d w49b had\"><div class=\"t m0 x2e h1f y420 ff2b fs7 fc4 sc3 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale<span class=\"fc1 sc0\"> </span></div></td></tr><tr><td class=\"c x262 y2e74 wd64 h4d6\"><div class=\"t m0 x250 h1f y2410 ff2b fs7 fc1 sc2 ls0 ws0\">A. St<span class=\"_ _1\"></span>ima<span class=\"_ _1\"></span> del v<span class=\"_ _f\"></span>alore at<span class=\"_ _f\"></span>tuale de<span class=\"_ _f\"></span>i flussi<span class=\"_ _df\"> </span></div></td><td class=\"c x722 y2e8e wd65 h484\"><div class=\"t m0 x250 h1f y2409 ff2b fs7 fc4 sc3 ls0 ws0\">oner<span class=\"_ _f\"></span>osi<span class=\"_ _df\"> </span></div></td><td class=\"c x723 y2e8e wd66 h484\" colspan=\"2\"><div class=\"t m0 x250 h1f y2409 ff2b fs7 fc4 sc3 ls0 ws0\">non<span class=\"_ _1\"></span> oner<span class=\"_ _f\"></span>osi<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x6e6 y2e8e wd67 h484\"><div class=\"t m0 x250 h1f y2409 ff2b fs7 fc4 sc3 ls0 ws0\">oner<span class=\"_ _f\"></span>osi<span class=\"_ _df\"> </span></div></td><td class=\"c x724 y2e8e wd68 h484\" colspan=\"2\"><div class=\"t m0 x250 h1f y2409 ff2b fs7 fc4 sc3 ls0 ws0\">non<span class=\"_ _1\"></span> oner<span class=\"_ _f\"></span>osi<span class=\"_ _df\"> </span></div></td><td></td></tr><tr><td class=\"c x262 y2e8f wd69 h484\"><div class=\"t m0 x250 h1f y2410 ff2b fs7 fc1 sc2 ls0 ws0\">finan<span class=\"_ _f\"></span>ziari fut<span class=\"_ _1\"></span>uri in<span class=\"_ _f\"></span> uscita<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x46b y2e90 w49c hcb\"><div class=\"t m0 x16a h1f y80 ff2b fs7 fc1 sc0 ls0 ws0\">1. Costi di acquis<span class=\"_ _1\"></span>izione dei contra<span class=\"_ _1\"></span>tti<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x71c y2e90 w86 hcb\"><div class=\"t m0 x91 h1f y80 ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x725 y2e90 w37b hcb\"><div class=\"t m0 x91 h1f y80 ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x71f y2e90 w93 hcb\"><div class=\"t m0 x91 h1f y80 ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x6ec y2e90 w4f hcb\"><div class=\"t m0 x91 h1f y80 ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x726 y2e90 w269 hcb\"><div class=\"t m0 x91 h1f y80 ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x727 y2e90 w4d hcb\"><div class=\"t m0 x91 h1f y80 ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2a8 y2e91 wd6a h484\"><div class=\"t m0 x250 h1f y2410 ff2b fs7 fc1 sc0 ls0 ws0\">2. Importo dei sin<span class=\"_ _1\"></span>istri e altri co<span class=\"_ _1\"></span>sti<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x71c y2e92 w86 h58\"><div class=\"t m0 x91 h1f y2ea ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x725 y2e92 w37b h58\"><div class=\"t m0 x14 h1f y2ea ff2b fs7 fc1 sc0 ls0 ws0\">417.360 </div></td><td class=\"c x71f y2e92 w93 h58\"><div class=\"t m0 x14 h1f y2ea ff2b fs7 fc1 sc0 ls0 ws0\">417.360 </div></td><td></td><td class=\"c x6ec y2e92 w4f h58\"><div class=\"t m0 x91 h1f y2ea ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x726 y2e92 w269 h58\"><div class=\"t m0 x2e h1f y2ea ff2b fs7 fc1 sc0 ls0 ws0\">1.026.512 </div></td><td class=\"c x727 y2e92 w4d h58\"><div class=\"t m0 x2e h1f y2ea ff2b fs7 fc1 sc0 ls0 ws0\">1.026.512 </div></td></tr><tr><td class=\"c x2a8 y2e93 wd6b h484\"><div class=\"t m0 x250 h1f y2410 ff2b fs7 fc1 sc0 ls0 ws0\">direttamente attr<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span>buibi<span class=\"_ _1\"></span>li<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x46b y2e94 w49c h49\"><div class=\"t m0 x16a h1f y25c ff2b fs7 fc1 sc0 ls0 ws0\">3. Totale </div></td><td></td><td class=\"c x71c y2e94 w86 h49\"><div class=\"t m0 x91 h1f y25c ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x725 y2e94 w37b h49\"><div class=\"t m0 x14 h1f y25c ff2b fs7 fc1 sc0 ls0 ws0\">417.360 </div></td><td class=\"c x71f y2e94 w93 h49\"><div class=\"t m0 x14 h1f y25c ff2b fs7 fc1 sc0 ls0 ws0\">417.360 </div></td><td></td><td class=\"c x6ec y2e94 w4f h49\"><div class=\"t m0 x91 h1f y25c ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x726 y2e94 w269 h49\"><div class=\"t m0 x2e h1f y25c ff2b fs7 fc1 sc0 ls0 ws0\">1.026.512 </div></td><td class=\"c x727 y2e94 w4d h49\"><div class=\"t m0 x2e h1f y25c ff2b fs7 fc1 sc0 ls0 ws0\">1.026.512 </div></td></tr><tr><td class=\"c x262 y2e95 wd6c h48b\"><div class=\"t m0 x250 h1f y2410 ff2b fs7 fc1 sc2 ls0 ws0\">B. St<span class=\"_ _f\"></span>ima del v<span class=\"_ _1\"></span>alor<span class=\"_ _f\"></span>e attual<span class=\"_ _f\"></span>e dei fl<span class=\"_ _1\"></span>ussi<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x71c y2e96 w86 h58\"><div class=\"t m0 x91 h1f y420 ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x725 y2e96 w37b h58\"><div class=\"t m0 x2e h1f y420 ff2b fs7 fc1 sc0 ls0 ws0\">(457.130) </div></td><td class=\"c x71f y2e96 w93 h58\"><div class=\"t m0 x2e h1f y420 ff2b fs7 fc1 sc0 ls0 ws0\">(457.130) </div></td><td></td><td class=\"c x6ec y2e96 w4f h58\"><div class=\"t m0 x91 h1f y420 ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x726 y2e96 w269 h58\"><div class=\"t m0 xac h1f y420 ff2b fs7 fc1 sc0 ls0 ws0\">(1.098.426)</div></td><td class=\"c x727 y2e96 w4d h58\"><div class=\"t m0 xac h1f y420 ff2b fs7 fc1 sc0 ls0 ws0\">(1.098.426) </div></td></tr><tr><td class=\"c x262 y2e97 wd6d h484\"><div class=\"t m0 x250 h1f y2410 ff2b fs7 fc1 sc2 ls0 ws0\">finan<span class=\"_ _f\"></span>ziari fut<span class=\"_ _1\"></span>uri in<span class=\"_ _f\"></span> entrat<span class=\"_ _f\"></span>a<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x262 y2e98 wd6e h484\"><div class=\"t m0 x250 h1f y2410 ff2b fs7 fc1 sc2 ls0 ws0\">C. St<span class=\"_ _1\"></span>ima<span class=\"_ _1\"></span> del v<span class=\"_ _f\"></span>alore at<span class=\"_ _f\"></span>tuale ne<span class=\"_ _1\"></span>tto<span class=\"_ _1\"></span> dei f<span class=\"_ _1\"></span>lus<span class=\"_ _1\"></span>si<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x71c y2e99 w86 hbb\"><div class=\"t m0 x91 h1f y420 ff2b fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x725 y2e99 w37b hbb\"><div class=\"t m0 x39 h1f y420 ff2b fs7 fc1 sc2 ls0 ws0\">(39.7<span class=\"_ _f\"></span>70)<span class=\"sc0\"> </span></div></td><td class=\"c x71f y2e99 w93 hbb\"><div class=\"t m0 x39 h1f y420 ff2b fs7 fc1 sc2 ls0 ws0\">(39.7<span class=\"_ _f\"></span>70)<span class=\"sc0\"> </span></div></td><td></td><td class=\"c x6ec y2e99 w4f hbb\"><div class=\"t m0 x91 h1f y420 ff2b fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x726 y2e99 w269 hbb\"><div class=\"t m0 x33 h1f y420 ff2b fs7 fc1 sc2 ls0 ws0\">(71.9<span class=\"_ _1\"></span>14)<span class=\"sc0\"> </span></div></td><td class=\"c x727 y2e99 w4d hbb\"><div class=\"t m0 x33 h1f y420 ff2b fs7 fc1 sc2 ls0 ws0\">(71.9<span class=\"_ _1\"></span>14)<span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x262 y2e9a wd6f h484\"><div class=\"t m0 x250 h1f y2410 ff2b fs7 fc1 sc2 ls0 ws0\">finan<span class=\"_ _f\"></span>ziari fut<span class=\"_ _1\"></span>uri <span class=\"_ _1\"></span>(A-<span class=\"lse7\">B</span><span class=\"lse7\">)<span class=\"_ _df\"> </span></span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x262 y2e9b wd70 h48b\"><div class=\"t m0 x250 h1f y2410 ff2b fs7 fc1 sc2 ls0 ws0\">D. St<span class=\"_ _f\"></span>ima ag<span class=\"_ _1\"></span>giust<span class=\"_ _1\"></span>ame<span class=\"_ _1\"></span>nto<span class=\"_ _1\"></span> per i<span class=\"_ _1\"></span> risc<span class=\"_ _1\"></span>hi n<span class=\"_ _f\"></span>on<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x71c y2e9c w86 h58\"><div class=\"t m0 x91 h1f y420 ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x725 y2e9c w37b h58\"><div class=\"t m0 x37 h1f y420 ff2b fs7 fc1 sc0 ls0 ws0\">6.171 </div></td><td class=\"c x71f y2e9c w93 h58\"><div class=\"t m0 x37 h1f y420 ff2b fs7 fc1 sc0 ls0 ws0\">6.171 </div></td><td></td><td class=\"c x6ec y2e9c w4f h58\"><div class=\"t m0 x91 h1f y420 ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x726 y2e9c w269 h58\"><div class=\"t m0 x35 h1f y420 ff2b fs7 fc1 sc0 ls0 ws0\">14.446<span class=\"_ _df\"> </span></div></td><td class=\"c x727 y2e9c w4d h58\"><div class=\"t m0 x35 h1f y420 ff2b fs7 fc1 sc0 ls0 ws0\">14.446 </div></td></tr><tr><td class=\"c x262 y2e9d wd71 h484\"><div class=\"t m0 x250 h1f y2410 ff2b fs7 fc1 sc2 ls0 ws0\">finan<span class=\"_ _f\"></span>ziari<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x262 y2e9e wd72 h4b6\"><div class=\"t m0 x250 h1f y2410 ff2b fs7 fc1 sc2 ls0 ws0\">E. El<span class=\"_ _f\"></span>iminazio<span class=\"_ _f\"></span>ne cont<span class=\"_ _f\"></span>abile di<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x262 y26cb wd73 h484\"><div class=\"t m0 x250 h1f y2410 ff2b fs7 fc1 sc2 ls0 ws0\">attiv<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span>t\u00e0<span class=\"_ _1\"></span>/pass<span class=\"_ _f\"></span>ivit\u00e0 gi<span class=\"_ _1\"></span>\u00e0 iscr<span class=\"_ _f\"></span>itte a fro<span class=\"_ _f\"></span>nte di<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x71c y2e9f w86 h24a\"><div class=\"t m0 x91 h1f ydae ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x725 y2e9f w37b h24a\"><div class=\"t m0 x91 h1f ydae ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x71f y2e9f w93 h24a\"><div class=\"t m0 x91 h1f ydae ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x6ec y2e9f w4f h24a\"><div class=\"t m0 x91 h1f ydae ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x726 y2e9f w269 h24a\"><div class=\"t m0 x91 h1f ydae ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x727 y2e9f w4d h24a\"><div class=\"t m0 x91 h1f ydae ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x262 y2dd1 wd74 h484\"><div class=\"t m0 x250 h1f y2410 ff2b fs7 fc1 sc2 ls0 ws0\">flus<span class=\"_ _1\"></span>si fin<span class=\"_ _1\"></span>anzi<span class=\"_ _1\"></span>ari con<span class=\"_ _f\"></span>ness<span class=\"_ _1\"></span>i con i<span class=\"_ _1\"></span> con<span class=\"_ _1\"></span>tra<span class=\"_ _1\"></span>tti di<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x262 y2ea0 wd75 h484\"><div class=\"t m0 x250 h1f y2410 ff2b fs7 fc1 sc2 ls0 ws0\">assic<span class=\"_ _1\"></span>urazi<span class=\"_ _f\"></span>one em<span class=\"_ _f\"></span>essi<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x46b y2ea1 w49c h49\"><div class=\"t m0 x8a h1f y25c ff2b fs7 fc1 sc2 ls0 ws0\">F. Ma<span class=\"_ _1\"></span>rgi<span class=\"_ _1\"></span>ne sui<span class=\"_ _f\"></span> servi<span class=\"_ _1\"></span>zi con<span class=\"_ _1\"></span>tra<span class=\"_ _1\"></span>ttual<span class=\"_ _1\"></span>i<span class=\"sc0\"> </span></div></td><td></td><td class=\"c x71c y2ea1 w86 h49\"><div class=\"t m0 x91 h1f y25c ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x725 y2ea1 w37b h49\"><div class=\"t m0 x33 h1f y25c ff2b fs7 fc1 sc0 ls0 ws0\">33.598 </div></td><td class=\"c x71f y2ea1 w93 h49\"><div class=\"t m0 x33 h1f y25c ff2b fs7 fc1 sc0 ls0 ws0\">33.598 </div></td><td></td><td class=\"c x6ec y2ea1 w4f h49\"><div class=\"t m0 x91 h1f y25c ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x726 y2ea1 w269 h49\"><div class=\"t m0 x32 h1f y25c ff2b fs7 fc1 sc0 ls0 ws0\">57.467 </div></td><td class=\"c x727 y2ea1 w4d h49\"><div class=\"t m0 x32 h1f y25c ff2b fs7 fc1 sc0 ls0 ws0\">57.467 </div></td></tr><tr><td class=\"c x262 y2b0e wd76 h4b7\"><div class=\"t m0 x250 h1f y2410 ff2b fs7 fc1 sc2 ls0 ws0\">G. Au<span class=\"_ _f\"></span>mento i<span class=\"_ _1\"></span>nclus<span class=\"_ _f\"></span>o nella<span class=\"_ _f\"></span> passiv<span class=\"_ _1\"></span>it\u00e0 pe<span class=\"_ _f\"></span>r<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x262 y2684 wd77 h484\"><div class=\"t m0 x250 h1f y2410 ff2b fs7 fc1 sc2 ls0 ws0\">cont<span class=\"_ _1\"></span>ratt<span class=\"_ _1\"></span>i di as<span class=\"_ _f\"></span>sicurazi<span class=\"_ _1\"></span>one<span class=\"_ _f\"></span> emess<span class=\"_ _f\"></span>i<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x71c y2ea2 w86 h89\"><div class=\"t m0 x91 h1f y15 ff2b fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x725 y2ea2 w37b h89\"><div class=\"t m0 x8f h1f y15 ff2b fs7 fc1 sc2 ls28 ws0\">(1)<span class=\"sc0 ls0\"> </span></div></td><td class=\"c x71f y2ea2 w93 h89\"><div class=\"t m0 x8f h1f y15 ff2b fs7 fc1 sc2 ls28 ws0\">(1)<span class=\"sc0 ls0\"> </span></div></td><td></td><td class=\"c x6ec y2ea2 w4f h89\"><div class=\"t m0 x91 h1f y15 ff2b fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x726 y2ea2 w269 h89\"><div class=\"t m0 x13 h1f y15 ff2b fs7 fc1 sc2 ls28 ws0\">(1)<span class=\"sc0 ls0\"> </span></div></td><td class=\"c x727 y2ea2 w4d h89\"><div class=\"t m0 x13 h1f y15 ff2b fs7 fc1 sc2 ls28 ws0\">(1)<span class=\"sc0 ls0\"> </span></div></td></tr><tr><td class=\"c x262 y2491 wd78 h484\"><div class=\"t m0 x250 h1f y2410 ff2b fs7 fc1 sc2 ls0 ws0\">nell<span class=\"_ _1\"></span>'eser<span class=\"_ _f\"></span>cizio (C+D<span class=\"_ _f\"></span>+E+F)<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr></table><div class=\"c w37c h2b9 gsd76\"><div class=\"t m0 xe h5 y1814 ff2b fs1 fc4 sc3 ls0 ws0\">Eleme<span class=\"_ _f\"></span>nti sot<span class=\"_ _1\"></span>tosta<span class=\"_ _1\"></span>nte a<span class=\"_ _1\"></span>lla mi<span class=\"_ _1\"></span>surazi<span class=\"_ _1\"></span>one d<span class=\"_ _1\"></span>ei co<span class=\"_ _1\"></span>ntrat<span class=\"_ _1\"></span>ti di<span class=\"_ _1\"></span> ass<span class=\"_ _1\"></span>icura<span class=\"_ _1\"></span>zione <span class=\"_ _1\"></span>emes<span class=\"_ _1\"></span>si is<span class=\"_ _1\"></span>critti <span class=\"_ _f\"></span>nell'eser<span class=\"_ _1\"></span>cizio<span class=\"_ _df\"> </span><span class=\"fc1 sc2\"> </span></div></div><div class=\"c w37c h49 gsd77\"><div class=\"t m0 xe h5 y302 ff2b fs1 fc4 sc3 ls0 ws0\">Contr<span class=\"_ _1\"></span>atti a<span class=\"_ _f\"></span>ssicurat<span class=\"_ _1\"></span>ivi em<span class=\"_ _f\"></span>essi sen<span class=\"_ _f\"></span>za elem<span class=\"_ _1\"></span>enti d<span class=\"_ _1\"></span>i par<span class=\"_ _1\"></span>tecipa<span class=\"_ _f\"></span>zione d<span class=\"_ _1\"></span>iretta - <span class=\"_ _f\"></span>Segmento<span class=\"_ _f\"></span> Vita<span class=\"fc1 sc2\"> </span></div></div><div class=\"gsd78\"><table class=\"s wd79 h51a\" id=\"_f2e41df4-54a6-4d4b-8580-0187a81abdbb\"><tr><td></td><td class=\"c x728 y2ea3 w49d h240\"><div class=\"t m0 x1c h1f y32 ff2b fs7 fc4 sc3 ls0 ws0\">Cont<span class=\"_ _f\"></span>ratti or<span class=\"_ _1\"></span>igina<span class=\"_ _f\"></span>ti<span class=\"fc1 sc0\"> </span></div></td><td></td><td></td><td></td><td class=\"c x4c8 y2ea3 w49e h240\"><div class=\"t m0 x1c h1f y32 ff2b fs7 fc4 sc3 ls0 ws0\">Cont<span class=\"_ _f\"></span>ratti or<span class=\"_ _1\"></span>igina<span class=\"_ _f\"></span>ti<span class=\"fc1 sc0\"> </span></div></td><td></td><td></td></tr><tr><td class=\"c x46b y2ea4 w49f h49\"><div class=\"t m0 x96 h1f y25c ff2b fs7 fc4 sc3 ls0 ws0\">Voci<span class=\"_ _1\"></span>/Gru<span class=\"_ _f\"></span>ppi di co<span class=\"_ _1\"></span>ntr<span class=\"_ _1\"></span>atti<span class=\"fc1 sc0\"> </span></div></td><td class=\"c x728 y2ea4 w49d h49\" colspan=\"2\"><div class=\"t m0 xef h1f y25 ff2b fs7 fc4 sc3 ls0 ws0\">31/12/<span class=\"_ _f\"></span>2025<span class=\"fc1 sc0\"> </span></div></td><td></td><td></td><td class=\"c x4c8 y2ea4 w4a0 h49\" colspan=\"2\"><div class=\"t m0 xef h1f y25 ff2b fs7 fc4 sc3 ls0 ws0\">31/12/<span class=\"_ _f\"></span>2024<span class=\"fc1 sc0\"> </span></div></td><td></td></tr><tr><td></td><td class=\"c x729 y2ea5 wd63 h484\"><div class=\"t m0 x250 h1f y2409 ff2b fs7 fc4 sc3 ls0 ws0\">Cont<span class=\"_ _f\"></span>ratti</div></td><td class=\"c x72a y2ea6 wd63 h51b\"><div class=\"t m0 x250 h1f y2409 ff2b fs7 fc4 sc3 ls0 ws0\">Cont<span class=\"_ _f\"></span>ratti<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x49e y2ea5 wd63 h484\"><div class=\"t m0 x250 h1f y2409 ff2b fs7 fc4 sc3 ls0 ws0\">Cont<span class=\"_ _f\"></span>ratti</div></td><td class=\"c x6df y2ea6 wd63 h51b\" colspan=\"2\"><div class=\"t m0 x250 h1f y2409 ff2b fs7 fc4 sc3 ls0 ws0\">Cont<span class=\"_ _f\"></span>ratti<span class=\"_ _df\"> </span></div></td><td></td></tr><tr><td></td><td class=\"c x72b y2ea7 wd65 h484\"><div class=\"t m0 x250 h1f y2409 ff2b fs7 fc4 sc3 ls0 ws0\">oner<span class=\"_ _f\"></span>osi<span class=\"_ _df\"> </span></div></td><td class=\"c x72c y2ea8 wd7a h484\"><div class=\"t m0 x250 h1f y2409 ff2b fs7 fc4 sc3 ls0 ws0\">non<span class=\"_ _df\"> </span></div></td><td class=\"c x72d y2ea9 w3a1 ha6\"><div class=\"t m0 x2e h1f y41f ff2b fs7 fc4 sc3 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale<span class=\"fc1 sc0\"> </span></div></td><td class=\"c x4c0 y2ea7 wd67 h484\"><div class=\"t m0 x250 h1f y2409 ff2b fs7 fc4 sc3 ls0 ws0\">oner<span class=\"_ _f\"></span>osi<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x72e y2ea8 wd7a h484\"><div class=\"t m0 x250 h1f y2409 ff2b fs7 fc4 sc3 ls0 ws0\">non<span class=\"_ _df\"> </span></div></td><td class=\"c x4f6 y2ea9 w24f ha6\"><div class=\"t m0 x2e h1f y41f ff2b fs7 fc4 sc3 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale<span class=\"fc1 sc0\"> </span></div></td></tr><tr><td class=\"c x262 y2eaa wd64 h48b\"><div class=\"t m0 x250 h1f y2410 ff2b fs7 fc1 sc2 ls0 ws0\">A. St<span class=\"_ _1\"></span>ima<span class=\"_ _1\"></span> del v<span class=\"_ _f\"></span>alore at<span class=\"_ _f\"></span>tuale de<span class=\"_ _f\"></span>i flussi<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x72f y2eab wd65 h4d6\"><div class=\"t m0 x250 h1f y2410 ff2b fs7 fc4 sc3 ls0 ws0\">oner<span class=\"_ _f\"></span>osi<span class=\"_ _df\"> </span></div></td><td></td><td></td><td class=\"c x6e7 y2eab wd67 h4d6\" colspan=\"2\"><div class=\"t m0 x250 h1f y2410 ff2b fs7 fc4 sc3 ls0 ws0\">oner<span class=\"_ _f\"></span>osi<span class=\"_ _df\"> </span></div></td><td></td></tr><tr><td class=\"c x262 y2e8f wd69 h484\"><div class=\"t m0 x250 h1f y2410 ff2b fs7 fc1 sc2 ls0 ws0\">finan<span class=\"_ _f\"></span>ziari fut<span class=\"_ _1\"></span>uri in<span class=\"_ _f\"></span> uscita<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x46b y2eac w4a1 hcb\"><div class=\"t m0 x16a h1f y80 ff2b fs7 fc1 sc0 ls0 ws0\">1. Costi di acquis<span class=\"_ _1\"></span>izione dei contra<span class=\"_ _1\"></span>tti<span class=\"_ _df\"> </span></div></td><td class=\"c x728 y2eac w281 hcb\"><div class=\"t m0 x91 h1f y80 ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x50a y2eac w4a2 hcb\"><div class=\"t m0 x26 h1f y80 ff2b fs7 fc1 sc0 ls0 ws0\">1.439 </div></td><td class=\"c x72d y2eac w498 hcb\"><div class=\"t m0 x26 h1f y80 ff2b fs7 fc1 sc0 ls0 ws0\">1.439 </div></td><td></td><td class=\"c x4c8 y2eac w4a2 hcb\"><div class=\"t m0 x91 h1f y80 ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x6ed y2eac w281 hcb\"><div class=\"t m0 x26 h1f y80 ff2b fs7 fc1 sc0 ls0 ws0\">1.682 </div></td><td class=\"c x4f6 y2eac w4f hcb\"><div class=\"t m0 x26 h1f y80 ff2b fs7 fc1 sc0 ls0 ws0\">1.682 </div></td></tr><tr><td class=\"c x2a8 y2ead wd6a h484\"><div class=\"t m0 x250 h1f y2410 ff2b fs7 fc1 sc0 ls0 ws0\">2. Importo dei sin<span class=\"_ _1\"></span>istri e altri co<span class=\"_ _1\"></span>sti<span class=\"_ _df\"> </span></div></td><td class=\"c x728 y2eae w281 h58\"><div class=\"t m0 x26 h1f y420 ff2b fs7 fc1 sc0 ls0 ws0\">1.058 </div></td><td class=\"c x50a y2eae w4a2 h58\"><div class=\"t m0 x2c h1f y420 ff2b fs7 fc1 sc0 ls0 ws0\">13.515 </div></td><td class=\"c x72d y2eae w498 h58\"><div class=\"t m0 x32 h1f y420 ff2b fs7 fc1 sc0 ls0 ws0\">14.573 </div></td><td></td><td class=\"c x4c8 y2eae w4a2 h58\"><div class=\"t m0 x91 h1f y420 ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x6ed y2eae w281 h58\"><div class=\"t m0 x2c h1f y420 ff2b fs7 fc1 sc0 ls0 ws0\">14.901 </div></td><td class=\"c x4f6 y2eae w4f h58\"><div class=\"t m0 x35 h1f y420 ff2b fs7 fc1 sc0 ls0 ws0\">14.901 </div></td></tr><tr><td class=\"c x2a8 y2eaf wd6b h484\"><div class=\"t m0 x250 h1f y2410 ff2b fs7 fc1 sc0 ls0 ws0\">direttamente attr<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span>buibi<span class=\"_ _1\"></span>li<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x46b y2eb0 w4a1 h49\"><div class=\"t m0 x16a h1f y25c ff2b fs7 fc1 sc0 ls0 ws0\">3. Totale </div></td><td class=\"c x728 y2eb0 w281 h49\"><div class=\"t m0 x26 h1f y25c ff2b fs7 fc1 sc0 ls0 ws0\">1.058 </div></td><td class=\"c x50a y2eb0 w4a2 h49\"><div class=\"t m0 x32 h1f y25c ff2b fs7 fc1 sc0 ls0 ws0\">14.954 </div></td><td class=\"c x72d y2eb0 w498 h49\"><div class=\"t m0 x2c h1f y25c ff2b fs7 fc1 sc0 ls0 ws0\">16.012 </div></td><td></td><td class=\"c x4c8 y2eb0 w4a2 h49\"><div class=\"t m0 x91 h1f y25c ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x6ed y2eb0 w281 h49\"><div class=\"t m0 x32 h1f y25c ff2b fs7 fc1 sc0 ls0 ws0\">16.583 </div></td><td class=\"c x4f6 y2eb0 w4f h49\"><div class=\"t m0 x32 h1f y25c ff2b fs7 fc1 sc0 ls0 ws0\">16.583 </div></td></tr><tr><td class=\"c x262 y2eb1 wd6c h51c\"><div class=\"t m0 x250 h1f y2410 ff2b fs7 fc1 sc2 ls0 ws0\">B. St<span class=\"_ _f\"></span>ima del v<span class=\"_ _1\"></span>alor<span class=\"_ _f\"></span>e attual<span class=\"_ _f\"></span>e dei fl<span class=\"_ _1\"></span>ussi<span class=\"_ _df\"> </span></div></td><td class=\"c x728 y2eb2 w281 hcd\"><div class=\"t m0 x3a h1f y420 ff2b fs7 fc1 sc0 ls0 ws0\">(1.113) </div></td><td class=\"c x50a y2eb2 w4a2 hcd\"><div class=\"t m0 x48 h1f y420 ff2b fs7 fc1 sc0 ls0 ws0\">(21.164) </div></td><td class=\"c x72d y2eb2 w498 hcd\"><div class=\"t m0 x39 h1f y420 ff2b fs7 fc1 sc0 ls0 ws0\">(22.277) </div></td><td></td><td class=\"c x4c8 y2eb2 w4a2 hcd\"><div class=\"t m0 x91 h1f y420 ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x6ed y2eb2 w281 hcd\"><div class=\"t m0 x130 h1f y420 ff2b fs7 fc1 sc0 ls0 ws0\">(23.790) </div></td><td class=\"c x4f6 y2eb2 w4f hcd\"><div class=\"t m0 x55 h1f y420 ff2b fs7 fc1 sc0 ls0 ws0\">(23.790) </div></td></tr><tr><td class=\"c x262 y2eb3 wd6d h484\"><div class=\"t m0 x250 h1f y2410 ff2b fs7 fc1 sc2 ls0 ws0\">finan<span class=\"_ _f\"></span>ziari fut<span class=\"_ _1\"></span>uri in<span class=\"_ _f\"></span> entrat<span class=\"_ _f\"></span>a<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x262 y2e98 wd7b h484\"><div class=\"t m0 x250 h1f y2410 ff2b fs7 fc1 sc2 ls44 ws0\">C.<span class=\"ls0\"> Stim<span class=\"_ _f\"></span>a del va<span class=\"_ _f\"></span>lore at<span class=\"_ _1\"></span>tual<span class=\"_ _1\"></span>e net<span class=\"_ _1\"></span>to <span class=\"_ _1\"></span>dei fl<span class=\"_ _f\"></span>ussi<span class=\"_ _df\"> </span></span></div></td><td class=\"c x728 y2eb4 w281 had\"><div class=\"t m0 x38 h1f y420 ff2b fs7 fc1 sc2 ls0 ws0\">(55)<span class=\"sc0\"> </span></div></td><td class=\"c x50a y2eb4 w4a2 had\"><div class=\"t m0 x32 h1f y420 ff2b fs7 fc1 sc2 ls0 ws0\">(6.21<span class=\"_ _1\"></span>0)<span class=\"sc0\"> </span></div></td><td class=\"c x72d y2eb4 w498 had\"><div class=\"t m0 x33 h1f y420 ff2b fs7 fc1 sc2 ls0 ws0\">(6.26<span class=\"_ _1\"></span>5)<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td><td></td><td class=\"c x4c8 y2eb4 w4a2 had\"><div class=\"t m0 x91 h1f y420 ff2b fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x6ed y2eb4 w281 had\"><div class=\"t m0 x32 h1f y420 ff2b fs7 fc1 sc2 ls0 ws0\">(7.2<span class=\"_ _1\"></span>07)<span class=\"sc0\"> </span></div></td><td class=\"c x4f6 y2eb4 w4f had\"><div class=\"t m0 x33 h1f y420 ff2b fs7 fc1 sc2 ls0 ws0\">(7.2<span class=\"_ _1\"></span>07)<span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x262 y2e9a wd6f h484\"><div class=\"t m0 x250 h1f y2410 ff2b fs7 fc1 sc2 ls0 ws0\">finan<span class=\"_ _f\"></span>ziari fut<span class=\"_ _1\"></span>uri <span class=\"_ _1\"></span>(A-<span class=\"lse7\">B</span><span class=\"lse7\">)<span class=\"_ _df\"> </span></span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x262 y2eb5 wd70 h48b\"><div class=\"t m0 x250 h1f y2410 ff2b fs7 fc1 sc2 ls0 ws0\">D. St<span class=\"_ _f\"></span>ima ag<span class=\"_ _1\"></span>giust<span class=\"_ _1\"></span>ame<span class=\"_ _1\"></span>nto<span class=\"_ _1\"></span> per i<span class=\"_ _1\"></span> risc<span class=\"_ _1\"></span>hi n<span class=\"_ _f\"></span>on<span class=\"_ _df\"> </span></div></td><td class=\"c x728 y2eb6 w281 h58\"><div class=\"t m0 x36 h1f y420 ff2b fs7 fc1 sc0 ls27 ws0\">33<span class=\"ls0\"> </span></div></td><td class=\"c x50a y2eb6 w4a2 h58\"><div class=\"t m0 x30 h1f y420 ff2b fs7 fc1 sc0 ls2a ws0\">221<span class=\"ls0\"> </span></div></td><td class=\"c x72d y2eb6 w498 h58\"><div class=\"t m0 x38 h1f y420 ff2b fs7 fc1 sc0 ls0 ws0\">254 </div></td><td></td><td class=\"c x4c8 y2eb6 w4a2 h58\"><div class=\"t m0 x91 h1f y420 ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x6ed y2eb6 w281 h58\"><div class=\"t m0 x38 h1f y420 ff2b fs7 fc1 sc0 ls2a ws0\">283<span class=\"ls0\"> </span></div></td><td class=\"c x4f6 y2eb6 w4f h58\"><div class=\"t m0 x38 h1f y420 ff2b fs7 fc1 sc0 ls2a ws0\">283<span class=\"ls0\"> </span></div></td></tr><tr><td class=\"c x262 y2cb4 wd71 h484\"><div class=\"t m0 x250 h1f y2410 ff2b fs7 fc1 sc2 ls0 ws0\">finan<span class=\"_ _f\"></span>ziari<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x262 y2eb7 wd72 h4b6\"><div class=\"t m0 x250 h1f y2410 ff2b fs7 fc1 sc2 ls0 ws0\">E. El<span class=\"_ _f\"></span>iminazio<span class=\"_ _f\"></span>ne cont<span class=\"_ _f\"></span>abile di<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x262 y2eb8 wd73 h484\"><div class=\"t m0 x250 h1f y2410 ff2b fs7 fc1 sc2 ls0 ws0\">attiv<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span>t\u00e0<span class=\"_ _1\"></span>/pass<span class=\"_ _f\"></span>ivit\u00e0 gi<span class=\"_ _1\"></span>\u00e0 iscr<span class=\"_ _f\"></span>itte a fro<span class=\"_ _f\"></span>nte di<span class=\"_ _df\"> </span></div></td><td class=\"c x728 y2eb9 w281 h24a\"><div class=\"t m0 x91 h1f y2c4 ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x50a y2eb9 w4a2 h24a\"><div class=\"t m0 x91 h1f y2c4 ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x72d y2eb9 w498 h24a\"><div class=\"t m0 x12 h1f y2c4 ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x4c8 y2eb9 w4a2 h24a\"><div class=\"t m0 x91 h1f y2c4 ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x6ed y2eb9 w281 h24a\"><div class=\"t m0 x91 h1f y2c4 ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x4f6 y2eb9 w4f h24a\"><div class=\"t m0 x12 h1f y2c4 ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x262 y2eba wd7c h484\"><div class=\"t m0 x250 h1f y2410 ff2b fs7 fc1 sc2 lse8 ws0\">flu<span class=\"ls0\">ssi f<span class=\"_ _1\"></span>inan<span class=\"_ _1\"></span>ziari co<span class=\"_ _f\"></span>nnes<span class=\"_ _1\"></span>si con<span class=\"_ _f\"></span> i contr<span class=\"_ _f\"></span>atti di<span class=\"_ _df\"> </span></span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x262 y2ebb wd75 h484\"><div class=\"t m0 x250 h1f y2410 ff2b fs7 fc1 sc2 ls0 ws0\">assic<span class=\"_ _1\"></span>urazi<span class=\"_ _f\"></span>one em<span class=\"_ _f\"></span>essi<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x46b y2ebc w4a1 h49\"><div class=\"t m0 x8a h1f y25c ff2b fs7 fc1 sc2 ls0 ws0\">F. Ma<span class=\"_ _1\"></span>rgi<span class=\"_ _1\"></span>ne sui<span class=\"_ _f\"></span> servi<span class=\"_ _1\"></span>zi con<span class=\"_ _1\"></span>tra<span class=\"_ _1\"></span>ttual<span class=\"_ _1\"></span>i<span class=\"sc0\"> </span></div></td><td class=\"c x728 y2ebc w281 h49\"><div class=\"t m0 x91 h1f y25c ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x50a y2ebc w4a2 h49\"><div class=\"t m0 x3a h1f y25c ff2b fs7 fc1 sc0 ls0 ws0\">5.988 </div></td><td class=\"c x72d y2ebc w498 h49\"><div class=\"t m0 x2c h1f y25c ff2b fs7 fc1 sc0 ls0 ws0\">5.988 </div></td><td></td><td class=\"c x4c8 y2ebc w4a2 h49\"><div class=\"t m0 x91 h1f y25c ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x6ed y2ebc w281 h49\"><div class=\"t m0 x27 h1f y25c ff2b fs7 fc1 sc0 ls0 ws0\">6.925 </div></td><td class=\"c x4f6 y2ebc w4f h49\"><div class=\"t m0 x3a h1f y25c ff2b fs7 fc1 sc0 ls0 ws0\">6.925 </div></td></tr><tr><td class=\"c x262 y2b0e wd76 h4b7\"><div class=\"t m0 x250 h1f y2410 ff2b fs7 fc1 sc2 ls0 ws0\">G. Au<span class=\"_ _f\"></span>mento i<span class=\"_ _1\"></span>nclus<span class=\"_ _f\"></span>o nella<span class=\"_ _f\"></span> passiv<span class=\"_ _1\"></span>it\u00e0 pe<span class=\"_ _f\"></span>r<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x262 y2684 wd77 h484\"><div class=\"t m0 x250 h1f y2410 ff2b fs7 fc1 sc2 ls0 ws0\">cont<span class=\"_ _1\"></span>ratt<span class=\"_ _1\"></span>i di as<span class=\"_ _f\"></span>sicurazi<span class=\"_ _1\"></span>one<span class=\"_ _f\"></span> emess<span class=\"_ _f\"></span>i<span class=\"_ _df\"> </span></div></td><td class=\"c x728 y2ebd w281 h89\"><div class=\"t m0 x38 h1f y15 ff2b fs7 fc1 sc2 ls0 ws0\">(22)<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x50a y2ebd w4a2 h89\"><div class=\"t m0 x8f h1f y15 ff2b fs7 fc1 sc2 ls28 ws0\">(1)<span class=\"sc0 ls0\"> </span></div></td><td class=\"c x72d y2ebd w498 h89\"><div class=\"t m0 x38 h1f y15 ff2b fs7 fc1 sc2 ls0 ws0\">(23)<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td><td></td><td class=\"c x4c8 y2ebd w4a2 h89\"><div class=\"t m0 x91 h1f y15 ff2b fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x6ed y2ebd w281 h89\"><div class=\"t m0 x91 h1f y15 ff2b fs7 fc1 sc2 ls0 ws0\">1<span class=\"sc0\"> </span></div></td><td class=\"c x4f6 y2ebd w4f h89\"><div class=\"t m0 x91 h1f y15 ff2b fs7 fc1 sc2 ls0 ws0\">1<span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x262 y2491 wd78 h484\"><div class=\"t m0 x250 h1f y2410 ff2b fs7 fc1 sc2 ls0 ws0\">nell<span class=\"_ _1\"></span>'eser<span class=\"_ _f\"></span>cizio (C+D<span class=\"_ _f\"></span>+E+F)<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr></table></div><div class=\"c w37c h2b9 gsd7a\"><div class=\"t m0 xe h5 y1814 ff4 fs1 fc4 sc3 ls0 ws0\">Eleme<span class=\"_ _f\"></span>nti sot<span class=\"_ _1\"></span>tosta<span class=\"_ _1\"></span>nte a<span class=\"_ _1\"></span>lla mi<span class=\"_ _1\"></span>sura<span class=\"_ _1\"></span>zione <span class=\"_ _1\"></span>dei co<span class=\"_ _f\"></span>ntratti <span class=\"_ _1\"></span>di as<span class=\"_ _f\"></span>sicurazio<span class=\"_ _1\"></span>ne em<span class=\"_ _1\"></span>essi <span class=\"_ _1\"></span>iscrit<span class=\"_ _1\"></span>ti nel<span class=\"_ _1\"></span>l'eser<span class=\"_ _f\"></span>cizio<span class=\"_ _df\"> </span><span class=\"fc1 sc2\"> </span></div></div><div class=\"c w4a3 h91 gsd7b\"><div class=\"t m0 xe h5 y1220 ff4 fs1 fc4 sc3 ls0 ws0\">Contr<span class=\"_ _1\"></span>atti <span class=\"_ _f\"></span>d'investim<span class=\"_ _f\"></span>ento eme<span class=\"_ _1\"></span>ssi <span class=\"_ _f\"></span>con elem<span class=\"_ _1\"></span>enti<span class=\"_ _1\"></span> di p<span class=\"_ _1\"></span>arte<span class=\"_ _1\"></span>cipazi<span class=\"_ _1\"></span>one d<span class=\"_ _1\"></span>iscr<span class=\"_ _1\"></span>eziona<span class=\"_ _1\"></span>li -<span class=\"_ _df\"> </span> </div><div class=\"t m0 xe h5 y360 ff4 fs1 fc4 sc3 ls0 ws0\">Segme<span class=\"_ _f\"></span>nto Vita<span class=\"_ _f\"></span><span class=\"fc1 sc2\"> </span></div></div><div class=\"gsd7c\"><table class=\"s wd7d h51a\" id=\"_2cc7d017-e283-432a-a801-c6883f849565\"><tr><td></td><td></td><td class=\"c x4c5 y2ebe w4a4 h240\"><div class=\"t m0 x1c h1f y32 ff4 fs7 fc4 sc3 ls0 ws0\">Cont<span class=\"_ _f\"></span>ratti or<span class=\"_ _1\"></span>igina<span class=\"_ _f\"></span>ti<span class=\"fc1 sc0\"> </span></div></td><td></td><td></td><td></td><td class=\"c x730 y2ebe w4a5 h240\"><div class=\"t m0 x1c h1f y32 ff4 fs7 fc4 sc3 ls0 ws0\">Cont<span class=\"_ _f\"></span>ratti or<span class=\"_ _1\"></span>igina<span class=\"_ _f\"></span>t<span class=\"_ _2\"></span>i<span class=\"fc1 sc0\"> </span></div></td><td></td><td></td></tr><tr><td class=\"c x46b y2ebf w4a6 h49\"><div class=\"t m0 x96 h1f y25f ff4 fs7 fc4 sc3 ls0 ws0\">Voci<span class=\"_ _1\"></span>/Gru<span class=\"_ _f\"></span>ppi di co<span class=\"_ _1\"></span>ntr<span class=\"_ _1\"></span>atti<span class=\"fc1 sc0\"> </span></div></td><td class=\"c x731 y2d06 w990 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/<span class=\"_ _df\"> </span></div></td><td class=\"c x732 y2d06 w991 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">2025<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td class=\"c x730 y2ebf w4a7 h49\"><div class=\"t m0 xef h1f y25 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/<span class=\"_ _f\"></span>2024<span class=\"fc1 sc0\"> </span></div></td><td></td><td></td></tr><tr><td></td><td class=\"c x4b0 y2c3f wd63 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">Cont<span class=\"_ _f\"></span>ratti</div></td><td class=\"c x733 y2ea6 wd63 h4b7\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">Cont<span class=\"_ _f\"></span>ratti<span class=\"_ _df\"> </span></div></td><td></td><td></td><td class=\"c x734 y2c3f wd63 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">Cont<span class=\"_ _f\"></span>ratti</div></td><td class=\"c x6df y2ea6 wd63 h4b7\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">Cont<span class=\"_ _f\"></span>ratti<span class=\"_ _df\"> </span></div></td><td></td><td></td></tr><tr><td></td><td class=\"c x4bf y2ec0 wd65 h4d6\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc4 sc3 ls0 ws0\">oner<span class=\"_ _f\"></span>osi<span class=\"_ _df\"> </span></div></td><td class=\"c x735 y2ba4 wd7a h4d6\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc4 sc3 ls0 ws0\">non<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x736 y2ec1 w22d h89\"><div class=\"t m0 x2e h1f y41f ff4 fs7 fc4 sc3 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale<span class=\"fc1 sc0\"> </span></div></td><td class=\"c x737 y2ec0 wd67 h4d6\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc4 sc3 ls0 ws0\">oner<span class=\"_ _f\"></span>osi<span class=\"_ _df\"> </span></div></td><td class=\"c x72e y2ba4 wd7a h4d6\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc4 sc3 ls0 ws0\">non<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x4f6 y2ec1 w4f h89\"><div class=\"t m0 x2e h1f y41f ff4 fs7 fc4 sc3 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale<span class=\"fc1 sc0\"> </span></div></td></tr><tr><td class=\"c x262 y2eaa wd64 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc2 ls0 ws0\">A. St<span class=\"_ _1\"></span>ima<span class=\"_ _1\"></span> del v<span class=\"_ _f\"></span>alore at<span class=\"_ _f\"></span>tuale de<span class=\"_ _f\"></span>i flussi<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x738 y2dbe wd65 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc4 sc3 ls0 ws0\">oner<span class=\"_ _f\"></span>osi<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td class=\"c x6e7 y2dbe wd67 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc4 sc3 ls0 ws0\">oner<span class=\"_ _f\"></span>osi<span class=\"_ _df\"> </span></div></td><td></td><td></td></tr><tr><td class=\"c x262 y2e8f wd69 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc2 ls0 ws0\">finan<span class=\"_ _f\"></span>ziari fut<span class=\"_ _1\"></span>uri in<span class=\"_ _f\"></span> uscita<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x46b y2ec2 w3c0 hcc\"><div class=\"t m0 x16a h1f y74a ff4 fs7 fc1 sc0 ls0 ws0\">1. Costi di acquis<span class=\"_ _1\"></span>izione dei contratt<span class=\"_ _f\"></span>i<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x4c5 y2ec2 w281 hcc\"><div class=\"t m0 x91 h1f y74a ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x50a y2ec2 w379 hcc\"><div class=\"t m0 x12 h1f y74a ff4 fs7 fc1 sc0 ls0 ws0\">2 </div></td><td class=\"c x736 y2ec2 w281 hcc\"><div class=\"t m0 x12 h1f y74a ff4 fs7 fc1 sc0 ls0 ws0\">2 </div></td><td></td><td class=\"c x730 y2ec2 w4a2 hcc\"><div class=\"t m0 x91 h1f y74a ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x56a y2ec2 w281 hcc\"><div class=\"t m0 x96 h1f y74a ff4 fs7 fc1 sc0 ls0 ws0\">6<span class=\"_ _df\"> </span></div></td><td class=\"c x4f6 y2ec2 w2c5 hcc\"><div class=\"t m0 x96 h1f y74a ff4 fs7 fc1 sc0 ls0 ws0\">6 </div></td></tr><tr><td class=\"c x2a8 y2ec3 wd6a h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">2. Importo dei sin<span class=\"_ _1\"></span>istri e altri co<span class=\"_ _1\"></span>sti<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x4c5 y2ec4 w281 had\"><div class=\"t m0 x91 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x50a y2ec4 w379 had\"><div class=\"t m0 x130 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">374.289 </div></td><td class=\"c x736 y2ec4 w281 had\"><div class=\"t m0 x130 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">374.289 </div></td><td></td><td class=\"c x730 y2ec4 w4a2 had\"><div class=\"t m0 x91 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x56a y2ec4 w281 had\"><div class=\"t m0 x14 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">182.435 </div></td><td class=\"c x4f6 y2ec4 w2c5 had\"><div class=\"t m0 x14 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">182.435 </div></td></tr><tr><td class=\"c x2a8 y2eaf wd6b h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">direttamente attr<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span>buibi<span class=\"_ _1\"></span>li<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x46b y2ec5 w3c0 h49\"><div class=\"t m0 x16a h1f y25f ff4 fs7 fc1 sc0 ls0 ws0\">3. Totale </div></td><td></td><td class=\"c x4c5 y2ec5 w281 h49\"><div class=\"t m0 x91 h1f y25f ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x50a y2ec5 w379 h49\"><div class=\"t m0 x14 h1f y25f ff4 fs7 fc1 sc0 ls0 ws0\">374.291 </div></td><td class=\"c x736 y2ec5 w281 h49\"><div class=\"t m0 x14 h1f y25f ff4 fs7 fc1 sc0 ls0 ws0\">374.291 </div></td><td></td><td class=\"c x730 y2ec5 w4a2 h49\"><div class=\"t m0 x91 h1f y25f ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x56a y2ec5 w281 h49\"><div class=\"t m0 x48 h1f y25f ff4 fs7 fc1 sc0 ls0 ws0\">182.441 </div></td><td class=\"c x4f6 y2ec5 w2c5 h49\"><div class=\"t m0 x48 h1f y25f ff4 fs7 fc1 sc0 ls0 ws0\">182.441 </div></td></tr><tr><td class=\"c x262 y2ec6 wd6c h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc2 ls0 ws0\">B. St<span class=\"_ _f\"></span>ima del v<span class=\"_ _1\"></span>alor<span class=\"_ _f\"></span>e attual<span class=\"_ _f\"></span>e dei fl<span class=\"_ _1\"></span>ussi<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x4c5 y2ec7 w281 hcd\"><div class=\"t m0 x91 h1f y2ea ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x50a y2ec7 w379 hcd\"><div class=\"t m0 x116 h1f y2ea ff4 fs7 fc1 sc0 ls0 ws0\">(398.267) </div></td><td class=\"c x736 y2ec7 w281 hcd\"><div class=\"t m0 x116 h1f y2ea ff4 fs7 fc1 sc0 ls0 ws0\">(398.267) </div></td><td></td><td class=\"c x730 y2ec7 w4a2 hcd\"><div class=\"t m0 x91 h1f y2ea ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x56a y2ec7 w281 hcd\"><div class=\"t m0 x55 h1f y2ea ff4 fs7 fc1 sc0 ls0 ws0\">(193.816) </div></td><td class=\"c x4f6 y2ec7 w2c5 hcd\"><div class=\"t m0 x2e h1f y2ea ff4 fs7 fc1 sc0 ls0 ws0\">(193.816) </div></td></tr><tr><td class=\"c x262 y2ec8 wd6d h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc2 ls0 ws0\">finan<span class=\"_ _f\"></span>ziari fut<span class=\"_ _1\"></span>uri in<span class=\"_ _f\"></span> entrat<span class=\"_ _f\"></span>a<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x262 y2ec9 wd6e h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc2 ls0 ws0\">C. St<span class=\"_ _1\"></span>ima<span class=\"_ _1\"></span> del v<span class=\"_ _f\"></span>alore at<span class=\"_ _f\"></span>tuale ne<span class=\"_ _1\"></span>tto<span class=\"_ _1\"></span> dei f<span class=\"_ _1\"></span>lus<span class=\"_ _1\"></span>si<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x4c5 y2eca w281 had\"><div class=\"t m0 x91 h1f y420 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x50a y2eca w379 had\"><div class=\"t m0 x39 h1f y420 ff4 fs7 fc1 sc2 ls0 ws0\">(23.97<span class=\"_ _f\"></span>6)<span class=\"sc0\"> </span></div></td><td class=\"c x736 y2eca w281 had\"><div class=\"t m0 x39 h1f y420 ff4 fs7 fc1 sc2 ls0 ws0\">(23.97<span class=\"_ _f\"></span>6)<span class=\"sc0\"> </span></div></td><td></td><td class=\"c x730 y2eca w4a2 had\"><div class=\"t m0 x91 h1f y420 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x56a y2eca w281 had\"><div class=\"t m0 x33 h1f y420 ff4 fs7 fc1 sc2 ls0 ws0\">(11.375<span class=\"_ _f\"></span>)<span class=\"sc0\"> </span></div></td><td class=\"c x4f6 y2eca w2c5 had\"><div class=\"t m0 x48 h1f y420 ff4 fs7 fc1 sc2 ls0 ws0\">(11.375<span class=\"_ _f\"></span>)<span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x262 y2ecb wd6f h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc2 ls0 ws0\">finan<span class=\"_ _f\"></span>ziari fut<span class=\"_ _1\"></span>uri <span class=\"_ _1\"></span>(A-<span class=\"lse7\">B</span><span class=\"lse7\">)<span class=\"_ _df\"> </span></span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x262 y2e9b wd70 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc2 ls0 ws0\">D. St<span class=\"_ _f\"></span>ima ag<span class=\"_ _1\"></span>giust<span class=\"_ _1\"></span>ame<span class=\"_ _1\"></span>nto<span class=\"_ _1\"></span> per i<span class=\"_ _1\"></span> risc<span class=\"_ _1\"></span>hi n<span class=\"_ _f\"></span>on<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x4c5 y2ecc w281 h58\"><div class=\"t m0 x91 h1f y2ea ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x50a y2ecc w379 h58\"><div class=\"t m0 x31 h1f y2ea ff4 fs7 fc1 sc0 ls0 ws0\">526 </div></td><td class=\"c x736 y2ecc w281 h58\"><div class=\"t m0 x31 h1f y2ea ff4 fs7 fc1 sc0 ls0 ws0\">526 </div></td><td></td><td class=\"c x730 y2ecc w4a2 h58\"><div class=\"t m0 x91 h1f y2ea ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x56a y2ecc w281 h58\"><div class=\"t m0 x31 h1f y2ea ff4 fs7 fc1 sc0 ls0 ws0\">532 </div></td><td class=\"c x4f6 y2ecc w2c5 h58\"><div class=\"t m0 x38 h1f y2ea ff4 fs7 fc1 sc0 ls0 ws0\">532 </div></td></tr><tr><td class=\"c x262 y2ecd wd71 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc2 ls0 ws0\">finan<span class=\"_ _f\"></span>ziari<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x262 y2ece wd72 h51d\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc2 ls0 ws0\">E. El<span class=\"_ _f\"></span>iminazio<span class=\"_ _f\"></span>ne cont<span class=\"_ _f\"></span>abile di<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x262 y2ecf wd73 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc2 ls0 ws0\">attiv<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span>t\u00e0<span class=\"_ _1\"></span>/pass<span class=\"_ _f\"></span>ivit\u00e0 gi\u00e0<span class=\"_ _f\"></span> iscritte<span class=\"_ _1\"></span> a fro<span class=\"_ _f\"></span>nte di<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x4c5 y2ed0 w281 h2ba\"><div class=\"t m0 x91 h1f ydae ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x50a y2ed0 w379 h2ba\"><div class=\"t m0 x91 h1f ydae ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x736 y2ed0 w281 h2ba\"><div class=\"t m0 x91 h1f ydae ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x730 y2ed0 w4a2 h2ba\"><div class=\"t m0 x91 h1f ydae ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x56a y2ed0 w281 h2ba\"><div class=\"t m0 x91 h1f ydae ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x4f6 y2ed0 w2c5 h2ba\"><div class=\"t m0 x91 h1f ydae ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x262 y2dd1 wd74 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc2 ls0 ws0\">flus<span class=\"_ _1\"></span>si fin<span class=\"_ _1\"></span>anzi<span class=\"_ _1\"></span>ari con<span class=\"_ _f\"></span>ness<span class=\"_ _1\"></span>i con i<span class=\"_ _1\"></span> con<span class=\"_ _1\"></span>tra<span class=\"_ _1\"></span>tti di<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x262 y2ed1 wd75 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc2 ls0 ws0\">assic<span class=\"_ _1\"></span>urazi<span class=\"_ _f\"></span>one em<span class=\"_ _f\"></span>essi<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x46b y2ed2 w3c0 h49\"><div class=\"t m0 x8a h1f y25f ff4 fs7 fc1 sc2 ls0 ws0\">F. Ma<span class=\"_ _1\"></span>rgi<span class=\"_ _1\"></span>ne sui<span class=\"_ _f\"></span> servi<span class=\"_ _1\"></span>zi con<span class=\"_ _1\"></span>tra<span class=\"_ _1\"></span>ttual<span class=\"_ _1\"></span>i<span class=\"sc0\"> </span></div></td><td></td><td class=\"c x4c5 y2ed2 w281 h49\"><div class=\"t m0 x91 h1f y25f ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x50a y2ed2 w379 h49\"><div class=\"t m0 x35 h1f y25f ff4 fs7 fc1 sc0 ls0 ws0\">23.451 </div></td><td class=\"c x736 y2ed2 w281 h49\"><div class=\"t m0 x35 h1f y25f ff4 fs7 fc1 sc0 ls0 ws0\">23.451 </div></td><td></td><td class=\"c x730 y2ed2 w4a2 h49\"><div class=\"t m0 x91 h1f y25f ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x56a y2ed2 w281 h49\"><div class=\"t m0 x32 h1f y25f ff4 fs7 fc1 sc0 ls0 ws0\">10.843<span class=\"_ _df\"> </span></div></td><td class=\"c x4f6 y2ed2 w2c5 h49\"><div class=\"t m0 x32 h1f y25f ff4 fs7 fc1 sc0 ls0 ws0\">10.843 </div></td></tr><tr><td class=\"c x262 y2ed3 wd76 h49b\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc2 ls0 ws0\">G. Au<span class=\"_ _f\"></span>mento i<span class=\"_ _1\"></span>nclus<span class=\"_ _f\"></span>o nella<span class=\"_ _f\"></span> passiv<span class=\"_ _1\"></span>it\u00e0 pe<span class=\"_ _f\"></span>r<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x262 y2701 wd77 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc2 ls0 ws0\">cont<span class=\"_ _1\"></span>ratt<span class=\"_ _1\"></span>i di as<span class=\"_ _f\"></span>sicurazi<span class=\"_ _1\"></span>one<span class=\"_ _f\"></span> emess<span class=\"_ _f\"></span>i<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x4c5 y2ed4 w281 h89\"><div class=\"t m0 x91 h1f y41f ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x50a y2ed4 w379 h89\"><div class=\"t m0 x91 h1f y41f ff4 fs7 fc1 sc2 ls0 ws0\">1<span class=\"sc0\"> </span></div></td><td class=\"c x736 y2ed4 w281 h89\"><div class=\"t m0 x91 h1f y41f ff4 fs7 fc1 sc2 ls0 ws0\">1<span class=\"sc0\"> </span></div></td><td></td><td class=\"c x730 y2ed4 w4a2 h89\"><div class=\"t m0 x91 h1f y41f ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x56a y2ed4 w281 h89\"><div class=\"t m0 x91 h1f y41f ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x4f6 y2ed4 w2c5 h89\"><div class=\"t m0 x91 h1f y41f ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x262 y2491 wd78 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc2 ls0 ws0\">nell<span class=\"_ _1\"></span>'eser<span class=\"_ _f\"></span>cizio (C+D<span class=\"_ _f\"></span>+E+F)<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr></table></div>Riser<span class=\"_ _1\"></span>ve te<span class=\"_ _1\"></span>cniche<span class=\"_ _1\"></span> di c<span class=\"_ _f\"></span>ui all\u2019art<span class=\"_ _f\"></span>icolo 10 d<span class=\"_ _1\"></span>el Reg<span class=\"_ _1\"></span>olam<span class=\"_ _f\"></span>ento IS<span class=\"_ _1\"></span>VAP <span class=\"_ _1\"></span>n. 7 d<span class=\"_ _1\"></span>el 13<span class=\"_ _1\"></span> luglio<span class=\"_ _f\"></span> 2007<table class=\"s wd7e h51e\" id=\"_c6f41808-9c60-4e53-9150-e4294bfa782c\"><tr><td></td><td class=\"c x580 y2ed5 w3f7 h2bb\"><div class=\"t m0 x26 h1f yd67 ff2b fs7 fc4 sc3 ls0 ws0\">Impo<span class=\"_ _1\"></span>rto<span class=\"fc1 sc0\"> </span></div></td></tr><tr><td></td><td class=\"c x580 y2ed6 w3f7 h4e\"><div class=\"t m0 x32 h1f y71 ff2b fs7 fc4 sc3 ls0 ws0\">31/12/<span class=\"_ _f\"></span>2025<span class=\"fc1 sc0\"> </span></div></td></tr><tr><td class=\"c x46b y2ed7 w4a8 h131\"><div class=\"t m0 x8a h1f y3e4 ff2b fs7 fc1 sc2 ls0 ws0\">C. Ris<span class=\"_ _f\"></span>erve te<span class=\"_ _1\"></span>cnich<span class=\"_ _f\"></span>e<span class=\"sc0\"> </span></div></td><td class=\"c x580 y2ed7 w3f7 h131\"><div class=\"t m0 x1c h1f y3e4 ff2b fs7 fc1 sc2 ls0 ws0\">5.681.<span class=\"_ _1\"></span>918<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x46b y2ed8 w4a8 h131\"><div class=\"t m0 x16a h1f y3e4 ff2b fs7 fc1 sc2 ls0 ws0\">I. Ra<span class=\"_ _1\"></span>mo Da<span class=\"_ _f\"></span>nni<span class=\"sc0\"> </span></div></td><td class=\"c x580 y2ed8 w3f7 h131\"><div class=\"t m0 xc h1f y3e4 ff2b fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x46b y2ed9 w4a8 h131\"><div class=\"t m0 x39 h1f y3e4 ff2b fs7 fc1 sc2 ls0 ws0\">1. Ris<span class=\"_ _1\"></span>erva<span class=\"_ _f\"></span> premi<span class=\"sc0\"> </span></div></td><td class=\"c x580 y2ed9 w3f7 h131\"><div class=\"t m0 xc h1f y3e4 ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y2eda w4a8 h131\"><div class=\"t m0 x39 h1f y3e4 ff2b fs7 fc1 sc2 ls0 ws0\">2. Ris<span class=\"_ _1\"></span>erva<span class=\"_ _f\"></span> sinistr<span class=\"_ _1\"></span>i<span class=\"sc0\"> </span></div></td><td class=\"c x580 y2eda w3f7 h131\"><div class=\"t m0 xc h1f y3e4 ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y2edb w4a8 h131\"><div class=\"t m0 x39 h1f y3e4 ff2b fs7 fc1 sc2 ls0 ws0\">3. Ris<span class=\"_ _f\"></span>erva p<span class=\"_ _1\"></span>er par<span class=\"_ _f\"></span>tecipaz<span class=\"_ _1\"></span>ione<span class=\"_ _1\"></span> agl<span class=\"_ _1\"></span>i util<span class=\"_ _1\"></span>i e ris<span class=\"_ _f\"></span>torni<span class=\"sc0\"> </span></div></td><td class=\"c x580 y2edb w3f7 h131\"><div class=\"t m0 xc h1f y3e4 ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y2edc w4a8 h131\"><div class=\"t m0 x39 h1f y3e4 ff2b fs7 fc1 sc2 ls0 ws0\">4. Alt<span class=\"_ _1\"></span>re ri<span class=\"_ _1\"></span>serv<span class=\"_ _1\"></span>e te<span class=\"_ _1\"></span>cnich<span class=\"_ _f\"></span>e<span class=\"sc0\"> </span></div></td><td class=\"c x580 y2edc w3f7 h131\"><div class=\"t m0 xc h1f y3e4 ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y2edd w4a8 h131\"><div class=\"t m0 x39 h1f y3e4 ff2b fs7 fc1 sc2 ls0 ws0\">5. Ris<span class=\"_ _f\"></span>erve di <span class=\"_ _f\"></span>perequa<span class=\"_ _1\"></span>zion<span class=\"_ _f\"></span>e<span class=\"sc0\"> </span></div></td><td class=\"c x580 y2edd w3f7 h131\"><div class=\"t m0 xc h1f y3e4 ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y2ede w4a8 h131\"><div class=\"t m0 x16a h1f y3e4 ff2b fs7 fc1 sc2 ls0 ws0\">II. Ram<span class=\"_ _f\"></span>o vita<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x580 y2ede w3f7 h131\"><div class=\"t m0 x1c h1f y3e4 ff2b fs7 fc1 sc2 ls0 ws0\">5.681.<span class=\"_ _1\"></span>918<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x46b y2edf w4a8 h131\"><div class=\"t m0 x39 h1f y3e4 ff2b fs7 fc1 sc2 ls0 ws0\">1. Ris<span class=\"_ _1\"></span>erve<span class=\"_ _1\"></span> mat<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>ati<span class=\"_ _1\"></span>che<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x580 y2edf w3f7 h131\"><div class=\"t m0 x90 h1f y3e4 ff2b fs7 fc1 sc0 ls0 ws0\">5.624.013 </div></td></tr><tr><td class=\"c x46b y2ee0 w4a8 h131\"><div class=\"t m0 x39 h1f y3e4 ff2b fs7 fc1 sc2 ls0 ws0\">2. Ris<span class=\"_ _1\"></span>erva<span class=\"_ _f\"></span> premi <span class=\"_ _f\"></span>delle ass<span class=\"_ _f\"></span>icuraz<span class=\"_ _1\"></span>ioni<span class=\"_ _1\"></span> com<span class=\"_ _f\"></span>plemen<span class=\"_ _f\"></span>tari </div></td><td class=\"c x580 y2ee0 w3f7 h131\"><div class=\"t m0 xc h1f y3e4 ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y2ee1 w4a8 h131\"><div class=\"t m0 x39 h1f y3e4 ff2b fs7 fc1 sc2 ls0 ws0\">3. Ris<span class=\"_ _f\"></span>erve per<span class=\"_ _f\"></span> somm<span class=\"_ _f\"></span>e da pa<span class=\"_ _1\"></span>gar<span class=\"_ _f\"></span>e<span class=\"sc0\"> </span></div></td><td class=\"c x580 y2ee1 w3f7 h131\"><div class=\"t m0 x49 h1f y3e4 ff2b fs7 fc1 sc0 ls0 ws0\">44.128 </div></td></tr><tr><td class=\"c x46b y2ee2 w4a8 h12f\"><div class=\"t m0 x39 h1f y74a ff2b fs7 fc1 sc2 ls0 ws0\">4. Ris<span class=\"_ _1\"></span>erva<span class=\"_ _f\"></span> per pa<span class=\"_ _1\"></span>rteci<span class=\"_ _f\"></span>pazion<span class=\"_ _1\"></span>e ag<span class=\"_ _1\"></span>li uti<span class=\"_ _1\"></span>li e ri<span class=\"_ _1\"></span>sto<span class=\"_ _1\"></span>rni<span class=\"sc0\"> </span></div></td><td class=\"c x580 y2ee2 w3f7 h12f\"><div class=\"t m0 xc h1f y74a ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y2ee3 w4a8 h131\"><div class=\"t m0 x39 h1f y3e4 ff2b fs7 fc1 sc2 ls0 ws0\">5. Alt<span class=\"_ _1\"></span>re ri<span class=\"_ _1\"></span>serv<span class=\"_ _f\"></span>e tecni<span class=\"_ _1\"></span>che<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x580 y2ee3 w3f7 h131\"><div class=\"t m0 xf0 h1f y3e4 ff2b fs7 fc1 sc0 ls0 ws0\">13.777 </div></td></tr><tr><td class=\"c x262 y2c55 wd7f h48b\"><div class=\"t m0 x250 h1f y2410 ff2b fs7 fc1 sc2 ls0 ws0\">D. Ris<span class=\"_ _f\"></span>erve te<span class=\"_ _f\"></span>cniche a<span class=\"_ _1\"></span>llor<span class=\"_ _1\"></span>ch\u00e9<span class=\"_ _1\"></span> il ris<span class=\"_ _f\"></span>chio dell'<span class=\"_ _1\"></span>inve<span class=\"_ _1\"></span>stim<span class=\"_ _f\"></span>ento \u00e8 s<span class=\"_ _1\"></span>opp<span class=\"_ _f\"></span>ortato<span class=\"_ _1\"></span> dagl<span class=\"_ _1\"></span>i assi<span class=\"_ _1\"></span>cura<span class=\"_ _1\"></span>ti e ri<span class=\"_ _f\"></span>serve de<span class=\"_ _f\"></span>rivant<span class=\"_ _f\"></span>i dalla<span class=\"_ _df\"> </span></div></td><td class=\"c x580 y2ee4 w3f7 h58\"><div class=\"t m0 xc h1f y420 ff2b fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x262 y2ee5 wd80 h484\"><div class=\"t m0 x250 h1f y2410 ff2b fs7 fc1 sc2 ls0 ws0\">ges<span class=\"_ _1\"></span>tione <span class=\"_ _f\"></span>dei fon<span class=\"_ _1\"></span>di pen<span class=\"_ _f\"></span>sione<span class=\"_ _df\"> </span></div></td><td></td></tr><tr><td class=\"c x46b y2ee6 w4a8 h131\"><div class=\"t m0 x16a h1f y3e4 ff2b fs7 fc1 sc2 ls0 ws0\">I. Ris<span class=\"_ _f\"></span>erve rel<span class=\"_ _1\"></span>ativ<span class=\"_ _f\"></span>e a contr<span class=\"_ _f\"></span>atti le cu<span class=\"_ _1\"></span>i pr<span class=\"_ _f\"></span>estazi<span class=\"_ _1\"></span>oni s<span class=\"_ _f\"></span>ono conn<span class=\"_ _f\"></span>esse c<span class=\"_ _f\"></span>on fondi<span class=\"_ _f\"></span> di inv<span class=\"_ _1\"></span>esti<span class=\"_ _1\"></span>men<span class=\"_ _1\"></span>to e i<span class=\"_ _1\"></span>ndici <span class=\"_ _f\"></span>di mer<span class=\"_ _1\"></span>cato<span class=\"sc0\"> </span></div></td><td class=\"c x580 y2ee6 w3f7 h131\"><div class=\"t m0 xc h1f y3e4 ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y2ee7 w4a8 h13\"><div class=\"t m0 x16a h1f y80 ff2b fs7 fc1 sc2 ls0 ws0\">II. Ris<span class=\"_ _1\"></span>erve<span class=\"_ _1\"></span> de<span class=\"_ _1\"></span>riva<span class=\"_ _f\"></span>nti dalla<span class=\"_ _1\"></span> gest<span class=\"_ _f\"></span>ione dei<span class=\"_ _f\"></span> fondi <span class=\"_ _f\"></span>pension<span class=\"_ _1\"></span>e<span class=\"sc0\"> </span></div></td><td class=\"c x580 y2ee7 w3f7 h13\"><div class=\"t m0 xc h1f y80 ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td></tr></table>Contr<span class=\"_ _1\"></span>atti a<span class=\"_ _f\"></span>ssicurat<span class=\"_ _1\"></span>ivi em<span class=\"_ _f\"></span>essi - M<span class=\"_ _1\"></span>argine<span class=\"_ _f\"></span> sui ser<span class=\"_ _1\"></span>vizi co<span class=\"_ _1\"></span>ntra<span class=\"_ _1\"></span>ttua<span class=\"_ _1\"></span>li rip<span class=\"_ _1\"></span>artito<span class=\"_ _1\"></span> per <span class=\"_ _1\"></span>tempi <span class=\"_ _1\"></span>attesi<span class=\"_ _1\"></span> di<span class=\"_ _df\"> </span>regis<span class=\"_ _1\"></span>trazi<span class=\"_ _1\"></span>one in <span class=\"_ _f\"></span>conto eco<span class=\"_ _f\"></span>nomic<span class=\"_ _1\"></span>o<table class=\"s wd81 h51f\" id=\"_6a013cda-85cc-4a9b-8efd-5d080954e1bd\"><tr><td class=\"c x739 y2ee8 wd82 h4cd\"><div class=\"t m0 x250 h262 y2899 ff2b fs27 fc4 sc3 ls0 ws0\">Bas<span class=\"_ _1\"></span>i di<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x73a y2ee9 wb44 h520\"><div class=\"t m0 x250 h262 y2899 ff2b fs27 fc4 sc3 ls0 ws0\">Da ol<span class=\"_ _1\"></span>tre 1<span class=\"_ _df\"> </span></div></td><td class=\"c x73b y2ee9 wd83 h520\"><div class=\"t m0 x250 h262 y2899 ff2b fs27 fc4 sc3 ls0 ws0\">Da ol<span class=\"_ _1\"></span>tre<span class=\"_ _df\"> </span></div></td><td class=\"c x73c y2ee9 wd83 h520\"><div class=\"t m0 x250 h262 y2899 ff2b fs27 fc4 sc3 ls0 ws0\">Da ol<span class=\"_ _1\"></span>tre<span class=\"_ _df\"> </span></div></td><td class=\"c x6de y2ee9 wb49 h520\"><div class=\"t m0 x250 h262 y2899 ff2b fs27 fc4 sc3 ls0 ws0\">Da ol<span class=\"_ _1\"></span>tre<span class=\"_ _df\"> </span></div></td><td class=\"c x73d y2ee9 wb49 h520\"><div class=\"t m0 x250 h262 y2899 ff2b fs27 fc4 sc3 ls0 ws0\">Da ol<span class=\"_ _1\"></span>tre<span class=\"_ _df\"> </span></div></td><td class=\"c x73e y2ee9 wb49 h520\"><div class=\"t m0 x250 h262 y2899 ff2b fs27 fc4 sc3 ls0 ws0\">Da ol<span class=\"_ _1\"></span>tre<span class=\"_ _df\"> </span></div></td><td></td><td></td></tr><tr><td class=\"c x2a8 y2eea wd84 h4cd\"><div class=\"t m0 x250 h262 y2899 ff2b fs27 fc4 sc3 ls0 ws0\">agg<span class=\"_ _f\"></span>regazion<span class=\"_ _f\"></span>e/Tem<span class=\"_ _1\"></span>pi d<span class=\"_ _1\"></span>i</div></td><td class=\"c x686 y2eeb wb4a h4cd\"><div class=\"t m0 x250 h262 y2899 ff2b fs27 fc4 sc3 ls0 ws0\">Fino<span class=\"_ _1\"></span> a 1<span class=\"_ _df\"> </span></div></td><td class=\"c x73f y2eeb wb50 h4cd\"><div class=\"t m0 x250 h262 y2899 ff2b fs27 fc4 sc3 ls0 ws0\">ann<span class=\"_ _1\"></span>o<span class=\"_ _df\"> </span></div></td><td class=\"c x740 y2eeb wd85 h4cd\"><div class=\"t m0 x250 h262 y2899 ff2b fs27 fc4 sc3 ls0 ws0\">2 ann<span class=\"_ _f\"></span>i<span class=\"_ _df\"> </span></div></td><td class=\"c x741 y2eeb wb52 h4cd\"><div class=\"t m0 x250 h262 y2899 ff2b fs27 fc4 sc3 ls0 ws0\">3 an<span class=\"_ _1\"></span>ni<span class=\"_ _df\"> </span></div></td><td class=\"c x6cf y2eeb wd86 h4cd\"><div class=\"t m0 x250 h262 y2899 ff2b fs27 fc4 sc3 ls0 ws0\">4 an<span class=\"_ _f\"></span>ni<span class=\"_ _df\"> </span></div></td><td class=\"c x742 y2eeb wd87 h4cd\"><div class=\"t m0 x250 h262 y2899 ff2b fs27 fc4 sc3 ls0 ws0\">5 an<span class=\"_ _1\"></span>ni<span class=\"_ _df\"> </span></div></td><td class=\"c x743 y2eeb wb4e h4cd\"><div class=\"t m0 x250 h262 y2899 ff2b fs27 fc4 sc3 ls0 ws0\">10 a<span class=\"_ _f\"></span>nni<span class=\"_ _df\"> </span></div></td><td class=\"c x744 y2eeb wd88 h4cd\"><div class=\"t m0 x250 h262 y2899 ff2b fs27 fc4 sc3 ls0 ws0\">Oltr<span class=\"_ _1\"></span>e 20<span class=\"_ _df\"> </span></div></td><td class=\"c x549 y2eec w230 h153\"><div class=\"t m0 x2a h262 y532 ff2b fs27 fc4 sc3 ls0 ws0\">Tota<span class=\"_ _1\"></span>le<span class=\"_ _df\"> </span></div></td></tr><tr><td class=\"c x739 y2eed wd89 h4cd\"><div class=\"t m0 x250 h262 y2899 ff2b fs27 fc4 sc3 ls0 ws0\">attes<span class=\"_ _f\"></span>a<span class=\"_ _df\"> </span></div></td><td class=\"c x677 y2eee wb50 h4cd\"><div class=\"t m0 x250 h262 y2899 ff2b fs27 fc4 sc3 ls0 ws0\">ann<span class=\"_ _1\"></span>o<span class=\"_ _df\"> </span></div></td><td class=\"c x678 y2eee wd8a h4cd\"><div class=\"t m0 x250 h262 y2899 ff2b fs27 fc4 sc3 ls0 ws0\">fino<span class=\"_ _1\"></span> a 2<span class=\"_ _df\"> </span></div></td><td class=\"c x73b y2eee wd8b h4cd\"><div class=\"t m0 x250 h262 y2899 ff2b fs27 fc4 sc3 ls0 ws0\">fino<span class=\"_ _1\"></span> a 3<span class=\"_ _df\"> </span></div></td><td class=\"c x2f1 y2eee wd2d h4cd\"><div class=\"t m0 x250 h262 y2899 ff2b fs27 fc4 sc3 ls0 ws0\">fino<span class=\"_ _1\"></span> a 4<span class=\"_ _df\"> </span></div></td><td class=\"c x6c4 y2eee wd8c h4cd\"><div class=\"t m0 x250 h262 y2899 ff2b fs27 fc4 sc3 ls0 ws0\">fino<span class=\"_ _1\"></span> a 5<span class=\"_ _df\"> </span></div></td><td class=\"c x745 y2eee wd8d h4cd\"><div class=\"t m0 x250 h262 y2899 ff2b fs27 fc4 sc3 ls0 ws0\">fino<span class=\"_ _1\"></span> a 10<span class=\"_ _df\"> </span></div></td><td class=\"c x746 y2eee wd8e h4cd\"><div class=\"t m0 x250 h262 y2899 ff2b fs27 fc4 sc3 ls0 ws0\">fino<span class=\"_ _1\"></span> a 20<span class=\"_ _df\"> </span></div></td><td class=\"c x747 y2eee wd8f h4cd\"><div class=\"t m0 x250 h262 y2899 ff2b fs27 fc4 sc3 ls0 ws0\">ann<span class=\"_ _1\"></span>i<span class=\"_ _df\"> </span></div></td><td></td></tr><tr><td></td><td></td><td class=\"c x748 y2eef wd8f h4cd\"><div class=\"t m0 x250 h262 y2899 ff2b fs27 fc4 sc3 ls0 ws0\">ann<span class=\"_ _1\"></span>i<span class=\"_ _df\"> </span></div></td><td class=\"c x454 y2eef wd8f h4cd\"><div class=\"t m0 x250 h262 y2899 ff2b fs27 fc4 sc3 ls0 ws0\">ann<span class=\"_ _1\"></span>i<span class=\"_ _df\"> </span></div></td><td class=\"c x749 y2eef wd8f h4cd\"><div class=\"t m0 x250 h262 y2899 ff2b fs27 fc4 sc3 ls0 ws0\">ann<span class=\"_ _1\"></span>i<span class=\"_ _df\"> </span></div></td><td class=\"c x6c9 y2eef wd8f h4cd\"><div class=\"t m0 x250 h262 y2899 ff2b fs27 fc4 sc3 ls0 ws0\">ann<span class=\"_ _1\"></span>i<span class=\"_ _df\"> </span></div></td><td class=\"c x74a y2eef wd8f h4cd\"><div class=\"t m0 x250 h262 y2899 ff2b fs27 fc4 sc3 ls0 ws0\">ann<span class=\"_ _1\"></span>i<span class=\"_ _df\"> </span></div></td><td class=\"c x74b y2eef wd8f h4cd\"><div class=\"t m0 x250 h262 y2899 ff2b fs27 fc4 sc3 ls0 ws0\">ann<span class=\"_ _1\"></span>i<span class=\"_ _df\"> </span></div></td><td></td><td></td></tr><tr><td class=\"c x46b y2ef0 w3f1 hc8\"><div class=\"t m0 x8a h262 y71 ff2b fs27 fc1 sc0 ls0 ws0\">Segmento V<span class=\"_ _1\"></span>ita<span class=\"_ _df\"> </span></div></td><td class=\"c x688 y2ef0 w3b8 hc8\"><div class=\"t m0 x2a h262 y71 ff2b fs27 fc1 sc0 ls0 ws0\">11,00%</div></td><td class=\"c x689 y2ef0 w2af hc8\"><div class=\"t m0 x2a h262 y71 ff2b fs27 fc1 sc0 ls0 ws0\">9,00%</div></td><td class=\"c x74c y2ef0 w182 hc8\"><div class=\"t m0 x2a h262 y71 ff2b fs27 fc1 sc0 ls0 ws0\">8,00%</div></td><td class=\"c x74d y2ef0 w41a hc8\"><div class=\"t m0 x2a h262 y71 ff2b fs27 fc1 sc0 ls0 ws0\">8,00%</div></td><td class=\"c x6c0 y2ef0 w2af hc8\"><div class=\"t m0 x2e h262 y71 ff2b fs27 fc1 sc0 ls0 ws0\">7,00%</div></td><td class=\"c x74e y2ef0 w1bd hc8\"><div class=\"t m0 x2f h262 y71 ff2b fs27 fc1 sc0 ls0 ws0\">25,00%</div></td><td class=\"c x74f y2ef0 w3b5 hc8\"><div class=\"t m0 x2f h262 y71 ff2b fs27 fc1 sc0 ls0 ws0\">24,00%</div></td><td class=\"c x750 y2ef0 w2af hc8\"><div class=\"t m0 x2a h262 y71 ff2b fs27 fc1 sc0 ls0 ws0\">8,00%</div></td><td class=\"c x549 y2ef0 w238 hc8\"><div class=\"t m0 x2a h262 y71 ff2b fs27 fc1 sc2 ls0 ws0\">100<span class=\"_ _f\"></span>,00%<span class=\"_ _df\"> </span></div></td></tr><tr><td class=\"c x46b y2ef1 w3f1 hc8\"><div class=\"t m0 x8a h262 y71 ff2b fs27 fc1 sc0 ls0 ws0\">Segmento Da<span class=\"_ _f\"></span>nni<span class=\"_ _df\"> </span></div></td><td class=\"c x688 y2ef1 w3b8 hc8\"><div class=\"t m0 x2e h262 y71 ff2b fs27 fc1 sc0 ls0 ws0\">0,00%</div></td><td class=\"c x689 y2ef1 w2af hc8\"><div class=\"t m0 x2a h262 y71 ff2b fs27 fc1 sc0 ls0 ws0\">0,00%</div></td><td class=\"c x74c y2ef1 w182 hc8\"><div class=\"t m0 x2a h262 y71 ff2b fs27 fc1 sc0 ls0 ws0\">0,00%</div></td><td class=\"c x74d y2ef1 w41a hc8\"><div class=\"t m0 x2a h262 y71 ff2b fs27 fc1 sc0 ls0 ws0\">0,00%</div></td><td class=\"c x6c0 y2ef1 w2af hc8\"><div class=\"t m0 x2a h262 y71 ff2b fs27 fc1 sc0 ls0 ws0\">0,00%</div></td><td class=\"c x74e y2ef1 w1bd hc8\"><div class=\"t m0 x2e h262 y71 ff2b fs27 fc1 sc0 ls0 ws0\">0,00%</div></td><td class=\"c x74f y2ef1 w3b5 hc8\"><div class=\"t m0 x2e h262 y71 ff2b fs27 fc1 sc0 ls0 ws0\">0,00%</div></td><td class=\"c x750 y2ef1 w2af hc8\"><div class=\"t m0 x2a h262 y71 ff2b fs27 fc1 sc0 ls0 ws0\">0,00%</div></td><td class=\"c x549 y2ef1 w238 hc8\"><div class=\"t m0 x48 h262 y71 ff2b fs27 fc1 sc2 ls0 ws0\">0,0<span class=\"_ _1\"></span>0%<span class=\"_ _df\"> </span></div></td></tr></table>Sezi<span class=\"_ _f\"></span>one 3<span class=\"_ _f\"></span> <span class=\"ff5\">\u2013</span> Risc<span class=\"_ _f\"></span>hi del<span class=\"_ _f\"></span>le impr<span class=\"_ _f\"></span>ese di<span class=\"_ _1\"></span> as<span class=\"_ _1\"></span>sicu<span class=\"_ _1\"></span>raz<span class=\"_ _f\"></span>ione<span class=\"_ _df\"> </span>3.1 Ris<span class=\"_ _1\"></span>chi as<span class=\"_ _1\"></span>sicura<span class=\"_ _1\"></span>tivi<span class=\"_ _df\"> </span>CREDE<span class=\"_ _f\"></span>MVITA S.<span class=\"_ _1\"></span>P.A.<span class=\"_ _df\"> </span>Appro<span class=\"_ _f\"></span>ccio alla g<span class=\"_ _1\"></span>estio<span class=\"_ _1\"></span>ne del ri<span class=\"_ _f\"></span>schio di C<span class=\"_ _f\"></span>redemvita<span class=\"_ _df\"> </span>Stra<span class=\"_ _1\"></span>tegie <span class=\"_ _1\"></span>e ges<span class=\"_ _1\"></span>tione<span class=\"_ _1\"></span> del r<span class=\"_ _f\"></span>ischio<span class=\"_ _df\"> </span>Credemvita S.p.A opera <span class=\"_ _2\"></span>sulla sco<span class=\"_ _2\"></span>rta di <span class=\"_ _2\"></span>una strategia di ass<span class=\"_ _2\"></span>unzione<span class=\"_ _1\"></span> e <span class=\"_ _2\"></span>gestione dei rischi <span class=\"_ _2\"></span>basata su<span class=\"_ _df\"> </span>criteri di<span class=\"_ _1\"></span> sana<span class=\"_ _1\"></span> e <span class=\"_ _f\"></span>prudente g<span class=\"_ _1\"></span>estione e<span class=\"_ _1\"></span> coerente <span class=\"_ _f\"></span>con il <span class=\"_ _f\"></span>livello p<span class=\"_ _1\"></span>atrimoniale dell<span class=\"_ _1\"></span>\u2019impresa. Tale<span class=\"_ _1\"></span> strategia<span class=\"_ _df\"> </span>si <span class=\"_ _15\"> </span>fonda <span class=\"_ _14\"> </span>s<span class=\"_ _2\"></span>u <span class=\"_ _14\"> </span>principi <span class=\"_ _15\"> </span>di <span class=\"_ _14\"> </span>valutazione <span class=\"_ _15\"> </span>dei <span class=\"_ _15\"> </span>rischi <span class=\"_ _15\"> </span>che <span class=\"_ _14\"> </span>cons<span class=\"_ _2\"></span>iderano <span class=\"_ _15\"> </span>gli <span class=\"_ _14\"> </span>as<span class=\"_ _2\"></span>petti <span class=\"_ _14\"> </span>relativi <span class=\"_ _15\"> </span>a<span class=\"_ _2\"></span>lla <span class=\"_ _15\"> </span>loro<span class=\"_ _df\"> </span>rilevanza/significativit\u00e0. L\u2019approccio  seguito  nella  gestione  dei <span class=\"_ _22\"> </span>r<span class=\"_ _2\"></span>ischi  \u00e8  fondato  sul  criterio  di  proporzionalit\u00e0 <span class=\"_ _22\"> </span>e  vien<span class=\"_ _2\"></span>e<span class=\"_ _df\"> </span>delineato <span class=\"_ _1\"></span>in apposite <span class=\"_ _f\"></span>politiche interne <span class=\"_ _1\"></span>ai sensi <span class=\"_ _f\"></span>del Regolamento <span class=\"_ _1\"></span>IVASS n.38/2018, <span class=\"_ _1\"></span>per ognu<span class=\"_ _f\"></span>no degli<span class=\"_ _df\"> </span>ambiti di rischiosit\u00e0 che insistono sulla Compagnia.<span class=\"_ _df\"> </span>Gli e<span class=\"_ _1\"></span>lementi <span class=\"_ _f\"></span>chiave attraverso cu<span class=\"_ _f\"></span>i viene<span class=\"_ _1\"></span> defini<span class=\"_ _1\"></span>ta la <span class=\"_ _f\"></span>s<span class=\"_ _2\"></span>trategia <span class=\"_ _f\"></span>e le <span class=\"_ _f\"></span>modalit\u00e0 d<span class=\"_ _1\"></span>i g<span class=\"_ _1\"></span>estione d<span class=\"_ _1\"></span>ei rischi<span class=\"_ _1\"></span> de<span class=\"_ _1\"></span>lla<span class=\"_ _df\"> </span>Compagnia sono i seguenti:<span class=\"_ _df\"> </span>-<span class=\"_ _28\"> </span><span class=\"ff4\">identificazione e classificazione dei rischi <span class=\"ff5\">\u2013</span> mappa dei rischi;<span class=\"_ _df\"> </span></span>-<span class=\"_ _28\"> </span><span class=\"ff4\">valutazione dei rischi;<span class=\"_ _df\"> </span></span>-<span class=\"_ _28\"> </span><span class=\"ff4\">str<span class=\"_ _2\"></span>umenti e metodologie<span class=\"_ _1\"></span> di misurazione;<span class=\"_ _df\"> </span></span>-<span class=\"_ _28\"> </span><span class=\"ff4\">gestione dei rischi;<span class=\"_ _df\"> </span></span>-<span class=\"_ _28\"> </span><span class=\"ff4\">monitor<span class=\"_ _2\"></span>aggio e repor<span class=\"_ _1\"></span>ting.<span class=\"_ _df\"> </span></span>I principi <span class=\"_ _1\"></span>generali adottati per l<span class=\"_ _1\"></span>a definizione d<span class=\"_ _1\"></span>el sistema di ge<span class=\"_ _1\"></span>stione del rischio consi<span class=\"_ _1\"></span>derano quindi:<span class=\"_ _df\"> </span>-<span class=\"_ _28\"> </span><span class=\"ff4\">la <span class=\"_ _0\"></span>verifica <span class=\"_ _d\"></span>della <span class=\"_ _d\"></span>coerenza <span class=\"_ _0\"></span>tra <span class=\"_ _0\"></span>il <span class=\"_ _d\"></span>livello <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>rischio <span class=\"_ _0\"></span>assunto <span class=\"_ _d\"></span>e <span class=\"_ _0\"></span>il <span class=\"_ _d\"></span>liv<span class=\"_ _2\"></span>ello <span class=\"_ _0\"></span>di <span class=\"_ _d\"></span>patrimonio <span class=\"_ _d\"></span>disponibile<span class=\"_ _df\"> </span></span>atteso (c.d Risk Appetite);<span class=\"_ _df\"> </span>-<span class=\"_ _28\"> </span><span class=\"ff4\">la <span class=\"_ _19\"> </span>misurabilit\u00e0 <span class=\"_ _18\"> </span>/ <span class=\"_ _19\"> </span>valutazione<span class=\"_ _1\"></span> <span class=\"_ _19\"> </span>dei <span class=\"_ _18\"> </span>rischi <span class=\"_ _18\"> </span>(<span class=\"_ _2\"></span>per <span class=\"_ _18\"> </span>quelli <span class=\"_ _18\"> </span>q<span class=\"_ _2\"></span>uantificabili) <span class=\"_ _18\"> </span>per <span class=\"_ _18\"> </span>permett<span class=\"_ _2\"></span>ere <span class=\"_ _18\"> </span>al<span class=\"_ _df\"> </span></span>management di valutare l\u2019impatto degli stessi sull\u2019and<span class=\"_ _1\"></span>amento aziendale;<span class=\"_ _df\"> </span>-<span class=\"_ _28\"> </span><span class=\"ff4\">la determinazione di processi e presidi operativi per quelli non quantificabili;<span class=\"_ _df\"> </span></span>-<span class=\"_ _28\"> </span><span class=\"ff4\">la <span class=\"_ _4\"> </span>presenza <span class=\"_ _22\"> </span>di <span class=\"_ _4\"> </span>un <span class=\"_ _22\"> </span>sist<span class=\"_ _2\"></span>ema  di <span class=\"_ _4\"> </span>monitoraggio <span class=\"_ _4\"> </span>continuativo  del <span class=\"_ _4\"> </span>profilo <span class=\"_ _4\"> </span>di  rischio <span class=\"_ _4\"> </span>attuale  e<span class=\"_ _df\"> </span></span>prospettico e dei relativi indicatori di rischio e/o rendi<span class=\"_ _1\"></span>mento identificati.<span class=\"_ _df\"> </span>Credemvita nell\u2019ambito del pro<span class=\"_ _2\"></span>prio sistema di <span class=\"_ _2\"></span><span class=\"ff4\">gestione dei rischi, <span class=\"_ _2\"></span>ha strutturato ed implementato<span class=\"_ _df\"> </span></span>un <span class=\"_ _10\"> </span>autonomo <span class=\"_ _10\"> </span>processo<span class=\"_ _2\"></span> <span class=\"_ _10\"> </span>di <span class=\"_ _10\"> </span>valutazione <span class=\"_ _10\"> </span>della <span class=\"_ _10\"> </span>propria <span class=\"_ _18\"> </span>adeguatezza <span class=\"_ _10\"> </span>patrimoniale, <span class=\"_ _10\"> </span>attuale <span class=\"_ _18\"> </span>e<span class=\"_ _df\"> </span>prospettica, <span class=\"_ _0\"></span>in <span class=\"_ _9\"> </span>relazione <span class=\"_ _9\"> </span>ai <span class=\"_ _0\"></span>r<span class=\"_ _2\"></span>ischi<span class=\"_ _1\"></span> <span class=\"_ _9\"> </span>rilevanti <span class=\"_ _0\"></span>verso <span class=\"_ _9\"> </span>i <span class=\"_ _9\"> </span>quali <span class=\"_ _0\"></span>la <span class=\"_ _9\"> </span>Compagnia <span class=\"_ _9\"> </span>risulta <span class=\"_ _9\"> </span>esposta <span class=\"_ _0\"></span>(processo<span class=\"_ _df\"> </span>ORSA <span class=\"ff5 ls0\">\u2013<span class=\"ff4\"> Own Risk and Solvency Assessment). Tale processo ha le seguenti fasi: </span></span>-<span class=\"_ _28\"> </span><span class=\"ff4\">Valutazione attuale e prospettica del Solvency II Ratio;<span class=\"_ _df\"> </span></span>-<span class=\"_ _28\"> </span><span class=\"ff4\">Sensitivity, Stress Test e Scenario Test;<span class=\"_ _df\"> </span></span>-<span class=\"_ _28\"> </span><span class=\"ff4\">Piano di Liquidit\u00e0 prospettico;<span class=\"_ _df\"> </span></span>-<span class=\"_ _28\"> </span><span class=\"ff4\">Adeguatezza della Formula Standard rispetto il profilo di rischio della Compagnia;<span class=\"_ _df\"> </span></span>-<span class=\"_ _28\"> </span><span class=\"ff4\">Back Testing;<span class=\"_ _df\"> </span></span>-<span class=\"_ _28\"> </span><span class=\"ff4\">Predisposizione ORSA Report e invio.<span class=\"_ _df\"> </span></span>Tra  essi  sono <span class=\"_ _16\"> </span>incluse  i<span class=\"_ _1\"></span>noltre  le  valutazioni<span class=\"_ _1\"></span>  dei  rischi <span class=\"_ _16\"> </span>ESG  (con <span class=\"_ _16\"> </span>un  focus  p<span class=\"_ _1\"></span>articolare  sui <span class=\"_ _16\"> </span>rischi<span class=\"_ _df\"> </span>climatici).<span class=\"_ _df\"> </span>Parte integrante del processo ORSA sono anche i seg<span class=\"_ _1\"></span>uenti processi:<span class=\"_ _df\"> </span>-<span class=\"_ _28\"> </span><span class=\"ff4\">Definizione del piano preliminare e del budget aziendale;<span class=\"_ _df\"> </span></span>-<span class=\"_ _28\"> </span><span class=\"ff4\">Definizione del Risk Appetite;<span class=\"_ _df\"> </span></span>-<span class=\"_ _28\"> </span><span class=\"ff4\">Individuazione e valutazione dei rischi e Continuous Monitoring.<span class=\"_ _df\"> </span></span>Nell\u2019ambito <span class=\"_ _0\"></span>dell\u2019attivit\u00e0 <span class=\"_ _9\"> </span>di <span class=\"_ _0\"></span>indiri<span class=\"_ _2\"></span>zzo <span class=\"_ _0\"></span>strat<span class=\"_ _2\"></span>egico <span class=\"_ _0\"></span>della <span class=\"_ _0\"></span>Compagnia, <span class=\"_ _9\"> </span>il <span class=\"_ _9\"> </span>Consiglio <span class=\"_ _0\"></span>di <span class=\"_ _9\"> </span>Amministrazione<span class=\"_ _df\"> </span>individua <span class=\"_ _9\"> </span>e <span class=\"_ _16\"> </span>approva <span class=\"_ _9\"> </span>il  corretto <span class=\"_ _9\"> </span>dimensionamento <span class=\"_ _16\"> </span>dell<span class=\"_ _1\"></span>a <span class=\"_ _16\"> </span>dotazione <span class=\"_ _9\"> </span>complessiva <span class=\"_ _16\"> </span>di <span class=\"_ _9\"> </span>capitale <span class=\"_ _16\"> </span>e <span class=\"_ _16\"> </span>gli<span class=\"_ _df\"> </span>obiettivi di <span class=\"_ _2\"></span>redditivit\u00e0 <span class=\"_ _2\"></span>corretta <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>il rischio. <span class=\"_ _2\"></span>La <span class=\"_ _2\"></span>formulazione <span class=\"_ _2\"></span>di pr<span class=\"_ _2\"></span>eliminari linee <span class=\"_ _2\"></span>guida s<span class=\"_ _2\"></span>trategiche<span class=\"_ _df\"> </span>da <span class=\"_ _0\"></span>part<span class=\"_ _2\"></span>e <span class=\"_ _0\"></span>del <span class=\"_ _0\"></span>Consigl<span class=\"_ _2\"></span>io <span class=\"_ _0\"></span>di <span class=\"_ _9\"> </span>Amministrazione <span class=\"_ _9\"> </span>indirizza <span class=\"_ _0\"></span>la <span class=\"_ _9\"> </span>calibrazio<span class=\"_ _2\"></span>ne <span class=\"_ _0\"></span>de<span class=\"_ _2\"></span>gli <span class=\"_ _0\"></span>obiett<span class=\"_ _2\"></span>ivi <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>r<span class=\"_ _2\"></span>ischio <span class=\"_ _0\"></span>e <span class=\"_ _9\"> </span>lo<span class=\"_ _df\"> </span>sviluppo del piano <span class=\"_ _2\"></span>strategico. Tali attivit\u00e0 <span class=\"_ _2\"></span>sono significativamente connesse e vengono entr<span class=\"_ _2\"></span>ambe<span class=\"_ _df\"> </span>sviluppate <span class=\"_ _9\"> </span>consid<span class=\"_ _2\"></span>erando <span class=\"_ _9\"> </span>la  situazione <span class=\"_ _9\"> </span>di  partenza <span class=\"_ _9\"> </span>della  Compagnia, <span class=\"_ _9\"> </span>la  visione <span class=\"_ _9\"> </span>prospettica  del<span class=\"_ _df\"> </span>contesto esterno, i profili di rischio e gli orientamenti in termini di rischio/rendimento. Nel <span class=\"_ _2\"></span>continuo, <span class=\"_ _2\"></span>la <span class=\"_ _d\"></span>Funzione <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>Risk <span class=\"_ _2\"></span>Management <span class=\"_ _d\"></span>supporta <span class=\"_ _2\"></span>gli <span class=\"_ _2\"></span>organi <span class=\"_ _2\"></span>aziendali <span class=\"_ _2\"></span>nelle <span class=\"_ _2\"></span>scelte <span class=\"_ _d\"></span>derivanti dall\u2019attuazione <span class=\"_ _1a\"> </span>del <span class=\"_ _c\"> </span>piano <span class=\"_ _1a\"> </span>agevolando <span class=\"_ _c\"> </span>la <span class=\"_ _1a\"> </span>comprensione <span class=\"_ _c\"> </span>e <span class=\"_ _1a\"> </span>la <span class=\"_ _c\"> </span>consapevolezza <span class=\"_ _1a\"> </span>dei <span class=\"_ _c\"> </span>rischi assunti/assumibili e il presidio degli<span class=\"_ _1\"></span> stessi.  <span class=\"_ _2\"></span> Identi<span class=\"_ _1\"></span>ficazio<span class=\"_ _f\"></span>ne e cla<span class=\"_ _f\"></span>ssificazio<span class=\"_ _1\"></span>ne <span class=\"_ _1\"></span>dei ri<span class=\"_ _1\"></span>schi <span class=\"ff5\">\u2013</span> <span class=\"_ _f\"></span>mappa <span class=\"_ _1\"></span>dei r<span class=\"_ _1\"></span>ischi La <span class=\"_ _2\"></span>regolamentazione <span class=\"_ _2\"></span>di <span class=\"_ _d\"></span>settore, <span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>ecante <span class=\"_ _2\"></span>disposizioni <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>mat<span class=\"_ _2\"></span>eria <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>sistema <span class=\"_ _d\"></span>di <span class=\"_ _2\"></span>gestione <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>ei <span class=\"_ _2\"></span>rischi, richiede <span class=\"_ _14\"> </span>alle <span class=\"_ _15\"> </span>imprese <span class=\"_ _15\"> </span>di <span class=\"_ _15\"> </span>effettuare <span class=\"_ _15\"> </span>una <span class=\"_ _15\"> </span>catalogazione <span class=\"_ _15\"> </span>dei <span class=\"_ _15\"> </span>ri<span class=\"_ _2\"></span>schi <span class=\"_ _14\"> </span>a <span class=\"_ _15\"> </span>cui <span class=\"_ _15\"> </span>esse <span class=\"_ _15\"> </span>sono <span class=\"_ _15\"> </span>esposte indipendentemente <span class=\"_ _4\"> </span>dalla <span class=\"_ _4\"> </span>circostanza <span class=\"_ _4\"> </span>che <span class=\"_ _4\"> </span>siano <span class=\"_ _4\"> </span>quantificabili, <span class=\"_ _4\"> </span>in <span class=\"_ _4\"> </span>funzione <span class=\"_ _4\"> </span>del<span class=\"_ _1\"></span>la <span class=\"_ _4\"> </span>natura, <span class=\"_ _4\"> </span>della portata <span class=\"_ _2\"></span>e <span class=\"_ _d\"></span>complessit\u00e0 <span class=\"_ _2\"></span>inerenti <span class=\"_ _2\"></span>all\u2019attivit\u00e0 <span class=\"_ _d\"></span>svolta, <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>ot<span class=\"_ _2\"></span>tica <span class=\"_ _2\"></span>attuale <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>pros<span class=\"_ _2\"></span>pettica, <span class=\"_ _2\"></span>nonch\u00e9 <span class=\"_ _2\"></span>gli <span class=\"_ _2\"></span>effett<span class=\"_ _2\"></span>i indiretti connessi ai rischi significativi. Tale <span class=\"_ _f\"></span>catalogazione costituisce <span class=\"_ _f\"></span>il l<span class=\"_ _1\"></span>inguaggio <span class=\"_ _f\"></span>comune per <span class=\"_ _f\"></span>lo svolg<span class=\"_ _1\"></span>imento di<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>tutte <span class=\"_ _1\"></span>le <span class=\"_ _f\"></span>att<span class=\"_ _2\"></span>ivit\u00e0 <span class=\"_ _f\"></span>connesse con il sistema di gestione dei rischi<span class=\"_ _1\"></span> aziendali.<span class=\"_ _2\"></span> I rischi della Compagnia sono classificati nelle seguenti<span class=\"_ _1\"></span> principali classi:<span class=\"_ _2\"></span> -<span class=\"ff10\"> <span class=\"_ _35\"> </span><span class=\"ff4\">Rischi sot<span class=\"_ _2\"></span>toscrizione life<span class=\"_ _1\"></span> (o tecnici assicurativi): </span></span>o<span class=\"ff10\"> <span class=\"_ _2f\"> </span><span class=\"ff4\">Rischi assunzione e<span class=\"_ _1\"></span> tariffazione;<span class=\"_ _2\"></span> </span></span>o<span class=\"ff10\"> <span class=\"_ _2f\"> </span><span class=\"ff4\">Rischio riservazione; </span></span>-<span class=\"ff10\"> <span class=\"_ _35\"> </span><span class=\"ff4\">Rischi di mercato: </span></span>o<span class=\"ff10\"> <span class=\"_ _2f\"> </span><span class=\"ff4\">Rischi Mercato; </span></span>o<span class=\"ff10\"> <span class=\"_ _2f\"> </span><span class=\"ff4\">Rischio ALM; </span></span>o<span class=\"ff10\"> <span class=\"_ _2f\"> </span><span class=\"ff4\">Rischio Liquidit\u00e0.; </span></span>-<span class=\"ff10\"> <span class=\"_ _35\"> </span><span class=\"ff4\">Rischi di credito e counterparty<span class=\"_ _2\"></span>: </span></span>o<span class=\"ff10\"> <span class=\"_ _2f\"> </span><span class=\"ff4\">Investimenti; </span></span>o<span class=\"ff10\"> <span class=\"_ _2f\"> </span><span class=\"ff4\">Riassicurazione; </span></span>o<span class=\"ff10\"> <span class=\"_ _2f\"> </span><span class=\"ff4\">Intermediari e controparti. </span></span>-<span class=\"ff10\"> <span class=\"_ _35\"> </span><span class=\"ff4\">Rischi operativi: </span></span>o<span class=\"ff10\"> <span class=\"_ _2f\"> </span><span class=\"ff4\">Rischi Operativi; </span></span>o<span class=\"ff10\"> <span class=\"_ _2f\"> </span><span class=\"ff4\">Rischio ICT e Si<span class=\"_ _1\"></span>curezza; </span></span>o<span class=\"ff10\"> <span class=\"_ _2f\"> </span><span class=\"ff4\">Rischi di non conformit\u00e0 alle norme; </span></span>o<span class=\"ff10\"> <span class=\"_ _2f\"> </span><span class=\"ff4\">Model Ri<span class=\"_ _1\"></span>sk;<span class=\"_ _2\"></span> </span></span>o<span class=\"ff10\"> <span class=\"_ _2f\"> </span><span class=\"ff4\">Continuit\u00e0 Operativa; </span></span>o<span class=\"ff10\"> <span class=\"_ _2f\"> </span><span class=\"ff4\">Regulatory Operational Risk; </span></span>-<span class=\"ff10\"> <span class=\"_ _35\"> </span><span class=\"ff4\">Rischi di secondo livello;<span class=\"_ _2\"></span> </span></span>o<span class=\"ff10\"> <span class=\"_ _2f\"> </span><span class=\"ff5\">Rischio legato all\u2019appartenenz<span class=\"_ _1\"></span>a al gruppo;<span class=\"_ _2\"></span><span class=\"ff4\"> </span></span></span>o<span class=\"ff10\"> <span class=\"_ _2f\"> </span><span class=\"ff4\">Rischio reputazionale; </span></span>o<span class=\"ff10\"> <span class=\"_ _2f\"> </span><span class=\"ff4\">Rischi di cond<span class=\"_ _1\"></span>otta; </span></span>o<span class=\"ff10\"> <span class=\"_ _2f\"> </span><span class=\"ff4\">Rischi ESG </span></span>-<span class=\"ff10\"> <span class=\"_ _35\"> </span><span class=\"ff4\">Rischi str<span class=\"_ _2\"></span>ategici </span></span>-<span class=\"ff10\"> <span class=\"_ _35\"> </span><span class=\"ff4\">Rischi emergenti </span></span>Il  processo  di <span class=\"_ _16\"> </span>identificazione  dei  rischi <span class=\"_ _16\"> </span>a  cui  la <span class=\"_ _16\"> </span>Compagnia  \u00e8  esposta  costituisce  un <span class=\"_ _16\"> </span>elemento fondamentale per l<span class=\"_ _1\"></span>a corretta implementazione <span class=\"_ _f\"></span>e valutazione del pi\u00f9 ampio processo di<span class=\"_ _1\"></span> gestione dei rischi. <span class=\"_ _14\"> </span>Credemvita, <span class=\"_ _15\"> </span>in <span class=\"_ _14\"> </span>linea <span class=\"_ _15\"> </span>con <span class=\"_ _15\"> </span>la <span class=\"_ _14\"> </span>Normat<span class=\"_ _2\"></span>iva <span class=\"_ _14\"> </span>Regolamentare, <span class=\"_ _14\"> </span>ha <span class=\"_ _15\"> </span>previsto <span class=\"_ _14\"> </span>una <span class=\"_ _15\"> </span>procedura <span class=\"_ _15\"> </span>di censimento <span class=\"_ _2\"></span>dei <span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>ischi, <span class=\"_ _2\"></span>da <span class=\"_ _2\"></span>inte<span class=\"_ _2\"></span>ndersi <span class=\"_ _2\"></span>come <span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>trumento <span class=\"_ _2\"></span>metodologico <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>su<span class=\"_ _2\"></span>pporto <span class=\"_ _2\"></span>nello <span class=\"_ _2\"></span>svolgime<span class=\"_ _2\"></span>nto delle attivit\u00e0 d<span class=\"_ _1\"></span>i individuazione <span class=\"_ _1\"></span>e valutazione dei<span class=\"_ _1\"></span> rischi che permetta di raccogliere <span class=\"_ _f\"></span>in via continuativa informazioni <span class=\"_ _9\"> </span>sui <span class=\"_ _9\"> </span>rischi, <span class=\"_ _9\"> </span>interni <span class=\"_ _9\"> </span>ed <span class=\"_ _9\"> </span>esterni, <span class=\"_ _9\"> </span>esistenti <span class=\"_ _9\"> </span>e <span class=\"_ _9\"> </span>prospettici <span class=\"_ _9\"> </span>a <span class=\"_ _9\"> </span>cui <span class=\"_ _9\"> </span>\u00e8 <span class=\"_ _9\"> </span>esposta, <span class=\"_ _9\"> </span>e <span class=\"_ _9\"> </span>che <span class=\"_ _9\"> </span>possono interessare <span class=\"_ _2\"></span>tutti i <span class=\"_ _2\"></span>processi <span class=\"_ _2\"></span>operativi e <span class=\"_ _2\"></span>le are<span class=\"_ _2\"></span>e aziendali. <span class=\"_ _2\"></span>Per <span class=\"_ _2\"></span>sua <span class=\"_ _2\"></span>natura <span class=\"_ _2\"></span>tale procedura <span class=\"_ _2\"></span>\u00e8 in <span class=\"_ _2\"></span>continua evoluzione in <span class=\"_ _2\"></span><span class=\"ff5\">base al <span class=\"_ _2\"></span>progressivo <span class=\"_ _2\"></span>affinamento del sistema <span class=\"_ _2\"></span>di gestione <span class=\"_ _2\"></span>dei rischi <span class=\"_ _2\"></span>e all\u2019evoluzione del </span>quadro normativo di riferimento. La procedura di censimento dei rischi di<span class=\"_ _1\"></span> Credemvita si articola in quattro fasi:<span class=\"_ _2\"></span> -<span class=\"ff10\"> <span class=\"_ _35\"> </span><span class=\"ff4\">analisi del piano str<span class=\"_ _2\"></span>ategico azie<span class=\"_ _1\"></span>ndale e individuazione dei fattor<span class=\"_ _2\"></span>i di<span class=\"_ _1\"></span> rischio emergenti; </span></span>-<span class=\"ff10\"> <span class=\"_ _35\"> </span><span class=\"ff4\">individuazione dei fattori di rischio esterni; </span></span>-<span class=\"ff10\"> <span class=\"_ _35\"> </span><span class=\"ff4\">individuazione de<span class=\"_ _1\"></span>i <span class=\"_ _f\"></span>fatt<span class=\"_ _2\"></span>ori <span class=\"_ _f\"></span>di rischi<span class=\"_ _f\"></span>o operativi <span class=\"_ _f\"></span>(ivi <span class=\"_ _f\"></span>inclusi <span class=\"_ _1\"></span>quelli <span class=\"_ _f\"></span>informat<span class=\"_ _2\"></span>ici <span class=\"_ _f\"></span>e <span class=\"_ _f\"></span>di cybe<span class=\"_ _1\"></span>r risk)<span class=\"_ _1\"></span>, <span class=\"_ _f\"></span>di non<span class=\"_ _f\"></span> </span></span>conformit\u00e0 alle norme e di secondo liv<span class=\"_ _1\"></span>ello;<span class=\"_ _2\"></span> -<span class=\"ff10\"> <span class=\"_ _35\"> </span><span class=\"ff4\">individuazione dei fatt<span class=\"_ _2\"></span>ori di rischio strategico. </span></span>Le <span class=\"_ _d\"></span>mo<span class=\"_ _2\"></span>dalit\u00e0 <span class=\"_ _d\"></span>adottate <span class=\"_ _0\"></span>per <span class=\"_ _0\"></span>l\u2019identificazione <span class=\"_ _d\"></span>dei <span class=\"_ _0\"></span>rischi <span class=\"_ _0\"></span>si <span class=\"_ _0\"></span>basano <span class=\"_ _d\"></span>sostanzialmente <span class=\"_ _0\"></span>su <span class=\"_ _0\"></span>uno <span class=\"_ _d\"></span>o <span class=\"_ _0\"></span>pi\u00f9 <span class=\"_ _d\"></span>dei seguenti approcci: -<span class=\"ff10\"> <span class=\"_ _35\"> </span><span class=\"ff4\">Risk Assess<span class=\"_ _2\"></span>ment specifici<span class=\"_ _1\"></span> (per famiglie di rischio); </span></span>-<span class=\"ff10\"> <span class=\"_ _35\"> </span><span class=\"ff4\">Valutazioni delle differenze tra <span class=\"_ _2\"></span>ogni<span class=\"_ _1\"></span> assunzione di rischio e il risul<span class=\"_ _2\"></span>tato attuale;<span class=\"_ _df\"> </span></span></span>Eventi perdita o errori accaduti;<span class=\"_ _df\"> </span>-<span class=\"_ _1d\"> </span><span class=\"ff4\">Revisione dei processi, della matrice dei rischi normativa o risk assessment normativi;<span class=\"_ _df\"> </span></span>-<span class=\"_ _1d\"> </span><span class=\"ff4\">Brainstorming con il management e i risk owner;<span class=\"_ _df\"> </span></span>-<span class=\"_ _1d\"> </span><span class=\"ff4\">Valutazioni di Internal/External Audit<span class=\"_ _df\"> </span></span>-<span class=\"_ _1d\"> </span><span class=\"ff4\">Comunicazioni e confronti con i regulator;<span class=\"_ _df\"> </span></span>-<span class=\"_ _1d\"> </span><span class=\"ff4\">Altri eventi esterni;<span class=\"_ _df\"> </span></span>-<span class=\"_ _1d\"> </span><span class=\"ff4\">Reporting trasmesso dalle arre funzionali della Compagnia.<span class=\"_ _df\"> </span></span>Una  volta  che <span class=\"_ _16\"> </span>i  rischi <span class=\"_ _16\"> </span>sono  s<span class=\"_ _1\"></span>tati  identifi<span class=\"_ _1\"></span>cati  essi  vanno  a<span class=\"_ _1\"></span>  costituire <span class=\"_ _16\"> </span>la  Mappa  d<span class=\"_ _1\"></span>ei  Rischi <span class=\"_ _16\"> </span>della Compagnia. Valu<span class=\"_ _1\"></span>tazio<span class=\"_ _1\"></span>ne dei<span class=\"_ _1\"></span> Risc<span class=\"_ _f\"></span>hi Il processo d<span class=\"_ _1\"></span>i valutazione de<span class=\"_ _1\"></span>i rischi \u00e8 realizzato sia con <span class=\"_ _f\"></span>logiche attuali sia con <span class=\"_ _1\"></span>logiche p<span class=\"_ _1\"></span>rospettiche ed <span class=\"_ _15\"> </span>integra <span class=\"_ _e\"> </span>metodologie <span class=\"_ _15\"> </span>ed <span class=\"_ _e\"> </span>approcci <span class=\"_ _15\"> </span>di <span class=\"_ _e\"> </span>carattere <span class=\"_ _e\"> </span>quantitativo <span class=\"_ _15\"> </span>(sia <span class=\"_ _e\"> </span>regolamentare <span class=\"_ _e\"> </span>sia <span class=\"_ _15\"> </span>non regolamentare) e qualitativo. La <span class=\"_ _0\"></span>valutazione <span class=\"_ _9\"> </span>dei <span class=\"_ _9\"> </span>rischi <span class=\"_ _9\"> </span>\u00e8 <span class=\"_ _9\"> </span>effettuata <span class=\"_ _9\"> </span>su <span class=\"_ _9\"> </span>base <span class=\"_ _9\"> </span>individuale, <span class=\"_ _9\"> </span>a <span class=\"_ _9\"> </span>livello <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>singolo <span class=\"_ _0\"></span>rischio, <span class=\"_ _9\"> </span>e <span class=\"_ _9\"> </span>su <span class=\"_ _9\"> </span>base aggregata, pe<span class=\"_ _1\"></span>r tener conto delle interrelazi<span class=\"_ _1\"></span>oni fra le <span class=\"_ _1\"></span>fonti di rischio. Vengono <span class=\"_ _1\"></span>inoltre considerati gli effetti indiretti connessi ai rischi pi\u00f9 signi<span class=\"_ _1\"></span>ficativi.<span class=\"_ _2\"></span> La <span class=\"_ _2\"></span>frequenza <span class=\"_ _2\"></span>della <span class=\"_ _2\"></span>valutazione <span class=\"_ _d\"></span>dei <span class=\"_ _2\"></span>rischi <span class=\"_ _2\"></span>dipende <span class=\"_ _d\"></span>dalla <span class=\"_ _2\"></span>tipologia <span class=\"_ _2\"></span>dei <span class=\"_ _d\"></span>rischi, <span class=\"_ _2\"></span>dagli <span class=\"_ _2\"></span>strumenti <span class=\"_ _d\"></span>e <span class=\"_ _2\"></span>dalle metodologie di <span class=\"_ _2\"></span>valutazione <span class=\"_ _2\"></span>utilizzate <span class=\"_ _2\"></span>ed \u00e8 <span class=\"_ _2\"></span>stabilita <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>coerenza con <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>frequenza e <span class=\"_ _2\"></span>le <span class=\"_ _2\"></span>esigenze <span class=\"_ _2\"></span>dei processi <span class=\"_ _d\"></span>strategici<span class=\"_ _1\"></span> <span class=\"_ _d\"></span>e <span class=\"_ _2\"></span>decisionali <span class=\"_ _d\"></span>della <span class=\"_ _2\"></span>Compagnia. <span class=\"_ _d\"></span>La <span class=\"_ _d\"></span>frequenza <span class=\"_ _2\"></span>di <span class=\"_ _d\"></span>valutazione <span class=\"_ _d\"></span>dei <span class=\"_ _2\"></span>rischi <span class=\"_ _d\"></span>in <span class=\"_ _2\"></span>ot<span class=\"_ _2\"></span>tica prospettica \u00e8 coerente con il processo annuale d<span class=\"_ _1\"></span>i pianificazione strategica. <span class=\"_ _2\"></span> Accanto <span class=\"_ _9\"> </span>alla <span class=\"_ _9\"> </span>gestione <span class=\"_ _9\"> </span>ordinaria <span class=\"_ _16\"> </span>del <span class=\"_ _9\"> </span>processo <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>valutazione <span class=\"_ _9\"> </span>d<span class=\"_ _2\"></span>ei <span class=\"_ _9\"> </span>rischi, <span class=\"_ _9\"> </span>\u00e8 <span class=\"_ _16\"> </span>prevista <span class=\"_ _9\"> </span>una <span class=\"_ _9\"> </span>gestione all\u2019occorrenza, <span class=\"_ _f\"></span>in <span class=\"_ _1\"></span>ragione <span class=\"_ _f\"></span>d<span class=\"_ _2\"></span>i <span class=\"_ _f\"></span>eventi che <span class=\"_ _f\"></span>possano <span class=\"_ _1\"></span>determinare <span class=\"_ _f\"></span>una v<span class=\"_ _1\"></span>ariazione <span class=\"_ _f\"></span>significat<span class=\"_ _2\"></span><span class=\"ff4\">iva <span class=\"_ _f\"></span>d<span class=\"_ _2\"></span>el <span class=\"_ _f\"></span>profilo </span>di rischio. In particolare, sono stati identifi<span class=\"_ _1\"></span>cati i seguenti principali eventi: <span class=\"_ _2\"></span> -<span class=\"_ _1d\"> </span><span class=\"ff5\">l\u2019aggiornamento del piano strategico;<span class=\"_ _df\"> </span></span>-<span class=\"_ _1d\"> </span><span class=\"ff5\">un\u2019acquisizione <span class=\"_ _0\"></span>o <span class=\"_ _9\"> </span>un <span class=\"_ _9\"> </span>disinvestimento <span class=\"_ _9\"> </span>che <span class=\"_ _0\"></span>mo<span class=\"_ _2\"></span>difich<span class=\"_ _1\"></span>i <span class=\"_ _0\"></span>s<span class=\"_ _2\"></span>ensibilmente <span class=\"_ _0\"></span>il <span class=\"_ _9\"> </span>business, <span class=\"_ _9\"> </span>il <span class=\"_ _0\"></span>profilo <span class=\"_ _9\"> </span>di </span>rischio o la posizione di solvibilit\u00e0;<span class=\"_ _df\"> </span>-<span class=\"_ _1d\"> </span><span class=\"ff4\">una  v<span class=\"_ _1\"></span>ariazione <span class=\"_ _16\"> </span>significativa <span class=\"_ _16\"> </span>nei <span class=\"_ _16\"> </span>mercati <span class=\"_ _16\"> </span>finanziari <span class=\"_ _9\"> </span>che  d<span class=\"_ _1\"></span>etermini  un <span class=\"_ _9\"> </span>notevole <span class=\"_ _16\"> </span>impatto  sul<span class=\"_ _f\"></span> </span>portafoglio attivi della compagnia; -<span class=\"_ _1d\"> </span><span class=\"ff4\">una variazione significativa nelle passivit\u00e0 della Compagni<span class=\"_ _1\"></span>a;<span class=\"_ _df\"> </span></span>-<span class=\"_ _1d\"> </span><span class=\"ff4\">una riduzione della posizione di solvibilit\u00e0 al di sott<span class=\"_ _2\"></span>o di valori criti<span class=\"_ _f\"></span>ci; </span>-<span class=\"_ _1d\"> </span><span class=\"ff4\">un cambiamento significativo del quadro regolamentare;<span class=\"_ _df\"> </span></span>-<span class=\"_ _1d\"> </span><span class=\"ff5\">un cambiamento significativo del profilo di rischio e l\u2019insorgere di nuov<span class=\"_ _1\"></span>i rischi; </span>-<span class=\"_ _1d\"> </span><span class=\"ff4\">un cambiamento significativo dei processi, sistemi e procedure aziendali. </span>Strum<span class=\"_ _f\"></span>enti e Met<span class=\"_ _1\"></span>odol<span class=\"_ _1\"></span>ogie<span class=\"_ _f\"></span> di Misur<span class=\"_ _f\"></span>azione<span class=\"fc1 sc0\"> </span>La <span class=\"_ _0\"></span>Compagnia <span class=\"_ _d\"></span>ha <span class=\"_ _9\"> </span>definito <span class=\"_ _0\"></span>ai <span class=\"_ _0\"></span>sensi <span class=\"_ _0\"></span>della <span class=\"_ _0\"></span>normativa <span class=\"_ _0\"></span>regolamentare <span class=\"_ _0\"></span>un <span class=\"_ _d\"></span>processo <span class=\"_ _0\"> </span>di <span class=\"_ _0\"></span>valutazione <span class=\"_ _0\"></span>e analisi <span class=\"_ _9\"> </span>dei <span class=\"_ _9\"> </span>r<span class=\"_ _2\"></span>ischi <span class=\"_ _9\"> </span>basato <span class=\"_ _9\"> </span>sostanzialmente <span class=\"_ _9\"> </span>sugli <span class=\"_ _9\"> </span>st<span class=\"_ _2\"></span>rumenti <span class=\"_ _9\"> </span>e <span class=\"_ _9\"> </span>metodologie <span class=\"_ _9\"> </span>s<span class=\"_ _2\"></span>vilu<span class=\"_ _1\"></span>ppate <span class=\"_ _16\"> </span>nell<span class=\"_ _1\"></span>\u2019ambito della  p<span class=\"_ _1\"></span>rocedura  di  profilazione <span class=\"_ _9\"> </span>dei  rischi  ovvero  a  indicatori<span class=\"_ _1\"></span>  di  rischio <span class=\"_ _16\"> </span>i  q<span class=\"_ _1\"></span>uali  possono  e<span class=\"_ _1\"></span>ssere costruiti dai seguenti approcci metodologici<span class=\"_ _1\"></span>:<span class=\"_ _2\"></span> -<span class=\"_ _1d\"> </span><span class=\"ff4\">quantitativi <span class=\"_ _14\"> </span>regolamentari <span class=\"_ _15\"> </span>basati <span class=\"_ _15\"> </span>sui <span class=\"_ _14\"> </span>principi <span class=\"_ _14\"> </span>alla <span class=\"_ _15\"> </span>base <span class=\"_ _14\"> </span>delle <span class=\"_ _15\"> </span>grandezze <span class=\"_ _14\"> </span>regolamentari </span>Solvency tra cui il Requisito di Capi<span class=\"_ _1\"></span>tale;<span class=\"_ _df\"> </span>-<span class=\"_ _1d\"> </span><span class=\"ff4\">quantitativi <span class=\"_ _18\"> </span>non <span class=\"_ _19\"> </span>regolamentari <span class=\"_ _19\"> </span>(o <span class=\"_ _18\"> </span>gestionali) <span class=\"_ _18\"> </span>basati <span class=\"_ _19\"> </span>su <span class=\"_ _18\"> </span>concetti <span class=\"_ _18\"> </span>come <span class=\"_ _19\"> </span>ad <span class=\"_ _18\"> </span>esempio </span>esposizione, <span class=\"_ _2\"></span>concentrazione, <span class=\"_ _2\"></span>volatilit\u00e0, <span class=\"_ _2\"></span>perdita <span class=\"_ _2\"></span>attesa <span class=\"_ _d\"></span>o <span class=\"_ _2\"></span>potenziale, <span class=\"_ _2\"></span>e/o <span class=\"_ _2\"></span>volti <span class=\"_ _2\"></span>a <span class=\"_ _d\"></span>valutare <span class=\"_ _2\"></span>quei rischi non <span class=\"_ _f\"></span>ricompresi ne<span class=\"_ _1\"></span>lla formu<span class=\"_ _f\"></span>la standard <span class=\"_ _1\"></span>e/o ad<span class=\"_ _f\"></span> integrare l<span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>valutazione <span class=\"_ _f\"></span>degli stessi <span class=\"_ _f\"></span>r<span class=\"_ _2\"></span>ischi<span class=\"_ _1\"></span> regolamentari tra cui:<span class=\"_ _df\"> </span>o<span class=\"_ _25\"> </span><span class=\"ff4\">Rischio Liquidit\u00e0;<span class=\"_ _df\"> </span></span>o<span class=\"_ _25\"> </span><span class=\"ff4\">Rischio ALM;<span class=\"_ _df\"> </span></span>o<span class=\"_ _25\"> </span><span class=\"ff4\">Rischi Operativi;<span class=\"_ _df\"> </span></span>o<span class=\"_ _25\"> </span><span class=\"ff4\">Rischio ICT &amp; di Sicurezza;<span class=\"_ _df\"> </span></span>o<span class=\"_ _25\"> </span><span class=\"ff4\">Rischio di Appartenenza al Gruppo;<span class=\"_ _df\"> </span></span>o<span class=\"_ _25\"> </span><span class=\"ff4\">Rischio ESG (rischio climatico);<span class=\"_ _df\"> </span></span>o<span class=\"_ _25\"> </span><span class=\"ff4\">Rischio strategico<span class=\"_ _df\"> </span></span>-<span class=\"_ _1d\"> </span><span class=\"ff4\">qualitativi <span class=\"_ _15\"> </span>basati <span class=\"_ _e\"> </span>su <span class=\"_ _e\"> </span>grandezze <span class=\"_ _15\"> </span>non <span class=\"_ _e\"> </span>quantificabili <span class=\"_ _e\"> </span>o <span class=\"_ _e\"> </span>difficilmente <span class=\"_ _15\"> </span>quantificabili<span class=\"_ _2\"></span>, <span class=\"_ _15\"> </span>la <span class=\"_ _e\"> </span>cui </span>valutazione del giudizio espe<span class=\"_ _1\"></span>rto \u00e8 prevalente, tra cui:<span class=\"_ _df\"> </span>o<span class=\"_ _25\"> </span><span class=\"ff4\">Rischio Modello;<span class=\"_ _df\"> </span></span>o<span class=\"_ _25\"> </span><span class=\"ff4\">Rischio Legale &amp; Non Conformit\u00e0;<span class=\"_ _df\"> </span></span>o<span class=\"_ _25\"> </span><span class=\"ff4\">Rischio di Condotta;<span class=\"_ _df\"> </span></span>o<span class=\"_ _25\"> </span><span class=\"ff4\">Rischio Reputazionale;<span class=\"_ _df\"> </span></span><div class=\"t m0 h5 ff12 fs1 fc1 sc0 ls0 ws0 gs17c8\">o<span class=\"ff10\"> <span class=\"_ _5\"> </span><span class=\"ff4\">Rischi Emergenti.<span class=\"_ _2\"></span> </span></span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs17c9\">Oltre <span class=\"_ _4\"> </span>alle <span class=\"_ _4\"> </span>metodologie <span class=\"_ _4\"> </span>alla <span class=\"_ _4\"> </span>ba<span class=\"_ _2\"></span>se <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>tali <span class=\"_ _4\"> </span>indicatori <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>r<span class=\"_ _2\"></span>ischio, <span class=\"_ _4\"> </span>la <span class=\"_ _4\"> </span>misurazione <span class=\"_ _17\"> </span>del <span class=\"_ _4\"> </span>rischio <span class=\"_ _4\"> </span>dell<span class=\"_ _2\"></span>a </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs17ca\">Compagnia, sia att<span class=\"_ _2\"></span>uale che prospettica, si <span class=\"_ _2\"></span>basa sulle metodologie <span class=\"_ _2\"></span>regolamentari per il calcolo <span class=\"_ _2\"></span>del </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs17cb\">Requisito <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>Capitale (c<span class=\"_ _2\"></span>fr. <span class=\"_ _2\"></span>SCR): <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>metodologia <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>riferimento <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _2\"></span>quella <span class=\"_ _2\"></span>della <span class=\"_ _2\"></span>Formula <span class=\"_ _2\"></span>Standard. <span class=\"_ _2\"></span> <span class=\"_ _2\"></span>Si </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs17cc\">precisa <span class=\"_ _0\"></span>inoltra <span class=\"_ _9\"> </span>che <span class=\"_ _0\"></span>la <span class=\"_ _0\"></span>Compagnia <span class=\"_ _0\"></span>adott<span class=\"ff5\">a <span class=\"_ _9\"> </span>l\u2019applicazione <span class=\"_ _0\"></span>del <span class=\"_ _0\"></span>Volatility <span class=\"_ _0\"></span>Adjustments: <span class=\"_ _9\"> </span>le <span class=\"_ _0\"></span>valutazioni<span class=\"_ _1\"></span> </span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs17cd\">attuali <span class=\"_ _2\"></span>e prospettiche dei <span class=\"_ _2\"></span>rischi <span class=\"_ _2\"></span>regol<span class=\"_ _1\"></span>amentari <span class=\"_ _2\"></span>prevedono l\u2019utilizzo <span class=\"_ _2\"></span>del Volatility <span class=\"_ _2\"></span>Adjustment come </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs17ce\">Long <span class=\"_ _d\"></span>Term <span class=\"_ _d\"></span>Guarantee <span class=\"_ _d\"></span>measure. <span class=\"_ _d\"></span>Il <span class=\"_ _d\"></span>Volatility <span class=\"_ _d\"></span>Adjust<span class=\"_ _2\"></span>ment <span class=\"_ _d\"></span>viene <span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>pplicato <span class=\"_ _d\"></span>sul <span class=\"_ _d\"></span>totale <span class=\"_ _d\"></span>delle <span class=\"_ _d\"></span>passivit\u00e0<span class=\"_ _2\"></span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs17cf\">detenute e vendute <span class=\"_ _2\"></span>interamente in <span class=\"_ _2\"></span>Italia e nella <span class=\"_ _2\"></span>valuta Euro. N<span class=\"_ _2\"></span>on viene applicato dalla Compag<span class=\"_ _2\"></span>nia </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs17d0\">il <span class=\"_ _1a\"> </span>Matching <span class=\"_ _1a\"> </span>Adjustment. <span class=\"_ _1a\"> </span>Al <span class=\"_ _1a\"> </span>fine <span class=\"_ _19\"> </span>di <span class=\"_ _1a\"> </span>una <span class=\"_ _1a\"> </span>maggiore <span class=\"_ _1a\"> </span>comprensione <span class=\"_ _1a\"> </span>degli <span class=\"_ _1a\"> </span>effetti <span class=\"_ _1a\"> </span>derivanti </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs17d1\">dall\u2019applicazione <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>Volatility <span class=\"_ _d\"></span>Adjustment <span class=\"_ _2\"></span>sulle <span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>iserve <span class=\"_ _2\"></span>tecniche <span class=\"_ _d\"></span>e <span class=\"_ _2\"></span>sui<span class=\"_ _2\"></span><span class=\"ff4\"> <span class=\"_ _2\"></span>fondi <span class=\"_ _d\"></span>propri, <span class=\"_ _2\"></span>viene <span class=\"_ _d\"></span>effettua </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs17d2\">inoltre analisi d<span class=\"_ _1\"></span>i sensitivity <span class=\"_ _f\"></span>o<span class=\"_ _2\"></span>gni <span class=\"_ _f\"></span>qualvolta lo scostamento <span class=\"_ _1\"></span>tra la <span class=\"_ _1\"></span>curva <span class=\"_ _1\"></span>risk free <span class=\"_ _1\"></span>EIOPA e<span class=\"_ _1\"></span> la curva <span class=\"_ _f\"></span>r<span class=\"_ _2\"></span>isk </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs17d3\">free EIOPA con Volatility Adjustement risulti signifi<span class=\"_ _1\"></span>cativo.<span class=\"_ _2\"></span> </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs17d4\">Tutte queste grandezze, oltre <span class=\"_ _2\"></span>a costituire l\u2019impianto per i<span class=\"_ _2\"></span><span class=\"ff4\">l monitoraggio nel continuo alla base <span class=\"_ _2\"></span>de<span class=\"_ _1\"></span>l </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs17d5\">modello <span class=\"_ _15\"> </span>o<span class=\"_ _2\"></span>rganizzativo <span class=\"_ _15\"> </span>di <span class=\"_ _e\"> </span>gest<span class=\"_ _2\"></span>ione <span class=\"_ _15\"> </span>del <span class=\"_ _e\"> </span>r<span class=\"_ _2\"></span>ischio, <span class=\"_ _15\"> </span>rappresentano <span class=\"_ _10\"> </span>gli <span class=\"_ _15\"> </span>elementi <span class=\"_ _e\"> </span>alla <span class=\"_ _10\"> </span>base <span class=\"_ _15\"> </span>d<span class=\"_ _2\"></span>ella </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs17d6\">metodologia  per <span class=\"_ _4\"> </span>la <span class=\"_ _4\"> </span>profilazione  del <span class=\"_ _22\"> </span>r<span class=\"_ _2\"></span>ischio  d<span class=\"_ _2\"></span>ella  Compagnia. <span class=\"_ _4\"> </span>Tale <span class=\"_ _22\"> </span>att<span class=\"_ _2\"></span>ivit\u00e0  ha <span class=\"_ _4\"> </span>come <span class=\"_ _4\"> </span>obie<span class=\"_ _1\"></span>ttivo </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs17d7\">l\u2019individuazione e <span class=\"_ _2\"></span>valutazione <span class=\"_ _2\"></span>dei <span class=\"_ _2\"></span>fattori di <span class=\"_ _2\"></span>rischio <span class=\"_ _2\"></span>e l\u2019att<span class=\"_ _2\"></span>ribuzione ad <span class=\"_ _2\"></span>ognuno di <span class=\"_ _2\"></span>essi <span class=\"_ _2\"></span>di un <span class=\"_ _2\"></span>livello di </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs17d8\">significativit\u00e0.  </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs17d9\">Da un punto di vista metodologico, concorrono alla valu<span class=\"_ _f\"></span>t<span class=\"_ _2\"></span>azione dei<span class=\"_ _1\"></span> rischi anche:<span class=\"_ _2\"></span> </div><div class=\"t m0 h5 ff13 fs1 fc1 sc0 ls0 ws0 gs17da\">-<span class=\"ff10\"> <span class=\"_ _5e\"> </span><span class=\"ff5\">Sensitivity, <span class=\"_ _2\"></span>stress <span class=\"_ _2\"></span>test <span class=\"_ _2\"></span>e scenario <span class=\"_ _2\"></span>test: <span class=\"_ _2\"></span>ai <span class=\"_ _2\"></span>sensi <span class=\"_ _2\"></span>dell\u2019Art. <span class=\"_ _2\"></span>19, <span class=\"_ _2\"></span>com<span class=\"_ _1\"></span>ma <span class=\"_ _2\"></span>4 <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>Reg.<span class=\"ff4\"> <span class=\"_ _2\"></span>IVASS <span class=\"_ _2\"></span>n.38, <span class=\"_ _2\"></span>la </span></span></span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs17db\">Funzione R<span class=\"_ _2\"></span>isk <span class=\"_ _2\"></span>Management, all<span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>scopo <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>valutare <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>ottica <span class=\"_ _2\"></span>attuale e <span class=\"_ _d\"></span>prospettica <span class=\"_ _2\"></span>gli <span class=\"_ _2\"></span>impatti </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs17dc\">sulla  situazione  economica  e <span class=\"_ _4\"> </span>patrimoniale  derivanti  da  andamenti  avvers<span class=\"_ _2\"></span>i  dei  principali </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs17dd\">fattori di <span class=\"_ _f\"></span>r<span class=\"_ _2\"></span>ischio, <span class=\"_ _1\"></span>effettua, pe<span class=\"_ _1\"></span>r ciascuna <span class=\"_ _1\"></span>delle <span class=\"_ _1\"></span>fonti di rischio <span class=\"_ _1\"></span>identificate come magg<span class=\"_ _1\"></span>iormente<span class=\"_ _1\"></span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs17de\">significative, analisi di stress test e sensitivity. </div><div class=\"t m0 h5 ff13 fs1 fc1 sc0 ls0 ws0 gs17df\">-<span class=\"ff10\"> <span class=\"_ _5e\"> </span><span class=\"ff4\">Risk Self Assessment sui rischi operativi<span class=\"_ _1\"></span> (ivi inclusi il rischio ICT e di Sicurezza).<span class=\"_ _2\"></span> </span></span></div><div class=\"t m0 h5 ff4 fs1 fc4 sc3 ls0 ws0 gs17e0\">Gest<span class=\"_ _1\"></span>ione <span class=\"_ _1\"></span>dei Ris<span class=\"_ _f\"></span>chi<span class=\"fc1 sc0\"> </span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs17e1\">L\u2019obiettivo <span class=\"_ _2\"></span>del s<span class=\"_ _2\"></span>istema di <span class=\"_ _2\"></span>gestione <span class=\"_ _2\"></span>dei <span class=\"_ _2\"></span>rischi <span class=\"_ _2\"></span>consiste <span class=\"_ _2\"></span>n<span class=\"ff4\">el <span class=\"_ _2\"></span>mantenere <span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>rischi <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>cui <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>Compagnia \u00e8 </span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs17e2\">esposta <span class=\"_ _14\"> </span>a <span class=\"_ _14\"> </span>un <span class=\"_ _14\"> </span>livello <span class=\"_ _14\"> </span>definito <span class=\"_ _14\"> </span>accettabile, <span class=\"_ _14\"> </span>attraverso <span class=\"_ _15\"> </span>l\u2019indicazione<span class=\"_ _1\"></span> <span class=\"_ _14\"> </span>della <span class=\"_ _14\"> </span>propensione <span class=\"_ _15\"> </span>e <span class=\"_ _14\"> </span>della </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs17e3\">tolleranza al rischio <span class=\"_ _f\"></span>stabilite in coerenza <span class=\"_ _1\"></span>con l\u2019obie<span class=\"_ _1\"></span>ttivo di salvaguardia <span class=\"_ _1\"></span>del p<span class=\"_ _1\"></span>atrimonio delle stesse<span class=\"_ _f\"></span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs17e4\">a <span class=\"_ _d\"></span>garanzia <span class=\"_ _2\"></span>della <span class=\"_ _d\"></span>continuit\u00e0 <span class=\"_ _d\"></span>aziendale. <span class=\"_ _2\"></span>Le <span class=\"_ _d\"></span>linee <span class=\"_ _2\"></span>guida <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>tema <span class=\"_ _d\"></span>di <span class=\"_ _2\"></span>gestione <span class=\"_ _d\"></span>dei <span class=\"_ _2\"></span>rischi <span class=\"_ _d\"></span>sono <span class=\"_ _d\"></span>riportate<span class=\"_ _1\"></span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs17e5\">nelle <span class=\"_ _1\"></span>singole <span class=\"_ _1\"></span>politiche <span class=\"_ _1\"></span>redatte, rivi<span class=\"_ _1\"></span>ste ed <span class=\"_ _f\"></span>approvate annualmente <span class=\"_ _1\"></span>dal <span class=\"_ _1\"></span>Consiglio <span class=\"_ _1\"></span>di Ammin<span class=\"_ _1\"></span>istrazione, </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs17e6\">previo <span class=\"_ _17\"> </span>passaggio <span class=\"_ _17\"> </span>da <span class=\"_ _14\"> </span>parte <span class=\"_ _17\"> </span>d<span class=\"_ _2\"></span>el <span class=\"_ _17\"> </span>Comitato <span class=\"_ _14\"> </span>Consiliare <span class=\"_ _17\"> </span>per <span class=\"_ _14\"> </span>il <span class=\"_ _17\"> </span>Controllo <span class=\"_ _14\"> </span>Inte<span class=\"_ _2\"></span>rno <span class=\"_ _17\"> </span>e <span class=\"_ _14\"> </span>i <span class=\"_ _17\"> </span>Rischi <span class=\"_ _14\"> </span>della </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs17e7\">Compagnia.  Elementi costitutivi della ge<span class=\"_ _1\"></span>stione dei rischi sono:<span class=\"_ _2\"></span> </div><div class=\"t m0 h5 ff12 fs1 fc1 sc0 ls0 ws0 gs17e8\">o<span class=\"ff10\"> <span class=\"_ _5\"> </span><span class=\"ff4 fc4 sc3\">Risk App<span class=\"_ _1\"></span>etite<span class=\"_ _1\"></span> Fra<span class=\"_ _f\"></span>mework<span class=\"fc1 sc2\"> </span></span></span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs17e9\">La Compagnia <span class=\"_ _1\"></span>si \u00e8 dotata <span class=\"_ _f\"></span>di un Risk Ap<span class=\"_ _1\"></span>petite Framework (cf<span class=\"_ _1\"></span>r. RAF) che<span class=\"_ _1\"></span> definisce <span class=\"_ _1\"></span>la propensione al<span class=\"_ _f\"></span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs17ea\">rischio, <span class=\"_ _2\"></span>le <span class=\"_ _2\"></span>soglie di <span class=\"_ _2\"></span>tolleranza, <span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>limiti <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>ischi<span class=\"_ _1\"></span>o, <span class=\"_ _2\"></span>le <span class=\"_ _2\"></span>politiche di <span class=\"_ _2\"></span>governo <span class=\"_ _2\"></span>dei <span class=\"_ _2\"></span>rischi <span class=\"_ _2\"></span>nonch\u00e9 <span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>processi<span class=\"_ _1\"></span> </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs17eb\">di riferimento <span class=\"_ _2\"></span>necessari <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>definirli e <span class=\"_ _2\"></span>attuarli. <span class=\"_ _2\"></span>Nell\u2019ambito <span class=\"_ _2\"></span>dell\u2019attivit\u00e0 <span class=\"_ _2\"></span>di indirizzo <span class=\"_ _2\"></span>strategico <span class=\"_ _2\"></span>della </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs17ec\">Compagnia, i<span class=\"_ _1\"></span>l Consiglio di <span class=\"_ _1\"></span>Amministrazione indiv<span class=\"_ _1\"></span>idua e approva <span class=\"_ _1\"></span>la propria propensione<span class=\"_ _1\"></span> al rischio. Il </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs17ed\">processo di <span class=\"_ _2\"></span>definizione/revi<span class=\"_ _1\"></span>sione <span class=\"_ _2\"></span>del Risk Appetite <span class=\"_ _2\"></span>Framework si <span class=\"_ _2\"></span>affianca pertanto <span class=\"_ _2\"></span>al processo <span class=\"_ _2\"></span>d<span class=\"_ _1\"></span>i </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs17ee\">Pianificazione <span class=\"_ _2\"></span>Str<span class=\"_ _2\"></span>ategica/Ope<span class=\"_ _1\"></span>rativa <span class=\"_ _d\"></span>(Budget) <span class=\"_ _2\"></span>e <span class=\"_ _d\"></span>tiene <span class=\"_ _d\"></span>conto <span class=\"_ _d\"></span>della <span class=\"_ _d\"></span>valutazione <span class=\"_ _2\"></span>interna <span class=\"_ _d\"></span>del <span class=\"_ _d\"></span>rischio <span class=\"_ _2\"></span>e<span class=\"_ _2\"></span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs17ef\">della solvibilit\u00e0. Tali elementi non sono infa<span class=\"ff5\">tti disgiunti, ma si influenzano a vicenda con l\u2019obiettivo </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs17f0\">di <span class=\"_ _f\"></span>ott<span class=\"_ _2\"></span>enere <span class=\"_ _f\"></span>la <span class=\"_ _f\"></span>mas<span class=\"_ _2\"></span>simizzazione <span class=\"_ _f\"></span>del <span class=\"_ _f\"></span>profilo rischio <span class=\"_ _f\"></span><span class=\"ff5\">\u2013<span class=\"_ _2\"></span><span class=\"ff4\"> <span class=\"_ _f\"></span>rendimento d<span class=\"_ _1\"></span>ella <span class=\"_ _f\"></span>Com<span class=\"_ _2\"></span>pagnia.<span class=\"_ _1\"></span> La <span class=\"_ _f\"></span>definizione <span class=\"_ _f\"></span>del </span></span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs17f1\">RAF tiene conto dei seguenti aspetti:  </div><div class=\"t m0 h5 ff13 fs1 fc1 sc0 ls0 ws0 gs17f2\">-<span class=\"ff10\"> <span class=\"_ _5e\"> </span><span class=\"ff4\">la <span class=\"_ _2\"></span>strategia della <span class=\"_ _2\"></span>Compagnia, <span class=\"_ _2\"></span>ivi inclusi <span class=\"_ _2\"></span>gli obi<span class=\"_ _2\"></span>ettivi or<span class=\"_ _2\"></span>ganizzativi, <span class=\"_ _2\"></span>il piano <span class=\"_ _2\"></span>strat<span class=\"_ _2\"></span>egico, i <span class=\"_ _2\"></span>vincoli </span></span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs17f3\">finanziari, nonch\u00e9 normativi e le aspettative de<span class=\"_ _1\"></span>gli stakeholders;<span class=\"_ _2\"></span> </div><div class=\"t m0 h5 ff13 fs1 fc1 sc0 ls0 ws0 gs17f4\">-<span class=\"ff10\"> <span class=\"_ _5e\"> </span><span class=\"ff4\">gli aspetti chiave del business del<span class=\"_ _1\"></span>la Compagnia;<span class=\"_ _2\"></span> </span></span></div><div class=\"t m0 h5 ff13 fs1 fc1 sc0 ls0 ws0 gs17f5\">-<span class=\"ff10\"> <span class=\"_ _5e\"> </span><span class=\"ff4\">la volont\u00e0 e la capacit\u00e0 di assumere rischi; </span></span></div><div class=\"t m0 h5 ff13 fs1 fc1 sc0 ls0 ws0 gs17f6\">-<span class=\"ff10\"> <span class=\"_ _5e\"> </span><span class=\"ff4\">le  competenze,  le  risorse  e  la  tecnologia  a  disposizione  della  Compagnia  per  gestire  e </span></span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs17f7\">monitorare le esposizioni al rischio. </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs17f8\">La <span class=\"_ _f\"></span>propensione <span class=\"_ _1\"></span>al <span class=\"_ _f\"></span>r<span class=\"_ _2\"></span>ischio <span class=\"_ _f\"></span>della <span class=\"_ _1\"></span>Compagnia <span class=\"_ _1\"></span>congiuntamente <span class=\"_ _f\"></span>alla valutazione<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>del <span class=\"_ _f\"></span>s<span class=\"_ _2\"></span>istema <span class=\"_ _f\"></span>di g<span class=\"_ _1\"></span>overno </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs17f9\">societario adottato nonch\u00e9<span class=\"_ _f\"></span> alla mappatura e id<span class=\"_ _1\"></span>entificazione dei fattori d<span class=\"_ _1\"></span>i rischio e ad una <span class=\"_ _1\"></span>generale </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs17fa\">applicazione <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>el <span class=\"_ _2\"></span>princ<span class=\"_ _2\"></span>ipio <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>ella <span class=\"_ _d\"></span>persona <span class=\"_ _d\"></span>prudente, <span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>appresentano <span class=\"_ _d\"></span>i <span class=\"_ _d\"></span>principali <span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>lementi <span class=\"_ _d\"></span>costitutivi </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs17fb\">alla base <span class=\"_ _2\"></span>della d<span class=\"_ _2\"></span>eterminazione del <span class=\"_ _2\"></span>modello organizzativo <span class=\"_ _2\"></span>di gestione <span class=\"_ _2\"></span>dei rischi <span class=\"_ _2\"></span>(specifico per <span class=\"_ _2\"></span>ogni </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs17fc\">classe di rischio). </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs17fd\">Nella <span class=\"_ _2\"></span>definizione <span class=\"_ _2\"></span>delle pro<span class=\"_ _2\"></span>prie st<span class=\"_ _2\"></span>rategie <span class=\"_ _2\"></span>di business, <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>Com<span class=\"_ _2\"></span>pagnia valuta, <span class=\"_ _2\"></span>su <span class=\"_ _2\"></span>base <span class=\"_ _2\"></span>continuativa, <span class=\"_ _2\"></span>il </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs17fe\">rispetto, <span class=\"_ _2\"></span>nei <span class=\"_ _d\"></span>dive<span class=\"_ _1\"></span>rsi <span class=\"_ _d\"></span>anni <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>sviluppo <span class=\"_ _d\"></span>del <span class=\"_ _2\"></span>piano, <span class=\"_ _2\"></span>dei <span class=\"_ _2\"></span>li<span class=\"_ _2\"></span>velli <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>ischio <span class=\"_ _2\"></span>target <span class=\"_ _2\"></span>definiti <span class=\"_ _2\"></span>nel <span class=\"_ _d\"></span>Risk <span class=\"_ _2\"></span>Appetite </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1800\">Framework <span class=\"_ _2\"></span>(c.d. <span class=\"_ _2\"></span>RAF), <span class=\"_ _d\"></span>al <span class=\"_ _2\"></span>fine <span class=\"_ _2\"></span>di <span class=\"_ _d\"></span>garantire <span class=\"_ _2\"></span>la <span class=\"_ _d\"></span>coerenza <span class=\"_ _2\"></span>tra <span class=\"_ _2\"></span>gli <span class=\"_ _d\"></span>obiettivi <span class=\"_ _2\"></span>di <span class=\"_ _d\"></span>medio-lungo <span class=\"_ _2\"></span>periodo <span class=\"_ _2\"></span>e <span class=\"_ _d\"></span>la<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1801\">capacit\u00e0 e la volont\u00e0 di assumere rischi de<span class=\"_ _1\"></span>lla Compagnia stessa.<span class=\"_ _df\"> </span><span class=\"_ _2\"></span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1802\">Si declinano, di seguito, i conce<span class=\"_ _1\"></span>tt<span class=\"_ _2\"></span>i rilevanti ai fini<span class=\"_ _1\"></span> della definizione del RAF:<span class=\"_ _df\"> </span><span class=\"_ _2\"></span> </div><div class=\"t m0 h5 ff13 fs1 fc1 sc0 ls0 ws0 gs1803\">-<span class=\"_ _43\"> </span><span class=\"ff4\">il <span class=\"_ _9\"> </span>Risk <span class=\"_ _9\"> </span>Profile <span class=\"_ _9\"> </span>rappresenta <span class=\"_ _9\"> </span>il <span class=\"_ _9\"> </span>rischio <span class=\"_ _9\"> </span>effettivo <span class=\"_ _9\"> </span>della <span class=\"_ _9\"> </span>Compagnia <span class=\"_ _9\"> </span>valutato <span class=\"_ _16\"> </span>in <span class=\"_ _16\"> </span>un <span class=\"_ _0\"></span>determinato<span class=\"_ _df\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1804\">istante temporale;<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff13 fs1 fc1 sc0 ls0 ws0 gs1805\">-<span class=\"_ _43\"> </span><span class=\"ff4\">il <span class=\"_ _f\"></span>Risk Appetite <span class=\"_ _f\"></span>rappresenta <span class=\"_ _1\"></span>la <span class=\"_ _f\"></span>ver<span class=\"_ _2\"></span>a <span class=\"_ _f\"></span>e p<span class=\"_ _1\"></span>ropria p<span class=\"_ _1\"></span>ropensione <span class=\"_ _f\"></span>al rischio <span class=\"_ _f\"></span>da p<span class=\"_ _1\"></span>arte d<span class=\"_ _1\"></span>ella <span class=\"_ _1\"></span>Compagnia<span class=\"_ _df\"> </span></span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1806\">e cos<span class=\"_ _2\"></span>tituisce, quindi, <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>livello di <span class=\"_ _2\"></span>rischio <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>essa intende <span class=\"_ _2\"></span>assumere <span class=\"_ _2\"></span>per il <span class=\"_ _2\"></span>perseguimento <span class=\"_ _2\"></span>dei<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1807\">suoi obiettivi strategici;<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff13 fs1 fc1 sc0 ls0 ws0 gs1808\">-<span class=\"_ _43\"> </span><span class=\"ff4\">la  Risk  Tole<span class=\"_ _1\"></span>rance  individu<span class=\"_ _1\"></span>a  la  soglia  massima  d<span class=\"_ _1\"></span>i  tolleranza  d<span class=\"_ _f\"></span>el  rischio,  fissata  al<span class=\"_ _1\"></span>  fine  di<span class=\"_ _df\"> </span></span><span class=\"ff4\"><span class=\"_ _1\"></span> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1809\">assicurare <span class=\"_ _2\"></span>alla <span class=\"_ _2\"></span>Compagnia <span class=\"_ _2\"></span>margini <span class=\"_ _2\"></span>sufficienti <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>operare <span class=\"_ _2\"></span>sia <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>fase <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>normale <span class=\"_ _2\"></span>corso <span class=\"_ _2\"></span>degli<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs180a\">affari sia in condizioni di mercato particolarmente stressate;<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff13 fs1 fc1 sc0 ls0 ws0 gs180b\">-<span class=\"_ _43\"> </span><span class=\"ff4\">la  Risk  Capacity,  invece,  rappresenta  il  massimo  r<span class=\"_ _2\"></span>ischio<span class=\"_ _1\"></span>  assumibile  dalla  Compagnia;  \u00e8<span class=\"_ _df\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs180c\">costituito <span class=\"_ _0\"></span>quindi <span class=\"_ _0\"></span>dal <span class=\"_ _0\"></span>livello <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>r<span class=\"_ _2\"></span>ischio <span class=\"_ _0\"></span>che <span class=\"_ _0\"></span>essa <span class=\"_ _0\"></span>\u00e8 <span class=\"_ _9\"> </span>in <span class=\"_ _0\"></span>grado <span class=\"_ _0\"></span>di <span class=\"_ _0\"> </span>as<span class=\"_ _2\"></span>sumere <span class=\"_ _d\"></span>a <span class=\"_ _9\"> </span>suo <span class=\"_ _0\"></span>carico <span class=\"_ _0\"> </span>s<span class=\"_ _2\"></span>enza<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs180d\">violare i requisiti regolame<span class=\"_ _1\"></span>ntari o gli altri vincoli imposti dall\u2019autorit\u00e0 di vigilanza<span class=\"ff4\">.<span class=\"_ _df\"> </span></span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs180e\">Nella <span class=\"_ _2\"></span>definizione <span class=\"_ _2\"></span>delle proprie <span class=\"_ _2\"></span>str<span class=\"_ _2\"></span>ategie di <span class=\"_ _2\"></span>business, <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>Compagnia <span class=\"_ _2\"></span>valuta, <span class=\"_ _2\"></span>su <span class=\"_ _2\"></span>base <span class=\"_ _2\"></span>continuativa, <span class=\"_ _2\"></span>il<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs180f\">rispetto, <span class=\"_ _2\"></span>nei <span class=\"_ _d\"></span>diversi <span class=\"_ _2\"></span>anni <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>viluppo <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>piano, <span class=\"_ _d\"></span>dei <span class=\"_ _2\"></span>livelli <span class=\"_ _d\"></span>di <span class=\"_ _2\"></span>rischio <span class=\"_ _d\"></span>target <span class=\"_ _2\"></span>definiti <span class=\"_ _2\"></span>nel <span class=\"_ _2\"></span>Risk <span class=\"_ _d\"></span>Appetite<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1810\">Framework, <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>fine di <span class=\"_ _2\"></span>garantire <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>coerenza <span class=\"_ _2\"></span>tr<span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>gli obiettivi <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>medio-lungo <span class=\"_ _2\"></span>periodo <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>capacit\u00e0 e<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1811\">la <span class=\"_ _2\"></span>volont\u00e0 di assumere <span class=\"_ _2\"></span>rischi. In part<span class=\"_ _2\"></span>icolare il <span class=\"_ _2\"></span>piano strategico, partendo <span class=\"_ _2\"></span>dal profilo <span class=\"_ _2\"></span>di rischio <span class=\"_ _2\"></span>della<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1812\">Compagnia al <span class=\"_ _1\"></span>momento della redazione de<span class=\"_ _1\"></span>l piano stesso, tiene <span class=\"_ _1\"></span>conto del rischio assumib<span class=\"_ _1\"></span>ile senza<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs1813\">violare i <span class=\"_ _2\"></span>requisiti r<span class=\"_ _2\"></span>egolamentari o <span class=\"_ _2\"></span>altri vincoli impost<span class=\"_ _2\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _2\"></span>dall\u2019Au<span class=\"_ _1\"></span>torit\u00e0 <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>Vigilanz<span class=\"_ _1\"></span>a, <span class=\"_ _2\"></span>l\u2019appetito al <span class=\"_ _2\"></span>rischio<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1814\">(ovvero <span class=\"_ _9\"> </span>del <span class=\"_ _0\"></span>livello <span class=\"_ _9\"> </span>di <span class=\"_ _0\"> </span>r<span class=\"_ _2\"></span>ischio <span class=\"_ _0\"></span>che<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>essa <span class=\"_ _9\"> </span>intende <span class=\"_ _0\"> </span>as<span class=\"_ _2\"></span>sumere <span class=\"_ _0\"></span>per <span class=\"_ _9\"> </span>il <span class=\"_ _9\"> </span>perseguimento <span class=\"_ _9\"> </span>dei <span class=\"_ _0\"> </span>s<span class=\"_ _2\"></span>uoi <span class=\"_ _0\"></span>o<span class=\"_ _2\"></span>biettivi<span class=\"_ _df\"> </span><span class=\"_ _1\"></span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1815\">strategici) e la <span class=\"_ _2\"></span>tolleranza al <span class=\"_ _2\"></span>rischio (ovvero <span class=\"_ _2\"></span>la s<span class=\"_ _2\"></span><span class=\"ff5\">oglia massima <span class=\"_ _2\"></span>di scostamento r<span class=\"_ _2\"></span>ispetto all\u2019appetito<span class=\"_ _df\"> </span></span><span class=\"ff5\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1816\">al rischio) fissate  dal Consiglio di Ammini<span class=\"_ _1\"></span>strazione.<span class=\"_ _df\"> </span><span class=\"_ _2\"></span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1817\">La <span class=\"_ _d\"></span>Compagnia <span class=\"_ _2\"></span>ha <span class=\"_ _d\"></span>inoltre <span class=\"_ _d\"></span>definito <span class=\"_ _d\"></span>una <span class=\"_ _2\"></span>Politica <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>Gestione <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>el <span class=\"_ _2\"></span>Capitale <span class=\"_ _d\"></span>e <span class=\"_ _d\"></span>un <span class=\"_ _d\"></span>Piano <span class=\"_ _2\"></span>di <span class=\"_ _d\"></span>Gestione <span class=\"_ _d\"></span>del<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1818\">Capitale <span class=\"_ _2\"></span>il c<span class=\"_ _2\"></span>ui <span class=\"_ _2\"></span>scopo <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _2\"></span>quello <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>adottare <span class=\"_ _2\"></span>pro<span class=\"_ _2\"></span>cedu<span class=\"_ _1\"></span>re<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>atte <span class=\"_ _2\"></span>ad <span class=\"_ _2\"></span>accertare <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>salvaguardia <span class=\"_ _2\"></span>dei <span class=\"_ _2\"></span>requisiti<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1819\">regolamentari  e<span class=\"_ _1\"></span>  dei<span class=\"_ _1\"></span>  livelli <span class=\"_ _16\"> </span>obiettivo  di<span class=\"_ _1\"></span>  Risk <span class=\"_ _16\"> </span>Appe<span class=\"_ _1\"></span>tite  nonch\u00e9 <span class=\"_ _16\"> </span>di  garantire <span class=\"_ _16\"> </span>che, <span class=\"_ _16\"> </span>sia  al <span class=\"_ _9\"> </span>momento<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs181a\">dell\u2019emissione <span class=\"_ _f\"></span>che <span class=\"_ _1\"></span>successivamente, <span class=\"_ _f\"></span>gli <span class=\"_ _1\"></span>elementi <span class=\"_ _1\"></span>dei <span class=\"_ _f\"></span>Fondi <span class=\"_ _1\"></span>Propri <span class=\"_ _f\"></span>a cui <span class=\"_ _f\"></span>l\u2019impresa <span class=\"_ _f\"></span>intende attingere<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs181b\">al fine di realizzare gli obiettivi di business stabiliti in sede<span class=\"_ _1\"></span> di pianificazione strategica, soddisfino i<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs181c\">requisiti <span class=\"_ _d\"></span>regolamentari <span class=\"_ _d\"></span>definiti <span class=\"_ _d\"></span>da <span class=\"_ _d\"></span>EIOPA <span class=\"_ _d\"></span>e <span class=\"_ _d\"></span>siano <span class=\"_ _d\"></span>corrett<span class=\"_ _2\"></span>amente <span class=\"_ _2\"></span>classificati. <span class=\"_ _d\"></span>Tale <span class=\"_ _d\"></span>Piano <span class=\"_ _d\"></span>\u00e8 <span class=\"_ _d\"></span>r<span class=\"_ _2\"></span>edatto<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs181d\">coerentemente  con  le  risultanze <span class=\"_ _22\"> </span>della <span class=\"_ _4\"> </span>valu<span class=\"_ _1\"></span>tazione  prospettic<span class=\"_ _2\"></span><span class=\"ff5\">a  dei  rischi  secondo <span class=\"_ _22\"> </span>l\u2019approccio<span class=\"_ _df\"> </span></span><span class=\"ff5\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs181e\">Solvency <span class=\"_ _9\"> </span>II <span class=\"_ _9\"> </span>(c.d <span class=\"_ _9\"> </span>ORSA), <span class=\"_ _9\"> </span>con <span class=\"_ _9\"> </span>gl<span class=\"_ _2\"></span>i <span class=\"_ _9\"> </span>obiettivi <span class=\"_ _0\"></span>e <span class=\"_ _16\"> </span>le <span class=\"_ _9\"> </span>metodologie <span class=\"_ _9\"> </span>stabilite <span class=\"_ _9\"> </span>nella <span class=\"_ _9\"> </span>Politica <span class=\"_ _9\"> </span>di <span class=\"_ _16\"> </span>Gestione <span class=\"_ _0\"></span>del<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs181f\">Capitale <span class=\"_ _4\"> </span>e <span class=\"_ _4\"> </span>con <span class=\"_ _4\"> </span>i <span class=\"_ _4\"> </span>requisiti <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>solvibilit\u00e0 <span class=\"_ _4\"> </span>stabiliti <span class=\"_ _4\"> </span>dal <span class=\"_ _4\"> </span>Regolatore, <span class=\"_ _4\"> </span>al <span class=\"_ _4\"> </span>fine <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>garantire <span class=\"_ _4\"> </span>la <span class=\"_ _4\"> </span>solidit\u00e0<span class=\"_ _df\"> </span><span class=\"_ _1\"></span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1820\">patrimoniale della Com<span class=\"ff5\">pagnia nell\u2019esercizio della propria attivit\u00e0 e nei suoi possibili<span class=\"_ _1\"></span> sviluppi futuri.<span class=\"_ _df\"> </span></span><span class=\"ff5\"><span class=\"_ _2\"></span><span class=\"ff4\"> </span></span></div><div class=\"t m0 h5 ff12 fs1 fc4 sc0 ls0 ws0 gs1821\">o<span class=\"_ _25\"> </span><span class=\"ff4 sc3\">Indicato<span class=\"_ _1\"></span>ri di <span class=\"_ _f\"></span>Rischio<span class=\"_ _df\"> </span></span><span class=\"ff4 sc3\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1822\">In <span class=\"_ _e\"> </span>coerenza <span class=\"_ _10\"> </span>con <span class=\"_ _10\"> </span>quanto <span class=\"_ _10\"> </span>disciplinato <span class=\"_ _e\"> </span>nel <span class=\"_ _10\"> </span>Regolamento <span class=\"_ _10\"> </span>di <span class=\"_ _10\"> </span>Risk <span class=\"_ _e\"> </span>Appetite <span class=\"_ _10\"> </span>Framework <span class=\"_ _10\"> </span>della<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1823\">Compagnia, <span class=\"_ _0\"></span>la <span class=\"_ _9\"> </span>gestione <span class=\"_ _9\"> </span>dei <span class=\"_ _0\"></span>risc<span class=\"_ _2\"></span>hi <span class=\"_ _0\"></span>in <span class=\"_ _9\"> </span>ottica <span class=\"_ _9\"> </span>attuale <span class=\"_ _9\"> </span>e <span class=\"_ _0\"></span>pros<span class=\"_ _2\"></span>pettica <span class=\"_ _9\"> </span>della <span class=\"_ _0\"></span>Compagnia <span class=\"_ _9\"> </span>si <span class=\"_ _9\"> </span>basa <span class=\"_ _9\"> </span>sulla<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1824\">definizione di indicatori per ogni categoria di rischio valutata come rile<span class=\"_ _1\"></span>vante.<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1825\">Gli indicatori sono ulteriormente suddi<span class=\"_ _1\"></span>visi in:<span class=\"_ _df\"> </span></div><div class=\"t m0 h43 ff13 fs1 fc1 sc0 ls0 ws0 gs1826\">-<span class=\"_ _df\"> </span></div><div class=\"t m1 h6 ff4 fs2 fc1 sc0 ls0 ws0 gs1827\">indicatori <span class=\"_ _14\"> </span>di <span class=\"_ _17\"> </span>I\u00b0 <span class=\"_ _14\"> </span>livello:</div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1828\"> <span class=\"_ _17\"> </span>sono <span class=\"_ _14\"> </span>indicatori <span class=\"_ _14\"> </span>finalizzati <span class=\"_ _17\"> </span>principalmente <span class=\"_ _17\"> </span>al <span class=\"_ _14\"> </span>rispetto <span class=\"_ _17\"> </span>dei <span class=\"_ _17\"> </span>vincoli <span class=\"_ _17\"> </span>di<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1829\">solvibilit\u00e0, <span class=\"_ _4\"> </span>liqu<span class=\"_ _1\"></span>idit\u00e0 <span class=\"_ _4\"> </span>e <span class=\"_ _4\"> </span>redditivi<span class=\"_ _1\"></span>t\u00e0. <span class=\"_ _4\"> </span>Sono <span class=\"_ _4\"> </span>indicatori <span class=\"_ _4\"> </span>di <span class=\"_ _22\"> </span>poss<span class=\"_ _2\"></span>ibil<span class=\"_ _1\"></span>i <span class=\"_ _4\"> </span>impatti <span class=\"_ _4\"> </span>negativi  e <span class=\"_ _4\"> </span>forniscono<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs182a\">avvertimenti <span class=\"_ _d\"></span>atti <span class=\"_ _0\"></span>ad <span class=\"_ _d\"></span>identificare <span class=\"_ _0\"></span>potenziali <span class=\"_ _d\"></span>eventi <span class=\"_ _0\"></span>dannosi <span class=\"_ _d\"></span>c<span class=\"_ _2\"></span>he <span class=\"_ _d\"></span>minacciano <span class=\"_ _0\"></span>il <span class=\"_ _d\"></span>raggiungimento<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs182b\">degli <span class=\"_ _4\"> </span>obiettivi <span class=\"_ _4\"> </span>e <span class=\"_ _4\"> </span>la <span class=\"_ _4\"> </span>continuit\u00e0 <span class=\"_ _4\"> </span>del <span class=\"_ _4\"> </span>Business. <span class=\"_ _4\"> </span>Tali <span class=\"_ _4\"> </span>indicatori <span class=\"_ _17\"> </span>sono <span class=\"_ _17\"> </span><span class=\"ff5\">integrati <span class=\"_ _4\"> </span>all\u2019interno <span class=\"_ _4\"> </span>della<span class=\"_ _df\"> </span></span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs182c\">Regolamento <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>Risk <span class=\"_ _d\"></span>Appetire <span class=\"_ _2\"></span>Framework <span class=\"_ _2\"></span>della <span class=\"_ _2\"></span>Compagnia <span class=\"_ _2\"></span>e <span class=\"_ _d\"></span>ad <span class=\"_ _2\"></span>essi <span class=\"_ _2\"></span>viene <span class=\"_ _2\"></span>associato <span class=\"_ _2\"></span>un <span class=\"_ _d\"></span>Risk<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs182d\">Appetite, <span class=\"_ _4\"> </span>una <span class=\"_ _4\"> </span>Risk <span class=\"_ _4\"> </span>Tolerance <span class=\"_ _4\"> </span>e <span class=\"_ _4\"> </span>una <span class=\"_ _4\"> </span>Risk <span class=\"_ _4\"> </span>Capacity <span class=\"_ _17\"> </span>e <span class=\"_ _4\"> </span>il <span class=\"_ _4\"> </span>relativo <span class=\"_ _4\"> </span>sistema <span class=\"_ _17\"> </span>di <span class=\"_ _4\"> </span>Risk <span class=\"_ _4\"> </span>Appetite<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs182e\">Statement;<span class=\"_ _df\"> </span> </div><div class=\"t m0 h43 ff13 fs1 fc1 sc0 ls0 ws0 gs182f\">-<span class=\"_ _df\"> </span></div><div class=\"t m1 h6 ff4 fs2 fc1 sc0 ls0 ws0 gs1830\">indicatori di early warning:</div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1831\"> al fine di eff<span class=\"_ _1\"></span>ettuare un monitoraggio p<span class=\"_ _1\"></span>reventivo e nel continuo su<span class=\"_ _1\"></span>gli<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1832\">indicatori <span class=\"_ _17\"> </span>di <span class=\"_ _4\"> </span>s<span class=\"_ _2\"></span>olvibilit\u00e0 <span class=\"_ _4\"> </span>sono <span class=\"_ _14\"> </span>stati <span class=\"_ _4\"> </span>inoltr<span class=\"_ _2\"></span>e <span class=\"_ _4\"> </span>definiti <span class=\"_ _17\"> </span>degli <span class=\"_ _17\"> </span>indicatori <span class=\"_ _17\"> </span>di <span class=\"_ _17\"> </span>early <span class=\"_ _17\"> </span>warnig <span class=\"_ _17\"> </span>volti <span class=\"_ _17\"> </span>ad<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1833\">intercettare fenomeni e/o eventi di potenziale<span class=\"_ _f\"></span> <span class=\"_ _2\"></span>elevata criticit\u00e0 e/o attenzione;<span class=\"_ _df\"> </span></div><div class=\"t m0 h43 ff13 fs1 fc1 sc0 ls0 ws0 gs1834\">-<span class=\"_ _df\"> </span></div><div class=\"t m1 h6 ff4 fs2 fc1 sc0 ls0 ws0 gs1835\">indicatori <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>I<span class=\"_ _2\"></span>I\u00b0 <span class=\"_ _0\"></span>livello:</div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1836\"> <span class=\"_ _0\"></span>sono <span class=\"_ _9\"> </span>indicator<span class=\"_ _2\"></span>i <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>tipo <span class=\"_ _0\"></span>operativo/gestionali <span class=\"_ _0\"></span>funzionali <span class=\"_ _0\"></span>a<span class=\"_ _2\"></span>d <span class=\"_ _0\"></span>irrobustire <span class=\"_ _0\"></span>le<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1837\">attivit\u00e0 di monitoraggio d<span class=\"_ _1\"></span>ei rischi ed<span class=\"_ _1\"></span> eventualmente fornire segnali p<span class=\"_ _1\"></span>reventivi ad un potenziale<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1838\">deterioramento <span class=\"_ _14\"> </span>delle <span class=\"_ _14\"> </span>metriche <span class=\"_ _15\"> </span>di <span class=\"_ _14\"> </span>I\u00b0 <span class=\"_ _14\"> </span>L<span class=\"_ _2\"></span>ivello. <span class=\"_ _17\"> </span>Tal<span class=\"_ _2\"></span>i <span class=\"_ _14\"> </span>indicatori <span class=\"_ _14\"> </span>sono <span class=\"_ _15\"> </span>integrati <span class=\"_ _14\"> </span>a<span class=\"_ _2\"></span><span class=\"ff5\">ll\u2019interno <span class=\"_ _14\"> </span>del<span class=\"_ _df\"> </span></span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1839\">Regolamento di Risk Appe<span class=\"_ _1\"></span>tite Framework della Compagnia.<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs183a\">Nell\u2019ambito <span class=\"_ _f\"></span>generale <span class=\"_ _f\"></span>del <span class=\"_ _f\"></span>sistema<span class=\"_ _2\"></span> <span class=\"_ _f\"></span>di <span class=\"_ _f\"></span>gestione <span class=\"_ _f\"></span>dei <span class=\"_ _f\"></span>rischi <span class=\"_ _1\"></span>la <span class=\"_ _f\"></span>Compag<span class=\"_ _2\"></span>nia <span class=\"_ _f\"></span>definisce <span class=\"_ _f\"></span>inoltre <span class=\"_ _f\"></span>specifici <span class=\"_ _f\"></span>l<span class=\"_ _2\"></span>imiti<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs183b\">operativi <span class=\"_ _16\"> </span>funzionali <span class=\"_ _16\"> </span>alla  gestione <span class=\"_ _16\"> </span>(ad <span class=\"_ _16\"> </span>es. <span class=\"_ _16\"> </span>limiti  in <span class=\"_ _16\"> </span>termini <span class=\"_ _16\"> </span>di  esposizione<span class=\"_ _1\"></span>,  concentr<span class=\"_ _2\"></span>azione, <span class=\"_ _16\"> </span>etc.)<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs183c\">coerenti con l\u2019appetito al rischio de<span class=\"_ _1\"></span>lla Compagnia. <span class=\"_ _2\"></span><span class=\"ff4\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs183d\">Il <span class=\"_ _9\"> </span>principale <span class=\"_ _9\"> </span>indicatore <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>I\u00b0 <span class=\"_ _9\"> </span>Livello <span class=\"_ _9\"> </span>della <span class=\"_ _9\"> </span>Compagnia <span class=\"_ _16\"> </span>\u00e8 <span class=\"_ _0\"></span>il <span class=\"_ _16\"> </span>Solve<span class=\"_ _1\"></span>ncy <span class=\"_ _16\"> </span>II <span class=\"_ _0\"></span>Ratio <span class=\"_ _16\"> </span>ovvero <span class=\"_ _0\"> </span>il <span class=\"_ _9\"> </span>rapporto <span class=\"_ _9\"> </span>tra<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs183e\">Eligible Capital <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>Solvency <span class=\"_ _2\"></span>Capital Requirement. <span class=\"_ _2\"></span>La <span class=\"_ _2\"></span>Compagnia, <span class=\"_ _2\"></span>nel 2025, <span class=\"_ _2\"></span>si <span class=\"_ _2\"></span>prefig<span class=\"_ _2\"></span><span class=\"ff5\">ge l\u2019o<span class=\"_ _2\"></span>biettivo di</span><span class=\"ff5\"> </span></div>avere un <span class=\"_ _2\"></span>livello <span class=\"_ _2\"></span>di Ca<span class=\"_ _2\"></span>pitale <span class=\"_ _2\"></span>Economico <span class=\"_ _2\"></span>adegu<span class=\"_ _1\"></span>ato <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>in li<span class=\"_ _2\"></span>nea con <span class=\"_ _2\"></span>gli <span class=\"_ _2\"></span>obiettivi s<span class=\"_ _2\"></span>trategici, superiore <span class=\"_ _2\"></span>ad<span class=\"_ _df\"> </span>un prefissato livello di Solvenc<span class=\"_ _1\"></span>y Ratio <span class=\"_ _2\"></span>come di segu<span class=\"_ _1\"></span>ito riportato:<span class=\"_ _df\"> </span>-<span class=\"_ _1b\"> </span><span class=\"ff4\">Risk Appetite: 170%;<span class=\"_ _df\"> </span></span>-<span class=\"_ _1b\"> </span><span class=\"ff4\">Risk Tolerance: 125%;<span class=\"_ _df\"> </span></span>-<span class=\"_ _1b\"> </span><span class=\"ff4\">Risk Capacity: 105%.<span class=\"_ _df\"> </span></span>Nell<span class=\"ff5\">\u2019ambito <span class=\"_ _16\"> </span>della  d<span class=\"_ _1\"></span>efinizione  del <span class=\"_ _16\"> </span>RAF <span class=\"_ _16\"> </span>risulta  nece<span class=\"_ _1\"></span>ssario  fissare <span class=\"_ _9\"> </span>il  livello <span class=\"_ _16\"> </span>di <span class=\"_ _16\"> </span>rischio  che<span class=\"_ _1\"></span>,  se <span class=\"_ _16\"> </span>non<span class=\"_ _df\"> </span></span>rispettato dal <span class=\"_ _2\"></span>Risk<span class=\"_ _1\"></span> Profile della Compagnia, necessita <span class=\"_ _2\"></span>di interventi correttivi. Le soglie individuano<span class=\"_ _df\"> </span>dunque <span class=\"_ _4\"> </span>i <span class=\"_ _4\"> </span>binari  al<span class=\"_ _2\"></span>l\u2019interno <span class=\"_ _4\"> </span>dei <span class=\"_ _4\"> </span>quali <span class=\"_ _4\"> </span>la <span class=\"_ _22\"> </span>Compagnia <span class=\"_ _4\"> </span>pu\u00f2 <span class=\"_ _4\"> </span>con<span class=\"_ _2\"></span><span class=\"ff4\">durre <span class=\"_ _4\"> </span>la <span class=\"_ _4\"> </span>sua <span class=\"_ _4\"> </span>azione <span class=\"_ _4\"> </span>finalizzata <span class=\"_ _22\"> </span>al<span class=\"_ _df\"> </span></span>raggiungimento <span class=\"_ _2\"></span>degli <span class=\"_ _2\"></span>obiettivi <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>business. <span class=\"_ _2\"></span>La <span class=\"_ _2\"></span>violazione <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>queste <span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>oglie <span class=\"_ _2\"></span>richieda <span class=\"_ _2\"></span>un <span class=\"_ _2\"></span>processo <span class=\"_ _d\"></span>di<span class=\"_ _df\"> </span>escalation da <span class=\"_ _2\"></span>parte <span class=\"_ _2\"></span>dell<span class=\"_ _1\"></span>a <span class=\"_ _2\"></span>Compagnia e <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>defi<span class=\"_ _1\"></span>nizione <span class=\"_ _2\"></span>di specifici <span class=\"_ _2\"></span>piani di intervento <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>fare fronte<span class=\"_ _df\"> </span>alla situazione.<span class=\"_ _df\"> </span>Mo<span class=\"ls0\">nito<span class=\"_ _1\"></span>raggio<span class=\"_ _f\"></span> e Repor<span class=\"_ _1\"></span>ting<span class=\"_ _df\"> </span></span>Il modello organi<span class=\"_ _1\"></span>zzativo di <span class=\"_ _1\"></span>gestione del rischi<span class=\"_ _1\"></span>o di Credemvita coinv<span class=\"_ _1\"></span>olge tutte le<span class=\"_ _1\"></span> strutture aziendali,<span class=\"_ _df\"> </span>dalle fu<span class=\"_ _2\"></span>nzioni operative <span class=\"_ _2\"></span>(coinvolte <span class=\"_ _2\"></span>nella <span class=\"_ _2\"></span>gestione <span class=\"_ _2\"></span>dei <span class=\"_ _2\"></span>rischi <span class=\"_ _2\"></span>sui <span class=\"_ _2\"></span>processi di <span class=\"_ _2\"></span>propria <span class=\"_ _2\"></span>competenza) <span class=\"_ _2\"></span>ai<span class=\"_ _df\"> </span>Comitati fino al Consiglio di Amministrazione, ivi incluse le<span class=\"_ _1\"></span> Funzioni Fondamentali.<span class=\"_ _df\"> </span>In <span class=\"_ _0\"></span>tale <span class=\"_ _0\"></span>contesto<span class=\"_ _2\"></span>, <span class=\"_ _0\"></span>la <span class=\"_ _0\"></span>funzione <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>Risk <span class=\"_ _0\"> </span>Manag<span class=\"_ _2\"></span>ement <span class=\"_ _0\"></span>funge <span class=\"_ _0\"></span>inoltre <span class=\"_ _9\"> </span>da <span class=\"_ _0\"></span>coordinatore <span class=\"_ _9\"> </span>delle <span class=\"_ _d\"></span>at<span class=\"_ _2\"></span>tivit\u00e0 <span class=\"_ _0\"></span>di<span class=\"_ _df\"> </span>monitoraggio <span class=\"_ _e\"> </span>dei <span class=\"_ _e\"> </span>rischi. <span class=\"_ _e\"> </span>Pi\u00f9 <span class=\"_ _e\"> </span>in <span class=\"_ _e\"> </span>particolare, <span class=\"_ _e\"> </span>concorre <span class=\"_ _e\"> </span>alla <span class=\"_ _e\"> </span>definizione <span class=\"_ _15\"> </span>delle <span class=\"_ _e\"> </span>metodologie <span class=\"_ _e\"> </span>di<span class=\"_ _df\"> </span>misurazione <span class=\"_ _d\"></span>dei <span class=\"_ _d\"></span>r<span class=\"_ _2\"></span>ischi <span class=\"_ _d\"></span>e <span class=\"_ _d\"></span>dei <span class=\"_ _d\"></span>limi<span class=\"_ _2\"></span>ti <span class=\"_ _d\"></span>(sia <span class=\"_ _0\"></span>di <span class=\"_ _d\"></span>RAF <span class=\"_ _0\"></span>che <span class=\"_ _d\"></span>operativi), <span class=\"_ _d\"></span>definendo <span class=\"_ _d\"></span>appropriate <span class=\"_ _0\"></span>procedure <span class=\"_ _d\"></span>di<span class=\"_ _df\"> </span>verifica,  e<span class=\"_ _1\"></span>d  ha <span class=\"_ _9\"> </span>il  compito  di <span class=\"_ _9\"> </span>validare  i <span class=\"_ _16\"> </span>flussi  i<span class=\"_ _1\"></span>nformativi  de<span class=\"_ _1\"></span>ll\u2019attivit\u00e0  di<span class=\"_ _1\"></span>  monitoraggio <span class=\"_ _16\"> </span>dei <span class=\"_ _16\"> </span>rischi,<span class=\"_ _df\"> </span>predisporre la reportistica per i vertici aziendali e verificare l<span class=\"_ _2\"></span>a coe<span class=\"_ _2\"></span>renza dei modelli di misurazione<span class=\"_ _df\"> </span>dei rischi con l\u2019operativi<span class=\"_ _1\"></span>t\u00e0 svolta dall\u2019impresa.<span class=\"_ _df\"> </span>I rischi <span class=\"_ _2\"></span>sono monitorati in maniera continuativa dalla funzione di <span class=\"_ _2\"></span>Risk Management e dalle singole<span class=\"_ _df\"> </span>funzioni competenti; <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>tal f<span class=\"_ _2\"></span>ine <span class=\"_ _2\"></span>\u00e8 s<span class=\"_ _2\"></span>tato s<span class=\"_ _2\"></span>vilu<span class=\"_ _1\"></span>ppato <span class=\"_ _2\"></span>e affinato <span class=\"_ _2\"></span>progres<span class=\"_ _2\"></span>sivamente il <span class=\"_ _2\"></span>reporting <span class=\"_ _2\"></span>relativo<span class=\"_ _df\"> </span>all\u2019evoluzione <span class=\"_ _f\"></span>dei rischi <span class=\"_ _1\"></span>nei <span class=\"_ _1\"></span>confronti del <span class=\"_ _f\"></span>Consiglio di <span class=\"_ _f\"></span>Amministr<span class=\"_ _2\"></span>azione, <span class=\"_ _f\"></span> del <span class=\"_ _f\"></span>Comitato<span class=\"_ _2\"></span> <span class=\"_ _1\"></span>Consiliare <span class=\"_ _1\"></span>per<span class=\"_ _df\"> </span>i  Controlli  Interni  e  i  Rischi  della  Compagnia,  del  Comitato  Investimenti  e  ALM,  del  Comitato<span class=\"_ _df\"> </span>Attuariale, <span class=\"_ _4\"> </span>dell\u2019Alta <span class=\"_ _17\"> </span>Direz<span class=\"ff4\">ione <span class=\"_ _17\"> </span>e <span class=\"_ _4\"> </span>delle <span class=\"_ _17\"> </span>strutture <span class=\"_ _17\"> </span>operative <span class=\"_ _4\"> </span>competenti <span class=\"_ _17\"> </span>al <span class=\"_ _4\"> </span>fin<span class=\"_ _2\"></span>e <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>mi<span class=\"_ _2\"></span>gliorare <span class=\"_ _4\"> </span>la<span class=\"_ _df\"> </span></span>comunicazione <span class=\"_ _f\"></span>dei risultati <span class=\"_ _f\"></span>e <span class=\"_ _f\"></span>cons<span class=\"_ _2\"></span>entire <span class=\"_ _f\"></span>una <span class=\"_ _f\"></span>maggior comprensione <span class=\"_ _f\"></span>delle <span class=\"_ _f\"></span>tematich<span class=\"_ _2\"></span>e <span class=\"_ _f\"></span>connesse <span class=\"_ _f\"></span>alla<span class=\"_ _df\"> </span>valutazione dei rischi.<span class=\"_ _df\"> </span>Il modello di gestione dei<span class=\"_ _1\"></span> rischi adott<span class=\"_ _2\"></span>ato da Credemv<span class=\"_ _1\"></span>ita \u00e8 caratte<span class=\"_ _2\"></span>rizzato da:<span class=\"_ _df\"> </span>-<span class=\"_ _1d\"> </span><span class=\"ff4\">una fase <span class=\"_ _f\"></span>d<span class=\"_ _2\"></span>i <span class=\"_ _f\"></span>aggiornamento degli ind<span class=\"_ _1\"></span>icatori di <span class=\"_ _f\"></span>rischio e/o dei<span class=\"_ _1\"></span> limiti <span class=\"_ _f\"></span>(<span class=\"_ _2\"></span>sia d<span class=\"_ _f\"></span>i RAF sia <span class=\"_ _f\"></span>operativi) per<span class=\"_ _df\"> </span></span>il <span class=\"_ _2\"></span>governo <span class=\"_ _d\"></span>del <span class=\"_ _d\"></span>rischio <span class=\"_ _2\"></span>a <span class=\"_ _d\"></span>seconda <span class=\"_ _d\"></span>delle <span class=\"_ _2\"></span>esigenze <span class=\"_ _d\"></span>organizzative <span class=\"_ _2\"></span>e/<span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>a <span class=\"_ _d\"></span>seguito <span class=\"_ _d\"></span>di <span class=\"_ _2\"></span>variazioni <span class=\"_ _d\"></span>del<span class=\"_ _df\"> </span>contesto <span class=\"_ _2\"></span>interno <span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>esterno, <span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>qualora <span class=\"_ _2\"></span>non <span class=\"_ _2\"></span>siano <span class=\"_ _2\"></span>pi<span class=\"_ _2\"></span>\u00f9 <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>linea <span class=\"_ _2\"></span>con <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>profilo <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>rischio <span class=\"_ _2\"></span>richiesto<span class=\"_ _df\"> </span>dall\u2019Organo Amministrativo;<span class=\"_ _df\"> </span>-<span class=\"_ _1d\"> </span><span class=\"ff4\">una consegu<span class=\"_ _1\"></span>ente attivit\u00e0 <span class=\"_ _f\"></span>di moni<span class=\"_ _1\"></span>toraggio deg<span class=\"_ _1\"></span>li i<span class=\"_ _1\"></span>ndicatori e <span class=\"_ _f\"></span>dei l<span class=\"_ _1\"></span>imiti ope<span class=\"_ _1\"></span>rativi e <span class=\"_ _f\"></span>di gove<span class=\"_ _1\"></span>rno d<span class=\"_ _1\"></span>el<span class=\"_ _df\"> </span></span>rischio.  Le<span class=\"_ _1\"></span>  attivit\u00e0 <span class=\"_ _16\"> </span>di  moni<span class=\"_ _1\"></span>toraggio  si <span class=\"_ _16\"> </span>sostanziano  in <span class=\"_ _9\"> </span>s<span class=\"_ _2\"></span>pecifi<span class=\"_ _1\"></span>ci  presidi <span class=\"_ _9\"> </span>or<span class=\"_ _2\"></span>ganizzat<span class=\"_ _2\"></span>ivi <span class=\"_ _9\"> </span>at<span class=\"_ _2\"></span>ti  a<span class=\"_ _df\"> </span>garantire <span class=\"_ _2\"></span>il rispetto <span class=\"_ _2\"></span>dei limiti <span class=\"_ _2\"></span>stessi, ad <span class=\"_ _2\"></span>attivare tempestivi proces<span class=\"_ _2\"></span>si di <span class=\"_ _2\"></span>segnalazione a <span class=\"_ _2\"></span>fronte<span class=\"_ _df\"> </span>di <span class=\"_ _d\"></span>eventuali <span class=\"_ _d\"></span>rilevazioni <span class=\"_ _0\"></span>di <span class=\"_ _d\"></span>superamento <span class=\"_ _0\"></span>e <span class=\"_ _d\"></span>a <span class=\"_ _0\"></span>defini<span class=\"_ _1\"></span>re <span class=\"_ _d\"></span>s<span class=\"_ _2\"></span>pecifici <span class=\"_ _d\"></span>piani <span class=\"_ _d\"></span>di <span class=\"_ _0\"></span>rientro <span class=\"_ _d\"></span>a <span class=\"_ _d\"></span>seguito <span class=\"_ _0\"></span>delle<span class=\"_ _df\"> </span>segnalazioni stesse.<span class=\"_ _df\"> </span>Nell\u2019ambito <span class=\"_ _17\"> </span>del <span class=\"_ _14\"> </span>sist<span class=\"_ _2\"></span>ema <span class=\"_ _17\"> </span>di <span class=\"_ _14\"> </span>g<span class=\"ff4\">est<span class=\"_ _2\"></span>ione <span class=\"_ _17\"> </span>dei <span class=\"_ _14\"> </span>rischi <span class=\"_ _14\"> </span>e <span class=\"_ _17\"> </span>coerentem<span class=\"_ _2\"></span>ente <span class=\"_ _17\"> </span>con <span class=\"_ _14\"> </span>quanto <span class=\"_ _14\"> </span>previsto <span class=\"_ _14\"> </span>dalla<span class=\"_ _df\"> </span></span>Normativa,  il  Consig<span class=\"_ _1\"></span>lio  di  Amministrazione  ha  formalizzato  un  set  di<span class=\"_ _1\"></span>  politiche,  regolamenti  e<span class=\"_ _df\"> </span>allegati, <span class=\"_ _2\"></span>che, <span class=\"_ _d\"></span>relativamente <span class=\"_ _d\"></span>ad <span class=\"_ _d\"></span>ognuno <span class=\"_ _d\"></span>degli <span class=\"_ _d\"></span>ambiti <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>rischiosit\u00e0 <span class=\"_ _d\"></span>che <span class=\"_ _d\"></span>insistono <span class=\"_ _d\"></span>sulla <span class=\"_ _d\"></span>Compagnia,<span class=\"_ _df\"> </span>det<span class=\"ls0\">tagliano <span class=\"_ _0\"></span>gli <span class=\"_ _9\"> </span>obiettivi, <span class=\"_ _0\"></span>i <span class=\"_ _0\"> </span>comp<span class=\"_ _2\"></span>iti, <span class=\"_ _0\"></span>le <span class=\"_ _0\"></span>r<span class=\"_ _2\"></span>esponsabilit\u00e0, <span class=\"_ _0\"></span>il <span class=\"_ _0\"></span>processo <span class=\"_ _9\"> </span>e <span class=\"_ _0\"></span>definiscono <span class=\"_ _0\"></span>g<span class=\"_ _2\"></span>li <span class=\"_ _0\"></span>strumenti <span class=\"_ _0\"></span>e <span class=\"_ _9\"> </span>le<span class=\"_ _df\"> </span></span>procedure, <span class=\"_ _f\"></span>anche di<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>reporting, <span class=\"_ _1\"></span>necessarie <span class=\"_ _1\"></span>ad <span class=\"_ _f\"></span>i<span class=\"_ _2\"></span>ndividuare <span class=\"_ _f\"></span>e <span class=\"_ _1\"></span>conseguentemente gestire <span class=\"_ _f\"></span>ogni <span class=\"_ _f\"></span>ambito<span class=\"_ _df\"> </span>di rischio. Tali <span class=\"_ _2\"></span>documenti, inoltr<span class=\"_ _2\"></span>e, hanno l\u2019obiettivo <span class=\"_ _2\"></span>pi\u00f9 ge<span class=\"_ _2\"></span><span class=\"ff4\">nerale di <span class=\"_ _2\"></span>contribuire alla d<span class=\"_ _2\"></span>iffusione della<span class=\"_ _df\"> </span></span>cultura del controllo e di gestione de<span class=\"_ _1\"></span>i rischi all\u2019interno della societ\u00e0.<span class=\"_ _df\"> </span>Il <span class=\"_ _d\"></span>rispetto <span class=\"_ _0\"></span>e <span class=\"_ _d\"></span>l\u2019applicazione <span class=\"_ _d\"></span>dei <span class=\"_ _0\"></span>documenti <span class=\"_ _d\"></span>sono <span class=\"_ _0\"></span>garantiti <span class=\"_ _0\"></span>dalla <span class=\"_ _d\"></span>presenza <span class=\"_ _d\"></span>del <span class=\"_ _d\"></span>Sistema <span class=\"_ _0\"></span>dei <span class=\"_ _d\"></span>Controlli<span class=\"_ _df\"> </span>Interni <span class=\"_ _e\"> </span>costituito <span class=\"_ _e\"> </span>da <span class=\"_ _e\"> </span>un <span class=\"_ _e\"> </span>insieme <span class=\"_ _15\"> </span>di <span class=\"_ _e\"> </span>re<span class=\"_ _2\"></span>gole, <span class=\"_ _15\"> </span>procedure <span class=\"_ _e\"> </span>e <span class=\"_ _e\"> </span>tecniche <span class=\"_ _e\"> </span>di <span class=\"_ _e\"> </span>controllo <span class=\"_ _e\"> </span>e <span class=\"_ _e\"> </span>strutture<span class=\"_ _df\"> </span>organizzative volto ad assicurare il corretto funzioname<span class=\"_ _1\"></span>nto ed il buon andamento dell\u2019impresa. Analis<span class=\"_ _f\"></span>i dei ris<span class=\"_ _1\"></span>chi<span class=\"_ _df\"> </span>La Compagnia <span class=\"_ _1\"></span>ha definito ai <span class=\"_ _1\"></span>sensi dell<span class=\"_ _1\"></span>a Regolamentazione di <span class=\"_ _1\"></span>settore, un processo <span class=\"_ _1\"></span>di valutazione e<span class=\"_ _df\"> </span>analisi dei r<span class=\"_ _2\"></span>ischi che include <span class=\"_ _2\"></span>sia una valutazione <span class=\"_ _2\"></span>qualitativa sia, per <span class=\"_ _2\"></span>quelli quantificabili, l\u2019adozione<span class=\"_ _df\"> </span>di <span class=\"_ _d\"></span>metodologie <span class=\"_ _2\"></span>di <span class=\"_ _d\"></span>misurazion<span class=\"_ _2\"></span>e <span class=\"_ _d\"></span>dell\u2019esposizione <span class=\"_ _2\"></span>al <span class=\"_ _0\"></span>rischio, <span class=\"_ _d\"></span>incluso, <span class=\"_ _d\"></span>un <span class=\"_ _d\"></span>sistema <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>determinazione<div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs1863\">dell\u2019ammontare della massima <span class=\"_ _2\"></span>perdita potenz<span class=\"ff4\">iale <span class=\"_ _2\"></span>sia in o<span class=\"_ _2\"></span>ttica attuale <span class=\"_ _2\"></span>che prospettica. Tali anali<span class=\"_ _2\"></span>si<span class=\"_ _df\"> </span></span><span class=\"ff4\"><span class=\"_ _1\"></span> </span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs1864\">consento di<span class=\"_ _1\"></span> eff<span class=\"_ _1\"></span>ettuare in <span class=\"_ _f\"></span>maniera continuativa <span class=\"_ _f\"></span>una profilazione<span class=\"_ _1\"></span> dei <span class=\"_ _f\"></span>rischi a cu<span class=\"_ _f\"></span>i l\u2019impresa <span class=\"_ _1\"></span>\u00e8 e<span class=\"_ _1\"></span>sposta.<span class=\"_ _df\"> </span><span class=\"ff4\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1865\">Si <span class=\"_ _2\"></span>specifica <span class=\"_ _2\"></span>che la <span class=\"_ _d\"></span>Compagnia p<span class=\"_ _2\"></span>er <span class=\"_ _2\"></span>le <span class=\"_ _2\"></span>valutazioni del <span class=\"_ _2\"></span>requisito <span class=\"_ _2\"></span>patrimoniale <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>solvibilit\u00e0 <span class=\"_ _2\"></span>secondo<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>il<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1866\">regime <span class=\"_ _d\"></span>normativo <span class=\"_ _d\"></span>Solvency <span class=\"_ _2\"></span>II <span class=\"_ _d\"></span>utilizza <span class=\"_ _d\"></span>la <span class=\"_ _d\"></span>For<span class=\"_ _2\"></span>mula<span class=\"_ _1\"></span> <span class=\"_ _d\"></span>Standard <span class=\"_ _d\"></span>conformemente <span class=\"_ _d\"></span>a <span class=\"_ _d\"></span>quanto <span class=\"_ _d\"></span>definito <span class=\"_ _d\"></span>nel<span class=\"_ _df\"> </span><span class=\"_ _1\"></span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1867\">Regolamento <span class=\"_ _15\"> </span>delegato <span class=\"_ _14\"> </span>(UE) <span class=\"_ _15\"> </span>2<span class=\"_ _2\"></span>019/981 <span class=\"_ _15\"> </span>della <span class=\"_ _14\"> </span>Commissione. <span class=\"_ _15\"> </span>Pertanto, <span class=\"_ _15\"> </span>le <span class=\"_ _15\"> </span>valutazioni <span class=\"_ _14\"> </span>at<span class=\"_ _2\"></span>tuali <span class=\"_ _14\"> </span>e<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1868\">prospettiche  dei<span class=\"_ _1\"></span>  rischi  tengono  conto  d<span class=\"_ _1\"></span>i  tutti <span class=\"_ _16\"> </span>i  rischi, <span class=\"_ _16\"> </span>compresi  nel  framework  della <span class=\"_ _16\"> </span>Formula<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs1869\">Standard, a cui l\u2019impresa \u00e8 esposta. <span class=\"ff4\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs186a\">Al fine di valu<span class=\"_ _f\"></span>t<span class=\"_ _2\"></span>are nel continuo la propria<span class=\"_ _1\"></span> situazione di solvibili<span class=\"_ _1\"></span>t\u00e0, la Compagnia provvede inoltre su<span class=\"_ _df\"> </span><span class=\"_ _1\"></span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs186b\">base <span class=\"_ _2\"></span>trimestr<span class=\"_ _2\"></span>ale <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>calcolo <span class=\"_ _d\"></span>del <span class=\"_ _2\"></span>proprio <span class=\"_ _d\"></span>Requ<span class=\"_ _1\"></span>isito <span class=\"_ _2\"></span>di <span class=\"_ _d\"></span>Capitale, <span class=\"_ _2\"></span>alla <span class=\"_ _d\"></span>determinazione <span class=\"_ _2\"></span>dei <span class=\"_ _2\"></span>F<span class=\"_ _2\"></span>ondi <span class=\"_ _d\"></span>Propri<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs186c\">Ammissibili <span class=\"_ _2\"></span>e <span class=\"_ _d\"></span>della <span class=\"_ _2\"></span>relativa <span class=\"_ _2\"></span>qualit\u00e0 <span class=\"_ _d\"></span>e <span class=\"_ _2\"></span>composizione, <span class=\"_ _2\"></span>verificando <span class=\"_ _d\"></span>nel <span class=\"_ _2\"></span>contempo <span class=\"_ _2\"></span>il <span class=\"_ _d\"></span>rispetto <span class=\"_ _d\"></span>dei <span class=\"_ _2\"></span>limiti<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs186d\">operativi <span class=\"_ _0\"></span>e <span class=\"_ _0\"></span>della <span class=\"_ _0\"></span>propensione <span class=\"_ _0\"></span>al <span class=\"_ _0\"></span>rischio. <span class=\"_ _0\"></span>Specifiche <span class=\"_ _0\"></span>valutazioni <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>stress <span class=\"_ _0\"></span>t<span class=\"_ _2\"></span>est <span class=\"_ _0\"></span>e <span class=\"_ _d\"></span>s<span class=\"_ _2\"></span>ensitivity <span class=\"_ _d\"></span>vengo<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs186e\">effettuate con la stessa frequenza sulle grandezze patrimoniali. Adeguata documentazione viene<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs186f\">rendicontata <span class=\"_ _17\"> </span>al <span class=\"_ _14\"> </span>Consiglio <span class=\"_ _17\"> </span>di <span class=\"_ _14\"> </span>Amministrazione <span class=\"_ _14\"> </span>e <span class=\"_ _17\"> </span>tr<span class=\"_ _2\"></span>asmessa <span class=\"_ _17\"> </span>all\u2019Organo <span class=\"_ _17\"> </span>di <span class=\"_ _14\"> </span>Vigilanza <span class=\"_ _17\"> </span>tr<span class=\"_ _2\"></span>amite <span class=\"_ _17\"> </span>i<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1870\">Quantitative <span class=\"_ _d\"></span>Reporting <span class=\"_ _d\"></span>Template <span class=\"_ _d\"></span>(QRT). <span class=\"_ _d\"></span>Con <span class=\"_ _d\"></span>la <span class=\"_ _d\"></span>stessa <span class=\"_ _d\"></span>frequenza <span class=\"_ _d\"></span>viene <span class=\"_ _d\"></span>verificato <span class=\"_ _d\"></span>il <span class=\"_ _d\"></span>rispetto <span class=\"_ _d\"></span>degli<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1871\">indicatori di I\u00b0 e di II\u00b0 Livello declinati nel Reg<span class=\"_ _1\"></span>olamento di Risk Appetite Framework. <span class=\"_ _2\"></span> </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs1872\">Qualora <span class=\"_ _d\"></span>nell\u2019ambito <span class=\"_ _d\"></span>delle <span class=\"_ _d\"></span>diverse <span class=\"_ _0\"></span>attivit\u00e0 <span class=\"_ _d\"></span>di <span class=\"_ _0\"></span>monitoraggio <span class=\"_ _d\"></span>effettuate <span class=\"_ _d\"></span>dalla <span class=\"_ _d\"></span>Compagnia <span class=\"_ _0\"></span>dovessero<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1873\">emergere <span class=\"_ _9\"> </span>scostamenti <span class=\"_ _9\"> </span>continuativi <span class=\"_ _9\"> </span>e/o <span class=\"_ _9\"> </span>s<span class=\"_ _2\"></span>ignifi<span class=\"_ _1\"></span>cativi <span class=\"_ _9\"> </span>del <span class=\"_ _9\"> </span>profilo  d<span class=\"_ _1\"></span>i <span class=\"_ _9\"> </span>rischio <span class=\"_ _9\"> </span>rispetto<span class=\"_ _2\"></span> <span class=\"_ _9\"> </span>al<span class=\"_ _2\"></span><span class=\"ff5\">l\u2019Appetito <span class=\"_ _9\"> </span>al<span class=\"_ _df\"> </span></span><span class=\"ff5\"> </span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs1874\">Rischio <span class=\"_ _1\"></span>dell\u2019impresa, <span class=\"_ _f\"></span>scos<span class=\"_ _2\"></span>tamenti <span class=\"_ _f\"></span>significativi rispe<span class=\"_ _1\"></span>tto alle<span class=\"_ _1\"></span> princ<span class=\"_ _1\"></span>ipali <span class=\"_ _1\"></span>ipotesi <span class=\"_ _1\"></span>tecniche/finanziarie/di<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs1875\">mercato/di <span class=\"_ _9\"> </span>prodotto <span class=\"_ _0\"></span>definite <span class=\"_ _0\"></span>nell\u2019ambito <span class=\"_ _9\"> </span>del <span class=\"_ _0\"></span>Piano <span class=\"_ _9\"> </span>Strategico <span class=\"_ _9\"> </span>(e <span class=\"_ _0\"></span>quindi <span class=\"_ _0\"></span>nelle <span class=\"_ _9\"> </span>valutazioni <span class=\"_ _0\"></span>ORSA),<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs1876\">viene <span class=\"_ _f\"></span>effettuata un\u2019attivit\u00e0 <span class=\"_ _f\"></span>di <span class=\"_ _f\"></span>Non<span class=\"ff4\">-Regular ORSA <span class=\"_ _f\"></span>al <span class=\"_ _f\"></span>fine di <span class=\"_ _f\"></span>valutare <span class=\"_ _1\"></span>gli <span class=\"_ _f\"></span>impatti di<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>tali <span class=\"_ _1\"></span>variazioni <span class=\"_ _f\"></span>anche<span class=\"_ _df\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1877\">in ottica prospettica.  </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1878\">La Compagnia nel corso del 2025 ha adempiu<span class=\"_ _1\"></span>to alle seguenti scadenze normative:<span class=\"_ _df\"> </span><span class=\"_ _2\"></span> </div><div class=\"t m0 h5 ff13 fs1 fc1 sc0 ls0 ws0 gs1879\">-<span class=\"ff10\"> <span class=\"_ _35\"> </span><span class=\"ff5\">Predisposizione <span class=\"_ _15\"> </span>ed <span class=\"_ _15\"> </span>invio <span class=\"_ _e\"> </span>all\u2019Autorit\u00e0 <span class=\"_ _15\"> </span>di <span class=\"_ _15\"> </span>Vigilanza, <span class=\"_ _15\"> </span>entro <span class=\"_ _15\"> </span>i <span class=\"_ _15\"> </span>termini <span class=\"_ _15\"> </span>r<span class=\"_ _2\"></span>egolamentari, <span class=\"_ _14\"> </span>del<span class=\"_ _2\"></span><span class=\"ff4\">le<span class=\"_ _df\"> </span></span></span></span><span class=\"ff10\"><span class=\"ff5\"><span class=\"ff4\"> </span></span></span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs187a\">reportistiche trimestrali (QRT) richie<span class=\"_ _1\"></span>ste dal Pillar III; <span class=\"_ _2\"></span> </div><div class=\"t m0 h5 ff13 fs1 fc1 sc0 ls0 ws0 gs187b\">-<span class=\"ff10\"> <span class=\"_ _35\"> </span><span class=\"ff4\">Predisposizione <span class=\"_ _16\"> </span>del <span class=\"_ _9\"> </span>Regular <span class=\"_ _9\"> </span>Supervisory  Rep<span class=\"_ _1\"></span>ort  -<span class=\"_ _1\"></span> <span class=\"_ _16\"> </span><span class=\"ff5\">RSR <span class=\"_ _9\"> </span>(Relazione <span class=\"_ _9\"> </span>periodica <span class=\"_ _9\"> </span>all\u2019Autorit\u00e0  d<span class=\"_ _f\"></span>i<span class=\"_ _df\"> </span></span></span></span><span class=\"ff10\"><span class=\"ff4\"><span class=\"ff5\"> </span></span></span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs187c\">Vigilanza) <span class=\"_ _4\"> </span>con <span class=\"_ _17\"> </span>r<span class=\"_ _2\"></span>iferimento <span class=\"_ _4\"> </span>alla <span class=\"_ _17\"> </span>data <span class=\"_ _14\"> </span>di <span class=\"_ _4\"> </span>esercizio <span class=\"_ _17\"> </span>31.12.2024, <span class=\"_ _17\"> </span>deliberata <span class=\"_ _17\"> </span>dal <span class=\"_ _4\"> </span>Cons<span class=\"_ _2\"></span>iglio <span class=\"_ _4\"> </span>di<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs187d\">Amministrazione di Marzo 2025 ed inviati entro il termine regolamentare ad IVAS<span class=\"_ _1\"></span>S;<span class=\"_ _df\"> </span><span class=\"_ _2\"></span> </div><div class=\"t m0 h5 ff13 fs1 fc1 sc0 ls0 ws0 gs187e\">-<span class=\"ff10\"> <span class=\"_ _35\"> </span><span class=\"ff4\">Predisposizione <span class=\"_ _2\"></span>del Solvency <span class=\"_ _2\"></span>Financial <span class=\"_ _2\"></span>Condition Report <span class=\"_ _d\"></span>- <span class=\"_ _2\"></span>SFCR (Relazione sulla <span class=\"_ _2\"></span>solvibilit\u00e0 <span class=\"_ _2\"></span>e<span class=\"_ _df\"> </span></span></span><span class=\"ff10\"><span class=\"ff4\"> </span></span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs187f\">sulla <span class=\"_ _2\"></span>condizione <span class=\"_ _d\"></span>finanziaria) <span class=\"_ _2\"></span>con <span class=\"_ _d\"></span>riferimento <span class=\"_ _d\"></span>alla <span class=\"_ _2\"></span>data <span class=\"_ _d\"></span>di <span class=\"_ _2\"></span>esercizio <span class=\"_ _d\"></span>31.12.2024, <span class=\"_ _2\"></span>deliberata <span class=\"_ _d\"></span>da<span class=\"_ _2\"></span><span class=\"ls98\">l<span class=\"_ _df\"> </span></span><span class=\"ls98\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1880\">Consiglio <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>Amministrazione <span class=\"_ _9\"> </span>di <span class=\"_ _16\"> </span>Marzo <span class=\"_ _9\"> </span>2025 <span class=\"_ _9\"> </span>ed <span class=\"_ _9\"> </span>inviati <span class=\"_ _16\"> </span>entro <span class=\"_ _9\"> </span>il <span class=\"_ _9\"> </span>t<span class=\"_ _2\"></span>ermine <span class=\"_ _0\"> </span>r<span class=\"_ _2\"></span>egolamentare <span class=\"_ _0\"></span>ad<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1881\">IVASS;  </div><div class=\"t m0 h5 ff13 fs1 fc1 sc0 ls0 ws0 gs1882\">-<span class=\"ff10\"> <span class=\"_ _35\"> </span><span class=\"ff4\">Realizzazione delle elaborazioni <span class=\"_ _2\"></span>ORSA necessarie alla valutazione del profilo di solvibilit\u00e0 del<span class=\"_ _df\"> </span></span></span><span class=\"ff10\"><span class=\"ff4\"> </span></span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1883\">piano st<span class=\"_ _2\"></span>rategico 2025-2027 <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>alla predisposizione <span class=\"_ _2\"></span>del Report<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>ORSA delibero <span class=\"_ _2\"></span>dal Consiglio <span class=\"_ _2\"></span>di<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1884\">Amministrazione di Aprile 2025 ed inviato, entro la scadenz<span class=\"_ _1\"></span>a regolamentare, ad IVASS.<span class=\"_ _df\"> </span><span class=\"_ _2\"></span> </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs1885\">Si specifica inf<span class=\"_ _1\"></span>ine che in continuit\u00e0 con quanto avv<span class=\"_ _1\"></span>enuto dal 2020 con l\u2019emergenz<span class=\"_ _1\"></span>a Covid<span class=\"ff4\">-19 e con<span class=\"_ _df\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1886\">le <span class=\"_ _2\"></span>successive <span class=\"_ _2\"></span>tensioni <span class=\"_ _d\"></span>legate <span class=\"_ _2\"></span>alla <span class=\"_ _2\"></span>guerr<span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>Russo-Ucraina, <span class=\"_ _d\"></span>la <span class=\"_ _2\"></span>Compagnia <span class=\"_ _2\"></span>continua <span class=\"_ _2\"></span>a <span class=\"_ _d\"></span>partecipare <span class=\"_ _2\"></span>su<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs1887\">richiesta dell\u2019Autorit\u00e0 di vigilanza alle segu<span class=\"_ _1\"></span>enti attivit\u00e0:<span class=\"_ _df\"> </span><span class=\"_ _2\"></span><span class=\"ff4\"> </span></div><div class=\"t m0 h5 ff13 fs1 fc1 sc0 ls0 ws0 gs1888\">-<span class=\"ff10\"> <span class=\"_ _35\"> </span><span class=\"ff4\">mo<span class=\"_ _2\"></span>nitoraggio <span class=\"_ _f\"></span>mensile <span class=\"_ _f\"></span>della <span class=\"_ _f\"></span>posizione <span class=\"_ _f\"></span>di <span class=\"_ _1\"></span>solvibilit\u00e0 <span class=\"_ _f\"></span>(attivit\u00e0 <span class=\"_ _f\"></span>av<span class=\"_ _2\"></span>viata <span class=\"_ _f\"></span>a <span class=\"_ _f\"></span>partire <span class=\"_ _1\"></span>dal <span class=\"_ _f\"></span>mese <span class=\"_ _f\"></span>di <span class=\"_ _1\"></span>marzo<span class=\"_ _df\"> </span></span></span><span class=\"ff10\"><span class=\"ff4\"> </span></span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1889\">2020);<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff13 fs1 fc1 sc0 ls0 ws0 gs188a\">-<span class=\"ff10\"> <span class=\"_ _35\"> </span><span class=\"ff4\">mo<span class=\"_ _2\"></span>nitoraggio trimestrale <span class=\"_ _2\"></span>del r<span class=\"_ _2\"></span>ischio <span class=\"_ _2\"></span>di liquidit\u00e0 <span class=\"_ _2\"></span>(attivit\u00e0 <span class=\"_ _2\"></span>avviata <span class=\"_ _2\"></span>nel mese <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>giugno <span class=\"_ _2\"></span>a part<span class=\"_ _2\"></span>ire<span class=\"_ _df\"> </span></span></span><span class=\"ff10\"><span class=\"ff4\"><span class=\"_ _1\"></span> </span></span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs188b\">dalla base dati del 31.03.2020).<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc4 sc3 ls0 ws0 gs188d\">Rischi <span class=\"_ _1\"></span>di so<span class=\"_ _f\"></span>ttoscrizio<span class=\"_ _f\"></span>ne life (o<span class=\"_ _1\"></span> tec<span class=\"_ _f\"></span>nici assicu<span class=\"_ _f\"></span>rativi)  </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs17c9\">Si <span class=\"_ _d\"></span>definisce <span class=\"_ _d\"></span>R<span class=\"_ _2\"></span>ischio <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>Sott<span class=\"_ _2\"></span>oscrizione<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>- <span class=\"_ _0\"></span>il <span class=\"_ _d\"></span>rischio <span class=\"_ _0\"></span>di <span class=\"_ _d\"></span>perdita <span class=\"_ _0\"></span>o <span class=\"_ _0\"></span>di <span class=\"_ _d\"></span>variazione <span class=\"_ _d\"></span>s<span class=\"_ _2\"></span>favorevole <span class=\"_ _d\"></span>del <span class=\"_ _d\"></span>valore<span class=\"_ _df\"> </span><span class=\"_ _2\"></span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs17ca\">delle <span class=\"_ _0\"></span>passivit\u00e0 <span class=\"_ _9\"> </span>assicurative <span class=\"_ _9\"> </span>dovuto <span class=\"_ _0\"></span>ad <span class=\"_ _9\"> </span>ipotesi <span class=\"_ _9\"> </span>inadeguate <span class=\"_ _0\"></span>in <span class=\"_ _0\"> </span>mat<span class=\"_ _2\"></span>eria <span class=\"_ _0\"></span>di <span class=\"_ _9\"> </span>fissazione <span class=\"_ _9\"> </span>di <span class=\"_ _0\"></span>prezzi <span class=\"_ _9\"> </span>e <span class=\"_ _0\"></span>di<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs17cb\">costituzione delle riserve tecniche (cf<span class=\"_ _1\"></span>r. articolo 1, comm<span class=\"_ _2\"></span>a 1, le<span class=\"_ _1\"></span>ttera vv<span class=\"_ _2\"></span>-bis 4 del CAP)<span class=\"_ _1\"></span>.  </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs17cc\">Nell\u2019ambito  del  Framework  dei  r<span class=\"_ _2\"></span>ischi  della  Compagnia,  tale  rischio<span class=\"_ _2\"></span><span class=\"ff4\">  pu\u00f2  essere  ulteriormente<span class=\"_ _df\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs17cd\">distinto nelle seguenti categorie:<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff13 fs1 fc1 sc0 ls0 ws0 gs17ce\">-<span class=\"_ _1b\"> </span><span class=\"ff4\">Rischio <span class=\"_ _9\"> </span>di  assunzione: <span class=\"_ _9\"> </span>rappresenta  il <span class=\"_ _9\"> </span>r<span class=\"_ _2\"></span>ischio <span class=\"_ _9\"> </span>derivante  dalla <span class=\"_ _9\"> </span>so<span class=\"_ _2\"></span>ttoscrizione <span class=\"_ _9\"> </span>dei  contratti <span class=\"_ _16\"> </span>di<span class=\"_ _df\"> </span></span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs188e\">assicurazione, <span class=\"_ _f\"></span>coll<span class=\"_ _2\"></span>egato <span class=\"_ _1\"></span>agli <span class=\"_ _1\"></span>eventi assicurati, <span class=\"_ _1\"></span>ai p<span class=\"_ _1\"></span>rocessi segui<span class=\"_ _1\"></span>ti pe<span class=\"_ _1\"></span>r la <span class=\"_ _f\"></span>t<span class=\"_ _2\"></span>ariffazione <span class=\"_ _f\"></span>e selezione<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs188f\">dei <span class=\"_ _d\"></span>rischi, <span class=\"_ _d\"></span>all\u2019andamento <span class=\"_ _d\"></span>sfavorevole<span class=\"_ _1\"></span> <span class=\"_ _d\"></span>della <span class=\"_ _d\"></span>sinistrosit\u00e0 <span class=\"_ _d\"></span>effettiva <span class=\"_ _d\"></span>rispetto <span class=\"_ _d\"></span>a <span class=\"_ _d\"></span>quella <span class=\"_ _d\"></span>stimata <span class=\"_ _d\"></span>(tali<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1890\">rischi <span class=\"_ _d\"></span>si <span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>ostanziano <span class=\"_ _2\"></span>in <span class=\"_ _d\"></span>particolar <span class=\"_ _2\"></span>mo<span class=\"_ _2\"></span>do <span class=\"_ _2\"></span>nel <span class=\"_ _d\"></span>rischio <span class=\"_ _d\"></span>risultante <span class=\"_ _2\"></span>da <span class=\"_ _d\"></span>un <span class=\"_ _2\"></span>default <span class=\"_ _d\"></span>del <span class=\"_ _d\"></span>prezzo <span class=\"_ _d\"></span>legato<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1891\">alla valutazione del rischio e in ipotesi di prezzo ini<span class=\"_ _1\"></span>ziale <span class=\"_ _2\"></span><span class=\"ff5\">inadatta all\u2019evolu<span class=\"_ _1\"></span>zione del rischio);<span class=\"_ _df\"> </span></span></div><div class=\"t m0 h5 ff13 fs1 fc1 sc0 ls0 ws0 gs17d3\">-<span class=\"_ _1b\"> </span><span class=\"ff4\">Rischio di <span class=\"_ _2\"></span>riservazione: <span class=\"_ _2\"></span>ovvero <span class=\"_ _d\"></span>il <span class=\"_ _2\"></span>rischio <span class=\"_ _2\"></span>connesso <span class=\"_ _2\"></span>alla <span class=\"_ _2\"></span>quantificazi<span class=\"_ _1\"></span>one <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>riserve <span class=\"_ _2\"></span>tecniche <span class=\"_ _2\"></span>non<span class=\"_ _df\"> </span></span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1892\">sufficienti a coprire gli impegni assunti nei confronti deg<span class=\"_ _1\"></span>li assicurati.<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs17d6\">Tale classe di rischio pu\u00f2 essere distinta nei seguenti fattori di rischio:<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff13 fs1 fc1 sc0 ls0 ws0 gs17d7\">-<span class=\"_ _1b\"> </span><span class=\"ff4\">mortalit\u00e0: ossia <span class=\"_ _2\"></span>il rischio che <span class=\"_ _2\"></span>deriva da <span class=\"_ _2\"></span>un aumento inatt<span class=\"_ _2\"></span>eso dei tassi <span class=\"_ _2\"></span>di mortalit\u00e0, <span class=\"_ _2\"></span>\u00e8 associato<span class=\"_ _df\"> </span></span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1893\">alle  poli<span class=\"_ _1\"></span>zze  (come  ad  ese<span class=\"_ _1\"></span>mpio  le  assicurazioni  caso <span class=\"_ _16\"> </span>morte  o<span class=\"_ _1\"></span>  le  polizz<span class=\"_ _1\"></span>e  miste)  nel<span class=\"_ _1\"></span>le  quali<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs1894\">l\u2019impresa <span class=\"_ _10\"> </span>garantisce <span class=\"_ _10\"> </span>una <span class=\"_ _10\"> </span>seri<span class=\"_ _2\"></span>e <span class=\"_ _10\"> </span>di <span class=\"_ _10\"> </span>paga<span class=\"ff4\">menti <span class=\"_ _18\"> </span>singoli <span class=\"_ _10\"> </span>o <span class=\"_ _10\"> </span>rico<span class=\"_ _2\"></span>rrenti <span class=\"_ _10\"> </span>in <span class=\"_ _10\"> </span>caso <span class=\"_ _18\"> </span>di <span class=\"_ _10\"> </span>decesso<span class=\"_ _df\"> </span></span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs1895\">dell\u2019assicurato o nel corso della durata della pol<span class=\"_ _1\"></span>izza;<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff13 fs1 fc1 sc0 ls0 ws0 gs17da\">-<span class=\"_ _1b\"> </span><span class=\"ff4\">sopravvive<span class=\"_ _1\"></span>nza:  il  rischio <span class=\"_ _22\"> </span>di  longevit\u00e0,  che  deriva  da  una  diminuzione  inattesa  dei  tassi  di<span class=\"_ _df\"> </span></span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1896\">mortalit\u00e0, <span class=\"_ _15\"> </span>\u00e8 <span class=\"_ _14\"> </span>associato <span class=\"_ _15\"> </span>alle <span class=\"_ _14\"> </span>polizze <span class=\"_ _15\"> </span>(ad <span class=\"_ _14\"> </span>esempio, <span class=\"_ _15\"> </span>rendite) <span class=\"_ _15\"> </span>che <span class=\"_ _e\"> </span><span class=\"ff5\">prevedono <span class=\"_ _14\"> </span>che <span class=\"_ _15\"> </span>l\u2019impresa<span class=\"_ _df\"> </span></span><span class=\"ff5\"> </span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs1897\">garantisca <span class=\"_ _d\"></span>una <span class=\"_ _0\"></span>serie <span class=\"_ _d\"></span>di <span class=\"_ _0\"></span>pagamenti <span class=\"_ _0\"></span>fino <span class=\"_ _d\"></span>alla <span class=\"_ _0\"></span>morte <span class=\"_ _0\"></span>dell\u2019assicurato <span class=\"_ _d\"></span>o <span class=\"_ _0\"></span>a <span class=\"_ _0\"></span>polizze <span class=\"_ _d\"></span>(ad <span class=\"_ _0\"></span>esempio <span class=\"_ _d\"></span>le<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs1898\">polizze miste) che prevedono la garanzia da parte dell\u2019impresa di un unico pagamento in caso<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs1899\">di sopravvivenza dell\u2019assicu<span class=\"_ _1\"></span>rato per tutt<span class=\"_ _2\"></span>a la <span class=\"ff4\">durata prevista dalla polizza;<span class=\"_ _df\"> </span></span></div><div class=\"t m0 h5 ff13 fs1 fc1 sc0 ls0 ws0 gs17df\">-<span class=\"_ _1b\"> </span><span class=\"ff4\">invalidit\u00e0 <span class=\"ff5\">\u2013</span> mo<span class=\"_ _1\"></span>rbilit\u00e0: il <span class=\"_ _1\"></span>rischio di i<span class=\"_ _1\"></span>nvalidit\u00e0 <span class=\"ff5\">\u2013</span> morbilit\u00e0, ch<span class=\"_ _1\"></span>e deriv<span class=\"_ _1\"></span>a da una <span class=\"_ _1\"></span>variazione inattesa d<span class=\"_ _1\"></span>el<span class=\"_ _df\"> </span></span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs189a\">livello, <span class=\"_ _0\"></span>del <span class=\"_ _9\"> </span>trend <span class=\"_ _9\"> </span>o <span class=\"_ _9\"> </span>della <span class=\"_ _0\"></span>volatilit<span class=\"_ _2\"></span>\u00e0 <span class=\"_ _0\"></span>dei <span class=\"_ _9\"> </span>tassi <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>disabilit\u00e0 <span class=\"_ _0\"></span>e <span class=\"_ _9\"> </span>mor<span class=\"_ _2\"></span>bili<span class=\"_ _1\"></span>t\u00e0, <span class=\"_ _9\"> </span>\u00e8 <span class=\"_ _9\"> </span>applicabile <span class=\"_ _0\"></span>alle <span class=\"_ _9\"> </span>polizze<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs189b\">associate alla disabilit\u00e0;<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff13 fs1 fc1 sc0 ls0 ws0 gs17e1\">-<span class=\"_ _1b\"> </span><span class=\"ff4\">malattia: il r<span class=\"_ _2\"></span>ischio malattia pu\u00f2 <span class=\"_ _2\"></span>essere commercializzato come <span class=\"_ _2\"></span>forma <span class=\"_ _2\"></span>complementare ad una<span class=\"_ _df\"> </span></span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs189c\">prestazione caso <span class=\"_ _1\"></span>morte. E\u2019 <span class=\"_ _1\"></span>facolt\u00e0, ne<span class=\"_ _1\"></span>l rispetto <span class=\"_ _1\"></span>delle <span class=\"_ _1\"></span>normative vige<span class=\"_ _1\"></span>nti, utilizzare <span class=\"_ _f\"></span>basi tecniche<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs189d\">di  e<span class=\"_ _1\"></span>sperienza  desumibili<span class=\"_ _1\"></span>  dal  p<span class=\"_ _1\"></span>roprio  portafoglio  ovve<span class=\"_ _1\"></span>ro  da  operatori  qualifi<span class=\"_ _1\"></span>cati  di <span class=\"_ _16\"> </span>mercato<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs189e\">ovvero <span class=\"_ _2\"></span>dal <span class=\"_ _2\"></span>mercato. <span class=\"_ _2\"></span>In <span class=\"_ _2\"></span>ogni <span class=\"_ _2\"></span>caso <span class=\"_ _2\"></span>le <span class=\"_ _2\"></span>basi <span class=\"_ _2\"></span>tecniche <span class=\"_ _2\"></span>utilizzate <span class=\"_ _2\"></span>devono <span class=\"_ _2\"></span>essere <span class=\"_ _2\"></span>stabili <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>provata<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs189f\">tenuta;<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff13 fs1 fc1 sc0 ls0 ws0 gs17e6\">-<span class=\"_ _1b\"> </span><span class=\"ff5\">mutualit\u00e0: <span class=\"_ _0\"></span>con <span class=\"_ _16\"> </span>il <span class=\"_ _9\"> </span>fattor<span class=\"_ _2\"></span>e <span class=\"_ _0\"> </span>di <span class=\"_ _16\"> </span>rischio <span class=\"_ _9\"> </span>\u201cMutualit\u00e0\u201d <span class=\"_ _9\"> </span>si <span class=\"_ _9\"> </span>intende <span class=\"_ _9\"> </span>i<span class=\"_ _2\"></span>l <span class=\"_ _9\"> </span>fatto <span class=\"_ _9\"> </span>che <span class=\"_ _9\"> </span>una <span class=\"_ _9\"> </span>d<span class=\"_ _2\"></span>iminuzione <span class=\"_ _9\"> </span>della<span class=\"_ _df\"> </span></span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs18a0\">numerosit\u00e0 <span class=\"_ _16\"> </span>delle <span class=\"_ _9\"> </span>polizze  in <span class=\"_ _9\"> </span>por<span class=\"_ _2\"></span>tafoglio <span class=\"_ _16\"> </span>potrebbe <span class=\"_ _9\"> </span>avere  e<span class=\"_ _f\"></span>ff<span class=\"_ _2\"></span>etti <span class=\"_ _16\"> </span>negativi <span class=\"_ _9\"> </span>inattesi  sui <span class=\"_ _9\"> </span>benefici<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs18a1\">provenienti <span class=\"_ _1\"></span>dalla <span class=\"_ _1\"></span>mutualit\u00e0. <span class=\"_ _1\"></span>Un\u2019elevata <span class=\"_ _1\"></span>numerosit\u00e0 di <span class=\"_ _f\"></span>polizze <span class=\"_ _1\"></span>permette d<span class=\"_ _1\"></span>i \u201ca<span class=\"_ _1\"></span>ttutire\u201d il <span class=\"_ _f\"></span>verificarsi<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs18a2\">di <span class=\"_ _0\"></span>eventi <span class=\"_ _9\"> </span>sinistrosi <span class=\"_ _9\"> </span>sull\u2019intera <span class=\"_ _9\"> </span>popolazione; <span class=\"_ _0\"></span>nel <span class=\"_ _9\"> </span>business <span class=\"_ _9\"> </span>Vita <span class=\"_ _9\"> </span>la <span class=\"_ _9\"> </span>diminuzione <span class=\"_ _0\"></span>del <span class=\"_ _9\"> </span>num<span class=\"_ _2\"></span><span class=\"ff4\">ero <span class=\"_ _9\"> </span>dei<span class=\"_ _df\"> </span></span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs18a3\">contratti <span class=\"_ _1\"></span>porta <span class=\"_ _f\"></span>per <span class=\"_ _1\"></span>esempio <span class=\"_ _f\"></span>ad u<span class=\"_ _f\"></span>n increme<span class=\"_ _1\"></span>nto <span class=\"_ _1\"></span>delle <span class=\"_ _f\"></span>fluttuazioni <span class=\"_ _1\"></span>casuali <span class=\"_ _f\"></span>della <span class=\"_ _f\"></span>mor<span class=\"_ _2\"></span>talit\u00e0. <span class=\"_ _f\"></span>Il fa<span class=\"_ _f\"></span>t<span class=\"_ _2\"></span>tore<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs18a4\">di  rischi<span class=\"_ _1\"></span>o  mutualit\u00e0, <span class=\"_ _16\"> </span>quind<span class=\"_ _1\"></span>i,  \u00e8<span class=\"_ _1\"></span>  strettamente <span class=\"_ _9\"> </span>correlato  ai  fa<span class=\"_ _f\"></span>t<span class=\"_ _2\"></span>tori <span class=\"_ _9\"> </span>di  rischio <span class=\"_ _16\"> </span>\u201cComportamento<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs18a5\">dell\u2019assicurato\u201d e \u201cControparte\u201d;<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff13 fs1 fc1 sc0 ls0 ws0 gs17ec\">-<span class=\"_ _1b\"> </span><span class=\"ff4\">estinzione <span class=\"_ _17\"> </span>anticipata <span class=\"_ _14\"> </span>/riscatti <span class=\"_ _14\"> </span><span class=\"ff5\">\u2013</span> <span class=\"_ _14\"> </span>comportamento <span class=\"_ _14\"> </span>degli <span class=\"_ _17\"> </span>as<span class=\"_ _2\"></span>sicu<span class=\"_ _1\"></span>rati: <span class=\"_ _14\"> </span>il <span class=\"_ _14\"> </span>rischio <span class=\"_ _17\"> </span>di <span class=\"_ _14\"> </span>estinzione<span class=\"_ _df\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs18a6\">anticipata, <span class=\"_ _d\"></span>che <span class=\"_ _d\"></span>deriva <span class=\"_ _d\"></span>da <span class=\"_ _d\"></span>una <span class=\"_ _d\"></span>var<span class=\"_ _2\"></span>iazione <span class=\"_ _2\"></span>inatt<span class=\"_ _2\"></span>esa <span class=\"_ _d\"></span>dei <span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>assi <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>esercizio <span class=\"_ _d\"></span>delle <span class=\"_ _d\"></span>opzioni <span class=\"_ _d\"></span>da <span class=\"_ _d\"></span>parte<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs18a7\">degli <span class=\"_ _2\"></span>assicurati, <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _2\"></span>applicab<span class=\"_ _1\"></span>ile <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>tutte <span class=\"_ _2\"></span>le <span class=\"_ _2\"></span>opzioni <span class=\"_ _2\"></span>previste <span class=\"_ _2\"></span>per gli <span class=\"_ _2\"></span>ass<span class=\"_ _2\"></span>icurati, legali <span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>co<span class=\"_ _2\"></span>ntrattuali,<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs18a8\">che <span class=\"_ _4\"> </span>possono <span class=\"_ _4\"> </span>modificare <span class=\"_ _4\"> </span>sensibilmente <span class=\"_ _4\"> </span>il <span class=\"_ _4\"> </span>valore <span class=\"_ _4\"> </span>dei <span class=\"_ _4\"> </span>flussi <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>cassa <span class=\"_ _4\"> </span>futuri, <span class=\"_ _4\"> </span>le <span class=\"_ _4\"> </span>opzioni <span class=\"_ _4\"> </span>per<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs18a9\">interrompere  completamente <span class=\"_ _22\"> </span>o <span class=\"_ _4\"> </span>parzialmente,  ridurre,  limitare <span class=\"_ _22\"> </span>o <span class=\"_ _4\"> </span>sospendere  la  copertura<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs18aa\">assicurativa <span class=\"_ _2\"></span>cos\u00ec <span class=\"_ _2\"></span>come <span class=\"_ _d\"></span>le <span class=\"_ _2\"></span>opzioni <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>consentono <span class=\"_ _d\"></span>la <span class=\"_ _2\"></span>modifica <span class=\"_ _2\"></span>completa <span class=\"_ _d\"></span>o <span class=\"_ _2\"></span>parziale, <span class=\"_ _2\"></span>il <span class=\"_ _d\"></span>rinnovo,<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs18ab\">l\u2019aumento, l'estensione o la ripresa dell<span class=\"_ _1\"></span>a copertura assicurativa;<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff13 fs1 fc1 sc0 ls0 ws0 gs18ac\">-<span class=\"_ _1b\"> </span><span class=\"ff5\">garanzia/copertura: la <span class=\"_ _1\"></span>rischiosit\u00e0 dei<span class=\"_ _1\"></span> prodotti Vita dip<span class=\"_ _1\"></span>ende dalle \u201cgaranzie/cope<span class=\"_ _f\"></span>r<span class=\"_ _2\"></span>ture\u201d previste<span class=\"_ _df\"> </span></span><span class=\"ff5\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs18ad\">dai contratti <span class=\"_ _2\"></span>stessi e in <span class=\"_ _2\"></span>base alle quali la societ\u00e0 <span class=\"_ _2\"></span>si impegna a<span class=\"_ _2\"></span> pagare <span class=\"_ _2\"></span>le prestazioni assicurate<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs18ae\">ai <span class=\"_ _2\"></span>beneficiari. Se <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>verificarsi del <span class=\"_ _2\"></span>fatto <span class=\"_ _2\"></span>dannoso <span class=\"_ _2\"></span>per il <span class=\"_ _2\"></span>quale \u00e8 <span class=\"_ _2\"></span>prestat<span class=\"_ _2\"></span>a la <span class=\"_ _2\"></span>garanzia ass<span class=\"_ _2\"></span>icurativa<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs18af\">non <span class=\"_ _9\"> </span>\u00e8  cor<span class=\"_ _f\"></span>r<span class=\"_ _2\"></span>ettamente <span class=\"_ _9\"> </span>monitorato <span class=\"_ _9\"> </span>o <span class=\"_ _16\"> </span>non <span class=\"_ _9\"> </span>corrisponde <span class=\"_ _9\"> </span>alle <span class=\"_ _16\"> </span>stime <span class=\"_ _9\"> </span>fatte <span class=\"_ _16\"> </span>in <span class=\"_ _9\"> </span>fase <span class=\"_ _9\"> </span>di <span class=\"_ _16\"> </span>tariffazione<span class=\"_ _1\"></span>,<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs18b0\">questo costituisce un elemento di rischiosit\u00e0 del prodotto stesso;<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff13 fs1 fc1 sc0 ls0 ws0 gs18b1\">-<span class=\"_ _1b\"> </span><span class=\"ff4\">inflazione/spese:<span class=\"_ _1\"></span> <span class=\"_ _16\"> </span>il <span class=\"_ _16\"> </span>fattore  d<span class=\"_ _1\"></span>i <span class=\"_ _16\"> </span>rischio, <span class=\"_ _9\"> </span>che  d<span class=\"_ _1\"></span>eriva <span class=\"_ _16\"> </span>da <span class=\"_ _9\"> </span>una  variazione <span class=\"_ _9\"> </span>inattese  del<span class=\"_ _1\"></span>le  spe<span class=\"_ _1\"></span>se, <span class=\"_ _16\"> </span>si<span class=\"_ _df\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs18b2\">riferisce ai costi di gestione dei contratti di assicu<span class=\"_ _1\"></span>razione;<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff13 fs1 fc1 sc0 ls0 ws0 gs17f9\">-<span class=\"_ _1b\"> </span><span class=\"ff4\">catastrofale: <span class=\"_ _0\"></span>il <span class=\"_ _0\"></span>fattore <span class=\"_ _0\"></span>di <span class=\"_ _0\"> </span>r<span class=\"_ _2\"></span>ischio <span class=\"_ _d\"></span>cat<span class=\"_ _2\"></span>astrofale, <span class=\"_ _0\"></span>che <span class=\"_ _0\"></span>deriva <span class=\"_ _0\"> </span>da <span class=\"_ _9\"> </span>eventi <span class=\"_ _0\"> </span>est<span class=\"_ _2\"></span>remi <span class=\"_ _0\"></span>o <span class=\"_ _0\"></span>irregolari, <span class=\"_ _0\"></span>i <span class=\"_ _9\"> </span>cui<span class=\"_ _df\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs18b3\">effetti  non <span class=\"_ _9\"> </span>s<span class=\"_ _2\"></span>ono  suff<span class=\"_ _1\"></span>icientemente  catturati  ne<span class=\"_ _1\"></span>gli  altri <span class=\"_ _16\"> </span>rischi <span class=\"_ _16\"> </span>di  sottoscrizione<span class=\"_ _1\"></span>  (ad <span class=\"_ _9\"> </span>esempio<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs18b4\">evento <span class=\"_ _17\"> </span>pandemico <span class=\"_ _4\"> </span>o <span class=\"_ _14\"> </span>esplosione <span class=\"_ _4\"> </span>nucleare), <span class=\"_ _17\"> </span>si <span class=\"_ _14\"> </span>riferisce <span class=\"_ _17\"> </span>alle <span class=\"_ _17\"> </span>polizze <span class=\"_ _17\"> </span>che <span class=\"_ _17\"> </span>sono <span class=\"_ _17\"> </span>legate <span class=\"_ _17\"> </span>alla<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs18b5\">mortalit\u00e0;<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff13 fs1 fc1 sc0 ls0 ws0 gs18b6\">-<span class=\"_ _1b\"> </span><span class=\"ff4\">Revisione: <span class=\"_ _4\"> </span>Il <span class=\"_ _4\"> </span>fattor<span class=\"_ _2\"></span>e <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>r<span class=\"_ _2\"></span>ischio <span class=\"_ _4\"> </span>revisione <span class=\"_ _4\"> </span>ha <span class=\"_ _4\"> </span>lo <span class=\"_ _17\"> </span>scopo <span class=\"_ _17\"> </span>di <span class=\"_ _4\"> </span>catturare <span class=\"_ _17\"> </span>il <span class=\"_ _4\"> </span>rischio <span class=\"_ _17\"> </span>di <span class=\"_ _4\"> </span>variazione<span class=\"_ _df\"> </span></span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs18b7\">sfavorevole <span class=\"_ _2\"></span>dell'importo <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>una <span class=\"_ _2\"></span>rendita, <span class=\"_ _d\"></span>a <span class=\"_ _d\"></span>seguito <span class=\"_ _2\"></span>di <span class=\"_ _d\"></span>una <span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>evisione <span class=\"_ _2\"></span>imprevista <span class=\"_ _d\"></span>del <span class=\"_ _2\"></span>processo <span class=\"_ _d\"></span>di<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs18b8\">richiesta di risarcimento. </div>Per <span class=\"_ _d\"></span>i <span class=\"_ _0\"></span>prodotti <span class=\"_ _0\"></span>di <span class=\"_ _d\"></span>tipo <span class=\"_ _0\"></span>protection <span class=\"_ _0\"></span>(puro <span class=\"_ _d\"></span>rischio) <span class=\"_ _d\"></span>s<span class=\"_ _2\"></span>i <span class=\"_ _d\"></span>possono <span class=\"_ _0\"></span>identi<span class=\"_ _2\"></span>ficare <span class=\"_ _d\"></span>inoltre <span class=\"_ _0\"></span>i <span class=\"_ _d\"></span>seg<span class=\"_ _2\"></span>uenti <span class=\"_ _d\"></span>fattori <span class=\"_ _0\"></span>di<span class=\"_ _df\"> </span>rischio:<span class=\"_ _df\"> </span>-<span class=\"_ _1b\"> </span><span class=\"ff5\">Risk <span class=\"_ _c\"> </span>Volatility: <span class=\"_ _c\"> </span>tale <span class=\"_ _20\"> </span>fattore <span class=\"_ _c\"> </span>di <span class=\"_ _c\"> </span>r<span class=\"_ _2\"></span>ischio <span class=\"_ _c\"> </span>nell\u2019ambito <span class=\"_ _c\"> </span>del <span class=\"_ _20\"> </span>processo <span class=\"_ _20\"> </span>assuntiv<span class=\"_ _1\"></span>o <span class=\"_ _c\"> </span>dipende<span class=\"_ _df\"> </span></span>sostanzialmente <span class=\"_ _d\"></span>dalla <span class=\"_ _d\"></span>presenza <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>basi <span class=\"_ _d\"></span>t<span class=\"_ _2\"></span>ecniche <span class=\"_ _d\"></span>non <span class=\"_ _d\"></span>aggiornate <span class=\"_ _d\"></span>correttamente <span class=\"_ _d\"></span>al <span class=\"_ _0\"></span>momento<span class=\"_ _df\"> </span>della <span class=\"_ _f\"></span>determinazione <span class=\"_ _f\"></span>del <span class=\"_ _f\"></span>prezzo; <span class=\"_ _1\"></span>da <span class=\"_ _f\"></span>un <span class=\"_ _f\"></span>mar<span class=\"_ _2\"></span>gine <span class=\"_ _f\"></span>tecnico <span class=\"_ _f\"></span>molto <span class=\"_ _1\"></span>basso <span class=\"_ _f\"></span>e/o <span class=\"_ _f\"></span>da <span class=\"_ _f\"></span>basi tecn<span class=\"_ _1\"></span>iche <span class=\"_ _f\"></span>molto<span class=\"_ _df\"> </span>strette; <span class=\"_ _0\"></span>dalla <span class=\"_ _d\"></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>della <span class=\"_ _0\"></span>determinazione <span class=\"_ _d\"></span>d<span class=\"_ _2\"></span>el<span class=\"_ _df\"> </span>prezzo; <span class=\"_ _d\"></span>rischio <span class=\"_ _0\"></span>controparte <span class=\"_ _0\"></span>elevato <span class=\"_ _d\"></span>(da <span class=\"_ _0\"></span>parte <span class=\"_ _d\"></span>del <span class=\"_ _d\"></span>part<span class=\"_ _2\"></span>ner/distributore, <span class=\"_ _d\"></span>soprattutto <span class=\"_ _0\"></span>in <span class=\"_ _d\"></span>caso <span class=\"_ _0\"></span>di<span class=\"_ _df\"> </span>commissioni u<span class=\"ff5\">pfront / goodwi<span class=\"_ _1\"></span>ll). Nell\u2019amb<span class=\"_ _1\"></span>ito del processo di <span class=\"_ _f\"></span>r<span class=\"_ _2\"></span>iservazione <span class=\"_ _1\"></span>tale fattore di rischio<span class=\"_ _df\"> </span></span>dipende dal <span class=\"_ _2\"></span>rischio <span class=\"_ _2\"></span>di pagament<span class=\"_ _2\"></span>o eccessivo <span class=\"_ _2\"></span>della q<span class=\"_ _2\"></span>uota di <span class=\"_ _2\"></span>profitto <span class=\"_ _2\"></span>se <span class=\"_ _2\"></span>i parametri <span class=\"_ _2\"></span>delle riserve<span class=\"_ _df\"> </span>sono fissati in modo improprio;<span class=\"_ _df\"> </span>-<span class=\"_ _1b\"> </span><span class=\"ff5\">Popul<span class=\"_ _1\"></span>ation: <span class=\"_ _0\"></span>nell\u2019ambito <span class=\"_ _d\"></span>del <span class=\"_ _0\"></span>processo <span class=\"_ _0\"></span>di <span class=\"_ _d\"></span>tar<span class=\"_ _2\"></span><span class=\"ff4\">iffazione <span class=\"_ _d\"></span>tale <span class=\"_ _0\"></span>fattore <span class=\"_ _0\"></span>di <span class=\"_ _d\"></span>rischio <span class=\"_ _0\"></span>\u00e8 <span class=\"_ _d\"></span>s<span class=\"_ _2\"></span>ostanzialmente<span class=\"_ _df\"> </span></span></span>correlato ad una tariffazi<span class=\"_ _1\"></span>one unica per una vasta pop<span class=\"_ _1\"></span>olazione di fasce<span class=\"_ _1\"></span> d\u2019et\u00e0 (specialmente<span class=\"_ _1\"></span> per<span class=\"_ _df\"> </span>il rischio m<span class=\"_ _f\"></span>orte) o fascia d<span class=\"_ _1\"></span>i du<span class=\"_ _1\"></span>rata / fascia<span class=\"_ _f\"></span> di tasso di<span class=\"_ _1\"></span> interesse;<span class=\"_ _1\"></span> alto <span class=\"_ _1\"></span>rischio di<span class=\"_ _1\"></span> selezione<span class=\"_ _1\"></span> avversa<span class=\"_ _df\"> </span>nella <span class=\"_ _f\"></span>strutt<span class=\"_ _2\"></span>ura <span class=\"_ _f\"></span>del <span class=\"_ _1\"></span>prodotto. <span class=\"_ _f\"></span>Nel c<span class=\"_ _f\"></span>as<span class=\"_ _2\"></span>o <span class=\"_ _f\"></span>del <span class=\"_ _1\"></span>processo <span class=\"_ _1\"></span>di <span class=\"_ _f\"></span>riservazione tale<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>fattore <span class=\"_ _f\"></span>di rischio <span class=\"_ _f\"></span>dipende<span class=\"_ _df\"> </span>sostanzialmente <span class=\"_ _10\"> </span>da: <span class=\"_ _18\"> </span>ad<span class=\"_ _2\"></span>eguatezza <span class=\"_ _10\"> </span>delle <span class=\"_ _18\"> </span>riserve <span class=\"_ _18\"> </span>for<span class=\"_ _2\"></span>temente <span class=\"_ _10\"> </span>legata <span class=\"_ _18\"> </span>alla <span class=\"_ _18\"> </span>s<span class=\"_ _2\"></span>truttura <span class=\"_ _18\"> </span>della<span class=\"_ _df\"> </span>popolazione <span class=\"_ _0\"></span>(soprattutto <span class=\"_ _0\"> </span>r<span class=\"_ _2\"></span>iserve<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>matematiche <span class=\"_ _0\"> </span>/<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>passivit\u00e0 <span class=\"_ _0\"></span>a <span class=\"_ _9\"> </span>lungo <span class=\"_ _0\"></span>termine); <span class=\"_ _0\"></span>ri<span class=\"_ _2\"></span>serve <span class=\"_ _0\"></span>che <span class=\"_ _9\"> </span>non<span class=\"_ _df\"> </span>includono <span class=\"_ _f\"></span>il costo <span class=\"_ _f\"></span>reale <span class=\"_ _f\"></span>delle <span class=\"_ _1\"></span>opzioni <span class=\"_ _f\"></span>della <span class=\"_ _1\"></span>popolazione <span class=\"_ _f\"></span>come l\u2019estinzione<span class=\"_ _1\"></span>, <span class=\"_ _f\"></span>i<span class=\"_ _2\"></span>l <span class=\"_ _f\"></span>riscatt<span class=\"_ _2\"></span>o; <span class=\"_ _f\"></span>riserve <span class=\"_ _f\"></span>che<span class=\"_ _df\"> </span>non includono il giusto livello di spe<span class=\"_ _1\"></span>se generali per la specifica popolazione/prodotto.<span class=\"_ _df\"> </span>Da un <span class=\"_ _f\"></span>punto di <span class=\"_ _1\"></span>vista de<span class=\"_ _1\"></span>lla distribuzi<span class=\"_ _1\"></span>one dei <span class=\"_ _f\"></span>r<span class=\"_ _2\"></span>ischi di<span class=\"_ _1\"></span> sottoscrizione <span class=\"_ _f\"></span>di Credemvita second<span class=\"_ _f\"></span>o<span class=\"_ _2\"></span> <span class=\"_ _1\"></span>i dettami<span class=\"_ _df\"> </span>normativi <span class=\"_ _2\"></span>Solvency <span class=\"_ _2\"></span>II <span class=\"_ _d\"></span>si <span class=\"_ _2\"></span>riporta <span class=\"_ _2\"></span>nella <span class=\"_ _2\"></span>tabella <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>seguito <span class=\"_ _2\"></span>la <span class=\"_ _d\"></span>miglior <span class=\"_ _2\"></span>stima <span class=\"_ _2\"></span>della <span class=\"_ _2\"></span>rappresentazione <span class=\"_ _2\"></span>del<span class=\"_ _df\"> </span>rischio <span class=\"_ _22\"> </span>disponibile <span class=\"_ _4\"> </span>alla  data <span class=\"_ _4\"> </span>di <span class=\"_ _22\"> </span>valutazione <span class=\"_ _4\"> </span>(si  precisa <span class=\"_ _4\"> </span>che  il <span class=\"_ _4\"> </span>peso  complessivo <span class=\"_ _4\"> </span>dei  rischi <span class=\"_ _4\"> </span>life<span class=\"_ _df\"> </span>underwriting \u00e8 pari al 47,6%).<span class=\"_ _df\"> </span>Life risk - risk/sum of risk components - relativo e complessivo <table class=\"s w119e h5b6\" id=\"_912f1218-1f4c-47e3-8e2a-bbc19050652a\"><tr><td></td><td class=\"c xb1a y3834 w528 h69\"><div class=\"t m0 x35 h5 y71 ff4 fs1 fc4 sc3 ls0 ws0\">Relat<span class=\"_ _1\"></span>ivo </div></td><td class=\"c xb1b y3834 w635 h69\"><div class=\"t m0 x116 h5 y71 ff4 fs1 fc4 sc3 ls0 ws0\">Comp<span class=\"_ _1\"></span>lessiv<span class=\"_ _1\"></span>o</div><div class=\"t m1 xee h6 y71 ff4 fs2 fc1 sc2 ls0 ws0\"> </div></td></tr><tr><td class=\"c xb1c y3835 w76 h69\"><div class=\"t m0 x8a h5 y3e6 ff4 fs1 fc1 sc0 ls0 ws0\">Mortality risk </div></td><td class=\"c xb1a y3835 w636 h69\"><div class=\"t m0 x1c h5 y394 ff4 fs1 fc1 sc0 ls0 ws0\">9,2% </div></td><td class=\"c xb1d y3835 w637 h69\"><div class=\"t m0 xf0 h5 y394 ff4 fs1 fc1 sc0 ls0 ws0\">4,4% </div></td></tr><tr><td class=\"c xb1c y3836 w76 h49\"><div class=\"t m0 x8a h5 y3e6 ff4 fs1 fc1 sc0 ls0 ws0\">Longevity risk </div></td><td class=\"c xb1a y3836 w636 h49\"><div class=\"t m0 x1c h5 y295 ff4 fs1 fc1 sc0 ls0 ws0\">0,4% </div></td><td class=\"c xb1d y3836 w637 h49\"><div class=\"t m0 xef h5 y295 ff4 fs1 fc1 sc0 ls0 ws0\">0,1% </div></td></tr><tr><td class=\"c xb1c y3837 w76 h69\"><div class=\"t m0 x8a h5 y3e6 ff4 fs1 fc1 sc0 ls0 ws0\">Disability morbidity risk </div></td><td class=\"c xb1a y3837 w636 h69\"><div class=\"t m0 x7 h5 y394 ff4 fs1 fc1 sc0 ls0 ws0\">0,0% </div></td><td class=\"c xb1d y3837 w637 h69\"><div class=\"t m0 xf0 h5 y394 ff4 fs1 fc1 sc0 ls0 ws0\">0,0% </div></td></tr><tr><td class=\"c xb1c y3838 w76 h69\"><div class=\"t m0 x8a h5 y3e6 ff4 fs1 fc1 sc0 ls0 ws0\">Life Lapse risk </div></td><td class=\"c xb1a y3838 w636 h69\"><div class=\"t m0 x96 h5 y394 ff4 fs1 fc1 sc0 ls0 ws0\">80,4% </div></td><td class=\"c xb1d y3838 w637 h69\"><div class=\"t m0 xa3 h5 y394 ff4 fs1 fc1 sc0 ls0 ws0\">38,3% </div></td></tr><tr><td class=\"c xb1c y3839 w76 h69\"><div class=\"t m0 x8a h5 y3e6 ff4 fs1 fc1 sc0 ls0 ws0\">Expense risk </div></td><td class=\"c xb1a y3839 w636 h69\"><div class=\"t m0 xf h5 y394 ff4 fs1 fc1 sc0 ls0 ws0\">7,2% </div></td><td class=\"c xb1d y3839 w637 h69\"><div class=\"t m0 xf0 h5 y394 ff4 fs1 fc1 sc0 ls0 ws0\">3,4% </div></td></tr><tr><td class=\"c xb1c y383a w76 h4a\"><div class=\"t m0 x8a h5 y3e6 ff4 fs1 fc1 sc0 ls0 ws0\">Revisionary risk </div></td><td class=\"c xb1a y383a w636 h4a\"><div class=\"t m0 x7 h5 ye55 ff4 fs1 fc1 sc0 ls0 ws0\">0,0% </div></td><td class=\"c xb1d y383a w637 h4a\"><div class=\"t m0 xf0 h5 ye55 ff4 fs1 fc1 sc0 ls0 ws0\">0,0% </div></td></tr><tr><td class=\"c xb1c y383b w76 h69\"><div class=\"t m0 x8a h5 y3e6 ff4 fs1 fc1 sc0 ls0 ws0\">CAT risk </div></td><td class=\"c xb1a y383b w636 h69\"><div class=\"t m0 x1c h5 y394 ff4 fs1 fc1 sc0 ls0 ws0\">2,8% </div></td><td class=\"c xb1d y383b w637 h69\"><div class=\"t m0 xef h5 y394 ff4 fs1 fc1 sc0 ls0 ws0\">1,3% </div></td></tr></table>La Compagnia adotta, nei confronti di tali rischi, linee<span class=\"_ _1\"></span> guida che:<span class=\"_ _df\"> </span>-<span class=\"_ _1b\"> </span><span class=\"ff4\">definiscono <span class=\"_ _d\"></span>il <span class=\"_ _d\"></span>modello <span class=\"_ _0\"></span>organizzativo <span class=\"_ _d\"></span>e <span class=\"_ _d\"></span>di <span class=\"_ _0\"></span>governance, <span class=\"_ _d\"></span>nonch\u00e9 <span class=\"_ _d\"></span>i <span class=\"_ _0\"></span>ruoli <span class=\"_ _d\"></span>e <span class=\"_ _0\"></span>le <span class=\"_ _d\"></span>responsabilit\u00e0 <span class=\"_ _d\"></span>delle<span class=\"_ _df\"> </span></span>strutture <span class=\"_ _9\"> </span>aziendali <span class=\"_ _9\"> </span>coinvolte <span class=\"_ _9\"> </span>nell\u2019assunzi<span class=\"ff4\">one <span class=\"_ _9\"> </span>e <span class=\"_ _9\"> </span>n<span class=\"_ _2\"></span>el <span class=\"_ _0\"></span>mo<span class=\"_ _2\"></span>nitoraggio <span class=\"_ _9\"> </span>del <span class=\"_ _0\"> </span>r<span class=\"_ _2\"></span>ischio <span class=\"_ _0\"> </span>as<span class=\"_ _2\"></span>sunto <span class=\"_ _0\"> </span>e <span class=\"_ _16\"> </span>nelle<span class=\"_ _df\"> </span></span>attivit\u00e0 di riservazione;<span class=\"_ _df\"> </span>-<span class=\"_ _1b\"> </span><span class=\"ff4\">descrivono <span class=\"_ _9\"> </span>le  p<span class=\"_ _1\"></span>rocedure  d<span class=\"_ _1\"></span>i <span class=\"_ _16\"> </span>reporting  ap<span class=\"_ _1\"></span>plicate <span class=\"_ _9\"> </span>ed  i <span class=\"_ _9\"> </span>fluss<span class=\"_ _2\"></span>i <span class=\"_ _9\"> </span>di  comunicaz<span class=\"_ _1\"></span>ione  tra <span class=\"_ _9\"> </span>le  funzi<span class=\"_ _1\"></span>oni<span class=\"_ _df\"> </span></span>coinvolte nei processi di sottoscrizione e<span class=\"_ _1\"></span> riservazione;<span class=\"_ _df\"> </span>-<span class=\"_ _1b\"> </span><span class=\"ff4\">illustrano <span class=\"_ _2\"></span>le <span class=\"_ _2\"></span>modalit\u00e0 <span class=\"_ _2\"></span>con <span class=\"_ _d\"></span>c<span class=\"ff5\">ui <span class=\"_ _2\"></span>l\u2019impresa <span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>iene <span class=\"_ _2\"></span>conto <span class=\"_ _2\"></span>della <span class=\"_ _2\"></span>riassicurazione <span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>di <span class=\"_ _d\"></span>altre <span class=\"_ _2\"></span>tecniche<span class=\"_ _1\"></span> <span class=\"_ _2\"></span>di<span class=\"_ _df\"> </span></span></span>mitigazione <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>rischio <span class=\"_ _2\"></span>nel <span class=\"_ _d\"></span>processo <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>progettazione <span class=\"_ _2\"></span>di <span class=\"_ _d\"></span>un <span class=\"_ _2\"></span>nuovo <span class=\"_ _2\"></span>prodotto <span class=\"_ _2\"></span>assicurativo <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>del<span class=\"_ _df\"> </span>calcolo del relativo premio.<span class=\"_ _df\"> </span>La Com<span class=\"_ _2\"></span>pagnia misura <span class=\"_ _2\"></span>e mo<span class=\"_ _2\"></span>nitora la <span class=\"_ _2\"></span>propria <span class=\"_ _2\"></span>esposizione al <span class=\"_ _2\"></span>risc<span class=\"_ _2\"></span>hio di <span class=\"_ _2\"></span>sottoscrizione considerando<span class=\"_ _df\"> </span>il portafoglio complessivo, oltre a verificare<span class=\"_ _1\"></span> la conformit\u00e0 ai limiti ed alle politiche definite. La <span class=\"_ _2\"></span>valutazione dei <span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>ischi t<span class=\"_ _2\"></span>ecnici<span class=\"_ _1\"></span> <span class=\"_ _2\"></span>viene <span class=\"_ _2\"></span>realizzata <span class=\"_ _2\"></span>sia <span class=\"_ _2\"></span>con <span class=\"_ _2\"></span>logiche di <span class=\"_ _2\"></span>caratt<span class=\"_ _2\"></span>ere ALM <span class=\"_ _d\"></span><span class=\"ff5\">\u2013</span> <span class=\"_ _2\"></span>Asset-Liability<span class=\"_ _df\"> </span>Management <span class=\"_ _22\"> </span><span class=\"ff5\">\u2013<span class=\"_ _2\"></span></span> <span class=\"_ _22\"> </span>al <span class=\"_ _4\"> </span>fine  di <span class=\"_ _4\"> </span>cogliere  le <span class=\"_ _4\"> </span>interrelazioni  esistenti <span class=\"_ _4\"> </span>fra <span class=\"_ _4\"> </span>le  dinamiche  dei <span class=\"_ _4\"> </span>passivi  e <span class=\"_ _4\"> </span>le<span class=\"_ _df\"> </span>dinamiche <span class=\"_ _4\"> </span>degli  at<span class=\"_ _2\"></span>tivi <span class=\"_ _22\"> </span>a <span class=\"_ _4\"> </span>copertura, <span class=\"_ _4\"> </span>sia <span class=\"_ _4\"> </span>seguendo <span class=\"_ _4\"> </span>i <span class=\"_ _4\"> </span>principi <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>Solvi<span class=\"_ _1\"></span>bilit\u00e0 <span class=\"_ _17\"> </span><span class=\"ff5\">\u2013</span> <span class=\"_ _4\"> </span>al <span class=\"_ _4\"> </span>fine <span class=\"_ _4\"> </span>di <span class=\"_ _22\"> </span>cogliere<span class=\"_ _df\"> </span>l\u2019eventuale requisito capitale assorbito da ogni singolo fattore di<span class=\"_ _1\"></span> rischio. L\u2019ide<span class=\"ff4\">ntificazione <span class=\"_ _0\"></span>dei <span class=\"_ _16\"> </span>rischi <span class=\"_ _0\"> </span>viene <span class=\"_ _9\"> </span>effettuata <span class=\"_ _16\"> </span>con <span class=\"_ _0\"></span>r<span class=\"_ _2\"></span>iferimento <span class=\"_ _0\"></span>ai <span class=\"_ _9\"> </span>nuovi <span class=\"_ _9\"> </span>prodotti <span class=\"_ _9\"> </span>e <span class=\"_ _9\"> </span>al <span class=\"_ _9\"> </span>portafoglio <span class=\"_ _9\"> </span>in<span class=\"_ _df\"> </span></span>essere:<span class=\"_ _df\"> </span>-<span class=\"_ _1b\"> </span><span class=\"ff4\">Nuovi <span class=\"_ _f\"></span>prodotti: <span class=\"_ _f\"></span>coerentemente <span class=\"_ _1\"></span>con <span class=\"_ _1\"></span>il <span class=\"_ _f\"></span>Piano St<span class=\"_ _f\"></span>r<span class=\"_ _2\"></span>ategico,<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>la <span class=\"_ _f\"></span>r<span class=\"_ _2\"></span>ilev<span class=\"_ _1\"></span>azione <span class=\"_ _f\"></span>dei <span class=\"_ _f\"></span>r<span class=\"_ _2\"></span>ischi <span class=\"_ _f\"></span>connessi <span class=\"_ _1\"></span>ai <span class=\"_ _f\"></span>nuovi<span class=\"_ _df\"> </span></span>prodotti vie<span class=\"_ _1\"></span>ne <span class=\"_ _1\"></span>effettuata sulla <span class=\"_ _f\"></span>base delle <span class=\"_ _f\"></span>loro caratt<span class=\"_ _2\"></span><span class=\"ff5\">eristiche<span class=\"_ _1\"></span> tecniche <span class=\"_ _f\"></span>nell\u2019ambito del <span class=\"_ _f\"></span>processo<span class=\"_ _df\"> </span></span>di <span class=\"_ _16\"> </span>ORSA. <span class=\"_ _9\"> </span>  Inoltre, <span class=\"_ _16\"> </span>in <span class=\"_ _16\"> </span>coerenza  con <span class=\"_ _9\"> </span>il  p<span class=\"_ _1\"></span>rocesso  final<span class=\"_ _1\"></span>izzato  alla <span class=\"_ _9\"> </span>creazione  e <span class=\"_ _9\"> </span>lancio  dei <span class=\"_ _9\"> </span>nuovi<span class=\"_ _df\"> </span>prodotti <span class=\"_ _17\"> </span>definito <span class=\"_ _4\"> </span>nell\u2019ambito <span class=\"_ _4\"> </span>d<span class=\"_ _2\"></span>el <span class=\"_ _4\"> </span>pi\u00f9 <span class=\"_ _4\"> </span>ge<span class=\"_ _2\"></span>nerale <span class=\"_ _4\"> </span>processo <span class=\"_ _17\"> </span>POG <span class=\"_ _17\"> </span>(c,d <span class=\"_ _4\"> </span>Product <span class=\"_ _17\"> </span>Oversight <span class=\"_ _4\"> </span>and<span class=\"_ _df\"> </span>Governance), <span class=\"_ _9\"> </span>la  funzione <span class=\"_ _9\"> </span>Risk  Management  \u00e8<span class=\"_ _1\"></span> <span class=\"_ _16\"> </span>chiamata <span class=\"_ _16\"> </span>a <span class=\"_ _16\"> </span>redig<span class=\"_ _1\"></span>ere <span class=\"_ _16\"> </span>una <span class=\"_ _9\"> </span>s<span class=\"_ _2\"></span>pecifica <span class=\"_ _9\"> </span>analisi  di<span class=\"_ _df\"> </span>rischiosit\u00e0 <span class=\"_ _0\"></span>del <span class=\"_ _9\"> </span>singolo <span class=\"_ _0\"> </span>pro<span class=\"_ _2\"></span>dotto <span class=\"_ _0\"></span>mentre <span class=\"_ _0\"></span>la <span class=\"_ _9\"> </span>Funzione <span class=\"_ _0\"></span>Attuariale <span class=\"_ _9\"> </span>\u00e8 <span class=\"_ _0\"> </span>chiamata <span class=\"_ _9\"> </span>ad <span class=\"_ _9\"> </span>esprimersi <span class=\"_ _0\"></span>su<span class=\"_ _df\"> </span>pricing <span class=\"_ _2\"></span>e s<span class=\"_ _2\"></span>ulle <span class=\"_ _2\"></span>valutazioni<span class=\"_ _1\"></span> <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>materia <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>profit <span class=\"_ _2\"></span>test. <span class=\"_ _2\"></span>Inoltre, <span class=\"_ _2\"></span>parte <span class=\"_ _2\"></span>integrante <span class=\"_ _2\"></span>delle<span class=\"_ _f\"></span> <span class=\"_ _d\"></span>valutazioni <span class=\"_ _2\"></span>di<span class=\"_ _df\"> </span>redditivit\u00e0 <span class=\"_ _2\"></span>e di r<span class=\"_ _2\"></span>ischio connessi ai <span class=\"_ _2\"></span>nuovi prodotti, <span class=\"_ _2\"></span>sono il <span class=\"_ _2\"></span>profit test, <span class=\"_ _2\"></span>i test di <span class=\"_ _2\"></span>prodotto e <span class=\"_ _2\"></span>il Value<span class=\"_ _df\"> </span>for Money effettuati dalla Compagnia. -<span class=\"ff10\"> <span class=\"_ _24\"> </span><span class=\"ff5\">Portafoglio <span class=\"_ _2\"></span>in essere: <span class=\"_ _2\"></span>con <span class=\"_ _2\"></span>riferimento al <span class=\"_ _2\"></span>portafoglio <span class=\"_ _2\"></span>in essere, <span class=\"_ _2\"></span>l\u2019identificazione dei <span class=\"_ _2\"></span>rischi v<span class=\"_ _2\"></span>iene<span class=\"_ _df\"> </span></span></span>effettuata <span class=\"_ _2\"></span>sulla base <span class=\"_ _2\"></span>dei dati <span class=\"_ _2\"></span>tecnici del <span class=\"_ _2\"></span>portafoglio <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>dell<span class=\"_ _1\"></span>e <span class=\"_ _2\"></span>misure di <span class=\"_ _2\"></span>assorbimento di <span class=\"_ _2\"></span>capitale<span class=\"_ _df\"> </span>determinate <span class=\"_ _14\"> </span>attraverso <span class=\"_ _15\"> </span>lo <span class=\"_ _14\"> </span>strumento <span class=\"_ _14\"> </span>utilizzato <span class=\"_ _14\"> </span>dalla <span class=\"_ _15\"> </span>Compagnia <span class=\"_ _14\"> </span>per <span class=\"_ _14\"> </span>il <span class=\"_ _14\"> </span>calcolo <span class=\"_ _15\"> </span>del <span class=\"_ _14\"> </span>SCR<span class=\"_ _df\"> </span>(Standard Formula). Le informazioni relative all\u2019andamento tecnico complessivo del ramo vita<span class=\"_ _df\"> </span>rispecchiano sinteticamente <span class=\"_ _2\"></span>i r<span class=\"_ _2\"></span>isultati tecnici <span class=\"_ _2\"></span>dei singoli <span class=\"_ _2\"></span>Rami e <span class=\"_ _2\"></span>quindi dei <span class=\"_ _2\"></span>prodotti <span class=\"_ _2\"></span>presenti in<span class=\"_ _df\"> </span>portafoglio  (che  in  generale  possono <span class=\"_ _4\"> </span>comprende<span class=\"_ _1\"></span>re  pi\u00f9  Rami).  Sempre  con <span class=\"_ _22\"> </span>r<span class=\"_ _2\"></span>iferimento  al<span class=\"_ _df\"> </span>portafoglio in essere, vengono effettuate dalla Compagnia v<span class=\"_ _1\"></span>alutazioni <span class=\"_ _2\"></span>di back testing.<span class=\"_ _df\"> </span>Si riportano sinteticamente di segui<span class=\"_ _1\"></span>to le principali misure di rischio utilizzate:<span class=\"_ _df\"> </span>-<span class=\"ff10\"> <span class=\"_ _24\"> </span><span class=\"ff5\">SCR Life in valore assoluto: fornisce un\u2019indicazione dell<span class=\"_ _1\"></span>\u2019assorbimento di capitale; </span></span>-<span class=\"ff10\"> <span class=\"_ _24\"> </span><span class=\"ff5\">SCR <span class=\"_ _d\"></span>Life <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>termini <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>ratio: <span class=\"_ _d\"></span>fornisce <span class=\"_ _d\"></span>un\u2019indicazione <span class=\"_ _d\"></span>dell\u2019assorbiment<span class=\"ff4\">o <span class=\"_ _0\"></span>di <span class=\"_ _d\"></span>capitale <span class=\"_ _d\"></span>per <span class=\"_ _d\"></span>unit\u00e0 <span class=\"_ _d\"></span>di<span class=\"_ _df\"> </span></span></span></span>Best Estimate Life; -<span class=\"ff10\"> <span class=\"_ _24\"> </span><span class=\"ff5\">SCR <span class=\"_ _d\"></span>Lapse <span class=\"_ _2\"></span>in <span class=\"_ _d\"></span>termini <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>ratio: <span class=\"_ _d\"></span>fornisce <span class=\"_ _2\"></span>un\u2019indicazione <span class=\"_ _2\"></span>dell\u2019ass<span class=\"_ _2\"></span>orbimento <span class=\"_ _2\"></span>di <span class=\"_ _d\"></span>capitale <span class=\"_ _2\"></span>derivante<span class=\"_ _df\"> </span></span></span>dal rischio Lapse per unit\u00e0 di Best Estimate Life;<span class=\"_ _df\"> </span>-<span class=\"ff10\"> <span class=\"_ _24\"> </span><span class=\"ff5\">SCR <span class=\"_ _2\"></span>Lapse <span class=\"_ _2\"></span>in <span class=\"_ _d\"></span>valore <span class=\"_ _2\"></span>assoluto: <span class=\"_ _2\"></span>fornisce <span class=\"_ _2\"></span>un\u2019indicazione <span class=\"_ _2\"></span>dell\u2019ass<span class=\"_ _2\"></span><span class=\"ff4\">orbimento <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>capitale <span class=\"_ _2\"></span>derivante<span class=\"_ _df\"> </span></span></span></span>dal rischio Lapse;<span class=\"_ _df\"> </span>-<span class=\"ff10\"> <span class=\"_ _24\"> </span><span class=\"ff4\">PVFP <span class=\"_ _4\"> </span>portafoglio <span class=\"_ _17\"> </span>in <span class=\"_ _4\"> </span>for<span class=\"_ _2\"></span>ce: <span class=\"_ _4\"> </span>Present <span class=\"_ _17\"> </span>Value <span class=\"_ _4\"> </span>Future <span class=\"_ _17\"> </span>Profit <span class=\"_ _17\"> </span>\u00e8 <span class=\"_ _4\"> </span>un<span class=\"_ _2\"></span> <span class=\"_ _4\"> </span>indicatore <span class=\"_ _17\"> </span>che <span class=\"_ _4\"> </span>consente <span class=\"_ _17\"> </span>di<span class=\"_ _df\"> </span></span></span>monitorare, <span class=\"_ _4\"> </span>per <span class=\"_ _17\"> </span>ciascuna <span class=\"_ _4\"> </span>Lob <span class=\"_ _17\"> </span>Solvency <span class=\"_ _4\"> </span>II <span class=\"_ _17\"> </span>del <span class=\"_ _4\"> </span>portafoglio <span class=\"_ _17\"> </span>in<span class=\"_ _2\"></span>-force <span class=\"_ _4\"> </span>il <span class=\"_ _17\"> </span>contributo <span class=\"_ _17\"> </span>dato <span class=\"_ _4\"> </span>alla<span class=\"_ _df\"> </span>creazione del valore economico aziendale;<span class=\"_ _df\"> </span>-<span class=\"ff10\"> <span class=\"_ _35\"> </span><span class=\"ff4\">SCR per LoB (Line of Business).<span class=\"_ _df\"> </span></span></span>Di seguito <span class=\"_ _2\"></span>si riportano le <span class=\"_ _2\"></span>informazioni sulla sensitivit\u00e0 alle variazioni <span class=\"_ _2\"></span>delle variabili legate al <span class=\"_ _2\"></span>rischio<span class=\"_ _df\"> </span>assicurativo <span class=\"_ _9\"> </span>derivanti <span class=\"_ _0\"></span>dai <span class=\"_ _9\"> </span>contratti <span class=\"_ _0\"></span>rientranti <span class=\"_ _9\"> </span>nell\u2019ambi<span class=\"_ _1\"></span>to <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>applicazione <span class=\"_ _0\"></span>dell\u2019IFRS <span class=\"_ _0\"> </span>1<span class=\"_ _2\"></span>7. <span class=\"_ _0\"></span> <span class=\"_ _9\"> </span>Le <span class=\"_ _0\"></span>analisi<span class=\"_ _df\"> </span>condotte hanno <span class=\"_ _2\"></span>identifi<span class=\"_ _1\"></span>cato nella <span class=\"_ _2\"></span>dinamica delle estinzioni anticipate <span class=\"_ _2\"></span>e dei costi <span class=\"_ _2\"></span>i principali fattori<span class=\"_ _df\"> </span>di  rischio  a  cui  la  Compagnia  \u00e8  esposta.  Di  conseguenza  sono  state  identificate  le  seguenti<span class=\"_ _df\"> </span>sensitivities:<span class=\"_ _df\"> </span>-<span class=\"ff10\"> <span class=\"_ _35\"> </span><span class=\"ff4\">Incremento ipotesi di estinzioni anticipate (laps<span class=\"_ _2\"></span>e risk) +10% </span></span>-<span class=\"ff10\"> <span class=\"_ _35\"> </span><span class=\"ff4\">Incremento ipotesi di spesa +10%<span class=\"_ _df\"> </span></span></span>In <span class=\"_ _2\"></span>relazione <span class=\"_ _2\"></span>a <span class=\"_ _d\"></span>tali <span class=\"_ _2\"></span>sensitivit\u00e0 <span class=\"_ _2\"></span>si <span class=\"_ _2\"></span>fornisce <span class=\"_ _2\"></span>di <span class=\"_ _d\"></span>seguito <span class=\"_ _2\"></span>l\u2019impatto <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>termini <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>st<span class=\"_ _2\"></span>ock <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>CSM, <span class=\"_ _2\"></span>contributo<span class=\"_ _df\"> </span>all\u2019utile <span class=\"_ _d\"></span>consolidato <span class=\"_ _d\"></span>e <span class=\"_ _d\"></span>Patrimonio <span class=\"_ _d\"></span>N<span class=\"_ _2\"></span>etto. <span class=\"_ _d\"></span>La <span class=\"_ _d\"></span>valutazione <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>stress <span class=\"_ _d\"></span>\u00e8 <span class=\"_ _d\"></span>st<span class=\"_ _2\"></span>ata <span class=\"_ _d\"></span>effettuata <span class=\"_ _d\"></span>al <span class=\"_ _d\"></span>lordo <span class=\"_ _d\"></span>della<span class=\"_ _df\"> </span>riassicurazione <span class=\"_ _2\"></span>passiva <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>quanto poco <span class=\"_ _2\"></span>significativa <span class=\"_ _2\"></span>rispetto <span class=\"_ _2\"></span>agli s<span class=\"_ _2\"></span>cenari di <span class=\"_ _2\"></span>stress <span class=\"_ _2\"></span>individuati ed <span class=\"_ _d\"></span>\u00e8<span class=\"_ _df\"> </span>da intendersi <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>lordo dell\u2019impatto <span class=\"_ _2\"></span>fiscale con <span class=\"_ _2\"></span>riferimento <span class=\"_ _2\"></span>al CSM e <span class=\"_ _2\"></span>al nett<span class=\"_ _2\"></span>o dell\u2019effetto <span class=\"_ _2\"></span>fiscale con<span class=\"_ _df\"> </span>riferimento a Patrimonio Netto e Contributo all\u2019Ut<span class=\"ff4\">ile Consolidato.</span>                  Analisi di sensitivit\u00e0 <span class=\"ff5\">\u2013</span> Variazioni di CSM, Contributo al Consolidato di Gruppo e Patrimon<span class=\"_ _1\"></span>io Netto<span class=\"_ _2\"></span> <table class=\"s w119f h5b7\" id=\"_6540bbc0-5a6c-4395-ab05-f4ccf9b9cce3\"><tr><td class=\"c xb1f y383c w2e5 h183\"><div class=\"t m1 x8a h6 y3e6 ff4 fs19 fc1 sc0 ls0 ws0\">(in migliaia di eu<span class=\"_ _1\"></span>ro)<span class=\"fs2\"> </span></div></td><td></td><td></td><td></td></tr><tr><td></td><td></td><td class=\"c xb20 y31c1 w11a0 h593\"><div class=\"t m0 x250 h5 y254f ff4 fs1 fc1 sc0 ls0 ws0\">Variazione di<span class=\"_ _df\"> </span></div></td><td></td></tr><tr><td class=\"c xb1f y383d w2e5 h1e1\"><div class=\"t m0 x8a h5 y10fa ff4 fs1 fc1 sc0 ls0 ws0\">Analisi di Sensitivit\u00e0 </div></td><td class=\"c xb21 y2643 w11a0 h593\"><div class=\"t m0 x250 h5 y254f ff4 fs1 fc1 sc0 ls0 ws0\">Variazione di<span class=\"_ _df\"> </span></div></td><td class=\"c xb22 y2643 w11a1 h593\"><div class=\"t m0 x250 h5 y254f ff5 fs1 fc1 sc0 ls0 ws0\">Contributo all\u2019Utile<span class=\"_ _df\"> </span></div></td><td class=\"c xb23 y2643 w11a0 h593\"><div class=\"t m0 x250 h5 y254f ff4 fs1 fc1 sc0 ls0 ws0\">Variazione di<span class=\"_ _df\"> </span></div></td></tr><tr><td></td><td class=\"c xb24 y383e w11a2 h593\"><div class=\"t m0 x250 h5 y254f ff4 fs1 fc1 sc0 lsc3 ws0\">CSM<span class=\"_ _df\"> </span></div></td><td class=\"c xb25 y383e w11a3 h593\"><div class=\"t m0 x250 h5 y254f ff4 fs1 fc1 sc0 ls0 ws0\">Consolidato di<span class=\"_ _df\"> </span></div></td><td class=\"c xb26 y383e w11a4 h593\"><div class=\"t m0 x250 h5 y254f ff4 fs1 fc1 sc0 ls0 ws0\">Patrimonio Netto<span class=\"_ _df\"> </span></div></td></tr><tr><td></td><td></td><td class=\"c xb27 y383f w11a5 h593\"><div class=\"t m0 x250 h5 y254f ff4 fs1 fc1 sc0 ls0 ws0\">Gruppo<span class=\"_ _df\"> </span></div></td><td></td></tr><tr><td class=\"c xb1f y3840 w2e5 h1c\"><div class=\"t m0 x8a h5 y28b ff4 fs1 fc1 sc0 ls0 ws0\">Estinzioni anticipate +10% </div></td><td class=\"c xb28 y3840 w63a h1c\"><div class=\"t m0 x31 h5 y28b ff4 fs1 fc1 sc0 ls0 ws0\">-13.392 </div></td><td class=\"c xb29 y3840 w63b h1c\"><div class=\"t m0 x8f h5 y28b ff4 fs1 fc1 sc0 ls0 ws0\">-847 </div></td><td class=\"c xb2a y3840 w63b h1c\"><div class=\"t m0 x8f h5 y28b ff4 fs1 fc1 sc0 ls0 ws0\">-847 </div></td></tr><tr><td class=\"c xb1f y3841 w2e5 h1c\"><div class=\"t m0 x8a h5 y28b ff4 fs1 fc1 sc0 ls0 ws0\">Spese + 10% </div></td><td class=\"c xb28 y3841 w63a h1c\"><div class=\"t m0 x30 h5 y28b ff4 fs1 fc1 sc0 ls0 ws0\">-6.206 </div></td><td class=\"c xb29 y3841 w63b h1c\"><div class=\"t m0 x8f h5 y28b ff4 fs1 fc1 sc0 ls0 ws0\">-683 </div></td><td class=\"c xb2a y3841 w63b h1c\"><div class=\"t m0 x8f h5 y28b ff4 fs1 fc1 sc0 ls0 ws0\">-683 </div></td></tr></table>Rischi <span class=\"_ _1\"></span>di m<span class=\"_ _1\"></span>ercat<span class=\"_ _1\"></span>o<span class=\"_ _df\"> </span>Alla pi\u00f9 generale categoria del Rischio Mercato appartengono le <span class=\"_ _1\"></span>seguenti sotto<span class=\"_ _2\"></span>-categorie:<span class=\"_ _df\"> </span>-<span class=\"ff10\"> <span class=\"_ _24\"> </span><span class=\"ff4\">Rischio Mercato;<span class=\"_ _df\"> </span></span></span>-<span class=\"ff10\"> <span class=\"_ _24\"> </span><span class=\"ff4\">Rischio Asset &amp; Liability Management;<span class=\"_ _df\"> </span></span></span>-<span class=\"ff10\"> <span class=\"_ _24\"> </span><span class=\"ff4 fc1\">Rischio di Liquidit\u00e0,<span class=\"_ _df\"> </span></span></span>di seguito meglio esplici<span class=\"_ _1\"></span>tate.<span class=\"_ _df\"> </span>Si <span class=\"_ _9\"> </span>definisce <span class=\"_ _9\"> </span>rischio <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>mercato, <span class=\"_ _9\"> </span>il <span class=\"_ _16\"> </span>rischio <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>perdita <span class=\"_ _9\"> </span>o <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>variazione <span class=\"_ _9\"> </span>sfavorevole <span class=\"_ _9\"> </span>della <span class=\"_ _9\"> </span>situazione<span class=\"_ _df\"> </span>finanziaria derivante, <span class=\"_ _2\"></span>direttamente <span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>indirettamente, da <span class=\"_ _2\"></span>oscillazioni <span class=\"_ _2\"></span>del li<span class=\"_ _2\"></span>vello e <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>ella <span class=\"_ _2\"></span>volatilit\u00e0 d<span class=\"_ _2\"></span>ei<span class=\"_ _df\"> </span>prezzi di mercato delle attivit\u00e0, delle passivit\u00e0 e degli strumenti finanziari (cfr. articolo 1, comma 1,<span class=\"_ _df\"> </span>lettera vv-bis 3 del CAP). I <span class=\"_ _14\"> </span>r<span class=\"_ _2\"></span>ischi <span class=\"_ _14\"> </span>di <span class=\"_ _15\"> </span>mercato <span class=\"_ _15\"> </span>risentono <span class=\"_ _15\"> </span>dell\u2019andamento <span class=\"_ _15\"> </span>congiunturale <span class=\"_ _14\"> </span>del <span class=\"_ _15\"> </span>ciclo <span class=\"_ _15\"> </span>economico, <span class=\"_ _15\"> </span>che <span class=\"_ _15\"> </span>pu\u00f2<span class=\"_ _df\"> </span>amplificarne <span class=\"_ _2\"></span>o <span class=\"_ _d\"></span>eventualme<span class=\"_ _1\"></span>nte <span class=\"_ _2\"></span>diminuirne <span class=\"_ _d\"></span>la <span class=\"_ _2\"></span>significativit\u00e0, <span class=\"_ _2\"></span>soprattutto <span class=\"_ _2\"></span>se <span class=\"_ _d\"></span>il <span class=\"_ _2\"></span>portafoglio <span class=\"_ _2\"></span>titoli <span class=\"_ _2\"></span>della<span class=\"_ _df\"> </span>Compagnia  \u00e8 <span class=\"_ _4\"> </span>particolarmente <span class=\"_ _4\"> </span>concentrato <span class=\"_ _4\"> </span>in  determinati <span class=\"_ _4\"> </span>settori, <span class=\"_ _4\"> </span>valute  o <span class=\"_ _4\"> </span>aree  g<span class=\"_ _2\"></span>eografiche.<span class=\"_ _df\"> </span>Conseguentemente,  le <span class=\"_ _4\"> </span>imprese  s<span class=\"_ _2\"></span>ono  esposte <span class=\"_ _4\"> </span>al<span class=\"_ _1\"></span>  r<span class=\"_ _2\"></span>ischio  di <span class=\"_ _4\"> </span>consegu<span class=\"_ _1\"></span>ire <span class=\"_ _22\"> </span>r<span class=\"_ _2\"></span>endimenti <span class=\"_ _4\"> </span>diversi,  ed<span class=\"_ _df\"> </span>eventualmente <span class=\"_ _15\"> </span>anche <span class=\"_ _e\"> </span>inferiori, <span class=\"_ _e\"> </span>r<span class=\"_ _2\"></span>ispet<span class=\"_ _1\"></span>to <span class=\"_ _e\"> </span>al <span class=\"_ _e\"> </span>rendimento <span class=\"_ _e\"> </span>atteso <span class=\"_ _15\"> </span>al <span class=\"_ _e\"> </span>momento <span class=\"_ _e\"> </span>dell\u2019assunzione<span class=\"_ _df\"> </span>dell\u2019impegno, oppure rispetto ad un rendimento minimo defi<span class=\"_ _1\"></span>nito contr<span class=\"_ _2\"></span>attualmente.<span class=\"_ _1\"></span> Tale rischio pu\u00f2 essere distinto nei<span class=\"_ _1\"></span> seguenti fattori di rischio:<span class=\"_ _df\"> </span>-<span class=\"_ _1b\"> </span><span class=\"ff4\">Rischio <span class=\"_ _d\"></span>tas<span class=\"_ _2\"></span>so <span class=\"_ _d\"></span>di <span class=\"_ _0\"></span>interesse: <span class=\"_ _0\"></span>il <span class=\"_ _0\"></span>valore <span class=\"_ _d\"></span>degli <span class=\"_ _d\"></span>at<span class=\"_ _2\"></span>tivi <span class=\"_ _d\"></span>di <span class=\"_ _0\"></span>una <span class=\"_ _0\"></span>impresa <span class=\"_ _0\"></span>di <span class=\"_ _d\"></span>assicurazione <span class=\"_ _0\"></span>\u00e8 <span class=\"_ _0\"></span>sensibile <span class=\"_ _d\"></span>a<span class=\"_ _df\"> </span></span>variazioni <span class=\"_ _16\"> </span>dei <span class=\"_ _16\"> </span>tassi  di <span class=\"_ _16\"> </span>interesse. <span class=\"_ _16\"> </span>Inoltre, <span class=\"_ _16\"> </span>se  i <span class=\"_ _16\"> </span>flussi <span class=\"_ _16\"> </span>finanziari <span class=\"_ _16\"> </span>gene<span class=\"_ _1\"></span>rati  dalle <span class=\"_ _9\"> </span>at<span class=\"_ _2\"></span>tivit\u00e0  e<span class=\"_ _1\"></span>  que<span class=\"_ _1\"></span>lli<span class=\"_ _df\"> </span>generati <span class=\"_ _15\"> </span>dalle <span class=\"_ _14\"> </span>pass<span class=\"_ _2\"></span>ivit\u00e0 <span class=\"_ _14\"> </span>di <span class=\"_ _e\"> </span>un\u2019impresa <span class=\"_ _15\"> </span>non <span class=\"_ _15\"> </span>sono <span class=\"_ _15\"> </span>perfettamente <span class=\"_ _15\"> </span>a<span class=\"_ _2\"></span><span class=\"ff4\">llineati <span class=\"_ _15\"> </span>per <span class=\"_ _15\"> </span>scadenza,<span class=\"_ _df\"> </span></span>periodicit\u00e0 <span class=\"_ _4\"> </span>degli <span class=\"_ _4\"> </span>eventuali <span class=\"_ _4\"> </span>pagamenti <span class=\"_ _4\"> </span>e <span class=\"_ _17\"> </span>per <span class=\"_ _4\"> </span>natura <span class=\"_ _4\"> </span>dei <span class=\"_ _4\"> </span>tass<span class=\"_ _2\"></span>i <span class=\"_ _4\"> </span>degli <span class=\"_ _4\"> </span>investimenti <span class=\"_ _4\"> </span>(maturity<span class=\"_ _df\"> </span>mismatching, <span class=\"_ _d\"></span>interest<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>r<span class=\"_ _2\"></span>ate <span class=\"_ _d\"></span>mismatching, <span class=\"_ _0\"></span>reset <span class=\"_ _0\"></span>date <span class=\"_ _0\"></span>mismatching, <span class=\"_ _d\"></span>basic <span class=\"_ _0\"></span>mismatching), <span class=\"_ _0\"></span>uno<span class=\"_ _df\"> </span>shock (positivo o negativo) dei tassi di interesse pu\u00f2 <span class=\"_ _2\"></span>produrre v<span class=\"_ _2\"></span>ariazioni non sincronizzate nel<span class=\"_ _df\"> </span>valore d<span class=\"_ _1\"></span>elle <span class=\"_ _1\"></span>attivit\u00e0 e<span class=\"_ _1\"></span> de<span class=\"_ _1\"></span>lle <span class=\"_ _1\"></span>passivit\u00e0. Sostanzialme<span class=\"_ _f\"></span>nt<span class=\"_ _2\"></span>e <span class=\"_ _f\"></span>l'esposizione al <span class=\"_ _f\"></span>rischio tasso <span class=\"_ _f\"></span>di interes<span class=\"_ _1\"></span>se<span class=\"_ _df\"> </span>si  riferisce <span class=\"_ _9\"> </span>a  tutte <span class=\"_ _16\"> </span>le  a<span class=\"_ _f\"></span>tt<span class=\"_ _2\"></span>ivit\u00e0 <span class=\"_ _9\"> </span>e  le <span class=\"_ _16\"> </span>passivit\u00e0 <span class=\"_ _16\"> </span>il  cu<span class=\"_ _f\"></span>i  valore  \u00e8 <span class=\"_ _9\"> </span>\u201csensibile\u201d  ai <span class=\"_ _16\"> </span>cambiamenti <span class=\"_ _16\"> </span>nella<span class=\"_ _df\"> </span>struttura a termine dei tassi di interesse o alla volatilit\u00e0 de<span class=\"_ _1\"></span>i tassi di interesse;<span class=\"_ _df\"> </span>-<span class=\"_ _1b\"> </span><span class=\"ff5\">Rischio  azionario: <span class=\"_ _16\"> </span>i  valori  di<span class=\"_ _1\"></span>  mercato  dell<span class=\"_ _1\"></span>e  posizioni  assunte  d<span class=\"_ _f\"></span>all\u2019<span class=\"_ _2\"></span>impresa  possono <span class=\"_ _16\"> </span>essere<span class=\"_ _df\"> </span></span>sensibili <span class=\"_ _f\"></span>all\u2019andamento d<span class=\"_ _1\"></span>ei <span class=\"_ _f\"></span>merc<span class=\"_ _2\"></span>ati <span class=\"_ _f\"></span>azionari (p<span class=\"_ _1\"></span>er <span class=\"_ _1\"></span>esempio <span class=\"_ _f\"></span>nel <span class=\"_ _f\"></span>cas<span class=\"_ _2\"></span>o <span class=\"_ _1\"></span>di <span class=\"_ _f\"></span>contratti le <span class=\"_ _f\"></span>cui <span class=\"_ _f\"></span>prestazio<span class=\"_ _2\"></span><span class=\"ff4 ls13\">ni<span class=\"_ _df\"> </span></span>sono collegate al valore di un titolo azionario);<span class=\"_ _df\"> </span>-<span class=\"_ _1b\"> </span><span class=\"ff5\">Rischio <span class=\"_ _2\"></span>tass<span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>di <span class=\"_ _d\"></span>cambio: <span class=\"_ _d\"></span>il <span class=\"_ _2\"></span>valore <span class=\"_ _d\"></span>di <span class=\"_ _2\"></span>mer<span class=\"_ _2\"></span>cato <span class=\"_ _2\"></span>delle <span class=\"_ _d\"></span>posizioni <span class=\"_ _2\"></span>as<span class=\"_ _2\"></span>sunte <span class=\"_ _d\"></span>dall\u2019impresa <span class=\"_ _2\"></span>p<span class=\"_ _2\"></span>u\u00f2 <span class=\"_ _2\"></span>essere<span class=\"_ _df\"> </span></span>sensibile <span class=\"_ _1\"></span>a variazi<span class=\"_ _1\"></span>oni dei <span class=\"_ _f\"></span>tas<span class=\"_ _2\"></span>si <span class=\"_ _1\"></span>di cambio <span class=\"_ _f\"></span>(per esempio <span class=\"_ _f\"></span>n<span class=\"_ _2\"></span>el <span class=\"_ _f\"></span>caso di titoli <span class=\"_ _1\"></span>azionari o <span class=\"_ _f\"></span>obbligazionari<span class=\"_ _df\"> </span>denominati <span class=\"_ _f\"></span>in valuta estera). <span class=\"_ _f\"></span>Quest<span class=\"_ _2\"></span>o <span class=\"_ _1\"></span>fattore di <span class=\"_ _f\"></span>rischio, qui<span class=\"_ _1\"></span>ndi, assume <span class=\"_ _1\"></span>particolare rilev<span class=\"_ _1\"></span>anza per<span class=\"_ _df\"> </span>le <span class=\"_ _15\"> </span>imprese <span class=\"_ _e\"> </span>di <span class=\"_ _15\"> </span>ass<span class=\"_ _2\"></span>icurazione<span class=\"_ _1\"></span> <span class=\"_ _e\"> </span>in <span class=\"_ _15\"> </span>presenza <span class=\"_ _e\"> </span>di <span class=\"_ _15\"> </span>att<span class=\"_ _2\"></span>ivit\u00e0<span class=\"_ _1\"></span> <span class=\"_ _e\"> </span>a <span class=\"_ _15\"> </span>copertura <span class=\"_ _15\"> </span>delle <span class=\"_ _15\"> </span>r<span class=\"_ _2\"></span>iserve <span class=\"_ _15\"> </span>tecniche<span class=\"_ _df\"> </span>denominate <span class=\"_ _17\"> </span>in <span class=\"_ _14\"> </span>una <span class=\"_ _14\"> </span>va<span class=\"_ _2\"></span>luta <span class=\"_ _17\"> </span>div<span class=\"_ _2\"></span>ersa <span class=\"_ _14\"> </span>da <span class=\"_ _17\"> </span>quella <span class=\"_ _14\"> </span>dei <span class=\"_ _14\"> </span>corr<span class=\"_ _2\"></span>ispondenti<span class=\"_ _1\"></span> <span class=\"_ _14\"> </span>impegni <span class=\"_ _14\"> </span>tecnici <span class=\"_ _14\"> </span>a<span class=\"_ _2\"></span>ssunti<span class=\"_ _df\"> </span>contrattualmente. <span class=\"_ _d\"></span>Infatti, <span class=\"_ _d\"></span>poich\u00e9 <span class=\"_ _d\"></span>la <span class=\"_ _d\"></span>conversione <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>valute <span class=\"_ _d\"></span>avviene <span class=\"_ _d\"></span>alla <span class=\"_ _d\"></span>chiusura <span class=\"_ _d\"></span>d\u2019esercizio <span class=\"_ _d\"></span>al<span class=\"_ _df\"> </span>cambio corrente, in <span class=\"_ _2\"></span>corrispondenza di detta data possono r<span class=\"_ _2\"></span>ealizz<span class=\"_ _1\"></span>arsi <span class=\"_ _2\"></span>dell<span class=\"_ _1\"></span>e plus/minusvalenze<span class=\"_ _df\"> </span>a causa della variazione dei tassi di cambio;<span class=\"_ _df\"> </span>-<span class=\"_ _1b\"> </span><span class=\"ff4\">Rischio i<span class=\"_ _1\"></span>mmobi<span class=\"ff5\">liare: qualora gli attivi d<span class=\"_ _1\"></span>i un\u2019impresa di<span class=\"_ _1\"></span> assicurazione siano inv<span class=\"_ _1\"></span>estiti in immobili,<span class=\"_ _df\"> </span></span></span>i valori di tali attivit\u00e0 sono sensibili<span class=\"_ _1\"></span> all\u2019andamento dei prezzi di mercato degli stessi;<span class=\"_ _df\"> </span>-<span class=\"_ _1b\"> </span><span class=\"ff5\">Credit Sp<span class=\"_ _1\"></span>read: ogni <span class=\"_ _1\"></span>volta che u<span class=\"_ _f\"></span>n\u2019impresa di assicurazione s<span class=\"_ _f\"></span>o<span class=\"_ _2\"></span>ttoscrive<span class=\"_ _1\"></span> strumenti<span class=\"ff4\"> finanziari, pu\u00f2<span class=\"_ _df\"> </span></span></span>incorrere ne<span class=\"_ _1\"></span>l rischio <span class=\"_ _f\"></span>di insolvenza <span class=\"_ _1\"></span>del <span class=\"_ _f\"></span>proprio debitore il <span class=\"_ _f\"></span>quale potrebbe<span class=\"_ _1\"></span> non <span class=\"_ _f\"></span>essere in <span class=\"_ _f\"></span>gr<span class=\"_ _2\"></span>ado <span class=\"_ _f\"></span>s<span class=\"_ _2\"></span>ia<span class=\"_ _df\"> </span>di <span class=\"_ _2\"></span>adempiere <span class=\"_ _2\"></span>alle <span class=\"_ _d\"></span>proprie <span class=\"_ _2\"></span>obbligazioni <span class=\"_ _2\"></span>sia <span class=\"_ _d\"></span>di <span class=\"_ _2\"></span>incorrere <span class=\"_ _d\"></span>nel <span class=\"_ _2\"></span>rischio <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>un <span class=\"_ _d\"></span>peggioramento <span class=\"_ _2\"></span>merito<span class=\"_ _df\"> </span>creditizio, <span class=\"_ _d\"></span>con <span class=\"_ _d\"></span>conseguente <span class=\"_ _d\"></span>r<span class=\"_ _2\"></span>iduzione <span class=\"_ _d\"></span>del <span class=\"_ _d\"></span>val<span class=\"ff5\">or<span class=\"_ _2\"></span>e <span class=\"_ _d\"></span>del <span class=\"_ _d\"></span>titolo. <span class=\"_ _0\"></span>L\u2019esposizione<span class=\"_ _f\"></span> <span class=\"_ _0\"></span>al <span class=\"_ _0\"></span>rischio <span class=\"_ _d\"></span>credito <span class=\"_ _d\"></span>s<span class=\"_ _2\"></span>i<span class=\"_ _df\"> </span></span>riferisce <span class=\"_ _4\"> </span>ad <span class=\"_ _4\"> </span>attivit\u00e0, <span class=\"_ _4\"> </span>passivit\u00e0 <span class=\"_ _4\"> </span>e <span class=\"_ _4\"> </span>strumenti <span class=\"_ _4\"> </span>finanziari <span class=\"_ _4\"> </span>sensibili <span class=\"_ _4\"> </span>alla <span class=\"_ _4\"> </span>variazione <span class=\"_ _4\"> </span>degli<span class=\"_ _1\"></span> <span class=\"_ _4\"> </span>spread<span class=\"_ _df\"> </span>creditizi;<span class=\"_ _df\"> </span>-<span class=\"_ _1b\"> </span><span class=\"ff5\">Rischio <span class=\"_ _15\"> </span>concentrazione: <span class=\"_ _e\"> </span>l\u2019espos<span class=\"_ _2\"></span>izione <span class=\"_ _15\"> </span>al <span class=\"_ _e\"> </span>rischio <span class=\"_ _e\"> </span>di <span class=\"_ _e\"> </span>concentrazione, <span class=\"_ _e\"> </span>che <span class=\"_ _e\"> </span>deriva <span class=\"_ _e\"> </span>da <span class=\"_ _10\"> </span>una<span class=\"_ _df\"> </span></span>variazione <span class=\"_ _16\"> </span>inattesa  dei <span class=\"_ _16\"> </span>prezzi,  d<span class=\"_ _1\"></span>el  v<span class=\"_ _1\"></span>alore  delle  esp<span class=\"_ _1\"></span>osizioni  verso  e<span class=\"_ _1\"></span>mittenti  su <span class=\"_ _16\"> </span>cui <span class=\"_ _16\"> </span>si  ha <span class=\"_ _16\"> </span>un<span class=\"_ _df\"> </span>accumulo di <span class=\"_ _2\"></span>esposizione con <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>stessa <span class=\"_ _2\"></span>controparte, <span class=\"_ _2\"></span>si riferisce <span class=\"_ _2\"></span>alle attivit\u00e0 <span class=\"_ _2\"></span>soggette <span class=\"_ _2\"></span>al r<span class=\"_ _2\"></span>ischio<span class=\"_ _df\"> </span>azionario, al <span class=\"_ _2\"></span>tasso <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>interesse e <span class=\"_ _2\"></span>spread e <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>rischio immobiliare <span class=\"_ _2\"></span>inclusi ne<span class=\"_ _2\"></span>l <span class=\"_ _2\"></span>rischio <span class=\"_ _2\"></span>di mercato,<span class=\"_ _df\"> </span>ed <span class=\"_ _1\"></span>esclude le<span class=\"_ _1\"></span> attivit\u00e0 <span class=\"_ _f\"></span>s<span class=\"_ _2\"></span>oggette <span class=\"_ _f\"></span>al rischio d<span class=\"_ _1\"></span>i inad<span class=\"_ _1\"></span>empimento d<span class=\"_ _1\"></span>i controparte. Al <span class=\"_ _f\"></span>momento a <span class=\"_ _f\"></span>livello<span class=\"_ _df\"> </span>regolamentare sono esclusi anche i titoli di stato;<span class=\"_ _df\"> </span>-<span class=\"_ _1b\"> </span><span class=\"ff5\">Rischio <span class=\"_ _0\"></span>Sovrano: <span class=\"_ _0\"></span>\u00e8 <span class=\"_ _0\"></span>il <span class=\"_ _0\"></span>r<span class=\"_ _2\"></span>ischi<span class=\"_ _1\"></span>o <span class=\"_ _0\"></span>associato <span class=\"_ _0\"></span>all\u2019eventualit\u00e0 <span class=\"_ _0\"></span>che <span class=\"_ _0\"></span>un <span class=\"_ _0\"> </span>G<span class=\"_ _2\"></span>ove<span class=\"_ _1\"></span>rno <span class=\"_ _0\"></span>non <span class=\"_ _9\"> </span>rispetti <span class=\"_ _0\"></span>l<span class=\"_ _2\"></span><span class=\"ff4\">e <span class=\"_ _0\"></span>proprie<span class=\"_ _df\"> </span></span></span>obbligazioni <span class=\"_ _d\"></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=\"_ _2\"></span>i <span class=\"_ _d\"></span>economici, <span class=\"_ _0\"></span>finanziari <span class=\"_ _0\"></span>e <span class=\"_ _0\"></span>politici. <span class=\"_ _d\"></span>Pu\u00f2 <span class=\"_ _0\"></span>essere<span class=\"_ _df\"> </span>legato <span class=\"_ _f\"></span>alla <span class=\"_ _f\"></span>congiuntura <span class=\"_ _f\"></span>o <span class=\"_ _1\"></span>svilupparsi <span class=\"_ _f\"></span>nel <span class=\"_ _f\"></span>medio-lungo <span class=\"_ _1\"></span>periodo. <span class=\"_ _f\"></span>Il <span class=\"_ _f\"></span>rischio <span class=\"_ _1\"></span>sovrano <span class=\"_ _f\"></span>viene <span class=\"_ _f\"></span>associato<span class=\"_ _df\"> </span>ai <span class=\"_ _0\"></span>rendimenti <span class=\"_ _d\"></span>dei <span class=\"_ _0\"></span>titoli <span class=\"_ _0\"></span>pubblici <span class=\"_ _0\"></span>e <span class=\"_ _d\"></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=\"_ _d\"></span>cor<span class=\"_ _2\"></span>rispondere <span class=\"_ _d\"></span>agli<span class=\"_ _df\"> </span>investitori per potersi finanziare;<span class=\"_ _df\"> </span>-<span class=\"_ _1b\"> </span><span class=\"ff4\">Liquidi<span class=\"_ _1\"></span>t\u00e0 <span class=\"_ _16\"> </span>del <span class=\"_ _9\"> </span>titolo: <span class=\"_ _16\"> </span>La <span class=\"_ _9\"> </span>possibilit\u00e0 <span class=\"_ _9\"> </span>di <span class=\"_ _16\"> </span>procede<span class=\"_ _1\"></span>re <span class=\"_ _9\"> </span>allo  s<span class=\"_ _1\"></span>mobilizzo <span class=\"_ _9\"> </span>tempestivo <span class=\"_ _16\"> </span>del <span class=\"_ _0\"> </span>por<span class=\"_ _2\"></span>tafoglio <span class=\"_ _9\"> </span>\u00e8<span class=\"_ _df\"> </span></span>fortemente  condizionata  dall<span class=\"_ _1\"></span>a  liquidabilit\u00e0  de<span class=\"_ _1\"></span>i  titoli  in  cu<span class=\"_ _1\"></span>i  lo  stesso  \u00e8<span class=\"_ _1\"></span>  investit<span class=\"_ _2\"></span>o.  La <span class=\"_ _16\"> </span>scarsa<span class=\"_ _df\"> </span>liquidabilit\u00e0 <span class=\"_ _d\"></span>dei <span class=\"_ _d\"></span>titoli, <span class=\"_ _0\"></span>infatti, <span class=\"_ _d\"></span>pu\u00f2 <span class=\"_ _0\"></span>esporre <span class=\"_ _d\"></span>la <span class=\"_ _0\"></span>Compagnia <span class=\"_ _d\"></span>al <span class=\"_ _d\"></span>rischio <span class=\"_ _0\"></span>di <span class=\"_ _d\"></span>conseguire <span class=\"_ _d\"></span>delle <span class=\"_ _0\"></span>perdite<span class=\"_ _df\"> </span>connesse alla <span class=\"_ _2\"></span>difficolt\u00e0 <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>trovare <span class=\"_ _2\"></span>sul mercato <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>controparte <span class=\"_ _2\"></span>interessata <span class=\"_ _2\"></span>all\u2019acqui<span class=\"_ _1\"></span>sto <span class=\"_ _2\"></span>dei tit<span class=\"_ _2\"></span>oli<span class=\"_ _df\"> </span>che si intende smobilizzare. A li<span class=\"_ _1\"></span>vello regolamentare non \u00e8 at<span class=\"_ _2\"></span>tualme<span class=\"_ _1\"></span>nte previsto un requisito di<span class=\"_ _df\"> </span>capitale specifico;<span class=\"_ _df\"> </span>-<span class=\"_ _1b\"> </span><span class=\"ff4\">Altre <span class=\"_ _d\"></span>esposizioni <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>assets: <span class=\"_ _2\"></span>Tale <span class=\"_ _d\"></span>fattore <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>rischio <span class=\"_ _d\"></span>si <span class=\"_ _d\"></span>concretizza <span class=\"_ _d\"></span>nel <span class=\"_ _d\"></span>rischio <span class=\"_ _d\"></span>mercato <span class=\"_ _d\"></span>legato <span class=\"_ _d\"></span>a<span class=\"_ _df\"> </span></span>private equity, strumenti alternativi, infrastrutture, prodotti legati<span class=\"_ _1\"></span> all\u2019inflazione e<span class=\"ff4\"> <span class=\"_ _2\"></span>ibridi.<span class=\"_ _df\"> </span></span>I fat<span class=\"_ _2\"></span>tori di r<span class=\"_ _2\"></span>ischi<span class=\"_ _1\"></span>o <span class=\"_ _2\"></span>di mercato <span class=\"_ _2\"></span>vengono principalmente individuati <span class=\"_ _2\"></span>nelle classi <span class=\"_ _2\"></span>di bilancio <span class=\"_ _2\"></span>specifiche<span class=\"_ _df\"> </span>delle Gestioni Separate, Specifiche Provviste e del Portafoglio di Proprie<span class=\"_ _1\"></span>t\u00e0. La t<span class=\"_ _2\"></span>abella riportata <span class=\"_ _2\"></span>di seguito rappresenta <span class=\"_ _2\"></span>la distr<span class=\"_ _2\"></span>ibuzi<span class=\"_ _1\"></span>one deg<span class=\"_ _2\"></span>li <span class=\"_ _2\"></span>strumenti <span class=\"_ _2\"></span>nei suddetti portafogli,<span class=\"_ _df\"> </span>alla <span class=\"_ _9\"> </span>data <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>valutazione <span class=\"_ _9\"> </span>per <span class=\"_ _16\"> </span>tipologia, <span class=\"_ _0\"></span>espressi <span class=\"_ _9\"> </span>in <span class=\"_ _16\"> </span>percentu<span class=\"_ _1\"></span>ale <span class=\"_ _16\"> </span>rispetto <span class=\"_ _9\"> </span>al <span class=\"_ _9\"> </span>controvalore <span class=\"_ _9\"> </span>totale <span class=\"_ _9\"> </span>di<span class=\"_ _df\"> </span>mercato.<table class=\"s w11a7 h5b9\" id=\"_cb69646c-bf67-4e54-89e1-dceed6848d54\"><tr><td class=\"c xb2f y384a w428 hcc\"><div class=\"t m0 x36 h5 y3e6 ff4 fs1 fc4 sc3 ls0 ws0\">Tipo <span class=\"_ _1\"></span>Titolo<span class=\"_ _1\"></span> </div></td><td class=\"c xb30 y384a wc8 hcc\"><div class=\"t m0 x35 h5 y3e6 ff4 fs1 fc4 sc3 ls0 ws0\">Tipo <span class=\"_ _1\"></span>Cedola<span class=\"_ _f\"></span> </div></td><td></td><td class=\"c xb31 y384a w229 hcc\"><div class=\"t m0 x2e h5 y3e6 ff4 fs1 fc4 sc3 ls0 ws0\">Tota<span class=\"_ _1\"></span>li </div></td></tr><tr><td class=\"c xb2f y384b w428 h4d\"><div class=\"t m0 x8a h5 y3e6 ff4 fs1 fc1 sc0 ls0 ws0\">Emittenti Governativi </div></td><td class=\"c xb30 y384b wc8 h4d\"><div class=\"t m0 x8a h5 y3e6 ff4 fs1 fc1 sc0 ls0 ws0\">Fixed </div></td><td class=\"c xb32 y384b w2d5 h4d\"><div class=\"t m0 x2e h5 y3e6 ff4 fs1 fc1 sc0 ls0 ws0\">70,52% </div></td><td></td></tr><tr><td></td><td class=\"c xb30 y384c wc8 h4e\"><div class=\"t m0 x8a h5 y3e6 ff4 fs1 fc1 sc0 ls0 ws0\">Floating </div></td><td class=\"c xb32 y384c w2d5 h4e\"><div class=\"t m0 x14 h5 y3e6 ff4 fs1 fc1 sc0 ls0 ws0\">0,07% </div></td><td></td></tr><tr><td></td><td class=\"c xb30 y384d wc8 hcc\"><div class=\"t m0 x8a h5 y3e6 ff4 fs1 fc1 sc0 ls0 ws0\">Totale </div></td><td></td><td class=\"c xb31 y384d w229 hcc\"><div class=\"t m0 x55 h5 y3e6 ff4 fs1 fc1 sc0 ls0 ws0\">70,59% </div></td></tr><tr><td class=\"c xb2f y384e w428 h4d\"><div class=\"t m0 x8a h5 y3e6 ff4 fs1 fc1 sc0 ls0 ws0\">Emittenti Obbligazionari </div></td><td class=\"c xb30 y384e wc8 h4d\"><div class=\"t m0 x8a h5 y3e6 ff4 fs1 fc1 sc0 ls0 ws0\">Fixed </div></td><td class=\"c xb32 y384e w2d5 h4d\"><div class=\"t m0 x55 h5 y3e6 ff4 fs1 fc1 sc0 ls0 ws0\">10,95% </div></td><td></td></tr><tr><td></td><td class=\"c xb30 y384f wc8 h4d\"><div class=\"t m0 x8a h5 y3e6 ff4 fs1 fc1 sc0 ls0 ws0\">Floating </div></td><td class=\"c xb32 y384f w2d5 h4d\"><div class=\"t m0 x14 h5 y3e6 ff4 fs1 fc1 sc0 ls0 ws0\">6,25% </div></td><td></td></tr><tr><td></td><td class=\"c xb30 y3850 wc8 hcb\"><div class=\"t m0 x8a h5 y3e6 ff4 fs1 fc1 sc0 ls0 ws0\">Totale </div></td><td></td><td class=\"c xb31 y3850 w229 hcb\"><div class=\"t m0 x130 h5 y3e6 ff4 fs1 fc1 sc0 ls0 ws0\">17,20% </div></td></tr><tr><td class=\"c xb2f y3851 w428 h4e\"><div class=\"t m0 x8a h5 y3e6 ff4 fs1 fc1 sc0 ls0 ws0\">OICR </div></td><td class=\"c xb30 y3851 wc8 h4e\"><div class=\"t m0 x8a h5 y3e6 ff4 fs1 fc1 sc0 ls0 ws0\">Totale </div></td><td></td><td class=\"c xb31 y3851 w229 h4e\"><div class=\"t m0 x14 h5 y93e ff4 fs1 fc1 sc0 ls0 ws0\">11,95% </div></td></tr><tr><td class=\"c xb2f y3852 w428 h4d\"><div class=\"t m0 x8a h5 y3e6 ff4 fs1 fc1 sc0 ls0 ws0\">C/C </div></td><td class=\"c xb30 y3852 wc8 h4d\"><div class=\"t m0 x8a h5 y3e6 ff4 fs1 fc1 sc0 ls0 ws0\">Totale </div></td><td></td><td class=\"c xb31 y3852 w229 h4d\"><div class=\"t m0 x48 h5 y28e ff4 fs1 fc1 sc0 ls0 ws0\">0,26% </div></td></tr></table>Di cui la ripartizione in OICR risulta cos\u00ec composta:<table class=\"s w11a6 h5b8\" id=\"_3f1836a5-4ded-4a58-9ce1-92d7c2a98b7f\"><tr><td class=\"c xb2c y3842 w63c hcc\"><div class=\"t m0 x8f h5 y3e6 ff4 fs1 fc4 sc3 ls0 ws0\">Tipo <span class=\"_ _1\"></span>OICR<span class=\"_ _f\"></span> </div></td><td class=\"c xb2d y3842 w1d0 hcc\"><div class=\"t m0 x48 h5 y3e6 ff4 fs1 fc4 sc3 ls0 ws0\"> % </div></td></tr><tr><td class=\"c xb2c y3843 w63c hcb\"><div class=\"t m0 x8a h5 y80 ff4 fs1 fc1 sc0 ls0 ws0\">OICR Azionario </div></td><td class=\"c xb2d y3843 w1d0 hcb\"><div class=\"t m0 x39 h5 y80 ff4 fs1 fc1 sc0 ls0 ws0\">19,21% </div></td></tr><tr><td class=\"c xb2c y3844 w63c h4d\"><div class=\"t m0 x8a h5 y54 ff4 fs1 fc1 sc0 ls0 ws0\">OICR Governativo </div></td><td class=\"c xb2d y3844 w1d0 h4d\"><div class=\"t m0 x55 h5 y54 ff4 fs1 fc1 sc0 ls1 ws0\">18<span class=\"ls0\">,66%</span><span class=\"ls0\"> </span></div></td></tr><tr><td class=\"c xb2c y3845 w63c h4d\"><div class=\"t m0 x8a h5 y54 ff4 fs1 fc1 sc0 ls0 ws0\">OICR Immobiliare </div></td><td class=\"c xb2d y3845 w1d0 h4d\"><div class=\"t m0 x14 h5 y54 ff4 fs1 fc1 sc0 ls0 ws0\">9,02% </div></td></tr><tr><td class=\"c xb2c y3846 w63c hcc\"><div class=\"t m0 x8a h5 y74a ff4 fs1 fc1 sc0 ls0 ws0\">OICR Loans </div></td><td class=\"c xb2d y3846 w1d0 hcc\"><div class=\"t m0 x2e h5 y74a ff4 fs1 fc1 sc0 ls0 ws0\">26,98% </div></td></tr><tr><td class=\"c xb2c y3847 w63c hcc\"><div class=\"t m0 x8a h5 y74a ff4 fs1 fc1 sc0 ls0 ws0\">OICR Corporate </div></td><td class=\"c xb2d y3847 w1d0 hcc\"><div class=\"t m0 x39 h5 y74a ff4 fs1 fc1 sc0 ls0 ws0\">12,01% </div></td></tr><tr><td class=\"c xb2c y3848 w63c hcb\"><div class=\"t m0 x8a h5 y80 ff4 fs1 fc1 sc0 ls0 ws0\">OICR Infrastrutturali </div></td><td class=\"c xb2d y3848 w1d0 hcb\"><div class=\"t m0 x33 h5 y80 ff4 fs1 fc1 sc0 ls0 ws0\">8,17% </div></td></tr><tr><td class=\"c xb2c y3849 w63c hcc\"><div class=\"t m0 x8a h5 y74a ff4 fs1 fc1 sc0 ls0 ws0\">OICR Private Equity </div></td><td class=\"c xb2d y3849 w1d0 hcc\"><div class=\"t m0 x14 h5 y74a ff4 fs1 fc1 sc0 ls0 ws0\">5,95% </div></td></tr></table>La percentuale esposta in valuta sul totale di portafoglio assets \u00e8<span class=\"_ _1\"></span> del 1,87%.<span class=\"_ _df\"> </span>Da <span class=\"_ _9\"> </span>un <span class=\"_ _9\"> </span>punto <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>vista <span class=\"_ _9\"> </span>della <span class=\"_ _9\"> </span>distribuzione <span class=\"_ _0\"></span>dei <span class=\"_ _9\"> </span>ri<span class=\"_ _2\"></span>schi <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>mercato <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>Credemvita <span class=\"_ _9\"> </span>secondo <span class=\"_ _9\"> </span>i <span class=\"_ _16\"> </span>dettami<span class=\"_ _df\"> </span>normativi <span class=\"_ _2\"></span>Solvency <span class=\"_ _2\"></span>II <span class=\"_ _d\"></span>si <span class=\"_ _2\"></span>riporta <span class=\"_ _2\"></span>nella <span class=\"_ _2\"></span>tabella <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>seguito <span class=\"_ _2\"></span>la <span class=\"_ _d\"></span>miglior <span class=\"_ _2\"></span>stima <span class=\"_ _2\"></span>della <span class=\"_ _2\"></span>rappresentazione <span class=\"_ _2\"></span>del<span class=\"_ _df\"> </span>rischio <span class=\"_ _2\"></span>disponibile <span class=\"_ _2\"></span>alla <span class=\"_ _2\"></span>data <span class=\"_ _d\"></span>di <span class=\"_ _2\"></span>valutazione <span class=\"_ _2\"></span>(si <span class=\"_ _d\"></span>precisa <span class=\"_ _2\"></span>che <span class=\"_ _d\"></span>il <span class=\"_ _2\"></span>peso <span class=\"_ _d\"></span>complessivo <span class=\"_ _2\"></span>dei <span class=\"_ _2\"></span>rischi <span class=\"_ _2\"></span>mar<span class=\"_ _2\"></span>ket <span class=\"_ _2\"></span>\u00e8<span class=\"_ _df\"> </span>pari al 40,7%).<span class=\"_ _df\"> </span>Market risk - risk/sum of risk components - relativo e complessivo <table class=\"s w11a8 h5ba\" id=\"_ddc5bda4-9f48-4e09-a470-5cb92aa84cd4\"><tr><td></td><td class=\"c xb34 y3853 w63e ha4\"><div class=\"t m0 x33 h5 y3e4 ff4 fs1 fc4 sc3 ls0 ws0\">Relat<span class=\"_ _1\"></span>ivo</div><div class=\"t m1 xc7 h6 y3e4 ff4 fs2 fc1 sc2 ls0 ws0\"> </div></td><td class=\"c xb35 y3853 w63f ha4\"><div class=\"t m0 x116 h5 y3e4 ff4 fs1 fc4 sc3 ls0 ws0\">Comp<span class=\"_ _1\"></span>lessiv<span class=\"_ _1\"></span>o<span class=\"fc1 sc2\"> </span></div></td></tr><tr><td class=\"c xb36 y3854 w640 ha4\"><div class=\"t m0 x8a h5 y3e6 ff4 fs1 fc1 sc0 ls0 ws0\">Interest rate risk </div></td><td class=\"c xb34 y3854 w342 ha4\"><div class=\"t m0 x8 h5 y823 ff4 fs1 fc1 sc0 ls0 ws0\">9,9% </div></td><td class=\"c xb37 y3854 wa9 ha4\"><div class=\"t m0 xf h5 y823 ff4 fs1 fc1 sc0 ls0 ws0\">4,0% </div></td></tr><tr><td class=\"c xb36 y3855 w640 ha4\"><div class=\"t m0 x8a h5 y3e6 ff4 fs1 fc1 sc0 ls0 ws0\">Equity risk </div></td><td class=\"c xb34 y3855 w342 ha4\"><div class=\"t m0 x1c h5 y823 ff4 fs1 fc1 sc0 ls0 ws0\">43,4% </div></td><td class=\"c xb37 y3855 wa9 ha4\"><div class=\"t m0 x7 h5 y823 ff4 fs1 fc1 sc0 ls0 ws0\">17,7% </div></td></tr><tr><td class=\"c xb36 y3856 w640 ha4\"><div class=\"t m0 x8a h5 y3e6 ff4 fs1 fc1 sc0 ls0 ws0\">Property risk </div></td><td class=\"c xb34 y3856 w342 ha4\"><div class=\"t m0 x8 h5 y823 ff4 fs1 fc1 sc0 ls0 ws0\">4,4% </div></td><td class=\"c xb37 y3856 wa9 ha4\"><div class=\"t m0 xc6 h5 y823 ff4 fs1 fc1 sc0 ls0 ws0\">1,8% </div></td></tr><tr><td class=\"c xb36 y3857 w640 ha4\"><div class=\"t m0 x8a h5 y3e6 ff4 fs1 fc1 sc0 ls0 ws0\">Spread risk </div></td><td class=\"c xb34 y3857 w342 ha4\"><div class=\"t m0 x1c h5 y823 ff4 fs1 fc1 sc0 ls0 ws0\">26,3% </div></td><td class=\"c xb37 y3857 wa9 ha4\"><div class=\"t m0 x90 h5 y823 ff4 fs1 fc1 sc0 ls0 ws0\">10,7% </div></td></tr><tr><td class=\"c xb36 y3858 w640 hf\"><div class=\"t m0 x8a h5 y3e6 ff4 fs1 fc1 sc0 ls0 ws0\">Currency risk </div></td><td class=\"c xb34 y3858 w342 hf\"><div class=\"t m0 xc6 h5 y153d ff4 fs1 fc1 sc0 ls0 ws0\">15,4% </div></td><td class=\"c xb37 y3858 wa9 hf\"><div class=\"t m0 xf h5 y153d ff4 fs1 fc1 sc0 ls0 ws0\">6,3% </div></td></tr><tr><td class=\"c xb36 y3859 w640 h6c\"><div class=\"t m0 x8a h5 y3e6 ff4 fs1 fc1 sc0 ls0 ws0\">Concentration risk </div></td><td class=\"c xb34 y3859 w342 h6c\"><div class=\"t m0 x8 h5 y61e ff4 fs1 fc1 sc0 ls5 ws0\">0,<span class=\"ls3\">6%</span><span class=\"ls3\"><span class=\"ls0\"> </span></span></div></td><td class=\"c xb37 y3859 wa9 h6c\"><div class=\"t m0 xf h5 y61e ff4 fs1 fc1 sc0 ls0 ws0\">0,2% </div></td></tr></table>La <span class=\"_ _14\"> </span>Compagnia <span class=\"_ _14\"> </span>adotta, <span class=\"_ _14\"> </span>nei <span class=\"_ _15\"> </span>confronti <span class=\"_ _14\"> </span>dei <span class=\"_ _14\"> </span>fattori <span class=\"_ _14\"> </span>di <span class=\"_ _14\"> </span>rischio <span class=\"_ _14\"> </span>sopra <span class=\"_ _14\"> </span>enunciati, <span class=\"_ _14\"> </span>linee <span class=\"_ _14\"> </span>guida <span class=\"_ _14\"> </span>che<span class=\"_ _df\"> </span>definiscono i <span class=\"_ _2\"></span>principi g<span class=\"_ _2\"></span>enerali per <span class=\"_ _2\"></span>l\u2019attivit\u00e0 <span class=\"_ _2\"></span>del Team <span class=\"_ _2\"></span>Finanza, la <span class=\"_ _2\"></span>periodicit\u00e0 dei <span class=\"_ _2\"></span>controlli <span class=\"_ _2\"></span>e le <span class=\"_ _2\"></span>azioni<span class=\"_ _df\"> </span>di <span class=\"_ _14\"> </span>ripristino <span class=\"_ _15\"> </span>in <span class=\"_ _14\"> </span>caso <span class=\"_ _15\"> </span>di <span class=\"_ _14\"> </span>superamento <span class=\"_ _15\"> </span>dei <span class=\"_ _14\"> </span>limiti <span class=\"_ _15\"> </span>(s<span class=\"_ _2\"></span>ia <span class=\"_ _14\"> </span>RAF <span class=\"_ _14\"> </span>si<span class=\"_ _2\"></span>a <span class=\"_ _14\"> </span>operativi). <span class=\"_ _14\"> </span>Nella <span class=\"_ _14\"> </span>composizio<span class=\"_ _2\"></span>ne<span class=\"_ _df\"> </span>complessiva <span class=\"_ _0\"></span>del <span class=\"_ _0\"></span>portafoglio <span class=\"_ _0\"></span>d\u2019investimento <span class=\"_ _0\"></span>si <span class=\"_ _0\"></span>tiene <span class=\"_ _0\"></span>conto <span class=\"_ _9\"> </span>dell\u2019esp<span class=\"_ _1\"></span>osizione <span class=\"_ _0\"></span>al <span class=\"_ _0\"></span>rischio, <span class=\"_ _9\"> </span>dei <span class=\"_ _0\"></span>vincoli<span class=\"_ _df\"> </span>legati <span class=\"_ _2\"></span>alla <span class=\"_ _2\"></span>copertura <span class=\"_ _2\"></span>delle <span class=\"_ _2\"></span>riserve <span class=\"_ _d\"></span>tecniche <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>degli <span class=\"_ _2\"></span>effetti <span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>ul <span class=\"_ _2\"></span>Solve<span class=\"_ _1\"></span>ncy <span class=\"_ _2\"></span>Ratio. <span class=\"_ _d\"></span>I <span class=\"_ _2\"></span>limiti <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>gli <span class=\"_ _d\"></span>indicatori<span class=\"_ _df\"> </span>relativi <span class=\"_ _d\"></span>agli <span class=\"_ _d\"></span>in<span class=\"_ _2\"></span>vestimenti <span class=\"_ _d\"></span>sono <span class=\"_ _0\"></span>oggetto <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>verifica <span class=\"_ _d\"></span>e <span class=\"_ _0\"></span>controllo <span class=\"_ _0\"></span>su <span class=\"_ _d\"></span>base <span class=\"_ _d\"></span>cont<span class=\"_ _2\"></span>inuativa <span class=\"_ _d\"></span>da <span class=\"_ _d\"></span>parte <span class=\"_ _0\"></span>delle<span class=\"_ _df\"> </span>funzioni  aziendali  prep<span class=\"_ _1\"></span>oste  e,  con  frequenza  periodica,  i  risultati  di  tali  controlli  sono  p<span class=\"_ _1\"></span>ortati<span class=\"_ _df\"> </span>all\u2019attenzione <span class=\"_ _2\"></span>del <span class=\"_ _d\"></span>Consiglio <span class=\"_ _d\"></span>di <span class=\"_ _2\"></span>A<span class=\"_ _2\"></span>mministrazione. <span class=\"_ _2\"></span>Il <span class=\"_ _d\"></span>processo <span class=\"_ _d\"></span>pre<span class=\"_ _2\"></span><span class=\"ff4\">vede <span class=\"_ _2\"></span>inoltre <span class=\"_ _d\"></span>una <span class=\"_ _d\"></span>fase <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>revisione<span class=\"_ _df\"> </span></span>dei suddetti limiti realizzata mediante analisi di sensitiv<span class=\"_ _1\"></span>it\u00e0 condotte sui portafogli attivi e passivi.<span class=\"_ _df\"> </span>La <span class=\"_ _0\"></span>valutazione <span class=\"_ _d\"></span>dei <span class=\"_ _0\"></span>rischi <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>mercato <span class=\"_ _0\"></span>viene <span class=\"_ _d\"></span>effettuata <span class=\"_ _0\"></span>con <span class=\"_ _0\"></span>riferimento <span class=\"_ _0\"></span>al <span class=\"_ _0\"></span>portafoglio <span class=\"_ _0\"></span>investimenti<span class=\"_ _df\"> </span>mobiliare <span class=\"_ _2\"></span>gi\u00e0 <span class=\"_ _2\"></span>acquisito <span class=\"_ _d\"></span>e <span class=\"_ _2\"></span>agli <span class=\"_ _d\"></span>scenari <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>in<span class=\"_ _2\"></span>vestimento <span class=\"_ _2\"></span>futuro. <span class=\"_ _2\"></span>Tal<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>attivit\u00e0 <span class=\"_ _2\"></span>viene <span class=\"_ _d\"></span>realizzata <span class=\"_ _2\"></span>sia <span class=\"_ _2\"></span>con<span class=\"_ _df\"> </span>logiche di <span class=\"_ _f\"></span>Ass<span class=\"_ _2\"></span>et-Liability Manage<span class=\"_ _1\"></span>ment, al fi<span class=\"_ _1\"></span>ne di cogliere <span class=\"_ _1\"></span>le interrelazioni<span class=\"_ _1\"></span> esistenti fra le d<span class=\"_ _1\"></span>inamiche<span class=\"_ _df\"> </span>dei <span class=\"_ _d\"></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>att<span class=\"_ _2\"></span>ivi <span class=\"_ _d\"></span>a <span class=\"_ _0\"></span>copertura <span class=\"_ _0\"></span>delle <span class=\"_ _d\"></span>riserve <span class=\"_ _0\"></span>te<span class=\"_ _2\"></span>cniche, <span class=\"_ _0\"></span>sia <span class=\"_ _0\"></span>seguendo <span class=\"_ _0\"></span>i <span class=\"_ _d\"></span>princip<span class=\"_ _2\"></span>i<span class=\"_ _df\"> </span>Solvency <span class=\"_ _2\"></span>II <span class=\"_ _d\"></span>al <span class=\"_ _d\"></span>fine <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>cogliere <span class=\"_ _d\"></span>l\u2019eventuale <span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>equisito <span class=\"_ _2\"></span>di <span class=\"_ _d\"></span>capitale <span class=\"_ _2\"></span>as<span class=\"_ _2\"></span>sorbito <span class=\"_ _2\"></span>da <span class=\"_ _d\"></span>ogni <span class=\"_ _d\"></span>singolo <span class=\"_ _2\"></span>modulo <span class=\"_ _d\"></span>e<span class=\"_ _df\"> </span>sottomodulo di rischio. L\u2019identificazione <span class=\"_ _d\"></span>dei <span class=\"_ _0\"></span>rischi <span class=\"_ _0\"></span>mercato <span class=\"_ _d\"></span>vita <span class=\"_ _0\"> </span>viene <span class=\"_ _0\"></span>effettuata <span class=\"_ _0\"></span>con <span class=\"_ _d\"></span>r<span class=\"_ _2\"></span>iferimento <span class=\"_ _d\"></span>ai <span class=\"_ _0\"></span>nuovi <span class=\"_ _0\"></span>investimenti <span class=\"_ _0\"></span><span class=\"ff4 lse\">e<span class=\"_ _df\"> </span></span>asset allocation target, e al portafoglio in essere:<span class=\"_ _df\"> </span>-<span class=\"ff10\"> <span class=\"_ _24\"> </span><span class=\"ff5\">Nuovi  investimenti: <span class=\"_ _22\"> </span>con <span class=\"_ _4\"> </span>riferimento  ai <span class=\"_ _4\"> </span>nuovi  investimenti,  nell<span class=\"_ _2\"></span>\u2019ambito  del <span class=\"_ _4\"> </span>processo  ORSA<span class=\"_ _df\"> </span></span></span>vengono <span class=\"_ _15\"> </span>ef<span class=\"_ _2\"></span>fettuate <span class=\"_ _e\"> </span>analisi <span class=\"_ _15\"> </span>r<span class=\"_ _2\"></span>elative <span class=\"_ _15\"> </span>a <span class=\"_ _10\"> </span>scenari <span class=\"_ _e\"> </span>di <span class=\"_ _e\"> </span>investimento <span class=\"_ _e\"> </span>futuro <span class=\"_ _e\"> </span>con <span class=\"_ _e\"> </span>l\u2019obiettivo <span class=\"_ _e\"> </span>di<span class=\"_ _df\"> </span>identificare <span class=\"_ _2\"></span>i <span class=\"_ _d\"></span>rischi <span class=\"_ _d\"></span>co<span class=\"ff5\">nnessi <span class=\"_ _d\"></span>a <span class=\"_ _2\"></span>tali <span class=\"_ _d\"></span>scelte <span class=\"_ _2\"></span>di <span class=\"_ _d\"></span>investimento <span class=\"_ _d\"></span>e <span class=\"_ _2\"></span>a <span class=\"_ _d\"></span>valutarne <span class=\"_ _d\"></span>l\u2019impatto <span class=\"_ _2\"></span>sul <span class=\"_ _d\"></span>profilo <span class=\"_ _d\"></span>di<span class=\"_ _df\"> </span></span>rischio <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>termini <span class=\"_ _2\"></span>quantitativi. <span class=\"_ _2\"></span>Inoltre, <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>gli <span class=\"_ _2\"></span>investimenti <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>\u201cnatura <span class=\"_ _d\"></span>occasionale\u201d <span class=\"_ _2\"></span>(secondo la<span class=\"_ _df\"> </span>definizione data nella Pol<span class=\"_ _2\"></span>icy e Regolamento Investimenti) <span class=\"_ _2\"></span>sulla base delle <span class=\"_ _2\"></span>informazioni <span class=\"_ _2\"></span>fornite<span class=\"_ _df\"> </span>dal <span class=\"_ _4\"> </span>Team <span class=\"_ _17\"> </span>Finanza <span class=\"_ _4\"> </span>viene <span class=\"_ _17\"> </span>effettuata <span class=\"_ _17\"> </span>dalla <span class=\"_ _4\"> </span>Funzione <span class=\"_ _4\"> </span>di <span class=\"_ _17\"> </span>Risk <span class=\"_ _17\"> </span>Management <span class=\"_ _4\"> </span>una <span class=\"_ _17\"> </span>valutazione<span class=\"_ _df\"> </span>quali/quantitativa <span class=\"_ _4\"> </span>ex-ante <span class=\"_ _4\"> </span>basat<span class=\"_ _2\"></span>a <span class=\"_ _4\"> </span>sia <span class=\"_ _4\"> </span>su <span class=\"_ _4\"> </span>logiche <span class=\"_ _4\"> </span>gest<span class=\"_ _2\"></span>ionali <span class=\"_ _4\"> </span>che <span class=\"_ _4\"> </span>regolamentari. <span class=\"_ _4\"> </span>Un <span class=\"_ _4\"> </span>iter <span class=\"_ _17\"> </span>di<span class=\"_ _df\"> </span>valutazione del rischio <span class=\"_ _2\"></span>ex-ante viene effettuata <span class=\"_ _2\"></span>dalla Funzione di <span class=\"_ _2\"></span>Risk Management anche per<span class=\"_ _df\"> </span>tutti <span class=\"_ _16\"> </span>gli <span class=\"_ _9\"> </span>attivi <span class=\"_ _16\"> </span>classificati <span class=\"_ _9\"> </span>come <span class=\"_ _16\"> </span>complessi, <span class=\"_ _9\"> </span>con  un <span class=\"_ _0\"> </span>focus  particolare <span class=\"_ _9\"> </span>su <span class=\"_ _16\"> </span>OICR <span class=\"_ _9\"> </span>non  UCITs <span class=\"_ _9\"> </span>(in<span class=\"_ _df\"> </span>particolare i FIA). -<span class=\"ff10\"> <span class=\"_ _24\"> </span><span class=\"ff5\">Portafoglio in <span class=\"_ _2\"></span>essere: Con r<span class=\"_ _2\"></span>iferimento al port<span class=\"_ _2\"></span>afoglio in essere, l<span class=\"_ _2\"></span>\u2019identificazione dei r<span class=\"_ _2\"></span>ischi viene<span class=\"_ _df\"> </span></span></span>effettuata sul<span class=\"_ _1\"></span>la base <span class=\"_ _f\"></span>dei dati <span class=\"_ _f\"></span>t<span class=\"_ _2\"></span>ecnici<span class=\"_ _1\"></span> del <span class=\"_ _f\"></span>port<span class=\"_ _2\"></span>afoglio, <span class=\"_ _f\"></span>dei dati <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>mercato e <span class=\"_ _f\"></span>delle misure <span class=\"_ _f\"></span>di rischio<span class=\"_ _df\"> </span>determinate attraverso lo strumento di calcolo del<span class=\"_ _1\"></span> SCR adottato.<span class=\"_ _df\"> </span>Si riportano di seguito i macro-indicatori analizzati per la valutazione<span class=\"_ _1\"></span> e il monitoraggio dei rischi di<span class=\"_ _df\"> </span>mercato:<span class=\"_ _df\"> </span>-<span class=\"ff10\"> <span class=\"_ _24\"> </span><span class=\"ff4\">SCR Maket <span class=\"_ _2\"></span>Risk- Based: indicator<span class=\"_ _2\"></span>i basati sulle grandezze regolamentar<span class=\"_ _2\"></span>i relative al r<span class=\"_ _2\"></span>equi<span class=\"_ _1\"></span>sito <span class=\"_ _2\"></span>di<span class=\"_ _df\"> </span></span></span>capitale afferenti alla classe di rischio mercato;<span class=\"_ _df\"> </span>-<span class=\"ff10\"> <span class=\"_ _24\"> </span><span class=\"ff4\">Percentuale  di <span class=\"_ _16\"> </span>Esposizione <span class=\"_ _16\"> </span>in  Asset  Cl<span class=\"_ _1\"></span>ass:  indicatore <span class=\"_ _16\"> </span>volto  a<span class=\"_ _f\"></span>  quantificare  e <span class=\"_ _16\"> </span>monitorare  le<span class=\"_ _df\"> </span></span></span>esposizi<span class=\"ff5\">oni nelle principali asset class declinate<span class=\"_ _1\"></span> all\u2019interno della Policy degli Investimenti;<span class=\"_ _df\"> </span></span>-<span class=\"ff10\"> <span class=\"_ _24\"> </span><span class=\"ff4\">Percentuale di Concentrazione Emitt<span class=\"_ _2\"></span>enti Financial e Corporate: indicatore volto a <span class=\"_ _2\"></span>quantifi<span class=\"_ _1\"></span>care<span class=\"_ _df\"> </span></span></span>e mo<span class=\"_ _2\"></span>nitorare la <span class=\"_ _2\"></span>concentrazione degli <span class=\"_ _2\"></span>emittenti <span class=\"_ _2\"></span>Corporate <span class=\"_ _2\"></span>in base a <span class=\"_ _2\"></span>specif<span class=\"_ _2\"></span>iche fasce <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>merito<span class=\"_ _df\"> </span>creditizio;<span class=\"_ _df\"> </span>-<span class=\"ff10\"> <span class=\"_ _24\"> </span><span class=\"ff4\">Limite esposizione in OICR e limite esposizione<span class=\"_ _1\"></span> per strategia in OICR;<span class=\"_ _df\"> </span></span></span>-<span class=\"ff10\"> <span class=\"_ _24\"> </span><span class=\"ff4\">Sensitivities <span class=\"_ _d\"></span>Spread <span class=\"_ _2\"></span>Goverantivo <span class=\"_ _d\"></span>Italia <span class=\"_ _d\"></span>(al <span class=\"_ _2\"></span>fine <span class=\"_ _d\"></span>di <span class=\"_ _2\"></span>catturar<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>il <span class=\"_ _d\"></span>fattore <span class=\"_ _d\"></span>di <span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>ischio <span class=\"_ _2\"></span>spread <span class=\"_ _d\"></span>sui <span class=\"_ _d\"></span>titoli<span class=\"_ _df\"> </span></span></span>governativi non incluso nella formula standard);<span class=\"_ _df\"> </span>-<span class=\"ff10\"> <span class=\"_ _24\"> </span><span class=\"ff4\">Sensitivity sui fattori di rischio mercato (es. tasso, spread)<span class=\"_ _1\"></span>.</span></span>     <span class=\"fs1 ls0\">Di <span class=\"_ _9\"> </span>seguito <span class=\"_ _9\"> </span>si <span class=\"_ _9\"> </span>r<span class=\"_ _2\"></span>iportano <span class=\"_ _9\"> </span>le <span class=\"_ _9\"> </span>informazioni <span class=\"_ _9\"> </span>sulla <span class=\"_ _9\"> </span>sensitivit\u00e0 <span class=\"_ _9\"> </span>alle <span class=\"_ _16\"> </span>variazioni <span class=\"_ _0\"> </span>d<span class=\"_ _2\"></span>elle <span class=\"_ _9\"> </span>variabili <span class=\"_ _9\"> </span>legate <span class=\"_ _9\"> </span>al<span class=\"_ _df\"> </span></span>rischio <span class=\"_ _9\"> </span>di <span class=\"_ _0\"></span>mercato <span class=\"_ _9\"> </span>derivanti <span class=\"_ _0\"></span>dai <span class=\"_ _9\"> </span>contratti <span class=\"_ _0\"></span>rientranti <span class=\"_ _9\"> </span>nell\u2019ambi<span class=\"_ _1\"></span>to <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>applicazione <span class=\"_ _0\"></span>del<span class=\"_ _2\"></span>l\u2019IFRS <span class=\"_ _0\"></span>17. <span class=\"_ _9\"> </span>Con<span class=\"_ _df\"> </span>l\u2019obiettivo <span class=\"_ _0\"></span>di <span class=\"_ _d\"></span>valutare <span class=\"_ _0\"></span>la <span class=\"_ _0\"></span>reattivit\u00e0 <span class=\"_ _d\"></span>del <span class=\"_ _0\"></span>patrimonio <span class=\"_ _0\"></span>netto <span class=\"_ _0\"></span>e <span class=\"_ _0\"></span>del <span class=\"_ _d\"></span>risultato <span class=\"_ _0\"></span>d\u2019esercizio <span class=\"_ _d\"></span>al <span class=\"_ _0\"></span>verificarsi <span class=\"_ _0\"></span>di<span class=\"_ _df\"> </span>specifici <span class=\"_ _0\"></span>eventi <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>str<span class=\"_ _2\"></span>ess, <span class=\"_ _0\"></span>partend<span class=\"_ _1\"></span>o <span class=\"_ _0\"></span>dalla <span class=\"_ _0\"></span>composizione <span class=\"_ _0\"></span>del <span class=\"_ _9\"> </span>portafoglio <span class=\"_ _0\"></span>in <span class=\"_ _9\"> </span>essere <span class=\"_ _0\"></span>al <span class=\"_ _0\"></span>31 <span class=\"_ _0\"></span>dicembre<span class=\"_ _df\"> </span>2025, sono stati definiti diversi live<span class=\"_ _1\"></span>lli di sensitivities r<span class=\"_ _2\"></span>ispetto ai se<span class=\"_ _1\"></span>guenti fattori di rischio:<span class=\"_ _df\"> </span>-<span class=\"ff10\"> <span class=\"_ _24\"> </span><span class=\"ff4\">Incremento d<span class=\"_ _1\"></span>ei <span class=\"_ _1\"></span>credit spread <span class=\"_ _f\"></span>di +100 b<span class=\"_ _f\"></span>ps, +200 b<span class=\"_ _1\"></span>ps e <span class=\"_ _f\"></span>+300 bp<span class=\"_ _1\"></span>s da <span class=\"_ _f\"></span>applicare ai <span class=\"_ _f\"></span>titoli governativi<span class=\"_ _df\"> </span></span></span>italiani e del <span class=\"_ _2\"></span>Sud Europa; vengono <span class=\"_ _2\"></span>esclusi dall\u2019analisi i titoli <span class=\"_ _2\"></span>di emittenti Core Europe <span class=\"_ _2\"></span>ed USA i<span class=\"_ _2\"></span><span class=\"ff4 lsc6\">n<span class=\"_ _df\"> </span></span>ragione dell\u2019elevato rating e dell<span class=\"_ _1\"></span>\u2019assenza di volatilit\u00e0 storiche cos\u00ec accentuate.<span class=\"_ _df\"> </span>-<span class=\"ff10\"> <span class=\"_ _24\"> </span><span class=\"ff4\">Incremento <span class=\"_ _d\"></span>delle <span class=\"_ _d\"></span>curve <span class=\"_ _d\"></span>dei <span class=\"_ _d\"></span>tassi <span class=\"_ _d\"></span>risk <span class=\"_ _d\"></span>free <span class=\"_ _d\"></span>EUR <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>+100 <span class=\"_ _d\"></span>bps <span class=\"_ _d\"></span>e <span class=\"_ _d\"></span>+200 <span class=\"_ _0\"></span>bps <span class=\"_ _2\"></span>da <span class=\"_ _d\"></span>applicare <span class=\"_ _d\"></span>a <span class=\"_ _d\"></span>tutto <span class=\"_ _0\"></span>il<span class=\"_ _df\"> </span></span></span>portafoglio titoli<span class=\"_ _df\"> </span>-<span class=\"ff10\"> <span class=\"_ _24\"> </span><span class=\"ff4\">Incremento/diminuzione <span class=\"_ _4\"> </span>del <span class=\"_ _4\"> </span>rapporto <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>cambio <span class=\"_ _4\"> </span>EUR/USD <span class=\"_ _4\"> </span>del <span class=\"_ _17\"> </span><span class=\"ls1\">+/</span>- <span class=\"_ _4\"> </span>10% <span class=\"_ _4\"> </span>sulle <span class=\"_ _4\"> </span>posizioni <span class=\"_ _4\"> </span>ad<span class=\"_ _df\"> </span></span></span>investimento diretto.<span class=\"_ _df\"> </span>Tali <span class=\"_ _f\"></span>sensitivites appartengono <span class=\"_ _f\"></span>al pi<span class=\"_ _1\"></span>\u00f9 <span class=\"_ _f\"></span>amp<span class=\"_ _2\"></span>io <span class=\"_ _f\"></span>sistema di <span class=\"_ _f\"></span>monitoraggio <span class=\"_ _1\"></span>e <span class=\"_ _f\"></span>cont<span class=\"_ _2\"></span>rollo <span class=\"_ _f\"></span>dei <span class=\"_ _f\"></span>r<span class=\"_ _2\"></span>ischi <span class=\"_ _f\"></span>di <span class=\"_ _f\"></span>G<span class=\"_ _2\"></span>ruppo<span class=\"_ _df\"> </span>oggetto di reporting trimestrale al Consigli<span class=\"_ _1\"></span>o di Amministrazione della controllante.<span class=\"_ _df\"> </span>Di seguito vengono riepilogate le variazioni percentuali conseguenti agli eventi sopra dettagliati.<span class=\"_ _df\"> </span>Analisi di sensitivit\u00e0 <span class=\"ff5\">\u2013</span> Variazioni di CSM, Contributo al Consolidato di Gruppo e Patrimonio Ne<span class=\"_ _1\"></span>tto<span class=\"_ _2\"></span> <table class=\"s w11a9 h5bb\" id=\"_1a69bfb8-0153-4119-add2-60ea61d7e36a\"><tr><td class=\"c xb39 y385a w642 h13\"><div class=\"t m1 x8a h6 y3e6 ff4 fs19 fc1 sc0 ls0 ws0\">(in migliaia di eu<span class=\"_ _1\"></span>ro)<span class=\"fs2\"> </span></div></td><td></td><td></td><td></td></tr><tr><td></td><td class=\"c xb3a y385b w11a0 h593\"><div class=\"t m0 x250 h5 y254f ff4 fs1 fc1 sc0 ls0 ws0\">Variazione di<span class=\"_ _df\"> </span></div></td><td class=\"c xb3b y385b w11aa h593\"><div class=\"t m0 x250 h5 y254f ff4 fs1 fc1 sc0 ls0 ws0\">Variazione d<span class=\"ls1a\">i<span class=\"_ _df\"> </span></span></div></td><td class=\"c xb3c y25a1 w11a0 h593\"><div class=\"t m0 x250 h5 y254f ff4 fs1 fc1 sc0 ls0 ws0\">Variazione di<span class=\"_ _df\"> </span></div></td></tr><tr><td class=\"c xb39 y385c w642 h1e1\"><div class=\"t m0 x13 h5 y10fa ff4 fs1 fc1 sc0 ls0 ws0\">Analisi di Sensitivit\u00e0 </div></td><td class=\"c xb3d y26d1 w11a2 h593\"><div class=\"t m0 x250 h5 y254f ff4 fs1 fc1 sc0 lsc3 ws0\">CSM<span class=\"_ _df\"> </span></div></td><td class=\"c xb3e y26d1 w11ab h593\"><div class=\"t m0 x250 h5 y254f ff4 fs1 fc1 sc0 ls0 ws0\">Utile<span class=\"_ _df\"> </span></div></td><td class=\"c xb3f y385d w11ac h593\"><div class=\"t m0 x250 h5 y254f ff4 fs1 fc1 sc0 ls0 ws0\">Patrimonio<span class=\"_ _df\"> </span></div></td></tr><tr><td></td><td></td><td class=\"c xb40 y385e w11a3 h593\"><div class=\"t m0 x250 h5 y254f ff4 fs1 fc1 sc0 ls0 ws0\">Consolidato di<span class=\"_ _df\"> </span></div></td><td class=\"c xb41 y385f w11ad h593\"><div class=\"t m0 x250 h5 y254f ff4 fs1 fc1 sc0 ls0 ws0\">Netto<span class=\"_ _df\"> </span></div></td></tr><tr><td></td><td></td><td class=\"c xb42 y2491 w11a5 h593\"><div class=\"t m0 x250 h5 y254f ff4 fs1 fc1 sc0 ls0 ws0\">Gruppo<span class=\"_ _df\"> </span></div></td><td></td></tr></table><table class=\"s w11ae h5bc\" id=\"_598c573f-d6a9-4108-a8b3-62eddbb0952f\"><tr><td class=\"c xb44 y3860 w642 h13\"><div class=\"t m0 x8a h5 y66c ff4 fs1 fc1 sc0 ls0 ws0\">Credit Spread + 100bps </div></td><td class=\"c xb45 y3860 w643 h13\"><div class=\"t m0 x35 h5 y66c ff4 fs1 fc1 sc0 ls0 ws0\">-19.486<span class=\"_ _df\"> </span></div></td><td class=\"c xb46 y3860 w644 h13\"><div class=\"t m0 x27 h5 y66c ff4 fs1 fc1 sc0 ls0 ws0\">-1.927<span class=\"_ _df\"> </span></div></td><td class=\"c xb47 y3860 w643 h13\"><div class=\"t m0 x2c h5 y66c ff4 fs1 fc1 sc0 ls0 ws0\">-17.573 </div></td></tr><tr><td class=\"c xb44 y3861 w642 h13\"><div class=\"t m0 x8a h5 y66c ff4 fs1 fc1 sc0 ls0 ws0\">Credit Spread + 200bps </div></td><td class=\"c xb45 y3861 w643 h13\"><div class=\"t m0 x32 h5 y66c ff4 fs1 fc1 sc0 ls0 ws0\">-38.972 </div></td><td class=\"c xb46 y3861 w644 h13\"><div class=\"t m0 x3a h5 y66c ff4 fs1 fc1 sc0 ls0 ws0\">-3.855 </div></td><td class=\"c xb47 y3861 w643 h13\"><div class=\"t m0 x35 h5 y66c ff4 fs1 fc1 sc0 ls0 ws0\">-35,146 </div></td></tr><tr><td class=\"c xb44 y3862 w642 h1f4\"><div class=\"t m0 x8a h5 y66c ff4 fs1 fc1 sc0 ls0 ws0\">Credit Spread + 300bps </div></td><td class=\"c xb45 y3862 w643 h1f4\"><div class=\"t m0 x32 h5 y66c ff4 fs1 fc1 sc0 ls0 ws0\">-58.459 </div></td><td class=\"c xb46 y3862 w644 h1f4\"><div class=\"t m0 x3a h5 y66c ff4 fs1 fc1 sc0 ls0 ws0\">-5.782 </div></td><td class=\"c xb47 y3862 w643 h1f4\"><div class=\"t m0 x35 h5 y66c ff4 fs1 fc1 sc0 ls0 ws0\">-52.718 </div></td></tr><tr><td class=\"c xb44 y3863 w642 h13\"><div class=\"t m0 x8a h5 ye4c ff4 fs1 fc1 sc0 ls0 ws0\">Rischio Tasso EUR +100bps </div></td><td class=\"c xb45 y3863 w643 h13\"><div class=\"t m0 x35 h5 ye4c ff4 fs1 fc1 sc0 ls0 ws0\">-16.922<span class=\"_ _df\"> </span></div></td><td class=\"c xb46 y3863 w644 h13\"><div class=\"t m0 x27 h5 ye4c ff4 fs1 fc1 sc0 ls0 ws0\">-1.674<span class=\"_ _df\"> </span></div></td><td class=\"c xb47 y3863 w643 h13\"><div class=\"t m0 x35 h5 ye4c ff4 fs1 fc1 sc0 ls0 ws0\">-19.802<span class=\"_ _df\"> </span></div></td></tr><tr><td class=\"c xb44 y3864 w642 h13\"><div class=\"t m0 x8a h5 ye4c ff4 fs1 fc1 sc0 ls4 ws0\">Ris<span class=\"ls0\">chio Tasso EUR +200bps</span><span class=\"ls0\"> </span></div></td><td class=\"c xb45 y3864 w643 h13\"><div class=\"t m0 x32 h5 ye4c ff4 fs1 fc1 sc0 ls0 ws0\">-33.845 </div></td><td class=\"c xb46 y3864 w644 h13\"><div class=\"t m0 x2c h5 ye4c ff4 fs1 fc1 sc0 ls0 ws0\">-3.348<span class=\"_ _df\"> </span></div></td><td class=\"c xb47 y3864 w643 h13\"><div class=\"t m0 x32 h5 ye4c ff4 fs1 fc1 sc0 ls0 ws0\">-39.604<span class=\"_ _df\"> </span></div></td></tr><tr><td class=\"c xb44 y3865 w642 h13\"><div class=\"t m0 x8a h5 ye4c ff4 fs1 fc1 sc0 ls0 ws0\">Rischio Cambio EUR/USD -10% </div></td><td class=\"c xb45 y3865 w643 h13\"><div class=\"t m0 x3a h5 ye4c ff4 fs1 fc1 sc0 ls0 ws0\">-4.564 </div></td><td class=\"c xb46 y3865 w644 h13\"><div class=\"t m0 x37 h5 ye4c ff4 fs1 fc1 sc0 ls0 ws0\">-451 </div></td><td class=\"c xb47 y3865 w643 h13\"><div class=\"t m0 x37 h5 ye4c ff4 fs1 fc1 sc0 ls0 ws0\">-<span class=\"ls2\">501</span> </div></td></tr><tr><td class=\"c xb44 y3866 w642 h13\"><div class=\"t m0 x8a h5 y66c ff4 fs1 fc1 sc0 ls0 ws0\">Rischio Cambio EUR/USD +10% </div></td><td class=\"c xb45 y3866 w643 h13\"><div class=\"t m0 x26 h5 y66c ff4 fs1 fc1 sc0 ls0 ws0\">4.564 </div></td><td class=\"c xb46 y3866 w644 h13\"><div class=\"t m0 x38 h5 y66c ff4 fs1 fc1 sc0 ls0 ws0\">451 </div></td><td class=\"c xb47 y3866 w643 h13\"><div class=\"t m0 x34 h5 y66c ff4 fs1 fc1 sc0 ls0 ws0\">+501 </div></td></tr></table>Le <span class=\"_ _0\"></span>analisi <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>sensitivit\u00e0 <span class=\"_ _9\"> </span>di <span class=\"_ _0\"></span>cui <span class=\"_ _0\"></span>sopra <span class=\"_ _9\"> </span>sono <span class=\"_ _0\"></span>state <span class=\"_ _0\"></span>effettuate <span class=\"_ _9\"> </span>tramite <span class=\"_ _0\"></span>elaborazioni <span class=\"_ _0\"></span>integrate <span class=\"_ _0\"></span>attivo<span class=\"_ _2\"></span>-<span class=\"_ _df\"> </span>passivo <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>tenessero <span class=\"_ _d\"></span>pertanto <span class=\"_ _2\"></span>conto <span class=\"_ _2\"></span>congiuntamente <span class=\"_ _2\"></span>degli <span class=\"_ _2\"></span>effetti <span class=\"_ _d\"></span>dei <span class=\"_ _2\"></span>relativi <span class=\"_ _2\"></span>stress <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>mercato<span class=\"_ _df\"> </span>sia <span class=\"_ _2\"></span>sul <span class=\"_ _2\"></span>portafoglio polizze <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>sul <span class=\"_ _2\"></span>portafoglio <span class=\"_ _2\"></span>titoli. <span class=\"_ _2\"></span>La valutazione <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _2\"></span>stata <span class=\"_ _2\"></span>effettuata al <span class=\"_ _2\"></span>lordo <span class=\"_ _2\"></span>della<span class=\"_ _df\"> </span>riassicurazione <span class=\"_ _2\"></span>passiva <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>quanto poco <span class=\"_ _2\"></span>significativa <span class=\"_ _2\"></span>rispetto <span class=\"_ _2\"></span>agli s<span class=\"_ _2\"></span>cenari <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>stress <span class=\"_ _2\"></span>individuati ed <span class=\"_ _d\"></span>\u00e8<span class=\"_ _df\"> </span>da intendersi <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>lordo dell\u2019impatto <span class=\"_ _2\"></span>fiscale con <span class=\"_ _2\"></span>riferimento <span class=\"_ _2\"></span>al CSM e <span class=\"_ _2\"></span>al nett<span class=\"_ _2\"></span>o dell\u2019effetto <span class=\"_ _2\"></span>fiscale con<span class=\"_ _df\"> </span>riferimento a Patrimonio Netto e Contributo all\u2019Utile<span class=\"_ _1\"></span> Consolidato.<span class=\"_ _df\"> </span>Rischio<span class=\"_ _f\"></span> Asset <span class=\"_ _f\"></span>Liability M<span class=\"_ _1\"></span>anag<span class=\"_ _f\"></span>ement <span class=\"_ _f\"></span>(ALM)<span class=\"_ _df\"> </span>Il  rischio  ALM  \u00e8<span class=\"_ _1\"></span>  un  rischio<span class=\"_ _1\"></span>  strettamente  correlato  ai  d<span class=\"_ _f\"></span>isallineamenti  tra  attivit\u00e0  e<span class=\"_ _f\"></span>  passivit\u00e0.  Il<span class=\"_ _df\"> </span>processo <span class=\"_ _e\"> </span>ALM <span class=\"_ _15\"> </span>include <span class=\"_ _15\"> </span>al <span class=\"_ _e\"> </span>suo <span class=\"_ _e\"> </span>interno <span class=\"_ _e\"> </span>dinamiche <span class=\"_ _15\"> </span>conness<span class=\"_ _2\"></span>e <span class=\"_ _15\"> </span>alla <span class=\"_ _e\"> </span>gestione <span class=\"_ _15\"> </span>dei <span class=\"_ _e\"> </span>rischi <span class=\"_ _e\"> </span>e <span class=\"_ _15\"> </span>alla<span class=\"_ _df\"> </span>pianificazione <span class=\"_ _4\"> </span>strategica. <span class=\"_ _4\"> </span>Si <span class=\"_ _4\"> </span>focalizza <span class=\"_ _4\"> </span>sul <span class=\"_ _4\"> </span>medio <span class=\"_ _4\"> </span>- <span class=\"_ _17\"> </span>lungo <span class=\"_ _4\"> </span>termine <span class=\"_ _4\"> </span>anzich\u00e9 <span class=\"_ _4\"> </span>offrire <span class=\"_ _4\"> </span>so<span class=\"_ _2\"></span>luzioni <span class=\"_ _22\"> </span>di<span class=\"_ _df\"> </span>mitigazione <span class=\"_ _f\"></span>o copertura del <span class=\"_ _f\"></span>risc<span class=\"_ _2\"></span>hio. <span class=\"_ _1\"></span>L\u2019obiettivo d<span class=\"_ _1\"></span>i tale <span class=\"_ _f\"></span>gestione del rischio <span class=\"_ _f\"></span>\u00e8 quello di <span class=\"_ _f\"></span>mass<span class=\"_ _2\"></span>imizzare<span class=\"_ _df\"> </span>le attivit\u00e0 per soddisfare le passiv<span class=\"_ _1\"></span>it\u00e0 complesse che possono aumentare la redditivit\u00e0.<span class=\"_ _df\"> </span>Alla sottocategoria dei Rischi ALM appartengono i seguenti fattori di rischio: -<span class=\"ff10\"> <span class=\"_ _24\"> </span><span class=\"ff4\">Asset <span class=\"_ _40\"> </span>Al<span class=\"_ _1\"></span>location <span class=\"_ _29\"> </span>Str<span class=\"_ _2\"></span>ategi<span class=\"_ _1\"></span>ca <span class=\"_ _29\"> </span>(A<span class=\"_ _2\"></span>AT): <span class=\"_ _29\"> </span>consiste <span class=\"_ _40\"> </span>ne<span class=\"_ _f\"></span>l <span class=\"_ _40\"> </span>rischio <span class=\"_ _29\"> </span>risultante<span class=\"_ _df\"> </span></span></span>dall\u2019inadeguatezza/incoerenza dell\u2019<span class=\"_ _1\"></span>asset allocation per fare fronte alle passivit\u00e0.<span class=\"_ _df\"> </span>-<span class=\"_ _1b\"> </span><span class=\"ff4\">Asset &amp;<span class=\"_ _1\"></span> Li<span class=\"_ _1\"></span>ability mismatch: <span class=\"_ _f\"></span>corrisponde <span class=\"_ _f\"></span>al rischio di<span class=\"_ _1\"></span> di<span class=\"_ _1\"></span>sallineamento tra <span class=\"_ _f\"></span>atti<span class=\"_ _2\"></span>vi <span class=\"_ _1\"></span>e p<span class=\"_ _1\"></span>assivi ch<span class=\"_ _1\"></span>e p<span class=\"_ _1\"></span>u\u00f2<span class=\"_ _df\"> </span></span>comportare <span class=\"_ _5\"> </span>un\u2019<span class=\"_ _1\"></span>esposizione <span class=\"_ _5\"> </span>dell\u2019impresa <span class=\"_ _20\"> </span>o <span class=\"_ _5\"> </span>al <span class=\"_ _5\"> </span>rischio <span class=\"_ _20\"> </span>disinvestimento <span class=\"_ _5\"> </span>o <span class=\"_ _5\"> </span>al <span class=\"_ _20\"> </span>rischio<span class=\"_ _df\"> </span>reinvestimento.<span class=\"_ _df\"> </span>La <span class=\"_ _14\"> </span>Compagnia <span class=\"_ _14\"> </span>adotta, <span class=\"_ _14\"> </span>nei <span class=\"_ _15\"> </span>confronti <span class=\"_ _14\"> </span>dei <span class=\"_ _14\"> </span>fattori <span class=\"_ _14\"> </span>di <span class=\"_ _14\"> </span>rischio <span class=\"_ _14\"> </span>sopra <span class=\"_ _14\"> </span>enunciati, <span class=\"_ _14\"> </span>linee <span class=\"_ _14\"> </span>guida <span class=\"_ _14\"> </span>che<span class=\"_ _df\"> </span>definiscono <span class=\"_ _4\"> </span>i <span class=\"_ _17\"> </span>principi <span class=\"_ _4\"> </span>generali, <span class=\"_ _17\"> </span>la <span class=\"_ _4\"> </span>periodicit\u00e0 <span class=\"_ _17\"> </span>dei <span class=\"_ _4\"> </span>controlli <span class=\"_ _17\"> </span>e <span class=\"_ _4\"> </span>le <span class=\"_ _4\"> </span>azioni <span class=\"_ _17\"> </span>di <span class=\"_ _4\"> </span>r<span class=\"_ _2\"></span>ipristino <span class=\"_ _4\"> </span>in <span class=\"_ _4\"> </span>caso <span class=\"_ _4\"> </span>di<span class=\"_ _df\"> </span>superamento dei limiti. Valutazione <span class=\"_ _d\"></span>dei <span class=\"_ _d\"></span>rischi <span class=\"_ _d\"></span>ALM <span class=\"_ _d\"></span>vien<span class=\"_ _2\"></span>e <span class=\"_ _d\"></span>effettuata <span class=\"_ _d\"></span>con <span class=\"_ _d\"></span>riferimento <span class=\"_ _d\"></span>al <span class=\"_ _d\"></span>por<span class=\"_ _2\"></span>tafoglio <span class=\"_ _d\"></span>investimenti <span class=\"_ _2\"></span>mobiliar<span class=\"_ _2\"></span>e<span class=\"_ _df\"> </span>gi\u00e0 <span class=\"_ _9\"> </span>acquisito <span class=\"_ _9\"> </span>e <span class=\"_ _9\"> </span>agli <span class=\"_ _9\"> </span>s<span class=\"_ _2\"></span>cenari <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>investimento <span class=\"_ _9\"> </span>futuro. <span class=\"_ _9\"> </span>Tale <span class=\"_ _9\"> </span>at<span class=\"_ _2\"></span>tivit\u00e0 <span class=\"_ _9\"> </span>viene <span class=\"_ _9\"> </span>realizz<span class=\"_ _2\"></span>ata <span class=\"_ _16\"> </span>con <span class=\"_ _9\"> </span>logiche <span class=\"_ _9\"> </span>di<span class=\"_ _df\"> </span>Asset-Liability <span class=\"_ _f\"></span>Management, <span class=\"_ _1\"></span>al <span class=\"_ _f\"></span>fi<span class=\"_ _2\"></span>ne <span class=\"_ _f\"></span>di <span class=\"_ _1\"></span>cogliere <span class=\"_ _f\"></span>le inte<span class=\"_ _1\"></span>rrelazioni e<span class=\"_ _1\"></span>sistenti fra <span class=\"_ _f\"></span>le <span class=\"_ _f\"></span>dinamiche <span class=\"_ _f\"></span>dei p<span class=\"_ _1\"></span>assivi<span class=\"_ _df\"> </span>e le dinamiche degli attivi a copertura delle riserve tecni<span class=\"_ _1\"></span>che. Per quanto riguarda i macro-indicatori analizzati per la valutazione e monitoraggio dei rischi ALM:<span class=\"_ _df\"> </span>-<span class=\"_ _1b\"> </span><span class=\"ff4\">SCR <span class=\"_ _9\"> </span>Interest  Rate <span class=\"_ _9\"> </span><span class=\"ff5\">\u2013<span class=\"_ _2\"></span></span> <span class=\"_ _16\"> </span><span class=\"ff5\">Based: <span class=\"_ _9\"> </span>indicatori  ch<span class=\"_ _1\"></span>e <span class=\"_ _16\"> </span>hanno <span class=\"_ _16\"> </span>lo <span class=\"_ _9\"> </span>scopo  d<span class=\"_ _1\"></span>i <span class=\"_ _16\"> </span>individu<span class=\"_ _1\"></span>are  l<span class=\"_ _1\"></span>\u2019assorbimento  d<span class=\"_ _1\"></span>i<span class=\"_ _df\"> </span></span></span>capitale, secondo <span class=\"_ _2\"></span>le metriche <span class=\"_ _2\"></span>Solvency II, <span class=\"_ _2\"></span>del rischio <span class=\"_ _2\"></span>tasso di <span class=\"_ _2\"></span>interesse secondo <span class=\"_ _2\"></span>un approccio<span class=\"_ _df\"> </span>sia regolamentare che gestionale;<span class=\"_ _df\"> </span>-<span class=\"_ _1b\"> </span><span class=\"ff4\">Dis<span class=\"ff5\">allineamento <span class=\"_ _0\"></span>rendimenti <span class=\"_ _0\"></span>delle <span class=\"_ _0\"></span>gestioni <span class=\"_ _0\"> </span>s<span class=\"_ _2\"></span>eparate: <span class=\"_ _0\"></span>l\u2019indicatore <span class=\"_ _0\"></span>misura <span class=\"_ _9\"> </span>il <span class=\"_ _0\"></span>disallinemento <span class=\"_ _0\"> </span>t<span class=\"_ _2\"></span>ra<span class=\"_ _df\"> </span></span></span>rendimenti dalle gestioni separate e rendimenti mini<span class=\"_ _1\"></span>mi garantiti agli assicurati;<span class=\"_ _df\"> </span>-<span class=\"_ _1b\"> </span><span class=\"ff5\">Cash Flow <span class=\"_ _2\"></span>Matching: l\u2019indicatore <span class=\"_ _2\"></span>descrive il <span class=\"_ _2\"></span>disallineamento, <span class=\"_ _2\"></span>tempo per <span class=\"_ _2\"></span>tempo, <span class=\"_ _2\"></span>tra <span class=\"_ _2\"></span><span class=\"ff4\">i <span class=\"_ _2\"></span>Cashflow<span class=\"_ _df\"> </span></span></span>degli attivi e i Cashflow del passiv<span class=\"_ _1\"></span>o;<span class=\"_ _df\"> </span>-<span class=\"_ _1b\"> </span><span class=\"ff4\">Duration <span class=\"_ _4\"> </span>Matching: <span class=\"_ _17\"> </span>disalline<span class=\"_ _1\"></span>amento <span class=\"_ _17\"> </span>tra <span class=\"_ _17\"> </span>la <span class=\"_ _4\"> </span>duration <span class=\"_ _17\"> </span>dei <span class=\"_ _4\"> </span>Cashflow <span class=\"_ _4\"> </span>At<span class=\"_ _2\"></span>tivi <span class=\"_ _4\"> </span>e <span class=\"_ _4\"> </span>la <span class=\"_ _17\"> </span>duration <span class=\"_ _17\"> </span>dei<span class=\"_ _df\"> </span></span>Cashflow Passivi;<span class=\"_ _df\"> </span>-<span class=\"_ _1b\"> </span><span class=\"ff4\">Future <span class=\"_ _d\"></span>D<span class=\"_ _2\"></span>iscretionary <span class=\"_ _d\"></span>Benefit <span class=\"_ _0\"></span>(cd. <span class=\"_ _d\"></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=\"_ _d\"></span>di <span class=\"_ _0\"></span>monitor<span class=\"_ _2\"></span>are <span class=\"_ _d\"></span>in <span class=\"_ _0\"></span>maniera<span class=\"_ _df\"> </span></span>indiretta <span class=\"_ _17\"> </span>la <span class=\"_ _17\"> </span>capacit\u00e0 <span class=\"_ _17\"> </span>di <span class=\"_ _17\"> </span>assorbimento <span class=\"_ _17\"> </span>delle <span class=\"_ _17\"> </span>perdite <span class=\"_ _17\"> </span>Solvency <span class=\"_ _14\"> </span>II <span class=\"_ _17\"> </span>da <span class=\"_ _17\"> </span>parte <span class=\"_ _17\"> </span>delle <span class=\"_ _17\"> </span>Technical<span class=\"_ _df\"> </span>Provisions;<span class=\"_ _df\"> </span>-<span class=\"_ _1b\"> </span><span class=\"ff4\">Sensitivities Spread Gove<span class=\"_ _1\"></span>rantivo Italia;<span class=\"_ _df\"> </span></span>-<span class=\"_ _1b\"> </span><span class=\"ff4\">Sensitivity sui fattori di rischio me<span class=\"_ _1\"></span>rcato e tecnici (es. tasso e riscatti).<span class=\"_ _df\"> </span></span>Rischio<span class=\"_ _f\"></span> di liquid<span class=\"_ _1\"></span>it\u00e0<span class=\"_ _df\"> </span>Le <span class=\"_ _2\"></span>Compagnie <span class=\"_ _2\"></span>sono <span class=\"_ _d\"></span>soggette <span class=\"_ _d\"></span>a <span class=\"_ _2\"></span>possibili <span class=\"_ _2\"></span>tensioni <span class=\"_ _2\"></span>di <span class=\"_ _d\"></span>liquidit\u00e0 <span class=\"_ _2\"></span>derivanti <span class=\"_ _d\"></span>da <span class=\"_ _2\"></span>scadenze <span class=\"_ _2\"></span>di<span class=\"_ _2\"></span>verse <span class=\"_ _2\"></span>tra <span class=\"_ _d\"></span>gli<span class=\"_ _df\"> </span>attivi e<span class=\"_ _1\"></span> i <span class=\"_ _f\"></span>relativi passivi.<span class=\"_ _1\"></span> Pe<span class=\"_ _1\"></span>r rischio di<span class=\"_ _1\"></span> liq<span class=\"_ _1\"></span>uidit\u00e0 si <span class=\"_ _f\"></span>intende il <span class=\"_ _f\"></span>r<span class=\"_ _2\"></span>ischio <span class=\"_ _f\"></span>che la <span class=\"_ _f\"></span>Com<span class=\"_ _2\"></span>pagnia <span class=\"_ _f\"></span>non sia <span class=\"_ _1\"></span>in g<span class=\"_ _1\"></span>rado<span class=\"_ _df\"> </span>di <span class=\"_ _2\"></span>liquidare <span class=\"_ _2\"></span>investimenti <span class=\"_ _2\"></span>ed a<span class=\"_ _2\"></span>ltre <span class=\"_ _2\"></span>attivit\u00e0 <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>regolare <span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>propri <span class=\"_ _2\"></span>im<span class=\"_ _2\"></span>pegni <span class=\"_ _2\"></span>finanziari <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>momento <span class=\"_ _2\"></span>della<span class=\"_ _df\"> </span>relativa scadenza (cfr. articolo 1, comma 1, lettera vv-bis 2 del CAP). La <span class=\"_ _d\"></span>possibilit\u00e0 <span class=\"_ _2\"></span>di <span class=\"_ _d\"></span>procedere <span class=\"_ _2\"></span>allo <span class=\"_ _d\"></span>smobilizzo <span class=\"_ _d\"></span>tempestivo <span class=\"_ _2\"></span>del <span class=\"_ _d\"></span>portafoglio <span class=\"_ _d\"></span>\u00e8 <span class=\"_ _2\"></span>for<span class=\"_ _2\"></span>temente <span class=\"_ _2\"></span>condizionata<span class=\"_ _df\"> </span>dalla liquidabilit\u00e0 dei t<span class=\"_ _2\"></span>itoli in cui lo <span class=\"_ _2\"></span>stesso \u00e8 i<span class=\"_ _2\"></span>nvestito. La s<span class=\"_ _2\"></span>carsa<span class=\"_ _1\"></span> liquidabilit\u00e0 dei <span class=\"_ _2\"></span>titoli in portafoglio,<span class=\"_ _df\"> </span>infatti, <span class=\"_ _2\"></span>pu\u00f2 <span class=\"_ _2\"></span>esporr<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>Compagnia <span class=\"_ _2\"></span>al <span class=\"_ _d\"></span>rischio <span class=\"_ _2\"></span>di <span class=\"_ _d\"></span>conseguire <span class=\"_ _2\"></span>delle <span class=\"_ _2\"></span>perdite <span class=\"_ _2\"></span>connesse <span class=\"_ _2\"></span>alla <span class=\"_ _d\"></span>difficolt\u00e0 <span class=\"_ _2\"></span>di<span class=\"_ _df\"> </span>trovare sul mercato la controparte interessata all\u2019acq<span class=\"_ _1\"></span>uisto dei titoli che si intende smobiliz<span class=\"_ _2\"></span><span class=\"ff4\">zare.<span class=\"_ _df\"> </span></span>Alla sottocategoria dei Rischi di Li<span class=\"_ _1\"></span>quidit\u00e0 appartengono i seguenti fattori di rischio: -<span class=\"ff10\"> <span class=\"_ _24\"> </span><span class=\"ff4\">Market <span class=\"_ _0\"></span>Liquidity <span class=\"_ _d\"></span>Risk: <span class=\"_ _0\"></span>Rischio <span class=\"_ _0\"></span>che <span class=\"_ _0\"></span>la <span class=\"_ _0\"></span>Compagnia <span class=\"_ _d\"></span>non <span class=\"_ _0\"></span>sia <span class=\"_ _0\"></span>in <span class=\"_ _0\"></span>grado <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>liquidare <span class=\"_ _d\"></span>o <span class=\"_ _0\"></span>finanziare <span class=\"_ _0\"></span>le<span class=\"_ _df\"> </span></span></span>proprie <span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>iserve <span class=\"_ _2\"></span>di <span class=\"_ _d\"></span>liquidit\u00e0 <span class=\"_ _2\"></span>senza <span class=\"_ _d\"></span>incorrere <span class=\"_ _d\"></span>in <span class=\"_ _2\"></span>perdite <span class=\"_ _d\"></span>a <span class=\"_ _d\"></span>causa <span class=\"_ _2\"></span>della <span class=\"_ _d\"></span>scar<span class=\"_ _2\"></span>sa <span class=\"_ _2\"></span>liquidit\u00e0 <span class=\"_ _2\"></span>o <span class=\"_ _d\"></span>chiusura<span class=\"_ _df\"> </span>dei mercati;<span class=\"_ _df\"> </span>-<span class=\"ff10\"> <span class=\"_ _24\"> </span><span class=\"ff4\">Liquidity <span class=\"_ _14\"> </span>Mismatch <span class=\"_ _15\"> </span>Risk: <span class=\"_ _15\"> </span>Rischio <span class=\"_ _15\"> </span>che <span class=\"_ _14\"> </span>il <span class=\"_ _15\"> </span>profilo <span class=\"_ _15\"> </span>dei <span class=\"_ _14\"> </span>flussi <span class=\"_ _15\"> </span>di <span class=\"_ _15\"> </span>cassa <span class=\"_ _14\"> </span>in <span class=\"_ _15\"> </span>uscita <span class=\"_ _15\"> </span>non <span class=\"_ _14\"> </span>risulti<span class=\"_ _df\"> </span></span></span>adeguatamente <span class=\"_ _d\"></span>compensato <span class=\"_ _0\"></span>dal <span class=\"_ _d\"></span>profilo <span class=\"_ _d\"></span>dei <span class=\"_ _d\"></span>flussi <span class=\"_ _0\"></span>di <span class=\"_ _d\"></span>cassa <span class=\"_ _d\"></span>in <span class=\"_ _0\"></span>entrara <span class=\"_ _d\"></span>nel <span class=\"_ _d\"></span>breve <span class=\"_ _d\"></span>e <span class=\"_ _0\"></span>brevissimo<span class=\"_ _df\"> </span>termine;<span class=\"_ _df\"> </span>-<span class=\"ff10\"> <span class=\"_ _24\"> </span><span class=\"ff4\">Contingency Liquidity <span class=\"_ _2\"></span><span class=\"ff5\">Risk: Rischio derivante da <span class=\"_ _2\"></span>un\u2019evoluzione d<span class=\"_ _2\"></span>elle passivit\u00e0 a <span class=\"_ _2\"></span>breve termine<span class=\"_ _df\"> </span></span></span></span>che genera una situazione di incapaci<span class=\"_ _1\"></span>t\u00e0 da parte dell\u2019attivo corrente.<span class=\"_ _df\"> </span>La Comp<span class=\"_ _1\"></span>agnia q<span class=\"_ _1\"></span>uantifica la <span class=\"_ _f\"></span>sua posizione <span class=\"_ _f\"></span>di solvibili<span class=\"_ _1\"></span>t\u00e0 con <span class=\"_ _f\"></span>le metriche <span class=\"_ _f\"></span>della Formula Standard,<span class=\"_ _1\"></span> che<span class=\"_ _df\"> </span>non prevede una quantificazione del rischio liquidit\u00e0 in termini di assorbimento di cap<span class=\"_ _1\"></span>itale.<span class=\"_ _df\"> </span>L\u2019identificazione <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>rischio <span class=\"_ _d\"></span>di <span class=\"_ _2\"></span>liquidit\u00e0 <span class=\"_ _d\"></span>viene <span class=\"_ _2\"></span>effettuata <span class=\"_ _d\"></span>con <span class=\"_ _2\"></span>riferimento <span class=\"_ _2\"></span>ai <span class=\"_ _d\"></span>portafogli <span class=\"_ _2\"></span>investimenti<span class=\"_ _df\"> </span>sottostanti <span class=\"_ _0\"></span>i <span class=\"_ _9\"> </span>prodotti <span class=\"_ _0\"></span>con <span class=\"_ _0\"></span>garanzia <span class=\"_ _9\"> </span>di <span class=\"_ _0\"></span>capitale <span class=\"_ _9\"> </span>e/o <span class=\"_ _0\"></span>rendimento. <span class=\"_ _0\"> </span>L\u2019iden<span class=\"_ _2\"></span><span class=\"ff4\">tificazione <span class=\"_ _9\"> </span>dei <span class=\"_ _0\"></span>rischi <span class=\"_ _0\"> </span>vi<span class=\"_ _2\"></span>ene<span class=\"_ _df\"> </span></span>effettuata <span class=\"_ _15\"> </span>sulla <span class=\"_ _e\"> </span>base <span class=\"_ _e\"> </span>dei <span class=\"_ _15\"> </span>dati <span class=\"_ _e\"> </span>tecnici <span class=\"_ _15\"> </span>dei <span class=\"_ _e\"> </span>portafogli <span class=\"_ _e\"> </span>e <span class=\"_ _e\"> </span>delle <span class=\"_ _15\"> </span>metr<span class=\"_ _2\"></span>iche <span class=\"_ _15\"> </span>definite <span class=\"_ _15\"> </span>in <span class=\"_ _e\"> </span>funzione<span class=\"_ _df\"> </span>dell\u2019orizzonte temporale con cui vie<span class=\"_ _1\"></span>ne analizzato e studiato il rischio stesso.<span class=\"_ _df\"> </span>Si  riportano  di  segu<span class=\"_ _1\"></span>ito  gli  indicatori  utilizzati  dalla  Compagnia  per  il  monitoraggio  del  rischio<span class=\"_ _df\"> </span>liquidit\u00e0:<span class=\"_ _df\"> </span>-<span class=\"ff10\"> <span class=\"_ _24\"> </span><span class=\"ff5\">importo <span class=\"_ _2\"></span>dei <span class=\"_ _2\"></span>conti <span class=\"_ _2\"></span>correnti: <span class=\"_ _2\"></span>la Compagnia <span class=\"_ _2\"></span>ha <span class=\"_ _2\"></span>scelto <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>monitorare l\u2019importo <span class=\"_ _2\"></span>detenuto <span class=\"_ _2\"></span>nei <span class=\"_ _2\"></span>Conti<span class=\"_ _df\"> </span></span></span>Correnti  al <span class=\"_ _9\"> </span>fine <span class=\"_ _16\"> </span>di <span class=\"_ _9\"> </span>fissar<span class=\"_ _2\"></span>e <span class=\"_ _9\"> </span>un  li<span class=\"_ _f\"></span>mit<span class=\"_ _2\"></span>e <span class=\"_ _9\"> </span>inferiore  che<span class=\"_ _1\"></span>  rapp<span class=\"_ _1\"></span>resenta  l<span class=\"_ _1\"></span>a  R<span class=\"_ _1\"></span>iserva <span class=\"_ _16\"> </span>di <span class=\"_ _9\"> </span>Liquidit\u00e0  (come<span class=\"_ _df\"> </span>prescritta dal <span class=\"_ _2\"></span>Reg. <span class=\"_ _2\"></span>38 IVASS) <span class=\"_ _2\"></span>e un <span class=\"_ _2\"></span>limite <span class=\"_ _2\"></span>superiore in <span class=\"_ _2\"></span>termini <span class=\"_ _2\"></span>di importo <span class=\"_ _2\"></span>massimo <span class=\"_ _2\"></span>da detenere<span class=\"_ _df\"> </span>nei <span class=\"_ _2\"></span>Conti <span class=\"_ _2\"></span>Correnti <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>fine <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>rendere <span class=\"_ _2\"></span>efficace la <span class=\"_ _d\"></span>gestione d<span class=\"_ _2\"></span>el por<span class=\"_ _2\"></span>tafoglio <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>limitare <span class=\"_ _2\"></span>gli eventuali<span class=\"_ _df\"> </span>effetti <span class=\"_ _2\"></span>sull\u2019SCR Default. <span class=\"_ _2\"></span>N<span class=\"_ _2\"></span>ella quantificazione <span class=\"_ _2\"></span>della <span class=\"_ _2\"></span>Riserva di <span class=\"_ _2\"></span>Liquidit\u00e0 <span class=\"_ _d\"></span><span class=\"ff4\">concorrono <span class=\"_ _2\"></span>non <span class=\"_ _2\"></span>solo <span class=\"_ _2\"></span>le<span class=\"_ _df\"> </span></span>esposizioni in Conto Corrente ma anche<span class=\"_ _1\"></span> titoli Governativi dell'Area Euro con qualit\u00e0 del cred<span class=\"_ _1\"></span>ito<span class=\"_ _df\"> </span>superiore a 2 e scadenza inferiore ai 3 mesi. -<span class=\"ff10\"> <span class=\"_ _24\"> </span><span class=\"ff4\">Liquidity <span class=\"_ _4\"> </span>Buffer: <span class=\"_ _17\"> </span>il <span class=\"_ _17\"> </span>numero <span class=\"_ _4\"> </span>di <span class=\"_ _17\"> </span>periodi, <span class=\"_ _4\"> </span>m<span class=\"_ _2\"></span>ensili, <span class=\"_ _4\"> </span>consecutivi <span class=\"_ _4\"> </span>c<span class=\"_ _2\"></span>on <span class=\"_ _4\"> </span>Liquidity <span class=\"_ _17\"> </span>Buffer <span class=\"_ _4\"> </span>negativ<span class=\"_ _d\"></span>o,<span class=\"_ _df\"> </span></span></span>nell\u2019orizzonte <span class=\"_ _10\"> </span>temporale <span class=\"_ _10\"> </span>annuale <span class=\"_ _10\"> </span>considerato <span class=\"_ _18\"> </span>e <span class=\"_ _10\"> </span>fornisce <span class=\"_ _10\"> </span>un\u2019indicazione <span class=\"_ _10\"> </span>sintetica <span class=\"_ _10\"> </span>della<span class=\"_ _df\"> </span>situazione di liquidit\u00e0 della Compagnia;<span class=\"_ _df\"> </span>-<span class=\"ff10\"> <span class=\"_ _24\"> </span><span class=\"ff5\">Piano <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>Liquidit\u00e0: <span class=\"_ _d\"></span>l\u2019indicatore <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _2\"></span>volto <span class=\"_ _d\"></span>a <span class=\"_ _2\"></span>dimostrare <span class=\"_ _d\"></span>che <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>Compagnia <span class=\"_ _2\"></span>ha <span class=\"_ _2\"></span>le <span class=\"_ _d\"></span>risorse <span class=\"_ _2\"></span>finanziarie<span class=\"_ _df\"> </span></span></span>su base cont<span class=\"_ _2\"></span>inuativa per la <span class=\"_ _2\"></span>gestione del <span class=\"_ _2\"></span>rischio liquidit\u00e0. <span class=\"_ _2\"></span>Tale condizione risulta <span class=\"_ _2\"></span>inoltre essere<span class=\"_ _df\"> </span>alla base per l\u2019applicazione del Volatility Adjustment a livel<span class=\"_ _1\"></span>lo Regolamentare; -<span class=\"ff10\"> <span class=\"_ _24\"> </span><span class=\"ff4\">Contingency di liquidit\u00e0: ovvero titoli facilmente<span class=\"_ _1\"></span> liquidabili;<span class=\"_ _df\"> </span></span></span>-<span class=\"ff10\"> <span class=\"_ _24\"> </span><span class=\"ff4\">SCR <span class=\"_ _0\"></span>d<span class=\"_ _2\"></span>efault <span class=\"_ _0\"></span>conti <span class=\"_ _9\"> </span>corrente: <span class=\"_ _9\"> </span>al <span class=\"_ _9\"> </span>fine <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>l<span class=\"ff5\">imitare <span class=\"_ _9\"> </span>gli <span class=\"_ _9\"> </span>eventuali <span class=\"_ _9\"> </span>effetti <span class=\"_ _9\"> </span>sull\u2019SCR <span class=\"_ _0\"></span>d<span class=\"_ _2\"></span>efault <span class=\"_ _0\"></span>derivante<span class=\"_ _df\"> </span></span></span></span>dall\u2019aumento <span class=\"_ _9\"> </span>dei <span class=\"_ _9\"> </span>volumi <span class=\"_ _16\"> </span>dei <span class=\"_ _9\"> </span>conti <span class=\"_ _16\"> </span>corrente, <span class=\"_ _9\"> </span>la <span class=\"_ _16\"> </span>Compagnia <span class=\"_ _9\"> </span>ha <span class=\"_ _9\"> </span>fissato <span class=\"_ _16\"> </span>un <span class=\"_ _9\"> </span>limite <span class=\"_ _16\"> </span>superiore <span class=\"_ _9\"> </span>in<span class=\"_ _df\"> </span>termini di SCR Default.<span class=\"_ _df\"> </span>Con <span class=\"_ _d\"></span>l\u2019introduzione<span class=\"_ _1\"></span> <span class=\"_ _d\"></span>del <span class=\"_ _2\"></span>principio <span class=\"_ _d\"></span>IFRS17 <span class=\"_ _2\"></span>si <span class=\"_ _d\"></span>\u00e8 <span class=\"_ _d\"></span>voluto <span class=\"_ _2\"></span>dare <span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>peci<span class=\"_ _1\"></span>fica <span class=\"_ _d\"></span>attenzione <span class=\"_ _2\"></span>all<span class=\"_ _2\"></span><span class=\"ff4\">e <span class=\"_ _d\"></span>aspettative <span class=\"_ _2\"></span>delle<span class=\"_ _df\"> </span></span>compagnie assicurative rispetto ai flussi di cassa attesi sottostanti le<span class=\"_ _1\"></span> valutazioni di riserva.   Di seguito si riporta l\u2019evoluzione temporale dei relativi flussi finanziari netti non attualizzati relativi<span class=\"_ _df\"> </span>ai <span class=\"_ _17\"> </span>contratti <span class=\"_ _17\"> </span>assicurativi <span class=\"_ _4\"> </span>em<span class=\"_ _2\"></span>essi <span class=\"_ _4\"> </span>delle <span class=\"_ _17\"> </span>cessioni <span class=\"_ _17\"> </span>in <span class=\"_ _17\"> </span>riassicurazione <span class=\"_ _17\"> </span>che <span class=\"_ _17\"> </span>costituiscono <span class=\"_ _17\"> </span>passivit\u00e0<span class=\"_ _df\"> </span>valutate secondo il principio IFRS17.<span class=\"_ _df\"> </span>Tale <span class=\"_ _9\"> </span>evoluzione <span class=\"_ _9\"> </span>tiene <span class=\"_ _9\"> </span>conto <span class=\"_ _16\"> </span>dei <span class=\"_ _9\"> </span>flussi <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>cassa <span class=\"_ _9\"> </span>che <span class=\"_ _9\"> </span>concorr<span class=\"_ _2\"></span>ono <span class=\"_ _0\"></span>a <span class=\"_ _16\"> </span>determinare <span class=\"_ _9\"> </span>la <span class=\"_ _9\"> </span>riserva <span class=\"_ _9\"> </span>per <span class=\"_ _9\"> </span>la<span class=\"_ _df\"> </span>Liability for Remaining Coverage (LRC) IFRS17.<span class=\"_ _df\"> </span>Rischio<span class=\"_ _f\"></span> di liquid<span class=\"_ _1\"></span>it\u00e0 <span class=\"_ _1\"></span>contra<span class=\"_ _f\"></span>tti ass<span class=\"_ _1\"></span>icura<span class=\"_ _1\"></span>tivi - Fl<span class=\"_ _1\"></span>ussi <span class=\"_ _1\"></span>finanzia<span class=\"_ _f\"></span>ri di a<span class=\"_ _1\"></span>dem<span class=\"_ _1\"></span>piment<span class=\"_ _f\"></span>o dei co<span class=\"_ _1\"></span>ntrat<span class=\"_ _1\"></span>ti a<span class=\"_ _1\"></span>ssicur<span class=\"_ _f\"></span>ativi em<span class=\"_ _1\"></span>essi <span class=\"_ _f\"></span>e delle cessi<span class=\"_ _1\"></span>oni in <span class=\"_ _f\"></span>riassicur<span class=\"_ _f\"></span>azione c<span class=\"_ _f\"></span>he cost<span class=\"_ _1\"></span>ituis<span class=\"_ _1\"></span>cono <span class=\"_ _1\"></span>pass<span class=\"_ _1\"></span>ivit\u00e0<span class=\"_ _1\"></span>: distr<span class=\"_ _1\"></span>ibuzi<span class=\"_ _1\"></span>one t<span class=\"_ _f\"></span>emporal<span class=\"_ _1\"></span>e <table class=\"s w11af h5bd\" id=\"_3336409b-eb06-49f2-9e51-6ea54dbbff09\"><tr><td></td><td class=\"c xb48 y3867 wb4a h4da\"><div class=\"t m0 x250 h262 y2919 ff4 fs27 fc4 sc3 ls0 ws0\">Fino<span class=\"_ _1\"></span> a 1</div></td><td class=\"c xb49 y3868 wb44 h4da\"><div class=\"t m0 x250 h262 y2919 ff4 fs27 fc4 sc3 ls0 ws0\">Da ol<span class=\"_ _1\"></span>tre 1<span class=\"_ _df\"> </span></div></td><td class=\"c xb4a y3868 wb45 h4da\"><div class=\"t m0 x250 h262 y2919 ff4 fs27 fc4 sc3 ls0 ws0\">Da ol<span class=\"_ _1\"></span>tre 2<span class=\"_ _df\"> </span></div></td><td class=\"c xb4b y3868 w11b0 h4da\"><div class=\"t m0 x250 h262 y2919 ff4 fs27 fc4 sc3 ls0 ws0\">Da ol<span class=\"_ _1\"></span>tre 3<span class=\"_ _df\"> </span></div></td><td class=\"c xb4c y3868 wb47 h4da\"><div class=\"t m0 x250 h262 y2919 ff4 fs27 fc4 sc3 ls0 ws0\">Da ol<span class=\"_ _1\"></span>tre 4<span class=\"_ _df\"> </span></div></td><td class=\"c xb4d y3867 w11b1 h4da\"><div class=\"t m0 x250 h262 y2919 ff4 fs27 fc4 sc3 ls0 ws0\">Oltr<span class=\"_ _1\"></span>e 5<span class=\"_ _df\"> </span></div></td><td></td></tr><tr><td class=\"c x44e y3869 w645 h261\"><div class=\"t m0 x13 h262 ye28 ff4 fs27 fc4 sc3 ls0 ws0\">Voci/<span class=\"_ _f\"></span>Scagli<span class=\"_ _1\"></span>oni te<span class=\"_ _f\"></span>mpora<span class=\"_ _1\"></span>li </div></td><td class=\"c xb4e y386a wb50 h4da\"><div class=\"t m0 x250 h262 y2919 ff4 fs27 fc4 sc3 ls0 ws0\">ann<span class=\"_ _1\"></span>o</div></td><td class=\"c xb4f y386b w11b2 h4da\"><div class=\"t m0 x250 h262 y2919 ff4 fs27 fc4 sc3 ls0 ws0\">ann<span class=\"_ _1\"></span>o fin<span class=\"_ _1\"></span>o a<span class=\"_ _df\"> </span></div></td><td class=\"c x545 y386b w11b3 h4da\"><div class=\"t m0 x250 h262 y2919 ff4 fs27 fc4 sc3 ls0 ws0\">ann<span class=\"_ _1\"></span>i fin<span class=\"_ _1\"></span>o a 3<span class=\"_ _df\"> </span></div></td><td class=\"c xb50 y386b w11b4 h4da\"><div class=\"t m0 x250 h262 y2919 ff4 fs27 fc4 sc3 ls0 ws0\">ann<span class=\"_ _1\"></span>i fin<span class=\"_ _1\"></span>o a 4<span class=\"_ _df\"> </span></div></td><td class=\"c xb51 y386b w11b5 h4da\"><div class=\"t m0 x250 h262 y2919 ff4 fs27 fc4 sc3 ls0 ws0\">ann<span class=\"_ _1\"></span>i fin<span class=\"_ _1\"></span>o a 5<span class=\"_ _df\"> </span></div></td><td class=\"c xb52 y386a wd8f h4da\"><div class=\"t m0 x250 h262 y2919 ff4 fs27 fc4 sc3 ls0 ws0\">ann<span class=\"_ _1\"></span>i<span class=\"_ _df\"> </span></div></td><td class=\"c xb53 y3869 w1f1 h261\"><div class=\"t m0 x8e h262 ye28 ff4 fs27 fc4 sc3 ls0 ws0\">Tota<span class=\"_ _1\"></span>le </div></td></tr><tr><td></td><td></td><td class=\"c xb54 y2af4 wd85 h4da\"><div class=\"t m0 x250 h262 y2919 ff4 fs27 fc4 sc3 ls0 ws0\">2 ann<span class=\"_ _f\"></span>i<span class=\"_ _df\"> </span></div></td><td class=\"c xb55 y2af4 wd8f h4da\"><div class=\"t m0 x250 h262 y2919 ff4 fs27 fc4 sc3 ls0 ws0\">ann<span class=\"_ _1\"></span>i<span class=\"_ _df\"> </span></div></td><td class=\"c xb56 y2af4 wd8f h4da\"><div class=\"t m0 x250 h262 y2919 ff4 fs27 fc4 sc3 ls0 ws0\">ann<span class=\"_ _1\"></span>i<span class=\"_ _df\"> </span></div></td><td class=\"c xb57 y2af4 wd8f h4da\"><div class=\"t m0 x250 h262 y2919 ff4 fs27 fc4 sc3 ls0 ws0\">ann<span class=\"_ _1\"></span>i<span class=\"_ _df\"> </span></div></td><td></td><td></td></tr><tr><td class=\"c x44e y386c w646 h54\"><div class=\"t m0 x1af h262 yc5f ff4 fs27 fc4 sc3 ls0 ws0\">Segm<span class=\"_ _f\"></span>ento V<span class=\"_ _f\"></span>ita </div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x262 y386d w11b6 h4db\"><div class=\"t m0 x250 h262 y2899 ff4 fs27 fc1 sc0 ls0 ws0\">1. Contratt<span class=\"_ _1\"></span>i assicurativi e<span class=\"_ _f\"></span>messi con elementi<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x262 y386e w11b7 h4cd\"><div class=\"t m0 x250 h262 y2899 ff4 fs27 fc1 sc0 ls0 ws0\">di partecipa<span class=\"_ _f\"></span>z<span class=\"_ _2\"></span>ione dire<span class=\"_ _1\"></span>tta<span class=\"ls109\">: </span>- Flussi fin<span class=\"_ _f\"></span>anziari<span class=\"_ _df\"> </span></div></td><td class=\"c x8c1 y386f wdc h1c1\"><div class=\"t m0 xab h262 yffc ff4 fs27 fc1 sc0 ls0 ws0\">300.829  </div></td><td class=\"c xb58 y386f wab h1c1\"><div class=\"t m0 x39 h262 yffc ff4 fs27 fc1 sc0 ls0 ws0\">522.545 <span class=\"_ _1\"></span> </div></td><td class=\"c x5c0 y386f wb6 h1c1\"><div class=\"t m0 x39 h262 yffc ff4 fs27 fc1 sc0 ls0 ws0\">347.742  </div></td><td class=\"c xb59 y386f wab h1c1\"><div class=\"t m0 x39 h262 yffc ff4 fs27 fc1 sc0 ls0 ws0\">324.542  </div></td><td class=\"c x7b6 y386f wab h1c1\"><div class=\"t m0 x39 h262 yffc ff4 fs27 fc1 sc0 ls0 ws0\">280.375  </div></td><td class=\"c x533 y386f w587 h1c1\"><div class=\"t m0 x10 h262 yffc ff4 fs27 fc1 sc0 ls0 ws0\">4.503.806 <span class=\"_ _1\"></span> </div></td><td class=\"c xb5a y386f w351 h1c1\"><div class=\"t m0 x10 h262 yffc ff4 fs27 fc1 sc2 ls0 ws0\">6.27<span class=\"_ _1\"></span>9.83<span class=\"_ _1\"></span>9  </div></td></tr><tr><td class=\"c x262 y3870 w11b8 h4cd\"><div class=\"t m0 x250 h262 y2899 ff4 fs27 fc1 sc0 ls0 ws0\">netti non at<span class=\"_ _1\"></span>tualizzati<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x262 y3871 w11b9 h4cd\"><div class=\"t m0 x250 h262 y2899 ff4 fs27 fc1 sc0 ls0 ws0\">2. Contratt<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span> di invest<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span>ment<span class=\"_ _1\"></span>o emessi co<span class=\"_ _f\"></span>n<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x262 y2e7c w11ba h4ce\"><div class=\"t m0 x250 h262 y28a1 ff4 fs27 fc1 sc0 ls0 ws0\">elementi di <span class=\"_ _f\"></span>partecipazione discre<span class=\"_ _1\"></span>ziona<span class=\"_ _1\"></span>le -<span class=\"_ _df\"> </span></div><div class=\"t m0 x250 h262 y2899 ff4 fs27 fc1 sc0 ls0 ws0\">Flussi finan<span class=\"_ _1\"></span>ziari netti <span class=\"_ _1\"></span>non attualiz<span class=\"_ _f\"></span>z<span class=\"_ _2\"></span>ati<span class=\"_ _df\"> </span></div></td><td class=\"c x8c1 y3872 wdc h1c1\"><div class=\"t m0 x16a h262 yffc ff4 fs27 fc1 sc0 ls0 ws0\">62.356  </div></td><td class=\"c xb58 y3872 wab h1c1\"><div class=\"t m0 x33 h262 yffc ff4 fs27 fc1 sc0 ls0 ws0\">76.869  </div></td><td class=\"c x5c0 y3872 wb6 h1c1\"><div class=\"t m0 x33 h262 yffc ff4 fs27 fc1 sc0 ls6b ws0\">83<span class=\"ls0\">.243</span><span class=\"ls0\">  </span></div></td><td class=\"c xb59 y3872 wab h1c1\"><div class=\"t m0 x33 h262 yffc ff4 fs27 fc1 sc0 ls0 ws0\">85.663  </div></td><td class=\"c x7b6 y3872 wab h1c1\"><div class=\"t m0 x33 h262 yffc ff4 fs27 fc1 sc0 ls0 ws0\">79.900  </div></td><td class=\"c x533 y3872 w587 h1c1\"><div class=\"t m0 x2a h262 yffc ff4 fs27 fc1 sc0 ls0 ws0\">871.992  </div></td><td class=\"c xb5a y3872 w351 h1c1\"><div class=\"t m0 x8a h262 yffc ff4 fs27 fc1 sc2 ls0 ws0\">1.260<span class=\"_ _f\"></span>.023 <span class=\"_ _1\"></span> </div></td></tr><tr><td class=\"c x262 y3320 w11bb h4cd\"><div class=\"t m0 x250 h262 y2899 ff4 fs27 fc1 sc0 ls0 ws0\">3. Contratti a<span class=\"_ _f\"></span>ssi<span class=\"_ _2\"></span>cur<span class=\"_ _1\"></span>ativi emes<span class=\"_ _1\"></span>si senza<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x262 y3873 w11bc h4cd\"><div class=\"t m0 x250 h262 y2899 ff4 fs27 fc1 sc0 ls0 ws0\">elementi di <span class=\"_ _f\"></span>partecipazione dire<span class=\"_ _1\"></span>tta - Flussi<span class=\"_ _df\"> </span></div></td><td class=\"c x8c1 y3874 wdc h1c1\"><div class=\"t m0 x55 h262 yffc ff4 fs27 fc1 sc0 ls0 ws0\">6.369  </div></td><td class=\"c xb58 y3874 wab h1c1\"><div class=\"t m0 x3a h262 yffc ff4 fs27 fc1 sc0 ls0 ws0\">4.463  </div></td><td class=\"c x5c0 y3874 wb6 h1c1\"><div class=\"t m0 x34 h262 yffc ff4 fs27 fc1 sc0 ls0 ws0\">3.117  </div></td><td class=\"c xb59 y3874 wab h1c1\"><div class=\"t m0 x27 h262 yffc ff4 fs27 fc1 sc0 ls0 ws0\">2.223  </div></td><td class=\"c x7b6 y3874 wab h1c1\"><div class=\"t m0 x26 h262 yffc ff4 fs27 fc1 sc0 ls0 ws0\">1.558  </div></td><td class=\"c x533 y3874 w587 h1c1\"><div class=\"t m0 x14 h262 yffc ff4 fs27 fc1 sc0 ls0 ws0\">6.599  </div></td><td class=\"c xb5a y3874 w351 h1c1\"><div class=\"t m0 x2e h262 yffc ff4 fs27 fc1 sc2 ls0 ws0\">24.32<span class=\"_ _f\"></span>9  </div></td></tr><tr><td class=\"c x262 y3875 w11bd h4cd\"><div class=\"t m0 x250 h262 y2899 ff4 fs27 fc1 sc0 ls0 ws0\">finanziari ne<span class=\"_ _1\"></span>tti non att<span class=\"_ _1\"></span>ualizzati<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x262 y3876 w11be h4cd\"><div class=\"t m0 x250 h262 y2899 ff4 fs27 fc1 sc0 ls0 ws0\">4. Cessioni i<span class=\"_ _1\"></span>n riassicuraz<span class=\"_ _1\"></span>ione - Flussi<span class=\"_ _df\"> </span></div></td><td class=\"c x8c1 y3877 wdc h35d\"><div class=\"t m0 x33 h262 y66a ff4 fs27 fc1 sc0 ls0 ws0\">606  </div></td><td class=\"c xb58 y3877 wab h35d\"><div class=\"t m0 x31 h262 y66a ff4 fs27 fc1 sc0 ls0 ws0\">513  </div></td><td class=\"c x5c0 y3877 wb6 h35d\"><div class=\"t m0 x97 h262 y66a ff4 fs27 fc1 sc0 ls0 ws0\">428  </div></td><td class=\"c xb59 y3877 wab h35d\"><div class=\"t m0 x38 h262 y66a ff4 fs27 fc1 sc0 ls0 ws0\">352  </div></td><td class=\"c x7b6 y3877 wab h35d\"><div class=\"t m0 x38 h262 y66a ff4 fs27 fc1 sc0 ls0 ws0\">289  </div></td><td class=\"c x533 y3877 w587 h35d\"><div class=\"t m0 x3a h262 y66a ff4 fs27 fc1 sc0 ls0 ws0\">932  </div></td><td class=\"c xb5a y3877 w351 h35d\"><div class=\"t m0 x14 h262 y66a ff4 fs27 fc1 sc2 ls0 ws0\">3.120<span class=\"_ _f\"></span>  </div></td></tr><tr><td class=\"c x262 y3878 w11bf h4cd\"><div class=\"t m0 x250 h262 y2899 ff4 fs27 fc1 sc0 ls0 ws0\">finanziari net<span class=\"_ _1\"></span>ti non attual<span class=\"_ _f\"></span>izzati<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x44e y3879 w646 h54\"><div class=\"t m0 x8 h262 yc5f ff4 fs27 fc4 sc3 ls0 ws0\">Segm<span class=\"_ _f\"></span>ento D<span class=\"_ _1\"></span>ann<span class=\"_ _1\"></span>i </div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x262 y387a w11b6 h4cd\"><div class=\"t m0 x250 h262 y2899 ff4 fs27 fc1 sc0 ls0 ws0\">1. Contratt<span class=\"_ _1\"></span>i assicurativi e<span class=\"_ _f\"></span>messi con elementi<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x262 y2bbb w11c0 h4cd\"><div class=\"t m0 x250 h262 y2899 ff4 fs27 fc1 sc0 ls0 ws0\">di partecipa<span class=\"_ _f\"></span>z<span class=\"_ _2\"></span>ione dire<span class=\"_ _1\"></span>tta - Fluss<span class=\"_ _1\"></span>i finanziari<span class=\"_ _df\"> </span></div></td><td class=\"c x8c1 y387b wdc h1c1\"><div class=\"t m0 x97 h262 yffc ff4 fs27 fc1 sc0 ls0 ws0\">-  </div></td><td class=\"c xb58 y387b wab h1c1\"><div class=\"t m0 x96 h262 yffc ff4 fs27 fc1 sc0 ls0 ws0\">-  </div></td><td class=\"c x5c0 y387b wb6 h1c1\"><div class=\"t m0 x96 h262 yffc ff4 fs27 fc1 sc0 ls0 ws0\">-  </div></td><td class=\"c xb59 y387b wab h1c1\"><div class=\"t m0 x12 h262 yffc ff4 fs27 fc1 sc0 ls0 ws0\">-  </div></td><td class=\"c x7b6 y387b wab h1c1\"><div class=\"t m0 x12 h262 yffc ff4 fs27 fc1 sc0 ls0 ws0\">-  </div></td><td class=\"c x533 y387b w587 h1c1\"><div class=\"t m0 x15 h262 yffc ff4 fs27 fc1 sc0 ls0 ws0\">-  </div></td><td class=\"c xb5a y387b w351 h1c1\"><div class=\"t m0 x31 h262 yffc ff4 fs27 fc1 sc2 ls0 ws0\">-  </div></td></tr><tr><td class=\"c x262 y387c w11b8 h4cd\"><div class=\"t m0 x250 h262 y2899 ff4 fs27 fc1 sc0 ls0 ws0\">netti non at<span class=\"_ _1\"></span>tualizzati<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x262 y387d w11c1 h4cd\"><div class=\"t m0 x250 h262 y2899 ff4 fs27 fc1 sc0 ls0 ws0\">2. Cessioni i<span class=\"_ _1\"></span>n riassicuraz<span class=\"_ _1\"></span>ione - Flussi f<span class=\"_ _1\"></span>inanziari<span class=\"_ _df\"> </span></div></td><td class=\"c x8c1 y387e wdc h54\"><div class=\"t m0 x97 h262 yc5f ff4 fs27 fc1 sc0 ls0 ws0\">-  </div></td><td class=\"c xb58 y387e wab h54\"><div class=\"t m0 x96 h262 yc5f ff4 fs27 fc1 sc0 ls0 ws0\">-  </div></td><td class=\"c x5c0 y387e wb6 h54\"><div class=\"t m0 x96 h262 yc5f ff4 fs27 fc1 sc0 ls0 ws0\">-  </div></td><td class=\"c xb59 y387e wab h54\"><div class=\"t m0 x12 h262 yc5f ff4 fs27 fc1 sc0 ls0 ws0\">-  </div></td><td class=\"c x7b6 y387e wab h54\"><div class=\"t m0 x12 h262 yc5f ff4 fs27 fc1 sc0 ls0 ws0\">-  </div></td><td class=\"c x533 y387e w587 h54\"><div class=\"t m0 x15 h262 yc5f ff4 fs27 fc1 sc0 ls0 ws0\">-  </div></td><td class=\"c xb5a y387e w351 h54\"><div class=\"t m0 x31 h262 yc5f ff4 fs27 fc1 sc2 ls0 ws0\">-  </div></td></tr><tr><td class=\"c x262 y2491 w11b8 h4cd\"><div class=\"t m0 x250 h262 y2899 ff4 fs27 fc1 sc0 ls0 ws0\">netti non at<span class=\"_ _1\"></span>tualizzati<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr></table>In relazione ai soli contratti che prevedono con clausole di riscatto si <span class=\"_ _2\"></span>d\u00e0 d<span class=\"ff30\">  </span>i seguito evidenza degli importi <span class=\"_ _2\"></span>pagabili r<span class=\"_ _2\"></span>ispetto <span class=\"_ _2\"></span>al valore <span class=\"_ _2\"></span>contabile <span class=\"_ _2\"></span>dei <span class=\"_ _2\"></span>relativi <span class=\"_ _2\"></span>portafogli <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>contra<span class=\"_ _2\"></span>tti. <span class=\"_ _2\"></span>Coerentemente <span class=\"_ _2\"></span>con la<span class=\"wsa\"> </span>tabella<span class=\"wsa\"> </span>p<span class=\"_ _1\"></span>recedente,<span class=\"ws68\"> </span>il<span class=\"wsa\"> </span>valore<span class=\"wsa\"> </span>contabile<span class=\"wsa\"> </span>dei<span class=\"wsa\"> </span>contratti<span class=\"wsa\"> </span>\u00e8<span class=\"wsa\"> </span>dato<span class=\"wsa\"> </span>dal<span class=\"ws69\"> </span>valore<span class=\"wsa\"> </span>del<span class=\"_ _1\"></span>l\u2019intera<span class=\"wsa\"> </span>Liability<span class=\"wsa\"> </span>for Remaining Coverage (LRC) IFRS17. Rischio<span class=\"_ _f\"></span> di liquid<span class=\"_ _1\"></span>it\u00e0 <span class=\"_ _1\"></span>contra<span class=\"_ _f\"></span>tti ass<span class=\"_ _1\"></span>icura<span class=\"_ _1\"></span>tivi - Cont<span class=\"_ _f\"></span>ratti a<span class=\"_ _1\"></span>ssicu<span class=\"_ _1\"></span>rativ<span class=\"_ _1\"></span>i em<span class=\"_ _1\"></span>essi <span class=\"_ _1\"></span>e ces<span class=\"_ _1\"></span>sioni <span class=\"_ _1\"></span>in riassi<span class=\"_ _1\"></span>curazi<span class=\"_ _1\"></span>one<span class=\"_ _1\"></span> che co<span class=\"_ _f\"></span>stituisco<span class=\"_ _f\"></span>no pas<span class=\"_ _f\"></span>sivit\u00e0 co<span class=\"_ _f\"></span>n clauso<span class=\"_ _1\"></span>le di <span class=\"_ _1\"></span>risca<span class=\"_ _f\"></span>tto: impor<span class=\"_ _f\"></span>ti paga<span class=\"_ _1\"></span>bili a richies<span class=\"_ _f\"></span>ta e va<span class=\"_ _f\"></span>lore di bil<span class=\"_ _1\"></span>ancio<span class=\"_ _1\"></span> <table class=\"s w11c2 h5be\" id=\"_7c76c0e0-223f-4b90-a837-a820ee6eea8a\"><tr><td class=\"c xb5c y387f w647 h261\"><div class=\"t m0 x1e9 h262 ye28 ff4 fs27 fc4 sc3 ls0 ws0\">Voci/<span class=\"_ _f\"></span>Valori </div></td><td class=\"c xb5d y387f w3fb h261\"><div class=\"t m0 x14 h262 ye28 ff4 fs27 fc4 sc3 ls0 ws0\">Imp<span class=\"_ _1\"></span>orti p<span class=\"_ _f\"></span>agabil<span class=\"_ _1\"></span>i </div></td><td class=\"c xb5e y387f w3fb h261\"><div class=\"t m0 x130 h262 ye28 ff4 fs27 fc4 sc3 ls0 ws0\">Val<span class=\"_ _1\"></span>ori d<span class=\"_ _1\"></span>i bila<span class=\"_ _f\"></span>ncio </div></td></tr><tr><td class=\"c x262 y3880 w11c3 h4cd\"><div class=\"t m0 x250 h262 y2899 ff4 fs27 fc1 sc0 ls0 ws0\">1. Contratt<span class=\"_ _1\"></span>i assicurativi e<span class=\"_ _f\"></span>messi con elementi <span class=\"_ _f\"></span>di<span class=\"_ _df\"> </span></div></td><td class=\"c xb5f y3881 w16 h1d6\"><div class=\"t m0 x96 h262 yd3d ff4 fs27 fc1 sc0 ls0 ws0\">4.521.549.10<span class=\"_ _f\"></span>0  </div></td><td class=\"c xb5e y3881 w648 h1d6\"><div class=\"t m0 x8f h262 yd3d ff4 fs27 fc1 sc0 ls0 ws0\">4.736.072.54<span class=\"_ _f\"></span>3<span class=\"_ _2\"></span>  </div></td></tr><tr><td class=\"c x262 y3882 w11c4 h4cd\"><div class=\"t m0 x250 h262 y2899 ff4 fs27 fc1 sc0 ls0 ws0\">partecipazio<span class=\"_ _f\"></span>n<span class=\"_ _2\"></span>e dirett<span class=\"_ _f\"></span>a<span class=\"_ _df\"> </span></div></td><td></td><td></td></tr><tr><td class=\"c x262 y3883 w11c5 h4cd\"><div class=\"t m0 x250 h262 y2899 ff4 fs27 fc1 sc0 ls0 ws0\">2. Contratt<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span> d'invest<span class=\"_ _1\"></span>imento eme<span class=\"_ _1\"></span>ssi con e<span class=\"_ _1\"></span>lementi di<span class=\"_ _df\"> </span></div></td><td class=\"c xb5f y3884 w16 h1d6\"><div class=\"t m0 x1c h262 yd3d ff4 fs27 fc1 sc0 ls0 ws0\">579.920.721 <span class=\"_ _f\"></span> </div></td><td class=\"c xb5e y3884 w648 h1d6\"><div class=\"t m0 x1c h262 yd3d ff4 fs27 fc1 sc0 ls0 ws0\">955.114.866 <span class=\"_ _1\"></span> </div></td></tr><tr><td class=\"c x262 y3885 w11c4 h4cd\"><div class=\"t m0 x250 h262 y2899 ff4 fs27 fc1 sc0 ls0 ws0\">partecipazio<span class=\"_ _f\"></span>n<span class=\"_ _2\"></span>e dirett<span class=\"_ _f\"></span>a<span class=\"_ _df\"> </span></div></td><td></td><td></td></tr><tr><td class=\"c x262 y2eef w11c6 h4cd\"><div class=\"t m0 x250 h262 y2899 ff4 fs27 fc1 sc0 ls0 ws0\">3. Contratti a<span class=\"_ _f\"></span>ssi<span class=\"_ _2\"></span>cur<span class=\"_ _1\"></span>ativi emes<span class=\"_ _1\"></span>si senza e<span class=\"_ _1\"></span>lementi di<span class=\"_ _df\"> </span></div></td><td class=\"c xb5f y3886 w16 h1d1\"><div class=\"t m0 xed h262 yb6d ff4 fs27 fc1 sc0 ls0 ws0\">-  </div></td><td class=\"c xb5e y3886 w648 h1d1\"><div class=\"t m0 xed h262 yb6d ff4 fs27 fc1 sc0 ls0 ws0\">-  </div></td></tr><tr><td class=\"c x262 y3887 w11c4 h4cd\"><div class=\"t m0 x250 h262 y2899 ff4 fs27 fc1 sc0 ls0 ws0\">partecipazio<span class=\"_ _f\"></span>n<span class=\"_ _2\"></span>e dirett<span class=\"_ _f\"></span>a<span class=\"_ _df\"> </span></div></td><td></td><td></td></tr><tr><td class=\"c xb60 y3888 w88 h13\"><div class=\"t m0 x10 h262 y30c ff4 fs27 fc1 sc0 ls0 ws0\">4. Cessioni i<span class=\"_ _1\"></span>n riassicuraz<span class=\"_ _1\"></span>ione </div></td><td class=\"c xb5f y3888 w16 h13\"><div class=\"t m0 xed h262 y30c ff4 fs27 fc1 sc0 ls0 ws0\">-  </div></td><td class=\"c xb5e y3888 w648 h13\"><div class=\"t m0 xed h262 y30c ff4 fs27 fc1 sc0 ls0 ws0\">-  </div></td></tr></table>In  conf<span class=\"_ _1\"></span>ormit\u00e0  alle <span class=\"_ _16\"> </span>disposizioni <span class=\"_ _16\"> </span>del <span class=\"_ _9\"> </span>Re<span class=\"_ _2\"></span>golamento <span class=\"_ _16\"> </span>ISVAP <span class=\"_ _16\"> </span>n.  7/20027 <span class=\"_ _9\"> </span>relativo  alla <span class=\"_ _16\"> </span>disciplina <span class=\"_ _16\"> </span>degli schemi di bilancio delle <span class=\"_ _2\"></span>imprese di assicurazione e <span class=\"_ _2\"></span>al Provvedimento IVASS n. 152/20<span class=\"_ _2\"></span>24 di seguito si <span class=\"_ _d\"></span>fornisce <span class=\"_ _d\"></span>una <span class=\"_ _0\"></span>rappresentazione <span class=\"_ _d\"></span>analitica <span class=\"_ _0\"></span>della <span class=\"_ _d\"></span>distribuzione <span class=\"_ _d\"></span>tem<span class=\"_ _2\"></span>porale <span class=\"_ _d\"></span>delle <span class=\"_ _d\"></span>attivit\u00e0 <span class=\"_ _0\"></span>per <span class=\"_ _d\"></span>cassa, finalizzata <span class=\"_ _4\"> </span>al <span class=\"_ _17\"> </span>presidio <span class=\"_ _17\"> </span>del <span class=\"_ _17\"> </span>r<span class=\"_ _2\"></span>ischio <span class=\"_ _4\"> </span>di <span class=\"_ _17\"> </span>liquidit\u00e0 <span class=\"_ _17\"> </span>e <span class=\"_ _17\"> </span>alla <span class=\"_ _17\"> </span>valutazione <span class=\"_ _17\"> </span>della <span class=\"_ _17\"> </span>congruenza <span class=\"_ _17\"> </span>finanziaria dell\u2019attivo.<span class=\"_ _df\"> </span>Rischio<span class=\"_ _f\"></span> di liquid<span class=\"_ _1\"></span>it\u00e0 <span class=\"_ _1\"></span>degli s<span class=\"_ _f\"></span>trumen<span class=\"_ _f\"></span>ti finanzi<span class=\"_ _1\"></span>ari <span class=\"ff5\">\u2013</span> <span class=\"_ _f\"></span>Distribuzio<span class=\"_ _f\"></span>ne temp<span class=\"_ _f\"></span>orale per<span class=\"_ _1\"></span> dura<span class=\"_ _f\"></span>ta residua<span class=\"_ _f\"></span> contra<span class=\"_ _1\"></span>ttua<span class=\"_ _1\"></span>le del<span class=\"_ _1\"></span>le attivi<span class=\"_ _1\"></span>t\u00e0 e<span class=\"_ _df\"> </span>pass<span class=\"_ _f\"></span>ivit\u00e0 finanz<span class=\"_ _1\"></span>iarie<table class=\"s w11c7 h5bf\" id=\"_be121bbf-52a1-4248-aa28-6c6f640f08a9\"><tr><td></td><td></td><td class=\"c xb62 y3889 w11c8 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc1 sc2 ls0 ws0\">Da ol<span class=\"_ _f\"></span>tre 1<span class=\"_ _df\"> </span></div></td><td class=\"c xb63 y3889 w11c9 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc1 sc2 ls0 ws0\">Da ol<span class=\"_ _f\"></span>tre<span class=\"_ _df\"> </span></div></td><td class=\"c xb64 y3889 w11c9 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc1 sc2 ls0 ws0\">Da ol<span class=\"_ _f\"></span>tre<span class=\"_ _df\"> </span></div></td><td class=\"c xb65 y3889 w11c9 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc1 sc2 ls0 ws0\">Da ol<span class=\"_ _f\"></span>tre<span class=\"_ _df\"> </span></div></td><td class=\"c xb66 y3889 w11c9 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc1 sc2 ls0 ws0\">Da ol<span class=\"_ _f\"></span>tre<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c xb67 y388a wb95 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc1 sc2 ls0 ws0\">Dura<span class=\"_ _f\"></span>ta<span class=\"_ _df\"> </span></div></td></tr><tr><td class=\"c x262 y388b w11ca h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc1 sc0 ls0 ws0\">Voci/Scaglioni temp<span class=\"_ _f\"></span>orali<span class=\"_ _df\"> </span></div></td><td class=\"c xb68 y388b w11cb h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc1 sc2 ls0 ws0\">Fino<span class=\"_ _f\"></span> a 1<span class=\"_ _df\"> </span></div></td><td class=\"c xb69 y388b w11cc h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc1 sc2 ls0 ws0\">ann<span class=\"_ _f\"></span>o<span class=\"_ _df\"> </span></div></td><td class=\"c xb6a y388b w11cd h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc1 sc2 ls0 ws0\">2 ann<span class=\"_ _f\"></span>i<span class=\"_ _df\"> </span></div></td><td class=\"c xb6b y388b w11ce h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc1 sc2 ls0 ws0\">3 an<span class=\"_ _1\"></span>ni<span class=\"_ _df\"> </span></div></td><td class=\"c xb6c y388b w11cf h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc1 sc2 ls0 ws0\">4 ann<span class=\"_ _f\"></span>i<span class=\"_ _df\"> </span></div></td><td class=\"c xb6d y388b w11d0 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc1 sc2 ls0 ws0\">5 an<span class=\"_ _1\"></span>ni<span class=\"_ _df\"> </span></div></td><td class=\"c x9bd y388b wd57 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc1 sc2 ls0 ws0\">Oltr<span class=\"_ _1\"></span>e 10<span class=\"_ _df\"> </span></div></td><td class=\"c xb6e y388c w11d1 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc1 sc2 ls0 ws0\">indet<span class=\"_ _f\"></span>erm<span class=\"_ _df\"> </span></div></td></tr><tr><td class=\"c x262 y388d w11d2 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc1 sc0 ls0 ws0\">(in migliaia di eur<span class=\"_ _f\"></span>o<span class=\"_ _2\"></span>)<span class=\"_ _df\"> </span></div></td><td class=\"c xb6f y388d w11d3 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc1 sc2 lsd5 ws0\">anno<span class=\"_ _df\"> </span></div></td><td class=\"c xb70 y388d w11d4 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc1 sc2 ls0 ws0\">fino a<span class=\"_ _f\"></span> 2<span class=\"_ _df\"> </span></div></td><td class=\"c xb63 y388d w11d5 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc1 sc2 ls0 ws0\">fino a<span class=\"_ _f\"></span> 3<span class=\"_ _df\"> </span></div></td><td class=\"c xb64 y388d w11d6 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc1 sc2 ls0 ws0\">fino a<span class=\"_ _f\"></span> 4<span class=\"_ _df\"> </span></div></td><td class=\"c xb65 y388d w90c h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc1 sc2 ls0 ws0\">fino a<span class=\"_ _f\"></span> 5<span class=\"_ _df\"> </span></div></td><td class=\"c xb71 y388d w11d7 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc1 sc2 ls0 ws0\">fino a<span class=\"_ _f\"></span> 10<span class=\"_ _df\"> </span></div></td><td class=\"c xb72 y388d w11d8 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc1 sc2 lsd5 ws0\">an<span class=\"ls3e\">ni<span class=\"_ _df\"> </span></span></div></td><td class=\"c xb73 y388e w11d9 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc1 sc2 ls0 ws0\">inat<span class=\"_ _1\"></span>a<span class=\"_ _df\"> </span></div></td></tr><tr><td></td><td></td><td class=\"c xb74 y388f w11da h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc1 sc2 ls0 ws0\">anni<span class=\"_ _df\"> </span></div></td><td class=\"c xb75 y388f w11da h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc1 sc2 ls0 ws0\">anni<span class=\"_ _df\"> </span></div></td><td class=\"c xb76 y388f w11da h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc1 sc2 ls0 ws0\">anni<span class=\"_ _df\"> </span></div></td><td class=\"c xb77 y388f w11da h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc1 sc2 ls0 ws0\">anni<span class=\"_ _df\"> </span></div></td><td class=\"c xb78 y388f w11da h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc1 sc2 ls0 ws0\">anni<span class=\"_ _df\"> </span></div></td><td></td><td></td></tr><tr><td class=\"c xb79 y3890 w64a h1d\"><div class=\"t m0 x8a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">A. Attivit\u00e0 per cas<span class=\"_ _f\"></span>sa </div></td><td class=\"c xb7a y3890 w1a4 h1d\"><div class=\"t m0 x8e h30 y28b ff4 fsb fc1 sc2 ls0 ws0\">736.000 </div></td><td class=\"c xb7b y3890 w1a4 h1d\"><div class=\"t m0 x8e h30 y28b ff4 fsb fc1 sc2 ls0 ws0\">264.915<span class=\"_ _1\"></span> </div></td><td class=\"c xb7c y3890 w1a4 h1d\"><div class=\"t m0 x2f h30 y28b ff4 fsb fc1 sc2 ls0 ws0\">411.835 </div></td><td class=\"c xb7d y3890 w1ef h1d\"><div class=\"t m0 x8e h30 y28b ff4 fsb fc1 sc2 ls0 ws0\">328.065 </div></td><td class=\"c xb7e y3890 w1a4 h1d\"><div class=\"t m0 x8e h30 y28b ff4 fsb fc1 sc2 ls0 ws0\">320.607<span class=\"_ _1\"></span> </div></td><td class=\"c xb7f y3890 w1ea h1d\"><div class=\"t m0 xab h30 y28b ff4 fsb fc1 sc2 ls0 ws0\">1.309.27<span class=\"_ _f\"></span>4 </div></td><td class=\"c xb80 y3890 w15f h1d\"><div class=\"t m0 xab h30 y28b ff4 fsb fc1 sc2 ls0 ws0\">1.648.595<span class=\"_ _f\"></span> </div></td><td class=\"c xb81 y3890 w1ea h1d\"><div class=\"t m0 xac h30 y28b ff4 fsb fc1 sc2 ls0 ws0\">1.136.42<span class=\"_ _1\"></span>4 </div></td></tr><tr><td class=\"c x262 y3891 w11db h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc1 sc0 ls0 ws0\">A.1 Connesse c<span class=\"_ _1\"></span>on contratti<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x262 y3892 w11dc h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc1 sc0 ls0 ws0\">assicurativi emess<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span> con eleme<span class=\"_ _1\"></span>nti<span class=\"_ _df\"> </span></div></td><td class=\"c xb7a y3893 w1a4 h331\"><div class=\"t m0 x8e h30 y8f2 ff4 fsb fc1 sc2 ls0 ws0\">650.685<span class=\"_ _1\"></span> </div></td><td class=\"c xb7b y3893 w1a4 h331\"><div class=\"t m0 x8e h30 y8f2 ff4 fsb fc1 sc2 ls0 ws0\">221.285<span class=\"_ _1\"></span> </div></td><td class=\"c xb7c y3893 w1a4 h331\"><div class=\"t m0 x8e h30 y8f2 ff4 fsb fc1 sc2 ls0 ws0\">358.525<span class=\"_ _1\"></span> </div></td><td class=\"c xb7d y3893 w1ef h331\"><div class=\"t m0 x8e h30 y8f2 ff4 fsb fc1 sc2 ls0 ws0\">279.662 </div></td><td class=\"c xb7e y3893 w1a4 h331\"><div class=\"t m0 x8e h30 y8f2 ff4 fsb fc1 sc2 ls0 ws0\">271.293 </div></td><td class=\"c xb7f y3893 w1ea h331\"><div class=\"t m0 xac h30 y8f2 ff4 fsb fc1 sc2 ls0 ws0\">1.130.835<span class=\"_ _f\"></span> </div></td><td class=\"c xb80 y3893 w15f h331\"><div class=\"t m0 xac h30 y8f2 ff4 fsb fc1 sc2 ls52 ws0\">1.<span class=\"ls0\">499.911</span><span class=\"ls0\"> </span></div></td><td class=\"c xb81 y3893 w1ea h331\"><div class=\"t m0 xab h30 y8f2 ff4 fsb fc1 sc2 ls0 ws0\">1.072.44<span class=\"_ _1\"></span>4 </div></td></tr><tr><td class=\"c x262 y3894 w11dd h4d6\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">di partecipazione<span class=\"_ _1\"></span> diretta<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c xb79 y3895 w64a h1d\"><div class=\"t m0 x8a h1f y71 ff4 fs7 fc1 sc0 ls0 ws0\">A.1.1 Titoli di Sta<span class=\"_ _1\"></span>to </div></td><td class=\"c xb7a y3895 w1a4 h1d\"><div class=\"t m0 x8e h30 y71 ff4 fsb fc1 sc0 ls0 ws0\">361.293 </div></td><td class=\"c xb7b y3895 w1a4 h1d\"><div class=\"t m0 x2f h30 y71 ff4 fsb fc1 sc0 ls0 ws0\">116.791 </div></td><td class=\"c xb7c y3895 w1a4 h1d\"><div class=\"t m0 x8e h30 y71 ff4 fsb fc1 sc0 ls0 ws0\">229.607 </div></td><td class=\"c xb7d y3895 w1ef h1d\"><div class=\"t m0 x2f h30 y71 ff4 fsb fc1 sc0 ls0 ws0\">198.951 </div></td><td class=\"c xb7e y3895 w1a4 h1d\"><div class=\"t m0 x8e h30 y71 ff4 fsb fc1 sc0 ls0 ws0\">219.265 </div></td><td class=\"c xb7f y3895 w1ea h1d\"><div class=\"t m0 x2f h30 y71 ff4 fsb fc1 sc0 ls0 ws0\">918.110 </div></td><td class=\"c xb80 y3895 w15f h1d\"><div class=\"t m0 xab h30 y71 ff4 fsb fc1 sc0 ls0 ws0\">1.456.360 </div></td><td class=\"c xb81 y3895 w1ea h1d\"><div class=\"t m0 x14 h30 y71 ff4 fsb fc1 sc0 ls0 ws0\">0 </div></td></tr><tr><td class=\"c xb79 y3896 w64a h1d\"><div class=\"t m0 x8a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">A.1.2 Altri tito<span class=\"_ _1\"></span>li di debito<span class=\"_ _df\"> </span></div></td><td class=\"c xb7a y3896 w1a4 h1d\"><div class=\"t m0 xac h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">289.392 </div></td><td class=\"c xb7b y3896 w1a4 h1d\"><div class=\"t m0 x8e h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">104.494 </div></td><td class=\"c xb7c y3896 w1a4 h1d\"><div class=\"t m0 x2f h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">128.918 </div></td><td class=\"c xb7d y3896 w1ef h1d\"><div class=\"t m0 x116 h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">80.711 </div></td><td class=\"c xb7e y3896 w1a4 h1d\"><div class=\"t m0 x2f h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">52.028 </div></td><td class=\"c xb7f y3896 w1ea h1d\"><div class=\"t m0 x8e h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">212.725 </div></td><td class=\"c xb80 y3896 w15f h1d\"><div class=\"t m0 x16a h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">43.551 </div></td><td class=\"c xb81 y3896 w1ea h1d\"><div class=\"t m0 x14 h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">0 </div></td></tr><tr><td class=\"c xb79 y3897 w64a h1d\"><div class=\"t m0 x8a h1f y71 ff4 fs7 fc1 sc0 ls0 ws0\">A.1.3 Altre attivi<span class=\"_ _1\"></span>t\u00e0 finanziarie </div></td><td class=\"c xb7a y3897 w1a4 h1d\"><div class=\"t m0 x14 h30 y71 ff4 fsb fc1 sc0 ls0 ws0\">0 </div></td><td class=\"c xb7b y3897 w1a4 h1d\"><div class=\"t m0 x14 h30 y71 ff4 fsb fc1 sc0 ls0 ws0\">0 </div></td><td class=\"c xb7c y3897 w1a4 h1d\"><div class=\"t m0 x14 h30 y71 ff4 fsb fc1 sc0 ls0 ws0\">0 </div></td><td class=\"c xb7d y3897 w1ef h1d\"><div class=\"t m0 x14 h30 y71 ff4 fsb fc1 sc0 ls0 ws0\">0 </div></td><td class=\"c xb7e y3897 w1a4 h1d\"><div class=\"t m0 x14 h30 y71 ff4 fsb fc1 sc0 ls0 ws0\">0 </div></td><td class=\"c xb7f y3897 w1ea h1d\"><div class=\"t m0 x14 h30 y71 ff4 fsb fc1 sc0 ls0 ws0\">0 </div></td><td class=\"c xb80 y3897 w15f h1d\"><div class=\"t m0 x14 h30 y71 ff4 fsb fc1 sc0 ls0 ws0\">0 </div></td><td class=\"c xb81 y3897 w1ea h1d\"><div class=\"t m0 xab h30 y71 ff4 fsb fc1 sc0 ls0 ws0\">1.072.444 </div></td></tr><tr><td class=\"c xb79 y3898 w64a h1d\"><div class=\"t m0 x8a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">A.2 Altre attivit\u00e0 pe<span class=\"_ _1\"></span>r cassa </div></td><td class=\"c xb7a y3898 w1a4 h1d\"><div class=\"t m0 x16a h30 y28b ff4 fsb fc1 sc2 ls0 ws0\">85.315<span class=\"_ _1\"></span> </div></td><td class=\"c xb7b y3898 w1a4 h1d\"><div class=\"t m0 x2f h30 y28b ff4 fsb fc1 sc2 ls0 ws0\">43.630<span class=\"_ _1\"></span> </div></td><td class=\"c xb7c y3898 w1a4 h1d\"><div class=\"t m0 x16a h30 y28b ff4 fsb fc1 sc2 ls0 ws0\">53.310 </div></td><td class=\"c xb7d y3898 w1ef h1d\"><div class=\"t m0 x2f h30 y28b ff4 fsb fc1 sc2 ls0 ws0\">48.403 </div></td><td class=\"c xb7e y3898 w1a4 h1d\"><div class=\"t m0 x16a h30 y28b ff4 fsb fc1 sc2 ls0 ws0\">49.314 </div></td><td class=\"c xb7f y3898 w1ea h1d\"><div class=\"t m0 x8e h30 y28b ff4 fsb fc1 sc2 ls0 ws0\">178.439<span class=\"_ _1\"></span> </div></td><td class=\"c xb80 y3898 w15f h1d\"><div class=\"t m0 x8e h30 y28b ff4 fsb fc1 sc2 ls0 ws0\">148.684<span class=\"_ _1\"></span> </div></td><td class=\"c xb81 y3898 w1ea h1d\"><div class=\"t m0 x2f h30 y28b ff4 fsb fc1 sc2 ls0 ws0\">63.980<span class=\"_ _1\"></span> </div></td></tr><tr><td class=\"c xb79 y3899 w64a h1d\"><div class=\"t m0 x8a h1f y71 ff4 fs7 fc1 sc0 ls0 ws0\">A.2.1 Titoli di Sta<span class=\"_ _1\"></span>to </div></td><td class=\"c xb7a y3899 w1a4 h1d\"><div class=\"t m0 x2f h30 y71 ff4 fsb fc1 sc0 ls0 ws0\">64.747 </div></td><td class=\"c xb7b y3899 w1a4 h1d\"><div class=\"t m0 x116 h30 y71 ff4 fsb fc1 sc0 ls0 ws0\">18.714 </div></td><td class=\"c xb7c y3899 w1a4 h1d\"><div class=\"t m0 x2f h30 y71 ff4 fsb fc1 sc0 ls0 ws0\">20.966 </div></td><td class=\"c xb7d y3899 w1ef h1d\"><div class=\"t m0 x2f h30 y71 ff4 fsb fc1 sc0 ls0 ws0\">35.387 </div></td><td class=\"c xb7e y3899 w1a4 h1d\"><div class=\"t m0 x116 h30 y71 ff4 fsb fc1 sc0 ls0 ws0\">41.164 </div></td><td class=\"c xb7f y3899 w1ea h1d\"><div class=\"t m0 x8e h30 y71 ff4 fsb fc1 sc0 ls0 ws0\">149.497 </div></td><td class=\"c xb80 y3899 w15f h1d\"><div class=\"t m0 x2f h30 y71 ff4 fsb fc1 sc0 ls0 ws0\">145.591 </div></td><td class=\"c xb81 y3899 w1ea h1d\"><div class=\"t m0 x14 h30 y71 ff4 fsb fc1 sc0 ls0 ws0\">0 </div></td></tr><tr><td class=\"c xb79 y389a w64a h61\"><div class=\"t m0 x8a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">A.2.2 Altri tito<span class=\"_ _1\"></span>li di debito<span class=\"_ _df\"> </span></div></td><td class=\"c xb7a y389a w1a4 h61\"><div class=\"t m0 x2f h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">20.568 </div></td><td class=\"c xb7b y389a w1a4 h61\"><div class=\"t m0 x16a h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">24.916 </div></td><td class=\"c xb7c y389a w1a4 h61\"><div class=\"t m0 x2f h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">32.344 </div></td><td class=\"c xb7d y389a w1ef h61\"><div class=\"t m0 x116 h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">13.016 </div></td><td class=\"c xb7e y389a w1a4 h61\"><div class=\"t m0 x2a h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">8.150 </div></td><td class=\"c xb7f y389a w1ea h61\"><div class=\"t m0 x2f h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">28.942 </div></td><td class=\"c xb80 y389a w15f h61\"><div class=\"t m0 x116 h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">3.093 </div></td><td class=\"c xb81 y389a w1ea h61\"><div class=\"t m0 x14 h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">0 </div></td></tr><tr><td class=\"c xb79 y389b w64a h1d\"><div class=\"t m0 x8a h1f y71 ff4 fs7 fc1 sc0 ls0 ws0\">A.2.3 Finanziame<span class=\"_ _1\"></span>nti </div></td><td class=\"c xb7a y389b w1a4 h1d\"><div class=\"t m0 x14 h30 y71 ff4 fsb fc1 sc0 ls0 ws0\">0 </div></td><td class=\"c xb7b y389b w1a4 h1d\"><div class=\"t m0 x14 h30 y71 ff4 fsb fc1 sc0 ls0 ws0\">0 </div></td><td class=\"c xb7c y389b w1a4 h1d\"><div class=\"t m0 x14 h30 y71 ff4 fsb fc1 sc0 ls0 ws0\">0 </div></td><td class=\"c xb7d y389b w1ef h1d\"><div class=\"t m0 x14 h30 y71 ff4 fsb fc1 sc0 ls0 ws0\">0 </div></td><td class=\"c xb7e y389b w1a4 h1d\"><div class=\"t m0 x14 h30 y71 ff4 fsb fc1 sc0 ls0 ws0\">0 </div></td><td class=\"c xb7f y389b w1ea h1d\"><div class=\"t m0 x14 h30 y71 ff4 fsb fc1 sc0 ls0 ws0\">0 </div></td><td class=\"c xb80 y389b w15f h1d\"><div class=\"t m0 x14 h30 y71 ff4 fsb fc1 sc0 ls0 ws0\">0 </div></td><td class=\"c xb81 y389b w1ea h1d\"><div class=\"t m0 x2f h30 y71 ff4 fsb fc1 sc0 ls0 ws0\">63.980 </div></td></tr><tr><td class=\"c xb79 y389c w64a h1d\"><div class=\"t m0 x8a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">A.2.4 Altre attiv<span class=\"_ _1\"></span>it\u00e0 finanziarie </div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c xb79 y389d w64a h1d\"><div class=\"t m0 x8a h1f y71 ff4 fs7 fc1 sc0 ls0 ws0\">B. Passivit\u00e0 per cas<span class=\"_ _f\"></span>sa </div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x262 y357d w11de h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">B.1 Strumenti f<span class=\"_ _1\"></span>inanziari<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x262 y389e w11df h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">partecipativi<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c xb79 y389f w64a h1d\"><div class=\"t m0 x8a h1f y71 ff4 fs7 fc1 sc0 ls0 ws0\">B.2 Passivit\u00e0 sub<span class=\"_ _f\"></span>o<span class=\"_ _2\"></span>rdinate </div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c xb79 y38a0 w64a h1d\"><div class=\"t m0 x8a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">B.3 Titoli di debit<span class=\"_ _1\"></span>o<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c xb79 y38a1 w64a h1d\"><div class=\"t m0 x8a h1f y71 ff4 fs7 fc1 sc0 ls0 ws0\">B.4 Altre passiv<span class=\"_ _1\"></span>it\u00e0 finanziarie </div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c xb79 y38a2 w64a h1d\"><div class=\"t m0 x8a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">C.1 Derivati finanz<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span>ari </div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c xb79 y38a3 w64a h1d\"><div class=\"t m0 x3a h1f y71 ff4 fs7 fc1 sc0 ls0 ws0\">- Posizioni lunghe<span class=\"_ _f\"></span> </div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c xb79 y38a4 w64a h1d\"><div class=\"t m0 x3a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- Posizioni corte<span class=\"_ _f\"></span> </div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c xb79 y38a5 w64a h1d\"><div class=\"t m0 x8a h1f y71 ff4 fs7 fc1 sc0 ls0 ws0\">Totale </div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c xb79 y38a6 w64a h61\"><div class=\"t m0 x3a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- Posizione lunga<span class=\"_ _1\"></span> </div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c xb79 y38a7 w64a h1d\"><div class=\"t m0 x3a h1f y71 ff4 fs7 fc1 sc0 ls0 ws0\">- Posizione corta </div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr></table>Rischio<span class=\"_ _f\"></span> di credit<span class=\"_ _1\"></span>o o <span class=\"_ _f\"></span>counterpa<span class=\"_ _1\"></span>rty <span class=\"_ _f\"></span>default<span class=\"_ _df\"> </span>Si <span class=\"_ _2\"></span>definisce r<span class=\"_ _2\"></span>ischio <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>credito <span class=\"_ _2\"></span>(rischio <span class=\"_ _2\"></span>default) <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>rischio <span class=\"_ _2\"></span>di <span class=\"_ _d\"></span>perdita <span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>variazione <span class=\"_ _2\"></span>sfavorevole <span class=\"_ _2\"></span>della<span class=\"_ _df\"> </span>situazione <span class=\"_ _1\"></span>finanziaria d<span class=\"_ _1\"></span>erivante da <span class=\"_ _f\"></span>oscillazioni del <span class=\"_ _f\"></span>m<span class=\"_ _2\"></span>erito d<span class=\"_ _1\"></span>i cred<span class=\"_ _1\"></span>ito di <span class=\"_ _f\"></span>emitt<span class=\"_ _2\"></span>enti <span class=\"_ _f\"></span>di titoli, <span class=\"_ _1\"></span>controparti<span class=\"_ _df\"> </span>e debitori <span class=\"_ _2\"></span>nei confronti dei quali l\u2019impresa di <span class=\"_ _2\"></span>assicurazione o di <span class=\"_ _2\"></span>riassicurazione<span class=\"_ _1\"></span> \u00e8 <span class=\"_ _2\"></span>esposta in forma<span class=\"_ _df\"> </span>di ris<span class=\"_ _2\"></span>chio di <span class=\"_ _2\"></span>inadempimento della <span class=\"_ _2\"></span>controparte, <span class=\"_ _2\"></span>di rischio <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>spread o <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>concentrazione del <span class=\"_ _2\"></span>rischio<span class=\"_ _df\"> </span>di mercato (cfr. articolo 1, comma 1, lettera vv-bis 1 del CAP).<span class=\"_ _df\"> </span>La perdita di valore del<span class=\"_ _1\"></span>la posizione cred<span class=\"_ _1\"></span>itoria e collegata principalmente alla q<span class=\"_ _1\"></span>ualit\u00e0 dell\u2019em<span class=\"_ _2\"></span><span class=\"ff4\">ittente<span class=\"_ _df\"> </span></span>o<span class=\"_ _10\"> </span>della  controparte <span class=\"_ _16\"> </span>(inclusi <span class=\"_ _16\"> </span>i  riassicuratori,  coassicu<span class=\"_ _1\"></span>ratori,  assicurati  ed<span class=\"_ _1\"></span>  intermediari)  ma  p<span class=\"_ _1\"></span>u\u00f2<span class=\"_ _df\"> </span>anche <span class=\"_ _d\"></span>derivare <span class=\"_ _d\"></span>da <span class=\"_ _d\"></span>un <span class=\"_ _d\"></span>deterioramento <span class=\"_ _d\"></span>delle <span class=\"_ _d\"></span>condizioni <span class=\"_ _d\"></span>economico<span class=\"_ _2\"></span>-finanziarie <span class=\"_ _d\"></span>del <span class=\"_ _d\"></span>debitore <span class=\"_ _d\"></span>da <span class=\"_ _d\"></span>cui<span class=\"_ _df\"> </span>dipende <span class=\"_ _1\"></span>la cap<span class=\"_ _1\"></span>acita di<span class=\"_ _1\"></span> far <span class=\"_ _f\"></span>fronte <span class=\"_ _1\"></span>agli <span class=\"_ _1\"></span>impegni <span class=\"_ _1\"></span>finanziari assunti, <span class=\"_ _f\"></span>nonch\u00e9 da <span class=\"_ _f\"></span>cause indi<span class=\"_ _1\"></span>pendenti dalla<span class=\"_ _df\"> </span>situazione <span class=\"_ _d\"></span>economica <span class=\"_ _d\"></span>o <span class=\"_ _d\"></span>finanziaria <span class=\"_ _d\"></span>della <span class=\"_ _d\"></span>contropart<span class=\"_ _2\"></span>e <span class=\"_ _d\"></span>debitrice<span class=\"_ _1\"></span>, <span class=\"_ _d\"></span>quali <span class=\"_ _d\"></span>ad <span class=\"_ _0\"></span>esempio <span class=\"_ _2\"></span>caus<span class=\"_ _2\"></span>e <span class=\"_ _d\"></span>politico<span class=\"_ _2\"></span>-<span class=\"_ _df\"> </span>militare.<span class=\"_ _df\"> </span>Da un punto di vista puramente rappresentativo id<span class=\"_ _1\"></span>entifichiamo tre macro aree del rischio credito:<span class=\"_ _df\"> </span>-<span class=\"_ _1b\"> </span><span class=\"ff4\">Riassicurazione;<span class=\"_ _df\"> </span></span>-<span class=\"_ _1b\"> </span><span class=\"ff4\">Intermediarie<span class=\"_ _1\"></span> e altre contropart<span class=\"_ _2\"></span>i;<span class=\"_ _df\"> </span></span>-<span class=\"_ _1b\"> </span><span class=\"ff4\">Investimenti.<span class=\"_ _df\"> </span></span>I fattori di rischio sottostanti alle singole sottocategorie de<span class=\"_ _1\"></span>l rischio credito sono i seguenti:<span class=\"_ _df\"> </span>-<span class=\"_ _1b\"> </span><span class=\"ff4\">Per quanto riguarda la sottoclasse Rassicurazione<span class=\"_ _1\"></span>:<span class=\"_ _df\"> </span></span><div class=\"t m0 h5 ff12 fs1 fc1 sc0 ls0 ws0 gs19b3\">o<span class=\"_ _25\"> </span><span class=\"ff4\">Rischio <span class=\"_ _19\"> </span>di <span class=\"_ _18\"> </span>cr<span class=\"_ _2\"></span>edito <span class=\"_ _18\"> </span>verso <span class=\"_ _19\"> </span>riassicuratori: <span class=\"_ _18\"> </span>rap<span class=\"_ _2\"></span>presenta <span class=\"_ _19\"> </span>il <span class=\"_ _18\"> </span>rischio <span class=\"_ _19\"> </span>di <span class=\"_ _18\"> </span>perdite <span class=\"_ _19\"> </span>derivanti </span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs19b4\">dall\u2019insolvenza di uno o pi\u00f9 riassicuratori;<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff12 fs1 fc1 sc0 ls0 ws0 gs19b5\">o<span class=\"_ _25\"> </span><span class=\"ff4\">Rischio <span class=\"_ _2\"></span>di <span class=\"_ _d\"></span>base: <span class=\"_ _2\"></span>derivante <span class=\"_ _d\"></span>dalle <span class=\"_ _d\"></span>eventuali <span class=\"_ _2\"></span>discrepanze <span class=\"_ _2\"></span>tr<span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>le <span class=\"_ _2\"></span>esi<span class=\"_ _2\"></span>genze <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>riassicurazione <span class=\"_ _d\"></span>e </span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs19b6\">l\u2019effettiva copertura prevista dal <span class=\"_ _1\"></span>trattato comportando per la Co<span class=\"_ _1\"></span>mpagnia un\u2019as<span class=\"ff4\">sunzione di<span class=\"_ _df\"> </span></span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs19b7\">rischio maggiore rispetto a quella preventiv<span class=\"_ _1\"></span>ata.<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff13 fs1 fc1 sc0 ls0 ws0 gs19b8\">-<span class=\"_ _1b\"> </span><span class=\"ff4\">Per quanto riguarda gli inte<span class=\"_ _1\"></span>rmediari e le altre controparti:<span class=\"_ _df\"> </span></span></div><div class=\"t m0 h5 ff12 fs1 fc1 sc0 ls0 ws0 gs19b9\">o<span class=\"_ _25\"> </span><span class=\"ff4\">Rischio <span class=\"_ _2\"></span>di credito <span class=\"_ _2\"></span>verso <span class=\"_ _2\"></span>intermedi<span class=\"_ _1\"></span>ari <span class=\"_ _2\"></span>e altr<span class=\"_ _2\"></span>e controparti: <span class=\"_ _2\"></span>rappresenta il <span class=\"_ _2\"></span>rischio di <span class=\"_ _2\"></span>perdite in </span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs19ba\">conseguenza <span class=\"_ _f\"></span>all\u2019inadempimento cont<span class=\"_ _1\"></span>ratt<span class=\"ff4\">uale d<span class=\"_ _1\"></span>i <span class=\"_ _f\"></span>so<span class=\"_ _2\"></span>ggetti <span class=\"_ _f\"></span>terzi (<span class=\"_ _1\"></span>es. <span class=\"_ _f\"></span>i credi<span class=\"_ _1\"></span>ti <span class=\"_ _1\"></span>verso <span class=\"_ _1\"></span>assicurati, </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs19bb\">verso intermediari assicurativi, conti correnti verso banche)<span class=\"_ _1\"></span>.<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff13 fs1 fc1 sc0 ls0 ws0 gs19bc\">-<span class=\"_ _1b\"> </span><span class=\"ff4\">Per <span class=\"_ _2\"></span>quanto <span class=\"_ _2\"></span>riguarda <span class=\"_ _d\"></span>la <span class=\"_ _2\"></span>sottoclasse <span class=\"_ _2\"></span>rischio <span class=\"_ _2\"></span>di <span class=\"_ _d\"></span>credito <span class=\"_ _2\"></span>degli<span class=\"_ _1\"></span> <span class=\"_ _2\"></span>investimenti <span class=\"_ _d\"></span>(correlato <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>pro<span class=\"_ _2\"></span>cesso<span class=\"_ _df\"> </span></span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs19bd\">di <span class=\"_ _2\"></span>asset <span class=\"_ _2\"></span>management) <span class=\"_ _2\"></span>essa <span class=\"_ _2\"></span>rappresenta <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span><span class=\"ff5\">r<span class=\"_ _2\"></span>ischio di <span class=\"_ _2\"></span>p<span class=\"_ _2\"></span>erdite d<span class=\"_ _2\"></span>erivanti dall\u2019insolvenza <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>una <span class=\"_ _2\"></span>o<span class=\"_ _df\"> </span></span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs19be\">pi\u00f9 obbligazioni pertanto si identifican<span class=\"_ _1\"></span>o i seguenti fattori di rischio:<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff12 fs1 fc1 sc0 ls0 ws0 gs19bf\">o<span class=\"_ _25\"> </span><span class=\"ff5\">Bond default: rischio <span class=\"_ _1\"></span>legato all\u2019inademp<span class=\"_ _1\"></span>ienza dell\u2019emittente prima del<span class=\"_ _1\"></span>la realizzazione della </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs19c0\">sua obbligazione;<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff12 fs1 fc1 sc0 ls0 ws0 gs19c1\">o<span class=\"_ _25\"> </span><span class=\"ff4\">Altre investment as<span class=\"_ _2\"></span>sets: rischio cred<span class=\"_ _1\"></span>ito verso altri assets.<span class=\"_ _df\"> </span></span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs19c2\">Da <span class=\"_ _2\"></span>un <span class=\"_ _2\"></span>punto <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>vista <span class=\"_ _2\"></span>della distribuzione d<span class=\"_ _2\"></span>ei <span class=\"_ _2\"></span>rischi <span class=\"_ _2\"></span>di counterpart<span class=\"_ _2\"></span>y default <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>Credemvita <span class=\"_ _2\"></span>secondo <span class=\"_ _2\"></span>i </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs19c3\">dettami <span class=\"_ _19\"> </span>normativi <span class=\"_ _18\"> </span>Solvency <span class=\"_ _19\"> </span>II <span class=\"_ _19\"> </span>si <span class=\"_ _19\"> </span>riporta <span class=\"_ _18\"> </span>nella <span class=\"_ _19\"> </span>tabella <span class=\"_ _19\"> </span>di <span class=\"_ _19\"> </span>seguito <span class=\"_ _18\"> </span>la <span class=\"_ _19\"> </span>miglior <span class=\"_ _19\"> </span>stima <span class=\"_ _19\"> </span>della </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs19c4\">rappresentazione <span class=\"_ _f\"></span>del rischio disponi<span class=\"_ _1\"></span>bile all<span class=\"_ _1\"></span>a data <span class=\"_ _f\"></span>di valutazione <span class=\"_ _f\"></span>(<span class=\"_ _2\"></span>si <span class=\"_ _1\"></span>precisa <span class=\"_ _1\"></span>che i<span class=\"_ _1\"></span>l p<span class=\"_ _1\"></span>eso comple<span class=\"_ _1\"></span>ssivo </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs19c5\">dei rischi counterpary defaul<span class=\"_ _1\"></span>t \u00e8 pari al 1<span class=\"_ _2\"></span>,1%). </div><div class=\"c w634 h69 gs19c6\"><div class=\"t m1 x8a h6 y3e6 ff4 fs2 fc1 sc0 ls0 ws0\">Credit risk - risk/sum of risk components - relativo e complessivo </div></div><div class=\"gs19c7\"><table class=\"s w11e0 h5c0\" id=\"_f38a6fde-916c-4e67-a3d4-be698e4c86a3\"><tr><td></td><td class=\"c xb1a y38a8 w64c h69\"><div class=\"t m0 x32 h5 y71 ff4 fs1 fc4 sc3 ls0 ws0\">Relat<span class=\"_ _1\"></span>ivo </div></td><td class=\"c xb82 y38a8 w64d h69\"><div class=\"t m0 x2a h5 y71 ff4 fs1 fc4 sc3 ls0 ws0\">Comp<span class=\"_ _1\"></span>lessiv<span class=\"_ _1\"></span>o</div><div class=\"t m1 x11f h6 y71 ff4 fs2 fc1 sc2 ls0 ws0\"> </div></td></tr><tr><td class=\"c xb1c y38a9 w64e h69\"><div class=\"t m0 x8a h5 y394 ff4 fs1 fc1 sc0 ls0 ws0\">Type 1 counterparties </div></td><td class=\"c xb1a y38a9 w636 h69\"><div class=\"t m0 x8f h5 y394 ff4 fs1 fc1 sc0 ls0 ws0\">100,0% </div></td><td class=\"c xb1d y38a9 w637 h69\"><div class=\"t m0 x124 h5 y394 ff4 fs1 fc1 sc0 ls0 ws0\">1,1% </div></td></tr><tr><td class=\"c xb1c y38aa w64e h49\"><div class=\"t m0 x8a h5 y295 ff4 fs1 fc1 sc0 ls4 ws0\">Ty<span class=\"ls0\">pe 2 counterparties</span><span class=\"ls0\"> </span></div></td><td class=\"c xb1a y38aa w636 h49\"><div class=\"t m0 x7 h5 y295 ff4 fs1 fc1 sc0 ls0 ws0\">0,0% </div></td><td class=\"c xb1d y38aa w637 h49\"><div class=\"t m0 xf0 h5 y295 ff4 fs1 fc1 sc0 ls0 ws0\">0,0% </div></td></tr></table></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs19c8\">Di <span class=\"_ _18\"> </span>tale <span class=\"_ _18\"> </span>requisito <span class=\"_ _18\"> </span>regolamentare <span class=\"_ _18\"> </span>la <span class=\"_ _18\"> </span>quota <span class=\"_ _18\"> </span>parte <span class=\"_ _18\"> </span>assorbita <span class=\"_ _10\"> </span>dal <span class=\"_ _18\"> </span>rischio <span class=\"_ _18\"> </span>default <span class=\"_ _18\"> </span>legato <span class=\"_ _18\"> </span>alla </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs19c9\">riassicurazione mar<span class=\"_ _2\"></span>ginale<span class=\"_ _1\"></span>. <span class=\"_ _2\"></span>I <span class=\"_ _2\"></span>trattati <span class=\"_ _2\"></span>di riass<span class=\"_ _2\"></span>icurazione<span class=\"_ _1\"></span> <span class=\"_ _2\"></span>in essere <span class=\"_ _2\"></span>hanno <span class=\"_ _2\"></span>una <span class=\"_ _2\"></span>qualit\u00e0 del <span class=\"_ _2\"></span>credito <span class=\"_ _2\"></span>pari </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs19ca\">a <span class=\"_ _14\"> </span>AA <span class=\"_ _15\"> </span>(si <span class=\"_ _14\"> </span>precisa <span class=\"_ _14\"> </span>che <span class=\"_ _14\"> </span>la <span class=\"_ _15\"> </span>Compagni<span class=\"_ _1\"></span>a <span class=\"_ _15\"> </span>pu\u00f2 <span class=\"_ _14\"> </span>sott<span class=\"_ _2\"></span>oscrive<span class=\"_ _1\"></span>re <span class=\"_ _14\"> </span>tr<span class=\"_ _2\"></span>attati <span class=\"_ _14\"> </span>di <span class=\"_ _14\"> </span>riassicurazione <span class=\"_ _14\"> </span>sono <span class=\"_ _14\"> </span>con </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs19cb\">riassicurazioni aventi una qualit\u00e0 del cred<span class=\"_ _1\"></span>ito maggiore o uguale a BBB).<span class=\"_ _2\"></span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs19cc\">Le <span class=\"_ _d\"></span>politiche <span class=\"_ _d\"></span>r<span class=\"_ _2\"></span>elative<span class=\"_ _1\"></span> <span class=\"_ _d\"></span>alla <span class=\"_ _0\"></span>gestione <span class=\"_ _d\"></span>del <span class=\"_ _d\"></span>r<span class=\"_ _2\"></span>ischio <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>credito <span class=\"_ _0\"></span>verso <span class=\"_ _d\"></span>gli <span class=\"_ _d\"></span>emitt<span class=\"_ _2\"></span>enti <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>strumenti <span class=\"_ _d\"></span>finanziari </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs19cd\">sono <span class=\"_ _d\"></span>riconducibili <span class=\"_ _d\"></span>a <span class=\"_ _d\"></span>quanto <span class=\"_ _d\"></span>s<span class=\"_ _2\"></span>opra <span class=\"_ _d\"></span>riportato <span class=\"_ _d\"></span>a <span class=\"_ _d\"></span>proposito <span class=\"_ _d\"></span>del <span class=\"_ _d\"></span>rischio <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>mercato <span class=\"_ _d\"></span>con <span class=\"_ _d\"></span>riferimento <span class=\"_ _d\"></span>ai </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs19ce\">principi ge<span class=\"_ _1\"></span>nerali relativi al <span class=\"_ _1\"></span>controllo deg<span class=\"_ _1\"></span>li investimenti di <span class=\"_ _1\"></span>natura finanziaria. P<span class=\"_ _1\"></span>er quanto conce<span class=\"_ _1\"></span>rne le </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs19cf\">controparti <span class=\"_ _9\"> </span>riassicurative, <span class=\"_ _9\"> </span>Credemvita <span class=\"_ _9\"> </span>ha <span class=\"_ _9\"> </span>definito <span class=\"_ _9\"> </span>politiche <span class=\"_ _9\"> </span>per <span class=\"_ _16\"> </span>la <span class=\"_ _9\"> </span>gestione<span class=\"_ _2\"></span> <span class=\"_ _9\"> </span>e <span class=\"_ _9\"> </span>il <span class=\"_ _9\"> </span>controllo <span class=\"_ _16\"> </span>di <span class=\"_ _0\"></span>tale </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs19d0\">rischio in termini di linee guid<span class=\"_ _1\"></span>a e limiti relativi alle controparti. <span class=\"_ _2\"></span> </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs19d1\">L\u2019identificazione <span class=\"_ _d\"></span>d<span class=\"_ _2\"></span>el <span class=\"_ _0\"></span>Counterparty <span class=\"_ _0\"></span>Default <span class=\"_ _0\"></span>Risk <span class=\"_ _0\"></span>viene <span class=\"_ _0\"></span>effettuata <span class=\"_ _0\"></span>con <span class=\"_ _0\"></span>r<span class=\"_ _2\"></span>iferimento <span class=\"_ _0\"></span>alle <span class=\"_ _0\"></span>controparti </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs19d2\">verso le quali sussistono posizioni di<span class=\"_ _1\"></span> credito.<span class=\"_ _2\"></span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs19d3\">Si riportano sinteticamente di seguito le misure di rischio utili<span class=\"_ _1\"></span>zzate:<span class=\"_ _2\"></span> </div><div class=\"t m0 h5 ff13 fs1 fc1 sc0 ls0 ws0 gs19d4\">-<span class=\"_ _1b\"> </span><span class=\"ff5\">Importo <span class=\"_ _2\"></span>Massimo in <span class=\"_ _2\"></span>Conti <span class=\"_ _2\"></span>Correnti: rappresenta <span class=\"_ _2\"></span>l\u2019ammontare <span class=\"_ _2\"></span>massimo in <span class=\"_ _2\"></span>C/C <span class=\"_ _2\"></span>da detenere <span class=\"_ _2\"></span>su<span class=\"_ _df\"> </span></span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs19d5\">singolo portafoglio;<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff13 fs1 fc1 sc0 ls0 ws0 gs19d6\">-<span class=\"_ _1b\"> </span><span class=\"ff5\">SCR <span class=\"_ _0\"></span>default <span class=\"_ _9\"> </span>conti <span class=\"_ _9\"> </span>corrente: <span class=\"_ _9\"> </span>al <span class=\"_ _0\"> </span>f<span class=\"_ _2\"></span>ine <span class=\"_ _0\"></span>di <span class=\"_ _9\"> </span>limitare <span class=\"_ _9\"> </span>gli <span class=\"_ _9\"> </span>eventuali <span class=\"_ _9\"> </span>effetti <span class=\"_ _9\"> </span>sull\u2019SCR <span class=\"_ _0\"> </span>d<span class=\"_ _2\"></span>efault <span class=\"_ _0\"></span>de<span class=\"_ _2\"></span><span class=\"ff4\">rivante<span class=\"_ _df\"> </span></span></span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs19d7\">dall\u2019aumento <span class=\"_ _9\"> </span>dei <span class=\"_ _9\"> </span>volumi <span class=\"_ _16\"> </span>dei <span class=\"_ _9\"> </span>conti <span class=\"_ _16\"> </span>corrente, <span class=\"_ _9\"> </span>la <span class=\"_ _16\"> </span>Compagnia <span class=\"_ _9\"> </span>ha <span class=\"_ _9\"> </span>fissato <span class=\"_ _16\"> </span>un <span class=\"_ _9\"> </span>limite <span class=\"_ _16\"> </span>superiore <span class=\"_ _9\"> </span>in </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs19d8\">termini di SCR Default;<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff13 fs1 fc1 sc0 ls0 ws0 gs19d9\">-<span class=\"_ _1b\"> </span><span class=\"ff5\">SCR <span class=\"_ _e\"> </span>Counterparty <span class=\"_ _e\"> </span>Default <span class=\"_ _10\"> </span>Risk <span class=\"_ _e\"> </span>Riassicurativo/Recoverables <span class=\"_ _e\"> </span>SII: <span class=\"_ _e\"> </span>l\u2019indicator<span class=\"_ _2\"></span>e <span class=\"_ _e\"> </span>\u00e8 <span class=\"_ _e\"> </span>cos<span class=\"_ _2\"></span>truito </span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs19da\">rapportando  l\u2019SCR  Counterparty  Default  Risk  v<span class=\"ff4\">erso  Riassicuratori  (pre-diversificazione),<span class=\"_ _1\"></span>  ai<span class=\"_ _df\"> </span></span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs19db\">Recoverables (somma tra le riserve ce<span class=\"_ _1\"></span>dute e crediti netti verso riassicuratori); </div><div class=\"t m0 h5 ff13 fs1 fc1 sc0 ls0 ws0 gs19dc\">-<span class=\"_ _1b\"> </span><span class=\"ff5\">Esposizione <span class=\"_ _26\"> </span>per <span class=\"_ _26\"> </span>Riassicuratore: <span class=\"_ _21\"> </span>l\u2019indicatore <span class=\"_ _26\"> </span>individua <span class=\"_ _26\"> </span>l\u2019e<span class=\"_ _2\"></span>sposizione <span class=\"_ _26\"> </span>verso <span class=\"_ _26\"> </span>ciascun </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs19dd\">Riassicuratore in termini di somme assicurat<span class=\"lse\">e;</span> </div><div class=\"t m0 h5 ff13 fs1 fc1 sc0 ls0 ws0 gs19de\">-<span class=\"_ _1b\"> </span><span class=\"ff5\">Anzianit\u00e0 <span class=\"_ _2\"></span>dei <span class=\"_ _d\"></span>crediti <span class=\"_ _2\"></span>netti <span class=\"_ _d\"></span>per <span class=\"_ _d\"></span>Riassicuratore: <span class=\"_ _2\"></span>l\u2019indicatore <span class=\"_ _d\"></span>individua <span class=\"_ _2\"></span>l\u2019anzianit\u00e0 <span class=\"_ _d\"></span>dei <span class=\"_ _2\"></span>crediti <span class=\"_ _d\"></span>netti </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs19df\">verso ciascuna controparte riassicurativa;<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff13 fs1 fc1 sc0 ls0 ws0 gs19e0\">-<span class=\"_ _1b\"> </span><span class=\"ff5\">Ammontare <span class=\"_ _d\"></span>dei <span class=\"_ _2\"></span>crediti <span class=\"_ _d\"></span>netti <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>Riassicuratore: <span class=\"_ _d\"></span>l\u2019indicatore <span class=\"_ _2\"></span>individua <span class=\"_ _d\"></span>l\u2019ammontare <span class=\"_ _d\"></span>dei <span class=\"_ _2\"></span>crediti </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs19e1\">netti verso ciascuna controparte riassicurativa.<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc4 sc3 ls0 ws0 gs19e2\">Rischi <span class=\"_ _1\"></span>Oper<span class=\"_ _f\"></span>ativi </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs19e3\">Il <span class=\"_ _1\"></span>rischio ope<span class=\"_ _1\"></span>rativo \u00e8 <span class=\"_ _f\"></span>d<span class=\"_ _2\"></span>efinibile <span class=\"_ _f\"></span>co<span class=\"_ _2\"></span>me <span class=\"_ _f\"></span>il rischio d<span class=\"_ _1\"></span>i subire <span class=\"_ _f\"></span>perdite derivanti <span class=\"_ _1\"></span>dalla inadegu<span class=\"_ _f\"></span>at<span class=\"_ _2\"></span>ezza o <span class=\"_ _f\"></span>dalla </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs19e4\">disfunzione <span class=\"_ _0\"></span>(<span class=\"_ _2\"></span>carenze <span class=\"_ _0\"></span>o  errori) <span class=\"_ _0\"></span>di <span class=\"_ _9\"> </span>procedure <span class=\"_ _16\"> </span>interne, <span class=\"_ _0\"></span>risor<span class=\"_ _2\"></span>se <span class=\"_ _9\"> </span>umane <span class=\"_ _9\"> </span>o <span class=\"_ _9\"> </span>sistemi <span class=\"_ _16\"> </span>oppure <span class=\"_ _0\"></span>da <span class=\"_ _16\"> </span>eventi </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs19e5\">esogeni <span class=\"_ _0\"></span>(cfr. <span class=\"_ _d\"></span>ar<span class=\"_ _2\"></span>ticolo <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-<span class=\"ff5\">bis <span class=\"_ _0\"></span>5 <span class=\"_ _9\"> </span>del <span class=\"_ _d\"></span>CAP). <span class=\"_ _0\"></span>P<span class=\"_ _2\"></span>ertanto, <span class=\"_ _0\"></span>l\u2019impresa <span class=\"_ _d\"></span>pu\u00f2 <span class=\"_ _0\"></span>incor<span class=\"_ _2\"></span>rere <span class=\"_ _d\"></span>in</span><span class=\"ff5\"> </span></div>perdite <span class=\"_ _22\"> </span>o<span class=\"_ _2\"></span>perative, <span class=\"_ _22\"> </span>definibili <span class=\"_ _4\"> </span>come <span class=\"_ _4\"> </span>gli <span class=\"_ _4\"> </span>effetti <span class=\"_ _4\"> </span>economici <span class=\"_ _22\"> </span>negat<span class=\"_ _2\"></span>ivi <span class=\"_ _22\"> </span>d<span class=\"_ _2\"></span>erivanti <span class=\"_ _22\"> </span>da <span class=\"_ _4\"> </span>eventi <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>natura operativa, rilevati nella contabilit\u00e0 aziendale e tali da avere impatto sul conto economico.<span class=\"_ _df\"> </span>Alla pi\u00f9 generale categoria dei Rischi Ope<span class=\"_ _1\"></span>rativi appartengono le seguenti sotto<span class=\"_ _2\"></span>-categorie:<span class=\"_ _df\"> </span>-<span class=\"ff10\"> <span class=\"_ _24\"> </span><span class=\"ff4\">Rischio Operativi;<span class=\"_ _df\"> </span></span></span>-<span class=\"ff10\"> <span class=\"_ _24\"> </span><span class=\"ff4\">Rischio Informatico &amp; di Sicurezza;<span class=\"_ _df\"> </span></span></span>-<span class=\"ff10\"> <span class=\"_ _24\"> </span><span class=\"ff4\">Rischio di non Conformit\u00e0 alle norme;<span class=\"_ _df\"> </span></span></span>-<span class=\"ff10\"> <span class=\"_ _24\"> </span><span class=\"ff4\">Model Risk;<span class=\"_ _df\"> </span></span></span>-<span class=\"ff10\"> <span class=\"_ _24\"> </span><span class=\"ff4\">Continuit\u00e0 Operativa;<span class=\"_ _df\"> </span></span></span>-<span class=\"ff10\"> <span class=\"_ _24\"> </span><span class=\"ff4\">Regulatory Operational Risk,<span class=\"_ _df\"> </span></span></span>di seguito meglio esplici<span class=\"_ _1\"></span>tate.<span class=\"_ _df\"> </span>Rischio Operativo e Rischio Inf<span class=\"_ _1\"></span>ormat<span class=\"_ _2\"></span>ico &amp; di Sicu<span class=\"_ _f\"></span>r<span class=\"_ _2\"></span>ezza<span class=\"_ _df\"> </span>I principali fattori di rischio che caratterizzano il rischio operativo<span class=\"_ _1\"></span> sono:<span class=\"_ _df\"> </span>-<span class=\"ff10\"> <span class=\"_ _24\"> </span><span class=\"ff5\">Persone:  le <span class=\"_ _22\"> </span>riso<span class=\"_ _2\"></span>rse  umane  poss<span class=\"_ _2\"></span>ono  essere <span class=\"_ _4\"> </span>fon<span class=\"_ _1\"></span>te  di <span class=\"_ _4\"> </span>rischio  per  l\u2019impresa<span class=\"_ _2\"></span><span class=\"ff4\">, <span class=\"_ _22\"> </span>se <span class=\"_ _4\"> </span>la  struttura<span class=\"_ _df\"> </span></span></span></span>organizzativa <span class=\"_ _1\"></span>non \u00e8<span class=\"_ _1\"></span> effi<span class=\"_ _1\"></span>ciente, <span class=\"_ _f\"></span>oppure si <span class=\"_ _f\"></span>verificano carenze <span class=\"_ _f\"></span>nella professionalit\u00e0 <span class=\"_ _f\"></span>dei dip<span class=\"_ _1\"></span>endenti<span class=\"_ _df\"> </span>o, <span class=\"_ _f\"></span>per esemp<span class=\"_ _1\"></span>io, <span class=\"_ _f\"></span>s<span class=\"_ _2\"></span>e <span class=\"_ _f\"></span>la <span class=\"_ _1\"></span>struttura <span class=\"_ _f\"></span>r<span class=\"_ _2\"></span>etribu<span class=\"_ _1\"></span>tiva <span class=\"_ _f\"></span>e il <span class=\"_ _f\"></span>percorso d<span class=\"_ _f\"></span>i carriera <span class=\"_ _f\"></span>non <span class=\"_ _f\"></span>sono adegu<span class=\"_ _1\"></span>ati <span class=\"_ _1\"></span>e <span class=\"_ _f\"></span>se il <span class=\"_ _f\"></span>clima<span class=\"_ _df\"> </span>aziendale non <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _2\"></span>idoneo. Gli <span class=\"_ _2\"></span>esempi <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>perdite dovute <span class=\"_ _2\"></span>a r<span class=\"_ _2\"></span>isorse <span class=\"_ _2\"></span>inc<span class=\"_ _1\"></span>ompetenti o <span class=\"_ _2\"></span>negligenti <span class=\"_ _2\"></span>sono<span class=\"_ _df\"> </span>numerosi, <span class=\"_ _0\"></span>fra <span class=\"_ _0\"></span>questi <span class=\"_ _9\"> </span>emergono <span class=\"_ _0\"></span>i <span class=\"_ _0\"></span>casi <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>inserimento <span class=\"_ _9\"> </span>erroneo <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>dati <span class=\"_ _0\"></span>nei <span class=\"_ _0\"></span>sistemi, <span class=\"_ _0\"></span>errori <span class=\"_ _0\"></span>nella<span class=\"_ _df\"> </span>trasposizione dei dati o violazi<span class=\"_ _1\"></span>oni di regolamenti.<span class=\"_ _df\"> </span>-<span class=\"ff10\"> <span class=\"_ _24\"> </span><span class=\"ff4\">Processi: <span class=\"_ _2\"></span>i processi <span class=\"_ _2\"></span>aziendali so<span class=\"_ _2\"></span>no fonte <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>rischio o<span class=\"_ _2\"></span>perativo <span class=\"_ _2\"></span>nel caso <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>cui si <span class=\"_ _2\"></span>verifichino <span class=\"_ _2\"></span>delle<span class=\"_ _df\"> </span></span></span>inefficienze nel <span class=\"_ _2\"></span>disegno, <span class=\"_ _2\"></span>nella fo<span class=\"_ _2\"></span>rmalizzazione e <span class=\"_ _2\"></span>nella <span class=\"_ _2\"></span>definizione della <span class=\"_ _2\"></span>struttura <span class=\"_ _2\"></span>degli stessi <span class=\"_ _2\"></span>e<span class=\"_ _df\"> </span>quindi nella definizione <span class=\"_ _2\"></span>degli attori <span class=\"_ _2\"></span>che vi prendono <span class=\"_ _2\"></span>parte e del <span class=\"_ _2\"></span>relativo livello di <span class=\"_ _2\"></span>responsabilit\u00e0<span class=\"_ _df\"> </span>e d<span class=\"_ _1\"></span>i autorizzazione. <span class=\"_ _f\"></span>Poss<span class=\"_ _2\"></span>ono risu<span class=\"_ _f\"></span>ltar<span class=\"_ _2\"></span>e <span class=\"_ _f\"></span>inadeguati e q<span class=\"_ _1\"></span>uindi essere <span class=\"_ _f\"></span>f<span class=\"_ _2\"></span>onte <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>rischio operativo <span class=\"_ _f\"></span>tutt<span class=\"_ _2\"></span>i<span class=\"_ _df\"> </span>i p<span class=\"_ _1\"></span>rocessi aziend<span class=\"_ _f\"></span>ali, compresi <span class=\"_ _1\"></span>i <span class=\"_ _f\"></span>mo<span class=\"_ _2\"></span>dell<span class=\"_ _1\"></span>i v<span class=\"_ _1\"></span>alutativi e <span class=\"_ _f\"></span>di calcolo <span class=\"_ _f\"></span>e gli<span class=\"_ _1\"></span> stessi <span class=\"_ _f\"></span>processi di<span class=\"_ _1\"></span> gestione<span class=\"_ _1\"></span> de<span class=\"_ _1\"></span>l<span class=\"_ _df\"> </span>rischio. Sono fonte di rischio operativo:<span class=\"_ _df\"> </span>o<span class=\"ff10\"> <span class=\"_ _6\"> </span><span class=\"ff4\">le <span class=\"_ _4\"> </span>esternalizzazioni <span class=\"_ _4\"> </span>d<span class=\"_ _2\"></span>i <span class=\"_ _4\"> </span>attivit\u00e0 <span class=\"_ _4\"> </span>aziendali <span class=\"_ _17\"> </span>nel <span class=\"_ _4\"> </span>caso <span class=\"_ _17\"> </span>in <span class=\"_ _17\"> </span>cui <span class=\"_ _4\"> </span>si <span class=\"_ _17\"> </span>verifichino <span class=\"_ _4\"> </span>delle <span class=\"_ _4\"> </span>carenze <span class=\"_ _17\"> </span>/<span class=\"_ _df\"> </span></span></span>inadeguatezze <span class=\"_ _f\"></span>nei processi <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>gestione de<span class=\"_ _1\"></span>l rapporto <span class=\"_ _f\"></span>con gli <span class=\"_ _f\"></span>outsourcer tali <span class=\"_ _f\"></span>da causare <span class=\"_ _f\"></span>delle<span class=\"_ _df\"> </span>perdite all\u2019impresa;<span class=\"_ _df\"> </span>o<span class=\"ff10\"> <span class=\"_ _6\"> </span><span class=\"ff5\">il <span class=\"_ _d\"></span>mancato <span class=\"_ _d\"></span>aggiornamento <span class=\"_ _0\"></span>o <span class=\"_ _d\"></span>l\u2019inadeguata <span class=\"_ _d\"></span>archiviazione <span class=\"_ _d\"></span>delle <span class=\"_ _d\"></span>procedure <span class=\"_ _d\"></span>e <span class=\"_ _0\"></span>no<span class=\"_ _2\"></span><span class=\"ff4\">rmative <span class=\"_ _d\"></span>che<span class=\"_ _df\"> </span></span></span></span>formalizzano i processi interni;<span class=\"_ _df\"> </span>o<span class=\"ff10\"> <span class=\"_ _6\"> </span><span class=\"ff4\">mancata/inadeguata/intempestiva <span class=\"_ _f\"></span>emanazione di norme <span class=\"_ _f\"></span>att<span class=\"_ _2\"></span>uative <span class=\"_ _f\"></span>interne in <span class=\"_ _1\"></span>relazione alla<span class=\"_ _df\"> </span></span></span>normativa esterna vigente.<span class=\"_ _df\"> </span>-<span class=\"ff10\"> <span class=\"_ _24\"> </span><span class=\"ff5\">Eventi Esterni: gli eventi legati a fattori esterni possono causare perdite all\u2019impresa a fronte<span class=\"_ _2\"></span><span class=\"ff4\"> di<span class=\"_ _df\"> </span></span></span></span>calamit\u00e0 <span class=\"_ _0\"></span>naturali, <span class=\"_ _0\"></span>di <span class=\"_ _0\"> </span>prevenzione <span class=\"_ _0\"></span>e <span class=\"_ _9\"> </span>sicurezza <span class=\"_ _0\"></span>verso <span class=\"_ _0\"></span>eventi <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>nat<span class=\"_ _2\"></span>ura <span class=\"_ _0\"></span>accidentale, <span class=\"_ _d\"></span>a <span class=\"_ _9\"> </span>fronte <span class=\"_ _9\"> </span>di<span class=\"_ _df\"> </span>obsolescenza delle infrastrutture, di prevenzione e di <span class=\"_ _2\"></span>sicurezza verso atti di natura <span class=\"_ _2\"></span>criminosa,<span class=\"_ _df\"> </span>nei <span class=\"_ _9\"> </span>passaggi <span class=\"_ _9\"> </span>autorizzativi <span class=\"_ _9\"> </span>per <span class=\"_ _9\"> </span>l'esecuzione <span class=\"_ _0\"></span>delle <span class=\"_ _9\"> </span>att<span class=\"_ _2\"></span>ivit\u00e0 <span class=\"_ _9\"> </span>operative, <span class=\"_ _9\"> </span>nelle <span class=\"_ _9\"> </span>misure <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>contr<span class=\"_ _2\"></span>oll<span class=\"_ _1\"></span>o<span class=\"_ _df\"> </span>verso attivit\u00e0 non <span class=\"_ _f\"></span>autorizzate e frodi <span class=\"_ _1\"></span>da parte <span class=\"_ _f\"></span>di dipendenti, di <span class=\"_ _1\"></span>misure preve<span class=\"_ _1\"></span>ntive verso frodi d<span class=\"_ _1\"></span>a<span class=\"_ _df\"> </span>parte di est<span class=\"_ _2\"></span>erni, a fronte di un <span class=\"_ _2\"></span>inade<span class=\"_ _1\"></span>guato <span class=\"_ _2\"></span>e/o non tempestivo aggiornamento della nor<span class=\"_ _2\"></span>mativa<span class=\"_ _df\"> </span>interna in relazione ai mutamenti della normativa esterna da cui deriva.  -<span class=\"ff10\"> <span class=\"_ _24\"> </span><span class=\"ff4\">Rischio Informatico e <span class=\"_ _1\"></span>di Sicurezza: q<span class=\"_ _1\"></span>uesto fattore di rischio \u00e8<span class=\"_ _1\"></span> composta dai <span class=\"_ _f\"></span>s<span class=\"_ _2\"></span>egue<span class=\"_ _1\"></span>nti elementi:<span class=\"_ _df\"> </span></span></span>o<span class=\"ff10\"> <span class=\"_ _2f\"> </span><span class=\"ff4\">ICT Data Inte<span class=\"_ _1\"></span>graty Risks: rischi de<span class=\"_ _1\"></span>rivanti da eventi o <span class=\"_ _f\"></span>s<span class=\"_ _2\"></span>ituazioni <span class=\"_ _1\"></span>che possono causare<span class=\"_ _df\"> </span></span></span>l\u2019interruzione <span class=\"_ _26\"> </span>dei <span class=\"_ _8\"> </span>servizi <span class=\"_ _21\"> </span>(<span class=\"ff4\">es. <span class=\"_ _21\"> </span>cyber <span class=\"_ _21\"> </span>at<span class=\"_ _2\"></span>tacks, <span class=\"_ _26\"> </span>guasti <span class=\"_ _8\"> </span>hardware/software,<span class=\"_ _df\"> </span></span>inadeguatezza dei piani di Disaster Recovery).<span class=\"_ _df\"> </span>o<span class=\"ff10\"> <span class=\"_ _2f\"> </span><span class=\"ff4\">ICT <span class=\"_ _4\"> </span>Security <span class=\"_ _4\"> </span>Risk: <span class=\"_ _4\"> </span>rischi <span class=\"_ _4\"> </span>derivanti <span class=\"_ _4\"> </span>da <span class=\"_ _4\"> </span>eventi <span class=\"_ _4\"> </span>o <span class=\"_ _4\"> </span>sit<span class=\"_ _2\"></span>uazioni <span class=\"_ _4\"> </span>che <span class=\"_ _4\"> </span>possono <span class=\"_ _4\"> </span>causare<span class=\"_ _df\"> </span></span></span>l\u2019accesso  non  autorizzato  a <span class=\"_ _4\"> </span>da<span class=\"_ _f\"></span>t<span class=\"_ _2\"></span>i  o  sistemi  aziendali  (es.  rischi  di  cyber <span class=\"_ _22\"> </span>at<span class=\"_ _2\"></span>tack,<span class=\"_ _df\"> </span>ina<span class=\"ls0\">deguatezza dei sistemi di autenticazione/autorizzazione).<span class=\"_ _df\"> </span></span>o<span class=\"ff10\"> <span class=\"_ _2f\"> </span><span class=\"ff4\">ICT <span class=\"_ _d\"></span>Change <span class=\"_ _d\"></span>Risks: <span class=\"_ _d\"></span>r<span class=\"_ _2\"></span>ischi <span class=\"_ _d\"></span>derivanti <span class=\"_ _d\"></span>dall'incapacit\u00e0 <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>gestire, <span class=\"_ _0\"></span>in <span class=\"_ _d\"></span>modo <span class=\"_ _d\"></span>tempestivo <span class=\"_ _d\"></span>e<span class=\"_ _df\"> </span></span></span>controllato, <span class=\"_ _d\"></span>i <span class=\"_ _d\"></span>cambiamenti <span class=\"_ _2\"></span>dei <span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>istemi <span class=\"_ _d\"></span>ICT <span class=\"_ _2\"></span>in <span class=\"_ _d\"></span>particolare <span class=\"_ _d\"></span>per <span class=\"_ _d\"></span>piani <span class=\"_ _d\"></span>di <span class=\"_ _2\"></span>cambiamento<span class=\"_ _df\"> </span>ampi <span class=\"_ _4\"> </span>e <span class=\"_ _22\"> </span>complessi <span class=\"_ _4\"> </span>(es. <span class=\"_ _4\"> </span>inadeguat<span class=\"_ _2\"></span>ezza <span class=\"_ _22\"> </span>o <span class=\"_ _4\"> </span>as<span class=\"_ _2\"></span>senza <span class=\"_ _22\"> </span>di <span class=\"_ _4\"> </span>controlli <span class=\"_ _4\"> </span>nello <span class=\"_ _4\"> </span>sviluppo <span class=\"_ _22\"> </span>d<span class=\"_ _2\"></span>el<span class=\"_ _df\"> </span>software, inadeguatezza dell\u2019architettura ICT).<span class=\"_ _df\"> </span>o<span class=\"ff10\"> <span class=\"_ _2f\"> </span><span class=\"ff5\">ICT <span class=\"_ _0\"></span>D<span class=\"_ _2\"></span>ata <span class=\"_ _9\"> </span>Integrity <span class=\"_ _9\"> </span>Risk: <span class=\"_ _0\"></span>r<span class=\"_ _2\"></span>ischi <span class=\"_ _0\"></span>derivanti <span class=\"_ _9\"> </span>dalla <span class=\"_ _9\"> </span>presenza <span class=\"_ _9\"> </span>e <span class=\"_ _9\"> </span>dall\u2019ut<span class=\"_ _2\"></span>ilizzo <span class=\"_ _0\"></span>da <span class=\"_ _9\"> </span>part<span class=\"_ _2\"></span>e <span class=\"_ _9\"> </span>dei<span class=\"_ _df\"> </span></span></span>sistemi <span class=\"_ _d\"></span>ICT <span class=\"_ _2\"></span>di <span class=\"_ _d\"></span>dati <span class=\"_ _2\"></span>non <span class=\"_ _d\"></span>completi, <span class=\"_ _2\"></span>non <span class=\"_ _d\"></span>accurati <span class=\"_ _2\"></span>e <span class=\"_ _d\"></span>non <span class=\"_ _d\"></span>coerenti<span class=\"_ _1\"></span> <span class=\"_ _d\"></span>tra <span class=\"_ _2\"></span>loro <span class=\"_ _d\"></span>che <span class=\"_ _d\"></span>possono<span class=\"_ _df\"> </span>compromettere <span class=\"_ _15\"> </span>la <span class=\"_ _15\"> </span>correttezza <span class=\"_ _15\"> </span>e <span class=\"_ _14\"> </span>la <span class=\"_ _15\"> </span>temp<span class=\"_ _2\"></span>estivit\u00e0 <span class=\"_ _14\"> </span>del <span class=\"_ _15\"> </span>servizio <span class=\"_ _15\"> </span>erogato <span class=\"_ _15\"> </span>e <span class=\"_ _15\"> </span>delle<span class=\"_ _df\"> </span>informazioni gestionali e <span class=\"_ _2\"></span>finanziarie fornite <span class=\"_ _2\"></span>(es. anomalie nell\u2019elaborazione dei dati<span class=\"_ _2\"></span>,<span class=\"_ _df\"> </span>inadeguatezza dei controlli di data-input / data-<span class=\"ff5\">extraction, \u2026).<span class=\"_ _df\"> </span></span>o<span class=\"ff10\"> <span class=\"_ _2f\"> </span><span class=\"ff4\">ICT <span class=\"_ _2\"></span>Outsourcing <span class=\"_ _d\"></span>Risk: <span class=\"_ _d\"></span>rischi <span class=\"_ _2\"></span>derivanti <span class=\"_ _d\"></span>da <span class=\"_ _2\"></span>est<span class=\"_ _2\"></span>ernalizzazione<span class=\"_ _f\"></span> <span class=\"_ _d\"></span>verso <span class=\"_ _d\"></span>una <span class=\"_ _d\"></span>terza <span class=\"_ _2\"></span>parte <span class=\"_ _d\"></span>o<span class=\"_ _df\"> </span></span></span>verso un\u2019altra <span class=\"_ _2\"></span>entit\u00e0 del Gruppo (intra<span class=\"ff4\">-group outs<span class=\"_ _2\"></span>ourcing) di processi di fornitura di<span class=\"_ _df\"> </span></span>sistemi <span class=\"_ _16\"> </span>ICT <span class=\"_ _16\"> </span>o <span class=\"_ _9\"> </span>servizi  co<span class=\"_ _f\"></span>r<span class=\"_ _2\"></span>relati <span class=\"_ _9\"> </span>(es. <span class=\"_ _16\"> </span>inadeguatezza <span class=\"_ _9\"> </span>dei  me<span class=\"_ _1\"></span>ccanismi  contrattuali <span class=\"_ _9\"> </span>di<span class=\"_ _df\"> </span>controllo, degrado del <span class=\"ff5\">servizio offerto, \u2026).<span class=\"_ _df\"> </span></span>L\u2019approccio di identificazione del rischio operativo segue una logica di tipo \u2018bottom up\u2019, basata su<span class=\"_ _df\"> </span>una <span class=\"_ _f\"></span>metodologia <span class=\"_ _f\"></span>di <span class=\"_ _f\"></span>Risk<span class=\"_ _2\"></span> <span class=\"_ _f\"></span>Self <span class=\"_ _f\"></span>Assessment con <span class=\"_ _11\"></span>l\u2019obiettivo <span class=\"_ _f\"></span>di <span class=\"_ _1\"></span>valutare <span class=\"_ _f\"></span>il <span class=\"_ _f\"></span>li<span class=\"_ _2\"></span>vello <span class=\"_ _f\"></span>di <span class=\"_ _f\"></span>rischiosit\u00e0 <span class=\"_ _f\"></span>e <span class=\"_ _f\"></span>la qualit\u00e0<div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1a07\">dei <span class=\"_ _f\"></span>controlli p<span class=\"_ _1\"></span>osti i<span class=\"_ _1\"></span>n <span class=\"_ _1\"></span>essere <span class=\"_ _f\"></span>per m<span class=\"_ _1\"></span>itigare <span class=\"_ _f\"></span>il rischio <span class=\"_ _f\"></span>afferente <span class=\"_ _f\"></span>alle <span class=\"_ _1\"></span>attivit\u00e0 <span class=\"_ _f\"></span>operative e<span class=\"_ _f\"></span> ad <span class=\"_ _f\"></span>ogni <span class=\"_ _1\"></span>processo<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1a08\">aziendale.  </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs1a09\">L\u2019obiettivo di <span class=\"_ _1\"></span>tale approccio, <span class=\"_ _1\"></span>basato sull\u2019anal<span class=\"_ _1\"></span>isi per Team Fu<span class=\"_ _1\"></span>nzionali, \u00e8<span class=\"_ _1\"></span> l\u2019individuazione de<span class=\"_ _1\"></span>gli eventi<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1a0a\">perdita <span class=\"_ _17\"> </span>che <span class=\"_ _14\"> </span>potrebbero <span class=\"_ _14\"> </span>manifestar<span class=\"_ _2\"></span>si, <span class=\"_ _17\"> </span>la <span class=\"_ _14\"> </span>valutazione <span class=\"_ _14\"> </span>del <span class=\"_ _14\"> </span>pos<span class=\"_ _2\"></span>sibile<span class=\"_ _1\"></span> <span class=\"_ _14\"> </span>impatto <span class=\"_ _14\"> </span>e <span class=\"_ _14\"> </span>della <span class=\"_ _14\"> </span>possibile<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1a0b\">frequenza <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>r<span class=\"_ _2\"></span>ealizzazione <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>t<span class=\"_ _2\"></span>ali <span class=\"_ _4\"> </span>eventi <span class=\"_ _17\"> </span>(quantificazione <span class=\"_ _4\"> </span>delle <span class=\"_ _17\"> </span>perdite <span class=\"_ _4\"> </span>attese <span class=\"_ _17\"> </span>e <span class=\"_ _4\"> </span>inatt<span class=\"_ _2\"></span>ese), <span class=\"_ _4\"> </span>la<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs1a0c\">valutazione de<span class=\"_ _1\"></span>ll\u2019efficacia dei controlli a p<span class=\"_ _1\"></span>residio e <span class=\"_ _1\"></span>dei possibi<span class=\"_ _1\"></span>li strumenti organizzativ<span class=\"_ _1\"></span>i attivabili per<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1a0d\">la mitigazione del rischio. La valutazione delle p<span class=\"_ _2\"></span>erdite attese e inattese viene fatta sia in relazione<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1a0e\">al rischio <span class=\"_ _2\"></span>operativo nella sua interezza <span class=\"_ _2\"></span>sia per la <span class=\"_ _2\"></span>componente relativa al <span class=\"_ _2\"></span>rischio ICT e <span class=\"_ _2\"></span>di sicurezza.<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1a0f\">Su entrambe le grandezze esistono dei li<span class=\"_ _1\"></span>miti RAF.<span class=\"_ _df\"> </span><span class=\"_ _2\"></span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1a10\">La <span class=\"_ _4\"> </span>Compagnia <span class=\"_ _17\"> </span>ha <span class=\"_ _4\"> </span>st<span class=\"_ _2\"></span>rutturato, <span class=\"_ _4\"> </span>inoltre, <span class=\"_ _4\"> </span>con <span class=\"_ _17\"> </span>periodicit\u00e0 <span class=\"_ _4\"> </span>annuale <span class=\"_ _4\"> </span>una <span class=\"_ _17\"> </span>valutazione <span class=\"_ _4\"> </span>delle <span class=\"_ _4\"> </span>perdite<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1a11\">effettive <span class=\"_ _1\"></span>subite derivanti da rischi op<span class=\"_ _1\"></span>erativi (c.d. LDC <span class=\"ff5\">\u2013</span> Loss Data Colle<span class=\"_ _f\"></span>ct<span class=\"_ _2\"></span>ion). Tale anal<span class=\"_ _1\"></span>isi consente<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1a12\">inoltre di effettuare un back-test circa la valutazione ex-ante mediante Risk Self-Assessment.<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc4 sc0 ls0 ws0 gs1a13\">Regulatory Operational Risk<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1a14\">Per quanto <span class=\"_ _1\"></span>riguarda la valu<span class=\"_ _f\"></span>t<span class=\"_ _2\"></span>azione <span class=\"_ _1\"></span>del requisito d<span class=\"_ _1\"></span>i capitale <span class=\"_ _1\"></span>(SCR), i rischi <span class=\"_ _1\"></span>operativi veng<span class=\"_ _1\"></span>ono valutati<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs1a15\">mediante <span class=\"_ _f\"></span>l<span class=\"_ _2\"></span>\u2019applicazione <span class=\"_ _1\"></span>della Stand<span class=\"_ _1\"></span>ard Formula. <span class=\"_ _f\"></span>D<span class=\"_ _2\"></span>a <span class=\"_ _1\"></span>un <span class=\"_ _1\"></span>punto di <span class=\"_ _1\"></span>vista de<span class=\"_ _1\"></span>lla distribuzi<span class=\"_ _1\"></span>one del <span class=\"_ _f\"></span>r<span class=\"_ _2\"></span>ischio<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1a16\">operativo d<span class=\"_ _1\"></span>i Credemvita <span class=\"_ _f\"></span>s<span class=\"_ _2\"></span>econdo <span class=\"_ _1\"></span>i de<span class=\"_ _f\"></span>t<span class=\"_ _2\"></span>tami normativi <span class=\"_ _f\"></span>Solvency II si <span class=\"_ _f\"></span>riporta nella <span class=\"_ _f\"></span>t<span class=\"_ _2\"></span>abella <span class=\"_ _f\"></span>di seguito la<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1a17\">miglior stima della r<span class=\"_ _2\"></span>appresentazione del rischio disponibile alla <span class=\"_ _2\"></span>data di <span class=\"_ _2\"></span>valutazione (si precisa che<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1a18\">il peso complessivo del rischio op<span class=\"_ _1\"></span>erativo \u00e8 pari al 10,6<span class=\"_ _2\"></span>%).<span class=\"_ _df\"> </span> </div><div class=\"c w64f h82 gs1a19\"><div class=\"t m1 x8a h6 y3e6 ff4 fs2 fc1 sc0 ls0 ws0\">Operational risk - risk/sum of risk components - relativo e complessivo<span class=\"_ _df\"> </span></div><div class=\"t m0 x152 h1f y3e6 ff4 fs7 fc4 sc3 ls0 ws0\"> </div></div><div class=\"gs1a1a\"><table class=\"s w11e1 h5c1\" id=\"_432c0f4e-fa99-402d-9f79-d2df796770ab\"><tr><td></td><td class=\"c xb84 y38ab w63a h82\"><div class=\"t m0 x38 h5 y3e6 ff4 fs1 fc4 sc3 ls0 ws0\">Relat<span class=\"_ _1\"></span>ivo </div></td><td></td><td class=\"c xb85 y38ab w650 h82\"><div class=\"t m0 x2f h5 y3e6 ff4 fs1 fc4 sc3 ls0 ws0\">Comp<span class=\"_ _1\"></span>lessiv<span class=\"_ _1\"></span>o</div><div class=\"t m1 x11d h6 y3e6 ff4 fs2 fc1 sc2 ls0 ws0\"> </div></td></tr><tr><td class=\"c xb86 y38ac w651 h82\"><div class=\"t m0 x8a h5 y3e6 ff4 fs1 fc1 sc0 ls0 ws0\">Operational risk </div></td><td></td><td class=\"c xb84 y38ac w44d h82\"><div class=\"t m0 x11d h5 y3e6 ff4 fs1 fc1 sc0 ls0 ws0\">10,6% </div></td><td class=\"c xb87 y38ac wcd h82\"><div class=\"t m0 xc6 h5 y3e6 ff4 fs1 fc1 sc0 ls0 ws0\">10,6% </div></td></tr></table></div><div class=\"t m0 h5 ff4 fs1 fc4 sc0 ls0 ws0 gs1a1b\">Rischio legale e rischio di non conformit\u00e0 alle norme<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1a1c\">Il <span class=\"_ _16\"> </span>rischio <span class=\"_ _9\"> </span>nor<span class=\"_ _2\"></span>mativo <span class=\"_ _9\"> </span>di  compli<span class=\"_ _1\"></span>ance <span class=\"_ _16\"> </span>(ovvero <span class=\"_ _9\"> </span>di  non <span class=\"_ _9\"> </span>confor<span class=\"_ _2\"></span>mit\u00e0 <span class=\"_ _9\"> </span>alle <span class=\"_ _16\"> </span>norm<span class=\"_ _2\"></span>e) <span class=\"_ _9\"> </span>riguarda  il<span class=\"_ _1\"></span>  rischi<span class=\"_ _1\"></span>o  d<span class=\"_ _1\"></span>i<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1a1d\">incorrere <span class=\"_ _17\"> </span>in <span class=\"_ _17\"> </span>sanzioni <span class=\"_ _17\"> </span>giudiziarie <span class=\"_ _17\"> </span>o <span class=\"_ _17\"> </span>amministrative, <span class=\"_ _17\"> </span>e <span class=\"_ _17\"> </span>subire <span class=\"_ _17\"> </span>perdite <span class=\"_ _4\"> </span>o <span class=\"_ _14\"> </span>danni <span class=\"_ _4\"> </span>r<span class=\"_ _2\"></span>eputazionali <span class=\"_ _4\"> </span>in<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1a1e\">conseguenza <span class=\"_ _0\"></span>della <span class=\"_ _0\"></span>mancat<span class=\"_ _2\"></span>a <span class=\"_ _0\"></span>osservanza <span class=\"_ _9\"> </span>di <span class=\"_ _0\"></span>leggi, <span class=\"_ _0\"> </span>r<span class=\"_ _2\"></span>egolamenti <span class=\"_ _0\"></span>o <span class=\"_ _9\"> </span>provvedimenti <span class=\"_ _0\"></span>delle <span class=\"_ _0\"></span>Autorit\u00e0 <span class=\"_ _9\"> </span>di<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1a1f\">Vigilanza <span class=\"_ _0\"></span>ovvero <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>norme <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>autor<span class=\"_ _2\"></span>egolamentazione, <span class=\"_ _0\"></span>quali <span class=\"_ _0\"></span>statuti, <span class=\"_ _0\"></span>codici <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>condotta <span class=\"_ _0\"></span>o <span class=\"_ _0\"></span>codici <span class=\"_ _0\"></span>di<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1a20\">autodisciplina; <span class=\"_ _18\"> </span>rischio <span class=\"_ _19\"> </span>derivante <span class=\"_ _19\"> </span>da <span class=\"_ _19\"> </span>modifich<span class=\"_ _1\"></span>e <span class=\"_ _19\"> </span>sfavorevoli <span class=\"_ _18\"> </span>del <span class=\"_ _19\"> </span>quadro <span class=\"_ _19\"> </span>normativo <span class=\"_ _19\"> </span>o <span class=\"_ _18\"> </span>degli<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1a21\">orientamenti giurisprud<span class=\"_ _1\"></span>enziali. Il rischio norma<span class=\"_ _1\"></span>tivo di ricicl<span class=\"_ _1\"></span>aggio e di<span class=\"_ _1\"></span> finanziamento del<span class=\"_ _1\"></span> terrorismo:<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1a22\">rischio di mancata<span class=\"_ _1\"></span> prevenz<span class=\"_ _1\"></span>ione, da parte <span class=\"_ _1\"></span>della Compag<span class=\"_ _1\"></span>nia, del<span class=\"_ _1\"></span>la realizzazione <span class=\"_ _1\"></span>di attivit\u00e0 a<span class=\"_ _1\"></span> scopo d<span class=\"_ _1\"></span>i<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1a23\">riciclaggio dei <span class=\"_ _2\"></span>proventi <span class=\"_ _2\"></span>di attivit\u00e0 <span class=\"_ _2\"></span>criminose <span class=\"_ _2\"></span>e di <span class=\"_ _2\"></span>finanziamento <span class=\"_ _2\"></span>del terror<span class=\"_ _2\"></span>ismo; rischio <span class=\"_ _2\"></span>di incorrere<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1a24\">in sanzioni g<span class=\"_ _2\"></span>iudiziarie o amminist<span class=\"_ _2\"></span>rative<span class=\"_ _1\"></span>, subire <span class=\"_ _2\"></span>perdite o <span class=\"_ _2\"></span>danni <span class=\"_ _2\"></span>reputazionali in <span class=\"_ _2\"></span>conseguenza della<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1a25\">mancata <span class=\"_ _d\"></span>osservanza <span class=\"_ _0\"></span>di <span class=\"_ _d\"></span>leggi, <span class=\"_ _d\"></span>regolamenti <span class=\"_ _d\"></span>o <span class=\"_ _0\"></span>provve<span class=\"_ _1\"></span>dimenti <span class=\"_ _d\"></span>delle <span class=\"_ _0\"></span>Autorit\u00e0 <span class=\"_ _d\"></span>di <span class=\"_ _0\"></span>Vigilanz<span class=\"_ _1\"></span>a <span class=\"_ _d\"></span>in <span class=\"_ _0\"></span>materia<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1a26\">antiriciclaggio e antiterrorismo.<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1a27\">I fattori di rischio legale e di<span class=\"_ _1\"></span> non conformit\u00e0 alle norme sono riconducibili a:<span class=\"_ _df\"> </span><span class=\"_ _2\"></span> </div><div class=\"t m0 h5 ff13 fs1 fc1 sc0 ls0 ws0 gs1a28\">-<span class=\"_ _1b\"> </span><span class=\"ff4\">Legal enviroment: rischio <span class=\"_ _2\"></span>legato in generale <span class=\"_ _2\"></span>al mancato <span class=\"_ _2\"></span>rispetto delle l<span class=\"_ _2\"></span>eggi, sia esso <span class=\"_ _2\"></span>di natura<span class=\"_ _df\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1a29\">fiscale o di <span class=\"_ _2\"></span>trattamento dati <span class=\"_ _2\"></span>personali.<span class=\"_ _1\"></span> Rischio <span class=\"_ _2\"></span>di controversia causato <span class=\"_ _2\"></span>da un vuoto <span class=\"_ _2\"></span>giuridico o<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1a2a\">da un inquadramento incompleto o inadeguato degl<span class=\"_ _1\"></span>i obblighi e delle re<span class=\"_ _2\"></span>sponsabilit\u00e0 assegnate<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1a2b\">alle  parti.  Assenza <span class=\"_ _16\"> </span>di  contratti,  condi<span class=\"_ _1\"></span>zioni  carenti  di<span class=\"_ _1\"></span>  conservazione  della <span class=\"_ _16\"> </span>documentazione<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1a2c\">legale. <span class=\"_ _2\"></span>Rischio <span class=\"_ _2\"></span>legato <span class=\"_ _d\"></span>al <span class=\"_ _2\"></span>non <span class=\"_ _d\"></span>rispetto <span class=\"_ _2\"></span>delle <span class=\"_ _d\"></span>leggi <span class=\"_ _2\"></span>sulle <span class=\"_ _2\"></span>im<span class=\"_ _2\"></span>poste <span class=\"_ _2\"></span>legate <span class=\"_ _2\"></span>alla <span class=\"_ _2\"></span>Com<span class=\"_ _2\"></span>pagnia. <span class=\"_ _2\"></span>Rischio<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs1a2d\">legato <span class=\"_ _0\"></span>all\u2019antiriciclaggio. <span class=\"_ _9\"> </span>Rischio <span class=\"_ _9\"> </span>legato <span class=\"_ _9\"> </span>all<span class=\"ff4\">a <span class=\"_ _9\"> </span>sicurezza <span class=\"_ _9\"> </span>sul <span class=\"_ _0\"></span>lavoro. <span class=\"_ _9\"> </span>Rischio <span class=\"_ _9\"> </span>legato <span class=\"_ _9\"> </span>al <span class=\"_ _9\"> </span>mancato<span class=\"_ _df\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1a2e\">rispetto della normativa sulla privacy;<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff13 fs1 fc1 sc0 ls0 ws0 gs1a2f\">-<span class=\"_ _1b\"> </span><span class=\"ff4\">Compliance <span class=\"_ _2\"></span>with <span class=\"_ _2\"></span>regulations: <span class=\"_ _2\"></span>inoss<span class=\"_ _2\"></span>ervanza <span class=\"_ _2\"></span>dei <span class=\"_ _2\"></span>regolamenti <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>provvedimenti <span class=\"_ _2\"></span>applicabili <span class=\"_ _2\"></span>(<span class=\"_ _2\"></span>leggi<span class=\"_ _df\"> </span></span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1a30\">assicurative,  aziendali <span class=\"_ _4\"> </span>o <span class=\"_ _22\"> </span>d<span class=\"_ _2\"></span>el  lavor<span class=\"_ _2\"></span>o).  Mancanza <span class=\"_ _4\"> </span>di  follow<span class=\"_ _2\"></span>-up <span class=\"_ _4\"> </span>delle <span class=\"_ _22\"> </span>q<span class=\"_ _2\"></span>uestioni  nor<span class=\"_ _2\"></span>mative.  In<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1a31\">particolare <span class=\"_ _e\"> </span>il <span class=\"_ _e\"> </span>fattore <span class=\"_ _e\"> </span>di <span class=\"_ _e\"> </span>rischio <span class=\"_ _e\"> </span>Compliance <span class=\"_ _e\"> </span>with <span class=\"_ _e\"> </span>regulations <span class=\"_ _e\"> </span>(di <span class=\"_ _e\"> </span>seguito <span class=\"_ _e\"> </span>anche <span class=\"_ _e\"> </span>rischio<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs1a32\">\u201cNormativa\u201d) <span class=\"_ _9\"> </span>pu\u00f2 <span class=\"_ _9\"> </span>esporre <span class=\"_ _9\"> </span>l\u2019impresa <span class=\"_ _9\"> </span>a <span class=\"_ _9\"> </span>specifici <span class=\"_ _9\"> </span>eventi <span class=\"_ _9\"> </span>perdita, <span class=\"_ _9\"> </span>legati <span class=\"_ _9\"> </span>appunto <span class=\"_ _9\"> </span>all\u2019evoluzione<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1a33\">della <span class=\"_ _6\"> </span>stessa. <span class=\"_ _26\"> </span>Mutamenti <span class=\"_ _6\"> </span>sfavorevoli <span class=\"_ _6\"> </span>del <span class=\"_ _26\"> </span>quadro <span class=\"_ _6\"> </span>normativo <span class=\"_ _26\"> </span>o <span class=\"_ _26\"> </span>degli <span class=\"_ _6\"> </span>orientamenti<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1a34\">giurisprudenziali, possono, infatti, riguardare:<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff12 fs1 fc1 sc0 ls0 ws0 gs1a35\">o<span class=\"_ _25\"> </span><span class=\"ff5\">rapporti con <span class=\"_ _2\"></span>l\u2019Autori<span class=\"_ _1\"></span>t\u00e0 di Vigilanza;<span class=\"_ _df\"> </span></span></div><div class=\"t m0 h5 ff12 fs1 fc1 sc0 ls0 ws0 gs1a36\">o<span class=\"_ _25\"> </span><span class=\"ff4\">rapporti con <span class=\"_ _2\"></span>i clienti<span class=\"_ _1\"></span>;<span class=\"_ _df\"> </span></span></div><div class=\"t m0 h5 ff12 fs1 fc1 sc0 ls0 ws0 gs1a37\">o<span class=\"_ _25\"> </span><span class=\"ff4\">rapporti con <span class=\"_ _2\"></span>i dipe<span class=\"_ _1\"></span>ndenti;<span class=\"_ _df\"> </span></span></div><div class=\"t m0 h5 ff12 fs1 fc1 sc0 ls0 ws0 gs1a38\">o<span class=\"_ _25\"> </span><span class=\"ff4\">sicurezza sui luoghi di lavoro;<span class=\"_ _df\"> </span></span></div><div class=\"t m0 h5 ff12 fs1 fc1 sc0 ls0 ws0 gs1a39\">o<span class=\"_ _25\"> </span><span class=\"ff4\">rapporti con <span class=\"_ _2\"></span>altri O<span class=\"_ _1\"></span>rgani.<span class=\"_ _df\"> </span></span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1a3a\">In <span class=\"_ _2\"></span>particolare, <span class=\"_ _2\"></span>tale <span class=\"_ _2\"></span>fattore <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>rischi<span class=\"ff5\">o <span class=\"_ _2\"></span>riguarda <span class=\"_ _2\"></span>l\u2019incorrere <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>sanzioni <span class=\"_ _2\"></span>giudiziarie o <span class=\"_ _2\"></span>amm<span class=\"_ _2\"></span>inistrative, il<span class=\"_ _df\"> </span></span><span class=\"ff5\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1a3b\">subire <span class=\"_ _e\"> </span>perdite <span class=\"_ _10\"> </span>o <span class=\"_ _10\"> </span>danni <span class=\"_ _10\"> </span>reputazionali <span class=\"_ _e\"> </span>in <span class=\"_ _10\"> </span>conseguenza <span class=\"_ _10\"> </span>della <span class=\"_ _10\"> </span>mancata <span class=\"_ _10\"> </span>osservanza <span class=\"_ _10\"> </span>di <span class=\"_ _e\"> </span>leggi,<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1a3c\">regolamenti o provve<span class=\"_ _1\"></span>dimenti delle Autorit\u00e0 di Vigi<span class=\"_ _1\"></span>lanza ovvero di norme di aut<span class=\"_ _1\"></span>oregolamentazione,<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1a3d\">con <span class=\"_ _2\"></span> <span class=\"_ _2\"></span>particolare <span class=\"_ _2\"></span>attenzione <span class=\"_ _2\"></span>alle <span class=\"_ _2\"></span>nor<span class=\"_ _2\"></span>me <span class=\"_ _2\"></span>relative alla <span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>rasparenza <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>correttezza <span class=\"_ _2\"></span>dei <span class=\"_ _2\"></span>comportamenti<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs1a3f\">nei <span class=\"_ _9\"> </span>confronti <span class=\"_ _16\"> </span>degli <span class=\"_ _9\"> </span>assic<span class=\"_ _2\"></span>urati <span class=\"_ _9\"> </span>e  dann<span class=\"_ _1\"></span>eggiati, <span class=\"_ _9\"> </span>all\u2019infor<span class=\"_ _2\"></span>mativa <span class=\"_ _9\"> </span>precontrattuale <span class=\"_ _16\"> </span>e <span class=\"_ _9\"> </span>contratt<span class=\"_ _2\"></span>uale, <span class=\"_ _0\"> </span>all<span class=\"_ _2\"></span>a<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1a40\">corretta <span class=\"_ _9\"> </span>esecuzione <span class=\"_ _9\"> </span>dei <span class=\"_ _0\"></span>cont<span class=\"_ _2\"></span>ratti, <span class=\"_ _9\"> </span>con <span class=\"_ _9\"> </span>particolare <span class=\"_ _0\"></span>r<span class=\"_ _2\"></span>iferimento <span class=\"_ _0\"></span>a<span class=\"_ _2\"></span>lla <span class=\"_ _9\"> </span>gestione <span class=\"_ _9\"> </span>dei <span class=\"_ _9\"> </span>sinistri <span class=\"_ _9\"> </span>e, <span class=\"_ _9\"> </span>pi\u00f9 <span class=\"_ _9\"> </span>in<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1a41\">generale, alla tutela del consumatore.<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc4 sc0 ls0 ws0 gs1a42\">Modelling Risk<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1a43\">Rischio di <span class=\"_ _2\"></span>perdite in <span class=\"_ _2\"></span>materia <span class=\"_ _2\"></span>di sviluppo, implementazione <span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>usi improprio <span class=\"_ _2\"></span>di altri <span class=\"_ _2\"></span>modelli da <span class=\"_ _2\"></span>parte<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1a44\">della Compagnia per il processo decisionale (ad esempio, i prezz<span class=\"_ _2\"></span>i dei prodott<span class=\"_ _2\"></span>i, la valutazione<span class=\"_ _1\"></span> degli<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1a45\">strumenti finanziari, il monitoraggio de<span class=\"_ _1\"></span>i limiti di rischio, etc).<span class=\"_ _df\"> </span><span class=\"_ _2\"></span> </div><div class=\"t m0 h5 ff4 fs1 fc4 sc0 ls0 ws0 gs1a46\">Continuit\u00e0 Operativa<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs1a47\">Il <span class=\"_ _d\"></span>r<span class=\"_ _2\"></span>ischio <span class=\"_ _d\"></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=\"_ _d\"></span>all\u2019utilizzo <span class=\"_ _0\"></span>di <span class=\"_ _d\"></span>u<span class=\"_ _2\"></span>n <span class=\"_ _d\"></span>pia<span class=\"_ _2\"></span>no <span class=\"_ _d\"></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=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1a48\">gestione <span class=\"_ _0\"></span>di <span class=\"_ _9\"> </span>situazioni <span class=\"_ _0\"> </span>di <span class=\"_ _9\"> </span>cr<span class=\"_ _2\"></span>isi <span class=\"_ _0\"></span>conseguenti <span class=\"_ _0\"></span>ad <span class=\"_ _9\"> </span>incidenti <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>portata <span class=\"_ _9\"> </span>settoriale, <span class=\"_ _0\"></span>aziendale <span class=\"_ _0\"></span>ovvero <span class=\"_ _9\"> </span>a<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs1a49\">catastrofi  estese <span class=\"_ _22\"> </span>che <span class=\"_ _4\"> </span>colpisco<span class=\"_ _f\"></span>no <span class=\"_ _4\"> </span>l\u2019operatore  o  le <span class=\"_ _22\"> </span>sue <span class=\"_ _22\"> </span>controparti  r<span class=\"_ _2\"></span>ilevanti.<span class=\"_ _1\"></span>  La <span class=\"_ _4\"> </span>Compagnia  ha<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1a4a\">sviluppato un piano di continui<span class=\"_ _1\"></span>t\u00e0 o<span class=\"_ _2\"></span>perativa defi<span class=\"_ _1\"></span>nito secondo le disposizioni DORA.<span class=\"_ _df\"> </span><span class=\"_ _2\"></span> </div><div class=\"t m0 h5 ff4 fs1 fc4 sc3 ls0 ws0 gs1a4b\">Rischi <span class=\"_ _1\"></span>di Se<span class=\"_ _f\"></span>condo Liv<span class=\"_ _f\"></span>ello (o <span class=\"_ _1\"></span>indire<span class=\"_ _f\"></span>tti)<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1a4c\">Secondo  il  modello  adottato  dalla  Compagnia,  inoltre,  esistono  altri  rischi/ev<span class=\"_ _1\"></span>enti  perdita  non<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1a4d\">strettamente <span class=\"_ _1\"></span>riconducibili <span class=\"_ _f\"></span>a fattori d<span class=\"_ _1\"></span>i <span class=\"_ _f\"></span>r<span class=\"_ _2\"></span>ischio <span class=\"_ _f\"></span>specifici, <span class=\"_ _1\"></span>ma che <span class=\"_ _f\"></span>possono d<span class=\"_ _1\"></span>erivare <span class=\"_ _1\"></span>da fat<span class=\"_ _1\"></span>tori d<span class=\"_ _1\"></span>i <span class=\"_ _f\"></span>r<span class=\"_ _2\"></span>ischio<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1a4e\">riconducibili <span class=\"_ _15\"> </span>alle <span class=\"_ _15\"> </span>class<span class=\"_ _2\"></span>i <span class=\"_ _15\"> </span>di <span class=\"_ _15\"> </span>rischio <span class=\"_ _15\"> </span>precedentemente <span class=\"_ _15\"> </span>illustrate. <span class=\"_ _15\"> </span>Si <span class=\"_ _15\"> </span>t<span class=\"_ _2\"></span>ratta <span class=\"_ _15\"> </span>in <span class=\"_ _e\"> </span>particolare, <span class=\"_ _14\"> </span>cos<span class=\"_ _2\"></span>\u00ec<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1a4f\">identificati dalla normativa di settore, delle cl<span class=\"_ _1\"></span>assi di rischio: <span class=\"_ _2\"></span> </div><div class=\"t m0 h5 ff13 fs1 fc1 sc0 ls0 ws0 gs1a50\">-<span class=\"ff10\"> <span class=\"_ _24\"> </span><span class=\"ff5\">Rischio legato all\u2019appartenenza al gruppo;<span class=\"_ _df\"> </span></span></span><span class=\"ff10\"><span class=\"ff5\"><span class=\"ff4\"> </span></span></span></div><div class=\"t m0 h5 ff13 fs1 fc1 sc0 ls0 ws0 gs1a51\">-<span class=\"ff10\"> <span class=\"_ _24\"> </span><span class=\"ff4\">Rischio reputazionale;<span class=\"_ _df\"> </span></span></span><span class=\"ff10\"><span class=\"ff4\"> </span></span></div><div class=\"t m0 h5 ff13 fs1 fc1 sc0 ls0 ws0 gs1a52\">-<span class=\"ff10\"> <span class=\"_ _24\"> </span><span class=\"ff4\">Rischio di condotta;<span class=\"_ _df\"> </span></span></span><span class=\"ff10\"><span class=\"ff4\"> </span></span></div><div class=\"t m0 h5 ff13 fs1 fc1 sc0 ls0 ws0 gs1a53\">-<span class=\"ff10\"> <span class=\"_ _24\"> </span><span class=\"ff4\">Rischi ESG,<span class=\"_ _df\"> </span></span></span><span class=\"ff10\"><span class=\"ff4\"> </span></span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1a54\">e di seguito rappresentati.<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff5 fs1 fc4 sc0 ls0 ws0 gs1a55\">Rischio legato all\u2019appartenenza al gruppo<span class=\"_ _df\"> </span><span class=\"ff4\"> </span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs1a56\">Il <span class=\"_ _9\"> </span>rischio <span class=\"_ _16\"> </span>legato <span class=\"_ _9\"> </span>all\u2019appartenenza <span class=\"_ _9\"> </span>al <span class=\"_ _16\"> </span>grupp<span class=\"_ _f\"></span>o<span class=\"_ _2\"></span> <span class=\"_ _9\"> </span>(rischio <span class=\"_ _16\"> </span>di <span class=\"_ _9\"> </span>\u2018contagio\u2019) <span class=\"_ _9\"> </span>\u00e8 <span class=\"_ _9\"> </span>inteso <span class=\"_ _16\"> </span>come <span class=\"_ _9\"> </span>rischio <span class=\"_ _9\"> </span>che, <span class=\"_ _9\"> </span>a<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs1a57\">seguito <span class=\"_ _d\"></span>dei <span class=\"_ _d\"></span>rapporti <span class=\"_ _d\"></span>intercorrenti <span class=\"_ _d\"></span>tra <span class=\"_ _2\"></span>l\u2019impresa <span class=\"_ _d\"></span>e <span class=\"_ _d\"></span>le <span class=\"_ _d\"></span>altre <span class=\"_ _d\"></span>entit\u00e0 <span class=\"_ _d\"></span>del <span class=\"_ _d\"></span>gruppo, <span class=\"_ _d\"></span>situazioni <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>difficolt\u00e0<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1a58\">che <span class=\"_ _2\"></span>insorgono <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>una <span class=\"_ _2\"></span>societ\u00e0 <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>medesimo <span class=\"_ _2\"></span>gruppo <span class=\"_ _2\"></span>possano <span class=\"_ _2\"></span>propagarsi <span class=\"_ _2\"></span>con <span class=\"_ _2\"></span>effetti <span class=\"_ _2\"></span>negativi s<span class=\"_ _2\"></span>ulla<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs1a59\">solvibilit\u00e0 dell\u2019impresa stessa. <span class=\"ff4\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1a5a\">In  coe<span class=\"_ _1\"></span>renza  con <span class=\"_ _16\"> </span>la <span class=\"_ _16\"> </span>propria <span class=\"_ _9\"> </span>strategia  e <span class=\"_ _16\"> </span>con  le<span class=\"_ _f\"></span>  politiche  i<span class=\"_ _1\"></span>n  ma<span class=\"_ _1\"></span>teria  d<span class=\"_ _1\"></span>egli <span class=\"_ _16\"> </span>investimenti, <span class=\"_ _16\"> </span>adottata<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs1a5b\">dall\u2019Organo  Amministrativo  ha  d<span class=\"ff4\">efinito <span class=\"_ _4\"> </span>una  propria  politica  delle  operazioni  infragruppo  e  ha<span class=\"_ _df\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1a5c\">determinato appropriati limiti di ope<span class=\"_ _1\"></span>rativit\u00e0.<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs1a5d\">L\u2019identificazione  e  l\u2019analisi <span class=\"_ _4\"> </span>de<span class=\"_ _1\"></span>l  r<span class=\"_ _2\"></span>ischio  \u00e8  effettuata <span class=\"_ _22\"> </span>pertanto <span class=\"_ _4\"> </span>i<span class=\"_ _1\"></span>n  coerenza <span class=\"_ _4\"> </span>alle<span class=\"_ _1\"></span>  cat<span class=\"_ _2\"></span>egorie  e  alle<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1a5e\">controparti <span class=\"_ _1\"></span>delle <span class=\"_ _f\"></span>operazioni <span class=\"_ _f\"></span>stesse, con <span class=\"_ _f\"></span>particolare rig<span class=\"_ _1\"></span>uardo <span class=\"_ _f\"></span>alle <span class=\"_ _f\"></span>garanzie eventu<span class=\"_ _1\"></span>almente <span class=\"_ _f\"></span>rilasciate<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs1a5f\">nell\u2019ambito del Gruppo ed<span class=\"_ _1\"></span> in coer<span class=\"_ _2\"></span>enza con le caratteristiche de<span class=\"_ _1\"></span>lle seguenti tipologie di operazioni:<span class=\"_ _df\"> </span><span class=\"_ _2\"></span><span class=\"ff4\"> </span></div><div class=\"t m0 h5 ff13 fs1 fc1 sc0 ls0 ws0 gs1a60\">-<span class=\"ff10\"> <span class=\"_ _24\"> </span><span class=\"ff4\">Operazioni  s<span class=\"_ _2\"></span>ignificative  (compr<span class=\"_ _2\"></span>ese  tr<span class=\"_ _2\"></span>a  il <span class=\"_ _4\"> </span>1% <span class=\"_ _4\"> </span>e  il <span class=\"_ _22\"> </span>5% <span class=\"_ _4\"> </span>del  Solv<span class=\"_ _2\"></span>ency  Capital <span class=\"_ _4\"> </span>Requirement <span class=\"_ _22\"> </span>di<span class=\"_ _df\"> </span></span></span><span class=\"ff10\"><span class=\"ff4\"> </span></span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1a61\">periodo);<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff13 fs1 fc1 sc0 ls0 ws0 gs1a62\">-<span class=\"ff10\"> <span class=\"_ _24\"> </span><span class=\"ff4\">Operazioni Molto significative (&gt;5% del Solvency Capital Requi<span class=\"_ _1\"></span>rement di periodo).<span class=\"_ _df\"> </span></span></span><span class=\"ff10\"><span class=\"ff4\"><span class=\"_ _2\"></span> </span></span></div><div class=\"t m0 h5 ff4 fs1 fc4 sc0 ls0 ws0 gs1a63\">Rischio Reputazionale<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs1a64\">Il <span class=\"_ _0\"></span>rischio <span class=\"_ _9\"> </span>reputazionale <span class=\"_ _0\"></span>\u00e8 <span class=\"_ _9\"> </span>inteso <span class=\"_ _9\"> </span>come <span class=\"_ _0\"> </span>il <span class=\"_ _9\"> </span>rischio <span class=\"_ _0\"></span>di <span class=\"_ _9\"> </span>deterioramento <span class=\"_ _0\"></span>dell\u2019immagine <span class=\"_ _0\"></span>aziendale <span class=\"_ _9\"> </span>e <span class=\"_ _9\"> </span>di<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1a65\">aumento <span class=\"_ _16\"> </span>della <span class=\"_ _9\"> </span>conflittualit\u00e0  sia <span class=\"_ _9\"> </span>con  gli<span class=\"_ _1\"></span>  a<span class=\"_ _f\"></span>ss<span class=\"_ _2\"></span>icurati <span class=\"_ _9\"> </span>(dovu<span class=\"_ _2\"></span>to <span class=\"_ _16\"> </span>anche<span class=\"_ _1\"></span>  all<span class=\"_ _1\"></span>a <span class=\"_ _16\"> </span>scarsa <span class=\"_ _16\"> </span>qualit\u00e0 <span class=\"_ _9\"> </span>dei  servi<span class=\"_ _1\"></span>zi<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1a66\">offerti, <span class=\"_ _16\"> </span>al <span class=\"_ _16\"> </span>collocamento <span class=\"_ _9\"> </span>di  polizze <span class=\"_ _9\"> </span>non  adeguate <span class=\"_ _9\"> </span>o  al <span class=\"_ _16\"> </span>comportamento <span class=\"_ _16\"> </span>in <span class=\"_ _16\"> </span>fase <span class=\"_ _16\"> </span>di <span class=\"_ _9\"> </span>ven<span class=\"_ _2\"></span>dita, <span class=\"_ _9\"> </span>post<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1a67\">vendita e di <span class=\"_ _2\"></span>liquidazione)<span class=\"_ _1\"></span> sia <span class=\"_ _2\"></span>con le <span class=\"_ _2\"></span>Autorit\u00e0 di Vigilanza e <span class=\"_ _2\"></span>gli shareholders. Il <span class=\"_ _2\"></span>rischio reputazionale<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1a68\">\u00e8 generalmente classificato in:<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff13 fs1 fc1 sc0 ls0 ws0 gs1a69\">-<span class=\"ff10\"> <span class=\"_ _24\"> </span><span class=\"ff4\">rischio <span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>epu<span class=\"_ _1\"></span>tazionale <span class=\"_ _d\"></span>diretto: <span class=\"_ _2\"></span>incentrato <span class=\"_ _d\"></span>su <span class=\"_ _2\"></span>business <span class=\"_ _2\"></span>sensibili, <span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>ulla <span class=\"_ _2\"></span>base <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>E<span class=\"_ _2\"></span>SG <span class=\"_ _2\"></span>(Ambientale,<span class=\"_ _df\"> </span></span></span><span class=\"ff10\"><span class=\"ff4\"> </span></span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1a6a\">Sociale e Governance);<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff13 fs1 fc1 sc0 ls0 ws0 gs1a6b\">-<span class=\"ff10\"> <span class=\"_ _24\"> </span><span class=\"ff5\">rischio <span class=\"_ _d\"></span>reputazionale <span class=\"_ _2\"></span>indiretto: <span class=\"_ _d\"></span>basato <span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>ulla <span class=\"_ _2\"></span>gestione <span class=\"_ _d\"></span>dell\u2019impatto <span class=\"_ _2\"></span>reputazionale <span class=\"_ _d\"></span>di <span class=\"_ _2\"></span>altri <span class=\"_ _d\"></span>tipi <span class=\"_ _d\"></span>di<span class=\"_ _df\"> </span></span></span><span class=\"ff10\"><span class=\"ff5\"> </span></span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1a6c\">rischio (eg: rischio operativo, cyber risk, rischio legale, etc).<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs1a6d\">Si <span class=\"_ _1\"></span>specifica ch<span class=\"_ _1\"></span>e l<span class=\"_ _1\"></span>a valu<span class=\"_ _1\"></span>tazione del <span class=\"_ _f\"></span>r<span class=\"_ _2\"></span>ischio <span class=\"_ _f\"></span>reputazionale <span class=\"_ _1\"></span>avviene nell<span class=\"_ _1\"></span>\u2019ambito dell<span class=\"_ _1\"></span>a campagna <span class=\"_ _f\"></span>di Risk<span class=\"_ _df\"> </span><span class=\"_ _1\"></span> </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs1a6e\">Self <span class=\"_ _22\"> </span>Ass<span class=\"_ _2\"></span>essment <span class=\"_ _4\"> </span>afferente <span class=\"_ _22\"> </span>alla <span class=\"_ _4\"> </span>gestione <span class=\"_ _4\"> </span>del <span class=\"_ _4\"> </span>rischio <span class=\"_ _22\"> </span>operativo. <span class=\"_ _4\"> </span>L\u2019identificazi<span class=\"_ _1\"></span>one <span class=\"_ _4\"> </span>del <span class=\"_ _4\"> </span>rischio <span class=\"_ _4\"> </span>\u00e8<span class=\"_ _df\"> </span><span class=\"_ _1\"></span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1a6f\">effettuata gesti<span class=\"ff5\">onalmente mediante l\u2019analisi: </span> </div><div class=\"t m0 h5 ff13 fs1 fc1 sc0 ls0 ws0 gs1a70\">-<span class=\"ff10\"> <span class=\"_ _24\"> </span><span class=\"ff4\">delle procedure di collocamento <span class=\"_ _2\"></span>che contemplano una <span class=\"_ _2\"></span>preventi<span class=\"_ _1\"></span>va <span class=\"_ _2\"></span>valutazione<span class=\"_ _1\"></span> di <span class=\"_ _2\"></span>adegu<span class=\"_ _1\"></span>atezza<span class=\"_ _df\"> </span></span></span><span class=\"ff10\"><span class=\"ff4\"> </span></span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1a71\">del contratto <span class=\"_ _2\"></span>finalizz<span class=\"_ _1\"></span>ata <span class=\"_ _2\"></span>ad individuare in via <span class=\"_ _2\"></span>preliminare le esige<span class=\"_ _2\"></span>nze assicurative e i <span class=\"_ _2\"></span>bisogni di<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1a72\">protezione del cliente, nonch\u00e9<span class=\"_ _1\"></span> a fo<span class=\"_ _2\"></span><span class=\"ff5\">rnire l\u2019adeguata informativa sul prodotto;<span class=\"_ _df\"> </span></span> </div><div class=\"t m0 h5 ff13 fs1 fc1 sc0 ls0 ws0 gs1a73\">-<span class=\"ff10\"> <span class=\"_ _24\"> </span><span class=\"ff4\">dei servizi di assistenza da parte dell<span class=\"_ _1\"></span>a rete distributiva;<span class=\"_ _df\"> </span></span></span><span class=\"ff10\"><span class=\"ff4\"><span class=\"_ _2\"></span> </span></span></div><div class=\"t m0 h5 ff13 fs1 fc1 sc0 ls0 ws0 gs1a74\">-<span class=\"ff10\"> <span class=\"_ _24\"> </span><span class=\"ff4\">del processo di gestione dei<span class=\"_ _1\"></span> reclami;</span></span><span class=\"ff10\"><span class=\"ff4\"><span class=\"_ _2\"></span> </span></span></div>-<span class=\"_ _1b\"> </span><span class=\"ff4\">del processo di liq<span class=\"_ _f\"></span>u<span class=\"_ _2\"></span>idazione dei sinistri.<span class=\"_ _df\"> </span></span>Essendo <span class=\"_ _0\"></span>inoltre <span class=\"_ _9\"> </span>il <span class=\"_ _0\"> </span>r<span class=\"_ _2\"></span>ischio <span class=\"_ _0\"></span>reputazionale <span class=\"_ _0\"></span>strettamente <span class=\"_ _9\"> </span>connesso <span class=\"_ _0\"> </span>ai <span class=\"_ _9\"> </span>risch<span class=\"_ _2\"></span>i <span class=\"_ _0\"></span>operativi, <span class=\"_ _9\"> </span>informatici <span class=\"_ _0\"></span>e<span class=\"_ _df\"> </span>cyber <span class=\"_ _d\"></span>e <span class=\"_ _0\"></span>al <span class=\"_ _d\"></span>rischio <span class=\"_ _0\"></span>di <span class=\"_ _d\"></span>condotta, <span class=\"_ _0\"></span>gli <span class=\"_ _d\"></span>specifici <span class=\"_ _0\"></span>presidi <span class=\"_ _d\"></span>operativi <span class=\"_ _0\"></span>e <span class=\"_ _d\"></span>or<span class=\"_ _2\"></span>ganizzativi<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>posti <span class=\"_ _0\"></span>in <span class=\"_ _d\"></span>essere <span class=\"_ _0\"></span>per <span class=\"_ _d\"></span>la<span class=\"_ _df\"> </span>gestione <span class=\"_ _9\"> </span>di  tali <span class=\"_ _9\"> </span>rischi  rapprese<span class=\"_ _1\"></span>nto  un<span class=\"_ _f\"></span>  ulteriore <span class=\"_ _9\"> </span>elemento  a<span class=\"_ _f\"></span>  supp<span class=\"_ _f\"></span>o<span class=\"_ _2\"></span>rto  d<span class=\"_ _1\"></span>ella <span class=\"_ _9\"> </span>gestione  del<span class=\"_ _1\"></span> <span class=\"_ _16\"> </span>rischio<span class=\"_ _df\"> </span>reputazionale.<span class=\"_ _df\"> </span>Rischio di Condotta<span class=\"_ _df\"> </span>Il <span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>ischio <span class=\"_ _2\"></span>di <span class=\"_ _d\"></span>condotta <span class=\"_ _d\"></span>- <span class=\"_ _2\"></span>quale <span class=\"_ _d\"></span>sottocategoria <span class=\"_ _2\"></span>di <span class=\"_ _d\"></span>rischio <span class=\"_ _2\"></span>operativo, <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>compliance<span class=\"_ _1\"></span> <span class=\"_ _d\"></span>e <span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>eputazional<span class=\"_ _1\"></span>e <span class=\"_ _d\"></span><span class=\"ff5\">\u2013<span class=\"_ _df\"> </span></span>pu\u00f2 <span class=\"_ _0\"></span>essere <span class=\"_ _0\"></span>definito <span class=\"_ _0\"> </span>come <span class=\"_ _9\"> </span>il <span class=\"_ _0\"></span>rischio <span class=\"_ _0\"></span>attuale <span class=\"_ _0\"> </span>o<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>prospettico <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>perdite <span class=\"_ _0\"></span>conseguenti <span class=\"_ _0\"></span>a <span class=\"_ _0\"></span>casist<span class=\"_ _2\"></span>iche <span class=\"_ _d\"></span>di<span class=\"_ _df\"> </span>offerta <span class=\"_ _19\"> </span>inappropriata <span class=\"_ _19\"> </span>di <span class=\"_ _19\"> </span>prodotti <span class=\"_ _19\"> </span>e/o <span class=\"_ _19\"> </span>servizi, <span class=\"_ _18\"> </span>inclus<span class=\"_ _2\"></span>e <span class=\"_ _19\"> </span>fattispecie <span class=\"_ _19\"> </span>di <span class=\"_ _19\"> </span>condotta <span class=\"_ _19\"> </span>inadeguata<span class=\"_ _df\"> </span>(dolo/negligenza) da parte dell\u2019<span class=\"_ _1\"></span>impresa.<span class=\"_ _df\"> </span>I fattori di rischio presi in esame pe<span class=\"_ _1\"></span>r la valutazione del rischio di condotta sono:<span class=\"_ _df\"> </span>-<span class=\"_ _1b\"> </span><span class=\"ff4\">Commercial deve<span class=\"_ _f\"></span>lo<span class=\"_ _2\"></span>pment risk: mancanza <span class=\"_ _1\"></span>di visibilit\u00e0/trasparenza e<span class=\"_ _1\"></span>/o scarsa valutazione delle<span class=\"_ _df\"> </span></span>prospettive <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>sviluppo <span class=\"_ _4\"> </span>o <span class=\"_ _4\"> </span>degli <span class=\"_ _4\"> </span>obiettivi <span class=\"_ _4\"> </span>o <span class=\"_ _4\"> </span>della <span class=\"_ _4\"> </span>redditivit\u00e0 <span class=\"_ _4\"> </span>delle <span class=\"_ _4\"> </span>nuove <span class=\"_ _4\"> </span>att<span class=\"_ _2\"></span>ivit\u00e0/prodotti <span class=\"_ _4\"> </span>e<span class=\"_ _df\"> </span>misurazione/monitoraggi inadeguati delle pe<span class=\"_ _1\"></span>rformance commerciali/rischi;<span class=\"_ _df\"> </span>-<span class=\"_ _1b\"> </span><span class=\"ff4\">Communication  resources:  risorse  di  comunicaz<span class=\"_ _1\"></span>ione  o  strumenti  di  marketing  inadeguati<span class=\"_ _df\"> </span></span>rispetto agli obiettivi defini<span class=\"_ _1\"></span>ti. Catt<span class=\"_ _2\"></span>iva gestione d<span class=\"_ _1\"></span>el brand;<span class=\"_ _df\"> </span>-<span class=\"_ _1b\"> </span><span class=\"ff4\">Commercial pe<span class=\"_ _f\"></span>r<span class=\"_ _2\"></span>formance: erosione,<span class=\"_ _1\"></span> mancata sostituzione o <span class=\"_ _f\"></span>s<span class=\"_ _2\"></span>vilu<span class=\"_ _1\"></span>ppo non red<span class=\"_ _1\"></span>ditizio della <span class=\"_ _1\"></span>base<span class=\"_ _df\"> </span></span>commerciale;<span class=\"_ _df\"> </span>-<span class=\"_ _1b\"> </span><span class=\"ff4\">Profitability &amp; <span class=\"_ _2\"></span>Risk Profile: <span class=\"_ _2\"></span>redditivi<span class=\"_ _1\"></span>t\u00e0 <span class=\"_ _2\"></span>insufficiente, carenze <span class=\"_ _2\"></span>delle procedure <span class=\"_ _2\"></span>di fissazio<span class=\"_ _2\"></span>ne <span class=\"_ _2\"></span>delle<span class=\"_ _df\"> </span></span>tariffe, <span class=\"_ _f\"></span>carenza o <span class=\"_ _f\"></span>inadeguatezza <span class=\"_ _f\"></span>dei <span class=\"_ _f\"></span>mo<span class=\"_ _2\"></span>delli <span class=\"_ _f\"></span>di <span class=\"_ _f\"></span>valutazione (<span class=\"_ _1\"></span>V4M, <span class=\"_ _1\"></span>redditivit\u00e0 <span class=\"_ _f\"></span>per la <span class=\"_ _f\"></span>clientela, <span class=\"_ _f\"></span>etc)<span class=\"_ _df\"> </span>o di applicazione delle deroghe.<span class=\"_ _df\"> </span>La <span class=\"_ _d\"></span>gestione <span class=\"_ _2\"></span>del <span class=\"_ _d\"></span>rischio <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>condotta <span class=\"_ _d\"></span>\u00e8 <span class=\"_ _d\"></span>strettamente <span class=\"_ _d\"></span>connessa <span class=\"_ _d\"></span>alle <span class=\"_ _2\"></span>attivit\u00e0 <span class=\"_ _d\"></span>definite <span class=\"_ _d\"></span>nell\u2019ambito <span class=\"_ _d\"></span>del<span class=\"_ _df\"> </span>processo  P<span class=\"_ _1\"></span>OG.  <span class=\"ff5\">L<span class=\"_ _1\"></span>a <span class=\"_ _16\"> </span>Compagnia, <span class=\"_ _9\"> </span>nell\u2019ambito  del<span class=\"_ _1\"></span>la <span class=\"_ _16\"> </span>gestione <span class=\"_ _16\"> </span>del <span class=\"_ _9\"> </span>rischio  di <span class=\"_ _9\"> </span>Condotta,  si <span class=\"_ _16\"> </span>prefigg<span class=\"_ _1\"></span>e <span class=\"_ _16\"> </span>i<span class=\"_ _df\"> </span></span>seguenti obiettivi:<span class=\"_ _df\"> </span>-<span class=\"_ _1b\"> </span><span class=\"ff4\">rendere <span class=\"_ _d\"></span>le <span class=\"_ _0\"></span>iniziative <span class=\"_ _d\"></span>d<span class=\"_ _2\"></span>i <span class=\"_ _d\"></span>business <span class=\"_ _0\"> </span>o<span class=\"_ _2\"></span>rientate <span class=\"_ _d\"></span>e <span class=\"_ _0\"></span>focalizzate <span class=\"_ _0\"></span>sulla <span class=\"_ _d\"></span>figura <span class=\"_ _0\"></span>del <span class=\"_ _0\"></span>cliente <span class=\"_ _d\"></span>(c.d <span class=\"_ _0\"></span>Value <span class=\"_ _0\"></span>for<span class=\"_ _df\"> </span></span>Money). In tale ambito il focus \u00e8 incentrato sul disegno <span class=\"_ _2\"></span>dei prodotti e la definizione di servizi in<span class=\"_ _df\"> </span>linea con le esigenze della clientela;<span class=\"_ _df\"> </span>-<span class=\"_ _1b\"> </span><span class=\"ff5\">stabilire <span class=\"_ _16\"> </span>un <span class=\"_ _16\"> </span>codice/sistema  d<span class=\"_ _1\"></span>i  condotta <span class=\"_ _16\"> </span>completamente <span class=\"_ _16\"> </span>radicato <span class=\"_ _16\"> </span>all\u2019interno <span class=\"_ _16\"> </span>della <span class=\"_ _16\"> </span>struttura<span class=\"_ _df\"> </span></span>aziendale. <span class=\"_ _d\"></span>In <span class=\"_ _0\"></span>tale <span class=\"_ _d\"></span>ambito <span class=\"_ _0\"></span>il <span class=\"_ _d\"></span>focus <span class=\"_ _d\"></span>\u00e8 <span class=\"_ _0\"></span>incentrato <span class=\"_ _d\"></span>sulla <span class=\"_ _d\"></span>vendita <span class=\"_ _0\"></span>di <span class=\"_ _d\"></span>prodotti <span class=\"_ _d\"></span>/ <span class=\"_ _0\"></span>erogaz<span class=\"_ _2\"></span>one <span class=\"_ _d\"></span>di <span class=\"_ _0\"></span>servizi<span class=\"_ _df\"> </span>assicurando trasparenza informativa verso la cliente<span class=\"_ _1\"></span>la,<span class=\"_ _df\"> </span>-<span class=\"_ _1b\"> </span><span class=\"ff4\">garantire <span class=\"_ _2\"></span>che <span class=\"_ _d\"></span>il <span class=\"_ _d\"></span>business <span class=\"_ _d\"></span>sia <span class=\"_ _2\"></span>nel <span class=\"_ _d\"></span>continuo <span class=\"_ _d\"></span>focalizzato <span class=\"_ _2\"></span>sul <span class=\"_ _d\"></span>conseguimento <span class=\"_ _d\"></span>del <span class=\"_ _2\"></span>miglior <span class=\"_ _d\"></span>risultato<span class=\"_ _df\"> </span></span>per <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>cliente <span class=\"_ _2\"></span>(cfr. <span class=\"_ _2\"></span>Monitoraggio <span class=\"_ _2\"></span>KPI e <span class=\"_ _2\"></span>K<span class=\"_ _2\"></span>RI), <span class=\"_ _2\"></span>tutelando l\u2019integrit\u00e0 <span class=\"_ _d\"></span>e <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>condotta <span class=\"_ _2\"></span>della <span class=\"_ _2\"></span>Co<span class=\"_ _2\"></span><span class=\"ff4\">mpagnia<span class=\"_ _df\"> </span></span>nella relazione con la clientela.<span class=\"_ _df\"> </span>Rischio ESG<span class=\"_ _df\"> </span>Il rischio E<span class=\"_ _1\"></span>SG (Enviromental, Social <span class=\"_ _1\"></span>and Governance) <span class=\"_ _1\"></span>si pone l\u2019obiettivo di <span class=\"_ _1\"></span>valutare un evento <span class=\"_ _1\"></span>o una<span class=\"_ _df\"> </span>condizione <span class=\"_ _2\"></span>di t<span class=\"_ _2\"></span>ipo <span class=\"_ _2\"></span>ambientale, s<span class=\"_ _2\"></span>ociale <span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>governance <span class=\"_ _2\"></span>che, <span class=\"_ _2\"></span>verificandosi, potr<span class=\"_ _2\"></span>ebbe provocare <span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>n<span class=\"_ _df\"> </span>imp<span class=\"ff5\">atto <span class=\"_ _0\"></span>negativo <span class=\"_ _0\"></span>effettivo <span class=\"_ _0\"></span>o <span class=\"_ _9\"> </span>potenziale <span class=\"_ _0\"></span>sul <span class=\"_ _0\"></span>valore <span class=\"_ _9\"> </span>dell\u2019investimento <span class=\"_ _0\"></span>o <span class=\"_ _9\"> </span>sul <span class=\"_ _0\"></span>valore <span class=\"_ _0\"></span>della <span class=\"_ _9\"> </span>passivit\u00e0.<span class=\"_ _df\"> </span></span>Questa <span class=\"_ _9\"> </span>t<span class=\"_ _2\"></span>ipologia <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>rischio <span class=\"_ _16\"> </span>rientra <span class=\"_ _9\"> </span>tra  i<span class=\"_ _1\"></span> <span class=\"_ _9\"> </span>rischi <span class=\"_ _16\"> </span>di <span class=\"_ _9\"> </span>secondo <span class=\"_ _9\"> </span>livello <span class=\"_ _16\"> </span>o <span class=\"_ _9\"> </span>rischi <span class=\"_ _16\"> </span>indiretti <span class=\"_ _9\"> </span>in <span class=\"_ _16\"> </span>quanto <span class=\"_ _9\"> </span>pu\u00f2<span class=\"_ _df\"> </span>manifestarsi provocand<span class=\"_ _1\"></span>o un <span class=\"_ _f\"></span>impatt<span class=\"_ _2\"></span>o ne<span class=\"_ _f\"></span>gat<span class=\"_ _2\"></span>ivo <span class=\"_ _f\"></span>su attivit\u00e0 <span class=\"_ _1\"></span>e passivit\u00e0 i<span class=\"_ _1\"></span>nfluenzando <span class=\"_ _f\"></span>i fattori di <span class=\"_ _f\"></span>r<span class=\"_ _2\"></span>ischio<span class=\"_ _df\"> </span>gi\u00e0 contemplati nelle altre risk category (ad esempi<span class=\"_ _1\"></span>o rischio di mercato e di sottoscrizione). All\u2019interno <span class=\"_ _0\"></span>della <span class=\"_ _9\"> </span>categoria <span class=\"_ _9\"> </span>dei <span class=\"_ _0\"></span>rischi <span class=\"_ _9\"> </span>ESG, <span class=\"_ _9\"> </span>particolare <span class=\"_ _0\"> </span>r<span class=\"_ _2\"></span>ilevanz<span class=\"_ _1\"></span>a <span class=\"_ _9\"> </span>\u00e8 <span class=\"_ _0\"></span>as<span class=\"_ _2\"></span>segnata <span class=\"_ _0\"></span>ai <span class=\"_ _9\"> </span>rischi <span class=\"_ _0\"></span>climatici <span class=\"_ _9\"> </span>in<span class=\"_ _df\"> </span>quanto potrebbero generare elevate perdite per le Compagnie Assicurative se non correttamente<span class=\"_ _df\"> </span>identificati e gestiti.<span class=\"_ _df\"> </span>La Compagnia valuta il rischio climatico considerando entrambi i seg<span class=\"_ _1\"></span>uenti fattori:<span class=\"_ _df\"> </span>-<span class=\"_ _1b\"> </span><span class=\"ff5\">Rischio <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>Transizione: <span class=\"_ _0\"></span>la <span class=\"_ _0\"></span>transizione <span class=\"_ _0\"></span>verso <span class=\"_ _0\"> </span>un\u2019economia <span class=\"_ _0\"></span>a <span class=\"_ _9\"> </span>basse <span class=\"_ _0\"></span>emiss<span class=\"_ _2\"></span><span class=\"ff4\">ioni <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>car<span class=\"_ _2\"></span>bonio <span class=\"_ _0\"></span>pu\u00f2<span class=\"_ _df\"> </span></span></span>comportare ampi camb<span class=\"_ _1\"></span>iamenti politici<span class=\"_ _1\"></span>, legali, tecnologi<span class=\"_ _1\"></span>ci e di <span class=\"_ _1\"></span>mercato per affronta<span class=\"_ _1\"></span>re i requ<span class=\"_ _1\"></span>isiti<span class=\"_ _df\"> </span>di mitigazione <span class=\"_ _2\"></span>e adatt<span class=\"_ _2\"></span>amento relativi al <span class=\"_ _2\"></span>cambiamento climatico. <span class=\"_ _2\"></span>A s<span class=\"_ _2\"></span>econda della natura, <span class=\"_ _2\"></span>della<span class=\"_ _df\"> </span>velocit\u00e0 <span class=\"_ _9\"> </span>e  dell\u2019obiettivo <span class=\"_ _16\"> </span>di <span class=\"_ _9\"> </span>q<span class=\"_ _2\"></span>uesti <span class=\"_ _16\"> </span>cambiam<span class=\"ff4\">enti, <span class=\"_ _16\"> </span>i <span class=\"_ _16\"> </span>rischi <span class=\"_ _9\"> </span>d<span class=\"_ _2\"></span>i <span class=\"_ _16\"> </span>transizione <span class=\"_ _9\"> </span>poss<span class=\"_ _2\"></span>ono <span class=\"_ _16\"> </span>comportare<span class=\"_ _df\"> </span></span>diversi livelli di rischio finan<span class=\"_ _1\"></span>ziario e di reputazione per le organizzazioni;<span class=\"_ _df\"> </span>-<span class=\"_ _1b\"> </span><span class=\"ff4\">Rischio <span class=\"_ _0\"></span>Fisico: <span class=\"_ _9\"> </span>i <span class=\"_ _9\"> </span>rischi <span class=\"_ _9\"> </span>derivanti <span class=\"_ _9\"> </span>dal <span class=\"_ _0\"></span>cambiamento <span class=\"_ _9\"> </span>climatico <span class=\"_ _9\"> </span>pos<span class=\"_ _2\"></span>sono <span class=\"_ _0\"> </span>ess<span class=\"_ _2\"></span>ere <span class=\"_ _0\"></span>determinati <span class=\"_ _9\"> </span>da<span class=\"_ _df\"> </span></span>eventi <span class=\"_ _16\"> </span>acuti <span class=\"_ _9\"> </span>o  da <span class=\"_ _9\"> </span>cambiamenti <span class=\"_ _16\"> </span>climati<span class=\"ff5\">ci  a <span class=\"_ _9\"> </span>lungo <span class=\"_ _9\"> </span>t<span class=\"_ _2\"></span>ermine <span class=\"_ _9\"> </span>tali  d<span class=\"_ _1\"></span>\u2019avere <span class=\"_ _16\"> </span>possibili <span class=\"_ _9\"> </span>implicazione<span class=\"_ _df\"> </span></span>finanziarie <span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>ulle <span class=\"_ _2\"></span>or<span class=\"_ _2\"></span>ganizzazioni, <span class=\"_ _d\"></span>come <span class=\"_ _d\"></span>danni <span class=\"_ _d\"></span>diretti <span class=\"_ _d\"></span>alle <span class=\"_ _d\"></span>risors<span class=\"_ _2\"></span>e <span class=\"_ _d\"></span>e <span class=\"_ _d\"></span>gli <span class=\"_ _d\"></span>impatti <span class=\"_ _d\"></span>indiretti <span class=\"_ _d\"></span>derivanti<span class=\"_ _df\"> </span>dall\u2019interruzione <span class=\"_ _0\"></span>della <span class=\"_ _0\"></span>catena <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>fornitura. <span class=\"_ _0\"></span>D<span class=\"_ _2\"></span>al <span class=\"_ _d\"></span>punto <span class=\"_ _9\"> </span>di <span class=\"_ _0\"></span>vista <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>una <span class=\"_ _0\"></span>compagnia <span class=\"_ _0\"></span>assicurativa,<span class=\"_ _df\"> </span>questi <span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>ischi <span class=\"_ _2\"></span>non <span class=\"_ _d\"></span>solo <span class=\"_ _d\"></span>possono <span class=\"_ _2\"></span>avere <span class=\"_ _d\"></span>un <span class=\"_ _2\"></span>ef<span class=\"_ _2\"></span>fetto <span class=\"_ _2\"></span>dirett<span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>sui <span class=\"_ _d\"></span>propri <span class=\"_ _d\"></span>asset <span class=\"_ _2\"></span>fisici <span class=\"_ _d\"></span>e <span class=\"_ _d\"></span>indiretto <span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>ugli<span class=\"_ _df\"> </span>investimenti, <span class=\"_ _f\"></span>ma p<span class=\"_ _1\"></span>ossono ave<span class=\"_ _1\"></span>re <span class=\"_ _f\"></span>un impatto <span class=\"_ _f\"></span>anche <span class=\"_ _f\"></span>s<span class=\"_ _2\"></span>ulle<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>passivit\u00e0 <span class=\"_ _f\"></span>as<span class=\"_ _2\"></span>sicurative. <span class=\"_ _f\"></span>Un <span class=\"_ _f\"></span>amento del<span class=\"_ _1\"></span>la<span class=\"_ _df\"> </span><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1aae\">frequenza <span class=\"_ _0\"></span>e <span class=\"_ _9\"> </span>severit\u00e0 <span class=\"_ _9\"> </span>degli <span class=\"_ _9\"> </span>eventi <span class=\"_ _9\"> </span>climatici <span class=\"_ _0\"></span>avvers<span class=\"_ _2\"></span>i <span class=\"_ _0\"></span>pu\u00f2 <span class=\"_ _9\"> </span>tradursi <span class=\"_ _9\"> </span>in <span class=\"_ _9\"> </span>un <span class=\"_ _9\"> </span>aum<span class=\"_ _2\"></span>ento <span class=\"_ _0\"></span>dei <span class=\"_ _9\"> </span>tassi <span class=\"_ _9\"> </span>dei<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1aaf\">sinistri, infortuni, malattia e mortalit\u00e0.<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs16ef\">Con <span class=\"_ _22\"> </span>s<span class=\"_ _2\"></span>pecifi<span class=\"_ _1\"></span>co <span class=\"_ _4\"> </span>riferimento <span class=\"_ _22\"> </span>ai <span class=\"_ _4\"> </span>rischi  climatici, <span class=\"_ _4\"> </span>in  co<span class=\"_ _2\"></span>erenza  con<span class=\"_ _2\"></span> <span class=\"_ _22\"> </span>le <span class=\"_ _4\"> </span>indicazioni  del <span class=\"_ _4\"> </span>Regolamento<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs18f4\">Delegato <span class=\"_ _d\"></span>(UE) <span class=\"_ _d\"></span>2021/1256 <span class=\"_ _0\"></span>della <span class=\"_ _d\"></span>Commissione <span class=\"_ _0\"></span>del <span class=\"_ _d\"></span>21 <span class=\"_ _0\"></span>Aprile <span class=\"_ _d\"></span>2021, <span class=\"_ _d\"></span>la <span class=\"_ _0\"></span>Compagnia <span class=\"_ _d\"></span>ha <span class=\"_ _0\"></span>strutturato <span class=\"_ _d\"></span>una<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs16f0\">serie <span class=\"_ _2\"></span>di <span class=\"_ _d\"></span>analisi <span class=\"_ _d\"></span>sul <span class=\"_ _d\"></span>proprio <span class=\"_ _d\"></span>portafoglio <span class=\"_ _2\"></span>(sia <span class=\"_ _d\"></span>investimenti, <span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>ia <span class=\"_ _2\"></span>tecnico/as<span class=\"_ _2\"></span>sicurativo) <span class=\"_ _2\"></span>per <span class=\"_ _d\"></span>verificare <span class=\"_ _d\"></span>la<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs18f5\">materialit\u00e0 <span class=\"_ _f\"></span>dell\u2019esposizione <span class=\"_ _f\"></span>ai <span class=\"_ _f\"></span>rischi <span class=\"_ _1\"></span>climatici <span class=\"_ _f\"></span>e, <span class=\"_ _1\"></span>successivamente, <span class=\"_ _f\"></span>condurre <span class=\"_ _f\"></span>l<span class=\"_ _2\"></span>\u2019analisi <span class=\"_ _f\"></span>di <span class=\"_ _f\"></span>scenario <span class=\"_ _f\"></span>per<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs19ea\">quantificare l\u2019impatto che essi producono sulle p<span class=\"ff4\">rincipali grandezze economiche e patrimoniali.<span class=\"_ _df\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs18f6\">Il Framework sviluppato dalla Compagnia <span class=\"_ _2\"></span>per la gestione del r<span class=\"_ _2\"></span>ischi<span class=\"_ _1\"></span>o climatico <span class=\"_ _2\"></span>identifi<span class=\"_ _1\"></span>ca i <span class=\"_ _2\"></span>seguenti<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs18f7\">step:<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff13 fs1 fc1 sc0 ls0 ws0 gs1483\">-<span class=\"ff10\"> <span class=\"_ _24\"> </span><span class=\"ff4\">Identificazione dei fatt<span class=\"_ _2\"></span>ori di rischio e <span class=\"_ _2\"></span>del perimetro di <span class=\"_ _2\"></span>analisi <span class=\"_ _2\"></span>- identificazione e classificazione<span class=\"_ _df\"> </span></span></span><span class=\"ff10\"><span class=\"ff4\"> </span></span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs18f9\">delle <span class=\"_ _d\"></span>principali <span class=\"_ _d\"></span>fonti <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>rischio <span class=\"_ _d\"></span>climatico <span class=\"_ _0\"></span>e <span class=\"_ _d\"></span>del <span class=\"_ _d\"></span>p<span class=\"_ _2\"></span>erimetro <span class=\"_ _d\"></span>di <span class=\"_ _0\"></span>prodotti <span class=\"_ _0\"></span>e <span class=\"_ _d\"></span>assets <span class=\"_ _d\"></span>potenzialmente<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs18fa\">impattati secondo le linee guida indicate d<span class=\"_ _1\"></span>a EIOPA.<span class=\"_ _df\"> </span><span class=\"_ _2\"></span> </div><div class=\"t m0 h5 ff13 fs1 fc1 sc0 ls0 ws0 gs1486\">-<span class=\"ff10\"> <span class=\"_ _24\"> </span><span class=\"ff4\">Valutazione <span class=\"_ _d\"></span>della <span class=\"_ _d\"></span>materialit\u00e0 <span class=\"_ _0\"></span><span class=\"ff5\">\u2013</span> <span class=\"_ _d\"></span><span class=\"ff5\">la <span class=\"_ _d\"></span>valutazione, <span class=\"_ _d\"></span>propedeutica <span class=\"_ _d\"></span>all\u2019analisi <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>ril<span class=\"_ _2\"></span>evanza <span class=\"_ _d\"></span>(cfr. <span class=\"_ _d\"></span>punto<span class=\"_ _df\"> </span></span></span></span><span class=\"ff10\"><span class=\"ff4\"><span class=\"ff5\"> </span></span></span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs18fc\">successivo), \u00e8 effettuata su ogni singolo perimetro (sia lato Asset, sia Liabil<span class=\"_ _1\"></span>ities);<span class=\"_ _df\"> </span><span class=\"_ _2\"></span> </div><div class=\"t m0 h5 ff13 fs1 fc1 sc0 ls0 ws0 gs1488\">-<span class=\"ff10\"> <span class=\"_ _24\"> </span><span class=\"ff4\">Analisi d<span class=\"_ _f\"></span>i Rilevanza <span class=\"ff5\">\u2013</span> <span class=\"_ _1\"></span>analisi attivata solo <span class=\"_ _f\"></span>per i <span class=\"_ _1\"></span>rischi i<span class=\"_ _1\"></span>dentificati <span class=\"_ _f\"></span>come potenzialmente <span class=\"_ _1\"></span>materiali<span class=\"_ _df\"> </span></span></span><span class=\"ff10\"><span class=\"ff4\"> </span></span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs18fe\">nel <span class=\"_ _2\"></span>punto <span class=\"_ _2\"></span>precedente, e<span class=\"_ _2\"></span>d <span class=\"_ _2\"></span>ha <span class=\"_ _2\"></span>come <span class=\"_ _2\"></span>obiettivo <span class=\"_ _2\"></span>l\u2019identificazione<span class=\"_ _1\"></span> <span class=\"_ _2\"></span>dei <span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>ischi climati<span class=\"_ _2\"></span><span class=\"ff4\">ci <span class=\"_ _2\"></span>rilevanti <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>il<span class=\"_ _df\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs18ff\">business <span class=\"_ _d\"></span>e <span class=\"_ _0\"></span>per <span class=\"_ _0\"></span>la <span class=\"_ _0\"></span>relativa <span class=\"_ _d\"></span>analisi <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>stress <span class=\"_ _0\"></span>ai <span class=\"_ _d\"></span>fini <span class=\"_ _0\"></span>ORSA. <span class=\"_ _0\"></span>L\u2019analisi <span class=\"_ _0\"></span>\u00e8 <span class=\"_ _0\"></span>effettuata <span class=\"_ _d\"></span>su <span class=\"_ _0\"></span>ogni <span class=\"_ _d\"></span>s<span class=\"_ _2\"></span>ingolo<span class=\"_ _df\"> </span><span class=\"_ _1\"></span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs19eb\">perimetro (sia lato Asset, sia Liabilities) e preved<span class=\"_ _1\"></span>e almeno le seguenti macro attivit\u00e0:<span class=\"_ _df\"> </span><span class=\"_ _2\"></span> </div><div class=\"t m0 h5 ff12 fs1 fc1 sc0 ls0 ws0 gs1900\">o<span class=\"ff10\"> <span class=\"_ _6\"> </span><span class=\"ff4\">Identificazione d<span class=\"_ _2\"></span>ei cr<span class=\"_ _2\"></span>iteri <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>delle <span class=\"_ _2\"></span>metodologie <span class=\"_ _2\"></span>da <span class=\"_ _2\"></span>uti<span class=\"_ _2\"></span>lizzare sui <span class=\"_ _d\"></span>portafogli <span class=\"_ _2\"></span>esposti <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>ischi<span class=\"_ _1\"></span>o<span class=\"_ _df\"> </span></span></span><span class=\"ff10\"><span class=\"ff4\"> </span></span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1ab0\">(sia asset, sia liabilitie<span class=\"_ _1\"></span>s) analizzate nei paragrafi successivi;<span class=\"_ _df\"> </span><span class=\"_ _2\"></span> </div><div class=\"t m0 h5 ff12 fs1 fc1 sc0 ls0 ws0 gs19ec\">o<span class=\"ff10\"> <span class=\"_ _6\"> </span><span class=\"ff4\">Valutazione  q<span class=\"_ _2\"></span>uali/quantitativa <span class=\"_ _22\"> </span>di <span class=\"_ _4\"> </span>ogni <span class=\"_ _4\"> </span>perimetro <span class=\"_ _4\"> </span>identificato <span class=\"_ _22\"> </span>r<span class=\"_ _2\"></span>ispetto <span class=\"_ _4\"> </span>alle <span class=\"_ _22\"> </span>metodologie<span class=\"_ _df\"> </span></span></span><span class=\"ff10\"><span class=\"ff4\"> </span></span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1ab1\">individuate e alle specifiche soglie di materialit\u00e0.<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls40 ws0 gs16fe\">Il<span class=\"ls0\">  s<span class=\"_ _2\"></span>istema  di <span class=\"_ _22\"> </span>g<span class=\"_ _2\"></span>estione  dei  r<span class=\"_ _2\"></span>ischi  ESG  pre<span class=\"_ _2\"></span>vede  inoltre <span class=\"_ _4\"> </span>la  definizione <span class=\"_ _22\"> </span>di <span class=\"_ _22\"> </span>in<span class=\"_ _2\"></span>dicatori  utilizzati <span class=\"_ _22\"> </span>per<span class=\"_ _df\"> </span></span><span class=\"ls0\"> </span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs16ff\">monitorare <span class=\"_ _d\"></span>l\u2019esposizione<span class=\"_ _1\"></span>, <span class=\"_ _d\"></span>con <span class=\"_ _2\"></span>un <span class=\"_ _d\"></span>focus <span class=\"_ _d\"></span>specifico <span class=\"_ _2\"></span>sui <span class=\"_ _d\"></span>rischi <span class=\"_ _d\"></span>climatici <span class=\"_ _2\"></span>connessi <span class=\"_ _d\"></span>ai <span class=\"_ _2\"></span>rischi <span class=\"_ _d\"></span>ambientali<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1700\">insiti nei portafogli Asset e Liabilities de<span class=\"_ _1\"></span>lla Compagnia. <span class=\"_ _2\"></span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1701\">Si riportano sinteticamente di segui<span class=\"_ _1\"></span>to le misure di rischio utilizzate e i volumi analizzati:<span class=\"_ _df\"> </span><span class=\"_ _2\"></span> </div><div class=\"t m0 h5 ff13 fs1 fc1 sc0 ls0 ws0 gs1702\">-<span class=\"ff10\"> <span class=\"_ _24\"> </span><span class=\"ff4\">Weighted Average Carbon Footprint;<span class=\"_ _df\"> </span></span></span><span class=\"ff10\"><span class=\"ff4\"> </span></span></div><div class=\"t m0 h5 ff13 fs1 fc1 sc0 ls0 ws0 gs1703\">-<span class=\"ff10\"> <span class=\"_ _24\"> </span><span class=\"ff4\">Percentuale Climate Policy Relevant Activities;<span class=\"_ _df\"> </span></span></span><span class=\"ff10\"><span class=\"ff4\"> </span></span></div><div class=\"t m0 h5 ff13 fs1 fc1 sc0 ls0 ws0 gs190a\">-<span class=\"ff10\"> <span class=\"_ _24\"> </span><span class=\"ff4\">Weighted Average Liabilities Hazard Exposure; </span></span><span class=\"ff10\"><span class=\"ff4\"> </span></span></div><div class=\"t m0 h5 ff13 fs1 fc1 sc0 ls0 ws0 gs19f1\">-<span class=\"ff10\"> <span class=\"_ _24\"> </span><span class=\"ff4\">Percentuale passivit\u00e0 ad alto rischio climatico.<span class=\"_ _df\"> </span></span></span><span class=\"ff10\"><span class=\"ff4\"> </span></span></div><div class=\"t m0 h5 ff4 fs1 fc4 sc0 ls0 ws0 gs1ab2\">Rischio Strategico<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1707\">Per rischio <span class=\"_ _2\"></span>strategico si intende il rischio <span class=\"_ _2\"></span>attuale o prospettico di flessione degli utili <span class=\"_ _2\"></span>o del capitale<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1708\">e di <span class=\"_ _2\"></span>sostenibilit\u00e0 <span class=\"_ _2\"></span>del mod<span class=\"_ _2\"></span>ello di <span class=\"_ _2\"></span>business, incluso <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>rischio di <span class=\"_ _2\"></span>non <span class=\"_ _2\"></span>riuscire <span class=\"_ _2\"></span>a generar<span class=\"_ _2\"></span>e un <span class=\"_ _2\"></span>adeguato<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs149b\">ritorno  su<span class=\"ff5\">l  capitale  sul<span class=\"_ _1\"></span>la  base  della  propensione  al  rischio  defini<span class=\"_ _1\"></span>ta  dall\u2019impresa,  derivante  da<span class=\"_ _df\"> </span></span><span class=\"ff5\"> </span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs149c\">cambiamenti del contesto <span class=\"_ _2\"></span>operativo o da decisioni aziendali err<span class=\"_ _2\"></span>ate, dall\u2019 attuazione inadeguata di<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1709\">decisioni, <span class=\"_ _9\"> </span>impropria <span class=\"_ _16\"> </span>gestione <span class=\"_ _9\"> </span>del <span class=\"_ _9\"> </span>rischio <span class=\"_ _16\"> </span>di <span class=\"_ _9\"> </span>appartenenza <span class=\"_ _9\"> </span>al  g<span class=\"_ _1\"></span>ruppo, <span class=\"_ _9\"> </span>e<span class=\"_ _2\"></span> <span class=\"_ _16\"> </span>dalla <span class=\"_ _9\"> </span>scarsa <span class=\"_ _16\"> </span>reattivit\u00e0 <span class=\"_ _9\"> </span>a<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs170a\">variazioni del contesto competitivo.<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs170c\">La Compagnia distingue tre principali<span class=\"_ _1\"></span> fattori di rischio:<span class=\"_ _df\"> </span><span class=\"_ _2\"></span> </div><div class=\"t m0 h5 ff13 fs1 fc1 sc0 ls0 ws0 gs14a0\">-<span class=\"ff10\"> <span class=\"_ _24\"> </span><span class=\"ff4\">Strategic <span class=\"_ _14\"> </span>risk: <span class=\"_ _15\"> </span>incapacit\u00e0 <span class=\"_ _14\"> </span>di <span class=\"_ _14\"> </span>a<span class=\"_ _2\"></span>vere <span class=\"_ _14\"> </span>una <span class=\"_ _14\"> </span>s<span class=\"_ _2\"></span>trategia <span class=\"_ _14\"> </span>aziendale <span class=\"_ _14\"> </span>completamente <span class=\"_ _15\"> </span>elaborata <span class=\"_ _14\"> </span>e<span class=\"_ _df\"> </span></span></span><span class=\"ff10\"><span class=\"ff4\"> </span></span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs1916\">concordata  o <span class=\"_ _4\"> </span>l\u2019inc<span class=\"_ _1\"></span>apacit\u00e0  di <span class=\"_ _22\"> </span>s<span class=\"_ _2\"></span>e<span class=\"_ _1\"></span>guire  tale <span class=\"_ _22\"> </span>s<span class=\"_ _2\"></span>trat<span class=\"ff4\">egia  tale <span class=\"_ _22\"> </span>da <span class=\"_ _4\"> </span>creare  valore  nel  medio <span class=\"_ _4\"> </span>lung<span class=\"_ _1\"></span>o<span class=\"_ _df\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1ab3\">periodo.<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff13 fs1 fc1 sc0 ls0 ws0 gs14a3\">-<span class=\"ff10\"> <span class=\"_ _24\"> </span><span class=\"ff4\">Business <span class=\"_ _17\"> </span>environmental <span class=\"_ _14\"> </span>risk: <span class=\"_ _17\"> </span>Esposizione <span class=\"_ _17\"> </span>a <span class=\"_ _14\"> </span>forze <span class=\"_ _17\"> </span>pro<span class=\"_ _2\"></span>venienti <span class=\"_ _17\"> </span>dal <span class=\"_ _17\"> </span>contest<span class=\"_ _2\"></span>o <span class=\"_ _17\"> </span>esterno <span class=\"_ _17\"> </span>che<span class=\"_ _df\"> </span></span></span><span class=\"ff10\"><span class=\"ff4\"> </span></span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1918\">potrebbero <span class=\"_ _0\"></span>cambiare <span class=\"_ _0\"></span>significativamente <span class=\"_ _0\"></span>i <span class=\"_ _9\"> </span>fondamenti <span class=\"_ _0\"></span>che <span class=\"_ _9\"> </span>guidano <span class=\"_ _0\"> </span>gli <span class=\"_ _9\"> </span>obiettivi <span class=\"_ _0\"></span>generali <span class=\"_ _9\"> </span>e <span class=\"_ _0\"></span>la<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1919\">strategia aziendale.<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff13 fs1 fc1 sc0 ls0 ws0 gs14a6\">-<span class=\"ff10\"> <span class=\"_ _24\"> </span><span class=\"ff4\">Rischio Reddituale: <span class=\"_ _2\"></span>relativo <span class=\"_ _2\"></span>alla <span class=\"_ _2\"></span>coerenza della <span class=\"_ _2\"></span>componente reddituale <span class=\"_ _2\"></span>dei port<span class=\"_ _2\"></span>afogli verso <span class=\"_ _2\"></span>gli<span class=\"_ _df\"> </span></span></span><span class=\"ff10\"><span class=\"ff4\"> </span></span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1ab4\">obblighi assunti nei confronti degli<span class=\"_ _1\"></span> assicurati e la marginalit\u00e0 finanziaria attesa dagli azionisti.<span class=\"_ _df\"> </span><span class=\"_ _2\"></span> </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs14a8\">L\u2019analisi <span class=\"_ _f\"></span>dei <span class=\"_ _1\"></span>rischi <span class=\"_ _f\"></span>s<span class=\"_ _2\"></span>trategici <span class=\"_ _f\"></span>viene <span class=\"_ _1\"></span>effettuate <span class=\"_ _f\"></span>mediante spe<span class=\"_ _1\"></span>cif<span class=\"_ _2\"></span><span class=\"ff4\">iche <span class=\"_ _f\"></span>analisi <span class=\"_ _1\"></span>si <span class=\"_ _1\"></span>sensitivity <span class=\"_ _f\"></span>in sede<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>ORSA<span class=\"_ _df\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs14a9\">o <span class=\"_ _9\"> </span>ogni <span class=\"_ _9\"> </span>qualvolta <span class=\"_ _9\"> </span>si <span class=\"_ _9\"> </span>as<span class=\"_ _2\"></span>sista <span class=\"_ _0\"></span>a <span class=\"_ _16\"> </span>va<span class=\"_ _1\"></span>riazioni <span class=\"_ _9\"> </span>significative <span class=\"_ _9\"> </span>del <span class=\"_ _9\"> </span>mercato, <span class=\"_ _9\"> </span>dell\u2019mix <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>produzione <span class=\"_ _9\"> </span>e <span class=\"_ _9\"> </span>d<span class=\"_ _2\"></span>elle<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs14aa\">ipotesi sottostanti <span class=\"_ _2\"></span>le valutazioni (a t<span class=\"_ _2\"></span>itolo esemplificativo, tassi di <span class=\"_ _2\"></span>riscatto best <span class=\"_ _2\"></span>estimate, ipotesi di<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs14ab\">minimo garantito, etc).<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs14ad\">In <span class=\"_ _9\"> </span>tale <span class=\"_ _16\"> </span>ambito <span class=\"_ _9\"> </span>viene <span class=\"_ _9\"> </span>altres\u00ec <span class=\"_ _16\"> </span>valutata <span class=\"_ _9\"> </span>la <span class=\"_ _16\"> </span>presenza <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>potenziali <span class=\"_ _9\"> </span>r<span class=\"_ _2\"></span>ischi <span class=\"_ _9\"> </span>emergenti <span class=\"_ _9\"> </span>sulla <span class=\"_ _16\"> </span>base <span class=\"_ _9\"> </span>delle<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs14ae\">informazioni derivanti dal piano industriale, dalle evoluzioni di prodotto<span class=\"_ _2\"></span>, dalle<span class=\"_ _1\"></span> variazioni normative<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs170d\">e da qualsiasi altra variazione potenzia<span class=\"ff5\">lmente impattante sul profilo di rischio del<span class=\"_ _1\"></span>l\u2019impresa.<span class=\"_ _df\"> </span></span><span class=\"ff5\"><span class=\"_ _2\"></span><span class=\"ff4\"> </span></span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs14af\">In seguito <span class=\"_ _2\"></span>ai <span class=\"_ _2\"></span>risultati <span class=\"_ _2\"></span>di t<span class=\"_ _2\"></span>ale analisi, <span class=\"_ _2\"></span>vengono <span class=\"_ _2\"></span>valutati gli <span class=\"_ _2\"></span>eventuali <span class=\"_ _2\"></span>cambiamenti <span class=\"_ _2\"></span>da a<span class=\"_ _2\"></span>pportare nella<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs14b0\">mappa dei rischi aziendali. </div>Le valutazioni effettuate dall<span class=\"_ _1\"></span>a Compagnia alla data di valutazione ha<span class=\"_ _2\"></span>nno consentito di deline<span class=\"_ _1\"></span>are la<span class=\"_ _df\"> </span>mappa de<span class=\"_ _1\"></span>i rischi regolame<span class=\"_ _1\"></span>ntari <span class=\"ff5\">\u2013</span> <span class=\"_ _1\"></span>Framework Solvenc<span class=\"_ _1\"></span>y II - a<span class=\"_ _f\"></span> cui la <span class=\"_ _1\"></span>Compagnia \u00e8 <span class=\"_ _1\"></span>esposta (<span class=\"_ _f\"></span>di seguito<span class=\"_ _df\"> </span>riportata). <table class=\"s w11e2 h5c2\" id=\"_6a76666f-2298-41e4-a182-fc14ac6ee998\"><tr><td class=\"c xb89 y38ad w653 h4e\"><div class=\"t m0 x12 h1f y66c ff4 fs7 fc1 sc0 ls0 ws0\">Modulo di rischi<span class=\"_ _1\"></span>o  </div></td><td class=\"c xb8a y38ad w654 h4e\"><div class=\"t m0 x96 h1f y66c ff4 fs7 fc1 sc0 ls0 ws0\">Sottomodulo di <span class=\"_ _f\"></span>r<span class=\"_ _2\"></span>ischio  </div></td><td class=\"c xb8b y38ad w4c3 h4e\"><div class=\"t m0 xab h1f y66c ff4 fs7 fc1 sc0 ls0 ws0\">Esposizione </div></td></tr><tr><td></td><td class=\"c xb8a y38ae w654 h4e\"><div class=\"t m0 x8a h1f y93e ff4 fs7 fc1 sc0 ls0 ws0\">Mortality risk </div></td><td class=\"c xb8b y38ae w4c9 h4e\"><div class=\"t m0 x3a h1f y93e ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td></tr><tr><td></td><td class=\"c xb8a y38af w654 h4e\"><div class=\"t m0 x8a h1f y93e ff4 fs7 fc1 sc0 ls0 ws0\">Longevity risk </div></td><td class=\"c xb8b y38af w4c9 h4e\"><div class=\"t m0 x3a h1f y93e ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td></tr><tr><td></td><td class=\"c xb8a y38b0 w654 h4e\"><div class=\"t m0 x8a h1f y93e ff4 fs7 fc1 sc0 ls0 ws0\">Disability morb<span class=\"_ _1\"></span>idity risk </div></td><td class=\"c xb8b y38b0 w4c9 h4e\"><div class=\"t m0 x32 h1f y93e ff4 fs7 fc1 sc0 ls10a ws0\">---<span class=\"ls0\"> </span></div></td></tr><tr><td class=\"c xb89 y38b1 w653 h362\"><div class=\"t m0 x96 h1f y1870 ff4 fs7 fc1 sc0 ls0 ws0\">Underwriting R<span class=\"_ _1\"></span>isk </div></td><td class=\"c xb8a y38b2 w654 h4d\"><div class=\"t m0 x8a h1f y28e ff4 fs7 fc1 sc0 ls0 ws0\">Life Lapse risk </div></td><td class=\"c xb8b y38b2 w4c9 h4d\"><div class=\"t m0 x3a h1f y28e ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td></tr><tr><td></td><td class=\"c xb8a y38b3 w654 h4d\"><div class=\"t m0 x8a h1f y28e ff4 fs7 fc1 sc0 ls0 ws0\">Expense risk </div></td><td class=\"c xb8b y38b3 w4c9 h4d\"><div class=\"t m0 x3a h1f y28e ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td></tr><tr><td></td><td class=\"c xb8a y38b4 w654 h4d\"><div class=\"t m0 x8a h1f y28e ff4 fs7 fc1 sc0 ls0 ws0\">Revisionary risk<span class=\"_ _1\"></span> </div></td><td class=\"c xb8b y38b4 w4c9 h4d\"><div class=\"t m0 x32 h1f y28e ff4 fs7 fc1 sc0 ls10a ws0\">---<span class=\"ls0\"> </span></div></td></tr><tr><td></td><td class=\"c xb8a y38b1 w654 h4d\"><div class=\"t m0 x8a h1f y28e ff4 fs7 fc1 sc0 ls0 ws0\">CAT risk </div></td><td class=\"c xb8b y38b1 w4c9 h4d\"><div class=\"t m0 x3a h1f y28e ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td></tr><tr><td></td><td class=\"c xb8a y38b5 w654 h4e\"><div class=\"t m0 x8a h1f y28e ff4 fs7 fc1 sc0 ls0 ws0\">Interest rate r<span class=\"_ _1\"></span>isk </div></td><td class=\"c xb8b y38b5 w4c9 h4e\"><div class=\"t m0 x3a h1f y28e ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td></tr><tr><td></td><td class=\"c xb8a y38b6 w654 h4e\"><div class=\"t m0 x8a h1f y28e ff4 fs7 fc1 sc0 ls0 ws0\">Equity risk </div></td><td class=\"c xb8b y38b6 w4c9 h4e\"><div class=\"t m0 x3a h1f y28e ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td></tr><tr><td class=\"c xb89 y38b7 w653 h363\"><div class=\"t m0 x8 h1f y1bf0 ff4 fs7 fc1 sc0 ls0 ws0\">Market risk </div></td><td class=\"c xb8a y38b8 w654 h4e\"><div class=\"t m0 x8a h1f y28e ff4 fs7 fc1 sc0 ls0 ws0\">Property risk </div></td><td class=\"c xb8b y38b8 w4c9 h4e\"><div class=\"t m0 x3a h1f y28e ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td></tr><tr><td></td><td class=\"c xb8a y38b9 w654 h4e\"><div class=\"t m0 x8a h1f y28e ff4 fs7 fc1 sc0 ls0 ws0\">Spread risk </div></td><td class=\"c xb8b y38b9 w4c9 h4e\"><div class=\"t m0 x3a h1f y28e ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td></tr><tr><td></td><td class=\"c xb8a y38ba w654 hc9\"><div class=\"t m0 x8a h1f y1bf2 ff4 fs7 fc1 sc0 ls0 ws0\">Currency risk<span class=\"_ _1\"></span> </div></td><td class=\"c xb8b y38ba w4c9 hc9\"><div class=\"t m0 x3a h1f y1bf2 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td></tr><tr><td></td><td class=\"c xb8a y38b7 w654 h4e\"><div class=\"t m0 x8a h1f y93e ff4 fs7 fc1 sc0 ls0 ws0\">Concentration ri<span class=\"_ _1\"></span>sk </div></td><td class=\"c xb8b y38b7 w4c9 h4e\"><div class=\"t m0 x32 h1f y93e ff4 fs7 fc1 sc0 ls10a ws0\">---<span class=\"ls0\"> </span></div></td></tr><tr><td class=\"c xb89 y38bb w653 h306\"><div class=\"t m0 x26 h1f y8b7 ff4 fs7 fc1 sc0 ls0 ws0\">Counterparty de<span class=\"_ _1\"></span>fault risk </div></td><td class=\"c xb8a y38bc w654 h4e\"><div class=\"t m0 x8a h1f y93e ff4 fs7 fc1 sc0 ls0 ws0\">Type 1 counterpa<span class=\"_ _1\"></span>rties </div></td><td class=\"c xb8b y38bc w4c9 h4e\"><div class=\"t m0 x3a h1f y93e ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td></tr><tr><td></td><td class=\"c xb8a y38bb w654 h4e\"><div class=\"t m0 x8a h1f y93e ff4 fs7 fc1 sc0 ls0 ws0\">Type 2 counterpa<span class=\"_ _1\"></span>rties </div></td><td class=\"c xb8b y38bb w4c9 h4e\"><div class=\"t m0 x32 h1f y93e ff4 fs7 fc1 sc0 ls10a ws0\">---<span class=\"ls0\"> </span></div></td></tr><tr><td class=\"c xb89 y38bd w655 h4d\"><div class=\"t m0 x91 h1f y28e ff4 fs7 fc1 sc0 ls0 ws0\">Operational Risk </div></td><td class=\"c xb8a y38bd w654 h4d\"><div class=\"t m0 x8a h1f y28e ff4 fs7 fc1 sc0 ls0 ws0\">Operational risk<span class=\"_ _1\"></span> </div></td><td class=\"c xb8b y38bd w4c9 h4d\"><div class=\"t m0 x3a h1f y28e ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td></tr></table>Le  valutazioni  p<span class=\"_ _1\"></span>rospettiche  dei  rischi  non  han<span class=\"_ _1\"></span>no  rilevato  d<span class=\"_ _1\"></span>a  un  punto  d<span class=\"_ _1\"></span>i  vista  regolamentare<span class=\"_ _df\"> </span>(Solvency II) rischi emergenti in <span class=\"_ _2\"></span>ragione delle azioni previst<span class=\"_ _2\"></span>e dalle nu<span class=\"_ _2\"></span>ove strategie di investimento<span class=\"_ _df\"> </span>e di business (da segnalare tuttavi<span class=\"_ _1\"></span>a la review Solvency II la cui applicazione<span class=\"_ _1\"></span> \u00e8 prevista a partire dal<span class=\"_ _df\"> </span>30.01.2027). A <span class=\"_ _f\"></span>livello <span class=\"_ _1\"></span>prospettico <span class=\"_ _1\"></span>si osserva <span class=\"_ _f\"></span>una lo<span class=\"_ _1\"></span>ro diffe<span class=\"_ _1\"></span>rente composizi<span class=\"_ _1\"></span>one in <span class=\"_ _f\"></span>termini di <span class=\"_ _f\"></span>rilevanza<span class=\"_ _df\"> </span>rispetto al dato consuntivo. <span class=\"_ _1\"></span>In particolare, pur conf<span class=\"_ _1\"></span>ermandosi il Life Un<span class=\"_ _1\"></span>derwriting Risk superiore a<span class=\"_ _f\"></span>i<span class=\"_ _df\"> </span>Market Risk, si osse<span class=\"_ _1\"></span>rva un ribilanciamento tra le<span class=\"_ _1\"></span> due classi di rischio gu<span class=\"_ _1\"></span>idato in particolar modo d<span class=\"_ _f\"></span>a<span class=\"_ _df\"> </span>una  riduzione  del  Lapse  Mass  Risk  come  cons<span class=\"_ _2\"></span>eguenza  indiretta  delle  dinamiche  dei <span class=\"_ _22\"> </span>t<span class=\"_ _2\"></span>assi  in<span class=\"_ _df\"> </span>progressiva riduzione<span class=\"_ _f\"></span> ed un incremento d<span class=\"_ _1\"></span>el Market R<span class=\"_ _1\"></span>isk coerente con l<span class=\"_ _1\"></span>a crescita dei <span class=\"_ _1\"></span>volumi e<span class=\"_ _1\"></span> delle<span class=\"_ _df\"> </span>strategie di investimento sottostanti. Con <span class=\"_ _4\"> </span>riferimento <span class=\"_ _4\"> </span>ai <span class=\"_ _4\"> </span>dati <span class=\"_ _22\"> </span>pros<span class=\"_ _2\"></span>pettici <span class=\"_ _22\"> </span>e <span class=\"_ _4\"> </span>a <span class=\"_ _4\"> </span>quelli <span class=\"_ _4\"> </span>monitorati <span class=\"_ _4\"> </span>alla <span class=\"_ _4\"> </span>data <span class=\"_ _22\"> </span>di <span class=\"_ _4\"> </span>valutazione, <span class=\"_ _4\"> </span>l\u2019analisi <span class=\"_ _4\"> </span>ha<span class=\"_ _df\"> </span>permesso <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>individuare <span class=\"_ _0\"></span>i <span class=\"_ _0\"></span>sotto <span class=\"_ _9\"> </span>moduli <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>rischio <span class=\"_ _0\"></span>maggiormente <span class=\"_ _0\"></span>significativi <span class=\"_ _0\"></span>e <span class=\"_ _0\"></span>impattant<span class=\"_ _2\"></span>i <span class=\"_ _0\"></span>per <span class=\"_ _0\"></span>la<span class=\"_ _df\"> </span>Compagnia, che <span class=\"_ _2\"></span>risultano <span class=\"_ _2\"></span>essere <span class=\"_ _2\"></span>i sot<span class=\"_ _2\"></span>to moduli <span class=\"_ _2\"></span>di rischio <span class=\"_ _2\"></span>Equity, <span class=\"_ _2\"></span>Spread, Currency, <span class=\"_ _2\"></span>Interest <span class=\"_ _2\"></span>Rate,<span class=\"_ _df\"> </span>Operational <span class=\"_ _f\"></span>e L<span class=\"_ _1\"></span>apse M<span class=\"_ _1\"></span>ass. An<span class=\"_ _1\"></span>che <span class=\"_ _1\"></span>se <span class=\"_ _f\"></span>da un <span class=\"_ _f\"></span>punto d<span class=\"_ _1\"></span>i <span class=\"_ _f\"></span>vista del<span class=\"_ _1\"></span> requisito d<span class=\"_ _1\"></span>i <span class=\"_ _f\"></span>capitale g<span class=\"_ _1\"></span>enerato, all<span class=\"_ _1\"></span>a <span class=\"_ _f\"></span>data<span class=\"_ _df\"> </span>di <span class=\"_ _2\"></span>valutazione, <span class=\"_ _d\"></span>il <span class=\"_ _d\"></span>modulo <span class=\"_ _2\"></span>di <span class=\"_ _d\"></span>rischio <span class=\"_ _d\"></span>Interest <span class=\"_ _d\"></span>Rate <span class=\"_ _d\"></span>non <span class=\"_ _d\"></span>\u00e8 <span class=\"_ _2\"></span>il <span class=\"_ _d\"></span>modulo <span class=\"_ _d\"></span>di <span class=\"_ _2\"></span>rischio <span class=\"_ _d\"></span>pi\u00f9 <span class=\"_ _d\"></span>rilevante, <span class=\"_ _2\"></span>esso <span class=\"_ _d\"></span>pi\u00f2 rappresentare <span class=\"_ _2\"></span>un <span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>ischio <span class=\"_ _2\"></span>significativo <span class=\"_ _2\"></span>sulla <span class=\"_ _2\"></span>posizione <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>solvibilit\u00e0 <span class=\"_ _d\"></span>per <span class=\"_ _2\"></span>gli <span class=\"_ _d\"></span>effetti <span class=\"_ _2\"></span>indiretti <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>esso<span class=\"_ _df\"> </span>pu\u00f2 generare.<span class=\"_ _df\"> </span>Inoltre si <span class=\"_ _f\"></span>conferma l\u2019esposizione <span class=\"_ _f\"></span>della Compagnia <span class=\"_ _f\"></span>al rischio <span class=\"_ _1\"></span>Spread sui <span class=\"_ _f\"></span>Governativi ITA <span class=\"_ _f\"></span>(rischio non<span class=\"_ _df\"> </span>contemplato <span class=\"_ _10\"> </span>nella <span class=\"_ _10\"> </span>Formula <span class=\"_ _10\"> </span>Standard). <span class=\"_ _10\"> </span>La <span class=\"_ _18\"> </span>Compagnia <span class=\"_ _10\"> </span>nelle <span class=\"_ _18\"> </span>proprie <span class=\"_ _10\"> </span>valutazioni <span class=\"_ _10\"> </span>prende <span class=\"_ _10\"> </span>in<span class=\"_ _df\"> </span>considerazione <span class=\"_ _15\"> </span>tale <span class=\"_ _10\"> </span>fattore <span class=\"_ _e\"> </span>di <span class=\"_ _e\"> </span>rischio <span class=\"_ _10\"> </span>mediante <span class=\"_ _15\"> </span>specifiche <span class=\"_ _10\"> </span>analisi <span class=\"_ _e\"> </span>di <span class=\"_ _e\"> </span>se<span class=\"_ _2\"></span>nsitivity <span class=\"_ _e\"> </span>effettuate<span class=\"_ _df\"> </span>periodicamente (almeno con frequenza trimestrale) e all\u2019<span class=\"_ _1\"></span>interno del Report ORSA. Le  analisi  quali/quantitativa <span class=\"_ _4\"> </span>sull\u2019<span class=\"_ _1\"></span>adeguatezza  del <span class=\"_ _22\"> </span>profilo <span class=\"_ _4\"> </span>di  rischio  della  Compagnia  rispetto  i<span class=\"_ _df\"> </span>requisiti sottostanti l\u2019appli<span class=\"_ _1\"></span>cazione della Fo<span class=\"_ _2\"></span><span class=\"ff4\">rmula Standard sono risultate positive.<span class=\"_ _df\"> </span></span>Le risultanze delle att<span class=\"_ _2\"></span>ivit\u00e0 di valutazione dei r<span class=\"_ _2\"></span>ischi hanno evidenziato <span class=\"_ _2\"></span>una volatilit\u00e0 nell\u2019evoluzione<span class=\"_ _df\"> </span>della <span class=\"_ _17\"> </span>solvibilit\u00e0 <span class=\"_ _17\"> </span>della <span class=\"_ _14\"> </span>Compagnia <span class=\"_ _17\"> </span>derivante <span class=\"_ _17\"> </span>dalle <span class=\"_ _14\"> </span>fluttuazioni <span class=\"_ _17\"> </span>dello <span class=\"_ _17\"> </span>s<span class=\"_ _2\"></span>pread <span class=\"_ _17\"> </span>BTP/Bund <span class=\"_ _17\"> </span>e <span class=\"_ _17\"> </span>dalle<span class=\"_ _df\"> </span>dinamiche <span class=\"_ _f\"></span>collegat<span class=\"ff5\">e ai <span class=\"_ _1\"></span>tassi d<span class=\"_ _1\"></span>i in<span class=\"_ _f\"></span>teress<span class=\"_ _2\"></span>i. <span class=\"_ _f\"></span>Tuttavia, tale <span class=\"_ _f\"></span>volatilit\u00e0 d<span class=\"_ _1\"></span>ell\u2019indice <span class=\"_ _f\"></span>di solvibilit\u00e0, <span class=\"_ _f\"></span>\u00e8 governata<span class=\"_ _df\"> </span></span>mediante l\u2019attivazione di specifici presid<span class=\"_ _1\"></span>i organizzativi e di monitoraggio.<span class=\"_ _df\"> </span>Al <span class=\"_ _9\"> </span>calcolo <span class=\"_ _9\"> </span>degli <span class=\"_ _9\"> </span>impatti <span class=\"_ _9\"> </span>dovuti <span class=\"_ _0\"></span>ai <span class=\"_ _16\"> </span>rischi <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>natura <span class=\"_ _0\"></span>quantificabile <span class=\"_ _9\"> </span>e <span class=\"_ _9\"> </span>regolamentare, <span class=\"_ _9\"> </span>la  Compagnia<span class=\"_ _df\"> </span>monitora e <span class=\"_ _2\"></span>valuta anche i rischi quantitativi ma <span class=\"_ _2\"></span>non rientranti <span class=\"_ _2\"></span>nell\u2019<span class=\"_ _1\"></span>ambito della <span class=\"_ _2\"></span>Formula Standard,<span class=\"_ _df\"> </span>i cosiddetti \u201crischi quantitativi non regolamentari\u201d, quali:<span class=\"_ _df\"> </span>-<span class=\"_ _1b\"> </span><span class=\"ff4\">rischio spread sui titoli gove<span class=\"_ _1\"></span>rnativi;<span class=\"_ _df\"> </span></span>-<span class=\"_ _1b\"> </span><span class=\"ff4\">rischio di liqu<span class=\"_ _1\"></span>idit\u00e0;<span class=\"_ _df\"> </span></span>-<span class=\"_ _1b\"> </span><span class=\"ff4\">rischio ALM;<span class=\"_ _df\"> </span></span>-<span class=\"ff10\"> <span class=\"_ _24\"> </span><span class=\"ff4\">rischio operativo; </span></span>-<span class=\"ff10\"> <span class=\"_ _24\"> </span><span class=\"ff4\">rischio iCT &amp; di sicurezza; </span></span>-<span class=\"ff10\"> <span class=\"_ _24\"> </span><span class=\"ff4\">rischio condotta </span></span>-<span class=\"ff10\"> <span class=\"_ _24\"> </span><span class=\"ff4\">rischio di appartenenza al gruppo; </span></span>-<span class=\"ff10\"> <span class=\"_ _24\"> </span><span class=\"ff4\">rischio ESG (con un focus specifico sui rischi climatici connessi ai rischi ambientali)<span class=\"_ _f\"></span>;<span class=\"_ _d\"></span> </span></span>-<span class=\"ff10\"> <span class=\"_ _24\"> </span><span class=\"ff4\">rischio strategico. </span></span>Oltre <span class=\"_ _2\"></span>alle valutazioni <span class=\"_ _2\"></span>sui rischi <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>natura <span class=\"_ _2\"></span>quantificabi<span class=\"_ _1\"></span>le <span class=\"_ _2\"></span>(sia <span class=\"_ _2\"></span>regolamentare <span class=\"_ _2\"></span>che non), <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>Compagnia gestisce e monitora anche: -<span class=\"ff10\"> <span class=\"_ _24\"> </span><span class=\"ff4\">rischio modello; </span></span>-<span class=\"ff10\"> <span class=\"_ _24\"> </span><span class=\"ff4\">rischio di non conformit\u00e0 alle norme; </span></span>-<span class=\"ff10\"> <span class=\"_ _24\"> </span><span class=\"ff4\">rischio reputazionale; </span></span>-<span class=\"ff10\"> <span class=\"_ _24\"> </span><span class=\"ff4\">rischi emergenti. </span></span>Allo <span class=\"_ _2\"></span>stato <span class=\"_ _2\"></span>attuale, <span class=\"_ _2\"></span>tali <span class=\"_ _2\"></span>tipologie <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>rischio <span class=\"_ _2\"></span>hanno <span class=\"_ _2\"></span>un <span class=\"_ _2\"></span>livello <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>gest<span class=\"_ _2\"></span>ione, monitor<span class=\"_ _2\"></span>aggio <span class=\"_ _2\"></span>e<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>valutazione coerente <span class=\"_ _2\"></span>con <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>loro <span class=\"_ _2\"></span>rilevanza. E<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>dalle valutazioni <span class=\"_ _2\"></span>condotte <span class=\"_ _2\"></span>non <span class=\"_ _2\"></span>compor<span class=\"_ _2\"></span>tano <span class=\"_ _2\"></span>un <span class=\"_ _2\"></span>add-on <span class=\"_ _d\"></span>in <span class=\"_ _2\"></span>termini di capitale regolamentare. Al  momento  non  vi <span class=\"_ _16\"> </span>sono  risultati  ch<span class=\"_ _1\"></span>e  evidenzino  situazioni<span class=\"_ _1\"></span>  di  criticit\u00e0  in  termini  di  solvib<span class=\"_ _1\"></span>ilit\u00e0 derivanti <span class=\"_ _2\"></span>dai r<span class=\"_ _2\"></span>ischi <span class=\"_ _2\"></span>strategici<span class=\"_ _1\"></span>. <span class=\"_ _2\"></span>Tuttavia, <span class=\"_ _2\"></span>stante <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>rilevanza <span class=\"_ _2\"></span>di t<span class=\"_ _2\"></span>ale rischio, <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>una <span class=\"_ _2\"></span>prudente <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>sana<span class=\"_ _f\"></span> gestione  dei  rischi  attuali  e  prospettici  \u00e8  definito <span class=\"_ _22\"> </span>un  processo  di  monito<span class=\"_ _2\"></span>raggio  con  il  fine  di intercettare possibi<span class=\"_ _1\"></span>li variazioni <span class=\"_ _1\"></span>del contesto macro-economico e<span class=\"_ _1\"></span>/o di bu<span class=\"_ _1\"></span>siness che possono <span class=\"_ _1\"></span>avere impatti significativi sugli Own Fund<span class=\"_ _1\"></span>s e sul Requisito di Capitale della Compagnia.<span class=\"_ _df\"> </span>CREDE<span class=\"_ _f\"></span>MASSICUR<span class=\"_ _f\"></span>AZIONI S.<span class=\"_ _1\"></span>P.A.<span class=\"_ _df\"> </span>Appro<span class=\"_ _f\"></span>ccio alla g<span class=\"_ _1\"></span>estio<span class=\"_ _1\"></span>ne del ri<span class=\"_ _f\"></span>schio di C<span class=\"_ _f\"></span>redemas<span class=\"_ _1\"></span>sicura<span class=\"_ _1\"></span>zioni<span class=\"_ _df\"> </span>Strate<span class=\"_ _f\"></span>gie e ges<span class=\"_ _1\"></span>tione de<span class=\"_ _f\"></span>l rischio<span class=\"_ _df\"> </span>Credemassicurazioni S.<span class=\"_ _2\"></span>p.A op<span class=\"_ _2\"></span>era <span class=\"_ _2\"></span>sulla <span class=\"_ _2\"></span>scorta <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>una <span class=\"_ _2\"></span>strategia <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>assunzione <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>gestione <span class=\"_ _2\"></span>dei <span class=\"_ _2\"></span>rischi<span class=\"_ _df\"> </span>basata <span class=\"_ _d\"></span>s<span class=\"_ _2\"></span>u <span class=\"_ _d\"></span>criteri <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>sana <span class=\"_ _0\"></span>e <span class=\"_ _d\"></span>prudente <span class=\"_ _d\"></span>gestione <span class=\"_ _0\"></span>e <span class=\"_ _d\"></span>coerente <span class=\"_ _0\"></span>con <span class=\"_ _d\"></span>il <span class=\"_ _0\"></span>livello <span class=\"_ _d\"></span>patrimoniale <span class=\"_ _d\"></span>dell\u2019impresa.<span class=\"_ _df\"> </span>Tale <span class=\"_ _2\"></span>strategia <span class=\"_ _2\"></span>si <span class=\"_ _d\"></span>fonda <span class=\"_ _2\"></span>su <span class=\"_ _2\"></span>principi <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>valutazione <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>ei <span class=\"_ _2\"></span>rischi <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>considerano <span class=\"_ _d\"></span>gli <span class=\"_ _2\"></span>aspetti<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>relativi <span class=\"_ _2\"></span>alla<span class=\"_ _df\"> </span>loro rilevanza/significativit\u00e0. L\u2019approccio  seguito  nella  gestione  dei <span class=\"_ _22\"> </span>r<span class=\"_ _2\"></span>ischi  \u00e8  fondato  sul  criterio  di  proporzionalit\u00e0 <span class=\"_ _22\"> </span>e  vien<span class=\"_ _2\"></span>e<span class=\"_ _df\"> </span>delineato <span class=\"_ _1\"></span>in apposite <span class=\"_ _f\"></span>politiche interne ai <span class=\"_ _f\"></span>s<span class=\"_ _2\"></span>ensi <span class=\"_ _f\"></span>del Regolamento IVAS<span class=\"_ _1\"></span>S n.38/2018, per <span class=\"_ _f\"></span>ognuno degli<span class=\"_ _df\"> </span>ambiti di rischiosit\u00e0 che insistono sulla Compagnia.<span class=\"_ _df\"> </span>Gli e<span class=\"_ _1\"></span>lementi <span class=\"_ _f\"></span>chiave attraverso cu<span class=\"_ _f\"></span>i viene<span class=\"_ _1\"></span> definita <span class=\"_ _1\"></span>la <span class=\"_ _f\"></span>s<span class=\"_ _2\"></span>trategia <span class=\"_ _f\"></span>e le <span class=\"_ _f\"></span>modalit\u00e0 di <span class=\"_ _f\"></span>gestione dei<span class=\"_ _1\"></span> rischi <span class=\"_ _f\"></span>della<span class=\"_ _df\"> </span>Compagnia sono i seguenti:<span class=\"_ _df\"> </span>-<span class=\"_ _1d\"> </span><span class=\"ff4\">identificazione e classificazione dei rischi <span class=\"ff5\">\u2013</span> mappa dei rischi;<span class=\"_ _df\"> </span></span>-<span class=\"_ _1d\"> </span><span class=\"ff4\">valutazione dei rischi;<span class=\"_ _df\"> </span></span>-<span class=\"_ _1d\"> </span><span class=\"ff4\">str<span class=\"_ _2\"></span>umenti e metodologi<span class=\"_ _1\"></span>e di misurazione;<span class=\"_ _df\"> </span></span>-<span class=\"_ _1d\"> </span><span class=\"ff4\">gestione dei rischi;<span class=\"_ _df\"> </span></span>-<span class=\"_ _1d\"> </span><span class=\"ff4\">monitoraggio e reporting.<span class=\"_ _df\"> </span></span>I principi <span class=\"_ _1\"></span>generali adottati per la <span class=\"_ _f\"></span>definizione del sistema di g<span class=\"_ _1\"></span>estione del rischio <span class=\"_ _1\"></span>considerano quindi:<span class=\"_ _df\"> </span>-<span class=\"_ _1d\"> </span><span class=\"ff4\">la <span class=\"_ _0\"></span>verifica <span class=\"_ _d\"></span>della <span class=\"_ _d\"></span>coerenza <span class=\"_ _0\"></span>tra <span class=\"_ _0\"></span>il <span class=\"_ _d\"></span>livell<span class=\"_ _1\"></span>o <span class=\"_ _d\"></span>di <span class=\"_ _0\"></span>rischio <span class=\"_ _d\"></span>as<span class=\"_ _2\"></span>sunto <span class=\"_ _0\"></span>e <span class=\"_ _0\"></span>il <span class=\"_ _d\"></span>livello <span class=\"_ _d\"></span>di <span class=\"_ _0\"></span>patrimonio <span class=\"_ _d\"></span>disponibile<span class=\"_ _df\"> </span></span>atteso (c.d. Risk Appetite);<span class=\"_ _df\"> </span>-<span class=\"_ _1d\"> </span><span class=\"ff4\">la misurabilit\u00e0/valu<span class=\"_ _1\"></span>tazione dei<span class=\"_ _1\"></span> rischi <span class=\"_ _f\"></span>(per quelli <span class=\"_ _f\"></span>quantificabili) per <span class=\"_ _1\"></span>permettere al <span class=\"_ _f\"></span>management<span class=\"_ _df\"> </span></span>di valutare l\u2019impatto degli stessi sull\u2019<span class=\"_ _1\"></span>andamento aziendale;<span class=\"_ _df\"> </span>-<span class=\"_ _1d\"> </span><span class=\"ff4\">la determinazione di processi e presidi operativi per quelli non quantificabili;<span class=\"_ _df\"> </span></span>-<span class=\"_ _1d\"> </span><span class=\"ff4\">la <span class=\"_ _4\"> </span>presenza <span class=\"_ _22\"> </span>di <span class=\"_ _4\"> </span>un  s<span class=\"_ _2\"></span>istema <span class=\"_ _22\"> </span>di <span class=\"_ _4\"> </span>monitoraggio <span class=\"_ _4\"> </span>continuativo  del <span class=\"_ _4\"> </span>profilo <span class=\"_ _22\"> </span>di <span class=\"_ _4\"> </span>rischio <span class=\"_ _22\"> </span>at<span class=\"_ _2\"></span>tuale  e<span class=\"_ _df\"> </span></span>prospettico e dei relativi indicatori di rischio identifi<span class=\"_ _1\"></span>cati.<span class=\"_ _df\"> </span>Credemassicurazioni  nell\u2019ambito  del  proprio  sistem<span class=\"ff4\">a  di  gestione  dei  rischi,  ha  strutturato  ed<span class=\"_ _df\"> </span></span>implementato  un <span class=\"_ _4\"> </span>autonomo  processo <span class=\"_ _22\"> </span>di <span class=\"_ _22\"> </span>valutazione <span class=\"_ _22\"> </span>d<span class=\"_ _2\"></span>ella  propria <span class=\"_ _22\"> </span>adeguatezza <span class=\"_ _4\"> </span>patrimoniale,<span class=\"_ _df\"> </span>attuale <span class=\"_ _9\"> </span>e <span class=\"_ _16\"> </span>prospettica, <span class=\"_ _9\"> </span>in <span class=\"_ _16\"> </span>relazione <span class=\"_ _9\"> </span>ai <span class=\"_ _16\"> </span>rischi <span class=\"_ _9\"> </span>rilevanti <span class=\"_ _9\"> </span>verso  i <span class=\"_ _9\"> </span>quali <span class=\"_ _9\"> </span>la <span class=\"_ _16\"> </span>Compagnia <span class=\"_ _9\"> </span>risulta <span class=\"_ _16\"> </span>esposta<span class=\"_ _df\"> </span>(processo ORSA <span class=\"ff5\">\u2013</span> Own Risk and Solvency Assessment). Tale processo ha le seguenti fasi: -<span class=\"_ _1d\"> </span><span class=\"ff4\">Valutazione prospettica del Solvency II Ratio;<span class=\"_ _df\"> </span></span>-<span class=\"_ _1d\"> </span><span class=\"ff4\">Stress <span class=\"_ _2\"></span>Test;<span class=\"_ _df\"> </span></span>-<span class=\"_ _1d\"> </span><span class=\"ff4\">Piano di Liquidit\u00e0 prospettico;<span class=\"_ _df\"> </span></span>-<span class=\"_ _1d\"> </span><span class=\"ff4\">Adeguatezza della Formula Standard rispetto il profilo di rischio del<span class=\"_ _1\"></span>la Compagnia;<span class=\"_ _df\"> </span></span>-<span class=\"_ _1d\"> </span><span class=\"ff4\">Back Testing;<span class=\"_ _df\"> </span></span>-<span class=\"_ _1d\"> </span><span class=\"ff4\">Predisposizione ORSA Report e invio.<span class=\"_ _df\"> </span></span>Tra  essi  sono <span class=\"_ _16\"> </span>incluse  i<span class=\"_ _1\"></span>noltre  le  valutazioni<span class=\"_ _1\"></span>  dei  rischi <span class=\"_ _16\"> </span>ESG  (con <span class=\"_ _16\"> </span>un  focus  p<span class=\"_ _1\"></span>articolare  sui <span class=\"_ _16\"> </span>rischi<span class=\"_ _df\"> </span>climatici).<span class=\"_ _df\"> </span>Parte integrante del processo ORSA sono anche i seg<span class=\"_ _1\"></span>uenti processi:<span class=\"_ _df\"> </span>-<span class=\"_ _1d\"> </span><span class=\"ff4\">Definizione del piano preliminare e del budget aziendale;<span class=\"_ _df\"> </span></span>-<span class=\"_ _1d\"> </span><span class=\"ff4\">Definizione del Risk Appetite;<span class=\"_ _df\"> </span></span>-<span class=\"_ _1d\"> </span><span class=\"ff4\">Individuazione e valutazione dei rischi e Continuous Monitoring.<span class=\"_ _df\"> </span></span>Nell\u2019ambito <span class=\"_ _0\"></span>dell\u2019attivit\u00e0 <span class=\"_ _9\"> </span>di <span class=\"_ _0\"></span>in<span class=\"_ _2\"></span>dirizzo <span class=\"_ _0\"></span>strat<span class=\"_ _2\"></span>egico <span class=\"_ _0\"></span>della <span class=\"_ _0\"></span>Compagnia<span class=\"_ _2\"></span>, <span class=\"_ _0\"></span>il <span class=\"_ _9\"> </span>Consiglio <span class=\"_ _0\"></span>di <span class=\"_ _9\"> </span>Amministr<span class=\"_ _2\"></span>azione<span class=\"_ _df\"> </span>individua  e <span class=\"_ _22\"> </span>approva <span class=\"_ _4\"> </span>il  corretto  dimensionamento <span class=\"_ _22\"> </span>della <span class=\"_ _22\"> </span>dotazione <span class=\"_ _22\"> </span>complessiva <span class=\"_ _22\"> </span>di <span class=\"_ _4\"> </span>capitale.<span class=\"_ _1\"></span>  La<span class=\"_ _df\"> </span>formulazione  di <span class=\"_ _16\"> </span>preliminari  linee  g<span class=\"_ _1\"></span>uida  strategiche  da <span class=\"_ _16\"> </span>parte  de<span class=\"_ _1\"></span>l  Consiglio  di<span class=\"_ _1\"></span>  Amministrazione<span class=\"_ _df\"> </span>indirizza la calib<span class=\"_ _1\"></span>razione degli obiettivi di rischio e<span class=\"_ _1\"></span> lo svilupp<span class=\"_ _1\"></span>o del piano strategico. Tali attivit\u00e0 sono<span class=\"_ _df\"> </span>significativamente <span class=\"_ _17\"> </span>connesse <span class=\"_ _14\"> </span>e <span class=\"_ _17\"> </span>vengono <span class=\"_ _14\"> </span>entrambe <span class=\"_ _17\"> </span>s<span class=\"_ _2\"></span>vilupp<span class=\"_ _1\"></span>ate <span class=\"_ _14\"> </span>considerando <span class=\"_ _17\"> </span>la <span class=\"_ _14\"> </span>situazione <span class=\"_ _14\"> </span>di<span class=\"_ _df\"> </span>partenza della Compagnia, la visione prospettica del contesto esterno e il profilo di<span class=\"_ _1\"></span> rischio. Nel <span class=\"_ _2\"></span>continuo, <span class=\"_ _2\"></span>la <span class=\"_ _d\"></span>Funzione <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>Risk <span class=\"_ _2\"></span>Management <span class=\"_ _d\"></span>supporta <span class=\"_ _2\"></span>gli <span class=\"_ _2\"></span>organi <span class=\"_ _2\"></span>aziendali <span class=\"_ _2\"></span>nelle<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>scelte <span class=\"_ _d\"></span>derivanti<span class=\"_ _df\"> </span>dall\u2019attuazione <span class=\"_ _1a\"> </span>del <span class=\"_ _c\"> </span>piano <span class=\"_ _1a\"> </span>ag<span class=\"_ _2\"></span>evolando <span class=\"_ _1a\"> </span>la <span class=\"_ _c\"> </span>comprensione <span class=\"_ _1a\"> </span>e <span class=\"_ _c\"> </span>la <span class=\"_ _c\"> </span>consape<span class=\"_ _1\"></span>volezza <span class=\"_ _c\"> </span>de<span class=\"_ _1\"></span>i <span class=\"_ _1a\"> </span>r<span class=\"_ _2\"></span>ischi<span class=\"_ _df\"> </span>assunti/assumibili e il presidi<span class=\"_ _1\"></span>o degli stessi.  <div class=\"t m0 h5 ff4 fs1 fc4 sc3 ls0 ws0 gs1b22\">Identi<span class=\"_ _1\"></span>ficazio<span class=\"_ _f\"></span>ne e cla<span class=\"_ _f\"></span>ssificazio<span class=\"_ _1\"></span>ne <span class=\"_ _1\"></span>dei ri<span class=\"_ _1\"></span>schi <span class=\"ff5\">\u2013</span> <span class=\"_ _f\"></span>mappa <span class=\"_ _1\"></span>dei r<span class=\"_ _1\"></span>ischi </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1b23\">La <span class=\"_ _2\"></span>regolamentazione <span class=\"_ _2\"></span>di <span class=\"_ _d\"></span>settore, <span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>ecante <span class=\"_ _2\"></span>disposizioni <span class=\"_ _2\"></span>in <span class=\"_ _d\"></span>materia <span class=\"_ _d\"></span>di <span class=\"_ _2\"></span>sistema <span class=\"_ _2\"></span>di <span class=\"_ _d\"></span>gestione <span class=\"_ _2\"></span>dei <span class=\"_ _2\"></span>rischi<span class=\"_ _2\"></span>, </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1b24\">richiede <span class=\"_ _14\"> </span>alle <span class=\"_ _15\"> </span>imprese <span class=\"_ _15\"> </span>di <span class=\"_ _15\"> </span>effettuare <span class=\"_ _15\"> </span>una <span class=\"_ _15\"> </span>catalogazione <span class=\"_ _15\"> </span>dei <span class=\"_ _14\"> </span>ri<span class=\"_ _2\"></span>schi <span class=\"_ _14\"> </span>a <span class=\"_ _15\"> </span>cui <span class=\"_ _15\"> </span>esse <span class=\"_ _15\"> </span>sono <span class=\"_ _15\"> </span>esposte </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1b25\">indipendentemente <span class=\"_ _4\"> </span>dalla <span class=\"_ _4\"> </span>circostanza <span class=\"_ _4\"> </span>che <span class=\"_ _4\"> </span>siano <span class=\"_ _4\"> </span>quantificabili, <span class=\"_ _4\"> </span>in <span class=\"_ _4\"> </span>funzione <span class=\"_ _4\"> </span>del<span class=\"_ _1\"></span>la <span class=\"_ _4\"> </span>natura, <span class=\"_ _4\"> </span>della </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1b26\">portata <span class=\"_ _2\"></span>e <span class=\"_ _d\"></span>com<span class=\"ff5\">plessit\u00e0 <span class=\"_ _2\"></span>inerenti <span class=\"_ _2\"></span>all\u2019attivit\u00e0 <span class=\"_ _d\"></span>svolta, <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>ttica <span class=\"_ _2\"></span>attuale <span class=\"_ _2\"></span>e <span class=\"_ _d\"></span>prospettica, <span class=\"_ _2\"></span>nonch\u00e9 <span class=\"_ _2\"></span>gli <span class=\"_ _d\"></span>effetti </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1b27\">indiretti <span class=\"_ _2\"></span>connessi <span class=\"_ _2\"></span>ai <span class=\"_ _2\"></span>rischi <span class=\"_ _2\"></span>significativi<span class=\"_ _1\"></span>. <span class=\"_ _2\"></span>Tale <span class=\"_ _2\"></span>catalogazione <span class=\"_ _2\"></span>costituisce <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>linguaggio <span class=\"_ _2\"></span>comune p<span class=\"_ _2\"></span>er <span class=\"_ _2\"></span>lo </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1b28\">svolgimento di<span class=\"_ _1\"></span> tutte le attivit\u00e0 conn<span class=\"_ _1\"></span>esse con il<span class=\"_ _1\"></span> sistema di gestione dei <span class=\"_ _1\"></span>rischi aziendali. I<span class=\"_ _1\"></span> rischi della </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1b29\">Compagnia sono classificati nelle seguenti princip<span class=\"_ _1\"></span>ali classi:<span class=\"_ _2\"></span> </div><div class=\"t m0 h5 ff18 fs1 fc1 sc0 ls0 ws0 gs1b2a\">-<span class=\"ff10\"> <span class=\"_ _1c\"> </span><span class=\"ff4\">Rischi sottoscrizione (o tecnici assicurativi<span class=\"_ _1\"></span>);<span class=\"_ _2\"></span> </span></span></div><div class=\"t m0 h5 ff18 fs1 fc1 sc0 ls0 ws0 gs1b2b\">-<span class=\"ff10\"> <span class=\"_ _1c\"> </span><span class=\"ff4\">Rischi assunzione e<span class=\"_ _1\"></span> tariffazione;<span class=\"_ _2\"></span> </span></span></div><div class=\"t m0 h5 ff18 fs1 fc1 sc0 ls0 ws0 gs1b2c\">-<span class=\"ff10\"> <span class=\"_ _1c\"> </span><span class=\"ff4\">Rischio riservazione; </span></span></div><div class=\"t m0 h5 ff18 fs1 fc1 sc0 ls0 ws0 gs1b2d\">-<span class=\"ff10\"> <span class=\"_ _1c\"> </span><span class=\"ff4\">Rischi di mercato: </span></span></div><div class=\"t m0 h5 ff18 fs1 fc1 sc0 ls0 ws0 gs1b2e\">-<span class=\"ff10\"> <span class=\"_ _1c\"> </span><span class=\"ff4\">Rischi Mercato; </span></span></div><div class=\"t m0 h5 ff18 fs1 fc1 sc0 ls0 ws0 gs1b2f\">-<span class=\"ff10\"> <span class=\"_ _1c\"> </span><span class=\"ff4\">Rischio ALM; </span></span></div><div class=\"t m0 h5 ff18 fs1 fc1 sc0 ls0 ws0 gs1b30\">-<span class=\"ff10\"> <span class=\"_ _1c\"> </span><span class=\"ff4\">Rischio Liquidit\u00e0. </span></span></div><div class=\"t m0 h5 ff18 fs1 fc1 sc0 ls0 ws0 gs1b31\">-<span class=\"ff10\"> <span class=\"_ _1c\"> </span><span class=\"ff4\">Rischi di credito e counterparty; </span></span></div><div class=\"t m0 h5 ff18 fs1 fc1 sc0 ls0 ws0 gs1b32\">-<span class=\"ff10\"> <span class=\"_ _1c\"> </span><span class=\"ff4\">Investimenti; </span></span></div><div class=\"t m0 h5 ff18 fs1 fc1 sc0 ls0 ws0 gs1b33\">-<span class=\"ff10\"> <span class=\"_ _1c\"> </span><span class=\"ff4\">Riassicurazione; </span></span></div><div class=\"t m0 h5 ff18 fs1 fc1 sc0 ls0 ws0 gs1b34\">-<span class=\"ff10\"> <span class=\"_ _1c\"> </span><span class=\"ff4\">Intermediari e controparti. </span></span></div><div class=\"t m0 h5 ff18 fs1 fc1 sc0 ls0 ws0 gs1b35\">-<span class=\"ff10\"> <span class=\"_ _1c\"> </span><span class=\"ff4\">Rischi operativi: </span></span></div><div class=\"t m0 h5 ff18 fs1 fc1 sc0 ls0 ws0 gs1b36\">-<span class=\"ff10\"> <span class=\"_ _1c\"> </span><span class=\"ff4\">Rischi Operativi; </span></span></div><div class=\"t m0 h5 ff13 fs1 fc1 sc0 ls0 ws0 gs1b37\">-<span class=\"ff10\"> <span class=\"_ _35\"> </span><span class=\"ff4\">Rischio ICT e Sicurezza; <span class=\"_ _2\"></span> </span></span></div><div class=\"t m0 h5 ff13 fs1 fc1 sc0 ls0 ws0 gs1b38\">-<span class=\"ff10\"> <span class=\"_ _35\"> </span><span class=\"ff4\">Rischi di non conformit\u00e0 alle norme;<span class=\"_ _2\"></span> </span></span></div><div class=\"t m0 h5 ff13 fs1 fc1 sc0 ls0 ws0 gs1b39\">-<span class=\"ff10\"> <span class=\"_ _35\"> </span><span class=\"ff4\">Model Risk;<span class=\"_ _2\"></span> </span></span></div><div class=\"t m0 h5 ff13 fs1 fc1 sc0 ls0 ws0 gs1b3a\">-<span class=\"ff10\"> <span class=\"_ _35\"> </span><span class=\"ff4\">Cont<span class=\"_ _2\"></span>inuit\u00e0 Ope<span class=\"_ _1\"></span>rativa; </span></span></div><div class=\"t m0 h5 ff13 fs1 fc1 sc0 ls0 ws0 gs1b3b\">-<span class=\"ff10\"> <span class=\"_ _35\"> </span><span class=\"ff4\">Regulator<span class=\"_ _2\"></span>y Operational Risk. </span></span></div><div class=\"t m0 h5 ff18 fs1 fc1 sc0 ls0 ws0 gs1b3c\">-<span class=\"ff10\"> <span class=\"_ _1c\"> </span><span class=\"ff4\">Rischi indiretti o di secondo live<span class=\"_ _1\"></span>llo; </span></span></div><div class=\"t m0 h5 ff12 fs1 fc1 sc0 ls0 ws0 gs1b3d\">o<span class=\"ff10\"> <span class=\"_ _2f\"> </span><span class=\"ff5\">Rischio legato all\u2019appartenenz<span class=\"_ _1\"></span>a al gruppo;<span class=\"_ _2\"></span><span class=\"ff4\"> </span></span></span></div><div class=\"t m0 h5 ff12 fs1 fc1 sc0 ls0 ws0 gs1b3e\">o<span class=\"ff10\"> <span class=\"_ _2f\"> </span><span class=\"ff4\">Rischio reputazionale; </span></span></div><div class=\"t m0 h5 ff12 fs1 fc1 sc0 ls0 ws0 gs1b3f\">o<span class=\"ff10\"> <span class=\"_ _2f\"> </span><span class=\"ff4\">Rischi di cond<span class=\"_ _1\"></span>otta; </span></span></div><div class=\"t m0 h5 ff12 fs1 fc1 sc0 ls0 ws0 gs1b40\">o<span class=\"ff10\"> <span class=\"_ _2f\"> </span><span class=\"ff4\">Rischi ESG; </span></span></div><div class=\"t m0 h5 ff18 fs1 fc1 sc0 ls0 ws0 gs1b41\">-<span class=\"ff10\"> <span class=\"_ _1c\"> </span><span class=\"ff4\">Rischi strategici; </span></span></div><div class=\"t m0 h5 ff18 fs1 fc1 sc0 ls0 ws0 gs1b42\">-<span class=\"ff10\"> <span class=\"_ _1c\"> </span><span class=\"ff4\">Rischi emergenti. </span></span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1b43\">Il  processo  di  identificazione  d<span class=\"_ _2\"></span>ei  rischi  cui  la  Compagnia  \u00e8 <span class=\"_ _4\"> </span>esposta <span class=\"_ _22\"> </span>costituisce  un  element<span class=\"_ _2\"></span>o </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1b44\">fondamentale <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>la <span class=\"_ _d\"></span>corretta <span class=\"_ _2\"></span>implementazione <span class=\"_ _2\"></span>e <span class=\"_ _d\"></span>valutazione <span class=\"_ _2\"></span>del <span class=\"_ _d\"></span>pi\u00f9 <span class=\"_ _2\"></span>ampio <span class=\"_ _2\"></span>processo <span class=\"_ _d\"></span>di <span class=\"_ _2\"></span>gestione </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1b45\">dei <span class=\"_ _4\"> </span>rischi. <span class=\"_ _4\"> </span> <span class=\"_ _4\"> </span>Credemassicurazioni, <span class=\"_ _4\"> </span>in <span class=\"_ _4\"> </span>linea <span class=\"_ _4\"> </span>con <span class=\"_ _17\"> </span>la <span class=\"_ _4\"> </span>Normativa <span class=\"_ _4\"> </span>Regolamentare, <span class=\"_ _4\"> </span>ha <span class=\"_ _4\"> </span>previsto <span class=\"_ _4\"> </span>una </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1b46\">procedura di<span class=\"_ _1\"></span> censimento dei <span class=\"_ _f\"></span>r<span class=\"_ _2\"></span>ischi, d<span class=\"_ _1\"></span>a intendersi come strumento metod<span class=\"_ _1\"></span>ologico di <span class=\"_ _1\"></span>supporto nello<span class=\"_ _1\"></span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1b47\">svolgimento <span class=\"_ _2\"></span>delle at<span class=\"_ _2\"></span>tivit\u00e0 <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>individuazione<span class=\"_ _f\"></span> <span class=\"_ _d\"></span>e <span class=\"_ _2\"></span>valutazione <span class=\"_ _2\"></span>dei <span class=\"_ _2\"></span>rischi <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>permetta <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>raccogliere <span class=\"_ _2\"></span>in </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1b48\">via continuativa informazioni sui<span class=\"_ _2\"></span> rischi, interni <span class=\"_ _2\"></span>ed esterni, esistenti e <span class=\"_ _2\"></span>prospettici a cui \u00e8 <span class=\"_ _2\"></span>espo<span class=\"_ _2\"></span>sta, e </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1b49\">che possono interessa<span class=\"_ _1\"></span>re tutti i<span class=\"_ _f\"></span> processi operativi e <span class=\"_ _1\"></span>le aree <span class=\"_ _1\"></span>aziendali. <span class=\"_ _1\"></span>Per sua natura <span class=\"_ _f\"></span>tale procedura </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1b4a\">\u00e8 <span class=\"_ _d\"></span>continua <span class=\"_ _0\"></span>in <span class=\"_ _d\"></span>evoluzione <span class=\"_ _d\"></span>in <span class=\"_ _0\"></span>base <span class=\"_ _d\"></span>al <span class=\"_ _0\"></span>progressivo <span class=\"_ _d\"></span>affinamento <span class=\"_ _0\"></span>del <span class=\"_ _d\"></span>sistema <span class=\"_ _d\"></span>di <span class=\"_ _0\"></span>gestione <span class=\"_ _d\"></span>dei <span class=\"_ _d\"></span>rischi <span class=\"_ _0\"></span>e </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs1b4b\">all\u2019evoluzione del quadro normativo di riferimento<span class=\"ff4\">. </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1b4c\">La procedura di censimento dei rischi di<span class=\"_ _1\"></span> Credemassicurazioni si articola in quattro fasi:<span class=\"_ _2\"></span> </div><div class=\"t m0 h5 ff18 fs1 fc1 sc0 ls0 ws0 gs1b4d\">-<span class=\"ff10\"> <span class=\"_ _1c\"> </span><span class=\"ff4\">analisi del<span class=\"_ _1\"></span> piano st<span class=\"_ _2\"></span>rategico azie<span class=\"_ _1\"></span>ndale e individuazione dei fattori di rischio emergenti; </span></span></div><div class=\"t m0 h5 ff18 fs1 fc1 sc0 ls0 ws0 gs1b4e\">-<span class=\"ff10\"> <span class=\"_ _1c\"> </span><span class=\"ff4\">individuazione dei<span class=\"_ _1\"></span> fattori di rischio esterni; </span></span></div><div class=\"t m0 h5 ff18 fs1 fc1 sc0 ls0 ws0 gs1b4f\">-<span class=\"ff10\"> <span class=\"_ _1c\"> </span><span class=\"ff4\">individuazione <span class=\"_ _0\"></span>dei <span class=\"_ _0\"></span>fattori <span class=\"_ _0\"> </span>di <span class=\"_ _9\"> </span>rischio <span class=\"_ _0\"></span>operativi <span class=\"_ _0\"></span>(ivi <span class=\"_ _0\"></span>inclusi <span class=\"_ _0\"></span>quelli <span class=\"_ _0\"></span>informatici <span class=\"_ _9\"> </span>e <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>cyber <span class=\"_ _0\"></span>risk), <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>non </span></span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1b50\">conformit\u00e0 alle norme e di secondo liv<span class=\"_ _1\"></span>ello;<span class=\"_ _2\"></span> </div><div class=\"t m0 h5 ff18 fs1 fc1 sc0 ls0 ws0 gs1b51\">-<span class=\"ff10\"> <span class=\"_ _1c\"> </span><span class=\"ff4\">individuazione dei<span class=\"_ _1\"></span> fattori di rischio strategico. </span></span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs1b52\">Le <span class=\"_ _d\"></span>mo<span class=\"_ _2\"></span>dalit\u00e0 <span class=\"_ _d\"></span>adottate <span class=\"_ _0\"></span>per <span class=\"_ _0\"></span>l\u2019identificazione <span class=\"_ _d\"></span>dei <span class=\"_ _0\"></span>rischi <span class=\"_ _0\"></span>si <span class=\"_ _0\"></span>basano <span class=\"_ _d\"></span>sostanzialmente <span class=\"_ _0\"></span>su<span class=\"_ _2\"></span><span class=\"ff4\"> <span class=\"_ _0\"></span>uno <span class=\"_ _d\"></span>o <span class=\"_ _0\"></span>pi\u00f9 <span class=\"_ _0\"></span>dei </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1b53\">seguenti approcci: </div><div class=\"t m0 h5 ff18 fs1 fc1 sc0 ls0 ws0 gs1b54\">-<span class=\"ff10\"> <span class=\"_ _1c\"> </span><span class=\"ff4\">Risk Assessment specifici (<span class=\"_ _1\"></span>per famiglie di rischio);<span class=\"_ _2\"></span> </span></span></div><div class=\"t m0 h5 ff18 fs1 fc1 sc0 ls0 ws0 gs1b55\">-<span class=\"ff10\"> <span class=\"_ _1c\"> </span><span class=\"ff4\">Valutazioni delle differenze tra ogni assunzione<span class=\"_ _1\"></span> di rischio e il risultato attuale;<span class=\"_ _2\"></span> </span></span></div><div class=\"t m0 h5 ff18 fs1 fc1 sc0 ls0 ws0 gs1b56\">-<span class=\"ff10\"> <span class=\"_ _1c\"> </span><span class=\"ff4\">Eventi perdita o errori accaduti; </span></span></div><div class=\"t m0 h5 ff18 fs1 fc1 sc0 ls0 ws0 gs1b57\">-<span class=\"ff10\"> <span class=\"_ _1c\"> </span><span class=\"ff4\">Revisione dei processi, de<span class=\"_ _1\"></span>lla matrice dei rischi no<span class=\"_ _2\"></span>rmativa o risk assessment normativi; </span></span></div><div class=\"t m0 h5 ff18 fs1 fc1 sc0 ls0 ws0 gs1b58\">-<span class=\"ff10\"> <span class=\"_ _1c\"> </span><span class=\"ff4\">Brainstorming con il management e i risk owner;</span></span><span class=\"ff10\"><span class=\"ff4\"> </span></span></div>-<span class=\"_ _28\"> </span><span class=\"ff4\">Valutazioni di Internal/External Audit<span class=\"_ _df\"> </span></span>-<span class=\"_ _28\"> </span><span class=\"ff4\">Comunicazioni e confronti con i regulator;<span class=\"_ _df\"> </span></span>-<span class=\"_ _28\"> </span><span class=\"ff4\">Altri eventi esterni;<span class=\"_ _df\"> </span></span>-<span class=\"_ _28\"> </span><span class=\"ff4\">Reporting trasmesso dalle arre funzionali della Compagnia.<span class=\"_ _df\"> </span></span>Una  volta  che  i  rischi  sono  stati  identificati  essi  vanno  a <span class=\"_ _22\"> </span>costituire  la <span class=\"_ _22\"> </span>Mappa  dei  rischi  della<span class=\"_ _df\"> </span>Compagnia.<span class=\"_ _df\"> </span>Valu<span class=\"_ _1\"></span>tazio<span class=\"_ _1\"></span>ne dei<span class=\"_ _1\"></span> Risc<span class=\"_ _f\"></span>hi<span class=\"_ _df\"> </span>Il processo d<span class=\"_ _1\"></span>i valutazione d<span class=\"_ _1\"></span>ei rischi \u00e8 reali<span class=\"_ _f\"></span>z<span class=\"_ _2\"></span>zato sia con logi<span class=\"_ _1\"></span>che attuali sia con <span class=\"_ _1\"></span>logiche p<span class=\"_ _1\"></span>rospettiche<span class=\"_ _df\"> </span>ed <span class=\"_ _15\"> </span>integra <span class=\"_ _e\"> </span>metodologie <span class=\"_ _15\"> </span>ed <span class=\"_ _e\"> </span>a<span class=\"_ _2\"></span>pprocci <span class=\"_ _15\"> </span>di <span class=\"_ _e\"> </span>carattere <span class=\"_ _e\"> </span>quantitativo <span class=\"_ _e\"> </span>(sia <span class=\"_ _e\"> </span>regolamentare <span class=\"_ _15\"> </span>sia <span class=\"_ _e\"> </span>non<span class=\"_ _df\"> </span>regolamentare) e qualitativo.<span class=\"_ _df\"> </span>La <span class=\"_ _0\"></span>valutazione <span class=\"_ _9\"> </span>dei <span class=\"_ _9\"> </span>rischi <span class=\"_ _9\"> </span>\u00e8 <span class=\"_ _9\"> </span>effettuata <span class=\"_ _9\"> </span>su <span class=\"_ _9\"> </span>base <span class=\"_ _9\"> </span>individuale, <span class=\"_ _0\"></span>a <span class=\"_ _9\"> </span>livello <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>singolo <span class=\"_ _9\"> </span>rischio, <span class=\"_ _9\"> </span>e <span class=\"_ _9\"> </span>su <span class=\"_ _0\"></span>base<span class=\"_ _df\"> </span>aggregata, pe<span class=\"_ _1\"></span>r tener conto delle interrelazioni <span class=\"_ _1\"></span>fra le fonti di <span class=\"_ _1\"></span>r<span class=\"_ _2\"></span>ischio. Veng<span class=\"_ _1\"></span>ono inoltre considerati gli<span class=\"_ _df\"> </span>effetti indiretti connessi ai rischi pi\u00f9 signi<span class=\"_ _1\"></span>ficativi.<span class=\"_ _df\"> </span>La <span class=\"_ _2\"></span>frequenza <span class=\"_ _2\"></span>della <span class=\"_ _2\"></span>valutazione <span class=\"_ _d\"></span>dei <span class=\"_ _2\"></span>rischi <span class=\"_ _2\"></span>dipende <span class=\"_ _d\"></span>dalla <span class=\"_ _2\"></span>tipologia <span class=\"_ _2\"></span>dei <span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>ischi, <span class=\"_ _2\"></span>dagli <span class=\"_ _2\"></span>strumenti <span class=\"_ _2\"></span>e <span class=\"_ _d\"></span>dalle<span class=\"_ _df\"> </span>metodologie di <span class=\"_ _2\"></span>valutazione <span class=\"_ _2\"></span>utilizzate <span class=\"_ _2\"></span>ed \u00e8 <span class=\"_ _2\"></span>stabilita <span class=\"_ _2\"></span>in co<span class=\"_ _2\"></span>erenza <span class=\"_ _2\"></span>con <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>frequenza e <span class=\"_ _2\"></span>le <span class=\"_ _2\"></span>esigenze <span class=\"_ _2\"></span>dei<span class=\"_ _df\"> </span>processi <span class=\"_ _d\"></span>strategici<span class=\"_ _1\"></span> <span class=\"_ _d\"></span>e <span class=\"_ _2\"></span>decisionali <span class=\"_ _d\"></span>della <span class=\"_ _d\"></span>Compagnia. <span class=\"_ _2\"></span>La <span class=\"_ _d\"></span>frequenza <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>valutazione <span class=\"_ _2\"></span>dei <span class=\"_ _d\"></span>rischi <span class=\"_ _2\"></span>in <span class=\"_ _d\"></span>ott<span class=\"_ _2\"></span>ica<span class=\"_ _df\"> </span>prospettica \u00e8 coerente con il processo annuale<span class=\"_ _1\"></span> di pianificazione strategica. Accanto <span class=\"_ _9\"> </span>alla <span class=\"_ _9\"> </span>gestione <span class=\"_ _9\"> </span>ordinaria <span class=\"_ _16\"> </span>del <span class=\"_ _9\"> </span>pro<span class=\"_ _2\"></span>cesso <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>valutazione <span class=\"_ _9\"> </span>dei <span class=\"_ _9\"> </span>r<span class=\"_ _2\"></span>ischi, <span class=\"_ _0\"></span>\u00e8  p<span class=\"_ _f\"></span>r<span class=\"_ _2\"></span>evista <span class=\"_ _9\"> </span>una <span class=\"_ _9\"> </span>gestione<span class=\"_ _df\"> </span>all\u2019occorrenza, <span class=\"_ _f\"></span>in <span class=\"_ _1\"></span>ragione d<span class=\"_ _1\"></span>i <span class=\"_ _f\"></span>e<span class=\"_ _2\"></span>venti <span class=\"_ _f\"></span>che <span class=\"_ _1\"></span>possano d<span class=\"_ _1\"></span>eterminare <span class=\"_ _f\"></span>una variazi<span class=\"_ _1\"></span>one <span class=\"_ _f\"></span>s<span class=\"_ _2\"></span>ignificativa <span class=\"_ _f\"></span>del <span class=\"_ _f\"></span>profil<span class=\"_ _2\"></span>o<span class=\"_ _df\"> </span>di rischio. In particolare, sono stati identificati i seguenti p<span class=\"_ _1\"></span>rincipali eventi: -<span class=\"_ _28\"> </span><span class=\"ff5\">l\u2019aggiornam<span class=\"ff4\">ento del piano strategico;<span class=\"_ _df\"> </span></span></span>-<span class=\"_ _28\"> </span><span class=\"ff5\">un\u2019acquisizione o un disinvestimento che modifichi sensibilmente il business, il profilo di rischio o<span class=\"_ _df\"> </span></span>la posizione di solvibili<span class=\"_ _1\"></span>t\u00e0;<span class=\"_ _df\"> </span>-<span class=\"_ _28\"> </span><span class=\"ff4\">una v<span class=\"_ _1\"></span>ariazione <span class=\"_ _f\"></span>significativa ne<span class=\"_ _f\"></span>i mercati <span class=\"_ _f\"></span>finanziari <span class=\"_ _f\"></span>che de<span class=\"_ _1\"></span>termini <span class=\"_ _f\"></span>un notevole<span class=\"_ _1\"></span> <span class=\"_ _f\"></span>impatt<span class=\"_ _2\"></span>o <span class=\"_ _f\"></span>sul po<span class=\"_ _f\"></span>r<span class=\"_ _2\"></span>tafoglio<span class=\"_ _df\"> </span></span>attivi della compagnia;<span class=\"_ _df\"> </span>-<span class=\"_ _28\"> </span><span class=\"ff4\">una variazione significativa nelle passivit\u00e0 della Compagnia;<span class=\"_ _df\"> </span></span>-<span class=\"_ _28\"> </span><span class=\"ff4\">una riduzione della posizione di solvibilit\u00e0 al di sotto di valori critici<span class=\"_ _f\"></span>;<span class=\"_ _df\"> </span></span>-<span class=\"_ _28\"> </span><span class=\"ff4\">un cambiamento significativo del quadro regolamentare;<span class=\"_ _df\"> </span></span>-<span class=\"_ _28\"> </span><span class=\"ff4\">un cambiamento significativo del <span class=\"ff5\">profilo di rischio e l\u2019insorgere di nuovi rischi;<span class=\"_ _df\"> </span></span></span>-<span class=\"_ _28\"> </span><span class=\"ff4\">un cambiamento significativo dei processi, sistemi e procedure aziendali.<span class=\"_ _df\"> </span></span>Strum<span class=\"_ _f\"></span>enti e Met<span class=\"_ _1\"></span>odol<span class=\"_ _1\"></span>ogie<span class=\"_ _1\"></span> di M<span class=\"_ _1\"></span>isur<span class=\"_ _f\"></span>azione<span class=\"_ _df\"> </span>La <span class=\"_ _0\"></span>Compagnia <span class=\"_ _d\"></span>ha <span class=\"_ _9\"> </span>definito <span class=\"_ _0\"></span>ai <span class=\"_ _0\"></span>sensi <span class=\"_ _0\"></span>della <span class=\"_ _0\"></span>normativa <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=\"_ _2\"></span> <span class=\"_ _0\"></span><span class=\"ls2d\">e<span class=\"_ _df\"> </span></span>analisi <span class=\"_ _9\"> </span>dei <span class=\"_ _9\"> </span>r<span class=\"_ _2\"></span>ischi <span class=\"_ _9\"> </span>basato <span class=\"_ _9\"> </span>sostanzialmente <span class=\"_ _9\"> </span>s<span class=\"_ _2\"></span>ugli<span class=\"_ _1\"></span> <span class=\"_ _16\"> </span>strumenti <span class=\"_ _9\"> </span>e <span class=\"_ _16\"> </span>metodologie<span class=\"_ _1\"></span> <span class=\"_ _9\"> </span>s<span class=\"_ _2\"></span>vilu<span class=\"_ _1\"></span>ppate <span class=\"_ _16\"> </span>nell<span class=\"_ _1\"></span>\u2019ambito<span class=\"_ _df\"> </span>della  p<span class=\"_ _1\"></span>rocedura  di  profilazione <span class=\"_ _16\"> </span>dei  rischi <span class=\"_ _16\"> </span>ovvero  a <span class=\"_ _16\"> </span>indicatori  di<span class=\"_ _f\"></span>  r<span class=\"_ _2\"></span>ischio<span class=\"_ _1\"></span>  i  quali<span class=\"_ _1\"></span>  possono  e<span class=\"_ _1\"></span>ssere<span class=\"_ _df\"> </span>costruiti ai seguenti approcci metodologici:<span class=\"_ _df\"> </span>-<span class=\"_ _1d\"> </span><span class=\"ff4\">quantitativi regolamentari basati sui principi alla base delle gran<span class=\"_ _2\"></span>dezze regolamentari Solvency tra<span class=\"_ _df\"> </span></span>cui il Requisito di Capitale;<span class=\"_ _df\"> </span>-<span class=\"_ _1d\"> </span><span class=\"ff4\">quantitativi <span class=\"_ _9\"> </span>non <span class=\"_ _9\"> </span>regolamentari <span class=\"_ _9\"> </span>(o <span class=\"_ _9\"> </span>gestionali) <span class=\"_ _9\"> </span>basati <span class=\"_ _9\"> </span>su <span class=\"_ _9\"> </span>concetti <span class=\"_ _9\"> </span>come <span class=\"_ _9\"> </span>ad <span class=\"_ _9\"> </span>esempio <span class=\"_ _9\"> </span>esposizione,<span class=\"_ _df\"> </span></span>concentrazione, <span class=\"_ _f\"></span>volatilit\u00e0, <span class=\"_ _f\"></span>perdita <span class=\"_ _1\"></span>attesa <span class=\"_ _f\"></span>o <span class=\"_ _f\"></span>pot<span class=\"_ _2\"></span>enziale, <span class=\"_ _f\"></span>e/o <span class=\"_ _f\"></span>volti <span class=\"_ _f\"></span>a v<span class=\"_ _1\"></span>alutare <span class=\"_ _f\"></span>quei <span class=\"_ _f\"></span>rischi <span class=\"_ _f\"></span>non ricompresi<span class=\"_ _df\"> </span>nella formula standard e/o ad integrare la valutazione<span class=\"_ _1\"></span> degli stessi rischi regolamentari tra cui:<span class=\"_ _df\"> </span>-<span class=\"_ _1d\"> </span><span class=\"ff4\">Rischio Liquidit\u00e0;<span class=\"_ _df\"> </span></span>-<span class=\"_ _1d\"> </span><span class=\"ff4\">Rischio ALM;<span class=\"_ _df\"> </span></span>-<span class=\"_ _1d\"> </span><span class=\"ff4\">Rischi Operativi;<span class=\"_ _df\"> </span></span>-<span class=\"_ _1d\"> </span><span class=\"ff4\">Rischi ICT e di Sicurezza;<span class=\"_ _df\"> </span></span>-<span class=\"_ _1d\"> </span><span class=\"ff4\">Rischio di Condotta;<span class=\"_ _df\"> </span></span>-<span class=\"_ _1d\"> </span><span class=\"ff4 ls4\">Ris<span class=\"ls0\">chio di Appartenenza al Gruppo;<span class=\"_ _df\"> </span></span></span>-<span class=\"_ _1d\"> </span><span class=\"ff4\">Rischio ESG (rischio climatico);<span class=\"_ _df\"> </span></span>-<span class=\"_ _1d\"> </span><span class=\"ff4\">Rischio strategico,<span class=\"_ _df\"> </span></span>-<span class=\"_ _1d\"> </span><span class=\"ff4\">qualitativi <span class=\"_ _1\"></span>basati su <span class=\"_ _f\"></span>grandezze <span class=\"_ _f\"></span>n<span class=\"_ _2\"></span>on q<span class=\"_ _1\"></span>uantificabili <span class=\"_ _f\"></span>o difficilme<span class=\"_ _1\"></span>nte quantificabili, <span class=\"_ _f\"></span>la cui <span class=\"_ _f\"></span>valutazione d<span class=\"_ _1\"></span>el<span class=\"_ _df\"> </span></span>giudizio esperto \u00e8 prevalente, tra cui:<span class=\"_ _df\"> </span>-<span class=\"_ _1d\"> </span><span class=\"ff4\">Rischio Modello;<span class=\"_ _df\"> </span></span>-<span class=\"_ _1d\"> </span><span class=\"ff4\">Rischio Legale &amp; Non Conformit\u00e0;<span class=\"_ _df\"> </span></span>-<span class=\"_ _1d\"> </span><span class=\"ff4\">Rischi di Condotta;<span class=\"_ _df\"> </span></span>-<span class=\"_ _1d\"> </span><span class=\"ff4\">Rischio Reputazionale;<span class=\"_ _df\"> </span></span>-<span class=\"_ _1d\"> </span><span class=\"ff4\">Rischi Emergenti.<span class=\"_ _df\"> </span></span>Oltre <span class=\"_ _4\"> </span>alle <span class=\"_ _4\"> </span>metodologie <span class=\"_ _4\"> </span>alla <span class=\"_ _4\"> </span>ba<span class=\"_ _2\"></span>se <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>tali <span class=\"_ _4\"> </span>indicatori <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>r<span class=\"_ _2\"></span>ischio, <span class=\"_ _4\"> </span>la <span class=\"_ _4\"> </span>misurazione <span class=\"_ _4\"> </span>del <span class=\"_ _4\"> </span>rischio <span class=\"_ _4\"> </span>della<span class=\"_ _df\"> </span>Compagnia, sia att<span class=\"_ _2\"></span>uale che prospettica, si <span class=\"_ _2\"></span>basa sulle metodologie <span class=\"_ _2\"></span>regolamentari <span class=\"_ _2\"></span>per il calcolo <span class=\"_ _2\"></span>del<div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1b94\">Requisito <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>Cap<span class=\"_ _2\"></span>itale <span class=\"_ _2\"></span>(cfr. <span class=\"_ _2\"></span>SCR<span class=\"_ _2\"></span>): <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>meto<span class=\"_ _2\"></span>dologia <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>riferimento <span class=\"_ _d\"></span>\u00e8 <span class=\"_ _2\"></span>quella <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>ella <span class=\"_ _2\"></span>Formula <span class=\"_ _2\"></span>Standard. <span class=\"_ _0\"></span>Si<span class=\"_ _2\"></span> </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs1b95\">precisa <span class=\"_ _0\"></span>inoltra <span class=\"_ _9\"> </span>che <span class=\"_ _0\"></span>la <span class=\"_ _0\"></span>Compagnia <span class=\"_ _0\"></span>adotta <span class=\"_ _9\"> </span>l\u2019appli<span class=\"_ _1\"></span>cazione <span class=\"_ _0\"></span>del <span class=\"_ _0\"></span>Volat<span class=\"_ _2\"></span>ility <span class=\"_ _0\"></span>Adjustments: <span class=\"_ _0\"></span>le <span class=\"_ _0\"></span>valutazioni </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1b96\">attuali <span class=\"_ _d\"></span>e <span class=\"_ _2\"></span>prospettiche <span class=\"_ _d\"></span>dei <span class=\"_ _d\"></span>risc<span class=\"ff5\">hi <span class=\"_ _d\"></span>regolamentari <span class=\"_ _d\"></span>della <span class=\"_ _2\"></span>Compagnia <span class=\"_ _d\"></span>prevedono <span class=\"_ _d\"></span>l\u2019utilizzo <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>el <span class=\"_ _2\"></span>Volatility </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1b97\">Adjustment <span class=\"_ _f\"></span>come <span class=\"_ _f\"></span>Long <span class=\"_ _1\"></span>Term <span class=\"_ _f\"></span>Guarant<span class=\"_ _2\"></span>ee <span class=\"_ _f\"></span>measure. <span class=\"_ _f\"></span>Il <span class=\"_ _f\"></span>Volatility <span class=\"_ _f\"></span>Adjust<span class=\"_ _2\"></span>ment <span class=\"_ _f\"></span>viene <span class=\"_ _f\"></span>applicato <span class=\"_ _f\"></span>sul <span class=\"_ _f\"></span>to<span class=\"_ _2\"></span>tale </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1b98\">delle <span class=\"_ _d\"></span>passivit\u00e0 <span class=\"_ _0\"></span>detenute <span class=\"_ _0\"></span>dalla <span class=\"_ _d\"></span>C<span class=\"_ _2\"></span>ompagnia <span class=\"_ _d\"></span>vendute <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=\"_ _d\"></span>valuta <span class=\"_ _0\"></span>Euro<span class=\"_ _2\"></span>. <span class=\"_ _0\"></span>Non </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1b99\">viene <span class=\"_ _d\"></span>applicato <span class=\"_ _d\"></span>dalla <span class=\"_ _d\"></span>Compagnia <span class=\"_ _d\"></span>il <span class=\"_ _d\"></span>Matching <span class=\"_ _d\"></span>Adjustment. <span class=\"_ _d\"></span>Al <span class=\"_ _d\"></span>fin<span class=\"_ _2\"></span>e <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>una <span class=\"_ _d\"></span>maggiore <span class=\"_ _d\"></span>comprensione </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs1b9a\">degli <span class=\"_ _2\"></span>effett<span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>derivanti <span class=\"_ _d\"></span>dall\u2019applicazione <span class=\"_ _2\"></span>del <span class=\"_ _d\"></span>Volatility <span class=\"_ _d\"></span>Adjustment <span class=\"_ _2\"></span>sulle <span class=\"_ _d\"></span>riserve <span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>ecniche <span class=\"_ _2\"></span>e <span class=\"_ _d\"></span>sui <span class=\"_ _2\"></span>fon<span class=\"_ _2\"></span>di </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1b9b\">propri, l<span class=\"_ _1\"></span>a Co<span class=\"_ _1\"></span>mpagnia <span class=\"_ _1\"></span>effettua <span class=\"_ _1\"></span>inoltre anali<span class=\"_ _1\"></span>si di<span class=\"_ _f\"></span> sensitivity ogni<span class=\"_ _1\"></span> qu<span class=\"_ _1\"></span>alvolta l<span class=\"_ _1\"></span>o sco<span class=\"_ _f\"></span>s<span class=\"_ _2\"></span>tamento <span class=\"_ _f\"></span>tra la <span class=\"_ _f\"></span>curva </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1b9c\">risk free EIOPA e la curva risk free EI<span class=\"_ _1\"></span>OPA con volatility Adjustement risulti significativo.<span class=\"_ _2\"></span> </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs1b9d\">Tutte queste grandezze, oltr<span class=\"_ _2\"></span>e a costituire l\u2019impianto per il <span class=\"_ _2\"></span>monitoraggio nel continuo alla base del </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1b9e\">modello <span class=\"_ _15\"> </span>o<span class=\"_ _2\"></span>rganizzativo <span class=\"_ _15\"> </span>di <span class=\"_ _10\"> </span>gestione <span class=\"_ _e\"> </span>del <span class=\"_ _e\"> </span>rischio, <span class=\"_ _e\"> </span>rappresentano <span class=\"_ _e\"> </span>gli <span class=\"_ _e\"> </span>elementi <span class=\"_ _e\"> </span>alla <span class=\"_ _e\"> </span>base <span class=\"_ _10\"> </span>della </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1b9f\">metodologia  per <span class=\"_ _4\"> </span>la <span class=\"_ _4\"> </span>profilazione  del <span class=\"_ _4\"> </span>rischio <span class=\"_ _22\"> </span>della <span class=\"_ _4\"> </span>Compagnia. <span class=\"_ _4\"> </span>Tale  att<span class=\"_ _2\"></span>ivit\u00e0  ha <span class=\"_ _4\"> </span>come <span class=\"_ _22\"> </span>obiettivo </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs1ba0\">l\u2019individuazione e <span class=\"_ _2\"></span>valutazione <span class=\"_ _2\"></span>dei fatt<span class=\"_ _2\"></span>ori di <span class=\"_ _2\"></span>rischio e <span class=\"_ _2\"></span>l\u2019attribuzione <span class=\"_ _2\"></span>ad ognuno <span class=\"_ _2\"></span>di e<span class=\"_ _2\"></span><span class=\"ff4\">ss<span class=\"_ _2\"></span>i di <span class=\"_ _2\"></span>un <span class=\"_ _2\"></span>livello di<span class=\"_ _2\"></span> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1ba1\">significativit\u00e0.  </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1ba2\">Da un punto di vista metodologico, concorrono alla valu<span class=\"_ _f\"></span>t<span class=\"_ _2\"></span>azione dei<span class=\"_ _1\"></span> rischi anche:<span class=\"_ _2\"></span> </div><div class=\"t m0 h5 ff18 fs1 fc1 sc0 ls0 ws0 gs1ba3\">-<span class=\"_ _28\"> </span><span class=\"ff5\">Sensitivity,  stress <span class=\"_ _16\"> </span>test <span class=\"_ _16\"> </span>e  scenario <span class=\"_ _9\"> </span>test:  ai <span class=\"_ _16\"> </span>sensi  d<span class=\"_ _1\"></span>ell\u2019Art.  19,<span class=\"_ _1\"></span>  c<span class=\"_ _1\"></span>omma  4 <span class=\"_ _16\"> </span>del <span class=\"_ _16\"> </span>Reg. <span class=\"_ _16\"> </span>IVASS<span class=\"_ _1\"></span>  n.38, <span class=\"_ _16\"> </span>la </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1ba4\">Funzione <span class=\"_ _2\"></span>Risk <span class=\"_ _2\"></span>Management, <span class=\"_ _d\"></span>allo <span class=\"_ _2\"></span>scopo <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>valutare <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>ott<span class=\"_ _2\"></span>ica <span class=\"_ _2\"></span>attuale <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>prospettica <span class=\"_ _2\"></span>gli <span class=\"_ _d\"></span>impatti <span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>ulla </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1ba5\">situazione <span class=\"_ _1\"></span>economica <span class=\"_ _1\"></span>e p<span class=\"_ _1\"></span>atrimoniale derivanti <span class=\"_ _f\"></span>da andamenti <span class=\"_ _1\"></span>avversi de<span class=\"_ _1\"></span>i p<span class=\"_ _1\"></span>rincipali fattori <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>rischio, </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1ba6\">effettua, pe<span class=\"_ _1\"></span>r ciascuna d<span class=\"_ _1\"></span>elle fonti di rischio <span class=\"_ _1\"></span>identificate <span class=\"_ _1\"></span>come maggiormente <span class=\"_ _1\"></span>significative, analisi di </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1ba7\">stress test e sensitivity.<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff18 fs1 fc1 sc0 ls0 ws0 gs1ba8\">-<span class=\"_ _28\"> </span><span class=\"ff4\">Risk Self Assessment sui rischi operativi (ivi inclusi il rischio ICT e d<span class=\"_ _1\"></span>i Sicurezza).<span class=\"_ _df\"> </span></span></div><div class=\"t m0 h5 ff4 fs1 fc4 sc3 ls0 ws0 gs1ba9\">Gest<span class=\"_ _1\"></span>ione <span class=\"_ _1\"></span>dei Ris<span class=\"_ _f\"></span>chi<span class=\"fc1 sc0\"> </span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs1baa\">L\u2019obiettivo <span class=\"_ _d\"></span>del <span class=\"_ _d\"></span>sistema <span class=\"_ _0\"></span>di <span class=\"_ _d\"></span>gestione <span class=\"_ _d\"></span>dei <span class=\"_ _d\"></span>r<span class=\"_ _2\"></span>ischi <span class=\"_ _d\"></span>consiste <span class=\"_ _d\"></span>nel <span class=\"_ _d\"></span>mantenere <span class=\"_ _d\"></span>i <span class=\"_ _0\"></span>rischi <span class=\"_ _0\"></span>cui <span class=\"_ _d\"></span>la <span class=\"_ _d\"></span>Compagnia <span class=\"_ _d\"></span>\u00e8 </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1bab\">esposta <span class=\"_ _14\"> </span>a <span class=\"_ _14\"> </span>un <span class=\"_ _15\"> </span>l<span class=\"ff5\">ivello <span class=\"_ _14\"> </span>definito <span class=\"_ _14\"> </span>accettabile, <span class=\"_ _14\"> </span>attraverso <span class=\"_ _14\"> </span>l\u2019indicazione <span class=\"_ _14\"> </span>della <span class=\"_ _14\"> </span>propensione <span class=\"_ _14\"> </span>e <span class=\"_ _15\"> </span>della </span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs1bac\">tolleranza al rischio <span class=\"_ _f\"></span>stabilite in coerenza <span class=\"_ _1\"></span>con l\u2019obie<span class=\"_ _1\"></span>ttivo di salvaguardia <span class=\"_ _1\"></span>del p<span class=\"_ _1\"></span>atrimonio delle stesse </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1bad\">a <span class=\"_ _d\"></span>garanzia <span class=\"_ _2\"></span>della <span class=\"_ _d\"></span>continuit\u00e0 <span class=\"_ _2\"></span>aziendale. <span class=\"_ _d\"></span>Le <span class=\"_ _d\"></span>linee <span class=\"_ _2\"></span>guida <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>tema <span class=\"_ _d\"></span>di <span class=\"_ _2\"></span>gestion<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>dei <span class=\"_ _d\"></span>rischi <span class=\"_ _d\"></span>sono <span class=\"_ _d\"></span>riportate </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1bae\">nelle <span class=\"_ _1\"></span>singole <span class=\"_ _1\"></span>politiche <span class=\"_ _1\"></span>redatte, riviste <span class=\"_ _1\"></span>ed <span class=\"_ _1\"></span>approvate <span class=\"_ _1\"></span>annualmente dal <span class=\"_ _f\"></span>Consiglio di <span class=\"_ _f\"></span>Amminist<span class=\"_ _2\"></span>razione, </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1baf\">previo <span class=\"_ _9\"> </span>passaggio  con <span class=\"_ _9\"> </span>il  Consi<span class=\"_ _1\"></span>gliere <span class=\"_ _9\"> </span>Incaricato  al <span class=\"_ _9\"> </span>controllo  inte<span class=\"_ _f\"></span>rno  e <span class=\"_ _9\"> </span>ai <span class=\"_ _16\"> </span>rischi <span class=\"_ _16\"> </span>dell<span class=\"_ _1\"></span>a  Comp<span class=\"_ _1\"></span>agnia.  </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1bb0\">Elementi costitutivi della gestione dei rischi sono: </div><div class=\"t m0 h5 ff14 fs1 fc4 sc0 ls0 ws0 gs1bb1\"><span class=\"_ _27\"> </span><span class=\"ff4 sc3\">Risk App<span class=\"_ _f\"></span>etite Fr<span class=\"_ _1\"></span>amew<span class=\"_ _f\"></span>ork </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1bb2\">La Compagnia <span class=\"_ _1\"></span>si \u00e8 dotata <span class=\"_ _f\"></span>di un Risk Ap<span class=\"_ _1\"></span>petite Framework (cf<span class=\"_ _1\"></span>r. RAF) che<span class=\"_ _1\"></span> definisce <span class=\"_ _1\"></span>la propensione al<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1bb3\">rischio, <span class=\"_ _2\"></span>le <span class=\"_ _2\"></span>soglie di <span class=\"_ _2\"></span>to<span class=\"_ _2\"></span>lleranza, i <span class=\"_ _2\"></span>limiti <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>rischio, <span class=\"_ _2\"></span>le <span class=\"_ _2\"></span>politiche<span class=\"_ _1\"></span> <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>governo <span class=\"_ _2\"></span>dei <span class=\"_ _2\"></span>rischi <span class=\"_ _2\"></span>nonch\u00e9 i <span class=\"_ _2\"></span>processi </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1bb4\">di <span class=\"ff5\">r<span class=\"_ _2\"></span>iferimento necessari <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>definirli e <span class=\"_ _2\"></span>attuarli. <span class=\"_ _2\"></span>Nell\u2019ambito <span class=\"_ _2\"></span>dell\u2019attivit\u00e0 <span class=\"_ _2\"></span>di indirizzo <span class=\"_ _2\"></span>strategico <span class=\"_ _2\"></span>della<span class=\"_ _df\"> </span></span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1bb5\">Compagnia, i<span class=\"_ _1\"></span>l Consiglio di <span class=\"_ _1\"></span>Amministrazione individua <span class=\"_ _1\"></span>e approva la p<span class=\"_ _1\"></span>ropria propensione al <span class=\"_ _f\"></span>r<span class=\"_ _2\"></span>ischio. <span class=\"_ _f\"></span>Il<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1bb6\">processo di <span class=\"_ _2\"></span>definizione/revi<span class=\"_ _1\"></span>sione <span class=\"_ _2\"></span>del Risk Appetite<span class=\"_ _2\"></span> Fr<span class=\"_ _2\"></span>amework si <span class=\"_ _2\"></span>affianca pertanto <span class=\"_ _2\"></span>al processo <span class=\"_ _2\"></span>di </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1bb7\">Pianificazione <span class=\"_ _2\"></span>Str<span class=\"_ _2\"></span>ategica/Ope<span class=\"_ _1\"></span>rativa <span class=\"_ _d\"></span>(Budget) <span class=\"_ _2\"></span>e <span class=\"_ _d\"></span>ti<span class=\"_ _2\"></span>ene <span class=\"_ _2\"></span>conto <span class=\"_ _d\"></span>della <span class=\"_ _d\"></span>valutazione <span class=\"_ _d\"></span>interna <span class=\"_ _2\"></span>del <span class=\"_ _d\"></span>rischio <span class=\"_ _d\"></span>e<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs1bb8\">della solvibilit\u00e0. Tali elementi non sono infatti disgiunti, ma si influenz<span class=\"_ _1\"></span>ano a vicenda con l\u2019obiettivo<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1bb9\">di <span class=\"_ _f\"></span>ott<span class=\"_ _2\"></span>enere <span class=\"_ _f\"></span>la <span class=\"_ _1\"></span>massimizzazione <span class=\"_ _f\"></span>del p<span class=\"_ _1\"></span>rofilo <span class=\"_ _1\"></span>rischio <span class=\"ff5\">\u2013</span> <span class=\"_ _f\"></span>rendimento <span class=\"_ _1\"></span>della <span class=\"_ _f\"></span>Compagnia. La <span class=\"_ _f\"></span>definizione de<span class=\"_ _1\"></span>l<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1bba\">RAF tiene conto dei seguenti aspetti:<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff18 fs1 fc1 sc0 ls0 ws0 gs1bbb\">-<span class=\"_ _28\"> </span><span class=\"ff4\">la  strat<span class=\"_ _2\"></span>egia  dell<span class=\"_ _1\"></span>a  Compagnia,  ivi  inclusi  gli  obiettivi  or<span class=\"_ _2\"></span>ganizzativ<span class=\"_ _1\"></span>i,  il  piano  strat<span class=\"_ _2\"></span>egico,  i  vincoli<span class=\"_ _df\"> </span></span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1bbc\">finanziari, nonch\u00e9 normativi e le aspettative degl<span class=\"_ _1\"></span>i stakeholders;<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff18 fs1 fc1 sc0 ls0 ws0 gs1bbd\">-<span class=\"_ _28\"> </span><span class=\"ff4\">gli aspetti chiave del business della Compagnia;<span class=\"_ _df\"> </span></span></div><div class=\"t m0 h5 ff18 fs1 fc1 sc0 ls0 ws0 gs1bbe\">-<span class=\"_ _28\"> </span><span class=\"ff4\">la volont\u00e0 e la capacit\u00e0 di assumere rischi;<span class=\"_ _df\"> </span></span></div><div class=\"t m0 h5 ff18 fs1 fc1 sc0 ls0 ws0 gs1bbf\">-<span class=\"_ _28\"> </span><span class=\"ff4\">le competenze, <span class=\"_ _2\"></span>le risorse <span class=\"_ _2\"></span>e la tecnologia a disposizione della <span class=\"_ _2\"></span>Compagnia per gestire e <span class=\"_ _2\"></span>monitorare<span class=\"_ _df\"> </span></span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1bc0\">le esposizioni al rischio.<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1bc1\">La <span class=\"_ _f\"></span>propensione <span class=\"_ _1\"></span>al <span class=\"_ _f\"></span>r<span class=\"_ _2\"></span>ischio <span class=\"_ _f\"></span>della <span class=\"_ _1\"></span>Compagnia <span class=\"_ _1\"></span>congiuntamente <span class=\"_ _f\"></span>alla valutazione<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>del <span class=\"_ _f\"></span>s<span class=\"_ _2\"></span>istema <span class=\"_ _f\"></span>di g<span class=\"_ _1\"></span>overno </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1bc2\">societario adottato nonch\u00e9<span class=\"_ _f\"></span> alla mappatura e id<span class=\"_ _1\"></span>entificazione dei fattori d<span class=\"_ _1\"></span>i rischio e <span class=\"_ _1\"></span>ad una <span class=\"_ _1\"></span>generale </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1bc3\">applicazione <span class=\"_ _d\"></span>del <span class=\"_ _d\"></span>principio <span class=\"_ _d\"></span>della <span class=\"_ _d\"></span>persona <span class=\"_ _d\"></span>prudente, <span class=\"_ _d\"></span>rappres<span class=\"_ _2\"></span>entano <span class=\"_ _d\"></span>i <span class=\"_ _d\"></span>principali <span class=\"_ _d\"></span>elementi <span class=\"_ _d\"></span>costitutivi </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1bc4\">alla base <span class=\"_ _2\"></span>della d<span class=\"_ _2\"></span>eterminazione del <span class=\"_ _2\"></span>modello organizzativo <span class=\"_ _2\"></span>di gestione <span class=\"_ _2\"></span>dei r<span class=\"_ _2\"></span>ischi (specifico <span class=\"_ _2\"></span>per ogni </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1bc5\">classe di rischio). </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1bc6\">Nella <span class=\"_ _2\"></span>definizione <span class=\"_ _2\"></span>delle proprie <span class=\"_ _2\"></span>str<span class=\"_ _2\"></span>ategie di <span class=\"_ _2\"></span>business, <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>Compagnia <span class=\"_ _2\"></span>valuta, <span class=\"_ _2\"></span>su <span class=\"_ _2\"></span>base <span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>ontinuativa, <span class=\"_ _2\"></span>il </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1bc7\">rispetto, <span class=\"_ _2\"></span>nei <span class=\"_ _d\"></span>diversi <span class=\"_ _2\"></span>anni <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>viluppo <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>piano, <span class=\"_ _d\"></span>dei <span class=\"_ _2\"></span>livelli <span class=\"_ _d\"></span>di <span class=\"_ _2\"></span>rischio <span class=\"_ _d\"></span>target <span class=\"_ _2\"></span>definiti <span class=\"_ _2\"></span>nel <span class=\"_ _2\"></span>Risk <span class=\"_ _d\"></span>Appetite </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1bc8\">Framework, <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>fine di <span class=\"_ _2\"></span>garantire <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>coerenza <span class=\"_ _2\"></span>tra <span class=\"_ _2\"></span>gli <span class=\"_ _2\"></span>obiettivi di <span class=\"_ _2\"></span>medio<span class=\"_ _2\"></span>-lungo <span class=\"_ _2\"></span>periodo <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>capacit\u00e0 e </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1bc9\">la volont\u00e0 di assumere rischi della Compagnia stessa.  </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1bca\">Si declinano, di seguito, i conce<span class=\"_ _1\"></span>tt<span class=\"_ _2\"></span>i rilevanti ai fini<span class=\"_ _1\"></span> della definizione del RAF:<span class=\"_ _2\"></span> </div><div class=\"t m0 h5 ff18 fs1 fc1 sc0 ls0 ws0 gs1bcb\">-<span class=\"_ _28\"> </span><span class=\"ff4\">il <span class=\"_ _d\"></span>Risk <span class=\"_ _d\"></span>Profile <span class=\"_ _d\"></span>rappresenta <span class=\"_ _d\"></span>il <span class=\"_ _d\"></span>rischio <span class=\"_ _d\"></span>effettivo <span class=\"_ _d\"></span>della <span class=\"_ _2\"></span>Compagnia <span class=\"_ _d\"></span>valutato<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>in <span class=\"_ _2\"></span>un <span class=\"_ _d\"></span>determinato <span class=\"_ _d\"></span>istante<span class=\"_ _df\"> </span></span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1bcc\">temporale;<span class=\"_ _df\"> </span></div>-<span class=\"ff10\"> <span class=\"_ _1c\"> </span><span class=\"ff4\">il <span class=\"_ _d\"></span>Risk <span class=\"_ _d\"></span>Appetite <span class=\"_ _2\"></span>rappresenta <span class=\"_ _d\"></span>la <span class=\"_ _0\"></span>vera <span class=\"_ _d\"></span>e <span class=\"_ _d\"></span>propria <span class=\"_ _d\"></span>propensione <span class=\"_ _d\"></span>al <span class=\"_ _d\"></span>rischio <span class=\"_ _d\"></span>da <span class=\"_ _d\"></span>parte <span class=\"_ _d\"></span>della <span class=\"_ _d\"></span>Compagnia <span class=\"_ _d\"></span>e<span class=\"_ _df\"> </span></span></span>costituisce, <span class=\"_ _0\"></span>quindi, <span class=\"_ _d\"></span>il <span class=\"_ _9\"> </span>livello <span class=\"_ _d\"></span>d<span class=\"_ _2\"></span>i <span class=\"_ _d\"></span>r<span class=\"_ _2\"></span>ischio <span class=\"_ _0\"></span>che <span class=\"_ _0\"></span>essa <span class=\"_ _0\"></span>intende <span class=\"_ _d\"></span>ass<span class=\"_ _2\"></span>umere <span class=\"_ _d\"></span>per <span class=\"_ _0\"></span>il <span class=\"_ _9\"> </span>perseguimento <span class=\"_ _d\"></span>dei <span class=\"_ _0\"></span>s<span class=\"_ _2\"></span>uoi<span class=\"_ _df\"> </span>obiettivi strategici;<span class=\"_ _df\"> </span>-<span class=\"ff10\"> <span class=\"_ _1c\"> </span><span class=\"ff4\">la <span class=\"_ _2\"></span>Risk <span class=\"_ _2\"></span>Tolerance individua <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>soglia <span class=\"_ _2\"></span>massima <span class=\"_ _2\"></span>di tolleranza <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>rischio, fiss<span class=\"_ _2\"></span>at<span class=\"_ _2\"></span>a al <span class=\"_ _2\"></span>fine <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>assicurare<span class=\"_ _df\"> </span></span></span>alla  Compag<span class=\"_ _1\"></span>nia  margini <span class=\"_ _9\"> </span>s<span class=\"_ _2\"></span>ufficienti <span class=\"_ _16\"> </span>per <span class=\"_ _16\"> </span>operare <span class=\"_ _16\"> </span>sia  i<span class=\"_ _1\"></span>n  fa<span class=\"_ _1\"></span>se  di<span class=\"_ _1\"></span>  normale <span class=\"_ _9\"> </span>corso  degli<span class=\"_ _1\"></span>  affari <span class=\"_ _16\"> </span>sia  i<span class=\"_ _f\"></span>n<span class=\"_ _df\"> </span>condizioni di mercato particolarmente stressate;<span class=\"_ _df\"> </span>-<span class=\"ff10\"> <span class=\"_ _1c\"> </span><span class=\"ff4\">la <span class=\"_ _2\"></span>Risk <span class=\"_ _2\"></span>Capacity, invece, <span class=\"_ _2\"></span>rappresenta <span class=\"_ _d\"></span>il mas<span class=\"_ _2\"></span>simo <span class=\"_ _2\"></span>rischio <span class=\"_ _2\"></span>assumibil<span class=\"_ _1\"></span>e <span class=\"_ _2\"></span>dalla <span class=\"_ _2\"></span>Compagnia; <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _d\"></span>costituito<span class=\"_ _df\"> </span></span></span>quindi <span class=\"_ _d\"></span>dal <span class=\"_ _d\"></span>livello <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>rischio <span class=\"_ _d\"></span>che <span class=\"_ _0\"></span>essa <span class=\"_ _d\"></span>\u00e8 <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>grado <span class=\"_ _0\"></span>di <span class=\"_ _d\"></span>assumere <span class=\"_ _d\"></span>a <span class=\"_ _d\"></span>suo <span class=\"_ _d\"></span>carico <span class=\"_ _d\"></span>senza <span class=\"_ _d\"></span>violare <span class=\"_ _d\"></span>i <span class=\"_ _d\"></span>r<span class=\"_ _2\"></span>equisiti<span class=\"_ _df\"> </span>regolamentari o gli altri vincoli<span class=\"_ _1\"></span> imposti dall\u2019autorit\u00e0 di vigilanza.<span class=\"_ _df\"> </span>-<span class=\"ff10\"> <span class=\"_ _1c\"> </span><span class=\"ff4\">Risk <span class=\"_ _0\"></span>Preferences, <span class=\"_ _0\"></span>rappresentano <span class=\"_ _0\"></span>le <span class=\"_ _0\"></span>preferenze <span class=\"_ _0\"></span>in <span class=\"_ _0\"></span>materia <span class=\"_ _9\"> </span>di <span class=\"_ _0\"></span>selezione <span class=\"_ _0\"></span>dei <span class=\"_ _9\"> </span>rischi, <span class=\"_ _0\"></span>sintetizzano <span class=\"_ _0\"></span>il<span class=\"_ _df\"> </span></span></span>collegamento tra Risk Appetite e Strategia, caratterizzano gli e<span class=\"_ _1\"></span>lementi qualitativi del RAF.<span class=\"_ _df\"> </span>Nella <span class=\"_ _2\"></span>definizione <span class=\"_ _2\"></span>delle proprie <span class=\"_ _2\"></span>str<span class=\"_ _2\"></span>ategie di <span class=\"_ _2\"></span>business, <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>Compagnia <span class=\"_ _2\"></span>valuta, <span class=\"_ _2\"></span>su <span class=\"_ _2\"></span>base <span class=\"_ _2\"></span>continuativa, <span class=\"_ _2\"></span>il<span class=\"_ _df\"> </span>rispetto, <span class=\"_ _2\"></span>nei <span class=\"_ _d\"></span>diversi <span class=\"_ _2\"></span>anni <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>viluppo <span class=\"_ _2\"></span>del <span class=\"_ _d\"></span>piano, <span class=\"_ _2\"></span>dei <span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>ivelli <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>rischi<span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>target <span class=\"_ _d\"></span>definiti <span class=\"_ _2\"></span>nel <span class=\"_ _2\"></span>Risk <span class=\"_ _2\"></span>Appetit<span class=\"_ _2\"></span>e<span class=\"_ _df\"> </span>Framework, <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>fine di <span class=\"_ _2\"></span>garantire <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>coerenza <span class=\"_ _2\"></span>tra <span class=\"_ _2\"></span>gli <span class=\"_ _2\"></span>obiettivi di <span class=\"_ _2\"></span>medio<span class=\"_ _2\"></span>-lungo <span class=\"_ _2\"></span>periodo <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>capacit\u00e0 e<span class=\"_ _df\"> </span>la <span class=\"_ _2\"></span>volont\u00e0 di assumere <span class=\"_ _2\"></span>rischi. In part<span class=\"_ _2\"></span>icolare il <span class=\"_ _2\"></span>piano strategico, partendo <span class=\"_ _2\"></span>dal profi<span class=\"_ _2\"></span>lo <span class=\"_ _2\"></span>di rischio <span class=\"_ _2\"></span>della<span class=\"_ _df\"> </span>Compagnia al <span class=\"_ _1\"></span>momento della redazione de<span class=\"_ _1\"></span>l piano stesso, tiene <span class=\"_ _1\"></span>conto del rischio assumib<span class=\"_ _1\"></span>ile senza<span class=\"_ _df\"> </span>violare i <span class=\"_ _2\"></span>requisiti r<span class=\"_ _2\"></span>egolamentari o <span class=\"_ _2\"></span>altri vincoli impost<span class=\"_ _2\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _2\"></span>dall\u2019Au<span class=\"_ _1\"></span>torit\u00e0 <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>Vigilanz<span class=\"_ _1\"></span>a, <span class=\"_ _2\"></span>l\u2019appetito al <span class=\"_ _2\"></span>rischio<span class=\"_ _df\"> </span>(ovvero <span class=\"_ _9\"> </span>del <span class=\"_ _0\"></span>livello <span class=\"_ _9\"> </span>di <span class=\"_ _0\"> </span>r<span class=\"_ _2\"></span>ischio <span class=\"_ _0\"></span>c<span class=\"_ _2\"></span>he <span class=\"_ _9\"> </span>essa <span class=\"_ _9\"> </span>intende <span class=\"_ _0\"></span>assumere <span class=\"_ _9\"> </span>per <span class=\"_ _9\"> </span>il <span class=\"_ _9\"> </span>perseguimento <span class=\"_ _9\"> </span>dei <span class=\"_ _0\"></span>s<span class=\"_ _2\"></span>uoi <span class=\"_ _0\"></span>obiettivi<span class=\"_ _df\"> </span>strategici) e la <span class=\"_ _2\"></span>tolleranza al <span class=\"_ _2\"></span>rischio (ovvero <span class=\"_ _2\"></span>la soglia mas<span class=\"_ _2\"></span>sima di scos<span class=\"_ _2\"></span>tamento rispetto all\u2019appetito<span class=\"_ _df\"> </span>al rischio) fissate  dal Consiglio di Ammini<span class=\"_ _1\"></span>strazione.<span class=\"_ _df\"> </span>La <span class=\"_ _d\"></span>Compagnia <span class=\"_ _2\"></span>ha <span class=\"_ _d\"></span>inoltre <span class=\"_ _d\"></span>definito <span class=\"_ _d\"></span>una<span class=\"_ _df\"> </span>Politica <span class=\"_ _2\"></span>di <span class=\"_ _d\"></span>Gestione <span class=\"_ _d\"></span>del <span class=\"_ _d\"></span>Capitale <span class=\"_ _d\"></span>e <span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>n<span class=\"_ _df\"> </span>Piano <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>G<span class=\"_ _2\"></span>estione <span class=\"_ _2\"></span>del Capitale <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>cui <span class=\"_ _2\"></span>scopo <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _2\"></span>quello <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>adot<span class=\"_ _2\"></span>tare <span class=\"_ _2\"></span>procedure at<span class=\"_ _2\"></span>te <span class=\"_ _2\"></span>ad <span class=\"_ _2\"></span>accertare <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>salvaguardia <span class=\"_ _2\"></span>dei re<span class=\"_ _2\"></span>quisiti<span class=\"_ _df\"> </span>regolamentari  e<span class=\"_ _1\"></span>  dei<span class=\"_ _1\"></span>  livelli <span class=\"_ _16\"> </span>obiettivo  di<span class=\"_ _1\"></span>  Risk <span class=\"_ _16\"> </span>Appetite <span class=\"_ _16\"> </span>nonch\u00e9 <span class=\"_ _16\"> </span>di  garantire <span class=\"_ _16\"> </span>che, <span class=\"_ _16\"> </span>sia  al <span class=\"_ _9\"> </span>mom<span class=\"_ _d\"></span>ento<span class=\"_ _df\"> </span>dell\u2019emissione <span class=\"_ _f\"></span>che <span class=\"_ _1\"></span>successivamente, <span class=\"_ _f\"></span>gli ele<span class=\"_ _1\"></span>menti <span class=\"_ _1\"></span>dei <span class=\"_ _f\"></span>Fondi Propri <span class=\"_ _f\"></span>a cu<span class=\"_ _1\"></span>i <span class=\"_ _f\"></span>l\u2019impresa i<span class=\"_ _1\"></span>ntende <span class=\"_ _f\"></span>at<span class=\"_ _2\"></span>tingere<span class=\"_ _df\"> </span>al fine di realizzare gli obiettivi di busine<span class=\"_ _1\"></span>ss stabiliti in sede di pianificazione strategica, soddisfino i<span class=\"_ _df\"> </span>requisiti <span class=\"_ _0\"></span>regolamentari <span class=\"_ _9\"> </span>definiti <span class=\"_ _9\"> </span>da <span class=\"_ _0\"></span>EIOPA <span class=\"_ _9\"> </span>e <span class=\"_ _9\"> </span>siano <span class=\"_ _9\"> </span>correttamente <span class=\"_ _0\"></span>classificati. <span class=\"_ _9\"> </span> <span class=\"_ _9\"> </span>Tale <span class=\"_ _0\"> </span>Piano <span class=\"_ _9\"> </span>\u00e8 <span class=\"_ _9\"> </span>stato<span class=\"_ _df\"> </span>redatto <span class=\"_ _e\"> </span>coerentemente <span class=\"_ _15\"> </span>con <span class=\"_ _e\"> </span>le <span class=\"_ _15\"> </span>r<span class=\"_ _2\"></span>isultanze <span class=\"_ _15\"> </span>della <span class=\"_ _15\"> </span>valutazione <span class=\"_ _e\"> </span>pros<span class=\"_ _2\"></span>pettica <span class=\"_ _15\"> </span>dei <span class=\"_ _15\"> </span>rischi <span class=\"_ _e\"> </span>secondo<span class=\"_ _df\"> </span>l\u2019approccio Solvency <span class=\"_ _2\"></span>II (ORSA), <span class=\"_ _2\"></span>con <span class=\"_ _2\"></span>gli obiettivi <span class=\"_ _2\"></span>e le <span class=\"_ _2\"></span>metodologie stabilite <span class=\"_ _2\"></span>nella Politica <span class=\"_ _2\"></span>di Gestione<span class=\"_ _df\"> </span>del <span class=\"_ _9\"> </span>Capitale <span class=\"_ _9\"> </span>e <span class=\"_ _16\"> </span>con <span class=\"_ _9\"> </span>i <span class=\"_ _16\"> </span>requisiti <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>solvibilit\u00e0 <span class=\"_ _9\"> </span>stabiliti <span class=\"_ _16\"> </span>dal <span class=\"_ _9\"> </span>Regolatore, <span class=\"_ _9\"> </span>al <span class=\"_ _16\"> </span>fine <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>garantire <span class=\"_ _16\"> </span>la <span class=\"_ _0\"></span>so<span class=\"_ _2\"></span>lidit\u00e0<span class=\"_ _df\"> </span>patrimoniale della Compagnia nell\u2019esercizio della p<span class=\"_ _1\"></span>ropria attivit\u00e0 e nei suoi possibili sviluppi futuri.<span class=\"_ _df\"> </span><span class=\"ff10\"> <span class=\"_ _8\"> </span><span class=\"ff4 sc3\">Indicato<span class=\"_ _1\"></span>ri di<span class=\"_ _1\"></span> Rischio<span class=\"_ _df\"> </span></span></span>In <span class=\"_ _e\"> </span>coerenza <span class=\"_ _10\"> </span>con <span class=\"_ _10\"> </span>quanto <span class=\"_ _10\"> </span>disciplinato <span class=\"_ _10\"> </span>nel <span class=\"_ _e\"> </span>Regolamento <span class=\"_ _10\"> </span>di <span class=\"_ _10\"> </span>Risk <span class=\"_ _e\"> </span>Appetite <span class=\"_ _10\"> </span>Framework <span class=\"_ _10\"> </span>della<span class=\"_ _df\"> </span>Compagnia, <span class=\"_ _0\"></span>la <span class=\"_ _9\"> </span>gestione <span class=\"_ _9\"> </span>dei <span class=\"_ _0\"></span>risc<span class=\"_ _2\"></span>hi <span class=\"_ _0\"></span>in <span class=\"_ _9\"> </span>ottica <span class=\"_ _9\"> </span>attuale <span class=\"_ _9\"> </span>e <span class=\"_ _0\"></span>pros<span class=\"_ _2\"></span>pettica <span class=\"_ _0\"></span>della <span class=\"_ _0\"></span>Compagnia <span class=\"_ _9\"> </span>si <span class=\"_ _9\"> </span>basa <span class=\"_ _9\"> </span>sulla<span class=\"_ _df\"> </span>definizione di indicatori per ogni categoria di rischio.<span class=\"_ _df\"> </span>Gli indicatori sono ulteriormente suddi<span class=\"_ _1\"></span>visi in:<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>indicatori <span class=\"_ _2\"></span>di <span class=\"_ _d\"></span>I\u00b0 <span class=\"_ _d\"></span>livello: <span class=\"_ _d\"></span>sono <span class=\"_ _d\"></span>indicatori <span class=\"_ _2\"></span>finalizzati <span class=\"_ _d\"></span>principalmente <span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>l <span class=\"_ _2\"></span>rispetto <span class=\"_ _d\"></span>dei <span class=\"_ _2\"></span>vincoli <span class=\"_ _d\"></span>di <span class=\"_ _2\"></span>solvibilit\u00e0.<span class=\"_ _df\"> </span>Sono indicatori di possibili impatti negativi e forniscono avve<span class=\"_ _1\"></span>rtimenti at<span class=\"_ _2\"></span>ti ad identifi<span class=\"_ _1\"></span>care potenziali<span class=\"_ _df\"> </span>eventi <span class=\"_ _2\"></span>dannosi <span class=\"_ _d\"></span>che <span class=\"_ _d\"></span>minacciano <span class=\"_ _2\"></span>il <span class=\"_ _d\"></span>raggiungimento <span class=\"_ _d\"></span>degli <span class=\"_ _2\"></span>obiettivi <span class=\"_ _d\"></span>e <span class=\"_ _d\"></span>la <span class=\"_ _2\"></span>cont<span class=\"_ _2\"></span>inui<span class=\"_ _1\"></span>t\u00e0 <span class=\"_ _d\"></span>del <span class=\"_ _2\"></span>Business. <span class=\"_ _d\"></span>Tali<span class=\"_ _df\"> </span>indicatori <span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>ono <span class=\"_ _2\"></span>integrati <span class=\"_ _d\"></span>all\u2019interno <span class=\"_ _d\"></span>del <span class=\"_ _d\"></span><span class=\"ff4\">Regolamento <span class=\"_ _d\"></span>di <span class=\"_ _2\"></span>Risk <span class=\"_ _d\"></span>Appetite <span class=\"_ _d\"></span>Framework<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>e <span class=\"_ _d\"></span>ad <span class=\"_ _d\"></span>essi <span class=\"_ _d\"></span>viene<span class=\"_ _df\"> </span></span>associato <span class=\"_ _0\"></span>un <span class=\"_ _d\"></span>Risk <span class=\"_ _0\"></span>Appetite, <span class=\"_ _d\"></span>una <span class=\"_ _0\"></span>Risk <span class=\"_ _d\"></span>Tolerance <span class=\"_ _0\"></span>e <span class=\"_ _d\"></span>una <span class=\"_ _0\"></span>Risk <span class=\"_ _d\"></span>Ca<span class=\"_ _2\"></span>pacity <span class=\"_ _0\"></span>e <span class=\"_ _d\"></span>il <span class=\"_ _d\"></span>r<span class=\"_ _2\"></span>elativo <span class=\"_ _d\"></span>sistema <span class=\"_ _0\"></span>di <span class=\"_ _d\"></span>Risk<span class=\"_ _df\"> </span>Appetite Statement;<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>indicatori <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>early <span class=\"_ _0\"></span>warning: <span class=\"_ _0\"></span>al <span class=\"_ _0\"></span>fine <span class=\"_ _d\"></span>di <span class=\"_ _0\"></span>effettuare <span class=\"_ _0\"></span>un <span class=\"_ _0\"></span>monitoraggio <span class=\"_ _0\"></span>preventivo <span class=\"_ _d\"></span>e <span class=\"_ _0\"></span>nel <span class=\"_ _0\"></span>continuo <span class=\"_ _0\"></span>sugli<span class=\"_ _df\"> </span>indicatori di solvibilit\u00e0 <span class=\"_ _2\"></span>sono stati inoltre <span class=\"_ _2\"></span>definiti degli indicatori di <span class=\"_ _2\"></span>early warnig <span class=\"_ _2\"></span>volti ad intercettare<span class=\"_ _df\"> </span>fenomeni e/o eventi di potenziale elevata criticit\u00e0 e o attenzione;<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>indicatori di II\u00b0 li<span class=\"_ _1\"></span>vello: sono indicatori di tipo operativo/gestionali fu<span class=\"_ _1\"></span>nzionali ad irrobustire le attivit\u00e0<span class=\"_ _df\"> </span>di <span class=\"_ _10\"> </span>monitoraggio <span class=\"_ _10\"> </span>dei <span class=\"_ _10\"> </span>rischi <span class=\"_ _10\"> </span>ed <span class=\"_ _10\"> </span>eventualmente <span class=\"_ _10\"> </span>fornire <span class=\"_ _10\"> </span>segnali <span class=\"_ _10\"> </span>preventivi <span class=\"_ _10\"> </span>ad <span class=\"_ _10\"> </span>un <span class=\"_ _10\"> </span>potenziale<span class=\"_ _df\"> </span>deterioramento <span class=\"_ _f\"></span>delle <span class=\"_ _f\"></span>met<span class=\"ff5\">r<span class=\"_ _2\"></span>iche <span class=\"_ _11\"></span>d<span class=\"_ _2\"></span>i <span class=\"_ _f\"></span>I\u00b0 <span class=\"_ _f\"></span>Livello. <span class=\"_ _f\"></span>Tal<span class=\"_ _2\"></span>i <span class=\"_ _f\"></span>indicatori <span class=\"_ _f\"></span>sono i<span class=\"_ _1\"></span>ntegrati <span class=\"_ _f\"></span>all\u2019interno <span class=\"_ _f\"></span>del <span class=\"_ _1\"></span>Regolamento<span class=\"_ _df\"> </span></span>di Risk Appetite Framework della Compagnia. Nell\u2019ambito <span class=\"_ _f\"></span>generale <span class=\"_ _f\"></span>del <span class=\"_ _f\"></span>sistema<span class=\"_ _2\"></span> <span class=\"_ _f\"></span>di <span class=\"_ _f\"></span>gestione <span class=\"_ _f\"></span>dei <span class=\"_ _f\"></span>rischi <span class=\"_ _1\"></span>la <span class=\"_ _f\"></span>Compag<span class=\"_ _2\"></span>nia <span class=\"_ _f\"></span>definisce <span class=\"_ _f\"></span>inoltre <span class=\"_ _f\"></span>specifici <span class=\"_ _f\"></span>l<span class=\"_ _2\"></span>imiti<span class=\"_ _df\"> </span>operativi <span class=\"_ _f\"></span>che <span class=\"_ _1\"></span>declinano <span class=\"_ _f\"></span>gli obi<span class=\"_ _1\"></span>ettivi d<span class=\"_ _1\"></span>i <span class=\"_ _f\"></span>r<span class=\"_ _2\"></span>ischio <span class=\"_ _f\"></span>(ad <span class=\"_ _f\"></span>es. limiti <span class=\"_ _f\"></span>in <span class=\"_ _f\"></span>termini <span class=\"_ _1\"></span>di <span class=\"_ _f\"></span>esposizione, <span class=\"_ _f\"></span>concentrazione,<span class=\"_ _df\"> </span>etc.) <span class=\"_ _d\"></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><span class=\"ff4\">I<span class=\"_ _2\"></span>l <span class=\"_ _d\"></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=\"_ _df\"> </span></span>Compagnia <span class=\"_ _17\"> </span>\u00e8 <span class=\"_ _14\"> </span>il <span class=\"_ _14\"> </span>Solvency <span class=\"_ _14\"> </span>II <span class=\"_ _17\"> </span>Ratio <span class=\"_ _14\"> </span>ovvero <span class=\"_ _14\"> </span>il <span class=\"_ _14\"> </span>rapporto <span class=\"_ _17\"> </span>tra <span class=\"_ _14\"> </span>Eligible <span class=\"_ _17\"> </span>Capital<span class=\"_ _2\"></span> <span class=\"_ _14\"> </span>e <span class=\"_ _14\"> </span>Solvency <span class=\"_ _17\"> </span>Capital<span class=\"_ _df\"> </span>Requirement.  La <span class=\"_ _4\"> </span>Compagnia <span class=\"_ _22\"> </span>s<span class=\"_ _2\"></span>i <span class=\"_ _4\"> </span>prefig<span class=\"_ _1\"></span>ge <span class=\"_ _4\"> </span>l\u2019obiettivo  di <span class=\"_ _4\"> </span>avere <span class=\"_ _22\"> </span>u<span class=\"_ _2\"></span>n  livello <span class=\"_ _4\"> </span>di  Ca<span class=\"_ _2\"></span>pitale  Economico<span class=\"_ _df\"> </span>adeguato <span class=\"_ _2\"></span>e <span class=\"_ _d\"></span>in <span class=\"_ _2\"></span>linea <span class=\"_ _2\"></span>con <span class=\"_ _2\"></span>gli <span class=\"_ _d\"></span>obiettivi <span class=\"_ _2\"></span>strategici, <span class=\"_ _2\"></span>superiore <span class=\"_ _2\"></span>ad <span class=\"_ _2\"></span>un <span class=\"_ _d\"></span>prefissato <span class=\"_ _2\"></span>livello <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>Solvency <span class=\"_ _d\"></span>Ratio<span class=\"_ _df\"> </span>come di seguito riportato:<span class=\"_ _df\"> </span>-<span class=\"ff10\"> <span class=\"_ _1c\"> </span><span class=\"ff4\">Risk Appetite: 230%;<span class=\"_ _df\"> </span></span></span>-<span class=\"ff10\"> <span class=\"_ _1c\"> </span><span class=\"ff4\">Risk Tolerance: 180%;<span class=\"_ _df\"> </span></span></span>-<span class=\"_ _28\"> </span><span class=\"ff4\">Risk Capacity: 130%.<span class=\"_ _df\"> </span></span>Nell\u2019ambito <span class=\"_ _16\"> </span>della  d<span class=\"_ _1\"></span>efinizione  del <span class=\"_ _16\"> </span>RAF <span class=\"_ _16\"> </span>risulta  nece<span class=\"_ _1\"></span>ssario  fissa<span class=\"_ _1\"></span>re  il <span class=\"_ _16\"> </span>live<span class=\"_ _1\"></span>llo  di <span class=\"_ _16\"> </span>rischio  che<span class=\"_ _1\"></span>,  se <span class=\"_ _16\"> </span>non<span class=\"_ _df\"> </span>rispettato dal <span class=\"_ _2\"></span>Risk<span class=\"_ _1\"></span> Profile della Compagnia, necessita <span class=\"_ _2\"></span>di interventi correttivi. Le soglie individuano<span class=\"_ _df\"> </span>dun<span class=\"ff5 ls0\">que <span class=\"_ _4\"> </span>i <span class=\"_ _4\"> </span>binari <span class=\"_ _4\"> </span>all\u2019interno <span class=\"_ _4\"> </span>dei <span class=\"_ _4\"> </span>quali <span class=\"_ _4\"> </span>la <span class=\"_ _22\"> </span>Com<span class=\"_ _2\"></span>pagnia <span class=\"_ _4\"> </span>pu\u00f2  cond<span class=\"_ _2\"></span>urre <span class=\"_ _4\"> </span>la <span class=\"_ _4\"> </span>sua <span class=\"_ _4\"> </span>azione <span class=\"_ _22\"> </span>finalizzata <span class=\"_ _4\"> </span>al<span class=\"_ _df\"> </span></span>raggiungimento <span class=\"_ _2\"></span>degli <span class=\"_ _2\"></span>obiettivi <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>business. <span class=\"_ _2\"></span>La <span class=\"_ _2\"></span>violazione <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>queste <span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>oglie <span class=\"_ _2\"></span>richieda <span class=\"_ _2\"></span>un <span class=\"_ _2\"></span>processo <span class=\"_ _d\"></span>di<span class=\"_ _df\"> </span>escalation da <span class=\"_ _2\"></span>parte <span class=\"_ _2\"></span>dell<span class=\"_ _1\"></span>a <span class=\"_ _2\"></span>Compagnia e <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>defi<span class=\"_ _1\"></span>nizione <span class=\"_ _2\"></span>di specifici <span class=\"_ _2\"></span>piani <span class=\"_ _2\"></span>di intervento <span class=\"_ _2\"></span>per fare <span class=\"_ _2\"></span>fronte<span class=\"_ _df\"> </span>alla situazione.<span class=\"_ _df\"> </span>Monit<span class=\"_ _1\"></span>orag<span class=\"_ _1\"></span>gio e<span class=\"_ _1\"></span> Repo<span class=\"_ _1\"></span>rtin<span class=\"_ _1\"></span>g<span class=\"_ _df\"> </span>Il modello organizzativo di gestione del rischio di Credemassicurazioni coinvolge tutte le strutture<span class=\"_ _df\"> </span>aziendali, <span class=\"_ _22\"> </span>da<span class=\"_ _2\"></span>lle <span class=\"_ _22\"> </span>funzioni <span class=\"_ _4\"> </span>operative <span class=\"_ _4\"> </span>(coinvolte <span class=\"_ _4\"> </span>nella <span class=\"_ _22\"> </span>gestione <span class=\"_ _4\"> </span>dei <span class=\"_ _4\"> </span>rischi <span class=\"_ _4\"> </span>sui <span class=\"_ _4\"> </span>processi <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>propria<span class=\"_ _df\"> </span>competenza)  ivi  i<span class=\"_ _1\"></span>ncluse  le  Funzioni  d<span class=\"_ _f\"></span>i  Fondamentali,  il  Consigliere  I<span class=\"_ _1\"></span>ncaricato  e  il <span class=\"_ _22\"> </span>Consiglio  di<span class=\"_ _df\"> </span>Amministrazione<span class=\"ls1b\">. </span>In <span class=\"_ _0\"></span>tale <span class=\"_ _0\"></span>contesto<span class=\"_ _2\"></span>, <span class=\"_ _0\"></span>la <span class=\"_ _0\"></span>funzione <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>Risk <span class=\"_ _0\"> </span>Manag<span class=\"_ _2\"></span>ement <span class=\"_ _0\"></span>funge <span class=\"_ _0\"></span>inoltre <span class=\"_ _9\"> </span>da <span class=\"_ _0\"></span>coordinatore <span class=\"_ _9\"> </span>delle <span class=\"_ _d\"></span>at<span class=\"_ _2\"></span>tivit\u00e0 <span class=\"_ _0\"></span>di<span class=\"_ _df\"> </span>monitoraggio <span class=\"_ _e\"> </span>dei <span class=\"_ _e\"> </span>rischi. <span class=\"_ _e\"> </span>Pi\u00f9 <span class=\"_ _e\"> </span>in <span class=\"_ _e\"> </span>particolare, <span class=\"_ _e\"> </span>concorre <span class=\"_ _e\"> </span>alla <span class=\"_ _e\"> </span>definizione <span class=\"_ _e\"> </span>delle <span class=\"_ _e\"> </span>metodologie <span class=\"_ _e\"> </span>di<span class=\"_ _df\"> </span>misurazione <span class=\"_ _2\"></span>dei <span class=\"_ _d\"></span>rischi <span class=\"_ _d\"></span>e <span class=\"_ _d\"></span>dei <span class=\"_ _2\"></span>limit<span class=\"_ _2\"></span>i <span class=\"_ _d\"></span>(sia <span class=\"_ _d\"></span>di <span class=\"_ _2\"></span>RAF <span class=\"_ _d\"></span>che <span class=\"_ _d\"></span>operative), <span class=\"_ _d\"></span>definendo <span class=\"_ _2\"></span>appropriate <span class=\"_ _d\"></span>procedure <span class=\"_ _d\"></span>di<span class=\"_ _df\"> </span>verifica,  e<span class=\"_ _1\"></span>d  ha <span class=\"_ _9\"> </span>il  compito  di <span class=\"_ _9\"> </span>validare  i <span class=\"_ _16\"> </span>flussi  i<span class=\"_ _1\"></span>nformativi  de<span class=\"_ _1\"></span>ll\u2019attivit\u00e0  di<span class=\"_ _1\"></span>  monitoraggio<span class=\"_ _2\"></span><span class=\"ff4\">  d<span class=\"_ _1\"></span>ei  rischi,<span class=\"_ _df\"> </span></span>predisporre la reportistica per i vertici aziendali e verificare la <span class=\"_ _2\"></span>coerenza dei modelli di misurazione<span class=\"_ _df\"> </span>dei rischi con l\u2019operativi<span class=\"_ _1\"></span>t\u00e0 svolta dall\u2019impresa.<span class=\"_ _df\"> </span>I rischi <span class=\"_ _2\"></span>sono monitorati in maniera continuativa dalla funzione di <span class=\"_ _2\"></span>Risk Management e dall<span class=\"_ _2\"></span>e singole<span class=\"_ _df\"> </span>funzioni competenti; <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>tal f<span class=\"_ _2\"></span>ine <span class=\"_ _2\"></span>\u00e8 s<span class=\"_ _2\"></span>tato s<span class=\"_ _2\"></span>vilu<span class=\"_ _1\"></span>ppato <span class=\"_ _2\"></span>e affinato <span class=\"_ _2\"></span>progressivamente il <span class=\"_ _2\"></span>report<span class=\"_ _2\"></span>ing relativo<span class=\"_ _df\"> </span>all\u2019evoluzione dei <span class=\"_ _2\"></span>rischi <span class=\"_ _2\"></span>nei <span class=\"_ _2\"></span>confronti <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>Consiglio di <span class=\"_ _2\"></span>Amministrazione, <span class=\"_ _2\"></span> <span class=\"_ _2\"></span>del <span class=\"_ _d\"></span><span class=\"ff4\">Consigliere Incaricato<span class=\"_ _df\"> </span></span>per <span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>Controlli <span class=\"_ _2\"></span>Interni <span class=\"_ _2\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>Rischi, <span class=\"_ _2\"></span>del CRO<span class=\"_ _2\"></span><span class=\"ff5\">, <span class=\"_ _2\"></span>dell\u2019Alta <span class=\"_ _2\"></span>Direzione e <span class=\"_ _2\"></span>delle <span class=\"_ _2\"></span>strutture <span class=\"_ _2\"></span>operative <span class=\"_ _2\"></span>competenti<span class=\"_ _df\"> </span></span>al <span class=\"_ _d\"></span>fine <span class=\"_ _2\"></span>di <span class=\"_ _d\"></span>migliorare <span class=\"_ _d\"></span>la <span class=\"_ _d\"></span>comunicazione <span class=\"_ _d\"></span>dei <span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>isultati <span class=\"_ _2\"></span>e <span class=\"_ _d\"></span>consentire <span class=\"_ _d\"></span>una <span class=\"_ _d\"></span>maggior <span class=\"_ _d\"></span>comprensione <span class=\"_ _d\"></span>delle<span class=\"_ _df\"> </span>tematiche connesse alla valutazione dei<span class=\"_ _1\"></span> rischi.<span class=\"_ _df\"> </span>Il modello di gestione dei<span class=\"_ _1\"></span> rischi adott<span class=\"_ _2\"></span>ato da Credemassicurazioni \u00e8 caratterizzato da:<span class=\"_ _df\"> </span>-<span class=\"_ _28\"> </span><span class=\"ff4\">una <span class=\"_ _2\"></span>fase <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>aggiornamento <span class=\"_ _2\"></span>degli <span class=\"_ _d\"></span>indicatori <span class=\"_ _2\"></span>di r<span class=\"_ _2\"></span>ischio e/o <span class=\"_ _d\"></span>dei <span class=\"_ _2\"></span>limiti <span class=\"_ _d\"></span>(sia <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>RAF <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>op<span class=\"_ _2\"></span>erative) <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>il<span class=\"_ _df\"> </span></span>governo del rischio a seconda del<span class=\"_ _1\"></span>le esigenze organizzative e/o a seguito di variazioni d<span class=\"_ _1\"></span>el contesto<span class=\"_ _df\"> </span>interno <span class=\"_ _9\"> </span>o <span class=\"_ _0\"></span>ester<span class=\"ff5\">no, <span class=\"_ _9\"> </span>o <span class=\"_ _0\"> </span>qualora <span class=\"_ _9\"> </span>non <span class=\"_ _0\"></span>siano <span class=\"_ _9\"> </span>pi\u00f9 <span class=\"_ _0\"></span>in <span class=\"_ _9\"> </span>linea <span class=\"_ _0\"></span>con <span class=\"_ _9\"> </span>il <span class=\"_ _9\"> </span>profilo <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>r<span class=\"_ _2\"></span>ischio <span class=\"_ _0\"></span>richiesto <span class=\"_ _0\"></span>dall\u2019Organo<span class=\"_ _df\"> </span></span>Amministrativo;<span class=\"_ _df\"> </span>-<span class=\"_ _28\"> </span><span class=\"ff4\">una <span class=\"_ _9\"> </span>conseguente <span class=\"_ _0\"> </span>at<span class=\"_ _2\"></span>tivit\u00e0 <span class=\"_ _0\"></span>di <span class=\"_ _9\"> </span>monito<span class=\"_ _2\"></span>raggio <span class=\"_ _0\"></span>degli <span class=\"_ _9\"> </span>indicatori <span class=\"_ _9\"> </span>e <span class=\"_ _0\"> </span>dei <span class=\"_ _9\"> </span>limiti <span class=\"_ _9\"> </span>operativi <span class=\"_ _9\"> </span>e <span class=\"_ _9\"> </span>di <span class=\"_ _0\"></span>gov<span class=\"_ _2\"></span>erno <span class=\"_ _0\"></span>del<span class=\"_ _df\"> </span></span>rischio. Le attivit\u00e0 di monitoraggi<span class=\"_ _1\"></span>o si sostanziano in sp<span class=\"_ _2\"></span>ecifi<span class=\"_ _1\"></span>ci presidi organizzativi atti a garantire i<span class=\"_ _1\"></span>l<span class=\"_ _df\"> </span>rispetto  de<span class=\"_ _1\"></span>i  li<span class=\"_ _1\"></span>miti  stessi, <span class=\"_ _16\"> </span>ad <span class=\"_ _16\"> </span>attivare <span class=\"_ _9\"> </span>t<span class=\"_ _2\"></span>empestivi <span class=\"_ _9\"> </span>processi  di  se<span class=\"_ _f\"></span>gnalazione  a  fr<span class=\"_ _1\"></span>onte  di <span class=\"_ _9\"> </span>eventuali<span class=\"_ _df\"> </span>rilevazioni di superamento e a<span class=\"_ _1\"></span> defini<span class=\"_ _1\"></span>re specifici piani di rientro a <span class=\"_ _1\"></span>seguito delle<span class=\"_ _1\"></span> segnalazioni stesse.<span class=\"_ _df\"> </span>Nel<span class=\"ff5\">l\u2019ambito <span class=\"_ _17\"> </span>del <span class=\"_ _14\"> </span>sist<span class=\"_ _2\"></span>ema <span class=\"_ _17\"> </span>di <span class=\"_ _14\"> </span>gestione <span class=\"_ _14\"> </span>dei <span class=\"_ _17\"> </span>r<span class=\"_ _2\"></span>ischi <span class=\"_ _17\"> </span>e <span class=\"_ _14\"> </span>coerentemente <span class=\"_ _14\"> </span>con <span class=\"_ _14\"> </span>quanto <span class=\"_ _14\"> </span>previsto <span class=\"_ _14\"> </span>dalla<span class=\"_ _df\"> </span></span>Normativa,  il<span class=\"_ _1\"></span>  Consigli<span class=\"_ _1\"></span>o  di <span class=\"_ _16\"> </span>Amministrazione <span class=\"_ _16\"> </span>ha  formalizzato <span class=\"_ _9\"> </span>un  set  di <span class=\"_ _9\"> </span>politiche,  Reg<span class=\"_ _1\"></span>olamenti  e<span class=\"_ _df\"> </span>allegati, <span class=\"_ _20\"> </span>che, <span class=\"_ _20\"> </span>relativamente <span class=\"_ _5\"> </span>ad <span class=\"_ _20\"> </span>ognuno <span class=\"_ _20\"> </span>degli <span class=\"_ _20\"> </span>amb<span class=\"_ _2\"></span>iti <span class=\"_ _20\"> </span>di <span class=\"_ _20\"> </span>r<span class=\"_ _2\"></span>ischiosit\u00e0 <span class=\"_ _20\"> </span>che <span class=\"_ _20\"> </span>insis<span class=\"_ _2\"></span>tono <span class=\"_ _20\"> </span>su<span class=\"_ _df\"> </span>Credemassicurazioni, <span class=\"_ _f\"></span>dett<span class=\"_ _2\"></span>agliano <span class=\"_ _f\"></span>gli obiettivi<span class=\"_ _1\"></span>, i <span class=\"_ _f\"></span>compiti, <span class=\"_ _1\"></span>le resp<span class=\"_ _1\"></span>onsabilit\u00e0, <span class=\"_ _f\"></span>il processo <span class=\"_ _f\"></span>e defini<span class=\"_ _1\"></span>scono<span class=\"_ _df\"> </span>gli <span class=\"_ _2\"></span>st<span class=\"_ _2\"></span>rumenti <span class=\"_ _2\"></span>e <span class=\"_ _d\"></span>le <span class=\"_ _d\"></span>procedure,<span class=\"_ _1\"></span> <span class=\"_ _d\"></span>anche <span class=\"_ _d\"></span>di <span class=\"_ _2\"></span>reporting, <span class=\"_ _d\"></span>necessarie <span class=\"_ _d\"></span>ad <span class=\"_ _2\"></span>individuare <span class=\"_ _d\"></span>e <span class=\"_ _d\"></span>conseguentemente<span class=\"_ _df\"> </span>gestire ogni ambito <span class=\"_ _2\"></span>di rischio. Tali documenti, i<span class=\"_ _2\"></span><span class=\"ff5\">noltre, hanno l\u2019o<span class=\"_ _2\"></span>biettivo pi\u00f9 generale di <span class=\"_ _2\"></span>contribuire<span class=\"_ _df\"> </span></span>alla diffusione della cul<span class=\"_ _1\"></span>tura del controllo e di gestione dei rischi all\u2019interno della societ\u00e0.<span class=\"_ _df\"> </span>Il <span class=\"_ _d\"></span>rispetto <span class=\"_ _0\"></span>e <span class=\"_ _d\"></span>l\u2019applicazione <span class=\"_ _d\"></span>dei <span class=\"_ _0\"></span>documenti <span class=\"_ _d\"></span>sono <span class=\"_ _0\"></span>garantiti <span class=\"_ _0\"></span>dalla <span class=\"_ _d\"></span>presenza <span class=\"_ _d\"></span>del <span class=\"_ _d\"></span>Sistema <span class=\"_ _0\"></span>dei <span class=\"_ _d\"></span>Controlli<span class=\"_ _df\"> </span>Interni <span class=\"_ _e\"> </span>costituito <span class=\"_ _e\"> </span>da <span class=\"_ _e\"> </span>un <span class=\"_ _e\"> </span>insieme <span class=\"_ _15\"> </span>di <span class=\"_ _e\"> </span>regole, <span class=\"_ _e\"> </span>procedure <span class=\"_ _e\"> </span>e <span class=\"_ _e\"> </span>tecniche <span class=\"_ _e\"> </span>di <span class=\"_ _e\"> </span>controllo <span class=\"_ _e\"> </span>e <span class=\"_ _e\"> </span>strutture<span class=\"_ _df\"> </span>organizzative volto ad assicurare il corretto funzioname<span class=\"_ _1\"></span>nto ed il buon andamento dell\u2019impresa.<span class=\"_ _2\"></span><span class=\"ff4\"> </span>Analis<span class=\"_ _f\"></span>i dei ris<span class=\"_ _1\"></span>chi<span class=\"_ _df\"> </span>La Compagnia <span class=\"_ _1\"></span>ha definito ai <span class=\"_ _1\"></span>sensi dell<span class=\"_ _1\"></span>a Regolamentazione di settore, un <span class=\"_ _f\"></span>pro<span class=\"_ _2\"></span>cesso <span class=\"_ _1\"></span>di valu<span class=\"_ _1\"></span>tazione e<span class=\"_ _df\"> </span>analisi dei r<span class=\"_ _2\"></span>ischi che include <span class=\"_ _2\"></span>sia una valutazione <span class=\"_ _2\"></span>qualitativa sia, per <span class=\"_ _2\"></span>quelli quantificabili, l\u2019adozione<span class=\"_ _df\"> </span>di <span class=\"_ _d\"></span>metodologie <span class=\"_ _2\"></span>di <span class=\"_ _d\"></span>misurazion<span class=\"_ _2\"></span>e <span class=\"_ _d\"></span>dell\u2019esposizione <span class=\"_ _2\"></span>al <span class=\"_ _0\"></span>rischio, <span class=\"_ _d\"></span>incluso, <span class=\"_ _d\"></span>un <span class=\"_ _d\"></span>sistema <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>determinazione<span class=\"_ _df\"> </span>dell\u2019ammonta<span class=\"ff4\">re della mass<span class=\"_ _2\"></span>ima perdita potenziale sia <span class=\"_ _2\"></span>in ottica <span class=\"_ _2\"></span>attuale che prospettica. <span class=\"_ _2\"></span>Tali analisi<span class=\"_ _df\"> </span></span>consento di<span class=\"_ _1\"></span> eff<span class=\"_ _1\"></span>ettuare in <span class=\"_ _f\"></span>maniera continuativa <span class=\"_ _f\"></span>una profilazione<span class=\"_ _1\"></span> dei <span class=\"_ _f\"></span>rischi a cu<span class=\"_ _f\"></span>i l\u2019impresa <span class=\"_ _1\"></span>\u00e8 e<span class=\"_ _1\"></span>sposta.<span class=\"_ _df\"> </span>Si <span class=\"_ _2\"></span>specifica <span class=\"_ _2\"></span>che la <span class=\"_ _d\"></span>Compagnia p<span class=\"_ _2\"></span>er <span class=\"_ _2\"></span>le <span class=\"_ _2\"></span>valutazioni del <span class=\"_ _2\"></span>requisito <span class=\"_ _2\"></span>pat<span class=\"_ _2\"></span>rimoniale <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>solvibili<span class=\"_ _1\"></span>t\u00e0 <span class=\"_ _2\"></span>secondo <span class=\"_ _2\"></span>il<span class=\"_ _df\"> </span>regime <span class=\"_ _d\"></span>normativo <span class=\"_ _d\"></span>Solvency <span class=\"_ _2\"></span>II <span class=\"_ _d\"></span>utilizza <span class=\"_ _d\"></span>la <span class=\"_ _d\"></span>For<span class=\"_ _2\"></span>mula<span class=\"_ _1\"></span> <span class=\"_ _d\"></span>Standard <span class=\"_ _d\"></span>conformemente <span class=\"_ _d\"></span>a <span class=\"_ _d\"></span>quanto <span class=\"_ _d\"></span>definito <span class=\"_ _d\"></span>nel<span class=\"_ _df\"> </span>Regolamento <span class=\"_ _15\"> </span>delegato <span class=\"_ _14\"> </span>(UE) <span class=\"_ _15\"> </span>2<span class=\"_ _2\"></span>019/981 <span class=\"_ _15\"> </span>della <span class=\"_ _14\"> </span>Commissione. <span class=\"_ _15\"> </span>Pertanto, <span class=\"_ _15\"> </span>le <span class=\"_ _15\"> </span>valutazioni <span class=\"_ _14\"> </span>at<span class=\"_ _2\"></span>tuali <span class=\"_ _14\"> </span>e<span class=\"_ _df\"> </span>prospettiche  dei<span class=\"_ _1\"></span>  rischi  tengono  conto  di <span class=\"_ _16\"> </span>tutti  i <span class=\"_ _16\"> </span>rischi,  compre<span class=\"_ _1\"></span>si  nel  framework  de<span class=\"_ _f\"></span>lla<span class=\"_ _df\"> </span>Formula Standard, a cui l\u2019impresa \u00e8 esposta.<span class=\"_ _df\"> </span> <div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1c12\">Al fine di valu<span class=\"_ _f\"></span>t<span class=\"_ _2\"></span>are nel continuo la propria<span class=\"_ _1\"></span> situazione di solvibili<span class=\"_ _1\"></span>t\u00e0, la Compagnia provvede inoltre su<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1c13\">base <span class=\"_ _d\"></span>trimestrale <span class=\"_ _d\"></span>al <span class=\"_ _d\"></span>calcolo <span class=\"_ _d\"></span>del <span class=\"_ _d\"></span>proprio <span class=\"_ _0\"></span>requisito <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>capitale, <span class=\"_ _d\"></span>all<span class=\"_ _2\"></span>a <span class=\"_ _d\"></span>determinazione <span class=\"_ _d\"></span>dei <span class=\"_ _d\"></span>Fondi <span class=\"_ _d\"></span>Propri<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1c14\">Ammissibili <span class=\"_ _2\"></span>e <span class=\"_ _d\"></span>della <span class=\"_ _2\"></span>relativa <span class=\"_ _2\"></span>qualit\u00e0 <span class=\"_ _d\"></span>e <span class=\"_ _2\"></span>composizione, <span class=\"_ _2\"></span>verificando <span class=\"_ _d\"></span>nel <span class=\"_ _2\"></span>contempo <span class=\"_ _2\"></span>il <span class=\"_ _d\"></span>rispetto <span class=\"_ _d\"></span>dei <span class=\"_ _2\"></span>limiti<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1c15\">operativi e <span class=\"_ _2\"></span>della <span class=\"_ _2\"></span>propensione <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>rischio. Specifiche <span class=\"_ _2\"></span>valutazioni <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>stress <span class=\"_ _2\"></span>test e <span class=\"_ _2\"></span>sensitivity <span class=\"_ _2\"></span>vengono<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1c16\">effettuate con la stessa frequenza sulle grandezze patrimoniali. Adeguata documentazione viene<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs1c17\">rendicontata <span class=\"_ _17\"> </span>al <span class=\"_ _14\"> </span>Consiglio <span class=\"_ _17\"> </span>di <span class=\"_ _14\"> </span>Amministrazione <span class=\"_ _14\"> </span>e <span class=\"_ _17\"> </span>tr<span class=\"_ _2\"></span>asmessa <span class=\"_ _17\"> </span>all\u2019Organo <span class=\"_ _17\"> </span>di <span class=\"_ _14\"> </span>Vigilanza <span class=\"_ _17\"> </span>tr<span class=\"_ _2\"></span>amite <span class=\"_ _17\"> </span>i<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1c18\">Quantitative <span class=\"_ _d\"></span>Reporting <span class=\"_ _d\"></span>Template <span class=\"_ _d\"></span>(QRT). <span class=\"_ _d\"></span>Con <span class=\"_ _d\"></span>la <span class=\"_ _d\"></span>st<span class=\"_ _2\"></span>essa <span class=\"_ _2\"></span>fr<span class=\"_ _2\"></span>eque<span class=\"_ _1\"></span>nza <span class=\"_ _d\"></span>viene <span class=\"_ _d\"></span>verificato <span class=\"_ _0\"></span>il <span class=\"_ _d\"></span>rispetto <span class=\"_ _d\"></span>degli<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1c19\">indicatori di I\u00b0 e di<span class=\"_ _1\"></span> II\u00b0 Livello declinati nel Regolamento di Risk Appetite Framework. <span class=\"_ _2\"></span> </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs1c1a\">Qualora <span class=\"_ _d\"></span>nell\u2019ambito <span class=\"_ _d\"></span>delle <span class=\"_ _d\"></span>diverse <span class=\"_ _0\"></span>attivit\u00e0 <span class=\"_ _d\"></span>di <span class=\"_ _0\"></span>monitoraggio <span class=\"_ _d\"></span>effettuate <span class=\"_ _d\"></span>dalla <span class=\"_ _d\"></span>Compagnia <span class=\"_ _0\"></span>dovessero<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1c1b\">emergere <span class=\"_ _9\"> </span>scostamenti <span class=\"_ _9\"> </span>continuativi <span class=\"_ _9\"> </span>e/o <span class=\"_ _9\"> </span>s<span class=\"_ _2\"></span>ignifi<span class=\"_ _1\"></span>cativi <span class=\"_ _9\"> </span>d<span class=\"_ _2\"></span><span class=\"ff5\">el <span class=\"_ _9\"> </span>profilo <span class=\"_ _9\"> </span>di <span class=\"_ _16\"> </span>rischio <span class=\"_ _9\"> </span>rispetto <span class=\"_ _9\"> </span>all\u2019Appetito <span class=\"_ _9\"> </span>al<span class=\"_ _df\"> </span></span><span class=\"ff5\"> </span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs1c1c\">Rischio <span class=\"_ _1\"></span>dell\u2019impresa, <span class=\"_ _f\"></span>scos<span class=\"_ _2\"></span>tamenti <span class=\"_ _f\"></span>significativi rispe<span class=\"_ _1\"></span>tto alle<span class=\"_ _1\"></span> princ<span class=\"_ _1\"></span>ipali <span class=\"_ _1\"></span>ipotesi <span class=\"_ _1\"></span>tecniche/finanziarie/di<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs1c1d\">mercato/di <span class=\"_ _9\"> </span>prodotto <span class=\"_ _0\"></span>definite <span class=\"_ _0\"></span>nell\u2019ambito <span class=\"_ _9\"> </span>del <span class=\"_ _0\"></span>Piano <span class=\"_ _9\"> </span>Strategico <span class=\"_ _9\"> </span>(e <span class=\"_ _0\"></span>quindi <span class=\"_ _0\"></span>nelle <span class=\"_ _9\"> </span>valutazioni <span class=\"_ _0\"></span>ORSA),<span class=\"_ _df\"> </span><span class=\"_ _2\"></span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1c1e\">viene <span class=\"_ _f\"></span>e<span class=\"ff5\">ffettuata un\u2019attivit\u00e0 <span class=\"_ _f\"></span>di <span class=\"_ _f\"></span>Non<span class=\"ff4\">-Regular ORSA <span class=\"_ _f\"></span>al <span class=\"_ _f\"></span>fine di <span class=\"_ _f\"></span>valutare <span class=\"_ _1\"></span>gli <span class=\"_ _f\"></span>impatti di<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>tali <span class=\"_ _1\"></span>variazioni <span class=\"_ _f\"></span>anche<span class=\"_ _df\"> </span></span></span><span class=\"ff5\"><span class=\"ff4\"> </span></span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1c1f\">in ottica prospettica.  </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1c20\">La Compagnia nel corso <span class=\"ff5\">dell\u2019Esercizio</span> 2025 ha adempiuto alle segue<span class=\"_ _1\"></span>nti scadenze normative:<span class=\"_ _df\"> </span><span class=\"_ _2\"></span> </div><div class=\"t m0 h5 ff18 fs1 fc1 sc0 ls0 ws0 gs1c21\">-<span class=\"ff10\"> <span class=\"_ _1c\"> </span><span class=\"ff5\">Predisposizi<span class=\"_ _1\"></span>one <span class=\"_ _2\"></span>ed <span class=\"_ _2\"></span>invio all\u2019Autor<span class=\"_ _2\"></span>it\u00e0 di <span class=\"_ _2\"></span>V<span class=\"ff4\">igilanza, <span class=\"_ _2\"></span>entro <span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>termini regolamentari, <span class=\"_ _2\"></span>delle <span class=\"_ _2\"></span>reportistiche<span class=\"_ _df\"> </span></span></span></span><span class=\"ff10\"><span class=\"ff5\"><span class=\"ff4\"> </span></span></span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1c22\">trimestrali (QRT) richieste dal Pillar III;<span class=\"_ _1\"></span>  </div><div class=\"t m0 h5 ff18 fs1 fc1 sc0 ls0 ws0 gs1c23\">-<span class=\"ff10\"> <span class=\"_ _1c\"> </span><span class=\"ff4\">Predisposizi<span class=\"_ _1\"></span>one del <span class=\"_ _f\"></span>Regular Supervisory <span class=\"_ _f\"></span>Report - <span class=\"ff5\">RS<span class=\"_ _1\"></span>R (R<span class=\"_ _1\"></span>elazione <span class=\"_ _f\"></span>periodica all\u2019<span class=\"_ _1\"></span>Autorit\u00e0 di <span class=\"_ _f\"></span>Vigilanza)<span class=\"_ _df\"> </span></span></span></span><span class=\"ff10\"><span class=\"ff4\"><span class=\"ff5\"> </span></span></span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1c24\">con <span class=\"_ _0\"></span>riferimento <span class=\"_ _0\"></span>alla <span class=\"_ _9\"> </span>data <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>es<span class=\"_ _2\"></span>ercizio <span class=\"_ _0\"></span>31.12.2024<span class=\"_ _2\"></span>, <span class=\"_ _0\"></span>deliberata <span class=\"_ _9\"> </span>dal <span class=\"_ _0\"></span>Consiglio <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>Amministr<span class=\"_ _2\"></span>azione <span class=\"_ _0\"></span>di<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1c25\">marzo 2025 ed inviati entro il termine regolamentare ad IV<span class=\"_ _1\"></span>ASS;<span class=\"_ _df\"> </span><span class=\"_ _2\"></span> </div><div class=\"t m0 h5 ff18 fs1 fc1 sc0 ls0 ws0 gs1c26\">-<span class=\"ff10\"> <span class=\"_ _1c\"> </span><span class=\"ff4\">Predisposizi<span class=\"_ _1\"></span>one <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>Solvency <span class=\"_ _2\"></span>Financial <span class=\"_ _2\"></span>Condition <span class=\"_ _2\"></span>Report <span class=\"_ _d\"></span>- <span class=\"_ _2\"></span>SFCR <span class=\"_ _2\"></span>(Relazione <span class=\"_ _2\"></span>sulla <span class=\"_ _2\"></span>solvibilit\u00e0 <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>sulla<span class=\"_ _df\"> </span></span></span><span class=\"ff10\"><span class=\"ff4\"> </span></span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1c27\">condizione finanziaria) con <span class=\"_ _2\"></span>riferimento alla<span class=\"_ _2\"></span> data <span class=\"_ _2\"></span>di esercizio 31.12.2024, deliberata <span class=\"_ _2\"></span>dal Consiglio di<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1c28\">Amministrazione di marzo 2025 ed inviati entro il termine regolamentare ad IVAS<span class=\"_ _1\"></span>S; <span class=\"_ _2\"></span> </div><div class=\"t m0 h5 ff18 fs1 fc1 sc0 ls0 ws0 gs1c29\">-<span class=\"ff10\"> <span class=\"_ _1c\"> </span><span class=\"ff4\">Realizzazione<span class=\"_ _1\"></span> delle elaborazioni ORSA <span class=\"_ _1\"></span>necessarie alla v<span class=\"_ _1\"></span>alutazione del profilo di<span class=\"_ _1\"></span> solvibilit\u00e0 del <span class=\"_ _1\"></span>piano<span class=\"_ _df\"> </span></span></span><span class=\"ff10\"><span class=\"ff4\"> </span></span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1c2a\">strategico <span class=\"_ _19\"> </span>2025-2027 <span class=\"_ _18\"> </span>e <span class=\"_ _19\"> </span>alla <span class=\"_ _18\"> </span>predisposizione <span class=\"_ _19\"> </span>del <span class=\"_ _18\"> </span>Report<span class=\"_ _2\"></span> <span class=\"_ _18\"> </span>ORSA <span class=\"_ _19\"> </span>delibero <span class=\"_ _18\"> </span>dal <span class=\"_ _19\"> </span>Consiglio <span class=\"_ _18\"> </span>di<span class=\"_ _df\"> </span><span class=\"_ _2\"></span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1c2b\">Amministrazione di aprile 2024 ed inviato, entro la scadenza regolamentare, ad IVASS.<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1c2c\">Si <span class=\"_ _d\"></span>specifica <span class=\"_ _2\"></span>infine <span class=\"_ _d\"></span>che <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>continuit\u00e0 <span class=\"_ _d\"></span>con <span class=\"_ _0\"></span>gli <span class=\"_ _d\"></span>anni <span class=\"_ _d\"></span>precede<span class=\"_ _1\"></span>nti <span class=\"_ _d\"></span>(attivit\u00e0 <span class=\"_ _d\"></span>avviata <span class=\"_ _d\"></span>a <span class=\"_ _d\"></span>partire <span class=\"_ _d\"></span>dal <span class=\"_ _0\"></span>mese <span class=\"_ _2\"></span>di<span class=\"_ _df\"> </span><span class=\"_ _2\"></span> </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs1c2d\">marzo 2020), l<span class=\"_ _1\"></span>a Compagnia ne<span class=\"_ _f\"></span>l cor<span class=\"_ _2\"></span>so de<span class=\"_ _1\"></span>l 2025 ha p<span class=\"_ _1\"></span>artecipato su <span class=\"_ _f\"></span>richiesta dell\u2019Autorit\u00e0 di vi<span class=\"_ _1\"></span>gilanza<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1c2e\">alle seguenti attivit\u00e0:<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff18 fs1 fc1 sc0 ls0 ws0 gs1c2f\">-<span class=\"ff10\"> <span class=\"_ _1c\"> </span><span class=\"ff4\">monitoraggio mensile dell<span class=\"_ _1\"></span>a posizione di solvibilit\u00e0.<span class=\"_ _df\"> </span></span></span><span class=\"ff10\"><span class=\"ff4\"><span class=\"_ _2\"></span> </span></span></div><div class=\"t m0 h5 ff4 fs1 fc4 sc3 ls0 ws0 gs1c30\">Rischi <span class=\"_ _1\"></span>di so<span class=\"_ _f\"></span>ttoscrizio<span class=\"_ _f\"></span>ne NON <span class=\"_ _1\"></span>LIFE<span class=\"_ _f\"></span> (o tecnici <span class=\"_ _1\"></span>assi<span class=\"_ _1\"></span>curat<span class=\"_ _1\"></span>ivi)  </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1c31\">Si <span class=\"_ _d\"></span>definisce <span class=\"_ _d\"></span>R<span class=\"_ _2\"></span>ischio <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>Sott<span class=\"_ _2\"></span>oscrizione<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>- <span class=\"_ _0\"></span>il <span class=\"_ _d\"></span>rischio <span class=\"_ _0\"></span>di <span class=\"_ _d\"></span>perdita <span class=\"_ _0\"></span>o <span class=\"_ _0\"></span>di <span class=\"_ _d\"></span>variazione <span class=\"_ _d\"></span>s<span class=\"_ _2\"></span>favorevole <span class=\"_ _d\"></span>del <span class=\"_ _d\"></span>valore<span class=\"_ _df\"> </span><span class=\"_ _2\"></span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1c32\">delle <span class=\"_ _0\"></span>passivit\u00e0 <span class=\"_ _9\"> </span>assicurative <span class=\"_ _9\"> </span>dovuto <span class=\"_ _0\"></span>ad <span class=\"_ _9\"> </span>ipotesi <span class=\"_ _9\"> </span>inadeguate <span class=\"_ _0\"></span>in <span class=\"_ _0\"> </span>mat<span class=\"_ _2\"></span>eria <span class=\"_ _0\"></span>di <span class=\"_ _9\"> </span>fissazione <span class=\"_ _9\"> </span>di <span class=\"_ _0\"></span>prezzi <span class=\"_ _9\"> </span>e <span class=\"_ _0\"></span>d<span class=\"_ _2\"></span>i<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1c33\">costituzione delle riserve tecniche (cf<span class=\"_ _1\"></span>r. articolo 1, comm<span class=\"_ _2\"></span>a 1, le<span class=\"_ _1\"></span>t<span class=\"_ _2\"></span>tera vv-bis 4 del CAP)<span class=\"_ _1\"></span>.  </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs1c34\">Nell\u2019ambito  del  Framework  dei  r<span class=\"_ _2\"></span>ischi  della  Compagnia,  tale  rischio  pu\u00f2  essere  ulteriormente<span class=\"_ _df\"> </span><span class=\"_ _2\"></span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1c35\">distinto nelle seguenti categorie:<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff18 fs1 fc1 sc0 ls0 ws0 gs1c36\">-<span class=\"ff10\"> <span class=\"_ _51\"> </span><span class=\"ff4\">Rischio <span class=\"_ _14\"> </span>di <span class=\"_ _14\"> </span>assunzione: <span class=\"_ _14\"> </span>rappresenta <span class=\"_ _14\"> </span>il <span class=\"_ _14\"> </span>rischio <span class=\"_ _14\"> </span>derivante <span class=\"_ _14\"> </span>dalla <span class=\"_ _14\"> </span>sotto<span class=\"_ _2\"></span>scrizione<span class=\"_ _f\"></span> <span class=\"_ _15\"> </span>dei <span class=\"_ _17\"> </span>contrat<span class=\"_ _2\"></span>ti <span class=\"_ _17\"> </span>di<span class=\"_ _df\"> </span></span></span><span class=\"ff10\"><span class=\"ff4\"> </span></span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1c37\">assicurazione, collegato agl<span class=\"_ _1\"></span>i eventi assicu<span class=\"_ _1\"></span>rati, ai proce<span class=\"_ _1\"></span>ssi seguiti p<span class=\"_ _1\"></span>er la tariffazione <span class=\"_ _1\"></span>e selezi<span class=\"_ _1\"></span>one dei<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs1c38\">rischi, all\u2019andamento sfavorevole della sinistralit\u00e0 effettiva rispe<span class=\"_ _1\"></span>tto a quella stimata. <span class=\"_ _2\"></span><span class=\"ff4\"> </span></div><div class=\"t m0 h5 ff18 fs1 fc1 sc0 ls0 ws0 gs1c39\">-<span class=\"ff10\"> <span class=\"_ _51\"> </span><span class=\"ff4\">Rischio  di <span class=\"_ _9\"> </span>riservazione, <span class=\"_ _16\"> </span>ovvero  i<span class=\"_ _1\"></span>l <span class=\"_ _16\"> </span>rischio <span class=\"_ _16\"> </span>connesso <span class=\"_ _16\"> </span>alla <span class=\"_ _9\"> </span>quantificazio<span class=\"_ _2\"></span>ne <span class=\"_ _9\"> </span>di  riserve <span class=\"_ _9\"> </span>tecniche  non<span class=\"_ _df\"> </span></span></span><span class=\"ff10\"><span class=\"ff4\"> </span></span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1c3a\">sufficienti a coprire gli impegni assunti nei confronti deg<span class=\"_ _1\"></span>li assicurati e dei danneggiati.<span class=\"_ _df\"> </span><span class=\"_ _2\"></span> </div><div class=\"t m0 h5 ff18 fs1 fc1 sc0 ls0 ws0 gs1c3b\">-<span class=\"ff10\"> <span class=\"_ _51\"> </span><span class=\"ff4\">Rischio catastrofale, <span class=\"_ _1\"></span>ovvero i<span class=\"_ _1\"></span>l <span class=\"_ _f\"></span>r<span class=\"_ _2\"></span>ischi<span class=\"_ _1\"></span>o di <span class=\"_ _f\"></span>perdita o <span class=\"_ _f\"></span>di variazione<span class=\"_ _f\"></span> sfavorevole <span class=\"_ _f\"></span>del valore <span class=\"_ _f\"></span>delle passiv<span class=\"_ _1\"></span>it\u00e0<span class=\"_ _df\"> </span></span></span><span class=\"ff10\"><span class=\"ff4\"> </span></span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs1c3c\">assicurative, <span class=\"_ _0\"></span>derivante <span class=\"_ _0\"></span>dall\u2019in<span class=\"_ _2\"></span><span class=\"ff4\">certezza <span class=\"_ _0\"></span>significativa <span class=\"_ _0\"></span>delle <span class=\"_ _0\"></span>ipot<span class=\"_ _2\"></span>esi <span class=\"_ _0\"></span>relative <span class=\"_ _0\"></span>alla <span class=\"_ _0\"></span>determinazione <span class=\"_ _0\"> </span>d<span class=\"_ _2\"></span>ei<span class=\"_ _df\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1c3d\">premi <span class=\"_ _f\"></span>e <span class=\"_ _f\"></span>alla <span class=\"_ _f\"></span>cost<span class=\"_ _2\"></span>ituzione <span class=\"_ _11\"></span>delle riserve<span class=\"_ _1\"></span> <span class=\"_ _f\"></span>in <span class=\"_ _f\"></span>rapport<span class=\"_ _2\"></span>o <span class=\"_ _f\"></span>al <span class=\"_ _f\"></span>verificarsi <span class=\"_ _f\"></span>di <span class=\"_ _f\"></span>eventi <span class=\"_ _f\"></span>est<span class=\"_ _2\"></span>remi <span class=\"_ _f\"></span>ed <span class=\"_ _f\"></span>eccezionali <span class=\"_ _f\"></span>legati<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs1c3e\">ad eventi naturali o causati dall\u2019uomo.<span class=\"_ _df\"> </span><span class=\"ff4\"> </span></div><div class=\"t m0 h5 ff18 fs1 fc1 sc0 ls0 ws0 gs1c3f\">-<span class=\"ff10\"> <span class=\"_ _51\"> </span><span class=\"ff4\">Rischio <span class=\"_ _9\"> </span>lapse, <span class=\"_ _9\"> </span>rappresenta <span class=\"_ _0\"></span>il <span class=\"_ _9\"> </span>rischio <span class=\"_ _9\"> </span>d<span class=\"ff5\">erivante <span class=\"_ _9\"> </span>dall\u2019esercizio <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>opzioni <span class=\"_ _0\"></span>da <span class=\"_ _9\"> </span>parte <span class=\"_ _9\"> </span>degli <span class=\"_ _9\"> </span>assicurati<span class=\"_ _df\"> </span></span></span></span><span class=\"ff10\"><span class=\"ff4\"><span class=\"ff5\"> </span></span></span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1c40\">eventualmente <span class=\"_ _4\"> </span>contenute <span class=\"_ _17\"> </span>nei <span class=\"_ _17\"> </span>contr<span class=\"_ _2\"></span>atti <span class=\"_ _4\"> </span>non<span class=\"_ _2\"></span>-<span class=\"ff5\">life, <span class=\"_ _4\"> </span>quali <span class=\"_ _17\"> </span>ad <span class=\"_ _17\"> </span>esempio <span class=\"_ _4\"> </span>l\u2019opzione <span class=\"_ _17\"> </span>di <span class=\"_ _17\"> </span>rescindere <span class=\"_ _17\"> </span>il<span class=\"_ _df\"> </span></span><span class=\"ff5\"> </span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs1c41\">contratto <span class=\"_ _d\"></span>prima <span class=\"_ _0\"></span>della <span class=\"_ _d\"></span>scadenza <span class=\"_ _d\"></span>pattuita <span class=\"_ _0\"></span>o <span class=\"_ _d\"></span>l\u2019opzione <span class=\"_ _d\"></span>di <span class=\"_ _0\"></span>rinnovo <span class=\"_ _d\"></span>del <span class=\"_ _0\"></span>contratto <span class=\"_ _d\"></span>secondo <span class=\"_ _0\"></span>condizioni<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1c42\">precedentemente stabilite.  </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1c43\">Da un <span class=\"_ _f\"></span>punto di <span class=\"_ _f\"></span>vista de<span class=\"_ _1\"></span>lla d<span class=\"_ _1\"></span>istribuzione <span class=\"_ _f\"></span>d<span class=\"_ _2\"></span>ei <span class=\"_ _f\"></span>r<span class=\"_ _2\"></span>ischi <span class=\"_ _f\"></span>di sottoscrizione <span class=\"_ _f\"></span>di Crede<span class=\"_ _1\"></span>massicurazioni secondo<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1c44\">i <span class=\"_ _10\"> </span>dettami <span class=\"_ _10\"> </span>normativi <span class=\"_ _10\"> </span>Solvency <span class=\"_ _e\"> </span>II <span class=\"_ _10\"> </span>si <span class=\"_ _10\"> </span>riporta <span class=\"_ _10\"> </span>nella <span class=\"_ _10\"> </span>tabella <span class=\"_ _10\"> </span>di <span class=\"_ _10\"> </span>seguito <span class=\"_ _10\"> </span>la <span class=\"_ _10\"> </span>miglior <span class=\"_ _10\"> </span>stima <span class=\"_ _10\"> </span>della<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1c45\">rappresentazione <span class=\"_ _2\"></span>del <span class=\"_ _d\"></span>rischio <span class=\"_ _d\"></span>alla <span class=\"_ _2\"></span>data <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>redazione <span class=\"_ _d\"></span>della <span class=\"_ _2\"></span>presente <span class=\"_ _d\"></span>sezione <span class=\"_ _d\"></span>(si <span class=\"_ _2\"></span>precisa <span class=\"_ _d\"></span>che <span class=\"_ _d\"></span>il <span class=\"_ _2\"></span>peso<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1c46\">complessivo dei rischi NON life e Health NSLT und<span class=\"_ _1\"></span>erwriting \u00e8 pari al 78,4%).<span class=\"_ _2\"></span> </div><table class=\"s w11e3 h5c3\" id=\"_0c8ea47a-6978-4ec0-926d-4542687a496b\"><tr><td class=\"c xb8d y38be w11e4 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc1 sc0 ls0 ws0\">Non Life risk - risk<span class=\"_ _1\"></span>/sum of risk comp<span class=\"_ _f\"></span>onents <span class=\"_ _2\"></span>- re<span class=\"_ _1\"></span>lativo e<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c xb8e y38bf w2f8 h211\"><div class=\"t m0 x1e6 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">IVQ <span class=\"ls2a\">2025</span> </div></td></tr><tr><td class=\"c xb8f y38c0 w11e5 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc1 sc0 ls0 ws0\">complessivo<span class=\"_ _df\"> </span></div></td><td class=\"c xb8e y38c1 w657 h211\"><div class=\"t m1 x35 h5b y32 ff4 fs19 fc1 sc0 ls0 ws0\">% Relativo </div></td><td class=\"c xb90 y38c1 w658 h211\"><div class=\"t m1 x14 h5b y32 ff4 fs19 fc1 sc0 ls0 ws0\">% Complessiv<span class=\"_ _1\"></span>o </div></td></tr><tr><td class=\"c xb91 y38c2 w1e8 h12f\"><div class=\"t m0 x163 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">Non-Life premium <span class=\"_ _1\"></span>and reserve r<span class=\"_ _1\"></span>isk </div></td><td class=\"c xb8e y38c2 w657 h12f\"><div class=\"t m0 x97 h1f y1c2d ff4 fs7 fc1 sc0 ls0 ws0\">63,8% </div></td><td class=\"c xb90 y38c2 w658 h12f\"><div class=\"t m0 x30 h1f y1c2d ff4 fs7 fc1 sc0 ls0 ws0\">30,3% </div></td></tr><tr><td class=\"c xb91 y38c3 w1e8 h131\"><div class=\"t m0 x163 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">Non-Life lapse ri<span class=\"_ _1\"></span>sk </div></td><td class=\"c xb8e y38c3 w657 h131\"><div class=\"t m0 x38 h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">21,5% </div></td><td class=\"c xb90 y38c3 w658 h131\"><div class=\"t m0 x15 h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">10,2% </div></td></tr><tr><td class=\"c xb91 y24a4 w1e8 h131\"><div class=\"t m0 x163 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">Non-life CAT risk<span class=\"_ _1\"></span> </div></td><td class=\"c xb8e y24a4 w657 h131\"><div class=\"t m0 x38 h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">14,7% </div></td><td class=\"c xb90 y24a4 w658 h131\"><div class=\"t m0 x36 h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">7,0% </div></td></tr></table><table class=\"s w11e3 h5c4\" id=\"_859ae502-3006-46c7-9eed-4b286c784641\"><tr><td class=\"c xb92 y38c4 w11e6 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc1 sc0 ls0 ws0\">Health risk - risk/sum <span class=\"_ _f\"></span>of<span class=\"_ _2\"></span> risk<span class=\"_ _1\"></span> components - relativ<span class=\"_ _1\"></span>o e<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c xb8e y38c5 w2f8 h131\"><div class=\"t m0 x1e6 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">IVQ <span class=\"ls2a\">2025</span> </div></td></tr><tr><td class=\"c xb8f y38c6 w11e5 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc1 sc0 ls0 ws0\">complessivo<span class=\"_ _df\"> </span></div></td><td></td><td></td></tr><tr><td></td><td class=\"c xb8e y38c7 w657 h131\"><div class=\"t m1 x35 h5b y32 ff4 fs19 fc1 sc0 ls0 ws0\">% Relativo </div></td><td class=\"c xb90 y38c7 w658 h131\"><div class=\"t m1 x14 h5b y32 ff4 fs19 fc1 sc0 ls0 ws0\">% Complessiv<span class=\"_ _1\"></span>o </div></td></tr><tr><td class=\"c xb91 y38c8 w1e8 h131\"><div class=\"t m0 x163 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">Health premium and <span class=\"_ _f\"></span>reserve risk </div></td><td class=\"c xb8e y38c8 w657 h131\"><div class=\"t m0 x97 h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">74,8% </div></td><td class=\"c xb90 y38c8 w658 h131\"><div class=\"t m0 x15 h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">23,1% </div></td></tr><tr><td class=\"c xb91 y38c9 w1e8 h131\"><div class=\"t m0 x163 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">Health Lapse risk<span class=\"_ _f\"></span> </div></td><td class=\"c xb8e y38c9 w657 h131\"><div class=\"t m0 x97 h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">22,8% </div></td><td class=\"c xb90 y38c9 w658 h131\"><div class=\"t m0 x8f h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">7,1% </div></td></tr><tr><td class=\"c xb91 y38ca w1e8 h131\"><div class=\"t m0 x163 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">Health CAT </div></td><td class=\"c xb8e y38ca w657 h131\"><div class=\"t m0 x31 h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">2,4% </div></td><td class=\"c xb90 y38ca w658 h131\"><div class=\"t m0 x36 h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">0,7% </div></td></tr><tr><td class=\"c xb91 y38cb w1e8 h131\"><div class=\"t m0 x163 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">Health SLT Morta<span class=\"_ _f\"></span>l<span class=\"_ _2\"></span>ity risk </div></td><td class=\"c xb8e y38cb w657 h131\"><div class=\"t m0 x31 h1f y74a ff4 fs7 fc1 sc0 ls0 ws0\">0,0% </div></td><td class=\"c xb90 y38cb w658 h131\"><div class=\"t m0 x36 h1f y74a ff4 fs7 fc1 sc0 ls0 ws0\">0,0% </div></td></tr><tr><td class=\"c xb91 y38cc w1e8 h131\"><div class=\"t m0 x163 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">Health SLT L<span class=\"_ _1\"></span>ongevity risk </div></td><td class=\"c xb8e y38cc w657 h131\"><div class=\"t m0 x31 h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">0,0% </div></td><td class=\"c xb90 y38cc w658 h131\"><div class=\"t m0 x36 h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">0,0% </div></td></tr><tr><td class=\"c xb91 y38cd w1e8 h131\"><div class=\"t m0 x163 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">Health SLT Disabi<span class=\"_ _1\"></span>lity morbidity r<span class=\"_ _1\"></span>isk </div></td><td class=\"c xb8e y38cd w657 h131\"><div class=\"t m0 x31 h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">0,0% </div></td><td class=\"c xb90 y38cd w658 h131\"><div class=\"t m0 x36 h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">0,0% </div></td></tr><tr><td class=\"c xb91 y38ce w1e8 h131\"><div class=\"t m0 x163 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">Health SLT Lap<span class=\"_ _1\"></span>se risk </div></td><td class=\"c xb8e y38ce w657 h131\"><div class=\"t m0 x31 h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">0,0% </div></td><td class=\"c xb90 y38ce w658 h131\"><div class=\"t m0 x36 h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">0,0% </div></td></tr><tr><td class=\"c xb91 y38cf w1e8 h131\"><div class=\"t m0 x163 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">Health SLT Expe<span class=\"_ _1\"></span>nse risk </div></td><td class=\"c xb8e y38cf w657 h131\"><div class=\"t m0 x31 h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">0,0% </div></td><td class=\"c xb90 y38cf w658 h131\"><div class=\"t m0 x36 h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">0,0% </div></td></tr><tr><td class=\"c xb91 y38d0 w1e8 h12f\"><div class=\"t m0 x163 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">Health SLT Rev<span class=\"_ _1\"></span>ision risk </div></td><td class=\"c xb8e y38d0 w657 h12f\"><div class=\"t m0 x31 h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">0,0% </div></td><td class=\"c xb90 y38d0 w658 h12f\"><div class=\"t m0 x36 h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">0,0% </div></td></tr></table>La Compagnia adotta, nei confronti di tali rischi, linee<span class=\"_ _1\"></span> guida che:<span class=\"_ _df\"> </span>-<span class=\"_ _2b\"> </span><span class=\"ff4\">illu<span class=\"_ _1\"></span>strano i t<span class=\"_ _2\"></span>ipi di<span class=\"_ _1\"></span> rischi assicurativi che intende assumere;<span class=\"_ _df\"> </span></span>-<span class=\"_ _2b\"> </span><span class=\"ff5\">evidenziano  le <span class=\"_ _4\"> </span>caratt<span class=\"_ _2\"></span>eristiche <span class=\"_ _22\"> </span>dell\u2019attivit\u00e0 <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>assicurazione <span class=\"_ _4\"> </span>(prodotti, <span class=\"_ _4\"> </span>canali <span class=\"_ _4\"> </span>distributivi,  r<span class=\"_ _2\"></span>ischi<span class=\"_ _df\"> </span></span>esclusi<span class=\"ls37\">);<span class=\"_ _df\"> </span></span>-<span class=\"_ _2b\"> </span><span class=\"ff4\">descrivono <span class=\"_ _0\"></span>le <span class=\"_ _9\"> </span>moda<span class=\"_ _2\"></span>lit\u00e0 <span class=\"_ _9\"> </span>volte <span class=\"_ _9\"> </span>a <span class=\"_ _16\"> </span>garantire <span class=\"_ _9\"> </span>che <span class=\"_ _9\"> </span>la <span class=\"_ _9\"> </span>raccolta <span class=\"_ _16\"> </span>premi <span class=\"_ _9\"> </span>sia <span class=\"_ _9\"> </span>adeguata <span class=\"_ _9\"> </span>a <span class=\"_ _16\"> </span>coprire <span class=\"_ _9\"> </span>i <span class=\"_ _9\"> </span>sinistri<span class=\"_ _df\"> </span></span>previsti e le relative<span class=\"_ _1\"></span> spese;<span class=\"_ _df\"> </span>-<span class=\"_ _2b\"> </span><span class=\"ff5\">illu<span class=\"_ _1\"></span>strano  le<span class=\"_ _f\"></span>  modalit\u00e0 <span class=\"_ _9\"> </span>con <span class=\"_ _16\"> </span>cui <span class=\"_ _9\"> </span>l\u2019impresa <span class=\"_ _9\"> </span>t<span class=\"_ _2\"></span>iene <span class=\"_ _9\"> </span>conto <span class=\"_ _16\"> </span>dell<span class=\"_ _1\"></span>a <span class=\"_ _16\"> </span>riassicurazione <span class=\"_ _9\"> </span>o <span class=\"_ _16\"> </span>di <span class=\"_ _9\"> </span>altre <span class=\"_ _16\"> </span>tecniche <span class=\"_ _9\"> </span>di<span class=\"_ _df\"> </span></span>mitigazione <span class=\"_ _9\"> </span>del  rischio <span class=\"_ _9\"> </span>nel  processo <span class=\"_ _9\"> </span>di  proget<span class=\"_ _1\"></span>tazione <span class=\"_ _16\"> </span>di <span class=\"_ _9\"> </span>un  nuovo <span class=\"_ _9\"> </span>prodotto  a<span class=\"_ _1\"></span>ssicurativo  e<span class=\"_ _f\"></span>  de<span class=\"_ _1\"></span>l<span class=\"_ _df\"> </span>calcolo del relativo premio;<span class=\"_ _df\"> </span>-<span class=\"_ _2b\"> </span><span class=\"ff5\">illu<span class=\"_ _1\"></span>strano le <span class=\"_ _1\"></span>modalit\u00e0 con <span class=\"_ _f\"></span>cui l\u2019impresa tiene <span class=\"_ _f\"></span>conto delle l<span class=\"_ _1\"></span>imitazioni degli <span class=\"_ _1\"></span>investimenti ne<span class=\"_ _f\"></span>l processo<span class=\"_ _df\"> </span></span>di progettazione di un nu<span class=\"_ _1\"></span>ovo prodott<span class=\"_ _2\"></span>o assicurativo e del<span class=\"_ _1\"></span> c<span class=\"_ _2\"></span>alcolo del relativo premio.<span class=\"_ _df\"> </span>La Com<span class=\"_ _2\"></span>pagnia misura <span class=\"_ _2\"></span>e mo<span class=\"_ _2\"></span>nitora la <span class=\"_ _2\"></span>propria <span class=\"_ _2\"></span>esposizione al <span class=\"_ _2\"></span>rischio <span class=\"_ _2\"></span>di sottoscrizione considerando<span class=\"_ _df\"> </span>il portafoglio complessivo, oltre a verificare<span class=\"_ _1\"></span> la conformit\u00e0 ai limiti ed alle politiche definite.<span class=\"_ _df\"> </span>L\u2019identificazione <span class=\"_ _0\"></span>dei <span class=\"_ _9\"> </span>r<span class=\"_ _2\"></span>ischi <span class=\"_ _0\"> </span>vie<span class=\"ff4\">ne <span class=\"_ _16\"> </span>effettuata <span class=\"_ _9\"> </span>con <span class=\"_ _0\"></span>r<span class=\"_ _2\"></span>iferimento<span class=\"_ _1\"></span> <span class=\"_ _9\"> </span>ai <span class=\"_ _9\"> </span>nuovi <span class=\"_ _9\"> </span>prodotti <span class=\"_ _9\"> </span>e <span class=\"_ _9\"> </span>al <span class=\"_ _9\"> </span>portafoglio <span class=\"_ _9\"> </span>in<span class=\"_ _df\"> </span></span>essere:<span class=\"_ _df\"> </span>-<span class=\"_ _2b\"> </span><span class=\"ff4\">Nuovi <span class=\"_ _2\"></span>prodott<span class=\"_ _2\"></span>i: <span class=\"_ _d\"></span>coerentemente <span class=\"_ _2\"></span>con <span class=\"_ _d\"></span>il <span class=\"_ _d\"></span>Piano <span class=\"_ _d\"></span>Strategico, <span class=\"_ _d\"></span>la <span class=\"_ _d\"></span>rilevazione <span class=\"_ _d\"></span>dei <span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>ischi <span class=\"_ _d\"></span>connessi <span class=\"_ _d\"></span>ai <span class=\"_ _d\"></span>nuovi<span class=\"_ _df\"> </span></span>prodotti <span class=\"_ _2\"></span><span class=\"ff5\">viene effettuata <span class=\"_ _2\"></span>sulla <span class=\"_ _2\"></span>base delle <span class=\"_ _2\"></span>loro <span class=\"_ _2\"></span>caratteristiche tecniche n<span class=\"_ _2\"></span>ell\u2019amb</span>ito <span class=\"_ _2\"></span>del processo <span class=\"_ _2\"></span>di<span class=\"_ _df\"> </span>ORSA. <span class=\"_ _d\"></span> <span class=\"_ _0\"></span>Inoltre, <span class=\"_ _0\"></span>in <span class=\"_ _0\"></span>coerenza <span class=\"_ _0\"></span>con <span class=\"_ _9\"> </span>il <span class=\"_ _d\"></span>pro<span class=\"_ _2\"></span>cesso <span class=\"_ _d\"></span>finalizzato <span class=\"_ _0\"></span>alla <span class=\"_ _0\"></span>creazione <span class=\"_ _0\"></span>e <span class=\"_ _d\"></span>lan<span class=\"_ _2\"></span>cio <span class=\"_ _d\"></span>dei <span class=\"_ _0\"></span>nuovi <span class=\"_ _0\"></span>prodotti<span class=\"_ _df\"> </span>definito <span class=\"_ _4\"> </span>nell\u2019ambito <span class=\"_ _17\"> </span>del <span class=\"_ _4\"> </span>pi\u00f9 <span class=\"_ _4\"> </span>generale <span class=\"_ _17\"> </span>processo <span class=\"_ _17\"> </span>POG <span class=\"_ _4\"> </span>(Product <span class=\"_ _17\"> </span>Oversight <span class=\"_ _4\"> </span>and <span class=\"_ _17\"> </span>Governance), <span class=\"_ _4\"> </span>la<span class=\"_ _df\"> </span>funzione <span class=\"_ _2\"></span>Risk <span class=\"_ _2\"></span>Management <span class=\"_ _2\"></span>\u00e8 ch<span class=\"_ _2\"></span>iamata <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>redigere <span class=\"_ _2\"></span>una <span class=\"_ _2\"></span>specifica <span class=\"_ _2\"></span>analisi <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>rischiosit\u00e0 <span class=\"_ _2\"></span>(c.d. <span class=\"_ _2\"></span>scheda<span class=\"_ _df\"> </span>rischi) del singolo prodotto i cui e<span class=\"_ _1\"></span>siti sono trasmessi al Comitato di Product Governance<span class=\"_ _1\"></span>.<span class=\"_ _df\"> </span>-<span class=\"_ _2b\"> </span><span class=\"ff5\">Portafoglio <span class=\"_ _9\"> </span>in <span class=\"_ _16\"> </span>essere: <span class=\"_ _9\"> </span>con <span class=\"_ _9\"> </span>riferimento <span class=\"_ _16\"> </span>al <span class=\"_ _9\"> </span>portafoglio <span class=\"_ _16\"> </span>in <span class=\"_ _9\"> </span>essere, <span class=\"_ _16\"> </span>l\u2019ide<span class=\"_ _f\"></span>nt<span class=\"_ _2\"></span>ificazione <span class=\"_ _9\"> </span>dei <span class=\"_ _9\"> </span>r<span class=\"_ _2\"></span>ischi <span class=\"_ _9\"> </span>viene<span class=\"_ _df\"> </span></span>effettuata <span class=\"_ _0\"></span>s<span class=\"_ _2\"></span>ulla <span class=\"_ _0\"></span>base <span class=\"_ _9\"> </span>dei <span class=\"_ _0\"> </span>dati <span class=\"_ _9\"> </span>tecnici <span class=\"_ _9\"> </span>del <span class=\"_ _9\"> </span>portafoglio <span class=\"_ _9\"> </span>e <span class=\"_ _9\"> </span>delle <span class=\"_ _0\"></span>mi<span class=\"_ _2\"></span>sure <span class=\"_ _0\"></span>di <span class=\"_ _9\"> </span>assorbimento <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>capitale<span class=\"_ _df\"> </span>determinate <span class=\"_ _d\"></span>attraverso <span class=\"_ _d\"></span>lo <span class=\"_ _d\"></span>strumento <span class=\"_ _2\"></span>utilizzato <span class=\"_ _d\"></span>dalla <span class=\"_ _d\"></span>Compagnia <span class=\"_ _d\"></span>per <span class=\"_ _d\"></span>il <span class=\"_ _d\"></span>calcolo <span class=\"_ _d\"></span>del <span class=\"_ _2\"></span>SCR <span class=\"_ _d\"></span>(Standard<span class=\"_ _df\"> </span>Formula). <span class=\"_ _30\"> </span><span class=\"ff5\">Le <span class=\"_ _30\"> </span>informazioni <span class=\"_ _30\"> </span>r<span class=\"_ _2\"></span>elative<span class=\"_ _1\"></span> <span class=\"_ _30\"> </span>all\u2019andamento <span class=\"_ _24\"> </span>tecnico <span class=\"_ _30\"> </span>complessivo <span class=\"_ _30\"> </span>rispecc<span class=\"ff4\">hian<span class=\"_ _2\"></span>o<span class=\"_ _df\"> </span></span></span>sinteticamente <span class=\"_ _1\"></span>i risultati <span class=\"_ _f\"></span>tecnici dei <span class=\"_ _f\"></span>sin<span class=\"_ _2\"></span>goli <span class=\"_ _f\"></span>Rami e quindi <span class=\"_ _f\"></span>dei prodotti presenti <span class=\"_ _f\"></span>in portafoglio (<span class=\"_ _1\"></span>che <span class=\"_ _1\"></span>in<span class=\"_ _df\"> </span>generale possono comprendere pi\u00f9 Rami).<span class=\"_ _df\"> </span>Si riportano sinteticamente di segui<span class=\"_ _1\"></span>to le principali misure di rischio utilizzate:<span class=\"_ _df\"> </span>-<span class=\"_ _2b\"> </span><span class=\"ff4 ls4\">SCR <span class=\"_ _2\"></span><span class=\"ls0\">- <span class=\"_ _d\"></span>Non-life <span class=\"_ _d\"></span>underwriting <span class=\"_ _d\"></span>risk <span class=\"_ _d\"></span>e <span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>elativi <span class=\"_ _2\"></span>sottomoduli <span class=\"_ _d\"></span>di <span class=\"_ _2\"></span>rischio <span class=\"_ _d\"></span>(valutato <span class=\"_ _d\"></span>sia <span class=\"_ _d\"></span>al <span class=\"_ _2\"></span>lordo <span class=\"_ _d\"></span>sia <span class=\"_ _d\"></span>al <span class=\"_ _d\"></span>netto<span class=\"_ _df\"> </span></span></span>della Riassicurazione);<span class=\"_ _df\"> </span>-<span class=\"_ _2b\"> </span><span class=\"ff4 ls4\">SCR <span class=\"_ _1\"></span><span class=\"ls0\">- He<span class=\"_ _1\"></span>alth und<span class=\"_ _1\"></span>erwriting risk <span class=\"_ _f\"></span>e <span class=\"_ _f\"></span>r<span class=\"_ _2\"></span>elativi <span class=\"_ _f\"></span>sottomoduli di <span class=\"_ _f\"></span>rischio (v<span class=\"_ _1\"></span>alutato sia<span class=\"_ _f\"></span> al l<span class=\"_ _1\"></span>ordo sia<span class=\"_ _f\"></span> al <span class=\"_ _f\"></span>nett<span class=\"_ _2\"></span>o <span class=\"_ _f\"></span>della<span class=\"_ _df\"> </span></span></span>Riassicurazione);<span class=\"_ _df\"> </span>-<span class=\"_ _2b\"> </span><span class=\"ff4\">Distribuzi<span class=\"_ _1\"></span>one <span class=\"_ _2\"></span>delle <span class=\"_ _2\"></span>Best <span class=\"_ _2\"></span>Estimate (Non-Life <span class=\"_ _2\"></span>ed <span class=\"_ _2\"></span>Health NSLT) <span class=\"_ _2\"></span>valutate <span class=\"_ _2\"></span>sia <span class=\"_ _2\"></span>al lor<span class=\"_ _2\"></span>do sia <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>netto della<span class=\"_ _df\"> </span></span>Riassicurazione;<span class=\"_ _df\"> </span>-<span class=\"_ _2b\"> </span><span class=\"ff4\">Risk Margin (Non-Li<span class=\"_ _1\"></span>fe ed Health NSLT);<span class=\"_ _df\"> </span></span>-<span class=\"_ _2b\"> </span><span class=\"ff4\">Combined Ratio;<span class=\"_ _df\"> </span></span>-<span class=\"_ _2b\"> </span><span class=\"ff4\">Loss Ratio;<span class=\"_ _df\"> </span></span>-<span class=\"_ _2b\"> </span><span class=\"ff4\">Expense Ratio.<span class=\"_ _df\"> </span></span>Rischi <span class=\"_ _1\"></span>di m<span class=\"_ _1\"></span>ercat<span class=\"_ _1\"></span>o Alla pi\u00f9 generale categoria del Rischio Mercato appartengono le seguenti sotto-categorie:<span class=\"_ _df\"> </span>-<span class=\"ff10\"> <span class=\"_ _24\"> </span><span class=\"ff4\">Rischio Mercato;<span class=\"_ _df\"> </span></span></span>-<span class=\"ff10\"> <span class=\"_ _24\"> </span><span class=\"ff4\">Rischio Asset &amp; <span class=\"_ _2\"></span>Liabil<span class=\"_ _1\"></span>ity Management;<span class=\"_ _df\"> </span></span></span>-<span class=\"ff10\"> <span class=\"_ _24\"> </span><span class=\"ff4 fc1\">Rischio di Liquidit\u00e0,<span class=\"_ _df\"> </span></span></span>di seguito meglio esplici<span class=\"_ _1\"></span>tate.<span class=\"_ _df\"> </span>Si <span class=\"_ _9\"> </span>definisce <span class=\"_ _9\"> </span>rischio <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>mercato, <span class=\"_ _9\"> </span>il <span class=\"_ _16\"> </span>rischio <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>perdita <span class=\"_ _9\"> </span>o <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>variazione <span class=\"_ _9\"> </span>sfavorevole <span class=\"_ _9\"> </span>della <span class=\"_ _9\"> </span>situazione<span class=\"_ _df\"> </span>finanziaria der<span class=\"_ _2\"></span>ivante, direttamente <span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>indirettamente, da <span class=\"_ _2\"></span>oscillazioni <span class=\"_ _2\"></span>del li<span class=\"_ _2\"></span>vello e <span class=\"_ _2\"></span>della <span class=\"_ _2\"></span>volatilit\u00e0 d<span class=\"_ _2\"></span>ei<span class=\"_ _df\"> </span>prezzi di mercato delle attivit\u00e0, delle passivit\u00e0 e degli strumenti finanziari (cfr. articolo 1, comma 1,<span class=\"_ _df\"> </span>lettera vv-bis 3 del CAP).<span class=\"_ _df\"> </span>I <span class=\"_ _14\"> </span>r<span class=\"_ _2\"></span>ischi <span class=\"_ _14\"> </span>di <span class=\"_ _15\"> </span>mercato <span class=\"_ _15\"> </span>risentono <span class=\"_ _15\"> </span>del<span class=\"ff5\">l\u2019andam<span class=\"_ _2\"></span>ento <span class=\"_ _14\"> </span>congiunturale <span class=\"_ _15\"> </span>del <span class=\"_ _15\"> </span>ciclo <span class=\"_ _15\"> </span>economico, <span class=\"_ _15\"> </span>che <span class=\"_ _15\"> </span>pu\u00f2<span class=\"_ _df\"> </span></span>amplificarne <span class=\"_ _2\"></span>o <span class=\"_ _d\"></span>eventualme<span class=\"_ _f\"></span>nt<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>diminuirne <span class=\"_ _2\"></span>la <span class=\"_ _d\"></span>significativit\u00e0, <span class=\"_ _2\"></span>soprattutto <span class=\"_ _2\"></span>se <span class=\"_ _2\"></span>il <span class=\"_ _d\"></span>portafoglio t<span class=\"_ _2\"></span>itoli <span class=\"_ _2\"></span>della<span class=\"_ _df\"> </span>Compagnia \u00e8 particolarmente concentrato in determinati settori,<span class=\"_ _1\"></span> valute o aree geografiche. Tale rischio pu\u00f2 essere distinto nei<span class=\"_ _1\"></span> seguenti fattori di rischio:<span class=\"_ _df\"> </span>-<span class=\"ff10\"> <span class=\"_ _51\"> </span><span class=\"ff4\">Rischio <span class=\"_ _22\"> </span>tas<span class=\"_ _2\"></span>so  di  interesse:  il  v<span class=\"_ _1\"></span>alore  degli  attivi  di  una  impresa  di  assicurazione  \u00e8  sensibile<span class=\"_ _1\"></span>  a<span class=\"_ _df\"> </span></span></span>variazioni dei <span class=\"_ _2\"></span>tassi <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>interesse. Inoltr<span class=\"_ _2\"></span>e, se <span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>flussi finanziari <span class=\"_ _2\"></span>generati <span class=\"_ _2\"></span>dalle att<span class=\"_ _2\"></span>ivit\u00e0 e <span class=\"_ _2\"></span>quelli<span class=\"_ _2\"></span> g<span class=\"_ _2\"></span>enerati<span class=\"_ _df\"> </span>dalle <span class=\"_ _16\"> </span>passivit\u00e0 <span class=\"_ _9\"> </span>di  un\u2019impresa <span class=\"_ _9\"> </span>n<span class=\"_ _2\"></span>on <span class=\"_ _16\"> </span>sono <span class=\"_ _16\"> </span>perfettamente <span class=\"_ _9\"> </span>allineati  p<span class=\"_ _1\"></span>er  scad<span class=\"_ _1\"></span>enza, <span class=\"_ _16\"> </span>periodicit\u00e0 <span class=\"_ _16\"> </span>degli<span class=\"_ _df\"> </span>eventuali pagamenti e per natura dei tassi degli investimenti (maturity <span class=\"_ _2\"></span>mismatching<span class=\"_ _1\"></span>, interest rate<span class=\"_ _df\"> </span>mismatching, <span class=\"_ _d\"></span>reset <span class=\"_ _0\"></span>date <span class=\"_ _d\"></span>mismatching, <span class=\"_ _d\"></span>basic <span class=\"_ _d\"></span>mismat<span class=\"_ _2\"></span>ching), <span class=\"_ _d\"></span>uno <span class=\"_ _0\"></span>shock <span class=\"_ _d\"></span>(positivo <span class=\"_ _d\"></span>o <span class=\"_ _0\"></span>negativo) <span class=\"_ _d\"></span>dei<span class=\"_ _df\"> </span>tassi <span class=\"_ _f\"></span>di <span class=\"_ _f\"></span>interess<span class=\"_ _2\"></span>e <span class=\"_ _f\"></span>pu\u00f2 <span class=\"_ _f\"></span>produrre <span class=\"_ _f\"></span>variazioni <span class=\"_ _f\"></span>non <span class=\"_ _1\"></span>sincronizzate <span class=\"_ _f\"></span>nel valore <span class=\"_ _f\"></span>delle <span class=\"_ _f\"></span>attivit\u00e0 <span class=\"_ _f\"></span>e <span class=\"_ _f\"></span>del<span class=\"_ _2\"></span>le <span class=\"_ _f\"></span>passivit\u00e0.<span class=\"_ _df\"> </span>Sostanzialmente <span class=\"_ _f\"></span>l'esposizione <span class=\"_ _f\"></span>al <span class=\"_ _f\"></span>rischio <span class=\"_ _1\"></span>tasso <span class=\"_ _f\"></span>di <span class=\"_ _f\"></span>interesse <span class=\"_ _1\"></span>si <span class=\"_ _f\"></span>riferisce <span class=\"_ _f\"></span>a <span class=\"_ _f\"></span>tutt<span class=\"_ _2\"></span>e <span class=\"_ _f\"></span>le <span class=\"_ _f\"></span>attivit\u00e0 <span class=\"_ _f\"></span>e <span class=\"_ _f\"></span>le <span class=\"_ _f\"></span>passivit\u00e0<span class=\"_ _df\"> </span>i<span class=\"ff5\">l <span class=\"_ _9\"> </span>cui <span class=\"_ _9\"> </span>valore <span class=\"_ _9\"> </span>\u00e8 <span class=\"_ _9\"> </span>\u201csensibile\u201d <span class=\"_ _9\"> </span>ai <span class=\"_ _16\"> </span>cambiamenti <span class=\"_ _0\"></span>nella <span class=\"_ _16\"> </span>struttura <span class=\"_ _9\"> </span>a <span class=\"_ _9\"> </span>termine <span class=\"_ _9\"> </span>dei <span class=\"_ _9\"> </span>tassi <span class=\"_ _16\"> </span>di <span class=\"_ _0\"> </span>interess<span class=\"_ _2\"></span>e <span class=\"_ _0\"></span>o <span class=\"_ _9\"> </span>alla<span class=\"_ _df\"> </span></span>volatilit\u00e0 dei tassi di interesse;<span class=\"_ _df\"> </span>-<span class=\"ff10\"> <span class=\"_ _51\"> </span><span class=\"ff5\">Rischio <span class=\"_ _2\"></span>azionario: i valori <span class=\"_ _2\"></span>di mercato delle posizioni assunte <span class=\"_ _2\"></span>dall\u2019impresa possono essere sensibili<span class=\"_ _df\"> </span></span></span>all\u2019andamento  d<span class=\"_ _1\"></span>ei  merc<span class=\"ff4\">ati <span class=\"_ _16\"> </span>azionari  (p<span class=\"_ _1\"></span>er  esempi<span class=\"_ _1\"></span>o  nel <span class=\"_ _9\"> </span>caso<span class=\"_ _2\"></span>  d<span class=\"_ _1\"></span>i  contratti <span class=\"_ _16\"> </span>le <span class=\"_ _16\"> </span>cui <span class=\"_ _16\"> </span>prestazioni  son<span class=\"_ _f\"></span>o<span class=\"_ _df\"> </span></span>collegate al valore di un titolo azionario);<span class=\"_ _df\"> </span>-<span class=\"ff10\"> <span class=\"_ _51\"> </span><span class=\"ff5\">Rischio  tasso  di  camb<span class=\"_ _f\"></span>io:  il  valore <span class=\"_ _16\"> </span>di <span class=\"_ _16\"> </span>mercato  dell<span class=\"_ _1\"></span>e  posizioni  assunte <span class=\"_ _9\"> </span>dall\u2019impresa  pu\u00f2  e<span class=\"_ _1\"></span>ssere<span class=\"_ _df\"> </span></span></span>sensibile <span class=\"_ _d\"></span>a <span class=\"_ _d\"></span>variazioni <span class=\"_ _d\"></span>dei <span class=\"_ _d\"></span>tassi <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>cambio <span class=\"_ _d\"></span>(p<span class=\"_ _2\"></span>er <span class=\"_ _d\"></span>esempio <span class=\"_ _d\"></span>nel <span class=\"_ _d\"></span>caso <span class=\"_ _0\"></span>di <span class=\"_ _d\"></span>titoli <span class=\"_ _d\"></span>azionari <span class=\"_ _d\"></span>o <span class=\"_ _d\"></span>obbligazionari<span class=\"_ _df\"> </span>denominati in <span class=\"_ _2\"></span>valuta <span class=\"_ _2\"></span>estera). Qu<span class=\"_ _2\"></span>esto <span class=\"_ _2\"></span>fattore di <span class=\"_ _2\"></span>rischio, <span class=\"_ _2\"></span>quind<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span>, as<span class=\"_ _2\"></span>sume particolare <span class=\"_ _2\"></span>rilevanza per <span class=\"_ _2\"></span>le<span class=\"_ _df\"> </span>imprese <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>assicurazione <span class=\"_ _2\"></span>in <span class=\"_ _d\"></span>presenza <span class=\"_ _2\"></span>di <span class=\"_ _d\"></span>attivit\u00e0 <span class=\"_ _2\"></span>a <span class=\"_ _d\"></span>copertura <span class=\"_ _2\"></span>delle <span class=\"_ _2\"></span>riserve <span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>ecniche <span class=\"_ _2\"></span>denominate <span class=\"_ _2\"></span>in<span class=\"_ _df\"> </span>una <span class=\"_ _2\"></span>valuta <span class=\"_ _2\"></span>diversa <span class=\"_ _d\"></span>da <span class=\"_ _2\"></span>quella <span class=\"_ _2\"></span>dei <span class=\"_ _2\"></span>cor<span class=\"_ _2\"></span>rispondenti <span class=\"_ _2\"></span>impegni <span class=\"_ _2\"></span>tecnici <span class=\"_ _2\"></span>assunti <span class=\"_ _d\"></span>contrattualmente.<span class=\"_ _1\"></span> <span class=\"_ _2\"></span>Infatti,<span class=\"_ _df\"> </span>poich\u00e9 <span class=\"_ _e\"> </span>la <span class=\"_ _10\"> </span>conversione <span class=\"_ _10\"> </span>di <span class=\"_ _e\"> </span>valute <span class=\"_ _10\"> </span>avviene <span class=\"_ _e\"> </span>alla <span class=\"_ _10\"> </span>chiusura <span class=\"_ _10\"> </span>d\u2019esercizio <span class=\"_ _10\"> </span>al <span class=\"_ _10\"> </span>cambio <span class=\"_ _e\"> </span>corrente, <span class=\"_ _10\"> </span>in<span class=\"_ _df\"> </span>corrispondenza di<span class=\"_ _1\"></span> detta data possono realizz<span class=\"_ _1\"></span>arsi delle plus/minusvalenze a causa d<span class=\"_ _1\"></span>ella variazione<span class=\"_ _df\"> </span>dei tassi di cambio;<span class=\"_ _df\"> </span>-<span class=\"ff10\"> <span class=\"_ _51\"> </span><span class=\"ff5\">Rischio <span class=\"_ _d\"></span>immobiliare: <span class=\"_ _d\"></span>qualora <span class=\"_ _0\"></span>gli <span class=\"_ _2\"></span>at<span class=\"_ _2\"></span>tivi <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>un\u2019imp<span class=\"_ _1\"></span>resa <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>assicuraz<span class=\"_ _2\"></span>ione <span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>iano <span class=\"_ _d\"></span>investiti <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>immobili, <span class=\"_ _2\"></span>i<span class=\"_ _df\"> </span></span></span>valori di tali attivit\u00e0 sono sensibili all\u2019and<span class=\"_ _1\"></span>amento dei prezzi di mercato degli stessi;<span class=\"_ _df\"> </span>-<span class=\"ff10\"> <span class=\"_ _51\"> </span><span class=\"ff4\">Cr<span class=\"_ _2\"></span>edit <span class=\"_ _0\"></span>Spread: <span class=\"_ _0\"></span><span class=\"ff5\">ogni <span class=\"_ _9\"> </span>volta <span class=\"_ _0\"></span>che <span class=\"_ _9\"> </span>un\u2019impresa <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>assicurazione <span class=\"_ _9\"> </span>sottoscrive <span class=\"_ _0\"></span>st<span class=\"_ _2\"></span>rumenti <span class=\"_ _0\"></span>finanziari, <span class=\"_ _0\"></span>pu\u00f2<span class=\"_ _df\"> </span></span></span></span>incorrere nel r<span class=\"_ _2\"></span>ischio di insolvenza <span class=\"_ _2\"></span>del proprio debitore <span class=\"_ _2\"></span>il quale potrebbe non <span class=\"_ _2\"></span>essere in grado <span class=\"_ _2\"></span>sia di<span class=\"_ _df\"> </span>adempiere <span class=\"_ _4\"> </span>alle <span class=\"_ _4\"> </span>proprie <span class=\"_ _4\"> </span>obbligazioni <span class=\"_ _4\"> </span>sia <span class=\"_ _17\"> </span>di <span class=\"_ _4\"> </span>incorrere <span class=\"_ _4\"> </span>nel <span class=\"_ _4\"> </span>rischio <span class=\"_ _17\"> </span>di <span class=\"_ _4\"> </span>un <span class=\"_ _4\"> </span>pe<span class=\"_ _2\"></span>ggioramento <span class=\"_ _4\"> </span>merito<span class=\"_ _df\"> </span>creditizio,  con  conseguente  riduzione  del <span class=\"_ _22\"> </span>valore <span class=\"_ _4\"> </span>del<span class=\"_ _1\"></span>  titolo. <span class=\"_ _22\"> </span>L\u2019esposizione  al  risch<span class=\"_ _2\"></span>io  credito  si<span class=\"_ _df\"> </span>riferisce ad attivit\u00e0, passivit\u00e0 e strumenti finanziari sensibi<span class=\"_ _1\"></span>li alla variazione degli spread creditizi;<span class=\"_ _df\"> </span>-<span class=\"ff10\"> <span class=\"_ _51\"> </span><span class=\"ff5\">Rischio <span class=\"_ _d\"></span>conc<span class=\"_ _2\"></span>entrazione: <span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>\u2019esposizi<span class=\"ff4\">one <span class=\"_ _d\"></span>al <span class=\"_ _d\"></span>rischio <span class=\"_ _d\"></span>di <span class=\"_ _0\"></span>concentrazione, <span class=\"_ _d\"></span>che <span class=\"_ _d\"></span>deriva <span class=\"_ _0\"></span>da <span class=\"_ _d\"></span>una <span class=\"_ _d\"></span>variazione<span class=\"_ _df\"> </span></span></span></span>inattesa <span class=\"_ _22\"> </span>dei  prezzi, <span class=\"_ _4\"> </span>del  valore <span class=\"_ _22\"> </span>delle <span class=\"_ _22\"> </span>esposizioni <span class=\"_ _4\"> </span>verso  emittenti <span class=\"_ _22\"> </span>s<span class=\"_ _2\"></span>u  cui  si <span class=\"_ _4\"> </span>ha  un  accumulo <span class=\"_ _4\"> </span>di<span class=\"_ _df\"> </span>esposizione <span class=\"_ _f\"></span>con <span class=\"_ _1\"></span>la <span class=\"_ _f\"></span>s<span class=\"_ _2\"></span>tessa <span class=\"_ _f\"></span>cont<span class=\"_ _2\"></span>rop<span class=\"_ _1\"></span>arte, <span class=\"_ _1\"></span>si <span class=\"_ _f\"></span>r<span class=\"_ _2\"></span>iferisce <span class=\"_ _f\"></span>alle <span class=\"_ _f\"></span>att<span class=\"_ _2\"></span>ivit\u00e0 <span class=\"_ _f\"></span>soggette <span class=\"_ _1\"></span>al <span class=\"_ _1\"></span>rischio <span class=\"_ _f\"></span>azionario, al tasso<span class=\"_ _df\"> </span>di <span class=\"_ _2\"></span>interesse <span class=\"_ _2\"></span>e <span class=\"_ _d\"></span>spread <span class=\"_ _2\"></span>e <span class=\"_ _d\"></span>al <span class=\"_ _2\"></span>rischio <span class=\"_ _d\"></span>immobiliare <span class=\"_ _2\"></span>inclusi <span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>el <span class=\"_ _2\"></span>rischio <span class=\"_ _d\"></span>di <span class=\"_ _2\"></span>mercato, <span class=\"_ _d\"></span>ed <span class=\"_ _2\"></span>esclude <span class=\"_ _2\"></span>le <span class=\"_ _d\"></span>attivit\u00e0<span class=\"_ _df\"> </span>soggette <span class=\"_ _0\"></span>al <span class=\"_ _0\"></span>rischio <span class=\"_ _0\"></span>di <span class=\"_ _d\"></span>inadempimento <span class=\"_ _0\"> </span>di <span class=\"_ _0\"></span>contr<span class=\"_ _2\"></span>oparte. <span class=\"_ _d\"></span>Al <span class=\"_ _0\"></span>momento <span class=\"_ _0\"> </span>a <span class=\"_ _9\"> </span>livell<span class=\"_ _1\"></span>o <span class=\"_ _0\"></span>regolamentare <span class=\"_ _0\"></span>sono<span class=\"_ _df\"> </span>esclusi anche i titoli di stato;<span class=\"_ _df\"> </span>-<span class=\"ff10\"> <span class=\"_ _51\"> </span><span class=\"ff5\">Rischio  Sovrano: <span class=\"_ _22\"> </span>E\u2019  i<span class=\"_ _2\"></span>l  rischio  ass<span class=\"_ _2\"></span>ociato  all\u2019eventuali<span class=\"_ _1\"></span>t\u00e0  che <span class=\"_ _22\"> </span>un <span class=\"_ _22\"> </span>G<span class=\"_ _2\"></span>overno  non  rispetti  le  proprie<span class=\"_ _df\"> </span></span></span>obbligazioni finanzi<span class=\"_ _1\"></span>arie. Pu\u00f2 dipendere da fattori economici,<span class=\"_ _1\"></span> finanziari e politici. Pu<span class=\"_ _1\"></span>\u00f2 essere legato<span class=\"_ _df\"> </span>alla <span class=\"_ _22\"> </span>congiuntura <span class=\"_ _4\"> </span>o <span class=\"_ _22\"> </span>s<span class=\"_ _2\"></span>vilu<span class=\"_ _1\"></span>pparsi <span class=\"_ _4\"> </span>nel  medio<span class=\"_ _2\"></span>-lungo <span class=\"_ _22\"> </span>periodo. <span class=\"_ _4\"> </span>Il  rischio <span class=\"_ _4\"> </span>sovrano <span class=\"_ _4\"> </span>viene  as<span class=\"_ _2\"></span>sociato  ai<span class=\"_ _df\"> </span>rendimenti <span class=\"_ _f\"></span>dei titoli pu<span class=\"_ _1\"></span>bblici <span class=\"_ _f\"></span>e quindi <span class=\"_ _f\"></span>agli interessi <span class=\"_ _1\"></span>che <span class=\"_ _1\"></span>uno S<span class=\"_ _1\"></span>tato dev<span class=\"_ _1\"></span>e corrisponde<span class=\"_ _1\"></span>re agl<span class=\"_ _1\"></span>i investitori<span class=\"_ _df\"> </span>per potersi finanziare;<span class=\"_ _df\"> </span>-<span class=\"ff10\"> <span class=\"_ _51\"> </span><span class=\"ff4\">Liquidit\u00e0 <span class=\"_ _17\"> </span>del <span class=\"_ _4\"> </span>t<span class=\"_ _2\"></span>itolo: <span class=\"_ _4\"> </span>La <span class=\"_ _17\"> </span>possibilit\u00e0 <span class=\"_ _17\"> </span>di <span class=\"_ _4\"> </span>procedere <span class=\"_ _17\"> </span>allo <span class=\"_ _17\"> </span>smobilizzo <span class=\"_ _17\"> </span>tempestivo <span class=\"_ _4\"> </span>del <span class=\"_ _17\"> </span>portafoglio <span class=\"_ _17\"> </span>\u00e8<span class=\"_ _df\"> </span></span></span>fortemente <span class=\"_ _14\"> </span>condizionata <span class=\"_ _14\"> </span>dalla <span class=\"_ _17\"> </span>liquidabilit\u00e0 <span class=\"_ _14\"> </span>dei <span class=\"_ _17\"> </span>t<span class=\"_ _2\"></span>itoli <span class=\"_ _17\"> </span>in <span class=\"_ _14\"> </span>cui <span class=\"_ _14\"> </span>lo <span class=\"_ _14\"> </span>stesso <span class=\"_ _14\"> </span>\u00e8 <span class=\"_ _14\"> </span>investito. <span class=\"_ _17\"> </span>La <span class=\"_ _14\"> </span>scarsa<span class=\"_ _df\"> </span>liquidabilit\u00e0  dei  titoli,  infatti,  pu\u00f2  esporre  la  Compagnia  al  rischio  di  conseguire  delle  perdite<span class=\"_ _df\"> </span>connesse alla difficolt\u00e0 <span class=\"_ _2\"></span>di trovare <span class=\"_ _2\"></span>sul mercato <span class=\"_ _2\"></span>la controparte interessata <span class=\"_ _2\"></span>all<span class=\"ff5\">\u2019acquisto <span class=\"_ _2\"></span>dei titoli che<span class=\"_ _df\"> </span></span>si intende<span class=\"_ _1\"></span> smobilizzare. <span class=\"_ _1\"></span>A livello <span class=\"_ _1\"></span>regolamentare non \u00e8<span class=\"_ _1\"></span> attualmente<span class=\"_ _1\"></span> previsto un <span class=\"_ _f\"></span>r<span class=\"_ _2\"></span>equi<span class=\"_ _1\"></span>sito di capital<span class=\"_ _f\"></span>e<span class=\"_ _df\"> </span>specifico;<span class=\"_ _df\"> </span>-<span class=\"ff10\"> <span class=\"_ _51\"> </span><span class=\"ff4\">Altr<span class=\"_ _2\"></span>e <span class=\"_ _f\"></span>esposizioni in <span class=\"_ _f\"></span>assets: Tale<span class=\"_ _1\"></span> f<span class=\"_ _1\"></span>attore di <span class=\"_ _f\"></span>rischio <span class=\"_ _f\"></span>s<span class=\"_ _2\"></span>i <span class=\"_ _f\"></span>concretizza nel<span class=\"_ _1\"></span> rischio <span class=\"_ _f\"></span>mercato leg<span class=\"_ _1\"></span>ato a <span class=\"_ _f\"></span>private<span class=\"_ _df\"> </span></span></span>equity, strume<span class=\"ff5\">nti alternativi, infrastrutture, prodotti legati all\u2019i<span class=\"_ _1\"></span>nflazione e ibridi.<span class=\"_ _df\"> </span></span>I fattor<span class=\"_ _2\"></span>i di rischio <span class=\"_ _2\"></span>di mercato vengono <span class=\"_ _2\"></span>principalmente individuati <span class=\"_ _2\"></span>nelle classi d<span class=\"_ _2\"></span>i bilancio specifiche<span class=\"_ _df\"> </span>del Portafoglio di Propriet\u00e0. Da <span class=\"_ _0\"></span>un <span class=\"_ _0\"> </span>punto <span class=\"_ _0\"></span>di <span class=\"_ _9\"> </span>vista <span class=\"_ _0\"></span>della <span class=\"_ _0\"></span>distribuzione <span class=\"_ _0\"></span>dei <span class=\"_ _0\"></span>ris<span class=\"_ _2\"></span>chi <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>mercato <span class=\"_ _0\"> </span>di <span class=\"_ _0\"></span>Credemassicurazioni <span class=\"_ _0\"></span>secondo <span class=\"_ _0\"></span>i<span class=\"_ _df\"> </span>dettami <span class=\"_ _19\"> </span>normativi <span class=\"_ _18\"> </span>Solvency <span class=\"_ _19\"> </span>II <span class=\"_ _19\"> </span>si <span class=\"_ _19\"> </span>riporta <span class=\"_ _18\"> </span>nella <span class=\"_ _19\"> </span>tabella <span class=\"_ _18\"> </span>d<span class=\"_ _2\"></span>i <span class=\"_ _18\"> </span>seguito <span class=\"_ _19\"> </span>la <span class=\"_ _19\"> </span>miglior <span class=\"_ _19\"> </span>stima <span class=\"_ _19\"> </span>della<span class=\"_ _df\"> </span>rappresentazione <span class=\"_ _2\"></span>del <span class=\"_ _d\"></span>rischio <span class=\"_ _d\"></span>alla <span class=\"_ _2\"></span>data <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>redazione <span class=\"_ _d\"></span>della <span class=\"_ _2\"></span>presente <span class=\"_ _d\"></span>sezione <span class=\"_ _d\"></span>(si <span class=\"_ _d\"></span>precisa <span class=\"_ _2\"></span>che <span class=\"_ _d\"></span>il <span class=\"_ _d\"></span>peso<span class=\"_ _df\"> </span>complessivo dei rischi market \u00e8 pari al 14,3%).<table class=\"s w11e7 h5c5\" id=\"_daeeade3-8a00-4cd0-ac27-1d42e4bd958a\"><tr><td class=\"c xb94 y38d1 w11e8 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc1 sc0 ls0 ws0\">Market risk - risk<span class=\"_ _1\"></span>/sum of risk comp<span class=\"_ _f\"></span>onents <span class=\"_ _2\"></span>- re<span class=\"_ _1\"></span>lativo e<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c xb95 y38d2 w65a h1d\"><div class=\"t m0 x66 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">IVQ <span class=\"ls2a\">2025</span> </div></td></tr><tr><td class=\"c xb96 y38d3 w11e5 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc1 sc0 ls0 ws0\">complessivo<span class=\"_ _df\"> </span></div></td><td></td><td></td></tr><tr><td></td><td class=\"c xb95 y38d4 w65b h1d\"><div class=\"t m1 x14 h5b y32 ff4 fs19 fc1 sc0 ls0 ws0\">% Relativo </div></td><td class=\"c xb97 y38d4 w343 h1d\"><div class=\"t m1 x3a h5b y32 ff4 fs19 fc1 sc0 ls0 ws0\">% Complessiv<span class=\"_ _1\"></span>o </div></td></tr><tr><td class=\"c xb98 y38d5 w659 h1d\"><div class=\"t m0 x163 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">Interest rate r<span class=\"_ _1\"></span>isk </div></td><td class=\"c xb95 y38d5 w65b h1d\"><div class=\"t m0 x26 h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">67,1% </div></td><td class=\"c xb97 y38d5 w343 h1d\"><div class=\"t m0 x91 h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">9,6% </div></td></tr><tr><td class=\"c xb98 y38d6 w659 h1c\"><div class=\"t m0 x163 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">Equity risk </div></td><td class=\"c xb95 y38d6 w65b h1c\"><div class=\"t m0 x26 h1f y30c ff4 fs7 fc1 sc0 ls0 ws0\">0,0% </div></td><td class=\"c xb97 y38d6 w343 h1c\"><div class=\"t m0 x91 h1f y30c ff4 fs7 fc1 sc0 ls0 ws0\">0,0% </div></td></tr><tr><td class=\"c xb98 y38d7 w659 h1c\"><div class=\"t m0 x163 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">Property risk </div></td><td class=\"c xb95 y38d7 w65b h1c\"><div class=\"t m0 x26 h1f y30c ff4 fs7 fc1 sc0 ls0 ws0\">0,0% </div></td><td class=\"c xb97 y38d7 w343 h1c\"><div class=\"t m0 x91 h1f y30c ff4 fs7 fc1 sc0 ls0 ws0\">0,0% </div></td></tr><tr><td class=\"c xb98 y38d8 w659 h1c\"><div class=\"t m0 x163 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">Spread risk </div></td><td class=\"c xb95 y38d8 w65b h1c\"><div class=\"t m0 x27 h1f y30c ff4 fs7 fc1 sc0 ls0 ws0\">25,2% </div></td><td class=\"c xb97 y38d8 w343 h1c\"><div class=\"t m0 x91 h1f y30c ff4 fs7 fc1 sc0 ls0 ws0\">3,6% </div></td></tr><tr><td class=\"c xb98 y38d9 w659 h1d\"><div class=\"t m0 x163 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">Currency risk<span class=\"_ _1\"></span> </div></td><td class=\"c xb95 y38d9 w65b h1d\"><div class=\"t m0 x34 h1f y30c ff4 fs7 fc1 sc0 ls0 ws0\">7,7% </div></td><td class=\"c xb97 y38d9 w343 h1d\"><div class=\"t m0 x7 h1f y30c ff4 fs7 fc1 sc0 ls0 ws0\">1,1% </div></td></tr><tr><td class=\"c xb98 y38da w659 h1d\"><div class=\"t m0 x163 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">Concentration ri<span class=\"_ _1\"></span>sk </div></td><td class=\"c xb95 y38da w65b h1d\"><div class=\"t m0 x26 h1f y30c ff4 fs7 fc1 sc0 ls0 ws0\">0,0% </div></td><td class=\"c xb97 y38da w343 h1d\"><div class=\"t m0 x91 h1f y30c ff4 fs7 fc1 sc0 ls0 ws0\">0,0% </div></td></tr></table>La <span class=\"_ _14\"> </span>Compagnia <span class=\"_ _14\"> </span>adotta, <span class=\"_ _14\"> </span>nei <span class=\"_ _15\"> </span>confronti <span class=\"_ _14\"> </span>dei <span class=\"_ _14\"> </span>fattori <span class=\"_ _14\"> </span>di <span class=\"_ _14\"> </span>rischio <span class=\"_ _14\"> </span>sopra <span class=\"_ _14\"> </span>enunciati, <span class=\"_ _14\"> </span>linee <span class=\"_ _14\"> </span>guida <span class=\"_ _14\"> </span>che<span class=\"_ _df\"> </span>definiscono i <span class=\"_ _2\"></span>principi g<span class=\"_ _2\"></span>enerali per <span class=\"_ _2\"></span>l\u2019attivit\u00e0 <span class=\"_ _2\"></span>del Team <span class=\"_ _2\"></span>Finanza<span class=\"ff4 ls1b\">, <span class=\"_ _2\"></span><span class=\"ls0\">la <span class=\"_ _2\"></span>periodicit\u00e0 dei <span class=\"_ _2\"></span>controlli <span class=\"_ _2\"></span>e le <span class=\"_ _2\"></span>azioni<span class=\"_ _df\"> </span></span></span>di <span class=\"_ _9\"> </span>ripristino <span class=\"_ _16\"> </span>in <span class=\"_ _9\"> </span>caso <span class=\"_ _9\"> </span>d<span class=\"_ _2\"></span>i <span class=\"_ _9\"> </span>superamento <span class=\"_ _9\"> </span>dei <span class=\"_ _16\"> </span>limiti. <span class=\"_ _9\"> </span>Nella <span class=\"_ _9\"> </span>composizione <span class=\"_ _16\"> </span>complessiva <span class=\"_ _9\"> </span>del <span class=\"_ _9\"> </span>portafoglio<span class=\"_ _df\"> </span>d\u2019investimento  si <span class=\"_ _9\"> </span>t<span class=\"_ _2\"></span>iene <span class=\"_ _9\"> </span>cont<span class=\"_ _2\"></span>o  d<span class=\"_ _1\"></span>ell\u2019esposizione  al <span class=\"_ _9\"> </span>r<span class=\"_ _2\"></span>ischio, <span class=\"_ _16\"> </span>dei  vinc<span class=\"_ _1\"></span>oli  legati <span class=\"_ _16\"> </span>alla  cope<span class=\"_ _1\"></span>rtura  delle<span class=\"_ _df\"> </span>riserve <span class=\"_ _d\"></span>tecniche <span class=\"_ _d\"></span>e <span class=\"_ _0\"></span>degli <span class=\"_ _d\"></span>effetti <span class=\"_ _0\"></span>sul <span class=\"_ _d\"></span>Solvency <span class=\"_ _0\"></span>Ratio. <span class=\"_ _d\"></span>I <span class=\"_ _0\"></span>limiti <span class=\"_ _d\"></span>e <span class=\"_ _0\"></span>gli <span class=\"_ _d\"></span>indicatori <span class=\"_ _0\"></span>relat<span class=\"_ _2\"></span>ivi <span class=\"_ _d\"></span>agli <span class=\"_ _d\"></span>investimenti<span class=\"_ _df\"> </span>sono oggetto di verifi<span class=\"_ _1\"></span>ca e controllo su base<span class=\"_ _1\"></span> continuativa da parte dell<span class=\"_ _1\"></span>e funzioni aziendali preposte<span class=\"_ _df\"> </span>e, <span class=\"_ _0\"></span>con <span class=\"_ _0\"></span>frequenza <span class=\"_ _9\"> </span>periodica, <span class=\"_ _0\"></span>i <span class=\"_ _9\"> </span>risultati <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>t<span class=\"_ _2\"></span>ali <span class=\"_ _0\"></span>controlli <span class=\"_ _0\"></span>sono <span class=\"_ _9\"> </span>portati <span class=\"_ _0\"></span>all\u2019attenzione <span class=\"_ _0\"></span>del <span class=\"_ _9\"> </span>Consiglio <span class=\"_ _0\"></span>di<span class=\"_ _df\"> </span>Amministrazione. <span class=\"_ _0\"></span>Il <span class=\"_ _0\"></span>processo <span class=\"_ _9\"> </span>prevede <span class=\"_ _0\"> </span>inoltr<span class=\"_ _2\"></span>e <span class=\"_ _0\"></span>una <span class=\"_ _0\"></span>fase <span class=\"_ _0\"></span>d<span class=\"_ _2\"></span>i <span class=\"_ _0\"></span>revisione <span class=\"_ _0\"></span>dei <span class=\"_ _0\"></span>suddetti <span class=\"_ _9\"> </span>limiti <span class=\"_ _0\"></span>realizzata<span class=\"_ _df\"> </span>mediante analisi di sensitivit\u00e0 condotte sui portafogli attivi e p<span class=\"_ _1\"></span>assivi.<span class=\"_ _df\"> </span>La <span class=\"_ _0\"></span>valutazione <span class=\"_ _d\"></span>dei <span class=\"_ _0\"></span>rischi <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>mercato <span class=\"_ _0\"></span>viene <span class=\"_ _d\"></span>effettuata <span class=\"_ _0\"></span>con <span class=\"_ _d\"></span>r<span class=\"_ _2\"></span>iferimento <span class=\"_ _d\"></span>al <span class=\"_ _0\"></span>portafoglio <span class=\"_ _0\"></span>investimenti<span class=\"_ _df\"> </span>mobiliare <span class=\"_ _2\"></span>gi\u00e0 <span class=\"_ _2\"></span>ac<span class=\"_ _2\"></span>quisito <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>agli <span class=\"_ _d\"></span>scenari <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>in<span class=\"_ _2\"></span>vestimento <span class=\"_ _2\"></span>futuro. <span class=\"_ _2\"></span>Tale <span class=\"_ _d\"></span>attivit\u00e0 <span class=\"_ _2\"></span>viene <span class=\"_ _2\"></span>rea<span class=\"_ _2\"></span>lizzata <span class=\"_ _2\"></span>sia <span class=\"_ _2\"></span>con<span class=\"_ _df\"> </span>logiche <span class=\"_ _1\"></span>di Asset-Liability Management, <span class=\"_ _1\"></span>al fine <span class=\"_ _f\"></span>d<span class=\"_ _2\"></span>i cogliere <span class=\"_ _1\"></span>le interrelazioni<span class=\"_ _1\"></span> esistenti fra le <span class=\"_ _f\"></span>dinamich<span class=\"_ _2\"></span>e<span class=\"_ _df\"> </span>dei <span class=\"_ _d\"></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>att<span class=\"_ _2\"></span>ivi <span class=\"_ _d\"></span>a <span class=\"_ _0\"></span>copertura <span class=\"_ _0\"></span>delle <span class=\"_ _d\"></span>riserve <span class=\"_ _9\"> </span>t<span class=\"_ _2\"></span>ecniche,<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>sia <span class=\"_ _0\"></span>seguendo <span class=\"_ _0\"></span>i <span class=\"_ _0\"></span>principi<span class=\"_ _df\"> </span>Solvency <span class=\"_ _2\"></span>II <span class=\"_ _d\"></span>al <span class=\"_ _d\"></span>fine <span class=\"_ _2\"></span>di <span class=\"_ _d\"></span>cogliere <span class=\"_ _d\"></span>l\u2019eventuale <span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>equisito <span class=\"_ _2\"></span>di <span class=\"_ _d\"></span>capitale <span class=\"_ _2\"></span>as<span class=\"_ _2\"></span>sorbito <span class=\"_ _2\"></span>da <span class=\"_ _d\"></span>ogni <span class=\"_ _d\"></span>singolo <span class=\"_ _2\"></span>mo<span class=\"_ _2\"></span>dulo <span class=\"_ _2\"></span>e<span class=\"_ _df\"> </span>sottomodulo di rischio. L\u2019identificazione <span class=\"_ _d\"></span>dei <span class=\"_ _0\"></span>rischi <span class=\"_ _0\"></span>mercato <span class=\"_ _d\"></span>vita <span class=\"_ _0\"> </span>viene <span class=\"_ _0\"></span>effettuata <span class=\"_ _0\"></span>con <span class=\"_ _d\"></span>r<span class=\"_ _2\"></span>if<span class=\"_ _1\"></span>erimento <span class=\"_ _0\"></span>ai <span class=\"_ _0\"></span>nuovi <span class=\"_ _d\"></span>investimenti<span class=\"_ _2\"></span><span class=\"ff4\"> <span class=\"_ _d\"></span><span class=\"ls2d\">e<span class=\"_ _df\"> </span></span></span>asset allocation target, e al portafoglio in essere:<span class=\"_ _df\"> </span>-<span class=\"_ _2b\"> </span><span class=\"ff5\">Nuovi investimenti: con riferimento ai nuovi investimenti, nell<span class=\"_ _1\"></span>\u2019ambito del processo ORSA vengono<span class=\"_ _df\"> </span></span>effettuate <span class=\"_ _0\"></span>analisi <span class=\"_ _9\"> </span>relative <span class=\"_ _9\"> </span>a <span class=\"_ _9\"> </span>scenari <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>investimento <span class=\"_ _9\"> </span>futuro <span class=\"_ _9\"> </span>con <span class=\"_ _9\"> </span>l\u2019obiettivo <span class=\"_ _9\"> </span>di <span class=\"_ _0\"></span>identificare <span class=\"_ _9\"> </span>i <span class=\"_ _9\"> </span>rischi<span class=\"_ _df\"> </span>c<span class=\"ff5\">onnessi  a  tali  scelte  di  investimento <span class=\"_ _22\"> </span>e <span class=\"_ _22\"> </span>a <span class=\"_ _22\"> </span>valutarne  l\u2019impatto <span class=\"_ _22\"> </span>sul  pro<span class=\"_ _2\"></span>filo  di  rischio  in  termini<span class=\"_ _df\"> </span></span>quantitativi.  Inoltre,  per  gli  investimenti  di  \u201cnatura  occasionale\u201d  sulla  base  delle  informazioni<span class=\"_ _df\"> </span>fornite <span class=\"_ _4\"> </span>dal <span class=\"_ _4\"> </span>Team <span class=\"_ _4\"> </span>Finanza <span class=\"_ _4\"> </span>(a <span class=\"_ _4\"> </span>t<span class=\"_ _2\"></span>itolo <span class=\"_ _4\"> </span>esemplificativo: <span class=\"_ _4\"> </span>obiettivo <span class=\"_ _17\"> </span><span class=\"ff5\">dell\u2019investimento, <span class=\"_ _4\"> </span>portafoglio <span class=\"_ _4\"> </span>di<span class=\"_ _df\"> </span></span>riferimento, <span class=\"_ _14\"> </span>size <span class=\"_ _15\"> </span>dell\u2019operazione) <span class=\"_ _15\"> </span>viene <span class=\"_ _15\"> </span>effettuata <span class=\"_ _15\"> </span>dalla <span class=\"_ _15\"> </span>funzione <span class=\"_ _15\"> </span>di <span class=\"_ _15\"> </span>Risk <span class=\"_ _15\"> </span>Management <span class=\"_ _15\"> </span>una<span class=\"_ _df\"> </span>valutazione <span class=\"_ _2\"></span>quali/quantitativa <span class=\"_ _2\"></span>ex-ante <span class=\"_ _d\"></span>basata <span class=\"_ _2\"></span>sia <span class=\"_ _2\"></span>su <span class=\"_ _2\"></span>logiche <span class=\"_ _2\"></span>gestionali <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>egolamentari. <span class=\"_ _2\"></span>Un <span class=\"_ _2\"></span>iter<span class=\"_ _df\"> </span>di <span class=\"_ _2\"></span>valutazione <span class=\"_ _2\"></span>del <span class=\"_ _d\"></span>rischio <span class=\"_ _2\"></span>ex<span class=\"_ _2\"></span>-ante <span class=\"_ _2\"></span>viene <span class=\"_ _2\"></span>effettuata <span class=\"_ _d\"></span>dalla <span class=\"_ _2\"></span>Funzione <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>Risk <span class=\"_ _d\"></span>Management <span class=\"_ _2\"></span>anche <span class=\"_ _d\"></span>per<span class=\"_ _df\"> </span>tutti gli OICR non UCITs sulla base de<span class=\"_ _1\"></span>lla Due Diligence predisposta dal Team Finanza.<span class=\"_ _df\"> </span>-<span class=\"_ _2b\"> </span><span class=\"ff5\">Portafoglio <span class=\"_ _9\"> </span>in <span class=\"_ _9\"> </span>essere: <span class=\"_ _9\"> </span>Con <span class=\"_ _9\"> </span>riferimento<span class=\"_ _2\"></span> <span class=\"_ _9\"> </span>al <span class=\"_ _9\"> </span>portafoglio <span class=\"_ _9\"> </span>in <span class=\"_ _9\"> </span>ess<span class=\"_ _2\"></span>ere, <span class=\"_ _0\"></span>l\u2019identificazione <span class=\"_ _9\"> </span>dei <span class=\"_ _9\"> </span>rischi  v<span class=\"_ _f\"></span>ie<span class=\"_ _2\"></span>ne<span class=\"_ _df\"> </span></span>effettuata <span class=\"_ _d\"></span>sulla <span class=\"_ _d\"></span>base <span class=\"_ _d\"></span>dei <span class=\"_ _d\"></span>dati <span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>ecn<span class=\"_ _1\"></span>ici <span class=\"_ _d\"></span>del <span class=\"_ _d\"></span>portafoglio, <span class=\"_ _d\"></span>dei <span class=\"_ _2\"></span>dati <span class=\"_ _0\"></span>di <span class=\"_ _2\"></span>mercato <span class=\"_ _d\"></span>e <span class=\"_ _d\"></span>delle <span class=\"_ _d\"></span>misure <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>rischio<span class=\"_ _df\"> </span>determinate attraverso lo strumento di calcolo del<span class=\"_ _1\"></span> SCR adottato.<span class=\"_ _df\"> </span>Si riportano di seguito i macro-indicatori analizzati per la valutazione<span class=\"_ _1\"></span> e il monitoraggio dei r<span class=\"_ _2\"></span>ischi d<span class=\"_ _f\"></span>i<span class=\"_ _df\"> </span>mercato:<span class=\"_ _df\"> </span>-<span class=\"_ _2b\"> </span><span class=\"ff4\">SCR Interest Rate <span class=\"ff5\">\u2013</span> <span class=\"ff5\">Based: indicatori che hanno lo scopo di indi<span class=\"_ _1\"></span>viduare l\u2019assorbimento di capitale,<span class=\"_ _df\"> </span></span></span>secondo <span class=\"_ _17\"> </span>le <span class=\"_ _14\"> </span>metrich<span class=\"_ _2\"></span>e <span class=\"_ _17\"> </span>Solvency <span class=\"_ _14\"> </span>II, <span class=\"_ _14\"> </span>del <span class=\"_ _14\"> </span>rischio <span class=\"_ _14\"> </span>tas<span class=\"_ _2\"></span>so <span class=\"_ _14\"> </span>di <span class=\"_ _17\"> </span>interesse <span class=\"_ _14\"> </span>secondo <span class=\"_ _14\"> </span>un <span class=\"_ _14\"> </span>approccio <span class=\"_ _14\"> </span>sia<span class=\"_ _df\"> </span>regolamentare che gestionale;<span class=\"_ _df\"> </span>-<span class=\"_ _2b\"> </span><span class=\"ff4\">Concentrazione relativa su singola controp<span class=\"_ _1\"></span>arte;<span class=\"_ _df\"> </span></span>-<span class=\"_ _2b\"> </span><span class=\"ff4\">Rating su singola controparte;<span class=\"_ _df\"> </span></span>-<span class=\"_ _2b\"> </span><span class=\"ff4\">Esposizione<span class=\"_ _1\"></span> assoluta in Equity;<span class=\"_ _df\"> </span></span>-<span class=\"_ _2b\"> </span><span class=\"ff4\">Esposizione<span class=\"_ _1\"></span> relativa in Obbligazioni Corporate;<span class=\"_ _df\"> </span></span>-<span class=\"_ _2b\"> </span><span class=\"ff4\">Esposizione<span class=\"_ _1\"></span> assoluta in valuta estera;<span class=\"_ _df\"> </span></span>-<span class=\"_ _2b\"> </span><span class=\"ff4\">Duration;<span class=\"_ _df\"> </span></span><div class=\"t m0 h5 ff18 fs1 fc1 sc0 ls0 ws0 gs1cde\">-<span class=\"_ _2b\"> </span><span class=\"ff4\">Sensitivi<span class=\"_ _1\"></span>ties  Spread<span class=\"_ _1\"></span>  Goverantivo <span class=\"_ _16\"> </span>Italia <span class=\"_ _9\"> </span>(al  fine <span class=\"_ _16\"> </span>di <span class=\"_ _9\"> </span>cat<span class=\"_ _2\"></span>turare <span class=\"_ _16\"> </span>il  fattore <span class=\"_ _16\"> </span>di <span class=\"_ _9\"> </span>r<span class=\"_ _2\"></span>ischio <span class=\"_ _9\"> </span>spread  sui <span class=\"_ _9\"> </span>tito<span class=\"_ _2\"></span>li<span class=\"_ _df\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1cdf\">governativi non incluso nella formula standard);<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff18 fs4 fc1 sc0 ls0 ws0 gs1ce0\">-<span class=\"_ _1b\"> </span><span class=\"ff4 fs1\">Sensitivity sui fattori di rischio mercato (es. tasso).<span class=\"_ _df\"> </span></span></div><div class=\"t m0 h5 ff4 fs1 fc4 sc3 ls0 ws0 gs1ce1\">Rischio<span class=\"_ _f\"></span> Asset <span class=\"_ _f\"></span>Liability M<span class=\"_ _1\"></span>anag<span class=\"_ _f\"></span>ement <span class=\"_ _f\"></span>(ALM)<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1ce2\">Il  rischio  ALM<span class=\"_ _1\"></span>  \u00e8  un  ri<span class=\"_ _f\"></span>s<span class=\"_ _2\"></span>chio  stre<span class=\"_ _f\"></span>t<span class=\"_ _2\"></span>tamente  correlato <span class=\"_ _16\"> </span>ai  disalline<span class=\"_ _f\"></span>amenti  tr<span class=\"_ _2\"></span>a  attivit\u00e0  e  p<span class=\"_ _1\"></span>assivit\u00e0.  Il<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1ce3\">processo <span class=\"_ _e\"> </span>ALM <span class=\"_ _15\"> </span>include <span class=\"_ _15\"> </span>al <span class=\"_ _e\"> </span>suo <span class=\"_ _e\"> </span>interno <span class=\"_ _e\"> </span>dinamiche <span class=\"_ _15\"> </span>connesse <span class=\"_ _e\"> </span>alla <span class=\"_ _15\"> </span>gestione <span class=\"_ _e\"> </span>dei <span class=\"_ _15\"> </span>rischi <span class=\"_ _e\"> </span>e <span class=\"_ _e\"> </span>alla<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1ce4\">pianificazione <span class=\"_ _4\"> </span>strategica. <span class=\"_ _4\"> </span>Si <span class=\"_ _4\"> </span>focalizza <span class=\"_ _4\"> </span>sul <span class=\"_ _4\"> </span>medio <span class=\"_ _4\"> </span>- <span class=\"_ _17\"> </span>lungo <span class=\"_ _4\"> </span>termine <span class=\"_ _4\"> </span>anzich\u00e9 <span class=\"_ _4\"> </span>offrire <span class=\"_ _4\"> </span>so<span class=\"_ _2\"></span>luzioni<span class=\"_ _1\"></span> <span class=\"_ _4\"> </span>di<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs1ce5\">mitigazione <span class=\"_ _f\"></span>o copertura del <span class=\"_ _f\"></span>rischio. L\u2019obiettiv<span class=\"ff4\">o di <span class=\"_ _f\"></span>tal<span class=\"_ _2\"></span>e <span class=\"_ _f\"></span>gestione del rischio <span class=\"_ _f\"></span>\u00e8 quello di <span class=\"_ _f\"></span>mass<span class=\"_ _2\"></span>imizzare<span class=\"_ _df\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1ce6\">le attivit\u00e0 per soddisfare le passiv<span class=\"_ _1\"></span>it\u00e0 complesse che possono aumentare la redditivit\u00e0.<span class=\"_ _df\"> </span><span class=\"_ _2\"></span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1ce7\">Alla sottocategoria dei Rischi ALM appartengono i segue<span class=\"_ _1\"></span>nti fattori di rischio: <span class=\"_ _2\"></span> </div><div class=\"t m0 h5 ff18 fs1 fc1 sc0 ls0 ws0 gs1ce8\">-<span class=\"_ _2b\"> </span><span class=\"ff4\">Asset <span class=\"_ _0\"></span>Allocation <span class=\"_ _0\"></span>Strategica <span class=\"_ _0\"></span>(AAT<span class=\"ff5\">): <span class=\"_ _0\"></span>consist<span class=\"_ _2\"></span>e <span class=\"_ _0\"></span>nel <span class=\"_ _0\"></span>rischio <span class=\"_ _0\"></span>risultante <span class=\"_ _0\"></span>dall\u2019inadeguatezza/incoerenza<span class=\"_ _df\"> </span></span></span><span class=\"ff4\"><span class=\"ff5\"> </span></span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs1ce9\">dell\u2019asset allocation per fare fronte alle<span class=\"_ _1\"></span> passivit\u00e0.<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff18 fs1 fc1 sc0 ls0 ws0 gs1cea\">-<span class=\"_ _2b\"> </span><span class=\"ff4\">Asset <span class=\"_ _d\"></span>&amp; <span class=\"_ _d\"></span>Liability <span class=\"_ _d\"></span>mismatch: <span class=\"_ _d\"></span>corrisponde <span class=\"_ _d\"></span>al <span class=\"_ _d\"></span>rischio <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>disallineamento <span class=\"_ _d\"></span>t<span class=\"_ _2\"></span>ra <span class=\"_ _d\"></span>attivi <span class=\"_ _d\"></span>e <span class=\"_ _d\"></span>passivi <span class=\"_ _d\"></span>che <span class=\"_ _d\"></span>pu\u00f2<span class=\"_ _df\"> </span></span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs1ceb\">comportare un\u2019esposizione dell\u2019impresa<span class=\"ff4\"> o al rischio disinvestimento o al rischio reinvestimento.<span class=\"_ _df\"> </span></span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1cec\">La <span class=\"_ _14\"> </span>Compagnia <span class=\"_ _14\"> </span>adotta, <span class=\"_ _14\"> </span>nei <span class=\"_ _15\"> </span>confronti <span class=\"_ _14\"> </span>dei <span class=\"_ _14\"> </span>fattori <span class=\"_ _14\"> </span>di <span class=\"_ _14\"> </span>rischio <span class=\"_ _14\"> </span>sopra <span class=\"_ _14\"> </span>enunciati, <span class=\"_ _14\"> </span>linee <span class=\"_ _14\"> </span>guida <span class=\"_ _14\"> </span>che<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1ced\">definiscono <span class=\"_ _4\"> </span>i <span class=\"_ _17\"> </span>principi <span class=\"_ _4\"> </span>generali<span class=\"ls4d\">, <span class=\"_ _4\"> </span></span>la <span class=\"_ _17\"> </span>periodicit\u00e0 <span class=\"_ _4\"> </span>dei <span class=\"_ _4\"> </span>controlli <span class=\"_ _17\"> </span>e <span class=\"_ _4\"> </span>le <span class=\"_ _4\"> </span>azioni <span class=\"_ _17\"> </span>di <span class=\"_ _4\"> </span>ripristino <span class=\"_ _17\"> </span>in <span class=\"_ _4\"> </span>caso <span class=\"_ _4\"> </span>di<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1cee\">superamento dei limiti.<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1cef\">Valutazione <span class=\"_ _d\"></span>dei <span class=\"_ _d\"></span>rischi <span class=\"_ _d\"></span>ALM <span class=\"_ _d\"></span>vien<span class=\"_ _2\"></span>e <span class=\"_ _d\"></span>effettuata <span class=\"_ _d\"></span>con <span class=\"_ _d\"></span>riferimento <span class=\"_ _d\"></span>al <span class=\"_ _d\"></span>portafoglio <span class=\"_ _d\"></span>investimenti <span class=\"_ _d\"></span>mobiliare<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1cf0\">gi\u00e0 <span class=\"_ _9\"> </span>acquisito <span class=\"_ _9\"> </span>e <span class=\"_ _9\"> </span>agli <span class=\"_ _9\"> </span>s<span class=\"_ _2\"></span>cenari <span class=\"_ _0\"></span>d<span class=\"_ _2\"></span>i <span class=\"_ _0\"> </span>i<span class=\"_ _2\"></span>nvestimento <span class=\"_ _9\"> </span>futuro. <span class=\"_ _9\"> </span>Tale <span class=\"_ _9\"> </span>attivit\u00e0 <span class=\"_ _16\"> </span>viene <span class=\"_ _9\"> </span>realizzata <span class=\"_ _9\"> </span>con <span class=\"_ _9\"> </span>logiche <span class=\"_ _16\"> </span>di<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1cf1\">Asset-Liability <span class=\"_ _f\"></span>Management, <span class=\"_ _1\"></span>al <span class=\"_ _f\"></span>fine d<span class=\"_ _1\"></span>i <span class=\"_ _f\"></span>co<span class=\"_ _2\"></span>gliere <span class=\"_ _f\"></span>le i<span class=\"_ _1\"></span>nterrelazioni e<span class=\"_ _1\"></span>sistenti <span class=\"_ _1\"></span>fra <span class=\"_ _f\"></span>le d<span class=\"_ _1\"></span>inamiche <span class=\"_ _f\"></span>dei <span class=\"_ _1\"></span>passivi<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1cf2\">e le dinamiche degli attivi a copertura delle riserve tecni<span class=\"_ _1\"></span>che.<span class=\"_ _df\"> </span><span class=\"_ _2\"></span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1cf3\">Per quanto riguarda i macro-indicatori analizzati per la valutazione e monitoraggio dei rischi AL<span class=\"_ _1\"></span>M:<span class=\"_ _df\"> </span><span class=\"_ _2\"></span> </div><div class=\"t m0 h5 ff18 fs1 fc1 sc0 ls0 ws0 gs1cf4\">-<span class=\"_ _2b\"> </span><span class=\"ff4\">SCR Interest Rate <span class=\"ff5\">\u2013</span> Based: i<span class=\"ff5\">ndicatori che hanno lo scopo di indiv<span class=\"_ _1\"></span>iduare l\u2019assorbimento di capitale,<span class=\"_ _df\"> </span></span></span><span class=\"ff4\"><span class=\"ff5\"> </span></span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1cf5\">secondo <span class=\"_ _17\"> </span>le <span class=\"_ _14\"> </span>metrich<span class=\"_ _2\"></span>e <span class=\"_ _17\"> </span>Solvency <span class=\"_ _14\"> </span>II, <span class=\"_ _14\"> </span>del <span class=\"_ _14\"> </span>rischio <span class=\"_ _14\"> </span>tas<span class=\"_ _2\"></span>so <span class=\"_ _14\"> </span>di <span class=\"_ _17\"> </span>interesse <span class=\"_ _14\"> </span>secondo <span class=\"_ _14\"> </span>un <span class=\"_ _14\"> </span>approccio <span class=\"_ _14\"> </span>sia<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1cf6\">regolamentare che gestionale;<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff18 fs1 fc1 sc0 ls0 ws0 gs1cf7\">-<span class=\"_ _2b\"> </span><span class=\"ff5\">Cash <span class=\"_ _f\"></span>F<span class=\"_ _2\"></span>low <span class=\"_ _f\"></span>Matching: l\u2019indicatore <span class=\"_ _f\"></span>descrive il<span class=\"_ _1\"></span> disalline<span class=\"_ _1\"></span>amento, tem<span class=\"ff4\">po per <span class=\"_ _f\"></span>t<span class=\"_ _2\"></span>empo, <span class=\"_ _f\"></span>tr<span class=\"_ _2\"></span>a <span class=\"_ _f\"></span>i Cashflow <span class=\"_ _1\"></span>degli<span class=\"_ _df\"> </span></span></span><span class=\"ff5\"><span class=\"ff4\"> </span></span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1cf8\">attivi e i Cashflow del passivo;<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff18 fs1 fc1 sc0 ls0 ws0 gs1cf9\">-<span class=\"_ _2b\"> </span><span class=\"ff4\">Duration <span class=\"_ _2\"></span>Matching: <span class=\"_ _2\"></span>disallineamento <span class=\"_ _d\"></span>tra <span class=\"_ _d\"></span>la <span class=\"_ _d\"></span>duration <span class=\"_ _2\"></span>dei <span class=\"_ _2\"></span>Cas<span class=\"_ _2\"></span>hflow <span class=\"_ _2\"></span>Attivi <span class=\"_ _d\"></span>e <span class=\"_ _d\"></span>la <span class=\"_ _2\"></span>duration <span class=\"_ _d\"></span>dei <span class=\"_ _2\"></span>Cashflow<span class=\"_ _df\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1cfa\">Passivi.<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc4 sc3 ls0 ws0 gs1cfb\">Rischio<span class=\"_ _f\"></span> di liquid<span class=\"_ _1\"></span>it\u00e0<span class=\"_ _df\"> </span><span class=\"_ _1\"></span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1cfc\">Le <span class=\"_ _2\"></span>Compagnie <span class=\"_ _2\"></span>sono <span class=\"_ _d\"></span>soggette <span class=\"_ _2\"></span>a <span class=\"_ _d\"></span>possibili <span class=\"_ _2\"></span>tensioni <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>liq<span class=\"_ _2\"></span>uidit\u00e0 <span class=\"_ _d\"></span>derivanti <span class=\"_ _2\"></span>da <span class=\"_ _2\"></span>scadenze <span class=\"_ _2\"></span>di<span class=\"_ _2\"></span>verse <span class=\"_ _2\"></span>tra <span class=\"_ _d\"></span>gli<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1cfd\">attivi e<span class=\"_ _1\"></span> i <span class=\"_ _f\"></span>relativi passivi.<span class=\"_ _1\"></span> Pe<span class=\"_ _1\"></span>r rischio di<span class=\"_ _1\"></span> liq<span class=\"_ _1\"></span>uidit\u00e0 si <span class=\"_ _f\"></span>intende il<span class=\"_ _1\"></span> rischio <span class=\"_ _f\"></span>c<span class=\"_ _2\"></span>he <span class=\"_ _f\"></span>la Compagnia <span class=\"_ _f\"></span>non sia in <span class=\"_ _f\"></span>grado<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1cfe\">di <span class=\"_ _2\"></span>liquidare <span class=\"_ _2\"></span>investimenti <span class=\"_ _2\"></span>ed alt<span class=\"_ _2\"></span>re <span class=\"_ _2\"></span>attivit\u00e0 <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>regolare <span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>propri <span class=\"_ _2\"></span>impegni <span class=\"_ _2\"></span>finanziari <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>momento <span class=\"_ _2\"></span>della<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1cff\">relativa scadenza (cfr. articolo 1, comma 1, lettera vv-bis 2 del CAP).  </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1d00\">La <span class=\"_ _d\"></span>possibilit\u00e0 <span class=\"_ _2\"></span>di <span class=\"_ _d\"></span>procedere <span class=\"_ _2\"></span>allo <span class=\"_ _d\"></span>smobilizzo <span class=\"_ _2\"></span>tempestivo <span class=\"_ _d\"></span>del <span class=\"_ _2\"></span>port<span class=\"_ _2\"></span>afoglio <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _d\"></span>fortemente <span class=\"_ _d\"></span>condizionata<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1d01\">dalla liquidabilit\u00e0 dei t<span class=\"_ _2\"></span>itoli in cui lo <span class=\"_ _2\"></span>stesso \u00e8 investito. La <span class=\"_ _2\"></span>scarsa liquidabilit\u00e0 dei <span class=\"_ _2\"></span>titoli <span class=\"_ _2\"></span>in portafoglio,<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1d02\">infatti, <span class=\"_ _2\"></span>pu\u00f2 <span class=\"_ _2\"></span>esporr<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>Compagnia <span class=\"_ _2\"></span>al <span class=\"_ _d\"></span>rischio <span class=\"_ _2\"></span>di <span class=\"_ _d\"></span>conseguire <span class=\"_ _2\"></span>delle <span class=\"_ _2\"></span>perdite <span class=\"_ _2\"></span>connesse <span class=\"_ _2\"></span>alla <span class=\"_ _d\"></span>difficolt\u00e0 <span class=\"_ _2\"></span>di<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs1d03\">trovare sul mercato la controparte interessata all\u2019acq<span class=\"_ _1\"></span>uisto dei titoli che si intende smobilizzare.<span class=\"_ _df\"> </span><span class=\"_ _2\"></span><span class=\"ff4\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1d04\">La Comp<span class=\"_ _1\"></span>agnia q<span class=\"_ _1\"></span>uantifica la <span class=\"_ _f\"></span>sua posizione <span class=\"_ _f\"></span>di solvibilit\u00e0 <span class=\"_ _f\"></span>con le <span class=\"_ _1\"></span>metriche d<span class=\"_ _1\"></span>ella Formula <span class=\"_ _f\"></span>Standard, che<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1d05\">non prevede una quantificazione del rischio liquidit\u00e0 in termini di assorbimento di<span class=\"_ _1\"></span> capitale.<span class=\"_ _df\"> </span><span class=\"_ _2\"></span> </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs1d06\">L\u2019identificazione <span class=\"_ _f\"></span>dei rischi <span class=\"_ _1\"></span>viene <span class=\"_ _f\"></span>effettuata sulla <span class=\"_ _f\"></span>base dei <span class=\"_ _f\"></span>dati tecni<span class=\"_ _1\"></span>ci d<span class=\"_ _1\"></span>ei p<span class=\"_ _1\"></span>ortafogli e <span class=\"_ _f\"></span>del<span class=\"ff4\">le metriche<span class=\"_ _df\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs1d07\">definite in funzione dell\u2019orizzonte temporale con cui vi<span class=\"_ _1\"></span>ene analizzato e studiato il rischio stesso.<span class=\"_ _df\"> </span><span class=\"_ _2\"></span><span class=\"ff4\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1d08\">Si  riportano  di  segu<span class=\"_ _1\"></span>ito  gli  indicatori  utilizzati  dalla  Compagnia  per  i<span class=\"_ _1\"></span>l  monitoraggio  del  rischio<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1d09\">liquidit\u00e0:<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff18 fs1 fc1 sc0 ls0 ws0 gs1d0a\">-<span class=\"_ _2b\"> </span><span class=\"ff4\">importo <span class=\"_ _9\"> </span>dei <span class=\"_ _9\"> </span>conti  co<span class=\"_ _f\"></span>rr<span class=\"_ _2\"></span>enti: <span class=\"_ _9\"> </span>la <span class=\"_ _9\"> </span>Co<span class=\"_ _2\"></span><span class=\"ff5\">mpagnia <span class=\"_ _9\"> </span>ha <span class=\"_ _16\"> </span>scelto <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>monitorare <span class=\"_ _9\"> </span>l\u2019importo <span class=\"_ _16\"> </span>detenuto <span class=\"_ _9\"> </span>nei <span class=\"_ _9\"> </span>Conti<span class=\"_ _df\"> </span></span></span><span class=\"ff4\"><span class=\"ff5\"> </span></span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1d0b\">Correnti al <span class=\"_ _f\"></span>fine di <span class=\"_ _f\"></span>fiss<span class=\"_ _2\"></span>are <span class=\"_ _1\"></span>un l<span class=\"_ _1\"></span>imite inferiore <span class=\"_ _1\"></span>che <span class=\"_ _1\"></span>rappresenta la <span class=\"_ _f\"></span>Ri<span class=\"_ _2\"></span>serva <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>Liquidit\u00e0 (come<span class=\"_ _1\"></span> prescritta<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1d0c\">dal <span class=\"_ _9\"> </span>Reg. <span class=\"_ _9\"> </span>38 <span class=\"_ _9\"> </span>IVASS) <span class=\"_ _9\"> </span>e <span class=\"_ _16\"> </span>un <span class=\"_ _0\"></span>lim<span class=\"_ _2\"></span>ite <span class=\"_ _9\"> </span>superiore <span class=\"_ _9\"> </span>in <span class=\"_ _9\"> </span>termini <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>importo <span class=\"_ _9\"> </span>mas<span class=\"_ _2\"></span>simo <span class=\"_ _9\"> </span>da <span class=\"_ _9\"> </span>detenere <span class=\"_ _9\"> </span>nei <span class=\"_ _9\"> </span>Con<span class=\"_ _2\"></span>ti<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs1d0d\">Correnti al <span class=\"_ _f\"></span>fine di <span class=\"_ _1\"></span>rendere e<span class=\"_ _1\"></span>fficace la <span class=\"_ _f\"></span>g<span class=\"_ _2\"></span>estione <span class=\"_ _1\"></span>del p<span class=\"_ _1\"></span>ortafoglio e <span class=\"_ _f\"></span>li<span class=\"_ _2\"></span>mitare <span class=\"_ _1\"></span>gli <span class=\"_ _1\"></span>eventuali effetti <span class=\"_ _f\"></span>s<span class=\"_ _2\"></span>ull\u2019<span class=\"_ _1\"></span>SCR<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1d0e\">Default. Nell<span class=\"_ _1\"></span>a quantificazione <span class=\"_ _1\"></span>della Riserva <span class=\"_ _1\"></span>di Liq<span class=\"_ _1\"></span>uidit\u00e0 concorrono non <span class=\"_ _f\"></span>so<span class=\"_ _2\"></span>lo <span class=\"_ _1\"></span>le esposizi<span class=\"_ _1\"></span>oni in Cont<span class=\"_ _1\"></span>o<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1d0f\">Corrente ma<span class=\"_ _1\"></span> anche<span class=\"_ _1\"></span> titoli <span class=\"_ _f\"></span>Governativi de<span class=\"_ _1\"></span>ll'Area Euro <span class=\"_ _f\"></span>con qualit\u00e0 <span class=\"_ _1\"></span>del <span class=\"_ _f\"></span>cr<span class=\"_ _2\"></span>edito <span class=\"_ _f\"></span>superiore a <span class=\"_ _1\"></span>2 e<span class=\"_ _1\"></span> scadenz<span class=\"_ _1\"></span>a<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1d10\">inferiore ai 3 mesi.<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff18 fs1 fc1 sc0 ls0 ws0 gs1d11\">-<span class=\"_ _2b\"> </span><span class=\"ff4\">Liquid<span class=\"_ _1\"></span>ity <span class=\"_ _10\"> </span>Buffer: <span class=\"_ _10\"> </span>il <span class=\"_ _18\"> </span>numero <span class=\"_ _10\"> </span>di <span class=\"_ _10\"> </span>periodi, <span class=\"_ _10\"> </span>mensili, <span class=\"_ _10\"> </span>consec<span class=\"_ _2\"></span>utivi <span class=\"_ _10\"> </span>con <span class=\"_ _10\"> </span>Liquidity <span class=\"_ _10\"> </span>Buffer <span class=\"_ _10\"> </span>negativo,<span class=\"_ _df\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs1d12\">nell\u2019orizzonte <span class=\"_ _2\"></span>temporale <span class=\"_ _2\"></span>annuale <span class=\"_ _d\"></span>considerato <span class=\"_ _2\"></span>e <span class=\"_ _d\"></span>fornisce <span class=\"_ _2\"></span>un\u2019indicazione <span class=\"_ _2\"></span>sintetica <span class=\"_ _2\"></span>dell<span class=\"_ _2\"></span><span class=\"ff4\">a <span class=\"_ _2\"></span>situazione<span class=\"_ _df\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1d13\">di liquidit\u00e0 della Compagnia;<span class=\"_ _df\"> </span></div>-<span class=\"ff10\"> <span class=\"_ _51\"> </span><span class=\"ff5\">Piano <span class=\"_ _0\"></span>di <span class=\"_ _d\"></span>liquidit\u00e0: <span class=\"_ _0\"></span>l\u2019indicatore <span class=\"_ _d\"></span>\u00e8 <span class=\"_ _0\"></span>volto <span class=\"_ _d\"></span>a <span class=\"_ _0\"></span>dimostrare <span class=\"_ _d\"></span>che <span class=\"_ _0\"></span>la <span class=\"_ _d\"></span>Compagnia <span class=\"_ _d\"></span>ha <span class=\"_ _0\"></span>le <span class=\"_ _d\"></span>risorse <span class=\"_ _0\"></span>finanziarie <span class=\"_ _d\"></span>su<span class=\"_ _df\"> </span></span></span>base <span class=\"_ _0\"></span>continuativa <span class=\"_ _d\"></span>per <span class=\"_ _0\"></span>la <span class=\"_ _0\"></span>gestione <span class=\"_ _0\"></span>del <span class=\"_ _d\"></span>r<span class=\"_ _2\"></span>ischio <span class=\"_ _d\"></span>liquidit\u00e0. <span class=\"_ _0\"></span>Tale <span class=\"_ _0\"></span>condizione <span class=\"_ _0\"></span>risulta <span class=\"_ _0\"></span>inoltre <span class=\"_ _0\"></span>essere <span class=\"_ _0\"></span>alla<span class=\"_ _df\"> </span>base per l\u2019a<span class=\"ff4\">pplicazione del Volatility Adju<span class=\"_ _1\"></span>stment a livello Regolamentare; </span>-<span class=\"ff10\"> <span class=\"_ _51\"> </span><span class=\"ff4\">Cont<span class=\"_ _2\"></span>ingenc<span class=\"_ _1\"></span>y di liquidit\u00e0: ovvero titoli facilmente liquidabili;<span class=\"_ _df\"> </span></span></span>-<span class=\"ff10\"> <span class=\"_ _51\"> </span><span class=\"ff5\">SCR <span class=\"_ _4\"> </span>default <span class=\"_ _4\"> </span>conti <span class=\"_ _4\"> </span>corrente: <span class=\"_ _4\"> </span>al <span class=\"_ _4\"> </span>fine <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>limitare <span class=\"_ _4\"> </span>gli <span class=\"_ _4\"> </span>eventuali <span class=\"_ _4\"> </span>effetti <span class=\"_ _4\"> </span>sull\u2019SCR <span class=\"_ _4\"> </span>default <span class=\"_ _22\"> </span>derivan<span class=\"_ _2\"></span>te<span class=\"_ _df\"> </span></span></span>dall\u2019aumento dei <span class=\"_ _2\"></span>volumi d<span class=\"_ _2\"></span>ei con<span class=\"_ _2\"></span><span class=\"ff4\">ti <span class=\"_ _2\"></span>corrente, la <span class=\"_ _2\"></span>Compagnia ha <span class=\"_ _2\"></span>fissato <span class=\"_ _2\"></span>un <span class=\"_ _2\"></span>limite superiore <span class=\"_ _2\"></span>in t<span class=\"_ _2\"></span>ermini<span class=\"_ _df\"> </span></span>di SCR Default.<span class=\"_ _df\"> </span>Rischio<span class=\"_ _f\"></span> di credit<span class=\"_ _1\"></span>o (d<span class=\"_ _1\"></span>efault<span class=\"_ _1\"></span>)<span class=\"_ _df\"> </span>Si <span class=\"_ _2\"></span>definisce r<span class=\"_ _2\"></span>ischio <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>credito <span class=\"_ _2\"></span>(rischio <span class=\"_ _2\"></span>default) il <span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>ischio <span class=\"_ _2\"></span>di p<span class=\"_ _2\"></span>erdita <span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>variazione sfavorevole <span class=\"_ _2\"></span>della<span class=\"_ _df\"> </span>situazione <span class=\"_ _1\"></span>finanziaria d<span class=\"_ _1\"></span>erivante da <span class=\"_ _1\"></span>oscillazioni d<span class=\"_ _1\"></span>el me<span class=\"_ _1\"></span>rito di <span class=\"_ _f\"></span>credi<span class=\"_ _2\"></span>to di<span class=\"_ _1\"></span> emittenti <span class=\"_ _f\"></span>di titoli, <span class=\"_ _f\"></span>cont<span class=\"_ _2\"></span>roparti<span class=\"_ _df\"> </span>e debitori nei confront<span class=\"_ _2\"></span>i dei quali l\u2019impresa di <span class=\"_ _2\"></span>assicurazione o di <span class=\"_ _2\"></span>riassicurazione<span class=\"_ _1\"></span> \u00e8 <span class=\"_ _2\"></span>esposta in forma<span class=\"_ _df\"> </span>di rischio <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>inadempimento della <span class=\"_ _2\"></span>controparte, <span class=\"_ _2\"></span>di rischio <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>spread o <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>concentraz<span class=\"_ _2\"></span>ione del <span class=\"_ _2\"></span>rischio<span class=\"_ _df\"> </span>di mercato (cfr. articolo 1, comma 1, lettera vv-bis 1 del CAP).<span class=\"_ _df\"> </span>La perdita di valore<span class=\"_ _1\"></span> della posizione cred<span class=\"_ _1\"></span>itoria e collegata principalmente all<span class=\"_ _1\"></span>a qualit\u00e0 dell\u2019emittente<span class=\"_ _df\"> </span>o  della  controparte <span class=\"_ _16\"> </span>(inclusi <span class=\"_ _16\"> </span>i  riassicuratori,  coassicu<span class=\"_ _1\"></span>ratori,  assicurat<span class=\"_ _2\"></span>i  ed<span class=\"_ _1\"></span>  intermediari)  ma  p<span class=\"_ _1\"></span>u\u00f2<span class=\"_ _df\"> </span>anche <span class=\"_ _d\"></span>derivare <span class=\"_ _d\"></span>da <span class=\"_ _d\"></span>un <span class=\"_ _d\"></span>deterioramento <span class=\"_ _d\"></span>delle <span class=\"_ _d\"></span>condizioni <span class=\"_ _d\"></span>economico<span class=\"_ _2\"></span>-finanziarie <span class=\"_ _d\"></span>del <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>ebitore <span class=\"_ _d\"></span>da <span class=\"_ _d\"></span>cui<span class=\"_ _df\"> </span>dipende <span class=\"_ _1\"></span>la cap<span class=\"_ _1\"></span>acita di<span class=\"_ _1\"></span> far <span class=\"_ _f\"></span>fronte <span class=\"_ _1\"></span>agli <span class=\"_ _1\"></span>impegni <span class=\"_ _1\"></span>finanziari <span class=\"_ _1\"></span>assunti, nonch\u00e9<span class=\"_ _f\"></span> da cau<span class=\"_ _1\"></span>se ind<span class=\"_ _1\"></span>ipendenti d<span class=\"_ _1\"></span>alla<span class=\"_ _df\"> </span>situazione <span class=\"_ _d\"></span>economica <span class=\"_ _d\"></span>o <span class=\"_ _d\"></span>finanziar<span class=\"_ _2\"></span>ia <span class=\"_ _d\"></span>della <span class=\"_ _2\"></span>cont<span class=\"_ _2\"></span>roparte <span class=\"_ _d\"></span>debitrice, <span class=\"_ _d\"></span>quali <span class=\"_ _d\"></span>ad <span class=\"_ _d\"></span>esempio <span class=\"_ _d\"></span>cause <span class=\"_ _d\"></span>politico<span class=\"_ _2\"></span>-<span class=\"_ _df\"> </span>militare.<span class=\"_ _df\"> </span>Da un punto di vista puramente rappresentativo id<span class=\"_ _1\"></span>entifichiamo tre macro aree del rischio credito:<span class=\"_ _df\"> </span>-<span class=\"ff10\"> <span class=\"_ _51\"> </span><span class=\"ff4\">Riass<span class=\"_ _2\"></span>icurazione<span class=\"_ _1\"></span>;<span class=\"_ _df\"> </span></span></span>-<span class=\"ff10\"> <span class=\"_ _51\"> </span><span class=\"ff4\">Intermediarie e altre contropart<span class=\"_ _2\"></span>i; </span></span>-<span class=\"ff10\"> <span class=\"_ _51\"> </span><span class=\"ff4\">Invest<span class=\"_ _2\"></span>imenti.<span class=\"_ _df\"> </span></span></span>I fattori di rischio sottostanti alle singole sottocategorie del rischio credi<span class=\"_ _1\"></span>to sono i seguenti:<span class=\"_ _df\"> </span>-<span class=\"ff10\"> <span class=\"_ _51\"> </span><span class=\"ff4\">Per quanto r<span class=\"_ _2\"></span>iguarda la sottoclasse<span class=\"_ _1\"></span> Rassicurazione:<span class=\"_ _df\"> </span></span></span>o<span class=\"ff10\"> <span class=\"_ _6\"> </span><span class=\"ff4\">Rischio d<span class=\"_ _1\"></span>i credito v<span class=\"_ _1\"></span>erso riassicur<span class=\"_ _1\"></span>atori: <span class=\"ff5\">rappresenta il <span class=\"_ _f\"></span>r<span class=\"_ _2\"></span>ischio <span class=\"_ _f\"></span>di perdite deriv<span class=\"_ _1\"></span>anti dall\u2019insolvenz<span class=\"_ _1\"></span>a di<span class=\"_ _df\"> </span></span></span></span>uno o pi\u00f9 riassicuratori;<span class=\"_ _df\"> </span>o<span class=\"ff10\"> <span class=\"_ _6\"> </span><span class=\"ff4\">Rischio <span class=\"_ _22\"> </span>di <span class=\"_ _4\"> </span>base: <span class=\"_ _4\"> </span>derivante <span class=\"_ _4\"> </span>dalle <span class=\"_ _4\"> </span>eventuali <span class=\"_ _22\"> </span>d<span class=\"_ _2\"></span>iscrepanze <span class=\"_ _22\"> </span>t<span class=\"_ _2\"></span>ra <span class=\"_ _4\"> </span>le <span class=\"_ _4\"> </span>esige<span class=\"_ _1\"></span>nze <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>riassicurazione <span class=\"_ _22\"> </span>e<span class=\"_ _df\"> </span></span></span>l\u2019effettiva  copertura <span class=\"_ _4\"> </span>previ<span class=\"_ _1\"></span>sta <span class=\"_ _4\"> </span>dal  trattato <span class=\"_ _4\"> </span>comportando  per  la <span class=\"_ _4\"> </span>Compagnia  un\u2019assunzione  di<span class=\"_ _df\"> </span>rischio maggiore rispetto a quella preventiv<span class=\"_ _1\"></span>ata.<span class=\"_ _df\"> </span>-<span class=\"ff10\"> <span class=\"_ _51\"> </span><span class=\"ff4\">Per quanto r<span class=\"_ _2\"></span>iguarda gli intermediari e le altre controparti:<span class=\"_ _df\"> </span></span></span>o<span class=\"ff10\"> <span class=\"_ _6\"> </span><span class=\"ff4\">Rischio  di<span class=\"_ _1\"></span>  credito  verso  intermediari  e  altre  controparti:  rappre<span class=\"_ _1\"></span>senta  il  rischio  di  perdite  in<span class=\"_ _df\"> </span></span></span>conseguenza <span class=\"_ _f\"></span>all\u2019inadempimento <span class=\"_ _f\"></span>contrattuale <span class=\"_ _f\"></span>di <span class=\"_ _f\"></span>s<span class=\"_ _2\"></span>oggetti <span class=\"_ _f\"></span>terzi <span class=\"_ _f\"></span>(es. <span class=\"_ _f\"></span>i <span class=\"_ _f\"></span>crediti <span class=\"_ _f\"></span>verso assicu<span class=\"_ _1\"></span>rati, <span class=\"_ _f\"></span>verso<span class=\"_ _df\"> </span>intermediari assicurativi, conti correnti verso banche)<span class=\"_ _1\"></span>.<span class=\"_ _df\"> </span>Da <span class=\"_ _d\"></span>un <span class=\"_ _2\"></span>punto <span class=\"_ _d\"></span>di <span class=\"_ _2\"></span>vista <span class=\"_ _d\"></span>della <span class=\"_ _2\"></span>distribuzione <span class=\"_ _d\"></span>dei <span class=\"_ _2\"></span>rischi <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>counterparty <span class=\"_ _2\"></span>default <span class=\"_ _d\"></span>di <span class=\"_ _2\"></span>Credemassicurazioni<span class=\"_ _df\"> </span>secondo <span class=\"_ _0\"></span>i <span class=\"_ _9\"> </span>dettami <span class=\"_ _9\"> </span>normativi <span class=\"_ _9\"> </span>Solvency <span class=\"_ _0\"></span>II <span class=\"_ _9\"> </span>si <span class=\"_ _9\"> </span>riporta <span class=\"_ _9\"> </span>nella <span class=\"_ _9\"> </span>tabella <span class=\"_ _0\"></span>di <span class=\"_ _9\"> </span>seguito <span class=\"_ _9\"> </span>la <span class=\"_ _9\"> </span>miglior <span class=\"_ _0\"></span>s<span class=\"_ _2\"></span>tima <span class=\"_ _0\"></span>della<span class=\"_ _df\"> </span>rappresentazione <span class=\"_ _2\"></span>del <span class=\"_ _d\"></span>rischio <span class=\"_ _d\"></span>alla <span class=\"_ _d\"></span>data <span class=\"_ _d\"></span>di <span class=\"_ _2\"></span>redazione <span class=\"_ _d\"></span>della <span class=\"_ _2\"></span>presente <span class=\"_ _d\"></span>sezione <span class=\"_ _d\"></span>(si <span class=\"_ _2\"></span>precisa <span class=\"_ _d\"></span>che <span class=\"_ _d\"></span>il <span class=\"_ _2\"></span>peso<span class=\"_ _df\"> </span>complessivo dei rischi counte<span class=\"_ _1\"></span>rpary<span class=\"_ _2\"></span> defaul<span class=\"_ _1\"></span>t \u00e8 pari al 0,7%).<table class=\"s w11e9 h5c6\" id=\"_d7c3d707-0f79-49d7-981f-09824734fe4a\"><tr><td class=\"c xa51 y38db w11ea h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">Credit risk - risk/sum <span class=\"_ _f\"></span>of risk components - relativ<span class=\"_ _1\"></span>o e<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c xb9a y38dc w5b9 h49\"><div class=\"t m0 x1af h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">IVQ <span class=\"ls2a\">2025</span> </div></td></tr><tr><td class=\"c xb96 y2dd3 w11e5 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">complessivo<span class=\"_ _df\"> </span></div></td><td></td><td></td></tr><tr><td></td><td class=\"c xb9a y38dd w65b h49\"><div class=\"t m1 x14 h5b y32 ff4 fs19 fc1 sc0 ls0 ws0\">% Relativo </div></td><td class=\"c xb9b y38dd w590 h49\"><div class=\"t m1 xac h5b y32 ff4 fs19 fc1 sc0 ls0 ws0\">% Complessiv<span class=\"_ _1\"></span>o </div></td></tr><tr><td class=\"c xb9c y38de w659 h49\"><div class=\"t m0 x163 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">Type 1 counterpa<span class=\"_ _1\"></span>rties </div></td><td class=\"c xb9a y38de w65b h49\"><div class=\"t m0 x3a h1f y25c ff4 fs7 fc1 sc0 ls0 ws0\">69,0% </div></td><td class=\"c xb9b y38de w590 h49\"><div class=\"t m0 x2c h1f y25c ff4 fs7 fc1 sc0 ls0 ws0\">0,5% </div></td></tr><tr><td class=\"c xb9c y38df w659 h49\"><div class=\"t m0 x163 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">Type 2 counterpa<span class=\"_ _1\"></span>rties </div></td><td class=\"c xb9a y38df w65b h49\"><div class=\"t m0 x27 h1f y25c ff4 fs7 fc1 sc0 ls0 ws0\">31,0% </div></td><td class=\"c xb9b y38df w590 h49\"><div class=\"t m0 x2c h1f y25c ff4 fs7 fc1 sc0 ls0 ws0\">0,2% </div></td></tr></table>Le <span class=\"_ _d\"></span>politiche <span class=\"_ _d\"></span>r<span class=\"_ _2\"></span>elative<span class=\"_ _1\"></span> <span class=\"_ _d\"></span>alla <span class=\"_ _0\"></span>gestione <span class=\"_ _d\"></span>del <span class=\"_ _d\"></span>r<span class=\"_ _2\"></span>ischio <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>credito <span class=\"_ _0\"></span>verso <span class=\"_ _d\"></span>gli <span class=\"_ _d\"></span>emitt<span class=\"_ _2\"></span>enti <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>strumenti <span class=\"_ _d\"></span>finanziari<span class=\"_ _df\"> </span>sono <span class=\"_ _d\"></span>riconducibili <span class=\"_ _d\"></span>a <span class=\"_ _d\"></span>quanto <span class=\"_ _d\"></span>sopra <span class=\"_ _d\"></span>r<span class=\"_ _2\"></span>iportato <span class=\"_ _2\"></span>a <span class=\"_ _0\"></span>proposito <span class=\"_ _d\"></span>del <span class=\"_ _2\"></span>rischio <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>mer<span class=\"_ _2\"></span>cato <span class=\"_ _d\"></span>con <span class=\"_ _d\"></span>riferimento<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>ai<span class=\"_ _df\"> </span>principi ge<span class=\"_ _1\"></span>nerali relativi al <span class=\"_ _1\"></span>controllo deg<span class=\"_ _1\"></span>li investimenti di <span class=\"_ _1\"></span>natura finanziaria. P<span class=\"_ _1\"></span>er quanto conce<span class=\"_ _1\"></span>rne le<span class=\"_ _df\"> </span>controparti riassicu<span class=\"_ _f\"></span>r<span class=\"_ _2\"></span>ative, <span class=\"_ _f\"></span>Credemass<span class=\"_ _2\"></span>icurazioni <span class=\"_ _f\"></span>ha defi<span class=\"_ _1\"></span>nito politiche <span class=\"_ _f\"></span>per la ge<span class=\"_ _1\"></span>stione e <span class=\"_ _f\"></span>il controllo <span class=\"_ _1\"></span>di<span class=\"_ _df\"> </span>tale rischio in termini di linee guida e limiti relativi alle controparti. L\u2019identificazione <span class=\"_ _d\"></span>d<span class=\"_ _2\"></span>el <span class=\"_ _0\"></span>Counterparty <span class=\"_ _0\"></span>Default <span class=\"_ _0\"></span>Risk <span class=\"_ _0\"></span>viene <span class=\"_ _0\"></span>effettuata <span class=\"_ _0\"></span>con <span class=\"_ _0\"></span>r<span class=\"_ _2\"></span>iferimento <span class=\"_ _0\"></span>alle <span class=\"_ _0\"></span>controparti<span class=\"_ _df\"> </span>verso le quali sussistono posizioni di<span class=\"_ _1\"></span> credito.<span class=\"_ _df\"> </span>Si riportano sinteticamente di segui<span class=\"_ _1\"></span>to le misure di rischio utilizzate:<span class=\"_ _df\"> </span>-<span class=\"ff10\"> <span class=\"_ _51\"> </span><span class=\"ff4\">SCR Counterparty<span class=\"_ _2\"></span> Default Risk;<span class=\"_ _df\"> </span></span></span>-<span class=\"ff10\"> <span class=\"_ _51\"> </span><span class=\"ff5\">Import<span class=\"_ _2\"></span>o <span class=\"_ _9\"> </span>Massimo <span class=\"_ _0\"> </span>in <span class=\"_ _16\"> </span>Conti <span class=\"_ _9\"> </span>Corre<span class=\"_ _1\"></span>nti: <span class=\"_ _9\"> </span>rappresenta <span class=\"_ _9\"> </span>l\u2019ammontare <span class=\"_ _9\"> </span>mass<span class=\"_ _2\"></span>imo <span class=\"_ _0\"></span>in <span class=\"_ _9\"> </span>C/C <span class=\"_ _16\"> </span>da <span class=\"_ _0\"></span>detenere <span class=\"_ _9\"> </span>sul<span class=\"_ _df\"> </span></span></span>portafoglio;<div class=\"t m0 h5 ff18 fs1 fc1 sc0 ls0 ws0 gs1d48\">-<span class=\"_ _2b\"> </span><span class=\"ff5\">Esposizione<span class=\"_ _1\"></span> pe<span class=\"_ _1\"></span>r Riassicuratore: <span class=\"_ _1\"></span>l\u2019indicatore i<span class=\"_ _1\"></span>ndividua <span class=\"_ _f\"></span>l\u2019esposizione verso ciascu<span class=\"_ _1\"></span>n Ri<span class=\"_ _1\"></span>assicuratore in<span class=\"_ _df\"> </span></span><span class=\"ff5\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1d49\">termini di somme assicurat<span class=\"lse\">e;<span class=\"_ _df\"> </span></span> </div><div class=\"t m0 h5 ff18 fs4 fc1 sc0 ls0 ws0 gs1d4a\">-<span class=\"_ _1b\"> </span><span class=\"ff5 fs1\">Rating <span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>Solvency Rat<span class=\"_ _2\"></span>io per <span class=\"_ _2\"></span>Riassicuratore: <span class=\"_ _2\"></span>l\u2019indicatore <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _2\"></span>pari al <span class=\"_ _2\"></span>Rating <span class=\"_ _2\"></span>del s<span class=\"_ _2\"></span>ingolo Riassicuratore<span class=\"_ _df\"> </span></span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1d4b\">o, in caso di controparte non retata, al Solvency Ratio dell<span class=\"_ _1\"></span>o stesso.<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc4 sc3 ls0 ws0 gs1d4c\">Rischi <span class=\"_ _1\"></span>oper<span class=\"_ _1\"></span>ativi<span class=\"_ _df\"> </span><span class=\"_ _f\"></span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1d4d\">Il<span class=\"_ _df\"> </span> </div><div class=\"t m1 h6 ff4 fs2 fc1 sc0 ls0 ws0 gs1d4e\">rischio ope<span class=\"_ _f\"></span>r<span class=\"_ _2\"></span>ativo</div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1d4f\"> \u00e8 <span class=\"_ _f\"></span>definibile come i<span class=\"_ _1\"></span>l rischio <span class=\"_ _f\"></span>di subire <span class=\"_ _f\"></span>p<span class=\"_ _2\"></span>erdite derivanti <span class=\"_ _f\"></span>dalla inadeguatezza <span class=\"_ _f\"></span>o dalla<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1d50\">disfunzione <span class=\"_ _0\"></span>(<span class=\"_ _2\"></span>carenze <span class=\"_ _0\"></span>o  errori) <span class=\"_ _0\"></span>di <span class=\"_ _9\"> </span>procedure <span class=\"_ _16\"> </span>interne, <span class=\"_ _9\"> </span>risorse <span class=\"_ _9\"> </span>umane <span class=\"_ _9\"> </span>o <span class=\"_ _16\"> </span>sistemi <span class=\"_ _9\"> </span>oppure <span class=\"_ _9\"> </span>da <span class=\"_ _9\"> </span>ev<span class=\"_ _2\"></span>enti<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1d51\">esogeni <span class=\"_ _0\"></span>(cfr. <span class=\"_ _d\"></span>ar<span class=\"_ _2\"></span>ticolo <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=\"_ _9\"> </span>del <span class=\"_ _0\"></span>CAP). <span class=\"_ _0\"></span><span class=\"ff5\">Pertanto, <span class=\"_ _0\"></span>l\u2019impresa <span class=\"_ _0\"></span>pu\u00f2 <span class=\"_ _0\"></span>incorrere <span class=\"_ _0\"></span>in<span class=\"_ _df\"> </span></span><span class=\"ff5\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1d52\">perdite <span class=\"_ _22\"> </span>o<span class=\"_ _2\"></span>perative, <span class=\"_ _22\"> </span>de<span class=\"_ _2\"></span>finibili <span class=\"_ _4\"> </span>come <span class=\"_ _22\"> </span>gli <span class=\"_ _4\"> </span>effetti <span class=\"_ _4\"> </span>economici <span class=\"_ _4\"> </span>negativi <span class=\"_ _4\"> </span>derivanti <span class=\"_ _4\"> </span>da <span class=\"_ _22\"> </span>eventi <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>natura<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1d53\">operativa, rilevati nella contabilit\u00e0 aziendale e tali da avere imp<span class=\"_ _1\"></span>atto sul conto economico.<span class=\"_ _df\"> </span><span class=\"_ _2\"></span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1d54\">Alla pi\u00f9 generale categoria dei Rischi Ope<span class=\"_ _1\"></span>rativi appartengono le seguenti sotto<span class=\"_ _2\"></span>-categori<span class=\"lse\">e:<span class=\"_ _df\"> </span></span> </div><div class=\"t m0 h5 ff13 fs1 fc1 sc0 ls0 ws0 gs1d55\">-<span class=\"_ _1b\"> </span><span class=\"ff4\">Rischio Operativi;<span class=\"_ _df\"> </span></span></div><div class=\"t m0 h5 ff13 fs1 fc1 sc0 ls0 ws0 gs1d56\">-<span class=\"_ _1b\"> </span><span class=\"ff4\">Rischio ICT e di Sicurezza;<span class=\"_ _df\"> </span></span></div><div class=\"t m0 h5 ff13 fs1 fc1 sc0 ls0 ws0 gs1d57\">-<span class=\"_ _1b\"> </span><span class=\"ff4\">Rischio di non Conformit\u00e0 alle norme;<span class=\"_ _df\"> </span></span></div><div class=\"t m0 h5 ff13 fs1 fc4 sc0 ls0 ws0 gs1d58\">-<span class=\"_ _1b\"> </span><span class=\"ff4 fc1\">Model Risk;<span class=\"_ _df\"> </span></span></div><div class=\"t m0 h5 ff13 fs1 fc4 sc0 ls0 ws0 gs1d59\">-<span class=\"_ _1b\"> </span><span class=\"ff4 fc1\">Continuit\u00e0 Operativa;<span class=\"_ _df\"> </span></span></div><div class=\"t m0 h5 ff13 fs1 fc4 sc0 ls0 ws0 gs1d5a\">-<span class=\"_ _1b\"> </span><span class=\"ff4 fc1\">Regulatory Operational Risk,<span class=\"_ _df\"> </span></span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1d5b\">di seguito meglio esplici<span class=\"_ _1\"></span>tate.<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc4 sc3 ls0 ws0 gs1d5c\">Rischio<span class=\"_ _f\"></span> Opera<span class=\"_ _1\"></span>tivo <span class=\"_ _1\"></span>e ICT <span class=\"_ _1\"></span>&amp; di <span class=\"_ _f\"></span>Sicurezza<span class=\"_ _df\"> </span><span class=\"_ _f\"></span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1d5d\">I principali fattori di rischio che caratterizzano il rischio sono:<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff18 fs1 fc1 sc0 ls0 ws0 gs1d5e\">-<span class=\"_ _2b\"> </span><span class=\"ff5\">Persone: <span class=\"_ _14\"> </span>le <span class=\"_ _14\"> </span>r<span class=\"_ _2\"></span>isorse <span class=\"_ _14\"> </span>umane <span class=\"_ _15\"> </span>possono <span class=\"_ _15\"> </span>essere <span class=\"_ _15\"> </span>fonte <span class=\"_ _15\"> </span>di <span class=\"_ _14\"> </span>r<span class=\"_ _2\"></span>ischio <span class=\"_ _14\"> </span>per <span class=\"_ _15\"> </span>l\u2019impresa, <span class=\"_ _14\"> </span>se <span class=\"_ _15\"> </span>la <span class=\"_ _15\"> </span>st<span class=\"_ _2\"></span>ruttura<span class=\"_ _df\"> </span></span><span class=\"ff5\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1d5f\">organizzativa non <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _2\"></span>efficie<span class=\"_ _1\"></span>nte, o<span class=\"_ _2\"></span>ppure si <span class=\"_ _2\"></span>verificano carenze nella <span class=\"_ _2\"></span>professionalit\u00e0 dei <span class=\"_ _2\"></span>dipendenti o,<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1d60\">per <span class=\"_ _0\"></span>esempio, <span class=\"_ _d\"></span>se <span class=\"_ _0\"></span>la <span class=\"_ _0\"></span>strutt<span class=\"_ _2\"></span>ura <span class=\"_ _d\"></span>retr<span class=\"_ _2\"></span>ibutiva <span class=\"_ _d\"></span>e <span class=\"_ _0\"></span>il <span class=\"_ _0\"></span>percorso <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>carriera <span class=\"_ _0\"></span>non <span class=\"_ _0\"></span>sono <span class=\"_ _0\"></span>adeguati <span class=\"_ _0\"></span>e <span class=\"_ _0\"></span>se <span class=\"_ _0\"></span>il <span class=\"_ _d\"></span>clima<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1d61\">aziendale <span class=\"_ _0\"> </span>non <span class=\"_ _16\"> </span>\u00e8 <span class=\"_ _9\"> </span>idoneo. <span class=\"_ _0\"></span>Gli <span class=\"_ _16\"> </span>esempi <span class=\"_ _0\"></span>di <span class=\"_ _9\"> </span>perdite <span class=\"_ _9\"> </span>dovute <span class=\"_ _9\"> </span>a <span class=\"_ _9\"> </span>risorse <span class=\"_ _9\"> </span>incompetenti <span class=\"_ _9\"> </span>o <span class=\"_ _9\"> </span>negligenti <span class=\"_ _9\"> </span>sono<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1d62\">numerosi,  fra <span class=\"_ _4\"> </span>que<span class=\"_ _1\"></span>sti <span class=\"_ _22\"> </span>emergon<span class=\"_ _2\"></span>o  i <span class=\"_ _22\"> </span>cas<span class=\"_ _2\"></span>i  di  inserimento <span class=\"_ _4\"> </span>erroneo  di  dati <span class=\"_ _4\"> </span>nei  sistemi,  err<span class=\"_ _2\"></span>ori  nella<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1d63\">trasposizione dei dati o violazi<span class=\"_ _1\"></span>oni di regolamenti.<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff18 fs1 fc1 sc0 ls0 ws0 gs1d64\">-<span class=\"_ _2b\"> </span><span class=\"ff4\">Processi: <span class=\"_ _0\"></span>i <span class=\"_ _9\"> </span>processi <span class=\"_ _9\"> </span>aziendali <span class=\"_ _0\"></span>sono <span class=\"_ _9\"> </span>fonte <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>rischio <span class=\"_ _9\"> </span>operativo <span class=\"_ _9\"> </span>nel<span class=\"_ _1\"></span> <span class=\"_ _9\"> </span>caso <span class=\"_ _9\"> </span>in <span class=\"_ _9\"> </span>cui <span class=\"_ _0\"></span>si <span class=\"_ _9\"> </span>verifichino <span class=\"_ _9\"> </span>delle<span class=\"_ _df\"> </span></span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1d65\">inefficienze <span class=\"_ _9\"> </span>nel <span class=\"_ _16\"> </span>disegno, <span class=\"_ _9\"> </span>nella <span class=\"_ _16\"> </span>formalizzazione <span class=\"_ _9\"> </span>e <span class=\"_ _16\"> </span>nella <span class=\"_ _9\"> </span>definizione <span class=\"_ _16\"> </span>della <span class=\"_ _9\"> </span>str<span class=\"_ _2\"></span>uttura <span class=\"_ _9\"> </span>degli <span class=\"_ _9\"> </span>stessi  e<span class=\"_ _df\"> </span><span class=\"_ _1\"></span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1d66\">quindi nella definizione degli att<span class=\"_ _2\"></span>ori che vi <span class=\"_ _2\"></span>prendono parte e del relativo livello di responsabilit\u00e0 e di<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1d67\">autorizzazione.  Possono  risultare  inadeguati  e  quindi  essere  font<span class=\"_ _2\"></span>e  di  rischio  operativo  tutti  i<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1d68\">processi <span class=\"_ _d\"></span>aziendali, <span class=\"_ _0\"></span>compresi <span class=\"_ _d\"></span>i <span class=\"_ _0\"></span>modelli <span class=\"_ _0\"></span>valutativi <span class=\"_ _d\"></span>e <span class=\"_ _0\"></span>di <span class=\"_ _d\"></span>cal<span class=\"_ _2\"></span>colo <span class=\"_ _0\"></span>e <span class=\"_ _0\"></span>gli <span class=\"_ _d\"></span>stess<span class=\"_ _2\"></span>i <span class=\"_ _d\"></span>processi <span class=\"_ _d\"></span>di <span class=\"_ _0\"></span>gestione <span class=\"_ _0\"></span>del<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1d69\">rischio. Sono fonte di rischio operativo:<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff12 fs1 fc1 sc0 ls0 ws0 gs1d6a\">o<span class=\"_ _25\"> </span><span class=\"ff4\">le est<span class=\"_ _2\"></span>ernalizzazi<span class=\"_ _1\"></span>oni <span class=\"_ _2\"></span>di at<span class=\"_ _2\"></span>tivit\u00e0 aziendali <span class=\"_ _2\"></span>nel caso <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>cui si <span class=\"_ _2\"></span>verifichino <span class=\"_ _2\"></span>delle carenze <span class=\"_ _2\"></span>/ <span class=\"_ _2\"></span>inadeguatezze<span class=\"_ _df\"> </span></span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1d6b\">nei processi di gestione del rapporto con gli outsourcer tali da cau<span class=\"_ _1\"></span>s<span class=\"_ _2\"></span><span class=\"ff5\">are delle perdite all\u2019impresa;<span class=\"_ _df\"> </span></span></div><div class=\"t m0 h5 ff12 fs1 fc1 sc0 ls0 ws0 gs1d6c\">o<span class=\"_ _25\"> </span><span class=\"ff5\">il <span class=\"_ _e\"> </span>mancato <span class=\"_ _10\"> </span>aggiornamento <span class=\"_ _e\"> </span>o<span class=\"_ _2\"></span> <span class=\"_ _e\"> </span>l\u2019inadeguata <span class=\"_ _e\"> </span>archiviazione <span class=\"_ _e\"> </span>dell<span class=\"_ _2\"></span>e <span class=\"_ _e\"> </span>procedure <span class=\"_ _e\"> </span>e <span class=\"_ _10\"> </span>normative <span class=\"_ _e\"> </span>che<span class=\"_ _df\"> </span></span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1d6d\">formalizzano i processi interni;<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff12 fs1 fc1 sc0 ls0 ws0 gs1d6e\">o<span class=\"_ _25\"> </span><span class=\"ff4\">mancata/inadeguata/intempestiva <span class=\"_ _15\"> </span>emanazione <span class=\"_ _e\"> </span>di <span class=\"_ _15\"> </span>nor<span class=\"_ _2\"></span>me <span class=\"_ _15\"> </span>attuative <span class=\"_ _15\"> </span>interne <span class=\"_ _e\"> </span>in <span class=\"_ _e\"> </span>relazione <span class=\"_ _15\"> </span>al<span class=\"_ _2\"></span>la<span class=\"_ _df\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1d6f\">normativa esterna vigente.<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff18 fs1 fc1 sc0 ls0 ws0 gs1d70\">-<span class=\"_ _2b\"> </span><span class=\"ff5\">Eventi<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>Esterni: <span class=\"_ _9\"> </span>gli <span class=\"_ _0\"></span>eventi <span class=\"_ _0\"></span>legati <span class=\"_ _0\"></span>a <span class=\"_ _0\"></span>fattori <span class=\"_ _0\"></span>esterni <span class=\"_ _0\"></span>possono <span class=\"_ _0\"> </span>causare <span class=\"_ _0\"></span>perdite <span class=\"_ _0\"></span>all\u2019impresa <span class=\"_ _0\"></span>a <span class=\"_ _9\"> </span>fronte <span class=\"_ _0\"></span>di<span class=\"_ _df\"> </span></span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1d71\">calamit\u00e0 <span class=\"_ _4\"> </span>naturali,  di <span class=\"_ _4\"> </span>preve<span class=\"_ _1\"></span>nzione <span class=\"_ _4\"> </span>e  s<span class=\"_ _2\"></span>icurezza  verso <span class=\"_ _4\"> </span>eventi  di<span class=\"_ _2\"></span>  nat<span class=\"_ _2\"></span>ura  accidentale, <span class=\"_ _22\"> </span>a <span class=\"_ _4\"> </span>fronte <span class=\"_ _22\"> </span>di<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1d72\">obsolescenza delle infrastr<span class=\"_ _2\"></span>utture<span class=\"_ _1\"></span>, di pre<span class=\"_ _2\"></span>venzione e d<span class=\"_ _2\"></span>i sicurezza verso <span class=\"_ _2\"></span>atti di nat<span class=\"_ _2\"></span>ura criminosa, nei<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1d73\">passaggi  au<span class=\"_ _1\"></span>torizzativi  pe<span class=\"_ _1\"></span>r  l'esecuzione <span class=\"_ _16\"> </span>delle <span class=\"_ _16\"> </span>attivit\u00e0  operative<span class=\"_ _1\"></span>,  nelle<span class=\"_ _1\"></span>  misure  di<span class=\"_ _1\"></span>  controllo  v<span class=\"_ _1\"></span>erso<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1d74\">attivit\u00e0 <span class=\"_ _2\"></span>non autorizzate <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>frodi da <span class=\"_ _2\"></span>parte <span class=\"_ _2\"></span>di dipendenti, <span class=\"_ _2\"></span>di misure <span class=\"_ _2\"></span>preventive v<span class=\"_ _2\"></span>erso <span class=\"_ _2\"></span>frodi da <span class=\"_ _2\"></span>parte di<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1d75\">esterni, <span class=\"_ _d\"></span>a <span class=\"_ _d\"></span>fronte <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>un <span class=\"_ _d\"></span>inadegu<span class=\"_ _1\"></span>ato <span class=\"_ _d\"></span>e/o <span class=\"_ _d\"></span>non <span class=\"_ _d\"></span>tempestivo <span class=\"_ _d\"></span>aggiornamento <span class=\"_ _d\"></span>della <span class=\"_ _d\"></span>normativa <span class=\"_ _d\"></span>interna <span class=\"_ _d\"></span>in<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1d76\">relazione ai mutamenti della normativa esterna da cui deriva.<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff18 fs1 fc1 sc0 ls0 ws0 gs1d77\">-<span class=\"_ _2b\"> </span><span class=\"ff4\">Rischio Inf<span class=\"_ _1\"></span>ormatico e di Sicurezza: questo fattore di rischio \u00e8 composta dai seguenti ele<span class=\"_ _1\"></span>menti:<span class=\"_ _df\"> </span></span></div><div class=\"t m0 h5 ff18 fs1 fc1 sc0 ls0 ws0 gs1d78\">-<span class=\"_ _28\"> </span><span class=\"ff4\">ICT D<span class=\"_ _2\"></span>ata <span class=\"ff5\">Integraty <span class=\"_ _2\"></span>Risks: rischi derivanti da eventi o <span class=\"_ _2\"></span>situazioni che possono <span class=\"_ _2\"></span>causare l\u2019interruzione<span class=\"_ _df\"> </span></span></span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1d79\">dei  servizi <span class=\"_ _4\"> </span>(es.  cyber <span class=\"_ _4\"> </span>attacks,  guasti <span class=\"_ _4\"> </span>hardware/software,<span class=\"_ _1\"></span> <span class=\"_ _4\"> </span>inade<span class=\"_ _1\"></span>guatezza  dei <span class=\"_ _4\"> </span>piani  di <span class=\"_ _4\"> </span>Disaster<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1d7a\">Recovery).<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff18 fs1 fc1 sc0 ls0 ws0 gs1d7b\">-<span class=\"_ _28\"> </span><span class=\"ff4\">ICT <span class=\"_ _22\"> </span>Security <span class=\"_ _4\"> </span>Risk:  rischi <span class=\"_ _22\"> </span>derivanti <span class=\"_ _4\"> </span>da  eventi  o <span class=\"_ _22\"> </span>s<span class=\"_ _2\"></span>ituazioni <span class=\"_ _22\"> </span><span class=\"ff5\">che <span class=\"_ _22\"> </span>poss<span class=\"_ _2\"></span>ono  causare  l\u2019accesso <span class=\"_ _4\"> </span>non<span class=\"_ _df\"> </span></span></span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1d7c\">autorizzato  a<span class=\"_ _f\"></span>  dati <span class=\"_ _16\"> </span>o <span class=\"_ _16\"> </span>sistemi <span class=\"_ _9\"> </span>aziendali  (<span class=\"_ _1\"></span>es. <span class=\"_ _16\"> </span>rischi <span class=\"_ _16\"> </span>di <span class=\"_ _16\"> </span>cyber <span class=\"_ _16\"> </span>attack, <span class=\"_ _9\"> </span>inadeguatezza  d<span class=\"_ _1\"></span>ei  sistemi <span class=\"_ _9\"> </span>di<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1d7d\">autenticazione/autorizzazione).<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff18 fs1 fc1 sc0 ls0 ws0 gs1d7e\">-<span class=\"_ _28\"> </span><span class=\"ff4\">ICT <span class=\"_ _0\"></span>Change <span class=\"_ _0\"></span>Risks: <span class=\"_ _0\"></span>r<span class=\"_ _2\"></span>ischi <span class=\"_ _0\"></span>derivanti <span class=\"_ _0\"></span>dall'incapacit\u00e0 <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>gestire, <span class=\"_ _0\"></span>in <span class=\"_ _0\"></span>modo <span class=\"_ _9\"> </span>tempestivo <span class=\"_ _0\"></span>e <span class=\"_ _0\"></span>controlla<span class=\"_ _2\"></span>to, <span class=\"_ _0\"></span>i<span class=\"_ _df\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1d7f\">cambiamenti  dei <span class=\"_ _22\"> </span>sist<span class=\"_ _2\"></span>emi  ICT  in <span class=\"_ _4\"> </span>particolare  per <span class=\"_ _22\"> </span>piani <span class=\"_ _22\"> </span>di <span class=\"_ _4\"> </span>cambiamento  ampi <span class=\"_ _22\"> </span>e <span class=\"_ _4\"> </span>complessi  (es.<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs1d80\">inadeguatezza <span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>assenza <span class=\"_ _d\"></span>di <span class=\"_ _2\"></span>con<span class=\"_ _2\"></span>trolli <span class=\"_ _2\"></span>nello <span class=\"_ _2\"></span>sviluppo <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>el <span class=\"_ _2\"></span>software, <span class=\"_ _2\"></span>inadeguatezza <span class=\"_ _d\"></span>dell\u2019architettura<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1d81\">ICT).<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff18 fs1 fc1 sc0 ls0 ws0 gs1d82\">-<span class=\"_ _28\"> </span><span class=\"ff4\">ICT Data Integrity <span class=\"_ _2\"></span>Risk: rischi derivanti dalla presenza <span class=\"ff5\">e <span class=\"_ _2\"></span>dall\u2019utilizzo da parte dei sistemi ICT di dati<span class=\"_ _df\"> </span></span></span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1d83\">non completi, non accurati e non coerenti t<span class=\"_ _1\"></span>ra loro che possono compromettere la cor<span class=\"_ _1\"></span>rettezza e la<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1d84\">tempestivit\u00e0 del servizio <span class=\"_ _2\"></span>erogato e <span class=\"_ _2\"></span>delle informazioni gestionali e <span class=\"_ _2\"></span>finanziarie fornite (es. <span class=\"_ _2\"></span>anomalie<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs1d85\">nell\u2019el<span class=\"ff4\">aborazione dei dati, inadeguatezza dei controlli di data-input / data-</span>extraction, \u2026).<span class=\"_ _df\"> </span></div>-<span class=\"ff10\"> <span class=\"_ _1c\"> </span><span class=\"ff5\">ICT <span class=\"_ _2\"></span>Outsourcing <span class=\"_ _2\"></span>Risk: <span class=\"_ _d\"></span>rischi <span class=\"_ _2\"></span>derivanti <span class=\"_ _d\"></span>da <span class=\"_ _2\"></span>esternalizzazione <span class=\"_ _2\"></span>vers<span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>una <span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>erza <span class=\"_ _2\"></span>parte <span class=\"_ _2\"></span>o<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>verso <span class=\"_ _2\"></span>un\u2019altra<span class=\"_ _df\"> </span></span></span>entit\u00e0 del <span class=\"_ _1\"></span>Gruppo (intra-group outsourcing) d<span class=\"_ _f\"></span>i pro<span class=\"_ _2\"></span>cessi d<span class=\"_ _1\"></span>i fornitura di sistemi ICT <span class=\"_ _1\"></span>o servizi correlati<span class=\"_ _df\"> </span>(es. inadeguatezza dei meccanismi contrattuali di<span class=\"_ _1\"></span> controllo, degrado del servizio offerto, \u2026).<span class=\"_ _df\"> </span>L\u2019approccio di identificazione del rischio operativo segue una logica di tipo \u2018bottom up\u2019, basata su<span class=\"_ _df\"> </span>una <span class=\"_ _f\"></span>metodologia d<span class=\"_ _1\"></span>i <span class=\"_ _f\"></span>Risk Se<span class=\"ff5\">lf <span class=\"_ _f\"></span>Assessment <span class=\"_ _f\"></span>con <span class=\"_ _f\"></span>l\u2019obiettivo <span class=\"_ _1\"></span>di <span class=\"_ _f\"></span>valutare i<span class=\"_ _1\"></span>l <span class=\"_ _f\"></span>livello <span class=\"_ _f\"></span>di rischiosit\u00e0<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>e <span class=\"_ _f\"></span>la <span class=\"_ _1\"></span>qualit\u00e0<span class=\"_ _df\"> </span></span>dei <span class=\"_ _f\"></span>controlli p<span class=\"_ _1\"></span>osti i<span class=\"_ _1\"></span>n <span class=\"_ _1\"></span>essere <span class=\"_ _f\"></span>per <span class=\"_ _1\"></span>mitigare <span class=\"_ _f\"></span>il <span class=\"_ _1\"></span>rischio <span class=\"_ _f\"></span>afferente all<span class=\"_ _1\"></span>e <span class=\"_ _f\"></span>at<span class=\"_ _2\"></span>tivi<span class=\"_ _1\"></span>t\u00e0 op<span class=\"_ _1\"></span>erative <span class=\"_ _f\"></span>e ad <span class=\"_ _f\"></span>ogni <span class=\"_ _f\"></span>processo<span class=\"_ _df\"> </span>aziendale. L\u2019obiettivo di <span class=\"_ _1\"></span>tale approccio, <span class=\"_ _1\"></span>basato sull\u2019anal<span class=\"_ _1\"></span>isi per Team Funzionali, \u00e8<span class=\"_ _1\"></span> l\u2019individuazione degl<span class=\"_ _1\"></span>i eventi<span class=\"_ _df\"> </span>perdita <span class=\"_ _17\"> </span>che <span class=\"_ _15\"> </span>potrebbero <span class=\"_ _17\"> </span>manif<span class=\"_ _2\"></span>estarsi, <span class=\"_ _14\"> </span>la <span class=\"_ _14\"> </span>valutazione <span class=\"_ _17\"> </span>del <span class=\"_ _14\"> </span>possibile <span class=\"_ _17\"> </span>im<span class=\"_ _2\"></span>patto <span class=\"_ _14\"> </span>e <span class=\"_ _14\"> </span>della <span class=\"_ _17\"> </span>possibile<span class=\"_ _df\"> </span>frequenza <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>r<span class=\"_ _2\"></span>ealizzazione <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>t<span class=\"_ _2\"></span>ali <span class=\"_ _4\"> </span>eventi <span class=\"_ _17\"> </span>(quantificazione <span class=\"_ _4\"> </span>delle <span class=\"_ _17\"> </span>perdite <span class=\"_ _4\"> </span>att<span class=\"_ _2\"></span>ese <span class=\"_ _4\"> </span>e <span class=\"_ _4\"> </span>inatt<span class=\"_ _2\"></span>ese), <span class=\"_ _4\"> </span>la<span class=\"_ _df\"> </span>valutazione de<span class=\"_ _1\"></span>ll\u2019eff<span class=\"ff4\">icacia dei controlli a presid<span class=\"_ _f\"></span>io e dei possibi<span class=\"_ _1\"></span>li strumenti organizzativi<span class=\"_ _1\"></span> attivabili per<span class=\"_ _df\"> </span></span>la mitigazione del rischio. <span class=\"_ _2\"></span>La valutazione<span class=\"_ _1\"></span> delle perdite <span class=\"_ _2\"></span>attese e inattese viene fatt<span class=\"_ _2\"></span>a sia in relazione<span class=\"_ _df\"> </span>al rischio <span class=\"_ _2\"></span>operativo nella sua interezza <span class=\"_ _2\"></span>sia per la <span class=\"_ _2\"></span>componente re<span class=\"_ _2\"></span>lativa al <span class=\"_ _2\"></span>rischio ICT e di <span class=\"_ _2\"></span>sicurezza.<span class=\"_ _df\"> </span>Su entrambe le grandezze esistono dei li<span class=\"_ _1\"></span>miti RAF.<span class=\"_ _df\"> </span>La <span class=\"_ _4\"> </span>Compagnia <span class=\"_ _17\"> </span>ha <span class=\"_ _4\"> </span>strutturato<span class=\"_ _2\"></span>,<span class=\"_ _1\"></span> <span class=\"_ _4\"> </span>inoltre, <span class=\"_ _17\"> </span>con <span class=\"_ _4\"> </span>periodicit\u00e0 <span class=\"_ _17\"> </span>annuale <span class=\"_ _4\"> </span>una <span class=\"_ _17\"> </span>valutazione <span class=\"_ _4\"> </span>delle <span class=\"_ _4\"> </span>perdite<span class=\"_ _df\"> </span>effettive subi<span class=\"_ _1\"></span>te derivanti da rischi operativi (c.d.<span class=\"_ _1\"></span> LDC <span class=\"ff5\">\u2013</span> Loss Data Collection). Tale analisi <span class=\"_ _1\"></span>consente<span class=\"_ _df\"> </span>inoltre di effettuare un back-test circa la valutazione ex-ante mediante Risk Self-Assessment.<span class=\"_ _df\"> </span>Regula<span class=\"_ _f\"></span>tory Ope<span class=\"_ _1\"></span>rati<span class=\"_ _1\"></span>onal <span class=\"_ _1\"></span>Risk<span class=\"_ _df\"> </span>Per quanto <span class=\"_ _1\"></span>riguarda la valu<span class=\"_ _f\"></span>t<span class=\"_ _2\"></span>azione del<span class=\"_ _1\"></span> requisito di cap<span class=\"_ _f\"></span>it<span class=\"_ _2\"></span>ale (SCR), i <span class=\"_ _f\"></span>r<span class=\"_ _2\"></span>ischi ope<span class=\"_ _1\"></span>rativi vengono <span class=\"_ _1\"></span>valutati<span class=\"_ _df\"> </span>mediante l\u2019applicazione<span class=\"_ _1\"></span> della Standard Formula. <span class=\"ff4\">Il peso <span class=\"_ _1\"></span>complessivo dei <span class=\"_ _1\"></span>rischi operative, secondo<span class=\"_ _df\"> </span></span>i dettami normativi Solvenc<span class=\"_ _1\"></span>y II \u00e8 pari al 6,6% (dato al <span class=\"_ _2\"></span><span class=\"fs7\">IVQ 2025).<span class=\"_ _df\"> </span></span>Rischio<span class=\"_ _f\"></span> legale e<span class=\"_ _1\"></span> risch<span class=\"_ _1\"></span>io di<span class=\"_ _1\"></span> no<span class=\"_ _1\"></span>n confo<span class=\"_ _f\"></span>rmit\u00e0 a<span class=\"_ _f\"></span>lle norme<span class=\"_ _df\"> </span>Il <span class=\"_ _16\"> </span>rischio <span class=\"_ _9\"> </span>nor<span class=\"_ _2\"></span>mativo <span class=\"_ _9\"> </span>di  compli<span class=\"_ _1\"></span>ance  (ovvero <span class=\"_ _9\"> </span>di  non <span class=\"_ _9\"> </span>confor<span class=\"_ _2\"></span>mit\u00e0 <span class=\"_ _9\"> </span>alle  norme)<span class=\"_ _1\"></span>  rigu<span class=\"_ _f\"></span>ar<span class=\"_ _2\"></span>da <span class=\"_ _9\"> </span>il  rischio <span class=\"_ _9\"> </span>di<span class=\"_ _df\"> </span>incorrere <span class=\"_ _17\"> </span>in <span class=\"_ _17\"> </span>sanzioni <span class=\"_ _17\"> </span>giudiziarie <span class=\"_ _17\"> </span>o <span class=\"_ _17\"> </span>amministrative, <span class=\"_ _17\"> </span>e <span class=\"_ _17\"> </span>subire <span class=\"_ _17\"> </span>perdite <span class=\"_ _17\"> </span>o <span class=\"_ _17\"> </span>danni <span class=\"_ _17\"> </span>reputazionali <span class=\"_ _17\"> </span>in<span class=\"_ _df\"> </span>conseguenza <span class=\"_ _0\"></span>della <span class=\"_ _0\"></span>mancat<span class=\"_ _2\"></span>a <span class=\"_ _0\"></span>osservanza <span class=\"_ _9\"> </span>di <span class=\"_ _0\"></span>leggi, <span class=\"_ _0\"> </span>r<span class=\"_ _2\"></span>egolamenti <span class=\"_ _0\"></span>o <span class=\"_ _9\"> </span>provvedimenti <span class=\"_ _0\"></span>delle <span class=\"_ _0\"></span>Autorit\u00e0 <span class=\"_ _9\"> </span>di<span class=\"_ _df\"> </span>Vigilanza <span class=\"_ _0\"></span>ovvero <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>norme <span class=\"_ _9\"> </span>di <span class=\"_ _0\"></span>autoregolamentazione, <span class=\"_ _d\"></span>quali <span class=\"_ _0\"></span>st<span class=\"_ _2\"></span>atuti, <span class=\"_ _0\"></span>codici <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>condotta <span class=\"_ _0\"></span>o <span class=\"_ _0\"></span>codici <span class=\"_ _0\"></span>di<span class=\"_ _df\"> </span>autodisciplina; <span class=\"_ _18\"> </span>rischio <span class=\"_ _19\"> </span>derivante <span class=\"_ _19\"> </span>da <span class=\"_ _19\"> </span>modifiche <span class=\"_ _18\"> </span>sfavor<span class=\"_ _2\"></span>evoli<span class=\"_ _1\"></span> <span class=\"_ _19\"> </span>del <span class=\"_ _19\"> </span>quadro <span class=\"_ _19\"> </span>normativo <span class=\"_ _18\"> </span>o<span class=\"_ _2\"></span> <span class=\"_ _18\"> </span>degli<span class=\"_ _df\"> </span>orientamenti giurisprudenziali. Nella gestione<span class=\"_ _1\"></span> delrischio di non conformit\u00e0 normativa<span class=\"_ _df\"> </span>, l\u2019azie<span class=\"_ _1\"></span>nda identifica quale fattore p<span class=\"_ _1\"></span>rioritario<span class=\"_ _df\"> </span>di <span class=\"_ _f\"></span>successo il<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>conseguimento <span class=\"_ _f\"></span>della <span class=\"_ _1\"></span>conformit\u00e0 <span class=\"_ _f\"></span>in materia<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>di <span class=\"_ _f\"></span>trasparenza <span class=\"_ _f\"></span>e correttezza <span class=\"_ _f\"></span>nel <span class=\"_ _f\"></span>rapporto<span class=\"_ _df\"> </span>col <span class=\"_ _2\"></span>cliente as<span class=\"_ _2\"></span>sicurato <span class=\"_ _2\"></span>e danneggiato, <span class=\"_ _2\"></span>nell\u2019informativa <span class=\"_ _2\"></span>precontrattuale <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>contrattuale <span class=\"_ _2\"></span>dei <span class=\"_ _2\"></span>prodotti,<span class=\"_ _df\"> </span>nella <span class=\"_ _2\"></span>corr<span class=\"_ _2\"></span>etta <span class=\"_ _2\"></span>esecuzione <span class=\"_ _d\"></span>dei <span class=\"_ _d\"></span>contratti, <span class=\"_ _d\"></span>con <span class=\"_ _d\"></span>particolare <span class=\"_ _d\"></span>riguardo <span class=\"_ _2\"></span>alla <span class=\"_ _d\"></span>liquidazione <span class=\"_ _d\"></span>dei <span class=\"_ _d\"></span>sinistri, <span class=\"_ _2\"></span>e <span class=\"_ _d\"></span>in<span class=\"_ _df\"> </span>generale nella tutela del consumatore. In <span class=\"_ _2\"></span>sintesi, <span class=\"_ _2\"></span>il <span class=\"_ _d\"></span>processo <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>analisi <span class=\"_ _2\"></span>di <span class=\"_ _d\"></span>conformit\u00e0 <span class=\"_ _2\"></span>alle <span class=\"_ _d\"></span>norme <span class=\"_ _2\"></span>mira, <span class=\"_ _2\"></span>attraverso <span class=\"_ _d\"></span>la <span class=\"_ _2\"></span>formalizzazione <span class=\"_ _2\"></span>della<span class=\"_ _df\"> </span>matrice di rischio di compliance, a: -<span class=\"ff10\"> <span class=\"_ _1c\"> </span><span class=\"ff4\">migliorare il grado di<span class=\"_ _1\"></span> sensibilit\u00e0 nei<span class=\"_ _1\"></span> confronti del disposto normativo da par<span class=\"_ _1\"></span>te dei controlli di prim<span class=\"_ _f\"></span>o<span class=\"_ _df\"> </span></span></span>livello; -<span class=\"ff10\"> <span class=\"_ _1c\"> </span><span class=\"ff4\">valutare i presidi d<span class=\"_ _1\"></span>i controllo esistenti sui processi; </span></span>-<span class=\"ff10\"> <span class=\"_ _1c\"> </span><span class=\"ff4\">stimolare la riflessione sui potenzi<span class=\"_ _1\"></span>ali rischi esistenti; </span></span>-<span class=\"ff10\"> <span class=\"_ _1c\"> </span><span class=\"ff4\">valutare la capacit\u00e0 nel riconoscere o preve<span class=\"_ _1\"></span>nire i rischi medesimi; </span></span>-<span class=\"ff10\"> <span class=\"_ _1c\"> </span><span class=\"ff4\">individuare gli inte<span class=\"_ _1\"></span>rventi organizzativi utili a colmare i gap eventualmente riscontrati. </span></span>Nell\u2019esercizio  dei  propri <span class=\"_ _4\"> </span>compiti  la <span class=\"_ _4\"> </span>funz<span class=\"_ _1\"></span>ione  di <span class=\"_ _4\"> </span>Compliance  opera <span class=\"_ _4\"> </span>sulla  base  di <span class=\"_ _22\"> </span>un <span class=\"_ _22\"> </span>approccio<span class=\"_ _df\"> </span>me<span class=\"ls0\">todologico <span class=\"_ _9\"> </span>fondato <span class=\"_ _9\"> </span>su <span class=\"_ _9\"> </span>tecniche <span class=\"_ _9\"> </span>d<span class=\"_ _2\"></span>i <span class=\"_ _9\"> </span>identificazione, <span class=\"_ _9\"> </span>valutazione, <span class=\"_ _9\"> </span>gestione <span class=\"_ _9\"> </span>e <span class=\"_ _9\"> </span>mo<span class=\"_ _2\"></span>nitoraggio <span class=\"_ _9\"> </span>dei<span class=\"_ _df\"> </span></span>rischi <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>non <span class=\"_ _2\"></span>conformit\u00e0 <span class=\"_ _2\"></span>ispirate <span class=\"_ _2\"></span>alle <span class=\"_ _2\"></span>migliori pras<span class=\"_ _2\"></span>si <span class=\"_ _2\"></span>del mer<span class=\"_ _2\"></span>cato e <span class=\"_ _2\"></span>coerenti <span class=\"_ _2\"></span>con <span class=\"_ _2\"></span>quelli <span class=\"_ _2\"></span>utilizzati <span class=\"_ _2\"></span>nei<span class=\"_ _df\"> </span>processi di Risk Management e di Re<span class=\"_ _1\"></span>visione Interna.<span class=\"_ _df\"> </span>Model<span class=\"_ _1\"></span>ling <span class=\"_ _1\"></span>Risk<span class=\"_ _df\"> </span>Rischio di <span class=\"_ _2\"></span>perdite in <span class=\"_ _2\"></span>materia <span class=\"_ _2\"></span>di sviluppo, implementazione <span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>usi improprio <span class=\"_ _2\"></span>di altri <span class=\"_ _2\"></span>modelli da <span class=\"_ _2\"></span>parte<span class=\"_ _df\"> </span>della Compagnia per il processo decisionale (ad esempio, i prezzi dei <span class=\"_ _2\"></span>prodotti, la valutazione degli<span class=\"_ _df\"> </span>strumenti finanziari, il monitoraggio de<span class=\"_ _1\"></span>i limi<span class=\"_ _2\"></span>ti di rischio, etc).<span class=\"_ _df\"> </span>Continu<span class=\"_ _f\"></span>it\u00e0 Ope<span class=\"_ _1\"></span>rati<span class=\"_ _1\"></span>va<span class=\"_ _df\"> </span>Il <span class=\"_ _d\"></span>r<span class=\"_ _2\"></span>ischio <span class=\"_ _d\"></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=\"_ _d\"></span>all\u2019utilizzo <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=\"_ _d\"></span>o<span class=\"_ _2\"></span>perativa <span class=\"_ _d\"></span>per <span class=\"_ _0\"></span>la<span class=\"_ _df\"> </span>gestione <span class=\"_ _0\"></span>di <span class=\"_ _9\"> </span>situazioni <span class=\"_ _0\"> </span>di <span class=\"_ _9\"> </span>crisi <span class=\"_ _9\"> </span>conseguenti <span class=\"_ _0\"></span>ad <span class=\"_ _9\"> </span>incidenti <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>portata <span class=\"_ _9\"> </span>settoriale, <span class=\"_ _0\"></span>aziendale <span class=\"_ _9\"> </span>ovvero <span class=\"_ _9\"> </span>a<span class=\"_ _df\"> </span>catastrofi <span class=\"ff5\">estese che colpiscono l\u2019operatore o le sue controparti rilev<span class=\"_ _1\"></span>anti.<span class=\"_ _df\"> </span></span>La Compagnia ha sviluppato un piano di continu<span class=\"_ _1\"></span>it\u00e0 operativa (Business Continuity Plan).<span class=\"_ _df\"> </span><div class=\"t m0 h5 ff4 fs1 fc4 sc3 ls0 ws0 gs1d87\">Rischi <span class=\"_ _1\"></span>di Se<span class=\"_ _f\"></span>condo Liv<span class=\"_ _1\"></span>ello <span class=\"_ _1\"></span>(o ind<span class=\"_ _f\"></span>iretti)<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1d88\">Secondo  il  modello  adottato  dalla  Compagnia,  inoltre,  esistono  altri  r<span class=\"_ _2\"></span>i<span class=\"_ _1\"></span>schi/eventi  perdita  non<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1d89\">strettamente <span class=\"_ _1\"></span>riconducibili <span class=\"_ _f\"></span>a fattori d<span class=\"_ _1\"></span>i <span class=\"_ _f\"></span>r<span class=\"_ _2\"></span>ischio <span class=\"_ _f\"></span>s<span class=\"_ _2\"></span>peci<span class=\"_ _1\"></span>fici, <span class=\"_ _f\"></span>ma che p<span class=\"_ _1\"></span>ossono de<span class=\"_ _1\"></span>rivare d<span class=\"_ _1\"></span>a fattori <span class=\"_ _f\"></span>di ri<span class=\"_ _1\"></span>schio<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1d8a\">riconducibili <span class=\"_ _15\"> </span>alle <span class=\"_ _15\"> </span>classi <span class=\"_ _e\"> </span>di <span class=\"_ _15\"> </span>rischio <span class=\"_ _15\"> </span>precedentemente <span class=\"_ _15\"> </span>illustrate. <span class=\"_ _e\"> </span>Si <span class=\"_ _15\"> </span>t<span class=\"_ _2\"></span>ratta <span class=\"_ _15\"> </span>in <span class=\"_ _e\"> </span>particolare, <span class=\"_ _15\"> </span>cos\u00ec<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1d8b\">identificati dalla normativa di settore, delle classi di rischio:  </div><div class=\"t m0 h5 ff13 fs1 fc1 sc0 ls0 ws0 gs1d8c\">-<span class=\"_ _1b\"> </span><span class=\"ff5\">Rischio legato all\u2019appartenenza al gruppo;<span class=\"_ _df\"> </span></span></div><div class=\"t m0 h5 ff13 fs1 fc1 sc0 ls0 ws0 gs1d8d\">-<span class=\"_ _1b\"> </span><span class=\"ff4\">Rischio reputazionale;<span class=\"_ _df\"> </span></span></div><div class=\"t m0 h5 ff13 fs1 fc1 sc0 ls0 ws0 gs1d8e\">-<span class=\"_ _1b\"> </span><span class=\"ff4\">Rischio di condotta;<span class=\"_ _df\"> </span></span></div><div class=\"t m0 h5 ff13 fs1 fc1 sc0 ls0 ws0 gs1d8f\">-<span class=\"_ _1b\"> </span><span class=\"ff4\">Rischi ESG,<span class=\"_ _df\"> </span></span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1d90\">e di seguito rappresentati.<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff5 fs1 fc4 sc3 ls0 ws0 gs1d91\">Rischio<span class=\"_ _f\"></span> legato <span class=\"_ _1\"></span>all\u2019a<span class=\"_ _f\"></span>ppartene<span class=\"_ _1\"></span>nza<span class=\"_ _1\"></span> al <span class=\"_ _1\"></span>gruppo<span class=\"_ _df\"> </span><span class=\"ff4\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1d92\">Il<span class=\"_ _df\"> </span> </div><div class=\"t m1 h6 ff5 fs2 fc1 sc0 ls0 ws0 gs1d93\">rischio <span class=\"_ _16\"> </span>legato <span class=\"_ _9\"> </span>all\u2019appartenenza <span class=\"_ _16\"> </span>al</div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1d94\"> <span class=\"_ _9\"> </span><span class=\"ff5\">gruppo <span class=\"_ _9\"> </span>(rischio  d<span class=\"_ _f\"></span>i  \u2018contagio\u2019<span class=\"_ _1\"></span>) <span class=\"_ _9\"> </span>\u00e8 <span class=\"_ _16\"> </span>inteso <span class=\"_ _9\"> </span>come <span class=\"_ _16\"> </span>rischio <span class=\"_ _9\"> </span>che, <span class=\"_ _9\"> </span>a<span class=\"_ _df\"> </span></span><span class=\"ff5\"> </span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs1d95\">seguito <span class=\"_ _d\"></span>dei <span class=\"_ _d\"></span>rapporti <span class=\"_ _d\"></span>intercorrenti <span class=\"_ _d\"></span>tra <span class=\"_ _2\"></span>l\u2019impresa <span class=\"_ _d\"></span>e <span class=\"_ _d\"></span>le <span class=\"_ _d\"></span>altr<span class=\"_ _2\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _d\"></span>entit\u00e0 <span class=\"_ _d\"></span>del <span class=\"_ _d\"></span>gruppo, <span class=\"_ _d\"></span>situazioni <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>difficolt\u00e0<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1d96\">che <span class=\"_ _2\"></span>insorgono <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>una <span class=\"_ _2\"></span>societ\u00e0 <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>medesimo <span class=\"_ _2\"></span>gruppo <span class=\"_ _2\"></span>possano <span class=\"_ _2\"></span>propagarsi <span class=\"_ _2\"></span>con <span class=\"_ _2\"></span>effetti <span class=\"_ _2\"></span>negativi <span class=\"_ _2\"></span>sul<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>a<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs1d97\">solvibilit\u00e0 dell\u2019impresa stessa. <span class=\"ff4\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1d98\">In  coe<span class=\"_ _1\"></span>renza  con <span class=\"_ _16\"> </span>la <span class=\"_ _16\"> </span>propria <span class=\"_ _16\"> </span>strateg<span class=\"_ _1\"></span>ia  e <span class=\"_ _16\"> </span>con <span class=\"_ _16\"> </span>le  p<span class=\"_ _1\"></span>olitiche <span class=\"_ _16\"> </span>in  mat<span class=\"_ _1\"></span>eria  de<span class=\"_ _1\"></span>gli  i<span class=\"_ _1\"></span>nvestimenti,  adottata<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs1d99\">dall\u2019Organo  Amministrativo  ha  definito  una  propria <span class=\"_ _22\"> </span>politica  d<span class=\"_ _2\"></span>elle  operazioni  infragruppo  e  ha<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1d9a\">determinato appropriati limiti di operativit\u00e0.<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs1d9b\">L\u2019identificazione  e  l\u2019analisi <span class=\"_ _4\"> </span>de<span class=\"_ _1\"></span>l <span class=\"_ _4\"> </span>rischio  \u00e8  effettuata <span class=\"_ _4\"> </span>pertanto  in  coerenza  alle <span class=\"_ _22\"> </span>cat<span class=\"_ _2\"></span>egorie  e  alle<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1d9c\">controparti <span class=\"_ _1\"></span>delle <span class=\"_ _f\"></span>operazioni <span class=\"_ _f\"></span>stesse, con <span class=\"_ _f\"></span>particolare <span class=\"_ _f\"></span>riguardo all<span class=\"_ _1\"></span>e <span class=\"_ _f\"></span>garanzie e<span class=\"_ _1\"></span>ventualmente <span class=\"_ _f\"></span>r<span class=\"_ _2\"></span>ilasciate<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs1d9d\">nell\u2019ambito del Gruppo ed<span class=\"_ _1\"></span> in coer<span class=\"_ _2\"></span>enza c<span class=\"ff4\">on le caratteristiche delle seguenti tipologie<span class=\"_ _1\"></span> di operazioni:<span class=\"_ _df\"> </span></span><span class=\"ff4\"><span class=\"_ _2\"></span> </span></div><div class=\"t m0 h5 ff18 fs1 fc1 sc0 ls0 ws0 gs1d9e\">-<span class=\"_ _2b\"> </span><span class=\"ff4\">Operazioni<span class=\"_ _1\"></span> significative (comprese tra il 1% e il 5% del Solvency Capital Requirement di periodo);<span class=\"_ _df\"> </span></span></div><div class=\"t m0 h5 ff18 fs1 fc1 sc0 ls0 ws0 gs1d9f\">-<span class=\"_ _2b\"> </span><span class=\"ff4\">Operazioni<span class=\"_ _1\"></span> Molto significative (&gt;5% del Solvency Capital Requirement di periodo).<span class=\"_ _df\"> </span></span></div><div class=\"t m0 h5 ff4 fs1 fc4 sc3 ls0 ws0 gs1da0\">Rischio<span class=\"_ _f\"></span> Reputa<span class=\"_ _f\"></span>zionale<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1da1\">Il<span class=\"_ _df\"> </span> </div><div class=\"t m1 h6 ff4 fs2 fc1 sc0 ls0 ws0 gs1da2\">rischio <span class=\"_ _0\"></span>reputazionale</div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1da3\"> <span class=\"_ _9\"> </span><span class=\"ff5\">\u00e8 <span class=\"_ _0\"></span>inteso <span class=\"_ _9\"> </span>come <span class=\"_ _9\"> </span>il <span class=\"_ _0\"></span>rischio <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>deterioramento <span class=\"_ _0\"></span>dell\u2019immagine <span class=\"_ _0\"></span>aziendale <span class=\"_ _9\"> </span>e <span class=\"_ _9\"> </span>di<span class=\"_ _df\"> </span></span><span class=\"ff5\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1da4\">aumento <span class=\"_ _16\"> </span>della <span class=\"_ _9\"> </span>conflittualit\u00e0  sia <span class=\"_ _9\"> </span>con  gli<span class=\"_ _1\"></span>  as<span class=\"_ _f\"></span>s<span class=\"_ _2\"></span>icurati <span class=\"_ _9\"> </span>(dovuto  anc<span class=\"_ _f\"></span>he  alla <span class=\"_ _9\"> </span>scars<span class=\"_ _2\"></span>a <span class=\"_ _9\"> </span>qualit\u00e0  d<span class=\"_ _f\"></span>ei  servizi<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1da5\">offerti, <span class=\"_ _16\"> </span>al <span class=\"_ _16\"> </span>collocamento <span class=\"_ _9\"> </span>di  polizze <span class=\"_ _9\"> </span>non  adeguate <span class=\"_ _9\"> </span>o<span class=\"_ _2\"></span>  al <span class=\"_ _9\"> </span>compor<span class=\"_ _2\"></span>tamento <span class=\"_ _9\"> </span>in  fase <span class=\"_ _9\"> </span>di  vendita, <span class=\"_ _9\"> </span>pos<span class=\"_ _2\"></span>t<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1da6\">vendita e di liquidazione) sia con le Autorit\u00e0 di Vigil<span class=\"_ _1\"></span>anza e gli shareholders. <span class=\"_ _2\"></span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1da7\">Il rischio <span class=\"_ _f\"></span>r<span class=\"_ _2\"></span>epu<span class=\"_ _1\"></span>tazionale \u00e8 q<span class=\"_ _1\"></span>uindi strettamente l<span class=\"_ _1\"></span>egato alla <span class=\"_ _1\"></span>vendita d<span class=\"_ _1\"></span>el prodotto e<span class=\"_ _f\"></span> alla prestazione <span class=\"_ _1\"></span>dei<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1da8\">servizi <span class=\"_ _d\"></span>ad <span class=\"_ _d\"></span>ess<span class=\"_ _2\"></span>o <span class=\"_ _d\"></span>collegati. <span class=\"_ _d\"></span>A <span class=\"_ _0\"></span>tutela <span class=\"_ _0\"></span>del <span class=\"_ _d\"></span>Cliente/Assicurato <span class=\"_ _0\"></span>e <span class=\"_ _0\"></span>di <span class=\"_ _d\"></span>conseguenza <span class=\"_ _d\"></span>a <span class=\"_ _0\"></span>presidio <span class=\"_ _d\"></span>del <span class=\"_ _0\"></span>rischio<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1da9\">reputazionale sono attivate una serie di<span class=\"_ _1\"></span> misure:<span class=\"_ _df\"> </span><span class=\"_ _2\"></span> </div><div class=\"t m0 h5 ff18 fs1 fc1 sc0 ls0 ws0 gs1daa\">-<span class=\"_ _2b\"> </span><span class=\"ff4\">le <span class=\"_ _0\"></span>procedure <span class=\"_ _9\"> </span>di <span class=\"_ _0\"></span>collocamento <span class=\"_ _9\"> </span>che <span class=\"_ _9\"> </span>contemplano <span class=\"_ _0\"></span>una <span class=\"_ _9\"> </span>preventiva <span class=\"_ _9\"> </span>valutazione <span class=\"_ _0\"></span>di <span class=\"_ _9\"> </span>adeguatezza <span class=\"_ _9\"> </span>del<span class=\"_ _df\"> </span></span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1dab\">contratto <span class=\"_ _4\"> </span>finalizzata <span class=\"_ _22\"> </span>ad <span class=\"_ _4\"> </span>individuare <span class=\"_ _4\"> </span>in <span class=\"_ _4\"> </span>via <span class=\"_ _22\"> </span>pr<span class=\"_ _2\"></span>eliminare <span class=\"_ _4\"> </span>le  esig<span class=\"_ _2\"></span>enze  as<span class=\"_ _2\"></span>sicurative  e <span class=\"_ _4\"> </span>i <span class=\"_ _4\"> </span>bisogni <span class=\"_ _4\"> </span>di<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs1dac\">protezione del cliente, nonch\u00e9<span class=\"_ _1\"></span> a fornire l\u2019adeguata informativa sul prodotto;<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff18 fs1 fc1 sc0 ls0 ws0 gs1dad\">-<span class=\"_ _2b\"> </span><span class=\"ff5\">l\u2019assistenza e i servizi ge<span class=\"_ _1\"></span>nerali alla rete distributiva;<span class=\"_ _df\"> </span></span></div><div class=\"t m0 h5 ff18 fs1 fc1 sc0 ls0 ws0 gs1dae\">-<span class=\"_ _2b\"> </span><span class=\"ff4\">il processo di gestione d<span class=\"_ _1\"></span>ei reclami;<span class=\"_ _df\"> </span></span></div><div class=\"t m0 h5 ff18 fs1 fc1 sc0 ls0 ws0 gs1daf\">-<span class=\"_ _2b\"> </span><span class=\"ff4\">il servizi<span class=\"_ _1\"></span>o di liquidazione sinist<span class=\"_ _2\"></span>ri.<span class=\"_ _df\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1db0\">Essendo <span class=\"_ _0\"></span>inoltre <span class=\"_ _9\"> </span>il <span class=\"_ _9\"> </span>rischio <span class=\"_ _0\"></span>r<span class=\"_ _2\"></span>eputazional<span class=\"_ _1\"></span>e <span class=\"_ _0\"> </span>s<span class=\"_ _2\"></span>trettamente <span class=\"_ _0\"></span>connesso <span class=\"_ _9\"> </span>ai <span class=\"_ _9\"> </span>rischi <span class=\"_ _0\"></span>operativi, <span class=\"_ _9\"> </span>informatici <span class=\"_ _9\"> </span>e<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1db1\">cyber <span class=\"_ _d\"></span>e <span class=\"_ _0\"></span>al <span class=\"_ _d\"></span>rischio <span class=\"_ _0\"></span>di <span class=\"_ _d\"></span>condotta, <span class=\"_ _0\"></span>gli <span class=\"_ _d\"></span>specifici <span class=\"_ _0\"></span>presidi <span class=\"_ _d\"></span>operat<span class=\"_ _2\"></span>ivi <span class=\"_ _d\"></span>e <span class=\"_ _d\"></span>organizzativi <span class=\"_ _0\"></span>posti <span class=\"_ _0\"></span>in <span class=\"_ _d\"></span>essere <span class=\"_ _0\"></span>per <span class=\"_ _d\"></span>la<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1db2\">gestione <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>t<span class=\"_ _2\"></span>ali <span class=\"_ _d\"></span>rischi <span class=\"_ _d\"></span>rappresentano <span class=\"_ _0\"></span>un <span class=\"_ _d\"></span>ulteriore <span class=\"_ _0\"></span>elemento <span class=\"_ _d\"></span>a <span class=\"_ _d\"></span>supporto <span class=\"_ _0\"></span>della <span class=\"_ _d\"></span>gestione <span class=\"_ _d\"></span>del <span class=\"_ _0\"></span>rischio<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1db3\">reputazionale.<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc4 sc3 ls0 ws0 gs1db4\">Rischio<span class=\"_ _f\"></span> di Cond<span class=\"_ _1\"></span>otta<span class=\"_ _df\"> </span><span class=\"_ _f\"></span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1db5\">Il<span class=\"_ _df\"> </span> </div><div class=\"t m1 h6 ff4 fs2 fc1 sc0 ls0 ws0 gs1db6\">rischio <span class=\"_ _d\"></span>di <span class=\"_ _2\"></span>condott<span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>-</div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1db7\"> <span class=\"_ _d\"></span>quale <span class=\"_ _2\"></span>sottocategoria <span class=\"_ _d\"></span>di <span class=\"_ _2\"></span>rischio <span class=\"_ _d\"></span>operativo, <span class=\"_ _2\"></span>di <span class=\"_ _d\"></span>compliance <span class=\"_ _2\"></span>e <span class=\"_ _d\"></span>reputazionale <span class=\"_ _d\"></span><span class=\"ff5\">\u2013<span class=\"_ _df\"> </span></span><span class=\"ff5\"><span class=\"_ _2\"></span></span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1db8\">pu\u00f2 <span class=\"_ _0\"></span>essere <span class=\"_ _0\"></span>definito <span class=\"_ _0\"> </span>come <span class=\"_ _9\"> </span>il <span class=\"_ _0\"></span>rischio <span class=\"_ _0\"></span>attuale <span class=\"_ _0\"> </span>o<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>prospettico <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>perdite <span class=\"_ _0\"></span>co<span class=\"_ _2\"></span>nseguenti <span class=\"_ _0\"></span>a <span class=\"_ _9\"> </span>casistiche <span class=\"_ _0\"></span>di<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1db9\">offerta <span class=\"_ _19\"> </span>inappropriata <span class=\"_ _19\"> </span>di <span class=\"_ _19\"> </span>prodotti <span class=\"_ _19\"> </span>e/o <span class=\"_ _19\"> </span>servizi, <span class=\"_ _18\"> </span>incluse <span class=\"_ _19\"> </span>fatt<span class=\"_ _2\"></span>ispecie<span class=\"_ _1\"></span> <span class=\"_ _19\"> </span>di <span class=\"_ _19\"> </span>condotta <span class=\"_ _1a\"> </span>inade<span class=\"_ _1\"></span>guata<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs1dba\">(dolo/negligenza) da parte dell\u2019<span class=\"_ _1\"></span>impresa.<span class=\"_ _df\"> </span><span class=\"_ _2\"></span><span class=\"ff4\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1dbb\">I fattori di rischio presi in esame pe<span class=\"_ _1\"></span>r la valutazione del rischio di condotta sono:<span class=\"_ _df\"> </span><span class=\"_ _2\"></span> </div><div class=\"t m0 h5 ff13 fs1 fc1 sc0 ls0 ws0 gs1dbc\">-<span class=\"_ _1b\"> </span><span class=\"ff4\">Commercial <span class=\"_ _16\"> </span>development <span class=\"_ _9\"> </span>risk:  mancanza <span class=\"_ _9\"> </span>di  v<span class=\"_ _1\"></span>isibilit\u00e0/trasparenza <span class=\"_ _16\"> </span>e/o <span class=\"_ _9\"> </span>scars<span class=\"_ _2\"></span>a <span class=\"_ _9\"> </span>valutazione <span class=\"_ _16\"> </span>delle<span class=\"_ _df\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1dbd\">prospettive <span class=\"_ _e\"> </span>di <span class=\"_ _e\"> </span>sviluppo <span class=\"_ _10\"> </span>o <span class=\"_ _e\"> </span>degli <span class=\"_ _10\"> </span>obiettivi <span class=\"_ _e\"> </span>o <span class=\"_ _e\"> </span>della <span class=\"_ _e\"> </span>r<span class=\"_ _2\"></span>edditivit\u00e0 <span class=\"_ _e\"> </span>delle <span class=\"_ _e\"> </span>nuove <span class=\"_ _e\"> </span>at<span class=\"_ _2\"></span>tivit\u00e0/prodotti <span class=\"_ _e\"> </span>e<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1dbe\">misurazione/monitoraggi inadeguati delle pe<span class=\"_ _1\"></span>rformance commerciali/rischi;<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff13 fs1 fc1 sc0 ls0 ws0 gs1dbf\">-<span class=\"_ _1b\"> </span><span class=\"ff4\">Communication resources: risorse di<span class=\"_ _1\"></span> comunicazione o strumenti di marke<span class=\"_ _1\"></span>ting inadeguati rispetto<span class=\"_ _df\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1dc0\">agli obiettivi definiti. Cattiva gestione de<span class=\"_ _1\"></span>l brand;<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff13 fs1 fc1 sc0 ls0 ws0 gs1dc1\">-<span class=\"_ _1b\"> </span><span class=\"ff4\">Commercial <span class=\"_ _9\"> </span>performance: <span class=\"_ _9\"> </span>erosione, <span class=\"_ _9\"> </span>mancata <span class=\"_ _16\"> </span>sostituzione <span class=\"_ _0\"></span>o <span class=\"_ _9\"> </span>sviluppo <span class=\"_ _9\"> </span>non <span class=\"_ _16\"> </span>redditizi<span class=\"_ _1\"></span>o <span class=\"_ _9\"> </span>della <span class=\"_ _9\"> </span>base<span class=\"_ _df\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1dc2\">commerciale;<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff13 fs1 fc1 sc0 ls0 ws0 gs1dc3\">-<span class=\"_ _1b\"> </span><span class=\"ff4\">Profitability <span class=\"_ _16\"> </span>&amp; <span class=\"_ _9\"> </span>Risk <span class=\"_ _16\"> </span>Profile: <span class=\"_ _9\"> </span>redditivit\u00e0 <span class=\"_ _16\"> </span>insufficiente, <span class=\"_ _9\"> </span>carenze <span class=\"_ _16\"> </span>delle <span class=\"_ _9\"> </span>procedure <span class=\"_ _16\"> </span>di <span class=\"_ _9\"> </span>fissazione  de<span class=\"_ _1\"></span>lle<span class=\"_ _df\"> </span></span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1dc4\">tariffe, car<span class=\"_ _2\"></span>enza o <span class=\"_ _2\"></span>inadeg<span class=\"_ _1\"></span>uatezza <span class=\"_ _2\"></span>dei mo<span class=\"_ _2\"></span>dell<span class=\"_ _1\"></span>i <span class=\"_ _2\"></span>di valutazione <span class=\"_ _2\"></span>(V4M, r<span class=\"_ _2\"></span>eddi<span class=\"_ _1\"></span>tivit\u00e0 <span class=\"_ _2\"></span>per la <span class=\"_ _2\"></span>clientela, etc) <span class=\"_ _2\"></span>o<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1dc5\">di applicazione delle deroghe.<span class=\"_ _df\"> </span></div>La <span class=\"_ _d\"></span>gestione <span class=\"_ _d\"></span>del <span class=\"_ _d\"></span>rischio <span class=\"_ _d\"></span>di <span class=\"_ _2\"></span>condott<span class=\"_ _2\"></span><span class=\"ff5\">a <span class=\"_ _d\"></span>\u00e8 <span class=\"_ _d\"></span>strettamente <span class=\"_ _2\"></span>connessa <span class=\"_ _0\"></span>alle <span class=\"_ _2\"></span>att<span class=\"_ _2\"></span>ivit\u00e0<span class=\"_ _1\"></span> <span class=\"_ _d\"></span>definite <span class=\"_ _d\"></span>nell\u2019ambito <span class=\"_ _d\"></span>del<span class=\"_ _df\"> </span></span>processo <span class=\"_ _1\"></span>POG <span class=\"_ _f\"></span>(disciplinato <span class=\"_ _f\"></span>nella rispettiva <span class=\"_ _f\"></span>Policy <span class=\"_ _f\"></span>di P<span class=\"_ _1\"></span>OG). <span class=\"_ _f\"></span>La Compagni<span class=\"_ _1\"></span>a, <span class=\"_ _f\"></span>n<span class=\"_ _2\"></span>ell\u2019ambito <span class=\"_ _f\"></span>della <span class=\"_ _f\"></span>g<span class=\"_ _2\"></span>estione<span class=\"_ _df\"> </span>del rischio di Condotta, si prefigge<span class=\"_ _1\"></span> i seguenti obiettivi:<span class=\"_ _df\"> </span>-<span class=\"_ _2b\"> </span><span class=\"ff4\">rendere <span class=\"_ _f\"></span>l<span class=\"_ _2\"></span>e inizi<span class=\"_ _f\"></span>at<span class=\"_ _2\"></span>ive di bu<span class=\"_ _f\"></span>s<span class=\"_ _2\"></span>iness orientate e focali<span class=\"_ _1\"></span>zzate sulla fi<span class=\"_ _1\"></span>gura del cliente c.d <span class=\"_ _1\"></span>Value for Money)<span class=\"ls4d\">.<span class=\"_ _df\"> </span></span></span>In tale ambito <span class=\"_ _2\"></span>il focus <span class=\"_ _2\"></span>\u00e8 incentrato sul disegno dei <span class=\"_ _2\"></span>prodotti e <span class=\"_ _2\"></span>la definizione<span class=\"_ _1\"></span> d<span class=\"_ _2\"></span>i servizi in linea <span class=\"_ _2\"></span>con le<span class=\"_ _df\"> </span>esigenze della clientela;<span class=\"_ _df\"> </span>-<span class=\"_ _2b\"> </span><span class=\"ff4\">stabilire <span class=\"_ _14\"> </span>un <span class=\"_ _e\"> </span>codice/sistema <span class=\"_ _15\"> </span>di <span class=\"_ _15\"> </span>condotta <span class=\"_ _e\"> </span>completame<span class=\"ff5\">nte <span class=\"_ _15\"> </span>radicato <span class=\"_ _e\"> </span>all\u2019interno <span class=\"_ _15\"> </span>della <span class=\"_ _14\"> </span>s<span class=\"_ _2\"></span>truttura<span class=\"_ _df\"> </span></span></span>aziendale.  In  tale <span class=\"_ _16\"> </span>ambito  il <span class=\"_ _16\"> </span>focus  \u00e8 <span class=\"_ _16\"> </span>incentrato  sulla <span class=\"_ _16\"> </span>vendita  di<span class=\"_ _1\"></span>  prodotti  /  e<span class=\"_ _1\"></span>rogazone  di <span class=\"_ _16\"> </span>servizi<span class=\"_ _df\"> </span>assicurando trasparenza informativa verso la cliente<span class=\"_ _1\"></span>la,<span class=\"_ _df\"> </span>-<span class=\"_ _2b\"> </span><span class=\"ff4\">garantire che il business <span class=\"_ _2\"></span>sia nel continuo focalizzato sul <span class=\"_ _2\"></span>conseguimento del migl<span class=\"_ _2\"></span>ior risultato per il<span class=\"_ _df\"> </span></span>cliente <span class=\"_ _9\"> </span>(cfr.  Monitoraggio <span class=\"_ _16\"> </span>KPI <span class=\"_ _9\"> </span>e <span class=\"_ _16\"> </span>KRI), <span class=\"_ _9\"> </span>tutelando  l\u2019i<span class=\"_ _1\"></span>ntegrit\u00e0  e<span class=\"_ _1\"></span> <span class=\"_ _16\"> </span>la <span class=\"_ _9\"> </span>condotta  della <span class=\"_ _9\"> </span>Compagnia  ne<span class=\"_ _f\"></span>ll<span class=\"_ _2\"></span>a<span class=\"_ _df\"> </span>relazione con la clientela.<span class=\"_ _df\"> </span>Rischio<span class=\"_ _f\"></span> ESG<span class=\"_ _df\"> </span>Il<span class=\"_ _df\"> </span>rischio ESG (<span class=\"_ _1\"></span>Enviromental, Social and <span class=\"_ _1\"></span>Governance) <span class=\"ff5\">si pone l\u2019obiettivo d<span class=\"_ _1\"></span>i v<span class=\"ff4\">alutare un evento o <span class=\"_ _f\"></span>un<span class=\"_ _2\"></span>a<span class=\"_ _df\"> </span></span></span>condizione <span class=\"_ _2\"></span>di t<span class=\"_ _2\"></span>ipo <span class=\"_ _2\"></span>ambientale, s<span class=\"_ _2\"></span>ociale <span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>governance <span class=\"_ _2\"></span>che, <span class=\"_ _2\"></span>verificandosi, potr<span class=\"_ _2\"></span>ebbe provocare <span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>n<span class=\"_ _df\"> </span>impatto <span class=\"_ _0\"></span>negativo <span class=\"_ _0\"></span>effettivo <span class=\"_ _0\"></span>o <span class=\"_ _9\"> </span>potenziale <span class=\"_ _0\"></span>sul <span class=\"_ _0\"></span>valore <span class=\"_ _9\"> </span>dell\u2019investimento <span class=\"_ _0\"></span>o <span class=\"_ _9\"> </span>sul <span class=\"_ _0\"></span>valore <span class=\"_ _0\"></span>della <span class=\"_ _9\"> </span>passivit\u00e0.<span class=\"_ _df\"> </span>Questa <span class=\"_ _9\"> </span>t<span class=\"_ _2\"></span>ipologia <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>rischio <span class=\"_ _16\"> </span>rientra <span class=\"_ _16\"> </span>tra <span class=\"_ _9\"> </span>i <span class=\"_ _16\"> </span>rischi <span class=\"_ _9\"> </span>di <span class=\"_ _16\"> </span>secondo <span class=\"_ _9\"> </span>livello <span class=\"_ _9\"> </span>o <span class=\"_ _16\"> </span>rischi <span class=\"_ _9\"> </span>indiretti <span class=\"_ _16\"> </span>in <span class=\"_ _9\"> </span>quanto <span class=\"_ _9\"> </span>pu\u00f2<span class=\"_ _df\"> </span>manifestarsi provocand<span class=\"_ _1\"></span>o un <span class=\"_ _f\"></span>impatt<span class=\"_ _2\"></span>o ne<span class=\"_ _f\"></span>gat<span class=\"_ _2\"></span>ivo <span class=\"_ _f\"></span>su attivit\u00e0 <span class=\"_ _1\"></span>e p<span class=\"_ _1\"></span>assivit\u00e0 infl<span class=\"_ _1\"></span>uenzando <span class=\"_ _1\"></span>i fattori <span class=\"_ _1\"></span>di rischi<span class=\"_ _1\"></span>o<span class=\"_ _df\"> </span>gi\u00e0 contemplati nelle altre risk category (ad esempi<span class=\"_ _1\"></span>o Rischio di Mercato e di Sottoscrizi<span class=\"_ _2\"></span>one). All\u2019interno <span class=\"_ _0\"></span>della <span class=\"_ _9\"> </span>categoria <span class=\"_ _9\"> </span>dei <span class=\"_ _0\"></span>rischi <span class=\"_ _9\"> </span>ESG, <span class=\"_ _9\"> </span>particolare <span class=\"_ _0\"> </span>r<span class=\"_ _2\"></span>ilevanz<span class=\"_ _1\"></span>a <span class=\"_ _9\"> </span>\u00e8 <span class=\"_ _0\"></span>as<span class=\"_ _2\"></span>segnata <span class=\"_ _0\"></span>ai <span class=\"_ _9\"> </span>rischi <span class=\"_ _0\"></span>climatici <span class=\"_ _9\"> </span>in<span class=\"_ _df\"> </span>quanto potrebbero generare elevate perdite per le Compagnie Assicurative se non correttamente<span class=\"_ _df\"> </span>identificati e gestiti.<span class=\"_ _df\"> </span>La Compagnia valuta il rischio climatico considerando entrambi i seguenti fattori:<span class=\"_ _df\"> </span>-<span class=\"_ _1b\"> </span><span class=\"ff5\">Rischio <span class=\"_ _4\"> </span>di <span class=\"_ _22\"> </span>Tr<span class=\"_ _2\"></span>ansizione:<span class=\"_ _1\"></span> <span class=\"_ _4\"> </span>la <span class=\"_ _4\"> </span>transizione <span class=\"_ _22\"> </span>verso <span class=\"_ _4\"> </span>un\u2019economia <span class=\"_ _4\"> </span>a <span class=\"_ _4\"> </span>basse <span class=\"_ _22\"> </span>emissioni <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>carbonio <span class=\"_ _22\"> </span>pu\u00f2<span class=\"_ _df\"> </span></span>comportare <span class=\"_ _2\"></span>ampi <span class=\"_ _2\"></span>cambiamenti politici, <span class=\"_ _2\"></span>legali, <span class=\"_ _2\"></span>tecnologici <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>di mercato <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>affrontare <span class=\"_ _2\"></span>i r<span class=\"_ _2\"></span>equ<span class=\"_ _1\"></span>isiti <span class=\"_ _2\"></span>di<span class=\"_ _df\"> </span>mitigazione <span class=\"_ _4\"> </span>e <span class=\"_ _22\"> </span>adatt<span class=\"_ _2\"></span>amento <span class=\"_ _4\"> </span>relativi  al <span class=\"_ _4\"> </span>cambiamento <span class=\"_ _4\"> </span>climatico. <span class=\"_ _4\"> </span>A <span class=\"_ _4\"> </span>seconda <span class=\"_ _4\"> </span>della <span class=\"_ _4\"> </span>natura, <span class=\"_ _4\"> </span>della<span class=\"_ _df\"> </span>velocit\u00e0 <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>dell\u2019obiettivo <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>questi <span class=\"_ _d\"></span>cambiamenti, <span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>rischi <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>transizione <span class=\"_ _2\"></span>possono <span class=\"_ _2\"></span>comportare <span class=\"_ _2\"></span>diversi<span class=\"_ _df\"> </span>livelli di rischio finanziario e di rep<span class=\"_ _1\"></span>utazione per le organizzazioni;<span class=\"_ _df\"> </span>-<span class=\"_ _1b\"> </span><span class=\"ff4\">Rischio F<span class=\"_ _2\"></span>isico: i <span class=\"_ _2\"></span>rischi <span class=\"_ _2\"></span>derivanti dal cambiamento <span class=\"_ _2\"></span>climatico <span class=\"_ _2\"></span>possono <span class=\"_ _2\"></span>essere determinati <span class=\"_ _2\"></span>da <span class=\"_ _2\"></span>eventi<span class=\"_ _df\"> </span></span>acuti o <span class=\"_ _f\"></span>da cambiamenti <span class=\"_ _f\"></span>climatici a <span class=\"_ _1\"></span>lungo <span class=\"_ _1\"></span>termine tali <span class=\"_ _f\"></span>d\u2019avere p<span class=\"_ _1\"></span>ossibili <span class=\"_ _1\"></span>implicazione fi<span class=\"_ _1\"></span>nanziarie sul<span class=\"_ _1\"></span>le<span class=\"_ _df\"> </span>organizzazioni, come danni dirett<span class=\"_ _2\"></span>i alle risorse <span class=\"_ _2\"></span>e<span class=\"_ _1\"></span> gli impatt<span class=\"_ _2\"></span><span class=\"ff5\">i <span class=\"_ _2\"></span>indiret<span class=\"_ _1\"></span>ti derivanti dall\u2019interruzione della<span class=\"_ _df\"> </span></span>catena <span class=\"_ _f\"></span>di <span class=\"_ _f\"></span>fornitura. <span class=\"_ _1\"></span>Dal <span class=\"_ _f\"></span>punto <span class=\"_ _f\"></span>di vista <span class=\"_ _f\"></span>di <span class=\"_ _f\"></span>una <span class=\"_ _f\"></span>compagnia <span class=\"_ _f\"></span>as<span class=\"_ _2\"></span>sicurativa, <span class=\"_ _f\"></span>questi <span class=\"_ _f\"></span>rischi <span class=\"_ _f\"></span>non <span class=\"_ _1\"></span>solo <span class=\"_ _f\"></span>possono<span class=\"_ _df\"> </span>avere <span class=\"_ _2\"></span>un <span class=\"_ _2\"></span>effetto <span class=\"_ _2\"></span>diretto <span class=\"_ _2\"></span>sui <span class=\"_ _2\"></span>propri <span class=\"_ _2\"></span>asset <span class=\"_ _d\"></span>fisici e <span class=\"_ _2\"></span>indiretto <span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>ugli investimenti, <span class=\"_ _2\"></span>ma <span class=\"_ _2\"></span>possono <span class=\"_ _d\"></span>avere <span class=\"_ _2\"></span>un<span class=\"_ _df\"> </span>impatto anche sulle passivit\u00e0 assicurative.<span class=\"_ _df\"> </span>Con <span class=\"_ _2\"></span>specifico <span class=\"_ _2\"></span>riferimento <span class=\"_ _d\"></span>ai <span class=\"_ _2\"></span>rischi <span class=\"_ _2\"></span>climatici, <span class=\"_ _d\"></span>in <span class=\"_ _2\"></span>coerenza <span class=\"_ _2\"></span>con <span class=\"_ _d\"></span>le <span class=\"_ _2\"></span>indicazioni <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>area <span class=\"_ _d\"></span>Delegato <span class=\"_ _2\"></span>(UE)<span class=\"_ _df\"> </span>2021/1256 de<span class=\"_ _1\"></span>lla Commissione <span class=\"_ _f\"></span>del 21 <span class=\"_ _f\"></span>Aprile 2021, <span class=\"_ _f\"></span>la Compagnia <span class=\"_ _f\"></span>ha strutturato u<span class=\"_ _1\"></span>na serie <span class=\"_ _f\"></span>di analisi <span class=\"_ _f\"></span>sul<span class=\"_ _df\"> </span>proprio <span class=\"_ _e\"> </span>port<span class=\"_ _2\"></span>afoglio <span class=\"_ _e\"> </span>(sia <span class=\"_ _10\"> </span>investimenti,<span class=\"_ _1\"></span> <span class=\"_ _e\"> </span>s<span class=\"_ _2\"></span>ia <span class=\"_ _e\"> </span>tecnico/assicurativo) <span class=\"_ _10\"> </span>per <span class=\"_ _e\"> </span>verificare <span class=\"_ _e\"> </span>la <span class=\"_ _10\"> </span>materialit\u00e0<span class=\"_ _df\"> </span>dell\u2019esposizione <span class=\"_ _10\"> </span>ai <span class=\"_ _10\"> </span>rischi <span class=\"_ _10\"> </span>climatici <span class=\"_ _10\"> </span>e, <span class=\"_ _10\"> </span>successivamente, <span class=\"_ _10\"> </span>condurre <span class=\"_ _10\"> </span>l\u2019analisi <span class=\"_ _10\"> </span>di <span class=\"_ _10\"> </span>scenario <span class=\"_ _18\"> </span>per<span class=\"_ _df\"> </span>quantificare l\u2019impatto che essi producono sulle p<span class=\"_ _1\"></span>rincipali grandezze economiche e pa<span class=\"_ _2\"></span><span class=\"ff4\">trimoniali.<span class=\"_ _df\"> </span></span>Il Framework sviluppato dalla Compagnia <span class=\"_ _2\"></span>per la gestione del r<span class=\"_ _2\"></span>ischi<span class=\"_ _1\"></span>o climatico <span class=\"_ _2\"></span>identifi<span class=\"_ _1\"></span>ca i <span class=\"_ _2\"></span>seguenti<span class=\"_ _df\"> </span>step:<span class=\"_ _df\"> </span>-<span class=\"_ _2b\"> </span><span class=\"ff4\">Identificaz<span class=\"_ _1\"></span>ione dei<span class=\"_ _1\"></span> fattori <span class=\"_ _f\"></span>di rischio <span class=\"_ _f\"></span>e del <span class=\"_ _f\"></span>perimetro di<span class=\"_ _1\"></span> analisi -<span class=\"_ _f\"></span> identificaz<span class=\"_ _1\"></span>ione <span class=\"_ _1\"></span>e cl<span class=\"_ _1\"></span>assificazione <span class=\"_ _f\"></span>d<span class=\"_ _2\"></span>elle<span class=\"_ _df\"> </span></span>principali <span class=\"_ _d\"></span>fonti <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>rischio <span class=\"_ _d\"></span>climatico <span class=\"_ _d\"></span>e <span class=\"_ _d\"></span>del <span class=\"_ _d\"></span>perimetro <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>prodotti <span class=\"_ _d\"></span>e <span class=\"_ _2\"></span>assets <span class=\"_ _d\"></span>potenzialmente <span class=\"_ _d\"></span>impattati<span class=\"_ _df\"> </span>secondo le linee guida indicate da EIOPA.<span class=\"_ _df\"> </span>-<span class=\"_ _2b\"> </span><span class=\"ff4\">Valutazione<span class=\"_ _1\"></span> <span class=\"_ _4\"> </span>della  materialit\u00e0 <span class=\"_ _4\"> </span><span class=\"ff5\">\u2013</span>  <span class=\"ff5\">la  valutazione, <span class=\"_ _22\"> </span>pro<span class=\"_ _2\"></span>pedeutica  all\u2019analisi  di <span class=\"_ _4\"> </span>rilevanza  (cfr. <span class=\"_ _22\"> </span>punto<span class=\"_ _df\"> </span></span></span>successivo), \u00e8 effettuata su ogni singolo perimetro (sia lato Asset, sia Liabilities);<span class=\"_ _df\"> </span>-<span class=\"_ _2b\"> </span><span class=\"ff4\">Analisi <span class=\"_ _1\"></span>di Rilevanza <span class=\"ff5\">\u2013</span> anali<span class=\"_ _1\"></span>si attivata solo <span class=\"_ _1\"></span>per i <span class=\"_ _f\"></span>r<span class=\"_ _2\"></span>ischi i<span class=\"_ _1\"></span>dentificati come p<span class=\"_ _1\"></span>otenzialmente materiali <span class=\"_ _f\"></span>n<span class=\"_ _2\"></span>el<span class=\"_ _df\"> </span></span>punto <span class=\"_ _1\"></span>precedente, <span class=\"_ _f\"></span>e<span class=\"_ _2\"></span>d <span class=\"_ _f\"></span>ha come o<span class=\"_ _1\"></span>biettivo <span class=\"_ _1\"></span>l\u2019identificazione <span class=\"_ _f\"></span>dei rischi <span class=\"_ _1\"></span>climatici <span class=\"_ _1\"></span>rilevanti <span class=\"_ _1\"></span>per il <span class=\"_ _f\"></span>business<span class=\"_ _df\"> </span>e <span class=\"_ _2\"></span>per <span class=\"_ _d\"></span><span class=\"ff5\">la <span class=\"_ _d\"></span>relativa <span class=\"_ _d\"></span>analisi <span class=\"_ _2\"></span>di <span class=\"_ _d\"></span>stress <span class=\"_ _2\"></span>ai <span class=\"_ _d\"></span>fini <span class=\"_ _d\"></span>ORSA. <span class=\"_ _2\"></span>L\u2019analisi <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _d\"></span>effettuata <span class=\"_ _d\"></span>su <span class=\"_ _d\"></span>ogni <span class=\"_ _2\"></span>singolo <span class=\"_ _d\"></span>perimetro <span class=\"_ _d\"></span>(sia<span class=\"_ _df\"> </span></span>lato Asset, sia Liabilities) e p<span class=\"_ _1\"></span>revede almeno le seguenti macro attivit\u00e0:<span class=\"_ _df\"> </span>o<span class=\"_ _25\"> </span><span class=\"ff4\">Identificazione <span class=\"_ _9\"> </span>dei <span class=\"_ _9\"> </span>criteri <span class=\"_ _9\"> </span>e  d<span class=\"_ _f\"></span>e<span class=\"_ _2\"></span>lle <span class=\"_ _9\"> </span>metodologie <span class=\"_ _9\"> </span>da <span class=\"_ _9\"> </span>utilizzare <span class=\"_ _9\"> </span>s<span class=\"_ _2\"></span>ui <span class=\"_ _9\"> </span>portafogli <span class=\"_ _9\"> </span>esposti<span class=\"_ _2\"></span> <span class=\"_ _16\"> </span>al <span class=\"_ _9\"> </span>rischio <span class=\"_ _9\"> </span>(sia<span class=\"_ _df\"> </span></span>asset, sia liabilities) analizzate nei paragrafi succe<span class=\"_ _1\"></span>ssivi;<span class=\"_ _df\"> </span>o<span class=\"_ _25\"> </span><span class=\"ff4\">Valutazione <span class=\"_ _2\"></span>quali/quantitativa <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>ogni <span class=\"_ _2\"></span>perimetro <span class=\"_ _2\"></span>identificato <span class=\"_ _2\"></span>rispetto <span class=\"_ _2\"></span>alle <span class=\"_ _2\"></span>metodologie individuate<span class=\"_ _df\"> </span></span>e alle specifiche soglie di materialit\u00e0.<span class=\"_ _df\"> </span>Il <span class=\"_ _d\"></span>sistema <span class=\"_ _0\"></span>di <span class=\"_ _d\"></span>gestione <span class=\"_ _0\"></span>dei <span class=\"_ _d\"></span>rischi <span class=\"_ _d\"></span>ESG <span class=\"_ _0\"></span>prevede <span class=\"_ _d\"></span>la <span class=\"_ _0\"></span>definizione <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>indicatori <span class=\"_ _0\"></span>utilizzati <span class=\"_ _d\"></span>per <span class=\"_ _0\"></span>monitorare<span class=\"_ _df\"> </span>l\u2019esposizione, <span class=\"_ _0\"></span>con  u<span class=\"_ _1\"></span>n <span class=\"_ _9\"> </span>focus <span class=\"_ _9\"> </span>sp<span class=\"_ _2\"></span>ecifico <span class=\"_ _9\"> </span>sui <span class=\"_ _9\"> </span>rischi <span class=\"_ _9\"> </span>climatici <span class=\"_ _9\"> </span>conn<span class=\"_ _2\"></span>essi <span class=\"_ _9\"> </span>ai <span class=\"_ _9\"> </span>rischi <span class=\"_ _9\"> </span>ambientali <span class=\"_ _16\"> </span>insiti <span class=\"_ _0\"> </span>n<span class=\"_ _2\"></span>ei<span class=\"_ _df\"> </span>portafogli Asset e Liabilities della Compagnia.<span class=\"_ _df\"> </span>Si riportano sinteticamente di segui<span class=\"_ _1\"></span>to le m<span class=\"_ _2\"></span>isure di rischio utilizzate e i volumi anali<span class=\"_ _1\"></span>zzati:<span class=\"_ _df\"> </span>-<span class=\"_ _2b\"> </span><span class=\"ff4\">Weig<span class=\"_ _1\"></span>hted Average Carbon Footprint;<span class=\"_ _df\"> </span></span><div class=\"t m0 h5 ff18 fs1 fc1 sc0 ls0 ws0 gs1e05\">-<span class=\"ff10\"> <span class=\"_ _51\"> </span><span class=\"ff4\">Percentuale Climate Policy Relevant Activities;<span class=\"_ _df\"> </span></span></span><span class=\"ff10\"><span class=\"ff4\"><span class=\"_ _2\"></span> </span></span></div><div class=\"t m0 h5 ff18 fs1 fc1 sc0 ls0 ws0 gs1e06\">-<span class=\"ff10\"> <span class=\"_ _51\"> </span><span class=\"ff4\">Percentuale passivit\u00e0 ad alto r<span class=\"_ _2\"></span>ischi<span class=\"_ _1\"></span>o climatico.<span class=\"_ _df\"> </span></span></span><span class=\"ff10\"><span class=\"ff4\"><span class=\"_ _2\"></span> </span></span></div><div class=\"t m0 h5 ff4 fs1 fc4 sc3 ls0 ws0 gs1e07\">Rischi <span class=\"_ _1\"></span>stra<span class=\"_ _f\"></span>tegico<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1e08\">Per rischio <span class=\"_ _2\"></span>strategico si intende il rischio <span class=\"_ _2\"></span>attuale o <span class=\"_ _2\"></span>prospettico di flessione degli utili o <span class=\"_ _2\"></span>del capitale<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1e09\">e di <span class=\"_ _2\"></span>sostenibilit\u00e0 <span class=\"_ _2\"></span>del mod<span class=\"_ _2\"></span>ello di <span class=\"_ _2\"></span>business, incluso <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>rischio di <span class=\"_ _2\"></span>non <span class=\"_ _2\"></span>riuscire <span class=\"_ _2\"></span>a generar<span class=\"_ _2\"></span>e un <span class=\"_ _2\"></span>adeguato<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs1e0a\">ritorno  sul  capitale <span class=\"_ _16\"> </span>sulla  base  della  propensione <span class=\"_ _16\"> </span>al  rischio  definita  dall\u2019impresa,  deriv<span class=\"_ _1\"></span>ante  da<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1e0b\">camb<span class=\"ff5\">iamenti del contesto <span class=\"_ _2\"></span>operativo o da decisioni aziendali err<span class=\"_ _2\"></span>ate, dall\u2019 attuazione inadeguata di<span class=\"_ _df\"> </span></span><span class=\"ff5\"><span class=\"_ _2\"></span> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1e0c\">decisioni, <span class=\"_ _9\"> </span>impropria <span class=\"_ _16\"> </span>gestione <span class=\"_ _9\"> </span>del <span class=\"_ _9\"> </span>rischio <span class=\"_ _16\"> </span>di <span class=\"_ _9\"> </span>appartenenza <span class=\"_ _9\"> </span>al  g<span class=\"_ _1\"></span>ruppo, <span class=\"_ _9\"> </span>e <span class=\"_ _16\"> </span>dalla <span class=\"_ _9\"> </span>scars<span class=\"_ _2\"></span>a <span class=\"_ _9\"> </span>reattivit\u00e0 <span class=\"_ _9\"> </span>a<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1e0d\">variazioni del contesto competitivo.<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs1e0e\">L\u2019analisi <span class=\"_ _f\"></span>dei <span class=\"_ _1\"></span>rischi <span class=\"_ _f\"></span>s<span class=\"_ _2\"></span>trate<span class=\"ff4\">gici <span class=\"_ _f\"></span>viene eff<span class=\"_ _1\"></span>ettuate <span class=\"_ _1\"></span>mediante <span class=\"_ _f\"></span>specifiche anali<span class=\"_ _1\"></span>si <span class=\"_ _1\"></span>si <span class=\"_ _1\"></span>sensitivity <span class=\"_ _f\"></span>in sede<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>ORSA<span class=\"_ _df\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs1e0f\">o <span class=\"_ _9\"> </span>ogni <span class=\"_ _9\"> </span>qualvolta <span class=\"_ _9\"> </span>si <span class=\"_ _9\"> </span>as<span class=\"_ _2\"></span>sista <span class=\"_ _0\"></span>a <span class=\"_ _16\"> </span>va<span class=\"_ _1\"></span>riazioni <span class=\"_ _9\"> </span>significative <span class=\"_ _9\"> </span>del <span class=\"_ _9\"> </span>mercato, <span class=\"_ _9\"> </span>dell\u2019mix <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>produzione <span class=\"_ _9\"> </span>e <span class=\"_ _9\"> </span>d<span class=\"_ _2\"></span>elle<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1e10\">ipotesi sottostanti le valutazioni.  </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1e11\">In <span class=\"_ _9\"> </span>tale <span class=\"_ _16\"> </span>ambito <span class=\"_ _9\"> </span>viene <span class=\"_ _9\"> </span>altres\u00ec <span class=\"_ _16\"> </span>valutata <span class=\"_ _9\"> </span>la <span class=\"_ _16\"> </span>presenza <span class=\"_ _9\"> </span>di <span class=\"_ _16\"> </span>potenziali <span class=\"_ _9\"> </span>rischi <span class=\"_ _9\"> </span>emergenti <span class=\"_ _16\"> </span>sulla <span class=\"_ _9\"> </span>base <span class=\"_ _9\"> </span>delle<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1e12\">informazioni derivanti dal piano industriale, dalle evoluzioni di prodotto<span class=\"_ _2\"></span>, dalle<span class=\"_ _1\"></span> variazioni normative<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs1e13\">e da qualsiasi altra variazione potenzialme<span class=\"_ _1\"></span>nte impattante sul profilo di rischio dell\u2019impresa.<span class=\"_ _df\"> </span><span class=\"_ _2\"></span><span class=\"ff4\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls40 ws0 gs1e14\">In<span class=\"ls0\"> <span class=\"_ _2\"></span>seguito <span class=\"_ _2\"></span>ai risultati <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>tale anali<span class=\"_ _2\"></span>si, vengono <span class=\"_ _2\"></span>valutati <span class=\"_ _2\"></span>gli eventuali<span class=\"_ _2\"></span> cambiamenti <span class=\"_ _2\"></span>da a<span class=\"_ _2\"></span>pportare <span class=\"_ _2\"></span>nella<span class=\"_ _df\"> </span></span><span class=\"ls0\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1e15\">mappa dei rischi aziendali.<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls6 ws0 gs1e16\">***<span class=\"_ _df\"> </span><span class=\"ls0\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1e17\">Le valutazioni effettuate dalla Compagnia alla data di v<span class=\"_ _1\"></span>alutazione hanno consentito di delineare la<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1e18\">mappa dei rischi <span class=\"ff5\">\u2013</span> Framework Solvency II - a cui la Compagnia \u00e8 esposta (di seguito riportata). </div><div class=\"gs1e19\"><table class=\"s w11eb h5c7\" id=\"_5869cd32-2393-4bce-bb74-7dffcb43bfe6\"><tr><td class=\"c xb9e y38e0 w65d h4d\"><div class=\"t m0 x15 h1f y2ef ff4 fs7 fc1 sc0 ls0 ws0\">Modulo di rischi<span class=\"_ _1\"></span>o  </div></td><td class=\"c xb9f y38e0 w65e h4d\"><div class=\"t m0 x31 h1f y2ef ff4 fs7 fc1 sc0 ls0 ws0\">Sottomodulo di <span class=\"_ _f\"></span>r<span class=\"_ _2\"></span>ischio  </div></td><td class=\"c xba0 y38e0 w510 h4d\"><div class=\"t m0 x163 h1f y2ef ff4 fs7 fc1 sc0 ls0 ws0\">Esposizione </div></td></tr><tr><td class=\"c xb9e y38e1 w65d h1ac\"><div class=\"t m0 x163 h1f ycc6 ff4 fs7 fc1 sc0 ls0 ws0\">Non-Life underwri<span class=\"_ _1\"></span>ting risk </div></td><td class=\"c xb9f y38e2 w65e h4e\"><div class=\"t m0 x163 h1f y71 ff4 fs7 fc1 sc0 ls0 ws0\">Non-Life premium <span class=\"_ _f\"></span>and r<span class=\"_ _2\"></span>ese<span class=\"_ _1\"></span>rve risk </div></td><td class=\"c xba0 y38e2 w4b0 h4e\"><div class=\"t m0 x32 h1f y71 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td></tr><tr><td></td><td class=\"c xb9f y38e3 w65e h4d\"><div class=\"t m0 x163 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">Non-Life lapse ri<span class=\"_ _1\"></span>sk </div></td><td class=\"c xba0 y38e3 w4b0 h4d\"><div class=\"t m0 x32 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td></tr><tr><td></td><td class=\"c xb9f y38e1 w65e h4e\"><div class=\"t m0 x163 h1f y71 ff4 fs7 fc1 sc0 ls0 ws0\">Non-life CAT risk<span class=\"_ _1\"></span> </div></td><td class=\"c xba0 y38e1 w4b0 h4e\"><div class=\"t m0 x32 h1f y71 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td></tr><tr><td class=\"c xb9e y38e4 w65d h36b\"><div class=\"t m0 x163 h1f y1a8b ff4 fs7 fc1 sc0 ls0 ws0\">Health underwr<span class=\"_ _1\"></span>iting risk </div></td><td class=\"c xb9f y38e5 w65e h4d\"><div class=\"t m0 x163 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">Health premium and <span class=\"_ _f\"></span>reserve risk </div></td><td class=\"c xba0 y38e5 w4b0 h4d\"><div class=\"t m0 x32 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td></tr><tr><td></td><td class=\"c xb9f y38e6 w65e h4e\"><div class=\"t m0 x163 h1f y71 ff4 fs7 fc1 sc0 ls0 ws0\">Health Lapse risk<span class=\"_ _1\"></span> </div></td><td class=\"c xba0 y38e6 w4b0 h4e\"><div class=\"t m0 x32 h1f y71 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td></tr><tr><td></td><td class=\"c xb9f y38e7 w65e h4d\"><div class=\"t m0 x163 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">Health CAT </div></td><td class=\"c xba0 y38e7 w4b0 h4d\"><div class=\"t m0 x32 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td></tr><tr><td></td><td class=\"c xb9f y38e8 w65e h4e\"><div class=\"t m0 x163 h1f y71 ff4 fs7 fc1 sc0 ls0 ws0\">Health SLT Morta<span class=\"_ _f\"></span>l<span class=\"_ _2\"></span>ity risk </div></td><td class=\"c xba0 y38e8 w4b0 h4e\"><div class=\"t m0 x48 h1f y71 ff4 fs7 fc1 sc0 ls10a ws0\">---<span class=\"ls0\"> </span></div></td></tr><tr><td></td><td class=\"c xb9f y38e9 w65e h4d\"><div class=\"t m0 x163 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">Health SLT L<span class=\"_ _1\"></span>ongevity risk </div></td><td class=\"c xba0 y38e9 w4b0 h4d\"><div class=\"t m0 x48 h1f y28b ff4 fs7 fc1 sc0 ls10a ws0\">---<span class=\"ls0\"> </span></div></td></tr><tr><td></td><td class=\"c xb9f y38ea w65e h4e\"><div class=\"t m0 x163 h1f y71 ff4 fs7 fc1 sc0 ls0 ws0\">Health SLT Disabi<span class=\"_ _1\"></span>lity morbidity r<span class=\"_ _1\"></span>isk </div></td><td class=\"c xba0 y38ea w4b0 h4e\"><div class=\"t m0 x48 h1f y71 ff4 fs7 fc1 sc0 ls10a ws0\">---<span class=\"ls0\"> </span></div></td></tr><tr><td></td><td class=\"c xb9f y38eb w65e h28e\"><div class=\"t m0 x163 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">Health SLT Lap<span class=\"_ _1\"></span>se risk </div></td><td class=\"c xba0 y38eb w4b0 h28e\"><div class=\"t m0 x48 h1f y28b ff4 fs7 fc1 sc0 ls10a ws0\">---<span class=\"ls0\"> </span></div></td></tr><tr><td></td><td class=\"c xb9f y38ec w65e h4e\"><div class=\"t m0 x163 h1f y71 ff4 fs7 fc1 sc0 ls0 ws0\">Health SLT Expe<span class=\"_ _1\"></span>nse risk </div></td><td class=\"c xba0 y38ec w4b0 h4e\"><div class=\"t m0 x48 h1f y71 ff4 fs7 fc1 sc0 ls10a ws0\">---<span class=\"ls0\"> </span></div></td></tr><tr><td></td><td class=\"c xb9f y38e4 w65e h4d\"><div class=\"t m0 x163 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">Health SLT Rev<span class=\"_ _1\"></span>ision risk </div></td><td class=\"c xba0 y38e4 w4b0 h4d\"><div class=\"t m0 x48 h1f y28b ff4 fs7 fc1 sc0 ls10a ws0\">---<span class=\"ls0\"> </span></div></td></tr><tr><td class=\"c xb9e y38ed w65d h36c\"><div class=\"t m0 x163 h1f y1c74 ff4 fs7 fc1 sc0 ls0 ws0\">Market risk </div></td><td class=\"c xb9f y38ee w65e h4e\"><div class=\"t m0 x163 h1f y71 ff4 fs7 fc1 sc0 ls0 ws0\">Interest rate r<span class=\"_ _1\"></span>isk </div></td><td class=\"c xba0 y38ee w4b0 h4e\"><div class=\"t m0 x32 h1f y71 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td></tr><tr><td></td><td class=\"c xb9f y38ef w65e h4d\"><div class=\"t m0 x163 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">Equity risk </div></td><td class=\"c xba0 y38ef w4b0 h4d\"><div class=\"t m0 x32 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td></tr><tr><td></td><td class=\"c xb9f y38f0 w65e h4e\"><div class=\"t m0 x163 h1f y71 ff4 fs7 fc1 sc0 ls0 ws0\">Property risk </div></td><td class=\"c xba0 y38f0 w4b0 h4e\"><div class=\"t m0 x48 h1f y71 ff4 fs7 fc1 sc0 ls10a ws0\">---<span class=\"ls0\"> </span></div></td></tr><tr><td></td><td class=\"c xb9f y38f1 w65e h4d\"><div class=\"t m0 x163 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">Spread risk </div></td><td class=\"c xba0 y38f1 w4b0 h4d\"><div class=\"t m0 x32 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td></tr><tr><td></td><td class=\"c xb9f y38f2 w65e h4e\"><div class=\"t m0 x163 h1f y71 ff4 fs7 fc1 sc0 ls0 ws0\">Currency risk<span class=\"_ _1\"></span> </div></td><td class=\"c xba0 y38f2 w4b0 h4e\"><div class=\"t m0 x32 h1f y71 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td></tr><tr><td></td><td class=\"c xb9f y38ed w65e h4d\"><div class=\"t m0 x163 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">Concentration ri<span class=\"_ _1\"></span>sk </div></td><td class=\"c xba0 y38ed w4b0 h4d\"><div class=\"t m0 x48 h1f y28b ff4 fs7 fc1 sc0 ls10a ws0\">---<span class=\"ls0\"> </span></div></td></tr><tr><td class=\"c xb9e y38f3 w65d h203\"><div class=\"t m0 x163 h1f y1a1f ff4 fs7 fc1 sc0 ls0 ws0\">Counterparty de<span class=\"_ _1\"></span>fault risk </div></td><td class=\"c xb9f y38f4 w65e h4e\"><div class=\"t m0 x163 h1f y71 ff4 fs7 fc1 sc0 ls0 ws0\">Type 1 counterpa<span class=\"_ _1\"></span>rties </div></td><td class=\"c xba0 y38f4 w4b0 h4e\"><div class=\"t m0 x32 h1f y71 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td></tr><tr><td></td><td class=\"c xb9f y38f3 w65e h4d\"><div class=\"t m0 x163 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">Type 2 counterpa<span class=\"_ _1\"></span>rties </div></td><td class=\"c xba0 y38f3 w4b0 h4d\"><div class=\"t m0 x32 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td></tr><tr><td class=\"c xb9e y38f5 w4d8 h4e\"><div class=\"t m0 x163 h1f y295 ff4 fs7 fc1 sc0 ls0 ws0\">Operational Risk </div></td><td class=\"c xb9f y38f5 w65e h4e\"><div class=\"t m0 x163 h1f y71 ff4 fs7 fc1 sc0 ls0 ws0\">Operational risk<span class=\"_ _1\"></span> </div></td><td class=\"c xba0 y38f5 w4b0 h4e\"><div class=\"t m0 x32 h1f y71 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td></tr></table></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1e1a\">Le  valutazioni  p<span class=\"_ _1\"></span>rospettiche  dei  rischi  non  hanno  rile<span class=\"_ _1\"></span>vato  da  un <span class=\"_ _16\"> </span>punto  di <span class=\"_ _16\"> </span>vista  regolamentare<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1e1b\">(Solvency II) rischi emergenti in <span class=\"_ _2\"></span>ragione delle azioni previst<span class=\"_ _2\"></span>e dalle nuove str<span class=\"_ _2\"></span>ategi<span class=\"_ _1\"></span>e di investimento<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1e1c\">e <span class=\"_ _d\"></span>di <span class=\"_ _0\"></span>business <span class=\"_ _d\"></span>(da <span class=\"_ _0\"></span>segnalare <span class=\"_ _d\"></span>tuttavia <span class=\"_ _d\"></span>la <span class=\"_ _0\"></span>review <span class=\"_ _d\"></span>Solvency <span class=\"_ _0\"></span>II <span class=\"_ _d\"></span>la <span class=\"_ _0\"></span>cui <span class=\"_ _0\"></span>applicazione <span class=\"_ _d\"></span>\u00e8 <span class=\"_ _d\"></span>prevista <span class=\"_ _0\"></span>a <span class=\"_ _0\"></span>partire<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1e1d\">dal30.01.2027)<span class=\"ff5\">. Con <span class=\"_ _2\"></span>riferimento ai dati <span class=\"_ _2\"></span>prospettici e monitor<span class=\"_ _2\"></span>ati alla data <span class=\"_ _2\"></span>di valutazione, l\u2019analisi ha<span class=\"_ _df\"> </span></span><span class=\"ff5\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1e1e\">permesso <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>individuare <span class=\"_ _0\"></span>i <span class=\"_ _0\"></span>sot<span class=\"_ _2\"></span>to <span class=\"_ _d\"></span>mo<span class=\"_ _2\"></span>duli<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>rischio <span class=\"_ _9\"> </span>maggiormente <span class=\"_ _0\"></span>significativi <span class=\"_ _0\"></span>e <span class=\"_ _0\"></span>impattanti <span class=\"_ _9\"> </span>per <span class=\"_ _0\"></span>la<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1e1f\">Compagnia, <span class=\"_ _9\"> </span>che <span class=\"_ _16\"> </span>risultano <span class=\"_ _9\"> </span>essere  i<span class=\"_ _1\"></span> <span class=\"_ _16\"> </span>sotto <span class=\"_ _9\"> </span>moduli <span class=\"_ _9\"> </span>di <span class=\"_ _16\"> </span>rischio <span class=\"_ _9\"> </span>Non<span class=\"_ _2\"></span>-Life <span class=\"_ _16\"> </span>premium <span class=\"_ _9\"> </span>and <span class=\"_ _9\"> </span>r<span class=\"_ _2\"></span>eserve <span class=\"_ _9\"> </span>risk,<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1e20\">Health premium and reserve risk, segu<span class=\"_ _1\"></span>iti dal sotto modulo Non Life lapse Risk.<span class=\"_ _df\"> </span><span class=\"_ _2\"></span> </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs1e21\">Inoltre si ev<span class=\"_ _1\"></span>idenzia l\u2019e<span class=\"_ _1\"></span>sposizione della <span class=\"_ _1\"></span>Compagnia al rischio <span class=\"_ _1\"></span>Spread sui <span class=\"_ _1\"></span>Governativi ITA <span class=\"_ _f\"></span>(r<span class=\"_ _2\"></span><span class=\"ff4\">ischio non<span class=\"_ _df\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1e22\">contemplato <span class=\"_ _10\"> </span>nella <span class=\"_ _10\"> </span>Formula <span class=\"_ _10\"> </span>Standard). <span class=\"_ _10\"> </span>La <span class=\"_ _18\"> </span>Compagnia <span class=\"_ _10\"> </span>nelle <span class=\"_ _18\"> </span>proprie <span class=\"_ _10\"> </span>valutazioni <span class=\"_ _10\"> </span>prende <span class=\"_ _10\"> </span>in<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1e23\">considerazione <span class=\"_ _15\"> </span>tal<span class=\"_ _2\"></span>e <span class=\"_ _e\"> </span>fattore <span class=\"_ _e\"> </span>di <span class=\"_ _e\"> </span>rischio <span class=\"_ _e\"> </span>mediante <span class=\"_ _e\"> </span>specifiche <span class=\"_ _10\"> </span>analisi <span class=\"_ _e\"> </span>di <span class=\"_ _e\"> </span>sensitivity <span class=\"_ _e\"> </span>effett<span class=\"_ _2\"></span>uate<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs1e24\">periodicamente e all\u2019interno del Report ORSA YE 31.12.2024. <span class=\"ff4\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1e26\">Le  an<span class=\"ff5\">alisi  q<span class=\"_ _1\"></span>uali/quantitativa  sull\u2019adeguatezza <span class=\"_ _16\"> </span>del  Profilo  di <span class=\"_ _16\"> </span>Rischio  del<span class=\"_ _1\"></span>la  Compagnia  rispetto  i<span class=\"_ _df\"> </span></span><span class=\"ff5\"> </span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs1e27\">requisiti sottostanti l\u2019appli<span class=\"_ _1\"></span>cazione della Formula Standard sono risultate positive. <span class=\"_ _2\"></span><span class=\"ff4\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1e28\">Al <span class=\"_ _9\"> </span>calcolo <span class=\"_ _9\"> </span>degli <span class=\"_ _9\"> </span>impatti <span class=\"_ _9\"> </span>dovuti <span class=\"_ _0\"></span>ai <span class=\"_ _16\"> </span>rischi <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>natura <span class=\"_ _9\"> </span>quantificabile <span class=\"_ _0\"></span>e <span class=\"_ _9\"> </span>regolamen<span class=\"_ _2\"></span>tare, <span class=\"_ _9\"> </span>la <span class=\"_ _9\"> </span>Compagnia<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs1e29\">monitora e <span class=\"_ _2\"></span>valuta anche i rischi quantitativi ma <span class=\"_ _2\"></span>non rientranti <span class=\"_ _2\"></span>nell\u2019<span class=\"_ _1\"></span>ambito della <span class=\"_ _2\"></span>Formula Standard,<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs1e2a\">i cosiddetti \u201crischi quantitativi non regolamentari\u201d, quali:<span class=\"_ _df\"> </span><span class=\"ff4\"> </span></div><div class=\"t m0 h5 ff13 fs1 fc1 sc0 ls0 ws0 gs1e2b\">-<span class=\"_ _1b\"> </span><span class=\"ff4\">rischio spread sui titoli governativi;<span class=\"_ _df\"> </span></span></div><div class=\"t m0 h5 ff13 fs1 fc1 sc0 ls0 ws0 gs1e2c\">-<span class=\"_ _1b\"> </span><span class=\"ff4\">rischio di liquidit\u00e0 e ALM;<span class=\"_ _df\"> </span></span></div><div class=\"t m0 h5 ff13 fs1 fc1 sc0 ls0 ws0 gs1e2d\">-<span class=\"_ _1b\"> </span><span class=\"ff4\">rischio operativo;<span class=\"_ _df\"> </span></span></div><div class=\"t m0 h5 ff13 fs1 fc1 sc0 ls0 ws0 gs1e2e\">-<span class=\"_ _1b\"> </span><span class=\"ff4\">rischio ICT &amp; di Sicurezza;<span class=\"_ _df\"> </span></span></div><div class=\"t m0 h5 ff13 fs1 fc1 sc0 ls0 ws0 gs1e2f\">-<span class=\"_ _1b\"> </span><span class=\"ff4\">rischio condotta;<span class=\"_ _df\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m0 h5 ff13 fs1 fc1 sc0 ls0 ws0 gs1e30\">-<span class=\"_ _1b\"> </span><span class=\"ff4\">rischio di appartenenza al gruppo;<span class=\"_ _df\"> </span></span></div><div class=\"t m0 h5 ff13 fs1 fc1 sc0 ls0 ws0 gs1e31\">-<span class=\"_ _1b\"> </span><span class=\"ff4\">rischio ESG (con un focus specifico sui rischi climatici connessi ai rischi ambientali<span class=\"_ _1\"></span>);<span class=\"_ _df\"> </span></span></div><div class=\"t m0 h5 ff13 fs1 fc1 sc0 ls0 ws0 gs1e32\">-<span class=\"_ _1b\"> </span><span class=\"ff4\">rischio strategico.<span class=\"_ _df\"> </span></span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1e33\">Oltre <span class=\"_ _2\"></span>alle valutazioni <span class=\"_ _2\"></span>sui rischi <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>natura <span class=\"_ _2\"></span>quantificabile (sia <span class=\"_ _2\"></span>regolamentare <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>non), la <span class=\"_ _2\"></span>Compagnia<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1e34\">gestisce e monitora anche:<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff13 fs1 fc1 sc0 ls0 ws0 gs1e35\">-<span class=\"_ _1b\"> </span><span class=\"ff4\">rischio modello;<span class=\"_ _df\"> </span></span></div><div class=\"t m0 h5 ff13 fs1 fc1 sc0 ls0 ws0 gs1e36\">-<span class=\"_ _1b\"> </span><span class=\"ff4\">rischio di non conformit\u00e0 alle norme;<span class=\"_ _df\"> </span></span></div><div class=\"t m0 h5 ff13 fs1 fc1 sc0 ls0 ws0 gs1e37\">-<span class=\"_ _1b\"> </span><span class=\"ff4\">rischio reputazionale;<span class=\"_ _df\"> </span></span></div><div class=\"t m0 h5 ff13 fs1 fc1 sc0 ls0 ws0 gs1e38\">-<span class=\"_ _1b\"> </span><span class=\"ff4\">rischi emergenti.<span class=\"_ _df\"> </span></span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1e39\">Allo <span class=\"_ _d\"></span>stato <span class=\"_ _d\"></span>attuale <span class=\"_ _d\"></span>tali <span class=\"_ _d\"></span>tipologie <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>rischio <span class=\"_ _d\"></span>hanno <span class=\"_ _d\"></span>un <span class=\"_ _d\"></span>livello <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>gestione <span class=\"_ _d\"></span>monitoraggio <span class=\"_ _d\"></span>e<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>valutazione<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1e3a\">coerente <span class=\"_ _2\"></span>con <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>rilevanza <span class=\"_ _2\"></span>dei <span class=\"_ _2\"></span>fattori <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>rischio <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>li <span class=\"_ _2\"></span>caratterizzano, <span class=\"_ _2\"></span>periodicamente <span class=\"_ _2\"></span>monitorate <span class=\"_ _2\"></span>e<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1e3b\">non comportano un add-on in termini di capitale regolamentare.<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1e3c\">Al  momento  non  vi <span class=\"_ _16\"> </span>sono  risultati  che  e<span class=\"_ _1\"></span>videnzino  situazioni  di  criticit\u00e0  in  termini  di  solvibilit\u00e0<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs1e3d\">derivanti <span class=\"_ _9\"> </span>dai  rischi <span class=\"_ _9\"> </span>st<span class=\"_ _2\"></span>rategici. <span class=\"_ _9\"> </span>Tuttavia,  \u00e8<span class=\"_ _1\"></span>  d<span class=\"_ _1\"></span>a <span class=\"_ _16\"> </span>continuare <span class=\"_ _16\"> </span>a <span class=\"_ _16\"> </span>tenere <span class=\"_ _9\"> </span>in  conside<span class=\"_ _1\"></span>razione <span class=\"_ _16\"> </span>l\u2019effetto <span class=\"_ _16\"> </span>di<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1e3e\">possibili <span class=\"_ _0\"></span>variazioni <span class=\"_ _0\"></span>del <span class=\"_ _0\"></span>contesto <span class=\"_ _0\"></span>macr<span class=\"_ _2\"></span>o-economico <span class=\"_ _0\"></span>che <span class=\"_ _0\"></span>possono <span class=\"_ _9\"> </span>avere <span class=\"_ _0\"></span>impatti <span class=\"_ _0\"></span>significativi <span class=\"_ _0\"></span>sugli<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1e3f\">Own Funds della Compagnia e sul Re<span class=\"_ _1\"></span>quisito di Capitale.</div>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfReinsuranceExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-809": {
   "value": "<div class=\"t m0 he ff4 fs5 fc4 sc3 ls0 ws0 gsa47\">Sezio<span class=\"_ _1\"></span>ne 9 <span class=\"ff5\">\u2013<span class=\"_ _1\"></span><span class=\"ff4\"> Attivit\u00e0<span class=\"_ _f\"></span> materiali <span class=\"_ _f\"></span><span class=\"ff5\">\u2013<span class=\"ff4\"> Voce 90<span class=\"_ _f\"></span> </span></span></span></span></div><div class=\"c w3ab h227 gsa48\"><div class=\"t m0 x8a h5 y66c ff4 fs1 fc4 sc3 ls0 ws0\">9.1 At<span class=\"_ _1\"></span>tivit<span class=\"_ _1\"></span>\u00e0 mat<span class=\"_ _1\"></span>eria<span class=\"_ _1\"></span>li ad <span class=\"_ _1\"></span>uso fu<span class=\"_ _f\"></span>nzionale<span class=\"_ _1\"></span>: com<span class=\"_ _f\"></span>posizion<span class=\"_ _1\"></span>e del<span class=\"_ _1\"></span>le a<span class=\"_ _1\"></span>ttivit<span class=\"_ _1\"></span>\u00e0 valu<span class=\"_ _1\"></span>tate<span class=\"_ _1\"></span> al co<span class=\"_ _f\"></span>sto<span class=\"fc1 sc0\"> </span></div></div><div class=\"gsa49\"><table class=\"s wb6b h4d1\" id=\"_8c4dcb0b-38f9-40b5-a2dc-a0235caf3367\"><tr><td class=\"c x46b y28c2 w3ac h15\"><div class=\"t m0 xa1 h1f y655 ff4 fs7 fc4 sc3 ls0 ws0\">Atti<span class=\"_ _1\"></span>vit\u00e0/V<span class=\"_ _f\"></span>alori<span class=\"fc1 sc0\"> </span></div></td><td></td><td class=\"c x4fc y28c3 w31e hc8\"><div class=\"t m0 x12 h1f y32 ff4 fs7 fc4 sc3 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale<span class=\"fc1 sc0\"> </span></div></td><td></td><td class=\"c x4fd y28c3 w3ad hc8\"><div class=\"t m0 x12 h1f y32 ff4 fs7 fc4 sc3 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale<span class=\"fc1 sc0\"> </span></div></td><td></td></tr><tr><td></td><td></td><td class=\"c x4fc y28c2 w31e hc8\"><div class=\"t m0 x30 h1f y153d ff4 fs7 fc4 sc3 ls0 ws0\">31/12/<span class=\"_ _f\"></span>2025<span class=\"fc1 sc0\"> </span></div></td><td class=\"c x4fe y28c4 w993 h4d2\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/<span class=\"_ _df\"> </span></div></td><td class=\"c x4ff y28c4 w994 h4d2\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">2024<span class=\"_ _df\"> </span></div></td><td></td></tr><tr><td class=\"c x46b y28c5 w3ae hc8\"><div class=\"t m0 x8a h1f y32 ff4 fs7 fc1 sc2 ls0 ws0\">1. Att<span class=\"_ _1\"></span>ivit\u00e0<span class=\"_ _1\"></span> di pr<span class=\"_ _1\"></span>opr<span class=\"_ _1\"></span>iet\u00e0<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td><td></td><td></td><td class=\"c x4fc y28c5 w31e hc8\"><div class=\"t m0 x66 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">321.37<span class=\"_ _f\"></span>8<span class=\"sc0\"> </span></div></td><td></td><td class=\"c x4fd y28c5 w3af hc8\"><div class=\"t m0 xc h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">312.<span class=\"_ _1\"></span>813<span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x46b y28c6 w3ae hc8\"><div class=\"t m0 x116 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">a) terreni </div></td><td></td><td></td><td class=\"c x4fc y28c6 w31e hc8\"><div class=\"t m0 x12a h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">134.866 </div></td><td></td><td class=\"c x4fd y28c6 w3af hc8\"><div class=\"t m0 x12a h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">134.838 </div></td></tr><tr><td class=\"c x46b y28c7 w3ae hc8\"><div class=\"t m0 x116 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">b) fabbricati </div></td><td></td><td></td><td class=\"c x4fc y28c7 w31e hc8\"><div class=\"t m0 x66 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">110.095 </div></td><td></td><td class=\"c x4fd y28c7 w3af hc8\"><div class=\"t m0 x12a h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">108.548 </div></td></tr><tr><td class=\"c x46b y28c8 w3ae hc8\"><div class=\"t m0 x116 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">c) mobili </div></td><td></td><td></td><td class=\"c x4fc y28c8 w31e hc8\"><div class=\"t m0 x11e h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">10.917 </div></td><td></td><td class=\"c x4fd y28c8 w3af hc8\"><div class=\"t m0 xe4 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">11.769 </div></td></tr><tr><td class=\"c x46b y28c9 w3ae hc8\"><div class=\"t m0 x116 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">d) impianti elettr<span class=\"_ _f\"></span>o<span class=\"_ _2\"></span>nici<span class=\"_ _df\"> </span></div></td><td></td><td></td><td class=\"c x4fc y28c9 w31e hc8\"><div class=\"t m0 xc h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">20.099 </div></td><td></td><td class=\"c x4fd y28c9 w3af hc8\"><div class=\"t m0 x199 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">19.620 </div></td></tr><tr><td class=\"c x46b y28ca w3ae hc8\"><div class=\"t m0 x116 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">e) altre </div></td><td></td><td></td><td class=\"c x4fc y28ca w31e hc8\"><div class=\"t m0 x199 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">45.401 </div></td><td></td><td class=\"c x4fd y28ca w3af hc8\"><div class=\"t m0 xc h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">38.038 </div></td></tr><tr><td class=\"c x46b y28cb w3ae hc8\"><div class=\"t m0 x8a h1f y32 ff4 fs7 fc1 sc2 ls0 ws0\">2. Dir<span class=\"_ _1\"></span>itti d'<span class=\"_ _f\"></span>uso acq<span class=\"_ _f\"></span>uisiti<span class=\"_ _1\"></span> con il<span class=\"_ _1\"></span> leas<span class=\"_ _1\"></span>ing<span class=\"sc0\"> </span></div></td><td></td><td></td><td class=\"c x4fc y28cb w31e hc8\"><div class=\"t m0 x199 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">121.15<span class=\"_ _1\"></span>5<span class=\"sc0\"> </span></div></td><td></td><td class=\"c x4fd y28cb w3af hc8\"><div class=\"t m0 xc h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">125.95<span class=\"_ _f\"></span>1<span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x46b y28cc w3ae hc8\"><div class=\"t m0 x116 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">a) terreni </div></td><td></td><td></td><td class=\"c x4fc y28cc w31e hc8\"><div class=\"t m0 x120 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x4fd y28cc w3af hc8\"><div class=\"t m0 x120 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y28cd w3ae hc8\"><div class=\"t m0 x116 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">b) fabbricati </div></td><td></td><td></td><td class=\"c x4fc y28cd w31e hc8\"><div class=\"t m0 xc h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">116.495 </div></td><td></td><td class=\"c x4fd y28cd w3af hc8\"><div class=\"t m0 xc h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">122.081 </div></td></tr><tr><td class=\"c x46b y28ce w3ae h227\"><div class=\"t m0 x116 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">c) mobili </div></td><td></td><td></td><td class=\"c x4fc y28ce w31e h227\"><div class=\"t m0 x120 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x4fd y28ce w3af h227\"><div class=\"t m0 x120 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y28cf w3ae hc8\"><div class=\"t m0 x116 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">d) impianti elettr<span class=\"_ _f\"></span>o<span class=\"_ _2\"></span>nici<span class=\"_ _df\"> </span></div></td><td></td><td></td><td class=\"c x4fc y28cf w31e hc8\"><div class=\"t m0 x120 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x4fd y28cf w3af hc8\"><div class=\"t m0 x120 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y28d0 w3ae hc8\"><div class=\"t m0 x116 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">e) altre </div></td><td></td><td></td><td class=\"c x4fc y28d0 w31e hc8\"><div class=\"t m0 xe4 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">4.660 </div></td><td></td><td class=\"c x4fd y28d0 w3af hc8\"><div class=\"t m0 xe3 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">3.870 </div></td></tr><tr><td></td><td class=\"c x46b y28d1 w3ae hc8\"><div class=\"t m0 x1e5 h1f y32 ff4 fs7 fc1 sc2 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale<span class=\"sc0\"> </span></div></td><td></td><td class=\"c x4fc y28d1 w31e hc8\"><div class=\"t m0 x1e6 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">442.5<span class=\"_ _1\"></span>33<span class=\"sc0\"> </span></div></td><td></td><td class=\"c x4fd y28d1 w3af hc8\"><div class=\"t m0 x1e6 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">438.7<span class=\"_ _1\"></span>64<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x46b y28d2 w3ae hc8\"><div class=\"t m0 x8a h1f y32 ff5 fs7 fc1 sc0 ls0 ws0\">di cui: ottenute<span class=\"_ _1\"></span> tramite l\u2019escuss<span class=\"_ _1\"></span>ione delle ga<span class=\"_ _1\"></span>ranzie ricevute<span class=\"ff4\"> </span></div></td><td></td><td></td><td class=\"c x4fc y28d2 w31e hc8\"><div class=\"t m0 x120 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x4fd y28d2 w3af hc8\"><div class=\"t m0 x120 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr></table></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsa4a\">Le att<span class=\"_ _2\"></span>ivit\u00e0 materiali <span class=\"_ _2\"></span>sono <span class=\"_ _2\"></span>valutate <span class=\"_ _2\"></span>al cost<span class=\"_ _2\"></span>o, al <span class=\"_ _2\"></span>netto <span class=\"_ _2\"></span>degli ammort<span class=\"_ _2\"></span>amenti e <span class=\"_ _2\"></span>di q<span class=\"_ _2\"></span>ualsiasi perdita <span class=\"_ _2\"></span>per </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsa4b\">riduzione di valore accumulate. </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gsa4c\">Nelle <span class=\"_ _2\"></span>att<span class=\"_ _2\"></span>ivit\u00e0 <span class=\"_ _2\"></span>materiali <span class=\"_ _d\"></span>\u00e8 <span class=\"_ _d\"></span>anche <span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>icompreso, <span class=\"_ _d\"></span>ai <span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>ensi <span class=\"_ _2\"></span>del <span class=\"_ _d\"></span>principio <span class=\"_ _d\"></span>IFRS16, <span class=\"_ _2\"></span>il <span class=\"_ _d\"></span>Diritto<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>d\u2019Uso <span class=\"_ _d\"></span>(Right <span class=\"_ _d\"></span>of </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsa4d\">Use) dei beni oggetti di contratti di leasing operativo.<span class=\"_ _df\"> </span> </div>9.2 Att<span class=\"_ _1\"></span>ivit\u00e0<span class=\"_ _f\"></span> materi<span class=\"_ _1\"></span>ali det<span class=\"_ _1\"></span>enut<span class=\"_ _1\"></span>e a <span class=\"_ _f\"></span>scopo di<span class=\"_ _1\"></span> inves<span class=\"_ _1\"></span>timent<span class=\"_ _f\"></span>o: com<span class=\"_ _1\"></span>posi<span class=\"_ _1\"></span>zione<span class=\"_ _1\"></span> dell<span class=\"_ _1\"></span>e at<span class=\"_ _1\"></span>tivit\u00e0 <span class=\"_ _1\"></span>valut<span class=\"_ _f\"></span>ate al co<span class=\"_ _1\"></span>sto<span class=\"_ _df\"> </span>Tot<span class=\"_ _1\"></span>ale<span class=\"_ _df\"> </span>Tot<span class=\"_ _1\"></span>ale<span class=\"_ _df\"> </span>Atti<span class=\"_ _1\"></span>vit\u00e0/V<span class=\"_ _f\"></span>alori<span class=\"_ _df\"> </span>Val<span class=\"_ _1\"></span>ore di<span class=\"_ _df\"> </span>31/12/<span class=\"_ _df\"> </span>2025<span class=\"_ _df\"> </span>Fair<span class=\"_ _f\"></span> value<span class=\"_ _df\"> </span>Val<span class=\"_ _1\"></span>ore di<span class=\"_ _df\"> </span>31/12/<span class=\"_ _df\"> </span>2024<span class=\"_ _df\"> </span>Fair<span class=\"_ _f\"></span> value<span class=\"_ _df\"> </span>bilan<span class=\"_ _f\"></span>cio<span class=\"_ _df\"> </span>L1<span class=\"_ _df\"> </span>L2<span class=\"_ _df\"> </span>L3<span class=\"_ _df\"> </span>bilan<span class=\"_ _f\"></span>cio<span class=\"_ _df\"> </span>L1<span class=\"_ _df\"> </span>L2<span class=\"_ _df\"> </span>1. Att<span class=\"_ _1\"></span>ivit\u00e0<span class=\"_ _1\"></span> di pr<span class=\"_ _1\"></span>opr<span class=\"_ _1\"></span>iet\u00e0<span class=\"_ _df\"> </span>4.62<span class=\"_ _f\"></span>2<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-6.8074.76<span class=\"_ _1\"></span>8<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>a) terreni<span class=\"_ _df\"> </span>2.398<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-1.4062.378<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>b) fabbricati<span class=\"_ _df\"> </span>2.224<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-5.4012.390<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>2. Dir<span class=\"_ _1\"></span>itti d'<span class=\"_ _f\"></span>uso ac<span class=\"_ _1\"></span>quis<span class=\"_ _1\"></span>iti co<span class=\"_ _1\"></span>n il<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>leas<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span>ng<span class=\"_ _df\"> </span>a) terreni<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>b) fabbricati<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>di cui: ottenute<span class=\"_ _1\"></span> tramite<span class=\"_ _df\"> </span>Tot<span class=\"_ _1\"></span>ale<span class=\"_ _df\"> </span>4.62<span class=\"_ _f\"></span>2<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-6.8074.76<span class=\"_ _1\"></span>8<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>l\u2019escussione de<span class=\"_ _1\"></span>lle garanzie<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>ricevute<span class=\"_ _df\"> </span>Lege<span class=\"_ _f\"></span>nda:<span class=\"_ _df\"> </span>L1= Livello 1<span class=\"_ _df\"> </span>L2= Livello 2<span class=\"_ _df\"> </span>L3= Livello 3<span class=\"_ _df\"> </span>Le <span class=\"_ _2\"></span>attivit\u00e0 <span class=\"_ _2\"></span>materiali <span class=\"_ _2\"></span>sono <span class=\"_ _2\"></span>valutate <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>costo. <span class=\"_ _2\"></span>Il <span class=\"_ _2\"></span>fair <span class=\"_ _2\"></span>value delle <span class=\"_ _2\"></span>att<span class=\"_ _2\"></span>ivit\u00e0 <span class=\"_ _2\"></span>materiali <span class=\"_ _2\"></span>detenu<span class=\"_ _1\"></span>te <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>scopo <span class=\"_ _2\"></span>di<span class=\"_ _df\"> </span>investimento <span class=\"_ _2\"></span>ammonta <span class=\"_ _d\"></span>a <span class=\"_ _d\"></span>6,8 <span class=\"_ _2\"></span>milioni <span class=\"_ _2\"></span>di <span class=\"_ _d\"></span>euro, <span class=\"_ _2\"></span>ed <span class=\"_ _d\"></span>\u00e8 <span class=\"_ _2\"></span>stato <span class=\"_ _d\"></span>determinato <span class=\"_ _2\"></span>da <span class=\"_ _d\"></span>valutatori <span class=\"_ _2\"></span>esperti <span class=\"_ _d\"></span>esterni<span class=\"_ _df\"> </span>ed indipendenti.<span class=\"_ _df\"> </span>9.6 Att<span class=\"_ _1\"></span>ivit\u00e0<span class=\"_ _1\"></span> ma<span class=\"_ _1\"></span>teria<span class=\"_ _f\"></span>li<span class=\"_ _2\"></span> a<span class=\"_ _1\"></span>d uso<span class=\"_ _f\"></span> funziona<span class=\"_ _f\"></span>le: varia<span class=\"_ _1\"></span>zioni a<span class=\"_ _1\"></span>nnue<span class=\"_ _f\"></span> Terr<span class=\"_ _f\"></span>eni Fabbr<span class=\"_ _1\"></span>icat<span class=\"_ _1\"></span>i Mobil<span class=\"_ _1\"></span>i Impi<span class=\"_ _1\"></span>anti<span class=\"_ _df\"> </span>Altr<span class=\"_ _1\"></span>e Tot<span class=\"_ _1\"></span>ale elet<span class=\"_ _1\"></span>troni<span class=\"_ _1\"></span>ci<span class=\"_ _df\"> </span>A. Es<span class=\"_ _1\"></span>iste<span class=\"_ _1\"></span>nze i<span class=\"_ _1\"></span>nizia<span class=\"_ _f\"></span>li lorde<span class=\"_ _f\"></span> 134.<span class=\"_ _1\"></span>838 329.3<span class=\"_ _f\"></span>12 44.6<span class=\"_ _f\"></span>27 69.6<span class=\"_ _f\"></span>83 161.2<span class=\"_ _f\"></span>10 739<span class=\"_ _1\"></span>.670 A.1 Riduzioni di va<span class=\"_ _f\"></span>l<span class=\"_ _2\"></span>ore tota<span class=\"_ _1\"></span>li nette - 220.764<span class=\"_ _df\"> </span>32.858 50.063 123.172 426.857 A.2 Es<span class=\"_ _1\"></span>iste<span class=\"_ _1\"></span>nze<span class=\"_ _f\"></span> iniziali n<span class=\"_ _f\"></span>ette 134.<span class=\"_ _1\"></span>838 108.5<span class=\"_ _f\"></span>48 11.76<span class=\"_ _1\"></span>9 19.6<span class=\"_ _1\"></span>20 38.0<span class=\"_ _1\"></span>38 312.<span class=\"_ _1\"></span>813 B. A<span class=\"_ _1\"></span>umen<span class=\"_ _f\"></span>ti: 28<span class=\"ls0\"> </span>10.145<span class=\"_ _f\"></span> 1.473<span class=\"_ _f\"></span> 4.824<span class=\"_ _f\"></span> 13.93<span class=\"_ _f\"></span>4 30.4<span class=\"_ _1\"></span>04<span class=\"_ _1\"></span> B.1 Acquisti - 10.117<span class=\"_ _df\"> </span>1.467 4.809 13.919 30.312 - di cui operazio<span class=\"_ _1\"></span>ni di aggregaz<span class=\"_ _1\"></span>ione<span class=\"_ _df\"> </span>- - - - - - aziendale<span class=\"_ _df\"> </span>B.2 Spese per m<span class=\"_ _1\"></span>igliorie capitalizz<span class=\"_ _1\"></span>ate - - - - - - B.3 Riprese di val<span class=\"_ _1\"></span>ore - - - - - - B.4 Variazioni p<span class=\"_ _1\"></span>ositive di fair <span class=\"_ _1\"></span>value<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>imputate a<span class=\"_ _df\"> </span>a) patrimonio ne<span class=\"_ _1\"></span>tto<span class=\"_ _df\"> </span>- - - - - - b) conto econ<span class=\"_ _1\"></span>omico - - - - - - B.5 Differenze p<span class=\"_ _f\"></span>o<span class=\"_ _2\"></span>sitive di<span class=\"_ _1\"></span> cambio<span class=\"_ _df\"> </span>- - - - - - B.6 Trasferimen<span class=\"_ _1\"></span>ti da immobili<span class=\"_ _df\"> </span>- - X X X - detenuti a scopo d<span class=\"_ _1\"></span>i investiment<span class=\"_ _f\"></span>o<span class=\"_ _df\"> </span>B.7 Altre variaz<span class=\"_ _1\"></span>ioni<span class=\"_ _df\"> </span>28<span class=\"ls0\"> </span>28<span class=\"ls0\"> </span>6 15<span class=\"ls0\"> </span>15<span class=\"ls0\"> </span>92<span class=\"ls0\"> </span>C. Dim<span class=\"_ _f\"></span>inuzion<span class=\"_ _f\"></span>i: - 8.598<span class=\"_ _f\"></span> 2.32<span class=\"_ _1\"></span>5 4.34<span class=\"_ _1\"></span>5 6.57<span class=\"_ _f\"></span>1 21.83<span class=\"_ _f\"></span>9 C.1 Vendite - 120<span class=\"ls0\"> </span>- 1 10<span class=\"ls0\"> </span>131 - di cui operazio<span class=\"_ _1\"></span>ni di aggregaz<span class=\"_ _1\"></span>ione<span class=\"_ _df\"> </span>- - - - - - aziendale<span class=\"_ _df\"> </span>C.2 Ammortame<span class=\"_ _1\"></span>nti - 8.364 2.319 4.138 6.537 21.358 C.3 Rettifiche d<span class=\"_ _1\"></span>i valore da<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>deterioramento <span class=\"_ _1\"></span>imputate a<span class=\"_ _df\"> </span>a) patrimonio ne<span class=\"_ _1\"></span>tto<span class=\"_ _df\"> </span>- - - - - - b) conto econ<span class=\"_ _1\"></span>omico - - - - - - C.4 Variazioni neg<span class=\"_ _1\"></span>ative di fair va<span class=\"_ _f\"></span>l<span class=\"_ _2\"></span>ue<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>imputate a<span class=\"_ _df\"> </span>a) patrimonio ne<span class=\"_ _1\"></span>tto<span class=\"_ _df\"> </span>- - - - - - b) conto economic<span class=\"_ _f\"></span>o - - - - - - C.5 Differenze<span class=\"_ _1\"></span> negative di camb<span class=\"_ _1\"></span>io<span class=\"_ _df\"> </span>- - - - - - C.6 Trasferimenti<span class=\"_ _1\"></span> a: - - - - - - a) attivit\u00e0 mater<span class=\"_ _1\"></span>iali detenute a scopo di invest<span class=\"_ _1\"></span>imento - - X X X - b) attivit\u00e0 non co<span class=\"_ _1\"></span>rrenti e gruppi d<span class=\"_ _1\"></span>i<span class=\"_ _df\"> </span>- - - - - - attivit\u00e0 in via di d<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span>smissi<span class=\"_ _1\"></span>one<span class=\"_ _df\"> </span>C.7 Altre variazi<span class=\"_ _1\"></span>oni - 114<span class=\"ls0\"> </span>6 206<span class=\"ls0\"> </span>24<span class=\"ls0\"> </span>350 D. Rim<span class=\"_ _f\"></span>anenz<span class=\"_ _1\"></span>e fin<span class=\"_ _f\"></span>ali net<span class=\"_ _1\"></span>te 134.<span class=\"_ _1\"></span>866<span class=\"_ _f\"></span> 110.09<span class=\"_ _f\"></span>5 10.917<span class=\"_ _f\"></span> 20.09<span class=\"_ _f\"></span>9 45.4<span class=\"_ _1\"></span>01 321.37<span class=\"_ _f\"></span>8 D.1 Riduzioni di <span class=\"_ _1\"></span>valore totali ne<span class=\"_ _1\"></span>tte - 229.753 35.167 52.471 128.834 446.225 D.2 <span class=\"_ _1\"></span>Rima<span class=\"_ _f\"></span>nenze fi<span class=\"_ _1\"></span>nal<span class=\"_ _1\"></span>i lorde<span class=\"_ _f\"></span> 134.<span class=\"_ _1\"></span>866<span class=\"_ _f\"></span> 339<span class=\"_ _1\"></span>.848<span class=\"_ _f\"></span> 46.0<span class=\"_ _1\"></span>84 72.57<span class=\"_ _f\"></span>0 174.2<span class=\"_ _f\"></span>35 767<span class=\"_ _1\"></span>.603 E. Valutazione a<span class=\"_ _1\"></span>l costo<span class=\"_ _df\"> </span>9.6 bis<span class=\"_ _f\"></span> Attivit\u00e0<span class=\"_ _1\"></span> ma<span class=\"_ _1\"></span>teria<span class=\"_ _f\"></span>li<span class=\"_ _2\"></span> a<span class=\"_ _1\"></span>d uso<span class=\"_ _1\"></span> funzio<span class=\"_ _f\"></span>nale (dir<span class=\"_ _1\"></span>itti d<span class=\"_ _1\"></span>'uso <span class=\"_ _1\"></span>acquis<span class=\"_ _f\"></span>iti con <span class=\"_ _f\"></span>il leasing):<span class=\"_ _1\"></span> var<span class=\"_ _1\"></span>iazio<span class=\"_ _1\"></span>ni ann<span class=\"_ _1\"></span>ue Terre<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span> Fab<span class=\"_ _1\"></span>brica<span class=\"_ _f\"></span>ti Mobi<span class=\"_ _f\"></span>li Imp<span class=\"_ _1\"></span>ian<span class=\"_ _1\"></span>ti<span class=\"_ _df\"> </span>Altr<span class=\"_ _f\"></span>e Tota<span class=\"_ _1\"></span>le elett<span class=\"_ _1\"></span>ronic<span class=\"_ _1\"></span>i<span class=\"_ _df\"> </span>A. Es<span class=\"_ _f\"></span>istenz<span class=\"_ _1\"></span>e ini<span class=\"_ _1\"></span>ziali<span class=\"_ _1\"></span> lord<span class=\"_ _1\"></span>e - 232.<span class=\"_ _1\"></span>333<span class=\"_ _1\"></span> -  -  6.83<span class=\"_ _f\"></span>5  239.1<span class=\"_ _f\"></span>68  A.1 Riduzioni <span class=\"_ _f\"></span>di<span class=\"_ _2\"></span> valor<span class=\"_ _1\"></span>e totali net<span class=\"_ _1\"></span>te<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>110.252 -  -  2.965  113.217  A.2 E<span class=\"_ _1\"></span>sis<span class=\"_ _1\"></span>tenz<span class=\"_ _f\"></span>e inizi<span class=\"_ _1\"></span>ali ne<span class=\"_ _1\"></span>tte - 122.0<span class=\"_ _1\"></span>81 -  -  3.87<span class=\"_ _f\"></span>0  125.9<span class=\"_ _1\"></span>51 <span class=\"_ _1\"></span> B. Au<span class=\"_ _f\"></span>menti<span class=\"_ _1\"></span>: - 30.5<span class=\"_ _1\"></span>72 -  -  3.94<span class=\"_ _f\"></span>2  34.5<span class=\"_ _1\"></span>14  B.1 Acquisti<span class=\"_ _f\"></span> -<span class=\"_ _df\"> </span>17.746<span class=\"_ _df\"> </span>-  -  2.903  20.649  - di cui opera<span class=\"_ _f\"></span>z<span class=\"_ _2\"></span>ioni d<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span> aggre<span class=\"_ _1\"></span>gazione<span class=\"_ _df\"> </span>-  -  -  -  -  -  aziendale<span class=\"_ _df\"> </span>B.2 Spese per <span class=\"_ _f\"></span>migliorie capitaliz<span class=\"_ _f\"></span>z<span class=\"_ _2\"></span>ate -  -  -  -  -  -  B.3 Riprese <span class=\"_ _1\"></span>di valore<span class=\"_ _1\"></span> -  18  -  -  -  18  B.4 Variazio<span class=\"_ _1\"></span>ni positive d<span class=\"_ _f\"></span>i fair value imp<span class=\"_ _1\"></span>utate<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>a<span class=\"_ _df\"> </span>a) patrimon<span class=\"_ _1\"></span>io netto<span class=\"_ _df\"> </span>-  -  -  -  -  -  b) conto eco<span class=\"_ _1\"></span>nomico -  -  -  -  -  -  B.5 Diffe<span class=\"_ _1\"></span>renze positive d<span class=\"_ _f\"></span>i cambio -  -  -  -  -  -  B.6 Trasferi<span class=\"_ _1\"></span>menti da <span class=\"_ _1\"></span>immobili de<span class=\"_ _1\"></span>tenuti a scopo di inve<span class=\"_ _f\"></span>stimento -  -  X X X -  B.7 Altre varia<span class=\"_ _f\"></span>zioni -<span class=\"_ _df\"> </span>12.808 -  -  1.039  13.847  C. Di<span class=\"_ _f\"></span>minuzi<span class=\"_ _f\"></span>oni: - 36.1<span class=\"_ _1\"></span>58 -  -  3.15<span class=\"_ _1\"></span>2  39.31<span class=\"_ _f\"></span>0  C.1 Vendite<span class=\"_ _1\"></span> -  53  -  -  44 <span class=\"ls0\"> </span>97  - di cui opera<span class=\"_ _f\"></span>z<span class=\"_ _2\"></span>ioni d<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span> aggre<span class=\"_ _1\"></span>gazione<span class=\"_ _df\"> </span>-  -  -  -  -  -  aziendale<span class=\"_ _df\"> </span>C.2 Ammor<span class=\"_ _1\"></span>tamenti -<span class=\"_ _df\"> </span>21.861<span class=\"_ _df\"> </span>-  -  1.887  23.748  C.3 Rettifiche <span class=\"_ _f\"></span>di valore da deter<span class=\"_ _1\"></span>ioramento<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>28<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>28<span class=\"_ _df\"> </span>imputate a<span class=\"_ _df\"> </span>a) patrimon<span class=\"_ _1\"></span>io netto<span class=\"_ _df\"> </span>-  -  -  -  -  -  b) conto eco<span class=\"_ _1\"></span>nomico -  28  -  -  -  28  C.4 Variazion<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span> negat<span class=\"_ _1\"></span>ive di fair va<span class=\"_ _f\"></span>lue imputate<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>a<span class=\"_ _df\"> </span>a) patrimon<span class=\"_ _1\"></span>io netto<span class=\"_ _df\"> </span>-  -  -  -  -  -  b) conto eco<span class=\"_ _1\"></span>nomico -  -  -  -  -  -  C.5 Differ<span class=\"_ _1\"></span>enze negative <span class=\"_ _1\"></span>di cambio -  -  -  -  -  -  C.6 Trasfer<span class=\"_ _1\"></span>imenti a: -  -  -  -  -  -  a) attivit\u00e0 m<span class=\"_ _1\"></span>ateriali deten<span class=\"_ _f\"></span>ute a scopo di<span class=\"_ _df\"> </span>-  -  X X X -  investiment<span class=\"_ _1\"></span>o<span class=\"_ _df\"> </span>b) attivit\u00e0 no<span class=\"_ _f\"></span>n correnti e gruppi d<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span> attiv<span class=\"_ _1\"></span>it\u00e0<span class=\"_ _df\"> </span>-  -  -  -  -  -  in via di dism<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span>ssione<span class=\"_ _df\"> </span>C.7 Altre vari<span class=\"_ _1\"></span>azio<span class=\"lsd6\">ni</span> -<span class=\"_ _df\"> </span>14.216<span class=\"_ _df\"> </span>-  -  1.221  15.437  D. Ri<span class=\"_ _f\"></span>manen<span class=\"_ _f\"></span>ze final<span class=\"_ _1\"></span>i net<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span> - 116.4<span class=\"_ _f\"></span>95 -  -  4.66<span class=\"_ _f\"></span>0  121.<span class=\"_ _1\"></span>155 <span class=\"_ _1\"></span> D.1 Riduzio<span class=\"_ _1\"></span>ni di valore t<span class=\"_ _f\"></span>otali nette<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>118.951<span class=\"_ _df\"> </span>-  -  3.317  122.268  D.2 Ri<span class=\"_ _f\"></span>manen<span class=\"_ _f\"></span>ze fina<span class=\"_ _f\"></span>li lorde<span class=\"_ _f\"></span> - 235.4<span class=\"_ _1\"></span>46 -  -  7.97<span class=\"_ _f\"></span>7  243.4<span class=\"_ _f\"></span>23  E. Valutazio<span class=\"_ _f\"></span>n<span class=\"_ _2\"></span>e al co<span class=\"_ _f\"></span>sto<span class=\"_ _df\"> </span>Si fornisce anche la tabe<span class=\"_ _1\"></span>lla di movimentazione dei di<span class=\"_ _1\"></span>ritti d\u2019uso acquisiti con il leasing<span class=\"_ _1\"></span> in quanto tali attivit\u00e0 sono rilevanti.  9.7 At<span class=\"_ _1\"></span>tivit\u00e0<span class=\"_ _f\"></span> mater<span class=\"_ _1\"></span>iali de<span class=\"_ _1\"></span>tenute<span class=\"_ _1\"></span> a s<span class=\"_ _f\"></span>copo di <span class=\"_ _1\"></span>invest<span class=\"_ _1\"></span>imento<span class=\"_ _f\"></span>: varia<span class=\"_ _1\"></span>zioni <span class=\"_ _f\"></span>annue <table class=\"s wb93 h4de\" id=\"_f225e6f3-82c4-4500-be6b-ac971073d9c5\"><tr><td></td><td class=\"c x532 y294c w3c2 hc8\"><div class=\"t m0 xe8 h1f y28b ff4 fs7 fc4 sc3 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale </div></td><td></td></tr><tr><td></td><td class=\"c x532 y294d w3c3 hc8\"><div class=\"t m0 x26 h1f y28b ff4 fs7 fc4 sc3 ls0 ws0\">Terr<span class=\"_ _f\"></span>eni </div></td><td class=\"c x533 y294d w3c4 hc8\"><div class=\"t m0 x35 h1f y28b ff4 fs7 fc4 sc3 ls0 ws0\">Fabbr<span class=\"_ _1\"></span>icat<span class=\"_ _1\"></span>i </div></td></tr><tr><td class=\"c x44e y294e w3c5 hc8\"><div class=\"t m0 x10 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">A. Es<span class=\"_ _1\"></span>iste<span class=\"_ _1\"></span>nze i<span class=\"_ _1\"></span>nizia<span class=\"_ _f\"></span>li </div></td><td class=\"c x534 y294e w3c6 hc8\"><div class=\"t m0 x11d h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">2.378<span class=\"_ _f\"></span> </div></td><td class=\"c x533 y294e w3c6 hc8\"><div class=\"t m0 xef h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">2.390<span class=\"_ _f\"></span> </div></td></tr><tr><td class=\"c x44e y294f w3c5 hc8\"><div class=\"t m0 x10 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">B. A<span class=\"_ _1\"></span>umen<span class=\"_ _f\"></span>ti </div></td><td class=\"c x534 y294f w3c6 hc8\"><div class=\"t m0 xe5 h1f ye4c ff4 fs7 fc1 sc2 lsbc ws0\">32<span class=\"ls0\"> </span></div></td><td class=\"c x533 y294f w3c6 hc8\"><div class=\"t m0 x66 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">5 </div></td></tr><tr><td class=\"c x44e y2950 w3c5 hc8\"><div class=\"t m0 x16a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">B.1 Acquisti </div></td><td class=\"c x534 y2950 w3c6 hc8\"><div class=\"t m0 xe5 h1f y28b ff4 fs7 fc1 sc0 ls27 ws0\">32<span class=\"ls0\"> </span></div></td><td class=\"c x533 y2950 w3c6 hc8\"><div class=\"t m0 xc h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2951 w3c5 hc8\"><div class=\"t m0 x14 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- di cui operazio<span class=\"_ _1\"></span>ni di aggregaz<span class=\"_ _1\"></span>ione aziendale </div></td><td class=\"c x534 y2951 w3c6 hc8\"><div class=\"t m0 xc h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x533 y2951 w3c6 hc8\"><div class=\"t m0 xc h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2952 w3c5 hc8\"><div class=\"t m0 x16a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">B.2 Spese per m<span class=\"_ _1\"></span>igliorie capitalizz<span class=\"_ _1\"></span>ate </div></td><td class=\"c x534 y2952 w3c6 hc8\"><div class=\"t m0 xc h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x533 y2952 w3c6 hc8\"><div class=\"t m0 xc h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2953 w3c5 hc8\"><div class=\"t m0 x16a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">B.3 Variazioni po<span class=\"_ _f\"></span>si<span class=\"_ _2\"></span>tive di <span class=\"_ _f\"></span>f<span class=\"_ _2\"></span>air value </div></td><td class=\"c x534 y2953 w3c6 hc8\"><div class=\"t m0 xc h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x533 y2953 w3c6 hc8\"><div class=\"t m0 xc h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2954 w3c5 hc8\"><div class=\"t m0 x16a h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">B.4 Riprese di va<span class=\"_ _1\"></span>lore </div></td><td class=\"c x534 y2954 w3c6 hc8\"><div class=\"t m0 xc h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x533 y2954 w3c6 hc8\"><div class=\"t m0 xc h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2955 w3c5 hc8\"><div class=\"t m0 x16a h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">B.5 Differenze d<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span> cambio <span class=\"_ _1\"></span>positive </div></td><td class=\"c x534 y2955 w3c6 hc8\"><div class=\"t m0 xc h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x533 y2955 w3c6 hc8\"><div class=\"t m0 xc h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2956 w3c5 hc8\"><div class=\"t m0 x16a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">B.6 Trasferimen<span class=\"_ _1\"></span>ti da immobili ad<span class=\"_ _f\"></span> uso funzionale<span class=\"_ _df\"> </span></div></td><td class=\"c x534 y2956 w3c6 hc8\"><div class=\"t m0 xc h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x533 y2956 w3c6 hc8\"><div class=\"t m0 xc h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2957 w3c5 hc8\"><div class=\"t m0 x16a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">B.7 Altre variaz<span class=\"_ _1\"></span>ioni<span class=\"_ _df\"> </span></div></td><td class=\"c x534 y2957 w3c6 hc8\"><div class=\"t m0 xc h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x533 y2957 w3c6 hc8\"><div class=\"t m0 x66 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">5 </div></td></tr><tr><td class=\"c x44e y2958 w3c5 hc8\"><div class=\"t m0 x10 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">C. Dim<span class=\"_ _f\"></span>inuzion<span class=\"_ _f\"></span>i </div></td><td class=\"c x534 y2958 w3c6 hc8\"><div class=\"t m0 x1e6 h1f y28b ff4 fs7 fc1 sc2 ls9 ws0\">12<span class=\"ls0\"> </span></div></td><td class=\"c x533 y2958 w3c6 hc8\"><div class=\"t m0 xe5 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">171 </div></td></tr><tr><td class=\"c x44e y2959 w3c5 hc8\"><div class=\"t m0 x16a h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">C.1 Vendite </div></td><td class=\"c x534 y2959 w3c6 hc8\"><div class=\"t m0 xe8 h1f y28b ff4 fs7 fc1 sc0 ls9 ws0\">12<span class=\"ls0\"> </span></div></td><td class=\"c x533 y2959 w3c6 hc8\"><div class=\"t m0 xe5 h1f y28b ff4 fs7 fc1 sc0 ls2a ws0\">20<span class=\"ls0\"> </span></div></td></tr><tr><td class=\"c x44e y295a w3c5 hc8\"><div class=\"t m0 x14 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- di cui operazio<span class=\"_ _1\"></span>ni di aggregaz<span class=\"_ _1\"></span>ione aziendale </div></td><td class=\"c x534 y295a w3c6 hc8\"><div class=\"t m0 xc h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x533 y295a w3c6 hc8\"><div class=\"t m0 xc h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y295b w3c5 hc8\"><div class=\"t m0 x16a h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">C.2 Ammortame<span class=\"_ _1\"></span>nti </div></td><td class=\"c x534 y295b w3c6 hc8\"><div class=\"t m0 xc h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x533 y295b w3c6 hc8\"><div class=\"t m0 xe6 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">151 </div></td></tr><tr><td class=\"c x44e y295c w3c5 hc8\"><div class=\"t m0 x16a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">C.3 Variazioni nega<span class=\"_ _f\"></span>tive di fair value </div></td><td class=\"c x534 y295c w3c6 hc8\"><div class=\"t m0 xc h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x533 y295c w3c6 hc8\"><div class=\"t m0 xc h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y295d w3c5 hc8\"><div class=\"t m0 x16a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">C.4 Rettifiche di <span class=\"_ _f\"></span>v<span class=\"_ _2\"></span>alore d<span class=\"_ _1\"></span>a deteriorame<span class=\"_ _1\"></span>nto<span class=\"_ _df\"> </span></div></td><td class=\"c x534 y295d w3c6 hc8\"><div class=\"t m0 xc h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x533 y295d w3c6 hc8\"><div class=\"t m0 xc h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y295e w3c5 hc8\"><div class=\"t m0 x16a h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">C.5 Differenze<span class=\"_ _1\"></span> di cambio negati<span class=\"_ _1\"></span>ve<span class=\"_ _df\"> </span></div></td><td class=\"c x534 y295e w3c6 hc8\"><div class=\"t m0 xc h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x533 y295e w3c6 hc8\"><div class=\"t m0 xc h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y295f w3c5 hc8\"><div class=\"t m0 x16a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">C.6 Trasferimenti<span class=\"_ _1\"></span> a: </div></td><td class=\"c x534 y295f w3c6 hc8\"><div class=\"t m0 xc h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x533 y295f w3c6 hc8\"><div class=\"t m0 xc h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2960 w3c5 hc8\"><div class=\"t m0 x14 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">a) immobili ad us<span class=\"_ _1\"></span>o funzionale </div></td><td class=\"c x534 y2960 w3c6 hc8\"><div class=\"t m0 xc h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x533 y2960 w3c6 hc8\"><div class=\"t m0 xc h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2961 w3c5 hc8\"><div class=\"t m0 x14 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">b) attivit\u00e0 non co<span class=\"_ _1\"></span>rrenti e gruppi d<span class=\"_ _1\"></span>i attivit\u00e0 in <span class=\"_ _1\"></span>via di dismissi<span class=\"_ _1\"></span>one<span class=\"_ _df\"> </span></div></td><td class=\"c x534 y2961 w3c6 hc8\"><div class=\"t m0 xc h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x533 y2961 w3c6 hc8\"><div class=\"t m0 xc h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2962 w3c5 hc8\"><div class=\"t m0 x16a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">C.7 Altre variazi<span class=\"_ _1\"></span>oni </div></td><td class=\"c x534 y2962 w3c6 hc8\"><div class=\"t m0 xc h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x533 y2962 w3c6 hc8\"><div class=\"t m0 xc h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2963 w3c5 h227\"><div class=\"t m0 x10 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">D. Rim<span class=\"_ _f\"></span>anenz<span class=\"_ _1\"></span>e fin<span class=\"_ _f\"></span>ali </div></td><td class=\"c x534 y2963 w3c6 h227\"><div class=\"t m0 xef h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">2.398<span class=\"_ _f\"></span> </div></td><td class=\"c x533 y2963 w3c6 h227\"><div class=\"t m0 x11d h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">2.224<span class=\"_ _f\"></span> </div></td></tr><tr><td class=\"c x44e y2964 w3c5 hc8\"><div class=\"t m0 x10 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">E. Valutazione a<span class=\"_ _1\"></span>l fair value </div></td><td class=\"c x534 y2964 w3c6 hc8\"><div class=\"t m0 x124 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">1.568 </div></td><td class=\"c x533 y2964 w3c6 hc8\"><div class=\"t m0 xef h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">5.539 </div></td></tr></table>Sezio<span class=\"_ _1\"></span>ne13 <span class=\"ff5\">\u2013<span class=\"_ _1\"></span><span class=\"ff4\"> Altre <span class=\"_ _1\"></span>attivit\u00e0<span class=\"_ _1\"></span> <span class=\"ff5\">\u2013</span> Vo<span class=\"_ _f\"></span>ce 130 </span></span>13.1 <span class=\"_ _1\"></span>Altre a<span class=\"_ _f\"></span>ttivit\u00e0: <span class=\"_ _1\"></span>comp<span class=\"_ _1\"></span>osizio<span class=\"_ _f\"></span>ne<span class=\"fc1 sc0\"> </span><table class=\"s wbb3 h4f3\" id=\"_bba3893a-61da-41d2-97bb-aeea084c46db\"><tr><td></td><td></td><td class=\"c x57f y2a68 w3f7 hec\"><div class=\"t m0 x32 h1f y476 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/<span class=\"_ _f\"></span>2025<span class=\"fc1 sc0\"> </span></div></td><td class=\"c x580 y2a68 w3f7 hec\"><div class=\"t m0 x32 h1f y476 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/<span class=\"_ _f\"></span>2024<span class=\"fc1 sc0\"> </span></div></td></tr><tr><td class=\"c x46b y2a69 w3f8 hc8\"><div class=\"t m0 x8a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">Assegni negoziat<span class=\"_ _1\"></span>i da compensare </div></td><td></td><td class=\"c x57f y2a69 w3f7 hc8\"><div class=\"t m0 x49 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">55.558 </div></td><td class=\"c x580 y2a69 w3f9 hc8\"><div class=\"t m0 x49 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">67.556 </div></td></tr><tr><td class=\"c x46b y2a6a w3f8 hc8\"><div class=\"t m0 x8a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">Operazioni su t<span class=\"_ _1\"></span>itoli in lavorazione  </div></td><td></td><td class=\"c x57f y2a6a w3f7 hc8\"><div class=\"t m0 xef h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">1.888 </div></td><td class=\"c x580 y2a6a w3f9 hc8\"><div class=\"t m0 x11d h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">7.814 </div></td></tr><tr><td class=\"c x46b y2a6b w3f8 hc8\"><div class=\"t m0 x8a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">Assegni in corso <span class=\"_ _1\"></span>di lavorazione  </div></td><td></td><td class=\"c x57f y2a6b w3f7 hc8\"><div class=\"t m0 x11d h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">1.037 </div></td><td class=\"c x580 y2a6b w3f9 hc8\"><div class=\"t m0 xc3 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">3.076 </div></td></tr><tr><td class=\"c x46b y2a6c w3f8 hc8\"><div class=\"t m0 x8a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">Operazioni rela<span class=\"_ _1\"></span>tive a servizi di p<span class=\"_ _1\"></span>agamento in c<span class=\"_ _1\"></span>orso di lavoraz<span class=\"_ _1\"></span>ione  </div></td><td></td><td class=\"c x57f y2a6c w3f7 hc8\"><div class=\"t m0 x1af h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">59.719 </div></td><td class=\"c x580 y2a6c w3f9 hc8\"><div class=\"t m0 x49 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">77.327 </div></td></tr><tr><td class=\"c x46b y2a6d w3f8 hc8\"><div class=\"t m0 x8a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">Operazioni rela<span class=\"_ _1\"></span>tive a servizi di p<span class=\"_ _1\"></span>agamento in c<span class=\"_ _1\"></span>orso di maturaz<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span>one  </div></td><td></td><td class=\"c x57f y2a6d w3f7 hc8\"><div class=\"t m0 x1af h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">56.891 </div></td><td class=\"c x580 y2a6d w3f9 hc8\"><div class=\"t m0 x1af h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">71.562 </div></td></tr><tr><td class=\"c x46b y2a6e w3f8 hc8\"><div class=\"t m0 x8a h1f ye4c ff4 fs7 fc1 sc0 lsde ws0\">Ra<span class=\"ls0\">tei atti<span class=\"_ _1\"></span>vi</span><span class=\"ls0\">  </span></div></td><td></td><td class=\"c x57f y2a6e w3f7 hc8\"><div class=\"t m0 x1af h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">12.337 </div></td><td class=\"c x580 y2a6e w3f9 hc8\"><div class=\"t m0 xef h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">5.847 </div></td></tr><tr><td class=\"c x46b y2a6f w3f8 hc8\"><div class=\"t m0 x8a h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">Risconti attivi<span class=\"_ _1\"></span> </div></td><td></td><td class=\"c x57f y2a6f w3f7 hc8\"><div class=\"t m0 xc7 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">54.903 </div></td><td class=\"c x580 y2a6f w3f9 hc8\"><div class=\"t m0 xc7 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">46.038 </div></td></tr><tr><td class=\"c x46b y2a70 w3f8 hc8\"><div class=\"t m0 x8a h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">Assegni ed effet<span class=\"_ _1\"></span>ti insoluti ad al p<span class=\"_ _f\"></span>rotesto tratti sull'azienda e su<span class=\"_ _1\"></span> terzi  </div></td><td></td><td class=\"c x57f y2a70 w3f7 hc8\"><div class=\"t m0 xc3 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">4.202 </div></td><td class=\"c x580 y2a70 w3f9 hc8\"><div class=\"t m0 xc3 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">3.669 </div></td></tr><tr><td class=\"c x46b y2a71 w3f8 h227\"><div class=\"t m0 x8a h1f y1534 ff4 fs7 fc1 sc0 ls0 ws0\">Migliorie e spese <span class=\"_ _f\"></span>i<span class=\"_ _2\"></span>ncremen<span class=\"_ _1\"></span>tative su be<span class=\"_ _f\"></span>ni<span class=\"_ _2\"></span> di terzi  </div></td><td></td><td class=\"c x57f y2a71 w3f7 h227\"><div class=\"t m0 x1af h1f y1534 ff4 fs7 fc1 sc0 ls0 ws0\">21.663 </div></td><td class=\"c x580 y2a71 w3f9 h227\"><div class=\"t m0 x1af h1f y1534 ff4 fs7 fc1 sc0 ls0 ws0\">20.139 </div></td></tr><tr><td class=\"c x46b y2a72 w3f8 hc8\"><div class=\"t m0 x8a h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">Depositi cauzion<span class=\"_ _1\"></span>ali </div></td><td></td><td class=\"c x57f y2a72 w3f7 hc8\"><div class=\"t m0 xe8 h1f ye4c ff4 fs7 fc1 sc0 ls9 ws0\">19<span class=\"ls0\"> </span></div></td><td class=\"c x580 y2a72 w3f9 hc8\"><div class=\"t m0 xe5 h1f ye4c ff4 fs7 fc1 sc0 ls2a ws0\">24<span class=\"ls0\"> </span></div></td></tr><tr><td class=\"c x46b y2a73 w3f8 hc8\"><div class=\"t m0 x8a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">Debitori divers<span class=\"_ _1\"></span>i per fatture emesse  </div></td><td></td><td class=\"c x57f y2a73 w3f7 hc8\"><div class=\"t m0 x49 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">24.240 </div></td><td class=\"c x580 y2a73 w3f9 hc8\"><div class=\"t m0 x49 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">47.690 </div></td></tr><tr><td class=\"c x46b y2a74 w3f8 hc8\"><div class=\"t m0 x8a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">Crediti d'imp<span class=\"_ _1\"></span>osta </div></td><td></td><td class=\"c x57f y2a74 w3f7 hc8\"><div class=\"t m0 xc6 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">655.438 </div></td><td class=\"c x580 y2a74 w3f9 hc8\"><div class=\"t m0 xf h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">844.386 </div></td></tr><tr><td class=\"c x46b y2a75 w3f8 hc8\"><div class=\"t m0 x8a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">Contenzioso non c<span class=\"_ _f\"></span>r<span class=\"_ _2\"></span>editizi<span class=\"_ _1\"></span>o </div></td><td></td><td class=\"c x57f y2a75 w3f7 hc8\"><div class=\"t m0 xec h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">729 </div></td><td class=\"c x580 y2a75 w3f9 hc8\"><div class=\"t m0 x11f h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">980 </div></td></tr><tr><td class=\"c x46b y2a76 w3f8 hc8\"><div class=\"t m0 x8a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">Debitori divers<span class=\"_ _1\"></span>i  </div></td><td></td><td class=\"c x57f y2a76 w3f7 hc8\"><div class=\"t m0 xa3 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">293.190 </div></td><td class=\"c x580 y2a76 w3f9 hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">113.354 </div></td></tr><tr><td class=\"c x46b y2a77 w3f8 hc8\"><div class=\"t m0 x8a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">Partite viaggianti<span class=\"_ _1\"></span> con le filiali  </div></td><td></td><td class=\"c x57f y2a77 w3f7 hc8\"><div class=\"t m0 xef h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">8.277 </div></td><td class=\"c x580 y2a77 w3f9 hc8\"><div class=\"t m0 xef h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">5.497 </div></td></tr><tr><td></td><td class=\"c x46b y2a78 w3f8 hc8\"><div class=\"t m0 x3 h1f y32 ff4 fs7 fc1 sc2 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale<span class=\"sc0\"> </span></div></td><td class=\"c x57f y2a78 w3f7 hc8\"><div class=\"t m0 x1c h1f y32 ff4 fs7 fc1 sc2 ls0 ws0\">1.25<span class=\"_ _1\"></span>0.091<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x580 y2a78 w3f9 hc8\"><div class=\"t m0 x1c h1f y32 ff4 fs7 fc1 sc2 ls0 ws0\">1.314.9<span class=\"_ _f\"></span>59<span class=\"sc0\"> </span></div></td></tr></table>Le operazioni relative a <span class=\"_ _2\"></span>servizi di <span class=\"_ _2\"></span>pagamento in corso <span class=\"_ _2\"></span>di lavorazione/maturazione sono relative ad addebiti ricevuti ma non ancora add<span class=\"_ _1\"></span>ebitati sui conti della clientela.<span class=\"_ _2\"></span> Non sono presenti impairment loss (IFRS 9) su credi<span class=\"_ _1\"></span>ti relativi a contratti con la cliente<span class=\"_ _1\"></span>la e contract assets. Nella <span class=\"_ _d\"></span>voc<span class=\"ff5\">e <span class=\"_ _d\"></span>\u201ccrediti <span class=\"_ _d\"></span>d\u2019imposta\u201d <span class=\"_ _d\"></span>sono <span class=\"_ _d\"></span>presenti <span class=\"_ _d\"></span>le <span class=\"_ _d\"></span>attivit\u00e0 <span class=\"_ _d\"></span>fiscali <span class=\"_ _d\"></span>connesse <span class=\"_ _d\"></span>con <span class=\"_ _d\"></span>l\u2019a<span class=\"_ _2\"></span></span>ttivit\u00e0 <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>sostituto d\u2019imposta.<span class=\"ff4\"> </span>Nella <span class=\"_ _9\"> </span>voce <span class=\"_ _9\"> </span>\u201cRisconti <span class=\"_ _9\"> </span>attivi\u201d <span class=\"_ _9\"> </span>sono <span class=\"_ _9\"> </span>presenti <span class=\"_ _9\"> </span>anche <span class=\"_ _9\"> </span>costi <span class=\"_ _9\"> </span>sostenuti <span class=\"_ _9\"> </span>per <span class=\"_ _9\"> </span>l\u2019ottenimento <span class=\"_ _9\"> </span>dei <span class=\"_ _0\"> </span>contratti verso <span class=\"_ _15\"> </span>promotori <span class=\"_ _14\"> </span>finanziari, <span class=\"_ _15\"> </span>di <span class=\"_ _14\"> </span>competenza <span class=\"_ _14\"> </span>di <span class=\"_ _15\"> </span>esercizi <span class=\"_ _15\"> </span>futuri,<span class=\"_ _2\"></span> <span class=\"_ _14\"> </span>pari <span class=\"_ _15\"> </span>a <span class=\"_ _15\"> </span><span class=\"ls4\">26</span> <span class=\"_ _15\"> </span>milioni <span class=\"_ _15\"> </span>di <span class=\"_ _14\"> </span>euro. <span class=\"_ _15\"> </span>La movimentazione della voce \u00e8 la seguente:   <table class=\"s wbb4 h4f4\" id=\"_132da056-4200-4606-b5b8-42f2ed5d5ea2\"><tr><td></td><td class=\"c x582 y2a79 w11c h49\"><div class=\"t m0 x31 h1f y32 ff4 fs7 fc4 sc3 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale </div></td><td></td><td class=\"c x583 y2a79 w3fa h49\"><div class=\"t m0 x26 h1f y32 ff4 fs7 fc4 sc3 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale </div></td><td></td></tr><tr><td></td><td class=\"c x584 y2a7a w3fb h49\"><div class=\"t m0 x3a h1f y68b ff4 fs7 fc4 sc3 ls0 ws0\">31/12/<span class=\"_ _f\"></span>2025 </div></td><td class=\"c x585 y2a7b w993 h4c0\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/<span class=\"_ _df\"> </span></div></td><td class=\"c x586 y2a7b w994 h4c0\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc4 sc3 ls0 ws0\">2024<span class=\"_ _df\"> </span></div></td><td></td></tr><tr><td class=\"c x587 y2a7c w4a hc8\"><div class=\"t m0 x15d h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">1. Impo<span class=\"_ _f\"></span>rto ini<span class=\"_ _1\"></span>ziale<span class=\"_ _f\"></span> </div></td><td></td><td class=\"c x584 y2a7c w3fb hc8\"><div class=\"t m0 xeb h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">21.04<span class=\"_ _f\"></span>1 </div></td><td></td><td class=\"c x583 y2a7c w8e hc8\"><div class=\"t m0 x49 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">19.59<span class=\"_ _f\"></span>9 </div></td></tr><tr><td class=\"c x587 y2a7d w3fd hc8\"><div class=\"t m0 x15d h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">2. Aum<span class=\"_ _f\"></span>enti<span class=\"_ _1\"></span> </div></td><td></td><td class=\"c x582 y2a7d w11c hc8\"><div class=\"t m0 xec h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">19.49<span class=\"_ _1\"></span>2 </div></td><td></td><td class=\"c x583 y2a7d w3fe hc8\"><div class=\"t m0 x49 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">12.93<span class=\"_ _f\"></span>2 </div></td></tr><tr><td class=\"c x587 y2a7e w3fd hc8\"><div class=\"t m0 x15d h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">2.1 Altri aumenti<span class=\"_ _1\"></span> </div></td><td></td><td class=\"c x582 y2a7e w11c hc8\"><div class=\"t m0 x11f h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">19.492 </div></td><td></td><td class=\"c x583 y2a7e w3fe hc8\"><div class=\"t m0 x49 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">12.932 </div></td></tr><tr><td class=\"c x587 y2a7f w3fd hc8\"><div class=\"t m0 x15d h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">3. Di<span class=\"_ _1\"></span>min<span class=\"_ _1\"></span>uzion<span class=\"_ _1\"></span>i </div></td><td></td><td class=\"c x582 y2a7f w11c hc8\"><div class=\"t m0 x11f h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">14.85<span class=\"_ _1\"></span>6 </div></td><td></td><td class=\"c x583 y2a7f w3fe hc8\"><div class=\"t m0 x1af h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">11.49<span class=\"_ _f\"></span>0 </div></td></tr><tr><td class=\"c x587 y2a80 w3fd h227\"><div class=\"t m0 x15d h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">3.1 ammortament<span class=\"_ _f\"></span>i </div></td><td></td><td class=\"c x582 y2a80 w11c h227\"><div class=\"t m0 x11f h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">14.856 </div></td><td></td><td class=\"c x583 y2a80 w3fe h227\"><div class=\"t m0 x49 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">11.490 </div></td></tr><tr><td class=\"c x587 y2a81 w3fd hc8\"><div class=\"t m0 x15d h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">4. Im<span class=\"_ _1\"></span>por<span class=\"_ _1\"></span>to fi<span class=\"_ _1\"></span>nale<span class=\"_ _1\"></span> </div></td><td></td><td class=\"c x582 y2a81 w11c hc8\"><div class=\"t m0 x11f h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">25.67<span class=\"_ _f\"></span>7 </div></td><td></td><td class=\"c x583 y2a81 w3fe hc8\"><div class=\"t m0 x1af h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">21.04<span class=\"_ _f\"></span>1 </div></td></tr></table>Nella <span class=\"_ _d\"></span>voce <span class=\"_ _d\"></span>\u201ccrediti <span class=\"_ _d\"></span>d\u2019imposta\u201d <span class=\"_ _d\"></span>sono <span class=\"_ _d\"></span>presenti <span class=\"_ _d\"></span>le <span class=\"_ _d\"></span>attivit\u00e0 <span class=\"_ _d\"></span>fiscali <span class=\"_ _d\"></span>connesse <span class=\"_ _2\"></span>con <span class=\"_ _0\"></span>l\u2019attivit\u00e0 <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>sostituto d\u2019imposta.<span class=\"ff4\"> </span>Sono <span class=\"_ _2\"></span>presenti crediti <span class=\"_ _2\"></span>di imposta ai <span class=\"_ _2\"></span>sensi <span class=\"_ _2\"></span>del D.L. <span class=\"_ _2\"></span>n.18/2020<span class=\"_ _1\"></span> <span class=\"_ _2\"></span>(Cura Italia) e<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>D.L. n.34/<span class=\"_ _2\"></span>2020 (Rilancio) (eco bonus e sisma bonus) per un controvalore complessivo di<span class=\"_ _1\"></span> <span class=\"_ _2\"></span>302,9 milioni di euro.<span class=\"_ _df\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfInventoriesExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-750": {
   "value": "Sezio<span class=\"_ _1\"></span>ne 9 <span class=\"ff5\">\u2013<span class=\"_ _1\"></span><span class=\"ff4\"> Attivit\u00e0<span class=\"_ _f\"></span> materiali <span class=\"_ _f\"></span><span class=\"ff5\">\u2013<span class=\"ff4\"> Voce 90<span class=\"_ _f\"></span> </span></span></span></span>9.1 At<span class=\"_ _1\"></span>tivit<span class=\"_ _1\"></span>\u00e0 mat<span class=\"_ _1\"></span>eria<span class=\"_ _1\"></span>li ad <span class=\"_ _1\"></span>uso fu<span class=\"_ _f\"></span>nzionale<span class=\"_ _1\"></span>: com<span class=\"_ _f\"></span>posizion<span class=\"_ _1\"></span>e del<span class=\"_ _1\"></span>le a<span class=\"_ _1\"></span>ttivit<span class=\"_ _1\"></span>\u00e0 valu<span class=\"_ _1\"></span>tate<span class=\"_ _1\"></span> al co<span class=\"_ _f\"></span>sto<span class=\"fc1 sc0\"> </span><table class=\"s wb6b h4d1\" id=\"_8c4dcb0b-38f9-40b5-a2dc-a0235caf3367\"><tr><td class=\"c x46b y28c2 w3ac h15\"><div class=\"t m0 xa1 h1f y655 ff4 fs7 fc4 sc3 ls0 ws0\">Atti<span class=\"_ _1\"></span>vit\u00e0/V<span class=\"_ _f\"></span>alori<span class=\"fc1 sc0\"> </span></div></td><td></td><td class=\"c x4fc y28c3 w31e hc8\"><div class=\"t m0 x12 h1f y32 ff4 fs7 fc4 sc3 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale<span class=\"fc1 sc0\"> </span></div></td><td></td><td class=\"c x4fd y28c3 w3ad hc8\"><div class=\"t m0 x12 h1f y32 ff4 fs7 fc4 sc3 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale<span class=\"fc1 sc0\"> </span></div></td><td></td></tr><tr><td></td><td></td><td class=\"c x4fc y28c2 w31e hc8\"><div class=\"t m0 x30 h1f y153d ff4 fs7 fc4 sc3 ls0 ws0\">31/12/<span class=\"_ _f\"></span>2025<span class=\"fc1 sc0\"> </span></div></td><td class=\"c x4fe y28c4 w993 h4d2\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/<span class=\"_ _df\"> </span></div></td><td class=\"c x4ff y28c4 w994 h4d2\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">2024<span class=\"_ _df\"> </span></div></td><td></td></tr><tr><td class=\"c x46b y28c5 w3ae hc8\"><div class=\"t m0 x8a h1f y32 ff4 fs7 fc1 sc2 ls0 ws0\">1. Att<span class=\"_ _1\"></span>ivit\u00e0<span class=\"_ _1\"></span> di pr<span class=\"_ _1\"></span>opr<span class=\"_ _1\"></span>iet\u00e0<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td><td></td><td></td><td class=\"c x4fc y28c5 w31e hc8\"><div class=\"t m0 x66 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">321.37<span class=\"_ _f\"></span>8<span class=\"sc0\"> </span></div></td><td></td><td class=\"c x4fd y28c5 w3af hc8\"><div class=\"t m0 xc h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">312.<span class=\"_ _1\"></span>813<span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x46b y28c6 w3ae hc8\"><div class=\"t m0 x116 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">a) terreni </div></td><td></td><td></td><td class=\"c x4fc y28c6 w31e hc8\"><div class=\"t m0 x12a h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">134.866 </div></td><td></td><td class=\"c x4fd y28c6 w3af hc8\"><div class=\"t m0 x12a h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">134.838 </div></td></tr><tr><td class=\"c x46b y28c7 w3ae hc8\"><div class=\"t m0 x116 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">b) fabbricati </div></td><td></td><td></td><td class=\"c x4fc y28c7 w31e hc8\"><div class=\"t m0 x66 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">110.095 </div></td><td></td><td class=\"c x4fd y28c7 w3af hc8\"><div class=\"t m0 x12a h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">108.548 </div></td></tr><tr><td class=\"c x46b y28c8 w3ae hc8\"><div class=\"t m0 x116 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">c) mobili </div></td><td></td><td></td><td class=\"c x4fc y28c8 w31e hc8\"><div class=\"t m0 x11e h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">10.917 </div></td><td></td><td class=\"c x4fd y28c8 w3af hc8\"><div class=\"t m0 xe4 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">11.769 </div></td></tr><tr><td class=\"c x46b y28c9 w3ae hc8\"><div class=\"t m0 x116 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">d) impianti elettr<span class=\"_ _f\"></span>o<span class=\"_ _2\"></span>nici<span class=\"_ _df\"> </span></div></td><td></td><td></td><td class=\"c x4fc y28c9 w31e hc8\"><div class=\"t m0 xc h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">20.099 </div></td><td></td><td class=\"c x4fd y28c9 w3af hc8\"><div class=\"t m0 x199 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">19.620 </div></td></tr><tr><td class=\"c x46b y28ca w3ae hc8\"><div class=\"t m0 x116 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">e) altre </div></td><td></td><td></td><td class=\"c x4fc y28ca w31e hc8\"><div class=\"t m0 x199 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">45.401 </div></td><td></td><td class=\"c x4fd y28ca w3af hc8\"><div class=\"t m0 xc h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">38.038 </div></td></tr><tr><td class=\"c x46b y28cb w3ae hc8\"><div class=\"t m0 x8a h1f y32 ff4 fs7 fc1 sc2 ls0 ws0\">2. Dir<span class=\"_ _1\"></span>itti d'<span class=\"_ _f\"></span>uso acq<span class=\"_ _f\"></span>uisiti<span class=\"_ _1\"></span> con il<span class=\"_ _1\"></span> leas<span class=\"_ _1\"></span>ing<span class=\"sc0\"> </span></div></td><td></td><td></td><td class=\"c x4fc y28cb w31e hc8\"><div class=\"t m0 x199 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">121.15<span class=\"_ _1\"></span>5<span class=\"sc0\"> </span></div></td><td></td><td class=\"c x4fd y28cb w3af hc8\"><div class=\"t m0 xc h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">125.95<span class=\"_ _f\"></span>1<span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x46b y28cc w3ae hc8\"><div class=\"t m0 x116 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">a) terreni </div></td><td></td><td></td><td class=\"c x4fc y28cc w31e hc8\"><div class=\"t m0 x120 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x4fd y28cc w3af hc8\"><div class=\"t m0 x120 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y28cd w3ae hc8\"><div class=\"t m0 x116 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">b) fabbricati </div></td><td></td><td></td><td class=\"c x4fc y28cd w31e hc8\"><div class=\"t m0 xc h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">116.495 </div></td><td></td><td class=\"c x4fd y28cd w3af hc8\"><div class=\"t m0 xc h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">122.081 </div></td></tr><tr><td class=\"c x46b y28ce w3ae h227\"><div class=\"t m0 x116 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">c) mobili </div></td><td></td><td></td><td class=\"c x4fc y28ce w31e h227\"><div class=\"t m0 x120 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x4fd y28ce w3af h227\"><div class=\"t m0 x120 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y28cf w3ae hc8\"><div class=\"t m0 x116 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">d) impianti elettr<span class=\"_ _f\"></span>o<span class=\"_ _2\"></span>nici<span class=\"_ _df\"> </span></div></td><td></td><td></td><td class=\"c x4fc y28cf w31e hc8\"><div class=\"t m0 x120 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x4fd y28cf w3af hc8\"><div class=\"t m0 x120 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y28d0 w3ae hc8\"><div class=\"t m0 x116 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">e) altre </div></td><td></td><td></td><td class=\"c x4fc y28d0 w31e hc8\"><div class=\"t m0 xe4 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">4.660 </div></td><td></td><td class=\"c x4fd y28d0 w3af hc8\"><div class=\"t m0 xe3 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">3.870 </div></td></tr><tr><td></td><td class=\"c x46b y28d1 w3ae hc8\"><div class=\"t m0 x1e5 h1f y32 ff4 fs7 fc1 sc2 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale<span class=\"sc0\"> </span></div></td><td></td><td class=\"c x4fc y28d1 w31e hc8\"><div class=\"t m0 x1e6 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">442.5<span class=\"_ _1\"></span>33<span class=\"sc0\"> </span></div></td><td></td><td class=\"c x4fd y28d1 w3af hc8\"><div class=\"t m0 x1e6 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">438.7<span class=\"_ _1\"></span>64<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x46b y28d2 w3ae hc8\"><div class=\"t m0 x8a h1f y32 ff5 fs7 fc1 sc0 ls0 ws0\">di cui: ottenute<span class=\"_ _1\"></span> tramite l\u2019escuss<span class=\"_ _1\"></span>ione delle ga<span class=\"_ _1\"></span>ranzie ricevute<span class=\"ff4\"> </span></div></td><td></td><td></td><td class=\"c x4fc y28d2 w31e hc8\"><div class=\"t m0 x120 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x4fd y28d2 w3af hc8\"><div class=\"t m0 x120 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr></table>Le att<span class=\"_ _2\"></span>ivit\u00e0 materiali <span class=\"_ _2\"></span>sono <span class=\"_ _2\"></span>valutate <span class=\"_ _2\"></span>al cost<span class=\"_ _2\"></span>o, al <span class=\"_ _2\"></span>netto <span class=\"_ _2\"></span>degli ammort<span class=\"_ _2\"></span>amenti e <span class=\"_ _2\"></span>di q<span class=\"_ _2\"></span>ualsiasi perdita <span class=\"_ _2\"></span>per riduzione di valore accumulate. Nelle <span class=\"_ _2\"></span>att<span class=\"_ _2\"></span>ivit\u00e0 <span class=\"_ _2\"></span>materiali <span class=\"_ _d\"></span>\u00e8 <span class=\"_ _d\"></span>anche <span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>icompreso, <span class=\"_ _d\"></span>ai <span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>ensi <span class=\"_ _2\"></span>del <span class=\"_ _d\"></span>principio <span class=\"_ _d\"></span>IFRS16, <span class=\"_ _2\"></span>il <span class=\"_ _d\"></span>Diritto<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>d\u2019Uso <span class=\"_ _d\"></span>(Right <span class=\"_ _d\"></span>of Use) dei beni oggetti di contratti di leasing operativo.<span class=\"_ _df\"> </span>9.2 Att<span class=\"_ _1\"></span>ivit\u00e0<span class=\"_ _f\"></span> materi<span class=\"_ _1\"></span>ali det<span class=\"_ _1\"></span>enut<span class=\"_ _1\"></span>e a <span class=\"_ _f\"></span>scopo di<span class=\"_ _1\"></span> inves<span class=\"_ _1\"></span>timent<span class=\"_ _f\"></span>o: com<span class=\"_ _1\"></span>posi<span class=\"_ _1\"></span>zione<span class=\"_ _1\"></span> dell<span class=\"_ _1\"></span>e at<span class=\"_ _1\"></span>tivit\u00e0 <span class=\"_ _1\"></span>valut<span class=\"_ _f\"></span>ate al co<span class=\"_ _1\"></span>sto<span class=\"_ _df\"> </span>Tot<span class=\"_ _1\"></span>ale<span class=\"_ _df\"> </span>Tot<span class=\"_ _1\"></span>ale<span class=\"_ _df\"> </span>Atti<span class=\"_ _1\"></span>vit\u00e0/V<span class=\"_ _f\"></span>alori<span class=\"_ _df\"> </span>Val<span class=\"_ _1\"></span>ore di<span class=\"_ _df\"> </span>31/12/<span class=\"_ _df\"> </span>2025<span class=\"_ _df\"> </span>Fair<span class=\"_ _f\"></span> value<span class=\"_ _df\"> </span>Val<span class=\"_ _1\"></span>ore di<span class=\"_ _df\"> </span>31/12/<span class=\"_ _df\"> </span>2024<span class=\"_ _df\"> </span>Fair<span class=\"_ _f\"></span> value<span class=\"_ _df\"> </span>bilan<span class=\"_ _f\"></span>cio<span class=\"_ _df\"> </span>L1<span class=\"_ _df\"> </span>L2<span class=\"_ _df\"> </span>L3<span class=\"_ _df\"> </span>bilan<span class=\"_ _f\"></span>cio<span class=\"_ _df\"> </span>L1<span class=\"_ _df\"> </span>L2<span class=\"_ _df\"> </span>1. Att<span class=\"_ _1\"></span>ivit\u00e0<span class=\"_ _1\"></span> di pr<span class=\"_ _1\"></span>opr<span class=\"_ _1\"></span>iet\u00e0<span class=\"_ _df\"> </span>4.62<span class=\"_ _f\"></span>2<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-6.8074.76<span class=\"_ _1\"></span>8<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>a) terreni<span class=\"_ _df\"> </span>2.398<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-1.4062.378<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>b) fabbricati<span class=\"_ _df\"> </span>2.224<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-5.4012.390<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>2. Dir<span class=\"_ _1\"></span>itti d'<span class=\"_ _f\"></span>uso ac<span class=\"_ _1\"></span>quis<span class=\"_ _1\"></span>iti co<span class=\"_ _1\"></span>n il<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>leas<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span>ng<span class=\"_ _df\"> </span>a) terreni<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>b) fabbricati<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>di cui: ottenute<span class=\"_ _1\"></span> tramite<span class=\"_ _df\"> </span>Tot<span class=\"_ _1\"></span>ale<span class=\"_ _df\"> </span>4.62<span class=\"_ _f\"></span>2<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-6.8074.76<span class=\"_ _1\"></span>8<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>l\u2019escussione de<span class=\"_ _1\"></span>lle garanzie<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>ricevute<span class=\"_ _df\"> </span>Lege<span class=\"_ _f\"></span>nda:<span class=\"_ _df\"> </span>L1= Livello 1<span class=\"_ _df\"> </span>L2= Livello 2<span class=\"_ _df\"> </span>L3= Livello 3<span class=\"_ _df\"> </span>Le <span class=\"_ _2\"></span>attivit\u00e0 <span class=\"_ _2\"></span>materiali <span class=\"_ _2\"></span>sono <span class=\"_ _2\"></span>valutate <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>costo. <span class=\"_ _2\"></span>Il <span class=\"_ _2\"></span>fair <span class=\"_ _2\"></span>value delle <span class=\"_ _2\"></span>att<span class=\"_ _2\"></span>ivit\u00e0 <span class=\"_ _2\"></span>materiali <span class=\"_ _2\"></span>detenu<span class=\"_ _1\"></span>te <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>scopo <span class=\"_ _2\"></span>di<span class=\"_ _df\"> </span>investimento <span class=\"_ _2\"></span>ammonta <span class=\"_ _d\"></span>a <span class=\"_ _d\"></span>6,8 <span class=\"_ _2\"></span>milioni <span class=\"_ _2\"></span>di <span class=\"_ _d\"></span>euro, <span class=\"_ _2\"></span>ed <span class=\"_ _d\"></span>\u00e8 <span class=\"_ _2\"></span>stato <span class=\"_ _d\"></span>determinato <span class=\"_ _2\"></span>da <span class=\"_ _d\"></span>valutatori <span class=\"_ _2\"></span>esperti <span class=\"_ _d\"></span>esterni<span class=\"_ _df\"> </span>ed indipendenti.<span class=\"_ _df\"> </span>9.6 Att<span class=\"_ _1\"></span>ivit\u00e0<span class=\"_ _1\"></span> ma<span class=\"_ _1\"></span>teria<span class=\"_ _f\"></span>li<span class=\"_ _2\"></span> a<span class=\"_ _1\"></span>d uso<span class=\"_ _f\"></span> funziona<span class=\"_ _f\"></span>le: varia<span class=\"_ _1\"></span>zioni a<span class=\"_ _1\"></span>nnue<span class=\"_ _f\"></span> Terr<span class=\"_ _f\"></span>eni Fabbr<span class=\"_ _1\"></span>icat<span class=\"_ _1\"></span>i Mobil<span class=\"_ _1\"></span>i Impi<span class=\"_ _1\"></span>anti<span class=\"_ _df\"> </span>Altr<span class=\"_ _1\"></span>e Tot<span class=\"_ _1\"></span>ale elet<span class=\"_ _1\"></span>troni<span class=\"_ _1\"></span>ci<span class=\"_ _df\"> </span>A. Es<span class=\"_ _1\"></span>iste<span class=\"_ _1\"></span>nze i<span class=\"_ _1\"></span>nizia<span class=\"_ _f\"></span>li lorde<span class=\"_ _f\"></span> 134.<span class=\"_ _1\"></span>838 329.3<span class=\"_ _f\"></span>12 44.6<span class=\"_ _f\"></span>27 69.6<span class=\"_ _f\"></span>83 161.2<span class=\"_ _f\"></span>10 739<span class=\"_ _1\"></span>.670 A.1 Riduzioni di va<span class=\"_ _f\"></span>l<span class=\"_ _2\"></span>ore tota<span class=\"_ _1\"></span>li nette - 220.764<span class=\"_ _df\"> </span>32.858 50.063 123.172 426.857 A.2 Es<span class=\"_ _1\"></span>iste<span class=\"_ _1\"></span>nze<span class=\"_ _f\"></span> iniziali n<span class=\"_ _f\"></span>ette 134.<span class=\"_ _1\"></span>838 108.5<span class=\"_ _f\"></span>48 11.76<span class=\"_ _1\"></span>9 19.6<span class=\"_ _1\"></span>20 38.0<span class=\"_ _1\"></span>38 312.<span class=\"_ _1\"></span>813 B. A<span class=\"_ _1\"></span>umen<span class=\"_ _f\"></span>ti: 28<span class=\"ls0\"> </span>10.145<span class=\"_ _f\"></span> 1.473<span class=\"_ _f\"></span> 4.824<span class=\"_ _f\"></span> 13.93<span class=\"_ _f\"></span>4 30.4<span class=\"_ _1\"></span>04<span class=\"_ _1\"></span> B.1 Acquisti - 10.117<span class=\"_ _df\"> </span>1.467 4.809 13.919 30.312 - di cui operazio<span class=\"_ _1\"></span>ni di aggregaz<span class=\"_ _1\"></span>ione<span class=\"_ _df\"> </span>- - - - - - aziendale<span class=\"_ _df\"> </span>B.2 Spese per m<span class=\"_ _1\"></span>igliorie capitalizz<span class=\"_ _1\"></span>ate - - - - - - B.3 Riprese di val<span class=\"_ _1\"></span>ore - - - - - - B.4 Variazioni p<span class=\"_ _1\"></span>ositive di fair <span class=\"_ _1\"></span>value<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>imputate a<span class=\"_ _df\"> </span>a) patrimonio ne<span class=\"_ _1\"></span>tto<span class=\"_ _df\"> </span>- - - - - - b) conto econ<span class=\"_ _1\"></span>omico - - - - - - B.5 Differenze p<span class=\"_ _f\"></span>o<span class=\"_ _2\"></span>sitive di<span class=\"_ _1\"></span> cambio<span class=\"_ _df\"> </span>- - - - - - B.6 Trasferimen<span class=\"_ _1\"></span>ti da immobili<span class=\"_ _df\"> </span>- - X X X - detenuti a scopo d<span class=\"_ _1\"></span>i investiment<span class=\"_ _f\"></span>o<span class=\"_ _df\"> </span>B.7 Altre variaz<span class=\"_ _1\"></span>ioni<span class=\"_ _df\"> </span>28<span class=\"ls0\"> </span>28<span class=\"ls0\"> </span>6 15<span class=\"ls0\"> </span>15<span class=\"ls0\"> </span>92<span class=\"ls0\"> </span>C. Dim<span class=\"_ _f\"></span>inuzion<span class=\"_ _f\"></span>i: - 8.598<span class=\"_ _f\"></span> 2.32<span class=\"_ _1\"></span>5 4.34<span class=\"_ _1\"></span>5 6.57<span class=\"_ _f\"></span>1 21.83<span class=\"_ _f\"></span>9 C.1 Vendite - 120<span class=\"ls0\"> </span>- 1 10<span class=\"ls0\"> </span>131 - di cui operazio<span class=\"_ _1\"></span>ni di aggregaz<span class=\"_ _1\"></span>ione<span class=\"_ _df\"> </span>- - - - - - aziendale<span class=\"_ _df\"> </span>C.2 Ammortame<span class=\"_ _1\"></span>nti - 8.364 2.319 4.138 6.537 21.358 C.3 Rettifiche d<span class=\"_ _1\"></span>i valore da<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>deterioramento <span class=\"_ _1\"></span>imputate a<span class=\"_ _df\"> </span>a) patrimonio ne<span class=\"_ _1\"></span>tto<span class=\"_ _df\"> </span>- - - - - - b) conto econ<span class=\"_ _1\"></span>omico - - - - - - C.4 Variazioni neg<span class=\"_ _1\"></span>ative di fair va<span class=\"_ _f\"></span>l<span class=\"_ _2\"></span>ue<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>imputate a<span class=\"_ _df\"> </span>a) patrimonio ne<span class=\"_ _1\"></span>tto<span class=\"_ _df\"> </span>- - - - - - b) conto economic<span class=\"_ _f\"></span>o - - - - - - C.5 Differenze<span class=\"_ _1\"></span> negative di camb<span class=\"_ _1\"></span>io<span class=\"_ _df\"> </span>- - - - - - C.6 Trasferimenti<span class=\"_ _1\"></span> a: - - - - - - a) attivit\u00e0 mater<span class=\"_ _1\"></span>iali detenute a scopo di invest<span class=\"_ _1\"></span>imento - - X X X - b) attivit\u00e0 non co<span class=\"_ _1\"></span>rrenti e gruppi d<span class=\"_ _1\"></span>i<span class=\"_ _df\"> </span>- - - - - - attivit\u00e0 in via di d<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span>smissi<span class=\"_ _1\"></span>one<span class=\"_ _df\"> </span>C.7 Altre variazi<span class=\"_ _1\"></span>oni - 114<span class=\"ls0\"> </span>6 206<span class=\"ls0\"> </span>24<span class=\"ls0\"> </span>350 D. Rim<span class=\"_ _f\"></span>anenz<span class=\"_ _1\"></span>e fin<span class=\"_ _f\"></span>ali net<span class=\"_ _1\"></span>te 134.<span class=\"_ _1\"></span>866<span class=\"_ _f\"></span> 110.09<span class=\"_ _f\"></span>5 10.917<span class=\"_ _f\"></span> 20.09<span class=\"_ _f\"></span>9 45.4<span class=\"_ _1\"></span>01 321.37<span class=\"_ _f\"></span>8 D.1 Riduzioni di <span class=\"_ _1\"></span>valore totali ne<span class=\"_ _1\"></span>tte - 229.753 35.167 52.471 128.834 446.225 D.2 <span class=\"_ _1\"></span>Rima<span class=\"_ _f\"></span>nenze fi<span class=\"_ _1\"></span>nal<span class=\"_ _1\"></span>i lorde<span class=\"_ _f\"></span> 134.<span class=\"_ _1\"></span>866<span class=\"_ _f\"></span> 339<span class=\"_ _1\"></span>.848<span class=\"_ _f\"></span> 46.0<span class=\"_ _1\"></span>84 72.57<span class=\"_ _f\"></span>0 174.2<span class=\"_ _f\"></span>35 767<span class=\"_ _1\"></span>.603 E. Valutazione a<span class=\"_ _1\"></span>l costo<span class=\"_ _df\"> </span>9.6 bis<span class=\"_ _f\"></span> Attivit\u00e0<span class=\"_ _1\"></span> ma<span class=\"_ _1\"></span>teria<span class=\"_ _f\"></span>li<span class=\"_ _2\"></span> a<span class=\"_ _1\"></span>d uso<span class=\"_ _1\"></span> funzio<span class=\"_ _f\"></span>nale (dir<span class=\"_ _1\"></span>itti d<span class=\"_ _1\"></span>'uso <span class=\"_ _1\"></span>acquis<span class=\"_ _f\"></span>iti con <span class=\"_ _f\"></span>il leasing):<span class=\"_ _1\"></span> var<span class=\"_ _1\"></span>iazio<span class=\"_ _1\"></span>ni ann<span class=\"_ _1\"></span>ue Terre<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span> Fab<span class=\"_ _1\"></span>brica<span class=\"_ _f\"></span>ti Mobi<span class=\"_ _f\"></span>li Imp<span class=\"_ _1\"></span>ian<span class=\"_ _1\"></span>ti<span class=\"_ _df\"> </span>Altr<span class=\"_ _f\"></span>e Tota<span class=\"_ _1\"></span>le elett<span class=\"_ _1\"></span>ronic<span class=\"_ _1\"></span>i<span class=\"_ _df\"> </span>A. Es<span class=\"_ _f\"></span>istenz<span class=\"_ _1\"></span>e ini<span class=\"_ _1\"></span>ziali<span class=\"_ _1\"></span> lord<span class=\"_ _1\"></span>e - 232.<span class=\"_ _1\"></span>333<span class=\"_ _1\"></span> -  -  6.83<span class=\"_ _f\"></span>5  239.1<span class=\"_ _f\"></span>68  A.1 Riduzioni <span class=\"_ _f\"></span>di<span class=\"_ _2\"></span> valor<span class=\"_ _1\"></span>e totali net<span class=\"_ _1\"></span>te<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>110.252 -  -  2.965  113.217  A.2 E<span class=\"_ _1\"></span>sis<span class=\"_ _1\"></span>tenz<span class=\"_ _f\"></span>e inizi<span class=\"_ _1\"></span>ali ne<span class=\"_ _1\"></span>tte - 122.0<span class=\"_ _1\"></span>81 -  -  3.87<span class=\"_ _f\"></span>0  125.9<span class=\"_ _1\"></span>51 <span class=\"_ _1\"></span> B. Au<span class=\"_ _f\"></span>menti<span class=\"_ _1\"></span>: - 30.5<span class=\"_ _1\"></span>72 -  -  3.94<span class=\"_ _f\"></span>2  34.5<span class=\"_ _1\"></span>14  B.1 Acquisti<span class=\"_ _f\"></span> -<span class=\"_ _df\"> </span>17.746<span class=\"_ _df\"> </span>-  -  2.903  20.649  - di cui opera<span class=\"_ _f\"></span>z<span class=\"_ _2\"></span>ioni d<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span> aggre<span class=\"_ _1\"></span>gazione<span class=\"_ _df\"> </span>-  -  -  -  -  -  aziendale<span class=\"_ _df\"> </span>B.2 Spese per <span class=\"_ _f\"></span>migliorie capitaliz<span class=\"_ _f\"></span>z<span class=\"_ _2\"></span>ate -  -  -  -  -  -  B.3 Riprese <span class=\"_ _1\"></span>di valore<span class=\"_ _1\"></span> -  18  -  -  -  18  B.4 Variazio<span class=\"_ _1\"></span>ni positive d<span class=\"_ _f\"></span>i fair value imp<span class=\"_ _1\"></span>utate<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>a<span class=\"_ _df\"> </span>a) patrimon<span class=\"_ _1\"></span>io netto<span class=\"_ _df\"> </span>-  -  -  -  -  -  b) conto eco<span class=\"_ _1\"></span>nomico -  -  -  -  -  -  B.5 Diffe<span class=\"_ _1\"></span>renze positive d<span class=\"_ _f\"></span>i cambio -  -  -  -  -  -  B.6 Trasferi<span class=\"_ _1\"></span>menti da <span class=\"_ _1\"></span>immobili de<span class=\"_ _1\"></span>tenuti a scopo di inve<span class=\"_ _f\"></span>stimento -  -  X X X -  B.7 Altre varia<span class=\"_ _f\"></span>zioni -<span class=\"_ _df\"> </span>12.808 -  -  1.039  13.847  C. Di<span class=\"_ _f\"></span>minuzi<span class=\"_ _f\"></span>oni: - 36.1<span class=\"_ _1\"></span>58 -  -  3.15<span class=\"_ _1\"></span>2  39.31<span class=\"_ _f\"></span>0  C.1 Vendite<span class=\"_ _1\"></span> -  53  -  -  44 <span class=\"ls0\"> </span>97  - di cui opera<span class=\"_ _f\"></span>z<span class=\"_ _2\"></span>ioni d<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span> aggre<span class=\"_ _1\"></span>gazione<span class=\"_ _df\"> </span>-  -  -  -  -  -  aziendale<span class=\"_ _df\"> </span>C.2 Ammor<span class=\"_ _1\"></span>tamenti -<span class=\"_ _df\"> </span>21.861<span class=\"_ _df\"> </span>-  -  1.887  23.748  C.3 Rettifiche <span class=\"_ _f\"></span>di valore da deter<span class=\"_ _1\"></span>ioramento<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>28<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>28<span class=\"_ _df\"> </span>imputate a<span class=\"_ _df\"> </span>a) patrimon<span class=\"_ _1\"></span>io netto<span class=\"_ _df\"> </span>-  -  -  -  -  -  b) conto eco<span class=\"_ _1\"></span>nomico -  28  -  -  -  28  C.4 Variazion<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span> negat<span class=\"_ _1\"></span>ive di fair va<span class=\"_ _f\"></span>lue imputate<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>a<span class=\"_ _df\"> </span>a) patrimon<span class=\"_ _1\"></span>io netto<span class=\"_ _df\"> </span>-  -  -  -  -  -  b) conto eco<span class=\"_ _1\"></span>nomico -  -  -  -  -  -  C.5 Differ<span class=\"_ _1\"></span>enze negative <span class=\"_ _1\"></span>di cambio -  -  -  -  -  -  C.6 Trasfer<span class=\"_ _1\"></span>imenti a: -  -  -  -  -  -  a) attivit\u00e0 m<span class=\"_ _1\"></span>ateriali deten<span class=\"_ _f\"></span>ute a scopo di<span class=\"_ _df\"> </span>-  -  X X X -  investiment<span class=\"_ _1\"></span>o<span class=\"_ _df\"> </span>b) attivit\u00e0 no<span class=\"_ _f\"></span>n correnti e gruppi d<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span> attiv<span class=\"_ _1\"></span>it\u00e0<span class=\"_ _df\"> </span>-  -  -  -  -  -  in via di dism<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span>ssione<span class=\"_ _df\"> </span>C.7 Altre vari<span class=\"_ _1\"></span>azio<span class=\"lsd6\">ni</span> -<span class=\"_ _df\"> </span>14.216<span class=\"_ _df\"> </span>-  -  1.221  15.437  D. Ri<span class=\"_ _f\"></span>manen<span class=\"_ _f\"></span>ze final<span class=\"_ _1\"></span>i net<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span> - 116.4<span class=\"_ _f\"></span>95 -  -  4.66<span class=\"_ _f\"></span>0  121.<span class=\"_ _1\"></span>155 <span class=\"_ _1\"></span> D.1 Riduzio<span class=\"_ _1\"></span>ni di valore t<span class=\"_ _f\"></span>otali nette<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>118.951<span class=\"_ _df\"> </span>-  -  3.317  122.268  D.2 Ri<span class=\"_ _f\"></span>manen<span class=\"_ _f\"></span>ze fina<span class=\"_ _f\"></span>li lorde<span class=\"_ _f\"></span> - 235.4<span class=\"_ _1\"></span>46 -  -  7.97<span class=\"_ _f\"></span>7  243.4<span class=\"_ _f\"></span>23  E. Valutazio<span class=\"_ _f\"></span>n<span class=\"_ _2\"></span>e al co<span class=\"_ _f\"></span>sto<span class=\"_ _df\"> </span><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gsa59\">Si fornisce anche la tabe<span class=\"_ _1\"></span>lla di movimentazione dei di<span class=\"_ _1\"></span>ritti d\u2019uso acquisiti con il leasing<span class=\"_ _1\"></span> in quanto tali </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsa5a\">attivit\u00e0 sono rilevanti.  </div><div class=\"c w37c hc8 gsa5b\"><div class=\"t m0 x10 h5 y54 ff4 fs1 fc4 sc3 ls0 ws0\">9.7 At<span class=\"_ _1\"></span>tivit\u00e0<span class=\"_ _f\"></span> mater<span class=\"_ _1\"></span>iali de<span class=\"_ _1\"></span>tenute<span class=\"_ _1\"></span> a s<span class=\"_ _f\"></span>copo di <span class=\"_ _1\"></span>invest<span class=\"_ _1\"></span>imento<span class=\"_ _f\"></span>: varia<span class=\"_ _1\"></span>zioni <span class=\"_ _f\"></span>annue </div></div><div class=\"gsa5c\"><table class=\"s wb93 h4de\" id=\"_f225e6f3-82c4-4500-be6b-ac971073d9c5\"><tr><td></td><td class=\"c x532 y294c w3c2 hc8\"><div class=\"t m0 xe8 h1f y28b ff4 fs7 fc4 sc3 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale </div></td><td></td></tr><tr><td></td><td class=\"c x532 y294d w3c3 hc8\"><div class=\"t m0 x26 h1f y28b ff4 fs7 fc4 sc3 ls0 ws0\">Terr<span class=\"_ _f\"></span>eni </div></td><td class=\"c x533 y294d w3c4 hc8\"><div class=\"t m0 x35 h1f y28b ff4 fs7 fc4 sc3 ls0 ws0\">Fabbr<span class=\"_ _1\"></span>icat<span class=\"_ _1\"></span>i </div></td></tr><tr><td class=\"c x44e y294e w3c5 hc8\"><div class=\"t m0 x10 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">A. Es<span class=\"_ _1\"></span>iste<span class=\"_ _1\"></span>nze i<span class=\"_ _1\"></span>nizia<span class=\"_ _f\"></span>li </div></td><td class=\"c x534 y294e w3c6 hc8\"><div class=\"t m0 x11d h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">2.378<span class=\"_ _f\"></span> </div></td><td class=\"c x533 y294e w3c6 hc8\"><div class=\"t m0 xef h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">2.390<span class=\"_ _f\"></span> </div></td></tr><tr><td class=\"c x44e y294f w3c5 hc8\"><div class=\"t m0 x10 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">B. A<span class=\"_ _1\"></span>umen<span class=\"_ _f\"></span>ti </div></td><td class=\"c x534 y294f w3c6 hc8\"><div class=\"t m0 xe5 h1f ye4c ff4 fs7 fc1 sc2 lsbc ws0\">32<span class=\"ls0\"> </span></div></td><td class=\"c x533 y294f w3c6 hc8\"><div class=\"t m0 x66 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">5 </div></td></tr><tr><td class=\"c x44e y2950 w3c5 hc8\"><div class=\"t m0 x16a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">B.1 Acquisti </div></td><td class=\"c x534 y2950 w3c6 hc8\"><div class=\"t m0 xe5 h1f y28b ff4 fs7 fc1 sc0 ls27 ws0\">32<span class=\"ls0\"> </span></div></td><td class=\"c x533 y2950 w3c6 hc8\"><div class=\"t m0 xc h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2951 w3c5 hc8\"><div class=\"t m0 x14 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- di cui operazio<span class=\"_ _1\"></span>ni di aggregaz<span class=\"_ _1\"></span>ione aziendale </div></td><td class=\"c x534 y2951 w3c6 hc8\"><div class=\"t m0 xc h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x533 y2951 w3c6 hc8\"><div class=\"t m0 xc h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2952 w3c5 hc8\"><div class=\"t m0 x16a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">B.2 Spese per m<span class=\"_ _1\"></span>igliorie capitalizz<span class=\"_ _1\"></span>ate </div></td><td class=\"c x534 y2952 w3c6 hc8\"><div class=\"t m0 xc h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x533 y2952 w3c6 hc8\"><div class=\"t m0 xc h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2953 w3c5 hc8\"><div class=\"t m0 x16a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">B.3 Variazioni po<span class=\"_ _f\"></span>si<span class=\"_ _2\"></span>tive di <span class=\"_ _f\"></span>f<span class=\"_ _2\"></span>air value </div></td><td class=\"c x534 y2953 w3c6 hc8\"><div class=\"t m0 xc h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x533 y2953 w3c6 hc8\"><div class=\"t m0 xc h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2954 w3c5 hc8\"><div class=\"t m0 x16a h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">B.4 Riprese di va<span class=\"_ _1\"></span>lore </div></td><td class=\"c x534 y2954 w3c6 hc8\"><div class=\"t m0 xc h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x533 y2954 w3c6 hc8\"><div class=\"t m0 xc h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2955 w3c5 hc8\"><div class=\"t m0 x16a h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">B.5 Differenze d<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span> cambio <span class=\"_ _1\"></span>positive </div></td><td class=\"c x534 y2955 w3c6 hc8\"><div class=\"t m0 xc h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x533 y2955 w3c6 hc8\"><div class=\"t m0 xc h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2956 w3c5 hc8\"><div class=\"t m0 x16a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">B.6 Trasferimen<span class=\"_ _1\"></span>ti da immobili ad<span class=\"_ _f\"></span> uso funzionale<span class=\"_ _df\"> </span></div></td><td class=\"c x534 y2956 w3c6 hc8\"><div class=\"t m0 xc h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x533 y2956 w3c6 hc8\"><div class=\"t m0 xc h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2957 w3c5 hc8\"><div class=\"t m0 x16a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">B.7 Altre variaz<span class=\"_ _1\"></span>ioni<span class=\"_ _df\"> </span></div></td><td class=\"c x534 y2957 w3c6 hc8\"><div class=\"t m0 xc h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x533 y2957 w3c6 hc8\"><div class=\"t m0 x66 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">5 </div></td></tr><tr><td class=\"c x44e y2958 w3c5 hc8\"><div class=\"t m0 x10 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">C. Dim<span class=\"_ _f\"></span>inuzion<span class=\"_ _f\"></span>i </div></td><td class=\"c x534 y2958 w3c6 hc8\"><div class=\"t m0 x1e6 h1f y28b ff4 fs7 fc1 sc2 ls9 ws0\">12<span class=\"ls0\"> </span></div></td><td class=\"c x533 y2958 w3c6 hc8\"><div class=\"t m0 xe5 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">171 </div></td></tr><tr><td class=\"c x44e y2959 w3c5 hc8\"><div class=\"t m0 x16a h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">C.1 Vendite </div></td><td class=\"c x534 y2959 w3c6 hc8\"><div class=\"t m0 xe8 h1f y28b ff4 fs7 fc1 sc0 ls9 ws0\">12<span class=\"ls0\"> </span></div></td><td class=\"c x533 y2959 w3c6 hc8\"><div class=\"t m0 xe5 h1f y28b ff4 fs7 fc1 sc0 ls2a ws0\">20<span class=\"ls0\"> </span></div></td></tr><tr><td class=\"c x44e y295a w3c5 hc8\"><div class=\"t m0 x14 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- di cui operazio<span class=\"_ _1\"></span>ni di aggregaz<span class=\"_ _1\"></span>ione aziendale </div></td><td class=\"c x534 y295a w3c6 hc8\"><div class=\"t m0 xc h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x533 y295a w3c6 hc8\"><div class=\"t m0 xc h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y295b w3c5 hc8\"><div class=\"t m0 x16a h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">C.2 Ammortame<span class=\"_ _1\"></span>nti </div></td><td class=\"c x534 y295b w3c6 hc8\"><div class=\"t m0 xc h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x533 y295b w3c6 hc8\"><div class=\"t m0 xe6 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">151 </div></td></tr><tr><td class=\"c x44e y295c w3c5 hc8\"><div class=\"t m0 x16a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">C.3 Variazioni nega<span class=\"_ _f\"></span>tive di fair value </div></td><td class=\"c x534 y295c w3c6 hc8\"><div class=\"t m0 xc h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x533 y295c w3c6 hc8\"><div class=\"t m0 xc h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y295d w3c5 hc8\"><div class=\"t m0 x16a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">C.4 Rettifiche di <span class=\"_ _f\"></span>v<span class=\"_ _2\"></span>alore d<span class=\"_ _1\"></span>a deteriorame<span class=\"_ _1\"></span>nto<span class=\"_ _df\"> </span></div></td><td class=\"c x534 y295d w3c6 hc8\"><div class=\"t m0 xc h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x533 y295d w3c6 hc8\"><div class=\"t m0 xc h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y295e w3c5 hc8\"><div class=\"t m0 x16a h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">C.5 Differenze<span class=\"_ _1\"></span> di cambio negati<span class=\"_ _1\"></span>ve<span class=\"_ _df\"> </span></div></td><td class=\"c x534 y295e w3c6 hc8\"><div class=\"t m0 xc h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x533 y295e w3c6 hc8\"><div class=\"t m0 xc h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y295f w3c5 hc8\"><div class=\"t m0 x16a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">C.6 Trasferimenti<span class=\"_ _1\"></span> a: </div></td><td class=\"c x534 y295f w3c6 hc8\"><div class=\"t m0 xc h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x533 y295f w3c6 hc8\"><div class=\"t m0 xc h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2960 w3c5 hc8\"><div class=\"t m0 x14 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">a) immobili ad us<span class=\"_ _1\"></span>o funzionale </div></td><td class=\"c x534 y2960 w3c6 hc8\"><div class=\"t m0 xc h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x533 y2960 w3c6 hc8\"><div class=\"t m0 xc h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2961 w3c5 hc8\"><div class=\"t m0 x14 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">b) attivit\u00e0 non co<span class=\"_ _1\"></span>rrenti e gruppi d<span class=\"_ _1\"></span>i attivit\u00e0 in <span class=\"_ _1\"></span>via di dismissi<span class=\"_ _1\"></span>one<span class=\"_ _df\"> </span></div></td><td class=\"c x534 y2961 w3c6 hc8\"><div class=\"t m0 xc h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x533 y2961 w3c6 hc8\"><div class=\"t m0 xc h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2962 w3c5 hc8\"><div class=\"t m0 x16a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">C.7 Altre variazi<span class=\"_ _1\"></span>oni </div></td><td class=\"c x534 y2962 w3c6 hc8\"><div class=\"t m0 xc h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x533 y2962 w3c6 hc8\"><div class=\"t m0 xc h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2963 w3c5 h227\"><div class=\"t m0 x10 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">D. Rim<span class=\"_ _f\"></span>anenz<span class=\"_ _1\"></span>e fin<span class=\"_ _f\"></span>ali </div></td><td class=\"c x534 y2963 w3c6 h227\"><div class=\"t m0 xef h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">2.398<span class=\"_ _f\"></span> </div></td><td class=\"c x533 y2963 w3c6 h227\"><div class=\"t m0 x11d h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">2.224<span class=\"_ _f\"></span> </div></td></tr><tr><td class=\"c x44e y2964 w3c5 hc8\"><div class=\"t m0 x10 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">E. Valutazione a<span class=\"_ _1\"></span>l fair value </div></td><td class=\"c x534 y2964 w3c6 hc8\"><div class=\"t m0 x124 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">1.568 </div></td><td class=\"c x533 y2964 w3c6 hc8\"><div class=\"t m0 xef h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">5.539 </div></td></tr></table></div>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-780": {
   "value": "Sezio<span class=\"_ _1\"></span>ne 9 <span class=\"ff5\">\u2013<span class=\"_ _1\"></span><span class=\"ff4\"> Attivit\u00e0<span class=\"_ _f\"></span> materiali <span class=\"_ _f\"></span><span class=\"ff5\">\u2013<span class=\"ff4\"> Voce 90<span class=\"_ _f\"></span> </span></span></span></span>9.1 At<span class=\"_ _1\"></span>tivit<span class=\"_ _1\"></span>\u00e0 mat<span class=\"_ _1\"></span>eria<span class=\"_ _1\"></span>li ad <span class=\"_ _1\"></span>uso fu<span class=\"_ _f\"></span>nzionale<span class=\"_ _1\"></span>: com<span class=\"_ _f\"></span>posizion<span class=\"_ _1\"></span>e del<span class=\"_ _1\"></span>le a<span class=\"_ _1\"></span>ttivit<span class=\"_ _1\"></span>\u00e0 valu<span class=\"_ _1\"></span>tate<span class=\"_ _1\"></span> al co<span class=\"_ _f\"></span>sto<span class=\"fc1 sc0\"> </span><table class=\"s wb6b h4d1\" id=\"_8c4dcb0b-38f9-40b5-a2dc-a0235caf3367\"><tr><td class=\"c x46b y28c2 w3ac h15\"><div class=\"t m0 xa1 h1f y655 ff4 fs7 fc4 sc3 ls0 ws0\">Atti<span class=\"_ _1\"></span>vit\u00e0/V<span class=\"_ _f\"></span>alori<span class=\"fc1 sc0\"> </span></div></td><td></td><td class=\"c x4fc y28c3 w31e hc8\"><div class=\"t m0 x12 h1f y32 ff4 fs7 fc4 sc3 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale<span class=\"fc1 sc0\"> </span></div></td><td></td><td class=\"c x4fd y28c3 w3ad hc8\"><div class=\"t m0 x12 h1f y32 ff4 fs7 fc4 sc3 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale<span class=\"fc1 sc0\"> </span></div></td><td></td></tr><tr><td></td><td></td><td class=\"c x4fc y28c2 w31e hc8\"><div class=\"t m0 x30 h1f y153d ff4 fs7 fc4 sc3 ls0 ws0\">31/12/<span class=\"_ _f\"></span>2025<span class=\"fc1 sc0\"> </span></div></td><td class=\"c x4fe y28c4 w993 h4d2\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/<span class=\"_ _df\"> </span></div></td><td class=\"c x4ff y28c4 w994 h4d2\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">2024<span class=\"_ _df\"> </span></div></td><td></td></tr><tr><td class=\"c x46b y28c5 w3ae hc8\"><div class=\"t m0 x8a h1f y32 ff4 fs7 fc1 sc2 ls0 ws0\">1. Att<span class=\"_ _1\"></span>ivit\u00e0<span class=\"_ _1\"></span> di pr<span class=\"_ _1\"></span>opr<span class=\"_ _1\"></span>iet\u00e0<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td><td></td><td></td><td class=\"c x4fc y28c5 w31e hc8\"><div class=\"t m0 x66 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">321.37<span class=\"_ _f\"></span>8<span class=\"sc0\"> </span></div></td><td></td><td class=\"c x4fd y28c5 w3af hc8\"><div class=\"t m0 xc h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">312.<span class=\"_ _1\"></span>813<span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x46b y28c6 w3ae hc8\"><div class=\"t m0 x116 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">a) terreni </div></td><td></td><td></td><td class=\"c x4fc y28c6 w31e hc8\"><div class=\"t m0 x12a h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">134.866 </div></td><td></td><td class=\"c x4fd y28c6 w3af hc8\"><div class=\"t m0 x12a h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">134.838 </div></td></tr><tr><td class=\"c x46b y28c7 w3ae hc8\"><div class=\"t m0 x116 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">b) fabbricati </div></td><td></td><td></td><td class=\"c x4fc y28c7 w31e hc8\"><div class=\"t m0 x66 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">110.095 </div></td><td></td><td class=\"c x4fd y28c7 w3af hc8\"><div class=\"t m0 x12a h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">108.548 </div></td></tr><tr><td class=\"c x46b y28c8 w3ae hc8\"><div class=\"t m0 x116 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">c) mobili </div></td><td></td><td></td><td class=\"c x4fc y28c8 w31e hc8\"><div class=\"t m0 x11e h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">10.917 </div></td><td></td><td class=\"c x4fd y28c8 w3af hc8\"><div class=\"t m0 xe4 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">11.769 </div></td></tr><tr><td class=\"c x46b y28c9 w3ae hc8\"><div class=\"t m0 x116 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">d) impianti elettr<span class=\"_ _f\"></span>o<span class=\"_ _2\"></span>nici<span class=\"_ _df\"> </span></div></td><td></td><td></td><td class=\"c x4fc y28c9 w31e hc8\"><div class=\"t m0 xc h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">20.099 </div></td><td></td><td class=\"c x4fd y28c9 w3af hc8\"><div class=\"t m0 x199 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">19.620 </div></td></tr><tr><td class=\"c x46b y28ca w3ae hc8\"><div class=\"t m0 x116 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">e) altre </div></td><td></td><td></td><td class=\"c x4fc y28ca w31e hc8\"><div class=\"t m0 x199 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">45.401 </div></td><td></td><td class=\"c x4fd y28ca w3af hc8\"><div class=\"t m0 xc h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">38.038 </div></td></tr><tr><td class=\"c x46b y28cb w3ae hc8\"><div class=\"t m0 x8a h1f y32 ff4 fs7 fc1 sc2 ls0 ws0\">2. Dir<span class=\"_ _1\"></span>itti d'<span class=\"_ _f\"></span>uso acq<span class=\"_ _f\"></span>uisiti<span class=\"_ _1\"></span> con il<span class=\"_ _1\"></span> leas<span class=\"_ _1\"></span>ing<span class=\"sc0\"> </span></div></td><td></td><td></td><td class=\"c x4fc y28cb w31e hc8\"><div class=\"t m0 x199 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">121.15<span class=\"_ _1\"></span>5<span class=\"sc0\"> </span></div></td><td></td><td class=\"c x4fd y28cb w3af hc8\"><div class=\"t m0 xc h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">125.95<span class=\"_ _f\"></span>1<span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x46b y28cc w3ae hc8\"><div class=\"t m0 x116 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">a) terreni </div></td><td></td><td></td><td class=\"c x4fc y28cc w31e hc8\"><div class=\"t m0 x120 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x4fd y28cc w3af hc8\"><div class=\"t m0 x120 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y28cd w3ae hc8\"><div class=\"t m0 x116 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">b) fabbricati </div></td><td></td><td></td><td class=\"c x4fc y28cd w31e hc8\"><div class=\"t m0 xc h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">116.495 </div></td><td></td><td class=\"c x4fd y28cd w3af hc8\"><div class=\"t m0 xc h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">122.081 </div></td></tr><tr><td class=\"c x46b y28ce w3ae h227\"><div class=\"t m0 x116 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">c) mobili </div></td><td></td><td></td><td class=\"c x4fc y28ce w31e h227\"><div class=\"t m0 x120 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x4fd y28ce w3af h227\"><div class=\"t m0 x120 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y28cf w3ae hc8\"><div class=\"t m0 x116 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">d) impianti elettr<span class=\"_ _f\"></span>o<span class=\"_ _2\"></span>nici<span class=\"_ _df\"> </span></div></td><td></td><td></td><td class=\"c x4fc y28cf w31e hc8\"><div class=\"t m0 x120 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x4fd y28cf w3af hc8\"><div class=\"t m0 x120 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y28d0 w3ae hc8\"><div class=\"t m0 x116 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">e) altre </div></td><td></td><td></td><td class=\"c x4fc y28d0 w31e hc8\"><div class=\"t m0 xe4 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">4.660 </div></td><td></td><td class=\"c x4fd y28d0 w3af hc8\"><div class=\"t m0 xe3 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">3.870 </div></td></tr><tr><td></td><td class=\"c x46b y28d1 w3ae hc8\"><div class=\"t m0 x1e5 h1f y32 ff4 fs7 fc1 sc2 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale<span class=\"sc0\"> </span></div></td><td></td><td class=\"c x4fc y28d1 w31e hc8\"><div class=\"t m0 x1e6 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">442.5<span class=\"_ _1\"></span>33<span class=\"sc0\"> </span></div></td><td></td><td class=\"c x4fd y28d1 w3af hc8\"><div class=\"t m0 x1e6 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">438.7<span class=\"_ _1\"></span>64<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x46b y28d2 w3ae hc8\"><div class=\"t m0 x8a h1f y32 ff5 fs7 fc1 sc0 ls0 ws0\">di cui: ottenute<span class=\"_ _1\"></span> tramite l\u2019escuss<span class=\"_ _1\"></span>ione delle ga<span class=\"_ _1\"></span>ranzie ricevute<span class=\"ff4\"> </span></div></td><td></td><td></td><td class=\"c x4fc y28d2 w31e hc8\"><div class=\"t m0 x120 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x4fd y28d2 w3af hc8\"><div class=\"t m0 x120 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr></table>Le att<span class=\"_ _2\"></span>ivit\u00e0 materiali <span class=\"_ _2\"></span>sono <span class=\"_ _2\"></span>valutate <span class=\"_ _2\"></span>al cost<span class=\"_ _2\"></span>o, al <span class=\"_ _2\"></span>netto <span class=\"_ _2\"></span>degli ammort<span class=\"_ _2\"></span>amenti e <span class=\"_ _2\"></span>di q<span class=\"_ _2\"></span>ualsiasi perdita <span class=\"_ _2\"></span>per riduzione di valore accumulate. Nelle <span class=\"_ _2\"></span>att<span class=\"_ _2\"></span>ivit\u00e0 <span class=\"_ _2\"></span>materiali <span class=\"_ _d\"></span>\u00e8 <span class=\"_ _d\"></span>anche <span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>icompreso, <span class=\"_ _d\"></span>ai <span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>ensi <span class=\"_ _2\"></span>del <span class=\"_ _d\"></span>principio <span class=\"_ _d\"></span>IFRS16, <span class=\"_ _2\"></span>il <span class=\"_ _d\"></span>Diritto<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>d\u2019Uso <span class=\"_ _d\"></span>(Right <span class=\"_ _d\"></span>of Use) dei beni oggetti di contratti di leasing operativo.<span class=\"_ _df\"> </span>9.2 Att<span class=\"_ _1\"></span>ivit\u00e0<span class=\"_ _f\"></span> materi<span class=\"_ _1\"></span>ali det<span class=\"_ _1\"></span>enut<span class=\"_ _1\"></span>e a <span class=\"_ _f\"></span>scopo di<span class=\"_ _1\"></span> inves<span class=\"_ _1\"></span>timent<span class=\"_ _f\"></span>o: com<span class=\"_ _1\"></span>posi<span class=\"_ _1\"></span>zione<span class=\"_ _1\"></span> dell<span class=\"_ _1\"></span>e at<span class=\"_ _1\"></span>tivit\u00e0 <span class=\"_ _1\"></span>valut<span class=\"_ _f\"></span>ate al co<span class=\"_ _1\"></span>sto<span class=\"_ _df\"> </span>Tot<span class=\"_ _1\"></span>ale<span class=\"_ _df\"> </span>Tot<span class=\"_ _1\"></span>ale<span class=\"_ _df\"> </span>Atti<span class=\"_ _1\"></span>vit\u00e0/V<span class=\"_ _f\"></span>alori<span class=\"_ _df\"> </span>Val<span class=\"_ _1\"></span>ore di<span class=\"_ _df\"> </span>31/12/<span class=\"_ _df\"> </span>2025<span class=\"_ _df\"> </span>Fair<span class=\"_ _f\"></span> value<span class=\"_ _df\"> </span>Val<span class=\"_ _1\"></span>ore di<span class=\"_ _df\"> </span>31/12/<span class=\"_ _df\"> </span>2024<span class=\"_ _df\"> </span>Fair<span class=\"_ _f\"></span> value<span class=\"_ _df\"> </span>bilan<span class=\"_ _f\"></span>cio<span class=\"_ _df\"> </span>L1<span class=\"_ _df\"> </span>L2<span class=\"_ _df\"> </span>L3<span class=\"_ _df\"> </span>bilan<span class=\"_ _f\"></span>cio<span class=\"_ _df\"> </span>L1<span class=\"_ _df\"> </span>L2<span class=\"_ _df\"> </span>1. Att<span class=\"_ _1\"></span>ivit\u00e0<span class=\"_ _1\"></span> di pr<span class=\"_ _1\"></span>opr<span class=\"_ _1\"></span>iet\u00e0<span class=\"_ _df\"> </span>4.62<span class=\"_ _f\"></span>2<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-6.8074.76<span class=\"_ _1\"></span>8<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>a) terreni<span class=\"_ _df\"> </span>2.398<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-1.4062.378<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>b) fabbricati<span class=\"_ _df\"> </span>2.224<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-5.4012.390<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>2. Dir<span class=\"_ _1\"></span>itti d'<span class=\"_ _f\"></span>uso ac<span class=\"_ _1\"></span>quis<span class=\"_ _1\"></span>iti co<span class=\"_ _1\"></span>n il<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>leas<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span>ng<span class=\"_ _df\"> </span>a) terreni<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>b) fabbricati<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>di cui: ottenute<span class=\"_ _1\"></span> tramite<span class=\"_ _df\"> </span>Tot<span class=\"_ _1\"></span>ale<span class=\"_ _df\"> </span>4.62<span class=\"_ _f\"></span>2<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-6.8074.76<span class=\"_ _1\"></span>8<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>l\u2019escussione de<span class=\"_ _1\"></span>lle garanzie<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>ricevute<span class=\"_ _df\"> </span>Lege<span class=\"_ _f\"></span>nda:<span class=\"_ _df\"> </span>L1= Livello 1<span class=\"_ _df\"> </span>L2= Livello 2<span class=\"_ _df\"> </span>L3= Livello 3<span class=\"_ _df\"> </span>Le <span class=\"_ _2\"></span>attivit\u00e0 <span class=\"_ _2\"></span>materiali <span class=\"_ _2\"></span>sono <span class=\"_ _2\"></span>valutate <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>costo. <span class=\"_ _2\"></span>Il <span class=\"_ _2\"></span>fair <span class=\"_ _2\"></span>value delle <span class=\"_ _2\"></span>att<span class=\"_ _2\"></span>ivit\u00e0 <span class=\"_ _2\"></span>materiali <span class=\"_ _2\"></span>detenu<span class=\"_ _1\"></span>te <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>scopo <span class=\"_ _2\"></span>di<span class=\"_ _df\"> </span>investimento <span class=\"_ _2\"></span>ammonta <span class=\"_ _d\"></span>a <span class=\"_ _d\"></span>6,8 <span class=\"_ _2\"></span>milioni <span class=\"_ _2\"></span>di <span class=\"_ _d\"></span>euro, <span class=\"_ _2\"></span>ed <span class=\"_ _d\"></span>\u00e8 <span class=\"_ _2\"></span>stato <span class=\"_ _d\"></span>determinato <span class=\"_ _2\"></span>da <span class=\"_ _d\"></span>valutatori <span class=\"_ _2\"></span>esperti <span class=\"_ _d\"></span>esterni<span class=\"_ _df\"> </span>ed indipendenti.<span class=\"_ _df\"> </span>9.6 Att<span class=\"_ _1\"></span>ivit\u00e0<span class=\"_ _1\"></span> ma<span class=\"_ _1\"></span>teria<span class=\"_ _f\"></span>li<span class=\"_ _2\"></span> a<span class=\"_ _1\"></span>d uso<span class=\"_ _f\"></span> funziona<span class=\"_ _f\"></span>le: varia<span class=\"_ _1\"></span>zioni a<span class=\"_ _1\"></span>nnue<span class=\"_ _f\"></span> Terr<span class=\"_ _f\"></span>eni Fabbr<span class=\"_ _1\"></span>icat<span class=\"_ _1\"></span>i Mobil<span class=\"_ _1\"></span>i Impi<span class=\"_ _1\"></span>anti<span class=\"_ _df\"> </span>Altr<span class=\"_ _1\"></span>e Tot<span class=\"_ _1\"></span>ale elet<span class=\"_ _1\"></span>troni<span class=\"_ _1\"></span>ci<span class=\"_ _df\"> </span>A. Es<span class=\"_ _1\"></span>iste<span class=\"_ _1\"></span>nze i<span class=\"_ _1\"></span>nizia<span class=\"_ _f\"></span>li lorde<span class=\"_ _f\"></span> 134.<span class=\"_ _1\"></span>838 329.3<span class=\"_ _f\"></span>12 44.6<span class=\"_ _f\"></span>27 69.6<span class=\"_ _f\"></span>83 161.2<span class=\"_ _f\"></span>10 739<span class=\"_ _1\"></span>.670 A.1 Riduzioni di va<span class=\"_ _f\"></span>l<span class=\"_ _2\"></span>ore tota<span class=\"_ _1\"></span>li nette - 220.764<span class=\"_ _df\"> </span>32.858 50.063 123.172 426.857 A.2 Es<span class=\"_ _1\"></span>iste<span class=\"_ _1\"></span>nze<span class=\"_ _f\"></span> iniziali n<span class=\"_ _f\"></span>ette 134.<span class=\"_ _1\"></span>838 108.5<span class=\"_ _f\"></span>48 11.76<span class=\"_ _1\"></span>9 19.6<span class=\"_ _1\"></span>20 38.0<span class=\"_ _1\"></span>38 312.<span class=\"_ _1\"></span>813 B. A<span class=\"_ _1\"></span>umen<span class=\"_ _f\"></span>ti: 28<span class=\"ls0\"> </span>10.145<span class=\"_ _f\"></span> 1.473<span class=\"_ _f\"></span> 4.824<span class=\"_ _f\"></span> 13.93<span class=\"_ _f\"></span>4 30.4<span class=\"_ _1\"></span>04<span class=\"_ _1\"></span> B.1 Acquisti - 10.117<span class=\"_ _df\"> </span>1.467 4.809 13.919 30.312 - di cui operazio<span class=\"_ _1\"></span>ni di aggregaz<span class=\"_ _1\"></span>ione<span class=\"_ _df\"> </span>- - - - - - aziendale<span class=\"_ _df\"> </span>B.2 Spese per m<span class=\"_ _1\"></span>igliorie capitalizz<span class=\"_ _1\"></span>ate - - - - - - B.3 Riprese di val<span class=\"_ _1\"></span>ore - - - - - - B.4 Variazioni p<span class=\"_ _1\"></span>ositive di fair <span class=\"_ _1\"></span>value<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>imputate a<span class=\"_ _df\"> </span>a) patrimonio ne<span class=\"_ _1\"></span>tto<span class=\"_ _df\"> </span>- - - - - - b) conto econ<span class=\"_ _1\"></span>omico - - - - - - B.5 Differenze p<span class=\"_ _f\"></span>o<span class=\"_ _2\"></span>sitive di<span class=\"_ _1\"></span> cambio<span class=\"_ _df\"> </span>- - - - - - B.6 Trasferimen<span class=\"_ _1\"></span>ti da immobili<span class=\"_ _df\"> </span>- - X X X - detenuti a scopo d<span class=\"_ _1\"></span>i investiment<span class=\"_ _f\"></span>o<span class=\"_ _df\"> </span>B.7 Altre variaz<span class=\"_ _1\"></span>ioni<span class=\"_ _df\"> </span>28<span class=\"ls0\"> </span>28<span class=\"ls0\"> </span>6 15<span class=\"ls0\"> </span>15<span class=\"ls0\"> </span>92<span class=\"ls0\"> </span>C. Dim<span class=\"_ _f\"></span>inuzion<span class=\"_ _f\"></span>i: - 8.598<span class=\"_ _f\"></span> 2.32<span class=\"_ _1\"></span>5 4.34<span class=\"_ _1\"></span>5 6.57<span class=\"_ _f\"></span>1 21.83<span class=\"_ _f\"></span>9 C.1 Vendite - 120<span class=\"ls0\"> </span>- 1 10<span class=\"ls0\"> </span>131 - di cui operazio<span class=\"_ _1\"></span>ni di aggregaz<span class=\"_ _1\"></span>ione<span class=\"_ _df\"> </span>- - - - - - aziendale<span class=\"_ _df\"> </span>C.2 Ammortame<span class=\"_ _1\"></span>nti - 8.364 2.319 4.138 6.537 21.358 C.3 Rettifiche d<span class=\"_ _1\"></span>i valore da<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>deterioramento <span class=\"_ _1\"></span>imputate a<span class=\"_ _df\"> </span>a) patrimonio ne<span class=\"_ _1\"></span>tto<span class=\"_ _df\"> </span>- - - - - - b) conto econ<span class=\"_ _1\"></span>omico - - - - - - C.4 Variazioni neg<span class=\"_ _1\"></span>ative di fair va<span class=\"_ _f\"></span>l<span class=\"_ _2\"></span>ue<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>imputate a<span class=\"_ _df\"> </span>a) patrimonio ne<span class=\"_ _1\"></span>tto<span class=\"_ _df\"> </span>- - - - - - b) conto economic<span class=\"_ _f\"></span>o - - - - - - C.5 Differenze<span class=\"_ _1\"></span> negative di camb<span class=\"_ _1\"></span>io<span class=\"_ _df\"> </span>- - - - - - C.6 Trasferimenti<span class=\"_ _1\"></span> a: - - - - - - a) attivit\u00e0 mater<span class=\"_ _1\"></span>iali detenute a scopo di invest<span class=\"_ _1\"></span>imento - - X X X - b) attivit\u00e0 non co<span class=\"_ _1\"></span>rrenti e gruppi d<span class=\"_ _1\"></span>i<span class=\"_ _df\"> </span>- - - - - - attivit\u00e0 in via di d<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span>smissi<span class=\"_ _1\"></span>one<span class=\"_ _df\"> </span>C.7 Altre variazi<span class=\"_ _1\"></span>oni - 114<span class=\"ls0\"> </span>6 206<span class=\"ls0\"> </span>24<span class=\"ls0\"> </span>350 D. Rim<span class=\"_ _f\"></span>anenz<span class=\"_ _1\"></span>e fin<span class=\"_ _f\"></span>ali net<span class=\"_ _1\"></span>te 134.<span class=\"_ _1\"></span>866<span class=\"_ _f\"></span> 110.09<span class=\"_ _f\"></span>5 10.917<span class=\"_ _f\"></span> 20.09<span class=\"_ _f\"></span>9 45.4<span class=\"_ _1\"></span>01 321.37<span class=\"_ _f\"></span>8 D.1 Riduzioni di <span class=\"_ _1\"></span>valore totali ne<span class=\"_ _1\"></span>tte - 229.753 35.167 52.471 128.834 446.225 D.2 <span class=\"_ _1\"></span>Rima<span class=\"_ _f\"></span>nenze fi<span class=\"_ _1\"></span>nal<span class=\"_ _1\"></span>i lorde<span class=\"_ _f\"></span> 134.<span class=\"_ _1\"></span>866<span class=\"_ _f\"></span> 339<span class=\"_ _1\"></span>.848<span class=\"_ _f\"></span> 46.0<span class=\"_ _1\"></span>84 72.57<span class=\"_ _f\"></span>0 174.2<span class=\"_ _f\"></span>35 767<span class=\"_ _1\"></span>.603 E. Valutazione a<span class=\"_ _1\"></span>l costo<span class=\"_ _df\"> </span>9.6 bis<span class=\"_ _f\"></span> Attivit\u00e0<span class=\"_ _1\"></span> ma<span class=\"_ _1\"></span>teria<span class=\"_ _f\"></span>li<span class=\"_ _2\"></span> a<span class=\"_ _1\"></span>d uso<span class=\"_ _1\"></span> funzio<span class=\"_ _f\"></span>nale (dir<span class=\"_ _1\"></span>itti d<span class=\"_ _1\"></span>'uso <span class=\"_ _1\"></span>acquis<span class=\"_ _f\"></span>iti con <span class=\"_ _f\"></span>il leasing):<span class=\"_ _1\"></span> var<span class=\"_ _1\"></span>iazio<span class=\"_ _1\"></span>ni ann<span class=\"_ _1\"></span>ue Terre<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span> Fab<span class=\"_ _1\"></span>brica<span class=\"_ _f\"></span>ti Mobi<span class=\"_ _f\"></span>li Imp<span class=\"_ _1\"></span>ian<span class=\"_ _1\"></span>ti<span class=\"_ _df\"> </span>Altr<span class=\"_ _f\"></span>e Tota<span class=\"_ _1\"></span>le elett<span class=\"_ _1\"></span>ronic<span class=\"_ _1\"></span>i<span class=\"_ _df\"> </span>A. Es<span class=\"_ _f\"></span>istenz<span class=\"_ _1\"></span>e ini<span class=\"_ _1\"></span>ziali<span class=\"_ _1\"></span> lord<span class=\"_ _1\"></span>e - 232.<span class=\"_ _1\"></span>333<span class=\"_ _1\"></span> -  -  6.83<span class=\"_ _f\"></span>5  239.1<span class=\"_ _f\"></span>68  A.1 Riduzioni <span class=\"_ _f\"></span>di<span class=\"_ _2\"></span> valor<span class=\"_ _1\"></span>e totali net<span class=\"_ _1\"></span>te<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>110.252 -  -  2.965  113.217  A.2 E<span class=\"_ _1\"></span>sis<span class=\"_ _1\"></span>tenz<span class=\"_ _f\"></span>e inizi<span class=\"_ _1\"></span>ali ne<span class=\"_ _1\"></span>tte - 122.0<span class=\"_ _1\"></span>81 -  -  3.87<span class=\"_ _f\"></span>0  125.9<span class=\"_ _1\"></span>51 <span class=\"_ _1\"></span> B. Au<span class=\"_ _f\"></span>menti<span class=\"_ _1\"></span>: - 30.5<span class=\"_ _1\"></span>72 -  -  3.94<span class=\"_ _f\"></span>2  34.5<span class=\"_ _1\"></span>14  B.1 Acquisti<span class=\"_ _f\"></span> -<span class=\"_ _df\"> </span>17.746<span class=\"_ _df\"> </span>-  -  2.903  20.649  - di cui opera<span class=\"_ _f\"></span>z<span class=\"_ _2\"></span>ioni d<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span> aggre<span class=\"_ _1\"></span>gazione<span class=\"_ _df\"> </span>-  -  -  -  -  -  aziendale<span class=\"_ _df\"> </span>B.2 Spese per <span class=\"_ _f\"></span>migliorie capitaliz<span class=\"_ _f\"></span>z<span class=\"_ _2\"></span>ate -  -  -  -  -  -  B.3 Riprese <span class=\"_ _1\"></span>di valore<span class=\"_ _1\"></span> -  18  -  -  -  18  B.4 Variazio<span class=\"_ _1\"></span>ni positive d<span class=\"_ _f\"></span>i fair value imp<span class=\"_ _1\"></span>utate<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>a<span class=\"_ _df\"> </span>a) patrimon<span class=\"_ _1\"></span>io netto<span class=\"_ _df\"> </span>-  -  -  -  -  -  b) conto eco<span class=\"_ _1\"></span>nomico -  -  -  -  -  -  B.5 Diffe<span class=\"_ _1\"></span>renze positive d<span class=\"_ _f\"></span>i cambio -  -  -  -  -  -  B.6 Trasferi<span class=\"_ _1\"></span>menti da <span class=\"_ _1\"></span>immobili de<span class=\"_ _1\"></span>tenuti a scopo di inve<span class=\"_ _f\"></span>stimento -  -  X X X -  B.7 Altre varia<span class=\"_ _f\"></span>zioni -<span class=\"_ _df\"> </span>12.808 -  -  1.039  13.847  C. Di<span class=\"_ _f\"></span>minuzi<span class=\"_ _f\"></span>oni: - 36.1<span class=\"_ _1\"></span>58 -  -  3.15<span class=\"_ _1\"></span>2  39.31<span class=\"_ _f\"></span>0  C.1 Vendite<span class=\"_ _1\"></span> -  53  -  -  44 <span class=\"ls0\"> </span>97  - di cui opera<span class=\"_ _f\"></span>z<span class=\"_ _2\"></span>ioni d<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span> aggre<span class=\"_ _1\"></span>gazione<span class=\"_ _df\"> </span>-  -  -  -  -  -  aziendale<span class=\"_ _df\"> </span>C.2 Ammor<span class=\"_ _1\"></span>tamenti -<span class=\"_ _df\"> </span>21.861<span class=\"_ _df\"> </span>-  -  1.887  23.748  C.3 Rettifiche <span class=\"_ _f\"></span>di valore da deter<span class=\"_ _1\"></span>ioramento<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>28<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>28<span class=\"_ _df\"> </span>imputate a<span class=\"_ _df\"> </span>a) patrimon<span class=\"_ _1\"></span>io netto<span class=\"_ _df\"> </span>-  -  -  -  -  -  b) conto eco<span class=\"_ _1\"></span>nomico -  28  -  -  -  28  C.4 Variazion<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span> negat<span class=\"_ _1\"></span>ive di fair va<span class=\"_ _f\"></span>lue imputate<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>a<span class=\"_ _df\"> </span>a) patrimon<span class=\"_ _1\"></span>io netto<span class=\"_ _df\"> </span>-  -  -  -  -  -  b) conto eco<span class=\"_ _1\"></span>nomico -  -  -  -  -  -  C.5 Differ<span class=\"_ _1\"></span>enze negative <span class=\"_ _1\"></span>di cambio -  -  -  -  -  -  C.6 Trasfer<span class=\"_ _1\"></span>imenti a: -  -  -  -  -  -  a) attivit\u00e0 m<span class=\"_ _1\"></span>ateriali deten<span class=\"_ _f\"></span>ute a scopo di<span class=\"_ _df\"> </span>-  -  X X X -  investiment<span class=\"_ _1\"></span>o<span class=\"_ _df\"> </span>b) attivit\u00e0 no<span class=\"_ _f\"></span>n correnti e gruppi d<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span> attiv<span class=\"_ _1\"></span>it\u00e0<span class=\"_ _df\"> </span>-  -  -  -  -  -  in via di dism<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span>ssione<span class=\"_ _df\"> </span>C.7 Altre vari<span class=\"_ _1\"></span>azio<span class=\"lsd6\">ni</span> -<span class=\"_ _df\"> </span>14.216<span class=\"_ _df\"> </span>-  -  1.221  15.437  D. Ri<span class=\"_ _f\"></span>manen<span class=\"_ _f\"></span>ze final<span class=\"_ _1\"></span>i net<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span> - 116.4<span class=\"_ _f\"></span>95 -  -  4.66<span class=\"_ _f\"></span>0  121.<span class=\"_ _1\"></span>155 <span class=\"_ _1\"></span> D.1 Riduzio<span class=\"_ _1\"></span>ni di valore t<span class=\"_ _f\"></span>otali nette<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>118.951<span class=\"_ _df\"> </span>-  -  3.317  122.268  D.2 Ri<span class=\"_ _f\"></span>manen<span class=\"_ _f\"></span>ze fina<span class=\"_ _f\"></span>li lorde<span class=\"_ _f\"></span> - 235.4<span class=\"_ _1\"></span>46 -  -  7.97<span class=\"_ _f\"></span>7  243.4<span class=\"_ _f\"></span>23  E. Valutazio<span class=\"_ _f\"></span>n<span class=\"_ _2\"></span>e al co<span class=\"_ _f\"></span>sto<span class=\"_ _df\"> </span>Si fornisce anche la tabe<span class=\"_ _1\"></span>lla di movimentazione dei di<span class=\"_ _1\"></span>ritti d\u2019uso acquisiti con il leasing<span class=\"_ _1\"></span> in quanto tali attivit\u00e0 sono rilevanti.  9.7 At<span class=\"_ _1\"></span>tivit\u00e0<span class=\"_ _f\"></span> mater<span class=\"_ _1\"></span>iali de<span class=\"_ _1\"></span>tenute<span class=\"_ _1\"></span> a s<span class=\"_ _f\"></span>copo di <span class=\"_ _1\"></span>invest<span class=\"_ _1\"></span>imento<span class=\"_ _f\"></span>: varia<span class=\"_ _1\"></span>zioni <span class=\"_ _f\"></span>annue <table class=\"s wb93 h4de\" id=\"_f225e6f3-82c4-4500-be6b-ac971073d9c5\"><tr><td></td><td class=\"c x532 y294c w3c2 hc8\"><div class=\"t m0 xe8 h1f y28b ff4 fs7 fc4 sc3 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale </div></td><td></td></tr><tr><td></td><td class=\"c x532 y294d w3c3 hc8\"><div class=\"t m0 x26 h1f y28b ff4 fs7 fc4 sc3 ls0 ws0\">Terr<span class=\"_ _f\"></span>eni </div></td><td class=\"c x533 y294d w3c4 hc8\"><div class=\"t m0 x35 h1f y28b ff4 fs7 fc4 sc3 ls0 ws0\">Fabbr<span class=\"_ _1\"></span>icat<span class=\"_ _1\"></span>i </div></td></tr><tr><td class=\"c x44e y294e w3c5 hc8\"><div class=\"t m0 x10 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">A. Es<span class=\"_ _1\"></span>iste<span class=\"_ _1\"></span>nze i<span class=\"_ _1\"></span>nizia<span class=\"_ _f\"></span>li </div></td><td class=\"c x534 y294e w3c6 hc8\"><div class=\"t m0 x11d h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">2.378<span class=\"_ _f\"></span> </div></td><td class=\"c x533 y294e w3c6 hc8\"><div class=\"t m0 xef h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">2.390<span class=\"_ _f\"></span> </div></td></tr><tr><td class=\"c x44e y294f w3c5 hc8\"><div class=\"t m0 x10 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">B. A<span class=\"_ _1\"></span>umen<span class=\"_ _f\"></span>ti </div></td><td class=\"c x534 y294f w3c6 hc8\"><div class=\"t m0 xe5 h1f ye4c ff4 fs7 fc1 sc2 lsbc ws0\">32<span class=\"ls0\"> </span></div></td><td class=\"c x533 y294f w3c6 hc8\"><div class=\"t m0 x66 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">5 </div></td></tr><tr><td class=\"c x44e y2950 w3c5 hc8\"><div class=\"t m0 x16a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">B.1 Acquisti </div></td><td class=\"c x534 y2950 w3c6 hc8\"><div class=\"t m0 xe5 h1f y28b ff4 fs7 fc1 sc0 ls27 ws0\">32<span class=\"ls0\"> </span></div></td><td class=\"c x533 y2950 w3c6 hc8\"><div class=\"t m0 xc h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2951 w3c5 hc8\"><div class=\"t m0 x14 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- di cui operazio<span class=\"_ _1\"></span>ni di aggregaz<span class=\"_ _1\"></span>ione aziendale </div></td><td class=\"c x534 y2951 w3c6 hc8\"><div class=\"t m0 xc h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x533 y2951 w3c6 hc8\"><div class=\"t m0 xc h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2952 w3c5 hc8\"><div class=\"t m0 x16a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">B.2 Spese per m<span class=\"_ _1\"></span>igliorie capitalizz<span class=\"_ _1\"></span>ate </div></td><td class=\"c x534 y2952 w3c6 hc8\"><div class=\"t m0 xc h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x533 y2952 w3c6 hc8\"><div class=\"t m0 xc h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2953 w3c5 hc8\"><div class=\"t m0 x16a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">B.3 Variazioni po<span class=\"_ _f\"></span>si<span class=\"_ _2\"></span>tive di <span class=\"_ _f\"></span>f<span class=\"_ _2\"></span>air value </div></td><td class=\"c x534 y2953 w3c6 hc8\"><div class=\"t m0 xc h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x533 y2953 w3c6 hc8\"><div class=\"t m0 xc h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2954 w3c5 hc8\"><div class=\"t m0 x16a h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">B.4 Riprese di va<span class=\"_ _1\"></span>lore </div></td><td class=\"c x534 y2954 w3c6 hc8\"><div class=\"t m0 xc h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x533 y2954 w3c6 hc8\"><div class=\"t m0 xc h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2955 w3c5 hc8\"><div class=\"t m0 x16a h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">B.5 Differenze d<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span> cambio <span class=\"_ _1\"></span>positive </div></td><td class=\"c x534 y2955 w3c6 hc8\"><div class=\"t m0 xc h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x533 y2955 w3c6 hc8\"><div class=\"t m0 xc h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2956 w3c5 hc8\"><div class=\"t m0 x16a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">B.6 Trasferimen<span class=\"_ _1\"></span>ti da immobili ad<span class=\"_ _f\"></span> uso funzionale<span class=\"_ _df\"> </span></div></td><td class=\"c x534 y2956 w3c6 hc8\"><div class=\"t m0 xc h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x533 y2956 w3c6 hc8\"><div class=\"t m0 xc h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2957 w3c5 hc8\"><div class=\"t m0 x16a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">B.7 Altre variaz<span class=\"_ _1\"></span>ioni<span class=\"_ _df\"> </span></div></td><td class=\"c x534 y2957 w3c6 hc8\"><div class=\"t m0 xc h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x533 y2957 w3c6 hc8\"><div class=\"t m0 x66 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">5 </div></td></tr><tr><td class=\"c x44e y2958 w3c5 hc8\"><div class=\"t m0 x10 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">C. Dim<span class=\"_ _f\"></span>inuzion<span class=\"_ _f\"></span>i </div></td><td class=\"c x534 y2958 w3c6 hc8\"><div class=\"t m0 x1e6 h1f y28b ff4 fs7 fc1 sc2 ls9 ws0\">12<span class=\"ls0\"> </span></div></td><td class=\"c x533 y2958 w3c6 hc8\"><div class=\"t m0 xe5 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">171 </div></td></tr><tr><td class=\"c x44e y2959 w3c5 hc8\"><div class=\"t m0 x16a h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">C.1 Vendite </div></td><td class=\"c x534 y2959 w3c6 hc8\"><div class=\"t m0 xe8 h1f y28b ff4 fs7 fc1 sc0 ls9 ws0\">12<span class=\"ls0\"> </span></div></td><td class=\"c x533 y2959 w3c6 hc8\"><div class=\"t m0 xe5 h1f y28b ff4 fs7 fc1 sc0 ls2a ws0\">20<span class=\"ls0\"> </span></div></td></tr><tr><td class=\"c x44e y295a w3c5 hc8\"><div class=\"t m0 x14 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- di cui operazio<span class=\"_ _1\"></span>ni di aggregaz<span class=\"_ _1\"></span>ione aziendale </div></td><td class=\"c x534 y295a w3c6 hc8\"><div class=\"t m0 xc h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x533 y295a w3c6 hc8\"><div class=\"t m0 xc h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y295b w3c5 hc8\"><div class=\"t m0 x16a h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">C.2 Ammortame<span class=\"_ _1\"></span>nti </div></td><td class=\"c x534 y295b w3c6 hc8\"><div class=\"t m0 xc h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x533 y295b w3c6 hc8\"><div class=\"t m0 xe6 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">151 </div></td></tr><tr><td class=\"c x44e y295c w3c5 hc8\"><div class=\"t m0 x16a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">C.3 Variazioni nega<span class=\"_ _f\"></span>tive di fair value </div></td><td class=\"c x534 y295c w3c6 hc8\"><div class=\"t m0 xc h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x533 y295c w3c6 hc8\"><div class=\"t m0 xc h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y295d w3c5 hc8\"><div class=\"t m0 x16a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">C.4 Rettifiche di <span class=\"_ _f\"></span>v<span class=\"_ _2\"></span>alore d<span class=\"_ _1\"></span>a deteriorame<span class=\"_ _1\"></span>nto<span class=\"_ _df\"> </span></div></td><td class=\"c x534 y295d w3c6 hc8\"><div class=\"t m0 xc h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x533 y295d w3c6 hc8\"><div class=\"t m0 xc h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y295e w3c5 hc8\"><div class=\"t m0 x16a h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">C.5 Differenze<span class=\"_ _1\"></span> di cambio negati<span class=\"_ _1\"></span>ve<span class=\"_ _df\"> </span></div></td><td class=\"c x534 y295e w3c6 hc8\"><div class=\"t m0 xc h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x533 y295e w3c6 hc8\"><div class=\"t m0 xc h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y295f w3c5 hc8\"><div class=\"t m0 x16a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">C.6 Trasferimenti<span class=\"_ _1\"></span> a: </div></td><td class=\"c x534 y295f w3c6 hc8\"><div class=\"t m0 xc h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x533 y295f w3c6 hc8\"><div class=\"t m0 xc h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2960 w3c5 hc8\"><div class=\"t m0 x14 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">a) immobili ad us<span class=\"_ _1\"></span>o funzionale </div></td><td class=\"c x534 y2960 w3c6 hc8\"><div class=\"t m0 xc h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x533 y2960 w3c6 hc8\"><div class=\"t m0 xc h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2961 w3c5 hc8\"><div class=\"t m0 x14 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">b) attivit\u00e0 non co<span class=\"_ _1\"></span>rrenti e gruppi d<span class=\"_ _1\"></span>i attivit\u00e0 in <span class=\"_ _1\"></span>via di dismissi<span class=\"_ _1\"></span>one<span class=\"_ _df\"> </span></div></td><td class=\"c x534 y2961 w3c6 hc8\"><div class=\"t m0 xc h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x533 y2961 w3c6 hc8\"><div class=\"t m0 xc h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2962 w3c5 hc8\"><div class=\"t m0 x16a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">C.7 Altre variazi<span class=\"_ _1\"></span>oni </div></td><td class=\"c x534 y2962 w3c6 hc8\"><div class=\"t m0 xc h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x533 y2962 w3c6 hc8\"><div class=\"t m0 xc h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2963 w3c5 h227\"><div class=\"t m0 x10 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">D. Rim<span class=\"_ _f\"></span>anenz<span class=\"_ _1\"></span>e fin<span class=\"_ _f\"></span>ali </div></td><td class=\"c x534 y2963 w3c6 h227\"><div class=\"t m0 xef h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">2.398<span class=\"_ _f\"></span> </div></td><td class=\"c x533 y2963 w3c6 h227\"><div class=\"t m0 x11d h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">2.224<span class=\"_ _f\"></span> </div></td></tr><tr><td class=\"c x44e y2964 w3c5 hc8\"><div class=\"t m0 x10 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">E. Valutazione a<span class=\"_ _1\"></span>l fair value </div></td><td class=\"c x534 y2964 w3c6 hc8\"><div class=\"t m0 x124 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">1.568 </div></td><td class=\"c x533 y2964 w3c6 hc8\"><div class=\"t m0 xef h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">5.539 </div></td></tr></table>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfInvestmentPropertyExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-868": {
   "value": "Sezio<span class=\"_ _1\"></span>ne 9 <span class=\"ff5\">\u2013<span class=\"_ _1\"></span><span class=\"ff4\"> Attivit\u00e0<span class=\"_ _f\"></span> materiali <span class=\"_ _f\"></span><span class=\"ff5\">\u2013<span class=\"ff4\"> Voce 90<span class=\"_ _f\"></span> </span></span></span></span>9.1 At<span class=\"_ _1\"></span>tivit<span class=\"_ _1\"></span>\u00e0 mat<span class=\"_ _1\"></span>eria<span class=\"_ _1\"></span>li ad <span class=\"_ _1\"></span>uso fu<span class=\"_ _f\"></span>nzionale<span class=\"_ _1\"></span>: com<span class=\"_ _f\"></span>posizion<span class=\"_ _1\"></span>e del<span class=\"_ _1\"></span>le a<span class=\"_ _1\"></span>ttivit<span class=\"_ _1\"></span>\u00e0 valu<span class=\"_ _1\"></span>tate<span class=\"_ _1\"></span> al co<span class=\"_ _f\"></span>sto<span class=\"fc1 sc0\"> </span><table class=\"s wb6b h4d1\" id=\"_8c4dcb0b-38f9-40b5-a2dc-a0235caf3367\"><tr><td class=\"c x46b y28c2 w3ac h15\"><div class=\"t m0 xa1 h1f y655 ff4 fs7 fc4 sc3 ls0 ws0\">Atti<span class=\"_ _1\"></span>vit\u00e0/V<span class=\"_ _f\"></span>alori<span class=\"fc1 sc0\"> </span></div></td><td></td><td class=\"c x4fc y28c3 w31e hc8\"><div class=\"t m0 x12 h1f y32 ff4 fs7 fc4 sc3 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale<span class=\"fc1 sc0\"> </span></div></td><td></td><td class=\"c x4fd y28c3 w3ad hc8\"><div class=\"t m0 x12 h1f y32 ff4 fs7 fc4 sc3 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale<span class=\"fc1 sc0\"> </span></div></td><td></td></tr><tr><td></td><td></td><td class=\"c x4fc y28c2 w31e hc8\"><div class=\"t m0 x30 h1f y153d ff4 fs7 fc4 sc3 ls0 ws0\">31/12/<span class=\"_ _f\"></span>2025<span class=\"fc1 sc0\"> </span></div></td><td class=\"c x4fe y28c4 w993 h4d2\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/<span class=\"_ _df\"> </span></div></td><td class=\"c x4ff y28c4 w994 h4d2\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">2024<span class=\"_ _df\"> </span></div></td><td></td></tr><tr><td class=\"c x46b y28c5 w3ae hc8\"><div class=\"t m0 x8a h1f y32 ff4 fs7 fc1 sc2 ls0 ws0\">1. Att<span class=\"_ _1\"></span>ivit\u00e0<span class=\"_ _1\"></span> di pr<span class=\"_ _1\"></span>opr<span class=\"_ _1\"></span>iet\u00e0<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td><td></td><td></td><td class=\"c x4fc y28c5 w31e hc8\"><div class=\"t m0 x66 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">321.37<span class=\"_ _f\"></span>8<span class=\"sc0\"> </span></div></td><td></td><td class=\"c x4fd y28c5 w3af hc8\"><div class=\"t m0 xc h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">312.<span class=\"_ _1\"></span>813<span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x46b y28c6 w3ae hc8\"><div class=\"t m0 x116 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">a) terreni </div></td><td></td><td></td><td class=\"c x4fc y28c6 w31e hc8\"><div class=\"t m0 x12a h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">134.866 </div></td><td></td><td class=\"c x4fd y28c6 w3af hc8\"><div class=\"t m0 x12a h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">134.838 </div></td></tr><tr><td class=\"c x46b y28c7 w3ae hc8\"><div class=\"t m0 x116 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">b) fabbricati </div></td><td></td><td></td><td class=\"c x4fc y28c7 w31e hc8\"><div class=\"t m0 x66 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">110.095 </div></td><td></td><td class=\"c x4fd y28c7 w3af hc8\"><div class=\"t m0 x12a h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">108.548 </div></td></tr><tr><td class=\"c x46b y28c8 w3ae hc8\"><div class=\"t m0 x116 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">c) mobili </div></td><td></td><td></td><td class=\"c x4fc y28c8 w31e hc8\"><div class=\"t m0 x11e h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">10.917 </div></td><td></td><td class=\"c x4fd y28c8 w3af hc8\"><div class=\"t m0 xe4 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">11.769 </div></td></tr><tr><td class=\"c x46b y28c9 w3ae hc8\"><div class=\"t m0 x116 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">d) impianti elettr<span class=\"_ _f\"></span>o<span class=\"_ _2\"></span>nici<span class=\"_ _df\"> </span></div></td><td></td><td></td><td class=\"c x4fc y28c9 w31e hc8\"><div class=\"t m0 xc h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">20.099 </div></td><td></td><td class=\"c x4fd y28c9 w3af hc8\"><div class=\"t m0 x199 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">19.620 </div></td></tr><tr><td class=\"c x46b y28ca w3ae hc8\"><div class=\"t m0 x116 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">e) altre </div></td><td></td><td></td><td class=\"c x4fc y28ca w31e hc8\"><div class=\"t m0 x199 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">45.401 </div></td><td></td><td class=\"c x4fd y28ca w3af hc8\"><div class=\"t m0 xc h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">38.038 </div></td></tr><tr><td class=\"c x46b y28cb w3ae hc8\"><div class=\"t m0 x8a h1f y32 ff4 fs7 fc1 sc2 ls0 ws0\">2. Dir<span class=\"_ _1\"></span>itti d'<span class=\"_ _f\"></span>uso acq<span class=\"_ _f\"></span>uisiti<span class=\"_ _1\"></span> con il<span class=\"_ _1\"></span> leas<span class=\"_ _1\"></span>ing<span class=\"sc0\"> </span></div></td><td></td><td></td><td class=\"c x4fc y28cb w31e hc8\"><div class=\"t m0 x199 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">121.15<span class=\"_ _1\"></span>5<span class=\"sc0\"> </span></div></td><td></td><td class=\"c x4fd y28cb w3af hc8\"><div class=\"t m0 xc h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">125.95<span class=\"_ _f\"></span>1<span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x46b y28cc w3ae hc8\"><div class=\"t m0 x116 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">a) terreni </div></td><td></td><td></td><td class=\"c x4fc y28cc w31e hc8\"><div class=\"t m0 x120 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x4fd y28cc w3af hc8\"><div class=\"t m0 x120 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y28cd w3ae hc8\"><div class=\"t m0 x116 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">b) fabbricati </div></td><td></td><td></td><td class=\"c x4fc y28cd w31e hc8\"><div class=\"t m0 xc h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">116.495 </div></td><td></td><td class=\"c x4fd y28cd w3af hc8\"><div class=\"t m0 xc h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">122.081 </div></td></tr><tr><td class=\"c x46b y28ce w3ae h227\"><div class=\"t m0 x116 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">c) mobili </div></td><td></td><td></td><td class=\"c x4fc y28ce w31e h227\"><div class=\"t m0 x120 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x4fd y28ce w3af h227\"><div class=\"t m0 x120 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y28cf w3ae hc8\"><div class=\"t m0 x116 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">d) impianti elettr<span class=\"_ _f\"></span>o<span class=\"_ _2\"></span>nici<span class=\"_ _df\"> </span></div></td><td></td><td></td><td class=\"c x4fc y28cf w31e hc8\"><div class=\"t m0 x120 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x4fd y28cf w3af hc8\"><div class=\"t m0 x120 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y28d0 w3ae hc8\"><div class=\"t m0 x116 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">e) altre </div></td><td></td><td></td><td class=\"c x4fc y28d0 w31e hc8\"><div class=\"t m0 xe4 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">4.660 </div></td><td></td><td class=\"c x4fd y28d0 w3af hc8\"><div class=\"t m0 xe3 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">3.870 </div></td></tr><tr><td></td><td class=\"c x46b y28d1 w3ae hc8\"><div class=\"t m0 x1e5 h1f y32 ff4 fs7 fc1 sc2 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale<span class=\"sc0\"> </span></div></td><td></td><td class=\"c x4fc y28d1 w31e hc8\"><div class=\"t m0 x1e6 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">442.5<span class=\"_ _1\"></span>33<span class=\"sc0\"> </span></div></td><td></td><td class=\"c x4fd y28d1 w3af hc8\"><div class=\"t m0 x1e6 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">438.7<span class=\"_ _1\"></span>64<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x46b y28d2 w3ae hc8\"><div class=\"t m0 x8a h1f y32 ff5 fs7 fc1 sc0 ls0 ws0\">di cui: ottenute<span class=\"_ _1\"></span> tramite l\u2019escuss<span class=\"_ _1\"></span>ione delle ga<span class=\"_ _1\"></span>ranzie ricevute<span class=\"ff4\"> </span></div></td><td></td><td></td><td class=\"c x4fc y28d2 w31e hc8\"><div class=\"t m0 x120 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x4fd y28d2 w3af hc8\"><div class=\"t m0 x120 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr></table>Le att<span class=\"_ _2\"></span>ivit\u00e0 materiali <span class=\"_ _2\"></span>sono <span class=\"_ _2\"></span>valutate <span class=\"_ _2\"></span>al cost<span class=\"_ _2\"></span>o, al <span class=\"_ _2\"></span>netto <span class=\"_ _2\"></span>degli ammort<span class=\"_ _2\"></span>amenti e <span class=\"_ _2\"></span>di q<span class=\"_ _2\"></span>ualsiasi perdita <span class=\"_ _2\"></span>per riduzione di valore accumulate. Nelle <span class=\"_ _2\"></span>att<span class=\"_ _2\"></span>ivit\u00e0 <span class=\"_ _2\"></span>materiali <span class=\"_ _d\"></span>\u00e8 <span class=\"_ _d\"></span>anche <span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>icompreso, <span class=\"_ _d\"></span>ai <span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>ensi <span class=\"_ _2\"></span>del <span class=\"_ _d\"></span>principio <span class=\"_ _d\"></span>IFRS16, <span class=\"_ _2\"></span>il <span class=\"_ _d\"></span>Diritto<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>d\u2019Uso <span class=\"_ _d\"></span>(Right <span class=\"_ _d\"></span>of Use) dei beni oggetti di contratti di leasing operativo.<span class=\"_ _df\"> </span><div class=\"c w37c h23c gsa4f\"><div class=\"t m0 x8a h5 yd3d ff4 fs1 fc4 sc3 ls0 ws0\">9.2 Att<span class=\"_ _1\"></span>ivit\u00e0<span class=\"_ _f\"></span> materi<span class=\"_ _1\"></span>ali det<span class=\"_ _1\"></span>enut<span class=\"_ _1\"></span>e a <span class=\"_ _f\"></span>scopo di<span class=\"_ _1\"></span> inves<span class=\"_ _1\"></span>timent<span class=\"_ _f\"></span>o: com<span class=\"_ _1\"></span>posi<span class=\"_ _1\"></span>zione<span class=\"_ _1\"></span> dell<span class=\"_ _1\"></span>e at<span class=\"_ _1\"></span>tivit\u00e0 <span class=\"_ _1\"></span>valut<span class=\"_ _f\"></span>ate al co<span class=\"_ _1\"></span>sto<span class=\"_ _df\"> </span><span class=\"fc1 sc0\"> </span></div></div><div class=\"gsa50\"><table class=\"s wb6c h4d3\" id=\"_16941aff-e33a-48f7-9f04-6bfddb156c27\"><tr><td></td><td></td><td></td><td></td><td></td><td class=\"c x468 y28d3 w3b1 hc8\"><div class=\"t m0 xc h1f y28b ff4 fs7 fc4 sc3 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale<span class=\"_ _df\"> </span><span class=\"fc1 sc0\"> </span></div></td><td></td><td></td><td></td><td></td><td class=\"c x500 y28d3 w3b2 hc8\"><div class=\"t m0 xc h1f y28b ff4 fs7 fc4 sc3 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale<span class=\"_ _df\"> </span><span class=\"fc1 sc0\"> </span></div></td><td></td></tr><tr><td class=\"c x46b y28d4 w3b0 h264\"><div class=\"t m0 x13 h1f y14 ff4 fs7 fc4 sc3 ls0 ws0\">Atti<span class=\"_ _1\"></span>vit\u00e0/V<span class=\"_ _f\"></span>alori<span class=\"_ _df\"> </span><span class=\"fc1 sc0\"> </span></div></td><td></td><td class=\"c x501 y28d5 wa5b h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">Val<span class=\"_ _1\"></span>ore di<span class=\"_ _df\"> </span></div></td><td class=\"c x502 y28d6 w990 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/<span class=\"_ _df\"> </span></div></td><td class=\"c x503 y28d6 w991 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">2025<span class=\"_ _df\"> </span></div></td><td class=\"c x504 y28d7 w3b3 hc8\"><div class=\"t m0 x1c h1f y28b ff4 fs7 fc4 sc3 ls0 ws0\">Fair<span class=\"_ _f\"></span> value<span class=\"_ _df\"> </span><span class=\"fc1 sc0\"> </span></div></td><td></td><td class=\"c x505 y28d5 wa5b h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">Val<span class=\"_ _1\"></span>ore di<span class=\"_ _df\"> </span></div></td><td class=\"c x506 y28d6 w993 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/<span class=\"_ _df\"> </span></div></td><td class=\"c x507 y28d6 w994 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">2024<span class=\"_ _df\"> </span></div></td><td class=\"c x508 y28d7 w3b4 hc8\"><div class=\"t m0 x1c h1f y28b ff4 fs7 fc4 sc3 ls0 ws0\">Fair<span class=\"_ _f\"></span> value<span class=\"_ _df\"> </span><span class=\"fc1 sc0\"> </span></div></td><td></td></tr><tr><td></td><td></td><td class=\"c x509 y28d8 wa60 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">bilan<span class=\"_ _f\"></span>cio<span class=\"_ _df\"> </span></div></td><td class=\"c x504 y28d4 w196 hc8\"><div class=\"t m0 x130 h1f y28b ff4 fs7 fc4 sc3 lsc7 ws0\">L1<span class=\"_ _df\"> </span><span class=\"fc1 sc0 ls0\"> </span></div></td><td></td><td class=\"c x50a y28d4 w3b5 hc8\"><div class=\"t m0 x55 h1f y28b ff4 fs7 fc4 sc3 lsc7 ws0\">L2<span class=\"_ _df\"> </span><span class=\"fc1 sc0 ls0\"> </span></div></td><td class=\"c x50b y28d4 w1c6 hc8\"><div class=\"t m0 x130 h1f y28b ff4 fs7 fc4 sc3 lsc7 ws0\">L3<span class=\"_ _df\"> </span><span class=\"fc1 sc0 ls0\"> </span></div></td><td class=\"c x50c y28d8 wa60 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">bilan<span class=\"_ _f\"></span>cio<span class=\"_ _df\"> </span></div></td><td class=\"c x508 y28d4 w314 hc8\"><div class=\"t m0 x130 h1f y28b ff4 fs7 fc4 sc3 lsc7 ws0\">L1<span class=\"_ _df\"> </span><span class=\"fc1 sc0 ls0\"> </span></div></td><td></td><td class=\"c x50d y28d4 w192 hc8\"><div class=\"t m0 x55 h1f y28b ff4 fs7 fc4 sc3 lsc7 ws0\">L2<span class=\"_ _df\"> </span><span class=\"fc1 sc0 ls0\"> </span></div></td><td class=\"c x50e y28d4 w3b6 hc8\"><div class=\"t m0 x130 h1f y28b ff4 fs7 fc4 sc3 lsc7 ws0\">L3<span class=\"fc1 sc0 ls0\"> </span></div></td></tr><tr><td class=\"c x46b y28d9 w3b0 hc8\"><div class=\"t m0 x8a h1f y32 ff4 fs7 fc1 sc2 ls0 ws0\">1. Att<span class=\"_ _1\"></span>ivit\u00e0<span class=\"_ _1\"></span> di pr<span class=\"_ _1\"></span>opr<span class=\"_ _1\"></span>iet\u00e0<span class=\"_ _df\"> </span><span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td><td></td><td class=\"c x468 y28d9 w197 hc8\"><div class=\"t m0 x48 h1f y32 ff4 fs7 fc1 sc2 ls0 ws0\">4.62<span class=\"_ _f\"></span>2<span class=\"_ _df\"> </span><span class=\"sc0\"> </span></div></td><td></td><td class=\"c x504 y28d9 w1bd hc8\"><div class=\"t m0 x38 h1f y32 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _df\"> </span><span class=\"sc0\"> </span></div></td><td class=\"c x50a y28d9 w3b7 hc8\"><div class=\"t m0 x31 h1f y32 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x50b y28d9 w168 hc8\"><div class=\"t m0 x14 h1f y32 ff4 fs7 fc1 sc2 ls0 ws0\">6.807<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x500 y28d9 w2de hc8\"><div class=\"t m0 x48 h1f y32 ff4 fs7 fc1 sc2 ls0 ws0\">4.76<span class=\"_ _1\"></span>8<span class=\"_ _df\"> </span><span class=\"sc0\"> </span></div></td><td></td><td class=\"c x508 y28d9 w3b8 hc8\"><div class=\"t m0 x38 h1f y32 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _df\"> </span><span class=\"sc0\"> </span></div></td><td class=\"c x50d y28d9 w186 hc8\"><div class=\"t m0 x31 h1f y32 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _df\"> </span><span class=\"sc0\"> </span></div></td><td class=\"c x50f y28d9 w356 hc8\"><div class=\"t m0 x48 h1f y32 ff4 fs7 fc1 sc2 ls0 ws0\">7.10<span class=\"_ _1\"></span>8<span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x46b y28da w3b0 hc8\"><div class=\"t m0 x116 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">a) terreni<span class=\"_ _df\"> </span> </div></td><td></td><td class=\"c x468 y28da w197 hc8\"><div class=\"t m0 x48 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">2.398<span class=\"_ _df\"> </span> </div></td><td></td><td class=\"c x504 y28da w1bd hc8\"><div class=\"t m0 x38 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span> </div></td><td class=\"c x50a y28da w3b7 hc8\"><div class=\"t m0 x31 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x50b y28da w168 hc8\"><div class=\"t m0 x48 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">1.406 </div></td><td class=\"c x500 y28da w2de hc8\"><div class=\"t m0 x48 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">2.378<span class=\"_ _df\"> </span> </div></td><td></td><td class=\"c x508 y28da w3b8 hc8\"><div class=\"t m0 x38 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span> </div></td><td class=\"c x50d y28da w186 hc8\"><div class=\"t m0 x31 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span> </div></td><td class=\"c x50f y28da w356 hc8\"><div class=\"t m0 x48 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">1.568 </div></td></tr><tr><td class=\"c x46b y28db w3b0 hc8\"><div class=\"t m0 x116 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">b) fabbricati<span class=\"_ _df\"> </span> </div></td><td></td><td class=\"c x468 y28db w197 hc8\"><div class=\"t m0 x48 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">2.224<span class=\"_ _df\"> </span> </div></td><td></td><td class=\"c x504 y28db w1bd hc8\"><div class=\"t m0 x38 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span> </div></td><td class=\"c x50a y28db w3b7 hc8\"><div class=\"t m0 x31 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x50b y28db w168 hc8\"><div class=\"t m0 x48 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">5.401 </div></td><td class=\"c x500 y28db w2de hc8\"><div class=\"t m0 x48 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">2.390<span class=\"_ _df\"> </span> </div></td><td></td><td class=\"c x508 y28db w3b8 hc8\"><div class=\"t m0 x38 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span> </div></td><td class=\"c x50d y28db w186 hc8\"><div class=\"t m0 x31 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span> </div></td><td class=\"c x50f y28db w356 hc8\"><div class=\"t m0 x14 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">5.539 </div></td></tr><tr><td class=\"c x262 y28dc wb6d h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc2 ls0 ws0\">2. Dir<span class=\"_ _1\"></span>itti d'<span class=\"_ _f\"></span>uso ac<span class=\"_ _1\"></span>quis<span class=\"_ _1\"></span>iti co<span class=\"_ _1\"></span>n il<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x468 y28dd w197 had\"><div class=\"t m0 x36 h1f y420 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _df\"> </span><span class=\"sc0\"> </span></div></td><td></td><td class=\"c x504 y28dd w1bd had\"><div class=\"t m0 x38 h1f y420 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _df\"> </span><span class=\"sc0\"> </span></div></td><td class=\"c x50a y28dd w3b7 had\"><div class=\"t m0 x31 h1f y420 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _df\"> </span><span class=\"sc0\"> </span></div></td><td class=\"c x50b y28dd w168 had\"><div class=\"t m0 x15 h1f y420 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _df\"> </span><span class=\"sc0\"> </span></div></td><td class=\"c x500 y28dd w2de had\"><div class=\"t m0 x36 h1f y420 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _df\"> </span><span class=\"sc0\"> </span></div></td><td></td><td class=\"c x508 y28dd w3b8 had\"><div class=\"t m0 x38 h1f y420 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _df\"> </span><span class=\"sc0\"> </span></div></td><td class=\"c x50d y28dd w186 had\"><div class=\"t m0 x31 h1f y420 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _df\"> </span><span class=\"sc0\"> </span></div></td><td class=\"c x50f y28dd w356 had\"><div class=\"t m0 x15 h1f y420 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x262 y28de wb6e h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc2 ls0 ws0\">leas<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span>ng<span class=\"_ _df\"> </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=\"c x46b y28df w3b0 hc8\"><div class=\"t m0 x116 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">a) terreni<span class=\"_ _df\"> </span> </div></td><td></td><td class=\"c x468 y28df w197 hc8\"><div class=\"t m0 x36 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span> </div></td><td></td><td class=\"c x504 y28df w1bd hc8\"><div class=\"t m0 x38 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span> </div></td><td class=\"c x50a y28df w3b7 hc8\"><div class=\"t m0 x31 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span> </div></td><td class=\"c x50b y28df w168 hc8\"><div class=\"t m0 x15 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span> </div></td><td class=\"c x500 y28df w2de hc8\"><div class=\"t m0 x36 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span> </div></td><td></td><td class=\"c x508 y28df w3b8 hc8\"><div class=\"t m0 x38 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span> </div></td><td class=\"c x50d y28df w186 hc8\"><div class=\"t m0 x31 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span> </div></td><td class=\"c x50f y28df w356 hc8\"><div class=\"t m0 x15 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y28e0 w3b0 hc8\"><div class=\"t m0 x116 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">b) fabbricati<span class=\"_ _df\"> </span> </div></td><td></td><td class=\"c x468 y28e0 w197 hc8\"><div class=\"t m0 x36 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span> </div></td><td></td><td class=\"c x504 y28e0 w1bd hc8\"><div class=\"t m0 x38 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span> </div></td><td class=\"c x50a y28e0 w3b7 hc8\"><div class=\"t m0 x31 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span> </div></td><td class=\"c x50b y28e0 w168 hc8\"><div class=\"t m0 x15 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span> </div></td><td class=\"c x500 y28e0 w2de hc8\"><div class=\"t m0 x36 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span> </div></td><td></td><td class=\"c x508 y28e0 w3b8 hc8\"><div class=\"t m0 x38 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span> </div></td><td class=\"c x50d y28e0 w186 hc8\"><div class=\"t m0 x31 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span> </div></td><td class=\"c x50f y28e0 w356 hc8\"><div class=\"t m0 x15 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x262 y28e1 wb6f h4d4\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">di cui: ottenute<span class=\"_ _1\"></span> tramite<span class=\"_ _df\"> </span></div></td><td class=\"c x46b y28e2 w3b0 hc8\"><div class=\"t m0 x1de h1f y32 ff4 fs7 fc1 sc2 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale<span class=\"_ _df\"> </span><span class=\"sc0\"> </span></div></td><td class=\"c x468 y28e2 w197 hc8\"><div class=\"t m0 x48 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">4.62<span class=\"_ _f\"></span>2<span class=\"_ _df\"> </span><span class=\"sc0\"> </span></div></td><td></td><td class=\"c x504 y28e2 w1bd hc8\"><div class=\"t m0 x38 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _df\"> </span><span class=\"sc0\"> </span></div></td><td class=\"c x50a y28e2 w3b7 hc8\"><div class=\"t m0 x31 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x50b y28e2 w168 hc8\"><div class=\"t m0 x14 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">6.807<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x500 y28e2 w2de hc8\"><div class=\"t m0 x48 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">4.76<span class=\"_ _1\"></span>8<span class=\"_ _df\"> </span><span class=\"sc0\"> </span></div></td><td></td><td class=\"c x508 y28e2 w3b8 hc8\"><div class=\"t m0 x38 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _df\"> </span><span class=\"sc0\"> </span></div></td><td class=\"c x50d y28e2 w186 hc8\"><div class=\"t m0 x31 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _df\"> </span><span class=\"sc0\"> </span></div></td><td class=\"c x50f y28e2 w356 hc8\"><div class=\"t m0 x48 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">7.10<span class=\"_ _1\"></span>8<span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x262 y2684 wb70 h484\"><div class=\"t m0 x250 h1f y2410 ff5 fs7 fc1 sc0 ls0 ws0\">l\u2019escussione de<span class=\"_ _1\"></span>lle garanzie<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x468 y28e3 w197 ha2\"><div class=\"t m0 x36 h1f y15 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span> </div></td><td></td><td class=\"c x504 y28e3 w1bd ha2\"><div class=\"t m0 x38 h1f y15 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span> </div></td><td class=\"c x50a y28e3 w3b7 ha2\"><div class=\"t m0 x31 h1f y15 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span> </div></td><td class=\"c x50b y28e3 w168 ha2\"><div class=\"t m0 x15 h1f y15 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span> </div></td><td class=\"c x500 y28e3 w2de ha2\"><div class=\"t m0 x36 h1f y15 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span> </div></td><td></td><td class=\"c x508 y28e3 w3b8 ha2\"><div class=\"t m0 x38 h1f y15 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span> </div></td><td class=\"c x50d y28e3 w186 ha2\"><div class=\"t m0 x31 h1f y15 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span> </div></td><td class=\"c x50f y28e3 w356 ha2\"><div class=\"t m0 x15 h1f y15 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x262 y2491 wb71 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">ricevute<span class=\"_ _df\"> </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></table></div><div class=\"t m0 h5 ff4 fs1 fc4 sc3 ls0 ws0 gsa51\">Lege<span class=\"_ _f\"></span>nda:<span class=\"_ _df\"> </span> </div><div class=\"t m0 h1f ff4 fs7 fc1 sc0 ls0 ws0 gsa52\">L1= Livello 1<span class=\"_ _df\"> </span> </div><div class=\"t m0 h1f ff4 fs7 fc1 sc0 ls0 ws0 gsa53\">L2= Livello 2<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs7 fc1 sc0 ls0 ws0 gsa54\">L3= Livello 3<span class=\"_ _df\"> </span><span class=\"fs1\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsa55\">Le <span class=\"_ _2\"></span>attivit\u00e0 <span class=\"_ _2\"></span>materiali <span class=\"_ _2\"></span>sono <span class=\"_ _2\"></span>valutate <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>costo. <span class=\"_ _2\"></span>Il <span class=\"_ _2\"></span>fair <span class=\"_ _2\"></span>value delle <span class=\"_ _2\"></span>att<span class=\"_ _2\"></span>ivit\u00e0 <span class=\"_ _2\"></span>materiali <span class=\"_ _2\"></span>detenu<span class=\"_ _1\"></span>te <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>scopo <span class=\"_ _2\"></span>di<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsa56\">investimento <span class=\"_ _2\"></span>ammonta <span class=\"_ _d\"></span>a <span class=\"_ _d\"></span>6,8 <span class=\"_ _2\"></span>milioni <span class=\"_ _2\"></span>di <span class=\"_ _d\"></span>euro, <span class=\"_ _2\"></span>ed <span class=\"_ _d\"></span>\u00e8 <span class=\"_ _2\"></span>stato <span class=\"_ _d\"></span>determinato <span class=\"_ _2\"></span>da <span class=\"_ _d\"></span>valutatori <span class=\"_ _2\"></span>esperti <span class=\"_ _d\"></span>esterni<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsa57\">ed indipendenti.<span class=\"_ _df\"> </span> </div>9.6 Att<span class=\"_ _1\"></span>ivit\u00e0<span class=\"_ _1\"></span> ma<span class=\"_ _1\"></span>teria<span class=\"_ _f\"></span>li<span class=\"_ _2\"></span> a<span class=\"_ _1\"></span>d uso<span class=\"_ _f\"></span> funziona<span class=\"_ _f\"></span>le: varia<span class=\"_ _1\"></span>zioni a<span class=\"_ _1\"></span>nnue<span class=\"_ _f\"></span> Terr<span class=\"_ _f\"></span>eni Fabbr<span class=\"_ _1\"></span>icat<span class=\"_ _1\"></span>i Mobil<span class=\"_ _1\"></span>i Impi<span class=\"_ _1\"></span>anti<span class=\"_ _df\"> </span>Altr<span class=\"_ _1\"></span>e Tot<span class=\"_ _1\"></span>ale elet<span class=\"_ _1\"></span>troni<span class=\"_ _1\"></span>ci<span class=\"_ _df\"> </span>A. Es<span class=\"_ _1\"></span>iste<span class=\"_ _1\"></span>nze i<span class=\"_ _1\"></span>nizia<span class=\"_ _f\"></span>li lorde<span class=\"_ _f\"></span> 134.<span class=\"_ _1\"></span>838 329.3<span class=\"_ _f\"></span>12 44.6<span class=\"_ _f\"></span>27 69.6<span class=\"_ _f\"></span>83 161.2<span class=\"_ _f\"></span>10 739<span class=\"_ _1\"></span>.670 A.1 Riduzioni di va<span class=\"_ _f\"></span>l<span class=\"_ _2\"></span>ore tota<span class=\"_ _1\"></span>li nette - 220.764<span class=\"_ _df\"> </span>32.858 50.063 123.172 426.857 A.2 Es<span class=\"_ _1\"></span>iste<span class=\"_ _1\"></span>nze<span class=\"_ _f\"></span> iniziali n<span class=\"_ _f\"></span>ette 134.<span class=\"_ _1\"></span>838 108.5<span class=\"_ _f\"></span>48 11.76<span class=\"_ _1\"></span>9 19.6<span class=\"_ _1\"></span>20 38.0<span class=\"_ _1\"></span>38 312.<span class=\"_ _1\"></span>813 B. A<span class=\"_ _1\"></span>umen<span class=\"_ _f\"></span>ti: 28<span class=\"ls0\"> </span>10.145<span class=\"_ _f\"></span> 1.473<span class=\"_ _f\"></span> 4.824<span class=\"_ _f\"></span> 13.93<span class=\"_ _f\"></span>4 30.4<span class=\"_ _1\"></span>04<span class=\"_ _1\"></span> B.1 Acquisti - 10.117<span class=\"_ _df\"> </span>1.467 4.809 13.919 30.312 - di cui operazio<span class=\"_ _1\"></span>ni di aggregaz<span class=\"_ _1\"></span>ione<span class=\"_ _df\"> </span>- - - - - - aziendale<span class=\"_ _df\"> </span>B.2 Spese per m<span class=\"_ _1\"></span>igliorie capitalizz<span class=\"_ _1\"></span>ate - - - - - - B.3 Riprese di val<span class=\"_ _1\"></span>ore - - - - - - B.4 Variazioni p<span class=\"_ _1\"></span>ositive di fair <span class=\"_ _1\"></span>value<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>imputate a<span class=\"_ _df\"> </span>a) patrimonio ne<span class=\"_ _1\"></span>tto<span class=\"_ _df\"> </span>- - - - - - b) conto econ<span class=\"_ _1\"></span>omico - - - - - - B.5 Differenze p<span class=\"_ _f\"></span>o<span class=\"_ _2\"></span>sitive di<span class=\"_ _1\"></span> cambio<span class=\"_ _df\"> </span>- - - - - - B.6 Trasferimen<span class=\"_ _1\"></span>ti da immobili<span class=\"_ _df\"> </span>- - X X X - detenuti a scopo d<span class=\"_ _1\"></span>i investiment<span class=\"_ _f\"></span>o<span class=\"_ _df\"> </span>B.7 Altre variaz<span class=\"_ _1\"></span>ioni<span class=\"_ _df\"> </span>28<span class=\"ls0\"> </span>28<span class=\"ls0\"> </span>6 15<span class=\"ls0\"> </span>15<span class=\"ls0\"> </span>92<span class=\"ls0\"> </span>C. Dim<span class=\"_ _f\"></span>inuzion<span class=\"_ _f\"></span>i: - 8.598<span class=\"_ _f\"></span> 2.32<span class=\"_ _1\"></span>5 4.34<span class=\"_ _1\"></span>5 6.57<span class=\"_ _f\"></span>1 21.83<span class=\"_ _f\"></span>9 C.1 Vendite - 120<span class=\"ls0\"> </span>- 1 10<span class=\"ls0\"> </span>131 - di cui operazio<span class=\"_ _1\"></span>ni di aggregaz<span class=\"_ _1\"></span>ione<span class=\"_ _df\"> </span>- - - - - - aziendale<span class=\"_ _df\"> </span>C.2 Ammortame<span class=\"_ _1\"></span>nti - 8.364 2.319 4.138 6.537 21.358 C.3 Rettifiche d<span class=\"_ _1\"></span>i valore da<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>deterioramento <span class=\"_ _1\"></span>imputate a<span class=\"_ _df\"> </span>a) patrimonio ne<span class=\"_ _1\"></span>tto<span class=\"_ _df\"> </span>- - - - - - b) conto econ<span class=\"_ _1\"></span>omico - - - - - - C.4 Variazioni neg<span class=\"_ _1\"></span>ative di fair va<span class=\"_ _f\"></span>l<span class=\"_ _2\"></span>ue<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>imputate a<span class=\"_ _df\"> </span>a) patrimonio ne<span class=\"_ _1\"></span>tto<span class=\"_ _df\"> </span>- - - - - - b) conto economic<span class=\"_ _f\"></span>o - - - - - - C.5 Differenze<span class=\"_ _1\"></span> negative di camb<span class=\"_ _1\"></span>io<span class=\"_ _df\"> </span>- - - - - - C.6 Trasferimenti<span class=\"_ _1\"></span> a: - - - - - - a) attivit\u00e0 mater<span class=\"_ _1\"></span>iali detenute a scopo di invest<span class=\"_ _1\"></span>imento - - X X X - b) attivit\u00e0 non co<span class=\"_ _1\"></span>rrenti e gruppi d<span class=\"_ _1\"></span>i<span class=\"_ _df\"> </span>- - - - - - attivit\u00e0 in via di d<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span>smissi<span class=\"_ _1\"></span>one<span class=\"_ _df\"> </span>C.7 Altre variazi<span class=\"_ _1\"></span>oni - 114<span class=\"ls0\"> </span>6 206<span class=\"ls0\"> </span>24<span class=\"ls0\"> </span>350 D. Rim<span class=\"_ _f\"></span>anenz<span class=\"_ _1\"></span>e fin<span class=\"_ _f\"></span>ali net<span class=\"_ _1\"></span>te 134.<span class=\"_ _1\"></span>866<span class=\"_ _f\"></span> 110.09<span class=\"_ _f\"></span>5 10.917<span class=\"_ _f\"></span> 20.09<span class=\"_ _f\"></span>9 45.4<span class=\"_ _1\"></span>01 321.37<span class=\"_ _f\"></span>8 D.1 Riduzioni di <span class=\"_ _1\"></span>valore totali ne<span class=\"_ _1\"></span>tte - 229.753 35.167 52.471 128.834 446.225 D.2 <span class=\"_ _1\"></span>Rima<span class=\"_ _f\"></span>nenze fi<span class=\"_ _1\"></span>nal<span class=\"_ _1\"></span>i lorde<span class=\"_ _f\"></span> 134.<span class=\"_ _1\"></span>866<span class=\"_ _f\"></span> 339<span class=\"_ _1\"></span>.848<span class=\"_ _f\"></span> 46.0<span class=\"_ _1\"></span>84 72.57<span class=\"_ _f\"></span>0 174.2<span class=\"_ _f\"></span>35 767<span class=\"_ _1\"></span>.603 E. Valutazione a<span class=\"_ _1\"></span>l costo<span class=\"_ _df\"> </span>9.6 bis<span class=\"_ _f\"></span> Attivit\u00e0<span class=\"_ _1\"></span> ma<span class=\"_ _1\"></span>teria<span class=\"_ _f\"></span>li<span class=\"_ _2\"></span> a<span class=\"_ _1\"></span>d uso<span class=\"_ _1\"></span> funzio<span class=\"_ _f\"></span>nale (dir<span class=\"_ _1\"></span>itti d<span class=\"_ _1\"></span>'uso <span class=\"_ _1\"></span>acquis<span class=\"_ _f\"></span>iti con <span class=\"_ _f\"></span>il leasing):<span class=\"_ _1\"></span> var<span class=\"_ _1\"></span>iazio<span class=\"_ _1\"></span>ni ann<span class=\"_ _1\"></span>ue Terre<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span> Fab<span class=\"_ _1\"></span>brica<span class=\"_ _f\"></span>ti Mobi<span class=\"_ _f\"></span>li Imp<span class=\"_ _1\"></span>ian<span class=\"_ _1\"></span>ti<span class=\"_ _df\"> </span>Altr<span class=\"_ _f\"></span>e Tota<span class=\"_ _1\"></span>le elett<span class=\"_ _1\"></span>ronic<span class=\"_ _1\"></span>i<span class=\"_ _df\"> </span>A. Es<span class=\"_ _f\"></span>istenz<span class=\"_ _1\"></span>e ini<span class=\"_ _1\"></span>ziali<span class=\"_ _1\"></span> lord<span class=\"_ _1\"></span>e - 232.<span class=\"_ _1\"></span>333<span class=\"_ _1\"></span> -  -  6.83<span class=\"_ _f\"></span>5  239.1<span class=\"_ _f\"></span>68  A.1 Riduzioni <span class=\"_ _f\"></span>di<span class=\"_ _2\"></span> valor<span class=\"_ _1\"></span>e totali net<span class=\"_ _1\"></span>te<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>110.252 -  -  2.965  113.217  A.2 E<span class=\"_ _1\"></span>sis<span class=\"_ _1\"></span>tenz<span class=\"_ _f\"></span>e inizi<span class=\"_ _1\"></span>ali ne<span class=\"_ _1\"></span>tte - 122.0<span class=\"_ _1\"></span>81 -  -  3.87<span class=\"_ _f\"></span>0  125.9<span class=\"_ _1\"></span>51 <span class=\"_ _1\"></span> B. Au<span class=\"_ _f\"></span>menti<span class=\"_ _1\"></span>: - 30.5<span class=\"_ _1\"></span>72 -  -  3.94<span class=\"_ _f\"></span>2  34.5<span class=\"_ _1\"></span>14  B.1 Acquisti<span class=\"_ _f\"></span> -<span class=\"_ _df\"> </span>17.746<span class=\"_ _df\"> </span>-  -  2.903  20.649  - di cui opera<span class=\"_ _f\"></span>z<span class=\"_ _2\"></span>ioni d<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span> aggre<span class=\"_ _1\"></span>gazione<span class=\"_ _df\"> </span>-  -  -  -  -  -  aziendale<span class=\"_ _df\"> </span>B.2 Spese per <span class=\"_ _f\"></span>migliorie capitaliz<span class=\"_ _f\"></span>z<span class=\"_ _2\"></span>ate -  -  -  -  -  -  B.3 Riprese <span class=\"_ _1\"></span>di valore<span class=\"_ _1\"></span> -  18  -  -  -  18  B.4 Variazio<span class=\"_ _1\"></span>ni positive d<span class=\"_ _f\"></span>i fair value imp<span class=\"_ _1\"></span>utate<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>a<span class=\"_ _df\"> </span>a) patrimon<span class=\"_ _1\"></span>io netto<span class=\"_ _df\"> </span>-  -  -  -  -  -  b) conto eco<span class=\"_ _1\"></span>nomico -  -  -  -  -  -  B.5 Diffe<span class=\"_ _1\"></span>renze positive d<span class=\"_ _f\"></span>i cambio -  -  -  -  -  -  B.6 Trasferi<span class=\"_ _1\"></span>menti da <span class=\"_ _1\"></span>immobili de<span class=\"_ _1\"></span>tenuti a scopo di inve<span class=\"_ _f\"></span>stimento -  -  X X X -  B.7 Altre varia<span class=\"_ _f\"></span>zioni -<span class=\"_ _df\"> </span>12.808 -  -  1.039  13.847  C. Di<span class=\"_ _f\"></span>minuzi<span class=\"_ _f\"></span>oni: - 36.1<span class=\"_ _1\"></span>58 -  -  3.15<span class=\"_ _1\"></span>2  39.31<span class=\"_ _f\"></span>0  C.1 Vendite<span class=\"_ _1\"></span> -  53  -  -  44 <span class=\"ls0\"> </span>97  - di cui opera<span class=\"_ _f\"></span>z<span class=\"_ _2\"></span>ioni d<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span> aggre<span class=\"_ _1\"></span>gazione<span class=\"_ _df\"> </span>-  -  -  -  -  -  aziendale<span class=\"_ _df\"> </span>C.2 Ammor<span class=\"_ _1\"></span>tamenti -<span class=\"_ _df\"> </span>21.861<span class=\"_ _df\"> </span>-  -  1.887  23.748  C.3 Rettifiche <span class=\"_ _f\"></span>di valore da deter<span class=\"_ _1\"></span>ioramento<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>28<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>28<span class=\"_ _df\"> </span>imputate a<span class=\"_ _df\"> </span>a) patrimon<span class=\"_ _1\"></span>io netto<span class=\"_ _df\"> </span>-  -  -  -  -  -  b) conto eco<span class=\"_ _1\"></span>nomico -  28  -  -  -  28  C.4 Variazion<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span> negat<span class=\"_ _1\"></span>ive di fair va<span class=\"_ _f\"></span>lue imputate<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>a<span class=\"_ _df\"> </span>a) patrimon<span class=\"_ _1\"></span>io netto<span class=\"_ _df\"> </span>-  -  -  -  -  -  b) conto eco<span class=\"_ _1\"></span>nomico -  -  -  -  -  -  C.5 Differ<span class=\"_ _1\"></span>enze negative <span class=\"_ _1\"></span>di cambio -  -  -  -  -  -  C.6 Trasfer<span class=\"_ _1\"></span>imenti a: -  -  -  -  -  -  a) attivit\u00e0 m<span class=\"_ _1\"></span>ateriali deten<span class=\"_ _f\"></span>ute a scopo di<span class=\"_ _df\"> </span>-  -  X X X -  investiment<span class=\"_ _1\"></span>o<span class=\"_ _df\"> </span>b) attivit\u00e0 no<span class=\"_ _f\"></span>n correnti e gruppi d<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span> attiv<span class=\"_ _1\"></span>it\u00e0<span class=\"_ _df\"> </span>-  -  -  -  -  -  in via di dism<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span>ssione<span class=\"_ _df\"> </span>C.7 Altre vari<span class=\"_ _1\"></span>azio<span class=\"lsd6\">ni</span> -<span class=\"_ _df\"> </span>14.216<span class=\"_ _df\"> </span>-  -  1.221  15.437  D. Ri<span class=\"_ _f\"></span>manen<span class=\"_ _f\"></span>ze final<span class=\"_ _1\"></span>i net<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span> - 116.4<span class=\"_ _f\"></span>95 -  -  4.66<span class=\"_ _f\"></span>0  121.<span class=\"_ _1\"></span>155 <span class=\"_ _1\"></span> D.1 Riduzio<span class=\"_ _1\"></span>ni di valore t<span class=\"_ _f\"></span>otali nette<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>118.951<span class=\"_ _df\"> </span>-  -  3.317  122.268  D.2 Ri<span class=\"_ _f\"></span>manen<span class=\"_ _f\"></span>ze fina<span class=\"_ _f\"></span>li lorde<span class=\"_ _f\"></span> - 235.4<span class=\"_ _1\"></span>46 -  -  7.97<span class=\"_ _f\"></span>7  243.4<span class=\"_ _f\"></span>23  E. Valutazio<span class=\"_ _f\"></span>n<span class=\"_ _2\"></span>e al co<span class=\"_ _f\"></span>sto<span class=\"_ _df\"> </span>Si fornisce anche la tabe<span class=\"_ _1\"></span>lla di movimentazione dei di<span class=\"_ _1\"></span>ritti d\u2019uso acquisiti con il leasing<span class=\"_ _1\"></span> in quanto tali attivit\u00e0 sono rilevanti.  9.7 At<span class=\"_ _1\"></span>tivit\u00e0<span class=\"_ _f\"></span> mater<span class=\"_ _1\"></span>iali de<span class=\"_ _1\"></span>tenute<span class=\"_ _1\"></span> a s<span class=\"_ _f\"></span>copo di <span class=\"_ _1\"></span>invest<span class=\"_ _1\"></span>imento<span class=\"_ _f\"></span>: varia<span class=\"_ _1\"></span>zioni <span class=\"_ _f\"></span>annue <table class=\"s wb93 h4de\" id=\"_f225e6f3-82c4-4500-be6b-ac971073d9c5\"><tr><td></td><td class=\"c x532 y294c w3c2 hc8\"><div class=\"t m0 xe8 h1f y28b ff4 fs7 fc4 sc3 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale </div></td><td></td></tr><tr><td></td><td class=\"c x532 y294d w3c3 hc8\"><div class=\"t m0 x26 h1f y28b ff4 fs7 fc4 sc3 ls0 ws0\">Terr<span class=\"_ _f\"></span>eni </div></td><td class=\"c x533 y294d w3c4 hc8\"><div class=\"t m0 x35 h1f y28b ff4 fs7 fc4 sc3 ls0 ws0\">Fabbr<span class=\"_ _1\"></span>icat<span class=\"_ _1\"></span>i </div></td></tr><tr><td class=\"c x44e y294e w3c5 hc8\"><div class=\"t m0 x10 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">A. Es<span class=\"_ _1\"></span>iste<span class=\"_ _1\"></span>nze i<span class=\"_ _1\"></span>nizia<span class=\"_ _f\"></span>li </div></td><td class=\"c x534 y294e w3c6 hc8\"><div class=\"t m0 x11d h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">2.378<span class=\"_ _f\"></span> </div></td><td class=\"c x533 y294e w3c6 hc8\"><div class=\"t m0 xef h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">2.390<span class=\"_ _f\"></span> </div></td></tr><tr><td class=\"c x44e y294f w3c5 hc8\"><div class=\"t m0 x10 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">B. A<span class=\"_ _1\"></span>umen<span class=\"_ _f\"></span>ti </div></td><td class=\"c x534 y294f w3c6 hc8\"><div class=\"t m0 xe5 h1f ye4c ff4 fs7 fc1 sc2 lsbc ws0\">32<span class=\"ls0\"> </span></div></td><td class=\"c x533 y294f w3c6 hc8\"><div class=\"t m0 x66 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">5 </div></td></tr><tr><td class=\"c x44e y2950 w3c5 hc8\"><div class=\"t m0 x16a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">B.1 Acquisti </div></td><td class=\"c x534 y2950 w3c6 hc8\"><div class=\"t m0 xe5 h1f y28b ff4 fs7 fc1 sc0 ls27 ws0\">32<span class=\"ls0\"> </span></div></td><td class=\"c x533 y2950 w3c6 hc8\"><div class=\"t m0 xc h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2951 w3c5 hc8\"><div class=\"t m0 x14 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- di cui operazio<span class=\"_ _1\"></span>ni di aggregaz<span class=\"_ _1\"></span>ione aziendale </div></td><td class=\"c x534 y2951 w3c6 hc8\"><div class=\"t m0 xc h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x533 y2951 w3c6 hc8\"><div class=\"t m0 xc h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2952 w3c5 hc8\"><div class=\"t m0 x16a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">B.2 Spese per m<span class=\"_ _1\"></span>igliorie capitalizz<span class=\"_ _1\"></span>ate </div></td><td class=\"c x534 y2952 w3c6 hc8\"><div class=\"t m0 xc h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x533 y2952 w3c6 hc8\"><div class=\"t m0 xc h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2953 w3c5 hc8\"><div class=\"t m0 x16a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">B.3 Variazioni po<span class=\"_ _f\"></span>si<span class=\"_ _2\"></span>tive di <span class=\"_ _f\"></span>f<span class=\"_ _2\"></span>air value </div></td><td class=\"c x534 y2953 w3c6 hc8\"><div class=\"t m0 xc h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x533 y2953 w3c6 hc8\"><div class=\"t m0 xc h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2954 w3c5 hc8\"><div class=\"t m0 x16a h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">B.4 Riprese di va<span class=\"_ _1\"></span>lore </div></td><td class=\"c x534 y2954 w3c6 hc8\"><div class=\"t m0 xc h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x533 y2954 w3c6 hc8\"><div class=\"t m0 xc h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2955 w3c5 hc8\"><div class=\"t m0 x16a h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">B.5 Differenze d<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span> cambio <span class=\"_ _1\"></span>positive </div></td><td class=\"c x534 y2955 w3c6 hc8\"><div class=\"t m0 xc h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x533 y2955 w3c6 hc8\"><div class=\"t m0 xc h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2956 w3c5 hc8\"><div class=\"t m0 x16a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">B.6 Trasferimen<span class=\"_ _1\"></span>ti da immobili ad<span class=\"_ _f\"></span> uso funzionale<span class=\"_ _df\"> </span></div></td><td class=\"c x534 y2956 w3c6 hc8\"><div class=\"t m0 xc h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x533 y2956 w3c6 hc8\"><div class=\"t m0 xc h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2957 w3c5 hc8\"><div class=\"t m0 x16a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">B.7 Altre variaz<span class=\"_ _1\"></span>ioni<span class=\"_ _df\"> </span></div></td><td class=\"c x534 y2957 w3c6 hc8\"><div class=\"t m0 xc h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x533 y2957 w3c6 hc8\"><div class=\"t m0 x66 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">5 </div></td></tr><tr><td class=\"c x44e y2958 w3c5 hc8\"><div class=\"t m0 x10 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">C. Dim<span class=\"_ _f\"></span>inuzion<span class=\"_ _f\"></span>i </div></td><td class=\"c x534 y2958 w3c6 hc8\"><div class=\"t m0 x1e6 h1f y28b ff4 fs7 fc1 sc2 ls9 ws0\">12<span class=\"ls0\"> </span></div></td><td class=\"c x533 y2958 w3c6 hc8\"><div class=\"t m0 xe5 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">171 </div></td></tr><tr><td class=\"c x44e y2959 w3c5 hc8\"><div class=\"t m0 x16a h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">C.1 Vendite </div></td><td class=\"c x534 y2959 w3c6 hc8\"><div class=\"t m0 xe8 h1f y28b ff4 fs7 fc1 sc0 ls9 ws0\">12<span class=\"ls0\"> </span></div></td><td class=\"c x533 y2959 w3c6 hc8\"><div class=\"t m0 xe5 h1f y28b ff4 fs7 fc1 sc0 ls2a ws0\">20<span class=\"ls0\"> </span></div></td></tr><tr><td class=\"c x44e y295a w3c5 hc8\"><div class=\"t m0 x14 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- di cui operazio<span class=\"_ _1\"></span>ni di aggregaz<span class=\"_ _1\"></span>ione aziendale </div></td><td class=\"c x534 y295a w3c6 hc8\"><div class=\"t m0 xc h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x533 y295a w3c6 hc8\"><div class=\"t m0 xc h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y295b w3c5 hc8\"><div class=\"t m0 x16a h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">C.2 Ammortame<span class=\"_ _1\"></span>nti </div></td><td class=\"c x534 y295b w3c6 hc8\"><div class=\"t m0 xc h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x533 y295b w3c6 hc8\"><div class=\"t m0 xe6 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">151 </div></td></tr><tr><td class=\"c x44e y295c w3c5 hc8\"><div class=\"t m0 x16a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">C.3 Variazioni nega<span class=\"_ _f\"></span>tive di fair value </div></td><td class=\"c x534 y295c w3c6 hc8\"><div class=\"t m0 xc h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x533 y295c w3c6 hc8\"><div class=\"t m0 xc h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y295d w3c5 hc8\"><div class=\"t m0 x16a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">C.4 Rettifiche di <span class=\"_ _f\"></span>v<span class=\"_ _2\"></span>alore d<span class=\"_ _1\"></span>a deteriorame<span class=\"_ _1\"></span>nto<span class=\"_ _df\"> </span></div></td><td class=\"c x534 y295d w3c6 hc8\"><div class=\"t m0 xc h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x533 y295d w3c6 hc8\"><div class=\"t m0 xc h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y295e w3c5 hc8\"><div class=\"t m0 x16a h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">C.5 Differenze<span class=\"_ _1\"></span> di cambio negati<span class=\"_ _1\"></span>ve<span class=\"_ _df\"> </span></div></td><td class=\"c x534 y295e w3c6 hc8\"><div class=\"t m0 xc h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x533 y295e w3c6 hc8\"><div class=\"t m0 xc h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y295f w3c5 hc8\"><div class=\"t m0 x16a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">C.6 Trasferimenti<span class=\"_ _1\"></span> a: </div></td><td class=\"c x534 y295f w3c6 hc8\"><div class=\"t m0 xc h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x533 y295f w3c6 hc8\"><div class=\"t m0 xc h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2960 w3c5 hc8\"><div class=\"t m0 x14 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">a) immobili ad us<span class=\"_ _1\"></span>o funzionale </div></td><td class=\"c x534 y2960 w3c6 hc8\"><div class=\"t m0 xc h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x533 y2960 w3c6 hc8\"><div class=\"t m0 xc h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2961 w3c5 hc8\"><div class=\"t m0 x14 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">b) attivit\u00e0 non co<span class=\"_ _1\"></span>rrenti e gruppi d<span class=\"_ _1\"></span>i attivit\u00e0 in <span class=\"_ _1\"></span>via di dismissi<span class=\"_ _1\"></span>one<span class=\"_ _df\"> </span></div></td><td class=\"c x534 y2961 w3c6 hc8\"><div class=\"t m0 xc h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x533 y2961 w3c6 hc8\"><div class=\"t m0 xc h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2962 w3c5 hc8\"><div class=\"t m0 x16a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">C.7 Altre variazi<span class=\"_ _1\"></span>oni </div></td><td class=\"c x534 y2962 w3c6 hc8\"><div class=\"t m0 xc h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x533 y2962 w3c6 hc8\"><div class=\"t m0 xc h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2963 w3c5 h227\"><div class=\"t m0 x10 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">D. Rim<span class=\"_ _f\"></span>anenz<span class=\"_ _1\"></span>e fin<span class=\"_ _f\"></span>ali </div></td><td class=\"c x534 y2963 w3c6 h227\"><div class=\"t m0 xef h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">2.398<span class=\"_ _f\"></span> </div></td><td class=\"c x533 y2963 w3c6 h227\"><div class=\"t m0 x11d h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">2.224<span class=\"_ _f\"></span> </div></td></tr><tr><td class=\"c x44e y2964 w3c5 hc8\"><div class=\"t m0 x10 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">E. Valutazione a<span class=\"_ _1\"></span>l fair value </div></td><td class=\"c x534 y2964 w3c6 hc8\"><div class=\"t m0 x124 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">1.568 </div></td><td class=\"c x533 y2964 w3c6 hc8\"><div class=\"t m0 xef h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">5.539 </div></td></tr></table><div class=\"t m0 hc ff4 fs4 fc4 sc3 ls0 ws0 gsbf1\">Sezi<span class=\"_ _f\"></span>one 1<span class=\"_ _1\"></span> <span class=\"ff5\">\u2013</span> Pa<span class=\"_ _f\"></span>ssivit<span class=\"_ _f\"></span>\u00e0 fina<span class=\"_ _1\"></span>nz<span class=\"_ _1\"></span>iarie<span class=\"_ _f\"></span> valuta<span class=\"_ _f\"></span>te al c<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>to a<span class=\"_ _1\"></span>mm<span class=\"_ _f\"></span>ortiz<span class=\"_ _f\"></span>zato <span class=\"_ _1\"></span><span class=\"ff5\">\u2013<span class=\"ff4\"> Vo<span class=\"_ _f\"></span>ce 10<span class=\"_ _1\"></span> </span></span></div><div class=\"c w400 h131 gsbf2\"><div class=\"t m0 x10 h5 y28b ff4 fs1 fc4 sc3 ls0 ws0\">1.1 Pa<span class=\"_ _f\"></span>ssivit\u00e0 fi<span class=\"_ _1\"></span>nanzia<span class=\"_ _1\"></span>rie v<span class=\"_ _1\"></span>alut<span class=\"_ _1\"></span>ate <span class=\"_ _1\"></span>al co<span class=\"_ _f\"></span>sto amm<span class=\"_ _1\"></span>ortizz<span class=\"_ _1\"></span>ato: co<span class=\"_ _f\"></span>mposizi<span class=\"_ _f\"></span>one merce<span class=\"_ _f\"></span>ologica<span class=\"_ _f\"></span> dei debit<span class=\"_ _f\"></span>i verso <span class=\"_ _1\"></span>banche<span class=\"_ _f\"></span> </div></div><div class=\"gsbf3\"><table class=\"s wbb5 h4f5\" id=\"_83e95904-315a-4177-94c9-b6dab07150f6\"><tr><td></td><td></td><td></td><td class=\"c x588 y2a82 we7 hbc\"><div class=\"t m0 xe8 h1f y32 ff4 fs7 fc4 sc3 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale </div></td><td></td><td></td><td></td><td class=\"c x589 y2a82 w401 hbc\"><div class=\"t m0 xec h1f y32 ff4 fs7 fc4 sc3 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale </div></td><td></td></tr><tr><td class=\"c x44e y2a83 w24d h27d\"><div class=\"t m0 x34 h1f y943 ff4 fs7 fc4 sc3 ls0 ws0\">Tipol<span class=\"_ _f\"></span>ogia op<span class=\"_ _f\"></span>erazion<span class=\"_ _1\"></span>i/Va<span class=\"_ _1\"></span>lori </div></td><td></td><td></td><td class=\"c x588 y2a84 we7 h4e\"><div class=\"t m0 x11f h1f y295 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/<span class=\"_ _f\"></span>2025 </div></td><td></td><td></td><td class=\"c x589 y2a84 w401 h4e\" colspan=\"2\"><div class=\"t m0 xf0 h1f y295 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/<span class=\"_ _f\"></span>2024 </div></td><td></td></tr><tr><td></td><td class=\"c x588 y2a83 w384 h24b\"><div class=\"t m0 x39 h1f y1498 ff4 fs7 fc4 sc3 ls6c ws0\">VB<span class=\"ls0\"> </span></div></td><td></td><td class=\"c x58a y2a85 w402 hbc\"><div class=\"t m0 x12 h1f y66c ff4 fs7 fc4 sc3 ls0 ws0\">Fair<span class=\"_ _f\"></span> Value </div></td><td></td><td class=\"c x589 y2a83 w8c h24b\"><div class=\"t m0 x39 h1f y1498 ff4 fs7 fc4 sc3 ls6c ws0\">VB<span class=\"ls0\"> </span></div></td><td class=\"c x514 y2a85 w403 hbc\" colspan=\"2\"><div class=\"t m0 x30 h1f y66c ff4 fs7 fc4 sc3 ls0 ws0\">Fair<span class=\"_ _f\"></span> Value </div></td><td></td></tr><tr><td></td><td></td><td class=\"c x58a y2a83 w404 h4e\"><div class=\"t m0 x8e h1f y71 ff4 fs7 fc4 sc3 lsc7 ws0\">L1<span class=\"ls0\"> </span></div></td><td class=\"c x58b y2a83 w405 h4e\"><div class=\"t m0 x48 h1f y71 ff4 fs7 fc4 sc3 lsc7 ws0\">L2<span class=\"ls0\"> </span></div></td><td class=\"c x58c y2a83 w1ca h4e\"><div class=\"t m0 x55 h1f y71 ff4 fs7 fc4 sc3 lsc7 ws0\">L3<span class=\"ls0\"> </span></div></td><td></td><td class=\"c x514 y2a83 w406 h4e\"><div class=\"t m0 xac h1f y71 ff4 fs7 fc4 sc3 lsc7 ws0\">L1<span class=\"ls0\"> </span></div></td><td class=\"c x58d y2a83 w1b2 h4e\"><div class=\"t m0 x39 h1f y71 ff4 fs7 fc4 sc3 lsc7 ws0\">L2<span class=\"ls0\"> </span></div></td><td class=\"c x58e y2a83 w2be h4e\"><div class=\"t m0 x2a h1f y71 ff4 fs7 fc4 sc3 lsc7 ws0\">L3<span class=\"ls0\"> </span></div></td></tr><tr><td class=\"c x44e y2a86 w407 h8a\"><div class=\"t m0 x10 h1f y153d ff4 fs7 fc1 sc2 ls0 ws0\">1. De<span class=\"_ _1\"></span>biti v<span class=\"_ _f\"></span>erso ba<span class=\"_ _f\"></span>nche cen<span class=\"_ _f\"></span>trali </div></td><td class=\"c x588 y2a86 w408 h8a\"><div class=\"t m0 x2e h1f y153d ff4 fs7 fc1 sc2 ls0 ws0\">700.3<span class=\"_ _f\"></span>34 </div></td><td class=\"c x58a y2a86 w409 h8a\"><div class=\"t m0 x2f h1f y153d ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x58b y2a86 w2b0 h8a\"><div class=\"t m0 x33 h1f y153d ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x58c y2a86 w1ca h8a\"><div class=\"t m0 x14 h1f y153d ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x589 y2a86 w130 h8a\"><div class=\"t m0 x55 h1f y153d ff4 fs7 fc1 sc2 ls0 ws0\">500.<span class=\"_ _1\"></span>044<span class=\"_ _f\"></span> </div></td><td class=\"c x514 y2a86 w40a h8a\"><div class=\"t m0 xac h1f y153d ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x58d y2a86 w162 h8a\"><div class=\"t m0 x48 h1f y153d ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x58e y2a86 w169 h8a\"><div class=\"t m0 x55 h1f y153d ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td></tr><tr><td class=\"c x44e y2a87 w40b hc8\"><div class=\"t m0 x10 h1f y28b ff4 fs7 fc1 sc2 ls2a ws0\">2.<span class=\"ls0\"> De<span class=\"_ _1\"></span>biti v<span class=\"_ _1\"></span>erso<span class=\"_ _1\"></span> ban<span class=\"_ _f\"></span>che</span><span class=\"ls0\"> </span></div></td><td class=\"c x588 y2a87 w408 hc8\"><div class=\"t m0 x8e h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">2.419<span class=\"_ _f\"></span>.685 </div></td><td class=\"c x58a y2a87 w409 hc8\"><div class=\"t m0 x2f h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x58b y2a87 w2b0 hc8\"><div class=\"t m0 x33 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x58c y2a87 w1ca hc8\"><div class=\"t m0 x14 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x589 y2a87 w130 hc8\"><div class=\"t m0 x2f h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">5.044<span class=\"_ _1\"></span>.513<span class=\"_ _f\"></span> </div></td><td class=\"c x514 y2a87 w40a hc8\"><div class=\"t m0 xac h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x58d y2a87 w162 hc8\"><div class=\"t m0 x48 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x58e y2a87 w169 hc8\"><div class=\"t m0 x55 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td></tr><tr><td class=\"c x44e y2a88 w40b h69\"><div class=\"t m0 x8e h1f y5b ff4 fs7 fc1 sc0 ls0 ws0\">2.1 Conti corrent<span class=\"_ _1\"></span>i e depositi a v<span class=\"_ _1\"></span>ista </div></td><td class=\"c x588 y2a88 w408 h69\"><div class=\"t m0 x14 h1f y5b ff4 fs7 fc1 sc0 ls0 ws0\">18.983 </div></td><td class=\"c x58a y2a88 w409 h69\"><div class=\"t m0 x2f h1f y5b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x58b y2a88 w2b0 h69\"><div class=\"t m0 x33 h1f y5b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x58c y2a88 w1ca h69\"><div class=\"t m0 x14 h1f y5b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x589 y2a88 w130 h69\"><div class=\"t m0 x48 h1f y5b ff4 fs7 fc1 sc0 ls0 ws0\">74.766 </div></td><td class=\"c x514 y2a88 w40a h69\"><div class=\"t m0 xac h1f y5b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x58d y2a88 w162 h69\"><div class=\"t m0 x48 h1f y5b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x58e y2a88 w169 h69\"><div class=\"t m0 x55 h1f y5b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td></tr><tr><td class=\"c x44e y2a89 w40b h69\"><div class=\"t m0 x8e h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">2.2 Depositi a scade<span class=\"_ _f\"></span>nza </div></td><td class=\"c x588 y2a89 w408 h69\"><div class=\"t m0 x35 h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">2.755 </div></td><td class=\"c x58a y2a89 w409 h69\"><div class=\"t m0 x2f h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x58b y2a89 w2b0 h69\"><div class=\"t m0 x33 h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x58c y2a89 w1ca h69\"><div class=\"t m0 x14 h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x589 y2a89 w130 h69\"><div class=\"t m0 x35 h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">2.260 </div></td><td class=\"c x514 y2a89 w40a h69\"><div class=\"t m0 xac h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x58d y2a89 w162 h69\"><div class=\"t m0 x48 h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x58e y2a89 w169 h69\"><div class=\"t m0 x55 h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td></tr><tr><td class=\"c x44e y2a8a w40b h69\"><div class=\"t m0 x8e h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">2.3 Finanziament<span class=\"_ _1\"></span>i </div></td><td class=\"c x588 y2a8a w408 h69\"><div class=\"t m0 xac h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">2.394.702 </div></td><td class=\"c x58a y2a8a w409 h69\"><div class=\"t m0 x2f h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x58b y2a8a w2b0 h69\"><div class=\"t m0 x33 h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x58c y2a8a w1ca h69\"><div class=\"t m0 x14 h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x589 y2a8a w130 h69\"><div class=\"t m0 xac h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">4.965.062 </div></td><td class=\"c x514 y2a8a w40a h69\"><div class=\"t m0 xac h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x58d y2a8a w162 h69\"><div class=\"t m0 x48 h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x58e y2a8a w169 h69\"><div class=\"t m0 x55 h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td></tr><tr><td class=\"c x44e y2a8b w40b h6a\"><div class=\"t m0 x55 h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">2.3.1 Pronti contr<span class=\"_ _f\"></span>o<span class=\"_ _2\"></span> termine p<span class=\"_ _f\"></span>assivi </div></td><td class=\"c x588 y2a8b w408 h6a\"><div class=\"t m0 xab h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">2.388.386 </div></td><td class=\"c x58a y2a8b w409 h6a\"><div class=\"t m0 x2f h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x58b y2a8b w2b0 h6a\"><div class=\"t m0 x33 h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x58c y2a8b w1ca h6a\"><div class=\"t m0 x14 h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x589 y2a8b w130 h6a\"><div class=\"t m0 xac h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">4.954.536 </div></td><td class=\"c x514 y2a8b w40a h6a\"><div class=\"t m0 xac h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x58d y2a8b w162 h6a\"><div class=\"t m0 x48 h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x58e y2a8b w169 h6a\"><div class=\"t m0 x55 h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td></tr><tr><td class=\"c x44e y2a8c w40b h69\"><div class=\"t m0 x55 h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">2.3.2 Altri </div></td><td class=\"c x588 y2a8c w408 h69\"><div class=\"t m0 x2c h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">6.316 </div></td><td class=\"c x58a y2a8c w409 h69\"><div class=\"t m0 x2f h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x58b y2a8c w2b0 h69\"><div class=\"t m0 x33 h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x58c y2a8c w1ca h69\"><div class=\"t m0 x14 h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x589 y2a8c w130 h69\"><div class=\"t m0 x33 h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">10.526 </div></td><td class=\"c x514 y2a8c w40a h69\"><div class=\"t m0 xac h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x58d y2a8c w162 h69\"><div class=\"t m0 x48 h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x58e y2a8c w169 h69\"><div class=\"t m0 x55 h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td></tr><tr><td class=\"c x58f y2a8d wbb6 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">2.4 Debiti per <span class=\"_ _1\"></span>impegni di riacquis<span class=\"_ _1\"></span>to di<span class=\"_ _df\"> </span></div></td><td class=\"c x588 y2a8e w408 had\"><div class=\"t m0 x13 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x58a y2a8e w409 had\"><div class=\"t m0 x2f h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x58b y2a8e w2b0 had\"><div class=\"t m0 x33 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x58c y2a8e w1ca had\"><div class=\"t m0 x14 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x589 y2a8e w130 had\"><div class=\"t m0 x96 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x514 y2a8e w40a had\"><div class=\"t m0 xac h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x58d y2a8e w162 had\"><div class=\"t m0 x48 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x58e y2a8e w169 had\"><div class=\"t m0 x55 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td></tr><tr><td class=\"c x58f y2a8f wbb7 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">propri strumen<span class=\"_ _1\"></span>ti patrimoniali<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x44e y2a90 w40b h69\"><div class=\"t m0 x8e h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">2.5 Debiti per lea<span class=\"_ _1\"></span>sing </div></td><td class=\"c x588 y2a90 w408 h69\"><div class=\"t m0 x13 h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x58a y2a90 w409 h69\"><div class=\"t m0 x2f h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x58b y2a90 w2b0 h69\"><div class=\"t m0 x33 h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x58c y2a90 w1ca h69\"><div class=\"t m0 x14 h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x589 y2a90 w130 h69\"><div class=\"t m0 x96 h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x514 y2a90 w40a h69\"><div class=\"t m0 xac h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x58d y2a90 w162 h69\"><div class=\"t m0 x48 h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x58e y2a90 w169 h69\"><div class=\"t m0 x55 h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td></tr><tr><td class=\"c x44e y2a91 w40b h69\"><div class=\"t m0 x8e h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">2.6 Altri debiti </div></td><td class=\"c x588 y2a91 w408 h69\"><div class=\"t m0 x32 h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">3.245 </div></td><td class=\"c x58a y2a91 w409 h69\"><div class=\"t m0 x2f h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x58b y2a91 w2b0 h69\"><div class=\"t m0 x33 h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x58c y2a91 w1ca h69\"><div class=\"t m0 x14 h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x589 y2a91 w130 h69\"><div class=\"t m0 x2c h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">2.425 </div></td><td class=\"c x514 y2a91 w40a h69\"><div class=\"t m0 xac h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x58d y2a91 w162 h69\"><div class=\"t m0 x48 h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x58e y2a91 w169 h69\"><div class=\"t m0 x55 h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td></tr><tr><td class=\"c x44e y2a92 w40b h69\"><div class=\"t m0 xd8 h1f y302 ff4 fs7 fc1 sc2 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale </div></td><td class=\"c x588 y2a92 w408 h69\"><div class=\"t m0 x16a h1f y302 ff4 fs7 fc1 sc2 ls0 ws0\">3.12<span class=\"_ _1\"></span>0.019<span class=\"_ _f\"></span> </div></td><td class=\"c x58a y2a92 w409 h69\"><div class=\"t m0 x16a h1f y302 ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td><td class=\"c x58b y2a92 w2b0 h69\"><div class=\"t m0 x8e h1f y302 ff4 fs7 fc1 sc2 ls0 ws0\">2.38<span class=\"_ _1\"></span>8.3<span class=\"_ _1\"></span>86 </div></td><td class=\"c x58c y2a92 w1ca h69\"><div class=\"t m0 x16a h1f y302 ff4 fs7 fc1 sc2 ls0 ws0\">731.6<span class=\"_ _f\"></span>34 </div></td><td class=\"c x589 y2a92 w130 h69\"><div class=\"t m0 x2f h1f y302 ff4 fs7 fc1 sc2 ls0 ws0\">5.54<span class=\"_ _f\"></span>4.557 </div></td><td class=\"c x514 y2a92 w40a h69\"><div class=\"t m0 x8e h1f y302 ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td><td class=\"c x58d y2a92 w162 h69\"><div class=\"t m0 xab h1f y302 ff4 fs7 fc1 sc2 ls0 ws0\">4.954.<span class=\"_ _f\"></span>536 </div></td><td class=\"c x58e y2a92 w169 h69\"><div class=\"t m0 x10 h1f y302 ff4 fs7 fc1 sc2 ls0 ws0\">590.<span class=\"_ _f\"></span>020 </div></td></tr></table></div><div class=\"c w40b h2c gsbf4\"><div class=\"t m0 x10 h1f y32 ff4 fs7 fc9 sc0 ls0 ws0\">Totale </div></div><div class=\"c w408 h2c gsbf5\"><div class=\"t m0 x163 h1f y32 ff4 fs7 fc9 sc0 ls0 ws0\">3120019 </div></div><div class=\"c w130 h2c gsbf6\"><div class=\"t m0 x10 h1f y32 ff4 fs7 fc9 sc0 ls0 ws0\">5544555 </div></div><div class=\"t m0 h5 ff4 fs1 fc4 sc3 ls0 ws0 gsbf7\">Lege<span class=\"_ _f\"></span>nda: </div><div class=\"t m0 h1f ff4 fs7 fc1 sc0 ls0 ws0 gsbf8\">VB= Valore di bi<span class=\"_ _1\"></span>lancio </div><div class=\"t m0 h1f ff4 fs7 fc1 sc0 ls0 ws0 gsbf9\">L1= Livello 1 </div><div class=\"t m0 h1f ff4 fs7 fc1 sc0 ls0 ws0 gsbfa\">L2= Livello 2 </div><div class=\"t m0 h1f ff4 fs7 fc1 sc0 ls0 ws0 gsbfb\">L3= Livello 3 </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsbfc\">I debiti sono iscritti al loro valore nominale,<span class=\"_ _1\"></span> corrispondente al loro fair value.<span class=\"_ _2\"></span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsbfd\">I debiti verso banche sono rappr<span class=\"_ _2\"></span>esentati princip<span class=\"_ _1\"></span>almente da d<span class=\"_ _2\"></span>ebiti a vista a tasso <span class=\"_ _2\"></span>variabile<span class=\"_ _1\"></span>, e non <span class=\"_ _2\"></span>\u00e8<span class=\"_ _1\"></span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsbfe\">stata posta in essere alcun tipo di cope<span class=\"_ _1\"></span>rtura. <span class=\"_ _2\"></span><span class=\"sc2\"> </span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gsbff\">La voce <span class=\"_ _1\"></span>\u201c<span class=\"ff4\">1. Debiti </span>verso banc<span class=\"_ _1\"></span>he centrali\u201d acc<span class=\"_ _1\"></span>oglie le<span class=\"_ _1\"></span> operazioni di <span class=\"_ _f\"></span>r<span class=\"_ _2\"></span>ifinanziamento eff<span class=\"_ _1\"></span>ettuat<span class=\"_ _2\"></span><span class=\"ff4\">e con <span class=\"_ _1\"></span>la </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsc00\">Banca C<span class=\"_ _2\"></span>entrale Europea; <span class=\"_ _2\"></span>l<span class=\"ff5\">\u2019importo <span class=\"_ _2\"></span>complessivo <span class=\"_ _2\"></span>del finanziament<span class=\"_ _2\"></span>o con <span class=\"_ _2\"></span>BCE <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>fine dicembre <span class=\"_ _2\"></span>2025 </span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gsc01\">\u00e8 <span class=\"_ _4\"> </span>pari <span class=\"_ _4\"> </span>a <span class=\"_ _4\"> </span>7<span class=\"_ _2\"></span>00 <span class=\"_ _4\"> </span>milioni <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>euro <span class=\"_ _4\"> </span>e <span class=\"_ _4\"> </span>deriva <span class=\"_ _4\"> </span>da <span class=\"_ _4\"> </span>un\u2019operazione <span class=\"_ _17\"> </span>di <span class=\"_ _4\"> </span>rifinanziamento <span class=\"_ _4\"> </span>principale <span class=\"_ _4\"> </span>\u201cMRO\u201d </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsc02\">settimanale<span class=\"_ _df\"> </span>.<span class=\"_ _df\"> </span> </div>1.2 P<span class=\"_ _1\"></span>assivi<span class=\"_ _1\"></span>t\u00e0 fi<span class=\"_ _1\"></span>nanzia<span class=\"_ _f\"></span>rie valut<span class=\"_ _f\"></span>ate al co<span class=\"_ _1\"></span>sto <span class=\"_ _1\"></span>amm<span class=\"_ _f\"></span>ortizzato<span class=\"_ _f\"></span>: compos<span class=\"_ _f\"></span>izione me<span class=\"_ _1\"></span>rceo<span class=\"_ _f\"></span>logica de<span class=\"_ _1\"></span>i debi<span class=\"_ _1\"></span>ti ve<span class=\"_ _1\"></span>rso<span class=\"_ _f\"></span> clientela<table class=\"s wbb8 h4f6\" id=\"_2c73ff23-ca4c-4079-9a5b-5571f7b0497f\"><tr><td class=\"c x44e y2a93 w40e h27f\"><div class=\"t m0 x97 h1f y1712 ff4 fs7 fc4 sc3 ls0 ws0\">Tipol<span class=\"_ _f\"></span>ogia op<span class=\"_ _f\"></span>erazion<span class=\"_ _1\"></span>i/Va<span class=\"_ _1\"></span>lori </div></td><td></td><td></td><td class=\"c x590 y2a94 w40f h148\" colspan=\"2\"><div class=\"t m0 x49 h1f y825 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/<span class=\"_ _f\"></span>2025 </div></td><td class=\"c x590 y2a95 w40f h148\"><div class=\"t m0 xee h1f y32 ff4 fs7 fc4 sc3 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale  </div></td><td></td><td></td><td class=\"c x591 y2a94 w410 h148\"><div class=\"t m0 x1af h1f y825 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/<span class=\"_ _f\"></span>2024 </div></td><td class=\"c x591 y2a95 w410 h148\"><div class=\"t m0 x11f h1f y32 ff4 fs7 fc4 sc3 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale  </div></td><td></td></tr><tr><td></td><td></td><td class=\"c x590 y2a93 w384 h280\"><div class=\"t m0 x39 h1f yf81 ff4 fs7 fc4 sc3 ls6c ws0\">VB<span class=\"ls0\"> </span></div></td><td class=\"c x592 y2a96 w411 h148\" colspan=\"2\"><div class=\"t m0 x38 h1f y80 ff4 fs7 fc4 sc3 ls0 ws0\">Fair<span class=\"_ _f\"></span> Value </div></td><td></td><td class=\"c x593 y2a93 w197 h280\"><div class=\"t m0 x39 h1f yf81 ff4 fs7 fc4 sc3 ls6c ws0\">VB<span class=\"ls0\"> </span></div></td><td></td><td class=\"c x594 y2a96 w2c4 h148\"><div class=\"t m0 x31 h1f y80 ff4 fs7 fc4 sc3 ls0 ws0\">Fair<span class=\"_ _f\"></span> Value </div></td><td></td></tr><tr><td></td><td></td><td></td><td class=\"c x592 y2a93 w412 h148\"><div class=\"t m0 x10 h1f y80 ff4 fs7 fc4 sc3 lsc7 ws0\">L1<span class=\"ls0\"> </span></div></td><td class=\"c x595 y2a93 w2e8 h148\"><div class=\"t m0 x55 h1f y80 ff4 fs7 fc4 sc3 lsc7 ws0\">L2<span class=\"ls0\"> </span></div></td><td class=\"c x596 y2a93 w179 h148\"><div class=\"t m0 x130 h1f y80 ff4 fs7 fc4 sc3 lsc7 ws0\">L3<span class=\"ls0\"> </span></div></td><td></td><td class=\"c x597 y2a93 w413 h148\"><div class=\"t m0 x163 h1f y80 ff4 fs7 fc4 sc3 lsc7 ws0\">L1<span class=\"ls0\"> </span></div></td><td class=\"c x598 y2a93 w2a8 h148\"><div class=\"t m0 x55 h1f y80 ff4 fs7 fc4 sc3 lsc7 ws0\">L2<span class=\"ls0\"> </span></div></td><td class=\"c x599 y2a93 w408 h148\"><div class=\"t m0 x14 h1f y80 ff4 fs7 fc4 sc3 lsc7 ws0\">L3<span class=\"ls0\"> </span></div></td></tr><tr><td class=\"c x44e y2a97 w414 hf\"><div class=\"t m0 x10 h1f y25c ff4 fs7 fc1 sc0 ls0 ws0\">1. Conti corrent<span class=\"_ _1\"></span>i e depositi a vist<span class=\"_ _1\"></span>a </div></td><td></td><td class=\"c x590 y2a97 w190 hf\"><div class=\"t m0 x10 h1f y25c ff4 fs7 fc1 sc0 ls0 ws0\">34.934.847 </div></td><td class=\"c x592 y2a97 w415 hf\"><div class=\"t m0 x10 h1f y25c ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x595 y2a97 w2f0 hf\"><div class=\"t m0 x39 h1f y25c ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x596 y2a97 w179 hf\"><div class=\"t m0 x14 h1f y25c ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x591 y2a97 w190 hf\"><div class=\"t m0 x10 h1f y25c ff4 fs7 fc1 sc0 ls0 ws0\">32.845.465 </div></td><td class=\"c x594 y2a97 w416 hf\"><div class=\"t m0 x10 h1f y25c ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x598 y2a97 w1c3 hf\"><div class=\"t m0 x39 h1f y25c ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x599 y2a97 w237 hf\"><div class=\"t m0 x33 h1f y25c ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td></tr><tr><td class=\"c x44e y2a98 w414 ha4\"><div class=\"t m0 x10 h1f y5b ff4 fs7 fc1 sc0 ls0 ws0\">2. Depositi a scade<span class=\"_ _1\"></span>nza </div></td><td></td><td class=\"c x590 y2a98 w190 ha4\"><div class=\"t m0 x8e h1f y5b ff4 fs7 fc1 sc0 ls0 ws0\">5.649.451 </div></td><td class=\"c x592 y2a98 w415 ha4\"><div class=\"t m0 x10 h1f y5b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x595 y2a98 w2f0 ha4\"><div class=\"t m0 x39 h1f y5b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x596 y2a98 w179 ha4\"><div class=\"t m0 x14 h1f y5b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x591 y2a98 w190 ha4\"><div class=\"t m0 xac h1f y5b ff4 fs7 fc1 sc0 ls0 ws0\">5.833.720 </div></td><td class=\"c x594 y2a98 w416 ha4\"><div class=\"t m0 x10 h1f y5b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x598 y2a98 w1c3 ha4\"><div class=\"t m0 x39 h1f y5b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x599 y2a98 w237 ha4\"><div class=\"t m0 x33 h1f y5b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td></tr><tr><td class=\"c x44e y2a99 w414 hf\"><div class=\"t m0 x10 h1f y5b ff4 fs7 fc1 sc0 ls0 ws0\">3. Finanziamenti<span class=\"_ _1\"></span> </div></td><td></td><td class=\"c x590 y2a99 w190 hf\"><div class=\"t m0 x8e h1f y5b ff4 fs7 fc1 sc0 ls0 ws0\">1.863.905 </div></td><td class=\"c x592 y2a99 w415 hf\"><div class=\"t m0 x10 h1f y5b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x595 y2a99 w2f0 hf\"><div class=\"t m0 x39 h1f y5b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x596 y2a99 w179 hf\"><div class=\"t m0 x14 h1f y5b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x591 y2a99 w190 hf\"><div class=\"t m0 x2f h1f y5b ff4 fs7 fc1 sc0 ls0 ws0\">2.400.311 </div></td><td class=\"c x594 y2a99 w416 hf\"><div class=\"t m0 x10 h1f y5b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x598 y2a99 w1c3 hf\"><div class=\"t m0 x39 h1f y5b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x599 y2a99 w237 hf\"><div class=\"t m0 x33 h1f y5b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td></tr><tr><td class=\"c x44e y2a9a w414 hf\"><div class=\"t m0 x8e h1f y25c ff4 fs7 fc1 sc0 ls0 ws0\">3.1 Pronti contro te<span class=\"_ _f\"></span>rmine passivi </div></td><td></td><td class=\"c x590 y2a9a w190 hf\"><div class=\"t m0 x8e h1f y25c ff4 fs7 fc1 sc0 ls0 ws0\">1.330.338 </div></td><td class=\"c x592 y2a9a w415 hf\"><div class=\"t m0 x10 h1f y25c ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x595 y2a9a w2f0 hf\"><div class=\"t m0 x39 h1f y25c ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x596 y2a9a w179 hf\"><div class=\"t m0 x14 h1f y25c ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x591 y2a9a w190 hf\"><div class=\"t m0 x8e h1f y25c ff4 fs7 fc1 sc0 ls0 ws0\">1.853.665 </div></td><td class=\"c x594 y2a9a w416 hf\"><div class=\"t m0 x10 h1f y25c ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x598 y2a9a w1c3 hf\"><div class=\"t m0 x39 h1f y25c ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x599 y2a9a w237 hf\"><div class=\"t m0 x33 h1f y25c ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td></tr><tr><td class=\"c x44e y2a9b w414 ha4\"><div class=\"t m0 x8e h1f y5b ff4 fs7 fc1 sc0 ls0 ws0\">3.2 Altri </div></td><td></td><td class=\"c x590 y2a9b w190 ha4\"><div class=\"t m0 x55 h1f y5b ff4 fs7 fc1 sc0 ls0 ws0\">533.567 </div></td><td class=\"c x592 y2a9b w415 ha4\"><div class=\"t m0 x10 h1f y5b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x595 y2a9b w2f0 ha4\"><div class=\"t m0 x39 h1f y5b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x596 y2a9b w179 ha4\"><div class=\"t m0 x14 h1f y5b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x591 y2a9b w190 ha4\"><div class=\"t m0 x2e h1f y5b ff4 fs7 fc1 sc0 ls0 ws0\">546.646 </div></td><td class=\"c x594 y2a9b w416 ha4\"><div class=\"t m0 x10 h1f y5b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x598 y2a9b w1c3 ha4\"><div class=\"t m0 x39 h1f y5b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x599 y2a9b w237 ha4\"><div class=\"t m0 x33 h1f y5b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td></tr><tr><td class=\"c x262 y2a9c wbb9 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">4. Debiti per impe<span class=\"_ _1\"></span>gni di riacquisto<span class=\"_ _1\"></span> di<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x590 y2a9d w190 had\"><div class=\"t m0 x11 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x592 y2a9d w415 had\"><div class=\"t m0 x10 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x595 y2a9d w2f0 had\"><div class=\"t m0 x39 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x596 y2a9d w179 had\"><div class=\"t m0 x14 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x591 y2a9d w190 had\"><div class=\"t m0 x11 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x594 y2a9d w416 had\"><div class=\"t m0 x10 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x598 y2a9d w1c3 had\"><div class=\"t m0 x39 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x599 y2a9d w237 had\"><div class=\"t m0 x33 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td></tr><tr><td class=\"c x262 y2a9e wbba h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">propri strumenti p<span class=\"_ _f\"></span>at<span class=\"_ _2\"></span>rim<span class=\"_ _1\"></span>oniali<span class=\"_ _df\"> </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 x44e y2a9f w414 hf\"><div class=\"t m0 x10 h1f y25c ff4 fs7 fc1 sc0 ls0 ws0\">5. Debiti per lea<span class=\"_ _1\"></span>sing </div></td><td></td><td class=\"c x590 y2a9f w190 hf\"><div class=\"t m0 x55 h1f y25c ff4 fs7 fc1 sc0 ls0 ws0\">128.400 </div></td><td class=\"c x592 y2a9f w415 hf\"><div class=\"t m0 x10 h1f y25c ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x595 y2a9f w2f0 hf\"><div class=\"t m0 x39 h1f y25c ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x596 y2a9f w179 hf\"><div class=\"t m0 x14 h1f y25c ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x591 y2a9f w190 hf\"><div class=\"t m0 x39 h1f y25c ff4 fs7 fc1 sc0 ls0 ws0\">131.567 </div></td><td class=\"c x594 y2a9f w416 hf\"><div class=\"t m0 x10 h1f y25c ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x598 y2a9f w1c3 hf\"><div class=\"t m0 x39 h1f y25c ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x599 y2a9f w237 hf\"><div class=\"t m0 x33 h1f y25c ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td></tr><tr><td class=\"c x44e y2aa0 w414 ha3\"><div class=\"t m0 x10 h1f y5b ff4 fs7 fc1 sc0 ls0 ws0\">5. Altri debiti<span class=\"_ _1\"></span> </div></td><td></td><td class=\"c x590 y2aa0 w190 ha3\"><div class=\"t m0 x130 h1f y5b ff4 fs7 fc1 sc0 ls0 ws0\">271.320 </div></td><td class=\"c x592 y2aa0 w415 ha3\"><div class=\"t m0 x10 h1f y5b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x595 y2aa0 w2f0 ha3\"><div class=\"t m0 x39 h1f y5b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x596 y2aa0 w179 ha3\"><div class=\"t m0 x14 h1f y5b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x591 y2aa0 w190 ha3\"><div class=\"t m0 x55 h1f y5b ff4 fs7 fc1 sc0 ls0 ws0\">281.904 </div></td><td class=\"c x594 y2aa0 w416 ha3\"><div class=\"t m0 x10 h1f y5b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x598 y2aa0 w1c3 ha3\"><div class=\"t m0 x39 h1f y5b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x599 y2aa0 w237 ha3\"><div class=\"t m0 x33 h1f y5b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td></tr><tr><td></td><td class=\"c x44e y2aa1 w414 h6d\"><div class=\"t m0 x14d h1f y394 ff4 fs7 fc1 sc2 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale  </div></td><td class=\"c x590 y2aa1 w190 h6d\"><div class=\"t m0 x10 h1f y394 ff4 fs7 fc1 sc2 ls0 ws0\">42.847<span class=\"_ _f\"></span>.923<span class=\"_ _1\"></span> </div></td><td class=\"c x592 y2aa1 w415 h6d\"><div class=\"t m0 xab h1f y394 ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td><td class=\"c x595 y2aa1 w2f0 h6d\"><div class=\"t m0 x10 h1f y394 ff4 fs7 fc1 sc2 ls0 ws0\">1.330.<span class=\"_ _1\"></span>33<span class=\"_ _1\"></span>8 </div></td><td class=\"c x596 y2aa1 w17d h6d\"><div class=\"t m0 x10 h1f y394 ff4 fs7 fc1 sc2 ls0 ws0\">41.517<span class=\"_ _f\"></span>.586 </div></td><td class=\"c x593 y2aa1 wbd h6d\"><div class=\"t m0 x8a h1f y394 ff4 fs7 fc1 sc2 ls0 ws0\">41.49<span class=\"_ _f\"></span>2.967<span class=\"_ _1\"></span> </div></td><td class=\"c x594 y2aa1 w416 h6d\"><div class=\"t m0 xab h1f y394 ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td><td class=\"c x598 y2aa1 w1c3 h6d\"><div class=\"t m0 x10 h1f y394 ff4 fs7 fc1 sc2 ls0 ws0\">1.853.<span class=\"_ _1\"></span>665<span class=\"_ _f\"></span> </div></td><td class=\"c x599 y2aa1 w237 h6d\"><div class=\"t m0 x10 h1f y394 ff4 fs7 fc1 sc2 ls0 ws0\">39.6<span class=\"_ _f\"></span>39.236<span class=\"_ _f\"></span> </div></td></tr></table>Lege<span class=\"_ _f\"></span>nda:<span class=\"_ _df\"> </span>VB= Valore di bi<span class=\"_ _1\"></span>lancio<span class=\"_ _df\"> </span>L1= Livello 1<span class=\"_ _df\"> </span>L2= Livello 2<span class=\"_ _df\"> </span>L3= Livello 3<span class=\"_ _df\"> </span>I debiti <span class=\"_ _2\"></span>sono <span class=\"_ _2\"></span>iscritti <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>loro valore <span class=\"_ _2\"></span>nominale, corr<span class=\"_ _2\"></span>ispondente<span class=\"_ _1\"></span> <span class=\"_ _2\"></span>al lo<span class=\"_ _2\"></span>ro <span class=\"_ _2\"></span>fair <span class=\"_ _2\"></span>value<span class=\"_ _1\"></span> <span class=\"_ _2\"></span>e il <span class=\"_ _2\"></span>livello <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>fair valu<span class=\"_ _2\"></span>e<span class=\"_ _df\"> </span>attribuito risulta essere <span class=\"_ _1\"></span>pari a 3, <span class=\"_ _1\"></span>ad eccezione d<span class=\"_ _1\"></span>el livello di fai<span class=\"_ _1\"></span>r value dei <span class=\"_ _1\"></span>pronti contro termine a cui<span class=\"_ _df\"> </span>\u00e8 attributo il valore 2.<span class=\"_ _df\"> </span>Nella voce<span class=\"_ _1\"></span> Debiti p<span class=\"_ _1\"></span>er leasing \u00e8<span class=\"_ _1\"></span> ricompreso, ai<span class=\"_ _f\"></span> sensi del p<span class=\"_ _1\"></span>rincipio IFRS<span class=\"_ _1\"></span>16, il Deb<span class=\"_ _1\"></span>ito per <span class=\"_ _1\"></span>leasing (L<span class=\"_ _1\"></span>ease<span class=\"_ _df\"> </span>Liability), pari <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>valore att<span class=\"_ _2\"></span>uale dei <span class=\"_ _2\"></span>canoni previsti <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>non ancor<span class=\"_ _2\"></span>a pagati <span class=\"_ _2\"></span>dei beni <span class=\"_ _2\"></span>oggetti <span class=\"_ _2\"></span>di contr<span class=\"_ _2\"></span>atti<span class=\"_ _df\"> </span>di leasing operativo.<span class=\"_ _df\"> </span>La <span class=\"_ _22\"> </span>principale <span class=\"_ _22\"> </span>novit\u00e0 <span class=\"_ _4\"> </span>introdotta <span class=\"_ _22\"> </span>dal <span class=\"_ _4\"> </span>principio  \u00e8 <span class=\"_ _22\"> </span>r<span class=\"_ _2\"></span>appresentata<span class=\"_ _1\"></span> <span class=\"_ _22\"> </span>dalla <span class=\"_ _4\"> </span>modifica  delle <span class=\"_ _4\"> </span>modalit\u00e0  di<span class=\"_ _df\"> </span>contabilizzazione <span class=\"_ _17\"> </span>delle <span class=\"_ _4\"> </span>o<span class=\"_ _2\"></span>perazioni <span class=\"_ _17\"> </span>di <span class=\"_ _17\"> </span>leasing <span class=\"_ _17\"> </span>operativo <span class=\"_ _17\"> </span>nel <span class=\"_ _14\"> </span>bilancio <span class=\"_ _17\"> </span>del <span class=\"_ _17\"> </span>locatario/utilizzatore,<span class=\"_ _df\"> </span>attraverso <span class=\"_ _2\"></span>l\u2019introduzione<span class=\"_ _1\"></span> <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>un unico <span class=\"_ _2\"></span>modello d<span class=\"_ _2\"></span>i contabili<span class=\"_ _2\"></span><span class=\"ff4\">zzazione <span class=\"_ _2\"></span>dei cont<span class=\"_ _2\"></span>ratti di <span class=\"_ _2\"></span>leasing <span class=\"_ _2\"></span>da parte<span class=\"_ _df\"> </span></span>del locatario siano essi classificati come leasing ope<span class=\"_ _1\"></span>rativi o finanziari. I debiti <span class=\"_ _2\"></span>verso <span class=\"_ _2\"></span>clientela sono <span class=\"_ _2\"></span>rappresentati <span class=\"_ _2\"></span>principalmente<span class=\"_ _1\"></span> <span class=\"_ _2\"></span>da d<span class=\"_ _2\"></span>ebiti a <span class=\"_ _2\"></span>vista <span class=\"_ _2\"></span>a tasso <span class=\"_ _2\"></span>variabile, e <span class=\"_ _2\"></span>non<span class=\"_ _df\"> </span>\u00e8  stata  p<span class=\"_ _1\"></span>osta  in <span class=\"_ _16\"> </span>essere <span class=\"_ _16\"> </span>alcun <span class=\"_ _16\"> </span>tipo  di <span class=\"_ _16\"> </span>copertura  speci<span class=\"_ _1\"></span>fica,  mentre  sono <span class=\"_ _9\"> </span>s<span class=\"_ _2\"></span>tate <span class=\"_ _16\"> </span>poste  in <span class=\"_ _9\"> </span>essere<span class=\"_ _df\"> </span>coperture di Macro Fair Value He<span class=\"_ _1\"></span>dge delle poste a vista, cos\u00ec co<span class=\"_ _1\"></span>me descritto nell<span class=\"_ _1\"></span>a parte E, sezione<span class=\"_ _df\"> </span>1.3.2. della presente nota. Si <span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>egnala <span class=\"_ _2\"></span>che, <span class=\"_ _d\"></span>a <span class=\"_ _d\"></span>seguito <span class=\"_ _2\"></span>delle <span class=\"_ _d\"></span>modifiche <span class=\"_ _d\"></span>apportate <span class=\"_ _d\"></span>al <span class=\"_ _2\"></span>funzionamento<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>del <span class=\"_ _2\"></span>mercato <span class=\"_ _d\"></span>interbancario<span class=\"_ _df\"> </span>collateralizzato, <span class=\"_ _2\"></span>con <span class=\"_ _2\"></span>cons<span class=\"_ _2\"></span>eguente <span class=\"_ _2\"></span>trasferimento <span class=\"_ _d\"></span>alla <span class=\"_ _2\"></span>Cassa <span class=\"_ _d\"></span>di <span class=\"_ _2\"></span>Compensazione <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>Gar<span class=\"_ _2\"></span>anzia <span class=\"_ _2\"></span>ed <span class=\"_ _2\"></span>alla<span class=\"_ _df\"> </span>Monte <span class=\"_ _2\"></span>Titoli <span class=\"_ _d\"></span>delle <span class=\"_ _d\"></span>funzioni <span class=\"_ _d\"></span>finora <span class=\"_ _d\"></span>svolte <span class=\"_ _d\"></span>dalla <span class=\"_ _2\"></span>Banca <span class=\"_ _d\"></span>d\u2019Italia, <span class=\"_ _d\"></span>nella <span class=\"_ _d\"></span>voce <span class=\"_ _2\"></span>3.1 <span class=\"_ _d\"></span>\u201cPronti <span class=\"_ _d\"></span>contr<span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>termine<span class=\"_ _df\"> </span>passivi\u201d sono presenti i finanzi<span class=\"ff4\">amenti, per <span class=\"ls1\">1.</span>330,3 milioni di euro, ricevu<span class=\"_ _1\"></span>ti dal suddetto mercato.<span class=\"_ _df\"> </span></span>La <span class=\"_ _0\"></span>r<span class=\"_ _2\"></span>accolta <span class=\"_ _0\"></span>diretta <span class=\"_ _9\"> </span>bancaria <span class=\"_ _9\"> </span>da <span class=\"_ _9\"> </span>clientela <span class=\"_ _0\"></span>ha <span class=\"_ _9\"> </span>manifestat<span class=\"_ _2\"></span>o <span class=\"_ _0\"></span>un <span class=\"_ _9\"> </span>trend <span class=\"_ _0\"> </span>cr<span class=\"_ _2\"></span>escente <span class=\"_ _0\"></span>grazie <span class=\"_ _9\"> </span>al <span class=\"_ _9\"> </span>continuo<span class=\"_ _df\"> </span>sviluppo <span class=\"_ _0\"></span>commerciale <span class=\"_ _9\"> </span>e <span class=\"_ _9\"> </span>a <span class=\"_ _9\"> </span>testimonianza <span class=\"_ _9\"> </span>della <span class=\"_ _0\"> </span>pref<span class=\"_ _2\"></span>erenza <span class=\"_ _0\"></span>acc<span class=\"_ _2\"></span>ordata <span class=\"_ _0\"> </span>dalla <span class=\"_ _9\"> </span>clientela <span class=\"_ _9\"> </span>alle <span class=\"_ _9\"> </span>reti  del<span class=\"_ _df\"> </span>Gruppo.<span class=\"_ _df\"> </span>1.3 P<span class=\"_ _1\"></span>assi<span class=\"_ _1\"></span>vit\u00e0 fina<span class=\"_ _f\"></span>nziarie v<span class=\"_ _1\"></span>alut<span class=\"_ _1\"></span>ate <span class=\"_ _1\"></span>al cos<span class=\"_ _1\"></span>to a<span class=\"_ _f\"></span>mmortizz<span class=\"_ _1\"></span>ato:<span class=\"_ _1\"></span> com<span class=\"_ _1\"></span>posi<span class=\"_ _f\"></span>zione mer<span class=\"_ _1\"></span>ceo<span class=\"_ _1\"></span>logica<span class=\"_ _f\"></span> dei tito<span class=\"_ _f\"></span>li in circo<span class=\"_ _1\"></span>lazio<span class=\"_ _1\"></span>ne <table class=\"s wbbb h4f7\" id=\"_7f2d7305-5f69-4e94-987d-9ef28f907d26\"><tr><td></td><td></td><td></td><td></td><td class=\"c x59a y2aa2 w417 h4e\"><div class=\"t m0 x66 h1f y71 ff4 fs7 fc4 sc3 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale </div></td><td></td><td></td><td></td><td class=\"c x59b y2aa2 w418 h4e\"><div class=\"t m0 x66 h1f y71 ff4 fs7 fc4 sc3 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale </div></td><td></td></tr><tr><td></td><td></td><td></td><td class=\"c x59a y2aa3 w417 h4e\" colspan=\"2\"><div class=\"t m0 xe7 h1f y71 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/<span class=\"_ _f\"></span>2025 </div></td><td></td><td></td><td class=\"c x59b y2aa3 w418 h4e\" colspan=\"2\"><div class=\"t m0 xe7 h1f y71 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/<span class=\"_ _f\"></span>2024 </div></td><td></td></tr><tr><td class=\"c x44e y2aa4 w25b h281\"><div class=\"t m0 x37 h1f y1143 ff4 fs7 fc4 sc3 ls0 ws0\">Tipol<span class=\"_ _f\"></span>ogia tito<span class=\"_ _f\"></span>li/Valor<span class=\"_ _f\"></span>i </div></td><td></td><td class=\"c x59a y2aa4 w177 h282\"><div class=\"t m0 x55 h1f ycd3 ff4 fs7 fc4 sc3 ls6c ws0\">VB<span class=\"ls0\"> </span></div></td><td></td><td class=\"c x59c y2aa5 w22c h159\"><div class=\"t m0 x7 h1f y61e ff4 fs7 fc4 sc3 ls0 ws0\">Fair<span class=\"_ _f\"></span> Value </div></td><td></td><td class=\"c x59b y2aa4 w177 h282\"><div class=\"t m0 x55 h1f ycd3 ff4 fs7 fc4 sc3 ls6c ws0\">VB<span class=\"ls0\"> </span></div></td><td></td><td class=\"c x59d y2aa5 w419 h159\"><div class=\"t m0 x7 h1f y61e ff4 fs7 fc4 sc3 ls0 ws0\">Fair<span class=\"_ _f\"></span> Value </div></td><td></td></tr><tr><td></td><td></td><td></td><td class=\"c x59c y2aa4 w17c h159\"><div class=\"t m0 x39 h1f y61e ff4 fs7 fc4 sc3 lsc7 ws0\">L1<span class=\"ls0\"> </span></div></td><td class=\"c x59e y2aa4 w41a h159\"><div class=\"t m0 x55 h1f y61e ff4 fs7 fc4 sc3 lsc7 ws0\">L2<span class=\"ls0\"> </span></div></td><td class=\"c x59f y2aa4 w2af h159\"><div class=\"t m0 x55 h1f y61e ff4 fs7 fc4 sc3 lsc7 ws0\">L3<span class=\"ls0\"> </span></div></td><td></td><td class=\"c x594 y2aa4 w176 h159\"><div class=\"t m0 x39 h1f y61e ff4 fs7 fc4 sc3 lsc7 ws0\">L1<span class=\"ls0\"> </span></div></td><td class=\"c x533 y2aa4 w2af h159\"><div class=\"t m0 x55 h1f y61e ff4 fs7 fc4 sc3 lsc7 ws0\">L2<span class=\"ls0\"> </span></div></td><td class=\"c x5a0 y2aa4 w2bd h159\"><div class=\"t m0 x55 h1f y61e ff4 fs7 fc4 sc3 lsc7 ws0\">L3<span class=\"ls0\"> </span></div></td></tr><tr><td class=\"c x44e y2aa6 w41b hc8\"><div class=\"t m0 x10 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">A. Tit<span class=\"_ _f\"></span>oli </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 x44e y2aa7 w41b hc8\"><div class=\"t m0 x2f h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">1. obbligazioni </div></td><td></td><td class=\"c x59a y2aa7 w168 hc8\"><div class=\"t m0 x8a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">4.356.502 </div></td><td class=\"c x59c y2aa7 w168 hc8\"><div class=\"t m0 x8a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">4.077.260 </div></td><td class=\"c x59e y2aa7 w3b8 hc8\"><div class=\"t m0 x2f h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">415.347 </div></td><td class=\"c x59f y2aa7 w2af hc8\"><div class=\"t m0 x30 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x59b y2aa7 w168 hc8\"><div class=\"t m0 xab h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">4.233.961 </div></td><td class=\"c x59d y2aa7 w16e hc8\"><div class=\"t m0 x8a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">4.149.806</div></td><td class=\"c x533 y2aa7 w1bd hc8\"><div class=\"t m0 x8e h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">183.433 </div></td><td class=\"c x5a0 y2aa7 w3b8 hc8\"><div class=\"t m0 x30 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2aa8 w41b hc8\"><div class=\"t m0 x39 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">1.1 strutturate </div></td><td></td><td class=\"c x59a y2aa8 w168 hc8\"><div class=\"t m0 x16a h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">928.327 </div></td><td class=\"c x59c y2aa8 w168 hc8\"><div class=\"t m0 x2f h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">984.996 </div></td><td class=\"c x59e y2aa8 w3b8 hc8\"><div class=\"t m0 x30 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x59f y2aa8 w2af hc8\"><div class=\"t m0 x30 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x59b y2aa8 w168 hc8\"><div class=\"t m0 x116 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">927.585 </div></td><td class=\"c x59d y2aa8 w16e hc8\"><div class=\"t m0 x116 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">994.931 </div></td><td class=\"c x533 y2aa8 w1bd hc8\"><div class=\"t m0 x30 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5a0 y2aa8 w3b8 hc8\"><div class=\"t m0 x30 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2aa9 w41b hc8\"><div class=\"t m0 x39 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">1.2 altre </div></td><td></td><td class=\"c x59a y2aa9 w168 hc8\"><div class=\"t m0 xab h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">3.428.175 </div></td><td class=\"c x59c y2aa9 w168 hc8\"><div class=\"t m0 x8a h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">3.092.264 </div></td><td class=\"c x59e y2aa9 w3b8 hc8\"><div class=\"t m0 x2f h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">415.347 </div></td><td class=\"c x59f y2aa9 w2af hc8\"><div class=\"t m0 x30 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x59b y2aa9 w168 hc8\"><div class=\"t m0 x8a h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">3.306.376 </div></td><td class=\"c x59d y2aa9 w16e hc8\"><div class=\"t m0 xab h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">3.154.875 </div></td><td class=\"c x533 y2aa9 w1bd hc8\"><div class=\"t m0 x8e h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">183.433 </div></td><td class=\"c x5a0 y2aa9 w3b8 hc8\"><div class=\"t m0 x30 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2aaa w41b hc8\"><div class=\"t m0 x2f h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">2. altri titoli </div></td><td></td><td class=\"c x59a y2aaa w168 hc8\"><div class=\"t m0 x2e h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">162.012 </div></td><td class=\"c x59c y2aaa w168 hc8\"><div class=\"t m0 x36 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x59e y2aaa w3b8 hc8\"><div class=\"t m0 x30 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x59f y2aaa w2af hc8\"><div class=\"t m0 x116 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">162.012 </div></td><td class=\"c x59b y2aaa w168 hc8\"><div class=\"t m0 x55 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">211.194 </div></td><td class=\"c x59d y2aaa w16e hc8\"><div class=\"t m0 x36 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x533 y2aaa w1bd hc8\"><div class=\"t m0 x30 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5a0 y2aaa w3b8 hc8\"><div class=\"t m0 x2a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">211.194 </div></td></tr><tr><td class=\"c x44e y2aab w41b hc8\"><div class=\"t m0 x39 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">2.1 strutturate </div></td><td></td><td class=\"c x59a y2aab w168 hc8\"><div class=\"t m0 x36 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x59c y2aab w168 hc8\"><div class=\"t m0 x36 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x59e y2aab w3b8 hc8\"><div class=\"t m0 x30 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x59f y2aab w2af hc8\"><div class=\"t m0 x30 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x59b y2aab w168 hc8\"><div class=\"t m0 x36 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x59d y2aab w16e hc8\"><div class=\"t m0 x36 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x533 y2aab w1bd hc8\"><div class=\"t m0 x30 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5a0 y2aab w3b8 hc8\"><div class=\"t m0 x30 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2aac w41b hc8\"><div class=\"t m0 x39 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">2.2 altre </div></td><td></td><td class=\"c x59a y2aac w168 hc8\"><div class=\"t m0 x2e h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">162.012 </div></td><td class=\"c x59c y2aac w168 hc8\"><div class=\"t m0 x36 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x59e y2aac w3b8 hc8\"><div class=\"t m0 x30 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x59f y2aac w2af hc8\"><div class=\"t m0 x116 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">162.012 </div></td><td class=\"c x59b y2aac w168 hc8\"><div class=\"t m0 x55 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">211.194 </div></td><td class=\"c x59d y2aac w16e hc8\"><div class=\"t m0 x36 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x533 y2aac w1bd hc8\"><div class=\"t m0 x30 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5a0 y2aac w3b8 hc8\"><div class=\"t m0 x2a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">211.194 </div></td></tr><tr><td></td><td class=\"c x44e y2aad w41b h227\"><div class=\"t m0 xa1 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale </div></td><td class=\"c x59a y2aad w168 h227\"><div class=\"t m0 xac h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">4.51<span class=\"_ _1\"></span>8.514<span class=\"_ _f\"></span> </div></td><td class=\"c x59c y2aad w168 h227\"><div class=\"t m0 xab h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">4.077<span class=\"_ _1\"></span>.26<span class=\"_ _1\"></span>0 </div></td><td class=\"c x59e y2aad w3b8 h227\"><div class=\"t m0 x16a h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">415.3<span class=\"_ _f\"></span>47 </div></td><td class=\"c x59f y2aad w2af h227\"><div class=\"t m0 x116 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">162.<span class=\"_ _1\"></span>012<span class=\"_ _1\"></span> </div></td><td class=\"c x59b y2aad w168 h227\"><div class=\"t m0 xab h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">4.445<span class=\"_ _1\"></span>.155<span class=\"_ _f\"></span> </div></td><td class=\"c x59d y2aad w16e h227\"><div class=\"t m0 xab h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">4.149<span class=\"_ _f\"></span>.806 </div></td><td class=\"c x533 y2aad w1bd h227\"><div class=\"t m0 x2f h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">183.<span class=\"_ _1\"></span>433<span class=\"_ _1\"></span> </div></td><td class=\"c x5a0 y2aad w3b8 h227\"><div class=\"t m0 x2e h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">211.19<span class=\"_ _f\"></span>4 </div></td></tr></table>Lege<span class=\"_ _f\"></span>nda: VB= Valore di bi<span class=\"_ _1\"></span>lancio L1= Livello 1 L2= Livello 2 L3= Livello 3 Nella voce \u201caltri titoli\u201d sono classificati<span class=\"ff4\"> i certificati di deposito. </span>In <span class=\"_ _22\"> </span>relazione <span class=\"_ _4\"> </span>alle  attivit\u00e0 <span class=\"_ _4\"> </span>di  emissione <span class=\"_ _4\"> </span>di  str<span class=\"_ _2\"></span>umenti  obbligazionari, <span class=\"_ _4\"> </span>nel<span class=\"_ _1\"></span> <span class=\"_ _4\"> </span>mese  di <span class=\"_ _4\"> </span>maggio  2025, CredemHolding <span class=\"_ _2\"></span>S.p.A. <span class=\"_ _2\"></span>ha <span class=\"_ _d\"></span>collocato <span class=\"_ _d\"></span>uno <span class=\"_ _2\"></span>strumento <span class=\"_ _d\"></span>subordinato Ti<span class=\"ls0\">er <span class=\"_ _2\"></span>2</span> <span class=\"_ _2\"></span>per <span class=\"_ _d\"></span>nominali <span class=\"_ _2\"></span>200 <span class=\"_ _d\"></span>milioni <span class=\"_ _2\"></span>di euro <span class=\"_ _19\"> </span>con <span class=\"_ _19\"> </span>scadenza <span class=\"_ _19\"> </span>maggio <span class=\"_ _19\"> </span>2037 <span class=\"_ _19\"> </span>e <span class=\"_ _19\"> </span>possibilit\u00e0 <span class=\"_ _18\"> </span>di <span class=\"_ _19\"> </span>r<span class=\"_ _2\"></span>imborso <span class=\"_ _19\"> </span>anticip<span class=\"_ _1\"></span>ato <span class=\"_ _19\"> </span>a <span class=\"_ _19\"> </span>maggio <span class=\"_ _19\"> </span>2032. Contestualmente, \u00e8 st<span class=\"_ _2\"></span>ato<span class=\"_ _1\"></span> emesso <span class=\"_ _2\"></span>da parte di Credem Banca un prestito <span class=\"_ _2\"></span>subordinato Tier 2 con le medesime <span class=\"_ _9\"> </span>caratteristiche <span class=\"_ _9\"> </span>interamente <span class=\"_ _9\"> </span>s<span class=\"_ _2\"></span>ottoscritto <span class=\"_ _16\"> </span>da <span class=\"_ _9\"> </span>CredemHolding<span class=\"_ _1\"></span> <span class=\"_ _9\"> </span>S.p.A.. <span class=\"_ _9\"> </span>A  g<span class=\"_ _1\"></span>iugno <span class=\"_ _9\"> </span>2025<span class=\"_ _2\"></span> <span class=\"_ _9\"> </span>\u00e8 stato perfezionato il<span class=\"_ _f\"></span> rinnovo annuale<span class=\"_ _f\"></span> del programma EMTN, all<span class=\"_ _f\"></span>ineandolo alle p<span class=\"_ _1\"></span>i\u00f9 recenti normativ<span class=\"_ _1\"></span>e vigenti. <span class=\"_ _2\"></span>Nel <span class=\"_ _d\"></span>mese <span class=\"_ _d\"></span>di <span class=\"_ _2\"></span>ott<span class=\"_ _2\"></span>obre <span class=\"_ _2\"></span>2025, <span class=\"_ _d\"></span>CredemHolding <span class=\"_ _2\"></span>ha <span class=\"_ _d\"></span>esercitato <span class=\"_ _d\"></span>l\u2019opzione<span class=\"_ _1\"></span> <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>rimborso <span class=\"_ _d\"></span>anticipato prevista p<span class=\"_ _1\"></span>er il<span class=\"_ _1\"></span> prestito<span class=\"_ _1\"></span> obbl<span class=\"_ _1\"></span>igazionario <span class=\"_ _f\"></span>subordinato Tier <span class=\"_ _f\"></span>2 eme<span class=\"_ _1\"></span>sso <span class=\"_ _f\"></span>nel 2020 p<span class=\"_ _1\"></span>er <span class=\"_ _1\"></span>nominali <span class=\"_ _1\"></span>200 mil<span class=\"_ _1\"></span>ioni di <span class=\"_ _d\"></span>euro <span class=\"_ _0\"></span>e, <span class=\"_ _0\"></span>contestualmente, <span class=\"_ _d\"></span>Cr<span class=\"_ _2\"></span>ede<span class=\"_ _1\"></span>mBanca <span class=\"_ _0\"></span>ha <span class=\"_ _0\"></span>rimborsato <span class=\"_ _d\"></span>ant<span class=\"_ _2\"></span>icipatamente <span class=\"_ _d\"></span>la <span class=\"_ _0\"></span>relativa <span class=\"_ _d\"></span>emissione \u201cmirror\u201d interamente sottoscritta in fase di emissione d<span class=\"_ _1\"></span>a CredemHolding.<span class=\"_ _2\"></span><span class=\"ff4\"> </span>Nell\u2019a<span class=\"ff4\">mbito <span class=\"_ _d\"></span>del <span class=\"_ _d\"></span>programma <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>Obbligazioni <span class=\"_ _d\"></span>Bancarie <span class=\"_ _d\"></span>Garantite <span class=\"_ _d\"></span>da <span class=\"_ _0\"></span>Credem <span class=\"_ _2\"></span>CB, <span class=\"_ _d\"></span>i<span class=\"_ _2\"></span>l <span class=\"_ _d\"></span>valore <span class=\"_ _d\"></span>nominale </span>delle emissioni <span class=\"_ _2\"></span>in circolazion<span class=\"_ _2\"></span>e a <span class=\"_ _2\"></span>fine dicembre <span class=\"_ _2\"></span>2025 <span class=\"_ _2\"></span>\u00e8 r<span class=\"_ _2\"></span>isultato pari <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>3,6 <span class=\"_ _2\"></span>miliardi di <span class=\"_ _2\"></span>euro, dei <span class=\"_ _2\"></span>quali 1,75 <span class=\"_ _2\"></span>miliardi <span class=\"_ _d\"></span>di <span class=\"_ _2\"></span>euro <span class=\"_ _d\"></span>rappresentati <span class=\"_ _2\"></span>da <span class=\"_ _2\"></span>emissioni self-retained<span class=\"_ _df\"> </span>. <span class=\"_ _2\"></span><span class=\"ls0\">Ne<span class=\"_ _2\"></span>l <span class=\"_ _2\"></span>mese <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>dicembre <span class=\"_ _2\"></span>20<span class=\"_ _2\"></span>25 <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _2\"></span>st<span class=\"_ _2\"></span>ato </span>emesso <span class=\"_ _f\"></span>un nuov<span class=\"_ _1\"></span>o <span class=\"_ _1\"></span>European <span class=\"_ _f\"></span>Covered B<span class=\"_ _1\"></span>ond (<span class=\"_ _1\"></span>Premium) <span class=\"_ _f\"></span>di e <span class=\"_ _f\"></span>tipo self-retained <span class=\"_ _f\"></span>p<span class=\"_ _2\"></span>er <span class=\"_ _f\"></span>un v<span class=\"_ _1\"></span>alore <span class=\"_ _1\"></span>nominale di <span class=\"_ _1\"></span>750 milioni<span class=\"_ _1\"></span> di<span class=\"_ _1\"></span> eu<span class=\"_ _1\"></span>ro. Quest\u2019ultima <span class=\"_ _f\"></span>risulta idone<span class=\"_ _1\"></span>a pe<span class=\"_ _1\"></span>r operazioni <span class=\"_ _f\"></span>di rifinanzi<span class=\"_ _1\"></span>amento presso <span class=\"_ _f\"></span>la Banca<span class=\"_ _f\"></span> Centrale  Europea  e  si <span class=\"_ _16\"> </span>presta  come  attivit\u00e0  di  livello  1  ai <span class=\"_ _16\"> </span>fini  del  Liquidity  Coverage<span class=\"_ _1\"></span>  Ratio  per potenziali controparti prenditrici di collaterale in ope<span class=\"_ _1\"></span>razioni di repurchase agreement. Nel  mese<span class=\"_ _1\"></span>  di  nov<span class=\"_ _1\"></span>embre  2025 <span class=\"_ _16\"> </span>\u00e8  stato  pe<span class=\"_ _1\"></span>rfezionato  il <span class=\"_ _9\"> </span>r<span class=\"_ _2\"></span>innovo <span class=\"_ _16\"> </span>annuale  del <span class=\"_ _16\"> </span>Programma  OBG.<span class=\"_ _1\"></span>  Le modifi<span class=\"ff5\">che <span class=\"_ _1\"></span>al Base <span class=\"_ _f\"></span>Pros<span class=\"_ _2\"></span>pectus <span class=\"_ _f\"></span>ha<span class=\"_ _2\"></span>nno <span class=\"_ _1\"></span>riguardato princ<span class=\"_ _1\"></span>ipalmente l\u2019aggiornamento <span class=\"_ _1\"></span>dei d<span class=\"_ _1\"></span>ati finanziari<span class=\"_ _1\"></span> </span>e l\u2019adeguamento normativo della docu<span class=\"_ _1\"></span>mentazione d\u2019offerta alla miglior prassi di mercato vi<span class=\"_ _1\"></span>gente.<span class=\"_ _2\"></span><span class=\"ff4\"> </span>Per <span class=\"_ _0\"></span>quanto <span class=\"_ _d\"></span>r<span class=\"_ _2\"></span>iguarda <span class=\"_ _d\"></span>l\u2019operativit\u00e0 <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>mercato <span class=\"_ _d\"></span>mo<span class=\"_ _2\"></span>netario <span class=\"_ _d\"></span>a <span class=\"_ _0\"></span>valere <span class=\"_ _d\"></span>sul<span class=\"_ _2\"></span><span class=\"ff4\"> <span class=\"_ _0\"></span>Programma <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>Emissione <span class=\"_ _d\"></span>di </span>Cambiali Finanziarie di Credito Emiliano, nel corso <span class=\"_ _2\"></span>del 2025, sono state collocate 12 emissioni, per un <span class=\"_ _1\"></span>ammontare complessivo <span class=\"_ _f\"></span>di circa 382 <span class=\"_ _f\"></span>milioni di <span class=\"_ _f\"></span>euro e p<span class=\"_ _1\"></span>er un <span class=\"_ _f\"></span>v<span class=\"_ _2\"></span>alore <span class=\"_ _1\"></span>nominale <span class=\"_ _1\"></span>outstanding a <span class=\"_ _f\"></span>fine dicembre 2025 di 164 milioni di euro. Inoltre,  nel  corso  dell\u2019esercizio  2025  il  Gruppo  \u00e8  risultato  attivo  nell\u2019operativit\u00e0  di  raccolta  in depositi <span class=\"_ _2\"></span>unsecured <span class=\"_ _d\"></span>a <span class=\"_ _d\"></span>breve <span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>ermine <span class=\"_ _2\"></span>con <span class=\"_ _d\"></span>il <span class=\"_ _d\"></span>Ministero <span class=\"_ _d\"></span>dell'Economia <span class=\"_ _2\"></span>e <span class=\"_ _d\"></span>delle <span class=\"_ _d\"></span>Finanze <span class=\"_ _2\"></span>(MEF), <span class=\"_ _d\"></span>con <span class=\"_ _d\"></span>un<span class=\"_ _df\"> </span>importo medio <span class=\"_ _2\"></span>di circa 115 <span class=\"_ _2\"></span>milioni di euro, mentre <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>fine dicembre <span class=\"_ _2\"></span>la raccolta <span class=\"_ _2\"></span>\u00e8 risultata pari <span class=\"_ _2\"></span>a 900<span class=\"_ _df\"> </span> milioni di euro.<span class=\"_ _df\"> </span> Infine <span class=\"_ _d\"></span>nel <span class=\"_ _d\"></span>corso <span class=\"_ _d\"></span>del <span class=\"_ _d\"></span>2025, <span class=\"_ _d\"></span>s<span class=\"_ _2\"></span>ono <span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>tati <span class=\"_ _d\"></span>negoziati <span class=\"_ _d\"></span>operazioni <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>repo <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>raccolta <span class=\"_ _d\"></span>a <span class=\"_ _0\"></span>breve <span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>ermine <span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>ul<span class=\"_ _df\"> </span> covered <span class=\"_ _9\"> </span>bond <span class=\"_ _9\"> </span>retained  e<span class=\"_ _1\"></span>messo  a <span class=\"_ _9\"> </span>gennaio <span class=\"_ _9\"> </span>2024, <span class=\"_ _9\"> </span>per  u<span class=\"_ _1\"></span>n <span class=\"_ _9\"> </span>importo  p<span class=\"_ _1\"></span>ari <span class=\"_ _9\"> </span>a <span class=\"_ _9\"> </span>20<span class=\"_ _2\"></span>0 <span class=\"_ _9\"> </span>milioni <span class=\"_ _9\"> </span>nominali,<span class=\"_ _2\"></span> <span class=\"_ _9\"> </span><span class=\"ls7e\">e<span class=\"_ _df\"> </span></span><span class=\"ls7e\"> </span>ulteriori <span class=\"_ _0\"></span>200<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>milioni <span class=\"_ _9\"> </span>con <span class=\"_ _9\"> </span>sottostanti <span class=\"_ _0\"></span>t<span class=\"_ _2\"></span>itoli <span class=\"_ _0\"></span>senior<span class=\"_ _df\"> </span> financial <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>propriet\u00e0 <span class=\"_ _0\"> </span>che <span class=\"_ _9\"> </span>hanno <span class=\"_ _9\"> </span>port<span class=\"_ _2\"></span>ato <span class=\"_ _0\"></span>a <span class=\"_ _9\"> </span>fine<span class=\"_ _df\"> </span> dicembre <span class=\"_ _0\"></span>il <span class=\"_ _9\"> </span>nominale <span class=\"_ _0\"></span>d<span class=\"_ _2\"></span>elle <span class=\"_ _0\"></span>operazioni <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>pronti <span class=\"_ _9\"> </span>contro <span class=\"_ _9\"> </span>termine <span class=\"_ _0\"></span>di <span class=\"_ _9\"> </span>raccolta <span class=\"_ _9\"> </span>con <span class=\"_ _9\"> </span>sottostanti <span class=\"_ _0\"></span>titoli<span class=\"_ _df\"> </span> obbligazionari non governativi a comple<span class=\"_ _1\"></span>ssivi nominali 6<span class=\"_ _2\"></span>00 milioni di euro.<span class=\"_ _df\"> </span>1.4 De<span class=\"_ _1\"></span>ttagl<span class=\"_ _1\"></span>io de<span class=\"_ _1\"></span>i deb<span class=\"_ _1\"></span>iti/ti<span class=\"_ _1\"></span>toli <span class=\"_ _1\"></span>subo<span class=\"_ _1\"></span>rdinat<span class=\"_ _f\"></span>i  Grup<span class=\"_ _1\"></span>po Ba<span class=\"_ _f\"></span>ncario<span class=\"_ _df\"> </span> Principali caratteristiche contrattuali delle passivi<span class=\"_ _1\"></span>t\u00e0 subordinate:<span class=\"_ _df\"> </span><span class=\"_ _2\"></span> <span class=\"_ _27\"> </span><span class=\"ff5\">\u201cCREDITO<span class=\"ff4\"> <span class=\"_ _15\"> </span>EMILIANO <span class=\"_ _15\"> </span>22/32 <span class=\"_ _e\"> </span>SUBORDINATO <span class=\"_ _15\"> </span>7,625 <span class=\"_ _e\"> </span></span>SUB\u201d<span class=\"ff4\"> <span class=\"_ _15\"> </span>(ISIN <span class=\"_ _e\"> </span>IT0005497117) <span class=\"_ _15\"> </span><span class=\"ls39\">per<span class=\"_ _df\"> </span></span></span></span><span class=\"ff5\"><span class=\"ff4\"> </span></span>200<span class=\"_ _1\"></span>.00<span class=\"_ _1\"></span>0.00<span class=\"_ _f\"></span>0,00 <span class=\"_ _d\"></span><span class=\"ff5\">\u20ac</span> <span class=\"_ _2\"></span>cost<span class=\"_ _2\"></span>ituito <span class=\"_ _d\"></span><span class=\"ls39\">da</span> <span class=\"_ _d\"></span><span class=\"ls13\">n.</span> <span class=\"_ _d\"></span>2.000<span class=\"_ _2\"></span>.<span class=\"_ _1\"></span>000,00 <span class=\"_ _d\"></span>obbligazioni <span class=\"_ _d\"></span><span class=\"ls39\">del</span> <span class=\"_ _d\"></span>valore <span class=\"_ _d\"></span>nominale <span class=\"_ _d\"></span><span class=\"ls39\">di<span class=\"_ _df\"> </span></span> 100 <span class=\"ff5\">\u20ac</span> ca<span class=\"_ _f\"></span>daun<span class=\"_ _f\"></span>a.<span class=\"_ _df\"> </span> Le<span class=\"ls0\"> <span class=\"_ _9\"> </span>obbligazioni <span class=\"_ _9\"> </span>corrisponderanno <span class=\"_ _9\"> </span>cedole <span class=\"_ _0\"> </span>fiss<span class=\"_ _2\"></span>e <span class=\"_ _0\"></span>annuali <span class=\"_ _9\"> </span>pari <span class=\"_ _9\"> </span><span class=\"ls73\">al</span> <span class=\"_ _9\"> </span>7,625% <span class=\"_ _9\"> </span>annuo <span class=\"_ _9\"> </span>lordo<span class=\"_ _df\"> </span></span>fino  <span class=\"ls73\">al</span>  05/10/2027 poi tasso MS  5<span class=\"_ _2\"></span>Y + 5,514% annuo lordo.<span class=\"_ _df\"> </span>Il<span class=\"ls0\"> <span class=\"_ _0\"></span>prestito<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>scade <span class=\"_ _0\"></span><span class=\"ls1a\">il</span> <span class=\"_ _9\"> </span>05/10/2032 <span class=\"_ _0\"></span><span class=\"lsd0\">se</span> <span class=\"_ _9\"> </span>non <span class=\"_ _0\"> </span>verr\u00e0<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>esercitata <span class=\"_ _9\"> </span><span class=\"ff5\">l\u2019opzione</span> <span class=\"_ _0\"></span>call <span class=\"_ _0\"></span><span class=\"ls73\">al</span> <span class=\"_ _9\"> </span>05/07/2027<span class=\"_ _df\"> </span></span><span class=\"ls0\"> </span>che<span class=\"ls0\">  significher\u00e0 il rimborso <span class=\"_ _2\"></span>anticip<span class=\"_ _1\"></span>ato.<span class=\"_ _df\"> </span></span>Al <span class=\"_ _16\"> </span>31/12/2025  l<span class=\"_ _1\"></span>a  q<span class=\"_ _1\"></span>uantit\u00e0 <span class=\"_ _9\"> </span>r<span class=\"_ _2\"></span>esidua <span class=\"_ _9\"> </span>risulta  pari <span class=\"_ _9\"> </span>a  200.000.0<span class=\"_ _1\"></span>00,00 <span class=\"_ _16\"> </span>\u20ac <span class=\"_ _16\"> </span>costituita <span class=\"_ _16\"> </span>da <span class=\"_ _9\"> </span>n.<span class=\"_ _df\"> </span> 2.000.000  <span class=\"ff5\">obbligazioni del valore nominale di 100 \u20ac cadauna<span class=\"_ _df\"> </span></span>L\u2019obbligazione<span class=\"ff4\"> <span class=\"_ _1\"></span>\u00e8 stata interamente <span class=\"_ _f\"></span>so<span class=\"_ _2\"></span>ttoscritta <span class=\"ls39\">da</span> Cr<span class=\"_ _1\"></span>ed<span class=\"_ _f\"></span>emho<span class=\"_ _1\"></span>ldin<span class=\"_ _f\"></span>g.<span class=\"_ _df\"> </span></span><span class=\"_ _27\"> </span><span class=\"ff5\">\u201cCREDITO<span class=\"ff4\"> <span class=\"_ _e\"> </span>EMILIANO <span class=\"_ _e\"> </span>25/37 <span class=\"_ _e\"> </span>SUBORDINATO <span class=\"_ _15\"> </span>4<span class=\"_ _2\"></span>,612 <span class=\"_ _e\"> </span></span>SUB\u201d<span class=\"ff4\"> <span class=\"_ _e\"> </span>(ISINXS3078482281) <span class=\"_ _e\"> </span><span class=\"ls39\">per<span class=\"_ _df\"> </span></span></span></span><span class=\"ff5\"><span class=\"ff4\"> </span></span>200<span class=\"_ _1\"></span>.00<span class=\"_ _1\"></span>0.00<span class=\"_ _f\"></span>0,00 <span class=\"_ _d\"></span><span class=\"ff5\">\u20ac</span> <span class=\"_ _d\"></span>costituito <span class=\"_ _d\"></span><span class=\"ls39\">da<span class=\"_ _2\"></span></span> <span class=\"_ _2\"></span><span class=\"ls13\">n.</span> <span class=\"_ _d\"></span>2.000.000,00 <span class=\"_ _d\"></span>obbligazioni <span class=\"_ _d\"></span><span class=\"ls39\">del</span> <span class=\"_ _0\"></span>valore <span class=\"_ _d\"></span>nominale <span class=\"_ _d\"></span><span class=\"ls39\">di<span class=\"_ _df\"> </span></span> 100 <span class=\"ff5\">\u20ac</span> ca<span class=\"_ _f\"></span>daun<span class=\"_ _f\"></span>a.<span class=\"_ _df\"> </span> Le<span class=\"ls0\"> <span class=\"_ _9\"> </span>obbligazioni <span class=\"_ _9\"> </span>corrisponderanno<span class=\"_ _2\"></span> <span class=\"_ _9\"> </span>cedole <span class=\"_ _0\"> </span>fis<span class=\"ls2\">se</span> <span class=\"_ _9\"> </span>ann<span class=\"_ _2\"></span>uali <span class=\"_ _9\"> </span>pari <span class=\"_ _9\"> </span><span class=\"ls73\">al</span>  4,612% <span class=\"_ _0\"></span>annuo <span class=\"_ _9\"> </span>lordo<span class=\"_ _df\"> </span></span><span class=\"ls0\"> </span>fino  <span class=\"ls73\">al</span> <span class=\"_ _22\"> </span>21/05/2032 poi tasso MS <span class=\"_ _4\"> </span>5Y + 2,642% annuo lordo.<span class=\"_ _df\"> </span>Il<span class=\"ls0\"> <span class=\"_ _0\"></span>prestito <span class=\"_ _9\"> </span>scade <span class=\"_ _0\"></span><span class=\"ls1a\">il</span> <span class=\"_ _9\"> </span>27/05/2037 <span class=\"_ _0\"></span><span class=\"lsd0\">se</span> <span class=\"_ _0\"></span>non <span class=\"_ _9\"> </span>verr\u00e0 <span class=\"_ _0\"></span>esercitata <span class=\"_ _0\"></span><span class=\"ff5\">l\u2019opzione</span> <span class=\"_ _9\"> </span>call <span class=\"_ _0\"></span><span class=\"ls73\">al</span> <span class=\"_ _0\"></span>27/05/2032<span class=\"_ _df\"> </span></span><span class=\"ls0\"> </span>che<span class=\"ls0\">  significher\u00e0 il rimborso <span class=\"_ _2\"></span>anticip<span class=\"_ _1\"></span>ato.<span class=\"_ _df\"> </span></span>In <span class=\"_ _2\"></span>caso <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>liquid<span class=\"_ _f\"></span>a<span class=\"_ _2\"></span>zione <span class=\"_ _2\"></span>tutt<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>le <span class=\"_ _d\"></span>obbligazioni <span class=\"_ _2\"></span>subordinate <span class=\"_ _d\"></span>saranno <span class=\"_ _d\"></span>rimborsate <span class=\"_ _2\"></span>solo <span class=\"_ _d\"></span>dopo <span class=\"_ _2\"></span>che <span class=\"_ _d\"></span>siano<span class=\"_ _df\"> </span> stati soddisfatti tutti gli altri cred<span class=\"_ _1\"></span>itori non ugualmente subordinati.<span class=\"_ _df\"> </span><span class=\"_ _2\"></span> Le obbligazioni non sono coperte dalla garanzia del Fondo Interbanc<span class=\"_ _1\"></span>ario di Tutela dei Depositi.<span class=\"_ _df\"> </span><span class=\"_ _2\"></span> Impr<span class=\"_ _1\"></span>ese <span class=\"_ _f\"></span><span class=\"ls39\">di<span class=\"ls0\"> A<span class=\"_ _f\"></span>ssi<span class=\"_ _f\"></span>cur<span class=\"_ _1\"></span>az<span class=\"_ _f\"></span>ione<span class=\"_ _df\"> </span></span></span><span class=\"ls39\"><span class=\"ls0\"><span class=\"_ _f\"></span><span class=\"fc1 sc2\"> </span></span></span>In data <span class=\"_ _2\"></span>18 novembre 2025, Credemvita S.p.A., a <span class=\"_ _2\"></span>seguito dell\u2019autorizzazione rilasciata da <span class=\"_ _2\"></span>IVASS, ha<span class=\"_ _df\"> </span> dato <span class=\"_ _9\"> </span>corso <span class=\"_ _0\"></span>al <span class=\"_ _9\"> </span>rimborso <span class=\"_ _0\"></span>integrale <span class=\"_ _9\"> </span>del <span class=\"_ _0\"></span>prestito <span class=\"_ _9\"> </span>subordinato <span class=\"_ _0\"></span>\u201c<span class=\"_ _df\"> </span>Fixed <span class=\"_ _0\"></span>Rate <span class=\"_ _9\"> </span>Resettable <span class=\"_ _9\"> </span>Subordinated<span class=\"_ _df\"> </span> Notes due 18 February 2031<span class=\"_ _df\"> </span>\u201d di importo pari a 107,5 milioni d<span class=\"_ _1\"></span>i<span class=\"ff4\"> euro.<span class=\"_ _df\"> </span></span><span class=\"ff4\"> </span>1.5 De<span class=\"_ _1\"></span>ttag<span class=\"_ _1\"></span>lio d<span class=\"_ _1\"></span>ei deb<span class=\"_ _1\"></span>iti s<span class=\"_ _1\"></span>trutt<span class=\"_ _1\"></span>urat<span class=\"_ _1\"></span>i<span class=\"_ _df\"> </span> Non esistono, alla d<span class=\"_ _1\"></span>ata del b<span class=\"_ _1\"></span>ilancio, n\u00e9 al <span class=\"_ _f\"></span>31<span class=\"_ _2\"></span> di<span class=\"_ _1\"></span>cembre 2024, debiti strutturati verso banche<span class=\"_ _1\"></span> e ve<span class=\"_ _f\"></span>r<span class=\"_ _2\"></span>so<span class=\"_ _df\"> </span> clientela.<span class=\"_ _df\"> </span> 1.6 D<span class=\"_ _1\"></span>ebiti <span class=\"_ _1\"></span>per l<span class=\"_ _1\"></span>easi<span class=\"_ _1\"></span>ng  Alla data <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>31 dicembre <span class=\"_ _2\"></span>2025 <span class=\"_ _2\"></span>sono <span class=\"_ _2\"></span>presenti debiti <span class=\"_ _2\"></span>per<span class=\"fc18\"> <span class=\"_ _2\"></span></span>leasing IFRS16 <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>128,4 <span class=\"_ _2\"></span>milioni di <span class=\"_ _2\"></span>euro. Si<span class=\"_ _df\"> </span> allegano i flussi finanziari per i leasing con l'analisi de<span class=\"_ _1\"></span>lle scadenze:<span class=\"_ _2\"></span> <table class=\"s wbbc h4f8\" id=\"_1849babf-e6ef-4663-9161-aef4b35c5952\"><tr><td class=\"c x5a2 y2aae w41c h2b\"><div class=\"t m0 x8a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">Fino a 1 mese </div></td><td class=\"c x5a3 y2aae w41d h2b\"><div class=\"t m0 xe7 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\"> 5.427  </div></td></tr><tr><td class=\"c x5a2 y2aaf w41c h221\"><div class=\"t m0 x8a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">Oltre 1 mese e fi<span class=\"_ _1\"></span>no a 3 mesi </div></td><td class=\"c x5a3 y2aaf w41d h221\"><div class=\"t m0 x12a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\"> 529  </div></td></tr><tr><td class=\"c x5a2 y2ab0 w41c h2b\"><div class=\"t m0 x8a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">Oltre 3 mesi fin<span class=\"_ _f\"></span>o<span class=\"_ _2\"></span> a 1 ann<span class=\"_ _1\"></span>o </div></td><td class=\"c x5a3 y2ab0 w41d h2b\"><div class=\"t m0 x11f h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\"> 15.838  </div></td></tr><tr><td class=\"c x5a2 y2ab1 w41c h221\"><div class=\"t m0 x8a h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">Oltre 1 anno fin<span class=\"_ _1\"></span>o a 5 anni </div></td><td class=\"c x5a3 y2ab1 w41d h221\"><div class=\"t m0 xee h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\"> 63.095  </div></td></tr><tr><td class=\"c x5a2 y2ab2 w41c h2b\"><div class=\"t m0 x8a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">Oltre 5 anni </div></td><td class=\"c x5a3 y2ab2 w41d h2b\"><div class=\"t m0 xee h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\"> 43.508  </div></td></tr><tr><td class=\"c x5a2 y2ab3 w41c h221\"><div class=\"t m0 x8a h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale </div></td><td class=\"c x5a3 y2ab3 w41d h221\"><div class=\"t m0 x11d h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\"> <span class=\"sc2\">128.3<span class=\"_ _1\"></span>96</span><span class=\"sc2\"> </span><span class=\"sc2\"><span class=\"_ _f\"></span> </span></div></td></tr></table>Si <span class=\"_ _d\"></span>\u00e8 <span class=\"_ _d\"></span>adottata <span class=\"_ _d\"></span>la <span class=\"_ _d\"></span>metodologia <span class=\"_ _d\"></span>contabile <span class=\"_ _d\"></span>del <span class=\"_ _d\"></span>Micro <span class=\"_ _d\"></span>Fair <span class=\"_ _d\"></span>Value <span class=\"_ _d\"></span>Hedge <span class=\"_ _d\"></span>per <span class=\"_ _d\"></span>la <span class=\"_ _d\"></span>copertura <span class=\"_ _d\"></span>del <span class=\"_ _d\"></span>rischio <span class=\"_ _d\"></span>di<span class=\"_ _df\"> </span>tasso <span class=\"_ _0\"></span>associato <span class=\"_ _0\"></span>all\u2019emissione <span class=\"_ _d\"></span>di <span class=\"_ _0\"> </span>prest<span class=\"_ _2\"></span>iti <span class=\"_ _d\"></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>amm<span class=\"_ _2\"></span><span class=\"ff4\">ontare <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>circa<span class=\"_ _df\"> </span></span>2.0<span class=\"ls0\">50 milioni di euro.<span class=\"_ _df\"> </span></span>Titol<span class=\"_ _1\"></span>i in ci<span class=\"_ _1\"></span>rcola<span class=\"_ _1\"></span>zione <span class=\"_ _1\"></span>ogget<span class=\"_ _1\"></span>to d<span class=\"_ _1\"></span>i co<span class=\"_ _1\"></span>pertu<span class=\"_ _1\"></span>ra s<span class=\"_ _f\"></span>pecifica <div class=\"t m0 hc ff4 fs4 fc4 sc3 ls0 ws0 gs1fbb\">SEZI<span class=\"_ _f\"></span>ONE <span class=\"ls7\">1 <span class=\"_ _f\"></span><span class=\"ff5 ls0\">\u2013<span class=\"ff4\"> LOCA<span class=\"_ _f\"></span>TARI<span class=\"_ _f\"></span>O </span></span></span></div><div class=\"t m0 he ff4 fs5 fc4 sc3 ls0 ws0 gs1fbc\">Inform<span class=\"_ _1\"></span>azio<span class=\"_ _f\"></span>ni qualitative<span class=\"_ _f\"></span> </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs1fbd\">In data 13 gennaio 2016 lo IASB ha pubblicato il nuovo principio \u201cIFRS 16 Leases\u201d, che sost<span class=\"_ _2\"></span>ituisce il </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1fbe\">principio <span class=\"_ _d\"></span>IAS <span class=\"_ _d\"></span>1<span class=\"_ _2\"></span>7 <span class=\"_ _d\"></span>Leases, <span class=\"_ _d\"></span>nonch\u00e9 <span class=\"_ _0\"></span>le <span class=\"_ _d\"></span>interpretazioni <span class=\"_ _d\"></span>IFRIC <span class=\"_ _0\"></span>4 <span class=\"_ _d\"></span>Determining <span class=\"_ _d\"></span>whether <span class=\"_ _0\"></span>an <span class=\"_ _d\"></span>Arrangement </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1fbf\">contains <span class=\"_ _4\"> </span>a <span class=\"_ _17\"> </span>Lease, <span class=\"_ _4\"> </span>SIC15 <span class=\"_ _17\"> </span>Operating <span class=\"_ _4\"> </span>Leases <span class=\"_ _17\"> </span>Incentive<span class=\"_ _1\"></span>s <span class=\"_ _17\"> </span>e <span class=\"_ _4\"> </span>SIC-27<span class=\"_ _2\"></span> <span class=\"_ _4\"> </span>Evaluating <span class=\"_ _4\"> </span>the <span class=\"_ _17\"> </span>Substance <span class=\"_ _4\"> </span>of </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1fc0\">Transactions I<span class=\"_ _1\"></span>nvolving <span class=\"_ _f\"></span>the <span class=\"_ _f\"></span>L<span class=\"_ _2\"></span>egal <span class=\"_ _f\"></span>For<span class=\"_ _2\"></span>m <span class=\"_ _f\"></span>of a <span class=\"_ _f\"></span>Lease. <span class=\"_ _f\"></span>Il <span class=\"_ _f\"></span>principio \u00e8 <span class=\"_ _f\"></span>stato omologato <span class=\"_ _f\"></span>dalla <span class=\"_ _f\"></span>Commissione </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1fc1\">Europea con Regolamento n. 2017/1986 e si appli<span class=\"_ _1\"></span>ca a partire dal 1\u00b0 gennaio 2019. <span class=\"_ _2\"></span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1fc2\">Il  nuovo  p<span class=\"_ _1\"></span>rincipio  fornisce  u<span class=\"_ _1\"></span>na  nuova  de<span class=\"_ _f\"></span>finizione  di  lease  ed<span class=\"_ _1\"></span>  introduce  un <span class=\"_ _16\"> </span>criterio  basato  su<span class=\"_ _f\"></span>l<span class=\"_ _2\"></span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1fc3\">controllo <span class=\"_ _0\"></span>(right <span class=\"_ _0\"></span>of <span class=\"_ _0\"></span>use) <span class=\"_ _d\"></span>di <span class=\"_ _0\"></span>un <span class=\"_ _0\"></span>bene <span class=\"_ _0\"></span>per <span class=\"_ _0\"> </span>distinguere <span class=\"_ _0\"></span>i <span class=\"_ _0\"></span>contrat<span class=\"_ _2\"></span>ti <span class=\"_ _0\"></span>di <span class=\"_ _d\"></span>leasing <span class=\"_ _0\"></span>dai <span class=\"_ _0\"></span>contrat<span class=\"_ _2\"></span>ti <span class=\"_ _d\"></span>per <span class=\"_ _0\"></span>servizi, </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs1fc4\">individuando q<span class=\"_ _2\"></span>uali d<span class=\"_ _2\"></span>iscriminanti: <span class=\"_ _2\"></span>l\u2019identificazione del <span class=\"_ _2\"></span>bene, <span class=\"_ _2\"></span>il<span class=\"_ _2\"></span><span class=\"ff4\"> <span class=\"_ _2\"></span>diritto <span class=\"_ _d\"></span>di <span class=\"_ _2\"></span>sostituzione dello <span class=\"_ _2\"></span>stesso, <span class=\"_ _2\"></span>il </span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs1fc5\">diritto ad ottene<span class=\"_ _1\"></span>re sostanzialmente tutti i b<span class=\"_ _1\"></span>enefici economici <span class=\"_ _1\"></span>rivenienti dall\u2019uso del be<span class=\"_ _1\"></span>ne e il diritto </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs1fc6\">di dirigere l\u2019uso del bene<span class=\"_ _1\"></span> sottostante il contratto.<span class=\"_ _2\"></span><span class=\"ff4\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1fc7\">La  principale  no<span class=\"_ _2\"></span>vit\u00e0  intro<span class=\"_ _2\"></span>dotta  dal  principio <span class=\"_ _22\"> </span>\u00e8 <span class=\"_ _4\"> </span>rappresent<span class=\"_ _2\"></span>ata  dalla <span class=\"_ _22\"> </span>mo<span class=\"_ _2\"></span>difica  delle <span class=\"_ _22\"> </span>modalit\u00e0 <span class=\"_ _4\"> </span>di </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1fc8\">contabilizzazione <span class=\"_ _4\"> </span>delle <span class=\"_ _17\"> </span>o<span class=\"_ _2\"></span>perazioni <span class=\"_ _4\"> </span>di <span class=\"_ _17\"> </span>leasing <span class=\"_ _17\"> </span>o<span class=\"_ _2\"></span>perativo <span class=\"_ _4\"> </span>nel <span class=\"_ _17\"> </span>bi<span class=\"_ _2\"></span>lancio <span class=\"_ _4\"> </span>del <span class=\"_ _17\"> </span>locatario/<span class=\"_ _2\"></span>utilizz<span class=\"_ _1\"></span>atore, </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs1fc9\">attraverso <span class=\"_ _2\"></span>l\u2019introduzione<span class=\"_ _1\"></span> <span class=\"_ _2\"></span>di un <span class=\"_ _2\"></span>unico <span class=\"_ _2\"></span>modello di <span class=\"_ _2\"></span>contabilizzazione <span class=\"_ _2\"></span>dei contr<span class=\"_ _2\"></span>atti <span class=\"_ _2\"></span>di leasing <span class=\"_ _2\"></span>da parte </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1fca\">del locatario siano essi classificati come leasing operativi o finanzi<span class=\"_ _1\"></span>ari. <span class=\"_ _2\"></span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1fcb\">Ai s<span class=\"_ _2\"></span>ensi della nuova <span class=\"_ _2\"></span>contabilizzazione, il <span class=\"_ _2\"></span>locatario r<span class=\"_ _2\"></span>ilev<span class=\"_ _1\"></span>a, <span class=\"_ _2\"></span>nello Stato <span class=\"_ _2\"></span>patrimoniale Attivo, <span class=\"_ _2\"></span>un Diritto </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs1fcc\">d\u2019Uso <span class=\"_ _2\"></span>(Right <span class=\"_ _2\"></span>of <span class=\"_ _2\"></span>Use) <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>bene o<span class=\"_ _2\"></span>ggetto <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>contratto <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>nello <span class=\"_ _2\"></span>Stato <span class=\"_ _2\"></span>patrimoniale <span class=\"_ _2\"></span>Passivo, un <span class=\"_ _2\"></span>Deb<span class=\"_ _2\"></span><span class=\"ff4\">it<span class=\"_ _2\"></span>o </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1fcd\">per <span class=\"_ _2\"></span>leasing <span class=\"_ _2\"></span>(Lease <span class=\"_ _d\"></span>Liability) <span class=\"_ _2\"></span>pari <span class=\"_ _2\"></span>al <span class=\"_ _d\"></span>valore <span class=\"_ _2\"></span>attuale <span class=\"_ _2\"></span>dei <span class=\"_ _2\"></span>canoni <span class=\"_ _2\"></span>pre<span class=\"_ _2\"></span>visti <span class=\"_ _2\"></span>per <span class=\"_ _d\"></span>il <span class=\"_ _2\"></span>contratto <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>non <span class=\"_ _d\"></span>ancora </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs1fce\">pagati. <span class=\"_ _9\"> </span>Nel <span class=\"_ _16\"> </span>conto <span class=\"_ _9\"> </span>economico <span class=\"_ _16\"> </span>vengono <span class=\"_ _9\"> </span>r<span class=\"_ _2\"></span>ilevati <span class=\"_ _9\"> </span>l\u2019ammortamento <span class=\"_ _16\"> </span>del <span class=\"_ _9\"> </span>Diritto  d<span class=\"_ _1\"></span>'Uso <span class=\"_ _16\"> </span>e <span class=\"_ _9\"> </span>gli <span class=\"_ _9\"> </span>interessi<span class=\"_ _2\"></span> </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs1fcf\">passivi derivanti dall\u2019attualizz<span class=\"_ _1\"></span>azione del Debito per l<span class=\"_ _2\"></span><span class=\"ff4\">easing. </span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs1fd0\">L\u2019informativa <span class=\"_ _f\"></span>richiesta \u00e8<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>stata <span class=\"_ _1\"></span>inoltre <span class=\"_ _f\"></span>ampliata sia<span class=\"_ _f\"></span> per <span class=\"_ _f\"></span>il <span class=\"_ _f\"></span>locat<span class=\"_ _2\"></span>ario <span class=\"_ _f\"></span>che <span class=\"_ _f\"></span>per <span class=\"_ _1\"></span>il <span class=\"_ _f\"></span>locator<span class=\"_ _2\"></span>e <span class=\"_ _f\"></span>e <span class=\"_ _1\"></span>sono <span class=\"_ _f\"></span>r<span class=\"_ _2\"></span>ichie<span class=\"_ _1\"></span>ste </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1fd1\">nuove informazioni di tipo quantitativo e quali<span class=\"_ _f\"></span>t<span class=\"_ _2\"></span>ativo.  </div><div class=\"t m0 he ff4 fs5 fc4 sc3 ls0 ws0 gs1fd2\">Appro<span class=\"_ _f\"></span>ccio metod<span class=\"_ _f\"></span>ologico <span class=\"_ _1\"></span>e scelte<span class=\"_ _f\"></span> di transiz<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span>one<span class=\"_ _f\"></span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1fd3\">Rispetto <span class=\"_ _d\"></span>alle <span class=\"_ _0\"></span>modalit\u00e0 <span class=\"_ _d\"></span>di <span class=\"_ _0\"></span>transizione <span class=\"_ _0\"></span><span class=\"ff5\">consentite <span class=\"_ _0\"></span>dall\u2019IFRS <span class=\"_ _d\"></span>16, <span class=\"_ _0\"></span>il <span class=\"_ _0\"></span>Gruppo <span class=\"_ _d\"></span>ha <span class=\"_ _0\"></span>deciso <span class=\"_ _0\"></span>di <span class=\"_ _d\"></span>effett<span class=\"_ _2\"></span>uare <span class=\"_ _d\"></span>la </span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs1fd4\">transizione <span class=\"_ _5\"> </span>in <span class=\"_ _20\"> </span>base <span class=\"_ _20\"> </span>al <span class=\"_ _5\"> </span>Modified<span class=\"_ _1\"></span> <span class=\"_ _5\"> </span>retrospective <span class=\"_ _20\"> </span>approach <span class=\"_ _5\"> </span>rilevand<span class=\"_ _1\"></span>o <span class=\"_ _5\"> </span>l\u2019impatto <span class=\"_ _20\"> </span>cumulato </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs1fd5\">dell\u2019applicazione <span class=\"_ _d\"></span>iniziale <span class=\"_ _0\"></span>del <span class=\"_ _0\"></span>principio <span class=\"_ _0\"></span>ai <span class=\"_ _0\"></span>contratt<span class=\"_ _2\"></span>i <span class=\"_ _d\"></span>di <span class=\"_ _0\"></span>leasing <span class=\"_ _0\"></span>operativo <span class=\"_ _0\"></span>esistenti <span class=\"_ _0\"></span>determinandone </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs1fd6\">l\u2019impatto<span class=\"ff4\">  sui  saldi  d<span class=\"_ _1\"></span>i  apertura  al  1\u00b0  ge<span class=\"_ _1\"></span>nnaio  2019,  senza  proce<span class=\"_ _1\"></span>dere  alla  riesposizione <span class=\"_ _16\"> </span>dei  dati </span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs1fd7\">comparativi. Alla data di prima a<span class=\"_ _f\"></span>pplicazione il saldo dei Diritti d\u2019Uso \u00e8 q<span class=\"_ _1\"></span>uindi pari a quel<span class=\"_ _1\"></span>lo dei Debiti </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1fd8\">per <span class=\"_ _2\"></span>leasing <span class=\"_ _d\"></span>aggiustato <span class=\"_ _d\"></span>per <span class=\"_ _2\"></span>considerare <span class=\"_ _2\"></span>eventuali <span class=\"_ _d\"></span>risconti <span class=\"_ _d\"></span>passivi <span class=\"_ _d\"></span>o <span class=\"_ _d\"></span>ratei <span class=\"_ _2\"></span>attivi. <span class=\"_ _2\"></span>I <span class=\"_ _d\"></span>debiti <span class=\"_ _d\"></span>per <span class=\"_ _2\"></span>leasing </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1fd9\">sono  stati  determinati  come  a<span class=\"_ _f\"></span>t<span class=\"_ _2\"></span>tualizzazione<span class=\"_ _1\"></span>  alla  data  di  prima  appli<span class=\"_ _1\"></span>cazione  dei  canoni  futuri </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1fda\">contrattuali utilizzando il tasso di finan<span class=\"_ _1\"></span>ziamento marginale (Incremental Borrowing Rate).<span class=\"_ _2\"></span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1fdb\">Tra le principali scelte operative che il Gruppo ha utilizzato durante la transizione si evidenz<span class=\"_ _1\"></span>ia:<span class=\"_ _2\"></span> </div><div class=\"t m0 h5 ff14 fs1 fc1 sc0 ls0 ws0 gs1fdc\"><span class=\"ff10\"> <span class=\"_ _2b\"> </span><span class=\"ff4\">la <span class=\"_ _d\"></span>scelta <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>non <span class=\"_ _d\"></span>r<span class=\"_ _2\"></span>ideterminare <span class=\"_ _2\"></span>il <span class=\"_ _0\"></span>perimetro <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>prima <span class=\"_ _d\"></span>applicazione, <span class=\"_ _d\"></span>bens\u00ec <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>applicare <span class=\"_ _d\"></span>il <span class=\"_ _d\"></span>n<span class=\"_ _2\"></span>uovo </span></span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1fdd\">principio a tut<span class=\"_ _1\"></span>ti i con<span class=\"_ _1\"></span>tratti di <span class=\"_ _1\"></span>leasing gi\u00e0 <span class=\"_ _f\"></span>individuati sulla base d<span class=\"_ _1\"></span>ella defini<span class=\"_ _1\"></span>zione contenuta nello </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1fde\">IAS 17; </div><div class=\"t m0 h5 ff14 fs1 fc1 sc0 ls0 ws0 gs1fdf\"><span class=\"ff10\"> <span class=\"_ _2b\"> </span><span class=\"ff5\">l\u2019esclusione <span class=\"_ _d\"></span>dal <span class=\"_ _d\"></span>perimetro <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>applicazione <span class=\"_ _d\"></span>dei <span class=\"_ _d\"></span>contratti <span class=\"_ _d\"></span>\u201cshort<span class=\"_ _2\"></span><span class=\"ff4\">-</span>term\u201d, <span class=\"_ _d\"></span>ovvero <span class=\"_ _d\"></span>aventi <span class=\"_ _d\"></span>una <span class=\"_ _d\"></span>vita </span></span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1fe0\">residua alla data di prima applicazione<span class=\"_ _1\"></span> inferiore ai 12 mesi;<span class=\"_ _2\"></span> </div><div class=\"t m0 h5 ff14 fs1 fc1 sc0 ls0 ws0 gs1fe1\"><span class=\"ff10\"> <span class=\"_ _2b\"> </span><span class=\"ff5\">l\u2019esclusione <span class=\"_ _d\"></span>dal <span class=\"_ _d\"></span>perimetro <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>applicazione <span class=\"_ _d\"></span>dei <span class=\"_ _d\"></span>contratt<span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>\u201clow<span class=\"_ _2\"></span><span class=\"ff4\">-</span>value\u201d, <span class=\"_ _d\"></span>ovvero <span class=\"_ _d\"></span>avent<span class=\"ff4\">i <span class=\"_ _d\"></span>un <span class=\"_ _d\"></span>valore<span class=\"_ _2\"></span> </span></span></span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs1fe2\">stimato dell\u2019asset inferiore a Euro 5.000;<span class=\"ff4\"> </span></div><div class=\"t m0 h5 ff14 fs1 fc1 sc0 ls0 ws0 gs1fe3\"><span class=\"ff10\"> <span class=\"_ _2b\"> </span><span class=\"ff5\">fatto  affidamento  all\u2019assessment  IAS  37  alla  data  di  fine  esercizio  come  alternativa  alla </span></span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1fe4\">verifica di impairment. </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs1fe5\">Con <span class=\"_ _2\"></span>riferimento <span class=\"_ _d\"></span>alle <span class=\"_ _2\"></span>scelte <span class=\"_ _2\"></span>adottate <span class=\"_ _2\"></span>dal <span class=\"_ _d\"></span>Gruppo <span class=\"_ _2\"></span>nell\u2019applicazione <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>principio <span class=\"_ _2\"></span>si <span class=\"_ _d\"></span>evid<span class=\"ff4\">enzia <span class=\"_ _2\"></span>inoltr<span class=\"_ _2\"></span>e </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1fe6\">che: </div><div class=\"t m0 h5 ff14 fs1 fc1 sc0 ls0 ws0 gs1fe7\"><span class=\"ff10\"> <span class=\"_ _2b\"> </span><span class=\"ff4\">con  rife<span class=\"_ _1\"></span>rimento  al <span class=\"_ _9\"> </span>leasing <span class=\"_ _16\"> </span>operativo  i<span class=\"_ _1\"></span>l <span class=\"_ _16\"> </span>perimetro <span class=\"_ _16\"> </span>di <span class=\"_ _9\"> </span>ap<span class=\"_ _2\"></span>plicazione <span class=\"_ _9\"> </span>\u00e8  riferibile <span class=\"_ _9\"> </span>ai  contratti  d<span class=\"_ _1\"></span>i </span></span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1fe8\">locazione immobiliare e noleggio di autoveicoli<span class=\"_ _1\"></span>; <span class=\"_ _2\"></span> </div><div class=\"t m0 h5 ff14 fs1 fc1 sc0 ls0 ws0 gs1fe9\"><span class=\"ff10\"> <span class=\"_ _2b\"> </span><span class=\"ff4\">il <span class=\"_ _9\"> </span>G<span class=\"_ _2\"></span>ruppo <span class=\"_ _9\"> </span>ha <span class=\"_ _9\"> </span>determinato  il<span class=\"_ _1\"></span> <span class=\"_ _16\"> </span>tasso <span class=\"_ _16\"> </span>di <span class=\"_ _9\"> </span>finanziamento <span class=\"_ _9\"> </span>marginale  su<span class=\"_ _1\"></span>lla <span class=\"_ _9\"> </span>base <span class=\"_ _16\"> </span>delle <span class=\"_ _9\"> </span>curve <span class=\"_ _16\"> </span>tassi </span></span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls4a ws0 gs1fea\">re<span class=\"ls0\">lative  alle<span class=\"_ _1\"></span>  emissioni  Senior  unsecured  del  Gruppo.  Il  tasso  determinato,  contenente  la </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1feb\">componente del rischio credito de<span class=\"_ _1\"></span>l Gruppo, considera inoltre le differenti durate contrattuali;<span class=\"_ _2\"></span> </div><div class=\"t m0 h5 ff14 fs1 fc1 sc0 ls0 ws0 gs1fec\"><span class=\"ff10\"> <span class=\"_ _2b\"> </span><span class=\"ff4\">con riferimento alla durata dei leasing immobi<span class=\"_ _1\"></span>liari, in generale il<span class=\"_ _1\"></span> Gr<span class=\"_ _2\"></span>uppo ha considerato come </span></span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1fed\">ragionevolmente certo solo il primo period<span class=\"_ _1\"></span>o di rinnovo contrattuale.<span class=\"_ _2\"></span> </div><div class=\"t m0 he ff4 fs5 fc4 sc3 ls0 ws0 gs1fef\">Altre <span class=\"_ _1\"></span>informa<span class=\"_ _f\"></span>zioni<span class=\"fc7 sc6\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1ff0\">I contratti di locazione commerciale sono regolati dalla legge per cui al condu<span class=\"_ _1\"></span>ttore \u00e8 consentito<span class=\"_ _d\"></span> di </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1ff1\">disdettare la locazione ad <span class=\"_ _2\"></span>ogni scadenza (normalmente <span class=\"_ _2\"></span>ogni sei anni) con <span class=\"_ _2\"></span>un preavviso di almeno </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1ff2\">dodici mesi. </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1ff3\">Analogo <span class=\"_ _4\"> </span>diritto <span class=\"_ _4\"> </span>\u00e8 <span class=\"_ _4\"> </span>in <span class=\"_ _17\"> </span>capo al <span class=\"_ _4\"> </span>locator<span class=\"_ _2\"></span>e. <span class=\"_ _4\"> </span>Questo <span class=\"_ _4\"> </span>comporta <span class=\"_ _4\"> </span>che, <span class=\"_ _4\"> </span>ad <span class=\"_ _4\"> </span>ogni <span class=\"_ _4\"> </span>mese <span class=\"_ _17\"> </span>di <span class=\"_ _4\"> </span>ogni <span class=\"_ _4\"> </span>anno, <span class=\"_ _17\"> </span>\u00e8 </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1ff4\">potenzialmente possibile inviare <span class=\"_ _2\"></span>(o ricevere dal locat<span class=\"_ _2\"></span>ore) la disdetta <span class=\"_ _2\"></span>dai contratti di <span class=\"_ _2\"></span>locazione che<span class=\"_ _d\"></span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1ff5\">scadono <span class=\"_ _d\"></span>dopo <span class=\"_ _d\"></span>dodici <span class=\"_ _d\"></span>mesi. <span class=\"_ _d\"></span>Negli <span class=\"_ _2\"></span>ultimi <span class=\"_ _d\"></span>anni <span class=\"_ _d\"></span>per\u00f2, <span class=\"_ _d\"></span>visto <span class=\"_ _d\"></span>il <span class=\"_ _d\"></span>contesto <span class=\"_ _d\"></span>del <span class=\"_ _d\"></span>mercato <span class=\"_ _d\"></span>immobiliare, <span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>i <span class=\"_ _d\"></span>\u00e8 </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1ff6\">assistito a pochissime disdette annue<span class=\"_ _1\"></span> da parte dei locatori.<span class=\"_ _2\"></span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1ff7\">La <span class=\"_ _22\"> </span>quasi <span class=\"_ _4\"> </span>totalit\u00e0 <span class=\"_ _4\"> </span>dei  nostri <span class=\"_ _4\"> </span>contratti  \u00e8 <span class=\"_ _4\"> </span>regolamentato <span class=\"_ _22\"> </span>tra <span class=\"_ _4\"> </span>le  parti <span class=\"_ _4\"> </span>il <span class=\"_ _22\"> </span>r<span class=\"_ _2\"></span>ecesso  che <span class=\"_ _4\"> </span>pu\u00f2  essere<span class=\"_ _d\"></span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1ff8\">esercitato <span class=\"_ _2\"></span>solo <span class=\"_ _2\"></span>dal <span class=\"_ _d\"></span>conduttore <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>ogni <span class=\"_ _2\"></span>momento <span class=\"_ _d\"></span>con <span class=\"_ _2\"></span>un <span class=\"_ _2\"></span>preavviso <span class=\"_ _d\"></span>di <span class=\"_ _2\"></span>mesi <span class=\"_ _2\"></span>sei. <span class=\"_ _2\"></span>Negli <span class=\"_ _2\"></span>ultimi <span class=\"_ _2\"></span>anni <span class=\"_ _d\"></span>la </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1ff9\">banca  ha <span class=\"_ _9\"> </span>esercitato<span class=\"_ _2\"></span>  sp<span class=\"_ _1\"></span>esso  qu<span class=\"_ _f\"></span>est<span class=\"_ _2\"></span>a  fac<span class=\"_ _1\"></span>olt\u00e0  per <span class=\"_ _16\"> </span>poter <span class=\"_ _16\"> </span>gestire <span class=\"_ _16\"> </span>al  me<span class=\"_ _1\"></span>glio  l<span class=\"_ _1\"></span>e  chiusure <span class=\"_ _16\"> </span>delle <span class=\"_ _16\"> </span>filiali </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1ffa\">previste.  </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1ffb\">Inoltre <span class=\"_ _2\"></span>nelle parti <span class=\"_ _2\"></span>B <span class=\"_ _2\"></span>e C <span class=\"_ _2\"></span>della <span class=\"_ _2\"></span>presente <span class=\"_ _2\"></span>Nota <span class=\"_ _2\"></span>int<span class=\"_ _2\"></span>egrativa so<span class=\"_ _2\"></span>no riportate <span class=\"_ _2\"></span>le informazioni <span class=\"_ _2\"></span>patrimoniali </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1ffc\">ed economiche richieste dal principi<span class=\"_ _1\"></span>o IFRS16.<span class=\"_ _2\"></span> </div><div class=\"t m0 he ff4 fs5 fc4 sc3 ls0 ws0 gs1ffd\">Inform<span class=\"_ _1\"></span>azio<span class=\"_ _f\"></span>ni quantita<span class=\"_ _1\"></span>tive </div><div class=\"gs1ffe\"><table class=\"s w13d6 h5e7\" id=\"_31083f65-a6fc-419e-ae73-372ffd56dadc\"><tr><td></td><td></td><td class=\"c xd50 y39e0 w3c0 h2b\"><div class=\"t m0 xe5 h1f y32 ff4 fs7 fc4 sc3 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale </div></td><td></td><td></td><td class=\"c xd51 y39e0 w1a0 h2b\"><div class=\"t m0 xe5 h1f y32 ff4 fs7 fc4 sc3 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale </div></td><td></td></tr><tr><td class=\"c xd52 y39e1 w40f h2da\"><div class=\"t m0 x15d h1f ycd3 ff4 fs7 fc4 sc3 ls0 ws0\">Atti<span class=\"_ _1\"></span>vit\u00e0 m<span class=\"_ _f\"></span>aterial<span class=\"_ _1\"></span>i ad <span class=\"_ _1\"></span>uso fu<span class=\"_ _1\"></span>nz<span class=\"_ _1\"></span>iona<span class=\"_ _f\"></span>le </div></td><td class=\"c xd53 y39e2 w990 h5e8\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/<span class=\"_ _df\"> </span></div></td><td class=\"c xd54 y39e2 w991 h5e8\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc4 sc3 ls0 ws0\">2025<span class=\"_ _df\"> </span></div></td><td></td><td></td><td class=\"c xd51 y39e3 w1a0 h2b\"><div class=\"t m0 x11f h1f y71 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/<span class=\"_ _f\"></span>2024 </div></td><td></td></tr><tr><td></td><td class=\"c xd50 y39e1 wa5 h2b\"><div class=\"t m0 x8e h1f y2a ff4 fs7 fc4 sc3 ls0 ws0\">Fabbr<span class=\"_ _1\"></span>icat<span class=\"_ _1\"></span>i </div></td><td class=\"c xd55 y39e1 wa5 h2b\"><div class=\"t m0 x14 h1f y2a ff4 fs7 fc4 sc3 ls0 ws0\">Altr<span class=\"_ _1\"></span>e </div></td><td class=\"c xd56 y39e1 w3b9 h2b\"><div class=\"t m0 x55 h1f y2a ff4 fs7 fc4 sc3 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale </div></td><td class=\"c xd51 y39e1 wfb h2b\"><div class=\"t m0 x8e h1f y2a ff4 fs7 fc4 sc3 ls0 ws0\">Fabbr<span class=\"_ _1\"></span>icat<span class=\"_ _1\"></span>i </div></td><td class=\"c xd57 y39e1 w208 h2b\"><div class=\"t m0 x39 h1f y2a ff4 fs7 fc4 sc3 ls0 ws0\">Altr<span class=\"_ _1\"></span>e </div></td><td class=\"c xd58 y39e1 w9a h2b\"><div class=\"t m0 x55 h1f y2a ff4 fs7 fc4 sc3 ls0 ws0\">Tot<span class=\"_ _1\"></span>a<span class=\"lse0\">le</span> </div></td></tr><tr><td class=\"c xd52 y39e4 w691 h2b\"><div class=\"t m0 x15d h1f y32 ff4 fs7 fc1 sc2 ls0 ws0\">Right<span class=\"_ _f\"></span> of Use s<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>do ini<span class=\"_ _1\"></span>zial<span class=\"_ _1\"></span>e </div></td><td class=\"c xd50 y39e4 w85 h2b\"><div class=\"t m0 x26 h1f y2a ff4 fs7 fc1 sc2 ls0 ws0\">122.0<span class=\"_ _f\"></span>81 </div></td><td class=\"c xd55 y39e4 w85 h2b\"><div class=\"t m0 x31 h1f y2a ff4 fs7 fc1 sc2 ls0 ws0\">3.870<span class=\"_ _f\"></span> </div></td><td class=\"c xd59 y39e4 w206 h2b\"><div class=\"t m0 x26 h1f y2a ff4 fs7 fc1 sc2 ls0 ws0\">125.95<span class=\"_ _f\"></span>1 </div></td><td class=\"c xd51 y39e4 w8a h2b\"><div class=\"t m0 x3a h1f y2a ff4 fs7 fc1 sc2 ls0 ws0\">127.<span class=\"_ _1\"></span>009 </div></td><td class=\"c xd57 y39e4 w208 h2b\"><div class=\"t m0 x30 h1f y2a ff4 fs7 fc1 sc2 ls0 ws0\">3.197<span class=\"_ _f\"></span> </div></td><td class=\"c xd58 y39e4 waf h2b\"><div class=\"t m0 x2c h1f y2a ff4 fs7 fc1 sc2 ls0 ws0\">130.<span class=\"_ _1\"></span>206 </div></td></tr><tr><td class=\"c xd52 y39e5 w691 h232\"><div class=\"t m0 x163 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">- Quote ammor<span class=\"_ _1\"></span>tamento<span class=\"_ _df\"> </span></div></td><td class=\"c xd50 y39e5 w85 h232\"><div class=\"t m0 x27 h1f y93e ff4 fs7 fc1 sc0 ls0 ws0\">-21.8<span class=\"ls32\">57</span><span class=\"ls32\"><span class=\"_ _1\"></span><span class=\"ls0\"> </span></span></div></td><td class=\"c xd55 y39e5 w85 h232\"><div class=\"t m0 x97 h1f y93e ff4 fs7 fc1 sc0 ls0 ws0\">-1.887<span class=\"_ _df\"> </span></div></td><td class=\"c xd59 y39e5 w206 h232\"><div class=\"t m0 x2c h1f y93e ff4 fs7 fc1 sc0 ls0 ws0\">-23.7<span class=\"lsa\">44</span> </div></td><td class=\"c xd51 y39e5 w8a h232\"><div class=\"t m0 x3a h1f y93e ff4 fs7 fc1 sc0 ls0 ws0\">-22.343 </div></td><td class=\"c xd57 y39e5 w208 h232\"><div class=\"t m0 x97 h1f y93e ff4 fs7 fc1 sc0 ls0 ws0\">-1.605 </div></td><td class=\"c xd58 y39e5 waf h232\"><div class=\"t m0 x35 h1f y93e ff4 fs7 fc1 sc0 ls0 ws0\">-23.948 </div></td></tr><tr><td class=\"c xd52 y39e6 w691 h232\"><div class=\"t m0 x15d h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\"> <span class=\"ls117\"></span><span class=\"ls117\">+/</span>- Altre variazion<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span>  </div></td><td class=\"c xd50 y39e6 w85 h232\"><div class=\"t m0 x38 h1f y93e ff4 fs7 fc1 sc0 ls0 ws0\">16.271 </div></td><td class=\"c xd55 y39e6 w85 h232\"><div class=\"t m0 x31 h1f y93e ff4 fs7 fc1 sc0 ls0 ws0\">2.677 </div></td><td class=\"c xd59 y39e6 w206 h232\"><div class=\"t m0 x34 h1f y93e ff4 fs7 fc1 sc0 ls0 ws0\">18.948 </div></td><td class=\"c xd51 y39e6 w8a h232\"><div class=\"t m0 x38 h1f y93e ff4 fs7 fc1 sc0 ls0 ws0\">17.415 </div></td><td class=\"c xd57 y39e6 w208 h232\"><div class=\"t m0 x31 h1f y93e ff4 fs7 fc1 sc0 ls0 ws0\">2.278 </div></td><td class=\"c xd58 y39e6 waf h232\"><div class=\"t m0 x34 h1f y93e ff4 fs7 fc1 sc0 ls0 ws0\">19.693 </div></td></tr><tr><td class=\"c xd52 y39e7 w691 h232\"><div class=\"t m0 x15d h1f y93e ff4 fs7 fc1 sc2 ls0 ws0\">Val<span class=\"_ _1\"></span>ore co<span class=\"_ _1\"></span>nta<span class=\"_ _1\"></span>bile s<span class=\"_ _1\"></span>ald<span class=\"_ _1\"></span>o fin<span class=\"_ _1\"></span>ale </div></td><td class=\"c xd50 y39e7 w85 h232\"><div class=\"t m0 x26 h1f y93e ff4 fs7 fc1 sc2 ls0 ws0\">116.49<span class=\"_ _1\"></span>5 </div></td><td class=\"c xd55 y39e7 w85 h232\"><div class=\"t m0 x38 h1f y93e ff4 fs7 fc1 sc2 ls0 ws0\">4.66<span class=\"_ _1\"></span>0 </div></td><td class=\"c xd59 y39e7 w206 h232\"><div class=\"t m0 x34 h1f y93e ff4 fs7 fc1 sc2 ls0 ws0\">121.15<span class=\"_ _1\"></span>5 </div></td><td class=\"c xd51 y39e7 w8a h232\"><div class=\"t m0 x26 h1f y93e ff4 fs7 fc1 sc2 ls0 ws0\">122.0<span class=\"_ _f\"></span>81 </div></td><td class=\"c xd57 y39e7 w208 h232\"><div class=\"t m0 x31 h1f y93e ff4 fs7 fc1 sc2 ls0 ws0\">3.870<span class=\"_ _f\"></span> </div></td><td class=\"c xd58 y39e7 waf h232\"><div class=\"t m0 x26 h1f y93e ff4 fs7 fc1 sc2 ls0 ws0\">125.95<span class=\"_ _f\"></span>1 </div></td></tr></table></div><div class=\"gs1fff\"><table class=\"s w13d7 h5e9\" id=\"_57c6b30d-8290-4006-bf49-840d06cdaef2\"><tr><td class=\"c x587 y39e8 w692 h1ac\"><div class=\"t m0 x15d h1f y110a ff4 fs7 fc4 sc3 ls0 ws0\">Debit<span class=\"_ _f\"></span>i per lea<span class=\"_ _f\"></span>sing </div></td><td class=\"c xd5a y39e9 w13d8 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc4 sc3 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale<span class=\"_ _df\"> </span></div></td><td class=\"c xd5b y39e9 w13d8 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc4 sc3 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale<span class=\"_ _df\"> </span></div></td></tr><tr><td></td><td class=\"c xd5c y39ea wdae h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/<span class=\"_ _f\"></span>2025<span class=\"_ _df\"> </span></div></td><td class=\"c xd5d y39ea wdaf h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/<span class=\"_ _f\"></span>2024<span class=\"_ _df\"> </span></div></td></tr><tr><td class=\"c x587 y39eb w692 h2b\"><div class=\"t m0 x15d h1f y32 ff4 fs7 fc1 sc2 ls0 ws0\">Leas<span class=\"_ _1\"></span>e Li<span class=\"_ _1\"></span>abili<span class=\"_ _1\"></span>ty sa<span class=\"_ _1\"></span>ldo in<span class=\"_ _1\"></span>izia<span class=\"_ _1\"></span>le </div></td><td class=\"c xd5e y39eb w693 h2b\"><div class=\"t m0 xf0 h1f y2a ff4 fs7 fc1 sc2 ls0 ws0\">131.56<span class=\"_ _f\"></span>7 </div></td><td class=\"c xd5f y39eb w637 h2b\"><div class=\"t m0 x49 h1f y2a ff4 fs7 fc1 sc2 ls0 ws0\">135.8<span class=\"_ _f\"></span>07 </div></td></tr><tr><td class=\"c x587 y39ec w692 h38f\"><div class=\"t m0 x10 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">- canoni erogat<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span> per i lea<span class=\"_ _1\"></span>sing </div></td><td class=\"c xd5e y39ec w693 h38f\"><div class=\"t m0 x49 h1f y93e ff4 fs7 fc1 sc0 ls0 ws0\">-27.576 </div></td><td class=\"c xd5f y39ec w637 h38f\"><div class=\"t m0 x49 h1f y93e ff4 fs7 fc1 sc0 ls0 ws0\">-27.389 </div></td></tr><tr><td class=\"c x587 y39ed w692 h21\"><div class=\"t m0 x163 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">+ Interessi Passi<span class=\"_ _1\"></span>vi maturati nel<span class=\"_ _1\"></span>l'esercizio<span class=\"_ _df\"> </span></div></td><td class=\"c xd5e y39ed w693 h21\"><div class=\"t m0 x124 h1f y93e ff4 fs7 fc1 sc0 ls0 ws0\">4.374 </div></td><td class=\"c xd5f y39ed w637 h21\"><div class=\"t m0 xee h1f y93e ff4 fs7 fc1 sc0 ls0 ws0\">4.477 </div></td></tr><tr><td class=\"c x587 y39ee w692 h21\"><div class=\"t m0 x15d h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\"> <span class=\"ls117\"></span><span class=\"ls117\">+/</span>-  Altre variazion<span class=\"_ _1\"></span>i  </div></td><td class=\"c xd5e y39ee w693 h21\"><div class=\"t m0 xf0 h1f y93e ff4 fs7 fc1 sc0 ls0 ws0\">20.035 </div></td><td class=\"c xd5f y39ee w637 h21\"><div class=\"t m0 xef h1f y93e ff4 fs7 fc1 sc0 ls0 ws0\">18.672 </div></td></tr><tr><td class=\"c x587 y39ef w692 h21\"><div class=\"t m0 x15d h1f y32 ff4 fs7 fc1 sc2 ls0 ws0\">Leas<span class=\"_ _1\"></span>e Li<span class=\"_ _1\"></span>abili<span class=\"_ _1\"></span>ty sa<span class=\"_ _1\"></span>ldo fin<span class=\"_ _f\"></span>ale </div></td><td class=\"c xd5e y39ef w693 h21\"><div class=\"t m0 x49 h1f y93e ff4 fs7 fc1 sc2 ls0 ws0\">128.4<span class=\"_ _f\"></span>00 </div></td><td class=\"c xd5f y39ef w637 h21\"><div class=\"t m0 xf0 h1f y93e ff4 fs7 fc1 sc2 ls0 ws0\">131.56<span class=\"_ _f\"></span>7 </div></td></tr></table></div><div class=\"gs2000\"><table class=\"s w13d9 h5ea\" id=\"_d78e3ffa-1a0f-488e-a57a-f0f01145f0b5\"><tr><td class=\"c x587 y39f0 wf8 h2b6\"><div class=\"t m0 x15d h1f yed0 ff4 fs7 fc4 sc3 ls0 ws0\">Altr<span class=\"_ _1\"></span>e Inf<span class=\"_ _1\"></span>orm<span class=\"_ _1\"></span>azio<span class=\"_ _1\"></span>ni </div></td><td class=\"c xd5a y39f1 w13d8 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc4 sc3 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c xd5b y39f1 w13d8 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc4 sc3 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale<span class=\"_ _df\"> </span></div></td><td></td></tr><tr><td></td><td class=\"c xd5c y39f2 wdae h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/<span class=\"_ _f\"></span>2025<span class=\"_ _df\"> </span></div></td><td class=\"c xd5d y39f2 w993 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/<span class=\"_ _df\"> </span></div></td><td class=\"c xd60 y39f2 w994 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc4 sc3 ls0 ws0\">2024<span class=\"_ _df\"> </span></div></td><td></td></tr><tr><td class=\"c x587 y39f3 w692 h2b\"><div class=\"t m0 x15d h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">Costi per leas<span class=\"_ _1\"></span>ing low value </div></td><td></td><td class=\"c xd5e y39f3 w693 h2b\"><div class=\"t m0 xe5 h1f y497 ff4 fs7 fc1 sc0 ls0 ws0\">136 </div></td><td></td><td class=\"c xd5f y39f3 w42f h2b\"><div class=\"t m0 xe5 h1f y497 ff4 fs7 fc1 sc0 ls9 ws0\">147<span class=\"ls0\"> </span></div></td></tr><tr><td class=\"c x587 y39f4 w692 h21\"><div class=\"t m0 x15d h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">Costi per leas<span class=\"_ _1\"></span>ing short term </div></td><td></td><td class=\"c xd5e y39f4 w693 h21\"><div class=\"t m0 x1e6 h1f y93e ff4 fs7 fc1 sc0 ls27 ws0\">34<span class=\"ls0\"> </span></div></td><td></td><td class=\"c xd5f y39f4 w42f h21\"><div class=\"t m0 x1e6 h1f y93e ff4 fs7 fc1 sc0 ls32 ws0\">56<span class=\"ls0\"> </span></div></td></tr><tr><td class=\"c x587 y39f5 w692 h21\"><div class=\"t m0 x15d h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">Altre spese sui leas<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span>ng </div></td><td></td><td class=\"c xd5e y39f5 w693 h21\"><div class=\"t m0 x124 h1f y93e ff4 fs7 fc1 sc0 ls0 ws0\">3.486 </div></td><td></td><td class=\"c xd5f y39f5 w42f h21\"><div class=\"t m0 x11f h1f y93e ff4 fs7 fc1 sc0 ls0 ws0\">3.321 </div></td></tr></table></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs2001\">La voce altre spese sui leasing \u00e8 riconducibile all\u2019Iv<span class=\"_ _1\"></span>a indetraibile ed altri servizi. </div><div class=\"t m0 hc ff4 fs4 fc4 sc3 ls0 ws0 gs2003\">SEZI<span class=\"_ _f\"></span>ONE 2<span class=\"_ _f\"></span> <span class=\"ff5\">\u2013</span> LO<span class=\"_ _1\"></span>CA<span class=\"_ _1\"></span>TOR<span class=\"_ _1\"></span>E </div><div class=\"t m0 he ff4 fs5 fc4 sc3 ls0 ws0 gs2004\">Inform<span class=\"_ _1\"></span>azio<span class=\"_ _f\"></span>ni qualitative<span class=\"_ _f\"></span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs2005\">Il mercato del leasing e del noleggio a lung<span class=\"_ _1\"></span>o termine ha consuntivato nel 2025 investimenti pe<span class=\"_ _1\"></span>r un </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs2006\">valore <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>oltr<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>36,1 <span class=\"_ _2\"></span>miliardi <span class=\"_ _2\"></span>di <span class=\"_ _d\"></span>euro <span class=\"_ _2\"></span>(+5,8% <span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>ispetto <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>2024). <span class=\"_ _d\"></span>Il <span class=\"_ _2\"></span>comparto <span class=\"_ _2\"></span>con <span class=\"_ _2\"></span>maggior <span class=\"_ _d\"></span>influenza <span class=\"_ _2\"></span>si </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs2007\">conferma <span class=\"_ _9\"> </span>essere <span class=\"_ _9\"> </span>quello <span class=\"_ _9\"> </span>del <span class=\"_ _9\"> </span>t<span class=\"_ _2\"></span>argato <span class=\"_ _9\"> </span>(59,4% <span class=\"_ _9\"> </span>dello <span class=\"_ _9\"> </span>stipulato <span class=\"_ _9\"> </span>totale), <span class=\"_ _9\"> </span>con <span class=\"_ _9\"> </span>una <span class=\"_ _16\"> </span>crescita <span class=\"_ _9\"> </span>pressoch\u00e9 </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs2008\">stazionaria <span class=\"_ _2\"></span>(+0,9%), <span class=\"_ _2\"></span>sostenuto <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>55% <span class=\"_ _2\"></span>dalla <span class=\"_ _2\"></span>componente <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>N<span class=\"_ _2\"></span>LT. <span class=\"_ _2\"></span>Rilevante <span class=\"_ _2\"></span>invece <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>crescita </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs2009\">del <span class=\"_ _4\"> </span>comparto <span class=\"_ _4\"> </span>strumentale <span class=\"_ _4\"> </span>(+15,2%) <span class=\"_ _17\"> </span>- <span class=\"_ _4\"> </span>che <span class=\"_ _4\"> </span>pesa <span class=\"_ _4\"> </span>s<span class=\"_ _2\"></span>ul <span class=\"_ _4\"> </span>mercato <span class=\"_ _4\"> </span>per <span class=\"_ _4\"> </span>il <span class=\"_ _4\"> </span>29,2% <span class=\"_ _4\"> </span>- <span class=\"_ _4\"> </span>e <span class=\"_ _4\"> </span>del <span class=\"_ _17\"> </span>comparto </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs200a\">aeronavale e <span class=\"_ _2\"></span>ferroviario (+35,7%) che r<span class=\"_ _2\"></span>appresenta il 2<span class=\"_ _2\"></span>,1% del mer<span class=\"_ _2\"></span>cato di cui il <span class=\"_ _2\"></span>75,5% riveniente <span class=\"_ _2\"></span>da </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs200b\">operazioni di<span class=\"_ _1\"></span> nautica da d<span class=\"_ _1\"></span>iporto. In aumento anche<span class=\"_ _1\"></span> il valore del <span class=\"_ _1\"></span>comparto immobiliare (+5,9%) <span class=\"_ _1\"></span>che </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs200c\">rappresenta l\u20198,9% del mercato; in questo ambito buona la dina<span class=\"_ _2\"></span>mica nel segmento \u201cda costruire\u201d </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs200d\">(+15,7% rispetto al 2024), che rappresenta il 40,6% del settore, che ha beneficiato di operazioni d<span class=\"_ _2\"></span><span class=\"ls1a\">i </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs200e\">importo superiore a 2,5 milioni di euro.  </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs200f\">Attiva esclusivamente nel<span class=\"_ _1\"></span> leasing finanziario, a dicembre 2025<span class=\"_ _1\"></span> Credemle<span class=\"_ _1\"></span>asing ha raggiunto quota </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs2010\">1.249,4 milioni di euro di stipulato complessivo, in aumento del 4,5% rispetto all\u2019anno preced<span class=\"_ _1\"></span>ente: </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs2011\">le <span class=\"_ _2\"></span>nuove <span class=\"_ _2\"></span>stipule <span class=\"_ _2\"></span>sono <span class=\"_ _2\"></span>rappresentate <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>63,5% <span class=\"_ _2\"></span>dal <span class=\"_ _2\"></span>comparto <span class=\"_ _2\"></span>mobiliare <span class=\"_ _2\"></span>(in crescita <span class=\"_ _2\"></span>del <span class=\"_ _d\"></span>7,6% <span class=\"_ _2\"></span>sul </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs2012\">2024), <span class=\"_ _f\"></span>sos<span class=\"_ _2\"></span>tenuto <span class=\"_ _f\"></span>principalmente <span class=\"_ _f\"></span>dal le<span class=\"_ _1\"></span>asing <span class=\"_ _f\"></span>s<span class=\"_ _2\"></span>trumentale <span class=\"_ _f\"></span>(54,7% d<span class=\"_ _1\"></span>ei <span class=\"_ _f\"></span>volumi) seguito <span class=\"_ _f\"></span>dal <span class=\"_ _f\"></span>s<span class=\"_ _2\"></span>ettore <span class=\"_ _f\"></span>dei </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs2013\">veicoli (30,3%) e d<span class=\"_ _2\"></span>el nautico (15%). <span class=\"_ _2\"></span>In questo ambito <span class=\"_ _2\"></span>i comparti che <span class=\"_ _2\"></span>hanno <span class=\"_ _2\"></span>registrato <span class=\"_ _2\"></span>una migliore<span class=\"_ _1\"></span> </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs2014\">dinamica <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>in<span class=\"_ _2\"></span>cremento <span class=\"_ _9\"> </span>nei <span class=\"_ _9\"> </span>vol<span class=\"_ _2\"></span>umi <span class=\"_ _9\"> </span>rispetto <span class=\"_ _16\"> </span>all\u2019anno <span class=\"_ _9\"> </span>precedente <span class=\"_ _9\"> </span>risultano  essere <span class=\"_ _9\"> </span>quello <span class=\"_ _9\"> </span>veicoli </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs2015\">(+11,7%)  e <span class=\"_ _4\"> </span>strumentale  (+7,4<span class=\"_ _2\"></span>%);  sostanzialmente <span class=\"_ _22\"> </span>flat <span class=\"_ _4\"> </span>il <span class=\"_ _4\"> </span>nautico.  Il <span class=\"_ _4\"> </span>comparto  immobiliare, <span class=\"_ _4\"> </span>nel </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs2016\">complesso, <span class=\"_ _d\"></span>resta <span class=\"_ _d\"></span>st<span class=\"_ _2\"></span>azionario <span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>isp<span class=\"_ _1\"></span>etto <span class=\"_ _d\"></span>al <span class=\"_ _d\"></span>2<span class=\"_ _2\"></span>024 <span class=\"_ _d\"></span>evidenziando <span class=\"_ _d\"></span>una <span class=\"_ _d\"></span>lieve <span class=\"_ _d\"></span>contr<span class=\"_ _2\"></span>azione <span class=\"_ _d\"></span>del <span class=\"_ _d\"></span>segmento </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs2017\">costruito, <span class=\"_ _14\"> </span>in <span class=\"_ _14\"> </span>linea <span class=\"_ _14\"> </span>con <span class=\"_ _15\"> </span>l\u2019andamento <span class=\"_ _14\"> </span>generale <span class=\"_ _14\"> </span>del <span class=\"_ _14\"> </span>mercato, <span class=\"_ _15\"> </span>compensata <span class=\"_ _14\"> </span>dalla <span class=\"_ _14\"> </span>dinamica <span class=\"_ _14\"> </span>del </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs2018\">segmento <span class=\"_ _2\"></span>costruendo <span class=\"_ _2\"></span>sostenuto <span class=\"_ _d\"></span>per <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>61,1% <span class=\"_ _2\"></span>da <span class=\"_ _d\"></span>investimenti <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>importo <span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>uperiore <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>2,5 <span class=\"_ _2\"></span>milioni <span class=\"_ _2\"></span>di </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs2019\">euro.  </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs201a\">Le <span class=\"_ _9\"> </span>principa<span class=\"ff5\">li <span class=\"_ _9\"> </span>dinamiche <span class=\"_ _16\"> </span>riferite <span class=\"_ _9\"> </span>alla <span class=\"_ _9\"> </span>gestione <span class=\"_ _16\"> </span>caratteristica <span class=\"_ _9\"> </span>vedono <span class=\"_ _9\"> </span>l\u2019incremento <span class=\"_ _16\"> </span>del <span class=\"_ _9\"> </span>margine <span class=\"_ _9\"> </span>di </span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs201b\">intermediazione, <span class=\"_ _d\"></span>supportato <span class=\"_ _0\"> </span>dalla <span class=\"_ _0\"></span>dinamica <span class=\"_ _0\"></span>dei <span class=\"_ _d\"></span>capit<span class=\"_ _2\"></span>ali <span class=\"_ _d\"></span>medi <span class=\"_ _0\"></span>produttivi <span class=\"_ _0\"></span>(+4,7% <span class=\"_ _0\"></span>rispetto <span class=\"_ _0\"></span>all\u2019anno<span class=\"_ _f\"></span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs201c\">precedente) <span class=\"_ _4\"> </span>e <span class=\"_ _4\"> </span>dalla <span class=\"_ _4\"> </span>positiva <span class=\"_ _4\"> </span>evoluzione <span class=\"_ _4\"> </span>delle <span class=\"_ _4\"> </span>commissioni <span class=\"_ _4\"> </span>nette <span class=\"_ _4\"> </span>connesse <span class=\"_ _17\"> </span>alla <span class=\"_ _4\"> </span>gestione <span class=\"_ _4\"> </span>dei </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs201d\">contratti.  </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs201e\">Le <span class=\"_ _2\"></span>rett<span class=\"_ _2\"></span>ifiche <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>valore <span class=\"_ _d\"></span>su <span class=\"_ _d\"></span>crediti <span class=\"_ _2\"></span>consuntivano <span class=\"_ _2\"></span>complessivamente <span class=\"_ _d\"></span>a <span class=\"_ _d\"></span>\u20ack <span class=\"_ _2\"></span>2.794, <span class=\"_ _d\"></span>riconducibili <span class=\"_ _2\"></span>per <span class=\"_ _d\"></span>\u20ack </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs201f\">1.551 alla componente \"default\".  </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs2020\">Le <span class=\"_ _0\"></span>spese <span class=\"_ _0\"></span>amministr<span class=\"_ _2\"></span>ative <span class=\"_ _0\"></span>registrano <span class=\"_ _0\"></span>un <span class=\"_ _0\"></span>leggero <span class=\"_ _0\"> </span>incremento <span class=\"_ _9\"> </span>in <span class=\"_ _0\"></span>linea <span class=\"_ _0\"></span>con <span class=\"_ _9\"> </span>l\u2019evoluzione <span class=\"_ _0\"></span>strutturale </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs2021\">della Societ\u00e0, il Cost/Income al 27,7% conferma un buon livello di efficienza operativa. </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs2022\">L\u2019utile netto si attesta a 38,2 milioni di eu<span class=\"_ _1\"></span>ro.<span class=\"_ _2\"></span><span class=\"ff4\"> </span></div><div class=\"t m0 he ff4 fs5 fc4 sc3 ls0 ws0 gs2023\">Inform<span class=\"_ _1\"></span>azio<span class=\"_ _f\"></span>ni quantita<span class=\"_ _1\"></span>tive </div><div class=\"t m0 h5 ff4 fs1 fc4 sc3 ls11 ws0 gs2024\">1.<span class=\"_ _1e\"> </span><span class=\"ls0\">Infor<span class=\"_ _1\"></span>mazi<span class=\"_ _1\"></span>oni di<span class=\"_ _1\"></span> sta<span class=\"_ _1\"></span>to pa<span class=\"_ _1\"></span>trimo<span class=\"_ _f\"></span>niale e d<span class=\"_ _1\"></span>i conto<span class=\"_ _1\"></span> eco<span class=\"_ _f\"></span>nomico </span></div><div class=\"t m0 h5 ff4 fs1 fc4 sc3 ls4 ws0 gs2025\">2.<span class=\"_ _2b\"> </span><span class=\"ls0\">Leas<span class=\"_ _1\"></span>ing fina<span class=\"_ _f\"></span>nziario<span class=\"_ _1\"></span> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsda0\">Si riportano le <span class=\"_ _1\"></span>informazioni relative <span class=\"_ _f\"></span>ai<span class=\"_ _2\"></span> crediti pe<span class=\"_ _1\"></span>r locazione finanziaria (rip<span class=\"_ _1\"></span>artizione per fasce<span class=\"_ _1\"></span> di v<span class=\"_ _1\"></span>ita </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs2026\">residua <span class=\"_ _9\"> </span>dei <span class=\"_ _0\"> </span>cr<span class=\"_ _2\"></span>editi <span class=\"_ _9\"> </span>futuri <span class=\"_ _9\"> </span>comprensivi <span class=\"_ _9\"> </span>della <span class=\"_ _9\"> </span>quota <span class=\"_ _16\"> </span>di <span class=\"_ _0\"></span>r<span class=\"_ _2\"></span>iscatto, <span class=\"_ _0\"></span>relativi <span class=\"_ _9\"> </span>ai <span class=\"_ _9\"> </span>soli <span class=\"_ _16\"> </span>contratti <span class=\"_ _9\"> </span>attivi) <span class=\"_ _9\"> </span>e <span class=\"_ _9\"> </span>la </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs2027\">suddivisione delle medesime informazioni distinte tra esposizio<span class=\"_ _1\"></span>ni deteriorate e non d<span class=\"_ _2\"></span>eteriorate:<span class=\"sc2\"> </span></div>2.1 Cl<span class=\"_ _1\"></span>assi<span class=\"_ _1\"></span>ficazio<span class=\"_ _f\"></span>ne per fa<span class=\"_ _1\"></span>sce t<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>pora<span class=\"_ _1\"></span>li dei p<span class=\"_ _1\"></span>aga<span class=\"_ _1\"></span>menti <span class=\"_ _f\"></span>da riceve<span class=\"_ _1\"></span>re <span class=\"_ _f\"></span>e riconcila<span class=\"_ _f\"></span>zione co<span class=\"_ _f\"></span>n finanzi<span class=\"_ _1\"></span>amen<span class=\"_ _f\"></span>ti per lea<span class=\"_ _f\"></span>sing iscrit<span class=\"_ _1\"></span>ti<span class=\"_ _df\"> </span>nell\u2019a<span class=\"_ _f\"></span>ttivo<table class=\"s w13da h5eb\" id=\"_3032a756-e29a-4a75-8f4c-bff7b31eafe7\"><tr><td></td><td class=\"c x57f y39f6 w695 hc8\"><div class=\"t m0 x97 h1f y28b ff4 fs7 fc4 sc3 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale <span class=\"fc1 sc0\"> </span></div></td><td class=\"c x580 y39f6 w52e hc8\"><div class=\"t m0 x97 h1f y28b ff4 fs7 fc4 sc3 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale <span class=\"fc1 sc0\"> </span></div></td></tr><tr><td class=\"c x46b y39f7 w694 h390\"><div class=\"t m0 xd8 h1f y19ab ff4 fs7 fc4 sc3 ls0 ws0\">Fas<span class=\"_ _1\"></span>ce tem<span class=\"_ _f\"></span>porali<span class=\"_ _1\"></span><span class=\"fc1 sc0\"> </span></div></td><td class=\"c x57f y39f8 w695 hc8\"><div class=\"t m0 x32 h1f ye4c ff4 fs7 fc4 sc3 ls0 ws0\">31/12/<span class=\"_ _f\"></span>2025<span class=\"fc1 sc0\"> </span></div></td><td class=\"c x580 y39f8 w52e hc8\"><div class=\"t m0 x32 h1f ye4c ff4 fs7 fc4 sc3 ls0 ws0\">31/12/<span class=\"_ _f\"></span>2024<span class=\"fc1 sc0\"> </span></div></td></tr><tr><td></td><td class=\"c xd61 y39f9 w13db h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">Paga<span class=\"_ _f\"></span>menti da<span class=\"_ _df\"> </span></div></td><td class=\"c xd62 y39f9 w13db h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">Paga<span class=\"_ _f\"></span>menti da<span class=\"_ _df\"> </span></div></td></tr><tr><td></td><td class=\"c xd61 y39fa w13dc h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">ricev<span class=\"_ _f\"></span>ere per i<span class=\"_ _1\"></span>l<span class=\"_ _df\"> </span></div></td><td class=\"c xd62 y39fa w13dc h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">ricev<span class=\"_ _f\"></span>ere per i<span class=\"_ _1\"></span>l<span class=\"_ _df\"> </span></div></td></tr><tr><td></td><td class=\"c xd63 y26f4 wb6e h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">leas<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span>ng<span class=\"_ _df\"> </span></div></td><td class=\"c xd64 y26f4 wb6e h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">leas<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span>ng<span class=\"_ _df\"> </span></div></td></tr><tr><td class=\"c x46b y39fb w696 hc8\"><div class=\"t m0 x8a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">Fino a 1 anno </div></td><td class=\"c x57f y39fb w695 hc8\"><div class=\"t m0 xf h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">1.043.112 </div></td><td class=\"c x580 y39fb w3f7 hc8\"><div class=\"t m0 xe h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">923.578 </div></td></tr><tr><td class=\"c x46b y39fc w696 hc8\"><div class=\"t m0 x8a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">Da oltre 1 anno f<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span>no a 2 anni </div></td><td class=\"c x57f y39fc w695 hc8\"><div class=\"t m0 xe h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">728.282 </div></td><td class=\"c x580 y39fc w3f7 hc8\"><div class=\"t m0 xa3 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">692.316 </div></td></tr><tr><td class=\"c x46b y39fd w696 hc8\"><div class=\"t m0 x8a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">Da oltre 2 anno <span class=\"_ _1\"></span>fino a 3 anni </div></td><td class=\"c x57f y39fd w695 hc8\"><div class=\"t m0 xc6 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">568.950 </div></td><td class=\"c x580 y39fd w3f7 hc8\"><div class=\"t m0 xe h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">559.593 </div></td></tr><tr><td class=\"c x46b y39fe w696 hc8\"><div class=\"t m0 x8a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">Da oltre 3 ann<span class=\"_ _1\"></span>o fino a 4 anni </div></td><td class=\"c x57f y39fe w695 hc8\"><div class=\"t m0 xc6 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">420.548 </div></td><td class=\"c x580 y39fe w3f7 hc8\"><div class=\"t m0 xa3 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">406.612 </div></td></tr><tr><td class=\"c x46b y39ff w696 hc8\"><div class=\"t m0 x8a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">Da oltre 4 anno <span class=\"_ _1\"></span>fino a 5 anni </div></td><td class=\"c x57f y39ff w695 hc8\"><div class=\"t m0 xa3 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">291.954 </div></td><td class=\"c x580 y39ff w3f7 hc8\"><div class=\"t m0 xa3 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">273.272 </div></td></tr><tr><td class=\"c x46b y3a00 w696 hc8\"><div class=\"t m0 x8a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">Da oltre 5 anni<span class=\"_ _1\"></span> </div></td><td class=\"c x57f y3a00 w695 hc8\"><div class=\"t m0 xa3 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">848.123 </div></td><td class=\"c x580 y3a00 w3f7 hc8\"><div class=\"t m0 xe h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">819.009 </div></td></tr><tr><td class=\"c x46b y3a01 w696 hc8\"><div class=\"t m0 x8a h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale dei<span class=\"_ _f\"></span> pagam<span class=\"_ _f\"></span>enti da r<span class=\"_ _f\"></span>icever<span class=\"_ _1\"></span>e p<span class=\"_ _1\"></span>er l<span class=\"_ _1\"></span>easin<span class=\"_ _f\"></span>g<span class=\"sc0\"> </span></div></td><td class=\"c x57f y3a01 w695 hc8\"><div class=\"t m0 x91 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">3.90<span class=\"_ _f\"></span>0.969<span class=\"sc0\"> </span></div></td><td class=\"c x580 y3a01 w3f7 hc8\"><div class=\"t m0 x91 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">3.67<span class=\"_ _f\"></span>4.380<span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x46b y3a02 w696 hc8\"><div class=\"t m0 x8a h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">Ricon<span class=\"_ _f\"></span>ciliazio<span class=\"_ _1\"></span>ne <span class=\"_ _1\"></span>con fi<span class=\"_ _1\"></span>nan<span class=\"_ _f\"></span>ziamen<span class=\"_ _1\"></span>ti<span class=\"sc0\"> </span></div></td><td class=\"c x57f y3a02 w695 hc8\"><div class=\"t m0 x90 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">(578.326) </div></td><td class=\"c x580 y3a02 w3f7 hc8\"><div class=\"t m0 x7 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">(461.563) </div></td></tr><tr><td class=\"c x46b y3a03 w696 hc8\"><div class=\"t m0 x8a h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">Utili finanziari <span class=\"_ _1\"></span>non maturati (-) </div></td><td class=\"c x57f y3a03 w695 hc8\"><div class=\"t m0 x90 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">(578.326) </div></td><td class=\"c x580 y3a03 w3f7 hc8\"><div class=\"t m0 x7 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">(461.563) </div></td></tr><tr><td class=\"c x46b y3a04 w696 h227\"><div class=\"t m0 x8a h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">Valore residu<span class=\"_ _1\"></span>o non garantito (-)<span class=\"_ _1\"></span> </div></td><td class=\"c x57f y3a04 w695 h227\"><div class=\"t m0 xc h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x580 y3a04 w3f7 h227\"><div class=\"t m0 xc h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y3a05 w696 hc8\"><div class=\"t m0 x8a h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">Fina<span class=\"_ _f\"></span>nziamen<span class=\"_ _f\"></span>ti per le<span class=\"_ _1\"></span>asi<span class=\"_ _1\"></span>ng<span class=\"sc0\"> </span></div></td><td class=\"c x57f y3a05 w695 hc8\"><div class=\"t m0 x91 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">3.322.<span class=\"_ _1\"></span>643<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x580 y3a05 w3f7 hc8\"><div class=\"t m0 x1c h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">3.21<span class=\"_ _1\"></span>2.817<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td></tr></table><div class=\"gs202c\"><table class=\"s w13dd h5ec\" id=\"_53691549-7b9a-44e7-a32e-c3a816a8a150\"><tr><td></td><td></td><td class=\"c xd66 y3a06 w69a h82\"><div class=\"t m0 xe8 h1f y32 ff4 fs7 fc4 sc3 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale 2<span class=\"_ _f\"></span>025 </div></td><td></td><td></td><td class=\"c xd67 y3a06 waa h82\"><div class=\"t m0 x1e6 h1f y32 ff4 fs7 fc4 sc3 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale 2<span class=\"_ _f\"></span>024 </div></td><td></td></tr><tr><td></td><td class=\"c xd68 y3a07 w13de h484\" colspan=\"2\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc1 sc0 ls0 ws0\">Pagamenti da rice<span class=\"_ _1\"></span>vere per il<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c xd69 y3a07 w13de h484\" colspan=\"2\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc1 sc0 ls0 ws0\">Pagamenti da rice<span class=\"_ _1\"></span>vere per il<span class=\"_ _df\"> </span></div></td><td></td></tr><tr><td></td><td class=\"c xd6a y3a08 w13df h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc1 sc0 ls0 ws0\">leasing<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c xb16 y24ab wc2e h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc1 sc0 ls0 ws0\">Totale pagament<span class=\"_ _1\"></span>i<span class=\"_ _df\"> </span></div></td><td class=\"c xd6b y3a08 w13e0 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc1 sc0 ls0 ws0\">leasing<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c xd6c y24ab wc2e h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc1 sc0 ls0 ws0\">Totale pagament<span class=\"_ _1\"></span>i<span class=\"_ _df\"> </span></div></td></tr><tr><td></td><td></td><td></td><td class=\"c xd6d y3a09 w13e1 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc1 sc0 ls0 ws0\">da ricevere per i<span class=\"_ _1\"></span>l<span class=\"_ _df\"> </span></div></td><td></td><td></td><td class=\"c xd6e y3a09 w13e1 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc1 sc0 ls0 ws0\">da ricevere per i<span class=\"_ _1\"></span>l<span class=\"_ _df\"> </span></div></td></tr><tr><td></td><td class=\"c xd6f y2d60 w9d4 h484\" colspan=\"2\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc1 sc0 ls0 ws0\">Esposizioni<span class=\"_ _df\"> </span></div></td><td class=\"c xd70 y3a0a w13e0 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc1 sc0 ls0 ws0\">leasing<span class=\"_ _df\"> </span></div></td><td class=\"c xd71 y2d60 w9d4 h484\" colspan=\"2\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc1 sc0 ls0 ws0\">Esposizioni<span class=\"_ _df\"> </span></div></td><td class=\"c xae7 y3a0a w13e0 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc1 sc0 ls0 ws0\">leasing<span class=\"_ _df\"> </span></div></td></tr><tr><td class=\"c xd72 y3a0b w69b h9f\"><div class=\"t m0 x163 h1f yd65 ff4 fs7 fc1 sc0 ls0 ws0\">Fasce temporal<span class=\"_ _1\"></span>i </div></td><td class=\"c xd73 y3a0c w104b h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc1 sc0 ls0 ws0\">Esposizioni<span class=\"_ _df\"> </span></div></td><td class=\"c xd74 y3a0d w104f h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc1 sc0 ls0 ws0\">non<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c xd75 y3a0c w9d4 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc1 sc0 ls0 ws0\">Esposizioni<span class=\"_ _df\"> </span></div></td><td class=\"c xd76 y3a0d wd7a h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc1 sc0 ls0 ws0\">non<span class=\"_ _df\"> </span></div></td><td></td></tr><tr><td></td><td class=\"c xd73 y3a0e w13e2 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc1 sc0 ls0 ws0\">Deteriorate<span class=\"_ _df\"> </span></div></td><td></td><td></td><td class=\"c xd69 y3a0e w13e2 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc1 sc0 ls0 ws0\">Deteriorate<span class=\"_ _df\"> </span></div></td><td></td><td></td></tr><tr><td></td><td class=\"c xd6f y386b wfb8 h484\" colspan=\"2\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc1 sc0 ls0 ws0\">deteriorate<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c xd71 y386b wfb8 h484\" colspan=\"2\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc1 sc0 ls0 ws0\">deteriorate<span class=\"_ _df\"> </span></div></td><td></td></tr><tr><td class=\"c xd72 y3a0f w69b h221\"><div class=\"t m0 x163 h1f y497 ff4 fs7 fc1 sc0 ls0 ws0\">Fino a 1 anno </div></td><td class=\"c xd66 y3a0f w4f h221\"><div class=\"t m0 x2c h1f y497 ff4 fs7 fc1 sc0 ls0 ws0\">21.833 </div></td><td class=\"c xd77 y3a0f w50 h221\"><div class=\"t m0 x35 h1f y497 ff4 fs7 fc1 sc0 ls0 ws0\">1.021.278 </div></td><td class=\"c xd78 y3a0f w280 h221\"><div class=\"t m0 x96 h1f y497 ff4 fs7 fc1 sc0 ls0 ws0\">1.043.111 </div></td><td class=\"c xd79 y3a0f w498 h221\"><div class=\"t m0 x2c h1f y497 ff4 fs7 fc1 sc0 ls0 ws0\">23.723 </div></td><td class=\"c xd7a y3a0f w344 h221\"><div class=\"t m0 x27 h1f y497 ff4 fs7 fc1 sc0 ls0 ws0\">899.855 </div></td><td class=\"c xd7b y3a0f w55 h221\"><div class=\"t m0 x12 h1f y497 ff4 fs7 fc1 sc0 ls0 ws0\">923.578 </div></td></tr><tr><td class=\"c xd72 y3a10 w69b h1bb\"><div class=\"t m0 x163 h1f y41f ff4 fs7 fc1 sc0 ls0 ws0\">Da oltre 1 anno f<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span>no a </div><div class=\"t m0 x163 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">2 anni </div></td><td class=\"c xd66 y3a10 w4f h1bb\"><div class=\"t m0 x26 h1f y68b ff4 fs7 fc1 sc0 ls0 ws0\">5.325 </div></td><td class=\"c xd77 y3a10 w50 h1bb\"><div class=\"t m0 x26 h1f y68b ff4 fs7 fc1 sc0 ls0 ws0\">722.958 </div></td><td class=\"c xd78 y3a10 w280 h1bb\"><div class=\"t m0 x12 h1f y68b ff4 fs7 fc1 sc0 ls0 ws0\">728.283 </div></td><td class=\"c xd79 y3a10 w498 h1bb\"><div class=\"t m0 x37 h1f y68b ff4 fs7 fc1 sc0 ls0 ws0\">5.021 </div></td><td class=\"c xd7a y3a10 w344 h1bb\"><div class=\"t m0 x26 h1f y68b ff4 fs7 fc1 sc0 ls0 ws0\">687.296 </div></td><td class=\"c xd7b y3a10 w55 h1bb\"><div class=\"t m0 x90 h1f y68b ff4 fs7 fc1 sc0 ls0 ws0\">692.317 </div></td></tr><tr><td class=\"c xd72 y3a11 w69b h1bb\"><div class=\"t m0 x163 h1f y41f ff4 fs7 fc1 sc0 ls0 ws0\">Da oltre 2 anno <span class=\"_ _1\"></span>fino a </div><div class=\"t m0 x163 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">3 anni </div></td><td class=\"c xd66 y3a11 w4f h1bb\"><div class=\"t m0 x26 h1f y68b ff4 fs7 fc1 sc0 ls0 ws0\">4.845 </div></td><td class=\"c xd77 y3a11 w50 h1bb\"><div class=\"t m0 x26 h1f y68b ff4 fs7 fc1 sc0 ls0 ws0\">564.105 </div></td><td class=\"c xd78 y3a11 w280 h1bb\"><div class=\"t m0 x96 h1f y68b ff4 fs7 fc1 sc0 ls0 ws0\">568.950 </div></td><td class=\"c xd79 y3a11 w498 h1bb\"><div class=\"t m0 x26 h1f y68b ff4 fs7 fc1 sc0 ls0 ws0\">4.067 </div></td><td class=\"c xd7a y3a11 w344 h1bb\"><div class=\"t m0 x26 h1f y68b ff4 fs7 fc1 sc0 ls0 ws0\">555.527 </div></td><td class=\"c xd7b y3a11 w55 h1bb\"><div class=\"t m0 x12 h1f y68b ff4 fs7 fc1 sc0 ls0 ws0\">559.594 </div></td></tr><tr><td class=\"c xd72 y3a12 w69b h1bb\"><div class=\"t m0 x163 h1f y41f ff4 fs7 fc1 sc0 ls0 ws0\">Da oltre 3 ann<span class=\"_ _1\"></span>o fino a </div><div class=\"t m0 x163 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">4 anni </div></td><td class=\"c xd66 y3a12 w4f h1bb\"><div class=\"t m0 x26 h1f y25 ff4 fs7 fc1 sc0 ls0 ws0\">4.379 </div></td><td class=\"c xd77 y3a12 w50 h1bb\"><div class=\"t m0 x37 h1f y25 ff4 fs7 fc1 sc0 ls0 ws0\">416.169 </div></td><td class=\"c xd78 y3a12 w280 h1bb\"><div class=\"t m0 x96 h1f y25 ff4 fs7 fc1 sc0 ls0 ws0\">420.548 </div></td><td class=\"c xd79 y3a12 w498 h1bb\"><div class=\"t m0 x26 h1f y25 ff4 fs7 fc1 sc0 ls0 ws0\">3.642 </div></td><td class=\"c xd7a y3a12 w344 h1bb\"><div class=\"t m0 x27 h1f y25 ff4 fs7 fc1 sc0 ls0 ws0\">402.969 </div></td><td class=\"c xd7b y3a12 w55 h1bb\"><div class=\"t m0 x90 h1f y25 ff4 fs7 fc1 sc0 ls0 ws0\">406.611 </div></td></tr><tr><td class=\"c xd72 y3a13 w69b h1bb\"><div class=\"t m0 x163 h1f y15 ff4 fs7 fc1 sc0 ls0 ws0\">Da oltre 4 anno <span class=\"_ _1\"></span>fino a </div><div class=\"t m0 x163 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">5 anni </div></td><td class=\"c xd66 y3a13 w4f h1bb\"><div class=\"t m0 x26 h1f y25 ff4 fs7 fc1 sc0 ls0 ws0\">2.858 </div></td><td class=\"c xd77 y3a13 w50 h1bb\"><div class=\"t m0 x3a h1f y25 ff4 fs7 fc1 sc0 ls0 ws0\">289.096 </div></td><td class=\"c xd78 y3a13 w280 h1bb\"><div class=\"t m0 x91 h1f y25 ff4 fs7 fc1 sc0 ls0 ws0\">291.954 </div></td><td class=\"c xd79 y3a13 w498 h1bb\"><div class=\"t m0 x37 h1f y25 ff4 fs7 fc1 sc0 ls0 ws0\">3.461 </div></td><td class=\"c xd7a y3a13 w344 h1bb\"><div class=\"t m0 x26 h1f y25 ff4 fs7 fc1 sc0 ls0 ws0\">269.810 </div></td><td class=\"c xd7b y3a13 w55 h1bb\"><div class=\"t m0 x90 h1f y25 ff4 fs7 fc1 sc0 ls0 ws0\">273.271 </div></td></tr><tr><td class=\"c xd72 y3a14 w69b h1ba\"><div class=\"t m0 x163 h1f y25 ff4 fs7 fc1 sc0 ls0 ws0\">Da oltre 5 anni<span class=\"_ _1\"></span> </div></td><td class=\"c xd66 y3a14 w4f h1ba\"><div class=\"t m0 x34 h1f y25 ff4 fs7 fc1 sc0 ls0 ws0\">6.188 </div></td><td class=\"c xd77 y3a14 w50 h1ba\"><div class=\"t m0 x26 h1f y25 ff4 fs7 fc1 sc0 ls0 ws0\">841.935 </div></td><td class=\"c xd78 y3a14 w280 h1ba\"><div class=\"t m0 x91 h1f y25 ff4 fs7 fc1 sc0 ls0 ws0\">848.123 </div></td><td class=\"c xd79 y3a14 w498 h1ba\"><div class=\"t m0 x26 h1f y25 ff4 fs7 fc1 sc0 ls0 ws0\">8.327 </div></td><td class=\"c xd7a y3a14 w344 h1ba\"><div class=\"t m0 x26 h1f y25 ff4 fs7 fc1 sc0 ls0 ws0\">810.682 </div></td><td class=\"c xd7b y3a14 w55 h1ba\"><div class=\"t m0 x91 h1f y25 ff4 fs7 fc1 sc0 ls0 ws0\">819.009 </div></td></tr><tr><td class=\"c x262 y3a15 w13e3 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc2 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale pa<span class=\"_ _f\"></span>gamen<span class=\"_ _1\"></span>ti da<span class=\"_ _df\"> </span></div></td><td class=\"c xd66 y3a16 w4f h1d6\"><div class=\"t m0 x35 h1f y110b ff4 fs7 fc1 sc2 ls0 ws0\">45.4<span class=\"_ _1\"></span>28 </div></td><td class=\"c xd77 y3a16 w50 h1d6\"><div class=\"t m0 x32 h1f y110b ff4 fs7 fc1 sc2 ls0 ws0\">3.855<span class=\"_ _1\"></span>.541<span class=\"_ _f\"></span> </div></td><td class=\"c xd78 y3a16 w280 h1d6\"><div class=\"t m0 x15 h1f y110b ff4 fs7 fc1 sc2 ls0 ws0\">3.90<span class=\"_ _f\"></span>0.969 </div></td><td class=\"c xd79 y3a16 w498 h1d6\"><div class=\"t m0 x3a h1f y110b ff4 fs7 fc1 sc2 ls0 ws0\">48.24<span class=\"_ _f\"></span>1 </div></td><td class=\"c xd7a y3a16 w344 h1d6\"><div class=\"t m0 x32 h1f y110b ff4 fs7 fc1 sc2 ls0 ws0\">3.626<span class=\"_ _f\"></span>.139 </div></td><td class=\"c xd7b y3a16 w55 h1d6\"><div class=\"t m0 x15 h1f y110b ff4 fs7 fc1 sc2 ls0 ws0\">3.67<span class=\"_ _f\"></span>4.380 </div></td></tr><tr><td class=\"c x262 y3a17 w13e4 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc2 ls0 ws0\">ricev<span class=\"_ _f\"></span>ere per l<span class=\"_ _1\"></span>easi<span class=\"_ _f\"></span>ng<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c xd72 y3a18 w69b h1bb\"><div class=\"t m0 x163 h1f y32 ff4 fs7 fc1 sc2 ls0 ws0\">RICON<span class=\"_ _f\"></span>CILIAZI<span class=\"_ _f\"></span>ONE </div></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x262 y2dd1 w13e5 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">Utili finanziari <span class=\"_ _1\"></span>non<span class=\"_ _df\"> </span></div></td><td class=\"c xd66 y3a19 w24f h1bb\"><div class=\"t m0 x32 h1f y68b ff4 fs7 fc1 sc0 ls0 ws0\">(5.268) </div></td><td class=\"c xd77 y3a19 w11f h1bb\"><div class=\"t m0 x32 h1f y68b ff4 fs7 fc1 sc0 ls0 ws0\">(573.059) </div></td><td class=\"c xd78 y3a19 w69d h1bb\"><div class=\"t m0 x8f h1f y68b ff4 fs7 fc1 sc0 ls0 ws0\">(578.327) </div></td><td class=\"c xd67 y3a19 w8b h1bb\"><div class=\"t m0 x2c h1f y68b ff4 fs7 fc1 sc0 ls0 ws0\">(5.227) </div></td><td class=\"c xd7a y3a19 w344 h1bb\"><div class=\"t m0 x33 h1f y68b ff4 fs7 fc1 sc0 ls0 ws0\">(456.336) </div></td><td class=\"c xd7b y3a19 w55 h1bb\"><div class=\"t m0 x8f h1f y68b ff4 fs7 fc1 sc0 ls0 ws0\">(461.563) </div></td></tr><tr><td class=\"c x262 y2ea0 w13e6 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">maturati (-)<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x262 y3a1a w13e7 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">Valore residu<span class=\"_ _1\"></span>o non<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td class=\"c xd79 y3a1b w498 h1bb\"><div class=\"t m0 x90 h1f y68b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xd7a y3a1b w344 h1bb\"><div class=\"t m0 x8 h1f y68b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xd7b y3a1b w55 h1bb\"><div class=\"t m0 xe7 h1f y68b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x262 y3a1c w13e8 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">garantito<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x262 y2701 w13e9 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc2 ls0 ws0\">Fina<span class=\"_ _f\"></span>nziamen<span class=\"_ _f\"></span>ti per<span class=\"_ _df\"> </span></div></td><td class=\"c xd66 y3a1d w4f h1bb\"><div class=\"t m0 x2c h1f y68b ff4 fs7 fc1 sc2 ls0 ws0\">40.16<span class=\"_ _f\"></span>0 </div></td><td class=\"c xd77 y3a1d w50 h1bb\"><div class=\"t m0 x48 h1f y68b ff4 fs7 fc1 sc2 ls0 ws0\">3.28<span class=\"_ _1\"></span>2.48<span class=\"_ _f\"></span>2 </div></td><td class=\"c xd78 y3a1d w280 h1bb\"><div class=\"t m0 x15 h1f y68b ff4 fs7 fc1 sc2 ls0 ws0\">3.322.<span class=\"_ _1\"></span>64<span class=\"_ _f\"></span>2 </div></td><td class=\"c xd79 y3a1d w498 h1bb\"><div class=\"t m0 x2c h1f y68b ff4 fs7 fc1 sc2 ls0 ws0\">43.0<span class=\"_ _1\"></span>14 </div></td><td class=\"c xd7a y3a1d w344 h1bb\"><div class=\"t m0 x32 h1f y68b ff4 fs7 fc1 sc2 ls0 ws0\">3.169<span class=\"_ _f\"></span>.803 </div></td><td class=\"c xd7b y3a1d w55 h1bb\"><div class=\"t m0 x13 h1f y68b ff4 fs7 fc1 sc2 ls0 ws0\">3.21<span class=\"_ _1\"></span>2.817<span class=\"_ _f\"></span> </div></td></tr><tr><td class=\"c x262 y2491 w13ea h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc2 ls0 ws0\">leas<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span>ng<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td></tr></table></div><div class=\"t m0 he ff4 fs5 fc4 sc3 ls0 ws0 gs202e\">2.2 A<span class=\"_ _1\"></span>ltre inf<span class=\"_ _1\"></span>ormaz<span class=\"_ _1\"></span>ioni<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs202f\">I <span class=\"_ _0\"></span>contratti <span class=\"_ _9\"> </span>di <span class=\"_ _0\"></span>locazione <span class=\"_ _0\"></span>finanziaria <span class=\"_ _0\"></span>prevedono <span class=\"_ _0\"></span>che <span class=\"_ _0\"></span>l\u2019utilizzatore, <span class=\"_ _0\"></span>al <span class=\"_ _9\"> </span>termine <span class=\"_ _0\"></span>del <span class=\"_ _0\"></span>peri<span class=\"_ _2\"></span><span class=\"ff4\">odo <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>durata<span class=\"_ _df\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs2030\">contrattuale i<span class=\"_ _1\"></span>ndicato e <span class=\"_ _f\"></span>sempre che ab<span class=\"_ _1\"></span>bia integralmente <span class=\"_ _f\"></span>as<span class=\"_ _2\"></span>solto a<span class=\"_ _f\"></span> tutti gli <span class=\"_ _f\"></span>obblighi assunti, <span class=\"_ _f\"></span>ab<span class=\"_ _2\"></span>bia <span class=\"_ _f\"></span>la<span class=\"_ _df\"> </span><span class=\"_ _2\"></span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs2031\">facolt\u00e0 di scegliere di:<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff14 fs1 fc1 sc0 ls0 ws0 gs2032\"><span class=\"ff10\"> <span class=\"_ _2b\"> </span><span class=\"ff4\">acquisire la propriet\u00e0 del bene contro versamento di un prezzo defi<span class=\"_ _1\"></span>nito;<span class=\"_ _df\"> </span></span></span><span class=\"ff10\"><span class=\"ff4\"><span class=\"_ _2\"></span> </span></span></div><div class=\"t m0 h5 ff14 fs1 fc1 sc0 ls0 ws0 gs2033\"><span class=\"ff10\"> <span class=\"_ _2b\"> </span><span class=\"ff4\">restituire il bene oggetto del contratto.<span class=\"_ _df\"> </span></span></span><span class=\"ff10\"><span class=\"ff4\"> </span></span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs2034\">La d<span class=\"_ _1\"></span>urata dei<span class=\"_ _1\"></span> contratti, <span class=\"_ _f\"></span>in rappor<span class=\"_ _1\"></span>to alla <span class=\"_ _f\"></span>vita economica <span class=\"_ _f\"></span>dei be<span class=\"_ _1\"></span>ni, <span class=\"_ _1\"></span>ed il <span class=\"_ _f\"></span>valore prefissato <span class=\"_ _f\"></span>per il <span class=\"_ _f\"></span>r<span class=\"_ _2\"></span>iscatto<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs2035\">dei b<span class=\"_ _1\"></span>eni stessi sono <span class=\"_ _1\"></span>tali da ind<span class=\"_ _1\"></span>urre gl<span class=\"_ _1\"></span>i utilizzatori, ne<span class=\"_ _f\"></span>lla generalit\u00e0 dei casi,<span class=\"_ _1\"></span> all\u2019acquisto de<span class=\"_ _1\"></span>l bene alla<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs2036\">scadenza contrattuale.<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs2037\">I b<span class=\"_ _1\"></span>eni finan<span class=\"_ _1\"></span>ziati variano <span class=\"_ _1\"></span>a seconda <span class=\"_ _f\"></span>del soggetto <span class=\"_ _1\"></span>richiedente <span class=\"_ _1\"></span>e/o natura d<span class=\"_ _1\"></span>i attivit\u00e0 <span class=\"_ _f\"></span>svolta. In <span class=\"_ _f\"></span>generale<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs2038\">i beni finanziati rientrano in 4 comparti: veicoli (automobili, veicoli commerciali, veicoli industriali),<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs2039\">aeroferronavale (aeromobili, motonavi e imb<span class=\"_ _1\"></span>arcazioni da diport<span class=\"_ _2\"></span>o, vagoni<span class=\"_ _1\"></span> ferroviari), strumentale e<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs203a\">immobiliare (edifici ad uso commerciale,<span class=\"_ _1\"></span> industriale e residenziale sia costruiti che da realizzare).<span class=\"_ _df\"> </span><span class=\"_ _2\"></span> </div><div class=\"t m0 he ff4 fs5 fc4 sc3 ls64 ws0 gs203b\">3.<span class=\"ff11 sc0 ls0\"> <span class=\"_ _80\"> </span></span><span class=\"ls0\">Leasing <span class=\"_ _1\"></span>opera<span class=\"_ _1\"></span>tivo<span class=\"_ _df\"> </span></span><span class=\"ls0\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs203c\">Si fornisce la classificazione per fasce temporali dei p<span class=\"_ _1\"></span>agamenti da ricevere.<span class=\"_ _df\"> </span><span class=\"_ _2\"></span> </div><div class=\"c w3f8 h227 gs203d\"><div class=\"t m0 x8a h5 y18b3 ff4 fs1 fc4 sc3 ls0 ws0\">3.1 Cl<span class=\"_ _1\"></span>assi<span class=\"_ _1\"></span>ficazio<span class=\"_ _1\"></span>ne per<span class=\"_ _f\"></span> fasce <span class=\"_ _f\"></span>tempora<span class=\"_ _1\"></span>li dei p<span class=\"_ _1\"></span>aga<span class=\"_ _1\"></span>menti <span class=\"_ _f\"></span>da riceve<span class=\"_ _1\"></span>re<span class=\"fc1 sc0\"> </span></div></div><div class=\"gs203e\"><table class=\"s w13eb h5ed\" id=\"_14b71fc5-36ce-43ca-87dc-d8b8e092090b\"><tr><td></td><td></td><td class=\"c x57f y3a1e w695 hc8\"><div class=\"t m0 x97 h1f ye4c ff4 fs7 fc4 sc3 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale <span class=\"fc1 sc0\"> </span></div></td><td class=\"c x580 y3a1e w52e hc8\"><div class=\"t m0 x97 h1f ye4c ff4 fs7 fc4 sc3 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale <span class=\"fc1 sc0\"> </span></div></td></tr><tr><td></td><td class=\"c x46b y3a1f w696 h29a\"><div class=\"t m0 xd8 h1f y472 ff4 fs7 fc4 sc3 ls0 ws0\">Fas<span class=\"_ _1\"></span>ce tem<span class=\"_ _f\"></span>porali<span class=\"_ _1\"></span><span class=\"fc1 sc0\"> </span></div></td><td class=\"c x57f y3a20 w695 hc8\"><div class=\"t m0 x35 h1f ye4c ff4 fs7 fc4 sc3 ls0 ws0\">31/12/<span class=\"_ _f\"></span>2025<span class=\"fc1 sc0\"> </span></div></td><td class=\"c x580 y3a20 w52e hc8\"><div class=\"t m0 x32 h1f ye4c ff4 fs7 fc4 sc3 ls0 ws0\">31/12/<span class=\"_ _f\"></span>2024<span class=\"fc1 sc0\"> </span></div></td></tr><tr><td></td><td></td><td class=\"c xd61 y3a21 w13db h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc4 sc3 ls0 ws0\">Paga<span class=\"_ _f\"></span>menti da<span class=\"_ _df\"> </span></div></td><td class=\"c xd62 y3a21 w13db h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc4 sc3 ls0 ws0\">Paga<span class=\"_ _f\"></span>menti da<span class=\"_ _df\"> </span></div></td></tr><tr><td></td><td></td><td class=\"c xd61 y3a22 w13dc h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc4 sc3 ls0 ws0\">ricev<span class=\"_ _f\"></span>ere per i<span class=\"_ _1\"></span>l<span class=\"_ _df\"> </span></div></td><td class=\"c xd62 y3a22 w13dc h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc4 sc3 ls0 ws0\">ricev<span class=\"_ _f\"></span>ere per i<span class=\"_ _1\"></span>l<span class=\"_ _df\"> </span></div></td></tr><tr><td></td><td></td><td class=\"c xd63 y259a wb6e h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc4 sc3 ls0 ws0\">leas<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span>ng<span class=\"_ _df\"> </span></div></td><td class=\"c xd64 y259a wb6e h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc4 sc3 ls0 ws0\">leas<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span>ng<span class=\"_ _df\"> </span></div></td></tr><tr><td class=\"c x46b y3a23 w51a hc8\"><div class=\"t m0 x8a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">Fino a 1 anno </div></td><td></td><td class=\"c x57f y3a23 w695 hc8\"><div class=\"t m0 x11d h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">1.293 </div></td><td class=\"c x580 y3a23 w3f7 hc8\"><div class=\"t m0 x11d h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">1.268 </div></td></tr><tr><td class=\"c x46b y3a24 w51a hc8\"><div class=\"t m0 x8a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">Da oltre 1 anno f<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span>no a 2 anni </div></td><td></td><td class=\"c x57f y3a24 w695 hc8\"><div class=\"t m0 x11d h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">1.258 </div></td><td class=\"c x580 y3a24 w3f7 hc8\"><div class=\"t m0 x11d h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">1.298 </div></td></tr><tr><td class=\"c x46b y3a25 w51a hc8\"><div class=\"t m0 x8a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">Da oltre 2 anni <span class=\"_ _1\"></span>fino a 3 anni </div></td><td></td><td class=\"c x57f y3a25 w695 hc8\"><div class=\"t m0 x11d h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">1.250 </div></td><td class=\"c x580 y3a25 w3f7 hc8\"><div class=\"t m0 x11d h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">1.232 </div></td></tr><tr><td class=\"c x46b y3a26 w51a hc8\"><div class=\"t m0 x8a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">Da oltre 3 ann<span class=\"_ _1\"></span>i fino a 4 anni </div></td><td></td><td class=\"c x57f y3a26 w695 hc8\"><div class=\"t m0 x11f h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">1.191 </div></td><td class=\"c x580 y3a26 w3f7 hc8\"><div class=\"t m0 x11d h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">1.224 </div></td></tr><tr><td class=\"c x46b y3a27 w51a hc8\"><div class=\"t m0 x8a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">Da oltre 4 anni <span class=\"_ _1\"></span>fino a 5 anni </div></td><td></td><td class=\"c x57f y3a27 w695 hc8\"><div class=\"t m0 xee h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">1.179 </div></td><td class=\"c x580 y3a27 w3f7 hc8\"><div class=\"t m0 x124 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">1.150 </div></td></tr><tr><td class=\"c x46b y3a28 w51a hc8\"><div class=\"t m0 x8a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">Da oltre 5 anni<span class=\"_ _1\"></span> </div></td><td></td><td class=\"c x57f y3a28 w695 hc8\"><div class=\"t m0 xc3 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">4.469 </div></td><td class=\"c x580 y3a28 w3f7 hc8\"><div class=\"t m0 xc3 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">5.358 </div></td></tr><tr><td class=\"c x46b y3a29 w51a hc8\"><div class=\"t m0 x8a h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale <span class=\"sc0\"> </span></div></td><td></td><td class=\"c x57f y3a29 w695 hc8\"><div class=\"t m0 x1af h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">10.6<span class=\"_ _1\"></span>40<span class=\"sc0\"> </span></div></td><td class=\"c x580 y3a29 w3f7 hc8\"><div class=\"t m0 xc3 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">11.53<span class=\"_ _f\"></span>0<span class=\"sc0\"> </span></div></td></tr></table></div><div class=\"t m0 he ff4 fs5 fc4 sc3 ls0 ws0 gs203f\">3.2 Altr<span class=\"_ _1\"></span>e info<span class=\"_ _f\"></span>rmazioni<span class=\"_ _df\"> </span><span class=\"_ _f\"></span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs2040\">Sono presenti contratti di<span class=\"_ _1\"></span> locazione, in qualit\u00e0 di locatore, per gli immobi<span class=\"_ _1\"></span>li di propriet\u00e0, mentre pe<span class=\"_ _1\"></span>r<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs2041\">alcuni immobili di terzi presi in affi<span class=\"_ _1\"></span>tto sono stati stipulati contratti di sublocazione.<span class=\"_ _2\"></span> </div>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfLeasesExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-880": {
   "value": "Sezio<span class=\"_ _1\"></span>ne 9 <span class=\"ff5\">\u2013<span class=\"_ _1\"></span><span class=\"ff4\"> Attivit\u00e0<span class=\"_ _f\"></span> materiali <span class=\"_ _f\"></span><span class=\"ff5\">\u2013<span class=\"ff4\"> Voce 90<span class=\"_ _f\"></span> </span></span></span></span>9.1 At<span class=\"_ _1\"></span>tivit<span class=\"_ _1\"></span>\u00e0 mat<span class=\"_ _1\"></span>eria<span class=\"_ _1\"></span>li ad <span class=\"_ _1\"></span>uso fu<span class=\"_ _f\"></span>nzionale<span class=\"_ _1\"></span>: com<span class=\"_ _f\"></span>posizion<span class=\"_ _1\"></span>e del<span class=\"_ _1\"></span>le a<span class=\"_ _1\"></span>ttivit<span class=\"_ _1\"></span>\u00e0 valu<span class=\"_ _1\"></span>tate<span class=\"_ _1\"></span> al co<span class=\"_ _f\"></span>sto<span class=\"fc1 sc0\"> </span><table class=\"s wb6b h4d1\" id=\"_8c4dcb0b-38f9-40b5-a2dc-a0235caf3367\"><tr><td class=\"c x46b y28c2 w3ac h15\"><div class=\"t m0 xa1 h1f y655 ff4 fs7 fc4 sc3 ls0 ws0\">Atti<span class=\"_ _1\"></span>vit\u00e0/V<span class=\"_ _f\"></span>alori<span class=\"fc1 sc0\"> </span></div></td><td></td><td class=\"c x4fc y28c3 w31e hc8\"><div class=\"t m0 x12 h1f y32 ff4 fs7 fc4 sc3 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale<span class=\"fc1 sc0\"> </span></div></td><td></td><td class=\"c x4fd y28c3 w3ad hc8\"><div class=\"t m0 x12 h1f y32 ff4 fs7 fc4 sc3 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale<span class=\"fc1 sc0\"> </span></div></td><td></td></tr><tr><td></td><td></td><td class=\"c x4fc y28c2 w31e hc8\"><div class=\"t m0 x30 h1f y153d ff4 fs7 fc4 sc3 ls0 ws0\">31/12/<span class=\"_ _f\"></span>2025<span class=\"fc1 sc0\"> </span></div></td><td class=\"c x4fe y28c4 w993 h4d2\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/<span class=\"_ _df\"> </span></div></td><td class=\"c x4ff y28c4 w994 h4d2\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">2024<span class=\"_ _df\"> </span></div></td><td></td></tr><tr><td class=\"c x46b y28c5 w3ae hc8\"><div class=\"t m0 x8a h1f y32 ff4 fs7 fc1 sc2 ls0 ws0\">1. Att<span class=\"_ _1\"></span>ivit\u00e0<span class=\"_ _1\"></span> di pr<span class=\"_ _1\"></span>opr<span class=\"_ _1\"></span>iet\u00e0<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td><td></td><td></td><td class=\"c x4fc y28c5 w31e hc8\"><div class=\"t m0 x66 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">321.37<span class=\"_ _f\"></span>8<span class=\"sc0\"> </span></div></td><td></td><td class=\"c x4fd y28c5 w3af hc8\"><div class=\"t m0 xc h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">312.<span class=\"_ _1\"></span>813<span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x46b y28c6 w3ae hc8\"><div class=\"t m0 x116 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">a) terreni </div></td><td></td><td></td><td class=\"c x4fc y28c6 w31e hc8\"><div class=\"t m0 x12a h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">134.866 </div></td><td></td><td class=\"c x4fd y28c6 w3af hc8\"><div class=\"t m0 x12a h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">134.838 </div></td></tr><tr><td class=\"c x46b y28c7 w3ae hc8\"><div class=\"t m0 x116 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">b) fabbricati </div></td><td></td><td></td><td class=\"c x4fc y28c7 w31e hc8\"><div class=\"t m0 x66 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">110.095 </div></td><td></td><td class=\"c x4fd y28c7 w3af hc8\"><div class=\"t m0 x12a h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">108.548 </div></td></tr><tr><td class=\"c x46b y28c8 w3ae hc8\"><div class=\"t m0 x116 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">c) mobili </div></td><td></td><td></td><td class=\"c x4fc y28c8 w31e hc8\"><div class=\"t m0 x11e h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">10.917 </div></td><td></td><td class=\"c x4fd y28c8 w3af hc8\"><div class=\"t m0 xe4 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">11.769 </div></td></tr><tr><td class=\"c x46b y28c9 w3ae hc8\"><div class=\"t m0 x116 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">d) impianti elettr<span class=\"_ _f\"></span>o<span class=\"_ _2\"></span>nici<span class=\"_ _df\"> </span></div></td><td></td><td></td><td class=\"c x4fc y28c9 w31e hc8\"><div class=\"t m0 xc h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">20.099 </div></td><td></td><td class=\"c x4fd y28c9 w3af hc8\"><div class=\"t m0 x199 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">19.620 </div></td></tr><tr><td class=\"c x46b y28ca w3ae hc8\"><div class=\"t m0 x116 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">e) altre </div></td><td></td><td></td><td class=\"c x4fc y28ca w31e hc8\"><div class=\"t m0 x199 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">45.401 </div></td><td></td><td class=\"c x4fd y28ca w3af hc8\"><div class=\"t m0 xc h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">38.038 </div></td></tr><tr><td class=\"c x46b y28cb w3ae hc8\"><div class=\"t m0 x8a h1f y32 ff4 fs7 fc1 sc2 ls0 ws0\">2. Dir<span class=\"_ _1\"></span>itti d'<span class=\"_ _f\"></span>uso acq<span class=\"_ _f\"></span>uisiti<span class=\"_ _1\"></span> con il<span class=\"_ _1\"></span> leas<span class=\"_ _1\"></span>ing<span class=\"sc0\"> </span></div></td><td></td><td></td><td class=\"c x4fc y28cb w31e hc8\"><div class=\"t m0 x199 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">121.15<span class=\"_ _1\"></span>5<span class=\"sc0\"> </span></div></td><td></td><td class=\"c x4fd y28cb w3af hc8\"><div class=\"t m0 xc h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">125.95<span class=\"_ _f\"></span>1<span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x46b y28cc w3ae hc8\"><div class=\"t m0 x116 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">a) terreni </div></td><td></td><td></td><td class=\"c x4fc y28cc w31e hc8\"><div class=\"t m0 x120 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x4fd y28cc w3af hc8\"><div class=\"t m0 x120 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y28cd w3ae hc8\"><div class=\"t m0 x116 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">b) fabbricati </div></td><td></td><td></td><td class=\"c x4fc y28cd w31e hc8\"><div class=\"t m0 xc h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">116.495 </div></td><td></td><td class=\"c x4fd y28cd w3af hc8\"><div class=\"t m0 xc h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">122.081 </div></td></tr><tr><td class=\"c x46b y28ce w3ae h227\"><div class=\"t m0 x116 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">c) mobili </div></td><td></td><td></td><td class=\"c x4fc y28ce w31e h227\"><div class=\"t m0 x120 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x4fd y28ce w3af h227\"><div class=\"t m0 x120 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y28cf w3ae hc8\"><div class=\"t m0 x116 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">d) impianti elettr<span class=\"_ _f\"></span>o<span class=\"_ _2\"></span>nici<span class=\"_ _df\"> </span></div></td><td></td><td></td><td class=\"c x4fc y28cf w31e hc8\"><div class=\"t m0 x120 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x4fd y28cf w3af hc8\"><div class=\"t m0 x120 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y28d0 w3ae hc8\"><div class=\"t m0 x116 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">e) altre </div></td><td></td><td></td><td class=\"c x4fc y28d0 w31e hc8\"><div class=\"t m0 xe4 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">4.660 </div></td><td></td><td class=\"c x4fd y28d0 w3af hc8\"><div class=\"t m0 xe3 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">3.870 </div></td></tr><tr><td></td><td class=\"c x46b y28d1 w3ae hc8\"><div class=\"t m0 x1e5 h1f y32 ff4 fs7 fc1 sc2 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale<span class=\"sc0\"> </span></div></td><td></td><td class=\"c x4fc y28d1 w31e hc8\"><div class=\"t m0 x1e6 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">442.5<span class=\"_ _1\"></span>33<span class=\"sc0\"> </span></div></td><td></td><td class=\"c x4fd y28d1 w3af hc8\"><div class=\"t m0 x1e6 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">438.7<span class=\"_ _1\"></span>64<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x46b y28d2 w3ae hc8\"><div class=\"t m0 x8a h1f y32 ff5 fs7 fc1 sc0 ls0 ws0\">di cui: ottenute<span class=\"_ _1\"></span> tramite l\u2019escuss<span class=\"_ _1\"></span>ione delle ga<span class=\"_ _1\"></span>ranzie ricevute<span class=\"ff4\"> </span></div></td><td></td><td></td><td class=\"c x4fc y28d2 w31e hc8\"><div class=\"t m0 x120 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x4fd y28d2 w3af hc8\"><div class=\"t m0 x120 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr></table>Le att<span class=\"_ _2\"></span>ivit\u00e0 materiali <span class=\"_ _2\"></span>sono <span class=\"_ _2\"></span>valutate <span class=\"_ _2\"></span>al cost<span class=\"_ _2\"></span>o, al <span class=\"_ _2\"></span>netto <span class=\"_ _2\"></span>degli ammort<span class=\"_ _2\"></span>amenti e <span class=\"_ _2\"></span>di q<span class=\"_ _2\"></span>ualsiasi perdita <span class=\"_ _2\"></span>per riduzione di valore accumulate. Nelle <span class=\"_ _2\"></span>att<span class=\"_ _2\"></span>ivit\u00e0 <span class=\"_ _2\"></span>materiali <span class=\"_ _d\"></span>\u00e8 <span class=\"_ _d\"></span>anche <span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>icompreso, <span class=\"_ _d\"></span>ai <span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>ensi <span class=\"_ _2\"></span>del <span class=\"_ _d\"></span>principio <span class=\"_ _d\"></span>IFRS16, <span class=\"_ _2\"></span>il <span class=\"_ _d\"></span>Diritto<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>d\u2019Uso <span class=\"_ _d\"></span>(Right <span class=\"_ _d\"></span>of Use) dei beni oggetti di contratti di leasing operativo.<span class=\"_ _df\"> </span>9.2 Att<span class=\"_ _1\"></span>ivit\u00e0<span class=\"_ _f\"></span> materi<span class=\"_ _1\"></span>ali det<span class=\"_ _1\"></span>enut<span class=\"_ _1\"></span>e a <span class=\"_ _f\"></span>scopo di<span class=\"_ _1\"></span> inves<span class=\"_ _1\"></span>timent<span class=\"_ _f\"></span>o: com<span class=\"_ _1\"></span>posi<span class=\"_ _1\"></span>zione<span class=\"_ _1\"></span> dell<span class=\"_ _1\"></span>e at<span class=\"_ _1\"></span>tivit\u00e0 <span class=\"_ _1\"></span>valut<span class=\"_ _f\"></span>ate al co<span class=\"_ _1\"></span>sto<span class=\"_ _df\"> </span>Tot<span class=\"_ _1\"></span>ale<span class=\"_ _df\"> </span>Tot<span class=\"_ _1\"></span>ale<span class=\"_ _df\"> </span>Atti<span class=\"_ _1\"></span>vit\u00e0/V<span class=\"_ _f\"></span>alori<span class=\"_ _df\"> </span>Val<span class=\"_ _1\"></span>ore di<span class=\"_ _df\"> </span>31/12/<span class=\"_ _df\"> </span>2025<span class=\"_ _df\"> </span>Fair<span class=\"_ _f\"></span> value<span class=\"_ _df\"> </span>Val<span class=\"_ _1\"></span>ore di<span class=\"_ _df\"> </span>31/12/<span class=\"_ _df\"> </span>2024<span class=\"_ _df\"> </span>Fair<span class=\"_ _f\"></span> value<span class=\"_ _df\"> </span>bilan<span class=\"_ _f\"></span>cio<span class=\"_ _df\"> </span>L1<span class=\"_ _df\"> </span>L2<span class=\"_ _df\"> </span>L3<span class=\"_ _df\"> </span>bilan<span class=\"_ _f\"></span>cio<span class=\"_ _df\"> </span>L1<span class=\"_ _df\"> </span>L2<span class=\"_ _df\"> </span>1. Att<span class=\"_ _1\"></span>ivit\u00e0<span class=\"_ _1\"></span> di pr<span class=\"_ _1\"></span>opr<span class=\"_ _1\"></span>iet\u00e0<span class=\"_ _df\"> </span>4.62<span class=\"_ _f\"></span>2<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-6.8074.76<span class=\"_ _1\"></span>8<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>a) terreni<span class=\"_ _df\"> </span>2.398<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-1.4062.378<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>b) fabbricati<span class=\"_ _df\"> </span>2.224<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-5.4012.390<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>2. Dir<span class=\"_ _1\"></span>itti d'<span class=\"_ _f\"></span>uso ac<span class=\"_ _1\"></span>quis<span class=\"_ _1\"></span>iti co<span class=\"_ _1\"></span>n il<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>leas<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span>ng<span class=\"_ _df\"> </span>a) terreni<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>b) fabbricati<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>di cui: ottenute<span class=\"_ _1\"></span> tramite<span class=\"_ _df\"> </span>Tot<span class=\"_ _1\"></span>ale<span class=\"_ _df\"> </span>4.62<span class=\"_ _f\"></span>2<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-6.8074.76<span class=\"_ _1\"></span>8<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>l\u2019escussione de<span class=\"_ _1\"></span>lle garanzie<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>ricevute<span class=\"_ _df\"> </span>Lege<span class=\"_ _f\"></span>nda:<span class=\"_ _df\"> </span>L1= Livello 1<span class=\"_ _df\"> </span>L2= Livello 2<span class=\"_ _df\"> </span>L3= Livello 3<span class=\"_ _df\"> </span>Le <span class=\"_ _2\"></span>attivit\u00e0 <span class=\"_ _2\"></span>materiali <span class=\"_ _2\"></span>sono <span class=\"_ _2\"></span>valutate <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>costo. <span class=\"_ _2\"></span>Il <span class=\"_ _2\"></span>fair <span class=\"_ _2\"></span>value delle <span class=\"_ _2\"></span>att<span class=\"_ _2\"></span>ivit\u00e0 <span class=\"_ _2\"></span>materiali <span class=\"_ _2\"></span>detenu<span class=\"_ _1\"></span>te <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>scopo <span class=\"_ _2\"></span>di<span class=\"_ _df\"> </span>investimento <span class=\"_ _2\"></span>ammonta <span class=\"_ _d\"></span>a <span class=\"_ _d\"></span>6,8 <span class=\"_ _2\"></span>milioni <span class=\"_ _2\"></span>di <span class=\"_ _d\"></span>euro, <span class=\"_ _2\"></span>ed <span class=\"_ _d\"></span>\u00e8 <span class=\"_ _2\"></span>stato <span class=\"_ _d\"></span>determinato <span class=\"_ _2\"></span>da <span class=\"_ _d\"></span>valutatori <span class=\"_ _2\"></span>esperti <span class=\"_ _d\"></span>esterni<span class=\"_ _df\"> </span>ed indipendenti.<span class=\"_ _df\"> </span>9.6 Att<span class=\"_ _1\"></span>ivit\u00e0<span class=\"_ _1\"></span> ma<span class=\"_ _1\"></span>teria<span class=\"_ _f\"></span>li<span class=\"_ _2\"></span> a<span class=\"_ _1\"></span>d uso<span class=\"_ _f\"></span> funziona<span class=\"_ _f\"></span>le: varia<span class=\"_ _1\"></span>zioni a<span class=\"_ _1\"></span>nnue<span class=\"_ _f\"></span> Terr<span class=\"_ _f\"></span>eni Fabbr<span class=\"_ _1\"></span>icat<span class=\"_ _1\"></span>i Mobil<span class=\"_ _1\"></span>i Impi<span class=\"_ _1\"></span>anti<span class=\"_ _df\"> </span>Altr<span class=\"_ _1\"></span>e Tot<span class=\"_ _1\"></span>ale elet<span class=\"_ _1\"></span>troni<span class=\"_ _1\"></span>ci<span class=\"_ _df\"> </span>A. Es<span class=\"_ _1\"></span>iste<span class=\"_ _1\"></span>nze i<span class=\"_ _1\"></span>nizia<span class=\"_ _f\"></span>li lorde<span class=\"_ _f\"></span> 134.<span class=\"_ _1\"></span>838 329.3<span class=\"_ _f\"></span>12 44.6<span class=\"_ _f\"></span>27 69.6<span class=\"_ _f\"></span>83 161.2<span class=\"_ _f\"></span>10 739<span class=\"_ _1\"></span>.670 A.1 Riduzioni di va<span class=\"_ _f\"></span>l<span class=\"_ _2\"></span>ore tota<span class=\"_ _1\"></span>li nette - 220.764<span class=\"_ _df\"> </span>32.858 50.063 123.172 426.857 A.2 Es<span class=\"_ _1\"></span>iste<span class=\"_ _1\"></span>nze<span class=\"_ _f\"></span> iniziali n<span class=\"_ _f\"></span>ette 134.<span class=\"_ _1\"></span>838 108.5<span class=\"_ _f\"></span>48 11.76<span class=\"_ _1\"></span>9 19.6<span class=\"_ _1\"></span>20 38.0<span class=\"_ _1\"></span>38 312.<span class=\"_ _1\"></span>813 B. A<span class=\"_ _1\"></span>umen<span class=\"_ _f\"></span>ti: 28<span class=\"ls0\"> </span>10.145<span class=\"_ _f\"></span> 1.473<span class=\"_ _f\"></span> 4.824<span class=\"_ _f\"></span> 13.93<span class=\"_ _f\"></span>4 30.4<span class=\"_ _1\"></span>04<span class=\"_ _1\"></span> B.1 Acquisti - 10.117<span class=\"_ _df\"> </span>1.467 4.809 13.919 30.312 - di cui operazio<span class=\"_ _1\"></span>ni di aggregaz<span class=\"_ _1\"></span>ione<span class=\"_ _df\"> </span>- - - - - - aziendale<span class=\"_ _df\"> </span>B.2 Spese per m<span class=\"_ _1\"></span>igliorie capitalizz<span class=\"_ _1\"></span>ate - - - - - - B.3 Riprese di val<span class=\"_ _1\"></span>ore - - - - - - B.4 Variazioni p<span class=\"_ _1\"></span>ositive di fair <span class=\"_ _1\"></span>value<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>imputate a<span class=\"_ _df\"> </span>a) patrimonio ne<span class=\"_ _1\"></span>tto<span class=\"_ _df\"> </span>- - - - - - b) conto econ<span class=\"_ _1\"></span>omico - - - - - - B.5 Differenze p<span class=\"_ _f\"></span>o<span class=\"_ _2\"></span>sitive di<span class=\"_ _1\"></span> cambio<span class=\"_ _df\"> </span>- - - - - - B.6 Trasferimen<span class=\"_ _1\"></span>ti da immobili<span class=\"_ _df\"> </span>- - X X X - detenuti a scopo d<span class=\"_ _1\"></span>i investiment<span class=\"_ _f\"></span>o<span class=\"_ _df\"> </span>B.7 Altre variaz<span class=\"_ _1\"></span>ioni<span class=\"_ _df\"> </span>28<span class=\"ls0\"> </span>28<span class=\"ls0\"> </span>6 15<span class=\"ls0\"> </span>15<span class=\"ls0\"> </span>92<span class=\"ls0\"> </span>C. Dim<span class=\"_ _f\"></span>inuzion<span class=\"_ _f\"></span>i: - 8.598<span class=\"_ _f\"></span> 2.32<span class=\"_ _1\"></span>5 4.34<span class=\"_ _1\"></span>5 6.57<span class=\"_ _f\"></span>1 21.83<span class=\"_ _f\"></span>9 C.1 Vendite - 120<span class=\"ls0\"> </span>- 1 10<span class=\"ls0\"> </span>131 - di cui operazio<span class=\"_ _1\"></span>ni di aggregaz<span class=\"_ _1\"></span>ione<span class=\"_ _df\"> </span>- - - - - - aziendale<span class=\"_ _df\"> </span>C.2 Ammortame<span class=\"_ _1\"></span>nti - 8.364 2.319 4.138 6.537 21.358 C.3 Rettifiche d<span class=\"_ _1\"></span>i valore da<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>deterioramento <span class=\"_ _1\"></span>imputate a<span class=\"_ _df\"> </span>a) patrimonio ne<span class=\"_ _1\"></span>tto<span class=\"_ _df\"> </span>- - - - - - b) conto econ<span class=\"_ _1\"></span>omico - - - - - - C.4 Variazioni neg<span class=\"_ _1\"></span>ative di fair va<span class=\"_ _f\"></span>l<span class=\"_ _2\"></span>ue<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>imputate a<span class=\"_ _df\"> </span>a) patrimonio ne<span class=\"_ _1\"></span>tto<span class=\"_ _df\"> </span>- - - - - - b) conto economic<span class=\"_ _f\"></span>o - - - - - - C.5 Differenze<span class=\"_ _1\"></span> negative di camb<span class=\"_ _1\"></span>io<span class=\"_ _df\"> </span>- - - - - - C.6 Trasferimenti<span class=\"_ _1\"></span> a: - - - - - - a) attivit\u00e0 mater<span class=\"_ _1\"></span>iali detenute a scopo di invest<span class=\"_ _1\"></span>imento - - X X X - b) attivit\u00e0 non co<span class=\"_ _1\"></span>rrenti e gruppi d<span class=\"_ _1\"></span>i<span class=\"_ _df\"> </span>- - - - - - attivit\u00e0 in via di d<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span>smissi<span class=\"_ _1\"></span>one<span class=\"_ _df\"> </span>C.7 Altre variazi<span class=\"_ _1\"></span>oni - 114<span class=\"ls0\"> </span>6 206<span class=\"ls0\"> </span>24<span class=\"ls0\"> </span>350 D. Rim<span class=\"_ _f\"></span>anenz<span class=\"_ _1\"></span>e fin<span class=\"_ _f\"></span>ali net<span class=\"_ _1\"></span>te 134.<span class=\"_ _1\"></span>866<span class=\"_ _f\"></span> 110.09<span class=\"_ _f\"></span>5 10.917<span class=\"_ _f\"></span> 20.09<span class=\"_ _f\"></span>9 45.4<span class=\"_ _1\"></span>01 321.37<span class=\"_ _f\"></span>8 D.1 Riduzioni di <span class=\"_ _1\"></span>valore totali ne<span class=\"_ _1\"></span>tte - 229.753 35.167 52.471 128.834 446.225 D.2 <span class=\"_ _1\"></span>Rima<span class=\"_ _f\"></span>nenze fi<span class=\"_ _1\"></span>nal<span class=\"_ _1\"></span>i lorde<span class=\"_ _f\"></span> 134.<span class=\"_ _1\"></span>866<span class=\"_ _f\"></span> 339<span class=\"_ _1\"></span>.848<span class=\"_ _f\"></span> 46.0<span class=\"_ _1\"></span>84 72.57<span class=\"_ _f\"></span>0 174.2<span class=\"_ _f\"></span>35 767<span class=\"_ _1\"></span>.603 E. Valutazione a<span class=\"_ _1\"></span>l costo<span class=\"_ _df\"> </span>9.6 bis<span class=\"_ _f\"></span> Attivit\u00e0<span class=\"_ _1\"></span> ma<span class=\"_ _1\"></span>teria<span class=\"_ _f\"></span>li<span class=\"_ _2\"></span> a<span class=\"_ _1\"></span>d uso<span class=\"_ _1\"></span> funzio<span class=\"_ _f\"></span>nale (dir<span class=\"_ _1\"></span>itti d<span class=\"_ _1\"></span>'uso <span class=\"_ _1\"></span>acquis<span class=\"_ _f\"></span>iti con <span class=\"_ _f\"></span>il leasing):<span class=\"_ _1\"></span> var<span class=\"_ _1\"></span>iazio<span class=\"_ _1\"></span>ni ann<span class=\"_ _1\"></span>ue Terre<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span> Fab<span class=\"_ _1\"></span>brica<span class=\"_ _f\"></span>ti Mobi<span class=\"_ _f\"></span>li Imp<span class=\"_ _1\"></span>ian<span class=\"_ _1\"></span>ti<span class=\"_ _df\"> </span>Altr<span class=\"_ _f\"></span>e Tota<span class=\"_ _1\"></span>le elett<span class=\"_ _1\"></span>ronic<span class=\"_ _1\"></span>i<span class=\"_ _df\"> </span>A. Es<span class=\"_ _f\"></span>istenz<span class=\"_ _1\"></span>e ini<span class=\"_ _1\"></span>ziali<span class=\"_ _1\"></span> lord<span class=\"_ _1\"></span>e - 232.<span class=\"_ _1\"></span>333<span class=\"_ _1\"></span> -  -  6.83<span class=\"_ _f\"></span>5  239.1<span class=\"_ _f\"></span>68  A.1 Riduzioni <span class=\"_ _f\"></span>di<span class=\"_ _2\"></span> valor<span class=\"_ _1\"></span>e totali net<span class=\"_ _1\"></span>te<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>110.252 -  -  2.965  113.217  A.2 E<span class=\"_ _1\"></span>sis<span class=\"_ _1\"></span>tenz<span class=\"_ _f\"></span>e inizi<span class=\"_ _1\"></span>ali ne<span class=\"_ _1\"></span>tte - 122.0<span class=\"_ _1\"></span>81 -  -  3.87<span class=\"_ _f\"></span>0  125.9<span class=\"_ _1\"></span>51 <span class=\"_ _1\"></span> B. Au<span class=\"_ _f\"></span>menti<span class=\"_ _1\"></span>: - 30.5<span class=\"_ _1\"></span>72 -  -  3.94<span class=\"_ _f\"></span>2  34.5<span class=\"_ _1\"></span>14  B.1 Acquisti<span class=\"_ _f\"></span> -<span class=\"_ _df\"> </span>17.746<span class=\"_ _df\"> </span>-  -  2.903  20.649  - di cui opera<span class=\"_ _f\"></span>z<span class=\"_ _2\"></span>ioni d<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span> aggre<span class=\"_ _1\"></span>gazione<span class=\"_ _df\"> </span>-  -  -  -  -  -  aziendale<span class=\"_ _df\"> </span>B.2 Spese per <span class=\"_ _f\"></span>migliorie capitaliz<span class=\"_ _f\"></span>z<span class=\"_ _2\"></span>ate -  -  -  -  -  -  B.3 Riprese <span class=\"_ _1\"></span>di valore<span class=\"_ _1\"></span> -  18  -  -  -  18  B.4 Variazio<span class=\"_ _1\"></span>ni positive d<span class=\"_ _f\"></span>i fair value imp<span class=\"_ _1\"></span>utate<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>a<span class=\"_ _df\"> </span>a) patrimon<span class=\"_ _1\"></span>io netto<span class=\"_ _df\"> </span>-  -  -  -  -  -  b) conto eco<span class=\"_ _1\"></span>nomico -  -  -  -  -  -  B.5 Diffe<span class=\"_ _1\"></span>renze positive d<span class=\"_ _f\"></span>i cambio -  -  -  -  -  -  B.6 Trasferi<span class=\"_ _1\"></span>menti da <span class=\"_ _1\"></span>immobili de<span class=\"_ _1\"></span>tenuti a scopo di inve<span class=\"_ _f\"></span>stimento -  -  X X X -  B.7 Altre varia<span class=\"_ _f\"></span>zioni -<span class=\"_ _df\"> </span>12.808 -  -  1.039  13.847  C. Di<span class=\"_ _f\"></span>minuzi<span class=\"_ _f\"></span>oni: - 36.1<span class=\"_ _1\"></span>58 -  -  3.15<span class=\"_ _1\"></span>2  39.31<span class=\"_ _f\"></span>0  C.1 Vendite<span class=\"_ _1\"></span> -  53  -  -  44 <span class=\"ls0\"> </span>97  - di cui opera<span class=\"_ _f\"></span>z<span class=\"_ _2\"></span>ioni d<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span> aggre<span class=\"_ _1\"></span>gazione<span class=\"_ _df\"> </span>-  -  -  -  -  -  aziendale<span class=\"_ _df\"> </span>C.2 Ammor<span class=\"_ _1\"></span>tamenti -<span class=\"_ _df\"> </span>21.861<span class=\"_ _df\"> </span>-  -  1.887  23.748  C.3 Rettifiche <span class=\"_ _f\"></span>di valore da deter<span class=\"_ _1\"></span>ioramento<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>28<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>28<span class=\"_ _df\"> </span>imputate a<span class=\"_ _df\"> </span>a) patrimon<span class=\"_ _1\"></span>io netto<span class=\"_ _df\"> </span>-  -  -  -  -  -  b) conto eco<span class=\"_ _1\"></span>nomico -  28  -  -  -  28  C.4 Variazion<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span> negat<span class=\"_ _1\"></span>ive di fair va<span class=\"_ _f\"></span>lue imputate<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>a<span class=\"_ _df\"> </span>a) patrimon<span class=\"_ _1\"></span>io netto<span class=\"_ _df\"> </span>-  -  -  -  -  -  b) conto eco<span class=\"_ _1\"></span>nomico -  -  -  -  -  -  C.5 Differ<span class=\"_ _1\"></span>enze negative <span class=\"_ _1\"></span>di cambio -  -  -  -  -  -  C.6 Trasfer<span class=\"_ _1\"></span>imenti a: -  -  -  -  -  -  a) attivit\u00e0 m<span class=\"_ _1\"></span>ateriali deten<span class=\"_ _f\"></span>ute a scopo di<span class=\"_ _df\"> </span>-  -  X X X -  investiment<span class=\"_ _1\"></span>o<span class=\"_ _df\"> </span>b) attivit\u00e0 no<span class=\"_ _f\"></span>n correnti e gruppi d<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span> attiv<span class=\"_ _1\"></span>it\u00e0<span class=\"_ _df\"> </span>-  -  -  -  -  -  in via di dism<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span>ssione<span class=\"_ _df\"> </span>C.7 Altre vari<span class=\"_ _1\"></span>azio<span class=\"lsd6\">ni</span> -<span class=\"_ _df\"> </span>14.216<span class=\"_ _df\"> </span>-  -  1.221  15.437  D. Ri<span class=\"_ _f\"></span>manen<span class=\"_ _f\"></span>ze final<span class=\"_ _1\"></span>i net<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span> - 116.4<span class=\"_ _f\"></span>95 -  -  4.66<span class=\"_ _f\"></span>0  121.<span class=\"_ _1\"></span>155 <span class=\"_ _1\"></span> D.1 Riduzio<span class=\"_ _1\"></span>ni di valore t<span class=\"_ _f\"></span>otali nette<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>118.951<span class=\"_ _df\"> </span>-  -  3.317  122.268  D.2 Ri<span class=\"_ _f\"></span>manen<span class=\"_ _f\"></span>ze fina<span class=\"_ _f\"></span>li lorde<span class=\"_ _f\"></span> - 235.4<span class=\"_ _1\"></span>46 -  -  7.97<span class=\"_ _f\"></span>7  243.4<span class=\"_ _f\"></span>23  E. Valutazio<span class=\"_ _f\"></span>n<span class=\"_ _2\"></span>e al co<span class=\"_ _f\"></span>sto<span class=\"_ _df\"> </span>Si fornisce anche la tabe<span class=\"_ _1\"></span>lla di movimentazione dei di<span class=\"_ _1\"></span>ritti d\u2019uso acquisiti con il leasing<span class=\"_ _1\"></span> in quanto tali attivit\u00e0 sono rilevanti.  9.7 At<span class=\"_ _1\"></span>tivit\u00e0<span class=\"_ _f\"></span> mater<span class=\"_ _1\"></span>iali de<span class=\"_ _1\"></span>tenute<span class=\"_ _1\"></span> a s<span class=\"_ _f\"></span>copo di <span class=\"_ _1\"></span>invest<span class=\"_ _1\"></span>imento<span class=\"_ _f\"></span>: varia<span class=\"_ _1\"></span>zioni <span class=\"_ _f\"></span>annue <table class=\"s wb93 h4de\" id=\"_f225e6f3-82c4-4500-be6b-ac971073d9c5\"><tr><td></td><td class=\"c x532 y294c w3c2 hc8\"><div class=\"t m0 xe8 h1f y28b ff4 fs7 fc4 sc3 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale </div></td><td></td></tr><tr><td></td><td class=\"c x532 y294d w3c3 hc8\"><div class=\"t m0 x26 h1f y28b ff4 fs7 fc4 sc3 ls0 ws0\">Terr<span class=\"_ _f\"></span>eni </div></td><td class=\"c x533 y294d w3c4 hc8\"><div class=\"t m0 x35 h1f y28b ff4 fs7 fc4 sc3 ls0 ws0\">Fabbr<span class=\"_ _1\"></span>icat<span class=\"_ _1\"></span>i </div></td></tr><tr><td class=\"c x44e y294e w3c5 hc8\"><div class=\"t m0 x10 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">A. Es<span class=\"_ _1\"></span>iste<span class=\"_ _1\"></span>nze i<span class=\"_ _1\"></span>nizia<span class=\"_ _f\"></span>li </div></td><td class=\"c x534 y294e w3c6 hc8\"><div class=\"t m0 x11d h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">2.378<span class=\"_ _f\"></span> </div></td><td class=\"c x533 y294e w3c6 hc8\"><div class=\"t m0 xef h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">2.390<span class=\"_ _f\"></span> </div></td></tr><tr><td class=\"c x44e y294f w3c5 hc8\"><div class=\"t m0 x10 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">B. A<span class=\"_ _1\"></span>umen<span class=\"_ _f\"></span>ti </div></td><td class=\"c x534 y294f w3c6 hc8\"><div class=\"t m0 xe5 h1f ye4c ff4 fs7 fc1 sc2 lsbc ws0\">32<span class=\"ls0\"> </span></div></td><td class=\"c x533 y294f w3c6 hc8\"><div class=\"t m0 x66 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">5 </div></td></tr><tr><td class=\"c x44e y2950 w3c5 hc8\"><div class=\"t m0 x16a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">B.1 Acquisti </div></td><td class=\"c x534 y2950 w3c6 hc8\"><div class=\"t m0 xe5 h1f y28b ff4 fs7 fc1 sc0 ls27 ws0\">32<span class=\"ls0\"> </span></div></td><td class=\"c x533 y2950 w3c6 hc8\"><div class=\"t m0 xc h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2951 w3c5 hc8\"><div class=\"t m0 x14 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- di cui operazio<span class=\"_ _1\"></span>ni di aggregaz<span class=\"_ _1\"></span>ione aziendale </div></td><td class=\"c x534 y2951 w3c6 hc8\"><div class=\"t m0 xc h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x533 y2951 w3c6 hc8\"><div class=\"t m0 xc h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2952 w3c5 hc8\"><div class=\"t m0 x16a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">B.2 Spese per m<span class=\"_ _1\"></span>igliorie capitalizz<span class=\"_ _1\"></span>ate </div></td><td class=\"c x534 y2952 w3c6 hc8\"><div class=\"t m0 xc h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x533 y2952 w3c6 hc8\"><div class=\"t m0 xc h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2953 w3c5 hc8\"><div class=\"t m0 x16a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">B.3 Variazioni po<span class=\"_ _f\"></span>si<span class=\"_ _2\"></span>tive di <span class=\"_ _f\"></span>f<span class=\"_ _2\"></span>air value </div></td><td class=\"c x534 y2953 w3c6 hc8\"><div class=\"t m0 xc h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x533 y2953 w3c6 hc8\"><div class=\"t m0 xc h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2954 w3c5 hc8\"><div class=\"t m0 x16a h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">B.4 Riprese di va<span class=\"_ _1\"></span>lore </div></td><td class=\"c x534 y2954 w3c6 hc8\"><div class=\"t m0 xc h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x533 y2954 w3c6 hc8\"><div class=\"t m0 xc h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2955 w3c5 hc8\"><div class=\"t m0 x16a h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">B.5 Differenze d<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span> cambio <span class=\"_ _1\"></span>positive </div></td><td class=\"c x534 y2955 w3c6 hc8\"><div class=\"t m0 xc h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x533 y2955 w3c6 hc8\"><div class=\"t m0 xc h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2956 w3c5 hc8\"><div class=\"t m0 x16a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">B.6 Trasferimen<span class=\"_ _1\"></span>ti da immobili ad<span class=\"_ _f\"></span> uso funzionale<span class=\"_ _df\"> </span></div></td><td class=\"c x534 y2956 w3c6 hc8\"><div class=\"t m0 xc h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x533 y2956 w3c6 hc8\"><div class=\"t m0 xc h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2957 w3c5 hc8\"><div class=\"t m0 x16a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">B.7 Altre variaz<span class=\"_ _1\"></span>ioni<span class=\"_ _df\"> </span></div></td><td class=\"c x534 y2957 w3c6 hc8\"><div class=\"t m0 xc h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x533 y2957 w3c6 hc8\"><div class=\"t m0 x66 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">5 </div></td></tr><tr><td class=\"c x44e y2958 w3c5 hc8\"><div class=\"t m0 x10 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">C. Dim<span class=\"_ _f\"></span>inuzion<span class=\"_ _f\"></span>i </div></td><td class=\"c x534 y2958 w3c6 hc8\"><div class=\"t m0 x1e6 h1f y28b ff4 fs7 fc1 sc2 ls9 ws0\">12<span class=\"ls0\"> </span></div></td><td class=\"c x533 y2958 w3c6 hc8\"><div class=\"t m0 xe5 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">171 </div></td></tr><tr><td class=\"c x44e y2959 w3c5 hc8\"><div class=\"t m0 x16a h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">C.1 Vendite </div></td><td class=\"c x534 y2959 w3c6 hc8\"><div class=\"t m0 xe8 h1f y28b ff4 fs7 fc1 sc0 ls9 ws0\">12<span class=\"ls0\"> </span></div></td><td class=\"c x533 y2959 w3c6 hc8\"><div class=\"t m0 xe5 h1f y28b ff4 fs7 fc1 sc0 ls2a ws0\">20<span class=\"ls0\"> </span></div></td></tr><tr><td class=\"c x44e y295a w3c5 hc8\"><div class=\"t m0 x14 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- di cui operazio<span class=\"_ _1\"></span>ni di aggregaz<span class=\"_ _1\"></span>ione aziendale </div></td><td class=\"c x534 y295a w3c6 hc8\"><div class=\"t m0 xc h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x533 y295a w3c6 hc8\"><div class=\"t m0 xc h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y295b w3c5 hc8\"><div class=\"t m0 x16a h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">C.2 Ammortame<span class=\"_ _1\"></span>nti </div></td><td class=\"c x534 y295b w3c6 hc8\"><div class=\"t m0 xc h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x533 y295b w3c6 hc8\"><div class=\"t m0 xe6 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">151 </div></td></tr><tr><td class=\"c x44e y295c w3c5 hc8\"><div class=\"t m0 x16a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">C.3 Variazioni nega<span class=\"_ _f\"></span>tive di fair value </div></td><td class=\"c x534 y295c w3c6 hc8\"><div class=\"t m0 xc h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x533 y295c w3c6 hc8\"><div class=\"t m0 xc h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y295d w3c5 hc8\"><div class=\"t m0 x16a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">C.4 Rettifiche di <span class=\"_ _f\"></span>v<span class=\"_ _2\"></span>alore d<span class=\"_ _1\"></span>a deteriorame<span class=\"_ _1\"></span>nto<span class=\"_ _df\"> </span></div></td><td class=\"c x534 y295d w3c6 hc8\"><div class=\"t m0 xc h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x533 y295d w3c6 hc8\"><div class=\"t m0 xc h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y295e w3c5 hc8\"><div class=\"t m0 x16a h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">C.5 Differenze<span class=\"_ _1\"></span> di cambio negati<span class=\"_ _1\"></span>ve<span class=\"_ _df\"> </span></div></td><td class=\"c x534 y295e w3c6 hc8\"><div class=\"t m0 xc h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x533 y295e w3c6 hc8\"><div class=\"t m0 xc h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y295f w3c5 hc8\"><div class=\"t m0 x16a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">C.6 Trasferimenti<span class=\"_ _1\"></span> a: </div></td><td class=\"c x534 y295f w3c6 hc8\"><div class=\"t m0 xc h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x533 y295f w3c6 hc8\"><div class=\"t m0 xc h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2960 w3c5 hc8\"><div class=\"t m0 x14 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">a) immobili ad us<span class=\"_ _1\"></span>o funzionale </div></td><td class=\"c x534 y2960 w3c6 hc8\"><div class=\"t m0 xc h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x533 y2960 w3c6 hc8\"><div class=\"t m0 xc h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2961 w3c5 hc8\"><div class=\"t m0 x14 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">b) attivit\u00e0 non co<span class=\"_ _1\"></span>rrenti e gruppi d<span class=\"_ _1\"></span>i attivit\u00e0 in <span class=\"_ _1\"></span>via di dismissi<span class=\"_ _1\"></span>one<span class=\"_ _df\"> </span></div></td><td class=\"c x534 y2961 w3c6 hc8\"><div class=\"t m0 xc h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x533 y2961 w3c6 hc8\"><div class=\"t m0 xc h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2962 w3c5 hc8\"><div class=\"t m0 x16a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">C.7 Altre variazi<span class=\"_ _1\"></span>oni </div></td><td class=\"c x534 y2962 w3c6 hc8\"><div class=\"t m0 xc h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x533 y2962 w3c6 hc8\"><div class=\"t m0 xc h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2963 w3c5 h227\"><div class=\"t m0 x10 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">D. Rim<span class=\"_ _f\"></span>anenz<span class=\"_ _1\"></span>e fin<span class=\"_ _f\"></span>ali </div></td><td class=\"c x534 y2963 w3c6 h227\"><div class=\"t m0 xef h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">2.398<span class=\"_ _f\"></span> </div></td><td class=\"c x533 y2963 w3c6 h227\"><div class=\"t m0 x11d h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">2.224<span class=\"_ _f\"></span> </div></td></tr><tr><td class=\"c x44e y2964 w3c5 hc8\"><div class=\"t m0 x10 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">E. Valutazione a<span class=\"_ _1\"></span>l fair value </div></td><td class=\"c x534 y2964 w3c6 hc8\"><div class=\"t m0 x124 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">1.568 </div></td><td class=\"c x533 y2964 w3c6 hc8\"><div class=\"t m0 xef h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">5.539 </div></td></tr></table>Sezi<span class=\"_ _f\"></span>one 1<span class=\"_ _1\"></span> <span class=\"ff5\">\u2013</span> Pa<span class=\"_ _f\"></span>ssivit<span class=\"_ _f\"></span>\u00e0 fina<span class=\"_ _1\"></span>nz<span class=\"_ _1\"></span>iarie<span class=\"_ _f\"></span> valuta<span class=\"_ _f\"></span>te al c<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>to a<span class=\"_ _1\"></span>mm<span class=\"_ _f\"></span>ortiz<span class=\"_ _f\"></span>zato <span class=\"_ _1\"></span><span class=\"ff5\">\u2013<span class=\"ff4\"> Vo<span class=\"_ _f\"></span>ce 10<span class=\"_ _1\"></span> </span></span>1.1 Pa<span class=\"_ _f\"></span>ssivit\u00e0 fi<span class=\"_ _1\"></span>nanzia<span class=\"_ _1\"></span>rie v<span class=\"_ _1\"></span>alut<span class=\"_ _1\"></span>ate <span class=\"_ _1\"></span>al co<span class=\"_ _f\"></span>sto amm<span class=\"_ _1\"></span>ortizz<span class=\"_ _1\"></span>ato: co<span class=\"_ _f\"></span>mposizi<span class=\"_ _f\"></span>one merce<span class=\"_ _f\"></span>ologica<span class=\"_ _f\"></span> dei debit<span class=\"_ _f\"></span>i verso <span class=\"_ _1\"></span>banche<span class=\"_ _f\"></span> <table class=\"s wbb5 h4f5\" id=\"_83e95904-315a-4177-94c9-b6dab07150f6\"><tr><td></td><td></td><td></td><td class=\"c x588 y2a82 we7 hbc\"><div class=\"t m0 xe8 h1f y32 ff4 fs7 fc4 sc3 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale </div></td><td></td><td></td><td></td><td class=\"c x589 y2a82 w401 hbc\"><div class=\"t m0 xec h1f y32 ff4 fs7 fc4 sc3 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale </div></td><td></td></tr><tr><td class=\"c x44e y2a83 w24d h27d\"><div class=\"t m0 x34 h1f y943 ff4 fs7 fc4 sc3 ls0 ws0\">Tipol<span class=\"_ _f\"></span>ogia op<span class=\"_ _f\"></span>erazion<span class=\"_ _1\"></span>i/Va<span class=\"_ _1\"></span>lori </div></td><td></td><td></td><td class=\"c x588 y2a84 we7 h4e\"><div class=\"t m0 x11f h1f y295 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/<span class=\"_ _f\"></span>2025 </div></td><td></td><td></td><td class=\"c x589 y2a84 w401 h4e\" colspan=\"2\"><div class=\"t m0 xf0 h1f y295 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/<span class=\"_ _f\"></span>2024 </div></td><td></td></tr><tr><td></td><td class=\"c x588 y2a83 w384 h24b\"><div class=\"t m0 x39 h1f y1498 ff4 fs7 fc4 sc3 ls6c ws0\">VB<span class=\"ls0\"> </span></div></td><td></td><td class=\"c x58a y2a85 w402 hbc\"><div class=\"t m0 x12 h1f y66c ff4 fs7 fc4 sc3 ls0 ws0\">Fair<span class=\"_ _f\"></span> Value </div></td><td></td><td class=\"c x589 y2a83 w8c h24b\"><div class=\"t m0 x39 h1f y1498 ff4 fs7 fc4 sc3 ls6c ws0\">VB<span class=\"ls0\"> </span></div></td><td class=\"c x514 y2a85 w403 hbc\" colspan=\"2\"><div class=\"t m0 x30 h1f y66c ff4 fs7 fc4 sc3 ls0 ws0\">Fair<span class=\"_ _f\"></span> Value </div></td><td></td></tr><tr><td></td><td></td><td class=\"c x58a y2a83 w404 h4e\"><div class=\"t m0 x8e h1f y71 ff4 fs7 fc4 sc3 lsc7 ws0\">L1<span class=\"ls0\"> </span></div></td><td class=\"c x58b y2a83 w405 h4e\"><div class=\"t m0 x48 h1f y71 ff4 fs7 fc4 sc3 lsc7 ws0\">L2<span class=\"ls0\"> </span></div></td><td class=\"c x58c y2a83 w1ca h4e\"><div class=\"t m0 x55 h1f y71 ff4 fs7 fc4 sc3 lsc7 ws0\">L3<span class=\"ls0\"> </span></div></td><td></td><td class=\"c x514 y2a83 w406 h4e\"><div class=\"t m0 xac h1f y71 ff4 fs7 fc4 sc3 lsc7 ws0\">L1<span class=\"ls0\"> </span></div></td><td class=\"c x58d y2a83 w1b2 h4e\"><div class=\"t m0 x39 h1f y71 ff4 fs7 fc4 sc3 lsc7 ws0\">L2<span class=\"ls0\"> </span></div></td><td class=\"c x58e y2a83 w2be h4e\"><div class=\"t m0 x2a h1f y71 ff4 fs7 fc4 sc3 lsc7 ws0\">L3<span class=\"ls0\"> </span></div></td></tr><tr><td class=\"c x44e y2a86 w407 h8a\"><div class=\"t m0 x10 h1f y153d ff4 fs7 fc1 sc2 ls0 ws0\">1. De<span class=\"_ _1\"></span>biti v<span class=\"_ _f\"></span>erso ba<span class=\"_ _f\"></span>nche cen<span class=\"_ _f\"></span>trali </div></td><td class=\"c x588 y2a86 w408 h8a\"><div class=\"t m0 x2e h1f y153d ff4 fs7 fc1 sc2 ls0 ws0\">700.3<span class=\"_ _f\"></span>34 </div></td><td class=\"c x58a y2a86 w409 h8a\"><div class=\"t m0 x2f h1f y153d ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x58b y2a86 w2b0 h8a\"><div class=\"t m0 x33 h1f y153d ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x58c y2a86 w1ca h8a\"><div class=\"t m0 x14 h1f y153d ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x589 y2a86 w130 h8a\"><div class=\"t m0 x55 h1f y153d ff4 fs7 fc1 sc2 ls0 ws0\">500.<span class=\"_ _1\"></span>044<span class=\"_ _f\"></span> </div></td><td class=\"c x514 y2a86 w40a h8a\"><div class=\"t m0 xac h1f y153d ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x58d y2a86 w162 h8a\"><div class=\"t m0 x48 h1f y153d ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x58e y2a86 w169 h8a\"><div class=\"t m0 x55 h1f y153d ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td></tr><tr><td class=\"c x44e y2a87 w40b hc8\"><div class=\"t m0 x10 h1f y28b ff4 fs7 fc1 sc2 ls2a ws0\">2.<span class=\"ls0\"> De<span class=\"_ _1\"></span>biti v<span class=\"_ _1\"></span>erso<span class=\"_ _1\"></span> ban<span class=\"_ _f\"></span>che</span><span class=\"ls0\"> </span></div></td><td class=\"c x588 y2a87 w408 hc8\"><div class=\"t m0 x8e h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">2.419<span class=\"_ _f\"></span>.685 </div></td><td class=\"c x58a y2a87 w409 hc8\"><div class=\"t m0 x2f h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x58b y2a87 w2b0 hc8\"><div class=\"t m0 x33 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x58c y2a87 w1ca hc8\"><div class=\"t m0 x14 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x589 y2a87 w130 hc8\"><div class=\"t m0 x2f h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">5.044<span class=\"_ _1\"></span>.513<span class=\"_ _f\"></span> </div></td><td class=\"c x514 y2a87 w40a hc8\"><div class=\"t m0 xac h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x58d y2a87 w162 hc8\"><div class=\"t m0 x48 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x58e y2a87 w169 hc8\"><div class=\"t m0 x55 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td></tr><tr><td class=\"c x44e y2a88 w40b h69\"><div class=\"t m0 x8e h1f y5b ff4 fs7 fc1 sc0 ls0 ws0\">2.1 Conti corrent<span class=\"_ _1\"></span>i e depositi a v<span class=\"_ _1\"></span>ista </div></td><td class=\"c x588 y2a88 w408 h69\"><div class=\"t m0 x14 h1f y5b ff4 fs7 fc1 sc0 ls0 ws0\">18.983 </div></td><td class=\"c x58a y2a88 w409 h69\"><div class=\"t m0 x2f h1f y5b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x58b y2a88 w2b0 h69\"><div class=\"t m0 x33 h1f y5b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x58c y2a88 w1ca h69\"><div class=\"t m0 x14 h1f y5b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x589 y2a88 w130 h69\"><div class=\"t m0 x48 h1f y5b ff4 fs7 fc1 sc0 ls0 ws0\">74.766 </div></td><td class=\"c x514 y2a88 w40a h69\"><div class=\"t m0 xac h1f y5b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x58d y2a88 w162 h69\"><div class=\"t m0 x48 h1f y5b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x58e y2a88 w169 h69\"><div class=\"t m0 x55 h1f y5b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td></tr><tr><td class=\"c x44e y2a89 w40b h69\"><div class=\"t m0 x8e h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">2.2 Depositi a scade<span class=\"_ _f\"></span>nza </div></td><td class=\"c x588 y2a89 w408 h69\"><div class=\"t m0 x35 h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">2.755 </div></td><td class=\"c x58a y2a89 w409 h69\"><div class=\"t m0 x2f h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x58b y2a89 w2b0 h69\"><div class=\"t m0 x33 h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x58c y2a89 w1ca h69\"><div class=\"t m0 x14 h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x589 y2a89 w130 h69\"><div class=\"t m0 x35 h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">2.260 </div></td><td class=\"c x514 y2a89 w40a h69\"><div class=\"t m0 xac h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x58d y2a89 w162 h69\"><div class=\"t m0 x48 h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x58e y2a89 w169 h69\"><div class=\"t m0 x55 h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td></tr><tr><td class=\"c x44e y2a8a w40b h69\"><div class=\"t m0 x8e h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">2.3 Finanziament<span class=\"_ _1\"></span>i </div></td><td class=\"c x588 y2a8a w408 h69\"><div class=\"t m0 xac h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">2.394.702 </div></td><td class=\"c x58a y2a8a w409 h69\"><div class=\"t m0 x2f h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x58b y2a8a w2b0 h69\"><div class=\"t m0 x33 h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x58c y2a8a w1ca h69\"><div class=\"t m0 x14 h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x589 y2a8a w130 h69\"><div class=\"t m0 xac h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">4.965.062 </div></td><td class=\"c x514 y2a8a w40a h69\"><div class=\"t m0 xac h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x58d y2a8a w162 h69\"><div class=\"t m0 x48 h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x58e y2a8a w169 h69\"><div class=\"t m0 x55 h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td></tr><tr><td class=\"c x44e y2a8b w40b h6a\"><div class=\"t m0 x55 h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">2.3.1 Pronti contr<span class=\"_ _f\"></span>o<span class=\"_ _2\"></span> termine p<span class=\"_ _f\"></span>assivi </div></td><td class=\"c x588 y2a8b w408 h6a\"><div class=\"t m0 xab h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">2.388.386 </div></td><td class=\"c x58a y2a8b w409 h6a\"><div class=\"t m0 x2f h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x58b y2a8b w2b0 h6a\"><div class=\"t m0 x33 h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x58c y2a8b w1ca h6a\"><div class=\"t m0 x14 h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x589 y2a8b w130 h6a\"><div class=\"t m0 xac h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">4.954.536 </div></td><td class=\"c x514 y2a8b w40a h6a\"><div class=\"t m0 xac h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x58d y2a8b w162 h6a\"><div class=\"t m0 x48 h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x58e y2a8b w169 h6a\"><div class=\"t m0 x55 h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td></tr><tr><td class=\"c x44e y2a8c w40b h69\"><div class=\"t m0 x55 h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">2.3.2 Altri </div></td><td class=\"c x588 y2a8c w408 h69\"><div class=\"t m0 x2c h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">6.316 </div></td><td class=\"c x58a y2a8c w409 h69\"><div class=\"t m0 x2f h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x58b y2a8c w2b0 h69\"><div class=\"t m0 x33 h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x58c y2a8c w1ca h69\"><div class=\"t m0 x14 h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x589 y2a8c w130 h69\"><div class=\"t m0 x33 h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">10.526 </div></td><td class=\"c x514 y2a8c w40a h69\"><div class=\"t m0 xac h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x58d y2a8c w162 h69\"><div class=\"t m0 x48 h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x58e y2a8c w169 h69\"><div class=\"t m0 x55 h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td></tr><tr><td class=\"c x58f y2a8d wbb6 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">2.4 Debiti per <span class=\"_ _1\"></span>impegni di riacquis<span class=\"_ _1\"></span>to di<span class=\"_ _df\"> </span></div></td><td class=\"c x588 y2a8e w408 had\"><div class=\"t m0 x13 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x58a y2a8e w409 had\"><div class=\"t m0 x2f h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x58b y2a8e w2b0 had\"><div class=\"t m0 x33 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x58c y2a8e w1ca had\"><div class=\"t m0 x14 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x589 y2a8e w130 had\"><div class=\"t m0 x96 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x514 y2a8e w40a had\"><div class=\"t m0 xac h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x58d y2a8e w162 had\"><div class=\"t m0 x48 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x58e y2a8e w169 had\"><div class=\"t m0 x55 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td></tr><tr><td class=\"c x58f y2a8f wbb7 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">propri strumen<span class=\"_ _1\"></span>ti patrimoniali<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x44e y2a90 w40b h69\"><div class=\"t m0 x8e h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">2.5 Debiti per lea<span class=\"_ _1\"></span>sing </div></td><td class=\"c x588 y2a90 w408 h69\"><div class=\"t m0 x13 h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x58a y2a90 w409 h69\"><div class=\"t m0 x2f h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x58b y2a90 w2b0 h69\"><div class=\"t m0 x33 h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x58c y2a90 w1ca h69\"><div class=\"t m0 x14 h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x589 y2a90 w130 h69\"><div class=\"t m0 x96 h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x514 y2a90 w40a h69\"><div class=\"t m0 xac h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x58d y2a90 w162 h69\"><div class=\"t m0 x48 h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x58e y2a90 w169 h69\"><div class=\"t m0 x55 h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td></tr><tr><td class=\"c x44e y2a91 w40b h69\"><div class=\"t m0 x8e h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">2.6 Altri debiti </div></td><td class=\"c x588 y2a91 w408 h69\"><div class=\"t m0 x32 h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">3.245 </div></td><td class=\"c x58a y2a91 w409 h69\"><div class=\"t m0 x2f h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x58b y2a91 w2b0 h69\"><div class=\"t m0 x33 h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x58c y2a91 w1ca h69\"><div class=\"t m0 x14 h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x589 y2a91 w130 h69\"><div class=\"t m0 x2c h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">2.425 </div></td><td class=\"c x514 y2a91 w40a h69\"><div class=\"t m0 xac h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x58d y2a91 w162 h69\"><div class=\"t m0 x48 h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x58e y2a91 w169 h69\"><div class=\"t m0 x55 h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td></tr><tr><td class=\"c x44e y2a92 w40b h69\"><div class=\"t m0 xd8 h1f y302 ff4 fs7 fc1 sc2 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale </div></td><td class=\"c x588 y2a92 w408 h69\"><div class=\"t m0 x16a h1f y302 ff4 fs7 fc1 sc2 ls0 ws0\">3.12<span class=\"_ _1\"></span>0.019<span class=\"_ _f\"></span> </div></td><td class=\"c x58a y2a92 w409 h69\"><div class=\"t m0 x16a h1f y302 ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td><td class=\"c x58b y2a92 w2b0 h69\"><div class=\"t m0 x8e h1f y302 ff4 fs7 fc1 sc2 ls0 ws0\">2.38<span class=\"_ _1\"></span>8.3<span class=\"_ _1\"></span>86 </div></td><td class=\"c x58c y2a92 w1ca h69\"><div class=\"t m0 x16a h1f y302 ff4 fs7 fc1 sc2 ls0 ws0\">731.6<span class=\"_ _f\"></span>34 </div></td><td class=\"c x589 y2a92 w130 h69\"><div class=\"t m0 x2f h1f y302 ff4 fs7 fc1 sc2 ls0 ws0\">5.54<span class=\"_ _f\"></span>4.557 </div></td><td class=\"c x514 y2a92 w40a h69\"><div class=\"t m0 x8e h1f y302 ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td><td class=\"c x58d y2a92 w162 h69\"><div class=\"t m0 xab h1f y302 ff4 fs7 fc1 sc2 ls0 ws0\">4.954.<span class=\"_ _f\"></span>536 </div></td><td class=\"c x58e y2a92 w169 h69\"><div class=\"t m0 x10 h1f y302 ff4 fs7 fc1 sc2 ls0 ws0\">590.<span class=\"_ _f\"></span>020 </div></td></tr></table>Totale 3120019 5544555 Lege<span class=\"_ _f\"></span>nda: VB= Valore di bi<span class=\"_ _1\"></span>lancio L1= Livello 1 L2= Livello 2 L3= Livello 3 I debiti sono iscritti al loro valore nominale,<span class=\"_ _1\"></span> corrispondente al loro fair value.<span class=\"_ _2\"></span> I debiti verso banche sono rappr<span class=\"_ _2\"></span>esentati princip<span class=\"_ _1\"></span>almente da d<span class=\"_ _2\"></span>ebiti a vista a tasso <span class=\"_ _2\"></span>variabile<span class=\"_ _1\"></span>, e non <span class=\"_ _2\"></span>\u00e8<span class=\"_ _1\"></span> stata posta in essere alcun tipo di cope<span class=\"_ _1\"></span>rtura. <span class=\"_ _2\"></span><span class=\"sc2\"> </span>La voce <span class=\"_ _1\"></span>\u201c<span class=\"ff4\">1. Debiti </span>verso banc<span class=\"_ _1\"></span>he centrali\u201d acc<span class=\"_ _1\"></span>oglie le<span class=\"_ _1\"></span> operazioni di <span class=\"_ _f\"></span>r<span class=\"_ _2\"></span>ifinanziamento eff<span class=\"_ _1\"></span>ettuat<span class=\"_ _2\"></span><span class=\"ff4\">e con <span class=\"_ _1\"></span>la </span>Banca C<span class=\"_ _2\"></span>entrale Europea; <span class=\"_ _2\"></span>l<span class=\"ff5\">\u2019importo <span class=\"_ _2\"></span>complessivo <span class=\"_ _2\"></span>del finanziament<span class=\"_ _2\"></span>o con <span class=\"_ _2\"></span>BCE <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>fine dicembre <span class=\"_ _2\"></span>2025 </span>\u00e8 <span class=\"_ _4\"> </span>pari <span class=\"_ _4\"> </span>a <span class=\"_ _4\"> </span>7<span class=\"_ _2\"></span>00 <span class=\"_ _4\"> </span>milioni <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>euro <span class=\"_ _4\"> </span>e <span class=\"_ _4\"> </span>deriva <span class=\"_ _4\"> </span>da <span class=\"_ _4\"> </span>un\u2019operazione <span class=\"_ _17\"> </span>di <span class=\"_ _4\"> </span>rifinanziamento <span class=\"_ _4\"> </span>principale <span class=\"_ _4\"> </span>\u201cMRO\u201d settimanale<span class=\"_ _df\"> </span>.<span class=\"_ _df\"> </span>1.2 P<span class=\"_ _1\"></span>assivi<span class=\"_ _1\"></span>t\u00e0 fi<span class=\"_ _1\"></span>nanzia<span class=\"_ _f\"></span>rie valut<span class=\"_ _f\"></span>ate al co<span class=\"_ _1\"></span>sto <span class=\"_ _1\"></span>amm<span class=\"_ _f\"></span>ortizzato<span class=\"_ _f\"></span>: compos<span class=\"_ _f\"></span>izione me<span class=\"_ _1\"></span>rceo<span class=\"_ _f\"></span>logica de<span class=\"_ _1\"></span>i debi<span class=\"_ _1\"></span>ti ve<span class=\"_ _1\"></span>rso<span class=\"_ _f\"></span> clientela<table class=\"s wbb8 h4f6\" id=\"_2c73ff23-ca4c-4079-9a5b-5571f7b0497f\"><tr><td class=\"c x44e y2a93 w40e h27f\"><div class=\"t m0 x97 h1f y1712 ff4 fs7 fc4 sc3 ls0 ws0\">Tipol<span class=\"_ _f\"></span>ogia op<span class=\"_ _f\"></span>erazion<span class=\"_ _1\"></span>i/Va<span class=\"_ _1\"></span>lori </div></td><td></td><td></td><td class=\"c x590 y2a94 w40f h148\" colspan=\"2\"><div class=\"t m0 x49 h1f y825 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/<span class=\"_ _f\"></span>2025 </div></td><td class=\"c x590 y2a95 w40f h148\"><div class=\"t m0 xee h1f y32 ff4 fs7 fc4 sc3 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale  </div></td><td></td><td></td><td class=\"c x591 y2a94 w410 h148\"><div class=\"t m0 x1af h1f y825 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/<span class=\"_ _f\"></span>2024 </div></td><td class=\"c x591 y2a95 w410 h148\"><div class=\"t m0 x11f h1f y32 ff4 fs7 fc4 sc3 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale  </div></td><td></td></tr><tr><td></td><td></td><td class=\"c x590 y2a93 w384 h280\"><div class=\"t m0 x39 h1f yf81 ff4 fs7 fc4 sc3 ls6c ws0\">VB<span class=\"ls0\"> </span></div></td><td class=\"c x592 y2a96 w411 h148\" colspan=\"2\"><div class=\"t m0 x38 h1f y80 ff4 fs7 fc4 sc3 ls0 ws0\">Fair<span class=\"_ _f\"></span> Value </div></td><td></td><td class=\"c x593 y2a93 w197 h280\"><div class=\"t m0 x39 h1f yf81 ff4 fs7 fc4 sc3 ls6c ws0\">VB<span class=\"ls0\"> </span></div></td><td></td><td class=\"c x594 y2a96 w2c4 h148\"><div class=\"t m0 x31 h1f y80 ff4 fs7 fc4 sc3 ls0 ws0\">Fair<span class=\"_ _f\"></span> Value </div></td><td></td></tr><tr><td></td><td></td><td></td><td class=\"c x592 y2a93 w412 h148\"><div class=\"t m0 x10 h1f y80 ff4 fs7 fc4 sc3 lsc7 ws0\">L1<span class=\"ls0\"> </span></div></td><td class=\"c x595 y2a93 w2e8 h148\"><div class=\"t m0 x55 h1f y80 ff4 fs7 fc4 sc3 lsc7 ws0\">L2<span class=\"ls0\"> </span></div></td><td class=\"c x596 y2a93 w179 h148\"><div class=\"t m0 x130 h1f y80 ff4 fs7 fc4 sc3 lsc7 ws0\">L3<span class=\"ls0\"> </span></div></td><td></td><td class=\"c x597 y2a93 w413 h148\"><div class=\"t m0 x163 h1f y80 ff4 fs7 fc4 sc3 lsc7 ws0\">L1<span class=\"ls0\"> </span></div></td><td class=\"c x598 y2a93 w2a8 h148\"><div class=\"t m0 x55 h1f y80 ff4 fs7 fc4 sc3 lsc7 ws0\">L2<span class=\"ls0\"> </span></div></td><td class=\"c x599 y2a93 w408 h148\"><div class=\"t m0 x14 h1f y80 ff4 fs7 fc4 sc3 lsc7 ws0\">L3<span class=\"ls0\"> </span></div></td></tr><tr><td class=\"c x44e y2a97 w414 hf\"><div class=\"t m0 x10 h1f y25c ff4 fs7 fc1 sc0 ls0 ws0\">1. Conti corrent<span class=\"_ _1\"></span>i e depositi a vist<span class=\"_ _1\"></span>a </div></td><td></td><td class=\"c x590 y2a97 w190 hf\"><div class=\"t m0 x10 h1f y25c ff4 fs7 fc1 sc0 ls0 ws0\">34.934.847 </div></td><td class=\"c x592 y2a97 w415 hf\"><div class=\"t m0 x10 h1f y25c ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x595 y2a97 w2f0 hf\"><div class=\"t m0 x39 h1f y25c ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x596 y2a97 w179 hf\"><div class=\"t m0 x14 h1f y25c ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x591 y2a97 w190 hf\"><div class=\"t m0 x10 h1f y25c ff4 fs7 fc1 sc0 ls0 ws0\">32.845.465 </div></td><td class=\"c x594 y2a97 w416 hf\"><div class=\"t m0 x10 h1f y25c ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x598 y2a97 w1c3 hf\"><div class=\"t m0 x39 h1f y25c ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x599 y2a97 w237 hf\"><div class=\"t m0 x33 h1f y25c ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td></tr><tr><td class=\"c x44e y2a98 w414 ha4\"><div class=\"t m0 x10 h1f y5b ff4 fs7 fc1 sc0 ls0 ws0\">2. Depositi a scade<span class=\"_ _1\"></span>nza </div></td><td></td><td class=\"c x590 y2a98 w190 ha4\"><div class=\"t m0 x8e h1f y5b ff4 fs7 fc1 sc0 ls0 ws0\">5.649.451 </div></td><td class=\"c x592 y2a98 w415 ha4\"><div class=\"t m0 x10 h1f y5b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x595 y2a98 w2f0 ha4\"><div class=\"t m0 x39 h1f y5b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x596 y2a98 w179 ha4\"><div class=\"t m0 x14 h1f y5b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x591 y2a98 w190 ha4\"><div class=\"t m0 xac h1f y5b ff4 fs7 fc1 sc0 ls0 ws0\">5.833.720 </div></td><td class=\"c x594 y2a98 w416 ha4\"><div class=\"t m0 x10 h1f y5b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x598 y2a98 w1c3 ha4\"><div class=\"t m0 x39 h1f y5b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x599 y2a98 w237 ha4\"><div class=\"t m0 x33 h1f y5b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td></tr><tr><td class=\"c x44e y2a99 w414 hf\"><div class=\"t m0 x10 h1f y5b ff4 fs7 fc1 sc0 ls0 ws0\">3. Finanziamenti<span class=\"_ _1\"></span> </div></td><td></td><td class=\"c x590 y2a99 w190 hf\"><div class=\"t m0 x8e h1f y5b ff4 fs7 fc1 sc0 ls0 ws0\">1.863.905 </div></td><td class=\"c x592 y2a99 w415 hf\"><div class=\"t m0 x10 h1f y5b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x595 y2a99 w2f0 hf\"><div class=\"t m0 x39 h1f y5b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x596 y2a99 w179 hf\"><div class=\"t m0 x14 h1f y5b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x591 y2a99 w190 hf\"><div class=\"t m0 x2f h1f y5b ff4 fs7 fc1 sc0 ls0 ws0\">2.400.311 </div></td><td class=\"c x594 y2a99 w416 hf\"><div class=\"t m0 x10 h1f y5b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x598 y2a99 w1c3 hf\"><div class=\"t m0 x39 h1f y5b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x599 y2a99 w237 hf\"><div class=\"t m0 x33 h1f y5b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td></tr><tr><td class=\"c x44e y2a9a w414 hf\"><div class=\"t m0 x8e h1f y25c ff4 fs7 fc1 sc0 ls0 ws0\">3.1 Pronti contro te<span class=\"_ _f\"></span>rmine passivi </div></td><td></td><td class=\"c x590 y2a9a w190 hf\"><div class=\"t m0 x8e h1f y25c ff4 fs7 fc1 sc0 ls0 ws0\">1.330.338 </div></td><td class=\"c x592 y2a9a w415 hf\"><div class=\"t m0 x10 h1f y25c ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x595 y2a9a w2f0 hf\"><div class=\"t m0 x39 h1f y25c ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x596 y2a9a w179 hf\"><div class=\"t m0 x14 h1f y25c ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x591 y2a9a w190 hf\"><div class=\"t m0 x8e h1f y25c ff4 fs7 fc1 sc0 ls0 ws0\">1.853.665 </div></td><td class=\"c x594 y2a9a w416 hf\"><div class=\"t m0 x10 h1f y25c ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x598 y2a9a w1c3 hf\"><div class=\"t m0 x39 h1f y25c ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x599 y2a9a w237 hf\"><div class=\"t m0 x33 h1f y25c ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td></tr><tr><td class=\"c x44e y2a9b w414 ha4\"><div class=\"t m0 x8e h1f y5b ff4 fs7 fc1 sc0 ls0 ws0\">3.2 Altri </div></td><td></td><td class=\"c x590 y2a9b w190 ha4\"><div class=\"t m0 x55 h1f y5b ff4 fs7 fc1 sc0 ls0 ws0\">533.567 </div></td><td class=\"c x592 y2a9b w415 ha4\"><div class=\"t m0 x10 h1f y5b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x595 y2a9b w2f0 ha4\"><div class=\"t m0 x39 h1f y5b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x596 y2a9b w179 ha4\"><div class=\"t m0 x14 h1f y5b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x591 y2a9b w190 ha4\"><div class=\"t m0 x2e h1f y5b ff4 fs7 fc1 sc0 ls0 ws0\">546.646 </div></td><td class=\"c x594 y2a9b w416 ha4\"><div class=\"t m0 x10 h1f y5b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x598 y2a9b w1c3 ha4\"><div class=\"t m0 x39 h1f y5b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x599 y2a9b w237 ha4\"><div class=\"t m0 x33 h1f y5b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td></tr><tr><td class=\"c x262 y2a9c wbb9 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">4. Debiti per impe<span class=\"_ _1\"></span>gni di riacquisto<span class=\"_ _1\"></span> di<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x590 y2a9d w190 had\"><div class=\"t m0 x11 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x592 y2a9d w415 had\"><div class=\"t m0 x10 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x595 y2a9d w2f0 had\"><div class=\"t m0 x39 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x596 y2a9d w179 had\"><div class=\"t m0 x14 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x591 y2a9d w190 had\"><div class=\"t m0 x11 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x594 y2a9d w416 had\"><div class=\"t m0 x10 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x598 y2a9d w1c3 had\"><div class=\"t m0 x39 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x599 y2a9d w237 had\"><div class=\"t m0 x33 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td></tr><tr><td class=\"c x262 y2a9e wbba h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">propri strumenti p<span class=\"_ _f\"></span>at<span class=\"_ _2\"></span>rim<span class=\"_ _1\"></span>oniali<span class=\"_ _df\"> </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 x44e y2a9f w414 hf\"><div class=\"t m0 x10 h1f y25c ff4 fs7 fc1 sc0 ls0 ws0\">5. Debiti per lea<span class=\"_ _1\"></span>sing </div></td><td></td><td class=\"c x590 y2a9f w190 hf\"><div class=\"t m0 x55 h1f y25c ff4 fs7 fc1 sc0 ls0 ws0\">128.400 </div></td><td class=\"c x592 y2a9f w415 hf\"><div class=\"t m0 x10 h1f y25c ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x595 y2a9f w2f0 hf\"><div class=\"t m0 x39 h1f y25c ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x596 y2a9f w179 hf\"><div class=\"t m0 x14 h1f y25c ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x591 y2a9f w190 hf\"><div class=\"t m0 x39 h1f y25c ff4 fs7 fc1 sc0 ls0 ws0\">131.567 </div></td><td class=\"c x594 y2a9f w416 hf\"><div class=\"t m0 x10 h1f y25c ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x598 y2a9f w1c3 hf\"><div class=\"t m0 x39 h1f y25c ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x599 y2a9f w237 hf\"><div class=\"t m0 x33 h1f y25c ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td></tr><tr><td class=\"c x44e y2aa0 w414 ha3\"><div class=\"t m0 x10 h1f y5b ff4 fs7 fc1 sc0 ls0 ws0\">5. Altri debiti<span class=\"_ _1\"></span> </div></td><td></td><td class=\"c x590 y2aa0 w190 ha3\"><div class=\"t m0 x130 h1f y5b ff4 fs7 fc1 sc0 ls0 ws0\">271.320 </div></td><td class=\"c x592 y2aa0 w415 ha3\"><div class=\"t m0 x10 h1f y5b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x595 y2aa0 w2f0 ha3\"><div class=\"t m0 x39 h1f y5b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x596 y2aa0 w179 ha3\"><div class=\"t m0 x14 h1f y5b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x591 y2aa0 w190 ha3\"><div class=\"t m0 x55 h1f y5b ff4 fs7 fc1 sc0 ls0 ws0\">281.904 </div></td><td class=\"c x594 y2aa0 w416 ha3\"><div class=\"t m0 x10 h1f y5b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x598 y2aa0 w1c3 ha3\"><div class=\"t m0 x39 h1f y5b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x599 y2aa0 w237 ha3\"><div class=\"t m0 x33 h1f y5b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td></tr><tr><td></td><td class=\"c x44e y2aa1 w414 h6d\"><div class=\"t m0 x14d h1f y394 ff4 fs7 fc1 sc2 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale  </div></td><td class=\"c x590 y2aa1 w190 h6d\"><div class=\"t m0 x10 h1f y394 ff4 fs7 fc1 sc2 ls0 ws0\">42.847<span class=\"_ _f\"></span>.923<span class=\"_ _1\"></span> </div></td><td class=\"c x592 y2aa1 w415 h6d\"><div class=\"t m0 xab h1f y394 ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td><td class=\"c x595 y2aa1 w2f0 h6d\"><div class=\"t m0 x10 h1f y394 ff4 fs7 fc1 sc2 ls0 ws0\">1.330.<span class=\"_ _1\"></span>33<span class=\"_ _1\"></span>8 </div></td><td class=\"c x596 y2aa1 w17d h6d\"><div class=\"t m0 x10 h1f y394 ff4 fs7 fc1 sc2 ls0 ws0\">41.517<span class=\"_ _f\"></span>.586 </div></td><td class=\"c x593 y2aa1 wbd h6d\"><div class=\"t m0 x8a h1f y394 ff4 fs7 fc1 sc2 ls0 ws0\">41.49<span class=\"_ _f\"></span>2.967<span class=\"_ _1\"></span> </div></td><td class=\"c x594 y2aa1 w416 h6d\"><div class=\"t m0 xab h1f y394 ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td><td class=\"c x598 y2aa1 w1c3 h6d\"><div class=\"t m0 x10 h1f y394 ff4 fs7 fc1 sc2 ls0 ws0\">1.853.<span class=\"_ _1\"></span>665<span class=\"_ _f\"></span> </div></td><td class=\"c x599 y2aa1 w237 h6d\"><div class=\"t m0 x10 h1f y394 ff4 fs7 fc1 sc2 ls0 ws0\">39.6<span class=\"_ _f\"></span>39.236<span class=\"_ _f\"></span> </div></td></tr></table>Lege<span class=\"_ _f\"></span>nda:<span class=\"_ _df\"> </span>VB= Valore di bi<span class=\"_ _1\"></span>lancio<span class=\"_ _df\"> </span>L1= Livello 1<span class=\"_ _df\"> </span>L2= Livello 2<span class=\"_ _df\"> </span>L3= Livello 3<span class=\"_ _df\"> </span>I debiti <span class=\"_ _2\"></span>sono <span class=\"_ _2\"></span>iscritti <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>loro valore <span class=\"_ _2\"></span>nominale, corr<span class=\"_ _2\"></span>ispondente<span class=\"_ _1\"></span> <span class=\"_ _2\"></span>al lo<span class=\"_ _2\"></span>ro <span class=\"_ _2\"></span>fair <span class=\"_ _2\"></span>value<span class=\"_ _1\"></span> <span class=\"_ _2\"></span>e il <span class=\"_ _2\"></span>livello <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>fair valu<span class=\"_ _2\"></span>e<span class=\"_ _df\"> </span>attribuito risulta essere <span class=\"_ _1\"></span>pari a 3, <span class=\"_ _1\"></span>ad eccezione d<span class=\"_ _1\"></span>el livello di fai<span class=\"_ _1\"></span>r value dei <span class=\"_ _1\"></span>pronti contro termine a cui<span class=\"_ _df\"> </span>\u00e8 attributo il valore 2.<span class=\"_ _df\"> </span>Nella voce<span class=\"_ _1\"></span> Debiti p<span class=\"_ _1\"></span>er leasing \u00e8<span class=\"_ _1\"></span> ricompreso, ai<span class=\"_ _f\"></span> sensi del p<span class=\"_ _1\"></span>rincipio IFRS<span class=\"_ _1\"></span>16, il Deb<span class=\"_ _1\"></span>ito per <span class=\"_ _1\"></span>leasing (L<span class=\"_ _1\"></span>ease<span class=\"_ _df\"> </span>Liability), pari <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>valore att<span class=\"_ _2\"></span>uale dei <span class=\"_ _2\"></span>canoni previsti <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>non ancor<span class=\"_ _2\"></span>a pagati <span class=\"_ _2\"></span>dei beni <span class=\"_ _2\"></span>oggetti <span class=\"_ _2\"></span>di contr<span class=\"_ _2\"></span>atti<span class=\"_ _df\"> </span>di leasing operativo.<span class=\"_ _df\"> </span>La <span class=\"_ _22\"> </span>principale <span class=\"_ _22\"> </span>novit\u00e0 <span class=\"_ _4\"> </span>introdotta <span class=\"_ _22\"> </span>dal <span class=\"_ _4\"> </span>principio  \u00e8 <span class=\"_ _22\"> </span>r<span class=\"_ _2\"></span>appresentata<span class=\"_ _1\"></span> <span class=\"_ _22\"> </span>dalla <span class=\"_ _4\"> </span>modifica  delle <span class=\"_ _4\"> </span>modalit\u00e0  di<span class=\"_ _df\"> </span>contabilizzazione <span class=\"_ _17\"> </span>delle <span class=\"_ _4\"> </span>o<span class=\"_ _2\"></span>perazioni <span class=\"_ _17\"> </span>di <span class=\"_ _17\"> </span>leasing <span class=\"_ _17\"> </span>operativo <span class=\"_ _17\"> </span>nel <span class=\"_ _14\"> </span>bilancio <span class=\"_ _17\"> </span>del <span class=\"_ _17\"> </span>locatario/utilizzatore,<span class=\"_ _df\"> </span>attraverso <span class=\"_ _2\"></span>l\u2019introduzione<span class=\"_ _1\"></span> <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>un unico <span class=\"_ _2\"></span>modello d<span class=\"_ _2\"></span>i contabili<span class=\"_ _2\"></span><span class=\"ff4\">zzazione <span class=\"_ _2\"></span>dei cont<span class=\"_ _2\"></span>ratti di <span class=\"_ _2\"></span>leasing <span class=\"_ _2\"></span>da parte<span class=\"_ _df\"> </span></span>del locatario siano essi classificati come leasing ope<span class=\"_ _1\"></span>rativi o finanziari. I debiti <span class=\"_ _2\"></span>verso <span class=\"_ _2\"></span>clientela sono <span class=\"_ _2\"></span>rappresentati <span class=\"_ _2\"></span>principalmente<span class=\"_ _1\"></span> <span class=\"_ _2\"></span>da d<span class=\"_ _2\"></span>ebiti a <span class=\"_ _2\"></span>vista <span class=\"_ _2\"></span>a tasso <span class=\"_ _2\"></span>variabile, e <span class=\"_ _2\"></span>non<span class=\"_ _df\"> </span>\u00e8  stata  p<span class=\"_ _1\"></span>osta  in <span class=\"_ _16\"> </span>essere <span class=\"_ _16\"> </span>alcun <span class=\"_ _16\"> </span>tipo  di <span class=\"_ _16\"> </span>copertura  speci<span class=\"_ _1\"></span>fica,  mentre  sono <span class=\"_ _9\"> </span>s<span class=\"_ _2\"></span>tate <span class=\"_ _16\"> </span>poste  in <span class=\"_ _9\"> </span>essere<span class=\"_ _df\"> </span>coperture di Macro Fair Value He<span class=\"_ _1\"></span>dge delle poste a vista, cos\u00ec co<span class=\"_ _1\"></span>me descritto nell<span class=\"_ _1\"></span>a parte E, sezione<span class=\"_ _df\"> </span>1.3.2. della presente nota. Si <span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>egnala <span class=\"_ _2\"></span>che, <span class=\"_ _d\"></span>a <span class=\"_ _d\"></span>seguito <span class=\"_ _2\"></span>delle <span class=\"_ _d\"></span>modifiche <span class=\"_ _d\"></span>apportate <span class=\"_ _d\"></span>al <span class=\"_ _2\"></span>funzionamento<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>del <span class=\"_ _2\"></span>mercato <span class=\"_ _d\"></span>interbancario<span class=\"_ _df\"> </span>collateralizzato, <span class=\"_ _2\"></span>con <span class=\"_ _2\"></span>cons<span class=\"_ _2\"></span>eguente <span class=\"_ _2\"></span>trasferimento <span class=\"_ _d\"></span>alla <span class=\"_ _2\"></span>Cassa <span class=\"_ _d\"></span>di <span class=\"_ _2\"></span>Compensazione <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>Gar<span class=\"_ _2\"></span>anzia <span class=\"_ _2\"></span>ed <span class=\"_ _2\"></span>alla<span class=\"_ _df\"> </span>Monte <span class=\"_ _2\"></span>Titoli <span class=\"_ _d\"></span>delle <span class=\"_ _d\"></span>funzioni <span class=\"_ _d\"></span>finora <span class=\"_ _d\"></span>svolte <span class=\"_ _d\"></span>dalla <span class=\"_ _2\"></span>Banca <span class=\"_ _d\"></span>d\u2019Italia, <span class=\"_ _d\"></span>nella <span class=\"_ _d\"></span>voce <span class=\"_ _2\"></span>3.1 <span class=\"_ _d\"></span>\u201cPronti <span class=\"_ _d\"></span>contr<span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>termine<span class=\"_ _df\"> </span>passivi\u201d sono presenti i finanzi<span class=\"ff4\">amenti, per <span class=\"ls1\">1.</span>330,3 milioni di euro, ricevu<span class=\"_ _1\"></span>ti dal suddetto mercato.<span class=\"_ _df\"> </span></span>La <span class=\"_ _0\"></span>r<span class=\"_ _2\"></span>accolta <span class=\"_ _0\"></span>diretta <span class=\"_ _9\"> </span>bancaria <span class=\"_ _9\"> </span>da <span class=\"_ _9\"> </span>clientela <span class=\"_ _0\"></span>ha <span class=\"_ _9\"> </span>manifestat<span class=\"_ _2\"></span>o <span class=\"_ _0\"></span>un <span class=\"_ _9\"> </span>trend <span class=\"_ _0\"> </span>cr<span class=\"_ _2\"></span>escente <span class=\"_ _0\"></span>grazie <span class=\"_ _9\"> </span>al <span class=\"_ _9\"> </span>continuo<span class=\"_ _df\"> </span>sviluppo <span class=\"_ _0\"></span>commerciale <span class=\"_ _9\"> </span>e <span class=\"_ _9\"> </span>a <span class=\"_ _9\"> </span>testimonianza <span class=\"_ _9\"> </span>della <span class=\"_ _0\"> </span>pref<span class=\"_ _2\"></span>erenza <span class=\"_ _0\"></span>acc<span class=\"_ _2\"></span>ordata <span class=\"_ _0\"> </span>dalla <span class=\"_ _9\"> </span>clientela <span class=\"_ _9\"> </span>alle <span class=\"_ _9\"> </span>reti  del<span class=\"_ _df\"> </span>Gruppo.<span class=\"_ _df\"> </span>SEZI<span class=\"_ _f\"></span>ONE <span class=\"ls7\">1 <span class=\"_ _f\"></span><span class=\"ff5 ls0\">\u2013<span class=\"ff4\"> LOCA<span class=\"_ _f\"></span>TARI<span class=\"_ _f\"></span>O </span></span></span>Inform<span class=\"_ _1\"></span>azio<span class=\"_ _f\"></span>ni qualitative<span class=\"_ _f\"></span> In data 13 gennaio 2016 lo IASB ha pubblicato il nuovo principio \u201cIFRS 16 Leases\u201d, che sost<span class=\"_ _2\"></span>ituisce il principio <span class=\"_ _d\"></span>IAS <span class=\"_ _d\"></span>1<span class=\"_ _2\"></span>7 <span class=\"_ _d\"></span>Leases, <span class=\"_ _d\"></span>nonch\u00e9 <span class=\"_ _0\"></span>le <span class=\"_ _d\"></span>interpretazioni <span class=\"_ _d\"></span>IFRIC <span class=\"_ _0\"></span>4 <span class=\"_ _d\"></span>Determining <span class=\"_ _d\"></span>whether <span class=\"_ _0\"></span>an <span class=\"_ _d\"></span>Arrangement contains <span class=\"_ _4\"> </span>a <span class=\"_ _17\"> </span>Lease, <span class=\"_ _4\"> </span>SIC15 <span class=\"_ _17\"> </span>Operating <span class=\"_ _4\"> </span>Leases <span class=\"_ _17\"> </span>Incentive<span class=\"_ _1\"></span>s <span class=\"_ _17\"> </span>e <span class=\"_ _4\"> </span>SIC-27<span class=\"_ _2\"></span> <span class=\"_ _4\"> </span>Evaluating <span class=\"_ _4\"> </span>the <span class=\"_ _17\"> </span>Substance <span class=\"_ _4\"> </span>of Transactions I<span class=\"_ _1\"></span>nvolving <span class=\"_ _f\"></span>the <span class=\"_ _f\"></span>L<span class=\"_ _2\"></span>egal <span class=\"_ _f\"></span>For<span class=\"_ _2\"></span>m <span class=\"_ _f\"></span>of a <span class=\"_ _f\"></span>Lease. <span class=\"_ _f\"></span>Il <span class=\"_ _f\"></span>principio \u00e8 <span class=\"_ _f\"></span>stato omologato <span class=\"_ _f\"></span>dalla <span class=\"_ _f\"></span>Commissione Europea con Regolamento n. 2017/1986 e si appli<span class=\"_ _1\"></span>ca a partire dal 1\u00b0 gennaio 2019. <span class=\"_ _2\"></span> Il  nuovo  p<span class=\"_ _1\"></span>rincipio  fornisce  u<span class=\"_ _1\"></span>na  nuova  de<span class=\"_ _f\"></span>finizione  di  lease  ed<span class=\"_ _1\"></span>  introduce  un <span class=\"_ _16\"> </span>criterio  basato  su<span class=\"_ _f\"></span>l<span class=\"_ _2\"></span> controllo <span class=\"_ _0\"></span>(right <span class=\"_ _0\"></span>of <span class=\"_ _0\"></span>use) <span class=\"_ _d\"></span>di <span class=\"_ _0\"></span>un <span class=\"_ _0\"></span>bene <span class=\"_ _0\"></span>per <span class=\"_ _0\"> </span>distinguere <span class=\"_ _0\"></span>i <span class=\"_ _0\"></span>contrat<span class=\"_ _2\"></span>ti <span class=\"_ _0\"></span>di <span class=\"_ _d\"></span>leasing <span class=\"_ _0\"></span>dai <span class=\"_ _0\"></span>contrat<span class=\"_ _2\"></span>ti <span class=\"_ _d\"></span>per <span class=\"_ _0\"></span>servizi, individuando q<span class=\"_ _2\"></span>uali d<span class=\"_ _2\"></span>iscriminanti: <span class=\"_ _2\"></span>l\u2019identificazione del <span class=\"_ _2\"></span>bene, <span class=\"_ _2\"></span>il<span class=\"_ _2\"></span><span class=\"ff4\"> <span class=\"_ _2\"></span>diritto <span class=\"_ _d\"></span>di <span class=\"_ _2\"></span>sostituzione dello <span class=\"_ _2\"></span>stesso, <span class=\"_ _2\"></span>il </span>diritto ad ottene<span class=\"_ _1\"></span>re sostanzialmente tutti i b<span class=\"_ _1\"></span>enefici economici <span class=\"_ _1\"></span>rivenienti dall\u2019uso del be<span class=\"_ _1\"></span>ne e il diritto di dirigere l\u2019uso del bene<span class=\"_ _1\"></span> sottostante il contratto.<span class=\"_ _2\"></span><span class=\"ff4\"> </span>La  principale  no<span class=\"_ _2\"></span>vit\u00e0  intro<span class=\"_ _2\"></span>dotta  dal  principio <span class=\"_ _22\"> </span>\u00e8 <span class=\"_ _4\"> </span>rappresent<span class=\"_ _2\"></span>ata  dalla <span class=\"_ _22\"> </span>mo<span class=\"_ _2\"></span>difica  delle <span class=\"_ _22\"> </span>modalit\u00e0 <span class=\"_ _4\"> </span>di contabilizzazione <span class=\"_ _4\"> </span>delle <span class=\"_ _17\"> </span>o<span class=\"_ _2\"></span>perazioni <span class=\"_ _4\"> </span>di <span class=\"_ _17\"> </span>leasing <span class=\"_ _17\"> </span>o<span class=\"_ _2\"></span>perativo <span class=\"_ _4\"> </span>nel <span class=\"_ _17\"> </span>bi<span class=\"_ _2\"></span>lancio <span class=\"_ _4\"> </span>del <span class=\"_ _17\"> </span>locatario/<span class=\"_ _2\"></span>utilizz<span class=\"_ _1\"></span>atore, attraverso <span class=\"_ _2\"></span>l\u2019introduzione<span class=\"_ _1\"></span> <span class=\"_ _2\"></span>di un <span class=\"_ _2\"></span>unico <span class=\"_ _2\"></span>modello di <span class=\"_ _2\"></span>contabilizzazione <span class=\"_ _2\"></span>dei contr<span class=\"_ _2\"></span>atti <span class=\"_ _2\"></span>di leasing <span class=\"_ _2\"></span>da parte del locatario siano essi classificati come leasing operativi o finanzi<span class=\"_ _1\"></span>ari. <span class=\"_ _2\"></span> Ai s<span class=\"_ _2\"></span>ensi della nuova <span class=\"_ _2\"></span>contabilizzazione, il <span class=\"_ _2\"></span>locatario r<span class=\"_ _2\"></span>ilev<span class=\"_ _1\"></span>a, <span class=\"_ _2\"></span>nello Stato <span class=\"_ _2\"></span>patrimoniale Attivo, <span class=\"_ _2\"></span>un Diritto d\u2019Uso <span class=\"_ _2\"></span>(Right <span class=\"_ _2\"></span>of <span class=\"_ _2\"></span>Use) <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>bene o<span class=\"_ _2\"></span>ggetto <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>contratto <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>nello <span class=\"_ _2\"></span>Stato <span class=\"_ _2\"></span>patrimoniale <span class=\"_ _2\"></span>Passivo, un <span class=\"_ _2\"></span>Deb<span class=\"_ _2\"></span><span class=\"ff4\">it<span class=\"_ _2\"></span>o </span>per <span class=\"_ _2\"></span>leasing <span class=\"_ _2\"></span>(Lease <span class=\"_ _d\"></span>Liability) <span class=\"_ _2\"></span>pari <span class=\"_ _2\"></span>al <span class=\"_ _d\"></span>valore <span class=\"_ _2\"></span>attuale <span class=\"_ _2\"></span>dei <span class=\"_ _2\"></span>canoni <span class=\"_ _2\"></span>pre<span class=\"_ _2\"></span>visti <span class=\"_ _2\"></span>per <span class=\"_ _d\"></span>il <span class=\"_ _2\"></span>contratto <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>non <span class=\"_ _d\"></span>ancora pagati. <span class=\"_ _9\"> </span>Nel <span class=\"_ _16\"> </span>conto <span class=\"_ _9\"> </span>economico <span class=\"_ _16\"> </span>vengono <span class=\"_ _9\"> </span>r<span class=\"_ _2\"></span>ilevati <span class=\"_ _9\"> </span>l\u2019ammortamento <span class=\"_ _16\"> </span>del <span class=\"_ _9\"> </span>Diritto  d<span class=\"_ _1\"></span>'Uso <span class=\"_ _16\"> </span>e <span class=\"_ _9\"> </span>gli <span class=\"_ _9\"> </span>interessi<span class=\"_ _2\"></span> passivi derivanti dall\u2019attualizz<span class=\"_ _1\"></span>azione del Debito per l<span class=\"_ _2\"></span><span class=\"ff4\">easing. </span>L\u2019informativa <span class=\"_ _f\"></span>richiesta \u00e8<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>stata <span class=\"_ _1\"></span>inoltre <span class=\"_ _f\"></span>ampliata sia<span class=\"_ _f\"></span> per <span class=\"_ _f\"></span>il <span class=\"_ _f\"></span>locat<span class=\"_ _2\"></span>ario <span class=\"_ _f\"></span>che <span class=\"_ _f\"></span>per <span class=\"_ _1\"></span>il <span class=\"_ _f\"></span>locator<span class=\"_ _2\"></span>e <span class=\"_ _f\"></span>e <span class=\"_ _1\"></span>sono <span class=\"_ _f\"></span>r<span class=\"_ _2\"></span>ichie<span class=\"_ _1\"></span>ste nuove informazioni di tipo quantitativo e quali<span class=\"_ _f\"></span>t<span class=\"_ _2\"></span>ativo.  Appro<span class=\"_ _f\"></span>ccio metod<span class=\"_ _f\"></span>ologico <span class=\"_ _1\"></span>e scelte<span class=\"_ _f\"></span> di transiz<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span>one<span class=\"_ _f\"></span> Rispetto <span class=\"_ _d\"></span>alle <span class=\"_ _0\"></span>modalit\u00e0 <span class=\"_ _d\"></span>di <span class=\"_ _0\"></span>transizione <span class=\"_ _0\"></span><span class=\"ff5\">consentite <span class=\"_ _0\"></span>dall\u2019IFRS <span class=\"_ _d\"></span>16, <span class=\"_ _0\"></span>il <span class=\"_ _0\"></span>Gruppo <span class=\"_ _d\"></span>ha <span class=\"_ _0\"></span>deciso <span class=\"_ _0\"></span>di <span class=\"_ _d\"></span>effett<span class=\"_ _2\"></span>uare <span class=\"_ _d\"></span>la </span>transizione <span class=\"_ _5\"> </span>in <span class=\"_ _20\"> </span>base <span class=\"_ _20\"> </span>al <span class=\"_ _5\"> </span>Modified<span class=\"_ _1\"></span> <span class=\"_ _5\"> </span>retrospective <span class=\"_ _20\"> </span>approach <span class=\"_ _5\"> </span>rilevand<span class=\"_ _1\"></span>o <span class=\"_ _5\"> </span>l\u2019impatto <span class=\"_ _20\"> </span>cumulato dell\u2019applicazione <span class=\"_ _d\"></span>iniziale <span class=\"_ _0\"></span>del <span class=\"_ _0\"></span>principio <span class=\"_ _0\"></span>ai <span class=\"_ _0\"></span>contratt<span class=\"_ _2\"></span>i <span class=\"_ _d\"></span>di <span class=\"_ _0\"></span>leasing <span class=\"_ _0\"></span>operativo <span class=\"_ _0\"></span>esistenti <span class=\"_ _0\"></span>determinandone l\u2019impatto<span class=\"ff4\">  sui  saldi  d<span class=\"_ _1\"></span>i  apertura  al  1\u00b0  ge<span class=\"_ _1\"></span>nnaio  2019,  senza  proce<span class=\"_ _1\"></span>dere  alla  riesposizione <span class=\"_ _16\"> </span>dei  dati </span>comparativi. Alla data di prima a<span class=\"_ _f\"></span>pplicazione il saldo dei Diritti d\u2019Uso \u00e8 q<span class=\"_ _1\"></span>uindi pari a quel<span class=\"_ _1\"></span>lo dei Debiti per <span class=\"_ _2\"></span>leasing <span class=\"_ _d\"></span>aggiustato <span class=\"_ _d\"></span>per <span class=\"_ _2\"></span>considerare <span class=\"_ _2\"></span>eventuali <span class=\"_ _d\"></span>risconti <span class=\"_ _d\"></span>passivi <span class=\"_ _d\"></span>o <span class=\"_ _d\"></span>ratei <span class=\"_ _2\"></span>attivi. <span class=\"_ _2\"></span>I <span class=\"_ _d\"></span>debiti <span class=\"_ _d\"></span>per <span class=\"_ _2\"></span>leasing sono  stati  determinati  come  a<span class=\"_ _f\"></span>t<span class=\"_ _2\"></span>tualizzazione<span class=\"_ _1\"></span>  alla  data  di  prima  appli<span class=\"_ _1\"></span>cazione  dei  canoni  futuri contrattuali utilizzando il tasso di finan<span class=\"_ _1\"></span>ziamento marginale (Incremental Borrowing Rate).<span class=\"_ _2\"></span> Tra le principali scelte operative che il Gruppo ha utilizzato durante la transizione si evidenz<span class=\"_ _1\"></span>ia:<span class=\"_ _2\"></span> <span class=\"ff10\"> <span class=\"_ _2b\"> </span><span class=\"ff4\">la <span class=\"_ _d\"></span>scelta <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>non <span class=\"_ _d\"></span>r<span class=\"_ _2\"></span>ideterminare <span class=\"_ _2\"></span>il <span class=\"_ _0\"></span>perimetro <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>prima <span class=\"_ _d\"></span>applicazione, <span class=\"_ _d\"></span>bens\u00ec <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>applicare <span class=\"_ _d\"></span>il <span class=\"_ _d\"></span>n<span class=\"_ _2\"></span>uovo </span></span>principio a tut<span class=\"_ _1\"></span>ti i con<span class=\"_ _1\"></span>tratti di <span class=\"_ _1\"></span>leasing gi\u00e0 <span class=\"_ _f\"></span>individuati sulla base d<span class=\"_ _1\"></span>ella defini<span class=\"_ _1\"></span>zione contenuta nello IAS 17; <span class=\"ff10\"> <span class=\"_ _2b\"> </span><span class=\"ff5\">l\u2019esclusione <span class=\"_ _d\"></span>dal <span class=\"_ _d\"></span>perimetro <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>applicazione <span class=\"_ _d\"></span>dei <span class=\"_ _d\"></span>contratti <span class=\"_ _d\"></span>\u201cshort<span class=\"_ _2\"></span><span class=\"ff4\">-</span>term\u201d, <span class=\"_ _d\"></span>ovvero <span class=\"_ _d\"></span>aventi <span class=\"_ _d\"></span>una <span class=\"_ _d\"></span>vita </span></span>residua alla data di prima applicazione<span class=\"_ _1\"></span> inferiore ai 12 mesi;<span class=\"_ _2\"></span> <span class=\"ff10\"> <span class=\"_ _2b\"> </span><span class=\"ff5\">l\u2019esclusione <span class=\"_ _d\"></span>dal <span class=\"_ _d\"></span>perimetro <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>applicazione <span class=\"_ _d\"></span>dei <span class=\"_ _d\"></span>contratt<span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>\u201clow<span class=\"_ _2\"></span><span class=\"ff4\">-</span>value\u201d, <span class=\"_ _d\"></span>ovvero <span class=\"_ _d\"></span>avent<span class=\"ff4\">i <span class=\"_ _d\"></span>un <span class=\"_ _d\"></span>valore<span class=\"_ _2\"></span> </span></span></span>stimato dell\u2019asset inferiore a Euro 5.000;<span class=\"ff4\"> </span><span class=\"ff10\"> <span class=\"_ _2b\"> </span><span class=\"ff5\">fatto  affidamento  all\u2019assessment  IAS  37  alla  data  di  fine  esercizio  come  alternativa  alla </span></span>verifica di impairment. Con <span class=\"_ _2\"></span>riferimento <span class=\"_ _d\"></span>alle <span class=\"_ _2\"></span>scelte <span class=\"_ _2\"></span>adottate <span class=\"_ _2\"></span>dal <span class=\"_ _d\"></span>Gruppo <span class=\"_ _2\"></span>nell\u2019applicazione <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>principio <span class=\"_ _2\"></span>si <span class=\"_ _d\"></span>evid<span class=\"ff4\">enzia <span class=\"_ _2\"></span>inoltr<span class=\"_ _2\"></span>e </span>che: <span class=\"ff10\"> <span class=\"_ _2b\"> </span><span class=\"ff4\">con  rife<span class=\"_ _1\"></span>rimento  al <span class=\"_ _9\"> </span>leasing <span class=\"_ _16\"> </span>operativo  i<span class=\"_ _1\"></span>l <span class=\"_ _16\"> </span>perimetro <span class=\"_ _16\"> </span>di <span class=\"_ _9\"> </span>ap<span class=\"_ _2\"></span>plicazione <span class=\"_ _9\"> </span>\u00e8  riferibile <span class=\"_ _9\"> </span>ai  contratti  d<span class=\"_ _1\"></span>i </span></span>locazione immobiliare e noleggio di autoveicoli<span class=\"_ _1\"></span>; <span class=\"_ _2\"></span> <span class=\"ff10\"> <span class=\"_ _2b\"> </span><span class=\"ff4\">il <span class=\"_ _9\"> </span>G<span class=\"_ _2\"></span>ruppo <span class=\"_ _9\"> </span>ha <span class=\"_ _9\"> </span>determinato  il<span class=\"_ _1\"></span> <span class=\"_ _16\"> </span>tasso <span class=\"_ _16\"> </span>di <span class=\"_ _9\"> </span>finanziamento <span class=\"_ _9\"> </span>marginale  su<span class=\"_ _1\"></span>lla <span class=\"_ _9\"> </span>base <span class=\"_ _16\"> </span>delle <span class=\"_ _9\"> </span>curve <span class=\"_ _16\"> </span>tassi </span></span>re<span class=\"ls0\">lative  alle<span class=\"_ _1\"></span>  emissioni  Senior  unsecured  del  Gruppo.  Il  tasso  determinato,  contenente  la </span>componente del rischio credito de<span class=\"_ _1\"></span>l Gruppo, considera inoltre le differenti durate contrattuali;<span class=\"_ _2\"></span> <span class=\"ff10\"> <span class=\"_ _2b\"> </span><span class=\"ff4\">con riferimento alla durata dei leasing immobi<span class=\"_ _1\"></span>liari, in generale il<span class=\"_ _1\"></span> Gr<span class=\"_ _2\"></span>uppo ha considerato come </span></span>ragionevolmente certo solo il primo period<span class=\"_ _1\"></span>o di rinnovo contrattuale.<span class=\"_ _2\"></span> Altre <span class=\"_ _1\"></span>informa<span class=\"_ _f\"></span>zioni<span class=\"fc7 sc6\"> </span>I contratti di locazione commerciale sono regolati dalla legge per cui al condu<span class=\"_ _1\"></span>ttore \u00e8 consentito<span class=\"_ _d\"></span> di disdettare la locazione ad <span class=\"_ _2\"></span>ogni scadenza (normalmente <span class=\"_ _2\"></span>ogni sei anni) con <span class=\"_ _2\"></span>un preavviso di almeno dodici mesi. Analogo <span class=\"_ _4\"> </span>diritto <span class=\"_ _4\"> </span>\u00e8 <span class=\"_ _4\"> </span>in <span class=\"_ _17\"> </span>capo al <span class=\"_ _4\"> </span>locator<span class=\"_ _2\"></span>e. <span class=\"_ _4\"> </span>Questo <span class=\"_ _4\"> </span>comporta <span class=\"_ _4\"> </span>che, <span class=\"_ _4\"> </span>ad <span class=\"_ _4\"> </span>ogni <span class=\"_ _4\"> </span>mese <span class=\"_ _17\"> </span>di <span class=\"_ _4\"> </span>ogni <span class=\"_ _4\"> </span>anno, <span class=\"_ _17\"> </span>\u00e8 potenzialmente possibile inviare <span class=\"_ _2\"></span>(o ricevere dal locat<span class=\"_ _2\"></span>ore) la disdetta <span class=\"_ _2\"></span>dai contratti di <span class=\"_ _2\"></span>locazione che<span class=\"_ _d\"></span> scadono <span class=\"_ _d\"></span>dopo <span class=\"_ _d\"></span>dodici <span class=\"_ _d\"></span>mesi. <span class=\"_ _d\"></span>Negli <span class=\"_ _2\"></span>ultimi <span class=\"_ _d\"></span>anni <span class=\"_ _d\"></span>per\u00f2, <span class=\"_ _d\"></span>visto <span class=\"_ _d\"></span>il <span class=\"_ _d\"></span>contesto <span class=\"_ _d\"></span>del <span class=\"_ _d\"></span>mercato <span class=\"_ _d\"></span>immobiliare, <span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>i <span class=\"_ _d\"></span>\u00e8 assistito a pochissime disdette annue<span class=\"_ _1\"></span> da parte dei locatori.<span class=\"_ _2\"></span> La <span class=\"_ _22\"> </span>quasi <span class=\"_ _4\"> </span>totalit\u00e0 <span class=\"_ _4\"> </span>dei  nostri <span class=\"_ _4\"> </span>contratti  \u00e8 <span class=\"_ _4\"> </span>regolamentato <span class=\"_ _22\"> </span>tra <span class=\"_ _4\"> </span>le  parti <span class=\"_ _4\"> </span>il <span class=\"_ _22\"> </span>r<span class=\"_ _2\"></span>ecesso  che <span class=\"_ _4\"> </span>pu\u00f2  essere<span class=\"_ _d\"></span> esercitato <span class=\"_ _2\"></span>solo <span class=\"_ _2\"></span>dal <span class=\"_ _d\"></span>conduttore <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>ogni <span class=\"_ _2\"></span>momento <span class=\"_ _d\"></span>con <span class=\"_ _2\"></span>un <span class=\"_ _2\"></span>preavviso <span class=\"_ _d\"></span>di <span class=\"_ _2\"></span>mesi <span class=\"_ _2\"></span>sei. <span class=\"_ _2\"></span>Negli <span class=\"_ _2\"></span>ultimi <span class=\"_ _2\"></span>anni <span class=\"_ _d\"></span>la banca  ha <span class=\"_ _9\"> </span>esercitato<span class=\"_ _2\"></span>  sp<span class=\"_ _1\"></span>esso  qu<span class=\"_ _f\"></span>est<span class=\"_ _2\"></span>a  fac<span class=\"_ _1\"></span>olt\u00e0  per <span class=\"_ _16\"> </span>poter <span class=\"_ _16\"> </span>gestire <span class=\"_ _16\"> </span>al  me<span class=\"_ _1\"></span>glio  l<span class=\"_ _1\"></span>e  chiusure <span class=\"_ _16\"> </span>delle <span class=\"_ _16\"> </span>filiali previste.  Inoltre <span class=\"_ _2\"></span>nelle parti <span class=\"_ _2\"></span>B <span class=\"_ _2\"></span>e C <span class=\"_ _2\"></span>della <span class=\"_ _2\"></span>presente <span class=\"_ _2\"></span>Nota <span class=\"_ _2\"></span>int<span class=\"_ _2\"></span>egrativa so<span class=\"_ _2\"></span>no riportate <span class=\"_ _2\"></span>le informazioni <span class=\"_ _2\"></span>patrimoniali ed economiche richieste dal principi<span class=\"_ _1\"></span>o IFRS16.<span class=\"_ _2\"></span> Inform<span class=\"_ _1\"></span>azio<span class=\"_ _f\"></span>ni quantita<span class=\"_ _1\"></span>tive <table class=\"s w13d6 h5e7\" id=\"_31083f65-a6fc-419e-ae73-372ffd56dadc\"><tr><td></td><td></td><td class=\"c xd50 y39e0 w3c0 h2b\"><div class=\"t m0 xe5 h1f y32 ff4 fs7 fc4 sc3 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale </div></td><td></td><td></td><td class=\"c xd51 y39e0 w1a0 h2b\"><div class=\"t m0 xe5 h1f y32 ff4 fs7 fc4 sc3 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale </div></td><td></td></tr><tr><td class=\"c xd52 y39e1 w40f h2da\"><div class=\"t m0 x15d h1f ycd3 ff4 fs7 fc4 sc3 ls0 ws0\">Atti<span class=\"_ _1\"></span>vit\u00e0 m<span class=\"_ _f\"></span>aterial<span class=\"_ _1\"></span>i ad <span class=\"_ _1\"></span>uso fu<span class=\"_ _1\"></span>nz<span class=\"_ _1\"></span>iona<span class=\"_ _f\"></span>le </div></td><td class=\"c xd53 y39e2 w990 h5e8\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/<span class=\"_ _df\"> </span></div></td><td class=\"c xd54 y39e2 w991 h5e8\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc4 sc3 ls0 ws0\">2025<span class=\"_ _df\"> </span></div></td><td></td><td></td><td class=\"c xd51 y39e3 w1a0 h2b\"><div class=\"t m0 x11f h1f y71 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/<span class=\"_ _f\"></span>2024 </div></td><td></td></tr><tr><td></td><td class=\"c xd50 y39e1 wa5 h2b\"><div class=\"t m0 x8e h1f y2a ff4 fs7 fc4 sc3 ls0 ws0\">Fabbr<span class=\"_ _1\"></span>icat<span class=\"_ _1\"></span>i </div></td><td class=\"c xd55 y39e1 wa5 h2b\"><div class=\"t m0 x14 h1f y2a ff4 fs7 fc4 sc3 ls0 ws0\">Altr<span class=\"_ _1\"></span>e </div></td><td class=\"c xd56 y39e1 w3b9 h2b\"><div class=\"t m0 x55 h1f y2a ff4 fs7 fc4 sc3 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale </div></td><td class=\"c xd51 y39e1 wfb h2b\"><div class=\"t m0 x8e h1f y2a ff4 fs7 fc4 sc3 ls0 ws0\">Fabbr<span class=\"_ _1\"></span>icat<span class=\"_ _1\"></span>i </div></td><td class=\"c xd57 y39e1 w208 h2b\"><div class=\"t m0 x39 h1f y2a ff4 fs7 fc4 sc3 ls0 ws0\">Altr<span class=\"_ _1\"></span>e </div></td><td class=\"c xd58 y39e1 w9a h2b\"><div class=\"t m0 x55 h1f y2a ff4 fs7 fc4 sc3 ls0 ws0\">Tot<span class=\"_ _1\"></span>a<span class=\"lse0\">le</span> </div></td></tr><tr><td class=\"c xd52 y39e4 w691 h2b\"><div class=\"t m0 x15d h1f y32 ff4 fs7 fc1 sc2 ls0 ws0\">Right<span class=\"_ _f\"></span> of Use s<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>do ini<span class=\"_ _1\"></span>zial<span class=\"_ _1\"></span>e </div></td><td class=\"c xd50 y39e4 w85 h2b\"><div class=\"t m0 x26 h1f y2a ff4 fs7 fc1 sc2 ls0 ws0\">122.0<span class=\"_ _f\"></span>81 </div></td><td class=\"c xd55 y39e4 w85 h2b\"><div class=\"t m0 x31 h1f y2a ff4 fs7 fc1 sc2 ls0 ws0\">3.870<span class=\"_ _f\"></span> </div></td><td class=\"c xd59 y39e4 w206 h2b\"><div class=\"t m0 x26 h1f y2a ff4 fs7 fc1 sc2 ls0 ws0\">125.95<span class=\"_ _f\"></span>1 </div></td><td class=\"c xd51 y39e4 w8a h2b\"><div class=\"t m0 x3a h1f y2a ff4 fs7 fc1 sc2 ls0 ws0\">127.<span class=\"_ _1\"></span>009 </div></td><td class=\"c xd57 y39e4 w208 h2b\"><div class=\"t m0 x30 h1f y2a ff4 fs7 fc1 sc2 ls0 ws0\">3.197<span class=\"_ _f\"></span> </div></td><td class=\"c xd58 y39e4 waf h2b\"><div class=\"t m0 x2c h1f y2a ff4 fs7 fc1 sc2 ls0 ws0\">130.<span class=\"_ _1\"></span>206 </div></td></tr><tr><td class=\"c xd52 y39e5 w691 h232\"><div class=\"t m0 x163 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">- Quote ammor<span class=\"_ _1\"></span>tamento<span class=\"_ _df\"> </span></div></td><td class=\"c xd50 y39e5 w85 h232\"><div class=\"t m0 x27 h1f y93e ff4 fs7 fc1 sc0 ls0 ws0\">-21.8<span class=\"ls32\">57</span><span class=\"ls32\"><span class=\"_ _1\"></span><span class=\"ls0\"> </span></span></div></td><td class=\"c xd55 y39e5 w85 h232\"><div class=\"t m0 x97 h1f y93e ff4 fs7 fc1 sc0 ls0 ws0\">-1.887<span class=\"_ _df\"> </span></div></td><td class=\"c xd59 y39e5 w206 h232\"><div class=\"t m0 x2c h1f y93e ff4 fs7 fc1 sc0 ls0 ws0\">-23.7<span class=\"lsa\">44</span> </div></td><td class=\"c xd51 y39e5 w8a h232\"><div class=\"t m0 x3a h1f y93e ff4 fs7 fc1 sc0 ls0 ws0\">-22.343 </div></td><td class=\"c xd57 y39e5 w208 h232\"><div class=\"t m0 x97 h1f y93e ff4 fs7 fc1 sc0 ls0 ws0\">-1.605 </div></td><td class=\"c xd58 y39e5 waf h232\"><div class=\"t m0 x35 h1f y93e ff4 fs7 fc1 sc0 ls0 ws0\">-23.948 </div></td></tr><tr><td class=\"c xd52 y39e6 w691 h232\"><div class=\"t m0 x15d h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\"> <span class=\"ls117\"></span><span class=\"ls117\">+/</span>- Altre variazion<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span>  </div></td><td class=\"c xd50 y39e6 w85 h232\"><div class=\"t m0 x38 h1f y93e ff4 fs7 fc1 sc0 ls0 ws0\">16.271 </div></td><td class=\"c xd55 y39e6 w85 h232\"><div class=\"t m0 x31 h1f y93e ff4 fs7 fc1 sc0 ls0 ws0\">2.677 </div></td><td class=\"c xd59 y39e6 w206 h232\"><div class=\"t m0 x34 h1f y93e ff4 fs7 fc1 sc0 ls0 ws0\">18.948 </div></td><td class=\"c xd51 y39e6 w8a h232\"><div class=\"t m0 x38 h1f y93e ff4 fs7 fc1 sc0 ls0 ws0\">17.415 </div></td><td class=\"c xd57 y39e6 w208 h232\"><div class=\"t m0 x31 h1f y93e ff4 fs7 fc1 sc0 ls0 ws0\">2.278 </div></td><td class=\"c xd58 y39e6 waf h232\"><div class=\"t m0 x34 h1f y93e ff4 fs7 fc1 sc0 ls0 ws0\">19.693 </div></td></tr><tr><td class=\"c xd52 y39e7 w691 h232\"><div class=\"t m0 x15d h1f y93e ff4 fs7 fc1 sc2 ls0 ws0\">Val<span class=\"_ _1\"></span>ore co<span class=\"_ _1\"></span>nta<span class=\"_ _1\"></span>bile s<span class=\"_ _1\"></span>ald<span class=\"_ _1\"></span>o fin<span class=\"_ _1\"></span>ale </div></td><td class=\"c xd50 y39e7 w85 h232\"><div class=\"t m0 x26 h1f y93e ff4 fs7 fc1 sc2 ls0 ws0\">116.49<span class=\"_ _1\"></span>5 </div></td><td class=\"c xd55 y39e7 w85 h232\"><div class=\"t m0 x38 h1f y93e ff4 fs7 fc1 sc2 ls0 ws0\">4.66<span class=\"_ _1\"></span>0 </div></td><td class=\"c xd59 y39e7 w206 h232\"><div class=\"t m0 x34 h1f y93e ff4 fs7 fc1 sc2 ls0 ws0\">121.15<span class=\"_ _1\"></span>5 </div></td><td class=\"c xd51 y39e7 w8a h232\"><div class=\"t m0 x26 h1f y93e ff4 fs7 fc1 sc2 ls0 ws0\">122.0<span class=\"_ _f\"></span>81 </div></td><td class=\"c xd57 y39e7 w208 h232\"><div class=\"t m0 x31 h1f y93e ff4 fs7 fc1 sc2 ls0 ws0\">3.870<span class=\"_ _f\"></span> </div></td><td class=\"c xd58 y39e7 waf h232\"><div class=\"t m0 x26 h1f y93e ff4 fs7 fc1 sc2 ls0 ws0\">125.95<span class=\"_ _f\"></span>1 </div></td></tr></table><table class=\"s w13d7 h5e9\" id=\"_57c6b30d-8290-4006-bf49-840d06cdaef2\"><tr><td class=\"c x587 y39e8 w692 h1ac\"><div class=\"t m0 x15d h1f y110a ff4 fs7 fc4 sc3 ls0 ws0\">Debit<span class=\"_ _f\"></span>i per lea<span class=\"_ _f\"></span>sing </div></td><td class=\"c xd5a y39e9 w13d8 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc4 sc3 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale<span class=\"_ _df\"> </span></div></td><td class=\"c xd5b y39e9 w13d8 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc4 sc3 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale<span class=\"_ _df\"> </span></div></td></tr><tr><td></td><td class=\"c xd5c y39ea wdae h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/<span class=\"_ _f\"></span>2025<span class=\"_ _df\"> </span></div></td><td class=\"c xd5d y39ea wdaf h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/<span class=\"_ _f\"></span>2024<span class=\"_ _df\"> </span></div></td></tr><tr><td class=\"c x587 y39eb w692 h2b\"><div class=\"t m0 x15d h1f y32 ff4 fs7 fc1 sc2 ls0 ws0\">Leas<span class=\"_ _1\"></span>e Li<span class=\"_ _1\"></span>abili<span class=\"_ _1\"></span>ty sa<span class=\"_ _1\"></span>ldo in<span class=\"_ _1\"></span>izia<span class=\"_ _1\"></span>le </div></td><td class=\"c xd5e y39eb w693 h2b\"><div class=\"t m0 xf0 h1f y2a ff4 fs7 fc1 sc2 ls0 ws0\">131.56<span class=\"_ _f\"></span>7 </div></td><td class=\"c xd5f y39eb w637 h2b\"><div class=\"t m0 x49 h1f y2a ff4 fs7 fc1 sc2 ls0 ws0\">135.8<span class=\"_ _f\"></span>07 </div></td></tr><tr><td class=\"c x587 y39ec w692 h38f\"><div class=\"t m0 x10 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">- canoni erogat<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span> per i lea<span class=\"_ _1\"></span>sing </div></td><td class=\"c xd5e y39ec w693 h38f\"><div class=\"t m0 x49 h1f y93e ff4 fs7 fc1 sc0 ls0 ws0\">-27.576 </div></td><td class=\"c xd5f y39ec w637 h38f\"><div class=\"t m0 x49 h1f y93e ff4 fs7 fc1 sc0 ls0 ws0\">-27.389 </div></td></tr><tr><td class=\"c x587 y39ed w692 h21\"><div class=\"t m0 x163 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">+ Interessi Passi<span class=\"_ _1\"></span>vi maturati nel<span class=\"_ _1\"></span>l'esercizio<span class=\"_ _df\"> </span></div></td><td class=\"c xd5e y39ed w693 h21\"><div class=\"t m0 x124 h1f y93e ff4 fs7 fc1 sc0 ls0 ws0\">4.374 </div></td><td class=\"c xd5f y39ed w637 h21\"><div class=\"t m0 xee h1f y93e ff4 fs7 fc1 sc0 ls0 ws0\">4.477 </div></td></tr><tr><td class=\"c x587 y39ee w692 h21\"><div class=\"t m0 x15d h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\"> <span class=\"ls117\"></span><span class=\"ls117\">+/</span>-  Altre variazion<span class=\"_ _1\"></span>i  </div></td><td class=\"c xd5e y39ee w693 h21\"><div class=\"t m0 xf0 h1f y93e ff4 fs7 fc1 sc0 ls0 ws0\">20.035 </div></td><td class=\"c xd5f y39ee w637 h21\"><div class=\"t m0 xef h1f y93e ff4 fs7 fc1 sc0 ls0 ws0\">18.672 </div></td></tr><tr><td class=\"c x587 y39ef w692 h21\"><div class=\"t m0 x15d h1f y32 ff4 fs7 fc1 sc2 ls0 ws0\">Leas<span class=\"_ _1\"></span>e Li<span class=\"_ _1\"></span>abili<span class=\"_ _1\"></span>ty sa<span class=\"_ _1\"></span>ldo fin<span class=\"_ _f\"></span>ale </div></td><td class=\"c xd5e y39ef w693 h21\"><div class=\"t m0 x49 h1f y93e ff4 fs7 fc1 sc2 ls0 ws0\">128.4<span class=\"_ _f\"></span>00 </div></td><td class=\"c xd5f y39ef w637 h21\"><div class=\"t m0 xf0 h1f y93e ff4 fs7 fc1 sc2 ls0 ws0\">131.56<span class=\"_ _f\"></span>7 </div></td></tr></table><table class=\"s w13d9 h5ea\" id=\"_d78e3ffa-1a0f-488e-a57a-f0f01145f0b5\"><tr><td class=\"c x587 y39f0 wf8 h2b6\"><div class=\"t m0 x15d h1f yed0 ff4 fs7 fc4 sc3 ls0 ws0\">Altr<span class=\"_ _1\"></span>e Inf<span class=\"_ _1\"></span>orm<span class=\"_ _1\"></span>azio<span class=\"_ _1\"></span>ni </div></td><td class=\"c xd5a y39f1 w13d8 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc4 sc3 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c xd5b y39f1 w13d8 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc4 sc3 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale<span class=\"_ _df\"> </span></div></td><td></td></tr><tr><td></td><td class=\"c xd5c y39f2 wdae h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/<span class=\"_ _f\"></span>2025<span class=\"_ _df\"> </span></div></td><td class=\"c xd5d y39f2 w993 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/<span class=\"_ _df\"> </span></div></td><td class=\"c xd60 y39f2 w994 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc4 sc3 ls0 ws0\">2024<span class=\"_ _df\"> </span></div></td><td></td></tr><tr><td class=\"c x587 y39f3 w692 h2b\"><div class=\"t m0 x15d h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">Costi per leas<span class=\"_ _1\"></span>ing low value </div></td><td></td><td class=\"c xd5e y39f3 w693 h2b\"><div class=\"t m0 xe5 h1f y497 ff4 fs7 fc1 sc0 ls0 ws0\">136 </div></td><td></td><td class=\"c xd5f y39f3 w42f h2b\"><div class=\"t m0 xe5 h1f y497 ff4 fs7 fc1 sc0 ls9 ws0\">147<span class=\"ls0\"> </span></div></td></tr><tr><td class=\"c x587 y39f4 w692 h21\"><div class=\"t m0 x15d h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">Costi per leas<span class=\"_ _1\"></span>ing short term </div></td><td></td><td class=\"c xd5e y39f4 w693 h21\"><div class=\"t m0 x1e6 h1f y93e ff4 fs7 fc1 sc0 ls27 ws0\">34<span class=\"ls0\"> </span></div></td><td></td><td class=\"c xd5f y39f4 w42f h21\"><div class=\"t m0 x1e6 h1f y93e ff4 fs7 fc1 sc0 ls32 ws0\">56<span class=\"ls0\"> </span></div></td></tr><tr><td class=\"c x587 y39f5 w692 h21\"><div class=\"t m0 x15d h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">Altre spese sui leas<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span>ng </div></td><td></td><td class=\"c xd5e y39f5 w693 h21\"><div class=\"t m0 x124 h1f y93e ff4 fs7 fc1 sc0 ls0 ws0\">3.486 </div></td><td></td><td class=\"c xd5f y39f5 w42f h21\"><div class=\"t m0 x11f h1f y93e ff4 fs7 fc1 sc0 ls0 ws0\">3.321 </div></td></tr></table>La voce altre spese sui leasing \u00e8 riconducibile all\u2019Iv<span class=\"_ _1\"></span>a indetraibile ed altri servizi. SEZI<span class=\"_ _f\"></span>ONE 2<span class=\"_ _f\"></span> <span class=\"ff5\">\u2013</span> LO<span class=\"_ _1\"></span>CA<span class=\"_ _1\"></span>TOR<span class=\"_ _1\"></span>E Inform<span class=\"_ _1\"></span>azio<span class=\"_ _f\"></span>ni qualitative<span class=\"_ _f\"></span> Il mercato del leasing e del noleggio a lung<span class=\"_ _1\"></span>o termine ha consuntivato nel 2025 investimenti pe<span class=\"_ _1\"></span>r un valore <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>oltr<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>36,1 <span class=\"_ _2\"></span>miliardi <span class=\"_ _2\"></span>di <span class=\"_ _d\"></span>euro <span class=\"_ _2\"></span>(+5,8% <span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>ispetto <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>2024). <span class=\"_ _d\"></span>Il <span class=\"_ _2\"></span>comparto <span class=\"_ _2\"></span>con <span class=\"_ _2\"></span>maggior <span class=\"_ _d\"></span>influenza <span class=\"_ _2\"></span>si conferma <span class=\"_ _9\"> </span>essere <span class=\"_ _9\"> </span>quello <span class=\"_ _9\"> </span>del <span class=\"_ _9\"> </span>t<span class=\"_ _2\"></span>argato <span class=\"_ _9\"> </span>(59,4% <span class=\"_ _9\"> </span>dello <span class=\"_ _9\"> </span>stipulato <span class=\"_ _9\"> </span>totale), <span class=\"_ _9\"> </span>con <span class=\"_ _9\"> </span>una <span class=\"_ _16\"> </span>crescita <span class=\"_ _9\"> </span>pressoch\u00e9 stazionaria <span class=\"_ _2\"></span>(+0,9%), <span class=\"_ _2\"></span>sostenuto <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>55% <span class=\"_ _2\"></span>dalla <span class=\"_ _2\"></span>componente <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>N<span class=\"_ _2\"></span>LT. <span class=\"_ _2\"></span>Rilevante <span class=\"_ _2\"></span>invece <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>crescita del <span class=\"_ _4\"> </span>comparto <span class=\"_ _4\"> </span>strumentale <span class=\"_ _4\"> </span>(+15,2%) <span class=\"_ _17\"> </span>- <span class=\"_ _4\"> </span>che <span class=\"_ _4\"> </span>pesa <span class=\"_ _4\"> </span>s<span class=\"_ _2\"></span>ul <span class=\"_ _4\"> </span>mercato <span class=\"_ _4\"> </span>per <span class=\"_ _4\"> </span>il <span class=\"_ _4\"> </span>29,2% <span class=\"_ _4\"> </span>- <span class=\"_ _4\"> </span>e <span class=\"_ _4\"> </span>del <span class=\"_ _17\"> </span>comparto aeronavale e <span class=\"_ _2\"></span>ferroviario (+35,7%) che r<span class=\"_ _2\"></span>appresenta il 2<span class=\"_ _2\"></span>,1% del mer<span class=\"_ _2\"></span>cato di cui il <span class=\"_ _2\"></span>75,5% riveniente <span class=\"_ _2\"></span>da operazioni di<span class=\"_ _1\"></span> nautica da d<span class=\"_ _1\"></span>iporto. In aumento anche<span class=\"_ _1\"></span> il valore del <span class=\"_ _1\"></span>comparto immobiliare (+5,9%) <span class=\"_ _1\"></span>che rappresenta l\u20198,9% del mercato; in questo ambito buona la dina<span class=\"_ _2\"></span>mica nel segmento \u201cda costruire\u201d (+15,7% rispetto al 2024), che rappresenta il 40,6% del settore, che ha beneficiato di operazioni d<span class=\"_ _2\"></span><span class=\"ls1a\">i </span>importo superiore a 2,5 milioni di euro.  Attiva esclusivamente nel<span class=\"_ _1\"></span> leasing finanziario, a dicembre 2025<span class=\"_ _1\"></span> Credemle<span class=\"_ _1\"></span>asing ha raggiunto quota 1.249,4 milioni di euro di stipulato complessivo, in aumento del 4,5% rispetto all\u2019anno preced<span class=\"_ _1\"></span>ente: le <span class=\"_ _2\"></span>nuove <span class=\"_ _2\"></span>stipule <span class=\"_ _2\"></span>sono <span class=\"_ _2\"></span>rappresentate <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>63,5% <span class=\"_ _2\"></span>dal <span class=\"_ _2\"></span>comparto <span class=\"_ _2\"></span>mobiliare <span class=\"_ _2\"></span>(in crescita <span class=\"_ _2\"></span>del <span class=\"_ _d\"></span>7,6% <span class=\"_ _2\"></span>sul 2024), <span class=\"_ _f\"></span>sos<span class=\"_ _2\"></span>tenuto <span class=\"_ _f\"></span>principalmente <span class=\"_ _f\"></span>dal le<span class=\"_ _1\"></span>asing <span class=\"_ _f\"></span>s<span class=\"_ _2\"></span>trumentale <span class=\"_ _f\"></span>(54,7% d<span class=\"_ _1\"></span>ei <span class=\"_ _f\"></span>volumi) seguito <span class=\"_ _f\"></span>dal <span class=\"_ _f\"></span>s<span class=\"_ _2\"></span>ettore <span class=\"_ _f\"></span>dei veicoli (30,3%) e d<span class=\"_ _2\"></span>el nautico (15%). <span class=\"_ _2\"></span>In questo ambito <span class=\"_ _2\"></span>i comparti che <span class=\"_ _2\"></span>hanno <span class=\"_ _2\"></span>registrato <span class=\"_ _2\"></span>una migliore<span class=\"_ _1\"></span> dinamica <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>in<span class=\"_ _2\"></span>cremento <span class=\"_ _9\"> </span>nei <span class=\"_ _9\"> </span>vol<span class=\"_ _2\"></span>umi <span class=\"_ _9\"> </span>rispetto <span class=\"_ _16\"> </span>all\u2019anno <span class=\"_ _9\"> </span>precedente <span class=\"_ _9\"> </span>risultano  essere <span class=\"_ _9\"> </span>quello <span class=\"_ _9\"> </span>veicoli (+11,7%)  e <span class=\"_ _4\"> </span>strumentale  (+7,4<span class=\"_ _2\"></span>%);  sostanzialmente <span class=\"_ _22\"> </span>flat <span class=\"_ _4\"> </span>il <span class=\"_ _4\"> </span>nautico.  Il <span class=\"_ _4\"> </span>comparto  immobiliare, <span class=\"_ _4\"> </span>nel complesso, <span class=\"_ _d\"></span>resta <span class=\"_ _d\"></span>st<span class=\"_ _2\"></span>azionario <span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>isp<span class=\"_ _1\"></span>etto <span class=\"_ _d\"></span>al <span class=\"_ _d\"></span>2<span class=\"_ _2\"></span>024 <span class=\"_ _d\"></span>evidenziando <span class=\"_ _d\"></span>una <span class=\"_ _d\"></span>lieve <span class=\"_ _d\"></span>contr<span class=\"_ _2\"></span>azione <span class=\"_ _d\"></span>del <span class=\"_ _d\"></span>segmento costruito, <span class=\"_ _14\"> </span>in <span class=\"_ _14\"> </span>linea <span class=\"_ _14\"> </span>con <span class=\"_ _15\"> </span>l\u2019andamento <span class=\"_ _14\"> </span>generale <span class=\"_ _14\"> </span>del <span class=\"_ _14\"> </span>mercato, <span class=\"_ _15\"> </span>compensata <span class=\"_ _14\"> </span>dalla <span class=\"_ _14\"> </span>dinamica <span class=\"_ _14\"> </span>del segmento <span class=\"_ _2\"></span>costruendo <span class=\"_ _2\"></span>sostenuto <span class=\"_ _d\"></span>per <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>61,1% <span class=\"_ _2\"></span>da <span class=\"_ _d\"></span>investimenti <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>importo <span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>uperiore <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>2,5 <span class=\"_ _2\"></span>milioni <span class=\"_ _2\"></span>di euro.  Le <span class=\"_ _9\"> </span>principa<span class=\"ff5\">li <span class=\"_ _9\"> </span>dinamiche <span class=\"_ _16\"> </span>riferite <span class=\"_ _9\"> </span>alla <span class=\"_ _9\"> </span>gestione <span class=\"_ _16\"> </span>caratteristica <span class=\"_ _9\"> </span>vedono <span class=\"_ _9\"> </span>l\u2019incremento <span class=\"_ _16\"> </span>del <span class=\"_ _9\"> </span>margine <span class=\"_ _9\"> </span>di </span>intermediazione, <span class=\"_ _d\"></span>supportato <span class=\"_ _0\"> </span>dalla <span class=\"_ _0\"></span>dinamica <span class=\"_ _0\"></span>dei <span class=\"_ _d\"></span>capit<span class=\"_ _2\"></span>ali <span class=\"_ _d\"></span>medi <span class=\"_ _0\"></span>produttivi <span class=\"_ _0\"></span>(+4,7% <span class=\"_ _0\"></span>rispetto <span class=\"_ _0\"></span>all\u2019anno<span class=\"_ _f\"></span> precedente) <span class=\"_ _4\"> </span>e <span class=\"_ _4\"> </span>dalla <span class=\"_ _4\"> </span>positiva <span class=\"_ _4\"> </span>evoluzione <span class=\"_ _4\"> </span>delle <span class=\"_ _4\"> </span>commissioni <span class=\"_ _4\"> </span>nette <span class=\"_ _4\"> </span>connesse <span class=\"_ _17\"> </span>alla <span class=\"_ _4\"> </span>gestione <span class=\"_ _4\"> </span>dei contratti.  Le <span class=\"_ _2\"></span>rett<span class=\"_ _2\"></span>ifiche <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>valore <span class=\"_ _d\"></span>su <span class=\"_ _d\"></span>crediti <span class=\"_ _2\"></span>consuntivano <span class=\"_ _2\"></span>complessivamente <span class=\"_ _d\"></span>a <span class=\"_ _d\"></span>\u20ack <span class=\"_ _2\"></span>2.794, <span class=\"_ _d\"></span>riconducibili <span class=\"_ _2\"></span>per <span class=\"_ _d\"></span>\u20ack 1.551 alla componente \"default\".  Le <span class=\"_ _0\"></span>spese <span class=\"_ _0\"></span>amministr<span class=\"_ _2\"></span>ative <span class=\"_ _0\"></span>registrano <span class=\"_ _0\"></span>un <span class=\"_ _0\"></span>leggero <span class=\"_ _0\"> </span>incremento <span class=\"_ _9\"> </span>in <span class=\"_ _0\"></span>linea <span class=\"_ _0\"></span>con <span class=\"_ _9\"> </span>l\u2019evoluzione <span class=\"_ _0\"></span>strutturale della Societ\u00e0, il Cost/Income al 27,7% conferma un buon livello di efficienza operativa. L\u2019utile netto si attesta a 38,2 milioni di eu<span class=\"_ _1\"></span>ro.<span class=\"_ _2\"></span><span class=\"ff4\"> </span>Inform<span class=\"_ _1\"></span>azio<span class=\"_ _f\"></span>ni quantita<span class=\"_ _1\"></span>tive 1.<span class=\"_ _1e\"> </span><span class=\"ls0\">Infor<span class=\"_ _1\"></span>mazi<span class=\"_ _1\"></span>oni di<span class=\"_ _1\"></span> sta<span class=\"_ _1\"></span>to pa<span class=\"_ _1\"></span>trimo<span class=\"_ _f\"></span>niale e d<span class=\"_ _1\"></span>i conto<span class=\"_ _1\"></span> eco<span class=\"_ _f\"></span>nomico </span>2.<span class=\"_ _2b\"> </span><span class=\"ls0\">Leas<span class=\"_ _1\"></span>ing fina<span class=\"_ _f\"></span>nziario<span class=\"_ _1\"></span> </span>Si riportano le <span class=\"_ _1\"></span>informazioni relative <span class=\"_ _f\"></span>ai<span class=\"_ _2\"></span> crediti pe<span class=\"_ _1\"></span>r locazione finanziaria (rip<span class=\"_ _1\"></span>artizione per fasce<span class=\"_ _1\"></span> di v<span class=\"_ _1\"></span>ita residua <span class=\"_ _9\"> </span>dei <span class=\"_ _0\"> </span>cr<span class=\"_ _2\"></span>editi <span class=\"_ _9\"> </span>futuri <span class=\"_ _9\"> </span>comprensivi <span class=\"_ _9\"> </span>della <span class=\"_ _9\"> </span>quota <span class=\"_ _16\"> </span>di <span class=\"_ _0\"></span>r<span class=\"_ _2\"></span>iscatto, <span class=\"_ _0\"></span>relativi <span class=\"_ _9\"> </span>ai <span class=\"_ _9\"> </span>soli <span class=\"_ _16\"> </span>contratti <span class=\"_ _9\"> </span>attivi) <span class=\"_ _9\"> </span>e <span class=\"_ _9\"> </span>la suddivisione delle medesime informazioni distinte tra esposizio<span class=\"_ _1\"></span>ni deteriorate e non d<span class=\"_ _2\"></span>eteriorate:<span class=\"sc2\"> </span><div class=\"c w2c2 h372 gs2029\"><div class=\"t m0 x8a h5 y476 ff4 fs1 fc4 sc3 ls0 ws0\">2.1 Cl<span class=\"_ _1\"></span>assi<span class=\"_ _1\"></span>ficazio<span class=\"_ _f\"></span>ne per fa<span class=\"_ _1\"></span>sce t<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>pora<span class=\"_ _1\"></span>li dei p<span class=\"_ _1\"></span>aga<span class=\"_ _1\"></span>menti <span class=\"_ _f\"></span>da riceve<span class=\"_ _1\"></span>re <span class=\"_ _f\"></span>e riconcila<span class=\"_ _f\"></span>zione co<span class=\"_ _f\"></span>n finanzi<span class=\"_ _1\"></span>amen<span class=\"_ _f\"></span>ti per lea<span class=\"_ _f\"></span>sing iscrit<span class=\"_ _1\"></span>ti<span class=\"_ _df\"> </span> </div><div class=\"t m0 x8a h5 y477 ff5 fs1 fc4 sc3 ls0 ws0\">nell\u2019a<span class=\"_ _f\"></span>ttivo<span class=\"ff4 fc1 sc0\"> </span></div></div><div class=\"gs202a\"><table class=\"s w13da h5eb\" id=\"_3032a756-e29a-4a75-8f4c-bff7b31eafe7\"><tr><td></td><td class=\"c x57f y39f6 w695 hc8\"><div class=\"t m0 x97 h1f y28b ff4 fs7 fc4 sc3 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale <span class=\"fc1 sc0\"> </span></div></td><td class=\"c x580 y39f6 w52e hc8\"><div class=\"t m0 x97 h1f y28b ff4 fs7 fc4 sc3 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale <span class=\"fc1 sc0\"> </span></div></td></tr><tr><td class=\"c x46b y39f7 w694 h390\"><div class=\"t m0 xd8 h1f y19ab ff4 fs7 fc4 sc3 ls0 ws0\">Fas<span class=\"_ _1\"></span>ce tem<span class=\"_ _f\"></span>porali<span class=\"_ _1\"></span><span class=\"fc1 sc0\"> </span></div></td><td class=\"c x57f y39f8 w695 hc8\"><div class=\"t m0 x32 h1f ye4c ff4 fs7 fc4 sc3 ls0 ws0\">31/12/<span class=\"_ _f\"></span>2025<span class=\"fc1 sc0\"> </span></div></td><td class=\"c x580 y39f8 w52e hc8\"><div class=\"t m0 x32 h1f ye4c ff4 fs7 fc4 sc3 ls0 ws0\">31/12/<span class=\"_ _f\"></span>2024<span class=\"fc1 sc0\"> </span></div></td></tr><tr><td></td><td class=\"c xd61 y39f9 w13db h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">Paga<span class=\"_ _f\"></span>menti da<span class=\"_ _df\"> </span></div></td><td class=\"c xd62 y39f9 w13db h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">Paga<span class=\"_ _f\"></span>menti da<span class=\"_ _df\"> </span></div></td></tr><tr><td></td><td class=\"c xd61 y39fa w13dc h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">ricev<span class=\"_ _f\"></span>ere per i<span class=\"_ _1\"></span>l<span class=\"_ _df\"> </span></div></td><td class=\"c xd62 y39fa w13dc h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">ricev<span class=\"_ _f\"></span>ere per i<span class=\"_ _1\"></span>l<span class=\"_ _df\"> </span></div></td></tr><tr><td></td><td class=\"c xd63 y26f4 wb6e h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">leas<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span>ng<span class=\"_ _df\"> </span></div></td><td class=\"c xd64 y26f4 wb6e h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">leas<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span>ng<span class=\"_ _df\"> </span></div></td></tr><tr><td class=\"c x46b y39fb w696 hc8\"><div class=\"t m0 x8a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">Fino a 1 anno </div></td><td class=\"c x57f y39fb w695 hc8\"><div class=\"t m0 xf h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">1.043.112 </div></td><td class=\"c x580 y39fb w3f7 hc8\"><div class=\"t m0 xe h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">923.578 </div></td></tr><tr><td class=\"c x46b y39fc w696 hc8\"><div class=\"t m0 x8a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">Da oltre 1 anno f<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span>no a 2 anni </div></td><td class=\"c x57f y39fc w695 hc8\"><div class=\"t m0 xe h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">728.282 </div></td><td class=\"c x580 y39fc w3f7 hc8\"><div class=\"t m0 xa3 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">692.316 </div></td></tr><tr><td class=\"c x46b y39fd w696 hc8\"><div class=\"t m0 x8a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">Da oltre 2 anno <span class=\"_ _1\"></span>fino a 3 anni </div></td><td class=\"c x57f y39fd w695 hc8\"><div class=\"t m0 xc6 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">568.950 </div></td><td class=\"c x580 y39fd w3f7 hc8\"><div class=\"t m0 xe h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">559.593 </div></td></tr><tr><td class=\"c x46b y39fe w696 hc8\"><div class=\"t m0 x8a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">Da oltre 3 ann<span class=\"_ _1\"></span>o fino a 4 anni </div></td><td class=\"c x57f y39fe w695 hc8\"><div class=\"t m0 xc6 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">420.548 </div></td><td class=\"c x580 y39fe w3f7 hc8\"><div class=\"t m0 xa3 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">406.612 </div></td></tr><tr><td class=\"c x46b y39ff w696 hc8\"><div class=\"t m0 x8a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">Da oltre 4 anno <span class=\"_ _1\"></span>fino a 5 anni </div></td><td class=\"c x57f y39ff w695 hc8\"><div class=\"t m0 xa3 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">291.954 </div></td><td class=\"c x580 y39ff w3f7 hc8\"><div class=\"t m0 xa3 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">273.272 </div></td></tr><tr><td class=\"c x46b y3a00 w696 hc8\"><div class=\"t m0 x8a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">Da oltre 5 anni<span class=\"_ _1\"></span> </div></td><td class=\"c x57f y3a00 w695 hc8\"><div class=\"t m0 xa3 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">848.123 </div></td><td class=\"c x580 y3a00 w3f7 hc8\"><div class=\"t m0 xe h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">819.009 </div></td></tr><tr><td class=\"c x46b y3a01 w696 hc8\"><div class=\"t m0 x8a h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale dei<span class=\"_ _f\"></span> pagam<span class=\"_ _f\"></span>enti da r<span class=\"_ _f\"></span>icever<span class=\"_ _1\"></span>e p<span class=\"_ _1\"></span>er l<span class=\"_ _1\"></span>easin<span class=\"_ _f\"></span>g<span class=\"sc0\"> </span></div></td><td class=\"c x57f y3a01 w695 hc8\"><div class=\"t m0 x91 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">3.90<span class=\"_ _f\"></span>0.969<span class=\"sc0\"> </span></div></td><td class=\"c x580 y3a01 w3f7 hc8\"><div class=\"t m0 x91 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">3.67<span class=\"_ _f\"></span>4.380<span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x46b y3a02 w696 hc8\"><div class=\"t m0 x8a h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">Ricon<span class=\"_ _f\"></span>ciliazio<span class=\"_ _1\"></span>ne <span class=\"_ _1\"></span>con fi<span class=\"_ _1\"></span>nan<span class=\"_ _f\"></span>ziamen<span class=\"_ _1\"></span>ti<span class=\"sc0\"> </span></div></td><td class=\"c x57f y3a02 w695 hc8\"><div class=\"t m0 x90 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">(578.326) </div></td><td class=\"c x580 y3a02 w3f7 hc8\"><div class=\"t m0 x7 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">(461.563) </div></td></tr><tr><td class=\"c x46b y3a03 w696 hc8\"><div class=\"t m0 x8a h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">Utili finanziari <span class=\"_ _1\"></span>non maturati (-) </div></td><td class=\"c x57f y3a03 w695 hc8\"><div class=\"t m0 x90 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">(578.326) </div></td><td class=\"c x580 y3a03 w3f7 hc8\"><div class=\"t m0 x7 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">(461.563) </div></td></tr><tr><td class=\"c x46b y3a04 w696 h227\"><div class=\"t m0 x8a h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">Valore residu<span class=\"_ _1\"></span>o non garantito (-)<span class=\"_ _1\"></span> </div></td><td class=\"c x57f y3a04 w695 h227\"><div class=\"t m0 xc h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x580 y3a04 w3f7 h227\"><div class=\"t m0 xc h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y3a05 w696 hc8\"><div class=\"t m0 x8a h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">Fina<span class=\"_ _f\"></span>nziamen<span class=\"_ _f\"></span>ti per le<span class=\"_ _1\"></span>asi<span class=\"_ _1\"></span>ng<span class=\"sc0\"> </span></div></td><td class=\"c x57f y3a05 w695 hc8\"><div class=\"t m0 x91 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">3.322.<span class=\"_ _1\"></span>643<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x580 y3a05 w3f7 hc8\"><div class=\"t m0 x1c h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">3.21<span class=\"_ _1\"></span>2.817<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td></tr></table></div><table class=\"s w13dd h5ec\" id=\"_53691549-7b9a-44e7-a32e-c3a816a8a150\"><tr><td></td><td></td><td class=\"c xd66 y3a06 w69a h82\"><div class=\"t m0 xe8 h1f y32 ff4 fs7 fc4 sc3 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale 2<span class=\"_ _f\"></span>025 </div></td><td></td><td></td><td class=\"c xd67 y3a06 waa h82\"><div class=\"t m0 x1e6 h1f y32 ff4 fs7 fc4 sc3 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale 2<span class=\"_ _f\"></span>024 </div></td><td></td></tr><tr><td></td><td class=\"c xd68 y3a07 w13de h484\" colspan=\"2\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc1 sc0 ls0 ws0\">Pagamenti da rice<span class=\"_ _1\"></span>vere per il<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c xd69 y3a07 w13de h484\" colspan=\"2\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc1 sc0 ls0 ws0\">Pagamenti da rice<span class=\"_ _1\"></span>vere per il<span class=\"_ _df\"> </span></div></td><td></td></tr><tr><td></td><td class=\"c xd6a y3a08 w13df h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc1 sc0 ls0 ws0\">leasing<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c xb16 y24ab wc2e h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc1 sc0 ls0 ws0\">Totale pagament<span class=\"_ _1\"></span>i<span class=\"_ _df\"> </span></div></td><td class=\"c xd6b y3a08 w13e0 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc1 sc0 ls0 ws0\">leasing<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c xd6c y24ab wc2e h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc1 sc0 ls0 ws0\">Totale pagament<span class=\"_ _1\"></span>i<span class=\"_ _df\"> </span></div></td></tr><tr><td></td><td></td><td></td><td class=\"c xd6d y3a09 w13e1 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc1 sc0 ls0 ws0\">da ricevere per i<span class=\"_ _1\"></span>l<span class=\"_ _df\"> </span></div></td><td></td><td></td><td class=\"c xd6e y3a09 w13e1 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc1 sc0 ls0 ws0\">da ricevere per i<span class=\"_ _1\"></span>l<span class=\"_ _df\"> </span></div></td></tr><tr><td></td><td class=\"c xd6f y2d60 w9d4 h484\" colspan=\"2\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc1 sc0 ls0 ws0\">Esposizioni<span class=\"_ _df\"> </span></div></td><td class=\"c xd70 y3a0a w13e0 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc1 sc0 ls0 ws0\">leasing<span class=\"_ _df\"> </span></div></td><td class=\"c xd71 y2d60 w9d4 h484\" colspan=\"2\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc1 sc0 ls0 ws0\">Esposizioni<span class=\"_ _df\"> </span></div></td><td class=\"c xae7 y3a0a w13e0 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc1 sc0 ls0 ws0\">leasing<span class=\"_ _df\"> </span></div></td></tr><tr><td class=\"c xd72 y3a0b w69b h9f\"><div class=\"t m0 x163 h1f yd65 ff4 fs7 fc1 sc0 ls0 ws0\">Fasce temporal<span class=\"_ _1\"></span>i </div></td><td class=\"c xd73 y3a0c w104b h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc1 sc0 ls0 ws0\">Esposizioni<span class=\"_ _df\"> </span></div></td><td class=\"c xd74 y3a0d w104f h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc1 sc0 ls0 ws0\">non<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c xd75 y3a0c w9d4 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc1 sc0 ls0 ws0\">Esposizioni<span class=\"_ _df\"> </span></div></td><td class=\"c xd76 y3a0d wd7a h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc1 sc0 ls0 ws0\">non<span class=\"_ _df\"> </span></div></td><td></td></tr><tr><td></td><td class=\"c xd73 y3a0e w13e2 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc1 sc0 ls0 ws0\">Deteriorate<span class=\"_ _df\"> </span></div></td><td></td><td></td><td class=\"c xd69 y3a0e w13e2 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc1 sc0 ls0 ws0\">Deteriorate<span class=\"_ _df\"> </span></div></td><td></td><td></td></tr><tr><td></td><td class=\"c xd6f y386b wfb8 h484\" colspan=\"2\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc1 sc0 ls0 ws0\">deteriorate<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c xd71 y386b wfb8 h484\" colspan=\"2\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc1 sc0 ls0 ws0\">deteriorate<span class=\"_ _df\"> </span></div></td><td></td></tr><tr><td class=\"c xd72 y3a0f w69b h221\"><div class=\"t m0 x163 h1f y497 ff4 fs7 fc1 sc0 ls0 ws0\">Fino a 1 anno </div></td><td class=\"c xd66 y3a0f w4f h221\"><div class=\"t m0 x2c h1f y497 ff4 fs7 fc1 sc0 ls0 ws0\">21.833 </div></td><td class=\"c xd77 y3a0f w50 h221\"><div class=\"t m0 x35 h1f y497 ff4 fs7 fc1 sc0 ls0 ws0\">1.021.278 </div></td><td class=\"c xd78 y3a0f w280 h221\"><div class=\"t m0 x96 h1f y497 ff4 fs7 fc1 sc0 ls0 ws0\">1.043.111 </div></td><td class=\"c xd79 y3a0f w498 h221\"><div class=\"t m0 x2c h1f y497 ff4 fs7 fc1 sc0 ls0 ws0\">23.723 </div></td><td class=\"c xd7a y3a0f w344 h221\"><div class=\"t m0 x27 h1f y497 ff4 fs7 fc1 sc0 ls0 ws0\">899.855 </div></td><td class=\"c xd7b y3a0f w55 h221\"><div class=\"t m0 x12 h1f y497 ff4 fs7 fc1 sc0 ls0 ws0\">923.578 </div></td></tr><tr><td class=\"c xd72 y3a10 w69b h1bb\"><div class=\"t m0 x163 h1f y41f ff4 fs7 fc1 sc0 ls0 ws0\">Da oltre 1 anno f<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span>no a </div><div class=\"t m0 x163 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">2 anni </div></td><td class=\"c xd66 y3a10 w4f h1bb\"><div class=\"t m0 x26 h1f y68b ff4 fs7 fc1 sc0 ls0 ws0\">5.325 </div></td><td class=\"c xd77 y3a10 w50 h1bb\"><div class=\"t m0 x26 h1f y68b ff4 fs7 fc1 sc0 ls0 ws0\">722.958 </div></td><td class=\"c xd78 y3a10 w280 h1bb\"><div class=\"t m0 x12 h1f y68b ff4 fs7 fc1 sc0 ls0 ws0\">728.283 </div></td><td class=\"c xd79 y3a10 w498 h1bb\"><div class=\"t m0 x37 h1f y68b ff4 fs7 fc1 sc0 ls0 ws0\">5.021 </div></td><td class=\"c xd7a y3a10 w344 h1bb\"><div class=\"t m0 x26 h1f y68b ff4 fs7 fc1 sc0 ls0 ws0\">687.296 </div></td><td class=\"c xd7b y3a10 w55 h1bb\"><div class=\"t m0 x90 h1f y68b ff4 fs7 fc1 sc0 ls0 ws0\">692.317 </div></td></tr><tr><td class=\"c xd72 y3a11 w69b h1bb\"><div class=\"t m0 x163 h1f y41f ff4 fs7 fc1 sc0 ls0 ws0\">Da oltre 2 anno <span class=\"_ _1\"></span>fino a </div><div class=\"t m0 x163 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">3 anni </div></td><td class=\"c xd66 y3a11 w4f h1bb\"><div class=\"t m0 x26 h1f y68b ff4 fs7 fc1 sc0 ls0 ws0\">4.845 </div></td><td class=\"c xd77 y3a11 w50 h1bb\"><div class=\"t m0 x26 h1f y68b ff4 fs7 fc1 sc0 ls0 ws0\">564.105 </div></td><td class=\"c xd78 y3a11 w280 h1bb\"><div class=\"t m0 x96 h1f y68b ff4 fs7 fc1 sc0 ls0 ws0\">568.950 </div></td><td class=\"c xd79 y3a11 w498 h1bb\"><div class=\"t m0 x26 h1f y68b ff4 fs7 fc1 sc0 ls0 ws0\">4.067 </div></td><td class=\"c xd7a y3a11 w344 h1bb\"><div class=\"t m0 x26 h1f y68b ff4 fs7 fc1 sc0 ls0 ws0\">555.527 </div></td><td class=\"c xd7b y3a11 w55 h1bb\"><div class=\"t m0 x12 h1f y68b ff4 fs7 fc1 sc0 ls0 ws0\">559.594 </div></td></tr><tr><td class=\"c xd72 y3a12 w69b h1bb\"><div class=\"t m0 x163 h1f y41f ff4 fs7 fc1 sc0 ls0 ws0\">Da oltre 3 ann<span class=\"_ _1\"></span>o fino a </div><div class=\"t m0 x163 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">4 anni </div></td><td class=\"c xd66 y3a12 w4f h1bb\"><div class=\"t m0 x26 h1f y25 ff4 fs7 fc1 sc0 ls0 ws0\">4.379 </div></td><td class=\"c xd77 y3a12 w50 h1bb\"><div class=\"t m0 x37 h1f y25 ff4 fs7 fc1 sc0 ls0 ws0\">416.169 </div></td><td class=\"c xd78 y3a12 w280 h1bb\"><div class=\"t m0 x96 h1f y25 ff4 fs7 fc1 sc0 ls0 ws0\">420.548 </div></td><td class=\"c xd79 y3a12 w498 h1bb\"><div class=\"t m0 x26 h1f y25 ff4 fs7 fc1 sc0 ls0 ws0\">3.642 </div></td><td class=\"c xd7a y3a12 w344 h1bb\"><div class=\"t m0 x27 h1f y25 ff4 fs7 fc1 sc0 ls0 ws0\">402.969 </div></td><td class=\"c xd7b y3a12 w55 h1bb\"><div class=\"t m0 x90 h1f y25 ff4 fs7 fc1 sc0 ls0 ws0\">406.611 </div></td></tr><tr><td class=\"c xd72 y3a13 w69b h1bb\"><div class=\"t m0 x163 h1f y15 ff4 fs7 fc1 sc0 ls0 ws0\">Da oltre 4 anno <span class=\"_ _1\"></span>fino a </div><div class=\"t m0 x163 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">5 anni </div></td><td class=\"c xd66 y3a13 w4f h1bb\"><div class=\"t m0 x26 h1f y25 ff4 fs7 fc1 sc0 ls0 ws0\">2.858 </div></td><td class=\"c xd77 y3a13 w50 h1bb\"><div class=\"t m0 x3a h1f y25 ff4 fs7 fc1 sc0 ls0 ws0\">289.096 </div></td><td class=\"c xd78 y3a13 w280 h1bb\"><div class=\"t m0 x91 h1f y25 ff4 fs7 fc1 sc0 ls0 ws0\">291.954 </div></td><td class=\"c xd79 y3a13 w498 h1bb\"><div class=\"t m0 x37 h1f y25 ff4 fs7 fc1 sc0 ls0 ws0\">3.461 </div></td><td class=\"c xd7a y3a13 w344 h1bb\"><div class=\"t m0 x26 h1f y25 ff4 fs7 fc1 sc0 ls0 ws0\">269.810 </div></td><td class=\"c xd7b y3a13 w55 h1bb\"><div class=\"t m0 x90 h1f y25 ff4 fs7 fc1 sc0 ls0 ws0\">273.271 </div></td></tr><tr><td class=\"c xd72 y3a14 w69b h1ba\"><div class=\"t m0 x163 h1f y25 ff4 fs7 fc1 sc0 ls0 ws0\">Da oltre 5 anni<span class=\"_ _1\"></span> </div></td><td class=\"c xd66 y3a14 w4f h1ba\"><div class=\"t m0 x34 h1f y25 ff4 fs7 fc1 sc0 ls0 ws0\">6.188 </div></td><td class=\"c xd77 y3a14 w50 h1ba\"><div class=\"t m0 x26 h1f y25 ff4 fs7 fc1 sc0 ls0 ws0\">841.935 </div></td><td class=\"c xd78 y3a14 w280 h1ba\"><div class=\"t m0 x91 h1f y25 ff4 fs7 fc1 sc0 ls0 ws0\">848.123 </div></td><td class=\"c xd79 y3a14 w498 h1ba\"><div class=\"t m0 x26 h1f y25 ff4 fs7 fc1 sc0 ls0 ws0\">8.327 </div></td><td class=\"c xd7a y3a14 w344 h1ba\"><div class=\"t m0 x26 h1f y25 ff4 fs7 fc1 sc0 ls0 ws0\">810.682 </div></td><td class=\"c xd7b y3a14 w55 h1ba\"><div class=\"t m0 x91 h1f y25 ff4 fs7 fc1 sc0 ls0 ws0\">819.009 </div></td></tr><tr><td class=\"c x262 y3a15 w13e3 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc2 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale pa<span class=\"_ _f\"></span>gamen<span class=\"_ _1\"></span>ti da<span class=\"_ _df\"> </span></div></td><td class=\"c xd66 y3a16 w4f h1d6\"><div class=\"t m0 x35 h1f y110b ff4 fs7 fc1 sc2 ls0 ws0\">45.4<span class=\"_ _1\"></span>28 </div></td><td class=\"c xd77 y3a16 w50 h1d6\"><div class=\"t m0 x32 h1f y110b ff4 fs7 fc1 sc2 ls0 ws0\">3.855<span class=\"_ _1\"></span>.541<span class=\"_ _f\"></span> </div></td><td class=\"c xd78 y3a16 w280 h1d6\"><div class=\"t m0 x15 h1f y110b ff4 fs7 fc1 sc2 ls0 ws0\">3.90<span class=\"_ _f\"></span>0.969 </div></td><td class=\"c xd79 y3a16 w498 h1d6\"><div class=\"t m0 x3a h1f y110b ff4 fs7 fc1 sc2 ls0 ws0\">48.24<span class=\"_ _f\"></span>1 </div></td><td class=\"c xd7a y3a16 w344 h1d6\"><div class=\"t m0 x32 h1f y110b ff4 fs7 fc1 sc2 ls0 ws0\">3.626<span class=\"_ _f\"></span>.139 </div></td><td class=\"c xd7b y3a16 w55 h1d6\"><div class=\"t m0 x15 h1f y110b ff4 fs7 fc1 sc2 ls0 ws0\">3.67<span class=\"_ _f\"></span>4.380 </div></td></tr><tr><td class=\"c x262 y3a17 w13e4 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc2 ls0 ws0\">ricev<span class=\"_ _f\"></span>ere per l<span class=\"_ _1\"></span>easi<span class=\"_ _f\"></span>ng<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c xd72 y3a18 w69b h1bb\"><div class=\"t m0 x163 h1f y32 ff4 fs7 fc1 sc2 ls0 ws0\">RICON<span class=\"_ _f\"></span>CILIAZI<span class=\"_ _f\"></span>ONE </div></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x262 y2dd1 w13e5 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">Utili finanziari <span class=\"_ _1\"></span>non<span class=\"_ _df\"> </span></div></td><td class=\"c xd66 y3a19 w24f h1bb\"><div class=\"t m0 x32 h1f y68b ff4 fs7 fc1 sc0 ls0 ws0\">(5.268) </div></td><td class=\"c xd77 y3a19 w11f h1bb\"><div class=\"t m0 x32 h1f y68b ff4 fs7 fc1 sc0 ls0 ws0\">(573.059) </div></td><td class=\"c xd78 y3a19 w69d h1bb\"><div class=\"t m0 x8f h1f y68b ff4 fs7 fc1 sc0 ls0 ws0\">(578.327) </div></td><td class=\"c xd67 y3a19 w8b h1bb\"><div class=\"t m0 x2c h1f y68b ff4 fs7 fc1 sc0 ls0 ws0\">(5.227) </div></td><td class=\"c xd7a y3a19 w344 h1bb\"><div class=\"t m0 x33 h1f y68b ff4 fs7 fc1 sc0 ls0 ws0\">(456.336) </div></td><td class=\"c xd7b y3a19 w55 h1bb\"><div class=\"t m0 x8f h1f y68b ff4 fs7 fc1 sc0 ls0 ws0\">(461.563) </div></td></tr><tr><td class=\"c x262 y2ea0 w13e6 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">maturati (-)<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x262 y3a1a w13e7 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">Valore residu<span class=\"_ _1\"></span>o non<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td class=\"c xd79 y3a1b w498 h1bb\"><div class=\"t m0 x90 h1f y68b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xd7a y3a1b w344 h1bb\"><div class=\"t m0 x8 h1f y68b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xd7b y3a1b w55 h1bb\"><div class=\"t m0 xe7 h1f y68b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x262 y3a1c w13e8 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">garantito<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x262 y2701 w13e9 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc2 ls0 ws0\">Fina<span class=\"_ _f\"></span>nziamen<span class=\"_ _f\"></span>ti per<span class=\"_ _df\"> </span></div></td><td class=\"c xd66 y3a1d w4f h1bb\"><div class=\"t m0 x2c h1f y68b ff4 fs7 fc1 sc2 ls0 ws0\">40.16<span class=\"_ _f\"></span>0 </div></td><td class=\"c xd77 y3a1d w50 h1bb\"><div class=\"t m0 x48 h1f y68b ff4 fs7 fc1 sc2 ls0 ws0\">3.28<span class=\"_ _1\"></span>2.48<span class=\"_ _f\"></span>2 </div></td><td class=\"c xd78 y3a1d w280 h1bb\"><div class=\"t m0 x15 h1f y68b ff4 fs7 fc1 sc2 ls0 ws0\">3.322.<span class=\"_ _1\"></span>64<span class=\"_ _f\"></span>2 </div></td><td class=\"c xd79 y3a1d w498 h1bb\"><div class=\"t m0 x2c h1f y68b ff4 fs7 fc1 sc2 ls0 ws0\">43.0<span class=\"_ _1\"></span>14 </div></td><td class=\"c xd7a y3a1d w344 h1bb\"><div class=\"t m0 x32 h1f y68b ff4 fs7 fc1 sc2 ls0 ws0\">3.169<span class=\"_ _f\"></span>.803 </div></td><td class=\"c xd7b y3a1d w55 h1bb\"><div class=\"t m0 x13 h1f y68b ff4 fs7 fc1 sc2 ls0 ws0\">3.21<span class=\"_ _1\"></span>2.817<span class=\"_ _f\"></span> </div></td></tr><tr><td class=\"c x262 y2491 w13ea h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc2 ls0 ws0\">leas<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span>ng<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td></tr></table>2.2 A<span class=\"_ _1\"></span>ltre inf<span class=\"_ _1\"></span>ormaz<span class=\"_ _1\"></span>ioni<span class=\"_ _df\"> </span>I <span class=\"_ _0\"></span>contratti <span class=\"_ _9\"> </span>di <span class=\"_ _0\"></span>locazione <span class=\"_ _0\"></span>finanziaria <span class=\"_ _0\"></span>prevedono <span class=\"_ _0\"></span>che <span class=\"_ _0\"></span>l\u2019utilizzatore, <span class=\"_ _0\"></span>al <span class=\"_ _9\"> </span>termine <span class=\"_ _0\"></span>del <span class=\"_ _0\"></span>peri<span class=\"_ _2\"></span><span class=\"ff4\">odo <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>durata<span class=\"_ _df\"> </span></span>contrattuale i<span class=\"_ _1\"></span>ndicato e <span class=\"_ _f\"></span>sempre che ab<span class=\"_ _1\"></span>bia integralmente <span class=\"_ _f\"></span>as<span class=\"_ _2\"></span>solto a<span class=\"_ _f\"></span> tutti gli <span class=\"_ _f\"></span>obblighi assunti, <span class=\"_ _f\"></span>ab<span class=\"_ _2\"></span>bia <span class=\"_ _f\"></span>la<span class=\"_ _df\"> </span>facolt\u00e0 di scegliere di:<span class=\"_ _df\"> </span><span class=\"ff10\"> <span class=\"_ _2b\"> </span><span class=\"ff4\">acquisire la propriet\u00e0 del bene contro versamento di un prezzo defi<span class=\"_ _1\"></span>nito;<span class=\"_ _df\"> </span></span></span><span class=\"ff10\"> <span class=\"_ _2b\"> </span><span class=\"ff4\">restituire il bene oggetto del contratto.<span class=\"_ _df\"> </span></span></span>La d<span class=\"_ _1\"></span>urata dei<span class=\"_ _1\"></span> contratti, <span class=\"_ _f\"></span>in rappor<span class=\"_ _1\"></span>to alla <span class=\"_ _f\"></span>vita economica <span class=\"_ _f\"></span>dei be<span class=\"_ _1\"></span>ni, <span class=\"_ _1\"></span>ed il <span class=\"_ _f\"></span>valore prefissato <span class=\"_ _f\"></span>per il <span class=\"_ _f\"></span>r<span class=\"_ _2\"></span>iscatto<span class=\"_ _df\"> </span>dei b<span class=\"_ _1\"></span>eni stessi sono <span class=\"_ _1\"></span>tali da ind<span class=\"_ _1\"></span>urre gl<span class=\"_ _1\"></span>i utilizzatori, ne<span class=\"_ _f\"></span>lla generalit\u00e0 dei casi,<span class=\"_ _1\"></span> all\u2019acquisto de<span class=\"_ _1\"></span>l bene alla<span class=\"_ _df\"> </span>scadenza contrattuale.<span class=\"_ _df\"> </span>I b<span class=\"_ _1\"></span>eni finan<span class=\"_ _1\"></span>ziati variano <span class=\"_ _1\"></span>a seconda <span class=\"_ _f\"></span>del soggetto <span class=\"_ _1\"></span>richiedente <span class=\"_ _1\"></span>e/o natura d<span class=\"_ _1\"></span>i attivit\u00e0 <span class=\"_ _f\"></span>svolta. In <span class=\"_ _f\"></span>generale<span class=\"_ _df\"> </span>i beni finanziati rientrano in 4 comparti: veicoli (automobili, veicoli commerciali, veicoli industriali),<span class=\"_ _df\"> </span>aeroferronavale (aeromobili, motonavi e imb<span class=\"_ _1\"></span>arcazioni da diport<span class=\"_ _2\"></span>o, vagoni<span class=\"_ _1\"></span> ferroviari), strumentale e<span class=\"_ _df\"> </span>immobiliare (edifici ad uso commerciale,<span class=\"_ _1\"></span> industriale e residenziale sia costruiti che da realizzare).<span class=\"_ _df\"> </span>3.<span class=\"ff11 sc0 ls0\"> <span class=\"_ _80\"> </span></span><span class=\"ls0\">Leasing <span class=\"_ _1\"></span>opera<span class=\"_ _1\"></span>tivo<span class=\"_ _df\"> </span></span>Si fornisce la classificazione per fasce temporali dei p<span class=\"_ _1\"></span>agamenti da ricevere.<span class=\"_ _df\"> </span>3.1 Cl<span class=\"_ _1\"></span>assi<span class=\"_ _1\"></span>ficazio<span class=\"_ _1\"></span>ne per<span class=\"_ _f\"></span> fasce <span class=\"_ _f\"></span>tempora<span class=\"_ _1\"></span>li dei p<span class=\"_ _1\"></span>aga<span class=\"_ _1\"></span>menti <span class=\"_ _f\"></span>da riceve<span class=\"_ _1\"></span>re<table class=\"s w13eb h5ed\" id=\"_14b71fc5-36ce-43ca-87dc-d8b8e092090b\"><tr><td></td><td></td><td class=\"c x57f y3a1e w695 hc8\"><div class=\"t m0 x97 h1f ye4c ff4 fs7 fc4 sc3 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale <span class=\"fc1 sc0\"> </span></div></td><td class=\"c x580 y3a1e w52e hc8\"><div class=\"t m0 x97 h1f ye4c ff4 fs7 fc4 sc3 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale <span class=\"fc1 sc0\"> </span></div></td></tr><tr><td></td><td class=\"c x46b y3a1f w696 h29a\"><div class=\"t m0 xd8 h1f y472 ff4 fs7 fc4 sc3 ls0 ws0\">Fas<span class=\"_ _1\"></span>ce tem<span class=\"_ _f\"></span>porali<span class=\"_ _1\"></span><span class=\"fc1 sc0\"> </span></div></td><td class=\"c x57f y3a20 w695 hc8\"><div class=\"t m0 x35 h1f ye4c ff4 fs7 fc4 sc3 ls0 ws0\">31/12/<span class=\"_ _f\"></span>2025<span class=\"fc1 sc0\"> </span></div></td><td class=\"c x580 y3a20 w52e hc8\"><div class=\"t m0 x32 h1f ye4c ff4 fs7 fc4 sc3 ls0 ws0\">31/12/<span class=\"_ _f\"></span>2024<span class=\"fc1 sc0\"> </span></div></td></tr><tr><td></td><td></td><td class=\"c xd61 y3a21 w13db h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc4 sc3 ls0 ws0\">Paga<span class=\"_ _f\"></span>menti da<span class=\"_ _df\"> </span></div></td><td class=\"c xd62 y3a21 w13db h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc4 sc3 ls0 ws0\">Paga<span class=\"_ _f\"></span>menti da<span class=\"_ _df\"> </span></div></td></tr><tr><td></td><td></td><td class=\"c xd61 y3a22 w13dc h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc4 sc3 ls0 ws0\">ricev<span class=\"_ _f\"></span>ere per i<span class=\"_ _1\"></span>l<span class=\"_ _df\"> </span></div></td><td class=\"c xd62 y3a22 w13dc h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc4 sc3 ls0 ws0\">ricev<span class=\"_ _f\"></span>ere per i<span class=\"_ _1\"></span>l<span class=\"_ _df\"> </span></div></td></tr><tr><td></td><td></td><td class=\"c xd63 y259a wb6e h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc4 sc3 ls0 ws0\">leas<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span>ng<span class=\"_ _df\"> </span></div></td><td class=\"c xd64 y259a wb6e h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc4 sc3 ls0 ws0\">leas<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span>ng<span class=\"_ _df\"> </span></div></td></tr><tr><td class=\"c x46b y3a23 w51a hc8\"><div class=\"t m0 x8a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">Fino a 1 anno </div></td><td></td><td class=\"c x57f y3a23 w695 hc8\"><div class=\"t m0 x11d h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">1.293 </div></td><td class=\"c x580 y3a23 w3f7 hc8\"><div class=\"t m0 x11d h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">1.268 </div></td></tr><tr><td class=\"c x46b y3a24 w51a hc8\"><div class=\"t m0 x8a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">Da oltre 1 anno f<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span>no a 2 anni </div></td><td></td><td class=\"c x57f y3a24 w695 hc8\"><div class=\"t m0 x11d h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">1.258 </div></td><td class=\"c x580 y3a24 w3f7 hc8\"><div class=\"t m0 x11d h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">1.298 </div></td></tr><tr><td class=\"c x46b y3a25 w51a hc8\"><div class=\"t m0 x8a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">Da oltre 2 anni <span class=\"_ _1\"></span>fino a 3 anni </div></td><td></td><td class=\"c x57f y3a25 w695 hc8\"><div class=\"t m0 x11d h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">1.250 </div></td><td class=\"c x580 y3a25 w3f7 hc8\"><div class=\"t m0 x11d h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">1.232 </div></td></tr><tr><td class=\"c x46b y3a26 w51a hc8\"><div class=\"t m0 x8a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">Da oltre 3 ann<span class=\"_ _1\"></span>i fino a 4 anni </div></td><td></td><td class=\"c x57f y3a26 w695 hc8\"><div class=\"t m0 x11f h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">1.191 </div></td><td class=\"c x580 y3a26 w3f7 hc8\"><div class=\"t m0 x11d h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">1.224 </div></td></tr><tr><td class=\"c x46b y3a27 w51a hc8\"><div class=\"t m0 x8a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">Da oltre 4 anni <span class=\"_ _1\"></span>fino a 5 anni </div></td><td></td><td class=\"c x57f y3a27 w695 hc8\"><div class=\"t m0 xee h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">1.179 </div></td><td class=\"c x580 y3a27 w3f7 hc8\"><div class=\"t m0 x124 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">1.150 </div></td></tr><tr><td class=\"c x46b y3a28 w51a hc8\"><div class=\"t m0 x8a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">Da oltre 5 anni<span class=\"_ _1\"></span> </div></td><td></td><td class=\"c x57f y3a28 w695 hc8\"><div class=\"t m0 xc3 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">4.469 </div></td><td class=\"c x580 y3a28 w3f7 hc8\"><div class=\"t m0 xc3 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">5.358 </div></td></tr><tr><td class=\"c x46b y3a29 w51a hc8\"><div class=\"t m0 x8a h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale <span class=\"sc0\"> </span></div></td><td></td><td class=\"c x57f y3a29 w695 hc8\"><div class=\"t m0 x1af h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">10.6<span class=\"_ _1\"></span>40<span class=\"sc0\"> </span></div></td><td class=\"c x580 y3a29 w3f7 hc8\"><div class=\"t m0 xc3 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">11.53<span class=\"_ _f\"></span>0<span class=\"sc0\"> </span></div></td></tr></table>3.2 Altr<span class=\"_ _1\"></span>e info<span class=\"_ _f\"></span>rmazioni<span class=\"_ _df\"> </span>Sono presenti contratti di<span class=\"_ _1\"></span> locazione, in qualit\u00e0 di locatore, per gli immobi<span class=\"_ _1\"></span>li di propriet\u00e0, mentre pe<span class=\"_ _1\"></span>r<span class=\"_ _df\"> </span>alcuni immobili di terzi presi in affi<span class=\"_ _1\"></span>tto sono stati stipulati contratti di sublocazione.",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfLeasePrepaymentsExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-751": {
   "value": "IVA<span class=\"_ _1\"></span> Sezio<span class=\"_ _1\"></span>ne 10<span class=\"_ _1\"></span> - Attivit\u00e0<span class=\"_ _1\"></span> imm<span class=\"_ _1\"></span>ateri<span class=\"_ _f\"></span>ali <span class=\"ff5\">\u2013</span> Voce 1<span class=\"_ _1\"></span>00 10.1 At<span class=\"_ _f\"></span>tivit\u00e0 i<span class=\"_ _1\"></span>mma<span class=\"_ _1\"></span>teriali<span class=\"_ _1\"></span>: com<span class=\"_ _1\"></span>posi<span class=\"_ _f\"></span>zione per<span class=\"_ _1\"></span> tipo<span class=\"_ _1\"></span>logia<span class=\"_ _f\"></span> di attivit<span class=\"_ _f\"></span>\u00e0<span class=\"_ _2\"></span> <table class=\"s wb94 h4df\" id=\"_b682bcfb-e2f1-4d8a-a6c4-8bdf1f5c6de6\"><tr><td></td><td></td><td class=\"c x535 y2965 w3ad h1b9\"><div class=\"t m0 x12 h1f y32 ff4 fs7 fc4 sc3 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale </div></td><td></td><td class=\"c x536 y2965 w3ad h1b9\"><div class=\"t m0 x12 h1f y32 ff4 fs7 fc4 sc3 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale </div></td><td></td></tr><tr><td class=\"c x44e y2966 w3c7 h26a\"><div class=\"t m0 x18 h1f y10ed ff4 fs7 fc4 sc3 ls0 ws0\">Atti<span class=\"_ _1\"></span>vit\u00e0/V<span class=\"_ _f\"></span>alori </div></td><td class=\"c x537 y2967 w993 h4e0\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/<span class=\"_ _df\"> </span></div></td><td class=\"c x538 y2967 w991 h4e0\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">2025<span class=\"_ _df\"> </span></div></td><td class=\"c x539 y2967 w993 h4e0\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/<span class=\"_ _df\"> </span></div></td><td class=\"c x53a y2967 w994 h4e0\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">2024<span class=\"_ _df\"> </span></div></td><td></td></tr><tr><td></td><td></td><td class=\"c x53b y2968 wb95 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">Dura<span class=\"_ _f\"></span>ta<span class=\"_ _df\"> </span></div></td><td class=\"c x53c y2968 wb95 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">Dura<span class=\"_ _f\"></span>ta<span class=\"_ _df\"> </span></div></td><td class=\"c x53d y2968 wb95 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">Dura<span class=\"_ _f\"></span>ta<span class=\"_ _df\"> </span></div></td><td class=\"c x53e y2968 wb95 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">Dura<span class=\"_ _f\"></span>ta<span class=\"_ _df\"> </span></div></td></tr><tr><td></td><td></td><td class=\"c x53f y2969 wb96 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">defin<span class=\"_ _f\"></span>ita<span class=\"_ _df\"> </span></div></td><td class=\"c x540 y2969 wb97 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">indef<span class=\"_ _f\"></span>inita<span class=\"_ _df\"> </span></div></td><td class=\"c x541 y2969 wb96 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">defin<span class=\"_ _f\"></span>ita<span class=\"_ _df\"> </span></div></td><td class=\"c x542 y2969 wb97 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">indef<span class=\"_ _f\"></span>inita<span class=\"_ _df\"> </span></div></td></tr><tr><td class=\"c x44e y296a w3c9 hc8\"><div class=\"t m0 x10 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">A.1 Av<span class=\"_ _f\"></span>viamen<span class=\"_ _f\"></span>to </div></td><td></td><td class=\"c x535 y296a w98 hc8\"><div class=\"t m0 x35 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x543 y296a w3c8 hc8\"><div class=\"t m0 x32 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">291.3<span class=\"_ _f\"></span>42 </div></td><td class=\"c x536 y296a wa8 hc8\"><div class=\"t m0 x35 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x518 y296a w208 hc8\"><div class=\"t m0 x32 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">291.3<span class=\"_ _f\"></span>42 </div></td></tr><tr><td class=\"c x44e y296b w3c9 hc8\"><div class=\"t m0 x10 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">A.1.1 di pertinenz<span class=\"_ _1\"></span>a del gruppo </div></td><td></td><td class=\"c x535 y296b w98 hc8\"><div class=\"t m0 x35 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x543 y296b w3c8 hc8\"><div class=\"t m0 x32 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">291.342 </div></td><td class=\"c x536 y296b wa8 hc8\"><div class=\"t m0 x35 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x518 y296b w208 hc8\"><div class=\"t m0 x32 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">291.342 </div></td></tr><tr><td class=\"c x44e y296c w3c9 hc8\"><div class=\"t m0 x10 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">A.1.2 di pertinenz<span class=\"_ _1\"></span>a di terzi </div></td><td></td><td class=\"c x535 y296c w98 hc8\"><div class=\"t m0 x35 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x543 y296c w3c8 hc8\"><div class=\"t m0 x1c h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x536 y296c wa8 hc8\"><div class=\"t m0 x35 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x518 y296c w208 hc8\"><div class=\"t m0 x1c h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y296d w3c9 hc8\"><div class=\"t m0 x10 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">A.2 A<span class=\"_ _1\"></span>ltre<span class=\"_ _1\"></span> att<span class=\"_ _1\"></span>ivit\u00e0<span class=\"_ _1\"></span> imm<span class=\"_ _f\"></span>ateriali<span class=\"_ _1\"></span> </div></td><td></td><td class=\"c x535 y296d w98 hc8\"><div class=\"t m0 x32 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">224.2<span class=\"_ _f\"></span>21 </div></td><td class=\"c x543 y296d w3c8 hc8\"><div class=\"t m0 x1c h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td><td class=\"c x536 y296d wa8 hc8\"><div class=\"t m0 x48 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">209.3<span class=\"_ _f\"></span>09 </div></td><td class=\"c x518 y296d w208 hc8\"><div class=\"t m0 x1c h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y296e w3c9 hc8\"><div class=\"t m0 x39 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">di cui: software </div></td><td></td><td class=\"c x535 y296e w98 hc8\"><div class=\"t m0 x32 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">213.735 </div></td><td class=\"c x543 y296e w3c8 hc8\"><div class=\"t m0 x1c h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td><td class=\"c x536 y296e wa8 hc8\"><div class=\"t m0 x35 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">196.821 </div></td><td class=\"c x518 y296e w208 hc8\"><div class=\"t m0 x1c h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y296f w3c9 hc8\"><div class=\"t m0 x10 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">A.2.1 Attivit\u00e0 valu<span class=\"_ _f\"></span>t<span class=\"_ _2\"></span>ate al c<span class=\"_ _f\"></span>o<span class=\"_ _2\"></span>sto: </div></td><td></td><td class=\"c x535 y296f w98 hc8\"><div class=\"t m0 x32 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">224.221 </div></td><td class=\"c x543 y296f w3c8 hc8\"><div class=\"t m0 x1c h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x536 y296f wa8 hc8\"><div class=\"t m0 x48 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">209.309 </div></td><td class=\"c x518 y296f w208 hc8\"><div class=\"t m0 x1c h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2970 w3c9 hc8\"><div class=\"t m0 x39 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">a) Attivit\u00e0 imma<span class=\"_ _1\"></span>teriali generate in<span class=\"_ _f\"></span>t<span class=\"_ _2\"></span>ername<span class=\"_ _1\"></span>nte </div></td><td></td><td class=\"c x535 y2970 w98 hc8\"><div class=\"t m0 x2c h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">26.350 </div></td><td class=\"c x543 y2970 w3c8 hc8\"><div class=\"t m0 x1c h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x536 y2970 wa8 hc8\"><div class=\"t m0 x2c h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">24.086 </div></td><td class=\"c x518 y2970 w208 hc8\"><div class=\"t m0 x1c h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2971 w3c9 h227\"><div class=\"t m0 x39 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">b) Altre attivit\u00e0 </div></td><td></td><td class=\"c x535 y2971 w98 h227\"><div class=\"t m0 x35 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">197.871 </div></td><td class=\"c x543 y2971 w3c8 h227\"><div class=\"t m0 x1c h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x536 y2971 wa8 h227\"><div class=\"t m0 x32 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">185.223 </div></td><td class=\"c x518 y2971 w208 h227\"><div class=\"t m0 x1c h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2972 w3c9 hc8\"><div class=\"t m0 x10 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">A.2.2 Attivit\u00e0 valu<span class=\"_ _f\"></span>tat<span class=\"_ _2\"></span>e al <span class=\"_ _1\"></span>fair value:<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x535 y2972 w98 hc8\"><div class=\"t m0 x7 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x543 y2972 w3c8 hc8\"><div class=\"t m0 x1c h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x536 y2972 wa8 hc8\"><div class=\"t m0 x1c h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x518 y2972 w208 hc8\"><div class=\"t m0 x1c h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2973 w3c9 hc8\"><div class=\"t m0 x39 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">a) Attivit\u00e0 imma<span class=\"_ _1\"></span>teriali generate in<span class=\"_ _f\"></span>t<span class=\"_ _2\"></span>ername<span class=\"_ _1\"></span>nte </div></td><td></td><td class=\"c x535 y2973 w98 hc8\"><div class=\"t m0 x7 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x543 y2973 w3c8 hc8\"><div class=\"t m0 x1c h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x536 y2973 wa8 hc8\"><div class=\"t m0 x1c h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x518 y2973 w208 hc8\"><div class=\"t m0 x1c h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2974 w3c9 hc8\"><div class=\"t m0 x39 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">b) Altre attivit\u00e0 </div></td><td></td><td class=\"c x535 y2974 w98 hc8\"><div class=\"t m0 x7 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x543 y2974 w3c8 hc8\"><div class=\"t m0 x1c h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x536 y2974 wa8 hc8\"><div class=\"t m0 x1c h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x518 y2974 w208 hc8\"><div class=\"t m0 x1c h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td></td><td class=\"c x44e y2975 w3c9 hc8\"><div class=\"t m0 x1d5 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale </div></td><td class=\"c x535 y2975 w98 hc8\"><div class=\"t m0 x32 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">224.2<span class=\"_ _f\"></span>21 </div></td><td class=\"c x543 y2975 w3c8 hc8\"><div class=\"t m0 x32 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">291.3<span class=\"_ _f\"></span>42 </div></td><td class=\"c x536 y2975 wa8 hc8\"><div class=\"t m0 x48 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">209.3<span class=\"_ _f\"></span>09 </div></td><td class=\"c x518 y2975 w208 hc8\"><div class=\"t m0 x32 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">291.3<span class=\"_ _f\"></span>42 </div></td></tr></table>La <span class=\"ff5\">voce\u201d Altre</span> <span class=\"ff5\">attivit\u00e0\u201d \u00e8 composta prev<span class=\"_ _1\"></span>alentemente da software e dall<span class=\"_ _1\"></span>a \u201cCustomer Relationship\u201d </span>relativa alle acquisizioni d<span class=\"ff5\">egli spor<span class=\"_ _2\"></span>telli de<span class=\"_ _1\"></span>i rami d\u2019azienda e alla f<span class=\"_ _2\"></span>usione della Cassa di Risparmio di </span>Cento.<span class=\"_ _df\"> </span><div class=\"c w37c h17a gsa5e\"><div class=\"t m0 x8a h5 y30 ff4 fs1 fc4 sc3 ls0 ws0\">10.2 <span class=\"_ _1\"></span>Attivi<span class=\"_ _1\"></span>t\u00e0 imm<span class=\"_ _f\"></span>aterial<span class=\"_ _1\"></span>i: va<span class=\"_ _1\"></span>riazio<span class=\"_ _f\"></span>ni annue<span class=\"fc1 sc0\"> </span></div></div><div class=\"gsa5f\"><table class=\"s wb98 h4e1\" id=\"_3207b65b-8117-451b-bfb9-56c919c5bb19\"><tr><td></td><td class=\"c x544 y2976 w385 h26b\"><div class=\"t m0 x8a h1f y8df ff4 fs7 fc4 sc3 ls0 ws0\">Avvi<span class=\"_ _1\"></span>ame<span class=\"_ _1\"></span>nto<span class=\"fc1 sc0\"> </span></div></td><td class=\"c x545 y2977 wb99 h484\" colspan=\"2\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">imm<span class=\"_ _f\"></span>aterial<span class=\"_ _1\"></span>i: gen<span class=\"_ _f\"></span>erate<span class=\"_ _df\"> </span></div></td><td class=\"c x546 y2978 wb9a h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">Altr<span class=\"_ _1\"></span>e atti<span class=\"_ _1\"></span>vit\u00e0<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x547 y2979 wb9b h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">imm<span class=\"_ _f\"></span>aterial<span class=\"_ _1\"></span>i: altr<span class=\"_ _f\"></span>e<span class=\"_ _df\"> </span></div></td><td class=\"c x548 y297a wb9a h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">Altr<span class=\"_ _1\"></span>e atti<span class=\"_ _1\"></span>vit\u00e0<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x549 y2976 w130 h26b\"><div class=\"t m0 x116 h1f y8df ff4 fs7 fc4 sc3 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale<span class=\"fc1 sc0\"> </span></div></td></tr><tr><td></td><td></td><td class=\"c x54a y297b wb9c h484\" colspan=\"2\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">inter<span class=\"_ _1\"></span>nam<span class=\"_ _f\"></span>ente<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td></td><td></td><td class=\"c x54b y2976 w1a5 h4d\"><div class=\"t m0 x16a h1f y28b ff4 fs7 fc4 sc3 ls0 ws0\">INDE<span class=\"_ _f\"></span>F<span class=\"fc1 sc0\"> </span></div></td><td class=\"c x54c y2976 w1df h4d\"><div class=\"t m0 x55 h1f y28b ff4 fs7 fc4 sc3 ls0 ws0\">D<span class=\"ls46\">EF</span><span class=\"fc1 sc0\"> </span></div></td><td></td><td class=\"c x54d y2976 w2e0 h4d\"><div class=\"t m0 x55 h1f y28b ff4 fs7 fc4 sc3 ls0 ws0\">DEF<span class=\"fc1 sc0\"> </span></div></td><td class=\"c x45f y2976 w1a8 h4d\"><div class=\"t m0 x16a h1f y28b ff4 fs7 fc4 sc3 ls0 ws0\">INDE<span class=\"_ _f\"></span>F<span class=\"fc1 sc0\"> </span></div></td><td></td><td></td></tr><tr><td class=\"c x46b y297c w3cb hc8\"><div class=\"t m0 x8a h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">A. Es<span class=\"_ _1\"></span>iste<span class=\"_ _1\"></span>nze i<span class=\"_ _1\"></span>nizia<span class=\"_ _f\"></span>li </div></td><td class=\"c x544 y297c w387 hc8\"><div class=\"t m0 x33 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">291.3<span class=\"_ _f\"></span>42<span class=\"sc0\"> </span></div></td><td></td><td class=\"c x54c y297c w18f hc8\"><div class=\"t m0 x55 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">88.3<span class=\"_ _f\"></span>27<span class=\"sc0\"> </span></div></td><td class=\"c x54b y297c w162 hc8\"><div class=\"t m0 x15 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x54d y297c w3cc hc8\"><div class=\"t m0 x2e h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">710.7<span class=\"_ _1\"></span>93<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td><td></td><td class=\"c x45f y297c w1a5 hc8\"><div class=\"t m0 x15 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x549 y297c w130 hc8\"><div class=\"t m0 xac h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">1.09<span class=\"_ _1\"></span>0.46<span class=\"_ _1\"></span>2<span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x46b y297d w3cb hc8\"><div class=\"t m0 x8a h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">A.1 Riduzioni di va<span class=\"_ _f\"></span>l<span class=\"_ _2\"></span>ore tota<span class=\"_ _1\"></span>li nette </div></td><td class=\"c x544 y297d w387 hc8\"><div class=\"t m0 x7 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x54c y297d w18f hc8\"><div class=\"t m0 x130 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">64.241 </div></td><td class=\"c x54b y297d w162 hc8\"><div class=\"t m0 x15 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x54d y297d w3cc hc8\"><div class=\"t m0 x116 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">525.570 </div></td><td></td><td class=\"c x45f y297d w1a5 hc8\"><div class=\"t m0 x15 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x549 y297d w130 hc8\"><div class=\"t m0 x55 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">589.811 </div></td></tr><tr><td class=\"c x46b y297e w3cb hc8\"><div class=\"t m0 x8a h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">A.2 Es<span class=\"_ _1\"></span>iste<span class=\"_ _1\"></span>nze<span class=\"_ _f\"></span> iniziali n<span class=\"_ _f\"></span>ette<span class=\"sc0\"> </span></div></td><td class=\"c x544 y297e w387 hc8\"><div class=\"t m0 x33 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">291.3<span class=\"_ _f\"></span>42<span class=\"sc0\"> </span></div></td><td></td><td class=\"c x54c y297e w18f hc8\"><div class=\"t m0 x55 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">24.0<span class=\"_ _f\"></span>86<span class=\"sc0\"> </span></div></td><td class=\"c x54b y297e w162 hc8\"><div class=\"t m0 x15 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x54d y297e w3cc hc8\"><div class=\"t m0 x2e h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">185.<span class=\"_ _1\"></span>223<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td><td></td><td class=\"c x45f y297e w1a5 hc8\"><div class=\"t m0 x15 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x549 y297e w130 hc8\"><div class=\"t m0 x55 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">500.<span class=\"_ _1\"></span>651<span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x46b y297f w3cb hc8\"><div class=\"t m0 x8a h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">B. A<span class=\"_ _1\"></span>umen<span class=\"_ _f\"></span>ti </div></td><td class=\"c x544 y297f w387 hc8\"><div class=\"t m0 x7 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td></td><td class=\"c x54c y297f w18f hc8\"><div class=\"t m0 x48 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">9.586<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x54b y297f w162 hc8\"><div class=\"t m0 x15 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x54d y297f w3cc hc8\"><div class=\"t m0 x48 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">71.319<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td><td></td><td class=\"c x45f y297f w1a5 hc8\"><div class=\"t m0 x15 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x549 y297f w130 hc8\"><div class=\"t m0 x130 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">80.9<span class=\"_ _f\"></span>05<span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x46b y2980 w3cb hc8\"><div class=\"t m0 x8a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">B.1 Acquisti </div></td><td class=\"c x544 y2980 w387 hc8\"><div class=\"t m0 x7 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x54c y2980 w18f hc8\"><div class=\"t m0 x33 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">6.812 </div></td><td class=\"c x54b y2980 w162 hc8\"><div class=\"t m0 x15 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x54d y2980 w3cc hc8\"><div class=\"t m0 x48 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">71.319 </div></td><td></td><td class=\"c x45f y2980 w1a5 hc8\"><div class=\"t m0 x15 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x549 y2980 w130 hc8\"><div class=\"t m0 x33 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">78.131 </div></td></tr><tr><td class=\"c x46b y2981 w3cb hc8\"><div class=\"t m0 x116 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- di cui operazio<span class=\"_ _1\"></span>ni di aggregaz<span class=\"_ _1\"></span>ione aziendale </div></td><td class=\"c x544 y2981 w387 hc8\"><div class=\"t m0 x7 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x54c y2981 w18f hc8\"><div class=\"t m0 x36 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x54b y2981 w162 hc8\"><div class=\"t m0 x15 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x54d y2981 w3cc hc8\"><div class=\"t m0 x8f h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x45f y2981 w1a5 hc8\"><div class=\"t m0 x15 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x549 y2981 w130 hc8\"><div class=\"t m0 x8f h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y2982 w3cb hc8\"><div class=\"t m0 x8a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">B.2 Incrementi d<span class=\"_ _1\"></span>i attivit\u00e0 imma<span class=\"_ _1\"></span>teriali interne<span class=\"_ _df\"> </span></div></td><td class=\"c x544 y2982 w387 hc8\"><div class=\"t m0 x2c h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td></td><td class=\"c x54c y2982 w18f hc8\"><div class=\"t m0 x48 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">2.774 </div></td><td class=\"c x54b y2982 w162 hc8\"><div class=\"t m0 x15 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x54d y2982 w3cc hc8\"><div class=\"t m0 x8f h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x45f y2982 w1a5 hc8\"><div class=\"t m0 x15 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x549 y2982 w130 hc8\"><div class=\"t m0 x32 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">2.774 </div></td></tr><tr><td class=\"c x46b y2983 w3cb hc8\"><div class=\"t m0 x8a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">B.3 Riprese di val<span class=\"_ _1\"></span>ore </div></td><td class=\"c x544 y2983 w387 hc8\"><div class=\"t m0 x2c h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td></td><td class=\"c x54c y2983 w18f hc8\"><div class=\"t m0 x36 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x54b y2983 w162 hc8\"><div class=\"t m0 x15 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x54d y2983 w3cc hc8\"><div class=\"t m0 x8f h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x45f y2983 w1a5 hc8\"><div class=\"t m0 x15 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x549 y2983 w130 hc8\"><div class=\"t m0 x8f h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y2984 w3cb hc8\"><div class=\"t m0 x8a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">B.4 Variazioni p<span class=\"_ _1\"></span>ositive di fair <span class=\"_ _1\"></span>value </div></td><td class=\"c x544 y2984 w387 hc8\"><div class=\"t m0 x7 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x54c y2984 w18f hc8\"><div class=\"t m0 x36 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x54b y2984 w162 hc8\"><div class=\"t m0 x15 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x54d y2984 w3cc hc8\"><div class=\"t m0 x8f h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x45f y2984 w1a5 hc8\"><div class=\"t m0 x15 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x549 y2984 w130 hc8\"><div class=\"t m0 x8f h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y2985 w3cb h227\"><div class=\"t m0 x48 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- <span class=\"ls4b\">a </span>patrimon<span class=\"_ _1\"></span>io netto<span class=\"_ _df\"> </span></div></td><td class=\"c x544 y2985 w387 h227\"><div class=\"t m0 x2c h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td></td><td class=\"c x54c y2985 w18f h227\"><div class=\"t m0 x36 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x54b y2985 w162 h227\"><div class=\"t m0 x15 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x54d y2985 w3cc h227\"><div class=\"t m0 x8f h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x45f y2985 w1a5 h227\"><div class=\"t m0 x15 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x549 y2985 w130 h227\"><div class=\"t m0 x8f h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y2986 w3cb hc8\"><div class=\"t m0 x48 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- a conto econ<span class=\"_ _1\"></span>omico  </div></td><td class=\"c x544 y2986 w387 hc8\"><div class=\"t m0 x2c h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td></td><td class=\"c x54c y2986 w18f hc8\"><div class=\"t m0 x36 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x54b y2986 w162 hc8\"><div class=\"t m0 x15 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x54d y2986 w3cc hc8\"><div class=\"t m0 x8f h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x45f y2986 w1a5 hc8\"><div class=\"t m0 x15 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x549 y2986 w130 hc8\"><div class=\"t m0 x8f h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y2987 w3cb hc8\"><div class=\"t m0 x8a h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">B.5 Differenze d<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span> cambio <span class=\"_ _1\"></span>positive </div></td><td class=\"c x544 y2987 w387 hc8\"><div class=\"t m0 x7 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x54c y2987 w18f hc8\"><div class=\"t m0 x36 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x54b y2987 w162 hc8\"><div class=\"t m0 x15 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x54d y2987 w3cc hc8\"><div class=\"t m0 x8f h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x45f y2987 w1a5 hc8\"><div class=\"t m0 x15 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x549 y2987 w130 hc8\"><div class=\"t m0 x8f h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y2988 w3cb hc8\"><div class=\"t m0 x8a h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">B.6 Altre variaz<span class=\"_ _1\"></span>ioni<span class=\"_ _df\"> </span></div></td><td class=\"c x544 y2988 w387 hc8\"><div class=\"t m0 x7 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x54c y2988 w18f hc8\"><div class=\"t m0 x36 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x54b y2988 w162 hc8\"><div class=\"t m0 x15 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x54d y2988 w3cc hc8\"><div class=\"t m0 x8f h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x45f y2988 w1a5 hc8\"><div class=\"t m0 x15 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x549 y2988 w130 hc8\"><div class=\"t m0 x8f h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y2989 w3cb hc8\"><div class=\"t m0 x8a h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">C. Dim<span class=\"_ _f\"></span>inuzion<span class=\"_ _f\"></span>i </div></td><td class=\"c x544 y2989 w387 hc8\"><div class=\"t m0 x7 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td></td><td class=\"c x54c y2989 w18f hc8\"><div class=\"t m0 x48 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">7.322<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x54b y2989 w162 hc8\"><div class=\"t m0 x15 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x54d y2989 w3cc hc8\"><div class=\"t m0 x14 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">58.67<span class=\"_ _f\"></span>1<span class=\"sc0\"> </span></div></td><td></td><td class=\"c x45f y2989 w1a5 hc8\"><div class=\"t m0 x15 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x549 y2989 w130 hc8\"><div class=\"t m0 x39 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">65.9<span class=\"_ _f\"></span>93<span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x46b y298a w3cb hc8\"><div class=\"t m0 x8a h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">C.1 Vendite </div></td><td class=\"c x544 y298a w387 hc8\"><div class=\"t m0 x7 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x54c y298a w18f hc8\"><div class=\"t m0 x36 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x54b y298a w162 hc8\"><div class=\"t m0 x15 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x54d y298a w3cc hc8\"><div class=\"t m0 x8f h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x45f y298a w1a5 hc8\"><div class=\"t m0 x15 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x549 y298a w130 hc8\"><div class=\"t m0 x8f h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y298b w3cb hc8\"><div class=\"t m0 x116 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- di cui operazio<span class=\"_ _1\"></span>ni di aggregaz<span class=\"_ _1\"></span>ione aziendale </div></td><td class=\"c x544 y298b w387 hc8\"><div class=\"t m0 x7 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x54c y298b w18f hc8\"><div class=\"t m0 x36 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x54b y298b w162 hc8\"><div class=\"t m0 x15 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x54d y298b w3cc hc8\"><div class=\"t m0 x8f h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x45f y298b w1a5 hc8\"><div class=\"t m0 x15 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x549 y298b w130 hc8\"><div class=\"t m0 x8f h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y298c w3cb hc8\"><div class=\"t m0 x8a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">C.2 Rettifiche di <span class=\"_ _f\"></span>v<span class=\"_ _2\"></span>alore </div></td><td class=\"c x544 y298c w387 hc8\"><div class=\"t m0 x7 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x54c y298c w18f hc8\"><div class=\"t m0 x48 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">7.322 </div></td><td class=\"c x54b y298c w162 hc8\"><div class=\"t m0 x15 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x54d y298c w3cc hc8\"><div class=\"t m0 x55 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">58.670 </div></td><td></td><td class=\"c x45f y298c w1a5 hc8\"><div class=\"t m0 x15 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x549 y298c w130 hc8\"><div class=\"t m0 x39 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">65.992 </div></td></tr><tr><td class=\"c x46b y298d w3cb hc8\"><div class=\"t m0 x48 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- Ammortamenti<span class=\"_ _df\"> </span></div></td><td class=\"c x544 y298d w387 hc8\"><div class=\"t m0 x2c h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td></td><td class=\"c x54c y298d w18f hc8\"><div class=\"t m0 x48 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">7.322 </div></td><td class=\"c x54b y298d w162 hc8\"><div class=\"t m0 x15 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x54d y298d w3cc hc8\"><div class=\"t m0 x55 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">58.670 </div></td><td></td><td class=\"c x45f y298d w1a5 hc8\"><div class=\"t m0 x15 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x549 y298d w130 hc8\"><div class=\"t m0 x39 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">65.992 </div></td></tr><tr><td class=\"c x46b y298e w3cb hc8\"><div class=\"t m0 x48 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- Svalutazioni </div></td><td class=\"c x544 y298e w387 hc8\"><div class=\"t m0 x7 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x54c y298e w18f hc8\"><div class=\"t m0 x36 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x54b y298e w162 hc8\"><div class=\"t m0 x15 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x54d y298e w3cc hc8\"><div class=\"t m0 x8f h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x45f y298e w1a5 hc8\"><div class=\"t m0 x15 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x549 y298e w130 hc8\"><div class=\"t m0 x8f h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y298f w3cb hc8\"><div class=\"t m0 x26 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">+ patrimonio net<span class=\"_ _1\"></span>to </div></td><td class=\"c x544 y298f w387 hc8\"><div class=\"t m0 x2c h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td></td><td class=\"c x54c y298f w18f hc8\"><div class=\"t m0 x36 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x54b y298f w162 hc8\"><div class=\"t m0 x15 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x54d y298f w3cc hc8\"><div class=\"t m0 x8f h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x45f y298f w1a5 hc8\"><div class=\"t m0 x15 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x549 y298f w130 hc8\"><div class=\"t m0 x8f h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y2990 w3cb hc8\"><div class=\"t m0 x26 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">+ conto economic<span class=\"_ _f\"></span>o<span class=\"_ _df\"> </span></div></td><td class=\"c x544 y2990 w387 hc8\"><div class=\"t m0 x7 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x54c y2990 w18f hc8\"><div class=\"t m0 x36 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x54b y2990 w162 hc8\"><div class=\"t m0 x15 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x54d y2990 w3cc hc8\"><div class=\"t m0 x8f h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x45f y2990 w1a5 hc8\"><div class=\"t m0 x15 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x549 y2990 w130 hc8\"><div class=\"t m0 x8f h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y2991 w3cb hc8\"><div class=\"t m0 x8a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">C.3 Variazioni nega<span class=\"_ _f\"></span>tive di fair value:<span class=\"_ _df\"> </span></div></td><td class=\"c x544 y2991 w387 hc8\"><div class=\"t m0 x7 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x54c y2991 w18f hc8\"><div class=\"t m0 x36 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x54b y2991 w162 hc8\"><div class=\"t m0 x15 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x54d y2991 w3cc hc8\"><div class=\"t m0 x8f h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x45f y2991 w1a5 hc8\"><div class=\"t m0 x15 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x549 y2991 w130 hc8\"><div class=\"t m0 x8f h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y2992 w3cb hc8\"><div class=\"t m0 x48 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- a patrimonio ne<span class=\"_ _1\"></span>tto<span class=\"_ _df\"> </span></div></td><td class=\"c x544 y2992 w387 hc8\"><div class=\"t m0 x2c h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td></td><td class=\"c x54c y2992 w18f hc8\"><div class=\"t m0 x36 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x54b y2992 w162 hc8\"><div class=\"t m0 x15 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x54d y2992 w3cc hc8\"><div class=\"t m0 x8f h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x45f y2992 w1a5 hc8\"><div class=\"t m0 x15 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x549 y2992 w130 hc8\"><div class=\"t m0 x8f h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y2993 w3cb h227\"><div class=\"t m0 x48 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- a conto econ<span class=\"_ _1\"></span>omico  </div></td><td class=\"c x544 y2993 w387 h227\"><div class=\"t m0 x2c h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td></td><td class=\"c x54c y2993 w18f h227\"><div class=\"t m0 x36 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x54b y2993 w162 h227\"><div class=\"t m0 x15 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x54d y2993 w3cc h227\"><div class=\"t m0 x8f h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x45f y2993 w1a5 h227\"><div class=\"t m0 x15 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x549 y2993 w130 h227\"><div class=\"t m0 x8f h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x262 y2994 wb9d h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">C.4 Trasferimen<span class=\"_ _1\"></span>ti alle attivit\u00e0 n<span class=\"_ _f\"></span>o<span class=\"_ _2\"></span>n co<span class=\"_ _1\"></span>rrenti in via di<span class=\"_ _df\"> </span></div></td><td class=\"c x544 y2995 w387 had\"><div class=\"t m0 x7 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x54c y2995 w18f had\"><div class=\"t m0 x36 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x54b y2995 w162 had\"><div class=\"t m0 x15 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x54d y2995 w3cc had\"><div class=\"t m0 x8f h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x45f y2995 w1a5 had\"><div class=\"t m0 x15 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x549 y2995 w130 had\"><div class=\"t m0 x8f h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x262 y2996 w98d h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">dismissione<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x46b y2997 w3cb hc8\"><div class=\"t m0 x8a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">C.5 Differenze<span class=\"_ _1\"></span> di cambio negati<span class=\"_ _1\"></span>ve </div></td><td class=\"c x544 y2997 w387 hc8\"><div class=\"t m0 x7 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x54c y2997 w18f hc8\"><div class=\"t m0 x36 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x54b y2997 w162 hc8\"><div class=\"t m0 x15 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x54d y2997 w3cc hc8\"><div class=\"t m0 x8f h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x45f y2997 w1a5 hc8\"><div class=\"t m0 x15 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x549 y2997 w130 hc8\"><div class=\"t m0 x8f h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y2998 w3cb hc8\"><div class=\"t m0 x8a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">C.6 Altre variazi<span class=\"_ _f\"></span>o<span class=\"_ _2\"></span>ni </div></td><td class=\"c x544 y2998 w387 hc8\"><div class=\"t m0 x7 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x54c y2998 w18f hc8\"><div class=\"t m0 x36 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x54b y2998 w162 hc8\"><div class=\"t m0 x15 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x54d y2998 w3cc hc8\"><div class=\"t m0 x8f h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">1 </div></td><td></td><td class=\"c x45f y2998 w1a5 hc8\"><div class=\"t m0 x15 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x549 y2998 w130 hc8\"><div class=\"t m0 x13 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">1 </div></td></tr><tr><td class=\"c x46b y2999 w3cb hc8\"><div class=\"t m0 x8a h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">D. Rim<span class=\"_ _f\"></span>anenz<span class=\"_ _1\"></span>e fin<span class=\"_ _f\"></span>ali net<span class=\"_ _1\"></span>te </div></td><td class=\"c x544 y2999 w387 hc8\"><div class=\"t m0 x33 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">291.3<span class=\"_ _f\"></span>42<span class=\"sc0\"> </span></div></td><td></td><td class=\"c x54c y2999 w18f hc8\"><div class=\"t m0 x55 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">26.35<span class=\"_ _f\"></span>0<span class=\"sc0\"> </span></div></td><td class=\"c x54b y2999 w162 hc8\"><div class=\"t m0 x15 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x54d y2999 w3cc hc8\"><div class=\"t m0 x55 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">197.8<span class=\"_ _1\"></span>71<span class=\"sc0\"> </span></div></td><td></td><td class=\"c x45f y2999 w1a5 hc8\"><div class=\"t m0 x15 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x549 y2999 w130 hc8\"><div class=\"t m0 x55 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">515.56<span class=\"_ _f\"></span>4<span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x46b y299a w3cb hc8\"><div class=\"t m0 x8a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">D.1 Rettifiche d<span class=\"_ _1\"></span>i valori totali nette </div></td><td class=\"c x544 y299a w387 hc8\"><div class=\"t m0 x7 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x54c y299a w18f hc8\"><div class=\"t m0 x130 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">71.563 </div></td><td class=\"c x54b y299a w162 hc8\"><div class=\"t m0 x15 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x54d y299a w3cc hc8\"><div class=\"t m0 x16a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">582.440<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x45f y299a w1a5 hc8\"><div class=\"t m0 x15 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x549 y299a w130 hc8\"><div class=\"t m0 x116 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">654.003 </div></td></tr><tr><td class=\"c x46b y299b w3cb hc8\"><div class=\"t m0 x8a h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">E. Ri<span class=\"_ _1\"></span>man<span class=\"_ _f\"></span>enze fin<span class=\"_ _1\"></span>ali l<span class=\"_ _1\"></span>orde<span class=\"_ _f\"></span> </div></td><td class=\"c x544 y299b w387 hc8\"><div class=\"t m0 x33 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">291.3<span class=\"_ _f\"></span>42<span class=\"sc0\"> </span></div></td><td></td><td class=\"c x54c y299b w18f hc8\"><div class=\"t m0 x39 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">97.9<span class=\"_ _f\"></span>13<span class=\"sc0\"> </span></div></td><td class=\"c x54b y299b w162 hc8\"><div class=\"t m0 x15 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x54d y299b w3cc hc8\"><div class=\"t m0 x55 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">780.3<span class=\"_ _f\"></span>11<span class=\"sc0\"> </span></div></td><td></td><td class=\"c x45f y299b w1a5 hc8\"><div class=\"t m0 x15 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x549 y299b w130 hc8\"><div class=\"t m0 x2f h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">1.169<span class=\"_ _1\"></span>.566<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x46b y299c w3cb hc8\"><div class=\"t m0 x8a h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">F. Valutazione al c<span class=\"_ _f\"></span>o<span class=\"_ _2\"></span>sto<span class=\"_ _df\"> </span></div></td><td class=\"c x544 y299c w387 hc8\"><div class=\"t m0 x7 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x54c y299c w18f hc8\"><div class=\"t m0 x36 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x54b y299c w162 hc8\"><div class=\"t m0 x15 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x54d y299c w3cc hc8\"><div class=\"t m0 x8f h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x45f y299c w1a5 hc8\"><div class=\"t m0 x15 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x549 y299c w130 hc8\"><div class=\"t m0 x8f h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr></table></div><div class=\"t m0 h5 ff4 fs1 fc4 sc3 ls0 ws0 gsa60\">Lege<span class=\"_ _f\"></span>nda </div><div class=\"t m0 h1f ff4 fs7 fc1 sc0 ls0 ws0 gsa61\">DEF: a durata de<span class=\"_ _f\"></span>f<span class=\"_ _2\"></span>inita </div><div class=\"t m0 h1f ff4 fs7 fc1 sc0 ls0 ws0 gsa62\">INDEF: a durata <span class=\"_ _1\"></span>indefinita </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gsa63\">La <span class=\"_ _d\"></span>sottovoce <span class=\"_ _2\"></span>\u201cF <span class=\"_ _0\"></span><span class=\"ff4\">- <span class=\"_ _d\"></span></span>Valutazione <span class=\"_ _2\"></span>al <span class=\"_ _d\"></span>costo\u201d <span class=\"_ _d\"></span>non <span class=\"_ _d\"></span>\u00e8 <span class=\"_ _2\"></span>valorizzata <span class=\"_ _d\"></span>in <span class=\"_ _2\"></span>quanto, <span class=\"_ _d\"></span>come <span class=\"_ _d\"></span>da <span class=\"_ _2\"></span>istruzioni <span class=\"_ _d\"></span>di <span class=\"_ _2\"></span>Banc<span class=\"_ _2\"></span>a </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gsa64\">d\u2019Italia, <span class=\"_ _0\"></span>la <span class=\"_ _0\"></span>sua <span class=\"_ _0\"></span>compilazione <span class=\"_ _0\"></span>\u00e8 <span class=\"_ _0\"></span>p<span class=\"_ _2\"></span>revista <span class=\"_ _0\"></span>solo <span class=\"_ _0\"></span>per <span class=\"_ _0\"></span>le <span class=\"_ _0\"> </span>attivit\u00e0 <span class=\"_ _0\"></span>immateriali <span class=\"_ _0\"></span>valutate <span class=\"_ _0\"></span>in <span class=\"_ _9\"> </span>bilancio <span class=\"_ _d\"></span>al <span class=\"_ _9\"> </span>fair </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsa65\">value. </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsa66\">Gli incrementi delle attivit\u00e0 immateriali sono principalmente riferibi<span class=\"_ _1\"></span>li a nuovi sviluppi applicativi.<span class=\"_ _df\"> </span> <span class=\"_ _2\"></span> </div>Si <span class=\"_ _9\"> </span>fornisce <span class=\"_ _9\"> </span>il <span class=\"_ _9\"> </span>dettaglio <span class=\"_ _9\"> </span>degli <span class=\"_ _9\"> </span>avviamenti <span class=\"_ _9\"> </span>consolidati <span class=\"_ _9\"> </span>con <span class=\"_ _16\"> </span>il <span class=\"_ _9\"> </span>riferimento <span class=\"_ _9\"> </span>all\u2019anno <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>acquisizione <span class=\"_ _9\"> </span>o fusione della entit\u00e0 relativa: <table class=\"s wb9e h4e2\" id=\"_567a2a0f-77c4-4f74-a5b3-927c29774574\"><tr><td class=\"c x54f y299d w3cd h26d\"><div class=\"t m0 x15d h1f y5a ff4 fs7 fc1 sc0 ls0 ws0\">Gruppi f<span class=\"_ _f\"></span>ilial<span class=\"_ _f\"></span>i/ban<span class=\"_ _f\"></span>che<span class=\"_ _1\"></span> </div></td><td class=\"c x550 y299e w3ce h26e\"><div class=\"t m0 x0 h1f y5b ff4 fs7 fc1 sc0 ls0 ws0\">Anno <span class=\"lsd7\">di</span> f<span class=\"_ _f\"></span>usio<span class=\"_ _1\"></span>ne </div></td><td></td><td></td></tr><tr><td></td><td class=\"c x550 y299d w3ce h26f\"><div class=\"t m0 x0 h1f y66c ff4 fs7 fc1 sc0 ls0 ws0\">o <span class=\"lsd7\">di</span> acq<span class=\"_ _f\"></span>uisiz<span class=\"_ _f\"></span>ione<span class=\"_ _f\"></span> </div></td><td></td><td></td></tr><tr><td class=\"c x54f y299f w3cd h12\"><div class=\"t m0 x15d h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">Filiali <span class=\"_ _f\"></span>Deutsche B<span class=\"_ _f\"></span>an<span class=\"_ _f\"></span>k </div></td><td class=\"c x550 y299f w3ce h12\"><div class=\"t m0 x8 h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">19<span class=\"_ _f\"></span>98<span class=\"_ _1\"></span> </div></td><td class=\"c x551 y299f w3cf h12\"><div class=\"t m0 xc6 h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">2<span class=\"_ _1\"></span>.6<span class=\"_ _f\"></span>95 </div></td><td class=\"c x552 y299f w3d0 h12\"><div class=\"t m0 x35 h1f y27 ff4 fs7 fc1 sc0 ls0 ws0\">CGU B<span class=\"_ _1\"></span>ank<span class=\"_ _f\"></span>ing </div></td></tr><tr><td class=\"c x54f y29a0 w3cd h1d\"><div class=\"t m0 x15d h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">B.C.C. <span class=\"_ _11\"></span>Curin<span class=\"_ _1\"></span>ga </div></td><td class=\"c x550 y29a0 w3ce h1d\"><div class=\"t m0 x8 h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">19<span class=\"_ _f\"></span>98<span class=\"_ _1\"></span> </div></td><td class=\"c x551 y29a0 w3cf h1d\"><div class=\"t m0 xc3 h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">91<span class=\"_ _f\"></span>7<span class=\"_ _1\"></span> </div></td><td class=\"c x552 y29a0 w3d0 h1d\"><div class=\"t m0 x35 h1f y295 ff4 fs7 fc1 sc0 ls0 ws0\">CGU B<span class=\"_ _1\"></span>ank<span class=\"_ _f\"></span>ing </div></td></tr><tr><td class=\"c x54f y29a1 w3cd h1d\"><div class=\"t m0 x15d h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">B.C.C. <span class=\"_ _f\"></span><span class=\"ls6\">San<span class=\"ls0\"> <span class=\"_ _1\"></span>Giovanni Ge<span class=\"_ _1\"></span>min<span class=\"_ _f\"></span>i</span></span><span class=\"ls6\"><span class=\"ls0\"> </span></span></div></td><td class=\"c x550 y29a1 w3ce h1d\"><div class=\"t m0 x8 h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">19<span class=\"_ _f\"></span>98<span class=\"_ _1\"></span> </div></td><td class=\"c x551 y29a1 w3cf h1d\"><div class=\"t m0 x1af h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">4<span class=\"_ _1\"></span>52<span class=\"_ _f\"></span> </div></td><td class=\"c x552 y29a1 w3d0 h1d\"><div class=\"t m0 x35 h1f y295 ff4 fs7 fc1 sc0 ls0 ws0\">CGU B<span class=\"_ _1\"></span>ank<span class=\"_ _f\"></span>ing </div></td></tr><tr><td class=\"c x54f y29a2 w3cd h1d\"><div class=\"t m0 x15d h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">Banca de<span class=\"_ _f\"></span>i Comuni N<span class=\"_ _f\"></span>olan<span class=\"_ _f\"></span>i </div></td><td class=\"c x550 y29a2 w3ce h1d\"><div class=\"t m0 x8 h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">19<span class=\"_ _f\"></span>98<span class=\"_ _1\"></span> </div></td><td class=\"c x551 y29a2 w3cf h1d\"><div class=\"t m0 xe h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">2.<span class=\"_ _1\"></span>361<span class=\"_ _f\"></span> </div></td><td class=\"c x552 y29a2 w3d0 h1d\"><div class=\"t m0 x35 h1f y295 ff4 fs7 fc1 sc0 ls0 ws0\">CGU B<span class=\"_ _1\"></span>ank<span class=\"_ _f\"></span>ing </div></td></tr><tr><td class=\"c x54f y29a3 w3cd h1d\"><div class=\"t m0 x15d h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">Banca de<span class=\"_ _1\"></span>lla Pr<span class=\"_ _1\"></span>ovincia <span class=\"lsd8\">di</span> Nap<span class=\"_ _f\"></span>oli<span class=\"_ _f\"></span> </div></td><td class=\"c x550 y29a3 w3ce h1d\"><div class=\"t m0 x8 h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">19<span class=\"_ _f\"></span>98<span class=\"_ _1\"></span> </div></td><td class=\"c x551 y29a3 w3cf h1d\"><div class=\"t m0 x11d h1f y80 ff4 fs7 fc1 sc0 lsd9 ws0\">58<span class=\"ls0\"> </span></div></td><td class=\"c x552 y29a3 w3d0 h1d\"><div class=\"t m0 x35 h1f y27 ff4 fs7 fc1 sc0 ls0 ws0\">CGU B<span class=\"_ _1\"></span>ank<span class=\"_ _f\"></span>ing </div></td></tr><tr><td class=\"c x54f y29a4 w3cd h1d\"><div class=\"t m0 x15d h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">B.C.C. <span class=\"_ _f\"></span>Alto Crot<span class=\"_ _f\"></span>ones<span class=\"_ _f\"></span>e </div></td><td class=\"c x550 y29a4 w3ce h1d\"><div class=\"t m0 x8 h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">19<span class=\"_ _f\"></span>99<span class=\"_ _f\"></span> </div></td><td class=\"c x551 y29a4 w3cf h1d\"><div class=\"t m0 xc3 h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">16<span class=\"_ _f\"></span>1<span class=\"_ _1\"></span> </div></td><td class=\"c x552 y29a4 w3d0 h1d\"><div class=\"t m0 x35 h1f y295 ff4 fs7 fc1 sc0 ls0 ws0\">CGU B<span class=\"_ _1\"></span>ank<span class=\"_ _f\"></span>ing </div></td></tr><tr><td class=\"c x54f y29a5 w3cd h1d\"><div class=\"t m0 x15d h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">B.C.C. <span class=\"_ _f\"></span>Fortore <span class=\"_ _1\"></span>Misc<span class=\"_ _f\"></span>ano<span class=\"_ _1\"></span> </div></td><td class=\"c x550 y29a5 w3ce h1d\"><div class=\"t m0 x8 h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">19<span class=\"_ _f\"></span>99<span class=\"_ _f\"></span> </div></td><td class=\"c x551 y29a5 w3cf h1d\"><div class=\"t m0 xa3 h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">1.<span class=\"_ _1\"></span>377<span class=\"_ _1\"></span> </div></td><td class=\"c x552 y29a5 w3d0 h1d\"><div class=\"t m0 x35 h1f y27 ff4 fs7 fc1 sc0 ls0 ws0\">CGU B<span class=\"_ _1\"></span>ank<span class=\"_ _f\"></span>ing </div></td></tr><tr><td class=\"c x54f y29a6 w3cd h1c\"><div class=\"t m0 x15d h1f y74a ff4 fs7 fc1 sc0 ls0 ws0\">Banca P<span class=\"_ _f\"></span>o<span class=\"_ _2\"></span>polare <span class=\"_ _f\"></span>And<span class=\"_ _f\"></span>riese<span class=\"_ _f\"></span> </div></td><td class=\"c x550 y29a6 w3ce h1c\"><div class=\"t m0 xe h1f y74a ff4 fs7 fc1 sc0 lsda ws0\">2000<span class=\"ls0\"> </span></div></td><td class=\"c x551 y29a6 w3cf h1c\"><div class=\"t m0 x7 h1f y74a ff4 fs7 fc1 sc0 ls0 ws0\">17.<span class=\"_ _f\"></span>669 </div></td><td class=\"c x552 y29a6 w3d0 h1c\"><div class=\"t m0 x35 h1f y2ef ff4 fs7 fc1 sc0 ls0 ws0\">CGU B<span class=\"_ _1\"></span>ank<span class=\"_ _f\"></span>ing </div></td></tr><tr><td class=\"c x54f y29a7 w3cd h69\"><div class=\"t m0 x15d h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">Banca di L<span class=\"_ _f\"></span>atina<span class=\"_ _f\"></span> </div></td><td class=\"c x550 y29a7 w3ce h69\"><div class=\"t m0 xa3 h1f y80 ff4 fs7 fc1 sc0 lsda ws0\">2003<span class=\"ls0\"> </span></div></td><td class=\"c x551 y29a7 w3cf h69\"><div class=\"t m0 xf h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">3.<span class=\"_ _f\"></span>02<span class=\"_ _f\"></span>8 </div></td><td class=\"c x552 y29a7 w3d0 h69\"><div class=\"t m0 x35 h1f y27 ff4 fs7 fc1 sc0 ls0 ws0\">CGU B<span class=\"_ _1\"></span>ank<span class=\"_ _f\"></span>ing </div></td></tr><tr><td class=\"c x54f y29a8 w3cd h1c\"><div class=\"t m0 x15d h1f y74a ff4 fs7 fc1 sc0 ls0 ws0\">Filiali <span class=\"_ _f\"></span>Citibank <span class=\"_ _f\"></span>International <span class=\"_ _f\"></span>PL<span class=\"_ _1\"></span>C<span class=\"_ _f\"></span> </div></td><td class=\"c x550 y29a8 w3ce h1c\"><div class=\"t m0 xe h1f y74a ff4 fs7 fc1 sc0 lsda ws0\">2008<span class=\"ls0\"> </span></div></td><td class=\"c x551 y29a8 w3cf h1c\"><div class=\"t m0 x90 h1f y74a ff4 fs7 fc1 sc0 ls0 ws0\">36.<span class=\"_ _f\"></span>307 </div></td><td class=\"c x552 y29a8 w3d0 h1c\"><div class=\"t m0 x35 h1f y2ef ff4 fs7 fc1 sc0 ls0 ws0\">CGU B<span class=\"_ _1\"></span>ank<span class=\"_ _f\"></span>ing </div></td></tr><tr><td class=\"c x54f y29a9 w3cd h6a\"><div class=\"t m0 x15d h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">Filiali Banc<span class=\"_ _f\"></span>o<span class=\"_ _2\"></span> <span class=\"_ _f\"></span>Popo<span class=\"_ _f\"></span>lare<span class=\"_ _f\"></span> </div></td><td class=\"c x550 y29a9 w3ce h6a\"><div class=\"t m0 xe h1f y80 ff4 fs7 fc1 sc0 lsda ws0\">2008<span class=\"ls0\"> </span></div></td><td class=\"c x551 y29a9 w3cf h6a\"><div class=\"t m0 x91 h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">11<span class=\"_ _1\"></span>9.9<span class=\"_ _f\"></span>26 </div></td><td class=\"c x552 y29a9 w3d0 h6a\"><div class=\"t m0 x35 h1f y1649 ff4 fs7 fc1 sc0 ls0 ws0\">CGU B<span class=\"_ _1\"></span>ank<span class=\"_ _f\"></span>ing </div></td></tr><tr><td class=\"c x54f y29aa w3cd hc8\"><div class=\"t m0 x15d h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">Filiali <span class=\"_ _f\"></span>Unic<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>dit<span class=\"_ _f\"></span> </div></td><td class=\"c x550 y29aa w3ce hc8\"><div class=\"t m0 xe h1f y54 ff4 fs7 fc1 sc0 lsda ws0\">2008<span class=\"ls0\"> </span></div></td><td class=\"c x551 y29aa w3cf hc8\"><div class=\"t m0 x90 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">94.<span class=\"_ _f\"></span>433 </div></td><td class=\"c x552 y29aa w3d0 hc8\"><div class=\"t m0 x35 h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">CGU B<span class=\"_ _1\"></span>ank<span class=\"_ _f\"></span>ing </div></td></tr><tr><td class=\"c x54f y29ab w3cd h1d\"><div class=\"t m0 x15d h1f ye4c ff4 fs7 fc4 sc3 ls0 ws0\">TOTA<span class=\"_ _1\"></span>LE <span class=\"_ _f\"></span>BAN<span class=\"_ _1\"></span>CHE <span class=\"_ _f\"></span>INC<span class=\"_ _f\"></span>OR<span class=\"_ _1\"></span>PO<span class=\"_ _1\"></span>R<span class=\"_ _1\"></span>AT<span class=\"_ _f\"></span>E<span class=\"fc1 sc2\"> </span></div></td><td></td><td class=\"c x551 y29ab w3cf h1d\"><div class=\"t m0 x11 h1f ye4c ff4 fs7 fc4 sc3 ls0 ws0\">27<span class=\"_ _f\"></span>9.3<span class=\"_ _f\"></span>84<span class=\"_ _1\"></span><span class=\"fc1 sc2\"> </span></div></td><td></td></tr><tr><td class=\"c x262 y29ac wb9f h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">Euromobiliare <span class=\"_ _f\"></span>A.M. <span class=\"_ _1\"></span>Sgr (r<span class=\"_ _1\"></span>amo cedu<span class=\"_ _1\"></span>to <span class=\"_ _f\"></span><span class=\"lsd7\">da<span class=\"ls0\"> Credem<span class=\"_ _df\"> </span></span></span></div></td><td class=\"c x550 y29ad w3ce h270\"><div class=\"t m0 xe h1f ybf4 ff4 fs7 fc1 sc0 lsda ws0\">2000<span class=\"ls0\"> </span></div></td><td class=\"c x551 y29ad w3cf h270\"><div class=\"t m0 xa3 h1f ybf4 ff4 fs7 fc1 sc0 ls0 ws0\">2<span class=\"_ _1\"></span>.1<span class=\"_ _f\"></span>66<span class=\"_ _1\"></span> </div></td><td class=\"c x552 y29ad w3d0 h270\"><div class=\"t m0 x35 h1f y826 ff4 fs7 fc1 sc0 ls0 ws0\">CGU B<span class=\"_ _1\"></span>ank<span class=\"_ _f\"></span>ing </div></td></tr><tr><td class=\"c x262 y29ae wba0 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">International <span class=\"_ _1\"></span>L<span class=\"_ _1\"></span>ux<span class=\"_ _f\"></span>)<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td></tr><tr><td class=\"c x54f y29af w3cd h1c\"><div class=\"t m0 x15d h1f ye4c ff4 fs7 fc4 sc3 ls0 ws0\">TOTA<span class=\"_ _1\"></span>LI <span class=\"_ _f\"></span>AVV<span class=\"_ _1\"></span>IAM<span class=\"_ _1\"></span>ENT<span class=\"_ _1\"></span>I B<span class=\"_ _f\"></span>ANC<span class=\"_ _f\"></span>HE<span class=\"_ _f\"></span><span class=\"fc1 sc2\"> </span></div></td><td></td><td class=\"c x551 y29af w3cf h1c\"><div class=\"t m0 x12 h1f ye4c ff4 fs7 fc4 sc3 ls0 ws0\">28<span class=\"_ _1\"></span>1.<span class=\"_ _1\"></span>55<span class=\"_ _f\"></span>0<span class=\"fc1 sc2\"> </span></div></td><td></td></tr><tr><td class=\"c x54f y29b0 w3cd h12\"><div class=\"t m0 x15d h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">So.em.ro <span class=\"_ _f\"></span>(incorporata <span class=\"_ _f\"></span><span class=\"lsd8\">da<span class=\"_ _2\"></span><span class=\"ls0\"> <span class=\"_ _f\"></span>MGT</span></span><span class=\"lsd8\"><span class=\"ls0\"><span class=\"_ _f\"></span>) </span></span></div></td><td class=\"c x550 y29b0 w3ce h12\"><div class=\"t m0 x8 h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">19<span class=\"_ _f\"></span>98<span class=\"_ _1\"></span> </div></td><td class=\"c x551 y29b0 w3cf h12\"><div class=\"t m0 x49 h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">2<span class=\"_ _1\"></span>94<span class=\"_ _f\"></span> </div></td><td class=\"c x552 y29b0 w3d0 h12\"><div class=\"t m0 x35 h1f y295 ff4 fs7 fc1 sc0 ls0 ws0\">CGU B<span class=\"_ _1\"></span>ank<span class=\"_ _f\"></span>ing </div></td></tr><tr><td class=\"c x54f y29b1 w3cd h1d\"><div class=\"t m0 x15d h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">Net<span class=\"_ _f\"></span>ium </div></td><td class=\"c x550 y29b1 w3ce h1d\"><div class=\"t m0 x8 h1f y80 ff4 fs7 fc1 sc0 lsda ws0\">2001<span class=\"ls0\"> </span></div></td><td class=\"c x551 y29b1 w3cf h1d\"><div class=\"t m0 x11f h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">9<span class=\"_ _f\"></span> </div></td><td class=\"c x552 y29b1 w3d0 h1d\"><div class=\"t m0 x35 h1f y295 ff4 fs7 fc1 sc0 ls0 ws0\">CGU B<span class=\"_ _1\"></span>ank<span class=\"_ _f\"></span>ing </div></td></tr><tr><td class=\"c x54f y29b2 w3cd h69\"><div class=\"t m0 x15d h1f y392 ff4 fs7 fc1 sc0 ls0 ws0\">Cr<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>vita<span class=\"_ _f\"></span> </div></td><td class=\"c x550 y29b2 w3ce h69\"><div class=\"t m0 xe h1f y392 ff4 fs7 fc1 sc0 lsda ws0\">2008<span class=\"ls0\"> </span></div></td><td class=\"c x551 y29b2 w3cf h69\"><div class=\"t m0 xf h1f y392 ff4 fs7 fc1 sc0 ls0 ws0\">4.<span class=\"_ _f\"></span>092 </div></td><td class=\"c x552 y29b2 w3d0 h69\"><div class=\"t m0 x39 h1f y27 ff4 fs7 fc1 sc0 ls0 ws0\">CGU In<span class=\"_ _f\"></span>sura<span class=\"_ _1\"></span>nce<span class=\"_ _f\"></span> </div></td></tr><tr><td class=\"c x54f y29b3 w3cd h1d\"><div class=\"t m0 x15d h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">C.S. <span class=\"_ _f\"></span>Infor<span class=\"_ _2\"></span>m <span class=\"_ _f\"></span>(incorporata <span class=\"lsd7\">da</span> <span class=\"_ _f\"></span>Cr<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>tel<span class=\"_ _1\"></span>) </div></td><td class=\"c x550 y29b3 w3ce h1d\"><div class=\"t m0 x8 h1f y80 ff4 fs7 fc1 sc0 lsda ws0\">2010<span class=\"ls0\"> </span></div></td><td class=\"c x551 y29b3 w3cf h1d\"><div class=\"t m0 xe h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">1.<span class=\"_ _1\"></span>350<span class=\"_ _1\"></span> </div></td><td class=\"c x552 y29b3 w3d0 h1d\"><div class=\"t m0 x35 h1f y27 ff4 fs7 fc1 sc0 ls0 ws0\">CGU B<span class=\"_ _1\"></span>ank<span class=\"_ _f\"></span>ing </div></td></tr><tr><td class=\"c x54f y29b4 w3cd h1d\"><div class=\"t m0 x15d h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">Topkey <span class=\"_ _1\"></span>(incorporata <span class=\"_ _1\"></span><span class=\"lsd7\">da<span class=\"ls0\"> C<span class=\"_ _f\"></span>rede<span class=\"_ _f\"></span>mtel</span></span><span class=\"lsd7\"><span class=\"ls0\"><span class=\"_ _1\"></span>) </span></span></div></td><td class=\"c x550 y29b4 w3ce h1d\"><div class=\"t m0 x8 h1f y80 ff4 fs7 fc1 sc0 lsda ws0\">2014<span class=\"ls0\"> </span></div></td><td class=\"c x551 y29b4 w3cf h1d\"><div class=\"t m0 x49 h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">8<span class=\"_ _1\"></span>35<span class=\"_ _f\"></span> </div></td><td class=\"c x552 y29b4 w3d0 h1d\"><div class=\"t m0 x35 h1f y295 ff4 fs7 fc1 sc0 ls0 ws0\">CGU B<span class=\"_ _1\"></span>ank<span class=\"_ _f\"></span>ing </div></td></tr><tr><td class=\"c x54f y29b5 w3cd h1d\"><div class=\"t m0 x15d h1f y80 ff4 fs7 fc1 sc0 lsdb ws0\">Sata<span class=\"ls0\"> </span></div></td><td class=\"c x550 y29b5 w3ce h1d\"><div class=\"t m0 xa3 h1f y80 ff4 fs7 fc1 sc0 lsda ws0\">2020<span class=\"ls0\"> </span></div></td><td class=\"c x551 y29b5 w3cf h1d\"><div class=\"t m0 xe h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">1.<span class=\"_ _1\"></span>656<span class=\"_ _1\"></span> </div></td><td class=\"c x552 y29b5 w3d0 h1d\"><div class=\"t m0 x35 h1f y295 ff4 fs7 fc1 sc0 ls0 ws0\">CGU B<span class=\"_ _1\"></span>ank<span class=\"_ _f\"></span>ing </div></td></tr><tr><td class=\"c x54f y29b6 w3cd h4d\"><div class=\"t m0 x15d h1f y66c ff4 fs7 fc1 sc0 ls0 ws0\">Blue E<span class=\"_ _f\"></span>ye<span class=\"_ _f\"></span> </div></td><td class=\"c x550 y29b6 w3ce h4d\"><div class=\"t m0 x8 h1f y66c ff4 fs7 fc1 sc0 lsda ws0\">2021<span class=\"ls0\"> </span></div></td><td class=\"c x551 y29b6 w3cf h4d\"><div class=\"t m0 xe h1f y66c ff4 fs7 fc1 sc0 ls0 ws0\">1.<span class=\"_ _1\"></span>556<span class=\"_ _f\"></span> </div></td><td class=\"c x552 y29b6 w3d0 h4d\"><div class=\"t m0 x35 h1f y74a ff4 fs7 fc1 sc0 ls0 ws0\">CGU B<span class=\"_ _1\"></span>ank<span class=\"_ _f\"></span>ing </div></td></tr><tr><td class=\"c x54f y29b7 w3cd h61\"><div class=\"t m0 x15d h1f y66c ff4 fs7 fc4 sc3 ls0 ws0\">TOTA<span class=\"_ _1\"></span>LI <span class=\"_ _f\"></span>AVV<span class=\"_ _f\"></span>IAM<span class=\"_ _f\"></span>EN<span class=\"_ _1\"></span>TI<span class=\"_ _f\"></span><span class=\"fc1 sc2\"> </span></div></td><td></td><td class=\"c x551 y29b7 w3cf h61\"><div class=\"t m0 x12 h1f y66c ff4 fs7 fc4 sc3 ls0 ws0\">29<span class=\"_ _f\"></span>1.3<span class=\"_ _f\"></span>42<span class=\"fc1 sc2\"> </span></div></td><td></td></tr></table>Impa<span class=\"_ _f\"></span>irment test s<span class=\"_ _1\"></span>ugli a<span class=\"_ _f\"></span>vviamenti Defin<span class=\"_ _1\"></span>izion<span class=\"_ _1\"></span>e delle C<span class=\"_ _f\"></span>GU Lo IAS 36 <span class=\"_ _2\"></span>prevede che, anche <span class=\"_ _2\"></span>nell\u2019ottica della verifica <span class=\"_ _2\"></span>di eventuali riduzioni <span class=\"_ _2\"></span>di valore (\u201cImpairment Test\u201d),  gli <span class=\"_ _22\"> </span>avviamenti  acq<span class=\"_ _2\"></span>uisiti  in<span class=\"_ _2\"></span><span class=\"ff4\">  aggregazioni  aziendali  s<span class=\"_ _2\"></span>iano  allocati <span class=\"_ _4\"> </span>ad  unit\u00e0  organizzative </span>relativamente <span class=\"_ _e\"> </span>autonome <span class=\"_ _10\"> </span>nel <span class=\"_ _10\"> </span>profilo <span class=\"_ _10\"> </span>gestionale <span class=\"_ _10\"> </span>e <span class=\"_ _10\"> </span>che <span class=\"_ _e\"> </span>ben<span class=\"_ _2\"></span>efici<span class=\"_ _1\"></span>ano <span class=\"_ _10\"> </span>delle <span class=\"_ _10\"> </span>sinergie <span class=\"_ _10\"> </span>derivanti dall\u2019acquisizione. <span class=\"_ _9\"> </span>Tali  uni<span class=\"_ _1\"></span>t\u00e0  org<span class=\"_ _1\"></span>anizzative, <span class=\"_ _16\"> </span>denominate <span class=\"_ _9\"> </span>Cash  Gene<span class=\"_ _1\"></span>rating  Un<span class=\"_ _1\"></span>its  (<span class=\"_ _1\"></span>\u201cCGU\u201d), <span class=\"_ _16\"> </span>devono presentare le seguenti caratteristiche: <span class=\"_ _2c\"> </span><span class=\"ff5\">rappresentare <span class=\"_ _d\"></span>il <span class=\"_ _d\"></span>livello <span class=\"_ _2\"></span>minimo <span class=\"_ _d\"></span>con <span class=\"_ _d\"></span>riferimento <span class=\"_ _d\"></span>al <span class=\"_ _2\"></span>quale <span class=\"_ _d\"></span>l\u2019avviamento <span class=\"_ _d\"></span>stesso <span class=\"_ _d\"></span>\u00e8 <span class=\"_ _2\"></span>mo<span class=\"_ _2\"></span>nitorato <span class=\"_ _2\"></span>ai </span>fini del controllo di gestione interno; <span class=\"_ _2c\"> </span><span class=\"ff4\">non essere superiori a un Segmento Operativo definito ai sensi del p<span class=\"_ _1\"></span>rincipio IFRS 8. </span>Nel <span class=\"_ _2\"></span>G<span class=\"_ _2\"></span>ruppo <span class=\"_ _2\"></span>Credem <span class=\"_ _d\"></span>le <span class=\"_ _d\"></span>CGU <span class=\"_ _2\"></span>ch<span class=\"_ _2\"></span>e <span class=\"_ _d\"></span>hanno <span class=\"_ _2\"></span>beneficiato <span class=\"_ _d\"></span>e <span class=\"_ _d\"></span>che <span class=\"_ _d\"></span>continuano <span class=\"_ _d\"></span>a <span class=\"_ _2\"></span>beneficiarie <span class=\"_ _d\"></span>delle <span class=\"_ _d\"></span>sinergie derivanti dai processi di aggreg<span class=\"_ _1\"></span>azione effettuati nel tempo sono le seguenti:<span class=\"_ _df\"> </span><span class=\"_ _2c\"> </span><span class=\"ff4\">Banking;<span class=\"_ _df\"> </span></span><span class=\"_ _2c\"> </span><span class=\"ff4\">Insurance.<span class=\"_ _df\"> </span></span>Il <span class=\"_ _1\"></span>sistema di <span class=\"_ _f\"></span>reportistica util<span class=\"_ _1\"></span>izzato <span class=\"_ _1\"></span>dalla <span class=\"_ _1\"></span>Direzione <span class=\"_ _f\"></span>\u00e8 coerente <span class=\"_ _f\"></span>con tali CGU <span class=\"_ _f\"></span>(si ve<span class=\"_ _1\"></span>da l<span class=\"_ _1\"></span>a Parte <span class=\"_ _f\"></span>L relativa all\u2019Informativa <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>Settore) <span class=\"_ _2\"></span>e, <span class=\"_ _2\"></span>inoltre, <span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>flussi <span class=\"_ _2\"></span>finanziari <span class=\"_ _2\"></span>da <span class=\"_ _2\"></span>esse <span class=\"_ _2\"></span>prodotti <span class=\"_ _2\"></span>risultano <span class=\"_ _2\"></span>omogenei <span class=\"_ _2\"></span>quanto<span class=\"_ _df\"> </span>alla <span class=\"_ _14\"> </span>nat<span class=\"_ _2\"></span>ura <span class=\"_ _14\"> </span>della <span class=\"_ _15\"> </span>clientela <span class=\"_ _15\"> </span>ed <span class=\"_ _15\"> </span>alla <span class=\"_ _15\"> </span>tipologia <span class=\"_ _14\"> </span>di <span class=\"_ _15\"> </span>prodott<span class=\"_ _2\"></span>i <span class=\"_ _14\"> </span>e <span class=\"_ _15\"> </span>servizi <span class=\"_ _15\"> </span>forniti. <span class=\"_ _14\"> </span>Tali <span class=\"_ _15\"> </span>CGU <span class=\"_ _15\"> </span>pert<span class=\"_ _2\"></span>anto rappresentano <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>pi\u00f9 <span class=\"_ _d\"></span>piccolo <span class=\"_ _2\"></span>gruppo <span class=\"_ _2\"></span>di <span class=\"_ _d\"></span>attivit\u00e0 <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>genera <span class=\"_ _d\"></span>flussi <span class=\"_ _2\"></span>finanziari <span class=\"_ _2\"></span>in <span class=\"_ _d\"></span>entrata <span class=\"_ _2\"></span>indipendenti<span class=\"_ _df\"> </span>ed il <span class=\"_ _2\"></span>livello minimo al <span class=\"_ _2\"></span>quale l\u2019avviamento <span class=\"_ _2\"></span>pu\u00f2 essere allocato <span class=\"_ _2\"></span>secondo cr<span class=\"_ _2\"></span>iteri non ar<span class=\"_ _2\"></span>bitrari. \u00c8 a <span class=\"_ _2\"></span>tale livello <span class=\"_ _f\"></span>che le d<span class=\"_ _1\"></span>inamiche di <span class=\"_ _f\"></span>valore dell\u2019avviamento <span class=\"_ _1\"></span>assumono significato <span class=\"_ _f\"></span>e <span class=\"ff4\">vengono controllate <span class=\"_ _f\"></span>nella </span>gestione del Gruppo Credem.<span class=\"_ _df\"> </span>Defin<span class=\"_ _1\"></span>izion<span class=\"_ _1\"></span>e del va<span class=\"_ _1\"></span>lore co<span class=\"_ _f\"></span>ntabile d<span class=\"_ _f\"></span>elle CGU Nel <span class=\"_ _4\"> </span>caso <span class=\"_ _17\"> </span>di <span class=\"_ _4\"> </span>aziende <span class=\"_ _4\"> </span>bancarie <span class=\"_ _17\"> </span>e <span class=\"_ _4\"> </span>as<span class=\"_ _2\"></span>sicurative <span class=\"_ _4\"> </span>e, <span class=\"_ _4\"> </span>in <span class=\"_ _17\"> </span>generale, <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>aziende <span class=\"_ _4\"> </span>operanti <span class=\"_ _17\"> </span>nel <span class=\"_ _4\"> </span>s<span class=\"_ _2\"></span>ettore<span class=\"_ _df\"> </span>finanziario, l<span class=\"_ _1\"></span>e attivit\u00e0 e p<span class=\"_ _1\"></span>assivit\u00e0 <span class=\"_ _1\"></span>finanziarie, in <span class=\"_ _f\"></span>linea di p<span class=\"ff5\">rincipio escluse <span class=\"_ _f\"></span>dall\u2019ambito di applicazi<span class=\"_ _1\"></span>one<span class=\"_ _df\"> </span></span>dello <span class=\"_ _f\"></span>I<span class=\"_ _2\"></span>AS <span class=\"_ _f\"></span>36, costituiscono parte <span class=\"_ _f\"></span>integrante del <span class=\"_ _f\"></span>cor<span class=\"_ _2\"></span>e b<span class=\"_ _1\"></span>usiness. Al <span class=\"_ _f\"></span>fine di <span class=\"_ _f\"></span>identificare i <span class=\"_ _f\"></span>f<span class=\"_ _2\"></span>lussi <span class=\"_ _1\"></span>di cassa<span class=\"_ _df\"> </span>delle <span class=\"_ _f\"></span>CGU \u00e8<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>pertanto ne<span class=\"_ _f\"></span>cessar<span class=\"_ _2\"></span>io <span class=\"_ _f\"></span>considerare <span class=\"_ _f\"></span>anche <span class=\"_ _1\"></span>i <span class=\"_ _f\"></span>flussi di <span class=\"_ _f\"></span>cassa <span class=\"_ _1\"></span>associati <span class=\"_ _f\"></span>alle attivit\u00e0 <span class=\"_ _f\"></span>e <span class=\"_ _1\"></span>passivit\u00e0<span class=\"_ _df\"> </span>finanziarie. Sulla <span class=\"_ _d\"></span>base <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>tale <span class=\"_ _d\"></span>impostazione, <span class=\"_ _d\"></span>l\u2019impairment <span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>est <span class=\"_ _2\"></span>di <span class=\"_ _d\"></span>CGU <span class=\"_ _d\"></span>operanti <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>ambito <span class=\"_ _d\"></span>finanziario <span class=\"_ _d\"></span>non <span class=\"_ _d\"></span>pu\u00f2<span class=\"_ _df\"> </span>che <span class=\"_ _9\"> </span>essere <span class=\"_ _16\"> </span>svolto <span class=\"_ _9\"> </span>secondo <span class=\"_ _9\"> </span>una  p<span class=\"_ _1\"></span>rospettiva <span class=\"_ _16\"> </span>cosid<span class=\"_ _1\"></span>detta <span class=\"_ _16\"> </span>\u201cequity<span class=\"_ _1\"></span> <span class=\"_ _16\"> </span>side\u201d. <span class=\"_ _9\"> </span>Coerentemente, <span class=\"_ _9\"> </span>anche <span class=\"_ _9\"> </span>il<span class=\"_ _df\"> </span>valore contabile delle CGU deve essere determinato secondo la stessa prospettiva. In particolare, il valore contabile delle CGU \u00e8 stato determinato nel<span class=\"_ _1\"></span> seguente modo:<span class=\"_ _df\"> </span>Per <span class=\"_ _20\"> </span>la <span class=\"_ _c\"> </span>CGU <span class=\"_ _20\"> </span>Insurance, <span class=\"_ _c\"> </span>com<span class=\"_ _2\"></span>posta <span class=\"_ _20\"> </span>integralmente <span class=\"_ _c\"> </span>dalle <span class=\"_ _20\"> </span>entit\u00e0 <span class=\"_ _20\"> </span>giurid<span class=\"_ _1\"></span>iche <span class=\"_ _c\"> </span>Cr<span class=\"_ _2\"></span>edemvita <span class=\"_ _20\"> </span>e<span class=\"_ _df\"> </span>Credemassicurazioni, <span class=\"_ _4\"> </span>il <span class=\"_ _17\"> </span>va<span class=\"_ _2\"></span>lore <span class=\"_ _17\"> </span>contabile <span class=\"_ _4\"> </span>\u00e8 <span class=\"_ _17\"> </span>st<span class=\"_ _2\"></span>ato <span class=\"_ _17\"> </span>determinato<span class=\"_ _2\"></span> <span class=\"_ _17\"> </span>analiticamente, <span class=\"_ _4\"> </span>su<span class=\"_ _2\"></span>lla <span class=\"_ _4\"> </span>base <span class=\"_ _14\"> </span>del<span class=\"_ _df\"> </span>contributo al patrimonio netto consolidato di ciascuna socie<span class=\"_ _1\"></span>t\u00e0.<span class=\"_ _df\"> </span>Per l<span class=\"_ _1\"></span>a CGU <span class=\"_ _f\"></span>Banking, composta integralmente <span class=\"_ _f\"></span>dalle entit\u00e0 <span class=\"_ _f\"></span>giuridiche ind<span class=\"_ _1\"></span>ividuate nel<span class=\"_ _1\"></span> corrispondente<span class=\"_ _df\"> </span>settore operativo (si veda la Parte L relativa all\u2019Informativa<span class=\"ff4\"> di Set<span class=\"_ _2\"></span>tore), il relativo valore contabile<span class=\"_ _1\"></span> \u00e8<span class=\"_ _df\"> </span></span>stato determinato:<span class=\"_ _df\"> </span><span class=\"_ _2c\"> </span><span class=\"ff4\">allocando analiticamente gli avviamenti di pertinenza;<span class=\"_ _df\"> </span></span><span class=\"_ _2c\"> </span><span class=\"ff5\">allocando <span class=\"_ _1a\"> </span>il <span class=\"_ _19\"> </span>patrimonio <span class=\"_ _1a\"> </span>netto <span class=\"_ _1a\"> </span>consolidato <span class=\"_ _1a\"> </span>\u201cresidu<span class=\"_ _1\"></span>o\u201d <span class=\"_ _1a\"> </span>in <span class=\"_ _1a\"> </span>proporzione <span class=\"_ _19\"> </span>al <span class=\"_ _1a\"> </span>capitale<span class=\"_ _df\"> </span></span>regolamentare <span class=\"_ _18\"> </span>richiesto <span class=\"_ _18\"> </span>per <span class=\"_ _18\"> </span>l\u2019operativit\u00e0 <span class=\"_ _10\"> </span>della <span class=\"_ _18\"> </span>CGU.<span class=\"_ _2\"></span><span class=\"ff4\">  <span class=\"_ _18\"> </span></span>L\u2019ut<span class=\"ff4\">ilizzo <span class=\"_ _18\"> </span>di <span class=\"_ _18\"> </span>tale <span class=\"_ _18\"> </span>indicatore<span class=\"_ _df\"> </span></span>gestionale <span class=\"_ _c\"> </span>risulta <span class=\"_ _1a\"> </span>giustificato <span class=\"_ _c\"> </span>dalla <span class=\"_ _c\"> </span>conside<span class=\"_ _1\"></span>razione <span class=\"_ _c\"> </span>che, <span class=\"_ _c\"> </span>nell\u2019ambi<span class=\"_ _1\"></span>to <span class=\"_ _c\"> </span>dell\u2019attivit\u00e0<span class=\"_ _df\"> </span>finanziaria, <span class=\"_ _f\"></span>i fattori di <span class=\"_ _f\"></span>rischio ed <span class=\"_ _f\"></span>i relativi <span class=\"_ _1\"></span>assorbimenti di<span class=\"_ _1\"></span> capi<span class=\"_ _1\"></span>tale regolamentare <span class=\"_ _f\"></span>incidono<span class=\"_ _df\"> </span>nella g<span class=\"_ _1\"></span>enerazione dei fl<span class=\"_ _1\"></span>ussi finanziari <span class=\"_ _1\"></span>prospettici e qu<span class=\"_ _1\"></span>indi nella <span class=\"_ _1\"></span>determinazione de<span class=\"_ _1\"></span>l valore<span class=\"_ _df\"> </span>recuperabile con il quale il valore contabile deve<span class=\"_ _1\"></span> risultare coerente.<span class=\"_ _df\"> </span>Di <span class=\"_ _2\"></span>seguito <span class=\"_ _2\"></span>si <span class=\"_ _2\"></span>riporta <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>prospetto <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>sintesi <span class=\"_ _2\"></span>relativo <span class=\"_ _2\"></span>ai <span class=\"_ _2\"></span>valori <span class=\"_ _2\"></span>contabili <span class=\"_ _2\"></span>delle <span class=\"_ _2\"></span>CGU <span class=\"_ _d\"></span>e <span class=\"_ _2\"></span>ai <span class=\"_ _2\"></span>relativi <span class=\"_ _2\"></span>valori <span class=\"_ _2\"></span>di<span class=\"_ _df\"> </span>bilancio degli avviamenti (in milioni di euro): CGU Banking<span class=\"_ _df\"> </span>CGU Insurance<span class=\"_ _df\"> </span>alore contabi<span class=\"_ _1\"></span>le CGU<span class=\"_ _df\"> </span>3.<span class=\"ls0\">394,7<span class=\"_ _df\"> </span></span>720,8<span class=\"_ _df\"> </span>vviamenti all<span class=\"_ _1\"></span>ocati<span class=\"_ _df\"> </span>288,9<span class=\"_ _df\"> </span>14,4<span class=\"_ _df\"> </span>Gli avviamenti sopra riportati si rife<span class=\"_ _1\"></span>riscono al bilancio consolidato.<span class=\"_ _df\"> </span>Oltre <span class=\"_ _f\"></span>all\u2019importo <span class=\"_ _f\"></span>di <span class=\"_ _f\"></span>291,3 mil<span class=\"_ _1\"></span>ioni <span class=\"_ _f\"></span>di <span class=\"_ _f\"></span>euro <span class=\"_ _1\"></span>contabilizzato <span class=\"_ _f\"></span>alla <span class=\"_ _f\"></span>voce <span class=\"_ _f\"></span>\u201cAt<span class=\"_ _2\"></span>tivit\u00e0 <span class=\"_ _f\"></span>Immateriali\u201d, <span class=\"_ _f\"></span>gli <span class=\"_ _f\"></span>avviamenti<span class=\"_ _df\"> </span>allocati <span class=\"_ _0\"></span>comprendono <span class=\"_ _0\"></span>anche <span class=\"_ _0\"></span>gli <span class=\"_ _9\"> </span>avviamenti <span class=\"_ _0\"></span>relativi <span class=\"_ _0\"></span>a <span class=\"_ _0\"></span>Credemassicurazioni, <span class=\"_ _0\"></span>pari <span class=\"_ _9\"> </span>a <span class=\"_ _0\"></span>10,3 <span class=\"_ _0\"></span>milioni <span class=\"_ _0\"></span>di<span class=\"_ _df\"> </span>euro, <span class=\"_ _2\"></span>ad <span class=\"_ _2\"></span>Andxor, <span class=\"_ _d\"></span>pari <span class=\"_ _2\"></span>a <span class=\"_ _d\"></span>1,1 <span class=\"_ _2\"></span>milioni <span class=\"_ _2\"></span>di <span class=\"_ _d\"></span>euro, <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>F<span class=\"_ _2\"></span>lairbit, <span class=\"_ _2\"></span>pari <span class=\"_ _2\"></span>a <span class=\"_ _d\"></span>0,4 <span class=\"_ _2\"></span>milioni <span class=\"_ _d\"></span>di <span class=\"_ _2\"></span>euro <span class=\"_ _d\"></span>e <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>Mynet, <span class=\"_ _d\"></span>pari <span class=\"_ _2\"></span>a <span class=\"_ _d\"></span>0,2<span class=\"_ _df\"> </span>milioni di euro inclusi nella voce partecipazioni.<span class=\"_ _df\"> </span>Defin<span class=\"_ _1\"></span>izion<span class=\"_ _1\"></span>e del va<span class=\"_ _1\"></span>lore re<span class=\"_ _f\"></span>cuperab<span class=\"_ _1\"></span>ile delle<span class=\"_ _f\"></span> CGU Il  principio  contabile<span class=\"_ _1\"></span>  IAS  36  richiede  che,  almeno  annualmente,  l\u2019ammontare  dell<span class=\"_ _1\"></span>\u2019avviamento<span class=\"_ _df\"> </span>iscritto <span class=\"_ _d\"></span>a <span class=\"_ _2\"></span>bilancio <span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>ia <span class=\"_ _2\"></span>sottoposto <span class=\"_ _d\"></span>a <span class=\"_ _2\"></span>Impairment <span class=\"_ _d\"></span>Test. <span class=\"_ _2\"></span>Il <span class=\"_ _d\"></span>test <span class=\"_ _2\"></span>di <span class=\"_ _d\"></span>impairment <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _d\"></span>svol<span class=\"_ _2\"></span>to <span class=\"_ _2\"></span>raffr<span class=\"_ _2\"></span>ontando <span class=\"_ _2\"></span>il<span class=\"_ _df\"> </span>valore <span class=\"_ _0\"></span>contabile <span class=\"_ _0\"></span>delle <span class=\"_ _0\"></span>CGU <span class=\"_ _0\"></span>a <span class=\"_ _0\"> </span>cui <span class=\"_ _9\"> </span>\u00e8 <span class=\"_ _0\"></span>allocato <span class=\"_ _0\"></span>con <span class=\"_ _0\"></span>il <span class=\"_ _0\"></span>valore <span class=\"_ _0\"></span>recuperabile <span class=\"_ _d\"></span>dal<span class=\"_ _2\"></span>le <span class=\"_ _d\"></span>s<span class=\"_ _2\"></span>tesse. <span class=\"_ _0\"></span>Laddove <span class=\"_ _d\"></span>t<span class=\"_ _2\"></span>ale<span class=\"_ _df\"> </span>valore risultasse inferiore al valore contabile d<span class=\"_ _1\"></span>eve essere rilevata una rettifica di valore. Il <span class=\"_ _2\"></span>valore <span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>ecuperabile <span class=\"_ _2\"></span>della <span class=\"_ _2\"></span>CGU <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _d\"></span>il <span class=\"_ _2\"></span>maggiore <span class=\"_ _d\"></span>tra <span class=\"_ _d\"></span>il <span class=\"_ _2\"></span>suo <span class=\"_ _2\"></span>fair <span class=\"_ _d\"></span>value <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>netto <span class=\"_ _d\"></span>dei <span class=\"_ _2\"></span>costi <span class=\"_ _d\"></span>di <span class=\"_ _2\"></span>vendita <span class=\"_ _2\"></span>ed <span class=\"_ _2\"></span>il<span class=\"_ _df\"> </span>suo <span class=\"_ _4\"> </span>valore <span class=\"_ _4\"> </span>d\u2019uso. <span class=\"_ _4\"> </span>Il <span class=\"_ _4\"> </span>principio <span class=\"_ _4\"> </span>aggiunge <span class=\"_ _4\"> </span>che <span class=\"_ _4\"> </span>nello <span class=\"_ _4\"> </span>svolgimento <span class=\"_ _17\"> </span>del <span class=\"_ _4\"> </span>test <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>impairment <span class=\"_ _4\"> </span>non <span class=\"_ _4\"> </span>\u00e8<span class=\"_ _df\"> </span>necessario definire sia il <span class=\"_ _2\"></span>valore d\u2019uso che il <span class=\"_ _2\"></span>fair value, ma \u00e8 <span class=\"_ _2\"></span>sufficiente che almeno uno dei due <span class=\"_ _2\"></span>sia<span class=\"_ _df\"> </span>s<span class=\"ff5\">uperiore <span class=\"_ _0\"></span>al <span class=\"_ _0\"></span>valore <span class=\"_ _0\"> </span>cont<span class=\"_ _2\"></span>abile <span class=\"_ _0\"></span>per <span class=\"_ _0\"></span>confermare <span class=\"_ _9\"> </span>l\u2019assenza <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>una <span class=\"_ _9\"> </span>perdita <span class=\"_ _0\"></span>durevole <span class=\"_ _0\"></span>di <span class=\"_ _9\"> </span>valore. <span class=\"_ _0\"></span>Ai <span class=\"_ _0\"></span>fi<span class=\"_ _2\"></span>ni<span class=\"_ _df\"> </span></span>dell\u2019individuazione del valore recupe<span class=\"_ _1\"></span>rabile delle singole CGU \u00e8 stato individuato il valore d\u2019uso. Per l<span class=\"_ _1\"></span>a CGU <span class=\"_ _f\"></span>Banking, <span class=\"_ _1\"></span>il v<span class=\"_ _1\"></span>alore d\u2019<span class=\"_ _1\"></span>uso \u00e8 <span class=\"_ _f\"></span>stato determinato <span class=\"_ _f\"></span>at<span class=\"_ _2\"></span><span class=\"ff4\">traverso <span class=\"_ _f\"></span>lo svilu<span class=\"_ _1\"></span>ppo del<span class=\"_ _1\"></span> Divi<span class=\"_ _1\"></span>dend Discount<span class=\"_ _df\"> </span></span>Model <span class=\"_ _e\"> </span>(DDM). <span class=\"_ _e\"> </span>Tale <span class=\"_ _10\"> </span>metodo <span class=\"_ _e\"> </span>determina <span class=\"_ _e\"> </span>il <span class=\"_ _10\"> </span>valore <span class=\"_ _e\"> </span>in <span class=\"_ _e\"> </span>funzione <span class=\"_ _10\"> </span>del <span class=\"_ _e\"> </span>flusso <span class=\"_ _e\"> </span>di <span class=\"_ _10\"> </span>dividendi<span class=\"_ _1\"></span> <span class=\"_ _e\"> </span>at<span class=\"_ _2\"></span>tesi<span class=\"_ _df\"> </span>potenzialmente <span class=\"_ _2\"></span>distribuibili. <span class=\"_ _d\"></span>Nella <span class=\"_ _d\"></span>fattispecie<span class=\"_ _f\"></span>, <span class=\"_ _d\"></span>il <span class=\"_ _d\"></span>metodo <span class=\"_ _d\"></span>utilizzato <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _d\"></span>il <span class=\"_ _2\"></span>D<span class=\"_ _2\"></span>DM <span class=\"_ _2\"></span>nella <span class=\"_ _2\"></span>variante <span class=\"_ _d\"></span>\u201cExcess<span class=\"_ _df\"> </span>Capital\u201d, <span class=\"_ _2\"></span>comunemente <span class=\"_ _2\"></span>a<span class=\"_ _2\"></span><span class=\"ff4\">dottata <span class=\"_ _2\"></span>nella <span class=\"_ _2\"></span>prassi <span class=\"_ _d\"></span>valutativa <span class=\"_ _2\"></span>per <span class=\"_ _d\"></span>il <span class=\"_ _2\"></span>settore <span class=\"_ _2\"></span>bancario, <span class=\"_ _d\"></span>in <span class=\"_ _2\"></span>base <span class=\"_ _2\"></span>al <span class=\"_ _d\"></span>quale <span class=\"_ _2\"></span>il<span class=\"_ _df\"> </span></span>valore economico \u00e8 pari alla sommatoria dei segu<span class=\"_ _1\"></span>enti elementi:<span class=\"_ _df\"> </span><span class=\"_ _2c\"> </span><span class=\"ff5\">valore <span class=\"_ _9\"> </span>attuale <span class=\"_ _9\"> </span>dei <span class=\"_ _0\"> </span>flussi <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>cassa <span class=\"_ _9\"> </span>futuri <span class=\"_ _9\"> </span>generati <span class=\"_ _9\"> </span>nell\u2019arco <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>un <span class=\"_ _9\"> </span>determinato <span class=\"_ _9\"> </span>orizzonte<span class=\"_ _df\"> </span></span>temporale di <span class=\"_ _2\"></span>pianificazione <span class=\"_ _2\"></span>esplicita <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>distribuibili<span class=\"_ _1\"></span> <span class=\"_ _2\"></span>agli <span class=\"_ _2\"></span>azionisti <span class=\"_ _2\"></span>mantenendo un <span class=\"_ _2\"></span>livello di<span class=\"_ _df\"> </span>patrimonializzazione, <span class=\"_ _14\"> </span>coerente <span class=\"_ _14\"> </span>con <span class=\"_ _15\"> </span>le <span class=\"_ _14\"> </span>istruzioni <span class=\"_ _14\"> </span>dettate <span class=\"_ _15\"> </span>in <span class=\"_ _17\"> </span>materia <span class=\"_ _15\"> </span>dall\u2019Autorit\u00e0 <span class=\"_ _14\"> </span>di<span class=\"_ _df\"> </span>Vigilanza e compatibile con la natura e l\u2019evolu<span class=\"_ _1\"></span>zione attesa delle attivit\u00e0;<span class=\"_ _df\"> </span><span class=\"_ _2c\"> </span><span class=\"ff4\">valore <span class=\"_ _2\"></span>attuale di <span class=\"_ _2\"></span>una <span class=\"_ _2\"></span>rendita <span class=\"_ _2\"></span>perpetua definita <span class=\"_ _2\"></span>sulla base <span class=\"_ _2\"></span>di un <span class=\"_ _2\"></span>dividendo <span class=\"_ _2\"></span>sostenibile per<span class=\"_ _df\"> </span></span>gli <span class=\"_ _4\"> </span>esercizi<span class=\"_ _1\"></span> <span class=\"_ _4\"> </span>successivi <span class=\"_ _4\"> </span>al <span class=\"_ _4\"> </span>periodo <span class=\"_ _4\"> </span>di <span class=\"_ _22\"> </span>pianificazione <span class=\"_ _4\"> </span>esplicita, <span class=\"_ _4\"> </span>coerente <span class=\"_ _4\"> </span>con <span class=\"_ _4\"> </span>i <span class=\"_ _22\"> </span>livelli <span class=\"_ _4\"> </span>di<span class=\"_ _df\"> </span>patrimonializzazione richiesti dall\u2019Au<span class=\"_ _f\"></span>t<span class=\"_ _2\"></span>orit\u00e0 di Vigilanza.<span class=\"_ _df\"> </span>Nonostante <span class=\"_ _d\"></span>l\u2019espressione <span class=\"_ _d\"></span>D<span class=\"_ _2\"></span>ividend <span class=\"_ _d\"></span>Discount <span class=\"_ _0\"></span><span class=\"ff4\">Model <span class=\"_ _d\"></span>richiami <span class=\"_ _d\"></span>la <span class=\"_ _0\"></span>parola <span class=\"_ _0\"></span>dividend<span class=\"_ _1\"></span>o, <span class=\"_ _d\"></span>i <span class=\"_ _0\"></span>flussi <span class=\"_ _0\"></span>di <span class=\"_ _d\"></span>cassa<span class=\"_ _df\"> </span></span>considerati dal <span class=\"_ _2\"></span>modello non <span class=\"_ _2\"></span>sono <span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>dividendi che <span class=\"_ _2\"></span>si prevede <span class=\"_ _2\"></span>verranno <span class=\"_ _2\"></span>distribuiti agli <span class=\"_ _2\"></span>azionisti, ma <span class=\"_ _2\"></span>i<span class=\"_ _df\"> </span>flussi di <span class=\"_ _2\"></span>cassa <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>cui <span class=\"_ _2\"></span>un azionista <span class=\"_ _2\"></span>potenzialmente <span class=\"_ _2\"></span>potrebbe <span class=\"_ _2\"></span>beneficiare nel <span class=\"_ _2\"></span>rispetto <span class=\"_ _d\"></span>dei limiti <span class=\"_ _2\"></span>dell<span class=\"_ _2\"></span><span class=\"lse\">e<span class=\"_ _df\"> </span></span>dotazioni patrimoniali richieste dall\u2019<span class=\"_ _1\"></span>operativit\u00e0 aziendale.<span class=\"_ _df\"> </span>I flussi per l\u2019applicazione della metodologia valutativa sono stati desunti dal Preconsuntivo 2025 e<span class=\"_ _df\"> </span>Budget <span class=\"_ _2\"></span>2026 <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>Gruppo <span class=\"_ _2\"></span>Credem, <span class=\"_ _2\"></span>approvati <span class=\"_ _2\"></span>dal <span class=\"_ _2\"></span>Consiglio <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>Amministrazione <span class=\"_ _2\"></span>della <span class=\"_ _2\"></span>Capogruppo <span class=\"_ _2\"></span>i<span class=\"_ _2\"></span><span class=\"ls1a\">l<span class=\"_ _df\"> </span></span>19 di<span class=\"_ _1\"></span>cembre <span class=\"_ _1\"></span>2025 e <span class=\"_ _f\"></span>da p<span class=\"_ _1\"></span>roiezioni, redatte <span class=\"_ _f\"></span>ai soli<span class=\"_ _1\"></span> fini<span class=\"_ _1\"></span> de<span class=\"_ _1\"></span>l test<span class=\"_ _1\"></span> di <span class=\"_ _f\"></span>impairment sugli <span class=\"_ _f\"></span>avviamenti, <span class=\"_ _1\"></span>relative<span class=\"_ _df\"> </span>agli <span class=\"_ _4\"> </span>esercizi <span class=\"_ _17\"> </span>dal <span class=\"_ _17\"> </span>2027 <span class=\"_ _14\"> </span>al <span class=\"_ _17\"> </span>2028, <span class=\"_ _17\"> </span>anch\u2019esse <span class=\"_ _17\"> </span>approvate <span class=\"_ _4\"> </span>dal <span class=\"_ _17\"> </span>Consiglio <span class=\"_ _17\"> </span>di <span class=\"_ _17\"> </span>Amministrazione <span class=\"_ _17\"> </span>della<span class=\"_ _df\"> </span>Capogruppo il 19 dicembre 2025.<span class=\"_ _df\"> </span>Per <span class=\"_ _f\"></span>quanto rigu<span class=\"_ _1\"></span>arda <span class=\"_ _1\"></span>gli <span class=\"_ _f\"></span>impatt<span class=\"_ _2\"></span>i <span class=\"_ _f\"></span>del <span class=\"_ _f\"></span>rischio cl<span class=\"_ _1\"></span>imatico <span class=\"_ _1\"></span>sulle <span class=\"_ _f\"></span>stime e <span class=\"_ _11\"></span>sugli asp<span class=\"_ _1\"></span>etti <span class=\"_ _1\"></span>valutativi, <span class=\"_ _f\"></span>si e<span class=\"_ _1\"></span>videnzia<span class=\"_ _df\"> </span>che <span class=\"_ _d\"></span>gli <span class=\"_ _0\"></span>effetti <span class=\"_ _0\"></span>del <span class=\"_ _0\"></span>piano <span class=\"_ _0\"></span>di <span class=\"_ _d\"></span>t<span class=\"_ _2\"></span>ransizione<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>adottato <span class=\"_ _0\"></span>sono <span class=\"_ _0\"></span>incorporati <span class=\"_ _d\"></span>nella <span class=\"_ _0\"></span>pianificazione <span class=\"_ _0\"></span>dei <span class=\"_ _d\"></span>risultati<span class=\"_ _df\"> </span>economici <span class=\"_ _4\"> </span>e <span class=\"_ _17\"> </span>patrimoniali <span class=\"_ _4\"> </span>del <span class=\"_ _4\"> </span>g<span class=\"_ _2\"></span>ruppo. <span class=\"_ _4\"> </span>I <span class=\"_ _4\"> </span>flussi <span class=\"_ _17\"> </span>per <span class=\"_ _4\"> </span>l\u2019applicazione <span class=\"_ _17\"> </span>della <span class=\"_ _4\"> </span>me<span class=\"_ _2\"></span><span class=\"ff4\">todologia <span class=\"_ _17\"> </span>valutativa<span class=\"_ _df\"> </span></span>incorporano  anche <span class=\"_ _22\"> </span>le <span class=\"_ _4\"> </span>stime  dei <span class=\"_ _4\"> </span>rischi  e <span class=\"_ _22\"> </span>d<span class=\"_ _2\"></span>egli  assorbimenti <span class=\"_ _22\"> </span>patr<span class=\"_ _2\"></span>imoniali,  calcolati  tenendo <span class=\"_ _22\"> </span>i<span class=\"_ _2\"></span>n<span class=\"_ _df\"> </span>considerazione <span class=\"_ _f\"></span>anche l\u2019integrazione d<span class=\"_ _1\"></span>elle tematiche<span class=\"_ _1\"></span> ESG <span class=\"_ _f\"></span>all\u2019interno del <span class=\"_ _f\"></span>processo di <span class=\"_ _1\"></span>pianificazione,<span class=\"_ _df\"> </span>tramite <span class=\"_ _16\"> </span>la <span class=\"_ _9\"> </span>declinazione <span class=\"_ _9\"> </span>di <span class=\"_ _16\"> </span>obiettivi <span class=\"_ _9\"> </span>rico<span class=\"_ _2\"></span>nducibili <span class=\"_ _9\"> </span>ad <span class=\"_ _16\"> </span>orizzonti <span class=\"_ _9\"> </span>temporali <span class=\"_ _16\"> </span>di <span class=\"_ _9\"> </span>breve, <span class=\"_ _9\"> </span>med<span class=\"_ _2\"></span>io <span class=\"_ _9\"> </span>e <span class=\"_ _16\"> </span>lungo<span class=\"_ _df\"> </span>termine, <span class=\"_ _6\"> </span>coerentemente <span class=\"_ _26\"> </span>alle <span class=\"_ _26\"> </span>indi<span class=\"_ _1\"></span>cazioni <span class=\"_ _6\"> </span>esp<span class=\"_ _2\"></span>licitate <span class=\"_ _6\"> </span>dal <span class=\"_ _26\"> </span>D.lgs. <span class=\"_ _6\"> </span>125/2024, <span class=\"_ _26\"> </span>inerente <span class=\"_ _6\"> </span>la<span class=\"_ _df\"> </span>Rendicontazione Societaria Consolidata di sostenibil<span class=\"_ _1\"></span>it\u00e0.<span class=\"_ _df\"> </span>Per <span class=\"_ _1a\"> </span>quanto <span class=\"_ _1a\"> </span>riguarda <span class=\"_ _1a\"> </span>il <span class=\"_ _1a\"> </span>rischio <span class=\"_ _1a\"> </span>geopolitico,<span class=\"_ _1\"></span> <span class=\"_ _1a\"> </span>questo <span class=\"_ _1a\"> </span>\u00e8 <span class=\"_ _1a\"> </span>un <span class=\"_ _1a\"> </span>f<span class=\"_ _2\"></span><span class=\"ff5\">attore <span class=\"_ _1a\"> </span>critico <span class=\"_ _1a\"> </span>nell<span class=\"_ _1\"></span>\u2019esecuzione<span class=\"_ _df\"> </span></span>dell\u2019impairment <span class=\"_ _19\"> </span>test <span class=\"_ _1a\"> </span>degl<span class=\"_ _1\"></span>i <span class=\"_ _19\"> </span>Avviamenti <span class=\"_ _1a\"> </span>e <span class=\"_ _19\"> </span>viene <span class=\"_ _19\"> </span>indirettamente <span class=\"_ _1a\"> </span>considerato <span class=\"_ _19\"> </span>come <span class=\"_ _19\"> </span>fattore<span class=\"_ _df\"> </span>moltiplicatore <span class=\"_ _9\"> </span>di <span class=\"_ _16\"> </span>incertezza. <span class=\"_ _9\"> </span>Se <span class=\"_ _9\"> </span>da <span class=\"_ _16\"> </span>un <span class=\"_ _9\"> </span>lato <span class=\"_ _9\"> </span>i <span class=\"_ _9\"> </span>flussi <span class=\"_ _16\"> </span>di <span class=\"_ _9\"> </span>cassa <span class=\"_ _9\"> </span>attesi <span class=\"_ _9\"> </span>t<span class=\"_ _2\"></span>engono <span class=\"_ _9\"> </span>conto <span class=\"_ _9\"> </span>di <span class=\"_ _16\"> </span>un <span class=\"_ _9\"> </span>preciso<span class=\"_ _df\"> </span>scenario <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>pianificazione, <span class=\"_ _2\"></span>d\u2019altro <span class=\"_ _0\"></span>canto <span class=\"_ _d\"></span><span class=\"ff4\">le <span class=\"_ _d\"></span>stime <span class=\"_ _d\"></span>delle <span class=\"_ _d\"></span>variabili <span class=\"_ _d\"></span>macroeconomiche <span class=\"_ _d\"></span>utilizzate <span class=\"_ _2\"></span>nella<span class=\"_ _df\"> </span></span>pianificazione de<span class=\"_ _1\"></span>i flussi d<span class=\"_ _1\"></span>i cassa attesi <span class=\"_ _1\"></span>per le <span class=\"_ _1\"></span>Cash Gene<span class=\"_ _1\"></span>rating Unit gi\u00e0 <span class=\"_ _1\"></span>incorporano la<span class=\"_ _1\"></span> probabilit\u00e0 <span class=\"_ _1\"></span>di<span class=\"_ _df\"> </span>accadimento di un rischio geopolitico. Il <span class=\"_ _d\"></span>rischio <span class=\"_ _d\"></span>geopolitico <span class=\"_ _d\"></span>ha <span class=\"_ _d\"></span>anche <span class=\"_ _d\"></span>riflessi <span class=\"_ _d\"></span>sul <span class=\"_ _d\"></span>tasso <span class=\"_ _d\"></span>di <span class=\"_ _0\"></span>sconto <span class=\"_ _d\"></span>impiegato <span class=\"_ _d\"></span>nel <span class=\"_ _d\"></span>costo <span class=\"_ _d\"></span>del <span class=\"_ _d\"></span>capitale <span class=\"_ _d\"></span>per <span class=\"_ _d\"></span>la<span class=\"_ _df\"> </span>determinazione del <span class=\"_ _1\"></span>valore attuale dei flu<span class=\"_ _1\"></span>ssi futuri poich\u00e9 inf<span class=\"_ _1\"></span>luenza il risk-free rate (i rendimenti dei<span class=\"_ _df\"> </span>titoli <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>Stato <span class=\"_ _4\"> </span>usati <span class=\"_ _4\"> </span>come <span class=\"_ _4\"> </span>base<span class=\"_ _1\"></span> <span class=\"_ _4\"> </span>per <span class=\"_ _4\"> </span>il <span class=\"_ _22\"> </span>t<span class=\"_ _2\"></span>asso <span class=\"_ _4\"> </span>privo <span class=\"_ _4\"> </span>di <span class=\"_ _22\"> </span>r<span class=\"_ _2\"></span>ischio <span class=\"_ _4\"> </span>sono <span class=\"_ _4\"> </span>condizionati <span class=\"_ _22\"> </span>dall\u2019instabilit\u00e0<span class=\"_ _df\"> </span>geopolitica).<span class=\"_ _df\"> </span>Il livello di patr<span class=\"_ _2\"></span>imonializz<span class=\"_ _1\"></span>azione, <span class=\"_ _2\"></span>ai fini della determinazione del <span class=\"_ _2\"></span>flusso di <span class=\"_ _2\"></span>divid<span class=\"_ _1\"></span>endi potenzialmente<span class=\"_ _df\"> </span>distribuibili, \u00e8 <span class=\"_ _2\"></span>st<span class=\"_ _2\"></span>ato <span class=\"_ _2\"></span>ipotizzato <span class=\"_ _2\"></span>pari <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>11,24% <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>Tier <span class=\"_ _2\"></span>1 <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>all\u201913,55% di <span class=\"_ _2\"></span>Tier <span class=\"_ _2\"></span>Total <span class=\"_ _2\"></span>(livelli <span class=\"_ _2\"></span>calcolati <span class=\"_ _2\"></span>sulla<span class=\"_ _df\"> </span>base <span class=\"_ _2\"></span>della <span class=\"_ _2\"></span>Final <span class=\"_ _2\"></span>SREP <span class=\"_ _2\"></span>decision <span class=\"_ _2\"></span>della <span class=\"_ _2\"></span>BCE <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>regole <span class=\"_ _2\"></span>della <span class=\"_ _2\"></span>CRR2 <span class=\"_ _2\"></span><span class=\"lse\">e <span class=\"_ _d\"></span></span><span class=\"ff5\">recepita <span class=\"_ _2\"></span>l\u2019introduzione</span> <span class=\"_ _2\"></span>da <span class=\"_ _2\"></span>part<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>di<span class=\"_ _df\"> </span>Bankit del SYRB). Il tasso <span class=\"_ _2\"></span>di sconto <span class=\"_ _2\"></span>dei flussi \u00e8 s<span class=\"_ _2\"></span>tato stimato <span class=\"_ _2\"></span>sulla base del \u201c<span class=\"_ _2\"></span>Capital Asset <span class=\"_ _2\"></span>Pricing Model\u201d, che <span class=\"_ _2\"></span>stima<span class=\"_ _df\"> </span>il <span class=\"_ _0\"></span>costo <span class=\"_ _9\"> </span>del <span class=\"_ _0\"></span>capitale <span class=\"_ _0\"></span>come <span class=\"_ _0\"></span>la <span class=\"_ _0\"></span>s<span class=\"_ _2\"></span>ommatoria <span class=\"_ _0\"></span>del <span class=\"_ _0\"></span>r<span class=\"_ _2\"></span>endi<span class=\"_ _1\"></span>mento <span class=\"_ _9\"> </span>di <span class=\"_ _0\"></span>investimen<span class=\"_ _2\"></span>ti <span class=\"_ _0\"></span>privi <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>rischio <span class=\"_ _9\"> </span>e <span class=\"_ _0\"></span>di <span class=\"_ _9\"> </span>un<span class=\"_ _df\"> </span>premio <span class=\"_ _9\"> </span>per <span class=\"_ _16\"> </span>il <span class=\"_ _9\"> </span>rischio <span class=\"_ _16\"> </span>correlato <span class=\"_ _16\"> </span>alla <span class=\"_ _9\"> </span>rischiosit\u00e0  spe<span class=\"_ _1\"></span>cifica <span class=\"_ _9\"> </span>dell\u2019attivit\u00e0. <span class=\"_ _16\"> </span>Nello <span class=\"_ _9\"> </span>specifico  il<span class=\"_ _1\"></span> <span class=\"_ _16\"> </span>costo <span class=\"_ _9\"> </span>del<span class=\"_ _df\"> </span>capitale \u00e8 stato determinato nella misura dell\u2019<span class=\"_ _1\"></span>8,12%, sulla base dei seguenti parametri:<span class=\"_ _df\"> </span><span class=\"_ _2c\"> </span><span class=\"ff4\">Tasso <span class=\"_ _2\"></span>privo <span class=\"_ _2\"></span>di rischio: <span class=\"_ _2\"></span>pari al <span class=\"_ _2\"></span>3,51%, <span class=\"_ _2\"></span>corrispondente alla <span class=\"_ _2\"></span>media <span class=\"_ _2\"></span>semplice del <span class=\"_ _2\"></span>rendimento<span class=\"_ _df\"> </span></span>lordo dei BTP a 10 anni emessi negli<span class=\"_ _1\"></span> ultimi 6 mesi;<span class=\"_ _df\"> </span><span class=\"_ _2c\"> </span><span class=\"ff4\">Coefficiente <span class=\"_ _4\"> </span>Beta: <span class=\"_ _17\"> </span>pari <span class=\"_ _17\"> </span>a <span class=\"_ _4\"> </span>0,995 <span class=\"_ _17\"> </span>corrispondente <span class=\"_ _4\"> </span>al <span class=\"_ _17\"> </span>coefficiente <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>Cr<span class=\"_ _2\"></span>edem <span class=\"_ _4\"> </span>(Beta <span class=\"_ _4\"> </span>5<span class=\"_ _2\"></span>Y<span class=\"_ _df\"> </span></span>Adjusted 31.12.2020/31.12.2025, con rilev<span class=\"_ _1\"></span>azione settimanale);<span class=\"_ _df\"> </span><span class=\"_ _2c\"> </span><span class=\"ff4\">Premio <span class=\"_ _0\"></span>per <span class=\"_ _0\"></span>il <span class=\"_ _0\"></span>rischio <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>mercato: <span class=\"_ _0\"></span>ai <span class=\"_ _0\"></span>fini <span class=\"_ _d\"></span>d<span class=\"_ _2\"></span>ella <span class=\"_ _d\"></span>determinazione <span class=\"_ _0\"></span>del <span class=\"_ _0\"></span>Market <span class=\"_ _0\"></span>Risk <span class=\"_ _0\"></span>Premium<span class=\"_ _df\"> </span></span>(MRP), l<span class=\"_ _1\"></span>a Banca ha adottato un <span class=\"_ _1\"></span>nuovo criterio ope<span class=\"_ _1\"></span>rativo, in sostitu<span class=\"_ _1\"></span>zione della p<span class=\"_ _1\"></span>recedente<span class=\"_ _df\"> </span>prassi <span class=\"_ _d\"></span>basata <span class=\"_ _d\"></span>su <span class=\"_ _d\"></span>riferimenti <span class=\"_ _d\"></span>statici <span class=\"_ _d\"></span>e <span class=\"_ _d\"></span>valutazioni <span class=\"_ _d\"></span>qualitative <span class=\"_ _d\"></span>del <span class=\"_ _d\"></span>management. <span class=\"_ _d\"></span>La <span class=\"_ _d\"></span>nuov<span class=\"_ _2\"></span><span class=\"lsdc\">a<span class=\"_ _df\"> </span></span>definizione <span class=\"_ _9\"> </span>del <span class=\"_ _9\"> </span>parametr<span class=\"_ _2\"></span>o <span class=\"_ _9\"> </span>prevede <span class=\"_ _9\"> </span>l'utilizzo <span class=\"_ _9\"> </span>del <span class=\"_ _16\"> </span>dato <span class=\"_ _9\"> </span>'Implied <span class=\"_ _9\"> </span>Equity <span class=\"_ _16\"> </span>Risk <span class=\"_ _9\"> </span>Premium' <span class=\"_ _9\"> </span>di<span class=\"_ _df\"> </span>fonte <span class=\"_ _2\"></span>Damodaran. <span class=\"_ _d\"></span>Tale <span class=\"_ _2\"></span>parametro, <span class=\"_ _d\"></span>di <span class=\"_ _2\"></span>natura <span class=\"_ _d\"></span>forward-looking, <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _d\"></span>determinato <span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>ulla <span class=\"_ _2\"></span>base<span class=\"_ _df\"> </span>dei <span class=\"_ _0\"></span>prezzi <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>mercato <span class=\"_ _9\"> </span>correnti <span class=\"_ _0\"></span>e <span class=\"_ _9\"> </span>dei <span class=\"_ _0\"></span>flussi <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>cassa <span class=\"_ _9\"> </span>attesi, <span class=\"_ _9\"> </span>riflettendo <span class=\"_ _0\"></span>le <span class=\"_ _9\"> </span>aspett<span class=\"_ _2\"></span>ative <span class=\"_ _9\"> </span>di<span class=\"_ _df\"> </span>rendimento degli inve<span class=\"_ _1\"></span>stitori in tempo reale. Al fine di mitigare la v<span class=\"_ _f\"></span>olatilit\u00e0 intr<span class=\"_ _2\"></span>inseca del<span class=\"_ _1\"></span>le<span class=\"_ _df\"> </span>quotazioni  azionarie  e <span class=\"_ _4\"> </span>garantire  coerenza  con <span class=\"_ _4\"> </span>l'orizzonte  temporale  utilizzato <span class=\"_ _22\"> </span>per <span class=\"_ _4\"> </span>il<span class=\"_ _df\"> </span>calcolo del<span class=\"_ _1\"></span> Beta, il<span class=\"_ _1\"></span> valore del <span class=\"_ _1\"></span>MRP \u00e8 cal<span class=\"_ _1\"></span>colato come media <span class=\"_ _1\"></span>mobile delle <span class=\"_ _1\"></span>rilevazioni mensili<span class=\"_ _df\"> </span>degli <span class=\"_ _4\"> </span>ultimi <span class=\"_ _17\"> </span>5 <span class=\"_ _4\"> </span>anni. <span class=\"_ _4\"> </span>L'adozione <span class=\"_ _17\"> </span>di <span class=\"_ _4\"> </span>tale <span class=\"_ _17\"> </span>criterio <span class=\"_ _4\"> </span>assicura <span class=\"_ _17\"> </span>una <span class=\"_ _4\"> </span>maggiore <span class=\"_ _4\"> </span>oggettivit\u00e0 <span class=\"_ _4\"> </span>e<span class=\"_ _df\"> </span>robustezza <span class=\"_ _2\"></span>scientifica <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>processo <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>stima, <span class=\"_ _2\"></span>alline<span class=\"_ _1\"></span>ando <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>costo <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>capitale all<span class=\"_ _2\"></span>e eff<span class=\"_ _2\"></span>ettive<span class=\"_ _df\"> </span>condizioni macroeconomiche di mercato. A seguito della modifica il Premio per il rischio<span class=\"_ _df\"> </span>di <span class=\"_ _1\"></span>mercato viene<span class=\"_ _f\"></span> determinato ad <span class=\"_ _1\"></span>un <span class=\"_ _1\"></span>valore p<span class=\"_ _1\"></span>ari al <span class=\"_ _f\"></span>4<span class=\"_ _2\"></span>,63%; <span class=\"_ _f\"></span>tale valore <span class=\"_ _f\"></span>\u00e8 al ne<span class=\"_ _1\"></span>tto del <span class=\"_ _f\"></span>\u201cr<span class=\"_ _2\"></span>i<span class=\"_ _1\"></span>schio<span class=\"_ _df\"> </span>paese\u201d <span class=\"_ _0\"></span>in <span class=\"_ _9\"> </span>quanto <span class=\"_ _9\"> </span>implicitamente <span class=\"_ _0\"></span>compreso <span class=\"_ _9\"> </span>nel <span class=\"_ _0\"></span>sopracitato <span class=\"_ _9\"> </span>tasso <span class=\"_ _9\"> </span>di <span class=\"_ _0\"></span>rendimento <span class=\"_ _0\"></span>delle<span class=\"_ _df\"> </span>attivit\u00e0 privo di rischio. Il <span class=\"_ _2\"></span>terminal <span class=\"_ _2\"></span>value, <span class=\"_ _2\"></span>alla <span class=\"_ _2\"></span>fine <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>periodo <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>pianificazione <span class=\"_ _2\"></span>esplicito, <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _2\"></span>stat<span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>determinato <span class=\"_ _2\"></span>sulla base <span class=\"_ _2\"></span>di<span class=\"_ _df\"> </span>un <span class=\"_ _0\"></span>tasso <span class=\"_ _9\"> </span>di <span class=\"_ _0\"></span>crescita <span class=\"_ _9\"> </span>di <span class=\"_ _0\"></span>lungo <span class=\"_ _0\"></span>periodo <span class=\"_ _0\"></span>sos<span class=\"_ _2\"></span>tenibil<span class=\"_ _1\"></span>e, <span class=\"_ _0\"></span>assunto <span class=\"_ _9\"> </span>nella <span class=\"_ _0\"> </span>mis<span class=\"_ _2\"></span>ura <span class=\"_ _0\"></span>del <span class=\"_ _0\"></span>1,9%, <span class=\"_ _0\"></span>in <span class=\"_ _9\"> </span>linea <span class=\"_ _0\"></span>con <span class=\"_ _9\"> </span>le<span class=\"_ _df\"> </span>aspettative  di <span class=\"_ _22\"> </span>crescita <span class=\"_ _4\"> </span>di  lungo <span class=\"_ _22\"> </span>t<span class=\"_ _2\"></span>ermine  dell\u2019economia  e  con <span class=\"_ _4\"> </span>la  pras<span class=\"_ _2\"></span><span class=\"ff4\">si <span class=\"_ _22\"> </span>valutativa <span class=\"_ _22\"> </span>(Prometeia,<span class=\"_ _df\"> </span></span>Rapporto <span class=\"_ _10\"> </span>di <span class=\"_ _e\"> </span>Previsione <span class=\"_ _10\"> </span>di <span class=\"_ _10\"> </span>dicemb<span class=\"_ _1\"></span>re <span class=\"_ _10\"> </span>2025, <span class=\"_ _10\"> </span>Inflazione <span class=\"_ _e\"> </span>Italia <span class=\"_ _10\"> </span>al <span class=\"_ _10\"> </span>2028, <span class=\"_ _10\"> </span>ultimo <span class=\"_ _e\"> </span>anno <span class=\"_ _10\"> </span>stimato<span class=\"_ _df\"> </span>dall\u2019Associazione).<span class=\"_ _df\"> </span>Nella <span class=\"_ _f\"></span>tabella che <span class=\"_ _f\"></span>segue <span class=\"_ _1\"></span>viene <span class=\"_ _1\"></span>riportata la <span class=\"_ _f\"></span>sintesi <span class=\"_ _1\"></span>delle <span class=\"_ _f\"></span>valutazioni effe<span class=\"_ _1\"></span>ttuate. <span class=\"_ _1\"></span>In p<span class=\"_ _1\"></span>articolare <span class=\"_ _1\"></span>la <span class=\"_ _1\"></span>tabella<span class=\"_ _df\"> </span>pone <span class=\"_ _d\"></span>a <span class=\"_ _0\"></span>confro<span class=\"_ _2\"></span>n<span class=\"ff5\">to <span class=\"_ _d\"></span>i <span class=\"_ _0\"></span>valori <span class=\"_ _0\"></span>contabil<span class=\"_ _1\"></span>i <span class=\"_ _0\"></span>della <span class=\"_ _0\"></span>CGU <span class=\"_ _0\"></span>con <span class=\"_ _0\"></span>il <span class=\"_ _d\"></span>rispettivo <span class=\"_ _0\"></span>valore <span class=\"_ _d\"></span>d\u2019uso <span class=\"_ _0\"></span>ottenuto <span class=\"_ _0\"></span>(in <span class=\"_ _0\"></span>milioni <span class=\"_ _d\"></span>di<span class=\"_ _df\"> </span></span>euro):<table class=\"s wba2 h4e4\" id=\"_a1185a01-fd31-41fb-98f0-f74b08beba35\"><tr><td></td><td class=\"c x557 y29bb w3d4 h82\"><div class=\"t m0 xe8 h1f y3e6 ff4 fs7 fc1 sc0 ls0 ws0\">CGU Banking </div></td></tr><tr><td class=\"c x558 y29bc w3d5 h82\"><div class=\"t m0 x8a h1f y3e6 ff5 fs7 fc1 sc0 ls0 ws0\">Valore d\u2019uso del<span class=\"_ _1\"></span>la CGU<span class=\"ff4\"> </span></div></td><td class=\"c x557 y29bc w3d4 h82\"><div class=\"t m0 x1b1 h1f y3e6 ff4 fs7 fc1 sc0 ls0 ws0\">6.834 </div></td></tr><tr><td class=\"c x558 y29bd w3d5 h82\"><div class=\"t m0 x8a h1f y3e6 ff4 fs7 fc1 sc0 ls0 ws0\">Valore contabi<span class=\"_ _1\"></span>le CGU </div></td><td class=\"c x557 y29bd w3d4 h82\"><div class=\"t m0 x1b1 h1f y3e6 ff4 fs7 fc1 sc0 ls0 ws0\">3.395 </div></td></tr><tr><td class=\"c x558 y29be w3d5 h82\"><div class=\"t m0 x8a h1f y3e6 ff4 fs7 fc1 sc0 ls0 ws0\">Delta </div></td><td class=\"c x557 y29be w3d4 h82\"><div class=\"t m0 x1b1 h1f y3e6 ff4 fs7 fc1 sc0 ls0 ws0\">3.440 </div></td></tr></table>Il <span class=\"_ _2\"></span>modello <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>determinazione <span class=\"_ _d\"></span>del <span class=\"_ _2\"></span>valore <span class=\"_ _2\"></span>d\u2019uso <span class=\"_ _d\"></span>\u00e8 <span class=\"_ _2\"></span>stato <span class=\"_ _2\"></span>inoltre <span class=\"_ _2\"></span>sottoposto <span class=\"_ _2\"></span>ad<span class=\"_ _2\"></span><span class=\"ff4\"> <span class=\"_ _d\"></span>analisi <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>sensitivit\u00e0 <span class=\"_ _2\"></span>al<span class=\"_ _df\"> </span></span>fine <span class=\"_ _f\"></span>di apprezzare <span class=\"_ _f\"></span>la <span class=\"_ _f\"></span>variaz<span class=\"_ _2\"></span>ione <span class=\"_ _f\"></span>dei <span class=\"_ _1\"></span>risultati <span class=\"_ _1\"></span>ottenuti <span class=\"_ _1\"></span>al <span class=\"_ _f\"></span>variar<span class=\"_ _2\"></span>e <span class=\"_ _f\"></span>dei <span class=\"_ _1\"></span>parametri v<span class=\"_ _1\"></span>alutativi <span class=\"_ _f\"></span>adottat<span class=\"_ _2\"></span>i. <span class=\"_ _f\"></span>Dalle<span class=\"_ _df\"> </span>analisi svolte, <span class=\"_ _1\"></span>non sono<span class=\"_ _1\"></span> emerse i<span class=\"_ _f\"></span>ndicazioni di riduzi<span class=\"_ _1\"></span>one di <span class=\"_ _1\"></span>valore con riferime<span class=\"_ _1\"></span>nto alla CGU<span class=\"_ _f\"></span> in esame<span class=\"_ _df\"> </span>fino alla considerazione di un tasso di attualizzazione del 16,90%.<span class=\"_ _df\"> </span>Si <span class=\"_ _17\"> </span>s<span class=\"_ _2\"></span>egnala <span class=\"_ _17\"> </span>che, <span class=\"_ _17\"> </span>cons<span class=\"_ _2\"></span>iderando <span class=\"_ _17\"> </span>congiuntamente <span class=\"_ _14\"> </span>un <span class=\"_ _17\"> </span>t<span class=\"_ _2\"></span>asso <span class=\"_ _17\"> </span>di <span class=\"_ _14\"> </span>crescita <span class=\"_ _17\"> </span>di <span class=\"_ _14\"> </span>lungo <span class=\"_ _14\"> </span>periodo <span class=\"_ _14\"> </span>nullo<span class=\"_ _df\"> </span>(decremento di <span class=\"_ _2\"></span>190 <span class=\"_ _2\"></span>bps) <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>un ta<span class=\"_ _2\"></span>sso <span class=\"_ _2\"></span>di attualizzazione <span class=\"_ _2\"></span>del 16<span class=\"_ _2\"></span>,77% non <span class=\"_ _2\"></span>si <span class=\"_ _2\"></span>rileverebbero <span class=\"_ _2\"></span>rettifiche di<span class=\"_ _df\"> </span>valore sulla CGU.<span class=\"_ _df\"> </span>Si<span class=\"ls0\"> <span class=\"_ _f\"></span>s<span class=\"_ _2\"></span>egnala <span class=\"_ _f\"></span>infine <span class=\"_ _f\"></span>che anc<span class=\"_ _1\"></span>he <span class=\"_ _f\"></span>abbatt<span class=\"_ _2\"></span>endo <span class=\"_ _f\"></span>i <span class=\"_ _f\"></span>flussi di <span class=\"_ _f\"></span>cassa <span class=\"_ _f\"></span>futuri <span class=\"_ _1\"></span>attesi <span class=\"_ _f\"></span>del <span class=\"_ _1\"></span>49,82% <span class=\"_ _f\"></span>non si <span class=\"_ _f\"></span>rileverebbero<span class=\"_ _df\"> </span></span>rettifiche di valore sulla CGU.<span class=\"_ _df\"> </span>Sulla <span class=\"_ _f\"></span>base di tale <span class=\"_ _f\"></span>analisi si <span class=\"_ _f\"></span>r<span class=\"_ _2\"></span>itiene <span class=\"_ _f\"></span>che una <span class=\"_ _f\"></span>tale percentu<span class=\"_ _1\"></span>ale di <span class=\"_ _f\"></span>abb<span class=\"_ _2\"></span>attimento de<span class=\"_ _1\"></span>i fl<span class=\"_ _1\"></span>ussi di<span class=\"_ _1\"></span> cassa <span class=\"_ _f\"></span>futuri<span class=\"_ _df\"> </span>possa <span class=\"_ _d\"></span>ragionevolmente <span class=\"_ _2\"></span>ass<span class=\"_ _2\"></span>orbire <span class=\"_ _2\"></span>anche <span class=\"_ _d\"></span>eventuali <span class=\"_ _d\"></span>scenari <span class=\"_ _2\"></span>partic<span class=\"_ _2\"></span>olarmente <span class=\"_ _2\"></span>avversi <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>relazione <span class=\"_ _2\"></span>a<span class=\"_ _df\"> </span>sviluppi <span class=\"_ _2\"></span>negativi <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>cont<span class=\"_ _2\"></span>esto <span class=\"_ _2\"></span>geopolitico <span class=\"_ _2\"></span>futuro <span class=\"_ _d\"></span>(ed <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>particolare <span class=\"_ _d\"></span>gli <span class=\"_ _2\"></span>effetti <span class=\"_ _2\"></span>indiretti <span class=\"_ _d\"></span>legati <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>dazi,<span class=\"_ _df\"> </span>squilibri geopolitici e flu<span class=\"_ _1\"></span>ttuazione nei prezzi delle materie prime).<span class=\"_ _df\"> </span>Le<span class=\"ls0\"> <span class=\"_ _2\"></span>analisi evidenziano <span class=\"_ _2\"></span>altres\u00ec <span class=\"_ _2\"></span>come le differenze <span class=\"_ _2\"></span>rilevate nelle <span class=\"_ _2\"></span>analisi <span class=\"_ _2\"></span>di sensitivit\u00e0 <span class=\"_ _2\"></span>sopra descritte<span class=\"_ _df\"> </span></span>assorbano in maniera estensiva, in relazione al climate risk del Gr<span class=\"_ _2\"></span>upp<span class=\"_ _1\"></span>o Credem, gli impatti st<span class=\"_ _2\"></span>imati<span class=\"_ _df\"> </span>in uno scenario avverso.<span class=\"_ _df\"> </span>CGU A<span class=\"_ _f\"></span>ssicuraz<span class=\"_ _1\"></span>ioni Per  la  CG<span class=\"ff5\">U  Assicurazioni  il  valore  d\u2019uso  \u00e8  stato  determinato,  conside<span class=\"_ _1\"></span>rando  specificamente  il<span class=\"_ _df\"> </span></span>business \u201cDanni\u201d e il business \u201cVi<span class=\"_ _1\"></span>ta\u201d, anche attraverso il supporto di un consulente esterno. CGU A<span class=\"_ _f\"></span>ssicuraz<span class=\"_ _1\"></span>ioni <span class=\"ff5\">\u2013</span> Bu<span class=\"_ _f\"></span>siness Da<span class=\"_ _1\"></span>nni Per il business \u201c<span class=\"_ _2\"></span>Danni\u201d, ai fini della s<span class=\"_ _2\"></span>tima del valore <span class=\"_ _2\"></span>d\u2019uso, \u00e8 stato utilizzato <span class=\"_ _2\"></span>il metodo del Dividend<span class=\"_ _df\"> </span>Discount  M<span class=\"_ _1\"></span>odel <span class=\"_ _9\"> </span>(DD<span class=\"_ _2\"></span>M) <span class=\"_ _9\"> </span>nella <span class=\"_ _16\"> </span>variante <span class=\"_ _16\"> </span>\u201cExcess <span class=\"_ _16\"> </span>Capital\u201d, <span class=\"_ _16\"> </span>descritt<span class=\"_ _f\"></span>o<span class=\"_ _2\"></span> <span class=\"_ _16\"> </span>prima <span class=\"_ _9\"> </span>e  in <span class=\"_ _9\"> </span>base <span class=\"_ _16\"> </span>ai <span class=\"_ _16\"> </span>criteri <span class=\"_ _9\"> </span>che<span class=\"_ _df\"> </span>seguono.<span class=\"_ _df\"> </span>I <span class=\"_ _d\"></span>flussi <span class=\"_ _0\"></span>per <span class=\"_ _d\"></span>l\u2019applicazione <span class=\"_ _0\"></span>della <span class=\"_ _d\"></span>met<span class=\"_ _2\"></span>odologia <span class=\"_ _d\"></span>valutativa <span class=\"_ _d\"></span>si <span class=\"_ _0\"></span>estendono <span class=\"_ _d\"></span>ad <span class=\"_ _0\"></span>un <span class=\"_ _d\"></span>arco <span class=\"_ _0\"></span>tempor<span class=\"_ _d\"></span><span class=\"ff4\">ale <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>t<span class=\"_ _2\"></span>re<span class=\"_ _df\"> </span></span>esercizi (2026-2028) e si <span class=\"_ _2\"></span>basano sul budget 2026, approvato <span class=\"_ _2\"></span>dal Consiglio di Amministrazione del<span class=\"_ _df\"> </span>11 <span class=\"_ _f\"></span>dicembre <span class=\"_ _f\"></span>2025 <span class=\"_ _f\"></span>e dai <span class=\"_ _11\"></span>prevision<span class=\"_ _2\"></span>ali <span class=\"_ _f\"></span>2027-<span class=\"ff5\">2028 <span class=\"_ _1\"></span>elaborati <span class=\"_ _f\"></span>dall\u2019Ufficio <span class=\"_ _f\"></span>t<span class=\"_ _2\"></span>ecnico <span class=\"_ _f\"></span>di <span class=\"_ _f\"></span>Credemassicurazioni,<span class=\"_ _df\"> </span></span>anch\u2019essi approvati dal Consiglio di Amministra<span class=\"ff4\">zione del 11 dicembre 2025.<span class=\"_ _df\"> </span></span>Il <span class=\"_ _17\"> </span>livello <span class=\"_ _17\"> </span>di <span class=\"_ _17\"> </span>patrimonializzazione <span class=\"_ _17\"> </span>minimo, <span class=\"_ _17\"> </span>ai <span class=\"_ _17\"> </span>fini <span class=\"_ _17\"> </span>della <span class=\"_ _17\"> </span>determinazione <span class=\"_ _14\"> </span>del <span class=\"_ _4\"> </span>f<span class=\"_ _2\"></span>lusso <span class=\"_ _17\"> </span>di <span class=\"_ _4\"> </span>di<span class=\"_ _2\"></span>videndi<span class=\"_ _df\"> </span>potenzialmente <span class=\"_ _4\"> </span>distribuibili, <span class=\"_ _4\"> </span>\u00e8 <span class=\"_ _4\"> </span>st<span class=\"_ _2\"></span>ato <span class=\"_ _4\"> </span>definito <span class=\"_ _4\"> </span>coerentemente <span class=\"_ _4\"> </span>con <span class=\"_ _4\"> </span>le <span class=\"_ _4\"> </span>istruzioni <span class=\"_ _4\"> </span>dell\u2019Autorit\u00e0 <span class=\"_ _4\"> </span>di<span class=\"_ _df\"> </span>Vigilanza ed in linea con la prassi valutativa nel settore di riferimento.<span class=\"_ _df\"> </span>Il costo d<span class=\"_ _1\"></span>el capitale<span class=\"_ _1\"></span>, stimato sul<span class=\"_ _1\"></span>la base d<span class=\"_ _1\"></span>el \u201cCapital A<span class=\"_ _f\"></span>ss<span class=\"_ _2\"></span>et <span class=\"_ _1\"></span>Pricing <span class=\"_ _f\"></span>Model\u201d, \u00e8 stato de<span class=\"_ _1\"></span>terminato nella<span class=\"_ _df\"> </span>misura del 5,91%, sulla base dei<span class=\"_ _1\"></span> seguenti parametri:<span class=\"_ _df\"> </span><span class=\"_ _2c\"> </span><span class=\"ff4\">Tasso privo di rischio: pari al <span class=\"_ _f\"></span>3,51%, corrispondente al rendimento medio registrato negli<span class=\"_ _df\"> </span></span>ultimi 6 mesi dai BTP con scadenza residua de<span class=\"_ _1\"></span>cennale;<span class=\"_ _df\"> </span><span class=\"_ _2c\"> </span><span class=\"ff4\">Coefficiente  Beta:  pari  a  0<span class=\"_ _2\"></span>,52,  corrispondente<span class=\"_ _1\"></span>  al  coefficiente  medio  delle  societ\u00e0  di<span class=\"_ _df\"> </span></span>assicurazione italiane quotate;<span class=\"_ _df\"> </span><span class=\"_ _2c\"> </span><span class=\"ff4\">Premio <span class=\"_ _0\"></span>per <span class=\"_ _0\"></span>il <span class=\"_ _0\"></span>rischio <span class=\"_ _0\"></span>di <span class=\"_ _d\"></span>mer<span class=\"_ _2\"></span>cato: <span class=\"_ _d\"></span>ai <span class=\"_ _0\"></span>fini <span class=\"_ _0\"></span>della <span class=\"_ _0\"></span>determ<span class=\"_ _2\"></span>inazione <span class=\"_ _0\"></span>del <span class=\"_ _0\"></span>Market <span class=\"_ _0\"></span>Risk <span class=\"_ _d\"></span>Premium<span class=\"_ _df\"> </span></span>(MRP), l<span class=\"_ _1\"></span>a Banca ha adottato un <span class=\"_ _1\"></span>nuovo criterio ope<span class=\"_ _1\"></span>rativo, in sostitu<span class=\"_ _1\"></span>zione della p<span class=\"_ _1\"></span>recedente<span class=\"_ _df\"> </span>prassi <span class=\"_ _d\"></span>basata <span class=\"_ _d\"></span>su <span class=\"_ _d\"></span>riferimenti <span class=\"_ _d\"></span>statici <span class=\"_ _d\"></span>e <span class=\"_ _d\"></span>valutazioni <span class=\"_ _d\"></span>qualitative <span class=\"_ _d\"></span>del <span class=\"_ _d\"></span>management. <span class=\"_ _d\"></span>La <span class=\"_ _d\"></span>nuova<span class=\"_ _df\"> </span>definizione <span class=\"_ _9\"> </span>del <span class=\"_ _9\"> </span>parametr<span class=\"_ _2\"></span>o <span class=\"_ _9\"> </span>prevede <span class=\"_ _9\"> </span>l'utilizzo  d<span class=\"_ _1\"></span>el <span class=\"_ _9\"> </span>dato  'Imp<span class=\"_ _1\"></span>lied <span class=\"_ _9\"> </span>Equity <span class=\"_ _9\"> </span>Risk <span class=\"_ _16\"> </span>Premium' <span class=\"_ _9\"> </span>di<span class=\"_ _df\"> </span>fonte <span class=\"_ _2\"></span>Damodaran. <span class=\"_ _d\"></span>Tale <span class=\"_ _2\"></span>parametro, <span class=\"_ _d\"></span>di <span class=\"_ _2\"></span>natura <span class=\"_ _d\"></span>forward-looking, <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _d\"></span>determinato <span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>ulla <span class=\"_ _2\"></span>base<span class=\"_ _df\"> </span><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsb1e\">dei <span class=\"_ _0\"></span>prezzi <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>mercato <span class=\"_ _9\"> </span>correnti <span class=\"_ _0\"></span>e <span class=\"_ _9\"> </span>dei <span class=\"_ _0\"></span>flussi <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>cassa <span class=\"_ _9\"> </span>attesi, <span class=\"_ _9\"> </span>riflettendo <span class=\"_ _0\"></span>le <span class=\"_ _9\"> </span>aspettative <span class=\"_ _9\"> </span>di<span class=\"_ _df\"> </span> </div>rendimento degli inve<span class=\"_ _1\"></span>stitori in tempo <span class=\"_ _2\"></span>reale. Al fine<span class=\"_ _f\"></span> <span class=\"_ _2\"></span>di mitigare la v<span class=\"_ _f\"></span>o<span class=\"_ _2\"></span>latilit\u00e0 intrinseca dell<span class=\"_ _1\"></span>e<span class=\"_ _df\"> </span>quotazioni  azionarie  e <span class=\"_ _4\"> </span>garantire  coerenza  con <span class=\"_ _4\"> </span>l'orizzonte  temporale  utilizzato <span class=\"_ _22\"> </span>per <span class=\"_ _4\"> </span>il<span class=\"_ _df\"> </span>calcolo del<span class=\"_ _1\"></span> Beta, il<span class=\"_ _1\"></span> valore del <span class=\"_ _1\"></span>MRP \u00e8 cal<span class=\"_ _1\"></span>colato come media <span class=\"_ _1\"></span>mobile d<span class=\"_ _1\"></span>elle rilevazioni <span class=\"_ _1\"></span>mensili<span class=\"_ _df\"> </span>degli <span class=\"_ _4\"> </span>ultimi <span class=\"_ _17\"> </span>5 <span class=\"_ _4\"> </span>anni. <span class=\"_ _17\"> </span>L'adozione <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>t<span class=\"_ _2\"></span>ale <span class=\"_ _4\"> </span>criterio <span class=\"_ _4\"> </span>assicura <span class=\"_ _17\"> </span>una <span class=\"_ _4\"> </span>maggiore <span class=\"_ _4\"> </span>oggettivit\u00e0 <span class=\"_ _4\"> </span>e<span class=\"_ _df\"> </span>robustezza <span class=\"_ _2\"></span>scientifica <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>processo <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>stima, <span class=\"_ _2\"></span>alline<span class=\"_ _1\"></span>ando <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>costo <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>capitale all<span class=\"_ _2\"></span>e eff<span class=\"_ _2\"></span>ettive<span class=\"_ _df\"> </span>condizioni macroeconomiche di mercato. A seguito della modifica il Premio per il rischio<span class=\"_ _df\"> </span>di <span class=\"_ _1\"></span>mercat<span class=\"ff5\">o viene<span class=\"_ _1\"></span> determinato <span class=\"_ _1\"></span>ad u<span class=\"_ _1\"></span>n valore <span class=\"_ _f\"></span>pari al <span class=\"_ _f\"></span>4<span class=\"_ _2\"></span>,63%; <span class=\"_ _f\"></span>tale valore <span class=\"_ _1\"></span>\u00e8 al <span class=\"_ _f\"></span>netto del <span class=\"_ _f\"></span>\u201cr<span class=\"_ _2\"></span>ischi<span class=\"_ _1\"></span>o<span class=\"_ _df\"> </span></span>paese\u201d <span class=\"_ _0\"></span>in <span class=\"_ _9\"> </span>quanto <span class=\"_ _9\"> </span>implicitamente <span class=\"_ _0\"></span>compreso <span class=\"_ _9\"> </span>nel <span class=\"_ _0\"></span>sopracitato <span class=\"_ _9\"> </span>tasso <span class=\"_ _9\"> </span>di <span class=\"_ _0\"></span>rendimento <span class=\"_ _0\"></span>delle<span class=\"_ _df\"> </span>attivit\u00e0 privo di rischio.<span class=\"_ _df\"> </span>Il valore terminale \u00e8 stato determinato pari al valore dell\u2019u<span class=\"_ _1\"></span>l<span class=\"ff4\">t<span class=\"_ _2\"></span>imo periodo di pianificazione<span class=\"_ _1\"></span> esplicito.<span class=\"_ _df\"> </span></span>CGU A<span class=\"_ _f\"></span>ssicuraz<span class=\"_ _1\"></span>ioni <span class=\"ff5\">\u2013</span> Bu<span class=\"_ _f\"></span>siness Vita<span class=\"_ _df\"> </span>Il <span class=\"_ _f\"></span>valore <span class=\"_ _f\"></span>d\u2019uso <span class=\"_ _f\"></span>d<span class=\"_ _2\"></span>el <span class=\"_ _f\"></span>business <span class=\"_ _f\"></span>\u201cVita\u201d <span class=\"_ _1\"></span>\u00e8 <span class=\"_ _f\"></span>stato<span class=\"_ _2\"></span> <span class=\"_ _11\"></span>s<span class=\"_ _2\"></span>timato <span class=\"_ _f\"></span>secondo <span class=\"_ _f\"></span>l\u2019approccio <span class=\"_ _f\"></span>denominato <span class=\"_ _f\"></span>Appraisal <span class=\"_ _f\"></span>Value,<span class=\"_ _df\"> </span>sommando al Patrimonio Netto secondo <span class=\"_ _2\"></span>i principi contabili IFRS il Business in<span class=\"_ _2\"></span>-Force, determinato<span class=\"_ _df\"> </span>attraverso <span class=\"_ _d\"></span>l\u2019attualizzazione <span class=\"_ _d\"></span>dei <span class=\"_ _0\"></span>futuri <span class=\"_ _d\"></span>margini <span class=\"_ _d\"></span>tecnici <span class=\"_ _d\"></span>derivanti <span class=\"_ _0\"></span>dal <span class=\"_ _d\"></span>portafoglio <span class=\"_ _0\"></span>in <span class=\"_ _d\"></span>essere, <span class=\"_ _d\"></span>e <span class=\"_ _d\"></span>il <span class=\"_ _0\"></span>New<span class=\"_ _df\"> </span>Business Value, derivante dal portafoglio di futura produzione p<span class=\"_ _1\"></span>revedibile. I <span class=\"_ _4\"> </span>flussi <span class=\"_ _22\"> </span>per <span class=\"_ _4\"> </span>la <span class=\"_ _4\"> </span>determinazione <span class=\"_ _4\"> </span>del <span class=\"_ _4\"> </span>valore <span class=\"_ _22\"> </span>derivante <span class=\"_ _4\"> </span>dal <span class=\"_ _4\"> </span>Bus<span class=\"_ _2\"></span>iness <span class=\"_ _4\"> </span>in-Force <span class=\"_ _4\"> </span>sono <span class=\"_ _22\"> </span>stat<span class=\"_ _2\"></span>i  st<span class=\"_ _2\"></span>imati,<span class=\"_ _df\"> </span>attraverso <span class=\"_ _2\"></span>l\u2019utilizzo <span class=\"_ _2\"></span>della <span class=\"_ _2\"></span>metodologia <span class=\"_ _2\"></span>alla <span class=\"_ _2\"></span>base <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>Traditional <span class=\"_ _2\"></span>Embedded <span class=\"_ _2\"></span>Value, <span class=\"_ _2\"></span>considerando <span class=\"_ _2\"></span>la<span class=\"_ _df\"> </span>composizione del portafoglio assicurati e le caratteristiche tecni<span class=\"_ _1\"></span>che del portafoglio prodotti.<span class=\"_ _df\"> </span>I <span class=\"_ _d\"></span>flussi <span class=\"_ _0\"></span>per <span class=\"_ _d\"></span>l\u2019applicazione<span class=\"ff4\"> <span class=\"_ _0\"> </span>della <span class=\"_ _0\"></span>metodologia <span class=\"_ _d\"></span>valutativa <span class=\"_ _0\"></span>si <span class=\"_ _d\"></span>estendono <span class=\"_ _0\"></span>ad <span class=\"_ _0\"></span>un <span class=\"_ _d\"></span>arco <span class=\"_ _0\"></span>temporale <span class=\"_ _d\"></span>di <span class=\"_ _0\"></span>tre<span class=\"_ _df\"> </span></span>esercizi (2026-2028) e si <span class=\"_ _2\"></span>basano sul budget 2026, approvato <span class=\"_ _2\"></span>dal Consiglio di Amministrazione del<span class=\"_ _df\"> </span>15 <span class=\"_ _c\"> </span>dicembre <span class=\"_ _1a\"> </span>2025 <span class=\"_ _c\"> </span>e <span class=\"_ _c\"> </span>dai <span class=\"_ _c\"> </span>previsionali <span class=\"_ _c\"> </span>2027-<span class=\"ff5\">2028, <span class=\"_ _c\"> </span>anch\u2019essi <span class=\"_ _c\"> </span>approvati <span class=\"_ _1a\"> </span>dal <span class=\"_ _c\"> </span>Consiglio <span class=\"_ _c\"> </span>di<span class=\"_ _df\"> </span></span>Amministrazione del 15 dicembre 2025.<span class=\"_ _df\"> </span>Il costo d<span class=\"_ _1\"></span>el capitale<span class=\"_ _1\"></span>, stimato sul<span class=\"_ _1\"></span>la base d<span class=\"_ _1\"></span>el \u201cCapital A<span class=\"_ _f\"></span>ss<span class=\"_ _2\"></span>et <span class=\"_ _1\"></span>Pricing <span class=\"_ _f\"></span>Model\u201d, \u00e8 stato de<span class=\"_ _1\"></span>terminato nella<span class=\"_ _df\"> </span>misura del 5,91%, sulla base dei<span class=\"_ _1\"></span> seguenti parametri:<span class=\"_ _df\"> </span><span class=\"_ _2c\"> </span><span class=\"ff4\">Tasso privo di rischio: pari al <span class=\"_ _f\"></span>3,51%, corrispondente al rendimento medio registrato negli<span class=\"_ _df\"> </span></span>ultimi 6 mesi dai BTP con scadenza residua de<span class=\"_ _1\"></span>cennale;<span class=\"_ _df\"> </span><span class=\"_ _2c\"> </span><span class=\"ff4\">Coefficiente  Beta:  pari  a  0<span class=\"_ _2\"></span>,52,  corrispondente<span class=\"_ _1\"></span>  al  coefficiente  medio  delle  societ\u00e0  di<span class=\"_ _df\"> </span></span>assicurazione italiane quotate;<span class=\"_ _df\"> </span><span class=\"_ _2c\"> </span><span class=\"ff4\">Premio <span class=\"_ _0\"></span>per <span class=\"_ _0\"></span>il <span class=\"_ _0\"></span>rischio <span class=\"_ _0\"></span>di <span class=\"_ _d\"></span>mer<span class=\"_ _2\"></span>cato: <span class=\"_ _d\"></span>ai <span class=\"_ _0\"></span>fini <span class=\"_ _0\"></span>della <span class=\"_ _0\"></span>determinaz<span class=\"_ _2\"></span>ione <span class=\"_ _0\"></span>del <span class=\"_ _0\"></span>Market <span class=\"_ _0\"></span>Risk <span class=\"_ _d\"></span>Premium<span class=\"_ _df\"> </span></span>(MRP), l<span class=\"_ _1\"></span>a Banca ha adottato un <span class=\"_ _1\"></span>nuovo criterio ope<span class=\"_ _1\"></span>rativo, in sostitu<span class=\"_ _1\"></span>zione della p<span class=\"_ _1\"></span>recedente<span class=\"_ _df\"> </span>prassi <span class=\"_ _d\"></span>basata <span class=\"_ _d\"></span>su <span class=\"_ _d\"></span>riferimenti <span class=\"_ _d\"></span>statici <span class=\"_ _d\"></span>e <span class=\"_ _d\"></span>valutazioni <span class=\"_ _d\"></span>qualitative <span class=\"_ _d\"></span>del <span class=\"_ _d\"></span>management. <span class=\"_ _d\"></span>La <span class=\"_ _d\"></span>nuova<span class=\"_ _df\"> </span>definizione <span class=\"_ _9\"> </span>del <span class=\"_ _9\"> </span>parametr<span class=\"_ _2\"></span>o <span class=\"_ _9\"> </span>prevede <span class=\"_ _9\"> </span>l'utilizzo <span class=\"_ _9\"> </span>del  dato <span class=\"_ _9\"> </span>'Implied <span class=\"_ _9\"> </span>Equity <span class=\"_ _9\"> </span>Risk  P<span class=\"_ _1\"></span>remium' <span class=\"_ _9\"> </span>di<span class=\"_ _df\"> </span>fonte <span class=\"_ _2\"></span>Damodaran. <span class=\"_ _d\"></span>Tale <span class=\"_ _2\"></span>parametro, <span class=\"_ _d\"></span>di <span class=\"_ _2\"></span>natura <span class=\"_ _d\"></span>forward-looking, <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _d\"></span>determinato <span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>ulla <span class=\"_ _2\"></span>base<span class=\"_ _df\"> </span>dei <span class=\"_ _0\"></span>prezzi <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>mercato <span class=\"_ _9\"> </span>correnti <span class=\"_ _0\"></span>e <span class=\"_ _9\"> </span>dei <span class=\"_ _0\"></span>flussi <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>cassa <span class=\"_ _9\"> </span>attesi, <span class=\"_ _9\"> </span>riflettendo <span class=\"_ _0\"></span>le <span class=\"_ _9\"> </span>aspettative <span class=\"_ _9\"> </span>di<span class=\"_ _df\"> </span>rendimento degli inve<span class=\"_ _1\"></span>stitori in tempo reale. Al fine di mitigare la volatilit\u00e0 intrinseca del<span class=\"_ _1\"></span>le<span class=\"_ _df\"> </span>quotazioni  azionarie  e <span class=\"_ _4\"> </span>garantire  coerenza  con <span class=\"_ _4\"> </span>l'orizzonte  temporale  utilizzato <span class=\"_ _22\"> </span>per <span class=\"_ _4\"> </span>il<span class=\"_ _df\"> </span>calcolo del<span class=\"_ _1\"></span> Beta, il<span class=\"_ _1\"></span> valore del <span class=\"_ _1\"></span>MRP \u00e8 cal<span class=\"_ _1\"></span>colato come media <span class=\"_ _1\"></span>mobile d<span class=\"_ _1\"></span>elle rilevazioni <span class=\"_ _1\"></span>mensili<span class=\"_ _df\"> </span>degli <span class=\"_ _4\"> </span>ultimi <span class=\"_ _17\"> </span>5 <span class=\"_ _4\"> </span>anni. <span class=\"_ _4\"> </span>L'a<span class=\"_ _2\"></span>dozione <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>tale <span class=\"_ _17\"> </span>criterio <span class=\"_ _4\"> </span>assicura <span class=\"_ _17\"> </span>una <span class=\"_ _4\"> </span>maggiore <span class=\"_ _4\"> </span>oggettivit\u00e0 <span class=\"_ _17\"> </span>e<span class=\"_ _df\"> </span>robustezza <span class=\"_ _2\"></span>scientifica <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>processo <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>stima, <span class=\"_ _2\"></span>alline<span class=\"_ _1\"></span>ando <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>costo <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>capitale all<span class=\"_ _2\"></span>e eff<span class=\"_ _2\"></span>ettive<span class=\"_ _df\"> </span>condizioni macroeconomiche di mercato. A seguito della modifica il Premio per il rischio<span class=\"_ _df\"> </span>di <span class=\"_ _1\"></span>mercato vi<span class=\"ff5\">ene<span class=\"_ _1\"></span> determinato ad<span class=\"_ _1\"></span> un <span class=\"_ _f\"></span>valore pari <span class=\"_ _f\"></span>al 4,63%; <span class=\"_ _1\"></span>tale v<span class=\"_ _1\"></span>alore \u00e8 <span class=\"_ _f\"></span>al netto d<span class=\"_ _1\"></span>el \u201cri<span class=\"_ _1\"></span>schio<span class=\"_ _df\"> </span></span>paese\u201d <span class=\"_ _0\"></span>in <span class=\"_ _9\"> </span>quanto <span class=\"_ _9\"> </span>implicitamente <span class=\"_ _0\"></span>compreso <span class=\"_ _9\"> </span>nel <span class=\"_ _0\"></span>sopracitato <span class=\"_ _9\"> </span>tasso <span class=\"_ _9\"> </span>di <span class=\"_ _0\"></span>rendimento <span class=\"_ _0\"></span>delle<span class=\"_ _df\"> </span>attivit\u00e0 privo di rischio.<span class=\"_ _df\"> </span>Nella <span class=\"_ _d\"></span>tabella <span class=\"_ _d\"></span>che <span class=\"_ _0\"></span>segue <span class=\"_ _d\"></span>viene <span class=\"_ _d\"></span>riportat<span class=\"_ _2\"></span>a <span class=\"_ _d\"></span>la <span class=\"_ _d\"></span>sintesi <span class=\"_ _d\"></span>delle <span class=\"_ _d\"></span>valutazio<span class=\"_ _2\"></span>ni <span class=\"_ _d\"></span>effettuate <span class=\"_ _d\"></span>con <span class=\"_ _0\"></span>riferimento <span class=\"_ _d\"></span>alla<span class=\"_ _df\"> </span>CGU Assicurazioni (dati in milioni di euro): Busi<span class=\"_ _1\"></span>ness<span class=\"_ _f\"></span> Danni<span class=\"_ _df\"> </span>Busi<span class=\"_ _1\"></span>ness<span class=\"_ _f\"></span> Vita<span class=\"_ _df\"> </span>Tot<span class=\"_ _1\"></span>ale CG<span class=\"_ _f\"></span>U<span class=\"_ _df\"> </span>Assi<span class=\"_ _1\"></span>cura<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>i<span class=\"_ _df\"> </span>Valore d\u2019uso del<span class=\"_ _1\"></span>la CGU<span class=\"_ _df\"> </span>281,8<span class=\"_ _df\"> </span>872,1<span class=\"_ _df\"> </span>1.153,9<span class=\"_ _df\"> </span>Valore contabi<span class=\"_ _1\"></span>le CGU<span class=\"_ _df\"> </span>119,3<span class=\"_ _df\"> </span>601,6<span class=\"_ _df\"> </span>720,<span class=\"_ _df\"> </span>Delt<span class=\"_ _1\"></span>a<span class=\"_ _df\"> </span>162,5<span class=\"_ _df\"> </span>270,5<span class=\"_ _df\"> </span>433,<span class=\"_ _df\"> </span>Il <span class=\"_ _2\"></span>modell<span class=\"ff5\">o <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>determinazione <span class=\"_ _d\"></span>del <span class=\"_ _2\"></span>valore <span class=\"_ _d\"></span>d\u2019uso <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _2\"></span>stato <span class=\"_ _2\"></span>inoltre <span class=\"_ _2\"></span>sottoposto <span class=\"_ _2\"></span>ad <span class=\"_ _d\"></span>analisi <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>sensitivit\u00e0 <span class=\"_ _2\"></span>al<span class=\"_ _df\"> </span></span>fine di apprezzare la variazione<span class=\"_ _1\"></span> dei risultati ottenuti al variare dei parametri valutativi adottati. Dalle <span class=\"_ _2\"></span>analisi <span class=\"_ _2\"></span>svolte, <span class=\"_ _2\"></span>non sono <span class=\"_ _2\"></span>emerse <span class=\"_ _2\"></span>indicazioni di <span class=\"_ _2\"></span>riduzio<span class=\"_ _2\"></span>ne <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>valore <span class=\"_ _2\"></span>con riferimento <span class=\"_ _2\"></span>alla <span class=\"_ _2\"></span>CGU in<span class=\"_ _df\"> </span>esame, considerando: <span class=\"_ _2c\"> </span><span class=\"ff5\">per il business Danni, tasso di attualizzazione \u201cKe\u201d (+/<span class=\"ff4\">-50 bps);<span class=\"_ _df\"> </span></span></span><span class=\"_ _2c\"> </span><span class=\"ff4\">per il business Vita:<span class=\"_ _df\"> </span></span>o<span class=\"_ _1c\"> </span><span class=\"ff5\">Business In Force, tasso di attualizzazione \u201cKe\u201d (+/<span class=\"ff4\">-100 bps);<span class=\"_ _df\"> </span></span></span>o<span class=\"_ _1c\"> </span><span class=\"ff5\">New <span class=\"_ _d\"></span>Business, <span class=\"_ _0\"></span>tasso <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>attualizzazione <span class=\"_ _d\"></span>\u201cK<span class=\"_ _2\"></span>e\u201d <span class=\"_ _d\"></span>(+/<span class=\"ff4\">-</span>100 <span class=\"_ _0\"></span>bps), <span class=\"_ _d\"></span>tasso <span class=\"_ _d\"></span>di <span class=\"_ _0\"></span>crescita <span class=\"_ _d\"></span>\u201cg\u201d <span class=\"_ _d\"></span>(+/<span class=\"_ _2\"></span><span class=\"ff4\">-100<span class=\"_ _df\"> </span></span></span>bps) e New Business Margin APE (+/-100 bps).<span class=\"_ _df\"> </span>In <span class=\"_ _e\"> </span>una <span class=\"_ _e\"> </span>logica <span class=\"_ _e\"> </span>complessiva <span class=\"_ _15\"> </span>di <span class=\"_ _10\"> </span>ulteriore <span class=\"_ _15\"> </span>\u201cstr<span class=\"_ _2\"></span>ess <span class=\"_ _15\"> </span>test\u201d, <span class=\"_ _e\"> </span>si <span class=\"_ _e\"> </span>segnala <span class=\"_ _e\"> </span>che <span class=\"_ _e\"> </span>anche <span class=\"_ _15\"> </span>cons<span class=\"_ _2\"></span>iderando<span class=\"_ _df\"> </span>congiuntamente:<span class=\"_ _df\"> </span><span class=\"_ _2c\"> </span><span class=\"ff5\">per il <span class=\"_ _f\"></span>business Danni, <span class=\"_ _1\"></span>un <span class=\"_ _1\"></span>tasso di attualizzazi<span class=\"_ _1\"></span>one dell\u20196,92<span class=\"ff4\">% (<span class=\"_ _1\"></span>incremento di <span class=\"_ _f\"></span>circa 100 bps)<span class=\"_ _1\"></span> e <span class=\"_ _f\"></span>un<span class=\"_ _df\"> </span></span></span>incremento del 10% del Solvency capital (inc<span class=\"_ _1\"></span>remento di 1000 bps);<span class=\"_ _df\"> </span><span class=\"_ _2c\"> </span><span class=\"ff5\">per il <span class=\"_ _f\"></span>business Vita, <span class=\"_ _1\"></span>un tasso <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>attualizzazione <span class=\"_ _f\"></span>dell\u20196.92% (incremento di<span class=\"_ _1\"></span> circa <span class=\"_ _f\"></span>100 bps), <span class=\"_ _f\"></span>tas<span class=\"_ _2\"></span>so<span class=\"_ _df\"> </span></span>di crescita \u201cg\u201d (<span class=\"ff4\">-100 bps) e una minore marginalit\u00e0 sul New Business di 100 bps;<span class=\"_ _df\"> </span></span>non si rileverebbero rettifiche di valore sull<span class=\"_ _1\"></span>a CGU Assicurazioni.<span class=\"_ _df\"> </span>Nota <span class=\"_ _1\"></span>sulle va<span class=\"_ _f\"></span>lutazion<span class=\"_ _f\"></span>i espresse<span class=\"_ _1\"></span> dal me<span class=\"_ _1\"></span>rcato<span class=\"_ _1\"></span> Negli ultimi s<span class=\"_ _2\"></span>ei mesi del 20<span class=\"_ _2\"></span>25 le <span class=\"_ _2\"></span>azioni Credem sono <span class=\"_ _2\"></span>state scambiate ad <span class=\"_ _2\"></span>un controvalore medio <span class=\"_ _2\"></span>di<span class=\"_ _df\"> </span>13,71 euro <span class=\"_ _2\"></span>per azion<span class=\"_ _2\"></span>e, corrispondente ad <span class=\"_ _2\"></span>un <span class=\"_ _2\"></span>multiplo sul <span class=\"_ _2\"></span>patrimoni<span class=\"_ _1\"></span>o <span class=\"_ _2\"></span>netto contabile della <span class=\"_ _2\"></span>Banca al<span class=\"_ _df\"> </span>31 dicembre 2025 di circa 1,00x. I report degli analisti indican<span class=\"_ _1\"></span>o un \u201ct<span class=\"_ _2\"></span>arget price<span class=\"_ _1\"></span>\u201d medio per il titolo Crede<span class=\"_ _1\"></span>m di 15,79 euro per azione,<span class=\"_ _df\"> </span>corrispondente ad un multiplo s<span class=\"_ _1\"></span>ul patrimonio netto contabile della Banca al 31 dice<span class=\"_ _1\"></span>mbre 2025 pari<span class=\"_ _df\"> </span>a circa 1,16x.<span class=\"_ _df\"> </span>Dall\u2019analisi <span class=\"_ _0\"></span>della <span class=\"_ _0\"></span>quotazione <span class=\"_ _0\"></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=\"_ _0\"></span>febbraio <span class=\"_ _0\"></span>2026 <span class=\"_ _0\"></span>(15,60 <span class=\"_ _0\"></span>euro <span class=\"_ _0\"></span>il <span class=\"_ _9\"> </span>prezzo <span class=\"_ _d\"></span>di<span class=\"_ _df\"> </span>chiusura  al <span class=\"_ _9\"> </span>27  febbraio  2<span class=\"_ _1\"></span>026)  \u00e8 <span class=\"_ _16\"> </span>emersa  u<span class=\"_ _f\"></span>na  capitalizzazione  d<span class=\"_ _1\"></span>i  borsa <span class=\"_ _16\"> </span>pari  ad <span class=\"_ _9\"> </span>un  mult<span class=\"_ _2\"></span>iplo <span class=\"_ _16\"> </span>del<span class=\"_ _df\"> </span>patrimonio netto contabile al 31 dice<span class=\"_ _1\"></span>mbre 2025 di circa 1,14x.<span class=\"_ _df\"> </span>Verif<span class=\"_ _1\"></span>ica di ra<span class=\"_ _f\"></span>gionevole<span class=\"_ _f\"></span>zza comp<span class=\"_ _1\"></span>lessiva<span class=\"_ _df\"> </span>Come <span class=\"_ _4\"> </span>messo <span class=\"_ _4\"> </span>in <span class=\"_ _4\"> </span>evid<span class=\"_ _1\"></span>enza <span class=\"_ _4\"> </span>nei <span class=\"_ _4\"> </span>paragrafi <span class=\"_ _4\"> </span>precedenti <span class=\"_ _22\"> </span>del <span class=\"_ _4\"> </span>documento, <span class=\"_ _4\"> </span>sono <span class=\"_ _4\"> </span>state <span class=\"_ _4\"> </span>individu<span class=\"_ _1\"></span>ate <span class=\"_ _4\"> </span>e<span class=\"_ _df\"> </span>sottoposte ad impairment test la CGU Banki<span class=\"_ _1\"></span>ng e la CGU A<span class=\"_ _2\"></span>ssicurazioni (Insu<span class=\"_ _1\"></span>rance).<span class=\"_ _df\"> </span>A <span class=\"_ _22\"> </span>completamento <span class=\"_ _4\"> </span>delle  analisi<span class=\"_ _2\"></span> <span class=\"_ _22\"> </span>precedentemente <span class=\"_ _22\"> </span>d<span class=\"_ _2\"></span>escritte <span class=\"_ _22\"> </span>si <span class=\"_ _4\"> </span>\u00e8 <span class=\"_ _4\"> </span>proced<span class=\"_ _1\"></span>uto <span class=\"_ _4\"> </span>ad  effettuare <span class=\"_ _4\"> </span>una<span class=\"_ _df\"> </span>\u201cverifica <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>ragionevolezza <span class=\"_ _9\"> </span>complessiva\u201d <span class=\"_ _9\"> </span>ch<span class=\"_ _2\"></span>e <span class=\"_ _9\"> </span>prevede <span class=\"_ _9\"> </span>un <span class=\"_ _9\"> </span>confronto<span class=\"_ _2\"></span> <span class=\"_ _9\"> </span>tra <span class=\"_ _9\"> </span>il <span class=\"_ _9\"> </span>valore <span class=\"_ _9\"> </span>contabile <span class=\"_ _16\"> </span>ed <span class=\"_ _9\"> </span>il<span class=\"_ _df\"> </span>valore recuperabile del Grupp<span class=\"_ _1\"></span>o Credem.<span class=\"_ _df\"> </span>Ai <span class=\"_ _2\"></span>fin<span class=\"ff5\">i <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>tale <span class=\"_ _2\"></span>verifica <span class=\"_ _d\"></span>\u00e8 <span class=\"_ _d\"></span>stato <span class=\"_ _d\"></span>utilizzato <span class=\"_ _2\"></span>quale <span class=\"_ _2\"></span>met<span class=\"_ _2\"></span>odo <span class=\"_ _2\"></span>di <span class=\"_ _d\"></span>valutazione <span class=\"_ _2\"></span>il <span class=\"_ _d\"></span>DDM <span class=\"_ _d\"></span>nella <span class=\"_ _d\"></span>variante <span class=\"_ _2\"></span>\u201cexcess<span class=\"_ _df\"> </span></span>capital\u201d <span class=\"_ _d\"></span>e <span class=\"_ _2\"></span>sono <span class=\"_ _d\"></span>stati <span class=\"_ _2\"></span>utilizzati <span class=\"_ _d\"></span>gli <span class=\"_ _2\"></span>stessi <span class=\"_ _d\"></span>parametri <span class=\"_ _d\"></span>di <span class=\"_ _2\"></span>costo <span class=\"_ _d\"></span>del <span class=\"_ _2\"></span>capitale, <span class=\"_ _d\"></span>tasso <span class=\"_ _d\"></span>di <span class=\"_ _2\"></span>crescita <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>lungo<span class=\"_ _df\"> </span>periodo <span class=\"_ _9\"> </span>e <span class=\"_ _16\"> </span>requisiti <span class=\"_ _9\"> </span>patrimoniali <span class=\"_ _16\"> </span>richiesti <span class=\"_ _9\"> </span>dall\u2019Autorit\u00e0<span class=\"_ _2\"></span><span class=\"ff4\"> <span class=\"_ _16\"> </span>di <span class=\"_ _9\"> </span>Vigilanza <span class=\"_ _9\"> </span>utilizzati <span class=\"_ _16\"> </span>per <span class=\"_ _9\"> </span>il <span class=\"_ _9\"> </span>t<span class=\"_ _2\"></span>est <span class=\"_ _9\"> </span>della <span class=\"_ _9\"> </span>CGU<span class=\"_ _df\"> </span></span>Banking.<span class=\"_ _df\"> </span>I flussi per l\u2019applicazione della metodologia valu<span class=\"_ _1\"></span>tativa sono st<span class=\"_ _2\"></span>ati d<span class=\"_ _1\"></span>esunti dal Preconsuntivo 2025 e<span class=\"_ _df\"> </span>Budget 2026 del <span class=\"_ _2\"></span>Gruppo Credem, <span class=\"_ _2\"></span>approvato dal Consiglio di <span class=\"_ _2\"></span>Amministrazione della Ca<span class=\"_ _2\"></span>pogruppo il<span class=\"_ _df\"> </span>19 di<span class=\"_ _1\"></span>cembre <span class=\"_ _1\"></span>2025 e <span class=\"_ _f\"></span>da proie<span class=\"_ _1\"></span>zioni, <span class=\"_ _1\"></span>redatte ai<span class=\"_ _f\"></span> soli <span class=\"_ _1\"></span>fini <span class=\"_ _1\"></span>del <span class=\"_ _f\"></span>t<span class=\"_ _2\"></span>est <span class=\"_ _f\"></span>di impairme<span class=\"_ _1\"></span>nt sugli <span class=\"_ _f\"></span>avviamenti, <span class=\"_ _1\"></span>relative<span class=\"_ _df\"> </span>agli  esercizi <span class=\"_ _4\"> </span>dal <span class=\"_ _22\"> </span>20<span class=\"_ _2\"></span>27  al <span class=\"_ _4\"> </span>2028, <span class=\"_ _4\"> </span>anch\u2019e<span class=\"_ _1\"></span>sse <span class=\"_ _4\"> </span>approvate  dal <span class=\"_ _4\"> </span>Consiglio <span class=\"_ _22\"> </span>di <span class=\"_ _4\"> </span>Amministrazione  del <span class=\"_ _4\"> </span>19<span class=\"_ _df\"> </span>dicembre 2025.<span class=\"_ _df\"> </span>Dal <span class=\"_ _4\"> </span>confr<span class=\"_ _2\"></span>onto <span class=\"_ _4\"> </span>del <span class=\"_ _4\"> </span>valore <span class=\"_ _17\"> </span>contabile <span class=\"_ _4\"> </span>complessivo <span class=\"_ _17\"> </span>re<span class=\"_ _2\"></span>lativo <span class=\"_ _4\"> </span>al <span class=\"_ _17\"> </span>Gruppo <span class=\"_ _4\"> </span>Credem <span class=\"_ _4\"> </span>e<span class=\"_ _2\"></span>d <span class=\"_ _4\"> </span>il <span class=\"_ _4\"> </span>s<span class=\"_ _2\"></span>uo <span class=\"_ _4\"> </span>valore<span class=\"_ _df\"> </span>recuperabile, non sono emerse indicazioni d<span class=\"_ _1\"></span>i riduzione di valore.<span class=\"_ _df\"> </span>Anche <span class=\"_ _4\"> </span>questo<span class=\"_ _2\"></span> <span class=\"_ _4\"> </span>modello <span class=\"_ _4\"> </span>di <span class=\"_ _17\"> </span>determinazione <span class=\"_ _17\"> </span>del <span class=\"_ _4\"> </span>va<span class=\"_ _2\"></span>lore <span class=\"_ _4\"> </span>d\u2019uso <span class=\"_ _4\"> </span>\u00e8<span class=\"_ _2\"></span> <span class=\"_ _4\"> </span>stato <span class=\"_ _17\"> </span>sottoposto <span class=\"_ _17\"> </span>ad <span class=\"_ _4\"> </span>analisi <span class=\"_ _17\"> </span>di<span class=\"_ _df\"> </span>sensitivit\u00e0 rispetto <span class=\"_ _2\"></span>a variazioni nei valori <span class=\"_ _2\"></span>dei <span class=\"_ _2\"></span>princip<span class=\"_ _1\"></span>ali <span class=\"_ _2\"></span>parametri <span class=\"_ _2\"></span>al fine <span class=\"_ _2\"></span>di individuare le <span class=\"_ _2\"></span>condizioni<span class=\"_ _df\"> </span>sotto  cu<span class=\"_ _1\"></span>i  il <span class=\"_ _9\"> </span>valore  recuperabile  d<span class=\"_ _1\"></span>ell\u2019avviamento  a<span class=\"_ _f\"></span>  livello <span class=\"_ _16\"> </span>di <span class=\"_ _16\"> </span>Gruppo  risul<span class=\"_ _1\"></span>ta  pari <span class=\"_ _16\"> </span>al <span class=\"_ _16\"> </span>suo <span class=\"_ _16\"> </span>valore <span class=\"_ _16\"> </span>di<span class=\"_ _df\"> </span>bilancio. <span class=\"_ _2\"></span>Dalle <span class=\"_ _2\"></span>analisi s<span class=\"_ _2\"></span>volte, non <span class=\"_ _2\"></span>sono <span class=\"_ _2\"></span>emerse <span class=\"_ _2\"></span>indicazioni di <span class=\"_ _2\"></span>riduzione <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>valore <span class=\"_ _2\"></span>con <span class=\"_ _2\"></span>riferimento al<span class=\"_ _df\"> </span>Gruppo Credem fino alla considerazione di un tasso di attualizz<span class=\"_ _1\"></span>azione del 15,93%.<span class=\"_ _df\"> </span>Si <span class=\"_ _17\"> </span>s<span class=\"_ _2\"></span>egnala <span class=\"_ _17\"> </span>che, <span class=\"_ _17\"> </span>cons<span class=\"_ _2\"></span>iderand<span class=\"_ _1\"></span>o <span class=\"_ _14\"> </span>congiuntamente <span class=\"_ _14\"> </span>un <span class=\"_ _14\"> </span>tasso <span class=\"_ _14\"> </span>di <span class=\"_ _17\"> </span>crescita <span class=\"_ _14\"> </span>di <span class=\"_ _14\"> </span>lungo <span class=\"_ _17\"> </span>periodo <span class=\"_ _14\"> </span>nullo<span class=\"_ _df\"> </span>(decremento di <span class=\"_ _2\"></span>190 <span class=\"_ _2\"></span>bps) e <span class=\"_ _2\"></span>un t<span class=\"_ _2\"></span>asso <span class=\"_ _2\"></span>di attualizzazione del <span class=\"_ _2\"></span>15,55% <span class=\"_ _2\"></span>non <span class=\"_ _2\"></span>si r<span class=\"_ _2\"></span>ilev<span class=\"_ _1\"></span>erebbero <span class=\"_ _2\"></span>rettific<span class=\"_ _2\"></span>he <span class=\"_ _2\"></span>di<span class=\"_ _df\"> </span>valore sul perimetro relativo al Gruppo Crede<span class=\"_ _1\"></span>m. Si <span class=\"_ _f\"></span>segnala i<span class=\"_ _1\"></span>nfine <span class=\"_ _f\"></span>che anc<span class=\"_ _1\"></span>he <span class=\"_ _f\"></span>abbat<span class=\"_ _2\"></span>tendo <span class=\"_ _f\"></span>i <span class=\"_ _1\"></span>flussi <span class=\"_ _f\"></span>di ca<span class=\"_ _f\"></span>s<span class=\"_ _2\"></span>sa <span class=\"_ _f\"></span>futuri <span class=\"_ _f\"></span>attesi <span class=\"_ _1\"></span>del <span class=\"_ _f\"></span>50,05% non <span class=\"_ _11\"></span>si ril<span class=\"_ _1\"></span>everebbero<span class=\"_ _df\"> </span>rettifiche di valore sulla CGU.<span class=\"_ _df\"> </span>Le analisi <span class=\"_ _2\"></span>evidenziano anche <span class=\"_ _2\"></span>come <span class=\"_ _2\"></span>le differenze <span class=\"_ _2\"></span>rilevate nelle <span class=\"_ _2\"></span>ana<span class=\"_ _2\"></span>lisi di <span class=\"_ _2\"></span>sensitivit\u00e0 so<span class=\"_ _2\"></span>pra descritte<span class=\"_ _df\"> </span>assorbano in maniera estensiva, in relazione al climate risk del Gr<span class=\"_ _2\"></span>uppo Credem, gli impatti stimati<span class=\"_ _df\"> </span>in uno scenario avverso.<span class=\"_ _df\"> </span>Alla <span class=\"_ _4\"> </span>luce <span class=\"_ _4\"> </span>dei <span class=\"_ _4\"> </span>risultati <span class=\"_ _4\"> </span>sopra <span class=\"_ _4\"> </span>descritti <span class=\"_ _4\"> </span>in <span class=\"_ _4\"> </span>relazione <span class=\"_ _4\"> </span>alla <span class=\"_ _4\"> </span>verifica <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>ragionevolezza <span class=\"_ _4\"> </span>complessiv<span class=\"_ _2\"></span><span class=\"ls72\">a </span>effettuata con <span class=\"_ _2\"></span>riferimento al Gr<span class=\"_ _2\"></span>upp<span class=\"_ _1\"></span>o Cred<span class=\"_ _2\"></span>em, si pu\u00f2 <span class=\"_ _2\"></span>concludere che non <span class=\"_ _2\"></span>sono emerse <span class=\"_ _2\"></span>indicazioni di riduzione di valore. Il <span class=\"_ _2\"></span>modello <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>determinazione <span class=\"_ _2\"></span>del<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>valore <span class=\"_ _2\"></span>d\u2019uso <span class=\"_ _d\"></span>\u00e8 <span class=\"_ _2\"></span>stato <span class=\"_ _2\"></span>inoltre <span class=\"_ _2\"></span>sottoposto <span class=\"_ _2\"></span>ad <span class=\"_ _d\"></span>analisi <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>sensitivit\u00e0 <span class=\"_ _2\"></span>al fine <span class=\"_ _f\"></span>di app<span class=\"_ _1\"></span>rezzare l<span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>variazione dei <span class=\"_ _f\"></span>risultati <span class=\"_ _1\"></span>ottenuti <span class=\"_ _1\"></span>al <span class=\"_ _f\"></span>variare de<span class=\"_ _1\"></span>i parametri <span class=\"_ _f\"></span>valutativi <span class=\"_ _f\"></span>adott<span class=\"_ _2\"></span>ati. <span class=\"_ _f\"></span>Dalle analisi svolte, <span class=\"_ _1\"></span>non sono<span class=\"_ _1\"></span> emerse <span class=\"_ _1\"></span>indicazioni d<span class=\"_ _1\"></span>i riduzione<span class=\"_ _1\"></span> di v<span class=\"_ _1\"></span>alore con riferimento<span class=\"_ _1\"></span> alla CGU<span class=\"_ _f\"></span> in esame<span class=\"_ _1\"></span> considerando <span class=\"_ _f\"></span>u<span class=\"_ _2\"></span>na <span class=\"_ _1\"></span>variazione del <span class=\"_ _1\"></span>costo del <span class=\"_ _f\"></span>capitale (ke) d<span class=\"_ _1\"></span>i +/- 50 <span class=\"_ _f\"></span>bps. Inoltre, <span class=\"_ _1\"></span>In una <span class=\"_ _1\"></span>logica di <span class=\"_ _f\"></span>str<span class=\"_ _2\"></span>ess test, si seg<span class=\"_ _1\"></span>nala che <span class=\"_ _1\"></span>anche considerando u<span class=\"_ _1\"></span>n tasso di a<span class=\"_ _1\"></span>ttualizzazione del<span class=\"_ _1\"></span> 6,91% (incremento di <span class=\"_ _f\"></span>circa 100 <span class=\"_ _2\"></span>bps) <span class=\"_ _2\"></span>nonch\u00e9 <span class=\"_ _d\"></span>un <span class=\"_ _2\"></span>incremento <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>Solvency <span class=\"_ _2\"></span>Capital <span class=\"_ _2\"></span>Re<span class=\"_ _2\"></span>quirement <span class=\"_ _2\"></span>atteso <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>1<span class=\"_ _2\"></span>0% <span class=\"_ _2\"></span>(incremento <span class=\"_ _2\"></span>di circa 1000 bps) non si rileverebbero rettifiche di valore.",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-836": {
   "value": "IVA<span class=\"_ _1\"></span> Sezio<span class=\"_ _1\"></span>ne 10<span class=\"_ _1\"></span> - Attivit\u00e0<span class=\"_ _1\"></span> imm<span class=\"_ _1\"></span>ateri<span class=\"_ _f\"></span>ali <span class=\"ff5\">\u2013</span> Voce 1<span class=\"_ _1\"></span>00 10.1 At<span class=\"_ _f\"></span>tivit\u00e0 i<span class=\"_ _1\"></span>mma<span class=\"_ _1\"></span>teriali<span class=\"_ _1\"></span>: com<span class=\"_ _1\"></span>posi<span class=\"_ _f\"></span>zione per<span class=\"_ _1\"></span> tipo<span class=\"_ _1\"></span>logia<span class=\"_ _f\"></span> di attivit<span class=\"_ _f\"></span>\u00e0<span class=\"_ _2\"></span> <table class=\"s wb94 h4df\" id=\"_b682bcfb-e2f1-4d8a-a6c4-8bdf1f5c6de6\"><tr><td></td><td></td><td class=\"c x535 y2965 w3ad h1b9\"><div class=\"t m0 x12 h1f y32 ff4 fs7 fc4 sc3 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale </div></td><td></td><td class=\"c x536 y2965 w3ad h1b9\"><div class=\"t m0 x12 h1f y32 ff4 fs7 fc4 sc3 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale </div></td><td></td></tr><tr><td class=\"c x44e y2966 w3c7 h26a\"><div class=\"t m0 x18 h1f y10ed ff4 fs7 fc4 sc3 ls0 ws0\">Atti<span class=\"_ _1\"></span>vit\u00e0/V<span class=\"_ _f\"></span>alori </div></td><td class=\"c x537 y2967 w993 h4e0\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/<span class=\"_ _df\"> </span></div></td><td class=\"c x538 y2967 w991 h4e0\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">2025<span class=\"_ _df\"> </span></div></td><td class=\"c x539 y2967 w993 h4e0\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/<span class=\"_ _df\"> </span></div></td><td class=\"c x53a y2967 w994 h4e0\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">2024<span class=\"_ _df\"> </span></div></td><td></td></tr><tr><td></td><td></td><td class=\"c x53b y2968 wb95 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">Dura<span class=\"_ _f\"></span>ta<span class=\"_ _df\"> </span></div></td><td class=\"c x53c y2968 wb95 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">Dura<span class=\"_ _f\"></span>ta<span class=\"_ _df\"> </span></div></td><td class=\"c x53d y2968 wb95 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">Dura<span class=\"_ _f\"></span>ta<span class=\"_ _df\"> </span></div></td><td class=\"c x53e y2968 wb95 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">Dura<span class=\"_ _f\"></span>ta<span class=\"_ _df\"> </span></div></td></tr><tr><td></td><td></td><td class=\"c x53f y2969 wb96 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">defin<span class=\"_ _f\"></span>ita<span class=\"_ _df\"> </span></div></td><td class=\"c x540 y2969 wb97 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">indef<span class=\"_ _f\"></span>inita<span class=\"_ _df\"> </span></div></td><td class=\"c x541 y2969 wb96 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">defin<span class=\"_ _f\"></span>ita<span class=\"_ _df\"> </span></div></td><td class=\"c x542 y2969 wb97 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">indef<span class=\"_ _f\"></span>inita<span class=\"_ _df\"> </span></div></td></tr><tr><td class=\"c x44e y296a w3c9 hc8\"><div class=\"t m0 x10 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">A.1 Av<span class=\"_ _f\"></span>viamen<span class=\"_ _f\"></span>to </div></td><td></td><td class=\"c x535 y296a w98 hc8\"><div class=\"t m0 x35 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x543 y296a w3c8 hc8\"><div class=\"t m0 x32 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">291.3<span class=\"_ _f\"></span>42 </div></td><td class=\"c x536 y296a wa8 hc8\"><div class=\"t m0 x35 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x518 y296a w208 hc8\"><div class=\"t m0 x32 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">291.3<span class=\"_ _f\"></span>42 </div></td></tr><tr><td class=\"c x44e y296b w3c9 hc8\"><div class=\"t m0 x10 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">A.1.1 di pertinenz<span class=\"_ _1\"></span>a del gruppo </div></td><td></td><td class=\"c x535 y296b w98 hc8\"><div class=\"t m0 x35 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x543 y296b w3c8 hc8\"><div class=\"t m0 x32 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">291.342 </div></td><td class=\"c x536 y296b wa8 hc8\"><div class=\"t m0 x35 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x518 y296b w208 hc8\"><div class=\"t m0 x32 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">291.342 </div></td></tr><tr><td class=\"c x44e y296c w3c9 hc8\"><div class=\"t m0 x10 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">A.1.2 di pertinenz<span class=\"_ _1\"></span>a di terzi </div></td><td></td><td class=\"c x535 y296c w98 hc8\"><div class=\"t m0 x35 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x543 y296c w3c8 hc8\"><div class=\"t m0 x1c h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x536 y296c wa8 hc8\"><div class=\"t m0 x35 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x518 y296c w208 hc8\"><div class=\"t m0 x1c h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y296d w3c9 hc8\"><div class=\"t m0 x10 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">A.2 A<span class=\"_ _1\"></span>ltre<span class=\"_ _1\"></span> att<span class=\"_ _1\"></span>ivit\u00e0<span class=\"_ _1\"></span> imm<span class=\"_ _f\"></span>ateriali<span class=\"_ _1\"></span> </div></td><td></td><td class=\"c x535 y296d w98 hc8\"><div class=\"t m0 x32 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">224.2<span class=\"_ _f\"></span>21 </div></td><td class=\"c x543 y296d w3c8 hc8\"><div class=\"t m0 x1c h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td><td class=\"c x536 y296d wa8 hc8\"><div class=\"t m0 x48 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">209.3<span class=\"_ _f\"></span>09 </div></td><td class=\"c x518 y296d w208 hc8\"><div class=\"t m0 x1c h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y296e w3c9 hc8\"><div class=\"t m0 x39 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">di cui: software </div></td><td></td><td class=\"c x535 y296e w98 hc8\"><div class=\"t m0 x32 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">213.735 </div></td><td class=\"c x543 y296e w3c8 hc8\"><div class=\"t m0 x1c h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td><td class=\"c x536 y296e wa8 hc8\"><div class=\"t m0 x35 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">196.821 </div></td><td class=\"c x518 y296e w208 hc8\"><div class=\"t m0 x1c h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y296f w3c9 hc8\"><div class=\"t m0 x10 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">A.2.1 Attivit\u00e0 valu<span class=\"_ _f\"></span>t<span class=\"_ _2\"></span>ate al c<span class=\"_ _f\"></span>o<span class=\"_ _2\"></span>sto: </div></td><td></td><td class=\"c x535 y296f w98 hc8\"><div class=\"t m0 x32 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">224.221 </div></td><td class=\"c x543 y296f w3c8 hc8\"><div class=\"t m0 x1c h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x536 y296f wa8 hc8\"><div class=\"t m0 x48 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">209.309 </div></td><td class=\"c x518 y296f w208 hc8\"><div class=\"t m0 x1c h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2970 w3c9 hc8\"><div class=\"t m0 x39 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">a) Attivit\u00e0 imma<span class=\"_ _1\"></span>teriali generate in<span class=\"_ _f\"></span>t<span class=\"_ _2\"></span>ername<span class=\"_ _1\"></span>nte </div></td><td></td><td class=\"c x535 y2970 w98 hc8\"><div class=\"t m0 x2c h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">26.350 </div></td><td class=\"c x543 y2970 w3c8 hc8\"><div class=\"t m0 x1c h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x536 y2970 wa8 hc8\"><div class=\"t m0 x2c h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">24.086 </div></td><td class=\"c x518 y2970 w208 hc8\"><div class=\"t m0 x1c h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2971 w3c9 h227\"><div class=\"t m0 x39 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">b) Altre attivit\u00e0 </div></td><td></td><td class=\"c x535 y2971 w98 h227\"><div class=\"t m0 x35 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">197.871 </div></td><td class=\"c x543 y2971 w3c8 h227\"><div class=\"t m0 x1c h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x536 y2971 wa8 h227\"><div class=\"t m0 x32 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">185.223 </div></td><td class=\"c x518 y2971 w208 h227\"><div class=\"t m0 x1c h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2972 w3c9 hc8\"><div class=\"t m0 x10 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">A.2.2 Attivit\u00e0 valu<span class=\"_ _f\"></span>tat<span class=\"_ _2\"></span>e al <span class=\"_ _1\"></span>fair value:<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x535 y2972 w98 hc8\"><div class=\"t m0 x7 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x543 y2972 w3c8 hc8\"><div class=\"t m0 x1c h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x536 y2972 wa8 hc8\"><div class=\"t m0 x1c h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x518 y2972 w208 hc8\"><div class=\"t m0 x1c h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2973 w3c9 hc8\"><div class=\"t m0 x39 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">a) Attivit\u00e0 imma<span class=\"_ _1\"></span>teriali generate in<span class=\"_ _f\"></span>t<span class=\"_ _2\"></span>ername<span class=\"_ _1\"></span>nte </div></td><td></td><td class=\"c x535 y2973 w98 hc8\"><div class=\"t m0 x7 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x543 y2973 w3c8 hc8\"><div class=\"t m0 x1c h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x536 y2973 wa8 hc8\"><div class=\"t m0 x1c h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x518 y2973 w208 hc8\"><div class=\"t m0 x1c h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2974 w3c9 hc8\"><div class=\"t m0 x39 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">b) Altre attivit\u00e0 </div></td><td></td><td class=\"c x535 y2974 w98 hc8\"><div class=\"t m0 x7 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x543 y2974 w3c8 hc8\"><div class=\"t m0 x1c h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x536 y2974 wa8 hc8\"><div class=\"t m0 x1c h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x518 y2974 w208 hc8\"><div class=\"t m0 x1c h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td></td><td class=\"c x44e y2975 w3c9 hc8\"><div class=\"t m0 x1d5 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale </div></td><td class=\"c x535 y2975 w98 hc8\"><div class=\"t m0 x32 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">224.2<span class=\"_ _f\"></span>21 </div></td><td class=\"c x543 y2975 w3c8 hc8\"><div class=\"t m0 x32 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">291.3<span class=\"_ _f\"></span>42 </div></td><td class=\"c x536 y2975 wa8 hc8\"><div class=\"t m0 x48 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">209.3<span class=\"_ _f\"></span>09 </div></td><td class=\"c x518 y2975 w208 hc8\"><div class=\"t m0 x32 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">291.3<span class=\"_ _f\"></span>42 </div></td></tr></table>La <span class=\"ff5\">voce\u201d Altre</span> <span class=\"ff5\">attivit\u00e0\u201d \u00e8 composta prev<span class=\"_ _1\"></span>alentemente da software e dall<span class=\"_ _1\"></span>a \u201cCustomer Relationship\u201d </span>relativa alle acquisizioni d<span class=\"ff5\">egli spor<span class=\"_ _2\"></span>telli de<span class=\"_ _1\"></span>i rami d\u2019azienda e alla f<span class=\"_ _2\"></span>usione della Cassa di Risparmio di </span>Cento.<span class=\"_ _df\"> </span>10.2 <span class=\"_ _1\"></span>Attivi<span class=\"_ _1\"></span>t\u00e0 imm<span class=\"_ _f\"></span>aterial<span class=\"_ _1\"></span>i: va<span class=\"_ _1\"></span>riazio<span class=\"_ _f\"></span>ni annue<span class=\"fc1 sc0\"> </span><table class=\"s wb98 h4e1\" id=\"_3207b65b-8117-451b-bfb9-56c919c5bb19\"><tr><td></td><td class=\"c x544 y2976 w385 h26b\"><div class=\"t m0 x8a h1f y8df ff4 fs7 fc4 sc3 ls0 ws0\">Avvi<span class=\"_ _1\"></span>ame<span class=\"_ _1\"></span>nto<span class=\"fc1 sc0\"> </span></div></td><td class=\"c x545 y2977 wb99 h484\" colspan=\"2\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">imm<span class=\"_ _f\"></span>aterial<span class=\"_ _1\"></span>i: gen<span class=\"_ _f\"></span>erate<span class=\"_ _df\"> </span></div></td><td class=\"c x546 y2978 wb9a h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">Altr<span class=\"_ _1\"></span>e atti<span class=\"_ _1\"></span>vit\u00e0<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x547 y2979 wb9b h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">imm<span class=\"_ _f\"></span>aterial<span class=\"_ _1\"></span>i: altr<span class=\"_ _f\"></span>e<span class=\"_ _df\"> </span></div></td><td class=\"c x548 y297a wb9a h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">Altr<span class=\"_ _1\"></span>e atti<span class=\"_ _1\"></span>vit\u00e0<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x549 y2976 w130 h26b\"><div class=\"t m0 x116 h1f y8df ff4 fs7 fc4 sc3 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale<span class=\"fc1 sc0\"> </span></div></td></tr><tr><td></td><td></td><td class=\"c x54a y297b wb9c h484\" colspan=\"2\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">inter<span class=\"_ _1\"></span>nam<span class=\"_ _f\"></span>ente<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td></td><td></td><td class=\"c x54b y2976 w1a5 h4d\"><div class=\"t m0 x16a h1f y28b ff4 fs7 fc4 sc3 ls0 ws0\">INDE<span class=\"_ _f\"></span>F<span class=\"fc1 sc0\"> </span></div></td><td class=\"c x54c y2976 w1df h4d\"><div class=\"t m0 x55 h1f y28b ff4 fs7 fc4 sc3 ls0 ws0\">D<span class=\"ls46\">EF</span><span class=\"fc1 sc0\"> </span></div></td><td></td><td class=\"c x54d y2976 w2e0 h4d\"><div class=\"t m0 x55 h1f y28b ff4 fs7 fc4 sc3 ls0 ws0\">DEF<span class=\"fc1 sc0\"> </span></div></td><td class=\"c x45f y2976 w1a8 h4d\"><div class=\"t m0 x16a h1f y28b ff4 fs7 fc4 sc3 ls0 ws0\">INDE<span class=\"_ _f\"></span>F<span class=\"fc1 sc0\"> </span></div></td><td></td><td></td></tr><tr><td class=\"c x46b y297c w3cb hc8\"><div class=\"t m0 x8a h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">A. Es<span class=\"_ _1\"></span>iste<span class=\"_ _1\"></span>nze i<span class=\"_ _1\"></span>nizia<span class=\"_ _f\"></span>li </div></td><td class=\"c x544 y297c w387 hc8\"><div class=\"t m0 x33 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">291.3<span class=\"_ _f\"></span>42<span class=\"sc0\"> </span></div></td><td></td><td class=\"c x54c y297c w18f hc8\"><div class=\"t m0 x55 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">88.3<span class=\"_ _f\"></span>27<span class=\"sc0\"> </span></div></td><td class=\"c x54b y297c w162 hc8\"><div class=\"t m0 x15 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x54d y297c w3cc hc8\"><div class=\"t m0 x2e h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">710.7<span class=\"_ _1\"></span>93<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td><td></td><td class=\"c x45f y297c w1a5 hc8\"><div class=\"t m0 x15 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x549 y297c w130 hc8\"><div class=\"t m0 xac h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">1.09<span class=\"_ _1\"></span>0.46<span class=\"_ _1\"></span>2<span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x46b y297d w3cb hc8\"><div class=\"t m0 x8a h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">A.1 Riduzioni di va<span class=\"_ _f\"></span>l<span class=\"_ _2\"></span>ore tota<span class=\"_ _1\"></span>li nette </div></td><td class=\"c x544 y297d w387 hc8\"><div class=\"t m0 x7 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x54c y297d w18f hc8\"><div class=\"t m0 x130 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">64.241 </div></td><td class=\"c x54b y297d w162 hc8\"><div class=\"t m0 x15 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x54d y297d w3cc hc8\"><div class=\"t m0 x116 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">525.570 </div></td><td></td><td class=\"c x45f y297d w1a5 hc8\"><div class=\"t m0 x15 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x549 y297d w130 hc8\"><div class=\"t m0 x55 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">589.811 </div></td></tr><tr><td class=\"c x46b y297e w3cb hc8\"><div class=\"t m0 x8a h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">A.2 Es<span class=\"_ _1\"></span>iste<span class=\"_ _1\"></span>nze<span class=\"_ _f\"></span> iniziali n<span class=\"_ _f\"></span>ette<span class=\"sc0\"> </span></div></td><td class=\"c x544 y297e w387 hc8\"><div class=\"t m0 x33 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">291.3<span class=\"_ _f\"></span>42<span class=\"sc0\"> </span></div></td><td></td><td class=\"c x54c y297e w18f hc8\"><div class=\"t m0 x55 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">24.0<span class=\"_ _f\"></span>86<span class=\"sc0\"> </span></div></td><td class=\"c x54b y297e w162 hc8\"><div class=\"t m0 x15 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x54d y297e w3cc hc8\"><div class=\"t m0 x2e h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">185.<span class=\"_ _1\"></span>223<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td><td></td><td class=\"c x45f y297e w1a5 hc8\"><div class=\"t m0 x15 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x549 y297e w130 hc8\"><div class=\"t m0 x55 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">500.<span class=\"_ _1\"></span>651<span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x46b y297f w3cb hc8\"><div class=\"t m0 x8a h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">B. A<span class=\"_ _1\"></span>umen<span class=\"_ _f\"></span>ti </div></td><td class=\"c x544 y297f w387 hc8\"><div class=\"t m0 x7 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td></td><td class=\"c x54c y297f w18f hc8\"><div class=\"t m0 x48 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">9.586<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x54b y297f w162 hc8\"><div class=\"t m0 x15 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x54d y297f w3cc hc8\"><div class=\"t m0 x48 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">71.319<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td><td></td><td class=\"c x45f y297f w1a5 hc8\"><div class=\"t m0 x15 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x549 y297f w130 hc8\"><div class=\"t m0 x130 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">80.9<span class=\"_ _f\"></span>05<span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x46b y2980 w3cb hc8\"><div class=\"t m0 x8a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">B.1 Acquisti </div></td><td class=\"c x544 y2980 w387 hc8\"><div class=\"t m0 x7 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x54c y2980 w18f hc8\"><div class=\"t m0 x33 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">6.812 </div></td><td class=\"c x54b y2980 w162 hc8\"><div class=\"t m0 x15 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x54d y2980 w3cc hc8\"><div class=\"t m0 x48 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">71.319 </div></td><td></td><td class=\"c x45f y2980 w1a5 hc8\"><div class=\"t m0 x15 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x549 y2980 w130 hc8\"><div class=\"t m0 x33 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">78.131 </div></td></tr><tr><td class=\"c x46b y2981 w3cb hc8\"><div class=\"t m0 x116 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- di cui operazio<span class=\"_ _1\"></span>ni di aggregaz<span class=\"_ _1\"></span>ione aziendale </div></td><td class=\"c x544 y2981 w387 hc8\"><div class=\"t m0 x7 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x54c y2981 w18f hc8\"><div class=\"t m0 x36 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x54b y2981 w162 hc8\"><div class=\"t m0 x15 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x54d y2981 w3cc hc8\"><div class=\"t m0 x8f h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x45f y2981 w1a5 hc8\"><div class=\"t m0 x15 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x549 y2981 w130 hc8\"><div class=\"t m0 x8f h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y2982 w3cb hc8\"><div class=\"t m0 x8a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">B.2 Incrementi d<span class=\"_ _1\"></span>i attivit\u00e0 imma<span class=\"_ _1\"></span>teriali interne<span class=\"_ _df\"> </span></div></td><td class=\"c x544 y2982 w387 hc8\"><div class=\"t m0 x2c h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td></td><td class=\"c x54c y2982 w18f hc8\"><div class=\"t m0 x48 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">2.774 </div></td><td class=\"c x54b y2982 w162 hc8\"><div class=\"t m0 x15 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x54d y2982 w3cc hc8\"><div class=\"t m0 x8f h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x45f y2982 w1a5 hc8\"><div class=\"t m0 x15 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x549 y2982 w130 hc8\"><div class=\"t m0 x32 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">2.774 </div></td></tr><tr><td class=\"c x46b y2983 w3cb hc8\"><div class=\"t m0 x8a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">B.3 Riprese di val<span class=\"_ _1\"></span>ore </div></td><td class=\"c x544 y2983 w387 hc8\"><div class=\"t m0 x2c h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td></td><td class=\"c x54c y2983 w18f hc8\"><div class=\"t m0 x36 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x54b y2983 w162 hc8\"><div class=\"t m0 x15 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x54d y2983 w3cc hc8\"><div class=\"t m0 x8f h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x45f y2983 w1a5 hc8\"><div class=\"t m0 x15 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x549 y2983 w130 hc8\"><div class=\"t m0 x8f h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y2984 w3cb hc8\"><div class=\"t m0 x8a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">B.4 Variazioni p<span class=\"_ _1\"></span>ositive di fair <span class=\"_ _1\"></span>value </div></td><td class=\"c x544 y2984 w387 hc8\"><div class=\"t m0 x7 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x54c y2984 w18f hc8\"><div class=\"t m0 x36 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x54b y2984 w162 hc8\"><div class=\"t m0 x15 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x54d y2984 w3cc hc8\"><div class=\"t m0 x8f h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x45f y2984 w1a5 hc8\"><div class=\"t m0 x15 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x549 y2984 w130 hc8\"><div class=\"t m0 x8f h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y2985 w3cb h227\"><div class=\"t m0 x48 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- <span class=\"ls4b\">a </span>patrimon<span class=\"_ _1\"></span>io netto<span class=\"_ _df\"> </span></div></td><td class=\"c x544 y2985 w387 h227\"><div class=\"t m0 x2c h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td></td><td class=\"c x54c y2985 w18f h227\"><div class=\"t m0 x36 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x54b y2985 w162 h227\"><div class=\"t m0 x15 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x54d y2985 w3cc h227\"><div class=\"t m0 x8f h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x45f y2985 w1a5 h227\"><div class=\"t m0 x15 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x549 y2985 w130 h227\"><div class=\"t m0 x8f h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y2986 w3cb hc8\"><div class=\"t m0 x48 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- a conto econ<span class=\"_ _1\"></span>omico  </div></td><td class=\"c x544 y2986 w387 hc8\"><div class=\"t m0 x2c h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td></td><td class=\"c x54c y2986 w18f hc8\"><div class=\"t m0 x36 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x54b y2986 w162 hc8\"><div class=\"t m0 x15 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x54d y2986 w3cc hc8\"><div class=\"t m0 x8f h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x45f y2986 w1a5 hc8\"><div class=\"t m0 x15 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x549 y2986 w130 hc8\"><div class=\"t m0 x8f h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y2987 w3cb hc8\"><div class=\"t m0 x8a h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">B.5 Differenze d<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span> cambio <span class=\"_ _1\"></span>positive </div></td><td class=\"c x544 y2987 w387 hc8\"><div class=\"t m0 x7 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x54c y2987 w18f hc8\"><div class=\"t m0 x36 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x54b y2987 w162 hc8\"><div class=\"t m0 x15 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x54d y2987 w3cc hc8\"><div class=\"t m0 x8f h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x45f y2987 w1a5 hc8\"><div class=\"t m0 x15 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x549 y2987 w130 hc8\"><div class=\"t m0 x8f h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y2988 w3cb hc8\"><div class=\"t m0 x8a h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">B.6 Altre variaz<span class=\"_ _1\"></span>ioni<span class=\"_ _df\"> </span></div></td><td class=\"c x544 y2988 w387 hc8\"><div class=\"t m0 x7 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x54c y2988 w18f hc8\"><div class=\"t m0 x36 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x54b y2988 w162 hc8\"><div class=\"t m0 x15 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x54d y2988 w3cc hc8\"><div class=\"t m0 x8f h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x45f y2988 w1a5 hc8\"><div class=\"t m0 x15 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x549 y2988 w130 hc8\"><div class=\"t m0 x8f h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y2989 w3cb hc8\"><div class=\"t m0 x8a h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">C. Dim<span class=\"_ _f\"></span>inuzion<span class=\"_ _f\"></span>i </div></td><td class=\"c x544 y2989 w387 hc8\"><div class=\"t m0 x7 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td></td><td class=\"c x54c y2989 w18f hc8\"><div class=\"t m0 x48 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">7.322<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x54b y2989 w162 hc8\"><div class=\"t m0 x15 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x54d y2989 w3cc hc8\"><div class=\"t m0 x14 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">58.67<span class=\"_ _f\"></span>1<span class=\"sc0\"> </span></div></td><td></td><td class=\"c x45f y2989 w1a5 hc8\"><div class=\"t m0 x15 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x549 y2989 w130 hc8\"><div class=\"t m0 x39 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">65.9<span class=\"_ _f\"></span>93<span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x46b y298a w3cb hc8\"><div class=\"t m0 x8a h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">C.1 Vendite </div></td><td class=\"c x544 y298a w387 hc8\"><div class=\"t m0 x7 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x54c y298a w18f hc8\"><div class=\"t m0 x36 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x54b y298a w162 hc8\"><div class=\"t m0 x15 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x54d y298a w3cc hc8\"><div class=\"t m0 x8f h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x45f y298a w1a5 hc8\"><div class=\"t m0 x15 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x549 y298a w130 hc8\"><div class=\"t m0 x8f h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y298b w3cb hc8\"><div class=\"t m0 x116 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- di cui operazio<span class=\"_ _1\"></span>ni di aggregaz<span class=\"_ _1\"></span>ione aziendale </div></td><td class=\"c x544 y298b w387 hc8\"><div class=\"t m0 x7 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x54c y298b w18f hc8\"><div class=\"t m0 x36 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x54b y298b w162 hc8\"><div class=\"t m0 x15 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x54d y298b w3cc hc8\"><div class=\"t m0 x8f h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x45f y298b w1a5 hc8\"><div class=\"t m0 x15 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x549 y298b w130 hc8\"><div class=\"t m0 x8f h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y298c w3cb hc8\"><div class=\"t m0 x8a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">C.2 Rettifiche di <span class=\"_ _f\"></span>v<span class=\"_ _2\"></span>alore </div></td><td class=\"c x544 y298c w387 hc8\"><div class=\"t m0 x7 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x54c y298c w18f hc8\"><div class=\"t m0 x48 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">7.322 </div></td><td class=\"c x54b y298c w162 hc8\"><div class=\"t m0 x15 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x54d y298c w3cc hc8\"><div class=\"t m0 x55 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">58.670 </div></td><td></td><td class=\"c x45f y298c w1a5 hc8\"><div class=\"t m0 x15 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x549 y298c w130 hc8\"><div class=\"t m0 x39 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">65.992 </div></td></tr><tr><td class=\"c x46b y298d w3cb hc8\"><div class=\"t m0 x48 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- Ammortamenti<span class=\"_ _df\"> </span></div></td><td class=\"c x544 y298d w387 hc8\"><div class=\"t m0 x2c h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td></td><td class=\"c x54c y298d w18f hc8\"><div class=\"t m0 x48 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">7.322 </div></td><td class=\"c x54b y298d w162 hc8\"><div class=\"t m0 x15 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x54d y298d w3cc hc8\"><div class=\"t m0 x55 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">58.670 </div></td><td></td><td class=\"c x45f y298d w1a5 hc8\"><div class=\"t m0 x15 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x549 y298d w130 hc8\"><div class=\"t m0 x39 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">65.992 </div></td></tr><tr><td class=\"c x46b y298e w3cb hc8\"><div class=\"t m0 x48 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- Svalutazioni </div></td><td class=\"c x544 y298e w387 hc8\"><div class=\"t m0 x7 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x54c y298e w18f hc8\"><div class=\"t m0 x36 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x54b y298e w162 hc8\"><div class=\"t m0 x15 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x54d y298e w3cc hc8\"><div class=\"t m0 x8f h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x45f y298e w1a5 hc8\"><div class=\"t m0 x15 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x549 y298e w130 hc8\"><div class=\"t m0 x8f h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y298f w3cb hc8\"><div class=\"t m0 x26 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">+ patrimonio net<span class=\"_ _1\"></span>to </div></td><td class=\"c x544 y298f w387 hc8\"><div class=\"t m0 x2c h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td></td><td class=\"c x54c y298f w18f hc8\"><div class=\"t m0 x36 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x54b y298f w162 hc8\"><div class=\"t m0 x15 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x54d y298f w3cc hc8\"><div class=\"t m0 x8f h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x45f y298f w1a5 hc8\"><div class=\"t m0 x15 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x549 y298f w130 hc8\"><div class=\"t m0 x8f h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y2990 w3cb hc8\"><div class=\"t m0 x26 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">+ conto economic<span class=\"_ _f\"></span>o<span class=\"_ _df\"> </span></div></td><td class=\"c x544 y2990 w387 hc8\"><div class=\"t m0 x7 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x54c y2990 w18f hc8\"><div class=\"t m0 x36 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x54b y2990 w162 hc8\"><div class=\"t m0 x15 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x54d y2990 w3cc hc8\"><div class=\"t m0 x8f h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x45f y2990 w1a5 hc8\"><div class=\"t m0 x15 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x549 y2990 w130 hc8\"><div class=\"t m0 x8f h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y2991 w3cb hc8\"><div class=\"t m0 x8a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">C.3 Variazioni nega<span class=\"_ _f\"></span>tive di fair value:<span class=\"_ _df\"> </span></div></td><td class=\"c x544 y2991 w387 hc8\"><div class=\"t m0 x7 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x54c y2991 w18f hc8\"><div class=\"t m0 x36 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x54b y2991 w162 hc8\"><div class=\"t m0 x15 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x54d y2991 w3cc hc8\"><div class=\"t m0 x8f h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x45f y2991 w1a5 hc8\"><div class=\"t m0 x15 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x549 y2991 w130 hc8\"><div class=\"t m0 x8f h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y2992 w3cb hc8\"><div class=\"t m0 x48 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- a patrimonio ne<span class=\"_ _1\"></span>tto<span class=\"_ _df\"> </span></div></td><td class=\"c x544 y2992 w387 hc8\"><div class=\"t m0 x2c h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td></td><td class=\"c x54c y2992 w18f hc8\"><div class=\"t m0 x36 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x54b y2992 w162 hc8\"><div class=\"t m0 x15 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x54d y2992 w3cc hc8\"><div class=\"t m0 x8f h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x45f y2992 w1a5 hc8\"><div class=\"t m0 x15 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x549 y2992 w130 hc8\"><div class=\"t m0 x8f h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y2993 w3cb h227\"><div class=\"t m0 x48 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- a conto econ<span class=\"_ _1\"></span>omico  </div></td><td class=\"c x544 y2993 w387 h227\"><div class=\"t m0 x2c h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td></td><td class=\"c x54c y2993 w18f h227\"><div class=\"t m0 x36 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x54b y2993 w162 h227\"><div class=\"t m0 x15 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x54d y2993 w3cc h227\"><div class=\"t m0 x8f h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x45f y2993 w1a5 h227\"><div class=\"t m0 x15 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x549 y2993 w130 h227\"><div class=\"t m0 x8f h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x262 y2994 wb9d h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">C.4 Trasferimen<span class=\"_ _1\"></span>ti alle attivit\u00e0 n<span class=\"_ _f\"></span>o<span class=\"_ _2\"></span>n co<span class=\"_ _1\"></span>rrenti in via di<span class=\"_ _df\"> </span></div></td><td class=\"c x544 y2995 w387 had\"><div class=\"t m0 x7 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x54c y2995 w18f had\"><div class=\"t m0 x36 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x54b y2995 w162 had\"><div class=\"t m0 x15 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x54d y2995 w3cc had\"><div class=\"t m0 x8f h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x45f y2995 w1a5 had\"><div class=\"t m0 x15 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x549 y2995 w130 had\"><div class=\"t m0 x8f h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x262 y2996 w98d h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">dismissione<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x46b y2997 w3cb hc8\"><div class=\"t m0 x8a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">C.5 Differenze<span class=\"_ _1\"></span> di cambio negati<span class=\"_ _1\"></span>ve </div></td><td class=\"c x544 y2997 w387 hc8\"><div class=\"t m0 x7 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x54c y2997 w18f hc8\"><div class=\"t m0 x36 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x54b y2997 w162 hc8\"><div class=\"t m0 x15 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x54d y2997 w3cc hc8\"><div class=\"t m0 x8f h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x45f y2997 w1a5 hc8\"><div class=\"t m0 x15 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x549 y2997 w130 hc8\"><div class=\"t m0 x8f h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y2998 w3cb hc8\"><div class=\"t m0 x8a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">C.6 Altre variazi<span class=\"_ _f\"></span>o<span class=\"_ _2\"></span>ni </div></td><td class=\"c x544 y2998 w387 hc8\"><div class=\"t m0 x7 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x54c y2998 w18f hc8\"><div class=\"t m0 x36 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x54b y2998 w162 hc8\"><div class=\"t m0 x15 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x54d y2998 w3cc hc8\"><div class=\"t m0 x8f h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">1 </div></td><td></td><td class=\"c x45f y2998 w1a5 hc8\"><div class=\"t m0 x15 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x549 y2998 w130 hc8\"><div class=\"t m0 x13 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">1 </div></td></tr><tr><td class=\"c x46b y2999 w3cb hc8\"><div class=\"t m0 x8a h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">D. Rim<span class=\"_ _f\"></span>anenz<span class=\"_ _1\"></span>e fin<span class=\"_ _f\"></span>ali net<span class=\"_ _1\"></span>te </div></td><td class=\"c x544 y2999 w387 hc8\"><div class=\"t m0 x33 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">291.3<span class=\"_ _f\"></span>42<span class=\"sc0\"> </span></div></td><td></td><td class=\"c x54c y2999 w18f hc8\"><div class=\"t m0 x55 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">26.35<span class=\"_ _f\"></span>0<span class=\"sc0\"> </span></div></td><td class=\"c x54b y2999 w162 hc8\"><div class=\"t m0 x15 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x54d y2999 w3cc hc8\"><div class=\"t m0 x55 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">197.8<span class=\"_ _1\"></span>71<span class=\"sc0\"> </span></div></td><td></td><td class=\"c x45f y2999 w1a5 hc8\"><div class=\"t m0 x15 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x549 y2999 w130 hc8\"><div class=\"t m0 x55 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">515.56<span class=\"_ _f\"></span>4<span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x46b y299a w3cb hc8\"><div class=\"t m0 x8a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">D.1 Rettifiche d<span class=\"_ _1\"></span>i valori totali nette </div></td><td class=\"c x544 y299a w387 hc8\"><div class=\"t m0 x7 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x54c y299a w18f hc8\"><div class=\"t m0 x130 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">71.563 </div></td><td class=\"c x54b y299a w162 hc8\"><div class=\"t m0 x15 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x54d y299a w3cc hc8\"><div class=\"t m0 x16a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">582.440<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x45f y299a w1a5 hc8\"><div class=\"t m0 x15 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x549 y299a w130 hc8\"><div class=\"t m0 x116 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">654.003 </div></td></tr><tr><td class=\"c x46b y299b w3cb hc8\"><div class=\"t m0 x8a h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">E. Ri<span class=\"_ _1\"></span>man<span class=\"_ _f\"></span>enze fin<span class=\"_ _1\"></span>ali l<span class=\"_ _1\"></span>orde<span class=\"_ _f\"></span> </div></td><td class=\"c x544 y299b w387 hc8\"><div class=\"t m0 x33 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">291.3<span class=\"_ _f\"></span>42<span class=\"sc0\"> </span></div></td><td></td><td class=\"c x54c y299b w18f hc8\"><div class=\"t m0 x39 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">97.9<span class=\"_ _f\"></span>13<span class=\"sc0\"> </span></div></td><td class=\"c x54b y299b w162 hc8\"><div class=\"t m0 x15 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x54d y299b w3cc hc8\"><div class=\"t m0 x55 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">780.3<span class=\"_ _f\"></span>11<span class=\"sc0\"> </span></div></td><td></td><td class=\"c x45f y299b w1a5 hc8\"><div class=\"t m0 x15 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x549 y299b w130 hc8\"><div class=\"t m0 x2f h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">1.169<span class=\"_ _1\"></span>.566<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x46b y299c w3cb hc8\"><div class=\"t m0 x8a h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">F. Valutazione al c<span class=\"_ _f\"></span>o<span class=\"_ _2\"></span>sto<span class=\"_ _df\"> </span></div></td><td class=\"c x544 y299c w387 hc8\"><div class=\"t m0 x7 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x54c y299c w18f hc8\"><div class=\"t m0 x36 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x54b y299c w162 hc8\"><div class=\"t m0 x15 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x54d y299c w3cc hc8\"><div class=\"t m0 x8f h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x45f y299c w1a5 hc8\"><div class=\"t m0 x15 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x549 y299c w130 hc8\"><div class=\"t m0 x8f h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr></table>Lege<span class=\"_ _f\"></span>nda DEF: a durata de<span class=\"_ _f\"></span>f<span class=\"_ _2\"></span>inita INDEF: a durata <span class=\"_ _1\"></span>indefinita La <span class=\"_ _d\"></span>sottovoce <span class=\"_ _2\"></span>\u201cF <span class=\"_ _0\"></span><span class=\"ff4\">- <span class=\"_ _d\"></span></span>Valutazione <span class=\"_ _2\"></span>al <span class=\"_ _d\"></span>costo\u201d <span class=\"_ _d\"></span>non <span class=\"_ _d\"></span>\u00e8 <span class=\"_ _2\"></span>valorizzata <span class=\"_ _d\"></span>in <span class=\"_ _2\"></span>quanto, <span class=\"_ _d\"></span>come <span class=\"_ _d\"></span>da <span class=\"_ _2\"></span>istruzioni <span class=\"_ _d\"></span>di <span class=\"_ _2\"></span>Banc<span class=\"_ _2\"></span>a d\u2019Italia, <span class=\"_ _0\"></span>la <span class=\"_ _0\"></span>sua <span class=\"_ _0\"></span>compilazione <span class=\"_ _0\"></span>\u00e8 <span class=\"_ _0\"></span>p<span class=\"_ _2\"></span>revista <span class=\"_ _0\"></span>solo <span class=\"_ _0\"></span>per <span class=\"_ _0\"></span>le <span class=\"_ _0\"> </span>attivit\u00e0 <span class=\"_ _0\"></span>immateriali <span class=\"_ _0\"></span>valutate <span class=\"_ _0\"></span>in <span class=\"_ _9\"> </span>bilancio <span class=\"_ _d\"></span>al <span class=\"_ _9\"> </span>fair value. Gli incrementi delle attivit\u00e0 immateriali sono principalmente riferibi<span class=\"_ _1\"></span>li a nuovi sviluppi applicativi.<span class=\"_ _df\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfResearchAndDevelopmentExpenseExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-781": {
   "value": "IVA<span class=\"_ _1\"></span> Sezio<span class=\"_ _1\"></span>ne 10<span class=\"_ _1\"></span> - Attivit\u00e0<span class=\"_ _1\"></span> imm<span class=\"_ _1\"></span>ateri<span class=\"_ _f\"></span>ali <span class=\"ff5\">\u2013</span> Voce 1<span class=\"_ _1\"></span>00 10.1 At<span class=\"_ _f\"></span>tivit\u00e0 i<span class=\"_ _1\"></span>mma<span class=\"_ _1\"></span>teriali<span class=\"_ _1\"></span>: com<span class=\"_ _1\"></span>posi<span class=\"_ _f\"></span>zione per<span class=\"_ _1\"></span> tipo<span class=\"_ _1\"></span>logia<span class=\"_ _f\"></span> di attivit<span class=\"_ _f\"></span>\u00e0<span class=\"_ _2\"></span> <table class=\"s wb94 h4df\" id=\"_b682bcfb-e2f1-4d8a-a6c4-8bdf1f5c6de6\"><tr><td></td><td></td><td class=\"c x535 y2965 w3ad h1b9\"><div class=\"t m0 x12 h1f y32 ff4 fs7 fc4 sc3 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale </div></td><td></td><td class=\"c x536 y2965 w3ad h1b9\"><div class=\"t m0 x12 h1f y32 ff4 fs7 fc4 sc3 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale </div></td><td></td></tr><tr><td class=\"c x44e y2966 w3c7 h26a\"><div class=\"t m0 x18 h1f y10ed ff4 fs7 fc4 sc3 ls0 ws0\">Atti<span class=\"_ _1\"></span>vit\u00e0/V<span class=\"_ _f\"></span>alori </div></td><td class=\"c x537 y2967 w993 h4e0\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/<span class=\"_ _df\"> </span></div></td><td class=\"c x538 y2967 w991 h4e0\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">2025<span class=\"_ _df\"> </span></div></td><td class=\"c x539 y2967 w993 h4e0\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/<span class=\"_ _df\"> </span></div></td><td class=\"c x53a y2967 w994 h4e0\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">2024<span class=\"_ _df\"> </span></div></td><td></td></tr><tr><td></td><td></td><td class=\"c x53b y2968 wb95 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">Dura<span class=\"_ _f\"></span>ta<span class=\"_ _df\"> </span></div></td><td class=\"c x53c y2968 wb95 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">Dura<span class=\"_ _f\"></span>ta<span class=\"_ _df\"> </span></div></td><td class=\"c x53d y2968 wb95 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">Dura<span class=\"_ _f\"></span>ta<span class=\"_ _df\"> </span></div></td><td class=\"c x53e y2968 wb95 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">Dura<span class=\"_ _f\"></span>ta<span class=\"_ _df\"> </span></div></td></tr><tr><td></td><td></td><td class=\"c x53f y2969 wb96 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">defin<span class=\"_ _f\"></span>ita<span class=\"_ _df\"> </span></div></td><td class=\"c x540 y2969 wb97 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">indef<span class=\"_ _f\"></span>inita<span class=\"_ _df\"> </span></div></td><td class=\"c x541 y2969 wb96 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">defin<span class=\"_ _f\"></span>ita<span class=\"_ _df\"> </span></div></td><td class=\"c x542 y2969 wb97 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">indef<span class=\"_ _f\"></span>inita<span class=\"_ _df\"> </span></div></td></tr><tr><td class=\"c x44e y296a w3c9 hc8\"><div class=\"t m0 x10 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">A.1 Av<span class=\"_ _f\"></span>viamen<span class=\"_ _f\"></span>to </div></td><td></td><td class=\"c x535 y296a w98 hc8\"><div class=\"t m0 x35 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x543 y296a w3c8 hc8\"><div class=\"t m0 x32 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">291.3<span class=\"_ _f\"></span>42 </div></td><td class=\"c x536 y296a wa8 hc8\"><div class=\"t m0 x35 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x518 y296a w208 hc8\"><div class=\"t m0 x32 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">291.3<span class=\"_ _f\"></span>42 </div></td></tr><tr><td class=\"c x44e y296b w3c9 hc8\"><div class=\"t m0 x10 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">A.1.1 di pertinenz<span class=\"_ _1\"></span>a del gruppo </div></td><td></td><td class=\"c x535 y296b w98 hc8\"><div class=\"t m0 x35 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x543 y296b w3c8 hc8\"><div class=\"t m0 x32 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">291.342 </div></td><td class=\"c x536 y296b wa8 hc8\"><div class=\"t m0 x35 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x518 y296b w208 hc8\"><div class=\"t m0 x32 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">291.342 </div></td></tr><tr><td class=\"c x44e y296c w3c9 hc8\"><div class=\"t m0 x10 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">A.1.2 di pertinenz<span class=\"_ _1\"></span>a di terzi </div></td><td></td><td class=\"c x535 y296c w98 hc8\"><div class=\"t m0 x35 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x543 y296c w3c8 hc8\"><div class=\"t m0 x1c h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x536 y296c wa8 hc8\"><div class=\"t m0 x35 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x518 y296c w208 hc8\"><div class=\"t m0 x1c h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y296d w3c9 hc8\"><div class=\"t m0 x10 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">A.2 A<span class=\"_ _1\"></span>ltre<span class=\"_ _1\"></span> att<span class=\"_ _1\"></span>ivit\u00e0<span class=\"_ _1\"></span> imm<span class=\"_ _f\"></span>ateriali<span class=\"_ _1\"></span> </div></td><td></td><td class=\"c x535 y296d w98 hc8\"><div class=\"t m0 x32 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">224.2<span class=\"_ _f\"></span>21 </div></td><td class=\"c x543 y296d w3c8 hc8\"><div class=\"t m0 x1c h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td><td class=\"c x536 y296d wa8 hc8\"><div class=\"t m0 x48 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">209.3<span class=\"_ _f\"></span>09 </div></td><td class=\"c x518 y296d w208 hc8\"><div class=\"t m0 x1c h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y296e w3c9 hc8\"><div class=\"t m0 x39 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">di cui: software </div></td><td></td><td class=\"c x535 y296e w98 hc8\"><div class=\"t m0 x32 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">213.735 </div></td><td class=\"c x543 y296e w3c8 hc8\"><div class=\"t m0 x1c h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td><td class=\"c x536 y296e wa8 hc8\"><div class=\"t m0 x35 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">196.821 </div></td><td class=\"c x518 y296e w208 hc8\"><div class=\"t m0 x1c h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y296f w3c9 hc8\"><div class=\"t m0 x10 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">A.2.1 Attivit\u00e0 valu<span class=\"_ _f\"></span>t<span class=\"_ _2\"></span>ate al c<span class=\"_ _f\"></span>o<span class=\"_ _2\"></span>sto: </div></td><td></td><td class=\"c x535 y296f w98 hc8\"><div class=\"t m0 x32 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">224.221 </div></td><td class=\"c x543 y296f w3c8 hc8\"><div class=\"t m0 x1c h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x536 y296f wa8 hc8\"><div class=\"t m0 x48 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">209.309 </div></td><td class=\"c x518 y296f w208 hc8\"><div class=\"t m0 x1c h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2970 w3c9 hc8\"><div class=\"t m0 x39 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">a) Attivit\u00e0 imma<span class=\"_ _1\"></span>teriali generate in<span class=\"_ _f\"></span>t<span class=\"_ _2\"></span>ername<span class=\"_ _1\"></span>nte </div></td><td></td><td class=\"c x535 y2970 w98 hc8\"><div class=\"t m0 x2c h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">26.350 </div></td><td class=\"c x543 y2970 w3c8 hc8\"><div class=\"t m0 x1c h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x536 y2970 wa8 hc8\"><div class=\"t m0 x2c h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">24.086 </div></td><td class=\"c x518 y2970 w208 hc8\"><div class=\"t m0 x1c h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2971 w3c9 h227\"><div class=\"t m0 x39 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">b) Altre attivit\u00e0 </div></td><td></td><td class=\"c x535 y2971 w98 h227\"><div class=\"t m0 x35 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">197.871 </div></td><td class=\"c x543 y2971 w3c8 h227\"><div class=\"t m0 x1c h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x536 y2971 wa8 h227\"><div class=\"t m0 x32 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">185.223 </div></td><td class=\"c x518 y2971 w208 h227\"><div class=\"t m0 x1c h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2972 w3c9 hc8\"><div class=\"t m0 x10 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">A.2.2 Attivit\u00e0 valu<span class=\"_ _f\"></span>tat<span class=\"_ _2\"></span>e al <span class=\"_ _1\"></span>fair value:<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x535 y2972 w98 hc8\"><div class=\"t m0 x7 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x543 y2972 w3c8 hc8\"><div class=\"t m0 x1c h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x536 y2972 wa8 hc8\"><div class=\"t m0 x1c h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x518 y2972 w208 hc8\"><div class=\"t m0 x1c h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2973 w3c9 hc8\"><div class=\"t m0 x39 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">a) Attivit\u00e0 imma<span class=\"_ _1\"></span>teriali generate in<span class=\"_ _f\"></span>t<span class=\"_ _2\"></span>ername<span class=\"_ _1\"></span>nte </div></td><td></td><td class=\"c x535 y2973 w98 hc8\"><div class=\"t m0 x7 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x543 y2973 w3c8 hc8\"><div class=\"t m0 x1c h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x536 y2973 wa8 hc8\"><div class=\"t m0 x1c h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x518 y2973 w208 hc8\"><div class=\"t m0 x1c h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2974 w3c9 hc8\"><div class=\"t m0 x39 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">b) Altre attivit\u00e0 </div></td><td></td><td class=\"c x535 y2974 w98 hc8\"><div class=\"t m0 x7 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x543 y2974 w3c8 hc8\"><div class=\"t m0 x1c h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x536 y2974 wa8 hc8\"><div class=\"t m0 x1c h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x518 y2974 w208 hc8\"><div class=\"t m0 x1c h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td></td><td class=\"c x44e y2975 w3c9 hc8\"><div class=\"t m0 x1d5 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale </div></td><td class=\"c x535 y2975 w98 hc8\"><div class=\"t m0 x32 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">224.2<span class=\"_ _f\"></span>21 </div></td><td class=\"c x543 y2975 w3c8 hc8\"><div class=\"t m0 x32 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">291.3<span class=\"_ _f\"></span>42 </div></td><td class=\"c x536 y2975 wa8 hc8\"><div class=\"t m0 x48 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">209.3<span class=\"_ _f\"></span>09 </div></td><td class=\"c x518 y2975 w208 hc8\"><div class=\"t m0 x32 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">291.3<span class=\"_ _f\"></span>42 </div></td></tr></table>La <span class=\"ff5\">voce\u201d Altre</span> <span class=\"ff5\">attivit\u00e0\u201d \u00e8 composta prev<span class=\"_ _1\"></span>alentemente da software e dall<span class=\"_ _1\"></span>a \u201cCustomer Relationship\u201d </span>relativa alle acquisizioni d<span class=\"ff5\">egli spor<span class=\"_ _2\"></span>telli de<span class=\"_ _1\"></span>i rami d\u2019azienda e alla f<span class=\"_ _2\"></span>usione della Cassa di Risparmio di </span>Cento.<span class=\"_ _df\"> </span>10.2 <span class=\"_ _1\"></span>Attivi<span class=\"_ _1\"></span>t\u00e0 imm<span class=\"_ _f\"></span>aterial<span class=\"_ _1\"></span>i: va<span class=\"_ _1\"></span>riazio<span class=\"_ _f\"></span>ni annue<span class=\"fc1 sc0\"> </span><table class=\"s wb98 h4e1\" id=\"_3207b65b-8117-451b-bfb9-56c919c5bb19\"><tr><td></td><td class=\"c x544 y2976 w385 h26b\"><div class=\"t m0 x8a h1f y8df ff4 fs7 fc4 sc3 ls0 ws0\">Avvi<span class=\"_ _1\"></span>ame<span class=\"_ _1\"></span>nto<span class=\"fc1 sc0\"> </span></div></td><td class=\"c x545 y2977 wb99 h484\" colspan=\"2\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">imm<span class=\"_ _f\"></span>aterial<span class=\"_ _1\"></span>i: gen<span class=\"_ _f\"></span>erate<span class=\"_ _df\"> </span></div></td><td class=\"c x546 y2978 wb9a h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">Altr<span class=\"_ _1\"></span>e atti<span class=\"_ _1\"></span>vit\u00e0<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x547 y2979 wb9b h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">imm<span class=\"_ _f\"></span>aterial<span class=\"_ _1\"></span>i: altr<span class=\"_ _f\"></span>e<span class=\"_ _df\"> </span></div></td><td class=\"c x548 y297a wb9a h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">Altr<span class=\"_ _1\"></span>e atti<span class=\"_ _1\"></span>vit\u00e0<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x549 y2976 w130 h26b\"><div class=\"t m0 x116 h1f y8df ff4 fs7 fc4 sc3 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale<span class=\"fc1 sc0\"> </span></div></td></tr><tr><td></td><td></td><td class=\"c x54a y297b wb9c h484\" colspan=\"2\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">inter<span class=\"_ _1\"></span>nam<span class=\"_ _f\"></span>ente<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td></td><td></td><td class=\"c x54b y2976 w1a5 h4d\"><div class=\"t m0 x16a h1f y28b ff4 fs7 fc4 sc3 ls0 ws0\">INDE<span class=\"_ _f\"></span>F<span class=\"fc1 sc0\"> </span></div></td><td class=\"c x54c y2976 w1df h4d\"><div class=\"t m0 x55 h1f y28b ff4 fs7 fc4 sc3 ls0 ws0\">D<span class=\"ls46\">EF</span><span class=\"fc1 sc0\"> </span></div></td><td></td><td class=\"c x54d y2976 w2e0 h4d\"><div class=\"t m0 x55 h1f y28b ff4 fs7 fc4 sc3 ls0 ws0\">DEF<span class=\"fc1 sc0\"> </span></div></td><td class=\"c x45f y2976 w1a8 h4d\"><div class=\"t m0 x16a h1f y28b ff4 fs7 fc4 sc3 ls0 ws0\">INDE<span class=\"_ _f\"></span>F<span class=\"fc1 sc0\"> </span></div></td><td></td><td></td></tr><tr><td class=\"c x46b y297c w3cb hc8\"><div class=\"t m0 x8a h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">A. Es<span class=\"_ _1\"></span>iste<span class=\"_ _1\"></span>nze i<span class=\"_ _1\"></span>nizia<span class=\"_ _f\"></span>li </div></td><td class=\"c x544 y297c w387 hc8\"><div class=\"t m0 x33 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">291.3<span class=\"_ _f\"></span>42<span class=\"sc0\"> </span></div></td><td></td><td class=\"c x54c y297c w18f hc8\"><div class=\"t m0 x55 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">88.3<span class=\"_ _f\"></span>27<span class=\"sc0\"> </span></div></td><td class=\"c x54b y297c w162 hc8\"><div class=\"t m0 x15 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x54d y297c w3cc hc8\"><div class=\"t m0 x2e h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">710.7<span class=\"_ _1\"></span>93<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td><td></td><td class=\"c x45f y297c w1a5 hc8\"><div class=\"t m0 x15 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x549 y297c w130 hc8\"><div class=\"t m0 xac h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">1.09<span class=\"_ _1\"></span>0.46<span class=\"_ _1\"></span>2<span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x46b y297d w3cb hc8\"><div class=\"t m0 x8a h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">A.1 Riduzioni di va<span class=\"_ _f\"></span>l<span class=\"_ _2\"></span>ore tota<span class=\"_ _1\"></span>li nette </div></td><td class=\"c x544 y297d w387 hc8\"><div class=\"t m0 x7 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x54c y297d w18f hc8\"><div class=\"t m0 x130 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">64.241 </div></td><td class=\"c x54b y297d w162 hc8\"><div class=\"t m0 x15 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x54d y297d w3cc hc8\"><div class=\"t m0 x116 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">525.570 </div></td><td></td><td class=\"c x45f y297d w1a5 hc8\"><div class=\"t m0 x15 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x549 y297d w130 hc8\"><div class=\"t m0 x55 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">589.811 </div></td></tr><tr><td class=\"c x46b y297e w3cb hc8\"><div class=\"t m0 x8a h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">A.2 Es<span class=\"_ _1\"></span>iste<span class=\"_ _1\"></span>nze<span class=\"_ _f\"></span> iniziali n<span class=\"_ _f\"></span>ette<span class=\"sc0\"> </span></div></td><td class=\"c x544 y297e w387 hc8\"><div class=\"t m0 x33 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">291.3<span class=\"_ _f\"></span>42<span class=\"sc0\"> </span></div></td><td></td><td class=\"c x54c y297e w18f hc8\"><div class=\"t m0 x55 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">24.0<span class=\"_ _f\"></span>86<span class=\"sc0\"> </span></div></td><td class=\"c x54b y297e w162 hc8\"><div class=\"t m0 x15 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x54d y297e w3cc hc8\"><div class=\"t m0 x2e h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">185.<span class=\"_ _1\"></span>223<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td><td></td><td class=\"c x45f y297e w1a5 hc8\"><div class=\"t m0 x15 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x549 y297e w130 hc8\"><div class=\"t m0 x55 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">500.<span class=\"_ _1\"></span>651<span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x46b y297f w3cb hc8\"><div class=\"t m0 x8a h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">B. A<span class=\"_ _1\"></span>umen<span class=\"_ _f\"></span>ti </div></td><td class=\"c x544 y297f w387 hc8\"><div class=\"t m0 x7 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td></td><td class=\"c x54c y297f w18f hc8\"><div class=\"t m0 x48 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">9.586<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x54b y297f w162 hc8\"><div class=\"t m0 x15 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x54d y297f w3cc hc8\"><div class=\"t m0 x48 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">71.319<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td><td></td><td class=\"c x45f y297f w1a5 hc8\"><div class=\"t m0 x15 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x549 y297f w130 hc8\"><div class=\"t m0 x130 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">80.9<span class=\"_ _f\"></span>05<span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x46b y2980 w3cb hc8\"><div class=\"t m0 x8a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">B.1 Acquisti </div></td><td class=\"c x544 y2980 w387 hc8\"><div class=\"t m0 x7 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x54c y2980 w18f hc8\"><div class=\"t m0 x33 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">6.812 </div></td><td class=\"c x54b y2980 w162 hc8\"><div class=\"t m0 x15 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x54d y2980 w3cc hc8\"><div class=\"t m0 x48 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">71.319 </div></td><td></td><td class=\"c x45f y2980 w1a5 hc8\"><div class=\"t m0 x15 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x549 y2980 w130 hc8\"><div class=\"t m0 x33 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">78.131 </div></td></tr><tr><td class=\"c x46b y2981 w3cb hc8\"><div class=\"t m0 x116 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- di cui operazio<span class=\"_ _1\"></span>ni di aggregaz<span class=\"_ _1\"></span>ione aziendale </div></td><td class=\"c x544 y2981 w387 hc8\"><div class=\"t m0 x7 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x54c y2981 w18f hc8\"><div class=\"t m0 x36 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x54b y2981 w162 hc8\"><div class=\"t m0 x15 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x54d y2981 w3cc hc8\"><div class=\"t m0 x8f h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x45f y2981 w1a5 hc8\"><div class=\"t m0 x15 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x549 y2981 w130 hc8\"><div class=\"t m0 x8f h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y2982 w3cb hc8\"><div class=\"t m0 x8a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">B.2 Incrementi d<span class=\"_ _1\"></span>i attivit\u00e0 imma<span class=\"_ _1\"></span>teriali interne<span class=\"_ _df\"> </span></div></td><td class=\"c x544 y2982 w387 hc8\"><div class=\"t m0 x2c h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td></td><td class=\"c x54c y2982 w18f hc8\"><div class=\"t m0 x48 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">2.774 </div></td><td class=\"c x54b y2982 w162 hc8\"><div class=\"t m0 x15 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x54d y2982 w3cc hc8\"><div class=\"t m0 x8f h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x45f y2982 w1a5 hc8\"><div class=\"t m0 x15 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x549 y2982 w130 hc8\"><div class=\"t m0 x32 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">2.774 </div></td></tr><tr><td class=\"c x46b y2983 w3cb hc8\"><div class=\"t m0 x8a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">B.3 Riprese di val<span class=\"_ _1\"></span>ore </div></td><td class=\"c x544 y2983 w387 hc8\"><div class=\"t m0 x2c h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td></td><td class=\"c x54c y2983 w18f hc8\"><div class=\"t m0 x36 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x54b y2983 w162 hc8\"><div class=\"t m0 x15 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x54d y2983 w3cc hc8\"><div class=\"t m0 x8f h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x45f y2983 w1a5 hc8\"><div class=\"t m0 x15 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x549 y2983 w130 hc8\"><div class=\"t m0 x8f h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y2984 w3cb hc8\"><div class=\"t m0 x8a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">B.4 Variazioni p<span class=\"_ _1\"></span>ositive di fair <span class=\"_ _1\"></span>value </div></td><td class=\"c x544 y2984 w387 hc8\"><div class=\"t m0 x7 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x54c y2984 w18f hc8\"><div class=\"t m0 x36 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x54b y2984 w162 hc8\"><div class=\"t m0 x15 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x54d y2984 w3cc hc8\"><div class=\"t m0 x8f h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x45f y2984 w1a5 hc8\"><div class=\"t m0 x15 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x549 y2984 w130 hc8\"><div class=\"t m0 x8f h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y2985 w3cb h227\"><div class=\"t m0 x48 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- <span class=\"ls4b\">a </span>patrimon<span class=\"_ _1\"></span>io netto<span class=\"_ _df\"> </span></div></td><td class=\"c x544 y2985 w387 h227\"><div class=\"t m0 x2c h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td></td><td class=\"c x54c y2985 w18f h227\"><div class=\"t m0 x36 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x54b y2985 w162 h227\"><div class=\"t m0 x15 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x54d y2985 w3cc h227\"><div class=\"t m0 x8f h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x45f y2985 w1a5 h227\"><div class=\"t m0 x15 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x549 y2985 w130 h227\"><div class=\"t m0 x8f h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y2986 w3cb hc8\"><div class=\"t m0 x48 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- a conto econ<span class=\"_ _1\"></span>omico  </div></td><td class=\"c x544 y2986 w387 hc8\"><div class=\"t m0 x2c h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td></td><td class=\"c x54c y2986 w18f hc8\"><div class=\"t m0 x36 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x54b y2986 w162 hc8\"><div class=\"t m0 x15 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x54d y2986 w3cc hc8\"><div class=\"t m0 x8f h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x45f y2986 w1a5 hc8\"><div class=\"t m0 x15 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x549 y2986 w130 hc8\"><div class=\"t m0 x8f h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y2987 w3cb hc8\"><div class=\"t m0 x8a h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">B.5 Differenze d<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span> cambio <span class=\"_ _1\"></span>positive </div></td><td class=\"c x544 y2987 w387 hc8\"><div class=\"t m0 x7 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x54c y2987 w18f hc8\"><div class=\"t m0 x36 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x54b y2987 w162 hc8\"><div class=\"t m0 x15 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x54d y2987 w3cc hc8\"><div class=\"t m0 x8f h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x45f y2987 w1a5 hc8\"><div class=\"t m0 x15 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x549 y2987 w130 hc8\"><div class=\"t m0 x8f h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y2988 w3cb hc8\"><div class=\"t m0 x8a h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">B.6 Altre variaz<span class=\"_ _1\"></span>ioni<span class=\"_ _df\"> </span></div></td><td class=\"c x544 y2988 w387 hc8\"><div class=\"t m0 x7 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x54c y2988 w18f hc8\"><div class=\"t m0 x36 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x54b y2988 w162 hc8\"><div class=\"t m0 x15 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x54d y2988 w3cc hc8\"><div class=\"t m0 x8f h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x45f y2988 w1a5 hc8\"><div class=\"t m0 x15 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x549 y2988 w130 hc8\"><div class=\"t m0 x8f h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y2989 w3cb hc8\"><div class=\"t m0 x8a h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">C. Dim<span class=\"_ _f\"></span>inuzion<span class=\"_ _f\"></span>i </div></td><td class=\"c x544 y2989 w387 hc8\"><div class=\"t m0 x7 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td></td><td class=\"c x54c y2989 w18f hc8\"><div class=\"t m0 x48 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">7.322<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x54b y2989 w162 hc8\"><div class=\"t m0 x15 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x54d y2989 w3cc hc8\"><div class=\"t m0 x14 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">58.67<span class=\"_ _f\"></span>1<span class=\"sc0\"> </span></div></td><td></td><td class=\"c x45f y2989 w1a5 hc8\"><div class=\"t m0 x15 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x549 y2989 w130 hc8\"><div class=\"t m0 x39 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">65.9<span class=\"_ _f\"></span>93<span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x46b y298a w3cb hc8\"><div class=\"t m0 x8a h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">C.1 Vendite </div></td><td class=\"c x544 y298a w387 hc8\"><div class=\"t m0 x7 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x54c y298a w18f hc8\"><div class=\"t m0 x36 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x54b y298a w162 hc8\"><div class=\"t m0 x15 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x54d y298a w3cc hc8\"><div class=\"t m0 x8f h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x45f y298a w1a5 hc8\"><div class=\"t m0 x15 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x549 y298a w130 hc8\"><div class=\"t m0 x8f h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y298b w3cb hc8\"><div class=\"t m0 x116 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- di cui operazio<span class=\"_ _1\"></span>ni di aggregaz<span class=\"_ _1\"></span>ione aziendale </div></td><td class=\"c x544 y298b w387 hc8\"><div class=\"t m0 x7 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x54c y298b w18f hc8\"><div class=\"t m0 x36 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x54b y298b w162 hc8\"><div class=\"t m0 x15 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x54d y298b w3cc hc8\"><div class=\"t m0 x8f h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x45f y298b w1a5 hc8\"><div class=\"t m0 x15 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x549 y298b w130 hc8\"><div class=\"t m0 x8f h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y298c w3cb hc8\"><div class=\"t m0 x8a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">C.2 Rettifiche di <span class=\"_ _f\"></span>v<span class=\"_ _2\"></span>alore </div></td><td class=\"c x544 y298c w387 hc8\"><div class=\"t m0 x7 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x54c y298c w18f hc8\"><div class=\"t m0 x48 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">7.322 </div></td><td class=\"c x54b y298c w162 hc8\"><div class=\"t m0 x15 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x54d y298c w3cc hc8\"><div class=\"t m0 x55 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">58.670 </div></td><td></td><td class=\"c x45f y298c w1a5 hc8\"><div class=\"t m0 x15 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x549 y298c w130 hc8\"><div class=\"t m0 x39 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">65.992 </div></td></tr><tr><td class=\"c x46b y298d w3cb hc8\"><div class=\"t m0 x48 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- Ammortamenti<span class=\"_ _df\"> </span></div></td><td class=\"c x544 y298d w387 hc8\"><div class=\"t m0 x2c h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td></td><td class=\"c x54c y298d w18f hc8\"><div class=\"t m0 x48 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">7.322 </div></td><td class=\"c x54b y298d w162 hc8\"><div class=\"t m0 x15 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x54d y298d w3cc hc8\"><div class=\"t m0 x55 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">58.670 </div></td><td></td><td class=\"c x45f y298d w1a5 hc8\"><div class=\"t m0 x15 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x549 y298d w130 hc8\"><div class=\"t m0 x39 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">65.992 </div></td></tr><tr><td class=\"c x46b y298e w3cb hc8\"><div class=\"t m0 x48 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- Svalutazioni </div></td><td class=\"c x544 y298e w387 hc8\"><div class=\"t m0 x7 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x54c y298e w18f hc8\"><div class=\"t m0 x36 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x54b y298e w162 hc8\"><div class=\"t m0 x15 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x54d y298e w3cc hc8\"><div class=\"t m0 x8f h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x45f y298e w1a5 hc8\"><div class=\"t m0 x15 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x549 y298e w130 hc8\"><div class=\"t m0 x8f h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y298f w3cb hc8\"><div class=\"t m0 x26 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">+ patrimonio net<span class=\"_ _1\"></span>to </div></td><td class=\"c x544 y298f w387 hc8\"><div class=\"t m0 x2c h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td></td><td class=\"c x54c y298f w18f hc8\"><div class=\"t m0 x36 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x54b y298f w162 hc8\"><div class=\"t m0 x15 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x54d y298f w3cc hc8\"><div class=\"t m0 x8f h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x45f y298f w1a5 hc8\"><div class=\"t m0 x15 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x549 y298f w130 hc8\"><div class=\"t m0 x8f h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y2990 w3cb hc8\"><div class=\"t m0 x26 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">+ conto economic<span class=\"_ _f\"></span>o<span class=\"_ _df\"> </span></div></td><td class=\"c x544 y2990 w387 hc8\"><div class=\"t m0 x7 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x54c y2990 w18f hc8\"><div class=\"t m0 x36 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x54b y2990 w162 hc8\"><div class=\"t m0 x15 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x54d y2990 w3cc hc8\"><div class=\"t m0 x8f h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x45f y2990 w1a5 hc8\"><div class=\"t m0 x15 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x549 y2990 w130 hc8\"><div class=\"t m0 x8f h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y2991 w3cb hc8\"><div class=\"t m0 x8a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">C.3 Variazioni nega<span class=\"_ _f\"></span>tive di fair value:<span class=\"_ _df\"> </span></div></td><td class=\"c x544 y2991 w387 hc8\"><div class=\"t m0 x7 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x54c y2991 w18f hc8\"><div class=\"t m0 x36 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x54b y2991 w162 hc8\"><div class=\"t m0 x15 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x54d y2991 w3cc hc8\"><div class=\"t m0 x8f h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x45f y2991 w1a5 hc8\"><div class=\"t m0 x15 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x549 y2991 w130 hc8\"><div class=\"t m0 x8f h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y2992 w3cb hc8\"><div class=\"t m0 x48 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- a patrimonio ne<span class=\"_ _1\"></span>tto<span class=\"_ _df\"> </span></div></td><td class=\"c x544 y2992 w387 hc8\"><div class=\"t m0 x2c h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td></td><td class=\"c x54c y2992 w18f hc8\"><div class=\"t m0 x36 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x54b y2992 w162 hc8\"><div class=\"t m0 x15 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x54d y2992 w3cc hc8\"><div class=\"t m0 x8f h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x45f y2992 w1a5 hc8\"><div class=\"t m0 x15 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x549 y2992 w130 hc8\"><div class=\"t m0 x8f h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y2993 w3cb h227\"><div class=\"t m0 x48 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- a conto econ<span class=\"_ _1\"></span>omico  </div></td><td class=\"c x544 y2993 w387 h227\"><div class=\"t m0 x2c h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td></td><td class=\"c x54c y2993 w18f h227\"><div class=\"t m0 x36 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x54b y2993 w162 h227\"><div class=\"t m0 x15 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x54d y2993 w3cc h227\"><div class=\"t m0 x8f h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x45f y2993 w1a5 h227\"><div class=\"t m0 x15 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x549 y2993 w130 h227\"><div class=\"t m0 x8f h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x262 y2994 wb9d h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">C.4 Trasferimen<span class=\"_ _1\"></span>ti alle attivit\u00e0 n<span class=\"_ _f\"></span>o<span class=\"_ _2\"></span>n co<span class=\"_ _1\"></span>rrenti in via di<span class=\"_ _df\"> </span></div></td><td class=\"c x544 y2995 w387 had\"><div class=\"t m0 x7 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x54c y2995 w18f had\"><div class=\"t m0 x36 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x54b y2995 w162 had\"><div class=\"t m0 x15 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x54d y2995 w3cc had\"><div class=\"t m0 x8f h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x45f y2995 w1a5 had\"><div class=\"t m0 x15 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x549 y2995 w130 had\"><div class=\"t m0 x8f h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x262 y2996 w98d h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">dismissione<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x46b y2997 w3cb hc8\"><div class=\"t m0 x8a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">C.5 Differenze<span class=\"_ _1\"></span> di cambio negati<span class=\"_ _1\"></span>ve </div></td><td class=\"c x544 y2997 w387 hc8\"><div class=\"t m0 x7 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x54c y2997 w18f hc8\"><div class=\"t m0 x36 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x54b y2997 w162 hc8\"><div class=\"t m0 x15 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x54d y2997 w3cc hc8\"><div class=\"t m0 x8f h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x45f y2997 w1a5 hc8\"><div class=\"t m0 x15 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x549 y2997 w130 hc8\"><div class=\"t m0 x8f h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y2998 w3cb hc8\"><div class=\"t m0 x8a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">C.6 Altre variazi<span class=\"_ _f\"></span>o<span class=\"_ _2\"></span>ni </div></td><td class=\"c x544 y2998 w387 hc8\"><div class=\"t m0 x7 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x54c y2998 w18f hc8\"><div class=\"t m0 x36 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x54b y2998 w162 hc8\"><div class=\"t m0 x15 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x54d y2998 w3cc hc8\"><div class=\"t m0 x8f h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">1 </div></td><td></td><td class=\"c x45f y2998 w1a5 hc8\"><div class=\"t m0 x15 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x549 y2998 w130 hc8\"><div class=\"t m0 x13 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">1 </div></td></tr><tr><td class=\"c x46b y2999 w3cb hc8\"><div class=\"t m0 x8a h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">D. Rim<span class=\"_ _f\"></span>anenz<span class=\"_ _1\"></span>e fin<span class=\"_ _f\"></span>ali net<span class=\"_ _1\"></span>te </div></td><td class=\"c x544 y2999 w387 hc8\"><div class=\"t m0 x33 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">291.3<span class=\"_ _f\"></span>42<span class=\"sc0\"> </span></div></td><td></td><td class=\"c x54c y2999 w18f hc8\"><div class=\"t m0 x55 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">26.35<span class=\"_ _f\"></span>0<span class=\"sc0\"> </span></div></td><td class=\"c x54b y2999 w162 hc8\"><div class=\"t m0 x15 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x54d y2999 w3cc hc8\"><div class=\"t m0 x55 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">197.8<span class=\"_ _1\"></span>71<span class=\"sc0\"> </span></div></td><td></td><td class=\"c x45f y2999 w1a5 hc8\"><div class=\"t m0 x15 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x549 y2999 w130 hc8\"><div class=\"t m0 x55 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">515.56<span class=\"_ _f\"></span>4<span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x46b y299a w3cb hc8\"><div class=\"t m0 x8a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">D.1 Rettifiche d<span class=\"_ _1\"></span>i valori totali nette </div></td><td class=\"c x544 y299a w387 hc8\"><div class=\"t m0 x7 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x54c y299a w18f hc8\"><div class=\"t m0 x130 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">71.563 </div></td><td class=\"c x54b y299a w162 hc8\"><div class=\"t m0 x15 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x54d y299a w3cc hc8\"><div class=\"t m0 x16a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">582.440<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x45f y299a w1a5 hc8\"><div class=\"t m0 x15 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x549 y299a w130 hc8\"><div class=\"t m0 x116 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">654.003 </div></td></tr><tr><td class=\"c x46b y299b w3cb hc8\"><div class=\"t m0 x8a h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">E. Ri<span class=\"_ _1\"></span>man<span class=\"_ _f\"></span>enze fin<span class=\"_ _1\"></span>ali l<span class=\"_ _1\"></span>orde<span class=\"_ _f\"></span> </div></td><td class=\"c x544 y299b w387 hc8\"><div class=\"t m0 x33 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">291.3<span class=\"_ _f\"></span>42<span class=\"sc0\"> </span></div></td><td></td><td class=\"c x54c y299b w18f hc8\"><div class=\"t m0 x39 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">97.9<span class=\"_ _f\"></span>13<span class=\"sc0\"> </span></div></td><td class=\"c x54b y299b w162 hc8\"><div class=\"t m0 x15 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x54d y299b w3cc hc8\"><div class=\"t m0 x55 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">780.3<span class=\"_ _f\"></span>11<span class=\"sc0\"> </span></div></td><td></td><td class=\"c x45f y299b w1a5 hc8\"><div class=\"t m0 x15 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x549 y299b w130 hc8\"><div class=\"t m0 x2f h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">1.169<span class=\"_ _1\"></span>.566<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x46b y299c w3cb hc8\"><div class=\"t m0 x8a h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">F. Valutazione al c<span class=\"_ _f\"></span>o<span class=\"_ _2\"></span>sto<span class=\"_ _df\"> </span></div></td><td class=\"c x544 y299c w387 hc8\"><div class=\"t m0 x7 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x54c y299c w18f hc8\"><div class=\"t m0 x36 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x54b y299c w162 hc8\"><div class=\"t m0 x15 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x54d y299c w3cc hc8\"><div class=\"t m0 x8f h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x45f y299c w1a5 hc8\"><div class=\"t m0 x15 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x549 y299c w130 hc8\"><div class=\"t m0 x8f h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr></table>Lege<span class=\"_ _f\"></span>nda DEF: a durata de<span class=\"_ _f\"></span>f<span class=\"_ _2\"></span>inita INDEF: a durata <span class=\"_ _1\"></span>indefinita La <span class=\"_ _d\"></span>sottovoce <span class=\"_ _2\"></span>\u201cF <span class=\"_ _0\"></span><span class=\"ff4\">- <span class=\"_ _d\"></span></span>Valutazione <span class=\"_ _2\"></span>al <span class=\"_ _d\"></span>costo\u201d <span class=\"_ _d\"></span>non <span class=\"_ _d\"></span>\u00e8 <span class=\"_ _2\"></span>valorizzata <span class=\"_ _d\"></span>in <span class=\"_ _2\"></span>quanto, <span class=\"_ _d\"></span>come <span class=\"_ _d\"></span>da <span class=\"_ _2\"></span>istruzioni <span class=\"_ _d\"></span>di <span class=\"_ _2\"></span>Banc<span class=\"_ _2\"></span>a d\u2019Italia, <span class=\"_ _0\"></span>la <span class=\"_ _0\"></span>sua <span class=\"_ _0\"></span>compilazione <span class=\"_ _0\"></span>\u00e8 <span class=\"_ _0\"></span>p<span class=\"_ _2\"></span>revista <span class=\"_ _0\"></span>solo <span class=\"_ _0\"></span>per <span class=\"_ _0\"></span>le <span class=\"_ _0\"> </span>attivit\u00e0 <span class=\"_ _0\"></span>immateriali <span class=\"_ _0\"></span>valutate <span class=\"_ _0\"></span>in <span class=\"_ _9\"> </span>bilancio <span class=\"_ _d\"></span>al <span class=\"_ _9\"> </span>fair value. Gli incrementi delle attivit\u00e0 immateriali sono principalmente riferibi<span class=\"_ _1\"></span>li a nuovi sviluppi applicativi.<span class=\"_ _df\"> </span><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gsa68\">Si <span class=\"_ _9\"> </span>fornisce <span class=\"_ _9\"> </span>il <span class=\"_ _9\"> </span>dettaglio <span class=\"_ _9\"> </span>degli <span class=\"_ _9\"> </span>avviamenti <span class=\"_ _9\"> </span>consolidati <span class=\"_ _9\"> </span>con <span class=\"_ _16\"> </span>il <span class=\"_ _9\"> </span>riferimento <span class=\"_ _9\"> </span>all\u2019anno <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>acquisizione <span class=\"_ _9\"> </span>o </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsa69\">fusione della entit\u00e0 relativa: </div><div class=\"gsa6a\"><table class=\"s wb9e h4e2\" id=\"_567a2a0f-77c4-4f74-a5b3-927c29774574\"><tr><td class=\"c x54f y299d w3cd h26d\"><div class=\"t m0 x15d h1f y5a ff4 fs7 fc1 sc0 ls0 ws0\">Gruppi f<span class=\"_ _f\"></span>ilial<span class=\"_ _f\"></span>i/ban<span class=\"_ _f\"></span>che<span class=\"_ _1\"></span> </div></td><td class=\"c x550 y299e w3ce h26e\"><div class=\"t m0 x0 h1f y5b ff4 fs7 fc1 sc0 ls0 ws0\">Anno <span class=\"lsd7\">di</span> f<span class=\"_ _f\"></span>usio<span class=\"_ _1\"></span>ne </div></td><td></td><td></td></tr><tr><td></td><td class=\"c x550 y299d w3ce h26f\"><div class=\"t m0 x0 h1f y66c ff4 fs7 fc1 sc0 ls0 ws0\">o <span class=\"lsd7\">di</span> acq<span class=\"_ _f\"></span>uisiz<span class=\"_ _f\"></span>ione<span class=\"_ _f\"></span> </div></td><td></td><td></td></tr><tr><td class=\"c x54f y299f w3cd h12\"><div class=\"t m0 x15d h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">Filiali <span class=\"_ _f\"></span>Deutsche B<span class=\"_ _f\"></span>an<span class=\"_ _f\"></span>k </div></td><td class=\"c x550 y299f w3ce h12\"><div class=\"t m0 x8 h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">19<span class=\"_ _f\"></span>98<span class=\"_ _1\"></span> </div></td><td class=\"c x551 y299f w3cf h12\"><div class=\"t m0 xc6 h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">2<span class=\"_ _1\"></span>.6<span class=\"_ _f\"></span>95 </div></td><td class=\"c x552 y299f w3d0 h12\"><div class=\"t m0 x35 h1f y27 ff4 fs7 fc1 sc0 ls0 ws0\">CGU B<span class=\"_ _1\"></span>ank<span class=\"_ _f\"></span>ing </div></td></tr><tr><td class=\"c x54f y29a0 w3cd h1d\"><div class=\"t m0 x15d h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">B.C.C. <span class=\"_ _11\"></span>Curin<span class=\"_ _1\"></span>ga </div></td><td class=\"c x550 y29a0 w3ce h1d\"><div class=\"t m0 x8 h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">19<span class=\"_ _f\"></span>98<span class=\"_ _1\"></span> </div></td><td class=\"c x551 y29a0 w3cf h1d\"><div class=\"t m0 xc3 h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">91<span class=\"_ _f\"></span>7<span class=\"_ _1\"></span> </div></td><td class=\"c x552 y29a0 w3d0 h1d\"><div class=\"t m0 x35 h1f y295 ff4 fs7 fc1 sc0 ls0 ws0\">CGU B<span class=\"_ _1\"></span>ank<span class=\"_ _f\"></span>ing </div></td></tr><tr><td class=\"c x54f y29a1 w3cd h1d\"><div class=\"t m0 x15d h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">B.C.C. <span class=\"_ _f\"></span><span class=\"ls6\">San<span class=\"ls0\"> <span class=\"_ _1\"></span>Giovanni Ge<span class=\"_ _1\"></span>min<span class=\"_ _f\"></span>i</span></span><span class=\"ls6\"><span class=\"ls0\"> </span></span></div></td><td class=\"c x550 y29a1 w3ce h1d\"><div class=\"t m0 x8 h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">19<span class=\"_ _f\"></span>98<span class=\"_ _1\"></span> </div></td><td class=\"c x551 y29a1 w3cf h1d\"><div class=\"t m0 x1af h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">4<span class=\"_ _1\"></span>52<span class=\"_ _f\"></span> </div></td><td class=\"c x552 y29a1 w3d0 h1d\"><div class=\"t m0 x35 h1f y295 ff4 fs7 fc1 sc0 ls0 ws0\">CGU B<span class=\"_ _1\"></span>ank<span class=\"_ _f\"></span>ing </div></td></tr><tr><td class=\"c x54f y29a2 w3cd h1d\"><div class=\"t m0 x15d h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">Banca de<span class=\"_ _f\"></span>i Comuni N<span class=\"_ _f\"></span>olan<span class=\"_ _f\"></span>i </div></td><td class=\"c x550 y29a2 w3ce h1d\"><div class=\"t m0 x8 h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">19<span class=\"_ _f\"></span>98<span class=\"_ _1\"></span> </div></td><td class=\"c x551 y29a2 w3cf h1d\"><div class=\"t m0 xe h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">2.<span class=\"_ _1\"></span>361<span class=\"_ _f\"></span> </div></td><td class=\"c x552 y29a2 w3d0 h1d\"><div class=\"t m0 x35 h1f y295 ff4 fs7 fc1 sc0 ls0 ws0\">CGU B<span class=\"_ _1\"></span>ank<span class=\"_ _f\"></span>ing </div></td></tr><tr><td class=\"c x54f y29a3 w3cd h1d\"><div class=\"t m0 x15d h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">Banca de<span class=\"_ _1\"></span>lla Pr<span class=\"_ _1\"></span>ovincia <span class=\"lsd8\">di</span> Nap<span class=\"_ _f\"></span>oli<span class=\"_ _f\"></span> </div></td><td class=\"c x550 y29a3 w3ce h1d\"><div class=\"t m0 x8 h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">19<span class=\"_ _f\"></span>98<span class=\"_ _1\"></span> </div></td><td class=\"c x551 y29a3 w3cf h1d\"><div class=\"t m0 x11d h1f y80 ff4 fs7 fc1 sc0 lsd9 ws0\">58<span class=\"ls0\"> </span></div></td><td class=\"c x552 y29a3 w3d0 h1d\"><div class=\"t m0 x35 h1f y27 ff4 fs7 fc1 sc0 ls0 ws0\">CGU B<span class=\"_ _1\"></span>ank<span class=\"_ _f\"></span>ing </div></td></tr><tr><td class=\"c x54f y29a4 w3cd h1d\"><div class=\"t m0 x15d h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">B.C.C. <span class=\"_ _f\"></span>Alto Crot<span class=\"_ _f\"></span>ones<span class=\"_ _f\"></span>e </div></td><td class=\"c x550 y29a4 w3ce h1d\"><div class=\"t m0 x8 h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">19<span class=\"_ _f\"></span>99<span class=\"_ _f\"></span> </div></td><td class=\"c x551 y29a4 w3cf h1d\"><div class=\"t m0 xc3 h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">16<span class=\"_ _f\"></span>1<span class=\"_ _1\"></span> </div></td><td class=\"c x552 y29a4 w3d0 h1d\"><div class=\"t m0 x35 h1f y295 ff4 fs7 fc1 sc0 ls0 ws0\">CGU B<span class=\"_ _1\"></span>ank<span class=\"_ _f\"></span>ing </div></td></tr><tr><td class=\"c x54f y29a5 w3cd h1d\"><div class=\"t m0 x15d h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">B.C.C. <span class=\"_ _f\"></span>Fortore <span class=\"_ _1\"></span>Misc<span class=\"_ _f\"></span>ano<span class=\"_ _1\"></span> </div></td><td class=\"c x550 y29a5 w3ce h1d\"><div class=\"t m0 x8 h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">19<span class=\"_ _f\"></span>99<span class=\"_ _f\"></span> </div></td><td class=\"c x551 y29a5 w3cf h1d\"><div class=\"t m0 xa3 h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">1.<span class=\"_ _1\"></span>377<span class=\"_ _1\"></span> </div></td><td class=\"c x552 y29a5 w3d0 h1d\"><div class=\"t m0 x35 h1f y27 ff4 fs7 fc1 sc0 ls0 ws0\">CGU B<span class=\"_ _1\"></span>ank<span class=\"_ _f\"></span>ing </div></td></tr><tr><td class=\"c x54f y29a6 w3cd h1c\"><div class=\"t m0 x15d h1f y74a ff4 fs7 fc1 sc0 ls0 ws0\">Banca P<span class=\"_ _f\"></span>o<span class=\"_ _2\"></span>polare <span class=\"_ _f\"></span>And<span class=\"_ _f\"></span>riese<span class=\"_ _f\"></span> </div></td><td class=\"c x550 y29a6 w3ce h1c\"><div class=\"t m0 xe h1f y74a ff4 fs7 fc1 sc0 lsda ws0\">2000<span class=\"ls0\"> </span></div></td><td class=\"c x551 y29a6 w3cf h1c\"><div class=\"t m0 x7 h1f y74a ff4 fs7 fc1 sc0 ls0 ws0\">17.<span class=\"_ _f\"></span>669 </div></td><td class=\"c x552 y29a6 w3d0 h1c\"><div class=\"t m0 x35 h1f y2ef ff4 fs7 fc1 sc0 ls0 ws0\">CGU B<span class=\"_ _1\"></span>ank<span class=\"_ _f\"></span>ing </div></td></tr><tr><td class=\"c x54f y29a7 w3cd h69\"><div class=\"t m0 x15d h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">Banca di L<span class=\"_ _f\"></span>atina<span class=\"_ _f\"></span> </div></td><td class=\"c x550 y29a7 w3ce h69\"><div class=\"t m0 xa3 h1f y80 ff4 fs7 fc1 sc0 lsda ws0\">2003<span class=\"ls0\"> </span></div></td><td class=\"c x551 y29a7 w3cf h69\"><div class=\"t m0 xf h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">3.<span class=\"_ _f\"></span>02<span class=\"_ _f\"></span>8 </div></td><td class=\"c x552 y29a7 w3d0 h69\"><div class=\"t m0 x35 h1f y27 ff4 fs7 fc1 sc0 ls0 ws0\">CGU B<span class=\"_ _1\"></span>ank<span class=\"_ _f\"></span>ing </div></td></tr><tr><td class=\"c x54f y29a8 w3cd h1c\"><div class=\"t m0 x15d h1f y74a ff4 fs7 fc1 sc0 ls0 ws0\">Filiali <span class=\"_ _f\"></span>Citibank <span class=\"_ _f\"></span>International <span class=\"_ _f\"></span>PL<span class=\"_ _1\"></span>C<span class=\"_ _f\"></span> </div></td><td class=\"c x550 y29a8 w3ce h1c\"><div class=\"t m0 xe h1f y74a ff4 fs7 fc1 sc0 lsda ws0\">2008<span class=\"ls0\"> </span></div></td><td class=\"c x551 y29a8 w3cf h1c\"><div class=\"t m0 x90 h1f y74a ff4 fs7 fc1 sc0 ls0 ws0\">36.<span class=\"_ _f\"></span>307 </div></td><td class=\"c x552 y29a8 w3d0 h1c\"><div class=\"t m0 x35 h1f y2ef ff4 fs7 fc1 sc0 ls0 ws0\">CGU B<span class=\"_ _1\"></span>ank<span class=\"_ _f\"></span>ing </div></td></tr><tr><td class=\"c x54f y29a9 w3cd h6a\"><div class=\"t m0 x15d h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">Filiali Banc<span class=\"_ _f\"></span>o<span class=\"_ _2\"></span> <span class=\"_ _f\"></span>Popo<span class=\"_ _f\"></span>lare<span class=\"_ _f\"></span> </div></td><td class=\"c x550 y29a9 w3ce h6a\"><div class=\"t m0 xe h1f y80 ff4 fs7 fc1 sc0 lsda ws0\">2008<span class=\"ls0\"> </span></div></td><td class=\"c x551 y29a9 w3cf h6a\"><div class=\"t m0 x91 h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">11<span class=\"_ _1\"></span>9.9<span class=\"_ _f\"></span>26 </div></td><td class=\"c x552 y29a9 w3d0 h6a\"><div class=\"t m0 x35 h1f y1649 ff4 fs7 fc1 sc0 ls0 ws0\">CGU B<span class=\"_ _1\"></span>ank<span class=\"_ _f\"></span>ing </div></td></tr><tr><td class=\"c x54f y29aa w3cd hc8\"><div class=\"t m0 x15d h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">Filiali <span class=\"_ _f\"></span>Unic<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>dit<span class=\"_ _f\"></span> </div></td><td class=\"c x550 y29aa w3ce hc8\"><div class=\"t m0 xe h1f y54 ff4 fs7 fc1 sc0 lsda ws0\">2008<span class=\"ls0\"> </span></div></td><td class=\"c x551 y29aa w3cf hc8\"><div class=\"t m0 x90 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">94.<span class=\"_ _f\"></span>433 </div></td><td class=\"c x552 y29aa w3d0 hc8\"><div class=\"t m0 x35 h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">CGU B<span class=\"_ _1\"></span>ank<span class=\"_ _f\"></span>ing </div></td></tr><tr><td class=\"c x54f y29ab w3cd h1d\"><div class=\"t m0 x15d h1f ye4c ff4 fs7 fc4 sc3 ls0 ws0\">TOTA<span class=\"_ _1\"></span>LE <span class=\"_ _f\"></span>BAN<span class=\"_ _1\"></span>CHE <span class=\"_ _f\"></span>INC<span class=\"_ _f\"></span>OR<span class=\"_ _1\"></span>PO<span class=\"_ _1\"></span>R<span class=\"_ _1\"></span>AT<span class=\"_ _f\"></span>E<span class=\"fc1 sc2\"> </span></div></td><td></td><td class=\"c x551 y29ab w3cf h1d\"><div class=\"t m0 x11 h1f ye4c ff4 fs7 fc4 sc3 ls0 ws0\">27<span class=\"_ _f\"></span>9.3<span class=\"_ _f\"></span>84<span class=\"_ _1\"></span><span class=\"fc1 sc2\"> </span></div></td><td></td></tr><tr><td class=\"c x262 y29ac wb9f h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">Euromobiliare <span class=\"_ _f\"></span>A.M. <span class=\"_ _1\"></span>Sgr (r<span class=\"_ _1\"></span>amo cedu<span class=\"_ _1\"></span>to <span class=\"_ _f\"></span><span class=\"lsd7\">da<span class=\"ls0\"> Credem<span class=\"_ _df\"> </span></span></span></div></td><td class=\"c x550 y29ad w3ce h270\"><div class=\"t m0 xe h1f ybf4 ff4 fs7 fc1 sc0 lsda ws0\">2000<span class=\"ls0\"> </span></div></td><td class=\"c x551 y29ad w3cf h270\"><div class=\"t m0 xa3 h1f ybf4 ff4 fs7 fc1 sc0 ls0 ws0\">2<span class=\"_ _1\"></span>.1<span class=\"_ _f\"></span>66<span class=\"_ _1\"></span> </div></td><td class=\"c x552 y29ad w3d0 h270\"><div class=\"t m0 x35 h1f y826 ff4 fs7 fc1 sc0 ls0 ws0\">CGU B<span class=\"_ _1\"></span>ank<span class=\"_ _f\"></span>ing </div></td></tr><tr><td class=\"c x262 y29ae wba0 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">International <span class=\"_ _1\"></span>L<span class=\"_ _1\"></span>ux<span class=\"_ _f\"></span>)<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td></tr><tr><td class=\"c x54f y29af w3cd h1c\"><div class=\"t m0 x15d h1f ye4c ff4 fs7 fc4 sc3 ls0 ws0\">TOTA<span class=\"_ _1\"></span>LI <span class=\"_ _f\"></span>AVV<span class=\"_ _1\"></span>IAM<span class=\"_ _1\"></span>ENT<span class=\"_ _1\"></span>I B<span class=\"_ _f\"></span>ANC<span class=\"_ _f\"></span>HE<span class=\"_ _f\"></span><span class=\"fc1 sc2\"> </span></div></td><td></td><td class=\"c x551 y29af w3cf h1c\"><div class=\"t m0 x12 h1f ye4c ff4 fs7 fc4 sc3 ls0 ws0\">28<span class=\"_ _1\"></span>1.<span class=\"_ _1\"></span>55<span class=\"_ _f\"></span>0<span class=\"fc1 sc2\"> </span></div></td><td></td></tr><tr><td class=\"c x54f y29b0 w3cd h12\"><div class=\"t m0 x15d h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">So.em.ro <span class=\"_ _f\"></span>(incorporata <span class=\"_ _f\"></span><span class=\"lsd8\">da<span class=\"_ _2\"></span><span class=\"ls0\"> <span class=\"_ _f\"></span>MGT</span></span><span class=\"lsd8\"><span class=\"ls0\"><span class=\"_ _f\"></span>) </span></span></div></td><td class=\"c x550 y29b0 w3ce h12\"><div class=\"t m0 x8 h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">19<span class=\"_ _f\"></span>98<span class=\"_ _1\"></span> </div></td><td class=\"c x551 y29b0 w3cf h12\"><div class=\"t m0 x49 h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">2<span class=\"_ _1\"></span>94<span class=\"_ _f\"></span> </div></td><td class=\"c x552 y29b0 w3d0 h12\"><div class=\"t m0 x35 h1f y295 ff4 fs7 fc1 sc0 ls0 ws0\">CGU B<span class=\"_ _1\"></span>ank<span class=\"_ _f\"></span>ing </div></td></tr><tr><td class=\"c x54f y29b1 w3cd h1d\"><div class=\"t m0 x15d h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">Net<span class=\"_ _f\"></span>ium </div></td><td class=\"c x550 y29b1 w3ce h1d\"><div class=\"t m0 x8 h1f y80 ff4 fs7 fc1 sc0 lsda ws0\">2001<span class=\"ls0\"> </span></div></td><td class=\"c x551 y29b1 w3cf h1d\"><div class=\"t m0 x11f h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">9<span class=\"_ _f\"></span> </div></td><td class=\"c x552 y29b1 w3d0 h1d\"><div class=\"t m0 x35 h1f y295 ff4 fs7 fc1 sc0 ls0 ws0\">CGU B<span class=\"_ _1\"></span>ank<span class=\"_ _f\"></span>ing </div></td></tr><tr><td class=\"c x54f y29b2 w3cd h69\"><div class=\"t m0 x15d h1f y392 ff4 fs7 fc1 sc0 ls0 ws0\">Cr<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>vita<span class=\"_ _f\"></span> </div></td><td class=\"c x550 y29b2 w3ce h69\"><div class=\"t m0 xe h1f y392 ff4 fs7 fc1 sc0 lsda ws0\">2008<span class=\"ls0\"> </span></div></td><td class=\"c x551 y29b2 w3cf h69\"><div class=\"t m0 xf h1f y392 ff4 fs7 fc1 sc0 ls0 ws0\">4.<span class=\"_ _f\"></span>092 </div></td><td class=\"c x552 y29b2 w3d0 h69\"><div class=\"t m0 x39 h1f y27 ff4 fs7 fc1 sc0 ls0 ws0\">CGU In<span class=\"_ _f\"></span>sura<span class=\"_ _1\"></span>nce<span class=\"_ _f\"></span> </div></td></tr><tr><td class=\"c x54f y29b3 w3cd h1d\"><div class=\"t m0 x15d h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">C.S. <span class=\"_ _f\"></span>Infor<span class=\"_ _2\"></span>m <span class=\"_ _f\"></span>(incorporata <span class=\"lsd7\">da</span> <span class=\"_ _f\"></span>Cr<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>tel<span class=\"_ _1\"></span>) </div></td><td class=\"c x550 y29b3 w3ce h1d\"><div class=\"t m0 x8 h1f y80 ff4 fs7 fc1 sc0 lsda ws0\">2010<span class=\"ls0\"> </span></div></td><td class=\"c x551 y29b3 w3cf h1d\"><div class=\"t m0 xe h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">1.<span class=\"_ _1\"></span>350<span class=\"_ _1\"></span> </div></td><td class=\"c x552 y29b3 w3d0 h1d\"><div class=\"t m0 x35 h1f y27 ff4 fs7 fc1 sc0 ls0 ws0\">CGU B<span class=\"_ _1\"></span>ank<span class=\"_ _f\"></span>ing </div></td></tr><tr><td class=\"c x54f y29b4 w3cd h1d\"><div class=\"t m0 x15d h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">Topkey <span class=\"_ _1\"></span>(incorporata <span class=\"_ _1\"></span><span class=\"lsd7\">da<span class=\"ls0\"> C<span class=\"_ _f\"></span>rede<span class=\"_ _f\"></span>mtel</span></span><span class=\"lsd7\"><span class=\"ls0\"><span class=\"_ _1\"></span>) </span></span></div></td><td class=\"c x550 y29b4 w3ce h1d\"><div class=\"t m0 x8 h1f y80 ff4 fs7 fc1 sc0 lsda ws0\">2014<span class=\"ls0\"> </span></div></td><td class=\"c x551 y29b4 w3cf h1d\"><div class=\"t m0 x49 h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">8<span class=\"_ _1\"></span>35<span class=\"_ _f\"></span> </div></td><td class=\"c x552 y29b4 w3d0 h1d\"><div class=\"t m0 x35 h1f y295 ff4 fs7 fc1 sc0 ls0 ws0\">CGU B<span class=\"_ _1\"></span>ank<span class=\"_ _f\"></span>ing </div></td></tr><tr><td class=\"c x54f y29b5 w3cd h1d\"><div class=\"t m0 x15d h1f y80 ff4 fs7 fc1 sc0 lsdb ws0\">Sata<span class=\"ls0\"> </span></div></td><td class=\"c x550 y29b5 w3ce h1d\"><div class=\"t m0 xa3 h1f y80 ff4 fs7 fc1 sc0 lsda ws0\">2020<span class=\"ls0\"> </span></div></td><td class=\"c x551 y29b5 w3cf h1d\"><div class=\"t m0 xe h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">1.<span class=\"_ _1\"></span>656<span class=\"_ _1\"></span> </div></td><td class=\"c x552 y29b5 w3d0 h1d\"><div class=\"t m0 x35 h1f y295 ff4 fs7 fc1 sc0 ls0 ws0\">CGU B<span class=\"_ _1\"></span>ank<span class=\"_ _f\"></span>ing </div></td></tr><tr><td class=\"c x54f y29b6 w3cd h4d\"><div class=\"t m0 x15d h1f y66c ff4 fs7 fc1 sc0 ls0 ws0\">Blue E<span class=\"_ _f\"></span>ye<span class=\"_ _f\"></span> </div></td><td class=\"c x550 y29b6 w3ce h4d\"><div class=\"t m0 x8 h1f y66c ff4 fs7 fc1 sc0 lsda ws0\">2021<span class=\"ls0\"> </span></div></td><td class=\"c x551 y29b6 w3cf h4d\"><div class=\"t m0 xe h1f y66c ff4 fs7 fc1 sc0 ls0 ws0\">1.<span class=\"_ _1\"></span>556<span class=\"_ _f\"></span> </div></td><td class=\"c x552 y29b6 w3d0 h4d\"><div class=\"t m0 x35 h1f y74a ff4 fs7 fc1 sc0 ls0 ws0\">CGU B<span class=\"_ _1\"></span>ank<span class=\"_ _f\"></span>ing </div></td></tr><tr><td class=\"c x54f y29b7 w3cd h61\"><div class=\"t m0 x15d h1f y66c ff4 fs7 fc4 sc3 ls0 ws0\">TOTA<span class=\"_ _1\"></span>LI <span class=\"_ _f\"></span>AVV<span class=\"_ _f\"></span>IAM<span class=\"_ _f\"></span>EN<span class=\"_ _1\"></span>TI<span class=\"_ _f\"></span><span class=\"fc1 sc2\"> </span></div></td><td></td><td class=\"c x551 y29b7 w3cf h61\"><div class=\"t m0 x12 h1f y66c ff4 fs7 fc4 sc3 ls0 ws0\">29<span class=\"_ _f\"></span>1.3<span class=\"_ _f\"></span>42<span class=\"fc1 sc2\"> </span></div></td><td></td></tr></table></div><div class=\"t m0 he ff4 fs5 fc4 sc3 ls0 ws0 gsa6b\">Impa<span class=\"_ _f\"></span>irment test s<span class=\"_ _1\"></span>ugli a<span class=\"_ _f\"></span>vviamenti </div><div class=\"t m0 he ff4 fs5 fc4 sc3 ls0 ws0 gsa6c\">Defin<span class=\"_ _1\"></span>izion<span class=\"_ _1\"></span>e delle C<span class=\"_ _f\"></span>GU </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gsa6d\">Lo IAS 36 <span class=\"_ _2\"></span>prevede che, anche <span class=\"_ _2\"></span>nell\u2019ottica della verifica <span class=\"_ _2\"></span>di eventuali riduzioni <span class=\"_ _2\"></span>di valore (\u201cImpairment </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gsa6e\">Test\u201d),  gli <span class=\"_ _22\"> </span>avviamenti  acq<span class=\"_ _2\"></span>uisiti  in<span class=\"_ _2\"></span><span class=\"ff4\">  aggregazioni  aziendali  s<span class=\"_ _2\"></span>iano  allocati <span class=\"_ _4\"> </span>ad  unit\u00e0  organizzative </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsa6f\">relativamente <span class=\"_ _e\"> </span>autonome <span class=\"_ _10\"> </span>nel <span class=\"_ _10\"> </span>profilo <span class=\"_ _10\"> </span>gestionale <span class=\"_ _10\"> </span>e <span class=\"_ _10\"> </span>che <span class=\"_ _e\"> </span>ben<span class=\"_ _2\"></span>efici<span class=\"_ _1\"></span>ano <span class=\"_ _10\"> </span>delle <span class=\"_ _10\"> </span>sinergie <span class=\"_ _10\"> </span>derivanti </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gsa70\">dall\u2019acquisizione. <span class=\"_ _9\"> </span>Tali  uni<span class=\"_ _1\"></span>t\u00e0  org<span class=\"_ _1\"></span>anizzative, <span class=\"_ _16\"> </span>denominate <span class=\"_ _9\"> </span>Cash  Gene<span class=\"_ _1\"></span>rating  Un<span class=\"_ _1\"></span>its  (<span class=\"_ _1\"></span>\u201cCGU\u201d), <span class=\"_ _16\"> </span>devono </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsa71\">presentare le seguenti caratteristiche: </div><div class=\"t m0 h5 ff14 fs1 fc1 sc0 ls0 ws0 gsa72\"><span class=\"_ _2c\"> </span><span class=\"ff5\">rappresentare <span class=\"_ _d\"></span>il <span class=\"_ _d\"></span>livello <span class=\"_ _2\"></span>minimo <span class=\"_ _d\"></span>con <span class=\"_ _d\"></span>riferimento <span class=\"_ _d\"></span>al <span class=\"_ _2\"></span>quale <span class=\"_ _d\"></span>l\u2019avviamento <span class=\"_ _d\"></span>stesso <span class=\"_ _d\"></span>\u00e8 <span class=\"_ _2\"></span>mo<span class=\"_ _2\"></span>nitorato <span class=\"_ _2\"></span>ai </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsa73\">fini del controllo di gestione interno; </div><div class=\"t m0 h5 ff14 fs1 fc1 sc0 ls0 ws0 gsa74\"><span class=\"_ _2c\"> </span><span class=\"ff4\">non essere superiori a un Segmento Operativo definito ai sensi del p<span class=\"_ _1\"></span>rincipio IFRS 8. </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsa75\">Nel <span class=\"_ _2\"></span>G<span class=\"_ _2\"></span>ruppo <span class=\"_ _2\"></span>Credem <span class=\"_ _d\"></span>le <span class=\"_ _d\"></span>CGU <span class=\"_ _2\"></span>ch<span class=\"_ _2\"></span>e <span class=\"_ _d\"></span>hanno <span class=\"_ _2\"></span>beneficiato <span class=\"_ _d\"></span>e <span class=\"_ _d\"></span>che <span class=\"_ _d\"></span>continuano <span class=\"_ _d\"></span>a <span class=\"_ _2\"></span>beneficiarie <span class=\"_ _d\"></span>delle <span class=\"_ _d\"></span>sinergie </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsa76\">derivanti dai processi di aggreg<span class=\"_ _1\"></span>azione effettuati nel tempo sono le seguenti:<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff14 fs1 fc1 sc0 ls0 ws0 gsa77\"><span class=\"_ _2c\"> </span><span class=\"ff4\">Banking;<span class=\"_ _df\"> </span></span></div><div class=\"t m0 h5 ff14 fs1 fc1 sc0 ls0 ws0 gsa78\"><span class=\"_ _2c\"> </span><span class=\"ff4\">Insurance.<span class=\"_ _df\"> </span></span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsa79\">Il <span class=\"_ _1\"></span>sistema di <span class=\"_ _f\"></span>reportistica util<span class=\"_ _1\"></span>izzato <span class=\"_ _1\"></span>dalla <span class=\"_ _1\"></span>Direzione <span class=\"_ _f\"></span>\u00e8 coerente <span class=\"_ _f\"></span>con tali CGU <span class=\"_ _f\"></span>(si ve<span class=\"_ _1\"></span>da l<span class=\"_ _1\"></span>a Parte <span class=\"_ _f\"></span>L relativa </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gsa7a\">all\u2019Informativa <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>Settore) <span class=\"_ _2\"></span>e, <span class=\"_ _2\"></span>inoltre, <span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>flussi <span class=\"_ _2\"></span>finanziari <span class=\"_ _2\"></span>da <span class=\"_ _2\"></span>esse <span class=\"_ _2\"></span>prodotti <span class=\"_ _2\"></span>risultano <span class=\"_ _2\"></span>omogenei <span class=\"_ _2\"></span>quanto<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsa7b\">alla <span class=\"_ _14\"> </span>nat<span class=\"_ _2\"></span>ura <span class=\"_ _14\"> </span>della <span class=\"_ _15\"> </span>clientela <span class=\"_ _15\"> </span>ed <span class=\"_ _15\"> </span>alla <span class=\"_ _15\"> </span>tipologia <span class=\"_ _14\"> </span>di <span class=\"_ _15\"> </span>prodott<span class=\"_ _2\"></span>i <span class=\"_ _14\"> </span>e <span class=\"_ _15\"> </span>servizi <span class=\"_ _15\"> </span>forniti. <span class=\"_ _14\"> </span>Tali <span class=\"_ _15\"> </span>CGU <span class=\"_ _15\"> </span>pert<span class=\"_ _2\"></span>anto </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsa7c\">rappresentano <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>pi\u00f9 <span class=\"_ _d\"></span>piccolo <span class=\"_ _2\"></span>gruppo <span class=\"_ _2\"></span>di <span class=\"_ _d\"></span>attivit\u00e0 <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>genera <span class=\"_ _d\"></span>flussi <span class=\"_ _2\"></span>finanziari <span class=\"_ _2\"></span>in <span class=\"_ _d\"></span>entrata <span class=\"_ _2\"></span>indipendenti<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gsa7d\">ed il <span class=\"_ _2\"></span>livello minimo al <span class=\"_ _2\"></span>quale l\u2019avviamento <span class=\"_ _2\"></span>pu\u00f2 essere allocato <span class=\"_ _2\"></span>secondo cr<span class=\"_ _2\"></span>iteri non ar<span class=\"_ _2\"></span>bitrari. \u00c8 a <span class=\"_ _2\"></span>tale </div><div class=\"t m0 he ff4 fs5 fc4 sc3 ls0 ws0 gsa7f\">Defin<span class=\"_ _1\"></span>izion<span class=\"_ _1\"></span>e del va<span class=\"_ _1\"></span>lore co<span class=\"_ _f\"></span>ntabile d<span class=\"_ _f\"></span>elle CGU  </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsa80\">Nel <span class=\"_ _4\"> </span>caso <span class=\"_ _17\"> </span>di <span class=\"_ _4\"> </span>aziende <span class=\"_ _4\"> </span>bancarie <span class=\"_ _17\"> </span>e <span class=\"_ _4\"> </span>as<span class=\"_ _2\"></span>sicurative <span class=\"_ _4\"> </span>e, <span class=\"_ _4\"> </span>in <span class=\"_ _17\"> </span>generale, <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>aziende <span class=\"_ _4\"> </span>operanti <span class=\"_ _17\"> </span>nel <span class=\"_ _4\"> </span>s<span class=\"_ _2\"></span>ettore<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsa81\">finanziario, l<span class=\"_ _1\"></span>e attivit\u00e0 e p<span class=\"_ _1\"></span>assivit\u00e0 <span class=\"_ _1\"></span>finanziarie, in <span class=\"_ _f\"></span>linea di p<span class=\"ff5\">rincipio escluse <span class=\"_ _f\"></span>dall\u2019ambito di applicazi<span class=\"_ _1\"></span>one<span class=\"_ _df\"> </span></span><span class=\"ff5\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsa82\">dello <span class=\"_ _f\"></span>I<span class=\"_ _2\"></span>AS <span class=\"_ _f\"></span>36, costituiscono parte <span class=\"_ _f\"></span>integrante del <span class=\"_ _f\"></span>cor<span class=\"_ _2\"></span>e b<span class=\"_ _1\"></span>usiness. Al <span class=\"_ _f\"></span>fine di <span class=\"_ _f\"></span>identificare i <span class=\"_ _f\"></span>f<span class=\"_ _2\"></span>lussi <span class=\"_ _1\"></span>di cassa<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsa83\">delle <span class=\"_ _f\"></span>CGU \u00e8<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>pertanto ne<span class=\"_ _f\"></span>cessar<span class=\"_ _2\"></span>io <span class=\"_ _f\"></span>considerare <span class=\"_ _f\"></span>anche <span class=\"_ _1\"></span>i <span class=\"_ _f\"></span>flussi di <span class=\"_ _f\"></span>cassa <span class=\"_ _1\"></span>associati <span class=\"_ _f\"></span>alle attivit\u00e0 <span class=\"_ _f\"></span>e <span class=\"_ _1\"></span>passivit\u00e0<span class=\"_ _df\"> </span><span class=\"_ _1\"></span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsa84\">finanziarie.  </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gsa85\">Sulla <span class=\"_ _d\"></span>base <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>tale <span class=\"_ _d\"></span>impostazione, <span class=\"_ _d\"></span>l\u2019impairment <span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>est <span class=\"_ _2\"></span>di <span class=\"_ _d\"></span>CGU <span class=\"_ _d\"></span>operanti <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>ambito <span class=\"_ _d\"></span>finanziario <span class=\"_ _d\"></span>non <span class=\"_ _d\"></span>pu\u00f2<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gsa86\">che <span class=\"_ _9\"> </span>essere <span class=\"_ _16\"> </span>svolto <span class=\"_ _9\"> </span>secondo <span class=\"_ _9\"> </span>una  p<span class=\"_ _1\"></span>rospettiva <span class=\"_ _16\"> </span>cosid<span class=\"_ _1\"></span>detta <span class=\"_ _16\"> </span>\u201cequity<span class=\"_ _1\"></span> <span class=\"_ _16\"> </span>side\u201d. <span class=\"_ _9\"> </span>Coerentemente, <span class=\"_ _9\"> </span>anche <span class=\"_ _9\"> </span>il<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsa87\">valore contabile delle CGU deve essere determinato secondo la stessa prospettiva.  </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsa88\">In particolare, il valore contabile delle CGU \u00e8 stato determinato nel<span class=\"_ _1\"></span> seguente modo:<span class=\"_ _df\"> </span><span class=\"_ _2\"></span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsa89\">Per <span class=\"_ _20\"> </span>la <span class=\"_ _c\"> </span>CGU <span class=\"_ _20\"> </span>Insurance, <span class=\"_ _c\"> </span>com<span class=\"_ _2\"></span>posta <span class=\"_ _20\"> </span>integralmente <span class=\"_ _c\"> </span>dalle <span class=\"_ _20\"> </span>entit\u00e0 <span class=\"_ _20\"> </span>giurid<span class=\"_ _1\"></span>iche <span class=\"_ _c\"> </span>Cr<span class=\"_ _2\"></span>edemvita <span class=\"_ _20\"> </span>e<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsa8a\">Credemassicurazioni, <span class=\"_ _4\"> </span>il <span class=\"_ _17\"> </span>va<span class=\"_ _2\"></span>lore <span class=\"_ _17\"> </span>contabile <span class=\"_ _4\"> </span>\u00e8 <span class=\"_ _17\"> </span>st<span class=\"_ _2\"></span>ato <span class=\"_ _17\"> </span>determinato<span class=\"_ _2\"></span> <span class=\"_ _17\"> </span>analiticamente, <span class=\"_ _4\"> </span>su<span class=\"_ _2\"></span>lla <span class=\"_ _4\"> </span>base <span class=\"_ _14\"> </span>del<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsa8b\">contributo al patrimonio netto consolidato di ciascuna socie<span class=\"_ _1\"></span>t\u00e0.<span class=\"_ _df\"> </span><span class=\"_ _2\"></span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsa8c\">Per l<span class=\"_ _1\"></span>a CGU <span class=\"_ _f\"></span>Banking, composta integralmente <span class=\"_ _f\"></span>dalle entit\u00e0 <span class=\"_ _f\"></span>giuridiche ind<span class=\"_ _1\"></span>ividuate nel<span class=\"_ _1\"></span> corrispondente<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gsa8d\">settore operativo (si veda la Parte L relativa all\u2019Informativa<span class=\"ff4\"> di Set<span class=\"_ _2\"></span>tore), il relativo valore contabile<span class=\"_ _1\"></span> \u00e8<span class=\"_ _df\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsa8e\">stato determinato:<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff14 fs1 fc1 sc0 ls0 ws0 gsa8f\"><span class=\"_ _2c\"> </span><span class=\"ff4\">allocando analiticamente gli avviamenti di pertinenza;<span class=\"_ _df\"> </span></span></div><div class=\"t m0 h5 ff14 fs1 fc1 sc0 ls0 ws0 gsa90\"><span class=\"_ _2c\"> </span><span class=\"ff5\">allocando <span class=\"_ _1a\"> </span>il <span class=\"_ _19\"> </span>patrimonio <span class=\"_ _1a\"> </span>netto <span class=\"_ _1a\"> </span>consolidato <span class=\"_ _1a\"> </span>\u201cresidu<span class=\"_ _1\"></span>o\u201d <span class=\"_ _1a\"> </span>in <span class=\"_ _1a\"> </span>proporzione <span class=\"_ _19\"> </span>al <span class=\"_ _1a\"> </span>capitale<span class=\"_ _df\"> </span></span><span class=\"ff5\"> </span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gsa91\">regolamentare <span class=\"_ _18\"> </span>richiesto <span class=\"_ _18\"> </span>per <span class=\"_ _18\"> </span>l\u2019operativit\u00e0 <span class=\"_ _10\"> </span>della <span class=\"_ _18\"> </span>CGU.<span class=\"_ _2\"></span><span class=\"ff4\">  <span class=\"_ _18\"> </span></span>L\u2019ut<span class=\"ff4\">ilizzo <span class=\"_ _18\"> </span>di <span class=\"_ _18\"> </span>tale <span class=\"_ _18\"> </span>indicatore<span class=\"_ _df\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gsa92\">gestionale <span class=\"_ _c\"> </span>risulta <span class=\"_ _1a\"> </span>giustificato <span class=\"_ _c\"> </span>dalla <span class=\"_ _c\"> </span>conside<span class=\"_ _1\"></span>razione <span class=\"_ _c\"> </span>che, <span class=\"_ _c\"> </span>nell\u2019ambi<span class=\"_ _1\"></span>to <span class=\"_ _c\"> </span>dell\u2019attivit\u00e0<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsa93\">finanziaria, <span class=\"_ _f\"></span>i fattori di <span class=\"_ _f\"></span>rischio ed <span class=\"_ _f\"></span>i relativi <span class=\"_ _1\"></span>assorbimenti di<span class=\"_ _1\"></span> capi<span class=\"_ _1\"></span>tale regolamentare <span class=\"_ _f\"></span>incidono<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsa94\">nella g<span class=\"_ _1\"></span>enerazione dei fl<span class=\"_ _1\"></span>ussi finanziari <span class=\"_ _1\"></span>prospettici e qu<span class=\"_ _1\"></span>indi nella <span class=\"_ _1\"></span>determinazione de<span class=\"_ _1\"></span>l valore<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsa95\">recuperabile con il quale il valore contabile deve<span class=\"_ _1\"></span> risultare coerente.<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsa96\">Di <span class=\"_ _2\"></span>seguito <span class=\"_ _2\"></span>si <span class=\"_ _2\"></span>riporta <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>prospetto <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>sintesi <span class=\"_ _2\"></span>relativo <span class=\"_ _2\"></span>ai <span class=\"_ _2\"></span>valori <span class=\"_ _2\"></span>contabili <span class=\"_ _2\"></span>delle <span class=\"_ _2\"></span>CGU <span class=\"_ _d\"></span>e <span class=\"_ _2\"></span>ai <span class=\"_ _2\"></span>relativi <span class=\"_ _2\"></span>valori <span class=\"_ _2\"></span>di<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsa97\">bilancio degli avviamenti (in milioni di euro):  </div><div class=\"gsa98\"><table class=\"s wba1 h4e3\" id=\"_d8ccf9c4-8334-434d-b78b-7edf8887c010\"><tr><td></td><td class=\"c x553 y29b8 w3d1 h142\"><div class=\"t m0 x31 h1f y11c8 ff4 fs7 fc1 sc0 ls0 ws0\">CGU Banking<span class=\"_ _df\"> </span> </div></td><td class=\"c x554 y29b8 w1a0 h142\"><div class=\"t m0 x11d h1f y11c8 ff4 fs7 fc1 sc0 ls0 ws0\">CGU Insurance<span class=\"_ _df\"> </span> </div></td></tr><tr><td class=\"c x555 y29b9 w3d2 h90\"><div class=\"t m0 x8a h1f y41f ff4 fs7 fc1 sc0 ls0 ws0\">Valore contabi<span class=\"_ _1\"></span>le CGU<span class=\"_ _df\"> </span> </div></td><td class=\"c x553 y29b9 w3d1 h90\"><div class=\"t m0 x8f h1f y41f ff4 fs7 fc1 sc0 ls27 ws0\">3.<span class=\"ls0\">394,7<span class=\"_ _df\"> </span></span><span class=\"ls0\"> </span></div></td><td class=\"c x554 y29b9 w1a0 h90\"><div class=\"t m0 x22 h1f y41f ff4 fs7 fc1 sc0 ls0 ws0\">720,8<span class=\"_ _df\"> </span> </div></td></tr><tr><td class=\"c x555 y29ba w3d2 h142\"><div class=\"t m0 x8a h1f y11c8 ff4 fs7 fc1 sc0 ls0 ws0\">Avviamenti all<span class=\"_ _1\"></span>ocati<span class=\"_ _df\"> </span> </div></td><td class=\"c x553 y29ba w3d1 h142\"><div class=\"t m0 x90 h1f y11c8 ff4 fs7 fc1 sc0 ls0 ws0\">288,9<span class=\"_ _df\"> </span> </div></td><td class=\"c x554 y29ba w1a0 h142\"><div class=\"t m0 x3b h1f y11c8 ff4 fs7 fc1 sc0 ls0 ws0\">14,4<span class=\"_ _df\"> </span> </div></td></tr></table></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsa99\">Gli avviamenti sopra riportati si rife<span class=\"_ _1\"></span>riscono al bilancio consolidato.<span class=\"_ _df\"> </span><span class=\"_ _2\"></span> </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gsa9a\">Oltre <span class=\"_ _f\"></span>all\u2019importo <span class=\"_ _f\"></span>di <span class=\"_ _f\"></span>291,3 mil<span class=\"_ _1\"></span>ioni <span class=\"_ _f\"></span>di <span class=\"_ _f\"></span>euro <span class=\"_ _1\"></span>contabilizzato <span class=\"_ _f\"></span>alla <span class=\"_ _f\"></span>voce <span class=\"_ _f\"></span>\u201cAt<span class=\"_ _2\"></span>tivit\u00e0 <span class=\"_ _f\"></span>Immateriali\u201d, <span class=\"_ _f\"></span>gli <span class=\"_ _f\"></span>avviamenti<span class=\"_ _df\"> </span><span class=\"_ _2\"></span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsa9b\">allocati <span class=\"_ _0\"></span>comprendono <span class=\"_ _0\"></span>anche <span class=\"_ _0\"></span>gli <span class=\"_ _9\"> </span>avviamenti <span class=\"_ _0\"></span>relativi <span class=\"_ _0\"></span>a <span class=\"_ _0\"></span>Credemassicurazioni, <span class=\"_ _0\"></span>pari <span class=\"_ _9\"> </span>a <span class=\"_ _0\"></span>10,3 <span class=\"_ _0\"></span>milioni <span class=\"_ _0\"></span>di<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsa9c\">euro, <span class=\"_ _2\"></span>ad <span class=\"_ _2\"></span>Andxor, <span class=\"_ _d\"></span>pari <span class=\"_ _2\"></span>a <span class=\"_ _d\"></span>1,1 <span class=\"_ _2\"></span>milioni <span class=\"_ _2\"></span>di <span class=\"_ _d\"></span>euro, <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>F<span class=\"_ _2\"></span>lairbit, <span class=\"_ _2\"></span>pari <span class=\"_ _2\"></span>a <span class=\"_ _d\"></span>0,4 <span class=\"_ _2\"></span>milioni <span class=\"_ _d\"></span>di <span class=\"_ _2\"></span>euro <span class=\"_ _d\"></span>e <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>Mynet, <span class=\"_ _d\"></span>pari <span class=\"_ _2\"></span>a <span class=\"_ _d\"></span>0,2<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsa9d\">milioni di euro inclusi nella voce partecipazioni.<span class=\"_ _df\"> </span> </div><div class=\"t m0 he ff4 fs5 fc4 sc3 ls0 ws0 gsa9e\">Defin<span class=\"_ _1\"></span>izion<span class=\"_ _1\"></span>e del va<span class=\"_ _1\"></span>lore re<span class=\"_ _f\"></span>cuperab<span class=\"_ _1\"></span>ile delle<span class=\"_ _f\"></span> CGU  </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gsa9f\">Il  principio  contabile<span class=\"_ _1\"></span>  IAS  36  richiede  che,  almeno  annualmente,  l\u2019ammontare  dell<span class=\"_ _1\"></span>\u2019avviamento<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsaa0\">iscritto <span class=\"_ _d\"></span>a <span class=\"_ _2\"></span>bilancio <span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>ia <span class=\"_ _2\"></span>sottoposto <span class=\"_ _d\"></span>a <span class=\"_ _2\"></span>Impairment <span class=\"_ _d\"></span>Test. <span class=\"_ _2\"></span>Il <span class=\"_ _d\"></span>test <span class=\"_ _2\"></span>di <span class=\"_ _d\"></span>impairment <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _d\"></span>svol<span class=\"_ _2\"></span>to <span class=\"_ _2\"></span>raffr<span class=\"_ _2\"></span>ontando <span class=\"_ _2\"></span>il<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsaa1\">valore <span class=\"_ _0\"></span>contabile <span class=\"_ _0\"></span>delle <span class=\"_ _0\"></span>CGU <span class=\"_ _0\"></span>a <span class=\"_ _0\"> </span>cui <span class=\"_ _9\"> </span>\u00e8 <span class=\"_ _0\"></span>allocato <span class=\"_ _0\"></span>con <span class=\"_ _0\"></span>il <span class=\"_ _0\"></span>valore <span class=\"_ _0\"></span>recuperabile <span class=\"_ _d\"></span>dal<span class=\"_ _2\"></span>le <span class=\"_ _d\"></span>s<span class=\"_ _2\"></span>tesse. <span class=\"_ _0\"></span>Laddove <span class=\"_ _d\"></span>t<span class=\"_ _2\"></span>ale<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsaa2\">valore risultasse inferiore al valore contabile d<span class=\"_ _1\"></span>eve essere rilevata una rettifica di valore. <span class=\"_ _2\"></span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsaa3\">Il <span class=\"_ _2\"></span>valore <span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>ecuperabile <span class=\"_ _2\"></span>della <span class=\"_ _2\"></span>CGU <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _d\"></span>il <span class=\"_ _2\"></span>maggiore <span class=\"_ _d\"></span>tra <span class=\"_ _d\"></span>il <span class=\"_ _2\"></span>suo <span class=\"_ _2\"></span>fair <span class=\"_ _d\"></span>value <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>netto <span class=\"_ _d\"></span>dei <span class=\"_ _2\"></span>costi <span class=\"_ _d\"></span>di <span class=\"_ _2\"></span>vendita <span class=\"_ _2\"></span>ed <span class=\"_ _2\"></span>il<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gsaa4\">suo <span class=\"_ _4\"> </span>valore <span class=\"_ _4\"> </span>d\u2019uso. <span class=\"_ _4\"> </span>Il <span class=\"_ _4\"> </span>principio <span class=\"_ _4\"> </span>aggiunge <span class=\"_ _4\"> </span>che <span class=\"_ _4\"> </span>nello <span class=\"_ _4\"> </span>svolgimento <span class=\"_ _17\"> </span>del <span class=\"_ _4\"> </span>test <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>impairment <span class=\"_ _4\"> </span>non <span class=\"_ _4\"> </span>\u00e8<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gsaa5\">necessario definire sia il <span class=\"_ _2\"></span>valore d\u2019uso che il <span class=\"_ _2\"></span>fair value, ma \u00e8 <span class=\"_ _2\"></span>sufficiente che almeno uno dei due <span class=\"_ _2\"></span>sia<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsaa6\">s<span class=\"ff5\">uperiore <span class=\"_ _0\"></span>al <span class=\"_ _0\"></span>valore <span class=\"_ _0\"> </span>cont<span class=\"_ _2\"></span>abile <span class=\"_ _0\"></span>per <span class=\"_ _0\"></span>confermare <span class=\"_ _9\"> </span>l\u2019assenza <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>una <span class=\"_ _9\"> </span>perdita <span class=\"_ _0\"></span>durevole <span class=\"_ _0\"></span>di <span class=\"_ _9\"> </span>valore. <span class=\"_ _0\"></span>Ai <span class=\"_ _0\"></span>fi<span class=\"_ _2\"></span>ni<span class=\"_ _df\"> </span></span><span class=\"ff5\"> </span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gsaa7\">dell\u2019individuazione del valore recupe<span class=\"_ _1\"></span>rabile delle singole CGU \u00e8 stato individuato il valore d\u2019uso. <span class=\"_ _2\"></span><span class=\"ff4\"> </span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gsaa8\">Per l<span class=\"_ _1\"></span>a CGU <span class=\"_ _f\"></span>Banking, <span class=\"_ _1\"></span>il v<span class=\"_ _1\"></span>alore d\u2019<span class=\"_ _1\"></span>uso \u00e8 <span class=\"_ _f\"></span>stato determinato <span class=\"_ _f\"></span>at<span class=\"_ _2\"></span><span class=\"ff4\">traverso <span class=\"_ _f\"></span>lo svilu<span class=\"_ _1\"></span>ppo del<span class=\"_ _1\"></span> Divi<span class=\"_ _1\"></span>dend Discount<span class=\"_ _df\"> </span></span><span class=\"ff4\"><span class=\"_ _1\"></span> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsaa9\">Model <span class=\"_ _e\"> </span>(DDM). <span class=\"_ _e\"> </span>Tale <span class=\"_ _10\"> </span>metodo <span class=\"_ _e\"> </span>determina <span class=\"_ _e\"> </span>il <span class=\"_ _10\"> </span>valore <span class=\"_ _e\"> </span>in <span class=\"_ _e\"> </span>funzione <span class=\"_ _10\"> </span>del <span class=\"_ _e\"> </span>flusso <span class=\"_ _e\"> </span>di <span class=\"_ _10\"> </span>dividendi<span class=\"_ _1\"></span> <span class=\"_ _e\"> </span>at<span class=\"_ _2\"></span>tesi<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gsaaa\">potenzialmente <span class=\"_ _2\"></span>distribuibili. <span class=\"_ _d\"></span>Nella <span class=\"_ _d\"></span>fattispecie<span class=\"_ _f\"></span>, <span class=\"_ _d\"></span>il <span class=\"_ _d\"></span>metodo <span class=\"_ _d\"></span>utilizzato <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _d\"></span>il <span class=\"_ _2\"></span>D<span class=\"_ _2\"></span>DM <span class=\"_ _2\"></span>nella <span class=\"_ _2\"></span>variante <span class=\"_ _d\"></span>\u201cExcess<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gsaab\">Capital\u201d, <span class=\"_ _2\"></span>comunemente <span class=\"_ _2\"></span>a<span class=\"_ _2\"></span><span class=\"ff4\">dottata <span class=\"_ _2\"></span>nella <span class=\"_ _2\"></span>prassi <span class=\"_ _d\"></span>valutativa <span class=\"_ _2\"></span>per <span class=\"_ _d\"></span>il <span class=\"_ _2\"></span>settore <span class=\"_ _2\"></span>bancario, <span class=\"_ _d\"></span>in <span class=\"_ _2\"></span>base <span class=\"_ _2\"></span>al <span class=\"_ _d\"></span>quale <span class=\"_ _2\"></span>il<span class=\"_ _df\"> </span></span><span class=\"ff4\"><span class=\"_ _2\"></span> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsaac\">valore economico \u00e8 pari alla sommatoria dei segu<span class=\"_ _1\"></span>enti elementi:<span class=\"_ _df\"> </span><span class=\"_ _2\"></span> </div><div class=\"t m0 h5 ff14 fs1 fc1 sc0 ls0 ws0 gsaad\"><span class=\"_ _2c\"> </span><span class=\"ff5\">valore <span class=\"_ _9\"> </span>attuale <span class=\"_ _9\"> </span>dei <span class=\"_ _0\"> </span>flussi <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>cassa <span class=\"_ _9\"> </span>futuri <span class=\"_ _9\"> </span>generati <span class=\"_ _9\"> </span>nell\u2019arco <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>un <span class=\"_ _9\"> </span>determinato <span class=\"_ _9\"> </span>orizzonte<span class=\"_ _df\"> </span></span><span class=\"ff5\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsaae\">temporale di <span class=\"_ _2\"></span>pianificazione <span class=\"_ _2\"></span>esplicita <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>distribuibili<span class=\"_ _1\"></span> <span class=\"_ _2\"></span>agli <span class=\"_ _2\"></span>azionisti <span class=\"_ _2\"></span>mantenendo un <span class=\"_ _2\"></span>livello di<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gsab0\">patrimonializzazione, <span class=\"_ _14\"> </span>coerente <span class=\"_ _14\"> </span>con <span class=\"_ _15\"> </span>le <span class=\"_ _14\"> </span>istruzioni <span class=\"_ _14\"> </span>dettate <span class=\"_ _15\"> </span>in <span class=\"_ _17\"> </span>materia <span class=\"_ _15\"> </span>dall\u2019Autorit\u00e0 <span class=\"_ _14\"> </span>di<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gsab1\">Vigilanza e compatibile con la natura e l\u2019evolu<span class=\"_ _1\"></span>zione attesa delle attivit\u00e0;<span class=\"_ _df\"> </span><span class=\"_ _2\"></span><span class=\"ff4\"> </span></div><div class=\"t m0 h5 ff14 fs1 fc1 sc0 ls0 ws0 gsab3\"><span class=\"_ _2c\"> </span><span class=\"ff4\">valore <span class=\"_ _2\"></span>attuale di <span class=\"_ _2\"></span>una <span class=\"_ _2\"></span>rendita <span class=\"_ _2\"></span>perpetua definita <span class=\"_ _2\"></span>sulla base <span class=\"_ _2\"></span>di un <span class=\"_ _2\"></span>dividendo <span class=\"_ _2\"></span>sostenibile per<span class=\"_ _df\"> </span></span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsab4\">gli <span class=\"_ _4\"> </span>esercizi<span class=\"_ _1\"></span> <span class=\"_ _4\"> </span>successivi <span class=\"_ _4\"> </span>al <span class=\"_ _4\"> </span>periodo <span class=\"_ _4\"> </span>di <span class=\"_ _22\"> </span>pianificazione <span class=\"_ _4\"> </span>esplicita, <span class=\"_ _4\"> </span>coerente <span class=\"_ _4\"> </span>con <span class=\"_ _4\"> </span>i <span class=\"_ _22\"> </span>livelli <span class=\"_ _4\"> </span>di<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gsab5\">patrimonializzazione richiesti dall\u2019Au<span class=\"_ _f\"></span>t<span class=\"_ _2\"></span>orit\u00e0 di Vigilanza.<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gsab6\">Nonostante <span class=\"_ _d\"></span>l\u2019espressione <span class=\"_ _d\"></span>D<span class=\"_ _2\"></span>ividend <span class=\"_ _d\"></span>Discount <span class=\"_ _0\"></span><span class=\"ff4\">Model <span class=\"_ _d\"></span>richiami <span class=\"_ _d\"></span>la <span class=\"_ _0\"></span>parola <span class=\"_ _0\"></span>dividend<span class=\"_ _1\"></span>o, <span class=\"_ _d\"></span>i <span class=\"_ _0\"></span>flussi <span class=\"_ _0\"></span>di <span class=\"_ _d\"></span>cassa<span class=\"_ _df\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsab7\">considerati dal <span class=\"_ _2\"></span>modello non <span class=\"_ _2\"></span>sono <span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>dividendi che <span class=\"_ _2\"></span>si prevede <span class=\"_ _2\"></span>verranno <span class=\"_ _2\"></span>distribuiti agli <span class=\"_ _2\"></span>azionisti, ma <span class=\"_ _2\"></span>i<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsab8\">flussi di <span class=\"_ _2\"></span>cassa <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>cui <span class=\"_ _2\"></span>un azionista <span class=\"_ _2\"></span>potenzialmente <span class=\"_ _2\"></span>potrebbe <span class=\"_ _2\"></span>beneficiare nel <span class=\"_ _2\"></span>rispetto <span class=\"_ _d\"></span>dei limiti <span class=\"_ _2\"></span>dell<span class=\"_ _2\"></span><span class=\"lse\">e<span class=\"_ _df\"> </span></span><span class=\"lse\"> </span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gsab9\">dotazioni patrimoniali richieste dall\u2019<span class=\"_ _1\"></span>operativit\u00e0 aziendale.<span class=\"_ _df\"> </span><span class=\"_ _2\"></span><span class=\"ff4\"> </span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gsaba\">I flussi per l\u2019applicazione della metodologia valutativa sono stati desunti dal Preconsuntivo 2025 e<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsabb\">Budget <span class=\"_ _2\"></span>2026 <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>Gruppo <span class=\"_ _2\"></span>Credem, <span class=\"_ _2\"></span>approvati <span class=\"_ _2\"></span>dal <span class=\"_ _2\"></span>Consiglio <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>Amministrazione <span class=\"_ _2\"></span>della <span class=\"_ _2\"></span>Capogruppo <span class=\"_ _2\"></span>i<span class=\"_ _2\"></span><span class=\"ls1a\">l<span class=\"_ _df\"> </span></span><span class=\"ls1a\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsabc\">19 di<span class=\"_ _1\"></span>cembre <span class=\"_ _1\"></span>2025 e <span class=\"_ _f\"></span>da p<span class=\"_ _1\"></span>roiezioni, redatte <span class=\"_ _f\"></span>ai soli<span class=\"_ _1\"></span> fini<span class=\"_ _1\"></span> de<span class=\"_ _1\"></span>l test<span class=\"_ _1\"></span> di <span class=\"_ _f\"></span>impairment sugli <span class=\"_ _f\"></span>avviamenti, <span class=\"_ _1\"></span>relative<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gsabd\">agli <span class=\"_ _4\"> </span>esercizi <span class=\"_ _17\"> </span>dal <span class=\"_ _17\"> </span>2027 <span class=\"_ _14\"> </span>al <span class=\"_ _17\"> </span>2028, <span class=\"_ _17\"> </span>anch\u2019esse <span class=\"_ _17\"> </span>approvate <span class=\"_ _4\"> </span>dal <span class=\"_ _17\"> </span>Consiglio <span class=\"_ _17\"> </span>di <span class=\"_ _17\"> </span>Amministrazione <span class=\"_ _17\"> </span>della<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsabe\">Capogruppo il 19 dicembre 2025.<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsabf\">Per <span class=\"_ _f\"></span>quanto rigu<span class=\"_ _1\"></span>arda <span class=\"_ _1\"></span>gli <span class=\"_ _f\"></span>impatt<span class=\"_ _2\"></span>i <span class=\"_ _f\"></span>del <span class=\"_ _f\"></span>rischio cl<span class=\"_ _1\"></span>imatico <span class=\"_ _1\"></span>sulle <span class=\"_ _f\"></span>stime e <span class=\"_ _11\"></span>sugli asp<span class=\"_ _1\"></span>etti <span class=\"_ _1\"></span>valutativi, <span class=\"_ _f\"></span>si e<span class=\"_ _1\"></span>videnzia<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsac0\">che <span class=\"_ _d\"></span>gli <span class=\"_ _0\"></span>effetti <span class=\"_ _0\"></span>del <span class=\"_ _0\"></span>piano <span class=\"_ _0\"></span>di <span class=\"_ _d\"></span>t<span class=\"_ _2\"></span>ransizione<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>adottato <span class=\"_ _0\"></span>sono <span class=\"_ _0\"></span>incorporati <span class=\"_ _d\"></span>nella <span class=\"_ _0\"></span>pianificazione <span class=\"_ _0\"></span>dei <span class=\"_ _d\"></span>risultati<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gsac1\">economici <span class=\"_ _4\"> </span>e <span class=\"_ _17\"> </span>patrimoniali <span class=\"_ _4\"> </span>del <span class=\"_ _4\"> </span>g<span class=\"_ _2\"></span>ruppo. <span class=\"_ _4\"> </span>I <span class=\"_ _4\"> </span>flussi <span class=\"_ _17\"> </span>per <span class=\"_ _4\"> </span>l\u2019applicazione <span class=\"_ _17\"> </span>della <span class=\"_ _4\"> </span>me<span class=\"_ _2\"></span><span class=\"ff4\">todologia <span class=\"_ _17\"> </span>valutativa<span class=\"_ _df\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsac2\">incorporano  anche <span class=\"_ _22\"> </span>le <span class=\"_ _4\"> </span>stime  dei <span class=\"_ _4\"> </span>rischi  e <span class=\"_ _22\"> </span>d<span class=\"_ _2\"></span>egli  assorbimenti <span class=\"_ _22\"> </span>patr<span class=\"_ _2\"></span>imoniali,  calcolati  tenendo <span class=\"_ _22\"> </span>i<span class=\"_ _2\"></span>n<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gsac3\">considerazione <span class=\"_ _f\"></span>anche l\u2019integrazione d<span class=\"_ _1\"></span>elle tematiche<span class=\"_ _1\"></span> ESG <span class=\"_ _f\"></span>all\u2019interno del <span class=\"_ _f\"></span>processo di <span class=\"_ _1\"></span>pianificazione,<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsac4\">tramite <span class=\"_ _16\"> </span>la <span class=\"_ _9\"> </span>declinazione <span class=\"_ _9\"> </span>di <span class=\"_ _16\"> </span>obiettivi <span class=\"_ _9\"> </span>rico<span class=\"_ _2\"></span>nducibili <span class=\"_ _9\"> </span>ad <span class=\"_ _16\"> </span>orizzonti <span class=\"_ _9\"> </span>temporali <span class=\"_ _16\"> </span>di <span class=\"_ _9\"> </span>breve, <span class=\"_ _9\"> </span>med<span class=\"_ _2\"></span>io <span class=\"_ _9\"> </span>e <span class=\"_ _16\"> </span>lungo<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsac5\">termine, <span class=\"_ _6\"> </span>coerentemente <span class=\"_ _26\"> </span>alle <span class=\"_ _26\"> </span>indi<span class=\"_ _1\"></span>cazioni <span class=\"_ _6\"> </span>esp<span class=\"_ _2\"></span>licitate <span class=\"_ _6\"> </span>dal <span class=\"_ _26\"> </span>D.lgs. <span class=\"_ _6\"> </span>125/2024, <span class=\"_ _26\"> </span>inerente <span class=\"_ _6\"> </span>la<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsac6\">Rendicontazione Societaria Consolidata di sostenibil<span class=\"_ _1\"></span>it\u00e0.<span class=\"_ _df\"> </span><span class=\"_ _2\"></span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsac7\">Per <span class=\"_ _1a\"> </span>quanto <span class=\"_ _1a\"> </span>riguarda <span class=\"_ _1a\"> </span>il <span class=\"_ _1a\"> </span>rischio <span class=\"_ _1a\"> </span>geopolitico,<span class=\"_ _1\"></span> <span class=\"_ _1a\"> </span>questo <span class=\"_ _1a\"> </span>\u00e8 <span class=\"_ _1a\"> </span>un <span class=\"_ _1a\"> </span>f<span class=\"_ _2\"></span><span class=\"ff5\">attore <span class=\"_ _1a\"> </span>critico <span class=\"_ _1a\"> </span>nell<span class=\"_ _1\"></span>\u2019esecuzione<span class=\"_ _df\"> </span></span><span class=\"ff5\"> </span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gsac8\">dell\u2019impairment <span class=\"_ _19\"> </span>test <span class=\"_ _1a\"> </span>degl<span class=\"_ _1\"></span>i <span class=\"_ _19\"> </span>Avviamenti <span class=\"_ _1a\"> </span>e <span class=\"_ _19\"> </span>viene <span class=\"_ _19\"> </span>indirettamente <span class=\"_ _1a\"> </span>considerato <span class=\"_ _19\"> </span>come <span class=\"_ _19\"> </span>fattore<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsac9\">moltiplicatore <span class=\"_ _9\"> </span>di <span class=\"_ _16\"> </span>incertezza. <span class=\"_ _9\"> </span>Se <span class=\"_ _9\"> </span>da <span class=\"_ _16\"> </span>un <span class=\"_ _9\"> </span>lato <span class=\"_ _9\"> </span>i <span class=\"_ _9\"> </span>flussi <span class=\"_ _16\"> </span>di <span class=\"_ _9\"> </span>cassa <span class=\"_ _9\"> </span>attesi <span class=\"_ _9\"> </span>t<span class=\"_ _2\"></span>engono <span class=\"_ _9\"> </span>conto <span class=\"_ _9\"> </span>di <span class=\"_ _16\"> </span>un <span class=\"_ _9\"> </span>preciso<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gsaca\">scenario <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>pianificazione, <span class=\"_ _2\"></span>d\u2019altro <span class=\"_ _0\"></span>canto <span class=\"_ _d\"></span><span class=\"ff4\">le <span class=\"_ _d\"></span>stime <span class=\"_ _d\"></span>delle <span class=\"_ _d\"></span>variabili <span class=\"_ _d\"></span>macroeconomiche <span class=\"_ _d\"></span>utilizzate <span class=\"_ _2\"></span>nella<span class=\"_ _df\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsacb\">pianificazione de<span class=\"_ _1\"></span>i flussi d<span class=\"_ _1\"></span>i cassa attesi <span class=\"_ _1\"></span>per le <span class=\"_ _1\"></span>Cash Gene<span class=\"_ _1\"></span>rating Unit gi\u00e0 <span class=\"_ _1\"></span>incorporano la<span class=\"_ _1\"></span> probabilit\u00e0 <span class=\"_ _1\"></span>di<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsacc\">accadimento di un rischio geopolitico.  </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsacd\">Il <span class=\"_ _d\"></span>rischio <span class=\"_ _d\"></span>geopolitico <span class=\"_ _d\"></span>ha <span class=\"_ _d\"></span>anche <span class=\"_ _d\"></span>riflessi <span class=\"_ _d\"></span>sul <span class=\"_ _d\"></span>tasso <span class=\"_ _d\"></span>di <span class=\"_ _0\"></span>sconto <span class=\"_ _d\"></span>impiegato <span class=\"_ _d\"></span>nel <span class=\"_ _d\"></span>costo <span class=\"_ _d\"></span>del <span class=\"_ _d\"></span>capitale <span class=\"_ _d\"></span>per <span class=\"_ _d\"></span>la<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsace\">determinazione del <span class=\"_ _1\"></span>valore attuale dei flu<span class=\"_ _1\"></span>ssi futuri poich\u00e9 inf<span class=\"_ _1\"></span>luenza il risk-free rate (i rendimenti dei<span class=\"_ _df\"> </span><span class=\"_ _1\"></span> </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gsacf\">titoli <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>Stato <span class=\"_ _4\"> </span>usati <span class=\"_ _4\"> </span>come <span class=\"_ _4\"> </span>base<span class=\"_ _1\"></span> <span class=\"_ _4\"> </span>per <span class=\"_ _4\"> </span>il <span class=\"_ _22\"> </span>t<span class=\"_ _2\"></span>asso <span class=\"_ _4\"> </span>privo <span class=\"_ _4\"> </span>di <span class=\"_ _22\"> </span>r<span class=\"_ _2\"></span>ischio <span class=\"_ _4\"> </span>sono <span class=\"_ _4\"> </span>condizionati <span class=\"_ _22\"> </span>dall\u2019instabilit\u00e0<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsad0\">geopolitica).<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsad1\">Il livello di patr<span class=\"_ _2\"></span>imonializz<span class=\"_ _1\"></span>azione, <span class=\"_ _2\"></span>ai fini della determinazione del <span class=\"_ _2\"></span>flusso di <span class=\"_ _2\"></span>divid<span class=\"_ _1\"></span>endi potenzialmente<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gsad2\">distribuibili, \u00e8 <span class=\"_ _2\"></span>st<span class=\"_ _2\"></span>ato <span class=\"_ _2\"></span>ipotizzato <span class=\"_ _2\"></span>pari <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>11,24% <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>Tier <span class=\"_ _2\"></span>1 <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>all\u201913,55% di <span class=\"_ _2\"></span>Tier <span class=\"_ _2\"></span>Total <span class=\"_ _2\"></span>(livelli <span class=\"_ _2\"></span>calcolati <span class=\"_ _2\"></span>sulla<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsad3\">base <span class=\"_ _2\"></span>della <span class=\"_ _2\"></span>Final <span class=\"_ _2\"></span>SREP <span class=\"_ _2\"></span>decision <span class=\"_ _2\"></span>della <span class=\"_ _2\"></span>BCE <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>regole <span class=\"_ _2\"></span>della <span class=\"_ _2\"></span>CRR2 <span class=\"_ _2\"></span><span class=\"lse\">e <span class=\"_ _d\"></span></span><span class=\"ff5\">recepita <span class=\"_ _2\"></span>l\u2019introduzione</span> <span class=\"_ _2\"></span>da <span class=\"_ _2\"></span>part<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>di<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsad4\">Bankit del SYRB).  </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gsad5\">Il tasso <span class=\"_ _2\"></span>di sconto <span class=\"_ _2\"></span>dei flussi \u00e8 s<span class=\"_ _2\"></span>tato stimato <span class=\"_ _2\"></span>sulla base del \u201c<span class=\"_ _2\"></span>Capital Asset <span class=\"_ _2\"></span>Pricing Model\u201d, che <span class=\"_ _2\"></span>stima<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsad6\">il <span class=\"_ _0\"></span>costo <span class=\"_ _9\"> </span>del <span class=\"_ _0\"></span>capitale <span class=\"_ _0\"></span>come <span class=\"_ _0\"></span>la <span class=\"_ _0\"></span>s<span class=\"_ _2\"></span>ommatoria <span class=\"_ _0\"></span>del <span class=\"_ _0\"></span>r<span class=\"_ _2\"></span>endi<span class=\"_ _1\"></span>mento <span class=\"_ _9\"> </span>di <span class=\"_ _0\"></span>investimen<span class=\"_ _2\"></span>ti <span class=\"_ _0\"></span>privi <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>rischio <span class=\"_ _9\"> </span>e <span class=\"_ _0\"></span>di <span class=\"_ _9\"> </span>un<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gsad7\">premio <span class=\"_ _9\"> </span>per <span class=\"_ _16\"> </span>il <span class=\"_ _9\"> </span>rischio <span class=\"_ _16\"> </span>correlato <span class=\"_ _16\"> </span>alla <span class=\"_ _9\"> </span>rischiosit\u00e0  spe<span class=\"_ _1\"></span>cifica <span class=\"_ _9\"> </span>dell\u2019attivit\u00e0. <span class=\"_ _16\"> </span>Nello <span class=\"_ _9\"> </span>specifico  il<span class=\"_ _1\"></span> <span class=\"_ _16\"> </span>costo <span class=\"_ _9\"> </span>del<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gsad8\">capitale \u00e8 stato determinato nella misura dell\u2019<span class=\"_ _1\"></span>8,12%, sulla base dei seguenti parametri:<span class=\"_ _df\"> </span><span class=\"_ _2\"></span><span class=\"ff4\"> </span></div><div class=\"t m0 h5 ff14 fs1 fc1 sc0 ls0 ws0 gsad9\"><span class=\"_ _2c\"> </span><span class=\"ff4\">Tasso <span class=\"_ _2\"></span>privo <span class=\"_ _2\"></span>di rischio: <span class=\"_ _2\"></span>pari al <span class=\"_ _2\"></span>3,51%, <span class=\"_ _2\"></span>corrispondente alla <span class=\"_ _2\"></span>media <span class=\"_ _2\"></span>semplice del <span class=\"_ _2\"></span>rendimento<span class=\"_ _df\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsada\">lordo dei BTP a 10 anni emessi negli<span class=\"_ _1\"></span> ultimi 6 mesi;<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff14 fs1 fc1 sc0 ls0 ws0 gsadb\"><span class=\"_ _2c\"> </span><span class=\"ff4\">Coefficiente <span class=\"_ _4\"> </span>Beta: <span class=\"_ _17\"> </span>pari <span class=\"_ _17\"> </span>a <span class=\"_ _4\"> </span>0,995 <span class=\"_ _17\"> </span>corrispondente <span class=\"_ _4\"> </span>al <span class=\"_ _17\"> </span>coefficiente <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>Cr<span class=\"_ _2\"></span>edem <span class=\"_ _4\"> </span>(Beta <span class=\"_ _4\"> </span>5<span class=\"_ _2\"></span>Y<span class=\"_ _df\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsadc\">Adjusted 31.12.2020/31.12.2025, con rilev<span class=\"_ _1\"></span>azione settimanale);<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff14 fs1 fc1 sc0 ls0 ws0 gsadd\"><span class=\"_ _2c\"> </span><span class=\"ff4\">Premio <span class=\"_ _0\"></span>per <span class=\"_ _0\"></span>il <span class=\"_ _0\"></span>rischio <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>mercato: <span class=\"_ _0\"></span>ai <span class=\"_ _0\"></span>fini <span class=\"_ _d\"></span>d<span class=\"_ _2\"></span>ella <span class=\"_ _d\"></span>determinazione <span class=\"_ _0\"></span>del <span class=\"_ _0\"></span>Market <span class=\"_ _0\"></span>Risk <span class=\"_ _0\"></span>Premium<span class=\"_ _df\"> </span></span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsade\">(MRP), l<span class=\"_ _1\"></span>a Banca ha adottato un <span class=\"_ _1\"></span>nuovo criterio ope<span class=\"_ _1\"></span>rativo, in sostitu<span class=\"_ _1\"></span>zione della p<span class=\"_ _1\"></span>recedente<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsadf\">prassi <span class=\"_ _d\"></span>basata <span class=\"_ _d\"></span>su <span class=\"_ _d\"></span>riferimenti <span class=\"_ _d\"></span>statici <span class=\"_ _d\"></span>e <span class=\"_ _d\"></span>valutazioni <span class=\"_ _d\"></span>qualitative <span class=\"_ _d\"></span>del <span class=\"_ _d\"></span>management. <span class=\"_ _d\"></span>La <span class=\"_ _d\"></span>nuov<span class=\"_ _2\"></span><span class=\"lsdc\">a<span class=\"_ _df\"> </span></span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsae0\">definizione <span class=\"_ _9\"> </span>del <span class=\"_ _9\"> </span>parametr<span class=\"_ _2\"></span>o <span class=\"_ _9\"> </span>prevede <span class=\"_ _9\"> </span>l'utilizzo <span class=\"_ _9\"> </span>del <span class=\"_ _16\"> </span>dato <span class=\"_ _9\"> </span>'Implied <span class=\"_ _9\"> </span>Equity <span class=\"_ _16\"> </span>Risk <span class=\"_ _9\"> </span>Premium' <span class=\"_ _9\"> </span>di<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsae1\">fonte <span class=\"_ _2\"></span>Damodaran. <span class=\"_ _d\"></span>Tale <span class=\"_ _2\"></span>parametro, <span class=\"_ _d\"></span>di <span class=\"_ _2\"></span>natura <span class=\"_ _d\"></span>forward-looking, <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _d\"></span>determinato <span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>ulla <span class=\"_ _2\"></span>base<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsae2\">dei <span class=\"_ _0\"></span>prezzi <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>mercato <span class=\"_ _9\"> </span>correnti <span class=\"_ _0\"></span>e <span class=\"_ _9\"> </span>dei <span class=\"_ _0\"></span>flussi <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>cassa <span class=\"_ _9\"> </span>attesi, <span class=\"_ _9\"> </span>riflettendo <span class=\"_ _0\"></span>le <span class=\"_ _9\"> </span>aspett<span class=\"_ _2\"></span>ative <span class=\"_ _9\"> </span>di<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsae3\">rendimento degli inve<span class=\"_ _1\"></span>stitori in tempo reale. Al fine di mitigare la v<span class=\"_ _f\"></span>olatilit\u00e0 intr<span class=\"_ _2\"></span>inseca del<span class=\"_ _1\"></span>le<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsae4\">quotazioni  azionarie  e <span class=\"_ _4\"> </span>garantire  coerenza  con <span class=\"_ _4\"> </span>l'orizzonte  temporale  utilizzato <span class=\"_ _22\"> </span>per <span class=\"_ _4\"> </span>il<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsae5\">calcolo del<span class=\"_ _1\"></span> Beta, il<span class=\"_ _1\"></span> valore del <span class=\"_ _1\"></span>MRP \u00e8 cal<span class=\"_ _1\"></span>colato come media <span class=\"_ _1\"></span>mobile delle <span class=\"_ _1\"></span>rilevazioni mensili<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsae6\">degli <span class=\"_ _4\"> </span>ultimi <span class=\"_ _17\"> </span>5 <span class=\"_ _4\"> </span>anni. <span class=\"_ _4\"> </span>L'adozione <span class=\"_ _17\"> </span>di <span class=\"_ _4\"> </span>tale <span class=\"_ _17\"> </span>criterio <span class=\"_ _4\"> </span>assicura <span class=\"_ _17\"> </span>una <span class=\"_ _4\"> </span>maggiore <span class=\"_ _4\"> </span>oggettivit\u00e0 <span class=\"_ _4\"> </span>e<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsae7\">robustezza <span class=\"_ _2\"></span>scientifica <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>processo <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>stima, <span class=\"_ _2\"></span>alline<span class=\"_ _1\"></span>ando <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>costo <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>capitale all<span class=\"_ _2\"></span>e eff<span class=\"_ _2\"></span>ettive<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsae8\">condizioni macroeconomiche di mercato. A seguito della modifica il Premio per il rischio<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gsae9\">di <span class=\"_ _1\"></span>mercato viene<span class=\"_ _f\"></span> determinato ad <span class=\"_ _1\"></span>un <span class=\"_ _1\"></span>valore p<span class=\"_ _1\"></span>ari al <span class=\"_ _f\"></span>4<span class=\"_ _2\"></span>,63%; <span class=\"_ _f\"></span>tale valore <span class=\"_ _f\"></span>\u00e8 al ne<span class=\"_ _1\"></span>tto del <span class=\"_ _f\"></span>\u201cr<span class=\"_ _2\"></span>i<span class=\"_ _1\"></span>schio<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gsab0\">paese\u201d <span class=\"_ _0\"></span>in <span class=\"_ _9\"> </span>quanto <span class=\"_ _9\"> </span>implicitamente <span class=\"_ _0\"></span>compreso <span class=\"_ _9\"> </span>nel <span class=\"_ _0\"></span>sopracitato <span class=\"_ _9\"> </span>tasso <span class=\"_ _9\"> </span>di <span class=\"_ _0\"></span>rendimento <span class=\"_ _0\"></span>delle<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsab1\">attivit\u00e0 privo di rischio.  </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsaec\">Il <span class=\"_ _2\"></span>terminal <span class=\"_ _2\"></span>value, <span class=\"_ _2\"></span>alla <span class=\"_ _2\"></span>fine <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>periodo <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>pianificazione <span class=\"_ _2\"></span>esplicito, <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _2\"></span>stat<span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>determinato <span class=\"_ _2\"></span>sulla base <span class=\"_ _2\"></span>di<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsaed\">un <span class=\"_ _0\"></span>tasso <span class=\"_ _9\"> </span>di <span class=\"_ _0\"></span>crescita <span class=\"_ _9\"> </span>di <span class=\"_ _0\"></span>lungo <span class=\"_ _0\"></span>periodo <span class=\"_ _0\"></span>sos<span class=\"_ _2\"></span>tenibil<span class=\"_ _1\"></span>e, <span class=\"_ _0\"></span>assunto <span class=\"_ _9\"> </span>nella <span class=\"_ _0\"> </span>mis<span class=\"_ _2\"></span>ura <span class=\"_ _0\"></span>del <span class=\"_ _0\"></span>1,9%, <span class=\"_ _0\"></span>in <span class=\"_ _9\"> </span>linea <span class=\"_ _0\"></span>con <span class=\"_ _9\"> </span>le<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gsaee\">aspettative  di <span class=\"_ _22\"> </span>crescita <span class=\"_ _4\"> </span>di  lungo <span class=\"_ _22\"> </span>t<span class=\"_ _2\"></span>ermine  dell\u2019economia  e  con <span class=\"_ _4\"> </span>la  pras<span class=\"_ _2\"></span><span class=\"ff4\">si <span class=\"_ _22\"> </span>valutativa <span class=\"_ _22\"> </span>(Prometeia,<span class=\"_ _df\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsaef\">Rapporto <span class=\"_ _10\"> </span>di <span class=\"_ _e\"> </span>Previsione <span class=\"_ _10\"> </span>di <span class=\"_ _10\"> </span>dicemb<span class=\"_ _1\"></span>re <span class=\"_ _10\"> </span>2025, <span class=\"_ _10\"> </span>Inflazione <span class=\"_ _e\"> </span>Italia <span class=\"_ _10\"> </span>al <span class=\"_ _10\"> </span>2028, <span class=\"_ _10\"> </span>ultimo <span class=\"_ _e\"> </span>anno <span class=\"_ _10\"> </span>stimato<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gsaf0\">dall\u2019Associazione).<span class=\"_ _df\"> </span><span class=\"ff4\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsaf1\">Nella <span class=\"_ _f\"></span>tabella che <span class=\"_ _f\"></span>segue <span class=\"_ _1\"></span>viene <span class=\"_ _1\"></span>riportata la <span class=\"_ _f\"></span>sintesi <span class=\"_ _1\"></span>delle <span class=\"_ _f\"></span>valutazioni effe<span class=\"_ _1\"></span>ttuate. <span class=\"_ _1\"></span>In p<span class=\"_ _1\"></span>articolare <span class=\"_ _1\"></span>la <span class=\"_ _1\"></span>tabella<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsaf2\">pone <span class=\"_ _d\"></span>a <span class=\"_ _0\"></span>confro<span class=\"_ _2\"></span>n<span class=\"ff5\">to <span class=\"_ _d\"></span>i <span class=\"_ _0\"></span>valori <span class=\"_ _0\"></span>contabil<span class=\"_ _1\"></span>i <span class=\"_ _0\"></span>della <span class=\"_ _0\"></span>CGU <span class=\"_ _0\"></span>con <span class=\"_ _0\"></span>il <span class=\"_ _d\"></span>rispettivo <span class=\"_ _0\"></span>valore <span class=\"_ _d\"></span>d\u2019uso <span class=\"_ _0\"></span>ottenuto <span class=\"_ _0\"></span>(in <span class=\"_ _0\"></span>milioni <span class=\"_ _d\"></span>di<span class=\"_ _df\"> </span></span><span class=\"ff5\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsaf3\">euro): </div><div class=\"gsaf4\"><table class=\"s wba2 h4e4\" id=\"_a1185a01-fd31-41fb-98f0-f74b08beba35\"><tr><td></td><td class=\"c x557 y29bb w3d4 h82\"><div class=\"t m0 xe8 h1f y3e6 ff4 fs7 fc1 sc0 ls0 ws0\">CGU Banking </div></td></tr><tr><td class=\"c x558 y29bc w3d5 h82\"><div class=\"t m0 x8a h1f y3e6 ff5 fs7 fc1 sc0 ls0 ws0\">Valore d\u2019uso del<span class=\"_ _1\"></span>la CGU<span class=\"ff4\"> </span></div></td><td class=\"c x557 y29bc w3d4 h82\"><div class=\"t m0 x1b1 h1f y3e6 ff4 fs7 fc1 sc0 ls0 ws0\">6.834 </div></td></tr><tr><td class=\"c x558 y29bd w3d5 h82\"><div class=\"t m0 x8a h1f y3e6 ff4 fs7 fc1 sc0 ls0 ws0\">Valore contabi<span class=\"_ _1\"></span>le CGU </div></td><td class=\"c x557 y29bd w3d4 h82\"><div class=\"t m0 x1b1 h1f y3e6 ff4 fs7 fc1 sc0 ls0 ws0\">3.395 </div></td></tr><tr><td class=\"c x558 y29be w3d5 h82\"><div class=\"t m0 x8a h1f y3e6 ff4 fs7 fc1 sc0 ls0 ws0\">Delta </div></td><td class=\"c x557 y29be w3d4 h82\"><div class=\"t m0 x1b1 h1f y3e6 ff4 fs7 fc1 sc0 ls0 ws0\">3.440 </div></td></tr></table></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gsaf5\">Il <span class=\"_ _2\"></span>modello <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>determinazione <span class=\"_ _d\"></span>del <span class=\"_ _2\"></span>valore <span class=\"_ _2\"></span>d\u2019uso <span class=\"_ _d\"></span>\u00e8 <span class=\"_ _2\"></span>stato <span class=\"_ _2\"></span>inoltre <span class=\"_ _2\"></span>sottoposto <span class=\"_ _2\"></span>ad<span class=\"_ _2\"></span><span class=\"ff4\"> <span class=\"_ _d\"></span>analisi <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>sensitivit\u00e0 <span class=\"_ _2\"></span>al<span class=\"_ _df\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsaf6\">fine <span class=\"_ _f\"></span>di apprezzare <span class=\"_ _f\"></span>la <span class=\"_ _f\"></span>variaz<span class=\"_ _2\"></span>ione <span class=\"_ _f\"></span>dei <span class=\"_ _1\"></span>risultati <span class=\"_ _1\"></span>ottenuti <span class=\"_ _1\"></span>al <span class=\"_ _f\"></span>variar<span class=\"_ _2\"></span>e <span class=\"_ _f\"></span>dei <span class=\"_ _1\"></span>parametri v<span class=\"_ _1\"></span>alutativi <span class=\"_ _f\"></span>adottat<span class=\"_ _2\"></span>i. <span class=\"_ _f\"></span>Dalle<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsaf7\">analisi svolte, <span class=\"_ _1\"></span>non sono<span class=\"_ _1\"></span> emerse i<span class=\"_ _f\"></span>ndicazioni di riduzi<span class=\"_ _1\"></span>one di <span class=\"_ _1\"></span>valore con riferime<span class=\"_ _1\"></span>nto alla CGU<span class=\"_ _f\"></span> in esame<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsaf8\">fino alla considerazione di un tasso di attualizzazione del 16,90%.<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsaf9\">Si <span class=\"_ _17\"> </span>s<span class=\"_ _2\"></span>egnala <span class=\"_ _17\"> </span>che, <span class=\"_ _17\"> </span>cons<span class=\"_ _2\"></span>iderando <span class=\"_ _17\"> </span>congiuntamente <span class=\"_ _14\"> </span>un <span class=\"_ _17\"> </span>t<span class=\"_ _2\"></span>asso <span class=\"_ _17\"> </span>di <span class=\"_ _14\"> </span>crescita <span class=\"_ _17\"> </span>di <span class=\"_ _14\"> </span>lungo <span class=\"_ _14\"> </span>periodo <span class=\"_ _14\"> </span>nullo<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsafa\">(decremento di <span class=\"_ _2\"></span>190 <span class=\"_ _2\"></span>bps) <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>un ta<span class=\"_ _2\"></span>sso <span class=\"_ _2\"></span>di attualizzazione <span class=\"_ _2\"></span>del 16<span class=\"_ _2\"></span>,77% non <span class=\"_ _2\"></span>si <span class=\"_ _2\"></span>rileverebbero <span class=\"_ _2\"></span>rettifiche di<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsafb\">valore sulla CGU.<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls4 ws0 gsafc\">Si<span class=\"ls0\"> <span class=\"_ _f\"></span>s<span class=\"_ _2\"></span>egnala <span class=\"_ _f\"></span>infine <span class=\"_ _f\"></span>che anc<span class=\"_ _1\"></span>he <span class=\"_ _f\"></span>abbatt<span class=\"_ _2\"></span>endo <span class=\"_ _f\"></span>i <span class=\"_ _f\"></span>flussi di <span class=\"_ _f\"></span>cassa <span class=\"_ _f\"></span>futuri <span class=\"_ _1\"></span>attesi <span class=\"_ _f\"></span>del <span class=\"_ _1\"></span>49,82% <span class=\"_ _f\"></span>non si <span class=\"_ _f\"></span>rileverebbero<span class=\"_ _df\"> </span></span><span class=\"ls0\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsafd\">rettifiche di valore sulla CGU.<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsafe\">Sulla <span class=\"_ _f\"></span>base di tale <span class=\"_ _f\"></span>analisi si <span class=\"_ _f\"></span>r<span class=\"_ _2\"></span>itiene <span class=\"_ _f\"></span>che una <span class=\"_ _f\"></span>tale percentu<span class=\"_ _1\"></span>ale di <span class=\"_ _f\"></span>abb<span class=\"_ _2\"></span>attimento de<span class=\"_ _1\"></span>i fl<span class=\"_ _1\"></span>ussi di<span class=\"_ _1\"></span> cassa <span class=\"_ _f\"></span>futuri<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsaff\">possa <span class=\"_ _d\"></span>ragionevolmente <span class=\"_ _2\"></span>ass<span class=\"_ _2\"></span>orbire <span class=\"_ _2\"></span>anche <span class=\"_ _d\"></span>eventuali <span class=\"_ _d\"></span>scenari <span class=\"_ _2\"></span>partic<span class=\"_ _2\"></span>olarmente <span class=\"_ _2\"></span>avversi <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>relazione <span class=\"_ _2\"></span>a<span class=\"_ _df\"> </span><span class=\"_ _2\"></span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsb00\">sviluppi <span class=\"_ _2\"></span>negativi <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>cont<span class=\"_ _2\"></span>esto <span class=\"_ _2\"></span>geopolitico <span class=\"_ _2\"></span>futuro <span class=\"_ _d\"></span>(ed <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>particolare <span class=\"_ _d\"></span>gli <span class=\"_ _2\"></span>effetti <span class=\"_ _2\"></span>indiretti <span class=\"_ _d\"></span>legati <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>dazi,<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsb01\">squilibri geopolitici e flu<span class=\"_ _1\"></span>ttuazione nei prezzi delle materie prime).<span class=\"_ _df\"> </span><span class=\"_ _2\"></span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls3c ws0 gsb02\">Le<span class=\"ls0\"> <span class=\"_ _2\"></span>analisi evidenziano <span class=\"_ _2\"></span>altres\u00ec <span class=\"_ _2\"></span>come le differenze <span class=\"_ _2\"></span>rilevate nelle <span class=\"_ _2\"></span>analisi <span class=\"_ _2\"></span>di sensitivit\u00e0 <span class=\"_ _2\"></span>sopra descritte<span class=\"_ _df\"> </span></span><span class=\"ls0\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsb03\">assorbano in maniera estensiva, in relazione al climate risk del Gr<span class=\"_ _2\"></span>upp<span class=\"_ _1\"></span>o Credem, gli impatti st<span class=\"_ _2\"></span>imati<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsb04\">in uno scenario avverso.<span class=\"_ _df\"> </span> </div><div class=\"t m0 he ff4 fs5 fc4 sc3 ls0 ws0 gsb05\">CGU A<span class=\"_ _f\"></span>ssicuraz<span class=\"_ _1\"></span>ioni  </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsb06\">Per  la  CG<span class=\"ff5\">U  Assicurazioni  il  valore  d\u2019uso  \u00e8  stato  determinato,  conside<span class=\"_ _1\"></span>rando  specificamente  il<span class=\"_ _df\"> </span></span><span class=\"ff5\"> </span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gsb07\">business \u201cDanni\u201d e il business \u201cVi<span class=\"_ _1\"></span>ta\u201d, anche attraverso il supporto di un consulente esterno. <span class=\"_ _2\"></span><span class=\"ff4\"> </span></div><div class=\"t m0 he ff4 fs5 fc4 sc3 ls0 ws0 gsb08\">CGU A<span class=\"_ _f\"></span>ssicuraz<span class=\"_ _1\"></span>ioni <span class=\"ff5\">\u2013</span> Bu<span class=\"_ _f\"></span>siness Da<span class=\"_ _1\"></span>nni  </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gsb09\">Per il business \u201c<span class=\"_ _2\"></span>Danni\u201d, ai fini della s<span class=\"_ _2\"></span>tima del valore <span class=\"_ _2\"></span>d\u2019uso, \u00e8 stato utilizzato <span class=\"_ _2\"></span>il metodo del Dividend<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gsb0a\">Discount  M<span class=\"_ _1\"></span>odel <span class=\"_ _9\"> </span>(DD<span class=\"_ _2\"></span>M) <span class=\"_ _9\"> </span>nella <span class=\"_ _16\"> </span>variante <span class=\"_ _16\"> </span>\u201cExcess <span class=\"_ _16\"> </span>Capital\u201d, <span class=\"_ _16\"> </span>descritt<span class=\"_ _f\"></span>o<span class=\"_ _2\"></span> <span class=\"_ _16\"> </span>prima <span class=\"_ _9\"> </span>e  in <span class=\"_ _9\"> </span>base <span class=\"_ _16\"> </span>ai <span class=\"_ _16\"> </span>criteri <span class=\"_ _9\"> </span>che<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsb0b\">seguono.<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gsb0c\">I <span class=\"_ _d\"></span>flussi <span class=\"_ _0\"></span>per <span class=\"_ _d\"></span>l\u2019applicazione <span class=\"_ _0\"></span>della <span class=\"_ _d\"></span>met<span class=\"_ _2\"></span>odologia <span class=\"_ _d\"></span>valutativa <span class=\"_ _d\"></span>si <span class=\"_ _0\"></span>estendono <span class=\"_ _d\"></span>ad <span class=\"_ _0\"></span>un <span class=\"_ _d\"></span>arco <span class=\"_ _0\"></span>tempor<span class=\"_ _d\"></span><span class=\"ff4\">ale <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>t<span class=\"_ _2\"></span>re<span class=\"_ _df\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsb0d\">esercizi (2026-2028) e si <span class=\"_ _2\"></span>basano sul budget 2026, approvato <span class=\"_ _2\"></span>dal Consiglio di Amministrazione del<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsb0e\">11 <span class=\"_ _f\"></span>dicembre <span class=\"_ _f\"></span>2025 <span class=\"_ _f\"></span>e dai <span class=\"_ _11\"></span>prevision<span class=\"_ _2\"></span>ali <span class=\"_ _f\"></span>2027-<span class=\"ff5\">2028 <span class=\"_ _1\"></span>elaborati <span class=\"_ _f\"></span>dall\u2019Ufficio <span class=\"_ _f\"></span>t<span class=\"_ _2\"></span>ecnico <span class=\"_ _f\"></span>di <span class=\"_ _f\"></span>Credemassicurazioni,<span class=\"_ _df\"> </span></span><span class=\"ff5\"> </span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gsb0f\">anch\u2019essi approvati dal Consiglio di Amministra<span class=\"ff4\">zione del 11 dicembre 2025.<span class=\"_ _df\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsb10\">Il <span class=\"_ _17\"> </span>livello <span class=\"_ _17\"> </span>di <span class=\"_ _17\"> </span>patrimonializzazione <span class=\"_ _17\"> </span>minimo, <span class=\"_ _17\"> </span>ai <span class=\"_ _17\"> </span>fini <span class=\"_ _17\"> </span>della <span class=\"_ _17\"> </span>determinazione <span class=\"_ _14\"> </span>del <span class=\"_ _4\"> </span>f<span class=\"_ _2\"></span>lusso <span class=\"_ _17\"> </span>di <span class=\"_ _4\"> </span>di<span class=\"_ _2\"></span>videndi<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gsb11\">potenzialmente <span class=\"_ _4\"> </span>distribuibili, <span class=\"_ _4\"> </span>\u00e8 <span class=\"_ _4\"> </span>st<span class=\"_ _2\"></span>ato <span class=\"_ _4\"> </span>definito <span class=\"_ _4\"> </span>coerentemente <span class=\"_ _4\"> </span>con <span class=\"_ _4\"> </span>le <span class=\"_ _4\"> </span>istruzioni <span class=\"_ _4\"> </span>dell\u2019Autorit\u00e0 <span class=\"_ _4\"> </span>di<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsb12\">Vigilanza ed in linea con la prassi valutativa nel settore di riferimento.<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gsb13\">Il costo d<span class=\"_ _1\"></span>el capitale<span class=\"_ _1\"></span>, stimato sul<span class=\"_ _1\"></span>la base d<span class=\"_ _1\"></span>el \u201cCapital A<span class=\"_ _f\"></span>ss<span class=\"_ _2\"></span>et <span class=\"_ _1\"></span>Pricing <span class=\"_ _f\"></span>Model\u201d, \u00e8 stato de<span class=\"_ _1\"></span>terminato nella<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsb14\">misura del 5,91%, sulla base dei<span class=\"_ _1\"></span> seguenti parametri:<span class=\"_ _df\"> </span><span class=\"_ _2\"></span> </div><div class=\"t m0 h5 ff14 fs1 fc1 sc0 ls0 ws0 gsb15\"><span class=\"_ _2c\"> </span><span class=\"ff4\">Tasso privo di rischio: pari al <span class=\"_ _f\"></span>3,51%, corrispondente al rendimento medio registrato negli<span class=\"_ _df\"> </span></span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsb16\">ultimi 6 mesi dai BTP con scadenza residua de<span class=\"_ _1\"></span>cennale;<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff14 fs1 fc1 sc0 ls0 ws0 gsb17\"><span class=\"_ _2c\"> </span><span class=\"ff4\">Coefficiente  Beta:  pari  a  0<span class=\"_ _2\"></span>,52,  corrispondente<span class=\"_ _1\"></span>  al  coefficiente  medio  delle  societ\u00e0  di<span class=\"_ _df\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsb18\">assicurazione italiane quotate;<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff14 fs1 fc1 sc0 ls0 ws0 gsb19\"><span class=\"_ _2c\"> </span><span class=\"ff4\">Premio <span class=\"_ _0\"></span>per <span class=\"_ _0\"></span>il <span class=\"_ _0\"></span>rischio <span class=\"_ _0\"></span>di <span class=\"_ _d\"></span>mer<span class=\"_ _2\"></span>cato: <span class=\"_ _d\"></span>ai <span class=\"_ _0\"></span>fini <span class=\"_ _0\"></span>della <span class=\"_ _0\"></span>determ<span class=\"_ _2\"></span>inazione <span class=\"_ _0\"></span>del <span class=\"_ _0\"></span>Market <span class=\"_ _0\"></span>Risk <span class=\"_ _d\"></span>Premium<span class=\"_ _df\"> </span></span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsb1a\">(MRP), l<span class=\"_ _1\"></span>a Banca ha adottato un <span class=\"_ _1\"></span>nuovo criterio ope<span class=\"_ _1\"></span>rativo, in sostitu<span class=\"_ _1\"></span>zione della p<span class=\"_ _1\"></span>recedente<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsb1b\">prassi <span class=\"_ _d\"></span>basata <span class=\"_ _d\"></span>su <span class=\"_ _d\"></span>riferimenti <span class=\"_ _d\"></span>statici <span class=\"_ _d\"></span>e <span class=\"_ _d\"></span>valutazioni <span class=\"_ _d\"></span>qualitative <span class=\"_ _d\"></span>del <span class=\"_ _d\"></span>management. <span class=\"_ _d\"></span>La <span class=\"_ _d\"></span>nuova<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsab0\">definizione <span class=\"_ _9\"> </span>del <span class=\"_ _9\"> </span>parametr<span class=\"_ _2\"></span>o <span class=\"_ _9\"> </span>prevede <span class=\"_ _9\"> </span>l'utilizzo  d<span class=\"_ _1\"></span>el <span class=\"_ _9\"> </span>dato  'Imp<span class=\"_ _1\"></span>lied <span class=\"_ _9\"> </span>Equity <span class=\"_ _9\"> </span>Risk <span class=\"_ _16\"> </span>Premium' <span class=\"_ _9\"> </span>di<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsab1\">fonte <span class=\"_ _2\"></span>Damodaran. <span class=\"_ _d\"></span>Tale <span class=\"_ _2\"></span>parametro, <span class=\"_ _d\"></span>di <span class=\"_ _2\"></span>natura <span class=\"_ _d\"></span>forward-looking, <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _d\"></span>determinato <span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>ulla <span class=\"_ _2\"></span>base<span class=\"_ _df\"> </span> </div>dei <span class=\"_ _0\"></span>prezzi <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>mercato <span class=\"_ _9\"> </span>correnti <span class=\"_ _0\"></span>e <span class=\"_ _9\"> </span>dei <span class=\"_ _0\"></span>flussi <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>cassa <span class=\"_ _9\"> </span>attesi, <span class=\"_ _9\"> </span>riflettendo <span class=\"_ _0\"></span>le <span class=\"_ _9\"> </span>aspettative <span class=\"_ _9\"> </span>di<span class=\"_ _df\"> </span>rendimento degli inve<span class=\"_ _1\"></span>stitori in tempo <span class=\"_ _2\"></span>reale. Al fine<span class=\"_ _f\"></span> <span class=\"_ _2\"></span>di mitigare la v<span class=\"_ _f\"></span>o<span class=\"_ _2\"></span>latilit\u00e0 intrinseca dell<span class=\"_ _1\"></span>e<span class=\"_ _df\"> </span>quotazioni  azionarie  e <span class=\"_ _4\"> </span>garantire  coerenza  con <span class=\"_ _4\"> </span>l'orizzonte  temporale  utilizzato <span class=\"_ _22\"> </span>per <span class=\"_ _4\"> </span>il<span class=\"_ _df\"> </span>calcolo del<span class=\"_ _1\"></span> Beta, il<span class=\"_ _1\"></span> valore del <span class=\"_ _1\"></span>MRP \u00e8 cal<span class=\"_ _1\"></span>colato come media <span class=\"_ _1\"></span>mobile d<span class=\"_ _1\"></span>elle rilevazioni <span class=\"_ _1\"></span>mensili<span class=\"_ _df\"> </span>degli <span class=\"_ _4\"> </span>ultimi <span class=\"_ _17\"> </span>5 <span class=\"_ _4\"> </span>anni. <span class=\"_ _17\"> </span>L'adozione <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>t<span class=\"_ _2\"></span>ale <span class=\"_ _4\"> </span>criterio <span class=\"_ _4\"> </span>assicura <span class=\"_ _17\"> </span>una <span class=\"_ _4\"> </span>maggiore <span class=\"_ _4\"> </span>oggettivit\u00e0 <span class=\"_ _4\"> </span>e<span class=\"_ _df\"> </span>robustezza <span class=\"_ _2\"></span>scientifica <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>processo <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>stima, <span class=\"_ _2\"></span>alline<span class=\"_ _1\"></span>ando <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>costo <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>capitale all<span class=\"_ _2\"></span>e eff<span class=\"_ _2\"></span>ettive<span class=\"_ _df\"> </span>condizioni macroeconomiche di mercato. A seguito della modifica il Premio per il rischio<span class=\"_ _df\"> </span>di <span class=\"_ _1\"></span>mercat<span class=\"ff5\">o viene<span class=\"_ _1\"></span> determinato <span class=\"_ _1\"></span>ad u<span class=\"_ _1\"></span>n valore <span class=\"_ _f\"></span>pari al <span class=\"_ _f\"></span>4<span class=\"_ _2\"></span>,63%; <span class=\"_ _f\"></span>tale valore <span class=\"_ _1\"></span>\u00e8 al <span class=\"_ _f\"></span>netto del <span class=\"_ _f\"></span>\u201cr<span class=\"_ _2\"></span>ischi<span class=\"_ _1\"></span>o<span class=\"_ _df\"> </span></span>paese\u201d <span class=\"_ _0\"></span>in <span class=\"_ _9\"> </span>quanto <span class=\"_ _9\"> </span>implicitamente <span class=\"_ _0\"></span>compreso <span class=\"_ _9\"> </span>nel <span class=\"_ _0\"></span>sopracitato <span class=\"_ _9\"> </span>tasso <span class=\"_ _9\"> </span>di <span class=\"_ _0\"></span>rendimento <span class=\"_ _0\"></span>delle<span class=\"_ _df\"> </span>attivit\u00e0 privo di rischio.<span class=\"_ _df\"> </span>Il valore terminale \u00e8 stato determinato pari al valore dell\u2019u<span class=\"_ _1\"></span>l<span class=\"ff4\">t<span class=\"_ _2\"></span>imo periodo di pianificazione<span class=\"_ _1\"></span> esplicito.<span class=\"_ _df\"> </span></span>CGU A<span class=\"_ _f\"></span>ssicuraz<span class=\"_ _1\"></span>ioni <span class=\"ff5\">\u2013</span> Bu<span class=\"_ _f\"></span>siness Vita<span class=\"_ _df\"> </span>Il <span class=\"_ _f\"></span>valore <span class=\"_ _f\"></span>d\u2019uso <span class=\"_ _f\"></span>d<span class=\"_ _2\"></span>el <span class=\"_ _f\"></span>business <span class=\"_ _f\"></span>\u201cVita\u201d <span class=\"_ _1\"></span>\u00e8 <span class=\"_ _f\"></span>stato<span class=\"_ _2\"></span> <span class=\"_ _11\"></span>s<span class=\"_ _2\"></span>timato <span class=\"_ _f\"></span>secondo <span class=\"_ _f\"></span>l\u2019approccio <span class=\"_ _f\"></span>denominato <span class=\"_ _f\"></span>Appraisal <span class=\"_ _f\"></span>Value,<span class=\"_ _df\"> </span>sommando al Patrimonio Netto secondo <span class=\"_ _2\"></span>i principi contabili IFRS il Business in<span class=\"_ _2\"></span>-Force, determinato<span class=\"_ _df\"> </span>attraverso <span class=\"_ _d\"></span>l\u2019attualizzazione <span class=\"_ _d\"></span>dei <span class=\"_ _0\"></span>futuri <span class=\"_ _d\"></span>margini <span class=\"_ _d\"></span>tecnici <span class=\"_ _d\"></span>derivanti <span class=\"_ _0\"></span>dal <span class=\"_ _d\"></span>portafoglio <span class=\"_ _0\"></span>in <span class=\"_ _d\"></span>essere, <span class=\"_ _d\"></span>e <span class=\"_ _d\"></span>il <span class=\"_ _0\"></span>New<span class=\"_ _df\"> </span>Business Value, derivante dal portafoglio di futura produzione p<span class=\"_ _1\"></span>revedibile. I <span class=\"_ _4\"> </span>flussi <span class=\"_ _22\"> </span>per <span class=\"_ _4\"> </span>la <span class=\"_ _4\"> </span>determinazione <span class=\"_ _4\"> </span>del <span class=\"_ _4\"> </span>valore <span class=\"_ _22\"> </span>derivante <span class=\"_ _4\"> </span>dal <span class=\"_ _4\"> </span>Bus<span class=\"_ _2\"></span>iness <span class=\"_ _4\"> </span>in-Force <span class=\"_ _4\"> </span>sono <span class=\"_ _22\"> </span>stat<span class=\"_ _2\"></span>i  st<span class=\"_ _2\"></span>imati,<span class=\"_ _df\"> </span>attraverso <span class=\"_ _2\"></span>l\u2019utilizzo <span class=\"_ _2\"></span>della <span class=\"_ _2\"></span>metodologia <span class=\"_ _2\"></span>alla <span class=\"_ _2\"></span>base <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>Traditional <span class=\"_ _2\"></span>Embedded <span class=\"_ _2\"></span>Value, <span class=\"_ _2\"></span>considerando <span class=\"_ _2\"></span>la<span class=\"_ _df\"> </span>composizione del portafoglio assicurati e le caratteristiche tecni<span class=\"_ _1\"></span>che del portafoglio prodotti.<span class=\"_ _df\"> </span>I <span class=\"_ _d\"></span>flussi <span class=\"_ _0\"></span>per <span class=\"_ _d\"></span>l\u2019applicazione<span class=\"ff4\"> <span class=\"_ _0\"> </span>della <span class=\"_ _0\"></span>metodologia <span class=\"_ _d\"></span>valutativa <span class=\"_ _0\"></span>si <span class=\"_ _d\"></span>estendono <span class=\"_ _0\"></span>ad <span class=\"_ _0\"></span>un <span class=\"_ _d\"></span>arco <span class=\"_ _0\"></span>temporale <span class=\"_ _d\"></span>di <span class=\"_ _0\"></span>tre<span class=\"_ _df\"> </span></span>esercizi (2026-2028) e si <span class=\"_ _2\"></span>basano sul budget 2026, approvato <span class=\"_ _2\"></span>dal Consiglio di Amministrazione del<span class=\"_ _df\"> </span>15 <span class=\"_ _c\"> </span>dicembre <span class=\"_ _1a\"> </span>2025 <span class=\"_ _c\"> </span>e <span class=\"_ _c\"> </span>dai <span class=\"_ _c\"> </span>previsionali <span class=\"_ _c\"> </span>2027-<span class=\"ff5\">2028, <span class=\"_ _c\"> </span>anch\u2019essi <span class=\"_ _c\"> </span>approvati <span class=\"_ _1a\"> </span>dal <span class=\"_ _c\"> </span>Consiglio <span class=\"_ _c\"> </span>di<span class=\"_ _df\"> </span></span>Amministrazione del 15 dicembre 2025.<span class=\"_ _df\"> </span>Il costo d<span class=\"_ _1\"></span>el capitale<span class=\"_ _1\"></span>, stimato sul<span class=\"_ _1\"></span>la base d<span class=\"_ _1\"></span>el \u201cCapital A<span class=\"_ _f\"></span>ss<span class=\"_ _2\"></span>et <span class=\"_ _1\"></span>Pricing <span class=\"_ _f\"></span>Model\u201d, \u00e8 stato de<span class=\"_ _1\"></span>terminato nella<span class=\"_ _df\"> </span>misura del 5,91%, sulla base dei<span class=\"_ _1\"></span> seguenti parametri:<span class=\"_ _df\"> </span><span class=\"_ _2c\"> </span><span class=\"ff4\">Tasso privo di rischio: pari al <span class=\"_ _f\"></span>3,51%, corrispondente al rendimento medio registrato negli<span class=\"_ _df\"> </span></span>ultimi 6 mesi dai BTP con scadenza residua de<span class=\"_ _1\"></span>cennale;<span class=\"_ _df\"> </span><span class=\"_ _2c\"> </span><span class=\"ff4\">Coefficiente  Beta:  pari  a  0<span class=\"_ _2\"></span>,52,  corrispondente<span class=\"_ _1\"></span>  al  coefficiente  medio  delle  societ\u00e0  di<span class=\"_ _df\"> </span></span>assicurazione italiane quotate;<span class=\"_ _df\"> </span><span class=\"_ _2c\"> </span><span class=\"ff4\">Premio <span class=\"_ _0\"></span>per <span class=\"_ _0\"></span>il <span class=\"_ _0\"></span>rischio <span class=\"_ _0\"></span>di <span class=\"_ _d\"></span>mer<span class=\"_ _2\"></span>cato: <span class=\"_ _d\"></span>ai <span class=\"_ _0\"></span>fini <span class=\"_ _0\"></span>della <span class=\"_ _0\"></span>determinaz<span class=\"_ _2\"></span>ione <span class=\"_ _0\"></span>del <span class=\"_ _0\"></span>Market <span class=\"_ _0\"></span>Risk <span class=\"_ _d\"></span>Premium<span class=\"_ _df\"> </span></span>(MRP), l<span class=\"_ _1\"></span>a Banca ha adottato un <span class=\"_ _1\"></span>nuovo criterio ope<span class=\"_ _1\"></span>rativo, in sostitu<span class=\"_ _1\"></span>zione della p<span class=\"_ _1\"></span>recedente<span class=\"_ _df\"> </span>prassi <span class=\"_ _d\"></span>basata <span class=\"_ _d\"></span>su <span class=\"_ _d\"></span>riferimenti <span class=\"_ _d\"></span>statici <span class=\"_ _d\"></span>e <span class=\"_ _d\"></span>valutazioni <span class=\"_ _d\"></span>qualitative <span class=\"_ _d\"></span>del <span class=\"_ _d\"></span>management. <span class=\"_ _d\"></span>La <span class=\"_ _d\"></span>nuova<span class=\"_ _df\"> </span>definizione <span class=\"_ _9\"> </span>del <span class=\"_ _9\"> </span>parametr<span class=\"_ _2\"></span>o <span class=\"_ _9\"> </span>prevede <span class=\"_ _9\"> </span>l'utilizzo <span class=\"_ _9\"> </span>del  dato <span class=\"_ _9\"> </span>'Implied <span class=\"_ _9\"> </span>Equity <span class=\"_ _9\"> </span>Risk  P<span class=\"_ _1\"></span>remium' <span class=\"_ _9\"> </span>di<span class=\"_ _df\"> </span>fonte <span class=\"_ _2\"></span>Damodaran. <span class=\"_ _d\"></span>Tale <span class=\"_ _2\"></span>parametro, <span class=\"_ _d\"></span>di <span class=\"_ _2\"></span>natura <span class=\"_ _d\"></span>forward-looking, <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _d\"></span>determinato <span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>ulla <span class=\"_ _2\"></span>base<span class=\"_ _df\"> </span>dei <span class=\"_ _0\"></span>prezzi <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>mercato <span class=\"_ _9\"> </span>correnti <span class=\"_ _0\"></span>e <span class=\"_ _9\"> </span>dei <span class=\"_ _0\"></span>flussi <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>cassa <span class=\"_ _9\"> </span>attesi, <span class=\"_ _9\"> </span>riflettendo <span class=\"_ _0\"></span>le <span class=\"_ _9\"> </span>aspettative <span class=\"_ _9\"> </span>di<span class=\"_ _df\"> </span>rendimento degli inve<span class=\"_ _1\"></span>stitori in tempo reale. Al fine di mitigare la volatilit\u00e0 intrinseca del<span class=\"_ _1\"></span>le<span class=\"_ _df\"> </span>quotazioni  azionarie  e <span class=\"_ _4\"> </span>garantire  coerenza  con <span class=\"_ _4\"> </span>l'orizzonte  temporale  utilizzato <span class=\"_ _22\"> </span>per <span class=\"_ _4\"> </span>il<span class=\"_ _df\"> </span>calcolo del<span class=\"_ _1\"></span> Beta, il<span class=\"_ _1\"></span> valore del <span class=\"_ _1\"></span>MRP \u00e8 cal<span class=\"_ _1\"></span>colato come media <span class=\"_ _1\"></span>mobile d<span class=\"_ _1\"></span>elle rilevazioni <span class=\"_ _1\"></span>mensili<span class=\"_ _df\"> </span>degli <span class=\"_ _4\"> </span>ultimi <span class=\"_ _17\"> </span>5 <span class=\"_ _4\"> </span>anni. <span class=\"_ _4\"> </span>L'a<span class=\"_ _2\"></span>dozione <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>tale <span class=\"_ _17\"> </span>criterio <span class=\"_ _4\"> </span>assicura <span class=\"_ _17\"> </span>una <span class=\"_ _4\"> </span>maggiore <span class=\"_ _4\"> </span>oggettivit\u00e0 <span class=\"_ _17\"> </span>e<span class=\"_ _df\"> </span>robustezza <span class=\"_ _2\"></span>scientifica <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>processo <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>stima, <span class=\"_ _2\"></span>alline<span class=\"_ _1\"></span>ando <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>costo <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>capitale all<span class=\"_ _2\"></span>e eff<span class=\"_ _2\"></span>ettive<span class=\"_ _df\"> </span>condizioni macroeconomiche di mercato. A seguito della modifica il Premio per il rischio<span class=\"_ _df\"> </span>di <span class=\"_ _1\"></span>mercato vi<span class=\"ff5\">ene<span class=\"_ _1\"></span> determinato ad<span class=\"_ _1\"></span> un <span class=\"_ _f\"></span>valore pari <span class=\"_ _f\"></span>al 4,63%; <span class=\"_ _1\"></span>tale v<span class=\"_ _1\"></span>alore \u00e8 <span class=\"_ _f\"></span>al netto d<span class=\"_ _1\"></span>el \u201cri<span class=\"_ _1\"></span>schio<span class=\"_ _df\"> </span></span>paese\u201d <span class=\"_ _0\"></span>in <span class=\"_ _9\"> </span>quanto <span class=\"_ _9\"> </span>implicitamente <span class=\"_ _0\"></span>compreso <span class=\"_ _9\"> </span>nel <span class=\"_ _0\"></span>sopracitato <span class=\"_ _9\"> </span>tasso <span class=\"_ _9\"> </span>di <span class=\"_ _0\"></span>rendimento <span class=\"_ _0\"></span>delle<span class=\"_ _df\"> </span>attivit\u00e0 privo di rischio.<span class=\"_ _df\"> </span>Nella <span class=\"_ _d\"></span>tabella <span class=\"_ _d\"></span>che <span class=\"_ _0\"></span>segue <span class=\"_ _d\"></span>viene <span class=\"_ _d\"></span>riportat<span class=\"_ _2\"></span>a <span class=\"_ _d\"></span>la <span class=\"_ _d\"></span>sintesi <span class=\"_ _d\"></span>delle <span class=\"_ _d\"></span>valutazio<span class=\"_ _2\"></span>ni <span class=\"_ _d\"></span>effettuate <span class=\"_ _d\"></span>con <span class=\"_ _0\"></span>riferimento <span class=\"_ _d\"></span>alla<span class=\"_ _df\"> </span>CGU Assicurazioni (dati in milioni di euro): Busi<span class=\"_ _1\"></span>ness<span class=\"_ _f\"></span> Danni<span class=\"_ _df\"> </span>Busi<span class=\"_ _1\"></span>ness<span class=\"_ _f\"></span> Vita<span class=\"_ _df\"> </span>Tot<span class=\"_ _1\"></span>ale CG<span class=\"_ _f\"></span>U<span class=\"_ _df\"> </span>Assi<span class=\"_ _1\"></span>cura<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>i<span class=\"_ _df\"> </span>Valore d\u2019uso del<span class=\"_ _1\"></span>la CGU<span class=\"_ _df\"> </span>281,8<span class=\"_ _df\"> </span>872,1<span class=\"_ _df\"> </span>1.153,9<span class=\"_ _df\"> </span>Valore contabi<span class=\"_ _1\"></span>le CGU<span class=\"_ _df\"> </span>119,3<span class=\"_ _df\"> </span>601,6<span class=\"_ _df\"> </span>720,<span class=\"_ _df\"> </span>Delt<span class=\"_ _1\"></span>a<span class=\"_ _df\"> </span>162,5<span class=\"_ _df\"> </span>270,5<span class=\"_ _df\"> </span>433,<span class=\"_ _df\"> </span><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsb20\">Il <span class=\"_ _2\"></span>modell<span class=\"ff5\">o <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>determinazione <span class=\"_ _d\"></span>del <span class=\"_ _2\"></span>valore <span class=\"_ _d\"></span>d\u2019uso <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _2\"></span>stato <span class=\"_ _2\"></span>inoltre <span class=\"_ _2\"></span>sottoposto <span class=\"_ _2\"></span>ad <span class=\"_ _d\"></span>analisi <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>sensitivit\u00e0 <span class=\"_ _2\"></span>al<span class=\"_ _df\"> </span></span><span class=\"ff5\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsb21\">fine di apprezzare la variazione<span class=\"_ _1\"></span> dei risultati ottenuti al variare dei parametri valutativi adottati. <span class=\"_ _2\"></span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsb22\">Dalle <span class=\"_ _2\"></span>analisi <span class=\"_ _2\"></span>svolte, <span class=\"_ _2\"></span>non sono <span class=\"_ _2\"></span>emerse <span class=\"_ _2\"></span>indicazioni di <span class=\"_ _2\"></span>riduzio<span class=\"_ _2\"></span>ne <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>valore <span class=\"_ _2\"></span>con riferimento <span class=\"_ _2\"></span>alla <span class=\"_ _2\"></span>CGU in<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsb23\">esame, considerando:  </div><div class=\"t m0 h5 ff14 fs1 fc1 sc0 ls0 ws0 gsb24\"><span class=\"_ _2c\"> </span><span class=\"ff5\">per il business Danni, tasso di attualizzazione \u201cKe\u201d (+/<span class=\"ff4\">-50 bps);<span class=\"_ _df\"> </span></span></span><span class=\"ff5\"><span class=\"ff4\"> </span></span></div><div class=\"t m0 h5 ff14 fs1 fc1 sc0 ls0 ws0 gsb25\"><span class=\"_ _2c\"> </span><span class=\"ff4\">per il business Vita:<span class=\"_ _df\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m0 h5 ff12 fs1 fc1 sc0 ls0 ws0 gsb26\">o<span class=\"_ _1c\"> </span><span class=\"ff5\">Business In Force, tasso di attualizzazione \u201cKe\u201d (+/<span class=\"ff4\">-100 bps);<span class=\"_ _df\"> </span></span></span></div><div class=\"t m0 h5 ff12 fs1 fc1 sc0 ls0 ws0 gsb27\">o<span class=\"_ _1c\"> </span><span class=\"ff5\">New <span class=\"_ _d\"></span>Business, <span class=\"_ _0\"></span>tasso <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>attualizzazione <span class=\"_ _d\"></span>\u201cK<span class=\"_ _2\"></span>e\u201d <span class=\"_ _d\"></span>(+/<span class=\"ff4\">-</span>100 <span class=\"_ _0\"></span>bps), <span class=\"_ _d\"></span>tasso <span class=\"_ _d\"></span>di <span class=\"_ _0\"></span>crescita <span class=\"_ _d\"></span>\u201cg\u201d <span class=\"_ _d\"></span>(+/<span class=\"_ _2\"></span><span class=\"ff4\">-100<span class=\"_ _df\"> </span></span></span><span class=\"ff5\"><span class=\"ff4\"> </span></span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsb28\">bps) e New Business Margin APE (+/-100 bps).<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gsb29\">In <span class=\"_ _e\"> </span>una <span class=\"_ _e\"> </span>logica <span class=\"_ _e\"> </span>complessiva <span class=\"_ _15\"> </span>di <span class=\"_ _10\"> </span>ulteriore <span class=\"_ _15\"> </span>\u201cstr<span class=\"_ _2\"></span>ess <span class=\"_ _15\"> </span>test\u201d, <span class=\"_ _e\"> </span>si <span class=\"_ _e\"> </span>segnala <span class=\"_ _e\"> </span>che <span class=\"_ _e\"> </span>anche <span class=\"_ _15\"> </span>cons<span class=\"_ _2\"></span>iderando<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsb2a\">congiuntamente:<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff14 fs1 fc1 sc0 ls0 ws0 gsb2b\"><span class=\"_ _2c\"> </span><span class=\"ff5\">per il <span class=\"_ _f\"></span>business Danni, <span class=\"_ _1\"></span>un <span class=\"_ _1\"></span>tasso di attualizzazi<span class=\"_ _1\"></span>one dell\u20196,92<span class=\"ff4\">% (<span class=\"_ _1\"></span>incremento di <span class=\"_ _f\"></span>circa 100 bps)<span class=\"_ _1\"></span> e <span class=\"_ _f\"></span>un<span class=\"_ _df\"> </span></span></span><span class=\"ff5\"><span class=\"ff4\"> </span></span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsb2c\">incremento del 10% del Solvency capital (inc<span class=\"_ _1\"></span>remento di 1000 bps);<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff14 fs1 fc1 sc0 ls0 ws0 gsb2d\"><span class=\"_ _2c\"> </span><span class=\"ff5\">per il <span class=\"_ _f\"></span>business Vita, <span class=\"_ _1\"></span>un tasso <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>attualizzazione <span class=\"_ _f\"></span>dell\u20196.92% (incremento di<span class=\"_ _1\"></span> circa <span class=\"_ _f\"></span>100 bps), <span class=\"_ _f\"></span>tas<span class=\"_ _2\"></span>so<span class=\"_ _df\"> </span></span><span class=\"ff5\"> </span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gsb2e\">di crescita \u201cg\u201d (<span class=\"ff4\">-100 bps) e una minore marginalit\u00e0 sul New Business di 100 bps;<span class=\"_ _df\"> </span></span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsb2f\">non si rileverebbero rettifiche di valore sull<span class=\"_ _1\"></span>a CGU Assicurazioni.<span class=\"_ _df\"> </span><span class=\"_ _2\"></span> </div><div class=\"t m0 he ff4 fs5 fc4 sc3 ls0 ws0 gsb30\">Nota <span class=\"_ _1\"></span>sulle va<span class=\"_ _f\"></span>lutazion<span class=\"_ _f\"></span>i espresse<span class=\"_ _1\"></span> dal me<span class=\"_ _1\"></span>rcato<span class=\"_ _1\"></span>  </div><div class=\"t m0 h5 ff4 fs1 fcc sc0 ls0 ws0 gsb31\">Negli ultimi s<span class=\"_ _2\"></span>ei mesi del 20<span class=\"_ _2\"></span>25 le <span class=\"_ _2\"></span>azioni Credem sono <span class=\"_ _2\"></span>state scambiate ad <span class=\"_ _2\"></span>un controvalore medio <span class=\"_ _2\"></span>di<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fcc sc0 ls0 ws0 gsb32\">13,71 euro <span class=\"_ _2\"></span>per azion<span class=\"_ _2\"></span>e, corrispondente ad <span class=\"_ _2\"></span>un <span class=\"_ _2\"></span>multiplo sul <span class=\"_ _2\"></span>patrimoni<span class=\"_ _1\"></span>o <span class=\"_ _2\"></span>netto contabile della <span class=\"_ _2\"></span>Banca al<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fcc sc0 ls0 ws0 gsb33\">31 dicembre 2025 di circa 1,00x.  </div><div class=\"t m0 h5 ff5 fs1 fcc sc0 ls0 ws0 gsb34\">I report degli analisti indican<span class=\"_ _1\"></span>o un \u201ct<span class=\"_ _2\"></span>arget price<span class=\"_ _1\"></span>\u201d medio per il titolo Crede<span class=\"_ _1\"></span>m di 15,79 euro per azione,<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fcc sc0 ls0 ws0 gsb35\">corrispondente ad un multiplo s<span class=\"_ _1\"></span>ul patrimonio netto contabile della Banca al 31 dice<span class=\"_ _1\"></span>mbre 2025 pari<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fcc sc0 ls0 ws0 gsb36\">a circa 1,16x.<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff5 fs1 fcc sc0 ls0 ws0 gsb37\">Dall\u2019analisi <span class=\"_ _0\"></span>della <span class=\"_ _0\"></span>quotazione <span class=\"_ _0\"></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=\"_ _0\"></span>febbraio <span class=\"_ _0\"></span>2026 <span class=\"_ _0\"></span>(15,60 <span class=\"_ _0\"></span>euro <span class=\"_ _0\"></span>il <span class=\"_ _9\"> </span>prezzo <span class=\"_ _d\"></span>di<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fcc sc0 ls0 ws0 gsb38\">chiusura  al <span class=\"_ _9\"> </span>27  febbraio  2<span class=\"_ _1\"></span>026)  \u00e8 <span class=\"_ _16\"> </span>emersa  u<span class=\"_ _f\"></span>na  capitalizzazione  d<span class=\"_ _1\"></span>i  borsa <span class=\"_ _16\"> </span>pari  ad <span class=\"_ _9\"> </span>un  mult<span class=\"_ _2\"></span>iplo <span class=\"_ _16\"> </span>del<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fcc sc0 ls0 ws0 gsb39\">patrimonio netto contabile al 31 dice<span class=\"_ _1\"></span>mbre 2025 di circa 1,14x.<span class=\"_ _df\"> </span><span class=\"_ _2\"></span> </div><div class=\"t m0 he ff4 fs5 fc4 sc3 ls0 ws0 gsb3a\">Verif<span class=\"_ _1\"></span>ica di ra<span class=\"_ _f\"></span>gionevole<span class=\"_ _f\"></span>zza comp<span class=\"_ _1\"></span>lessiva<span class=\"_ _df\"> </span><span class=\"_ _f\"></span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsb3b\">Come <span class=\"_ _4\"> </span>messo <span class=\"_ _4\"> </span>in <span class=\"_ _4\"> </span>evid<span class=\"_ _1\"></span>enza <span class=\"_ _4\"> </span>nei <span class=\"_ _4\"> </span>paragrafi <span class=\"_ _4\"> </span>precedenti <span class=\"_ _22\"> </span>del <span class=\"_ _4\"> </span>documento, <span class=\"_ _4\"> </span>sono <span class=\"_ _4\"> </span>state <span class=\"_ _4\"> </span>individu<span class=\"_ _1\"></span>ate <span class=\"_ _4\"> </span>e<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsb3c\">sottoposte ad impairment test la CGU Banki<span class=\"_ _1\"></span>ng e la CGU A<span class=\"_ _2\"></span>ssicurazioni (Insu<span class=\"_ _1\"></span>rance).<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsb3d\">A <span class=\"_ _22\"> </span>completamento <span class=\"_ _4\"> </span>delle  analisi<span class=\"_ _2\"></span> <span class=\"_ _22\"> </span>precedentemente <span class=\"_ _22\"> </span>d<span class=\"_ _2\"></span>escritte <span class=\"_ _22\"> </span>si <span class=\"_ _4\"> </span>\u00e8 <span class=\"_ _4\"> </span>proced<span class=\"_ _1\"></span>uto <span class=\"_ _4\"> </span>ad  effettuare <span class=\"_ _4\"> </span>una<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gsb3e\">\u201cverifica <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>ragionevolezza <span class=\"_ _9\"> </span>complessiva\u201d <span class=\"_ _9\"> </span>ch<span class=\"_ _2\"></span>e <span class=\"_ _9\"> </span>prevede <span class=\"_ _9\"> </span>un <span class=\"_ _9\"> </span>confronto<span class=\"_ _2\"></span> <span class=\"_ _9\"> </span>tra <span class=\"_ _9\"> </span>il <span class=\"_ _9\"> </span>valore <span class=\"_ _9\"> </span>contabile <span class=\"_ _16\"> </span>ed <span class=\"_ _9\"> </span>il<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsb3f\">valore recuperabile del Grupp<span class=\"_ _1\"></span>o Credem.<span class=\"_ _df\"> </span><span class=\"_ _2\"></span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsb40\">Ai <span class=\"_ _2\"></span>fin<span class=\"ff5\">i <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>tale <span class=\"_ _2\"></span>verifica <span class=\"_ _d\"></span>\u00e8 <span class=\"_ _d\"></span>stato <span class=\"_ _d\"></span>utilizzato <span class=\"_ _2\"></span>quale <span class=\"_ _2\"></span>met<span class=\"_ _2\"></span>odo <span class=\"_ _2\"></span>di <span class=\"_ _d\"></span>valutazione <span class=\"_ _2\"></span>il <span class=\"_ _d\"></span>DDM <span class=\"_ _d\"></span>nella <span class=\"_ _d\"></span>variante <span class=\"_ _2\"></span>\u201cexcess<span class=\"_ _df\"> </span></span><span class=\"ff5\"> </span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gsb41\">capital\u201d <span class=\"_ _d\"></span>e <span class=\"_ _2\"></span>sono <span class=\"_ _d\"></span>stati <span class=\"_ _2\"></span>utilizzati <span class=\"_ _d\"></span>gli <span class=\"_ _2\"></span>stessi <span class=\"_ _d\"></span>parametri <span class=\"_ _d\"></span>di <span class=\"_ _2\"></span>costo <span class=\"_ _d\"></span>del <span class=\"_ _2\"></span>capitale, <span class=\"_ _d\"></span>tasso <span class=\"_ _d\"></span>di <span class=\"_ _2\"></span>crescita <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>lungo<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gsb42\">periodo <span class=\"_ _9\"> </span>e <span class=\"_ _16\"> </span>requisiti <span class=\"_ _9\"> </span>patrimoniali <span class=\"_ _16\"> </span>richiesti <span class=\"_ _9\"> </span>dall\u2019Autorit\u00e0<span class=\"_ _2\"></span><span class=\"ff4\"> <span class=\"_ _16\"> </span>di <span class=\"_ _9\"> </span>Vigilanza <span class=\"_ _9\"> </span>utilizzati <span class=\"_ _16\"> </span>per <span class=\"_ _9\"> </span>il <span class=\"_ _9\"> </span>t<span class=\"_ _2\"></span>est <span class=\"_ _9\"> </span>della <span class=\"_ _9\"> </span>CGU<span class=\"_ _df\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsb43\">Banking.<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gsb44\">I flussi per l\u2019applicazione della metodologia valu<span class=\"_ _1\"></span>tativa sono st<span class=\"_ _2\"></span>ati d<span class=\"_ _1\"></span>esunti dal Preconsuntivo 2025 e<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsb45\">Budget 2026 del <span class=\"_ _2\"></span>Gruppo Credem, <span class=\"_ _2\"></span>approvato dal Consiglio di <span class=\"_ _2\"></span>Amministrazione della Ca<span class=\"_ _2\"></span>pogruppo il<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsb46\">19 di<span class=\"_ _1\"></span>cembre <span class=\"_ _1\"></span>2025 e <span class=\"_ _f\"></span>da proie<span class=\"_ _1\"></span>zioni, <span class=\"_ _1\"></span>redatte ai<span class=\"_ _f\"></span> soli <span class=\"_ _1\"></span>fini <span class=\"_ _1\"></span>del <span class=\"_ _f\"></span>t<span class=\"_ _2\"></span>est <span class=\"_ _f\"></span>di impairme<span class=\"_ _1\"></span>nt sugli <span class=\"_ _f\"></span>avviamenti, <span class=\"_ _1\"></span>relative<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gsb47\">agli  esercizi <span class=\"_ _4\"> </span>dal <span class=\"_ _22\"> </span>20<span class=\"_ _2\"></span>27  al <span class=\"_ _4\"> </span>2028, <span class=\"_ _4\"> </span>anch\u2019e<span class=\"_ _1\"></span>sse <span class=\"_ _4\"> </span>approvate  dal <span class=\"_ _4\"> </span>Consiglio <span class=\"_ _22\"> </span>di <span class=\"_ _4\"> </span>Amministrazione  del <span class=\"_ _4\"> </span>19<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsb48\">dicembre 2025.<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsb49\">Dal <span class=\"_ _4\"> </span>confr<span class=\"_ _2\"></span>onto <span class=\"_ _4\"> </span>del <span class=\"_ _4\"> </span>valore <span class=\"_ _17\"> </span>contabile <span class=\"_ _4\"> </span>complessivo <span class=\"_ _17\"> </span>re<span class=\"_ _2\"></span>lativo <span class=\"_ _4\"> </span>al <span class=\"_ _17\"> </span>Gruppo <span class=\"_ _4\"> </span>Credem <span class=\"_ _4\"> </span>e<span class=\"_ _2\"></span>d <span class=\"_ _4\"> </span>il <span class=\"_ _4\"> </span>s<span class=\"_ _2\"></span>uo <span class=\"_ _4\"> </span>valore<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsb4a\">recuperabile, non sono emerse indicazioni d<span class=\"_ _1\"></span>i riduzione di valore.<span class=\"_ _df\"> </span><span class=\"_ _2\"></span> </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gsb4b\">Anche <span class=\"_ _4\"> </span>questo<span class=\"_ _2\"></span> <span class=\"_ _4\"> </span>modello <span class=\"_ _4\"> </span>di <span class=\"_ _17\"> </span>determinazione <span class=\"_ _17\"> </span>del <span class=\"_ _4\"> </span>va<span class=\"_ _2\"></span>lore <span class=\"_ _4\"> </span>d\u2019uso <span class=\"_ _4\"> </span>\u00e8<span class=\"_ _2\"></span> <span class=\"_ _4\"> </span>stato <span class=\"_ _17\"> </span>sottoposto <span class=\"_ _17\"> </span>ad <span class=\"_ _4\"> </span>analisi <span class=\"_ _17\"> </span>di<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsb4c\">sensitivit\u00e0 rispetto <span class=\"_ _2\"></span>a variazioni nei valori <span class=\"_ _2\"></span>dei <span class=\"_ _2\"></span>princip<span class=\"_ _1\"></span>ali <span class=\"_ _2\"></span>parametri <span class=\"_ _2\"></span>al fine <span class=\"_ _2\"></span>di individuare le <span class=\"_ _2\"></span>condizioni<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gsb4d\">sotto  cu<span class=\"_ _1\"></span>i  il <span class=\"_ _9\"> </span>valore  recuperabile  d<span class=\"_ _1\"></span>ell\u2019avviamento  a<span class=\"_ _f\"></span>  livello <span class=\"_ _16\"> </span>di <span class=\"_ _16\"> </span>Gruppo  risul<span class=\"_ _1\"></span>ta  pari <span class=\"_ _16\"> </span>al <span class=\"_ _16\"> </span>suo <span class=\"_ _16\"> </span>valore <span class=\"_ _16\"> </span>di<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsb4e\">bilancio. <span class=\"_ _2\"></span>Dalle <span class=\"_ _2\"></span>analisi s<span class=\"_ _2\"></span>volte, non <span class=\"_ _2\"></span>sono <span class=\"_ _2\"></span>emerse <span class=\"_ _2\"></span>indicazioni di <span class=\"_ _2\"></span>riduzione <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>valore <span class=\"_ _2\"></span>con <span class=\"_ _2\"></span>riferimento al<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsb4f\">Gruppo Credem fino alla considerazione di un tasso di attualizz<span class=\"_ _1\"></span>azione del 15,93%.<span class=\"_ _df\"> </span><span class=\"_ _2\"></span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsb50\">Si <span class=\"_ _17\"> </span>s<span class=\"_ _2\"></span>egnala <span class=\"_ _17\"> </span>che, <span class=\"_ _17\"> </span>cons<span class=\"_ _2\"></span>iderand<span class=\"_ _1\"></span>o <span class=\"_ _14\"> </span>congiuntamente <span class=\"_ _14\"> </span>un <span class=\"_ _14\"> </span>tasso <span class=\"_ _14\"> </span>di <span class=\"_ _17\"> </span>crescita <span class=\"_ _14\"> </span>di <span class=\"_ _14\"> </span>lungo <span class=\"_ _17\"> </span>periodo <span class=\"_ _14\"> </span>nullo<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsb51\">(decremento di <span class=\"_ _2\"></span>190 <span class=\"_ _2\"></span>bps) e <span class=\"_ _2\"></span>un t<span class=\"_ _2\"></span>asso <span class=\"_ _2\"></span>di attualizzazione del <span class=\"_ _2\"></span>15,55% <span class=\"_ _2\"></span>non <span class=\"_ _2\"></span>si r<span class=\"_ _2\"></span>ilev<span class=\"_ _1\"></span>erebbero <span class=\"_ _2\"></span>rettific<span class=\"_ _2\"></span>he <span class=\"_ _2\"></span>di<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsb52\">valore sul perimetro relativo al Gruppo Crede<span class=\"_ _1\"></span>m. <span class=\"_ _2\"></span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsb53\">Si <span class=\"_ _f\"></span>segnala i<span class=\"_ _1\"></span>nfine <span class=\"_ _f\"></span>che anc<span class=\"_ _1\"></span>he <span class=\"_ _f\"></span>abbat<span class=\"_ _2\"></span>tendo <span class=\"_ _f\"></span>i <span class=\"_ _1\"></span>flussi <span class=\"_ _f\"></span>di ca<span class=\"_ _f\"></span>s<span class=\"_ _2\"></span>sa <span class=\"_ _f\"></span>futuri <span class=\"_ _f\"></span>attesi <span class=\"_ _1\"></span>del <span class=\"_ _f\"></span>50,05% non <span class=\"_ _11\"></span>si ril<span class=\"_ _1\"></span>everebbero<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsb54\">rettifiche di valore sulla CGU.<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsb55\">Le analisi <span class=\"_ _2\"></span>evidenziano anche <span class=\"_ _2\"></span>come <span class=\"_ _2\"></span>le differenze <span class=\"_ _2\"></span>rilevate nelle <span class=\"_ _2\"></span>ana<span class=\"_ _2\"></span>lisi di <span class=\"_ _2\"></span>sensitivit\u00e0 so<span class=\"_ _2\"></span>pra descritte<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsb56\">assorbano in maniera estensiva, in relazione al climate risk del Gr<span class=\"_ _2\"></span>uppo Credem, gli impatti stimati<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsb57\">in uno scenario avverso.<span class=\"_ _df\"> </span> </div>Alla <span class=\"_ _4\"> </span>luce <span class=\"_ _4\"> </span>dei <span class=\"_ _4\"> </span>risultati <span class=\"_ _4\"> </span>sopra <span class=\"_ _4\"> </span>descritti <span class=\"_ _4\"> </span>in <span class=\"_ _4\"> </span>relazione <span class=\"_ _4\"> </span>alla <span class=\"_ _4\"> </span>verifica <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>ragionevolezza <span class=\"_ _4\"> </span>complessiv<span class=\"_ _2\"></span><span class=\"ls72\">a </span>effettuata con <span class=\"_ _2\"></span>riferimento al Gr<span class=\"_ _2\"></span>upp<span class=\"_ _1\"></span>o Cred<span class=\"_ _2\"></span>em, si pu\u00f2 <span class=\"_ _2\"></span>concludere che non <span class=\"_ _2\"></span>sono emerse <span class=\"_ _2\"></span>indicazioni di riduzione di valore. Il <span class=\"_ _2\"></span>modello <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>determinazione <span class=\"_ _2\"></span>del<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>valore <span class=\"_ _2\"></span>d\u2019uso <span class=\"_ _d\"></span>\u00e8 <span class=\"_ _2\"></span>stato <span class=\"_ _2\"></span>inoltre <span class=\"_ _2\"></span>sottoposto <span class=\"_ _2\"></span>ad <span class=\"_ _d\"></span>analisi <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>sensitivit\u00e0 <span class=\"_ _2\"></span>al fine <span class=\"_ _f\"></span>di app<span class=\"_ _1\"></span>rezzare l<span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>variazione dei <span class=\"_ _f\"></span>risultati <span class=\"_ _1\"></span>ottenuti <span class=\"_ _1\"></span>al <span class=\"_ _f\"></span>variare de<span class=\"_ _1\"></span>i parametri <span class=\"_ _f\"></span>valutativi <span class=\"_ _f\"></span>adott<span class=\"_ _2\"></span>ati. <span class=\"_ _f\"></span>Dalle analisi svolte, <span class=\"_ _1\"></span>non sono<span class=\"_ _1\"></span> emerse <span class=\"_ _1\"></span>indicazioni d<span class=\"_ _1\"></span>i riduzione<span class=\"_ _1\"></span> di v<span class=\"_ _1\"></span>alore con riferimento<span class=\"_ _1\"></span> alla CGU<span class=\"_ _f\"></span> in esame<span class=\"_ _1\"></span> considerando <span class=\"_ _f\"></span>u<span class=\"_ _2\"></span>na <span class=\"_ _1\"></span>variazione del <span class=\"_ _1\"></span>costo del <span class=\"_ _f\"></span>capitale (ke) d<span class=\"_ _1\"></span>i +/- 50 <span class=\"_ _f\"></span>bps. Inoltre, <span class=\"_ _1\"></span>In una <span class=\"_ _1\"></span>logica di <span class=\"_ _f\"></span>str<span class=\"_ _2\"></span>ess test, si seg<span class=\"_ _1\"></span>nala che <span class=\"_ _1\"></span>anche considerando u<span class=\"_ _1\"></span>n tasso di a<span class=\"_ _1\"></span>ttualizzazione del<span class=\"_ _1\"></span> 6,91% (incremento di <span class=\"_ _f\"></span>circa 100 <span class=\"_ _2\"></span>bps) <span class=\"_ _2\"></span>nonch\u00e9 <span class=\"_ _d\"></span>un <span class=\"_ _2\"></span>incremento <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>Solvency <span class=\"_ _2\"></span>Capital <span class=\"_ _2\"></span>Re<span class=\"_ _2\"></span>quirement <span class=\"_ _2\"></span>atteso <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>1<span class=\"_ _2\"></span>0% <span class=\"_ _2\"></span>(incremento <span class=\"_ _2\"></span>di circa 1000 bps) non si rileverebbero rettifiche di valore.",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-810": {
   "value": "Sezio<span class=\"_ _1\"></span>ne 10<span class=\"_ _1\"></span> - Attivit\u00e0<span class=\"_ _1\"></span> imm<span class=\"_ _1\"></span>ateri<span class=\"_ _f\"></span>ali <span class=\"ff5\">\u2013</span> Voce 1<span class=\"_ _1\"></span>00 10.1 At<span class=\"_ _f\"></span>tivit\u00e0 i<span class=\"_ _1\"></span>mma<span class=\"_ _1\"></span>teriali<span class=\"_ _1\"></span>: com<span class=\"_ _1\"></span>posi<span class=\"_ _f\"></span>zione per<span class=\"_ _1\"></span> tipo<span class=\"_ _1\"></span>logia<span class=\"_ _f\"></span> di attivit<span class=\"_ _f\"></span>\u00e0<span class=\"_ _2\"></span> <table class=\"s wb94 h4df\" id=\"_b682bcfb-e2f1-4d8a-a6c4-8bdf1f5c6de6\"><tr><td></td><td></td><td class=\"c x535 y2965 w3ad h1b9\"><div class=\"t m0 x12 h1f y32 ff4 fs7 fc4 sc3 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale </div></td><td></td><td class=\"c x536 y2965 w3ad h1b9\"><div class=\"t m0 x12 h1f y32 ff4 fs7 fc4 sc3 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale </div></td><td></td></tr><tr><td class=\"c x44e y2966 w3c7 h26a\"><div class=\"t m0 x18 h1f y10ed ff4 fs7 fc4 sc3 ls0 ws0\">Atti<span class=\"_ _1\"></span>vit\u00e0/V<span class=\"_ _f\"></span>alori </div></td><td class=\"c x537 y2967 w993 h4e0\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/<span class=\"_ _df\"> </span></div></td><td class=\"c x538 y2967 w991 h4e0\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">2025<span class=\"_ _df\"> </span></div></td><td class=\"c x539 y2967 w993 h4e0\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/<span class=\"_ _df\"> </span></div></td><td class=\"c x53a y2967 w994 h4e0\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">2024<span class=\"_ _df\"> </span></div></td><td></td></tr><tr><td></td><td></td><td class=\"c x53b y2968 wb95 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">Dura<span class=\"_ _f\"></span>ta<span class=\"_ _df\"> </span></div></td><td class=\"c x53c y2968 wb95 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">Dura<span class=\"_ _f\"></span>ta<span class=\"_ _df\"> </span></div></td><td class=\"c x53d y2968 wb95 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">Dura<span class=\"_ _f\"></span>ta<span class=\"_ _df\"> </span></div></td><td class=\"c x53e y2968 wb95 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">Dura<span class=\"_ _f\"></span>ta<span class=\"_ _df\"> </span></div></td></tr><tr><td></td><td></td><td class=\"c x53f y2969 wb96 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">defin<span class=\"_ _f\"></span>ita<span class=\"_ _df\"> </span></div></td><td class=\"c x540 y2969 wb97 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">indef<span class=\"_ _f\"></span>inita<span class=\"_ _df\"> </span></div></td><td class=\"c x541 y2969 wb96 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">defin<span class=\"_ _f\"></span>ita<span class=\"_ _df\"> </span></div></td><td class=\"c x542 y2969 wb97 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">indef<span class=\"_ _f\"></span>inita<span class=\"_ _df\"> </span></div></td></tr><tr><td class=\"c x44e y296a w3c9 hc8\"><div class=\"t m0 x10 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">A.1 Av<span class=\"_ _f\"></span>viamen<span class=\"_ _f\"></span>to </div></td><td></td><td class=\"c x535 y296a w98 hc8\"><div class=\"t m0 x35 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x543 y296a w3c8 hc8\"><div class=\"t m0 x32 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">291.3<span class=\"_ _f\"></span>42 </div></td><td class=\"c x536 y296a wa8 hc8\"><div class=\"t m0 x35 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x518 y296a w208 hc8\"><div class=\"t m0 x32 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">291.3<span class=\"_ _f\"></span>42 </div></td></tr><tr><td class=\"c x44e y296b w3c9 hc8\"><div class=\"t m0 x10 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">A.1.1 di pertinenz<span class=\"_ _1\"></span>a del gruppo </div></td><td></td><td class=\"c x535 y296b w98 hc8\"><div class=\"t m0 x35 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x543 y296b w3c8 hc8\"><div class=\"t m0 x32 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">291.342 </div></td><td class=\"c x536 y296b wa8 hc8\"><div class=\"t m0 x35 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x518 y296b w208 hc8\"><div class=\"t m0 x32 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">291.342 </div></td></tr><tr><td class=\"c x44e y296c w3c9 hc8\"><div class=\"t m0 x10 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">A.1.2 di pertinenz<span class=\"_ _1\"></span>a di terzi </div></td><td></td><td class=\"c x535 y296c w98 hc8\"><div class=\"t m0 x35 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x543 y296c w3c8 hc8\"><div class=\"t m0 x1c h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x536 y296c wa8 hc8\"><div class=\"t m0 x35 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x518 y296c w208 hc8\"><div class=\"t m0 x1c h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y296d w3c9 hc8\"><div class=\"t m0 x10 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">A.2 A<span class=\"_ _1\"></span>ltre<span class=\"_ _1\"></span> att<span class=\"_ _1\"></span>ivit\u00e0<span class=\"_ _1\"></span> imm<span class=\"_ _f\"></span>ateriali<span class=\"_ _1\"></span> </div></td><td></td><td class=\"c x535 y296d w98 hc8\"><div class=\"t m0 x32 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">224.2<span class=\"_ _f\"></span>21 </div></td><td class=\"c x543 y296d w3c8 hc8\"><div class=\"t m0 x1c h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td><td class=\"c x536 y296d wa8 hc8\"><div class=\"t m0 x48 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">209.3<span class=\"_ _f\"></span>09 </div></td><td class=\"c x518 y296d w208 hc8\"><div class=\"t m0 x1c h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y296e w3c9 hc8\"><div class=\"t m0 x39 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">di cui: software </div></td><td></td><td class=\"c x535 y296e w98 hc8\"><div class=\"t m0 x32 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">213.735 </div></td><td class=\"c x543 y296e w3c8 hc8\"><div class=\"t m0 x1c h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td><td class=\"c x536 y296e wa8 hc8\"><div class=\"t m0 x35 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">196.821 </div></td><td class=\"c x518 y296e w208 hc8\"><div class=\"t m0 x1c h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y296f w3c9 hc8\"><div class=\"t m0 x10 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">A.2.1 Attivit\u00e0 valu<span class=\"_ _f\"></span>t<span class=\"_ _2\"></span>ate al c<span class=\"_ _f\"></span>o<span class=\"_ _2\"></span>sto: </div></td><td></td><td class=\"c x535 y296f w98 hc8\"><div class=\"t m0 x32 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">224.221 </div></td><td class=\"c x543 y296f w3c8 hc8\"><div class=\"t m0 x1c h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x536 y296f wa8 hc8\"><div class=\"t m0 x48 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">209.309 </div></td><td class=\"c x518 y296f w208 hc8\"><div class=\"t m0 x1c h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2970 w3c9 hc8\"><div class=\"t m0 x39 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">a) Attivit\u00e0 imma<span class=\"_ _1\"></span>teriali generate in<span class=\"_ _f\"></span>t<span class=\"_ _2\"></span>ername<span class=\"_ _1\"></span>nte </div></td><td></td><td class=\"c x535 y2970 w98 hc8\"><div class=\"t m0 x2c h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">26.350 </div></td><td class=\"c x543 y2970 w3c8 hc8\"><div class=\"t m0 x1c h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x536 y2970 wa8 hc8\"><div class=\"t m0 x2c h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">24.086 </div></td><td class=\"c x518 y2970 w208 hc8\"><div class=\"t m0 x1c h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2971 w3c9 h227\"><div class=\"t m0 x39 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">b) Altre attivit\u00e0 </div></td><td></td><td class=\"c x535 y2971 w98 h227\"><div class=\"t m0 x35 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">197.871 </div></td><td class=\"c x543 y2971 w3c8 h227\"><div class=\"t m0 x1c h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x536 y2971 wa8 h227\"><div class=\"t m0 x32 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">185.223 </div></td><td class=\"c x518 y2971 w208 h227\"><div class=\"t m0 x1c h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2972 w3c9 hc8\"><div class=\"t m0 x10 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">A.2.2 Attivit\u00e0 valu<span class=\"_ _f\"></span>tat<span class=\"_ _2\"></span>e al <span class=\"_ _1\"></span>fair value:<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x535 y2972 w98 hc8\"><div class=\"t m0 x7 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x543 y2972 w3c8 hc8\"><div class=\"t m0 x1c h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x536 y2972 wa8 hc8\"><div class=\"t m0 x1c h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x518 y2972 w208 hc8\"><div class=\"t m0 x1c h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2973 w3c9 hc8\"><div class=\"t m0 x39 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">a) Attivit\u00e0 imma<span class=\"_ _1\"></span>teriali generate in<span class=\"_ _f\"></span>t<span class=\"_ _2\"></span>ername<span class=\"_ _1\"></span>nte </div></td><td></td><td class=\"c x535 y2973 w98 hc8\"><div class=\"t m0 x7 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x543 y2973 w3c8 hc8\"><div class=\"t m0 x1c h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x536 y2973 wa8 hc8\"><div class=\"t m0 x1c h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x518 y2973 w208 hc8\"><div class=\"t m0 x1c h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2974 w3c9 hc8\"><div class=\"t m0 x39 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">b) Altre attivit\u00e0 </div></td><td></td><td class=\"c x535 y2974 w98 hc8\"><div class=\"t m0 x7 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x543 y2974 w3c8 hc8\"><div class=\"t m0 x1c h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x536 y2974 wa8 hc8\"><div class=\"t m0 x1c h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x518 y2974 w208 hc8\"><div class=\"t m0 x1c h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td></td><td class=\"c x44e y2975 w3c9 hc8\"><div class=\"t m0 x1d5 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale </div></td><td class=\"c x535 y2975 w98 hc8\"><div class=\"t m0 x32 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">224.2<span class=\"_ _f\"></span>21 </div></td><td class=\"c x543 y2975 w3c8 hc8\"><div class=\"t m0 x32 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">291.3<span class=\"_ _f\"></span>42 </div></td><td class=\"c x536 y2975 wa8 hc8\"><div class=\"t m0 x48 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">209.3<span class=\"_ _f\"></span>09 </div></td><td class=\"c x518 y2975 w208 hc8\"><div class=\"t m0 x32 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">291.3<span class=\"_ _f\"></span>42 </div></td></tr></table>La <span class=\"ff5\">voce\u201d Altre</span> <span class=\"ff5\">attivit\u00e0\u201d \u00e8 composta prev<span class=\"_ _1\"></span>alentemente da software e dall<span class=\"_ _1\"></span>a \u201cCustomer Relationship\u201d </span>relativa alle acquisizioni d<span class=\"ff5\">egli spor<span class=\"_ _2\"></span>telli de<span class=\"_ _1\"></span>i rami d\u2019azienda e alla f<span class=\"_ _2\"></span>usione della Cassa di Risparmio di </span>Cento.<span class=\"_ _df\"> </span>10.2 <span class=\"_ _1\"></span>Attivi<span class=\"_ _1\"></span>t\u00e0 imm<span class=\"_ _f\"></span>aterial<span class=\"_ _1\"></span>i: va<span class=\"_ _1\"></span>riazio<span class=\"_ _f\"></span>ni annue<span class=\"fc1 sc0\"> </span><table class=\"s wb98 h4e1\" id=\"_3207b65b-8117-451b-bfb9-56c919c5bb19\"><tr><td></td><td class=\"c x544 y2976 w385 h26b\"><div class=\"t m0 x8a h1f y8df ff4 fs7 fc4 sc3 ls0 ws0\">Avvi<span class=\"_ _1\"></span>ame<span class=\"_ _1\"></span>nto<span class=\"fc1 sc0\"> </span></div></td><td class=\"c x545 y2977 wb99 h484\" colspan=\"2\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">imm<span class=\"_ _f\"></span>aterial<span class=\"_ _1\"></span>i: gen<span class=\"_ _f\"></span>erate<span class=\"_ _df\"> </span></div></td><td class=\"c x546 y2978 wb9a h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">Altr<span class=\"_ _1\"></span>e atti<span class=\"_ _1\"></span>vit\u00e0<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x547 y2979 wb9b h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">imm<span class=\"_ _f\"></span>aterial<span class=\"_ _1\"></span>i: altr<span class=\"_ _f\"></span>e<span class=\"_ _df\"> </span></div></td><td class=\"c x548 y297a wb9a h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">Altr<span class=\"_ _1\"></span>e atti<span class=\"_ _1\"></span>vit\u00e0<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x549 y2976 w130 h26b\"><div class=\"t m0 x116 h1f y8df ff4 fs7 fc4 sc3 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale<span class=\"fc1 sc0\"> </span></div></td></tr><tr><td></td><td></td><td class=\"c x54a y297b wb9c h484\" colspan=\"2\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">inter<span class=\"_ _1\"></span>nam<span class=\"_ _f\"></span>ente<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td></td><td></td><td class=\"c x54b y2976 w1a5 h4d\"><div class=\"t m0 x16a h1f y28b ff4 fs7 fc4 sc3 ls0 ws0\">INDE<span class=\"_ _f\"></span>F<span class=\"fc1 sc0\"> </span></div></td><td class=\"c x54c y2976 w1df h4d\"><div class=\"t m0 x55 h1f y28b ff4 fs7 fc4 sc3 ls0 ws0\">D<span class=\"ls46\">EF</span><span class=\"fc1 sc0\"> </span></div></td><td></td><td class=\"c x54d y2976 w2e0 h4d\"><div class=\"t m0 x55 h1f y28b ff4 fs7 fc4 sc3 ls0 ws0\">DEF<span class=\"fc1 sc0\"> </span></div></td><td class=\"c x45f y2976 w1a8 h4d\"><div class=\"t m0 x16a h1f y28b ff4 fs7 fc4 sc3 ls0 ws0\">INDE<span class=\"_ _f\"></span>F<span class=\"fc1 sc0\"> </span></div></td><td></td><td></td></tr><tr><td class=\"c x46b y297c w3cb hc8\"><div class=\"t m0 x8a h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">A. Es<span class=\"_ _1\"></span>iste<span class=\"_ _1\"></span>nze i<span class=\"_ _1\"></span>nizia<span class=\"_ _f\"></span>li </div></td><td class=\"c x544 y297c w387 hc8\"><div class=\"t m0 x33 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">291.3<span class=\"_ _f\"></span>42<span class=\"sc0\"> </span></div></td><td></td><td class=\"c x54c y297c w18f hc8\"><div class=\"t m0 x55 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">88.3<span class=\"_ _f\"></span>27<span class=\"sc0\"> </span></div></td><td class=\"c x54b y297c w162 hc8\"><div class=\"t m0 x15 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x54d y297c w3cc hc8\"><div class=\"t m0 x2e h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">710.7<span class=\"_ _1\"></span>93<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td><td></td><td class=\"c x45f y297c w1a5 hc8\"><div class=\"t m0 x15 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x549 y297c w130 hc8\"><div class=\"t m0 xac h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">1.09<span class=\"_ _1\"></span>0.46<span class=\"_ _1\"></span>2<span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x46b y297d w3cb hc8\"><div class=\"t m0 x8a h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">A.1 Riduzioni di va<span class=\"_ _f\"></span>l<span class=\"_ _2\"></span>ore tota<span class=\"_ _1\"></span>li nette </div></td><td class=\"c x544 y297d w387 hc8\"><div class=\"t m0 x7 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x54c y297d w18f hc8\"><div class=\"t m0 x130 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">64.241 </div></td><td class=\"c x54b y297d w162 hc8\"><div class=\"t m0 x15 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x54d y297d w3cc hc8\"><div class=\"t m0 x116 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">525.570 </div></td><td></td><td class=\"c x45f y297d w1a5 hc8\"><div class=\"t m0 x15 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x549 y297d w130 hc8\"><div class=\"t m0 x55 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">589.811 </div></td></tr><tr><td class=\"c x46b y297e w3cb hc8\"><div class=\"t m0 x8a h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">A.2 Es<span class=\"_ _1\"></span>iste<span class=\"_ _1\"></span>nze<span class=\"_ _f\"></span> iniziali n<span class=\"_ _f\"></span>ette<span class=\"sc0\"> </span></div></td><td class=\"c x544 y297e w387 hc8\"><div class=\"t m0 x33 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">291.3<span class=\"_ _f\"></span>42<span class=\"sc0\"> </span></div></td><td></td><td class=\"c x54c y297e w18f hc8\"><div class=\"t m0 x55 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">24.0<span class=\"_ _f\"></span>86<span class=\"sc0\"> </span></div></td><td class=\"c x54b y297e w162 hc8\"><div class=\"t m0 x15 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x54d y297e w3cc hc8\"><div class=\"t m0 x2e h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">185.<span class=\"_ _1\"></span>223<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td><td></td><td class=\"c x45f y297e w1a5 hc8\"><div class=\"t m0 x15 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x549 y297e w130 hc8\"><div class=\"t m0 x55 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">500.<span class=\"_ _1\"></span>651<span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x46b y297f w3cb hc8\"><div class=\"t m0 x8a h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">B. A<span class=\"_ _1\"></span>umen<span class=\"_ _f\"></span>ti </div></td><td class=\"c x544 y297f w387 hc8\"><div class=\"t m0 x7 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td></td><td class=\"c x54c y297f w18f hc8\"><div class=\"t m0 x48 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">9.586<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x54b y297f w162 hc8\"><div class=\"t m0 x15 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x54d y297f w3cc hc8\"><div class=\"t m0 x48 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">71.319<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td><td></td><td class=\"c x45f y297f w1a5 hc8\"><div class=\"t m0 x15 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x549 y297f w130 hc8\"><div class=\"t m0 x130 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">80.9<span class=\"_ _f\"></span>05<span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x46b y2980 w3cb hc8\"><div class=\"t m0 x8a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">B.1 Acquisti </div></td><td class=\"c x544 y2980 w387 hc8\"><div class=\"t m0 x7 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x54c y2980 w18f hc8\"><div class=\"t m0 x33 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">6.812 </div></td><td class=\"c x54b y2980 w162 hc8\"><div class=\"t m0 x15 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x54d y2980 w3cc hc8\"><div class=\"t m0 x48 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">71.319 </div></td><td></td><td class=\"c x45f y2980 w1a5 hc8\"><div class=\"t m0 x15 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x549 y2980 w130 hc8\"><div class=\"t m0 x33 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">78.131 </div></td></tr><tr><td class=\"c x46b y2981 w3cb hc8\"><div class=\"t m0 x116 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- di cui operazio<span class=\"_ _1\"></span>ni di aggregaz<span class=\"_ _1\"></span>ione aziendale </div></td><td class=\"c x544 y2981 w387 hc8\"><div class=\"t m0 x7 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x54c y2981 w18f hc8\"><div class=\"t m0 x36 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x54b y2981 w162 hc8\"><div class=\"t m0 x15 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x54d y2981 w3cc hc8\"><div class=\"t m0 x8f h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x45f y2981 w1a5 hc8\"><div class=\"t m0 x15 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x549 y2981 w130 hc8\"><div class=\"t m0 x8f h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y2982 w3cb hc8\"><div class=\"t m0 x8a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">B.2 Incrementi d<span class=\"_ _1\"></span>i attivit\u00e0 imma<span class=\"_ _1\"></span>teriali interne<span class=\"_ _df\"> </span></div></td><td class=\"c x544 y2982 w387 hc8\"><div class=\"t m0 x2c h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td></td><td class=\"c x54c y2982 w18f hc8\"><div class=\"t m0 x48 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">2.774 </div></td><td class=\"c x54b y2982 w162 hc8\"><div class=\"t m0 x15 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x54d y2982 w3cc hc8\"><div class=\"t m0 x8f h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x45f y2982 w1a5 hc8\"><div class=\"t m0 x15 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x549 y2982 w130 hc8\"><div class=\"t m0 x32 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">2.774 </div></td></tr><tr><td class=\"c x46b y2983 w3cb hc8\"><div class=\"t m0 x8a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">B.3 Riprese di val<span class=\"_ _1\"></span>ore </div></td><td class=\"c x544 y2983 w387 hc8\"><div class=\"t m0 x2c h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td></td><td class=\"c x54c y2983 w18f hc8\"><div class=\"t m0 x36 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x54b y2983 w162 hc8\"><div class=\"t m0 x15 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x54d y2983 w3cc hc8\"><div class=\"t m0 x8f h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x45f y2983 w1a5 hc8\"><div class=\"t m0 x15 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x549 y2983 w130 hc8\"><div class=\"t m0 x8f h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y2984 w3cb hc8\"><div class=\"t m0 x8a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">B.4 Variazioni p<span class=\"_ _1\"></span>ositive di fair <span class=\"_ _1\"></span>value </div></td><td class=\"c x544 y2984 w387 hc8\"><div class=\"t m0 x7 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x54c y2984 w18f hc8\"><div class=\"t m0 x36 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x54b y2984 w162 hc8\"><div class=\"t m0 x15 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x54d y2984 w3cc hc8\"><div class=\"t m0 x8f h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x45f y2984 w1a5 hc8\"><div class=\"t m0 x15 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x549 y2984 w130 hc8\"><div class=\"t m0 x8f h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y2985 w3cb h227\"><div class=\"t m0 x48 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- <span class=\"ls4b\">a </span>patrimon<span class=\"_ _1\"></span>io netto<span class=\"_ _df\"> </span></div></td><td class=\"c x544 y2985 w387 h227\"><div class=\"t m0 x2c h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td></td><td class=\"c x54c y2985 w18f h227\"><div class=\"t m0 x36 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x54b y2985 w162 h227\"><div class=\"t m0 x15 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x54d y2985 w3cc h227\"><div class=\"t m0 x8f h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x45f y2985 w1a5 h227\"><div class=\"t m0 x15 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x549 y2985 w130 h227\"><div class=\"t m0 x8f h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y2986 w3cb hc8\"><div class=\"t m0 x48 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- a conto econ<span class=\"_ _1\"></span>omico  </div></td><td class=\"c x544 y2986 w387 hc8\"><div class=\"t m0 x2c h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td></td><td class=\"c x54c y2986 w18f hc8\"><div class=\"t m0 x36 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x54b y2986 w162 hc8\"><div class=\"t m0 x15 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x54d y2986 w3cc hc8\"><div class=\"t m0 x8f h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x45f y2986 w1a5 hc8\"><div class=\"t m0 x15 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x549 y2986 w130 hc8\"><div class=\"t m0 x8f h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y2987 w3cb hc8\"><div class=\"t m0 x8a h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">B.5 Differenze d<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span> cambio <span class=\"_ _1\"></span>positive </div></td><td class=\"c x544 y2987 w387 hc8\"><div class=\"t m0 x7 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x54c y2987 w18f hc8\"><div class=\"t m0 x36 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x54b y2987 w162 hc8\"><div class=\"t m0 x15 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x54d y2987 w3cc hc8\"><div class=\"t m0 x8f h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x45f y2987 w1a5 hc8\"><div class=\"t m0 x15 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x549 y2987 w130 hc8\"><div class=\"t m0 x8f h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y2988 w3cb hc8\"><div class=\"t m0 x8a h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">B.6 Altre variaz<span class=\"_ _1\"></span>ioni<span class=\"_ _df\"> </span></div></td><td class=\"c x544 y2988 w387 hc8\"><div class=\"t m0 x7 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x54c y2988 w18f hc8\"><div class=\"t m0 x36 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x54b y2988 w162 hc8\"><div class=\"t m0 x15 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x54d y2988 w3cc hc8\"><div class=\"t m0 x8f h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x45f y2988 w1a5 hc8\"><div class=\"t m0 x15 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x549 y2988 w130 hc8\"><div class=\"t m0 x8f h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y2989 w3cb hc8\"><div class=\"t m0 x8a h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">C. Dim<span class=\"_ _f\"></span>inuzion<span class=\"_ _f\"></span>i </div></td><td class=\"c x544 y2989 w387 hc8\"><div class=\"t m0 x7 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td></td><td class=\"c x54c y2989 w18f hc8\"><div class=\"t m0 x48 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">7.322<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x54b y2989 w162 hc8\"><div class=\"t m0 x15 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x54d y2989 w3cc hc8\"><div class=\"t m0 x14 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">58.67<span class=\"_ _f\"></span>1<span class=\"sc0\"> </span></div></td><td></td><td class=\"c x45f y2989 w1a5 hc8\"><div class=\"t m0 x15 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x549 y2989 w130 hc8\"><div class=\"t m0 x39 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">65.9<span class=\"_ _f\"></span>93<span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x46b y298a w3cb hc8\"><div class=\"t m0 x8a h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">C.1 Vendite </div></td><td class=\"c x544 y298a w387 hc8\"><div class=\"t m0 x7 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x54c y298a w18f hc8\"><div class=\"t m0 x36 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x54b y298a w162 hc8\"><div class=\"t m0 x15 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x54d y298a w3cc hc8\"><div class=\"t m0 x8f h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x45f y298a w1a5 hc8\"><div class=\"t m0 x15 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x549 y298a w130 hc8\"><div class=\"t m0 x8f h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y298b w3cb hc8\"><div class=\"t m0 x116 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- di cui operazio<span class=\"_ _1\"></span>ni di aggregaz<span class=\"_ _1\"></span>ione aziendale </div></td><td class=\"c x544 y298b w387 hc8\"><div class=\"t m0 x7 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x54c y298b w18f hc8\"><div class=\"t m0 x36 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x54b y298b w162 hc8\"><div class=\"t m0 x15 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x54d y298b w3cc hc8\"><div class=\"t m0 x8f h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x45f y298b w1a5 hc8\"><div class=\"t m0 x15 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x549 y298b w130 hc8\"><div class=\"t m0 x8f h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y298c w3cb hc8\"><div class=\"t m0 x8a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">C.2 Rettifiche di <span class=\"_ _f\"></span>v<span class=\"_ _2\"></span>alore </div></td><td class=\"c x544 y298c w387 hc8\"><div class=\"t m0 x7 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x54c y298c w18f hc8\"><div class=\"t m0 x48 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">7.322 </div></td><td class=\"c x54b y298c w162 hc8\"><div class=\"t m0 x15 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x54d y298c w3cc hc8\"><div class=\"t m0 x55 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">58.670 </div></td><td></td><td class=\"c x45f y298c w1a5 hc8\"><div class=\"t m0 x15 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x549 y298c w130 hc8\"><div class=\"t m0 x39 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">65.992 </div></td></tr><tr><td class=\"c x46b y298d w3cb hc8\"><div class=\"t m0 x48 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- Ammortamenti<span class=\"_ _df\"> </span></div></td><td class=\"c x544 y298d w387 hc8\"><div class=\"t m0 x2c h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td></td><td class=\"c x54c y298d w18f hc8\"><div class=\"t m0 x48 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">7.322 </div></td><td class=\"c x54b y298d w162 hc8\"><div class=\"t m0 x15 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x54d y298d w3cc hc8\"><div class=\"t m0 x55 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">58.670 </div></td><td></td><td class=\"c x45f y298d w1a5 hc8\"><div class=\"t m0 x15 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x549 y298d w130 hc8\"><div class=\"t m0 x39 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">65.992 </div></td></tr><tr><td class=\"c x46b y298e w3cb hc8\"><div class=\"t m0 x48 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- Svalutazioni </div></td><td class=\"c x544 y298e w387 hc8\"><div class=\"t m0 x7 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x54c y298e w18f hc8\"><div class=\"t m0 x36 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x54b y298e w162 hc8\"><div class=\"t m0 x15 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x54d y298e w3cc hc8\"><div class=\"t m0 x8f h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x45f y298e w1a5 hc8\"><div class=\"t m0 x15 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x549 y298e w130 hc8\"><div class=\"t m0 x8f h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y298f w3cb hc8\"><div class=\"t m0 x26 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">+ patrimonio net<span class=\"_ _1\"></span>to </div></td><td class=\"c x544 y298f w387 hc8\"><div class=\"t m0 x2c h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td></td><td class=\"c x54c y298f w18f hc8\"><div class=\"t m0 x36 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x54b y298f w162 hc8\"><div class=\"t m0 x15 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x54d y298f w3cc hc8\"><div class=\"t m0 x8f h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x45f y298f w1a5 hc8\"><div class=\"t m0 x15 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x549 y298f w130 hc8\"><div class=\"t m0 x8f h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y2990 w3cb hc8\"><div class=\"t m0 x26 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">+ conto economic<span class=\"_ _f\"></span>o<span class=\"_ _df\"> </span></div></td><td class=\"c x544 y2990 w387 hc8\"><div class=\"t m0 x7 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x54c y2990 w18f hc8\"><div class=\"t m0 x36 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x54b y2990 w162 hc8\"><div class=\"t m0 x15 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x54d y2990 w3cc hc8\"><div class=\"t m0 x8f h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x45f y2990 w1a5 hc8\"><div class=\"t m0 x15 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x549 y2990 w130 hc8\"><div class=\"t m0 x8f h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y2991 w3cb hc8\"><div class=\"t m0 x8a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">C.3 Variazioni nega<span class=\"_ _f\"></span>tive di fair value:<span class=\"_ _df\"> </span></div></td><td class=\"c x544 y2991 w387 hc8\"><div class=\"t m0 x7 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x54c y2991 w18f hc8\"><div class=\"t m0 x36 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x54b y2991 w162 hc8\"><div class=\"t m0 x15 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x54d y2991 w3cc hc8\"><div class=\"t m0 x8f h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x45f y2991 w1a5 hc8\"><div class=\"t m0 x15 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x549 y2991 w130 hc8\"><div class=\"t m0 x8f h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y2992 w3cb hc8\"><div class=\"t m0 x48 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- a patrimonio ne<span class=\"_ _1\"></span>tto<span class=\"_ _df\"> </span></div></td><td class=\"c x544 y2992 w387 hc8\"><div class=\"t m0 x2c h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td></td><td class=\"c x54c y2992 w18f hc8\"><div class=\"t m0 x36 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x54b y2992 w162 hc8\"><div class=\"t m0 x15 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x54d y2992 w3cc hc8\"><div class=\"t m0 x8f h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x45f y2992 w1a5 hc8\"><div class=\"t m0 x15 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x549 y2992 w130 hc8\"><div class=\"t m0 x8f h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y2993 w3cb h227\"><div class=\"t m0 x48 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- a conto econ<span class=\"_ _1\"></span>omico  </div></td><td class=\"c x544 y2993 w387 h227\"><div class=\"t m0 x2c h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td></td><td class=\"c x54c y2993 w18f h227\"><div class=\"t m0 x36 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x54b y2993 w162 h227\"><div class=\"t m0 x15 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x54d y2993 w3cc h227\"><div class=\"t m0 x8f h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x45f y2993 w1a5 h227\"><div class=\"t m0 x15 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x549 y2993 w130 h227\"><div class=\"t m0 x8f h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x262 y2994 wb9d h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">C.4 Trasferimen<span class=\"_ _1\"></span>ti alle attivit\u00e0 n<span class=\"_ _f\"></span>o<span class=\"_ _2\"></span>n co<span class=\"_ _1\"></span>rrenti in via di<span class=\"_ _df\"> </span></div></td><td class=\"c x544 y2995 w387 had\"><div class=\"t m0 x7 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x54c y2995 w18f had\"><div class=\"t m0 x36 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x54b y2995 w162 had\"><div class=\"t m0 x15 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x54d y2995 w3cc had\"><div class=\"t m0 x8f h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x45f y2995 w1a5 had\"><div class=\"t m0 x15 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x549 y2995 w130 had\"><div class=\"t m0 x8f h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x262 y2996 w98d h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">dismissione<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x46b y2997 w3cb hc8\"><div class=\"t m0 x8a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">C.5 Differenze<span class=\"_ _1\"></span> di cambio negati<span class=\"_ _1\"></span>ve </div></td><td class=\"c x544 y2997 w387 hc8\"><div class=\"t m0 x7 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x54c y2997 w18f hc8\"><div class=\"t m0 x36 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x54b y2997 w162 hc8\"><div class=\"t m0 x15 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x54d y2997 w3cc hc8\"><div class=\"t m0 x8f h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x45f y2997 w1a5 hc8\"><div class=\"t m0 x15 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x549 y2997 w130 hc8\"><div class=\"t m0 x8f h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y2998 w3cb hc8\"><div class=\"t m0 x8a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">C.6 Altre variazi<span class=\"_ _f\"></span>o<span class=\"_ _2\"></span>ni </div></td><td class=\"c x544 y2998 w387 hc8\"><div class=\"t m0 x7 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x54c y2998 w18f hc8\"><div class=\"t m0 x36 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x54b y2998 w162 hc8\"><div class=\"t m0 x15 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x54d y2998 w3cc hc8\"><div class=\"t m0 x8f h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">1 </div></td><td></td><td class=\"c x45f y2998 w1a5 hc8\"><div class=\"t m0 x15 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x549 y2998 w130 hc8\"><div class=\"t m0 x13 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">1 </div></td></tr><tr><td class=\"c x46b y2999 w3cb hc8\"><div class=\"t m0 x8a h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">D. Rim<span class=\"_ _f\"></span>anenz<span class=\"_ _1\"></span>e fin<span class=\"_ _f\"></span>ali net<span class=\"_ _1\"></span>te </div></td><td class=\"c x544 y2999 w387 hc8\"><div class=\"t m0 x33 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">291.3<span class=\"_ _f\"></span>42<span class=\"sc0\"> </span></div></td><td></td><td class=\"c x54c y2999 w18f hc8\"><div class=\"t m0 x55 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">26.35<span class=\"_ _f\"></span>0<span class=\"sc0\"> </span></div></td><td class=\"c x54b y2999 w162 hc8\"><div class=\"t m0 x15 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x54d y2999 w3cc hc8\"><div class=\"t m0 x55 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">197.8<span class=\"_ _1\"></span>71<span class=\"sc0\"> </span></div></td><td></td><td class=\"c x45f y2999 w1a5 hc8\"><div class=\"t m0 x15 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x549 y2999 w130 hc8\"><div class=\"t m0 x55 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">515.56<span class=\"_ _f\"></span>4<span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x46b y299a w3cb hc8\"><div class=\"t m0 x8a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">D.1 Rettifiche d<span class=\"_ _1\"></span>i valori totali nette </div></td><td class=\"c x544 y299a w387 hc8\"><div class=\"t m0 x7 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x54c y299a w18f hc8\"><div class=\"t m0 x130 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">71.563 </div></td><td class=\"c x54b y299a w162 hc8\"><div class=\"t m0 x15 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x54d y299a w3cc hc8\"><div class=\"t m0 x16a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">582.440<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x45f y299a w1a5 hc8\"><div class=\"t m0 x15 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x549 y299a w130 hc8\"><div class=\"t m0 x116 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">654.003 </div></td></tr><tr><td class=\"c x46b y299b w3cb hc8\"><div class=\"t m0 x8a h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">E. Ri<span class=\"_ _1\"></span>man<span class=\"_ _f\"></span>enze fin<span class=\"_ _1\"></span>ali l<span class=\"_ _1\"></span>orde<span class=\"_ _f\"></span> </div></td><td class=\"c x544 y299b w387 hc8\"><div class=\"t m0 x33 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">291.3<span class=\"_ _f\"></span>42<span class=\"sc0\"> </span></div></td><td></td><td class=\"c x54c y299b w18f hc8\"><div class=\"t m0 x39 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">97.9<span class=\"_ _f\"></span>13<span class=\"sc0\"> </span></div></td><td class=\"c x54b y299b w162 hc8\"><div class=\"t m0 x15 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x54d y299b w3cc hc8\"><div class=\"t m0 x55 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">780.3<span class=\"_ _f\"></span>11<span class=\"sc0\"> </span></div></td><td></td><td class=\"c x45f y299b w1a5 hc8\"><div class=\"t m0 x15 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x549 y299b w130 hc8\"><div class=\"t m0 x2f h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">1.169<span class=\"_ _1\"></span>.566<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x46b y299c w3cb hc8\"><div class=\"t m0 x8a h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">F. Valutazione al c<span class=\"_ _f\"></span>o<span class=\"_ _2\"></span>sto<span class=\"_ _df\"> </span></div></td><td class=\"c x544 y299c w387 hc8\"><div class=\"t m0 x7 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x54c y299c w18f hc8\"><div class=\"t m0 x36 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x54b y299c w162 hc8\"><div class=\"t m0 x15 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x54d y299c w3cc hc8\"><div class=\"t m0 x8f h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x45f y299c w1a5 hc8\"><div class=\"t m0 x15 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x549 y299c w130 hc8\"><div class=\"t m0 x8f h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr></table>Lege<span class=\"_ _f\"></span>nda DEF: a durata de<span class=\"_ _f\"></span>f<span class=\"_ _2\"></span>inita INDEF: a durata <span class=\"_ _1\"></span>indefinita La <span class=\"_ _d\"></span>sottovoce <span class=\"_ _2\"></span>\u201cF <span class=\"_ _0\"></span><span class=\"ff4\">- <span class=\"_ _d\"></span></span>Valutazione <span class=\"_ _2\"></span>al <span class=\"_ _d\"></span>costo\u201d <span class=\"_ _d\"></span>non <span class=\"_ _d\"></span>\u00e8 <span class=\"_ _2\"></span>valorizzata <span class=\"_ _d\"></span>in <span class=\"_ _2\"></span>quanto, <span class=\"_ _d\"></span>come <span class=\"_ _d\"></span>da <span class=\"_ _2\"></span>istruzioni <span class=\"_ _d\"></span>di <span class=\"_ _2\"></span>Banc<span class=\"_ _2\"></span>a d\u2019Italia, <span class=\"_ _0\"></span>la <span class=\"_ _0\"></span>sua <span class=\"_ _0\"></span>compilazione <span class=\"_ _0\"></span>\u00e8 <span class=\"_ _0\"></span>p<span class=\"_ _2\"></span>revista <span class=\"_ _0\"></span>solo <span class=\"_ _0\"></span>per <span class=\"_ _0\"></span>le <span class=\"_ _0\"> </span>attivit\u00e0 <span class=\"_ _0\"></span>immateriali <span class=\"_ _0\"></span>valutate <span class=\"_ _0\"></span>in <span class=\"_ _9\"> </span>bilancio <span class=\"_ _d\"></span>al <span class=\"_ _9\"> </span>fair value. Gli incrementi delle attivit\u00e0 immateriali sono principalmente riferibi<span class=\"_ _1\"></span>li a nuovi sviluppi applicativi.<span class=\"_ _df\"> </span>Si <span class=\"_ _9\"> </span>fornisce <span class=\"_ _9\"> </span>il <span class=\"_ _9\"> </span>dettaglio <span class=\"_ _9\"> </span>degli <span class=\"_ _9\"> </span>avviamenti <span class=\"_ _9\"> </span>consolidati <span class=\"_ _9\"> </span>con <span class=\"_ _16\"> </span>il <span class=\"_ _9\"> </span>riferimento <span class=\"_ _9\"> </span>all\u2019anno <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>acquisizione <span class=\"_ _9\"> </span>o fusione della entit\u00e0 relativa: <table class=\"s wb9e h4e2\" id=\"_567a2a0f-77c4-4f74-a5b3-927c29774574\"><tr><td class=\"c x54f y299d w3cd h26d\"><div class=\"t m0 x15d h1f y5a ff4 fs7 fc1 sc0 ls0 ws0\">Gruppi f<span class=\"_ _f\"></span>ilial<span class=\"_ _f\"></span>i/ban<span class=\"_ _f\"></span>che<span class=\"_ _1\"></span> </div></td><td class=\"c x550 y299e w3ce h26e\"><div class=\"t m0 x0 h1f y5b ff4 fs7 fc1 sc0 ls0 ws0\">Anno <span class=\"lsd7\">di</span> f<span class=\"_ _f\"></span>usio<span class=\"_ _1\"></span>ne </div></td><td></td><td></td></tr><tr><td></td><td class=\"c x550 y299d w3ce h26f\"><div class=\"t m0 x0 h1f y66c ff4 fs7 fc1 sc0 ls0 ws0\">o <span class=\"lsd7\">di</span> acq<span class=\"_ _f\"></span>uisiz<span class=\"_ _f\"></span>ione<span class=\"_ _f\"></span> </div></td><td></td><td></td></tr><tr><td class=\"c x54f y299f w3cd h12\"><div class=\"t m0 x15d h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">Filiali <span class=\"_ _f\"></span>Deutsche B<span class=\"_ _f\"></span>an<span class=\"_ _f\"></span>k </div></td><td class=\"c x550 y299f w3ce h12\"><div class=\"t m0 x8 h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">19<span class=\"_ _f\"></span>98<span class=\"_ _1\"></span> </div></td><td class=\"c x551 y299f w3cf h12\"><div class=\"t m0 xc6 h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">2<span class=\"_ _1\"></span>.6<span class=\"_ _f\"></span>95 </div></td><td class=\"c x552 y299f w3d0 h12\"><div class=\"t m0 x35 h1f y27 ff4 fs7 fc1 sc0 ls0 ws0\">CGU B<span class=\"_ _1\"></span>ank<span class=\"_ _f\"></span>ing </div></td></tr><tr><td class=\"c x54f y29a0 w3cd h1d\"><div class=\"t m0 x15d h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">B.C.C. <span class=\"_ _11\"></span>Curin<span class=\"_ _1\"></span>ga </div></td><td class=\"c x550 y29a0 w3ce h1d\"><div class=\"t m0 x8 h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">19<span class=\"_ _f\"></span>98<span class=\"_ _1\"></span> </div></td><td class=\"c x551 y29a0 w3cf h1d\"><div class=\"t m0 xc3 h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">91<span class=\"_ _f\"></span>7<span class=\"_ _1\"></span> </div></td><td class=\"c x552 y29a0 w3d0 h1d\"><div class=\"t m0 x35 h1f y295 ff4 fs7 fc1 sc0 ls0 ws0\">CGU B<span class=\"_ _1\"></span>ank<span class=\"_ _f\"></span>ing </div></td></tr><tr><td class=\"c x54f y29a1 w3cd h1d\"><div class=\"t m0 x15d h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">B.C.C. <span class=\"_ _f\"></span><span class=\"ls6\">San<span class=\"ls0\"> <span class=\"_ _1\"></span>Giovanni Ge<span class=\"_ _1\"></span>min<span class=\"_ _f\"></span>i</span></span><span class=\"ls6\"><span class=\"ls0\"> </span></span></div></td><td class=\"c x550 y29a1 w3ce h1d\"><div class=\"t m0 x8 h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">19<span class=\"_ _f\"></span>98<span class=\"_ _1\"></span> </div></td><td class=\"c x551 y29a1 w3cf h1d\"><div class=\"t m0 x1af h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">4<span class=\"_ _1\"></span>52<span class=\"_ _f\"></span> </div></td><td class=\"c x552 y29a1 w3d0 h1d\"><div class=\"t m0 x35 h1f y295 ff4 fs7 fc1 sc0 ls0 ws0\">CGU B<span class=\"_ _1\"></span>ank<span class=\"_ _f\"></span>ing </div></td></tr><tr><td class=\"c x54f y29a2 w3cd h1d\"><div class=\"t m0 x15d h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">Banca de<span class=\"_ _f\"></span>i Comuni N<span class=\"_ _f\"></span>olan<span class=\"_ _f\"></span>i </div></td><td class=\"c x550 y29a2 w3ce h1d\"><div class=\"t m0 x8 h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">19<span class=\"_ _f\"></span>98<span class=\"_ _1\"></span> </div></td><td class=\"c x551 y29a2 w3cf h1d\"><div class=\"t m0 xe h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">2.<span class=\"_ _1\"></span>361<span class=\"_ _f\"></span> </div></td><td class=\"c x552 y29a2 w3d0 h1d\"><div class=\"t m0 x35 h1f y295 ff4 fs7 fc1 sc0 ls0 ws0\">CGU B<span class=\"_ _1\"></span>ank<span class=\"_ _f\"></span>ing </div></td></tr><tr><td class=\"c x54f y29a3 w3cd h1d\"><div class=\"t m0 x15d h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">Banca de<span class=\"_ _1\"></span>lla Pr<span class=\"_ _1\"></span>ovincia <span class=\"lsd8\">di</span> Nap<span class=\"_ _f\"></span>oli<span class=\"_ _f\"></span> </div></td><td class=\"c x550 y29a3 w3ce h1d\"><div class=\"t m0 x8 h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">19<span class=\"_ _f\"></span>98<span class=\"_ _1\"></span> </div></td><td class=\"c x551 y29a3 w3cf h1d\"><div class=\"t m0 x11d h1f y80 ff4 fs7 fc1 sc0 lsd9 ws0\">58<span class=\"ls0\"> </span></div></td><td class=\"c x552 y29a3 w3d0 h1d\"><div class=\"t m0 x35 h1f y27 ff4 fs7 fc1 sc0 ls0 ws0\">CGU B<span class=\"_ _1\"></span>ank<span class=\"_ _f\"></span>ing </div></td></tr><tr><td class=\"c x54f y29a4 w3cd h1d\"><div class=\"t m0 x15d h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">B.C.C. <span class=\"_ _f\"></span>Alto Crot<span class=\"_ _f\"></span>ones<span class=\"_ _f\"></span>e </div></td><td class=\"c x550 y29a4 w3ce h1d\"><div class=\"t m0 x8 h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">19<span class=\"_ _f\"></span>99<span class=\"_ _f\"></span> </div></td><td class=\"c x551 y29a4 w3cf h1d\"><div class=\"t m0 xc3 h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">16<span class=\"_ _f\"></span>1<span class=\"_ _1\"></span> </div></td><td class=\"c x552 y29a4 w3d0 h1d\"><div class=\"t m0 x35 h1f y295 ff4 fs7 fc1 sc0 ls0 ws0\">CGU B<span class=\"_ _1\"></span>ank<span class=\"_ _f\"></span>ing </div></td></tr><tr><td class=\"c x54f y29a5 w3cd h1d\"><div class=\"t m0 x15d h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">B.C.C. <span class=\"_ _f\"></span>Fortore <span class=\"_ _1\"></span>Misc<span class=\"_ _f\"></span>ano<span class=\"_ _1\"></span> </div></td><td class=\"c x550 y29a5 w3ce h1d\"><div class=\"t m0 x8 h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">19<span class=\"_ _f\"></span>99<span class=\"_ _f\"></span> </div></td><td class=\"c x551 y29a5 w3cf h1d\"><div class=\"t m0 xa3 h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">1.<span class=\"_ _1\"></span>377<span class=\"_ _1\"></span> </div></td><td class=\"c x552 y29a5 w3d0 h1d\"><div class=\"t m0 x35 h1f y27 ff4 fs7 fc1 sc0 ls0 ws0\">CGU B<span class=\"_ _1\"></span>ank<span class=\"_ _f\"></span>ing </div></td></tr><tr><td class=\"c x54f y29a6 w3cd h1c\"><div class=\"t m0 x15d h1f y74a ff4 fs7 fc1 sc0 ls0 ws0\">Banca P<span class=\"_ _f\"></span>o<span class=\"_ _2\"></span>polare <span class=\"_ _f\"></span>And<span class=\"_ _f\"></span>riese<span class=\"_ _f\"></span> </div></td><td class=\"c x550 y29a6 w3ce h1c\"><div class=\"t m0 xe h1f y74a ff4 fs7 fc1 sc0 lsda ws0\">2000<span class=\"ls0\"> </span></div></td><td class=\"c x551 y29a6 w3cf h1c\"><div class=\"t m0 x7 h1f y74a ff4 fs7 fc1 sc0 ls0 ws0\">17.<span class=\"_ _f\"></span>669 </div></td><td class=\"c x552 y29a6 w3d0 h1c\"><div class=\"t m0 x35 h1f y2ef ff4 fs7 fc1 sc0 ls0 ws0\">CGU B<span class=\"_ _1\"></span>ank<span class=\"_ _f\"></span>ing </div></td></tr><tr><td class=\"c x54f y29a7 w3cd h69\"><div class=\"t m0 x15d h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">Banca di L<span class=\"_ _f\"></span>atina<span class=\"_ _f\"></span> </div></td><td class=\"c x550 y29a7 w3ce h69\"><div class=\"t m0 xa3 h1f y80 ff4 fs7 fc1 sc0 lsda ws0\">2003<span class=\"ls0\"> </span></div></td><td class=\"c x551 y29a7 w3cf h69\"><div class=\"t m0 xf h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">3.<span class=\"_ _f\"></span>02<span class=\"_ _f\"></span>8 </div></td><td class=\"c x552 y29a7 w3d0 h69\"><div class=\"t m0 x35 h1f y27 ff4 fs7 fc1 sc0 ls0 ws0\">CGU B<span class=\"_ _1\"></span>ank<span class=\"_ _f\"></span>ing </div></td></tr><tr><td class=\"c x54f y29a8 w3cd h1c\"><div class=\"t m0 x15d h1f y74a ff4 fs7 fc1 sc0 ls0 ws0\">Filiali <span class=\"_ _f\"></span>Citibank <span class=\"_ _f\"></span>International <span class=\"_ _f\"></span>PL<span class=\"_ _1\"></span>C<span class=\"_ _f\"></span> </div></td><td class=\"c x550 y29a8 w3ce h1c\"><div class=\"t m0 xe h1f y74a ff4 fs7 fc1 sc0 lsda ws0\">2008<span class=\"ls0\"> </span></div></td><td class=\"c x551 y29a8 w3cf h1c\"><div class=\"t m0 x90 h1f y74a ff4 fs7 fc1 sc0 ls0 ws0\">36.<span class=\"_ _f\"></span>307 </div></td><td class=\"c x552 y29a8 w3d0 h1c\"><div class=\"t m0 x35 h1f y2ef ff4 fs7 fc1 sc0 ls0 ws0\">CGU B<span class=\"_ _1\"></span>ank<span class=\"_ _f\"></span>ing </div></td></tr><tr><td class=\"c x54f y29a9 w3cd h6a\"><div class=\"t m0 x15d h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">Filiali Banc<span class=\"_ _f\"></span>o<span class=\"_ _2\"></span> <span class=\"_ _f\"></span>Popo<span class=\"_ _f\"></span>lare<span class=\"_ _f\"></span> </div></td><td class=\"c x550 y29a9 w3ce h6a\"><div class=\"t m0 xe h1f y80 ff4 fs7 fc1 sc0 lsda ws0\">2008<span class=\"ls0\"> </span></div></td><td class=\"c x551 y29a9 w3cf h6a\"><div class=\"t m0 x91 h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">11<span class=\"_ _1\"></span>9.9<span class=\"_ _f\"></span>26 </div></td><td class=\"c x552 y29a9 w3d0 h6a\"><div class=\"t m0 x35 h1f y1649 ff4 fs7 fc1 sc0 ls0 ws0\">CGU B<span class=\"_ _1\"></span>ank<span class=\"_ _f\"></span>ing </div></td></tr><tr><td class=\"c x54f y29aa w3cd hc8\"><div class=\"t m0 x15d h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">Filiali <span class=\"_ _f\"></span>Unic<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>dit<span class=\"_ _f\"></span> </div></td><td class=\"c x550 y29aa w3ce hc8\"><div class=\"t m0 xe h1f y54 ff4 fs7 fc1 sc0 lsda ws0\">2008<span class=\"ls0\"> </span></div></td><td class=\"c x551 y29aa w3cf hc8\"><div class=\"t m0 x90 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">94.<span class=\"_ _f\"></span>433 </div></td><td class=\"c x552 y29aa w3d0 hc8\"><div class=\"t m0 x35 h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">CGU B<span class=\"_ _1\"></span>ank<span class=\"_ _f\"></span>ing </div></td></tr><tr><td class=\"c x54f y29ab w3cd h1d\"><div class=\"t m0 x15d h1f ye4c ff4 fs7 fc4 sc3 ls0 ws0\">TOTA<span class=\"_ _1\"></span>LE <span class=\"_ _f\"></span>BAN<span class=\"_ _1\"></span>CHE <span class=\"_ _f\"></span>INC<span class=\"_ _f\"></span>OR<span class=\"_ _1\"></span>PO<span class=\"_ _1\"></span>R<span class=\"_ _1\"></span>AT<span class=\"_ _f\"></span>E<span class=\"fc1 sc2\"> </span></div></td><td></td><td class=\"c x551 y29ab w3cf h1d\"><div class=\"t m0 x11 h1f ye4c ff4 fs7 fc4 sc3 ls0 ws0\">27<span class=\"_ _f\"></span>9.3<span class=\"_ _f\"></span>84<span class=\"_ _1\"></span><span class=\"fc1 sc2\"> </span></div></td><td></td></tr><tr><td class=\"c x262 y29ac wb9f h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">Euromobiliare <span class=\"_ _f\"></span>A.M. <span class=\"_ _1\"></span>Sgr (r<span class=\"_ _1\"></span>amo cedu<span class=\"_ _1\"></span>to <span class=\"_ _f\"></span><span class=\"lsd7\">da<span class=\"ls0\"> Credem<span class=\"_ _df\"> </span></span></span></div></td><td class=\"c x550 y29ad w3ce h270\"><div class=\"t m0 xe h1f ybf4 ff4 fs7 fc1 sc0 lsda ws0\">2000<span class=\"ls0\"> </span></div></td><td class=\"c x551 y29ad w3cf h270\"><div class=\"t m0 xa3 h1f ybf4 ff4 fs7 fc1 sc0 ls0 ws0\">2<span class=\"_ _1\"></span>.1<span class=\"_ _f\"></span>66<span class=\"_ _1\"></span> </div></td><td class=\"c x552 y29ad w3d0 h270\"><div class=\"t m0 x35 h1f y826 ff4 fs7 fc1 sc0 ls0 ws0\">CGU B<span class=\"_ _1\"></span>ank<span class=\"_ _f\"></span>ing </div></td></tr><tr><td class=\"c x262 y29ae wba0 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">International <span class=\"_ _1\"></span>L<span class=\"_ _1\"></span>ux<span class=\"_ _f\"></span>)<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td></tr><tr><td class=\"c x54f y29af w3cd h1c\"><div class=\"t m0 x15d h1f ye4c ff4 fs7 fc4 sc3 ls0 ws0\">TOTA<span class=\"_ _1\"></span>LI <span class=\"_ _f\"></span>AVV<span class=\"_ _1\"></span>IAM<span class=\"_ _1\"></span>ENT<span class=\"_ _1\"></span>I B<span class=\"_ _f\"></span>ANC<span class=\"_ _f\"></span>HE<span class=\"_ _f\"></span><span class=\"fc1 sc2\"> </span></div></td><td></td><td class=\"c x551 y29af w3cf h1c\"><div class=\"t m0 x12 h1f ye4c ff4 fs7 fc4 sc3 ls0 ws0\">28<span class=\"_ _1\"></span>1.<span class=\"_ _1\"></span>55<span class=\"_ _f\"></span>0<span class=\"fc1 sc2\"> </span></div></td><td></td></tr><tr><td class=\"c x54f y29b0 w3cd h12\"><div class=\"t m0 x15d h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">So.em.ro <span class=\"_ _f\"></span>(incorporata <span class=\"_ _f\"></span><span class=\"lsd8\">da<span class=\"_ _2\"></span><span class=\"ls0\"> <span class=\"_ _f\"></span>MGT</span></span><span class=\"lsd8\"><span class=\"ls0\"><span class=\"_ _f\"></span>) </span></span></div></td><td class=\"c x550 y29b0 w3ce h12\"><div class=\"t m0 x8 h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">19<span class=\"_ _f\"></span>98<span class=\"_ _1\"></span> </div></td><td class=\"c x551 y29b0 w3cf h12\"><div class=\"t m0 x49 h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">2<span class=\"_ _1\"></span>94<span class=\"_ _f\"></span> </div></td><td class=\"c x552 y29b0 w3d0 h12\"><div class=\"t m0 x35 h1f y295 ff4 fs7 fc1 sc0 ls0 ws0\">CGU B<span class=\"_ _1\"></span>ank<span class=\"_ _f\"></span>ing </div></td></tr><tr><td class=\"c x54f y29b1 w3cd h1d\"><div class=\"t m0 x15d h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">Net<span class=\"_ _f\"></span>ium </div></td><td class=\"c x550 y29b1 w3ce h1d\"><div class=\"t m0 x8 h1f y80 ff4 fs7 fc1 sc0 lsda ws0\">2001<span class=\"ls0\"> </span></div></td><td class=\"c x551 y29b1 w3cf h1d\"><div class=\"t m0 x11f h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">9<span class=\"_ _f\"></span> </div></td><td class=\"c x552 y29b1 w3d0 h1d\"><div class=\"t m0 x35 h1f y295 ff4 fs7 fc1 sc0 ls0 ws0\">CGU B<span class=\"_ _1\"></span>ank<span class=\"_ _f\"></span>ing </div></td></tr><tr><td class=\"c x54f y29b2 w3cd h69\"><div class=\"t m0 x15d h1f y392 ff4 fs7 fc1 sc0 ls0 ws0\">Cr<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>vita<span class=\"_ _f\"></span> </div></td><td class=\"c x550 y29b2 w3ce h69\"><div class=\"t m0 xe h1f y392 ff4 fs7 fc1 sc0 lsda ws0\">2008<span class=\"ls0\"> </span></div></td><td class=\"c x551 y29b2 w3cf h69\"><div class=\"t m0 xf h1f y392 ff4 fs7 fc1 sc0 ls0 ws0\">4.<span class=\"_ _f\"></span>092 </div></td><td class=\"c x552 y29b2 w3d0 h69\"><div class=\"t m0 x39 h1f y27 ff4 fs7 fc1 sc0 ls0 ws0\">CGU In<span class=\"_ _f\"></span>sura<span class=\"_ _1\"></span>nce<span class=\"_ _f\"></span> </div></td></tr><tr><td class=\"c x54f y29b3 w3cd h1d\"><div class=\"t m0 x15d h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">C.S. <span class=\"_ _f\"></span>Infor<span class=\"_ _2\"></span>m <span class=\"_ _f\"></span>(incorporata <span class=\"lsd7\">da</span> <span class=\"_ _f\"></span>Cr<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>tel<span class=\"_ _1\"></span>) </div></td><td class=\"c x550 y29b3 w3ce h1d\"><div class=\"t m0 x8 h1f y80 ff4 fs7 fc1 sc0 lsda ws0\">2010<span class=\"ls0\"> </span></div></td><td class=\"c x551 y29b3 w3cf h1d\"><div class=\"t m0 xe h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">1.<span class=\"_ _1\"></span>350<span class=\"_ _1\"></span> </div></td><td class=\"c x552 y29b3 w3d0 h1d\"><div class=\"t m0 x35 h1f y27 ff4 fs7 fc1 sc0 ls0 ws0\">CGU B<span class=\"_ _1\"></span>ank<span class=\"_ _f\"></span>ing </div></td></tr><tr><td class=\"c x54f y29b4 w3cd h1d\"><div class=\"t m0 x15d h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">Topkey <span class=\"_ _1\"></span>(incorporata <span class=\"_ _1\"></span><span class=\"lsd7\">da<span class=\"ls0\"> C<span class=\"_ _f\"></span>rede<span class=\"_ _f\"></span>mtel</span></span><span class=\"lsd7\"><span class=\"ls0\"><span class=\"_ _1\"></span>) </span></span></div></td><td class=\"c x550 y29b4 w3ce h1d\"><div class=\"t m0 x8 h1f y80 ff4 fs7 fc1 sc0 lsda ws0\">2014<span class=\"ls0\"> </span></div></td><td class=\"c x551 y29b4 w3cf h1d\"><div class=\"t m0 x49 h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">8<span class=\"_ _1\"></span>35<span class=\"_ _f\"></span> </div></td><td class=\"c x552 y29b4 w3d0 h1d\"><div class=\"t m0 x35 h1f y295 ff4 fs7 fc1 sc0 ls0 ws0\">CGU B<span class=\"_ _1\"></span>ank<span class=\"_ _f\"></span>ing </div></td></tr><tr><td class=\"c x54f y29b5 w3cd h1d\"><div class=\"t m0 x15d h1f y80 ff4 fs7 fc1 sc0 lsdb ws0\">Sata<span class=\"ls0\"> </span></div></td><td class=\"c x550 y29b5 w3ce h1d\"><div class=\"t m0 xa3 h1f y80 ff4 fs7 fc1 sc0 lsda ws0\">2020<span class=\"ls0\"> </span></div></td><td class=\"c x551 y29b5 w3cf h1d\"><div class=\"t m0 xe h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">1.<span class=\"_ _1\"></span>656<span class=\"_ _1\"></span> </div></td><td class=\"c x552 y29b5 w3d0 h1d\"><div class=\"t m0 x35 h1f y295 ff4 fs7 fc1 sc0 ls0 ws0\">CGU B<span class=\"_ _1\"></span>ank<span class=\"_ _f\"></span>ing </div></td></tr><tr><td class=\"c x54f y29b6 w3cd h4d\"><div class=\"t m0 x15d h1f y66c ff4 fs7 fc1 sc0 ls0 ws0\">Blue E<span class=\"_ _f\"></span>ye<span class=\"_ _f\"></span> </div></td><td class=\"c x550 y29b6 w3ce h4d\"><div class=\"t m0 x8 h1f y66c ff4 fs7 fc1 sc0 lsda ws0\">2021<span class=\"ls0\"> </span></div></td><td class=\"c x551 y29b6 w3cf h4d\"><div class=\"t m0 xe h1f y66c ff4 fs7 fc1 sc0 ls0 ws0\">1.<span class=\"_ _1\"></span>556<span class=\"_ _f\"></span> </div></td><td class=\"c x552 y29b6 w3d0 h4d\"><div class=\"t m0 x35 h1f y74a ff4 fs7 fc1 sc0 ls0 ws0\">CGU B<span class=\"_ _1\"></span>ank<span class=\"_ _f\"></span>ing </div></td></tr><tr><td class=\"c x54f y29b7 w3cd h61\"><div class=\"t m0 x15d h1f y66c ff4 fs7 fc4 sc3 ls0 ws0\">TOTA<span class=\"_ _1\"></span>LI <span class=\"_ _f\"></span>AVV<span class=\"_ _f\"></span>IAM<span class=\"_ _f\"></span>EN<span class=\"_ _1\"></span>TI<span class=\"_ _f\"></span><span class=\"fc1 sc2\"> </span></div></td><td></td><td class=\"c x551 y29b7 w3cf h61\"><div class=\"t m0 x12 h1f y66c ff4 fs7 fc4 sc3 ls0 ws0\">29<span class=\"_ _f\"></span>1.3<span class=\"_ _f\"></span>42<span class=\"fc1 sc2\"> </span></div></td><td></td></tr></table>Impa<span class=\"_ _f\"></span>irment test s<span class=\"_ _1\"></span>ugli a<span class=\"_ _f\"></span>vviamenti Defin<span class=\"_ _1\"></span>izion<span class=\"_ _1\"></span>e delle C<span class=\"_ _f\"></span>GU Lo IAS 36 <span class=\"_ _2\"></span>prevede che, anche <span class=\"_ _2\"></span>nell\u2019ottica della verifica <span class=\"_ _2\"></span>di eventuali riduzioni <span class=\"_ _2\"></span>di valore (\u201cImpairment Test\u201d),  gli <span class=\"_ _22\"> </span>avviamenti  acq<span class=\"_ _2\"></span>uisiti  in<span class=\"_ _2\"></span><span class=\"ff4\">  aggregazioni  aziendali  s<span class=\"_ _2\"></span>iano  allocati <span class=\"_ _4\"> </span>ad  unit\u00e0  organizzative </span>relativamente <span class=\"_ _e\"> </span>autonome <span class=\"_ _10\"> </span>nel <span class=\"_ _10\"> </span>profilo <span class=\"_ _10\"> </span>gestionale <span class=\"_ _10\"> </span>e <span class=\"_ _10\"> </span>che <span class=\"_ _e\"> </span>ben<span class=\"_ _2\"></span>efici<span class=\"_ _1\"></span>ano <span class=\"_ _10\"> </span>delle <span class=\"_ _10\"> </span>sinergie <span class=\"_ _10\"> </span>derivanti dall\u2019acquisizione. <span class=\"_ _9\"> </span>Tali  uni<span class=\"_ _1\"></span>t\u00e0  org<span class=\"_ _1\"></span>anizzative, <span class=\"_ _16\"> </span>denominate <span class=\"_ _9\"> </span>Cash  Gene<span class=\"_ _1\"></span>rating  Un<span class=\"_ _1\"></span>its  (<span class=\"_ _1\"></span>\u201cCGU\u201d), <span class=\"_ _16\"> </span>devono presentare le seguenti caratteristiche: <span class=\"_ _2c\"> </span><span class=\"ff5\">rappresentare <span class=\"_ _d\"></span>il <span class=\"_ _d\"></span>livello <span class=\"_ _2\"></span>minimo <span class=\"_ _d\"></span>con <span class=\"_ _d\"></span>riferimento <span class=\"_ _d\"></span>al <span class=\"_ _2\"></span>quale <span class=\"_ _d\"></span>l\u2019avviamento <span class=\"_ _d\"></span>stesso <span class=\"_ _d\"></span>\u00e8 <span class=\"_ _2\"></span>mo<span class=\"_ _2\"></span>nitorato <span class=\"_ _2\"></span>ai </span>fini del controllo di gestione interno; <span class=\"_ _2c\"> </span><span class=\"ff4\">non essere superiori a un Segmento Operativo definito ai sensi del p<span class=\"_ _1\"></span>rincipio IFRS 8. </span>Nel <span class=\"_ _2\"></span>G<span class=\"_ _2\"></span>ruppo <span class=\"_ _2\"></span>Credem <span class=\"_ _d\"></span>le <span class=\"_ _d\"></span>CGU <span class=\"_ _2\"></span>ch<span class=\"_ _2\"></span>e <span class=\"_ _d\"></span>hanno <span class=\"_ _2\"></span>beneficiato <span class=\"_ _d\"></span>e <span class=\"_ _d\"></span>che <span class=\"_ _d\"></span>continuano <span class=\"_ _d\"></span>a <span class=\"_ _2\"></span>beneficiarie <span class=\"_ _d\"></span>delle <span class=\"_ _d\"></span>sinergie derivanti dai processi di aggreg<span class=\"_ _1\"></span>azione effettuati nel tempo sono le seguenti:<span class=\"_ _df\"> </span><span class=\"_ _2c\"> </span><span class=\"ff4\">Banking;<span class=\"_ _df\"> </span></span><span class=\"_ _2c\"> </span><span class=\"ff4\">Insurance.<span class=\"_ _df\"> </span></span>Il <span class=\"_ _1\"></span>sistema di <span class=\"_ _f\"></span>reportistica util<span class=\"_ _1\"></span>izzato <span class=\"_ _1\"></span>dalla <span class=\"_ _1\"></span>Direzione <span class=\"_ _f\"></span>\u00e8 coerente <span class=\"_ _f\"></span>con tali CGU <span class=\"_ _f\"></span>(si ve<span class=\"_ _1\"></span>da l<span class=\"_ _1\"></span>a Parte <span class=\"_ _f\"></span>L relativa all\u2019Informativa <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>Settore) <span class=\"_ _2\"></span>e, <span class=\"_ _2\"></span>inoltre, <span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>flussi <span class=\"_ _2\"></span>finanziari <span class=\"_ _2\"></span>da <span class=\"_ _2\"></span>esse <span class=\"_ _2\"></span>prodotti <span class=\"_ _2\"></span>risultano <span class=\"_ _2\"></span>omogenei <span class=\"_ _2\"></span>quanto<span class=\"_ _df\"> </span>alla <span class=\"_ _14\"> </span>nat<span class=\"_ _2\"></span>ura <span class=\"_ _14\"> </span>della <span class=\"_ _15\"> </span>clientela <span class=\"_ _15\"> </span>ed <span class=\"_ _15\"> </span>alla <span class=\"_ _15\"> </span>tipologia <span class=\"_ _14\"> </span>di <span class=\"_ _15\"> </span>prodott<span class=\"_ _2\"></span>i <span class=\"_ _14\"> </span>e <span class=\"_ _15\"> </span>servizi <span class=\"_ _15\"> </span>forniti. <span class=\"_ _14\"> </span>Tali <span class=\"_ _15\"> </span>CGU <span class=\"_ _15\"> </span>pert<span class=\"_ _2\"></span>anto rappresentano <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>pi\u00f9 <span class=\"_ _d\"></span>piccolo <span class=\"_ _2\"></span>gruppo <span class=\"_ _2\"></span>di <span class=\"_ _d\"></span>attivit\u00e0 <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>genera <span class=\"_ _d\"></span>flussi <span class=\"_ _2\"></span>finanziari <span class=\"_ _2\"></span>in <span class=\"_ _d\"></span>entrata <span class=\"_ _2\"></span>indipendenti<span class=\"_ _df\"> </span>ed il <span class=\"_ _2\"></span>livello minimo al <span class=\"_ _2\"></span>quale l\u2019avviamento <span class=\"_ _2\"></span>pu\u00f2 essere allocato <span class=\"_ _2\"></span>secondo cr<span class=\"_ _2\"></span>iteri non ar<span class=\"_ _2\"></span>bitrari. \u00c8 a <span class=\"_ _2\"></span>tale Defin<span class=\"_ _1\"></span>izion<span class=\"_ _1\"></span>e del va<span class=\"_ _1\"></span>lore co<span class=\"_ _f\"></span>ntabile d<span class=\"_ _f\"></span>elle CGU  Nel <span class=\"_ _4\"> </span>caso <span class=\"_ _17\"> </span>di <span class=\"_ _4\"> </span>aziende <span class=\"_ _4\"> </span>bancarie <span class=\"_ _17\"> </span>e <span class=\"_ _4\"> </span>as<span class=\"_ _2\"></span>sicurative <span class=\"_ _4\"> </span>e, <span class=\"_ _4\"> </span>in <span class=\"_ _17\"> </span>generale, <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>aziende <span class=\"_ _4\"> </span>operanti <span class=\"_ _17\"> </span>nel <span class=\"_ _4\"> </span>s<span class=\"_ _2\"></span>ettore<span class=\"_ _df\"> </span> finanziario, l<span class=\"_ _1\"></span>e attivit\u00e0 e p<span class=\"_ _1\"></span>assivit\u00e0 <span class=\"_ _1\"></span>finanziarie, in <span class=\"_ _f\"></span>linea di p<span class=\"ff5\">rincipio escluse <span class=\"_ _f\"></span>dall\u2019ambito di applicazi<span class=\"_ _1\"></span>one<span class=\"_ _df\"> </span></span><span class=\"ff5\"> </span>dello <span class=\"_ _f\"></span>I<span class=\"_ _2\"></span>AS <span class=\"_ _f\"></span>36, costituiscono parte <span class=\"_ _f\"></span>integrante del <span class=\"_ _f\"></span>cor<span class=\"_ _2\"></span>e b<span class=\"_ _1\"></span>usiness. Al <span class=\"_ _f\"></span>fine di <span class=\"_ _f\"></span>identificare i <span class=\"_ _f\"></span>f<span class=\"_ _2\"></span>lussi <span class=\"_ _1\"></span>di cassa<span class=\"_ _df\"> </span> delle <span class=\"_ _f\"></span>CGU \u00e8<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>pertanto ne<span class=\"_ _f\"></span>cessar<span class=\"_ _2\"></span>io <span class=\"_ _f\"></span>considerare <span class=\"_ _f\"></span>anche <span class=\"_ _1\"></span>i <span class=\"_ _f\"></span>flussi di <span class=\"_ _f\"></span>cassa <span class=\"_ _1\"></span>associati <span class=\"_ _f\"></span>alle attivit\u00e0 <span class=\"_ _f\"></span>e <span class=\"_ _1\"></span>passivit\u00e0<span class=\"_ _df\"> </span><span class=\"_ _1\"></span> finanziarie.  Sulla <span class=\"_ _d\"></span>base <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>tale <span class=\"_ _d\"></span>impostazione, <span class=\"_ _d\"></span>l\u2019impairment <span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>est <span class=\"_ _2\"></span>di <span class=\"_ _d\"></span>CGU <span class=\"_ _d\"></span>operanti <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>ambito <span class=\"_ _d\"></span>finanziario <span class=\"_ _d\"></span>non <span class=\"_ _d\"></span>pu\u00f2<span class=\"_ _df\"> </span> che <span class=\"_ _9\"> </span>essere <span class=\"_ _16\"> </span>svolto <span class=\"_ _9\"> </span>secondo <span class=\"_ _9\"> </span>una  p<span class=\"_ _1\"></span>rospettiva <span class=\"_ _16\"> </span>cosid<span class=\"_ _1\"></span>detta <span class=\"_ _16\"> </span>\u201cequity<span class=\"_ _1\"></span> <span class=\"_ _16\"> </span>side\u201d. <span class=\"_ _9\"> </span>Coerentemente, <span class=\"_ _9\"> </span>anche <span class=\"_ _9\"> </span>il<span class=\"_ _df\"> </span> valore contabile delle CGU deve essere determinato secondo la stessa prospettiva.  In particolare, il valore contabile delle CGU \u00e8 stato determinato nel<span class=\"_ _1\"></span> seguente modo:<span class=\"_ _df\"> </span><span class=\"_ _2\"></span> Per <span class=\"_ _20\"> </span>la <span class=\"_ _c\"> </span>CGU <span class=\"_ _20\"> </span>Insurance, <span class=\"_ _c\"> </span>com<span class=\"_ _2\"></span>posta <span class=\"_ _20\"> </span>integralmente <span class=\"_ _c\"> </span>dalle <span class=\"_ _20\"> </span>entit\u00e0 <span class=\"_ _20\"> </span>giurid<span class=\"_ _1\"></span>iche <span class=\"_ _c\"> </span>Cr<span class=\"_ _2\"></span>edemvita <span class=\"_ _20\"> </span>e<span class=\"_ _df\"> </span> Credemassicurazioni, <span class=\"_ _4\"> </span>il <span class=\"_ _17\"> </span>va<span class=\"_ _2\"></span>lore <span class=\"_ _17\"> </span>contabile <span class=\"_ _4\"> </span>\u00e8 <span class=\"_ _17\"> </span>st<span class=\"_ _2\"></span>ato <span class=\"_ _17\"> </span>determinato<span class=\"_ _2\"></span> <span class=\"_ _17\"> </span>analiticamente, <span class=\"_ _4\"> </span>su<span class=\"_ _2\"></span>lla <span class=\"_ _4\"> </span>base <span class=\"_ _14\"> </span>del<span class=\"_ _df\"> </span> contributo al patrimonio netto consolidato di ciascuna socie<span class=\"_ _1\"></span>t\u00e0.<span class=\"_ _df\"> </span><span class=\"_ _2\"></span> Per l<span class=\"_ _1\"></span>a CGU <span class=\"_ _f\"></span>Banking, composta integralmente <span class=\"_ _f\"></span>dalle entit\u00e0 <span class=\"_ _f\"></span>giuridiche ind<span class=\"_ _1\"></span>ividuate nel<span class=\"_ _1\"></span> corrispondente<span class=\"_ _df\"> </span> settore operativo (si veda la Parte L relativa all\u2019Informativa<span class=\"ff4\"> di Set<span class=\"_ _2\"></span>tore), il relativo valore contabile<span class=\"_ _1\"></span> \u00e8<span class=\"_ _df\"> </span></span><span class=\"ff4\"> </span>stato determinato:<span class=\"_ _df\"> </span> <span class=\"_ _2c\"> </span><span class=\"ff4\">allocando analiticamente gli avviamenti di pertinenza;<span class=\"_ _df\"> </span></span><span class=\"_ _2c\"> </span><span class=\"ff5\">allocando <span class=\"_ _1a\"> </span>il <span class=\"_ _19\"> </span>patrimonio <span class=\"_ _1a\"> </span>netto <span class=\"_ _1a\"> </span>consolidato <span class=\"_ _1a\"> </span>\u201cresidu<span class=\"_ _1\"></span>o\u201d <span class=\"_ _1a\"> </span>in <span class=\"_ _1a\"> </span>proporzione <span class=\"_ _19\"> </span>al <span class=\"_ _1a\"> </span>capitale<span class=\"_ _df\"> </span></span><span class=\"ff5\"> </span>regolamentare <span class=\"_ _18\"> </span>richiesto <span class=\"_ _18\"> </span>per <span class=\"_ _18\"> </span>l\u2019operativit\u00e0 <span class=\"_ _10\"> </span>della <span class=\"_ _18\"> </span>CGU.<span class=\"_ _2\"></span><span class=\"ff4\">  <span class=\"_ _18\"> </span></span>L\u2019ut<span class=\"ff4\">ilizzo <span class=\"_ _18\"> </span>di <span class=\"_ _18\"> </span>tale <span class=\"_ _18\"> </span>indicatore<span class=\"_ _df\"> </span></span><span class=\"ff4\"> </span>gestionale <span class=\"_ _c\"> </span>risulta <span class=\"_ _1a\"> </span>giustificato <span class=\"_ _c\"> </span>dalla <span class=\"_ _c\"> </span>conside<span class=\"_ _1\"></span>razione <span class=\"_ _c\"> </span>che, <span class=\"_ _c\"> </span>nell\u2019ambi<span class=\"_ _1\"></span>to <span class=\"_ _c\"> </span>dell\u2019attivit\u00e0<span class=\"_ _df\"> </span>finanziaria, <span class=\"_ _f\"></span>i fattori di <span class=\"_ _f\"></span>rischio ed <span class=\"_ _f\"></span>i relativi <span class=\"_ _1\"></span>assorbimenti di<span class=\"_ _1\"></span> capi<span class=\"_ _1\"></span>tale regolamentare <span class=\"_ _f\"></span>incidono<span class=\"_ _df\"> </span> nella g<span class=\"_ _1\"></span>enerazione dei fl<span class=\"_ _1\"></span>ussi finanziari <span class=\"_ _1\"></span>prospettici e qu<span class=\"_ _1\"></span>indi nella <span class=\"_ _1\"></span>determinazione de<span class=\"_ _1\"></span>l valore<span class=\"_ _df\"> </span>recuperabile con il quale il valore contabile deve<span class=\"_ _1\"></span> risultare coerente.<span class=\"_ _df\"> </span>Di <span class=\"_ _2\"></span>seguito <span class=\"_ _2\"></span>si <span class=\"_ _2\"></span>riporta <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>prospetto <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>sintesi <span class=\"_ _2\"></span>relativo <span class=\"_ _2\"></span>ai <span class=\"_ _2\"></span>valori <span class=\"_ _2\"></span>contabili <span class=\"_ _2\"></span>delle <span class=\"_ _2\"></span>CGU <span class=\"_ _d\"></span>e <span class=\"_ _2\"></span>ai <span class=\"_ _2\"></span>relativi <span class=\"_ _2\"></span>valori <span class=\"_ _2\"></span>di<span class=\"_ _df\"> </span> bilancio degli avviamenti (in milioni di euro):  <table class=\"s wba1 h4e3\" id=\"_d8ccf9c4-8334-434d-b78b-7edf8887c010\"><tr><td></td><td class=\"c x553 y29b8 w3d1 h142\"><div class=\"t m0 x31 h1f y11c8 ff4 fs7 fc1 sc0 ls0 ws0\">CGU Banking<span class=\"_ _df\"> </span> </div></td><td class=\"c x554 y29b8 w1a0 h142\"><div class=\"t m0 x11d h1f y11c8 ff4 fs7 fc1 sc0 ls0 ws0\">CGU Insurance<span class=\"_ _df\"> </span> </div></td></tr><tr><td class=\"c x555 y29b9 w3d2 h90\"><div class=\"t m0 x8a h1f y41f ff4 fs7 fc1 sc0 ls0 ws0\">Valore contabi<span class=\"_ _1\"></span>le CGU<span class=\"_ _df\"> </span> </div></td><td class=\"c x553 y29b9 w3d1 h90\"><div class=\"t m0 x8f h1f y41f ff4 fs7 fc1 sc0 ls27 ws0\">3.<span class=\"ls0\">394,7<span class=\"_ _df\"> </span></span><span class=\"ls0\"> </span></div></td><td class=\"c x554 y29b9 w1a0 h90\"><div class=\"t m0 x22 h1f y41f ff4 fs7 fc1 sc0 ls0 ws0\">720,8<span class=\"_ _df\"> </span> </div></td></tr><tr><td class=\"c x555 y29ba w3d2 h142\"><div class=\"t m0 x8a h1f y11c8 ff4 fs7 fc1 sc0 ls0 ws0\">Avviamenti all<span class=\"_ _1\"></span>ocati<span class=\"_ _df\"> </span> </div></td><td class=\"c x553 y29ba w3d1 h142\"><div class=\"t m0 x90 h1f y11c8 ff4 fs7 fc1 sc0 ls0 ws0\">288,9<span class=\"_ _df\"> </span> </div></td><td class=\"c x554 y29ba w1a0 h142\"><div class=\"t m0 x3b h1f y11c8 ff4 fs7 fc1 sc0 ls0 ws0\">14,4<span class=\"_ _df\"> </span> </div></td></tr></table>Gli avviamenti sopra riportati si rife<span class=\"_ _1\"></span>riscono al bilancio consolidato.<span class=\"_ _df\"> </span><span class=\"_ _2\"></span> Oltre <span class=\"_ _f\"></span>all\u2019importo <span class=\"_ _f\"></span>di <span class=\"_ _f\"></span>291,3 mil<span class=\"_ _1\"></span>ioni <span class=\"_ _f\"></span>di <span class=\"_ _f\"></span>euro <span class=\"_ _1\"></span>contabilizzato <span class=\"_ _f\"></span>alla <span class=\"_ _f\"></span>voce <span class=\"_ _f\"></span>\u201cAt<span class=\"_ _2\"></span>tivit\u00e0 <span class=\"_ _f\"></span>Immateriali\u201d, <span class=\"_ _f\"></span>gli <span class=\"_ _f\"></span>avviamenti<span class=\"_ _df\"> </span><span class=\"_ _2\"></span> allocati <span class=\"_ _0\"></span>comprendono <span class=\"_ _0\"></span>anche <span class=\"_ _0\"></span>gli <span class=\"_ _9\"> </span>avviamenti <span class=\"_ _0\"></span>relativi <span class=\"_ _0\"></span>a <span class=\"_ _0\"></span>Credemassicurazioni, <span class=\"_ _0\"></span>pari <span class=\"_ _9\"> </span>a <span class=\"_ _0\"></span>10,3 <span class=\"_ _0\"></span>milioni <span class=\"_ _0\"></span>di<span class=\"_ _df\"> </span> euro, <span class=\"_ _2\"></span>ad <span class=\"_ _2\"></span>Andxor, <span class=\"_ _d\"></span>pari <span class=\"_ _2\"></span>a <span class=\"_ _d\"></span>1,1 <span class=\"_ _2\"></span>milioni <span class=\"_ _2\"></span>di <span class=\"_ _d\"></span>euro, <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>F<span class=\"_ _2\"></span>lairbit, <span class=\"_ _2\"></span>pari <span class=\"_ _2\"></span>a <span class=\"_ _d\"></span>0,4 <span class=\"_ _2\"></span>milioni <span class=\"_ _d\"></span>di <span class=\"_ _2\"></span>euro <span class=\"_ _d\"></span>e <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>Mynet, <span class=\"_ _d\"></span>pari <span class=\"_ _2\"></span>a <span class=\"_ _d\"></span>0,2<span class=\"_ _df\"> </span> milioni di euro inclusi nella voce partecipazioni.<span class=\"_ _df\"> </span> Defin<span class=\"_ _1\"></span>izion<span class=\"_ _1\"></span>e del va<span class=\"_ _1\"></span>lore re<span class=\"_ _f\"></span>cuperab<span class=\"_ _1\"></span>ile delle<span class=\"_ _f\"></span> CGU  Il  principio  contabile<span class=\"_ _1\"></span>  IAS  36  richiede  che,  almeno  annualmente,  l\u2019ammontare  dell<span class=\"_ _1\"></span>\u2019avviamento<span class=\"_ _df\"> </span> iscritto <span class=\"_ _d\"></span>a <span class=\"_ _2\"></span>bilancio <span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>ia <span class=\"_ _2\"></span>sottoposto <span class=\"_ _d\"></span>a <span class=\"_ _2\"></span>Impairment <span class=\"_ _d\"></span>Test. <span class=\"_ _2\"></span>Il <span class=\"_ _d\"></span>test <span class=\"_ _2\"></span>di <span class=\"_ _d\"></span>impairment <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _d\"></span>svol<span class=\"_ _2\"></span>to <span class=\"_ _2\"></span>raffr<span class=\"_ _2\"></span>ontando <span class=\"_ _2\"></span>il<span class=\"_ _df\"> </span> valore <span class=\"_ _0\"></span>contabile <span class=\"_ _0\"></span>delle <span class=\"_ _0\"></span>CGU <span class=\"_ _0\"></span>a <span class=\"_ _0\"> </span>cui <span class=\"_ _9\"> </span>\u00e8 <span class=\"_ _0\"></span>allocato <span class=\"_ _0\"></span>con <span class=\"_ _0\"></span>il <span class=\"_ _0\"></span>valore <span class=\"_ _0\"></span>recuperabile <span class=\"_ _d\"></span>dal<span class=\"_ _2\"></span>le <span class=\"_ _d\"></span>s<span class=\"_ _2\"></span>tesse. <span class=\"_ _0\"></span>Laddove <span class=\"_ _d\"></span>t<span class=\"_ _2\"></span>ale<span class=\"_ _df\"> </span> valore risultasse inferiore al valore contabile d<span class=\"_ _1\"></span>eve essere rilevata una rettifica di valore. <span class=\"_ _2\"></span> Il <span class=\"_ _2\"></span>valore <span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>ecuperabile <span class=\"_ _2\"></span>della <span class=\"_ _2\"></span>CGU <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _d\"></span>il <span class=\"_ _2\"></span>maggiore <span class=\"_ _d\"></span>tra <span class=\"_ _d\"></span>il <span class=\"_ _2\"></span>suo <span class=\"_ _2\"></span>fair <span class=\"_ _d\"></span>value <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>netto <span class=\"_ _d\"></span>dei <span class=\"_ _2\"></span>costi <span class=\"_ _d\"></span>di <span class=\"_ _2\"></span>vendita <span class=\"_ _2\"></span>ed <span class=\"_ _2\"></span>il<span class=\"_ _df\"> </span> suo <span class=\"_ _4\"> </span>valore <span class=\"_ _4\"> </span>d\u2019uso. <span class=\"_ _4\"> </span>Il <span class=\"_ _4\"> </span>principio <span class=\"_ _4\"> </span>aggiunge <span class=\"_ _4\"> </span>che <span class=\"_ _4\"> </span>nello <span class=\"_ _4\"> </span>svolgimento <span class=\"_ _17\"> </span>del <span class=\"_ _4\"> </span>test <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>impairment <span class=\"_ _4\"> </span>non <span class=\"_ _4\"> </span>\u00e8<span class=\"_ _df\"> </span> necessario definire sia il <span class=\"_ _2\"></span>valore d\u2019uso che il <span class=\"_ _2\"></span>fair value, ma \u00e8 <span class=\"_ _2\"></span>sufficiente che almeno uno dei due <span class=\"_ _2\"></span>sia<span class=\"_ _df\"> </span> s<span class=\"ff5\">uperiore <span class=\"_ _0\"></span>al <span class=\"_ _0\"></span>valore <span class=\"_ _0\"> </span>cont<span class=\"_ _2\"></span>abile <span class=\"_ _0\"></span>per <span class=\"_ _0\"></span>confermare <span class=\"_ _9\"> </span>l\u2019assenza <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>una <span class=\"_ _9\"> </span>perdita <span class=\"_ _0\"></span>durevole <span class=\"_ _0\"></span>di <span class=\"_ _9\"> </span>valore. <span class=\"_ _0\"></span>Ai <span class=\"_ _0\"></span>fi<span class=\"_ _2\"></span>ni<span class=\"_ _df\"> </span></span><span class=\"ff5\"> </span>dell\u2019individuazione del valore recupe<span class=\"_ _1\"></span>rabile delle singole CGU \u00e8 stato individuato il valore d\u2019uso. <span class=\"_ _2\"></span><span class=\"ff4\"> </span>Per l<span class=\"_ _1\"></span>a CGU <span class=\"_ _f\"></span>Banking, <span class=\"_ _1\"></span>il v<span class=\"_ _1\"></span>alore d\u2019<span class=\"_ _1\"></span>uso \u00e8 <span class=\"_ _f\"></span>stato determinato <span class=\"_ _f\"></span>at<span class=\"_ _2\"></span><span class=\"ff4\">traverso <span class=\"_ _f\"></span>lo svilu<span class=\"_ _1\"></span>ppo del<span class=\"_ _1\"></span> Divi<span class=\"_ _1\"></span>dend Discount<span class=\"_ _df\"> </span></span><span class=\"ff4\"><span class=\"_ _1\"></span> </span>Model <span class=\"_ _e\"> </span>(DDM). <span class=\"_ _e\"> </span>Tale <span class=\"_ _10\"> </span>metodo <span class=\"_ _e\"> </span>determina <span class=\"_ _e\"> </span>il <span class=\"_ _10\"> </span>valore <span class=\"_ _e\"> </span>in <span class=\"_ _e\"> </span>funzione <span class=\"_ _10\"> </span>del <span class=\"_ _e\"> </span>flusso <span class=\"_ _e\"> </span>di <span class=\"_ _10\"> </span>dividendi<span class=\"_ _1\"></span> <span class=\"_ _e\"> </span>at<span class=\"_ _2\"></span>tesi<span class=\"_ _df\"> </span> potenzialmente <span class=\"_ _2\"></span>distribuibili. <span class=\"_ _d\"></span>Nella <span class=\"_ _d\"></span>fattispecie<span class=\"_ _f\"></span>, <span class=\"_ _d\"></span>il <span class=\"_ _d\"></span>metodo <span class=\"_ _d\"></span>utilizzato <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _d\"></span>il <span class=\"_ _2\"></span>D<span class=\"_ _2\"></span>DM <span class=\"_ _2\"></span>nella <span class=\"_ _2\"></span>variante <span class=\"_ _d\"></span>\u201cExcess<span class=\"_ _df\"> </span> Capital\u201d, <span class=\"_ _2\"></span>comunemente <span class=\"_ _2\"></span>a<span class=\"_ _2\"></span><span class=\"ff4\">dottata <span class=\"_ _2\"></span>nella <span class=\"_ _2\"></span>prassi <span class=\"_ _d\"></span>valutativa <span class=\"_ _2\"></span>per <span class=\"_ _d\"></span>il <span class=\"_ _2\"></span>settore <span class=\"_ _2\"></span>bancario, <span class=\"_ _d\"></span>in <span class=\"_ _2\"></span>base <span class=\"_ _2\"></span>al <span class=\"_ _d\"></span>quale <span class=\"_ _2\"></span>il<span class=\"_ _df\"> </span></span><span class=\"ff4\"><span class=\"_ _2\"></span> </span>valore economico \u00e8 pari alla sommatoria dei segu<span class=\"_ _1\"></span>enti elementi:<span class=\"_ _df\"> </span><span class=\"_ _2\"></span> <span class=\"_ _2c\"> </span><span class=\"ff5\">valore <span class=\"_ _9\"> </span>attuale <span class=\"_ _9\"> </span>dei <span class=\"_ _0\"> </span>flussi <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>cassa <span class=\"_ _9\"> </span>futuri <span class=\"_ _9\"> </span>generati <span class=\"_ _9\"> </span>nell\u2019arco <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>un <span class=\"_ _9\"> </span>determinato <span class=\"_ _9\"> </span>orizzonte<span class=\"_ _df\"> </span></span><span class=\"ff5\"> </span>temporale di <span class=\"_ _2\"></span>pianificazione <span class=\"_ _2\"></span>esplicita <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>distribuibili<span class=\"_ _1\"></span> <span class=\"_ _2\"></span>agli <span class=\"_ _2\"></span>azionisti <span class=\"_ _2\"></span>mantenendo un <span class=\"_ _2\"></span>livello di<span class=\"_ _df\"> </span>patrimonializzazione, <span class=\"_ _14\"> </span>coerente <span class=\"_ _14\"> </span>con <span class=\"_ _15\"> </span>le <span class=\"_ _14\"> </span>istruzioni <span class=\"_ _14\"> </span>dettate <span class=\"_ _15\"> </span>in <span class=\"_ _17\"> </span>materia <span class=\"_ _15\"> </span>dall\u2019Autorit\u00e0 <span class=\"_ _14\"> </span>di<span class=\"_ _df\"> </span> Vigilanza e compatibile con la natura e l\u2019evolu<span class=\"_ _1\"></span>zione attesa delle attivit\u00e0;<span class=\"_ _df\"> </span><span class=\"_ _2c\"> </span><span class=\"ff4\">valore <span class=\"_ _2\"></span>attuale di <span class=\"_ _2\"></span>una <span class=\"_ _2\"></span>rendita <span class=\"_ _2\"></span>perpetua definita <span class=\"_ _2\"></span>sulla base <span class=\"_ _2\"></span>di un <span class=\"_ _2\"></span>dividendo <span class=\"_ _2\"></span>sostenibile per<span class=\"_ _df\"> </span></span>gli <span class=\"_ _4\"> </span>esercizi<span class=\"_ _1\"></span> <span class=\"_ _4\"> </span>successivi <span class=\"_ _4\"> </span>al <span class=\"_ _4\"> </span>periodo <span class=\"_ _4\"> </span>di <span class=\"_ _22\"> </span>pianificazione <span class=\"_ _4\"> </span>esplicita, <span class=\"_ _4\"> </span>coerente <span class=\"_ _4\"> </span>con <span class=\"_ _4\"> </span>i <span class=\"_ _22\"> </span>livelli <span class=\"_ _4\"> </span>di<span class=\"_ _df\"> </span>patrimonializzazione richiesti dall\u2019Au<span class=\"_ _f\"></span>t<span class=\"_ _2\"></span>orit\u00e0 di Vigilanza.<span class=\"_ _df\"> </span>Nonostante <span class=\"_ _d\"></span>l\u2019espressione <span class=\"_ _d\"></span>D<span class=\"_ _2\"></span>ividend <span class=\"_ _d\"></span>Discount <span class=\"_ _0\"></span><span class=\"ff4\">Model <span class=\"_ _d\"></span>richiami <span class=\"_ _d\"></span>la <span class=\"_ _0\"></span>parola <span class=\"_ _0\"></span>dividend<span class=\"_ _1\"></span>o, <span class=\"_ _d\"></span>i <span class=\"_ _0\"></span>flussi <span class=\"_ _0\"></span>di <span class=\"_ _d\"></span>cassa<span class=\"_ _df\"> </span></span>considerati dal <span class=\"_ _2\"></span>modello non <span class=\"_ _2\"></span>sono <span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>dividendi che <span class=\"_ _2\"></span>si prevede <span class=\"_ _2\"></span>verranno <span class=\"_ _2\"></span>distribuiti agli <span class=\"_ _2\"></span>azionisti, ma <span class=\"_ _2\"></span>i<span class=\"_ _df\"> </span>flussi di <span class=\"_ _2\"></span>cassa <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>cui <span class=\"_ _2\"></span>un azionista <span class=\"_ _2\"></span>potenzialmente <span class=\"_ _2\"></span>potrebbe <span class=\"_ _2\"></span>beneficiare nel <span class=\"_ _2\"></span>rispetto <span class=\"_ _d\"></span>dei limiti <span class=\"_ _2\"></span>dell<span class=\"_ _2\"></span><span class=\"lse\">e<span class=\"_ _df\"> </span></span>dotazioni patrimoniali richieste dall\u2019<span class=\"_ _1\"></span>operativit\u00e0 aziendale.<span class=\"_ _df\"> </span>I flussi per l\u2019applicazione della metodologia valutativa sono stati desunti dal Preconsuntivo 2025 e<span class=\"_ _df\"> </span>Budget <span class=\"_ _2\"></span>2026 <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>Gruppo <span class=\"_ _2\"></span>Credem, <span class=\"_ _2\"></span>approvati <span class=\"_ _2\"></span>dal <span class=\"_ _2\"></span>Consiglio <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>Amministrazione <span class=\"_ _2\"></span>della <span class=\"_ _2\"></span>Capogruppo <span class=\"_ _2\"></span>i<span class=\"_ _2\"></span><span class=\"ls1a\">l<span class=\"_ _df\"> </span></span>19 di<span class=\"_ _1\"></span>cembre <span class=\"_ _1\"></span>2025 e <span class=\"_ _f\"></span>da p<span class=\"_ _1\"></span>roiezioni, redatte <span class=\"_ _f\"></span>ai soli<span class=\"_ _1\"></span> fini<span class=\"_ _1\"></span> de<span class=\"_ _1\"></span>l test<span class=\"_ _1\"></span> di <span class=\"_ _f\"></span>impairment sugli <span class=\"_ _f\"></span>avviamenti, <span class=\"_ _1\"></span>relative<span class=\"_ _df\"> </span>agli <span class=\"_ _4\"> </span>esercizi <span class=\"_ _17\"> </span>dal <span class=\"_ _17\"> </span>2027 <span class=\"_ _14\"> </span>al <span class=\"_ _17\"> </span>2028, <span class=\"_ _17\"> </span>anch\u2019esse <span class=\"_ _17\"> </span>approvate <span class=\"_ _4\"> </span>dal <span class=\"_ _17\"> </span>Consiglio <span class=\"_ _17\"> </span>di <span class=\"_ _17\"> </span>Amministrazione <span class=\"_ _17\"> </span>della<span class=\"_ _df\"> </span>Capogruppo il 19 dicembre 2025.<span class=\"_ _df\"> </span>Per <span class=\"_ _f\"></span>quanto rigu<span class=\"_ _1\"></span>arda <span class=\"_ _1\"></span>gli <span class=\"_ _f\"></span>impatt<span class=\"_ _2\"></span>i <span class=\"_ _f\"></span>del <span class=\"_ _f\"></span>rischio cl<span class=\"_ _1\"></span>imatico <span class=\"_ _1\"></span>sulle <span class=\"_ _f\"></span>stime e <span class=\"_ _11\"></span>sugli asp<span class=\"_ _1\"></span>etti <span class=\"_ _1\"></span>valutativi, <span class=\"_ _f\"></span>si e<span class=\"_ _1\"></span>videnzia<span class=\"_ _df\"> </span>che <span class=\"_ _d\"></span>gli <span class=\"_ _0\"></span>effetti <span class=\"_ _0\"></span>del <span class=\"_ _0\"></span>piano <span class=\"_ _0\"></span>di <span class=\"_ _d\"></span>t<span class=\"_ _2\"></span>ransizione<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>adottato <span class=\"_ _0\"></span>sono <span class=\"_ _0\"></span>incorporati <span class=\"_ _d\"></span>nella <span class=\"_ _0\"></span>pianificazione <span class=\"_ _0\"></span>dei <span class=\"_ _d\"></span>risultati<span class=\"_ _df\"> </span>economici <span class=\"_ _4\"> </span>e <span class=\"_ _17\"> </span>patrimoniali <span class=\"_ _4\"> </span>del <span class=\"_ _4\"> </span>g<span class=\"_ _2\"></span>ruppo. <span class=\"_ _4\"> </span>I <span class=\"_ _4\"> </span>flussi <span class=\"_ _17\"> </span>per <span class=\"_ _4\"> </span>l\u2019applicazione <span class=\"_ _17\"> </span>della <span class=\"_ _4\"> </span>me<span class=\"_ _2\"></span><span class=\"ff4\">todologia <span class=\"_ _17\"> </span>valutativa<span class=\"_ _df\"> </span></span>incorporano  anche <span class=\"_ _22\"> </span>le <span class=\"_ _4\"> </span>stime  dei <span class=\"_ _4\"> </span>rischi  e <span class=\"_ _22\"> </span>d<span class=\"_ _2\"></span>egli  assorbimenti <span class=\"_ _22\"> </span>patr<span class=\"_ _2\"></span>imoniali,  calcolati  tenendo <span class=\"_ _22\"> </span>i<span class=\"_ _2\"></span>n<span class=\"_ _df\"> </span>considerazione <span class=\"_ _f\"></span>anche l\u2019integrazione d<span class=\"_ _1\"></span>elle tematiche<span class=\"_ _1\"></span> ESG <span class=\"_ _f\"></span>all\u2019interno del <span class=\"_ _f\"></span>processo di <span class=\"_ _1\"></span>pianificazione,<span class=\"_ _df\"> </span>tramite <span class=\"_ _16\"> </span>la <span class=\"_ _9\"> </span>declinazione <span class=\"_ _9\"> </span>di <span class=\"_ _16\"> </span>obiettivi <span class=\"_ _9\"> </span>rico<span class=\"_ _2\"></span>nducibili <span class=\"_ _9\"> </span>ad <span class=\"_ _16\"> </span>orizzonti <span class=\"_ _9\"> </span>temporali <span class=\"_ _16\"> </span>di <span class=\"_ _9\"> </span>breve, <span class=\"_ _9\"> </span>med<span class=\"_ _2\"></span>io <span class=\"_ _9\"> </span>e <span class=\"_ _16\"> </span>lungo<span class=\"_ _df\"> </span>termine, <span class=\"_ _6\"> </span>coerentemente <span class=\"_ _26\"> </span>alle <span class=\"_ _26\"> </span>indi<span class=\"_ _1\"></span>cazioni <span class=\"_ _6\"> </span>esp<span class=\"_ _2\"></span>licitate <span class=\"_ _6\"> </span>dal <span class=\"_ _26\"> </span>D.lgs. <span class=\"_ _6\"> </span>125/2024, <span class=\"_ _26\"> </span>inerente <span class=\"_ _6\"> </span>la<span class=\"_ _df\"> </span>Rendicontazione Societaria Consolidata di sostenibil<span class=\"_ _1\"></span>it\u00e0.<span class=\"_ _df\"> </span>Per <span class=\"_ _1a\"> </span>quanto <span class=\"_ _1a\"> </span>riguarda <span class=\"_ _1a\"> </span>il <span class=\"_ _1a\"> </span>rischio <span class=\"_ _1a\"> </span>geopolitico,<span class=\"_ _1\"></span> <span class=\"_ _1a\"> </span>questo <span class=\"_ _1a\"> </span>\u00e8 <span class=\"_ _1a\"> </span>un <span class=\"_ _1a\"> </span>f<span class=\"_ _2\"></span><span class=\"ff5\">attore <span class=\"_ _1a\"> </span>critico <span class=\"_ _1a\"> </span>nell<span class=\"_ _1\"></span>\u2019esecuzione<span class=\"_ _df\"> </span></span>dell\u2019impairment <span class=\"_ _19\"> </span>test <span class=\"_ _1a\"> </span>degl<span class=\"_ _1\"></span>i <span class=\"_ _19\"> </span>Avviamenti <span class=\"_ _1a\"> </span>e <span class=\"_ _19\"> </span>viene <span class=\"_ _19\"> </span>indirettamente <span class=\"_ _1a\"> </span>considerato <span class=\"_ _19\"> </span>come <span class=\"_ _19\"> </span>fattore<span class=\"_ _df\"> </span>moltiplicatore <span class=\"_ _9\"> </span>di <span class=\"_ _16\"> </span>incertezza. <span class=\"_ _9\"> </span>Se <span class=\"_ _9\"> </span>da <span class=\"_ _16\"> </span>un <span class=\"_ _9\"> </span>lato <span class=\"_ _9\"> </span>i <span class=\"_ _9\"> </span>flussi <span class=\"_ _16\"> </span>di <span class=\"_ _9\"> </span>cassa <span class=\"_ _9\"> </span>attesi <span class=\"_ _9\"> </span>t<span class=\"_ _2\"></span>engono <span class=\"_ _9\"> </span>conto <span class=\"_ _9\"> </span>di <span class=\"_ _16\"> </span>un <span class=\"_ _9\"> </span>preciso<span class=\"_ _df\"> </span>scenario <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>pianificazione, <span class=\"_ _2\"></span>d\u2019altro <span class=\"_ _0\"></span>canto <span class=\"_ _d\"></span><span class=\"ff4\">le <span class=\"_ _d\"></span>stime <span class=\"_ _d\"></span>delle <span class=\"_ _d\"></span>variabili <span class=\"_ _d\"></span>macroeconomiche <span class=\"_ _d\"></span>utilizzate <span class=\"_ _2\"></span>nella<span class=\"_ _df\"> </span></span>pianificazione de<span class=\"_ _1\"></span>i flussi d<span class=\"_ _1\"></span>i cassa attesi <span class=\"_ _1\"></span>per le <span class=\"_ _1\"></span>Cash Gene<span class=\"_ _1\"></span>rating Unit gi\u00e0 <span class=\"_ _1\"></span>incorporano la<span class=\"_ _1\"></span> probabilit\u00e0 <span class=\"_ _1\"></span>di<span class=\"_ _df\"> </span>accadimento di un rischio geopolitico. Il <span class=\"_ _d\"></span>rischio <span class=\"_ _d\"></span>geopolitico <span class=\"_ _d\"></span>ha <span class=\"_ _d\"></span>anche <span class=\"_ _d\"></span>riflessi <span class=\"_ _d\"></span>sul <span class=\"_ _d\"></span>tasso <span class=\"_ _d\"></span>di <span class=\"_ _0\"></span>sconto <span class=\"_ _d\"></span>impiegato <span class=\"_ _d\"></span>nel <span class=\"_ _d\"></span>costo <span class=\"_ _d\"></span>del <span class=\"_ _d\"></span>capitale <span class=\"_ _d\"></span>per <span class=\"_ _d\"></span>la<span class=\"_ _df\"> </span>determinazione del <span class=\"_ _1\"></span>valore attuale dei flu<span class=\"_ _1\"></span>ssi futuri poich\u00e9 inf<span class=\"_ _1\"></span>luenza il risk-free rate (i rendimenti dei<span class=\"_ _df\"> </span>titoli <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>Stato <span class=\"_ _4\"> </span>usati <span class=\"_ _4\"> </span>come <span class=\"_ _4\"> </span>base<span class=\"_ _1\"></span> <span class=\"_ _4\"> </span>per <span class=\"_ _4\"> </span>il <span class=\"_ _22\"> </span>t<span class=\"_ _2\"></span>asso <span class=\"_ _4\"> </span>privo <span class=\"_ _4\"> </span>di <span class=\"_ _22\"> </span>r<span class=\"_ _2\"></span>ischio <span class=\"_ _4\"> </span>sono <span class=\"_ _4\"> </span>condizionati <span class=\"_ _22\"> </span>dall\u2019instabilit\u00e0<span class=\"_ _df\"> </span>geopolitica).<span class=\"_ _df\"> </span>Il livello di patr<span class=\"_ _2\"></span>imonializz<span class=\"_ _1\"></span>azione, <span class=\"_ _2\"></span>ai fini della determinazione del <span class=\"_ _2\"></span>flusso di <span class=\"_ _2\"></span>divid<span class=\"_ _1\"></span>endi potenzialmente<span class=\"_ _df\"> </span>distribuibili, \u00e8 <span class=\"_ _2\"></span>st<span class=\"_ _2\"></span>ato <span class=\"_ _2\"></span>ipotizzato <span class=\"_ _2\"></span>pari <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>11,24% <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>Tier <span class=\"_ _2\"></span>1 <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>all\u201913,55% di <span class=\"_ _2\"></span>Tier <span class=\"_ _2\"></span>Total <span class=\"_ _2\"></span>(livelli <span class=\"_ _2\"></span>calcolati <span class=\"_ _2\"></span>sulla<span class=\"_ _df\"> </span>base <span class=\"_ _2\"></span>della <span class=\"_ _2\"></span>Final <span class=\"_ _2\"></span>SREP <span class=\"_ _2\"></span>decision <span class=\"_ _2\"></span>della <span class=\"_ _2\"></span>BCE <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>regole <span class=\"_ _2\"></span>della <span class=\"_ _2\"></span>CRR2 <span class=\"_ _2\"></span><span class=\"lse\">e <span class=\"_ _d\"></span></span><span class=\"ff5\">recepita <span class=\"_ _2\"></span>l\u2019introduzione</span> <span class=\"_ _2\"></span>da <span class=\"_ _2\"></span>part<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>di<span class=\"_ _df\"> </span>Bankit del SYRB). Il tasso <span class=\"_ _2\"></span>di sconto <span class=\"_ _2\"></span>dei flussi \u00e8 s<span class=\"_ _2\"></span>tato stimato <span class=\"_ _2\"></span>sulla base del \u201c<span class=\"_ _2\"></span>Capital Asset <span class=\"_ _2\"></span>Pricing Model\u201d, che <span class=\"_ _2\"></span>stima<span class=\"_ _df\"> </span>il <span class=\"_ _0\"></span>costo <span class=\"_ _9\"> </span>del <span class=\"_ _0\"></span>capitale <span class=\"_ _0\"></span>come <span class=\"_ _0\"></span>la <span class=\"_ _0\"></span>s<span class=\"_ _2\"></span>ommatoria <span class=\"_ _0\"></span>del <span class=\"_ _0\"></span>r<span class=\"_ _2\"></span>endi<span class=\"_ _1\"></span>mento <span class=\"_ _9\"> </span>di <span class=\"_ _0\"></span>investimen<span class=\"_ _2\"></span>ti <span class=\"_ _0\"></span>privi <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>rischio <span class=\"_ _9\"> </span>e <span class=\"_ _0\"></span>di <span class=\"_ _9\"> </span>un<span class=\"_ _df\"> </span>premio <span class=\"_ _9\"> </span>per <span class=\"_ _16\"> </span>il <span class=\"_ _9\"> </span>rischio <span class=\"_ _16\"> </span>correlato <span class=\"_ _16\"> </span>alla <span class=\"_ _9\"> </span>rischiosit\u00e0  spe<span class=\"_ _1\"></span>cifica <span class=\"_ _9\"> </span>dell\u2019attivit\u00e0. <span class=\"_ _16\"> </span>Nello <span class=\"_ _9\"> </span>specifico  il<span class=\"_ _1\"></span> <span class=\"_ _16\"> </span>costo <span class=\"_ _9\"> </span>del<span class=\"_ _df\"> </span>capitale \u00e8 stato determinato nella misura dell\u2019<span class=\"_ _1\"></span>8,12%, sulla base dei seguenti parametri:<span class=\"_ _df\"> </span><span class=\"_ _2c\"> </span><span class=\"ff4\">Tasso <span class=\"_ _2\"></span>privo <span class=\"_ _2\"></span>di rischio: <span class=\"_ _2\"></span>pari al <span class=\"_ _2\"></span>3,51%, <span class=\"_ _2\"></span>corrispondente alla <span class=\"_ _2\"></span>media <span class=\"_ _2\"></span>semplice del <span class=\"_ _2\"></span>rendimento<span class=\"_ _df\"> </span></span>lordo dei BTP a 10 anni emessi negli<span class=\"_ _1\"></span> ultimi 6 mesi;<span class=\"_ _df\"> </span><span class=\"_ _2c\"> </span><span class=\"ff4\">Coefficiente <span class=\"_ _4\"> </span>Beta: <span class=\"_ _17\"> </span>pari <span class=\"_ _17\"> </span>a <span class=\"_ _4\"> </span>0,995 <span class=\"_ _17\"> </span>corrispondente <span class=\"_ _4\"> </span>al <span class=\"_ _17\"> </span>coefficiente <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>Cr<span class=\"_ _2\"></span>edem <span class=\"_ _4\"> </span>(Beta <span class=\"_ _4\"> </span>5<span class=\"_ _2\"></span>Y<span class=\"_ _df\"> </span></span>Adjusted 31.12.2020/31.12.2025, con rilev<span class=\"_ _1\"></span>azione settimanale);<span class=\"_ _df\"> </span><span class=\"_ _2c\"> </span><span class=\"ff4\">Premio <span class=\"_ _0\"></span>per <span class=\"_ _0\"></span>il <span class=\"_ _0\"></span>rischio <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>mercato: <span class=\"_ _0\"></span>ai <span class=\"_ _0\"></span>fini <span class=\"_ _d\"></span>d<span class=\"_ _2\"></span>ella <span class=\"_ _d\"></span>determinazione <span class=\"_ _0\"></span>del <span class=\"_ _0\"></span>Market <span class=\"_ _0\"></span>Risk <span class=\"_ _0\"></span>Premium<span class=\"_ _df\"> </span></span>(MRP), l<span class=\"_ _1\"></span>a Banca ha adottato un <span class=\"_ _1\"></span>nuovo criterio ope<span class=\"_ _1\"></span>rativo, in sostitu<span class=\"_ _1\"></span>zione della p<span class=\"_ _1\"></span>recedente<span class=\"_ _df\"> </span>prassi <span class=\"_ _d\"></span>basata <span class=\"_ _d\"></span>su <span class=\"_ _d\"></span>riferimenti <span class=\"_ _d\"></span>statici <span class=\"_ _d\"></span>e <span class=\"_ _d\"></span>valutazioni <span class=\"_ _d\"></span>qualitative <span class=\"_ _d\"></span>del <span class=\"_ _d\"></span>management. <span class=\"_ _d\"></span>La <span class=\"_ _d\"></span>nuov<span class=\"_ _2\"></span><span class=\"lsdc\">a<span class=\"_ _df\"> </span></span>definizione <span class=\"_ _9\"> </span>del <span class=\"_ _9\"> </span>parametr<span class=\"_ _2\"></span>o <span class=\"_ _9\"> </span>prevede <span class=\"_ _9\"> </span>l'utilizzo <span class=\"_ _9\"> </span>del <span class=\"_ _16\"> </span>dato <span class=\"_ _9\"> </span>'Implied <span class=\"_ _9\"> </span>Equity <span class=\"_ _16\"> </span>Risk <span class=\"_ _9\"> </span>Premium' <span class=\"_ _9\"> </span>di<span class=\"_ _df\"> </span>fonte <span class=\"_ _2\"></span>Damodaran. <span class=\"_ _d\"></span>Tale <span class=\"_ _2\"></span>parametro, <span class=\"_ _d\"></span>di <span class=\"_ _2\"></span>natura <span class=\"_ _d\"></span>forward-looking, <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _d\"></span>determinato <span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>ulla <span class=\"_ _2\"></span>base<span class=\"_ _df\"> </span>dei <span class=\"_ _0\"></span>prezzi <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>mercato <span class=\"_ _9\"> </span>correnti <span class=\"_ _0\"></span>e <span class=\"_ _9\"> </span>dei <span class=\"_ _0\"></span>flussi <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>cassa <span class=\"_ _9\"> </span>attesi, <span class=\"_ _9\"> </span>riflettendo <span class=\"_ _0\"></span>le <span class=\"_ _9\"> </span>aspett<span class=\"_ _2\"></span>ative <span class=\"_ _9\"> </span>di<span class=\"_ _df\"> </span>rendimento degli inve<span class=\"_ _1\"></span>stitori in tempo reale. Al fine di mitigare la v<span class=\"_ _f\"></span>olatilit\u00e0 intr<span class=\"_ _2\"></span>inseca del<span class=\"_ _1\"></span>le<span class=\"_ _df\"> </span>quotazioni  azionarie  e <span class=\"_ _4\"> </span>garantire  coerenza  con <span class=\"_ _4\"> </span>l'orizzonte  temporale  utilizzato <span class=\"_ _22\"> </span>per <span class=\"_ _4\"> </span>il<span class=\"_ _df\"> </span>calcolo del<span class=\"_ _1\"></span> Beta, il<span class=\"_ _1\"></span> valore del <span class=\"_ _1\"></span>MRP \u00e8 cal<span class=\"_ _1\"></span>colato come media <span class=\"_ _1\"></span>mobile delle <span class=\"_ _1\"></span>rilevazioni mensili<span class=\"_ _df\"> </span>degli <span class=\"_ _4\"> </span>ultimi <span class=\"_ _17\"> </span>5 <span class=\"_ _4\"> </span>anni. <span class=\"_ _4\"> </span>L'adozione <span class=\"_ _17\"> </span>di <span class=\"_ _4\"> </span>tale <span class=\"_ _17\"> </span>criterio <span class=\"_ _4\"> </span>assicura <span class=\"_ _17\"> </span>una <span class=\"_ _4\"> </span>maggiore <span class=\"_ _4\"> </span>oggettivit\u00e0 <span class=\"_ _4\"> </span>e<span class=\"_ _df\"> </span>robustezza <span class=\"_ _2\"></span>scientifica <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>processo <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>stima, <span class=\"_ _2\"></span>alline<span class=\"_ _1\"></span>ando <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>costo <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>capitale all<span class=\"_ _2\"></span>e eff<span class=\"_ _2\"></span>ettive<span class=\"_ _df\"> </span>condizioni macroeconomiche di mercato. A seguito della modifica il Premio per il rischio<span class=\"_ _df\"> </span>di <span class=\"_ _1\"></span>mercato viene<span class=\"_ _f\"></span> determinato ad <span class=\"_ _1\"></span>un <span class=\"_ _1\"></span>valore p<span class=\"_ _1\"></span>ari al <span class=\"_ _f\"></span>4<span class=\"_ _2\"></span>,63%; <span class=\"_ _f\"></span>tale valore <span class=\"_ _f\"></span>\u00e8 al ne<span class=\"_ _1\"></span>tto del <span class=\"_ _f\"></span>\u201cr<span class=\"_ _2\"></span>i<span class=\"_ _1\"></span>schio<span class=\"_ _df\"> </span>paese\u201d <span class=\"_ _0\"></span>in <span class=\"_ _9\"> </span>quanto <span class=\"_ _9\"> </span>implicitamente <span class=\"_ _0\"></span>compreso <span class=\"_ _9\"> </span>nel <span class=\"_ _0\"></span>sopracitato <span class=\"_ _9\"> </span>tasso <span class=\"_ _9\"> </span>di <span class=\"_ _0\"></span>rendimento <span class=\"_ _0\"></span>delle<span class=\"_ _df\"> </span>attivit\u00e0 privo di rischio. Il <span class=\"_ _2\"></span>terminal <span class=\"_ _2\"></span>value, <span class=\"_ _2\"></span>alla <span class=\"_ _2\"></span>fine <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>periodo <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>pianificazione <span class=\"_ _2\"></span>esplicito, <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _2\"></span>stat<span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>determinato <span class=\"_ _2\"></span>sulla base <span class=\"_ _2\"></span>di<span class=\"_ _df\"> </span>un <span class=\"_ _0\"></span>tasso <span class=\"_ _9\"> </span>di <span class=\"_ _0\"></span>crescita <span class=\"_ _9\"> </span>di <span class=\"_ _0\"></span>lungo <span class=\"_ _0\"></span>periodo <span class=\"_ _0\"></span>sos<span class=\"_ _2\"></span>tenibil<span class=\"_ _1\"></span>e, <span class=\"_ _0\"></span>assunto <span class=\"_ _9\"> </span>nella <span class=\"_ _0\"> </span>mis<span class=\"_ _2\"></span>ura <span class=\"_ _0\"></span>del <span class=\"_ _0\"></span>1,9%, <span class=\"_ _0\"></span>in <span class=\"_ _9\"> </span>linea <span class=\"_ _0\"></span>con <span class=\"_ _9\"> </span>le<span class=\"_ _df\"> </span>aspettative  di <span class=\"_ _22\"> </span>crescita <span class=\"_ _4\"> </span>di  lungo <span class=\"_ _22\"> </span>t<span class=\"_ _2\"></span>ermine  dell\u2019economia  e  con <span class=\"_ _4\"> </span>la  pras<span class=\"_ _2\"></span><span class=\"ff4\">si <span class=\"_ _22\"> </span>valutativa <span class=\"_ _22\"> </span>(Prometeia,<span class=\"_ _df\"> </span></span>Rapporto <span class=\"_ _10\"> </span>di <span class=\"_ _e\"> </span>Previsione <span class=\"_ _10\"> </span>di <span class=\"_ _10\"> </span>dicemb<span class=\"_ _1\"></span>re <span class=\"_ _10\"> </span>2025, <span class=\"_ _10\"> </span>Inflazione <span class=\"_ _e\"> </span>Italia <span class=\"_ _10\"> </span>al <span class=\"_ _10\"> </span>2028, <span class=\"_ _10\"> </span>ultimo <span class=\"_ _e\"> </span>anno <span class=\"_ _10\"> </span>stimato<span class=\"_ _df\"> </span>dall\u2019Associazione).<span class=\"_ _df\"> </span>Nella <span class=\"_ _f\"></span>tabella che <span class=\"_ _f\"></span>segue <span class=\"_ _1\"></span>viene <span class=\"_ _1\"></span>riportata la <span class=\"_ _f\"></span>sintesi <span class=\"_ _1\"></span>delle <span class=\"_ _f\"></span>valutazioni effe<span class=\"_ _1\"></span>ttuate. <span class=\"_ _1\"></span>In p<span class=\"_ _1\"></span>articolare <span class=\"_ _1\"></span>la <span class=\"_ _1\"></span>tabella<span class=\"_ _df\"> </span>pone <span class=\"_ _d\"></span>a <span class=\"_ _0\"></span>confro<span class=\"_ _2\"></span>n<span class=\"ff5\">to <span class=\"_ _d\"></span>i <span class=\"_ _0\"></span>valori <span class=\"_ _0\"></span>contabil<span class=\"_ _1\"></span>i <span class=\"_ _0\"></span>della <span class=\"_ _0\"></span>CGU <span class=\"_ _0\"></span>con <span class=\"_ _0\"></span>il <span class=\"_ _d\"></span>rispettivo <span class=\"_ _0\"></span>valore <span class=\"_ _d\"></span>d\u2019uso <span class=\"_ _0\"></span>ottenuto <span class=\"_ _0\"></span>(in <span class=\"_ _0\"></span>milioni <span class=\"_ _d\"></span>di<span class=\"_ _df\"> </span></span>euro):<table class=\"s wba2 h4e4\" id=\"_a1185a01-fd31-41fb-98f0-f74b08beba35\"><tr><td></td><td class=\"c x557 y29bb w3d4 h82\"><div class=\"t m0 xe8 h1f y3e6 ff4 fs7 fc1 sc0 ls0 ws0\">CGU Banking </div></td></tr><tr><td class=\"c x558 y29bc w3d5 h82\"><div class=\"t m0 x8a h1f y3e6 ff5 fs7 fc1 sc0 ls0 ws0\">Valore d\u2019uso del<span class=\"_ _1\"></span>la CGU<span class=\"ff4\"> </span></div></td><td class=\"c x557 y29bc w3d4 h82\"><div class=\"t m0 x1b1 h1f y3e6 ff4 fs7 fc1 sc0 ls0 ws0\">6.834 </div></td></tr><tr><td class=\"c x558 y29bd w3d5 h82\"><div class=\"t m0 x8a h1f y3e6 ff4 fs7 fc1 sc0 ls0 ws0\">Valore contabi<span class=\"_ _1\"></span>le CGU </div></td><td class=\"c x557 y29bd w3d4 h82\"><div class=\"t m0 x1b1 h1f y3e6 ff4 fs7 fc1 sc0 ls0 ws0\">3.395 </div></td></tr><tr><td class=\"c x558 y29be w3d5 h82\"><div class=\"t m0 x8a h1f y3e6 ff4 fs7 fc1 sc0 ls0 ws0\">Delta </div></td><td class=\"c x557 y29be w3d4 h82\"><div class=\"t m0 x1b1 h1f y3e6 ff4 fs7 fc1 sc0 ls0 ws0\">3.440 </div></td></tr></table>Il <span class=\"_ _2\"></span>modello <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>determinazione <span class=\"_ _d\"></span>del <span class=\"_ _2\"></span>valore <span class=\"_ _2\"></span>d\u2019uso <span class=\"_ _d\"></span>\u00e8 <span class=\"_ _2\"></span>stato <span class=\"_ _2\"></span>inoltre <span class=\"_ _2\"></span>sottoposto <span class=\"_ _2\"></span>ad<span class=\"_ _2\"></span><span class=\"ff4\"> <span class=\"_ _d\"></span>analisi <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>sensitivit\u00e0 <span class=\"_ _2\"></span>al<span class=\"_ _df\"> </span></span>fine <span class=\"_ _f\"></span>di apprezzare <span class=\"_ _f\"></span>la <span class=\"_ _f\"></span>variaz<span class=\"_ _2\"></span>ione <span class=\"_ _f\"></span>dei <span class=\"_ _1\"></span>risultati <span class=\"_ _1\"></span>ottenuti <span class=\"_ _1\"></span>al <span class=\"_ _f\"></span>variar<span class=\"_ _2\"></span>e <span class=\"_ _f\"></span>dei <span class=\"_ _1\"></span>parametri v<span class=\"_ _1\"></span>alutativi <span class=\"_ _f\"></span>adottat<span class=\"_ _2\"></span>i. <span class=\"_ _f\"></span>Dalle<span class=\"_ _df\"> </span>analisi svolte, <span class=\"_ _1\"></span>non sono<span class=\"_ _1\"></span> emerse i<span class=\"_ _f\"></span>ndicazioni di riduzi<span class=\"_ _1\"></span>one di <span class=\"_ _1\"></span>valore con riferime<span class=\"_ _1\"></span>nto alla CGU<span class=\"_ _f\"></span> in esame<span class=\"_ _df\"> </span>fino alla considerazione di un tasso di attualizzazione del 16,90%.<span class=\"_ _df\"> </span>Si <span class=\"_ _17\"> </span>s<span class=\"_ _2\"></span>egnala <span class=\"_ _17\"> </span>che, <span class=\"_ _17\"> </span>cons<span class=\"_ _2\"></span>iderando <span class=\"_ _17\"> </span>congiuntamente <span class=\"_ _14\"> </span>un <span class=\"_ _17\"> </span>t<span class=\"_ _2\"></span>asso <span class=\"_ _17\"> </span>di <span class=\"_ _14\"> </span>crescita <span class=\"_ _17\"> </span>di <span class=\"_ _14\"> </span>lungo <span class=\"_ _14\"> </span>periodo <span class=\"_ _14\"> </span>nullo<span class=\"_ _df\"> </span>(decremento di <span class=\"_ _2\"></span>190 <span class=\"_ _2\"></span>bps) <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>un ta<span class=\"_ _2\"></span>sso <span class=\"_ _2\"></span>di attualizzazione <span class=\"_ _2\"></span>del 16<span class=\"_ _2\"></span>,77% non <span class=\"_ _2\"></span>si <span class=\"_ _2\"></span>rileverebbero <span class=\"_ _2\"></span>rettifiche di<span class=\"_ _df\"> </span>valore sulla CGU.<span class=\"_ _df\"> </span>Si<span class=\"ls0\"> <span class=\"_ _f\"></span>s<span class=\"_ _2\"></span>egnala <span class=\"_ _f\"></span>infine <span class=\"_ _f\"></span>che anc<span class=\"_ _1\"></span>he <span class=\"_ _f\"></span>abbatt<span class=\"_ _2\"></span>endo <span class=\"_ _f\"></span>i <span class=\"_ _f\"></span>flussi di <span class=\"_ _f\"></span>cassa <span class=\"_ _f\"></span>futuri <span class=\"_ _1\"></span>attesi <span class=\"_ _f\"></span>del <span class=\"_ _1\"></span>49,82% <span class=\"_ _f\"></span>non si <span class=\"_ _f\"></span>rileverebbero<span class=\"_ _df\"> </span></span>rettifiche di valore sulla CGU.<span class=\"_ _df\"> </span>Sulla <span class=\"_ _f\"></span>base di tale <span class=\"_ _f\"></span>analisi si <span class=\"_ _f\"></span>r<span class=\"_ _2\"></span>itiene <span class=\"_ _f\"></span>che una <span class=\"_ _f\"></span>tale percentu<span class=\"_ _1\"></span>ale di <span class=\"_ _f\"></span>abb<span class=\"_ _2\"></span>attimento de<span class=\"_ _1\"></span>i fl<span class=\"_ _1\"></span>ussi di<span class=\"_ _1\"></span> cassa <span class=\"_ _f\"></span>futuri<span class=\"_ _df\"> </span>possa <span class=\"_ _d\"></span>ragionevolmente <span class=\"_ _2\"></span>ass<span class=\"_ _2\"></span>orbire <span class=\"_ _2\"></span>anche <span class=\"_ _d\"></span>eventuali <span class=\"_ _d\"></span>scenari <span class=\"_ _2\"></span>partic<span class=\"_ _2\"></span>olarmente <span class=\"_ _2\"></span>avversi <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>relazione <span class=\"_ _2\"></span>a<span class=\"_ _df\"> </span>sviluppi <span class=\"_ _2\"></span>negativi <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>cont<span class=\"_ _2\"></span>esto <span class=\"_ _2\"></span>geopolitico <span class=\"_ _2\"></span>futuro <span class=\"_ _d\"></span>(ed <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>particolare <span class=\"_ _d\"></span>gli <span class=\"_ _2\"></span>effetti <span class=\"_ _2\"></span>indiretti <span class=\"_ _d\"></span>legati <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>dazi,<span class=\"_ _df\"> </span>squilibri geopolitici e flu<span class=\"_ _1\"></span>ttuazione nei prezzi delle materie prime).<span class=\"_ _df\"> </span>Le<span class=\"ls0\"> <span class=\"_ _2\"></span>analisi evidenziano <span class=\"_ _2\"></span>altres\u00ec <span class=\"_ _2\"></span>come le differenze <span class=\"_ _2\"></span>rilevate nelle <span class=\"_ _2\"></span>analisi <span class=\"_ _2\"></span>di sensitivit\u00e0 <span class=\"_ _2\"></span>sopra descritte<span class=\"_ _df\"> </span></span>assorbano in maniera estensiva, in relazione al climate risk del Gr<span class=\"_ _2\"></span>upp<span class=\"_ _1\"></span>o Credem, gli impatti st<span class=\"_ _2\"></span>imati<span class=\"_ _df\"> </span>in uno scenario avverso.<span class=\"_ _df\"> </span>CGU A<span class=\"_ _f\"></span>ssicuraz<span class=\"_ _1\"></span>ioni Per  la  CG<span class=\"ff5\">U  Assicurazioni  il  valore  d\u2019uso  \u00e8  stato  determinato,  conside<span class=\"_ _1\"></span>rando  specificamente  il<span class=\"_ _df\"> </span></span>business \u201cDanni\u201d e il business \u201cVi<span class=\"_ _1\"></span>ta\u201d, anche attraverso il supporto di un consulente esterno. CGU A<span class=\"_ _f\"></span>ssicuraz<span class=\"_ _1\"></span>ioni <span class=\"ff5\">\u2013</span> Bu<span class=\"_ _f\"></span>siness Da<span class=\"_ _1\"></span>nni Per il business \u201c<span class=\"_ _2\"></span>Danni\u201d, ai fini della s<span class=\"_ _2\"></span>tima del valore <span class=\"_ _2\"></span>d\u2019uso, \u00e8 stato utilizzato <span class=\"_ _2\"></span>il metodo del Dividend<span class=\"_ _df\"> </span>Discount  M<span class=\"_ _1\"></span>odel <span class=\"_ _9\"> </span>(DD<span class=\"_ _2\"></span>M) <span class=\"_ _9\"> </span>nella <span class=\"_ _16\"> </span>variante <span class=\"_ _16\"> </span>\u201cExcess <span class=\"_ _16\"> </span>Capital\u201d, <span class=\"_ _16\"> </span>descritt<span class=\"_ _f\"></span>o<span class=\"_ _2\"></span> <span class=\"_ _16\"> </span>prima <span class=\"_ _9\"> </span>e  in <span class=\"_ _9\"> </span>base <span class=\"_ _16\"> </span>ai <span class=\"_ _16\"> </span>criteri <span class=\"_ _9\"> </span>che<span class=\"_ _df\"> </span>seguono.<span class=\"_ _df\"> </span>I <span class=\"_ _d\"></span>flussi <span class=\"_ _0\"></span>per <span class=\"_ _d\"></span>l\u2019applicazione <span class=\"_ _0\"></span>della <span class=\"_ _d\"></span>met<span class=\"_ _2\"></span>odologia <span class=\"_ _d\"></span>valutativa <span class=\"_ _d\"></span>si <span class=\"_ _0\"></span>estendono <span class=\"_ _d\"></span>ad <span class=\"_ _0\"></span>un <span class=\"_ _d\"></span>arco <span class=\"_ _0\"></span>tempor<span class=\"_ _d\"></span><span class=\"ff4\">ale <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>t<span class=\"_ _2\"></span>re<span class=\"_ _df\"> </span></span>esercizi (2026-2028) e si <span class=\"_ _2\"></span>basano sul budget 2026, approvato <span class=\"_ _2\"></span>dal Consiglio di Amministrazione del<span class=\"_ _df\"> </span>11 <span class=\"_ _f\"></span>dicembre <span class=\"_ _f\"></span>2025 <span class=\"_ _f\"></span>e dai <span class=\"_ _11\"></span>prevision<span class=\"_ _2\"></span>ali <span class=\"_ _f\"></span>2027-<span class=\"ff5\">2028 <span class=\"_ _1\"></span>elaborati <span class=\"_ _f\"></span>dall\u2019Ufficio <span class=\"_ _f\"></span>t<span class=\"_ _2\"></span>ecnico <span class=\"_ _f\"></span>di <span class=\"_ _f\"></span>Credemassicurazioni,<span class=\"_ _df\"> </span></span>anch\u2019essi approvati dal Consiglio di Amministra<span class=\"ff4\">zione del 11 dicembre 2025.<span class=\"_ _df\"> </span></span>Il <span class=\"_ _17\"> </span>livello <span class=\"_ _17\"> </span>di <span class=\"_ _17\"> </span>patrimonializzazione <span class=\"_ _17\"> </span>minimo, <span class=\"_ _17\"> </span>ai <span class=\"_ _17\"> </span>fini <span class=\"_ _17\"> </span>della <span class=\"_ _17\"> </span>determinazione <span class=\"_ _14\"> </span>del <span class=\"_ _4\"> </span>f<span class=\"_ _2\"></span>lusso <span class=\"_ _17\"> </span>di <span class=\"_ _4\"> </span>di<span class=\"_ _2\"></span>videndi<span class=\"_ _df\"> </span>potenzialmente <span class=\"_ _4\"> </span>distribuibili, <span class=\"_ _4\"> </span>\u00e8 <span class=\"_ _4\"> </span>st<span class=\"_ _2\"></span>ato <span class=\"_ _4\"> </span>definito <span class=\"_ _4\"> </span>coerentemente <span class=\"_ _4\"> </span>con <span class=\"_ _4\"> </span>le <span class=\"_ _4\"> </span>istruzioni <span class=\"_ _4\"> </span>dell\u2019Autorit\u00e0 <span class=\"_ _4\"> </span>di<span class=\"_ _df\"> </span>Vigilanza ed in linea con la prassi valutativa nel settore di riferimento.<span class=\"_ _df\"> </span>Il costo d<span class=\"_ _1\"></span>el capitale<span class=\"_ _1\"></span>, stimato sul<span class=\"_ _1\"></span>la base d<span class=\"_ _1\"></span>el \u201cCapital A<span class=\"_ _f\"></span>ss<span class=\"_ _2\"></span>et <span class=\"_ _1\"></span>Pricing <span class=\"_ _f\"></span>Model\u201d, \u00e8 stato de<span class=\"_ _1\"></span>terminato nella<span class=\"_ _df\"> </span>misura del 5,91%, sulla base dei<span class=\"_ _1\"></span> seguenti parametri:<span class=\"_ _df\"> </span><span class=\"_ _2c\"> </span><span class=\"ff4\">Tasso privo di rischio: pari al <span class=\"_ _f\"></span>3,51%, corrispondente al rendimento medio registrato negli<span class=\"_ _df\"> </span></span>ultimi 6 mesi dai BTP con scadenza residua de<span class=\"_ _1\"></span>cennale;<span class=\"_ _df\"> </span><span class=\"_ _2c\"> </span><span class=\"ff4\">Coefficiente  Beta:  pari  a  0<span class=\"_ _2\"></span>,52,  corrispondente<span class=\"_ _1\"></span>  al  coefficiente  medio  delle  societ\u00e0  di<span class=\"_ _df\"> </span></span>assicurazione italiane quotate;<span class=\"_ _df\"> </span><span class=\"_ _2c\"> </span><span class=\"ff4\">Premio <span class=\"_ _0\"></span>per <span class=\"_ _0\"></span>il <span class=\"_ _0\"></span>rischio <span class=\"_ _0\"></span>di <span class=\"_ _d\"></span>mer<span class=\"_ _2\"></span>cato: <span class=\"_ _d\"></span>ai <span class=\"_ _0\"></span>fini <span class=\"_ _0\"></span>della <span class=\"_ _0\"></span>determ<span class=\"_ _2\"></span>inazione <span class=\"_ _0\"></span>del <span class=\"_ _0\"></span>Market <span class=\"_ _0\"></span>Risk <span class=\"_ _d\"></span>Premium<span class=\"_ _df\"> </span></span>(MRP), l<span class=\"_ _1\"></span>a Banca ha adottato un <span class=\"_ _1\"></span>nuovo criterio ope<span class=\"_ _1\"></span>rativo, in sostitu<span class=\"_ _1\"></span>zione della p<span class=\"_ _1\"></span>recedente<span class=\"_ _df\"> </span>prassi <span class=\"_ _d\"></span>basata <span class=\"_ _d\"></span>su <span class=\"_ _d\"></span>riferimenti <span class=\"_ _d\"></span>statici <span class=\"_ _d\"></span>e <span class=\"_ _d\"></span>valutazioni <span class=\"_ _d\"></span>qualitative <span class=\"_ _d\"></span>del <span class=\"_ _d\"></span>management. <span class=\"_ _d\"></span>La <span class=\"_ _d\"></span>nuova<span class=\"_ _df\"> </span>definizione <span class=\"_ _9\"> </span>del <span class=\"_ _9\"> </span>parametr<span class=\"_ _2\"></span>o <span class=\"_ _9\"> </span>prevede <span class=\"_ _9\"> </span>l'utilizzo  d<span class=\"_ _1\"></span>el <span class=\"_ _9\"> </span>dato  'Imp<span class=\"_ _1\"></span>lied <span class=\"_ _9\"> </span>Equity <span class=\"_ _9\"> </span>Risk <span class=\"_ _16\"> </span>Premium' <span class=\"_ _9\"> </span>di<span class=\"_ _df\"> </span>fonte <span class=\"_ _2\"></span>Damodaran. <span class=\"_ _d\"></span>Tale <span class=\"_ _2\"></span>parametro, <span class=\"_ _d\"></span>di <span class=\"_ _2\"></span>natura <span class=\"_ _d\"></span>forward-looking, <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _d\"></span>determinato <span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>ulla <span class=\"_ _2\"></span>base<span class=\"_ _df\"> </span>dei <span class=\"_ _0\"></span>prezzi <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>mercato <span class=\"_ _9\"> </span>correnti <span class=\"_ _0\"></span>e <span class=\"_ _9\"> </span>dei <span class=\"_ _0\"></span>flussi <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>cassa <span class=\"_ _9\"> </span>attesi, <span class=\"_ _9\"> </span>riflettendo <span class=\"_ _0\"></span>le <span class=\"_ _9\"> </span>aspettative <span class=\"_ _9\"> </span>di<span class=\"_ _df\"> </span>rendimento degli inve<span class=\"_ _1\"></span>stitori in tempo <span class=\"_ _2\"></span>reale. Al fine<span class=\"_ _f\"></span> <span class=\"_ _2\"></span>di mitigare la v<span class=\"_ _f\"></span>o<span class=\"_ _2\"></span>latilit\u00e0 intrinseca dell<span class=\"_ _1\"></span>e<span class=\"_ _df\"> </span>quotazioni  azionarie  e <span class=\"_ _4\"> </span>garantire  coerenza  con <span class=\"_ _4\"> </span>l'orizzonte  temporale  utilizzato <span class=\"_ _22\"> </span>per <span class=\"_ _4\"> </span>il<span class=\"_ _df\"> </span>calcolo del<span class=\"_ _1\"></span> Beta, il<span class=\"_ _1\"></span> valore del <span class=\"_ _1\"></span>MRP \u00e8 cal<span class=\"_ _1\"></span>colato come media <span class=\"_ _1\"></span>mobile d<span class=\"_ _1\"></span>elle rilevazioni <span class=\"_ _1\"></span>mensili<span class=\"_ _df\"> </span>degli <span class=\"_ _4\"> </span>ultimi <span class=\"_ _17\"> </span>5 <span class=\"_ _4\"> </span>anni. <span class=\"_ _17\"> </span>L'adozione <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>t<span class=\"_ _2\"></span>ale <span class=\"_ _4\"> </span>criterio <span class=\"_ _4\"> </span>assicura <span class=\"_ _17\"> </span>una <span class=\"_ _4\"> </span>maggiore <span class=\"_ _4\"> </span>oggettivit\u00e0 <span class=\"_ _4\"> </span>e<span class=\"_ _df\"> </span>robustezza <span class=\"_ _2\"></span>scientifica <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>processo <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>stima, <span class=\"_ _2\"></span>alline<span class=\"_ _1\"></span>ando <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>costo <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>capitale all<span class=\"_ _2\"></span>e eff<span class=\"_ _2\"></span>ettive<span class=\"_ _df\"> </span>condizioni macroeconomiche di mercato. A seguito della modifica il Premio per il rischio<span class=\"_ _df\"> </span>di <span class=\"_ _1\"></span>mercat<span class=\"ff5\">o viene<span class=\"_ _1\"></span> determinato <span class=\"_ _1\"></span>ad u<span class=\"_ _1\"></span>n valore <span class=\"_ _f\"></span>pari al <span class=\"_ _f\"></span>4<span class=\"_ _2\"></span>,63%; <span class=\"_ _f\"></span>tale valore <span class=\"_ _1\"></span>\u00e8 al <span class=\"_ _f\"></span>netto del <span class=\"_ _f\"></span>\u201cr<span class=\"_ _2\"></span>ischi<span class=\"_ _1\"></span>o<span class=\"_ _df\"> </span></span>paese\u201d <span class=\"_ _0\"></span>in <span class=\"_ _9\"> </span>quanto <span class=\"_ _9\"> </span>implicitamente <span class=\"_ _0\"></span>compreso <span class=\"_ _9\"> </span>nel <span class=\"_ _0\"></span>sopracitato <span class=\"_ _9\"> </span>tasso <span class=\"_ _9\"> </span>di <span class=\"_ _0\"></span>rendimento <span class=\"_ _0\"></span>delle<span class=\"_ _df\"> </span>attivit\u00e0 privo di rischio.<span class=\"_ _df\"> </span>Il valore terminale \u00e8 stato determinato pari al valore dell\u2019u<span class=\"_ _1\"></span>l<span class=\"ff4\">t<span class=\"_ _2\"></span>imo periodo di pianificazione<span class=\"_ _1\"></span> esplicito.<span class=\"_ _df\"> </span></span>CGU A<span class=\"_ _f\"></span>ssicuraz<span class=\"_ _1\"></span>ioni <span class=\"ff5\">\u2013</span> Bu<span class=\"_ _f\"></span>siness Vita<span class=\"_ _df\"> </span>Il <span class=\"_ _f\"></span>valore <span class=\"_ _f\"></span>d\u2019uso <span class=\"_ _f\"></span>d<span class=\"_ _2\"></span>el <span class=\"_ _f\"></span>business <span class=\"_ _f\"></span>\u201cVita\u201d <span class=\"_ _1\"></span>\u00e8 <span class=\"_ _f\"></span>stato<span class=\"_ _2\"></span> <span class=\"_ _11\"></span>s<span class=\"_ _2\"></span>timato <span class=\"_ _f\"></span>secondo <span class=\"_ _f\"></span>l\u2019approccio <span class=\"_ _f\"></span>denominato <span class=\"_ _f\"></span>Appraisal <span class=\"_ _f\"></span>Value,<span class=\"_ _df\"> </span>sommando al Patrimonio Netto secondo <span class=\"_ _2\"></span>i principi contabili IFRS il Business in<span class=\"_ _2\"></span>-Force, determinato<span class=\"_ _df\"> </span>attraverso <span class=\"_ _d\"></span>l\u2019attualizzazione <span class=\"_ _d\"></span>dei <span class=\"_ _0\"></span>futuri <span class=\"_ _d\"></span>margini <span class=\"_ _d\"></span>tecnici <span class=\"_ _d\"></span>derivanti <span class=\"_ _0\"></span>dal <span class=\"_ _d\"></span>portafoglio <span class=\"_ _0\"></span>in <span class=\"_ _d\"></span>essere, <span class=\"_ _d\"></span>e <span class=\"_ _d\"></span>il <span class=\"_ _0\"></span>New<span class=\"_ _df\"> </span>Business Value, derivante dal portafoglio di futura produzione p<span class=\"_ _1\"></span>revedibile. I <span class=\"_ _4\"> </span>flussi <span class=\"_ _22\"> </span>per <span class=\"_ _4\"> </span>la <span class=\"_ _4\"> </span>determinazione <span class=\"_ _4\"> </span>del <span class=\"_ _4\"> </span>valore <span class=\"_ _22\"> </span>derivante <span class=\"_ _4\"> </span>dal <span class=\"_ _4\"> </span>Bus<span class=\"_ _2\"></span>iness <span class=\"_ _4\"> </span>in-Force <span class=\"_ _4\"> </span>sono <span class=\"_ _22\"> </span>stat<span class=\"_ _2\"></span>i  st<span class=\"_ _2\"></span>imati,<span class=\"_ _df\"> </span>attraverso <span class=\"_ _2\"></span>l\u2019utilizzo <span class=\"_ _2\"></span>della <span class=\"_ _2\"></span>metodologia <span class=\"_ _2\"></span>alla <span class=\"_ _2\"></span>base <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>Traditional <span class=\"_ _2\"></span>Embedded <span class=\"_ _2\"></span>Value, <span class=\"_ _2\"></span>considerando <span class=\"_ _2\"></span>la<span class=\"_ _df\"> </span>composizione del portafoglio assicurati e le caratteristiche tecni<span class=\"_ _1\"></span>che del portafoglio prodotti.<span class=\"_ _df\"> </span>I <span class=\"_ _d\"></span>flussi <span class=\"_ _0\"></span>per <span class=\"_ _d\"></span>l\u2019applicazione<span class=\"ff4\"> <span class=\"_ _0\"> </span>della <span class=\"_ _0\"></span>metodologia <span class=\"_ _d\"></span>valutativa <span class=\"_ _0\"></span>si <span class=\"_ _d\"></span>estendono <span class=\"_ _0\"></span>ad <span class=\"_ _0\"></span>un <span class=\"_ _d\"></span>arco <span class=\"_ _0\"></span>temporale <span class=\"_ _d\"></span>di <span class=\"_ _0\"></span>tre<span class=\"_ _df\"> </span></span>esercizi (2026-2028) e si <span class=\"_ _2\"></span>basano sul budget 2026, approvato <span class=\"_ _2\"></span>dal Consiglio di Amministrazione del<span class=\"_ _df\"> </span>15 <span class=\"_ _c\"> </span>dicembre <span class=\"_ _1a\"> </span>2025 <span class=\"_ _c\"> </span>e <span class=\"_ _c\"> </span>dai <span class=\"_ _c\"> </span>previsionali <span class=\"_ _c\"> </span>2027-<span class=\"ff5\">2028, <span class=\"_ _c\"> </span>anch\u2019essi <span class=\"_ _c\"> </span>approvati <span class=\"_ _1a\"> </span>dal <span class=\"_ _c\"> </span>Consiglio <span class=\"_ _c\"> </span>di<span class=\"_ _df\"> </span></span>Amministrazione del 15 dicembre 2025.<span class=\"_ _df\"> </span>Il costo d<span class=\"_ _1\"></span>el capitale<span class=\"_ _1\"></span>, stimato sul<span class=\"_ _1\"></span>la base d<span class=\"_ _1\"></span>el \u201cCapital A<span class=\"_ _f\"></span>ss<span class=\"_ _2\"></span>et <span class=\"_ _1\"></span>Pricing <span class=\"_ _f\"></span>Model\u201d, \u00e8 stato de<span class=\"_ _1\"></span>terminato nella<span class=\"_ _df\"> </span>misura del 5,91%, sulla base dei<span class=\"_ _1\"></span> seguenti parametri:<span class=\"_ _df\"> </span><span class=\"_ _2c\"> </span><span class=\"ff4\">Tasso privo di rischio: pari al <span class=\"_ _f\"></span>3,51%, corrispondente al rendimento medio registrato negli<span class=\"_ _df\"> </span></span>ultimi 6 mesi dai BTP con scadenza residua de<span class=\"_ _1\"></span>cennale;<span class=\"_ _df\"> </span><span class=\"_ _2c\"> </span><span class=\"ff4\">Coefficiente  Beta:  pari  a  0<span class=\"_ _2\"></span>,52,  corrispondente<span class=\"_ _1\"></span>  al  coefficiente  medio  delle  societ\u00e0  di<span class=\"_ _df\"> </span></span>assicurazione italiane quotate;<span class=\"_ _df\"> </span><span class=\"_ _2c\"> </span><span class=\"ff4\">Premio <span class=\"_ _0\"></span>per <span class=\"_ _0\"></span>il <span class=\"_ _0\"></span>rischio <span class=\"_ _0\"></span>di <span class=\"_ _d\"></span>mer<span class=\"_ _2\"></span>cato: <span class=\"_ _d\"></span>ai <span class=\"_ _0\"></span>fini <span class=\"_ _0\"></span>della <span class=\"_ _0\"></span>determinaz<span class=\"_ _2\"></span>ione <span class=\"_ _0\"></span>del <span class=\"_ _0\"></span>Market <span class=\"_ _0\"></span>Risk <span class=\"_ _d\"></span>Premium<span class=\"_ _df\"> </span></span>(MRP), l<span class=\"_ _1\"></span>a Banca ha adottato un <span class=\"_ _1\"></span>nuovo criterio ope<span class=\"_ _1\"></span>rativo, in sostitu<span class=\"_ _1\"></span>zione della p<span class=\"_ _1\"></span>recedente<span class=\"_ _df\"> </span>prassi <span class=\"_ _d\"></span>basata <span class=\"_ _d\"></span>su <span class=\"_ _d\"></span>riferimenti <span class=\"_ _d\"></span>statici <span class=\"_ _d\"></span>e <span class=\"_ _d\"></span>valutazioni <span class=\"_ _d\"></span>qualitative <span class=\"_ _d\"></span>del <span class=\"_ _d\"></span>management. <span class=\"_ _d\"></span>La <span class=\"_ _d\"></span>nuova<span class=\"_ _df\"> </span>definizione <span class=\"_ _9\"> </span>del <span class=\"_ _9\"> </span>parametr<span class=\"_ _2\"></span>o <span class=\"_ _9\"> </span>prevede <span class=\"_ _9\"> </span>l'utilizzo <span class=\"_ _9\"> </span>del  dato <span class=\"_ _9\"> </span>'Implied <span class=\"_ _9\"> </span>Equity <span class=\"_ _9\"> </span>Risk  P<span class=\"_ _1\"></span>remium' <span class=\"_ _9\"> </span>di<span class=\"_ _df\"> </span>fonte <span class=\"_ _2\"></span>Damodaran. <span class=\"_ _d\"></span>Tale <span class=\"_ _2\"></span>parametro, <span class=\"_ _d\"></span>di <span class=\"_ _2\"></span>natura <span class=\"_ _d\"></span>forward-looking, <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _d\"></span>determinato <span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>ulla <span class=\"_ _2\"></span>base<span class=\"_ _df\"> </span>dei <span class=\"_ _0\"></span>prezzi <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>mercato <span class=\"_ _9\"> </span>correnti <span class=\"_ _0\"></span>e <span class=\"_ _9\"> </span>dei <span class=\"_ _0\"></span>flussi <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>cassa <span class=\"_ _9\"> </span>attesi, <span class=\"_ _9\"> </span>riflettendo <span class=\"_ _0\"></span>le <span class=\"_ _9\"> </span>aspettative <span class=\"_ _9\"> </span>di<span class=\"_ _df\"> </span>rendimento degli inve<span class=\"_ _1\"></span>stitori in tempo reale. Al fine di mitigare la volatilit\u00e0 intrinseca del<span class=\"_ _1\"></span>le<span class=\"_ _df\"> </span>quotazioni  azionarie  e <span class=\"_ _4\"> </span>garantire  coerenza  con <span class=\"_ _4\"> </span>l'orizzonte  temporale  utilizzato <span class=\"_ _22\"> </span>per <span class=\"_ _4\"> </span>il<span class=\"_ _df\"> </span>calcolo del<span class=\"_ _1\"></span> Beta, il<span class=\"_ _1\"></span> valore del <span class=\"_ _1\"></span>MRP \u00e8 cal<span class=\"_ _1\"></span>colato come media <span class=\"_ _1\"></span>mobile d<span class=\"_ _1\"></span>elle rilevazioni <span class=\"_ _1\"></span>mensili<span class=\"_ _df\"> </span>degli <span class=\"_ _4\"> </span>ultimi <span class=\"_ _17\"> </span>5 <span class=\"_ _4\"> </span>anni. <span class=\"_ _4\"> </span>L'a<span class=\"_ _2\"></span>dozione <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>tale <span class=\"_ _17\"> </span>criterio <span class=\"_ _4\"> </span>assicura <span class=\"_ _17\"> </span>una <span class=\"_ _4\"> </span>maggiore <span class=\"_ _4\"> </span>oggettivit\u00e0 <span class=\"_ _17\"> </span>e<span class=\"_ _df\"> </span>robustezza <span class=\"_ _2\"></span>scientifica <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>processo <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>stima, <span class=\"_ _2\"></span>alline<span class=\"_ _1\"></span>ando <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>costo <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>capitale all<span class=\"_ _2\"></span>e eff<span class=\"_ _2\"></span>ettive<span class=\"_ _df\"> </span>condizioni macroeconomiche di mercato. A seguito della modifica il Premio per il rischio<span class=\"_ _df\"> </span>di <span class=\"_ _1\"></span>mercato vi<span class=\"ff5\">ene<span class=\"_ _1\"></span> determinato ad<span class=\"_ _1\"></span> un <span class=\"_ _f\"></span>valore pari <span class=\"_ _f\"></span>al 4,63%; <span class=\"_ _1\"></span>tale v<span class=\"_ _1\"></span>alore \u00e8 <span class=\"_ _f\"></span>al netto d<span class=\"_ _1\"></span>el \u201cri<span class=\"_ _1\"></span>schio<span class=\"_ _df\"> </span></span>paese\u201d <span class=\"_ _0\"></span>in <span class=\"_ _9\"> </span>quanto <span class=\"_ _9\"> </span>implicitamente <span class=\"_ _0\"></span>compreso <span class=\"_ _9\"> </span>nel <span class=\"_ _0\"></span>sopracitato <span class=\"_ _9\"> </span>tasso <span class=\"_ _9\"> </span>di <span class=\"_ _0\"></span>rendimento <span class=\"_ _0\"></span>delle<span class=\"_ _df\"> </span>attivit\u00e0 privo di rischio.<span class=\"_ _df\"> </span>Nella <span class=\"_ _d\"></span>tabella <span class=\"_ _d\"></span>che <span class=\"_ _0\"></span>segue <span class=\"_ _d\"></span>viene <span class=\"_ _d\"></span>riportat<span class=\"_ _2\"></span>a <span class=\"_ _d\"></span>la <span class=\"_ _d\"></span>sintesi <span class=\"_ _d\"></span>delle <span class=\"_ _d\"></span>valutazio<span class=\"_ _2\"></span>ni <span class=\"_ _d\"></span>effettuate <span class=\"_ _d\"></span>con <span class=\"_ _0\"></span>riferimento <span class=\"_ _d\"></span>alla<span class=\"_ _df\"> </span>CGU Assicurazioni (dati in milioni di euro): Busi<span class=\"_ _1\"></span>ness<span class=\"_ _f\"></span> Danni<span class=\"_ _df\"> </span>Busi<span class=\"_ _1\"></span>ness<span class=\"_ _f\"></span> Vita<span class=\"_ _df\"> </span>Tot<span class=\"_ _1\"></span>ale CG<span class=\"_ _f\"></span>U<span class=\"_ _df\"> </span>Assi<span class=\"_ _1\"></span>cura<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>i<span class=\"_ _df\"> </span>Valore d\u2019uso del<span class=\"_ _1\"></span>la CGU<span class=\"_ _df\"> </span>281,8<span class=\"_ _df\"> </span>872,1<span class=\"_ _df\"> </span>1.153,9<span class=\"_ _df\"> </span>Valore contabi<span class=\"_ _1\"></span>le CGU<span class=\"_ _df\"> </span>119,3<span class=\"_ _df\"> </span>601,6<span class=\"_ _df\"> </span>720,<span class=\"_ _df\"> </span>Delt<span class=\"_ _1\"></span>a<span class=\"_ _df\"> </span>162,5<span class=\"_ _df\"> </span>270,5<span class=\"_ _df\"> </span>433,<span class=\"_ _df\"> </span>Il <span class=\"_ _2\"></span>modell<span class=\"ff5\">o <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>determinazione <span class=\"_ _d\"></span>del <span class=\"_ _2\"></span>valore <span class=\"_ _d\"></span>d\u2019uso <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _2\"></span>stato <span class=\"_ _2\"></span>inoltre <span class=\"_ _2\"></span>sottoposto <span class=\"_ _2\"></span>ad <span class=\"_ _d\"></span>analisi <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>sensitivit\u00e0 <span class=\"_ _2\"></span>al<span class=\"_ _df\"> </span></span>fine di apprezzare la variazione<span class=\"_ _1\"></span> dei risultati ottenuti al variare dei parametri valutativi adottati. Dalle <span class=\"_ _2\"></span>analisi <span class=\"_ _2\"></span>svolte, <span class=\"_ _2\"></span>non sono <span class=\"_ _2\"></span>emerse <span class=\"_ _2\"></span>indicazioni di <span class=\"_ _2\"></span>riduzio<span class=\"_ _2\"></span>ne <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>valore <span class=\"_ _2\"></span>con riferimento <span class=\"_ _2\"></span>alla <span class=\"_ _2\"></span>CGU in<span class=\"_ _df\"> </span>esame, considerando: <span class=\"_ _2c\"> </span><span class=\"ff5\">per il business Danni, tasso di attualizzazione \u201cKe\u201d (+/<span class=\"ff4\">-50 bps);<span class=\"_ _df\"> </span></span></span><span class=\"_ _2c\"> </span><span class=\"ff4\">per il business Vita:<span class=\"_ _df\"> </span></span>o<span class=\"_ _1c\"> </span><span class=\"ff5\">Business In Force, tasso di attualizzazione \u201cKe\u201d (+/<span class=\"ff4\">-100 bps);<span class=\"_ _df\"> </span></span></span>o<span class=\"_ _1c\"> </span><span class=\"ff5\">New <span class=\"_ _d\"></span>Business, <span class=\"_ _0\"></span>tasso <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>attualizzazione <span class=\"_ _d\"></span>\u201cK<span class=\"_ _2\"></span>e\u201d <span class=\"_ _d\"></span>(+/<span class=\"ff4\">-</span>100 <span class=\"_ _0\"></span>bps), <span class=\"_ _d\"></span>tasso <span class=\"_ _d\"></span>di <span class=\"_ _0\"></span>crescita <span class=\"_ _d\"></span>\u201cg\u201d <span class=\"_ _d\"></span>(+/<span class=\"_ _2\"></span><span class=\"ff4\">-100<span class=\"_ _df\"> </span></span></span>bps) e New Business Margin APE (+/-100 bps).<span class=\"_ _df\"> </span>In <span class=\"_ _e\"> </span>una <span class=\"_ _e\"> </span>logica <span class=\"_ _e\"> </span>complessiva <span class=\"_ _15\"> </span>di <span class=\"_ _10\"> </span>ulteriore <span class=\"_ _15\"> </span>\u201cstr<span class=\"_ _2\"></span>ess <span class=\"_ _15\"> </span>test\u201d, <span class=\"_ _e\"> </span>si <span class=\"_ _e\"> </span>segnala <span class=\"_ _e\"> </span>che <span class=\"_ _e\"> </span>anche <span class=\"_ _15\"> </span>cons<span class=\"_ _2\"></span>iderando<span class=\"_ _df\"> </span>congiuntamente:<span class=\"_ _df\"> </span><span class=\"_ _2c\"> </span><span class=\"ff5\">per il <span class=\"_ _f\"></span>business Danni, <span class=\"_ _1\"></span>un <span class=\"_ _1\"></span>tasso di attualizzazi<span class=\"_ _1\"></span>one dell\u20196,92<span class=\"ff4\">% (<span class=\"_ _1\"></span>incremento di <span class=\"_ _f\"></span>circa 100 bps)<span class=\"_ _1\"></span> e <span class=\"_ _f\"></span>un<span class=\"_ _df\"> </span></span></span>incremento del 10% del Solvency capital (inc<span class=\"_ _1\"></span>remento di 1000 bps);<span class=\"_ _df\"> </span><span class=\"_ _2c\"> </span><span class=\"ff5\">per il <span class=\"_ _f\"></span>business Vita, <span class=\"_ _1\"></span>un tasso <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>attualizzazione <span class=\"_ _f\"></span>dell\u20196.92% (incremento di<span class=\"_ _1\"></span> circa <span class=\"_ _f\"></span>100 bps), <span class=\"_ _f\"></span>tas<span class=\"_ _2\"></span>so<span class=\"_ _df\"> </span></span>di crescita \u201cg\u201d (<span class=\"ff4\">-100 bps) e una minore marginalit\u00e0 sul New Business di 100 bps;<span class=\"_ _df\"> </span></span>non si rileverebbero rettifiche di valore sull<span class=\"_ _1\"></span>a CGU Assicurazioni.<span class=\"_ _df\"> </span>Nota <span class=\"_ _1\"></span>sulle va<span class=\"_ _f\"></span>lutazion<span class=\"_ _f\"></span>i espresse<span class=\"_ _1\"></span> dal me<span class=\"_ _1\"></span>rcato<span class=\"_ _1\"></span> Negli ultimi s<span class=\"_ _2\"></span>ei mesi del 20<span class=\"_ _2\"></span>25 le <span class=\"_ _2\"></span>azioni Credem sono <span class=\"_ _2\"></span>state scambiate ad <span class=\"_ _2\"></span>un controvalore medio <span class=\"_ _2\"></span>di<span class=\"_ _df\"> </span>13,71 euro <span class=\"_ _2\"></span>per azion<span class=\"_ _2\"></span>e, corrispondente ad <span class=\"_ _2\"></span>un <span class=\"_ _2\"></span>multiplo sul <span class=\"_ _2\"></span>patrimoni<span class=\"_ _1\"></span>o <span class=\"_ _2\"></span>netto contabile della <span class=\"_ _2\"></span>Banca al<span class=\"_ _df\"> </span>31 dicembre 2025 di circa 1,00x. I report degli analisti indican<span class=\"_ _1\"></span>o un \u201ct<span class=\"_ _2\"></span>arget price<span class=\"_ _1\"></span>\u201d medio per il titolo Crede<span class=\"_ _1\"></span>m di 15,79 euro per azione,<span class=\"_ _df\"> </span>corrispondente ad un multiplo s<span class=\"_ _1\"></span>ul patrimonio netto contabile della Banca al 31 dice<span class=\"_ _1\"></span>mbre 2025 pari<span class=\"_ _df\"> </span>a circa 1,16x.<span class=\"_ _df\"> </span>Dall\u2019analisi <span class=\"_ _0\"></span>della <span class=\"_ _0\"></span>quotazione <span class=\"_ _0\"></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=\"_ _0\"></span>febbraio <span class=\"_ _0\"></span>2026 <span class=\"_ _0\"></span>(15,60 <span class=\"_ _0\"></span>euro <span class=\"_ _0\"></span>il <span class=\"_ _9\"> </span>prezzo <span class=\"_ _d\"></span>di<span class=\"_ _df\"> </span>chiusura  al <span class=\"_ _9\"> </span>27  febbraio  2<span class=\"_ _1\"></span>026)  \u00e8 <span class=\"_ _16\"> </span>emersa  u<span class=\"_ _f\"></span>na  capitalizzazione  d<span class=\"_ _1\"></span>i  borsa <span class=\"_ _16\"> </span>pari  ad <span class=\"_ _9\"> </span>un  mult<span class=\"_ _2\"></span>iplo <span class=\"_ _16\"> </span>del<span class=\"_ _df\"> </span>patrimonio netto contabile al 31 dice<span class=\"_ _1\"></span>mbre 2025 di circa 1,14x.<span class=\"_ _df\"> </span>Verif<span class=\"_ _1\"></span>ica di ra<span class=\"_ _f\"></span>gionevole<span class=\"_ _f\"></span>zza comp<span class=\"_ _1\"></span>lessiva<span class=\"_ _df\"> </span>Come <span class=\"_ _4\"> </span>messo <span class=\"_ _4\"> </span>in <span class=\"_ _4\"> </span>evid<span class=\"_ _1\"></span>enza <span class=\"_ _4\"> </span>nei <span class=\"_ _4\"> </span>paragrafi <span class=\"_ _4\"> </span>precedenti <span class=\"_ _22\"> </span>del <span class=\"_ _4\"> </span>documento, <span class=\"_ _4\"> </span>sono <span class=\"_ _4\"> </span>state <span class=\"_ _4\"> </span>individu<span class=\"_ _1\"></span>ate <span class=\"_ _4\"> </span>e<span class=\"_ _df\"> </span>sottoposte ad impairment test la CGU Banki<span class=\"_ _1\"></span>ng e la CGU A<span class=\"_ _2\"></span>ssicurazioni (Insu<span class=\"_ _1\"></span>rance).<span class=\"_ _df\"> </span>A <span class=\"_ _22\"> </span>completamento <span class=\"_ _4\"> </span>delle  analisi<span class=\"_ _2\"></span> <span class=\"_ _22\"> </span>precedentemente <span class=\"_ _22\"> </span>d<span class=\"_ _2\"></span>escritte <span class=\"_ _22\"> </span>si <span class=\"_ _4\"> </span>\u00e8 <span class=\"_ _4\"> </span>proced<span class=\"_ _1\"></span>uto <span class=\"_ _4\"> </span>ad  effettuare <span class=\"_ _4\"> </span>una<span class=\"_ _df\"> </span>\u201cverifica <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>ragionevolezza <span class=\"_ _9\"> </span>complessiva\u201d <span class=\"_ _9\"> </span>ch<span class=\"_ _2\"></span>e <span class=\"_ _9\"> </span>prevede <span class=\"_ _9\"> </span>un <span class=\"_ _9\"> </span>confronto<span class=\"_ _2\"></span> <span class=\"_ _9\"> </span>tra <span class=\"_ _9\"> </span>il <span class=\"_ _9\"> </span>valore <span class=\"_ _9\"> </span>contabile <span class=\"_ _16\"> </span>ed <span class=\"_ _9\"> </span>il<span class=\"_ _df\"> </span>valore recuperabile del Grupp<span class=\"_ _1\"></span>o Credem.<span class=\"_ _df\"> </span>Ai <span class=\"_ _2\"></span>fin<span class=\"ff5\">i <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>tale <span class=\"_ _2\"></span>verifica <span class=\"_ _d\"></span>\u00e8 <span class=\"_ _d\"></span>stato <span class=\"_ _d\"></span>utilizzato <span class=\"_ _2\"></span>quale <span class=\"_ _2\"></span>met<span class=\"_ _2\"></span>odo <span class=\"_ _2\"></span>di <span class=\"_ _d\"></span>valutazione <span class=\"_ _2\"></span>il <span class=\"_ _d\"></span>DDM <span class=\"_ _d\"></span>nella <span class=\"_ _d\"></span>variante <span class=\"_ _2\"></span>\u201cexcess<span class=\"_ _df\"> </span></span>capital\u201d <span class=\"_ _d\"></span>e <span class=\"_ _2\"></span>sono <span class=\"_ _d\"></span>stati <span class=\"_ _2\"></span>utilizzati <span class=\"_ _d\"></span>gli <span class=\"_ _2\"></span>stessi <span class=\"_ _d\"></span>parametri <span class=\"_ _d\"></span>di <span class=\"_ _2\"></span>costo <span class=\"_ _d\"></span>del <span class=\"_ _2\"></span>capitale, <span class=\"_ _d\"></span>tasso <span class=\"_ _d\"></span>di <span class=\"_ _2\"></span>crescita <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>lungo<span class=\"_ _df\"> </span>periodo <span class=\"_ _9\"> </span>e <span class=\"_ _16\"> </span>requisiti <span class=\"_ _9\"> </span>patrimoniali <span class=\"_ _16\"> </span>richiesti <span class=\"_ _9\"> </span>dall\u2019Autorit\u00e0<span class=\"_ _2\"></span><span class=\"ff4\"> <span class=\"_ _16\"> </span>di <span class=\"_ _9\"> </span>Vigilanza <span class=\"_ _9\"> </span>utilizzati <span class=\"_ _16\"> </span>per <span class=\"_ _9\"> </span>il <span class=\"_ _9\"> </span>t<span class=\"_ _2\"></span>est <span class=\"_ _9\"> </span>della <span class=\"_ _9\"> </span>CGU<span class=\"_ _df\"> </span></span>Banking.<span class=\"_ _df\"> </span>I flussi per l\u2019applicazione della metodologia valu<span class=\"_ _1\"></span>tativa sono st<span class=\"_ _2\"></span>ati d<span class=\"_ _1\"></span>esunti dal Preconsuntivo 2025 e<span class=\"_ _df\"> </span>Budget 2026 del <span class=\"_ _2\"></span>Gruppo Credem, <span class=\"_ _2\"></span>approvato dal Consiglio di <span class=\"_ _2\"></span>Amministrazione della Ca<span class=\"_ _2\"></span>pogruppo il<span class=\"_ _df\"> </span>19 di<span class=\"_ _1\"></span>cembre <span class=\"_ _1\"></span>2025 e <span class=\"_ _f\"></span>da proie<span class=\"_ _1\"></span>zioni, <span class=\"_ _1\"></span>redatte ai<span class=\"_ _f\"></span> soli <span class=\"_ _1\"></span>fini <span class=\"_ _1\"></span>del <span class=\"_ _f\"></span>t<span class=\"_ _2\"></span>est <span class=\"_ _f\"></span>di impairme<span class=\"_ _1\"></span>nt sugli <span class=\"_ _f\"></span>avviamenti, <span class=\"_ _1\"></span>relative<span class=\"_ _df\"> </span>agli  esercizi <span class=\"_ _4\"> </span>dal <span class=\"_ _22\"> </span>20<span class=\"_ _2\"></span>27  al <span class=\"_ _4\"> </span>2028, <span class=\"_ _4\"> </span>anch\u2019e<span class=\"_ _1\"></span>sse <span class=\"_ _4\"> </span>approvate  dal <span class=\"_ _4\"> </span>Consiglio <span class=\"_ _22\"> </span>di <span class=\"_ _4\"> </span>Amministrazione  del <span class=\"_ _4\"> </span>19<span class=\"_ _df\"> </span>dicembre 2025.<span class=\"_ _df\"> </span>Dal <span class=\"_ _4\"> </span>confr<span class=\"_ _2\"></span>onto <span class=\"_ _4\"> </span>del <span class=\"_ _4\"> </span>valore <span class=\"_ _17\"> </span>contabile <span class=\"_ _4\"> </span>complessivo <span class=\"_ _17\"> </span>re<span class=\"_ _2\"></span>lativo <span class=\"_ _4\"> </span>al <span class=\"_ _17\"> </span>Gruppo <span class=\"_ _4\"> </span>Credem <span class=\"_ _4\"> </span>e<span class=\"_ _2\"></span>d <span class=\"_ _4\"> </span>il <span class=\"_ _4\"> </span>s<span class=\"_ _2\"></span>uo <span class=\"_ _4\"> </span>valore<span class=\"_ _df\"> </span>recuperabile, non sono emerse indicazioni d<span class=\"_ _1\"></span>i riduzione di valore.<span class=\"_ _df\"> </span>Anche <span class=\"_ _4\"> </span>questo<span class=\"_ _2\"></span> <span class=\"_ _4\"> </span>modello <span class=\"_ _4\"> </span>di <span class=\"_ _17\"> </span>determinazione <span class=\"_ _17\"> </span>del <span class=\"_ _4\"> </span>va<span class=\"_ _2\"></span>lore <span class=\"_ _4\"> </span>d\u2019uso <span class=\"_ _4\"> </span>\u00e8<span class=\"_ _2\"></span> <span class=\"_ _4\"> </span>stato <span class=\"_ _17\"> </span>sottoposto <span class=\"_ _17\"> </span>ad <span class=\"_ _4\"> </span>analisi <span class=\"_ _17\"> </span>di<span class=\"_ _df\"> </span>sensitivit\u00e0 rispetto <span class=\"_ _2\"></span>a variazioni nei valori <span class=\"_ _2\"></span>dei <span class=\"_ _2\"></span>princip<span class=\"_ _1\"></span>ali <span class=\"_ _2\"></span>parametri <span class=\"_ _2\"></span>al fine <span class=\"_ _2\"></span>di individuare le <span class=\"_ _2\"></span>condizioni<span class=\"_ _df\"> </span>sotto  cu<span class=\"_ _1\"></span>i  il <span class=\"_ _9\"> </span>valore  recuperabile  d<span class=\"_ _1\"></span>ell\u2019avviamento  a<span class=\"_ _f\"></span>  livello <span class=\"_ _16\"> </span>di <span class=\"_ _16\"> </span>Gruppo  risul<span class=\"_ _1\"></span>ta  pari <span class=\"_ _16\"> </span>al <span class=\"_ _16\"> </span>suo <span class=\"_ _16\"> </span>valore <span class=\"_ _16\"> </span>di<span class=\"_ _df\"> </span>bilancio. <span class=\"_ _2\"></span>Dalle <span class=\"_ _2\"></span>analisi s<span class=\"_ _2\"></span>volte, non <span class=\"_ _2\"></span>sono <span class=\"_ _2\"></span>emerse <span class=\"_ _2\"></span>indicazioni di <span class=\"_ _2\"></span>riduzione <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>valore <span class=\"_ _2\"></span>con <span class=\"_ _2\"></span>riferimento al<span class=\"_ _df\"> </span>Gruppo Credem fino alla considerazione di un tasso di attualizz<span class=\"_ _1\"></span>azione del 15,93%.<span class=\"_ _df\"> </span>Si <span class=\"_ _17\"> </span>s<span class=\"_ _2\"></span>egnala <span class=\"_ _17\"> </span>che, <span class=\"_ _17\"> </span>cons<span class=\"_ _2\"></span>iderand<span class=\"_ _1\"></span>o <span class=\"_ _14\"> </span>congiuntamente <span class=\"_ _14\"> </span>un <span class=\"_ _14\"> </span>tasso <span class=\"_ _14\"> </span>di <span class=\"_ _17\"> </span>crescita <span class=\"_ _14\"> </span>di <span class=\"_ _14\"> </span>lungo <span class=\"_ _17\"> </span>periodo <span class=\"_ _14\"> </span>nullo<span class=\"_ _df\"> </span>(decremento di <span class=\"_ _2\"></span>190 <span class=\"_ _2\"></span>bps) e <span class=\"_ _2\"></span>un t<span class=\"_ _2\"></span>asso <span class=\"_ _2\"></span>di attualizzazione del <span class=\"_ _2\"></span>15,55% <span class=\"_ _2\"></span>non <span class=\"_ _2\"></span>si r<span class=\"_ _2\"></span>ilev<span class=\"_ _1\"></span>erebbero <span class=\"_ _2\"></span>rettific<span class=\"_ _2\"></span>he <span class=\"_ _2\"></span>di<span class=\"_ _df\"> </span>valore sul perimetro relativo al Gruppo Crede<span class=\"_ _1\"></span>m. Si <span class=\"_ _f\"></span>segnala i<span class=\"_ _1\"></span>nfine <span class=\"_ _f\"></span>che anc<span class=\"_ _1\"></span>he <span class=\"_ _f\"></span>abbat<span class=\"_ _2\"></span>tendo <span class=\"_ _f\"></span>i <span class=\"_ _1\"></span>flussi <span class=\"_ _f\"></span>di ca<span class=\"_ _f\"></span>s<span class=\"_ _2\"></span>sa <span class=\"_ _f\"></span>futuri <span class=\"_ _f\"></span>attesi <span class=\"_ _1\"></span>del <span class=\"_ _f\"></span>50,05% non <span class=\"_ _11\"></span>si ril<span class=\"_ _1\"></span>everebbero<span class=\"_ _df\"> </span>rettifiche di valore sulla CGU.<span class=\"_ _df\"> </span>Le analisi <span class=\"_ _2\"></span>evidenziano anche <span class=\"_ _2\"></span>come <span class=\"_ _2\"></span>le differenze <span class=\"_ _2\"></span>rilevate nelle <span class=\"_ _2\"></span>ana<span class=\"_ _2\"></span>lisi di <span class=\"_ _2\"></span>sensitivit\u00e0 so<span class=\"_ _2\"></span>pra descritte<span class=\"_ _df\"> </span>assorbano in maniera estensiva, in relazione al climate risk del Gr<span class=\"_ _2\"></span>uppo Credem, gli impatti stimati<span class=\"_ _df\"> </span>in uno scenario avverso.<span class=\"_ _df\"> </span><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsb59\">Alla <span class=\"_ _4\"> </span>luce <span class=\"_ _4\"> </span>dei <span class=\"_ _4\"> </span>risultati <span class=\"_ _4\"> </span>sopra <span class=\"_ _4\"> </span>descritti <span class=\"_ _4\"> </span>in <span class=\"_ _4\"> </span>relazione <span class=\"_ _4\"> </span>alla <span class=\"_ _4\"> </span>verifica <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>ragionevolezza <span class=\"_ _4\"> </span>complessiv<span class=\"_ _2\"></span><span class=\"ls72\">a </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsb5a\">effettuata con <span class=\"_ _2\"></span>riferimento al Gr<span class=\"_ _2\"></span>upp<span class=\"_ _1\"></span>o Cred<span class=\"_ _2\"></span>em, si pu\u00f2 <span class=\"_ _2\"></span>concludere che non <span class=\"_ _2\"></span>sono emerse <span class=\"_ _2\"></span>indicazioni </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsb5b\">di riduzione di valore. </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gsb5c\">Il <span class=\"_ _2\"></span>modello <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>determinazione <span class=\"_ _2\"></span>del<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>valore <span class=\"_ _2\"></span>d\u2019uso <span class=\"_ _d\"></span>\u00e8 <span class=\"_ _2\"></span>stato <span class=\"_ _2\"></span>inoltre <span class=\"_ _2\"></span>sottoposto <span class=\"_ _2\"></span>ad <span class=\"_ _d\"></span>analisi <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>sensitivit\u00e0 <span class=\"_ _2\"></span>al </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsb5d\">fine <span class=\"_ _f\"></span>di app<span class=\"_ _1\"></span>rezzare l<span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>variazione dei <span class=\"_ _f\"></span>risultati <span class=\"_ _1\"></span>ottenuti <span class=\"_ _1\"></span>al <span class=\"_ _f\"></span>variare de<span class=\"_ _1\"></span>i parametri <span class=\"_ _f\"></span>valutativi <span class=\"_ _f\"></span>adott<span class=\"_ _2\"></span>ati. <span class=\"_ _f\"></span>Dalle </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsb5e\">analisi svolte, <span class=\"_ _1\"></span>non sono<span class=\"_ _1\"></span> emerse <span class=\"_ _1\"></span>indicazioni d<span class=\"_ _1\"></span>i riduzione<span class=\"_ _1\"></span> di v<span class=\"_ _1\"></span>alore con riferimento<span class=\"_ _1\"></span> alla CGU<span class=\"_ _f\"></span> in esame<span class=\"_ _1\"></span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsb5f\">considerando <span class=\"_ _f\"></span>u<span class=\"_ _2\"></span>na <span class=\"_ _1\"></span>variazione del <span class=\"_ _1\"></span>costo del <span class=\"_ _f\"></span>capitale (ke) d<span class=\"_ _1\"></span>i +/- 50 <span class=\"_ _f\"></span>bps. Inoltre, <span class=\"_ _1\"></span>In una <span class=\"_ _1\"></span>logica di <span class=\"_ _f\"></span>str<span class=\"_ _2\"></span>ess </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsb60\">test, si seg<span class=\"_ _1\"></span>nala che <span class=\"_ _1\"></span>anche considerando u<span class=\"_ _1\"></span>n tasso di a<span class=\"_ _1\"></span>ttualizzazione del<span class=\"_ _1\"></span> 6,91% (incremento di <span class=\"_ _f\"></span>circa </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsb61\">100 <span class=\"_ _2\"></span>bps) <span class=\"_ _2\"></span>nonch\u00e9 <span class=\"_ _d\"></span>un <span class=\"_ _2\"></span>incremento <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>Solvency <span class=\"_ _2\"></span>Capital <span class=\"_ _2\"></span>Re<span class=\"_ _2\"></span>quirement <span class=\"_ _2\"></span>atteso <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>1<span class=\"_ _2\"></span>0% <span class=\"_ _2\"></span>(incremento <span class=\"_ _2\"></span>di </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsb62\">circa 1000 bps) non si rileverebbero rettifiche di valore.</div>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfGoodwillExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-869": {
   "value": "<div class=\"t m0 he ff4 fs5 fc4 sc3 ls0 ws0 gsb64\">Sezio<span class=\"_ _1\"></span>ne 11 <span class=\"_ _1\"></span><span class=\"ff5\">\u2013<span class=\"ff4\"> Le a<span class=\"_ _f\"></span>ttivit\u00e0 fisca<span class=\"_ _1\"></span>li e le pa<span class=\"_ _f\"></span>ssivit\u00e0 fisca<span class=\"_ _f\"></span>li <span class=\"ff5\">\u2013</span> <span class=\"ff5\">Voce 1<span class=\"_ _1\"></span>10 dell\u2019<span class=\"_ _1\"></span>attivo<span class=\"_ _1\"></span> e Vo<span class=\"_ _f\"></span>ce 60 de<span class=\"_ _1\"></span>l passivo<span class=\"_ _1\"></span><span class=\"ff4\"> </span></span></span></span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gsb65\">Le <span class=\"_ _2\"></span>attivit\u00e0 <span class=\"_ _2\"></span>fiscali <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>le <span class=\"_ _2\"></span>passivit\u00e0 <span class=\"_ _2\"></span>fiscali cor<span class=\"_ _2\"></span>renti <span class=\"_ _2\"></span>comprendono <span class=\"_ _2\"></span>l\u2019a<span class=\"_ _1\"></span>mmontare <span class=\"_ _2\"></span>netto <span class=\"_ _2\"></span>(debito <span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>credito) </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsb66\">IRES <span class=\"_ _d\"></span>ed <span class=\"_ _0\"></span>IRAP, <span class=\"_ _d\"></span>al <span class=\"_ _0\"></span>netto <span class=\"_ _d\"></span>dei <span class=\"_ _0\"></span>credit<span class=\"ff5\">i <span class=\"_ _d\"></span>d\u2019imposta <span class=\"_ _0\"></span>e <span class=\"_ _d\"></span>degli <span class=\"_ _d\"></span>acconti, <span class=\"_ _0\"></span>e <span class=\"_ _d\"></span>l\u2019addizionale <span class=\"_ _d\"></span>IRES, <span class=\"_ _d\"></span>prev<span class=\"_ _2\"></span>ista <span class=\"_ _d\"></span>per <span class=\"_ _0\"></span>gli </span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gsb67\">intermediari finanziari ai sensi dell\u2019<span class=\"_ _1\"></span>art.12, comma 3, del Decreto Legislativo n.142 del 29 novembre </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsb68\">2018.  </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsb69\">Ai fini delle imposte dirette, risultano definiti, per decorrenza dei termini di<span class=\"_ _2\"></span> <span class=\"ff5\">cui all\u2019art. 43 del D.P.R. </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsb6a\">29/9/1973, n. 600, i periodi di imp<span class=\"_ _1\"></span>osta chiusi al 31/12/2019.<span class=\"_ _2\"></span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsb6b\">I rischi <span class=\"_ _2\"></span>derivanti dal contenzioso fiscale <span class=\"_ _2\"></span>del Gruppo sono <span class=\"_ _2\"></span>presidiati da adeguati accantonamenti a </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsb6c\">fondi per rischi e oneri.  </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsb6d\">Con <span class=\"_ _f\"></span>r<span class=\"_ _2\"></span>iguardo <span class=\"_ _f\"></span>alla <span class=\"_ _f\"></span>capogruppo, sono <span class=\"_ _f\"></span>in <span class=\"_ _1\"></span>essere 9 <span class=\"_ _f\"></span>procedimenti <span class=\"_ _f\"></span>contenziosi, aff<span class=\"_ _1\"></span>erenti p<span class=\"_ _1\"></span>rincipalmente </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsb6e\">a <span class=\"_ _2\"></span>tributi <span class=\"_ _2\"></span>locali o<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>conseguenti a <span class=\"_ _2\"></span>dinieghi <span class=\"_ _2\"></span>su <span class=\"_ _2\"></span>istanze <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>rimborso <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>imposte <span class=\"_ _2\"></span>presentate <span class=\"_ _2\"></span>dalla <span class=\"_ _2\"></span>banca.<span class=\"_ _f\"></span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsb6f\">Relativamente a tali <span class=\"_ _f\"></span>cont<span class=\"_ _2\"></span>enziosi <span class=\"_ _1\"></span>non sono emersi ri<span class=\"_ _1\"></span>schi effettivi<span class=\"_ _1\"></span> o quanto meno il<span class=\"_ _1\"></span> rischio stimato \u00e8 </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsb70\">apparso remoto. Per questa ragione non sono stati effe<span class=\"_ _1\"></span>ttuati accantonamenti specifici. <span class=\"_ _2\"></span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsb71\">Per Crede<span class=\"_ _1\"></span>mleasing pendono 30 proced<span class=\"_ _1\"></span>imenti contenziosi, p<span class=\"_ _1\"></span>revalentemente relativi a <span class=\"_ _1\"></span>tributi locali. </div><div class=\"t m0 h5 ff4 fs1 fc4 sc3 ls0 ws0 gsb72\">Iscrizi<span class=\"_ _1\"></span>one e<span class=\"_ _1\"></span> mis<span class=\"_ _1\"></span>urazi<span class=\"_ _1\"></span>one d<span class=\"_ _1\"></span>i at<span class=\"_ _1\"></span>tivit\u00e0 <span class=\"_ _1\"></span>per i<span class=\"_ _1\"></span>mpos<span class=\"_ _1\"></span>te di<span class=\"_ _1\"></span>fferite<span class=\"_ _f\"></span> </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gsb73\">Nell\u2019attivo <span class=\"_ _d\"></span>dello <span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>tato <span class=\"_ _d\"></span>patrimoniale <span class=\"_ _2\"></span>so<span class=\"_ _2\"></span>no <span class=\"_ _d\"></span>presenti <span class=\"_ _d\"></span>le <span class=\"_ _d\"></span>\u201cattivit\u00e0 <span class=\"_ _d\"></span>fiscali <span class=\"_ _2\"></span>per <span class=\"_ _d\"></span>impost<span class=\"_ _2\"></span>e <span class=\"_ _d\"></span>anticipate\u201d, <span class=\"_ _2\"></span>D<span class=\"_ _2\"></span>TA </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsb74\">ovvero  Deferred  T<span class=\"_ _1\"></span>ax  Asset,  principalmente  derivanti  da  differenze  temporanee  tra  la  data  di<span class=\"_ _1\"></span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsb75\">iscrizione <span class=\"_ _9\"> </span>nel <span class=\"_ _9\"> </span>conto<span class=\"_ _2\"></span> <span class=\"_ _9\"> </span>economico <span class=\"_ _16\"> </span>di <span class=\"_ _9\"> </span>costi <span class=\"_ _16\"> </span>e <span class=\"_ _9\"> </span>la <span class=\"_ _16\"> </span>data <span class=\"_ _9\"> </span>alla <span class=\"_ _16\"> </span>quale<span class=\"_ _1\"></span> <span class=\"_ _9\"> </span>i  costi  med<span class=\"_ _1\"></span>esimi <span class=\"_ _9\"> </span>potranno  es<span class=\"_ _f\"></span>s<span class=\"_ _2\"></span>ere </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsb76\">dedotti. <span class=\"_ _f\"></span>Tali <span class=\"_ _1\"></span>attivit\u00e0 <span class=\"_ _f\"></span>iscritte i<span class=\"_ _1\"></span>n <span class=\"_ _f\"></span>bilancio <span class=\"_ _f\"></span>si <span class=\"_ _1\"></span>riferiscono <span class=\"_ _f\"></span>a diff<span class=\"_ _1\"></span>erenze <span class=\"_ _f\"></span>temporanee <span class=\"_ _1\"></span>recuperabili <span class=\"_ _f\"></span>in un <span class=\"_ _f\"></span>arco </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsb77\">temporale abbastanza lungo. <span class=\"_ _2\"></span>Le att<span class=\"_ _2\"></span>ivit\u00e0 per imposte <span class=\"_ _2\"></span>anticipate vengono svalutate nella misura <span class=\"_ _2\"></span>in </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsb78\">cui  le <span class=\"_ _4\"> </span>stesse <span class=\"_ _4\"> </span>veng<span class=\"_ _1\"></span>ono <span class=\"_ _4\"> </span>ritenute <span class=\"_ _4\"> </span>non  r<span class=\"_ _2\"></span>ecup<span class=\"_ _1\"></span>erabili <span class=\"_ _4\"> </span>in  relazione <span class=\"_ _4\"> </span>alle  prospettive <span class=\"_ _4\"> </span>reddituali  ed <span class=\"_ _4\"> </span>ai </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsb79\">conseguenti r<span class=\"_ _2\"></span>edd<span class=\"_ _1\"></span>iti <span class=\"_ _2\"></span>imponibili attesi, <span class=\"_ _2\"></span>tenuto <span class=\"_ _2\"></span>altres\u00ec conto <span class=\"_ _2\"></span>della normativa <span class=\"_ _2\"></span>fiscale, che <span class=\"_ _2\"></span>consente la </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsb7a\">loro <span class=\"_ _4\"> </span>trasformazione <span class=\"_ _4\"> </span>in <span class=\"_ _22\"> </span>cr<span class=\"_ _2\"></span>editi <span class=\"_ _4\"> </span>di  impost<span class=\"_ _2\"></span>a, <span class=\"_ _4\"> </span>al <span class=\"_ _22\"> </span>r<span class=\"_ _2\"></span>icorrere <span class=\"_ _4\"> </span>di <span class=\"_ _22\"> </span>det<span class=\"_ _2\"></span>erminate <span class=\"_ _4\"> </span>condizioni.<span class=\"_ _1\"></span> <span class=\"_ _4\"> </span>Il <span class=\"_ _17\"> </span>processo </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsb7b\">valutativo \u00e8 fondato sulle prospettive red<span class=\"_ _1\"></span>dituali.<span class=\"_ _2\"></span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsb7c\">Le <span class=\"_ _2\"></span>att<span class=\"_ _2\"></span>ivit\u00e0 <span class=\"_ _2\"></span>per <span class=\"_ _d\"></span>imposte <span class=\"_ _2\"></span>ant<span class=\"_ _2\"></span>icipat<span class=\"_ _1\"></span>e <span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>ono <span class=\"_ _2\"></span>iscritte <span class=\"_ _d\"></span>in <span class=\"_ _2\"></span>bilancio <span class=\"_ _d\"></span>nella <span class=\"_ _2\"></span>misura <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>cui <span class=\"_ _2\"></span>esiste <span class=\"_ _d\"></span>la <span class=\"_ _d\"></span>probabili<span class=\"_ _1\"></span>t\u00e0 </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gsb7d\">del <span class=\"_ _d\"></span>loro <span class=\"_ _0\"></span>recupero, <span class=\"_ _d\"></span>valutata <span class=\"_ _d\"></span>con <span class=\"_ _0\"></span>il <span class=\"_ _d\"></span>\u201c<span class=\"_ _2\"></span>Probabili<span class=\"_ _1\"></span>ty <span class=\"_ _0\"></span>test\u201d <span class=\"_ _0\"></span>prev<span class=\"_ _1\"></span>isto <span class=\"_ _0\"></span>dallo <span class=\"_ _d\"></span>IAS12 <span class=\"_ _d\"></span>sulla <span class=\"_ _0\"></span>base <span class=\"_ _d\"></span>della <span class=\"_ _d\"></span>c<span class=\"_ _2\"></span><span class=\"ff4\">apac<span class=\"_ _2\"></span>it\u00e0 </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsb7e\">fiscale della <span class=\"_ _2\"></span>Banca e <span class=\"_ _2\"></span>delle <span class=\"_ _2\"></span>societ\u00e0 <span class=\"_ _2\"></span>del Gruppo <span class=\"_ _2\"></span>di generare <span class=\"_ _2\"></span>con <span class=\"_ _2\"></span>continu<span class=\"_ _1\"></span>it\u00e0 <span class=\"_ _2\"></span>redditi imponibili <span class=\"_ _2\"></span>positivi </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsb7f\">nei futuri esercizi, tenuto conto del<span class=\"_ _1\"></span>le disposizioni fiscali vigenti.<span class=\"_ _2\"></span> </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gsb80\">L\u2019ammontare <span class=\"_ _d\"></span>delle <span class=\"_ _d\"></span>imposte <span class=\"_ _d\"></span>anticipate <span class=\"_ _d\"></span>iscritto <span class=\"_ _d\"></span>in <span class=\"_ _0\"></span>bilancio <span class=\"_ _2\"></span>viene <span class=\"_ _0\"></span>sottoposto <span class=\"_ _d\"></span>a<span class=\"_ _d\"></span><span class=\"ff4\"> <span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>est <span class=\"_ _d\"></span>ogni <span class=\"_ _d\"></span>anno, <span class=\"_ _d\"></span>per </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsb81\">verificare s<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>sussista <span class=\"_ _2\"></span>o meno <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>probabilit\u00e0 <span class=\"_ _2\"></span>che la <span class=\"_ _d\"></span>societ\u00e0 <span class=\"_ _2\"></span>interessata consegua <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>futuro <span class=\"_ _2\"></span>risultati </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsb82\">imponibili <span class=\"_ _0\"></span>t<span class=\"_ _2\"></span>ali <span class=\"_ _0\"> </span>da  consentire <span class=\"_ _0\"></span>un <span class=\"_ _16\"> </span>riassorbimento <span class=\"_ _9\"> </span>delle <span class=\"_ _9\"> </span>imposte <span class=\"_ _9\"> </span>anticipate <span class=\"_ _9\"> </span>iscritte <span class=\"_ _9\"> </span>nei <span class=\"_ _9\"> </span>pre<span class=\"_ _2\"></span>cedenti </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gsb83\">periodi d\u2019imposta. <span class=\"ff4\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsb84\">Con <span class=\"_ _9\"> </span>r<span class=\"_ _2\"></span>iferimento<span class=\"_ _1\"></span> <span class=\"_ _9\"> </span>a<span class=\"_ _2\"></span><span class=\"ff5\">ll\u2019iscrivib<span class=\"_ _1\"></span>ilit\u00e0 <span class=\"_ _16\"> </span>delle <span class=\"_ _9\"> </span>attivit\u00e0 <span class=\"_ _9\"> </span>per <span class=\"_ _16\"> </span>imposte <span class=\"_ _9\"> </span>anticipate <span class=\"_ _9\"> </span>ed <span class=\"_ _16\"> </span>al <span class=\"_ _9\"> </span>loro <span class=\"_ _9\"> </span>mantenimento <span class=\"_ _16\"> </span>in<span class=\"_ _1\"></span> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsb85\">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>importanti <span class=\"_ _0\"> </span>mo<span class=\"_ _2\"></span>difich<span class=\"_ _1\"></span>e <span class=\"_ _0\"></span>normative <span class=\"_ _0\"></span>introdotte <span class=\"_ _0\"></span>a <span class=\"_ _0\"></span>part<span class=\"_ _2\"></span>ire <span class=\"_ _d\"></span>dal </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsb86\">2011 <span class=\"_ _d\"></span>in <span class=\"_ _2\"></span>materia <span class=\"_ _d\"></span>fiscale <span class=\"_ _2\"></span>che, <span class=\"_ _d\"></span>prevedend<span class=\"_ _1\"></span>o <span class=\"_ _d\"></span>la <span class=\"_ _d\"></span>trasformazione <span class=\"_ _2\"></span>delle <span class=\"_ _2\"></span>att<span class=\"_ _2\"></span>ivit\u00e0 <span class=\"_ _2\"></span>per <span class=\"_ _d\"></span>im<span class=\"_ _2\"></span>poste <span class=\"_ _2\"></span>anticipate <span class=\"_ _2\"></span>in </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsb87\">crediti <span class=\"_ _f\"></span>di <span class=\"_ _1\"></span>imposta i<span class=\"_ _1\"></span>n <span class=\"_ _f\"></span>predeterminate <span class=\"_ _f\"></span>ipotesi, han<span class=\"_ _1\"></span>no <span class=\"_ _1\"></span>introdotto <span class=\"_ _f\"></span>la <span class=\"_ _f\"></span>modalit\u00e0 di<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>recupero <span class=\"_ _f\"></span>delle <span class=\"_ _f\"></span>imposte </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsb88\">anticipate att<span class=\"_ _2\"></span>ive tale <span class=\"_ _2\"></span>da assicurare il <span class=\"_ _2\"></span>loro r<span class=\"_ _2\"></span>iassorbimento a <span class=\"_ _2\"></span>presci<span class=\"_ _1\"></span>ndere <span class=\"_ _2\"></span>dalla capacit\u00e0 <span class=\"_ _2\"></span>di generare </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsb89\">una redditivit\u00e0. </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsb8a\"> Con <span class=\"_ _d\"></span>la <span class=\"_ _0\"></span>pubblicazione <span class=\"_ _d\"></span>della <span class=\"_ _d\"></span>Legge <span class=\"_ _0\"></span>di <span class=\"_ _d\"></span>Bilancio <span class=\"_ _d\"></span>2026 <span class=\"_ _0\"></span>(legge <span class=\"_ _0\"></span>n.199 <span class=\"_ _d\"></span>del <span class=\"_ _0\"></span>30 <span class=\"_ _d\"></span>dicembre <span class=\"_ _d\"></span>2025<span class=\"_ _2\"></span>) <span class=\"_ _d\"></span>rubricata </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gsb8b\">\u201cBilancio<span class=\"ff4\"> <span class=\"_ _2\"></span></span>di <span class=\"_ _2\"></span>previsione <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>ello <span class=\"_ _2\"></span>Stato <span class=\"_ _2\"></span>per <span class=\"_ _d\"></span>l\u2019anno <span class=\"_ _2\"></span>finanziario <span class=\"_ _2\"></span>2026 <span class=\"_ _d\"></span>e <span class=\"_ _2\"></span>bilancio <span class=\"_ _2\"></span>pluriennale <span class=\"_ _2\"></span>per <span class=\"_ _d\"></span>il <span class=\"_ _2\"></span>triennio </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsb8c\">2026 <span class=\"_ _22\"> </span><span class=\"ff5\">\u2013</span> <span class=\"_ _4\"> </span>2028) <span class=\"_ _4\"> </span>il  Parlamento <span class=\"_ _4\"> </span>ha<span class=\"_ _1\"></span> <span class=\"_ _4\"> </span>introdotto  una <span class=\"_ _22\"> </span>serie <span class=\"_ _4\"> </span>di  mis<span class=\"_ _2\"></span>ure<span class=\"_ _1\"></span> <span class=\"_ _4\"> </span>rilevanti  in <span class=\"_ _4\"> </span>mat<span class=\"_ _2\"></span>eria <span class=\"_ _22\"> </span>fiscale. <span class=\"_ _4\"> </span>In </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gsb8d\">particolare l\u2019art.1 (commi 56 e 57) ha previsto per il periodo d'imposta successivo a quello in corso </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsb8e\">al <span class=\"_ _0\"></span>31 <span class=\"_ _0\"></span>dicembre <span class=\"_ _d\"></span>2025 <span class=\"_ _0\"></span>e <span class=\"_ _0\"></span>per <span class=\"_ _0\"></span>i <span class=\"_ _0\"></span>successivi <span class=\"_ _d\"></span>t<span class=\"_ _2\"></span>re, <span class=\"_ _0\"></span> con <span class=\"_ _0\"></span>riferimento <span class=\"_ _0\"></span>agli <span class=\"_ _0\"></span>intermediari <span class=\"_ _0\"></span>finanziari <span class=\"_ _d\"></span>che <span class=\"_ _0\"></span>per <span class=\"_ _0\"></span>i </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsb8f\">crediti <span class=\"_ _0\"></span>del <span class=\"_ _0\"></span>primo <span class=\"_ _0\"></span>e <span class=\"_ _0\"> </span>s<span class=\"_ _2\"></span>econdo <span class=\"_ _d\"></span>s<span class=\"_ _2\"></span>tadio <span class=\"_ _9\"> </span>di <span class=\"_ _0\"></span>rischio <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>credito <span class=\"_ _9\"> </span>le <span class=\"_ _0\"></span>svalutazioni <span class=\"_ _0\"></span>derivanti <span class=\"_ _0\"></span>esclusivamente </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsb90\">dall'adozione <span class=\"_ _2\"></span>del <span class=\"_ _d\"></span>modello <span class=\"_ _d\"></span>di <span class=\"_ _2\"></span>rilevazione <span class=\"_ _d\"></span>del <span class=\"_ _2\"></span>fondo <span class=\"_ _d\"></span>a <span class=\"_ _d\"></span>copertura <span class=\"_ _d\"></span>delle <span class=\"_ _2\"></span>perdite <span class=\"_ _d\"></span>per <span class=\"_ _d\"></span>perdite <span class=\"_ _2\"></span>at<span class=\"_ _2\"></span>tese <span class=\"_ _2\"></span>su </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsb91\">crediti <span class=\"_ _2\"></span>siano <span class=\"_ _2\"></span>deducibili in <span class=\"_ _2\"></span>cinque <span class=\"_ _2\"></span>quote <span class=\"_ _2\"></span>costanti <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>partire <span class=\"_ _2\"></span>dall'esercizio <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>cui la <span class=\"_ _2\"></span>perdita <span class=\"_ _0\"></span>\u00e8 <span class=\"_ _2\"></span>iscritta a </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsb92\">conto economico. Ci\u00f2 in deroga a quanto previsto ai fini Ires e Irap rispettivamente da articolo 106 </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gsb93\">comma <span class=\"_ _5\"> </span>3 <span class=\"_ _20\"> </span>del <span class=\"_ _20\"> </span>Tuir <span class=\"_ _5\"> </span>e <span class=\"_ _5\"> </span>dall<span class=\"_ _1\"></span>\u2019articolo <span class=\"_ _20\"> </span>6, <span class=\"_ _5\"> </span>comma <span class=\"_ _20\"> </span>1<span class=\"_ _2\"></span>, <span class=\"_ _20\"> </span>lettera<span class=\"ff4\"> c-bis) del <span class=\"_ _20\"> </span>D<span class=\"_ _2\"></span>lgs <span class=\"_ _20\"> </span>n. <span class=\"_ _5\"> </span>446/1997). </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsb94\">Conseguentemente <span class=\"_ _0\"></span>viene <span class=\"_ _0\"></span>meno <span class=\"_ _9\"> </span>la <span class=\"_ _0\"></span>possibilit\u00e0 <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>t<span class=\"_ _2\"></span>rasformare <span class=\"_ _0\"></span>i<span class=\"_ _2\"></span>n <span class=\"_ _0\"></span>credito <span class=\"_ _0\"></span>d'imposta <span class=\"_ _9\"> </span>le <span class=\"_ _0\"></span>att<span class=\"_ _2\"></span>ivit\u00e0 <span class=\"_ _0\"></span>per </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsb95\">imposte <span class=\"_ _14\"> </span>anticipate <span class=\"_ _14\"> </span>(cosiddette<span class=\"_ _2\"></span> Deferred <span class=\"_ _14\"> </span>Tax <span class=\"_ _14\"> </span>Ass<span class=\"_ _2\"></span>ets- <span class=\"_ _14\"> </span>DTA) <span class=\"_ _14\"> </span>iscritte <span class=\"_ _15\"> </span>in <span class=\"_ _14\"> </span>bilancio, <span class=\"_ _14\"> </span>a <span class=\"_ _14\"> </span>fr<span class=\"_ _2\"></span>onte <span class=\"_ _14\"> </span>del </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsb96\">differimento della deducibilit\u00e0 di tali componenti di redd<span class=\"_ _1\"></span>ito (articolo 2 commi 55, 56<span class=\"_ _d\"></span>-bis, 56-bis.1 <span class=\"_ _1\"></span>e </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls2 ws0 gsb97\">56<span class=\"ls0\">-ter del <span class=\"_ _14\"> </span>Dl <span class=\"_ _15\"> </span>n. <span class=\"_ _15\"> </span>225/2010) <span class=\"_ _15\"> </span>e <span class=\"_ _15\"> </span>di <span class=\"_ _15\"> </span>farle <span class=\"_ _14\"> </span>concorr<span class=\"_ _2\"></span>ere <span class=\"_ _14\"> </span>alla <span class=\"_ _15\"> </span>formazione <span class=\"_ _14\"> </span>della <span class=\"_ _15\"> </span>base <span class=\"_ _15\"> </span>imponibile <span class=\"_ _14\"> </span>d<span class=\"_ _2\"></span>el </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsb98\">canone DTA che <span class=\"_ _2\"></span>gli <span class=\"_ _d\"></span>intermediari <span class=\"_ _d\"></span>finanziari <span class=\"_ _d\"></span>stessi <span class=\"_ _d\"></span>devono <span class=\"_ _2\"></span>pagare<span class=\"_ _2\"></span>, <span class=\"_ _2\"></span>con <span class=\"_ _d\"></span>cadenza <span class=\"_ _d\"></span>annuale, <span class=\"_ _d\"></span>al <span class=\"_ _2\"></span>fin<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>di </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsb99\">avvalersi di <span class=\"_ _1\"></span>tale regime d<span class=\"_ _1\"></span>i trasformazione delle DTA in credito d'imp<span class=\"_ _1\"></span>osta (articolo 11 co<span class=\"_ _1\"></span>mma 2, Dl n. </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsb9a\">59/2016). Con <span class=\"_ _f\"></span><span class=\"ff5\">l\u2019art.<span class=\"ff4\"> 1 commi <span class=\"_ _f\"></span>68 <span class=\"ff5\">\u2013</span> 73 <span class=\"_ _f\"></span>\u00e8 <span class=\"ff5\">modificata <span class=\"_ _1\"></span>la d<span class=\"_ _1\"></span>isciplina dell\u2019imposta stra<span class=\"_ _1\"></span>ordinaria sui <span class=\"_ _f\"></span>margini<span class=\"_ _df\"> </span></span></span></span><span class=\"ff5\"><span class=\"ff4\"><span class=\"ff5\"> </span></span></span></div>di <span class=\"_ _2\"></span>interesse <span class=\"_ _2\"></span>delle <span class=\"_ _2\"></span>banche <span class=\"_ _2\"></span>operanti <span class=\"_ _2\"></span>nel <span class=\"_ _2\"></span>territorio <span class=\"_ _2\"></span>dello <span class=\"_ _2\"></span>Stato, <span class=\"_ _2\"></span>ist<span class=\"_ _2\"></span>it<span class=\"_ _1\"></span>uita <span class=\"_ _2\"></span>con <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>Dl <span class=\"_ _2\"></span>n. <span class=\"_ _2\"></span>104/2023 <span class=\"_ _d\"></span>(articolo<span class=\"_ _df\"> </span> 26). <span class=\"_ _15\"> </span>I<span class=\"_ _2\"></span>n <span class=\"_ _e\"> </span>particolare, <span class=\"_ _e\"> </span>viene <span class=\"_ _e\"> </span>stabilita <span class=\"_ _e\"> </span>una <span class=\"_ _10\"> </span>presunzione <span class=\"_ _e\"> </span>legale <span class=\"_ _e\"> </span>secondo <span class=\"_ _e\"> </span>la <span class=\"_ _e\"> </span>q<span class=\"_ _2\"></span>uale, <span class=\"_ _15\"> </span>a <span class=\"_ _10\"> </span>decorrere dall\u2019esercizio <span class=\"_ _2\"></span>che <span class=\"_ _d\"></span>ha <span class=\"_ _d\"></span>inizio <span class=\"_ _d\"></span>successivamente <span class=\"_ _2\"></span>al <span class=\"_ _d\"></span>1\u00b0 <span class=\"_ _d\"></span>gennaio <span class=\"_ _d\"></span>2028, <span class=\"_ _d\"></span>nel <span class=\"_ _2\"></span>caso <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>distribuzione <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>utili, inclusi <span class=\"_ _0\"></span>g<span class=\"_ _2\"></span>li <span class=\"_ _0\"> </span>acconti <span class=\"_ _16\"> </span>sui <span class=\"_ _9\"> </span>dividendi, <span class=\"_ _9\"> </span>o <span class=\"_ _9\"> </span>di <span class=\"_ _16\"> </span>riserve, <span class=\"_ _0\"></span>indipendentemente <span class=\"_ _16\"> </span>dalla <span class=\"_ _0\"></span>delibera <span class=\"_ _16\"> </span>assembleare, <span class=\"_ _9\"> </span>si presum<span class=\"ff5\">e <span class=\"_ _4\"> </span>prior<span class=\"_ _2\"></span>itariamente <span class=\"_ _4\"> </span>distribuita <span class=\"_ _17\"> </span>la <span class=\"_ _17\"> </span>riserva <span class=\"_ _17\"> </span>che <span class=\"_ _17\"> </span>i <span class=\"_ _17\"> </span>so<span class=\"_ _2\"></span>ggetti <span class=\"_ _4\"> </span>passivi <span class=\"_ _17\"> </span>dell\u2019imposta <span class=\"_ _14\"> </span>potevano </span>accantonare <span class=\"_ _2\"></span>in <span class=\"_ _d\"></span>luogo <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>pagamento <span class=\"_ _2\"></span>dell\u2019imp<span class=\"_ _1\"></span>osta <span class=\"_ _d\"></span>medesima. <span class=\"_ _2\"></span>La <span class=\"_ _2\"></span>presunzione <span class=\"_ _2\"></span>non <span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _2\"></span>applica <span class=\"_ _2\"></span>se <span class=\"_ _d\"></span>e nei <span class=\"_ _f\"></span>limiti <span class=\"_ _1\"></span>in <span class=\"_ _f\"></span>cui l<span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>riserva <span class=\"_ _1\"></span>\u00e8 <span class=\"_ _f\"></span>cost<span class=\"_ _2\"></span>ituita <span class=\"_ _f\"></span>con <span class=\"_ _1\"></span>utili <span class=\"_ _f\"></span>destinati all<span class=\"_ _1\"></span>e <span class=\"_ _f\"></span>riserve <span class=\"_ _1\"></span>obbligatorie <span class=\"_ _1\"></span>da <span class=\"_ _f\"></span>part<span class=\"_ _2\"></span>e <span class=\"_ _f\"></span>delle <span class=\"_ _f\"></span>banche di credito cooperativo. Fino all<span class=\"_ _1\"></span>\u2019esercizio in corso al 3<span class=\"_ _1\"></span>1 dicembre 2028, inoltre, \u00e8 possib<span class=\"_ _1\"></span>ile applicare un\u2019imposta <span class=\"_ _d\"></span>sostitutiva <span class=\"_ _d\"></span>per <span class=\"_ _d\"></span>l\u2019affrancamento, <span class=\"_ _2\"></span>a <span class=\"_ _0\"></span>tasso <span class=\"_ _d\"></span>agevolato, <span class=\"_ _2\"></span>della <span class=\"_ _d\"></span>riserva <span class=\"_ _d\"></span>esistente <span class=\"_ _d\"></span>al <span class=\"_ _d\"></span>t<span class=\"_ _2\"></span>ermine dell\u2019esercizio <span class=\"_ _1\"></span>in corso<span class=\"_ _1\"></span> al <span class=\"_ _f\"></span>31 dice<span class=\"_ _1\"></span>mbre 2025<span class=\"_ _f\"></span> (aliquota <span class=\"_ _1\"></span>al 27,5%)<span class=\"_ _1\"></span> e<span class=\"_ _f\"></span> al <span class=\"_ _f\"></span>t<span class=\"_ _2\"></span>ermine <span class=\"_ _f\"></span>dell\u2019esercizio succ<span class=\"_ _1\"></span>essivo (aliquota al <span class=\"_ _f\"></span>33%), senza pagamento d<span class=\"_ _1\"></span>egli inte<span class=\"_ _1\"></span>ressi. Con l<span class=\"_ _1\"></span>\u2019art.1 commi <span class=\"_ _f\"></span>74 e 75 <span class=\"_ _f\"></span>s<span class=\"_ _2\"></span>ono i<span class=\"_ _1\"></span>ncrementate <span class=\"_ _f\"></span>di due punti <span class=\"_ _2\"></span>percentuali, per <span class=\"_ _2\"></span>il peri<span class=\"_ _2\"></span>odo d\u2019imposta <span class=\"_ _2\"></span>successivo a <span class=\"_ _2\"></span>quello in <span class=\"_ _2\"></span>cor<span class=\"_ _2\"></span><span class=\"ff4\">so <span class=\"_ _2\"></span>al 31 <span class=\"_ _2\"></span>dicembre 2025 <span class=\"_ _2\"></span>e </span>per i <span class=\"_ _2\"></span>due s<span class=\"_ _2\"></span>uccessiv<span class=\"_ _1\"></span>i, le <span class=\"_ _2\"></span>aliquote <span class=\"_ _2\"></span>Irap per <span class=\"_ _2\"></span>banche e <span class=\"_ _2\"></span>societ\u00e0 finanziarie <span class=\"_ _2\"></span>(6,65 anzich\u00e9 <span class=\"_ _2\"></span>4,65 per <span class=\"_ _2\"></span>cento e <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>le <span class=\"_ _2\"></span>imprese d<span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>assicurazione <span class=\"_ _2\"></span>(7,9 anzich\u00e9 <span class=\"_ _2\"></span>5<span class=\"_ _2\"></span>,9 <span class=\"_ _2\"></span>per cento). <span class=\"_ _2\"></span>Fi<span class=\"_ _2\"></span>no <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>concorrenza <span class=\"_ _2\"></span>dell<span class=\"_ _1\"></span>a <span class=\"_ _2\"></span>differenza tra <span class=\"_ _2\"></span>l'imposta <span class=\"_ _2\"></span>derivante dall'ap<span class=\"_ _2\"></span>plicazione di <span class=\"_ _2\"></span>tali <span class=\"_ _2\"></span>disposizioni <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>quella <span class=\"_ _2\"></span>che si <span class=\"_ _d\"></span>sarebb<span class=\"_ _1\"></span>e <span class=\"_ _2\"></span>determinata <span class=\"_ _2\"></span>in assenza <span class=\"_ _2\"></span>di esse, <span class=\"_ _2\"></span>per il <span class=\"_ _2\"></span>periodo d'imposta <span class=\"_ _2\"></span>successivo <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>que<span class=\"_ _1\"></span>llo <span class=\"_ _2\"></span>in corso <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>31 dicembre 2026 <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>per il successivo spetta una detrazione pari a 90mila euro. Sono esclusi una serie di sogget<span class=\"_ _d\"></span>ti (articolo 6 commi <span class=\"_ _17\"> </span>2, <span class=\"_ _17\"> </span>3, <span class=\"_ _17\"> </span>4 <span class=\"_ _17\"> </span>e <span class=\"_ _17\"> </span>9 <span class=\"_ _4\"> </span>del <span class=\"_ _17\"> </span>Dlgs <span class=\"_ _17\"> </span>n. <span class=\"_ _17\"> </span>446/1997. <span class=\"_ _17\"> </span>Con <span class=\"_ _17\"> </span>l\u2019art. <span class=\"_ _17\"> </span>1 <span class=\"_ _17\"> </span>commi <span class=\"_ _4\"> </span>76 <span class=\"_ _14\"> </span>\u2013<span class=\"ff4\"> <span class=\"_ _17\"> </span>81 <span class=\"_ _17\"> </span>viene <span class=\"_ _17\"> </span>disposto, <span class=\"_ _17\"> </span>nella </span>determinazione <span class=\"_ _d\"></span>delle <span class=\"_ _0\"></span>basi <span class=\"_ _0\"></span>imponibili <span class=\"_ _0\"></span>di <span class=\"_ _d\"></span>Ires <span class=\"_ _0\"></span>ed <span class=\"_ _0\"></span>Irap <span class=\"_ _0\"></span>per <span class=\"_ _0\"></span>gli <span class=\"_ _0\"></span>intermediari <span class=\"_ _d\"></span>finanziari, <span class=\"_ _0\"></span>il <span class=\"_ _0\"></span>differimento parziale <span class=\"_ _0\"></span>della <span class=\"_ _0\"></span>quota <span class=\"_ _9\"> </span>di <span class=\"_ _0\"></span>taluni <span class=\"_ _0\"></span>componenti <span class=\"_ _9\"> </span>negativi <span class=\"_ _9\"> </span>di <span class=\"_ _0\"></span>reddito <span class=\"_ _0\"> </span>deducibili <span class=\"_ _9\"> </span>nel <span class=\"_ _0\"></span>periodo <span class=\"_ _0\"></span>d'imposta <span class=\"_ _9\"> </span>in corso al 31 dicembre 2027, in quote costanti, al periodo d'imposta in corso al 3<span class=\"_ _2\"></span>1 dicembre 2028 ed al <span class=\"_ _f\"></span>successivo. <span class=\"_ _1\"></span>Si <span class=\"_ _f\"></span>tratta i<span class=\"_ _1\"></span>n <span class=\"_ _f\"></span>part<span class=\"_ _2\"></span>icolare <span class=\"_ _f\"></span>del <span class=\"_ _f\"></span>differimento <span class=\"_ _f\"></span> de<span class=\"_ _1\"></span>lle <span class=\"_ _f\"></span>eccedenze <span class=\"_ _1\"></span>relative <span class=\"_ _f\"></span>a svalu<span class=\"_ _1\"></span>tazioni <span class=\"_ _f\"></span>e de<span class=\"_ _1\"></span>lle per<span class=\"ff5 ls0\">dite <span class=\"_ _d\"></span>s<span class=\"_ _2\"></span>u <span class=\"_ _d\"></span>crediti <span class=\"_ _0\"></span>di <span class=\"_ _d\"></span>banche, <span class=\"_ _0\"></span>societ\u00e0 <span class=\"_ _0\"></span>finanziarie <span class=\"_ _d\"></span>e <span class=\"_ _0\"></span>assicurazioni <span class=\"_ _0\"></span>di <span class=\"_ _d\"></span>cui <span class=\"_ _0\"></span>all\u2019articolo <span class=\"_ _0\"></span>16 <span class=\"_ _d\"></span>del <span class=\"_ _0\"></span>decreto<span class=\"_ _2\"></span><span class=\"ff4\">-<span class=\"_ _df\"> </span></span></span>legge <span class=\"_ _4\"> </span>27<span class=\"_ _2\"></span> <span class=\"_ _4\"> </span>gi<span class=\"_ _2\"></span>ugno <span class=\"_ _4\"> </span>2015<span class=\"_ _2\"></span>, <span class=\"_ _4\"> </span> <span class=\"_ _14\"> </span>del <span class=\"_ _17\"> </span>differimento <span class=\"_ _17\"> </span>del <span class=\"_ _17\"> </span>piano <span class=\"_ _14\"> </span>di <span class=\"_ _17\"> </span>rientro <span class=\"_ _17\"> </span>delle <span class=\"_ _17\"> </span>q<span class=\"_ _2\"></span>uote <span class=\"_ _4\"> </span>deducibili <span class=\"_ _17\"> </span>riferi<span class=\"_ _2\"></span>bili<span class=\"_ _1\"></span> ai<span class=\"ls0\"> <span class=\"ff5\">componenti <span class=\"_ _d\"></span>negativi <span class=\"_ _d\"></span>emersi <span class=\"_ _0\"></span>in <span class=\"_ _d\"></span>sede <span class=\"_ _d\"></span>di <span class=\"_ _0\"></span>prima <span class=\"_ _d\"></span>adozione <span class=\"_ _d\"></span>dell\u2019IF<span class=\"_ _2\"></span></span>RS <span class=\"_ _d\"></span>9 applicabile agli <span class=\"_ _0\"></span>intermediari </span>finanziari e del <span class=\"_ _2\"></span>differimento dei componenti negativi <span class=\"_ _2\"></span>previsti dall\u2019art. 1 <span class=\"_ _2\"></span>comma 1079 della legge 30 dicembre <span class=\"_ _2\"></span>2018 <span class=\"_ _d\"></span>n. <span class=\"_ _2\"></span>145. <span class=\"_ _d\"></span>Inoltre, <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _2\"></span>limitato<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>temporaneamente, <span class=\"_ _2\"></span>relativamente <span class=\"_ _2\"></span>ai <span class=\"_ _d\"></span>periodi <span class=\"_ _2\"></span>d'imposta <span class=\"_ _d\"></span>in corso <span class=\"_ _9\"> </span>al <span class=\"_ _9\"> </span>31 <span class=\"_ _0\"> </span>dicembre <span class=\"_ _9\"> </span>20<span class=\"ff5\">26 <span class=\"_ _9\"> </span>ed <span class=\"_ _9\"> </span>al <span class=\"_ _9\"> </span>31 <span class=\"_ _9\"> </span>dicembre <span class=\"_ _9\"> </span>2027, <span class=\"_ _9\"> </span>l\u2019uso <span class=\"_ _0\"> </span>delle <span class=\"_ _9\"> </span>perdite <span class=\"_ _9\"> </span>fiscali <span class=\"_ _9\"> </span>pregresse <span class=\"_ _0\"> </span>e <span class=\"_ _16\"> </span>delle </span>eccedenze <span class=\"_ _d\"></span>residue <span class=\"_ _d\"></span>di <span class=\"_ _0\"></span>aiuti <span class=\"_ _d\"></span>alla <span class=\"_ _0\"></span>crescita <span class=\"_ _d\"></span>economica <span class=\"_ _0\"></span>(Ace). <span class=\"_ _d\"></span>Con <span class=\"_ _d\"></span>l\u2019art.1 <span class=\"_ _0\"></span>commi <span class=\"_ _d\"></span>133 <span class=\"_ _0\"></span>\u2013<span class=\"ff4\"> <span class=\"_ _0\"></span>136 <span class=\"_ _d\"></span>\u00e8 <span class=\"_ _0\"></span>limitata, </span>temporaneamente, la <span class=\"_ _f\"></span>deduzione degli interessi passivi <span class=\"_ _1\"></span>per gli <span class=\"_ _1\"></span>intermediari finan<span class=\"_ _1\"></span>ziari<span class=\"_ _2\"></span>, secondo u<span class=\"_ _1\"></span>na scaletta <span class=\"_ _9\"> </span>forfetaria, <span class=\"_ _9\"> </span>dal <span class=\"_ _9\"> </span>96 <span class=\"_ _16\"> </span>al <span class=\"_ _9\"> </span>99 <span class=\"_ _0\"></span>per <span class=\"_ _16\"> </span>cento, <span class=\"_ _0\"></span>con <span class=\"_ _16\"> </span>alcune <span class=\"_ _0\"></span>eccezioni, <span class=\"_ _9\"> </span>rispettivamente, <span class=\"_ _9\"> </span>per <span class=\"_ _9\"> </span>i <span class=\"_ _16\"> </span>periodi d'imposta <span class=\"_ _2\"></span>dal <span class=\"_ _d\"></span>2026 <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>2029, <span class=\"_ _2\"></span>con <span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>ipresa <span class=\"_ _2\"></span>della <span class=\"_ _2\"></span>deduzione <span class=\"_ _2\"></span>integrale <span class=\"_ _2\"></span>a <span class=\"_ _d\"></span>partire <span class=\"_ _2\"></span>dal <span class=\"_ _2\"></span>periodo <span class=\"_ _2\"></span>d'imposta 2030. <span class=\"_ _18\"> </span>Non <span class=\"_ _18\"> </span>r<span class=\"_ _2\"></span>ientrano <span class=\"_ _18\"> </span>in <span class=\"_ _18\"> </span>tale <span class=\"_ _18\"> </span>limitazione <span class=\"_ _18\"> </span>i <span class=\"_ _19\"> </span>soggett<span class=\"_ _2\"></span>i <span class=\"_ _18\"> </span>partecipanti <span class=\"_ _18\"> </span>al <span class=\"_ _18\"> </span>consolidato <span class=\"_ _19\"> </span>nazionale<span class=\"_ _1\"></span> limitatamente <span class=\"_ _c\"> </span>alla <span class=\"_ _c\"> </span>componente <span class=\"_ _c\"> </span>degli <span class=\"_ _c\"> </span>interessi <span class=\"_ _c\"> </span>passivi <span class=\"_ _c\"> </span>infragrupp<span class=\"_ _1\"></span>o <span class=\"_ _c\"> </span>fino <span class=\"_ _c\"> </span>a <span class=\"_ _c\"> </span>concorrenza dell\u2019ammontare <span class=\"_ _17\"> </span>complessivo <span class=\"_ _17\"> </span>degli <span class=\"_ _17\"> </span>interessi <span class=\"_ _17\"> </span>pass<span class=\"_ _2\"></span>ivi <span class=\"_ _4\"> </span>mat<span class=\"_ _2\"></span>urati <span class=\"_ _17\"> </span>in <span class=\"_ _17\"> </span>capo <span class=\"_ _14\"> </span>a <span class=\"_ _17\"> </span>soggetti <span class=\"_ _17\"> </span>estranei <span class=\"_ _17\"> </span>al consolidato. <span class=\"_ _d\"></span>Le <span class=\"_ _0\"></span>imposte <span class=\"_ _d\"></span>anticipat<span class=\"_ _2\"></span>e <span class=\"_ _d\"></span>e <span class=\"_ _0\"></span>differite <span class=\"_ _d\"></span>a <span class=\"_ _d\"></span>r<span class=\"_ _2\"></span>ientro <span class=\"_ _d\"></span>certo <span class=\"_ _0\"></span>sono <span class=\"_ _d\"></span>state <span class=\"_ _0\"></span>quantificate <span class=\"_ _d\"></span>t<span class=\"_ _2\"></span>enendo <span class=\"_ _d\"></span>in considerazione <span class=\"_ _f\"></span>l<span class=\"_ _2\"></span>\u2019inc<span class=\"ff4\">remento temp<span class=\"_ _1\"></span>oraneo del<span class=\"_ _1\"></span>le aliquote <span class=\"_ _f\"></span>IRAP previsto <span class=\"_ _1\"></span>dalla <span class=\"_ _1\"></span>Legge <span class=\"_ _1\"></span>di Bil<span class=\"_ _1\"></span>ancio 2026.<span class=\"_ _df\"> </span></span><div class=\"c w3da h275 gsbc3\"><div class=\"t m0 x10 h5 y477 ff4 fs1 fc4 sc3 ls0 ws0\">11.1 Att<span class=\"_ _f\"></span>ivit\u00e0 per<span class=\"_ _f\"></span> imposte<span class=\"_ _1\"></span> ant<span class=\"_ _1\"></span>icipat<span class=\"_ _1\"></span>e: co<span class=\"_ _1\"></span>mpos<span class=\"_ _1\"></span>izione<span class=\"_ _1\"></span> </div></div><div class=\"gsbc4\"><table class=\"s wba6 h4e7\" id=\"_267be029-443c-4162-94fc-820295902c59\"><tr><td></td><td class=\"c x561 y29c4 w3db h17\"><div class=\"t m0 x37 h1f yd67 ff4 fs7 fc1 sc2 ls0 ws0\">IRES<span class=\"_ _f\"></span> </div></td><td class=\"c x562 y29c4 w3dc h17\"><div class=\"t m0 x26 h1f yd67 ff4 fs7 fc1 sc2 ls0 ws0\">IRAP<span class=\"_ _1\"></span> </div></td><td class=\"c x563 y29c4 w3dd h17\"><div class=\"t m0 x3a h1f yd67 ff4 fs7 fc1 sc2 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale </div></td></tr><tr><td class=\"c x564 y29c5 w3de h20f\"><div class=\"t m0 x10 h1f yd67 ff4 fs7 fc1 sc0 ls0 ws0\">Rettifiche di valore<span class=\"_ _1\"></span> su crediti ver<span class=\"_ _1\"></span>so clientela </div></td><td class=\"c x561 y29c5 w3db h20f\"><div class=\"t m0 xf h1f yd67 ff4 fs7 fc1 sc0 ls0 ws0\">29.264 </div></td><td class=\"c x562 y29c5 w3dc h20f\"><div class=\"t m0 xf h1f yd67 ff4 fs7 fc1 sc0 ls0 ws0\">5.322 </div></td><td class=\"c x563 y29c5 w3dd h20f\"><div class=\"t m0 x7 h1f yd67 ff4 fs7 fc1 sc0 ls0 ws0\">34.586 </div></td></tr><tr><td class=\"c x564 y29c6 w3de h258\"><div class=\"t m0 x10 h1f yd67 ff4 fs7 fc1 sc0 ls0 ws0\">Svalutazione di s<span class=\"_ _1\"></span>trumenti finanz<span class=\"_ _1\"></span>iari </div></td><td class=\"c x561 y29c6 w3db h258\"><div class=\"t m0 x7 h1f yd67 ff4 fs7 fc1 sc0 ls0 ws0\">144.737 </div></td><td class=\"c x562 y29c6 w3dc h258\"><div class=\"t m0 x91 h1f yd67 ff4 fs7 fc1 sc0 ls0 ws0\">36.986 </div></td><td class=\"c x563 y29c6 w3dd h258\"><div class=\"t m0 x7 h1f yd67 ff4 fs7 fc1 sc0 ls0 ws0\">181.723 </div></td></tr><tr><td class=\"c x564 y29c7 w3de h258\"><div class=\"t m0 x10 h1f yd67 ff4 fs7 fc1 sc0 ls0 ws0\">Spese di rappresen<span class=\"_ _1\"></span>tanza ed avviam<span class=\"_ _1\"></span>ento </div></td><td class=\"c x561 y29c7 w3db h258\"><div class=\"t m0 x8 h1f yd67 ff4 fs7 fc1 sc0 ls0 ws0\">7.853 </div></td><td class=\"c x562 y29c7 w3dc h258\"><div class=\"t m0 xc6 h1f yd67 ff4 fs7 fc1 sc0 ls0 ws0\">1.709 </div></td><td class=\"c x563 y29c7 w3dd h258\"><div class=\"t m0 xa3 h1f yd67 ff4 fs7 fc1 sc0 ls0 ws0\">9.562 </div></td></tr><tr><td class=\"c x564 y29c8 w3de h58\"><div class=\"t m0 x10 h1f y15 ff4 fs7 fc1 sc0 ls0 ws0\">Crediti di firma, re<span class=\"_ _1\"></span>vocatorie <span class=\"_ _1\"></span>fallimentari e cau<span class=\"_ _1\"></span>se legali in </div><div class=\"t m0 x10 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">corso </div></td><td class=\"c x561 y29c8 w3db h58\"><div class=\"t m0 x49 h1f y2ea ff4 fs7 fc1 sc0 ls0 ws0\">2.107 </div></td><td class=\"c x562 y29c8 w3dc h58\"><div class=\"t m0 xec h1f y2ea ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x563 y29c8 w3dd h58\"><div class=\"t m0 x8 h1f y2ea ff4 fs7 fc1 sc0 ls0 ws0\">2.107 </div></td></tr><tr><td class=\"c x564 y29c9 w3de h20f\"><div class=\"t m0 x10 h1f yd67 ff4 fs7 fc1 sc0 ls0 ws0\">Accantonamenti per <span class=\"_ _f\"></span>spese per il personale </div></td><td class=\"c x561 y29c9 w3db h20f\"><div class=\"t m0 xf h1f yd67 ff4 fs7 fc1 sc0 ls0 ws0\">32.294 </div></td><td class=\"c x562 y29c9 w3dc h20f\"><div class=\"t m0 xa3 h1f yd67 ff4 fs7 fc1 sc0 ls0 ws0\">8.181 </div></td><td class=\"c x563 y29c9 w3dd h20f\"><div class=\"t m0 x7 h1f yd67 ff4 fs7 fc1 sc0 ls0 ws0\">40.475 </div></td></tr><tr><td class=\"c x564 y29ca w3de h258\"><div class=\"t m0 x10 h1f yd67 ff4 fs7 fc1 sc0 ls0 ws0\">Altre </div></td><td class=\"c x561 y29ca w3db h258\"><div class=\"t m0 x1c h1f yd67 ff4 fs7 fc1 sc0 ls0 ws0\">113.632 </div></td><td class=\"c x562 y29ca w3dc h258\"><div class=\"t m0 xf h1f yd67 ff4 fs7 fc1 sc0 ls0 ws0\">7.766 </div></td><td class=\"c x563 y29ca w3dd h258\"><div class=\"t m0 x90 h1f yd67 ff4 fs7 fc1 sc0 ls0 ws0\">121.398 </div></td></tr><tr><td class=\"c x564 y29cb w3de h258\"><div class=\"t m0 x1bb h1f yd67 ff4 fs7 fc1 sc2 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale </div></td><td class=\"c x561 y29cb w3db h258\"><div class=\"t m0 x90 h1f yd67 ff4 fs7 fc1 sc2 ls0 ws0\">329.8<span class=\"_ _f\"></span>87 </div></td><td class=\"c x562 y29cb w3dc h258\"><div class=\"t m0 x91 h1f yd67 ff4 fs7 fc1 sc2 ls0 ws0\">59.9<span class=\"_ _f\"></span>64 </div></td><td class=\"c x563 y29cb w3dd h258\"><div class=\"t m0 x91 h1f yd67 ff4 fs7 fc1 sc2 ls0 ws0\">389.<span class=\"_ _1\"></span>851<span class=\"_ _1\"></span> </div></td></tr></table></div><div class=\"c w3df h276 gsbc5\"><div class=\"t m0 x8a h5 y889 ff4 fs1 fc4 sc3 ls0 ws0\">11.2 P<span class=\"_ _1\"></span>assi<span class=\"_ _1\"></span>vit\u00e0 pe<span class=\"_ _1\"></span>r im<span class=\"_ _1\"></span>poste<span class=\"_ _1\"></span> diffe<span class=\"_ _1\"></span>rite<span class=\"_ _1\"></span>: com<span class=\"_ _f\"></span>posizione<span class=\"_ _f\"></span><span class=\"fc1 sc0\"> </span></div></div><div class=\"gsbc6\"><table class=\"s wba7 h4e8\" id=\"_a2715481-5a9b-4e08-80d7-9781f237622f\"><tr><td></td><td class=\"c x566 y29cc w3e0 h5a\"><div class=\"t m0 x34 h1f y295 ff4 fs7 fc1 sc2 ls0 ws0\">IRES<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x567 y29cc w3dc h5a\"><div class=\"t m0 x27 h1f y295 ff4 fs7 fc1 sc2 ls0 ws0\">IRAP<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x568 y29cc w3e1 h5a\"><div class=\"t m0 x26 h1f y295 ff4 fs7 fc1 sc2 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale<span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x569 y29cd w3e2 h4f\"><div class=\"t m0 x8a h1f y27 ff4 fs7 fc1 sc0 ls0 ws0\">Plusvalenze strume<span class=\"_ _1\"></span>nti finanzia<span class=\"_ _1\"></span>ri </div></td><td class=\"c x566 y29cd w3e0 h4f\"><div class=\"t m0 x90 h1f y27 ff4 fs7 fc1 sc0 ls0 ws0\">29.838 </div></td><td class=\"c x567 y29cd w3dc h4f\"><div class=\"t m0 x1c h1f y27 ff4 fs7 fc1 sc0 ls0 ws0\">9.168 </div></td><td class=\"c x568 y29cd w3e1 h4f\"><div class=\"t m0 xf h1f y27 ff4 fs7 fc1 sc0 ls0 ws0\">39.006 </div></td></tr><tr><td class=\"c x262 y29ce wba8 h48b\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">Accantonamenti ef<span class=\"_ _1\"></span>fettuati esclus<span class=\"_ _1\"></span>ivamente in <span class=\"_ _1\"></span>ambito<span class=\"_ _df\"> </span></div></td><td class=\"c x566 y29cf w3e0 h58\"><div class=\"t m0 x1c h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">78.071 </div></td><td class=\"c x567 y29cf w3dc h58\"><div class=\"t m0 x12 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">15.809 </div></td><td class=\"c x568 y29cf w3e1 h58\"><div class=\"t m0 xf h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">93.880 </div></td></tr><tr><td class=\"c x262 y29d0 wba9 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">fiscale<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td></tr><tr><td class=\"c x569 y29d1 w3e2 h4f\"><div class=\"t m0 x8a h1f y27 ff4 fs7 fc1 sc0 ls0 ws0\">Altre residuali </div></td><td class=\"c x566 y29d1 w3e0 h4f\"><div class=\"t m0 x91 h1f y27 ff4 fs7 fc1 sc0 ls0 ws0\">136.776 </div></td><td class=\"c x567 y29d1 w3dc h4f\"><div class=\"t m0 x96 h1f y27 ff4 fs7 fc1 sc0 ls0 ws0\">38.079 </div></td><td class=\"c x568 y29d1 w3e1 h4f\"><div class=\"t m0 x7 h1f y27 ff4 fs7 fc1 sc0 ls0 ws0\">174.855 </div></td></tr><tr><td class=\"c x569 y29d2 w3e2 h2c\"><div class=\"t m0 x8a h1f y32 ff4 fs7 fc1 sc2 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale </div></td><td class=\"c x566 y29d2 w3e0 h2c\"><div class=\"t m0 x96 h1f y32 ff4 fs7 fc1 sc2 ls0 ws0\">244.6<span class=\"_ _f\"></span>85 </div></td><td class=\"c x567 y29d2 w3dc h2c\"><div class=\"t m0 x96 h1f y32 ff4 fs7 fc1 sc2 ls0 ws0\">63.05<span class=\"_ _1\"></span>6 </div></td><td class=\"c x568 y29d2 w3e1 h2c\"><div class=\"t m0 x1c h1f y32 ff4 fs7 fc1 sc2 ls0 ws0\">307.7<span class=\"_ _f\"></span>41<span class=\"_ _df\"> </span></div></td></tr></table></div><div class=\"c w37c h17a gsbc8\"><div class=\"t m0 x8a h5 y30 ff4 fs1 fc4 sc3 ls0 ws0\">11.3 <span class=\"_ _1\"></span>Varia<span class=\"_ _1\"></span>zioni d<span class=\"_ _1\"></span>elle i<span class=\"_ _1\"></span>mpos<span class=\"_ _1\"></span>te a<span class=\"_ _1\"></span>ntici<span class=\"_ _1\"></span>pate<span class=\"_ _1\"></span> (in co<span class=\"_ _f\"></span>ntropar<span class=\"_ _1\"></span>tita d<span class=\"_ _1\"></span>el cont<span class=\"_ _f\"></span>o econo<span class=\"_ _f\"></span>mico)<span class=\"fc1 sc0\"> </span></div></div><div class=\"gsbc9\"><table class=\"s wbaa h4e9\" id=\"_f831904c-b531-4136-a9c9-3d70252d7258\"><tr><td></td><td class=\"c x493 y29d3 w339 h49\"><div class=\"t m0 x11 h1f y32 ff4 fs7 fc4 sc3 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale<span class=\"fc1 sc0\"> </span></div></td><td></td><td class=\"c x56a y29d3 w366 h49\"><div class=\"t m0 x96 h1f y32 ff4 fs7 fc4 sc3 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale<span class=\"fc1 sc0\"> </span></div></td><td></td></tr><tr><td></td><td class=\"c x493 y29d4 w339 h49\"><div class=\"t m0 x31 h1f y68b ff4 fs7 fc4 sc3 ls0 ws0\">31/12/<span class=\"_ _f\"></span>2025<span class=\"fc1 sc0\"> </span></div></td><td class=\"c x56b y29d5 w993 h4ea\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/<span class=\"_ _df\"> </span></div></td><td class=\"c x56c y29d5 w994 h4ea\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">2024<span class=\"_ _df\"> </span></div></td><td></td></tr><tr><td class=\"c x46b y29d6 w200 hc8\"><div class=\"t m0 x8a h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">1. Impo<span class=\"_ _f\"></span>rto ini<span class=\"_ _1\"></span>ziale<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td><td></td><td class=\"c x493 y29d6 w339 hc8\"><div class=\"t m0 xe8 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">206.<span class=\"_ _1\"></span>812<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td><td></td><td class=\"c x56a y29d6 w3e3 hc8\"><div class=\"t m0 xe8 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">222.8<span class=\"_ _1\"></span>75<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x46b y29d7 w200 hc8\"><div class=\"t m0 x8a h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">2. Aum<span class=\"_ _f\"></span>enti<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td><td></td><td class=\"c x493 y29d7 w339 hc8\"><div class=\"t m0 x66 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">42.9<span class=\"_ _f\"></span>24<span class=\"sc0\"> </span></div></td><td></td><td class=\"c x56a y29d7 w3e3 hc8\"><div class=\"t m0 x1e9 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">45.16<span class=\"_ _f\"></span>2<span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x46b y29d8 w200 hc8\"><div class=\"t m0 x8a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">2.1 Imposte antic<span class=\"_ _1\"></span>ipate rilevate<span class=\"_ _1\"></span> nell'esercizio </div></td><td></td><td class=\"c x493 y29d8 w339 hc8\"><div class=\"t m0 x12a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">39.900 </div></td><td></td><td class=\"c x56a y29d8 w3e3 hc8\"><div class=\"t m0 xc h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">45.162 </div></td></tr><tr><td class=\"c x46b y29d9 w200 hc8\"><div class=\"t m0 x2c h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">a) relative a precede<span class=\"_ _1\"></span>nti esercizi<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x493 y29d9 w339 hc8\"><div class=\"t m0 x2 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x56a y29d9 w3e3 hc8\"><div class=\"t m0 x189 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y29da w200 hc8\"><div class=\"t m0 x2c h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">b) dovute al mutame<span class=\"_ _1\"></span>nto di crite<span class=\"_ _1\"></span>ri contabili<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x493 y29da w339 hc8\"><div class=\"t m0 x2 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x56a y29da w3e3 hc8\"><div class=\"t m0 x189 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y29db w200 hc8\"><div class=\"t m0 x2c h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">c) riprese di valore<span class=\"_ _1\"></span> </div></td><td></td><td class=\"c x493 y29db w339 hc8\"><div class=\"t m0 x2 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x56a y29db w3e3 hc8\"><div class=\"t m0 x189 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y29dc w200 hc8\"><div class=\"t m0 x2c h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">d) altre </div></td><td></td><td class=\"c x493 y29dc w339 hc8\"><div class=\"t m0 x12a h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">39.900 </div></td><td></td><td class=\"c x56a y29dc w3e3 hc8\"><div class=\"t m0 xc h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">45.162 </div></td></tr><tr><td class=\"c x46b y29dd w200 hc8\"><div class=\"t m0 x8a h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">2.2 Nuove imp<span class=\"_ _1\"></span>oste o incremen<span class=\"_ _1\"></span>ti di aliquote<span class=\"_ _1\"></span> fiscali </div></td><td></td><td class=\"c x493 y29dd w339 hc8\"><div class=\"t m0 x199 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">3.024 </div></td><td></td><td class=\"c x56a y29dd w3e3 hc8\"><div class=\"t m0 x189 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y29de w200 hc8\"><div class=\"t m0 x8a h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">2.3 Altri aumenti </div></td><td></td><td class=\"c x493 y29de w339 hc8\"><div class=\"t m0 x2 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x56a y29de w3e3 hc8\"><div class=\"t m0 x189 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y29df w200 hc8\"><div class=\"t m0 x8a h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">3. Di<span class=\"_ _1\"></span>min<span class=\"_ _1\"></span>uzion<span class=\"_ _1\"></span>i<span class=\"sc0\"> </span></div></td><td></td><td class=\"c x493 y29df w339 hc8\"><div class=\"t m0 x12a h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">39.9<span class=\"_ _f\"></span>36<span class=\"sc0\"> </span></div></td><td></td><td class=\"c x56a y29df w3e3 hc8\"><div class=\"t m0 x1e9 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">61.22<span class=\"_ _f\"></span>5<span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x46b y29e0 w200 hc8\"><div class=\"t m0 x8a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">3.1 Imposte ant<span class=\"_ _1\"></span>icipate annullate ne<span class=\"_ _f\"></span>l<span class=\"_ _2\"></span>l'eserc<span class=\"_ _1\"></span>izio </div></td><td></td><td class=\"c x493 y29e0 w339 hc8\"><div class=\"t m0 xc h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">39.158 </div></td><td></td><td class=\"c x56a y29e0 w3e3 hc8\"><div class=\"t m0 x1e9 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">61.225 </div></td></tr><tr><td class=\"c x46b y29e1 w200 h227\"><div class=\"t m0 x2c h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">a) rigiri </div></td><td></td><td class=\"c x493 y29e1 w339 h227\"><div class=\"t m0 xc h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">39.158 </div></td><td></td><td class=\"c x56a y29e1 w3e3 h227\"><div class=\"t m0 x1e9 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">61.225 </div></td></tr><tr><td class=\"c x46b y29e2 w200 hc8\"><div class=\"t m0 x2c h1f y28b ff4 fs7 fc1 sc0 lsd7 ws0\">b) <span class=\"ls0\">svalutazioni per<span class=\"_ _1\"></span> sopravvenuta i<span class=\"_ _1\"></span>rrecuperabilit<span class=\"_ _1\"></span>\u00e0<span class=\"_ _df\"> </span></span></div></td><td></td><td class=\"c x493 y29e2 w339 hc8\"><div class=\"t m0 x2 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x56a y29e2 w3e3 hc8\"><div class=\"t m0 x189 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y29e3 w200 hc8\"><div class=\"t m0 x2c h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">c) dovute a mut<span class=\"_ _1\"></span>amento di criteri<span class=\"_ _1\"></span> contabili<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x493 y29e3 w339 hc8\"><div class=\"t m0 x2 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x56a y29e3 w3e3 hc8\"><div class=\"t m0 x189 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y29e4 w200 hc8\"><div class=\"t m0 x2c h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">d) altre </div></td><td></td><td class=\"c x493 y29e4 w339 hc8\"><div class=\"t m0 x2 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x56a y29e4 w3e3 hc8\"><div class=\"t m0 x189 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y29e5 w200 hc8\"><div class=\"t m0 x8a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">3.2 Riduzioni di a<span class=\"_ _1\"></span>liquote fiscali </div></td><td></td><td class=\"c x493 y29e5 w339 hc8\"><div class=\"t m0 x2 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x56a y29e5 w3e3 hc8\"><div class=\"t m0 x189 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y29e6 w200 hc8\"><div class=\"t m0 x8a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">3.3 Altre diminuz<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span>oni:  </div></td><td></td><td class=\"c x493 y29e6 w339 hc8\"><div class=\"t m0 x1a0 h1f y28b ff4 fs7 fc1 sc0 ls34 ws0\">778<span class=\"ls0\"> </span></div></td><td></td><td class=\"c x56a y29e6 w3e3 hc8\"><div class=\"t m0 x189 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y29e7 w200 h64\"><div class=\"t m0 x2c h1f y35c ff4 fs7 fc1 sc0 ls0 ws0\">a) trasformazi<span class=\"_ _1\"></span>one in crediti d'imp<span class=\"_ _f\"></span>o<span class=\"_ _2\"></span>sta di cu<span class=\"_ _1\"></span>i alla legge.n.214/2011<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x493 y29e7 w339 h64\"><div class=\"t m0 x2 h1f y35c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x56a y29e7 w3e3 h64\"><div class=\"t m0 x189 h1f y35c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y29e8 w200 hc8\"><div class=\"t m0 x2c h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">b) altre </div></td><td></td><td class=\"c x493 y29e8 w339 hc8\"><div class=\"t m0 x1a0 h1f y28b ff4 fs7 fc1 sc0 ls34 ws0\">778<span class=\"ls0\"> </span></div></td><td></td><td class=\"c x56a y29e8 w3e3 hc8\"><div class=\"t m0 x189 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y29e9 w200 hc8\"><div class=\"t m0 x8a h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">4. Im<span class=\"_ _1\"></span>por<span class=\"_ _1\"></span>to fi<span class=\"_ _1\"></span>nale<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td><td></td><td class=\"c x493 y29e9 w339 hc8\"><div class=\"t m0 xe8 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">209.<span class=\"_ _1\"></span>801<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td><td></td><td class=\"c x56a y29e9 w3e3 hc8\"><div class=\"t m0 xe8 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">206.<span class=\"_ _1\"></span>812<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td></tr></table></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gsbca\">Gli <span class=\"_ _d\"></span>importi <span class=\"_ _d\"></span>presenti <span class=\"_ _d\"></span>nella <span class=\"_ _d\"></span>riga <span class=\"_ _d\"></span>\u201c<span class=\"_ _2\"></span>Nuove <span class=\"_ _2\"></span>im<span class=\"_ _2\"></span>poste <span class=\"_ _d\"></span>o <span class=\"_ _d\"></span>incrementi <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>aliquote <span class=\"_ _d\"></span>fiscali\u201d <span class=\"_ _0\"></span>sono <span class=\"_ _d\"></span>riconducibili </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gsbcb\">all\u2019incremento temporaneo dell\u2019IRAP<span class=\"_ _1\"></span> definito dalla Legge di bilancio 2026.<span class=\"_ _2\"></span><span class=\"ff4\"> </span></div><div class=\"c w37c h277 gsbcc\"><div class=\"t m0 x10 h5 y360 ff4 fs1 fc4 sc3 ls0 ws0\">11.4 V<span class=\"_ _1\"></span>aria<span class=\"_ _f\"></span>zioni delle<span class=\"_ _1\"></span> impo<span class=\"_ _f\"></span>ste anti<span class=\"_ _1\"></span>cipate<span class=\"_ _f\"></span> di cui a<span class=\"_ _1\"></span>lla L. <span class=\"_ _1\"></span>214/<span class=\"_ _1\"></span>2011 </div></div><div class=\"gsbcd\"><table class=\"s wbab h4eb\" id=\"_67b594a6-4f46-45b5-a813-c9bcf079d3dc\"><tr><td></td><td class=\"c x56d y29ea w3e4 h49\"><div class=\"t m0 x96 h1f y32 ff4 fs7 fc4 sc3 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale </div></td><td></td><td class=\"c x56e y29ea w116 h49\"><div class=\"t m0 x96 h1f y32 ff4 fs7 fc4 sc3 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale </div></td><td></td></tr><tr><td></td><td class=\"c x56f y29eb w3e3 h49\"><div class=\"t m0 x31 h1f y25 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/<span class=\"_ _f\"></span>2025 </div></td><td class=\"c x570 y29ec w993 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/<span class=\"_ _df\"> </span></div></td><td class=\"c x571 y29ec w994 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc4 sc3 ls0 ws0\">2024<span class=\"_ _df\"> </span></div></td><td></td></tr><tr><td class=\"c x44e y29ed w3e5 hc8\"><div class=\"t m0 x10 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">1. Impo<span class=\"_ _f\"></span>rto ini<span class=\"_ _1\"></span>ziale<span class=\"_ _f\"></span> </div></td><td></td><td class=\"c x56f y29ed w3e3 hc8\"><div class=\"t m0 x1e9 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">26.30<span class=\"_ _f\"></span>2 </div></td><td></td><td class=\"c x56e y29ed w3e6 hc8\"><div class=\"t m0 xc h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">48.87<span class=\"_ _f\"></span>6 </div></td></tr><tr><td class=\"c x44e y29ee w3e7 hc8\"><div class=\"t m0 x10 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">2. Aum<span class=\"_ _f\"></span>enti<span class=\"_ _1\"></span> </div></td><td></td><td class=\"c x56d y29ee w3e4 hc8\"><div class=\"t m0 x191 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">654<span class=\"_ _f\"></span> </div></td><td></td><td class=\"c x56e y29ee w3e6 hc8\"><div class=\"t m0 x120 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y29ef w3e7 hc8\"><div class=\"t m0 x10 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">3. Di<span class=\"_ _1\"></span>min<span class=\"_ _1\"></span>uzion<span class=\"_ _1\"></span>i </div></td><td></td><td class=\"c x56d y29ef w3e4 hc8\"><div class=\"t m0 x22 h1f y28b ff4 fs7 fc1 sc2 ls2a ws0\">29<span class=\"ls0\"> </span></div></td><td></td><td class=\"c x56e y29ef w3e6 hc8\"><div class=\"t m0 x1e9 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">22.57<span class=\"_ _f\"></span>4 </div></td></tr><tr><td class=\"c x44e y29f0 w3e7 hc8\"><div class=\"t m0 x10 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">3.1 Rigiri </div></td><td></td><td class=\"c x56d y29f0 w3e4 hc8\"><div class=\"t m0 x120 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x56e y29f0 w3e6 hc8\"><div class=\"t m0 x1e9 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">22.574 </div></td></tr><tr><td class=\"c x44e y29f1 w3e7 hc8\"><div class=\"t m0 x10 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">3.2 Trasformazi<span class=\"_ _f\"></span>o<span class=\"_ _2\"></span>ne in credi<span class=\"_ _1\"></span>ti d'imposta </div></td><td></td><td class=\"c x56d y29f1 w3e4 hc8\"><div class=\"t m0 x120 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x56e y29f1 w3e6 hc8\"><div class=\"t m0 x120 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y29f2 w3e7 hc8\"><div class=\"t m0 x32 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">a) derivante da perd<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span>te d<span class=\"_ _1\"></span>i esercizio<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x56d y29f2 w3e4 hc8\"><div class=\"t m0 x120 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x56e y29f2 w3e6 hc8\"><div class=\"t m0 x120 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y29f3 w3e7 hc8\"><div class=\"t m0 x32 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">b) derivante da pe<span class=\"_ _1\"></span>rdite fiscali<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x56d y29f3 w3e4 hc8\"><div class=\"t m0 x120 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x56e y29f3 w3e6 hc8\"><div class=\"t m0 x120 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y29f4 w3e7 hc8\"><div class=\"t m0 x10 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">3.3 Altre diminuz<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span>oni </div></td><td></td><td class=\"c x56d y29f4 w3e4 hc8\"><div class=\"t m0 x22 h1f y28b ff4 fs7 fc1 sc0 ls2a ws0\">29<span class=\"ls0\"> </span></div></td><td></td><td class=\"c x56e y29f4 w3e6 hc8\"><div class=\"t m0 x120 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y29f5 w3e7 h227\"><div class=\"t m0 x10 h1f y14c1 ff4 fs7 fc1 sc2 ls0 ws0\">4. Im<span class=\"_ _1\"></span>por<span class=\"_ _1\"></span>to fi<span class=\"_ _1\"></span>nale<span class=\"_ _1\"></span> </div></td><td></td><td class=\"c x56d y29f5 w3e4 h227\"><div class=\"t m0 x1e9 h1f y14c1 ff4 fs7 fc1 sc2 ls0 ws0\">26.9<span class=\"_ _1\"></span>25 </div></td><td></td><td class=\"c x56e y29f5 w3e6 h227\"><div class=\"t m0 x1e9 h1f y14c1 ff4 fs7 fc1 sc2 ls0 ws0\">26.30<span class=\"_ _f\"></span>2 </div></td></tr></table></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsbce\">Per r<span class=\"_ _2\"></span>agioni di tr<span class=\"_ _2\"></span>asparenza informativa vengono <span class=\"_ _2\"></span>fornite le <span class=\"_ _2\"></span>variazioni delle <span class=\"_ _2\"></span>imposte anticipate <span class=\"_ _2\"></span>di cui </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsbcf\">alla <span class=\"_ _2\"></span>Legge <span class=\"_ _2\"></span>214/2011; <span class=\"_ _2\"></span>sono <span class=\"_ _2\"></span>rivenienti <span class=\"_ _2\"></span>principalmente <span class=\"_ _2\"></span>da <span class=\"_ _2\"></span>svalutazione su <span class=\"_ _2\"></span>crediti, <span class=\"_ _2\"></span>ex <span class=\"_ _2\"></span>art. <span class=\"_ _2\"></span>106, <span class=\"_ _2\"></span>comma </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsbd0\">3, DPR 917/86 (24,0 milioni di euro) e da affrancamento su avviamenti (<span class=\"ls4\">2,9</span> milioni di euro).<span class=\"sc2\"> </span></div><div class=\"c w37c h2a gsbd2\"><div class=\"t m0 x8a h5 y3e6 ff4 fs1 fc4 sc3 ls0 ws0\">11.5 <span class=\"_ _1\"></span>Varia<span class=\"_ _f\"></span>zioni delle<span class=\"_ _1\"></span> imp<span class=\"_ _1\"></span>oste <span class=\"_ _f\"></span>differite<span class=\"_ _1\"></span> (in co<span class=\"_ _1\"></span>ntropa<span class=\"_ _f\"></span>rtita d<span class=\"_ _1\"></span>el co<span class=\"_ _1\"></span>nto e<span class=\"_ _1\"></span>cono<span class=\"_ _f\"></span>mico)<span class=\"fc1 sc0\"> </span></div></div><div class=\"gsbd3\"><table class=\"s wbac h4ec\" id=\"_25fa66d9-251f-4f8f-826a-e75b3c91c277\"><tr><td></td><td class=\"c x493 y29f6 w3e8 hcc\"><div class=\"t m0 x36 h1f y32 ff4 fs7 fc4 sc3 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale<span class=\"fc1 sc0\"> </span></div></td><td></td><td class=\"c x572 y29f6 w3e9 hcc\"><div class=\"t m0 x90 h1f y32 ff4 fs7 fc4 sc3 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale<span class=\"fc1 sc0\"> </span></div></td><td></td></tr><tr><td></td><td class=\"c x493 y29f7 w3e8 h1d\"><div class=\"t m0 x37 h1f y400 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/<span class=\"_ _f\"></span>2025<span class=\"fc1 sc0\"> </span></div></td><td class=\"c x573 y29f8 w993 h4ed\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/<span class=\"_ _df\"> </span></div></td><td class=\"c x574 y29f8 w994 h4ed\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">2024<span class=\"_ _df\"> </span></div></td><td></td></tr><tr><td class=\"c x46b y29f9 w265 hc8\"><div class=\"t m0 x8a h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">1. Impo<span class=\"_ _f\"></span>rto ini<span class=\"_ _1\"></span>ziale<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td><td></td><td class=\"c x493 y29f9 w3e8 hc8\"><div class=\"t m0 xe6 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">171.46<span class=\"_ _1\"></span>1<span class=\"sc0\"> </span></div></td><td></td><td class=\"c x572 y29f9 w3ea hc8\"><div class=\"t m0 x11e h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">148.6<span class=\"_ _f\"></span>76 </div></td></tr><tr><td class=\"c x46b y29fa w265 hc8\"><div class=\"t m0 x8a h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">2. Aum<span class=\"_ _f\"></span>enti<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td><td></td><td class=\"c x493 y29fa w3e8 hc8\"><div class=\"t m0 xe6 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">16.89<span class=\"_ _f\"></span>0<span class=\"sc0\"> </span></div></td><td></td><td class=\"c x572 y29fa w3ea hc8\"><div class=\"t m0 x1b1 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">23.29<span class=\"_ _f\"></span>1 </div></td></tr><tr><td class=\"c x46b y29fb w265 hc8\"><div class=\"t m0 x8a h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">2.1 Imposte dif<span class=\"_ _1\"></span>ferite rilevate nel<span class=\"_ _f\"></span>l<span class=\"_ _2\"></span>'eser<span class=\"_ _1\"></span>cizio </div></td><td></td><td class=\"c x493 y29fb w3e8 hc8\"><div class=\"t m0 xe6 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">16.850 </div></td><td></td><td class=\"c x572 y29fb w3ea hc8\"><div class=\"t m0 x1b1 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">23.29<span class=\"_ _f\"></span>1 </div></td></tr><tr><td class=\"c x46b y29fc w265 hc8\"><div class=\"t m0 x2c h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">a) relative a precede<span class=\"_ _1\"></span>nti esercizi<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x493 y29fc w3e8 hc8\"><div class=\"t m0 x191 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x572 y29fc w3ea hc8\"><div class=\"t m0 x58 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y29fd w265 hc8\"><div class=\"t m0 x2c h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">b) dovute al mutame<span class=\"_ _1\"></span>nto di crite<span class=\"_ _1\"></span>ri contabili<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x493 y29fd w3e8 hc8\"><div class=\"t m0 x191 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x572 y29fd w3ea hc8\"><div class=\"t m0 x58 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y29fe w265 hc8\"><div class=\"t m0 x2c h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">c) altre </div></td><td></td><td class=\"c x493 y29fe w3e8 hc8\"><div class=\"t m0 xe6 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">16.850 </div></td><td></td><td class=\"c x572 y29fe w3ea hc8\"><div class=\"t m0 x1b1 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">23.29<span class=\"_ _f\"></span>1 </div></td></tr><tr><td class=\"c x46b y29ff w265 hc8\"><div class=\"t m0 x8a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">2.2 Nuove imp<span class=\"_ _1\"></span>oste o incremen<span class=\"_ _1\"></span>ti di aliquote<span class=\"_ _1\"></span> fiscali </div></td><td></td><td class=\"c x493 y29ff w3e8 hc8\"><div class=\"t m0 xed h1f y28b ff4 fs7 fc1 sc0 lsa ws0\">40<span class=\"ls0\"> </span></div></td><td></td><td class=\"c x572 y29ff w3ea hc8\"><div class=\"t m0 x58 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y2a00 w265 hc8\"><div class=\"t m0 x8a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">2.3 Altri aumenti </div></td><td></td><td class=\"c x493 y2a00 w3e8 hc8\"><div class=\"t m0 x191 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x572 y2a00 w3ea hc8\"><div class=\"t m0 x58 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y2a01 w265 hc8\"><div class=\"t m0 x8a h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">3. Di<span class=\"_ _1\"></span>min<span class=\"_ _1\"></span>uzion<span class=\"_ _1\"></span>i<span class=\"sc0\"> </span></div></td><td></td><td class=\"c x493 y2a01 w3e8 hc8\"><div class=\"t m0 x1e6 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">4.377<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td><td></td><td class=\"c x572 y2a01 w3ea hc8\"><div class=\"t m0 x22 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">506<span class=\"_ _1\"></span> </div></td></tr><tr><td class=\"c x46b y2a02 w265 hc8\"><div class=\"t m0 x8a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">3.1 Imposte di<span class=\"_ _1\"></span>fferite annullate <span class=\"_ _1\"></span>nell'esercizio </div></td><td></td><td class=\"c x493 y2a02 w3e8 hc8\"><div class=\"t m0 x1e6 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">4.372 </div></td><td></td><td class=\"c x572 y2a02 w3ea hc8\"><div class=\"t m0 x22 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">506<span class=\"_ _1\"></span> </div></td></tr><tr><td class=\"c x46b y2a03 w265 hc8\"><div class=\"t m0 x2c h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">a) rigiri </div></td><td></td><td class=\"c x493 y2a03 w3e8 hc8\"><div class=\"t m0 x1e6 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">4.372 </div></td><td></td><td class=\"c x572 y2a03 w3ea hc8\"><div class=\"t m0 x22 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">506<span class=\"_ _1\"></span> </div></td></tr><tr><td class=\"c x46b y2a04 w265 h227\"><div class=\"t m0 x2c h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">b) dovute al mutame<span class=\"_ _1\"></span>nto di crite<span class=\"_ _1\"></span>ri contabili<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x493 y2a04 w3e8 h227\"><div class=\"t m0 x191 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x572 y2a04 w3ea h227\"><div class=\"t m0 x58 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y2a05 w265 hc8\"><div class=\"t m0 x2c h1f y28b ff4 fs7 fc1 sc0 lsdd ws0\">c)<span class=\"ls0\"> altre</span><span class=\"ls0\"> </span></div></td><td></td><td class=\"c x493 y2a05 w3e8 hc8\"><div class=\"t m0 x191 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x572 y2a05 w3ea hc8\"><div class=\"t m0 x58 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y2a06 w265 hc8\"><div class=\"t m0 x8a h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">3.2 Riduzioni di a<span class=\"_ _1\"></span>liquote fiscali </div></td><td></td><td class=\"c x493 y2a06 w3e8 hc8\"><div class=\"t m0 x191 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x572 y2a06 w3ea hc8\"><div class=\"t m0 x58 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y2a07 w265 hc8\"><div class=\"t m0 x8a h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">3.3 Altre diminuz<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span>oni </div></td><td></td><td class=\"c x493 y2a07 w3e8 hc8\"><div class=\"t m0 x191 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">5 </div></td><td></td><td class=\"c x572 y2a07 w3ea hc8\"><div class=\"t m0 x58 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y2a08 w265 hc8\"><div class=\"t m0 x8a h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">4. Im<span class=\"_ _1\"></span>por<span class=\"_ _1\"></span>to fi<span class=\"_ _1\"></span>nale<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td><td></td><td class=\"c x493 y2a08 w3e8 hc8\"><div class=\"t m0 xec h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">183.9<span class=\"_ _1\"></span>75<span class=\"sc0\"> </span></div></td><td></td><td class=\"c x572 y2a08 w3ea hc8\"><div class=\"t m0 xed h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">171.46<span class=\"_ _1\"></span>1 </div></td></tr></table></div><div class=\"c w37c h183 gsbd4\"><div class=\"t m0 x10 h5 yd20 ff4 fs1 fc4 sc3 ls0 ws0\">11.6 Va<span class=\"_ _f\"></span>riazioni <span class=\"_ _1\"></span>delle <span class=\"_ _f\"></span>imposte <span class=\"_ _1\"></span>anti<span class=\"_ _f\"></span>cipate (<span class=\"_ _1\"></span>in cont<span class=\"_ _f\"></span>ropartit<span class=\"_ _f\"></span>a del pat<span class=\"_ _1\"></span>rimo<span class=\"_ _1\"></span>nio ne<span class=\"_ _1\"></span>tto) </div></div><div class=\"gsbd5\"><table class=\"s wbad h4ee\" id=\"_a983346a-8c7a-400a-b30c-a74ba3c2f2d0\"><tr><td></td><td class=\"c x44a y2a09 w37d h131\"><div class=\"t m0 x11 h1f y32 ff4 fs7 fc4 sc3 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale </div></td><td></td><td class=\"c x44b y2a09 w37e h131\"><div class=\"t m0 x11 h1f y32 ff4 fs7 fc4 sc3 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale </div></td><td></td></tr><tr><td></td><td class=\"c x575 y2a0a w362 h13\"><div class=\"t m0 x31 h1f y825 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/<span class=\"_ _f\"></span>2025 </div></td><td class=\"c x44c y2a0b w990 h4ef\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/<span class=\"_ _df\"> </span></div></td><td class=\"c x576 y2a0b wbae h4ef\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc4 sc3 ls0 ws0\">2024<span class=\"_ _df\"> </span></div></td><td></td></tr><tr><td class=\"c x44e y2a0c w3eb hc8\"><div class=\"t m0 x10 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">1. Im<span class=\"_ _1\"></span>porto<span class=\"_ _1\"></span> iniz<span class=\"_ _1\"></span>iale<span class=\"_ _f\"></span> </div></td><td></td><td class=\"c x575 y2a0c w362 hc8\"><div class=\"t m0 x12a h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">196.<span class=\"_ _1\"></span>274 </div></td><td></td><td class=\"c x44b y2a0c w339 hc8\"><div class=\"t m0 x12a h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">221.26<span class=\"_ _f\"></span>4 </div></td></tr><tr><td class=\"c x44e y2a0d w37f h227\"><div class=\"t m0 x10 h1f y14d6 ff4 fs7 fc1 sc2 ls0 ws0\">2. Aum<span class=\"_ _f\"></span>enti<span class=\"_ _1\"></span> </div></td><td></td><td class=\"c x44a y2a0d w37d h227\"><div class=\"t m0 x11e h1f y14d6 ff4 fs7 fc1 sc2 ls0 ws0\">4.506<span class=\"_ _f\"></span> </div></td><td></td><td class=\"c x44b y2a0d w339 h227\"><div class=\"t m0 xe4 h1f y14d6 ff4 fs7 fc1 sc2 ls0 ws0\">6.5<span class=\"lscf\">94</span> </div></td></tr><tr><td class=\"c x44e y2a0e w37f hc8\"><div class=\"t m0 x10 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">2.1 Imposte antic<span class=\"_ _1\"></span>ipate rilevate<span class=\"_ _1\"></span> nell'esercizio </div></td><td></td><td class=\"c x44a y2a0e w37d hc8\"><div class=\"t m0 x11e h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">4.506 </div></td><td></td><td class=\"c x44b y2a0e w339 hc8\"><div class=\"t m0 xe4 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">6.594 </div></td></tr><tr><td class=\"c x44e y2a0f w37f hc8\"><div class=\"t m0 x32 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">a) relative a precede<span class=\"_ _1\"></span>nti esercizi<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x44a y2a0f w37d hc8\"><div class=\"t m0 x189 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x44b y2a0f w339 hc8\"><div class=\"t m0 x189 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2a10 w37f hc8\"><div class=\"t m0 x32 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">b) dovute al mutame<span class=\"_ _1\"></span>nto di crite<span class=\"_ _1\"></span>ri contabili<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x44a y2a10 w37d hc8\"><div class=\"t m0 x189 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x44b y2a10 w339 hc8\"><div class=\"t m0 x189 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2a11 w37f hc8\"><div class=\"t m0 x32 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">c) altre </div></td><td></td><td class=\"c x44a y2a11 w37d hc8\"><div class=\"t m0 x11e h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">4.506 </div></td><td></td><td class=\"c x44b y2a11 w339 hc8\"><div class=\"t m0 xe4 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">6.5<span class=\"ls2a\">28</span> </div></td></tr><tr><td class=\"c x44e y2a12 w37f hc8\"><div class=\"t m0 x10 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">2.2 Nuove imp<span class=\"_ _1\"></span>oste o incremen<span class=\"_ _1\"></span>ti di aliquote fiscali </div></td><td></td><td class=\"c x44a y2a12 w37d hc8\"><div class=\"t m0 x189 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x44b y2a12 w339 hc8\"><div class=\"t m0 x189 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2a13 w37f hc8\"><div class=\"t m0 x10 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">2.3 Altri aumenti </div></td><td></td><td class=\"c x44a y2a13 w37d hc8\"><div class=\"t m0 x189 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x44b y2a13 w339 hc8\"><div class=\"t m0 x189 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2a14 w37f hc8\"><div class=\"t m0 x10 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">3. Di<span class=\"_ _1\"></span>min<span class=\"_ _1\"></span>uzion<span class=\"_ _1\"></span>i </div></td><td></td><td class=\"c x44a y2a14 w37d hc8\"><div class=\"t m0 xc h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">20.7<span class=\"_ _1\"></span>26 </div></td><td></td><td class=\"c x44b y2a14 w339 hc8\"><div class=\"t m0 x1e9 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">31.58<span class=\"_ _f\"></span>4 </div></td></tr><tr><td class=\"c x44e y2a15 w37f hc8\"><div class=\"t m0 x10 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">3.1 Imposte ant<span class=\"_ _1\"></span>icipate annullate ne<span class=\"_ _f\"></span>l<span class=\"_ _2\"></span>l'eserc<span class=\"_ _1\"></span>izio </div></td><td></td><td class=\"c x44a y2a15 w37d hc8\"><div class=\"t m0 xc h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">20.697 </div></td><td></td><td class=\"c x44b y2a15 w339 hc8\"><div class=\"t m0 x1e9 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">31.584 </div></td></tr><tr><td class=\"c x44e y2a16 w37f hc8\"><div class=\"t m0 x32 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">a) rigiri </div></td><td></td><td class=\"c x44a y2a16 w37d hc8\"><div class=\"t m0 xc h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">20.697 </div></td><td></td><td class=\"c x44b y2a16 w339 hc8\"><div class=\"t m0 x1e9 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">31.584 </div></td></tr><tr><td class=\"c x44e y2a17 w37f hc8\"><div class=\"t m0 x32 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">b) svalutazioni per<span class=\"_ _f\"></span> sopravvenuta irrecupe<span class=\"_ _1\"></span>rabilit\u00e0<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x44a y2a17 w37d hc8\"><div class=\"t m0 x189 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x44b y2a17 w339 hc8\"><div class=\"t m0 x189 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2a18 w37f hc8\"><div class=\"t m0 x32 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">c) dovute al mutame<span class=\"_ _1\"></span>nto di criter<span class=\"_ _1\"></span>i contabili </div></td><td></td><td class=\"c x44a y2a18 w37d hc8\"><div class=\"t m0 x189 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x44b y2a18 w339 hc8\"><div class=\"t m0 x189 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2a19 w37f hc8\"><div class=\"t m0 x32 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">d) altre </div></td><td></td><td class=\"c x44a y2a19 w37d hc8\"><div class=\"t m0 x189 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x44b y2a19 w339 hc8\"><div class=\"t m0 x189 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2a1a w37f hc8\"><div class=\"t m0 x10 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">3.2 Riduzioni di a<span class=\"_ _1\"></span>liquote fiscali </div></td><td></td><td class=\"c x44a y2a1a w37d hc8\"><div class=\"t m0 x189 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x44b y2a1a w339 hc8\"><div class=\"t m0 x189 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2a1b w37f h227\"><div class=\"t m0 x10 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">3.3 Altre diminuz<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span>oni </div></td><td></td><td class=\"c x44a y2a1b w37d h227\"><div class=\"t m0 x24 h1f y28b ff4 fs7 fc1 sc0 ls2a ws0\">29<span class=\"ls0\"> </span></div></td><td></td><td class=\"c x44b y2a1b w339 h227\"><div class=\"t m0 x189 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2a1c w37f hc8\"><div class=\"t m0 x10 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">4. Im<span class=\"_ _1\"></span>por<span class=\"_ _1\"></span>to fi<span class=\"_ _1\"></span>nale<span class=\"_ _1\"></span> </div></td><td></td><td class=\"c x44a y2a1c w37d hc8\"><div class=\"t m0 xe8 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">180.0<span class=\"_ _f\"></span>54 </div></td><td></td><td class=\"c x44b y2a1c w339 hc8\"><div class=\"t m0 x12a h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">196.<span class=\"_ _1\"></span>2<span class=\"ls35\">74</span> </div></td></tr></table></div><div class=\"c w37c h17a gsbd7\"><div class=\"t m0 x8a h5 y30 ff4 fs1 fc4 sc3 ls0 ws0\">11.7 <span class=\"_ _1\"></span>Variazi<span class=\"_ _1\"></span>oni de<span class=\"_ _1\"></span>lle im<span class=\"_ _f\"></span>poste di<span class=\"_ _1\"></span>ffe<span class=\"_ _f\"></span>rite (in co<span class=\"_ _1\"></span>ntropa<span class=\"_ _f\"></span>rtita d<span class=\"_ _1\"></span>el pa<span class=\"_ _f\"></span>trimonio<span class=\"_ _1\"></span> netto<span class=\"_ _f\"></span>)<span class=\"_ _2\"></span><span class=\"fc1 sc0\"> </span></div></div><div class=\"gsbd8\"><table class=\"s wbaf h4f0\" id=\"_83eff5bf-a14c-4018-987c-c499f55defd5\"><tr><td></td><td class=\"c x577 y2a1d w327 h49\"><div class=\"t m0 x90 h1f y32 ff4 fs7 fc4 sc3 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale<span class=\"fc1 sc0\"> </span></div></td><td></td><td class=\"c x578 y2a1d w3ec h49\"><div class=\"t m0 x30 h1f y32 ff4 fs7 fc4 sc3 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale<span class=\"fc1 sc0\"> </span></div></td></tr><tr><td></td><td class=\"c x577 y2a1e w327 h49\"><div class=\"t m0 x36 h1f y25 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/<span class=\"_ _f\"></span>2025<span class=\"fc1 sc0\"> </span></div></td><td class=\"c x579 y2a1f w990 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/<span class=\"_ _df\"> </span></div></td><td class=\"c x57a y2a1f wbae h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">2024<span class=\"_ _df\"> </span></div></td></tr><tr><td class=\"c x46b y2a20 w3ed hc8\"><div class=\"t m0 x8a h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">1. Impo<span class=\"_ _f\"></span>rto ini<span class=\"_ _1\"></span>ziale<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td><td></td><td class=\"c x577 y2a20 w327 hc8\"><div class=\"t m0 xe4 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">119.53<span class=\"_ _f\"></span>9<span class=\"sc0\"> </span></div></td><td class=\"c x578 y2a20 w3ee hc8\"><div class=\"t m0 xef h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">136.2<span class=\"_ _f\"></span>20<span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x46b y2a21 w3ed hc8\"><div class=\"t m0 x8a h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">2. Aum<span class=\"_ _f\"></span>enti<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td><td></td><td class=\"c x577 y2a21 w327 hc8\"><div class=\"t m0 x191 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">5.012<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x578 y2a21 w3ee hc8\"><div class=\"t m0 xeb h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">2.269<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x46b y2a22 w3ed hc8\"><div class=\"t m0 x8a h1f y28b ff5 fs7 fc1 sc0 ls0 ws0\">2.1 Imposte dif<span class=\"_ _1\"></span>ferite rilevate nel<span class=\"_ _f\"></span>l<span class=\"_ _2\"></span>\u2019esercizio<span class=\"ff4\"> </span></div></td><td></td><td class=\"c x577 y2a22 w327 hc8\"><div class=\"t m0 x171 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">5.012 </div></td><td class=\"c x578 y2a22 w3ee hc8\"><div class=\"t m0 xeb h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">2.269 </div></td></tr><tr><td class=\"c x46b y2a23 w3ed hc8\"><div class=\"t m0 x2c h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">a) relative a precede<span class=\"_ _1\"></span>nti esercizi<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x577 y2a23 w327 hc8\"><div class=\"t m0 x58 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x578 y2a23 w3ee hc8\"><div class=\"t m0 xed h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y2a24 w3ed hc8\"><div class=\"t m0 x2c h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">b) dovute al mutame<span class=\"_ _1\"></span>nto dei criter<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span> contabi<span class=\"_ _f\"></span>l<span class=\"_ _2\"></span>i<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x577 y2a24 w327 hc8\"><div class=\"t m0 x58 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x578 y2a24 w3ee hc8\"><div class=\"t m0 xed h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y2a25 w3ed hc8\"><div class=\"t m0 x2c h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">c) altre </div></td><td></td><td class=\"c x577 y2a25 w327 hc8\"><div class=\"t m0 x171 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">5.012 </div></td><td class=\"c x578 y2a25 w3ee hc8\"><div class=\"t m0 xeb h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">2.269 </div></td></tr><tr><td class=\"c x46b y2a26 w3ed hc8\"><div class=\"t m0 x8a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">2.2 Nuove imp<span class=\"_ _1\"></span>oste o incrementi d<span class=\"_ _1\"></span>i aliquote f<span class=\"_ _1\"></span>iscali </div></td><td></td><td class=\"c x577 y2a26 w327 hc8\"><div class=\"t m0 x58 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x578 y2a26 w3ee hc8\"><div class=\"t m0 xed h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y2a27 w3ed hc8\"><div class=\"t m0 x8a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">2.3 Altri aumenti </div></td><td></td><td class=\"c x577 y2a27 w327 hc8\"><div class=\"t m0 x58 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x578 y2a27 w3ee hc8\"><div class=\"t m0 xed h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y2a28 w3ed hc8\"><div class=\"t m0 x8a h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">3. Di<span class=\"_ _1\"></span>min<span class=\"_ _1\"></span>uzion<span class=\"_ _1\"></span>i<span class=\"sc0\"> </span></div></td><td></td><td class=\"c x577 y2a28 w327 hc8\"><div class=\"t m0 x22 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">785<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x578 y2a28 w3ee hc8\"><div class=\"t m0 x11f h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">18.95<span class=\"_ _f\"></span>0<span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x46b y2a29 w3ed hc8\"><div class=\"t m0 x8a h1f ye4c ff5 fs7 fc1 sc0 ls0 ws0\">3.1 Imposte di<span class=\"_ _1\"></span>fferite annullate <span class=\"_ _1\"></span>nell\u2019esercizio<span class=\"ff4\"> </span></div></td><td></td><td class=\"c x577 y2a29 w327 hc8\"><div class=\"t m0 x22 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">785 </div></td><td class=\"c x578 y2a29 w3ee hc8\"><div class=\"t m0 x11f h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">18.950 </div></td></tr><tr><td class=\"c x46b y2a2a w3ed h227\"><div class=\"t m0 x2c h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">a) rigiri </div></td><td></td><td class=\"c x577 y2a2a w327 h227\"><div class=\"t m0 x22 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">785 </div></td><td class=\"c x578 y2a2a w3ee h227\"><div class=\"t m0 x11f h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">18.950 </div></td></tr><tr><td class=\"c x46b y2a2b w3ed hc8\"><div class=\"t m0 x2c h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">b) dovute al mutame<span class=\"_ _1\"></span>nto di crite<span class=\"_ _1\"></span>ri contabili<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x577 y2a2b w327 hc8\"><div class=\"t m0 x58 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x578 y2a2b w3ee hc8\"><div class=\"t m0 xed h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y2a2c w3ed hc8\"><div class=\"t m0 x2c h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">c) altre </div></td><td></td><td class=\"c x577 y2a2c w327 hc8\"><div class=\"t m0 x58 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x578 y2a2c w3ee hc8\"><div class=\"t m0 xed h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y2a2d w3ed hc8\"><div class=\"t m0 x8a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">3.2 Riduzioni di a<span class=\"_ _1\"></span>liquote fiscali </div></td><td></td><td class=\"c x577 y2a2d w327 hc8\"><div class=\"t m0 x58 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x578 y2a2d w3ee hc8\"><div class=\"t m0 xed h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y2a2e w3ed hc8\"><div class=\"t m0 x8a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">3.3 Altre diminuz<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span>oni </div></td><td></td><td class=\"c x577 y2a2e w327 hc8\"><div class=\"t m0 x58 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x578 y2a2e w3ee hc8\"><div class=\"t m0 xed h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y2a2f w3ed hc8\"><div class=\"t m0 x8a h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">4. Im<span class=\"_ _1\"></span>por<span class=\"_ _1\"></span>to fi<span class=\"_ _1\"></span>nale<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td><td></td><td class=\"c x577 y2a2f w327 hc8\"><div class=\"t m0 x11e h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">123.76<span class=\"_ _f\"></span>6<span class=\"sc0\"> </span></div></td><td class=\"c x578 y2a2f w3ee hc8\"><div class=\"t m0 x124 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">119.53<span class=\"_ _f\"></span>9<span class=\"sc0\"> </span></div></td></tr></table></div>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-881": {
   "value": "Sezio<span class=\"_ _1\"></span>ne 11 <span class=\"_ _1\"></span><span class=\"ff5\">\u2013<span class=\"ff4\"> Le a<span class=\"_ _f\"></span>ttivit\u00e0 fisca<span class=\"_ _1\"></span>li e le pa<span class=\"_ _f\"></span>ssivit\u00e0 fisca<span class=\"_ _f\"></span>li <span class=\"ff5\">\u2013</span> <span class=\"ff5\">Voce 1<span class=\"_ _1\"></span>10 dell\u2019<span class=\"_ _1\"></span>attivo<span class=\"_ _1\"></span> e Vo<span class=\"_ _f\"></span>ce 60 de<span class=\"_ _1\"></span>l passivo<span class=\"_ _1\"></span><span class=\"ff4\"> </span></span></span></span>Le <span class=\"_ _2\"></span>attivit\u00e0 <span class=\"_ _2\"></span>fiscali <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>le <span class=\"_ _2\"></span>passivit\u00e0 <span class=\"_ _2\"></span>fiscali cor<span class=\"_ _2\"></span>renti <span class=\"_ _2\"></span>comprendono <span class=\"_ _2\"></span>l\u2019a<span class=\"_ _1\"></span>mmontare <span class=\"_ _2\"></span>netto <span class=\"_ _2\"></span>(debito <span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>credito) IRES <span class=\"_ _d\"></span>ed <span class=\"_ _0\"></span>IRAP, <span class=\"_ _d\"></span>al <span class=\"_ _0\"></span>netto <span class=\"_ _d\"></span>dei <span class=\"_ _0\"></span>credit<span class=\"ff5\">i <span class=\"_ _d\"></span>d\u2019imposta <span class=\"_ _0\"></span>e <span class=\"_ _d\"></span>degli <span class=\"_ _d\"></span>acconti, <span class=\"_ _0\"></span>e <span class=\"_ _d\"></span>l\u2019addizionale <span class=\"_ _d\"></span>IRES, <span class=\"_ _d\"></span>prev<span class=\"_ _2\"></span>ista <span class=\"_ _d\"></span>per <span class=\"_ _0\"></span>gli </span>intermediari finanziari ai sensi dell\u2019<span class=\"_ _1\"></span>art.12, comma 3, del Decreto Legislativo n.142 del 29 novembre 2018.  Ai fini delle imposte dirette, risultano definiti, per decorrenza dei termini di<span class=\"_ _2\"></span> <span class=\"ff5\">cui all\u2019art. 43 del D.P.R. </span>29/9/1973, n. 600, i periodi di imp<span class=\"_ _1\"></span>osta chiusi al 31/12/2019.<span class=\"_ _2\"></span> I rischi <span class=\"_ _2\"></span>derivanti dal contenzioso fiscale <span class=\"_ _2\"></span>del Gruppo sono <span class=\"_ _2\"></span>presidiati da adeguati accantonamenti a fondi per rischi e oneri.  Con <span class=\"_ _f\"></span>r<span class=\"_ _2\"></span>iguardo <span class=\"_ _f\"></span>alla <span class=\"_ _f\"></span>capogruppo, sono <span class=\"_ _f\"></span>in <span class=\"_ _1\"></span>essere 9 <span class=\"_ _f\"></span>procedimenti <span class=\"_ _f\"></span>contenziosi, aff<span class=\"_ _1\"></span>erenti p<span class=\"_ _1\"></span>rincipalmente a <span class=\"_ _2\"></span>tributi <span class=\"_ _2\"></span>locali o<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>conseguenti a <span class=\"_ _2\"></span>dinieghi <span class=\"_ _2\"></span>su <span class=\"_ _2\"></span>istanze <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>rimborso <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>imposte <span class=\"_ _2\"></span>presentate <span class=\"_ _2\"></span>dalla <span class=\"_ _2\"></span>banca.<span class=\"_ _f\"></span> Relativamente a tali <span class=\"_ _f\"></span>cont<span class=\"_ _2\"></span>enziosi <span class=\"_ _1\"></span>non sono emersi ri<span class=\"_ _1\"></span>schi effettivi<span class=\"_ _1\"></span> o quanto meno il<span class=\"_ _1\"></span> rischio stimato \u00e8 apparso remoto. Per questa ragione non sono stati effe<span class=\"_ _1\"></span>ttuati accantonamenti specifici. <span class=\"_ _2\"></span> Per Crede<span class=\"_ _1\"></span>mleasing pendono 30 proced<span class=\"_ _1\"></span>imenti contenziosi, p<span class=\"_ _1\"></span>revalentemente relativi a <span class=\"_ _1\"></span>tributi locali. Iscrizi<span class=\"_ _1\"></span>one e<span class=\"_ _1\"></span> mis<span class=\"_ _1\"></span>urazi<span class=\"_ _1\"></span>one d<span class=\"_ _1\"></span>i at<span class=\"_ _1\"></span>tivit\u00e0 <span class=\"_ _1\"></span>per i<span class=\"_ _1\"></span>mpos<span class=\"_ _1\"></span>te di<span class=\"_ _1\"></span>fferite<span class=\"_ _f\"></span> Nell\u2019attivo <span class=\"_ _d\"></span>dello <span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>tato <span class=\"_ _d\"></span>patrimoniale <span class=\"_ _2\"></span>so<span class=\"_ _2\"></span>no <span class=\"_ _d\"></span>presenti <span class=\"_ _d\"></span>le <span class=\"_ _d\"></span>\u201cattivit\u00e0 <span class=\"_ _d\"></span>fiscali <span class=\"_ _2\"></span>per <span class=\"_ _d\"></span>impost<span class=\"_ _2\"></span>e <span class=\"_ _d\"></span>anticipate\u201d, <span class=\"_ _2\"></span>D<span class=\"_ _2\"></span>TA ovvero  Deferred  T<span class=\"_ _1\"></span>ax  Asset,  principalmente  derivanti  da  differenze  temporanee  tra  la  data  di<span class=\"_ _1\"></span> iscrizione <span class=\"_ _9\"> </span>nel <span class=\"_ _9\"> </span>conto<span class=\"_ _2\"></span> <span class=\"_ _9\"> </span>economico <span class=\"_ _16\"> </span>di <span class=\"_ _9\"> </span>costi <span class=\"_ _16\"> </span>e <span class=\"_ _9\"> </span>la <span class=\"_ _16\"> </span>data <span class=\"_ _9\"> </span>alla <span class=\"_ _16\"> </span>quale<span class=\"_ _1\"></span> <span class=\"_ _9\"> </span>i  costi  med<span class=\"_ _1\"></span>esimi <span class=\"_ _9\"> </span>potranno  es<span class=\"_ _f\"></span>s<span class=\"_ _2\"></span>ere dedotti. <span class=\"_ _f\"></span>Tali <span class=\"_ _1\"></span>attivit\u00e0 <span class=\"_ _f\"></span>iscritte i<span class=\"_ _1\"></span>n <span class=\"_ _f\"></span>bilancio <span class=\"_ _f\"></span>si <span class=\"_ _1\"></span>riferiscono <span class=\"_ _f\"></span>a diff<span class=\"_ _1\"></span>erenze <span class=\"_ _f\"></span>temporanee <span class=\"_ _1\"></span>recuperabili <span class=\"_ _f\"></span>in un <span class=\"_ _f\"></span>arco temporale abbastanza lungo. <span class=\"_ _2\"></span>Le att<span class=\"_ _2\"></span>ivit\u00e0 per imposte <span class=\"_ _2\"></span>anticipate vengono svalutate nella misura <span class=\"_ _2\"></span>in cui  le <span class=\"_ _4\"> </span>stesse <span class=\"_ _4\"> </span>veng<span class=\"_ _1\"></span>ono <span class=\"_ _4\"> </span>ritenute <span class=\"_ _4\"> </span>non  r<span class=\"_ _2\"></span>ecup<span class=\"_ _1\"></span>erabili <span class=\"_ _4\"> </span>in  relazione <span class=\"_ _4\"> </span>alle  prospettive <span class=\"_ _4\"> </span>reddituali  ed <span class=\"_ _4\"> </span>ai conseguenti r<span class=\"_ _2\"></span>edd<span class=\"_ _1\"></span>iti <span class=\"_ _2\"></span>imponibili attesi, <span class=\"_ _2\"></span>tenuto <span class=\"_ _2\"></span>altres\u00ec conto <span class=\"_ _2\"></span>della normativa <span class=\"_ _2\"></span>fiscale, che <span class=\"_ _2\"></span>consente la loro <span class=\"_ _4\"> </span>trasformazione <span class=\"_ _4\"> </span>in <span class=\"_ _22\"> </span>cr<span class=\"_ _2\"></span>editi <span class=\"_ _4\"> </span>di  impost<span class=\"_ _2\"></span>a, <span class=\"_ _4\"> </span>al <span class=\"_ _22\"> </span>r<span class=\"_ _2\"></span>icorrere <span class=\"_ _4\"> </span>di <span class=\"_ _22\"> </span>det<span class=\"_ _2\"></span>erminate <span class=\"_ _4\"> </span>condizioni.<span class=\"_ _1\"></span> <span class=\"_ _4\"> </span>Il <span class=\"_ _17\"> </span>processo valutativo \u00e8 fondato sulle prospettive red<span class=\"_ _1\"></span>dituali.<span class=\"_ _2\"></span> Le <span class=\"_ _2\"></span>att<span class=\"_ _2\"></span>ivit\u00e0 <span class=\"_ _2\"></span>per <span class=\"_ _d\"></span>imposte <span class=\"_ _2\"></span>ant<span class=\"_ _2\"></span>icipat<span class=\"_ _1\"></span>e <span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>ono <span class=\"_ _2\"></span>iscritte <span class=\"_ _d\"></span>in <span class=\"_ _2\"></span>bilancio <span class=\"_ _d\"></span>nella <span class=\"_ _2\"></span>misura <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>cui <span class=\"_ _2\"></span>esiste <span class=\"_ _d\"></span>la <span class=\"_ _d\"></span>probabili<span class=\"_ _1\"></span>t\u00e0 del <span class=\"_ _d\"></span>loro <span class=\"_ _0\"></span>recupero, <span class=\"_ _d\"></span>valutata <span class=\"_ _d\"></span>con <span class=\"_ _0\"></span>il <span class=\"_ _d\"></span>\u201c<span class=\"_ _2\"></span>Probabili<span class=\"_ _1\"></span>ty <span class=\"_ _0\"></span>test\u201d <span class=\"_ _0\"></span>prev<span class=\"_ _1\"></span>isto <span class=\"_ _0\"></span>dallo <span class=\"_ _d\"></span>IAS12 <span class=\"_ _d\"></span>sulla <span class=\"_ _0\"></span>base <span class=\"_ _d\"></span>della <span class=\"_ _d\"></span>c<span class=\"_ _2\"></span><span class=\"ff4\">apac<span class=\"_ _2\"></span>it\u00e0 </span>fiscale della <span class=\"_ _2\"></span>Banca e <span class=\"_ _2\"></span>delle <span class=\"_ _2\"></span>societ\u00e0 <span class=\"_ _2\"></span>del Gruppo <span class=\"_ _2\"></span>di generare <span class=\"_ _2\"></span>con <span class=\"_ _2\"></span>continu<span class=\"_ _1\"></span>it\u00e0 <span class=\"_ _2\"></span>redditi imponibili <span class=\"_ _2\"></span>positivi nei futuri esercizi, tenuto conto del<span class=\"_ _1\"></span>le disposizioni fiscali vigenti.<span class=\"_ _2\"></span> L\u2019ammontare <span class=\"_ _d\"></span>delle <span class=\"_ _d\"></span>imposte <span class=\"_ _d\"></span>anticipate <span class=\"_ _d\"></span>iscritto <span class=\"_ _d\"></span>in <span class=\"_ _0\"></span>bilancio <span class=\"_ _2\"></span>viene <span class=\"_ _0\"></span>sottoposto <span class=\"_ _d\"></span>a<span class=\"_ _d\"></span><span class=\"ff4\"> <span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>est <span class=\"_ _d\"></span>ogni <span class=\"_ _d\"></span>anno, <span class=\"_ _d\"></span>per </span>verificare s<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>sussista <span class=\"_ _2\"></span>o meno <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>probabilit\u00e0 <span class=\"_ _2\"></span>che la <span class=\"_ _d\"></span>societ\u00e0 <span class=\"_ _2\"></span>interessata consegua <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>futuro <span class=\"_ _2\"></span>risultati imponibili <span class=\"_ _0\"></span>t<span class=\"_ _2\"></span>ali <span class=\"_ _0\"> </span>da  consentire <span class=\"_ _0\"></span>un <span class=\"_ _16\"> </span>riassorbimento <span class=\"_ _9\"> </span>delle <span class=\"_ _9\"> </span>imposte <span class=\"_ _9\"> </span>anticipate <span class=\"_ _9\"> </span>iscritte <span class=\"_ _9\"> </span>nei <span class=\"_ _9\"> </span>pre<span class=\"_ _2\"></span>cedenti periodi d\u2019imposta. <span class=\"ff4\"> </span>Con <span class=\"_ _9\"> </span>r<span class=\"_ _2\"></span>iferimento<span class=\"_ _1\"></span> <span class=\"_ _9\"> </span>a<span class=\"_ _2\"></span><span class=\"ff5\">ll\u2019iscrivib<span class=\"_ _1\"></span>ilit\u00e0 <span class=\"_ _16\"> </span>delle <span class=\"_ _9\"> </span>attivit\u00e0 <span class=\"_ _9\"> </span>per <span class=\"_ _16\"> </span>imposte <span class=\"_ _9\"> </span>anticipate <span class=\"_ _9\"> </span>ed <span class=\"_ _16\"> </span>al <span class=\"_ _9\"> </span>loro <span class=\"_ _9\"> </span>mantenimento <span class=\"_ _16\"> </span>in<span class=\"_ _1\"></span> </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>importanti <span class=\"_ _0\"> </span>mo<span class=\"_ _2\"></span>difich<span class=\"_ _1\"></span>e <span class=\"_ _0\"></span>normative <span class=\"_ _0\"></span>introdotte <span class=\"_ _0\"></span>a <span class=\"_ _0\"></span>part<span class=\"_ _2\"></span>ire <span class=\"_ _d\"></span>dal 2011 <span class=\"_ _d\"></span>in <span class=\"_ _2\"></span>materia <span class=\"_ _d\"></span>fiscale <span class=\"_ _2\"></span>che, <span class=\"_ _d\"></span>prevedend<span class=\"_ _1\"></span>o <span class=\"_ _d\"></span>la <span class=\"_ _d\"></span>trasformazione <span class=\"_ _2\"></span>delle <span class=\"_ _2\"></span>att<span class=\"_ _2\"></span>ivit\u00e0 <span class=\"_ _2\"></span>per <span class=\"_ _d\"></span>im<span class=\"_ _2\"></span>poste <span class=\"_ _2\"></span>anticipate <span class=\"_ _2\"></span>in crediti <span class=\"_ _f\"></span>di <span class=\"_ _1\"></span>imposta i<span class=\"_ _1\"></span>n <span class=\"_ _f\"></span>predeterminate <span class=\"_ _f\"></span>ipotesi, han<span class=\"_ _1\"></span>no <span class=\"_ _1\"></span>introdotto <span class=\"_ _f\"></span>la <span class=\"_ _f\"></span>modalit\u00e0 di<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>recupero <span class=\"_ _f\"></span>delle <span class=\"_ _f\"></span>imposte anticipate att<span class=\"_ _2\"></span>ive tale <span class=\"_ _2\"></span>da assicurare il <span class=\"_ _2\"></span>loro r<span class=\"_ _2\"></span>iassorbimento a <span class=\"_ _2\"></span>presci<span class=\"_ _1\"></span>ndere <span class=\"_ _2\"></span>dalla capacit\u00e0 <span class=\"_ _2\"></span>di generare una redditivit\u00e0.  Con <span class=\"_ _d\"></span>la <span class=\"_ _0\"></span>pubblicazione <span class=\"_ _d\"></span>della <span class=\"_ _d\"></span>Legge <span class=\"_ _0\"></span>di <span class=\"_ _d\"></span>Bilancio <span class=\"_ _d\"></span>2026 <span class=\"_ _0\"></span>(legge <span class=\"_ _0\"></span>n.199 <span class=\"_ _d\"></span>del <span class=\"_ _0\"></span>30 <span class=\"_ _d\"></span>dicembre <span class=\"_ _d\"></span>2025<span class=\"_ _2\"></span>) <span class=\"_ _d\"></span>rubricata \u201cBilancio<span class=\"ff4\"> <span class=\"_ _2\"></span></span>di <span class=\"_ _2\"></span>previsione <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>ello <span class=\"_ _2\"></span>Stato <span class=\"_ _2\"></span>per <span class=\"_ _d\"></span>l\u2019anno <span class=\"_ _2\"></span>finanziario <span class=\"_ _2\"></span>2026 <span class=\"_ _d\"></span>e <span class=\"_ _2\"></span>bilancio <span class=\"_ _2\"></span>pluriennale <span class=\"_ _2\"></span>per <span class=\"_ _d\"></span>il <span class=\"_ _2\"></span>triennio 2026 <span class=\"_ _22\"> </span><span class=\"ff5\">\u2013</span> <span class=\"_ _4\"> </span>2028) <span class=\"_ _4\"> </span>il  Parlamento <span class=\"_ _4\"> </span>ha<span class=\"_ _1\"></span> <span class=\"_ _4\"> </span>introdotto  una <span class=\"_ _22\"> </span>serie <span class=\"_ _4\"> </span>di  mis<span class=\"_ _2\"></span>ure<span class=\"_ _1\"></span> <span class=\"_ _4\"> </span>rilevanti  in <span class=\"_ _4\"> </span>mat<span class=\"_ _2\"></span>eria <span class=\"_ _22\"> </span>fiscale. <span class=\"_ _4\"> </span>In particolare l\u2019art.1 (commi 56 e 57) ha previsto per il periodo d'imposta successivo a quello in corso al <span class=\"_ _0\"></span>31 <span class=\"_ _0\"></span>dicembre <span class=\"_ _d\"></span>2025 <span class=\"_ _0\"></span>e <span class=\"_ _0\"></span>per <span class=\"_ _0\"></span>i <span class=\"_ _0\"></span>successivi <span class=\"_ _d\"></span>t<span class=\"_ _2\"></span>re, <span class=\"_ _0\"></span> con <span class=\"_ _0\"></span>riferimento <span class=\"_ _0\"></span>agli <span class=\"_ _0\"></span>intermediari <span class=\"_ _0\"></span>finanziari <span class=\"_ _d\"></span>che <span class=\"_ _0\"></span>per <span class=\"_ _0\"></span>i crediti <span class=\"_ _0\"></span>del <span class=\"_ _0\"></span>primo <span class=\"_ _0\"></span>e <span class=\"_ _0\"> </span>s<span class=\"_ _2\"></span>econdo <span class=\"_ _d\"></span>s<span class=\"_ _2\"></span>tadio <span class=\"_ _9\"> </span>di <span class=\"_ _0\"></span>rischio <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>credito <span class=\"_ _9\"> </span>le <span class=\"_ _0\"></span>svalutazioni <span class=\"_ _0\"></span>derivanti <span class=\"_ _0\"></span>esclusivamente dall'adozione <span class=\"_ _2\"></span>del <span class=\"_ _d\"></span>modello <span class=\"_ _d\"></span>di <span class=\"_ _2\"></span>rilevazione <span class=\"_ _d\"></span>del <span class=\"_ _2\"></span>fondo <span class=\"_ _d\"></span>a <span class=\"_ _d\"></span>copertura <span class=\"_ _d\"></span>delle <span class=\"_ _2\"></span>perdite <span class=\"_ _d\"></span>per <span class=\"_ _d\"></span>perdite <span class=\"_ _2\"></span>at<span class=\"_ _2\"></span>tese <span class=\"_ _2\"></span>su crediti <span class=\"_ _2\"></span>siano <span class=\"_ _2\"></span>deducibili in <span class=\"_ _2\"></span>cinque <span class=\"_ _2\"></span>quote <span class=\"_ _2\"></span>costanti <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>partire <span class=\"_ _2\"></span>dall'esercizio <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>cui la <span class=\"_ _2\"></span>perdita <span class=\"_ _0\"></span>\u00e8 <span class=\"_ _2\"></span>iscritta a conto economico. Ci\u00f2 in deroga a quanto previsto ai fini Ires e Irap rispettivamente da articolo 106 comma <span class=\"_ _5\"> </span>3 <span class=\"_ _20\"> </span>del <span class=\"_ _20\"> </span>Tuir <span class=\"_ _5\"> </span>e <span class=\"_ _5\"> </span>dall<span class=\"_ _1\"></span>\u2019articolo <span class=\"_ _20\"> </span>6, <span class=\"_ _5\"> </span>comma <span class=\"_ _20\"> </span>1<span class=\"_ _2\"></span>, <span class=\"_ _20\"> </span>lettera<span class=\"ff4\"> c-bis) del <span class=\"_ _20\"> </span>D<span class=\"_ _2\"></span>lgs <span class=\"_ _20\"> </span>n. <span class=\"_ _5\"> </span>446/1997). </span>Conseguentemente <span class=\"_ _0\"></span>viene <span class=\"_ _0\"></span>meno <span class=\"_ _9\"> </span>la <span class=\"_ _0\"></span>possibilit\u00e0 <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>t<span class=\"_ _2\"></span>rasformare <span class=\"_ _0\"></span>i<span class=\"_ _2\"></span>n <span class=\"_ _0\"></span>credito <span class=\"_ _0\"></span>d'imposta <span class=\"_ _9\"> </span>le <span class=\"_ _0\"></span>att<span class=\"_ _2\"></span>ivit\u00e0 <span class=\"_ _0\"></span>per imposte <span class=\"_ _14\"> </span>anticipate <span class=\"_ _14\"> </span>(cosiddette<span class=\"_ _2\"></span> Deferred <span class=\"_ _14\"> </span>Tax <span class=\"_ _14\"> </span>Ass<span class=\"_ _2\"></span>ets- <span class=\"_ _14\"> </span>DTA) <span class=\"_ _14\"> </span>iscritte <span class=\"_ _15\"> </span>in <span class=\"_ _14\"> </span>bilancio, <span class=\"_ _14\"> </span>a <span class=\"_ _14\"> </span>fr<span class=\"_ _2\"></span>onte <span class=\"_ _14\"> </span>del differimento della deducibilit\u00e0 di tali componenti di redd<span class=\"_ _1\"></span>ito (articolo 2 commi 55, 56<span class=\"_ _d\"></span>-bis, 56-bis.1 <span class=\"_ _1\"></span>e 56<span class=\"ls0\">-ter del <span class=\"_ _14\"> </span>Dl <span class=\"_ _15\"> </span>n. <span class=\"_ _15\"> </span>225/2010) <span class=\"_ _15\"> </span>e <span class=\"_ _15\"> </span>di <span class=\"_ _15\"> </span>farle <span class=\"_ _14\"> </span>concorr<span class=\"_ _2\"></span>ere <span class=\"_ _14\"> </span>alla <span class=\"_ _15\"> </span>formazione <span class=\"_ _14\"> </span>della <span class=\"_ _15\"> </span>base <span class=\"_ _15\"> </span>imponibile <span class=\"_ _14\"> </span>d<span class=\"_ _2\"></span>el </span>canone DTA che <span class=\"_ _2\"></span>gli <span class=\"_ _d\"></span>intermediari <span class=\"_ _d\"></span>finanziari <span class=\"_ _d\"></span>stessi <span class=\"_ _d\"></span>devono <span class=\"_ _2\"></span>pagare<span class=\"_ _2\"></span>, <span class=\"_ _2\"></span>con <span class=\"_ _d\"></span>cadenza <span class=\"_ _d\"></span>annuale, <span class=\"_ _d\"></span>al <span class=\"_ _2\"></span>fin<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>di avvalersi di <span class=\"_ _1\"></span>tale regime d<span class=\"_ _1\"></span>i trasformazione delle DTA in credito d'imp<span class=\"_ _1\"></span>osta (articolo 11 co<span class=\"_ _1\"></span>mma 2, Dl n. 59/2016). Con <span class=\"_ _f\"></span><span class=\"ff5\">l\u2019art.<span class=\"ff4\"> 1 commi <span class=\"_ _f\"></span>68 <span class=\"ff5\">\u2013</span> 73 <span class=\"_ _f\"></span>\u00e8 <span class=\"ff5\">modificata <span class=\"_ _1\"></span>la d<span class=\"_ _1\"></span>isciplina dell\u2019imposta stra<span class=\"_ _1\"></span>ordinaria sui <span class=\"_ _f\"></span>margini<span class=\"_ _df\"> </span></span></span></span><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsb9c\">di <span class=\"_ _2\"></span>interesse <span class=\"_ _2\"></span>delle <span class=\"_ _2\"></span>banche <span class=\"_ _2\"></span>operanti <span class=\"_ _2\"></span>nel <span class=\"_ _2\"></span>territorio <span class=\"_ _2\"></span>dello <span class=\"_ _2\"></span>Stato, <span class=\"_ _2\"></span>ist<span class=\"_ _2\"></span>it<span class=\"_ _1\"></span>uita <span class=\"_ _2\"></span>con <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>Dl <span class=\"_ _2\"></span>n. <span class=\"_ _2\"></span>104/2023 <span class=\"_ _d\"></span>(articolo<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsb9e\">26). <span class=\"_ _15\"> </span>I<span class=\"_ _2\"></span>n <span class=\"_ _e\"> </span>particolare, <span class=\"_ _e\"> </span>viene <span class=\"_ _e\"> </span>stabilita <span class=\"_ _e\"> </span>una <span class=\"_ _10\"> </span>presunzione <span class=\"_ _e\"> </span>legale <span class=\"_ _e\"> </span>secondo <span class=\"_ _e\"> </span>la <span class=\"_ _e\"> </span>q<span class=\"_ _2\"></span>uale, <span class=\"_ _15\"> </span>a <span class=\"_ _10\"> </span>decorrere </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gsb9f\">dall\u2019esercizio <span class=\"_ _2\"></span>che <span class=\"_ _d\"></span>ha <span class=\"_ _d\"></span>inizio <span class=\"_ _d\"></span>successivamente <span class=\"_ _2\"></span>al <span class=\"_ _d\"></span>1\u00b0 <span class=\"_ _d\"></span>gennaio <span class=\"_ _d\"></span>2028, <span class=\"_ _d\"></span>nel <span class=\"_ _2\"></span>caso <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>distribuzione <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>utili, </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsba0\">inclusi <span class=\"_ _0\"></span>g<span class=\"_ _2\"></span>li <span class=\"_ _0\"> </span>acconti <span class=\"_ _16\"> </span>sui <span class=\"_ _9\"> </span>dividendi, <span class=\"_ _9\"> </span>o <span class=\"_ _9\"> </span>di <span class=\"_ _16\"> </span>riserve, <span class=\"_ _0\"></span>indipendentemente <span class=\"_ _16\"> </span>dalla <span class=\"_ _0\"></span>delibera <span class=\"_ _16\"> </span>assembleare, <span class=\"_ _9\"> </span>si </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsba1\">presum<span class=\"ff5\">e <span class=\"_ _4\"> </span>prior<span class=\"_ _2\"></span>itariamente <span class=\"_ _4\"> </span>distribuita <span class=\"_ _17\"> </span>la <span class=\"_ _17\"> </span>riserva <span class=\"_ _17\"> </span>che <span class=\"_ _17\"> </span>i <span class=\"_ _17\"> </span>so<span class=\"_ _2\"></span>ggetti <span class=\"_ _4\"> </span>passivi <span class=\"_ _17\"> </span>dell\u2019imposta <span class=\"_ _14\"> </span>potevano </span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gsba2\">accantonare <span class=\"_ _2\"></span>in <span class=\"_ _d\"></span>luogo <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>pagamento <span class=\"_ _2\"></span>dell\u2019imp<span class=\"_ _1\"></span>osta <span class=\"_ _d\"></span>medesima. <span class=\"_ _2\"></span>La <span class=\"_ _2\"></span>presunzione <span class=\"_ _2\"></span>non <span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _2\"></span>applica <span class=\"_ _2\"></span>se <span class=\"_ _d\"></span>e </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsba3\">nei <span class=\"_ _f\"></span>limiti <span class=\"_ _1\"></span>in <span class=\"_ _f\"></span>cui l<span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>riserva <span class=\"_ _1\"></span>\u00e8 <span class=\"_ _f\"></span>cost<span class=\"_ _2\"></span>ituita <span class=\"_ _f\"></span>con <span class=\"_ _1\"></span>utili <span class=\"_ _f\"></span>destinati all<span class=\"_ _1\"></span>e <span class=\"_ _f\"></span>riserve <span class=\"_ _1\"></span>obbligatorie <span class=\"_ _1\"></span>da <span class=\"_ _f\"></span>part<span class=\"_ _2\"></span>e <span class=\"_ _f\"></span>delle <span class=\"_ _f\"></span>banche </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gsba4\">di credito cooperativo. Fino all<span class=\"_ _1\"></span>\u2019esercizio in corso al 3<span class=\"_ _1\"></span>1 dicembre 2028, inoltre, \u00e8 possib<span class=\"_ _1\"></span>ile applicare </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gsba5\">un\u2019imposta <span class=\"_ _d\"></span>sostitutiva <span class=\"_ _d\"></span>per <span class=\"_ _d\"></span>l\u2019affrancamento, <span class=\"_ _2\"></span>a <span class=\"_ _0\"></span>tasso <span class=\"_ _d\"></span>agevolato, <span class=\"_ _2\"></span>della <span class=\"_ _d\"></span>riserva <span class=\"_ _d\"></span>esistente <span class=\"_ _d\"></span>al <span class=\"_ _d\"></span>t<span class=\"_ _2\"></span>ermine </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gsba6\">dell\u2019esercizio <span class=\"_ _1\"></span>in corso<span class=\"_ _1\"></span> al <span class=\"_ _f\"></span>31 dice<span class=\"_ _1\"></span>mbre 2025<span class=\"_ _f\"></span> (aliquota <span class=\"_ _1\"></span>al 27,5%)<span class=\"_ _1\"></span> e<span class=\"_ _f\"></span> al <span class=\"_ _f\"></span>t<span class=\"_ _2\"></span>ermine <span class=\"_ _f\"></span>dell\u2019esercizio succ<span class=\"_ _1\"></span>essivo </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gsba7\">(aliquota al <span class=\"_ _f\"></span>33%), senza pagamento d<span class=\"_ _1\"></span>egli inte<span class=\"_ _1\"></span>ressi. Con l<span class=\"_ _1\"></span>\u2019art.1 commi <span class=\"_ _f\"></span>74 e 75 <span class=\"_ _f\"></span>s<span class=\"_ _2\"></span>ono i<span class=\"_ _1\"></span>ncrementate <span class=\"_ _f\"></span>di </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gsba8\">due punti <span class=\"_ _2\"></span>percentuali, per <span class=\"_ _2\"></span>il peri<span class=\"_ _2\"></span>odo d\u2019imposta <span class=\"_ _2\"></span>successivo a <span class=\"_ _2\"></span>quello in <span class=\"_ _2\"></span>cor<span class=\"_ _2\"></span><span class=\"ff4\">so <span class=\"_ _2\"></span>al 31 <span class=\"_ _2\"></span>dicembre 2025 <span class=\"_ _2\"></span>e </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsba9\">per i <span class=\"_ _2\"></span>due s<span class=\"_ _2\"></span>uccessiv<span class=\"_ _1\"></span>i, le <span class=\"_ _2\"></span>aliquote <span class=\"_ _2\"></span>Irap per <span class=\"_ _2\"></span>banche e <span class=\"_ _2\"></span>societ\u00e0 finanziarie <span class=\"_ _2\"></span>(6,65 anzich\u00e9 <span class=\"_ _2\"></span>4,65 per <span class=\"_ _2\"></span>cento </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsbaa\">e <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>le <span class=\"_ _2\"></span>imprese d<span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>assicurazione <span class=\"_ _2\"></span>(7,9 anzich\u00e9 <span class=\"_ _2\"></span>5<span class=\"_ _2\"></span>,9 <span class=\"_ _2\"></span>per cento). <span class=\"_ _2\"></span>Fi<span class=\"_ _2\"></span>no <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>concorrenza <span class=\"_ _2\"></span>dell<span class=\"_ _1\"></span>a <span class=\"_ _2\"></span>differenza </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsbab\">tra <span class=\"_ _2\"></span>l'imposta <span class=\"_ _2\"></span>derivante dall'ap<span class=\"_ _2\"></span>plicazione di <span class=\"_ _2\"></span>tali <span class=\"_ _2\"></span>disposizioni <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>quella <span class=\"_ _2\"></span>che si <span class=\"_ _d\"></span>sarebb<span class=\"_ _1\"></span>e <span class=\"_ _2\"></span>determinata <span class=\"_ _2\"></span>in </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsbac\">assenza <span class=\"_ _2\"></span>di esse, <span class=\"_ _2\"></span>per il <span class=\"_ _2\"></span>periodo d'imposta <span class=\"_ _2\"></span>successivo <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>que<span class=\"_ _1\"></span>llo <span class=\"_ _2\"></span>in corso <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>31 dicembre 2026 <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>per il </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsbad\">successivo spetta una detrazione pari a 90mila euro. Sono esclusi una serie di sogget<span class=\"_ _d\"></span>ti (articolo 6 </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gsbae\">commi <span class=\"_ _17\"> </span>2, <span class=\"_ _17\"> </span>3, <span class=\"_ _17\"> </span>4 <span class=\"_ _17\"> </span>e <span class=\"_ _17\"> </span>9 <span class=\"_ _4\"> </span>del <span class=\"_ _17\"> </span>Dlgs <span class=\"_ _17\"> </span>n. <span class=\"_ _17\"> </span>446/1997. <span class=\"_ _17\"> </span>Con <span class=\"_ _17\"> </span>l\u2019art. <span class=\"_ _17\"> </span>1 <span class=\"_ _17\"> </span>commi <span class=\"_ _4\"> </span>76 <span class=\"_ _14\"> </span>\u2013<span class=\"ff4\"> <span class=\"_ _17\"> </span>81 <span class=\"_ _17\"> </span>viene <span class=\"_ _17\"> </span>disposto, <span class=\"_ _17\"> </span>nella </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsbaf\">determinazione <span class=\"_ _d\"></span>delle <span class=\"_ _0\"></span>basi <span class=\"_ _0\"></span>imponibili <span class=\"_ _0\"></span>di <span class=\"_ _d\"></span>Ires <span class=\"_ _0\"></span>ed <span class=\"_ _0\"></span>Irap <span class=\"_ _0\"></span>per <span class=\"_ _0\"></span>gli <span class=\"_ _0\"></span>intermediari <span class=\"_ _d\"></span>finanziari, <span class=\"_ _0\"></span>il <span class=\"_ _0\"></span>differimento </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsbb0\">parziale <span class=\"_ _0\"></span>della <span class=\"_ _0\"></span>quota <span class=\"_ _9\"> </span>di <span class=\"_ _0\"></span>taluni <span class=\"_ _0\"></span>componenti <span class=\"_ _9\"> </span>negativi <span class=\"_ _9\"> </span>di <span class=\"_ _0\"></span>reddito <span class=\"_ _0\"> </span>deducibili <span class=\"_ _9\"> </span>nel <span class=\"_ _0\"></span>periodo <span class=\"_ _0\"></span>d'imposta <span class=\"_ _9\"> </span>in </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsbb1\">corso al 31 dicembre 2027, in quote costanti, al periodo d'imposta in corso al 3<span class=\"_ _2\"></span>1 dicembre 2028 ed </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsbb2\">al <span class=\"_ _f\"></span>successivo. <span class=\"_ _1\"></span>Si <span class=\"_ _f\"></span>tratta i<span class=\"_ _1\"></span>n <span class=\"_ _f\"></span>part<span class=\"_ _2\"></span>icolare <span class=\"_ _f\"></span>del <span class=\"_ _f\"></span>differimento <span class=\"_ _f\"></span> de<span class=\"_ _1\"></span>lle <span class=\"_ _f\"></span>eccedenze <span class=\"_ _1\"></span>relative <span class=\"_ _f\"></span>a svalu<span class=\"_ _1\"></span>tazioni <span class=\"_ _f\"></span>e de<span class=\"_ _1\"></span>lle </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls39 ws0 gsbb3\">per<span class=\"ff5 ls0\">dite <span class=\"_ _d\"></span>s<span class=\"_ _2\"></span>u <span class=\"_ _d\"></span>crediti <span class=\"_ _0\"></span>di <span class=\"_ _d\"></span>banche, <span class=\"_ _0\"></span>societ\u00e0 <span class=\"_ _0\"></span>finanziarie <span class=\"_ _d\"></span>e <span class=\"_ _0\"></span>assicurazioni <span class=\"_ _0\"></span>di <span class=\"_ _d\"></span>cui <span class=\"_ _0\"></span>all\u2019articolo <span class=\"_ _0\"></span>16 <span class=\"_ _d\"></span>del <span class=\"_ _0\"></span>decreto<span class=\"_ _2\"></span><span class=\"ff4\">-<span class=\"_ _df\"> </span></span></span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsbb4\">legge <span class=\"_ _4\"> </span>27<span class=\"_ _2\"></span> <span class=\"_ _4\"> </span>gi<span class=\"_ _2\"></span>ugno <span class=\"_ _4\"> </span>2015<span class=\"_ _2\"></span>, <span class=\"_ _4\"> </span> <span class=\"_ _14\"> </span>del <span class=\"_ _17\"> </span>differimento <span class=\"_ _17\"> </span>del <span class=\"_ _17\"> </span>piano <span class=\"_ _14\"> </span>di <span class=\"_ _17\"> </span>rientro <span class=\"_ _17\"> </span>delle <span class=\"_ _17\"> </span>q<span class=\"_ _2\"></span>uote <span class=\"_ _4\"> </span>deducibili <span class=\"_ _17\"> </span>riferi<span class=\"_ _2\"></span>bili<span class=\"_ _1\"></span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls73 ws0 gsbb5\">ai<span class=\"ls0\"> <span class=\"ff5\">componenti <span class=\"_ _d\"></span>negativi <span class=\"_ _d\"></span>emersi <span class=\"_ _0\"></span>in <span class=\"_ _d\"></span>sede <span class=\"_ _d\"></span>di <span class=\"_ _0\"></span>prima <span class=\"_ _d\"></span>adozione <span class=\"_ _d\"></span>dell\u2019IF<span class=\"_ _2\"></span></span>RS <span class=\"_ _d\"></span>9 applicabile agli <span class=\"_ _0\"></span>intermediari </span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gsbb6\">finanziari e del <span class=\"_ _2\"></span>differimento dei componenti negativi <span class=\"_ _2\"></span>previsti dall\u2019art. 1 <span class=\"_ _2\"></span>comma 1079 della legge 30 </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsbb7\">dicembre <span class=\"_ _2\"></span>2018 <span class=\"_ _d\"></span>n. <span class=\"_ _2\"></span>145. <span class=\"_ _d\"></span>Inoltre, <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _2\"></span>limitato<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>temporaneamente, <span class=\"_ _2\"></span>relativamente <span class=\"_ _2\"></span>ai <span class=\"_ _d\"></span>periodi <span class=\"_ _2\"></span>d'imposta <span class=\"_ _d\"></span>in </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsbb8\">corso <span class=\"_ _9\"> </span>al <span class=\"_ _9\"> </span>31 <span class=\"_ _0\"> </span>dicembre <span class=\"_ _9\"> </span>20<span class=\"ff5\">26 <span class=\"_ _9\"> </span>ed <span class=\"_ _9\"> </span>al <span class=\"_ _9\"> </span>31 <span class=\"_ _9\"> </span>dicembre <span class=\"_ _9\"> </span>2027, <span class=\"_ _9\"> </span>l\u2019uso <span class=\"_ _0\"> </span>delle <span class=\"_ _9\"> </span>perdite <span class=\"_ _9\"> </span>fiscali <span class=\"_ _9\"> </span>pregresse <span class=\"_ _0\"> </span>e <span class=\"_ _16\"> </span>delle </span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gsbb9\">eccedenze <span class=\"_ _d\"></span>residue <span class=\"_ _d\"></span>di <span class=\"_ _0\"></span>aiuti <span class=\"_ _d\"></span>alla <span class=\"_ _0\"></span>crescita <span class=\"_ _d\"></span>economica <span class=\"_ _0\"></span>(Ace). <span class=\"_ _d\"></span>Con <span class=\"_ _d\"></span>l\u2019art.1 <span class=\"_ _0\"></span>commi <span class=\"_ _d\"></span>133 <span class=\"_ _0\"></span>\u2013<span class=\"ff4\"> <span class=\"_ _0\"></span>136 <span class=\"_ _d\"></span>\u00e8 <span class=\"_ _0\"></span>limitata, </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsbba\">temporaneamente, la <span class=\"_ _f\"></span>deduzione degli interessi passivi <span class=\"_ _1\"></span>per gli <span class=\"_ _1\"></span>intermediari finan<span class=\"_ _1\"></span>ziari<span class=\"_ _2\"></span>, secondo u<span class=\"_ _1\"></span>na </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsbbb\">scaletta <span class=\"_ _9\"> </span>forfetaria, <span class=\"_ _9\"> </span>dal <span class=\"_ _9\"> </span>96 <span class=\"_ _16\"> </span>al <span class=\"_ _9\"> </span>99 <span class=\"_ _0\"></span>per <span class=\"_ _16\"> </span>cento, <span class=\"_ _0\"></span>con <span class=\"_ _16\"> </span>alcune <span class=\"_ _0\"></span>eccezioni, <span class=\"_ _9\"> </span>rispettivamente, <span class=\"_ _9\"> </span>per <span class=\"_ _9\"> </span>i <span class=\"_ _16\"> </span>periodi </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsbbc\">d'imposta <span class=\"_ _2\"></span>dal <span class=\"_ _d\"></span>2026 <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>2029, <span class=\"_ _2\"></span>con <span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>ipresa <span class=\"_ _2\"></span>della <span class=\"_ _2\"></span>deduzione <span class=\"_ _2\"></span>integrale <span class=\"_ _2\"></span>a <span class=\"_ _d\"></span>partire <span class=\"_ _2\"></span>dal <span class=\"_ _2\"></span>periodo <span class=\"_ _2\"></span>d'imposta </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsbbd\">2030. <span class=\"_ _18\"> </span>Non <span class=\"_ _18\"> </span>r<span class=\"_ _2\"></span>ientrano <span class=\"_ _18\"> </span>in <span class=\"_ _18\"> </span>tale <span class=\"_ _18\"> </span>limitazione <span class=\"_ _18\"> </span>i <span class=\"_ _19\"> </span>soggett<span class=\"_ _2\"></span>i <span class=\"_ _18\"> </span>partecipanti <span class=\"_ _18\"> </span>al <span class=\"_ _18\"> </span>consolidato <span class=\"_ _19\"> </span>nazionale<span class=\"_ _1\"></span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsbbe\">limitatamente <span class=\"_ _c\"> </span>alla <span class=\"_ _c\"> </span>componente <span class=\"_ _c\"> </span>degli <span class=\"_ _c\"> </span>interessi <span class=\"_ _c\"> </span>passivi <span class=\"_ _c\"> </span>infragrupp<span class=\"_ _1\"></span>o <span class=\"_ _c\"> </span>fino <span class=\"_ _c\"> </span>a <span class=\"_ _c\"> </span>concorrenza </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gsbbf\">dell\u2019ammontare <span class=\"_ _17\"> </span>complessivo <span class=\"_ _17\"> </span>degli <span class=\"_ _17\"> </span>interessi <span class=\"_ _17\"> </span>pass<span class=\"_ _2\"></span>ivi <span class=\"_ _4\"> </span>mat<span class=\"_ _2\"></span>urati <span class=\"_ _17\"> </span>in <span class=\"_ _17\"> </span>capo <span class=\"_ _14\"> </span>a <span class=\"_ _17\"> </span>soggetti <span class=\"_ _17\"> </span>estranei <span class=\"_ _17\"> </span>al </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsbc0\">consolidato. <span class=\"_ _d\"></span>Le <span class=\"_ _0\"></span>imposte <span class=\"_ _d\"></span>anticipat<span class=\"_ _2\"></span>e <span class=\"_ _d\"></span>e <span class=\"_ _0\"></span>differite <span class=\"_ _d\"></span>a <span class=\"_ _d\"></span>r<span class=\"_ _2\"></span>ientro <span class=\"_ _d\"></span>certo <span class=\"_ _0\"></span>sono <span class=\"_ _d\"></span>state <span class=\"_ _0\"></span>quantificate <span class=\"_ _d\"></span>t<span class=\"_ _2\"></span>enendo <span class=\"_ _d\"></span>in </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gsbc1\">considerazione <span class=\"_ _f\"></span>l<span class=\"_ _2\"></span>\u2019inc<span class=\"ff4\">remento temp<span class=\"_ _1\"></span>oraneo del<span class=\"_ _1\"></span>le aliquote <span class=\"_ _f\"></span>IRAP previsto <span class=\"_ _1\"></span>dalla <span class=\"_ _1\"></span>Legge <span class=\"_ _1\"></span>di Bil<span class=\"_ _1\"></span>ancio 2026.<span class=\"_ _df\"> </span></span><span class=\"ff4\"> </span></div>11.1 Att<span class=\"_ _f\"></span>ivit\u00e0 per<span class=\"_ _f\"></span> imposte<span class=\"_ _1\"></span> ant<span class=\"_ _1\"></span>icipat<span class=\"_ _1\"></span>e: co<span class=\"_ _1\"></span>mpos<span class=\"_ _1\"></span>izione<span class=\"_ _1\"></span> <table class=\"s wba6 h4e7\" id=\"_267be029-443c-4162-94fc-820295902c59\"><tr><td></td><td class=\"c x561 y29c4 w3db h17\"><div class=\"t m0 x37 h1f yd67 ff4 fs7 fc1 sc2 ls0 ws0\">IRES<span class=\"_ _f\"></span> </div></td><td class=\"c x562 y29c4 w3dc h17\"><div class=\"t m0 x26 h1f yd67 ff4 fs7 fc1 sc2 ls0 ws0\">IRAP<span class=\"_ _1\"></span> </div></td><td class=\"c x563 y29c4 w3dd h17\"><div class=\"t m0 x3a h1f yd67 ff4 fs7 fc1 sc2 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale </div></td></tr><tr><td class=\"c x564 y29c5 w3de h20f\"><div class=\"t m0 x10 h1f yd67 ff4 fs7 fc1 sc0 ls0 ws0\">Rettifiche di valore<span class=\"_ _1\"></span> su crediti ver<span class=\"_ _1\"></span>so clientela </div></td><td class=\"c x561 y29c5 w3db h20f\"><div class=\"t m0 xf h1f yd67 ff4 fs7 fc1 sc0 ls0 ws0\">29.264 </div></td><td class=\"c x562 y29c5 w3dc h20f\"><div class=\"t m0 xf h1f yd67 ff4 fs7 fc1 sc0 ls0 ws0\">5.322 </div></td><td class=\"c x563 y29c5 w3dd h20f\"><div class=\"t m0 x7 h1f yd67 ff4 fs7 fc1 sc0 ls0 ws0\">34.586 </div></td></tr><tr><td class=\"c x564 y29c6 w3de h258\"><div class=\"t m0 x10 h1f yd67 ff4 fs7 fc1 sc0 ls0 ws0\">Svalutazione di s<span class=\"_ _1\"></span>trumenti finanz<span class=\"_ _1\"></span>iari </div></td><td class=\"c x561 y29c6 w3db h258\"><div class=\"t m0 x7 h1f yd67 ff4 fs7 fc1 sc0 ls0 ws0\">144.737 </div></td><td class=\"c x562 y29c6 w3dc h258\"><div class=\"t m0 x91 h1f yd67 ff4 fs7 fc1 sc0 ls0 ws0\">36.986 </div></td><td class=\"c x563 y29c6 w3dd h258\"><div class=\"t m0 x7 h1f yd67 ff4 fs7 fc1 sc0 ls0 ws0\">181.723 </div></td></tr><tr><td class=\"c x564 y29c7 w3de h258\"><div class=\"t m0 x10 h1f yd67 ff4 fs7 fc1 sc0 ls0 ws0\">Spese di rappresen<span class=\"_ _1\"></span>tanza ed avviam<span class=\"_ _1\"></span>ento </div></td><td class=\"c x561 y29c7 w3db h258\"><div class=\"t m0 x8 h1f yd67 ff4 fs7 fc1 sc0 ls0 ws0\">7.853 </div></td><td class=\"c x562 y29c7 w3dc h258\"><div class=\"t m0 xc6 h1f yd67 ff4 fs7 fc1 sc0 ls0 ws0\">1.709 </div></td><td class=\"c x563 y29c7 w3dd h258\"><div class=\"t m0 xa3 h1f yd67 ff4 fs7 fc1 sc0 ls0 ws0\">9.562 </div></td></tr><tr><td class=\"c x564 y29c8 w3de h58\"><div class=\"t m0 x10 h1f y15 ff4 fs7 fc1 sc0 ls0 ws0\">Crediti di firma, re<span class=\"_ _1\"></span>vocatorie <span class=\"_ _1\"></span>fallimentari e cau<span class=\"_ _1\"></span>se legali in </div><div class=\"t m0 x10 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">corso </div></td><td class=\"c x561 y29c8 w3db h58\"><div class=\"t m0 x49 h1f y2ea ff4 fs7 fc1 sc0 ls0 ws0\">2.107 </div></td><td class=\"c x562 y29c8 w3dc h58\"><div class=\"t m0 xec h1f y2ea ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x563 y29c8 w3dd h58\"><div class=\"t m0 x8 h1f y2ea ff4 fs7 fc1 sc0 ls0 ws0\">2.107 </div></td></tr><tr><td class=\"c x564 y29c9 w3de h20f\"><div class=\"t m0 x10 h1f yd67 ff4 fs7 fc1 sc0 ls0 ws0\">Accantonamenti per <span class=\"_ _f\"></span>spese per il personale </div></td><td class=\"c x561 y29c9 w3db h20f\"><div class=\"t m0 xf h1f yd67 ff4 fs7 fc1 sc0 ls0 ws0\">32.294 </div></td><td class=\"c x562 y29c9 w3dc h20f\"><div class=\"t m0 xa3 h1f yd67 ff4 fs7 fc1 sc0 ls0 ws0\">8.181 </div></td><td class=\"c x563 y29c9 w3dd h20f\"><div class=\"t m0 x7 h1f yd67 ff4 fs7 fc1 sc0 ls0 ws0\">40.475 </div></td></tr><tr><td class=\"c x564 y29ca w3de h258\"><div class=\"t m0 x10 h1f yd67 ff4 fs7 fc1 sc0 ls0 ws0\">Altre </div></td><td class=\"c x561 y29ca w3db h258\"><div class=\"t m0 x1c h1f yd67 ff4 fs7 fc1 sc0 ls0 ws0\">113.632 </div></td><td class=\"c x562 y29ca w3dc h258\"><div class=\"t m0 xf h1f yd67 ff4 fs7 fc1 sc0 ls0 ws0\">7.766 </div></td><td class=\"c x563 y29ca w3dd h258\"><div class=\"t m0 x90 h1f yd67 ff4 fs7 fc1 sc0 ls0 ws0\">121.398 </div></td></tr><tr><td class=\"c x564 y29cb w3de h258\"><div class=\"t m0 x1bb h1f yd67 ff4 fs7 fc1 sc2 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale </div></td><td class=\"c x561 y29cb w3db h258\"><div class=\"t m0 x90 h1f yd67 ff4 fs7 fc1 sc2 ls0 ws0\">329.8<span class=\"_ _f\"></span>87 </div></td><td class=\"c x562 y29cb w3dc h258\"><div class=\"t m0 x91 h1f yd67 ff4 fs7 fc1 sc2 ls0 ws0\">59.9<span class=\"_ _f\"></span>64 </div></td><td class=\"c x563 y29cb w3dd h258\"><div class=\"t m0 x91 h1f yd67 ff4 fs7 fc1 sc2 ls0 ws0\">389.<span class=\"_ _1\"></span>851<span class=\"_ _1\"></span> </div></td></tr></table>11.2 P<span class=\"_ _1\"></span>assi<span class=\"_ _1\"></span>vit\u00e0 pe<span class=\"_ _1\"></span>r im<span class=\"_ _1\"></span>poste<span class=\"_ _1\"></span> diffe<span class=\"_ _1\"></span>rite<span class=\"_ _1\"></span>: com<span class=\"_ _f\"></span>posizione<span class=\"_ _f\"></span><span class=\"fc1 sc0\"> </span><table class=\"s wba7 h4e8\" id=\"_a2715481-5a9b-4e08-80d7-9781f237622f\"><tr><td></td><td class=\"c x566 y29cc w3e0 h5a\"><div class=\"t m0 x34 h1f y295 ff4 fs7 fc1 sc2 ls0 ws0\">IRES<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x567 y29cc w3dc h5a\"><div class=\"t m0 x27 h1f y295 ff4 fs7 fc1 sc2 ls0 ws0\">IRAP<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x568 y29cc w3e1 h5a\"><div class=\"t m0 x26 h1f y295 ff4 fs7 fc1 sc2 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale<span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x569 y29cd w3e2 h4f\"><div class=\"t m0 x8a h1f y27 ff4 fs7 fc1 sc0 ls0 ws0\">Plusvalenze strume<span class=\"_ _1\"></span>nti finanzia<span class=\"_ _1\"></span>ri </div></td><td class=\"c x566 y29cd w3e0 h4f\"><div class=\"t m0 x90 h1f y27 ff4 fs7 fc1 sc0 ls0 ws0\">29.838 </div></td><td class=\"c x567 y29cd w3dc h4f\"><div class=\"t m0 x1c h1f y27 ff4 fs7 fc1 sc0 ls0 ws0\">9.168 </div></td><td class=\"c x568 y29cd w3e1 h4f\"><div class=\"t m0 xf h1f y27 ff4 fs7 fc1 sc0 ls0 ws0\">39.006 </div></td></tr><tr><td class=\"c x262 y29ce wba8 h48b\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">Accantonamenti ef<span class=\"_ _1\"></span>fettuati esclus<span class=\"_ _1\"></span>ivamente in <span class=\"_ _1\"></span>ambito<span class=\"_ _df\"> </span></div></td><td class=\"c x566 y29cf w3e0 h58\"><div class=\"t m0 x1c h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">78.071 </div></td><td class=\"c x567 y29cf w3dc h58\"><div class=\"t m0 x12 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">15.809 </div></td><td class=\"c x568 y29cf w3e1 h58\"><div class=\"t m0 xf h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">93.880 </div></td></tr><tr><td class=\"c x262 y29d0 wba9 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">fiscale<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td></tr><tr><td class=\"c x569 y29d1 w3e2 h4f\"><div class=\"t m0 x8a h1f y27 ff4 fs7 fc1 sc0 ls0 ws0\">Altre residuali </div></td><td class=\"c x566 y29d1 w3e0 h4f\"><div class=\"t m0 x91 h1f y27 ff4 fs7 fc1 sc0 ls0 ws0\">136.776 </div></td><td class=\"c x567 y29d1 w3dc h4f\"><div class=\"t m0 x96 h1f y27 ff4 fs7 fc1 sc0 ls0 ws0\">38.079 </div></td><td class=\"c x568 y29d1 w3e1 h4f\"><div class=\"t m0 x7 h1f y27 ff4 fs7 fc1 sc0 ls0 ws0\">174.855 </div></td></tr><tr><td class=\"c x569 y29d2 w3e2 h2c\"><div class=\"t m0 x8a h1f y32 ff4 fs7 fc1 sc2 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale </div></td><td class=\"c x566 y29d2 w3e0 h2c\"><div class=\"t m0 x96 h1f y32 ff4 fs7 fc1 sc2 ls0 ws0\">244.6<span class=\"_ _f\"></span>85 </div></td><td class=\"c x567 y29d2 w3dc h2c\"><div class=\"t m0 x96 h1f y32 ff4 fs7 fc1 sc2 ls0 ws0\">63.05<span class=\"_ _1\"></span>6 </div></td><td class=\"c x568 y29d2 w3e1 h2c\"><div class=\"t m0 x1c h1f y32 ff4 fs7 fc1 sc2 ls0 ws0\">307.7<span class=\"_ _f\"></span>41<span class=\"_ _df\"> </span></div></td></tr></table>11.3 <span class=\"_ _1\"></span>Varia<span class=\"_ _1\"></span>zioni d<span class=\"_ _1\"></span>elle i<span class=\"_ _1\"></span>mpos<span class=\"_ _1\"></span>te a<span class=\"_ _1\"></span>ntici<span class=\"_ _1\"></span>pate<span class=\"_ _1\"></span> (in co<span class=\"_ _f\"></span>ntropar<span class=\"_ _1\"></span>tita d<span class=\"_ _1\"></span>el cont<span class=\"_ _f\"></span>o econo<span class=\"_ _f\"></span>mico)<span class=\"fc1 sc0\"> </span><table class=\"s wbaa h4e9\" id=\"_f831904c-b531-4136-a9c9-3d70252d7258\"><tr><td></td><td class=\"c x493 y29d3 w339 h49\"><div class=\"t m0 x11 h1f y32 ff4 fs7 fc4 sc3 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale<span class=\"fc1 sc0\"> </span></div></td><td></td><td class=\"c x56a y29d3 w366 h49\"><div class=\"t m0 x96 h1f y32 ff4 fs7 fc4 sc3 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale<span class=\"fc1 sc0\"> </span></div></td><td></td></tr><tr><td></td><td class=\"c x493 y29d4 w339 h49\"><div class=\"t m0 x31 h1f y68b ff4 fs7 fc4 sc3 ls0 ws0\">31/12/<span class=\"_ _f\"></span>2025<span class=\"fc1 sc0\"> </span></div></td><td class=\"c x56b y29d5 w993 h4ea\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/<span class=\"_ _df\"> </span></div></td><td class=\"c x56c y29d5 w994 h4ea\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">2024<span class=\"_ _df\"> </span></div></td><td></td></tr><tr><td class=\"c x46b y29d6 w200 hc8\"><div class=\"t m0 x8a h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">1. Impo<span class=\"_ _f\"></span>rto ini<span class=\"_ _1\"></span>ziale<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td><td></td><td class=\"c x493 y29d6 w339 hc8\"><div class=\"t m0 xe8 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">206.<span class=\"_ _1\"></span>812<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td><td></td><td class=\"c x56a y29d6 w3e3 hc8\"><div class=\"t m0 xe8 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">222.8<span class=\"_ _1\"></span>75<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x46b y29d7 w200 hc8\"><div class=\"t m0 x8a h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">2. Aum<span class=\"_ _f\"></span>enti<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td><td></td><td class=\"c x493 y29d7 w339 hc8\"><div class=\"t m0 x66 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">42.9<span class=\"_ _f\"></span>24<span class=\"sc0\"> </span></div></td><td></td><td class=\"c x56a y29d7 w3e3 hc8\"><div class=\"t m0 x1e9 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">45.16<span class=\"_ _f\"></span>2<span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x46b y29d8 w200 hc8\"><div class=\"t m0 x8a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">2.1 Imposte antic<span class=\"_ _1\"></span>ipate rilevate<span class=\"_ _1\"></span> nell'esercizio </div></td><td></td><td class=\"c x493 y29d8 w339 hc8\"><div class=\"t m0 x12a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">39.900 </div></td><td></td><td class=\"c x56a y29d8 w3e3 hc8\"><div class=\"t m0 xc h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">45.162 </div></td></tr><tr><td class=\"c x46b y29d9 w200 hc8\"><div class=\"t m0 x2c h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">a) relative a precede<span class=\"_ _1\"></span>nti esercizi<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x493 y29d9 w339 hc8\"><div class=\"t m0 x2 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x56a y29d9 w3e3 hc8\"><div class=\"t m0 x189 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y29da w200 hc8\"><div class=\"t m0 x2c h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">b) dovute al mutame<span class=\"_ _1\"></span>nto di crite<span class=\"_ _1\"></span>ri contabili<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x493 y29da w339 hc8\"><div class=\"t m0 x2 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x56a y29da w3e3 hc8\"><div class=\"t m0 x189 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y29db w200 hc8\"><div class=\"t m0 x2c h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">c) riprese di valore<span class=\"_ _1\"></span> </div></td><td></td><td class=\"c x493 y29db w339 hc8\"><div class=\"t m0 x2 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x56a y29db w3e3 hc8\"><div class=\"t m0 x189 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y29dc w200 hc8\"><div class=\"t m0 x2c h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">d) altre </div></td><td></td><td class=\"c x493 y29dc w339 hc8\"><div class=\"t m0 x12a h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">39.900 </div></td><td></td><td class=\"c x56a y29dc w3e3 hc8\"><div class=\"t m0 xc h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">45.162 </div></td></tr><tr><td class=\"c x46b y29dd w200 hc8\"><div class=\"t m0 x8a h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">2.2 Nuove imp<span class=\"_ _1\"></span>oste o incremen<span class=\"_ _1\"></span>ti di aliquote<span class=\"_ _1\"></span> fiscali </div></td><td></td><td class=\"c x493 y29dd w339 hc8\"><div class=\"t m0 x199 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">3.024 </div></td><td></td><td class=\"c x56a y29dd w3e3 hc8\"><div class=\"t m0 x189 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y29de w200 hc8\"><div class=\"t m0 x8a h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">2.3 Altri aumenti </div></td><td></td><td class=\"c x493 y29de w339 hc8\"><div class=\"t m0 x2 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x56a y29de w3e3 hc8\"><div class=\"t m0 x189 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y29df w200 hc8\"><div class=\"t m0 x8a h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">3. Di<span class=\"_ _1\"></span>min<span class=\"_ _1\"></span>uzion<span class=\"_ _1\"></span>i<span class=\"sc0\"> </span></div></td><td></td><td class=\"c x493 y29df w339 hc8\"><div class=\"t m0 x12a h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">39.9<span class=\"_ _f\"></span>36<span class=\"sc0\"> </span></div></td><td></td><td class=\"c x56a y29df w3e3 hc8\"><div class=\"t m0 x1e9 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">61.22<span class=\"_ _f\"></span>5<span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x46b y29e0 w200 hc8\"><div class=\"t m0 x8a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">3.1 Imposte ant<span class=\"_ _1\"></span>icipate annullate ne<span class=\"_ _f\"></span>l<span class=\"_ _2\"></span>l'eserc<span class=\"_ _1\"></span>izio </div></td><td></td><td class=\"c x493 y29e0 w339 hc8\"><div class=\"t m0 xc h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">39.158 </div></td><td></td><td class=\"c x56a y29e0 w3e3 hc8\"><div class=\"t m0 x1e9 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">61.225 </div></td></tr><tr><td class=\"c x46b y29e1 w200 h227\"><div class=\"t m0 x2c h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">a) rigiri </div></td><td></td><td class=\"c x493 y29e1 w339 h227\"><div class=\"t m0 xc h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">39.158 </div></td><td></td><td class=\"c x56a y29e1 w3e3 h227\"><div class=\"t m0 x1e9 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">61.225 </div></td></tr><tr><td class=\"c x46b y29e2 w200 hc8\"><div class=\"t m0 x2c h1f y28b ff4 fs7 fc1 sc0 lsd7 ws0\">b) <span class=\"ls0\">svalutazioni per<span class=\"_ _1\"></span> sopravvenuta i<span class=\"_ _1\"></span>rrecuperabilit<span class=\"_ _1\"></span>\u00e0<span class=\"_ _df\"> </span></span></div></td><td></td><td class=\"c x493 y29e2 w339 hc8\"><div class=\"t m0 x2 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x56a y29e2 w3e3 hc8\"><div class=\"t m0 x189 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y29e3 w200 hc8\"><div class=\"t m0 x2c h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">c) dovute a mut<span class=\"_ _1\"></span>amento di criteri<span class=\"_ _1\"></span> contabili<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x493 y29e3 w339 hc8\"><div class=\"t m0 x2 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x56a y29e3 w3e3 hc8\"><div class=\"t m0 x189 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y29e4 w200 hc8\"><div class=\"t m0 x2c h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">d) altre </div></td><td></td><td class=\"c x493 y29e4 w339 hc8\"><div class=\"t m0 x2 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x56a y29e4 w3e3 hc8\"><div class=\"t m0 x189 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y29e5 w200 hc8\"><div class=\"t m0 x8a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">3.2 Riduzioni di a<span class=\"_ _1\"></span>liquote fiscali </div></td><td></td><td class=\"c x493 y29e5 w339 hc8\"><div class=\"t m0 x2 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x56a y29e5 w3e3 hc8\"><div class=\"t m0 x189 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y29e6 w200 hc8\"><div class=\"t m0 x8a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">3.3 Altre diminuz<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span>oni:  </div></td><td></td><td class=\"c x493 y29e6 w339 hc8\"><div class=\"t m0 x1a0 h1f y28b ff4 fs7 fc1 sc0 ls34 ws0\">778<span class=\"ls0\"> </span></div></td><td></td><td class=\"c x56a y29e6 w3e3 hc8\"><div class=\"t m0 x189 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y29e7 w200 h64\"><div class=\"t m0 x2c h1f y35c ff4 fs7 fc1 sc0 ls0 ws0\">a) trasformazi<span class=\"_ _1\"></span>one in crediti d'imp<span class=\"_ _f\"></span>o<span class=\"_ _2\"></span>sta di cu<span class=\"_ _1\"></span>i alla legge.n.214/2011<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x493 y29e7 w339 h64\"><div class=\"t m0 x2 h1f y35c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x56a y29e7 w3e3 h64\"><div class=\"t m0 x189 h1f y35c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y29e8 w200 hc8\"><div class=\"t m0 x2c h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">b) altre </div></td><td></td><td class=\"c x493 y29e8 w339 hc8\"><div class=\"t m0 x1a0 h1f y28b ff4 fs7 fc1 sc0 ls34 ws0\">778<span class=\"ls0\"> </span></div></td><td></td><td class=\"c x56a y29e8 w3e3 hc8\"><div class=\"t m0 x189 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y29e9 w200 hc8\"><div class=\"t m0 x8a h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">4. Im<span class=\"_ _1\"></span>por<span class=\"_ _1\"></span>to fi<span class=\"_ _1\"></span>nale<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td><td></td><td class=\"c x493 y29e9 w339 hc8\"><div class=\"t m0 xe8 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">209.<span class=\"_ _1\"></span>801<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td><td></td><td class=\"c x56a y29e9 w3e3 hc8\"><div class=\"t m0 xe8 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">206.<span class=\"_ _1\"></span>812<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td></tr></table>Gli <span class=\"_ _d\"></span>importi <span class=\"_ _d\"></span>presenti <span class=\"_ _d\"></span>nella <span class=\"_ _d\"></span>riga <span class=\"_ _d\"></span>\u201c<span class=\"_ _2\"></span>Nuove <span class=\"_ _2\"></span>im<span class=\"_ _2\"></span>poste <span class=\"_ _d\"></span>o <span class=\"_ _d\"></span>incrementi <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>aliquote <span class=\"_ _d\"></span>fiscali\u201d <span class=\"_ _0\"></span>sono <span class=\"_ _d\"></span>riconducibili all\u2019incremento temporaneo dell\u2019IRAP<span class=\"_ _1\"></span> definito dalla Legge di bilancio 2026.<span class=\"_ _2\"></span><span class=\"ff4\"> </span>11.4 V<span class=\"_ _1\"></span>aria<span class=\"_ _f\"></span>zioni delle<span class=\"_ _1\"></span> impo<span class=\"_ _f\"></span>ste anti<span class=\"_ _1\"></span>cipate<span class=\"_ _f\"></span> di cui a<span class=\"_ _1\"></span>lla L. <span class=\"_ _1\"></span>214/<span class=\"_ _1\"></span>2011 <table class=\"s wbab h4eb\" id=\"_67b594a6-4f46-45b5-a813-c9bcf079d3dc\"><tr><td></td><td class=\"c x56d y29ea w3e4 h49\"><div class=\"t m0 x96 h1f y32 ff4 fs7 fc4 sc3 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale </div></td><td></td><td class=\"c x56e y29ea w116 h49\"><div class=\"t m0 x96 h1f y32 ff4 fs7 fc4 sc3 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale </div></td><td></td></tr><tr><td></td><td class=\"c x56f y29eb w3e3 h49\"><div class=\"t m0 x31 h1f y25 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/<span class=\"_ _f\"></span>2025 </div></td><td class=\"c x570 y29ec w993 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/<span class=\"_ _df\"> </span></div></td><td class=\"c x571 y29ec w994 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc4 sc3 ls0 ws0\">2024<span class=\"_ _df\"> </span></div></td><td></td></tr><tr><td class=\"c x44e y29ed w3e5 hc8\"><div class=\"t m0 x10 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">1. Impo<span class=\"_ _f\"></span>rto ini<span class=\"_ _1\"></span>ziale<span class=\"_ _f\"></span> </div></td><td></td><td class=\"c x56f y29ed w3e3 hc8\"><div class=\"t m0 x1e9 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">26.30<span class=\"_ _f\"></span>2 </div></td><td></td><td class=\"c x56e y29ed w3e6 hc8\"><div class=\"t m0 xc h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">48.87<span class=\"_ _f\"></span>6 </div></td></tr><tr><td class=\"c x44e y29ee w3e7 hc8\"><div class=\"t m0 x10 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">2. Aum<span class=\"_ _f\"></span>enti<span class=\"_ _1\"></span> </div></td><td></td><td class=\"c x56d y29ee w3e4 hc8\"><div class=\"t m0 x191 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">654<span class=\"_ _f\"></span> </div></td><td></td><td class=\"c x56e y29ee w3e6 hc8\"><div class=\"t m0 x120 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y29ef w3e7 hc8\"><div class=\"t m0 x10 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">3. Di<span class=\"_ _1\"></span>min<span class=\"_ _1\"></span>uzion<span class=\"_ _1\"></span>i </div></td><td></td><td class=\"c x56d y29ef w3e4 hc8\"><div class=\"t m0 x22 h1f y28b ff4 fs7 fc1 sc2 ls2a ws0\">29<span class=\"ls0\"> </span></div></td><td></td><td class=\"c x56e y29ef w3e6 hc8\"><div class=\"t m0 x1e9 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">22.57<span class=\"_ _f\"></span>4 </div></td></tr><tr><td class=\"c x44e y29f0 w3e7 hc8\"><div class=\"t m0 x10 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">3.1 Rigiri </div></td><td></td><td class=\"c x56d y29f0 w3e4 hc8\"><div class=\"t m0 x120 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x56e y29f0 w3e6 hc8\"><div class=\"t m0 x1e9 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">22.574 </div></td></tr><tr><td class=\"c x44e y29f1 w3e7 hc8\"><div class=\"t m0 x10 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">3.2 Trasformazi<span class=\"_ _f\"></span>o<span class=\"_ _2\"></span>ne in credi<span class=\"_ _1\"></span>ti d'imposta </div></td><td></td><td class=\"c x56d y29f1 w3e4 hc8\"><div class=\"t m0 x120 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x56e y29f1 w3e6 hc8\"><div class=\"t m0 x120 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y29f2 w3e7 hc8\"><div class=\"t m0 x32 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">a) derivante da perd<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span>te d<span class=\"_ _1\"></span>i esercizio<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x56d y29f2 w3e4 hc8\"><div class=\"t m0 x120 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x56e y29f2 w3e6 hc8\"><div class=\"t m0 x120 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y29f3 w3e7 hc8\"><div class=\"t m0 x32 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">b) derivante da pe<span class=\"_ _1\"></span>rdite fiscali<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x56d y29f3 w3e4 hc8\"><div class=\"t m0 x120 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x56e y29f3 w3e6 hc8\"><div class=\"t m0 x120 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y29f4 w3e7 hc8\"><div class=\"t m0 x10 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">3.3 Altre diminuz<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span>oni </div></td><td></td><td class=\"c x56d y29f4 w3e4 hc8\"><div class=\"t m0 x22 h1f y28b ff4 fs7 fc1 sc0 ls2a ws0\">29<span class=\"ls0\"> </span></div></td><td></td><td class=\"c x56e y29f4 w3e6 hc8\"><div class=\"t m0 x120 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y29f5 w3e7 h227\"><div class=\"t m0 x10 h1f y14c1 ff4 fs7 fc1 sc2 ls0 ws0\">4. Im<span class=\"_ _1\"></span>por<span class=\"_ _1\"></span>to fi<span class=\"_ _1\"></span>nale<span class=\"_ _1\"></span> </div></td><td></td><td class=\"c x56d y29f5 w3e4 h227\"><div class=\"t m0 x1e9 h1f y14c1 ff4 fs7 fc1 sc2 ls0 ws0\">26.9<span class=\"_ _1\"></span>25 </div></td><td></td><td class=\"c x56e y29f5 w3e6 h227\"><div class=\"t m0 x1e9 h1f y14c1 ff4 fs7 fc1 sc2 ls0 ws0\">26.30<span class=\"_ _f\"></span>2 </div></td></tr></table>Per r<span class=\"_ _2\"></span>agioni di tr<span class=\"_ _2\"></span>asparenza informativa vengono <span class=\"_ _2\"></span>fornite le <span class=\"_ _2\"></span>variazioni delle <span class=\"_ _2\"></span>imposte anticipate <span class=\"_ _2\"></span>di cui alla <span class=\"_ _2\"></span>Legge <span class=\"_ _2\"></span>214/2011; <span class=\"_ _2\"></span>sono <span class=\"_ _2\"></span>rivenienti <span class=\"_ _2\"></span>principalmente <span class=\"_ _2\"></span>da <span class=\"_ _2\"></span>svalutazione su <span class=\"_ _2\"></span>crediti, <span class=\"_ _2\"></span>ex <span class=\"_ _2\"></span>art. <span class=\"_ _2\"></span>106, <span class=\"_ _2\"></span>comma 3, DPR 917/86 (24,0 milioni di euro) e da affrancamento su avviamenti (<span class=\"ls4\">2,9</span> milioni di euro).<span class=\"sc2\"> </span>11.5 <span class=\"_ _1\"></span>Varia<span class=\"_ _f\"></span>zioni delle<span class=\"_ _1\"></span> imp<span class=\"_ _1\"></span>oste <span class=\"_ _f\"></span>differite<span class=\"_ _1\"></span> (in co<span class=\"_ _1\"></span>ntropa<span class=\"_ _f\"></span>rtita d<span class=\"_ _1\"></span>el co<span class=\"_ _1\"></span>nto e<span class=\"_ _1\"></span>cono<span class=\"_ _f\"></span>mico)<span class=\"fc1 sc0\"> </span><table class=\"s wbac h4ec\" id=\"_25fa66d9-251f-4f8f-826a-e75b3c91c277\"><tr><td></td><td class=\"c x493 y29f6 w3e8 hcc\"><div class=\"t m0 x36 h1f y32 ff4 fs7 fc4 sc3 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale<span class=\"fc1 sc0\"> </span></div></td><td></td><td class=\"c x572 y29f6 w3e9 hcc\"><div class=\"t m0 x90 h1f y32 ff4 fs7 fc4 sc3 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale<span class=\"fc1 sc0\"> </span></div></td><td></td></tr><tr><td></td><td class=\"c x493 y29f7 w3e8 h1d\"><div class=\"t m0 x37 h1f y400 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/<span class=\"_ _f\"></span>2025<span class=\"fc1 sc0\"> </span></div></td><td class=\"c x573 y29f8 w993 h4ed\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/<span class=\"_ _df\"> </span></div></td><td class=\"c x574 y29f8 w994 h4ed\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">2024<span class=\"_ _df\"> </span></div></td><td></td></tr><tr><td class=\"c x46b y29f9 w265 hc8\"><div class=\"t m0 x8a h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">1. Impo<span class=\"_ _f\"></span>rto ini<span class=\"_ _1\"></span>ziale<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td><td></td><td class=\"c x493 y29f9 w3e8 hc8\"><div class=\"t m0 xe6 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">171.46<span class=\"_ _1\"></span>1<span class=\"sc0\"> </span></div></td><td></td><td class=\"c x572 y29f9 w3ea hc8\"><div class=\"t m0 x11e h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">148.6<span class=\"_ _f\"></span>76 </div></td></tr><tr><td class=\"c x46b y29fa w265 hc8\"><div class=\"t m0 x8a h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">2. Aum<span class=\"_ _f\"></span>enti<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td><td></td><td class=\"c x493 y29fa w3e8 hc8\"><div class=\"t m0 xe6 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">16.89<span class=\"_ _f\"></span>0<span class=\"sc0\"> </span></div></td><td></td><td class=\"c x572 y29fa w3ea hc8\"><div class=\"t m0 x1b1 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">23.29<span class=\"_ _f\"></span>1 </div></td></tr><tr><td class=\"c x46b y29fb w265 hc8\"><div class=\"t m0 x8a h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">2.1 Imposte dif<span class=\"_ _1\"></span>ferite rilevate nel<span class=\"_ _f\"></span>l<span class=\"_ _2\"></span>'eser<span class=\"_ _1\"></span>cizio </div></td><td></td><td class=\"c x493 y29fb w3e8 hc8\"><div class=\"t m0 xe6 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">16.850 </div></td><td></td><td class=\"c x572 y29fb w3ea hc8\"><div class=\"t m0 x1b1 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">23.29<span class=\"_ _f\"></span>1 </div></td></tr><tr><td class=\"c x46b y29fc w265 hc8\"><div class=\"t m0 x2c h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">a) relative a precede<span class=\"_ _1\"></span>nti esercizi<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x493 y29fc w3e8 hc8\"><div class=\"t m0 x191 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x572 y29fc w3ea hc8\"><div class=\"t m0 x58 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y29fd w265 hc8\"><div class=\"t m0 x2c h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">b) dovute al mutame<span class=\"_ _1\"></span>nto di crite<span class=\"_ _1\"></span>ri contabili<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x493 y29fd w3e8 hc8\"><div class=\"t m0 x191 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x572 y29fd w3ea hc8\"><div class=\"t m0 x58 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y29fe w265 hc8\"><div class=\"t m0 x2c h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">c) altre </div></td><td></td><td class=\"c x493 y29fe w3e8 hc8\"><div class=\"t m0 xe6 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">16.850 </div></td><td></td><td class=\"c x572 y29fe w3ea hc8\"><div class=\"t m0 x1b1 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">23.29<span class=\"_ _f\"></span>1 </div></td></tr><tr><td class=\"c x46b y29ff w265 hc8\"><div class=\"t m0 x8a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">2.2 Nuove imp<span class=\"_ _1\"></span>oste o incremen<span class=\"_ _1\"></span>ti di aliquote<span class=\"_ _1\"></span> fiscali </div></td><td></td><td class=\"c x493 y29ff w3e8 hc8\"><div class=\"t m0 xed h1f y28b ff4 fs7 fc1 sc0 lsa ws0\">40<span class=\"ls0\"> </span></div></td><td></td><td class=\"c x572 y29ff w3ea hc8\"><div class=\"t m0 x58 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y2a00 w265 hc8\"><div class=\"t m0 x8a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">2.3 Altri aumenti </div></td><td></td><td class=\"c x493 y2a00 w3e8 hc8\"><div class=\"t m0 x191 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x572 y2a00 w3ea hc8\"><div class=\"t m0 x58 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y2a01 w265 hc8\"><div class=\"t m0 x8a h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">3. Di<span class=\"_ _1\"></span>min<span class=\"_ _1\"></span>uzion<span class=\"_ _1\"></span>i<span class=\"sc0\"> </span></div></td><td></td><td class=\"c x493 y2a01 w3e8 hc8\"><div class=\"t m0 x1e6 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">4.377<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td><td></td><td class=\"c x572 y2a01 w3ea hc8\"><div class=\"t m0 x22 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">506<span class=\"_ _1\"></span> </div></td></tr><tr><td class=\"c x46b y2a02 w265 hc8\"><div class=\"t m0 x8a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">3.1 Imposte di<span class=\"_ _1\"></span>fferite annullate <span class=\"_ _1\"></span>nell'esercizio </div></td><td></td><td class=\"c x493 y2a02 w3e8 hc8\"><div class=\"t m0 x1e6 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">4.372 </div></td><td></td><td class=\"c x572 y2a02 w3ea hc8\"><div class=\"t m0 x22 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">506<span class=\"_ _1\"></span> </div></td></tr><tr><td class=\"c x46b y2a03 w265 hc8\"><div class=\"t m0 x2c h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">a) rigiri </div></td><td></td><td class=\"c x493 y2a03 w3e8 hc8\"><div class=\"t m0 x1e6 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">4.372 </div></td><td></td><td class=\"c x572 y2a03 w3ea hc8\"><div class=\"t m0 x22 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">506<span class=\"_ _1\"></span> </div></td></tr><tr><td class=\"c x46b y2a04 w265 h227\"><div class=\"t m0 x2c h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">b) dovute al mutame<span class=\"_ _1\"></span>nto di crite<span class=\"_ _1\"></span>ri contabili<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x493 y2a04 w3e8 h227\"><div class=\"t m0 x191 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x572 y2a04 w3ea h227\"><div class=\"t m0 x58 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y2a05 w265 hc8\"><div class=\"t m0 x2c h1f y28b ff4 fs7 fc1 sc0 lsdd ws0\">c)<span class=\"ls0\"> altre</span><span class=\"ls0\"> </span></div></td><td></td><td class=\"c x493 y2a05 w3e8 hc8\"><div class=\"t m0 x191 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x572 y2a05 w3ea hc8\"><div class=\"t m0 x58 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y2a06 w265 hc8\"><div class=\"t m0 x8a h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">3.2 Riduzioni di a<span class=\"_ _1\"></span>liquote fiscali </div></td><td></td><td class=\"c x493 y2a06 w3e8 hc8\"><div class=\"t m0 x191 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x572 y2a06 w3ea hc8\"><div class=\"t m0 x58 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y2a07 w265 hc8\"><div class=\"t m0 x8a h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">3.3 Altre diminuz<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span>oni </div></td><td></td><td class=\"c x493 y2a07 w3e8 hc8\"><div class=\"t m0 x191 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">5 </div></td><td></td><td class=\"c x572 y2a07 w3ea hc8\"><div class=\"t m0 x58 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y2a08 w265 hc8\"><div class=\"t m0 x8a h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">4. Im<span class=\"_ _1\"></span>por<span class=\"_ _1\"></span>to fi<span class=\"_ _1\"></span>nale<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td><td></td><td class=\"c x493 y2a08 w3e8 hc8\"><div class=\"t m0 xec h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">183.9<span class=\"_ _1\"></span>75<span class=\"sc0\"> </span></div></td><td></td><td class=\"c x572 y2a08 w3ea hc8\"><div class=\"t m0 xed h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">171.46<span class=\"_ _1\"></span>1 </div></td></tr></table>11.6 Va<span class=\"_ _f\"></span>riazioni <span class=\"_ _1\"></span>delle <span class=\"_ _f\"></span>imposte <span class=\"_ _1\"></span>anti<span class=\"_ _f\"></span>cipate (<span class=\"_ _1\"></span>in cont<span class=\"_ _f\"></span>ropartit<span class=\"_ _f\"></span>a del pat<span class=\"_ _1\"></span>rimo<span class=\"_ _1\"></span>nio ne<span class=\"_ _1\"></span>tto) <table class=\"s wbad h4ee\" id=\"_a983346a-8c7a-400a-b30c-a74ba3c2f2d0\"><tr><td></td><td class=\"c x44a y2a09 w37d h131\"><div class=\"t m0 x11 h1f y32 ff4 fs7 fc4 sc3 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale </div></td><td></td><td class=\"c x44b y2a09 w37e h131\"><div class=\"t m0 x11 h1f y32 ff4 fs7 fc4 sc3 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale </div></td><td></td></tr><tr><td></td><td class=\"c x575 y2a0a w362 h13\"><div class=\"t m0 x31 h1f y825 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/<span class=\"_ _f\"></span>2025 </div></td><td class=\"c x44c y2a0b w990 h4ef\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/<span class=\"_ _df\"> </span></div></td><td class=\"c x576 y2a0b wbae h4ef\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc4 sc3 ls0 ws0\">2024<span class=\"_ _df\"> </span></div></td><td></td></tr><tr><td class=\"c x44e y2a0c w3eb hc8\"><div class=\"t m0 x10 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">1. Im<span class=\"_ _1\"></span>porto<span class=\"_ _1\"></span> iniz<span class=\"_ _1\"></span>iale<span class=\"_ _f\"></span> </div></td><td></td><td class=\"c x575 y2a0c w362 hc8\"><div class=\"t m0 x12a h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">196.<span class=\"_ _1\"></span>274 </div></td><td></td><td class=\"c x44b y2a0c w339 hc8\"><div class=\"t m0 x12a h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">221.26<span class=\"_ _f\"></span>4 </div></td></tr><tr><td class=\"c x44e y2a0d w37f h227\"><div class=\"t m0 x10 h1f y14d6 ff4 fs7 fc1 sc2 ls0 ws0\">2. Aum<span class=\"_ _f\"></span>enti<span class=\"_ _1\"></span> </div></td><td></td><td class=\"c x44a y2a0d w37d h227\"><div class=\"t m0 x11e h1f y14d6 ff4 fs7 fc1 sc2 ls0 ws0\">4.506<span class=\"_ _f\"></span> </div></td><td></td><td class=\"c x44b y2a0d w339 h227\"><div class=\"t m0 xe4 h1f y14d6 ff4 fs7 fc1 sc2 ls0 ws0\">6.5<span class=\"lscf\">94</span> </div></td></tr><tr><td class=\"c x44e y2a0e w37f hc8\"><div class=\"t m0 x10 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">2.1 Imposte antic<span class=\"_ _1\"></span>ipate rilevate<span class=\"_ _1\"></span> nell'esercizio </div></td><td></td><td class=\"c x44a y2a0e w37d hc8\"><div class=\"t m0 x11e h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">4.506 </div></td><td></td><td class=\"c x44b y2a0e w339 hc8\"><div class=\"t m0 xe4 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">6.594 </div></td></tr><tr><td class=\"c x44e y2a0f w37f hc8\"><div class=\"t m0 x32 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">a) relative a precede<span class=\"_ _1\"></span>nti esercizi<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x44a y2a0f w37d hc8\"><div class=\"t m0 x189 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x44b y2a0f w339 hc8\"><div class=\"t m0 x189 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2a10 w37f hc8\"><div class=\"t m0 x32 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">b) dovute al mutame<span class=\"_ _1\"></span>nto di crite<span class=\"_ _1\"></span>ri contabili<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x44a y2a10 w37d hc8\"><div class=\"t m0 x189 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x44b y2a10 w339 hc8\"><div class=\"t m0 x189 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2a11 w37f hc8\"><div class=\"t m0 x32 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">c) altre </div></td><td></td><td class=\"c x44a y2a11 w37d hc8\"><div class=\"t m0 x11e h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">4.506 </div></td><td></td><td class=\"c x44b y2a11 w339 hc8\"><div class=\"t m0 xe4 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">6.5<span class=\"ls2a\">28</span> </div></td></tr><tr><td class=\"c x44e y2a12 w37f hc8\"><div class=\"t m0 x10 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">2.2 Nuove imp<span class=\"_ _1\"></span>oste o incremen<span class=\"_ _1\"></span>ti di aliquote fiscali </div></td><td></td><td class=\"c x44a y2a12 w37d hc8\"><div class=\"t m0 x189 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x44b y2a12 w339 hc8\"><div class=\"t m0 x189 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2a13 w37f hc8\"><div class=\"t m0 x10 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">2.3 Altri aumenti </div></td><td></td><td class=\"c x44a y2a13 w37d hc8\"><div class=\"t m0 x189 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x44b y2a13 w339 hc8\"><div class=\"t m0 x189 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2a14 w37f hc8\"><div class=\"t m0 x10 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">3. Di<span class=\"_ _1\"></span>min<span class=\"_ _1\"></span>uzion<span class=\"_ _1\"></span>i </div></td><td></td><td class=\"c x44a y2a14 w37d hc8\"><div class=\"t m0 xc h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">20.7<span class=\"_ _1\"></span>26 </div></td><td></td><td class=\"c x44b y2a14 w339 hc8\"><div class=\"t m0 x1e9 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">31.58<span class=\"_ _f\"></span>4 </div></td></tr><tr><td class=\"c x44e y2a15 w37f hc8\"><div class=\"t m0 x10 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">3.1 Imposte ant<span class=\"_ _1\"></span>icipate annullate ne<span class=\"_ _f\"></span>l<span class=\"_ _2\"></span>l'eserc<span class=\"_ _1\"></span>izio </div></td><td></td><td class=\"c x44a y2a15 w37d hc8\"><div class=\"t m0 xc h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">20.697 </div></td><td></td><td class=\"c x44b y2a15 w339 hc8\"><div class=\"t m0 x1e9 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">31.584 </div></td></tr><tr><td class=\"c x44e y2a16 w37f hc8\"><div class=\"t m0 x32 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">a) rigiri </div></td><td></td><td class=\"c x44a y2a16 w37d hc8\"><div class=\"t m0 xc h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">20.697 </div></td><td></td><td class=\"c x44b y2a16 w339 hc8\"><div class=\"t m0 x1e9 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">31.584 </div></td></tr><tr><td class=\"c x44e y2a17 w37f hc8\"><div class=\"t m0 x32 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">b) svalutazioni per<span class=\"_ _f\"></span> sopravvenuta irrecupe<span class=\"_ _1\"></span>rabilit\u00e0<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x44a y2a17 w37d hc8\"><div class=\"t m0 x189 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x44b y2a17 w339 hc8\"><div class=\"t m0 x189 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2a18 w37f hc8\"><div class=\"t m0 x32 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">c) dovute al mutame<span class=\"_ _1\"></span>nto di criter<span class=\"_ _1\"></span>i contabili </div></td><td></td><td class=\"c x44a y2a18 w37d hc8\"><div class=\"t m0 x189 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x44b y2a18 w339 hc8\"><div class=\"t m0 x189 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2a19 w37f hc8\"><div class=\"t m0 x32 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">d) altre </div></td><td></td><td class=\"c x44a y2a19 w37d hc8\"><div class=\"t m0 x189 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x44b y2a19 w339 hc8\"><div class=\"t m0 x189 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2a1a w37f hc8\"><div class=\"t m0 x10 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">3.2 Riduzioni di a<span class=\"_ _1\"></span>liquote fiscali </div></td><td></td><td class=\"c x44a y2a1a w37d hc8\"><div class=\"t m0 x189 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x44b y2a1a w339 hc8\"><div class=\"t m0 x189 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2a1b w37f h227\"><div class=\"t m0 x10 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">3.3 Altre diminuz<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span>oni </div></td><td></td><td class=\"c x44a y2a1b w37d h227\"><div class=\"t m0 x24 h1f y28b ff4 fs7 fc1 sc0 ls2a ws0\">29<span class=\"ls0\"> </span></div></td><td></td><td class=\"c x44b y2a1b w339 h227\"><div class=\"t m0 x189 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2a1c w37f hc8\"><div class=\"t m0 x10 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">4. Im<span class=\"_ _1\"></span>por<span class=\"_ _1\"></span>to fi<span class=\"_ _1\"></span>nale<span class=\"_ _1\"></span> </div></td><td></td><td class=\"c x44a y2a1c w37d hc8\"><div class=\"t m0 xe8 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">180.0<span class=\"_ _f\"></span>54 </div></td><td></td><td class=\"c x44b y2a1c w339 hc8\"><div class=\"t m0 x12a h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">196.<span class=\"_ _1\"></span>2<span class=\"ls35\">74</span> </div></td></tr></table>11.7 <span class=\"_ _1\"></span>Variazi<span class=\"_ _1\"></span>oni de<span class=\"_ _1\"></span>lle im<span class=\"_ _f\"></span>poste di<span class=\"_ _1\"></span>ffe<span class=\"_ _f\"></span>rite (in co<span class=\"_ _1\"></span>ntropa<span class=\"_ _f\"></span>rtita d<span class=\"_ _1\"></span>el pa<span class=\"_ _f\"></span>trimonio<span class=\"_ _1\"></span> netto<span class=\"_ _f\"></span>)<span class=\"_ _2\"></span><span class=\"fc1 sc0\"> </span><table class=\"s wbaf h4f0\" id=\"_83eff5bf-a14c-4018-987c-c499f55defd5\"><tr><td></td><td class=\"c x577 y2a1d w327 h49\"><div class=\"t m0 x90 h1f y32 ff4 fs7 fc4 sc3 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale<span class=\"fc1 sc0\"> </span></div></td><td></td><td class=\"c x578 y2a1d w3ec h49\"><div class=\"t m0 x30 h1f y32 ff4 fs7 fc4 sc3 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale<span class=\"fc1 sc0\"> </span></div></td></tr><tr><td></td><td class=\"c x577 y2a1e w327 h49\"><div class=\"t m0 x36 h1f y25 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/<span class=\"_ _f\"></span>2025<span class=\"fc1 sc0\"> </span></div></td><td class=\"c x579 y2a1f w990 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/<span class=\"_ _df\"> </span></div></td><td class=\"c x57a y2a1f wbae h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">2024<span class=\"_ _df\"> </span></div></td></tr><tr><td class=\"c x46b y2a20 w3ed hc8\"><div class=\"t m0 x8a h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">1. Impo<span class=\"_ _f\"></span>rto ini<span class=\"_ _1\"></span>ziale<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td><td></td><td class=\"c x577 y2a20 w327 hc8\"><div class=\"t m0 xe4 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">119.53<span class=\"_ _f\"></span>9<span class=\"sc0\"> </span></div></td><td class=\"c x578 y2a20 w3ee hc8\"><div class=\"t m0 xef h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">136.2<span class=\"_ _f\"></span>20<span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x46b y2a21 w3ed hc8\"><div class=\"t m0 x8a h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">2. Aum<span class=\"_ _f\"></span>enti<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td><td></td><td class=\"c x577 y2a21 w327 hc8\"><div class=\"t m0 x191 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">5.012<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x578 y2a21 w3ee hc8\"><div class=\"t m0 xeb h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">2.269<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x46b y2a22 w3ed hc8\"><div class=\"t m0 x8a h1f y28b ff5 fs7 fc1 sc0 ls0 ws0\">2.1 Imposte dif<span class=\"_ _1\"></span>ferite rilevate nel<span class=\"_ _f\"></span>l<span class=\"_ _2\"></span>\u2019esercizio<span class=\"ff4\"> </span></div></td><td></td><td class=\"c x577 y2a22 w327 hc8\"><div class=\"t m0 x171 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">5.012 </div></td><td class=\"c x578 y2a22 w3ee hc8\"><div class=\"t m0 xeb h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">2.269 </div></td></tr><tr><td class=\"c x46b y2a23 w3ed hc8\"><div class=\"t m0 x2c h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">a) relative a precede<span class=\"_ _1\"></span>nti esercizi<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x577 y2a23 w327 hc8\"><div class=\"t m0 x58 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x578 y2a23 w3ee hc8\"><div class=\"t m0 xed h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y2a24 w3ed hc8\"><div class=\"t m0 x2c h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">b) dovute al mutame<span class=\"_ _1\"></span>nto dei criter<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span> contabi<span class=\"_ _f\"></span>l<span class=\"_ _2\"></span>i<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x577 y2a24 w327 hc8\"><div class=\"t m0 x58 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x578 y2a24 w3ee hc8\"><div class=\"t m0 xed h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y2a25 w3ed hc8\"><div class=\"t m0 x2c h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">c) altre </div></td><td></td><td class=\"c x577 y2a25 w327 hc8\"><div class=\"t m0 x171 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">5.012 </div></td><td class=\"c x578 y2a25 w3ee hc8\"><div class=\"t m0 xeb h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">2.269 </div></td></tr><tr><td class=\"c x46b y2a26 w3ed hc8\"><div class=\"t m0 x8a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">2.2 Nuove imp<span class=\"_ _1\"></span>oste o incrementi d<span class=\"_ _1\"></span>i aliquote f<span class=\"_ _1\"></span>iscali </div></td><td></td><td class=\"c x577 y2a26 w327 hc8\"><div class=\"t m0 x58 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x578 y2a26 w3ee hc8\"><div class=\"t m0 xed h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y2a27 w3ed hc8\"><div class=\"t m0 x8a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">2.3 Altri aumenti </div></td><td></td><td class=\"c x577 y2a27 w327 hc8\"><div class=\"t m0 x58 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x578 y2a27 w3ee hc8\"><div class=\"t m0 xed h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y2a28 w3ed hc8\"><div class=\"t m0 x8a h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">3. Di<span class=\"_ _1\"></span>min<span class=\"_ _1\"></span>uzion<span class=\"_ _1\"></span>i<span class=\"sc0\"> </span></div></td><td></td><td class=\"c x577 y2a28 w327 hc8\"><div class=\"t m0 x22 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">785<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x578 y2a28 w3ee hc8\"><div class=\"t m0 x11f h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">18.95<span class=\"_ _f\"></span>0<span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x46b y2a29 w3ed hc8\"><div class=\"t m0 x8a h1f ye4c ff5 fs7 fc1 sc0 ls0 ws0\">3.1 Imposte di<span class=\"_ _1\"></span>fferite annullate <span class=\"_ _1\"></span>nell\u2019esercizio<span class=\"ff4\"> </span></div></td><td></td><td class=\"c x577 y2a29 w327 hc8\"><div class=\"t m0 x22 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">785 </div></td><td class=\"c x578 y2a29 w3ee hc8\"><div class=\"t m0 x11f h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">18.950 </div></td></tr><tr><td class=\"c x46b y2a2a w3ed h227\"><div class=\"t m0 x2c h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">a) rigiri </div></td><td></td><td class=\"c x577 y2a2a w327 h227\"><div class=\"t m0 x22 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">785 </div></td><td class=\"c x578 y2a2a w3ee h227\"><div class=\"t m0 x11f h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">18.950 </div></td></tr><tr><td class=\"c x46b y2a2b w3ed hc8\"><div class=\"t m0 x2c h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">b) dovute al mutame<span class=\"_ _1\"></span>nto di crite<span class=\"_ _1\"></span>ri contabili<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x577 y2a2b w327 hc8\"><div class=\"t m0 x58 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x578 y2a2b w3ee hc8\"><div class=\"t m0 xed h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y2a2c w3ed hc8\"><div class=\"t m0 x2c h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">c) altre </div></td><td></td><td class=\"c x577 y2a2c w327 hc8\"><div class=\"t m0 x58 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x578 y2a2c w3ee hc8\"><div class=\"t m0 xed h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y2a2d w3ed hc8\"><div class=\"t m0 x8a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">3.2 Riduzioni di a<span class=\"_ _1\"></span>liquote fiscali </div></td><td></td><td class=\"c x577 y2a2d w327 hc8\"><div class=\"t m0 x58 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x578 y2a2d w3ee hc8\"><div class=\"t m0 xed h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y2a2e w3ed hc8\"><div class=\"t m0 x8a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">3.3 Altre diminuz<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span>oni </div></td><td></td><td class=\"c x577 y2a2e w327 hc8\"><div class=\"t m0 x58 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x578 y2a2e w3ee hc8\"><div class=\"t m0 xed h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y2a2f w3ed hc8\"><div class=\"t m0 x8a h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">4. Im<span class=\"_ _1\"></span>por<span class=\"_ _1\"></span>to fi<span class=\"_ _1\"></span>nale<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td><td></td><td class=\"c x577 y2a2f w327 hc8\"><div class=\"t m0 x11e h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">123.76<span class=\"_ _f\"></span>6<span class=\"sc0\"> </span></div></td><td class=\"c x578 y2a2f w3ee hc8\"><div class=\"t m0 x124 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">119.53<span class=\"_ _f\"></span>9<span class=\"sc0\"> </span></div></td></tr></table><div class=\"t m0 hc ff4 fs4 fc4 sc3 ls0 ws0 gscbe\">Sezi<span class=\"_ _f\"></span>one 6 <span class=\"_ _f\"></span><span class=\"ff14\"><span class=\"ff4\"> Passi<span class=\"_ _f\"></span>vit\u00e0 f<span class=\"_ _1\"></span>isca<span class=\"_ _f\"></span>li <span class=\"ff14\"></span> Voc<span class=\"_ _f\"></span>e 60  </span></span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gscbf\">Si rimanda alla sezione 11 <span class=\"ff5\">dell\u2019attivo.</span><span class=\"sc2\"> </span></div>Sezi<span class=\"_ _f\"></span>one 8 <span class=\"_ _f\"></span><span class=\"ff5\">\u2013<span class=\"ff4\"> Altr<span class=\"_ _f\"></span>e pass<span class=\"_ _f\"></span>ivit\u00e0 <span class=\"_ _1\"></span><span class=\"ff5\">\u2013<span class=\"ff4\"> Vo<span class=\"_ _f\"></span>ce 80<span class=\"_ _f\"></span> </span></span></span></span>8.1 Alt<span class=\"_ _1\"></span>re pa<span class=\"_ _f\"></span>ssivit\u00e0<span class=\"_ _1\"></span>: com<span class=\"_ _1\"></span>posizi<span class=\"_ _1\"></span>one<span class=\"fc1 sc0\"> </span><table class=\"s wbd4 h4ff\" id=\"_664bb4b9-f869-436a-8ef3-21ce394684cc\"><tr><td></td><td></td><td class=\"c x5de y2b16 w280 h49\"><div class=\"t m0 x3a h1f y32 ff4 fs7 fc4 sc3 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale<span class=\"fc1 sc0\"> </span></div></td><td class=\"c x5df y2b16 w280 h49\"><div class=\"t m0 x3a h1f y32 ff4 fs7 fc4 sc3 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale<span class=\"fc1 sc0\"> </span></div></td></tr><tr><td></td><td></td><td class=\"c x5de y2b17 w280 h49\"><div class=\"t m0 x39 h1f y25 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/<span class=\"_ _f\"></span>2025<span class=\"fc1 sc0\"> </span></div></td><td class=\"c x5df y2b17 w280 h49\"><div class=\"t m0 x39 h1f y25 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/<span class=\"_ _f\"></span>2024<span class=\"fc1 sc0\"> </span></div></td></tr><tr><td class=\"c x46b y2b18 w446 hc8\"><div class=\"t m0 x8a h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">Debiti verso l'era<span class=\"_ _f\"></span>r<span class=\"_ _2\"></span>io </div></td><td></td><td class=\"c x5de y2b18 w280 hc8\"><div class=\"t m0 x13 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">284.220 </div></td><td class=\"c x5df y2b18 w55 hc8\"><div class=\"t m0 x11 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">298.677 </div></td></tr><tr><td class=\"c x46b y2b19 w446 hc8\"><div class=\"t m0 x8a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">Scarto valuta su <span class=\"_ _1\"></span>operazioni di p<span class=\"_ _f\"></span>o<span class=\"_ _2\"></span>rtafogli<span class=\"_ _1\"></span>o </div></td><td></td><td class=\"c x5de y2b19 w280 hc8\"><div class=\"t m0 x13 h1f y28b ff4 fs7 fc1 sc0 lsa ws0\">42<span class=\"ls0\">8.442</span><span class=\"ls0\"> </span></div></td><td class=\"c x5df y2b19 w55 hc8\"><div class=\"t m0 x90 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">411.167 </div></td></tr><tr><td class=\"c x46b y2b1a w446 hc8\"><div class=\"t m0 x8a h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">Somme a disposizi<span class=\"_ _1\"></span>one della cliente<span class=\"_ _1\"></span>la </div></td><td></td><td class=\"c x5de y2b1a w280 hc8\"><div class=\"t m0 x1c h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">15.813 </div></td><td class=\"c x5df y2b1a w55 hc8\"><div class=\"t m0 x7 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">15.898 </div></td></tr><tr><td class=\"c x46b y2b1b w446 hc8\"><div class=\"t m0 x8a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">Risconti passiv<span class=\"_ _1\"></span>i </div></td><td></td><td class=\"c x5de y2b1b w280 hc8\"><div class=\"t m0 xc6 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">12.114 </div></td><td class=\"c x5df y2b1b w55 hc8\"><div class=\"t m0 x1c h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">11.543 </div></td></tr><tr><td class=\"c x46b y2b1c w446 hc8\"><div class=\"t m0 x8a h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">Retribuzioni da c<span class=\"_ _f\"></span>o<span class=\"_ _2\"></span>rrispondere<span class=\"_ _1\"></span> e relativi con<span class=\"_ _1\"></span>tributi </div></td><td></td><td class=\"c x5de y2b1c w280 hc8\"><div class=\"t m0 x90 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">24.247 </div></td><td class=\"c x5df y2b1c w55 hc8\"><div class=\"t m0 x7 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">23.610 </div></td></tr><tr><td class=\"c x46b y2b1d w446 hc8\"><div class=\"t m0 x8a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">Ratei passivi </div></td><td></td><td class=\"c x5de y2b1d w280 hc8\"><div class=\"t m0 x7 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">14.364 </div></td><td class=\"c x5df y2b1d w55 hc8\"><div class=\"t m0 xe h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">8.713 </div></td></tr><tr><td class=\"c x46b y2b1e w446 hc8\"><div class=\"t m0 x8a h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">Partite in lavoraz<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span>one su ester<span class=\"_ _f\"></span>o<span class=\"_ _2\"></span> </div></td><td></td><td class=\"c x5de y2b1e w280 hc8\"><div class=\"t m0 x90 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">20.696 </div></td><td class=\"c x5df y2b1e w55 hc8\"><div class=\"t m0 xf h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">9.935 </div></td></tr><tr><td class=\"c x46b y2b1f w446 hc8\"><div class=\"t m0 x8a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">Fornitori </div></td><td></td><td class=\"c x5de y2b1f w280 hc8\"><div class=\"t m0 x96 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">198.8<span class=\"ls34\">75</span> </div></td><td class=\"c x5df y2b1f w55 hc8\"><div class=\"t m0 x91 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">211.708 </div></td></tr><tr><td class=\"c x46b y2b20 w446 hc8\"><div class=\"t m0 x8a h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">Partite viaggianti<span class=\"_ _1\"></span> con le filiali </div></td><td></td><td class=\"c x5de y2b20 w280 hc8\"><div class=\"t m0 xf h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">4.074 </div></td><td class=\"c x5df y2b20 w55 hc8\"><div class=\"t m0 xc6 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">3.262 </div></td></tr><tr><td class=\"c x46b y2b21 w446 h28e\"><div class=\"t m0 x8a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">Somme da accred<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span>tare a ent<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span> </div></td><td></td><td class=\"c x5de y2b21 w280 h28e\"><div class=\"t m0 xe h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">1.085 </div></td><td class=\"c x5df y2b21 w55 h28e\"><div class=\"t m0 xf h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">3.900 </div></td></tr><tr><td class=\"c x46b y2b22 w446 hc8\"><div class=\"t m0 x8a h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">Partite in lavoraz<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span>one tito<span class=\"_ _1\"></span>li </div></td><td></td><td class=\"c x5de y2b22 w280 hc8\"><div class=\"t m0 xf h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">5.495 </div></td><td class=\"c x5df y2b22 w55 hc8\"><div class=\"t m0 xf h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">9.029 </div></td></tr><tr><td class=\"c x46b y2b23 w446 h4d\"><div class=\"t m0 x8a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">Altre partite </div></td><td></td><td class=\"c x5de y2b23 w280 h4d\"><div class=\"t m0 x96 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">156.946 </div></td><td class=\"c x5df y2b23 w55 h4d\"><div class=\"t m0 x96 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">126.058 </div></td></tr><tr><td class=\"c x46b y2b24 w446 hc8\"><div class=\"t m0 x8a h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">Somme da accred<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span>tare a banc<span class=\"_ _f\"></span>he<span class=\"_ _2\"></span> </div></td><td></td><td class=\"c x5de y2b24 w280 hc8\"><div class=\"t m0 x96 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">281.095 </div></td><td class=\"c x5df y2b24 w55 hc8\"><div class=\"t m0 x13 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">325.624 </div></td></tr><tr><td></td><td class=\"c x46b y2b25 w446 h2c\"><div class=\"t m0 xad h1f y32 ff4 fs7 fc1 sc2 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale </div></td><td class=\"c x5de y2b25 w280 h2c\"><div class=\"t m0 x15 h1f y32 ff4 fs7 fc1 sc2 ls0 ws0\">1.447<span class=\"_ _f\"></span>.466<span class=\"sc0\"> </span></div></td><td class=\"c x5df y2b25 w55 h2c\"><div class=\"t m0 x36 h1f y32 ff4 fs7 fc1 sc2 ls0 ws0\">1.459.<span class=\"_ _1\"></span>12<span class=\"_ _1\"></span>4 </div></td></tr></table>La <span class=\"_ _d\"></span>vo<span class=\"ff5\">ce <span class=\"_ _d\"></span>\u201cScarto <span class=\"_ _d\"></span>valuta <span class=\"_ _d\"></span>s<span class=\"_ _2\"></span>u <span class=\"_ _2\"></span>operazioni <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>portafoglio\u201d <span class=\"_ _d\"></span>\u00e8 <span class=\"_ _d\"></span>da <span class=\"_ _0\"></span>ricondurre <span class=\"_ _d\"></span>agli <span class=\"_ _d\"></span>sbilanci <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>egli <span class=\"_ _d\"></span>effetti <span class=\"_ _d\"></span>del </span>portafoglio proprio e di terzi",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-752": {
   "value": "<div class=\"t m0 he ff4 fs5 fc4 sc3 ls0 ws0 gsbda\">Sezio<span class=\"_ _1\"></span>ne <span class=\"ls5b\">12 </span><span class=\"ff5\">\u2013</span> A<span class=\"_ _f\"></span>ttivit\u00e0 non <span class=\"_ _1\"></span>corren<span class=\"_ _1\"></span>ti e gru<span class=\"_ _f\"></span>ppi di attivit\u00e0<span class=\"_ _f\"></span> in via d<span class=\"_ _1\"></span>i dismis<span class=\"_ _1\"></span>sione<span class=\"_ _1\"></span> e pa<span class=\"_ _f\"></span>ssivit\u00e0 ass<span class=\"_ _1\"></span>ociate<span class=\"_ _f\"></span> <span class=\"_ _2\"></span><span class=\"ff5\">\u2013</span> Vo<span class=\"_ _f\"></span>ce 120 </div><div class=\"t m0 he ff5 fs5 fc4 sc3 ls0 ws0 gsbdb\">dell\u2019a<span class=\"_ _f\"></span>ttivo e voce<span class=\"_ _1\"></span> 70 d<span class=\"_ _f\"></span>el passivo<span class=\"ff4\"> </span></div><div class=\"c w3f0 h12f gsbdc\"><div class=\"t m0 x10 h5 y28b ff4 fs1 fc4 sc3 ls0 ws0\">12.1 At<span class=\"_ _1\"></span>tivit\u00e0<span class=\"_ _f\"></span> non corr<span class=\"_ _f\"></span>enti e gru<span class=\"_ _1\"></span>ppi <span class=\"_ _f\"></span>di attivit\u00e0<span class=\"_ _f\"></span> in via di<span class=\"_ _1\"></span> dism<span class=\"_ _1\"></span>issio<span class=\"_ _f\"></span>ne: com<span class=\"_ _1\"></span>posizi<span class=\"_ _1\"></span>one p<span class=\"_ _1\"></span>er ti<span class=\"_ _1\"></span>polog<span class=\"_ _1\"></span>ia d<span class=\"_ _1\"></span>i at<span class=\"_ _1\"></span>tivit\u00e0 </div></div><div class=\"gsbdd\"><table class=\"s wbb0 h4f1\" id=\"_05c62c38-3dbc-4667-9f3c-5368b9062be8\"><tr><td></td><td class=\"c x57b y2a30 w123 h2c\"><div class=\"t m0 x8f h1f y32 ff4 fs7 fc4 sc3 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale </div></td><td></td><td class=\"c x57c y2a30 w3f1 h2c\"><div class=\"t m0 x8f h1f y32 ff4 fs7 fc4 sc3 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale </div></td><td></td></tr><tr><td class=\"c x44e y2a31 w3f4 h2c\"><div class=\"t m0 x10 h1f y32 ff4 fs7 fc1 sc2 ls0 ws0\">A. Att<span class=\"_ _f\"></span>ivit\u00e0 pos<span class=\"_ _f\"></span>sedute<span class=\"_ _f\"></span> per la v<span class=\"_ _f\"></span>endita<span class=\"_ _1\"></span> </div></td><td class=\"c x57b y2a32 w3f2 h2c\"><div class=\"t m0 x97 h1f y32 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/<span class=\"_ _f\"></span>2025 </div></td><td class=\"c x57d y2a33 w993 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/<span class=\"_ _df\"> </span></div></td><td class=\"c x57e y2a33 w994 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">2024<span class=\"_ _df\"> </span></div></td><td></td></tr><tr><td class=\"c x44e y2a34 w3f4 h2c\"><div class=\"t m0 x10 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">A.1 Attivit\u00e0 finanz<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span>arie </div></td><td></td><td class=\"c x57b y2a34 w3f5 h2c\"><div class=\"t m0 x22 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x57c y2a34 w3f6 h2c\"><div class=\"t m0 x22 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2a35 w3f4 h2d\"><div class=\"t m0 x10 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">A.2 Partecipazioni<span class=\"_ _1\"></span> </div></td><td></td><td class=\"c x57b y2a35 w3f5 h2d\"><div class=\"t m0 x22 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x57c y2a35 w3f6 h2d\"><div class=\"t m0 x22 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2a36 w3f4 h2d\"><div class=\"t m0 x10 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">A.3 Attivit\u00e0 mate<span class=\"_ _1\"></span>riali<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x57b y2a36 w3f5 h2d\"><div class=\"t m0 x22 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x57c y2a36 w3f6 h2d\"><div class=\"t m0 xed h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">533 </div></td></tr><tr><td class=\"c x44e y2a37 w3f4 h279\"><div class=\"t m0 x32 h1f y54 ff5 fs7 fc1 sc0 ls0 ws0\">di cui: ottenute<span class=\"_ _1\"></span> tramite l\u2019escuss<span class=\"_ _1\"></span>ione delle ga<span class=\"_ _1\"></span>ranzie ricevute<span class=\"ff4\"> </span></div></td><td></td><td class=\"c x57b y2a37 w3f5 h279\"><div class=\"t m0 x22 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x57c y2a37 w3f6 h279\"><div class=\"t m0 x22 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2a38 w3f4 h2c\"><div class=\"t m0 x10 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">A.4 Attivit\u00e0 imm<span class=\"_ _1\"></span>ateriali<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x57b y2a38 w3f5 h2c\"><div class=\"t m0 x22 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x57c y2a38 w3f6 h2c\"><div class=\"t m0 x22 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2a39 w3f4 h2c\"><div class=\"t m0 x10 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">A.5 Altre attivit\u00e0<span class=\"_ _1\"></span> non correnti<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x57b y2a39 w3f5 h2c\"><div class=\"t m0 x22 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x57c y2a39 w3f6 h2c\"><div class=\"t m0 x22 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2a3a w3f4 h2d\"><div class=\"t m0 x1d8 h1f y32 ff4 fs7 fc1 sc2 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale (A<span class=\"_ _f\"></span>) </div></td><td></td><td class=\"c x57b y2a3a w3f5 h2d\"><div class=\"t m0 x22 h1f y32 ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td><td></td><td class=\"c x57c y2a3a w3f6 h2d\"><div class=\"t m0 xed h1f y32 ff4 fs7 fc1 sc2 ls0 ws0\">533<span class=\"_ _f\"></span> </div></td></tr><tr><td class=\"c x44e y2a3b w3f4 h2d\"><div class=\"t m1 xbc h5b y32 ff4 fs19 fc1 sc0 ls0 ws0\">di cui valutate <span class=\"_ _1\"></span>al costo </div></td><td></td><td class=\"c x57b y2a3b w3f5 h2d\"><div class=\"t m0 x22 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x57c y2a3b w3f6 h2d\"><div class=\"t m0 xed h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">533 </div></td></tr><tr><td class=\"c x44e y2a3c w3f4 h2d\"><div class=\"t m1 x109 h5b y32 ff4 fs19 fc1 sc0 ls0 ws0\">di cui valutate <span class=\"_ _1\"></span>al fair value <span class=\"_ _1\"></span>livello 1 </div></td><td></td><td class=\"c x57b y2a3c w3f5 h2d\"><div class=\"t m0 x22 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x57c y2a3c w3f6 h2d\"><div class=\"t m0 x22 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2a3d w3f4 h2c\"><div class=\"t m1 x98 h5b y32 ff4 fs19 fc1 sc0 ls0 ws0\">di cui valutate <span class=\"_ _1\"></span>al fair value livell<span class=\"_ _1\"></span>o 2 </div></td><td></td><td class=\"c x57b y2a3d w3f5 h2c\"><div class=\"t m0 x22 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x57c y2a3d w3f6 h2c\"><div class=\"t m0 x22 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2a3e w3f4 h2c\"><div class=\"t m1 x98 h5b y32 ff4 fs19 fc1 sc0 ls0 ws0\">di cui valutate <span class=\"_ _1\"></span>al fair value <span class=\"_ _1\"></span>livello 3 </div></td><td></td><td class=\"c x57b y2a3e w3f5 h2c\"><div class=\"t m0 x22 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x57c y2a3e w3f6 h2c\"><div class=\"t m0 x22 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2a3f w3f4 h2c\"><div class=\"t m0 x10 h1f y32 ff4 fs7 fc1 sc2 ls0 ws0\">B. At<span class=\"_ _1\"></span>tivit<span class=\"_ _1\"></span>\u00e0 ope<span class=\"_ _1\"></span>rat<span class=\"_ _1\"></span>ive ce<span class=\"_ _1\"></span>ssa<span class=\"_ _1\"></span>te </div></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x262 y2a40 wbb1 h4f2\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">B.1 Attivit\u00e0 finanz<span class=\"_ _1\"></span>iarie valutate <span class=\"_ _f\"></span>al<span class=\"_ _2\"></span> fair <span class=\"_ _1\"></span>value con impat<span class=\"_ _1\"></span>to a conto<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x57b y2a41 w3f5 hbb\"><div class=\"t m0 x22 h1f y16ec ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x57c y2a41 w3f6 hbb\"><div class=\"t m0 x22 h1f y16ec ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x262 y2a42 w962 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">economico<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x44e y2a43 w3f4 h2c\"><div class=\"t m0 x10 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">- attivit\u00e0 finanzi<span class=\"_ _1\"></span>arie detenute per <span class=\"_ _f\"></span>l<span class=\"_ _2\"></span>a negoziaz<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span>one<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x57b y2a43 w3f5 h2c\"><div class=\"t m0 x22 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x57c y2a43 w3f6 h2c\"><div class=\"t m0 x22 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2a44 w3f4 h2d\"><div class=\"t m0 x10 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">- attivit\u00e0 finanziarie de<span class=\"_ _f\"></span>signate al fair value </div></td><td></td><td class=\"c x57b y2a44 w3f5 h2d\"><div class=\"t m0 x22 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x57c y2a44 w3f6 h2d\"><div class=\"t m0 x22 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2a45 w3f4 h211\"><div class=\"t m0 x10 h1f y56 ff4 fs7 fc1 sc0 ls0 ws0\">- altre attivit\u00e0 f<span class=\"_ _1\"></span>inanziarie obbl<span class=\"_ _1\"></span>igatoriamente valuta<span class=\"_ _f\"></span>te al fair value<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x57b y2a45 w3f5 h211\"><div class=\"t m0 x22 h1f y56 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x57c y2a45 w3f6 h211\"><div class=\"t m0 x22 h1f y56 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x262 y2a46 wbb2 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">B.2 Attivit\u00e0 fin<span class=\"_ _1\"></span>anziarie valutate <span class=\"_ _f\"></span>al<span class=\"_ _2\"></span> fair<span class=\"_ _f\"></span> v<span class=\"_ _2\"></span>alue con <span class=\"_ _1\"></span>impatto sulla re<span class=\"_ _1\"></span>dditivit\u00e0<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x57b y2a47 w3f5 had\"><div class=\"t m0 x22 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x57c y2a47 w3f6 had\"><div class=\"t m0 x22 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x262 y2a48 w902 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">complessiva<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x44e y2a49 w3f4 h2d\"><div class=\"t m0 x10 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">B.3 Attivit\u00e0 finanz<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span>arie valut<span class=\"_ _f\"></span>at<span class=\"_ _2\"></span>e a<span class=\"_ _1\"></span>l costo ammortizzato </div></td><td></td><td class=\"c x57b y2a49 w3f5 h2d\"><div class=\"t m0 x22 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x57c y2a49 w3f6 h2d\"><div class=\"t m0 x22 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2a4a w3f4 h2d\"><div class=\"t m0 x10 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">B.4 Partecipazion<span class=\"_ _f\"></span>i </div></td><td></td><td class=\"c x57b y2a4a w3f5 h2d\"><div class=\"t m0 x22 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x57c y2a4a w3f6 h2d\"><div class=\"t m0 x22 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2a4b w3f4 h2d\"><div class=\"t m0 x10 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">B.5 Attivit\u00e0 mate<span class=\"_ _1\"></span>riali<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x57b y2a4b w3f5 h2d\"><div class=\"t m0 x22 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x57c y2a4b w3f6 h2d\"><div class=\"t m0 x22 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2a4c w3f4 h279\"><div class=\"t m0 x116 h1f y54 ff5 fs7 fc1 sc0 ls0 ws0\">di cui: ottenute<span class=\"_ _1\"></span> tramite l\u2019escuss<span class=\"_ _1\"></span>ione delle ga<span class=\"_ _1\"></span>ranzie ricevute<span class=\"ff4\"> </span></div></td><td></td><td class=\"c x57b y2a4c w3f5 h279\"><div class=\"t m0 x22 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x57c y2a4c w3f6 h279\"><div class=\"t m0 x22 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2a4d w3f4 h2c\"><div class=\"t m0 x10 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">B.6 Attivit\u00e0 imma<span class=\"_ _1\"></span>teriali<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x57b y2a4d w3f5 h2c\"><div class=\"t m0 x22 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x57c y2a4d w3f6 h2c\"><div class=\"t m0 x22 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2a4e w3f4 h2c\"><div class=\"t m0 x10 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">B.7 Altre attivit<span class=\"_ _1\"></span>\u00e0 </div></td><td></td><td class=\"c x57b y2a4e w3f5 h2c\"><div class=\"t m0 x22 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x57c y2a4e w3f6 h2c\"><div class=\"t m0 x22 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2a4f w3f4 h2d\"><div class=\"t m0 x1d8 h1f y32 ff4 fs7 fc1 sc2 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale (B<span class=\"_ _1\"></span>) </div></td><td></td><td class=\"c x57b y2a4f w3f5 h2d\"><div class=\"t m0 x22 h1f y32 ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td><td></td><td class=\"c x57c y2a4f w3f6 h2d\"><div class=\"t m0 x22 h1f y32 ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2a50 w3f4 h2d\"><div class=\"t m1 xbc h5b y32 ff4 fs19 fc1 sc0 ls0 ws0\">di cui valutate <span class=\"_ _1\"></span>al costo </div></td><td></td><td class=\"c x57b y2a50 w3f5 h2d\"><div class=\"t m0 x22 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x57c y2a50 w3f6 h2d\"><div class=\"t m0 x22 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2a51 w3f4 h2d\"><div class=\"t m1 x109 h5b y32 ff4 fs19 fc1 sc0 ls0 ws0\">di cui valutate <span class=\"_ _1\"></span>al fair value livello 1 </div></td><td></td><td class=\"c x57b y2a51 w3f5 h2d\"><div class=\"t m0 x22 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x57c y2a51 w3f6 h2d\"><div class=\"t m0 x22 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2a52 w3f4 h2c\"><div class=\"t m1 x98 h5b y32 ff4 fs19 fc1 sc0 ls0 ws0\">di cui valutate <span class=\"_ _1\"></span>al fair value <span class=\"_ _1\"></span>livello 2 </div></td><td></td><td class=\"c x57b y2a52 w3f5 h2c\"><div class=\"t m0 x22 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x57c y2a52 w3f6 h2c\"><div class=\"t m0 x22 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2a53 w3f4 h2c\"><div class=\"t m1 x98 h5b y32 ff4 fs19 fc1 sc0 ls0 ws0\">di cui valutate <span class=\"_ _1\"></span>al fair value <span class=\"_ _1\"></span>livello 3 </div></td><td></td><td class=\"c x57b y2a53 w3f5 h2c\"><div class=\"t m0 x22 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x57c y2a53 w3f6 h2c\"><div class=\"t m0 x22 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2a54 w3f4 h279\"><div class=\"t m0 x10 h1f y54 ff4 fs7 fc1 sc2 ls0 ws0\">C. Pas<span class=\"_ _1\"></span>sivi<span class=\"_ _f\"></span>t\u00e0 ass<span class=\"_ _1\"></span>ociat<span class=\"_ _f\"></span>e ad at<span class=\"_ _1\"></span>tivit<span class=\"_ _1\"></span>\u00e0 pos<span class=\"_ _f\"></span>sedute<span class=\"_ _1\"></span> per l<span class=\"_ _1\"></span>a ven<span class=\"_ _f\"></span>dita </div></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x44e y2a55 w3f4 h2e\"><div class=\"t m0 x10 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">C.1 Debiti </div></td><td></td><td class=\"c x57b y2a55 w3f5 h2e\"><div class=\"t m0 x22 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x57c y2a55 w3f6 h2e\"><div class=\"t m0 x22 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2a56 w3f4 h2d\"><div class=\"t m0 x10 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">C.2 Titoli </div></td><td></td><td class=\"c x57b y2a56 w3f5 h2d\"><div class=\"t m0 x22 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x57c y2a56 w3f6 h2d\"><div class=\"t m0 x22 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2a57 w3f4 h2d\"><div class=\"t m0 x10 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">C.3 Altre pass<span class=\"_ _1\"></span>ivit\u00e0 </div></td><td></td><td class=\"c x57b y2a57 w3f5 h2d\"><div class=\"t m0 x22 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x57c y2a57 w3f6 h2d\"><div class=\"t m0 x22 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2a58 w3f4 h2c\"><div class=\"t m0 x1d8 h1f y32 ff4 fs7 fc1 sc2 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale (C)<span class=\"_ _f\"></span> </div></td><td></td><td class=\"c x57b y2a58 w3f5 h2c\"><div class=\"t m0 x22 h1f y32 ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td><td></td><td class=\"c x57c y2a58 w3f6 h2c\"><div class=\"t m0 x22 h1f y32 ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2a59 w3f4 h2c\"><div class=\"t m1 xbc h5b y32 ff4 fs19 fc1 sc0 ls0 ws0\">di cui valutate <span class=\"_ _1\"></span>al costo </div></td><td></td><td class=\"c x57b y2a59 w3f5 h2c\"><div class=\"t m0 x22 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x57c y2a59 w3f6 h2c\"><div class=\"t m0 x22 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2a5a w3f4 h2c\"><div class=\"t m1 x109 h5b y32 ff4 fs19 fc1 sc0 ls0 ws0\">di cui valutate <span class=\"_ _1\"></span>al fair value <span class=\"_ _1\"></span>livello 1 </div></td><td></td><td class=\"c x57b y2a5a w3f5 h2c\"><div class=\"t m0 x22 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x57c y2a5a w3f6 h2c\"><div class=\"t m0 x22 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2a5b w3f4 h2c\"><div class=\"t m1 x98 h5b y32 ff4 fs19 fc1 sc0 ls0 ws0\">di cui valutate <span class=\"_ _1\"></span>al fair value <span class=\"_ _1\"></span>livello 2 </div></td><td></td><td class=\"c x57b y2a5b w3f5 h2c\"><div class=\"t m0 x22 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x57c y2a5b w3f6 h2c\"><div class=\"t m0 x22 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2a5c w3f4 h2c\"><div class=\"t m1 x98 h5b y32 ff4 fs19 fc1 sc0 ls0 ws0\">di cui valutate <span class=\"_ _1\"></span>al fair value <span class=\"_ _1\"></span>livello 3 </div></td><td></td><td class=\"c x57b y2a5c w3f5 h2c\"><div class=\"t m0 x22 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x57c y2a5c w3f6 h2c\"><div class=\"t m0 x22 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2a5d w3f4 h2c\"><div class=\"t m0 x10 h1f y32 ff4 fs7 fc1 sc2 ls0 ws0\">D. Pas<span class=\"_ _f\"></span>sivit\u00e0<span class=\"_ _1\"></span> ass<span class=\"_ _1\"></span>ociat<span class=\"_ _f\"></span>e ad att<span class=\"_ _1\"></span>ivit\u00e0<span class=\"_ _1\"></span> oper<span class=\"_ _f\"></span>ative c<span class=\"_ _1\"></span>essa<span class=\"_ _f\"></span>te </div></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x44e y2a5e w3f4 h260\"><div class=\"t m0 x10 h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">D.1 Passivit\u00e0 fina<span class=\"_ _1\"></span>nziarie valutate a<span class=\"_ _f\"></span>l<span class=\"_ _2\"></span> costo ammo<span class=\"_ _1\"></span>rtizzato </div></td><td></td><td class=\"c x57b y2a5e w3f5 h260\"><div class=\"t m0 x22 h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x57c y2a5e w3f6 h260\"><div class=\"t m0 x22 h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2a5f w3f4 h2d\"><div class=\"t m0 x10 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">D.2 Passivit\u00e0 fina<span class=\"_ _1\"></span>nziarie di neg<span class=\"_ _1\"></span>oziazione </div></td><td></td><td class=\"c x57b y2a5f w3f5 h2d\"><div class=\"t m0 x22 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x57c y2a5f w3f6 h2d\"><div class=\"t m0 x22 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2a60 w3f4 h2d\"><div class=\"t m0 x10 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">D.3 Passivit\u00e0 fi<span class=\"_ _1\"></span>nanziarie designate<span class=\"_ _1\"></span> al fair value<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x57b y2a60 w3f5 h2d\"><div class=\"t m0 x22 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x57c y2a60 w3f6 h2d\"><div class=\"t m0 x22 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2a61 w3f4 h2d\"><div class=\"t m0 x10 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">D.4 Fondi </div></td><td></td><td class=\"c x57b y2a61 w3f5 h2d\"><div class=\"t m0 x22 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x57c y2a61 w3f6 h2d\"><div class=\"t m0 x22 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2a62 w3f4 h2c\"><div class=\"t m0 x10 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">D.5 Altre pass<span class=\"_ _1\"></span>ivit\u00e0 </div></td><td></td><td class=\"c x57b y2a62 w3f5 h2c\"><div class=\"t m0 x22 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x57c y2a62 w3f6 h2c\"><div class=\"t m0 x22 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2a63 w3f4 h2c\"><div class=\"t m0 x1d8 h1f y32 ff4 fs7 fc1 sc2 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale (D<span class=\"_ _1\"></span>) </div></td><td></td><td class=\"c x57b y2a63 w3f5 h2c\"><div class=\"t m0 x22 h1f y32 ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td><td></td><td class=\"c x57c y2a63 w3f6 h2c\"><div class=\"t m0 x22 h1f y32 ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2a64 w3f4 h2c\"><div class=\"t m1 xbc h5b y32 ff4 fs19 fc1 sc0 ls0 ws0\">di cui valutate <span class=\"_ _1\"></span>al costo </div></td><td></td><td class=\"c x57b y2a64 w3f5 h2c\"><div class=\"t m0 x22 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x57c y2a64 w3f6 h2c\"><div class=\"t m0 x22 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2a65 w3f4 h2c\"><div class=\"t m1 x109 h5b y32 ff4 fs19 fc1 sc0 ls0 ws0\">di cui valutate <span class=\"_ _1\"></span>al fair value <span class=\"_ _1\"></span>livello 1 </div></td><td></td><td class=\"c x57b y2a65 w3f5 h2c\"><div class=\"t m0 x22 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x57c y2a65 w3f6 h2c\"><div class=\"t m0 x22 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2a66 w3f4 h2c\"><div class=\"t m1 x98 h5b y32 ff4 fs19 fc1 sc0 ls0 ws0\">di cui valutate <span class=\"_ _1\"></span>al fair value <span class=\"_ _1\"></span>livello 2 </div></td><td></td><td class=\"c x57b y2a66 w3f5 h2c\"><div class=\"t m0 x22 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x57c y2a66 w3f6 h2c\"><div class=\"t m0 x22 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2a67 w3f4 h27a\"><div class=\"t m1 x98 h5b y32 ff4 fs19 fc1 sc0 ls0 ws0\">di cui valutate <span class=\"_ _1\"></span>al fair value <span class=\"_ _1\"></span>livello 3 </div></td><td></td><td class=\"c x57b y2a67 w3f5 h27a\"><div class=\"t m0 x22 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x57c y2a67 w3f6 h27a\"><div class=\"t m0 x22 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr></table></div>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-811": {
   "value": "Sezio<span class=\"_ _1\"></span>ne <span class=\"ls5b\">12 </span><span class=\"ff5\">\u2013</span> A<span class=\"_ _f\"></span>ttivit\u00e0 non <span class=\"_ _1\"></span>corren<span class=\"_ _1\"></span>ti e gru<span class=\"_ _f\"></span>ppi di attivit\u00e0<span class=\"_ _f\"></span> in via d<span class=\"_ _1\"></span>i dismis<span class=\"_ _1\"></span>sione<span class=\"_ _1\"></span> e pa<span class=\"_ _f\"></span>ssivit\u00e0 ass<span class=\"_ _1\"></span>ociate<span class=\"_ _f\"></span> <span class=\"_ _2\"></span><span class=\"ff5\">\u2013</span> Vo<span class=\"_ _f\"></span>ce 120 dell\u2019a<span class=\"_ _f\"></span>ttivo e voce<span class=\"_ _1\"></span> 70 d<span class=\"_ _f\"></span>el passivo<span class=\"ff4\"> </span>12.1 At<span class=\"_ _1\"></span>tivit\u00e0<span class=\"_ _f\"></span> non corr<span class=\"_ _f\"></span>enti e gru<span class=\"_ _1\"></span>ppi <span class=\"_ _f\"></span>di attivit\u00e0<span class=\"_ _f\"></span> in via di<span class=\"_ _1\"></span> dism<span class=\"_ _1\"></span>issio<span class=\"_ _f\"></span>ne: com<span class=\"_ _1\"></span>posizi<span class=\"_ _1\"></span>one p<span class=\"_ _1\"></span>er ti<span class=\"_ _1\"></span>polog<span class=\"_ _1\"></span>ia d<span class=\"_ _1\"></span>i at<span class=\"_ _1\"></span>tivit\u00e0 <table class=\"s wbb0 h4f1\" id=\"_05c62c38-3dbc-4667-9f3c-5368b9062be8\"><tr><td></td><td class=\"c x57b y2a30 w123 h2c\"><div class=\"t m0 x8f h1f y32 ff4 fs7 fc4 sc3 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale </div></td><td></td><td class=\"c x57c y2a30 w3f1 h2c\"><div class=\"t m0 x8f h1f y32 ff4 fs7 fc4 sc3 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale </div></td><td></td></tr><tr><td class=\"c x44e y2a31 w3f4 h2c\"><div class=\"t m0 x10 h1f y32 ff4 fs7 fc1 sc2 ls0 ws0\">A. Att<span class=\"_ _f\"></span>ivit\u00e0 pos<span class=\"_ _f\"></span>sedute<span class=\"_ _f\"></span> per la v<span class=\"_ _f\"></span>endita<span class=\"_ _1\"></span> </div></td><td class=\"c x57b y2a32 w3f2 h2c\"><div class=\"t m0 x97 h1f y32 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/<span class=\"_ _f\"></span>2025 </div></td><td class=\"c x57d y2a33 w993 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/<span class=\"_ _df\"> </span></div></td><td class=\"c x57e y2a33 w994 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">2024<span class=\"_ _df\"> </span></div></td><td></td></tr><tr><td class=\"c x44e y2a34 w3f4 h2c\"><div class=\"t m0 x10 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">A.1 Attivit\u00e0 finanz<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span>arie </div></td><td></td><td class=\"c x57b y2a34 w3f5 h2c\"><div class=\"t m0 x22 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x57c y2a34 w3f6 h2c\"><div class=\"t m0 x22 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2a35 w3f4 h2d\"><div class=\"t m0 x10 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">A.2 Partecipazioni<span class=\"_ _1\"></span> </div></td><td></td><td class=\"c x57b y2a35 w3f5 h2d\"><div class=\"t m0 x22 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x57c y2a35 w3f6 h2d\"><div class=\"t m0 x22 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2a36 w3f4 h2d\"><div class=\"t m0 x10 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">A.3 Attivit\u00e0 mate<span class=\"_ _1\"></span>riali<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x57b y2a36 w3f5 h2d\"><div class=\"t m0 x22 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x57c y2a36 w3f6 h2d\"><div class=\"t m0 xed h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">533 </div></td></tr><tr><td class=\"c x44e y2a37 w3f4 h279\"><div class=\"t m0 x32 h1f y54 ff5 fs7 fc1 sc0 ls0 ws0\">di cui: ottenute<span class=\"_ _1\"></span> tramite l\u2019escuss<span class=\"_ _1\"></span>ione delle ga<span class=\"_ _1\"></span>ranzie ricevute<span class=\"ff4\"> </span></div></td><td></td><td class=\"c x57b y2a37 w3f5 h279\"><div class=\"t m0 x22 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x57c y2a37 w3f6 h279\"><div class=\"t m0 x22 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2a38 w3f4 h2c\"><div class=\"t m0 x10 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">A.4 Attivit\u00e0 imm<span class=\"_ _1\"></span>ateriali<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x57b y2a38 w3f5 h2c\"><div class=\"t m0 x22 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x57c y2a38 w3f6 h2c\"><div class=\"t m0 x22 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2a39 w3f4 h2c\"><div class=\"t m0 x10 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">A.5 Altre attivit\u00e0<span class=\"_ _1\"></span> non correnti<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x57b y2a39 w3f5 h2c\"><div class=\"t m0 x22 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x57c y2a39 w3f6 h2c\"><div class=\"t m0 x22 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2a3a w3f4 h2d\"><div class=\"t m0 x1d8 h1f y32 ff4 fs7 fc1 sc2 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale (A<span class=\"_ _f\"></span>) </div></td><td></td><td class=\"c x57b y2a3a w3f5 h2d\"><div class=\"t m0 x22 h1f y32 ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td><td></td><td class=\"c x57c y2a3a w3f6 h2d\"><div class=\"t m0 xed h1f y32 ff4 fs7 fc1 sc2 ls0 ws0\">533<span class=\"_ _f\"></span> </div></td></tr><tr><td class=\"c x44e y2a3b w3f4 h2d\"><div class=\"t m1 xbc h5b y32 ff4 fs19 fc1 sc0 ls0 ws0\">di cui valutate <span class=\"_ _1\"></span>al costo </div></td><td></td><td class=\"c x57b y2a3b w3f5 h2d\"><div class=\"t m0 x22 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x57c y2a3b w3f6 h2d\"><div class=\"t m0 xed h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">533 </div></td></tr><tr><td class=\"c x44e y2a3c w3f4 h2d\"><div class=\"t m1 x109 h5b y32 ff4 fs19 fc1 sc0 ls0 ws0\">di cui valutate <span class=\"_ _1\"></span>al fair value <span class=\"_ _1\"></span>livello 1 </div></td><td></td><td class=\"c x57b y2a3c w3f5 h2d\"><div class=\"t m0 x22 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x57c y2a3c w3f6 h2d\"><div class=\"t m0 x22 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2a3d w3f4 h2c\"><div class=\"t m1 x98 h5b y32 ff4 fs19 fc1 sc0 ls0 ws0\">di cui valutate <span class=\"_ _1\"></span>al fair value livell<span class=\"_ _1\"></span>o 2 </div></td><td></td><td class=\"c x57b y2a3d w3f5 h2c\"><div class=\"t m0 x22 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x57c y2a3d w3f6 h2c\"><div class=\"t m0 x22 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2a3e w3f4 h2c\"><div class=\"t m1 x98 h5b y32 ff4 fs19 fc1 sc0 ls0 ws0\">di cui valutate <span class=\"_ _1\"></span>al fair value <span class=\"_ _1\"></span>livello 3 </div></td><td></td><td class=\"c x57b y2a3e w3f5 h2c\"><div class=\"t m0 x22 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x57c y2a3e w3f6 h2c\"><div class=\"t m0 x22 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2a3f w3f4 h2c\"><div class=\"t m0 x10 h1f y32 ff4 fs7 fc1 sc2 ls0 ws0\">B. At<span class=\"_ _1\"></span>tivit<span class=\"_ _1\"></span>\u00e0 ope<span class=\"_ _1\"></span>rat<span class=\"_ _1\"></span>ive ce<span class=\"_ _1\"></span>ssa<span class=\"_ _1\"></span>te </div></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x262 y2a40 wbb1 h4f2\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">B.1 Attivit\u00e0 finanz<span class=\"_ _1\"></span>iarie valutate <span class=\"_ _f\"></span>al<span class=\"_ _2\"></span> fair <span class=\"_ _1\"></span>value con impat<span class=\"_ _1\"></span>to a conto<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x57b y2a41 w3f5 hbb\"><div class=\"t m0 x22 h1f y16ec ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x57c y2a41 w3f6 hbb\"><div class=\"t m0 x22 h1f y16ec ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x262 y2a42 w962 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">economico<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x44e y2a43 w3f4 h2c\"><div class=\"t m0 x10 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">- attivit\u00e0 finanzi<span class=\"_ _1\"></span>arie detenute per <span class=\"_ _f\"></span>l<span class=\"_ _2\"></span>a negoziaz<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span>one<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x57b y2a43 w3f5 h2c\"><div class=\"t m0 x22 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x57c y2a43 w3f6 h2c\"><div class=\"t m0 x22 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2a44 w3f4 h2d\"><div class=\"t m0 x10 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">- attivit\u00e0 finanziarie de<span class=\"_ _f\"></span>signate al fair value </div></td><td></td><td class=\"c x57b y2a44 w3f5 h2d\"><div class=\"t m0 x22 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x57c y2a44 w3f6 h2d\"><div class=\"t m0 x22 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2a45 w3f4 h211\"><div class=\"t m0 x10 h1f y56 ff4 fs7 fc1 sc0 ls0 ws0\">- altre attivit\u00e0 f<span class=\"_ _1\"></span>inanziarie obbl<span class=\"_ _1\"></span>igatoriamente valuta<span class=\"_ _f\"></span>te al fair value<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x57b y2a45 w3f5 h211\"><div class=\"t m0 x22 h1f y56 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x57c y2a45 w3f6 h211\"><div class=\"t m0 x22 h1f y56 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x262 y2a46 wbb2 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">B.2 Attivit\u00e0 fin<span class=\"_ _1\"></span>anziarie valutate <span class=\"_ _f\"></span>al<span class=\"_ _2\"></span> fair<span class=\"_ _f\"></span> v<span class=\"_ _2\"></span>alue con <span class=\"_ _1\"></span>impatto sulla re<span class=\"_ _1\"></span>dditivit\u00e0<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x57b y2a47 w3f5 had\"><div class=\"t m0 x22 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x57c y2a47 w3f6 had\"><div class=\"t m0 x22 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x262 y2a48 w902 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">complessiva<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x44e y2a49 w3f4 h2d\"><div class=\"t m0 x10 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">B.3 Attivit\u00e0 finanz<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span>arie valut<span class=\"_ _f\"></span>at<span class=\"_ _2\"></span>e a<span class=\"_ _1\"></span>l costo ammortizzato </div></td><td></td><td class=\"c x57b y2a49 w3f5 h2d\"><div class=\"t m0 x22 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x57c y2a49 w3f6 h2d\"><div class=\"t m0 x22 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2a4a w3f4 h2d\"><div class=\"t m0 x10 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">B.4 Partecipazion<span class=\"_ _f\"></span>i </div></td><td></td><td class=\"c x57b y2a4a w3f5 h2d\"><div class=\"t m0 x22 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x57c y2a4a w3f6 h2d\"><div class=\"t m0 x22 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2a4b w3f4 h2d\"><div class=\"t m0 x10 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">B.5 Attivit\u00e0 mate<span class=\"_ _1\"></span>riali<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x57b y2a4b w3f5 h2d\"><div class=\"t m0 x22 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x57c y2a4b w3f6 h2d\"><div class=\"t m0 x22 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2a4c w3f4 h279\"><div class=\"t m0 x116 h1f y54 ff5 fs7 fc1 sc0 ls0 ws0\">di cui: ottenute<span class=\"_ _1\"></span> tramite l\u2019escuss<span class=\"_ _1\"></span>ione delle ga<span class=\"_ _1\"></span>ranzie ricevute<span class=\"ff4\"> </span></div></td><td></td><td class=\"c x57b y2a4c w3f5 h279\"><div class=\"t m0 x22 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x57c y2a4c w3f6 h279\"><div class=\"t m0 x22 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2a4d w3f4 h2c\"><div class=\"t m0 x10 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">B.6 Attivit\u00e0 imma<span class=\"_ _1\"></span>teriali<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x57b y2a4d w3f5 h2c\"><div class=\"t m0 x22 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x57c y2a4d w3f6 h2c\"><div class=\"t m0 x22 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2a4e w3f4 h2c\"><div class=\"t m0 x10 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">B.7 Altre attivit<span class=\"_ _1\"></span>\u00e0 </div></td><td></td><td class=\"c x57b y2a4e w3f5 h2c\"><div class=\"t m0 x22 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x57c y2a4e w3f6 h2c\"><div class=\"t m0 x22 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2a4f w3f4 h2d\"><div class=\"t m0 x1d8 h1f y32 ff4 fs7 fc1 sc2 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale (B<span class=\"_ _1\"></span>) </div></td><td></td><td class=\"c x57b y2a4f w3f5 h2d\"><div class=\"t m0 x22 h1f y32 ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td><td></td><td class=\"c x57c y2a4f w3f6 h2d\"><div class=\"t m0 x22 h1f y32 ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2a50 w3f4 h2d\"><div class=\"t m1 xbc h5b y32 ff4 fs19 fc1 sc0 ls0 ws0\">di cui valutate <span class=\"_ _1\"></span>al costo </div></td><td></td><td class=\"c x57b y2a50 w3f5 h2d\"><div class=\"t m0 x22 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x57c y2a50 w3f6 h2d\"><div class=\"t m0 x22 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2a51 w3f4 h2d\"><div class=\"t m1 x109 h5b y32 ff4 fs19 fc1 sc0 ls0 ws0\">di cui valutate <span class=\"_ _1\"></span>al fair value livello 1 </div></td><td></td><td class=\"c x57b y2a51 w3f5 h2d\"><div class=\"t m0 x22 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x57c y2a51 w3f6 h2d\"><div class=\"t m0 x22 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2a52 w3f4 h2c\"><div class=\"t m1 x98 h5b y32 ff4 fs19 fc1 sc0 ls0 ws0\">di cui valutate <span class=\"_ _1\"></span>al fair value <span class=\"_ _1\"></span>livello 2 </div></td><td></td><td class=\"c x57b y2a52 w3f5 h2c\"><div class=\"t m0 x22 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x57c y2a52 w3f6 h2c\"><div class=\"t m0 x22 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2a53 w3f4 h2c\"><div class=\"t m1 x98 h5b y32 ff4 fs19 fc1 sc0 ls0 ws0\">di cui valutate <span class=\"_ _1\"></span>al fair value <span class=\"_ _1\"></span>livello 3 </div></td><td></td><td class=\"c x57b y2a53 w3f5 h2c\"><div class=\"t m0 x22 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x57c y2a53 w3f6 h2c\"><div class=\"t m0 x22 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2a54 w3f4 h279\"><div class=\"t m0 x10 h1f y54 ff4 fs7 fc1 sc2 ls0 ws0\">C. Pas<span class=\"_ _1\"></span>sivi<span class=\"_ _f\"></span>t\u00e0 ass<span class=\"_ _1\"></span>ociat<span class=\"_ _f\"></span>e ad at<span class=\"_ _1\"></span>tivit<span class=\"_ _1\"></span>\u00e0 pos<span class=\"_ _f\"></span>sedute<span class=\"_ _1\"></span> per l<span class=\"_ _1\"></span>a ven<span class=\"_ _f\"></span>dita </div></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x44e y2a55 w3f4 h2e\"><div class=\"t m0 x10 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">C.1 Debiti </div></td><td></td><td class=\"c x57b y2a55 w3f5 h2e\"><div class=\"t m0 x22 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x57c y2a55 w3f6 h2e\"><div class=\"t m0 x22 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2a56 w3f4 h2d\"><div class=\"t m0 x10 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">C.2 Titoli </div></td><td></td><td class=\"c x57b y2a56 w3f5 h2d\"><div class=\"t m0 x22 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x57c y2a56 w3f6 h2d\"><div class=\"t m0 x22 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2a57 w3f4 h2d\"><div class=\"t m0 x10 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">C.3 Altre pass<span class=\"_ _1\"></span>ivit\u00e0 </div></td><td></td><td class=\"c x57b y2a57 w3f5 h2d\"><div class=\"t m0 x22 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x57c y2a57 w3f6 h2d\"><div class=\"t m0 x22 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2a58 w3f4 h2c\"><div class=\"t m0 x1d8 h1f y32 ff4 fs7 fc1 sc2 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale (C)<span class=\"_ _f\"></span> </div></td><td></td><td class=\"c x57b y2a58 w3f5 h2c\"><div class=\"t m0 x22 h1f y32 ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td><td></td><td class=\"c x57c y2a58 w3f6 h2c\"><div class=\"t m0 x22 h1f y32 ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2a59 w3f4 h2c\"><div class=\"t m1 xbc h5b y32 ff4 fs19 fc1 sc0 ls0 ws0\">di cui valutate <span class=\"_ _1\"></span>al costo </div></td><td></td><td class=\"c x57b y2a59 w3f5 h2c\"><div class=\"t m0 x22 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x57c y2a59 w3f6 h2c\"><div class=\"t m0 x22 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2a5a w3f4 h2c\"><div class=\"t m1 x109 h5b y32 ff4 fs19 fc1 sc0 ls0 ws0\">di cui valutate <span class=\"_ _1\"></span>al fair value <span class=\"_ _1\"></span>livello 1 </div></td><td></td><td class=\"c x57b y2a5a w3f5 h2c\"><div class=\"t m0 x22 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x57c y2a5a w3f6 h2c\"><div class=\"t m0 x22 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2a5b w3f4 h2c\"><div class=\"t m1 x98 h5b y32 ff4 fs19 fc1 sc0 ls0 ws0\">di cui valutate <span class=\"_ _1\"></span>al fair value <span class=\"_ _1\"></span>livello 2 </div></td><td></td><td class=\"c x57b y2a5b w3f5 h2c\"><div class=\"t m0 x22 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x57c y2a5b w3f6 h2c\"><div class=\"t m0 x22 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2a5c w3f4 h2c\"><div class=\"t m1 x98 h5b y32 ff4 fs19 fc1 sc0 ls0 ws0\">di cui valutate <span class=\"_ _1\"></span>al fair value <span class=\"_ _1\"></span>livello 3 </div></td><td></td><td class=\"c x57b y2a5c w3f5 h2c\"><div class=\"t m0 x22 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x57c y2a5c w3f6 h2c\"><div class=\"t m0 x22 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2a5d w3f4 h2c\"><div class=\"t m0 x10 h1f y32 ff4 fs7 fc1 sc2 ls0 ws0\">D. Pas<span class=\"_ _f\"></span>sivit\u00e0<span class=\"_ _1\"></span> ass<span class=\"_ _1\"></span>ociat<span class=\"_ _f\"></span>e ad att<span class=\"_ _1\"></span>ivit\u00e0<span class=\"_ _1\"></span> oper<span class=\"_ _f\"></span>ative c<span class=\"_ _1\"></span>essa<span class=\"_ _f\"></span>te </div></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x44e y2a5e w3f4 h260\"><div class=\"t m0 x10 h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">D.1 Passivit\u00e0 fina<span class=\"_ _1\"></span>nziarie valutate a<span class=\"_ _f\"></span>l<span class=\"_ _2\"></span> costo ammo<span class=\"_ _1\"></span>rtizzato </div></td><td></td><td class=\"c x57b y2a5e w3f5 h260\"><div class=\"t m0 x22 h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x57c y2a5e w3f6 h260\"><div class=\"t m0 x22 h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2a5f w3f4 h2d\"><div class=\"t m0 x10 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">D.2 Passivit\u00e0 fina<span class=\"_ _1\"></span>nziarie di neg<span class=\"_ _1\"></span>oziazione </div></td><td></td><td class=\"c x57b y2a5f w3f5 h2d\"><div class=\"t m0 x22 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x57c y2a5f w3f6 h2d\"><div class=\"t m0 x22 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2a60 w3f4 h2d\"><div class=\"t m0 x10 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">D.3 Passivit\u00e0 fi<span class=\"_ _1\"></span>nanziarie designate<span class=\"_ _1\"></span> al fair value<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x57b y2a60 w3f5 h2d\"><div class=\"t m0 x22 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x57c y2a60 w3f6 h2d\"><div class=\"t m0 x22 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2a61 w3f4 h2d\"><div class=\"t m0 x10 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">D.4 Fondi </div></td><td></td><td class=\"c x57b y2a61 w3f5 h2d\"><div class=\"t m0 x22 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x57c y2a61 w3f6 h2d\"><div class=\"t m0 x22 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2a62 w3f4 h2c\"><div class=\"t m0 x10 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">D.5 Altre pass<span class=\"_ _1\"></span>ivit\u00e0 </div></td><td></td><td class=\"c x57b y2a62 w3f5 h2c\"><div class=\"t m0 x22 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x57c y2a62 w3f6 h2c\"><div class=\"t m0 x22 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2a63 w3f4 h2c\"><div class=\"t m0 x1d8 h1f y32 ff4 fs7 fc1 sc2 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale (D<span class=\"_ _1\"></span>) </div></td><td></td><td class=\"c x57b y2a63 w3f5 h2c\"><div class=\"t m0 x22 h1f y32 ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td><td></td><td class=\"c x57c y2a63 w3f6 h2c\"><div class=\"t m0 x22 h1f y32 ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2a64 w3f4 h2c\"><div class=\"t m1 xbc h5b y32 ff4 fs19 fc1 sc0 ls0 ws0\">di cui valutate <span class=\"_ _1\"></span>al costo </div></td><td></td><td class=\"c x57b y2a64 w3f5 h2c\"><div class=\"t m0 x22 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x57c y2a64 w3f6 h2c\"><div class=\"t m0 x22 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2a65 w3f4 h2c\"><div class=\"t m1 x109 h5b y32 ff4 fs19 fc1 sc0 ls0 ws0\">di cui valutate <span class=\"_ _1\"></span>al fair value <span class=\"_ _1\"></span>livello 1 </div></td><td></td><td class=\"c x57b y2a65 w3f5 h2c\"><div class=\"t m0 x22 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x57c y2a65 w3f6 h2c\"><div class=\"t m0 x22 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2a66 w3f4 h2c\"><div class=\"t m1 x98 h5b y32 ff4 fs19 fc1 sc0 ls0 ws0\">di cui valutate <span class=\"_ _1\"></span>al fair value <span class=\"_ _1\"></span>livello 2 </div></td><td></td><td class=\"c x57b y2a66 w3f5 h2c\"><div class=\"t m0 x22 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x57c y2a66 w3f6 h2c\"><div class=\"t m0 x22 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2a67 w3f4 h27a\"><div class=\"t m1 x98 h5b y32 ff4 fs19 fc1 sc0 ls0 ws0\">di cui valutate <span class=\"_ _1\"></span>al fair value <span class=\"_ _1\"></span>livello 3 </div></td><td></td><td class=\"c x57b y2a67 w3f5 h27a\"><div class=\"t m0 x22 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x57c y2a67 w3f6 h27a\"><div class=\"t m0 x22 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr></table>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfDiscontinuedOperationsExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-782": {
   "value": "Sezio<span class=\"_ _1\"></span>ne <span class=\"ls5b\">12 </span><span class=\"ff5\">\u2013</span> A<span class=\"_ _f\"></span>ttivit\u00e0 non <span class=\"_ _1\"></span>corren<span class=\"_ _1\"></span>ti e gru<span class=\"_ _f\"></span>ppi di attivit\u00e0<span class=\"_ _f\"></span> in via d<span class=\"_ _1\"></span>i dismis<span class=\"_ _1\"></span>sione<span class=\"_ _1\"></span> e pa<span class=\"_ _f\"></span>ssivit\u00e0 ass<span class=\"_ _1\"></span>ociate<span class=\"_ _f\"></span> <span class=\"_ _2\"></span><span class=\"ff5\">\u2013</span> Vo<span class=\"_ _f\"></span>ce 120 dell\u2019a<span class=\"_ _f\"></span>ttivo e voce<span class=\"_ _1\"></span> 70 d<span class=\"_ _f\"></span>el passivo<span class=\"ff4\"> </span>12.1 At<span class=\"_ _1\"></span>tivit\u00e0<span class=\"_ _f\"></span> non corr<span class=\"_ _f\"></span>enti e gru<span class=\"_ _1\"></span>ppi <span class=\"_ _f\"></span>di attivit\u00e0<span class=\"_ _f\"></span> in via di<span class=\"_ _1\"></span> dism<span class=\"_ _1\"></span>issio<span class=\"_ _f\"></span>ne: com<span class=\"_ _1\"></span>posizi<span class=\"_ _1\"></span>one p<span class=\"_ _1\"></span>er ti<span class=\"_ _1\"></span>polog<span class=\"_ _1\"></span>ia d<span class=\"_ _1\"></span>i at<span class=\"_ _1\"></span>tivit\u00e0 <table class=\"s wbb0 h4f1\" id=\"_05c62c38-3dbc-4667-9f3c-5368b9062be8\"><tr><td></td><td class=\"c x57b y2a30 w123 h2c\"><div class=\"t m0 x8f h1f y32 ff4 fs7 fc4 sc3 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale </div></td><td></td><td class=\"c x57c y2a30 w3f1 h2c\"><div class=\"t m0 x8f h1f y32 ff4 fs7 fc4 sc3 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale </div></td><td></td></tr><tr><td class=\"c x44e y2a31 w3f4 h2c\"><div class=\"t m0 x10 h1f y32 ff4 fs7 fc1 sc2 ls0 ws0\">A. Att<span class=\"_ _f\"></span>ivit\u00e0 pos<span class=\"_ _f\"></span>sedute<span class=\"_ _f\"></span> per la v<span class=\"_ _f\"></span>endita<span class=\"_ _1\"></span> </div></td><td class=\"c x57b y2a32 w3f2 h2c\"><div class=\"t m0 x97 h1f y32 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/<span class=\"_ _f\"></span>2025 </div></td><td class=\"c x57d y2a33 w993 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/<span class=\"_ _df\"> </span></div></td><td class=\"c x57e y2a33 w994 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">2024<span class=\"_ _df\"> </span></div></td><td></td></tr><tr><td class=\"c x44e y2a34 w3f4 h2c\"><div class=\"t m0 x10 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">A.1 Attivit\u00e0 finanz<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span>arie </div></td><td></td><td class=\"c x57b y2a34 w3f5 h2c\"><div class=\"t m0 x22 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x57c y2a34 w3f6 h2c\"><div class=\"t m0 x22 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2a35 w3f4 h2d\"><div class=\"t m0 x10 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">A.2 Partecipazioni<span class=\"_ _1\"></span> </div></td><td></td><td class=\"c x57b y2a35 w3f5 h2d\"><div class=\"t m0 x22 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x57c y2a35 w3f6 h2d\"><div class=\"t m0 x22 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2a36 w3f4 h2d\"><div class=\"t m0 x10 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">A.3 Attivit\u00e0 mate<span class=\"_ _1\"></span>riali<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x57b y2a36 w3f5 h2d\"><div class=\"t m0 x22 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x57c y2a36 w3f6 h2d\"><div class=\"t m0 xed h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">533 </div></td></tr><tr><td class=\"c x44e y2a37 w3f4 h279\"><div class=\"t m0 x32 h1f y54 ff5 fs7 fc1 sc0 ls0 ws0\">di cui: ottenute<span class=\"_ _1\"></span> tramite l\u2019escuss<span class=\"_ _1\"></span>ione delle ga<span class=\"_ _1\"></span>ranzie ricevute<span class=\"ff4\"> </span></div></td><td></td><td class=\"c x57b y2a37 w3f5 h279\"><div class=\"t m0 x22 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x57c y2a37 w3f6 h279\"><div class=\"t m0 x22 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2a38 w3f4 h2c\"><div class=\"t m0 x10 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">A.4 Attivit\u00e0 imm<span class=\"_ _1\"></span>ateriali<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x57b y2a38 w3f5 h2c\"><div class=\"t m0 x22 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x57c y2a38 w3f6 h2c\"><div class=\"t m0 x22 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2a39 w3f4 h2c\"><div class=\"t m0 x10 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">A.5 Altre attivit\u00e0<span class=\"_ _1\"></span> non correnti<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x57b y2a39 w3f5 h2c\"><div class=\"t m0 x22 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x57c y2a39 w3f6 h2c\"><div class=\"t m0 x22 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2a3a w3f4 h2d\"><div class=\"t m0 x1d8 h1f y32 ff4 fs7 fc1 sc2 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale (A<span class=\"_ _f\"></span>) </div></td><td></td><td class=\"c x57b y2a3a w3f5 h2d\"><div class=\"t m0 x22 h1f y32 ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td><td></td><td class=\"c x57c y2a3a w3f6 h2d\"><div class=\"t m0 xed h1f y32 ff4 fs7 fc1 sc2 ls0 ws0\">533<span class=\"_ _f\"></span> </div></td></tr><tr><td class=\"c x44e y2a3b w3f4 h2d\"><div class=\"t m1 xbc h5b y32 ff4 fs19 fc1 sc0 ls0 ws0\">di cui valutate <span class=\"_ _1\"></span>al costo </div></td><td></td><td class=\"c x57b y2a3b w3f5 h2d\"><div class=\"t m0 x22 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x57c y2a3b w3f6 h2d\"><div class=\"t m0 xed h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">533 </div></td></tr><tr><td class=\"c x44e y2a3c w3f4 h2d\"><div class=\"t m1 x109 h5b y32 ff4 fs19 fc1 sc0 ls0 ws0\">di cui valutate <span class=\"_ _1\"></span>al fair value <span class=\"_ _1\"></span>livello 1 </div></td><td></td><td class=\"c x57b y2a3c w3f5 h2d\"><div class=\"t m0 x22 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x57c y2a3c w3f6 h2d\"><div class=\"t m0 x22 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2a3d w3f4 h2c\"><div class=\"t m1 x98 h5b y32 ff4 fs19 fc1 sc0 ls0 ws0\">di cui valutate <span class=\"_ _1\"></span>al fair value livell<span class=\"_ _1\"></span>o 2 </div></td><td></td><td class=\"c x57b y2a3d w3f5 h2c\"><div class=\"t m0 x22 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x57c y2a3d w3f6 h2c\"><div class=\"t m0 x22 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2a3e w3f4 h2c\"><div class=\"t m1 x98 h5b y32 ff4 fs19 fc1 sc0 ls0 ws0\">di cui valutate <span class=\"_ _1\"></span>al fair value <span class=\"_ _1\"></span>livello 3 </div></td><td></td><td class=\"c x57b y2a3e w3f5 h2c\"><div class=\"t m0 x22 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x57c y2a3e w3f6 h2c\"><div class=\"t m0 x22 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2a3f w3f4 h2c\"><div class=\"t m0 x10 h1f y32 ff4 fs7 fc1 sc2 ls0 ws0\">B. At<span class=\"_ _1\"></span>tivit<span class=\"_ _1\"></span>\u00e0 ope<span class=\"_ _1\"></span>rat<span class=\"_ _1\"></span>ive ce<span class=\"_ _1\"></span>ssa<span class=\"_ _1\"></span>te </div></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x262 y2a40 wbb1 h4f2\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">B.1 Attivit\u00e0 finanz<span class=\"_ _1\"></span>iarie valutate <span class=\"_ _f\"></span>al<span class=\"_ _2\"></span> fair <span class=\"_ _1\"></span>value con impat<span class=\"_ _1\"></span>to a conto<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x57b y2a41 w3f5 hbb\"><div class=\"t m0 x22 h1f y16ec ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x57c y2a41 w3f6 hbb\"><div class=\"t m0 x22 h1f y16ec ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x262 y2a42 w962 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">economico<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x44e y2a43 w3f4 h2c\"><div class=\"t m0 x10 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">- attivit\u00e0 finanzi<span class=\"_ _1\"></span>arie detenute per <span class=\"_ _f\"></span>l<span class=\"_ _2\"></span>a negoziaz<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span>one<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x57b y2a43 w3f5 h2c\"><div class=\"t m0 x22 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x57c y2a43 w3f6 h2c\"><div class=\"t m0 x22 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2a44 w3f4 h2d\"><div class=\"t m0 x10 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">- attivit\u00e0 finanziarie de<span class=\"_ _f\"></span>signate al fair value </div></td><td></td><td class=\"c x57b y2a44 w3f5 h2d\"><div class=\"t m0 x22 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x57c y2a44 w3f6 h2d\"><div class=\"t m0 x22 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2a45 w3f4 h211\"><div class=\"t m0 x10 h1f y56 ff4 fs7 fc1 sc0 ls0 ws0\">- altre attivit\u00e0 f<span class=\"_ _1\"></span>inanziarie obbl<span class=\"_ _1\"></span>igatoriamente valuta<span class=\"_ _f\"></span>te al fair value<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x57b y2a45 w3f5 h211\"><div class=\"t m0 x22 h1f y56 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x57c y2a45 w3f6 h211\"><div class=\"t m0 x22 h1f y56 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x262 y2a46 wbb2 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">B.2 Attivit\u00e0 fin<span class=\"_ _1\"></span>anziarie valutate <span class=\"_ _f\"></span>al<span class=\"_ _2\"></span> fair<span class=\"_ _f\"></span> v<span class=\"_ _2\"></span>alue con <span class=\"_ _1\"></span>impatto sulla re<span class=\"_ _1\"></span>dditivit\u00e0<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x57b y2a47 w3f5 had\"><div class=\"t m0 x22 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x57c y2a47 w3f6 had\"><div class=\"t m0 x22 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x262 y2a48 w902 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">complessiva<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x44e y2a49 w3f4 h2d\"><div class=\"t m0 x10 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">B.3 Attivit\u00e0 finanz<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span>arie valut<span class=\"_ _f\"></span>at<span class=\"_ _2\"></span>e a<span class=\"_ _1\"></span>l costo ammortizzato </div></td><td></td><td class=\"c x57b y2a49 w3f5 h2d\"><div class=\"t m0 x22 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x57c y2a49 w3f6 h2d\"><div class=\"t m0 x22 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2a4a w3f4 h2d\"><div class=\"t m0 x10 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">B.4 Partecipazion<span class=\"_ _f\"></span>i </div></td><td></td><td class=\"c x57b y2a4a w3f5 h2d\"><div class=\"t m0 x22 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x57c y2a4a w3f6 h2d\"><div class=\"t m0 x22 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2a4b w3f4 h2d\"><div class=\"t m0 x10 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">B.5 Attivit\u00e0 mate<span class=\"_ _1\"></span>riali<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x57b y2a4b w3f5 h2d\"><div class=\"t m0 x22 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x57c y2a4b w3f6 h2d\"><div class=\"t m0 x22 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2a4c w3f4 h279\"><div class=\"t m0 x116 h1f y54 ff5 fs7 fc1 sc0 ls0 ws0\">di cui: ottenute<span class=\"_ _1\"></span> tramite l\u2019escuss<span class=\"_ _1\"></span>ione delle ga<span class=\"_ _1\"></span>ranzie ricevute<span class=\"ff4\"> </span></div></td><td></td><td class=\"c x57b y2a4c w3f5 h279\"><div class=\"t m0 x22 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x57c y2a4c w3f6 h279\"><div class=\"t m0 x22 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2a4d w3f4 h2c\"><div class=\"t m0 x10 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">B.6 Attivit\u00e0 imma<span class=\"_ _1\"></span>teriali<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x57b y2a4d w3f5 h2c\"><div class=\"t m0 x22 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x57c y2a4d w3f6 h2c\"><div class=\"t m0 x22 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2a4e w3f4 h2c\"><div class=\"t m0 x10 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">B.7 Altre attivit<span class=\"_ _1\"></span>\u00e0 </div></td><td></td><td class=\"c x57b y2a4e w3f5 h2c\"><div class=\"t m0 x22 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x57c y2a4e w3f6 h2c\"><div class=\"t m0 x22 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2a4f w3f4 h2d\"><div class=\"t m0 x1d8 h1f y32 ff4 fs7 fc1 sc2 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale (B<span class=\"_ _1\"></span>) </div></td><td></td><td class=\"c x57b y2a4f w3f5 h2d\"><div class=\"t m0 x22 h1f y32 ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td><td></td><td class=\"c x57c y2a4f w3f6 h2d\"><div class=\"t m0 x22 h1f y32 ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2a50 w3f4 h2d\"><div class=\"t m1 xbc h5b y32 ff4 fs19 fc1 sc0 ls0 ws0\">di cui valutate <span class=\"_ _1\"></span>al costo </div></td><td></td><td class=\"c x57b y2a50 w3f5 h2d\"><div class=\"t m0 x22 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x57c y2a50 w3f6 h2d\"><div class=\"t m0 x22 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2a51 w3f4 h2d\"><div class=\"t m1 x109 h5b y32 ff4 fs19 fc1 sc0 ls0 ws0\">di cui valutate <span class=\"_ _1\"></span>al fair value livello 1 </div></td><td></td><td class=\"c x57b y2a51 w3f5 h2d\"><div class=\"t m0 x22 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x57c y2a51 w3f6 h2d\"><div class=\"t m0 x22 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2a52 w3f4 h2c\"><div class=\"t m1 x98 h5b y32 ff4 fs19 fc1 sc0 ls0 ws0\">di cui valutate <span class=\"_ _1\"></span>al fair value <span class=\"_ _1\"></span>livello 2 </div></td><td></td><td class=\"c x57b y2a52 w3f5 h2c\"><div class=\"t m0 x22 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x57c y2a52 w3f6 h2c\"><div class=\"t m0 x22 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2a53 w3f4 h2c\"><div class=\"t m1 x98 h5b y32 ff4 fs19 fc1 sc0 ls0 ws0\">di cui valutate <span class=\"_ _1\"></span>al fair value <span class=\"_ _1\"></span>livello 3 </div></td><td></td><td class=\"c x57b y2a53 w3f5 h2c\"><div class=\"t m0 x22 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x57c y2a53 w3f6 h2c\"><div class=\"t m0 x22 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2a54 w3f4 h279\"><div class=\"t m0 x10 h1f y54 ff4 fs7 fc1 sc2 ls0 ws0\">C. Pas<span class=\"_ _1\"></span>sivi<span class=\"_ _f\"></span>t\u00e0 ass<span class=\"_ _1\"></span>ociat<span class=\"_ _f\"></span>e ad at<span class=\"_ _1\"></span>tivit<span class=\"_ _1\"></span>\u00e0 pos<span class=\"_ _f\"></span>sedute<span class=\"_ _1\"></span> per l<span class=\"_ _1\"></span>a ven<span class=\"_ _f\"></span>dita </div></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x44e y2a55 w3f4 h2e\"><div class=\"t m0 x10 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">C.1 Debiti </div></td><td></td><td class=\"c x57b y2a55 w3f5 h2e\"><div class=\"t m0 x22 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x57c y2a55 w3f6 h2e\"><div class=\"t m0 x22 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2a56 w3f4 h2d\"><div class=\"t m0 x10 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">C.2 Titoli </div></td><td></td><td class=\"c x57b y2a56 w3f5 h2d\"><div class=\"t m0 x22 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x57c y2a56 w3f6 h2d\"><div class=\"t m0 x22 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2a57 w3f4 h2d\"><div class=\"t m0 x10 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">C.3 Altre pass<span class=\"_ _1\"></span>ivit\u00e0 </div></td><td></td><td class=\"c x57b y2a57 w3f5 h2d\"><div class=\"t m0 x22 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x57c y2a57 w3f6 h2d\"><div class=\"t m0 x22 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2a58 w3f4 h2c\"><div class=\"t m0 x1d8 h1f y32 ff4 fs7 fc1 sc2 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale (C)<span class=\"_ _f\"></span> </div></td><td></td><td class=\"c x57b y2a58 w3f5 h2c\"><div class=\"t m0 x22 h1f y32 ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td><td></td><td class=\"c x57c y2a58 w3f6 h2c\"><div class=\"t m0 x22 h1f y32 ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2a59 w3f4 h2c\"><div class=\"t m1 xbc h5b y32 ff4 fs19 fc1 sc0 ls0 ws0\">di cui valutate <span class=\"_ _1\"></span>al costo </div></td><td></td><td class=\"c x57b y2a59 w3f5 h2c\"><div class=\"t m0 x22 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x57c y2a59 w3f6 h2c\"><div class=\"t m0 x22 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2a5a w3f4 h2c\"><div class=\"t m1 x109 h5b y32 ff4 fs19 fc1 sc0 ls0 ws0\">di cui valutate <span class=\"_ _1\"></span>al fair value <span class=\"_ _1\"></span>livello 1 </div></td><td></td><td class=\"c x57b y2a5a w3f5 h2c\"><div class=\"t m0 x22 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x57c y2a5a w3f6 h2c\"><div class=\"t m0 x22 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2a5b w3f4 h2c\"><div class=\"t m1 x98 h5b y32 ff4 fs19 fc1 sc0 ls0 ws0\">di cui valutate <span class=\"_ _1\"></span>al fair value <span class=\"_ _1\"></span>livello 2 </div></td><td></td><td class=\"c x57b y2a5b w3f5 h2c\"><div class=\"t m0 x22 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x57c y2a5b w3f6 h2c\"><div class=\"t m0 x22 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2a5c w3f4 h2c\"><div class=\"t m1 x98 h5b y32 ff4 fs19 fc1 sc0 ls0 ws0\">di cui valutate <span class=\"_ _1\"></span>al fair value <span class=\"_ _1\"></span>livello 3 </div></td><td></td><td class=\"c x57b y2a5c w3f5 h2c\"><div class=\"t m0 x22 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x57c y2a5c w3f6 h2c\"><div class=\"t m0 x22 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2a5d w3f4 h2c\"><div class=\"t m0 x10 h1f y32 ff4 fs7 fc1 sc2 ls0 ws0\">D. Pas<span class=\"_ _f\"></span>sivit\u00e0<span class=\"_ _1\"></span> ass<span class=\"_ _1\"></span>ociat<span class=\"_ _f\"></span>e ad att<span class=\"_ _1\"></span>ivit\u00e0<span class=\"_ _1\"></span> oper<span class=\"_ _f\"></span>ative c<span class=\"_ _1\"></span>essa<span class=\"_ _f\"></span>te </div></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x44e y2a5e w3f4 h260\"><div class=\"t m0 x10 h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">D.1 Passivit\u00e0 fina<span class=\"_ _1\"></span>nziarie valutate a<span class=\"_ _f\"></span>l<span class=\"_ _2\"></span> costo ammo<span class=\"_ _1\"></span>rtizzato </div></td><td></td><td class=\"c x57b y2a5e w3f5 h260\"><div class=\"t m0 x22 h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x57c y2a5e w3f6 h260\"><div class=\"t m0 x22 h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2a5f w3f4 h2d\"><div class=\"t m0 x10 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">D.2 Passivit\u00e0 fina<span class=\"_ _1\"></span>nziarie di neg<span class=\"_ _1\"></span>oziazione </div></td><td></td><td class=\"c x57b y2a5f w3f5 h2d\"><div class=\"t m0 x22 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x57c y2a5f w3f6 h2d\"><div class=\"t m0 x22 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2a60 w3f4 h2d\"><div class=\"t m0 x10 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">D.3 Passivit\u00e0 fi<span class=\"_ _1\"></span>nanziarie designate<span class=\"_ _1\"></span> al fair value<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x57b y2a60 w3f5 h2d\"><div class=\"t m0 x22 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x57c y2a60 w3f6 h2d\"><div class=\"t m0 x22 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2a61 w3f4 h2d\"><div class=\"t m0 x10 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">D.4 Fondi </div></td><td></td><td class=\"c x57b y2a61 w3f5 h2d\"><div class=\"t m0 x22 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x57c y2a61 w3f6 h2d\"><div class=\"t m0 x22 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2a62 w3f4 h2c\"><div class=\"t m0 x10 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">D.5 Altre pass<span class=\"_ _1\"></span>ivit\u00e0 </div></td><td></td><td class=\"c x57b y2a62 w3f5 h2c\"><div class=\"t m0 x22 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x57c y2a62 w3f6 h2c\"><div class=\"t m0 x22 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2a63 w3f4 h2c\"><div class=\"t m0 x1d8 h1f y32 ff4 fs7 fc1 sc2 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale (D<span class=\"_ _1\"></span>) </div></td><td></td><td class=\"c x57b y2a63 w3f5 h2c\"><div class=\"t m0 x22 h1f y32 ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td><td></td><td class=\"c x57c y2a63 w3f6 h2c\"><div class=\"t m0 x22 h1f y32 ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2a64 w3f4 h2c\"><div class=\"t m1 xbc h5b y32 ff4 fs19 fc1 sc0 ls0 ws0\">di cui valutate <span class=\"_ _1\"></span>al costo </div></td><td></td><td class=\"c x57b y2a64 w3f5 h2c\"><div class=\"t m0 x22 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x57c y2a64 w3f6 h2c\"><div class=\"t m0 x22 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2a65 w3f4 h2c\"><div class=\"t m1 x109 h5b y32 ff4 fs19 fc1 sc0 ls0 ws0\">di cui valutate <span class=\"_ _1\"></span>al fair value <span class=\"_ _1\"></span>livello 1 </div></td><td></td><td class=\"c x57b y2a65 w3f5 h2c\"><div class=\"t m0 x22 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x57c y2a65 w3f6 h2c\"><div class=\"t m0 x22 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2a66 w3f4 h2c\"><div class=\"t m1 x98 h5b y32 ff4 fs19 fc1 sc0 ls0 ws0\">di cui valutate <span class=\"_ _1\"></span>al fair value <span class=\"_ _1\"></span>livello 2 </div></td><td></td><td class=\"c x57b y2a66 w3f5 h2c\"><div class=\"t m0 x22 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x57c y2a66 w3f6 h2c\"><div class=\"t m0 x22 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2a67 w3f4 h27a\"><div class=\"t m1 x98 h5b y32 ff4 fs19 fc1 sc0 ls0 ws0\">di cui valutate <span class=\"_ _1\"></span>al fair value <span class=\"_ _1\"></span>livello 3 </div></td><td></td><td class=\"c x57b y2a67 w3f5 h27a\"><div class=\"t m0 x22 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x57c y2a67 w3f6 h27a\"><div class=\"t m0 x22 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr></table>Sezi<span class=\"_ _f\"></span>one 20<span class=\"_ _f\"></span> <span class=\"ff5\">\u2013</span> Ut<span class=\"_ _1\"></span>ili (P<span class=\"_ _f\"></span>erdite)<span class=\"_ _f\"></span> da ces<span class=\"_ _f\"></span>sion<span class=\"_ _f\"></span>e di in<span class=\"_ _f\"></span>vestim<span class=\"_ _f\"></span>enti -<span class=\"_ _1\"></span> Vo<span class=\"_ _f\"></span>ce 280<span class=\"_ _df\"> </span>20.1 <span class=\"_ _1\"></span>Utile <span class=\"_ _1\"></span>(perd<span class=\"_ _1\"></span>ite) d<span class=\"_ _1\"></span>a ce<span class=\"_ _1\"></span>ssione<span class=\"_ _f\"></span> di inve<span class=\"_ _1\"></span>stim<span class=\"_ _1\"></span>enti: co<span class=\"_ _f\"></span>mposi<span class=\"_ _1\"></span>zione<table class=\"s weea h559\" id=\"_8049e91b-0696-427c-8c3a-ce84629a8030\"><tr><td class=\"c x44e y3263 w450 h23c\"><div class=\"t m0 x11e h1f y8b7 ff4 fs7 fc4 sc3 ls0 ws0\">Com<span class=\"_ _1\"></span>pon<span class=\"_ _1\"></span>ente<span class=\"_ _1\"></span> red<span class=\"_ _f\"></span>dituale/S<span class=\"_ _f\"></span>ettori </div></td><td></td><td class=\"c x575 y3264 w362 h82\"><div class=\"t m0 x11 h1f y32 ff4 fs7 fc4 sc3 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale </div></td><td></td><td class=\"c x44b y3264 w37e h82\"><div class=\"t m0 x11 h1f y32 ff4 fs7 fc4 sc3 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale </div></td><td></td></tr><tr><td></td><td></td><td class=\"c x575 y3263 w362 h82\"><div class=\"t m0 x31 h1f y25c ff4 fs7 fc4 sc3 ls0 ws0\">31/12/<span class=\"_ _f\"></span>2025 </div></td><td class=\"c x44c y2f84 w990 h558\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/</div></td><td class=\"c x576 y2f84 wbae h558\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">2024<span class=\"_ _df\"> </span></div></td><td></td></tr><tr><td class=\"c x44e y3265 w37f h82\"><div class=\"t m0 x10 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">A. Immobili </div></td><td></td><td></td><td class=\"c x44a y3265 w37d h82\"><div class=\"t m0 x24 h1f y54 ff4 fs7 fc1 sc0 ls27 ws0\">30<span class=\"ls0\"> </span></div></td><td></td><td class=\"c x44b y3265 w339 h82\"><div class=\"t m0 x22 h1f y54 ff4 fs7 fc1 sc0 ls9 ws0\">15<span class=\"ls0\"> </span></div></td></tr><tr><td class=\"c x44e y3266 w37f h82\"><div class=\"t m0 x116 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- Utili da cessione<span class=\"_ _1\"></span> </div></td><td></td><td></td><td class=\"c x44a y3266 w37d h82\"><div class=\"t m0 x24 h1f y54 ff4 fs7 fc1 sc0 ls27 ws0\">30<span class=\"ls0\"> </span></div></td><td></td><td class=\"c x44b y3266 w339 h82\"><div class=\"t m0 x171 h1f y54 ff4 fs7 fc1 sc0 ls2a ws0\">226<span class=\"ls0\"> </span></div></td></tr><tr><td class=\"c x44e y3267 w37f h82\"><div class=\"t m0 x116 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- <span class=\"lsf5\">Pe</span>rdite da cess<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span>one </div></td><td></td><td></td><td class=\"c x44a y3267 w37d h82\"><div class=\"t m0 x189 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x44b y3267 w339 h82\"><div class=\"t m0 x1a0 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">(211) </div></td></tr><tr><td class=\"c x44e y3268 w37f h82\"><div class=\"t m0 x10 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">B. Altre attivit\u00e0 </div></td><td></td><td></td><td class=\"c x44a y3268 w37d h82\"><div class=\"t m0 xe3 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">1.663 </div></td><td></td><td class=\"c x44b y3268 w339 h82\"><div class=\"t m0 x1ef h1f y54 ff4 fs7 fc1 sc0 ls28 ws0\">(1)<span class=\"ls0\"> </span></div></td></tr><tr><td class=\"c x44e y3269 w37f h82\"><div class=\"t m0 x116 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- Utili da cessione<span class=\"_ _1\"></span> </div></td><td></td><td></td><td class=\"c x44a y3269 w37d h82\"><div class=\"t m0 xe3 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">1.678 </div></td><td></td><td class=\"c x44b y3269 w339 h82\"><div class=\"t m0 x24 h1f y54 ff4 fs7 fc1 sc0 ls32 ws0\">53<span class=\"ls0\"> </span></div></td></tr><tr><td class=\"c x44e y326a w37f h82\"><div class=\"t m0 x116 h1f y66c ff4 fs7 fc1 sc0 ls0 ws0\">- Perdite da cess<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span>one </div></td><td></td><td></td><td class=\"c x44a y326a w37d h82\"><div class=\"t m0 x191 h1f y66c ff4 fs7 fc1 sc0 ls0 ws0\">(15) </div></td><td></td><td class=\"c x44b y326a w339 h82\"><div class=\"t m0 x171 h1f y66c ff4 fs7 fc1 sc0 ls0 ws0\">(54) </div></td></tr><tr><td></td><td class=\"c x44e y326b w37f h82\"><div class=\"t m0 xa h1f y54 ff4 fs7 fc1 sc2 ls0 ws0\">Risu<span class=\"_ _1\"></span>ltato<span class=\"_ _1\"></span> nett<span class=\"_ _f\"></span>o </div></td><td></td><td class=\"c x44a y326b w37d h82\"><div class=\"t m0 xe3 h1f y54 ff4 fs7 fc1 sc2 ls0 ws0\">1.69<span class=\"_ _1\"></span>3 </div></td><td></td><td class=\"c x44b y326b w339 h82\"><div class=\"t m0 x22 h1f y54 ff4 fs7 fc1 sc2 ls9 ws0\">14<span class=\"ls0\"> </span></div></td></tr></table>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfNoncurrentAssetsHeldForSaleAndDiscontinuedOperationsExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-734": {
   "value": "<div class=\"t m0 he ff4 fs5 fc4 sc3 ls0 ws0 gsbdf\">Sezio<span class=\"_ _1\"></span>ne13 <span class=\"ff5\">\u2013<span class=\"_ _1\"></span><span class=\"ff4\"> Altre <span class=\"_ _1\"></span>attivit\u00e0<span class=\"_ _1\"></span> <span class=\"ff5\">\u2013</span> Vo<span class=\"_ _f\"></span>ce 130 </span></span></div><div class=\"c w37c h27c gsbe0\"><div class=\"t m0 x8a h5 y400 ff4 fs1 fc4 sc3 ls0 ws0\">13.1 <span class=\"_ _1\"></span>Altre a<span class=\"_ _f\"></span>ttivit\u00e0: <span class=\"_ _1\"></span>comp<span class=\"_ _1\"></span>osizio<span class=\"_ _f\"></span>ne<span class=\"fc1 sc0\"> </span></div></div><div class=\"gsbe1\"><table class=\"s wbb3 h4f3\" id=\"_bba3893a-61da-41d2-97bb-aeea084c46db\"><tr><td></td><td></td><td class=\"c x57f y2a68 w3f7 hec\"><div class=\"t m0 x32 h1f y476 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/<span class=\"_ _f\"></span>2025<span class=\"fc1 sc0\"> </span></div></td><td class=\"c x580 y2a68 w3f7 hec\"><div class=\"t m0 x32 h1f y476 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/<span class=\"_ _f\"></span>2024<span class=\"fc1 sc0\"> </span></div></td></tr><tr><td class=\"c x46b y2a69 w3f8 hc8\"><div class=\"t m0 x8a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">Assegni negoziat<span class=\"_ _1\"></span>i da compensare </div></td><td></td><td class=\"c x57f y2a69 w3f7 hc8\"><div class=\"t m0 x49 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">55.558 </div></td><td class=\"c x580 y2a69 w3f9 hc8\"><div class=\"t m0 x49 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">67.556 </div></td></tr><tr><td class=\"c x46b y2a6a w3f8 hc8\"><div class=\"t m0 x8a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">Operazioni su t<span class=\"_ _1\"></span>itoli in lavorazione  </div></td><td></td><td class=\"c x57f y2a6a w3f7 hc8\"><div class=\"t m0 xef h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">1.888 </div></td><td class=\"c x580 y2a6a w3f9 hc8\"><div class=\"t m0 x11d h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">7.814 </div></td></tr><tr><td class=\"c x46b y2a6b w3f8 hc8\"><div class=\"t m0 x8a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">Assegni in corso <span class=\"_ _1\"></span>di lavorazione  </div></td><td></td><td class=\"c x57f y2a6b w3f7 hc8\"><div class=\"t m0 x11d h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">1.037 </div></td><td class=\"c x580 y2a6b w3f9 hc8\"><div class=\"t m0 xc3 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">3.076 </div></td></tr><tr><td class=\"c x46b y2a6c w3f8 hc8\"><div class=\"t m0 x8a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">Operazioni rela<span class=\"_ _1\"></span>tive a servizi di p<span class=\"_ _1\"></span>agamento in c<span class=\"_ _1\"></span>orso di lavoraz<span class=\"_ _1\"></span>ione  </div></td><td></td><td class=\"c x57f y2a6c w3f7 hc8\"><div class=\"t m0 x1af h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">59.719 </div></td><td class=\"c x580 y2a6c w3f9 hc8\"><div class=\"t m0 x49 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">77.327 </div></td></tr><tr><td class=\"c x46b y2a6d w3f8 hc8\"><div class=\"t m0 x8a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">Operazioni rela<span class=\"_ _1\"></span>tive a servizi di p<span class=\"_ _1\"></span>agamento in c<span class=\"_ _1\"></span>orso di maturaz<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span>one  </div></td><td></td><td class=\"c x57f y2a6d w3f7 hc8\"><div class=\"t m0 x1af h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">56.891 </div></td><td class=\"c x580 y2a6d w3f9 hc8\"><div class=\"t m0 x1af h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">71.562 </div></td></tr><tr><td class=\"c x46b y2a6e w3f8 hc8\"><div class=\"t m0 x8a h1f ye4c ff4 fs7 fc1 sc0 lsde ws0\">Ra<span class=\"ls0\">tei atti<span class=\"_ _1\"></span>vi</span><span class=\"ls0\">  </span></div></td><td></td><td class=\"c x57f y2a6e w3f7 hc8\"><div class=\"t m0 x1af h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">12.337 </div></td><td class=\"c x580 y2a6e w3f9 hc8\"><div class=\"t m0 xef h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">5.847 </div></td></tr><tr><td class=\"c x46b y2a6f w3f8 hc8\"><div class=\"t m0 x8a h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">Risconti attivi<span class=\"_ _1\"></span> </div></td><td></td><td class=\"c x57f y2a6f w3f7 hc8\"><div class=\"t m0 xc7 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">54.903 </div></td><td class=\"c x580 y2a6f w3f9 hc8\"><div class=\"t m0 xc7 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">46.038 </div></td></tr><tr><td class=\"c x46b y2a70 w3f8 hc8\"><div class=\"t m0 x8a h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">Assegni ed effet<span class=\"_ _1\"></span>ti insoluti ad al p<span class=\"_ _f\"></span>rotesto tratti sull'azienda e su<span class=\"_ _1\"></span> terzi  </div></td><td></td><td class=\"c x57f y2a70 w3f7 hc8\"><div class=\"t m0 xc3 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">4.202 </div></td><td class=\"c x580 y2a70 w3f9 hc8\"><div class=\"t m0 xc3 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">3.669 </div></td></tr><tr><td class=\"c x46b y2a71 w3f8 h227\"><div class=\"t m0 x8a h1f y1534 ff4 fs7 fc1 sc0 ls0 ws0\">Migliorie e spese <span class=\"_ _f\"></span>i<span class=\"_ _2\"></span>ncremen<span class=\"_ _1\"></span>tative su be<span class=\"_ _f\"></span>ni<span class=\"_ _2\"></span> di terzi  </div></td><td></td><td class=\"c x57f y2a71 w3f7 h227\"><div class=\"t m0 x1af h1f y1534 ff4 fs7 fc1 sc0 ls0 ws0\">21.663 </div></td><td class=\"c x580 y2a71 w3f9 h227\"><div class=\"t m0 x1af h1f y1534 ff4 fs7 fc1 sc0 ls0 ws0\">20.139 </div></td></tr><tr><td class=\"c x46b y2a72 w3f8 hc8\"><div class=\"t m0 x8a h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">Depositi cauzion<span class=\"_ _1\"></span>ali </div></td><td></td><td class=\"c x57f y2a72 w3f7 hc8\"><div class=\"t m0 xe8 h1f ye4c ff4 fs7 fc1 sc0 ls9 ws0\">19<span class=\"ls0\"> </span></div></td><td class=\"c x580 y2a72 w3f9 hc8\"><div class=\"t m0 xe5 h1f ye4c ff4 fs7 fc1 sc0 ls2a ws0\">24<span class=\"ls0\"> </span></div></td></tr><tr><td class=\"c x46b y2a73 w3f8 hc8\"><div class=\"t m0 x8a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">Debitori divers<span class=\"_ _1\"></span>i per fatture emesse  </div></td><td></td><td class=\"c x57f y2a73 w3f7 hc8\"><div class=\"t m0 x49 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">24.240 </div></td><td class=\"c x580 y2a73 w3f9 hc8\"><div class=\"t m0 x49 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">47.690 </div></td></tr><tr><td class=\"c x46b y2a74 w3f8 hc8\"><div class=\"t m0 x8a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">Crediti d'imp<span class=\"_ _1\"></span>osta </div></td><td></td><td class=\"c x57f y2a74 w3f7 hc8\"><div class=\"t m0 xc6 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">655.438 </div></td><td class=\"c x580 y2a74 w3f9 hc8\"><div class=\"t m0 xf h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">844.386 </div></td></tr><tr><td class=\"c x46b y2a75 w3f8 hc8\"><div class=\"t m0 x8a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">Contenzioso non c<span class=\"_ _f\"></span>r<span class=\"_ _2\"></span>editizi<span class=\"_ _1\"></span>o </div></td><td></td><td class=\"c x57f y2a75 w3f7 hc8\"><div class=\"t m0 xec h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">729 </div></td><td class=\"c x580 y2a75 w3f9 hc8\"><div class=\"t m0 x11f h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">980 </div></td></tr><tr><td class=\"c x46b y2a76 w3f8 hc8\"><div class=\"t m0 x8a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">Debitori divers<span class=\"_ _1\"></span>i  </div></td><td></td><td class=\"c x57f y2a76 w3f7 hc8\"><div class=\"t m0 xa3 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">293.190 </div></td><td class=\"c x580 y2a76 w3f9 hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">113.354 </div></td></tr><tr><td class=\"c x46b y2a77 w3f8 hc8\"><div class=\"t m0 x8a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">Partite viaggianti<span class=\"_ _1\"></span> con le filiali  </div></td><td></td><td class=\"c x57f y2a77 w3f7 hc8\"><div class=\"t m0 xef h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">8.277 </div></td><td class=\"c x580 y2a77 w3f9 hc8\"><div class=\"t m0 xef h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">5.497 </div></td></tr><tr><td></td><td class=\"c x46b y2a78 w3f8 hc8\"><div class=\"t m0 x3 h1f y32 ff4 fs7 fc1 sc2 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale<span class=\"sc0\"> </span></div></td><td class=\"c x57f y2a78 w3f7 hc8\"><div class=\"t m0 x1c h1f y32 ff4 fs7 fc1 sc2 ls0 ws0\">1.25<span class=\"_ _1\"></span>0.091<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x580 y2a78 w3f9 hc8\"><div class=\"t m0 x1c h1f y32 ff4 fs7 fc1 sc2 ls0 ws0\">1.314.9<span class=\"_ _f\"></span>59<span class=\"sc0\"> </span></div></td></tr></table></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsbe2\">Le operazioni relative a <span class=\"_ _2\"></span>servizi di <span class=\"_ _2\"></span>pagamento in corso <span class=\"_ _2\"></span>di lavorazione/maturazione sono relative ad </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsbe3\">addebiti ricevuti ma non ancora add<span class=\"_ _1\"></span>ebitati sui conti della clientela.<span class=\"_ _2\"></span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsbe4\">Non sono presenti impairment loss (IFRS 9) su credi<span class=\"_ _1\"></span>ti relativi a contratti con la cliente<span class=\"_ _1\"></span>la e contract </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsbe5\">assets. </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsbe6\">Nella <span class=\"_ _d\"></span>voc<span class=\"ff5\">e <span class=\"_ _d\"></span>\u201ccrediti <span class=\"_ _d\"></span>d\u2019imposta\u201d <span class=\"_ _d\"></span>sono <span class=\"_ _d\"></span>presenti <span class=\"_ _d\"></span>le <span class=\"_ _d\"></span>attivit\u00e0 <span class=\"_ _d\"></span>fiscali <span class=\"_ _d\"></span>connesse <span class=\"_ _d\"></span>con <span class=\"_ _d\"></span>l\u2019a<span class=\"_ _2\"></span></span>ttivit\u00e0 <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>sostituto </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gsbe7\">d\u2019imposta.<span class=\"ff4\"> </span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gsbe8\">Nella <span class=\"_ _9\"> </span>voce <span class=\"_ _9\"> </span>\u201cRisconti <span class=\"_ _9\"> </span>attivi\u201d <span class=\"_ _9\"> </span>sono <span class=\"_ _9\"> </span>presenti <span class=\"_ _9\"> </span>anche <span class=\"_ _9\"> </span>costi <span class=\"_ _9\"> </span>sostenuti <span class=\"_ _9\"> </span>per <span class=\"_ _9\"> </span>l\u2019ottenimento <span class=\"_ _9\"> </span>dei <span class=\"_ _0\"> </span>contratti </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsbe9\">verso <span class=\"_ _15\"> </span>promotori <span class=\"_ _14\"> </span>finanziari, <span class=\"_ _15\"> </span>di <span class=\"_ _14\"> </span>competenza <span class=\"_ _14\"> </span>di <span class=\"_ _15\"> </span>esercizi <span class=\"_ _15\"> </span>futuri,<span class=\"_ _2\"></span> <span class=\"_ _14\"> </span>pari <span class=\"_ _15\"> </span>a <span class=\"_ _15\"> </span><span class=\"ls4\">26</span> <span class=\"_ _15\"> </span>milioni <span class=\"_ _15\"> </span>di <span class=\"_ _14\"> </span>euro. <span class=\"_ _15\"> </span>La </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsbea\">movimentazione della voce \u00e8 la seguente:   </div><div class=\"gsbeb\"><table class=\"s wbb4 h4f4\" id=\"_132da056-4200-4606-b5b8-42f2ed5d5ea2\"><tr><td></td><td class=\"c x582 y2a79 w11c h49\"><div class=\"t m0 x31 h1f y32 ff4 fs7 fc4 sc3 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale </div></td><td></td><td class=\"c x583 y2a79 w3fa h49\"><div class=\"t m0 x26 h1f y32 ff4 fs7 fc4 sc3 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale </div></td><td></td></tr><tr><td></td><td class=\"c x584 y2a7a w3fb h49\"><div class=\"t m0 x3a h1f y68b ff4 fs7 fc4 sc3 ls0 ws0\">31/12/<span class=\"_ _f\"></span>2025 </div></td><td class=\"c x585 y2a7b w993 h4c0\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/<span class=\"_ _df\"> </span></div></td><td class=\"c x586 y2a7b w994 h4c0\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc4 sc3 ls0 ws0\">2024<span class=\"_ _df\"> </span></div></td><td></td></tr><tr><td class=\"c x587 y2a7c w4a hc8\"><div class=\"t m0 x15d h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">1. Impo<span class=\"_ _f\"></span>rto ini<span class=\"_ _1\"></span>ziale<span class=\"_ _f\"></span> </div></td><td></td><td class=\"c x584 y2a7c w3fb hc8\"><div class=\"t m0 xeb h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">21.04<span class=\"_ _f\"></span>1 </div></td><td></td><td class=\"c x583 y2a7c w8e hc8\"><div class=\"t m0 x49 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">19.59<span class=\"_ _f\"></span>9 </div></td></tr><tr><td class=\"c x587 y2a7d w3fd hc8\"><div class=\"t m0 x15d h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">2. Aum<span class=\"_ _f\"></span>enti<span class=\"_ _1\"></span> </div></td><td></td><td class=\"c x582 y2a7d w11c hc8\"><div class=\"t m0 xec h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">19.49<span class=\"_ _1\"></span>2 </div></td><td></td><td class=\"c x583 y2a7d w3fe hc8\"><div class=\"t m0 x49 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">12.93<span class=\"_ _f\"></span>2 </div></td></tr><tr><td class=\"c x587 y2a7e w3fd hc8\"><div class=\"t m0 x15d h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">2.1 Altri aumenti<span class=\"_ _1\"></span> </div></td><td></td><td class=\"c x582 y2a7e w11c hc8\"><div class=\"t m0 x11f h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">19.492 </div></td><td></td><td class=\"c x583 y2a7e w3fe hc8\"><div class=\"t m0 x49 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">12.932 </div></td></tr><tr><td class=\"c x587 y2a7f w3fd hc8\"><div class=\"t m0 x15d h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">3. Di<span class=\"_ _1\"></span>min<span class=\"_ _1\"></span>uzion<span class=\"_ _1\"></span>i </div></td><td></td><td class=\"c x582 y2a7f w11c hc8\"><div class=\"t m0 x11f h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">14.85<span class=\"_ _1\"></span>6 </div></td><td></td><td class=\"c x583 y2a7f w3fe hc8\"><div class=\"t m0 x1af h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">11.49<span class=\"_ _f\"></span>0 </div></td></tr><tr><td class=\"c x587 y2a80 w3fd h227\"><div class=\"t m0 x15d h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">3.1 ammortament<span class=\"_ _f\"></span>i </div></td><td></td><td class=\"c x582 y2a80 w11c h227\"><div class=\"t m0 x11f h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">14.856 </div></td><td></td><td class=\"c x583 y2a80 w3fe h227\"><div class=\"t m0 x49 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">11.490 </div></td></tr><tr><td class=\"c x587 y2a81 w3fd hc8\"><div class=\"t m0 x15d h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">4. Im<span class=\"_ _1\"></span>por<span class=\"_ _1\"></span>to fi<span class=\"_ _1\"></span>nale<span class=\"_ _1\"></span> </div></td><td></td><td class=\"c x582 y2a81 w11c hc8\"><div class=\"t m0 x11f h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">25.67<span class=\"_ _f\"></span>7 </div></td><td></td><td class=\"c x583 y2a81 w3fe hc8\"><div class=\"t m0 x1af h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">21.04<span class=\"_ _f\"></span>1 </div></td></tr></table></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gsbec\">Nella <span class=\"_ _d\"></span>voce <span class=\"_ _d\"></span>\u201ccrediti <span class=\"_ _d\"></span>d\u2019imposta\u201d <span class=\"_ _d\"></span>sono <span class=\"_ _d\"></span>presenti <span class=\"_ _d\"></span>le <span class=\"_ _d\"></span>attivit\u00e0 <span class=\"_ _d\"></span>fiscali <span class=\"_ _d\"></span>connesse <span class=\"_ _2\"></span>con <span class=\"_ _0\"></span>l\u2019attivit\u00e0 <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>sostituto </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gsbed\">d\u2019imposta.<span class=\"ff4\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsbee\">Sono <span class=\"_ _2\"></span>presenti crediti <span class=\"_ _2\"></span>di imposta ai <span class=\"_ _2\"></span>sensi <span class=\"_ _2\"></span>del D.L. <span class=\"_ _2\"></span>n.18/2020<span class=\"_ _1\"></span> <span class=\"_ _2\"></span>(Cura Italia) e<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>D.L. n.34/<span class=\"_ _2\"></span>2020 (Rilancio) </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsbef\">(eco bonus e sisma bonus) per un controvalore complessivo di<span class=\"_ _1\"></span> <span class=\"_ _2\"></span>302,9 milioni di euro.<span class=\"_ _df\"> </span><span class=\"_ _13\"></span> </div>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfOtherCurrentAssetsExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-783": {
   "value": "Sezio<span class=\"_ _1\"></span>ne13 <span class=\"ff5\">\u2013<span class=\"_ _1\"></span><span class=\"ff4\"> Altre <span class=\"_ _1\"></span>attivit\u00e0<span class=\"_ _1\"></span> <span class=\"ff5\">\u2013</span> Vo<span class=\"_ _f\"></span>ce 130 </span></span>13.1 <span class=\"_ _1\"></span>Altre a<span class=\"_ _f\"></span>ttivit\u00e0: <span class=\"_ _1\"></span>comp<span class=\"_ _1\"></span>osizio<span class=\"_ _f\"></span>ne<span class=\"fc1 sc0\"> </span><table class=\"s wbb3 h4f3\" id=\"_bba3893a-61da-41d2-97bb-aeea084c46db\"><tr><td></td><td></td><td class=\"c x57f y2a68 w3f7 hec\"><div class=\"t m0 x32 h1f y476 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/<span class=\"_ _f\"></span>2025<span class=\"fc1 sc0\"> </span></div></td><td class=\"c x580 y2a68 w3f7 hec\"><div class=\"t m0 x32 h1f y476 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/<span class=\"_ _f\"></span>2024<span class=\"fc1 sc0\"> </span></div></td></tr><tr><td class=\"c x46b y2a69 w3f8 hc8\"><div class=\"t m0 x8a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">Assegni negoziat<span class=\"_ _1\"></span>i da compensare </div></td><td></td><td class=\"c x57f y2a69 w3f7 hc8\"><div class=\"t m0 x49 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">55.558 </div></td><td class=\"c x580 y2a69 w3f9 hc8\"><div class=\"t m0 x49 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">67.556 </div></td></tr><tr><td class=\"c x46b y2a6a w3f8 hc8\"><div class=\"t m0 x8a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">Operazioni su t<span class=\"_ _1\"></span>itoli in lavorazione  </div></td><td></td><td class=\"c x57f y2a6a w3f7 hc8\"><div class=\"t m0 xef h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">1.888 </div></td><td class=\"c x580 y2a6a w3f9 hc8\"><div class=\"t m0 x11d h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">7.814 </div></td></tr><tr><td class=\"c x46b y2a6b w3f8 hc8\"><div class=\"t m0 x8a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">Assegni in corso <span class=\"_ _1\"></span>di lavorazione  </div></td><td></td><td class=\"c x57f y2a6b w3f7 hc8\"><div class=\"t m0 x11d h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">1.037 </div></td><td class=\"c x580 y2a6b w3f9 hc8\"><div class=\"t m0 xc3 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">3.076 </div></td></tr><tr><td class=\"c x46b y2a6c w3f8 hc8\"><div class=\"t m0 x8a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">Operazioni rela<span class=\"_ _1\"></span>tive a servizi di p<span class=\"_ _1\"></span>agamento in c<span class=\"_ _1\"></span>orso di lavoraz<span class=\"_ _1\"></span>ione  </div></td><td></td><td class=\"c x57f y2a6c w3f7 hc8\"><div class=\"t m0 x1af h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">59.719 </div></td><td class=\"c x580 y2a6c w3f9 hc8\"><div class=\"t m0 x49 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">77.327 </div></td></tr><tr><td class=\"c x46b y2a6d w3f8 hc8\"><div class=\"t m0 x8a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">Operazioni rela<span class=\"_ _1\"></span>tive a servizi di p<span class=\"_ _1\"></span>agamento in c<span class=\"_ _1\"></span>orso di maturaz<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span>one  </div></td><td></td><td class=\"c x57f y2a6d w3f7 hc8\"><div class=\"t m0 x1af h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">56.891 </div></td><td class=\"c x580 y2a6d w3f9 hc8\"><div class=\"t m0 x1af h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">71.562 </div></td></tr><tr><td class=\"c x46b y2a6e w3f8 hc8\"><div class=\"t m0 x8a h1f ye4c ff4 fs7 fc1 sc0 lsde ws0\">Ra<span class=\"ls0\">tei atti<span class=\"_ _1\"></span>vi</span><span class=\"ls0\">  </span></div></td><td></td><td class=\"c x57f y2a6e w3f7 hc8\"><div class=\"t m0 x1af h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">12.337 </div></td><td class=\"c x580 y2a6e w3f9 hc8\"><div class=\"t m0 xef h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">5.847 </div></td></tr><tr><td class=\"c x46b y2a6f w3f8 hc8\"><div class=\"t m0 x8a h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">Risconti attivi<span class=\"_ _1\"></span> </div></td><td></td><td class=\"c x57f y2a6f w3f7 hc8\"><div class=\"t m0 xc7 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">54.903 </div></td><td class=\"c x580 y2a6f w3f9 hc8\"><div class=\"t m0 xc7 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">46.038 </div></td></tr><tr><td class=\"c x46b y2a70 w3f8 hc8\"><div class=\"t m0 x8a h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">Assegni ed effet<span class=\"_ _1\"></span>ti insoluti ad al p<span class=\"_ _f\"></span>rotesto tratti sull'azienda e su<span class=\"_ _1\"></span> terzi  </div></td><td></td><td class=\"c x57f y2a70 w3f7 hc8\"><div class=\"t m0 xc3 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">4.202 </div></td><td class=\"c x580 y2a70 w3f9 hc8\"><div class=\"t m0 xc3 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">3.669 </div></td></tr><tr><td class=\"c x46b y2a71 w3f8 h227\"><div class=\"t m0 x8a h1f y1534 ff4 fs7 fc1 sc0 ls0 ws0\">Migliorie e spese <span class=\"_ _f\"></span>i<span class=\"_ _2\"></span>ncremen<span class=\"_ _1\"></span>tative su be<span class=\"_ _f\"></span>ni<span class=\"_ _2\"></span> di terzi  </div></td><td></td><td class=\"c x57f y2a71 w3f7 h227\"><div class=\"t m0 x1af h1f y1534 ff4 fs7 fc1 sc0 ls0 ws0\">21.663 </div></td><td class=\"c x580 y2a71 w3f9 h227\"><div class=\"t m0 x1af h1f y1534 ff4 fs7 fc1 sc0 ls0 ws0\">20.139 </div></td></tr><tr><td class=\"c x46b y2a72 w3f8 hc8\"><div class=\"t m0 x8a h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">Depositi cauzion<span class=\"_ _1\"></span>ali </div></td><td></td><td class=\"c x57f y2a72 w3f7 hc8\"><div class=\"t m0 xe8 h1f ye4c ff4 fs7 fc1 sc0 ls9 ws0\">19<span class=\"ls0\"> </span></div></td><td class=\"c x580 y2a72 w3f9 hc8\"><div class=\"t m0 xe5 h1f ye4c ff4 fs7 fc1 sc0 ls2a ws0\">24<span class=\"ls0\"> </span></div></td></tr><tr><td class=\"c x46b y2a73 w3f8 hc8\"><div class=\"t m0 x8a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">Debitori divers<span class=\"_ _1\"></span>i per fatture emesse  </div></td><td></td><td class=\"c x57f y2a73 w3f7 hc8\"><div class=\"t m0 x49 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">24.240 </div></td><td class=\"c x580 y2a73 w3f9 hc8\"><div class=\"t m0 x49 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">47.690 </div></td></tr><tr><td class=\"c x46b y2a74 w3f8 hc8\"><div class=\"t m0 x8a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">Crediti d'imp<span class=\"_ _1\"></span>osta </div></td><td></td><td class=\"c x57f y2a74 w3f7 hc8\"><div class=\"t m0 xc6 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">655.438 </div></td><td class=\"c x580 y2a74 w3f9 hc8\"><div class=\"t m0 xf h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">844.386 </div></td></tr><tr><td class=\"c x46b y2a75 w3f8 hc8\"><div class=\"t m0 x8a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">Contenzioso non c<span class=\"_ _f\"></span>r<span class=\"_ _2\"></span>editizi<span class=\"_ _1\"></span>o </div></td><td></td><td class=\"c x57f y2a75 w3f7 hc8\"><div class=\"t m0 xec h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">729 </div></td><td class=\"c x580 y2a75 w3f9 hc8\"><div class=\"t m0 x11f h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">980 </div></td></tr><tr><td class=\"c x46b y2a76 w3f8 hc8\"><div class=\"t m0 x8a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">Debitori divers<span class=\"_ _1\"></span>i  </div></td><td></td><td class=\"c x57f y2a76 w3f7 hc8\"><div class=\"t m0 xa3 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">293.190 </div></td><td class=\"c x580 y2a76 w3f9 hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">113.354 </div></td></tr><tr><td class=\"c x46b y2a77 w3f8 hc8\"><div class=\"t m0 x8a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">Partite viaggianti<span class=\"_ _1\"></span> con le filiali  </div></td><td></td><td class=\"c x57f y2a77 w3f7 hc8\"><div class=\"t m0 xef h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">8.277 </div></td><td class=\"c x580 y2a77 w3f9 hc8\"><div class=\"t m0 xef h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">5.497 </div></td></tr><tr><td></td><td class=\"c x46b y2a78 w3f8 hc8\"><div class=\"t m0 x3 h1f y32 ff4 fs7 fc1 sc2 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale<span class=\"sc0\"> </span></div></td><td class=\"c x57f y2a78 w3f7 hc8\"><div class=\"t m0 x1c h1f y32 ff4 fs7 fc1 sc2 ls0 ws0\">1.25<span class=\"_ _1\"></span>0.091<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x580 y2a78 w3f9 hc8\"><div class=\"t m0 x1c h1f y32 ff4 fs7 fc1 sc2 ls0 ws0\">1.314.9<span class=\"_ _f\"></span>59<span class=\"sc0\"> </span></div></td></tr></table>Le operazioni relative a <span class=\"_ _2\"></span>servizi di <span class=\"_ _2\"></span>pagamento in corso <span class=\"_ _2\"></span>di lavorazione/maturazione sono relative ad addebiti ricevuti ma non ancora add<span class=\"_ _1\"></span>ebitati sui conti della clientela.<span class=\"_ _2\"></span> Non sono presenti impairment loss (IFRS 9) su credi<span class=\"_ _1\"></span>ti relativi a contratti con la cliente<span class=\"_ _1\"></span>la e contract assets. Nella <span class=\"_ _d\"></span>voc<span class=\"ff5\">e <span class=\"_ _d\"></span>\u201ccrediti <span class=\"_ _d\"></span>d\u2019imposta\u201d <span class=\"_ _d\"></span>sono <span class=\"_ _d\"></span>presenti <span class=\"_ _d\"></span>le <span class=\"_ _d\"></span>attivit\u00e0 <span class=\"_ _d\"></span>fiscali <span class=\"_ _d\"></span>connesse <span class=\"_ _d\"></span>con <span class=\"_ _d\"></span>l\u2019a<span class=\"_ _2\"></span></span>ttivit\u00e0 <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>sostituto d\u2019imposta.<span class=\"ff4\"> </span>Nella <span class=\"_ _9\"> </span>voce <span class=\"_ _9\"> </span>\u201cRisconti <span class=\"_ _9\"> </span>attivi\u201d <span class=\"_ _9\"> </span>sono <span class=\"_ _9\"> </span>presenti <span class=\"_ _9\"> </span>anche <span class=\"_ _9\"> </span>costi <span class=\"_ _9\"> </span>sostenuti <span class=\"_ _9\"> </span>per <span class=\"_ _9\"> </span>l\u2019ottenimento <span class=\"_ _9\"> </span>dei <span class=\"_ _0\"> </span>contratti verso <span class=\"_ _15\"> </span>promotori <span class=\"_ _14\"> </span>finanziari, <span class=\"_ _15\"> </span>di <span class=\"_ _14\"> </span>competenza <span class=\"_ _14\"> </span>di <span class=\"_ _15\"> </span>esercizi <span class=\"_ _15\"> </span>futuri,<span class=\"_ _2\"></span> <span class=\"_ _14\"> </span>pari <span class=\"_ _15\"> </span>a <span class=\"_ _15\"> </span><span class=\"ls4\">26</span> <span class=\"_ _15\"> </span>milioni <span class=\"_ _15\"> </span>di <span class=\"_ _14\"> </span>euro. <span class=\"_ _15\"> </span>La movimentazione della voce \u00e8 la seguente:   <table class=\"s wbb4 h4f4\" id=\"_132da056-4200-4606-b5b8-42f2ed5d5ea2\"><tr><td></td><td class=\"c x582 y2a79 w11c h49\"><div class=\"t m0 x31 h1f y32 ff4 fs7 fc4 sc3 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale </div></td><td></td><td class=\"c x583 y2a79 w3fa h49\"><div class=\"t m0 x26 h1f y32 ff4 fs7 fc4 sc3 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale </div></td><td></td></tr><tr><td></td><td class=\"c x584 y2a7a w3fb h49\"><div class=\"t m0 x3a h1f y68b ff4 fs7 fc4 sc3 ls0 ws0\">31/12/<span class=\"_ _f\"></span>2025 </div></td><td class=\"c x585 y2a7b w993 h4c0\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/<span class=\"_ _df\"> </span></div></td><td class=\"c x586 y2a7b w994 h4c0\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc4 sc3 ls0 ws0\">2024<span class=\"_ _df\"> </span></div></td><td></td></tr><tr><td class=\"c x587 y2a7c w4a hc8\"><div class=\"t m0 x15d h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">1. Impo<span class=\"_ _f\"></span>rto ini<span class=\"_ _1\"></span>ziale<span class=\"_ _f\"></span> </div></td><td></td><td class=\"c x584 y2a7c w3fb hc8\"><div class=\"t m0 xeb h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">21.04<span class=\"_ _f\"></span>1 </div></td><td></td><td class=\"c x583 y2a7c w8e hc8\"><div class=\"t m0 x49 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">19.59<span class=\"_ _f\"></span>9 </div></td></tr><tr><td class=\"c x587 y2a7d w3fd hc8\"><div class=\"t m0 x15d h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">2. Aum<span class=\"_ _f\"></span>enti<span class=\"_ _1\"></span> </div></td><td></td><td class=\"c x582 y2a7d w11c hc8\"><div class=\"t m0 xec h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">19.49<span class=\"_ _1\"></span>2 </div></td><td></td><td class=\"c x583 y2a7d w3fe hc8\"><div class=\"t m0 x49 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">12.93<span class=\"_ _f\"></span>2 </div></td></tr><tr><td class=\"c x587 y2a7e w3fd hc8\"><div class=\"t m0 x15d h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">2.1 Altri aumenti<span class=\"_ _1\"></span> </div></td><td></td><td class=\"c x582 y2a7e w11c hc8\"><div class=\"t m0 x11f h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">19.492 </div></td><td></td><td class=\"c x583 y2a7e w3fe hc8\"><div class=\"t m0 x49 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">12.932 </div></td></tr><tr><td class=\"c x587 y2a7f w3fd hc8\"><div class=\"t m0 x15d h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">3. Di<span class=\"_ _1\"></span>min<span class=\"_ _1\"></span>uzion<span class=\"_ _1\"></span>i </div></td><td></td><td class=\"c x582 y2a7f w11c hc8\"><div class=\"t m0 x11f h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">14.85<span class=\"_ _1\"></span>6 </div></td><td></td><td class=\"c x583 y2a7f w3fe hc8\"><div class=\"t m0 x1af h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">11.49<span class=\"_ _f\"></span>0 </div></td></tr><tr><td class=\"c x587 y2a80 w3fd h227\"><div class=\"t m0 x15d h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">3.1 ammortament<span class=\"_ _f\"></span>i </div></td><td></td><td class=\"c x582 y2a80 w11c h227\"><div class=\"t m0 x11f h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">14.856 </div></td><td></td><td class=\"c x583 y2a80 w3fe h227\"><div class=\"t m0 x49 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">11.490 </div></td></tr><tr><td class=\"c x587 y2a81 w3fd hc8\"><div class=\"t m0 x15d h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">4. Im<span class=\"_ _1\"></span>por<span class=\"_ _1\"></span>to fi<span class=\"_ _1\"></span>nale<span class=\"_ _1\"></span> </div></td><td></td><td class=\"c x582 y2a81 w11c hc8\"><div class=\"t m0 x11f h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">25.67<span class=\"_ _f\"></span>7 </div></td><td></td><td class=\"c x583 y2a81 w3fe hc8\"><div class=\"t m0 x1af h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">21.04<span class=\"_ _f\"></span>1 </div></td></tr></table>Nella <span class=\"_ _d\"></span>voce <span class=\"_ _d\"></span>\u201ccrediti <span class=\"_ _d\"></span>d\u2019imposta\u201d <span class=\"_ _d\"></span>sono <span class=\"_ _d\"></span>presenti <span class=\"_ _d\"></span>le <span class=\"_ _d\"></span>attivit\u00e0 <span class=\"_ _d\"></span>fiscali <span class=\"_ _d\"></span>connesse <span class=\"_ _2\"></span>con <span class=\"_ _0\"></span>l\u2019attivit\u00e0 <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>sostituto d\u2019imposta.<span class=\"ff4\"> </span>Sono <span class=\"_ _2\"></span>presenti crediti <span class=\"_ _2\"></span>di imposta ai <span class=\"_ _2\"></span>sensi <span class=\"_ _2\"></span>del D.L. <span class=\"_ _2\"></span>n.18/2020<span class=\"_ _1\"></span> <span class=\"_ _2\"></span>(Cura Italia) e<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>D.L. n.34/<span class=\"_ _2\"></span>2020 (Rilancio) (eco bonus e sisma bonus) per un controvalore complessivo di<span class=\"_ _1\"></span> <span class=\"_ _2\"></span>302,9 milioni di euro.<span class=\"_ _df\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-837": {
   "value": "Sezio<span class=\"_ _1\"></span>ne13 <span class=\"ff5\">\u2013<span class=\"_ _1\"></span><span class=\"ff4\"> Altre <span class=\"_ _1\"></span>attivit\u00e0<span class=\"_ _1\"></span> <span class=\"ff5\">\u2013</span> Vo<span class=\"_ _f\"></span>ce 130 </span></span>13.1 <span class=\"_ _1\"></span>Altre a<span class=\"_ _f\"></span>ttivit\u00e0: <span class=\"_ _1\"></span>comp<span class=\"_ _1\"></span>osizio<span class=\"_ _f\"></span>ne<span class=\"fc1 sc0\"> </span><table class=\"s wbb3 h4f3\" id=\"_bba3893a-61da-41d2-97bb-aeea084c46db\"><tr><td></td><td></td><td class=\"c x57f y2a68 w3f7 hec\"><div class=\"t m0 x32 h1f y476 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/<span class=\"_ _f\"></span>2025<span class=\"fc1 sc0\"> </span></div></td><td class=\"c x580 y2a68 w3f7 hec\"><div class=\"t m0 x32 h1f y476 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/<span class=\"_ _f\"></span>2024<span class=\"fc1 sc0\"> </span></div></td></tr><tr><td class=\"c x46b y2a69 w3f8 hc8\"><div class=\"t m0 x8a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">Assegni negoziat<span class=\"_ _1\"></span>i da compensare </div></td><td></td><td class=\"c x57f y2a69 w3f7 hc8\"><div class=\"t m0 x49 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">55.558 </div></td><td class=\"c x580 y2a69 w3f9 hc8\"><div class=\"t m0 x49 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">67.556 </div></td></tr><tr><td class=\"c x46b y2a6a w3f8 hc8\"><div class=\"t m0 x8a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">Operazioni su t<span class=\"_ _1\"></span>itoli in lavorazione  </div></td><td></td><td class=\"c x57f y2a6a w3f7 hc8\"><div class=\"t m0 xef h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">1.888 </div></td><td class=\"c x580 y2a6a w3f9 hc8\"><div class=\"t m0 x11d h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">7.814 </div></td></tr><tr><td class=\"c x46b y2a6b w3f8 hc8\"><div class=\"t m0 x8a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">Assegni in corso <span class=\"_ _1\"></span>di lavorazione  </div></td><td></td><td class=\"c x57f y2a6b w3f7 hc8\"><div class=\"t m0 x11d h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">1.037 </div></td><td class=\"c x580 y2a6b w3f9 hc8\"><div class=\"t m0 xc3 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">3.076 </div></td></tr><tr><td class=\"c x46b y2a6c w3f8 hc8\"><div class=\"t m0 x8a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">Operazioni rela<span class=\"_ _1\"></span>tive a servizi di p<span class=\"_ _1\"></span>agamento in c<span class=\"_ _1\"></span>orso di lavoraz<span class=\"_ _1\"></span>ione  </div></td><td></td><td class=\"c x57f y2a6c w3f7 hc8\"><div class=\"t m0 x1af h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">59.719 </div></td><td class=\"c x580 y2a6c w3f9 hc8\"><div class=\"t m0 x49 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">77.327 </div></td></tr><tr><td class=\"c x46b y2a6d w3f8 hc8\"><div class=\"t m0 x8a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">Operazioni rela<span class=\"_ _1\"></span>tive a servizi di p<span class=\"_ _1\"></span>agamento in c<span class=\"_ _1\"></span>orso di maturaz<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span>one  </div></td><td></td><td class=\"c x57f y2a6d w3f7 hc8\"><div class=\"t m0 x1af h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">56.891 </div></td><td class=\"c x580 y2a6d w3f9 hc8\"><div class=\"t m0 x1af h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">71.562 </div></td></tr><tr><td class=\"c x46b y2a6e w3f8 hc8\"><div class=\"t m0 x8a h1f ye4c ff4 fs7 fc1 sc0 lsde ws0\">Ra<span class=\"ls0\">tei atti<span class=\"_ _1\"></span>vi</span><span class=\"ls0\">  </span></div></td><td></td><td class=\"c x57f y2a6e w3f7 hc8\"><div class=\"t m0 x1af h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">12.337 </div></td><td class=\"c x580 y2a6e w3f9 hc8\"><div class=\"t m0 xef h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">5.847 </div></td></tr><tr><td class=\"c x46b y2a6f w3f8 hc8\"><div class=\"t m0 x8a h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">Risconti attivi<span class=\"_ _1\"></span> </div></td><td></td><td class=\"c x57f y2a6f w3f7 hc8\"><div class=\"t m0 xc7 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">54.903 </div></td><td class=\"c x580 y2a6f w3f9 hc8\"><div class=\"t m0 xc7 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">46.038 </div></td></tr><tr><td class=\"c x46b y2a70 w3f8 hc8\"><div class=\"t m0 x8a h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">Assegni ed effet<span class=\"_ _1\"></span>ti insoluti ad al p<span class=\"_ _f\"></span>rotesto tratti sull'azienda e su<span class=\"_ _1\"></span> terzi  </div></td><td></td><td class=\"c x57f y2a70 w3f7 hc8\"><div class=\"t m0 xc3 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">4.202 </div></td><td class=\"c x580 y2a70 w3f9 hc8\"><div class=\"t m0 xc3 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">3.669 </div></td></tr><tr><td class=\"c x46b y2a71 w3f8 h227\"><div class=\"t m0 x8a h1f y1534 ff4 fs7 fc1 sc0 ls0 ws0\">Migliorie e spese <span class=\"_ _f\"></span>i<span class=\"_ _2\"></span>ncremen<span class=\"_ _1\"></span>tative su be<span class=\"_ _f\"></span>ni<span class=\"_ _2\"></span> di terzi  </div></td><td></td><td class=\"c x57f y2a71 w3f7 h227\"><div class=\"t m0 x1af h1f y1534 ff4 fs7 fc1 sc0 ls0 ws0\">21.663 </div></td><td class=\"c x580 y2a71 w3f9 h227\"><div class=\"t m0 x1af h1f y1534 ff4 fs7 fc1 sc0 ls0 ws0\">20.139 </div></td></tr><tr><td class=\"c x46b y2a72 w3f8 hc8\"><div class=\"t m0 x8a h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">Depositi cauzion<span class=\"_ _1\"></span>ali </div></td><td></td><td class=\"c x57f y2a72 w3f7 hc8\"><div class=\"t m0 xe8 h1f ye4c ff4 fs7 fc1 sc0 ls9 ws0\">19<span class=\"ls0\"> </span></div></td><td class=\"c x580 y2a72 w3f9 hc8\"><div class=\"t m0 xe5 h1f ye4c ff4 fs7 fc1 sc0 ls2a ws0\">24<span class=\"ls0\"> </span></div></td></tr><tr><td class=\"c x46b y2a73 w3f8 hc8\"><div class=\"t m0 x8a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">Debitori divers<span class=\"_ _1\"></span>i per fatture emesse  </div></td><td></td><td class=\"c x57f y2a73 w3f7 hc8\"><div class=\"t m0 x49 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">24.240 </div></td><td class=\"c x580 y2a73 w3f9 hc8\"><div class=\"t m0 x49 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">47.690 </div></td></tr><tr><td class=\"c x46b y2a74 w3f8 hc8\"><div class=\"t m0 x8a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">Crediti d'imp<span class=\"_ _1\"></span>osta </div></td><td></td><td class=\"c x57f y2a74 w3f7 hc8\"><div class=\"t m0 xc6 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">655.438 </div></td><td class=\"c x580 y2a74 w3f9 hc8\"><div class=\"t m0 xf h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">844.386 </div></td></tr><tr><td class=\"c x46b y2a75 w3f8 hc8\"><div class=\"t m0 x8a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">Contenzioso non c<span class=\"_ _f\"></span>r<span class=\"_ _2\"></span>editizi<span class=\"_ _1\"></span>o </div></td><td></td><td class=\"c x57f y2a75 w3f7 hc8\"><div class=\"t m0 xec h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">729 </div></td><td class=\"c x580 y2a75 w3f9 hc8\"><div class=\"t m0 x11f h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">980 </div></td></tr><tr><td class=\"c x46b y2a76 w3f8 hc8\"><div class=\"t m0 x8a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">Debitori divers<span class=\"_ _1\"></span>i  </div></td><td></td><td class=\"c x57f y2a76 w3f7 hc8\"><div class=\"t m0 xa3 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">293.190 </div></td><td class=\"c x580 y2a76 w3f9 hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">113.354 </div></td></tr><tr><td class=\"c x46b y2a77 w3f8 hc8\"><div class=\"t m0 x8a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">Partite viaggianti<span class=\"_ _1\"></span> con le filiali  </div></td><td></td><td class=\"c x57f y2a77 w3f7 hc8\"><div class=\"t m0 xef h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">8.277 </div></td><td class=\"c x580 y2a77 w3f9 hc8\"><div class=\"t m0 xef h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">5.497 </div></td></tr><tr><td></td><td class=\"c x46b y2a78 w3f8 hc8\"><div class=\"t m0 x3 h1f y32 ff4 fs7 fc1 sc2 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale<span class=\"sc0\"> </span></div></td><td class=\"c x57f y2a78 w3f7 hc8\"><div class=\"t m0 x1c h1f y32 ff4 fs7 fc1 sc2 ls0 ws0\">1.25<span class=\"_ _1\"></span>0.091<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x580 y2a78 w3f9 hc8\"><div class=\"t m0 x1c h1f y32 ff4 fs7 fc1 sc2 ls0 ws0\">1.314.9<span class=\"_ _f\"></span>59<span class=\"sc0\"> </span></div></td></tr></table>Le operazioni relative a <span class=\"_ _2\"></span>servizi di <span class=\"_ _2\"></span>pagamento in corso <span class=\"_ _2\"></span>di lavorazione/maturazione sono relative ad addebiti ricevuti ma non ancora add<span class=\"_ _1\"></span>ebitati sui conti della clientela.<span class=\"_ _2\"></span> Non sono presenti impairment loss (IFRS 9) su credi<span class=\"_ _1\"></span>ti relativi a contratti con la cliente<span class=\"_ _1\"></span>la e contract assets. Nella <span class=\"_ _d\"></span>voc<span class=\"ff5\">e <span class=\"_ _d\"></span>\u201ccrediti <span class=\"_ _d\"></span>d\u2019imposta\u201d <span class=\"_ _d\"></span>sono <span class=\"_ _d\"></span>presenti <span class=\"_ _d\"></span>le <span class=\"_ _d\"></span>attivit\u00e0 <span class=\"_ _d\"></span>fiscali <span class=\"_ _d\"></span>connesse <span class=\"_ _d\"></span>con <span class=\"_ _d\"></span>l\u2019a<span class=\"_ _2\"></span></span>ttivit\u00e0 <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>sostituto d\u2019imposta.<span class=\"ff4\"> </span>Nella <span class=\"_ _9\"> </span>voce <span class=\"_ _9\"> </span>\u201cRisconti <span class=\"_ _9\"> </span>attivi\u201d <span class=\"_ _9\"> </span>sono <span class=\"_ _9\"> </span>presenti <span class=\"_ _9\"> </span>anche <span class=\"_ _9\"> </span>costi <span class=\"_ _9\"> </span>sostenuti <span class=\"_ _9\"> </span>per <span class=\"_ _9\"> </span>l\u2019ottenimento <span class=\"_ _9\"> </span>dei <span class=\"_ _0\"> </span>contratti verso <span class=\"_ _15\"> </span>promotori <span class=\"_ _14\"> </span>finanziari, <span class=\"_ _15\"> </span>di <span class=\"_ _14\"> </span>competenza <span class=\"_ _14\"> </span>di <span class=\"_ _15\"> </span>esercizi <span class=\"_ _15\"> </span>futuri,<span class=\"_ _2\"></span> <span class=\"_ _14\"> </span>pari <span class=\"_ _15\"> </span>a <span class=\"_ _15\"> </span><span class=\"ls4\">26</span> <span class=\"_ _15\"> </span>milioni <span class=\"_ _15\"> </span>di <span class=\"_ _14\"> </span>euro. <span class=\"_ _15\"> </span>La movimentazione della voce \u00e8 la seguente:   <table class=\"s wbb4 h4f4\" id=\"_132da056-4200-4606-b5b8-42f2ed5d5ea2\"><tr><td></td><td class=\"c x582 y2a79 w11c h49\"><div class=\"t m0 x31 h1f y32 ff4 fs7 fc4 sc3 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale </div></td><td></td><td class=\"c x583 y2a79 w3fa h49\"><div class=\"t m0 x26 h1f y32 ff4 fs7 fc4 sc3 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale </div></td><td></td></tr><tr><td></td><td class=\"c x584 y2a7a w3fb h49\"><div class=\"t m0 x3a h1f y68b ff4 fs7 fc4 sc3 ls0 ws0\">31/12/<span class=\"_ _f\"></span>2025 </div></td><td class=\"c x585 y2a7b w993 h4c0\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/<span class=\"_ _df\"> </span></div></td><td class=\"c x586 y2a7b w994 h4c0\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc4 sc3 ls0 ws0\">2024<span class=\"_ _df\"> </span></div></td><td></td></tr><tr><td class=\"c x587 y2a7c w4a hc8\"><div class=\"t m0 x15d h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">1. Impo<span class=\"_ _f\"></span>rto ini<span class=\"_ _1\"></span>ziale<span class=\"_ _f\"></span> </div></td><td></td><td class=\"c x584 y2a7c w3fb hc8\"><div class=\"t m0 xeb h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">21.04<span class=\"_ _f\"></span>1 </div></td><td></td><td class=\"c x583 y2a7c w8e hc8\"><div class=\"t m0 x49 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">19.59<span class=\"_ _f\"></span>9 </div></td></tr><tr><td class=\"c x587 y2a7d w3fd hc8\"><div class=\"t m0 x15d h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">2. Aum<span class=\"_ _f\"></span>enti<span class=\"_ _1\"></span> </div></td><td></td><td class=\"c x582 y2a7d w11c hc8\"><div class=\"t m0 xec h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">19.49<span class=\"_ _1\"></span>2 </div></td><td></td><td class=\"c x583 y2a7d w3fe hc8\"><div class=\"t m0 x49 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">12.93<span class=\"_ _f\"></span>2 </div></td></tr><tr><td class=\"c x587 y2a7e w3fd hc8\"><div class=\"t m0 x15d h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">2.1 Altri aumenti<span class=\"_ _1\"></span> </div></td><td></td><td class=\"c x582 y2a7e w11c hc8\"><div class=\"t m0 x11f h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">19.492 </div></td><td></td><td class=\"c x583 y2a7e w3fe hc8\"><div class=\"t m0 x49 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">12.932 </div></td></tr><tr><td class=\"c x587 y2a7f w3fd hc8\"><div class=\"t m0 x15d h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">3. Di<span class=\"_ _1\"></span>min<span class=\"_ _1\"></span>uzion<span class=\"_ _1\"></span>i </div></td><td></td><td class=\"c x582 y2a7f w11c hc8\"><div class=\"t m0 x11f h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">14.85<span class=\"_ _1\"></span>6 </div></td><td></td><td class=\"c x583 y2a7f w3fe hc8\"><div class=\"t m0 x1af h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">11.49<span class=\"_ _f\"></span>0 </div></td></tr><tr><td class=\"c x587 y2a80 w3fd h227\"><div class=\"t m0 x15d h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">3.1 ammortament<span class=\"_ _f\"></span>i </div></td><td></td><td class=\"c x582 y2a80 w11c h227\"><div class=\"t m0 x11f h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">14.856 </div></td><td></td><td class=\"c x583 y2a80 w3fe h227\"><div class=\"t m0 x49 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">11.490 </div></td></tr><tr><td class=\"c x587 y2a81 w3fd hc8\"><div class=\"t m0 x15d h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">4. Im<span class=\"_ _1\"></span>por<span class=\"_ _1\"></span>to fi<span class=\"_ _1\"></span>nale<span class=\"_ _1\"></span> </div></td><td></td><td class=\"c x582 y2a81 w11c hc8\"><div class=\"t m0 x11f h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">25.67<span class=\"_ _f\"></span>7 </div></td><td></td><td class=\"c x583 y2a81 w3fe hc8\"><div class=\"t m0 x1af h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">21.04<span class=\"_ _f\"></span>1 </div></td></tr></table>Nella <span class=\"_ _d\"></span>voce <span class=\"_ _d\"></span>\u201ccrediti <span class=\"_ _d\"></span>d\u2019imposta\u201d <span class=\"_ _d\"></span>sono <span class=\"_ _d\"></span>presenti <span class=\"_ _d\"></span>le <span class=\"_ _d\"></span>attivit\u00e0 <span class=\"_ _d\"></span>fiscali <span class=\"_ _d\"></span>connesse <span class=\"_ _2\"></span>con <span class=\"_ _0\"></span>l\u2019attivit\u00e0 <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>sostituto d\u2019imposta.<span class=\"ff4\"> </span>Sono <span class=\"_ _2\"></span>presenti crediti <span class=\"_ _2\"></span>di imposta ai <span class=\"_ _2\"></span>sensi <span class=\"_ _2\"></span>del D.L. <span class=\"_ _2\"></span>n.18/2020<span class=\"_ _1\"></span> <span class=\"_ _2\"></span>(Cura Italia) e<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>D.L. n.34/<span class=\"_ _2\"></span>2020 (Rilancio) (eco bonus e sisma bonus) per un controvalore complessivo di<span class=\"_ _1\"></span> <span class=\"_ _2\"></span>302,9 milioni di euro.<span class=\"_ _df\"> </span>2.1 Co<span class=\"_ _f\"></span>mmissio<span class=\"_ _1\"></span>ni at<span class=\"_ _1\"></span>tive: <span class=\"_ _f\"></span>composi<span class=\"_ _f\"></span>zione<span class=\"_ _df\"> </span><span class=\"fc1 sc0\"> </span><table class=\"s wdcf h52e\" id=\"_90d67d51-4b3c-4b94-9edb-e10da1ab7bdc\"><tr><td class=\"c x46b y2fb7 w4cf h20c\"><div class=\"t m0 xa1 h1f y88f ff2b fs7 fc4 sc3 ls0 ws0\">Tipol<span class=\"_ _f\"></span>ogia ser<span class=\"_ _f\"></span>vizi/Va<span class=\"_ _1\"></span>lori<span class=\"_ _df\"> </span><span class=\"fc1 sc0\"> </span></div></td><td class=\"c x7b3 y2fb8 w4d0 h98\"><div class=\"t m0 x31 h1f y32 ff2b fs7 fc4 sc3 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale<span class=\"_ _df\"> </span><span class=\"fc1 sc0\"> </span></div></td><td class=\"c x613 y2fb8 w4d0 h98\"><div class=\"t m0 x31 h1f y32 ff2b fs7 fc4 sc3 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale<span class=\"_ _df\"> </span><span class=\"fc1 sc0\"> </span></div></td></tr><tr><td></td><td class=\"c x7b3 y2fb7 w4d0 h12\"><div class=\"t m0 x27 h1f y1d ff2b fs7 fc4 sc3 ls0 ws0\">31/12/<span class=\"_ _f\"></span>2025<span class=\"_ _df\"> </span><span class=\"fc1 sc0\"> </span></div></td><td class=\"c x613 y2fb7 w4d0 h12\"><div class=\"t m0 x27 h1f y1d ff2b fs7 fc4 sc3 ls0 ws0\">31/12/<span class=\"_ _f\"></span>2024<span class=\"_ _df\"> </span><span class=\"fc1 sc0\"> </span></div></td></tr><tr><td class=\"c x46b y2fb9 w4ce h65\"><div class=\"t m0 x8a h1f y35e ff2b fs7 fc1 sc0 ls0 ws0\">a) Strumenti f<span class=\"_ _1\"></span>inanziari<span class=\"_ _df\"> </span> </div></td><td class=\"c x7b3 y2fb9 w4d0 h65\"><div class=\"t m0 x1af h1f y35e ff2b fs7 fc1 sc0 ls0 ws0\">243.878<span class=\"_ _df\"> </span> </div></td><td class=\"c x613 y2fb9 w4d1 h65\"><div class=\"t m0 xef h1f y35e ff2b fs7 fc1 sc0 ls0 ws0\">2<span class=\"_ _df\"> </span>29.191 </div></td></tr><tr><td class=\"c x46b y2fba w4ce h296\"><div class=\"t m0 x48 h1f y35e ff2b fs7 fc1 sc0 ls0 ws0\">1. Collocamento<span class=\"_ _1\"></span> titoli<span class=\"_ _df\"> </span></div></td><td class=\"c x7b3 y2fba w4d0 h296\"><div class=\"t m0 x124 h1f y35e ff2b fs7 fc1 sc0 ls0 ws0\">114.721<span class=\"_ _df\"> </span> </div></td><td class=\"c x613 y2fba w4d1 h296\"><div class=\"t m0 xf0 h1f y35e ff2b fs7 fc1 sc0 ls0 ws0\">10<span class=\"_ _df\"> </span>5.338 </div></td></tr><tr><td class=\"c x46b y2fbb w4ce h65\"><div class=\"t m0 x30 h1f y35e ff2b fs7 fc1 sc0 ls0 ws0\">1.1 Con assunzi<span class=\"_ _1\"></span>one a fermo e/o sul<span class=\"_ _f\"></span>l<span class=\"_ _2\"></span>a base di u<span class=\"_ _f\"></span>n i<span class=\"_ _2\"></span>mpegno <span class=\"_ _1\"></span>irrevocabile<span class=\"_ _df\"> </span> </div></td><td class=\"c x7b3 y2fbb w4d0 h65\"><div class=\"t m0 xe3 h1f y35e ff2b fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span> </div></td><td class=\"c x613 y2fbb w4d1 h65\"><div class=\"t m0 xe3 h1f y35e ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y2fbc w4ce h65\"><div class=\"t m0 x30 h1f y360 ff2b fs7 fc1 sc0 ls0 ws0\">1.2 Senza impegn<span class=\"_ _1\"></span>o irrevocabile<span class=\"_ _df\"> </span> </div></td><td class=\"c x7b3 y2fbc w4d0 h65\"><div class=\"t m0 x124 h1f y360 ff2b fs7 fc1 sc0 ls0 ws0\">114.721<span class=\"_ _df\"> </span> </div></td><td class=\"c x613 y2fbc w4d1 h65\"><div class=\"t m0 xf0 h1f y360 ff2b fs7 fc1 sc0 ls0 ws0\">10<span class=\"_ _df\"> </span>5.338 </div></td></tr><tr><td class=\"c x5be y2fbd wdd0 h484\"><div class=\"t m0 x250 h1f y2410 ff2b fs7 fc1 sc0 ls0 ws0\">2. Attivit\u00e0 di ricez<span class=\"_ _1\"></span>ione e trasmis<span class=\"_ _1\"></span>sione di ordini e e<span class=\"_ _1\"></span>secuzione d<span class=\"_ _1\"></span>i ordini per<span class=\"_ _df\"> </span></div></td><td class=\"c x7b3 y2fbe w4d0 h183\"><div class=\"t m0 xee h1f y30 ff2b fs7 fc1 sc0 ls0 ws0\">21.257<span class=\"_ _df\"> </span> </div></td><td class=\"c x613 y2fbe w4d1 h183\"><div class=\"t m0 x11d h1f y30 ff2b fs7 fc1 sc0 ls0 ws0\">2<span class=\"_ _df\"> </span>0.292 </div></td></tr><tr><td class=\"c x5be y2fbf wdd1 h484\"><div class=\"t m0 x250 h1f y2410 ff2b fs7 fc1 sc0 ls0 ws0\">conto dei clienti<span class=\"_ _df\"> </span></div></td><td></td><td></td></tr><tr><td class=\"c x46b y2fc0 w4ce h65\"><div class=\"t m0 x30 h1f y35e ff2b fs7 fc1 sc0 ls0 ws0\">2.1 Ricezione e t<span class=\"_ _1\"></span>rasmissione di o<span class=\"_ _1\"></span>rdini di uno <span class=\"_ _1\"></span>o pi\u00f9 strumenti f<span class=\"_ _1\"></span>inanziari<span class=\"_ _df\"> </span> </div></td><td class=\"c x7b3 y2fc0 w4d0 h65\"><div class=\"t m0 x124 h1f y35e ff2b fs7 fc1 sc0 ls0 ws0\">14.440<span class=\"_ _df\"> </span> </div></td><td class=\"c x613 y2fc0 w4d1 h65\"><div class=\"t m0 x124 h1f y35e ff2b fs7 fc1 sc0 ls9 ws0\">1<span class=\"_ _df\"> </span>4.<span class=\"lsa\">404</span><span class=\"lsa\"><span class=\"ls0\"> </span></span></div></td></tr><tr><td class=\"c x46b y2fc1 w4ce h65\"><div class=\"t m0 x30 h1f y360 ff2b fs7 fc1 sc0 ls0 ws0\">2.2 Esecuzione d<span class=\"_ _1\"></span>i ordini per c<span class=\"_ _1\"></span>onto dei client<span class=\"_ _1\"></span>i<span class=\"_ _df\"> </span> </div></td><td class=\"c x7b3 y2fc1 w4d0 h65\"><div class=\"t m0 xeb h1f y360 ff2b fs7 fc1 sc0 ls0 ws0\">6.817<span class=\"_ _df\"> </span> </div></td><td class=\"c x613 y2fc1 w4d1 h65\"><div class=\"t m0 x11f h1f y360 ff2b fs7 fc1 sc0 ls0 ws0\">5.888 </div></td></tr><tr><td class=\"c x46b y2fc2 w4ce h296\"><div class=\"t m0 x48 h1f y35e ff2b fs7 fc1 sc0 ls0 ws0\">3. Altre commiss<span class=\"_ _1\"></span>ioni connesse c<span class=\"_ _f\"></span>o<span class=\"_ _2\"></span>n attivit\u00e0 leg<span class=\"_ _f\"></span>at<span class=\"_ _2\"></span>e a strume<span class=\"_ _1\"></span>nti finanz<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span>ari<span class=\"_ _df\"> </span></div></td><td class=\"c x7b3 y2fc2 w4d0 h296\"><div class=\"t m0 xf0 h1f y35e ff2b fs7 fc1 sc0 ls0 ws0\">107.900<span class=\"_ _df\"> </span> </div></td><td class=\"c x613 y2fc2 w4d1 h296\"><div class=\"t m0 xef h1f y35e ff2b fs7 fc1 sc0 ls0 ws0\">1<span class=\"_ _df\"> </span>03.561 </div></td></tr><tr><td class=\"c x46b y2fc3 w4ce h65\"><div class=\"t m0 x30 h1f y35e ff2b fs7 fc1 sc0 ls0 ws0\">di cui: negoziaz<span class=\"_ _1\"></span>ione per conto pr<span class=\"_ _1\"></span>oprio<span class=\"_ _df\"> </span> </div></td><td class=\"c x7b3 y2fc3 w4d0 h65\"><div class=\"t m0 xe3 h1f y35e ff2b fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span> </div></td><td class=\"c x613 y2fc3 w4d1 h65\"><div class=\"t m0 xe3 h1f y35e ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y2fc4 w4ce h296\"><div class=\"t m0 x30 h1f y35e ff2b fs7 fc1 sc0 ls0 ws0\">di cui: gestione d<span class=\"_ _1\"></span>i portafogli <span class=\"_ _1\"></span>individuali<span class=\"_ _df\"> </span> </div></td><td class=\"c x7b3 y2fc4 w4d0 h296\"><div class=\"t m0 xf0 h1f y35e ff2b fs7 fc1 sc0 ls0 ws0\">107.900<span class=\"_ _df\"> </span> </div></td><td class=\"c x613 y2fc4 w4d1 h296\"><div class=\"t m0 xef h1f y35e ff2b fs7 fc1 sc0 ls0 ws0\">1<span class=\"_ _df\"> </span>03.561 </div></td></tr><tr><td class=\"c x46b y2fc5 w4ce h177\"><div class=\"t m0 x8a h1f y35e ff2b fs7 fc1 sc0 ls0 ws0\">b) Corporate F<span class=\"_ _1\"></span>inance<span class=\"_ _df\"> </span> </div></td><td class=\"c x7b3 y2fc5 w4d0 h177\"><div class=\"t m0 xe7 h1f y35e ff2b fs7 fc1 sc0 ls0 ws0\">1.267<span class=\"_ _df\"> </span> </div></td><td class=\"c x613 y2fc5 w4d1 h177\"><div class=\"t m0 xeb h1f y35e ff2b fs7 fc1 sc0 ls0 ws0\">2.410 </div></td></tr><tr><td class=\"c x46b y2fc6 w4ce h65\"><div class=\"t m0 x30 h1f y360 ff2b fs7 fc1 sc0 ls0 ws0\">1. Consulenza in <span class=\"_ _1\"></span>materia di fusion<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span> e acqu<span class=\"_ _1\"></span>isizioni<span class=\"_ _df\"> </span></div></td><td class=\"c x7b3 y2fc6 w4d0 h65\"><div class=\"t m0 xe7 h1f y360 ff2b fs7 fc1 sc0 ls0 ws0\">1.267<span class=\"_ _df\"> </span> </div></td><td class=\"c x613 y2fc6 w4d1 h65\"><div class=\"t m0 xeb h1f y360 ff2b fs7 fc1 sc0 ls0 ws0\">2.410 </div></td></tr><tr><td class=\"c x46b y2fc7 w4ce h296\"><div class=\"t m0 x30 h1f y35e ff2b fs7 fc1 sc0 ls0 ws0\">2. Servizi di tes<span class=\"_ _f\"></span>o<span class=\"_ _2\"></span>reria<span class=\"_ _df\"> </span></div></td><td class=\"c x7b3 y2fc7 w4d0 h296\"><div class=\"t m0 xe3 h1f y35e ff2b fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span> </div></td><td class=\"c x613 y2fc7 w4d1 h296\"><div class=\"t m0 xe3 h1f y35e ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y2fc8 w4ce h65\"><div class=\"t m0 x30 h1f y35e ff2b fs7 fc1 sc0 ls0 ws0\">3. Altre commiss<span class=\"_ _1\"></span>ioni connesse c<span class=\"_ _f\"></span>o<span class=\"_ _2\"></span>n servizi di c<span class=\"_ _f\"></span>o<span class=\"_ _2\"></span>rpora<span class=\"_ _1\"></span>te finance<span class=\"_ _df\"> </span></div></td><td class=\"c x7b3 y2fc8 w4d0 h65\"><div class=\"t m0 xe3 h1f y35e ff2b fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span> </div></td><td class=\"c x613 y2fc8 w4d1 h65\"><div class=\"t m0 xe3 h1f y35e ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y2fc9 w4ce h296\"><div class=\"t m0 x8a h1f y35e ff2b fs7 fc1 sc0 ls0 ws0\">c) Attivit\u00e0 di con<span class=\"_ _1\"></span>sulenza in mater<span class=\"_ _1\"></span>ia di investiment<span class=\"_ _1\"></span>i<span class=\"_ _df\"> </span></div></td><td class=\"c x7b3 y2fc9 w4d0 h296\"><div class=\"t m0 x11f h1f y35e ff2b fs7 fc1 sc0 ls0 ws0\">19.571<span class=\"_ _df\"> </span> </div></td><td class=\"c x613 y2fc9 w4d1 h296\"><div class=\"t m0 xee h1f y35e ff2b fs7 fc1 sc0 ls0 ws0\">1<span class=\"_ _df\"> </span>7.306 </div></td></tr><tr><td class=\"c x46b y2fca w4ce h65\"><div class=\"t m0 x8a h1f y35e ff2b fs7 fc1 sc0 ls0 ws0\">d) Compensazione<span class=\"_ _1\"></span> e regolament<span class=\"_ _f\"></span>o<span class=\"_ _df\"> </span></div></td><td class=\"c x7b3 y2fca w4d0 h65\"><div class=\"t m0 xe3 h1f y35e ff2b fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span> </div></td><td class=\"c x613 y2fca w4d1 h65\"><div class=\"t m0 xe3 h1f y35e ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y2fcb w4ce h65\"><div class=\"t m0 x8a h1f y360 ff2b fs7 fc1 sc0 ls0 ws0\">e) Gestione di p<span class=\"_ _1\"></span>ortafogli collett<span class=\"_ _1\"></span>ive<span class=\"_ _df\"> </span> </div></td><td class=\"c x7b3 y2fcb w4d0 h65\"><div class=\"t m0 x49 h1f y360 ff2b fs7 fc1 sc0 ls0 ws0\">240.988<span class=\"_ _df\"> </span> </div></td><td class=\"c x613 y2fcb w4d1 h65\"><div class=\"t m0 x1af h1f y360 ff2b fs7 fc1 sc0 ls0 ws0\">26<span class=\"_ _df\"> </span>5.425 </div></td></tr><tr><td class=\"c x46b y2fcc w4ce h65\"><div class=\"t m0 x8a h1f y35e ff2b fs7 fc1 sc0 ls0 ws0\">f) Custodia e amm<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span>nistrazi<span class=\"_ _1\"></span>one<span class=\"_ _df\"> </span> </div></td><td class=\"c x7b3 y2fcc w4d0 h65\"><div class=\"t m0 xec h1f y35e ff2b fs7 fc1 sc0 ls0 ws0\">3.978<span class=\"_ _df\"> </span> </div></td><td class=\"c x613 y2fcc w4d1 h65\"><div class=\"t m0 xec h1f y35e ff2b fs7 fc1 sc0 ls0 ws0\">3.964 </div></td></tr><tr><td class=\"c x46b y2fcd w4ce h65\"><div class=\"t m0 x30 h1f y360 ff2b fs7 fc1 sc0 ls0 ws0\">1. Banca deposita<span class=\"_ _1\"></span>ria<span class=\"_ _df\"> </span> </div></td><td class=\"c x7b3 y2fcd w4d0 h65\"><div class=\"t m0 xe3 h1f y360 ff2b fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span> </div></td><td class=\"c x613 y2fcd w4d1 h65\"><div class=\"t m0 xe3 h1f y360 ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y2fce w4ce h296\"><div class=\"t m0 x30 h1f y35e ff2c fs7 fc1 sc0 ls0 ws0\">2. Altre commissi<span class=\"_ _1\"></span>oni legate all\u2019a<span class=\"_ _1\"></span>ttivit\u00e0 di custod<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span>a e ammi<span class=\"_ _1\"></span>nistrazione<span class=\"_ _df\"> </span></div></td><td class=\"c x7b3 y2fce w4d0 h296\"><div class=\"t m0 xec h1f y35e ff2b fs7 fc1 sc0 ls0 ws0\">3.978<span class=\"_ _df\"> </span> </div></td><td class=\"c x613 y2fce w4d1 h296\"><div class=\"t m0 xec h1f y35e ff2b fs7 fc1 sc0 ls0 ws0\">3.964 </div></td></tr><tr><td class=\"c x46b y2fcf w4ce h65\"><div class=\"t m0 x8a h1f y35e ff2b fs7 fc1 sc0 lseb ws0\">g) <span class=\"ls0\">Servizi ammi<span class=\"_ _1\"></span>nistrativi centra<span class=\"_ _1\"></span>li per gestion<span class=\"_ _1\"></span>i di portafogli co<span class=\"_ _1\"></span>llettive<span class=\"_ _df\"> </span></span></div></td><td class=\"c x7b3 y2fcf w4d0 h65\"><div class=\"t m0 xe3 h1f y35e ff2b fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span> </div></td><td class=\"c x613 y2fcf w4d1 h65\"><div class=\"t m0 xe3 h1f y35e ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y2fd0 w4ce h296\"><div class=\"t m0 x8a h1f y35e ff2b fs7 fc1 sc0 ls0 ws0\">h) Attivit\u00e0 fiduc<span class=\"_ _1\"></span>iaria<span class=\"_ _df\"> </span> </div></td><td class=\"c x7b3 y2fd0 w4d0 h296\"><div class=\"t m0 xeb h1f y35e ff2b fs7 fc1 sc0 ls0 ws0\">1.226<span class=\"_ _df\"> </span> </div></td><td class=\"c x613 y2fd0 w4d1 h296\"><div class=\"t m0 xeb h1f y35e ff2b fs7 fc1 sc0 ls0 ws0\">1.252 </div></td></tr><tr><td class=\"c x46b y2fd1 w4ce h65\"><div class=\"t m0 x8a h1f y35e ff2b fs7 fc1 sc0 ls0 ws0\">i) Servizi di pagamen<span class=\"_ _f\"></span>to<span class=\"_ _df\"> </span> </div></td><td class=\"c x7b3 y2fd1 w4d0 h65\"><div class=\"t m0 xf0 h1f y35e ff2b fs7 fc1 sc0 ls0 ws0\">208.610<span class=\"_ _df\"> </span> </div></td><td class=\"c x613 y2fd1 w4d1 h65\"><div class=\"t m0 xc3 h1f y35e ff2b fs7 fc1 sc0 ls0 ws0\">21<span class=\"_ _df\"> </span>3.583 </div></td></tr><tr><td class=\"c x46b y2fd2 w4ce h65\"><div class=\"t m0 x30 h1f y360 ff2b fs7 fc1 sc0 ls0 ws0\">1. Conti corrent<span class=\"_ _1\"></span>i<span class=\"_ _df\"> </span> </div></td><td class=\"c x7b3 y2fd2 w4d0 h65\"><div class=\"t m0 x11d h1f y360 ff2b fs7 fc1 sc0 ls0 ws0\">117.708<span class=\"_ _df\"> </span> </div></td><td class=\"c x613 y2fd2 w4d1 h65\"><div class=\"t m0 xc3 h1f y360 ff2b fs7 fc1 sc0 ls0 ws0\">12<span class=\"_ _df\"> </span>0.266 </div></td></tr><tr><td class=\"c x46b y2fd3 w4ce h296\"><div class=\"t m0 x30 h1f y35e ff2b fs7 fc1 sc0 ls0 ws0\">2. Carte di credit<span class=\"_ _1\"></span>o<span class=\"_ _df\"> </span> </div></td><td class=\"c x7b3 y2fd3 w4d0 h296\"><div class=\"t m0 x11d h1f y35e ff2b fs7 fc1 sc0 ls0 ws0\">30.077<span class=\"_ _df\"> </span> </div></td><td class=\"c x613 y2fd3 w4d1 h296\"><div class=\"t m0 x11d h1f y35e ff2b fs7 fc1 sc0 ls0 ws0\">3<span class=\"_ _df\"> </span>0.076 </div></td></tr><tr><td class=\"c x46b y2fd4 w4ce h65\"><div class=\"t m0 x30 h1f y35e ff2b fs7 fc1 sc0 ls0 ws0\">3. Carte di debi<span class=\"_ _1\"></span>to ed altre carte<span class=\"_ _1\"></span> di pagamento<span class=\"_ _df\"> </span> </div></td><td class=\"c x7b3 y2fd4 w4d0 h65\"><div class=\"t m0 x124 h1f y35e ff2b fs7 fc1 sc0 ls0 ws0\">20.778<span class=\"_ _df\"> </span> </div></td><td class=\"c x613 y2fd4 w4d1 h65\"><div class=\"t m0 x11d h1f y35e ff2b fs7 fc1 sc0 ls0 ws0\">2<span class=\"_ _df\"> </span>4.229 </div></td></tr><tr><td class=\"c x46b y2fd5 w4ce h296\"><div class=\"t m0 x30 h1f y35e ff2b fs7 fc1 sc0 ls0 ws0\">4. Bonifici e al<span class=\"_ _1\"></span>tri ordini di pag<span class=\"_ _1\"></span>amento<span class=\"_ _df\"> </span></div></td><td class=\"c x7b3 y2fd5 w4d0 h296\"><div class=\"t m0 x124 h1f y35e ff2b fs7 fc1 sc0 ls0 ws0\">18.074<span class=\"_ _df\"> </span> </div></td><td class=\"c x613 y2fd5 w4d1 h296\"><div class=\"t m0 x124 h1f y35e ff2b fs7 fc1 sc0 ls0 ws0\">1<span class=\"_ _df\"> </span>6.966 </div></td></tr><tr><td class=\"c x46b y2fd6 w4ce h65\"><div class=\"t m0 x30 h1f y35e ff2b fs7 fc1 sc0 ls0 ws0\">5. Altre commis<span class=\"_ _1\"></span>sioni legate a<span class=\"_ _1\"></span>i servizi di pagament<span class=\"_ _1\"></span>o<span class=\"_ _df\"> </span></div></td><td class=\"c x7b3 y2fd6 w4d0 h65\"><div class=\"t m0 xee h1f y35e ff2b fs7 fc1 sc0 ls0 ws0\">21.973<span class=\"_ _df\"> </span> </div></td><td class=\"c x613 y2fd6 w4d1 h65\"><div class=\"t m0 x11d h1f y35e ff2b fs7 fc1 sc0 ls0 ws0\">2<span class=\"_ _df\"> </span>2.046 </div></td></tr><tr><td class=\"c x46b y2fd7 w4ce h177\"><div class=\"t m0 x8a h1f y360 ff2b fs7 fc1 sc0 ls0 ws0\">j) Distribuzione di <span class=\"_ _f\"></span>servizi di terzi<span class=\"_ _df\"> </span></div></td><td class=\"c x7b3 y2fd7 w4d0 h177\"><div class=\"t m0 x11d h1f y360 ff2b fs7 fc1 sc0 ls0 ws0\">69.784<span class=\"_ _df\"> </span> </div></td><td class=\"c x613 y2fd7 w4d1 h177\"><div class=\"t m0 x11d h1f y360 ff2b fs7 fc1 sc0 ls0 ws0\">6<span class=\"_ _df\"> </span>6.943 </div></td></tr><tr><td class=\"c x46b y2fd8 w4ce h65\"><div class=\"t m0 x30 h1f y35e ff2b fs7 fc1 sc0 ls0 ws0\">1. Gestioni di po<span class=\"_ _1\"></span>rtafogli collettive<span class=\"_ _df\"> </span><span class=\"_ _1\"></span> </div></td><td class=\"c x7b3 y2fd8 w4d0 h65\"><div class=\"t m0 xe3 h1f y35e ff2b fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span> </div></td><td class=\"c x613 y2fd8 w4d1 h65\"><div class=\"t m0 xe3 h1f y35e ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y2fd9 w4ce h65\"><div class=\"t m0 x30 h1f y360 ff2b fs7 fc1 sc0 ls0 ws0\">2. Prodotti assicurat<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span>vi<span class=\"_ _df\"> </span> </div></td><td class=\"c x7b3 y2fd9 w4d0 h65\"><div class=\"t m0 x11d h1f y360 ff2b fs7 fc1 sc0 ls0 ws0\">67.066<span class=\"_ _df\"> </span> </div></td><td class=\"c x613 y2fd9 w4d1 h65\"><div class=\"t m0 x11d h1f y360 ff2b fs7 fc1 sc0 ls0 ws0\">6<span class=\"_ _df\"> </span>4.679 </div></td></tr><tr><td class=\"c x46b y2fda w4ce h296\"><div class=\"t m0 x30 h1f y35e ff2b fs7 fc1 sc0 ls0 ws0\">3. Altri prodot<span class=\"_ _1\"></span>ti<span class=\"_ _df\"> </span></div></td><td class=\"c x7b3 y2fda w4d0 h296\"><div class=\"t m0 xeb h1f y35e ff2b fs7 fc1 sc0 ls0 ws0\">2.718<span class=\"_ _df\"> </span> </div></td><td class=\"c x613 y2fda w4d1 h296\"><div class=\"t m0 xec h1f y35e ff2b fs7 fc1 sc0 ls0 ws0\">2.264 </div></td></tr><tr><td class=\"c x46b y2fdb w4ce h65\"><div class=\"t m0 xe h1f y35e ff2b fs7 fc1 sc0 ls0 ws0\">di cui: gestioni di<span class=\"_ _1\"></span> portafogli indi<span class=\"_ _1\"></span>viduali<span class=\"_ _df\"> </span> </div></td><td class=\"c x7b3 y2fdb w4d0 h65\"><div class=\"t m0 xe3 h1f y35e ff2b fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span> </div></td><td class=\"c x613 y2fdb w4d1 h65\"><div class=\"t m0 xe3 h1f y35e ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y2fdc w4ce h296\"><div class=\"t m0 x8a h1f y35e ff2b fs7 fc1 sc0 ls0 ws0\">k) Finanza strut<span class=\"_ _1\"></span>turata<span class=\"_ _df\"> </span> </div></td><td class=\"c x7b3 y2fdc w4d0 h296\"><div class=\"t m0 xe3 h1f y35e ff2b fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span> </div></td><td class=\"c x613 y2fdc w4d1 h296\"><div class=\"t m0 xe3 h1f y35e ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y2fdd w4ce h65\"><div class=\"t m0 x8a h1f y35e ff2b fs7 fc1 sc0 ls0 ws0\">l) Attivit\u00e0 di serv<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span>cing per <span class=\"_ _f\"></span>o<span class=\"_ _2\"></span>perazion<span class=\"_ _1\"></span>i di cartolarizzaz<span class=\"_ _1\"></span>ione<span class=\"_ _df\"> </span></div></td><td class=\"c x7b3 y2fdd w4d0 h65\"><div class=\"t m0 xe3 h1f y35e ff2b fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span> </div></td><td class=\"c x613 y2fdd w4d1 h65\"><div class=\"t m0 xe3 h1f y35e ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y2fde w4ce h65\"><div class=\"t m0 x8a h1f y360 ff2b fs7 fc1 sc0 ls0 ws0\">m) Impegni a erog<span class=\"_ _f\"></span>ar<span class=\"_ _2\"></span>e fond<span class=\"_ _1\"></span>i<span class=\"_ _df\"> </span></div></td><td class=\"c x7b3 y2fde w4d0 h65\"><div class=\"t m0 xe3 h1f y360 ff2b fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span> </div></td><td class=\"c x613 y2fde w4d1 h65\"><div class=\"t m0 xe3 h1f y360 ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y2fdf w4ce h296\"><div class=\"t m0 x8a h1f y35e ff2b fs7 fc1 sc0 ls0 ws0\">n) Garanzie finanz<span class=\"_ _1\"></span>iarie rilasciate<span class=\"_ _df\"> </span> </div></td><td class=\"c x7b3 y2fdf w4d0 h296\"><div class=\"t m0 xec h1f y35e ff2b fs7 fc1 sc0 ls0 ws0\">5.785<span class=\"_ _df\"> </span> </div></td><td class=\"c x613 y2fdf w4d1 h296\"><div class=\"t m0 xec h1f y35e ff2b fs7 fc1 sc0 ls0 ws0\">4.877 </div></td></tr><tr><td class=\"c x46b y2fe0 w4ce h65\"><div class=\"t m0 x30 h1f y35e ff2b fs7 fc1 sc0 ls0 ws0\">di cui: derivati su c<span class=\"_ _1\"></span>rediti<span class=\"_ _df\"> </span> </div></td><td class=\"c x7b3 y2fe0 w4d0 h65\"><div class=\"t m0 xe3 h1f y35e ff2b fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span> </div></td><td class=\"c x613 y2fe0 w4d1 h65\"><div class=\"t m0 xe3 h1f y35e ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y2fe1 w4ce h296\"><div class=\"t m0 x8a h1f y35e ff2b fs7 fc1 sc0 ls0 ws0\">o) Operazioni d<span class=\"_ _1\"></span>i finanziamento<span class=\"_ _df\"> </span></div></td><td class=\"c x7b3 y2fe1 w4d0 h296\"><div class=\"t m0 x124 h1f y35e ff2b fs7 fc1 sc0 ls0 ws0\">15.386<span class=\"_ _df\"> </span> </div></td><td class=\"c x613 y2fe1 w4d1 h296\"><div class=\"t m0 x11f h1f y35e ff2b fs7 fc1 sc0 ls0 ws0\">15.128 </div></td></tr><tr><td class=\"c x46b y2fe2 w4ce h65\"><div class=\"t m0 x30 h1f y35e ff2b fs7 fc1 sc0 ls0 ws0\">di cui: per operaz<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span>oni di <span class=\"_ _1\"></span>factoring<span class=\"_ _df\"> </span> </div></td><td class=\"c x7b3 y2fe2 w4d0 h65\"><div class=\"t m0 x124 h1f y35e ff2b fs7 fc1 sc0 ls0 ws0\">15.386<span class=\"_ _df\"> </span> </div></td><td class=\"c x613 y2fe2 w4d1 h65\"><div class=\"t m0 x11f h1f y35e ff2b fs7 fc1 sc0 ls0 ws0\">15.128 </div></td></tr><tr><td class=\"c x46b y2fe3 w4ce h65\"><div class=\"t m0 x8a h1f y360 ff2b fs7 fc1 sc0 ls0 ws0\">p) Negoziazione d<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span> valute<span class=\"_ _df\"> </span> </div></td><td class=\"c x7b3 y2fe3 w4d0 h65\"><div class=\"t m0 xeb h1f y360 ff2b fs7 fc1 sc0 ls0 ws0\">4.921<span class=\"_ _df\"> </span> </div></td><td class=\"c x613 y2fe3 w4d1 h65\"><div class=\"t m0 xec h1f y360 ff2b fs7 fc1 sc0 ls0 ws0\">3.939 </div></td></tr><tr><td class=\"c x46b y2fe4 w4ce h65\"><div class=\"t m0 x8a h1f y35e ff2b fs7 fc1 sc0 ls0 ws0\">q) Merci<span class=\"_ _df\"> </span> </div></td><td class=\"c x7b3 y2fe4 w4d0 h65\"><div class=\"t m0 xe3 h1f y35e ff2b fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span> </div></td><td class=\"c x613 y2fe4 w4d1 h65\"><div class=\"t m0 xe3 h1f y35e ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y2fe5 w4ce h65\"><div class=\"t m0 x8a h1f y360 ff2b fs7 fc1 sc0 ls0 ws0\">r) Altre commis<span class=\"_ _1\"></span>sioni attive<span class=\"_ _df\"> </span></div></td><td class=\"c x7b3 y2fe5 w4d0 h65\"><div class=\"t m0 x11d h1f y360 ff2b fs7 fc1 sc0 ls0 ws0\">42.897<span class=\"_ _df\"> </span> </div></td><td class=\"c x613 y2fe5 w4d1 h65\"><div class=\"t m0 x11d h1f y360 ff2b fs7 fc1 sc0 ls0 ws0\">3<span class=\"_ _df\"> </span>8.303 </div></td></tr><tr><td class=\"c x46b y2fe6 w4ce h296\"><div class=\"t m0 x30 h1f y35e ff2b fs7 fc1 sc0 ls0 ws0\">di cui: per attivit\u00e0 <span class=\"_ _1\"></span>di gestione di s<span class=\"_ _1\"></span>istemi multilate<span class=\"_ _1\"></span>rali di scambi<span class=\"_ _1\"></span>o<span class=\"_ _df\"> </span> </div></td><td class=\"c x7b3 y2fe6 w4d0 h296\"><div class=\"t m0 xe3 h1f y35e ff2b fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span> </div></td><td class=\"c x613 y2fe6 w4d1 h296\"><div class=\"t m0 xe3 h1f y35e ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y2fe7 w4ce h65\"><div class=\"t m0 x30 h1f y35e ff2b fs7 fc1 sc0 ls0 ws0\">di cui: per attiv<span class=\"_ _1\"></span>it\u00e0 di gestione d<span class=\"_ _1\"></span>i sistemi organizzat<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span> di negoz<span class=\"_ _1\"></span>iazione<span class=\"_ _df\"> </span> </div></td><td class=\"c x7b3 y2fe7 w4d0 h65\"><div class=\"t m0 xe3 h1f y35e ff2b fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span> </div></td><td class=\"c x613 y2fe7 w4d1 h65\"><div class=\"t m0 xe3 h1f y35e ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y2fe8 w4ce h2cd\"><div class=\"t m0 x7d h1f y35e ff2b fs7 fc1 sc2 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale<span class=\"_ _df\"> </span><span class=\"sc0\"> </span></div></td><td class=\"c x7b3 y2fe8 w4d0 h2cd\"><div class=\"t m0 xc3 h1f y35e ff2b fs7 fc1 sc2 ls0 ws0\">858.<span class=\"_ _1\"></span>291<span class=\"_ _df\"> </span><span class=\"sc0\"> </span></div></td><td class=\"c x613 y2fe8 w4d1 h2cd\"><div class=\"t m0 xc3 h1f y35e ff2b fs7 fc1 sc2 ls0 ws0\">8<span class=\"_ _df\"> </span>62.3<span class=\"_ _f\"></span>21<span class=\"sc0\"> </span></div></td></tr></table>Si <span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>iporta <span class=\"_ _2\"></span>la <span class=\"_ _d\"></span>disaggregazi<span class=\"_ _1\"></span>one <span class=\"_ _d\"></span>delle <span class=\"_ _2\"></span>commiss<span class=\"_ _2\"></span>ioni <span class=\"_ _2\"></span>distribuite <span class=\"_ _2\"></span>per <span class=\"_ _d\"></span>forma <span class=\"_ _d\"></span>tecnica <span class=\"_ _2\"></span>in<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>linea <span class=\"_ _d\"></span>con <span class=\"_ _2\"></span>quanto<span class=\"_ _df\"> </span> richiesto da <span class=\"_ _2\"></span>IFRS 15 par. 114. Le <span class=\"_ _2\"></span>princip<span class=\"_ _1\"></span>ali tipologie comm<span class=\"_ _2\"></span>issionali sono riconducibili a (IFRS <span class=\"_ _2\"></span>15 par.<span class=\"_ _df\"> </span> 119):<span class=\"_ _df\"> </span> -<span class=\"_ _1d\"> </span><span class=\"ff2b\">Gestione dei portafogli individ<span class=\"_ _1\"></span>uali e collettivi: la performance ob<span class=\"_ _1\"></span>bligation si sostanzia in<span class=\"_ _f\"></span> <span class=\"_ _d\"></span>5.876<span class=\"_ _df\"> </span></span><span class=\"ff2b\"> </span>mila euro e viene tipicamente soddisfatta over time;<span class=\"_ _df\"> </span>-<span class=\"_ _1d\"> </span><span class=\"ff2b\">Collocamento titoli: si tratta di commissioni in sede di collocamento fondi/sicav incassati per<span class=\"_ _df\"> </span></span>un importo pari a 30.779 mila euro;<span class=\"_ _df\"> </span> -<span class=\"_ _40\"> </span><span class=\"ff2b\">Distribuzione <span class=\"_ _0\"></span>dei <span class=\"_ _9\"> </span>servizi <span class=\"_ _0\"></span>di <span class=\"_ _9\"> </span>terzi: <span class=\"_ _9\"> </span>si <span class=\"_ _0\"> </span>tratta <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>commissioni <span class=\"_ _9\"> </span>di <span class=\"_ _0\"></span>acquisizione <span class=\"_ _0\"></span>relative <span class=\"_ _9\"> </span>a <span class=\"_ _0\"> </span>polizze<span class=\"_ _df\"> </span></span><span class=\"ff2b\"> </span>assicurative per un importo pari a 14.050 mila euro.<span class=\"_ _df\"> </span>Il Gruppo percepisce vari tipi<span class=\"_ _1\"></span> di commissioni variabili come:<span class=\"_ _df\"> </span>-<span class=\"_ _1d\"> </span><span class=\"ff2b\">Success Fee e retainer fee; </span>-<span class=\"_ _1d\"> </span><span class=\"ff2b\">Performance/Overperformance;<span class=\"_ _df\"> </span></span>-<span class=\"_ _1d\"> </span><span class=\"ff2b\">Rappel. </span>Tali <span class=\"_ _19\"> </span>commissioni <span class=\"_ _1a\"> </span>veng<span class=\"_ _1\"></span>ono <span class=\"_ _19\"> </span>percepite <span class=\"_ _19\"> </span>al <span class=\"_ _1a\"> </span>raggiungimento <span class=\"_ _19\"> </span>di <span class=\"_ _1a\"> </span>determinati <span class=\"_ _19\"> </span>obiettivi, <span class=\"_ _1a\"> </span>previsti contrattualmente <span class=\"_ _0\"></span>e <span class=\"_ _0\"></span>sono <span class=\"_ _9\"> </span>contabilizzate <span class=\"_ _0\"></span>al <span class=\"_ _9\"> </span>momento <span class=\"_ _0\"></span>in <span class=\"_ _9\"> </span>cui <span class=\"_ _0\"></span>viene <span class=\"_ _9\"> </span>meno <span class=\"_ _0\"></span>l'incertezza <span class=\"_ _0\"></span>r<span class=\"_ _2\"></span>elativa <span class=\"_ _d\"></span>a<span class=\"_ _2\"></span>lla determinazione dell'importo variabile.<span class=\"_ _df\"> </span>Nella <span class=\"_ _2\"></span>part<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>L <span class=\"_ _d\"></span>della <span class=\"_ _2\"></span>nota <span class=\"_ _d\"></span>integrativa <span class=\"_ _2\"></span>viene <span class=\"_ _d\"></span>presentata <span class=\"_ _d\"></span>la <span class=\"_ _2\"></span>disaggregazione <span class=\"_ _2\"></span>dei <span class=\"_ _d\"></span>Ricavi <span class=\"_ _2\"></span>per <span class=\"_ _d\"></span>segmento operativo. P<span class=\"_ _f\"></span>A<span class=\"_ _1\"></span>R<span class=\"_ _1\"></span>T<span class=\"_ _f\"></span>E<span class=\"_ _f\"></span> <span class=\"_ _13\"></span>L <span class=\"_ _13\"></span><span class=\"ff5\">\u2013<span class=\"_ _f\"></span><span class=\"ff4\"> <span class=\"_ _11\"></span>I<span class=\"_ _1\"></span>N<span class=\"_ _f\"></span>FO<span class=\"_ _11\"></span>RM<span class=\"_ _11\"></span>AT<span class=\"_ _f\"></span>I<span class=\"_ _f\"></span>VA<span class=\"_ _11\"></span> <span class=\"_ _11\"></span><span class=\"ls10d\">DI<span class=\"ls0\"> <span class=\"_ _11\"></span>S<span class=\"_ _f\"></span>E<span class=\"_ _1\"></span>T<span class=\"_ _f\"></span>TO<span class=\"_ _11\"></span>RE<span class=\"_ _f\"></span><span class=\"fc1 sc2\"> </span></span></span></span></span>I<span class=\"_ _1\"></span>NF<span class=\"_ _f\"></span>O<span class=\"_ _f\"></span>RM<span class=\"_ _f\"></span>A<span class=\"_ _1\"></span>T<span class=\"_ _1\"></span>IV<span class=\"_ _f\"></span>A<span class=\"_ _f\"></span> <span class=\"_ _f\"></span><span class=\"ls10e\">DI<span class=\"ls0\"> S<span class=\"_ _f\"></span>ET<span class=\"_ _f\"></span>TO<span class=\"_ _f\"></span>R<span class=\"_ _f\"></span>E <span class=\"_ _f\"></span><span class=\"ff5\">\u2013<span class=\"_ _f\"></span><span class=\"ff4\"> d<span class=\"_ _f\"></span>is<span class=\"_ _f\"></span>tr<span class=\"_ _f\"></span>ib<span class=\"_ _f\"></span>uz<span class=\"_ _f\"></span>io<span class=\"_ _f\"></span>ne<span class=\"_ _f\"></span> <span class=\"_ _f\"></span>pe<span class=\"_ _f\"></span>r<span class=\"_ _1\"></span> s<span class=\"_ _f\"></span>e<span class=\"_ _1\"></span>tt<span class=\"_ _f\"></span>o<span class=\"_ _f\"></span>ri<span class=\"_ _1\"></span> o<span class=\"_ _f\"></span>p<span class=\"_ _f\"></span>er<span class=\"_ _f\"></span>at<span class=\"_ _f\"></span>iv<span class=\"_ _f\"></span>i<span class=\"fc1 sc2\"> </span></span></span></span></span>Nel Gruppo Credem operano due settori operativi, Bank<span class=\"_ _f\"></span>in<span class=\"_ _2\"></span>g e We<span class=\"_ _2\"></span>alth Management: \u2022<span class=\"_ _27\"> </span><span class=\"ff4 sc2\">Banking:<span class=\"_ _1\"></span><span class=\"sc0\"> Commercial Banking,<span class=\"_ _1\"></span> Private Banking, Parabancario, Consumer Credit e Altro/Technology<span class=\"_ _df\"> </span></span></span>\u2022<span class=\"_ _27\"> </span><span class=\"ff4 sc2\">Wealt<span class=\"_ _1\"></span>h Ma<span class=\"_ _1\"></span>nagem<span class=\"_ _1\"></span>ent:<span class=\"sc0\"> As<span class=\"_ _1\"></span>set Management e Insurance.<span class=\"_ _df\"> </span></span></span>Questi <span class=\"_ _f\"></span>due <span class=\"_ _1\"></span>settori <span class=\"_ _1\"></span>operativi <span class=\"_ _f\"></span>aggregano <span class=\"_ _f\"></span>i princ<span class=\"_ _1\"></span>ipali <span class=\"_ _f\"></span>ambiti di <span class=\"_ _f\"></span>business <span class=\"_ _1\"></span>in <span class=\"_ _f\"></span>cui <span class=\"_ _1\"></span>operano <span class=\"_ _1\"></span>le dive<span class=\"_ _1\"></span>rse <span class=\"_ _1\"></span>societ\u00e0 <span class=\"_ _1\"></span>del <span class=\"_ _f\"></span>Gruppo. In particolare:  B<span class=\"_ _1\"></span>A<span class=\"_ _1\"></span>N<span class=\"_ _1\"></span>KI<span class=\"_ _f\"></span>NG<span class=\"_ _f\"></span> Comm<span class=\"_ _f\"></span>ercial <span class=\"_ _1\"></span>Banki<span class=\"_ _1\"></span>ng<span class=\"sc0\">: </span>- <span class=\"_ _25\"> </span><span class=\"ff5\">Credito <span class=\"_ _4\"> </span>Emiliano  S.p.A.: <span class=\"_ _4\"> </span>\u00e8  la <span class=\"_ _4\"> </span>Capogruppo  del <span class=\"_ _4\"> </span>Gruppo  Credem <span class=\"_ _4\"> </span>specializzata  nell\u2019attivit\u00e0 <span class=\"_ _4\"> </span>di  commercial<span class=\"_ _df\"> </span></span>banking <span class=\"_ _d\"></span>at<span class=\"_ _2\"></span>traverso <span class=\"_ _d\"></span>l\u2019erogazione <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>servizi <span class=\"_ _0\"></span>indirizzati <span class=\"_ _0\"></span>a <span class=\"_ _0\"></span>clientela <span class=\"_ _d\"></span>r<span class=\"_ _2\"></span>etail <span class=\"_ _d\"></span>e <span class=\"_ _0\"></span>co<span class=\"_ _2\"></span><span class=\"ff4\">rporate. <span class=\"_ _0\"></span>Tali <span class=\"_ _0\"></span>servizi <span class=\"_ _d\"></span>sono <span class=\"_ _9\"> </span>forniti </span>anche  attraverso<span class=\"_ _2\"></span>  reti  di <span class=\"_ _4\"> </span>consule<span class=\"_ _1\"></span>nti  finanziari <span class=\"_ _22\"> </span>ab<span class=\"_ _2\"></span>ilitati  all\u2019offerta <span class=\"_ _22\"> </span>fuori <span class=\"_ _4\"> </span>sede  con  rapporto<span class=\"_ _2\"></span>  agenziale.  La<span class=\"_ _df\"> </span>Capogruppo gestisce, in <span class=\"_ _2\"></span>modalit\u00e0 accentrata, <span class=\"_ _2\"></span>la tesoreria ed <span class=\"_ _2\"></span>il rischio di t<span class=\"_ _2\"></span>asso del Gr<span class=\"_ _2\"></span>uppo, interfacciand<span class=\"_ _1\"></span>osi<span class=\"_ _df\"> </span>con i mercati finanziari istituzionali;<span class=\"_ _df\"> </span>- <span class=\"_ _25\"> </span>Credem <span class=\"_ _0\"></span>CB <span class=\"_ _0\"></span>S.r.l.: <span class=\"_ _d\"></span>societ\u00e0 <span class=\"_ _0\"></span>veicolo <span class=\"_ _0\"></span>ex <span class=\"_ _0\"></span>L. <span class=\"_ _0\"></span>130 <span class=\"_ _0\"></span>del <span class=\"_ _d\"></span>30 <span class=\"_ _0\"></span>aprile <span class=\"_ _d\"></span>1999 <span class=\"_ _0\"></span>per <span class=\"_ _0\"></span>supportare <span class=\"_ _d\"></span>la <span class=\"_ _0\"></span>strutturazione <span class=\"_ _0\"></span>di <span class=\"_ _d\"></span>specifici<span class=\"_ _df\"> </span>programmi di emissione di Obbl<span class=\"_ _1\"></span>igazioni Bancarie Garantite (Covered Bonds).<span class=\"_ _df\"> </span>Priva<span class=\"_ _f\"></span>te Banking<span class=\"_ _1\"></span>: - <span class=\"_ _25\"> </span>Credem - Euromobiliare Private Banking S.p.A.: \u00e8 la Private Bank<span class=\"_ _f\"></span> <span class=\"_ _2\"></span>del Grupp<span class=\"_ _1\"></span>o Bancario Credem, attiva sia nel private banking che nella promozione fi<span class=\"_ _1\"></span>nanziaria.<span class=\"_ _df\"> </span>Para<span class=\"_ _f\"></span>b<span class=\"_ _2\"></span>anc<span class=\"_ _1\"></span>ario<span class=\"_ _1\"></span>, Cons<span class=\"_ _f\"></span>umer Cr<span class=\"_ _1\"></span>edit <span class=\"_ _1\"></span>e Al<span class=\"_ _1\"></span>tro/<span class=\"_ _1\"></span>Technolo<span class=\"_ _f\"></span>gy - <span class=\"_ _25\"> </span>Credemleasing <span class=\"_ _2\"></span>S.p.A.: s<span class=\"_ _2\"></span>ociet\u00e0 <span class=\"_ _2\"></span>speci<span class=\"_ _1\"></span>alizzata <span class=\"_ _2\"></span>nello <span class=\"_ _2\"></span>sviluppo <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span><span class=\"ff5\">nell\u2019offerta <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>pacchetti <span class=\"_ _2\"></span>integrati <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>leasing. La<span class=\"_ _df\"> </span></span>stessa opera in tutti i comparti di attivit\u00e0 della locazione<span class=\"_ _1\"></span> finanziaria: tar<span class=\"_ _2\"></span>gato (le<span class=\"_ _1\"></span>asing, long renting, leasing a<span class=\"_ _df\"> </span>privati), strumentale, immobili<span class=\"_ _1\"></span>are e navale;<span class=\"_ _df\"> </span>- <span class=\"_ _25\"> </span>Credemfactor <span class=\"_ _2\"></span>S.p.A.: societ\u00e0 <span class=\"_ _2\"></span>specializzat<span class=\"ff5\">a <span class=\"_ _2\"></span>nell\u2019attivit\u00e0 <span class=\"_ _2\"></span>di factoring, <span class=\"_ _2\"></span>offre <span class=\"_ _2\"></span>una gamma <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>servizi c<span class=\"_ _2\"></span>he va <span class=\"_ _2\"></span>dalla<span class=\"_ _df\"> </span></span>gestione dei <span class=\"_ _2\"></span>crediti <span class=\"_ _2\"></span>commerciali, al <span class=\"_ _2\"></span>monitoraggio <span class=\"_ _2\"></span>continuo del <span class=\"_ _2\"></span>rischio, alla <span class=\"_ _2\"></span>garanzia <span class=\"_ _2\"></span>e alla <span class=\"_ _2\"></span>anticipazione del credito. <span class=\"_ _2\"></span>Credemfactor <span class=\"_ _d\"></span>S.p.A. <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _d\"></span>inoltr<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>specializzata <span class=\"_ _d\"></span>nella <span class=\"_ _2\"></span>gestione <span class=\"_ _d\"></span>dei <span class=\"_ _2\"></span>cre<span class=\"_ _2\"></span>diti <span class=\"_ _d\"></span>verso <span class=\"_ _d\"></span>gli <span class=\"_ _2\"></span>Enti <span class=\"_ _d\"></span>Pubblici <span class=\"_ _d\"></span>e <span class=\"_ _2\"></span>nello<span class=\"_ _df\"> </span>sviluppo di convenzioni con i fornitori;<span class=\"_ _df\"> </span>- <span class=\"_ _25\"> </span><span class=\"ff5\">Avvera S.p.A.: societ\u00e0 di credito al consumo, spe<span class=\"_ _1\"></span>cializzata nell\u2019intermediazione<span class=\"_ _1\"></span> di mutui e nel collocamento<span class=\"_ _df\"> </span></span>di prodotti di cessione del q<span class=\"_ _1\"></span>uinto e erogazione di prestiti persona<span class=\"_ _2\"></span>li e finalizzati;<span class=\"_ _df\"> </span>- <span class=\"_ _25\"> </span>Magazzini G<span class=\"_ _2\"></span>enerali delle Tagliat<span class=\"_ _2\"></span>e S.p.A.: <span class=\"_ _2\"></span>azienda operante <span class=\"_ _2\"></span>nel settore <span class=\"_ _2\"></span>della stagionatura <span class=\"_ _2\"></span>e dello <span class=\"_ _2\"></span>stoccaggio<span class=\"_ _df\"> </span>di <span class=\"_ _2\"></span>formaggio <span class=\"_ _2\"></span>Parmigiano<span class=\"_ _2\"></span>-Reggiano <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>Gr<span class=\"_ _2\"></span>ana <span class=\"_ _2\"></span>Padano. <span class=\"_ _2\"></span>La <span class=\"_ _d\"></span>societ\u00e0 <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _2\"></span>part<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>integrante <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>Gruppo <span class=\"_ _d\"></span>in <span class=\"_ _2\"></span>quanto <span class=\"_ _d\"></span>le<span class=\"_ _df\"> </span>\u201cforme\u201d di formaggio rap<span class=\"ff4\">presentano il collaterale per finanziamenti ai produttori;<span class=\"_ _df\"> </span></span>- <span class=\"_ _25\"> </span><span class=\"ff5\">Credemtel <span class=\"_ _4\"> </span>S.p.A.: <span class=\"_ _4\"> </span>azienda <span class=\"_ _4\"> </span>att<span class=\"_ _2\"></span>iva <span class=\"_ _4\"> </span>nell\u2019<span class=\"_ _1\"></span>offerta <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>servizi <span class=\"_ _4\"> </span>telematici <span class=\"_ _4\"> </span>rivolti <span class=\"_ _4\"> </span>a <span class=\"_ _4\"> </span>banche, <span class=\"_ _4\"> </span>aziende <span class=\"_ _4\"> </span>e <span class=\"_ _4\"> </span>Pubblica<span class=\"_ _df\"> </span></span>Amministrazione e sue eventuali Societ\u00e0 controllate.<span class=\"_ _df\"> </span>W<span class=\"_ _f\"></span>EA<span class=\"_ _f\"></span>LT<span class=\"_ _f\"></span>H <span class=\"_ _1\"></span>M<span class=\"_ _1\"></span>AN<span class=\"_ _f\"></span>A<span class=\"_ _1\"></span>G<span class=\"_ _1\"></span>E<span class=\"_ _1\"></span>M<span class=\"_ _1\"></span>EN<span class=\"_ _f\"></span>T<span class=\"_ _f\"></span> Asset<span class=\"_ _1\"></span> Mana<span class=\"_ _f\"></span>gement<span class=\"_ _f\"></span> - <span class=\"_ _25\"> </span>Euromobiliare <span class=\"_ _0\"></span>Asset <span class=\"_ _9\"> </span>Management <span class=\"_ _9\"> </span>SGR <span class=\"_ _0\"></span>S.p.A.: <span class=\"_ _0\"></span>societ\u00e0 <span class=\"_ _9\"> </span>attiva <span class=\"_ _9\"> </span>nel <span class=\"_ _0\"></span>campo <span class=\"_ _0\"></span>della <span class=\"_ _0\"></span>g<span class=\"_ _2\"></span>estione <span class=\"_ _0\"></span>collettiva <span class=\"_ _0\"></span>(fondi <span class=\"_ _9\"> </span>e<span class=\"_ _df\"> </span>comparti <span class=\"_ _18\"> </span>SICAV). <span class=\"_ _10\"> </span>Svol<span class=\"_ _2\"></span>ge <span class=\"_ _10\"> </span>i <span class=\"_ _18\"> </span>r<span class=\"_ _2\"></span>uoli <span class=\"_ _10\"> </span>di <span class=\"_ _18\"> </span>\u201cManagement <span class=\"_ _18\"> </span>Company\u201d<span class=\"_ _2\"></span> <span class=\"_ _18\"> </span>e <span class=\"_ _10\"> </span>\u201cFund <span class=\"_ _18\"> </span>Administrator\u201d <span class=\"_ _18\"> </span>della <span class=\"_ _18\"> </span>SICAV<span class=\"_ _df\"> </span>Lussemburghese <span class=\"_ _2\"></span>Euromobiliare <span class=\"_ _d\"></span>International <span class=\"_ _2\"></span>Fund <span class=\"_ _d\"></span>Sicav, <span class=\"_ _2\"></span>i <span class=\"_ _d\"></span>cui <span class=\"_ _d\"></span>compart<span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>sono <span class=\"_ _d\"></span>distribu<span class=\"_ _1\"></span>iti <span class=\"_ _d\"></span>attraverso <span class=\"_ _d\"></span>le <span class=\"_ _2\"></span>filiali ed i consulenti finanziari di<span class=\"_ _1\"></span> Credit<span class=\"_ _2\"></span>o Emiliano e di Cred<span class=\"_ _1\"></span>em <span class=\"_ _2\"></span>- Euromobiliare Private Banking;<span class=\"_ _df\"> </span>- <span class=\"_ _25\"> </span><span class=\"ff5\">Euromobiliare Advisory SIM S.p.A.: societ\u00e0 il cu<span class=\"_ _1\"></span>i oggetto sociale <span class=\"_ _1\"></span>prevede l\u2019esercizio professionale<span class=\"_ _1\"></span> dei servizi<span class=\"_ _df\"> </span></span>di <span class=\"_ _4\"> </span>gestione <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>portafogli, <span class=\"_ _4\"> </span>ricezione <span class=\"_ _4\"> </span>e <span class=\"_ _17\"> </span>trasmissione <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>or<span class=\"_ _2\"></span>dini,<span class=\"_ _1\"></span> <span class=\"_ _4\"> </span>consulenza <span class=\"_ _4\"> </span>in <span class=\"_ _4\"> </span>mat<span class=\"_ _2\"></span>eria <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>investimenti <span class=\"_ _4\"> </span>e patrimoniale, <span class=\"_ _16\"> </span>anche <span class=\"_ _16\"> </span>mediante  lo <span class=\"_ _16\"> </span>svilupp<span class=\"_ _1\"></span>o  di <span class=\"_ _16\"> </span>prodotti  e <span class=\"_ _9\"> </span>s<span class=\"_ _2\"></span>ervizi <span class=\"_ _9\"> </span>innovativi  ad <span class=\"_ _16\"> </span>alto  valore <span class=\"_ _9\"> </span>tecnologico  nei<span class=\"_ _df\"> </span>confronti del pubblico ed alle<span class=\"_ _1\"></span> reti Credem;<span class=\"_ _df\"> </span>- <span class=\"_ _25\"> </span>Euromobiliare <span class=\"_ _d\"></span>Fiduciaria <span class=\"_ _d\"></span>S.p.A.: <span class=\"_ _d\"></span>\u00e8 <span class=\"_ _d\"></span>un <span class=\"_ _d\"></span>o<span class=\"_ _2\"></span>peratore <span class=\"_ _d\"></span>che <span class=\"_ _d\"></span>rientra <span class=\"_ _d\"></span>tra <span class=\"_ _d\"></span>le <span class=\"_ _d\"></span>societ\u00e0 <span class=\"_ _d\"></span>fiduciarie <span class=\"_ _2\"></span>previste <span class=\"_ _d\"></span>dalla <span class=\"_ _0\"></span>Legge <span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>.<span class=\"_ _df\"> </span>1966 <span class=\"_ _d\"></span>del <span class=\"_ _2\"></span>23 <span class=\"_ _d\"></span>novembre <span class=\"_ _2\"></span>1939 <span class=\"_ _d\"></span>e <span class=\"_ _2\"></span>svolge <span class=\"_ _d\"></span>attivit\u00e0 <span class=\"_ _2\"></span>di <span class=\"_ _d\"></span>custodia <span class=\"_ _d\"></span>ed <span class=\"_ _2\"></span>amministrazione <span class=\"_ _2\"></span>dei <span class=\"_ _d\"></span>beni <span class=\"_ _2\"></span>affidati <span class=\"_ _d\"></span>dai <span class=\"_ _2\"></span>fiducianti<span class=\"_ _df\"> </span>sulla base di un mandato fiduciario;<span class=\"_ _df\"> </span>- <span class=\"_ _25\"> </span>Credem Private <span class=\"_ _2\"></span>Equity SGR <span class=\"_ _2\"></span>S.p.A.: societ\u00e0 autorizzata alla <span class=\"_ _2\"></span>prestazione del servizio di gestione <span class=\"_ _2\"></span>collettiva del<span class=\"_ _df\"> </span>risparmio, <span class=\"_ _2\"></span>che svolge <span class=\"_ _2\"></span>attivit\u00e0 <span class=\"_ _2\"></span>di investimento <span class=\"_ _2\"></span>in capitale <span class=\"_ _2\"></span>di r<span class=\"_ _2\"></span>ischio <span class=\"_ _2\"></span>mediante l\u2019istituzione <span class=\"_ _2\"></span>e l\u2019organizzazione<span class=\"_ _df\"> </span>di fondi comuni di investimento mobiliare chiusi.<span class=\"_ _df\"> </span>Insur<span class=\"_ _1\"></span>ance:<span class=\"_ _f\"></span> - <span class=\"_ _25\"> </span>Credemvita <span class=\"_ _d\"></span>S.p.A.: <span class=\"_ _2\"></span>impresa <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>ssicurazioni <span class=\"_ _2\"></span>attiva <span class=\"_ _d\"></span>nei <span class=\"_ _2\"></span>rami <span class=\"_ _2\"></span>vita <span class=\"_ _d\"></span>e <span class=\"_ _2\"></span>previdenziale, <span class=\"_ _2\"></span>ch<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>opera <span class=\"_ _2\"></span>esclus<span class=\"_ _2\"></span>ivamente<span class=\"_ _df\"> </span>attraverso le reti distributive de<span class=\"_ _1\"></span>l Gruppo Credem; - <span class=\"_ _25\"> </span>Credemassicurazioni  S.p.A.: <span class=\"_ _22\"> </span>im<span class=\"_ _2\"></span>presa  di <span class=\"_ _22\"> </span>assicurazioni  at<span class=\"_ _2\"></span>tiva  nei  r<span class=\"_ _2\"></span>ami  danni, <span class=\"_ _22\"> </span>che <span class=\"_ _22\"> </span>opera <span class=\"_ _4\"> </span>esclusivame<span class=\"_ _1\"></span>nte<span class=\"_ _df\"> </span>attraverso  le <span class=\"_ _16\"> </span>reti  d<span class=\"_ _1\"></span>istributive <span class=\"_ _16\"> </span>del  Grupp<span class=\"_ _1\"></span>o  Credem.  La <span class=\"_ _9\"> </span>s<span class=\"_ _2\"></span>ociet\u00e0  \u00e8<span class=\"_ _f\"></span>  partecipata  pariteticamente  d<span class=\"_ _1\"></span>a  Credi<span class=\"_ _1\"></span>to<span class=\"_ _df\"> </span>Emiliano S.p.A. e da Reale Mutua Assicurazioni S.p.A.<span class=\"_ _df\"> </span>IN<span class=\"_ _f\"></span>FO<span class=\"_ _1\"></span>RM<span class=\"_ _f\"></span>AT<span class=\"_ _1\"></span>IV<span class=\"_ _f\"></span>A D<span class=\"_ _f\"></span>I S<span class=\"_ _f\"></span>ET<span class=\"_ _f\"></span>TO<span class=\"_ _f\"></span>RE <span class=\"_ _f\"></span>- c<span class=\"_ _f\"></span>om<span class=\"_ _1\"></span>m<span class=\"_ _f\"></span>ento<span class=\"_ _f\"></span> Si<span class=\"_ _f\"></span> <span class=\"_ _9\"> </span>fa <span class=\"_ _d\"></span>rifer<span class=\"_ _1\"></span>ime<span class=\"_ _f\"></span>nto <span class=\"_ _0\"></span>a <span class=\"_ _0\"></span>qu<span class=\"_ _f\"></span>anto <span class=\"_ _0\"></span>amp<span class=\"_ _1\"></span>iame<span class=\"_ _f\"></span>nte <span class=\"_ _d\"></span>ripo<span class=\"_ _1\"></span>rtat<span class=\"_ _1\"></span>o <span class=\"_ _d\"></span>nella<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>rela<span class=\"_ _f\"></span>zione<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>sul<span class=\"_ _f\"></span>la <span class=\"_ _0\"></span>gest<span class=\"_ _f\"></span>ione <span class=\"_ _d\"></span>sui <span class=\"_ _0\"></span>va<span class=\"_ _f\"></span>ri <span class=\"_ _d\"></span>setto<span class=\"_ _f\"></span>ri <span class=\"_ _2\"></span><span class=\"lsb2\">di<span class=\"_ _2\"></span></span> <span class=\"_ _d\"></span>atti<span class=\"_ _f\"></span>vit\u00e0<span class=\"_ _1\"></span> <span class=\"_ _2\"></span>e <span class=\"_ _d\"></span>alle<span class=\"_ _f\"></span> sin<span class=\"_ _f\"></span>gole<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>soc<span class=\"_ _f\"></span>iet\u00e0 <span class=\"_ _f\"></span>del<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>G<span class=\"_ _f\"></span>ruppo. Si<span class=\"_ _f\"></span> prec<span class=\"_ _1\"></span>isa<span class=\"_ _f\"></span> inol<span class=\"_ _1\"></span>tre<span class=\"_ _1\"></span> che<span class=\"_ _f\"></span> non<span class=\"_ _1\"></span> vi<span class=\"_ _1\"></span>ene<span class=\"_ _f\"></span> ripor<span class=\"_ _1\"></span>tata<span class=\"_ _f\"></span> la s<span class=\"_ _1\"></span>ud<span class=\"_ _f\"></span>divis<span class=\"_ _1\"></span>ione<span class=\"_ _f\"></span> per <span class=\"_ _f\"></span>area <span class=\"_ _f\"></span>geog<span class=\"_ _f\"></span>rafic<span class=\"_ _1\"></span>a i<span class=\"_ _f\"></span>n quan<span class=\"_ _f\"></span>to la<span class=\"_ _f\"></span> maggi<span class=\"_ _f\"></span>or pa<span class=\"_ _f\"></span>rte d<span class=\"_ _f\"></span>ei r<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>avi e <span class=\"_ _1\"></span>cos<span class=\"_ _1\"></span>ti <span class=\"_ _1\"></span>\u00e8 p<span class=\"_ _f\"></span>rodott<span class=\"_ _1\"></span>a i<span class=\"_ _f\"></span>n Ita<span class=\"_ _1\"></span>lia<span class=\"_ _1\"></span>.<span class=\"_ _df\"> </span>Si rimanda alla Relazione sulla gestione consolidata <span class=\"ff5\">\u2013</span> Capitolo 8 per maggiori dettagli sulla composizione de<span class=\"_ _1\"></span>lle singole voci riportate nelle tabelle soprastanti.<table class=\"s w1262 h5dd\" id=\"_55dc9e88-18c3-40c0-bfa0-a234a1016957\"><tr><td></td><td></td><td></td><td class=\"c xbe7 y3985 w1212 h5de\"><div class=\"t m9 x250 h382 y3984 ff4 fs30 fc1 sc0 ls0 ws0\">Paraba<span class=\"_ _2\"></span>nc<span class=\"_ _f\"></span>a<span class=\"_ _2\"></span>rio,<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td class=\"c xbe8 y3986 w1213 h5df\"><div class=\"t m9 x250 h382 y3966 ff4 fs30 fc1 sc0 ls0 ws0\">El<span class=\"_ _f\"></span>isioni<span class=\"_ _f\"></span>,<span class=\"_ _df\"> </span></div></td><td></td></tr><tr><td class=\"c xbe9 y3987 w685 h380\"><div class=\"t m8 xe8 h381 y1cc1 ff4 fs2f fc1 sc2 ls0 ws0\">D<span class=\"_ _2\"></span>I<span class=\"_ _2\"></span>C<span class=\"_ _d\"></span>E<span class=\"_ _2\"></span>M<span class=\"_ _d\"></span>B<span class=\"_ _d\"></span>R<span class=\"_ _2\"></span>E<span class=\"_ _d\"></span> <span class=\"_ _2\"></span>2<span class=\"_ _d\"></span>0<span class=\"_ _2\"></span>2<span class=\"_ _d\"></span>5<span class=\"_ _df\"> </span></div></td><td class=\"c xbea y3988 w1214 h5df\"><div class=\"t m9 x250 h382 y3966 ff4 fs30 fc1 sc0 ls0 ws0\">Com<span class=\"_ _2\"></span>me<span class=\"_ _2\"></span>rc<span class=\"_ _f\"></span>ia<span class=\"_ _2\"></span>l<span class=\"_ _df\"> </span></div></td><td class=\"c xbeb y3988 w1215 h5df\"><div class=\"t m9 x250 h382 y3966 ff4 fs30 fc1 sc0 ls0 ws0\">Pr<span class=\"_ _1\"></span>ivate<span class=\"_ _df\"> </span></div></td><td class=\"c xbec y3988 w1216 h5df\"><div class=\"t m9 x250 h382 y3966 ff4 fs30 fc1 sc0 ls0 ws0\">Consume<span class=\"_ _2\"></span>r<span class=\"_ _df\"> </span></div></td><td class=\"c xbe9 y3987 w685 h380\"><div class=\"t m8 xf4 h381 y1cc1 ff4 fs2f fc1 sc2 ls0 ws0\">B<span class=\"_ _d\"></span>A<span class=\"_ _2\"></span>N<span class=\"_ _2\"></span>K<span class=\"_ _d\"></span>I<span class=\"_ _2\"></span>N<span class=\"_ _2\"></span>G<span class=\"_ _df\"> </span></div></td><td class=\"c xbed y3988 w1217 h5df\"><div class=\"t m9 x250 h382 y3966 ff4 fs30 fc1 sc0 ls0 ws0\">Asset<span class=\"_ _df\"> </span></div></td><td class=\"c xbe9 y3987 w685 h380\"><div class=\"t m9 x17c h382 y1cc1 ff4 fs30 fc1 sc0 ls0 ws0\">I<span class=\"_ _1\"></span>nsurance<span class=\"_ _df\"> </span></div></td><td class=\"c xbee y398a w1218 h58d\"><div class=\"t m8 x250 h381 y3989 ff4 fs2f fc1 sc2 ls0 ws0\">W<span class=\"_ _d\"></span>e<span class=\"_ _d\"></span>a<span class=\"_ _d\"></span>l<span class=\"_ _d\"></span>t<span class=\"_ _2\"></span>h<span class=\"_ _df\"> </span></div></td><td class=\"c xbef y398b w1219 h5df\"><div class=\"t m9 x250 h382 y3966 ff4 fs30 fc1 sc0 ls0 ws0\">rettifi<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>he e<span class=\"_ _df\"> </span></div></td><td class=\"c xbe9 y3987 w685 h380\"><div class=\"t m8 x1c9 h381 y1cc1 ff4 fs2f fc1 sc2 ls0 ws0\">C<span class=\"_ _d\"></span>o<span class=\"_ _2\"></span>n<span class=\"_ _d\"></span>s<span class=\"_ _2\"></span>o<span class=\"_ _d\"></span>l<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>d<span class=\"_ _d\"></span>a<span class=\"_ _d\"></span>t<span class=\"_ _2\"></span>o<span class=\"_ _df\"> </span></div></td></tr><tr><td></td><td class=\"c xbf0 y398c w121a h5df\"><div class=\"t m9 x250 h382 y3966 ff4 fs30 fc1 sc0 ls0 ws0\">Ba<span class=\"_ _2\"></span>nk<span class=\"_ _f\"></span>ing<span class=\"_ _df\"> </span></div></td><td class=\"c xbf1 y398c w121a h5df\"><div class=\"t m9 x250 h382 y3966 ff4 fs30 fc1 sc0 ls0 ws0\">Ba<span class=\"_ _2\"></span>nk<span class=\"_ _f\"></span>ing<span class=\"_ _df\"> </span></div></td><td class=\"c xbf2 y398c w121b h5df\"><div class=\"t m9 x250 h382 y3966 ff4 fs30 fc1 sc0 ls0 ws0\">Credit, I<span class=\"_ _f\"></span>T<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c xbf3 y398c w121c h5df\"><div class=\"t m9 x250 h382 y3966 ff4 fs30 fc1 sc0 ls0 ws0\">Ma<span class=\"_ _2\"></span>nagem<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>nt<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c xbf4 y398d w121d h58d\"><div class=\"t m8 x250 h381 y3989 ff4 fs2f fc1 sc2 ls0 ws0\">M<span class=\"_ _d\"></span>a<span class=\"_ _d\"></span>n<span class=\"_ _2\"></span>a<span class=\"_ _0\"></span>g<span class=\"_ _2\"></span>e<span class=\"_ _d\"></span>m<span class=\"_ _0\"></span>e<span class=\"_ _d\"></span>n<span class=\"_ _2\"></span>t<span class=\"_ _df\"> </span></div></td><td class=\"c xbf5 y398e w121e h5df\"><div class=\"t m9 x250 h382 y3966 ff4 fs30 fc1 sc0 ls0 ws0\">ric<span class=\"_ _f\"></span>lassifi<span class=\"_ _f\"></span>che<span class=\"_ _df\"> </span></div></td><td></td></tr><tr><td></td><td></td><td></td><td class=\"c xbf6 y398f w121f h5df\"><div class=\"t m9 x250 h382 y3966 ff4 fs30 fc1 sc0 ls0 ws0\">Tec<span class=\"_ _1\"></span>hnology<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x262 y3075 w1220 h58d\"><div class=\"t m8 x250 h381 y3989 ff4 fs2f fc1 sc2 ls0 ws0\">I<span class=\"_ _2\"></span>M<span class=\"_ _2\"></span>P<span class=\"_ _2\"></span>I<span class=\"_ _2\"></span>E<span class=\"_ _2\"></span>G<span class=\"_ _d\"></span>H<span class=\"_ _d\"></span>I<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>A<span class=\"_ _d\"></span> <span class=\"_ _2\"></span>C<span class=\"_ _d\"></span>L<span class=\"_ _2\"></span>I<span class=\"_ _2\"></span>E<span class=\"_ _2\"></span>N<span class=\"_ _2\"></span>T<span class=\"_ _2\"></span>E<span class=\"_ _2\"></span>L<span class=\"_ _2\"></span>A<span class=\"_ _df\"> </span></div></td><td class=\"c xbf7 y3972 w1263 h5df\"><div class=\"t m9 x250 h382 y3966 ff4 fs30 fc1 sc2 ls0 ws0\">3<span class=\"_ _2\"></span>6<span class=\"_ _d\"></span>.<span class=\"_ _d\"></span>0<span class=\"_ _d\"></span>9<span class=\"_ _2\"></span>0<span class=\"_ _df\"> </span></div></td><td class=\"c xc2f y3972 w1264 h5df\"><div class=\"t m9 x250 h382 y3966 ff4 fs30 fc1 sc2 ls0 ws0\">8<span class=\"_ _2\"></span>6<span class=\"_ _2\"></span>6<span class=\"_ _df\"> </span></div></td><td class=\"c xc30 y3972 w1265 h5df\"><div class=\"t m9 x250 h382 y3966 ff4 fs30 fc1 sc2 ls0 ws0\">8<span class=\"_ _2\"></span>.<span class=\"_ _d\"></span>8<span class=\"_ _2\"></span>5<span class=\"_ _d\"></span>8<span class=\"_ _df\"> </span></div></td><td class=\"c x70d y3075 w1266 h58d\"><div class=\"t m8 x250 h381 y3989 ff4 fs2f fc1 sc2 ls0 ws0\">4<span class=\"_ _2\"></span>5<span class=\"_ _d\"></span>.<span class=\"_ _d\"></span>8<span class=\"_ _2\"></span>1<span class=\"_ _d\"></span>5<span class=\"_ _df\"> </span></div></td><td class=\"c xc31 y3972 w1267 h5df\"><div class=\"t m9 x250 h382 y3966 ff4 fs30 fc1 sc2 ls10f ws0\">24<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c xc32 y3075 w1268 h58d\"><div class=\"t m8 x250 h381 y3989 ff4 fs2f fc1 sc2 ls110 ws0\">24<span class=\"_ _df\"> </span></div></td><td class=\"c xc33 y3972 w1269 h5df\"><div class=\"t m9 x250 h382 y3966 ff4 fs30 fc1 sc2 ls0 ws0\">-<span class=\"_ _d\"></span>8<span class=\"_ _2\"></span>.<span class=\"_ _d\"></span>1<span class=\"_ _d\"></span>6<span class=\"_ _d\"></span>5<span class=\"_ _df\"> </span></div></td><td class=\"c xc34 y3075 w126a h58d\"><div class=\"t m8 x250 h381 y3989 ff4 fs2f fc1 sc2 ls0 ws0\">3<span class=\"_ _2\"></span>7<span class=\"_ _d\"></span>.<span class=\"_ _d\"></span>6<span class=\"_ _2\"></span>7<span class=\"_ _d\"></span>4<span class=\"_ _df\"> </span></div></td></tr><tr><td class=\"c x262 y2ec9 w126b h58d\"><div class=\"t m8 x250 h381 y3989 ff4 fs2f fc1 sc0 ls0 ws0\">Ra<span class=\"_ _2\"></span>c<span class=\"_ _f\"></span>colt<span class=\"_ _1\"></span>a DIRE<span class=\"_ _1\"></span>TT<span class=\"_ _f\"></span>A DIRE<span class=\"_ _f\"></span>TTA CL<span class=\"_ _f\"></span>IE<span class=\"_ _1\"></span>NT<span class=\"_ _f\"></span>ELA<span class=\"_ _df\"> </span></div></td><td class=\"c xc35 y3973 w126c h5df\"><div class=\"t m9 x250 h382 y3966 ff4 fs30 fc1 sc0 ls0 ws0\">32.<span class=\"_ _2\"></span>392<span class=\"_ _df\"> </span></div></td><td class=\"c xc36 y3973 w126d h5df\"><div class=\"t m9 x250 h382 y3966 ff4 fs30 fc1 sc0 ls0 ws0\">8<span class=\"_ _1\"></span>.683<span class=\"_ _df\"> </span></div></td><td class=\"c xc37 y3973 w126e h5df\"><div class=\"t m9 x250 h382 y3966 ff4 fs30 fc1 sc0 ls0 ws0\">121<span class=\"_ _df\"> </span></div></td><td class=\"c xc38 y3974 w126f h58d\"><div class=\"t m8 x250 h381 y3989 ff4 fs2f fc1 sc0 ls0 ws0\">41.196<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td class=\"c xc39 y3973 w1270 h5df\"><div class=\"t m9 x250 h382 y3966 ff4 fs30 fc1 sc0 ls0 ws0\">-473<span class=\"_ _df\"> </span></div></td><td class=\"c xc3a y3974 w1271 h58d\"><div class=\"t m8 x250 h381 y3989 ff4 fs2f fc1 sc0 ls0 ws0\">40<span class=\"_ _1\"></span>.72<span class=\"_ _2\"></span>3<span class=\"_ _df\"> </span></div></td></tr><tr><td class=\"c x262 y3056 w122f h58d\"><div class=\"t m8 x250 h381 y3989 ff4 fs2f fc1 sc2 ls0 ws0\">T<span class=\"_ _2\"></span>O<span class=\"_ _2\"></span>T<span class=\"_ _2\"></span>A<span class=\"_ _d\"></span>L<span class=\"_ _2\"></span>E<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>R<span class=\"_ _d\"></span>A<span class=\"_ _d\"></span>C<span class=\"_ _2\"></span>C<span class=\"_ _d\"></span>O<span class=\"_ _2\"></span>L<span class=\"_ _2\"></span>T<span class=\"_ _2\"></span>A<span class=\"_ _d\"></span> <span class=\"_ _2\"></span>D<span class=\"_ _d\"></span>I<span class=\"_ _2\"></span>R<span class=\"_ _2\"></span>E<span class=\"_ _d\"></span>T<span class=\"_ _2\"></span>T<span class=\"_ _2\"></span>A<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>C<span class=\"_ _d\"></span>L<span class=\"_ _2\"></span>IE<span class=\"_ _d\"></span>N<span class=\"_ _2\"></span>T<span class=\"_ _2\"></span>E<span class=\"_ _2\"></span>L<span class=\"_ _2\"></span>A<span class=\"_ _df\"> </span></div></td><td class=\"c xbf7 y3975 w1272 h5df\"><div class=\"t m9 x250 h382 y3966 ff4 fs30 fc1 sc2 ls0 ws0\">3<span class=\"_ _2\"></span>2<span class=\"_ _0\"></span>.<span class=\"_ _d\"></span>3<span class=\"_ _d\"></span>9<span class=\"_ _d\"></span>2<span class=\"_ _df\"> </span></div></td><td class=\"c xc3b y3975 w1273 h5df\"><div class=\"t m9 x250 h382 y3966 ff4 fs30 fc1 sc2 ls0 ws0\">8<span class=\"_ _2\"></span>.<span class=\"_ _d\"></span>6<span class=\"_ _d\"></span>8<span class=\"_ _2\"></span>3<span class=\"_ _df\"> </span></div></td><td class=\"c xc3c y3975 w1274 h5df\"><div class=\"t m9 x250 h382 y3966 ff4 fs30 fc1 sc2 ls0 ws0\">1<span class=\"_ _d\"></span>2<span class=\"_ _d\"></span>1<span class=\"_ _df\"> </span></div></td><td class=\"c xc3d y3976 w1275 h58d\"><div class=\"t m8 x250 h381 y3989 ff4 fs2f fc1 sc2 ls0 ws0\">4<span class=\"_ _2\"></span>1<span class=\"_ _d\"></span>.<span class=\"_ _d\"></span>1<span class=\"_ _d\"></span>9<span class=\"_ _2\"></span>6<span class=\"_ _df\"> </span></div></td><td class=\"c xc3e y3975 w1234 h5df\"><div class=\"t m9 x250 h382 y3966 ff4 fs30 fc1 sc2 ls0 ws0\">0<span class=\"_ _df\"> </span></div></td><td class=\"c xc3f y3975 w1234 h5df\"><div class=\"t m9 x250 h382 y3966 ff4 fs30 fc1 sc2 ls0 ws0\">0<span class=\"_ _df\"> </span></div></td><td class=\"c xc40 y3976 w1276 h58d\"><div class=\"t m8 x250 h381 y3989 ff4 fs2f fc1 sc2 ls0 ws0\">0<span class=\"_ _df\"> </span></div></td><td class=\"c xc41 y3975 w1235 h5df\"><div class=\"t m9 x250 h382 y3966 ff4 fs30 fc1 sc2 ls0 ws0\">-<span class=\"_ _d\"></span>4<span class=\"_ _d\"></span>7<span class=\"_ _2\"></span>3<span class=\"_ _df\"> </span></div></td><td class=\"c xbfe y3976 w1277 h58d\"><div class=\"t m8 x250 h381 y3989 ff4 fs2f fc1 sc2 ls0 ws0\">4<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>.<span class=\"_ _d\"></span>7<span class=\"_ _d\"></span>2<span class=\"_ _d\"></span>3<span class=\"_ _df\"> </span></div></td></tr><tr><td class=\"c x262 y3977 w1237 h5e0\"><div class=\"t m8 x250 h381 y396b ff4 fs2f fc1 sc0 ls0 ws0\">Ra<span class=\"_ _2\"></span>c<span class=\"_ _f\"></span>colt<span class=\"_ _1\"></span>a GEST<span class=\"_ _f\"></span>IT<span class=\"_ _1\"></span>A + ASS<span class=\"_ _1\"></span>I<span class=\"_ _1\"></span>CURATI<span class=\"_ _f\"></span>VA<span class=\"_ _df\"> </span></div></td><td class=\"c xc05 y3978 w1278 h5df\"><div class=\"t m9 x250 h382 y3966 ff4 fs30 fc1 sc0 ls0 ws0\">22<span class=\"_ _2\"></span>.35<span class=\"_ _2\"></span>1<span class=\"_ _df\"> </span></div></td><td class=\"c xc42 y3978 w1279 h5df\"><div class=\"t m9 x250 h382 y3966 ff4 fs30 fc1 sc0 ls0 ws0\">25<span class=\"_ _2\"></span>.694<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c xc3d y3977 w127a h5e0\"><div class=\"t m8 x250 h381 y396b ff4 fs2f fc1 sc0 ls0 ws0\">48<span class=\"_ _1\"></span>.045<span class=\"_ _df\"> </span></div></td><td class=\"c xc2a y3978 w127b h5df\"><div class=\"t m9 x250 h382 y3966 ff4 fs30 fc1 sc0 ls0 ws0\">16.839<span class=\"_ _df\"> </span></div></td><td class=\"c xc43 y3978 w127c h5df\"><div class=\"t m9 x250 h382 y3966 ff4 fs30 fc1 sc0 ls0 ws0\">10.518<span class=\"_ _df\"> </span></div></td><td class=\"c xc2c y3977 w127d h5e0\"><div class=\"t m8 x250 h381 y396b ff4 fs2f fc1 sc2 ls0 ws0\">2<span class=\"_ _d\"></span>7<span class=\"_ _2\"></span>.<span class=\"_ _0\"></span>3<span class=\"_ _2\"></span>5<span class=\"_ _d\"></span>7<span class=\"_ _df\"> </span></div></td><td class=\"c xc33 y3978 w127e h5df\"><div class=\"t m9 x250 h382 y3966 ff4 fs30 fc1 sc0 ls0 ws0\">-2<span class=\"_ _2\"></span>7.183<span class=\"_ _df\"> </span></div></td><td class=\"c xc17 y3977 w127f h5e0\"><div class=\"t m8 x250 h381 y396b ff4 fs2f fc1 sc0 ls0 ws0\">48<span class=\"_ _1\"></span>.2<span class=\"_ _2\"></span>19<span class=\"_ _df\"> </span></div></td></tr><tr><td class=\"c x262 y3979 w1280 h5db\"><div class=\"t m8 x250 h381 y396b ff4 fs2f fc1 sc0 ls0 ws0\">Ra<span class=\"_ _2\"></span>c<span class=\"_ _f\"></span>colt<span class=\"_ _1\"></span>a IN<span class=\"_ _f\"></span>DIRET<span class=\"_ _f\"></span>TA AMMI<span class=\"_ _f\"></span>NI<span class=\"_ _1\"></span>ST<span class=\"_ _1\"></span>RATA CL<span class=\"_ _f\"></span>IE<span class=\"_ _f\"></span>NTE<span class=\"_ _1\"></span>L<span class=\"_ _1\"></span>A<span class=\"_ _df\"> </span></div></td><td class=\"c xc13 y397a w1281 h5dc\"><div class=\"t m9 x250 h382 y3966 ff4 fs30 fc1 sc0 ls0 ws0\">8.721<span class=\"_ _df\"> </span></div></td><td class=\"c xc44 y397a w1282 h5dc\"><div class=\"t m9 x250 h382 y3966 ff4 fs30 fc1 sc0 ls0 ws0\">16.42<span class=\"_ _2\"></span>3<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c xc45 y397b w1283 h5db\"><div class=\"t m8 x250 h381 y396b ff4 fs2f fc1 sc0 ls0 ws0\">25<span class=\"_ _2\"></span>.144<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td class=\"c xc46 y397a w1284 h5dc\"><div class=\"t m9 x250 h382 y3966 ff4 fs30 fc1 sc0 ls0 ws0\">-12<span class=\"_ _df\"> </span></div></td><td class=\"c xc17 y397b w1285 h5db\"><div class=\"t m8 x250 h381 y396b ff4 fs2f fc1 sc0 ls0 ws0\">25<span class=\"_ _2\"></span>.132<span class=\"_ _df\"> </span></div></td></tr><tr><td class=\"c x262 y397c w1246 h5db\"><div class=\"t m8 x250 h381 y396b ff4 fs2f fc1 sc2 ls0 ws0\">T<span class=\"_ _2\"></span>O<span class=\"_ _2\"></span>T<span class=\"_ _2\"></span>A<span class=\"_ _d\"></span>L<span class=\"_ _2\"></span>E<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>R<span class=\"_ _d\"></span>A<span class=\"_ _d\"></span>C<span class=\"_ _2\"></span>C<span class=\"_ _d\"></span>O<span class=\"_ _2\"></span>L<span class=\"_ _2\"></span>T<span class=\"_ _2\"></span>A<span class=\"_ _d\"></span> <span class=\"_ _2\"></span>I<span class=\"_ _2\"></span>N<span class=\"_ _2\"></span>D<span class=\"_ _d\"></span>IR<span class=\"_ _d\"></span>E<span class=\"_ _2\"></span>T<span class=\"_ _d\"></span>T<span class=\"_ _2\"></span>A<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>C<span class=\"_ _d\"></span>LI<span class=\"_ _2\"></span>E<span class=\"_ _2\"></span>N<span class=\"_ _2\"></span>T<span class=\"_ _d\"></span>E<span class=\"_ _2\"></span>L<span class=\"_ _2\"></span>A<span class=\"_ _df\"> </span></div></td><td class=\"c xc47 y397d w1286 h5dc\"><div class=\"t m9 x250 h382 y3966 ff4 fs30 fc1 sc2 ls0 ws0\">3<span class=\"_ _2\"></span>1<span class=\"_ _d\"></span>.<span class=\"_ _0\"></span>0<span class=\"_ _2\"></span>7<span class=\"_ _2\"></span>3<span class=\"_ _df\"> </span></div></td><td class=\"c xc48 y397d w1287 h5dc\"><div class=\"t m9 x250 h382 y3966 ff4 fs30 fc1 sc2 ls0 ws0\">4<span class=\"_ _2\"></span>2<span class=\"_ _0\"></span>.<span class=\"_ _d\"></span>1<span class=\"_ _d\"></span>1<span class=\"_ _d\"></span>7<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c xc49 y397e w1288 h5db\"><div class=\"t m8 x250 h381 y396b ff4 fs2f fc1 sc2 ls0 ws0\">7<span class=\"_ _2\"></span>3<span class=\"_ _d\"></span>.<span class=\"_ _d\"></span>1<span class=\"_ _d\"></span>8<span class=\"_ _2\"></span>9<span class=\"_ _df\"> </span></div></td><td class=\"c xc4a y397d w1289 h5dc\"><div class=\"t m9 x250 h382 y3966 ff4 fs30 fc1 sc2 ls0 ws0\">1<span class=\"_ _d\"></span>6<span class=\"_ _2\"></span>.<span class=\"_ _d\"></span>8<span class=\"_ _d\"></span>3<span class=\"_ _2\"></span>9<span class=\"_ _df\"> </span></div></td><td class=\"c xc4b y397d w128a h5dc\"><div class=\"t m9 x250 h382 y3966 ff4 fs30 fc1 sc2 ls0 ws0\">1<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>.<span class=\"_ _0\"></span>5<span class=\"_ _d\"></span>1<span class=\"_ _d\"></span>8<span class=\"_ _df\"> </span></div></td><td class=\"c xc2c y397e w127d h5db\"><div class=\"t m8 x250 h381 y396b ff4 fs2f fc1 sc2 ls0 ws0\">2<span class=\"_ _d\"></span>7<span class=\"_ _2\"></span>.<span class=\"_ _0\"></span>3<span class=\"_ _2\"></span>5<span class=\"_ _d\"></span>7<span class=\"_ _df\"> </span></div></td><td class=\"c xc4c y397d w128b h5dc\"><div class=\"t m9 x250 h382 y3966 ff4 fs30 fc1 sc2 ls0 ws0\">-<span class=\"_ _d\"></span>2<span class=\"_ _d\"></span>7<span class=\"_ _d\"></span>.<span class=\"_ _d\"></span>1<span class=\"_ _d\"></span>9<span class=\"_ _d\"></span>5<span class=\"_ _df\"> </span></div></td><td class=\"c xc4d y397e w128c h5db\"><div class=\"t m8 x250 h381 y396b ff4 fs2f fc1 sc2 ls0 ws0\">7<span class=\"_ _2\"></span>3<span class=\"_ _d\"></span>.<span class=\"_ _d\"></span>3<span class=\"_ _d\"></span>5<span class=\"_ _d\"></span>1<span class=\"_ _df\"> </span></div></td></tr><tr><td class=\"c x262 y397f w128d h5db\"><div class=\"t m8 x250 h381 y396b ff4 fs2f fc1 sc2 ls0 ws0\">T<span class=\"_ _2\"></span>O<span class=\"_ _2\"></span>T<span class=\"_ _2\"></span>A<span class=\"_ _d\"></span>L<span class=\"_ _2\"></span>E<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>R<span class=\"_ _d\"></span>A<span class=\"_ _d\"></span>C<span class=\"_ _2\"></span>C<span class=\"_ _d\"></span>O<span class=\"_ _2\"></span>L<span class=\"_ _2\"></span>T<span class=\"_ _2\"></span>A<span class=\"_ _d\"></span> <span class=\"_ _2\"></span>C<span class=\"_ _d\"></span>O<span class=\"_ _2\"></span>M<span class=\"_ _d\"></span>P<span class=\"_ _2\"></span>L<span class=\"_ _2\"></span>E<span class=\"_ _2\"></span>S<span class=\"_ _2\"></span>S<span class=\"_ _d\"></span>IV<span class=\"_ _2\"></span>A<span class=\"_ _d\"></span> <span class=\"_ _2\"></span>C<span class=\"_ _d\"></span>L<span class=\"_ _2\"></span>I<span class=\"_ _2\"></span>E<span class=\"_ _2\"></span>N<span class=\"_ _2\"></span>T<span class=\"_ _2\"></span>E<span class=\"_ _2\"></span>L<span class=\"_ _2\"></span>A<span class=\"_ _df\"> </span></div></td><td class=\"c xbf7 y3980 w128e h5dc\"><div class=\"t m9 x250 h382 y3966 ff4 fs30 fc1 sc2 ls0 ws0\">6<span class=\"_ _2\"></span>3<span class=\"_ _d\"></span>.<span class=\"_ _d\"></span>4<span class=\"_ _d\"></span>6<span class=\"_ _d\"></span>5<span class=\"_ _df\"> </span></div></td><td class=\"c xc4e y3980 w128f h5dc\"><div class=\"t m9 x250 h382 y3966 ff4 fs30 fc1 sc2 ls0 ws0\">5<span class=\"_ _d\"></span>0<span class=\"_ _2\"></span>.<span class=\"_ _d\"></span>8<span class=\"_ _2\"></span>0<span class=\"_ _d\"></span>0<span class=\"_ _df\"> </span></div></td><td class=\"c xc4f y3980 w1274 h5dc\"><div class=\"t m9 x250 h382 y3966 ff4 fs30 fc1 sc2 ls0 ws0\">1<span class=\"_ _d\"></span>2<span class=\"_ _d\"></span>1<span class=\"_ _df\"> </span></div></td><td class=\"c xc29 y3981 w1290 h5db\"><div class=\"t m8 x250 h381 y396b ff4 fs2f fc1 sc2 ls0 ws0\">1<span class=\"_ _2\"></span>1<span class=\"_ _d\"></span>4<span class=\"_ _d\"></span>.<span class=\"_ _d\"></span>3<span class=\"_ _2\"></span>8<span class=\"_ _2\"></span>5<span class=\"_ _df\"> </span></div></td><td class=\"c xc4a y3980 w1289 h5dc\"><div class=\"t m9 x250 h382 y3966 ff4 fs30 fc1 sc2 ls0 ws0\">1<span class=\"_ _d\"></span>6<span class=\"_ _2\"></span>.<span class=\"_ _d\"></span>8<span class=\"_ _d\"></span>3<span class=\"_ _2\"></span>9<span class=\"_ _df\"> </span></div></td><td class=\"c xc4b y3980 w128a h5dc\"><div class=\"t m9 x250 h382 y3966 ff4 fs30 fc1 sc2 ls0 ws0\">1<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>.<span class=\"_ _0\"></span>5<span class=\"_ _d\"></span>1<span class=\"_ _d\"></span>8<span class=\"_ _df\"> </span></div></td><td class=\"c xc2c y3981 w127d h5db\"><div class=\"t m8 x250 h381 y396b ff4 fs2f fc1 sc2 ls0 ws0\">2<span class=\"_ _d\"></span>7<span class=\"_ _2\"></span>.<span class=\"_ _0\"></span>3<span class=\"_ _2\"></span>5<span class=\"_ _d\"></span>7<span class=\"_ _df\"> </span></div></td><td class=\"c xc50 y3980 w1291 h5dc\"><div class=\"t m9 x250 h382 y3966 ff4 fs30 fc1 sc2 ls0 ws0\">-<span class=\"_ _d\"></span>2<span class=\"_ _d\"></span>7<span class=\"_ _d\"></span>.<span class=\"_ _d\"></span>6<span class=\"_ _d\"></span>6<span class=\"_ _2\"></span>8<span class=\"_ _df\"> </span></div></td><td class=\"c xc2e y3981 w1292 h5db\"><div class=\"t m8 x250 h381 y396b ff4 fs2f fc1 sc2 ls0 ws0\">1<span class=\"_ _2\"></span>1<span class=\"_ _d\"></span>4<span class=\"_ _d\"></span>.<span class=\"_ _d\"></span>0<span class=\"_ _2\"></span>7<span class=\"_ _2\"></span>4<span class=\"_ _df\"> </span></div></td></tr><tr><td class=\"c x262 y2491 w1259 h5db\"><div class=\"t m8 x250 h381 y396b ff4 fs2f fc1 sc2 ls0 ws0\">T<span class=\"_ _2\"></span>O<span class=\"_ _2\"></span>T<span class=\"_ _2\"></span>A<span class=\"_ _d\"></span>L<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>B<span class=\"_ _d\"></span>U<span class=\"_ _2\"></span>S<span class=\"_ _2\"></span>I<span class=\"_ _2\"></span>N<span class=\"_ _2\"></span>E<span class=\"_ _2\"></span>S<span class=\"_ _2\"></span>S<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>C<span class=\"_ _d\"></span>L<span class=\"_ _2\"></span>IE<span class=\"_ _2\"></span>N<span class=\"_ _2\"></span>T<span class=\"_ _d\"></span>E<span class=\"_ _2\"></span>L<span class=\"_ _2\"></span>A<span class=\"_ _df\"> </span></div></td><td class=\"c xbf7 y3982 w1293 h5dc\"><div class=\"t m9 x250 h382 y3966 ff4 fs30 fc1 sc2 ls0 ws0\">9<span class=\"_ _2\"></span>9<span class=\"_ _d\"></span>.<span class=\"_ _d\"></span>5<span class=\"_ _0\"></span>5<span class=\"_ _d\"></span>5<span class=\"_ _df\"> </span></div></td><td class=\"c xc51 y3982 w1294 h5dc\"><div class=\"t m9 x250 h382 y3966 ff4 fs30 fc1 sc2 ls0 ws0\">5<span class=\"_ _d\"></span>1<span class=\"_ _d\"></span>.<span class=\"_ _d\"></span>6<span class=\"_ _d\"></span>6<span class=\"_ _2\"></span>6<span class=\"_ _df\"> </span></div></td><td class=\"c xc52 y3982 w1295 h5dc\"><div class=\"t m9 x250 h382 y3966 ff4 fs30 fc1 sc2 ls0 ws0\">8<span class=\"_ _2\"></span>.<span class=\"_ _d\"></span>9<span class=\"_ _d\"></span>7<span class=\"_ _2\"></span>9<span class=\"_ _df\"> </span></div></td><td class=\"c xc53 y3983 w1296 h5db\"><div class=\"t m8 x250 h381 y396b ff4 fs2f fc1 sc2 ls0 ws0\">1<span class=\"_ _2\"></span>6<span class=\"_ _d\"></span>0<span class=\"_ _2\"></span>.<span class=\"_ _d\"></span>2<span class=\"_ _d\"></span>0<span class=\"_ _2\"></span>0<span class=\"_ _df\"> </span></div></td><td class=\"c xc4a y3982 w1289 h5dc\"><div class=\"t m9 x250 h382 y3966 ff4 fs30 fc1 sc2 ls0 ws0\">1<span class=\"_ _d\"></span>6<span class=\"_ _2\"></span>.<span class=\"_ _d\"></span>8<span class=\"_ _d\"></span>6<span class=\"_ _2\"></span>3<span class=\"_ _df\"> </span></div></td><td class=\"c xc4b y3982 w128a h5dc\"><div class=\"t m9 x250 h382 y3966 ff4 fs30 fc1 sc2 ls0 ws0\">1<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>.<span class=\"_ _0\"></span>5<span class=\"_ _d\"></span>1<span class=\"_ _d\"></span>8<span class=\"_ _df\"> </span></div></td><td class=\"c xc54 y3983 w1297 h5db\"><div class=\"t m8 x250 h381 y396b ff4 fs2f fc1 sc2 ls0 ws0\">2<span class=\"_ _d\"></span>7<span class=\"_ _2\"></span>.<span class=\"_ _0\"></span>3<span class=\"_ _2\"></span>8<span class=\"_ _2\"></span>1<span class=\"_ _df\"> </span></div></td><td class=\"c xc55 y3982 w1298 h5dc\"><div class=\"t m9 x250 h382 y3966 ff4 fs30 fc1 sc2 ls0 ws0\">-<span class=\"_ _d\"></span>3<span class=\"_ _d\"></span>5<span class=\"_ _d\"></span>.<span class=\"_ _d\"></span>8<span class=\"_ _2\"></span>3<span class=\"_ _d\"></span>3<span class=\"_ _df\"> </span></div></td><td class=\"c xc2e y3983 w1299 h5db\"><div class=\"t m8 x250 h381 y396b ff4 fs2f fc1 sc2 ls0 ws0\">1<span class=\"_ _2\"></span>5<span class=\"_ _0\"></span>1<span class=\"_ _2\"></span>.<span class=\"_ _d\"></span>7<span class=\"_ _d\"></span>4<span class=\"_ _2\"></span>8<span class=\"_ _df\"> </span></div></td></tr></table><table class=\"s w1211 h5d9\" id=\"_c581fbae-6a57-4320-9e63-4ca3e76c2d96\"><tr><td></td><td></td><td></td><td class=\"c xbe7 y3967 w1212 h5da\"><div class=\"t m9 x250 h382 y3966 ff4 fs30 fc1 sc0 ls0 ws0\">Paraba<span class=\"_ _2\"></span>nc<span class=\"_ _f\"></span>a<span class=\"_ _2\"></span>rio,<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td class=\"c xbe8 y3968 w1213 h5da\"><div class=\"t m9 x250 h382 y3966 ff4 fs30 fc1 sc0 ls0 ws0\">El<span class=\"_ _f\"></span>isioni<span class=\"_ _f\"></span>,<span class=\"_ _df\"> </span></div></td><td></td></tr><tr><td class=\"c xbe9 y3969 w685 h380\"><div class=\"t m8 xe8 h381 y1cc1 ff4 fs2f fc1 sc2 ls0 ws0\">D<span class=\"_ _2\"></span>I<span class=\"_ _2\"></span>C<span class=\"_ _d\"></span>E<span class=\"_ _2\"></span>M<span class=\"_ _d\"></span>B<span class=\"_ _d\"></span>R<span class=\"_ _2\"></span>E<span class=\"_ _d\"></span> <span class=\"_ _2\"></span>2<span class=\"_ _d\"></span>0<span class=\"_ _2\"></span>2<span class=\"_ _d\"></span>4<span class=\"_ _df\"> </span></div></td><td class=\"c xbea y396a w1214 h5da\"><div class=\"t m9 x250 h382 y3966 ff4 fs30 fc1 sc0 ls0 ws0\">Com<span class=\"_ _2\"></span>me<span class=\"_ _2\"></span>rc<span class=\"_ _f\"></span>ia<span class=\"_ _2\"></span>l<span class=\"_ _df\"> </span></div></td><td class=\"c xbeb y396a w1215 h5da\"><div class=\"t m9 x250 h382 y3966 ff4 fs30 fc1 sc0 ls0 ws0\">Pr<span class=\"_ _1\"></span>ivate<span class=\"_ _df\"> </span></div></td><td class=\"c xbec y396a w1216 h5da\"><div class=\"t m9 x250 h382 y3966 ff4 fs30 fc1 sc0 ls0 ws0\">Consume<span class=\"_ _2\"></span>r<span class=\"_ _df\"> </span></div></td><td class=\"c xbe9 y3969 w685 h380\"><div class=\"t m8 xf4 h381 y1cc1 ff4 fs2f fc1 sc2 ls0 ws0\">B<span class=\"_ _d\"></span>A<span class=\"_ _2\"></span>N<span class=\"_ _2\"></span>K<span class=\"_ _d\"></span>I<span class=\"_ _2\"></span>N<span class=\"_ _2\"></span>G<span class=\"_ _df\"> </span></div></td><td class=\"c xbed y396a w1217 h5da\"><div class=\"t m9 x250 h382 y3966 ff4 fs30 fc1 sc0 ls0 ws0\">Asset<span class=\"_ _df\"> </span></div></td><td class=\"c xbe9 y3969 w685 h380\"><div class=\"t m9 x17c h382 y1cc1 ff4 fs30 fc1 sc0 ls0 ws0\">I<span class=\"_ _1\"></span>nsurance<span class=\"_ _df\"> </span></div></td><td class=\"c xbee y396c w1218 h5db\"><div class=\"t m8 x250 h381 y396b ff4 fs2f fc1 sc2 ls0 ws0\">W<span class=\"_ _d\"></span>e<span class=\"_ _d\"></span>a<span class=\"_ _d\"></span>l<span class=\"_ _d\"></span>t<span class=\"_ _2\"></span>h<span class=\"_ _df\"> </span></div></td><td class=\"c xbef y396d w1219 h5da\"><div class=\"t m9 x250 h382 y3966 ff4 fs30 fc1 sc0 ls0 ws0\">rettifi<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>he e<span class=\"_ _df\"> </span></div></td><td class=\"c xbe9 y3969 w685 h380\"><div class=\"t m8 x1c9 h381 y1cc1 ff4 fs2f fc1 sc2 ls0 ws0\">C<span class=\"_ _d\"></span>o<span class=\"_ _2\"></span>n<span class=\"_ _d\"></span>s<span class=\"_ _2\"></span>o<span class=\"_ _d\"></span>l<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>d<span class=\"_ _d\"></span>a<span class=\"_ _d\"></span>t<span class=\"_ _2\"></span>o<span class=\"_ _df\"> </span></div></td></tr><tr><td></td><td class=\"c xbf0 y396e w121a h5da\"><div class=\"t m9 x250 h382 y3966 ff4 fs30 fc1 sc0 ls0 ws0\">Ba<span class=\"_ _2\"></span>nk<span class=\"_ _f\"></span>ing<span class=\"_ _df\"> </span></div></td><td class=\"c xbf1 y396e w121a h5da\"><div class=\"t m9 x250 h382 y3966 ff4 fs30 fc1 sc0 ls0 ws0\">Ba<span class=\"_ _2\"></span>nk<span class=\"_ _f\"></span>ing<span class=\"_ _df\"> </span></div></td><td class=\"c xbf2 y396e w121b h5da\"><div class=\"t m9 x250 h382 y3966 ff4 fs30 fc1 sc0 ls0 ws0\">Credit, I<span class=\"_ _f\"></span>T<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c xbf3 y396e w121c h5da\"><div class=\"t m9 x250 h382 y3966 ff4 fs30 fc1 sc0 ls0 ws0\">Ma<span class=\"_ _2\"></span>nagem<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>nt<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c xbf4 y396f w121d h5db\"><div class=\"t m8 x250 h381 y396b ff4 fs2f fc1 sc2 ls0 ws0\">M<span class=\"_ _d\"></span>a<span class=\"_ _d\"></span>n<span class=\"_ _2\"></span>a<span class=\"_ _0\"></span>g<span class=\"_ _2\"></span>e<span class=\"_ _d\"></span>m<span class=\"_ _0\"></span>e<span class=\"_ _d\"></span>n<span class=\"_ _2\"></span>t<span class=\"_ _df\"> </span></div></td><td class=\"c xbf5 y3970 w121e h5da\"><div class=\"t m9 x250 h382 y3966 ff4 fs30 fc1 sc0 ls0 ws0\">ric<span class=\"_ _f\"></span>lassifi<span class=\"_ _f\"></span>che<span class=\"_ _df\"> </span></div></td><td></td></tr><tr><td></td><td></td><td></td><td class=\"c xbf6 y3971 w121f h5da\"><div class=\"t m9 x250 h382 y3966 ff4 fs30 fc1 sc0 ls0 ws0\">Tec<span class=\"_ _1\"></span>hnology<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x262 y3075 w1220 h5db\"><div class=\"t m8 x250 h381 y396b ff4 fs2f fc1 sc2 ls0 ws0\">I<span class=\"_ _2\"></span>M<span class=\"_ _2\"></span>P<span class=\"_ _2\"></span>I<span class=\"_ _2\"></span>E<span class=\"_ _2\"></span>G<span class=\"_ _d\"></span>H<span class=\"_ _d\"></span>I<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>A<span class=\"_ _d\"></span> <span class=\"_ _2\"></span>C<span class=\"_ _d\"></span>L<span class=\"_ _2\"></span>I<span class=\"_ _2\"></span>E<span class=\"_ _2\"></span>N<span class=\"_ _2\"></span>T<span class=\"_ _2\"></span>E<span class=\"_ _2\"></span>L<span class=\"_ _2\"></span>A<span class=\"_ _df\"> </span></div></td><td class=\"c xbf7 y3972 w1221 h5dc\"><div class=\"t m9 x250 h382 y3966 ff4 fs30 fc1 sc2 ls0 ws0\">3<span class=\"_ _2\"></span>4<span class=\"_ _d\"></span>.<span class=\"_ _d\"></span>9<span class=\"_ _d\"></span>9<span class=\"_ _d\"></span>8<span class=\"_ _df\"> </span></div></td><td class=\"c xbf8 y3972 w1222 h5dc\"><div class=\"t m9 x250 h382 y3966 ff4 fs30 fc1 sc2 ls0 ws0\">7<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>6<span class=\"_ _df\"> </span></div></td><td class=\"c xbf9 y3972 w1223 h5dc\"><div class=\"t m9 x250 h382 y3966 ff4 fs30 fc1 sc2 ls0 ws0\">8<span class=\"_ _2\"></span>.<span class=\"_ _d\"></span>0<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>7<span class=\"_ _df\"> </span></div></td><td class=\"c xbfa y3972 w1224 h5dc\"><div class=\"t m9 x250 h382 y3966 ff4 fs30 fc1 sc2 ls0 ws0\">4<span class=\"_ _2\"></span>3<span class=\"_ _d\"></span>.<span class=\"_ _d\"></span>7<span class=\"_ _2\"></span>1<span class=\"_ _d\"></span>1<span class=\"_ _df\"> </span></div></td><td class=\"c xbfb y3972 w1225 h5dc\"><div class=\"t m9 x250 h382 y3966 ff4 fs30 fc1 sc2 ls111 ws0\">40<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c xbfc y3972 w1225 h5dc\"><div class=\"t m9 x250 h382 y3966 ff4 fs30 fc1 sc2 ls111 ws0\">40<span class=\"_ _df\"> </span></div></td><td class=\"c xbfd y3972 w1226 h5dc\"><div class=\"t m9 x250 h382 y3966 ff4 fs30 fc1 sc2 ls0 ws0\">-<span class=\"_ _d\"></span>7<span class=\"_ _2\"></span>.<span class=\"_ _0\"></span>3<span class=\"_ _2\"></span>8<span class=\"_ _d\"></span>8<span class=\"_ _df\"> </span></div></td><td class=\"c xbfe y3075 w1227 h5db\"><div class=\"t m8 x250 h381 y396b ff4 fs2f fc1 sc2 ls0 ws0\">3<span class=\"_ _2\"></span>6<span class=\"_ _d\"></span>.<span class=\"_ _d\"></span>3<span class=\"_ _d\"></span>6<span class=\"_ _2\"></span>3<span class=\"_ _df\"> </span></div></td></tr><tr><td class=\"c x262 y2ec9 w1228 h5db\"><div class=\"t m8 x250 h381 y396b ff4 fs2f fc1 sc0 ls0 ws0\">Ra<span class=\"_ _2\"></span>c<span class=\"_ _f\"></span>colt<span class=\"_ _1\"></span>a DIRE<span class=\"_ _1\"></span>TT<span class=\"_ _f\"></span>A BANCARI<span class=\"_ _1\"></span>A<span class=\"_ _df\"> </span></div></td><td class=\"c xbff y3973 w1229 h5dc\"><div class=\"t m9 x250 h382 y3966 ff4 fs30 fc1 sc0 ls0 ws0\">31.611<span class=\"_ _df\"> </span></div></td><td class=\"c xc00 y3973 w122a h5dc\"><div class=\"t m9 x250 h382 y3966 ff4 fs30 fc1 sc0 ls0 ws0\">7.88<span class=\"_ _f\"></span>8<span class=\"_ _df\"> </span></div></td><td class=\"c xc01 y3973 w122b h5dc\"><div class=\"t m9 x250 h382 y3966 ff4 fs30 fc1 sc0 ls0 ws0\">123<span class=\"_ _df\"> </span></div></td><td class=\"c xc02 y3973 w122c h5dc\"><div class=\"t m9 x250 h382 y3966 ff4 fs30 fc1 sc0 ls0 ws0\">39.<span class=\"_ _2\"></span>623<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td class=\"c xc03 y3973 w122d h5dc\"><div class=\"t m9 x250 h382 y3966 ff4 fs30 fc1 sc0 ls0 ws0\">-374<span class=\"_ _df\"> </span></div></td><td class=\"c xc04 y3974 w122e h5db\"><div class=\"t m8 x250 h381 y396b ff4 fs2f fc1 sc0 ls0 ws0\">39.2<span class=\"_ _2\"></span>49<span class=\"_ _df\"> </span></div></td></tr><tr><td class=\"c x262 y3056 w122f h5db\"><div class=\"t m8 x250 h381 y396b ff4 fs2f fc1 sc2 ls0 ws0\">T<span class=\"_ _2\"></span>O<span class=\"_ _2\"></span>T<span class=\"_ _2\"></span>A<span class=\"_ _d\"></span>L<span class=\"_ _2\"></span>E<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>R<span class=\"_ _d\"></span>A<span class=\"_ _d\"></span>C<span class=\"_ _2\"></span>C<span class=\"_ _d\"></span>O<span class=\"_ _2\"></span>L<span class=\"_ _2\"></span>T<span class=\"_ _2\"></span>A<span class=\"_ _d\"></span> <span class=\"_ _2\"></span>D<span class=\"_ _d\"></span>I<span class=\"_ _2\"></span>R<span class=\"_ _2\"></span>E<span class=\"_ _d\"></span>T<span class=\"_ _2\"></span>T<span class=\"_ _2\"></span>A<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>C<span class=\"_ _d\"></span>L<span class=\"_ _2\"></span>IE<span class=\"_ _d\"></span>N<span class=\"_ _2\"></span>T<span class=\"_ _2\"></span>E<span class=\"_ _2\"></span>L<span class=\"_ _2\"></span>A<span class=\"_ _df\"> </span></div></td><td class=\"c xc05 y3975 w1230 h5dc\"><div class=\"t m9 x250 h382 y3966 ff4 fs30 fc1 sc2 ls0 ws0\">3<span class=\"_ _2\"></span>1<span class=\"_ _d\"></span>.<span class=\"_ _0\"></span>6<span class=\"_ _2\"></span>1<span class=\"_ _d\"></span>1<span class=\"_ _df\"> </span></div></td><td class=\"c xc06 y3975 w1231 h5dc\"><div class=\"t m9 x250 h382 y3966 ff4 fs30 fc1 sc2 ls0 ws0\">7<span class=\"_ _2\"></span>.<span class=\"_ _d\"></span>8<span class=\"_ _2\"></span>8<span class=\"_ _2\"></span>8<span class=\"_ _df\"> </span></div></td><td class=\"c xc07 y3975 w1232 h5dc\"><div class=\"t m9 x250 h382 y3966 ff4 fs30 fc1 sc2 ls0 ws0\">1<span class=\"_ _d\"></span>2<span class=\"_ _d\"></span>3<span class=\"_ _df\"> </span></div></td><td class=\"c xc08 y3975 w1233 h5dc\"><div class=\"t m9 x250 h382 y3966 ff4 fs30 fc1 sc2 ls0 ws0\">3<span class=\"_ _2\"></span>9<span class=\"_ _d\"></span>.<span class=\"_ _d\"></span>6<span class=\"_ _d\"></span>2<span class=\"_ _d\"></span>3<span class=\"_ _df\"> </span></div></td><td class=\"c xc09 y3975 w1234 h5dc\"><div class=\"t m9 x250 h382 y3966 ff4 fs30 fc1 sc2 ls0 ws0\">0<span class=\"_ _df\"> </span></div></td><td class=\"c xc0a y3975 w1234 h5dc\"><div class=\"t m9 x250 h382 y3966 ff4 fs30 fc1 sc2 ls0 ws0\">0<span class=\"_ _df\"> </span></div></td><td class=\"c xc0b y3975 w1234 h5dc\"><div class=\"t m9 x250 h382 y3966 ff4 fs30 fc1 sc2 ls0 ws0\">0<span class=\"_ _df\"> </span></div></td><td class=\"c xc0c y3975 w1235 h5dc\"><div class=\"t m9 x250 h382 y3966 ff4 fs30 fc1 sc2 ls0 ws0\">-<span class=\"_ _d\"></span>3<span class=\"_ _d\"></span>7<span class=\"_ _2\"></span>4<span class=\"_ _df\"> </span></div></td><td class=\"c xbfe y3976 w1236 h5db\"><div class=\"t m8 x250 h381 y396b ff4 fs2f fc1 sc2 ls0 ws0\">3<span class=\"_ _2\"></span>9<span class=\"_ _d\"></span>.<span class=\"_ _d\"></span>2<span class=\"_ _d\"></span>4<span class=\"_ _d\"></span>9<span class=\"_ _df\"> </span></div></td></tr><tr><td class=\"c x262 y3977 w1237 h5db\"><div class=\"t m8 x250 h381 y396b ff4 fs2f fc1 sc0 ls0 ws0\">Ra<span class=\"_ _2\"></span>c<span class=\"_ _f\"></span>colt<span class=\"_ _1\"></span>a GEST<span class=\"_ _f\"></span>IT<span class=\"_ _1\"></span>A + ASS<span class=\"_ _1\"></span>I<span class=\"_ _1\"></span>CURATI<span class=\"_ _f\"></span>VA<span class=\"_ _df\"> </span></div></td><td class=\"c xc05 y3978 w1238 h5dc\"><div class=\"t m9 x250 h382 y3966 ff4 fs30 fc1 sc0 ls0 ws0\">20.744<span class=\"_ _df\"> </span></div></td><td class=\"c xc0d y3978 w1239 h5dc\"><div class=\"t m9 x250 h382 y3966 ff4 fs30 fc1 sc0 ls0 ws0\">23.186<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c xc0e y3978 w123a h5dc\"><div class=\"t m9 x250 h382 y3966 ff4 fs30 fc1 sc0 ls0 ws0\">43.92<span class=\"_ _2\"></span>9<span class=\"_ _df\"> </span></div></td><td class=\"c xc0f y3978 w123b h5dc\"><div class=\"t m9 x250 h382 y3966 ff4 fs30 fc1 sc0 ls0 ws0\">15.<span class=\"_ _2\"></span>111<span class=\"_ _df\"> </span></div></td><td class=\"c xc10 y3978 w123c h5dc\"><div class=\"t m9 x250 h382 y3966 ff4 fs30 fc1 sc0 ls0 ws0\">9.<span class=\"_ _2\"></span>396<span class=\"_ _df\"> </span></div></td><td class=\"c xc11 y3978 w123d h5dc\"><div class=\"t m9 x250 h382 y3966 ff4 fs30 fc1 sc0 ls0 ws0\">24.5<span class=\"_ _2\"></span>06<span class=\"_ _df\"> </span></div></td><td class=\"c xc12 y3978 w123e h5dc\"><div class=\"t m9 x250 h382 y3966 ff4 fs30 fc1 sc0 ls0 ws0\">-<span class=\"_ _2\"></span>24.<span class=\"_ _2\"></span>393<span class=\"_ _df\"> </span></div></td><td class=\"c xc04 y3977 w123f h5db\"><div class=\"t m8 x250 h381 y396b ff4 fs2f fc1 sc0 ls0 ws0\">44.043<span class=\"_ _df\"> </span></div></td></tr><tr><td class=\"c x262 y3979 w1240 h5db\"><div class=\"t m8 x250 h381 y396b ff4 fs2f fc1 sc0 ls0 ws0\">Ra<span class=\"_ _2\"></span>c<span class=\"_ _f\"></span>colt<span class=\"_ _1\"></span>a AMMIN<span class=\"_ _1\"></span>I<span class=\"_ _1\"></span>ST<span class=\"_ _1\"></span>RATA<span class=\"_ _df\"> </span></div></td><td class=\"c xc13 y397a w1241 h5dc\"><div class=\"t m9 x250 h382 y3966 ff4 fs30 fc1 sc0 ls0 ws0\">8.109<span class=\"_ _df\"> </span></div></td><td class=\"c xc14 y397a w1242 h5dc\"><div class=\"t m9 x250 h382 y3966 ff4 fs30 fc1 sc0 ls0 ws0\">13.<span class=\"_ _2\"></span>824<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c xc15 y397a w1243 h5dc\"><div class=\"t m9 x250 h382 y3966 ff4 fs30 fc1 sc0 ls0 ws0\">21.<span class=\"_ _2\"></span>933<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td class=\"c xc16 y397a w1244 h5dc\"><div class=\"t m9 x250 h382 y3966 ff4 fs30 fc1 sc0 ls0 ws0\">-10<span class=\"_ _df\"> </span></div></td><td class=\"c xc17 y397b w1245 h5db\"><div class=\"t m8 x250 h381 y396b ff4 fs2f fc1 sc0 ls0 ws0\">21.<span class=\"_ _2\"></span>923<span class=\"_ _df\"> </span></div></td></tr><tr><td class=\"c x262 y397c w1246 h5db\"><div class=\"t m8 x250 h381 y396b ff4 fs2f fc1 sc2 ls0 ws0\">T<span class=\"_ _2\"></span>O<span class=\"_ _2\"></span>T<span class=\"_ _2\"></span>A<span class=\"_ _d\"></span>L<span class=\"_ _2\"></span>E<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>R<span class=\"_ _d\"></span>A<span class=\"_ _d\"></span>C<span class=\"_ _2\"></span>C<span class=\"_ _d\"></span>O<span class=\"_ _2\"></span>L<span class=\"_ _2\"></span>T<span class=\"_ _2\"></span>A<span class=\"_ _d\"></span> <span class=\"_ _2\"></span>I<span class=\"_ _2\"></span>N<span class=\"_ _2\"></span>D<span class=\"_ _d\"></span>IR<span class=\"_ _d\"></span>E<span class=\"_ _2\"></span>T<span class=\"_ _d\"></span>T<span class=\"_ _2\"></span>A<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>C<span class=\"_ _d\"></span>LI<span class=\"_ _2\"></span>E<span class=\"_ _2\"></span>N<span class=\"_ _2\"></span>T<span class=\"_ _d\"></span>E<span class=\"_ _2\"></span>L<span class=\"_ _2\"></span>A<span class=\"_ _df\"> </span></div></td><td class=\"c xbf7 y397d w1247 h5dc\"><div class=\"t m9 x250 h382 y3966 ff4 fs30 fc1 sc2 ls0 ws0\">2<span class=\"_ _d\"></span>8<span class=\"_ _2\"></span>.<span class=\"_ _d\"></span>8<span class=\"_ _2\"></span>5<span class=\"_ _0\"></span>3<span class=\"_ _df\"> </span></div></td><td class=\"c xc18 y397d w1248 h5dc\"><div class=\"t m9 x250 h382 y3966 ff4 fs30 fc1 sc2 ls0 ws0\">3<span class=\"_ _2\"></span>7<span class=\"_ _d\"></span>.<span class=\"_ _d\"></span>0<span class=\"_ _2\"></span>1<span class=\"_ _d\"></span>0<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c xc19 y397d w1249 h5dc\"><div class=\"t m9 x250 h382 y3966 ff4 fs30 fc1 sc2 ls0 ws0\">6<span class=\"_ _2\"></span>5<span class=\"_ _0\"></span>.<span class=\"_ _d\"></span>8<span class=\"_ _2\"></span>6<span class=\"_ _d\"></span>2<span class=\"_ _df\"> </span></div></td><td class=\"c xc1a y397d w124a h5dc\"><div class=\"t m9 x250 h382 y3966 ff4 fs30 fc1 sc2 ls0 ws0\">1<span class=\"_ _d\"></span>5<span class=\"_ _d\"></span>.<span class=\"_ _d\"></span>1<span class=\"_ _d\"></span>1<span class=\"_ _d\"></span>1<span class=\"_ _df\"> </span></div></td><td class=\"c xc1b y397d w124b h5dc\"><div class=\"t m9 x250 h382 y3966 ff4 fs30 fc1 sc2 ls0 ws0\">9<span class=\"_ _2\"></span>.<span class=\"_ _d\"></span>3<span class=\"_ _d\"></span>9<span class=\"_ _d\"></span>6<span class=\"_ _df\"> </span></div></td><td class=\"c xc1c y397d w124c h5dc\"><div class=\"t m9 x250 h382 y3966 ff4 fs30 fc1 sc2 ls0 ws0\">2<span class=\"_ _d\"></span>4<span class=\"_ _d\"></span>.<span class=\"_ _d\"></span>5<span class=\"_ _d\"></span>0<span class=\"_ _2\"></span>6<span class=\"_ _df\"> </span></div></td><td class=\"c xc1d y397d w124d h5dc\"><div class=\"t m9 x250 h382 y3966 ff4 fs30 fc1 sc2 ls0 ws0\">-<span class=\"_ _d\"></span>2<span class=\"_ _d\"></span>4<span class=\"_ _2\"></span>.<span class=\"_ _0\"></span>4<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>3<span class=\"_ _df\"> </span></div></td><td class=\"c xbfe y397e w124e h5db\"><div class=\"t m8 x250 h381 y396b ff4 fs2f fc1 sc2 ls0 ws0\">6<span class=\"_ _2\"></span>5<span class=\"_ _d\"></span>.<span class=\"_ _0\"></span>9<span class=\"_ _2\"></span>6<span class=\"_ _d\"></span>5<span class=\"_ _df\"> </span></div></td></tr><tr><td class=\"c x262 y397f w124f h5db\"><div class=\"t m8 x250 h381 y396b ff4 fs2f fc1 sc2 ls0 ws0\">T<span class=\"_ _2\"></span>O<span class=\"_ _2\"></span>T<span class=\"_ _2\"></span>A<span class=\"_ _d\"></span>L<span class=\"_ _2\"></span>E<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>R<span class=\"_ _d\"></span>A<span class=\"_ _d\"></span>C<span class=\"_ _2\"></span>C<span class=\"_ _d\"></span>O<span class=\"_ _2\"></span>L<span class=\"_ _2\"></span>T<span class=\"_ _2\"></span>A<span class=\"_ _d\"></span> <span class=\"_ _2\"></span>C<span class=\"_ _d\"></span>L<span class=\"_ _2\"></span>I<span class=\"_ _2\"></span>E<span class=\"_ _2\"></span>N<span class=\"_ _2\"></span>T<span class=\"_ _2\"></span>E<span class=\"_ _2\"></span>L<span class=\"_ _2\"></span>A<span class=\"_ _df\"> </span></div></td><td class=\"c xbf7 y3980 w1250 h5dc\"><div class=\"t m9 x250 h382 y3966 ff4 fs30 fc1 sc2 ls0 ws0\">6<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>.<span class=\"_ _0\"></span>4<span class=\"_ _2\"></span>6<span class=\"_ _d\"></span>4<span class=\"_ _df\"> </span></div></td><td class=\"c xc1e y3980 w1251 h5dc\"><div class=\"t m9 x250 h382 y3966 ff4 fs30 fc1 sc2 ls0 ws0\">4<span class=\"_ _2\"></span>4<span class=\"_ _d\"></span>.<span class=\"_ _d\"></span>8<span class=\"_ _2\"></span>9<span class=\"_ _d\"></span>8<span class=\"_ _df\"> </span></div></td><td class=\"c xc1f y3980 w1252 h5dc\"><div class=\"t m9 x250 h382 y3966 ff4 fs30 fc1 sc2 ls0 ws0\">1<span class=\"_ _2\"></span>2<span class=\"_ _0\"></span>3<span class=\"_ _df\"> </span></div></td><td class=\"c xc20 y3980 w1253 h5dc\"><div class=\"t m9 x250 h382 y3966 ff4 fs30 fc1 sc2 ls0 ws0\">1<span class=\"_ _d\"></span>0<span class=\"_ _2\"></span>5<span class=\"_ _d\"></span>.<span class=\"_ _d\"></span>4<span class=\"_ _d\"></span>8<span class=\"_ _2\"></span>5<span class=\"_ _df\"> </span></div></td><td class=\"c xc21 y3980 w1254 h5dc\"><div class=\"t m9 x250 h382 y3966 ff4 fs30 fc1 sc2 ls0 ws0\">1<span class=\"_ _2\"></span>5<span class=\"_ _0\"></span>.<span class=\"_ _d\"></span>1<span class=\"_ _d\"></span>1<span class=\"_ _d\"></span>1<span class=\"_ _df\"> </span></div></td><td class=\"c xc22 y3980 w1255 h5dc\"><div class=\"t m9 x250 h382 y3966 ff4 fs30 fc1 sc2 ls0 ws0\">9<span class=\"_ _2\"></span>.<span class=\"_ _d\"></span>3<span class=\"_ _d\"></span>9<span class=\"_ _d\"></span>6<span class=\"_ _df\"> </span></div></td><td class=\"c xc23 y3980 w1256 h5dc\"><div class=\"t m9 x250 h382 y3966 ff4 fs30 fc1 sc2 ls0 ws0\">2<span class=\"_ _d\"></span>4<span class=\"_ _d\"></span>.<span class=\"_ _d\"></span>5<span class=\"_ _d\"></span>0<span class=\"_ _2\"></span>6<span class=\"_ _df\"> </span></div></td><td class=\"c xc24 y3980 w1257 h5dc\"><div class=\"t m9 x250 h382 y3966 ff4 fs30 fc1 sc2 ls0 ws0\">-<span class=\"_ _d\"></span>2<span class=\"_ _0\"></span>4<span class=\"_ _2\"></span>.<span class=\"_ _0\"></span>7<span class=\"_ _2\"></span>7<span class=\"_ _d\"></span>7<span class=\"_ _df\"> </span></div></td><td class=\"c xc25 y3981 w1258 h5db\"><div class=\"t m8 x250 h381 y396b ff4 fs2f fc1 sc2 ls0 ws0\">1<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>5<span class=\"_ _0\"></span>.<span class=\"_ _d\"></span>2<span class=\"_ _d\"></span>1<span class=\"_ _d\"></span>4<span class=\"_ _df\"> </span></div></td></tr><tr><td class=\"c x262 y2491 w1259 h5db\"><div class=\"t m8 x250 h381 y396b ff4 fs2f fc1 sc2 ls0 ws0\">T<span class=\"_ _2\"></span>O<span class=\"_ _2\"></span>T<span class=\"_ _2\"></span>A<span class=\"_ _d\"></span>L<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>B<span class=\"_ _d\"></span>U<span class=\"_ _2\"></span>S<span class=\"_ _2\"></span>I<span class=\"_ _2\"></span>N<span class=\"_ _2\"></span>E<span class=\"_ _2\"></span>S<span class=\"_ _2\"></span>S<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>C<span class=\"_ _d\"></span>L<span class=\"_ _2\"></span>IE<span class=\"_ _2\"></span>N<span class=\"_ _2\"></span>T<span class=\"_ _d\"></span>E<span class=\"_ _2\"></span>L<span class=\"_ _2\"></span>A<span class=\"_ _df\"> </span></div></td><td class=\"c xc26 y3982 wa2d h5dc\"><div class=\"t m9 x250 h382 y3966 ff4 fs30 fc1 sc2 ls0 ws0\">9<span class=\"_ _2\"></span>5<span class=\"_ _0\"></span>.<span class=\"_ _d\"></span>4<span class=\"_ _2\"></span>6<span class=\"_ _d\"></span>1<span class=\"_ _df\"> </span></div></td><td class=\"c xc27 y3982 w125a h5dc\"><div class=\"t m9 x250 h382 y3966 ff4 fs30 fc1 sc2 ls0 ws0\">4<span class=\"_ _2\"></span>5<span class=\"_ _0\"></span>.<span class=\"_ _d\"></span>6<span class=\"_ _d\"></span>0<span class=\"_ _2\"></span>4<span class=\"_ _df\"> </span></div></td><td class=\"c xc28 y3982 w125b h5dc\"><div class=\"t m9 x250 h382 y3966 ff4 fs30 fc1 sc2 ls0 ws0\">8<span class=\"_ _2\"></span>.<span class=\"_ _d\"></span>1<span class=\"_ _d\"></span>3<span class=\"_ _d\"></span>1<span class=\"_ _df\"> </span></div></td><td class=\"c xc29 y3983 w125c h5db\"><div class=\"t m8 x250 h381 y396b ff4 fs2f fc1 sc2 ls0 ws0\">1<span class=\"_ _2\"></span>4<span class=\"_ _d\"></span>9<span class=\"_ _2\"></span>.<span class=\"_ _0\"></span>1<span class=\"_ _2\"></span>9<span class=\"_ _d\"></span>6<span class=\"_ _df\"> </span></div></td><td class=\"c xc2a y3982 w125d h5dc\"><div class=\"t m9 x250 h382 y3966 ff4 fs30 fc1 sc2 ls0 ws0\">1<span class=\"_ _d\"></span>5<span class=\"_ _d\"></span>.<span class=\"_ _d\"></span>1<span class=\"_ _d\"></span>5<span class=\"_ _d\"></span>1<span class=\"_ _df\"> </span></div></td><td class=\"c xc2b y3982 w125e h5dc\"><div class=\"t m9 x250 h382 y3966 ff4 fs30 fc1 sc2 ls0 ws0\">9<span class=\"_ _2\"></span>.<span class=\"_ _0\"></span>3<span class=\"_ _2\"></span>9<span class=\"_ _d\"></span>6<span class=\"_ _df\"> </span></div></td><td class=\"c xc2c y3983 w125f h5db\"><div class=\"t m8 x250 h381 y396b ff4 fs2f fc1 sc2 ls0 ws0\">2<span class=\"_ _d\"></span>4<span class=\"_ _2\"></span>.<span class=\"_ _0\"></span>5<span class=\"_ _d\"></span>4<span class=\"_ _2\"></span>7<span class=\"_ _df\"> </span></div></td><td class=\"c xc2d y3982 w1260 h5dc\"><div class=\"t m9 x250 h382 y3966 ff4 fs30 fc1 sc2 ls0 ws0\">-<span class=\"_ _d\"></span>3<span class=\"_ _d\"></span>2<span class=\"_ _d\"></span>.<span class=\"_ _d\"></span>1<span class=\"_ _d\"></span>6<span class=\"_ _d\"></span>6<span class=\"_ _df\"> </span></div></td><td class=\"c xc2e y3983 w1261 h5db\"><div class=\"t m8 x250 h381 y396b ff4 fs2f fc1 sc2 ls0 ws0\">1<span class=\"_ _2\"></span>4<span class=\"_ _d\"></span>1<span class=\"_ _d\"></span>.<span class=\"_ _d\"></span>5<span class=\"_ _d\"></span>7<span class=\"_ _2\"></span>7<span class=\"_ _df\"> </span></div></td></tr></table><table class=\"s w129a h5e1\" id=\"_73b247dc-c8df-48ca-bab2-2e4d1fd87035\"><tr><td></td><td></td><td></td><td class=\"c xc56 y3991 w129b h5e2\"><div class=\"t mb x250 h388 y3990 ff4 fs32 fc1 sc0 ls0 ws0\">Paraba<span class=\"_ _2\"></span>nc<span class=\"_ _f\"></span>a<span class=\"_ _2\"></span>rio,</div></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c xbe9 y3992 w68a h386\"><div class=\"t ma x36 h387 y1ce8 ff4 fs31 fc1 sc2 ls0 ws0\">D<span class=\"_ _2\"></span>I<span class=\"_ _2\"></span>C<span class=\"_ _d\"></span>E<span class=\"_ _2\"></span>M<span class=\"_ _d\"></span>B<span class=\"_ _d\"></span>R<span class=\"_ _2\"></span>E<span class=\"_ _d\"></span> <span class=\"_ _2\"></span>2<span class=\"_ _d\"></span>0<span class=\"_ _2\"></span>2<span class=\"_ _d\"></span>5</div></td><td class=\"c xc57 y3993 w129c h5e2\"><div class=\"t mb x250 h388 y3990 ff4 fs32 fc1 sc0 ls0 ws0\">Com<span class=\"_ _2\"></span>me<span class=\"_ _2\"></span>rc<span class=\"_ _f\"></span>ia<span class=\"_ _2\"></span>l</div></td><td class=\"c xbe9 y3992 w68a h386\"><div class=\"t mb xf3 h388 y1ce8 ff4 fs32 fc1 sc0 ls0 ws0\">Pr<span class=\"_ _1\"></span>ivate Ba<span class=\"_ _2\"></span>nk<span class=\"_ _1\"></span>ing</div></td><td class=\"c xc58 y3993 w129d h5e2\"><div class=\"t mb x250 h388 y3990 ff4 fs32 fc1 sc0 ls0 ws0\">Consume<span class=\"_ _2\"></span>r</div></td><td class=\"c xbe9 y3992 w68a h386\"><div class=\"t ma x3f h387 y1ce8 ff4 fs31 fc1 sc2 ls0 ws0\">B<span class=\"_ _d\"></span>A<span class=\"_ _2\"></span>N<span class=\"_ _2\"></span>K<span class=\"_ _d\"></span>I<span class=\"_ _2\"></span>N<span class=\"_ _2\"></span>G</div></td><td class=\"c xc59 y3993 w129e h5e2\"><div class=\"t mb x250 h388 y3990 ff4 fs32 fc1 sc0 ls0 ws0\">Asset</div></td><td class=\"c xbe9 y3992 w68a h386\"><div class=\"t mb x126 h388 y1ce8 ff4 fs32 fc1 sc0 ls0 ws0\">I<span class=\"_ _1\"></span>nsurance</div></td><td class=\"c xc5a y3995 w129f h58d\"><div class=\"t ma x250 h387 y3994 ff4 fs31 fc1 sc2 ls0 ws0\">W<span class=\"_ _d\"></span>e<span class=\"_ _d\"></span>a<span class=\"_ _d\"></span>l<span class=\"_ _d\"></span>t<span class=\"_ _2\"></span>h</div></td><td class=\"c xc5b y3993 w12a0 h5e2\"><div class=\"t mb x250 h388 y3990 ff4 fs32 fc1 sc0 ls0 ws0\">El<span class=\"_ _f\"></span>isioni<span class=\"_ _f\"></span>,<span class=\"_ _2\"></span> retti<span class=\"_ _1\"></span>fic<span class=\"_ _f\"></span>he</div></td><td class=\"c xc5c y3995 w12a1 h58d\"><div class=\"t ma x250 h387 y3994 ff4 fs31 fc1 sc2 ls0 ws0\">C<span class=\"_ _d\"></span>o<span class=\"_ _2\"></span>n<span class=\"_ _d\"></span>s<span class=\"_ _2\"></span>o<span class=\"_ _d\"></span>l<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>d<span class=\"_ _d\"></span>a<span class=\"_ _d\"></span>t<span class=\"_ _2\"></span>o</div></td></tr><tr><td></td><td class=\"c xc5d y3996 w12a2 h5e2\"><div class=\"t mb x250 h388 y3990 ff4 fs32 fc1 sc0 ls0 ws0\">Ba<span class=\"_ _2\"></span>nk<span class=\"_ _f\"></span>ing</div></td><td></td><td class=\"c xc5e y3996 w12a3 h5e2\"><div class=\"t mb x250 h388 y3990 ff4 fs32 fc1 sc0 ls0 ws0\">Credit, I<span class=\"_ _f\"></span>T</div></td><td></td><td class=\"c xc5f y3996 w12a4 h5e2\"><div class=\"t mb x250 h388 y3990 ff4 fs32 fc1 sc0 ls0 ws0\">Ma<span class=\"_ _2\"></span>nagem<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>nt</div></td><td></td><td class=\"c xc60 y3997 w12a5 h58d\"><div class=\"t ma x250 h387 y3994 ff4 fs31 fc1 sc2 ls0 ws0\">M<span class=\"_ _d\"></span>a<span class=\"_ _d\"></span>n<span class=\"_ _2\"></span>a<span class=\"_ _0\"></span>g<span class=\"_ _2\"></span>e<span class=\"_ _d\"></span>m<span class=\"_ _0\"></span>e<span class=\"_ _d\"></span>n<span class=\"_ _2\"></span>t</div></td><td class=\"c xc61 y3996 w12a6 h5e2\"><div class=\"t mb x250 h388 y3990 ff4 fs32 fc1 sc0 ls0 ws0\">e ric<span class=\"_ _f\"></span>lassific<span class=\"_ _f\"></span>he</div></td><td class=\"c xc62 y3997 w12a7 h58d\"><div class=\"t ma x250 h387 y3994 ff4 fs31 fc1 sc2 ls0 ws0\">r<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>a<span class=\"_ _0\"></span>s<span class=\"_ _2\"></span>s<span class=\"_ _d\"></span>i<span class=\"_ _2\"></span>f<span class=\"_ _d\"></span>i<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>a<span class=\"_ _d\"></span>t<span class=\"_ _2\"></span>o</div></td></tr><tr><td></td><td></td><td></td><td class=\"c xc63 y3998 w12a8 h5e2\"><div class=\"t mb x250 h388 y3990 ff4 fs32 fc1 sc0 ls0 ws0\">Tec<span class=\"_ _1\"></span>hnology</div></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x262 y3999 w12a9 h58d\"><div class=\"t ma x250 h387 y3994 ff4 fs31 fc1 sc0 ls0 ws0\">Ma<span class=\"_ _2\"></span>rgi<span class=\"_ _f\"></span>ne<span class=\"_ _2\"></span> finanziari<span class=\"_ _1\"></span>o</div></td><td class=\"c xc64 y399a w12aa h5e2\"><div class=\"t mb x250 h388 y3990 ff4 fs32 fc1 sc0 ls0 ws0\">719,2</div></td><td class=\"c xc65 y399a w12ab h5e2\"><div class=\"t mb x250 h388 y3990 ff4 fs32 fc1 sc0 ls0 ws0\">72,8</div></td><td class=\"c xc66 y399a w12ac h5e2\"><div class=\"t mb x250 h388 y3990 ff4 fs32 fc1 sc0 ls0 ws0\">154,<span class=\"_ _2\"></span>6</div></td><td class=\"c xc67 y3999 w12ad h58d\"><div class=\"t ma x250 h387 y3994 ff4 fs31 fc1 sc0 ls0 ws0\">946,6</div></td><td class=\"c xc68 y399a w12ae h5e2\"><div class=\"t mb x250 h388 y3990 ff4 fs32 fc1 sc0 ls0 ws0\">13,0</div></td><td class=\"c xc69 y399a w12af h5e2\"><div class=\"t mb x250 h388 y3990 ff4 fs32 fc1 sc0 ls0 ws0\">6,7</div></td><td class=\"c xc6a y3999 w12b0 h58d\"><div class=\"t ma x250 h387 y3994 ff4 fs31 fc1 sc0 ls0 ws0\">19,7</div></td><td class=\"c xc6b y399a w12b1 h5e2\"><div class=\"t mb x250 h388 y3990 ff4 fs32 fc1 sc0 ls0 ws0\">7,6</div></td><td class=\"c xc6c y3999 w12b2 h58d\"><div class=\"t ma x250 h387 y3994 ff4 fs31 fc1 sc0 ls0 ws0\">973,9</div></td></tr><tr><td class=\"c x262 y399b w12b3 h58d\"><div class=\"t ma x250 h387 y3994 ff4 fs31 fc1 sc0 ls0 ws0\">Ma<span class=\"_ _2\"></span>rgi<span class=\"_ _f\"></span>ne<span class=\"_ _2\"></span> serviz<span class=\"_ _1\"></span>i</div></td><td class=\"c xc6d y399c w12b4 h5e2\"><div class=\"t mb x250 h388 y3990 ff4 fs32 fc1 sc0 ls0 ws0\">514,<span class=\"_ _2\"></span>6</div></td><td class=\"c xc6e y399c w12b5 h5e2\"><div class=\"t mb x250 h388 y3990 ff4 fs32 fc1 sc0 ls0 ws0\">206,7</div></td><td class=\"c xc6f y399c w12b6 h5e2\"><div class=\"t mb x250 h388 y3990 ff4 fs32 fc1 sc0 ls0 ws0\">12<span class=\"_ _2\"></span>3,8</div></td><td class=\"c xc70 y399b w12b7 h58d\"><div class=\"t ma x250 h387 y3994 ff4 fs31 fc1 sc0 ls0 ws0\">84<span class=\"_ _1\"></span>5,<span class=\"_ _2\"></span>1</div></td><td class=\"c xc71 y399c w12b8 h5e2\"><div class=\"t mb x250 h388 y3990 ff4 fs32 fc1 sc0 ls0 ws0\">107<span class=\"_ _1\"></span>,0</div></td><td class=\"c xc72 y399c w12b9 h5e2\"><div class=\"t mb x250 h388 y3990 ff4 fs32 fc1 sc0 ls0 ws0\">95,<span class=\"_ _2\"></span>7</div></td><td class=\"c xc73 y399b w12ba h58d\"><div class=\"t ma x250 h387 y3994 ff4 fs31 fc1 sc0 ls0 ws0\">202,<span class=\"_ _2\"></span>6</div></td><td class=\"c xc74 y399c w12bb h5e2\"><div class=\"t mb x250 h388 y3990 ff4 fs32 fc1 sc0 ls0 ws0\">-138,2</div></td><td class=\"c xc6c y399b w12bc h58d\"><div class=\"t ma x250 h387 y3994 ff4 fs31 fc1 sc0 ls0 ws0\">909,6</div></td></tr><tr><td class=\"c x262 y399d w12bd h58d\"><div class=\"t ma x250 h387 y3994 ff4 fs31 fc1 sc2 ls0 ws0\">M<span class=\"_ _d\"></span>a<span class=\"_ _d\"></span>r<span class=\"_ _2\"></span>g<span class=\"_ _d\"></span>i<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>e<span class=\"_ _0\"></span> <span class=\"_ _2\"></span>d<span class=\"_ _d\"></span>'<span class=\"_ _d\"></span>i<span class=\"_ _2\"></span>n<span class=\"_ _d\"></span>t<span class=\"_ _2\"></span>e<span class=\"_ _d\"></span>r<span class=\"_ _d\"></span>m<span class=\"_ _d\"></span>e<span class=\"_ _d\"></span>d<span class=\"_ _d\"></span>i<span class=\"_ _2\"></span>a<span class=\"_ _d\"></span>z<span class=\"_ _d\"></span>i<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>n<span class=\"_ _d\"></span>e</div></td><td class=\"c xc75 y399e w12be h5e2\"><div class=\"t mb x250 h388 y3990 ff4 fs32 fc1 sc2 ls0 ws0\">1<span class=\"_ _d\"></span>.<span class=\"_ _d\"></span>2<span class=\"_ _d\"></span>3<span class=\"_ _d\"></span>3<span class=\"_ _d\"></span>,<span class=\"_ _d\"></span>8</div></td><td class=\"c xc76 y399e w12bf h5e2\"><div class=\"t mb x250 h388 y3990 ff4 fs32 fc1 sc2 ls0 ws0\">2<span class=\"_ _d\"></span>7<span class=\"_ _2\"></span>9<span class=\"_ _d\"></span>,<span class=\"_ _d\"></span>5</div></td><td class=\"c xc77 y399e w12c0 h5e2\"><div class=\"t mb x250 h388 y3990 ff4 fs32 fc1 sc2 ls0 ws0\">2<span class=\"_ _d\"></span>7<span class=\"_ _2\"></span>8<span class=\"_ _2\"></span>,<span class=\"_ _0\"></span>4</div></td><td class=\"c xc78 y399d w12c1 h58d\"><div class=\"t ma x250 h387 y3994 ff4 fs31 fc1 sc2 ls0 ws0\">1<span class=\"_ _2\"></span>.<span class=\"_ _0\"></span>7<span class=\"_ _2\"></span>9<span class=\"_ _d\"></span>1<span class=\"_ _2\"></span>,<span class=\"_ _0\"></span>7</div></td><td class=\"c xc79 y399e w12c2 h5e2\"><div class=\"t mb x250 h388 y3990 ff4 fs32 fc1 sc2 ls0 ws0\">1<span class=\"_ _d\"></span>2<span class=\"_ _d\"></span>0<span class=\"_ _2\"></span>,<span class=\"_ _d\"></span>0</div></td><td class=\"c xc7a y399e w12c3 h5e2\"><div class=\"t mb x250 h388 y3990 ff4 fs32 fc1 sc2 ls0 ws0\">1<span class=\"_ _d\"></span>0<span class=\"_ _2\"></span>2<span class=\"_ _d\"></span>,<span class=\"_ _d\"></span>3</div></td><td class=\"c xc7b y399d w12c4 h58d\"><div class=\"t ma x250 h387 y3994 ff4 fs31 fc1 sc2 ls112 ws0\">222,3</div></td><td class=\"c xc7c y399e w12c5 h5e2\"><div class=\"t mb x250 h388 y3990 ff4 fs32 fc1 sc2 ls0 ws0\">-<span class=\"_ _d\"></span>1<span class=\"_ _d\"></span>3<span class=\"_ _d\"></span>0<span class=\"_ _2\"></span>,<span class=\"_ _d\"></span>5</div></td><td class=\"c xc2e y399d w12c6 h58d\"><div class=\"t ma x250 h387 y3994 ff4 fs31 fc1 sc2 ls0 ws0\">1<span class=\"_ _2\"></span>.<span class=\"_ _0\"></span>8<span class=\"_ _2\"></span>8<span class=\"_ _2\"></span>3<span class=\"_ _2\"></span>,<span class=\"_ _0\"></span>5</div></td></tr><tr><td class=\"c x262 y399f w12c7 h58d\"><div class=\"t ma x250 h387 y3994 ff4 fs31 fc1 sc0 ls0 ws0\">Spese personale</div></td><td class=\"c xc7d y39a1 w12c8 h5e3\"><div class=\"t mb x250 h388 y39a0 ff4 fs32 fc1 sc0 ls0 ws0\">-45<span class=\"_ _2\"></span>3,6</div></td><td class=\"c xc7e y39a1 w12c9 h5e3\"><div class=\"t mb x250 h388 y39a0 ff4 fs32 fc1 sc0 ls0 ws0\">-<span class=\"_ _2\"></span>108<span class=\"_ _f\"></span>,<span class=\"_ _2\"></span>6</div></td><td class=\"c xc7f y39a1 w12ca h5e3\"><div class=\"t mb x250 h388 y39a0 ff4 fs32 fc1 sc0 ls0 ws0\">-5<span class=\"_ _2\"></span>4,2</div></td><td class=\"c xc80 y399f w12cb h58d\"><div class=\"t ma x250 h387 y3994 ff4 fs31 fc1 sc0 ls0 ws0\">-616,<span class=\"_ _2\"></span>4</div></td><td class=\"c xc81 y39a1 w12cc h5e3\"><div class=\"t mb x250 h388 y39a0 ff4 fs32 fc1 sc0 ls0 ws0\">-17,<span class=\"_ _2\"></span>6</div></td><td class=\"c xc82 y39a1 w12cd h5e3\"><div class=\"t mb x250 h388 y39a0 ff4 fs32 fc1 sc0 ls113 ws0\">-2,1</div></td><td class=\"c xc83 y399f w12ce h58d\"><div class=\"t ma x250 h387 y3994 ff4 fs31 fc1 sc0 ls0 ws0\">-19,<span class=\"_ _2\"></span>7</div></td><td class=\"c xc84 y39a1 w12ae h5e3\"><div class=\"t mb x250 h388 y39a0 ff4 fs32 fc1 sc0 ls0 ws0\">15,<span class=\"_ _2\"></span>3</div></td><td class=\"c xc3a y399f w12cf h58d\"><div class=\"t ma x250 h387 y3994 ff4 fs31 fc1 sc0 ls0 ws0\">-62<span class=\"_ _2\"></span>0,9</div></td></tr><tr><td class=\"c x262 y39a2 w12d0 h58d\"><div class=\"t ma x250 h387 y3994 ff4 fs31 fc1 sc0 ls0 ws0\">Spese am<span class=\"_ _2\"></span>minist<span class=\"_ _1\"></span>rative</div></td><td class=\"c xc7d y39a3 w12d1 h5e3\"><div class=\"t mb x250 h388 y39a0 ff4 fs32 fc1 sc0 ls0 ws0\">-2<span class=\"_ _2\"></span>50,3</div></td><td class=\"c xc85 y39a3 w12d2 h5e3\"><div class=\"t mb x250 h388 y39a0 ff4 fs32 fc1 sc0 ls0 ws0\">-<span class=\"_ _2\"></span>72,<span class=\"_ _2\"></span>8</div></td><td class=\"c xc86 y39a3 w12d3 h5e3\"><div class=\"t mb x250 h388 y39a0 ff4 fs32 fc1 sc0 ls0 ws0\">-5<span class=\"_ _2\"></span>1,9</div></td><td class=\"c xc87 y39a2 w12d4 h58d\"><div class=\"t ma x250 h387 y3994 ff4 fs31 fc1 sc0 ls0 ws0\">-375,<span class=\"_ _2\"></span>1</div></td><td class=\"c xc81 y39a3 w12d5 h5e3\"><div class=\"t mb x250 h388 y39a0 ff4 fs32 fc1 sc0 ls0 ws0\">-2<span class=\"_ _2\"></span>1,9</div></td><td class=\"c xc88 y39a3 w12d6 h5e3\"><div class=\"t mb x250 h388 y39a0 ff4 fs32 fc1 sc0 ls0 ws0\">-<span class=\"_ _2\"></span>9,2</div></td><td class=\"c xc89 y39a2 w12d7 h58d\"><div class=\"t ma x250 h387 y3994 ff4 fs31 fc1 sc0 ls0 ws0\">-31,<span class=\"_ _2\"></span>1</div></td><td class=\"c xc8a y39a3 w12d8 h5e3\"><div class=\"t mb x250 h388 y39a0 ff4 fs32 fc1 sc0 ls0 ws0\">92,<span class=\"_ _2\"></span>9</div></td><td class=\"c xc8b y39a2 w12d9 h58d\"><div class=\"t ma x250 h387 y3994 ff4 fs31 fc1 sc0 ls0 ws0\">-313,<span class=\"_ _2\"></span>3</div></td></tr><tr><td class=\"c x262 y39a4 w12da h58d\"><div class=\"t ma x250 h387 y3994 ff4 fs31 fc1 sc2 ls0 ws0\">C<span class=\"_ _d\"></span>o<span class=\"_ _2\"></span>s<span class=\"_ _d\"></span>t<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>o<span class=\"_ _2\"></span>p<span class=\"_ _d\"></span>e<span class=\"_ _d\"></span>r<span class=\"_ _2\"></span>a<span class=\"_ _0\"></span>t<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>v<span class=\"_ _d\"></span>i</div></td><td class=\"c xc8c y39a5 w12db h5e3\"><div class=\"t mb x250 h388 y39a0 ff4 fs32 fc1 sc2 ls0 ws0\">-<span class=\"_ _d\"></span>7<span class=\"_ _d\"></span>0<span class=\"_ _2\"></span>3<span class=\"_ _2\"></span>,<span class=\"_ _0\"></span>9</div></td><td class=\"c xc8d y39a5 w12dc h5e3\"><div class=\"t mb x250 h388 y39a0 ff4 fs32 fc1 sc2 ls0 ws0\">-<span class=\"_ _d\"></span>1<span class=\"_ _d\"></span>8<span class=\"_ _2\"></span>1<span class=\"_ _d\"></span>,<span class=\"_ _d\"></span>4</div></td><td class=\"c xc8e y39a5 w12dd h5e3\"><div class=\"t mb x250 h388 y39a0 ff4 fs32 fc1 sc2 ls0 ws0\">-<span class=\"_ _d\"></span>1<span class=\"_ _d\"></span>0<span class=\"_ _2\"></span>6<span class=\"_ _d\"></span>,<span class=\"_ _d\"></span>2</div></td><td class=\"c xc8f y39a4 w12de h58d\"><div class=\"t ma x250 h387 y3994 ff4 fs31 fc1 sc2 ls0 ws0\">-<span class=\"_ _d\"></span>9<span class=\"_ _d\"></span>9<span class=\"_ _2\"></span>1<span class=\"_ _d\"></span>,<span class=\"_ _d\"></span>5</div></td><td class=\"c xc90 y39a5 w12df h5e3\"><div class=\"t mb x250 h388 y39a0 ff4 fs32 fc1 sc2 ls0 ws0\">-<span class=\"_ _d\"></span>3<span class=\"_ _d\"></span>9<span class=\"_ _2\"></span>,<span class=\"_ _0\"></span>5</div></td><td class=\"c xc91 y39a5 w12e0 h5e3\"><div class=\"t mb x250 h388 y39a0 ff4 fs32 fc1 sc2 ls0 ws0\">-<span class=\"_ _d\"></span>1<span class=\"_ _d\"></span>1<span class=\"_ _2\"></span>,<span class=\"_ _0\"></span>4</div></td><td class=\"c xc2c y39a4 w12e1 h58d\"><div class=\"t ma x250 h387 y3994 ff4 fs31 fc1 sc2 ls0 ws0\">-<span class=\"_ _d\"></span>5<span class=\"_ _d\"></span>0<span class=\"_ _2\"></span>,<span class=\"_ _d\"></span>8</div></td><td class=\"c xc92 y39a5 w12e2 h5e3\"><div class=\"t mb x250 h388 y39a0 ff4 fs32 fc1 sc2 ls0 ws0\">1<span class=\"_ _d\"></span>0<span class=\"_ _2\"></span>8<span class=\"_ _2\"></span>,<span class=\"_ _d\"></span>1</div></td><td class=\"c xbfe y39a4 w12e3 h58d\"><div class=\"t ma x250 h387 y3994 ff4 fs31 fc1 sc2 ls0 ws0\">-<span class=\"_ _d\"></span>9<span class=\"_ _d\"></span>3<span class=\"_ _2\"></span>4<span class=\"_ _d\"></span>,<span class=\"_ _d\"></span>2</div></td></tr><tr><td class=\"c x262 y39a6 w12e4 h58d\"><div class=\"t ma x250 h387 y3994 ff4 fs31 fc1 sc2 ls0 ws0\">R<span class=\"_ _d\"></span>i<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>u<span class=\"_ _d\"></span>l<span class=\"_ _2\"></span>t<span class=\"_ _d\"></span>a<span class=\"_ _d\"></span>t<span class=\"_ _2\"></span>o<span class=\"_ _d\"></span> <span class=\"_ _2\"></span>l<span class=\"_ _d\"></span>o<span class=\"_ _2\"></span>r<span class=\"_ _d\"></span>d<span class=\"_ _2\"></span>o<span class=\"_ _d\"></span> <span class=\"_ _2\"></span>d<span class=\"_ _d\"></span>i<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>g<span class=\"_ _d\"></span>e<span class=\"_ _d\"></span>s<span class=\"_ _2\"></span>t<span class=\"_ _d\"></span>i<span class=\"_ _2\"></span>o<span class=\"_ _d\"></span>n<span class=\"_ _2\"></span>e</div></td><td class=\"c xc7d y39a7 w12e5 h5e3\"><div class=\"t mb x250 h388 y39a0 ff4 fs32 fc1 sc2 ls0 ws0\">5<span class=\"_ _d\"></span>2<span class=\"_ _d\"></span>9<span class=\"_ _d\"></span>,<span class=\"_ _d\"></span>9</div></td><td class=\"c xc93 y39a7 w12e6 h5e3\"><div class=\"t mb x250 h388 y39a0 ff4 fs32 fc1 sc2 ls0 ws0\">9<span class=\"_ _2\"></span>8<span class=\"_ _2\"></span>,<span class=\"_ _0\"></span>1</div></td><td class=\"c xc94 y39a7 w12e7 h5e3\"><div class=\"t mb x250 h388 y39a0 ff4 fs32 fc1 sc2 ls0 ws0\">1<span class=\"_ _d\"></span>7<span class=\"_ _2\"></span>2<span class=\"_ _0\"></span>,<span class=\"_ _d\"></span>2</div></td><td class=\"c xc95 y39a6 w12e8 h58d\"><div class=\"t ma x250 h387 y3994 ff4 fs31 fc1 sc2 ls0 ws0\">8<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>,<span class=\"_ _d\"></span>2</div></td><td class=\"c xc71 y39a7 w12e9 h5e3\"><div class=\"t mb x250 h388 y39a0 ff4 fs32 fc1 sc2 ls0 ws0\">8<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>,<span class=\"_ _d\"></span>5</div></td><td class=\"c xc96 y39a7 w12ea h5e3\"><div class=\"t mb x250 h388 y39a0 ff4 fs32 fc1 sc2 ls0 ws0\">9<span class=\"_ _d\"></span>1<span class=\"_ _d\"></span>,<span class=\"_ _d\"></span>0</div></td><td class=\"c xc97 y39a6 w12eb h58d\"><div class=\"t ma x250 h387 y3994 ff4 fs31 fc1 sc2 ls0 ws0\">1<span class=\"_ _2\"></span>7<span class=\"_ _d\"></span>1<span class=\"_ _d\"></span>,<span class=\"_ _d\"></span>4</div></td><td class=\"c xc98 y39a7 w12ec h5e3\"><div class=\"t mb x250 h388 y39a0 ff4 fs32 fc1 sc2 ls114 ws0\">-22,4</div></td><td class=\"c xc3a y39a6 w12ed h58d\"><div class=\"t ma x250 h387 y3994 ff4 fs31 fc1 sc2 ls0 ws0\">9<span class=\"_ _2\"></span>4<span class=\"_ _d\"></span>9<span class=\"_ _2\"></span>,<span class=\"_ _d\"></span>3</div></td></tr><tr><td class=\"c x262 y39a8 w12ee h58d\"><div class=\"t ma x250 h387 y3994 ff4 fs31 fc1 sc0 ls0 ws0\">Amm<span class=\"_ _2\"></span>ortam<span class=\"_ _2\"></span>enti</div></td><td class=\"c xc6d y39a9 w12ef h5e3\"><div class=\"t mb x250 h388 y39a0 ff4 fs32 fc1 sc0 ls0 ws0\">-89,7</div></td><td class=\"c xc99 y39a9 w12f0 h5e3\"><div class=\"t mb x250 h388 y39a0 ff4 fs32 fc1 sc0 ls0 ws0\">-8,8</div></td><td class=\"c xc9a y39a9 w12f1 h5e3\"><div class=\"t mb x250 h388 y39a0 ff4 fs32 fc1 sc0 ls0 ws0\">-<span class=\"_ _2\"></span>14,8</div></td><td class=\"c xc67 y39a8 w12f2 h58d\"><div class=\"t ma x250 h387 y3994 ff4 fs31 fc1 sc0 ls0 ws0\">-113,<span class=\"_ _2\"></span>3</div></td><td class=\"c xc68 y39a9 w12f3 h5e3\"><div class=\"t mb x250 h388 y39a0 ff4 fs32 fc1 sc0 ls0 ws0\">-0,7</div></td><td class=\"c xc9b y39a9 w12f4 h5e3\"><div class=\"t mb x250 h388 y39a0 ff4 fs32 fc1 sc0 ls0 ws0\">-<span class=\"_ _2\"></span>1,8</div></td><td class=\"c xc9c y39a8 w12f5 h58d\"><div class=\"t ma x250 h387 y3994 ff4 fs31 fc1 sc0 ls115 ws0\">-2,6</div></td><td class=\"c xc6b y39a9 w12f6 h5e3\"><div class=\"t mb x250 h388 y39a0 ff4 fs32 fc1 sc0 ls0 ws0\">4,7</div></td><td class=\"c xc9d y39a8 w12f7 h58d\"><div class=\"t ma x250 h387 y3994 ff4 fs31 fc1 sc0 ls0 ws0\">-111,<span class=\"_ _2\"></span>2</div></td></tr><tr><td class=\"c x262 y39aa w12f8 h58d\"><div class=\"t ma x250 h387 y3994 ff4 fs31 fc1 sc2 ls0 ws0\">R<span class=\"_ _d\"></span>i<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>u<span class=\"_ _d\"></span>l<span class=\"_ _2\"></span>t<span class=\"_ _d\"></span>a<span class=\"_ _d\"></span>t<span class=\"_ _2\"></span>o<span class=\"_ _d\"></span> <span class=\"_ _2\"></span>o<span class=\"_ _d\"></span>p<span class=\"_ _d\"></span>e<span class=\"_ _d\"></span>r<span class=\"_ _2\"></span>a<span class=\"_ _d\"></span>t<span class=\"_ _d\"></span>i<span class=\"_ _2\"></span>v<span class=\"_ _d\"></span>o</div></td><td class=\"c xc7d y39ab w12f9 h5e3\"><div class=\"t mb x250 h388 y39a0 ff4 fs32 fc1 sc2 ls0 ws0\">4<span class=\"_ _2\"></span>4<span class=\"_ _d\"></span>0<span class=\"_ _2\"></span>,<span class=\"_ _d\"></span>3</div></td><td class=\"c xc9e y39ab w12fa h5e3\"><div class=\"t mb x250 h388 y39a0 ff4 fs32 fc1 sc2 ls0 ws0\">8<span class=\"_ _2\"></span>9<span class=\"_ _2\"></span>,<span class=\"_ _0\"></span>3</div></td><td class=\"c xc9f y39ab w12fb h5e3\"><div class=\"t mb x250 h388 y39a0 ff4 fs32 fc1 sc2 ls0 ws0\">1<span class=\"_ _d\"></span>5<span class=\"_ _d\"></span>7<span class=\"_ _d\"></span>,<span class=\"_ _d\"></span>4</div></td><td class=\"c xc95 y39aa w12fc h58d\"><div class=\"t ma x250 h387 y3994 ff4 fs31 fc1 sc2 ls0 ws0\">6<span class=\"_ _2\"></span>8<span class=\"_ _2\"></span>6<span class=\"_ _d\"></span>,<span class=\"_ _d\"></span>9</div></td><td class=\"c xc71 y39ab w12fd h5e3\"><div class=\"t mb x250 h388 y39a0 ff4 fs32 fc1 sc2 ls0 ws0\">7<span class=\"_ _2\"></span>9<span class=\"_ _d\"></span>,<span class=\"_ _d\"></span>8</div></td><td class=\"c xca0 y39ab w12fe h5e3\"><div class=\"t mb x250 h388 y39a0 ff4 fs32 fc1 sc2 ls0 ws0\">89<span class=\"_ _d\"></span>,<span class=\"_ _d\"></span>1</div></td><td class=\"c xc2c y39aa w12ff h58d\"><div class=\"t ma x250 h387 y3994 ff4 fs31 fc1 sc2 ls0 ws0\">1<span class=\"_ _2\"></span>6<span class=\"_ _d\"></span>8<span class=\"_ _2\"></span>,<span class=\"_ _d\"></span>9</div></td><td class=\"c xc92 y39ab w1300 h5e3\"><div class=\"t mb x250 h388 y39a0 ff4 fs32 fc1 sc2 ls0 ws0\">-<span class=\"_ _d\"></span>1<span class=\"_ _d\"></span>7<span class=\"_ _2\"></span>,<span class=\"_ _0\"></span>7</div></td><td class=\"c xc8b y39aa w1301 h58d\"><div class=\"t ma x250 h387 y3994 ff4 fs31 fc1 sc2 ls0 ws0\">8<span class=\"_ _2\"></span>3<span class=\"_ _2\"></span>8<span class=\"_ _2\"></span>,<span class=\"_ _0\"></span>1</div></td></tr><tr><td class=\"c x262 y39ac w1302 h58d\"><div class=\"t ma x250 h387 y3994 ff4 fs31 fc1 sc0 ls0 ws0\">Rettific<span class=\"_ _f\"></span>he ne<span class=\"_ _2\"></span>tte su c<span class=\"_ _f\"></span>rediti</div></td><td class=\"c xca1 y39ad w1303 h5e3\"><div class=\"t mb x250 h388 y39a0 ff4 fs32 fc1 sc0 ls0 ws0\">-19,<span class=\"_ _2\"></span>9</div></td><td class=\"c xca2 y39ad w1304 h5e3\"><div class=\"t mb x250 h388 y39a0 ff4 fs32 fc1 sc0 ls0 ws0\">0,0</div></td><td class=\"c xca3 y39ad w1305 h5e3\"><div class=\"t mb x250 h388 y39a0 ff4 fs32 fc1 sc0 ls0 ws0\">-2<span class=\"_ _2\"></span>7,7</div></td><td class=\"c xc70 y39ac w1306 h58d\"><div class=\"t ma x250 h387 y3994 ff4 fs31 fc1 sc0 ls0 ws0\">-47,6</div></td><td class=\"c xca4 y39ad w1307 h5e3\"><div class=\"t mb x250 h388 y39a0 ff4 fs32 fc1 sc0 ls0 ws0\">0,0</div></td><td class=\"c xca5 y39ad w1308 h5e3\"><div class=\"t mb x250 h388 y39a0 ff4 fs32 fc1 sc0 ls0 ws0\">0<span class=\"_ _f\"></span>,<span class=\"_ _2\"></span>0</div></td><td class=\"c xca6 y39ac w1309 h58d\"><div class=\"t ma x250 h387 y3994 ff4 fs31 fc1 sc0 ls0 ws0\">0,0</div></td><td class=\"c xca7 y39ad w1307 h5e3\"><div class=\"t mb x250 h388 y39a0 ff4 fs32 fc1 sc0 ls0 ws0\">0,0</div></td><td class=\"c xc9d y39ac w130a h58d\"><div class=\"t ma x250 h387 y3994 ff4 fs31 fc1 sc0 ls0 ws0\">-47,6</div></td></tr><tr><td class=\"c x262 y39ae w130b h58d\"><div class=\"t ma x250 h387 y3994 ff4 fs31 fc1 sc0 ls0 ws0\">Ac<span class=\"_ _f\"></span>cantona<span class=\"_ _2\"></span>me<span class=\"_ _2\"></span>nti<span class=\"_ _f\"></span> pe<span class=\"_ _2\"></span>r r<span class=\"_ _f\"></span>isc<span class=\"_ _1\"></span>hi ed oneri</div></td><td class=\"c xca1 y39af w130c h5e3\"><div class=\"t mb x250 h388 y39a0 ff4 fs32 fc1 sc0 ls0 ws0\">-10,2</div></td><td class=\"c xca8 y39af w130d h5e3\"><div class=\"t mb x250 h388 y39a0 ff4 fs32 fc1 sc0 ls0 ws0\">-0,4</div></td><td class=\"c xca9 y39af w130e h5e3\"><div class=\"t mb x250 h388 y39a0 ff4 fs32 fc1 sc0 ls0 ws0\">-<span class=\"_ _2\"></span>1,8</div></td><td class=\"c xcaa y39ae w130f h58d\"><div class=\"t ma x250 h387 y3994 ff4 fs31 fc1 sc0 ls0 ws0\">-12<span class=\"_ _2\"></span>,5</div></td><td class=\"c xca4 y39af w1307 h5e3\"><div class=\"t mb x250 h388 y39a0 ff4 fs32 fc1 sc0 ls0 ws0\">0,0</div></td><td class=\"c xcab y39af w1310 h5e3\"><div class=\"t mb x250 h388 y39a0 ff4 fs32 fc1 sc0 ls0 ws0\">0,1</div></td><td class=\"c xcac y39ae w1311 h58d\"><div class=\"t ma x250 h387 y3994 ff4 fs31 fc1 sc0 ls0 ws0\">0,1</div></td><td class=\"c xca7 y39af w1307 h5e3\"><div class=\"t mb x250 h388 y39a0 ff4 fs32 fc1 sc0 ls0 ws0\">0,0</div></td><td class=\"c xcad y39ae w1312 h58d\"><div class=\"t ma x250 h387 y3994 ff4 fs31 fc1 sc0 ls0 ws0\">-12<span class=\"_ _2\"></span>,4</div></td></tr><tr><td class=\"c x262 y39b0 w1313 h58d\"><div class=\"t ma x250 h387 y3994 ff4 fs31 fc1 sc0 ls0 ws0\">Proventi<span class=\"_ _1\"></span> / oneri s<span class=\"_ _1\"></span>traordinari</div></td><td class=\"c xcae y39b1 w1314 h5e3\"><div class=\"t mb x250 h388 y39a0 ff4 fs32 fc1 sc0 ls0 ws0\">93,1</div></td><td class=\"c xcaf y39b1 w1315 h5e3\"><div class=\"t mb x250 h388 y39a0 ff4 fs32 fc1 sc0 ls0 ws0\">-<span class=\"_ _2\"></span>1,<span class=\"_ _2\"></span>0</div></td><td class=\"c xcb0 y39b1 w1316 h5e3\"><div class=\"t mb x250 h388 y39a0 ff4 fs32 fc1 sc0 ls0 ws0\">0,5</div></td><td class=\"c xcb1 y39b0 w1317 h58d\"><div class=\"t ma x250 h387 y3994 ff4 fs31 fc1 sc0 ls0 ws0\">92,<span class=\"_ _2\"></span>6</div></td><td class=\"c xcb2 y39b1 w1318 h5e3\"><div class=\"t mb x250 h388 y39a0 ff4 fs32 fc1 sc0 ls0 ws0\">1,6</div></td><td class=\"c xcb3 y39b1 w1319 h5e3\"><div class=\"t mb x250 h388 y39a0 ff4 fs32 fc1 sc0 ls0 ws0\">-<span class=\"_ _2\"></span>3,6</div></td><td class=\"c xc9c y39b0 w131a h58d\"><div class=\"t ma x250 h387 y3994 ff4 fs31 fc1 sc0 ls115 ws0\">-2,0</div></td><td class=\"c xca7 y39b1 w1307 h5e3\"><div class=\"t mb x250 h388 y39a0 ff4 fs32 fc1 sc0 ls0 ws0\">0,0</div></td><td class=\"c xcb4 y39b0 w131b h58d\"><div class=\"t ma x250 h387 y3994 ff4 fs31 fc1 sc0 ls0 ws0\">90,5</div></td></tr><tr><td class=\"c x262 y39b2 w131c h58d\"><div class=\"t ma x250 h387 y3994 ff4 fs31 fc1 sc2 ls0 ws0\">U<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>i<span class=\"_ _d\"></span>l<span class=\"_ _2\"></span>e<span class=\"_ _d\"></span> <span class=\"_ _2\"></span>p<span class=\"_ _d\"></span>r<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>m<span class=\"_ _0\"></span>a<span class=\"_ _d\"></span> <span class=\"_ _2\"></span>d<span class=\"_ _d\"></span>e<span class=\"_ _d\"></span>l<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>e<span class=\"_ _d\"></span> <span class=\"_ _d\"></span>i<span class=\"_ _2\"></span>m<span class=\"_ _d\"></span>p<span class=\"_ _d\"></span>o<span class=\"_ _d\"></span>s<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>e</div></td><td class=\"c xc7d y39b3 w131d h5e3\"><div class=\"t mb x250 h388 y39a0 ff4 fs32 fc1 sc2 ls0 ws0\">5<span class=\"_ _d\"></span>0<span class=\"_ _2\"></span>3<span class=\"_ _d\"></span>,<span class=\"_ _d\"></span>3</div></td><td class=\"c xcb5 y39b3 w131e h5e3\"><div class=\"t mb x250 h388 y39a0 ff4 fs32 fc1 sc2 ls0 ws0\">8<span class=\"_ _2\"></span>7<span class=\"_ _2\"></span>,<span class=\"_ _0\"></span>8</div></td><td class=\"c xcb6 y39b3 w131f h5e3\"><div class=\"t mb x250 h388 y39a0 ff4 fs32 fc1 sc2 ls0 ws0\">1<span class=\"_ _2\"></span>2<span class=\"_ _d\"></span>8<span class=\"_ _2\"></span>,<span class=\"_ _0\"></span>3</div></td><td class=\"c xc87 y39b2 w1320 h58d\"><div class=\"t ma x250 h387 y3994 ff4 fs31 fc1 sc2 ls0 ws0\">7<span class=\"_ _2\"></span>1<span class=\"_ _d\"></span>9<span class=\"_ _2\"></span>,<span class=\"_ _0\"></span>5</div></td><td class=\"c xc81 y39b3 w1321 h5e3\"><div class=\"t mb x250 h388 y39a0 ff4 fs32 fc1 sc2 ls0 ws0\">8<span class=\"_ _2\"></span>1<span class=\"_ _d\"></span>,<span class=\"_ _d\"></span>4</div></td><td class=\"c xcb7 y39b3 w12d5 h5e3\"><div class=\"t mb x250 h388 y39a0 ff4 fs32 fc1 sc2 ls0 ws0\">85<span class=\"_ _0\"></span>,<span class=\"_ _d\"></span>6</div></td><td class=\"c xc54 y39b2 w1322 h58d\"><div class=\"t ma x250 h387 y3994 ff4 fs31 fc1 sc2 ls0 ws0\">1<span class=\"_ _2\"></span>6<span class=\"_ _d\"></span>7<span class=\"_ _2\"></span>,<span class=\"_ _0\"></span>0</div></td><td class=\"c xc92 y39b3 w1323 h5e3\"><div class=\"t mb x250 h388 y39a0 ff4 fs32 fc1 sc2 ls0 ws0\">-<span class=\"_ _d\"></span>1<span class=\"_ _d\"></span>7<span class=\"_ _2\"></span>,<span class=\"_ _0\"></span>8</div></td><td class=\"c xc3a y39b2 w1324 h58d\"><div class=\"t ma x250 h387 y3994 ff4 fs31 fc1 sc2 ls0 ws0\">8<span class=\"_ _2\"></span>6<span class=\"_ _2\"></span>8<span class=\"_ _2\"></span>,<span class=\"_ _d\"></span>6</div></td></tr><tr><td class=\"c x262 y39b4 w1325 h58d\"><div class=\"t ma x250 h387 y3994 ff4 fs31 fc1 sc0 ls0 ws0\">Uti<span class=\"_ _f\"></span>le di t<span class=\"_ _1\"></span>erzi</div></td><td class=\"c xcb8 y39b5 w1307 h5e3\"><div class=\"t mb x250 h388 y39a0 ff4 fs32 fc1 sc0 ls0 ws0\">0,0</div></td><td class=\"c xcb9 y39b5 w1307 h5e3\"><div class=\"t mb x250 h388 y39a0 ff4 fs32 fc1 sc0 ls0 ws0\">0,0</div></td><td class=\"c xcba y39b5 w1304 h5e3\"><div class=\"t mb x250 h388 y39a0 ff4 fs32 fc1 sc0 ls0 ws0\">0,0</div></td><td class=\"c xcbb y39b4 w1309 h58d\"><div class=\"t ma x250 h387 y3994 ff4 fs31 fc1 sc0 ls0 ws0\">0,0</div></td><td class=\"c xca4 y39b5 w1307 h5e3\"><div class=\"t mb x250 h388 y39a0 ff4 fs32 fc1 sc0 ls0 ws0\">0,0</div></td><td class=\"c xcbc y39b5 w1307 h5e3\"><div class=\"t mb x250 h388 y39a0 ff4 fs32 fc1 sc0 ls0 ws0\">0,0</div></td><td class=\"c xca6 y39b4 w1309 h58d\"><div class=\"t ma x250 h387 y3994 ff4 fs31 fc1 sc0 ls0 ws0\">0,0</div></td><td class=\"c xca7 y39b5 w1307 h5e3\"><div class=\"t mb x250 h388 y39a0 ff4 fs32 fc1 sc0 ls0 ws0\">0,0</div></td><td class=\"c xcbd y39b4 w1309 h58d\"><div class=\"t ma x250 h387 y3994 ff4 fs31 fc1 sc0 ls0 ws0\">0,0</div></td></tr><tr><td class=\"c x262 y39b6 w1326 h58d\"><div class=\"t ma x250 h387 y3994 ff4 fs31 fc1 sc0 ls0 ws0\">I<span class=\"_ _1\"></span>mposte sul reddi<span class=\"_ _f\"></span>to</div></td><td class=\"c xcbe y39b7 w1327 h5e3\"><div class=\"t mb x250 h388 y39a0 ff4 fs32 fc1 sc0 ls0 ws0\">-12<span class=\"_ _2\"></span>9,6</div></td><td class=\"c xcbf y39b7 w1328 h5e3\"><div class=\"t mb x250 h388 y39a0 ff4 fs32 fc1 sc0 ls0 ws0\">-2<span class=\"_ _2\"></span>9,5</div></td><td class=\"c xcc0 y39b7 w1329 h5e3\"><div class=\"t mb x250 h388 y39a0 ff4 fs32 fc1 sc0 ls0 ws0\">-<span class=\"_ _2\"></span>42,<span class=\"_ _2\"></span>3</div></td><td class=\"c xc80 y39b6 w12d9 h58d\"><div class=\"t ma x250 h387 y3994 ff4 fs31 fc1 sc0 ls0 ws0\">-2<span class=\"_ _2\"></span>01,3</div></td><td class=\"c xcc1 y39b7 w132a h5e3\"><div class=\"t mb x250 h388 y39a0 ff4 fs32 fc1 sc0 ls0 ws0\">-2<span class=\"_ _2\"></span>3,8</div></td><td class=\"c xcc2 y39b7 w132b h5e3\"><div class=\"t mb x250 h388 y39a0 ff4 fs32 fc1 sc0 ls0 ws0\">-<span class=\"_ _2\"></span>26,<span class=\"_ _2\"></span>4</div></td><td class=\"c xc97 y39b6 w132c h58d\"><div class=\"t ma x250 h387 y3994 ff4 fs31 fc1 sc0 ls0 ws0\">-5<span class=\"_ _2\"></span>0,2</div></td><td class=\"c xca7 y39b7 w132d h5e3\"><div class=\"t mb x250 h388 y39a0 ff4 fs32 fc1 sc0 ls0 ws0\">4,3</div></td><td class=\"c xc17 y39b6 w132e h58d\"><div class=\"t ma x250 h387 y3994 ff4 fs31 fc1 sc0 ls0 ws0\">-2<span class=\"_ _2\"></span>47,2</div></td></tr><tr><td class=\"c x262 y2491 w132f h58d\"><div class=\"t ma x250 h387 y3994 ff4 fs31 fc1 sc2 ls0 ws0\">U<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>i<span class=\"_ _d\"></span>l<span class=\"_ _2\"></span>e<span class=\"_ _d\"></span> <span class=\"_ _2\"></span>n<span class=\"_ _d\"></span>e<span class=\"_ _d\"></span>t<span class=\"_ _2\"></span>t<span class=\"_ _d\"></span>o</div></td><td class=\"c xcbe y39b8 w1330 h5e3\"><div class=\"t mb x250 h388 y39a0 ff4 fs32 fc1 sc2 ls0 ws0\">3<span class=\"_ _2\"></span>7<span class=\"_ _d\"></span>3<span class=\"_ _d\"></span>,<span class=\"_ _d\"></span>7</div></td><td class=\"c xcc3 y39b8 w1331 h5e3\"><div class=\"t mb x250 h388 y39a0 ff4 fs32 fc1 sc2 ls0 ws0\">5<span class=\"_ _0\"></span>8<span class=\"_ _2\"></span>,<span class=\"_ _d\"></span>4</div></td><td class=\"c xcc4 y39b8 w1332 h5e3\"><div class=\"t mb x250 h388 y39a0 ff4 fs32 fc1 sc2 ls0 ws0\">8<span class=\"_ _2\"></span>6<span class=\"_ _2\"></span>,<span class=\"_ _d\"></span>1</div></td><td class=\"c xc80 y2491 w1333 h58d\"><div class=\"t ma x250 h387 y3994 ff4 fs31 fc1 sc2 ls0 ws0\">5<span class=\"_ _d\"></span>1<span class=\"_ _d\"></span>8<span class=\"_ _2\"></span>,<span class=\"_ _d\"></span>2</div></td><td class=\"c xc71 y39b8 w1334 h5e3\"><div class=\"t mb x250 h388 y39a0 ff4 fs32 fc1 sc2 ls0 ws0\">5<span class=\"_ _d\"></span>7<span class=\"_ _2\"></span>,<span class=\"_ _0\"></span>5</div></td><td class=\"c xcc5 y39b8 w1335 h5e3\"><div class=\"t mb x250 h388 y39a0 ff4 fs32 fc1 sc2 ls0 ws0\">5<span class=\"_ _d\"></span>9<span class=\"_ _d\"></span>,<span class=\"_ _d\"></span>2</div></td><td class=\"c xc97 y2491 w1336 h58d\"><div class=\"t ma x250 h387 y3994 ff4 fs31 fc1 sc2 ls0 ws0\">1<span class=\"_ _2\"></span>1<span class=\"_ _d\"></span>6<span class=\"_ _d\"></span>,<span class=\"_ _d\"></span>7</div></td><td class=\"c xcc6 y39b8 w1337 h5e3\"><div class=\"t mb x250 h388 y39a0 ff4 fs32 fc1 sc2 ls0 ws0\">-<span class=\"_ _d\"></span>1<span class=\"_ _d\"></span>3<span class=\"_ _d\"></span>,<span class=\"_ _d\"></span>4</div></td><td class=\"c xc8b y2491 w1338 h58d\"><div class=\"t ma x250 h387 y3994 ff4 fs31 fc1 sc2 ls0 ws0\">6<span class=\"_ _2\"></span>2<span class=\"_ _d\"></span>1<span class=\"_ _d\"></span>,<span class=\"_ _d\"></span>5</div></td></tr></table>In data 2<span class=\"_ _f\"></span>0 gennaio 2025, Cre<span class=\"_ _1\"></span>dito <span class=\"_ _1\"></span>Emiliano S.p<span class=\"_ _1\"></span>.A. ha conclu<span class=\"_ _1\"></span>so l\u2019ope<span class=\"ff4\">razione <span class=\"_ _1\"></span>di trasferimento d<span class=\"_ _1\"></span>elle attivit\u00e0 <span class=\"_ _1\"></span>di me<span class=\"_ _1\"></span>rchant acqui<span class=\"_ _1\"></span>ring meglio <span class=\"_ _1\"></span>descritta nel<span class=\"_ _1\"></span>la Relazione<span class=\"_ _1\"></span> sulla Gestione<span class=\"_ _df\"> </span></span>cui si <span class=\"_ _1\"></span>rimanda. Si evidenzia <span class=\"_ _1\"></span>che tale operazione <span class=\"_ _1\"></span>ha comportato una p<span class=\"_ _1\"></span>lusvalenza complessiva di <span class=\"_ _1\"></span>100 milioni di <span class=\"_ _f\"></span>euro allocata ne<span class=\"_ _2\"></span>l settore operativo Bank<span class=\"_ _1\"></span>ing (ambito di<span class=\"_ _1\"></span> Business<span class=\"_ _df\"> </span>Commercial Banking).<span class=\"_ _df\"> </span>In <span class=\"_ _1\"></span>adempimento a <span class=\"_ _1\"></span>quanto p<span class=\"_ _1\"></span>revisto dal <span class=\"_ _f\"></span>principio contabile I<span class=\"_ _1\"></span>FRS 8, <span class=\"_ _1\"></span>si preci<span class=\"_ _1\"></span>sa che <span class=\"_ _f\"></span>nel corso dell\u2019esercizi<span class=\"_ _1\"></span>o il <span class=\"_ _f\"></span>Gru<span class=\"_ _2\"></span>ppo <span class=\"ff4\">Credem non <span class=\"_ _f\"></span>ha conseguito ricav<span class=\"_ _1\"></span>i deriv<span class=\"_ _1\"></span>anti da <span class=\"_ _1\"></span>operazioni con<span class=\"_ _df\"> </span></span>un singolo cliente esterno di ammontare pari o superiore al 10% de<span class=\"_ _1\"></span>l totale dei ricavi consolidati del Gruppo.<span class=\"_ _df\"> </span><table class=\"s w1339 h5e4\" id=\"_92cd1746-1035-4a1b-a076-5a20c5b77c55\"><tr><td></td><td></td><td></td><td class=\"c xcc8 y39ba w133a h5e5\"><div class=\"t md x250 h38c y39b9 ff4 fs34 fc1 sc0 ls0 ws0\">Paraba<span class=\"_ _2\"></span>nc<span class=\"_ _f\"></span>a<span class=\"_ _2\"></span>rio,</div></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c xcc9 y39bb w68d h38a\"><div class=\"t mc x36 h38b y1d06 ff4 fs33 fc1 sc2 ls0 ws0\">D<span class=\"_ _2\"></span>I<span class=\"_ _2\"></span>C<span class=\"_ _d\"></span>E<span class=\"_ _2\"></span>M<span class=\"_ _d\"></span>B<span class=\"_ _d\"></span>R<span class=\"_ _2\"></span>E<span class=\"_ _d\"></span> <span class=\"_ _2\"></span>2<span class=\"_ _d\"></span>0<span class=\"_ _2\"></span>2<span class=\"_ _d\"></span>4</div></td><td class=\"c xcca y39bc w133b h5e5\"><div class=\"t md x250 h38c y39b9 ff4 fs34 fc1 sc0 ls0 ws0\">Com<span class=\"_ _2\"></span>me<span class=\"_ _2\"></span>rc<span class=\"_ _f\"></span>ia<span class=\"_ _2\"></span>l</div></td><td class=\"c xcc9 y39bb w68d h38a\"><div class=\"t md xf3 h38c y1d06 ff4 fs34 fc1 sc0 ls0 ws0\">Pr<span class=\"_ _1\"></span>ivate Ba<span class=\"_ _2\"></span>nk<span class=\"_ _1\"></span>ing</div></td><td class=\"c xccb y39bc w133c h5e5\"><div class=\"t md x250 h38c y39b9 ff4 fs34 fc1 sc0 ls0 ws0\">Consume<span class=\"_ _2\"></span>r</div></td><td class=\"c xcc9 y39bb w68d h38a\"><div class=\"t mc x3f h38b y1d06 ff4 fs33 fc1 sc2 ls0 ws0\">B<span class=\"_ _d\"></span>A<span class=\"_ _2\"></span>N<span class=\"_ _2\"></span>K<span class=\"_ _d\"></span>I<span class=\"_ _2\"></span>N<span class=\"_ _2\"></span>G</div></td><td class=\"c xccc y39bc w133d h5e5\"><div class=\"t md x250 h38c y39b9 ff4 fs34 fc1 sc0 ls0 ws0\">Asset</div></td><td class=\"c xcc9 y39bb w68d h38a\"><div class=\"t md x126 h38c y1d06 ff4 fs34 fc1 sc0 ls0 ws0\">I<span class=\"_ _1\"></span>nsurance</div></td><td class=\"c xccd y39bd w133e h58d\"><div class=\"t mc x250 h38b y3989 ff4 fs33 fc1 sc2 ls0 ws0\">W<span class=\"_ _d\"></span>e<span class=\"_ _d\"></span>a<span class=\"_ _d\"></span>l<span class=\"_ _d\"></span>t<span class=\"_ _2\"></span>h</div></td><td class=\"c xcce y39bc w133f h5e5\"><div class=\"t md x250 h38c y39b9 ff4 fs34 fc1 sc0 ls0 ws0\">El<span class=\"_ _f\"></span>isioni<span class=\"_ _f\"></span>,<span class=\"_ _2\"></span> retti<span class=\"_ _1\"></span>fic<span class=\"_ _f\"></span>he</div></td><td class=\"c xccf y39bd w1340 h58d\"><div class=\"t mc x250 h38b y3989 ff4 fs33 fc1 sc2 ls0 ws0\">C<span class=\"_ _d\"></span>o<span class=\"_ _2\"></span>n<span class=\"_ _d\"></span>s<span class=\"_ _2\"></span>o<span class=\"_ _d\"></span>l<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>d<span class=\"_ _d\"></span>a<span class=\"_ _d\"></span>t<span class=\"_ _2\"></span>o</div></td></tr><tr><td></td><td class=\"c xcd0 y39be w1341 h5e5\"><div class=\"t md x250 h38c y39b9 ff4 fs34 fc1 sc0 ls0 ws0\">Ba<span class=\"_ _2\"></span>nk<span class=\"_ _f\"></span>ing</div></td><td></td><td class=\"c xcd1 y39be w1342 h5e5\"><div class=\"t md x250 h38c y39b9 ff4 fs34 fc1 sc0 ls0 ws0\">Credit, I<span class=\"_ _f\"></span>T</div></td><td></td><td class=\"c xcd2 y39be w1343 h5e5\"><div class=\"t md x250 h38c y39b9 ff4 fs34 fc1 sc0 ls0 ws0\">Ma<span class=\"_ _2\"></span>nagem<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>nt</div></td><td></td><td class=\"c xcd3 y39bf w1344 h58d\"><div class=\"t mc x250 h38b y3989 ff4 fs33 fc1 sc2 ls0 ws0\">M<span class=\"_ _d\"></span>a<span class=\"_ _d\"></span>n<span class=\"_ _2\"></span>a<span class=\"_ _0\"></span>g<span class=\"_ _2\"></span>e<span class=\"_ _d\"></span>m<span class=\"_ _0\"></span>e<span class=\"_ _d\"></span>n<span class=\"_ _2\"></span>t</div></td><td class=\"c xcd4 y39be w1345 h5e5\"><div class=\"t md x250 h38c y39b9 ff4 fs34 fc1 sc0 ls0 ws0\">e ric<span class=\"_ _f\"></span>lassific<span class=\"_ _f\"></span>he</div></td><td class=\"c xcd5 y39bf w1346 h58d\"><div class=\"t mc x250 h38b y3989 ff4 fs33 fc1 sc2 ls0 ws0\">r<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>a<span class=\"_ _0\"></span>s<span class=\"_ _2\"></span>s<span class=\"_ _d\"></span>i<span class=\"_ _2\"></span>f<span class=\"_ _d\"></span>i<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>a<span class=\"_ _d\"></span>t<span class=\"_ _2\"></span>o</div></td></tr><tr><td></td><td></td><td></td><td class=\"c xcd6 y39c0 w1347 h5e5\"><div class=\"t md x250 h38c y39b9 ff4 fs34 fc1 sc0 ls0 ws0\">Tec<span class=\"_ _1\"></span>hnology</div></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x262 y39c1 w1348 h58d\"><div class=\"t mc x250 h38b y3989 ff4 fs33 fc1 sc0 ls0 ws0\">Ma<span class=\"_ _2\"></span>rgi<span class=\"_ _f\"></span>ne<span class=\"_ _2\"></span> finanziari<span class=\"_ _1\"></span>o</div></td><td class=\"c xcd7 y39c2 w1349 h5e5\"><div class=\"t md x250 h38c y39b9 ff4 fs34 fc1 sc0 ls0 ws0\">855,<span class=\"_ _2\"></span>0</div></td><td class=\"c xcd8 y39c2 w134a h5e5\"><div class=\"t md x250 h38c y39b9 ff4 fs34 fc1 sc0 ls0 ws0\">96,<span class=\"_ _2\"></span>7</div></td><td class=\"c xcd9 y39c2 w134b h5e5\"><div class=\"t md x250 h38c y39b9 ff4 fs34 fc1 sc0 ls0 ws0\">138,2</div></td><td class=\"c xcda y39c2 w134c h5e5\"><div class=\"t md x250 h38c y39b9 ff4 fs34 fc1 sc0 ls0 ws0\">1.08<span class=\"_ _f\"></span>9,<span class=\"_ _2\"></span>9</div></td><td class=\"c xcdb y39c2 w134d h5e5\"><div class=\"t md x250 h38c y39b9 ff4 fs34 fc1 sc0 ls0 ws0\">16,7</div></td><td class=\"c xcdc y39c2 w134e h5e5\"><div class=\"t md x250 h38c y39b9 ff4 fs34 fc1 sc0 ls0 ws0\">7,5</div></td><td class=\"c xcdd y39c2 w134f h5e5\"><div class=\"t md x250 h38c y39b9 ff4 fs34 fc1 sc0 ls0 ws0\">2<span class=\"_ _2\"></span>4,2</div></td><td class=\"c xcde y39c2 w1350 h5e5\"><div class=\"t md x250 h38c y39b9 ff4 fs34 fc1 sc0 ls0 ws0\">5,<span class=\"_ _2\"></span>4</div></td><td class=\"c xc8b y39c1 w1351 h58d\"><div class=\"t mc x250 h38b y3989 ff4 fs33 fc1 sc0 ls0 ws0\">1.119,<span class=\"_ _2\"></span>5</div></td></tr><tr><td class=\"c x262 y39c3 w1352 h58d\"><div class=\"t mc x250 h38b y3989 ff4 fs33 fc1 sc0 ls0 ws0\">Ma<span class=\"_ _2\"></span>rgi<span class=\"_ _f\"></span>ne<span class=\"_ _2\"></span> serviz<span class=\"_ _1\"></span>i</div></td><td class=\"c xcd7 y39c4 w1353 h5e5\"><div class=\"t md x250 h38c y39b9 ff4 fs34 fc1 sc0 ls0 ws0\">48<span class=\"_ _1\"></span>7,3</div></td><td class=\"c xcdf y39c4 w1354 h5e5\"><div class=\"t md x250 h38c y39b9 ff4 fs34 fc1 sc0 ls0 ws0\">2<span class=\"_ _2\"></span>07<span class=\"_ _1\"></span>,0</div></td><td class=\"c xce0 y39c4 w1355 h5e5\"><div class=\"t md x250 h38c y39b9 ff4 fs34 fc1 sc0 ls0 ws0\">115<span class=\"_ _2\"></span>,3</div></td><td class=\"c xce1 y39c4 w1356 h5e5\"><div class=\"t md x250 h38c y39b9 ff4 fs34 fc1 sc0 ls0 ws0\">809,6</div></td><td class=\"c xce2 y39c4 w1357 h5e5\"><div class=\"t md x250 h38c y39b9 ff4 fs34 fc1 sc0 ls0 ws0\">144,3</div></td><td class=\"c xce3 y39c4 w1358 h5e5\"><div class=\"t md x250 h38c y39b9 ff4 fs34 fc1 sc0 ls0 ws0\">8<span class=\"_ _1\"></span>7,8</div></td><td class=\"c xce4 y39c4 w1359 h5e5\"><div class=\"t md x250 h38c y39b9 ff4 fs34 fc1 sc0 ls0 ws0\">232<span class=\"_ _2\"></span>,2</div></td><td class=\"c xce5 y39c4 w135a h5e5\"><div class=\"t md x250 h38c y39b9 ff4 fs34 fc1 sc0 ls0 ws0\">-12<span class=\"_ _2\"></span>8,9</div></td><td class=\"c xc9d y39c3 w135b h58d\"><div class=\"t mc x250 h38b y3989 ff4 fs33 fc1 sc0 ls0 ws0\">912,<span class=\"_ _2\"></span>8</div></td></tr><tr><td class=\"c x262 y39c5 w135c h58d\"><div class=\"t mc x250 h38b y3989 ff4 fs33 fc1 sc2 ls0 ws0\">M<span class=\"_ _d\"></span>a<span class=\"_ _d\"></span>r<span class=\"_ _2\"></span>g<span class=\"_ _d\"></span>i<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>e<span class=\"_ _0\"></span> <span class=\"_ _2\"></span>d<span class=\"_ _d\"></span>'<span class=\"_ _d\"></span>i<span class=\"_ _2\"></span>n<span class=\"_ _d\"></span>t<span class=\"_ _2\"></span>e<span class=\"_ _d\"></span>r<span class=\"_ _d\"></span>m<span class=\"_ _d\"></span>e<span class=\"_ _d\"></span>d<span class=\"_ _d\"></span>i<span class=\"_ _2\"></span>a<span class=\"_ _d\"></span>z<span class=\"_ _d\"></span>i<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>n<span class=\"_ _d\"></span>e</div></td><td class=\"c xce6 y39c6 w135d h5e5\"><div class=\"t md x250 h38c y39b9 ff4 fs34 fc1 sc2 ls0 ws0\">1<span class=\"_ _d\"></span>.<span class=\"_ _d\"></span>3<span class=\"_ _d\"></span>4<span class=\"_ _2\"></span>2<span class=\"_ _d\"></span>,<span class=\"_ _0\"></span>2</div></td><td class=\"c xce7 y39c6 w135e h5e5\"><div class=\"t md x250 h38c y39b9 ff4 fs34 fc1 sc2 ls0 ws0\">3<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>3<span class=\"_ _d\"></span>,<span class=\"_ _d\"></span>7</div></td><td class=\"c xce8 y39c6 w135f h5e5\"><div class=\"t md x250 h38c y39b9 ff4 fs34 fc1 sc2 ls0 ws0\">2<span class=\"_ _0\"></span>5<span class=\"_ _d\"></span>3<span class=\"_ _2\"></span>,<span class=\"_ _0\"></span>5</div></td><td class=\"c xce9 y39c6 w1360 h5e5\"><div class=\"t md x250 h38c y39b9 ff4 fs34 fc1 sc2 ls0 ws0\">1<span class=\"_ _d\"></span>.<span class=\"_ _d\"></span>8<span class=\"_ _2\"></span>9<span class=\"_ _d\"></span>9<span class=\"_ _2\"></span>,<span class=\"_ _d\"></span>5</div></td><td class=\"c xcea y39c6 w1361 h5e5\"><div class=\"t md x250 h38c y39b9 ff4 fs34 fc1 sc2 ls0 ws0\">1<span class=\"_ _d\"></span>6<span class=\"_ _2\"></span>1<span class=\"_ _d\"></span>,<span class=\"_ _d\"></span>1</div></td><td class=\"c xceb y39c6 w1362 h5e5\"><div class=\"t md x250 h38c y39b9 ff4 fs34 fc1 sc2 ls0 ws0\">9<span class=\"_ _d\"></span>5<span class=\"_ _d\"></span>,<span class=\"_ _d\"></span>3</div></td><td class=\"c xcec y39c6 w1363 h5e5\"><div class=\"t md x250 h38c y39b9 ff4 fs34 fc1 sc2 ls0 ws0\">2<span class=\"_ _0\"></span>5<span class=\"_ _d\"></span>6<span class=\"_ _2\"></span>,<span class=\"_ _0\"></span>4</div></td><td class=\"c xced y39c6 w1364 h5e5\"><div class=\"t md x250 h38c y39b9 ff4 fs34 fc1 sc2 ls0 ws0\">-<span class=\"_ _d\"></span>1<span class=\"_ _d\"></span>2<span class=\"_ _d\"></span>3<span class=\"_ _d\"></span>,<span class=\"_ _d\"></span>6</div></td><td class=\"c xc25 y39c5 w1365 h58d\"><div class=\"t mc x250 h38b y3989 ff4 fs33 fc1 sc2 ls0 ws0\">2<span class=\"_ _d\"></span>.<span class=\"_ _d\"></span>0<span class=\"_ _2\"></span>3<span class=\"_ _d\"></span>2<span class=\"_ _d\"></span>,<span class=\"_ _d\"></span>3</div></td></tr><tr><td class=\"c x262 y39c7 w1366 h58d\"><div class=\"t mc x250 h38b y3989 ff4 fs33 fc1 sc0 ls0 ws0\">Spese personale</div></td><td class=\"c xcee y39c8 w1367 h5e5\"><div class=\"t md x250 h38c y39b9 ff4 fs34 fc1 sc0 ls0 ws0\">-45<span class=\"_ _2\"></span>2,<span class=\"_ _2\"></span>9</div></td><td class=\"c xcef y39c8 w1368 h5e5\"><div class=\"t md x250 h38c y39b9 ff4 fs34 fc1 sc0 ls0 ws0\">-99,<span class=\"_ _2\"></span>4</div></td><td class=\"c xcf0 y39c8 w1369 h5e5\"><div class=\"t md x250 h38c y39b9 ff4 fs34 fc1 sc0 ls0 ws0\">-5<span class=\"_ _2\"></span>3,3</div></td><td class=\"c xcf1 y39c8 w136a h5e5\"><div class=\"t md x250 h38c y39b9 ff4 fs34 fc1 sc0 ls0 ws0\">-605,6</div></td><td class=\"c xcf2 y39c8 w136b h5e5\"><div class=\"t md x250 h38c y39b9 ff4 fs34 fc1 sc0 ls0 ws0\">-19,<span class=\"_ _2\"></span>2</div></td><td class=\"c xcf3 y39c8 w136c h5e5\"><div class=\"t md x250 h38c y39b9 ff4 fs34 fc1 sc0 ls0 ws0\">-3,<span class=\"_ _2\"></span>3</div></td><td class=\"c xcf4 y39c8 w136d h5e5\"><div class=\"t md x250 h38c y39b9 ff4 fs34 fc1 sc0 ls116 ws0\">-22,4</div></td><td class=\"c xcf5 y39c8 w136e h5e5\"><div class=\"t md x250 h38c y39b9 ff4 fs34 fc1 sc0 ls0 ws0\">14,<span class=\"_ _2\"></span>3</div></td><td class=\"c xc8b y39c7 w136f h58d\"><div class=\"t mc x250 h38b y3989 ff4 fs33 fc1 sc0 ls0 ws0\">-613,<span class=\"_ _2\"></span>8</div></td></tr><tr><td class=\"c x262 y39c9 w1370 h58d\"><div class=\"t mc x250 h38b y3989 ff4 fs33 fc1 sc0 ls0 ws0\">Spese am<span class=\"_ _2\"></span>minist<span class=\"_ _1\"></span>rative</div></td><td class=\"c xcee y39ca w1371 h5e5\"><div class=\"t md x250 h38c y39b9 ff4 fs34 fc1 sc0 ls0 ws0\">-2<span class=\"_ _2\"></span>34,6</div></td><td class=\"c xcf6 y39ca w1372 h5e5\"><div class=\"t md x250 h38c y39b9 ff4 fs34 fc1 sc0 ls0 ws0\">-67,<span class=\"_ _2\"></span>7</div></td><td class=\"c xcf7 y39ca w1373 h5e5\"><div class=\"t md x250 h38c y39b9 ff4 fs34 fc1 sc0 ls0 ws0\">-<span class=\"_ _2\"></span>45,<span class=\"_ _2\"></span>6</div></td><td class=\"c xcf8 y39ca w1374 h5e5\"><div class=\"t md x250 h38c y39b9 ff4 fs34 fc1 sc0 ls0 ws0\">-<span class=\"_ _2\"></span>347,9</div></td><td class=\"c xcf9 y39ca w1375 h5e5\"><div class=\"t md x250 h38c y39b9 ff4 fs34 fc1 sc0 ls0 ws0\">-<span class=\"_ _2\"></span>20,1</div></td><td class=\"c xcfa y39ca w1376 h5e5\"><div class=\"t md x250 h38c y39b9 ff4 fs34 fc1 sc0 ls0 ws0\">-<span class=\"_ _2\"></span>6,6</div></td><td class=\"c xcfb y39ca w1377 h5e5\"><div class=\"t md x250 h38c y39b9 ff4 fs34 fc1 sc0 ls0 ws0\">-<span class=\"_ _2\"></span>26,<span class=\"_ _2\"></span>7</div></td><td class=\"c xcfc y39ca w1378 h5e5\"><div class=\"t md x250 h38c y39b9 ff4 fs34 fc1 sc0 ls0 ws0\">84<span class=\"_ _1\"></span>,8</div></td><td class=\"c xc3a y39c9 w1379 h58d\"><div class=\"t mc x250 h38b y3989 ff4 fs33 fc1 sc0 ls0 ws0\">-2<span class=\"_ _2\"></span>89,8</div></td></tr><tr><td class=\"c x262 y39cb w137a h5db\"><div class=\"t mc x250 h38b y396b ff4 fs33 fc1 sc2 ls0 ws0\">C<span class=\"_ _d\"></span>o<span class=\"_ _2\"></span>s<span class=\"_ _d\"></span>t<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>o<span class=\"_ _2\"></span>p<span class=\"_ _d\"></span>e<span class=\"_ _d\"></span>r<span class=\"_ _2\"></span>a<span class=\"_ _0\"></span>t<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>v<span class=\"_ _d\"></span>i</div></td><td class=\"c xcfd y39cc w137b h5e5\"><div class=\"t md x250 h38c y3966 ff4 fs34 fc1 sc2 ls0 ws0\">-<span class=\"_ _d\"></span>6<span class=\"_ _d\"></span>8<span class=\"_ _2\"></span>7<span class=\"_ _2\"></span>,<span class=\"_ _0\"></span>5</div></td><td class=\"c xcfe y39cc w137c h5e5\"><div class=\"t md x250 h38c y3966 ff4 fs34 fc1 sc2 ls0 ws0\">-<span class=\"_ _d\"></span>1<span class=\"_ _d\"></span>6<span class=\"_ _d\"></span>7<span class=\"_ _2\"></span>,<span class=\"_ _d\"></span>0</div></td><td class=\"c xcff y39cc w137d h5e5\"><div class=\"t md x250 h38c y3966 ff4 fs34 fc1 sc2 ls0 ws0\">-<span class=\"_ _0\"></span>9<span class=\"_ _d\"></span>9<span class=\"_ _2\"></span>,<span class=\"_ _d\"></span>0</div></td><td class=\"c xd00 y39cc w137e h5e5\"><div class=\"t md x250 h38c y3966 ff4 fs34 fc1 sc2 ls0 ws0\">-<span class=\"_ _d\"></span>9<span class=\"_ _d\"></span>5<span class=\"_ _d\"></span>3<span class=\"_ _d\"></span>,<span class=\"_ _d\"></span>5</div></td><td class=\"c xd01 y39cc w137f h5e5\"><div class=\"t md x250 h38c y3966 ff4 fs34 fc1 sc2 ls0 ws0\">-<span class=\"_ _0\"></span>3<span class=\"_ _d\"></span>9<span class=\"_ _2\"></span>,<span class=\"_ _0\"></span>3</div></td><td class=\"c xd02 y39cc w1380 h5e5\"><div class=\"t md x250 h38c y3966 ff4 fs34 fc1 sc2 ls0 ws0\">-<span class=\"_ _d\"></span>9<span class=\"_ _d\"></span>,<span class=\"_ _d\"></span>8</div></td><td class=\"c xd03 y39cc w1381 h5e5\"><div class=\"t md x250 h38c y3966 ff4 fs34 fc1 sc2 ls0 ws0\">-<span class=\"_ _d\"></span>4<span class=\"_ _2\"></span>9<span class=\"_ _d\"></span>,<span class=\"_ _d\"></span>1</div></td><td class=\"c xd04 y39cc w1382 h5e5\"><div class=\"t md x250 h38c y3966 ff4 fs34 fc1 sc2 ls0 ws0\">9<span class=\"_ _d\"></span>9<span class=\"_ _2\"></span>,<span class=\"_ _0\"></span>1</div></td><td class=\"c xbfe y39cb w1383 h5db\"><div class=\"t mc x250 h38b y396b ff4 fs33 fc1 sc2 ls0 ws0\">-<span class=\"_ _d\"></span>9<span class=\"_ _d\"></span>0<span class=\"_ _2\"></span>3<span class=\"_ _2\"></span>,<span class=\"_ _d\"></span>5</div></td></tr><tr><td class=\"c x262 y39cd w1384 h5db\"><div class=\"t mc x250 h38b y396b ff4 fs33 fc1 sc2 ls0 ws0\">R<span class=\"_ _d\"></span>i<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>u<span class=\"_ _d\"></span>l<span class=\"_ _2\"></span>t<span class=\"_ _d\"></span>a<span class=\"_ _d\"></span>t<span class=\"_ _2\"></span>o<span class=\"_ _d\"></span> <span class=\"_ _2\"></span>l<span class=\"_ _d\"></span>o<span class=\"_ _2\"></span>r<span class=\"_ _d\"></span>d<span class=\"_ _2\"></span>o<span class=\"_ _d\"></span> <span class=\"_ _2\"></span>d<span class=\"_ _d\"></span>i<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>g<span class=\"_ _d\"></span>e<span class=\"_ _d\"></span>s<span class=\"_ _2\"></span>t<span class=\"_ _d\"></span>i<span class=\"_ _2\"></span>o<span class=\"_ _d\"></span>n<span class=\"_ _2\"></span>e</div></td><td class=\"c xcee y39ce w1385 h5e5\"><div class=\"t md x250 h38c y3966 ff4 fs34 fc1 sc2 ls0 ws0\">6<span class=\"_ _2\"></span>5<span class=\"_ _0\"></span>4<span class=\"_ _2\"></span>,<span class=\"_ _d\"></span>7</div></td><td class=\"c xd05 y39ce w1386 h5e5\"><div class=\"t md x250 h38c y3966 ff4 fs34 fc1 sc2 ls0 ws0\">1<span class=\"_ _d\"></span>3<span class=\"_ _d\"></span>6<span class=\"_ _d\"></span>,<span class=\"_ _d\"></span>7</div></td><td class=\"c xd06 y39ce w1387 h5e5\"><div class=\"t md x250 h38c y3966 ff4 fs34 fc1 sc2 ls0 ws0\">1<span class=\"_ _2\"></span>5<span class=\"_ _0\"></span>4<span class=\"_ _2\"></span>,<span class=\"_ _d\"></span>6</div></td><td class=\"c xd07 y39ce w1388 h5e5\"><div class=\"t md x250 h38c y3966 ff4 fs34 fc1 sc2 ls0 ws0\">9<span class=\"_ _2\"></span>4<span class=\"_ _d\"></span>6<span class=\"_ _2\"></span>,<span class=\"_ _0\"></span>0</div></td><td class=\"c xd08 y39ce w1389 h5e5\"><div class=\"t md x250 h38c y3966 ff4 fs34 fc1 sc2 ls0 ws0\">1<span class=\"_ _2\"></span>2<span class=\"_ _0\"></span>1<span class=\"_ _d\"></span>,<span class=\"_ _d\"></span>8</div></td><td class=\"c xd09 y39ce w138a h5e5\"><div class=\"t md x250 h38c y3966 ff4 fs34 fc1 sc2 ls0 ws0\">8<span class=\"_ _2\"></span>5<span class=\"_ _d\"></span>,<span class=\"_ _0\"></span>5</div></td><td class=\"c xd0a y39ce w138b h5e5\"><div class=\"t md x250 h38c y3966 ff4 fs34 fc1 sc2 ls0 ws0\">2<span class=\"_ _0\"></span>0<span class=\"_ _2\"></span>7<span class=\"_ _2\"></span>,<span class=\"_ _d\"></span>3</div></td><td class=\"c xd0b y39ce w138c h5e5\"><div class=\"t md x250 h38c y3966 ff4 fs34 fc1 sc2 ls0 ws0\">-<span class=\"_ _0\"></span>2<span class=\"_ _d\"></span>4<span class=\"_ _d\"></span>,<span class=\"_ _d\"></span>4</div></td><td class=\"c xbfe y39cd w138d h5db\"><div class=\"t mc x250 h38b y396b ff4 fs33 fc1 sc2 ls0 ws0\">1<span class=\"_ _2\"></span>.<span class=\"_ _0\"></span>1<span class=\"_ _2\"></span>2<span class=\"_ _0\"></span>8<span class=\"_ _2\"></span>,<span class=\"_ _d\"></span>8</div></td></tr><tr><td class=\"c x262 y39cf w138e h5db\"><div class=\"t mc x250 h38b y396b ff4 fs33 fc1 sc0 ls0 ws0\">Amm<span class=\"_ _2\"></span>ortam<span class=\"_ _2\"></span>enti</div></td><td class=\"c xd0c y39d0 w138f h5e5\"><div class=\"t md x250 h38c y3966 ff4 fs34 fc1 sc0 ls0 ws0\">-87,5</div></td><td class=\"c xd0d y39d0 w1390 h5e5\"><div class=\"t md x250 h38c y3966 ff4 fs34 fc1 sc0 ls0 ws0\">-<span class=\"_ _2\"></span>8<span class=\"_ _1\"></span>,2</div></td><td class=\"c xd0e y39d0 w1391 h5e5\"><div class=\"t md x250 h38c y3966 ff4 fs34 fc1 sc0 ls0 ws0\">-<span class=\"_ _2\"></span>13,<span class=\"_ _2\"></span>4</div></td><td class=\"c xd0f y39d0 w1392 h5e5\"><div class=\"t md x250 h38c y3966 ff4 fs34 fc1 sc0 ls0 ws0\">-109,1</div></td><td class=\"c xd10 y39d0 w1393 h5e5\"><div class=\"t md x250 h38c y3966 ff4 fs34 fc1 sc0 ls0 ws0\">-0,8</div></td><td class=\"c xd11 y39d0 w1394 h5e5\"><div class=\"t md x250 h38c y3966 ff4 fs34 fc1 sc0 ls116 ws0\">-2,0</div></td><td class=\"c xd12 y39d0 w1395 h5e5\"><div class=\"t md x250 h38c y3966 ff4 fs34 fc1 sc0 ls116 ws0\">-2,8</div></td><td class=\"c xd13 y39d0 w1396 h5e5\"><div class=\"t md x250 h38c y3966 ff4 fs34 fc1 sc0 ls0 ws0\">4,6</div></td><td class=\"c xc8b y39cf w1397 h5db\"><div class=\"t mc x250 h38b y396b ff4 fs33 fc1 sc0 ls0 ws0\">-107,4</div></td></tr><tr><td class=\"c x262 y39d1 w1398 h5db\"><div class=\"t mc x250 h38b y396b ff4 fs33 fc1 sc2 ls0 ws0\">R<span class=\"_ _d\"></span>i<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>u<span class=\"_ _d\"></span>l<span class=\"_ _2\"></span>t<span class=\"_ _d\"></span>a<span class=\"_ _d\"></span>t<span class=\"_ _2\"></span>o<span class=\"_ _d\"></span> <span class=\"_ _2\"></span>o<span class=\"_ _d\"></span>p<span class=\"_ _d\"></span>e<span class=\"_ _d\"></span>r<span class=\"_ _2\"></span>a<span class=\"_ _d\"></span>t<span class=\"_ _d\"></span>i<span class=\"_ _2\"></span>v<span class=\"_ _d\"></span>o</div></td><td class=\"c xcee y39d2 w1399 h5e5\"><div class=\"t md x250 h38c y3966 ff4 fs34 fc1 sc2 ls0 ws0\">5<span class=\"_ _d\"></span>6<span class=\"_ _d\"></span>7<span class=\"_ _2\"></span>,<span class=\"_ _d\"></span>2</div></td><td class=\"c xd14 y39d2 w139a h5e5\"><div class=\"t md x250 h38c y3966 ff4 fs34 fc1 sc2 ls0 ws0\">1<span class=\"_ _2\"></span>2<span class=\"_ _d\"></span>8<span class=\"_ _2\"></span>,<span class=\"_ _0\"></span>5</div></td><td class=\"c xd15 y39d2 w139b h5e5\"><div class=\"t md x250 h38c y3966 ff4 fs34 fc1 sc2 ls0 ws0\">1<span class=\"_ _d\"></span>4<span class=\"_ _2\"></span>1<span class=\"_ _d\"></span>,<span class=\"_ _d\"></span>2</div></td><td class=\"c xd16 y39d2 w139c h5e5\"><div class=\"t md x250 h38c y3966 ff4 fs34 fc1 sc2 ls0 ws0\">8<span class=\"_ _2\"></span>3<span class=\"_ _d\"></span>6<span class=\"_ _d\"></span>,<span class=\"_ _d\"></span>8</div></td><td class=\"c xd17 y39d2 w139d h5e5\"><div class=\"t md x250 h38c y3966 ff4 fs34 fc1 sc2 ls0 ws0\">1<span class=\"_ _2\"></span>2<span class=\"_ _d\"></span>0<span class=\"_ _2\"></span>,<span class=\"_ _0\"></span>9</div></td><td class=\"c xd18 y39d2 w139e h5e5\"><div class=\"t md x250 h38c y3966 ff4 fs34 fc1 sc2 ls0 ws0\">83<span class=\"_ _d\"></span>,<span class=\"_ _d\"></span>5</div></td><td class=\"c xd19 y39d2 w139f h5e5\"><div class=\"t md x250 h38c y3966 ff4 fs34 fc1 sc2 ls0 ws0\">2<span class=\"_ _0\"></span>0<span class=\"_ _2\"></span>4<span class=\"_ _2\"></span>,<span class=\"_ _0\"></span>4</div></td><td class=\"c xd1a y39d2 w13a0 h5e5\"><div class=\"t md x250 h38c y3966 ff4 fs34 fc1 sc2 ls0 ws0\">-<span class=\"_ _d\"></span>1<span class=\"_ _d\"></span>9<span class=\"_ _d\"></span>,<span class=\"_ _d\"></span>9</div></td><td class=\"c xbfe y39d1 w13a1 h5db\"><div class=\"t mc x250 h38b y396b ff4 fs33 fc1 sc2 ls0 ws0\">1<span class=\"_ _2\"></span>.<span class=\"_ _0\"></span>0<span class=\"_ _2\"></span>2<span class=\"_ _d\"></span>1<span class=\"_ _d\"></span>,<span class=\"_ _d\"></span>4</div></td></tr><tr><td class=\"c x262 y39d3 w13a2 h5db\"><div class=\"t mc x250 h38b y396b ff4 fs33 fc1 sc0 ls0 ws0\">Rettific<span class=\"_ _f\"></span>he ne<span class=\"_ _2\"></span>tte su c<span class=\"_ _f\"></span>rediti</div></td><td class=\"c xd0c y39d4 w13a3 h5e5\"><div class=\"t md x250 h38c y3966 ff4 fs34 fc1 sc0 ls0 ws0\">-2<span class=\"_ _2\"></span>4,8</div></td><td class=\"c xd1b y39d4 w13a4 h5e5\"><div class=\"t md x250 h38c y3966 ff4 fs34 fc1 sc0 ls0 ws0\">0,1</div></td><td class=\"c xd1c y39d4 w13a5 h5e5\"><div class=\"t md x250 h38c y3966 ff4 fs34 fc1 sc0 ls0 ws0\">-18,1</div></td><td class=\"c xd1d y39d4 w13a6 h5e5\"><div class=\"t md x250 h38c y3966 ff4 fs34 fc1 sc0 ls0 ws0\">-42<span class=\"_ _2\"></span>,8</div></td><td class=\"c xd1e y39d4 w13a7 h5e5\"><div class=\"t md x250 h38c y3966 ff4 fs34 fc1 sc0 ls0 ws0\">0,0</div></td><td class=\"c xd1f y39d4 w13a7 h5e5\"><div class=\"t md x250 h38c y3966 ff4 fs34 fc1 sc0 ls0 ws0\">0,0</div></td><td class=\"c xd20 y39d4 w13a7 h5e5\"><div class=\"t md x250 h38c y3966 ff4 fs34 fc1 sc0 ls0 ws0\">0,0</div></td><td class=\"c xd21 y39d4 w13a7 h5e5\"><div class=\"t md x250 h38c y3966 ff4 fs34 fc1 sc0 ls0 ws0\">0,0</div></td><td class=\"c xc6c y39d3 w13a8 h5db\"><div class=\"t mc x250 h38b y396b ff4 fs33 fc1 sc0 ls0 ws0\">-42<span class=\"_ _2\"></span>,8</div></td></tr><tr><td class=\"c x262 y39d5 w13a9 h5db\"><div class=\"t mc x250 h38b y396b ff4 fs33 fc1 sc0 ls0 ws0\">Ac<span class=\"_ _f\"></span>cantona<span class=\"_ _2\"></span>me<span class=\"_ _2\"></span>nti<span class=\"_ _f\"></span> pe<span class=\"_ _2\"></span>r r<span class=\"_ _f\"></span>isc<span class=\"_ _1\"></span>hi ed oneri</div></td><td class=\"c xd22 y39d6 w13aa h5e5\"><div class=\"t md x250 h38c y3966 ff4 fs34 fc1 sc0 ls0 ws0\">-12<span class=\"_ _2\"></span>,1</div></td><td class=\"c xd23 y39d6 w13ab h5e5\"><div class=\"t md x250 h38c y3966 ff4 fs34 fc1 sc0 ls0 ws0\">-<span class=\"_ _2\"></span>4,0</div></td><td class=\"c xd24 y39d6 w13ac h5e5\"><div class=\"t md x250 h38c y3966 ff4 fs34 fc1 sc0 ls116 ws0\">-2,8</div></td><td class=\"c xd25 y39d6 w13ad h5e5\"><div class=\"t md x250 h38c y3966 ff4 fs34 fc1 sc0 ls0 ws0\">-<span class=\"_ _2\"></span>18<span class=\"_ _1\"></span>,9</div></td><td class=\"c xd26 y39d6 w13ae h5e5\"><div class=\"t md x250 h38c y3966 ff4 fs34 fc1 sc0 ls0 ws0\">-<span class=\"_ _2\"></span>1,<span class=\"_ _2\"></span>6</div></td><td class=\"c xd27 y39d6 w13af h5e5\"><div class=\"t md x250 h38c y3966 ff4 fs34 fc1 sc0 ls0 ws0\">0,1</div></td><td class=\"c xd28 y39d6 w13b0 h5e5\"><div class=\"t md x250 h38c y3966 ff4 fs34 fc1 sc0 ls0 ws0\">-<span class=\"_ _2\"></span>1,6</div></td><td class=\"c xd29 y39d6 w13a7 h5e5\"><div class=\"t md x250 h38c y3966 ff4 fs34 fc1 sc0 ls0 ws0\">0,0</div></td><td class=\"c xc6c y39d5 w13b1 h5db\"><div class=\"t mc x250 h38b y396b ff4 fs33 fc1 sc0 ls0 ws0\">-2<span class=\"_ _2\"></span>0,4</div></td></tr><tr><td class=\"c x262 y2e2f w13b2 h5db\"><div class=\"t mc x250 h38b y396b ff4 fs33 fc1 sc0 ls0 ws0\">Proventi<span class=\"_ _1\"></span> / oneri s<span class=\"_ _1\"></span>traordinari</div></td><td class=\"c xd0c y39d8 w13b3 h5e6\"><div class=\"t md x250 h38c y39d7 ff4 fs34 fc1 sc0 ls0 ws0\">-38,5</div></td><td class=\"c xd2a y39d8 w13b4 h5e6\"><div class=\"t md x250 h38c y39d7 ff4 fs34 fc1 sc0 ls0 ws0\">-<span class=\"_ _2\"></span>5,<span class=\"_ _2\"></span>0</div></td><td class=\"c xd2b y39d8 w13af h5e6\"><div class=\"t md x250 h38c y39d7 ff4 fs34 fc1 sc0 ls0 ws0\">0,1</div></td><td class=\"c xd2c y39d8 w13b5 h5e6\"><div class=\"t md x250 h38c y39d7 ff4 fs34 fc1 sc0 ls0 ws0\">-<span class=\"_ _2\"></span>43,4</div></td><td class=\"c xd2d y39d8 w13b6 h5e6\"><div class=\"t md x250 h38c y39d7 ff4 fs34 fc1 sc0 ls0 ws0\">-<span class=\"_ _2\"></span>0,5</div></td><td class=\"c xd2e y39d8 w13b7 h5e6\"><div class=\"t md x250 h38c y39d7 ff4 fs34 fc1 sc0 ls0 ws0\">-<span class=\"_ _2\"></span>3,1</div></td><td class=\"c xd2f y39d8 w13b8 h5e6\"><div class=\"t md x250 h38c y39d7 ff4 fs34 fc1 sc0 ls0 ws0\">-<span class=\"_ _2\"></span>3,6</div></td><td class=\"c xd30 y39d8 w13a7 h5e6\"><div class=\"t md x250 h38c y39d7 ff4 fs34 fc1 sc0 ls0 ws0\">0,0</div></td><td class=\"c xc9d y2e2f w13b9 h5db\"><div class=\"t mc x250 h38b y396b ff4 fs33 fc1 sc0 ls0 ws0\">-47,0</div></td></tr><tr><td class=\"c x262 y39d9 w13ba h5db\"><div class=\"t mc x250 h38b y396b ff4 fs33 fc1 sc2 ls0 ws0\">U<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>i<span class=\"_ _d\"></span>l<span class=\"_ _2\"></span>e<span class=\"_ _d\"></span> <span class=\"_ _2\"></span>p<span class=\"_ _d\"></span>r<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>m<span class=\"_ _0\"></span>a<span class=\"_ _d\"></span> <span class=\"_ _2\"></span>d<span class=\"_ _d\"></span>e<span class=\"_ _d\"></span>l<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>e<span class=\"_ _d\"></span> <span class=\"_ _d\"></span>i<span class=\"_ _2\"></span>m<span class=\"_ _d\"></span>p<span class=\"_ _d\"></span>o<span class=\"_ _d\"></span>s<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>e</div></td><td class=\"c xd31 y39da w13bb h5e6\"><div class=\"t md x250 h38c y39d7 ff4 fs34 fc1 sc2 ls0 ws0\">4<span class=\"_ _2\"></span>9<span class=\"_ _d\"></span>1<span class=\"_ _d\"></span>,<span class=\"_ _d\"></span>9</div></td><td class=\"c xd32 y39da w13bc h5e6\"><div class=\"t md x250 h38c y39d7 ff4 fs34 fc1 sc2 ls0 ws0\">1<span class=\"_ _d\"></span>1<span class=\"_ _d\"></span>9<span class=\"_ _2\"></span>,<span class=\"_ _0\"></span>5</div></td><td class=\"c xd33 y39da w13bd h5e6\"><div class=\"t md x250 h38c y39d7 ff4 fs34 fc1 sc2 ls0 ws0\">1<span class=\"_ _d\"></span>2<span class=\"_ _d\"></span>0<span class=\"_ _d\"></span>,<span class=\"_ _d\"></span>3</div></td><td class=\"c xd34 y39da w13be h5e6\"><div class=\"t md x250 h38c y39d7 ff4 fs34 fc1 sc2 ls0 ws0\">7<span class=\"_ _d\"></span>3<span class=\"_ _2\"></span>1<span class=\"_ _d\"></span>,<span class=\"_ _d\"></span>7</div></td><td class=\"c xd35 y39da w13bf h5e6\"><div class=\"t md x250 h38c y39d7 ff4 fs34 fc1 sc2 ls0 ws0\">1<span class=\"_ _2\"></span>1<span class=\"_ _d\"></span>8<span class=\"_ _2\"></span>,<span class=\"_ _0\"></span>8</div></td><td class=\"c xd36 y39da w13c0 h5e6\"><div class=\"t md x250 h38c y39d7 ff4 fs34 fc1 sc2 ls0 ws0\">8<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>,<span class=\"_ _d\"></span>4</div></td><td class=\"c xd37 y39da w13c1 h5e6\"><div class=\"t md x250 h38c y39d7 ff4 fs34 fc1 sc2 ls0 ws0\">1<span class=\"_ _d\"></span>9<span class=\"_ _2\"></span>9<span class=\"_ _d\"></span>,<span class=\"_ _d\"></span>3</div></td><td class=\"c xd38 y39da w13a0 h5e6\"><div class=\"t md x250 h38c y39d7 ff4 fs34 fc1 sc2 ls0 ws0\">-<span class=\"_ _d\"></span>1<span class=\"_ _d\"></span>9<span class=\"_ _d\"></span>,<span class=\"_ _d\"></span>9</div></td><td class=\"c xc9d y39d9 w13c2 h5db\"><div class=\"t mc x250 h38b y396b ff4 fs33 fc1 sc2 ls0 ws0\">9<span class=\"_ _2\"></span>1<span class=\"_ _d\"></span>1<span class=\"_ _d\"></span>,<span class=\"_ _d\"></span>1</div></td></tr><tr><td class=\"c x262 y39db w13c3 h5db\"><div class=\"t mc x250 h38b y396b ff4 fs33 fc1 sc0 ls0 ws0\">Uti<span class=\"_ _f\"></span>le di t<span class=\"_ _1\"></span>erzi</div></td><td class=\"c xd39 y39dc w13a7 h5e6\"><div class=\"t md x250 h38c y39d7 ff4 fs34 fc1 sc0 ls0 ws0\">0,0</div></td><td class=\"c xd3a y39dc w13a7 h5e6\"><div class=\"t md x250 h38c y39d7 ff4 fs34 fc1 sc0 ls0 ws0\">0,0</div></td><td class=\"c xd3b y39dc w13a7 h5e6\"><div class=\"t md x250 h38c y39d7 ff4 fs34 fc1 sc0 ls0 ws0\">0,0</div></td><td class=\"c xd3c y39dc w13a7 h5e6\"><div class=\"t md x250 h38c y39d7 ff4 fs34 fc1 sc0 ls0 ws0\">0,0</div></td><td class=\"c xd3d y39dc w13a7 h5e6\"><div class=\"t md x250 h38c y39d7 ff4 fs34 fc1 sc0 ls0 ws0\">0,0</div></td><td class=\"c xd3e y39dc w13a7 h5e6\"><div class=\"t md x250 h38c y39d7 ff4 fs34 fc1 sc0 ls0 ws0\">0,0</div></td><td class=\"c xd3f y39dc w13a7 h5e6\"><div class=\"t md x250 h38c y39d7 ff4 fs34 fc1 sc0 ls0 ws0\">0,0</div></td><td class=\"c xd40 y39dc w13a7 h5e6\"><div class=\"t md x250 h38c y39d7 ff4 fs34 fc1 sc0 ls0 ws0\">0,0</div></td><td class=\"c xcbd y39db w13c4 h5db\"><div class=\"t mc x250 h38b y396b ff4 fs33 fc1 sc0 ls0 ws0\">0,0</div></td></tr><tr><td class=\"c x262 y39dd w13c5 h5db\"><div class=\"t mc x250 h38b y396b ff4 fs33 fc1 sc0 ls0 ws0\">I<span class=\"_ _1\"></span>mposte sul reddi<span class=\"_ _f\"></span>to</div></td><td class=\"c xcd7 y39de w1142 h5e6\"><div class=\"t md x250 h38c y39d7 ff4 fs34 fc1 sc0 ls0 ws0\">-15<span class=\"_ _2\"></span>7,1</div></td><td class=\"c xd41 y39de w13c6 h5e6\"><div class=\"t md x250 h38c y39d7 ff4 fs34 fc1 sc0 ls0 ws0\">-<span class=\"_ _2\"></span>40,8</div></td><td class=\"c xd42 y39de w13c7 h5e6\"><div class=\"t md x250 h38c y39d7 ff4 fs34 fc1 sc0 ls0 ws0\">-<span class=\"_ _2\"></span>39,6</div></td><td class=\"c xd43 y39de w13c8 h5e6\"><div class=\"t md x250 h38c y39d7 ff4 fs34 fc1 sc0 ls0 ws0\">-<span class=\"_ _2\"></span>237,5</div></td><td class=\"c xd44 y39de w13c9 h5e6\"><div class=\"t md x250 h38c y39d7 ff4 fs34 fc1 sc0 ls0 ws0\">-<span class=\"_ _2\"></span>34,8</div></td><td class=\"c xd45 y39de w13ca h5e6\"><div class=\"t md x250 h38c y39d7 ff4 fs34 fc1 sc0 ls0 ws0\">-2<span class=\"_ _2\"></span>4,2</div></td><td class=\"c xd46 y39de w13cb h5e6\"><div class=\"t md x250 h38c y39d7 ff4 fs34 fc1 sc0 ls0 ws0\">-<span class=\"_ _2\"></span>59,<span class=\"_ _2\"></span>0</div></td><td class=\"c xd47 y39de w1350 h5e6\"><div class=\"t md x250 h38c y39d7 ff4 fs34 fc1 sc0 ls0 ws0\">5,<span class=\"_ _2\"></span>4</div></td><td class=\"c xc8b y39dd w13cc h5db\"><div class=\"t mc x250 h38b y396b ff4 fs33 fc1 sc0 ls0 ws0\">-2<span class=\"_ _2\"></span>91,0</div></td></tr><tr><td class=\"c x262 y2491 w13cd h5db\"><div class=\"t mc x250 h38b y396b ff4 fs33 fc1 sc2 ls0 ws0\">U<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>i<span class=\"_ _d\"></span>l<span class=\"_ _2\"></span>e<span class=\"_ _d\"></span> <span class=\"_ _2\"></span>n<span class=\"_ _d\"></span>e<span class=\"_ _d\"></span>t<span class=\"_ _2\"></span>t<span class=\"_ _d\"></span>o</div></td><td class=\"c xcee y39df w13ce h5e6\"><div class=\"t md x250 h38c y39d7 ff4 fs34 fc1 sc2 ls0 ws0\">3<span class=\"_ _2\"></span>3<span class=\"_ _d\"></span>4<span class=\"_ _d\"></span>,<span class=\"_ _d\"></span>8</div></td><td class=\"c xd48 y39df w13cf h5e6\"><div class=\"t md x250 h38c y39d7 ff4 fs34 fc1 sc2 ls0 ws0\">7<span class=\"_ _2\"></span>8<span class=\"_ _2\"></span>,<span class=\"_ _d\"></span>7</div></td><td class=\"c xd49 y39df w13d0 h5e6\"><div class=\"t md x250 h38c y39d7 ff4 fs34 fc1 sc2 ls0 ws0\">8<span class=\"_ _2\"></span>0<span class=\"_ _d\"></span>,<span class=\"_ _d\"></span>7</div></td><td class=\"c xd4a y39df w13d1 h5e6\"><div class=\"t md x250 h38c y39d7 ff4 fs34 fc1 sc2 ls0 ws0\">4<span class=\"_ _2\"></span>9<span class=\"_ _d\"></span>4<span class=\"_ _2\"></span>,<span class=\"_ _0\"></span>2</div></td><td class=\"c xd4b y39df w13d2 h5e6\"><div class=\"t md x250 h38c y39d7 ff4 fs34 fc1 sc2 ls0 ws0\">8<span class=\"_ _2\"></span>4<span class=\"_ _d\"></span>,<span class=\"_ _d\"></span>0</div></td><td class=\"c xd4c y39df w1362 h5e6\"><div class=\"t md x250 h38c y39d7 ff4 fs34 fc1 sc2 ls0 ws0\">5<span class=\"_ _d\"></span>6<span class=\"_ _d\"></span>,<span class=\"_ _d\"></span>3</div></td><td class=\"c xd4d y39df w13d3 h5e6\"><div class=\"t md x250 h38c y39d7 ff4 fs34 fc1 sc2 ls0 ws0\">1<span class=\"_ _d\"></span>4<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>,<span class=\"_ _0\"></span>3</div></td><td class=\"c xd4e y39df w13d4 h5e6\"><div class=\"t md x250 h38c y39d7 ff4 fs34 fc1 sc2 ls0 ws0\">-<span class=\"_ _0\"></span>1<span class=\"_ _2\"></span>4<span class=\"_ _d\"></span>,<span class=\"_ _d\"></span>4</div></td><td class=\"c xc8b y2491 w13d5 h5db\"><div class=\"t mc x250 h38b y396b ff4 fs33 fc1 sc2 ls0 ws0\">6<span class=\"_ _2\"></span>2<span class=\"_ _d\"></span>0<span class=\"_ _d\"></span>,<span class=\"_ _d\"></span>1</div></td></tr></table>LEGEN<span class=\"_ _f\"></span>DA:<span class=\"_ _df\"> </span>Marg<span class=\"_ _1\"></span>ine fina<span class=\"_ _f\"></span>nziario<span class=\"_ _df\"> </span>+ Voce 30 Margine d\u2019interesse<span class=\"_ _df\"> </span>+<span class=\"_ _4\"> </span>Voce <span class=\"_ _2\"></span>70 <span class=\"_ _d\"></span>Divide<span class=\"_ _1\"></span>ndi <span class=\"_ _2\"></span>e <span class=\"_ _d\"></span>proventi <span class=\"_ _2\"></span>simili <span class=\"_ _d\"></span>(al <span class=\"_ _2\"></span>netto <span class=\"_ _d\"></span>della <span class=\"_ _2\"></span>quota <span class=\"_ _2\"></span>relativa <span class=\"_ _2\"></span>ai <span class=\"_ _d\"></span>dividendi <span class=\"_ _2\"></span>dei <span class=\"_ _2\"></span>tit<span class=\"_ _2\"></span>oli <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>cap<span class=\"_ _2\"></span>itale<span class=\"_ _df\"> </span>classificate in HTCS)<span class=\"_ _df\"> </span>+<span class=\"_ _51\"> </span>Voce <span class=\"_ _6\"> </span>250 <span class=\"_ _6\"> </span>Utile/p<span class=\"_ _1\"></span>erdita <span class=\"_ _6\"> </span>delle <span class=\"_ _6\"> </span>partecipazioni <span class=\"_ _6\"> </span>escluso <span class=\"_ _6\"> </span>gli <span class=\"_ _6\"> </span>utile/perdite <span class=\"_ _6\"> </span>deriv<span class=\"_ _1\"></span>anti <span class=\"_ _6\"> </span>da<span class=\"_ _df\"> </span>cessioni/valutazioni<span class=\"_ _df\"> </span>-<span class=\"_ _10\"> </span><span class=\"ff5\">Margine d\u2019interesse Credemvita<span class=\"_ _df\"> </span></span>Marg<span class=\"_ _1\"></span>ine se<span class=\"_ _1\"></span>rvizi<span class=\"_ _df\"> </span>+ Voce 60 Commissioni nette<span class=\"_ _df\"> </span>+ Voce 80 Risultato netto dell'attivit\u00e0 di ne<span class=\"_ _1\"></span>goziazione<span class=\"_ _df\"> </span>+ Vo<span class=\"ff5\">ce 90 Risultato netto dell\u2019attivit\u00e0 di cope<span class=\"_ _1\"></span>rtura<span class=\"_ _df\"> </span></span>+ Voce 100 Utili (perdite)<span class=\"_ _1\"></span> da cessione o riacquisto<span class=\"_ _df\"> </span>+ Voce 110 Risultato netto delle attivit\u00e0 e passivit\u00e0 finanziarie v<span class=\"_ _1\"></span>alutate al fair value<span class=\"_ _df\"> </span>+ Voce 1<span class=\"_ _2\"></span>30<span class=\"_ _1\"></span> a) <span class=\"_ _2\"></span>Rettifiche di valore nette per r<span class=\"_ _2\"></span>ischio di credito di <span class=\"_ _2\"></span>attivi<span class=\"_ _1\"></span>t\u00e0 <span class=\"_ _2\"></span>finanziarie<span class=\"_ _1\"></span> valutate <span class=\"_ _2\"></span>al costo<span class=\"_ _df\"> </span>ammortizzato (per la parte relativa a titoli iscritti in tale categoria<span class=\"_ _1\"></span> di attivit\u00e0 finanziarie)<span class=\"_ _df\"> </span>+ <span class=\"_ _d\"></span><span class=\"ls0\">Voce <span class=\"_ _2\"></span>130 <span class=\"_ _d\"></span>b) <span class=\"_ _2\"></span>Rettifiche <span class=\"_ _d\"></span>di <span class=\"_ _2\"></span>valore <span class=\"_ _d\"></span>nette <span class=\"_ _d\"></span>per <span class=\"_ _d\"></span>rischio <span class=\"_ _2\"></span>di <span class=\"_ _d\"></span>credito <span class=\"_ _2\"></span>di <span class=\"_ _d\"></span>attivit\u00e0 <span class=\"_ _d\"></span>finanziarie <span class=\"_ _2\"></span>valutate <span class=\"_ _d\"></span>al <span class=\"_ _2\"></span>fair<span class=\"_ _df\"> </span></span>value con impatto sulla redditivit\u00e0<span class=\"_ _df\"> </span>+ Voce 160 Risultato dei servizi assicurativi<span class=\"_ _df\"> </span>+ Voce 170 Saldo dei ricavi e<span class=\"_ _1\"></span> costi di natura finanziaria relativi<span class=\"_ _2\"></span> alla gestione assicurativa<span class=\"_ _df\"> </span>+ Voce 230 Altri oneri/proventi di gestione<span class=\"_ _1\"></span> (al netto delle componenti di natura straordinaria<span class=\"_ _2\"></span>)<span class=\"_ _df\"> </span>+ Voce 70 Div<span class=\"_ _1\"></span>idendi e p<span class=\"_ _1\"></span>roventi simili (per la <span class=\"_ _1\"></span>sola quota relativa <span class=\"_ _1\"></span>ai dividendi dei <span class=\"_ _1\"></span>titoli di capitale ne<span class=\"_ _1\"></span>lle<span class=\"_ _df\"> </span>attivit\u00e0 finanziarie classificate in HTCS)<span class=\"_ _df\"> </span>+ Margine d\u2019interesse Credemvita<span class=\"_ _df\"> </span>Risult<span class=\"_ _1\"></span>ato<span class=\"_ _1\"></span> oper<span class=\"_ _1\"></span>ativo<span class=\"_ _df\"> </span>+ Margine d\u2019intermediazione<span class=\"_ _df\"> </span>+ Voce 190 Spese amministrative (spese per il personale e altre spese amministrative)<span class=\"_ _df\"> </span>+ Voce 210 Rettifiche /riprese di valore nette su attivit\u00e0 materiali<span class=\"_ _df\"> </span>+ Voce 220 Rettifiche /riprese di valore ne<span class=\"_ _1\"></span>tte su attivit\u00e0 immateriali<span class=\"_ _df\"> </span>Utile <span class=\"_ _1\"></span>prima<span class=\"_ _f\"></span> delle im<span class=\"_ _f\"></span>poste<span class=\"_ _df\"> </span>+ Risultato operativo<span class=\"_ _df\"> </span>+ <span class=\"_ _d\"></span><span class=\"ls0\">Voce <span class=\"_ _0\"></span>130 <span class=\"_ _d\"></span>Rettifiche/Riprese <span class=\"_ _d\"></span>di <span class=\"_ _0\"></span>valore <span class=\"_ _d\"></span>nette <span class=\"_ _0\"></span>per <span class=\"_ _d\"></span>rischio <span class=\"_ _d\"></span>di <span class=\"_ _0\"></span>credito <span class=\"_ _d\"></span>(al <span class=\"_ _d\"></span>netto <span class=\"_ _0\"></span>di <span class=\"_ _d\"></span>quelle <span class=\"_ _d\"></span>iscritte <span class=\"_ _0\"></span>nel<span class=\"_ _df\"> </span></span>margine servizi)<span class=\"_ _df\"> </span>+ Voce 140 Utili/perdite da modifiche contrattuali senza cancel<span class=\"_ _1\"></span>lazioni<span class=\"_ _df\"> </span>+ Voce 200 Accantonamenti netti a fondi per rischi ed oneri<span class=\"_ _df\"> </span>+ Oneri/proventi straordinari:<span class=\"_ _df\"> </span>+<span class=\"_ _14\"> </span>Voce <span class=\"_ _0\"></span>230 <span class=\"_ _9\"> </span>Altri <span class=\"_ _d\"></span>o<span class=\"_ _2\"></span>neri/proventi <span class=\"_ _d\"></span>di <span class=\"_ _9\"> </span>gestione <span class=\"_ _0\"></span>(solo <span class=\"_ _0\"></span>componenti <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>natura <span class=\"_ _9\"> </span>straordinaria <span class=\"_ _9\"> </span>- <span class=\"_ _9\"> </span>sbilancio<span class=\"_ _df\"> </span>sopravvenienze)<span class=\"_ _df\"> </span>+ Voce 270 Rettifiche di valore del<span class=\"_ _1\"></span>l\u2019avviamento<span class=\"_ _df\"> </span>+ Voce 280 Utili/perdite da cessione di<span class=\"_ _1\"></span> investimenti<span class=\"_ _df\"> </span>+ Voce 320 Utili/perdite delle attivit\u00e0 operative cessate al netto delle imposte<span class=\"_ _df\"> </span>La riclassifica \u00e8 stata effettuat<span class=\"_ _1\"></span>a considerando anche<span class=\"_ _1\"></span> dati gestionali non desumibili dirett<span class=\"_ _1\"></span>amente dagli schem<span class=\"_ _f\"></span>i<span class=\"_ _df\"> </span>di bilancio e dalla <span class=\"_ _1\"></span>nota integrat<span class=\"_ _1\"></span>iva.",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-853": {
   "value": "Sezio<span class=\"_ _1\"></span>ne13 <span class=\"ff5\">\u2013<span class=\"_ _1\"></span><span class=\"ff4\"> Altre <span class=\"_ _1\"></span>attivit\u00e0<span class=\"_ _1\"></span> <span class=\"ff5\">\u2013</span> Vo<span class=\"_ _f\"></span>ce 130 </span></span>13.1 <span class=\"_ _1\"></span>Altre a<span class=\"_ _f\"></span>ttivit\u00e0: <span class=\"_ _1\"></span>comp<span class=\"_ _1\"></span>osizio<span class=\"_ _f\"></span>ne<span class=\"fc1 sc0\"> </span><table class=\"s wbb3 h4f3\" id=\"_bba3893a-61da-41d2-97bb-aeea084c46db\"><tr><td></td><td></td><td class=\"c x57f y2a68 w3f7 hec\"><div class=\"t m0 x32 h1f y476 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/<span class=\"_ _f\"></span>2025<span class=\"fc1 sc0\"> </span></div></td><td class=\"c x580 y2a68 w3f7 hec\"><div class=\"t m0 x32 h1f y476 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/<span class=\"_ _f\"></span>2024<span class=\"fc1 sc0\"> </span></div></td></tr><tr><td class=\"c x46b y2a69 w3f8 hc8\"><div class=\"t m0 x8a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">Assegni negoziat<span class=\"_ _1\"></span>i da compensare </div></td><td></td><td class=\"c x57f y2a69 w3f7 hc8\"><div class=\"t m0 x49 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">55.558 </div></td><td class=\"c x580 y2a69 w3f9 hc8\"><div class=\"t m0 x49 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">67.556 </div></td></tr><tr><td class=\"c x46b y2a6a w3f8 hc8\"><div class=\"t m0 x8a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">Operazioni su t<span class=\"_ _1\"></span>itoli in lavorazione  </div></td><td></td><td class=\"c x57f y2a6a w3f7 hc8\"><div class=\"t m0 xef h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">1.888 </div></td><td class=\"c x580 y2a6a w3f9 hc8\"><div class=\"t m0 x11d h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">7.814 </div></td></tr><tr><td class=\"c x46b y2a6b w3f8 hc8\"><div class=\"t m0 x8a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">Assegni in corso <span class=\"_ _1\"></span>di lavorazione  </div></td><td></td><td class=\"c x57f y2a6b w3f7 hc8\"><div class=\"t m0 x11d h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">1.037 </div></td><td class=\"c x580 y2a6b w3f9 hc8\"><div class=\"t m0 xc3 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">3.076 </div></td></tr><tr><td class=\"c x46b y2a6c w3f8 hc8\"><div class=\"t m0 x8a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">Operazioni rela<span class=\"_ _1\"></span>tive a servizi di p<span class=\"_ _1\"></span>agamento in c<span class=\"_ _1\"></span>orso di lavoraz<span class=\"_ _1\"></span>ione  </div></td><td></td><td class=\"c x57f y2a6c w3f7 hc8\"><div class=\"t m0 x1af h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">59.719 </div></td><td class=\"c x580 y2a6c w3f9 hc8\"><div class=\"t m0 x49 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">77.327 </div></td></tr><tr><td class=\"c x46b y2a6d w3f8 hc8\"><div class=\"t m0 x8a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">Operazioni rela<span class=\"_ _1\"></span>tive a servizi di p<span class=\"_ _1\"></span>agamento in c<span class=\"_ _1\"></span>orso di maturaz<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span>one  </div></td><td></td><td class=\"c x57f y2a6d w3f7 hc8\"><div class=\"t m0 x1af h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">56.891 </div></td><td class=\"c x580 y2a6d w3f9 hc8\"><div class=\"t m0 x1af h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">71.562 </div></td></tr><tr><td class=\"c x46b y2a6e w3f8 hc8\"><div class=\"t m0 x8a h1f ye4c ff4 fs7 fc1 sc0 lsde ws0\">Ra<span class=\"ls0\">tei atti<span class=\"_ _1\"></span>vi</span><span class=\"ls0\">  </span></div></td><td></td><td class=\"c x57f y2a6e w3f7 hc8\"><div class=\"t m0 x1af h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">12.337 </div></td><td class=\"c x580 y2a6e w3f9 hc8\"><div class=\"t m0 xef h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">5.847 </div></td></tr><tr><td class=\"c x46b y2a6f w3f8 hc8\"><div class=\"t m0 x8a h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">Risconti attivi<span class=\"_ _1\"></span> </div></td><td></td><td class=\"c x57f y2a6f w3f7 hc8\"><div class=\"t m0 xc7 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">54.903 </div></td><td class=\"c x580 y2a6f w3f9 hc8\"><div class=\"t m0 xc7 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">46.038 </div></td></tr><tr><td class=\"c x46b y2a70 w3f8 hc8\"><div class=\"t m0 x8a h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">Assegni ed effet<span class=\"_ _1\"></span>ti insoluti ad al p<span class=\"_ _f\"></span>rotesto tratti sull'azienda e su<span class=\"_ _1\"></span> terzi  </div></td><td></td><td class=\"c x57f y2a70 w3f7 hc8\"><div class=\"t m0 xc3 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">4.202 </div></td><td class=\"c x580 y2a70 w3f9 hc8\"><div class=\"t m0 xc3 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">3.669 </div></td></tr><tr><td class=\"c x46b y2a71 w3f8 h227\"><div class=\"t m0 x8a h1f y1534 ff4 fs7 fc1 sc0 ls0 ws0\">Migliorie e spese <span class=\"_ _f\"></span>i<span class=\"_ _2\"></span>ncremen<span class=\"_ _1\"></span>tative su be<span class=\"_ _f\"></span>ni<span class=\"_ _2\"></span> di terzi  </div></td><td></td><td class=\"c x57f y2a71 w3f7 h227\"><div class=\"t m0 x1af h1f y1534 ff4 fs7 fc1 sc0 ls0 ws0\">21.663 </div></td><td class=\"c x580 y2a71 w3f9 h227\"><div class=\"t m0 x1af h1f y1534 ff4 fs7 fc1 sc0 ls0 ws0\">20.139 </div></td></tr><tr><td class=\"c x46b y2a72 w3f8 hc8\"><div class=\"t m0 x8a h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">Depositi cauzion<span class=\"_ _1\"></span>ali </div></td><td></td><td class=\"c x57f y2a72 w3f7 hc8\"><div class=\"t m0 xe8 h1f ye4c ff4 fs7 fc1 sc0 ls9 ws0\">19<span class=\"ls0\"> </span></div></td><td class=\"c x580 y2a72 w3f9 hc8\"><div class=\"t m0 xe5 h1f ye4c ff4 fs7 fc1 sc0 ls2a ws0\">24<span class=\"ls0\"> </span></div></td></tr><tr><td class=\"c x46b y2a73 w3f8 hc8\"><div class=\"t m0 x8a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">Debitori divers<span class=\"_ _1\"></span>i per fatture emesse  </div></td><td></td><td class=\"c x57f y2a73 w3f7 hc8\"><div class=\"t m0 x49 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">24.240 </div></td><td class=\"c x580 y2a73 w3f9 hc8\"><div class=\"t m0 x49 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">47.690 </div></td></tr><tr><td class=\"c x46b y2a74 w3f8 hc8\"><div class=\"t m0 x8a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">Crediti d'imp<span class=\"_ _1\"></span>osta </div></td><td></td><td class=\"c x57f y2a74 w3f7 hc8\"><div class=\"t m0 xc6 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">655.438 </div></td><td class=\"c x580 y2a74 w3f9 hc8\"><div class=\"t m0 xf h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">844.386 </div></td></tr><tr><td class=\"c x46b y2a75 w3f8 hc8\"><div class=\"t m0 x8a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">Contenzioso non c<span class=\"_ _f\"></span>r<span class=\"_ _2\"></span>editizi<span class=\"_ _1\"></span>o </div></td><td></td><td class=\"c x57f y2a75 w3f7 hc8\"><div class=\"t m0 xec h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">729 </div></td><td class=\"c x580 y2a75 w3f9 hc8\"><div class=\"t m0 x11f h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">980 </div></td></tr><tr><td class=\"c x46b y2a76 w3f8 hc8\"><div class=\"t m0 x8a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">Debitori divers<span class=\"_ _1\"></span>i  </div></td><td></td><td class=\"c x57f y2a76 w3f7 hc8\"><div class=\"t m0 xa3 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">293.190 </div></td><td class=\"c x580 y2a76 w3f9 hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">113.354 </div></td></tr><tr><td class=\"c x46b y2a77 w3f8 hc8\"><div class=\"t m0 x8a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">Partite viaggianti<span class=\"_ _1\"></span> con le filiali  </div></td><td></td><td class=\"c x57f y2a77 w3f7 hc8\"><div class=\"t m0 xef h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">8.277 </div></td><td class=\"c x580 y2a77 w3f9 hc8\"><div class=\"t m0 xef h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">5.497 </div></td></tr><tr><td></td><td class=\"c x46b y2a78 w3f8 hc8\"><div class=\"t m0 x3 h1f y32 ff4 fs7 fc1 sc2 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale<span class=\"sc0\"> </span></div></td><td class=\"c x57f y2a78 w3f7 hc8\"><div class=\"t m0 x1c h1f y32 ff4 fs7 fc1 sc2 ls0 ws0\">1.25<span class=\"_ _1\"></span>0.091<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x580 y2a78 w3f9 hc8\"><div class=\"t m0 x1c h1f y32 ff4 fs7 fc1 sc2 ls0 ws0\">1.314.9<span class=\"_ _f\"></span>59<span class=\"sc0\"> </span></div></td></tr></table>Le operazioni relative a <span class=\"_ _2\"></span>servizi di <span class=\"_ _2\"></span>pagamento in corso <span class=\"_ _2\"></span>di lavorazione/maturazione sono relative ad addebiti ricevuti ma non ancora add<span class=\"_ _1\"></span>ebitati sui conti della clientela.<span class=\"_ _2\"></span> Non sono presenti impairment loss (IFRS 9) su credi<span class=\"_ _1\"></span>ti relativi a contratti con la cliente<span class=\"_ _1\"></span>la e contract assets. Nella <span class=\"_ _d\"></span>voc<span class=\"ff5\">e <span class=\"_ _d\"></span>\u201ccrediti <span class=\"_ _d\"></span>d\u2019imposta\u201d <span class=\"_ _d\"></span>sono <span class=\"_ _d\"></span>presenti <span class=\"_ _d\"></span>le <span class=\"_ _d\"></span>attivit\u00e0 <span class=\"_ _d\"></span>fiscali <span class=\"_ _d\"></span>connesse <span class=\"_ _d\"></span>con <span class=\"_ _d\"></span>l\u2019a<span class=\"_ _2\"></span></span>ttivit\u00e0 <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>sostituto d\u2019imposta.<span class=\"ff4\"> </span>Nella <span class=\"_ _9\"> </span>voce <span class=\"_ _9\"> </span>\u201cRisconti <span class=\"_ _9\"> </span>attivi\u201d <span class=\"_ _9\"> </span>sono <span class=\"_ _9\"> </span>presenti <span class=\"_ _9\"> </span>anche <span class=\"_ _9\"> </span>costi <span class=\"_ _9\"> </span>sostenuti <span class=\"_ _9\"> </span>per <span class=\"_ _9\"> </span>l\u2019ottenimento <span class=\"_ _9\"> </span>dei <span class=\"_ _0\"> </span>contratti verso <span class=\"_ _15\"> </span>promotori <span class=\"_ _14\"> </span>finanziari, <span class=\"_ _15\"> </span>di <span class=\"_ _14\"> </span>competenza <span class=\"_ _14\"> </span>di <span class=\"_ _15\"> </span>esercizi <span class=\"_ _15\"> </span>futuri,<span class=\"_ _2\"></span> <span class=\"_ _14\"> </span>pari <span class=\"_ _15\"> </span>a <span class=\"_ _15\"> </span><span class=\"ls4\">26</span> <span class=\"_ _15\"> </span>milioni <span class=\"_ _15\"> </span>di <span class=\"_ _14\"> </span>euro. <span class=\"_ _15\"> </span>La movimentazione della voce \u00e8 la seguente:   <table class=\"s wbb4 h4f4\" id=\"_132da056-4200-4606-b5b8-42f2ed5d5ea2\"><tr><td></td><td class=\"c x582 y2a79 w11c h49\"><div class=\"t m0 x31 h1f y32 ff4 fs7 fc4 sc3 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale </div></td><td></td><td class=\"c x583 y2a79 w3fa h49\"><div class=\"t m0 x26 h1f y32 ff4 fs7 fc4 sc3 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale </div></td><td></td></tr><tr><td></td><td class=\"c x584 y2a7a w3fb h49\"><div class=\"t m0 x3a h1f y68b ff4 fs7 fc4 sc3 ls0 ws0\">31/12/<span class=\"_ _f\"></span>2025 </div></td><td class=\"c x585 y2a7b w993 h4c0\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/<span class=\"_ _df\"> </span></div></td><td class=\"c x586 y2a7b w994 h4c0\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc4 sc3 ls0 ws0\">2024<span class=\"_ _df\"> </span></div></td><td></td></tr><tr><td class=\"c x587 y2a7c w4a hc8\"><div class=\"t m0 x15d h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">1. Impo<span class=\"_ _f\"></span>rto ini<span class=\"_ _1\"></span>ziale<span class=\"_ _f\"></span> </div></td><td></td><td class=\"c x584 y2a7c w3fb hc8\"><div class=\"t m0 xeb h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">21.04<span class=\"_ _f\"></span>1 </div></td><td></td><td class=\"c x583 y2a7c w8e hc8\"><div class=\"t m0 x49 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">19.59<span class=\"_ _f\"></span>9 </div></td></tr><tr><td class=\"c x587 y2a7d w3fd hc8\"><div class=\"t m0 x15d h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">2. Aum<span class=\"_ _f\"></span>enti<span class=\"_ _1\"></span> </div></td><td></td><td class=\"c x582 y2a7d w11c hc8\"><div class=\"t m0 xec h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">19.49<span class=\"_ _1\"></span>2 </div></td><td></td><td class=\"c x583 y2a7d w3fe hc8\"><div class=\"t m0 x49 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">12.93<span class=\"_ _f\"></span>2 </div></td></tr><tr><td class=\"c x587 y2a7e w3fd hc8\"><div class=\"t m0 x15d h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">2.1 Altri aumenti<span class=\"_ _1\"></span> </div></td><td></td><td class=\"c x582 y2a7e w11c hc8\"><div class=\"t m0 x11f h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">19.492 </div></td><td></td><td class=\"c x583 y2a7e w3fe hc8\"><div class=\"t m0 x49 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">12.932 </div></td></tr><tr><td class=\"c x587 y2a7f w3fd hc8\"><div class=\"t m0 x15d h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">3. Di<span class=\"_ _1\"></span>min<span class=\"_ _1\"></span>uzion<span class=\"_ _1\"></span>i </div></td><td></td><td class=\"c x582 y2a7f w11c hc8\"><div class=\"t m0 x11f h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">14.85<span class=\"_ _1\"></span>6 </div></td><td></td><td class=\"c x583 y2a7f w3fe hc8\"><div class=\"t m0 x1af h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">11.49<span class=\"_ _f\"></span>0 </div></td></tr><tr><td class=\"c x587 y2a80 w3fd h227\"><div class=\"t m0 x15d h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">3.1 ammortament<span class=\"_ _f\"></span>i </div></td><td></td><td class=\"c x582 y2a80 w11c h227\"><div class=\"t m0 x11f h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">14.856 </div></td><td></td><td class=\"c x583 y2a80 w3fe h227\"><div class=\"t m0 x49 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">11.490 </div></td></tr><tr><td class=\"c x587 y2a81 w3fd hc8\"><div class=\"t m0 x15d h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">4. Im<span class=\"_ _1\"></span>por<span class=\"_ _1\"></span>to fi<span class=\"_ _1\"></span>nale<span class=\"_ _1\"></span> </div></td><td></td><td class=\"c x582 y2a81 w11c hc8\"><div class=\"t m0 x11f h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">25.67<span class=\"_ _f\"></span>7 </div></td><td></td><td class=\"c x583 y2a81 w3fe hc8\"><div class=\"t m0 x1af h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">21.04<span class=\"_ _f\"></span>1 </div></td></tr></table>Nella <span class=\"_ _d\"></span>voce <span class=\"_ _d\"></span>\u201ccrediti <span class=\"_ _d\"></span>d\u2019imposta\u201d <span class=\"_ _d\"></span>sono <span class=\"_ _d\"></span>presenti <span class=\"_ _d\"></span>le <span class=\"_ _d\"></span>attivit\u00e0 <span class=\"_ _d\"></span>fiscali <span class=\"_ _d\"></span>connesse <span class=\"_ _2\"></span>con <span class=\"_ _0\"></span>l\u2019attivit\u00e0 <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>sostituto d\u2019imposta.<span class=\"ff4\"> </span>Sono <span class=\"_ _2\"></span>presenti crediti <span class=\"_ _2\"></span>di imposta ai <span class=\"_ _2\"></span>sensi <span class=\"_ _2\"></span>del D.L. <span class=\"_ _2\"></span>n.18/2020<span class=\"_ _1\"></span> <span class=\"_ _2\"></span>(Cura Italia) e<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>D.L. n.34/<span class=\"_ _2\"></span>2020 (Rilancio) (eco bonus e sisma bonus) per un controvalore complessivo di<span class=\"_ _1\"></span> <span class=\"_ _2\"></span>302,9 milioni di euro.<span class=\"_ _df\"> </span><span class=\"_ _13\"></span> ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-890": {
   "value": "Sezi<span class=\"_ _f\"></span>one 1<span class=\"_ _1\"></span> <span class=\"ff5\">\u2013</span> Pa<span class=\"_ _f\"></span>ssivit<span class=\"_ _f\"></span>\u00e0 fina<span class=\"_ _1\"></span>nz<span class=\"_ _1\"></span>iarie<span class=\"_ _f\"></span> valuta<span class=\"_ _f\"></span>te al c<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>to a<span class=\"_ _1\"></span>mm<span class=\"_ _f\"></span>ortiz<span class=\"_ _f\"></span>zato <span class=\"_ _1\"></span><span class=\"ff5\">\u2013<span class=\"ff4\"> Vo<span class=\"_ _f\"></span>ce 10<span class=\"_ _1\"></span> </span></span>1.1 Pa<span class=\"_ _f\"></span>ssivit\u00e0 fi<span class=\"_ _1\"></span>nanzia<span class=\"_ _1\"></span>rie v<span class=\"_ _1\"></span>alut<span class=\"_ _1\"></span>ate <span class=\"_ _1\"></span>al co<span class=\"_ _f\"></span>sto amm<span class=\"_ _1\"></span>ortizz<span class=\"_ _1\"></span>ato: co<span class=\"_ _f\"></span>mposizi<span class=\"_ _f\"></span>one merce<span class=\"_ _f\"></span>ologica<span class=\"_ _f\"></span> dei debit<span class=\"_ _f\"></span>i verso <span class=\"_ _1\"></span>banche<span class=\"_ _f\"></span> <table class=\"s wbb5 h4f5\" id=\"_83e95904-315a-4177-94c9-b6dab07150f6\"><tr><td></td><td></td><td></td><td class=\"c x588 y2a82 we7 hbc\"><div class=\"t m0 xe8 h1f y32 ff4 fs7 fc4 sc3 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale </div></td><td></td><td></td><td></td><td class=\"c x589 y2a82 w401 hbc\"><div class=\"t m0 xec h1f y32 ff4 fs7 fc4 sc3 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale </div></td><td></td></tr><tr><td class=\"c x44e y2a83 w24d h27d\"><div class=\"t m0 x34 h1f y943 ff4 fs7 fc4 sc3 ls0 ws0\">Tipol<span class=\"_ _f\"></span>ogia op<span class=\"_ _f\"></span>erazion<span class=\"_ _1\"></span>i/Va<span class=\"_ _1\"></span>lori </div></td><td></td><td></td><td class=\"c x588 y2a84 we7 h4e\"><div class=\"t m0 x11f h1f y295 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/<span class=\"_ _f\"></span>2025 </div></td><td></td><td></td><td class=\"c x589 y2a84 w401 h4e\" colspan=\"2\"><div class=\"t m0 xf0 h1f y295 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/<span class=\"_ _f\"></span>2024 </div></td><td></td></tr><tr><td></td><td class=\"c x588 y2a83 w384 h24b\"><div class=\"t m0 x39 h1f y1498 ff4 fs7 fc4 sc3 ls6c ws0\">VB<span class=\"ls0\"> </span></div></td><td></td><td class=\"c x58a y2a85 w402 hbc\"><div class=\"t m0 x12 h1f y66c ff4 fs7 fc4 sc3 ls0 ws0\">Fair<span class=\"_ _f\"></span> Value </div></td><td></td><td class=\"c x589 y2a83 w8c h24b\"><div class=\"t m0 x39 h1f y1498 ff4 fs7 fc4 sc3 ls6c ws0\">VB<span class=\"ls0\"> </span></div></td><td class=\"c x514 y2a85 w403 hbc\" colspan=\"2\"><div class=\"t m0 x30 h1f y66c ff4 fs7 fc4 sc3 ls0 ws0\">Fair<span class=\"_ _f\"></span> Value </div></td><td></td></tr><tr><td></td><td></td><td class=\"c x58a y2a83 w404 h4e\"><div class=\"t m0 x8e h1f y71 ff4 fs7 fc4 sc3 lsc7 ws0\">L1<span class=\"ls0\"> </span></div></td><td class=\"c x58b y2a83 w405 h4e\"><div class=\"t m0 x48 h1f y71 ff4 fs7 fc4 sc3 lsc7 ws0\">L2<span class=\"ls0\"> </span></div></td><td class=\"c x58c y2a83 w1ca h4e\"><div class=\"t m0 x55 h1f y71 ff4 fs7 fc4 sc3 lsc7 ws0\">L3<span class=\"ls0\"> </span></div></td><td></td><td class=\"c x514 y2a83 w406 h4e\"><div class=\"t m0 xac h1f y71 ff4 fs7 fc4 sc3 lsc7 ws0\">L1<span class=\"ls0\"> </span></div></td><td class=\"c x58d y2a83 w1b2 h4e\"><div class=\"t m0 x39 h1f y71 ff4 fs7 fc4 sc3 lsc7 ws0\">L2<span class=\"ls0\"> </span></div></td><td class=\"c x58e y2a83 w2be h4e\"><div class=\"t m0 x2a h1f y71 ff4 fs7 fc4 sc3 lsc7 ws0\">L3<span class=\"ls0\"> </span></div></td></tr><tr><td class=\"c x44e y2a86 w407 h8a\"><div class=\"t m0 x10 h1f y153d ff4 fs7 fc1 sc2 ls0 ws0\">1. De<span class=\"_ _1\"></span>biti v<span class=\"_ _f\"></span>erso ba<span class=\"_ _f\"></span>nche cen<span class=\"_ _f\"></span>trali </div></td><td class=\"c x588 y2a86 w408 h8a\"><div class=\"t m0 x2e h1f y153d ff4 fs7 fc1 sc2 ls0 ws0\">700.3<span class=\"_ _f\"></span>34 </div></td><td class=\"c x58a y2a86 w409 h8a\"><div class=\"t m0 x2f h1f y153d ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x58b y2a86 w2b0 h8a\"><div class=\"t m0 x33 h1f y153d ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x58c y2a86 w1ca h8a\"><div class=\"t m0 x14 h1f y153d ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x589 y2a86 w130 h8a\"><div class=\"t m0 x55 h1f y153d ff4 fs7 fc1 sc2 ls0 ws0\">500.<span class=\"_ _1\"></span>044<span class=\"_ _f\"></span> </div></td><td class=\"c x514 y2a86 w40a h8a\"><div class=\"t m0 xac h1f y153d ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x58d y2a86 w162 h8a\"><div class=\"t m0 x48 h1f y153d ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x58e y2a86 w169 h8a\"><div class=\"t m0 x55 h1f y153d ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td></tr><tr><td class=\"c x44e y2a87 w40b hc8\"><div class=\"t m0 x10 h1f y28b ff4 fs7 fc1 sc2 ls2a ws0\">2.<span class=\"ls0\"> De<span class=\"_ _1\"></span>biti v<span class=\"_ _1\"></span>erso<span class=\"_ _1\"></span> ban<span class=\"_ _f\"></span>che</span><span class=\"ls0\"> </span></div></td><td class=\"c x588 y2a87 w408 hc8\"><div class=\"t m0 x8e h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">2.419<span class=\"_ _f\"></span>.685 </div></td><td class=\"c x58a y2a87 w409 hc8\"><div class=\"t m0 x2f h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x58b y2a87 w2b0 hc8\"><div class=\"t m0 x33 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x58c y2a87 w1ca hc8\"><div class=\"t m0 x14 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x589 y2a87 w130 hc8\"><div class=\"t m0 x2f h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">5.044<span class=\"_ _1\"></span>.513<span class=\"_ _f\"></span> </div></td><td class=\"c x514 y2a87 w40a hc8\"><div class=\"t m0 xac h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x58d y2a87 w162 hc8\"><div class=\"t m0 x48 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x58e y2a87 w169 hc8\"><div class=\"t m0 x55 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td></tr><tr><td class=\"c x44e y2a88 w40b h69\"><div class=\"t m0 x8e h1f y5b ff4 fs7 fc1 sc0 ls0 ws0\">2.1 Conti corrent<span class=\"_ _1\"></span>i e depositi a v<span class=\"_ _1\"></span>ista </div></td><td class=\"c x588 y2a88 w408 h69\"><div class=\"t m0 x14 h1f y5b ff4 fs7 fc1 sc0 ls0 ws0\">18.983 </div></td><td class=\"c x58a y2a88 w409 h69\"><div class=\"t m0 x2f h1f y5b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x58b y2a88 w2b0 h69\"><div class=\"t m0 x33 h1f y5b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x58c y2a88 w1ca h69\"><div class=\"t m0 x14 h1f y5b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x589 y2a88 w130 h69\"><div class=\"t m0 x48 h1f y5b ff4 fs7 fc1 sc0 ls0 ws0\">74.766 </div></td><td class=\"c x514 y2a88 w40a h69\"><div class=\"t m0 xac h1f y5b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x58d y2a88 w162 h69\"><div class=\"t m0 x48 h1f y5b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x58e y2a88 w169 h69\"><div class=\"t m0 x55 h1f y5b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td></tr><tr><td class=\"c x44e y2a89 w40b h69\"><div class=\"t m0 x8e h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">2.2 Depositi a scade<span class=\"_ _f\"></span>nza </div></td><td class=\"c x588 y2a89 w408 h69\"><div class=\"t m0 x35 h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">2.755 </div></td><td class=\"c x58a y2a89 w409 h69\"><div class=\"t m0 x2f h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x58b y2a89 w2b0 h69\"><div class=\"t m0 x33 h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x58c y2a89 w1ca h69\"><div class=\"t m0 x14 h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x589 y2a89 w130 h69\"><div class=\"t m0 x35 h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">2.260 </div></td><td class=\"c x514 y2a89 w40a h69\"><div class=\"t m0 xac h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x58d y2a89 w162 h69\"><div class=\"t m0 x48 h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x58e y2a89 w169 h69\"><div class=\"t m0 x55 h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td></tr><tr><td class=\"c x44e y2a8a w40b h69\"><div class=\"t m0 x8e h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">2.3 Finanziament<span class=\"_ _1\"></span>i </div></td><td class=\"c x588 y2a8a w408 h69\"><div class=\"t m0 xac h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">2.394.702 </div></td><td class=\"c x58a y2a8a w409 h69\"><div class=\"t m0 x2f h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x58b y2a8a w2b0 h69\"><div class=\"t m0 x33 h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x58c y2a8a w1ca h69\"><div class=\"t m0 x14 h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x589 y2a8a w130 h69\"><div class=\"t m0 xac h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">4.965.062 </div></td><td class=\"c x514 y2a8a w40a h69\"><div class=\"t m0 xac h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x58d y2a8a w162 h69\"><div class=\"t m0 x48 h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x58e y2a8a w169 h69\"><div class=\"t m0 x55 h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td></tr><tr><td class=\"c x44e y2a8b w40b h6a\"><div class=\"t m0 x55 h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">2.3.1 Pronti contr<span class=\"_ _f\"></span>o<span class=\"_ _2\"></span> termine p<span class=\"_ _f\"></span>assivi </div></td><td class=\"c x588 y2a8b w408 h6a\"><div class=\"t m0 xab h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">2.388.386 </div></td><td class=\"c x58a y2a8b w409 h6a\"><div class=\"t m0 x2f h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x58b y2a8b w2b0 h6a\"><div class=\"t m0 x33 h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x58c y2a8b w1ca h6a\"><div class=\"t m0 x14 h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x589 y2a8b w130 h6a\"><div class=\"t m0 xac h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">4.954.536 </div></td><td class=\"c x514 y2a8b w40a h6a\"><div class=\"t m0 xac h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x58d y2a8b w162 h6a\"><div class=\"t m0 x48 h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x58e y2a8b w169 h6a\"><div class=\"t m0 x55 h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td></tr><tr><td class=\"c x44e y2a8c w40b h69\"><div class=\"t m0 x55 h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">2.3.2 Altri </div></td><td class=\"c x588 y2a8c w408 h69\"><div class=\"t m0 x2c h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">6.316 </div></td><td class=\"c x58a y2a8c w409 h69\"><div class=\"t m0 x2f h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x58b y2a8c w2b0 h69\"><div class=\"t m0 x33 h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x58c y2a8c w1ca h69\"><div class=\"t m0 x14 h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x589 y2a8c w130 h69\"><div class=\"t m0 x33 h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">10.526 </div></td><td class=\"c x514 y2a8c w40a h69\"><div class=\"t m0 xac h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x58d y2a8c w162 h69\"><div class=\"t m0 x48 h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x58e y2a8c w169 h69\"><div class=\"t m0 x55 h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td></tr><tr><td class=\"c x58f y2a8d wbb6 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">2.4 Debiti per <span class=\"_ _1\"></span>impegni di riacquis<span class=\"_ _1\"></span>to di<span class=\"_ _df\"> </span></div></td><td class=\"c x588 y2a8e w408 had\"><div class=\"t m0 x13 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x58a y2a8e w409 had\"><div class=\"t m0 x2f h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x58b y2a8e w2b0 had\"><div class=\"t m0 x33 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x58c y2a8e w1ca had\"><div class=\"t m0 x14 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x589 y2a8e w130 had\"><div class=\"t m0 x96 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x514 y2a8e w40a had\"><div class=\"t m0 xac h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x58d y2a8e w162 had\"><div class=\"t m0 x48 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x58e y2a8e w169 had\"><div class=\"t m0 x55 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td></tr><tr><td class=\"c x58f y2a8f wbb7 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">propri strumen<span class=\"_ _1\"></span>ti patrimoniali<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x44e y2a90 w40b h69\"><div class=\"t m0 x8e h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">2.5 Debiti per lea<span class=\"_ _1\"></span>sing </div></td><td class=\"c x588 y2a90 w408 h69\"><div class=\"t m0 x13 h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x58a y2a90 w409 h69\"><div class=\"t m0 x2f h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x58b y2a90 w2b0 h69\"><div class=\"t m0 x33 h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x58c y2a90 w1ca h69\"><div class=\"t m0 x14 h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x589 y2a90 w130 h69\"><div class=\"t m0 x96 h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x514 y2a90 w40a h69\"><div class=\"t m0 xac h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x58d y2a90 w162 h69\"><div class=\"t m0 x48 h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x58e y2a90 w169 h69\"><div class=\"t m0 x55 h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td></tr><tr><td class=\"c x44e y2a91 w40b h69\"><div class=\"t m0 x8e h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">2.6 Altri debiti </div></td><td class=\"c x588 y2a91 w408 h69\"><div class=\"t m0 x32 h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">3.245 </div></td><td class=\"c x58a y2a91 w409 h69\"><div class=\"t m0 x2f h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x58b y2a91 w2b0 h69\"><div class=\"t m0 x33 h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x58c y2a91 w1ca h69\"><div class=\"t m0 x14 h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x589 y2a91 w130 h69\"><div class=\"t m0 x2c h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">2.425 </div></td><td class=\"c x514 y2a91 w40a h69\"><div class=\"t m0 xac h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x58d y2a91 w162 h69\"><div class=\"t m0 x48 h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x58e y2a91 w169 h69\"><div class=\"t m0 x55 h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td></tr><tr><td class=\"c x44e y2a92 w40b h69\"><div class=\"t m0 xd8 h1f y302 ff4 fs7 fc1 sc2 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale </div></td><td class=\"c x588 y2a92 w408 h69\"><div class=\"t m0 x16a h1f y302 ff4 fs7 fc1 sc2 ls0 ws0\">3.12<span class=\"_ _1\"></span>0.019<span class=\"_ _f\"></span> </div></td><td class=\"c x58a y2a92 w409 h69\"><div class=\"t m0 x16a h1f y302 ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td><td class=\"c x58b y2a92 w2b0 h69\"><div class=\"t m0 x8e h1f y302 ff4 fs7 fc1 sc2 ls0 ws0\">2.38<span class=\"_ _1\"></span>8.3<span class=\"_ _1\"></span>86 </div></td><td class=\"c x58c y2a92 w1ca h69\"><div class=\"t m0 x16a h1f y302 ff4 fs7 fc1 sc2 ls0 ws0\">731.6<span class=\"_ _f\"></span>34 </div></td><td class=\"c x589 y2a92 w130 h69\"><div class=\"t m0 x2f h1f y302 ff4 fs7 fc1 sc2 ls0 ws0\">5.54<span class=\"_ _f\"></span>4.557 </div></td><td class=\"c x514 y2a92 w40a h69\"><div class=\"t m0 x8e h1f y302 ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td><td class=\"c x58d y2a92 w162 h69\"><div class=\"t m0 xab h1f y302 ff4 fs7 fc1 sc2 ls0 ws0\">4.954.<span class=\"_ _f\"></span>536 </div></td><td class=\"c x58e y2a92 w169 h69\"><div class=\"t m0 x10 h1f y302 ff4 fs7 fc1 sc2 ls0 ws0\">590.<span class=\"_ _f\"></span>020 </div></td></tr></table>Totale 3120019 5544555 Lege<span class=\"_ _f\"></span>nda: VB= Valore di bi<span class=\"_ _1\"></span>lancio L1= Livello 1 L2= Livello 2 L3= Livello 3 I debiti sono iscritti al loro valore nominale,<span class=\"_ _1\"></span> corrispondente al loro fair value.<span class=\"_ _2\"></span> I debiti verso banche sono rappr<span class=\"_ _2\"></span>esentati princip<span class=\"_ _1\"></span>almente da d<span class=\"_ _2\"></span>ebiti a vista a tasso <span class=\"_ _2\"></span>variabile<span class=\"_ _1\"></span>, e non <span class=\"_ _2\"></span>\u00e8<span class=\"_ _1\"></span> stata posta in essere alcun tipo di cope<span class=\"_ _1\"></span>rtura. <span class=\"_ _2\"></span><span class=\"sc2\"> </span>La voce <span class=\"_ _1\"></span>\u201c<span class=\"ff4\">1. Debiti </span>verso banc<span class=\"_ _1\"></span>he centrali\u201d acc<span class=\"_ _1\"></span>oglie le<span class=\"_ _1\"></span> operazioni di <span class=\"_ _f\"></span>r<span class=\"_ _2\"></span>ifinanziamento eff<span class=\"_ _1\"></span>ettuat<span class=\"_ _2\"></span><span class=\"ff4\">e con <span class=\"_ _1\"></span>la </span>Banca C<span class=\"_ _2\"></span>entrale Europea; <span class=\"_ _2\"></span>l<span class=\"ff5\">\u2019importo <span class=\"_ _2\"></span>complessivo <span class=\"_ _2\"></span>del finanziament<span class=\"_ _2\"></span>o con <span class=\"_ _2\"></span>BCE <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>fine dicembre <span class=\"_ _2\"></span>2025 </span>\u00e8 <span class=\"_ _4\"> </span>pari <span class=\"_ _4\"> </span>a <span class=\"_ _4\"> </span>7<span class=\"_ _2\"></span>00 <span class=\"_ _4\"> </span>milioni <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>euro <span class=\"_ _4\"> </span>e <span class=\"_ _4\"> </span>deriva <span class=\"_ _4\"> </span>da <span class=\"_ _4\"> </span>un\u2019operazione <span class=\"_ _17\"> </span>di <span class=\"_ _4\"> </span>rifinanziamento <span class=\"_ _4\"> </span>principale <span class=\"_ _4\"> </span>\u201cMRO\u201d settimanale<span class=\"_ _df\"> </span>.<span class=\"_ _df\"> </span>1.2 P<span class=\"_ _1\"></span>assivi<span class=\"_ _1\"></span>t\u00e0 fi<span class=\"_ _1\"></span>nanzia<span class=\"_ _f\"></span>rie valut<span class=\"_ _f\"></span>ate al co<span class=\"_ _1\"></span>sto <span class=\"_ _1\"></span>amm<span class=\"_ _f\"></span>ortizzato<span class=\"_ _f\"></span>: compos<span class=\"_ _f\"></span>izione me<span class=\"_ _1\"></span>rceo<span class=\"_ _f\"></span>logica de<span class=\"_ _1\"></span>i debi<span class=\"_ _1\"></span>ti ve<span class=\"_ _1\"></span>rso<span class=\"_ _f\"></span> clientela<table class=\"s wbb8 h4f6\" id=\"_2c73ff23-ca4c-4079-9a5b-5571f7b0497f\"><tr><td class=\"c x44e y2a93 w40e h27f\"><div class=\"t m0 x97 h1f y1712 ff4 fs7 fc4 sc3 ls0 ws0\">Tipol<span class=\"_ _f\"></span>ogia op<span class=\"_ _f\"></span>erazion<span class=\"_ _1\"></span>i/Va<span class=\"_ _1\"></span>lori </div></td><td></td><td></td><td class=\"c x590 y2a94 w40f h148\" colspan=\"2\"><div class=\"t m0 x49 h1f y825 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/<span class=\"_ _f\"></span>2025 </div></td><td class=\"c x590 y2a95 w40f h148\"><div class=\"t m0 xee h1f y32 ff4 fs7 fc4 sc3 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale  </div></td><td></td><td></td><td class=\"c x591 y2a94 w410 h148\"><div class=\"t m0 x1af h1f y825 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/<span class=\"_ _f\"></span>2024 </div></td><td class=\"c x591 y2a95 w410 h148\"><div class=\"t m0 x11f h1f y32 ff4 fs7 fc4 sc3 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale  </div></td><td></td></tr><tr><td></td><td></td><td class=\"c x590 y2a93 w384 h280\"><div class=\"t m0 x39 h1f yf81 ff4 fs7 fc4 sc3 ls6c ws0\">VB<span class=\"ls0\"> </span></div></td><td class=\"c x592 y2a96 w411 h148\" colspan=\"2\"><div class=\"t m0 x38 h1f y80 ff4 fs7 fc4 sc3 ls0 ws0\">Fair<span class=\"_ _f\"></span> Value </div></td><td></td><td class=\"c x593 y2a93 w197 h280\"><div class=\"t m0 x39 h1f yf81 ff4 fs7 fc4 sc3 ls6c ws0\">VB<span class=\"ls0\"> </span></div></td><td></td><td class=\"c x594 y2a96 w2c4 h148\"><div class=\"t m0 x31 h1f y80 ff4 fs7 fc4 sc3 ls0 ws0\">Fair<span class=\"_ _f\"></span> Value </div></td><td></td></tr><tr><td></td><td></td><td></td><td class=\"c x592 y2a93 w412 h148\"><div class=\"t m0 x10 h1f y80 ff4 fs7 fc4 sc3 lsc7 ws0\">L1<span class=\"ls0\"> </span></div></td><td class=\"c x595 y2a93 w2e8 h148\"><div class=\"t m0 x55 h1f y80 ff4 fs7 fc4 sc3 lsc7 ws0\">L2<span class=\"ls0\"> </span></div></td><td class=\"c x596 y2a93 w179 h148\"><div class=\"t m0 x130 h1f y80 ff4 fs7 fc4 sc3 lsc7 ws0\">L3<span class=\"ls0\"> </span></div></td><td></td><td class=\"c x597 y2a93 w413 h148\"><div class=\"t m0 x163 h1f y80 ff4 fs7 fc4 sc3 lsc7 ws0\">L1<span class=\"ls0\"> </span></div></td><td class=\"c x598 y2a93 w2a8 h148\"><div class=\"t m0 x55 h1f y80 ff4 fs7 fc4 sc3 lsc7 ws0\">L2<span class=\"ls0\"> </span></div></td><td class=\"c x599 y2a93 w408 h148\"><div class=\"t m0 x14 h1f y80 ff4 fs7 fc4 sc3 lsc7 ws0\">L3<span class=\"ls0\"> </span></div></td></tr><tr><td class=\"c x44e y2a97 w414 hf\"><div class=\"t m0 x10 h1f y25c ff4 fs7 fc1 sc0 ls0 ws0\">1. Conti corrent<span class=\"_ _1\"></span>i e depositi a vist<span class=\"_ _1\"></span>a </div></td><td></td><td class=\"c x590 y2a97 w190 hf\"><div class=\"t m0 x10 h1f y25c ff4 fs7 fc1 sc0 ls0 ws0\">34.934.847 </div></td><td class=\"c x592 y2a97 w415 hf\"><div class=\"t m0 x10 h1f y25c ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x595 y2a97 w2f0 hf\"><div class=\"t m0 x39 h1f y25c ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x596 y2a97 w179 hf\"><div class=\"t m0 x14 h1f y25c ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x591 y2a97 w190 hf\"><div class=\"t m0 x10 h1f y25c ff4 fs7 fc1 sc0 ls0 ws0\">32.845.465 </div></td><td class=\"c x594 y2a97 w416 hf\"><div class=\"t m0 x10 h1f y25c ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x598 y2a97 w1c3 hf\"><div class=\"t m0 x39 h1f y25c ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x599 y2a97 w237 hf\"><div class=\"t m0 x33 h1f y25c ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td></tr><tr><td class=\"c x44e y2a98 w414 ha4\"><div class=\"t m0 x10 h1f y5b ff4 fs7 fc1 sc0 ls0 ws0\">2. Depositi a scade<span class=\"_ _1\"></span>nza </div></td><td></td><td class=\"c x590 y2a98 w190 ha4\"><div class=\"t m0 x8e h1f y5b ff4 fs7 fc1 sc0 ls0 ws0\">5.649.451 </div></td><td class=\"c x592 y2a98 w415 ha4\"><div class=\"t m0 x10 h1f y5b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x595 y2a98 w2f0 ha4\"><div class=\"t m0 x39 h1f y5b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x596 y2a98 w179 ha4\"><div class=\"t m0 x14 h1f y5b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x591 y2a98 w190 ha4\"><div class=\"t m0 xac h1f y5b ff4 fs7 fc1 sc0 ls0 ws0\">5.833.720 </div></td><td class=\"c x594 y2a98 w416 ha4\"><div class=\"t m0 x10 h1f y5b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x598 y2a98 w1c3 ha4\"><div class=\"t m0 x39 h1f y5b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x599 y2a98 w237 ha4\"><div class=\"t m0 x33 h1f y5b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td></tr><tr><td class=\"c x44e y2a99 w414 hf\"><div class=\"t m0 x10 h1f y5b ff4 fs7 fc1 sc0 ls0 ws0\">3. Finanziamenti<span class=\"_ _1\"></span> </div></td><td></td><td class=\"c x590 y2a99 w190 hf\"><div class=\"t m0 x8e h1f y5b ff4 fs7 fc1 sc0 ls0 ws0\">1.863.905 </div></td><td class=\"c x592 y2a99 w415 hf\"><div class=\"t m0 x10 h1f y5b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x595 y2a99 w2f0 hf\"><div class=\"t m0 x39 h1f y5b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x596 y2a99 w179 hf\"><div class=\"t m0 x14 h1f y5b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x591 y2a99 w190 hf\"><div class=\"t m0 x2f h1f y5b ff4 fs7 fc1 sc0 ls0 ws0\">2.400.311 </div></td><td class=\"c x594 y2a99 w416 hf\"><div class=\"t m0 x10 h1f y5b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x598 y2a99 w1c3 hf\"><div class=\"t m0 x39 h1f y5b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x599 y2a99 w237 hf\"><div class=\"t m0 x33 h1f y5b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td></tr><tr><td class=\"c x44e y2a9a w414 hf\"><div class=\"t m0 x8e h1f y25c ff4 fs7 fc1 sc0 ls0 ws0\">3.1 Pronti contro te<span class=\"_ _f\"></span>rmine passivi </div></td><td></td><td class=\"c x590 y2a9a w190 hf\"><div class=\"t m0 x8e h1f y25c ff4 fs7 fc1 sc0 ls0 ws0\">1.330.338 </div></td><td class=\"c x592 y2a9a w415 hf\"><div class=\"t m0 x10 h1f y25c ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x595 y2a9a w2f0 hf\"><div class=\"t m0 x39 h1f y25c ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x596 y2a9a w179 hf\"><div class=\"t m0 x14 h1f y25c ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x591 y2a9a w190 hf\"><div class=\"t m0 x8e h1f y25c ff4 fs7 fc1 sc0 ls0 ws0\">1.853.665 </div></td><td class=\"c x594 y2a9a w416 hf\"><div class=\"t m0 x10 h1f y25c ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x598 y2a9a w1c3 hf\"><div class=\"t m0 x39 h1f y25c ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x599 y2a9a w237 hf\"><div class=\"t m0 x33 h1f y25c ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td></tr><tr><td class=\"c x44e y2a9b w414 ha4\"><div class=\"t m0 x8e h1f y5b ff4 fs7 fc1 sc0 ls0 ws0\">3.2 Altri </div></td><td></td><td class=\"c x590 y2a9b w190 ha4\"><div class=\"t m0 x55 h1f y5b ff4 fs7 fc1 sc0 ls0 ws0\">533.567 </div></td><td class=\"c x592 y2a9b w415 ha4\"><div class=\"t m0 x10 h1f y5b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x595 y2a9b w2f0 ha4\"><div class=\"t m0 x39 h1f y5b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x596 y2a9b w179 ha4\"><div class=\"t m0 x14 h1f y5b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x591 y2a9b w190 ha4\"><div class=\"t m0 x2e h1f y5b ff4 fs7 fc1 sc0 ls0 ws0\">546.646 </div></td><td class=\"c x594 y2a9b w416 ha4\"><div class=\"t m0 x10 h1f y5b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x598 y2a9b w1c3 ha4\"><div class=\"t m0 x39 h1f y5b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x599 y2a9b w237 ha4\"><div class=\"t m0 x33 h1f y5b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td></tr><tr><td class=\"c x262 y2a9c wbb9 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">4. Debiti per impe<span class=\"_ _1\"></span>gni di riacquisto<span class=\"_ _1\"></span> di<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x590 y2a9d w190 had\"><div class=\"t m0 x11 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x592 y2a9d w415 had\"><div class=\"t m0 x10 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x595 y2a9d w2f0 had\"><div class=\"t m0 x39 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x596 y2a9d w179 had\"><div class=\"t m0 x14 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x591 y2a9d w190 had\"><div class=\"t m0 x11 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x594 y2a9d w416 had\"><div class=\"t m0 x10 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x598 y2a9d w1c3 had\"><div class=\"t m0 x39 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x599 y2a9d w237 had\"><div class=\"t m0 x33 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td></tr><tr><td class=\"c x262 y2a9e wbba h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">propri strumenti p<span class=\"_ _f\"></span>at<span class=\"_ _2\"></span>rim<span class=\"_ _1\"></span>oniali<span class=\"_ _df\"> </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 x44e y2a9f w414 hf\"><div class=\"t m0 x10 h1f y25c ff4 fs7 fc1 sc0 ls0 ws0\">5. Debiti per lea<span class=\"_ _1\"></span>sing </div></td><td></td><td class=\"c x590 y2a9f w190 hf\"><div class=\"t m0 x55 h1f y25c ff4 fs7 fc1 sc0 ls0 ws0\">128.400 </div></td><td class=\"c x592 y2a9f w415 hf\"><div class=\"t m0 x10 h1f y25c ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x595 y2a9f w2f0 hf\"><div class=\"t m0 x39 h1f y25c ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x596 y2a9f w179 hf\"><div class=\"t m0 x14 h1f y25c ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x591 y2a9f w190 hf\"><div class=\"t m0 x39 h1f y25c ff4 fs7 fc1 sc0 ls0 ws0\">131.567 </div></td><td class=\"c x594 y2a9f w416 hf\"><div class=\"t m0 x10 h1f y25c ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x598 y2a9f w1c3 hf\"><div class=\"t m0 x39 h1f y25c ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x599 y2a9f w237 hf\"><div class=\"t m0 x33 h1f y25c ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td></tr><tr><td class=\"c x44e y2aa0 w414 ha3\"><div class=\"t m0 x10 h1f y5b ff4 fs7 fc1 sc0 ls0 ws0\">5. Altri debiti<span class=\"_ _1\"></span> </div></td><td></td><td class=\"c x590 y2aa0 w190 ha3\"><div class=\"t m0 x130 h1f y5b ff4 fs7 fc1 sc0 ls0 ws0\">271.320 </div></td><td class=\"c x592 y2aa0 w415 ha3\"><div class=\"t m0 x10 h1f y5b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x595 y2aa0 w2f0 ha3\"><div class=\"t m0 x39 h1f y5b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x596 y2aa0 w179 ha3\"><div class=\"t m0 x14 h1f y5b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x591 y2aa0 w190 ha3\"><div class=\"t m0 x55 h1f y5b ff4 fs7 fc1 sc0 ls0 ws0\">281.904 </div></td><td class=\"c x594 y2aa0 w416 ha3\"><div class=\"t m0 x10 h1f y5b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x598 y2aa0 w1c3 ha3\"><div class=\"t m0 x39 h1f y5b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x599 y2aa0 w237 ha3\"><div class=\"t m0 x33 h1f y5b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td></tr><tr><td></td><td class=\"c x44e y2aa1 w414 h6d\"><div class=\"t m0 x14d h1f y394 ff4 fs7 fc1 sc2 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale  </div></td><td class=\"c x590 y2aa1 w190 h6d\"><div class=\"t m0 x10 h1f y394 ff4 fs7 fc1 sc2 ls0 ws0\">42.847<span class=\"_ _f\"></span>.923<span class=\"_ _1\"></span> </div></td><td class=\"c x592 y2aa1 w415 h6d\"><div class=\"t m0 xab h1f y394 ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td><td class=\"c x595 y2aa1 w2f0 h6d\"><div class=\"t m0 x10 h1f y394 ff4 fs7 fc1 sc2 ls0 ws0\">1.330.<span class=\"_ _1\"></span>33<span class=\"_ _1\"></span>8 </div></td><td class=\"c x596 y2aa1 w17d h6d\"><div class=\"t m0 x10 h1f y394 ff4 fs7 fc1 sc2 ls0 ws0\">41.517<span class=\"_ _f\"></span>.586 </div></td><td class=\"c x593 y2aa1 wbd h6d\"><div class=\"t m0 x8a h1f y394 ff4 fs7 fc1 sc2 ls0 ws0\">41.49<span class=\"_ _f\"></span>2.967<span class=\"_ _1\"></span> </div></td><td class=\"c x594 y2aa1 w416 h6d\"><div class=\"t m0 xab h1f y394 ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td><td class=\"c x598 y2aa1 w1c3 h6d\"><div class=\"t m0 x10 h1f y394 ff4 fs7 fc1 sc2 ls0 ws0\">1.853.<span class=\"_ _1\"></span>665<span class=\"_ _f\"></span> </div></td><td class=\"c x599 y2aa1 w237 h6d\"><div class=\"t m0 x10 h1f y394 ff4 fs7 fc1 sc2 ls0 ws0\">39.6<span class=\"_ _f\"></span>39.236<span class=\"_ _f\"></span> </div></td></tr></table>Lege<span class=\"_ _f\"></span>nda:<span class=\"_ _df\"> </span>VB= Valore di bi<span class=\"_ _1\"></span>lancio<span class=\"_ _df\"> </span>L1= Livello 1<span class=\"_ _df\"> </span>L2= Livello 2<span class=\"_ _df\"> </span>L3= Livello 3<span class=\"_ _df\"> </span>I debiti <span class=\"_ _2\"></span>sono <span class=\"_ _2\"></span>iscritti <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>loro valore <span class=\"_ _2\"></span>nominale, corr<span class=\"_ _2\"></span>ispondente<span class=\"_ _1\"></span> <span class=\"_ _2\"></span>al lo<span class=\"_ _2\"></span>ro <span class=\"_ _2\"></span>fair <span class=\"_ _2\"></span>value<span class=\"_ _1\"></span> <span class=\"_ _2\"></span>e il <span class=\"_ _2\"></span>livello <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>fair valu<span class=\"_ _2\"></span>e<span class=\"_ _df\"> </span>attribuito risulta essere <span class=\"_ _1\"></span>pari a 3, <span class=\"_ _1\"></span>ad eccezione d<span class=\"_ _1\"></span>el livello di fai<span class=\"_ _1\"></span>r value dei <span class=\"_ _1\"></span>pronti contro termine a cui<span class=\"_ _df\"> </span>\u00e8 attributo il valore 2.<span class=\"_ _df\"> </span>Nella voce<span class=\"_ _1\"></span> Debiti p<span class=\"_ _1\"></span>er leasing \u00e8<span class=\"_ _1\"></span> ricompreso, ai<span class=\"_ _f\"></span> sensi del p<span class=\"_ _1\"></span>rincipio IFRS<span class=\"_ _1\"></span>16, il Deb<span class=\"_ _1\"></span>ito per <span class=\"_ _1\"></span>leasing (L<span class=\"_ _1\"></span>ease<span class=\"_ _df\"> </span>Liability), pari <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>valore att<span class=\"_ _2\"></span>uale dei <span class=\"_ _2\"></span>canoni previsti <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>non ancor<span class=\"_ _2\"></span>a pagati <span class=\"_ _2\"></span>dei beni <span class=\"_ _2\"></span>oggetti <span class=\"_ _2\"></span>di contr<span class=\"_ _2\"></span>atti<span class=\"_ _df\"> </span>di leasing operativo.<span class=\"_ _df\"> </span>La <span class=\"_ _22\"> </span>principale <span class=\"_ _22\"> </span>novit\u00e0 <span class=\"_ _4\"> </span>introdotta <span class=\"_ _22\"> </span>dal <span class=\"_ _4\"> </span>principio  \u00e8 <span class=\"_ _22\"> </span>r<span class=\"_ _2\"></span>appresentata<span class=\"_ _1\"></span> <span class=\"_ _22\"> </span>dalla <span class=\"_ _4\"> </span>modifica  delle <span class=\"_ _4\"> </span>modalit\u00e0  di<span class=\"_ _df\"> </span>contabilizzazione <span class=\"_ _17\"> </span>delle <span class=\"_ _4\"> </span>o<span class=\"_ _2\"></span>perazioni <span class=\"_ _17\"> </span>di <span class=\"_ _17\"> </span>leasing <span class=\"_ _17\"> </span>operativo <span class=\"_ _17\"> </span>nel <span class=\"_ _14\"> </span>bilancio <span class=\"_ _17\"> </span>del <span class=\"_ _17\"> </span>locatario/utilizzatore,<span class=\"_ _df\"> </span>attraverso <span class=\"_ _2\"></span>l\u2019introduzione<span class=\"_ _1\"></span> <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>un unico <span class=\"_ _2\"></span>modello d<span class=\"_ _2\"></span>i contabili<span class=\"_ _2\"></span><span class=\"ff4\">zzazione <span class=\"_ _2\"></span>dei cont<span class=\"_ _2\"></span>ratti di <span class=\"_ _2\"></span>leasing <span class=\"_ _2\"></span>da parte<span class=\"_ _df\"> </span></span>del locatario siano essi classificati come leasing ope<span class=\"_ _1\"></span>rativi o finanziari. I debiti <span class=\"_ _2\"></span>verso <span class=\"_ _2\"></span>clientela sono <span class=\"_ _2\"></span>rappresentati <span class=\"_ _2\"></span>principalmente<span class=\"_ _1\"></span> <span class=\"_ _2\"></span>da d<span class=\"_ _2\"></span>ebiti a <span class=\"_ _2\"></span>vista <span class=\"_ _2\"></span>a tasso <span class=\"_ _2\"></span>variabile, e <span class=\"_ _2\"></span>non<span class=\"_ _df\"> </span>\u00e8  stata  p<span class=\"_ _1\"></span>osta  in <span class=\"_ _16\"> </span>essere <span class=\"_ _16\"> </span>alcun <span class=\"_ _16\"> </span>tipo  di <span class=\"_ _16\"> </span>copertura  speci<span class=\"_ _1\"></span>fica,  mentre  sono <span class=\"_ _9\"> </span>s<span class=\"_ _2\"></span>tate <span class=\"_ _16\"> </span>poste  in <span class=\"_ _9\"> </span>essere<span class=\"_ _df\"> </span>coperture di Macro Fair Value He<span class=\"_ _1\"></span>dge delle poste a vista, cos\u00ec co<span class=\"_ _1\"></span>me descritto nell<span class=\"_ _1\"></span>a parte E, sezione<span class=\"_ _df\"> </span>1.3.2. della presente nota. Si <span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>egnala <span class=\"_ _2\"></span>che, <span class=\"_ _d\"></span>a <span class=\"_ _d\"></span>seguito <span class=\"_ _2\"></span>delle <span class=\"_ _d\"></span>modifiche <span class=\"_ _d\"></span>apportate <span class=\"_ _d\"></span>al <span class=\"_ _2\"></span>funzionamento<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>del <span class=\"_ _2\"></span>mercato <span class=\"_ _d\"></span>interbancario<span class=\"_ _df\"> </span>collateralizzato, <span class=\"_ _2\"></span>con <span class=\"_ _2\"></span>cons<span class=\"_ _2\"></span>eguente <span class=\"_ _2\"></span>trasferimento <span class=\"_ _d\"></span>alla <span class=\"_ _2\"></span>Cassa <span class=\"_ _d\"></span>di <span class=\"_ _2\"></span>Compensazione <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>Gar<span class=\"_ _2\"></span>anzia <span class=\"_ _2\"></span>ed <span class=\"_ _2\"></span>alla<span class=\"_ _df\"> </span>Monte <span class=\"_ _2\"></span>Titoli <span class=\"_ _d\"></span>delle <span class=\"_ _d\"></span>funzioni <span class=\"_ _d\"></span>finora <span class=\"_ _d\"></span>svolte <span class=\"_ _d\"></span>dalla <span class=\"_ _2\"></span>Banca <span class=\"_ _d\"></span>d\u2019Italia, <span class=\"_ _d\"></span>nella <span class=\"_ _d\"></span>voce <span class=\"_ _2\"></span>3.1 <span class=\"_ _d\"></span>\u201cPronti <span class=\"_ _d\"></span>contr<span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>termine<span class=\"_ _df\"> </span>passivi\u201d sono presenti i finanzi<span class=\"ff4\">amenti, per <span class=\"ls1\">1.</span>330,3 milioni di euro, ricevu<span class=\"_ _1\"></span>ti dal suddetto mercato.<span class=\"_ _df\"> </span></span>La <span class=\"_ _0\"></span>r<span class=\"_ _2\"></span>accolta <span class=\"_ _0\"></span>diretta <span class=\"_ _9\"> </span>bancaria <span class=\"_ _9\"> </span>da <span class=\"_ _9\"> </span>clientela <span class=\"_ _0\"></span>ha <span class=\"_ _9\"> </span>manifestat<span class=\"_ _2\"></span>o <span class=\"_ _0\"></span>un <span class=\"_ _9\"> </span>trend <span class=\"_ _0\"> </span>cr<span class=\"_ _2\"></span>escente <span class=\"_ _0\"></span>grazie <span class=\"_ _9\"> </span>al <span class=\"_ _9\"> </span>continuo<span class=\"_ _df\"> </span>sviluppo <span class=\"_ _0\"></span>commerciale <span class=\"_ _9\"> </span>e <span class=\"_ _9\"> </span>a <span class=\"_ _9\"> </span>testimonianza <span class=\"_ _9\"> </span>della <span class=\"_ _0\"> </span>pref<span class=\"_ _2\"></span>erenza <span class=\"_ _0\"></span>acc<span class=\"_ _2\"></span>ordata <span class=\"_ _0\"> </span>dalla <span class=\"_ _9\"> </span>clientela <span class=\"_ _9\"> </span>alle <span class=\"_ _9\"> </span>reti  del<span class=\"_ _df\"> </span>Gruppo.<span class=\"_ _df\"> </span>1.3 P<span class=\"_ _1\"></span>assi<span class=\"_ _1\"></span>vit\u00e0 fina<span class=\"_ _f\"></span>nziarie v<span class=\"_ _1\"></span>alut<span class=\"_ _1\"></span>ate <span class=\"_ _1\"></span>al cos<span class=\"_ _1\"></span>to a<span class=\"_ _f\"></span>mmortizz<span class=\"_ _1\"></span>ato:<span class=\"_ _1\"></span> com<span class=\"_ _1\"></span>posi<span class=\"_ _f\"></span>zione mer<span class=\"_ _1\"></span>ceo<span class=\"_ _1\"></span>logica<span class=\"_ _f\"></span> dei tito<span class=\"_ _f\"></span>li in circo<span class=\"_ _1\"></span>lazio<span class=\"_ _1\"></span>ne <table class=\"s wbbb h4f7\" id=\"_7f2d7305-5f69-4e94-987d-9ef28f907d26\"><tr><td></td><td></td><td></td><td></td><td class=\"c x59a y2aa2 w417 h4e\"><div class=\"t m0 x66 h1f y71 ff4 fs7 fc4 sc3 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale </div></td><td></td><td></td><td></td><td class=\"c x59b y2aa2 w418 h4e\"><div class=\"t m0 x66 h1f y71 ff4 fs7 fc4 sc3 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale </div></td><td></td></tr><tr><td></td><td></td><td></td><td class=\"c x59a y2aa3 w417 h4e\" colspan=\"2\"><div class=\"t m0 xe7 h1f y71 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/<span class=\"_ _f\"></span>2025 </div></td><td></td><td></td><td class=\"c x59b y2aa3 w418 h4e\" colspan=\"2\"><div class=\"t m0 xe7 h1f y71 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/<span class=\"_ _f\"></span>2024 </div></td><td></td></tr><tr><td class=\"c x44e y2aa4 w25b h281\"><div class=\"t m0 x37 h1f y1143 ff4 fs7 fc4 sc3 ls0 ws0\">Tipol<span class=\"_ _f\"></span>ogia tito<span class=\"_ _f\"></span>li/Valor<span class=\"_ _f\"></span>i </div></td><td></td><td class=\"c x59a y2aa4 w177 h282\"><div class=\"t m0 x55 h1f ycd3 ff4 fs7 fc4 sc3 ls6c ws0\">VB<span class=\"ls0\"> </span></div></td><td></td><td class=\"c x59c y2aa5 w22c h159\"><div class=\"t m0 x7 h1f y61e ff4 fs7 fc4 sc3 ls0 ws0\">Fair<span class=\"_ _f\"></span> Value </div></td><td></td><td class=\"c x59b y2aa4 w177 h282\"><div class=\"t m0 x55 h1f ycd3 ff4 fs7 fc4 sc3 ls6c ws0\">VB<span class=\"ls0\"> </span></div></td><td></td><td class=\"c x59d y2aa5 w419 h159\"><div class=\"t m0 x7 h1f y61e ff4 fs7 fc4 sc3 ls0 ws0\">Fair<span class=\"_ _f\"></span> Value </div></td><td></td></tr><tr><td></td><td></td><td></td><td class=\"c x59c y2aa4 w17c h159\"><div class=\"t m0 x39 h1f y61e ff4 fs7 fc4 sc3 lsc7 ws0\">L1<span class=\"ls0\"> </span></div></td><td class=\"c x59e y2aa4 w41a h159\"><div class=\"t m0 x55 h1f y61e ff4 fs7 fc4 sc3 lsc7 ws0\">L2<span class=\"ls0\"> </span></div></td><td class=\"c x59f y2aa4 w2af h159\"><div class=\"t m0 x55 h1f y61e ff4 fs7 fc4 sc3 lsc7 ws0\">L3<span class=\"ls0\"> </span></div></td><td></td><td class=\"c x594 y2aa4 w176 h159\"><div class=\"t m0 x39 h1f y61e ff4 fs7 fc4 sc3 lsc7 ws0\">L1<span class=\"ls0\"> </span></div></td><td class=\"c x533 y2aa4 w2af h159\"><div class=\"t m0 x55 h1f y61e ff4 fs7 fc4 sc3 lsc7 ws0\">L2<span class=\"ls0\"> </span></div></td><td class=\"c x5a0 y2aa4 w2bd h159\"><div class=\"t m0 x55 h1f y61e ff4 fs7 fc4 sc3 lsc7 ws0\">L3<span class=\"ls0\"> </span></div></td></tr><tr><td class=\"c x44e y2aa6 w41b hc8\"><div class=\"t m0 x10 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">A. Tit<span class=\"_ _f\"></span>oli </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 x44e y2aa7 w41b hc8\"><div class=\"t m0 x2f h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">1. obbligazioni </div></td><td></td><td class=\"c x59a y2aa7 w168 hc8\"><div class=\"t m0 x8a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">4.356.502 </div></td><td class=\"c x59c y2aa7 w168 hc8\"><div class=\"t m0 x8a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">4.077.260 </div></td><td class=\"c x59e y2aa7 w3b8 hc8\"><div class=\"t m0 x2f h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">415.347 </div></td><td class=\"c x59f y2aa7 w2af hc8\"><div class=\"t m0 x30 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x59b y2aa7 w168 hc8\"><div class=\"t m0 xab h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">4.233.961 </div></td><td class=\"c x59d y2aa7 w16e hc8\"><div class=\"t m0 x8a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">4.149.806</div></td><td class=\"c x533 y2aa7 w1bd hc8\"><div class=\"t m0 x8e h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">183.433 </div></td><td class=\"c x5a0 y2aa7 w3b8 hc8\"><div class=\"t m0 x30 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2aa8 w41b hc8\"><div class=\"t m0 x39 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">1.1 strutturate </div></td><td></td><td class=\"c x59a y2aa8 w168 hc8\"><div class=\"t m0 x16a h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">928.327 </div></td><td class=\"c x59c y2aa8 w168 hc8\"><div class=\"t m0 x2f h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">984.996 </div></td><td class=\"c x59e y2aa8 w3b8 hc8\"><div class=\"t m0 x30 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x59f y2aa8 w2af hc8\"><div class=\"t m0 x30 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x59b y2aa8 w168 hc8\"><div class=\"t m0 x116 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">927.585 </div></td><td class=\"c x59d y2aa8 w16e hc8\"><div class=\"t m0 x116 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">994.931 </div></td><td class=\"c x533 y2aa8 w1bd hc8\"><div class=\"t m0 x30 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5a0 y2aa8 w3b8 hc8\"><div class=\"t m0 x30 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2aa9 w41b hc8\"><div class=\"t m0 x39 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">1.2 altre </div></td><td></td><td class=\"c x59a y2aa9 w168 hc8\"><div class=\"t m0 xab h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">3.428.175 </div></td><td class=\"c x59c y2aa9 w168 hc8\"><div class=\"t m0 x8a h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">3.092.264 </div></td><td class=\"c x59e y2aa9 w3b8 hc8\"><div class=\"t m0 x2f h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">415.347 </div></td><td class=\"c x59f y2aa9 w2af hc8\"><div class=\"t m0 x30 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x59b y2aa9 w168 hc8\"><div class=\"t m0 x8a h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">3.306.376 </div></td><td class=\"c x59d y2aa9 w16e hc8\"><div class=\"t m0 xab h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">3.154.875 </div></td><td class=\"c x533 y2aa9 w1bd hc8\"><div class=\"t m0 x8e h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">183.433 </div></td><td class=\"c x5a0 y2aa9 w3b8 hc8\"><div class=\"t m0 x30 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2aaa w41b hc8\"><div class=\"t m0 x2f h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">2. altri titoli </div></td><td></td><td class=\"c x59a y2aaa w168 hc8\"><div class=\"t m0 x2e h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">162.012 </div></td><td class=\"c x59c y2aaa w168 hc8\"><div class=\"t m0 x36 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x59e y2aaa w3b8 hc8\"><div class=\"t m0 x30 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x59f y2aaa w2af hc8\"><div class=\"t m0 x116 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">162.012 </div></td><td class=\"c x59b y2aaa w168 hc8\"><div class=\"t m0 x55 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">211.194 </div></td><td class=\"c x59d y2aaa w16e hc8\"><div class=\"t m0 x36 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x533 y2aaa w1bd hc8\"><div class=\"t m0 x30 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5a0 y2aaa w3b8 hc8\"><div class=\"t m0 x2a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">211.194 </div></td></tr><tr><td class=\"c x44e y2aab w41b hc8\"><div class=\"t m0 x39 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">2.1 strutturate </div></td><td></td><td class=\"c x59a y2aab w168 hc8\"><div class=\"t m0 x36 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x59c y2aab w168 hc8\"><div class=\"t m0 x36 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x59e y2aab w3b8 hc8\"><div class=\"t m0 x30 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x59f y2aab w2af hc8\"><div class=\"t m0 x30 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x59b y2aab w168 hc8\"><div class=\"t m0 x36 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x59d y2aab w16e hc8\"><div class=\"t m0 x36 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x533 y2aab w1bd hc8\"><div class=\"t m0 x30 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5a0 y2aab w3b8 hc8\"><div class=\"t m0 x30 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2aac w41b hc8\"><div class=\"t m0 x39 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">2.2 altre </div></td><td></td><td class=\"c x59a y2aac w168 hc8\"><div class=\"t m0 x2e h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">162.012 </div></td><td class=\"c x59c y2aac w168 hc8\"><div class=\"t m0 x36 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x59e y2aac w3b8 hc8\"><div class=\"t m0 x30 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x59f y2aac w2af hc8\"><div class=\"t m0 x116 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">162.012 </div></td><td class=\"c x59b y2aac w168 hc8\"><div class=\"t m0 x55 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">211.194 </div></td><td class=\"c x59d y2aac w16e hc8\"><div class=\"t m0 x36 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x533 y2aac w1bd hc8\"><div class=\"t m0 x30 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5a0 y2aac w3b8 hc8\"><div class=\"t m0 x2a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">211.194 </div></td></tr><tr><td></td><td class=\"c x44e y2aad w41b h227\"><div class=\"t m0 xa1 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale </div></td><td class=\"c x59a y2aad w168 h227\"><div class=\"t m0 xac h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">4.51<span class=\"_ _1\"></span>8.514<span class=\"_ _f\"></span> </div></td><td class=\"c x59c y2aad w168 h227\"><div class=\"t m0 xab h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">4.077<span class=\"_ _1\"></span>.26<span class=\"_ _1\"></span>0 </div></td><td class=\"c x59e y2aad w3b8 h227\"><div class=\"t m0 x16a h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">415.3<span class=\"_ _f\"></span>47 </div></td><td class=\"c x59f y2aad w2af h227\"><div class=\"t m0 x116 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">162.<span class=\"_ _1\"></span>012<span class=\"_ _1\"></span> </div></td><td class=\"c x59b y2aad w168 h227\"><div class=\"t m0 xab h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">4.445<span class=\"_ _1\"></span>.155<span class=\"_ _f\"></span> </div></td><td class=\"c x59d y2aad w16e h227\"><div class=\"t m0 xab h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">4.149<span class=\"_ _f\"></span>.806 </div></td><td class=\"c x533 y2aad w1bd h227\"><div class=\"t m0 x2f h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">183.<span class=\"_ _1\"></span>433<span class=\"_ _1\"></span> </div></td><td class=\"c x5a0 y2aad w3b8 h227\"><div class=\"t m0 x2e h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">211.19<span class=\"_ _f\"></span>4 </div></td></tr></table>Lege<span class=\"_ _f\"></span>nda: VB= Valore di bi<span class=\"_ _1\"></span>lancio L1= Livello 1 L2= Livello 2 L3= Livello 3 Nella voce \u201caltri titoli\u201d sono classificati<span class=\"ff4\"> i certificati di deposito. </span>In <span class=\"_ _22\"> </span>relazione <span class=\"_ _4\"> </span>alle  attivit\u00e0 <span class=\"_ _4\"> </span>di  emissione <span class=\"_ _4\"> </span>di  str<span class=\"_ _2\"></span>umenti  obbligazionari, <span class=\"_ _4\"> </span>nel<span class=\"_ _1\"></span> <span class=\"_ _4\"> </span>mese  di <span class=\"_ _4\"> </span>maggio  2025, CredemHolding <span class=\"_ _2\"></span>S.p.A. <span class=\"_ _2\"></span>ha <span class=\"_ _d\"></span>collocato <span class=\"_ _d\"></span>uno <span class=\"_ _2\"></span>strumento <span class=\"_ _d\"></span>subordinato Ti<span class=\"ls0\">er <span class=\"_ _2\"></span>2</span> <span class=\"_ _2\"></span>per <span class=\"_ _d\"></span>nominali <span class=\"_ _2\"></span>200 <span class=\"_ _d\"></span>milioni <span class=\"_ _2\"></span>di euro <span class=\"_ _19\"> </span>con <span class=\"_ _19\"> </span>scadenza <span class=\"_ _19\"> </span>maggio <span class=\"_ _19\"> </span>2037 <span class=\"_ _19\"> </span>e <span class=\"_ _19\"> </span>possibilit\u00e0 <span class=\"_ _18\"> </span>di <span class=\"_ _19\"> </span>r<span class=\"_ _2\"></span>imborso <span class=\"_ _19\"> </span>anticip<span class=\"_ _1\"></span>ato <span class=\"_ _19\"> </span>a <span class=\"_ _19\"> </span>maggio <span class=\"_ _19\"> </span>2032. Contestualmente, \u00e8 st<span class=\"_ _2\"></span>ato<span class=\"_ _1\"></span> emesso <span class=\"_ _2\"></span>da parte di Credem Banca un prestito <span class=\"_ _2\"></span>subordinato Tier 2 con le medesime <span class=\"_ _9\"> </span>caratteristiche <span class=\"_ _9\"> </span>interamente <span class=\"_ _9\"> </span>s<span class=\"_ _2\"></span>ottoscritto <span class=\"_ _16\"> </span>da <span class=\"_ _9\"> </span>CredemHolding<span class=\"_ _1\"></span> <span class=\"_ _9\"> </span>S.p.A.. <span class=\"_ _9\"> </span>A  g<span class=\"_ _1\"></span>iugno <span class=\"_ _9\"> </span>2025<span class=\"_ _2\"></span> <span class=\"_ _9\"> </span>\u00e8 stato perfezionato il<span class=\"_ _f\"></span> rinnovo annuale<span class=\"_ _f\"></span> del programma EMTN, all<span class=\"_ _f\"></span>ineandolo alle p<span class=\"_ _1\"></span>i\u00f9 recenti normativ<span class=\"_ _1\"></span>e vigenti. <span class=\"_ _2\"></span>Nel <span class=\"_ _d\"></span>mese <span class=\"_ _d\"></span>di <span class=\"_ _2\"></span>ott<span class=\"_ _2\"></span>obre <span class=\"_ _2\"></span>2025, <span class=\"_ _d\"></span>CredemHolding <span class=\"_ _2\"></span>ha <span class=\"_ _d\"></span>esercitato <span class=\"_ _d\"></span>l\u2019opzione<span class=\"_ _1\"></span> <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>rimborso <span class=\"_ _d\"></span>anticipato prevista p<span class=\"_ _1\"></span>er il<span class=\"_ _1\"></span> prestito<span class=\"_ _1\"></span> obbl<span class=\"_ _1\"></span>igazionario <span class=\"_ _f\"></span>subordinato Tier <span class=\"_ _f\"></span>2 eme<span class=\"_ _1\"></span>sso <span class=\"_ _f\"></span>nel 2020 p<span class=\"_ _1\"></span>er <span class=\"_ _1\"></span>nominali <span class=\"_ _1\"></span>200 mil<span class=\"_ _1\"></span>ioni di <span class=\"_ _d\"></span>euro <span class=\"_ _0\"></span>e, <span class=\"_ _0\"></span>contestualmente, <span class=\"_ _d\"></span>Cr<span class=\"_ _2\"></span>ede<span class=\"_ _1\"></span>mBanca <span class=\"_ _0\"></span>ha <span class=\"_ _0\"></span>rimborsato <span class=\"_ _d\"></span>ant<span class=\"_ _2\"></span>icipatamente <span class=\"_ _d\"></span>la <span class=\"_ _0\"></span>relativa <span class=\"_ _d\"></span>emissione \u201cmirror\u201d interamente sottoscritta in fase di emissione d<span class=\"_ _1\"></span>a CredemHolding.<span class=\"_ _2\"></span><span class=\"ff4\"> </span>Nell\u2019a<span class=\"ff4\">mbito <span class=\"_ _d\"></span>del <span class=\"_ _d\"></span>programma <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>Obbligazioni <span class=\"_ _d\"></span>Bancarie <span class=\"_ _d\"></span>Garantite <span class=\"_ _d\"></span>da <span class=\"_ _0\"></span>Credem <span class=\"_ _2\"></span>CB, <span class=\"_ _d\"></span>i<span class=\"_ _2\"></span>l <span class=\"_ _d\"></span>valore <span class=\"_ _d\"></span>nominale </span>delle emissioni <span class=\"_ _2\"></span>in circolazion<span class=\"_ _2\"></span>e a <span class=\"_ _2\"></span>fine dicembre <span class=\"_ _2\"></span>2025 <span class=\"_ _2\"></span>\u00e8 r<span class=\"_ _2\"></span>isultato pari <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>3,6 <span class=\"_ _2\"></span>miliardi di <span class=\"_ _2\"></span>euro, dei <span class=\"_ _2\"></span>quali 1,75 <span class=\"_ _2\"></span>miliardi <span class=\"_ _d\"></span>di <span class=\"_ _2\"></span>euro <span class=\"_ _d\"></span>rappresentati <span class=\"_ _2\"></span>da <span class=\"_ _2\"></span>emissioni self-retained<span class=\"_ _df\"> </span>. <span class=\"_ _2\"></span><span class=\"ls0\">Ne<span class=\"_ _2\"></span>l <span class=\"_ _2\"></span>mese <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>dicembre <span class=\"_ _2\"></span>20<span class=\"_ _2\"></span>25 <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _2\"></span>st<span class=\"_ _2\"></span>ato </span>emesso <span class=\"_ _f\"></span>un nuov<span class=\"_ _1\"></span>o <span class=\"_ _1\"></span>European <span class=\"_ _f\"></span>Covered B<span class=\"_ _1\"></span>ond (<span class=\"_ _1\"></span>Premium) <span class=\"_ _f\"></span>di e <span class=\"_ _f\"></span>tipo self-retained <span class=\"_ _f\"></span>p<span class=\"_ _2\"></span>er <span class=\"_ _f\"></span>un v<span class=\"_ _1\"></span>alore <span class=\"_ _1\"></span>nominale di <span class=\"_ _1\"></span>750 milioni<span class=\"_ _1\"></span> di<span class=\"_ _1\"></span> eu<span class=\"_ _1\"></span>ro. Quest\u2019ultima <span class=\"_ _f\"></span>risulta idone<span class=\"_ _1\"></span>a pe<span class=\"_ _1\"></span>r operazioni <span class=\"_ _f\"></span>di rifinanzi<span class=\"_ _1\"></span>amento presso <span class=\"_ _f\"></span>la Banca<span class=\"_ _f\"></span> Centrale  Europea  e  si <span class=\"_ _16\"> </span>presta  come  attivit\u00e0  di  livello  1  ai <span class=\"_ _16\"> </span>fini  del  Liquidity  Coverage<span class=\"_ _1\"></span>  Ratio  per potenziali controparti prenditrici di collaterale in ope<span class=\"_ _1\"></span>razioni di repurchase agreement. Nel  mese<span class=\"_ _1\"></span>  di  nov<span class=\"_ _1\"></span>embre  2025 <span class=\"_ _16\"> </span>\u00e8  stato  pe<span class=\"_ _1\"></span>rfezionato  il <span class=\"_ _9\"> </span>r<span class=\"_ _2\"></span>innovo <span class=\"_ _16\"> </span>annuale  del <span class=\"_ _16\"> </span>Programma  OBG.<span class=\"_ _1\"></span>  Le modifi<span class=\"ff5\">che <span class=\"_ _1\"></span>al Base <span class=\"_ _f\"></span>Pros<span class=\"_ _2\"></span>pectus <span class=\"_ _f\"></span>ha<span class=\"_ _2\"></span>nno <span class=\"_ _1\"></span>riguardato princ<span class=\"_ _1\"></span>ipalmente l\u2019aggiornamento <span class=\"_ _1\"></span>dei d<span class=\"_ _1\"></span>ati finanziari<span class=\"_ _1\"></span> </span>e l\u2019adeguamento normativo della docu<span class=\"_ _1\"></span>mentazione d\u2019offerta alla miglior prassi di mercato vi<span class=\"_ _1\"></span>gente.<span class=\"_ _2\"></span><span class=\"ff4\"> </span>Per <span class=\"_ _0\"></span>quanto <span class=\"_ _d\"></span>r<span class=\"_ _2\"></span>iguarda <span class=\"_ _d\"></span>l\u2019operativit\u00e0 <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>mercato <span class=\"_ _d\"></span>mo<span class=\"_ _2\"></span>netario <span class=\"_ _d\"></span>a <span class=\"_ _0\"></span>valere <span class=\"_ _d\"></span>sul<span class=\"_ _2\"></span><span class=\"ff4\"> <span class=\"_ _0\"></span>Programma <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>Emissione <span class=\"_ _d\"></span>di </span>Cambiali Finanziarie di Credito Emiliano, nel corso <span class=\"_ _2\"></span>del 2025, sono state collocate 12 emissioni, per un <span class=\"_ _1\"></span>ammontare complessivo <span class=\"_ _f\"></span>di circa 382 <span class=\"_ _f\"></span>milioni di <span class=\"_ _f\"></span>euro e p<span class=\"_ _1\"></span>er un <span class=\"_ _f\"></span>v<span class=\"_ _2\"></span>alore <span class=\"_ _1\"></span>nominale <span class=\"_ _1\"></span>outstanding a <span class=\"_ _f\"></span>fine dicembre 2025 di 164 milioni di euro. Inoltre,  nel  corso  dell\u2019esercizio  2025  il  Gruppo  \u00e8  risultato  attivo  nell\u2019operativit\u00e0  di  raccolta  in depositi <span class=\"_ _2\"></span>unsecured <span class=\"_ _d\"></span>a <span class=\"_ _d\"></span>breve <span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>ermine <span class=\"_ _2\"></span>con <span class=\"_ _d\"></span>il <span class=\"_ _d\"></span>Ministero <span class=\"_ _d\"></span>dell'Economia <span class=\"_ _2\"></span>e <span class=\"_ _d\"></span>delle <span class=\"_ _d\"></span>Finanze <span class=\"_ _2\"></span>(MEF), <span class=\"_ _d\"></span>con <span class=\"_ _d\"></span>un<span class=\"_ _df\"> </span>importo medio <span class=\"_ _2\"></span>di circa 115 <span class=\"_ _2\"></span>milioni di euro, mentre <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>fine dicembre <span class=\"_ _2\"></span>la raccolta <span class=\"_ _2\"></span>\u00e8 risultata pari <span class=\"_ _2\"></span>a 900<span class=\"_ _df\"> </span> milioni di euro.<span class=\"_ _df\"> </span> Infine <span class=\"_ _d\"></span>nel <span class=\"_ _d\"></span>corso <span class=\"_ _d\"></span>del <span class=\"_ _d\"></span>2025, <span class=\"_ _d\"></span>s<span class=\"_ _2\"></span>ono <span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>tati <span class=\"_ _d\"></span>negoziati <span class=\"_ _d\"></span>operazioni <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>repo <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>raccolta <span class=\"_ _d\"></span>a <span class=\"_ _0\"></span>breve <span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>ermine <span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>ul<span class=\"_ _df\"> </span> covered <span class=\"_ _9\"> </span>bond <span class=\"_ _9\"> </span>retained  e<span class=\"_ _1\"></span>messo  a <span class=\"_ _9\"> </span>gennaio <span class=\"_ _9\"> </span>2024, <span class=\"_ _9\"> </span>per  u<span class=\"_ _1\"></span>n <span class=\"_ _9\"> </span>importo  p<span class=\"_ _1\"></span>ari <span class=\"_ _9\"> </span>a <span class=\"_ _9\"> </span>20<span class=\"_ _2\"></span>0 <span class=\"_ _9\"> </span>milioni <span class=\"_ _9\"> </span>nominali,<span class=\"_ _2\"></span> <span class=\"_ _9\"> </span><span class=\"ls7e\">e<span class=\"_ _df\"> </span></span><span class=\"ls7e\"> </span>ulteriori <span class=\"_ _0\"></span>200<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>milioni <span class=\"_ _9\"> </span>con <span class=\"_ _9\"> </span>sottostanti <span class=\"_ _0\"></span>t<span class=\"_ _2\"></span>itoli <span class=\"_ _0\"></span>senior<span class=\"_ _df\"> </span> financial <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>propriet\u00e0 <span class=\"_ _0\"> </span>che <span class=\"_ _9\"> </span>hanno <span class=\"_ _9\"> </span>port<span class=\"_ _2\"></span>ato <span class=\"_ _0\"></span>a <span class=\"_ _9\"> </span>fine<span class=\"_ _df\"> </span> dicembre <span class=\"_ _0\"></span>il <span class=\"_ _9\"> </span>nominale <span class=\"_ _0\"></span>d<span class=\"_ _2\"></span>elle <span class=\"_ _0\"></span>operazioni <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>pronti <span class=\"_ _9\"> </span>contro <span class=\"_ _9\"> </span>termine <span class=\"_ _0\"></span>di <span class=\"_ _9\"> </span>raccolta <span class=\"_ _9\"> </span>con <span class=\"_ _9\"> </span>sottostanti <span class=\"_ _0\"></span>titoli<span class=\"_ _df\"> </span> obbligazionari non governativi a comple<span class=\"_ _1\"></span>ssivi nominali 6<span class=\"_ _2\"></span>00 milioni di euro.<span class=\"_ _df\"> </span>1.4 De<span class=\"_ _1\"></span>ttagl<span class=\"_ _1\"></span>io de<span class=\"_ _1\"></span>i deb<span class=\"_ _1\"></span>iti/ti<span class=\"_ _1\"></span>toli <span class=\"_ _1\"></span>subo<span class=\"_ _1\"></span>rdinat<span class=\"_ _f\"></span>i  Grup<span class=\"_ _1\"></span>po Ba<span class=\"_ _f\"></span>ncario<span class=\"_ _df\"> </span> Principali caratteristiche contrattuali delle passivi<span class=\"_ _1\"></span>t\u00e0 subordinate:<span class=\"_ _df\"> </span><span class=\"_ _2\"></span> <span class=\"_ _27\"> </span><span class=\"ff5\">\u201cCREDITO<span class=\"ff4\"> <span class=\"_ _15\"> </span>EMILIANO <span class=\"_ _15\"> </span>22/32 <span class=\"_ _e\"> </span>SUBORDINATO <span class=\"_ _15\"> </span>7,625 <span class=\"_ _e\"> </span></span>SUB\u201d<span class=\"ff4\"> <span class=\"_ _15\"> </span>(ISIN <span class=\"_ _e\"> </span>IT0005497117) <span class=\"_ _15\"> </span><span class=\"ls39\">per<span class=\"_ _df\"> </span></span></span></span><span class=\"ff5\"><span class=\"ff4\"> </span></span>200<span class=\"_ _1\"></span>.00<span class=\"_ _1\"></span>0.00<span class=\"_ _f\"></span>0,00 <span class=\"_ _d\"></span><span class=\"ff5\">\u20ac</span> <span class=\"_ _2\"></span>cost<span class=\"_ _2\"></span>ituito <span class=\"_ _d\"></span><span class=\"ls39\">da</span> <span class=\"_ _d\"></span><span class=\"ls13\">n.</span> <span class=\"_ _d\"></span>2.000<span class=\"_ _2\"></span>.<span class=\"_ _1\"></span>000,00 <span class=\"_ _d\"></span>obbligazioni <span class=\"_ _d\"></span><span class=\"ls39\">del</span> <span class=\"_ _d\"></span>valore <span class=\"_ _d\"></span>nominale <span class=\"_ _d\"></span><span class=\"ls39\">di<span class=\"_ _df\"> </span></span> 100 <span class=\"ff5\">\u20ac</span> ca<span class=\"_ _f\"></span>daun<span class=\"_ _f\"></span>a.<span class=\"_ _df\"> </span> Le<span class=\"ls0\"> <span class=\"_ _9\"> </span>obbligazioni <span class=\"_ _9\"> </span>corrisponderanno <span class=\"_ _9\"> </span>cedole <span class=\"_ _0\"> </span>fiss<span class=\"_ _2\"></span>e <span class=\"_ _0\"></span>annuali <span class=\"_ _9\"> </span>pari <span class=\"_ _9\"> </span><span class=\"ls73\">al</span> <span class=\"_ _9\"> </span>7,625% <span class=\"_ _9\"> </span>annuo <span class=\"_ _9\"> </span>lordo<span class=\"_ _df\"> </span></span>fino  <span class=\"ls73\">al</span>  05/10/2027 poi tasso MS  5<span class=\"_ _2\"></span>Y + 5,514% annuo lordo.<span class=\"_ _df\"> </span>Il<span class=\"ls0\"> <span class=\"_ _0\"></span>prestito<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>scade <span class=\"_ _0\"></span><span class=\"ls1a\">il</span> <span class=\"_ _9\"> </span>05/10/2032 <span class=\"_ _0\"></span><span class=\"lsd0\">se</span> <span class=\"_ _9\"> </span>non <span class=\"_ _0\"> </span>verr\u00e0<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>esercitata <span class=\"_ _9\"> </span><span class=\"ff5\">l\u2019opzione</span> <span class=\"_ _0\"></span>call <span class=\"_ _0\"></span><span class=\"ls73\">al</span> <span class=\"_ _9\"> </span>05/07/2027<span class=\"_ _df\"> </span></span><span class=\"ls0\"> </span>che<span class=\"ls0\">  significher\u00e0 il rimborso <span class=\"_ _2\"></span>anticip<span class=\"_ _1\"></span>ato.<span class=\"_ _df\"> </span></span>Al <span class=\"_ _16\"> </span>31/12/2025  l<span class=\"_ _1\"></span>a  q<span class=\"_ _1\"></span>uantit\u00e0 <span class=\"_ _9\"> </span>r<span class=\"_ _2\"></span>esidua <span class=\"_ _9\"> </span>risulta  pari <span class=\"_ _9\"> </span>a  200.000.0<span class=\"_ _1\"></span>00,00 <span class=\"_ _16\"> </span>\u20ac <span class=\"_ _16\"> </span>costituita <span class=\"_ _16\"> </span>da <span class=\"_ _9\"> </span>n.<span class=\"_ _df\"> </span> 2.000.000  <span class=\"ff5\">obbligazioni del valore nominale di 100 \u20ac cadauna<span class=\"_ _df\"> </span></span>L\u2019obbligazione<span class=\"ff4\"> <span class=\"_ _1\"></span>\u00e8 stata interamente <span class=\"_ _f\"></span>so<span class=\"_ _2\"></span>ttoscritta <span class=\"ls39\">da</span> Cr<span class=\"_ _1\"></span>ed<span class=\"_ _f\"></span>emho<span class=\"_ _1\"></span>ldin<span class=\"_ _f\"></span>g.<span class=\"_ _df\"> </span></span><span class=\"_ _27\"> </span><span class=\"ff5\">\u201cCREDITO<span class=\"ff4\"> <span class=\"_ _e\"> </span>EMILIANO <span class=\"_ _e\"> </span>25/37 <span class=\"_ _e\"> </span>SUBORDINATO <span class=\"_ _15\"> </span>4<span class=\"_ _2\"></span>,612 <span class=\"_ _e\"> </span></span>SUB\u201d<span class=\"ff4\"> <span class=\"_ _e\"> </span>(ISINXS3078482281) <span class=\"_ _e\"> </span><span class=\"ls39\">per<span class=\"_ _df\"> </span></span></span></span><span class=\"ff5\"><span class=\"ff4\"> </span></span>200<span class=\"_ _1\"></span>.00<span class=\"_ _1\"></span>0.00<span class=\"_ _f\"></span>0,00 <span class=\"_ _d\"></span><span class=\"ff5\">\u20ac</span> <span class=\"_ _d\"></span>costituito <span class=\"_ _d\"></span><span class=\"ls39\">da<span class=\"_ _2\"></span></span> <span class=\"_ _2\"></span><span class=\"ls13\">n.</span> <span class=\"_ _d\"></span>2.000.000,00 <span class=\"_ _d\"></span>obbligazioni <span class=\"_ _d\"></span><span class=\"ls39\">del</span> <span class=\"_ _0\"></span>valore <span class=\"_ _d\"></span>nominale <span class=\"_ _d\"></span><span class=\"ls39\">di<span class=\"_ _df\"> </span></span> 100 <span class=\"ff5\">\u20ac</span> ca<span class=\"_ _f\"></span>daun<span class=\"_ _f\"></span>a.<span class=\"_ _df\"> </span> Le<span class=\"ls0\"> <span class=\"_ _9\"> </span>obbligazioni <span class=\"_ _9\"> </span>corrisponderanno<span class=\"_ _2\"></span> <span class=\"_ _9\"> </span>cedole <span class=\"_ _0\"> </span>fis<span class=\"ls2\">se</span> <span class=\"_ _9\"> </span>ann<span class=\"_ _2\"></span>uali <span class=\"_ _9\"> </span>pari <span class=\"_ _9\"> </span><span class=\"ls73\">al</span>  4,612% <span class=\"_ _0\"></span>annuo <span class=\"_ _9\"> </span>lordo<span class=\"_ _df\"> </span></span><span class=\"ls0\"> </span>fino  <span class=\"ls73\">al</span> <span class=\"_ _22\"> </span>21/05/2032 poi tasso MS <span class=\"_ _4\"> </span>5Y + 2,642% annuo lordo.<span class=\"_ _df\"> </span>Il<span class=\"ls0\"> <span class=\"_ _0\"></span>prestito <span class=\"_ _9\"> </span>scade <span class=\"_ _0\"></span><span class=\"ls1a\">il</span> <span class=\"_ _9\"> </span>27/05/2037 <span class=\"_ _0\"></span><span class=\"lsd0\">se</span> <span class=\"_ _0\"></span>non <span class=\"_ _9\"> </span>verr\u00e0 <span class=\"_ _0\"></span>esercitata <span class=\"_ _0\"></span><span class=\"ff5\">l\u2019opzione</span> <span class=\"_ _9\"> </span>call <span class=\"_ _0\"></span><span class=\"ls73\">al</span> <span class=\"_ _0\"></span>27/05/2032<span class=\"_ _df\"> </span></span><span class=\"ls0\"> </span>che<span class=\"ls0\">  significher\u00e0 il rimborso <span class=\"_ _2\"></span>anticip<span class=\"_ _1\"></span>ato.<span class=\"_ _df\"> </span></span>In <span class=\"_ _2\"></span>caso <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>liquid<span class=\"_ _f\"></span>a<span class=\"_ _2\"></span>zione <span class=\"_ _2\"></span>tutt<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>le <span class=\"_ _d\"></span>obbligazioni <span class=\"_ _2\"></span>subordinate <span class=\"_ _d\"></span>saranno <span class=\"_ _d\"></span>rimborsate <span class=\"_ _2\"></span>solo <span class=\"_ _d\"></span>dopo <span class=\"_ _2\"></span>che <span class=\"_ _d\"></span>siano<span class=\"_ _df\"> </span> stati soddisfatti tutti gli altri cred<span class=\"_ _1\"></span>itori non ugualmente subordinati.<span class=\"_ _df\"> </span><span class=\"_ _2\"></span> Le obbligazioni non sono coperte dalla garanzia del Fondo Interbanc<span class=\"_ _1\"></span>ario di Tutela dei Depositi.<span class=\"_ _df\"> </span><span class=\"_ _2\"></span> Impr<span class=\"_ _1\"></span>ese <span class=\"_ _f\"></span><span class=\"ls39\">di<span class=\"ls0\"> A<span class=\"_ _f\"></span>ssi<span class=\"_ _f\"></span>cur<span class=\"_ _1\"></span>az<span class=\"_ _f\"></span>ione<span class=\"_ _df\"> </span></span></span><span class=\"ls39\"><span class=\"ls0\"><span class=\"_ _f\"></span><span class=\"fc1 sc2\"> </span></span></span>In data <span class=\"_ _2\"></span>18 novembre 2025, Credemvita S.p.A., a <span class=\"_ _2\"></span>seguito dell\u2019autorizzazione rilasciata da <span class=\"_ _2\"></span>IVASS, ha<span class=\"_ _df\"> </span> dato <span class=\"_ _9\"> </span>corso <span class=\"_ _0\"></span>al <span class=\"_ _9\"> </span>rimborso <span class=\"_ _0\"></span>integrale <span class=\"_ _9\"> </span>del <span class=\"_ _0\"></span>prestito <span class=\"_ _9\"> </span>subordinato <span class=\"_ _0\"></span>\u201c<span class=\"_ _df\"> </span>Fixed <span class=\"_ _0\"></span>Rate <span class=\"_ _9\"> </span>Resettable <span class=\"_ _9\"> </span>Subordinated<span class=\"_ _df\"> </span> Notes due 18 February 2031<span class=\"_ _df\"> </span>\u201d di importo pari a 107,5 milioni d<span class=\"_ _1\"></span>i<span class=\"ff4\"> euro.<span class=\"_ _df\"> </span></span><span class=\"ff4\"> </span>1.5 De<span class=\"_ _1\"></span>ttag<span class=\"_ _1\"></span>lio d<span class=\"_ _1\"></span>ei deb<span class=\"_ _1\"></span>iti s<span class=\"_ _1\"></span>trutt<span class=\"_ _1\"></span>urat<span class=\"_ _1\"></span>i<span class=\"_ _df\"> </span> Non esistono, alla d<span class=\"_ _1\"></span>ata del b<span class=\"_ _1\"></span>ilancio, n\u00e9 al <span class=\"_ _f\"></span>31<span class=\"_ _2\"></span> di<span class=\"_ _1\"></span>cembre 2024, debiti strutturati verso banche<span class=\"_ _1\"></span> e ve<span class=\"_ _f\"></span>r<span class=\"_ _2\"></span>so<span class=\"_ _df\"> </span> clientela.<span class=\"_ _df\"> </span> 1.6 D<span class=\"_ _1\"></span>ebiti <span class=\"_ _1\"></span>per l<span class=\"_ _1\"></span>easi<span class=\"_ _1\"></span>ng  Alla data <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>31 dicembre <span class=\"_ _2\"></span>2025 <span class=\"_ _2\"></span>sono <span class=\"_ _2\"></span>presenti debiti <span class=\"_ _2\"></span>per<span class=\"fc18\"> <span class=\"_ _2\"></span></span>leasing IFRS16 <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>128,4 <span class=\"_ _2\"></span>milioni di <span class=\"_ _2\"></span>euro. Si<span class=\"_ _df\"> </span> allegano i flussi finanziari per i leasing con l'analisi de<span class=\"_ _1\"></span>lle scadenze:<span class=\"_ _2\"></span> <table class=\"s wbbc h4f8\" id=\"_1849babf-e6ef-4663-9161-aef4b35c5952\"><tr><td class=\"c x5a2 y2aae w41c h2b\"><div class=\"t m0 x8a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">Fino a 1 mese </div></td><td class=\"c x5a3 y2aae w41d h2b\"><div class=\"t m0 xe7 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\"> 5.427  </div></td></tr><tr><td class=\"c x5a2 y2aaf w41c h221\"><div class=\"t m0 x8a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">Oltre 1 mese e fi<span class=\"_ _1\"></span>no a 3 mesi </div></td><td class=\"c x5a3 y2aaf w41d h221\"><div class=\"t m0 x12a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\"> 529  </div></td></tr><tr><td class=\"c x5a2 y2ab0 w41c h2b\"><div class=\"t m0 x8a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">Oltre 3 mesi fin<span class=\"_ _f\"></span>o<span class=\"_ _2\"></span> a 1 ann<span class=\"_ _1\"></span>o </div></td><td class=\"c x5a3 y2ab0 w41d h2b\"><div class=\"t m0 x11f h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\"> 15.838  </div></td></tr><tr><td class=\"c x5a2 y2ab1 w41c h221\"><div class=\"t m0 x8a h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">Oltre 1 anno fin<span class=\"_ _1\"></span>o a 5 anni </div></td><td class=\"c x5a3 y2ab1 w41d h221\"><div class=\"t m0 xee h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\"> 63.095  </div></td></tr><tr><td class=\"c x5a2 y2ab2 w41c h2b\"><div class=\"t m0 x8a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">Oltre 5 anni </div></td><td class=\"c x5a3 y2ab2 w41d h2b\"><div class=\"t m0 xee h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\"> 43.508  </div></td></tr><tr><td class=\"c x5a2 y2ab3 w41c h221\"><div class=\"t m0 x8a h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale </div></td><td class=\"c x5a3 y2ab3 w41d h221\"><div class=\"t m0 x11d h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\"> <span class=\"sc2\">128.3<span class=\"_ _1\"></span>96</span><span class=\"sc2\"> </span><span class=\"sc2\"><span class=\"_ _f\"></span> </span></div></td></tr></table>Si <span class=\"_ _d\"></span>\u00e8 <span class=\"_ _d\"></span>adottata <span class=\"_ _d\"></span>la <span class=\"_ _d\"></span>metodologia <span class=\"_ _d\"></span>contabile <span class=\"_ _d\"></span>del <span class=\"_ _d\"></span>Micro <span class=\"_ _d\"></span>Fair <span class=\"_ _d\"></span>Value <span class=\"_ _d\"></span>Hedge <span class=\"_ _d\"></span>per <span class=\"_ _d\"></span>la <span class=\"_ _d\"></span>copertura <span class=\"_ _d\"></span>del <span class=\"_ _d\"></span>rischio <span class=\"_ _d\"></span>di<span class=\"_ _df\"> </span>tasso <span class=\"_ _0\"></span>associato <span class=\"_ _0\"></span>all\u2019emissione <span class=\"_ _d\"></span>di <span class=\"_ _0\"> </span>prest<span class=\"_ _2\"></span>iti <span class=\"_ _d\"></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>amm<span class=\"_ _2\"></span><span class=\"ff4\">ontare <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>circa<span class=\"_ _df\"> </span></span>2.0<span class=\"ls0\">50 milioni di euro.<span class=\"_ _df\"> </span></span>Titol<span class=\"_ _1\"></span>i in ci<span class=\"_ _1\"></span>rcola<span class=\"_ _1\"></span>zione <span class=\"_ _1\"></span>ogget<span class=\"_ _1\"></span>to d<span class=\"_ _1\"></span>i co<span class=\"_ _1\"></span>pertu<span class=\"_ _1\"></span>ra s<span class=\"_ _f\"></span>pecifica ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-753": {
   "value": "1.1 Pa<span class=\"_ _f\"></span>ssivit\u00e0 fi<span class=\"_ _1\"></span>nanzia<span class=\"_ _1\"></span>rie v<span class=\"_ _1\"></span>alut<span class=\"_ _1\"></span>ate <span class=\"_ _1\"></span>al co<span class=\"_ _f\"></span>sto amm<span class=\"_ _1\"></span>ortizz<span class=\"_ _1\"></span>ato: co<span class=\"_ _f\"></span>mposizi<span class=\"_ _f\"></span>one merce<span class=\"_ _f\"></span>ologica<span class=\"_ _f\"></span> dei debit<span class=\"_ _f\"></span>i verso <span class=\"_ _1\"></span>banche<span class=\"_ _f\"></span> <table class=\"s wbb5 h4f5\" id=\"_83e95904-315a-4177-94c9-b6dab07150f6\"><tr><td></td><td></td><td></td><td class=\"c x588 y2a82 we7 hbc\"><div class=\"t m0 xe8 h1f y32 ff4 fs7 fc4 sc3 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale </div></td><td></td><td></td><td></td><td class=\"c x589 y2a82 w401 hbc\"><div class=\"t m0 xec h1f y32 ff4 fs7 fc4 sc3 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale </div></td><td></td></tr><tr><td class=\"c x44e y2a83 w24d h27d\"><div class=\"t m0 x34 h1f y943 ff4 fs7 fc4 sc3 ls0 ws0\">Tipol<span class=\"_ _f\"></span>ogia op<span class=\"_ _f\"></span>erazion<span class=\"_ _1\"></span>i/Va<span class=\"_ _1\"></span>lori </div></td><td></td><td></td><td class=\"c x588 y2a84 we7 h4e\"><div class=\"t m0 x11f h1f y295 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/<span class=\"_ _f\"></span>2025 </div></td><td></td><td></td><td class=\"c x589 y2a84 w401 h4e\" colspan=\"2\"><div class=\"t m0 xf0 h1f y295 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/<span class=\"_ _f\"></span>2024 </div></td><td></td></tr><tr><td></td><td class=\"c x588 y2a83 w384 h24b\"><div class=\"t m0 x39 h1f y1498 ff4 fs7 fc4 sc3 ls6c ws0\">VB<span class=\"ls0\"> </span></div></td><td></td><td class=\"c x58a y2a85 w402 hbc\"><div class=\"t m0 x12 h1f y66c ff4 fs7 fc4 sc3 ls0 ws0\">Fair<span class=\"_ _f\"></span> Value </div></td><td></td><td class=\"c x589 y2a83 w8c h24b\"><div class=\"t m0 x39 h1f y1498 ff4 fs7 fc4 sc3 ls6c ws0\">VB<span class=\"ls0\"> </span></div></td><td class=\"c x514 y2a85 w403 hbc\" colspan=\"2\"><div class=\"t m0 x30 h1f y66c ff4 fs7 fc4 sc3 ls0 ws0\">Fair<span class=\"_ _f\"></span> Value </div></td><td></td></tr><tr><td></td><td></td><td class=\"c x58a y2a83 w404 h4e\"><div class=\"t m0 x8e h1f y71 ff4 fs7 fc4 sc3 lsc7 ws0\">L1<span class=\"ls0\"> </span></div></td><td class=\"c x58b y2a83 w405 h4e\"><div class=\"t m0 x48 h1f y71 ff4 fs7 fc4 sc3 lsc7 ws0\">L2<span class=\"ls0\"> </span></div></td><td class=\"c x58c y2a83 w1ca h4e\"><div class=\"t m0 x55 h1f y71 ff4 fs7 fc4 sc3 lsc7 ws0\">L3<span class=\"ls0\"> </span></div></td><td></td><td class=\"c x514 y2a83 w406 h4e\"><div class=\"t m0 xac h1f y71 ff4 fs7 fc4 sc3 lsc7 ws0\">L1<span class=\"ls0\"> </span></div></td><td class=\"c x58d y2a83 w1b2 h4e\"><div class=\"t m0 x39 h1f y71 ff4 fs7 fc4 sc3 lsc7 ws0\">L2<span class=\"ls0\"> </span></div></td><td class=\"c x58e y2a83 w2be h4e\"><div class=\"t m0 x2a h1f y71 ff4 fs7 fc4 sc3 lsc7 ws0\">L3<span class=\"ls0\"> </span></div></td></tr><tr><td class=\"c x44e y2a86 w407 h8a\"><div class=\"t m0 x10 h1f y153d ff4 fs7 fc1 sc2 ls0 ws0\">1. De<span class=\"_ _1\"></span>biti v<span class=\"_ _f\"></span>erso ba<span class=\"_ _f\"></span>nche cen<span class=\"_ _f\"></span>trali </div></td><td class=\"c x588 y2a86 w408 h8a\"><div class=\"t m0 x2e h1f y153d ff4 fs7 fc1 sc2 ls0 ws0\">700.3<span class=\"_ _f\"></span>34 </div></td><td class=\"c x58a y2a86 w409 h8a\"><div class=\"t m0 x2f h1f y153d ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x58b y2a86 w2b0 h8a\"><div class=\"t m0 x33 h1f y153d ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x58c y2a86 w1ca h8a\"><div class=\"t m0 x14 h1f y153d ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x589 y2a86 w130 h8a\"><div class=\"t m0 x55 h1f y153d ff4 fs7 fc1 sc2 ls0 ws0\">500.<span class=\"_ _1\"></span>044<span class=\"_ _f\"></span> </div></td><td class=\"c x514 y2a86 w40a h8a\"><div class=\"t m0 xac h1f y153d ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x58d y2a86 w162 h8a\"><div class=\"t m0 x48 h1f y153d ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x58e y2a86 w169 h8a\"><div class=\"t m0 x55 h1f y153d ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td></tr><tr><td class=\"c x44e y2a87 w40b hc8\"><div class=\"t m0 x10 h1f y28b ff4 fs7 fc1 sc2 ls2a ws0\">2.<span class=\"ls0\"> De<span class=\"_ _1\"></span>biti v<span class=\"_ _1\"></span>erso<span class=\"_ _1\"></span> ban<span class=\"_ _f\"></span>che</span><span class=\"ls0\"> </span></div></td><td class=\"c x588 y2a87 w408 hc8\"><div class=\"t m0 x8e h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">2.419<span class=\"_ _f\"></span>.685 </div></td><td class=\"c x58a y2a87 w409 hc8\"><div class=\"t m0 x2f h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x58b y2a87 w2b0 hc8\"><div class=\"t m0 x33 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x58c y2a87 w1ca hc8\"><div class=\"t m0 x14 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x589 y2a87 w130 hc8\"><div class=\"t m0 x2f h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">5.044<span class=\"_ _1\"></span>.513<span class=\"_ _f\"></span> </div></td><td class=\"c x514 y2a87 w40a hc8\"><div class=\"t m0 xac h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x58d y2a87 w162 hc8\"><div class=\"t m0 x48 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x58e y2a87 w169 hc8\"><div class=\"t m0 x55 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td></tr><tr><td class=\"c x44e y2a88 w40b h69\"><div class=\"t m0 x8e h1f y5b ff4 fs7 fc1 sc0 ls0 ws0\">2.1 Conti corrent<span class=\"_ _1\"></span>i e depositi a v<span class=\"_ _1\"></span>ista </div></td><td class=\"c x588 y2a88 w408 h69\"><div class=\"t m0 x14 h1f y5b ff4 fs7 fc1 sc0 ls0 ws0\">18.983 </div></td><td class=\"c x58a y2a88 w409 h69\"><div class=\"t m0 x2f h1f y5b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x58b y2a88 w2b0 h69\"><div class=\"t m0 x33 h1f y5b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x58c y2a88 w1ca h69\"><div class=\"t m0 x14 h1f y5b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x589 y2a88 w130 h69\"><div class=\"t m0 x48 h1f y5b ff4 fs7 fc1 sc0 ls0 ws0\">74.766 </div></td><td class=\"c x514 y2a88 w40a h69\"><div class=\"t m0 xac h1f y5b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x58d y2a88 w162 h69\"><div class=\"t m0 x48 h1f y5b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x58e y2a88 w169 h69\"><div class=\"t m0 x55 h1f y5b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td></tr><tr><td class=\"c x44e y2a89 w40b h69\"><div class=\"t m0 x8e h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">2.2 Depositi a scade<span class=\"_ _f\"></span>nza </div></td><td class=\"c x588 y2a89 w408 h69\"><div class=\"t m0 x35 h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">2.755 </div></td><td class=\"c x58a y2a89 w409 h69\"><div class=\"t m0 x2f h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x58b y2a89 w2b0 h69\"><div class=\"t m0 x33 h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x58c y2a89 w1ca h69\"><div class=\"t m0 x14 h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x589 y2a89 w130 h69\"><div class=\"t m0 x35 h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">2.260 </div></td><td class=\"c x514 y2a89 w40a h69\"><div class=\"t m0 xac h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x58d y2a89 w162 h69\"><div class=\"t m0 x48 h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x58e y2a89 w169 h69\"><div class=\"t m0 x55 h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td></tr><tr><td class=\"c x44e y2a8a w40b h69\"><div class=\"t m0 x8e h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">2.3 Finanziament<span class=\"_ _1\"></span>i </div></td><td class=\"c x588 y2a8a w408 h69\"><div class=\"t m0 xac h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">2.394.702 </div></td><td class=\"c x58a y2a8a w409 h69\"><div class=\"t m0 x2f h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x58b y2a8a w2b0 h69\"><div class=\"t m0 x33 h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x58c y2a8a w1ca h69\"><div class=\"t m0 x14 h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x589 y2a8a w130 h69\"><div class=\"t m0 xac h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">4.965.062 </div></td><td class=\"c x514 y2a8a w40a h69\"><div class=\"t m0 xac h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x58d y2a8a w162 h69\"><div class=\"t m0 x48 h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x58e y2a8a w169 h69\"><div class=\"t m0 x55 h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td></tr><tr><td class=\"c x44e y2a8b w40b h6a\"><div class=\"t m0 x55 h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">2.3.1 Pronti contr<span class=\"_ _f\"></span>o<span class=\"_ _2\"></span> termine p<span class=\"_ _f\"></span>assivi </div></td><td class=\"c x588 y2a8b w408 h6a\"><div class=\"t m0 xab h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">2.388.386 </div></td><td class=\"c x58a y2a8b w409 h6a\"><div class=\"t m0 x2f h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x58b y2a8b w2b0 h6a\"><div class=\"t m0 x33 h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x58c y2a8b w1ca h6a\"><div class=\"t m0 x14 h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x589 y2a8b w130 h6a\"><div class=\"t m0 xac h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">4.954.536 </div></td><td class=\"c x514 y2a8b w40a h6a\"><div class=\"t m0 xac h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x58d y2a8b w162 h6a\"><div class=\"t m0 x48 h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x58e y2a8b w169 h6a\"><div class=\"t m0 x55 h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td></tr><tr><td class=\"c x44e y2a8c w40b h69\"><div class=\"t m0 x55 h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">2.3.2 Altri </div></td><td class=\"c x588 y2a8c w408 h69\"><div class=\"t m0 x2c h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">6.316 </div></td><td class=\"c x58a y2a8c w409 h69\"><div class=\"t m0 x2f h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x58b y2a8c w2b0 h69\"><div class=\"t m0 x33 h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x58c y2a8c w1ca h69\"><div class=\"t m0 x14 h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x589 y2a8c w130 h69\"><div class=\"t m0 x33 h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">10.526 </div></td><td class=\"c x514 y2a8c w40a h69\"><div class=\"t m0 xac h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x58d y2a8c w162 h69\"><div class=\"t m0 x48 h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x58e y2a8c w169 h69\"><div class=\"t m0 x55 h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td></tr><tr><td class=\"c x58f y2a8d wbb6 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">2.4 Debiti per <span class=\"_ _1\"></span>impegni di riacquis<span class=\"_ _1\"></span>to di<span class=\"_ _df\"> </span></div></td><td class=\"c x588 y2a8e w408 had\"><div class=\"t m0 x13 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x58a y2a8e w409 had\"><div class=\"t m0 x2f h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x58b y2a8e w2b0 had\"><div class=\"t m0 x33 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x58c y2a8e w1ca had\"><div class=\"t m0 x14 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x589 y2a8e w130 had\"><div class=\"t m0 x96 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x514 y2a8e w40a had\"><div class=\"t m0 xac h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x58d y2a8e w162 had\"><div class=\"t m0 x48 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x58e y2a8e w169 had\"><div class=\"t m0 x55 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td></tr><tr><td class=\"c x58f y2a8f wbb7 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">propri strumen<span class=\"_ _1\"></span>ti patrimoniali<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x44e y2a90 w40b h69\"><div class=\"t m0 x8e h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">2.5 Debiti per lea<span class=\"_ _1\"></span>sing </div></td><td class=\"c x588 y2a90 w408 h69\"><div class=\"t m0 x13 h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x58a y2a90 w409 h69\"><div class=\"t m0 x2f h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x58b y2a90 w2b0 h69\"><div class=\"t m0 x33 h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x58c y2a90 w1ca h69\"><div class=\"t m0 x14 h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x589 y2a90 w130 h69\"><div class=\"t m0 x96 h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x514 y2a90 w40a h69\"><div class=\"t m0 xac h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x58d y2a90 w162 h69\"><div class=\"t m0 x48 h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x58e y2a90 w169 h69\"><div class=\"t m0 x55 h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td></tr><tr><td class=\"c x44e y2a91 w40b h69\"><div class=\"t m0 x8e h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">2.6 Altri debiti </div></td><td class=\"c x588 y2a91 w408 h69\"><div class=\"t m0 x32 h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">3.245 </div></td><td class=\"c x58a y2a91 w409 h69\"><div class=\"t m0 x2f h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x58b y2a91 w2b0 h69\"><div class=\"t m0 x33 h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x58c y2a91 w1ca h69\"><div class=\"t m0 x14 h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x589 y2a91 w130 h69\"><div class=\"t m0 x2c h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">2.425 </div></td><td class=\"c x514 y2a91 w40a h69\"><div class=\"t m0 xac h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x58d y2a91 w162 h69\"><div class=\"t m0 x48 h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x58e y2a91 w169 h69\"><div class=\"t m0 x55 h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td></tr><tr><td class=\"c x44e y2a92 w40b h69\"><div class=\"t m0 xd8 h1f y302 ff4 fs7 fc1 sc2 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale </div></td><td class=\"c x588 y2a92 w408 h69\"><div class=\"t m0 x16a h1f y302 ff4 fs7 fc1 sc2 ls0 ws0\">3.12<span class=\"_ _1\"></span>0.019<span class=\"_ _f\"></span> </div></td><td class=\"c x58a y2a92 w409 h69\"><div class=\"t m0 x16a h1f y302 ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td><td class=\"c x58b y2a92 w2b0 h69\"><div class=\"t m0 x8e h1f y302 ff4 fs7 fc1 sc2 ls0 ws0\">2.38<span class=\"_ _1\"></span>8.3<span class=\"_ _1\"></span>86 </div></td><td class=\"c x58c y2a92 w1ca h69\"><div class=\"t m0 x16a h1f y302 ff4 fs7 fc1 sc2 ls0 ws0\">731.6<span class=\"_ _f\"></span>34 </div></td><td class=\"c x589 y2a92 w130 h69\"><div class=\"t m0 x2f h1f y302 ff4 fs7 fc1 sc2 ls0 ws0\">5.54<span class=\"_ _f\"></span>4.557 </div></td><td class=\"c x514 y2a92 w40a h69\"><div class=\"t m0 x8e h1f y302 ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td><td class=\"c x58d y2a92 w162 h69\"><div class=\"t m0 xab h1f y302 ff4 fs7 fc1 sc2 ls0 ws0\">4.954.<span class=\"_ _f\"></span>536 </div></td><td class=\"c x58e y2a92 w169 h69\"><div class=\"t m0 x10 h1f y302 ff4 fs7 fc1 sc2 ls0 ws0\">590.<span class=\"_ _f\"></span>020 </div></td></tr></table>Totale 3120019 5544555 Lege<span class=\"_ _f\"></span>nda: VB= Valore di bi<span class=\"_ _1\"></span>lancio L1= Livello 1 L2= Livello 2 L3= Livello 3 I debiti sono iscritti al loro valore nominale,<span class=\"_ _1\"></span> corrispondente al loro fair value.<span class=\"_ _2\"></span> I debiti verso banche sono rappr<span class=\"_ _2\"></span>esentati princip<span class=\"_ _1\"></span>almente da d<span class=\"_ _2\"></span>ebiti a vista a tasso <span class=\"_ _2\"></span>variabile<span class=\"_ _1\"></span>, e non <span class=\"_ _2\"></span>\u00e8<span class=\"_ _1\"></span> stata posta in essere alcun tipo di cope<span class=\"_ _1\"></span>rtura. <span class=\"_ _2\"></span><span class=\"sc2\"> </span>La voce <span class=\"_ _1\"></span>\u201c<span class=\"ff4\">1. Debiti </span>verso banc<span class=\"_ _1\"></span>he centrali\u201d acc<span class=\"_ _1\"></span>oglie le<span class=\"_ _1\"></span> operazioni di <span class=\"_ _f\"></span>r<span class=\"_ _2\"></span>ifinanziamento eff<span class=\"_ _1\"></span>ettuat<span class=\"_ _2\"></span><span class=\"ff4\">e con <span class=\"_ _1\"></span>la </span>Banca C<span class=\"_ _2\"></span>entrale Europea; <span class=\"_ _2\"></span>l<span class=\"ff5\">\u2019importo <span class=\"_ _2\"></span>complessivo <span class=\"_ _2\"></span>del finanziament<span class=\"_ _2\"></span>o con <span class=\"_ _2\"></span>BCE <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>fine dicembre <span class=\"_ _2\"></span>2025 </span>\u00e8 <span class=\"_ _4\"> </span>pari <span class=\"_ _4\"> </span>a <span class=\"_ _4\"> </span>7<span class=\"_ _2\"></span>00 <span class=\"_ _4\"> </span>milioni <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>euro <span class=\"_ _4\"> </span>e <span class=\"_ _4\"> </span>deriva <span class=\"_ _4\"> </span>da <span class=\"_ _4\"> </span>un\u2019operazione <span class=\"_ _17\"> </span>di <span class=\"_ _4\"> </span>rifinanziamento <span class=\"_ _4\"> </span>principale <span class=\"_ _4\"> </span>\u201cMRO\u201d settimanale<span class=\"_ _df\"> </span>.<span class=\"_ _df\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfDepositsFromBanksExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-754": {
   "value": "1.2 P<span class=\"_ _1\"></span>assivi<span class=\"_ _1\"></span>t\u00e0 fi<span class=\"_ _1\"></span>nanzia<span class=\"_ _f\"></span>rie valut<span class=\"_ _f\"></span>ate al co<span class=\"_ _1\"></span>sto <span class=\"_ _1\"></span>amm<span class=\"_ _f\"></span>ortizzato<span class=\"_ _f\"></span>: compos<span class=\"_ _f\"></span>izione me<span class=\"_ _1\"></span>rceo<span class=\"_ _f\"></span>logica de<span class=\"_ _1\"></span>i debi<span class=\"_ _1\"></span>ti ve<span class=\"_ _1\"></span>rso<span class=\"_ _f\"></span> clientela<table class=\"s wbb8 h4f6\" id=\"_2c73ff23-ca4c-4079-9a5b-5571f7b0497f\"><tr><td class=\"c x44e y2a93 w40e h27f\"><div class=\"t m0 x97 h1f y1712 ff4 fs7 fc4 sc3 ls0 ws0\">Tipol<span class=\"_ _f\"></span>ogia op<span class=\"_ _f\"></span>erazion<span class=\"_ _1\"></span>i/Va<span class=\"_ _1\"></span>lori </div></td><td></td><td></td><td class=\"c x590 y2a94 w40f h148\" colspan=\"2\"><div class=\"t m0 x49 h1f y825 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/<span class=\"_ _f\"></span>2025 </div></td><td class=\"c x590 y2a95 w40f h148\"><div class=\"t m0 xee h1f y32 ff4 fs7 fc4 sc3 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale  </div></td><td></td><td></td><td class=\"c x591 y2a94 w410 h148\"><div class=\"t m0 x1af h1f y825 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/<span class=\"_ _f\"></span>2024 </div></td><td class=\"c x591 y2a95 w410 h148\"><div class=\"t m0 x11f h1f y32 ff4 fs7 fc4 sc3 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale  </div></td><td></td></tr><tr><td></td><td></td><td class=\"c x590 y2a93 w384 h280\"><div class=\"t m0 x39 h1f yf81 ff4 fs7 fc4 sc3 ls6c ws0\">VB<span class=\"ls0\"> </span></div></td><td class=\"c x592 y2a96 w411 h148\" colspan=\"2\"><div class=\"t m0 x38 h1f y80 ff4 fs7 fc4 sc3 ls0 ws0\">Fair<span class=\"_ _f\"></span> Value </div></td><td></td><td class=\"c x593 y2a93 w197 h280\"><div class=\"t m0 x39 h1f yf81 ff4 fs7 fc4 sc3 ls6c ws0\">VB<span class=\"ls0\"> </span></div></td><td></td><td class=\"c x594 y2a96 w2c4 h148\"><div class=\"t m0 x31 h1f y80 ff4 fs7 fc4 sc3 ls0 ws0\">Fair<span class=\"_ _f\"></span> Value </div></td><td></td></tr><tr><td></td><td></td><td></td><td class=\"c x592 y2a93 w412 h148\"><div class=\"t m0 x10 h1f y80 ff4 fs7 fc4 sc3 lsc7 ws0\">L1<span class=\"ls0\"> </span></div></td><td class=\"c x595 y2a93 w2e8 h148\"><div class=\"t m0 x55 h1f y80 ff4 fs7 fc4 sc3 lsc7 ws0\">L2<span class=\"ls0\"> </span></div></td><td class=\"c x596 y2a93 w179 h148\"><div class=\"t m0 x130 h1f y80 ff4 fs7 fc4 sc3 lsc7 ws0\">L3<span class=\"ls0\"> </span></div></td><td></td><td class=\"c x597 y2a93 w413 h148\"><div class=\"t m0 x163 h1f y80 ff4 fs7 fc4 sc3 lsc7 ws0\">L1<span class=\"ls0\"> </span></div></td><td class=\"c x598 y2a93 w2a8 h148\"><div class=\"t m0 x55 h1f y80 ff4 fs7 fc4 sc3 lsc7 ws0\">L2<span class=\"ls0\"> </span></div></td><td class=\"c x599 y2a93 w408 h148\"><div class=\"t m0 x14 h1f y80 ff4 fs7 fc4 sc3 lsc7 ws0\">L3<span class=\"ls0\"> </span></div></td></tr><tr><td class=\"c x44e y2a97 w414 hf\"><div class=\"t m0 x10 h1f y25c ff4 fs7 fc1 sc0 ls0 ws0\">1. Conti corrent<span class=\"_ _1\"></span>i e depositi a vist<span class=\"_ _1\"></span>a </div></td><td></td><td class=\"c x590 y2a97 w190 hf\"><div class=\"t m0 x10 h1f y25c ff4 fs7 fc1 sc0 ls0 ws0\">34.934.847 </div></td><td class=\"c x592 y2a97 w415 hf\"><div class=\"t m0 x10 h1f y25c ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x595 y2a97 w2f0 hf\"><div class=\"t m0 x39 h1f y25c ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x596 y2a97 w179 hf\"><div class=\"t m0 x14 h1f y25c ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x591 y2a97 w190 hf\"><div class=\"t m0 x10 h1f y25c ff4 fs7 fc1 sc0 ls0 ws0\">32.845.465 </div></td><td class=\"c x594 y2a97 w416 hf\"><div class=\"t m0 x10 h1f y25c ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x598 y2a97 w1c3 hf\"><div class=\"t m0 x39 h1f y25c ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x599 y2a97 w237 hf\"><div class=\"t m0 x33 h1f y25c ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td></tr><tr><td class=\"c x44e y2a98 w414 ha4\"><div class=\"t m0 x10 h1f y5b ff4 fs7 fc1 sc0 ls0 ws0\">2. Depositi a scade<span class=\"_ _1\"></span>nza </div></td><td></td><td class=\"c x590 y2a98 w190 ha4\"><div class=\"t m0 x8e h1f y5b ff4 fs7 fc1 sc0 ls0 ws0\">5.649.451 </div></td><td class=\"c x592 y2a98 w415 ha4\"><div class=\"t m0 x10 h1f y5b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x595 y2a98 w2f0 ha4\"><div class=\"t m0 x39 h1f y5b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x596 y2a98 w179 ha4\"><div class=\"t m0 x14 h1f y5b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x591 y2a98 w190 ha4\"><div class=\"t m0 xac h1f y5b ff4 fs7 fc1 sc0 ls0 ws0\">5.833.720 </div></td><td class=\"c x594 y2a98 w416 ha4\"><div class=\"t m0 x10 h1f y5b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x598 y2a98 w1c3 ha4\"><div class=\"t m0 x39 h1f y5b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x599 y2a98 w237 ha4\"><div class=\"t m0 x33 h1f y5b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td></tr><tr><td class=\"c x44e y2a99 w414 hf\"><div class=\"t m0 x10 h1f y5b ff4 fs7 fc1 sc0 ls0 ws0\">3. Finanziamenti<span class=\"_ _1\"></span> </div></td><td></td><td class=\"c x590 y2a99 w190 hf\"><div class=\"t m0 x8e h1f y5b ff4 fs7 fc1 sc0 ls0 ws0\">1.863.905 </div></td><td class=\"c x592 y2a99 w415 hf\"><div class=\"t m0 x10 h1f y5b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x595 y2a99 w2f0 hf\"><div class=\"t m0 x39 h1f y5b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x596 y2a99 w179 hf\"><div class=\"t m0 x14 h1f y5b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x591 y2a99 w190 hf\"><div class=\"t m0 x2f h1f y5b ff4 fs7 fc1 sc0 ls0 ws0\">2.400.311 </div></td><td class=\"c x594 y2a99 w416 hf\"><div class=\"t m0 x10 h1f y5b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x598 y2a99 w1c3 hf\"><div class=\"t m0 x39 h1f y5b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x599 y2a99 w237 hf\"><div class=\"t m0 x33 h1f y5b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td></tr><tr><td class=\"c x44e y2a9a w414 hf\"><div class=\"t m0 x8e h1f y25c ff4 fs7 fc1 sc0 ls0 ws0\">3.1 Pronti contro te<span class=\"_ _f\"></span>rmine passivi </div></td><td></td><td class=\"c x590 y2a9a w190 hf\"><div class=\"t m0 x8e h1f y25c ff4 fs7 fc1 sc0 ls0 ws0\">1.330.338 </div></td><td class=\"c x592 y2a9a w415 hf\"><div class=\"t m0 x10 h1f y25c ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x595 y2a9a w2f0 hf\"><div class=\"t m0 x39 h1f y25c ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x596 y2a9a w179 hf\"><div class=\"t m0 x14 h1f y25c ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x591 y2a9a w190 hf\"><div class=\"t m0 x8e h1f y25c ff4 fs7 fc1 sc0 ls0 ws0\">1.853.665 </div></td><td class=\"c x594 y2a9a w416 hf\"><div class=\"t m0 x10 h1f y25c ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x598 y2a9a w1c3 hf\"><div class=\"t m0 x39 h1f y25c ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x599 y2a9a w237 hf\"><div class=\"t m0 x33 h1f y25c ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td></tr><tr><td class=\"c x44e y2a9b w414 ha4\"><div class=\"t m0 x8e h1f y5b ff4 fs7 fc1 sc0 ls0 ws0\">3.2 Altri </div></td><td></td><td class=\"c x590 y2a9b w190 ha4\"><div class=\"t m0 x55 h1f y5b ff4 fs7 fc1 sc0 ls0 ws0\">533.567 </div></td><td class=\"c x592 y2a9b w415 ha4\"><div class=\"t m0 x10 h1f y5b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x595 y2a9b w2f0 ha4\"><div class=\"t m0 x39 h1f y5b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x596 y2a9b w179 ha4\"><div class=\"t m0 x14 h1f y5b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x591 y2a9b w190 ha4\"><div class=\"t m0 x2e h1f y5b ff4 fs7 fc1 sc0 ls0 ws0\">546.646 </div></td><td class=\"c x594 y2a9b w416 ha4\"><div class=\"t m0 x10 h1f y5b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x598 y2a9b w1c3 ha4\"><div class=\"t m0 x39 h1f y5b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x599 y2a9b w237 ha4\"><div class=\"t m0 x33 h1f y5b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td></tr><tr><td class=\"c x262 y2a9c wbb9 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">4. Debiti per impe<span class=\"_ _1\"></span>gni di riacquisto<span class=\"_ _1\"></span> di<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x590 y2a9d w190 had\"><div class=\"t m0 x11 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x592 y2a9d w415 had\"><div class=\"t m0 x10 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x595 y2a9d w2f0 had\"><div class=\"t m0 x39 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x596 y2a9d w179 had\"><div class=\"t m0 x14 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x591 y2a9d w190 had\"><div class=\"t m0 x11 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x594 y2a9d w416 had\"><div class=\"t m0 x10 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x598 y2a9d w1c3 had\"><div class=\"t m0 x39 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x599 y2a9d w237 had\"><div class=\"t m0 x33 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td></tr><tr><td class=\"c x262 y2a9e wbba h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">propri strumenti p<span class=\"_ _f\"></span>at<span class=\"_ _2\"></span>rim<span class=\"_ _1\"></span>oniali<span class=\"_ _df\"> </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 x44e y2a9f w414 hf\"><div class=\"t m0 x10 h1f y25c ff4 fs7 fc1 sc0 ls0 ws0\">5. Debiti per lea<span class=\"_ _1\"></span>sing </div></td><td></td><td class=\"c x590 y2a9f w190 hf\"><div class=\"t m0 x55 h1f y25c ff4 fs7 fc1 sc0 ls0 ws0\">128.400 </div></td><td class=\"c x592 y2a9f w415 hf\"><div class=\"t m0 x10 h1f y25c ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x595 y2a9f w2f0 hf\"><div class=\"t m0 x39 h1f y25c ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x596 y2a9f w179 hf\"><div class=\"t m0 x14 h1f y25c ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x591 y2a9f w190 hf\"><div class=\"t m0 x39 h1f y25c ff4 fs7 fc1 sc0 ls0 ws0\">131.567 </div></td><td class=\"c x594 y2a9f w416 hf\"><div class=\"t m0 x10 h1f y25c ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x598 y2a9f w1c3 hf\"><div class=\"t m0 x39 h1f y25c ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x599 y2a9f w237 hf\"><div class=\"t m0 x33 h1f y25c ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td></tr><tr><td class=\"c x44e y2aa0 w414 ha3\"><div class=\"t m0 x10 h1f y5b ff4 fs7 fc1 sc0 ls0 ws0\">5. Altri debiti<span class=\"_ _1\"></span> </div></td><td></td><td class=\"c x590 y2aa0 w190 ha3\"><div class=\"t m0 x130 h1f y5b ff4 fs7 fc1 sc0 ls0 ws0\">271.320 </div></td><td class=\"c x592 y2aa0 w415 ha3\"><div class=\"t m0 x10 h1f y5b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x595 y2aa0 w2f0 ha3\"><div class=\"t m0 x39 h1f y5b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x596 y2aa0 w179 ha3\"><div class=\"t m0 x14 h1f y5b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x591 y2aa0 w190 ha3\"><div class=\"t m0 x55 h1f y5b ff4 fs7 fc1 sc0 ls0 ws0\">281.904 </div></td><td class=\"c x594 y2aa0 w416 ha3\"><div class=\"t m0 x10 h1f y5b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x598 y2aa0 w1c3 ha3\"><div class=\"t m0 x39 h1f y5b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x599 y2aa0 w237 ha3\"><div class=\"t m0 x33 h1f y5b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td></tr><tr><td></td><td class=\"c x44e y2aa1 w414 h6d\"><div class=\"t m0 x14d h1f y394 ff4 fs7 fc1 sc2 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale  </div></td><td class=\"c x590 y2aa1 w190 h6d\"><div class=\"t m0 x10 h1f y394 ff4 fs7 fc1 sc2 ls0 ws0\">42.847<span class=\"_ _f\"></span>.923<span class=\"_ _1\"></span> </div></td><td class=\"c x592 y2aa1 w415 h6d\"><div class=\"t m0 xab h1f y394 ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td><td class=\"c x595 y2aa1 w2f0 h6d\"><div class=\"t m0 x10 h1f y394 ff4 fs7 fc1 sc2 ls0 ws0\">1.330.<span class=\"_ _1\"></span>33<span class=\"_ _1\"></span>8 </div></td><td class=\"c x596 y2aa1 w17d h6d\"><div class=\"t m0 x10 h1f y394 ff4 fs7 fc1 sc2 ls0 ws0\">41.517<span class=\"_ _f\"></span>.586 </div></td><td class=\"c x593 y2aa1 wbd h6d\"><div class=\"t m0 x8a h1f y394 ff4 fs7 fc1 sc2 ls0 ws0\">41.49<span class=\"_ _f\"></span>2.967<span class=\"_ _1\"></span> </div></td><td class=\"c x594 y2aa1 w416 h6d\"><div class=\"t m0 xab h1f y394 ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td><td class=\"c x598 y2aa1 w1c3 h6d\"><div class=\"t m0 x10 h1f y394 ff4 fs7 fc1 sc2 ls0 ws0\">1.853.<span class=\"_ _1\"></span>665<span class=\"_ _f\"></span> </div></td><td class=\"c x599 y2aa1 w237 h6d\"><div class=\"t m0 x10 h1f y394 ff4 fs7 fc1 sc2 ls0 ws0\">39.6<span class=\"_ _f\"></span>39.236<span class=\"_ _f\"></span> </div></td></tr></table>Lege<span class=\"_ _f\"></span>nda:<span class=\"_ _df\"> </span>VB= Valore di bi<span class=\"_ _1\"></span>lancio<span class=\"_ _df\"> </span>L1= Livello 1<span class=\"_ _df\"> </span>L2= Livello 2<span class=\"_ _df\"> </span>L3= Livello 3<span class=\"_ _df\"> </span>I debiti <span class=\"_ _2\"></span>sono <span class=\"_ _2\"></span>iscritti <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>loro valore <span class=\"_ _2\"></span>nominale, corr<span class=\"_ _2\"></span>ispondente<span class=\"_ _1\"></span> <span class=\"_ _2\"></span>al lo<span class=\"_ _2\"></span>ro <span class=\"_ _2\"></span>fair <span class=\"_ _2\"></span>value<span class=\"_ _1\"></span> <span class=\"_ _2\"></span>e il <span class=\"_ _2\"></span>livello <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>fair valu<span class=\"_ _2\"></span>e<span class=\"_ _df\"> </span>attribuito risulta essere <span class=\"_ _1\"></span>pari a 3, <span class=\"_ _1\"></span>ad eccezione d<span class=\"_ _1\"></span>el livello di fai<span class=\"_ _1\"></span>r value dei <span class=\"_ _1\"></span>pronti contro termine a cui<span class=\"_ _df\"> </span>\u00e8 attributo il valore 2.<span class=\"_ _df\"> </span>Nella voce<span class=\"_ _1\"></span> Debiti p<span class=\"_ _1\"></span>er leasing \u00e8<span class=\"_ _1\"></span> ricompreso, ai<span class=\"_ _f\"></span> sensi del p<span class=\"_ _1\"></span>rincipio IFRS<span class=\"_ _1\"></span>16, il Deb<span class=\"_ _1\"></span>ito per <span class=\"_ _1\"></span>leasing (L<span class=\"_ _1\"></span>ease<span class=\"_ _df\"> </span>Liability), pari <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>valore att<span class=\"_ _2\"></span>uale dei <span class=\"_ _2\"></span>canoni previsti <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>non ancor<span class=\"_ _2\"></span>a pagati <span class=\"_ _2\"></span>dei beni <span class=\"_ _2\"></span>oggetti <span class=\"_ _2\"></span>di contr<span class=\"_ _2\"></span>atti<span class=\"_ _df\"> </span>di leasing operativo.<span class=\"_ _df\"> </span>La <span class=\"_ _22\"> </span>principale <span class=\"_ _22\"> </span>novit\u00e0 <span class=\"_ _4\"> </span>introdotta <span class=\"_ _22\"> </span>dal <span class=\"_ _4\"> </span>principio  \u00e8 <span class=\"_ _22\"> </span>r<span class=\"_ _2\"></span>appresentata<span class=\"_ _1\"></span> <span class=\"_ _22\"> </span>dalla <span class=\"_ _4\"> </span>modifica  delle <span class=\"_ _4\"> </span>modalit\u00e0  di<span class=\"_ _df\"> </span>contabilizzazione <span class=\"_ _17\"> </span>delle <span class=\"_ _4\"> </span>o<span class=\"_ _2\"></span>perazioni <span class=\"_ _17\"> </span>di <span class=\"_ _17\"> </span>leasing <span class=\"_ _17\"> </span>operativo <span class=\"_ _17\"> </span>nel <span class=\"_ _14\"> </span>bilancio <span class=\"_ _17\"> </span>del <span class=\"_ _17\"> </span>locatario/utilizzatore,<span class=\"_ _df\"> </span>attraverso <span class=\"_ _2\"></span>l\u2019introduzione<span class=\"_ _1\"></span> <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>un unico <span class=\"_ _2\"></span>modello d<span class=\"_ _2\"></span>i contabili<span class=\"_ _2\"></span><span class=\"ff4\">zzazione <span class=\"_ _2\"></span>dei cont<span class=\"_ _2\"></span>ratti di <span class=\"_ _2\"></span>leasing <span class=\"_ _2\"></span>da parte<span class=\"_ _df\"> </span></span>del locatario siano essi classificati come leasing ope<span class=\"_ _1\"></span>rativi o finanziari. I debiti <span class=\"_ _2\"></span>verso <span class=\"_ _2\"></span>clientela sono <span class=\"_ _2\"></span>rappresentati <span class=\"_ _2\"></span>principalmente<span class=\"_ _1\"></span> <span class=\"_ _2\"></span>da d<span class=\"_ _2\"></span>ebiti a <span class=\"_ _2\"></span>vista <span class=\"_ _2\"></span>a tasso <span class=\"_ _2\"></span>variabile, e <span class=\"_ _2\"></span>non<span class=\"_ _df\"> </span>\u00e8  stata  p<span class=\"_ _1\"></span>osta  in <span class=\"_ _16\"> </span>essere <span class=\"_ _16\"> </span>alcun <span class=\"_ _16\"> </span>tipo  di <span class=\"_ _16\"> </span>copertura  speci<span class=\"_ _1\"></span>fica,  mentre  sono <span class=\"_ _9\"> </span>s<span class=\"_ _2\"></span>tate <span class=\"_ _16\"> </span>poste  in <span class=\"_ _9\"> </span>essere<span class=\"_ _df\"> </span>coperture di Macro Fair Value He<span class=\"_ _1\"></span>dge delle poste a vista, cos\u00ec co<span class=\"_ _1\"></span>me descritto nell<span class=\"_ _1\"></span>a parte E, sezione<span class=\"_ _df\"> </span>1.3.2. della presente nota. Si <span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>egnala <span class=\"_ _2\"></span>che, <span class=\"_ _d\"></span>a <span class=\"_ _d\"></span>seguito <span class=\"_ _2\"></span>delle <span class=\"_ _d\"></span>modifiche <span class=\"_ _d\"></span>apportate <span class=\"_ _d\"></span>al <span class=\"_ _2\"></span>funzionamento<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>del <span class=\"_ _2\"></span>mercato <span class=\"_ _d\"></span>interbancario<span class=\"_ _df\"> </span>collateralizzato, <span class=\"_ _2\"></span>con <span class=\"_ _2\"></span>cons<span class=\"_ _2\"></span>eguente <span class=\"_ _2\"></span>trasferimento <span class=\"_ _d\"></span>alla <span class=\"_ _2\"></span>Cassa <span class=\"_ _d\"></span>di <span class=\"_ _2\"></span>Compensazione <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>Gar<span class=\"_ _2\"></span>anzia <span class=\"_ _2\"></span>ed <span class=\"_ _2\"></span>alla<span class=\"_ _df\"> </span>Monte <span class=\"_ _2\"></span>Titoli <span class=\"_ _d\"></span>delle <span class=\"_ _d\"></span>funzioni <span class=\"_ _d\"></span>finora <span class=\"_ _d\"></span>svolte <span class=\"_ _d\"></span>dalla <span class=\"_ _2\"></span>Banca <span class=\"_ _d\"></span>d\u2019Italia, <span class=\"_ _d\"></span>nella <span class=\"_ _d\"></span>voce <span class=\"_ _2\"></span>3.1 <span class=\"_ _d\"></span>\u201cPronti <span class=\"_ _d\"></span>contr<span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>termine<span class=\"_ _df\"> </span>passivi\u201d sono presenti i finanzi<span class=\"ff4\">amenti, per <span class=\"ls1\">1.</span>330,3 milioni di euro, ricevu<span class=\"_ _1\"></span>ti dal suddetto mercato.<span class=\"_ _df\"> </span></span>La <span class=\"_ _0\"></span>r<span class=\"_ _2\"></span>accolta <span class=\"_ _0\"></span>diretta <span class=\"_ _9\"> </span>bancaria <span class=\"_ _9\"> </span>da <span class=\"_ _9\"> </span>clientela <span class=\"_ _0\"></span>ha <span class=\"_ _9\"> </span>manifestat<span class=\"_ _2\"></span>o <span class=\"_ _0\"></span>un <span class=\"_ _9\"> </span>trend <span class=\"_ _0\"> </span>cr<span class=\"_ _2\"></span>escente <span class=\"_ _0\"></span>grazie <span class=\"_ _9\"> </span>al <span class=\"_ _9\"> </span>continuo<span class=\"_ _df\"> </span>sviluppo <span class=\"_ _0\"></span>commerciale <span class=\"_ _9\"> </span>e <span class=\"_ _9\"> </span>a <span class=\"_ _9\"> </span>testimonianza <span class=\"_ _9\"> </span>della <span class=\"_ _0\"> </span>pref<span class=\"_ _2\"></span>erenza <span class=\"_ _0\"></span>acc<span class=\"_ _2\"></span>ordata <span class=\"_ _0\"> </span>dalla <span class=\"_ _9\"> </span>clientela <span class=\"_ _9\"> </span>alle <span class=\"_ _9\"> </span>reti  del<span class=\"_ _df\"> </span>Gruppo.<span class=\"_ _df\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfDepositsFromCustomersExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-812": {
   "value": "<div class=\"t m0 h5 ff4 fs1 fc4 sc3 ls0 ws0 gsc50\">1.4 De<span class=\"_ _1\"></span>ttagl<span class=\"_ _1\"></span>io de<span class=\"_ _1\"></span>i deb<span class=\"_ _1\"></span>iti/ti<span class=\"_ _1\"></span>toli <span class=\"_ _1\"></span>subo<span class=\"_ _1\"></span>rdinat<span class=\"_ _f\"></span>i  </div><div class=\"t m0 h5 ff4 fs1 fc4 sc3 ls0 ws0 gsc51\">Grup<span class=\"_ _1\"></span>po Ba<span class=\"_ _f\"></span>ncario<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsc52\">Principali caratteristiche contrattuali delle passivi<span class=\"_ _1\"></span>t\u00e0 subordinate:<span class=\"_ _df\"> </span><span class=\"_ _2\"></span> </div><div class=\"t m0 h5 ff14 fs1 fc1 sc0 ls0 ws0 gsc53\"><span class=\"_ _27\"> </span><span class=\"ff5\">\u201cCREDITO<span class=\"ff4\"> <span class=\"_ _15\"> </span>EMILIANO <span class=\"_ _15\"> </span>22/32 <span class=\"_ _e\"> </span>SUBORDINATO <span class=\"_ _15\"> </span>7,625 <span class=\"_ _e\"> </span></span>SUB\u201d<span class=\"ff4\"> <span class=\"_ _15\"> </span>(ISIN <span class=\"_ _e\"> </span>IT0005497117) <span class=\"_ _15\"> </span><span class=\"ls39\">per<span class=\"_ _df\"> </span></span></span></span><span class=\"ff5\"><span class=\"ff4\"> </span></span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsc54\">200<span class=\"_ _1\"></span>.00<span class=\"_ _1\"></span>0.00<span class=\"_ _f\"></span>0,00 <span class=\"_ _d\"></span><span class=\"ff5\">\u20ac</span> <span class=\"_ _2\"></span>cost<span class=\"_ _2\"></span>ituito <span class=\"_ _d\"></span><span class=\"ls39\">da</span> <span class=\"_ _d\"></span><span class=\"ls13\">n.</span> <span class=\"_ _d\"></span>2.000<span class=\"_ _2\"></span>.<span class=\"_ _1\"></span>000,00 <span class=\"_ _d\"></span>obbligazioni <span class=\"_ _d\"></span><span class=\"ls39\">del</span> <span class=\"_ _d\"></span>valore <span class=\"_ _d\"></span>nominale <span class=\"_ _d\"></span><span class=\"ls39\">di<span class=\"_ _df\"> </span></span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsc55\">100 <span class=\"ff5\">\u20ac</span> ca<span class=\"_ _f\"></span>daun<span class=\"_ _f\"></span>a.<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls3c ws0 gsc56\">Le<span class=\"ls0\"> <span class=\"_ _9\"> </span>obbligazioni <span class=\"_ _9\"> </span>corrisponderanno <span class=\"_ _9\"> </span>cedole <span class=\"_ _0\"> </span>fiss<span class=\"_ _2\"></span>e <span class=\"_ _0\"></span>annuali <span class=\"_ _9\"> </span>pari <span class=\"_ _9\"> </span><span class=\"ls73\">al</span> <span class=\"_ _9\"> </span>7,625% <span class=\"_ _9\"> </span>annuo <span class=\"_ _9\"> </span>lordo<span class=\"_ _df\"> </span></span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsc57\">fino  <span class=\"ls73\">al</span>  05/10/2027 poi tasso MS  5<span class=\"_ _2\"></span>Y + 5,514% annuo lordo.<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls40 ws0 gsc58\">Il<span class=\"ls0\"> <span class=\"_ _0\"></span>prestito<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>scade <span class=\"_ _0\"></span><span class=\"ls1a\">il</span> <span class=\"_ _9\"> </span>05/10/2032 <span class=\"_ _0\"></span><span class=\"lsd0\">se</span> <span class=\"_ _9\"> </span>non <span class=\"_ _0\"> </span>verr\u00e0<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>esercitata <span class=\"_ _9\"> </span><span class=\"ff5\">l\u2019opzione</span> <span class=\"_ _0\"></span>call <span class=\"_ _0\"></span><span class=\"ls73\">al</span> <span class=\"_ _9\"> </span>05/07/2027<span class=\"_ _df\"> </span></span><span class=\"ls0\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls13 ws0 gsc59\">che<span class=\"ls0\">  significher\u00e0 il rimborso <span class=\"_ _2\"></span>anticip<span class=\"_ _1\"></span>ato.<span class=\"_ _df\"> </span></span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gsc5a\">Al <span class=\"_ _16\"> </span>31/12/2025  l<span class=\"_ _1\"></span>a  q<span class=\"_ _1\"></span>uantit\u00e0 <span class=\"_ _9\"> </span>r<span class=\"_ _2\"></span>esidua <span class=\"_ _9\"> </span>risulta  pari <span class=\"_ _9\"> </span>a  200.000.0<span class=\"_ _1\"></span>00,00 <span class=\"_ _16\"> </span>\u20ac <span class=\"_ _16\"> </span>costituita <span class=\"_ _16\"> </span>da <span class=\"_ _9\"> </span>n.<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsc5b\">2.000.000  <span class=\"ff5\">obbligazioni del valore nominale di 100 \u20ac cadauna<span class=\"_ _df\"> </span></span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gsc5c\">L\u2019obbligazione<span class=\"ff4\"> <span class=\"_ _1\"></span>\u00e8 stata interamente <span class=\"_ _f\"></span>so<span class=\"_ _2\"></span>ttoscritta <span class=\"ls39\">da</span> Cr<span class=\"_ _1\"></span>ed<span class=\"_ _f\"></span>emho<span class=\"_ _1\"></span>ldin<span class=\"_ _f\"></span>g.<span class=\"_ _df\"> </span></span></div><div class=\"t m0 h5 ff14 fs1 fc1 sc0 ls0 ws0 gsc5d\"><span class=\"_ _27\"> </span><span class=\"ff5\">\u201cCREDITO<span class=\"ff4\"> <span class=\"_ _e\"> </span>EMILIANO <span class=\"_ _e\"> </span>25/37 <span class=\"_ _e\"> </span>SUBORDINATO <span class=\"_ _15\"> </span>4<span class=\"_ _2\"></span>,612 <span class=\"_ _e\"> </span></span>SUB\u201d<span class=\"ff4\"> <span class=\"_ _e\"> </span>(ISINXS3078482281) <span class=\"_ _e\"> </span><span class=\"ls39\">per<span class=\"_ _df\"> </span></span></span></span><span class=\"ff5\"><span class=\"ff4\"> </span></span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsc5e\">200<span class=\"_ _1\"></span>.00<span class=\"_ _1\"></span>0.00<span class=\"_ _f\"></span>0,00 <span class=\"_ _d\"></span><span class=\"ff5\">\u20ac</span> <span class=\"_ _d\"></span>costituito <span class=\"_ _d\"></span><span class=\"ls39\">da<span class=\"_ _2\"></span></span> <span class=\"_ _2\"></span><span class=\"ls13\">n.</span> <span class=\"_ _d\"></span>2.000.000,00 <span class=\"_ _d\"></span>obbligazioni <span class=\"_ _d\"></span><span class=\"ls39\">del</span> <span class=\"_ _0\"></span>valore <span class=\"_ _d\"></span>nominale <span class=\"_ _d\"></span><span class=\"ls39\">di<span class=\"_ _df\"> </span></span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsc5f\">100 <span class=\"ff5\">\u20ac</span> ca<span class=\"_ _f\"></span>daun<span class=\"_ _f\"></span>a.<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls3c ws0 gsc60\">Le<span class=\"ls0\"> <span class=\"_ _9\"> </span>obbligazioni <span class=\"_ _9\"> </span>corrisponderanno<span class=\"_ _2\"></span> <span class=\"_ _9\"> </span>cedole <span class=\"_ _0\"> </span>fis<span class=\"ls2\">se</span> <span class=\"_ _9\"> </span>ann<span class=\"_ _2\"></span>uali <span class=\"_ _9\"> </span>pari <span class=\"_ _9\"> </span><span class=\"ls73\">al</span>  4,612% <span class=\"_ _0\"></span>annuo <span class=\"_ _9\"> </span>lordo<span class=\"_ _df\"> </span></span><span class=\"ls0\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsc61\">fino  <span class=\"ls73\">al</span> <span class=\"_ _22\"> </span>21/05/2032 poi tasso MS <span class=\"_ _4\"> </span>5Y + 2,642% annuo lordo.<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls40 ws0 gsc62\">Il<span class=\"ls0\"> <span class=\"_ _0\"></span>prestito <span class=\"_ _9\"> </span>scade <span class=\"_ _0\"></span><span class=\"ls1a\">il</span> <span class=\"_ _9\"> </span>27/05/2037 <span class=\"_ _0\"></span><span class=\"lsd0\">se</span> <span class=\"_ _0\"></span>non <span class=\"_ _9\"> </span>verr\u00e0 <span class=\"_ _0\"></span>esercitata <span class=\"_ _0\"></span><span class=\"ff5\">l\u2019opzione</span> <span class=\"_ _9\"> </span>call <span class=\"_ _0\"></span><span class=\"ls73\">al</span> <span class=\"_ _0\"></span>27/05/2032<span class=\"_ _df\"> </span></span><span class=\"ls0\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls13 ws0 gsc63\">che<span class=\"ls0\">  significher\u00e0 il rimborso <span class=\"_ _2\"></span>anticip<span class=\"_ _1\"></span>ato.<span class=\"_ _df\"> </span></span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsc64\">In <span class=\"_ _2\"></span>caso <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>liquid<span class=\"_ _f\"></span>a<span class=\"_ _2\"></span>zione <span class=\"_ _2\"></span>tutt<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>le <span class=\"_ _d\"></span>obbligazioni <span class=\"_ _2\"></span>subordinate <span class=\"_ _d\"></span>saranno <span class=\"_ _d\"></span>rimborsate <span class=\"_ _2\"></span>solo <span class=\"_ _d\"></span>dopo <span class=\"_ _2\"></span>che <span class=\"_ _d\"></span>siano<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsc65\">stati soddisfatti tutti gli altri cred<span class=\"_ _1\"></span>itori non ugualmente subordinati.<span class=\"_ _df\"> </span><span class=\"_ _2\"></span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsc66\">Le obbligazioni non sono coperte dalla garanzia del Fondo Interbanc<span class=\"_ _1\"></span>ario di Tutela dei Depositi.<span class=\"_ _df\"> </span><span class=\"_ _2\"></span> </div><div class=\"t m0 h5 ff4 fs1 fc4 sc3 ls0 ws0 gsc67\">Impr<span class=\"_ _1\"></span>ese <span class=\"_ _f\"></span><span class=\"ls39\">di<span class=\"ls0\"> A<span class=\"_ _f\"></span>ssi<span class=\"_ _f\"></span>cur<span class=\"_ _1\"></span>az<span class=\"_ _f\"></span>ione<span class=\"_ _df\"> </span></span></span><span class=\"ls39\"><span class=\"ls0\"><span class=\"_ _f\"></span><span class=\"fc1 sc2\"> </span></span></span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gsc68\">In data <span class=\"_ _2\"></span>18 novembre 2025, Credemvita S.p.A., a <span class=\"_ _2\"></span>seguito dell\u2019autorizzazione rilasciata da <span class=\"_ _2\"></span>IVASS, ha<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gsc69\">dato <span class=\"_ _9\"> </span>corso <span class=\"_ _0\"></span>al <span class=\"_ _9\"> </span>rimborso <span class=\"_ _0\"></span>integrale <span class=\"_ _9\"> </span>del <span class=\"_ _0\"></span>prestito <span class=\"_ _9\"> </span>subordinato <span class=\"_ _0\"></span>\u201c<span class=\"_ _df\"> </span></div><div class=\"t m1 h6 ff4 fs2 fc1 sc0 ls0 ws0 gsc6a\">Fixed <span class=\"_ _0\"></span>Rate <span class=\"_ _9\"> </span>Resettable <span class=\"_ _9\"> </span>Subordinated<span class=\"_ _df\"> </span> </div><div class=\"t m1 h6 ff4 fs2 fc1 sc0 ls0 ws0 gsc6b\">Notes due 18 February 2031<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gsc6c\">\u201d di importo pari a 107,5 milioni d<span class=\"_ _1\"></span>i<span class=\"ff4\"> euro.<span class=\"_ _df\"> </span></span><span class=\"ff4\"> </span></div>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfSubordinatedLiabilitiesExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-755": {
   "value": "Sezi<span class=\"_ _f\"></span>one 2<span class=\"_ _f\"></span> <span class=\"ff5\">\u2013</span> Pas<span class=\"_ _f\"></span>sivit\u00e0 f<span class=\"_ _1\"></span>ina<span class=\"_ _f\"></span>nziari<span class=\"_ _1\"></span>e di <span class=\"_ _f\"></span>negoz<span class=\"_ _f\"></span>iazion<span class=\"_ _f\"></span>e <span class=\"ff5\">\u2013</span> Vo<span class=\"_ _f\"></span>ce 20<span class=\"_ _f\"></span> 2.1 P<span class=\"_ _1\"></span>assivi<span class=\"_ _1\"></span>t\u00e0 fi<span class=\"_ _1\"></span>nanzia<span class=\"_ _f\"></span>rie di neg<span class=\"_ _1\"></span>ozi<span class=\"_ _f\"></span>azione: co<span class=\"_ _f\"></span>mposizio<span class=\"_ _f\"></span>ne merc<span class=\"_ _f\"></span>eolog<span class=\"_ _1\"></span>ica <table class=\"s wbbd h4f9\" id=\"_fc29c2cf-35e9-407c-a132-f6c5aa28be63\"><tr><td></td><td></td><td></td><td></td><td class=\"c x5a4 y2ab4 w41f h1a2\"><div class=\"t m0 xe4 h1f y32 ff4 fs7 fc4 sc3 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale </div></td><td></td><td></td><td></td><td></td><td></td><td class=\"c x5a5 y2ab4 w420 h1a2\"><div class=\"t m0 xe4 h1f y32 ff4 fs7 fc4 sc3 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale </div></td><td></td><td></td></tr><tr><td></td><td></td><td></td><td></td><td class=\"c x5a4 y2ab5 w41f h4e\"><div class=\"t m0 x12a h1f y295 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/<span class=\"_ _f\"></span>2025 </div></td><td></td><td></td><td></td><td></td><td></td><td class=\"c x5a5 y2ab5 w420 h4e\"><div class=\"t m0 x12a h1f y295 ff4 fs7 fc4 sc3 ls0 ws0\">31/12<span class=\"_ _1\"></span>/20<span class=\"_ _1\"></span>24 </div></td><td></td><td></td></tr><tr><td class=\"c x44e y2ab6 w41e h284\"><div class=\"t m0 xab h1f y8dd ff4 fs7 fc4 sc3 ls0 ws0\">Tipol<span class=\"_ _f\"></span>ogia op<span class=\"_ _f\"></span>erazion<span class=\"_ _1\"></span>i/Va<span class=\"_ _1\"></span>lori<span class=\"_ _1\"></span> </div></td><td class=\"c x5a4 y2ab6 w421 h285\"><div class=\"t m0 x116 h1f y8f1 ff4 fs7 fc4 sc3 ls6c ws0\">VN<span class=\"ls0\"> </span></div></td><td></td><td></td><td class=\"c x5a6 y2ab7 w422 h89\"><div class=\"t m0 x8f h1f y41f ff4 fs7 fc4 sc3 ls0 ws0\">Fair<span class=\"_ _f\"></span> Value </div></td><td></td><td class=\"c x5a7 y2ab8 wbbe h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">Fair<span class=\"_ _df\"> </span></div></td><td class=\"c x5a8 y2ab6 w421 h285\"><div class=\"t m0 x116 h1f y8f1 ff4 fs7 fc4 sc3 ls6c ws0\">VN<span class=\"ls0\"> </span></div></td><td></td><td></td><td class=\"c x4e8 y2ab7 w422 h89\"><div class=\"t m0 x8f h1f y41f ff4 fs7 fc4 sc3 ls0 ws0\">Fair<span class=\"_ _f\"></span> Value </div></td><td></td><td class=\"c x5a9 y2ab8 wbbf h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">Fair<span class=\"_ _df\"> </span></div></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td class=\"c x5aa y2ab9 wbc0 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">Val<span class=\"_ _1\"></span>ue *<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td class=\"c x5ab y2ab9 wbc0 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">Val<span class=\"_ _1\"></span>ue *<span class=\"_ _df\"> </span></div></td></tr><tr><td></td><td></td><td></td><td class=\"c x5a6 y2ab6 w2be h89\"><div class=\"t m0 x2e h1f y41f ff4 fs7 fc4 sc3 lsc7 ws0\">L1<span class=\"ls0\"> </span></div></td><td class=\"c x5ac y2ab6 w2b1 h89\"><div class=\"t m0 x2e h1f y41f ff4 fs7 fc4 sc3 lsc7 ws0\">L2<span class=\"ls0\"> </span></div></td><td class=\"c x5ad y2ab6 w12d h89\"><div class=\"t m0 x2a h1f y41f ff4 fs7 fc4 sc3 lsc7 ws0\">L3<span class=\"ls0\"> </span></div></td><td></td><td></td><td></td><td class=\"c x4e8 y2ab6 w425 h89\"><div class=\"t m0 x2e h1f y41f ff4 fs7 fc4 sc3 lsc7 ws0\">L1<span class=\"ls0\"> </span></div></td><td class=\"c x598 y2ab6 w2b1 h89\"><div class=\"t m0 x2e h1f y41f ff4 fs7 fc4 sc3 lsc7 ws0\">L2<span class=\"ls0\"> </span></div></td><td class=\"c x5ae y2ab6 w2be h89\"><div class=\"t m0 x2a h1f y41f ff4 fs7 fc4 sc3 lsc7 ws0\">L3<span class=\"ls0\"> </span></div></td><td></td></tr><tr><td class=\"c x44e y2aba w426 hc8\"><div class=\"t m0 x10 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">A. Pa<span class=\"_ _f\"></span>ssivit\u00e0<span class=\"_ _1\"></span> per ca<span class=\"_ _f\"></span>ssa </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=\"c x44e y2abb w426 hc8\"><div class=\"t m0 x2f h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">1. Debiti verso banche<span class=\"_ _f\"></span> </div></td><td></td><td class=\"c x5a4 y2abb w2b1 hc8\"><div class=\"t m0 x34 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5a6 y2abb w169 hc8\"><div class=\"t m0 x37 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5ac y2abb w2bb hc8\"><div class=\"t m0 x34 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5ad y2abb w12d hc8\"><div class=\"t m0 x37 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5af y2abb w2be hc8\"><div class=\"t m0 x37 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x5a5 y2abb w2bb hc8\"><div class=\"t m0 x34 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x4e8 y2abb w12d hc8\"><div class=\"t m0 x34 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x598 y2abb w2bb hc8\"><div class=\"t m0 x34 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5ae y2abb w169 hc8\"><div class=\"t m0 x37 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5b0 y2abb w427 hc8\"><div class=\"t m0 x37 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2abc w426 hc8\"><div class=\"t m0 x2f h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">2. Debiti verso c<span class=\"_ _1\"></span>lientela </div></td><td></td><td class=\"c x5a4 y2abc w2b1 hc8\"><div class=\"t m0 x32 h1f ye4c ff4 fs7 fc1 sc0 ls2a ws0\">28<span class=\"ls0\"> </span></div></td><td class=\"c x5a6 y2abc w169 hc8\"><div class=\"t m0 x35 h1f ye4c ff4 fs7 fc1 sc0 ls2a ws0\">29<span class=\"ls0\"> </span></div></td><td class=\"c x5ac y2abc w2bb hc8\"><div class=\"t m0 x34 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5ad y2abc w12d hc8\"><div class=\"t m0 x37 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5af y2abc w2be hc8\"><div class=\"t m0 x35 h1f ye4c ff4 fs7 fc1 sc0 ls2a ws0\">29<span class=\"ls0\"> </span></div></td><td></td><td class=\"c x5a5 y2abc w2bb hc8\"><div class=\"t m0 x34 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x4e8 y2abc w12d hc8\"><div class=\"t m0 x34 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x598 y2abc w2bb hc8\"><div class=\"t m0 x34 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5ae y2abc w169 hc8\"><div class=\"t m0 x37 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5b0 y2abc w427 hc8\"><div class=\"t m0 x37 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2abd w426 hc8\"><div class=\"t m0 x2f h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">3. Titoli di deb<span class=\"_ _1\"></span>ito<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x5a4 y2abd w2b1 hc8\"><div class=\"t m0 x34 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5a6 y2abd w169 hc8\"><div class=\"t m0 x37 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5ac y2abd w2bb hc8\"><div class=\"t m0 x34 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5ad y2abd w12d hc8\"><div class=\"t m0 x37 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5af y2abd w2be hc8\"><div class=\"t m0 x37 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x5a5 y2abd w2bb hc8\"><div class=\"t m0 x34 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x4e8 y2abd w12d hc8\"><div class=\"t m0 x34 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x598 y2abd w2bb hc8\"><div class=\"t m0 x34 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5ae y2abd w169 hc8\"><div class=\"t m0 x37 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5b0 y2abd w427 hc8\"><div class=\"t m0 x55 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2abe w426 hc8\"><div class=\"t m0 x39 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">3.1 Obbligazion<span class=\"_ _1\"></span>i  </div></td><td></td><td class=\"c x5a4 y2abe w2b1 hc8\"><div class=\"t m0 x34 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5a6 y2abe w169 hc8\"><div class=\"t m0 x37 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5ac y2abe w2bb hc8\"><div class=\"t m0 x34 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5ad y2abe w12d hc8\"><div class=\"t m0 x37 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5af y2abe w2be hc8\"><div class=\"t m0 x37 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x5a5 y2abe w2bb hc8\"><div class=\"t m0 x34 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x4e8 y2abe w12d hc8\"><div class=\"t m0 x34 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x598 y2abe w2bb hc8\"><div class=\"t m0 x34 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5ae y2abe w169 hc8\"><div class=\"t m0 x37 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5b0 y2abe w427 hc8\"><div class=\"t m0 x55 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2abf w426 hc8\"><div class=\"t m0 x3a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">3.1.1 Strutturate<span class=\"_ _1\"></span>  </div></td><td></td><td class=\"c x5a4 y2abf w2b1 hc8\"><div class=\"t m0 x34 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5a6 y2abf w169 hc8\"><div class=\"t m0 x37 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5ac y2abf w2bb hc8\"><div class=\"t m0 x34 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5ad y2abf w12d hc8\"><div class=\"t m0 x37 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5af y2abf w2be hc8\"><div class=\"t m0 x37 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x5a5 y2abf w2bb hc8\"><div class=\"t m0 x34 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x4e8 y2abf w12d hc8\"><div class=\"t m0 x34 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x598 y2abf w2bb hc8\"><div class=\"t m0 x34 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5ae y2abf w169 hc8\"><div class=\"t m0 x37 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5b0 y2abf w427 hc8\"><div class=\"t m0 x55 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td></tr><tr><td class=\"c x5b1 y2ac0 wbc1 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">3.1.2 Altre<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x5a4 y2ac1 w2b1 hbb\"><div class=\"t m0 x34 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5a6 y2ac1 w169 hbb\"><div class=\"t m0 x37 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5ac y2ac1 w2bb hbb\"><div class=\"t m0 x34 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5ad y2ac1 w12d hbb\"><div class=\"t m0 x37 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5af y2ac1 w2be hbb\"><div class=\"t m0 x37 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x5a5 y2ac1 w2bb hbb\"><div class=\"t m0 x34 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x4e8 y2ac1 w12d hbb\"><div class=\"t m0 x34 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x598 y2ac1 w2bb hbb\"><div class=\"t m0 x34 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5ae y2ac1 w169 hbb\"><div class=\"t m0 x37 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5b0 y2ac1 w427 hbb\"><div class=\"t m0 x55 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td></tr><tr><td class=\"c x5b1 y2ac2 wbc2 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">obbligazioni<span class=\"_ _df\"> </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=\"c x44e y2ac3 w426 hc8\"><div class=\"t m0 x39 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">3.2 Altri titoli </div></td><td></td><td class=\"c x5a4 y2ac3 w2b1 hc8\"><div class=\"t m0 x34 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5a6 y2ac3 w169 hc8\"><div class=\"t m0 x37 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5ac y2ac3 w2bb hc8\"><div class=\"t m0 x34 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5ad y2ac3 w12d hc8\"><div class=\"t m0 x37 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5af y2ac3 w2be hc8\"><div class=\"t m0 x37 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x5a5 y2ac3 w2bb hc8\"><div class=\"t m0 x34 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x4e8 y2ac3 w12d hc8\"><div class=\"t m0 x34 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x598 y2ac3 w2bb hc8\"><div class=\"t m0 x34 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5ae y2ac3 w169 hc8\"><div class=\"t m0 x37 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5b0 y2ac3 w427 hc8\"><div class=\"t m0 x55 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2ac4 w426 hc8\"><div class=\"t m0 x3a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">3.2.1 Struttura<span class=\"_ _1\"></span>ti  </div></td><td></td><td class=\"c x5a4 y2ac4 w2b1 hc8\"><div class=\"t m0 x34 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5a6 y2ac4 w169 hc8\"><div class=\"t m0 x37 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5ac y2ac4 w2bb hc8\"><div class=\"t m0 x34 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5ad y2ac4 w12d hc8\"><div class=\"t m0 x37 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5af y2ac4 w2be hc8\"><div class=\"t m0 x37 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x5a5 y2ac4 w2bb hc8\"><div class=\"t m0 x34 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x4e8 y2ac4 w12d hc8\"><div class=\"t m0 x34 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x598 y2ac4 w2bb hc8\"><div class=\"t m0 x34 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5ae y2ac4 w169 hc8\"><div class=\"t m0 x37 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5b0 y2ac4 w427 hc8\"><div class=\"t m0 x55 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td></tr><tr><td class=\"c x44e y2ac5 w426 hc8\"><div class=\"t m0 x3a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">3.2.2 Altri </div></td><td></td><td class=\"c x5a4 y2ac5 w2b1 hc8\"><div class=\"t m0 x34 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5a6 y2ac5 w169 hc8\"><div class=\"t m0 x37 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5ac y2ac5 w2bb hc8\"><div class=\"t m0 x34 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5ad y2ac5 w12d hc8\"><div class=\"t m0 x37 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5af y2ac5 w2be hc8\"><div class=\"t m0 x37 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x5a5 y2ac5 w2bb hc8\"><div class=\"t m0 x34 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x4e8 y2ac5 w12d hc8\"><div class=\"t m0 x34 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x598 y2ac5 w2bb hc8\"><div class=\"t m0 x34 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5ae y2ac5 w169 hc8\"><div class=\"t m0 x37 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5b0 y2ac5 w427 hc8\"><div class=\"t m0 x55 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td></tr><tr><td class=\"c x44e y2ac6 w426 hc8\"><div class=\"t m0 xe5 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale (A<span class=\"_ _f\"></span>) </div></td><td></td><td class=\"c x5a4 y2ac6 w2b1 hc8\"><div class=\"t m0 x32 h1f ye4c ff4 fs7 fc1 sc2 ls2a ws0\">28<span class=\"ls0\"> </span></div></td><td class=\"c x5a6 y2ac6 w169 hc8\"><div class=\"t m0 x35 h1f ye4c ff4 fs7 fc1 sc2 ls2a ws0\">29<span class=\"ls0\"> </span></div></td><td class=\"c x5ac y2ac6 w2bb hc8\"><div class=\"t m0 x34 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td><td class=\"c x5ad y2ac6 w12d hc8\"><div class=\"t m0 x37 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td><td class=\"c x5af y2ac6 w2be hc8\"><div class=\"t m0 x35 h1f ye4c ff4 fs7 fc1 sc2 ls2a ws0\">29<span class=\"ls0\"> </span></div></td><td></td><td class=\"c x5a5 y2ac6 w2bb hc8\"><div class=\"t m0 x34 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td><td class=\"c x4e8 y2ac6 w12d hc8\"><div class=\"t m0 x34 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td><td class=\"c x598 y2ac6 w2bb hc8\"><div class=\"t m0 x34 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td><td class=\"c x5ae y2ac6 w169 hc8\"><div class=\"t m0 x37 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td><td class=\"c x5b0 y2ac6 w427 hc8\"><div class=\"t m0 x37 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2ac7 w426 hc8\"><div class=\"t m0 x10 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\"> B. St<span class=\"_ _f\"></span>rument<span class=\"_ _1\"></span>i der<span class=\"_ _f\"></span>ivati </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=\"c x44e y2ac8 w426 hc8\"><div class=\"t m0 x2f h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">1. Derivati finanz<span class=\"_ _1\"></span>iari </div></td><td class=\"c x5a4 y2ac8 w2b1 hc8\"><div class=\"t m0 x55 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x5a6 y2ac8 w169 hc8\"><div class=\"t m0 x37 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5ac y2ac8 w2bb hc8\"><div class=\"t m0 x16a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">13.881 </div></td><td class=\"c x5ad y2ac8 w12d hc8\"><div class=\"t m0 x37 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5af y2ac8 w2be hc8\"><div class=\"t m0 x37 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5a5 y2ac8 w2bb hc8\"><div class=\"t m0 x55 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x4e8 y2ac8 w12d hc8\"><div class=\"t m0 x34 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x598 y2ac8 w2bb hc8\"><div class=\"t m0 x8e h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">14.463 </div></td><td class=\"c x5ae y2ac8 w169 hc8\"><div class=\"t m0 x37 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5b0 y2ac8 w427 hc8\"><div class=\"t m0 x55 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2ac9 w426 hc8\"><div class=\"t m0 x39 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">1.1 Di negoziazione<span class=\"_ _f\"></span> </div></td><td class=\"c x5a4 y2ac9 w2b1 hc8\"><div class=\"t m0 x55 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td></td><td class=\"c x5a6 y2ac9 w169 hc8\"><div class=\"t m0 x37 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5ac y2ac9 w2bb hc8\"><div class=\"t m0 x16a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">13.881 </div></td><td class=\"c x5ad y2ac9 w12d hc8\"><div class=\"t m0 x37 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5af y2ac9 w2be hc8\"><div class=\"t m0 x55 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x5a5 y2ac9 w2bb hc8\"><div class=\"t m0 x55 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td></td><td class=\"c x4e8 y2ac9 w12d hc8\"><div class=\"t m0 x34 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x598 y2ac9 w2bb hc8\"><div class=\"t m0 x8e h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">14.463 </div></td><td class=\"c x5ae y2ac9 w169 hc8\"><div class=\"t m0 x37 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5b0 y2ac9 w427 hc8\"><div class=\"t m0 x55 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td></tr><tr><td class=\"c x44e y2aca w426 h58\"><div class=\"t m0 x39 h1f y15 ff4 fs7 fc1 sc0 ls0 ws0\">1.2 Connessi c<span class=\"_ _1\"></span>on la fair </div><div class=\"t m0 x39 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">value option<span class=\"_ _1\"></span> </div></td><td class=\"c x5a4 y2aca w2b1 h58\"><div class=\"t m0 x55 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td></td><td class=\"c x5a6 y2aca w169 h58\"><div class=\"t m0 x37 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5ac y2aca w2bb h58\"><div class=\"t m0 x34 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5ad y2aca w12d h58\"><div class=\"t m0 x37 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5af y2aca w2be h58\"><div class=\"t m0 x55 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x5a5 y2aca w2bb h58\"><div class=\"t m0 x55 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td></td><td class=\"c x4e8 y2aca w12d h58\"><div class=\"t m0 x34 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x598 y2aca w2bb h58\"><div class=\"t m0 x34 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5ae y2aca w169 h58\"><div class=\"t m0 x37 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5b0 y2aca w427 h58\"><div class=\"t m0 x55 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td></tr><tr><td class=\"c x44e y2acb w426 hc8\"><div class=\"t m0 x39 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">1.3 Altri </div></td><td class=\"c x5a4 y2acb w2b1 hc8\"><div class=\"t m0 x55 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td></td><td class=\"c x5a6 y2acb w169 hc8\"><div class=\"t m0 x37 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5ac y2acb w2bb hc8\"><div class=\"t m0 x34 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5ad y2acb w12d hc8\"><div class=\"t m0 x37 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5af y2acb w2be hc8\"><div class=\"t m0 x55 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x5a5 y2acb w2bb hc8\"><div class=\"t m0 x55 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td></td><td class=\"c x4e8 y2acb w12d hc8\"><div class=\"t m0 x34 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x598 y2acb w2bb hc8\"><div class=\"t m0 x34 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5ae y2acb w169 hc8\"><div class=\"t m0 x37 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5b0 y2acb w427 hc8\"><div class=\"t m0 x55 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td></tr><tr><td class=\"c x44e y2acc w426 hc8\"><div class=\"t m0 x2f h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">2. Derivati creditiz<span class=\"_ _f\"></span>i </div></td><td class=\"c x5a4 y2acc w2b1 hc8\"><div class=\"t m0 x55 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x5a6 y2acc w169 hc8\"><div class=\"t m0 x37 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5ac y2acc w2bb hc8\"><div class=\"t m0 x34 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5ad y2acc w12d hc8\"><div class=\"t m0 x37 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5af y2acc w2be hc8\"><div class=\"t m0 x37 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5a5 y2acc w2bb hc8\"><div class=\"t m0 x55 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x4e8 y2acc w12d hc8\"><div class=\"t m0 x34 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x598 y2acc w2bb hc8\"><div class=\"t m0 x34 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5ae y2acc w169 hc8\"><div class=\"t m0 x37 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5b0 y2acc w427 hc8\"><div class=\"t m0 x55 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2acd w426 hc8\"><div class=\"t m0 x39 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">2.1 Di negoziazio<span class=\"_ _1\"></span>ne </div></td><td class=\"c x5a4 y2acd w2b1 hc8\"><div class=\"t m0 x55 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td></td><td class=\"c x5a6 y2acd w169 hc8\"><div class=\"t m0 x37 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5ac y2acd w2bb hc8\"><div class=\"t m0 x34 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5ad y2acd w12d hc8\"><div class=\"t m0 x37 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5af y2acd w2be hc8\"><div class=\"t m0 x55 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x5a5 y2acd w2bb hc8\"><div class=\"t m0 x55 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td></td><td class=\"c x4e8 y2acd w12d hc8\"><div class=\"t m0 x34 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x598 y2acd w2bb hc8\"><div class=\"t m0 x34 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5ae y2acd w169 hc8\"><div class=\"t m0 x37 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5b0 y2acd w427 hc8\"><div class=\"t m0 x55 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td></tr><tr><td class=\"c x44e y2613 w426 hcd\"><div class=\"t m0 x39 h1f y1736 ff4 fs7 fc1 sc0 ls0 ws0\">2.2 Connessi c<span class=\"_ _1\"></span>on la fair </div><div class=\"t m0 x39 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">value option<span class=\"_ _1\"></span> </div></td><td class=\"c x5a4 y2613 w2b1 hcd\"><div class=\"t m0 x55 h1f y2ea ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td></td><td class=\"c x5a6 y2613 w169 hcd\"><div class=\"t m0 x37 h1f y2ea ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5ac y2613 w2bb hcd\"><div class=\"t m0 x34 h1f y2ea ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5ad y2613 w12d hcd\"><div class=\"t m0 x37 h1f y2ea ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5af y2613 w2be hcd\"><div class=\"t m0 x55 h1f y2ea ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x5a5 y2613 w2bb hcd\"><div class=\"t m0 x55 h1f y2ea ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td></td><td class=\"c x4e8 y2613 w12d hcd\"><div class=\"t m0 x34 h1f y2ea ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x598 y2613 w2bb hcd\"><div class=\"t m0 x34 h1f y2ea ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5ae y2613 w169 hcd\"><div class=\"t m0 x37 h1f y2ea ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5b0 y2613 w427 hcd\"><div class=\"t m0 x55 h1f y2ea ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td></tr><tr><td class=\"c x44e y2ace w426 hc8\"><div class=\"t m0 x39 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">2.3 Altri </div></td><td class=\"c x5a4 y2ace w2b1 hc8\"><div class=\"t m0 x55 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td></td><td class=\"c x5a6 y2ace w169 hc8\"><div class=\"t m0 x37 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5ac y2ace w2bb hc8\"><div class=\"t m0 x34 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5ad y2ace w12d hc8\"><div class=\"t m0 x37 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5af y2ace w2be hc8\"><div class=\"t m0 x55 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x5a5 y2ace w2bb hc8\"><div class=\"t m0 x55 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td></td><td class=\"c x4e8 y2ace w12d hc8\"><div class=\"t m0 x34 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x598 y2ace w2bb hc8\"><div class=\"t m0 x34 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5ae y2ace w169 hc8\"><div class=\"t m0 x37 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5b0 y2ace w427 hc8\"><div class=\"t m0 x55 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td></tr><tr><td class=\"c x44e y2acf w426 hc8\"><div class=\"t m0 xc h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale B<span class=\"_ _1\"></span> </div></td><td class=\"c x5a4 y2acf w2b1 hc8\"><div class=\"t m0 x55 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">X </div></td><td></td><td class=\"c x5a6 y2acf w169 hc8\"><div class=\"t m0 x37 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td><td class=\"c x5ac y2acf w2bb hc8\"><div class=\"t m0 x16a h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">13.8<span class=\"_ _1\"></span>81 </div></td><td class=\"c x5ad y2acf w12d hc8\"><div class=\"t m0 x37 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td><td class=\"c x5af y2acf w2be hc8\"><div class=\"t m0 x55 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">X </div></td><td class=\"c x5a5 y2acf w2bb hc8\"><div class=\"t m0 x55 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">X </div></td><td></td><td class=\"c x4e8 y2acf w12d hc8\"><div class=\"t m0 x34 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td><td class=\"c x598 y2acf w2bb hc8\"><div class=\"t m0 x2f h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">14.46<span class=\"_ _f\"></span>3 </div></td><td class=\"c x5ae y2acf w169 hc8\"><div class=\"t m0 x37 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td><td class=\"c x5b0 y2acf w427 hc8\"><div class=\"t m0 x55 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">X </div></td></tr><tr><td class=\"c x44e y2ad0 w426 hc8\"><div class=\"t m0 x124 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale (A<span class=\"_ _f\"></span>+B) </div></td><td class=\"c x5a4 y2ad0 w2b1 hc8\"><div class=\"t m0 x55 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">X </div></td><td></td><td class=\"c x5a6 y2ad0 w169 hc8\"><div class=\"t m0 x35 h1f y28b ff4 fs7 fc1 sc2 ls2a ws0\">29<span class=\"ls0\"> </span></div></td><td class=\"c x5ac y2ad0 w2bb hc8\"><div class=\"t m0 x16a h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">13.8<span class=\"_ _1\"></span>81 </div></td><td class=\"c x5ad y2ad0 w12d hc8\"><div class=\"t m0 x37 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td><td class=\"c x5af y2ad0 w2be hc8\"><div class=\"t m0 x55 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">X </div></td><td class=\"c x5a5 y2ad0 w2bb hc8\"><div class=\"t m0 x55 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">X </div></td><td></td><td class=\"c x4e8 y2ad0 w12d hc8\"><div class=\"t m0 x34 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td><td class=\"c x598 y2ad0 w2bb hc8\"><div class=\"t m0 x2f h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">14.46<span class=\"_ _f\"></span>3 </div></td><td class=\"c x5ae y2ad0 w169 hc8\"><div class=\"t m0 x37 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td><td class=\"c x5b0 y2ad0 w427 hc8\"><div class=\"t m0 x55 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">X </div></td></tr></table>Lege<span class=\"_ _f\"></span>nda: VN = valore nom<span class=\"_ _1\"></span>inale o nozi<span class=\"_ _1\"></span>onale  L1 = Livello 1 <span class=\"_ _1\"></span> L2 = Livello 2 <span class=\"_ _1\"></span> L3 = Livello 3 <span class=\"_ _1\"></span> Fair value*=Fair value calco<span class=\"_ _1\"></span>lato escludendo le variazioni di valore dovute<span class=\"_ _f\"></span> <span class=\"_ _2\"></span>al cambiamento del merito credit<span class=\"_ _1\"></span>izio dell'emittente rispe<span class=\"_ _f\"></span>tto<span class=\"_ _2\"></span> alla data <span class=\"_ _1\"></span>di emissione. La voce \u201cA. Passivit\u00e0 per cassa\u201d, se presente, comprend<span class=\"_ _1\"></span>e gli scoperti tecnici. 2.2 De<span class=\"_ _1\"></span>ttag<span class=\"_ _1\"></span>lio d<span class=\"_ _1\"></span>elle \u201c<span class=\"_ _1\"></span>Pass<span class=\"_ _1\"></span>ivit\u00e0<span class=\"_ _f\"></span> finanziar<span class=\"_ _1\"></span>ie di <span class=\"_ _f\"></span>negozia<span class=\"_ _1\"></span>zione\u201d<span class=\"_ _1\"></span>: pas<span class=\"_ _f\"></span>sivit\u00e0 s<span class=\"_ _1\"></span>ubord<span class=\"_ _1\"></span>inate<span class=\"_ _1\"></span> <span class=\"ff4\"> </span>2.3 D<span class=\"_ _f\"></span>ettaglio<span class=\"_ _1\"></span> delle<span class=\"_ _1\"></span> \u201cPa<span class=\"_ _1\"></span>ssivi<span class=\"_ _1\"></span>t\u00e0 fina<span class=\"_ _1\"></span>nziari<span class=\"_ _1\"></span>e di <span class=\"_ _1\"></span>negozia<span class=\"_ _f\"></span>zione\u201d:<span class=\"_ _1\"></span> debit<span class=\"_ _1\"></span>i st<span class=\"_ _f\"></span>ruttura<span class=\"_ _1\"></span>ti<span class=\"ff4\"> </span>Non <span class=\"_ _4\"> </span>esistono, <span class=\"_ _4\"> </span>alla <span class=\"_ _4\"> </span>da<span class=\"_ _f\"></span>t<span class=\"_ _2\"></span>a <span class=\"_ _4\"> </span>del  bilancio, <span class=\"_ _4\"> </span>n\u00e9 <span class=\"_ _4\"> </span>al <span class=\"_ _22\"> </span>31<span class=\"_ _2\"></span> <span class=\"_ _4\"> </span>dice<span class=\"_ _1\"></span>mbre <span class=\"_ _4\"> </span>2024, <span class=\"_ _4\"> </span>passivit\u00e0 <span class=\"_ _4\"> </span>subordinate <span class=\"_ _4\"> </span>e <span class=\"_ _22\"> </span>debiti strutturati.<span class=\"_ _df\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfFinancialLiabilitiesHeldForTradingExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-882": {
   "value": "2.3 D<span class=\"_ _f\"></span>ettaglio<span class=\"_ _1\"></span> delle<span class=\"_ _1\"></span> \u201cPa<span class=\"_ _1\"></span>ssivi<span class=\"_ _1\"></span>t\u00e0 fina<span class=\"_ _1\"></span>nziari<span class=\"_ _1\"></span>e di <span class=\"_ _1\"></span>negozia<span class=\"_ _f\"></span>zione\u201d:<span class=\"_ _1\"></span> debit<span class=\"_ _1\"></span>i st<span class=\"_ _f\"></span>ruttura<span class=\"_ _1\"></span>ti<span class=\"ff4\"> </span>Non <span class=\"_ _4\"> </span>esistono, <span class=\"_ _4\"> </span>alla <span class=\"_ _4\"> </span>da<span class=\"_ _f\"></span>t<span class=\"_ _2\"></span>a <span class=\"_ _4\"> </span>del  bilancio, <span class=\"_ _4\"> </span>n\u00e9 <span class=\"_ _4\"> </span>al <span class=\"_ _22\"> </span>31<span class=\"_ _2\"></span> <span class=\"_ _4\"> </span>dice<span class=\"_ _1\"></span>mbre <span class=\"_ _4\"> </span>2024, <span class=\"_ _4\"> </span>passivit\u00e0 <span class=\"_ _4\"> </span>subordinate <span class=\"_ _4\"> </span>e <span class=\"_ _22\"> </span>debiti strutturati",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfFinancialInstrumentsDesignatedAtFairValueThroughProfitOrLossExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-870": {
   "value": "Sezi<span class=\"_ _f\"></span>one 8 <span class=\"_ _f\"></span><span class=\"ff5\">\u2013<span class=\"ff4\"> Altr<span class=\"_ _f\"></span>e pass<span class=\"_ _f\"></span>ivit\u00e0 <span class=\"_ _1\"></span><span class=\"ff5\">\u2013<span class=\"ff4\"> Vo<span class=\"_ _f\"></span>ce 80<span class=\"_ _f\"></span> </span></span></span></span>8.1 Alt<span class=\"_ _1\"></span>re pa<span class=\"_ _f\"></span>ssivit\u00e0<span class=\"_ _1\"></span>: com<span class=\"_ _1\"></span>posizi<span class=\"_ _1\"></span>one<span class=\"fc1 sc0\"> </span><table class=\"s wbd4 h4ff\" id=\"_664bb4b9-f869-436a-8ef3-21ce394684cc\"><tr><td></td><td></td><td class=\"c x5de y2b16 w280 h49\"><div class=\"t m0 x3a h1f y32 ff4 fs7 fc4 sc3 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale<span class=\"fc1 sc0\"> </span></div></td><td class=\"c x5df y2b16 w280 h49\"><div class=\"t m0 x3a h1f y32 ff4 fs7 fc4 sc3 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale<span class=\"fc1 sc0\"> </span></div></td></tr><tr><td></td><td></td><td class=\"c x5de y2b17 w280 h49\"><div class=\"t m0 x39 h1f y25 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/<span class=\"_ _f\"></span>2025<span class=\"fc1 sc0\"> </span></div></td><td class=\"c x5df y2b17 w280 h49\"><div class=\"t m0 x39 h1f y25 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/<span class=\"_ _f\"></span>2024<span class=\"fc1 sc0\"> </span></div></td></tr><tr><td class=\"c x46b y2b18 w446 hc8\"><div class=\"t m0 x8a h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">Debiti verso l'era<span class=\"_ _f\"></span>r<span class=\"_ _2\"></span>io </div></td><td></td><td class=\"c x5de y2b18 w280 hc8\"><div class=\"t m0 x13 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">284.220 </div></td><td class=\"c x5df y2b18 w55 hc8\"><div class=\"t m0 x11 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">298.677 </div></td></tr><tr><td class=\"c x46b y2b19 w446 hc8\"><div class=\"t m0 x8a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">Scarto valuta su <span class=\"_ _1\"></span>operazioni di p<span class=\"_ _f\"></span>o<span class=\"_ _2\"></span>rtafogli<span class=\"_ _1\"></span>o </div></td><td></td><td class=\"c x5de y2b19 w280 hc8\"><div class=\"t m0 x13 h1f y28b ff4 fs7 fc1 sc0 lsa ws0\">42<span class=\"ls0\">8.442</span><span class=\"ls0\"> </span></div></td><td class=\"c x5df y2b19 w55 hc8\"><div class=\"t m0 x90 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">411.167 </div></td></tr><tr><td class=\"c x46b y2b1a w446 hc8\"><div class=\"t m0 x8a h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">Somme a disposizi<span class=\"_ _1\"></span>one della cliente<span class=\"_ _1\"></span>la </div></td><td></td><td class=\"c x5de y2b1a w280 hc8\"><div class=\"t m0 x1c h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">15.813 </div></td><td class=\"c x5df y2b1a w55 hc8\"><div class=\"t m0 x7 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">15.898 </div></td></tr><tr><td class=\"c x46b y2b1b w446 hc8\"><div class=\"t m0 x8a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">Risconti passiv<span class=\"_ _1\"></span>i </div></td><td></td><td class=\"c x5de y2b1b w280 hc8\"><div class=\"t m0 xc6 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">12.114 </div></td><td class=\"c x5df y2b1b w55 hc8\"><div class=\"t m0 x1c h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">11.543 </div></td></tr><tr><td class=\"c x46b y2b1c w446 hc8\"><div class=\"t m0 x8a h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">Retribuzioni da c<span class=\"_ _f\"></span>o<span class=\"_ _2\"></span>rrispondere<span class=\"_ _1\"></span> e relativi con<span class=\"_ _1\"></span>tributi </div></td><td></td><td class=\"c x5de y2b1c w280 hc8\"><div class=\"t m0 x90 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">24.247 </div></td><td class=\"c x5df y2b1c w55 hc8\"><div class=\"t m0 x7 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">23.610 </div></td></tr><tr><td class=\"c x46b y2b1d w446 hc8\"><div class=\"t m0 x8a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">Ratei passivi </div></td><td></td><td class=\"c x5de y2b1d w280 hc8\"><div class=\"t m0 x7 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">14.364 </div></td><td class=\"c x5df y2b1d w55 hc8\"><div class=\"t m0 xe h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">8.713 </div></td></tr><tr><td class=\"c x46b y2b1e w446 hc8\"><div class=\"t m0 x8a h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">Partite in lavoraz<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span>one su ester<span class=\"_ _f\"></span>o<span class=\"_ _2\"></span> </div></td><td></td><td class=\"c x5de y2b1e w280 hc8\"><div class=\"t m0 x90 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">20.696 </div></td><td class=\"c x5df y2b1e w55 hc8\"><div class=\"t m0 xf h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">9.935 </div></td></tr><tr><td class=\"c x46b y2b1f w446 hc8\"><div class=\"t m0 x8a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">Fornitori </div></td><td></td><td class=\"c x5de y2b1f w280 hc8\"><div class=\"t m0 x96 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">198.8<span class=\"ls34\">75</span> </div></td><td class=\"c x5df y2b1f w55 hc8\"><div class=\"t m0 x91 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">211.708 </div></td></tr><tr><td class=\"c x46b y2b20 w446 hc8\"><div class=\"t m0 x8a h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">Partite viaggianti<span class=\"_ _1\"></span> con le filiali </div></td><td></td><td class=\"c x5de y2b20 w280 hc8\"><div class=\"t m0 xf h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">4.074 </div></td><td class=\"c x5df y2b20 w55 hc8\"><div class=\"t m0 xc6 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">3.262 </div></td></tr><tr><td class=\"c x46b y2b21 w446 h28e\"><div class=\"t m0 x8a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">Somme da accred<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span>tare a ent<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span> </div></td><td></td><td class=\"c x5de y2b21 w280 h28e\"><div class=\"t m0 xe h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">1.085 </div></td><td class=\"c x5df y2b21 w55 h28e\"><div class=\"t m0 xf h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">3.900 </div></td></tr><tr><td class=\"c x46b y2b22 w446 hc8\"><div class=\"t m0 x8a h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">Partite in lavoraz<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span>one tito<span class=\"_ _1\"></span>li </div></td><td></td><td class=\"c x5de y2b22 w280 hc8\"><div class=\"t m0 xf h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">5.495 </div></td><td class=\"c x5df y2b22 w55 hc8\"><div class=\"t m0 xf h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">9.029 </div></td></tr><tr><td class=\"c x46b y2b23 w446 h4d\"><div class=\"t m0 x8a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">Altre partite </div></td><td></td><td class=\"c x5de y2b23 w280 h4d\"><div class=\"t m0 x96 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">156.946 </div></td><td class=\"c x5df y2b23 w55 h4d\"><div class=\"t m0 x96 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">126.058 </div></td></tr><tr><td class=\"c x46b y2b24 w446 hc8\"><div class=\"t m0 x8a h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">Somme da accred<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span>tare a banc<span class=\"_ _f\"></span>he<span class=\"_ _2\"></span> </div></td><td></td><td class=\"c x5de y2b24 w280 hc8\"><div class=\"t m0 x96 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">281.095 </div></td><td class=\"c x5df y2b24 w55 hc8\"><div class=\"t m0 x13 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">325.624 </div></td></tr><tr><td></td><td class=\"c x46b y2b25 w446 h2c\"><div class=\"t m0 xad h1f y32 ff4 fs7 fc1 sc2 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale </div></td><td class=\"c x5de y2b25 w280 h2c\"><div class=\"t m0 x15 h1f y32 ff4 fs7 fc1 sc2 ls0 ws0\">1.447<span class=\"_ _f\"></span>.466<span class=\"sc0\"> </span></div></td><td class=\"c x5df y2b25 w55 h2c\"><div class=\"t m0 x36 h1f y32 ff4 fs7 fc1 sc2 ls0 ws0\">1.459.<span class=\"_ _1\"></span>12<span class=\"_ _1\"></span>4 </div></td></tr></table>La <span class=\"_ _d\"></span>vo<span class=\"ff5\">ce <span class=\"_ _d\"></span>\u201cScarto <span class=\"_ _d\"></span>valuta <span class=\"_ _d\"></span>s<span class=\"_ _2\"></span>u <span class=\"_ _2\"></span>operazioni <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>portafoglio\u201d <span class=\"_ _d\"></span>\u00e8 <span class=\"_ _d\"></span>da <span class=\"_ _0\"></span>ricondurre <span class=\"_ _d\"></span>agli <span class=\"_ _d\"></span>sbilanci <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>egli <span class=\"_ _d\"></span>effetti <span class=\"_ _d\"></span>del </span>portafoglio proprio e di terzi",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfDeferredIncomeExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-813": {
   "value": "Sezi<span class=\"_ _f\"></span>one 8 <span class=\"_ _f\"></span><span class=\"ff5\">\u2013<span class=\"ff4\"> Altr<span class=\"_ _f\"></span>e pass<span class=\"_ _f\"></span>ivit\u00e0 <span class=\"_ _1\"></span><span class=\"ff5\">\u2013<span class=\"ff4\"> Vo<span class=\"_ _f\"></span>ce 80<span class=\"_ _f\"></span> </span></span></span></span>8.1 Alt<span class=\"_ _1\"></span>re pa<span class=\"_ _f\"></span>ssivit\u00e0<span class=\"_ _1\"></span>: com<span class=\"_ _1\"></span>posizi<span class=\"_ _1\"></span>one<span class=\"fc1 sc0\"> </span><table class=\"s wbd4 h4ff\" id=\"_664bb4b9-f869-436a-8ef3-21ce394684cc\"><tr><td></td><td></td><td class=\"c x5de y2b16 w280 h49\"><div class=\"t m0 x3a h1f y32 ff4 fs7 fc4 sc3 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale<span class=\"fc1 sc0\"> </span></div></td><td class=\"c x5df y2b16 w280 h49\"><div class=\"t m0 x3a h1f y32 ff4 fs7 fc4 sc3 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale<span class=\"fc1 sc0\"> </span></div></td></tr><tr><td></td><td></td><td class=\"c x5de y2b17 w280 h49\"><div class=\"t m0 x39 h1f y25 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/<span class=\"_ _f\"></span>2025<span class=\"fc1 sc0\"> </span></div></td><td class=\"c x5df y2b17 w280 h49\"><div class=\"t m0 x39 h1f y25 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/<span class=\"_ _f\"></span>2024<span class=\"fc1 sc0\"> </span></div></td></tr><tr><td class=\"c x46b y2b18 w446 hc8\"><div class=\"t m0 x8a h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">Debiti verso l'era<span class=\"_ _f\"></span>r<span class=\"_ _2\"></span>io </div></td><td></td><td class=\"c x5de y2b18 w280 hc8\"><div class=\"t m0 x13 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">284.220 </div></td><td class=\"c x5df y2b18 w55 hc8\"><div class=\"t m0 x11 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">298.677 </div></td></tr><tr><td class=\"c x46b y2b19 w446 hc8\"><div class=\"t m0 x8a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">Scarto valuta su <span class=\"_ _1\"></span>operazioni di p<span class=\"_ _f\"></span>o<span class=\"_ _2\"></span>rtafogli<span class=\"_ _1\"></span>o </div></td><td></td><td class=\"c x5de y2b19 w280 hc8\"><div class=\"t m0 x13 h1f y28b ff4 fs7 fc1 sc0 lsa ws0\">42<span class=\"ls0\">8.442</span><span class=\"ls0\"> </span></div></td><td class=\"c x5df y2b19 w55 hc8\"><div class=\"t m0 x90 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">411.167 </div></td></tr><tr><td class=\"c x46b y2b1a w446 hc8\"><div class=\"t m0 x8a h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">Somme a disposizi<span class=\"_ _1\"></span>one della cliente<span class=\"_ _1\"></span>la </div></td><td></td><td class=\"c x5de y2b1a w280 hc8\"><div class=\"t m0 x1c h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">15.813 </div></td><td class=\"c x5df y2b1a w55 hc8\"><div class=\"t m0 x7 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">15.898 </div></td></tr><tr><td class=\"c x46b y2b1b w446 hc8\"><div class=\"t m0 x8a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">Risconti passiv<span class=\"_ _1\"></span>i </div></td><td></td><td class=\"c x5de y2b1b w280 hc8\"><div class=\"t m0 xc6 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">12.114 </div></td><td class=\"c x5df y2b1b w55 hc8\"><div class=\"t m0 x1c h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">11.543 </div></td></tr><tr><td class=\"c x46b y2b1c w446 hc8\"><div class=\"t m0 x8a h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">Retribuzioni da c<span class=\"_ _f\"></span>o<span class=\"_ _2\"></span>rrispondere<span class=\"_ _1\"></span> e relativi con<span class=\"_ _1\"></span>tributi </div></td><td></td><td class=\"c x5de y2b1c w280 hc8\"><div class=\"t m0 x90 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">24.247 </div></td><td class=\"c x5df y2b1c w55 hc8\"><div class=\"t m0 x7 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">23.610 </div></td></tr><tr><td class=\"c x46b y2b1d w446 hc8\"><div class=\"t m0 x8a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">Ratei passivi </div></td><td></td><td class=\"c x5de y2b1d w280 hc8\"><div class=\"t m0 x7 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">14.364 </div></td><td class=\"c x5df y2b1d w55 hc8\"><div class=\"t m0 xe h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">8.713 </div></td></tr><tr><td class=\"c x46b y2b1e w446 hc8\"><div class=\"t m0 x8a h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">Partite in lavoraz<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span>one su ester<span class=\"_ _f\"></span>o<span class=\"_ _2\"></span> </div></td><td></td><td class=\"c x5de y2b1e w280 hc8\"><div class=\"t m0 x90 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">20.696 </div></td><td class=\"c x5df y2b1e w55 hc8\"><div class=\"t m0 xf h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">9.935 </div></td></tr><tr><td class=\"c x46b y2b1f w446 hc8\"><div class=\"t m0 x8a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">Fornitori </div></td><td></td><td class=\"c x5de y2b1f w280 hc8\"><div class=\"t m0 x96 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">198.8<span class=\"ls34\">75</span> </div></td><td class=\"c x5df y2b1f w55 hc8\"><div class=\"t m0 x91 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">211.708 </div></td></tr><tr><td class=\"c x46b y2b20 w446 hc8\"><div class=\"t m0 x8a h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">Partite viaggianti<span class=\"_ _1\"></span> con le filiali </div></td><td></td><td class=\"c x5de y2b20 w280 hc8\"><div class=\"t m0 xf h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">4.074 </div></td><td class=\"c x5df y2b20 w55 hc8\"><div class=\"t m0 xc6 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">3.262 </div></td></tr><tr><td class=\"c x46b y2b21 w446 h28e\"><div class=\"t m0 x8a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">Somme da accred<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span>tare a ent<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span> </div></td><td></td><td class=\"c x5de y2b21 w280 h28e\"><div class=\"t m0 xe h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">1.085 </div></td><td class=\"c x5df y2b21 w55 h28e\"><div class=\"t m0 xf h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">3.900 </div></td></tr><tr><td class=\"c x46b y2b22 w446 hc8\"><div class=\"t m0 x8a h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">Partite in lavoraz<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span>one tito<span class=\"_ _1\"></span>li </div></td><td></td><td class=\"c x5de y2b22 w280 hc8\"><div class=\"t m0 xf h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">5.495 </div></td><td class=\"c x5df y2b22 w55 hc8\"><div class=\"t m0 xf h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">9.029 </div></td></tr><tr><td class=\"c x46b y2b23 w446 h4d\"><div class=\"t m0 x8a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">Altre partite </div></td><td></td><td class=\"c x5de y2b23 w280 h4d\"><div class=\"t m0 x96 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">156.946 </div></td><td class=\"c x5df y2b23 w55 h4d\"><div class=\"t m0 x96 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">126.058 </div></td></tr><tr><td class=\"c x46b y2b24 w446 hc8\"><div class=\"t m0 x8a h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">Somme da accred<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span>tare a banc<span class=\"_ _f\"></span>he<span class=\"_ _2\"></span> </div></td><td></td><td class=\"c x5de y2b24 w280 hc8\"><div class=\"t m0 x96 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">281.095 </div></td><td class=\"c x5df y2b24 w55 hc8\"><div class=\"t m0 x13 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">325.624 </div></td></tr><tr><td></td><td class=\"c x46b y2b25 w446 h2c\"><div class=\"t m0 xad h1f y32 ff4 fs7 fc1 sc2 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale </div></td><td class=\"c x5de y2b25 w280 h2c\"><div class=\"t m0 x15 h1f y32 ff4 fs7 fc1 sc2 ls0 ws0\">1.447<span class=\"_ _f\"></span>.466<span class=\"sc0\"> </span></div></td><td class=\"c x5df y2b25 w55 h2c\"><div class=\"t m0 x36 h1f y32 ff4 fs7 fc1 sc2 ls0 ws0\">1.459.<span class=\"_ _1\"></span>12<span class=\"_ _1\"></span>4 </div></td></tr></table>La <span class=\"_ _d\"></span>vo<span class=\"ff5\">ce <span class=\"_ _d\"></span>\u201cScarto <span class=\"_ _d\"></span>valuta <span class=\"_ _d\"></span>s<span class=\"_ _2\"></span>u <span class=\"_ _2\"></span>operazioni <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>portafoglio\u201d <span class=\"_ _d\"></span>\u00e8 <span class=\"_ _d\"></span>da <span class=\"_ _0\"></span>ricondurre <span class=\"_ _d\"></span>agli <span class=\"_ _d\"></span>sbilanci <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>egli <span class=\"_ _d\"></span>effetti <span class=\"_ _d\"></span>del </span>portafoglio proprio e di terzi.",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-838": {
   "value": "Sezi<span class=\"_ _f\"></span>one 8 <span class=\"_ _f\"></span><span class=\"ff5\">\u2013<span class=\"ff4\"> Altr<span class=\"_ _f\"></span>e pass<span class=\"_ _f\"></span>ivit\u00e0 <span class=\"_ _1\"></span><span class=\"ff5\">\u2013<span class=\"ff4\"> Vo<span class=\"_ _f\"></span>ce 80<span class=\"_ _f\"></span> </span></span></span></span>8.1 Alt<span class=\"_ _1\"></span>re pa<span class=\"_ _f\"></span>ssivit\u00e0<span class=\"_ _1\"></span>: com<span class=\"_ _1\"></span>posizi<span class=\"_ _1\"></span>one<span class=\"fc1 sc0\"> </span><table class=\"s wbd4 h4ff\" id=\"_664bb4b9-f869-436a-8ef3-21ce394684cc\"><tr><td></td><td></td><td class=\"c x5de y2b16 w280 h49\"><div class=\"t m0 x3a h1f y32 ff4 fs7 fc4 sc3 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale<span class=\"fc1 sc0\"> </span></div></td><td class=\"c x5df y2b16 w280 h49\"><div class=\"t m0 x3a h1f y32 ff4 fs7 fc4 sc3 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale<span class=\"fc1 sc0\"> </span></div></td></tr><tr><td></td><td></td><td class=\"c x5de y2b17 w280 h49\"><div class=\"t m0 x39 h1f y25 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/<span class=\"_ _f\"></span>2025<span class=\"fc1 sc0\"> </span></div></td><td class=\"c x5df y2b17 w280 h49\"><div class=\"t m0 x39 h1f y25 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/<span class=\"_ _f\"></span>2024<span class=\"fc1 sc0\"> </span></div></td></tr><tr><td class=\"c x46b y2b18 w446 hc8\"><div class=\"t m0 x8a h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">Debiti verso l'era<span class=\"_ _f\"></span>r<span class=\"_ _2\"></span>io </div></td><td></td><td class=\"c x5de y2b18 w280 hc8\"><div class=\"t m0 x13 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">284.220 </div></td><td class=\"c x5df y2b18 w55 hc8\"><div class=\"t m0 x11 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">298.677 </div></td></tr><tr><td class=\"c x46b y2b19 w446 hc8\"><div class=\"t m0 x8a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">Scarto valuta su <span class=\"_ _1\"></span>operazioni di p<span class=\"_ _f\"></span>o<span class=\"_ _2\"></span>rtafogli<span class=\"_ _1\"></span>o </div></td><td></td><td class=\"c x5de y2b19 w280 hc8\"><div class=\"t m0 x13 h1f y28b ff4 fs7 fc1 sc0 lsa ws0\">42<span class=\"ls0\">8.442</span><span class=\"ls0\"> </span></div></td><td class=\"c x5df y2b19 w55 hc8\"><div class=\"t m0 x90 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">411.167 </div></td></tr><tr><td class=\"c x46b y2b1a w446 hc8\"><div class=\"t m0 x8a h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">Somme a disposizi<span class=\"_ _1\"></span>one della cliente<span class=\"_ _1\"></span>la </div></td><td></td><td class=\"c x5de y2b1a w280 hc8\"><div class=\"t m0 x1c h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">15.813 </div></td><td class=\"c x5df y2b1a w55 hc8\"><div class=\"t m0 x7 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">15.898 </div></td></tr><tr><td class=\"c x46b y2b1b w446 hc8\"><div class=\"t m0 x8a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">Risconti passiv<span class=\"_ _1\"></span>i </div></td><td></td><td class=\"c x5de y2b1b w280 hc8\"><div class=\"t m0 xc6 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">12.114 </div></td><td class=\"c x5df y2b1b w55 hc8\"><div class=\"t m0 x1c h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">11.543 </div></td></tr><tr><td class=\"c x46b y2b1c w446 hc8\"><div class=\"t m0 x8a h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">Retribuzioni da c<span class=\"_ _f\"></span>o<span class=\"_ _2\"></span>rrispondere<span class=\"_ _1\"></span> e relativi con<span class=\"_ _1\"></span>tributi </div></td><td></td><td class=\"c x5de y2b1c w280 hc8\"><div class=\"t m0 x90 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">24.247 </div></td><td class=\"c x5df y2b1c w55 hc8\"><div class=\"t m0 x7 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">23.610 </div></td></tr><tr><td class=\"c x46b y2b1d w446 hc8\"><div class=\"t m0 x8a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">Ratei passivi </div></td><td></td><td class=\"c x5de y2b1d w280 hc8\"><div class=\"t m0 x7 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">14.364 </div></td><td class=\"c x5df y2b1d w55 hc8\"><div class=\"t m0 xe h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">8.713 </div></td></tr><tr><td class=\"c x46b y2b1e w446 hc8\"><div class=\"t m0 x8a h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">Partite in lavoraz<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span>one su ester<span class=\"_ _f\"></span>o<span class=\"_ _2\"></span> </div></td><td></td><td class=\"c x5de y2b1e w280 hc8\"><div class=\"t m0 x90 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">20.696 </div></td><td class=\"c x5df y2b1e w55 hc8\"><div class=\"t m0 xf h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">9.935 </div></td></tr><tr><td class=\"c x46b y2b1f w446 hc8\"><div class=\"t m0 x8a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">Fornitori </div></td><td></td><td class=\"c x5de y2b1f w280 hc8\"><div class=\"t m0 x96 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">198.8<span class=\"ls34\">75</span> </div></td><td class=\"c x5df y2b1f w55 hc8\"><div class=\"t m0 x91 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">211.708 </div></td></tr><tr><td class=\"c x46b y2b20 w446 hc8\"><div class=\"t m0 x8a h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">Partite viaggianti<span class=\"_ _1\"></span> con le filiali </div></td><td></td><td class=\"c x5de y2b20 w280 hc8\"><div class=\"t m0 xf h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">4.074 </div></td><td class=\"c x5df y2b20 w55 hc8\"><div class=\"t m0 xc6 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">3.262 </div></td></tr><tr><td class=\"c x46b y2b21 w446 h28e\"><div class=\"t m0 x8a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">Somme da accred<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span>tare a ent<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span> </div></td><td></td><td class=\"c x5de y2b21 w280 h28e\"><div class=\"t m0 xe h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">1.085 </div></td><td class=\"c x5df y2b21 w55 h28e\"><div class=\"t m0 xf h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">3.900 </div></td></tr><tr><td class=\"c x46b y2b22 w446 hc8\"><div class=\"t m0 x8a h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">Partite in lavoraz<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span>one tito<span class=\"_ _1\"></span>li </div></td><td></td><td class=\"c x5de y2b22 w280 hc8\"><div class=\"t m0 xf h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">5.495 </div></td><td class=\"c x5df y2b22 w55 hc8\"><div class=\"t m0 xf h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">9.029 </div></td></tr><tr><td class=\"c x46b y2b23 w446 h4d\"><div class=\"t m0 x8a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">Altre partite </div></td><td></td><td class=\"c x5de y2b23 w280 h4d\"><div class=\"t m0 x96 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">156.946 </div></td><td class=\"c x5df y2b23 w55 h4d\"><div class=\"t m0 x96 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">126.058 </div></td></tr><tr><td class=\"c x46b y2b24 w446 hc8\"><div class=\"t m0 x8a h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">Somme da accred<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span>tare a banc<span class=\"_ _f\"></span>he<span class=\"_ _2\"></span> </div></td><td></td><td class=\"c x5de y2b24 w280 hc8\"><div class=\"t m0 x96 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">281.095 </div></td><td class=\"c x5df y2b24 w55 hc8\"><div class=\"t m0 x13 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">325.624 </div></td></tr><tr><td></td><td class=\"c x46b y2b25 w446 h2c\"><div class=\"t m0 xad h1f y32 ff4 fs7 fc1 sc2 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale </div></td><td class=\"c x5de y2b25 w280 h2c\"><div class=\"t m0 x15 h1f y32 ff4 fs7 fc1 sc2 ls0 ws0\">1.447<span class=\"_ _f\"></span>.466<span class=\"sc0\"> </span></div></td><td class=\"c x5df y2b25 w55 h2c\"><div class=\"t m0 x36 h1f y32 ff4 fs7 fc1 sc2 ls0 ws0\">1.459.<span class=\"_ _1\"></span>12<span class=\"_ _1\"></span>4 </div></td></tr></table>La <span class=\"_ _d\"></span>vo<span class=\"ff5\">ce <span class=\"_ _d\"></span>\u201cScarto <span class=\"_ _d\"></span>valuta <span class=\"_ _d\"></span>s<span class=\"_ _2\"></span>u <span class=\"_ _2\"></span>operazioni <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>portafoglio\u201d <span class=\"_ _d\"></span>\u00e8 <span class=\"_ _d\"></span>da <span class=\"_ _0\"></span>ricondurre <span class=\"_ _d\"></span>agli <span class=\"_ _d\"></span>sbilanci <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>egli <span class=\"_ _d\"></span>effetti <span class=\"_ _d\"></span>del </span>portafoglio proprio e di terzi.",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-854": {
   "value": "Sezi<span class=\"_ _f\"></span>one 8 <span class=\"_ _f\"></span><span class=\"ff5\">\u2013<span class=\"ff4\"> Altr<span class=\"_ _f\"></span>e pass<span class=\"_ _f\"></span>ivit\u00e0 <span class=\"_ _1\"></span><span class=\"ff5\">\u2013<span class=\"ff4\"> Vo<span class=\"_ _f\"></span>ce 80<span class=\"_ _f\"></span> </span></span></span></span>8.1 Alt<span class=\"_ _1\"></span>re pa<span class=\"_ _f\"></span>ssivit\u00e0<span class=\"_ _1\"></span>: com<span class=\"_ _1\"></span>posizi<span class=\"_ _1\"></span>one<span class=\"fc1 sc0\"> </span><table class=\"s wbd4 h4ff\" id=\"_664bb4b9-f869-436a-8ef3-21ce394684cc\"><tr><td></td><td></td><td class=\"c x5de y2b16 w280 h49\"><div class=\"t m0 x3a h1f y32 ff4 fs7 fc4 sc3 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale<span class=\"fc1 sc0\"> </span></div></td><td class=\"c x5df y2b16 w280 h49\"><div class=\"t m0 x3a h1f y32 ff4 fs7 fc4 sc3 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale<span class=\"fc1 sc0\"> </span></div></td></tr><tr><td></td><td></td><td class=\"c x5de y2b17 w280 h49\"><div class=\"t m0 x39 h1f y25 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/<span class=\"_ _f\"></span>2025<span class=\"fc1 sc0\"> </span></div></td><td class=\"c x5df y2b17 w280 h49\"><div class=\"t m0 x39 h1f y25 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/<span class=\"_ _f\"></span>2024<span class=\"fc1 sc0\"> </span></div></td></tr><tr><td class=\"c x46b y2b18 w446 hc8\"><div class=\"t m0 x8a h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">Debiti verso l'era<span class=\"_ _f\"></span>r<span class=\"_ _2\"></span>io </div></td><td></td><td class=\"c x5de y2b18 w280 hc8\"><div class=\"t m0 x13 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">284.220 </div></td><td class=\"c x5df y2b18 w55 hc8\"><div class=\"t m0 x11 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">298.677 </div></td></tr><tr><td class=\"c x46b y2b19 w446 hc8\"><div class=\"t m0 x8a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">Scarto valuta su <span class=\"_ _1\"></span>operazioni di p<span class=\"_ _f\"></span>o<span class=\"_ _2\"></span>rtafogli<span class=\"_ _1\"></span>o </div></td><td></td><td class=\"c x5de y2b19 w280 hc8\"><div class=\"t m0 x13 h1f y28b ff4 fs7 fc1 sc0 lsa ws0\">42<span class=\"ls0\">8.442</span><span class=\"ls0\"> </span></div></td><td class=\"c x5df y2b19 w55 hc8\"><div class=\"t m0 x90 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">411.167 </div></td></tr><tr><td class=\"c x46b y2b1a w446 hc8\"><div class=\"t m0 x8a h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">Somme a disposizi<span class=\"_ _1\"></span>one della cliente<span class=\"_ _1\"></span>la </div></td><td></td><td class=\"c x5de y2b1a w280 hc8\"><div class=\"t m0 x1c h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">15.813 </div></td><td class=\"c x5df y2b1a w55 hc8\"><div class=\"t m0 x7 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">15.898 </div></td></tr><tr><td class=\"c x46b y2b1b w446 hc8\"><div class=\"t m0 x8a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">Risconti passiv<span class=\"_ _1\"></span>i </div></td><td></td><td class=\"c x5de y2b1b w280 hc8\"><div class=\"t m0 xc6 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">12.114 </div></td><td class=\"c x5df y2b1b w55 hc8\"><div class=\"t m0 x1c h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">11.543 </div></td></tr><tr><td class=\"c x46b y2b1c w446 hc8\"><div class=\"t m0 x8a h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">Retribuzioni da c<span class=\"_ _f\"></span>o<span class=\"_ _2\"></span>rrispondere<span class=\"_ _1\"></span> e relativi con<span class=\"_ _1\"></span>tributi </div></td><td></td><td class=\"c x5de y2b1c w280 hc8\"><div class=\"t m0 x90 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">24.247 </div></td><td class=\"c x5df y2b1c w55 hc8\"><div class=\"t m0 x7 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">23.610 </div></td></tr><tr><td class=\"c x46b y2b1d w446 hc8\"><div class=\"t m0 x8a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">Ratei passivi </div></td><td></td><td class=\"c x5de y2b1d w280 hc8\"><div class=\"t m0 x7 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">14.364 </div></td><td class=\"c x5df y2b1d w55 hc8\"><div class=\"t m0 xe h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">8.713 </div></td></tr><tr><td class=\"c x46b y2b1e w446 hc8\"><div class=\"t m0 x8a h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">Partite in lavoraz<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span>one su ester<span class=\"_ _f\"></span>o<span class=\"_ _2\"></span> </div></td><td></td><td class=\"c x5de y2b1e w280 hc8\"><div class=\"t m0 x90 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">20.696 </div></td><td class=\"c x5df y2b1e w55 hc8\"><div class=\"t m0 xf h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">9.935 </div></td></tr><tr><td class=\"c x46b y2b1f w446 hc8\"><div class=\"t m0 x8a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">Fornitori </div></td><td></td><td class=\"c x5de y2b1f w280 hc8\"><div class=\"t m0 x96 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">198.8<span class=\"ls34\">75</span> </div></td><td class=\"c x5df y2b1f w55 hc8\"><div class=\"t m0 x91 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">211.708 </div></td></tr><tr><td class=\"c x46b y2b20 w446 hc8\"><div class=\"t m0 x8a h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">Partite viaggianti<span class=\"_ _1\"></span> con le filiali </div></td><td></td><td class=\"c x5de y2b20 w280 hc8\"><div class=\"t m0 xf h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">4.074 </div></td><td class=\"c x5df y2b20 w55 hc8\"><div class=\"t m0 xc6 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">3.262 </div></td></tr><tr><td class=\"c x46b y2b21 w446 h28e\"><div class=\"t m0 x8a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">Somme da accred<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span>tare a ent<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span> </div></td><td></td><td class=\"c x5de y2b21 w280 h28e\"><div class=\"t m0 xe h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">1.085 </div></td><td class=\"c x5df y2b21 w55 h28e\"><div class=\"t m0 xf h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">3.900 </div></td></tr><tr><td class=\"c x46b y2b22 w446 hc8\"><div class=\"t m0 x8a h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">Partite in lavoraz<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span>one tito<span class=\"_ _1\"></span>li </div></td><td></td><td class=\"c x5de y2b22 w280 hc8\"><div class=\"t m0 xf h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">5.495 </div></td><td class=\"c x5df y2b22 w55 hc8\"><div class=\"t m0 xf h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">9.029 </div></td></tr><tr><td class=\"c x46b y2b23 w446 h4d\"><div class=\"t m0 x8a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">Altre partite </div></td><td></td><td class=\"c x5de y2b23 w280 h4d\"><div class=\"t m0 x96 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">156.946 </div></td><td class=\"c x5df y2b23 w55 h4d\"><div class=\"t m0 x96 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">126.058 </div></td></tr><tr><td class=\"c x46b y2b24 w446 hc8\"><div class=\"t m0 x8a h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">Somme da accred<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span>tare a banc<span class=\"_ _f\"></span>he<span class=\"_ _2\"></span> </div></td><td></td><td class=\"c x5de y2b24 w280 hc8\"><div class=\"t m0 x96 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">281.095 </div></td><td class=\"c x5df y2b24 w55 hc8\"><div class=\"t m0 x13 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">325.624 </div></td></tr><tr><td></td><td class=\"c x46b y2b25 w446 h2c\"><div class=\"t m0 xad h1f y32 ff4 fs7 fc1 sc2 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale </div></td><td class=\"c x5de y2b25 w280 h2c\"><div class=\"t m0 x15 h1f y32 ff4 fs7 fc1 sc2 ls0 ws0\">1.447<span class=\"_ _f\"></span>.466<span class=\"sc0\"> </span></div></td><td class=\"c x5df y2b25 w55 h2c\"><div class=\"t m0 x36 h1f y32 ff4 fs7 fc1 sc2 ls0 ws0\">1.459.<span class=\"_ _1\"></span>12<span class=\"_ _1\"></span>4 </div></td></tr></table>La <span class=\"_ _d\"></span>vo<span class=\"ff5\">ce <span class=\"_ _d\"></span>\u201cScarto <span class=\"_ _d\"></span>valuta <span class=\"_ _d\"></span>s<span class=\"_ _2\"></span>u <span class=\"_ _2\"></span>operazioni <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>portafoglio\u201d <span class=\"_ _d\"></span>\u00e8 <span class=\"_ _d\"></span>da <span class=\"_ _0\"></span>ricondurre <span class=\"_ _d\"></span>agli <span class=\"_ _d\"></span>sbilanci <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>egli <span class=\"_ _d\"></span>effetti <span class=\"_ _d\"></span>del </span>portafoglio proprio e di terzi.",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-814": {
   "value": "Sezi<span class=\"_ _f\"></span>one 9 <span class=\"_ _f\"></span><span class=\"ff14\"><span class=\"ff4\"> Tratt<span class=\"_ _1\"></span>am<span class=\"_ _f\"></span>ento d<span class=\"_ _f\"></span>i fine <span class=\"_ _f\"></span>rappor<span class=\"_ _f\"></span>to de<span class=\"_ _f\"></span>l perso<span class=\"_ _f\"></span>nale <span class=\"ff14\"></span> V<span class=\"_ _f\"></span>oce 90<span class=\"_ _df\"> </span></span></span>9.1 Tr<span class=\"_ _f\"></span>attamento<span class=\"_ _f\"></span> di fine r<span class=\"_ _1\"></span>appo<span class=\"_ _1\"></span>rto <span class=\"_ _1\"></span>del p<span class=\"_ _1\"></span>ersona<span class=\"_ _f\"></span>le: var<span class=\"_ _1\"></span>iazio<span class=\"_ _1\"></span>ni annue<table class=\"s wbd5 h500\" id=\"_d798e4ec-13b7-4533-a0dd-e337040549a8\"><tr><td></td><td></td><td class=\"c x44a y2b26 w37d h131\"><div class=\"t m0 x11 h1f y3e4 ff4 fs7 fc4 sc3 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale </div></td><td></td><td class=\"c x44b y2b26 w37e h131\"><div class=\"t m0 x11 h1f y3e4 ff4 fs7 fc4 sc3 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale </div></td><td></td></tr><tr><td></td><td></td><td class=\"c x575 y2b27 w362 h49\"><div class=\"t m0 x31 h1f y25c ff4 fs7 fc4 sc3 ls0 ws0\">31/12/<span class=\"_ _f\"></span>2025 </div></td><td class=\"c x44c y2b28 w993 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/</div></td><td class=\"c x44d y2b28 w994 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">2024<span class=\"_ _df\"> </span></div></td><td></td></tr><tr><td class=\"c x44e y2b29 w37f h131\"><div class=\"t m0 x10 h1f y3e4 ff4 fs7 fc1 sc2 ls0 ws0\">A. Es<span class=\"_ _1\"></span>iste<span class=\"_ _1\"></span>nze i<span class=\"_ _1\"></span>nizia<span class=\"_ _f\"></span>li </div></td><td></td><td></td><td class=\"c x44a y2b29 w37d h131\"><div class=\"t m0 x1e9 h1f y3e4 ff4 fs7 fc1 sc2 ls0 ws0\">26.14<span class=\"_ _f\"></span>4 </div></td><td></td><td class=\"c x44b y2b29 w339 h131\"><div class=\"t m0 xc h1f y3e4 ff4 fs7 fc1 sc2 ls0 ws0\">52.95<span class=\"_ _f\"></span>2 </div></td></tr><tr><td class=\"c x44e y2b2a w37f h131\"><div class=\"t m0 x10 h1f y3e4 ff4 fs7 fc1 sc2 ls0 ws0\">B. A<span class=\"_ _1\"></span>umen<span class=\"_ _f\"></span>ti </div></td><td></td><td></td><td class=\"c x44a y2b2a w37d h131\"><div class=\"t m0 xed h1f y3e4 ff4 fs7 fc1 sc2 ls0 ws0\">1.327<span class=\"_ _f\"></span> </div></td><td></td><td class=\"c x44b y2b2a w339 h131\"><div class=\"t m0 x1b1 h1f y3e4 ff4 fs7 fc1 sc2 ls0 ws0\">2.110<span class=\"_ _f\"></span> </div></td></tr><tr><td class=\"c x44e y2b2b w37f h131\"><div class=\"t m0 x116 h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">B.1 Accantonamen<span class=\"_ _1\"></span>ti dell'esercizi<span class=\"_ _1\"></span>o<span class=\"_ _df\"> </span></div></td><td></td><td></td><td class=\"c x44a y2b2b w37d h131\"><div class=\"t m0 x1b1 h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">1.197 </div></td><td></td><td class=\"c x44b y2b2b w339 h131\"><div class=\"t m0 xe3 h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">1.903 </div></td></tr><tr><td class=\"c x44e y2b2c w37f h131\"><div class=\"t m0 x116 h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">B.2 Altre variazi<span class=\"_ _1\"></span>oni </div></td><td></td><td></td><td class=\"c x44a y2b2c w37d h131\"><div class=\"t m0 x191 h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">130 </div></td><td></td><td class=\"c x44b y2b2c w339 h131\"><div class=\"t m0 x171 h1f y3e4 ff4 fs7 fc1 sc0 ls2a ws0\">207<span class=\"ls0\"> </span></div></td></tr><tr><td class=\"c x44e y2b2d w37f h131\"><div class=\"t m0 x32 h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">- di cui operazio<span class=\"_ _1\"></span>ni di aggregaz<span class=\"_ _1\"></span>ione aziendale </div></td><td></td><td></td><td class=\"c x44a y2b2d w37d h131\"><div class=\"t m0 x189 h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x44b y2b2d w339 h131\"><div class=\"t m0 x189 h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2b2e w37f h131\"><div class=\"t m0 x10 h1f y74a ff4 fs7 fc1 sc2 ls0 ws0\">C. Dim<span class=\"_ _f\"></span>inuzion<span class=\"_ _f\"></span>i </div></td><td></td><td></td><td class=\"c x44a y2b2e w37d h131\"><div class=\"t m0 xe4 h1f y74a ff4 fs7 fc1 sc2 ls0 ws0\">2.733<span class=\"_ _f\"></span> </div></td><td></td><td class=\"c x44b y2b2e w339 h131\"><div class=\"t m0 x1e9 h1f y74a ff4 fs7 fc1 sc2 ls0 ws0\">28.91<span class=\"_ _f\"></span>8 </div></td></tr><tr><td class=\"c x44e y2b2f w37f h131\"><div class=\"t m0 x116 h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">C.1 Liquidazion<span class=\"_ _1\"></span>i effettuate<span class=\"_ _df\"> </span></div></td><td></td><td></td><td class=\"c x44a y2b2f w37d h131\"><div class=\"t m0 xe3 h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">1.952 </div></td><td></td><td class=\"c x44b y2b2f w339 h131\"><div class=\"t m0 xe4 h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">2.965 </div></td></tr><tr><td class=\"c x44e y2b30 w37f h131\"><div class=\"t m0 x116 h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">C.2 Altre variaz<span class=\"_ _1\"></span>ioni<span class=\"_ _df\"> </span></div></td><td></td><td></td><td class=\"c x44a y2b30 w37d h131\"><div class=\"t m0 x191 h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">781 </div></td><td></td><td class=\"c x44b y2b30 w339 h131\"><div class=\"t m0 xc h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">25.953 </div></td></tr><tr><td class=\"c x44e y2b31 w37f h131\"><div class=\"t m0 x32 h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">- di cui operazio<span class=\"_ _1\"></span>ni di aggregaz<span class=\"_ _1\"></span>ione aziendale </div></td><td></td><td></td><td class=\"c x44a y2b31 w37d h131\"><div class=\"t m0 x189 h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x44b y2b31 w339 h131\"><div class=\"t m0 x189 h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2b32 w37f h12f\"><div class=\"t m0 x10 h1f y3e4 ff4 fs7 fc1 sc2 ls0 ws0\">D. Rim<span class=\"_ _f\"></span>anenz<span class=\"_ _1\"></span>e fin<span class=\"_ _f\"></span>ali </div></td><td></td><td></td><td class=\"c x44a y2b32 w37d h12f\"><div class=\"t m0 xc h1f y3e4 ff4 fs7 fc1 sc2 ls0 ws0\">24.73<span class=\"_ _f\"></span>8 </div></td><td></td><td class=\"c x44b y2b32 w339 h12f\"><div class=\"t m0 x1e9 h1f y3e4 ff4 fs7 fc1 sc2 ls0 ws0\">26.14<span class=\"_ _f\"></span>4 </div></td></tr><tr><td></td><td class=\"c x44e y2b33 w37f h13\"><div class=\"t m0 x76 h1f y80 ff4 fs7 fc1 sc2 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale </div></td><td></td><td class=\"c x44a y2b33 w37d h13\"><div class=\"t m0 xc h1f y80 ff4 fs7 fc1 sc2 ls0 ws0\">24.73<span class=\"_ _f\"></span>8 </div></td><td></td><td class=\"c x44b y2b33 w339 h13\"><div class=\"t m0 x1e9 h1f y80 ff4 fs7 fc1 sc2 ls0 ws0\">26.14<span class=\"_ _f\"></span>4 </div></td></tr></table>Come <span class=\"_ _10\"> </span>previsto <span class=\"_ _e\"> </span>dalle <span class=\"_ _10\"> </span>disposizioni <span class=\"_ _e\"> </span>in <span class=\"_ _10\"> </span>materia <span class=\"_ _10\"> </span>introd<span class=\"ff5\">otte <span class=\"_ _10\"> </span>dall\u2019Ordine <span class=\"_ _e\"> </span>Nazionale <span class=\"_ _10\"> </span>degli <span class=\"_ _10\"> </span>Attuari<span class=\"_ _df\"> </span></span>congiuntamente <span class=\"_ _f\"></span>agli organi <span class=\"_ _f\"></span>competenti OIC,<span class=\"_ _1\"></span> Assirevi<span class=\"_ _1\"></span> ed<span class=\"_ _1\"></span> ABI<span class=\"_ _1\"></span>, pe<span class=\"_ _1\"></span>r le <span class=\"_ _f\"></span>Societ\u00e0 con<span class=\"_ _1\"></span> pi\u00f9<span class=\"_ _1\"></span> di<span class=\"_ _1\"></span> 50 <span class=\"_ _f\"></span>dipendenti<span class=\"_ _df\"> </span>al <span class=\"_ _2\"></span>31 <span class=\"_ _d\"></span>dicembre <span class=\"_ _2\"></span>2006 <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _2\"></span>st<span class=\"_ _2\"></span>ata <span class=\"_ _2\"></span>delineata <span class=\"_ _2\"></span>una <span class=\"_ _2\"></span>metodologia <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>calcolo <span class=\"_ _d\"></span>che <span class=\"_ _2\"></span>pu\u00f2 <span class=\"_ _2\"></span>essere <span class=\"_ _d\"></span>schematizzata<span class=\"_ _df\"> </span>nelle seguenti fasi:<span class=\"_ _df\"> </span><span class=\"_ _39\"> </span><span class=\"ff5\">proiezione <span class=\"_ _0\"></span>fino <span class=\"_ _9\"> </span>all\u2019epoca <span class=\"_ _0\"></span>aleatoria <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>corresponsione <span class=\"_ _0\"></span>per <span class=\"_ _9\"> </span>ciascun <span class=\"_ _0\"></span>dipendente <span class=\"_ _9\"> </span>del <span class=\"_ _0\"></span>TFR, <span class=\"_ _9\"> </span>gi\u00e0<span class=\"_ _df\"> </span></span>accantonato al 31 dicembre 2006 e rivalu<span class=\"_ _1\"></span>tato alla data di valutazione;<span class=\"_ _df\"> </span><span class=\"_ _39\"> </span><span class=\"ff4\">determinazione <span class=\"_ _d\"></span>per <span class=\"_ _d\"></span>ciascun <span class=\"_ _d\"></span>dipendente <span class=\"_ _d\"></span>dei <span class=\"_ _d\"></span>pa<span class=\"_ _2\"></span>gamenti <span class=\"_ _2\"></span>pro<span class=\"_ _2\"></span>babilizzati <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>TFR <span class=\"_ _d\"></span>che <span class=\"_ _d\"></span>dovranno<span class=\"_ _df\"> </span></span>essere <span class=\"_ _17\"> </span>effettuati <span class=\"_ _14\"> </span>dalla <span class=\"_ _17\"> </span>Societ\u00e0 <span class=\"_ _17\"> </span>in <span class=\"_ _14\"> </span>caso <span class=\"_ _17\"> </span>di <span class=\"_ _17\"> </span>uscita <span class=\"_ _14\"> </span>del <span class=\"_ _17\"> </span>dipendente <span class=\"_ _17\"> </span>causa <span class=\"_ _14\"> </span>licenziamento,<span class=\"_ _df\"> </span>dimissioni, inabilit\u00e0, morte e pensionamento nonch\u00e9 a fronte d<span class=\"_ _1\"></span>i richiesta di anticipi;<span class=\"_ _df\"> </span><span class=\"_ _39\"> </span><span class=\"ff4\">attualizzazione, alla data di valutazione<span class=\"_ _1\"></span>, di ciascun pagamento probabilizzato.<span class=\"_ _df\"> </span></span>Quanto esposto <span class=\"_ _2\"></span>\u00e8 applicabile<span class=\"_ _1\"></span> al <span class=\"_ _2\"></span>Fondo TFR maturato <span class=\"_ _2\"></span>al 1/1/2007 per i dipendenti che hanno <span class=\"_ _2\"></span>scelto<span class=\"_ _df\"> </span>di <span class=\"_ _2\"></span>mantenere <span class=\"_ _2\"></span>il <span class=\"_ _d\"></span>TFR <span class=\"_ _2\"></span>in <span class=\"_ _d\"></span>azienda <span class=\"_ _2\"></span>(e <span class=\"_ _2\"></span>di <span class=\"_ _d\"></span>conseguenza <span class=\"_ _2\"></span>di <span class=\"_ _d\"></span>destinarlo <span class=\"_ _2\"></span>alla <span class=\"_ _2\"></span>Tesoreria <span class=\"_ _d\"></span>INPS), <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>alla <span class=\"_ _d\"></span>data <span class=\"_ _2\"></span>di<span class=\"_ _df\"> </span>scelta nel corso del 2007, per i dipe<span class=\"_ _1\"></span>ndenti che hanno optato per la pr<span class=\"_ _2\"></span>evidenza complementare.<span class=\"_ _df\"> </span>Ovviamente <span class=\"_ _2\"></span>il <span class=\"_ _d\"></span>Fondo <span class=\"_ _d\"></span>TFR <span class=\"_ _d\"></span>valutato <span class=\"_ _d\"></span>alla <span class=\"_ _d\"></span>suddetta <span class=\"_ _2\"></span>data <span class=\"_ _d\"></span>\u00e8 <span class=\"_ _d\"></span>stato <span class=\"_ _d\"></span>incrementato <span class=\"_ _d\"></span>della <span class=\"_ _2\"></span>rivalutazione <span class=\"_ _d\"></span>(al<span class=\"_ _df\"> </span>netto dell\u2019imposta sostitutiva) e ridotto di eve<span class=\"_ _1\"></span>ntuali anticipazioni e liquidazioni erogate.<span class=\"_ _df\"> </span>La valutazione at<span class=\"_ _2\"></span>tuariale del TFR, <span class=\"_ _2\"></span>per le so<span class=\"_ _2\"></span>ciet\u00e0 italiane con <span class=\"_ _2\"></span>meno di <span class=\"_ _2\"></span>50 dipendenti al 31<span class=\"_ _2\"></span> dicembre<span class=\"_ _df\"> </span>2006, <span class=\"_ _2\"></span><span class=\"ff5\">\u00e8 <span class=\"_ _2\"></span>realizzata <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>base <span class=\"_ _2\"></span>alla <span class=\"_ _2\"></span>metodologia <span class=\"_ _2\"></span>dei \u201c<span class=\"_ _2\"></span>benefici mat<span class=\"_ _2\"></span>urati\u201d <span class=\"_ _2\"></span>mediante il <span class=\"_ _2\"></span>criterio <span class=\"_ _d\"></span>\u201cProjected<span class=\"_ _df\"> </span></span>Unit Credit\u201d (PUC) come previsto ai paragrafi 64<span class=\"ff4\">-66 dello</span>IAS 19.<span class=\"_ _df\"> </span>Tale <span class=\"_ _15\"> </span>metodologia <span class=\"_ _e\"> </span>si <span class=\"_ _15\"> </span>s<span class=\"_ _2\"></span>ostanzia <span class=\"_ _15\"> </span>in <span class=\"_ _e\"> </span>valutazioni <span class=\"_ _15\"> </span>che <span class=\"_ _e\"> </span>esprimono <span class=\"_ _e\"> </span>il <span class=\"_ _e\"> </span>valore <span class=\"_ _15\"> </span>attuale <span class=\"_ _e\"> </span>medio <span class=\"_ _15\"> </span>delle<span class=\"_ _df\"> </span>obbligazioni di TFR maturate in base al servizio che il lavorat<span class=\"_ _2\"></span>ore ha prestato fino all\u2019epoca in cui la<span class=\"_ _df\"> </span>valutazione stessa \u00e8 realizzata.<span class=\"_ _df\"> </span>La metodologia di calcolo pu\u00f2 essere schematizzata nelle<span class=\"_ _1\"></span> segue<span class=\"_ _2\"></span>nti fasi:<span class=\"_ _df\"> </span><span class=\"_ _39\"> </span><span class=\"ff4\">proiezione per ciascun <span class=\"_ _2\"></span>dipendente in <span class=\"_ _2\"></span>forza alla data <span class=\"_ _2\"></span>di valutazione, del <span class=\"_ _2\"></span>TFR gi\u00e0 accanto<span class=\"_ _2\"></span>nato<span class=\"_ _df\"> </span></span>e delle <span class=\"_ _f\"></span>f<span class=\"_ _2\"></span>uture qu<span class=\"_ _1\"></span>ote di TFR che<span class=\"_ _1\"></span> verranno maturate fino all\u2019<span class=\"_ _1\"></span>epoca aleatoria di corresponsione<span class=\"_ _1\"></span>,<span class=\"_ _df\"> </span>proiettando le retribuzioni del<span class=\"_ _1\"></span> lavoratore;<span class=\"_ _df\"> </span><span class=\"_ _39\"> </span><span class=\"ff4\">determinazione <span class=\"_ _d\"></span>per <span class=\"_ _d\"></span>ciascun <span class=\"_ _d\"></span>dipendente <span class=\"_ _d\"></span>d<span class=\"_ _2\"></span>ei <span class=\"_ _2\"></span>pa<span class=\"_ _2\"></span>gamenti <span class=\"_ _d\"></span>probabilizzati <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>TFR <span class=\"_ _d\"></span>che <span class=\"_ _d\"></span>dovranno<span class=\"_ _df\"> </span></span>essere <span class=\"_ _17\"> </span>effettuati <span class=\"_ _14\"> </span>dalla <span class=\"_ _17\"> </span>Societ\u00e0 <span class=\"_ _17\"> </span>in <span class=\"_ _14\"> </span>caso <span class=\"_ _17\"> </span>di <span class=\"_ _17\"> </span>uscita <span class=\"_ _14\"> </span>del <span class=\"_ _17\"> </span>dipendente <span class=\"_ _17\"> </span>causa <span class=\"_ _14\"> </span>licenziamento,<span class=\"_ _df\"> </span>dimissioni, inabilit\u00e0, morte e pensionamento nonch\u00e9 a fronte d<span class=\"_ _1\"></span>i richiesta di anticipi;<span class=\"_ _df\"> </span><span class=\"_ _39\"> </span><span class=\"ff4\">attualizzazione, alla data di valutazione,<span class=\"_ _1\"></span> di ciascun pagamento probabilizzato;<span class=\"_ _df\"> </span></span><span class=\"_ _39\"> </span><span class=\"ff4\">riproporzionamento, p<span class=\"_ _1\"></span>er ciascu<span class=\"_ _1\"></span>n di<span class=\"_ _1\"></span>pendente, d<span class=\"_ _1\"></span>elle p<span class=\"_ _1\"></span>restazioni probab<span class=\"_ _1\"></span>ilizzate ed<span class=\"_ _1\"></span> attualizzate<span class=\"_ _df\"> </span></span>in <span class=\"_ _14\"> </span>base <span class=\"_ _15\"> </span>all\u2019anzianit\u00e0 <span class=\"_ _15\"> </span>mat<span class=\"_ _2\"></span>urata <span class=\"_ _14\"> </span>alla <span class=\"_ _15\"> </span>data <span class=\"_ _15\"> </span>di <span class=\"_ _15\"> </span>valutazione <span class=\"_ _14\"> </span>risp<span class=\"_ _2\"></span>etto <span class=\"_ _15\"> </span>a <span class=\"_ _15\"> </span>quella <span class=\"_ _14\"> </span>complessiva<span class=\"_ _df\"> </span>corrispondente alla data aleatoria di liquid<span class=\"_ _1\"></span>azione.<span class=\"_ _df\"> </span><div class=\"t m0 he ff4 fs5 fc4 sc3 ls0 ws0 gscc1\">9.2 A<span class=\"_ _1\"></span>ltre inf<span class=\"_ _1\"></span>ormaz<span class=\"_ _1\"></span>ioni </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gscc2\">Il <span class=\"_ _2\"></span>modello <span class=\"_ _2\"></span>attuariale <span class=\"_ _d\"></span>di <span class=\"_ _2\"></span>riferimento <span class=\"_ _d\"></span>per <span class=\"_ _2\"></span>la <span class=\"_ _d\"></span>valutazione <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>TFR <span class=\"_ _d\"></span>poggia <span class=\"_ _2\"></span>su <span class=\"_ _2\"></span>diverse <span class=\"_ _2\"></span>ipotesi <span class=\"_ _d\"></span>sia <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>ipo </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gscc3\">demografico che economico. </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gscc4\">Per <span class=\"_ _f\"></span>alcune <span class=\"_ _f\"></span>delle <span class=\"_ _f\"></span>i<span class=\"_ _2\"></span>potesi <span class=\"_ _f\"></span>utilizzate, <span class=\"_ _f\"></span>ove <span class=\"_ _f\"></span>possibile, <span class=\"_ _f\"></span>si \u00e8<span class=\"_ _1\"></span> <span class=\"ff5\">fatto <span class=\"_ _f\"></span>esplicito <span class=\"_ _f\"></span>riferimento <span class=\"_ _f\"></span>all\u2019esperienza <span class=\"_ _f\"></span>diretta </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gscc5\">del Gruppo, mentre per le altre si \u00e8 tenuto conto del<span class=\"_ _1\"></span>la <span class=\"_ _2\"></span>best practice di riferimento. </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gscc6\">Di seguito sono riportate le principali<span class=\"_ _1\"></span> ipotesi del modello.<span class=\"_ _2\"></span> </div><div class=\"t m0 he ff4 fs5 fc4 sc3 ls0 ws0 gscc7\">Tasso<span class=\"_ _f\"></span> di attualiz<span class=\"_ _1\"></span>zazio<span class=\"_ _f\"></span>ne </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gscc8\">Il <span class=\"_ _0\"></span>tas<span class=\"_ _2\"></span>so <span class=\"_ _0\"> </span>d\u2019interesse <span class=\"_ _9\"> </span>utilizzato <span class=\"_ _9\"> </span>per <span class=\"_ _9\"> </span>la <span class=\"_ _9\"> </span>determinazione <span class=\"_ _0\"></span>del <span class=\"_ _9\"> </span>valore <span class=\"_ _9\"> </span>attuale <span class=\"_ _9\"> </span>dell\u2019obbligazione <span class=\"_ _0\"></span>\u00e8 <span class=\"_ _9\"> </span>stato </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gscc9\">determinato <span class=\"_ _d\"></span>coerentemente <span class=\"_ _2\"></span>con <span class=\"_ _d\"></span>il <span class=\"_ _d\"></span>par.83 <span class=\"_ _d\"></span>dello <span class=\"_ _d\"></span><span class=\"ff5\">IAS <span class=\"_ _d\"></span>19, <span class=\"_ _d\"></span>con <span class=\"_ _d\"></span>riferimento <span class=\"_ _d\"></span>all\u2019indice <span class=\"_ _d\"></span></span>Iboxx <span class=\"_ _d\"></span>Corporate </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 lsc4 ws0 gscca\">AA <span class=\"ls0\">con duration 7-<span class=\"ls11\">10<span class=\"_ _2\"></span></span> (in linea con la duration del<span class=\"_ _1\"></span> collettivo in esame). </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsccb\">Per <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>valutazione <span class=\"_ _2\"></span>puntuale <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>31/12/202<span class=\"_ _2\"></span>5 <span class=\"_ _2\"></span>si <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _2\"></span>scelto <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>rendimento <span class=\"_ _2\"></span>avente <span class=\"_ _2\"></span>durata <span class=\"_ _2\"></span>comparabile all<span class=\"_ _2\"></span>a </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsccc\">duration del collettivo di lav<span class=\"_ _1\"></span>oratori oggetto de<span class=\"_ _1\"></span>lla valutazione, che ha dato lu<span class=\"_ _1\"></span>ogo ad un tasso<span class=\"_ _1\"></span> annuo </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsccd\">costante pari allo 3,<span class=\"ls6e\">37<span class=\"ls1a\">%.</span></span> </div><div class=\"t m0 he ff4 fs5 fc4 sc3 ls0 ws0 gscce\">Inflaz<span class=\"_ _1\"></span>ione </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsccf\">Il tasso annuo di inflazione utilizzato \u00e8 pari al 2,00%. </div><div class=\"t m0 he ff4 fs5 fc4 sc3 ls0 ws0 gscd0\">Tasso<span class=\"_ _f\"></span> annuo di <span class=\"_ _1\"></span>increme<span class=\"_ _1\"></span>nto d<span class=\"_ _f\"></span>el TFR </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gscd1\">Come <span class=\"_ _2\"></span>previsto <span class=\"_ _d\"></span>dall\u2019art. <span class=\"_ _2\"></span>2120 <span class=\"_ _2\"></span>del <span class=\"_ _d\"></span>Codice <span class=\"_ _2\"></span>Civile, <span class=\"_ _d\"></span>il <span class=\"_ _2\"></span>TFR <span class=\"_ _2\"></span>si <span class=\"_ _d\"></span>rivaluta <span class=\"_ _2\"></span>ogni <span class=\"_ _d\"></span>anno <span class=\"_ _2\"></span>ad <span class=\"_ _d\"></span>un <span class=\"_ _2\"></span>tass<span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>pari <span class=\"_ _2\"></span>al <span class=\"_ _d\"></span>75% </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gscd2\">dell\u2019inflazione <span class=\"_ _d\"></span>p<span class=\"_ _2\"></span>i\u00f9 <span class=\"_ _0\"></span>un <span class=\"_ _0\"></span>punto <span class=\"_ _0\"></span>e <span class=\"_ _9\"> </span>mezzo <span class=\"_ _0\"></span>percentuale, <span class=\"_ _0\"></span>pertanto <span class=\"_ _9\"> </span>l\u2019ipotesi <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>rivalutazione, <span class=\"_ _0\"></span>utile <span class=\"_ _0\"></span>per <span class=\"_ _9\"> </span>le </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gscd3\">valutazioni attuariali, viene determinata in base al tasso sopra ind<span class=\"_ _1\"></span>icato.<span class=\"_ _2\"></span> </div><div class=\"t m0 he ff4 fs5 fc4 sc3 ls0 ws0 gscd4\">Tasso<span class=\"_ _f\"></span> annuo rea<span class=\"_ _f\"></span>le di increm<span class=\"_ _1\"></span>ento<span class=\"_ _f\"></span> salariale </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gscd5\">Il tasso applicato \u00e8 stato pari all\u20191,00%.<span class=\"ff4\"> </span></div><div class=\"t m0 he ff4 fs5 fc4 sc3 ls0 ws0 gscd6\">Morta<span class=\"_ _f\"></span>lit\u00e0 </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gscd7\">Per <span class=\"_ _0\"></span>la <span class=\"_ _9\"> </span>stima <span class=\"_ _9\"> </span>del <span class=\"_ _0\"></span>fenomeno <span class=\"_ _9\"> </span>della <span class=\"_ _9\"> </span>mortalit\u00e0 <span class=\"_ _0\"></span>all\u2019interno <span class=\"_ _9\"> </span>del <span class=\"_ _0\"></span>collett<span class=\"_ _2\"></span>ivo <span class=\"_ _0\"></span>dei <span class=\"_ _0\"> </span>dipendenti  <span class=\"ff4\">ogge<span class=\"_ _1\"></span>tto <span class=\"_ _9\"> </span>della </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gscd8\">valutazione <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _2\"></span>stata <span class=\"_ _2\"></span>utilizzata <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>tavola <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>sopravvivenza <span class=\"_ _2\"></span>RG48 <span class=\"_ _d\"></span>utilizzata <span class=\"_ _2\"></span>dalla <span class=\"_ _2\"></span>Ragioneria <span class=\"_ _2\"></span>Generale </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gscd9\">dello Stato per la stima degli oneri pensionistici de<span class=\"_ _1\"></span>lla popolazione italiana.<span class=\"_ _2\"></span> </div><div class=\"t m0 he ff4 fs5 fc4 sc3 ls0 ws0 gscda\">Inabilit\u00e0<span class=\"_ _f\"></span> </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gscdb\">Per <span class=\"_ _4\"> </span>la <span class=\"_ _4\"> </span>stima <span class=\"_ _17\"> </span>del <span class=\"_ _4\"> </span>fenomeno <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>inabilit\u00e0 <span class=\"_ _4\"> </span>all\u2019interno <span class=\"_ _4\"> </span>d<span class=\"_ _2\"></span><span class=\"ff4\">el <span class=\"_ _4\"> </span>collettivo <span class=\"_ _4\"> </span>dei <span class=\"_ _4\"> </span>dipendenti <span class=\"_ _4\"> </span>oggetto <span class=\"_ _17\"> </span>della </span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gscdc\">valutazione \u00e8 stata utilizzata una tavola INPS diffe<span class=\"_ _1\"></span>renziata in funzione dell\u2019et\u00e0 e del sesso.<span class=\"_ _2\"></span><span class=\"ff4\"> </span></div><div class=\"t m0 he ff4 fs5 fc4 sc3 ls0 ws0 gscdd\">Requis<span class=\"_ _1\"></span>iti di p<span class=\"_ _1\"></span>ensio<span class=\"_ _1\"></span>name<span class=\"_ _1\"></span>nto </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gscde\">Raggiungimento dei requisiti minimi prev<span class=\"_ _1\"></span>isti dell\u2019Assicurazione Generale Obbligatoria.<span class=\"_ _2\"></span><span class=\"ff4\"> </span></div><div class=\"t m0 he ff4 fs5 fc4 sc3 lse1 ws0 gscdf\">Fr<span class=\"ls0\">equenz<span class=\"_ _1\"></span>e di an<span class=\"_ _1\"></span>ticipaz<span class=\"_ _f\"></span>ione del <span class=\"_ _1\"></span>TFR </span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gsce0\">Le <span class=\"_ _0\"></span>frequenze <span class=\"_ _0\"></span>annue <span class=\"_ _0\"></span>di <span class=\"_ _0\"> </span>acc<span class=\"_ _2\"></span>esso <span class=\"_ _0\"></span>al <span class=\"_ _0\"></span>diritt<span class=\"_ _2\"></span>o <span class=\"_ _0\"></span>sono <span class=\"_ _0\"></span>state <span class=\"_ _0\"></span>ipotizzate <span class=\"_ _0\"></span>all\u20191,50%, <span class=\"_ _0\"></span>in <span class=\"_ _0\"></span>funzione <span class=\"_ _0\"></span>d<span class=\"_ _2\"></span>elle <span class=\"_ _0\"></span>serie </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsce1\">storiche sulle anticipazioni di TFR richie<span class=\"_ _1\"></span>ste dai lavoratori dipendenti della banca.<span class=\"_ _2\"></span> </div><div class=\"t m0 he ff4 fs5 fc4 sc3 ls0 ws0 gsce2\">Frequ<span class=\"_ _1\"></span>enze<span class=\"_ _1\"></span> di us<span class=\"_ _1\"></span>cita a<span class=\"_ _1\"></span>nticipa<span class=\"_ _1\"></span>ta (turn-<span class=\"lse1\">ov</span>er<span class=\"_ _f\"></span>) </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gsce3\">Per le <span class=\"_ _1\"></span>probabilit\u00e0 di u<span class=\"_ _1\"></span>scita dall\u2019attivit\u00e0 lavorativa pe<span class=\"_ _1\"></span>r le cau<span class=\"_ _1\"></span>se di dimissioni e <span class=\"_ _1\"></span>licenziamento, si <span class=\"_ _1\"></span>sono </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gsce4\">ipotizzate uscite all\u20191,80%, facendo ricorso ad un\u2019analisi statistica sulle<span class=\"_ _1\"></span> serie storiche della banca.<span class=\"_ _2\"></span><span class=\"ff4\"> </span></div><div class=\"t m0 he ff4 fs5 fc4 sc3 ls0 ws0 gsce5\">Inform<span class=\"_ _1\"></span>azio<span class=\"_ _f\"></span>ni aggiuntive<span class=\"_ _1\"></span>  </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsce6\">Il <span class=\"_ _2\"></span>principio <span class=\"_ _d\"></span>contabile <span class=\"_ _d\"></span>IAS19, <span class=\"_ _d\"></span>per <span class=\"_ _d\"></span>i <span class=\"_ _d\"></span>piani <span class=\"_ _2\"></span>a <span class=\"_ _d\"></span>beneficio <span class=\"_ _d\"></span>definito <span class=\"_ _2\"></span>di <span class=\"_ _d\"></span>tipo <span class=\"_ _d\"></span>post<span class=\"_ _2\"></span>-employment, <span class=\"_ _d\"></span>richiede <span class=\"_ _2\"></span>una </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsce7\">serie di informazioni aggiuntive, qu<span class=\"_ _1\"></span>ali: <span class=\"_ _2\"></span> </div><div class=\"t m0 h5 ff14 fs1 fc1 sc0 ls0 ws0 gsce8\"><span class=\"_ _39\"> </span><span class=\"ff5\">analisi <span class=\"_ _e\"> </span>di <span class=\"_ _10\"> </span>sensitivit\u00e0 <span class=\"_ _10\"> </span>per <span class=\"_ _10\"> </span>ciascuna <span class=\"_ _e\"> </span>ipotesi <span class=\"_ _10\"> </span>att<span class=\"_ _2\"></span>uariale <span class=\"_ _e\"> </span>rilevante <span class=\"_ _10\"> </span>alla <span class=\"_ _10\"> </span>fine <span class=\"_ _e\"> </span>dell\u2019esercizio,<span class=\"_ _df\"> </span></span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsce9\">mostrando <span class=\"_ _2\"></span>gli <span class=\"_ _2\"></span>effetti <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>ci <span class=\"_ _2\"></span>sarebbero <span class=\"_ _2\"></span>st<span class=\"_ _2\"></span>ati <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>seguito <span class=\"_ _2\"></span>delle <span class=\"_ _2\"></span>variazioni delle <span class=\"_ _d\"></span>ipotesi <span class=\"_ _2\"></span>attuariale </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gscea\">ragionevolmente possibili a tale data, in termini assoluti; </div><div class=\"t m0 h5 ff14 fs1 fc1 sc0 ls0 ws0 gsceb\"><span class=\"_ _39\"> </span><span class=\"ff4\">indicazione del contributo per l'esercizio succe<span class=\"_ _1\"></span>ssivo; </span></div><div class=\"t m0 h5 ff14 fs1 fc1 sc0 ls0 ws0 gscec\"><span class=\"_ _39\"> </span><span class=\"ff4\">indicazione della durata media finanziaria de<span class=\"_ _1\"></span>ll'obbligazione per i piani a benefic<span class=\"_ _2\"></span>io definito;</span><span class=\"ff4\"> </span></div><div class=\"t m0 h5 ff14 fs1 fc1 sc0 ls0 ws0 gscee\"><span class=\"_ _39\"> </span><span class=\"ff4\">erogazioni previste dal piano. </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gscef\">Di <span class=\"_ _2\"></span>seguito si <span class=\"_ _2\"></span>riportano <span class=\"_ _2\"></span>tali informazioni, <span class=\"_ _2\"></span>evidenziando <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>nuovo valore <span class=\"_ _2\"></span>del TFR <span class=\"_ _2\"></span>utilizzando <span class=\"_ _2\"></span>un <span class=\"_ _2\"></span>tasso </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gscf0\">di <span class=\"_ _1\"></span>turnover di<span class=\"_ _1\"></span> ulteriori<span class=\"_ _1\"></span> 1<span class=\"_ _1\"></span>00 bp<span class=\"_ _1\"></span>s, una <span class=\"_ _f\"></span>variazione d<span class=\"_ _1\"></span>i +/- <span class=\"_ _f\"></span>25 bps <span class=\"_ _f\"></span>per il <span class=\"_ _f\"></span>tasso di <span class=\"_ _f\"></span>inflazione <span class=\"_ _1\"></span>e u<span class=\"_ _1\"></span>na variazi<span class=\"_ _1\"></span>one </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gscf1\">di +/- 25 bps per il tasso di attualizz<span class=\"_ _1\"></span>azione. </div><div class=\"c w448 h212 gscf2\"><div class=\"t m0 xe h1f y652 ff4 fs7 fc4 sc3 ls0 ws0\">Ana<span class=\"_ _1\"></span>lisi di s<span class=\"_ _f\"></span>ensit<span class=\"_ _1\"></span>ivit\u00e0<span class=\"_ _1\"></span> dei pr<span class=\"_ _f\"></span>incipali<span class=\"_ _1\"></span> par<span class=\"_ _f\"></span>ametri v<span class=\"_ _1\"></span>alut<span class=\"_ _1\"></span>ati<span class=\"_ _1\"></span>vi del T<span class=\"_ _f\"></span>FR <span class=\"fc1 sc2\"> </span></div></div><div class=\"gscf3\"><table class=\"s wbd6 h501\" id=\"_36d925dd-28e4-4a14-8f03-4aae92070940\"><tr><td></td><td></td><td></td><td class=\"c x5e0 y2b34 w449 hf\"><div class=\"t m0 x8a h1f y2c6 ff4 fs7 fc1 sc0 ls0 ws0\">variazione delle ip<span class=\"_ _1\"></span>otesi  </div></td><td></td><td></td></tr><tr><td class=\"c x46b y2b35 w44a h275\"><div class=\"t m0 x8a h1f y28e ff4 fs7 fc1 sc0 ls26 ws0\">        <span class=\"ls0\">frequenza tu<span class=\"_ _f\"></span>rnover  </span></div></td><td></td><td class=\"c x5e1 y2b35 w417 h275\"><div class=\"t m0 x2c h1f y28e ff4 fs7 fc1 sc0 ls26 ws0\">  <span class=\"ls0\">tasso inflazi<span class=\"_ _1\"></span>one </span></div></td><td></td><td></td><td class=\"c x5e2 y2b35 w44b h275\"><div class=\"t m0 x8a h1f y28e ff4 fs7 fc1 sc0 ls26 ws0\">      <span class=\"ls0\">tasso attua<span class=\"_ _1\"></span>lizzazione  </span></div></td></tr><tr><td class=\"c x46b y2b36 w2f5 h2c\"><div class=\"t m0 x39 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">+ 100 bps<span class=\"_ _f\"></span> </div></td><td class=\"c x5e3 y2b36 w3c3 h2c\"><div class=\"t m0 x8a h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"ls9\"></span><span class=\"ls9\">10</span>0 bps </div></td><td class=\"c x5e4 y2b36 w44c h2c\"><div class=\"t m0 x8a h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">+0,25 bps </div></td><td class=\"c x5e0 y2b36 w44d h2c\"><div class=\"t m0 x8e h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">-0,25 bps </div></td><td class=\"c x5e5 y2b37 wbd7 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc1 sc0 ls0 ws0\">+0,25 bps<span class=\"_ _df\"> </span></div></td><td class=\"c x5e6 y2b37 wa50 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc1 sc0 ls0 ws0\">-0,25 bps</div></td></tr><tr><td class=\"c x46b y2b38 w2f5 h2c\"><div class=\"t m0 x8a h1f y32 ff4 fs7 fc1 sc0 ls26 ws0\">            <span class=\"ls0\">24.811<span class=\"_ _1\"></span> </span></div></td><td class=\"c x5e3 y2b38 w42f h2c\"><div class=\"t m0 x8a h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">24.656 </div></td><td class=\"c x5e1 y2b38 w44e h2c\"><div class=\"t m0 x8a h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">25.014 </div></td><td class=\"c x5e0 y2b38 w44d h2c\"><div class=\"t m0 x8a h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">24.466 </div></td><td class=\"c x5e2 y2b38 w30b h2c\"><div class=\"t m0 x8a h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">24.328 </div></td><td class=\"c x549 y2b38 w44f h2c\"><div class=\"t m0 x8a h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">25.159 </div></td></tr></table></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gscf4\">La durata media finanziaria \u00e8 di circa 9,9 <span class=\"ff5\">anni, il service cost per l\u2019anno 202</span>5 <span class=\"lse\">\u00e8 <span class=\"_ _2\"></span><span class=\"ls5\">0,</span></span>3 milioni di<span class=\"_ _1\"></span> euro <span class=\"lse\">e </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gscf5\">le erogazioni stimate per i prossimi cinque anni ammontano a circa <span class=\"ls1\">11<span class=\"ls1b\">,2</span></span> milioni di euro. </div>10.5 Fo<span class=\"_ _f\"></span>ndi di pre<span class=\"_ _1\"></span>videnz<span class=\"_ _f\"></span>a azienda<span class=\"_ _1\"></span>li a be<span class=\"_ _f\"></span>nefici def<span class=\"_ _1\"></span>initi<span class=\"_ _df\"> </span> Viene <span class=\"_ _4\"> </span>gestito <span class=\"_ _17\"> </span>un <span class=\"_ _4\"> </span>Fondo <span class=\"_ _4\"> </span>interno <span class=\"_ _17\"> </span>a <span class=\"_ _4\"> </span>Cr<span class=\"_ _2\"></span>ede<span class=\"_ _1\"></span>m <span class=\"_ _17\"> </span>e <span class=\"_ _4\"> </span>a <span class=\"_ _17\"> </span>Credemleasing <span class=\"_ _4\"> </span>che <span class=\"_ _4\"> </span>erogano <span class=\"_ _17\"> </span>un <span class=\"_ _4\"> </span>trattamento<span class=\"_ _df\"> </span> previdenzia<span class=\"ff5\">le aggiuntivo alle prestazioni erogate dall\u2019INPS<span class=\"_ _1\"></span>.<span class=\"_ _df\"> </span></span><span class=\"ff5\"><span class=\"_ _2\"></span><span class=\"ff4\"> </span></span>Si t<span class=\"_ _2\"></span>ratta <span class=\"_ _2\"></span>di un <span class=\"_ _2\"></span>\u201cFondo a <span class=\"_ _2\"></span>prestazione <span class=\"_ _2\"></span>definita\u201d i <span class=\"_ _2\"></span>cui im<span class=\"_ _2\"></span>porti <span class=\"_ _2\"></span>sono soggetti <span class=\"_ _2\"></span>alla st<span class=\"_ _2\"></span>essa perequazione<span class=\"_ _df\"> </span> prevista per l<span class=\"_ _1\"></span>e Pensioni<span class=\"_ _1\"></span> INPS, co<span class=\"_ _f\"></span>me pure al ce<span class=\"_ _1\"></span>nsimento presso <span class=\"_ _1\"></span>il <span class=\"_ _1\"></span>Casellario Centrale <span class=\"_ _1\"></span>delle <span class=\"_ _1\"></span>Pensioni.<span class=\"_ _df\"> </span> Su tale posta di bilancio viene e<span class=\"_ _1\"></span>ffettuata la valutazione attuariale.<span class=\"_ _df\"> </span><span class=\"_ _2\"></span> <span class=\"_ _13\"></span> I beneficiari di tali trattamenti sono coloro che:<span class=\"_ _df\"> </span> <span class=\"_ _14\"> </span><span class=\"ff4\">risultavano <span class=\"_ _1\"></span>eredi <span class=\"_ _f\"></span>di <span class=\"_ _1\"></span>persone <span class=\"_ _f\"></span>decedute <span class=\"_ _f\"></span>d<span class=\"_ _2\"></span>urante <span class=\"_ _f\"></span>il se<span class=\"_ _1\"></span>rvizio <span class=\"_ _f\"></span>con Cre<span class=\"_ _1\"></span>dem <span class=\"_ _f\"></span>e Cred<span class=\"_ _f\"></span>eml<span class=\"_ _2\"></span>easing <span class=\"_ _f\"></span>(sostituito<span class=\"_ _df\"> </span></span><span class=\"ff4\"> </span>dall\u2019attuale Cassa di Previdenza dal 1/1/<span class=\"ff4\">1996);<span class=\"_ _df\"> </span></span><span class=\"ff4\"> </span><span class=\"_ _14\"> </span><span class=\"ff4\">risultavano <span class=\"_ _0\"></span>ex <span class=\"_ _9\"> </span>dipendenti <span class=\"_ _d\"></span>d<span class=\"_ _2\"></span>ella <span class=\"_ _0\"></span>Banca <span class=\"_ _0\"></span>Popolare <span class=\"_ _0\"></span>Dauna <span class=\"_ _9\"> </span>gi\u00e0 <span class=\"_ _0\"></span>in <span class=\"_ _0\"></span>quiescenza <span class=\"_ _0\"></span>oppure <span class=\"_ _9\"> </span>che <span class=\"_ _0\"></span>avevano<span class=\"_ _df\"> </span></span><span class=\"ff4\"> </span>inoltrato le dimissioni entro il 30/11/1999. La Banca Popolare Dauna \u00e8 conflu<span class=\"_ _1\"></span>ita in Credem in data<span class=\"_ _df\"> </span> 11/12/1999 a seguito di fusione pe<span class=\"_ _1\"></span>r incorporazione.<span class=\"_ _df\"> </span>Per le valutazioni attuariali del Fondo al 31 dicembre 202<span class=\"_ _2\"></span>5, tenendo conto di quanto disposto dalle<span class=\"_ _df\"> </span> linee <span class=\"_ _f\"></span>guida <span class=\"_ _f\"></span>per la <span class=\"_ _f\"></span>redazione <span class=\"_ _f\"></span>dei <span class=\"_ _f\"></span>bilanci tecn<span class=\"_ _1\"></span>ici <span class=\"_ _f\"></span>degli E<span class=\"_ _1\"></span>nti <span class=\"_ _1\"></span>di <span class=\"_ _f\"></span>previdenza, <span class=\"_ _1\"></span>sono <span class=\"_ _f\"></span>state ad<span class=\"_ _1\"></span>ottate <span class=\"_ _1\"></span>le <span class=\"_ _f\"></span>ipotesi<span class=\"_ _df\"> </span> demografiche ed economico-finanziarie descritte nei successivi due paragrafi.<span class=\"_ _df\"> </span> Nel corso dell\u2019esercizio il fond<span class=\"_ _1\"></span>o ha s<span class=\"_ _2\"></span>ubito un de<span class=\"_ _1\"></span>cremento netto di circa <span class=\"_ _2\"></span><span class=\"ff4 ls2\">79<span class=\"ls0\"> mila euro.<span class=\"_ _df\"> </span></span></span>pot<span class=\"_ _1\"></span>esi de<span class=\"_ _1\"></span>mogr<span class=\"_ _1\"></span>afiche<span class=\"_ _df\"> </span>Sono state utilizzate le seguenti probabi<span class=\"_ _1\"></span>lit\u00e0:<span class=\"_ _df\"> </span>-<span class=\"ff10\"> <span class=\"_ _24\"> </span><span class=\"ff4\">per <span class=\"_ _2\"></span>le probabilit\u00e0 <span class=\"_ _d\"></span>di mort<span class=\"_ _2\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _2\"></span>del p<span class=\"_ _2\"></span>ersonale in <span class=\"_ _2\"></span>pensione <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _2\"></span>stata <span class=\"_ _2\"></span>utilizzata la <span class=\"_ _d\"></span>tavola <span class=\"_ _2\"></span>IPS55, <span class=\"_ _2\"></span>distinta<span class=\"_ _df\"> </span></span></span>per sesso;<span class=\"_ _df\"> </span>-<span class=\"ff10\"> <span class=\"_ _24\"> </span><span class=\"ff4\">per <span class=\"_ _9\"> </span>le <span class=\"_ _9\"> </span>probabilit\u00e0 <span class=\"_ _0\"> </span>di <span class=\"_ _9\"> </span>mort<span class=\"_ _2\"></span>e <span class=\"_ _0\"></span>del <span class=\"_ _9\"> </span>personale <span class=\"_ _0\"> </span>in <span class=\"_ _16\"> </span>pensione <span class=\"_ _0\"></span>per <span class=\"_ _9\"> </span>invalidit\u00e0 <span class=\"_ _9\"> </span>assoluta <span class=\"_ _9\"> </span>e <span class=\"_ _9\"> </span>permanente,<span class=\"_ _df\"> </span></span></span>quelle adottate nel modell<span class=\"_ _1\"></span>o INPS per le proiezioni 2010, distinte per sesso;<span class=\"_ _df\"> </span>-<span class=\"ff10\"> <span class=\"_ _24\"> </span><span class=\"ff4\">per <span class=\"_ _2\"></span>la probabilit\u00e0 <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>lasciare la <span class=\"_ _2\"></span>famiglia <span class=\"_ _2\"></span>quelle, <span class=\"_ _2\"></span>distinte <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>sesso, pubblicate <span class=\"_ _2\"></span>nel mod<span class=\"_ _2\"></span>ello INPS<span class=\"_ _df\"> </span></span></span>per le proiezioni al 2010 aggiornate.<span class=\"_ _df\"> </span>Ipot<span class=\"_ _1\"></span>esi eco<span class=\"_ _f\"></span>nomico-<span class=\"_ _1\"></span>finan<span class=\"_ _f\"></span>ziarie<span class=\"_ _df\"> </span>Le <span class=\"_ _d\"></span>ipotesi <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>oggetto <span class=\"_ _d\"></span>r<span class=\"_ _2\"></span>iguardano <span class=\"_ _2\"></span>il <span class=\"_ _d\"></span>t<span class=\"_ _2\"></span>asso <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>attualizzazione, <span class=\"_ _d\"></span>i <span class=\"_ _d\"></span>tassi <span class=\"_ _d\"></span>d\u2019inflazione <span class=\"_ _d\"></span>ed <span class=\"_ _d\"></span>i <span class=\"_ _d\"></span>tas<span class=\"_ _2\"></span>si <span class=\"_ _d\"></span>annui <span class=\"_ _d\"></span>di<span class=\"_ _df\"> </span>rivalutazione delle pensioni Fondo e Inps.<span class=\"_ _df\"> </span>Per <span class=\"_ _d\"></span>il <span class=\"_ _d\"></span>tasso <span class=\"_ _d\"></span>di <span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>ivalu<span class=\"_ _1\"></span>tazione <span class=\"_ _d\"></span>si <span class=\"_ _d\"></span>\u00e8 <span class=\"_ _d\"></span>utilizzata <span class=\"_ _d\"></span>una <span class=\"_ _d\"></span>variazione <span class=\"_ _d\"></span>media <span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>ispetto <span class=\"_ _d\"></span>al <span class=\"_ _2\"></span>tasso <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>inflazione <span class=\"_ _d\"></span>del<span class=\"_ _df\"> </span>75%  ricavata da un ele<span class=\"_ _1\"></span>vato numero di casi analoghi a que<span class=\"_ _1\"></span>llo in esame ed a fronte deg<span class=\"_ _1\"></span>li incrementi<span class=\"_ _df\"> </span>previsti <span class=\"_ _d\"></span>dalla <span class=\"_ _d\"></span>normativa <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>vigore <span class=\"_ _2\"></span>a <span class=\"_ _d\"></span>decorrere <span class=\"_ _d\"></span>da<span class=\"_ _2\"></span><span class=\"ff5\">ll\u2019anno <span class=\"_ _2\"></span>20<span class=\"_ _2\"></span>09 <span class=\"_ _2\"></span>(100<span class=\"_ _2\"></span>% <span class=\"_ _d\"></span>del <span class=\"_ _2\"></span>tasso <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>inflazione <span class=\"_ _d\"></span>ISTAT<span class=\"_ _df\"> </span></span>per pensioni <span class=\"_ _2\"></span>annue <span class=\"_ _2\"></span>complessive <span class=\"_ _2\"></span>inferiori a <span class=\"_ _2\"></span>5 <span class=\"_ _2\"></span>volte <span class=\"_ _2\"></span>il minimo <span class=\"_ _2\"></span>e 7<span class=\"_ _2\"></span>5% per <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>parte di <span class=\"_ _2\"></span>pensione <span class=\"_ _2\"></span>annua<span class=\"_ _df\"> </span>compresa <span class=\"_ _d\"></span>tra <span class=\"_ _2\"></span>il <span class=\"_ _d\"></span>precedente <span class=\"_ _2\"></span>importo <span class=\"_ _d\"></span>ed <span class=\"_ _d\"></span>8 <span class=\"_ _2\"></span>volte <span class=\"_ _d\"></span>il <span class=\"_ _2\"></span>minimo); <span class=\"_ _d\"></span>si <span class=\"_ _2\"></span>precisa <span class=\"_ _d\"></span>che <span class=\"_ _d\"></span>la <span class=\"_ _2\"></span>pensione <span class=\"_ _d\"></span>a <span class=\"_ _d\"></span>carico <span class=\"_ _2\"></span>del<span class=\"_ _df\"> </span>Fondo \u00e8 int<span class=\"ff5\">egrativa di quella dell\u2019INPS solo per alcuni pensionati.<span class=\"_ _df\"> </span></span>Per il t<span class=\"_ _2\"></span>asso di attualizzazione, in <span class=\"_ _2\"></span>forza della normat<span class=\"_ _2\"></span>iva IAS, si \u00e8 <span class=\"_ _2\"></span>adottato un tasso <span class=\"_ _2\"></span>che risultasse in<span class=\"_ _df\"> </span>linea con la vita media probabile del collettivo in esame.<span class=\"_ _df\"> </span>Tabe<span class=\"_ _1\"></span>lla d<span class=\"_ _1\"></span>elle b<span class=\"_ _1\"></span>asi <span class=\"_ _1\"></span>econo<span class=\"_ _1\"></span>mico <span class=\"ff5\">\u2013<span class=\"_ _f\"></span><span class=\"ff4\"> finanzia<span class=\"_ _f\"></span>rie</span></span><table class=\"s wbe6 h505\" id=\"_ccdb1009-fa6e-47e3-b28a-79284fab8323\"><tr><td class=\"c x5f8 y2b60 w459 h2b\"><div class=\"t m0 x171 h1f y71 ff4 fs7 fc4 sc3 ls0 ws0\">Vari<span class=\"_ _1\"></span>abili<span class=\"_ _1\"></span> </div></td><td class=\"c x5f9 y2b60 w45a h2b\"><div class=\"t m0 x58 h1f y71 ff4 fs7 fc4 sc3 ls0 ws0\">Val<span class=\"_ _1\"></span>ori %<span class=\"_ _1\"></span> </div></td></tr><tr><td class=\"c x5f8 y2b61 w459 h2b\"><div class=\"t m0 xe6 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">Tassi di inflazi<span class=\"_ _1\"></span>one </div></td><td class=\"c x5f9 y2b61 w45a h2b\"><div class=\"t m0 xa1 h1f y28b ff4 fs7 fc1 sc0 ls2a ws0\">2,<span class=\"ls0\">00%</span><span class=\"ls0\"> </span><span class=\"ls0\"> </span></div></td></tr><tr><td class=\"c x5f8 y2b62 w459 h2b\"><div class=\"t m0 x7 h1f y71 ff4 fs7 fc1 sc0 ls0 ws0\">Tasso annuo di <span class=\"_ _1\"></span>attualizzazione </div></td><td class=\"c x5f9 y2b62 w45a h2b\"><div class=\"t m0 xa1 h1f y71 ff4 fs7 fc1 sc0 ls27 ws0\">3,37<span class=\"ls0\">%</span><span class=\"ls0\"><span class=\"_ _f\"></span> </span></div></td></tr></table>Inform<span class=\"_ _f\"></span>azioni a<span class=\"_ _1\"></span>ggiu<span class=\"_ _1\"></span>ntive Il <span class=\"_ _0\"></span>principio <span class=\"_ _0\"></span>contabile <span class=\"_ _0\"></span>I<span class=\"_ _2\"></span>AS19, <span class=\"_ _0\"></span>per <span class=\"_ _0\"></span>i <span class=\"_ _9\"> </span>piani <span class=\"_ _0\"></span>a <span class=\"_ _9\"> </span>benefici <span class=\"_ _0\"></span>definiti, <span class=\"_ _0\"></span>richie<span class=\"_ _2\"></span>de <span class=\"_ _0\"></span>una <span class=\"_ _0\"></span>sensitivity <span class=\"_ _0\"> </span>s<span class=\"_ _2\"></span>ulle<span class=\"_ _1\"></span> <span class=\"_ _9\"> </span>principali<span class=\"_ _df\"> </span>ipotesi attuariali. Di <span class=\"_ _9\"> </span>seguito <span class=\"_ _0\"> </span>s<span class=\"_ _2\"></span>i <span class=\"_ _0\"></span>riportano <span class=\"_ _0\"></span>tali <span class=\"_ _9\"> </span>informazioni, <span class=\"_ _0\"></span>evidenziando <span class=\"_ _9\"> </span>il <span class=\"_ _0\"></span>nuovo <span class=\"_ _9\"> </span>valore <span class=\"_ _9\"> </span>del <span class=\"_ _0\"></span>fondo  u<span class=\"_ _f\"></span>t<span class=\"_ _2\"></span>ilizzando <span class=\"_ _0\"></span>una<span class=\"_ _df\"> </span>variazione <span class=\"_ _0\"> </span>di <span class=\"_ _9\"> </span>+<span class=\"_ _2\"></span>/- <span class=\"_ _9\"> </span>25 <span class=\"_ _9\"> </span>bps <span class=\"_ _9\"> </span>per <span class=\"_ _9\"> </span>il <span class=\"_ _9\"> </span>tasso <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>inflazione <span class=\"_ _9\"> </span>e <span class=\"_ _9\"> </span>una <span class=\"_ _9\"> </span>variazione <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>+/<span class=\"_ _2\"></span>- <span class=\"_ _9\"> </span>25 <span class=\"_ _9\"> </span>bps <span class=\"_ _9\"> </span>per <span class=\"_ _9\"> </span>il <span class=\"_ _9\"> </span>tasso <span class=\"_ _0\"></span>di<span class=\"_ _df\"> </span>attualizzazione<span class=\"ls1b\">. </span>La durata media finanziaria \u00e8 di circa 8,6 anni per Credemleasing e 8,7 anni per Credem.<span class=\"_ _df\"> </span>Ana<span class=\"_ _1\"></span>lisi di s<span class=\"_ _f\"></span>ensit<span class=\"_ _1\"></span>ivit\u00e0<span class=\"_ _1\"></span> dei pr<span class=\"_ _f\"></span>incipali<span class=\"_ _1\"></span> par<span class=\"_ _f\"></span>ametri v<span class=\"_ _1\"></span>alut<span class=\"_ _1\"></span>ati<span class=\"_ _1\"></span>vi<span class=\"fc1 sc2\"> </span>variazione delle ip<span class=\"_ _1\"></span>otesi tasso inflazione<span class=\"_ _df\"> </span>tasso attualizzaz<span class=\"_ _1\"></span>ione + 0,25 bps<span class=\"_ _df\"> </span>- 0,25 bps          <span class=\"ls0\">+ 0,25 bp<span class=\"_ _1\"></span>s<span class=\"_ _df\"> </span></span>- 0,25 bp             <span class=\"ls0\">1.027</span>     <span class=\"ls0\">             <span class=\"ls29\">994<span class=\"_ _df\"> </span></span></span>990<span class=\"_ _df\"> </span>1.031",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-855": {
   "value": "<div class=\"t m0 hc ff4 fs4 fc4 sc3 ls0 ws0 gscf7\">Sezi<span class=\"_ _f\"></span>one 1<span class=\"_ _1\"></span>0 <span class=\"ff5\">\u2013</span> F<span class=\"_ _f\"></span>ondi p<span class=\"_ _f\"></span>er ris<span class=\"_ _1\"></span>chi <span class=\"_ _f\"></span>e oner<span class=\"_ _f\"></span>i - Voc<span class=\"_ _f\"></span>e 100<span class=\"_ _df\"> </span><span class=\"_ _f\"></span> </div><div class=\"c w37f h1f4 gscf8\"><div class=\"t m0 x10 h5 y74a ff4 fs1 fc4 sc3 ls0 ws0\">10.1 F<span class=\"_ _f\"></span>ondi per <span class=\"_ _1\"></span>rischi<span class=\"_ _1\"></span> e one<span class=\"_ _f\"></span>ri: com<span class=\"_ _f\"></span>posizione<span class=\"_ _f\"></span> </div></div><div class=\"gscf9\"><table class=\"s wbd8 h502\" id=\"_22321d4c-31b0-40ab-a8df-fc20624a4d80\"><tr><td class=\"c x44e y2b39 w450 h237\"><div class=\"t m0 x101 h1f y14f7 ff4 fs7 fc4 sc3 ls0 ws0\">Voci<span class=\"_ _1\"></span>/Com<span class=\"_ _f\"></span>ponen<span class=\"_ _1\"></span>ti </div></td><td class=\"c x575 y2b3a w362 h49\"><div class=\"t m0 x11 h1f y32 ff4 fs7 fc4 sc3 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale </div></td><td></td><td class=\"c x44b y2b3a w37e h49\"><div class=\"t m0 x11 h1f y32 ff4 fs7 fc4 sc3 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale </div></td><td></td></tr><tr><td></td><td class=\"c x575 y2b39 w362 h49\"><div class=\"t m0 x31 h1f y25 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/<span class=\"_ _f\"></span>2025 </div></td><td class=\"c x44c y2b3b w993 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/<span class=\"_ _df\"> </span></div></td><td class=\"c x44d y2b3b w994 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">2024<span class=\"_ _df\"> </span></div></td><td></td></tr><tr><td class=\"c x262 y2b3c wbd9 h49c\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc1 sc0 ls0 ws0\">1. Fondi per rischi<span class=\"_ _1\"></span>o di credito rel<span class=\"_ _1\"></span>ativo a impegni e g<span class=\"_ _1\"></span>aranzie finanziar<span class=\"_ _1\"></span>ie<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x44a y2b3d w37d h58\"><div class=\"t m0 xe3 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">6.310 </div></td><td></td><td class=\"c x44b y2b3d w339 h58\"><div class=\"t m0 x11e h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">4.509 </div></td></tr><tr><td class=\"c x262 y2b3e wbc5 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc1 sc0 ls0 ws0\">rilasciate<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x44e y2b3f w37f h131\"><div class=\"t m0 x10 h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">2. Fondi su altr<span class=\"_ _1\"></span>i impegni e altre<span class=\"_ _1\"></span> garanzie rilasc<span class=\"_ _1\"></span>iate<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x44a y2b3f w37d h131\"><div class=\"t m0 x189 h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x44b y2b3f w339 h131\"><div class=\"t m0 x189 h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2b40 w37f h131\"><div class=\"t m0 x10 h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">3. Fondi di quiescenz<span class=\"_ _1\"></span>a aziendali<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x44a y2b40 w37d h131\"><div class=\"t m0 xed h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">1.010 </div></td><td></td><td class=\"c x44b y2b40 w339 h131\"><div class=\"t m0 xe3 h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">1.090 </div></td></tr><tr><td class=\"c x44e y2b41 w37f h131\"><div class=\"t m0 x10 h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">4. Altri fondi per r<span class=\"_ _1\"></span>ischi ed oner<span class=\"_ _1\"></span>i<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x44a y2b41 w37d h131\"><div class=\"t m0 xe5 h1f y3e4 ff4 fs7 fc1 sc0 ls2a ws0\">228.<span class=\"ls29\">699</span><span class=\"ls29\"><span class=\"ls0\"> </span></span></div></td><td></td><td class=\"c x44b y2b41 w339 h131\"><div class=\"t m0 xe8 h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">235.292 </div></td></tr><tr><td class=\"c x44e y2b42 w37f h131\"><div class=\"t m0 x116 h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">4.1 controversie <span class=\"_ _1\"></span>legali e fiscali </div></td><td></td><td class=\"c x44a y2b42 w37d h131\"><div class=\"t m0 x1e9 h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">19.492 </div></td><td></td><td class=\"c x44b y2b42 w339 h131\"><div class=\"t m0 x11e h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">16.951 </div></td></tr><tr><td class=\"c x44e y2b43 w37f h131\"><div class=\"t m0 x116 h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">4.2 oneri per il per<span class=\"_ _1\"></span>sonale </div></td><td></td><td class=\"c x44a y2b43 w37d h131\"><div class=\"t m0 x1e6 h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">122.066 </div></td><td></td><td class=\"c x44b y2b43 w339 h131\"><div class=\"t m0 x1e6 h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">133.395 </div></td></tr><tr><td class=\"c x44e y2b44 w37f h131\"><div class=\"t m0 x116 h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">4.3 altri </div></td><td></td><td class=\"c x44a y2b44 w37d h131\"><div class=\"t m0 x11e h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">87.141 </div></td><td></td><td class=\"c x44b y2b44 w339 h131\"><div class=\"t m0 xc h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">84.946 </div></td></tr><tr><td class=\"c x44e y2b45 w37f h13\"><div class=\"t m0 x76 h1f y80 ff4 fs7 fc1 sc2 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale </div></td><td></td><td class=\"c x44a y2b45 w37d h13\"><div class=\"t m0 x1e6 h1f y80 ff4 fs7 fc1 sc2 ls0 ws0\">236.0<span class=\"_ _f\"></span><span class=\"ls9\">19</span><span class=\"ls9\"><span class=\"ls0\"> </span></span></div></td><td></td><td class=\"c x44b y2b45 w339 h13\"><div class=\"t m0 x1e6 h1f y80 ff4 fs7 fc1 sc2 ls0 ws0\">240.<span class=\"_ _f\"></span>891 </div></td></tr></table></div><div class=\"c w451 h49 gscfb\"><div class=\"t m0 x10 h5 y302 ff4 fs1 fc4 sc3 ls0 ws0\">10.2 <span class=\"_ _1\"></span>Fondi<span class=\"_ _1\"></span> per <span class=\"_ _1\"></span>rischi<span class=\"_ _1\"></span> e one<span class=\"_ _f\"></span>ri: vari<span class=\"_ _1\"></span>azioni<span class=\"_ _1\"></span> annu<span class=\"_ _1\"></span>e </div></div><div class=\"gscfc\"><table class=\"s wbda h503\" id=\"_6a3305f9-0236-4caa-82a4-4677bdd63e10\"><tr><td></td><td class=\"c x5e7 y2b46 wbdb h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">Fondi<span class=\"_ _f\"></span> su alt<span class=\"_ _1\"></span>ri<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td></tr><tr><td></td><td class=\"c x5e8 y2b47 wbdc h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">impe<span class=\"_ _1\"></span>gni<span class=\"_ _1\"></span> e alt<span class=\"_ _1\"></span>re<span class=\"_ _df\"> </span></div></td><td class=\"c x5e9 y2b47 wbdd h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">Fondi<span class=\"_ _f\"></span> di<span class=\"_ _df\"> </span></div></td><td class=\"c x5ea y2b47 wbde h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">Altri f<span class=\"_ _f\"></span>ondi per<span class=\"_ _df\"> </span></div></td><td class=\"c x5eb y2b48 w273 h18f\"><div class=\"t m0 x33 h1f ycd2 ff4 fs7 fc4 sc3 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale </div></td></tr><tr><td></td><td class=\"c x5ec y2b49 wbdf h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">gara<span class=\"_ _f\"></span>nzie<span class=\"_ _df\"> </span></div></td><td class=\"c x5ed y2b49 wbe0 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">quies<span class=\"_ _f\"></span>cenza<span class=\"_ _df\"> </span></div></td><td class=\"c x5ee y2b49 wbe1 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">risch<span class=\"_ _1\"></span>i ed o<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>ri<span class=\"_ _df\"> </span></div></td><td></td></tr><tr><td></td><td class=\"c x5ef y2b4a wbe2 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">rilas<span class=\"_ _f\"></span>ciate<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td></tr><tr><td class=\"c x44e y2b4b w453 hc8\"><div class=\"t m0 x10 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">A. Es<span class=\"_ _1\"></span>iste<span class=\"_ _1\"></span>nze i<span class=\"_ _1\"></span>nizia<span class=\"_ _f\"></span>li </div></td><td class=\"c x4e5 y2b4b wcb hc8\"><div class=\"t m0 x91 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">4.509<span class=\"_ _f\"></span> </div></td><td class=\"c x58c y2b4b w3d hc8\"><div class=\"t m0 x90 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">1.09<span class=\"_ _1\"></span>0 </div></td><td class=\"c x5f0 y2b4b wcb hc8\"><div class=\"t m0 x30 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">235.<span class=\"_ _f\"></span>292 </div></td><td class=\"c x5eb y2b4b wcb hc8\"><div class=\"t m0 x15 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">240.<span class=\"_ _f\"></span>891 </div></td></tr><tr><td class=\"c x44e y2b4c w453 hc8\"><div class=\"t m0 x10 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">B. A<span class=\"_ _1\"></span>umen<span class=\"_ _f\"></span>ti </div></td><td class=\"c x4e5 y2b4c wcb hc8\"><div class=\"t m0 x1c h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">2.117<span class=\"_ _f\"></span> </div></td><td class=\"c x58c y2b4c w3d hc8\"><div class=\"t m0 x49 h1f y28b ff4 fs7 fc1 sc2 lsbc ws0\">35<span class=\"ls0\"> </span></div></td><td class=\"c x5f0 y2b4c wcb hc8\"><div class=\"t m0 x15 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">106.<span class=\"_ _1\"></span>825 </div></td><td class=\"c x5eb y2b4c wcb hc8\"><div class=\"t m0 x36 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">108.9<span class=\"_ _f\"></span>77 </div></td></tr><tr><td class=\"c x44e y2b4d w453 hc8\"><div class=\"t m0 x116 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">B.1 Accantonamen<span class=\"_ _1\"></span>to dell'esercizi<span class=\"_ _1\"></span>o<span class=\"_ _df\"> </span></div></td><td class=\"c x4e5 y2b4d wcb hc8\"><div class=\"t m0 x1c h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">2.117 </div></td><td class=\"c x58c y2b4d w3d hc8\"><div class=\"t m0 x49 h1f ye4c ff4 fs7 fc1 sc0 ls27 ws0\">35<span class=\"ls0\"> </span></div></td><td class=\"c x5f0 y2b4d wcb hc8\"><div class=\"t m0 x36 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">104.415 </div></td><td class=\"c x5eb y2b4d wcb hc8\"><div class=\"t m0 x15 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">106.567 </div></td></tr><tr><td class=\"c x44e y2b4e w453 hc8\"><div class=\"t m0 x116 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">B.2 Variazioni d<span class=\"_ _1\"></span>ovute al passare<span class=\"_ _1\"></span> del temp<span class=\"_ _1\"></span>o<span class=\"_ _df\"> </span></div></td><td class=\"c x4e5 y2b4e wcb hc8\"><div class=\"t m0 x11d h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x58c y2b4e w3d hc8\"><div class=\"t m0 x11d h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5f0 y2b4e wcb hc8\"><div class=\"t m0 x90 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">1.006 </div></td><td class=\"c x5eb y2b4e wcb hc8\"><div class=\"t m0 x90 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">1.006 </div></td></tr><tr><td class=\"c x44e y2b4f w453 hc8\"><div class=\"t m0 x116 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">B.3 Variazioni do<span class=\"_ _1\"></span>vute a modifiche de<span class=\"_ _f\"></span>l tasso di sconto<span class=\"_ _df\"> </span></div></td><td class=\"c x4e5 y2b4f wcb hc8\"><div class=\"t m0 x11d h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x58c y2b4f w3d hc8\"><div class=\"t m0 x11d h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5f0 y2b4f wcb hc8\"><div class=\"t m0 x49 h1f y28b ff4 fs7 fc1 sc0 ls32 ws0\">55<span class=\"ls0\"> </span></div></td><td class=\"c x5eb y2b4f wcb hc8\"><div class=\"t m0 x49 h1f y28b ff4 fs7 fc1 sc0 ls32 ws0\">55<span class=\"ls0\"> </span></div></td></tr><tr><td class=\"c x44e y2b50 w453 hc8\"><div class=\"t m0 x116 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">B.4 Altre variazi<span class=\"_ _1\"></span>oni<span class=\"_ _df\"> </span></div></td><td class=\"c x4e5 y2b50 wcb hc8\"><div class=\"t m0 x11d h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x58c y2b50 w3d hc8\"><div class=\"t m0 x11d h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5f0 y2b50 wcb hc8\"><div class=\"t m0 x90 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">1.349 </div></td><td class=\"c x5eb y2b50 wcb hc8\"><div class=\"t m0 x90 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">1.349 </div></td></tr><tr><td class=\"c x44e y2b51 w453 hc8\"><div class=\"t m0 x32 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- di cui operazio<span class=\"_ _1\"></span>ni di aggregaz<span class=\"_ _1\"></span>ione aziendale </div></td><td class=\"c x4e5 y2b51 wcb hc8\"><div class=\"t m0 x11d h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x58c y2b51 w3d hc8\"><div class=\"t m0 x11d h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5f0 y2b51 wcb hc8\"><div class=\"t m0 x11d h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5eb y2b51 wcb hc8\"><div class=\"t m0 x11d h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2b52 w453 hc8\"><div class=\"t m0 x10 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">C. Dim<span class=\"_ _f\"></span>inuzion<span class=\"_ _f\"></span>i </div></td><td class=\"c x4e5 y2b52 wcb hc8\"><div class=\"t m0 xa3 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">316 </div></td><td class=\"c x58c y2b52 w3d hc8\"><div class=\"t m0 xc7 h1f y28b ff4 fs7 fc1 sc2 ls9 ws0\">115<span class=\"ls0\"> </span></div></td><td class=\"c x5f0 y2b52 wcb hc8\"><div class=\"t m0 x13 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">113.4<span class=\"_ _1\"></span>18 </div></td><td class=\"c x5eb y2b52 wcb hc8\"><div class=\"t m0 x36 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">113.8<span class=\"_ _1\"></span>49 </div></td></tr><tr><td class=\"c x44e y2b53 w453 hc8\"><div class=\"t m0 x116 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">C.1 Utilizzo nell'e<span class=\"_ _1\"></span>sercizio<span class=\"_ _df\"> </span></div></td><td class=\"c x4e5 y2b53 wcb hc8\"><div class=\"t m0 xa3 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">316 </div></td><td class=\"c x58c y2b53 w3d hc8\"><div class=\"t m0 x49 h1f ye4c ff4 fs7 fc1 sc0 ls34 ws0\">74<span class=\"ls0\"> </span></div></td><td class=\"c x5f0 y2b53 wcb hc8\"><div class=\"t m0 x36 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">112.823 </div></td><td class=\"c x5eb y2b53 wcb hc8\"><div class=\"t m0 x13 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">113.213 </div></td></tr><tr><td class=\"c x44e y2b54 w453 h227\"><div class=\"t m0 x116 h1f y1534 ff4 fs7 fc1 sc0 ls0 ws0\">C.2 Variazioni dovu<span class=\"_ _f\"></span>t<span class=\"_ _2\"></span>e a m<span class=\"_ _1\"></span>odifiche del tass<span class=\"_ _1\"></span>o di sconto<span class=\"_ _df\"> </span></div></td><td class=\"c x4e5 y2b54 wcb h227\"><div class=\"t m0 x11d h1f y1534 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x58c y2b54 w3d h227\"><div class=\"t m0 x11d h1f y1534 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5f0 y2b54 wcb h227\"><div class=\"t m0 xf0 h1f y1534 ff4 fs7 fc1 sc0 ls9 ws0\">11<span class=\"ls0\"> </span></div></td><td class=\"c x5eb y2b54 wcb h227\"><div class=\"t m0 xf0 h1f y1534 ff4 fs7 fc1 sc0 ls9 ws0\">11<span class=\"ls0\"> </span></div></td></tr><tr><td class=\"c x44e y2b55 w453 hc8\"><div class=\"t m0 x116 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">C.3 Altre variazi<span class=\"_ _1\"></span>oni<span class=\"_ _df\"> </span></div></td><td class=\"c x4e5 y2b55 wcb hc8\"><div class=\"t m0 x11d h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x58c y2b55 w3d hc8\"><div class=\"t m0 x1af h1f y28b ff4 fs7 fc1 sc0 lsa ws0\">41<span class=\"ls0\"> </span></div></td><td class=\"c x5f0 y2b55 wcb hc8\"><div class=\"t m0 xc6 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">584 </div></td><td class=\"c x5eb y2b55 wcb hc8\"><div class=\"t m0 xc6 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">625 </div></td></tr><tr><td class=\"c x44e y2b56 w453 hc8\"><div class=\"t m0 x32 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- di cui operazio<span class=\"_ _1\"></span>ni di aggregaz<span class=\"_ _1\"></span>ione aziendale </div></td><td class=\"c x4e5 y2b56 wcb hc8\"><div class=\"t m0 x11d h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x58c y2b56 w3d hc8\"><div class=\"t m0 x11d h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5f0 y2b56 wcb hc8\"><div class=\"t m0 x11d h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5eb y2b56 wcb hc8\"><div class=\"t m0 x11d h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2b57 w453 hc8\"><div class=\"t m0 x10 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">D. Rim<span class=\"_ _f\"></span>anenz<span class=\"_ _1\"></span>e fin<span class=\"_ _f\"></span>ali </div></td><td class=\"c x4e5 y2b57 wcb hc8\"><div class=\"t m0 x90 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">6.310<span class=\"_ _f\"></span> </div></td><td class=\"c x58c y2b57 w3d hc8\"><div class=\"t m0 x7 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">1.010<span class=\"_ _f\"></span> </div></td><td class=\"c x5f0 y2b57 wcb hc8\"><div class=\"t m0 x30 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">228.6<span class=\"_ _f\"></span>99 </div></td><td class=\"c x5eb y2b57 wcb hc8\"><div class=\"t m0 x15 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">236.0<span class=\"_ _f\"></span>19 </div></td></tr></table></div><div class=\"c w37c h13 gscfd\"><div class=\"t m0 x10 h5 y3e4 ff4 fs1 fc4 sc3 ls0 ws0\">10.3 <span class=\"_ _1\"></span>Fondi <span class=\"_ _f\"></span>per rischi<span class=\"_ _1\"></span>o di <span class=\"_ _1\"></span>credit<span class=\"_ _1\"></span>o re<span class=\"_ _1\"></span>lativ<span class=\"_ _1\"></span>o a i<span class=\"_ _1\"></span>mpegni<span class=\"_ _1\"></span> e ga<span class=\"_ _f\"></span>ranzie fina<span class=\"_ _f\"></span>nziarie r<span class=\"_ _f\"></span>ilasciate<span class=\"_ _1\"></span> </div></div><div class=\"gscfe\"><table class=\"s wbe3 h504\" id=\"_e16f72bf-80b1-4979-bc50-ffeb89aaec15\"><tr><td></td><td></td><td></td><td></td><td></td><td class=\"c x5f1 y2b58 w454 h9f\"><div class=\"t m0 x3a h1f yd65 ff4 fs7 fc4 sc3 ls0 ws0\">Fondi<span class=\"_ _f\"></span> per ris<span class=\"_ _1\"></span>chio<span class=\"_ _1\"></span> di cr<span class=\"_ _1\"></span>edit<span class=\"_ _f\"></span>o relati<span class=\"_ _1\"></span>vo a i<span class=\"_ _f\"></span>mpegn<span class=\"_ _f\"></span>i e gar<span class=\"_ _1\"></span>anz<span class=\"_ _1\"></span>ie fin<span class=\"_ _f\"></span>anziarie<span class=\"_ _1\"></span> rilas<span class=\"_ _f\"></span>ciate </div></td><td></td><td></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td class=\"c x5f2 y2b59 w9a0 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc4 sc3 ls0 ws0\">Impa<span class=\"_ _f\"></span>ired<span class=\"_ _df\"> </span></div></td><td></td><td></td></tr><tr><td></td><td></td><td class=\"c x5f1 y2b5a w5b h294\"><div class=\"t m0 x8e h1f y508 ff4 fs7 fc4 sc3 ls0 ws0\">Prim<span class=\"_ _1\"></span>o sta<span class=\"_ _f\"></span>dio </div></td><td class=\"c x5f3 y2b5a w455 h294\"><div class=\"t m0 x10 h1f y508 ff4 fs7 fc4 sc3 ls0 ws0\">Secon<span class=\"_ _f\"></span>do sta<span class=\"_ _1\"></span>dio </div></td><td class=\"c x524 y2b5a w5b h294\"><div class=\"t m0 x8e h1f y508 ff4 fs7 fc4 sc3 ls0 ws0\">Terz<span class=\"_ _1\"></span>o sta<span class=\"_ _f\"></span>dio </div></td><td class=\"c x5f4 y2b5b wbe4 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc4 sc3 ls0 ws0\">acq<span class=\"_ _1\"></span>uisiti<span class=\"_ _1\"></span>/e o<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x5f5 y2b5a w92 h294\"><div class=\"t m0 x48 h1f y508 ff4 fs7 fc4 sc3 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale </div></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td class=\"c x5f6 y2b5c wbe5 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc4 sc3 ls0 ws0\">origi<span class=\"_ _1\"></span>nati<span class=\"_ _1\"></span>/e<span class=\"_ _df\"> </span></div></td><td></td><td></td></tr><tr><td class=\"c x44e y2b5d w456 hc8\"><div class=\"t m0 x10 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">Impegni a eroga<span class=\"_ _1\"></span>re fondi  </div></td><td></td><td class=\"c x5f1 y2b5d w245 hc8\"><div class=\"t m0 x13 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">3.437 </div></td><td class=\"c x5f3 y2b5d w246 hc8\"><div class=\"t m0 x96 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">1.266 </div></td><td></td><td class=\"c x524 y2b5d w245 hc8\"><div class=\"t m0 x49 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">7 </div></td><td class=\"c x594 y2b5d w97 hc8\"><div class=\"t m0 x49 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">5 </div></td><td class=\"c x5f5 y2b5d w457 hc8\"><div class=\"t m0 x12 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">4.715 </div></td></tr><tr><td class=\"c x44e y2b5e w456 hc8\"><div class=\"t m0 x10 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">Garanzie finanz<span class=\"_ _1\"></span>iarie rilasciate  </div></td><td></td><td class=\"c x5f1 y2b5e w245 hc8\"><div class=\"t m0 xc6 h1f y28b ff4 fs7 fc1 sc0 ls9 ws0\">121<span class=\"ls0\"> </span></div></td><td class=\"c x5f3 y2b5e w246 hc8\"><div class=\"t m0 x7 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">326 </div></td><td></td><td class=\"c x524 y2b5e w245 hc8\"><div class=\"t m0 x96 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">1.063 </div></td><td class=\"c x594 y2b5e w97 hc8\"><div class=\"t m0 xe h1f y28b ff4 fs7 fc1 sc0 ls2b ws0\">85<span class=\"ls0\"> </span></div></td><td class=\"c x5f5 y2b5e w457 hc8\"><div class=\"t m0 x96 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">1.595 </div></td></tr><tr><td></td><td class=\"c x44e y2b5f w456 hc8\"><div class=\"t m0 x1b3 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale </div></td><td class=\"c x5f1 y2b5f w245 hc8\"><div class=\"t m0 x13 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">3.558<span class=\"_ _f\"></span> </div></td><td class=\"c x5f3 y2b5f w246 hc8\"><div class=\"t m0 x96 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">1.592<span class=\"_ _f\"></span> </div></td><td></td><td class=\"c x524 y2b5f w245 hc8\"><div class=\"t m0 x96 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">1.07<span class=\"_ _1\"></span>0 </div></td><td class=\"c x594 y2b5f w97 hc8\"><div class=\"t m0 xe h1f y28b ff4 fs7 fc1 sc2 lscf ws0\">90<span class=\"ls0\"> </span></div></td><td class=\"c x5f5 y2b5f w457 hc8\"><div class=\"t m0 x96 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">6.310<span class=\"_ _df\"> </span><span class=\"_ _f\"></span></div></td></tr></table></div><div class=\"t m0 he ff4 fs5 fc4 sc3 ls0 ws0 gscff\">10.5 Fo<span class=\"_ _f\"></span>ndi di pre<span class=\"_ _1\"></span>videnz<span class=\"_ _f\"></span>a azienda<span class=\"_ _1\"></span>li a be<span class=\"_ _f\"></span>nefici def<span class=\"_ _1\"></span>initi<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsd00\">Viene <span class=\"_ _4\"> </span>gestito <span class=\"_ _17\"> </span>un <span class=\"_ _4\"> </span>Fondo <span class=\"_ _4\"> </span>interno <span class=\"_ _17\"> </span>a <span class=\"_ _4\"> </span>Cr<span class=\"_ _2\"></span>ede<span class=\"_ _1\"></span>m <span class=\"_ _17\"> </span>e <span class=\"_ _4\"> </span>a <span class=\"_ _17\"> </span>Credemleasing <span class=\"_ _4\"> </span>che <span class=\"_ _4\"> </span>erogano <span class=\"_ _17\"> </span>un <span class=\"_ _4\"> </span>trattamento<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsd01\">previdenzia<span class=\"ff5\">le aggiuntivo alle prestazioni erogate dall\u2019INPS<span class=\"_ _1\"></span>.<span class=\"_ _df\"> </span></span><span class=\"ff5\"><span class=\"_ _2\"></span><span class=\"ff4\"> </span></span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gsd02\">Si t<span class=\"_ _2\"></span>ratta <span class=\"_ _2\"></span>di un <span class=\"_ _2\"></span>\u201cFondo a <span class=\"_ _2\"></span>prestazione <span class=\"_ _2\"></span>definita\u201d i <span class=\"_ _2\"></span>cui im<span class=\"_ _2\"></span>porti <span class=\"_ _2\"></span>sono soggetti <span class=\"_ _2\"></span>alla st<span class=\"_ _2\"></span>essa perequazione<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsd03\">prevista per l<span class=\"_ _1\"></span>e Pensioni<span class=\"_ _1\"></span> INPS, co<span class=\"_ _f\"></span>me pure al ce<span class=\"_ _1\"></span>nsimento presso <span class=\"_ _1\"></span>il <span class=\"_ _1\"></span>Casellario Centrale <span class=\"_ _1\"></span>delle <span class=\"_ _1\"></span>Pensioni.<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsd04\">Su tale posta di bilancio viene e<span class=\"_ _1\"></span>ffettuata la valutazione attuariale.<span class=\"_ _df\"> </span><span class=\"_ _2\"></span> <span class=\"_ _13\"></span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsd05\">I beneficiari di tali trattamenti sono coloro che:<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff14 fs1 fc1 sc0 ls0 ws0 gsd06\"><span class=\"_ _14\"> </span><span class=\"ff4\">risultavano <span class=\"_ _1\"></span>eredi <span class=\"_ _f\"></span>di <span class=\"_ _1\"></span>persone <span class=\"_ _f\"></span>decedute <span class=\"_ _f\"></span>d<span class=\"_ _2\"></span>urante <span class=\"_ _f\"></span>il se<span class=\"_ _1\"></span>rvizio <span class=\"_ _f\"></span>con Cre<span class=\"_ _1\"></span>dem <span class=\"_ _f\"></span>e Cred<span class=\"_ _f\"></span>eml<span class=\"_ _2\"></span>easing <span class=\"_ _f\"></span>(sostituito<span class=\"_ _df\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gsd07\">dall\u2019attuale Cassa di Previdenza dal 1/1/<span class=\"ff4\">1996);<span class=\"_ _df\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m0 h5 ff14 fs1 fc1 sc0 ls0 ws0 gsd08\"><span class=\"_ _14\"> </span><span class=\"ff4\">risultavano <span class=\"_ _0\"></span>ex <span class=\"_ _9\"> </span>dipendenti <span class=\"_ _d\"></span>d<span class=\"_ _2\"></span>ella <span class=\"_ _0\"></span>Banca <span class=\"_ _0\"></span>Popolare <span class=\"_ _0\"></span>Dauna <span class=\"_ _9\"> </span>gi\u00e0 <span class=\"_ _0\"></span>in <span class=\"_ _0\"></span>quiescenza <span class=\"_ _0\"></span>oppure <span class=\"_ _9\"> </span>che <span class=\"_ _0\"></span>avevano<span class=\"_ _df\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsd09\">inoltrato le dimissioni entro il 30/11/1999. La Banca Popolare Dauna \u00e8 conflu<span class=\"_ _1\"></span>ita in Credem in data<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsd0a\">11/12/1999 a seguito di fusione pe<span class=\"_ _1\"></span>r incorporazione.<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsd0b\">Per le valutazioni attuariali del Fondo al 31 dicembre 202<span class=\"_ _2\"></span>5, tenendo conto di quanto disposto dalle<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsd0c\">linee <span class=\"_ _f\"></span>guida <span class=\"_ _f\"></span>per la <span class=\"_ _f\"></span>redazione <span class=\"_ _f\"></span>dei <span class=\"_ _f\"></span>bilanci tecn<span class=\"_ _1\"></span>ici <span class=\"_ _f\"></span>degli E<span class=\"_ _1\"></span>nti <span class=\"_ _1\"></span>di <span class=\"_ _f\"></span>previdenza, <span class=\"_ _1\"></span>sono <span class=\"_ _f\"></span>state ad<span class=\"_ _1\"></span>ottate <span class=\"_ _1\"></span>le <span class=\"_ _f\"></span>ipotesi<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsd0d\">demografiche ed economico-finanziarie descritte nei successivi due paragrafi.<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gsd0e\">Nel corso dell\u2019esercizio il fond<span class=\"_ _1\"></span>o ha s<span class=\"_ _2\"></span>ubito un de<span class=\"_ _1\"></span>cremento netto di circa <span class=\"_ _2\"></span><span class=\"ff4 ls2\">79<span class=\"ls0\"> mila euro.<span class=\"_ _df\"> </span></span></span><span class=\"ff4 ls2\"><span class=\"ls0\"> </span></span><span class=\"ff4 ls2\"><span class=\"ls0\"> </span></span></div>DATO <span class=\"ff5\">\u2013</span> NOTA INT<span class=\"_ _f\"></span>E<span class=\"_ _2\"></span>GRATIVA 389<span class=\"_ _f\"></span> Ipot<span class=\"_ _1\"></span>esi de<span class=\"_ _1\"></span>mogr<span class=\"_ _1\"></span>afiche<span class=\"_ _df\"> </span><span class=\"_ _f\"></span><span class=\"fc5 sc4\"> </span>Sono state utilizzate le seguenti probabi<span class=\"_ _1\"></span>lit\u00e0:<span class=\"_ _df\"> </span><span class=\"_ _2\"></span> -<span class=\"ff10\"> <span class=\"_ _24\"> </span><span class=\"ff4\">per <span class=\"_ _2\"></span>le probabilit\u00e0 <span class=\"_ _d\"></span>di mort<span class=\"_ _2\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _2\"></span>del p<span class=\"_ _2\"></span>ersonale in <span class=\"_ _2\"></span>pensione <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _2\"></span>stata <span class=\"_ _2\"></span>utilizzata la <span class=\"_ _d\"></span>tavola <span class=\"_ _2\"></span>IPS55, <span class=\"_ _2\"></span>distinta<span class=\"_ _df\"> </span></span></span><span class=\"ff10\"><span class=\"ff4\"> </span></span>per sesso;<span class=\"_ _df\"> </span> -<span class=\"ff10\"> <span class=\"_ _24\"> </span><span class=\"ff4\">per <span class=\"_ _9\"> </span>le <span class=\"_ _9\"> </span>probabilit\u00e0 <span class=\"_ _0\"> </span>di <span class=\"_ _9\"> </span>mort<span class=\"_ _2\"></span>e <span class=\"_ _0\"></span>del <span class=\"_ _9\"> </span>personale <span class=\"_ _0\"> </span>in <span class=\"_ _16\"> </span>pensione <span class=\"_ _0\"></span>per <span class=\"_ _9\"> </span>invalidit\u00e0 <span class=\"_ _9\"> </span>assoluta <span class=\"_ _9\"> </span>e <span class=\"_ _9\"> </span>permanente,<span class=\"_ _df\"> </span></span></span><span class=\"ff10\"><span class=\"ff4\"> </span></span>quelle adottate nel modell<span class=\"_ _1\"></span>o INPS per le proiezioni 2010, distinte per sesso;<span class=\"_ _df\"> </span><span class=\"_ _2\"></span> -<span class=\"ff10\"> <span class=\"_ _24\"> </span><span class=\"ff4\">per <span class=\"_ _2\"></span>la probabilit\u00e0 <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>lasciare la <span class=\"_ _2\"></span>famiglia <span class=\"_ _2\"></span>quelle, <span class=\"_ _2\"></span>distinte <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>sesso, pubblicate <span class=\"_ _2\"></span>nel mod<span class=\"_ _2\"></span>ello INPS<span class=\"_ _df\"> </span></span></span><span class=\"ff10\"><span class=\"ff4\"><span class=\"_ _2\"></span> </span></span>per le proiezioni al 2010 aggiornate.<span class=\"_ _df\"> </span> Ipot<span class=\"_ _1\"></span>esi eco<span class=\"_ _f\"></span>nomico-<span class=\"_ _1\"></span>finan<span class=\"_ _f\"></span>ziarie<span class=\"_ _df\"> </span> Le <span class=\"_ _d\"></span>ipotesi <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>oggetto <span class=\"_ _d\"></span>r<span class=\"_ _2\"></span>iguardano <span class=\"_ _2\"></span>il <span class=\"_ _d\"></span>t<span class=\"_ _2\"></span>asso <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>attualizzazione, <span class=\"_ _d\"></span>i <span class=\"_ _d\"></span>tassi <span class=\"_ _d\"></span>d\u2019inflazione <span class=\"_ _d\"></span>ed <span class=\"_ _d\"></span>i <span class=\"_ _d\"></span>tas<span class=\"_ _2\"></span>si <span class=\"_ _d\"></span>annui <span class=\"_ _d\"></span>di<span class=\"_ _df\"> </span> rivalutazione delle pensioni Fondo e Inps.<span class=\"_ _df\"> </span> Per <span class=\"_ _d\"></span>il <span class=\"_ _d\"></span>tasso <span class=\"_ _d\"></span>di <span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>ivalu<span class=\"_ _1\"></span>tazione <span class=\"_ _d\"></span>si <span class=\"_ _d\"></span>\u00e8 <span class=\"_ _d\"></span>utilizzata <span class=\"_ _d\"></span>una <span class=\"_ _d\"></span>variazione <span class=\"_ _d\"></span>media <span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>ispetto <span class=\"_ _d\"></span>al <span class=\"_ _2\"></span>tasso <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>inflazione <span class=\"_ _d\"></span>del<span class=\"_ _df\"> </span> 75%  ricavata da un ele<span class=\"_ _1\"></span>vato numero di casi analoghi a que<span class=\"_ _1\"></span>llo in esame ed a fronte deg<span class=\"_ _1\"></span>li incrementi<span class=\"_ _df\"> </span> previsti <span class=\"_ _d\"></span>dalla <span class=\"_ _d\"></span>normativa <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>vigore <span class=\"_ _2\"></span>a <span class=\"_ _d\"></span>decorrere <span class=\"_ _d\"></span>da<span class=\"_ _2\"></span><span class=\"ff5\">ll\u2019anno <span class=\"_ _2\"></span>20<span class=\"_ _2\"></span>09 <span class=\"_ _2\"></span>(100<span class=\"_ _2\"></span>% <span class=\"_ _d\"></span>del <span class=\"_ _2\"></span>tasso <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>inflazione <span class=\"_ _d\"></span>ISTAT<span class=\"_ _df\"> </span></span><span class=\"ff5\"> </span>per pensioni <span class=\"_ _2\"></span>annue <span class=\"_ _2\"></span>complessive <span class=\"_ _2\"></span>inferiori a <span class=\"_ _2\"></span>5 <span class=\"_ _2\"></span>volte <span class=\"_ _2\"></span>il minimo <span class=\"_ _2\"></span>e 7<span class=\"_ _2\"></span>5% per <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>parte di <span class=\"_ _2\"></span>pensione <span class=\"_ _2\"></span>annua<span class=\"_ _df\"> </span> compresa <span class=\"_ _d\"></span>tra <span class=\"_ _2\"></span>il <span class=\"_ _d\"></span>precedente <span class=\"_ _2\"></span>importo <span class=\"_ _d\"></span>ed <span class=\"_ _d\"></span>8 <span class=\"_ _2\"></span>volte <span class=\"_ _d\"></span>il <span class=\"_ _2\"></span>minimo); <span class=\"_ _d\"></span>si <span class=\"_ _2\"></span>precisa <span class=\"_ _d\"></span>che <span class=\"_ _d\"></span>la <span class=\"_ _2\"></span>pensione <span class=\"_ _d\"></span>a <span class=\"_ _d\"></span>carico <span class=\"_ _2\"></span>del<span class=\"_ _df\"> </span> Fondo \u00e8 int<span class=\"ff5\">egrativa di quella dell\u2019INPS solo per alcuni pensionati.<span class=\"_ _df\"> </span></span> Per il t<span class=\"_ _2\"></span>asso di attualizzazione, in <span class=\"_ _2\"></span>forza della normat<span class=\"_ _2\"></span>iva IAS, si \u00e8 <span class=\"_ _2\"></span>adottato un tasso <span class=\"_ _2\"></span>che risultasse in<span class=\"_ _df\"> </span> linea con la vita media probabile del collettivo in esame.<span class=\"_ _df\"> </span> Tabe<span class=\"_ _1\"></span>lla d<span class=\"_ _1\"></span>elle b<span class=\"_ _1\"></span>asi <span class=\"_ _1\"></span>econo<span class=\"_ _1\"></span>mico <span class=\"ff5\">\u2013<span class=\"_ _f\"></span><span class=\"ff4\"> finanzia<span class=\"_ _f\"></span>rie</span></span><span class=\"ff5\"><span class=\"ff4\"> </span></span><table class=\"s wbe6 h505\" id=\"_ccdb1009-fa6e-47e3-b28a-79284fab8323\"><tr><td class=\"c x5f8 y2b60 w459 h2b\"><div class=\"t m0 x171 h1f y71 ff4 fs7 fc4 sc3 ls0 ws0\">Vari<span class=\"_ _1\"></span>abili<span class=\"_ _1\"></span> </div></td><td class=\"c x5f9 y2b60 w45a h2b\"><div class=\"t m0 x58 h1f y71 ff4 fs7 fc4 sc3 ls0 ws0\">Val<span class=\"_ _1\"></span>ori %<span class=\"_ _1\"></span> </div></td></tr><tr><td class=\"c x5f8 y2b61 w459 h2b\"><div class=\"t m0 xe6 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">Tassi di inflazi<span class=\"_ _1\"></span>one </div></td><td class=\"c x5f9 y2b61 w45a h2b\"><div class=\"t m0 xa1 h1f y28b ff4 fs7 fc1 sc0 ls2a ws0\">2,<span class=\"ls0\">00%</span><span class=\"ls0\"> </span><span class=\"ls0\"> </span></div></td></tr><tr><td class=\"c x5f8 y2b62 w459 h2b\"><div class=\"t m0 x7 h1f y71 ff4 fs7 fc1 sc0 ls0 ws0\">Tasso annuo di <span class=\"_ _1\"></span>attualizzazione </div></td><td class=\"c x5f9 y2b62 w45a h2b\"><div class=\"t m0 xa1 h1f y71 ff4 fs7 fc1 sc0 ls27 ws0\">3,37<span class=\"ls0\">%</span><span class=\"ls0\"><span class=\"_ _f\"></span> </span></div></td></tr></table>Inform<span class=\"_ _f\"></span>azioni a<span class=\"_ _1\"></span>ggiu<span class=\"_ _1\"></span>ntive <span class=\"_ _f\"></span> Il <span class=\"_ _0\"></span>principio <span class=\"_ _0\"></span>contabile <span class=\"_ _0\"></span>I<span class=\"_ _2\"></span>AS19, <span class=\"_ _0\"></span>per <span class=\"_ _0\"></span>i <span class=\"_ _9\"> </span>piani <span class=\"_ _0\"></span>a <span class=\"_ _9\"> </span>benefici <span class=\"_ _0\"></span>definiti, <span class=\"_ _0\"></span>richie<span class=\"_ _2\"></span>de <span class=\"_ _0\"></span>una <span class=\"_ _0\"></span>sensitivity <span class=\"_ _0\"> </span>s<span class=\"_ _2\"></span>ulle<span class=\"_ _1\"></span> <span class=\"_ _9\"> </span>principali<span class=\"_ _df\"> </span> ipotesi attuariali.  Di <span class=\"_ _9\"> </span>seguito <span class=\"_ _0\"> </span>s<span class=\"_ _2\"></span>i <span class=\"_ _0\"></span>riportano <span class=\"_ _0\"></span>tali <span class=\"_ _9\"> </span>informazioni, <span class=\"_ _0\"></span>evidenziando <span class=\"_ _9\"> </span>il <span class=\"_ _0\"></span>nuovo <span class=\"_ _9\"> </span>valore <span class=\"_ _9\"> </span>del <span class=\"_ _0\"></span>fondo  u<span class=\"_ _f\"></span>t<span class=\"_ _2\"></span>ilizzando <span class=\"_ _0\"></span>una<span class=\"_ _df\"> </span> variazione <span class=\"_ _0\"> </span>di <span class=\"_ _9\"> </span>+<span class=\"_ _2\"></span>/- <span class=\"_ _9\"> </span>25 <span class=\"_ _9\"> </span>bps <span class=\"_ _9\"> </span>per <span class=\"_ _9\"> </span>il <span class=\"_ _9\"> </span>tasso <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>inflazione <span class=\"_ _9\"> </span>e <span class=\"_ _9\"> </span>una <span class=\"_ _9\"> </span>variazione <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>+/<span class=\"_ _2\"></span>- <span class=\"_ _9\"> </span>25 <span class=\"_ _9\"> </span>bps <span class=\"_ _9\"> </span>per <span class=\"_ _9\"> </span>il <span class=\"_ _9\"> </span>tasso <span class=\"_ _0\"></span>di<span class=\"_ _df\"> </span> attualizzazione<span class=\"ls1b\">. </span> La durata media finanziaria \u00e8 di circa 8,6 anni per Credemleasing e 8,7 anni per Credem.<span class=\"_ _df\"> </span> Ana<span class=\"_ _1\"></span>lisi di s<span class=\"_ _f\"></span>ensit<span class=\"_ _1\"></span>ivit\u00e0<span class=\"_ _1\"></span> dei pr<span class=\"_ _f\"></span>incipali<span class=\"_ _1\"></span> par<span class=\"_ _f\"></span>ametri v<span class=\"_ _1\"></span>alut<span class=\"_ _1\"></span>ati<span class=\"_ _1\"></span>vi<span class=\"fc1 sc2\"> </span><span class=\"fc1 sc2\"><span class=\"sc0\"> </span></span><table class=\"s wbe7 h506\" id=\"_a849505d-4840-4ae1-8f24-3c6c4867602e\"><tr><td></td><td></td><td></td><td class=\"c x5fb y2b63 w45d hf\"><div class=\"t m0 x8a h1f y2c6 ff4 fs7 fc1 sc0 ls0 ws0\">variazione delle ip<span class=\"_ _1\"></span>otesi  </div></td></tr><tr><td></td><td class=\"c x5fc y2b64 w44a h296\"><div class=\"t m0 x8a h1f y28e ff4 fs7 fc1 sc0 ls0 ws0\">tasso inflazione<span class=\"_ _df\"> </span> </div></td><td></td><td class=\"c x5fd y2b64 w45e h296\"><div class=\"t m0 x8a h1f y28e ff4 fs7 fc1 sc0 ls0 ws0\">tasso attualizzaz<span class=\"_ _1\"></span>ione  </div></td></tr><tr><td class=\"c x5fe y2b65 w105 h2c\"><div class=\"t m0 x8a h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">+ 0,25 bps<span class=\"_ _df\"> </span> </div></td><td class=\"c x5ff y2b65 w105 h2c\"><div class=\"t m0 x8a h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">- 0,25 bps </div></td><td class=\"c x600 y2b65 w2c4 h2c\"><div class=\"t m0 x8a h1f y32 ff4 fs7 fc1 sc0 ls26 ws0\">          <span class=\"ls0\">+ 0,25 bp<span class=\"_ _1\"></span>s<span class=\"_ _df\"> </span></span><span class=\"ls0\"> </span></div></td><td class=\"c x601 y2b65 w45f h2c\"><div class=\"t m0 x8a h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">- 0,25 bps </div></td></tr><tr><td class=\"c x602 y2b66 w430 h2c\"><div class=\"t m0 x8a h1f y32 ff4 fs7 fc1 sc0 ls26 ws0\">             <span class=\"ls0\">1.027</span><span class=\"ls0\"><span class=\"_ _1\"></span> </span></div></td><td class=\"c x5fc y2b66 w460 h2c\"><div class=\"t m0 x8a h1f y32 ff4 fs7 fc1 sc0 ls26 ws0\">     <span class=\"ls0\">             <span class=\"ls29\">994<span class=\"_ _df\"> </span></span></span><span class=\"ls0\"><span class=\"ls29\"><span class=\"_ _f\"></span><span class=\"ls0\"> </span></span></span></div></td><td class=\"c x5fd y2b66 w254 h2c\"><div class=\"t m0 x8a h1f y32 ff4 fs7 fc1 sc0 ls29 ws0\">990<span class=\"_ _df\"> </span><span class=\"ls0\"> </span></div></td><td class=\"c x603 y2b66 w3e8 h2c\"><div class=\"t m0 x8a h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">1.031 </div></td></tr></table>10.6 <span class=\"_ _1\"></span>Fondi<span class=\"_ _1\"></span> per <span class=\"_ _1\"></span>rischi <span class=\"_ _f\"></span>e oneri: <span class=\"_ _1\"></span>altr<span class=\"_ _1\"></span>i fondi  <table class=\"s wbe8 h507\" id=\"_8a552d84-5486-4509-97a6-925363bca302\"><tr><td></td><td></td><td class=\"c x532 y2b67 w3c3 h49\"><div class=\"t m0 x37 h1f y32 ff4 fs7 fc4 sc3 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale </div></td><td class=\"c x533 y2b67 w3c4 h49\"><div class=\"t m0 x37 h1f y32 ff4 fs7 fc4 sc3 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale </div></td></tr><tr><td></td><td></td><td class=\"c x534 y2b68 w461 h49\"><div class=\"t m0 x32 h1f y25 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/<span class=\"_ _f\"></span>2025 </div></td><td class=\"c x533 y2b68 w3c4 h49\"><div class=\"t m0 x32 h1f y25 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/<span class=\"_ _f\"></span>2024 </div></td></tr><tr><td class=\"c x44e y2b69 w3c5 hc8\"><div class=\"t m0 x10 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">A fro<span class=\"_ _1\"></span>nte <span class=\"_ _f\"></span>di gara<span class=\"_ _1\"></span>nzie<span class=\"_ _1\"></span> ed im<span class=\"_ _f\"></span>pegni<span class=\"_ _1\"></span>: </div></td><td></td><td class=\"c x532 y2b69 w3c3 hc8\"><div class=\"t m0 xef h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">6.26<span class=\"_ _1\"></span>9 </div></td><td class=\"c x533 y2b69 w3c6 hc8\"><div class=\"t m0 xef h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">4.469<span class=\"_ _f\"></span> </div></td></tr><tr><td class=\"c x44e y2b6a w3c5 hc8\"><div class=\"t m0 x10 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">A fro<span class=\"_ _1\"></span>nte <span class=\"_ _f\"></span>di altri di<span class=\"_ _1\"></span>vers<span class=\"_ _1\"></span>i ris<span class=\"_ _f\"></span>chi ed on<span class=\"_ _f\"></span>eri: </div></td><td></td><td class=\"c x532 y2b6a w3c3 hc8\"><div class=\"t m0 xa3 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">228.7<span class=\"_ _f\"></span>40 </div></td><td class=\"c x533 y2b6a w3c6 hc8\"><div class=\"t m0 xa3 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">235.3<span class=\"_ _1\"></span>32<span class=\"_ _f\"></span> </div></td></tr><tr><td class=\"c x44e y2b6b w3c5 hc8\"><div class=\"t m0 x16a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- per cause legal<span class=\"_ _1\"></span>i in corso e contenzi<span class=\"_ _f\"></span>o<span class=\"_ _2\"></span>so divers<span class=\"_ _1\"></span>o<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x532 y2b6b w3c3 hc8\"><div class=\"t m0 x49 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">47.665 </div></td><td class=\"c x533 y2b6b w3c6 hc8\"><div class=\"t m0 x49 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">67.758 </div></td></tr><tr><td class=\"c x44e y2b6c w3c5 hc8\"><div class=\"t m0 x16a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- per oneri finanzi<span class=\"_ _f\"></span>ar<span class=\"_ _2\"></span>i divers<span class=\"_ _f\"></span>i<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x532 y2b6c w3c3 hc8\"><div class=\"t m0 xc7 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">181.075 </div></td><td class=\"c x533 y2b6c w3c6 hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">167.574 </div></td></tr><tr><td></td><td class=\"c x44e y2b6d w3c5 hc8\"><div class=\"t m0 x63 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale </div></td><td class=\"c x532 y2b6d w3c3 hc8\"><div class=\"t m0 xe h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">235.<span class=\"_ _f\"></span>009 </div></td><td class=\"c x533 y2b6d w3c6 hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">239.8<span class=\"_ _f\"></span>01 </div></td></tr></table>Il Gruppo, nel normale svolgimento della propria attivit\u00e0 d\u2019impresa, \u00e8 parte di d<span class=\"_ _1\"></span>iversi procedimenti giudiziari <span class=\"_ _d\"></span>dai <span class=\"_ _0\"></span>quali <span class=\"_ _0\"></span>potrebbero <span class=\"_ _d\"></span>anch<span class=\"_ _2\"></span>e <span class=\"_ _d\"></span>derivare <span class=\"_ _0\"></span>obblighi <span class=\"_ _0\"></span>di <span class=\"_ _d\"></span>natura <span class=\"_ _0\"> </span>r<span class=\"_ _2\"></span>isarcitoria <span class=\"_ _d\"></span>e/o <span class=\"_ _d\"></span>r<span class=\"_ _2\"></span>estitutoria, <span class=\"_ _d\"></span>con conseguente possibile esborso di risorse economiche (c.<span class=\"_ _1\"></span>d. rischio legale). Tutte le controversie in essere <span class=\"_ _9\"> </span>sono <span class=\"_ _9\"> </span>stat<span class=\"_ _2\"></span>e <span class=\"_ _0\"> </span>debitamente <span class=\"_ _9\"> </span>analizzate <span class=\"_ _9\"> </span>dalla <span class=\"_ _9\"> </span>Banca <span class=\"_ _9\"> </span>e, <span class=\"_ _16\"> </span>alla <span class=\"_ _9\"> </span>luce <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>t<span class=\"_ _2\"></span>ale <span class=\"_ _0\"> </span>analisi, <span class=\"_ _9\"> </span>nonch<span class=\"_ _2\"></span>\u00e9 <span class=\"_ _0\"> </span>d<span class=\"_ _d\"></span>elle indicazioni <span class=\"_ _4\"> </span>anche <span class=\"_ _17\"> </span>provenienti <span class=\"_ _4\"> </span>dai <span class=\"_ _17\"> </span>Legali <span class=\"_ _4\"> </span>Fi<span class=\"_ _2\"></span>duciari <span class=\"_ _4\"> </span>esterni, <span class=\"_ _17\"> </span>sono <span class=\"_ _17\"> </span>stati <span class=\"_ _4\"> </span>effettuati, <span class=\"_ _17\"> </span>ove <span class=\"_ _4\"> </span>rit<span class=\"_ _2\"></span>enuto necessario, <span class=\"_ _f\"></span>accantonamenti a <span class=\"_ _f\"></span>bilancio <span class=\"_ _f\"></span>nella misura <span class=\"_ _f\"></span>idonea <span class=\"_ _f\"></span>ed appropriata <span class=\"_ _f\"></span>alle sing<span class=\"_ _1\"></span>ole <span class=\"_ _f\"></span>circost<span class=\"_ _2\"></span>anze. Pi\u00f9 <span class=\"_ _2\"></span>in <span class=\"_ _d\"></span>particolare <span class=\"_ _d\"></span>\u00e8 <span class=\"_ _d\"></span>costituito <span class=\"_ _d\"></span>un <span class=\"_ _2\"></span>fondo <span class=\"_ _d\"></span>rischi <span class=\"_ _d\"></span>ed <span class=\"_ _2\"></span>oneri<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>diversi <span class=\"_ _d\"></span>a <span class=\"_ _2\"></span>presidio <span class=\"_ _d\"></span>delle <span class=\"_ _d\"></span>potenziali <span class=\"_ _2\"></span>pass<span class=\"_ _2\"></span>ivit\u00e0 che potrebbero scaturire dalle cause pendenti. La <span class=\"_ _4\"> </span>maggior <span class=\"_ _17\"> </span>parte <span class=\"_ _17\"> </span>di <span class=\"_ _4\"> </span>tali <span class=\"_ _17\"> </span>controversie <span class=\"_ _17\"> </span>sono <span class=\"_ _17\"> </span>riconducibili <span class=\"_ _4\"> </span>alle <span class=\"_ _17\"> </span>principali <span class=\"_ _4\"> </span>att<span class=\"_ _2\"></span>ivit\u00e0 <span class=\"_ _4\"> </span>del <span class=\"_ _4\"> </span>Gru<span class=\"_ _2\"></span>ppo <span class=\"_ _4\"> </span>e riguardano, in particolare, le aree de<span class=\"_ _1\"></span>i servizi di investimento, de<span class=\"ff5\">ll<span class=\"_ _2\"></span>\u2019anatocismo e fiscali.</span> Di <span class=\"_ _15\"> </span>rilevanza <span class=\"_ _15\"> </span>minore <span class=\"_ _15\"> </span>sono <span class=\"_ _e\"> </span>le <span class=\"_ _15\"> </span>controversie <span class=\"_ _15\"> </span>r<span class=\"_ _2\"></span>elative<span class=\"_ _1\"></span> <span class=\"_ _15\"> </span>all\u2019ambito <span class=\"_ _e\"> </span>immobiliare, <span class=\"_ _14\"> </span>amministr<span class=\"_ _2\"></span>ativo <span class=\"_ _15\"> </span>e all\u2019operativit\u00e0 di sportello.<span class=\"ff4\"> </span>Si for<span class=\"_ _2\"></span>nisce di <span class=\"_ _2\"></span>seguito <span class=\"_ _2\"></span>una d<span class=\"_ _2\"></span>escrizione delle <span class=\"_ _2\"></span>principali <span class=\"_ _2\"></span>classi di <span class=\"_ _2\"></span>pass<span class=\"_ _2\"></span>ivit\u00e0 potenziali c<span class=\"_ _2\"></span>he, <span class=\"_ _2\"></span>nel caso <span class=\"_ _2\"></span>in cui <span class=\"_ _f\"></span>la relativa p<span class=\"_ _1\"></span>assivit\u00e0 sia <span class=\"_ _f\"></span>st<span class=\"_ _2\"></span>ata <span class=\"_ _f\"></span>giudicata probabi<span class=\"_ _1\"></span>le, hanno <span class=\"_ _f\"></span>dato luogo <span class=\"_ _f\"></span>ad accantonamenti ag<span class=\"_ _1\"></span>li altri<span class=\"_ _1\"></span> fondi per rischi ed oneri. Conte<span class=\"_ _f\"></span>nzioso <span class=\"_ _17\"> </span>lavo<span class=\"_ _1\"></span>ristico<span class=\"_ _f\"></span>:<span class=\"fc1 sc0\"> <span class=\"_ _14\"> </span>Contenzioso <span class=\"_ _14\"> </span>lavoristico: <span class=\"_ _14\"> </span>i <span class=\"_ _17\"> </span>rischi <span class=\"_ _14\"> </span>connessi <span class=\"_ _14\"> </span>al <span class=\"_ _14\"> </span>contenzioso <span class=\"_ _17\"> </span>lavoristico </span>vengono <span class=\"_ _f\"></span>valutati <span class=\"_ _1\"></span>tempestivamente <span class=\"_ _f\"></span>att<span class=\"_ _2\"></span><span class=\"ff5\">raverso <span class=\"_ _f\"></span>un\u2019analisi <span class=\"_ _f\"></span>di merit<span class=\"_ _1\"></span>o <span class=\"_ _1\"></span>volta <span class=\"_ _f\"></span>a <span class=\"_ _f\"></span>determinare la <span class=\"_ _f\"></span>previsione </span>di <span class=\"_ _f\"></span>perdita e <span class=\"_ _f\"></span>la <span class=\"_ _1\"></span>stima d<span class=\"_ _1\"></span>ei <span class=\"_ _f\"></span>tempi d<span class=\"_ _1\"></span>i d<span class=\"_ _1\"></span>efinizione, <span class=\"_ _f\"></span>provvedendo al <span class=\"_ _f\"></span>costante moni<span class=\"_ _1\"></span>toraggio d<span class=\"_ _1\"></span>ella <span class=\"_ _f\"></span>posizione e all\u2019acc<span class=\"_ _1\"></span>antonamento dei rel<span class=\"_ _1\"></span>ativi importi ai <span class=\"_ _1\"></span>fondi rischi<span class=\"_ _1\"></span> e oneri,<span class=\"_ _1\"></span> in <span class=\"_ _f\"></span>conformit\u00e0 con il Re<span class=\"_ _1\"></span>go<span class=\"_ _2\"></span><span class=\"ff4\">lamento d<span class=\"_ _f\"></span>i </span>Gruppo. Revoca<span class=\"_ _f\"></span>torie <span class=\"_ _9\"> </span>Fallim<span class=\"_ _f\"></span>entari: <span class=\"_ _16\"> </span><span class=\"fc1 sc0\">si <span class=\"_ _16\"> </span>tratta <span class=\"_ _9\"> </span>di  controversie <span class=\"_ _9\"> </span>nelle <span class=\"_ _16\"> </span>quali  il <span class=\"_ _16\"> </span>Gruppo <span class=\"_ _16\"> </span>pu\u00f2 <span class=\"_ _9\"> </span>essere  coinvolta <span class=\"_ _16\"> </span>in </span>ragione del normale svolgimento della propria attivit\u00e0 d\u2019impresa quando clienti assogget<span class=\"_ _2\"></span><span class=\"ff4\">tabili alla </span>Liquidazione <span class=\"_ _2\"></span>G<span class=\"_ _2\"></span>iudiziale <span class=\"_ _d\"></span>dispongono <span class=\"_ _d\"></span>pagamenti <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>favore <span class=\"_ _d\"></span>della <span class=\"_ _d\"></span>Banca, <span class=\"_ _d\"></span>effettuando <span class=\"_ _d\"></span>rimesse <span class=\"_ _d\"></span>su <span class=\"_ _d\"></span>un conto <span class=\"_ _14\"> </span>corrente <span class=\"_ _15\"> </span>bancario <span class=\"_ _14\"> </span>in <span class=\"_ _14\"> </span>un <span class=\"_ _14\"> </span>arco <span class=\"_ _14\"> </span>temporale <span class=\"_ _14\"> </span>prossimo <span class=\"_ _14\"> </span>alla <span class=\"_ _14\"> </span>dichiarazione <span class=\"_ _14\"> </span>di <span class=\"_ _e\"> </span>Liquidazione Giudiziale<span class=\"ff5\">. <span class=\"_ _f\"></span>L\u2019azione <span class=\"_ _f\"></span>r<span class=\"_ _2\"></span>evocatoria <span class=\"_ _f\"></span>\u00e8 <span class=\"_ _f\"></span>uno <span class=\"_ _1\"></span>strumento <span class=\"_ _f\"></span>utilizzabile <span class=\"_ _f\"></span>dal <span class=\"_ _1\"></span>curatore d<span class=\"_ _1\"></span>ella <span class=\"_ _f\"></span>procedura <span class=\"_ _1\"></span>allo <span class=\"_ _f\"></span>scopo </span>di <span class=\"_ _16\"> </span>ricostituire <span class=\"_ _16\"> </span>il <span class=\"_ _9\"> </span>patrimonio  del<span class=\"_ _1\"></span> <span class=\"_ _16\"> </span>fallito <span class=\"_ _9\"> </span>destinato  alla <span class=\"_ _9\"> </span>soddisfazione <span class=\"_ _16\"> </span>dei <span class=\"_ _9\"> </span>suoi  cred<span class=\"_ _1\"></span>itori,  fac<span class=\"_ _1\"></span>endovi rientrare qu<span class=\"_ _1\"></span>anto ne <span class=\"_ _f\"></span>era uscito ne<span class=\"_ _1\"></span>l p<span class=\"_ _1\"></span>eriodo antecedente <span class=\"_ _f\"></span>al<span class=\"_ _2\"></span>la <span class=\"_ _1\"></span>dichiarazione di<span class=\"_ _1\"></span> liquidazione <span class=\"_ _f\"></span>gi<span class=\"_ _2\"></span>udiziale, il <span class=\"_ _1\"></span>cosiddetto pe<span class=\"_ _1\"></span>riodo sospet<span class=\"_ _1\"></span>to. Il <span class=\"_ _f\"></span>Gr<span class=\"_ _2\"></span>upp<span class=\"_ _1\"></span>o procede<span class=\"_ _1\"></span> a <span class=\"_ _f\"></span>una valutazione <span class=\"_ _1\"></span>delle <span class=\"_ _1\"></span>singole <span class=\"_ _1\"></span>posizioni caso <span class=\"_ _f\"></span>per caso,  in  fatto <span class=\"_ _16\"> </span>e  in  di<span class=\"_ _1\"></span>ritto,  pres<span class=\"_ _1\"></span>tando  particolare  attenz<span class=\"_ _1\"></span>ione  al  dato<span class=\"_ _1\"></span>  documentale/fattuale.<span class=\"_ _1\"></span>  Per effetto <span class=\"_ _d\"></span>di <span class=\"_ _0\"></span>detta <span class=\"_ _d\"></span>analisi, <span class=\"_ _0\"></span>ove <span class=\"_ _d\"></span>oppo<span class=\"_ _2\"></span>rtuno, <span class=\"_ _d\"></span>vengono <span class=\"_ _d\"></span>pertanto <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>volta <span class=\"_ _d\"></span>in <span class=\"_ _0\"></span>volta <span class=\"_ _d\"></span>disposti <span class=\"_ _0\"></span>(e <span class=\"_ _d\"></span>tempo <span class=\"_ _0\"></span>per tempo <span class=\"_ _2\"></span>modificati, ove <span class=\"_ _2\"></span>necessario) <span class=\"_ _2\"></span>gli accantonamenti <span class=\"_ _2\"></span>ritenuti <span class=\"_ _2\"></span>congrui <span class=\"_ _2\"></span>in relazione <span class=\"_ _2\"></span>alle <span class=\"_ _2\"></span>specifiche circostanze <span class=\"_ _4\"> </span>della <span class=\"_ _22\"> </span>fatt<span class=\"_ _2\"></span>ispecie <span class=\"_ _22\"> </span>i<span class=\"_ _2\"></span>n <span class=\"_ _4\"> </span>esame. <span class=\"_ _4\"> </span>Tutte <span class=\"_ _22\"> </span>l<span class=\"_ _2\"></span>e <span class=\"_ _4\"> </span>cause <span class=\"_ _4\"> </span>in <span class=\"_ _22\"> </span>ma<span class=\"_ _2\"></span>teria <span class=\"_ _4\"> </span>sono <span class=\"_ _4\"> </span>oggetto <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>costante<span class=\"_ _f\"></span> monitoraggio <span class=\"_ _18\"> </span>e <span class=\"_ _18\"> </span>i <span class=\"_ _18\"> </span>rischi <span class=\"_ _18\"> </span>che <span class=\"_ _19\"> </span>ne <span class=\"_ _10\"> </span>d<span class=\"_ _2\"></span>erivano, <span class=\"_ _10\"> </span>ov<span class=\"_ _2\"></span>e <span class=\"_ _10\"> </span>opportuno,<span class=\"_ _2\"></span> <span class=\"_ _18\"> </span>sono <span class=\"_ _18\"> </span>fronteggiati <span class=\"_ _18\"> </span>da <span class=\"_ _18\"> </span>appositi accantonamenti al Fondo rischi ed oneri diversi, in app<span class=\"_ _f\"></span>l<span class=\"_ _2\"></span>icazione di quanto previ<span class=\"_ _1\"></span>sto dallo IAS 37.<span class=\"_ _2\"></span> Malv<span class=\"_ _1\"></span>ersa<span class=\"_ _1\"></span>zioni: <span class=\"_ _1\"></span><span class=\"ff5 fc1 sc0\">Il Grup<span class=\"_ _1\"></span>po, nel <span class=\"_ _f\"></span>normale svolgimento del<span class=\"_ _1\"></span>la propria attivit\u00e0 d\u2019<span class=\"_ _1\"></span>impresa, \u00e8 p<span class=\"_ _1\"></span>arte di di<span class=\"_ _1\"></span>versi </span>procedimenti  giudiziari  dai  quali  potrebbe<span class=\"_ _1\"></span>ro  anche  deriva<span class=\"_ _2\"></span>re  obblighi  di  natura  risarcitoria  e/o restitutoria, <span class=\"_ _2\"></span>con <span class=\"_ _2\"></span>conseguente <span class=\"_ _2\"></span>possibile <span class=\"_ _2\"></span>esborso <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>risorse <span class=\"_ _2\"></span>economiche <span class=\"_ _2\"></span>(c.d. <span class=\"_ _2\"></span>rischio <span class=\"_ _2\"></span>legale). <span class=\"_ _2\"></span>Tutte le controversie in <span class=\"_ _2\"></span>essere sono <span class=\"_ _2\"></span>state debitamente analizzate da<span class=\"_ _2\"></span>lla Banca e, <span class=\"_ _2\"></span>alla luce di <span class=\"_ _2\"></span>tale analisi, nonch\u00e9 <span class=\"_ _d\"></span>delle <span class=\"_ _0\"></span>indicazioni <span class=\"_ _d\"></span>anche <span class=\"_ _0\"></span>provenienti <span class=\"_ _d\"></span>dai <span class=\"_ _d\"></span>Legali <span class=\"_ _0\"></span>Fiduciari <span class=\"_ _d\"></span>esterni, <span class=\"_ _0\"></span>sono <span class=\"_ _d\"></span>stati <span class=\"_ _0\"></span>effettuati, <span class=\"_ _d\"></span>ove ritenuto <span class=\"_ _9\"> </span>necessario, <span class=\"_ _0\"></span>accantonamenti <span class=\"_ _0\"></span>a <span class=\"_ _9\"> </span>bilancio <span class=\"_ _0\"></span>nella <span class=\"_ _9\"> </span>misura <span class=\"_ _9\"> </span>idonea <span class=\"_ _0\"></span>ed <span class=\"_ _0\"></span>appropriata <span class=\"_ _9\"> </span>alle <span class=\"_ _9\"> </span>singole circostanze. Pi\u00f9 <span class=\"_ _2\"></span>in <span class=\"_ _d\"></span>particolare <span class=\"_ _d\"></span>\u00e8 <span class=\"_ _d\"></span>costituito <span class=\"_ _d\"></span>un <span class=\"_ _2\"></span>fondo <span class=\"_ _d\"></span>rischi <span class=\"_ _d\"></span>ed <span class=\"_ _2\"></span>oneri <span class=\"_ _d\"></span>diversi<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>a <span class=\"_ _d\"></span>presidio <span class=\"_ _2\"></span>delle <span class=\"_ _d\"></span>potenziali <span class=\"_ _d\"></span>passivit\u00e0 che potrebbero scaturire dalle cause pendenti. La maggior parte <span class=\"_ _1\"></span>di tali controversie sono ricondu<span class=\"_ _1\"></span>cibili alle p<span class=\"_ _1\"></span>rincipali attivit\u00e0 del <span class=\"_ _1\"></span>Gruppo e possono riguardare i servizi di inv<span class=\"_ _1\"></span>estimento, l\u2019anatocismo, i sistemi/mezzi<span class=\"ff4\"> di pagamento, i pignoramenti, la </span>\u201ccessione <span class=\"_ _22\"> </span>del <span class=\"_ _4\"> </span>quinto\u201d <span class=\"_ _22\"> </span>(per <span class=\"_ _4\"> </span>queste <span class=\"_ _4\"> </span>ultime,  in <span class=\"_ _4\"> </span>ragione  della <span class=\"_ _4\"> </span>numerosit\u00e0 <span class=\"_ _4\"> </span>e <span class=\"_ _4\"> </span>de<span class=\"_ _1\"></span>lla <span class=\"_ _22\"> </span>r<span class=\"_ _2\"></span>icorrenza  del fenomeno, <span class=\"_ _f\"></span>\u00e8 <span class=\"_ _f\"></span>st<span class=\"_ _2\"></span>ato <span class=\"_ _f\"></span>predisposto <span class=\"_ _f\"></span>un <span class=\"_ _f\"></span>apposito <span class=\"_ _f\"></span>accantonamento v<span class=\"_ _1\"></span>olto <span class=\"_ _f\"></span>a <span class=\"_ _f\"></span>gestire <span class=\"_ _1\"></span>contenziosi <span class=\"_ _f\"></span>e <span class=\"_ _f\"></span>reclami).<span class=\"_ _2\"></span> Recla<span class=\"_ _1\"></span>mi <span class=\"_ _17\"> </span>form<span class=\"_ _1\"></span>ulat<span class=\"_ _1\"></span>i <span class=\"_ _17\"> </span>dalla<span class=\"_ _f\"></span> <span class=\"_ _14\"> </span>clientel<span class=\"_ _f\"></span>a:<span class=\"fc1 sc0\"> <span class=\"_ _14\"> </span>con <span class=\"_ _17\"> </span>riferimento <span class=\"_ _14\"> </span>alle <span class=\"_ _17\"> </span>contestazioni <span class=\"_ _17\"> </span>avanzate <span class=\"_ _14\"> </span>dalla <span class=\"_ _17\"> </span>clientela </span>vengono effettuati gli opportuni accantonamenti; in p<span class=\"_ _1\"></span>articolare, nel caso in cui il danno lamentato sia <span class=\"_ _0\"></span>superiore <span class=\"_ _0\"></span>a <span class=\"_ _0\"></span>una <span class=\"_ _d\"></span>predeterminata <span class=\"_ _0\"></span>soglia <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>rilevanza <span class=\"_ _d\"></span>(ad <span class=\"_ _0\"></span>oggi <span class=\"_ _0\"></span>fissat<span class=\"_ _2\"></span>a <span class=\"_ _d\"></span>in <span class=\"_ _0\"></span>25ek), <span class=\"_ _d\"></span>la <span class=\"_ _0\"></span>previsi<span class=\"_ _2\"></span>one <span class=\"_ _0\"></span>di perdita <span class=\"_ _17\"> </span>\u00e8 <span class=\"_ _14\"> </span>fatt<span class=\"_ _2\"></span>a <span class=\"_ _17\"> </span>analiticamente. <span class=\"_ _14\"> </span>Qualora <span class=\"_ _14\"> </span>il <span class=\"_ _14\"> </span>danno <span class=\"_ _14\"> </span>lamentato <span class=\"_ _14\"> </span>sia, <span class=\"_ _14\"> </span>invece, <span class=\"_ _17\"> </span>e<span class=\"_ _2\"></span>ntro <span class=\"_ _14\"> </span>detta <span class=\"_ _17\"> </span>s<span class=\"_ _2\"></span>oglia,<span class=\"_ _f\"></span> l\u2019accantonamento <span class=\"_ _f\"></span>\u00e8 <span class=\"_ _f\"></span>determinato ap<span class=\"_ _1\"></span>plicando <span class=\"_ _f\"></span>una <span class=\"_ _f\"></span>percentuale <span class=\"_ _f\"></span>for<span class=\"_ _2\"></span>fettaria/statistica <span class=\"_ _f\"></span>stabilita <span class=\"_ _f\"></span>in <span class=\"_ _f\"></span>bas<span class=\"_ _2\"></span>e alla <span class=\"_ _0\"></span>media <span class=\"_ _0\"></span>delle <span class=\"_ _0\"></span>perdite <span class=\"_ _0\"></span>effettivamente <span class=\"_ _0\"></span>subite <span class=\"_ _0\"></span>sul <span class=\"_ _9\"> </span>totale <span class=\"_ _9\"> </span>dei <span class=\"_ _0\"></span>reclami <span class=\"_ _0\"></span>analoghi <span class=\"_ _0\"></span>ricevuti <span class=\"_ _0\"></span>negli <span class=\"_ _0\"></span>anni precedenti. Conte<span class=\"_ _f\"></span>nzioso <span class=\"_ _f\"></span>fisca<span class=\"_ _1\"></span>le: <span class=\"_ _f\"></span><span class=\"fc1 sc0\">I <span class=\"_ _f\"></span>r<span class=\"_ _2\"></span>ischi <span class=\"_ _f\"></span>derivanti <span class=\"_ _f\"></span>dal conte<span class=\"_ _1\"></span>nzioso <span class=\"_ _1\"></span>fiscale <span class=\"_ _f\"></span>del <span class=\"_ _f\"></span>Gr<span class=\"_ _2\"></span>uppo <span class=\"_ _f\"></span>sono p<span class=\"_ _1\"></span>residiati <span class=\"_ _f\"></span>da ade<span class=\"_ _1\"></span>guati </span>accantonamenti <span class=\"_ _4\"> </span>a <span class=\"_ _4\"> </span>fondi <span class=\"_ _22\"> </span>per <span class=\"_ _4\"> </span>rischi <span class=\"_ _4\"> </span>e <span class=\"_ _4\"> </span>oneri. <span class=\"_ _22\"> </span>Con <span class=\"_ _4\"> </span>riguardo <span class=\"_ _4\"> </span>alla <span class=\"_ _4\"> </span>capogruppo,  s<span class=\"_ _2\"></span>ono <span class=\"_ _4\"> </span>in <span class=\"_ _22\"> </span>essere <span class=\"_ _4\"> </span>9 procedimenti <span class=\"_ _16\"> </span>contenziosi, <span class=\"_ _9\"> </span>afferenti  principalmente <span class=\"_ _9\"> </span>a  tributi <span class=\"_ _16\"> </span>locali <span class=\"_ _16\"> </span>o <span class=\"_ _16\"> </span>conseguenti <span class=\"_ _9\"> </span>a  dinieghi <span class=\"_ _9\"> </span>s<span class=\"_ _2\"></span>u istanze di <span class=\"_ _2\"></span>rimborso <span class=\"_ _2\"></span>di imposte <span class=\"_ _2\"></span>presentate <span class=\"_ _2\"></span>dalla banca. <span class=\"_ _2\"></span>Relativamente <span class=\"_ _2\"></span>a tali <span class=\"_ _2\"></span>contenziosi <span class=\"_ _2\"></span>non sono emersi r<span class=\"_ _2\"></span>ischi effettivi <span class=\"_ _2\"></span>o quanto <span class=\"_ _2\"></span>meno il <span class=\"_ _2\"></span>rischio <span class=\"_ _2\"></span>stimato \u00e8 <span class=\"_ _2\"></span>apparso r<span class=\"_ _2\"></span>emoto. <span class=\"_ _2\"></span>Per <span class=\"_ _2\"></span>questa ragione non sono stati effettuati accantonamenti speci<span class=\"_ _1\"></span>fici. <span class=\"_ _2\"></span> Per Crede<span class=\"_ _1\"></span>mleasing pendono 30 proced<span class=\"_ _1\"></span>imenti contenziosi, p<span class=\"_ _1\"></span>revalentemente relativi a tributi <span class=\"_ _1\"></span>locali.<span class=\"_ _2\"></span> Sono <span class=\"_ _0\"></span>infine <span class=\"_ _0\"></span>presenti <span class=\"_ _0\"></span>cont<span class=\"_ _2\"></span>roversie <span class=\"_ _d\"></span>di <span class=\"_ _0\"> </span>minor<span class=\"_ _2\"></span>e <span class=\"_ _0\"></span>rilevanza <span class=\"_ _0\"></span>relative <span class=\"_ _0\"></span>all\u2019operativit\u00e0 <span class=\"_ _9\"> </span>post<span class=\"_ _2\"></span><span class=\"ff4\">a <span class=\"_ _9\"> </span>in <span class=\"_ _0\"></span>essere <span class=\"_ _0\"></span>dai </span>promotori finanziari, al contenzioso lavoristico, nonch\u00e9<span class=\"_ _1\"></span> all\u2019ambito immobiliare, amministrativo.<span class=\"_ _df\"> </span>1. Imp<span class=\"_ _1\"></span>egni<span class=\"_ _1\"></span> e ga<span class=\"_ _f\"></span>ranzie fina<span class=\"_ _f\"></span>nziarie<span class=\"_ _1\"></span> rilasci<span class=\"_ _1\"></span>ate<span class=\"_ _1\"></span> <table class=\"s wd93 h4b2\" id=\"_c2fcce87-8af8-4253-aadb-2cd224942ea0\"><tr><td></td><td></td><td></td><td></td><td class=\"c x754 y2f1e wd94 h484\"><div class=\"t m0 x250 h1f y2409 ff2b fs7 fc7 sc6 ls0 ws0\">Val<span class=\"_ _1\"></span>ore n<span class=\"_ _1\"></span>omi<span class=\"_ _1\"></span>nale<span class=\"_ _1\"></span> su im<span class=\"_ _f\"></span>pegni e<span class=\"_ _f\"></span> gara<span class=\"_ _1\"></span>nzie f<span class=\"_ _f\"></span>inanzi<span class=\"_ _1\"></span>arie<span class=\"_ _df\"> </span></div></td><td></td><td></td></tr><tr><td></td><td></td><td></td><td></td><td class=\"c x755 y2ba0 wbe2 h484\"><div class=\"t m0 x250 h1f y2409 ff2b fs7 fc7 sc6 ls0 ws0\">rilas<span class=\"_ _f\"></span>ciate<span class=\"_ _df\"> </span></div></td><td></td><td></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td class=\"c x56e y2f1f w498 h2bf\"><div class=\"t m0 x2e h1f y32 ff2b fs7 fc4 sc3 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale </div></td><td class=\"c x756 y2f1f w24f h2bf\"><div class=\"t m0 x2e h1f y32 ff2b fs7 fc4 sc3 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale </div></td></tr><tr><td></td><td></td><td></td><td></td><td class=\"c x757 y2f20 w993 h525\"><div class=\"t m0 x250 h1f y2409 ff2b fs7 fc4 sc3 ls0 ws0\">31/12/<span class=\"_ _df\"> </span></div></td><td class=\"c x758 y2f20 w991 h525\"><div class=\"t m0 x250 h1f y2409 ff2b fs7 fc4 sc3 ls0 ws0\">2025<span class=\"_ _df\"> </span></div></td><td class=\"c x756 y2f21 w4a2 h246\"><div class=\"t m0 xac h1f y964 ff2b fs7 fc4 sc3 ls0 ws0\">31/12/<span class=\"_ _f\"></span>2024 </div></td></tr><tr><td></td><td></td><td></td><td></td><td class=\"c x759 y2f22 w9a0 h484\"><div class=\"t m0 x250 h1f y2409 ff2b fs7 fc4 sc3 ls0 ws0\">Impa<span class=\"_ _f\"></span>ired<span class=\"_ _df\"> </span></div></td><td></td><td></td></tr><tr><td></td><td></td><td class=\"c x75a y2f23 w99e h4d6\"><div class=\"t m0 x250 h1f y2410 ff2b fs7 fc4 sc3 ls0 ws0\">Secon<span class=\"_ _f\"></span>do<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x75b y2f23 w9a2 h4d6\"><div class=\"t m0 x250 h1f y2410 ff2b fs7 fc4 sc3 ls0 ws0\">Terz<span class=\"_ _1\"></span>o<span class=\"_ _df\"> </span></div></td><td></td><td></td></tr><tr><td></td><td class=\"c x75c y2f21 w8b h246\"><div class=\"t m0 x10 h1f y14 ff2b fs7 fc4 sc3 ls0 ws0\">Prim<span class=\"_ _1\"></span>o sta<span class=\"_ _f\"></span>dio </div></td><td></td><td></td><td class=\"c x75d y2f24 wbe4 h4d6\"><div class=\"t m0 x250 h1f y2410 ff2b fs7 fc4 sc3 ls0 ws0\">acq<span class=\"_ _1\"></span>uisiti<span class=\"_ _1\"></span>/e o<span class=\"_ _df\"> </span></div></td><td></td><td></td></tr><tr><td></td><td></td><td class=\"c x749 y2f25 w9a4 h484\"><div class=\"t m0 x250 h1f y2410 ff2b fs7 fc4 sc3 ls0 ws0\">stadi<span class=\"_ _1\"></span>o<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x75b y2f25 w9a4 h484\"><div class=\"t m0 x250 h1f y2410 ff2b fs7 fc4 sc3 ls0 ws0\">stadi<span class=\"_ _1\"></span>o<span class=\"_ _df\"> </span></div></td><td></td><td></td></tr><tr><td></td><td></td><td></td><td></td><td class=\"c x75e y2f26 wbe5 h484\"><div class=\"t m0 x250 h1f y2410 ff2b fs7 fc4 sc3 ls0 ws0\">origi<span class=\"_ _1\"></span>nati<span class=\"_ _1\"></span>/e<span class=\"_ _df\"> </span></div></td><td></td><td></td></tr><tr><td class=\"c x44e y2f27 w4b1 hc8\"><div class=\"t m0 x10 h1f y28b ff2b fs7 fc1 sc2 ls0 ws0\">1. Imp<span class=\"_ _f\"></span>egni a<span class=\"_ _1\"></span> erog<span class=\"_ _f\"></span>are fon<span class=\"_ _f\"></span>di </div></td><td class=\"c x75f y2f27 w376 hc8\"><div class=\"t m0 x116 h1f y28b ff2b fs7 fc1 sc2 ls0 ws0\">12.017<span class=\"_ _f\"></span>.987 </div></td><td class=\"c x760 y2f27 w99 hc8\"><div class=\"t m0 x130 h1f y28b ff2b fs7 fc1 sc2 ls0 ws0\">668.<span class=\"_ _1\"></span>324<span class=\"_ _f\"></span> </div></td><td class=\"c x761 y2f27 w2d5 hc8\"><div class=\"t m0 x33 h1f y28b ff2b fs7 fc1 sc2 ls0 ws0\">39.8<span class=\"_ _1\"></span>02 </div></td><td class=\"c x762 y2f27 w4b2 hc8\"><div class=\"t m0 x31 h1f y28b ff2b fs7 fc1 sc2 ls0 ws0\">463<span class=\"_ _f\"></span> </div></td><td class=\"c x763 y2f27 w376 hc8\"><div class=\"t m0 x116 h1f y28b ff2b fs7 fc1 sc2 ls0 ws0\">12.726<span class=\"_ _1\"></span>.57<span class=\"_ _f\"></span>6 </div></td><td class=\"c x756 y2f27 w37b hc8\"><div class=\"t m0 x2a h1f y28b ff2b fs7 fc1 sc2 ls0 ws0\">12.93<span class=\"_ _1\"></span>1.56<span class=\"_ _f\"></span>5 </div></td></tr><tr><td class=\"c x44e y2f28 w4b1 hc8\"><div class=\"t m0 x16a h1f ye4c ff2b fs7 fc1 sc0 ls0 ws0\">a) Banche Centra<span class=\"_ _1\"></span>li </div></td><td class=\"c x75f y2f28 w376 hc8\"><div class=\"t m0 x7 h1f ye4c ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x760 y2f28 w99 hc8\"><div class=\"t m0 x91 h1f ye4c ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x761 y2f28 w2d5 hc8\"><div class=\"t m0 x91 h1f ye4c ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x762 y2f28 w4b2 hc8\"><div class=\"t m0 x91 h1f ye4c ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x763 y2f28 w376 hc8\"><div class=\"t m0 x7 h1f ye4c ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x756 y2f28 w37b hc8\"><div class=\"t m0 x7 h1f ye4c ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2f29 w4b1 hc8\"><div class=\"t m0 x16a h1f ye4c ff2b fs7 fc1 sc0 ls0 ws0\">b) Amministrazi<span class=\"_ _1\"></span>oni pubbliche </div></td><td class=\"c x75f y2f29 w376 hc8\"><div class=\"t m0 x27 h1f ye4c ff2b fs7 fc1 sc0 ls0 ws0\">14.012 </div></td><td class=\"c x760 y2f29 w99 hc8\"><div class=\"t m0 x91 h1f ye4c ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x761 y2f29 w2d5 hc8\"><div class=\"t m0 x12 h1f ye4c ff2b fs7 fc1 sc0 ls0 ws0\">3 </div></td><td class=\"c x762 y2f29 w4b2 hc8\"><div class=\"t m0 x91 h1f ye4c ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x763 y2f29 w376 hc8\"><div class=\"t m0 x26 h1f ye4c ff2b fs7 fc1 sc0 ls0 ws0\">14.015<span class=\"_ _df\"> </span></div></td><td class=\"c x756 y2f29 w37b hc8\"><div class=\"t m0 x34 h1f ye4c ff2b fs7 fc1 sc0 ls0 ws0\">8.720 </div></td></tr><tr><td class=\"c x44e y2f2a w4b1 h227\"><div class=\"t m0 x16a h1f y14c1 ff2b fs7 fc1 sc0 ls0 ws0\">c) Banche </div></td><td class=\"c x75f y2f2a w376 h227\"><div class=\"t m0 x26 h1f y14c1 ff2b fs7 fc1 sc0 ls0 ws0\">5.299 </div></td><td class=\"c x760 y2f2a w99 h227\"><div class=\"t m0 x31 h1f y14c1 ff2b fs7 fc1 sc0 ls2a ws0\">287<span class=\"ls0\"> </span></div></td><td class=\"c x761 y2f2a w2d5 h227\"><div class=\"t m0 x91 h1f y14c1 ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x762 y2f2a w4b2 h227\"><div class=\"t m0 x91 h1f y14c1 ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x763 y2f2a w376 h227\"><div class=\"t m0 x34 h1f y14c1 ff2b fs7 fc1 sc0 ls0 ws0\">5.586 </div></td><td class=\"c x756 y2f2a w37b h227\"><div class=\"t m0 x34 h1f y14c1 ff2b fs7 fc1 sc0 ls0 ws0\">2.426 </div></td></tr><tr><td class=\"c x44e y2f2b w4b1 hc8\"><div class=\"t m0 x16a h1f y28b ff2b fs7 fc1 sc0 lsd7 ws0\">d)<span class=\"ls0\"> Altre societ\u00e0 <span class=\"_ _1\"></span>finanziarie</span><span class=\"ls0\"> </span></div></td><td class=\"c x75f y2f2b w376 hc8\"><div class=\"t m0 x48 h1f y28b ff2b fs7 fc1 sc0 ls0 ws0\">355.322 </div></td><td class=\"c x760 y2f2b w99 hc8\"><div class=\"t m0 x32 h1f y28b ff2b fs7 fc1 sc0 ls0 ws0\">14.280 </div></td><td class=\"c x761 y2f2b w2d5 hc8\"><div class=\"t m0 x8f h1f y28b ff2b fs7 fc1 sc0 ls9 ws0\">14<span class=\"ls0\"> </span></div></td><td class=\"c x762 y2f2b w4b2 hc8\"><div class=\"t m0 x91 h1f y28b ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x763 y2f2b w376 hc8\"><div class=\"t m0 x33 h1f y28b ff2b fs7 fc1 sc0 ls0 ws0\">369.616 </div></td><td class=\"c x756 y2f2b w37b hc8\"><div class=\"t m0 x33 h1f y28b ff2b fs7 fc1 sc0 ls0 ws0\">401.759 </div></td></tr><tr><td class=\"c x44e y2f2c w4b1 hc8\"><div class=\"t m0 x16a h1f y28b ff2b fs7 fc1 sc0 ls0 ws0\">e) Societ\u00e0 non fi<span class=\"_ _1\"></span>nanziarie </div></td><td class=\"c x75f y2f2c w376 hc8\"><div class=\"t m0 x2f h1f y28b ff2b fs7 fc1 sc0 ls0 ws0\">10.138.888 </div></td><td class=\"c x760 y2f2c w99 hc8\"><div class=\"t m0 x39 h1f y28b ff2b fs7 fc1 sc0 ls0 ws0\">497.470 </div></td><td class=\"c x761 y2f2c w2d5 hc8\"><div class=\"t m0 x32 h1f y28b ff2b fs7 fc1 sc0 ls0 ws0\">27.726 </div></td><td class=\"c x762 y2f2c w4b2 hc8\"><div class=\"t m0 x31 h1f y28b ff2b fs7 fc1 sc0 ls0 ws0\">328 </div></td><td class=\"c x763 y2f2c w376 hc8\"><div class=\"t m0 x16a h1f y28b ff2b fs7 fc1 sc0 ls0 ws0\">10.664.412 </div></td><td class=\"c x756 y2f2c w37b hc8\"><div class=\"t m0 x16a h1f y28b ff2b fs7 fc1 sc0 ls0 ws0\">10.853.461 </div></td></tr><tr><td class=\"c x44e y2f2d w4b1 hc8\"><div class=\"t m0 x16a h1f y28b ff2b fs7 fc1 sc0 ls0 ws0\">f) Famiglie </div></td><td class=\"c x75f y2f2d w376 hc8\"><div class=\"t m0 x2e h1f y28b ff2b fs7 fc1 sc0 ls0 ws0\">1.504.466 </div></td><td class=\"c x760 y2f2d w99 hc8\"><div class=\"t m0 x14 h1f y28b ff2b fs7 fc1 sc0 ls0 ws0\">156.287 </div></td><td class=\"c x761 y2f2d w2d5 hc8\"><div class=\"t m0 x35 h1f y28b ff2b fs7 fc1 sc0 ls0 ws0\">12.059 </div></td><td class=\"c x762 y2f2d w4b2 hc8\"><div class=\"t m0 x15 h1f y28b ff2b fs7 fc1 sc0 ls0 ws0\">135 </div></td><td class=\"c x763 y2f2d w376 hc8\"><div class=\"t m0 x55 h1f y28b ff2b fs7 fc1 sc0 ls0 ws0\">1.672.947 </div></td><td class=\"c x756 y2f2d w37b hc8\"><div class=\"t m0 x55 h1f y28b ff2b fs7 fc1 sc0 ls0 ws0\">1.665.199 </div></td></tr><tr><td class=\"c x44e y2f2e w4b1 hc8\"><div class=\"t m0 x10 h1f ye4c ff2b fs7 fc1 sc2 ls0 ws0\">2. Ga<span class=\"_ _1\"></span>ran<span class=\"_ _1\"></span>zie fi<span class=\"_ _1\"></span>nan<span class=\"_ _f\"></span>ziarie ril<span class=\"_ _1\"></span>asci<span class=\"_ _1\"></span>ate </div></td><td class=\"c x75f y2f2e w376 hc8\"><div class=\"t m0 x14 h1f ye4c ff2b fs7 fc1 sc2 ls0 ws0\">586.8<span class=\"_ _f\"></span>29 </div></td><td class=\"c x760 y2f2e w99 hc8\"><div class=\"t m0 x35 h1f ye4c ff2b fs7 fc1 sc2 lsa ws0\">41.<span class=\"ls0\">02<span class=\"_ _1\"></span>8</span><span class=\"ls0\"> </span></div></td><td class=\"c x761 y2f2e w2d5 hc8\"><div class=\"t m0 x34 h1f ye4c ff2b fs7 fc1 sc2 ls0 ws0\">3.157<span class=\"_ _f\"></span> </div></td><td class=\"c x762 y2f2e w4b2 hc8\"><div class=\"t m0 x31 h1f ye4c ff2b fs7 fc1 sc2 ls0 ws0\">638<span class=\"_ _f\"></span> </div></td><td class=\"c x763 y2f2e w376 hc8\"><div class=\"t m0 x33 h1f ye4c ff2b fs7 fc1 sc2 ls0 ws0\">631.6<span class=\"_ _f\"></span>52 </div></td><td class=\"c x756 y2f2e w37b hc8\"><div class=\"t m0 x48 h1f ye4c ff2b fs7 fc1 sc2 ls0 ws0\">603.3<span class=\"_ _f\"></span>85 </div></td></tr><tr><td class=\"c x44e y2f2f w4b1 hc8\"><div class=\"t m0 x16a h1f ye4c ff2b fs7 fc1 sc0 ls0 ws0\">a) Banche Centra<span class=\"_ _1\"></span>li </div></td><td class=\"c x75f y2f2f w376 hc8\"><div class=\"t m0 x7 h1f ye4c ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x760 y2f2f w99 hc8\"><div class=\"t m0 x91 h1f ye4c ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x761 y2f2f w2d5 hc8\"><div class=\"t m0 x91 h1f ye4c ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x762 y2f2f w4b2 hc8\"><div class=\"t m0 x91 h1f ye4c ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x763 y2f2f w376 hc8\"><div class=\"t m0 x7 h1f ye4c ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x756 y2f2f w37b hc8\"><div class=\"t m0 x7 h1f ye4c ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2f30 w4b1 hc8\"><div class=\"t m0 x16a h1f y28b ff2b fs7 fc1 sc0 ls0 ws0\">b) Amministrazi<span class=\"_ _1\"></span>oni pubbliche </div></td><td class=\"c x75f y2f30 w376 hc8\"><div class=\"t m0 x8f h1f y28b ff2b fs7 fc1 sc0 ls2b ws0\">83<span class=\"ls0\"> </span></div></td><td class=\"c x760 y2f30 w99 hc8\"><div class=\"t m0 x91 h1f y28b ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x761 y2f30 w2d5 hc8\"><div class=\"t m0 x91 h1f y28b ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x762 y2f30 w4b2 hc8\"><div class=\"t m0 x91 h1f y28b ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x763 y2f30 w376 hc8\"><div class=\"t m0 x13 h1f y28b ff2b fs7 fc1 sc0 ls2b ws0\">83<span class=\"_ _df\"> </span></div></td><td class=\"c x756 y2f30 w37b hc8\"><div class=\"t m0 x13 h1f y28b ff2b fs7 fc1 sc0 ls2b ws0\">83<span class=\"ls0\"> </span></div></td></tr><tr><td class=\"c x44e y2f31 w4b1 hc8\"><div class=\"t m0 x16a h1f y28b ff2b fs7 fc1 sc0 ls0 ws0\">c) Banche </div></td><td class=\"c x75f y2f31 w376 hc8\"><div class=\"t m0 x34 h1f y28b ff2b fs7 fc1 sc0 ls0 ws0\">9.375 </div></td><td class=\"c x760 y2f31 w99 hc8\"><div class=\"t m0 x27 h1f y28b ff2b fs7 fc1 sc0 ls0 ws0\">5.659 </div></td><td class=\"c x761 y2f31 w2d5 hc8\"><div class=\"t m0 x91 h1f y28b ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x762 y2f31 w4b2 hc8\"><div class=\"t m0 x91 h1f y28b ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x763 y2f31 w376 hc8\"><div class=\"t m0 x3a h1f y28b ff2b fs7 fc1 sc0 ls0 ws0\">15.034 </div></td><td class=\"c x756 y2f31 w37b hc8\"><div class=\"t m0 x26 h1f y28b ff2b fs7 fc1 sc0 ls0 ws0\">11.026 </div></td></tr><tr><td class=\"c x44e y2f32 w4b1 hc8\"><div class=\"t m0 x16a h1f y28b ff2b fs7 fc1 sc0 ls0 ws0\">d) Altre societ\u00e0 <span class=\"_ _1\"></span>finanziarie </div></td><td class=\"c x75f y2f32 w376 hc8\"><div class=\"t m0 x26 h1f y28b ff2b fs7 fc1 sc0 ls0 ws0\">8.627 </div></td><td class=\"c x760 y2f32 w99 hc8\"><div class=\"t m0 x38 h1f y28b ff2b fs7 fc1 sc0 ls0 ws0\">500 </div></td><td class=\"c x761 y2f32 w2d5 hc8\"><div class=\"t m0 x91 h1f y28b ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x762 y2f32 w4b2 hc8\"><div class=\"t m0 x91 h1f y28b ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x763 y2f32 w376 hc8\"><div class=\"t m0 x97 h1f y28b ff2b fs7 fc1 sc0 ls0 ws0\">9.127 </div></td><td class=\"c x756 y2f32 w37b hc8\"><div class=\"t m0 x26 h1f y28b ff2b fs7 fc1 sc0 ls0 ws0\">9.666 </div></td></tr><tr><td class=\"c x44e y2f33 w4b1 hc8\"><div class=\"t m0 x16a h1f y28b ff2b fs7 fc1 sc0 ls0 ws0\">e) Societ\u00e0 non fi<span class=\"_ _1\"></span>nanziarie </div></td><td class=\"c x75f y2f33 w376 hc8\"><div class=\"t m0 x14 h1f y28b ff2b fs7 fc1 sc0 ls0 ws0\">505.440 </div></td><td class=\"c x760 y2f33 w99 hc8\"><div class=\"t m0 x2c h1f y28b ff2b fs7 fc1 sc0 ls0 ws0\">29.811 </div></td><td class=\"c x761 y2f33 w2d5 hc8\"><div class=\"t m0 x27 h1f y28b ff2b fs7 fc1 sc0 ls0 ws0\">2.708 </div></td><td class=\"c x762 y2f33 w4b2 hc8\"><div class=\"t m0 x30 h1f y28b ff2b fs7 fc1 sc0 ls0 ws0\">618 </div></td><td class=\"c x763 y2f33 w376 hc8\"><div class=\"t m0 x48 h1f y28b ff2b fs7 fc1 sc0 ls0 ws0\">538.577 </div></td><td class=\"c x756 y2f33 w37b hc8\"><div class=\"t m0 x32 h1f y28b ff2b fs7 fc1 sc0 ls0 ws0\">513.187 </div></td></tr><tr><td class=\"c x44e y2f34 w4b1 hc8\"><div class=\"t m0 x16a h1f ye4c ff2b fs7 fc1 sc0 ls0 ws0\">f) Famiglie </div></td><td class=\"c x75f y2f34 w376 hc8\"><div class=\"t m0 x32 h1f ye4c ff2b fs7 fc1 sc0 ls0 ws0\">63.304 </div></td><td class=\"c x760 y2f34 w99 hc8\"><div class=\"t m0 x3a h1f ye4c ff2b fs7 fc1 sc0 ls0 ws0\">5.058 </div></td><td class=\"c x761 y2f34 w2d5 hc8\"><div class=\"t m0 x38 h1f ye4c ff2b fs7 fc1 sc0 lsa ws0\">449<span class=\"ls0\"> </span></div></td><td class=\"c x762 y2f34 w4b2 hc8\"><div class=\"t m0 x8f h1f ye4c ff2b fs7 fc1 sc0 ls2a ws0\">20<span class=\"ls0\"> </span></div></td><td class=\"c x763 y2f34 w376 hc8\"><div class=\"t m0 x2c h1f ye4c ff2b fs7 fc1 sc0 ls0 ws0\">68.831 </div></td><td class=\"c x756 y2f34 w37b hc8\"><div class=\"t m0 x35 h1f ye4c ff2b fs7 fc1 sc0 ls0 ws0\">69.423 </div></td></tr></table><div class=\"t m0 hc ff4 fs4 fc4 sc3 ls0 ws0 gs16b2\">1.5 <span class=\"_ _1\"></span>Risc<span class=\"_ _1\"></span>hi o<span class=\"_ _f\"></span>perat<span class=\"_ _1\"></span>ivi<span class=\"_ _1\"></span> </div><div class=\"t m0 he ff4 fs5 fc4 sc3 ls0 ws0 gs16b3\">Inform<span class=\"_ _1\"></span>azio<span class=\"_ _f\"></span>ni di natura<span class=\"_ _f\"></span> qualitativa </div><div class=\"t m0 he ff4 fs5 fc4 sc3 ls0 ws0 gs16b4\">A. Asp<span class=\"_ _f\"></span>etti genera<span class=\"_ _f\"></span>li, process<span class=\"_ _1\"></span>i di ge<span class=\"_ _1\"></span>stione<span class=\"_ _f\"></span> e metod<span class=\"_ _1\"></span>i di misu<span class=\"_ _f\"></span>razione d<span class=\"_ _1\"></span>el risch<span class=\"_ _1\"></span>io op<span class=\"_ _f\"></span>erativo<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs16b5\">Il  G<span class=\"_ _2\"></span>ruppo  ha <span class=\"_ _4\"> </span>svilupp<span class=\"_ _1\"></span>ato <span class=\"_ _4\"> </span>un <span class=\"_ _4\"> </span>sistema <span class=\"_ _22\"> </span>integrato <span class=\"_ _4\"> </span>di  gestione <span class=\"_ _4\"> </span>dei  rischi <span class=\"_ _4\"> </span>operativi  assunti <span class=\"_ _4\"> </span>che,  in </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs16b6\">attuazione degli <span class=\"_ _2\"></span>indirizzi s<span class=\"_ _2\"></span>trategici,<span class=\"_ _1\"></span> <span class=\"_ _2\"></span>consente di <span class=\"_ _2\"></span>rafforzar<span class=\"_ _2\"></span>e la <span class=\"_ _2\"></span>capacit\u00e0 <span class=\"_ _2\"></span>delle Unit\u00e0 <span class=\"_ _2\"></span>Organizzative di </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs16b7\">gestirli <span class=\"_ _d\"></span>consapevolmente, <span class=\"_ _d\"></span>intro<span class=\"_ _2\"></span>ducendo <span class=\"_ _d\"></span>strumenti <span class=\"_ _d\"></span>di <span class=\"_ _0\"></span>rilevazione, <span class=\"_ _d\"></span>misurazione <span class=\"_ _d\"></span>e <span class=\"_ _0\"></span>cont<span class=\"_ _2\"></span>rollo <span class=\"_ _0\"></span>tali <span class=\"_ _d\"></span>da </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs16b8\">garantire un\u2019assunzione<span class=\"_ _1\"></span> dei <span class=\"_ _1\"></span>rischi consapevole<span class=\"_ _1\"></span> e compatib<span class=\"_ _1\"></span>ile con le <span class=\"_ _1\"></span>strategie di<span class=\"_ _1\"></span> Governance e<span class=\"_ _1\"></span> con </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs16b9\">le condizioni <span class=\"_ _2\"></span>economiche e <span class=\"_ _2\"></span>patrimoniali, nel <span class=\"_ _2\"></span>rispetto <span class=\"_ _2\"></span>delle indicazioni <span class=\"_ _2\"></span>provenienti dalle Autor<span class=\"_ _2\"></span>it\u00e0 di </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs16ba\">Vigilanza. </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs16bb\">Il <span class=\"_ _d\"></span>Consiglio <span class=\"_ _d\"></span>di <span class=\"_ _0\"></span>Amministrazione <span class=\"_ _d\"></span>della <span class=\"_ _d\"></span>Capogruppo <span class=\"_ _0\"></span>ha <span class=\"_ _d\"></span>approvato <span class=\"_ _0\"></span>la <span class=\"_ _d\"></span>Policy <span class=\"_ _0\"></span>di <span class=\"_ _d\"></span>Gruppo <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>materia <span class=\"_ _d\"></span>di </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs16bc\">gestione <span class=\"_ _d\"></span>dei <span class=\"_ _d\"></span>rischi <span class=\"_ _d\"></span>operativi <span class=\"_ _d\"></span>e <span class=\"_ _d\"></span>il <span class=\"_ _0\"></span>regolamento <span class=\"_ _d\"></span>\u201cGestione <span class=\"_ _d\"></span>dei <span class=\"_ _d\"></span>rischi <span class=\"_ _d\"></span>operativi\u201d <span class=\"_ _d\"></span>(Regolamento <span class=\"_ _d\"></span>ORM) </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs16bd\">con  cui <span class=\"_ _22\"> </span>definisce <span class=\"_ _22\"> </span>le <span class=\"_ _22\"> </span>politiche <span class=\"_ _4\"> </span>di  gestione  del  r<span class=\"_ _2\"></span>ischio  operativo  a <span class=\"_ _22\"> </span>livello  di <span class=\"_ _22\"> </span>G<span class=\"_ _2\"></span>ruppo  e  Banca  e<span class=\"_ _2\"></span> </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs16be\">determina un sistema comune e coordinato caratterizzato da <span class=\"_ _1\"></span>regole condivise per l\u2019all<span class=\"_ _1\"></span>ocazione di </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs16bf\">compiti e responsabilit\u00e0 a livell<span class=\"_ _1\"></span>o aziendale.<span class=\"_ _2\"></span> </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs16c0\">Il regolamento <span class=\"_ _1\"></span>definisce come <span class=\"_ _f\"></span>r<span class=\"_ _2\"></span>ischio ope<span class=\"_ _1\"></span>rativo \u201cil rischi<span class=\"_ _1\"></span>o di pe<span class=\"_ _1\"></span>rdite derivanti <span class=\"_ _f\"></span>dall\u2019ina<span class=\"_ _2\"></span>deguatezza o<span class=\"_ _1\"></span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs16c1\">dalla  disfunzion<span class=\"_ _2\"></span>e  di <span class=\"_ _4\"> </span>processi,  r<span class=\"_ _2\"></span>isorse <span class=\"_ _22\"> </span>umane <span class=\"_ _4\"> </span>e  s<span class=\"_ _2\"></span>istemi  interni, <span class=\"_ _22\"> </span>o<span class=\"_ _2\"></span>ppure  da <span class=\"_ _4\"> </span>eventi  esogeni, <span class=\"_ _4\"> </span>ivi </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs16c2\">compreso il rischio giuridico; non sono inclusi qu<span class=\"_ _1\"></span>elli strategici e di reputazione\u201d.<span class=\"_ _2\"></span><span class=\"ff4\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs16c3\">A <span class=\"_ _0\"></span>partire <span class=\"_ _0\"></span>dalla <span class=\"_ _d\"></span>s<span class=\"_ _2\"></span>egnalazione <span class=\"_ _d\"></span>reg<span class=\"_ _2\"></span>olamentare <span class=\"_ _d\"></span>al <span class=\"_ _0\"></span>31<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>marzo <span class=\"_ _9\"> </span>2025, <span class=\"_ _0\"></span>il <span class=\"_ _0\"></span>metodo <span class=\"_ _0\"></span>di <span class=\"_ _d\"></span>calcolo <span class=\"_ _0\"></span>del <span class=\"_ _0\"></span>r<span class=\"_ _2\"></span>equisito </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs16c4\">patrimoniale <span class=\"_ _16\"> </span>a <span class=\"_ _16\"> </span>fronte <span class=\"_ _9\"> </span>del <span class=\"_ _9\"> </span>r<span class=\"_ _2\"></span>ischio <span class=\"_ _9\"> </span>operativo  ad<span class=\"_ _1\"></span>ottato <span class=\"_ _9\"> </span>s<span class=\"_ _2\"></span>ia <span class=\"_ _9\"> </span>a  liv<span class=\"_ _1\"></span>ello  d<span class=\"_ _f\"></span>i  singol<span class=\"_ _1\"></span>e <span class=\"_ _16\"> </span>Societ\u00e0 <span class=\"_ _16\"> </span>del <span class=\"_ _9\"> </span>Gruppo </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs16c5\">Bancario \"Credito E<span class=\"_ _1\"></span>miliano - CR<span class=\"_ _1\"></span>EDEM\" sia <span class=\"_ _f\"></span>a livello consoli<span class=\"_ _1\"></span>dato, \u00e8 <span class=\"_ _f\"></span>rappresentato dallo Stand<span class=\"_ _1\"></span>ardised </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs16c6\">Approach- <span class=\"_ _2\"></span>Metodo <span class=\"_ _2\"></span>standardizzato <span class=\"_ _2\"></span>introdotto dalla <span class=\"_ _2\"></span>CR<span class=\"_ _2\"></span>R3 <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>recepi<span class=\"_ _1\"></span>mento <span class=\"_ _2\"></span>della <span class=\"_ _2\"></span>riforma <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>Basilea 4 </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs16c7\">a livello comunitario. </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs16c8\">Non <span class=\"_ _4\"> </span>sono <span class=\"_ _4\"> </span>intervenute <span class=\"_ _22\"> </span>variazioni <span class=\"_ _4\"> </span>significative <span class=\"_ _4\"> </span>rispetto <span class=\"_ _4\"> </span>all\u2019esercizio <span class=\"_ _4\"> </span>precedente <span class=\"_ _22\"> </span>in <span class=\"_ _4\"> </span>relazione <span class=\"_ _4\"> </span>al </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs16c9\">modello <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>gestione <span class=\"_ _17\"> </span>dei <span class=\"_ _4\"> </span>r<span class=\"_ _2\"></span>ischi <span class=\"_ _4\"> </span>operativi <span class=\"_ _17\"> </span>che <span class=\"_ _4\"> </span>di <span class=\"_ _17\"> </span>seguito <span class=\"_ _4\"> </span>viene <span class=\"_ _17\"> </span>rappresentato <span class=\"_ _4\"> </span>sinteticamente: </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs16ca\">l<span class=\"ff5\">\u2019Organo <span class=\"_ _15\"> </span>con <span class=\"_ _15\"> </span>funzioni <span class=\"_ _e\"> </span>di <span class=\"_ _15\"> </span>supervisione <span class=\"_ _15\"> </span>st<span class=\"_ _2\"></span>rategica <span class=\"_ _15\"> </span>di <span class=\"_ _15\"> </span>Gruppo <span class=\"_ _15\"> </span>\u00e8 <span class=\"_ _15\"> </span>id<span class=\"_ _2\"></span>entificato <span class=\"_ _14\"> </span>ne<span class=\"_ _2\"></span>l <span class=\"_ _15\"> </span>Consiglio <span class=\"_ _15\"> </span>di </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs16cb\">Amministrazione <span class=\"_ _0\"></span>di <span class=\"_ _9\"> </span>Credito <span class=\"_ _9\"> </span>Emiliano <span class=\"_ _0\"></span>SpA, <span class=\"_ _0\"></span>Capogruppo <span class=\"_ _9\"> </span>del <span class=\"_ _9\"> </span>Gruppo <span class=\"_ _0\"></span>Bancario <span class=\"_ _9\"> </span>Credito <span class=\"_ _9\"> </span>Emiliano <span class=\"_ _9\"> </span><span class=\"ff5\">\u2013</span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs16cc\">CREDEM. </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs16cd\">A <span class=\"_ _16\"> </span>livello <span class=\"_ _9\"> </span>di  Gruppo <span class=\"_ _9\"> </span>sono  s<span class=\"_ _1\"></span>tati <span class=\"_ _16\"> </span>individu<span class=\"_ _1\"></span>ati  p<span class=\"_ _1\"></span>i\u00f9  organi <span class=\"_ _9\"> </span>con  fu<span class=\"_ _1\"></span>nzioni  di <span class=\"_ _9\"> </span>gestione,  coinc<span class=\"_ _1\"></span>identi <span class=\"_ _16\"> </span>con <span class=\"_ _16\"> </span>i </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs16ce\">Consigli <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>Amministrazione <span class=\"_ _d\"></span>delle <span class=\"_ _2\"></span>singole <span class=\"_ _2\"></span>controllate, <span class=\"_ _2\"></span>che <span class=\"_ _d\"></span>hanno <span class=\"_ _2\"></span>adottato<span class=\"_ _df\"> </span></div><div class=\"t m0 hd6 ff4 fs1b fc1 sc0 ls1 ws0 gs16cf\">76</div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs16d0\"> <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>Policy <span class=\"_ _d\"></span>di <span class=\"_ _2\"></span>Gruppo <span class=\"_ _2\"></span>in<span class=\"_ _1\"></span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs16d1\">materia  di <span class=\"_ _16\"> </span>gestione <span class=\"_ _16\"> </span>dei <span class=\"_ _9\"> </span>r<span class=\"_ _2\"></span>ischi <span class=\"_ _16\"> </span>operativi,  <span class=\"ff5\">traducendo <span class=\"_ _16\"> </span>il <span class=\"_ _16\"> </span>relativo  \u201cschema\u201d <span class=\"_ _16\"> </span>nella <span class=\"_ _16\"> </span>specifi<span class=\"_ _1\"></span>ca  realt\u00e0 </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs16d2\">aziendale <span class=\"_ _4\"> </span>ed <span class=\"_ _4\"> </span>individuando <span class=\"_ _4\"> </span>conc<span class=\"ff5\">retamente <span class=\"_ _17\"> </span>le <span class=\"_ _4\"> </span>funzioni <span class=\"_ _4\"> </span>\u201clocali\u201d <span class=\"_ _4\"> </span>richieste <span class=\"_ _4\"> </span>per <span class=\"_ _4\"> </span>il <span class=\"_ _4\"> </span>buon <span class=\"_ _4\"> </span>esito <span class=\"_ _17\"> </span>del </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs16d3\">processo. </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs16d4\">Dal punto di vista ope<span class=\"_ _1\"></span>rativo, gli organi con funzione<span class=\"_ _1\"></span> di supervisione strategica e que<span class=\"_ _1\"></span>lli con funzioni </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs16d5\">di  gestione  s<span class=\"_ _2\"></span>ono  supportati <span class=\"_ _22\"> </span>dall\u2019attivit\u00e0  dell\u2019ufficio  Governance, <span class=\"_ _4\"> </span>Raf  Esg  e <span class=\"_ _4\"> </span>Ope<span class=\"ff4\">rativi <span class=\"_ _4\"> </span>(GEO)<span class=\"_ _1\"></span>  d<span class=\"_ _2\"></span>i </span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs16d6\">Capogruppo. <span class=\"_ _0\"></span>Ne<span class=\"_ _2\"></span>ll\u2019ambito <span class=\"_ _9\"> </span>del <span class=\"_ _9\"> </span>processo <span class=\"_ _9\"> </span>coordinato <span class=\"_ _9\"> </span>centralmente <span class=\"_ _9\"> </span>da <span class=\"_ _9\"> </span>GEO <span class=\"_ _9\"> </span>(c.d. <span class=\"_ _9\"> </span>\u201cORM <span class=\"_ _9\"> </span>Centrale\u201d)<span class=\"_ _2\"></span>, </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs16d7\">l\u2019attivit\u00e0 <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>gestione <span class=\"_ _9\"> </span>del <span class=\"_ _9\"> </span>rischio <span class=\"_ _16\"> </span>operativo <span class=\"_ _0\"></span>viene <span class=\"_ _9\"> </span>svolta <span class=\"_ _9\"> </span>con <span class=\"_ _16\"> </span>il <span class=\"_ _9\"> </span>supporto <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>alcune <span class=\"_ _9\"> </span>funzioni <span class=\"_ _9\"> </span>\u201cOR<span class=\"_ _2\"></span>M </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs16d8\">Periferico\u201d appartenenti a diversi servizi de<span class=\"_ _1\"></span>lla Ba<span class=\"ff4\">nca e d<span class=\"_ _2\"></span>elle Societ\u00e0 del Gruppo Bancario. </span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs16d9\">L\u2019Organo <span class=\"_ _0\"></span>con <span class=\"_ _9\"> </span>funzione <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>controllo <span class=\"_ _9\"> </span>\u00e8 <span class=\"_ _9\"> </span>identificato <span class=\"_ _0\"> </span>nel <span class=\"_ _9\"> </span>Collegio <span class=\"_ _9\"> </span>Sindacale, <span class=\"_ _9\"> </span>coerentemente <span class=\"_ _0\"></span>con <span class=\"_ _16\"> </span>la </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs16da\">disciplina <span class=\"_ _14\"> </span>vigente <span class=\"_ _15\"> </span>relativa <span class=\"_ _15\"> </span>agli <span class=\"_ _15\"> </span>enti <span class=\"_ _15\"> </span>che <span class=\"_ _14\"> </span>adott<span class=\"_ _2\"></span>ano <span class=\"_ _14\"> </span>un <span class=\"_ _15\"> </span>modello <span class=\"_ _15\"> </span>\u201ctradizionale\u201d <span class=\"_ _15\"> </span>di <span class=\"_ _14\"> </span>governanc<span class=\"_ _2\"></span>e<span class=\"_ _1\"></span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs16db\">societaria. Pi\u00f9 <span class=\"_ _1\"></span>in particolar<span class=\"ff5\">e, il <span class=\"_ _1\"></span>Collegio della <span class=\"_ _1\"></span>Capogruppo \u00e8 responsabile <span class=\"_ _f\"></span>d<span class=\"_ _2\"></span>i vi<span class=\"_ _1\"></span>gilare sull\u2019osservanza </span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs16dc\">delle norme di legge, regolame<span class=\"_ _1\"></span>ntari e statutarie, sulla corretta amministrazione, sull\u2019<span class=\"_ _1\"></span>adeguatezza </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs16dd\">degli assetti <span class=\"_ _2\"></span>organizzativi e cont<span class=\"_ _2\"></span>abili del Gruppo <span class=\"_ _2\"></span>anche tramite <span class=\"_ _2\"></span>il coor<span class=\"_ _2\"></span>dinamento <span class=\"_ _2\"></span>con gli omologhi </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs16de\">organi collegiali presenti nelle controllate. </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs16df\">Nell\u2019espletamento delle proprie attivit\u00e0 tale organo viene sup<span class=\"_ _1\"></span>portato dal Servizio Audit di Gruppo.<span class=\"_ _2\"></span><span class=\"ff4\"> </span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs16e0\">Sono istituiti specifici flussi informativi ve<span class=\"_ _1\"></span>rso l\u2019organo di controllo delle societ\u00e0 interes<span class=\"_ _2\"></span><span class=\"ff4\">sate. </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs16e1\">Il <span class=\"_ _2\"></span>Sistema <span class=\"_ _2\"></span>di <span class=\"_ _d\"></span>Gestione <span class=\"_ _2\"></span>dei <span class=\"_ _2\"></span>Rischi<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>Operativi <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _2\"></span>p<span class=\"_ _2\"></span>eriodicamente<span class=\"_ _1\"></span> <span class=\"_ _2\"></span>so<span class=\"_ _2\"></span>ttoposto <span class=\"_ _2\"></span>a <span class=\"_ _d\"></span>revisione <span class=\"_ _2\"></span>indipendente </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs16e2\">da parte del Servizio Audi<span class=\"_ _1\"></span>t della Capogruppo. </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs16e3\">Il <span class=\"_ _1\"></span>sistema di <span class=\"_ _f\"></span>gestione dei<span class=\"_ _1\"></span> rischi <span class=\"_ _f\"></span>o<span class=\"_ _2\"></span>perativi <span class=\"_ _f\"></span>\u00e8 definito come <span class=\"_ _f\"></span>l\u2019insieme strutturato <span class=\"_ _1\"></span>dei <span class=\"_ _f\"></span>pro<span class=\"_ _2\"></span>ces<span class=\"ff4\">si funzioni<span class=\"_ _1\"></span> </span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs16e4\">e <span class=\"_ _0\"></span>risorse <span class=\"_ _0\"></span>per <span class=\"_ _d\"></span>l\u2019identificazione, <span class=\"_ _0\"></span>la <span class=\"_ _0\"></span>valutazione <span class=\"_ _0\"></span>e <span class=\"_ _d\"></span>il <span class=\"_ _0\"></span>contr<span class=\"_ _2\"></span>ollo <span class=\"_ _d\"></span>dei <span class=\"_ _0\"></span>rischi <span class=\"_ _0\"></span>operativi <span class=\"_ _0\"></span>ed <span class=\"_ _0\"></span>\u00e8 <span class=\"_ _d\"></span>ar<span class=\"_ _2\"></span>ticolato <span class=\"_ _0\"></span>nei </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs16e5\">seguenti sottoprocessi: </div><div class=\"t m0 h5 ff18 fs1 fc1 sc0 ls0 ws0 gs16e6\">-<span class=\"_ _28\"> </span><span class=\"ff4\">Identificazione;<span class=\"_ _df\"> </span></span></div><div class=\"t m0 h5 ff18 fs1 fc1 sc0 ls0 ws0 gs16e7\">-<span class=\"_ _28\"> </span><span class=\"ff4\">Misurazione;<span class=\"_ _df\"> </span></span></div><div class=\"t m0 h5 ff18 fs1 fc1 sc0 ls0 ws0 gs16e8\">-<span class=\"_ _28\"> </span><span class=\"ff4\">Monitoraggio e Controllo;<span class=\"_ _df\"> </span></span></div><div class=\"t m0 h5 ff18 fs1 fc1 sc0 ls0 ws0 gs16e9\">-<span class=\"_ _28\"> </span><span class=\"ff4\">Mitigazione.<span class=\"_ _df\"> </span></span></div><div class=\"t m0 h200 ff4 fs22 fc1 sc0 ls15 ws0 gs16ea\">76<span class=\"_ _df\"> </span></div>Le  s<span class=\"_ _2\"></span>ociet\u00e0  incluse <span class=\"_ _4\"> </span>nei  processi <span class=\"_ _4\"> </span>di <span class=\"_ _22\"> </span>misurazione<span class=\"_ _2\"></span>,  mo<span class=\"_ _2\"></span>nitoraggio  e <span class=\"_ _4\"> </span>mitigazione  s<span class=\"_ _2\"></span>ono <span class=\"_ _22\"> </span>quelle <span class=\"_ _4\"> </span>che risultano <span class=\"_ _2\"></span>annualmente <span class=\"_ _2\"></span>rilevanti <span class=\"_ _d\"></span>ai <span class=\"_ _d\"></span>fini <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>rischio <span class=\"_ _d\"></span>operativo <span class=\"_ _2\"></span>ed <span class=\"_ _2\"></span>in<span class=\"_ _2\"></span>formatico <span class=\"_ _2\"></span>dall\u2019analisi <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>ilevanza effettuata <span class=\"_ _16\"> </span>nell\u2019amb<span class=\"_ _1\"></span>ito  d<span class=\"_ _1\"></span>ell\u2019approvazione <span class=\"_ _16\"> </span>del <span class=\"_ _9\"> </span>Risk  Ap<span class=\"_ _f\"></span>p<span class=\"_ _2\"></span>etite <span class=\"_ _16\"> </span>Framework <span class=\"_ _9\"> </span>(RAF)  e<span class=\"_ _1\"></span>  d<span class=\"_ _1\"></span>el <span class=\"_ _16\"> </span>processo <span class=\"_ _9\"> </span>di determinazione <span class=\"ff5\">dell\u2019adeguatezza patrimoniale (ICAAP) svolto dalla Capogrup<span class=\"_ _1\"></span>po.<span class=\"_ _2\"></span><span class=\"ff4\"> </span></span>Il processo di \u201cIdentificazi<span class=\"_ _1\"></span>one\u201d \u00e8 compos<span class=\"_ _2\"></span>to dalle<span class=\"_ _1\"></span> seguenti procedure:<span class=\"_ _2\"></span><span class=\"ff4\"> </span>-<span class=\"ff10\"> <span class=\"_ _1c\"> </span><span class=\"ff4\">Loss  Data  Collection:  consiste  nel<span class=\"_ _1\"></span>la  raccolta  dei  dati  di  perdita  operativa  interna  con  il </span></span>coinvolgimento  diretto  di  tut<span class=\"_ _1\"></span>te  le  unit\u00e0  di  busine<span class=\"_ _1\"></span>ss.  In  tale  ambito,  gli  e<span class=\"_ _1\"></span>venti  di  perdita operativa (inclusi <span class=\"_ _2\"></span>quelli di <span class=\"_ _2\"></span>natura <span class=\"_ _2\"></span>informatica) sono <span class=\"_ _2\"></span>classificati per <span class=\"_ _2\"></span>Business Line <span class=\"_ _2\"></span>(corporate finance, <span class=\"_ _0\"></span>tr<span class=\"_ _2\"></span>ading <span class=\"_ _0\"></span>and <span class=\"_ _0\"></span>s<span class=\"_ _2\"></span>ales, <span class=\"_ _0\"></span>retail <span class=\"_ _0\"></span>banking, <span class=\"_ _9\"> </span>commercial <span class=\"_ _9\"> </span>banking, <span class=\"_ _0\"></span>payment <span class=\"_ _9\"> </span>and <span class=\"_ _9\"> </span>settlement, agency <span class=\"_ _0\"></span>services, <span class=\"_ _0\"></span>asset <span class=\"_ _9\"> </span>management, <span class=\"_ _0\"></span>retail <span class=\"_ _0\"></span>Brokerage) <span class=\"_ _0\"></span>ed <span class=\"_ _0\"></span>Event <span class=\"_ _9\"> </span>Type <span class=\"_ _0\"></span>(frodi <span class=\"_ _0\"></span>interne, <span class=\"_ _0\"></span>frodi esterne, rapporto di impiego e <span class=\"_ _2\"></span>sicu<span class=\"_ _1\"></span>rezza sul lavoro, <span class=\"_ _2\"></span>clientela, prodotti e prassi professionali, danni <span class=\"_ _0\"></span>da <span class=\"_ _9\"> </span>eventi <span class=\"_ _9\"> </span>esterni, <span class=\"_ _9\"> </span>interruzioni <span class=\"_ _9\"> </span>dell\u2019operativit\u00e0 <span class=\"_ _9\"> </span>e <span class=\"_ _0\"></span>disfunzio<span class=\"_ _2\"></span>ni <span class=\"_ _0\"></span>dei <span class=\"_ _9\"> </span>sistemi,<span class=\"_ _2\"></span><span class=\"ff4\"> <span class=\"_ _9\"> </span>esecuzione, </span>consegna e gestione dei processi); -<span class=\"ff10\"> <span class=\"_ _1c\"> </span><span class=\"ff4\">Risk <span class=\"_ _2\"></span>Self <span class=\"_ _d\"></span>Assessment: <span class=\"_ _d\"></span>consiste <span class=\"_ _2\"></span>nella <span class=\"_ _d\"></span>raccolta, <span class=\"_ _d\"></span>attraverso <span class=\"_ _d\"></span>questionario, <span class=\"_ _2\"></span>di <span class=\"_ _d\"></span>stime <span class=\"_ _d\"></span>soggettive </span></span>espresse d<span class=\"_ _1\"></span>ai risk <span class=\"_ _f\"></span>owner con <span class=\"_ _1\"></span>riferimento <span class=\"_ _f\"></span>agli eventi <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>natura operativa <span class=\"_ _f\"></span>(inclusi quell<span class=\"_ _1\"></span>i di <span class=\"_ _f\"></span>natura informatica) <span class=\"_ _0\"></span>potenzialmente <span class=\"_ _d\"></span>rilevanti <span class=\"_ _0\"></span>per <span class=\"_ _0\"></span>le <span class=\"_ _0\"></span>proprie <span class=\"_ _d\"></span>unit\u00e0 <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>business <span class=\"_ _0\"></span>e <span class=\"_ _d\"></span>tenuto <span class=\"_ _0\"></span>conto <span class=\"_ _0\"></span>delle linee guida di sviluppo emerse dal processo di piani<span class=\"_ _1\"></span>ficazione preliminare di gruppo; <span class=\"_ _2\"></span> -<span class=\"ff10\"> <span class=\"_ _1c\"> </span><span class=\"ff4\">Data <span class=\"_ _d\"></span>Pooling/Comunicazione <span class=\"_ _d\"></span>ver<span class=\"_ _2\"></span>so <span class=\"_ _d\"></span>enti <span class=\"_ _0\"></span>esterni: <span class=\"_ _d\"></span>consiste <span class=\"_ _0\"></span>nella <span class=\"_ _d\"></span>part<span class=\"_ _2\"></span>ecipazi<span class=\"_ _1\"></span>one <span class=\"_ _0\"></span>ad <span class=\"_ _d\"></span>iniziative </span></span>consortili <span class=\"_ _0\"></span>esterne <span class=\"_ _9\"> </span>e <span class=\"_ _0\"></span>nella <span class=\"_ _0\"></span>gestione <span class=\"_ _0\"></span>dell<span class=\"_ _2\"></span>e <span class=\"_ _0\"></span>relative <span class=\"_ _0\"></span>interrelazioni <span class=\"_ _0\"></span>(es. <span class=\"_ _9\"> </span>consorzio <span class=\"_ _0\"></span>DIPO) <span class=\"_ _0\"></span>ed <span class=\"_ _0\"></span>al<span class=\"_ _2\"></span>la comunicazione <span class=\"_ _2\"></span>dei dati <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>perdita <span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>perativa r<span class=\"_ _2\"></span>accolti agli <span class=\"_ _2\"></span>Organi <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>Vigilanza <span class=\"_ _2\"></span>(Banca d\u2019Italia <span class=\"_ _2\"></span>e Banca Centrale Europea). Il <span class=\"_ _0\"></span>processo <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>\u201cMisurazione\u201d <span class=\"_ _9\"> </span>\u00e8 <span class=\"_ _0\"></span>r<span class=\"_ _2\"></span>appresentato<span class=\"ff4\"> <span class=\"_ _9\"> </span>dalla <span class=\"_ _9\"> </span>quantificazione <span class=\"_ _9\"> </span>del <span class=\"_ _9\"> </span>Capitale <span class=\"_ _9\"> </span>a <span class=\"_ _9\"> </span>Rischio <span class=\"_ _9\"> </span>(CaR) </span>mediante <span class=\"_ _d\"></span>stime <span class=\"_ _0\"></span>soggettive. <span class=\"_ _d\"></span>Le <span class=\"_ _0\"></span>metodologie <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>mis<span class=\"_ _2\"></span>urazione <span class=\"_ _d\"></span>delle <span class=\"_ _0\"></span>perdite <span class=\"_ _d\"></span>attese <span class=\"_ _0\"></span>e <span class=\"_ _d\"></span>inattese <span class=\"_ _0\"></span>sono finalizzate <span class=\"_ _d\"></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=\"_ _d\"></span>di <span class=\"_ _0\"></span>sit<span class=\"_ _2\"></span>uazioni <span class=\"_ _d\"></span>potenzialmente <span class=\"_ _0\"></span>critiche <span class=\"_ _d\"></span>e <span class=\"_ _0\"></span>si basano <span class=\"_ _4\"> </span>sulla <span class=\"_ _4\"> </span>esecuzione <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>questionari <span class=\"_ _4\"> </span>Risk <span class=\"_ _4\"> </span>Self <span class=\"_ _4\"> </span>Ass<span class=\"_ _2\"></span>essmen<span class=\"_ _1\"></span>t <span class=\"_ _4\"> </span>(RSA), <span class=\"_ _4\"> </span>con <span class=\"_ _4\"> </span>frequenza <span class=\"_ _4\"> </span>almeno annuale, <span class=\"_ _2\"></span>che per <span class=\"_ _2\"></span>ogni <span class=\"_ _2\"></span>tipologia <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>evento <span class=\"_ _2\"></span>richiedono <span class=\"_ _2\"></span>ai <span class=\"_ _2\"></span>responsabili d<span class=\"_ _2\"></span>elle unit\u00e0 <span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>rganizzative<span class=\"_ _1\"></span> <span class=\"_ _2\"></span>(UO) che possono generare/gestire i rischi ope<span class=\"_ _1\"></span>rativi, una stima soggettiva di alcu<span class=\"_ _2\"></span>ni fattori di rischio: -<span class=\"ff10\"> <span class=\"_ _1c\"> </span><span class=\"ff5\">\u201cfrequenza tipica\u201d, il nume<span class=\"_ _1\"></span>ro medio atteso di eventi nell\u2019arco temporale di riferimento;<span class=\"ff4\"> </span></span></span>-<span class=\"ff10\"> <span class=\"_ _1c\"> </span><span class=\"ff5\">\u201cimpatto tipico\u201d, la perdita media attesa pe<span class=\"_ _1\"></span>r tipologia di evento;<span class=\"_ _2\"></span><span class=\"ff4\"> </span></span></span>-<span class=\"ff10\"> <span class=\"_ _1c\"> </span><span class=\"ff5\">\u201cimpatto peggiore\u201d, l\u2019<span class=\"_ _1\"></span>impatto del singolo evento qualora esso si manifesti ne<span class=\"_ _2\"></span><span class=\"ff4\">l peggior modo </span></span></span>(ragionevolmente) concepibile.  L\u2019analisi <span class=\"_ _f\"></span>\u00e8 <span class=\"_ _1\"></span>svolta <span class=\"_ _f\"></span>su pi<span class=\"_ _1\"></span>\u00f9 <span class=\"_ _f\"></span>livelli <span class=\"_ _1\"></span>quali <span class=\"_ _f\"></span>unit\u00e0 o<span class=\"_ _1\"></span>rganizzativa, <span class=\"_ _f\"></span>business <span class=\"_ _f\"></span>units, socie<span class=\"_ _1\"></span>t\u00e0 <span class=\"_ _1\"></span>e <span class=\"_ _f\"></span>gruppo cons<span class=\"_ _f\"></span>o<span class=\"_ _2\"></span>lidato<span class=\"_ _1\"></span> e, <span class=\"_ _f\"></span>per ogni <span class=\"_ _f\"></span>livello, <span class=\"_ _f\"></span>sono prodotti <span class=\"_ _f\"></span>un v<span class=\"_ _1\"></span>alore <span class=\"_ _1\"></span>di <span class=\"_ _f\"></span>perdita attesa <span class=\"_ _f\"></span>ed u<span class=\"_ _1\"></span>n <span class=\"_ _f\"></span>v<span class=\"_ _2\"></span>alore <span class=\"_ _f\"></span>di p<span class=\"_ _1\"></span>erdita inattesa. <span class=\"_ _f\"></span>I <span class=\"_ _f\"></span>r<span class=\"_ _2\"></span>isult<span class=\"_ _2\"></span>ati<span class=\"_ _f\"></span> della <span class=\"_ _16\"> </span>valutazione <span class=\"_ _9\"> </span>so<span class=\"_ _2\"></span>no <span class=\"_ _16\"> </span>utilizz<span class=\"_ _1\"></span>ati  a <span class=\"_ _16\"> </span>fini <span class=\"_ _9\"> </span>gest<span class=\"_ _2\"></span>ionali <span class=\"_ _9\"> </span>per  la <span class=\"_ _9\"> </span>prev<span class=\"_ _2\"></span>enzione <span class=\"_ _9\"> </span>e  la <span class=\"_ _16\"> </span>mitigazione <span class=\"_ _9\"> </span>d<span class=\"_ _2\"></span>ei <span class=\"_ _9\"> </span>r<span class=\"_ _2\"></span>ischi operativi <span class=\"_ _14\"> </span>e <span class=\"_ _15\"> </span>nel <span class=\"_ _15\"> </span>processo <span class=\"_ _15\"> </span>di <span class=\"_ _14\"> </span>pianificazione <span class=\"_ _15\"> </span>operativa, <span class=\"_ _15\"> </span>coerentemente <span class=\"_ _14\"> </span>a <span class=\"_ _e\"> </span>quanto <span class=\"_ _14\"> </span>definito <span class=\"_ _15\"> </span>dal \u201cRegolamento pianificazione, programmazione e controllo di Gruppo\u201d.<span class=\"ff4\"> </span>Contribuisce <span class=\"_ _f\"></span>inoltre <span class=\"_ _f\"></span>alla <span class=\"_ _f\"></span>misurazio<span class=\"_ _2\"></span>ne <span class=\"_ _f\"></span>del <span class=\"_ _f\"></span>rischio <span class=\"_ _f\"></span>operativo <span class=\"_ _f\"></span>anche <span class=\"_ _1\"></span>la <span class=\"_ _1\"></span>quantificazione <span class=\"_ _11\"></span>alm<span class=\"_ _2\"></span>eno <span class=\"_ _f\"></span>annuale degli assorbime<span class=\"_ _1\"></span>nti patrimoniali se<span class=\"_ _1\"></span>condo lo \u201cS<span class=\"_ _f\"></span>t<span class=\"_ _2\"></span>andardised<span class=\"_ _1\"></span> Approach\u201d, in <span class=\"_ _f\"></span>accor<span class=\"_ _2\"></span>do <span class=\"_ _f\"></span>al quale i<span class=\"_ _1\"></span>l Gruppo<span class=\"_ _1\"></span> ha <span class=\"_ _9\"> </span>sviluppato <span class=\"_ _9\"> </span>ed <span class=\"_ _9\"> </span>applica <span class=\"_ _9\"> </span><span class=\"ff5\">\u2013</span> <span class=\"_ _9\"> </span>in <span class=\"_ _16\"> </span>coe<span class=\"_ _1\"></span>renza <span class=\"_ _9\"> </span>con <span class=\"_ _9\"> </span>quanto <span class=\"_ _9\"> </span>previsto <span class=\"_ _9\"> </span>dalla <span class=\"_ _9\"> </span>nuova <span class=\"_ _9\"> </span>normativa <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>vigilanza prudenziale <span class=\"_ _d\"></span>e <span class=\"_ _d\"></span>conn<span class=\"_ _2\"></span>essi <span class=\"_ _d\"></span>mandati <span class=\"_ _0\"></span>dell\u2019EBA <span class=\"_ _0\"></span>\u2013<span class=\"ff4\"> <span class=\"_ _0\"></span>una <span class=\"_ _d\"></span>specifica <span class=\"_ _0\"></span>metodologia <span class=\"_ _d\"></span>di <span class=\"_ _0\"></span>calcolo <span class=\"_ _0\"></span>della <span class=\"_ _d\"></span>misura <span class=\"_ _0\"></span>di </span>esposizione al rischio in parola riferita agli ultimi tre esercizi completi (c.d. \u201cBusiness Indicator\u201d) e conseguente <span class=\"_ _4\"> </span><span class=\"ff5\">determinazione <span class=\"_ _22\"> </span>d<span class=\"_ _2\"></span>ei <span class=\"_ _22\"> </span>fondi <span class=\"_ _4\"> </span>propri <span class=\"_ _4\"> </span>(c.d. <span class=\"_ _4\"> </span>\u201cBusiness <span class=\"_ _4\"> </span>Indicator <span class=\"_ _4\"> </span>component\u201d) <span class=\"_ _4\"> </span>tramite </span>allocazione del Business Indicator nei buck<span class=\"_ _1\"></span>et previsti dalla CRR3.<span class=\"_ _2\"></span> Il <span class=\"_ _f\"></span>processo di <span class=\"_ _f\"></span>\u201cMonitoraggio <span class=\"_ _1\"></span>e <span class=\"_ _f\"></span>co<span class=\"_ _2\"></span>ntrollo\u201d <span class=\"_ _1\"></span>mira <span class=\"_ _f\"></span>a ide<span class=\"_ _1\"></span>ntificare <span class=\"_ _f\"></span>temp<span class=\"_ _2\"></span>estivamente <span class=\"_ _f\"></span>eventuali <span class=\"_ _f\"></span>d<span class=\"_ _2\"></span>isfunzioni nei <span class=\"_ _2\"></span>processi <span class=\"_ _d\"></span>aziendali <span class=\"_ _2\"></span>o <span class=\"_ _d\"></span>nelle <span class=\"_ _d\"></span>procedure <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>gestione <span class=\"_ _d\"></span>del <span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>ischio <span class=\"_ _2\"></span>al <span class=\"_ _d\"></span>fine <span class=\"_ _2\"></span>di <span class=\"_ _d\"></span>consentire <span class=\"_ _d\"></span>di <span class=\"_ _2\"></span>valutare <span class=\"_ _d\"></span>le necessarie azioni di mitigazione.<span class=\"fs6\">  </span>I  Rischi <span class=\"_ _22\"> </span>Operativi <span class=\"_ _22\"> </span>sono <span class=\"_ _4\"> </span>inoltre  monitorati <span class=\"_ _22\"> </span>all\u2019interno <span class=\"_ _22\"> </span>del <span class=\"_ _22\"> </span>pi\u00f9 <span class=\"_ _22\"> </span>ampio <span class=\"_ _4\"> </span>processo  di <span class=\"_ _22\"> </span>Risk <span class=\"_ _4\"> </span>App<span class=\"_ _1\"></span>etite Framework (RAF) di Gruppo (monitoraggio trimestrale). Al fine<span class=\"_ _1\"></span> di assicurare <span class=\"_ _1\"></span>un presidi<span class=\"_ _1\"></span>o nel continu<span class=\"_ _1\"></span>o, \u00e8 prevista una <span class=\"_ _f\"></span>r<span class=\"_ _2\"></span>endicontazione<span class=\"_ _1\"></span>, per sing<span class=\"_ _1\"></span>olo evento <span class=\"_ _1\"></span>di perdita <span class=\"_ _2\"></span>operativa <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>cui auto<span class=\"_ _2\"></span>nomia <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>delibe<span class=\"_ _1\"></span>ra <span class=\"_ _2\"></span>(definita <span class=\"_ _2\"></span>all\u2019interno <span class=\"_ _d\"></span>dei regolamenti <span class=\"_ _2\"></span>gi\u00e0 <span class=\"_ _2\"></span>vigenti <span class=\"_ _2\"></span>o, <span class=\"_ _2\"></span>in mancanza, <span class=\"_ _1\"></span>oltre la <span class=\"_ _f\"></span>soglia di <span class=\"_ _f\"></span>100<span class=\"_ _2\"></span><span class=\"ff5\">.000 \u20ac)<span class=\"_ _1\"></span> spetta <span class=\"_ _f\"></span>al Comitato <span class=\"_ _f\"></span>Esecutivo/Consiglio <span class=\"_ _1\"></span>di Ammin<span class=\"_ _1\"></span>istrazione, </span>dei <span class=\"_ _22\"> </span>cont<span class=\"_ _2\"></span>rolli <span class=\"_ _4\"> </span>che  non <span class=\"_ _4\"> </span>sono <span class=\"_ _4\"> </span>andati <span class=\"_ _4\"> </span>a <span class=\"_ _4\"> </span>buon <span class=\"_ _4\"> </span>fine<span class=\"_ _1\"></span> <span class=\"_ _4\"> </span>e <span class=\"_ _4\"> </span>delle <span class=\"_ _22\"> </span>azioni <span class=\"_ _4\"> </span>corrett<span class=\"_ _2\"></span>ive  di <span class=\"_ _4\"> </span>eventuali <span class=\"_ _4\"> </span>carenze organizzative <span class=\"_ _22\"> </span>e/o <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>processo/prodotto. <span class=\"_ _4\"> </span>Qualora  disponibili, <span class=\"_ _4\"> </span>l\u2019ORM <span class=\"_ _22\"> </span>periferico <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>volta <span class=\"_ _4\"> </span>in <span class=\"_ _22\"> </span>volta competente <span class=\"_ _2\"></span>inserisce <span class=\"_ _d\"></span>le <span class=\"_ _d\"></span>informazioni <span class=\"_ _d\"></span>oggetto <span class=\"_ _d\"></span>di <span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>endicontazione <span class=\"_ _2\"></span>in <span class=\"_ _d\"></span>seno <span class=\"_ _2\"></span>al<span class=\"_ _2\"></span>le <span class=\"_ _2\"></span>proposte <span class=\"_ _d\"></span>e <span class=\"_ _d\"></span>le <span class=\"_ _d\"></span>invia alle <span class=\"_ _4\"> </span>Funzioni <span class=\"_ _17\"> </span>preposte <span class=\"_ _4\"> </span>a <span class=\"_ _17\"> </span>seconda <span class=\"_ _4\"> </span>delle <span class=\"_ _17\"> </span>casistiche <span class=\"_ _4\"> </span>(a <span class=\"_ _17\"> </span>titolo <span class=\"_ _17\"> </span>esemplificativo, <span class=\"_ _4\"> </span>Servizio <span class=\"_ _17\"> </span>Audit <span class=\"_ _4\"> </span>e<span class=\"_ _2\"></span> Compliance). In ogni caso, le delibere assunte dal CE/CA sono inviat<span class=\"_ _2\"></span>e, pe<span class=\"_ _1\"></span>r opportuna conoscenza, al <span class=\"_ _2\"></span>Risk <span class=\"_ _2\"></span>Off<span class=\"_ _2\"></span>icer <span class=\"_ _2\"></span>della <span class=\"_ _2\"></span>Capogruppo <span class=\"_ _d\"></span>e <span class=\"_ _2\"></span>a <span class=\"_ _d\"></span>GEO. <span class=\"_ _2\"></span>GEO <span class=\"_ _d\"></span>verifica <span class=\"_ _2\"></span>semestralmente <span class=\"_ _d\"></span>che <span class=\"_ _2\"></span>le <span class=\"_ _2\"></span>F<span class=\"_ _2\"></span>unzioni <span class=\"_ _2\"></span>preposte<span class=\"_ _df\"> </span>siano state attiv<span class=\"_ _1\"></span>ate dagli <span class=\"_ _1\"></span>ORM Periferici e, l<span class=\"_ _1\"></span>addove questo non sia <span class=\"_ _1\"></span>accaduto, attiva d<span class=\"_ _1\"></span>irettamente le Funzioni preposte eventualmente coordinandosi con gli ORM Periferici<span class=\"_ _1\"></span>.<span class=\"_ _2\"></span> Inoltre, GEO <span class=\"_ _2\"></span>controlla <span class=\"_ _2\"></span>semestralmente, p<span class=\"_ _2\"></span>er BU/Servizio <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>Credembanca e <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>le s<span class=\"_ _2\"></span>ociet\u00e0 rilevant<span class=\"_ _2\"></span>i, che <span class=\"_ _d\"></span>le <span class=\"_ _d\"></span>r<span class=\"_ _2\"></span>ispettive <span class=\"_ _d\"></span>perdite <span class=\"_ _d\"></span>contabilizzate <span class=\"_ _d\"></span>nel <span class=\"_ _0\"></span>semestre/anno <span class=\"_ _d\"></span>di <span class=\"_ _0\"></span>riferimento <span class=\"_ _d\"></span>non <span class=\"_ _0\"></span>superino <span class=\"_ _d\"></span>il <span class=\"_ _d\"></span>relativo valore <span class=\"_ _0\"></span>di <span class=\"_ _9\"> </span>Perdita <span class=\"_ _9\"> </span>Attesa <span class=\"_ _9\"> </span>stimato <span class=\"_ _9\"> </span>in <span class=\"_ _0\"></span>ambito <span class=\"_ _9\"> </span>Risk <span class=\"_ _9\"> </span>Self <span class=\"_ _0\"> </span>Ass<span class=\"_ _2\"></span>essme<span class=\"_ _1\"></span>nt <span class=\"_ _9\"> </span>e, <span class=\"_ _0\"></span>nel <span class=\"_ _9\"> </span>caso <span class=\"_ _9\"> </span>in <span class=\"_ _9\"> </span>cui <span class=\"_ _0\"></span>ci\u00f2 <span class=\"_ _9\"> </span>accada, rendiconta nel CE di Credembanca<span class=\"sc2\"> </span>le motivazioni dell<span class=\"_ _1\"></span>o scostamento fornite dai Responsabili delle BU/Capi Se<span class=\"_ _1\"></span>rvizio di Credembanca. <span class=\"_ _1\"></span>Per le <span class=\"_ _1\"></span>singole societ\u00e0 rile<span class=\"_ _1\"></span>vanti, nel caso <span class=\"_ _1\"></span>in cui le <span class=\"_ _1\"></span>perdite risultino superiori <span class=\"_ _1\"></span>alla P<span class=\"_ _1\"></span>erdita Attesa, l<span class=\"_ _1\"></span>\u2019ORM <span class=\"_ _1\"></span>periferico d<span class=\"_ _1\"></span>ella societ\u00e0 <span class=\"_ _f\"></span>rendiconta nel <span class=\"_ _1\"></span>proprio CA <span class=\"_ _f\"></span>le motivazioni dello scostamento e ne d\u00e0 comunicaz<span class=\"_ _1\"></span>ione al Risk Officer della Capogruppo.<span class=\"_ _2\"></span> Il <span class=\"_ _d\"></span>sistema <span class=\"_ _0\"></span>di <span class=\"_ _d\"></span>report<span class=\"_ _2\"></span>ing <span class=\"_ _d\"></span>fornisce <span class=\"_ _d\"></span>agli <span class=\"_ _0\"></span>organi <span class=\"_ _d\"></span>aziendali <span class=\"_ _0\"></span>ed <span class=\"_ _0\"></span>ai <span class=\"_ _d\"></span>r<span class=\"_ _2\"></span>esponsabili <span class=\"_ _d\"></span>delle <span class=\"_ _d\"></span>fun<span class=\"_ _2\"></span>zioni <span class=\"_ _d\"></span>interessate informazioni <span class=\"_ _2\"></span>sul <span class=\"_ _2\"></span>livel<span class=\"_ _1\"></span>lo <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>esposizione ai <span class=\"_ _d\"></span>rischi <span class=\"_ _2\"></span>operativi<span class=\"_ _1\"></span> <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>rappresenta <span class=\"_ _2\"></span>uno <span class=\"_ _2\"></span>strumento <span class=\"_ _2\"></span>di supporto per la loro gestione attiva ed \u00e8 la sintesi dei<span class=\"_ _1\"></span> processi di misurazione, monitoraggio e controllo. <span class=\"_ _2\"></span> Il <span class=\"_ _1\"></span>processo <span class=\"ff5\">di <span class=\"_ _f\"></span>\u201cMitigazione\u201d <span class=\"_ _1\"></span>definisce <span class=\"_ _1\"></span>le <span class=\"_ _1\"></span>azioni <span class=\"_ _1\"></span>da intraprend<span class=\"_ _1\"></span>ere p<span class=\"_ _1\"></span>er la <span class=\"_ _f\"></span>prevenzione <span class=\"_ _f\"></span>e l\u2019attenuazione </span>dei rischi operativi ed \u00e8 composto dall<span class=\"_ _1\"></span>e seguenti procedure:<span class=\"_ _2\"></span> -<span class=\"_ _28\"> </span><span class=\"ff5\">Analisi <span class=\"_ _1\"></span>gestionale: <span class=\"_ _f\"></span>consist<span class=\"_ _2\"></span>e <span class=\"_ _f\"></span>nell\u2019analisi <span class=\"_ _f\"></span>delle <span class=\"_ _1\"></span>criticit\u00e0 <span class=\"_ _1\"></span>emerse <span class=\"_ _f\"></span>e delle <span class=\"_ _f\"></span>diverse <span class=\"_ _1\"></span>possibili <span class=\"_ _f\"></span>so<span class=\"_ _2\"></span>luzioni<span class=\"_ _df\"> </span></span>a <span class=\"_ _4\"> </span>d<span class=\"ff5\">isposizione  nell\u2019ambito <span class=\"_ _4\"> </span>delle <span class=\"_ _4\"> </span>tradizionali <span class=\"_ _4\"> </span>modalit\u00e0 <span class=\"_ _22\"> </span>alternative <span class=\"_ _4\"> </span>di <span class=\"_ _22\"> </span>gestione <span class=\"_ _4\"> </span>del <span class=\"_ _4\"> </span>rischio </span>(ritenzione, trasferimento, mitigazione), in ottica costi-benefici;<span class=\"_ _df\"> </span>-<span class=\"_ _28\"> </span><span class=\"ff5\">Gestione <span class=\"_ _2\"></span>dell\u2019attivit\u00e0 di mitigazione: consist<span class=\"_ _2\"></span>e nella scelta, pianifi<span class=\"_ _2\"></span>cazione,<span class=\"_ _1\"></span> a<span class=\"_ _2\"></span>vvio delle att<span class=\"_ _2\"></span>ivit\u00e0, </span>implementazione <span class=\"_ _f\"></span>e comple<span class=\"_ _1\"></span>tamento deg<span class=\"_ _1\"></span>li <span class=\"_ _f\"></span>interventi di <span class=\"_ _f\"></span>mitigazione me<span class=\"_ _1\"></span>ssi <span class=\"_ _1\"></span>in <span class=\"_ _f\"></span>at<span class=\"_ _2\"></span>to <span class=\"_ _f\"></span>e succe<span class=\"_ _1\"></span>ssivo controllo dell\u2019avanzamento e dell\u2019efficaci<span class=\"_ _1\"></span>a degli interventi di mitigazione del rischio attuati;<span class=\"_ _df\"> </span>-<span class=\"_ _28\"> </span><span class=\"ff4\">Gestione <span class=\"_ _0\"> </span>delle <span class=\"_ _9\"> </span>forme <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>tr<span class=\"_ _2\"></span>asferimento: <span class=\"_ _d\"></span>consist<span class=\"_ _2\"></span>e <span class=\"_ _0\"></span>nella <span class=\"_ _0\"></span>individuazione, <span class=\"_ _9\"> </span>valutazione, <span class=\"_ _0\"></span>scelta <span class=\"_ _9\"> </span>e </span>gestione delle diverse forme di trasferimento del rischio (es. poli<span class=\"_ _1\"></span>zze assicurative).<span class=\"_ _df\"> </span>Le <span class=\"_ _f\"></span>azioni <span class=\"_ _1\"></span>di <span class=\"_ _f\"></span>mitigazione <span class=\"_ _1\"></span>definite <span class=\"_ _f\"></span>nel <span class=\"_ _1\"></span>reporting <span class=\"_ _f\"></span>vengono i<span class=\"_ _1\"></span>noltre i<span class=\"_ _1\"></span>ncluse <span class=\"_ _f\"></span>nel <span class=\"_ _f\"></span>processo di<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>pianificazione operativa. Al <span class=\"_ _f\"></span>31 dicembre <span class=\"_ _f\"></span>2025, <span class=\"_ _1\"></span>le <span class=\"_ _1\"></span>attivit\u00e0 ponde<span class=\"_ _1\"></span>rate <span class=\"_ _1\"></span>per <span class=\"_ _f\"></span>il rischio <span class=\"_ _f\"></span>operativo si <span class=\"_ _f\"></span>attestano a <span class=\"_ _f\"></span>3.499 <span class=\"_ _1\"></span>milioni <span class=\"_ _f\"></span>di eu<span class=\"_ _1\"></span>ro (requisito <span class=\"_ _d\"></span>patrimoniale <span class=\"_ _2\"></span>pari <span class=\"_ _d\"></span>a <span class=\"_ _2\"></span>279,9 <span class=\"_ _2\"></span>milioni <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>euro), <span class=\"_ _2\"></span>in <span class=\"_ _d\"></span>applicazione <span class=\"_ _2\"></span>del <span class=\"_ _d\"></span>nuovo <span class=\"_ _2\"></span>approccio <span class=\"_ _d\"></span>previsto dalla <span class=\"_ _4\"> </span>CRR3. <span class=\"_ _4\"> </span>Il  r<span class=\"_ _2\"></span>equisito <span class=\"_ _4\"> </span>\u00e8 <span class=\"_ _22\"> </span>determinato <span class=\"_ _4\"> </span>sulla <span class=\"_ _4\"> </span>base <span class=\"_ _4\"> </span>della <span class=\"_ _22\"> </span>media <span class=\"_ _4\"> </span>storica <span class=\"_ _4\"> </span>triennale <span class=\"_ _4\"> </span>del <span class=\"_ _4\"> </span>Business Indicator, <span class=\"_ _4\"> </span>risultante <span class=\"_ _4\"> </span>dall'aggregazione <span class=\"_ _4\"> </span>delle <span class=\"_ _4\"> </span>componenti <span class=\"_ _4\"> </span>Interest, <span class=\"_ _4\"> </span>Lease <span class=\"_ _4\"> </span>and <span class=\"_ _4\"> </span>Divid<span class=\"_ _1\"></span>end <span class=\"_ _4\"> </span>(ILDC), Service <span class=\"_ _d\"></span>(SC) <span class=\"_ _d\"></span>e <span class=\"_ _d\"></span>Financial <span class=\"_ _d\"></span>(FC), <span class=\"_ _d\"></span>a <span class=\"_ _0\"></span>cui <span class=\"_ _d\"></span>vengono <span class=\"_ _d\"></span>applicate <span class=\"_ _d\"></span>le <span class=\"_ _d\"></span>aliquot<span class=\"_ _2\"></span>e <span class=\"_ _d\"></span>progressive <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>ponderazione. <span class=\"_ _d\"></span>Il calcolo finale incorpora un Internal Loss Multip<span class=\"_ _1\"></span>lier (ILM) pari a 1.<span class=\"_ _2\"></span> RISCHI<span class=\"_ _f\"></span> LEGALI<span class=\"_ _f\"></span> Il Gruppo, nel normale svolgi<span class=\"_ _1\"></span>mento <span class=\"_ _2\"></span>dell<span class=\"_ _1\"></span>a propria attivit\u00e0 d\u2019impresa, \u00e8 parte di diversi procedimenti<span class=\"_ _1\"></span> giudiziari <span class=\"_ _d\"></span>dai <span class=\"_ _0\"></span>quali <span class=\"_ _d\"></span>potrebbero <span class=\"_ _0\"></span>anche <span class=\"_ _0\"></span>derivare <span class=\"_ _d\"></span>obblighi <span class=\"_ _0\"></span>di <span class=\"_ _d\"></span>natura <span class=\"_ _0\"></span>risarcitoria <span class=\"_ _0\"></span>e/o <span class=\"_ _d\"></span>restitutoria, <span class=\"_ _0\"></span>con conseguente possibile esborso di risorse economiche<span class=\"_ _f\"></span> <span class=\"_ _2\"></span>(c.d. rischio legale)<span class=\"_ _1\"></span>. Tutte le controversie in essere <span class=\"_ _9\"> </span>sono <span class=\"_ _9\"> </span>state <span class=\"_ _9\"> </span>debitamente <span class=\"_ _9\"> </span>analizzate <span class=\"_ _9\"> </span>dalla <span class=\"_ _9\"> </span>Banca <span class=\"_ _16\"> </span>e, <span class=\"_ _0\"></span>alla <span class=\"_ _16\"> </span>luce <span class=\"_ _0\"> </span>di <span class=\"_ _9\"> </span>t<span class=\"_ _2\"></span>ale <span class=\"_ _0\"> </span>anal<span class=\"_ _2\"></span>isi, <span class=\"_ _9\"> </span>nonch\u00e9 <span class=\"_ _0\"> </span>d<span class=\"_ _2\"></span>elle indicazioni <span class=\"_ _4\"> </span>anche <span class=\"_ _17\"> </span>provenienti <span class=\"_ _4\"> </span>dai <span class=\"_ _17\"> </span>Legali <span class=\"_ _4\"> </span>Fid<span class=\"_ _2\"></span>uciari <span class=\"_ _4\"> </span>esterni, <span class=\"_ _4\"> </span>so<span class=\"_ _2\"></span>no <span class=\"_ _4\"> </span>stati <span class=\"_ _17\"> </span>effettuati,<span class=\"_ _2\"></span> <span class=\"_ _4\"> </span>ove <span class=\"_ _17\"> </span>ritenuto necessario, <span class=\"_ _f\"></span>accantonamenti a <span class=\"_ _f\"></span>bilancio <span class=\"_ _f\"></span>nella <span class=\"_ _1\"></span>misura <span class=\"_ _1\"></span>idonea <span class=\"_ _f\"></span>ed <span class=\"_ _f\"></span>ap<span class=\"_ _2\"></span>propriata <span class=\"_ _f\"></span>alle sing<span class=\"_ _1\"></span>ole <span class=\"_ _f\"></span>circos<span class=\"_ _2\"></span>tanze. Pi\u00f9 <span class=\"_ _2\"></span>in <span class=\"_ _d\"></span>particolare <span class=\"_ _d\"></span>\u00e8 <span class=\"_ _2\"></span>cos<span class=\"_ _2\"></span>tituito <span class=\"_ _d\"></span>un <span class=\"_ _2\"></span>fondo <span class=\"_ _d\"></span>rischi <span class=\"_ _d\"></span>ed <span class=\"_ _2\"></span>oneri <span class=\"_ _d\"></span>diversi <span class=\"_ _2\"></span>a <span class=\"_ _d\"></span>presidio <span class=\"_ _d\"></span>delle <span class=\"_ _2\"></span>potenziali <span class=\"_ _d\"></span>passivit\u00e0 che potrebbero scaturire dalle cause pendenti. La maggior parte <span class=\"_ _1\"></span>di tali controversie <span class=\"_ _1\"></span>sono riconducibi<span class=\"_ _1\"></span>li alle principali <span class=\"_ _1\"></span>attivit\u00e0 del Gruppo e<span class=\"_ _1\"></span> possono riguardarei servizi di investiment<span class=\"_ _2\"></span>o, l\u2019anatocismo, i sist<span class=\"_ _2\"></span>emi/mezzi di pagamento, i pignoramenti, l<span class=\"_ _2\"></span>a \u201ccessione <span class=\"_ _22\"> </span>del <span class=\"_ _4\"> </span>quinto\u201d <span class=\"_ _22\"> </span>(per <span class=\"_ _4\"> </span>queste <span class=\"_ _22\"> </span>ultime, <span class=\"_ _4\"> </span>in  r<span class=\"_ _2\"></span><span class=\"ff4\">agione <span class=\"_ _22\"> </span>della <span class=\"_ _4\"> </span>numerosit\u00e0 <span class=\"_ _4\"> </span>e <span class=\"_ _22\"> </span>della <span class=\"_ _4\"> </span>ricorrenza <span class=\"_ _22\"> </span>del </span>fenomeno, <span class=\"_ _f\"></span>\u00e8 <span class=\"_ _f\"></span>stato p<span class=\"_ _1\"></span>redisposto <span class=\"_ _f\"></span>un <span class=\"_ _f\"></span>apposito <span class=\"_ _f\"></span>accantonamento <span class=\"_ _1\"></span>volto <span class=\"_ _f\"></span>a <span class=\"_ _f\"></span>gestire <span class=\"_ _1\"></span>contenziosi <span class=\"_ _f\"></span>e <span class=\"_ _f\"></span>reclami).<span class=\"_ _2\"></span> Per il <span class=\"_ _2\"></span>dettaglio <span class=\"_ _2\"></span>sulle fattispecie cor<span class=\"_ _2\"></span>relate ai <span class=\"_ _2\"></span>rischi sopra <span class=\"_ _2\"></span>illustrati si <span class=\"_ _2\"></span>rimanda alla <span class=\"_ _2\"></span>Nota Integrativa <span class=\"_ _d\"></span><span class=\"ff5\">\u2013</span> Parte B <span class=\"ff5\">\u2013</span> Sezione 10. Linee <span class=\"_ _1\"></span>evolu<span class=\"_ _1\"></span>tive <span class=\"_ _1\"></span>nella<span class=\"_ _f\"></span> gestione<span class=\"_ _f\"></span> della co<span class=\"_ _f\"></span>mponent<span class=\"_ _1\"></span>e di <span class=\"_ _1\"></span>rischio<span class=\"_ _f\"></span> operat<span class=\"_ _1\"></span>ivo<span class=\"_ _1\"></span>  Nel corso <span class=\"_ _2\"></span>della campagna di <span class=\"_ _2\"></span>RSA svolta <span class=\"_ _2\"></span>nel 2025 <span class=\"_ _2\"></span>sono stati <span class=\"_ _2\"></span>consolidati gli scenari E<span class=\"_ _2\"></span>nvironmental, Social and Governance gi\u00e0 valutati durante il precedente e<span class=\"_ _1\"></span>sercizio.<span class=\"_ _2\"></span> Inoltre, <span class=\"_ _d\"></span>a <span class=\"_ _0\"></span>partire <span class=\"_ _0\"></span>dal <span class=\"_ _d\"></span>primo <span class=\"_ _0\"></span>semestre <span class=\"_ _0\"></span>2025, <span class=\"_ _d\"></span>s<span class=\"_ _2\"></span>ono <span class=\"_ _d\"></span>stati <span class=\"_ _0\"></span>introdotti <span class=\"_ _d\"></span>dei <span class=\"_ _d\"></span>K<span class=\"_ _2\"></span>ey <span class=\"_ _d\"></span>Risk <span class=\"_ _d\"></span>In<span class=\"_ _2\"></span>dicator <span class=\"_ _d\"></span>(KRI) <span class=\"_ _0\"></span>che mirano <span class=\"_ _2\"></span>ad <span class=\"_ _2\"></span>assicurare <span class=\"_ _2\"></span>un adeguato <span class=\"_ _d\"></span>e compiuto <span class=\"_ _2\"></span>monitoraggio <span class=\"_ _2\"></span>gestionale <span class=\"_ _2\"></span>del profilo <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>esposizione al <span class=\"_ _4\"> </span>rischio <span class=\"_ _4\"> </span>operativo <span class=\"_ _4\"> </span>del <span class=\"_ _4\"> </span>Gruppo, <span class=\"_ _17\"> </span>in <span class=\"_ _4\"> </span>aggiunta <span class=\"_ _4\"> </span>agli <span class=\"_ _4\"> </span>indicatori <span class=\"_ _17\"> </span>gi\u00e0 <span class=\"_ _17\"> </span>individuati <span class=\"_ _4\"> </span>in <span class=\"_ _4\"> </span>ambito <span class=\"_ _4\"> </span>RAF. <span class=\"_ _17\"> </span>In particolare, <span class=\"_ _14\"> </span>tali <span class=\"_ _15\"> </span>indicatori <span class=\"_ _14\"> </span>gestionali <span class=\"_ _14\"> </span>implementati <span class=\"_ _14\"> </span>sono <span class=\"_ _15\"> </span>finalizzati <span class=\"_ _14\"> </span>ad <span class=\"_ _14\"> </span>intercettare <span class=\"_ _15\"> </span>e <span class=\"_ _14\"> </span>gestire tempestivamente eventuali <span class=\"_ _2\"></span>incrementi significativi <span class=\"_ _2\"></span>nel pro<span class=\"_ _2\"></span>filo di <span class=\"_ _2\"></span>rischio operativo, <span class=\"_ _2\"></span>anche in <span class=\"_ _2\"></span>ottica di definizione di opportune strategie di risposta (es. azioni di mitigazione del rischio)<span class=\"_ _1\"></span>.<span class=\"_ _2\"></span> Per <span class=\"_ _0\"></span>il <span class=\"_ _0\"></span>2026, <span class=\"_ _0\"></span>la <span class=\"_ _9\"> </span>classificazione<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>degli <span class=\"_ _0\"></span>eventi <span class=\"_ _9\"> </span>di <span class=\"_ _0\"></span>rischio <span class=\"_ _0\"></span>operativo <span class=\"_ _0\"></span>sar\u00e0 <span class=\"_ _0\"></span>rivista <span class=\"_ _0\"></span>ed <span class=\"_ _0\"></span>adeguata <span class=\"_ _0\"></span>alla <span class=\"_ _9\"> </span>luce dell\u2019EBA/RTS/2025/03 e successive modifiche.<span class=\"_ _df\"> </span>Inform<span class=\"_ _1\"></span>azio<span class=\"_ _f\"></span>ni di natura<span class=\"_ _f\"></span> quantita<span class=\"_ _f\"></span>tiva Si <span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>iporta <span class=\"_ _2\"></span>di <span class=\"_ _d\"></span>seguito <span class=\"_ _d\"></span>la <span class=\"_ _2\"></span>composizione <span class=\"_ _2\"></span>percentuale <span class=\"_ _d\"></span>delle <span class=\"_ _d\"></span>perdite <span class=\"_ _d\"></span>operative <span class=\"_ _2\"></span>del <span class=\"_ _d\"></span>Gruppo <span class=\"_ _2\"></span>Credem <span class=\"_ _d\"></span>per tipologie di evento: <span class=\"_ _2c\"> </span><span class=\"ff4\">ET 01 - <span class=\"_ _2\"></span>Frodi Interne </span><span class=\"_ _2c\"> </span><span class=\"ff4\">ET 02 - Frodi esterne<span class=\"_ _df\"> </span></span><span class=\"_ _2c\"> </span><span class=\"ff4\">ET 03 - Relazioni con il personale e sicurezza dell'ambiente di lavoro<span class=\"_ _df\"> </span></span><span class=\"_ _2c\"> </span><span class=\"ff4\">ET 04 <span class=\"_ _2\"></span>- Rapporti con clie<span class=\"_ _f\"></span>nt<span class=\"_ _2\"></span>i, prestazioni di servizi o prodotti<span class=\"_ _df\"> </span></span><span class=\"_ _2c\"> </span><span class=\"ff4\">ET 05 <span class=\"_ _2\"></span>- Disastri ed alt<span class=\"_ _1\"></span>ri eventi<span class=\"_ _df\"> </span></span><span class=\"_ _2c\"> </span><span class=\"ff4\">ET 06 - Sistemi </span><span class=\"_ _2c\"> </span><span class=\"ff4\">ET 07 <span class=\"_ _2\"></span>- Esecuzi<span class=\"_ _1\"></span>one, gestione, consegna di prodotti o servizi<span class=\"_ _df\"> </span></span>Nel corso <span class=\"_ _f\"></span>del 2025, <span class=\"_ _f\"></span>la principale <span class=\"_ _f\"></span>f<span class=\"_ _2\"></span>onte d<span class=\"_ _1\"></span>i rischio <span class=\"_ _f\"></span>operativo, per <span class=\"_ _f\"></span>impor<span class=\"_ _2\"></span>to <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>perdita, <span class=\"_ _1\"></span>\u00e8 risul<span class=\"_ _1\"></span>tata essere la <span class=\"_ _d\"></span>tipol<span class=\"ff5\">ogia <span class=\"_ _0\"></span>di <span class=\"_ _d\"></span>evento <span class=\"_ _d\"></span>\u201cRapporti <span class=\"_ _d\"></span>con <span class=\"_ _0\"></span>Clienti, <span class=\"_ _d\"></span>prestazioni <span class=\"_ _d\"></span>di <span class=\"_ _0\"></span>servizi <span class=\"_ _d\"></span>o <span class=\"_ _d\"></span>prodotti\u201d <span class=\"_ _0\"></span>(ET04). <span class=\"_ _d\"></span>La <span class=\"_ _d\"></span>seconda </span>fonte <span class=\"_ _16\"> </span>di <span class=\"_ _9\"> </span>r<span class=\"_ _2\"></span>ischio <span class=\"_ _9\"> </span>operativo  si <span class=\"_ _9\"> </span>riferisce  all<span class=\"_ _f\"></span>e  perdite <span class=\"_ _9\"> </span>dov<span class=\"_ _2\"></span>ute <span class=\"_ _9\"> </span>a  \u201cFrodi <span class=\"_ _9\"> </span>Est<span class=\"_ _2\"></span>erne\u201d <span class=\"_ _9\"> </span>(ET  02) <span class=\"_ _9\"> </span>seguita  da<span class=\"_ _f\"></span> \u201cEsecuzione, gestione e consegna di prodotti o servizi\u201d (ET<span class=\"_ _1\"></span>07)\u201d.<span class=\"_ _2\"></span><span class=\"ff4\"> </span>Le<span class=\"ls0\"> <span class=\"ff5\">restanti tipologie di perdita hanno un\u2019incidenza comple<span class=\"_ _f\"></span>s<span class=\"_ _2\"></span>siva inferiore al 1%.<span class=\"_ _2\"></span><span class=\"ff4\"> </span></span></span>L\u2019incidenza <span class=\"_ _0\"></span>delle <span class=\"_ _9\"> </span>perdite <span class=\"_ _0\"></span>legat<span class=\"_ _2\"></span>e <span class=\"_ _0\"></span>a <span class=\"_ _9\"> </span>malfunzionamento <span class=\"_ _0\"></span>dei <span class=\"_ _9\"> </span>sistemi <span class=\"_ _9\"> </span>tecnologici <span class=\"_ _0\"></span>(ET <span class=\"_ _9\"> </span>06) <span class=\"_ _9\"> </span>\u00e8 <span class=\"_ _0\"></span>r<span class=\"_ _2\"></span>isultata marginale.  Infine, la <span class=\"_ _2\"></span>quasi t<span class=\"_ _2\"></span>otalit\u00e0 delle perdite <span class=\"_ _2\"></span>riconducibili al <span class=\"_ _2\"></span>\u201cConduct Ri<span class=\"_ _2\"></span>sk\u201d si <span class=\"_ _2\"></span>riferisce agli <span class=\"_ _2\"></span>Event Type <span class=\"_ _2\"></span>01 e 04.",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-839": {
   "value": "10.2 <span class=\"_ _1\"></span>Fondi<span class=\"_ _1\"></span> per <span class=\"_ _1\"></span>rischi<span class=\"_ _1\"></span> e one<span class=\"_ _f\"></span>ri: vari<span class=\"_ _1\"></span>azioni<span class=\"_ _1\"></span> annu<span class=\"_ _1\"></span>e<table class=\"s wbda h503\" id=\"_6a3305f9-0236-4caa-82a4-4677bdd63e10\"><tr><td></td><td class=\"c x5e7 y2b46 wbdb h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">Fondi<span class=\"_ _f\"></span> su alt<span class=\"_ _1\"></span>ri<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td></tr><tr><td></td><td class=\"c x5e8 y2b47 wbdc h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">impe<span class=\"_ _1\"></span>gni<span class=\"_ _1\"></span> e alt<span class=\"_ _1\"></span>re<span class=\"_ _df\"> </span></div></td><td class=\"c x5e9 y2b47 wbdd h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">Fondi<span class=\"_ _f\"></span> di<span class=\"_ _df\"> </span></div></td><td class=\"c x5ea y2b47 wbde h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">Altri f<span class=\"_ _f\"></span>ondi per<span class=\"_ _df\"> </span></div></td><td class=\"c x5eb y2b48 w273 h18f\"><div class=\"t m0 x33 h1f ycd2 ff4 fs7 fc4 sc3 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale </div></td></tr><tr><td></td><td class=\"c x5ec y2b49 wbdf h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">gara<span class=\"_ _f\"></span>nzie<span class=\"_ _df\"> </span></div></td><td class=\"c x5ed y2b49 wbe0 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">quies<span class=\"_ _f\"></span>cenza<span class=\"_ _df\"> </span></div></td><td class=\"c x5ee y2b49 wbe1 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">risch<span class=\"_ _1\"></span>i ed o<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>ri<span class=\"_ _df\"> </span></div></td><td></td></tr><tr><td></td><td class=\"c x5ef y2b4a wbe2 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">rilas<span class=\"_ _f\"></span>ciate<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td></tr><tr><td class=\"c x44e y2b4b w453 hc8\"><div class=\"t m0 x10 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">A. Es<span class=\"_ _1\"></span>iste<span class=\"_ _1\"></span>nze i<span class=\"_ _1\"></span>nizia<span class=\"_ _f\"></span>li </div></td><td class=\"c x4e5 y2b4b wcb hc8\"><div class=\"t m0 x91 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">4.509<span class=\"_ _f\"></span> </div></td><td class=\"c x58c y2b4b w3d hc8\"><div class=\"t m0 x90 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">1.09<span class=\"_ _1\"></span>0 </div></td><td class=\"c x5f0 y2b4b wcb hc8\"><div class=\"t m0 x30 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">235.<span class=\"_ _f\"></span>292 </div></td><td class=\"c x5eb y2b4b wcb hc8\"><div class=\"t m0 x15 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">240.<span class=\"_ _f\"></span>891 </div></td></tr><tr><td class=\"c x44e y2b4c w453 hc8\"><div class=\"t m0 x10 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">B. A<span class=\"_ _1\"></span>umen<span class=\"_ _f\"></span>ti </div></td><td class=\"c x4e5 y2b4c wcb hc8\"><div class=\"t m0 x1c h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">2.117<span class=\"_ _f\"></span> </div></td><td class=\"c x58c y2b4c w3d hc8\"><div class=\"t m0 x49 h1f y28b ff4 fs7 fc1 sc2 lsbc ws0\">35<span class=\"ls0\"> </span></div></td><td class=\"c x5f0 y2b4c wcb hc8\"><div class=\"t m0 x15 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">106.<span class=\"_ _1\"></span>825 </div></td><td class=\"c x5eb y2b4c wcb hc8\"><div class=\"t m0 x36 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">108.9<span class=\"_ _f\"></span>77 </div></td></tr><tr><td class=\"c x44e y2b4d w453 hc8\"><div class=\"t m0 x116 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">B.1 Accantonamen<span class=\"_ _1\"></span>to dell'esercizi<span class=\"_ _1\"></span>o<span class=\"_ _df\"> </span></div></td><td class=\"c x4e5 y2b4d wcb hc8\"><div class=\"t m0 x1c h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">2.117 </div></td><td class=\"c x58c y2b4d w3d hc8\"><div class=\"t m0 x49 h1f ye4c ff4 fs7 fc1 sc0 ls27 ws0\">35<span class=\"ls0\"> </span></div></td><td class=\"c x5f0 y2b4d wcb hc8\"><div class=\"t m0 x36 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">104.415 </div></td><td class=\"c x5eb y2b4d wcb hc8\"><div class=\"t m0 x15 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">106.567 </div></td></tr><tr><td class=\"c x44e y2b4e w453 hc8\"><div class=\"t m0 x116 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">B.2 Variazioni d<span class=\"_ _1\"></span>ovute al passare<span class=\"_ _1\"></span> del temp<span class=\"_ _1\"></span>o<span class=\"_ _df\"> </span></div></td><td class=\"c x4e5 y2b4e wcb hc8\"><div class=\"t m0 x11d h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x58c y2b4e w3d hc8\"><div class=\"t m0 x11d h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5f0 y2b4e wcb hc8\"><div class=\"t m0 x90 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">1.006 </div></td><td class=\"c x5eb y2b4e wcb hc8\"><div class=\"t m0 x90 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">1.006 </div></td></tr><tr><td class=\"c x44e y2b4f w453 hc8\"><div class=\"t m0 x116 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">B.3 Variazioni do<span class=\"_ _1\"></span>vute a modifiche de<span class=\"_ _f\"></span>l tasso di sconto<span class=\"_ _df\"> </span></div></td><td class=\"c x4e5 y2b4f wcb hc8\"><div class=\"t m0 x11d h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x58c y2b4f w3d hc8\"><div class=\"t m0 x11d h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5f0 y2b4f wcb hc8\"><div class=\"t m0 x49 h1f y28b ff4 fs7 fc1 sc0 ls32 ws0\">55<span class=\"ls0\"> </span></div></td><td class=\"c x5eb y2b4f wcb hc8\"><div class=\"t m0 x49 h1f y28b ff4 fs7 fc1 sc0 ls32 ws0\">55<span class=\"ls0\"> </span></div></td></tr><tr><td class=\"c x44e y2b50 w453 hc8\"><div class=\"t m0 x116 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">B.4 Altre variazi<span class=\"_ _1\"></span>oni<span class=\"_ _df\"> </span></div></td><td class=\"c x4e5 y2b50 wcb hc8\"><div class=\"t m0 x11d h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x58c y2b50 w3d hc8\"><div class=\"t m0 x11d h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5f0 y2b50 wcb hc8\"><div class=\"t m0 x90 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">1.349 </div></td><td class=\"c x5eb y2b50 wcb hc8\"><div class=\"t m0 x90 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">1.349 </div></td></tr><tr><td class=\"c x44e y2b51 w453 hc8\"><div class=\"t m0 x32 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- di cui operazio<span class=\"_ _1\"></span>ni di aggregaz<span class=\"_ _1\"></span>ione aziendale </div></td><td class=\"c x4e5 y2b51 wcb hc8\"><div class=\"t m0 x11d h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x58c y2b51 w3d hc8\"><div class=\"t m0 x11d h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5f0 y2b51 wcb hc8\"><div class=\"t m0 x11d h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5eb y2b51 wcb hc8\"><div class=\"t m0 x11d h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2b52 w453 hc8\"><div class=\"t m0 x10 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">C. Dim<span class=\"_ _f\"></span>inuzion<span class=\"_ _f\"></span>i </div></td><td class=\"c x4e5 y2b52 wcb hc8\"><div class=\"t m0 xa3 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">316 </div></td><td class=\"c x58c y2b52 w3d hc8\"><div class=\"t m0 xc7 h1f y28b ff4 fs7 fc1 sc2 ls9 ws0\">115<span class=\"ls0\"> </span></div></td><td class=\"c x5f0 y2b52 wcb hc8\"><div class=\"t m0 x13 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">113.4<span class=\"_ _1\"></span>18 </div></td><td class=\"c x5eb y2b52 wcb hc8\"><div class=\"t m0 x36 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">113.8<span class=\"_ _1\"></span>49 </div></td></tr><tr><td class=\"c x44e y2b53 w453 hc8\"><div class=\"t m0 x116 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">C.1 Utilizzo nell'e<span class=\"_ _1\"></span>sercizio<span class=\"_ _df\"> </span></div></td><td class=\"c x4e5 y2b53 wcb hc8\"><div class=\"t m0 xa3 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">316 </div></td><td class=\"c x58c y2b53 w3d hc8\"><div class=\"t m0 x49 h1f ye4c ff4 fs7 fc1 sc0 ls34 ws0\">74<span class=\"ls0\"> </span></div></td><td class=\"c x5f0 y2b53 wcb hc8\"><div class=\"t m0 x36 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">112.823 </div></td><td class=\"c x5eb y2b53 wcb hc8\"><div class=\"t m0 x13 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">113.213 </div></td></tr><tr><td class=\"c x44e y2b54 w453 h227\"><div class=\"t m0 x116 h1f y1534 ff4 fs7 fc1 sc0 ls0 ws0\">C.2 Variazioni dovu<span class=\"_ _f\"></span>t<span class=\"_ _2\"></span>e a m<span class=\"_ _1\"></span>odifiche del tass<span class=\"_ _1\"></span>o di sconto<span class=\"_ _df\"> </span></div></td><td class=\"c x4e5 y2b54 wcb h227\"><div class=\"t m0 x11d h1f y1534 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x58c y2b54 w3d h227\"><div class=\"t m0 x11d h1f y1534 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5f0 y2b54 wcb h227\"><div class=\"t m0 xf0 h1f y1534 ff4 fs7 fc1 sc0 ls9 ws0\">11<span class=\"ls0\"> </span></div></td><td class=\"c x5eb y2b54 wcb h227\"><div class=\"t m0 xf0 h1f y1534 ff4 fs7 fc1 sc0 ls9 ws0\">11<span class=\"ls0\"> </span></div></td></tr><tr><td class=\"c x44e y2b55 w453 hc8\"><div class=\"t m0 x116 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">C.3 Altre variazi<span class=\"_ _1\"></span>oni<span class=\"_ _df\"> </span></div></td><td class=\"c x4e5 y2b55 wcb hc8\"><div class=\"t m0 x11d h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x58c y2b55 w3d hc8\"><div class=\"t m0 x1af h1f y28b ff4 fs7 fc1 sc0 lsa ws0\">41<span class=\"ls0\"> </span></div></td><td class=\"c x5f0 y2b55 wcb hc8\"><div class=\"t m0 xc6 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">584 </div></td><td class=\"c x5eb y2b55 wcb hc8\"><div class=\"t m0 xc6 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">625 </div></td></tr><tr><td class=\"c x44e y2b56 w453 hc8\"><div class=\"t m0 x32 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- di cui operazio<span class=\"_ _1\"></span>ni di aggregaz<span class=\"_ _1\"></span>ione aziendale </div></td><td class=\"c x4e5 y2b56 wcb hc8\"><div class=\"t m0 x11d h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x58c y2b56 w3d hc8\"><div class=\"t m0 x11d h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5f0 y2b56 wcb hc8\"><div class=\"t m0 x11d h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5eb y2b56 wcb hc8\"><div class=\"t m0 x11d h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2b57 w453 hc8\"><div class=\"t m0 x10 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">D. Rim<span class=\"_ _f\"></span>anenz<span class=\"_ _1\"></span>e fin<span class=\"_ _f\"></span>ali </div></td><td class=\"c x4e5 y2b57 wcb hc8\"><div class=\"t m0 x90 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">6.310<span class=\"_ _f\"></span> </div></td><td class=\"c x58c y2b57 w3d hc8\"><div class=\"t m0 x7 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">1.010<span class=\"_ _f\"></span> </div></td><td class=\"c x5f0 y2b57 wcb hc8\"><div class=\"t m0 x30 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">228.6<span class=\"_ _f\"></span>99 </div></td><td class=\"c x5eb y2b57 wcb hc8\"><div class=\"t m0 x15 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">236.0<span class=\"_ _f\"></span>19 </div></td></tr></table>10.3 <span class=\"_ _1\"></span>Fondi <span class=\"_ _f\"></span>per rischi<span class=\"_ _1\"></span>o di <span class=\"_ _1\"></span>credit<span class=\"_ _1\"></span>o re<span class=\"_ _1\"></span>lativ<span class=\"_ _1\"></span>o a i<span class=\"_ _1\"></span>mpegni<span class=\"_ _1\"></span> e ga<span class=\"_ _f\"></span>ranzie fina<span class=\"_ _f\"></span>nziarie r<span class=\"_ _f\"></span>ilasciate<table class=\"s wbe3 h504\" id=\"_e16f72bf-80b1-4979-bc50-ffeb89aaec15\"><tr><td></td><td></td><td></td><td></td><td></td><td class=\"c x5f1 y2b58 w454 h9f\"><div class=\"t m0 x3a h1f yd65 ff4 fs7 fc4 sc3 ls0 ws0\">Fondi<span class=\"_ _f\"></span> per ris<span class=\"_ _1\"></span>chio<span class=\"_ _1\"></span> di cr<span class=\"_ _1\"></span>edit<span class=\"_ _f\"></span>o relati<span class=\"_ _1\"></span>vo a i<span class=\"_ _f\"></span>mpegn<span class=\"_ _f\"></span>i e gar<span class=\"_ _1\"></span>anz<span class=\"_ _1\"></span>ie fin<span class=\"_ _f\"></span>anziarie<span class=\"_ _1\"></span> rilas<span class=\"_ _f\"></span>ciate </div></td><td></td><td></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td class=\"c x5f2 y2b59 w9a0 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc4 sc3 ls0 ws0\">Impa<span class=\"_ _f\"></span>ired<span class=\"_ _df\"> </span></div></td><td></td><td></td></tr><tr><td></td><td></td><td class=\"c x5f1 y2b5a w5b h294\"><div class=\"t m0 x8e h1f y508 ff4 fs7 fc4 sc3 ls0 ws0\">Prim<span class=\"_ _1\"></span>o sta<span class=\"_ _f\"></span>dio </div></td><td class=\"c x5f3 y2b5a w455 h294\"><div class=\"t m0 x10 h1f y508 ff4 fs7 fc4 sc3 ls0 ws0\">Secon<span class=\"_ _f\"></span>do sta<span class=\"_ _1\"></span>dio </div></td><td class=\"c x524 y2b5a w5b h294\"><div class=\"t m0 x8e h1f y508 ff4 fs7 fc4 sc3 ls0 ws0\">Terz<span class=\"_ _1\"></span>o sta<span class=\"_ _f\"></span>dio </div></td><td class=\"c x5f4 y2b5b wbe4 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc4 sc3 ls0 ws0\">acq<span class=\"_ _1\"></span>uisiti<span class=\"_ _1\"></span>/e o<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x5f5 y2b5a w92 h294\"><div class=\"t m0 x48 h1f y508 ff4 fs7 fc4 sc3 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale </div></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td class=\"c x5f6 y2b5c wbe5 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc4 sc3 ls0 ws0\">origi<span class=\"_ _1\"></span>nati<span class=\"_ _1\"></span>/e<span class=\"_ _df\"> </span></div></td><td></td><td></td></tr><tr><td class=\"c x44e y2b5d w456 hc8\"><div class=\"t m0 x10 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">Impegni a eroga<span class=\"_ _1\"></span>re fondi  </div></td><td></td><td class=\"c x5f1 y2b5d w245 hc8\"><div class=\"t m0 x13 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">3.437 </div></td><td class=\"c x5f3 y2b5d w246 hc8\"><div class=\"t m0 x96 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">1.266 </div></td><td></td><td class=\"c x524 y2b5d w245 hc8\"><div class=\"t m0 x49 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">7 </div></td><td class=\"c x594 y2b5d w97 hc8\"><div class=\"t m0 x49 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">5 </div></td><td class=\"c x5f5 y2b5d w457 hc8\"><div class=\"t m0 x12 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">4.715 </div></td></tr><tr><td class=\"c x44e y2b5e w456 hc8\"><div class=\"t m0 x10 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">Garanzie finanz<span class=\"_ _1\"></span>iarie rilasciate  </div></td><td></td><td class=\"c x5f1 y2b5e w245 hc8\"><div class=\"t m0 xc6 h1f y28b ff4 fs7 fc1 sc0 ls9 ws0\">121<span class=\"ls0\"> </span></div></td><td class=\"c x5f3 y2b5e w246 hc8\"><div class=\"t m0 x7 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">326 </div></td><td></td><td class=\"c x524 y2b5e w245 hc8\"><div class=\"t m0 x96 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">1.063 </div></td><td class=\"c x594 y2b5e w97 hc8\"><div class=\"t m0 xe h1f y28b ff4 fs7 fc1 sc0 ls2b ws0\">85<span class=\"ls0\"> </span></div></td><td class=\"c x5f5 y2b5e w457 hc8\"><div class=\"t m0 x96 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">1.595 </div></td></tr><tr><td></td><td class=\"c x44e y2b5f w456 hc8\"><div class=\"t m0 x1b3 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale </div></td><td class=\"c x5f1 y2b5f w245 hc8\"><div class=\"t m0 x13 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">3.558<span class=\"_ _f\"></span> </div></td><td class=\"c x5f3 y2b5f w246 hc8\"><div class=\"t m0 x96 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">1.592<span class=\"_ _f\"></span> </div></td><td></td><td class=\"c x524 y2b5f w245 hc8\"><div class=\"t m0 x96 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">1.07<span class=\"_ _1\"></span>0 </div></td><td class=\"c x594 y2b5f w97 hc8\"><div class=\"t m0 xe h1f y28b ff4 fs7 fc1 sc2 lscf ws0\">90<span class=\"ls0\"> </span></div></td><td class=\"c x5f5 y2b5f w457 hc8\"><div class=\"t m0 x96 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">6.310<span class=\"_ _df\"> </span><span class=\"_ _f\"></span></div></td></tr></table>10.5 Fo<span class=\"_ _f\"></span>ndi di pre<span class=\"_ _1\"></span>videnz<span class=\"_ _f\"></span>a azienda<span class=\"_ _1\"></span>li a be<span class=\"_ _f\"></span>nefici def<span class=\"_ _1\"></span>initi<span class=\"_ _df\"> </span>Viene <span class=\"_ _4\"> </span>gestito <span class=\"_ _17\"> </span>un <span class=\"_ _4\"> </span>Fondo <span class=\"_ _4\"> </span>interno <span class=\"_ _17\"> </span>a <span class=\"_ _4\"> </span>Cr<span class=\"_ _2\"></span>ede<span class=\"_ _1\"></span>m <span class=\"_ _17\"> </span>e <span class=\"_ _4\"> </span>a <span class=\"_ _17\"> </span>Credemleasing <span class=\"_ _4\"> </span>che <span class=\"_ _4\"> </span>erogano <span class=\"_ _17\"> </span>un <span class=\"_ _4\"> </span>trattamento<span class=\"_ _df\"> </span>previdenzia<span class=\"ff5\">le aggiuntivo alle prestazioni erogate dall\u2019INPS<span class=\"_ _1\"></span>.<span class=\"_ _df\"> </span></span>Si t<span class=\"_ _2\"></span>ratta <span class=\"_ _2\"></span>di un <span class=\"_ _2\"></span>\u201cFondo a <span class=\"_ _2\"></span>prestazione <span class=\"_ _2\"></span>definita\u201d i <span class=\"_ _2\"></span>cui im<span class=\"_ _2\"></span>porti <span class=\"_ _2\"></span>sono soggetti <span class=\"_ _2\"></span>alla st<span class=\"_ _2\"></span>essa perequazione<span class=\"_ _df\"> </span>prevista per l<span class=\"_ _1\"></span>e Pensioni<span class=\"_ _1\"></span> INPS, co<span class=\"_ _f\"></span>me pure al ce<span class=\"_ _1\"></span>nsimento presso <span class=\"_ _1\"></span>il <span class=\"_ _1\"></span>Casellario Centrale <span class=\"_ _1\"></span>delle <span class=\"_ _1\"></span>Pensioni.<span class=\"_ _df\"> </span>Su tale posta di bilancio viene e<span class=\"_ _1\"></span>ffettuata la valutazione attuariale.<span class=\"_ _df\"> </span>I beneficiari di tali trattamenti sono coloro che:<span class=\"_ _df\"> </span><span class=\"_ _14\"> </span><span class=\"ff4\">risultavano <span class=\"_ _1\"></span>eredi <span class=\"_ _f\"></span>di <span class=\"_ _1\"></span>persone <span class=\"_ _f\"></span>decedute <span class=\"_ _f\"></span>d<span class=\"_ _2\"></span>urante <span class=\"_ _f\"></span>il se<span class=\"_ _1\"></span>rvizio <span class=\"_ _f\"></span>con Cre<span class=\"_ _1\"></span>dem <span class=\"_ _f\"></span>e Cred<span class=\"_ _f\"></span>eml<span class=\"_ _2\"></span>easing <span class=\"_ _f\"></span>(sostituito<span class=\"_ _df\"> </span></span>dall\u2019attuale Cassa di Previdenza dal 1/1/<span class=\"ff4\">1996);<span class=\"_ _df\"> </span></span><span class=\"_ _14\"> </span><span class=\"ff4\">risultavano <span class=\"_ _0\"></span>ex <span class=\"_ _9\"> </span>dipendenti <span class=\"_ _d\"></span>d<span class=\"_ _2\"></span>ella <span class=\"_ _0\"></span>Banca <span class=\"_ _0\"></span>Popolare <span class=\"_ _0\"></span>Dauna <span class=\"_ _9\"> </span>gi\u00e0 <span class=\"_ _0\"></span>in <span class=\"_ _0\"></span>quiescenza <span class=\"_ _0\"></span>oppure <span class=\"_ _9\"> </span>che <span class=\"_ _0\"></span>avevano<span class=\"_ _df\"> </span></span>inoltrato le dimissioni entro il 30/11/1999. La Banca Popolare Dauna \u00e8 conflu<span class=\"_ _1\"></span>ita in Credem in data<span class=\"_ _df\"> </span>11/12/1999 a seguito di fusione pe<span class=\"_ _1\"></span>r incorporazione.<span class=\"_ _df\"> </span>Per le valutazioni attuariali del Fondo al 31 dicembre 202<span class=\"_ _2\"></span>5, tenendo conto di quanto disposto dalle<span class=\"_ _df\"> </span>linee <span class=\"_ _f\"></span>guida <span class=\"_ _f\"></span>per la <span class=\"_ _f\"></span>redazione <span class=\"_ _f\"></span>dei <span class=\"_ _f\"></span>bilanci tecn<span class=\"_ _1\"></span>ici <span class=\"_ _f\"></span>degli E<span class=\"_ _1\"></span>nti <span class=\"_ _1\"></span>di <span class=\"_ _f\"></span>previdenza, <span class=\"_ _1\"></span>sono <span class=\"_ _f\"></span>state ad<span class=\"_ _1\"></span>ottate <span class=\"_ _1\"></span>le <span class=\"_ _f\"></span>ipotesi<span class=\"_ _df\"> </span>demografiche ed economico-finanziarie descritte nei successivi due paragrafi.<span class=\"_ _df\"> </span>Nel corso dell\u2019esercizio il fond<span class=\"_ _1\"></span>o ha s<span class=\"_ _2\"></span>ubito un de<span class=\"_ _1\"></span>cremento netto di circa <span class=\"_ _2\"></span><span class=\"ff4 ls2\">79<span class=\"ls0\"> mila euro.<span class=\"_ _df\"> </span></span></span>1.5 <span class=\"_ _1\"></span>Risc<span class=\"_ _1\"></span>hi o<span class=\"_ _f\"></span>perat<span class=\"_ _1\"></span>ivi<span class=\"_ _1\"></span> Inform<span class=\"_ _1\"></span>azio<span class=\"_ _f\"></span>ni di natura<span class=\"_ _f\"></span> qualitativa A. Asp<span class=\"_ _f\"></span>etti genera<span class=\"_ _f\"></span>li, process<span class=\"_ _1\"></span>i di ge<span class=\"_ _1\"></span>stione<span class=\"_ _f\"></span> e metod<span class=\"_ _1\"></span>i di misu<span class=\"_ _f\"></span>razione d<span class=\"_ _1\"></span>el risch<span class=\"_ _1\"></span>io op<span class=\"_ _f\"></span>erativo<span class=\"_ _df\"> </span>Il  G<span class=\"_ _2\"></span>ruppo  ha <span class=\"_ _4\"> </span>svilupp<span class=\"_ _1\"></span>ato <span class=\"_ _4\"> </span>un <span class=\"_ _4\"> </span>sistema <span class=\"_ _22\"> </span>integrato <span class=\"_ _4\"> </span>di  gestione <span class=\"_ _4\"> </span>dei  rischi <span class=\"_ _4\"> </span>operativi  assunti <span class=\"_ _4\"> </span>che,  in attuazione degli <span class=\"_ _2\"></span>indirizzi s<span class=\"_ _2\"></span>trategici,<span class=\"_ _1\"></span> <span class=\"_ _2\"></span>consente di <span class=\"_ _2\"></span>rafforzar<span class=\"_ _2\"></span>e la <span class=\"_ _2\"></span>capacit\u00e0 <span class=\"_ _2\"></span>delle Unit\u00e0 <span class=\"_ _2\"></span>Organizzative di gestirli <span class=\"_ _d\"></span>consapevolmente, <span class=\"_ _d\"></span>intro<span class=\"_ _2\"></span>ducendo <span class=\"_ _d\"></span>strumenti <span class=\"_ _d\"></span>di <span class=\"_ _0\"></span>rilevazione, <span class=\"_ _d\"></span>misurazione <span class=\"_ _d\"></span>e <span class=\"_ _0\"></span>cont<span class=\"_ _2\"></span>rollo <span class=\"_ _0\"></span>tali <span class=\"_ _d\"></span>da garantire un\u2019assunzione<span class=\"_ _1\"></span> dei <span class=\"_ _1\"></span>rischi consapevole<span class=\"_ _1\"></span> e compatib<span class=\"_ _1\"></span>ile con le <span class=\"_ _1\"></span>strategie di<span class=\"_ _1\"></span> Governance e<span class=\"_ _1\"></span> con le condizioni <span class=\"_ _2\"></span>economiche e <span class=\"_ _2\"></span>patrimoniali, nel <span class=\"_ _2\"></span>rispetto <span class=\"_ _2\"></span>delle indicazioni <span class=\"_ _2\"></span>provenienti dalle Autor<span class=\"_ _2\"></span>it\u00e0 di Vigilanza. Il <span class=\"_ _d\"></span>Consiglio <span class=\"_ _d\"></span>di <span class=\"_ _0\"></span>Amministrazione <span class=\"_ _d\"></span>della <span class=\"_ _d\"></span>Capogruppo <span class=\"_ _0\"></span>ha <span class=\"_ _d\"></span>approvato <span class=\"_ _0\"></span>la <span class=\"_ _d\"></span>Policy <span class=\"_ _0\"></span>di <span class=\"_ _d\"></span>Gruppo <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>materia <span class=\"_ _d\"></span>di gestione <span class=\"_ _d\"></span>dei <span class=\"_ _d\"></span>rischi <span class=\"_ _d\"></span>operativi <span class=\"_ _d\"></span>e <span class=\"_ _d\"></span>il <span class=\"_ _0\"></span>regolamento <span class=\"_ _d\"></span>\u201cGestione <span class=\"_ _d\"></span>dei <span class=\"_ _d\"></span>rischi <span class=\"_ _d\"></span>operativi\u201d <span class=\"_ _d\"></span>(Regolamento <span class=\"_ _d\"></span>ORM) con  cui <span class=\"_ _22\"> </span>definisce <span class=\"_ _22\"> </span>le <span class=\"_ _22\"> </span>politiche <span class=\"_ _4\"> </span>di  gestione  del  r<span class=\"_ _2\"></span>ischio  operativo  a <span class=\"_ _22\"> </span>livello  di <span class=\"_ _22\"> </span>G<span class=\"_ _2\"></span>ruppo  e  Banca  e<span class=\"_ _2\"></span> determina un sistema comune e coordinato caratterizzato da <span class=\"_ _1\"></span>regole condivise per l\u2019all<span class=\"_ _1\"></span>ocazione di compiti e responsabilit\u00e0 a livell<span class=\"_ _1\"></span>o aziendale.<span class=\"_ _2\"></span> Il regolamento <span class=\"_ _1\"></span>definisce come <span class=\"_ _f\"></span>r<span class=\"_ _2\"></span>ischio ope<span class=\"_ _1\"></span>rativo \u201cil rischi<span class=\"_ _1\"></span>o di pe<span class=\"_ _1\"></span>rdite derivanti <span class=\"_ _f\"></span>dall\u2019ina<span class=\"_ _2\"></span>deguatezza o<span class=\"_ _1\"></span> dalla  disfunzion<span class=\"_ _2\"></span>e  di <span class=\"_ _4\"> </span>processi,  r<span class=\"_ _2\"></span>isorse <span class=\"_ _22\"> </span>umane <span class=\"_ _4\"> </span>e  s<span class=\"_ _2\"></span>istemi  interni, <span class=\"_ _22\"> </span>o<span class=\"_ _2\"></span>ppure  da <span class=\"_ _4\"> </span>eventi  esogeni, <span class=\"_ _4\"> </span>ivi compreso il rischio giuridico; non sono inclusi qu<span class=\"_ _1\"></span>elli strategici e di reputazione\u201d.<span class=\"_ _2\"></span><span class=\"ff4\"> </span>A <span class=\"_ _0\"></span>partire <span class=\"_ _0\"></span>dalla <span class=\"_ _d\"></span>s<span class=\"_ _2\"></span>egnalazione <span class=\"_ _d\"></span>reg<span class=\"_ _2\"></span>olamentare <span class=\"_ _d\"></span>al <span class=\"_ _0\"></span>31<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>marzo <span class=\"_ _9\"> </span>2025, <span class=\"_ _0\"></span>il <span class=\"_ _0\"></span>metodo <span class=\"_ _0\"></span>di <span class=\"_ _d\"></span>calcolo <span class=\"_ _0\"></span>del <span class=\"_ _0\"></span>r<span class=\"_ _2\"></span>equisito patrimoniale <span class=\"_ _16\"> </span>a <span class=\"_ _16\"> </span>fronte <span class=\"_ _9\"> </span>del <span class=\"_ _9\"> </span>r<span class=\"_ _2\"></span>ischio <span class=\"_ _9\"> </span>operativo  ad<span class=\"_ _1\"></span>ottato <span class=\"_ _9\"> </span>s<span class=\"_ _2\"></span>ia <span class=\"_ _9\"> </span>a  liv<span class=\"_ _1\"></span>ello  d<span class=\"_ _f\"></span>i  singol<span class=\"_ _1\"></span>e <span class=\"_ _16\"> </span>Societ\u00e0 <span class=\"_ _16\"> </span>del <span class=\"_ _9\"> </span>Gruppo Bancario \"Credito E<span class=\"_ _1\"></span>miliano - CR<span class=\"_ _1\"></span>EDEM\" sia <span class=\"_ _f\"></span>a livello consoli<span class=\"_ _1\"></span>dato, \u00e8 <span class=\"_ _f\"></span>rappresentato dallo Stand<span class=\"_ _1\"></span>ardised Approach- <span class=\"_ _2\"></span>Metodo <span class=\"_ _2\"></span>standardizzato <span class=\"_ _2\"></span>introdotto dalla <span class=\"_ _2\"></span>CR<span class=\"_ _2\"></span>R3 <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>recepi<span class=\"_ _1\"></span>mento <span class=\"_ _2\"></span>della <span class=\"_ _2\"></span>riforma <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>Basilea 4 a livello comunitario. Non <span class=\"_ _4\"> </span>sono <span class=\"_ _4\"> </span>intervenute <span class=\"_ _22\"> </span>variazioni <span class=\"_ _4\"> </span>significative <span class=\"_ _4\"> </span>rispetto <span class=\"_ _4\"> </span>all\u2019esercizio <span class=\"_ _4\"> </span>precedente <span class=\"_ _22\"> </span>in <span class=\"_ _4\"> </span>relazione <span class=\"_ _4\"> </span>al modello <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>gestione <span class=\"_ _17\"> </span>dei <span class=\"_ _4\"> </span>r<span class=\"_ _2\"></span>ischi <span class=\"_ _4\"> </span>operativi <span class=\"_ _17\"> </span>che <span class=\"_ _4\"> </span>di <span class=\"_ _17\"> </span>seguito <span class=\"_ _4\"> </span>viene <span class=\"_ _17\"> </span>rappresentato <span class=\"_ _4\"> </span>sinteticamente: l<span class=\"ff5\">\u2019Organo <span class=\"_ _15\"> </span>con <span class=\"_ _15\"> </span>funzioni <span class=\"_ _e\"> </span>di <span class=\"_ _15\"> </span>supervisione <span class=\"_ _15\"> </span>st<span class=\"_ _2\"></span>rategica <span class=\"_ _15\"> </span>di <span class=\"_ _15\"> </span>Gruppo <span class=\"_ _15\"> </span>\u00e8 <span class=\"_ _15\"> </span>id<span class=\"_ _2\"></span>entificato <span class=\"_ _14\"> </span>ne<span class=\"_ _2\"></span>l <span class=\"_ _15\"> </span>Consiglio <span class=\"_ _15\"> </span>di </span>Amministrazione <span class=\"_ _0\"></span>di <span class=\"_ _9\"> </span>Credito <span class=\"_ _9\"> </span>Emiliano <span class=\"_ _0\"></span>SpA, <span class=\"_ _0\"></span>Capogruppo <span class=\"_ _9\"> </span>del <span class=\"_ _9\"> </span>Gruppo <span class=\"_ _0\"></span>Bancario <span class=\"_ _9\"> </span>Credito <span class=\"_ _9\"> </span>Emiliano <span class=\"_ _9\"> </span><span class=\"ff5\">\u2013</span> CREDEM. A <span class=\"_ _16\"> </span>livello <span class=\"_ _9\"> </span>di  Gruppo <span class=\"_ _9\"> </span>sono  s<span class=\"_ _1\"></span>tati <span class=\"_ _16\"> </span>individu<span class=\"_ _1\"></span>ati  p<span class=\"_ _1\"></span>i\u00f9  organi <span class=\"_ _9\"> </span>con  fu<span class=\"_ _1\"></span>nzioni  di <span class=\"_ _9\"> </span>gestione,  coinc<span class=\"_ _1\"></span>identi <span class=\"_ _16\"> </span>con <span class=\"_ _16\"> </span>i Consigli <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>Amministrazione <span class=\"_ _d\"></span>delle <span class=\"_ _2\"></span>singole <span class=\"_ _2\"></span>controllate, <span class=\"_ _2\"></span>che <span class=\"_ _d\"></span>hanno <span class=\"_ _2\"></span>adottato<span class=\"_ _df\"> </span>76 <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>Policy <span class=\"_ _d\"></span>di <span class=\"_ _2\"></span>Gruppo <span class=\"_ _2\"></span>in<span class=\"_ _1\"></span> materia  di <span class=\"_ _16\"> </span>gestione <span class=\"_ _16\"> </span>dei <span class=\"_ _9\"> </span>r<span class=\"_ _2\"></span>ischi <span class=\"_ _16\"> </span>operativi,  <span class=\"ff5\">traducendo <span class=\"_ _16\"> </span>il <span class=\"_ _16\"> </span>relativo  \u201cschema\u201d <span class=\"_ _16\"> </span>nella <span class=\"_ _16\"> </span>specifi<span class=\"_ _1\"></span>ca  realt\u00e0 </span>aziendale <span class=\"_ _4\"> </span>ed <span class=\"_ _4\"> </span>individuando <span class=\"_ _4\"> </span>conc<span class=\"ff5\">retamente <span class=\"_ _17\"> </span>le <span class=\"_ _4\"> </span>funzioni <span class=\"_ _4\"> </span>\u201clocali\u201d <span class=\"_ _4\"> </span>richieste <span class=\"_ _4\"> </span>per <span class=\"_ _4\"> </span>il <span class=\"_ _4\"> </span>buon <span class=\"_ _4\"> </span>esito <span class=\"_ _17\"> </span>del </span>processo. Dal punto di vista ope<span class=\"_ _1\"></span>rativo, gli organi con funzione<span class=\"_ _1\"></span> di supervisione strategica e que<span class=\"_ _1\"></span>lli con funzioni di  gestione  s<span class=\"_ _2\"></span>ono  supportati <span class=\"_ _22\"> </span>dall\u2019attivit\u00e0  dell\u2019ufficio  Governance, <span class=\"_ _4\"> </span>Raf  Esg  e <span class=\"_ _4\"> </span>Ope<span class=\"ff4\">rativi <span class=\"_ _4\"> </span>(GEO)<span class=\"_ _1\"></span>  d<span class=\"_ _2\"></span>i </span>Capogruppo. <span class=\"_ _0\"></span>Ne<span class=\"_ _2\"></span>ll\u2019ambito <span class=\"_ _9\"> </span>del <span class=\"_ _9\"> </span>processo <span class=\"_ _9\"> </span>coordinato <span class=\"_ _9\"> </span>centralmente <span class=\"_ _9\"> </span>da <span class=\"_ _9\"> </span>GEO <span class=\"_ _9\"> </span>(c.d. <span class=\"_ _9\"> </span>\u201cORM <span class=\"_ _9\"> </span>Centrale\u201d)<span class=\"_ _2\"></span>, l\u2019attivit\u00e0 <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>gestione <span class=\"_ _9\"> </span>del <span class=\"_ _9\"> </span>rischio <span class=\"_ _16\"> </span>operativo <span class=\"_ _0\"></span>viene <span class=\"_ _9\"> </span>svolta <span class=\"_ _9\"> </span>con <span class=\"_ _16\"> </span>il <span class=\"_ _9\"> </span>supporto <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>alcune <span class=\"_ _9\"> </span>funzioni <span class=\"_ _9\"> </span>\u201cOR<span class=\"_ _2\"></span>M Periferico\u201d appartenenti a diversi servizi de<span class=\"_ _1\"></span>lla Ba<span class=\"ff4\">nca e d<span class=\"_ _2\"></span>elle Societ\u00e0 del Gruppo Bancario. </span>L\u2019Organo <span class=\"_ _0\"></span>con <span class=\"_ _9\"> </span>funzione <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>controllo <span class=\"_ _9\"> </span>\u00e8 <span class=\"_ _9\"> </span>identificato <span class=\"_ _0\"> </span>nel <span class=\"_ _9\"> </span>Collegio <span class=\"_ _9\"> </span>Sindacale, <span class=\"_ _9\"> </span>coerentemente <span class=\"_ _0\"></span>con <span class=\"_ _16\"> </span>la disciplina <span class=\"_ _14\"> </span>vigente <span class=\"_ _15\"> </span>relativa <span class=\"_ _15\"> </span>agli <span class=\"_ _15\"> </span>enti <span class=\"_ _15\"> </span>che <span class=\"_ _14\"> </span>adott<span class=\"_ _2\"></span>ano <span class=\"_ _14\"> </span>un <span class=\"_ _15\"> </span>modello <span class=\"_ _15\"> </span>\u201ctradizionale\u201d <span class=\"_ _15\"> </span>di <span class=\"_ _14\"> </span>governanc<span class=\"_ _2\"></span>e<span class=\"_ _1\"></span> societaria. Pi\u00f9 <span class=\"_ _1\"></span>in particolar<span class=\"ff5\">e, il <span class=\"_ _1\"></span>Collegio della <span class=\"_ _1\"></span>Capogruppo \u00e8 responsabile <span class=\"_ _f\"></span>d<span class=\"_ _2\"></span>i vi<span class=\"_ _1\"></span>gilare sull\u2019osservanza </span>delle norme di legge, regolame<span class=\"_ _1\"></span>ntari e statutarie, sulla corretta amministrazione, sull\u2019<span class=\"_ _1\"></span>adeguatezza degli assetti <span class=\"_ _2\"></span>organizzativi e cont<span class=\"_ _2\"></span>abili del Gruppo <span class=\"_ _2\"></span>anche tramite <span class=\"_ _2\"></span>il coor<span class=\"_ _2\"></span>dinamento <span class=\"_ _2\"></span>con gli omologhi organi collegiali presenti nelle controllate. Nell\u2019espletamento delle proprie attivit\u00e0 tale organo viene sup<span class=\"_ _1\"></span>portato dal Servizio Audit di Gruppo.<span class=\"_ _2\"></span><span class=\"ff4\"> </span>Sono istituiti specifici flussi informativi ve<span class=\"_ _1\"></span>rso l\u2019organo di controllo delle societ\u00e0 interes<span class=\"_ _2\"></span><span class=\"ff4\">sate. </span>Il <span class=\"_ _2\"></span>Sistema <span class=\"_ _2\"></span>di <span class=\"_ _d\"></span>Gestione <span class=\"_ _2\"></span>dei <span class=\"_ _2\"></span>Rischi<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>Operativi <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _2\"></span>p<span class=\"_ _2\"></span>eriodicamente<span class=\"_ _1\"></span> <span class=\"_ _2\"></span>so<span class=\"_ _2\"></span>ttoposto <span class=\"_ _2\"></span>a <span class=\"_ _d\"></span>revisione <span class=\"_ _2\"></span>indipendente da parte del Servizio Audi<span class=\"_ _1\"></span>t della Capogruppo. Il <span class=\"_ _1\"></span>sistema di <span class=\"_ _f\"></span>gestione dei<span class=\"_ _1\"></span> rischi <span class=\"_ _f\"></span>o<span class=\"_ _2\"></span>perativi <span class=\"_ _f\"></span>\u00e8 definito come <span class=\"_ _f\"></span>l\u2019insieme strutturato <span class=\"_ _1\"></span>dei <span class=\"_ _f\"></span>pro<span class=\"_ _2\"></span>ces<span class=\"ff4\">si funzioni<span class=\"_ _1\"></span> </span>e <span class=\"_ _0\"></span>risorse <span class=\"_ _0\"></span>per <span class=\"_ _d\"></span>l\u2019identificazione, <span class=\"_ _0\"></span>la <span class=\"_ _0\"></span>valutazione <span class=\"_ _0\"></span>e <span class=\"_ _d\"></span>il <span class=\"_ _0\"></span>contr<span class=\"_ _2\"></span>ollo <span class=\"_ _d\"></span>dei <span class=\"_ _0\"></span>rischi <span class=\"_ _0\"></span>operativi <span class=\"_ _0\"></span>ed <span class=\"_ _0\"></span>\u00e8 <span class=\"_ _d\"></span>ar<span class=\"_ _2\"></span>ticolato <span class=\"_ _0\"></span>nei seguenti sottoprocessi: -<span class=\"_ _28\"> </span><span class=\"ff4\">Identificazione;<span class=\"_ _df\"> </span></span>-<span class=\"_ _28\"> </span><span class=\"ff4\">Misurazione;<span class=\"_ _df\"> </span></span>-<span class=\"_ _28\"> </span><span class=\"ff4\">Monitoraggio e Controllo;<span class=\"_ _df\"> </span></span>-<span class=\"_ _28\"> </span><span class=\"ff4\">Mitigazione.<span class=\"_ _df\"> </span></span>76<span class=\"_ _df\"> </span> <span class=\"fs7\">Alcune Societ\u00e0 n<span class=\"_ _1\"></span>on hanno ancora a<span class=\"_ _1\"></span>dottato la nu<span class=\"_ _1\"></span>ova Policy ma lo far<span class=\"_ _1\"></span>anno alla prima <span class=\"_ _1\"></span>occasione utile.<span class=\"fs5\"> </span></span><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs16ec\">Le  s<span class=\"_ _2\"></span>ociet\u00e0  incluse <span class=\"_ _4\"> </span>nei  processi <span class=\"_ _4\"> </span>di <span class=\"_ _22\"> </span>misurazione<span class=\"_ _2\"></span>,  mo<span class=\"_ _2\"></span>nitoraggio  e <span class=\"_ _4\"> </span>mitigazione  s<span class=\"_ _2\"></span>ono <span class=\"_ _22\"> </span>quelle <span class=\"_ _4\"> </span>che </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs16ed\">risultano <span class=\"_ _2\"></span>annualmente <span class=\"_ _2\"></span>rilevanti <span class=\"_ _d\"></span>ai <span class=\"_ _d\"></span>fini <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>rischio <span class=\"_ _d\"></span>operativo <span class=\"_ _2\"></span>ed <span class=\"_ _2\"></span>in<span class=\"_ _2\"></span>formatico <span class=\"_ _2\"></span>dall\u2019analisi <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>ilevanza </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs16ee\">effettuata <span class=\"_ _16\"> </span>nell\u2019amb<span class=\"_ _1\"></span>ito  d<span class=\"_ _1\"></span>ell\u2019approvazione <span class=\"_ _16\"> </span>del <span class=\"_ _9\"> </span>Risk  Ap<span class=\"_ _f\"></span>p<span class=\"_ _2\"></span>etite <span class=\"_ _16\"> </span>Framework <span class=\"_ _9\"> </span>(RAF)  e<span class=\"_ _1\"></span>  d<span class=\"_ _1\"></span>el <span class=\"_ _16\"> </span>processo <span class=\"_ _9\"> </span>di </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs16ef\">determinazione <span class=\"ff5\">dell\u2019adeguatezza patrimoniale (ICAAP) svolto dalla Capogrup<span class=\"_ _1\"></span>po.<span class=\"_ _2\"></span><span class=\"ff4\"> </span></span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs16f0\">Il processo di \u201cIdentificazi<span class=\"_ _1\"></span>one\u201d \u00e8 compos<span class=\"_ _2\"></span>to dalle<span class=\"_ _1\"></span> seguenti procedure:<span class=\"_ _2\"></span><span class=\"ff4\"> </span></div><div class=\"t m0 h5 ff18 fs1 fc1 sc0 ls0 ws0 gs16f1\">-<span class=\"ff10\"> <span class=\"_ _1c\"> </span><span class=\"ff4\">Loss  Data  Collection:  consiste  nel<span class=\"_ _1\"></span>la  raccolta  dei  dati  di  perdita  operativa  interna  con  il </span></span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs16f2\">coinvolgimento  diretto  di  tut<span class=\"_ _1\"></span>te  le  unit\u00e0  di  busine<span class=\"_ _1\"></span>ss.  In  tale  ambito,  gli  e<span class=\"_ _1\"></span>venti  di  perdita </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1481\">operativa (inclusi <span class=\"_ _2\"></span>quelli di <span class=\"_ _2\"></span>natura <span class=\"_ _2\"></span>informatica) sono <span class=\"_ _2\"></span>classificati per <span class=\"_ _2\"></span>Business Line <span class=\"_ _2\"></span>(corporate </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1482\">finance, <span class=\"_ _0\"></span>tr<span class=\"_ _2\"></span>ading <span class=\"_ _0\"></span>and <span class=\"_ _0\"></span>s<span class=\"_ _2\"></span>ales, <span class=\"_ _0\"></span>retail <span class=\"_ _0\"></span>banking, <span class=\"_ _9\"> </span>commercial <span class=\"_ _9\"> </span>banking, <span class=\"_ _0\"></span>payment <span class=\"_ _9\"> </span>and <span class=\"_ _9\"> </span>settlement, </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs16f3\">agency <span class=\"_ _0\"></span>services, <span class=\"_ _0\"></span>asset <span class=\"_ _9\"> </span>management, <span class=\"_ _0\"></span>retail <span class=\"_ _0\"></span>Brokerage) <span class=\"_ _0\"></span>ed <span class=\"_ _0\"></span>Event <span class=\"_ _9\"> </span>Type <span class=\"_ _0\"></span>(frodi <span class=\"_ _0\"></span>interne, <span class=\"_ _0\"></span>frodi </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs16f4\">esterne, rapporto di impiego e <span class=\"_ _2\"></span>sicu<span class=\"_ _1\"></span>rezza sul lavoro, <span class=\"_ _2\"></span>clientela, prodotti e prassi professionali, </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs16f5\">danni <span class=\"_ _0\"></span>da <span class=\"_ _9\"> </span>eventi <span class=\"_ _9\"> </span>esterni, <span class=\"_ _9\"> </span>interruzioni <span class=\"_ _9\"> </span>dell\u2019operativit\u00e0 <span class=\"_ _9\"> </span>e <span class=\"_ _0\"></span>disfunzio<span class=\"_ _2\"></span>ni <span class=\"_ _0\"></span>dei <span class=\"_ _9\"> </span>sistemi,<span class=\"_ _2\"></span><span class=\"ff4\"> <span class=\"_ _9\"> </span>esecuzione, </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs16f6\">consegna e gestione dei processi); </div><div class=\"t m0 h5 ff18 fs1 fc1 sc0 ls0 ws0 gs16f7\">-<span class=\"ff10\"> <span class=\"_ _1c\"> </span><span class=\"ff4\">Risk <span class=\"_ _2\"></span>Self <span class=\"_ _d\"></span>Assessment: <span class=\"_ _d\"></span>consiste <span class=\"_ _2\"></span>nella <span class=\"_ _d\"></span>raccolta, <span class=\"_ _d\"></span>attraverso <span class=\"_ _d\"></span>questionario, <span class=\"_ _2\"></span>di <span class=\"_ _d\"></span>stime <span class=\"_ _d\"></span>soggettive </span></span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs16f8\">espresse d<span class=\"_ _1\"></span>ai risk <span class=\"_ _f\"></span>owner con <span class=\"_ _1\"></span>riferimento <span class=\"_ _f\"></span>agli eventi <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>natura operativa <span class=\"_ _f\"></span>(inclusi quell<span class=\"_ _1\"></span>i di <span class=\"_ _f\"></span>natura </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs16f9\">informatica) <span class=\"_ _0\"></span>potenzialmente <span class=\"_ _d\"></span>rilevanti <span class=\"_ _0\"></span>per <span class=\"_ _0\"></span>le <span class=\"_ _0\"></span>proprie <span class=\"_ _d\"></span>unit\u00e0 <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>business <span class=\"_ _0\"></span>e <span class=\"_ _d\"></span>tenuto <span class=\"_ _0\"></span>conto <span class=\"_ _0\"></span>delle </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs16fa\">linee guida di sviluppo emerse dal processo di piani<span class=\"_ _1\"></span>ficazione preliminare di gruppo; <span class=\"_ _2\"></span> </div><div class=\"t m0 h5 ff18 fs1 fc1 sc0 ls0 ws0 gs16fb\">-<span class=\"ff10\"> <span class=\"_ _1c\"> </span><span class=\"ff4\">Data <span class=\"_ _d\"></span>Pooling/Comunicazione <span class=\"_ _d\"></span>ver<span class=\"_ _2\"></span>so <span class=\"_ _d\"></span>enti <span class=\"_ _0\"></span>esterni: <span class=\"_ _d\"></span>consiste <span class=\"_ _0\"></span>nella <span class=\"_ _d\"></span>part<span class=\"_ _2\"></span>ecipazi<span class=\"_ _1\"></span>one <span class=\"_ _0\"></span>ad <span class=\"_ _d\"></span>iniziative </span></span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs16fc\">consortili <span class=\"_ _0\"></span>esterne <span class=\"_ _9\"> </span>e <span class=\"_ _0\"></span>nella <span class=\"_ _0\"></span>gestione <span class=\"_ _0\"></span>dell<span class=\"_ _2\"></span>e <span class=\"_ _0\"></span>relative <span class=\"_ _0\"></span>interrelazioni <span class=\"_ _0\"></span>(es. <span class=\"_ _9\"> </span>consorzio <span class=\"_ _0\"></span>DIPO) <span class=\"_ _0\"></span>ed <span class=\"_ _0\"></span>al<span class=\"_ _2\"></span>la </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs148c\">comunicazione <span class=\"_ _2\"></span>dei dati <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>perdita <span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>perativa r<span class=\"_ _2\"></span>accolti agli <span class=\"_ _2\"></span>Organi <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>Vigilanza <span class=\"_ _2\"></span>(Banca d\u2019Italia <span class=\"_ _2\"></span>e </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs16fd\">Banca Centrale Europea). </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs16fe\">Il <span class=\"_ _0\"></span>processo <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>\u201cMisurazione\u201d <span class=\"_ _9\"> </span>\u00e8 <span class=\"_ _0\"></span>r<span class=\"_ _2\"></span>appresentato<span class=\"ff4\"> <span class=\"_ _9\"> </span>dalla <span class=\"_ _9\"> </span>quantificazione <span class=\"_ _9\"> </span>del <span class=\"_ _9\"> </span>Capitale <span class=\"_ _9\"> </span>a <span class=\"_ _9\"> </span>Rischio <span class=\"_ _9\"> </span>(CaR) </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs16ff\">mediante <span class=\"_ _d\"></span>stime <span class=\"_ _0\"></span>soggettive. <span class=\"_ _d\"></span>Le <span class=\"_ _0\"></span>metodologie <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>mis<span class=\"_ _2\"></span>urazione <span class=\"_ _d\"></span>delle <span class=\"_ _0\"></span>perdite <span class=\"_ _d\"></span>attese <span class=\"_ _0\"></span>e <span class=\"_ _d\"></span>inattese <span class=\"_ _0\"></span>sono </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs1700\">finalizzate <span class=\"_ _d\"></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=\"_ _d\"></span>di <span class=\"_ _0\"></span>sit<span class=\"_ _2\"></span>uazioni <span class=\"_ _d\"></span>potenzialmente <span class=\"_ _0\"></span>critiche <span class=\"_ _d\"></span>e <span class=\"_ _0\"></span>si </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1701\">basano <span class=\"_ _4\"> </span>sulla <span class=\"_ _4\"> </span>esecuzione <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>questionari <span class=\"_ _4\"> </span>Risk <span class=\"_ _4\"> </span>Self <span class=\"_ _4\"> </span>Ass<span class=\"_ _2\"></span>essmen<span class=\"_ _1\"></span>t <span class=\"_ _4\"> </span>(RSA), <span class=\"_ _4\"> </span>con <span class=\"_ _4\"> </span>frequenza <span class=\"_ _4\"> </span>almeno </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1702\">annuale, <span class=\"_ _2\"></span>che per <span class=\"_ _2\"></span>ogni <span class=\"_ _2\"></span>tipologia <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>evento <span class=\"_ _2\"></span>richiedono <span class=\"_ _2\"></span>ai <span class=\"_ _2\"></span>responsabili d<span class=\"_ _2\"></span>elle unit\u00e0 <span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>rganizzative<span class=\"_ _1\"></span> <span class=\"_ _2\"></span>(UO) </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1703\">che possono generare/gestire i rischi ope<span class=\"_ _1\"></span>rativi, una stima soggettiva di alcu<span class=\"_ _2\"></span>ni fattori di rischio: </div><div class=\"t m0 h5 ff18 fs1 fc1 sc0 ls0 ws0 gs1704\">-<span class=\"ff10\"> <span class=\"_ _1c\"> </span><span class=\"ff5\">\u201cfrequenza tipica\u201d, il nume<span class=\"_ _1\"></span>ro medio atteso di eventi nell\u2019arco temporale di riferimento;<span class=\"ff4\"> </span></span></span></div><div class=\"t m0 h5 ff18 fs1 fc1 sc0 ls0 ws0 gs1496\">-<span class=\"ff10\"> <span class=\"_ _1c\"> </span><span class=\"ff5\">\u201cimpatto tipico\u201d, la perdita media attesa pe<span class=\"_ _1\"></span>r tipologia di evento;<span class=\"_ _2\"></span><span class=\"ff4\"> </span></span></span></div><div class=\"t m0 h5 ff18 fs1 fc1 sc0 ls0 ws0 gs1705\">-<span class=\"ff10\"> <span class=\"_ _1c\"> </span><span class=\"ff5\">\u201cimpatto peggiore\u201d, l\u2019<span class=\"_ _1\"></span>impatto del singolo evento qualora esso si manifesti ne<span class=\"_ _2\"></span><span class=\"ff4\">l peggior modo </span></span></span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1706\">(ragionevolmente) concepibile.  </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs1707\">L\u2019analisi <span class=\"_ _f\"></span>\u00e8 <span class=\"_ _1\"></span>svolta <span class=\"_ _f\"></span>su pi<span class=\"_ _1\"></span>\u00f9 <span class=\"_ _f\"></span>livelli <span class=\"_ _1\"></span>quali <span class=\"_ _f\"></span>unit\u00e0 o<span class=\"_ _1\"></span>rganizzativa, <span class=\"_ _f\"></span>business <span class=\"_ _f\"></span>units, socie<span class=\"_ _1\"></span>t\u00e0 <span class=\"_ _1\"></span>e <span class=\"_ _f\"></span>gruppo cons<span class=\"_ _f\"></span>o<span class=\"_ _2\"></span>lidato<span class=\"_ _1\"></span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1708\">e, <span class=\"_ _f\"></span>per ogni <span class=\"_ _f\"></span>livello, <span class=\"_ _f\"></span>sono prodotti <span class=\"_ _f\"></span>un v<span class=\"_ _1\"></span>alore <span class=\"_ _1\"></span>di <span class=\"_ _f\"></span>perdita attesa <span class=\"_ _f\"></span>ed u<span class=\"_ _1\"></span>n <span class=\"_ _f\"></span>v<span class=\"_ _2\"></span>alore <span class=\"_ _f\"></span>di p<span class=\"_ _1\"></span>erdita inattesa. <span class=\"_ _f\"></span>I <span class=\"_ _f\"></span>r<span class=\"_ _2\"></span>isult<span class=\"_ _2\"></span>ati<span class=\"_ _f\"></span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs149b\">della <span class=\"_ _16\"> </span>valutazione <span class=\"_ _9\"> </span>so<span class=\"_ _2\"></span>no <span class=\"_ _16\"> </span>utilizz<span class=\"_ _1\"></span>ati  a <span class=\"_ _16\"> </span>fini <span class=\"_ _9\"> </span>gest<span class=\"_ _2\"></span>ionali <span class=\"_ _9\"> </span>per  la <span class=\"_ _9\"> </span>prev<span class=\"_ _2\"></span>enzione <span class=\"_ _9\"> </span>e  la <span class=\"_ _16\"> </span>mitigazione <span class=\"_ _9\"> </span>d<span class=\"_ _2\"></span>ei <span class=\"_ _9\"> </span>r<span class=\"_ _2\"></span>ischi </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs149c\">operativi <span class=\"_ _14\"> </span>e <span class=\"_ _15\"> </span>nel <span class=\"_ _15\"> </span>processo <span class=\"_ _15\"> </span>di <span class=\"_ _14\"> </span>pianificazione <span class=\"_ _15\"> </span>operativa, <span class=\"_ _15\"> </span>coerentemente <span class=\"_ _14\"> </span>a <span class=\"_ _e\"> </span>quanto <span class=\"_ _14\"> </span>definito <span class=\"_ _15\"> </span>dal </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs1709\">\u201cRegolamento pianificazione, programmazione e controllo di Gruppo\u201d.<span class=\"ff4\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs170a\">Contribuisce <span class=\"_ _f\"></span>inoltre <span class=\"_ _f\"></span>alla <span class=\"_ _f\"></span>misurazio<span class=\"_ _2\"></span>ne <span class=\"_ _f\"></span>del <span class=\"_ _f\"></span>rischio <span class=\"_ _f\"></span>operativo <span class=\"_ _f\"></span>anche <span class=\"_ _1\"></span>la <span class=\"_ _1\"></span>quantificazione <span class=\"_ _11\"></span>alm<span class=\"_ _2\"></span>eno <span class=\"_ _f\"></span>annuale </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs170b\">degli assorbime<span class=\"_ _1\"></span>nti patrimoniali se<span class=\"_ _1\"></span>condo lo \u201cS<span class=\"_ _f\"></span>t<span class=\"_ _2\"></span>andardised<span class=\"_ _1\"></span> Approach\u201d, in <span class=\"_ _f\"></span>accor<span class=\"_ _2\"></span>do <span class=\"_ _f\"></span>al quale i<span class=\"_ _1\"></span>l Gruppo<span class=\"_ _1\"></span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs170c\">ha <span class=\"_ _9\"> </span>sviluppato <span class=\"_ _9\"> </span>ed <span class=\"_ _9\"> </span>applica <span class=\"_ _9\"> </span><span class=\"ff5\">\u2013</span> <span class=\"_ _9\"> </span>in <span class=\"_ _16\"> </span>coe<span class=\"_ _1\"></span>renza <span class=\"_ _9\"> </span>con <span class=\"_ _9\"> </span>quanto <span class=\"_ _9\"> </span>previsto <span class=\"_ _9\"> </span>dalla <span class=\"_ _9\"> </span>nuova <span class=\"_ _9\"> </span>normativa <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>vigilanza </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs14a0\">prudenziale <span class=\"_ _d\"></span>e <span class=\"_ _d\"></span>conn<span class=\"_ _2\"></span>essi <span class=\"_ _d\"></span>mandati <span class=\"_ _0\"></span>dell\u2019EBA <span class=\"_ _0\"></span>\u2013<span class=\"ff4\"> <span class=\"_ _0\"></span>una <span class=\"_ _d\"></span>specifica <span class=\"_ _0\"></span>metodologia <span class=\"_ _d\"></span>di <span class=\"_ _0\"></span>calcolo <span class=\"_ _0\"></span>della <span class=\"_ _d\"></span>misura <span class=\"_ _0\"></span>di </span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs14a1\">esposizione al rischio in parola riferita agli ultimi tre esercizi completi (c.d. \u201cBusiness Indicator\u201d) e </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs14a2\">conseguente <span class=\"_ _4\"> </span><span class=\"ff5\">determinazione <span class=\"_ _22\"> </span>d<span class=\"_ _2\"></span>ei <span class=\"_ _22\"> </span>fondi <span class=\"_ _4\"> </span>propri <span class=\"_ _4\"> </span>(c.d. <span class=\"_ _4\"> </span>\u201cBusiness <span class=\"_ _4\"> </span>Indicator <span class=\"_ _4\"> </span>component\u201d) <span class=\"_ _4\"> </span>tramite </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs14a3\">allocazione del Business Indicator nei buck<span class=\"_ _1\"></span>et previsti dalla CRR3.<span class=\"_ _2\"></span> </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs14a4\">Il <span class=\"_ _f\"></span>processo di <span class=\"_ _f\"></span>\u201cMonitoraggio <span class=\"_ _1\"></span>e <span class=\"_ _f\"></span>co<span class=\"_ _2\"></span>ntrollo\u201d <span class=\"_ _1\"></span>mira <span class=\"_ _f\"></span>a ide<span class=\"_ _1\"></span>ntificare <span class=\"_ _f\"></span>temp<span class=\"_ _2\"></span>estivamente <span class=\"_ _f\"></span>eventuali <span class=\"_ _f\"></span>d<span class=\"_ _2\"></span>isfunzioni </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs14a5\">nei <span class=\"_ _2\"></span>processi <span class=\"_ _d\"></span>aziendali <span class=\"_ _2\"></span>o <span class=\"_ _d\"></span>nelle <span class=\"_ _d\"></span>procedure <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>gestione <span class=\"_ _d\"></span>del <span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>ischio <span class=\"_ _2\"></span>al <span class=\"_ _d\"></span>fine <span class=\"_ _2\"></span>di <span class=\"_ _d\"></span>consentire <span class=\"_ _d\"></span>di <span class=\"_ _2\"></span>valutare <span class=\"_ _d\"></span>le </div><div class=\"t m0 h1a ff4 fs1 fc1 sc0 ls0 ws0 gs14a6\">necessarie azioni di mitigazione.<span class=\"fs6\">  </span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs14a7\">I  Rischi <span class=\"_ _22\"> </span>Operativi <span class=\"_ _22\"> </span>sono <span class=\"_ _4\"> </span>inoltre  monitorati <span class=\"_ _22\"> </span>all\u2019interno <span class=\"_ _22\"> </span>del <span class=\"_ _22\"> </span>pi\u00f9 <span class=\"_ _22\"> </span>ampio <span class=\"_ _4\"> </span>processo  di <span class=\"_ _22\"> </span>Risk <span class=\"_ _4\"> </span>App<span class=\"_ _1\"></span>etite </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs14a8\">Framework (RAF) di Gruppo (monitoraggio trimestrale). </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs14a9\">Al fine<span class=\"_ _1\"></span> di assicurare <span class=\"_ _1\"></span>un presidi<span class=\"_ _1\"></span>o nel continu<span class=\"_ _1\"></span>o, \u00e8 prevista una <span class=\"_ _f\"></span>r<span class=\"_ _2\"></span>endicontazione<span class=\"_ _1\"></span>, per sing<span class=\"_ _1\"></span>olo evento <span class=\"_ _1\"></span>di </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs14aa\">perdita <span class=\"_ _2\"></span>operativa <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>cui auto<span class=\"_ _2\"></span>nomia <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>delibe<span class=\"_ _1\"></span>ra <span class=\"_ _2\"></span>(definita <span class=\"_ _2\"></span>all\u2019interno <span class=\"_ _d\"></span>dei regolamenti <span class=\"_ _2\"></span>gi\u00e0 <span class=\"_ _2\"></span>vigenti <span class=\"_ _2\"></span>o, <span class=\"_ _2\"></span>in </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs14ab\">mancanza, <span class=\"_ _1\"></span>oltre la <span class=\"_ _f\"></span>soglia di <span class=\"_ _f\"></span>100<span class=\"_ _2\"></span><span class=\"ff5\">.000 \u20ac)<span class=\"_ _1\"></span> spetta <span class=\"_ _f\"></span>al Comitato <span class=\"_ _f\"></span>Esecutivo/Consiglio <span class=\"_ _1\"></span>di Ammin<span class=\"_ _1\"></span>istrazione, </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs14ac\">dei <span class=\"_ _22\"> </span>cont<span class=\"_ _2\"></span>rolli <span class=\"_ _4\"> </span>che  non <span class=\"_ _4\"> </span>sono <span class=\"_ _4\"> </span>andati <span class=\"_ _4\"> </span>a <span class=\"_ _4\"> </span>buon <span class=\"_ _4\"> </span>fine<span class=\"_ _1\"></span> <span class=\"_ _4\"> </span>e <span class=\"_ _4\"> </span>delle <span class=\"_ _22\"> </span>azioni <span class=\"_ _4\"> </span>corrett<span class=\"_ _2\"></span>ive  di <span class=\"_ _4\"> </span>eventuali <span class=\"_ _4\"> </span>carenze </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs14ad\">organizzative <span class=\"_ _22\"> </span>e/o <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>processo/prodotto. <span class=\"_ _4\"> </span>Qualora  disponibili, <span class=\"_ _4\"> </span>l\u2019ORM <span class=\"_ _22\"> </span>periferico <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>volta <span class=\"_ _4\"> </span>in <span class=\"_ _22\"> </span>volta </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs14ae\">competente <span class=\"_ _2\"></span>inserisce <span class=\"_ _d\"></span>le <span class=\"_ _d\"></span>informazioni <span class=\"_ _d\"></span>oggetto <span class=\"_ _d\"></span>di <span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>endicontazione <span class=\"_ _2\"></span>in <span class=\"_ _d\"></span>seno <span class=\"_ _2\"></span>al<span class=\"_ _2\"></span>le <span class=\"_ _2\"></span>proposte <span class=\"_ _d\"></span>e <span class=\"_ _d\"></span>le <span class=\"_ _d\"></span>invia </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs170d\">alle <span class=\"_ _4\"> </span>Funzioni <span class=\"_ _17\"> </span>preposte <span class=\"_ _4\"> </span>a <span class=\"_ _17\"> </span>seconda <span class=\"_ _4\"> </span>delle <span class=\"_ _17\"> </span>casistiche <span class=\"_ _4\"> </span>(a <span class=\"_ _17\"> </span>titolo <span class=\"_ _17\"> </span>esemplificativo, <span class=\"_ _4\"> </span>Servizio <span class=\"_ _17\"> </span>Audit <span class=\"_ _4\"> </span>e<span class=\"_ _2\"></span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs14af\">Compliance). In ogni caso, le delibere assunte dal CE/CA sono inviat<span class=\"_ _2\"></span>e, pe<span class=\"_ _1\"></span>r opportuna conoscenza, </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs14b0\">al <span class=\"_ _2\"></span>Risk <span class=\"_ _2\"></span>Off<span class=\"_ _2\"></span>icer <span class=\"_ _2\"></span>della <span class=\"_ _2\"></span>Capogruppo <span class=\"_ _d\"></span>e <span class=\"_ _2\"></span>a <span class=\"_ _d\"></span>GEO. <span class=\"_ _2\"></span>GEO <span class=\"_ _d\"></span>verifica <span class=\"_ _2\"></span>semestralmente <span class=\"_ _d\"></span>che <span class=\"_ _2\"></span>le <span class=\"_ _2\"></span>F<span class=\"_ _2\"></span>unzioni <span class=\"_ _2\"></span>preposte<span class=\"_ _df\"> </span> </div>siano state attiv<span class=\"_ _1\"></span>ate dagli <span class=\"_ _1\"></span>ORM Periferici e, l<span class=\"_ _1\"></span>addove questo non sia <span class=\"_ _1\"></span>accaduto, attiva d<span class=\"_ _1\"></span>irettamente le Funzioni preposte eventualmente coordinandosi con gli ORM Periferici<span class=\"_ _1\"></span>.<span class=\"_ _2\"></span> Inoltre, GEO <span class=\"_ _2\"></span>controlla <span class=\"_ _2\"></span>semestralmente, p<span class=\"_ _2\"></span>er BU/Servizio <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>Credembanca e <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>le s<span class=\"_ _2\"></span>ociet\u00e0 rilevant<span class=\"_ _2\"></span>i, che <span class=\"_ _d\"></span>le <span class=\"_ _d\"></span>r<span class=\"_ _2\"></span>ispettive <span class=\"_ _d\"></span>perdite <span class=\"_ _d\"></span>contabilizzate <span class=\"_ _d\"></span>nel <span class=\"_ _0\"></span>semestre/anno <span class=\"_ _d\"></span>di <span class=\"_ _0\"></span>riferimento <span class=\"_ _d\"></span>non <span class=\"_ _0\"></span>superino <span class=\"_ _d\"></span>il <span class=\"_ _d\"></span>relativo valore <span class=\"_ _0\"></span>di <span class=\"_ _9\"> </span>Perdita <span class=\"_ _9\"> </span>Attesa <span class=\"_ _9\"> </span>stimato <span class=\"_ _9\"> </span>in <span class=\"_ _0\"></span>ambito <span class=\"_ _9\"> </span>Risk <span class=\"_ _9\"> </span>Self <span class=\"_ _0\"> </span>Ass<span class=\"_ _2\"></span>essme<span class=\"_ _1\"></span>nt <span class=\"_ _9\"> </span>e, <span class=\"_ _0\"></span>nel <span class=\"_ _9\"> </span>caso <span class=\"_ _9\"> </span>in <span class=\"_ _9\"> </span>cui <span class=\"_ _0\"></span>ci\u00f2 <span class=\"_ _9\"> </span>accada, rendiconta nel CE di Credembanca<span class=\"sc2\"> </span>le motivazioni dell<span class=\"_ _1\"></span>o scostamento fornite dai Responsabili delle BU/Capi Se<span class=\"_ _1\"></span>rvizio di Credembanca. <span class=\"_ _1\"></span>Per le <span class=\"_ _1\"></span>singole societ\u00e0 rile<span class=\"_ _1\"></span>vanti, nel caso <span class=\"_ _1\"></span>in cui le <span class=\"_ _1\"></span>perdite risultino superiori <span class=\"_ _1\"></span>alla P<span class=\"_ _1\"></span>erdita Attesa, l<span class=\"_ _1\"></span>\u2019ORM <span class=\"_ _1\"></span>periferico d<span class=\"_ _1\"></span>ella societ\u00e0 <span class=\"_ _f\"></span>rendiconta nel <span class=\"_ _1\"></span>proprio CA <span class=\"_ _f\"></span>le motivazioni dello scostamento e ne d\u00e0 comunicaz<span class=\"_ _1\"></span>ione al Risk Officer della Capogruppo.<span class=\"_ _2\"></span> Il <span class=\"_ _d\"></span>sistema <span class=\"_ _0\"></span>di <span class=\"_ _d\"></span>report<span class=\"_ _2\"></span>ing <span class=\"_ _d\"></span>fornisce <span class=\"_ _d\"></span>agli <span class=\"_ _0\"></span>organi <span class=\"_ _d\"></span>aziendali <span class=\"_ _0\"></span>ed <span class=\"_ _0\"></span>ai <span class=\"_ _d\"></span>r<span class=\"_ _2\"></span>esponsabili <span class=\"_ _d\"></span>delle <span class=\"_ _d\"></span>fun<span class=\"_ _2\"></span>zioni <span class=\"_ _d\"></span>interessate informazioni <span class=\"_ _2\"></span>sul <span class=\"_ _2\"></span>livel<span class=\"_ _1\"></span>lo <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>esposizione ai <span class=\"_ _d\"></span>rischi <span class=\"_ _2\"></span>operativi<span class=\"_ _1\"></span> <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>rappresenta <span class=\"_ _2\"></span>uno <span class=\"_ _2\"></span>strumento <span class=\"_ _2\"></span>di supporto per la loro gestione attiva ed \u00e8 la sintesi dei<span class=\"_ _1\"></span> processi di misurazione, monitoraggio e controllo. <span class=\"_ _2\"></span> Il <span class=\"_ _1\"></span>processo <span class=\"ff5\">di <span class=\"_ _f\"></span>\u201cMitigazione\u201d <span class=\"_ _1\"></span>definisce <span class=\"_ _1\"></span>le <span class=\"_ _1\"></span>azioni <span class=\"_ _1\"></span>da intraprend<span class=\"_ _1\"></span>ere p<span class=\"_ _1\"></span>er la <span class=\"_ _f\"></span>prevenzione <span class=\"_ _f\"></span>e l\u2019attenuazione </span>dei rischi operativi ed \u00e8 composto dall<span class=\"_ _1\"></span>e seguenti procedure:<span class=\"_ _2\"></span> -<span class=\"_ _28\"> </span><span class=\"ff5\">Analisi <span class=\"_ _1\"></span>gestionale: <span class=\"_ _f\"></span>consist<span class=\"_ _2\"></span>e <span class=\"_ _f\"></span>nell\u2019analisi <span class=\"_ _f\"></span>delle <span class=\"_ _1\"></span>criticit\u00e0 <span class=\"_ _1\"></span>emerse <span class=\"_ _f\"></span>e delle <span class=\"_ _f\"></span>diverse <span class=\"_ _1\"></span>possibili <span class=\"_ _f\"></span>so<span class=\"_ _2\"></span>luzioni<span class=\"_ _df\"> </span></span>a <span class=\"_ _4\"> </span>d<span class=\"ff5\">isposizione  nell\u2019ambito <span class=\"_ _4\"> </span>delle <span class=\"_ _4\"> </span>tradizionali <span class=\"_ _4\"> </span>modalit\u00e0 <span class=\"_ _22\"> </span>alternative <span class=\"_ _4\"> </span>di <span class=\"_ _22\"> </span>gestione <span class=\"_ _4\"> </span>del <span class=\"_ _4\"> </span>rischio </span>(ritenzione, trasferimento, mitigazione), in ottica costi-benefici;<span class=\"_ _df\"> </span>-<span class=\"_ _28\"> </span><span class=\"ff5\">Gestione <span class=\"_ _2\"></span>dell\u2019attivit\u00e0 di mitigazione: consist<span class=\"_ _2\"></span>e nella scelta, pianifi<span class=\"_ _2\"></span>cazione,<span class=\"_ _1\"></span> a<span class=\"_ _2\"></span>vvio delle att<span class=\"_ _2\"></span>ivit\u00e0, </span>implementazione <span class=\"_ _f\"></span>e comple<span class=\"_ _1\"></span>tamento deg<span class=\"_ _1\"></span>li <span class=\"_ _f\"></span>interventi di <span class=\"_ _f\"></span>mitigazione me<span class=\"_ _1\"></span>ssi <span class=\"_ _1\"></span>in <span class=\"_ _f\"></span>at<span class=\"_ _2\"></span>to <span class=\"_ _f\"></span>e succe<span class=\"_ _1\"></span>ssivo controllo dell\u2019avanzamento e dell\u2019efficaci<span class=\"_ _1\"></span>a degli interventi di mitigazione del rischio attuati;<span class=\"_ _df\"> </span>-<span class=\"_ _28\"> </span><span class=\"ff4\">Gestione <span class=\"_ _0\"> </span>delle <span class=\"_ _9\"> </span>forme <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>tr<span class=\"_ _2\"></span>asferimento: <span class=\"_ _d\"></span>consist<span class=\"_ _2\"></span>e <span class=\"_ _0\"></span>nella <span class=\"_ _0\"></span>individuazione, <span class=\"_ _9\"> </span>valutazione, <span class=\"_ _0\"></span>scelta <span class=\"_ _9\"> </span>e </span>gestione delle diverse forme di trasferimento del rischio (es. poli<span class=\"_ _1\"></span>zze assicurative).<span class=\"_ _df\"> </span>Le <span class=\"_ _f\"></span>azioni <span class=\"_ _1\"></span>di <span class=\"_ _f\"></span>mitigazione <span class=\"_ _1\"></span>definite <span class=\"_ _f\"></span>nel <span class=\"_ _1\"></span>reporting <span class=\"_ _f\"></span>vengono i<span class=\"_ _1\"></span>noltre i<span class=\"_ _1\"></span>ncluse <span class=\"_ _f\"></span>nel <span class=\"_ _f\"></span>processo di<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>pianificazione operativa. Al <span class=\"_ _f\"></span>31 dicembre <span class=\"_ _f\"></span>2025, <span class=\"_ _1\"></span>le <span class=\"_ _1\"></span>attivit\u00e0 ponde<span class=\"_ _1\"></span>rate <span class=\"_ _1\"></span>per <span class=\"_ _f\"></span>il rischio <span class=\"_ _f\"></span>operativo si <span class=\"_ _f\"></span>attestano a <span class=\"_ _f\"></span>3.499 <span class=\"_ _1\"></span>milioni <span class=\"_ _f\"></span>di eu<span class=\"_ _1\"></span>ro (requisito <span class=\"_ _d\"></span>patrimoniale <span class=\"_ _2\"></span>pari <span class=\"_ _d\"></span>a <span class=\"_ _2\"></span>279,9 <span class=\"_ _2\"></span>milioni <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>euro), <span class=\"_ _2\"></span>in <span class=\"_ _d\"></span>applicazione <span class=\"_ _2\"></span>del <span class=\"_ _d\"></span>nuovo <span class=\"_ _2\"></span>approccio <span class=\"_ _d\"></span>previsto dalla <span class=\"_ _4\"> </span>CRR3. <span class=\"_ _4\"> </span>Il  r<span class=\"_ _2\"></span>equisito <span class=\"_ _4\"> </span>\u00e8 <span class=\"_ _22\"> </span>determinato <span class=\"_ _4\"> </span>sulla <span class=\"_ _4\"> </span>base <span class=\"_ _4\"> </span>della <span class=\"_ _22\"> </span>media <span class=\"_ _4\"> </span>storica <span class=\"_ _4\"> </span>triennale <span class=\"_ _4\"> </span>del <span class=\"_ _4\"> </span>Business Indicator, <span class=\"_ _4\"> </span>risultante <span class=\"_ _4\"> </span>dall'aggregazione <span class=\"_ _4\"> </span>delle <span class=\"_ _4\"> </span>componenti <span class=\"_ _4\"> </span>Interest, <span class=\"_ _4\"> </span>Lease <span class=\"_ _4\"> </span>and <span class=\"_ _4\"> </span>Divid<span class=\"_ _1\"></span>end <span class=\"_ _4\"> </span>(ILDC), Service <span class=\"_ _d\"></span>(SC) <span class=\"_ _d\"></span>e <span class=\"_ _d\"></span>Financial <span class=\"_ _d\"></span>(FC), <span class=\"_ _d\"></span>a <span class=\"_ _0\"></span>cui <span class=\"_ _d\"></span>vengono <span class=\"_ _d\"></span>applicate <span class=\"_ _d\"></span>le <span class=\"_ _d\"></span>aliquot<span class=\"_ _2\"></span>e <span class=\"_ _d\"></span>progressive <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>ponderazione. <span class=\"_ _d\"></span>Il calcolo finale incorpora un Internal Loss Multip<span class=\"_ _1\"></span>lier (ILM) pari a 1.<span class=\"_ _2\"></span> RISCHI<span class=\"_ _f\"></span> LEGALI<span class=\"_ _f\"></span> Il Gruppo, nel normale svolgi<span class=\"_ _1\"></span>mento <span class=\"_ _2\"></span>dell<span class=\"_ _1\"></span>a propria attivit\u00e0 d\u2019impresa, \u00e8 parte di diversi procedimenti<span class=\"_ _1\"></span> giudiziari <span class=\"_ _d\"></span>dai <span class=\"_ _0\"></span>quali <span class=\"_ _d\"></span>potrebbero <span class=\"_ _0\"></span>anche <span class=\"_ _0\"></span>derivare <span class=\"_ _d\"></span>obblighi <span class=\"_ _0\"></span>di <span class=\"_ _d\"></span>natura <span class=\"_ _0\"></span>risarcitoria <span class=\"_ _0\"></span>e/o <span class=\"_ _d\"></span>restitutoria, <span class=\"_ _0\"></span>con conseguente possibile esborso di risorse economiche<span class=\"_ _f\"></span> <span class=\"_ _2\"></span>(c.d. rischio legale)<span class=\"_ _1\"></span>. Tutte le controversie in essere <span class=\"_ _9\"> </span>sono <span class=\"_ _9\"> </span>state <span class=\"_ _9\"> </span>debitamente <span class=\"_ _9\"> </span>analizzate <span class=\"_ _9\"> </span>dalla <span class=\"_ _9\"> </span>Banca <span class=\"_ _16\"> </span>e, <span class=\"_ _0\"></span>alla <span class=\"_ _16\"> </span>luce <span class=\"_ _0\"> </span>di <span class=\"_ _9\"> </span>t<span class=\"_ _2\"></span>ale <span class=\"_ _0\"> </span>anal<span class=\"_ _2\"></span>isi, <span class=\"_ _9\"> </span>nonch\u00e9 <span class=\"_ _0\"> </span>d<span class=\"_ _2\"></span>elle indicazioni <span class=\"_ _4\"> </span>anche <span class=\"_ _17\"> </span>provenienti <span class=\"_ _4\"> </span>dai <span class=\"_ _17\"> </span>Legali <span class=\"_ _4\"> </span>Fid<span class=\"_ _2\"></span>uciari <span class=\"_ _4\"> </span>esterni, <span class=\"_ _4\"> </span>so<span class=\"_ _2\"></span>no <span class=\"_ _4\"> </span>stati <span class=\"_ _17\"> </span>effettuati,<span class=\"_ _2\"></span> <span class=\"_ _4\"> </span>ove <span class=\"_ _17\"> </span>ritenuto necessario, <span class=\"_ _f\"></span>accantonamenti a <span class=\"_ _f\"></span>bilancio <span class=\"_ _f\"></span>nella <span class=\"_ _1\"></span>misura <span class=\"_ _1\"></span>idonea <span class=\"_ _f\"></span>ed <span class=\"_ _f\"></span>ap<span class=\"_ _2\"></span>propriata <span class=\"_ _f\"></span>alle sing<span class=\"_ _1\"></span>ole <span class=\"_ _f\"></span>circos<span class=\"_ _2\"></span>tanze. Pi\u00f9 <span class=\"_ _2\"></span>in <span class=\"_ _d\"></span>particolare <span class=\"_ _d\"></span>\u00e8 <span class=\"_ _2\"></span>cos<span class=\"_ _2\"></span>tituito <span class=\"_ _d\"></span>un <span class=\"_ _2\"></span>fondo <span class=\"_ _d\"></span>rischi <span class=\"_ _d\"></span>ed <span class=\"_ _2\"></span>oneri <span class=\"_ _d\"></span>diversi <span class=\"_ _2\"></span>a <span class=\"_ _d\"></span>presidio <span class=\"_ _d\"></span>delle <span class=\"_ _2\"></span>potenziali <span class=\"_ _d\"></span>passivit\u00e0 che potrebbero scaturire dalle cause pendenti. La maggior parte <span class=\"_ _1\"></span>di tali controversie <span class=\"_ _1\"></span>sono riconducibi<span class=\"_ _1\"></span>li alle principali <span class=\"_ _1\"></span>attivit\u00e0 del Gruppo e<span class=\"_ _1\"></span> possono riguardarei servizi di investiment<span class=\"_ _2\"></span>o, l\u2019anatocismo, i sist<span class=\"_ _2\"></span>emi/mezzi di pagamento, i pignoramenti, l<span class=\"_ _2\"></span>a \u201ccessione <span class=\"_ _22\"> </span>del <span class=\"_ _4\"> </span>quinto\u201d <span class=\"_ _22\"> </span>(per <span class=\"_ _4\"> </span>queste <span class=\"_ _22\"> </span>ultime, <span class=\"_ _4\"> </span>in  r<span class=\"_ _2\"></span><span class=\"ff4\">agione <span class=\"_ _22\"> </span>della <span class=\"_ _4\"> </span>numerosit\u00e0 <span class=\"_ _4\"> </span>e <span class=\"_ _22\"> </span>della <span class=\"_ _4\"> </span>ricorrenza <span class=\"_ _22\"> </span>del </span>fenomeno, <span class=\"_ _f\"></span>\u00e8 <span class=\"_ _f\"></span>stato p<span class=\"_ _1\"></span>redisposto <span class=\"_ _f\"></span>un <span class=\"_ _f\"></span>apposito <span class=\"_ _f\"></span>accantonamento <span class=\"_ _1\"></span>volto <span class=\"_ _f\"></span>a <span class=\"_ _f\"></span>gestire <span class=\"_ _1\"></span>contenziosi <span class=\"_ _f\"></span>e <span class=\"_ _f\"></span>reclami).<span class=\"_ _2\"></span> Per il <span class=\"_ _2\"></span>dettaglio <span class=\"_ _2\"></span>sulle fattispecie cor<span class=\"_ _2\"></span>relate ai <span class=\"_ _2\"></span>rischi sopra <span class=\"_ _2\"></span>illustrati si <span class=\"_ _2\"></span>rimanda alla <span class=\"_ _2\"></span>Nota Integrativa <span class=\"_ _d\"></span><span class=\"ff5\">\u2013</span> Parte B <span class=\"ff5\">\u2013</span> Sezione 10. Linee <span class=\"_ _1\"></span>evolu<span class=\"_ _1\"></span>tive <span class=\"_ _1\"></span>nella<span class=\"_ _f\"></span> gestione<span class=\"_ _f\"></span> della co<span class=\"_ _f\"></span>mponent<span class=\"_ _1\"></span>e di <span class=\"_ _1\"></span>rischio<span class=\"_ _f\"></span> operat<span class=\"_ _1\"></span>ivo<span class=\"_ _1\"></span>  Nel corso <span class=\"_ _2\"></span>della campagna di <span class=\"_ _2\"></span>RSA svolta <span class=\"_ _2\"></span>nel 2025 <span class=\"_ _2\"></span>sono stati <span class=\"_ _2\"></span>consolidati gli scenari E<span class=\"_ _2\"></span>nvironmental, Social and Governance gi\u00e0 valutati durante il precedente e<span class=\"_ _1\"></span>sercizio.<span class=\"_ _2\"></span> Inoltre, <span class=\"_ _d\"></span>a <span class=\"_ _0\"></span>partire <span class=\"_ _0\"></span>dal <span class=\"_ _d\"></span>primo <span class=\"_ _0\"></span>semestre <span class=\"_ _0\"></span>2025, <span class=\"_ _d\"></span>s<span class=\"_ _2\"></span>ono <span class=\"_ _d\"></span>stati <span class=\"_ _0\"></span>introdotti <span class=\"_ _d\"></span>dei <span class=\"_ _d\"></span>K<span class=\"_ _2\"></span>ey <span class=\"_ _d\"></span>Risk <span class=\"_ _d\"></span>In<span class=\"_ _2\"></span>dicator <span class=\"_ _d\"></span>(KRI) <span class=\"_ _0\"></span>che mirano <span class=\"_ _2\"></span>ad <span class=\"_ _2\"></span>assicurare <span class=\"_ _2\"></span>un adeguato <span class=\"_ _d\"></span>e compiuto <span class=\"_ _2\"></span>monitoraggio <span class=\"_ _2\"></span>gestionale <span class=\"_ _2\"></span>del profilo <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>esposizione al <span class=\"_ _4\"> </span>rischio <span class=\"_ _4\"> </span>operativo <span class=\"_ _4\"> </span>del <span class=\"_ _4\"> </span>Gruppo, <span class=\"_ _17\"> </span>in <span class=\"_ _4\"> </span>aggiunta <span class=\"_ _4\"> </span>agli <span class=\"_ _4\"> </span>indicatori <span class=\"_ _17\"> </span>gi\u00e0 <span class=\"_ _17\"> </span>individuati <span class=\"_ _4\"> </span>in <span class=\"_ _4\"> </span>ambito <span class=\"_ _4\"> </span>RAF. <span class=\"_ _17\"> </span>In particolare, <span class=\"_ _14\"> </span>tali <span class=\"_ _15\"> </span>indicatori <span class=\"_ _14\"> </span>gestionali <span class=\"_ _14\"> </span>implementati <span class=\"_ _14\"> </span>sono <span class=\"_ _15\"> </span>finalizzati <span class=\"_ _14\"> </span>ad <span class=\"_ _14\"> </span>intercettare <span class=\"_ _15\"> </span>e <span class=\"_ _14\"> </span>gestire tempestivamente eventuali <span class=\"_ _2\"></span>incrementi significativi <span class=\"_ _2\"></span>nel pro<span class=\"_ _2\"></span>filo di <span class=\"_ _2\"></span>rischio operativo, <span class=\"_ _2\"></span>anche in <span class=\"_ _2\"></span>ottica di definizione di opportune strategie di risposta (es. azioni di mitigazione del rischio)<span class=\"_ _1\"></span>.<span class=\"_ _2\"></span> Per <span class=\"_ _0\"></span>il <span class=\"_ _0\"></span>2026, <span class=\"_ _0\"></span>la <span class=\"_ _9\"> </span>classificazione<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>degli <span class=\"_ _0\"></span>eventi <span class=\"_ _9\"> </span>di <span class=\"_ _0\"></span>rischio <span class=\"_ _0\"></span>operativo <span class=\"_ _0\"></span>sar\u00e0 <span class=\"_ _0\"></span>rivista <span class=\"_ _0\"></span>ed <span class=\"_ _0\"></span>adeguata <span class=\"_ _0\"></span>alla <span class=\"_ _9\"> </span>luce dell\u2019EBA/RTS/2025/03 e successive modifiche.<span class=\"_ _df\"> </span><div class=\"t m0 he ff4 fs5 fc4 sc3 ls0 ws0 gs1748\">Inform<span class=\"_ _1\"></span>azio<span class=\"_ _f\"></span>ni di natura<span class=\"_ _f\"></span> quantita<span class=\"_ _f\"></span>tiva </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1749\">Si <span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>iporta <span class=\"_ _2\"></span>di <span class=\"_ _d\"></span>seguito <span class=\"_ _d\"></span>la <span class=\"_ _2\"></span>composizione <span class=\"_ _2\"></span>percentuale <span class=\"_ _d\"></span>delle <span class=\"_ _d\"></span>perdite <span class=\"_ _d\"></span>operative <span class=\"_ _2\"></span>del <span class=\"_ _d\"></span>Gruppo <span class=\"_ _2\"></span>Credem <span class=\"_ _d\"></span>per </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs174a\">tipologie di evento: </div><div class=\"t m0 h5 ff14 fs1 fc1 sc0 ls0 ws0 gs174b\"><span class=\"_ _2c\"> </span><span class=\"ff4\">ET 01 - <span class=\"_ _2\"></span>Frodi Interne </span></div><div class=\"t m0 h5 ff14 fs1 fc1 sc0 ls0 ws0 gs174c\"><span class=\"_ _2c\"> </span><span class=\"ff4\">ET 02 - Frodi esterne<span class=\"_ _df\"> </span></span></div><div class=\"t m0 h5 ff14 fs1 fc1 sc0 ls0 ws0 gs174d\"><span class=\"_ _2c\"> </span><span class=\"ff4\">ET 03 - Relazioni con il personale e sicurezza dell'ambiente di lavoro<span class=\"_ _df\"> </span></span></div><div class=\"t m0 h5 ff14 fs1 fc1 sc0 ls0 ws0 gs174e\"><span class=\"_ _2c\"> </span><span class=\"ff4\">ET 04 <span class=\"_ _2\"></span>- Rapporti con clie<span class=\"_ _f\"></span>nt<span class=\"_ _2\"></span>i, prestazioni di servizi o prodotti<span class=\"_ _df\"> </span></span></div><div class=\"t m0 h5 ff14 fs1 fc1 sc0 ls0 ws0 gs174f\"><span class=\"_ _2c\"> </span><span class=\"ff4\">ET 05 <span class=\"_ _2\"></span>- Disastri ed alt<span class=\"_ _1\"></span>ri eventi<span class=\"_ _df\"> </span></span></div><div class=\"t m0 h5 ff14 fs1 fc1 sc0 ls0 ws0 gs1750\"><span class=\"_ _2c\"> </span><span class=\"ff4\">ET 06 - Sistemi </span></div><div class=\"t m0 h5 ff14 fs1 fc1 sc0 ls0 ws0 gs1751\"><span class=\"_ _2c\"> </span><span class=\"ff4\">ET 07 <span class=\"_ _2\"></span>- Esecuzi<span class=\"_ _1\"></span>one, gestione, consegna di prodotti o servizi<span class=\"_ _df\"> </span></span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1752\">Nel corso <span class=\"_ _f\"></span>del 2025, <span class=\"_ _f\"></span>la principale <span class=\"_ _f\"></span>f<span class=\"_ _2\"></span>onte d<span class=\"_ _1\"></span>i rischio <span class=\"_ _f\"></span>operativo, per <span class=\"_ _f\"></span>impor<span class=\"_ _2\"></span>to <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>perdita, <span class=\"_ _1\"></span>\u00e8 risul<span class=\"_ _1\"></span>tata essere </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1753\">la <span class=\"_ _d\"></span>tipol<span class=\"ff5\">ogia <span class=\"_ _0\"></span>di <span class=\"_ _d\"></span>evento <span class=\"_ _d\"></span>\u201cRapporti <span class=\"_ _d\"></span>con <span class=\"_ _0\"></span>Clienti, <span class=\"_ _d\"></span>prestazioni <span class=\"_ _d\"></span>di <span class=\"_ _0\"></span>servizi <span class=\"_ _d\"></span>o <span class=\"_ _d\"></span>prodotti\u201d <span class=\"_ _0\"></span>(ET04). <span class=\"_ _d\"></span>La <span class=\"_ _d\"></span>seconda </span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs1754\">fonte <span class=\"_ _16\"> </span>di <span class=\"_ _9\"> </span>r<span class=\"_ _2\"></span>ischio <span class=\"_ _9\"> </span>operativo  si <span class=\"_ _9\"> </span>riferisce  all<span class=\"_ _f\"></span>e  perdite <span class=\"_ _9\"> </span>dov<span class=\"_ _2\"></span>ute <span class=\"_ _9\"> </span>a  \u201cFrodi <span class=\"_ _9\"> </span>Est<span class=\"_ _2\"></span>erne\u201d <span class=\"_ _9\"> </span>(ET  02) <span class=\"_ _9\"> </span>seguita  da<span class=\"_ _f\"></span> </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs1755\">\u201cEsecuzione, gestione e consegna di prodotti o servizi\u201d (ET<span class=\"_ _1\"></span>07)\u201d.<span class=\"_ _2\"></span><span class=\"ff4\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls3c ws0 gs1756\">Le<span class=\"ls0\"> <span class=\"ff5\">restanti tipologie di perdita hanno un\u2019incidenza comple<span class=\"_ _f\"></span>s<span class=\"_ _2\"></span>siva inferiore al 1%.<span class=\"_ _2\"></span><span class=\"ff4\"> </span></span></span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs1757\">L\u2019incidenza <span class=\"_ _0\"></span>delle <span class=\"_ _9\"> </span>perdite <span class=\"_ _0\"></span>legat<span class=\"_ _2\"></span>e <span class=\"_ _0\"></span>a <span class=\"_ _9\"> </span>malfunzionamento <span class=\"_ _0\"></span>dei <span class=\"_ _9\"> </span>sistemi <span class=\"_ _9\"> </span>tecnologici <span class=\"_ _0\"></span>(ET <span class=\"_ _9\"> </span>06) <span class=\"_ _9\"> </span>\u00e8 <span class=\"_ _0\"></span>r<span class=\"_ _2\"></span>isultata </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1758\">marginale.  </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs1759\">Infine, la <span class=\"_ _2\"></span>quasi t<span class=\"_ _2\"></span>otalit\u00e0 delle perdite <span class=\"_ _2\"></span>riconducibili al <span class=\"_ _2\"></span>\u201cConduct Ri<span class=\"_ _2\"></span>sk\u201d si <span class=\"_ _2\"></span>riferisce agli <span class=\"_ _2\"></span>Event Type <span class=\"_ _2\"></span>01 e </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls5 ws0 gs175a\">04.<span class=\"ls0\"> </span></div>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-815": {
   "value": "<div class=\"t m0 hc ff2b fs4 fc4 sc3 ls0 ws0 gsd83\">Sezi<span class=\"_ _f\"></span>one 1<span class=\"_ _1\"></span>3 <span class=\"ff2c\">\u2013</span> P<span class=\"_ _f\"></span>atrim<span class=\"_ _1\"></span>onio<span class=\"_ _f\"></span> del g<span class=\"_ _1\"></span>ru<span class=\"_ _f\"></span>ppo <span class=\"ff2c\">\u2013</span> <span class=\"_ _1\"></span>Voci<span class=\"_ _f\"></span> 120, <span class=\"_ _1\"></span>130<span class=\"_ _1\"></span>, 14<span class=\"_ _1\"></span>0, 150<span class=\"_ _f\"></span>, 160<span class=\"_ _f\"></span>, 170 e<span class=\"_ _f\"></span> 180 </div><div class=\"c w37c h4a gsd84\"><div class=\"t m0 x10 h5 y302 ff2b fs1 fc4 sc3 ls0 ws0\">13.1 <span class=\"_ _1\"></span>\"Capit<span class=\"_ _1\"></span>ale\" e<span class=\"_ _1\"></span> \"Azi<span class=\"_ _1\"></span>oni pr<span class=\"_ _1\"></span>oprie<span class=\"_ _1\"></span>\": co<span class=\"_ _f\"></span>mposizio<span class=\"_ _1\"></span>ne </div></div><div class=\"gsd85\"><table class=\"s wd90 h521\" id=\"_9780b9ad-561b-4fe2-a276-8aefa8872839\"><tr><td></td><td class=\"c x44a y2ef2 w37d h49\"><div class=\"t m0 x11 h1f y32 ff2b fs7 fc4 sc3 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale </div></td><td></td><td class=\"c x44b y2ef2 w37e h49\"><div class=\"t m0 x11 h1f y32 ff2b fs7 fc4 sc3 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale </div></td><td></td></tr><tr><td></td><td class=\"c x575 y2ef3 w362 h183\"><div class=\"t m0 x31 h1f yd1f ff2b fs7 fc4 sc3 ls0 ws0\">31/12/<span class=\"_ _f\"></span>2025 </div></td><td class=\"c x44c y2ef4 w993 h522\"><div class=\"t m0 x250 h1f y2409 ff2b fs7 fc4 sc3 ls0 ws0\">31/12/<span class=\"_ _df\"> </span></div></td><td class=\"c x44d y2ef4 w994 h522\"><div class=\"t m0 x250 h1f y2409 ff2b fs7 fc4 sc3 ls0 ws0\">2024<span class=\"_ _df\"> </span></div></td><td></td></tr><tr><td class=\"c x44e y2ef5 w37f h131\"><div class=\"t m0 x10 h1f y3e4 ff2b fs7 fc1 sc2 ls0 ws0\">A. Ca<span class=\"_ _f\"></span>pitale </div></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x44e y2ef6 w37f h131\"><div class=\"t m0 x116 h1f y3e4 ff2b fs7 fc1 sc0 ls0 ws0\">A.1 Azioni ordin<span class=\"_ _1\"></span>arie </div></td><td></td><td class=\"c x44a y2ef6 w37d h131\"><div class=\"t m0 xe8 h1f y3e4 ff2b fs7 fc1 sc0 ls0 ws0\">341.320 </div></td><td></td><td class=\"c x44b y2ef6 w339 h131\"><div class=\"t m0 x1e6 h1f y3e4 ff2b fs7 fc1 sc0 ls0 ws0\">341.320 </div></td></tr><tr><td class=\"c x44e y2ef7 w37f h49\"><div class=\"t m0 x116 h1f y25c ff2b fs7 fc1 sc0 ls0 ws0\">A.2 Azioni di risp<span class=\"_ _1\"></span>armio<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x44a y2ef7 w37d h49\"><div class=\"t m0 x189 h1f y25c ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x44b y2ef7 w339 h49\"><div class=\"t m0 x189 h1f y25c ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2ef8 w37f h49\"><div class=\"t m0 x116 h1f y25c ff2b fs7 fc1 sc0 ls0 ws0\">A.3 Azioni privileg<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span>ate<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x44a y2ef8 w37d h49\"><div class=\"t m0 x189 h1f y25c ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x44b y2ef8 w339 h49\"><div class=\"t m0 x189 h1f y25c ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2a7c w37f hc8\"><div class=\"t m0 x116 h1f y28b ff2b fs7 fc1 sc0 ls0 ws0\">A.4 Azioni altre<span class=\"_ _1\"></span> </div></td><td></td><td class=\"c x44a y2a7c w37d hc8\"><div class=\"t m0 x189 h1f y28b ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x44b y2a7c w339 hc8\"><div class=\"t m0 x189 h1f y28b ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2ef9 w37f hc8\"><div class=\"t m0 x10 h1f y28b ff2b fs7 fc1 sc2 ls0 ws0\">B. Azi<span class=\"_ _1\"></span>oni <span class=\"_ _f\"></span>proprie<span class=\"_ _1\"></span> </div></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x44e y2a7e w37f hc8\"><div class=\"t m0 x116 h1f y28b ff2b fs7 fc1 sc0 ls0 ws0\">B.1 Azioni ord<span class=\"_ _1\"></span>inarie </div></td><td></td><td class=\"c x44a y2a7e w37d hc8\"><div class=\"t m0 xc h1f y28b ff2b fs7 fc1 sc0 ls0 ws0\">20.010 </div></td><td></td><td class=\"c x44b y2a7e w339 hc8\"><div class=\"t m0 x11e h1f y28b ff2b fs7 fc1 sc0 ls0 ws0\">3.845 </div></td></tr><tr><td class=\"c x44e y2efa w37f h227\"><div class=\"t m0 x116 h1f y28b ff2b fs7 fc1 sc0 ls0 ws0\">B.2 Azioni di r<span class=\"_ _1\"></span>isparmio<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x44a y2efa w37d h227\"><div class=\"t m0 x189 h1f y28b ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x44b y2efa w339 h227\"><div class=\"t m0 x189 h1f y28b ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2efb w37f hc8\"><div class=\"t m0 x116 h1f ye4c ff2b fs7 fc1 sc0 ls0 ws0\">B.3 Azioni privileg<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span>ate </div></td><td></td><td class=\"c x44a y2efb w37d hc8\"><div class=\"t m0 x189 h1f ye4c ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x44b y2efb w339 hc8\"><div class=\"t m0 x189 h1f ye4c ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2efc w37f hc8\"><div class=\"t m0 x116 h1f ye4c ff2b fs7 fc1 sc0 ls0 ws0\">B.4 Azioni altre<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x44a y2efc w37d hc8\"><div class=\"t m0 x189 h1f ye4c ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x44b y2efc w339 hc8\"><div class=\"t m0 x189 h1f ye4c ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td></tr></table></div><div class=\"t m0 h5 ff2b fs1 fc1 sc0 ls0 ws0 gsd86\">Sono <span class=\"_ _d\"></span>presenti <span class=\"_ _d\"></span>1.677.462 <span class=\"_ _0\"></span>azioni <span class=\"_ _2\"></span>proprie <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>port<span class=\"_ _2\"></span>afoglio, <span class=\"_ _2\"></span>per <span class=\"_ _0\"></span>un <span class=\"_ _d\"></span>controvalore <span class=\"_ _d\"></span>di <span class=\"_ _0\"></span>20,0 <span class=\"_ _d\"></span>milioni <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>euro<span class=\"ls7d\">, </span></div><div class=\"t m0 h5 ff2c fs1 fc1 sc0 ls0 ws0 gsd87\">acquistate <span class=\"_ _d\"></span>nell\u2019ambito <span class=\"_ _0\"></span>del <span class=\"_ _d\"></span>programma <span class=\"_ _d\"></span>che <span class=\"_ _0\"></span>ha <span class=\"_ _d\"></span>dato <span class=\"_ _d\"></span>esecuzione <span class=\"_ _d\"></span>alle <span class=\"_ _d\"></span>delibere <span class=\"_ _0\"></span>adottate <span class=\"_ _d\"></span>dalle <span class=\"_ _0\"> </span><span class=\"ff2b\">varie </span></div><div class=\"t m0 h5 ff2b fs1 fc1 sc0 ls0 ws0 gsd88\">Assemblee <span class=\"_ _d\"></span>Ordinarie; <span class=\"_ _d\"></span>t<span class=\"_ _2\"></span>ali <span class=\"_ _d\"></span>programmi <span class=\"_ _d\"></span>hanno <span class=\"_ _0\"></span>lo <span class=\"_ _d\"></span>scopo <span class=\"_ _d\"></span>di <span class=\"_ _0\"></span>acquistare <span class=\"_ _d\"></span>azioni <span class=\"_ _0\"></span>di <span class=\"_ _d\"></span>Credito <span class=\"_ _d\"></span>Emiliano <span class=\"_ _d\"></span>ad </div><div class=\"t m0 h5 ff2b fs1 fc1 sc0 ls0 ws0 gsd89\">integrale <span class=\"_ _9\"> </span>copertura <span class=\"_ _16\"> </span>dei <span class=\"_ _9\"> </span>piani <span class=\"_ _9\"> </span>di<span class=\"_ _2\"></span> <span class=\"_ _9\"> </span>remunerazione <span class=\"_ _9\"> </span>basati  su <span class=\"_ _9\"> </span>strumenti  finan<span class=\"_ _1\"></span>ziari <span class=\"_ _9\"> </span>da <span class=\"_ _16\"> </span>destinare <span class=\"_ _9\"> </span>alla </div><div class=\"t m0 h5 ff2c fs1 fc1 sc0 ls0 ws0 gsd8a\">categoria <span class=\"_ _d\"></span>dei <span class=\"_ _0\"></span>dirigenti <span class=\"_ _d\"></span>con <span class=\"_ _0\"></span>responsabilit\u00e0 <span class=\"_ _0\"></span>strategiche <span class=\"_ _d\"></span>e <span class=\"_ _0\"></span>del <span class=\"_ _d\"></span>\u201cp<span class=\"_ _2\"></span>ersonale <span class=\"_ _d\"></span>pi\u00f9 <span class=\"_ _0\"></span>rilevante\u201d <span class=\"_ _d\"></span>del <span class=\"_ _0\"></span>gruppo </div><div class=\"t m0 h5 ff2b fs1 fc1 sc0 ls0 ws0 gsd8b\">bancario. <span class=\"_ _0\"></span>Ai <span class=\"_ _9\"> </span>sensi <span class=\"_ _9\"> </span>delle <span class=\"_ _9\"> </span>norme <span class=\"_ _9\"> </span>vigenti, <span class=\"_ _9\"> </span>gli <span class=\"_ _9\"> </span>estremi <span class=\"_ _9\"> </span>del <span class=\"_ _0\"> </span>pro<span class=\"_ _2\"></span>gramma <span class=\"_ _0\"></span>s<span class=\"_ _2\"></span>ono <span class=\"_ _0\"></span>gi\u00e0 <span class=\"_ _9\"> </span>stati <span class=\"_ _9\"> </span>comunicati <span class=\"_ _9\"> </span>al </div><div class=\"t m0 h5 ff2b fs1 fc1 sc0 ls0 ws0 gsd8c\">mercato. </div><div class=\"t m0 h5 ff2c fs1 fc1 sc0 ls0 ws0 gsd8d\">Nel corso dell\u2019eserciz<span class=\"ff2b\">io sono state assegnate 516.113 azioni. </span></div><div class=\"t m0 h5 ff2b fs1 fc1 sc0 ls0 ws0 gsd8e\">Per <span class=\"_ _2\"></span>maggiori <span class=\"_ _2\"></span>dettagli <span class=\"_ _2\"></span>riguardo <span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>piani di <span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>emunerazione basat<span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>su st<span class=\"_ _2\"></span>rumenti <span class=\"_ _2\"></span>finanziari si <span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>invia alla<span class=\"_ _2\"></span> </div><div class=\"t m0 h5 ff2c fs1 fc1 sc0 ls0 ws0 gsd8f\">\u201cParte I\u201d della presente nota integrativa.<span class=\"_ _df\"> </span><span class=\"ff2b\"> </span></div><div class=\"c w37c h248 gsd91\"><div class=\"t m0 x10 h5 y826 ff2b fs1 fc4 sc3 ls0 ws0\">13.2 Ca<span class=\"_ _f\"></span>pitale - <span class=\"_ _f\"></span>Numero <span class=\"_ _1\"></span>azioni<span class=\"_ _f\"></span> della ca<span class=\"_ _f\"></span>pogrupp<span class=\"_ _1\"></span>o: va<span class=\"_ _f\"></span>riazioni <span class=\"_ _f\"></span>annue </div></div><div class=\"gsd92\"><table class=\"s wd91 h523\" id=\"_2ad336ba-8d5d-4564-a0d0-1e18dc8bc32b\"><tr><td class=\"c x44e y2efd w4aa hec\"><div class=\"t m0 x14d h1f y1220 ff2b fs7 fc4 sc3 ls0 ws0\">Voci<span class=\"_ _1\"></span>/Tipol<span class=\"_ _1\"></span>ogie<span class=\"_ _f\"></span> </div></td><td class=\"c x534 y2efd w461 hec\"><div class=\"t m0 x2c h1f y1220 ff2b fs7 fc4 sc3 ls0 ws0\">Ordin<span class=\"_ _f\"></span>arie </div></td><td class=\"c x533 y2efd w3c4 hec\"><div class=\"t m0 x31 h1f y1220 ff2b fs7 fc4 sc3 ls0 ws0\">Altr<span class=\"_ _1\"></span>e </div></td></tr><tr><td class=\"c x44e y2efe w3c5 h49\"><div class=\"t m0 x10 h1f y25f ff2b fs7 fc1 sc2 ls0 ws0\">A. Az<span class=\"_ _1\"></span>ioni<span class=\"_ _1\"></span> esis<span class=\"_ _1\"></span>ten<span class=\"_ _1\"></span>ti all'<span class=\"_ _1\"></span>iniz<span class=\"_ _1\"></span>io dell<span class=\"_ _1\"></span>'eser<span class=\"_ _f\"></span>cizio </div></td><td class=\"c x534 y2efe w3c6 h49\"><div class=\"t m0 x36 h1f y25f ff2b fs7 fc1 sc2 ls0 ws0\">341.3<span class=\"_ _f\"></span>20.065<span class=\"_ _1\"></span> </div></td><td class=\"c x533 y2efe w3c6 h49\"><div class=\"t m0 xc h1f y25 ff2b fs7 fc1 sc0 ls0 ws0\">-<span class=\"sc2\"> </span></div></td></tr><tr><td class=\"c x44e y2eff w3c5 h49\"><div class=\"t m0 x116 h1f y25f ff2b fs7 fc1 sc0 ls0 ws0\">- interamente <span class=\"_ _1\"></span>liberate </div></td><td class=\"c x534 y2eff w3c6 h49\"><div class=\"t m0 x15 h1f y25f ff2b fs7 fc1 sc0 ls0 ws0\">341.320.065 </div></td><td class=\"c x533 y2eff w3c6 h49\"><div class=\"t m0 xc h1f y25 ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2f00 w3c5 h49\"><div class=\"t m0 x116 h1f y25c ff2b fs7 fc1 sc0 ls0 ws0\">- non interamente <span class=\"_ _f\"></span>l<span class=\"_ _2\"></span>iberate </div></td><td class=\"c x534 y2f00 w3c6 h49\"><div class=\"t m0 xc h1f y25c ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x533 y2f00 w3c6 h49\"><div class=\"t m0 xc h1f y25 ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2f01 w3c5 h49\"><div class=\"t m0 x10 h1f y25c ff2b fs7 fc1 sc0 ls0 ws0\">A.1  Azioni propr<span class=\"_ _1\"></span>ie (-) </div></td><td class=\"c x534 y2f01 w3c6 h49\"><div class=\"t m0 x7 h1f y25c ff2b fs7 fc1 sc0 ls0 ws0\">(693.575) </div></td><td class=\"c x533 y2f01 w3c6 h49\"><div class=\"t m0 xc h1f y25 ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2f02 w3c5 h49\"><div class=\"t m0 x10 h1f y25f ff2b fs7 fc1 sc2 ls0 ws0\">A.2 A<span class=\"_ _1\"></span>zioni<span class=\"_ _f\"></span> in circ<span class=\"_ _1\"></span>olazi<span class=\"_ _f\"></span>one: es<span class=\"_ _1\"></span>iste<span class=\"_ _1\"></span>nze i<span class=\"_ _f\"></span>niziali </div></td><td class=\"c x534 y2f02 w3c6 h49\"><div class=\"t m0 x30 h1f y25f ff2b fs7 fc1 sc2 ls0 ws0\">340.6<span class=\"_ _f\"></span>26.490<span class=\"_ _f\"></span> </div></td><td class=\"c x533 y2f02 w3c6 h49\"><div class=\"t m0 xc h1f y68b ff2b fs7 fc1 sc0 ls0 ws0\">-<span class=\"sc2\"> </span></div></td></tr><tr><td class=\"c x44e y2f03 w3c5 h49\"><div class=\"t m0 x10 h1f y25f ff2b fs7 fc1 sc2 ls0 ws0\">B. A<span class=\"_ _1\"></span>umen<span class=\"_ _f\"></span>ti </div></td><td class=\"c x534 y2f03 w3c6 h49\"><div class=\"t m0 x1af h1f y25f ff2b fs7 fc1 sc2 ls0 ws0\">516.113<span class=\"_ _f\"></span> </div></td><td class=\"c x533 y2f03 w3c6 h49\"><div class=\"t m0 xc h1f y25f ff2b fs7 fc1 sc2 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2f04 w3c5 h49\"><div class=\"t m0 x10 h1f y25f ff2b fs7 fc1 sc0 ls0 ws0\">B.1 Nuove emissi<span class=\"_ _1\"></span>oni </div></td><td class=\"c x534 y2f04 w3c6 h49\"><div class=\"t m0 x1af h1f y25f ff2b fs7 fc1 sc0 ls0 ws0\">516.113 </div></td><td class=\"c x533 y2f04 w3c6 h49\"><div class=\"t m0 xc h1f y25f ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2f05 w3c5 h49\"><div class=\"t m0 x32 h1f y25f ff2b fs7 fc1 sc0 ls0 ws0\">- a pagamento: </div></td><td class=\"c x534 y2f05 w3c6 h49\"><div class=\"t m0 xc h1f y25f ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x533 y2f05 w3c6 h49\"><div class=\"t m0 xc h1f y25f ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2f06 w3c5 h49\"><div class=\"t m0 x38 h1f y25c ff2b fs7 fc1 sc0 ls0 ws0\">- conversione d<span class=\"_ _1\"></span>i obbligazioni<span class=\"_ _df\"> </span></div></td><td class=\"c x534 y2f06 w3c6 h49\"><div class=\"t m0 xc h1f y25c ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x533 y2f06 w3c6 h49\"><div class=\"t m0 xc h1f y25c ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2f07 w3c5 h4a\"><div class=\"t m0 x38 h1f y25c ff2b fs7 fc1 sc0 ls0 ws0\">- esercizio di warr<span class=\"_ _1\"></span>ant </div></td><td class=\"c x534 y2f07 w3c6 h4a\"><div class=\"t m0 xc h1f y25c ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x533 y2f07 w3c6 h4a\"><div class=\"t m0 xc h1f y25c ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2f08 w3c5 h49\"><div class=\"t m0 x38 h1f y25f ff2b fs7 fc1 sc0 ls0 ws0\">- altre </div></td><td class=\"c x534 y2f08 w3c6 h49\"><div class=\"t m0 xc h1f y25f ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x533 y2f08 w3c6 h49\"><div class=\"t m0 xc h1f y25f ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2f09 w3c5 h49\"><div class=\"t m0 x32 h1f y25f ff2b fs7 fc1 sc0 ls0 ws0\">- a titolo gratui<span class=\"_ _1\"></span>to: </div></td><td class=\"c x534 y2f09 w3c6 h49\"><div class=\"t m0 x1af h1f y25f ff2b fs7 fc1 sc0 ls0 ws0\">516.113 </div></td><td class=\"c x533 y2f09 w3c6 h49\"><div class=\"t m0 xc h1f y25f ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2f0a w3c5 h49\"><div class=\"t m0 x38 h1f y25f ff2b fs7 fc1 sc0 ls0 ws0\">- a favore dei d<span class=\"_ _1\"></span>ipendenti </div></td><td class=\"c x534 y2f0a w3c6 h49\"><div class=\"t m0 xe h1f y25f ff2b fs7 fc1 sc0 ls0 ws0\">502.849 </div></td><td class=\"c x533 y2f0a w3c6 h49\"><div class=\"t m0 xc h1f y25f ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2f0b w3c5 h49\"><div class=\"t m0 x38 h1f y25f ff2b fs7 fc1 sc0 ls0 ws0\">- a favore degli amm<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span>nistratori<span class=\"_ _1\"></span> </div></td><td class=\"c x534 y2f0b w3c6 h49\"><div class=\"t m0 x11d h1f y25f ff2b fs7 fc1 sc0 ls0 ws0\">7.379 </div></td><td class=\"c x533 y2f0b w3c6 h49\"><div class=\"t m0 xc h1f y25f ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2f0c w3c5 h49\"><div class=\"t m0 x38 h1f y25c ff2b fs7 fc1 sc0 ls0 ws0\">- altre </div></td><td class=\"c x534 y2f0c w3c6 h49\"><div class=\"t m0 xef h1f y25c ff2b fs7 fc1 sc0 ls0 ws0\">5.885 </div></td><td class=\"c x533 y2f0c w3c6 h49\"><div class=\"t m0 xc h1f y25c ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2f0d w3c5 h49\"><div class=\"t m0 x10 h1f y25c ff2b fs7 fc1 sc0 ls0 ws0\">B.2 Vendita di azi<span class=\"_ _1\"></span>oni proprie </div></td><td class=\"c x534 y2f0d w3c6 h49\"><div class=\"t m0 xc h1f y25c ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x533 y2f0d w3c6 h49\"><div class=\"t m0 xc h1f y25c ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2f0e w3c5 h49\"><div class=\"t m0 x10 h1f y25f ff2b fs7 fc1 sc0 ls0 ws0\">B.3 Altre variazi<span class=\"_ _f\"></span>o<span class=\"_ _2\"></span>ni </div></td><td class=\"c x534 y2f0e w3c6 h49\"><div class=\"t m0 xc h1f y25f ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x533 y2f0e w3c6 h49\"><div class=\"t m0 xc h1f y25f ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2f0f w3c5 h49\"><div class=\"t m0 x10 h1f y25f ff2b fs7 fc1 sc2 ls0 ws0\">C. Dim<span class=\"_ _f\"></span>inuzion<span class=\"_ _f\"></span>i </div></td><td class=\"c x534 y2f0f w3c6 h49\"><div class=\"t m0 x13 h1f y25f ff2b fs7 fc1 sc0 ls0 ws0\">(1.500.000) </div></td><td class=\"c x533 y2f0f w3c6 h49\"><div class=\"t m0 xc h1f y68b ff2b fs7 fc1 sc0 ls0 ws0\">-<span class=\"sc2\"> </span></div></td></tr><tr><td class=\"c x44e y2f10 w3c5 h49\"><div class=\"t m0 x10 h1f y25f ff2b fs7 fc1 sc0 ls0 ws0\">C.1 Annullamento </div></td><td class=\"c x534 y2f10 w3c6 h49\"><div class=\"t m0 xc h1f y25f ff2b fs7 fc1 sc2 ls0 ws0\">- </div></td><td class=\"c x533 y2f10 w3c6 h49\"><div class=\"t m0 xc h1f y25 ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2699 w3c5 h49\"><div class=\"t m0 x10 h1f y25f ff2b fs7 fc1 sc0 ls0 ws0\">C.2 Acquisto di az<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span>oni prop<span class=\"_ _1\"></span>rie </div></td><td class=\"c x534 y2699 w3c6 h49\"><div class=\"t m0 x13 h1f y25f ff2b fs7 fc1 sc0 ls0 ws0\">(1.500.000) </div></td><td class=\"c x533 y2699 w3c6 h49\"><div class=\"t m0 xc h1f y25 ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2f11 w3c5 h4a\"><div class=\"t m0 x10 h1f y25c ff2b fs7 fc1 sc0 ls0 ws0\">C.3 Operazioni d<span class=\"_ _1\"></span>i cessione di imp<span class=\"_ _1\"></span>rese<span class=\"_ _df\"> </span></div></td><td class=\"c x534 y2f11 w3c6 h4a\"><div class=\"t m0 xc h1f y25c ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x533 y2f11 w3c6 h4a\"><div class=\"t m0 xc h1f y1837 ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2f12 w3c5 h49\"><div class=\"t m0 x10 h1f y25c ff2b fs7 fc1 sc0 ls0 ws0\">C.4 Altre variaz<span class=\"_ _1\"></span>ioni<span class=\"_ _df\"> </span></div></td><td class=\"c x534 y2f12 w3c6 h49\"><div class=\"t m0 xc h1f y25c ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x533 y2f12 w3c6 h49\"><div class=\"t m0 xc h1f y25 ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2f13 w3c5 h49\"><div class=\"t m0 x10 h1f y25f ff2b fs7 fc1 sc2 ls0 ws0\">D. Azi<span class=\"_ _1\"></span>oni i<span class=\"_ _1\"></span>n ci<span class=\"_ _1\"></span>rcola<span class=\"_ _f\"></span>zione: r<span class=\"_ _1\"></span>ima<span class=\"_ _1\"></span>nenz<span class=\"_ _1\"></span>e fi<span class=\"_ _1\"></span>nali </div></td><td class=\"c x534 y2f13 w3c6 h49\"><div class=\"t m0 x15 h1f y25f ff2b fs7 fc1 sc2 ls0 ws0\">339<span class=\"_ _1\"></span>.642.6<span class=\"_ _f\"></span>03 </div></td><td class=\"c x533 y2f13 w3c6 h49\"><div class=\"t m0 xc h1f y68b ff2b fs7 fc1 sc0 ls0 ws0\">-<span class=\"sc2\"> </span></div></td></tr><tr><td class=\"c x44e y2f14 w3c5 h49\"><div class=\"t m0 x10 h1f y25f ff2b fs7 fc1 sc0 ls0 ws0\">D.1 Azioni prop<span class=\"_ _1\"></span>rie (+) </div></td><td class=\"c x534 y2f14 w3c6 h49\"><div class=\"t m0 x1c h1f y25f ff2b fs7 fc1 sc0 ls0 ws0\">1.677.462 </div></td><td class=\"c x533 y2f14 w3c6 h49\"><div class=\"t m0 xc h1f y68b ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2f15 w3c5 h49\"><div class=\"t m0 x10 h1f y25f ff2b fs7 fc1 sc0 ls0 ws0\">D.2 Azioni esiste<span class=\"_ _1\"></span>nti alla fine dell'eser<span class=\"_ _f\"></span>cizio<span class=\"_ _df\"> </span></div></td><td class=\"c x534 y2f15 w3c6 h49\"><div class=\"t m0 x15 h1f y25f ff2b fs7 fc1 sc0 ls0 ws0\">341.320.065 </div></td><td class=\"c x533 y2f15 w3c6 h49\"><div class=\"t m0 xc h1f y25 ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2f16 w3c5 h49\"><div class=\"t m0 x32 h1f y25f ff2b fs7 fc1 sc0 ls0 ws0\">- interamente <span class=\"_ _1\"></span>liberate </div></td><td class=\"c x534 y2f16 w3c6 h49\"><div class=\"t m0 x15 h1f y25f ff2b fs7 fc1 sc0 ls0 ws0\">341.320.065 </div></td><td class=\"c x533 y2f16 w3c6 h49\"><div class=\"t m0 xc h1f y25 ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2f17 w3c5 h49\"><div class=\"t m0 x32 h1f y25c ff2b fs7 fc1 sc0 ls0 ws0\">- non interamente <span class=\"_ _f\"></span>l<span class=\"_ _2\"></span>iberate </div></td><td class=\"c x534 y2f17 w3c6 h49\"><div class=\"t m0 xc h1f y25c ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x533 y2f17 w3c6 h49\"><div class=\"t m0 xc h1f y25 ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td></tr></table></div><div class=\"t m0 he ff2b fs5 fc4 sc3 ls0 ws0 gsd93\">13.4 R<span class=\"_ _f\"></span>iserve di u<span class=\"_ _1\"></span>tili: altre<span class=\"_ _1\"></span> info<span class=\"_ _1\"></span>rmaz<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span>oni<span class=\"_ _df\"> </span><span class=\"_ _1\"></span> </div><div class=\"t m0 h5 ff2b fs1 fc1 sc0 ls0 ws0 gsd94\">In <span class=\"_ _d\"></span>tale <span class=\"_ _d\"></span>categoria <span class=\"_ _d\"></span>sono <span class=\"_ _0\"></span>inclusi <span class=\"_ _d\"></span>la <span class=\"_ _d\"></span>riserva <span class=\"_ _d\"></span>legale, <span class=\"_ _d\"></span>la <span class=\"_ _d\"></span>r<span class=\"_ _2\"></span>iserva <span class=\"_ _d\"></span>straordinaria, <span class=\"_ _d\"></span>il <span class=\"_ _d\"></span>fondo <span class=\"_ _d\"></span>per <span class=\"_ _d\"></span>r<span class=\"_ _2\"></span>ischi <span class=\"_ _2\"></span>bancari<span class=\"_ _df\"> </span><span class=\"_ _2\"></span> </div><div class=\"t m0 h5 ff2b fs1 fc1 sc0 ls0 ws0 gsd95\">precedentemente <span class=\"_ _2\"></span>iscritto <span class=\"_ _2\"></span>nel <span class=\"_ _2\"></span>bilancio r<span class=\"_ _2\"></span>edatto <span class=\"_ _2\"></span>ai s<span class=\"_ _2\"></span>ensi del <span class=\"_ _2\"></span>previgente <span class=\"_ _d\"></span>D. <span class=\"_ _2\"></span>Lgs.87/92 <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>riclassificato<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff2b fs1 fc1 sc0 ls0 ws0 gsd96\">secondo i principi IAS.  </div><div class=\"t m0 h5 ff2b fs1 fc1 sc0 ls0 ws0 gsd97\">La <span class=\"_ _d\"></span>riserva <span class=\"_ _d\"></span>legale, <span class=\"_ _d\"></span>costituita <span class=\"_ _d\"></span>a <span class=\"_ _d\"></span>norma <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>legge, <span class=\"_ _d\"></span>deve <span class=\"_ _2\"></span>ess<span class=\"_ _2\"></span>ere <span class=\"_ _d\"></span>almeno <span class=\"_ _d\"></span>pari <span class=\"_ _d\"></span>ad <span class=\"_ _d\"></span>un <span class=\"_ _d\"></span>quinto <span class=\"_ _d\"></span>del <span class=\"_ _d\"></span>capitale<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff2b fs1 fc1 sc0 ls0 ws0 gsd98\">sociale; <span class=\"_ _9\"> </span>essa <span class=\"_ _16\"> </span>\u00e8 <span class=\"_ _9\"> </span>st<span class=\"_ _2\"></span>ata <span class=\"_ _9\"> </span>cost<span class=\"_ _2\"></span>itui<span class=\"_ _1\"></span>ta <span class=\"_ _16\"> </span>in <span class=\"_ _9\"> </span>passato  tramite <span class=\"_ _9\"> </span>accantonamenti <span class=\"_ _9\"> </span>degli <span class=\"_ _9\"> </span>uti<span class=\"_ _2\"></span>li <span class=\"_ _9\"> </span>netti  annu<span class=\"_ _f\"></span>ali  per<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff2c fs1 fc1 sc0 ls0 ws0 gsd99\">almeno <span class=\"_ _0\"></span>un <span class=\"_ _d\"></span>d<span class=\"_ _2\"></span>ecimo <span class=\"_ _d\"></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=\"_ _d\"></span>s<span class=\"_ _2\"></span>tat<span class=\"_ _2\"></span><span class=\"ff2b\">uto <span class=\"_ _d\"></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<span class=\"_ _df\"> </span></span><span class=\"ff2b\"> </span></div><div class=\"t m0 h5 ff2c fs1 fc1 sc0 ls0 ws0 gsd9a\">riserva <span class=\"_ _17\"> </span>dovesse <span class=\"_ _17\"> </span>diminuire,<span class=\"_ _1\"></span> <span class=\"_ _17\"> </span>occor<span class=\"_ _2\"></span>re <span class=\"_ _4\"> </span>reintegrarla <span class=\"_ _17\"> </span>tramite <span class=\"_ _17\"> </span>l\u2019obbligo <span class=\"_ _17\"> </span>di <span class=\"_ _17\"> </span>destinarvi <span class=\"_ _4\"> </span>un <span class=\"_ _17\"> </span>ventesimo<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff2c fs1 fc1 sc0 ls0 ws0 gsd9b\">dell\u2019utile.<span class=\"_ _df\"> </span><span class=\"ff2b\"> </span></div><div class=\"t m0 h5 ff2b fs1 fc1 sc0 ls0 ws0 gsd9c\">La r<span class=\"_ _2\"></span>iserva statutaria <span class=\"_ _2\"></span>o straordinaria <span class=\"_ _2\"></span>\u00e8 costituita <span class=\"_ _2\"></span>in base <span class=\"_ _2\"></span>allo statuto <span class=\"_ _2\"></span>dalla destinazione <span class=\"_ _2\"></span>dell<span class=\"_ _1\"></span>a <span class=\"_ _2\"></span>quota<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff2b fs1 fc1 sc0 ls0 ws0 gsd9d\">di utile residua<span class=\"ff2c\">le a seguito della distribuzi<span class=\"_ _1\"></span>one dell\u2019utile alle azioni ordinarie. </span><span class=\"ff2c\"><span class=\"_ _2\"></span><span class=\"ff2b\"> </span></span></div><div class=\"t m0 h5 ff2b fs1 fc1 sc0 ls0 ws0 gsd9e\">Le  riserve  d<span class=\"_ _1\"></span>a  concentrazione  ex  L<span class=\"_ _1\"></span>.30  lugl<span class=\"_ _1\"></span>io  1990  n.  2<span class=\"_ _1\"></span>18  sono <span class=\"_ _16\"> </span>state  costituite  in <span class=\"_ _9\"> </span>occasione  di<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff2b fs1 fc1 sc0 ls0 ws0 gsd9f\">operazioni di riorganizzazione o concentrazione effettuate ai sensi dell<span class=\"_ _1\"></span>a citata legge.<span class=\"_ _df\"> </span><span class=\"_ _2\"></span> </div><div class=\"t m0 h5 ff2b fs1 fc1 sc0 ls0 ws0 gsda0\">Le altre riserve<span class=\"_ _1\"></span> comprendono la riserva costi<span class=\"_ _1\"></span>tuita a fronte <span class=\"_ _1\"></span>del pi<span class=\"_ _1\"></span>ano di stock option e<span class=\"_ _1\"></span>d altre riserv<span class=\"_ _1\"></span>e<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff2b fs1 fc1 sc0 ls0 ws0 gsda1\">costituite <span class=\"_ _14\"> </span>nel <span class=\"_ _17\"> </span>pass<span class=\"_ _2\"></span>ato <span class=\"_ _17\"> </span>a <span class=\"_ _14\"> </span>fronte <span class=\"_ _17\"> </span>di <span class=\"_ _14\"> </span>specifiche <span class=\"_ _17\"> </span>disposizioni <span class=\"_ _14\"> </span>normat<span class=\"_ _2\"></span>ive. <span class=\"_ _14\"> </span><span class=\"ff2c\">E\u2019 <span class=\"_ _14\"> </span>presente <span class=\"_ _14\"> </span>l</span>a <span class=\"_ _14\"> </span>riserva<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff2c fs1 fc1 sc0 ls0 ws0 gsda2\">extraprofitti, <span class=\"_ _2\"></span>originariamente <span class=\"_ _2\"></span>costituita <span class=\"_ _d\"></span>in <span class=\"_ _2\"></span>sospensione <span class=\"_ _2\"></span>d\u2019imposta<span class=\"ff2b\"> <span class=\"_ _d\"></span></span>e <span class=\"_ _2\"></span>indisponibile <span class=\"_ _2\"></span>ai <span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>ensi <span class=\"_ _2\"></span>dell\u2019art.<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff2b fs1 fc1 sc0 ls0 ws0 gsda4\">26 del D.L. 104/2023 (conv. L. 136/2023), la quale \u00e8 st<span class=\"_ _2\"></span>ata oggetto di rideterminazione del regime di<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff2b fs1 fc1 sc0 ls0 ws0 gsda5\">distribuibilit\u00e0 in forza <span class=\"_ _2\"></span>della Legge di <span class=\"_ _2\"></span>Bilancio 2026 (art. <span class=\"_ _2\"></span>1, commi 69-72)<span class=\"ls1b\">. <span class=\"_ _2\"></span></span>Il Gruppo ne <span class=\"_ _2\"></span>ha deliberato<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff2c fs1 fc1 sc0 ls0 ws0 gsda6\">l\u2019affrancamento<span class=\"ff2b\"> <span class=\"_ _d\"></span>mediante <span class=\"_ _d\"></span>il <span class=\"_ _0\"></span>versamento, <span class=\"_ _0\"></span>entro <span class=\"_ _d\"></span>il <span class=\"_ _0\"></span>30 <span class=\"_ _d\"></span>giugno <span class=\"_ _d\"></span>2026, <span class=\"_ _0\"></span>di <span class=\"_ _d\"></span>un <span class=\"_ _0\"></span>contributo <span class=\"_ _d\"></span>straordinario<span class=\"_ _df\"> </span></span><span class=\"ff2b\"> </span></div><div class=\"t m0 h5 ff2b fs1 fc1 sc0 ls0 ws0 gsda7\">pari <span class=\"_ _2\"></span>al <span class=\"_ _d\"></span>27,5% <span class=\"_ _2\"></span><span class=\"ff2c\">dell'ammontare <span class=\"_ _2\"></span>esistente <span class=\"_ _2\"></span>al <span class=\"_ _d\"></span>31 <span class=\"_ _2\"></span>dicembre <span class=\"_ _2\"></span>2025. <span class=\"_ _2\"></span>A <span class=\"_ _2\"></span>seguito <span class=\"_ _2\"></span>dell\u2019effettivo <span class=\"_ _2\"></span>versamento,<span class=\"_ _df\"> </span></span><span class=\"ff2c\"> </span></div><div class=\"t m0 h5 ff2b fs1 fc1 sc0 ls0 ws0 gsda8\">la <span class=\"_ _0\"></span>riserva <span class=\"_ _0\"></span>si <span class=\"_ _0\"></span>intender\u00e0 <span class=\"_ _0\"></span>pienamente <span class=\"_ _0\"></span>disponibile <span class=\"_ _0\"></span>e <span class=\"_ _d\"></span>distr<span class=\"_ _2\"></span>ibuibile, <span class=\"_ _d\"></span>c<span class=\"_ _2\"></span>on <span class=\"_ _0\"></span>conseguente <span class=\"_ _0\"></span>decadenza <span class=\"_ _0\"></span>delle<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff2b fs1 fc1 sc0 ls0 ws0 gsda9\">restrizioni di cui al comma 5-bis del citato D.L. 104/2023.<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff2c fs1 fc1 sc0 ls0 ws0 gsdaa\">Sono <span class=\"_ _10\"> </span>presenti, <span class=\"_ _10\"> </span>altres\u00ec, <span class=\"_ _10\"> </span>due <span class=\"_ _10\"> </span>riserve <span class=\"_ _10\"> </span>in <span class=\"_ _10\"> </span>sos<span class=\"_ _2\"></span>pensione<span class=\"_ _1\"></span> <span class=\"_ _10\"> </span>d\u2019imposta <span class=\"_ _10\"> </span>distinte <span class=\"_ _10\"> </span>per <span class=\"_ _10\"> </span>la <span class=\"_ _10\"> </span>tipologia <span class=\"_ _10\"> </span>di<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff2c fs1 fc1 sc0 ls0 ws0 gsdab\">riallineamento e<span class=\"_ _1\"></span>ffettuato ai <span class=\"_ _f\"></span>sensi <span class=\"_ _1\"></span>dell\u2019art. <span class=\"_ _1\"></span>110 d<span class=\"_ _1\"></span>el <span class=\"_ _1\"></span>DL <span class=\"_ _1\"></span>14 ago<span class=\"_ _f\"></span>s<span class=\"_ _2\"></span>to <span class=\"_ _f\"></span>2020 ogge<span class=\"_ _1\"></span>tto di <span class=\"_ _f\"></span>succe<span class=\"_ _2\"></span><span class=\"ff2b\">ssiva <span class=\"_ _1\"></span>modifica<span class=\"_ _df\"> </span></span><span class=\"ff2b\"> </span></div><div class=\"t m0 h5 ff2b fs1 fc1 sc0 ls0 ws0 gsdac\">con la Legge 178/2020.<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff2b fs1 fc1 sc0 ls0 ws0 gsdad\">Infine la voce include gli<span class=\"_ _1\"></span> effetti generati dalla transizione ai principi contabili internazionali.<span class=\"_ _df\"> </span><span class=\"_ _2\"></span> </div><div class=\"t m0 h5 ff2b fs1 fc1 sc0 ls0 ws0 gsdae\">In <span class=\"_ _2\"></span>part<span class=\"_ _2\"></span>icolare <span class=\"_ _2\"></span>tra <span class=\"_ _d\"></span>le <span class=\"_ _d\"></span>riserve <span class=\"_ _d\"></span>di <span class=\"_ _2\"></span>uti<span class=\"_ _2\"></span>li <span class=\"_ _2\"></span>sono <span class=\"_ _d\"></span>confluiti <span class=\"_ _d\"></span>gli <span class=\"_ _d\"></span>effetti <span class=\"_ _2\"></span>derivanti <span class=\"_ _d\"></span>dal <span class=\"_ _d\"></span>cambiamento <span class=\"_ _d\"></span>dei <span class=\"_ _d\"></span>principi<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff2b fs1 fc1 sc0 ls0 ws0 gsdaf\">contabili <span class=\"_ _f\"></span>che <span class=\"_ _1\"></span>non <span class=\"_ _f\"></span>pre<span class=\"_ _2\"></span>vedono <span class=\"_ _f\"></span>nei prossimi <span class=\"_ _f\"></span>esercizi <span class=\"_ _f\"></span>un confe<span class=\"_ _1\"></span>rimento al <span class=\"_ _f\"></span>conto <span class=\"_ _1\"></span>economico. <span class=\"_ _f\"></span>Gli u<span class=\"_ _1\"></span>lteriori<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff2b fs1 fc1 sc0 ls0 ws0 gsdb0\">effetti <span class=\"_ _d\"></span>generati <span class=\"_ _0\"></span>dalla <span class=\"_ _d\"></span>transizione <span class=\"_ _0\"></span>agli <span class=\"_ _d\"></span>IAS/IFRS <span class=\"_ _d\"></span>dest<span class=\"_ _2\"></span>inati <span class=\"_ _d\"></span>a <span class=\"_ _0\"></span>modificarsi <span class=\"_ _d\"></span>nel <span class=\"_ _d\"></span>tempo <span class=\"_ _0\"></span>ed <span class=\"_ _d\"></span>a <span class=\"_ _0\"></span>confluire <span class=\"_ _d\"></span>a<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff2b fs1 fc1 sc0 ls0 ws0 gsdb1\">conto <span class=\"_ _9\"> </span>economico <span class=\"_ _0\"></span>al <span class=\"_ _9\"> </span>momento <span class=\"_ _0\"></span>del <span class=\"_ _0\"></span>realizzo <span class=\"_ _9\"> </span>o <span class=\"_ _9\"> </span>estinzione <span class=\"_ _0\"></span>delle <span class=\"_ _0\"></span>c<span class=\"_ _2\"></span>orrispondenti <span class=\"_ _9\"> </span>attivit\u00e0 <span class=\"_ _9\"> </span>e <span class=\"_ _0\"></span>passivit\u00e0<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff2c fs1 fc1 sc0 ls0 ws0 gsdb2\">sono s<span class=\"_ _2\"></span>tati<span class=\"_ _1\"></span> <span class=\"_ _2\"></span>invece appostati <span class=\"_ _2\"></span>tra le <span class=\"_ _2\"></span>\u201cRiserve da <span class=\"_ _2\"></span>valutazione\u201d. Si <span class=\"_ _2\"></span>tratta della valutazione <span class=\"_ _2\"></span>delle attivit\u00e0<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff2b fs1 fc1 sc0 ls0 ws0 gsdb3\">finanziarie <span class=\"_ _0\"></span>valutate <span class=\"_ _0\"></span>al <span class=\"_ _0\"></span>fair <span class=\"_ _9\"> </span>value <span class=\"_ _9\"> </span>con <span class=\"_ _0\"></span>impatto <span class=\"_ _9\"> </span>sulla <span class=\"_ _0\"></span>redditivit\u00e0 <span class=\"_ _0\"></span>complessiva, <span class=\"_ _0\"></span>della <span class=\"_ _9\"> </span>valutazione <span class=\"_ _0\"></span>dei<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff2b fs1 fc1 sc0 ls0 ws0 gsdb4\">contratti <span class=\"_ _2\"></span>derivati <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>copertura <span class=\"_ _d\"></span>di flussi <span class=\"_ _2\"></span>finanziari, <span class=\"_ _2\"></span>della <span class=\"_ _2\"></span>riserva <span class=\"_ _2\"></span>connessa <span class=\"_ _d\"></span>agli util<span class=\"_ _2\"></span>i/perdite att<span class=\"_ _2\"></span>uariali<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff2b fs1 fc1 sc0 ls0 ws0 gsdb5\">su <span class=\"_ _d\"></span>piani <span class=\"_ _2\"></span>a <span class=\"_ _d\"></span>benefici <span class=\"_ _2\"></span>definiti <span class=\"_ _d\"></span>e <span class=\"_ _d\"></span>delle <span class=\"_ _2\"></span>leggi <span class=\"_ _2\"></span>speciali <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>rivalutazione. <span class=\"_ _2\"></span>Le <span class=\"_ _d\"></span>variazioni <span class=\"_ _d\"></span>annue <span class=\"_ _2\"></span>di <span class=\"_ _d\"></span>tali <span class=\"_ _d\"></span>riserve<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff2b fs1 fc1 sc0 ls0 ws0 gsdb6\">confluiscono nella redditivit\u00e0 complessiva.<span class=\"_ _df\"> </span> </div><div class=\"t m0 hc ff2b fs4 fc4 sc3 ls0 ws0 gsdb7\">Sezi<span class=\"_ _f\"></span>one 1<span class=\"_ _1\"></span>4 <span class=\"ff2c\">\u2013</span> P<span class=\"_ _f\"></span>atrim<span class=\"_ _1\"></span>oni<span class=\"_ _f\"></span>o di pe<span class=\"_ _f\"></span>rtinen<span class=\"_ _f\"></span>za di t<span class=\"_ _f\"></span>erzi V<span class=\"_ _1\"></span>oc<span class=\"_ _1\"></span>e 19<span class=\"_ _f\"></span>0<span class=\"_ _df\"> </span> </div><div class=\"c w37c h49 gsdb8\"><div class=\"t m0 x8a h5 y302 ff2b fs1 fc4 sc3 ls0 ws0\">14.1 D<span class=\"_ _f\"></span>ettaglio<span class=\"_ _1\"></span> della<span class=\"_ _f\"></span> voce 21<span class=\"_ _1\"></span>0 \"pa<span class=\"_ _1\"></span>trimo<span class=\"_ _f\"></span>nio di per<span class=\"_ _f\"></span>tinenza <span class=\"_ _1\"></span>di te<span class=\"_ _1\"></span>rzi\"<span class=\"fc1 sc0\"> </span></div></div><div class=\"gsdb9\"><table class=\"s wd92 h524\" id=\"_0479c141-6505-4de3-8ec0-b4681e8962d6\"><tr><td class=\"c x46b y2f18 w4ab h2be\"><div class=\"t m0 x1de h1f yffc ff2b fs7 fc4 sc3 ls0 ws0\">Deno<span class=\"_ _f\"></span>minazi<span class=\"_ _1\"></span>one i<span class=\"_ _1\"></span>mpr<span class=\"_ _f\"></span>ese<span class=\"_ _df\"> </span></div></td><td class=\"c x5d3 y2f19 w41d h95\"><div class=\"t m0 x15 h1f y295 ff2b fs7 fc4 sc3 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x751 y2f19 w4ac h95\"><div class=\"t m0 x15 h1f y295 ff2b fs7 fc4 sc3 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale<span class=\"_ _df\"> </span></div></td><td></td></tr><tr><td></td><td class=\"c x5d3 y2f18 w41d h5a\"><div class=\"t m0 x26 h1f y295 ff2b fs7 fc4 sc3 ls0 ws0\">31/12/<span class=\"_ _f\"></span>2025<span class=\"_ _df\"> </span></div></td><td class=\"c x752 y2f1a w990 h484\"><div class=\"t m0 x250 h1f y2410 ff2b fs7 fc4 sc3 ls0 ws0\">31/12/<span class=\"_ _df\"> </span></div></td><td class=\"c x753 y2f1a wbae h484\"><div class=\"t m0 x250 h1f y2410 ff2b fs7 fc4 sc3 ls0 ws0\">2024<span class=\"_ _df\"> </span></div></td><td></td></tr><tr><td class=\"c x46b y2f1b w4ad h49\"><div class=\"t m0 x8a h1f y25f ff2b fs7 fc1 sc0 ls0 ws0\">Partecipazioni in <span class=\"_ _1\"></span>societ\u00e0 conso<span class=\"_ _1\"></span>lidate con intere<span class=\"_ _f\"></span>ss<span class=\"_ _2\"></span>enze di <span class=\"_ _f\"></span>t<span class=\"_ _2\"></span>erzi sig<span class=\"_ _f\"></span>nifi<span class=\"_ _2\"></span>cativ<span class=\"_ _f\"></span>e<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x46b y2f1c w4ad h49\"><div class=\"t m0 x8a h1f y25f ff2b fs7 fc1 sc0 ls0 ws0\">1. CREDEM CB S<span class=\"_ _1\"></span>RL<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x5d3 y2f1c w41d h49\"><div class=\"t m0 x1b1 h1f y25f ff2b fs7 fc1 sc0 ls0 ws0\">4<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x751 y2f1c w4ae h49\"><div class=\"t m0 x1b1 h1f y25f ff2b fs7 fc1 sc0 ls0 ws0\">4<span class=\"_ _df\"> </span></div></td></tr><tr><td class=\"c x46b y2f1d w4ad h4a\"><div class=\"t m0 x8a h1f y25f ff2b fs7 fc1 sc2 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x5d3 y2f1d w41d h4a\"><div class=\"t m0 x1b1 h1f y25f ff2b fs7 fc1 sc2 ls0 ws0\">4<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x751 y2f1d w4ae h4a\"><div class=\"t m0 x1b1 h1f y25f ff2b fs7 fc1 sc2 ls0 ws0\">4<span class=\"_ _df\"> </span></div></td></tr></table></div>Sezi<span class=\"_ _f\"></span>one 1<span class=\"_ _1\"></span> <span class=\"ff5\">\u2013</span> Il <span class=\"_ _1\"></span>pat<span class=\"_ _1\"></span>rim<span class=\"_ _1\"></span>onio<span class=\"_ _f\"></span> cons<span class=\"_ _1\"></span>olid<span class=\"_ _f\"></span>ato  A.<span class=\"ff11 sc0 ls0\"> <span class=\"_ _26\"> </span></span><span class=\"ls0\">Informaz<span class=\"_ _1\"></span>ioni d<span class=\"_ _1\"></span>i natura<span class=\"_ _f\"></span> qualitativa </span>Dal <span class=\"_ _2\"></span>1\u00b0 <span class=\"_ _d\"></span>gennaio <span class=\"_ _2\"></span>2014 <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _2\"></span>ent<span class=\"_ _2\"></span>ra<span class=\"_ _1\"></span>to <span class=\"_ _2\"></span>in <span class=\"_ _d\"></span>vigore<span class=\"_ _1\"></span> <span class=\"_ _2\"></span>il <span class=\"_ _d\"></span>regolamento <span class=\"_ _2\"></span>(UE<span class=\"_ _2\"></span>) <span class=\"_ _2\"></span>n. <span class=\"_ _d\"></span>575/2013 <span class=\"_ _d\"></span><span class=\"ls39\">(\u201c<span class=\"lsc3\">CRR</span></span>\u201d), <span class=\"_ _2\"></span>con <span class=\"_ _d\"></span>il <span class=\"_ _2\"></span>quale <span class=\"_ _d\"></span>sono state <span class=\"_ _9\"> </span>introdotte <span class=\"_ _16\"> </span>nell\u2019Unione<span class=\"_ _1\"></span> <span class=\"_ _16\"> </span>Europea <span class=\"_ _9\"> </span>le  re<span class=\"_ _1\"></span>gole <span class=\"_ _16\"> </span>definite <span class=\"_ _9\"> </span>dal  Comita<span class=\"_ _1\"></span>to <span class=\"_ _16\"> </span>di <span class=\"_ _9\"> </span>Basilea  pe<span class=\"_ _1\"></span>r  la <span class=\"_ _9\"> </span>vigilanz<span class=\"_ _1\"></span>a bancaria con l\u2019<span class=\"_ _1\"></span>articolato insie<span class=\"_ _1\"></span>me di <span class=\"_ _1\"></span>documenti uni<span class=\"_ _f\"></span>t<span class=\"_ _2\"></span>ariamente <span class=\"_ _1\"></span>denominato \u201cBasilea 3<span class=\"_ _f\"></span>\u201d<span class=\"_ _2\"></span> in<span class=\"_ _f\"></span> materia d<span class=\"_ _1\"></span>i adeguat<span class=\"_ _1\"></span>ezza pa<span class=\"_ _1\"></span>trimoniale (Primo pilastro) e informa<span class=\"_ _f\"></span>t<span class=\"_ _2\"></span>iva al pub<span class=\"_ _1\"></span>blico (T<span class=\"_ _f\"></span>erzo pilastro).<span class=\"ff4\"> </span>Il <span class=\"_ _1\"></span>regolament<span class=\"_ _1\"></span>o (UE) n. <span class=\"_ _f\"></span>575<span class=\"_ _2\"></span>/20<span class=\"_ _1\"></span>13 <span class=\"_ _f\"></span>e la <span class=\"_ _1\"></span>direttiva <span class=\"_ _f\"></span>2013/36/UE <span class=\"_ _1\"></span><span class=\"ls39\">(\u201c<span class=\"ls0\">CRD IV<span class=\"_ _1\"></span>\u201d) de<span class=\"_ _1\"></span>finiscono il <span class=\"_ _f\"></span>quadro nor<span class=\"_ _1\"></span>mativo<span class=\"_ _f\"></span> </span></span>di riferimento nell\u2019Unione Europea per banche e imprese di in<span class=\"_ _2\"></span>vestimento. Dal 1\u00b0 gennaio 2014 CRR e <span class=\"_ _0\"></span>CRDIV <span class=\"_ _0\"></span>sono <span class=\"_ _0\"></span>integrati <span class=\"_ _d\"></span>da <span class=\"_ _9\"> </span>norme <span class=\"_ _0\"></span>tecniche <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>regolamentazione <span class=\"_ _0\"> </span>o <span class=\"_ _9\"> </span>di <span class=\"_ _0\"></span>attuazione <span class=\"_ _d\"></span>approvate <span class=\"_ _d\"></span>dalla Commissione <span class=\"_ _9\"> </span>Europea <span class=\"_ _9\"> </span>su  p<span class=\"_ _1\"></span>roposta <span class=\"_ _16\"> </span>dell<span class=\"_ _1\"></span>e <span class=\"_ _9\"> </span>A<span class=\"_ _2\"></span>utorit\u00e0 <span class=\"_ _9\"> </span>europee <span class=\"_ _9\"> </span>di  sup<span class=\"_ _1\"></span>er<span class=\"_ _2\"></span>visione  <span class=\"ls39\">(\u201c<span class=\"ls4\">ESA</span></span>\u201d), <span class=\"_ _9\"> </span>che  d<span class=\"_ _1\"></span>anno attuazione<span class=\"_ _1\"></span> alla normativa primaria.<span class=\"ff4\"> </span>Dal <span class=\"_ _1\"></span>2014 <span class=\"_ _f\"></span>ad <span class=\"_ _f\"></span>oggi, <span class=\"_ _f\"></span>il CR<span class=\"_ _1\"></span>R <span class=\"_ _f\"></span>\u00e8 sta<span class=\"_ _1\"></span>to <span class=\"_ _f\"></span>aggiornato <span class=\"_ _f\"></span>in d<span class=\"_ _1\"></span>ue <span class=\"_ _f\"></span>fasi: <span class=\"_ _f\"></span>CRR2, <span class=\"_ _1\"></span>pubblicato <span class=\"_ _f\"></span>nel <span class=\"_ _f\"></span>2019, <span class=\"_ _f\"></span>e CRR3, <span class=\"_ _f\"></span>pubblicato<span class=\"_ _f\"></span> nel 202<span class=\"_ _f\"></span>4<span class=\"_ _2\"></span> con prima applica<span class=\"_ _f\"></span>zione <span class=\"_ _2\"></span>dal 2025.<span class=\"ff4\"> </span>Con <span class=\"_ _d\"></span>l\u2019entrata <span class=\"_ _d\"></span>in <span class=\"_ _0\"></span>vigore <span class=\"_ _d\"></span>il <span class=\"_ _d\"></span>1\u00b0 <span class=\"_ _d\"></span>gennaio <span class=\"_ _0\"></span>2025 <span class=\"_ _d\"></span>del <span class=\"_ _d\"></span>CRR3, <span class=\"_ _0\"></span>l\u2019EBA <span class=\"_ _d\"></span>ha <span class=\"_ _0\"></span>avviato <span class=\"_ _d\"></span>un <span class=\"_ _d\"></span>processo <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>due <span class=\"_ _0\"></span>fasi <span class=\"_ _d\"></span>per aggiornare e ampliare l\u2019inter<span class=\"_ _f\"></span>o<span class=\"_ _2\"></span> impianto inf<span class=\"_ _f\"></span>ormativo alla luce dei nuovi requisiti regolamentari. T<span class=\"_ _11\"></span>al<span class=\"_ _2\"></span><span class=\"lse\">e </span>proces<span class=\"_ _1\"></span>so ha <span class=\"_ _1\"></span>condotto <span class=\"_ _f\"></span>alla pubb<span class=\"_ _1\"></span>licazione, <span class=\"_ _1\"></span>a gi<span class=\"_ _1\"></span>ugno 2<span class=\"_ _1\"></span>024, d<span class=\"_ _1\"></span>i u<span class=\"_ _1\"></span>na nu<span class=\"_ _1\"></span>ova v<span class=\"_ _1\"></span>ersione <span class=\"_ _f\"></span>d<span class=\"_ _2\"></span>egli <span class=\"_ _f\"></span>Implementing T<span class=\"_ _11\"></span>echnical Standar<span class=\"_ _1\"></span>ds <span class=\"_ _f\"></span>Step <span class=\"_ _1\"></span>1, <span class=\"_ _f\"></span>recepita con <span class=\"_ _f\"></span>il <span class=\"_ _f\"></span>Regolamento <span class=\"_ _f\"></span>di <span class=\"_ _f\"></span>esecu<span class=\"_ _2\"></span>zione <span class=\"_ _f\"></span>(UE<span class=\"_ _2\"></span>) <span class=\"_ _f\"></span>2024/3172 <span class=\"_ _f\"></span>e appl<span class=\"_ _1\"></span>icabile dalla <span class=\"_ _2\"></span>data di <span class=\"_ _2\"></span>riferimento <span class=\"_ _2\"></span>31 <span class=\"_ _2\"></span>marz<span class=\"_ _1\"></span>o <span class=\"_ _2\"></span>2025, <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>introduce<span class=\"_ _1\"></span> <span class=\"_ _2\"></span>nuo<span class=\"_ _2\"></span>vi template <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>disclosure<span class=\"_ _1\"></span> <span class=\"_ _2\"></span>su <span class=\"_ _2\"></span>output floor<span class=\"_ _f\"></span>,  rischio  di <span class=\"_ _16\"> </span>cred<span class=\"_ _1\"></span>ito, <span class=\"_ _9\"> </span>r<span class=\"_ _2\"></span>ischio  oper<span class=\"_ _1\"></span>ativo,<span class=\"_ _1\"></span>  rischio <span class=\"_ _16\"> </span>CV<span class=\"_ _f\"></span>A,  leva  finanziaria  e<span class=\"_ _1\"></span>  f<span class=\"_ _1\"></span>ondi  prop<span class=\"_ _1\"></span>ri,  oltre <span class=\"_ _16\"> </span>ad aggiornare <span class=\"_ _2\"></span>le <span class=\"_ _2\"></span>informazioni <span class=\"_ _2\"></span>qualita<span class=\"_ _1\"></span>tive <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>quantitative <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>coerenza <span class=\"_ _2\"></span>con <span class=\"_ _2\"></span>i <span class=\"_ _d\"></span>cambiamenti <span class=\"_ _2\"></span>metodologici<span class=\"_ _f\"></span> previ<span class=\"_ _1\"></span>sti dal CRR3.<span class=\"ff4\"> </span>Il  Grup<span class=\"_ _1\"></span>po  ritiene<span class=\"_ _1\"></span>  prioritario  valu<span class=\"_ _f\"></span>t<span class=\"_ _2\"></span>are  l<span class=\"_ _1\"></span>a  prop<span class=\"_ _1\"></span>ria  struttura <span class=\"_ _16\"> </span>patrimoniale<span class=\"_ _1\"></span>  e <span class=\"_ _16\"> </span>tali <span class=\"_ _16\"> </span>analisi  sono <span class=\"_ _16\"> </span>svolte all\u2019interno <span class=\"_ _1\"></span>degli <span class=\"_ _1\"></span>specifici Comitati <span class=\"_ _f\"></span>di Governance <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>Gruppo. In <span class=\"_ _f\"></span>tale sede <span class=\"_ _1\"></span>vengono anche <span class=\"_ _f\"></span>evidenziati i principali impatti legati alle normative in v<span class=\"_ _1\"></span>ia di d<span class=\"_ _2\"></span>efinizione. I <span class=\"_ _4\"> </span>Comitat<span class=\"_ _2\"></span>i <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>Governance <span class=\"_ _4\"> </span>di <span class=\"_ _17\"> </span>Gruppo <span class=\"_ _4\"> </span>presentano <span class=\"_ _17\"> </span>sempre <span class=\"_ _4\"> </span>dei <span class=\"_ _17\"> </span>membri <span class=\"_ _4\"> </span>nominati <span class=\"_ _17\"> </span>dal <span class=\"_ _4\"> </span>Cons<span class=\"_ _2\"></span>iglio d\u2019Amministrazione <span class=\"_ _0\"></span>della <span class=\"_ _9\"> </span>Capogruppo, <span class=\"_ _0\"></span>s<span class=\"_ _2\"></span>celti <span class=\"_ _0\"></span>tra <span class=\"_ _9\"> </span>i <span class=\"_ _9\"> </span>componenti <span class=\"_ _0\"></span>il <span class=\"_ _9\"> </span>Consiglio <span class=\"_ _0\"></span>s<span class=\"_ _2\"></span>tesso, <span class=\"_ _0\"></span>e <span class=\"_ _9\"> </span>le <span class=\"_ _0\"></span>rispettive analisi vengono successivamente prodotte al Consiglio d\u2019Ammi<span class=\"ff4\">nistrazione della Capogruppo. </span>Sotto <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>profilo <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>Vigilanz<span class=\"_ _1\"></span>a <span class=\"_ _2\"></span>l\u2019assorbimento <span class=\"_ _2\"></span>viene <span class=\"_ _2\"></span>determinato <span class=\"_ _2\"></span>tenendo in <span class=\"_ _2\"></span>considerazione <span class=\"_ _2\"></span>le <span class=\"_ _2\"></span>att<span class=\"_ _2\"></span>uali \u201cregole\u201d di segnalazione.<span class=\"ff4\"> </span>Sotto <span class=\"_ _f\"></span>il profilo <span class=\"_ _f\"></span>gestionale <span class=\"_ _f\"></span>l\u2019assorbimento <span class=\"_ _1\"></span>viene <span class=\"_ _f\"></span>calcolato con <span class=\"_ _f\"></span>l\u2019utilizzo <span class=\"_ _f\"></span>di mod<span class=\"_ _1\"></span>elli <span class=\"_ _f\"></span>interni pe<span class=\"_ _1\"></span>r i<span class=\"_ _1\"></span>l<span class=\"_ _2\"></span><span class=\"ff4\"> <span class=\"_ _1\"></span>rischio </span>di credito e di mercato e l\u2019utilizzo di un metodo standard \u201cge<span class=\"_ _1\"></span>stionale\u201d.<span class=\"_ _2\"></span><span class=\"ff4\"> </span>I <span class=\"_ _f\"></span>rischi ve<span class=\"_ _1\"></span>ngono <span class=\"_ _f\"></span>esaminati sia <span class=\"_ _f\"></span>complessiv<span class=\"_ _1\"></span>amente <span class=\"_ _f\"></span>ch<span class=\"_ _2\"></span>e <span class=\"_ _f\"></span>dettagliatamente <span class=\"_ _f\"></span>all\u2019interno de<span class=\"_ _1\"></span>lle <span class=\"_ _f\"></span>s<span class=\"_ _2\"></span>ociet\u00e0 <span class=\"_ _f\"></span>del Gruppo (analisi dei portafogli specifici). Al <span class=\"_ _2\"></span>31<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>dicembre <span class=\"_ _d\"></span>2025 <span class=\"_ _d\"></span>i <span class=\"_ _d\"></span>Fondi <span class=\"_ _d\"></span>Propri <span class=\"_ _d\"></span>sono <span class=\"_ _d\"></span>stati <span class=\"_ _d\"></span>determinati <span class=\"_ _d\"></span>in <span class=\"_ _2\"></span>base <span class=\"_ _d\"></span>alle <span class=\"_ _d\"></span>disposizioni <span class=\"_ _2\"></span>cont<span class=\"_ _2\"></span>enute <span class=\"_ _2\"></span>nel<span class=\"_ _2\"></span> Regolamento (UE) n.575/2013 (CRR)<span class=\"_ _1\"></span>.<span class=\"_ _2\"></span> B. Info<span class=\"_ _1\"></span>rmaz<span class=\"_ _f\"></span>ioni di na<span class=\"_ _1\"></span>tura qu<span class=\"_ _f\"></span>antitativa<span class=\"_ _df\"> </span>B.1 <span class=\"_ _1\"></span>Patrim<span class=\"_ _1\"></span>onio <span class=\"_ _1\"></span>conso<span class=\"_ _1\"></span>lidat<span class=\"_ _f\"></span>o: ripar<span class=\"_ _1\"></span>tizione<span class=\"_ _f\"></span> per tipo<span class=\"_ _f\"></span>logia di<span class=\"_ _1\"></span> impr<span class=\"_ _1\"></span>esa <table class=\"s w11ec h5c8\" id=\"_49c07ea8-2588-498b-97cc-4d4c95ac4395\"><tr><td></td><td class=\"c x44e y38f6 w65f h1e4\"><div class=\"t m0 x49 h1f y10f6 ff4 fs7 fc4 sc3 ls0 ws0\">Voci<span class=\"_ _1\"></span> del <span class=\"_ _f\"></span>patrim<span class=\"_ _1\"></span>onio<span class=\"_ _1\"></span> nett<span class=\"_ _f\"></span>o </div></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x44e y38f7 w4ef hc8\"><div class=\"t m0 x10 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">1. Capitale </div></td><td></td><td></td><td class=\"c x58a y38f7 w48a hc8\"><div class=\"t m0 x35 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">341.323 </div></td><td class=\"c x5af y38f7 w4c3 hc8\"><div class=\"t m0 x27 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">(7.049) </div></td><td class=\"c x534 y38f7 w48a hc8\"><div class=\"t m0 xf h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x598 y38f7 w4c3 hc8\"><div class=\"t m0 x97 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">7.049<span class=\"_ _df\"> </span></div></td><td class=\"c x515 y38f7 wf9 hc8\"><div class=\"t m0 x35 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">341.323 </div></td></tr><tr><td class=\"c x44e y38f8 w4ef hc8\" colspan=\"2\"><div class=\"t m0 x10 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">2. Sovrapprezzi d<span class=\"_ _1\"></span>i emissione<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x58a y38f8 w48a hc8\"><div class=\"t m0 x3a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">321.801 </div></td><td class=\"c x5af y38f8 w4c3 hc8\"><div class=\"t m0 xf h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x534 y38f8 w48a hc8\"><div class=\"t m0 xf h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x598 y38f8 w4c3 hc8\"><div class=\"t m0 xf h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x515 y38f8 wf9 hc8\"><div class=\"t m0 x2c h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">321.801 </div></td></tr><tr><td class=\"c x44e y38f9 w4ef hc8\"><div class=\"t m0 x10 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">3. Riserve </div></td><td></td><td></td><td class=\"c x58a y38f9 w48a hc8\"><div class=\"t m0 x55 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">3.449.325 </div></td><td class=\"c x5af y38f9 w4c3 hc8\"><div class=\"t m0 x35 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">545.190 </div></td><td class=\"c x534 y38f9 w48a hc8\"><div class=\"t m0 xf h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x598 y38f9 w4c3 hc8\"><div class=\"t m0 x14 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">(545.190) </div></td><td class=\"c x515 y38f9 wf9 hc8\"><div class=\"t m0 x55 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">3.449.325 </div></td></tr><tr><td class=\"c x44e y38fa w4ef hc8\" colspan=\"2\"><div class=\"t m0 x10 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">4. Strumenti d<span class=\"_ _1\"></span>i capitale<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x58a y38fa w48a hc8\"><div class=\"t m0 xf h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5af y38fa w4c3 hc8\"><div class=\"t m0 xf h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x534 y38fa w48a hc8\"><div class=\"t m0 xf h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x598 y38fa w4c3 hc8\"><div class=\"t m0 xf h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x515 y38fa wf9 hc8\"><div class=\"t m0 xf h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x262 y38fb w11ed h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">5.<span class=\"_ _df\"> </span></div></td><td class=\"c xba1 y38fb w11ee h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">(Azioni proprie)<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x58a y38fc w48a hc8\"><div class=\"t m0 x32 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">(20.010) </div></td><td class=\"c x5af y38fc w4c3 hc8\"><div class=\"t m0 xf h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x534 y38fc w48a hc8\"><div class=\"t m0 xf h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x598 y38fc w4c3 hc8\"><div class=\"t m0 xf h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x515 y38fc wf9 hc8\"><div class=\"t m0 x32 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">(20.010) </div></td></tr><tr><td class=\"c x44e y38fd w4ef h82\"><div class=\"t m0 x10 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">6. Riserve da valutaz<span class=\"_ _f\"></span>ione:<span class=\"_ _df\"> </span></div></td><td></td><td></td><td class=\"c x58a y38fd w48a h82\"><div class=\"t m0 x35 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">(51.076) </div></td><td class=\"c x5af y38fd w4c3 h82\"><div class=\"t m0 x31 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">6.814 </div></td><td class=\"c x534 y38fd w48a h82\"><div class=\"t m0 xf h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x598 y38fd w4c3 h82\"><div class=\"t m0 x26 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">(6.814)<span class=\"_ _df\"> </span></div></td><td class=\"c x515 y38fd wf9 h82\"><div class=\"t m0 x35 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">(51.076) </div></td></tr><tr><td class=\"c x58f y38fe w11ef h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">- Titoli di capita<span class=\"_ _1\"></span>le designati al <span class=\"_ _1\"></span>fair value con impat<span class=\"_ _f\"></span>to<span class=\"_ _df\"> </span></div></td><td></td><td></td><td class=\"c x58a y38ff w48a h58\"><div class=\"t m0 x37 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">13.351 </div></td><td class=\"c x5af y38ff w4c3 h58\"><div class=\"t m0 xf h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x534 y38ff w48a h58\"><div class=\"t m0 xf h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x598 y38ff w4c3 h58\"><div class=\"t m0 xf h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x515 y38ff wf9 h58\"><div class=\"t m0 x37 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">13.351 </div></td></tr><tr><td class=\"c x58f y3900 wdd7 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">sulla redditivit\u00e0 c<span class=\"_ _f\"></span>o<span class=\"_ _2\"></span>mplessi<span class=\"_ _1\"></span>va<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x58f y3901 w11f0 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">- Coperture di t<span class=\"_ _1\"></span>itoli di capita<span class=\"_ _1\"></span>le designati al fa<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span>r value<span class=\"_ _df\"> </span></div></td><td></td><td></td><td class=\"c x58a y3902 w48a hcd\"><div class=\"t m0 xf h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5af y3902 w4c3 hcd\"><div class=\"t m0 xf h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x534 y3902 w48a hcd\"><div class=\"t m0 xf h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x598 y3902 w4c3 hcd\"><div class=\"t m0 xf h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x515 y3902 wf9 hcd\"><div class=\"t m0 xf h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x58f y3903 wdeb h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">con impatto sul<span class=\"_ _1\"></span>la redditivit\u00e0 comp<span class=\"_ _f\"></span>l<span class=\"_ _2\"></span>essi<span class=\"_ _1\"></span>va<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x58f y3904 w11f1 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">- Attivit\u00e0 finanzia<span class=\"_ _f\"></span>r<span class=\"_ _2\"></span>ie (diver<span class=\"_ _1\"></span>se dai titoli di cap<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span>tale)<span class=\"_ _df\"> </span></div></td><td></td><td></td><td class=\"c x58a y3905 w48a h58\"><div class=\"t m0 x130 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">(364.362) </div></td><td class=\"c x5af y3905 w4c3 h58\"><div class=\"t m0 x14 h1f y420 ff4 fs7 fc1 sc0 ls28 ws0\">(2<span class=\"ls0\">62.014</span><span class=\"ls0\">) </span></div></td><td class=\"c x534 y3905 w48a h58\"><div class=\"t m0 xf h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x598 y3905 w4c3 h58\"><div class=\"t m0 x35 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">262.014</div></td><td class=\"c x515 y3905 wf9 h58\"><div class=\"t m0 x130 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">(364.362) </div></td></tr><tr><td class=\"c x58f y3906 w11f2 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">valutate al fair va<span class=\"_ _1\"></span>lue con impatt<span class=\"_ _1\"></span>o sulla reddi<span class=\"_ _1\"></span>tivit\u00e0 </div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x58f y3908 w11f3 h5c9\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">- Attivit\u00e0 materia<span class=\"_ _1\"></span>li</div><div class=\"t m0 x250 h1f y3907 ff4 fs7 fc1 sc0 ls0 ws0\">complessiva </div></td><td></td><td></td><td class=\"c x58a y3909 w48a hc8\"><div class=\"t m0 xf h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5af y3909 w4c3 hc8\"><div class=\"t m0 xf h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x534 y3909 w48a hc8\"><div class=\"t m0 xf h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x598 y3909 w4c3 hc8\"><div class=\"t m0 xf h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x515 y3909 wf9 hc8\"><div class=\"t m0 xf h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y390a w4ef hc8\"><div class=\"t m0 x8e h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- Attivit\u00e0 immater<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span>ali </div></td><td></td><td></td><td class=\"c x58a y390a w48a hc8\"><div class=\"t m0 xf h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5af y390a w4c3 hc8\"><div class=\"t m0 xf h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x534 y390a w48a hc8\"><div class=\"t m0 xf h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x598 y390a w4c3 hc8\"><div class=\"t m0 xf h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x515 y390a wf9 hc8\"><div class=\"t m0 xf h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y390b w4ef hc8\"><div class=\"t m0 x8e h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- Copertura di in<span class=\"_ _1\"></span>vestimenti ester<span class=\"_ _1\"></span>i </div></td><td></td><td></td><td class=\"c x58a y390b w48a hc8\"><div class=\"t m0 xf h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5af y390b w4c3 hc8\"><div class=\"t m0 xf h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x534 y390b w48a hc8\"><div class=\"t m0 xf h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x598 y390b w4c3 hc8\"><div class=\"t m0 xf h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x515 y390b wf9 hc8\"><div class=\"t m0 xf h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y390c w4ef hc8\"><div class=\"t m0 x8e h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- Copertura dei <span class=\"_ _1\"></span>flussi finanziar<span class=\"_ _1\"></span>i </div></td><td></td><td></td><td class=\"c x58a y390c w48a hc8\"><div class=\"t m0 x3a h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">(15.717) </div></td><td class=\"c x5af y390c w4c3 hc8\"><div class=\"t m0 xf h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x534 y390c w48a hc8\"><div class=\"t m0 xf h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x598 y390c w4c3 hc8\"><div class=\"t m0 xf h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x515 y390c wf9 hc8\"><div class=\"t m0 x3a h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">(15.717) </div></td></tr><tr><td class=\"c x44e y390d w4ef hc8\"><div class=\"t m0 x8e h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- Strumenti di c<span class=\"_ _f\"></span>o<span class=\"_ _2\"></span>pertura [eleme<span class=\"_ _f\"></span>nti non designati]<span class=\"_ _df\"> </span></div></td><td></td><td></td><td class=\"c x58a y390d w48a hc8\"><div class=\"t m0 xf h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5af y390d w4c3 hc8\"><div class=\"t m0 xf h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x534 y390d w48a hc8\"><div class=\"t m0 xf h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x598 y390d w4c3 hc8\"><div class=\"t m0 xf h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x515 y390d wf9 hc8\"><div class=\"t m0 xf h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y390e w4ef hc8\"><div class=\"t m0 x8e h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- Differenze d<span class=\"_ _1\"></span>i cambio </div></td><td></td><td></td><td class=\"c x58a y390e w48a hc8\"><div class=\"t m0 xf h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5af y390e w4c3 hc8\"><div class=\"t m0 xf h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x534 y390e w48a hc8\"><div class=\"t m0 xf h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x598 y390e w4c3 hc8\"><div class=\"t m0 xf h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x515 y390e wf9 hc8\"><div class=\"t m0 xf h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x58f y390f w11f4 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">- Attivit\u00e0 non c<span class=\"_ _1\"></span>orrenti e grupp<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span> di atti<span class=\"_ _1\"></span>vit\u00e0 in via di<span class=\"_ _df\"> </span></div></td><td></td><td></td><td class=\"c x58a y3910 w48a h7a\"><div class=\"t m0 xf h1f y400 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5af y3910 w4c3 h7a\"><div class=\"t m0 xf h1f y400 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x534 y3910 w48a h7a\"><div class=\"t m0 xf h1f y400 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x598 y3910 w4c3 h7a\"><div class=\"t m0 xf h1f y400 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x515 y3910 wf9 h7a\"><div class=\"t m0 xf h1f y400 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x58f y3911 w98d h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">dismissione<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x58f y3912 w11f5 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">- Passivit\u00e0 finanzi<span class=\"_ _1\"></span>arie designate <span class=\"_ _1\"></span>al fair value c<span class=\"_ _1\"></span>on<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x58f y3913 w11f6 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">impatto a cont<span class=\"_ _1\"></span>o economico (variaz<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span>oni del pr<span class=\"_ _f\"></span>o<span class=\"_ _2\"></span>prio </div></td><td></td><td></td><td class=\"c x58a y3914 w48a h266\"><div class=\"t m0 xf h1f yd3d ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5af y3914 w4c3 h266\"><div class=\"t m0 xf h1f yd3d ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x534 y3914 w48a h266\"><div class=\"t m0 xf h1f yd3d ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x598 y3914 w4c3 h266\"><div class=\"t m0 xf h1f yd3d ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x515 y3914 wf9 h266\"><div class=\"t m0 xf h1f yd3d ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x58f y3916 w11f7 h5ca\"><div class=\"t m0 x250 h1f y313a ff4 fs7 fc1 sc0 ls0 ws0\">- Utili (perdite) <span class=\"_ _1\"></span>attuariali su pian<span class=\"_ _1\"></span>i previdenziali a<span class=\"_ _df\"> </span></div><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">benefici definiti<span class=\"_ _df\"> </span></div><div class=\"t m0 x250 h1f y3915 ff4 fs7 fc1 sc0 ls0 ws0\">merito creditiz<span class=\"_ _1\"></span>io) </div></td><td></td><td></td><td class=\"c x58a y3917 w48a h7a\"><div class=\"t m0 x3a h1f y400 ff4 fs7 fc1 sc0 ls0 ws0\">(6.206) </div></td><td class=\"c x5af y3917 w4c3 h7a\"><div class=\"t m0 x12 h1f y400 ff4 fs7 fc1 sc0 ls32 ws0\">50<span class=\"ls0\"> </span></div></td><td class=\"c x534 y3917 w48a h7a\"><div class=\"t m0 xf h1f y400 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x598 y3917 w4c3 h7a\"><div class=\"t m0 x36 h1f y400 ff4 fs7 fc1 sc0 ls0 ws0\">(50) </div></td><td class=\"c x515 y3917 wf9 h7a\"><div class=\"t m0 x3a h1f y400 ff4 fs7 fc1 sc0 ls0 ws0\">(6.206) </div></td></tr><tr><td class=\"c x44e y3918 w4ef ha7\"><div class=\"t m0 x8e h1f y1c83 ff4 fs7 fc1 sc0 ls0 ws0\">- Quote delle ri<span class=\"_ _1\"></span>serve da valutaz<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span>one delle </div><div class=\"t m0 x8e h1f y1c84 ff4 fs7 fc1 sc0 ls0 ws0\">partecipazioni va<span class=\"_ _f\"></span>l<span class=\"_ _2\"></span>utate a pa<span class=\"_ _f\"></span>trimonio netto<span class=\"_ _df\"> </span></div></td><td></td><td></td><td class=\"c x58a y3918 w48a ha7\"><div class=\"t m0 xf h1f y1c85 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5af y3918 w4c3 ha7\"><div class=\"t m0 xf h1f y1c85 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x534 y3918 w48a ha7\"><div class=\"t m0 xf h1f y1c85 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x598 y3918 w4c3 ha7\"><div class=\"t m0 xf h1f y1c85 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x515 y3918 wf9 ha7\"><div class=\"t m0 xf h1f y1c85 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y3919 w4ef ha8\"><div class=\"t m0 x8e h1f y66a ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"ls26\"></span><span class=\"ls26\">  </span>Ricavi o costi d<span class=\"_ _1\"></span>i natura finanz<span class=\"_ _1\"></span>iaria relativi ai </div><div class=\"t m0 x8e h1f y1c84 ff4 fs7 fc1 sc0 ls0 ws0\">contratti assicurat<span class=\"_ _1\"></span>ivi emessi </div></td><td></td><td></td><td class=\"c x58a y3919 w48a ha8\"><div class=\"t m0 x32 h1f y823 ff4 fs7 fc1 sc0 ls0 ws0\">268.797 </div></td><td class=\"c x5af y3919 w4c3 ha8\"><div class=\"t m0 x32 h1f y823 ff4 fs7 fc1 sc0 ls0 ws0\">268.797 </div></td><td class=\"c x534 y3919 w48a ha8\"><div class=\"t m0 xf h1f y823 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x598 y3919 w4c3 ha8\"><div class=\"t m0 x39 h1f y823 ff4 fs7 fc1 sc0 ls0 ws0\">(268.797) </div></td><td class=\"c x515 y3919 wf9 ha8\"><div class=\"t m0 x32 h1f y823 ff4 fs7 fc1 sc0 ls0 ws0\">268.797 </div></td></tr><tr><td class=\"c x58f y391a w11f8 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">- Ricavi o costi d<span class=\"_ _1\"></span>i natura finanz<span class=\"_ _1\"></span>iaria relativi al<span class=\"_ _1\"></span>le<span class=\"_ _df\"> </span></div></td><td></td><td></td><td class=\"c x58a y391b w48a h57\"><div class=\"t m0 x8f h1f y2e7 ff4 fs7 fc1 sc0 ls0 ws0\">(19) </div></td><td class=\"c x5af y391b w4c3 h57\"><div class=\"t m0 x8f h1f y2e7 ff4 fs7 fc1 sc0 ls0 ws0\">(19) </div></td><td class=\"c x534 y391b w48a h57\"><div class=\"t m0 xf h1f y2e7 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x598 y391b w4c3 h57\"><div class=\"t m0 x90 h1f y2e7 ff4 fs7 fc1 sc0 ls9 ws0\">19<span class=\"_ _df\"> </span></div></td><td class=\"c x515 y391b wf9 h57\"><div class=\"t m0 x8f h1f y2e7 ff4 fs7 fc1 sc0 ls0 ws0\">(19) </div></td></tr><tr><td class=\"c x58f y391d w11f9 h5cb\"><div class=\"t m0 x250 h1f y391c ff4 fs7 fc1 sc0 ls0 ws0\">cessioni in riass<span class=\"_ _1\"></span>icurazione<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x44e y391e w4ef h131\"><div class=\"t m0 x8e h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">- Leggi speciali di ri<span class=\"_ _1\"></span>valutazione </div></td><td></td><td></td><td class=\"c x58a y391e w48a h131\"><div class=\"t m0 x27 h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">53.080 </div></td><td class=\"c x5af y391e w4c3 h131\"><div class=\"t m0 xf h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x534 y391e w48a h131\"><div class=\"t m0 xf h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x598 y391e w4c3 h131\"><div class=\"t m0 xf h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x515 y391e wf9 h131\"><div class=\"t m0 x3a h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">53.080 </div></td></tr><tr><td class=\"c x44e y391f w4ef h1fa\"><div class=\"t m0 x10 h1f y66c ff4 fs7 fc1 sc0 ls0 ws0\">7. Utile (Perdita) d'e<span class=\"_ _1\"></span>sercizio (+/-) del <span class=\"_ _1\"></span>gruppo e di terzi </div></td><td></td><td></td><td class=\"c x58a y391f w48a h1fa\"><div class=\"t m0 x35 h1f y66c ff4 fs7 fc1 sc0 ls0 ws0\">621.466 </div></td><td class=\"c x5af y391f w4c3 h1fa\"><div class=\"t m0 x34 h1f y66c ff4 fs7 fc1 sc0 ls0 ws0\">52.518 </div></td><td class=\"c x534 y391f w48a h1fa\"><div class=\"t m0 xf h1f y66c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x598 y391f w4c3 h1fa\"><div class=\"t m0 x35 h1f y66c ff4 fs7 fc1 sc0 ls0 ws0\">(52.518) </div></td><td class=\"c x515 y391f wf9 h1fa\"><div class=\"t m0 x35 h1f y66c ff4 fs7 fc1 sc0 ls0 ws0\">621.466 </div></td></tr><tr><td></td><td></td><td class=\"c x44e y3920 w4ef hc8\"><div class=\"t m0 x13a h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale </div></td><td class=\"c x58a y3920 w48a hc8\"><div class=\"t m0 x55 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">4.66<span class=\"_ _1\"></span>2.829<span class=\"_ _f\"></span> </div></td><td class=\"c x5af y3920 w4c3 hc8\"><div class=\"t m0 x35 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">597<span class=\"_ _1\"></span>.473<span class=\"_ _f\"></span> </div></td><td class=\"c x534 y3920 w48a hc8\"><div class=\"t m0 xf h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td><td class=\"c x598 y3920 w4c3 hc8\"><div class=\"t m0 x14 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">(597<span class=\"_ _1\"></span>.473)<span class=\"_ _f\"></span> </div></td><td class=\"c x515 y3920 wf9 hc8\"><div class=\"t m0 x55 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">4.66<span class=\"_ _1\"></span>2.829<span class=\"_ _f\"></span> </div></td></tr></table>Consolidato prudenziale Imprese di assicurazione Altre imprese Elisioni e aggiustamenti da consolidamento Totale Nella <span class=\"_ _e\"> </span>tavola <span class=\"_ _e\"> </span>sopra <span class=\"_ _e\"> </span>riportata <span class=\"_ _e\"> </span>sono <span class=\"_ _e\"> </span>indicate <span class=\"_ _e\"> </span>le <span class=\"_ _e\"> </span>componenti <span class=\"_ _15\"> </span>del <span class=\"_ _e\"> </span>patrimonio <span class=\"_ _10\"> </span>netto <span class=\"_ _15\"> </span>cont<span class=\"_ _2\"></span>abile<span class=\"_ _1\"></span>, sommando  q<span class=\"_ _1\"></span>uelle <span class=\"_ _9\"> </span>d<span class=\"_ _2\"></span>el <span class=\"_ _9\"> </span>Gr<span class=\"_ _2\"></span>uppo <span class=\"_ _9\"> </span>con  quelle <span class=\"_ _9\"> </span>di  terzi, <span class=\"_ _9\"> </span>ri<span class=\"_ _2\"></span>partite <span class=\"_ _16\"> </span>per  tipologia <span class=\"_ _9\"> </span>di  imprese <span class=\"_ _9\"> </span>oggett<span class=\"_ _2\"></span>o <span class=\"_ _16\"> </span>di consolidamento. <span class=\"_ _4\"> </span>Pi\u00f9 <span class=\"_ _4\"> </span>in <span class=\"_ _4\"> </span>dettaglio, <span class=\"_ _4\"> </span>nella <span class=\"_ _4\"> </span>colonna <span class=\"_ _4\"> </span>riferita <span class=\"_ _4\"> </span>al <span class=\"_ _17\"> </span>Consoli<span class=\"_ _1\"></span>damento <span class=\"_ _4\"> </span>prudenziale <span class=\"_ _4\"> </span>viene indicato l\u2019i<span class=\"_ _1\"></span>mporto che risulta dal <span class=\"_ _f\"></span>cons<span class=\"_ _2\"></span>olidamento <span class=\"_ _1\"></span>delle societ\u00e0 ap<span class=\"_ _1\"></span>partenenti al Grup<span class=\"_ _1\"></span>po bancario, al lordo <span class=\"_ _0\"></span>degli <span class=\"_ _0\"></span>effetti <span class=\"_ _0\"></span>economici <span class=\"_ _9\"> </span>di <span class=\"_ _0\"></span>transazioni <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=\"_ _0\"></span>nel <span class=\"_ _0\"></span>perimetro <span class=\"_ _9\"> </span>di consolidamento;  le <span class=\"_ _4\"> </span>societ\u00e0 <span class=\"_ _4\"> </span>controllate, <span class=\"_ _22\"> </span>diverse <span class=\"_ _4\"> </span>da <span class=\"_ _22\"> </span>quelle <span class=\"_ _4\"> </span>appartenenti <span class=\"_ _22\"> </span>al <span class=\"_ _4\"> </span>Gruppo <span class=\"_ _4\"> </span>bancario <span class=\"_ _4\"> </span>e consolidate integralmente <span class=\"_ _2\"></span>sono <span class=\"_ _2\"></span>qui valorizzate <span class=\"_ _2\"></span>con <span class=\"_ _2\"></span>il metodo <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>patrimonio <span class=\"_ _2\"></span>netto. <span class=\"_ _2\"></span>Nella colonn<span class=\"_ _2\"></span><span class=\"ls73\">a </span>Imprese di assicurazione so<span class=\"_ _2\"></span>no riportati gli importi che risultano dal consolidamento, al <span class=\"_ _2\"></span>lordo degli effetti <span class=\"_ _17\"> </span>economici <span class=\"_ _17\"> </span>derivanti <span class=\"_ _4\"> </span>da<span class=\"_ _2\"></span> <span class=\"_ _17\"> </span>transazioni <span class=\"_ _17\"> </span>effettuate <span class=\"_ _17\"> </span>con <span class=\"_ _17\"> </span>le <span class=\"_ _17\"> </span>societ\u00e0 <span class=\"_ _17\"> </span>appartenenti <span class=\"_ _17\"> </span>al <span class=\"_ _17\"> </span>Gruppo bancario. Nelle colonne<span class=\"_ _1\"></span> Elisioni ed Aggiustamenti sono inve<span class=\"_ _1\"></span>ce in<span class=\"_ _2\"></span>dicate le rettifiche nece<span class=\"_ _1\"></span>ssarie per ottenere il dato rappresentato in bil<span class=\"_ _1\"></span>ancio.<span class=\"_ _df\"> </span>B.2 Ri<span class=\"_ _1\"></span>serve<span class=\"_ _1\"></span> da <span class=\"_ _1\"></span>valut<span class=\"_ _1\"></span>azio<span class=\"_ _1\"></span>ne del<span class=\"_ _1\"></span>le a<span class=\"_ _f\"></span>ttivit\u00e0 fi<span class=\"_ _1\"></span>nanzia<span class=\"_ _1\"></span>rie v<span class=\"_ _1\"></span>aluta<span class=\"_ _f\"></span>te al fai<span class=\"_ _1\"></span>r va<span class=\"_ _1\"></span>lue co<span class=\"_ _f\"></span>n impatt<span class=\"_ _f\"></span>o sulla r<span class=\"_ _1\"></span>edditi<span class=\"_ _1\"></span>vit\u00e0 <span class=\"_ _1\"></span>comp<span class=\"_ _1\"></span>lessiv<span class=\"_ _1\"></span>a: comp<span class=\"_ _1\"></span>osizio<span class=\"_ _f\"></span>ne <table class=\"s w11fa h5cc\" id=\"_38590e5b-4584-49a6-8c19-c71ea25b29f5\"><tr><td class=\"c x46b y3921 w660 h36f\"><div class=\"t m0 x35 h1f y11c4 ff4 fs7 fc4 sc3 ls0 ws0\">Atti<span class=\"_ _1\"></span>vit\u00e0/v<span class=\"_ _f\"></span>alori<span class=\"fc1 sc0\"> </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=\"c x46b y3922 w664 hc8\"><div class=\"t m0 x8a h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">1. Titoli di debito<span class=\"_ _1\"></span> </div></td><td></td><td class=\"c xba2 y3922 w32c hc8\"><div class=\"t m0 x2f h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">5.808 </div></td><td class=\"c xa46 y3922 w34d hc8\"><div class=\"t m0 xac h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">108.156 </div></td><td class=\"c x5d8 y3922 w1c0 hc8\"><div class=\"t m0 x8e h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">18.726 </div></td><td class=\"c xa64 y3922 w351 hc8\"><div class=\"t m0 x8a h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">280.740 </div></td><td class=\"c x8a0 y3922 w35e hc8\"><div class=\"t m0 x97 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x54b y3922 w56f hc8\"><div class=\"t m0 x39 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x6ec y3922 w19b hc8\"><div class=\"t m0 x34 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x7f8 y3922 w18b hc8\"><div class=\"t m0 x38 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xba3 y3922 w12d hc8\"><div class=\"t m0 xab h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">24.534 </div></td><td class=\"c xba4 y3922 w2af hc8\"><div class=\"t m0 x8a h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">388.896 </div></td></tr><tr><td class=\"c x46b y3923 w664 hc8\"><div class=\"t m0 x8a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">2. Titoli di capita<span class=\"_ _f\"></span>l<span class=\"_ _2\"></span>e<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c xba2 y3923 w32c hc8\"><div class=\"t m0 x8e h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">15.778 </div></td><td class=\"c xa46 y3923 w34d hc8\"><div class=\"t m0 x2e h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">2.427 </div></td><td class=\"c x5d8 y3923 w1c0 hc8\"><div class=\"t m0 x34 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa64 y3923 w351 hc8\"><div class=\"t m0 x97 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x8a0 y3923 w35e hc8\"><div class=\"t m0 x97 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x54b y3923 w56f hc8\"><div class=\"t m0 x39 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x6ec y3923 w19b hc8\"><div class=\"t m0 x34 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x7f8 y3923 w18b hc8\"><div class=\"t m0 x38 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xba3 y3923 w12d hc8\"><div class=\"t m0 x8e h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">15.778 </div></td><td class=\"c xba4 y3923 w2af hc8\"><div class=\"t m0 x55 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">2.427 </div></td></tr><tr><td class=\"c x46b y3924 w664 hc8\"><div class=\"t m0 x8a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">3. Finanziamenti<span class=\"_ _1\"></span> </div></td><td></td><td class=\"c xba2 y3924 w32c hc8\"><div class=\"t m0 x26 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa46 y3924 w34d hc8\"><div class=\"t m0 x97 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5d8 y3924 w1c0 hc8\"><div class=\"t m0 x34 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa64 y3924 w351 hc8\"><div class=\"t m0 x97 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x8a0 y3924 w35e hc8\"><div class=\"t m0 x97 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x54b y3924 w56f hc8\"><div class=\"t m0 x39 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x6ec y3924 w19b hc8\"><div class=\"t m0 x34 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x7f8 y3924 w18b hc8\"><div class=\"t m0 x38 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xba3 y3924 w12d hc8\"><div class=\"t m0 x26 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xba4 y3924 w2af hc8\"><div class=\"t m0 x38 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y3925 w179 hc8\"><div class=\"t m0 x55 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale<span class=\"sc0\"> </span></div></td><td class=\"c xba5 y3925 w376 hc8\"><div class=\"t m0 x8a h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">31/12/<span class=\"_ _f\"></span>2025<span class=\"sc0\"> </span></div></td><td class=\"c xba2 y3925 w32c hc8\"><div class=\"t m0 x8e h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">21.58<span class=\"_ _1\"></span>6<span class=\"sc0\"> </span></div></td><td class=\"c xa46 y3925 w34d hc8\"><div class=\"t m0 xac h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">110.5<span class=\"_ _1\"></span>83<span class=\"sc0\"> </span></div></td><td class=\"c x5d8 y3925 w1c0 hc8\"><div class=\"t m0 x2f h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">18.726<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td><td class=\"c xa64 y3925 w351 hc8\"><div class=\"t m0 xab h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">280.7<span class=\"_ _f\"></span>40<span class=\"sc0\"> </span></div></td><td class=\"c x8a0 y3925 w35e hc8\"><div class=\"t m0 x97 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x54b y3925 w56f hc8\"><div class=\"t m0 x39 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x6ec y3925 w19b hc8\"><div class=\"t m0 x34 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x7f8 y3925 w18b hc8\"><div class=\"t m0 x38 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c xba3 y3925 w12d hc8\"><div class=\"t m0 xac h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">40.3<span class=\"_ _1\"></span>12<span class=\"sc0\"> </span></div></td><td class=\"c xba4 y3925 w2af hc8\"><div class=\"t m0 xac h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">391.3<span class=\"_ _f\"></span>23<span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x46b y3926 w179 hc8\"><div class=\"t m0 x55 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale<span class=\"sc0\"> </span></div></td><td class=\"c xba5 y3926 w376 hc8\"><div class=\"t m0 x8a h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">31/12/<span class=\"_ _f\"></span>2024<span class=\"sc0\"> </span></div></td><td class=\"c xba2 y3926 w32c hc8\"><div class=\"t m0 xac h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">19.0<span class=\"_ _1\"></span>04<span class=\"sc0\"> </span></div></td><td class=\"c xa46 y3926 w34d hc8\"><div class=\"t m0 xab h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">144.06<span class=\"_ _f\"></span>2<span class=\"sc0\"> </span></div></td><td class=\"c x5d8 y3926 w1c0 hc8\"><div class=\"t m0 x8e h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">24.33<span class=\"_ _f\"></span>1<span class=\"sc0\"> </span></div></td><td class=\"c xa64 y3926 w351 hc8\"><div class=\"t m0 xab h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">276.<span class=\"_ _1\"></span>233<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x8a0 y3926 w35e hc8\"><div class=\"t m0 x97 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x54b y3926 w56f hc8\"><div class=\"t m0 x39 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x6ec y3926 w19b hc8\"><div class=\"t m0 x34 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x7f8 y3926 w2af hc8\"><div class=\"t m0 x38 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c xba3 y3926 w12d hc8\"><div class=\"t m0 xab h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">43.33<span class=\"_ _1\"></span>5<span class=\"sc0\"> </span></div></td><td class=\"c xba4 y3926 w182 hc8\"><div class=\"t m0 xab h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">420.<span class=\"_ _f\"></span>295<span class=\"sc0\"> </span></div></td></tr></table>Consolidato prudenziale<span class=\"fc1 sc0\"> </span>Imprese di assicurazione<span class=\"fc1 sc0\"> </span>Altre imprese<span class=\"fc1 sc0\"> </span>Elisioni e aggiustamenti da consolidament<span class=\"_ _df\"> </span>o<span class=\"fc1 sc0\"> </span>Totale<span class=\"fc1 sc0\"> </span>Riserva positiva<span class=\"fc1 sc0\"> </span>Riserva negativa<span class=\"fc1 sc0\"> </span>Riserva positiva<span class=\"fc1 sc0\"> </span>Riserva negativa<span class=\"fc1 sc0\"> </span>Riserva positiva<span class=\"fc1 sc0\"> </span>Riserva negativa<span class=\"fc1 sc0\"> </span>Riserva positiva<span class=\"fc1 sc0\"> </span>Riserva negativa<span class=\"fc1 sc0\"> </span>Riserva positiva<span class=\"fc1 sc0\"> </span>Riserva negativa<span class=\"fc1 sc0\"> </span>B.3 <span class=\"_ _1\"></span>Riserv<span class=\"_ _1\"></span>e da<span class=\"_ _1\"></span> val<span class=\"_ _1\"></span>utazione<span class=\"_ _f\"></span> delle <span class=\"_ _1\"></span>attivit<span class=\"_ _1\"></span>\u00e0 fina<span class=\"_ _f\"></span>nziarie v<span class=\"_ _1\"></span>alut<span class=\"_ _1\"></span>ate a<span class=\"_ _1\"></span>l fai<span class=\"_ _1\"></span>r value<span class=\"_ _1\"></span> con <span class=\"_ _1\"></span>impa<span class=\"_ _1\"></span>tto <span class=\"_ _1\"></span>sulla r<span class=\"_ _f\"></span>edditivit<span class=\"_ _f\"></span>\u00e0 comples<span class=\"_ _1\"></span>siva<span class=\"_ _1\"></span>: varia<span class=\"_ _1\"></span>zioni a<span class=\"_ _f\"></span>nnue <table class=\"s w11fb h5cd\" id=\"_57313603-fec8-4a9c-9b8c-d5c4972a7aa1\"><tr><td></td><td class=\"c xba6 y3927 w11fc h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc4 sc3 ls0 ws0\">Titol<span class=\"_ _1\"></span>i di<span class=\"_ _df\"> </span></div></td><td class=\"c xba7 y3927 w11fc h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc4 sc3 ls0 ws0\">Titol<span class=\"_ _1\"></span>i di<span class=\"_ _df\"> </span></div></td><td class=\"c xba8 y3928 w4bd h17f\"><div class=\"t m0 x10 h1f y305 ff4 fs7 fc4 sc3 ls0 ws0\">Fina<span class=\"_ _f\"></span>nziamen<span class=\"_ _f\"></span>ti </div></td></tr><tr><td></td><td class=\"c xba9 y24e4 wdc6 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc4 sc3 ls0 ws0\">debi<span class=\"_ _1\"></span>to<span class=\"_ _df\"> </span></div></td><td class=\"c xbaa y24e4 wa1b h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc4 sc3 ls0 ws0\">capit<span class=\"_ _f\"></span>ale<span class=\"_ _df\"> </span></div></td><td></td></tr><tr><td class=\"c x44e y3929 w665 h2b\"><div class=\"t m0 x10 h1f y2a ff4 fs7 fc1 sc2 ls0 ws0\">1. Esi<span class=\"_ _f\"></span>stenze i<span class=\"_ _1\"></span>nizi<span class=\"_ _1\"></span>ali </div></td><td class=\"c x98e y3929 w48a h2b\"><div class=\"t m0 x39 h1f y2a ff4 fs7 fc1 sc2 ls0 ws0\">(386.<span class=\"_ _1\"></span>539<span class=\"_ _f\"></span>) </div></td><td class=\"c x7b0 y3929 w4c1 h2b\"><div class=\"t m0 x38 h1f y2a ff4 fs7 fc1 sc2 ls0 ws0\">9.57<span class=\"_ _f\"></span>8 </div></td><td class=\"c xba8 y3929 w73 h2b\"><div class=\"t m0 xa3 h1f y2a ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y392a w665 h232\"><div class=\"t m0 x10 h1f y93e ff4 fs7 fc1 sc2 ls0 ws0\">2. Va<span class=\"_ _1\"></span>riaz<span class=\"_ _1\"></span>ioni<span class=\"_ _1\"></span> posit<span class=\"_ _f\"></span>ive </div></td><td class=\"c x98e y392a w48a h232\"><div class=\"t m0 x2c h1f y93e ff4 fs7 fc1 sc2 ls0 ws0\">108.07<span class=\"_ _f\"></span>2 </div></td><td class=\"c x7b0 y392a w4c1 h232\"><div class=\"t m0 x38 h1f y93e ff4 fs7 fc1 sc2 ls0 ws0\">6.47<span class=\"_ _1\"></span>4 </div></td><td class=\"c xba8 y392a w73 h232\"><div class=\"t m0 xa3 h1f y93e ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y392b w665 h232\"><div class=\"t m0 x10 h1f y93e ff4 fs7 fc1 sc0 ls0 ws0\">2.1 Incrementi d<span class=\"_ _1\"></span>i fair value </div></td><td class=\"c x98e y392b w48a h232\"><div class=\"t m0 x27 h1f y93e ff4 fs7 fc1 sc0 ls0 ws0\">64.607 </div></td><td class=\"c x7b0 y392b w4c1 h232\"><div class=\"t m0 x97 h1f y93e ff4 fs7 fc1 sc0 ls0 ws0\">5.809 </div></td><td class=\"c xba8 y392b w73 h232\"><div class=\"t m0 xa3 h1f y93e ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y392c w665 h232\"><div class=\"t m0 x10 h1f y93e ff4 fs7 fc1 sc0 ls0 ws0\">2.2 Rettifiche di <span class=\"_ _1\"></span>valore per risch<span class=\"_ _1\"></span>io di credito </div></td><td class=\"c x98e y392c w48a h232\"><div class=\"t m0 x8f h1f y93e ff4 fs7 fc1 sc0 ls0 ws0\">437 </div></td><td class=\"c x7b0 y392c w4c1 h232\"><div class=\"t m0 x2c h1f y93e ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c xba8 y392c w73 h232\"><div class=\"t m0 xa3 h1f y93e ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y392d w665 h232\"><div class=\"t m0 x10 h1f y93e ff4 fs7 fc1 sc0 ls0 ws0\">2.3 Rigiro a cont<span class=\"_ _f\"></span>o<span class=\"_ _2\"></span> econom<span class=\"_ _1\"></span>ico di riserve negat<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span>ve da real<span class=\"_ _1\"></span>izzo </div></td><td class=\"c x98e y392d w48a h232\"><div class=\"t m0 x37 h1f y93e ff4 fs7 fc1 sc0 ls0 ws0\">31.190 </div></td><td class=\"c x7b0 y392d w4c1 h232\"><div class=\"t m0 x2c h1f y93e ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c xba8 y392d w73 h232\"><div class=\"t m0 xa3 h1f y93e ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y392e w665 h232\"><div class=\"t m0 x10 h1f y93e ff4 fs7 fc1 sc0 ls0 ws0\">2.4 Trasferime<span class=\"_ _1\"></span>nti ad altre comp<span class=\"_ _1\"></span>onenti di patrim<span class=\"_ _1\"></span>onio netto (tit<span class=\"_ _1\"></span>oli di capital<span class=\"_ _1\"></span>e)<span class=\"_ _2\"></span> </div></td><td class=\"c x98e y392e w48a h232\"><div class=\"t m0 xf h1f y93e ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x7b0 y392e w4c1 h232\"><div class=\"t m0 xf h1f y93e ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xba8 y392e w73 h232\"><div class=\"t m0 xa3 h1f y93e ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y392f w665 h232\"><div class=\"t m0 x10 h1f y93e ff4 fs7 fc1 sc0 ls0 ws0\">2.5 Altre variaz<span class=\"_ _1\"></span>ioni </div></td><td class=\"c x98e y392f w48a h232\"><div class=\"t m0 x37 h1f y93e ff4 fs7 fc1 sc0 ls0 ws0\">11.838 </div></td><td class=\"c x7b0 y392f w4c1 h232\"><div class=\"t m0 x8f h1f y93e ff4 fs7 fc1 sc0 ls29 ws0\">665<span class=\"ls0\"> </span></div></td><td class=\"c xba8 y392f w73 h232\"><div class=\"t m0 xa3 h1f y93e ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y3930 w665 h232\"><div class=\"t m0 x10 h1f y93e ff4 fs7 fc1 sc2 ls0 ws0\">3. Va<span class=\"_ _f\"></span>riazioni<span class=\"_ _1\"></span> nega<span class=\"_ _f\"></span>tive </div></td><td class=\"c x98e y3930 w48a h232\"><div class=\"t m0 x27 h1f y93e ff4 fs7 fc1 sc2 ls0 ws0\">85.89<span class=\"_ _f\"></span>5 </div></td><td class=\"c x7b0 y3930 w4c1 h232\"><div class=\"t m0 x31 h1f y93e ff4 fs7 fc1 sc2 ls0 ws0\">2.70<span class=\"_ _1\"></span>1 </div></td><td class=\"c xba8 y3930 w73 h232\"><div class=\"t m0 xa3 h1f y93e ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y3931 w665 h373\"><div class=\"t m0 x10 h1f y93e ff4 fs7 fc1 sc0 ls0 ws0\">3.1 Riduzioni di <span class=\"_ _1\"></span>fair value </div></td><td class=\"c x98e y3931 w48a h373\"><div class=\"t m0 x27 h1f y93e ff4 fs7 fc1 sc2 ls0 ws0\">64.85<span class=\"_ _f\"></span>3 </div></td><td class=\"c x7b0 y3931 w4c1 h373\"><div class=\"t m0 x8f h1f y93e ff4 fs7 fc1 sc2 ls35 ws0\">769<span class=\"ls0\"> </span></div></td><td class=\"c xba8 y3931 w73 h373\"><div class=\"t m0 xa3 h1f y93e ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y3932 w665 h232\"><div class=\"t m0 x10 h1f y93e ff4 fs7 fc1 sc0 ls0 ws0\">3.2 Riprese di val<span class=\"_ _f\"></span>o<span class=\"_ _2\"></span>re per risc<span class=\"_ _f\"></span>hio di credito </div></td><td class=\"c x98e y3932 w48a h232\"><div class=\"t m0 x8f h1f y93e ff4 fs7 fc1 sc2 ls2b ws0\">887<span class=\"ls0\"> </span></div></td><td class=\"c x7b0 y3932 w4c1 h232\"><div class=\"t m0 xf h1f y93e ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td><td class=\"c xba8 y3932 w73 h232\"><div class=\"t m0 xa3 h1f y93e ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y3933 w665 h232\"><div class=\"t m0 x10 h1f y93e ff4 fs7 fc1 sc0 ls0 ws0\">3.3 Rigiro a con<span class=\"_ _f\"></span>t<span class=\"_ _2\"></span>o econ<span class=\"_ _1\"></span>omico da rise<span class=\"_ _f\"></span>r<span class=\"_ _2\"></span>ve positi<span class=\"_ _1\"></span>ve: da realizzo </div></td><td class=\"c x98e y3933 w48a h232\"><div class=\"t m0 x97 h1f y93e ff4 fs7 fc1 sc2 ls0 ws0\">11.356<span class=\"_ _f\"></span> </div></td><td class=\"c x7b0 y3933 w4c1 h232\"><div class=\"t m0 x2c h1f y93e ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c xba8 y3933 w73 h232\"><div class=\"t m0 xa3 h1f y93e ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y3934 w665 h232\"><div class=\"t m0 x10 h1f y93e ff4 fs7 fc1 sc0 ls0 ws0\">3.4 Trasferiment<span class=\"_ _1\"></span>i ad altre compo<span class=\"_ _1\"></span>nenti di patrim<span class=\"_ _f\"></span>o<span class=\"_ _2\"></span>nio nett<span class=\"_ _1\"></span>o (titoli di cap<span class=\"_ _1\"></span>itale) </div></td><td class=\"c x98e y3934 w48a h232\"><div class=\"t m0 xf h1f y93e ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td><td class=\"c x7b0 y3934 w4c1 h232\"><div class=\"t m0 xf h1f y93e ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td><td class=\"c xba8 y3934 w73 h232\"><div class=\"t m0 xa3 h1f y93e ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y3935 w665 h232\"><div class=\"t m0 x10 h1f y93e ff4 fs7 fc1 sc0 ls0 ws0\">3.5 Altre variazi<span class=\"_ _1\"></span>oni </div></td><td class=\"c x98e y3935 w48a h232\"><div class=\"t m0 x38 h1f y93e ff4 fs7 fc1 sc2 ls0 ws0\">8.79<span class=\"_ _1\"></span>9 </div></td><td class=\"c x7b0 y3935 w4c1 h232\"><div class=\"t m0 x31 h1f y93e ff4 fs7 fc1 sc2 ls0 ws0\">1.932<span class=\"_ _f\"></span> </div></td><td class=\"c xba8 y3935 w73 h232\"><div class=\"t m0 xa3 h1f y93e ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y3936 w665 h232\"><div class=\"t m0 x10 h1f y93e ff4 fs7 fc1 sc2 ls0 ws0\">4. Rim<span class=\"_ _f\"></span>anenz<span class=\"_ _f\"></span>e finali<span class=\"_ _1\"></span> </div></td><td class=\"c x98e y3936 w48a h232\"><div class=\"t m0 x39 h1f y93e ff4 fs7 fc1 sc2 ls0 ws0\">(364.3<span class=\"_ _f\"></span>62) </div></td><td class=\"c x7b0 y3936 w4c1 h232\"><div class=\"t m0 x97 h1f y93e ff4 fs7 fc1 sc2 ls0 ws0\">13.35<span class=\"_ _1\"></span>1 </div></td><td class=\"c xba8 y3936 w73 h232\"><div class=\"t m0 xa3 h1f y93e ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td></tr></table>Relativamente ai mercati finanziari: <span class=\"_ _c\"> </span><span class=\"ff4 fs1\">Nel <span class=\"_ _9\"> </span>primo  trimestre <span class=\"_ _9\"> </span>2025,  ne<span class=\"_ _f\"></span>gli  Stati <span class=\"_ _9\"> </span>Uniti,  i<span class=\"_ _1\"></span>l <span class=\"_ _16\"> </span>peggioramento <span class=\"_ _9\"> </span>della <span class=\"_ _9\"> </span>fid<span class=\"_ _2\"></span>ucia <span class=\"_ _9\"> </span>degli  i<span class=\"_ _1\"></span>nvestitori,  i<span class=\"_ _f\"></span> </span>segnali <span class=\"_ _17\"> </span>di <span class=\"_ _17\"> </span>rallentamento <span class=\"_ _17\"> </span>dell\u2019att<span class=\"_ _2\"></span>ivit\u00e0 <span class=\"_ _4\"> </span>economica <span class=\"_ _17\"> </span>e <span class=\"_ _17\"> </span>la <span class=\"_ _17\"> </span>cresc<span class=\"_ _2\"></span>ente <span class=\"_ _17\"> </span>incertezza <span class=\"_ _17\"> </span>sulle <span class=\"_ _17\"> </span>politiche co<span class=\"ls0\">mmerciali del paese, <span class=\"_ _2\"></span>hanno rafforzato le aspettative di un <span class=\"_ _2\"></span>taglio dei tassi <span class=\"_ _2\"></span>da<span class=\"_ _1\"></span> parte della FED, </span>con <span class=\"_ _0\"></span>la <span class=\"_ _0\"></span>conseguente <span class=\"_ _d\"></span>riduzione <span class=\"_ _0\"></span>dei <span class=\"_ _0\"></span>rendimenti <span class=\"_ _0\"></span>dei <span class=\"_ _d\"></span>titoli <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>stato. <span class=\"_ _0\"></span>I <span class=\"_ _0\"></span>rendimenti <span class=\"_ _d\"></span>dei <span class=\"_ _0\"></span>titoli <span class=\"_ _0\"></span>pubblici<span class=\"_ _df\"> </span>dell\u2019area dell\u2019euro <span class=\"_ _2\"></span>sono rimas<span class=\"_ _2\"></span>ti pressoch\u00e9 invariati, <span class=\"_ _2\"></span>ma si <span class=\"_ _2\"></span>so<span class=\"_ _2\"></span><span class=\"ff4\">no registrati <span class=\"_ _2\"></span>alcuni episodi <span class=\"_ _2\"></span>di forte </span>variazione. Dopo l\u2019annuncio all\u2019inizio di mar<span class=\"_ _2\"></span>zo di una maggiore spesa pubblica per la <span class=\"_ _2\"></span>difesa e le infrastrutture in <span class=\"_ _f\"></span>Germania, i <span class=\"_ _f\"></span>r<span class=\"_ _2\"></span>endi<span class=\"_ _1\"></span>menti erano <span class=\"_ _f\"></span>saliti marcatamente; <span class=\"_ _f\"></span>in seguito, si <span class=\"_ _f\"></span>\u00e8 assistito a <span class=\"_ _f\"></span>un calo <span class=\"_ _2\"></span>dei <span class=\"_ _2\"></span>rendiment<span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>dei <span class=\"_ _2\"></span>tito<span class=\"_ _2\"></span>li <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>S<span class=\"_ _2\"></span>tato <span class=\"_ _2\"></span>europei <span class=\"_ _2\"></span>guidato <span class=\"_ _d\"></span>principalmente <span class=\"_ _2\"></span>dalla <span class=\"_ _2\"></span>svolta <span class=\"_ _d\"></span>della <span class=\"_ _2\"></span>politica monetaria <span class=\"_ _1\"></span>della <span class=\"_ _f\"></span>BCE <span class=\"_ _f\"></span>e da <span class=\"_ _f\"></span>una <span class=\"_ _f\"></span>progressiva <span class=\"_ _1\"></span>stabilizzazione <span class=\"_ _f\"></span>del <span class=\"_ _f\"></span>quadr<span class=\"_ _2\"></span>o <span class=\"_ _f\"></span>macroeconomico. <span class=\"_ _f\"></span>Da met\u00e0<span class=\"_ _f\"></span> gennaio 2025 gli <span class=\"_ _2\"></span>indici<span class=\"_ _1\"></span> azionari <span class=\"_ _2\"></span>hanno subito una netta flessione <span class=\"_ _2\"></span>in Giappone e negli <span class=\"_ _2\"></span>Stati Uniti, dove  ha<span class=\"_ _2\"></span>nno  r<span class=\"_ _2\"></span>isentito  del <span class=\"_ _4\"> </span>forte <span class=\"_ _4\"> </span>calo  delle <span class=\"_ _4\"> </span>quotazioni <span class=\"_ _4\"> </span>del  sett<span class=\"_ _2\"></span>ore <span class=\"_ _22\"> </span>automo<span class=\"_ _2\"></span>bili<span class=\"_ _1\"></span>stico, <span class=\"_ _4\"> </span>di  quello<span class=\"_ _df\"> </span>tecnologico e delle imprese <span class=\"_ _2\"></span>pi\u00f9 esposte al commercio <span class=\"_ _2\"></span>internazi<span class=\"_ _1\"></span>onale. Nell\u2019area dell\u2019euro i <span class=\"_ _2\"></span>corsi azionari  sono  diminuiti,  anche  se  in  misura  minore  r<span class=\"_ _2\"></span>ispetto  a  quelli  statunitensi.  Fino  alla seconda <span class=\"_ _0\"></span>decade <span class=\"_ _9\"> </span>di <span class=\"_ _0\"></span>mar<span class=\"_ _2\"></span>zo <span class=\"_ _0\"></span>sono <span class=\"_ _9\"> </span>stati <span class=\"_ _0\"></span>sostenuti <span class=\"_ _9\"> </span>dall\u2019avvio <span class=\"_ _0\"></span>dei <span class=\"_ _0\"></span>negoziati <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>pace <span class=\"_ _0\"></span>tr<span class=\"_ _2\"></span>a <span class=\"_ _0\"></span>Ucraina <span class=\"_ _0\"></span>e Russia e da aspettative di un\u2019e<span class=\"_ _1\"></span>spansione della spesa pubblica in Germania.<span class=\"_ _df\"> </span><span class=\"_ _c\"> </span><span class=\"ff4 fs1\">Nel secondo <span class=\"_ _2\"></span>trimestre <span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>mercati finanziari <span class=\"_ _2\"></span>hanno <span class=\"_ _2\"></span><span class=\"ff5\">risentito <span class=\"_ _2\"></span>dell\u2019incertezza indotta <span class=\"_ _2\"></span>dalle t<span class=\"_ _2\"></span>ensioni<span class=\"_ _df\"> </span></span></span>commerciali <span class=\"_ _16\"> </span>e <span class=\"_ _9\"> </span>ha<span class=\"_ _2\"></span>nno <span class=\"_ _16\"> </span>mostrato <span class=\"_ _16\"> </span>segnali <span class=\"_ _9\"> </span>di  riduzione <span class=\"_ _9\"> </span>dell\u2019esposizione  degli <span class=\"_ _9\"> </span>investitor<span class=\"_ _2\"></span>i <span class=\"_ _16\"> </span>globali<span class=\"_ _df\"> </span>verso <span class=\"_ _0\"></span>alcune <span class=\"_ _0\"></span>attivit\u00e0 <span class=\"_ _9\"> </span>in <span class=\"_ _0\"></span>dollari. <span class=\"_ _0\"></span>Nell\u2019area <span class=\"_ _0\"></span>dell\u2019euro <span class=\"_ _0\"></span>i <span class=\"_ _9\"> </span>rendimenti <span class=\"_ _0\"></span>sono <span class=\"_ _9\"> </span>nel <span class=\"_ _0\"></span>complesso <span class=\"_ _0\"></span>diminuiti, soprattutto ne<span class=\"_ _1\"></span>i paesi <span class=\"_ _f\"></span>che hanno <span class=\"_ _f\"></span>intrapreso un <span class=\"_ _f\"></span>percorso di <span class=\"_ _f\"></span>consolidamento de<span class=\"_ _1\"></span>i conti <span class=\"_ _f\"></span>pubblici. Le forti <span class=\"_ _4\"> </span>perdite  delle  quotazioni <span class=\"_ _4\"> </span>azionarie <span class=\"_ _22\"> </span>delle <span class=\"_ _4\"> </span>principali  piazze <span class=\"_ _4\"> </span>finanziarie  all\u2019indomani <span class=\"_ _4\"> </span>degli annunci <span class=\"_ _4\"> </span>del <span class=\"_ _4\"> </span>2 <span class=\"_ _4\"> </span>aprile <span class=\"_ _4\"> </span>sui <span class=\"_ _4\"> </span>dazi <span class=\"_ _4\"> </span>statunitensi <span class=\"_ _4\"> </span>sono <span class=\"_ _4\"> </span>state <span class=\"_ _4\"> </span>pi\u00f9 <span class=\"_ _4\"> </span>che <span class=\"_ _4\"> </span>recupe<span class=\"_ _1\"></span>rate <span class=\"_ _4\"> </span>nelle <span class=\"_ _4\"> </span>se<span class=\"_ _2\"></span>ttimane successive <span class=\"_ _0\"></span>e <span class=\"_ _9\"> </span>le <span class=\"_ _9\"> </span>reazioni <span class=\"_ _9\"> </span>al <span class=\"_ _9\"> </span>conflitto <span class=\"_ _9\"> </span>tra <span class=\"_ _9\"> </span>Israele <span class=\"_ _0\"></span>e <span class=\"_ _9\"> </span>Iran <span class=\"_ _9\"> </span>sono <span class=\"_ _9\"> </span>risultate <span class=\"_ _9\"> </span>contenute. <span class=\"_ _0\"></span>Nel <span class=\"_ _9\"> </span>secondo trimestre <span class=\"_ _0\"></span>lo <span class=\"_ _d\"></span>spread <span class=\"_ _0\"></span>BTP-<span class=\"ff5\">Bund <span class=\"_ _0\"></span>\u00e8 <span class=\"_ _0\"></span>arrivato <span class=\"_ _0\"></span>sotto <span class=\"_ _0\"></span>a <span class=\"_ _d\"></span>100 <span class=\"_ _0\"></span>bps <span class=\"_ _0\"></span>grazie <span class=\"_ _0\"></span>all\u2019interesse <span class=\"_ _d\"></span>degli <span class=\"_ _d\"></span>in<span class=\"_ _2\"></span>vestitori, </span>sostenuto da un quadro macro-fiscale pi\u00f9 favorevole e<span class=\"_ _1\"></span> dalla s<span class=\"_ _2\"></span>tabilit\u00e0 politica.<span class=\"fs6\"> </span><span class=\"ff10\"> <span class=\"_ _16\"> </span><span class=\"ff4 fs1\">Nel <span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>erzo tr<span class=\"_ _2\"></span>imestre <span class=\"_ _2\"></span>i rendimenti <span class=\"_ _2\"></span>dei <span class=\"_ _2\"></span>titoli <span class=\"_ _2\"></span>governativi s<span class=\"_ _2\"></span>ono <span class=\"_ _2\"></span>saliti in <span class=\"_ _2\"></span>G<span class=\"_ _2\"></span>iappone<span class=\"_ _1\"></span>, <span class=\"_ _2\"></span>nel <span class=\"_ _2\"></span>Regno <span class=\"_ _2\"></span>Unito <span class=\"_ _2\"></span>e </span></span>in <span class=\"_ _18\"> </span>Francia, <span class=\"_ _18\"> </span>risentendo <span class=\"_ _18\"> </span>dell\u2019acuirsi <span class=\"_ _18\"> </span>dell\u2019incertezza <span class=\"_ _18\"> </span>politica <span class=\"_ _18\"> </span>e <span class=\"_ _18\"> </span>dei <span class=\"_ _18\"> </span>connessi <span class=\"_ _18\"> </span>timori <span class=\"_ _18\"> </span>di <span class=\"_ _18\"> </span>un deterioramento d<span class=\"_ _1\"></span>elle fi<span class=\"_ _1\"></span>nanze pubbliche. <span class=\"_ _f\"></span>N<span class=\"_ _2\"></span>elle <span class=\"ff5\">restanti <span class=\"_ _f\"></span>economie dell\u2019area del<span class=\"_ _1\"></span>l\u2019euro i <span class=\"_ _f\"></span>rendimenti </span>sono aumentati <span class=\"_ _2\"></span>lieveme<span class=\"_ _1\"></span>nte, mentr<span class=\"_ _2\"></span>e negli Stati Uniti <span class=\"_ _2\"></span>si sono ridotti, <span class=\"_ _2\"></span>soprattutto per l\u2019affermarsi di  asp<span class=\"_ _1\"></span>ettative  di <span class=\"_ _9\"> </span>un  orientamento  pi\u00f9<span class=\"_ _1\"></span>  accomodante <span class=\"_ _16\"> </span>dell<span class=\"_ _1\"></span>a  Federal <span class=\"_ _16\"> </span>Reserve. <span class=\"_ _16\"> </span>\u00c8  prosegu<span class=\"_ _1\"></span>ita  la crescita <span class=\"_ _9\"> </span>dei <span class=\"_ _16\"> </span>corsi <span class=\"_ _16\"> </span>azionari <span class=\"_ _9\"> </span>delle <span class=\"_ _16\"> </span>principali <span class=\"_ _9\"> </span>piazze <span class=\"_ _9\"> </span>fi<span class=\"_ _2\"></span>nanziarie <span class=\"_ _9\"> </span>a <span class=\"_ _16\"> </span>fronte <span class=\"_ _16\"> </span>di <span class=\"_ _9\"> </span>una <span class=\"_ _9\"> </span>dinamica  molto<span class=\"_ _1\"></span> sostenuta degli utili r<span class=\"_ _2\"></span>ealizzati e att<span class=\"_ _2\"></span>esi, in particolare nel <span class=\"_ _2\"></span>settore tecnologico, e di <span class=\"_ _2\"></span>una maggiore propensione al rischio degli investitori.<span class=\"fs6\"> </span><span class=\"ff10\"> <span class=\"_ _16\"> </span><span class=\"ff4 fs1\">Nel qu<span class=\"_ _1\"></span>arto <span class=\"_ _1\"></span>trimestre <span class=\"_ _f\"></span>i <span class=\"_ _f\"></span>r<span class=\"_ _2\"></span>endime<span class=\"_ _1\"></span>nti dei <span class=\"_ _f\"></span>titoli <span class=\"_ _f\"></span>pubblici <span class=\"_ _f\"></span>delle <span class=\"_ _1\"></span>principali <span class=\"_ _f\"></span>economie <span class=\"_ _1\"></span>avanzate <span class=\"_ _f\"></span>sono saliti,<span class=\"_ _f\"></span> </span></span>riflettendo <span class=\"_ _2\"></span>l\u2019incremento <span class=\"_ _2\"></span>del premio <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>rischio <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>livello globale, <span class=\"_ _2\"></span>legato <span class=\"_ _2\"></span>anche <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>prospettive <span class=\"_ _2\"></span>di politiche di <span class=\"_ _2\"></span>bilancio pi\u00f9 <span class=\"_ _2\"></span>espansive in <span class=\"_ _2\"></span>alcuni paesi. <span class=\"_ _2\"></span>L\u2019aumento <span class=\"_ _2\"></span>dei rendimenti \u00e8 <span class=\"_ _2\"></span>stato <span class=\"_ _2\"></span>mar<span class=\"_ _2\"></span><span class=\"ff4\">cato in </span>Giappone e <span class=\"_ _1\"></span>pi\u00f9 contenuto nei p<span class=\"_ _1\"></span>rincipali paesi dell\u2019area <span class=\"_ _1\"></span>dell\u2019euro e negli<span class=\"_ _1\"></span> Stati Uniti. Sul fronte <span class=\"_ _1\"></span>dei paesi <span class=\"_ _1\"></span>periferici \u00e8 <span class=\"_ _f\"></span>proseguita la <span class=\"_ _f\"></span>fa<span class=\"_ _2\"></span>se d<span class=\"_ _1\"></span>i comp<span class=\"_ _1\"></span>ressione dei <span class=\"_ _f\"></span>differenz<span class=\"_ _2\"></span>iali <span class=\"_ _f\"></span>rispetto<span class=\"_ _2\"></span> <span class=\"_ _1\"></span>ai titoli <span class=\"_ _f\"></span>\u201ccore\u201d, con lo <span class=\"_ _2\"></span>spread BTP-<span class=\"ff5\">Bund <span class=\"_ _2\"></span>decennale <span class=\"_ _2\"></span>sceso <span class=\"_ _2\"></span>nell\u2019int</span>orno <span class=\"_ _2\"></span>dei 70<span class=\"_ _2\"></span> punti <span class=\"_ _2\"></span>base. <span class=\"_ _2\"></span>Ci\u00f2 \u00e8 <span class=\"_ _2\"></span>stato <span class=\"_ _2\"></span>favorito <span class=\"_ _2\"></span>anche dalle <span class=\"_ _9\"> </span>decisioni <span class=\"_ _9\"> </span>d<span class=\"_ _2\"></span>elle <span class=\"_ _9\"> </span>agenzie <span class=\"_ _9\"> </span>di  rating <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>un upgrade <span class=\"_ _9\"> </span><span class=\"ff5\">d<span class=\"_ _2\"></span>ell\u2019Italia <span class=\"_ _9\"> </span>grazie <span class=\"_ _9\"> </span>alla  magg<span class=\"_ _1\"></span>iore <span class=\"_ _9\"> </span>st<span class=\"_ _2\"></span>abilit\u00e0 </span>politica, la continuit\u00e0 delle <span class=\"_ _2\"></span>politiche economiche e l\u2019avanzament<span class=\"_ _2\"></span>o delle riforme <span class=\"_ _2\"></span>legate al PNRR. I corsi <span class=\"_ _2\"></span>azionari hanno <span class=\"_ _2\"></span>avuto un andamento volatile, innescato da <span class=\"_ _2\"></span>timori di sopravvalutazione in alcuni segmenti del comparto tecnologico negli Stati Uniti.<span class=\"fs6\"> </span>Il FTSE Italia All Shares ha chiuso il 2025 con un +30% rispetto a d<span class=\"_ _1\"></span>icembre 2024.<span class=\"_ _2\"></span>    <span class=\"ls0\">B.4 Rise<span class=\"_ _f\"></span>rve da va<span class=\"_ _1\"></span>lutaz<span class=\"_ _f\"></span>ione rela<span class=\"_ _1\"></span>tive a <span class=\"_ _1\"></span>piani a<span class=\"_ _1\"></span> bene<span class=\"_ _1\"></span>fici de<span class=\"_ _1\"></span>finiti: va<span class=\"_ _f\"></span>riazioni a<span class=\"_ _1\"></span>nnue </span>Le variazioni nette dell\u2019esercizi<span class=\"_ _1\"></span>o evidenziano un saldo <span class=\"_ _2\"></span><span class=\"ff4\">sostanzialmente invariato. </span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-856": {
   "value": "Sezi<span class=\"_ _f\"></span>one 1<span class=\"_ _1\"></span>3 <span class=\"ff2c\">\u2013</span> P<span class=\"_ _f\"></span>atrim<span class=\"_ _1\"></span>onio<span class=\"_ _f\"></span> del g<span class=\"_ _1\"></span>ru<span class=\"_ _f\"></span>ppo <span class=\"ff2c\">\u2013</span> <span class=\"_ _1\"></span>Voci<span class=\"_ _f\"></span> 120, <span class=\"_ _1\"></span>130<span class=\"_ _1\"></span>, 14<span class=\"_ _1\"></span>0, 150<span class=\"_ _f\"></span>, 160<span class=\"_ _f\"></span>, 170 e<span class=\"_ _f\"></span> 180 13.1 <span class=\"_ _1\"></span>\"Capit<span class=\"_ _1\"></span>ale\" e<span class=\"_ _1\"></span> \"Azi<span class=\"_ _1\"></span>oni pr<span class=\"_ _1\"></span>oprie<span class=\"_ _1\"></span>\": co<span class=\"_ _f\"></span>mposizio<span class=\"_ _1\"></span>ne <table class=\"s wd90 h521\" id=\"_9780b9ad-561b-4fe2-a276-8aefa8872839\"><tr><td></td><td class=\"c x44a y2ef2 w37d h49\"><div class=\"t m0 x11 h1f y32 ff2b fs7 fc4 sc3 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale </div></td><td></td><td class=\"c x44b y2ef2 w37e h49\"><div class=\"t m0 x11 h1f y32 ff2b fs7 fc4 sc3 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale </div></td><td></td></tr><tr><td></td><td class=\"c x575 y2ef3 w362 h183\"><div class=\"t m0 x31 h1f yd1f ff2b fs7 fc4 sc3 ls0 ws0\">31/12/<span class=\"_ _f\"></span>2025 </div></td><td class=\"c x44c y2ef4 w993 h522\"><div class=\"t m0 x250 h1f y2409 ff2b fs7 fc4 sc3 ls0 ws0\">31/12/<span class=\"_ _df\"> </span></div></td><td class=\"c x44d y2ef4 w994 h522\"><div class=\"t m0 x250 h1f y2409 ff2b fs7 fc4 sc3 ls0 ws0\">2024<span class=\"_ _df\"> </span></div></td><td></td></tr><tr><td class=\"c x44e y2ef5 w37f h131\"><div class=\"t m0 x10 h1f y3e4 ff2b fs7 fc1 sc2 ls0 ws0\">A. Ca<span class=\"_ _f\"></span>pitale </div></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x44e y2ef6 w37f h131\"><div class=\"t m0 x116 h1f y3e4 ff2b fs7 fc1 sc0 ls0 ws0\">A.1 Azioni ordin<span class=\"_ _1\"></span>arie </div></td><td></td><td class=\"c x44a y2ef6 w37d h131\"><div class=\"t m0 xe8 h1f y3e4 ff2b fs7 fc1 sc0 ls0 ws0\">341.320 </div></td><td></td><td class=\"c x44b y2ef6 w339 h131\"><div class=\"t m0 x1e6 h1f y3e4 ff2b fs7 fc1 sc0 ls0 ws0\">341.320 </div></td></tr><tr><td class=\"c x44e y2ef7 w37f h49\"><div class=\"t m0 x116 h1f y25c ff2b fs7 fc1 sc0 ls0 ws0\">A.2 Azioni di risp<span class=\"_ _1\"></span>armio<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x44a y2ef7 w37d h49\"><div class=\"t m0 x189 h1f y25c ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x44b y2ef7 w339 h49\"><div class=\"t m0 x189 h1f y25c ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2ef8 w37f h49\"><div class=\"t m0 x116 h1f y25c ff2b fs7 fc1 sc0 ls0 ws0\">A.3 Azioni privileg<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span>ate<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x44a y2ef8 w37d h49\"><div class=\"t m0 x189 h1f y25c ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x44b y2ef8 w339 h49\"><div class=\"t m0 x189 h1f y25c ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2a7c w37f hc8\"><div class=\"t m0 x116 h1f y28b ff2b fs7 fc1 sc0 ls0 ws0\">A.4 Azioni altre<span class=\"_ _1\"></span> </div></td><td></td><td class=\"c x44a y2a7c w37d hc8\"><div class=\"t m0 x189 h1f y28b ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x44b y2a7c w339 hc8\"><div class=\"t m0 x189 h1f y28b ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2ef9 w37f hc8\"><div class=\"t m0 x10 h1f y28b ff2b fs7 fc1 sc2 ls0 ws0\">B. Azi<span class=\"_ _1\"></span>oni <span class=\"_ _f\"></span>proprie<span class=\"_ _1\"></span> </div></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x44e y2a7e w37f hc8\"><div class=\"t m0 x116 h1f y28b ff2b fs7 fc1 sc0 ls0 ws0\">B.1 Azioni ord<span class=\"_ _1\"></span>inarie </div></td><td></td><td class=\"c x44a y2a7e w37d hc8\"><div class=\"t m0 xc h1f y28b ff2b fs7 fc1 sc0 ls0 ws0\">20.010 </div></td><td></td><td class=\"c x44b y2a7e w339 hc8\"><div class=\"t m0 x11e h1f y28b ff2b fs7 fc1 sc0 ls0 ws0\">3.845 </div></td></tr><tr><td class=\"c x44e y2efa w37f h227\"><div class=\"t m0 x116 h1f y28b ff2b fs7 fc1 sc0 ls0 ws0\">B.2 Azioni di r<span class=\"_ _1\"></span>isparmio<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x44a y2efa w37d h227\"><div class=\"t m0 x189 h1f y28b ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x44b y2efa w339 h227\"><div class=\"t m0 x189 h1f y28b ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2efb w37f hc8\"><div class=\"t m0 x116 h1f ye4c ff2b fs7 fc1 sc0 ls0 ws0\">B.3 Azioni privileg<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span>ate </div></td><td></td><td class=\"c x44a y2efb w37d hc8\"><div class=\"t m0 x189 h1f ye4c ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x44b y2efb w339 hc8\"><div class=\"t m0 x189 h1f ye4c ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2efc w37f hc8\"><div class=\"t m0 x116 h1f ye4c ff2b fs7 fc1 sc0 ls0 ws0\">B.4 Azioni altre<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x44a y2efc w37d hc8\"><div class=\"t m0 x189 h1f ye4c ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x44b y2efc w339 hc8\"><div class=\"t m0 x189 h1f ye4c ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td></tr></table>Sono <span class=\"_ _d\"></span>presenti <span class=\"_ _d\"></span>1.677.462 <span class=\"_ _0\"></span>azioni <span class=\"_ _2\"></span>proprie <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>port<span class=\"_ _2\"></span>afoglio, <span class=\"_ _2\"></span>per <span class=\"_ _0\"></span>un <span class=\"_ _d\"></span>controvalore <span class=\"_ _d\"></span>di <span class=\"_ _0\"></span>20,0 <span class=\"_ _d\"></span>milioni <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>euro<span class=\"ls7d\">, </span>acquistate <span class=\"_ _d\"></span>nell\u2019ambito <span class=\"_ _0\"></span>del <span class=\"_ _d\"></span>programma <span class=\"_ _d\"></span>che <span class=\"_ _0\"></span>ha <span class=\"_ _d\"></span>dato <span class=\"_ _d\"></span>esecuzione <span class=\"_ _d\"></span>alle <span class=\"_ _d\"></span>delibere <span class=\"_ _0\"></span>adottate <span class=\"_ _d\"></span>dalle <span class=\"_ _0\"> </span><span class=\"ff2b\">varie </span>Assemblee <span class=\"_ _d\"></span>Ordinarie; <span class=\"_ _d\"></span>t<span class=\"_ _2\"></span>ali <span class=\"_ _d\"></span>programmi <span class=\"_ _d\"></span>hanno <span class=\"_ _0\"></span>lo <span class=\"_ _d\"></span>scopo <span class=\"_ _d\"></span>di <span class=\"_ _0\"></span>acquistare <span class=\"_ _d\"></span>azioni <span class=\"_ _0\"></span>di <span class=\"_ _d\"></span>Credito <span class=\"_ _d\"></span>Emiliano <span class=\"_ _d\"></span>ad integrale <span class=\"_ _9\"> </span>copertura <span class=\"_ _16\"> </span>dei <span class=\"_ _9\"> </span>piani <span class=\"_ _9\"> </span>di<span class=\"_ _2\"></span> <span class=\"_ _9\"> </span>remunerazione <span class=\"_ _9\"> </span>basati  su <span class=\"_ _9\"> </span>strumenti  finan<span class=\"_ _1\"></span>ziari <span class=\"_ _9\"> </span>da <span class=\"_ _16\"> </span>destinare <span class=\"_ _9\"> </span>alla categoria <span class=\"_ _d\"></span>dei <span class=\"_ _0\"></span>dirigenti <span class=\"_ _d\"></span>con <span class=\"_ _0\"></span>responsabilit\u00e0 <span class=\"_ _0\"></span>strategiche <span class=\"_ _d\"></span>e <span class=\"_ _0\"></span>del <span class=\"_ _d\"></span>\u201cp<span class=\"_ _2\"></span>ersonale <span class=\"_ _d\"></span>pi\u00f9 <span class=\"_ _0\"></span>rilevante\u201d <span class=\"_ _d\"></span>del <span class=\"_ _0\"></span>gruppo bancario. <span class=\"_ _0\"></span>Ai <span class=\"_ _9\"> </span>sensi <span class=\"_ _9\"> </span>delle <span class=\"_ _9\"> </span>norme <span class=\"_ _9\"> </span>vigenti, <span class=\"_ _9\"> </span>gli <span class=\"_ _9\"> </span>estremi <span class=\"_ _9\"> </span>del <span class=\"_ _0\"> </span>pro<span class=\"_ _2\"></span>gramma <span class=\"_ _0\"></span>s<span class=\"_ _2\"></span>ono <span class=\"_ _0\"></span>gi\u00e0 <span class=\"_ _9\"> </span>stati <span class=\"_ _9\"> </span>comunicati <span class=\"_ _9\"> </span>al mercato. Nel corso dell\u2019eserciz<span class=\"ff2b\">io sono state assegnate 516.113 azioni. </span>Per <span class=\"_ _2\"></span>maggiori <span class=\"_ _2\"></span>dettagli <span class=\"_ _2\"></span>riguardo <span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>piani di <span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>emunerazione basat<span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>su st<span class=\"_ _2\"></span>rumenti <span class=\"_ _2\"></span>finanziari si <span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>invia alla<span class=\"_ _2\"></span> \u201cParte I\u201d della presente nota integrativa.<span class=\"_ _df\"> </span>13.2 Ca<span class=\"_ _f\"></span>pitale - <span class=\"_ _f\"></span>Numero <span class=\"_ _1\"></span>azioni<span class=\"_ _f\"></span> della ca<span class=\"_ _f\"></span>pogrupp<span class=\"_ _1\"></span>o: va<span class=\"_ _f\"></span>riazioni <span class=\"_ _f\"></span>annue<table class=\"s wd91 h523\" id=\"_2ad336ba-8d5d-4564-a0d0-1e18dc8bc32b\"><tr><td class=\"c x44e y2efd w4aa hec\"><div class=\"t m0 x14d h1f y1220 ff2b fs7 fc4 sc3 ls0 ws0\">Voci<span class=\"_ _1\"></span>/Tipol<span class=\"_ _1\"></span>ogie<span class=\"_ _f\"></span> </div></td><td class=\"c x534 y2efd w461 hec\"><div class=\"t m0 x2c h1f y1220 ff2b fs7 fc4 sc3 ls0 ws0\">Ordin<span class=\"_ _f\"></span>arie </div></td><td class=\"c x533 y2efd w3c4 hec\"><div class=\"t m0 x31 h1f y1220 ff2b fs7 fc4 sc3 ls0 ws0\">Altr<span class=\"_ _1\"></span>e </div></td></tr><tr><td class=\"c x44e y2efe w3c5 h49\"><div class=\"t m0 x10 h1f y25f ff2b fs7 fc1 sc2 ls0 ws0\">A. Az<span class=\"_ _1\"></span>ioni<span class=\"_ _1\"></span> esis<span class=\"_ _1\"></span>ten<span class=\"_ _1\"></span>ti all'<span class=\"_ _1\"></span>iniz<span class=\"_ _1\"></span>io dell<span class=\"_ _1\"></span>'eser<span class=\"_ _f\"></span>cizio </div></td><td class=\"c x534 y2efe w3c6 h49\"><div class=\"t m0 x36 h1f y25f ff2b fs7 fc1 sc2 ls0 ws0\">341.3<span class=\"_ _f\"></span>20.065<span class=\"_ _1\"></span> </div></td><td class=\"c x533 y2efe w3c6 h49\"><div class=\"t m0 xc h1f y25 ff2b fs7 fc1 sc0 ls0 ws0\">-<span class=\"sc2\"> </span></div></td></tr><tr><td class=\"c x44e y2eff w3c5 h49\"><div class=\"t m0 x116 h1f y25f ff2b fs7 fc1 sc0 ls0 ws0\">- interamente <span class=\"_ _1\"></span>liberate </div></td><td class=\"c x534 y2eff w3c6 h49\"><div class=\"t m0 x15 h1f y25f ff2b fs7 fc1 sc0 ls0 ws0\">341.320.065 </div></td><td class=\"c x533 y2eff w3c6 h49\"><div class=\"t m0 xc h1f y25 ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2f00 w3c5 h49\"><div class=\"t m0 x116 h1f y25c ff2b fs7 fc1 sc0 ls0 ws0\">- non interamente <span class=\"_ _f\"></span>l<span class=\"_ _2\"></span>iberate </div></td><td class=\"c x534 y2f00 w3c6 h49\"><div class=\"t m0 xc h1f y25c ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x533 y2f00 w3c6 h49\"><div class=\"t m0 xc h1f y25 ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2f01 w3c5 h49\"><div class=\"t m0 x10 h1f y25c ff2b fs7 fc1 sc0 ls0 ws0\">A.1  Azioni propr<span class=\"_ _1\"></span>ie (-) </div></td><td class=\"c x534 y2f01 w3c6 h49\"><div class=\"t m0 x7 h1f y25c ff2b fs7 fc1 sc0 ls0 ws0\">(693.575) </div></td><td class=\"c x533 y2f01 w3c6 h49\"><div class=\"t m0 xc h1f y25 ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2f02 w3c5 h49\"><div class=\"t m0 x10 h1f y25f ff2b fs7 fc1 sc2 ls0 ws0\">A.2 A<span class=\"_ _1\"></span>zioni<span class=\"_ _f\"></span> in circ<span class=\"_ _1\"></span>olazi<span class=\"_ _f\"></span>one: es<span class=\"_ _1\"></span>iste<span class=\"_ _1\"></span>nze i<span class=\"_ _f\"></span>niziali </div></td><td class=\"c x534 y2f02 w3c6 h49\"><div class=\"t m0 x30 h1f y25f ff2b fs7 fc1 sc2 ls0 ws0\">340.6<span class=\"_ _f\"></span>26.490<span class=\"_ _f\"></span> </div></td><td class=\"c x533 y2f02 w3c6 h49\"><div class=\"t m0 xc h1f y68b ff2b fs7 fc1 sc0 ls0 ws0\">-<span class=\"sc2\"> </span></div></td></tr><tr><td class=\"c x44e y2f03 w3c5 h49\"><div class=\"t m0 x10 h1f y25f ff2b fs7 fc1 sc2 ls0 ws0\">B. A<span class=\"_ _1\"></span>umen<span class=\"_ _f\"></span>ti </div></td><td class=\"c x534 y2f03 w3c6 h49\"><div class=\"t m0 x1af h1f y25f ff2b fs7 fc1 sc2 ls0 ws0\">516.113<span class=\"_ _f\"></span> </div></td><td class=\"c x533 y2f03 w3c6 h49\"><div class=\"t m0 xc h1f y25f ff2b fs7 fc1 sc2 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2f04 w3c5 h49\"><div class=\"t m0 x10 h1f y25f ff2b fs7 fc1 sc0 ls0 ws0\">B.1 Nuove emissi<span class=\"_ _1\"></span>oni </div></td><td class=\"c x534 y2f04 w3c6 h49\"><div class=\"t m0 x1af h1f y25f ff2b fs7 fc1 sc0 ls0 ws0\">516.113 </div></td><td class=\"c x533 y2f04 w3c6 h49\"><div class=\"t m0 xc h1f y25f ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2f05 w3c5 h49\"><div class=\"t m0 x32 h1f y25f ff2b fs7 fc1 sc0 ls0 ws0\">- a pagamento: </div></td><td class=\"c x534 y2f05 w3c6 h49\"><div class=\"t m0 xc h1f y25f ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x533 y2f05 w3c6 h49\"><div class=\"t m0 xc h1f y25f ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2f06 w3c5 h49\"><div class=\"t m0 x38 h1f y25c ff2b fs7 fc1 sc0 ls0 ws0\">- conversione d<span class=\"_ _1\"></span>i obbligazioni<span class=\"_ _df\"> </span></div></td><td class=\"c x534 y2f06 w3c6 h49\"><div class=\"t m0 xc h1f y25c ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x533 y2f06 w3c6 h49\"><div class=\"t m0 xc h1f y25c ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2f07 w3c5 h4a\"><div class=\"t m0 x38 h1f y25c ff2b fs7 fc1 sc0 ls0 ws0\">- esercizio di warr<span class=\"_ _1\"></span>ant </div></td><td class=\"c x534 y2f07 w3c6 h4a\"><div class=\"t m0 xc h1f y25c ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x533 y2f07 w3c6 h4a\"><div class=\"t m0 xc h1f y25c ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2f08 w3c5 h49\"><div class=\"t m0 x38 h1f y25f ff2b fs7 fc1 sc0 ls0 ws0\">- altre </div></td><td class=\"c x534 y2f08 w3c6 h49\"><div class=\"t m0 xc h1f y25f ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x533 y2f08 w3c6 h49\"><div class=\"t m0 xc h1f y25f ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2f09 w3c5 h49\"><div class=\"t m0 x32 h1f y25f ff2b fs7 fc1 sc0 ls0 ws0\">- a titolo gratui<span class=\"_ _1\"></span>to: </div></td><td class=\"c x534 y2f09 w3c6 h49\"><div class=\"t m0 x1af h1f y25f ff2b fs7 fc1 sc0 ls0 ws0\">516.113 </div></td><td class=\"c x533 y2f09 w3c6 h49\"><div class=\"t m0 xc h1f y25f ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2f0a w3c5 h49\"><div class=\"t m0 x38 h1f y25f ff2b fs7 fc1 sc0 ls0 ws0\">- a favore dei d<span class=\"_ _1\"></span>ipendenti </div></td><td class=\"c x534 y2f0a w3c6 h49\"><div class=\"t m0 xe h1f y25f ff2b fs7 fc1 sc0 ls0 ws0\">502.849 </div></td><td class=\"c x533 y2f0a w3c6 h49\"><div class=\"t m0 xc h1f y25f ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2f0b w3c5 h49\"><div class=\"t m0 x38 h1f y25f ff2b fs7 fc1 sc0 ls0 ws0\">- a favore degli amm<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span>nistratori<span class=\"_ _1\"></span> </div></td><td class=\"c x534 y2f0b w3c6 h49\"><div class=\"t m0 x11d h1f y25f ff2b fs7 fc1 sc0 ls0 ws0\">7.379 </div></td><td class=\"c x533 y2f0b w3c6 h49\"><div class=\"t m0 xc h1f y25f ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2f0c w3c5 h49\"><div class=\"t m0 x38 h1f y25c ff2b fs7 fc1 sc0 ls0 ws0\">- altre </div></td><td class=\"c x534 y2f0c w3c6 h49\"><div class=\"t m0 xef h1f y25c ff2b fs7 fc1 sc0 ls0 ws0\">5.885 </div></td><td class=\"c x533 y2f0c w3c6 h49\"><div class=\"t m0 xc h1f y25c ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2f0d w3c5 h49\"><div class=\"t m0 x10 h1f y25c ff2b fs7 fc1 sc0 ls0 ws0\">B.2 Vendita di azi<span class=\"_ _1\"></span>oni proprie </div></td><td class=\"c x534 y2f0d w3c6 h49\"><div class=\"t m0 xc h1f y25c ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x533 y2f0d w3c6 h49\"><div class=\"t m0 xc h1f y25c ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2f0e w3c5 h49\"><div class=\"t m0 x10 h1f y25f ff2b fs7 fc1 sc0 ls0 ws0\">B.3 Altre variazi<span class=\"_ _f\"></span>o<span class=\"_ _2\"></span>ni </div></td><td class=\"c x534 y2f0e w3c6 h49\"><div class=\"t m0 xc h1f y25f ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x533 y2f0e w3c6 h49\"><div class=\"t m0 xc h1f y25f ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2f0f w3c5 h49\"><div class=\"t m0 x10 h1f y25f ff2b fs7 fc1 sc2 ls0 ws0\">C. Dim<span class=\"_ _f\"></span>inuzion<span class=\"_ _f\"></span>i </div></td><td class=\"c x534 y2f0f w3c6 h49\"><div class=\"t m0 x13 h1f y25f ff2b fs7 fc1 sc0 ls0 ws0\">(1.500.000) </div></td><td class=\"c x533 y2f0f w3c6 h49\"><div class=\"t m0 xc h1f y68b ff2b fs7 fc1 sc0 ls0 ws0\">-<span class=\"sc2\"> </span></div></td></tr><tr><td class=\"c x44e y2f10 w3c5 h49\"><div class=\"t m0 x10 h1f y25f ff2b fs7 fc1 sc0 ls0 ws0\">C.1 Annullamento </div></td><td class=\"c x534 y2f10 w3c6 h49\"><div class=\"t m0 xc h1f y25f ff2b fs7 fc1 sc2 ls0 ws0\">- </div></td><td class=\"c x533 y2f10 w3c6 h49\"><div class=\"t m0 xc h1f y25 ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2699 w3c5 h49\"><div class=\"t m0 x10 h1f y25f ff2b fs7 fc1 sc0 ls0 ws0\">C.2 Acquisto di az<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span>oni prop<span class=\"_ _1\"></span>rie </div></td><td class=\"c x534 y2699 w3c6 h49\"><div class=\"t m0 x13 h1f y25f ff2b fs7 fc1 sc0 ls0 ws0\">(1.500.000) </div></td><td class=\"c x533 y2699 w3c6 h49\"><div class=\"t m0 xc h1f y25 ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2f11 w3c5 h4a\"><div class=\"t m0 x10 h1f y25c ff2b fs7 fc1 sc0 ls0 ws0\">C.3 Operazioni d<span class=\"_ _1\"></span>i cessione di imp<span class=\"_ _1\"></span>rese<span class=\"_ _df\"> </span></div></td><td class=\"c x534 y2f11 w3c6 h4a\"><div class=\"t m0 xc h1f y25c ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x533 y2f11 w3c6 h4a\"><div class=\"t m0 xc h1f y1837 ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2f12 w3c5 h49\"><div class=\"t m0 x10 h1f y25c ff2b fs7 fc1 sc0 ls0 ws0\">C.4 Altre variaz<span class=\"_ _1\"></span>ioni<span class=\"_ _df\"> </span></div></td><td class=\"c x534 y2f12 w3c6 h49\"><div class=\"t m0 xc h1f y25c ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x533 y2f12 w3c6 h49\"><div class=\"t m0 xc h1f y25 ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2f13 w3c5 h49\"><div class=\"t m0 x10 h1f y25f ff2b fs7 fc1 sc2 ls0 ws0\">D. Azi<span class=\"_ _1\"></span>oni i<span class=\"_ _1\"></span>n ci<span class=\"_ _1\"></span>rcola<span class=\"_ _f\"></span>zione: r<span class=\"_ _1\"></span>ima<span class=\"_ _1\"></span>nenz<span class=\"_ _1\"></span>e fi<span class=\"_ _1\"></span>nali </div></td><td class=\"c x534 y2f13 w3c6 h49\"><div class=\"t m0 x15 h1f y25f ff2b fs7 fc1 sc2 ls0 ws0\">339<span class=\"_ _1\"></span>.642.6<span class=\"_ _f\"></span>03 </div></td><td class=\"c x533 y2f13 w3c6 h49\"><div class=\"t m0 xc h1f y68b ff2b fs7 fc1 sc0 ls0 ws0\">-<span class=\"sc2\"> </span></div></td></tr><tr><td class=\"c x44e y2f14 w3c5 h49\"><div class=\"t m0 x10 h1f y25f ff2b fs7 fc1 sc0 ls0 ws0\">D.1 Azioni prop<span class=\"_ _1\"></span>rie (+) </div></td><td class=\"c x534 y2f14 w3c6 h49\"><div class=\"t m0 x1c h1f y25f ff2b fs7 fc1 sc0 ls0 ws0\">1.677.462 </div></td><td class=\"c x533 y2f14 w3c6 h49\"><div class=\"t m0 xc h1f y68b ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2f15 w3c5 h49\"><div class=\"t m0 x10 h1f y25f ff2b fs7 fc1 sc0 ls0 ws0\">D.2 Azioni esiste<span class=\"_ _1\"></span>nti alla fine dell'eser<span class=\"_ _f\"></span>cizio<span class=\"_ _df\"> </span></div></td><td class=\"c x534 y2f15 w3c6 h49\"><div class=\"t m0 x15 h1f y25f ff2b fs7 fc1 sc0 ls0 ws0\">341.320.065 </div></td><td class=\"c x533 y2f15 w3c6 h49\"><div class=\"t m0 xc h1f y25 ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2f16 w3c5 h49\"><div class=\"t m0 x32 h1f y25f ff2b fs7 fc1 sc0 ls0 ws0\">- interamente <span class=\"_ _1\"></span>liberate </div></td><td class=\"c x534 y2f16 w3c6 h49\"><div class=\"t m0 x15 h1f y25f ff2b fs7 fc1 sc0 ls0 ws0\">341.320.065 </div></td><td class=\"c x533 y2f16 w3c6 h49\"><div class=\"t m0 xc h1f y25 ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2f17 w3c5 h49\"><div class=\"t m0 x32 h1f y25c ff2b fs7 fc1 sc0 ls0 ws0\">- non interamente <span class=\"_ _f\"></span>l<span class=\"_ _2\"></span>iberate </div></td><td class=\"c x534 y2f17 w3c6 h49\"><div class=\"t m0 xc h1f y25c ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x533 y2f17 w3c6 h49\"><div class=\"t m0 xc h1f y25 ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td></tr></table>3.4 R<span class=\"_ _f\"></span>iserve di u<span class=\"_ _1\"></span>tili: altre<span class=\"_ _1\"></span> info<span class=\"_ _1\"></span>rmaz<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span>oni<span class=\"_ _df\"> </span>In <span class=\"_ _d\"></span>tale <span class=\"_ _d\"></span>categoria <span class=\"_ _d\"></span>sono <span class=\"_ _0\"></span>inclusi <span class=\"_ _d\"></span>la <span class=\"_ _d\"></span>riserva <span class=\"_ _d\"></span>legale, <span class=\"_ _d\"></span>la <span class=\"_ _d\"></span>r<span class=\"_ _2\"></span>iserva <span class=\"_ _d\"></span>straordinaria, <span class=\"_ _d\"></span>il <span class=\"_ _d\"></span>fondo <span class=\"_ _d\"></span>per <span class=\"_ _d\"></span>r<span class=\"_ _2\"></span>ischi <span class=\"_ _2\"></span>bancari<span class=\"_ _df\"> </span>precedentemente <span class=\"_ _2\"></span>iscritto <span class=\"_ _2\"></span>nel <span class=\"_ _2\"></span>bilancio r<span class=\"_ _2\"></span>edatto <span class=\"_ _2\"></span>ai s<span class=\"_ _2\"></span>ensi del <span class=\"_ _2\"></span>previgente <span class=\"_ _d\"></span>D. <span class=\"_ _2\"></span>Lgs.87/92 <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>riclassificato<span class=\"_ _df\"> </span>secondo i principi IAS. La <span class=\"_ _d\"></span>riserva <span class=\"_ _d\"></span>legale, <span class=\"_ _d\"></span>costituita <span class=\"_ _d\"></span>a <span class=\"_ _d\"></span>norma <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>legge, <span class=\"_ _d\"></span>deve <span class=\"_ _2\"></span>ess<span class=\"_ _2\"></span>ere <span class=\"_ _d\"></span>almeno <span class=\"_ _d\"></span>pari <span class=\"_ _d\"></span>ad <span class=\"_ _d\"></span>un <span class=\"_ _d\"></span>quinto <span class=\"_ _d\"></span>del <span class=\"_ _d\"></span>capitale<span class=\"_ _df\"> </span>sociale; <span class=\"_ _9\"> </span>essa <span class=\"_ _16\"> </span>\u00e8 <span class=\"_ _9\"> </span>st<span class=\"_ _2\"></span>ata <span class=\"_ _9\"> </span>cost<span class=\"_ _2\"></span>itui<span class=\"_ _1\"></span>ta <span class=\"_ _16\"> </span>in <span class=\"_ _9\"> </span>passato  tramite <span class=\"_ _9\"> </span>accantonamenti <span class=\"_ _9\"> </span>degli <span class=\"_ _9\"> </span>uti<span class=\"_ _2\"></span>li <span class=\"_ _9\"> </span>netti  annu<span class=\"_ _f\"></span>ali  per<span class=\"_ _df\"> </span>almeno <span class=\"_ _0\"></span>un <span class=\"_ _d\"></span>d<span class=\"_ _2\"></span>ecimo <span class=\"_ _d\"></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=\"_ _d\"></span>s<span class=\"_ _2\"></span>tat<span class=\"_ _2\"></span><span class=\"ff2b\">uto <span class=\"_ _d\"></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<span class=\"_ _df\"> </span></span>riserva <span class=\"_ _17\"> </span>dovesse <span class=\"_ _17\"> </span>diminuire,<span class=\"_ _1\"></span> <span class=\"_ _17\"> </span>occor<span class=\"_ _2\"></span>re <span class=\"_ _4\"> </span>reintegrarla <span class=\"_ _17\"> </span>tramite <span class=\"_ _17\"> </span>l\u2019obbligo <span class=\"_ _17\"> </span>di <span class=\"_ _17\"> </span>destinarvi <span class=\"_ _4\"> </span>un <span class=\"_ _17\"> </span>ventesimo<span class=\"_ _df\"> </span>dell\u2019utile.<span class=\"_ _df\"> </span>La r<span class=\"_ _2\"></span>iserva statutaria <span class=\"_ _2\"></span>o straordinaria <span class=\"_ _2\"></span>\u00e8 costituita <span class=\"_ _2\"></span>in base <span class=\"_ _2\"></span>allo statuto <span class=\"_ _2\"></span>dalla destinazione <span class=\"_ _2\"></span>dell<span class=\"_ _1\"></span>a <span class=\"_ _2\"></span>quota<span class=\"_ _df\"> </span>di utile residua<span class=\"ff2c\">le a seguito della distribuzi<span class=\"_ _1\"></span>one dell\u2019utile alle azioni ordinarie. </span>Le  riserve  d<span class=\"_ _1\"></span>a  concentrazione  ex  L<span class=\"_ _1\"></span>.30  lugl<span class=\"_ _1\"></span>io  1990  n.  2<span class=\"_ _1\"></span>18  sono <span class=\"_ _16\"> </span>state  costituite  in <span class=\"_ _9\"> </span>occasione  di<span class=\"_ _df\"> </span>operazioni di riorganizzazione o concentrazione effettuate ai sensi dell<span class=\"_ _1\"></span>a citata legge.<span class=\"_ _df\"> </span>Le altre riserve<span class=\"_ _1\"></span> comprendono la riserva costi<span class=\"_ _1\"></span>tuita a fronte <span class=\"_ _1\"></span>del pi<span class=\"_ _1\"></span>ano di stock option e<span class=\"_ _1\"></span>d altre riserv<span class=\"_ _1\"></span>e<span class=\"_ _df\"> </span>costituite <span class=\"_ _14\"> </span>nel <span class=\"_ _17\"> </span>pass<span class=\"_ _2\"></span>ato <span class=\"_ _17\"> </span>a <span class=\"_ _14\"> </span>fronte <span class=\"_ _17\"> </span>di <span class=\"_ _14\"> </span>specifiche <span class=\"_ _17\"> </span>disposizioni <span class=\"_ _14\"> </span>normat<span class=\"_ _2\"></span>ive. <span class=\"_ _14\"> </span><span class=\"ff2c\">E\u2019 <span class=\"_ _14\"> </span>presente <span class=\"_ _14\"> </span>l</span>a <span class=\"_ _14\"> </span>riserva<span class=\"_ _df\"> </span>extraprofitti, <span class=\"_ _2\"></span>originariamente <span class=\"_ _2\"></span>costituita <span class=\"_ _d\"></span>in <span class=\"_ _2\"></span>sospensione <span class=\"_ _2\"></span>d\u2019imposta<span class=\"ff2b\"> <span class=\"_ _d\"></span></span>e <span class=\"_ _2\"></span>indisponibile <span class=\"_ _2\"></span>ai <span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>ensi <span class=\"_ _2\"></span>dell\u2019art.<span class=\"_ _df\"> </span>26 del D.L. 104/2023 (conv. L. 136/2023), la quale \u00e8 st<span class=\"_ _2\"></span>ata oggetto di rideterminazione del regime di<span class=\"_ _df\"> </span> distribuibilit\u00e0 in forza <span class=\"_ _2\"></span>della Legge di <span class=\"_ _2\"></span>Bilancio 2026 (art. <span class=\"_ _2\"></span>1, commi 69-72)<span class=\"ls1b\">. <span class=\"_ _2\"></span></span>Il Gruppo ne <span class=\"_ _2\"></span>ha deliberato<span class=\"_ _df\"> </span> l\u2019affrancamento<span class=\"ff2b\"> <span class=\"_ _d\"></span>mediante <span class=\"_ _d\"></span>il <span class=\"_ _0\"></span>versamento, <span class=\"_ _0\"></span>entro <span class=\"_ _d\"></span>il <span class=\"_ _0\"></span>30 <span class=\"_ _d\"></span>giugno <span class=\"_ _d\"></span>2026, <span class=\"_ _0\"></span>di <span class=\"_ _d\"></span>un <span class=\"_ _0\"></span>contributo <span class=\"_ _d\"></span>straordinario<span class=\"_ _df\"> </span></span><span class=\"ff2b\"> </span>pari <span class=\"_ _2\"></span>al <span class=\"_ _d\"></span>27,5% <span class=\"_ _2\"></span><span class=\"ff2c\">dell'ammontare <span class=\"_ _2\"></span>esistente <span class=\"_ _2\"></span>al <span class=\"_ _d\"></span>31 <span class=\"_ _2\"></span>dicembre <span class=\"_ _2\"></span>2025. <span class=\"_ _2\"></span>A <span class=\"_ _2\"></span>seguito <span class=\"_ _2\"></span>dell\u2019effettivo <span class=\"_ _2\"></span>versamento,<span class=\"_ _df\"> </span></span><span class=\"ff2c\"> </span>la <span class=\"_ _0\"></span>riserva <span class=\"_ _0\"></span>si <span class=\"_ _0\"></span>intender\u00e0 <span class=\"_ _0\"></span>pienamente <span class=\"_ _0\"></span>disponibile <span class=\"_ _0\"></span>e <span class=\"_ _d\"></span>distr<span class=\"_ _2\"></span>ibuibile, <span class=\"_ _d\"></span>c<span class=\"_ _2\"></span>on <span class=\"_ _0\"></span>conseguente <span class=\"_ _0\"></span>decadenza <span class=\"_ _0\"></span>delle<span class=\"_ _df\"> </span> restrizioni di cui al comma 5-bis del citato D.L. 104/2023.<span class=\"_ _df\"> </span> Sono <span class=\"_ _10\"> </span>presenti, <span class=\"_ _10\"> </span>altres\u00ec, <span class=\"_ _10\"> </span>due <span class=\"_ _10\"> </span>riserve <span class=\"_ _10\"> </span>in <span class=\"_ _10\"> </span>sos<span class=\"_ _2\"></span>pensione<span class=\"_ _1\"></span> <span class=\"_ _10\"> </span>d\u2019imposta <span class=\"_ _10\"> </span>distinte <span class=\"_ _10\"> </span>per <span class=\"_ _10\"> </span>la <span class=\"_ _10\"> </span>tipologia <span class=\"_ _10\"> </span>di<span class=\"_ _df\"> </span> riallineamento e<span class=\"_ _1\"></span>ffettuato ai <span class=\"_ _f\"></span>sensi <span class=\"_ _1\"></span>dell\u2019art. <span class=\"_ _1\"></span>110 d<span class=\"_ _1\"></span>el <span class=\"_ _1\"></span>DL <span class=\"_ _1\"></span>14 ago<span class=\"_ _f\"></span>s<span class=\"_ _2\"></span>to <span class=\"_ _f\"></span>2020 ogge<span class=\"_ _1\"></span>tto di <span class=\"_ _f\"></span>succe<span class=\"_ _2\"></span><span class=\"ff2b\">ssiva <span class=\"_ _1\"></span>modifica<span class=\"_ _df\"> </span></span><span class=\"ff2b\"> </span>con la Legge 178/2020.<span class=\"_ _df\"> </span> Infine la voce include gli<span class=\"_ _1\"></span> effetti generati dalla transizione ai principi contabili internazionali.<span class=\"_ _df\"> </span><span class=\"_ _2\"></span> In <span class=\"_ _2\"></span>part<span class=\"_ _2\"></span>icolare <span class=\"_ _2\"></span>tra <span class=\"_ _d\"></span>le <span class=\"_ _d\"></span>riserve <span class=\"_ _d\"></span>di <span class=\"_ _2\"></span>uti<span class=\"_ _2\"></span>li <span class=\"_ _2\"></span>sono <span class=\"_ _d\"></span>confluiti <span class=\"_ _d\"></span>gli <span class=\"_ _d\"></span>effetti <span class=\"_ _2\"></span>derivanti <span class=\"_ _d\"></span>dal <span class=\"_ _d\"></span>cambiamento <span class=\"_ _d\"></span>dei <span class=\"_ _d\"></span>principi<span class=\"_ _df\"> </span> contabili <span class=\"_ _f\"></span>che <span class=\"_ _1\"></span>non <span class=\"_ _f\"></span>pre<span class=\"_ _2\"></span>vedono <span class=\"_ _f\"></span>nei prossimi <span class=\"_ _f\"></span>esercizi <span class=\"_ _f\"></span>un confe<span class=\"_ _1\"></span>rimento al <span class=\"_ _f\"></span>conto <span class=\"_ _1\"></span>economico. <span class=\"_ _f\"></span>Gli u<span class=\"_ _1\"></span>lteriori<span class=\"_ _df\"> </span> effetti <span class=\"_ _d\"></span>generati <span class=\"_ _0\"></span>dalla <span class=\"_ _d\"></span>transizione <span class=\"_ _0\"></span>agli <span class=\"_ _d\"></span>IAS/IFRS <span class=\"_ _d\"></span>dest<span class=\"_ _2\"></span>inati <span class=\"_ _d\"></span>a <span class=\"_ _0\"></span>modificarsi <span class=\"_ _d\"></span>nel <span class=\"_ _d\"></span>tempo <span class=\"_ _0\"></span>ed <span class=\"_ _d\"></span>a <span class=\"_ _0\"></span>confluire <span class=\"_ _d\"></span>a<span class=\"_ _df\"> </span> conto <span class=\"_ _9\"> </span>economico <span class=\"_ _0\"></span>al <span class=\"_ _9\"> </span>momento <span class=\"_ _0\"></span>del <span class=\"_ _0\"></span>realizzo <span class=\"_ _9\"> </span>o <span class=\"_ _9\"> </span>estinzione <span class=\"_ _0\"></span>delle <span class=\"_ _0\"></span>c<span class=\"_ _2\"></span>orrispondenti <span class=\"_ _9\"> </span>attivit\u00e0 <span class=\"_ _9\"> </span>e <span class=\"_ _0\"></span>passivit\u00e0<span class=\"_ _df\"> </span> sono s<span class=\"_ _2\"></span>tati<span class=\"_ _1\"></span> <span class=\"_ _2\"></span>invece appostati <span class=\"_ _2\"></span>tra le <span class=\"_ _2\"></span>\u201cRiserve da <span class=\"_ _2\"></span>valutazione\u201d. Si <span class=\"_ _2\"></span>tratta della valutazione <span class=\"_ _2\"></span>delle attivit\u00e0<span class=\"_ _df\"> </span> finanziarie <span class=\"_ _0\"></span>valutate <span class=\"_ _0\"></span>al <span class=\"_ _0\"></span>fair <span class=\"_ _9\"> </span>value <span class=\"_ _9\"> </span>con <span class=\"_ _0\"></span>impatto <span class=\"_ _9\"> </span>sulla <span class=\"_ _0\"></span>redditivit\u00e0 <span class=\"_ _0\"></span>complessiva, <span class=\"_ _0\"></span>della <span class=\"_ _9\"> </span>valutazione <span class=\"_ _0\"></span>dei<span class=\"_ _df\"> </span> contratti <span class=\"_ _2\"></span>derivati <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>copertura <span class=\"_ _d\"></span>di flussi <span class=\"_ _2\"></span>finanziari, <span class=\"_ _2\"></span>della <span class=\"_ _2\"></span>riserva <span class=\"_ _2\"></span>connessa <span class=\"_ _d\"></span>agli util<span class=\"_ _2\"></span>i/perdite att<span class=\"_ _2\"></span>uariali<span class=\"_ _df\"> </span> su <span class=\"_ _d\"></span>piani <span class=\"_ _2\"></span>a <span class=\"_ _d\"></span>benefici <span class=\"_ _2\"></span>definiti <span class=\"_ _d\"></span>e <span class=\"_ _d\"></span>delle <span class=\"_ _2\"></span>leggi <span class=\"_ _2\"></span>speciali <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>rivalutazione. <span class=\"_ _2\"></span>Le <span class=\"_ _d\"></span>variazioni <span class=\"_ _d\"></span>annue <span class=\"_ _2\"></span>di <span class=\"_ _d\"></span>tali <span class=\"_ _d\"></span>riserve<span class=\"_ _df\"> </span> confluiscono nella redditivit\u00e0 complessiva.<span class=\"_ _df\"> </span> ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-840": {
   "value": "Sezi<span class=\"_ _f\"></span>one 1<span class=\"_ _1\"></span>3 <span class=\"ff2c\">\u2013</span> P<span class=\"_ _f\"></span>atrim<span class=\"_ _1\"></span>onio<span class=\"_ _f\"></span> del g<span class=\"_ _1\"></span>ru<span class=\"_ _f\"></span>ppo <span class=\"ff2c\">\u2013</span> <span class=\"_ _1\"></span>Voci<span class=\"_ _f\"></span> 120, <span class=\"_ _1\"></span>130<span class=\"_ _1\"></span>, 14<span class=\"_ _1\"></span>0, 150<span class=\"_ _f\"></span>, 160<span class=\"_ _f\"></span>, 170 e<span class=\"_ _f\"></span> 180 13.1 <span class=\"_ _1\"></span>\"Capit<span class=\"_ _1\"></span>ale\" e<span class=\"_ _1\"></span> \"Azi<span class=\"_ _1\"></span>oni pr<span class=\"_ _1\"></span>oprie<span class=\"_ _1\"></span>\": co<span class=\"_ _f\"></span>mposizio<span class=\"_ _1\"></span>ne <table class=\"s wd90 h521\" id=\"_9780b9ad-561b-4fe2-a276-8aefa8872839\"><tr><td></td><td class=\"c x44a y2ef2 w37d h49\"><div class=\"t m0 x11 h1f y32 ff2b fs7 fc4 sc3 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale </div></td><td></td><td class=\"c x44b y2ef2 w37e h49\"><div class=\"t m0 x11 h1f y32 ff2b fs7 fc4 sc3 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale </div></td><td></td></tr><tr><td></td><td class=\"c x575 y2ef3 w362 h183\"><div class=\"t m0 x31 h1f yd1f ff2b fs7 fc4 sc3 ls0 ws0\">31/12/<span class=\"_ _f\"></span>2025 </div></td><td class=\"c x44c y2ef4 w993 h522\"><div class=\"t m0 x250 h1f y2409 ff2b fs7 fc4 sc3 ls0 ws0\">31/12/<span class=\"_ _df\"> </span></div></td><td class=\"c x44d y2ef4 w994 h522\"><div class=\"t m0 x250 h1f y2409 ff2b fs7 fc4 sc3 ls0 ws0\">2024<span class=\"_ _df\"> </span></div></td><td></td></tr><tr><td class=\"c x44e y2ef5 w37f h131\"><div class=\"t m0 x10 h1f y3e4 ff2b fs7 fc1 sc2 ls0 ws0\">A. Ca<span class=\"_ _f\"></span>pitale </div></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x44e y2ef6 w37f h131\"><div class=\"t m0 x116 h1f y3e4 ff2b fs7 fc1 sc0 ls0 ws0\">A.1 Azioni ordin<span class=\"_ _1\"></span>arie </div></td><td></td><td class=\"c x44a y2ef6 w37d h131\"><div class=\"t m0 xe8 h1f y3e4 ff2b fs7 fc1 sc0 ls0 ws0\">341.320 </div></td><td></td><td class=\"c x44b y2ef6 w339 h131\"><div class=\"t m0 x1e6 h1f y3e4 ff2b fs7 fc1 sc0 ls0 ws0\">341.320 </div></td></tr><tr><td class=\"c x44e y2ef7 w37f h49\"><div class=\"t m0 x116 h1f y25c ff2b fs7 fc1 sc0 ls0 ws0\">A.2 Azioni di risp<span class=\"_ _1\"></span>armio<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x44a y2ef7 w37d h49\"><div class=\"t m0 x189 h1f y25c ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x44b y2ef7 w339 h49\"><div class=\"t m0 x189 h1f y25c ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2ef8 w37f h49\"><div class=\"t m0 x116 h1f y25c ff2b fs7 fc1 sc0 ls0 ws0\">A.3 Azioni privileg<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span>ate<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x44a y2ef8 w37d h49\"><div class=\"t m0 x189 h1f y25c ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x44b y2ef8 w339 h49\"><div class=\"t m0 x189 h1f y25c ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2a7c w37f hc8\"><div class=\"t m0 x116 h1f y28b ff2b fs7 fc1 sc0 ls0 ws0\">A.4 Azioni altre<span class=\"_ _1\"></span> </div></td><td></td><td class=\"c x44a y2a7c w37d hc8\"><div class=\"t m0 x189 h1f y28b ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x44b y2a7c w339 hc8\"><div class=\"t m0 x189 h1f y28b ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2ef9 w37f hc8\"><div class=\"t m0 x10 h1f y28b ff2b fs7 fc1 sc2 ls0 ws0\">B. Azi<span class=\"_ _1\"></span>oni <span class=\"_ _f\"></span>proprie<span class=\"_ _1\"></span> </div></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x44e y2a7e w37f hc8\"><div class=\"t m0 x116 h1f y28b ff2b fs7 fc1 sc0 ls0 ws0\">B.1 Azioni ord<span class=\"_ _1\"></span>inarie </div></td><td></td><td class=\"c x44a y2a7e w37d hc8\"><div class=\"t m0 xc h1f y28b ff2b fs7 fc1 sc0 ls0 ws0\">20.010 </div></td><td></td><td class=\"c x44b y2a7e w339 hc8\"><div class=\"t m0 x11e h1f y28b ff2b fs7 fc1 sc0 ls0 ws0\">3.845 </div></td></tr><tr><td class=\"c x44e y2efa w37f h227\"><div class=\"t m0 x116 h1f y28b ff2b fs7 fc1 sc0 ls0 ws0\">B.2 Azioni di r<span class=\"_ _1\"></span>isparmio<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x44a y2efa w37d h227\"><div class=\"t m0 x189 h1f y28b ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x44b y2efa w339 h227\"><div class=\"t m0 x189 h1f y28b ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2efb w37f hc8\"><div class=\"t m0 x116 h1f ye4c ff2b fs7 fc1 sc0 ls0 ws0\">B.3 Azioni privileg<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span>ate </div></td><td></td><td class=\"c x44a y2efb w37d hc8\"><div class=\"t m0 x189 h1f ye4c ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x44b y2efb w339 hc8\"><div class=\"t m0 x189 h1f ye4c ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2efc w37f hc8\"><div class=\"t m0 x116 h1f ye4c ff2b fs7 fc1 sc0 ls0 ws0\">B.4 Azioni altre<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x44a y2efc w37d hc8\"><div class=\"t m0 x189 h1f ye4c ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x44b y2efc w339 hc8\"><div class=\"t m0 x189 h1f ye4c ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td></tr></table>Sono <span class=\"_ _d\"></span>presenti <span class=\"_ _d\"></span>1.677.462 <span class=\"_ _0\"></span>azioni <span class=\"_ _2\"></span>proprie <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>port<span class=\"_ _2\"></span>afoglio, <span class=\"_ _2\"></span>per <span class=\"_ _0\"></span>un <span class=\"_ _d\"></span>controvalore <span class=\"_ _d\"></span>di <span class=\"_ _0\"></span>20,0 <span class=\"_ _d\"></span>milioni <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>euro<span class=\"ls7d\">, </span>acquistate <span class=\"_ _d\"></span>nell\u2019ambito <span class=\"_ _0\"></span>del <span class=\"_ _d\"></span>programma <span class=\"_ _d\"></span>che <span class=\"_ _0\"></span>ha <span class=\"_ _d\"></span>dato <span class=\"_ _d\"></span>esecuzione <span class=\"_ _d\"></span>alle <span class=\"_ _d\"></span>delibere <span class=\"_ _0\"></span>adottate <span class=\"_ _d\"></span>dalle <span class=\"_ _0\"> </span><span class=\"ff2b\">varie </span>Assemblee <span class=\"_ _d\"></span>Ordinarie; <span class=\"_ _d\"></span>t<span class=\"_ _2\"></span>ali <span class=\"_ _d\"></span>programmi <span class=\"_ _d\"></span>hanno <span class=\"_ _0\"></span>lo <span class=\"_ _d\"></span>scopo <span class=\"_ _d\"></span>di <span class=\"_ _0\"></span>acquistare <span class=\"_ _d\"></span>azioni <span class=\"_ _0\"></span>di <span class=\"_ _d\"></span>Credito <span class=\"_ _d\"></span>Emiliano <span class=\"_ _d\"></span>ad integrale <span class=\"_ _9\"> </span>copertura <span class=\"_ _16\"> </span>dei <span class=\"_ _9\"> </span>piani <span class=\"_ _9\"> </span>di<span class=\"_ _2\"></span> <span class=\"_ _9\"> </span>remunerazione <span class=\"_ _9\"> </span>basati  su <span class=\"_ _9\"> </span>strumenti  finan<span class=\"_ _1\"></span>ziari <span class=\"_ _9\"> </span>da <span class=\"_ _16\"> </span>destinare <span class=\"_ _9\"> </span>alla categoria <span class=\"_ _d\"></span>dei <span class=\"_ _0\"></span>dirigenti <span class=\"_ _d\"></span>con <span class=\"_ _0\"></span>responsabilit\u00e0 <span class=\"_ _0\"></span>strategiche <span class=\"_ _d\"></span>e <span class=\"_ _0\"></span>del <span class=\"_ _d\"></span>\u201cp<span class=\"_ _2\"></span>ersonale <span class=\"_ _d\"></span>pi\u00f9 <span class=\"_ _0\"></span>rilevante\u201d <span class=\"_ _d\"></span>del <span class=\"_ _0\"></span>gruppo bancario. <span class=\"_ _0\"></span>Ai <span class=\"_ _9\"> </span>sensi <span class=\"_ _9\"> </span>delle <span class=\"_ _9\"> </span>norme <span class=\"_ _9\"> </span>vigenti, <span class=\"_ _9\"> </span>gli <span class=\"_ _9\"> </span>estremi <span class=\"_ _9\"> </span>del <span class=\"_ _0\"> </span>pro<span class=\"_ _2\"></span>gramma <span class=\"_ _0\"></span>s<span class=\"_ _2\"></span>ono <span class=\"_ _0\"></span>gi\u00e0 <span class=\"_ _9\"> </span>stati <span class=\"_ _9\"> </span>comunicati <span class=\"_ _9\"> </span>al mercato. Nel corso dell\u2019eserciz<span class=\"ff2b\">io sono state assegnate 516.113 azioni. </span>Per <span class=\"_ _2\"></span>maggiori <span class=\"_ _2\"></span>dettagli <span class=\"_ _2\"></span>riguardo <span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>piani di <span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>emunerazione basat<span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>su st<span class=\"_ _2\"></span>rumenti <span class=\"_ _2\"></span>finanziari si <span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>invia alla<span class=\"_ _2\"></span> \u201cParte I\u201d della presente nota integrativa.<span class=\"_ _df\"> </span>13.2 Ca<span class=\"_ _f\"></span>pitale - <span class=\"_ _f\"></span>Numero <span class=\"_ _1\"></span>azioni<span class=\"_ _f\"></span> della ca<span class=\"_ _f\"></span>pogrupp<span class=\"_ _1\"></span>o: va<span class=\"_ _f\"></span>riazioni <span class=\"_ _f\"></span>annue<table class=\"s wd91 h523\" id=\"_2ad336ba-8d5d-4564-a0d0-1e18dc8bc32b\"><tr><td class=\"c x44e y2efd w4aa hec\"><div class=\"t m0 x14d h1f y1220 ff2b fs7 fc4 sc3 ls0 ws0\">Voci<span class=\"_ _1\"></span>/Tipol<span class=\"_ _1\"></span>ogie<span class=\"_ _f\"></span> </div></td><td class=\"c x534 y2efd w461 hec\"><div class=\"t m0 x2c h1f y1220 ff2b fs7 fc4 sc3 ls0 ws0\">Ordin<span class=\"_ _f\"></span>arie </div></td><td class=\"c x533 y2efd w3c4 hec\"><div class=\"t m0 x31 h1f y1220 ff2b fs7 fc4 sc3 ls0 ws0\">Altr<span class=\"_ _1\"></span>e </div></td></tr><tr><td class=\"c x44e y2efe w3c5 h49\"><div class=\"t m0 x10 h1f y25f ff2b fs7 fc1 sc2 ls0 ws0\">A. Az<span class=\"_ _1\"></span>ioni<span class=\"_ _1\"></span> esis<span class=\"_ _1\"></span>ten<span class=\"_ _1\"></span>ti all'<span class=\"_ _1\"></span>iniz<span class=\"_ _1\"></span>io dell<span class=\"_ _1\"></span>'eser<span class=\"_ _f\"></span>cizio </div></td><td class=\"c x534 y2efe w3c6 h49\"><div class=\"t m0 x36 h1f y25f ff2b fs7 fc1 sc2 ls0 ws0\">341.3<span class=\"_ _f\"></span>20.065<span class=\"_ _1\"></span> </div></td><td class=\"c x533 y2efe w3c6 h49\"><div class=\"t m0 xc h1f y25 ff2b fs7 fc1 sc0 ls0 ws0\">-<span class=\"sc2\"> </span></div></td></tr><tr><td class=\"c x44e y2eff w3c5 h49\"><div class=\"t m0 x116 h1f y25f ff2b fs7 fc1 sc0 ls0 ws0\">- interamente <span class=\"_ _1\"></span>liberate </div></td><td class=\"c x534 y2eff w3c6 h49\"><div class=\"t m0 x15 h1f y25f ff2b fs7 fc1 sc0 ls0 ws0\">341.320.065 </div></td><td class=\"c x533 y2eff w3c6 h49\"><div class=\"t m0 xc h1f y25 ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2f00 w3c5 h49\"><div class=\"t m0 x116 h1f y25c ff2b fs7 fc1 sc0 ls0 ws0\">- non interamente <span class=\"_ _f\"></span>l<span class=\"_ _2\"></span>iberate </div></td><td class=\"c x534 y2f00 w3c6 h49\"><div class=\"t m0 xc h1f y25c ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x533 y2f00 w3c6 h49\"><div class=\"t m0 xc h1f y25 ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2f01 w3c5 h49\"><div class=\"t m0 x10 h1f y25c ff2b fs7 fc1 sc0 ls0 ws0\">A.1  Azioni propr<span class=\"_ _1\"></span>ie (-) </div></td><td class=\"c x534 y2f01 w3c6 h49\"><div class=\"t m0 x7 h1f y25c ff2b fs7 fc1 sc0 ls0 ws0\">(693.575) </div></td><td class=\"c x533 y2f01 w3c6 h49\"><div class=\"t m0 xc h1f y25 ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2f02 w3c5 h49\"><div class=\"t m0 x10 h1f y25f ff2b fs7 fc1 sc2 ls0 ws0\">A.2 A<span class=\"_ _1\"></span>zioni<span class=\"_ _f\"></span> in circ<span class=\"_ _1\"></span>olazi<span class=\"_ _f\"></span>one: es<span class=\"_ _1\"></span>iste<span class=\"_ _1\"></span>nze i<span class=\"_ _f\"></span>niziali </div></td><td class=\"c x534 y2f02 w3c6 h49\"><div class=\"t m0 x30 h1f y25f ff2b fs7 fc1 sc2 ls0 ws0\">340.6<span class=\"_ _f\"></span>26.490<span class=\"_ _f\"></span> </div></td><td class=\"c x533 y2f02 w3c6 h49\"><div class=\"t m0 xc h1f y68b ff2b fs7 fc1 sc0 ls0 ws0\">-<span class=\"sc2\"> </span></div></td></tr><tr><td class=\"c x44e y2f03 w3c5 h49\"><div class=\"t m0 x10 h1f y25f ff2b fs7 fc1 sc2 ls0 ws0\">B. A<span class=\"_ _1\"></span>umen<span class=\"_ _f\"></span>ti </div></td><td class=\"c x534 y2f03 w3c6 h49\"><div class=\"t m0 x1af h1f y25f ff2b fs7 fc1 sc2 ls0 ws0\">516.113<span class=\"_ _f\"></span> </div></td><td class=\"c x533 y2f03 w3c6 h49\"><div class=\"t m0 xc h1f y25f ff2b fs7 fc1 sc2 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2f04 w3c5 h49\"><div class=\"t m0 x10 h1f y25f ff2b fs7 fc1 sc0 ls0 ws0\">B.1 Nuove emissi<span class=\"_ _1\"></span>oni </div></td><td class=\"c x534 y2f04 w3c6 h49\"><div class=\"t m0 x1af h1f y25f ff2b fs7 fc1 sc0 ls0 ws0\">516.113 </div></td><td class=\"c x533 y2f04 w3c6 h49\"><div class=\"t m0 xc h1f y25f ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2f05 w3c5 h49\"><div class=\"t m0 x32 h1f y25f ff2b fs7 fc1 sc0 ls0 ws0\">- a pagamento: </div></td><td class=\"c x534 y2f05 w3c6 h49\"><div class=\"t m0 xc h1f y25f ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x533 y2f05 w3c6 h49\"><div class=\"t m0 xc h1f y25f ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2f06 w3c5 h49\"><div class=\"t m0 x38 h1f y25c ff2b fs7 fc1 sc0 ls0 ws0\">- conversione d<span class=\"_ _1\"></span>i obbligazioni<span class=\"_ _df\"> </span></div></td><td class=\"c x534 y2f06 w3c6 h49\"><div class=\"t m0 xc h1f y25c ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x533 y2f06 w3c6 h49\"><div class=\"t m0 xc h1f y25c ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2f07 w3c5 h4a\"><div class=\"t m0 x38 h1f y25c ff2b fs7 fc1 sc0 ls0 ws0\">- esercizio di warr<span class=\"_ _1\"></span>ant </div></td><td class=\"c x534 y2f07 w3c6 h4a\"><div class=\"t m0 xc h1f y25c ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x533 y2f07 w3c6 h4a\"><div class=\"t m0 xc h1f y25c ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2f08 w3c5 h49\"><div class=\"t m0 x38 h1f y25f ff2b fs7 fc1 sc0 ls0 ws0\">- altre </div></td><td class=\"c x534 y2f08 w3c6 h49\"><div class=\"t m0 xc h1f y25f ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x533 y2f08 w3c6 h49\"><div class=\"t m0 xc h1f y25f ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2f09 w3c5 h49\"><div class=\"t m0 x32 h1f y25f ff2b fs7 fc1 sc0 ls0 ws0\">- a titolo gratui<span class=\"_ _1\"></span>to: </div></td><td class=\"c x534 y2f09 w3c6 h49\"><div class=\"t m0 x1af h1f y25f ff2b fs7 fc1 sc0 ls0 ws0\">516.113 </div></td><td class=\"c x533 y2f09 w3c6 h49\"><div class=\"t m0 xc h1f y25f ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2f0a w3c5 h49\"><div class=\"t m0 x38 h1f y25f ff2b fs7 fc1 sc0 ls0 ws0\">- a favore dei d<span class=\"_ _1\"></span>ipendenti </div></td><td class=\"c x534 y2f0a w3c6 h49\"><div class=\"t m0 xe h1f y25f ff2b fs7 fc1 sc0 ls0 ws0\">502.849 </div></td><td class=\"c x533 y2f0a w3c6 h49\"><div class=\"t m0 xc h1f y25f ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2f0b w3c5 h49\"><div class=\"t m0 x38 h1f y25f ff2b fs7 fc1 sc0 ls0 ws0\">- a favore degli amm<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span>nistratori<span class=\"_ _1\"></span> </div></td><td class=\"c x534 y2f0b w3c6 h49\"><div class=\"t m0 x11d h1f y25f ff2b fs7 fc1 sc0 ls0 ws0\">7.379 </div></td><td class=\"c x533 y2f0b w3c6 h49\"><div class=\"t m0 xc h1f y25f ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2f0c w3c5 h49\"><div class=\"t m0 x38 h1f y25c ff2b fs7 fc1 sc0 ls0 ws0\">- altre </div></td><td class=\"c x534 y2f0c w3c6 h49\"><div class=\"t m0 xef h1f y25c ff2b fs7 fc1 sc0 ls0 ws0\">5.885 </div></td><td class=\"c x533 y2f0c w3c6 h49\"><div class=\"t m0 xc h1f y25c ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2f0d w3c5 h49\"><div class=\"t m0 x10 h1f y25c ff2b fs7 fc1 sc0 ls0 ws0\">B.2 Vendita di azi<span class=\"_ _1\"></span>oni proprie </div></td><td class=\"c x534 y2f0d w3c6 h49\"><div class=\"t m0 xc h1f y25c ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x533 y2f0d w3c6 h49\"><div class=\"t m0 xc h1f y25c ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2f0e w3c5 h49\"><div class=\"t m0 x10 h1f y25f ff2b fs7 fc1 sc0 ls0 ws0\">B.3 Altre variazi<span class=\"_ _f\"></span>o<span class=\"_ _2\"></span>ni </div></td><td class=\"c x534 y2f0e w3c6 h49\"><div class=\"t m0 xc h1f y25f ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x533 y2f0e w3c6 h49\"><div class=\"t m0 xc h1f y25f ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2f0f w3c5 h49\"><div class=\"t m0 x10 h1f y25f ff2b fs7 fc1 sc2 ls0 ws0\">C. Dim<span class=\"_ _f\"></span>inuzion<span class=\"_ _f\"></span>i </div></td><td class=\"c x534 y2f0f w3c6 h49\"><div class=\"t m0 x13 h1f y25f ff2b fs7 fc1 sc0 ls0 ws0\">(1.500.000) </div></td><td class=\"c x533 y2f0f w3c6 h49\"><div class=\"t m0 xc h1f y68b ff2b fs7 fc1 sc0 ls0 ws0\">-<span class=\"sc2\"> </span></div></td></tr><tr><td class=\"c x44e y2f10 w3c5 h49\"><div class=\"t m0 x10 h1f y25f ff2b fs7 fc1 sc0 ls0 ws0\">C.1 Annullamento </div></td><td class=\"c x534 y2f10 w3c6 h49\"><div class=\"t m0 xc h1f y25f ff2b fs7 fc1 sc2 ls0 ws0\">- </div></td><td class=\"c x533 y2f10 w3c6 h49\"><div class=\"t m0 xc h1f y25 ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2699 w3c5 h49\"><div class=\"t m0 x10 h1f y25f ff2b fs7 fc1 sc0 ls0 ws0\">C.2 Acquisto di az<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span>oni prop<span class=\"_ _1\"></span>rie </div></td><td class=\"c x534 y2699 w3c6 h49\"><div class=\"t m0 x13 h1f y25f ff2b fs7 fc1 sc0 ls0 ws0\">(1.500.000) </div></td><td class=\"c x533 y2699 w3c6 h49\"><div class=\"t m0 xc h1f y25 ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2f11 w3c5 h4a\"><div class=\"t m0 x10 h1f y25c ff2b fs7 fc1 sc0 ls0 ws0\">C.3 Operazioni d<span class=\"_ _1\"></span>i cessione di imp<span class=\"_ _1\"></span>rese<span class=\"_ _df\"> </span></div></td><td class=\"c x534 y2f11 w3c6 h4a\"><div class=\"t m0 xc h1f y25c ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x533 y2f11 w3c6 h4a\"><div class=\"t m0 xc h1f y1837 ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2f12 w3c5 h49\"><div class=\"t m0 x10 h1f y25c ff2b fs7 fc1 sc0 ls0 ws0\">C.4 Altre variaz<span class=\"_ _1\"></span>ioni<span class=\"_ _df\"> </span></div></td><td class=\"c x534 y2f12 w3c6 h49\"><div class=\"t m0 xc h1f y25c ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x533 y2f12 w3c6 h49\"><div class=\"t m0 xc h1f y25 ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2f13 w3c5 h49\"><div class=\"t m0 x10 h1f y25f ff2b fs7 fc1 sc2 ls0 ws0\">D. Azi<span class=\"_ _1\"></span>oni i<span class=\"_ _1\"></span>n ci<span class=\"_ _1\"></span>rcola<span class=\"_ _f\"></span>zione: r<span class=\"_ _1\"></span>ima<span class=\"_ _1\"></span>nenz<span class=\"_ _1\"></span>e fi<span class=\"_ _1\"></span>nali </div></td><td class=\"c x534 y2f13 w3c6 h49\"><div class=\"t m0 x15 h1f y25f ff2b fs7 fc1 sc2 ls0 ws0\">339<span class=\"_ _1\"></span>.642.6<span class=\"_ _f\"></span>03 </div></td><td class=\"c x533 y2f13 w3c6 h49\"><div class=\"t m0 xc h1f y68b ff2b fs7 fc1 sc0 ls0 ws0\">-<span class=\"sc2\"> </span></div></td></tr><tr><td class=\"c x44e y2f14 w3c5 h49\"><div class=\"t m0 x10 h1f y25f ff2b fs7 fc1 sc0 ls0 ws0\">D.1 Azioni prop<span class=\"_ _1\"></span>rie (+) </div></td><td class=\"c x534 y2f14 w3c6 h49\"><div class=\"t m0 x1c h1f y25f ff2b fs7 fc1 sc0 ls0 ws0\">1.677.462 </div></td><td class=\"c x533 y2f14 w3c6 h49\"><div class=\"t m0 xc h1f y68b ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2f15 w3c5 h49\"><div class=\"t m0 x10 h1f y25f ff2b fs7 fc1 sc0 ls0 ws0\">D.2 Azioni esiste<span class=\"_ _1\"></span>nti alla fine dell'eser<span class=\"_ _f\"></span>cizio<span class=\"_ _df\"> </span></div></td><td class=\"c x534 y2f15 w3c6 h49\"><div class=\"t m0 x15 h1f y25f ff2b fs7 fc1 sc0 ls0 ws0\">341.320.065 </div></td><td class=\"c x533 y2f15 w3c6 h49\"><div class=\"t m0 xc h1f y25 ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2f16 w3c5 h49\"><div class=\"t m0 x32 h1f y25f ff2b fs7 fc1 sc0 ls0 ws0\">- interamente <span class=\"_ _1\"></span>liberate </div></td><td class=\"c x534 y2f16 w3c6 h49\"><div class=\"t m0 x15 h1f y25f ff2b fs7 fc1 sc0 ls0 ws0\">341.320.065 </div></td><td class=\"c x533 y2f16 w3c6 h49\"><div class=\"t m0 xc h1f y25 ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2f17 w3c5 h49\"><div class=\"t m0 x32 h1f y25c ff2b fs7 fc1 sc0 ls0 ws0\">- non interamente <span class=\"_ _f\"></span>l<span class=\"_ _2\"></span>iberate </div></td><td class=\"c x534 y2f17 w3c6 h49\"><div class=\"t m0 xc h1f y25c ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x533 y2f17 w3c6 h49\"><div class=\"t m0 xc h1f y25 ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td></tr></table>13.4 R<span class=\"_ _f\"></span>iserve di u<span class=\"_ _1\"></span>tili: altre<span class=\"_ _1\"></span> info<span class=\"_ _1\"></span>rmaz<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span>oni<span class=\"_ _df\"> </span>In <span class=\"_ _d\"></span>tale <span class=\"_ _d\"></span>categoria <span class=\"_ _d\"></span>sono <span class=\"_ _0\"></span>inclusi <span class=\"_ _d\"></span>la <span class=\"_ _d\"></span>riserva <span class=\"_ _d\"></span>legale, <span class=\"_ _d\"></span>la <span class=\"_ _d\"></span>r<span class=\"_ _2\"></span>iserva <span class=\"_ _d\"></span>straordinaria, <span class=\"_ _d\"></span>il <span class=\"_ _d\"></span>fondo <span class=\"_ _d\"></span>per <span class=\"_ _d\"></span>r<span class=\"_ _2\"></span>ischi <span class=\"_ _2\"></span>bancari<span class=\"_ _df\"> </span>precedentemente <span class=\"_ _2\"></span>iscritto <span class=\"_ _2\"></span>nel <span class=\"_ _2\"></span>bilancio r<span class=\"_ _2\"></span>edatto <span class=\"_ _2\"></span>ai s<span class=\"_ _2\"></span>ensi del <span class=\"_ _2\"></span>previgente <span class=\"_ _d\"></span>D. <span class=\"_ _2\"></span>Lgs.87/92 <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>riclassificato<span class=\"_ _df\"> </span>secondo i principi IAS. La <span class=\"_ _d\"></span>riserva <span class=\"_ _d\"></span>legale, <span class=\"_ _d\"></span>costituita <span class=\"_ _d\"></span>a <span class=\"_ _d\"></span>norma <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>legge, <span class=\"_ _d\"></span>deve <span class=\"_ _2\"></span>ess<span class=\"_ _2\"></span>ere <span class=\"_ _d\"></span>almeno <span class=\"_ _d\"></span>pari <span class=\"_ _d\"></span>ad <span class=\"_ _d\"></span>un <span class=\"_ _d\"></span>quinto <span class=\"_ _d\"></span>del <span class=\"_ _d\"></span>capitale<span class=\"_ _df\"> </span>sociale; <span class=\"_ _9\"> </span>essa <span class=\"_ _16\"> </span>\u00e8 <span class=\"_ _9\"> </span>st<span class=\"_ _2\"></span>ata <span class=\"_ _9\"> </span>cost<span class=\"_ _2\"></span>itui<span class=\"_ _1\"></span>ta <span class=\"_ _16\"> </span>in <span class=\"_ _9\"> </span>passato  tramite <span class=\"_ _9\"> </span>accantonamenti <span class=\"_ _9\"> </span>degli <span class=\"_ _9\"> </span>uti<span class=\"_ _2\"></span>li <span class=\"_ _9\"> </span>netti  annu<span class=\"_ _f\"></span>ali  per<span class=\"_ _df\"> </span>almeno <span class=\"_ _0\"></span>un <span class=\"_ _d\"></span>d<span class=\"_ _2\"></span>ecimo <span class=\"_ _d\"></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=\"_ _d\"></span>s<span class=\"_ _2\"></span>tat<span class=\"_ _2\"></span><span class=\"ff2b\">uto <span class=\"_ _d\"></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<span class=\"_ _df\"> </span></span>riserva <span class=\"_ _17\"> </span>dovesse <span class=\"_ _17\"> </span>diminuire,<span class=\"_ _1\"></span> <span class=\"_ _17\"> </span>occor<span class=\"_ _2\"></span>re <span class=\"_ _4\"> </span>reintegrarla <span class=\"_ _17\"> </span>tramite <span class=\"_ _17\"> </span>l\u2019obbligo <span class=\"_ _17\"> </span>di <span class=\"_ _17\"> </span>destinarvi <span class=\"_ _4\"> </span>un <span class=\"_ _17\"> </span>ventesimo<span class=\"_ _df\"> </span>dell\u2019utile.<span class=\"_ _df\"> </span>La r<span class=\"_ _2\"></span>iserva statutaria <span class=\"_ _2\"></span>o straordinaria <span class=\"_ _2\"></span>\u00e8 costituita <span class=\"_ _2\"></span>in base <span class=\"_ _2\"></span>allo statuto <span class=\"_ _2\"></span>dalla destinazione <span class=\"_ _2\"></span>dell<span class=\"_ _1\"></span>a <span class=\"_ _2\"></span>quota<span class=\"_ _df\"> </span>di utile residua<span class=\"ff2c\">le a seguito della distribuzi<span class=\"_ _1\"></span>one dell\u2019utile alle azioni ordinarie. </span>Le  riserve  d<span class=\"_ _1\"></span>a  concentrazione  ex  L<span class=\"_ _1\"></span>.30  lugl<span class=\"_ _1\"></span>io  1990  n.  2<span class=\"_ _1\"></span>18  sono <span class=\"_ _16\"> </span>state  costituite  in <span class=\"_ _9\"> </span>occasione  di<span class=\"_ _df\"> </span>operazioni di riorganizzazione o concentrazione effettuate ai sensi dell<span class=\"_ _1\"></span>a citata legge.<span class=\"_ _df\"> </span>Le altre riserve<span class=\"_ _1\"></span> comprendono la riserva costi<span class=\"_ _1\"></span>tuita a fronte <span class=\"_ _1\"></span>del pi<span class=\"_ _1\"></span>ano di stock option e<span class=\"_ _1\"></span>d altre riserv<span class=\"_ _1\"></span>e<span class=\"_ _df\"> </span>costituite <span class=\"_ _14\"> </span>nel <span class=\"_ _17\"> </span>pass<span class=\"_ _2\"></span>ato <span class=\"_ _17\"> </span>a <span class=\"_ _14\"> </span>fronte <span class=\"_ _17\"> </span>di <span class=\"_ _14\"> </span>specifiche <span class=\"_ _17\"> </span>disposizioni <span class=\"_ _14\"> </span>normat<span class=\"_ _2\"></span>ive. <span class=\"_ _14\"> </span><span class=\"ff2c\">E\u2019 <span class=\"_ _14\"> </span>presente <span class=\"_ _14\"> </span>l</span>a <span class=\"_ _14\"> </span>riserva<span class=\"_ _df\"> </span>extraprofitti, <span class=\"_ _2\"></span>originariamente <span class=\"_ _2\"></span>costituita <span class=\"_ _d\"></span>in <span class=\"_ _2\"></span>sospensione <span class=\"_ _2\"></span>d\u2019imposta<span class=\"ff2b\"> <span class=\"_ _d\"></span></span>e <span class=\"_ _2\"></span>indisponibile <span class=\"_ _2\"></span>ai <span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>ensi <span class=\"_ _2\"></span>dell\u2019art.<span class=\"_ _df\"> </span>26 del D.L. 104/2023 (conv. L. 136/2023), la quale \u00e8 st<span class=\"_ _2\"></span>ata oggetto di rideterminazione del regime di<span class=\"_ _df\"> </span> distribuibilit\u00e0 in forza <span class=\"_ _2\"></span>della Legge di <span class=\"_ _2\"></span>Bilancio 2026 (art. <span class=\"_ _2\"></span>1, commi 69-72)<span class=\"ls1b\">. <span class=\"_ _2\"></span></span>Il Gruppo ne <span class=\"_ _2\"></span>ha deliberato<span class=\"_ _df\"> </span> l\u2019affrancamento<span class=\"ff2b\"> <span class=\"_ _d\"></span>mediante <span class=\"_ _d\"></span>il <span class=\"_ _0\"></span>versamento, <span class=\"_ _0\"></span>entro <span class=\"_ _d\"></span>il <span class=\"_ _0\"></span>30 <span class=\"_ _d\"></span>giugno <span class=\"_ _d\"></span>2026, <span class=\"_ _0\"></span>di <span class=\"_ _d\"></span>un <span class=\"_ _0\"></span>contributo <span class=\"_ _d\"></span>straordinario<span class=\"_ _df\"> </span></span><span class=\"ff2b\"> </span>pari <span class=\"_ _2\"></span>al <span class=\"_ _d\"></span>27,5% <span class=\"_ _2\"></span><span class=\"ff2c\">dell'ammontare <span class=\"_ _2\"></span>esistente <span class=\"_ _2\"></span>al <span class=\"_ _d\"></span>31 <span class=\"_ _2\"></span>dicembre <span class=\"_ _2\"></span>2025. <span class=\"_ _2\"></span>A <span class=\"_ _2\"></span>seguito <span class=\"_ _2\"></span>dell\u2019effettivo <span class=\"_ _2\"></span>versamento,<span class=\"_ _df\"> </span></span><span class=\"ff2c\"> </span>la <span class=\"_ _0\"></span>riserva <span class=\"_ _0\"></span>si <span class=\"_ _0\"></span>intender\u00e0 <span class=\"_ _0\"></span>pienamente <span class=\"_ _0\"></span>disponibile <span class=\"_ _0\"></span>e <span class=\"_ _d\"></span>distr<span class=\"_ _2\"></span>ibuibile, <span class=\"_ _d\"></span>c<span class=\"_ _2\"></span>on <span class=\"_ _0\"></span>conseguente <span class=\"_ _0\"></span>decadenza <span class=\"_ _0\"></span>delle<span class=\"_ _df\"> </span> restrizioni di cui al comma 5-bis del citato D.L. 104/2023.<span class=\"_ _df\"> </span> Sono <span class=\"_ _10\"> </span>presenti, <span class=\"_ _10\"> </span>altres\u00ec, <span class=\"_ _10\"> </span>due <span class=\"_ _10\"> </span>riserve <span class=\"_ _10\"> </span>in <span class=\"_ _10\"> </span>sos<span class=\"_ _2\"></span>pensione<span class=\"_ _1\"></span> <span class=\"_ _10\"> </span>d\u2019imposta <span class=\"_ _10\"> </span>distinte <span class=\"_ _10\"> </span>per <span class=\"_ _10\"> </span>la <span class=\"_ _10\"> </span>tipologia <span class=\"_ _10\"> </span>di<span class=\"_ _df\"> </span> riallineamento e<span class=\"_ _1\"></span>ffettuato ai <span class=\"_ _f\"></span>sensi <span class=\"_ _1\"></span>dell\u2019art. <span class=\"_ _1\"></span>110 d<span class=\"_ _1\"></span>el <span class=\"_ _1\"></span>DL <span class=\"_ _1\"></span>14 ago<span class=\"_ _f\"></span>s<span class=\"_ _2\"></span>to <span class=\"_ _f\"></span>2020 ogge<span class=\"_ _1\"></span>tto di <span class=\"_ _f\"></span>succe<span class=\"_ _2\"></span><span class=\"ff2b\">ssiva <span class=\"_ _1\"></span>modifica<span class=\"_ _df\"> </span></span><span class=\"ff2b\"> </span>con la Legge 178/2020.<span class=\"_ _df\"> </span> Infine la voce include gli<span class=\"_ _1\"></span> effetti generati dalla transizione ai principi contabili internazionali.<span class=\"_ _df\"> </span><span class=\"_ _2\"></span> In <span class=\"_ _2\"></span>part<span class=\"_ _2\"></span>icolare <span class=\"_ _2\"></span>tra <span class=\"_ _d\"></span>le <span class=\"_ _d\"></span>riserve <span class=\"_ _d\"></span>di <span class=\"_ _2\"></span>uti<span class=\"_ _2\"></span>li <span class=\"_ _2\"></span>sono <span class=\"_ _d\"></span>confluiti <span class=\"_ _d\"></span>gli <span class=\"_ _d\"></span>effetti <span class=\"_ _2\"></span>derivanti <span class=\"_ _d\"></span>dal <span class=\"_ _d\"></span>cambiamento <span class=\"_ _d\"></span>dei <span class=\"_ _d\"></span>principi<span class=\"_ _df\"> </span> contabili <span class=\"_ _f\"></span>che <span class=\"_ _1\"></span>non <span class=\"_ _f\"></span>pre<span class=\"_ _2\"></span>vedono <span class=\"_ _f\"></span>nei prossimi <span class=\"_ _f\"></span>esercizi <span class=\"_ _f\"></span>un confe<span class=\"_ _1\"></span>rimento al <span class=\"_ _f\"></span>conto <span class=\"_ _1\"></span>economico. <span class=\"_ _f\"></span>Gli u<span class=\"_ _1\"></span>lteriori<span class=\"_ _df\"> </span> effetti <span class=\"_ _d\"></span>generati <span class=\"_ _0\"></span>dalla <span class=\"_ _d\"></span>transizione <span class=\"_ _0\"></span>agli <span class=\"_ _d\"></span>IAS/IFRS <span class=\"_ _d\"></span>dest<span class=\"_ _2\"></span>inati <span class=\"_ _d\"></span>a <span class=\"_ _0\"></span>modificarsi <span class=\"_ _d\"></span>nel <span class=\"_ _d\"></span>tempo <span class=\"_ _0\"></span>ed <span class=\"_ _d\"></span>a <span class=\"_ _0\"></span>confluire <span class=\"_ _d\"></span>a<span class=\"_ _df\"> </span> conto <span class=\"_ _9\"> </span>economico <span class=\"_ _0\"></span>al <span class=\"_ _9\"> </span>momento <span class=\"_ _0\"></span>del <span class=\"_ _0\"></span>realizzo <span class=\"_ _9\"> </span>o <span class=\"_ _9\"> </span>estinzione <span class=\"_ _0\"></span>delle <span class=\"_ _0\"></span>c<span class=\"_ _2\"></span>orrispondenti <span class=\"_ _9\"> </span>attivit\u00e0 <span class=\"_ _9\"> </span>e <span class=\"_ _0\"></span>passivit\u00e0<span class=\"_ _df\"> </span> sono s<span class=\"_ _2\"></span>tati<span class=\"_ _1\"></span> <span class=\"_ _2\"></span>invece appostati <span class=\"_ _2\"></span>tra le <span class=\"_ _2\"></span>\u201cRiserve da <span class=\"_ _2\"></span>valutazione\u201d. Si <span class=\"_ _2\"></span>tratta della valutazione <span class=\"_ _2\"></span>delle attivit\u00e0<span class=\"_ _df\"> </span> finanziarie <span class=\"_ _0\"></span>valutate <span class=\"_ _0\"></span>al <span class=\"_ _0\"></span>fair <span class=\"_ _9\"> </span>value <span class=\"_ _9\"> </span>con <span class=\"_ _0\"></span>impatto <span class=\"_ _9\"> </span>sulla <span class=\"_ _0\"></span>redditivit\u00e0 <span class=\"_ _0\"></span>complessiva, <span class=\"_ _0\"></span>della <span class=\"_ _9\"> </span>valutazione <span class=\"_ _0\"></span>dei<span class=\"_ _df\"> </span> contratti <span class=\"_ _2\"></span>derivati <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>copertura <span class=\"_ _d\"></span>di flussi <span class=\"_ _2\"></span>finanziari, <span class=\"_ _2\"></span>della <span class=\"_ _2\"></span>riserva <span class=\"_ _2\"></span>connessa <span class=\"_ _d\"></span>agli util<span class=\"_ _2\"></span>i/perdite att<span class=\"_ _2\"></span>uariali<span class=\"_ _df\"> </span> su <span class=\"_ _d\"></span>piani <span class=\"_ _2\"></span>a <span class=\"_ _d\"></span>benefici <span class=\"_ _2\"></span>definiti <span class=\"_ _d\"></span>e <span class=\"_ _d\"></span>delle <span class=\"_ _2\"></span>leggi <span class=\"_ _2\"></span>speciali <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>rivalutazione. <span class=\"_ _2\"></span>Le <span class=\"_ _d\"></span>variazioni <span class=\"_ _d\"></span>annue <span class=\"_ _2\"></span>di <span class=\"_ _d\"></span>tali <span class=\"_ _d\"></span>riserve<span class=\"_ _df\"> </span> confluiscono nella redditivit\u00e0 complessiva.<span class=\"_ _df\"> </span> Sezi<span class=\"_ _f\"></span>one 1<span class=\"_ _1\"></span> <span class=\"ff5\">\u2013</span> Il <span class=\"_ _1\"></span>pat<span class=\"_ _1\"></span>rim<span class=\"_ _1\"></span>onio<span class=\"_ _f\"></span> cons<span class=\"_ _1\"></span>olid<span class=\"_ _f\"></span>ato  A.<span class=\"ff11 sc0 ls0\"> <span class=\"_ _26\"> </span></span><span class=\"ls0\">Informaz<span class=\"_ _1\"></span>ioni d<span class=\"_ _1\"></span>i natura<span class=\"_ _f\"></span> qualitativa </span>Dal <span class=\"_ _2\"></span>1\u00b0 <span class=\"_ _d\"></span>gennaio <span class=\"_ _2\"></span>2014 <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _2\"></span>ent<span class=\"_ _2\"></span>ra<span class=\"_ _1\"></span>to <span class=\"_ _2\"></span>in <span class=\"_ _d\"></span>vigore<span class=\"_ _1\"></span> <span class=\"_ _2\"></span>il <span class=\"_ _d\"></span>regolamento <span class=\"_ _2\"></span>(UE<span class=\"_ _2\"></span>) <span class=\"_ _2\"></span>n. <span class=\"_ _d\"></span>575/2013 <span class=\"_ _d\"></span><span class=\"ls39\">(\u201c<span class=\"lsc3\">CRR</span></span>\u201d), <span class=\"_ _2\"></span>con <span class=\"_ _d\"></span>il <span class=\"_ _2\"></span>quale <span class=\"_ _d\"></span>sono state <span class=\"_ _9\"> </span>introdotte <span class=\"_ _16\"> </span>nell\u2019Unione<span class=\"_ _1\"></span> <span class=\"_ _16\"> </span>Europea <span class=\"_ _9\"> </span>le  re<span class=\"_ _1\"></span>gole <span class=\"_ _16\"> </span>definite <span class=\"_ _9\"> </span>dal  Comita<span class=\"_ _1\"></span>to <span class=\"_ _16\"> </span>di <span class=\"_ _9\"> </span>Basilea  pe<span class=\"_ _1\"></span>r  la <span class=\"_ _9\"> </span>vigilanz<span class=\"_ _1\"></span>a bancaria con l\u2019<span class=\"_ _1\"></span>articolato insie<span class=\"_ _1\"></span>me di <span class=\"_ _1\"></span>documenti uni<span class=\"_ _f\"></span>t<span class=\"_ _2\"></span>ariamente <span class=\"_ _1\"></span>denominato \u201cBasilea 3<span class=\"_ _f\"></span>\u201d<span class=\"_ _2\"></span> in<span class=\"_ _f\"></span> materia d<span class=\"_ _1\"></span>i adeguat<span class=\"_ _1\"></span>ezza pa<span class=\"_ _1\"></span>trimoniale (Primo pilastro) e informa<span class=\"_ _f\"></span>t<span class=\"_ _2\"></span>iva al pub<span class=\"_ _1\"></span>blico (T<span class=\"_ _f\"></span>erzo pilastro).<span class=\"ff4\"> </span>Il <span class=\"_ _1\"></span>regolament<span class=\"_ _1\"></span>o (UE) n. <span class=\"_ _f\"></span>575<span class=\"_ _2\"></span>/20<span class=\"_ _1\"></span>13 <span class=\"_ _f\"></span>e la <span class=\"_ _1\"></span>direttiva <span class=\"_ _f\"></span>2013/36/UE <span class=\"_ _1\"></span><span class=\"ls39\">(\u201c<span class=\"ls0\">CRD IV<span class=\"_ _1\"></span>\u201d) de<span class=\"_ _1\"></span>finiscono il <span class=\"_ _f\"></span>quadro nor<span class=\"_ _1\"></span>mativo<span class=\"_ _f\"></span> </span></span>di riferimento nell\u2019Unione Europea per banche e imprese di in<span class=\"_ _2\"></span>vestimento. Dal 1\u00b0 gennaio 2014 CRR e <span class=\"_ _0\"></span>CRDIV <span class=\"_ _0\"></span>sono <span class=\"_ _0\"></span>integrati <span class=\"_ _d\"></span>da <span class=\"_ _9\"> </span>norme <span class=\"_ _0\"></span>tecniche <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>regolamentazione <span class=\"_ _0\"> </span>o <span class=\"_ _9\"> </span>di <span class=\"_ _0\"></span>attuazione <span class=\"_ _d\"></span>approvate <span class=\"_ _d\"></span>dalla Commissione <span class=\"_ _9\"> </span>Europea <span class=\"_ _9\"> </span>su  p<span class=\"_ _1\"></span>roposta <span class=\"_ _16\"> </span>dell<span class=\"_ _1\"></span>e <span class=\"_ _9\"> </span>A<span class=\"_ _2\"></span>utorit\u00e0 <span class=\"_ _9\"> </span>europee <span class=\"_ _9\"> </span>di  sup<span class=\"_ _1\"></span>er<span class=\"_ _2\"></span>visione  <span class=\"ls39\">(\u201c<span class=\"ls4\">ESA</span></span>\u201d), <span class=\"_ _9\"> </span>che  d<span class=\"_ _1\"></span>anno attuazione<span class=\"_ _1\"></span> alla normativa primaria.<span class=\"ff4\"> </span>Dal <span class=\"_ _1\"></span>2014 <span class=\"_ _f\"></span>ad <span class=\"_ _f\"></span>oggi, <span class=\"_ _f\"></span>il CR<span class=\"_ _1\"></span>R <span class=\"_ _f\"></span>\u00e8 sta<span class=\"_ _1\"></span>to <span class=\"_ _f\"></span>aggiornato <span class=\"_ _f\"></span>in d<span class=\"_ _1\"></span>ue <span class=\"_ _f\"></span>fasi: <span class=\"_ _f\"></span>CRR2, <span class=\"_ _1\"></span>pubblicato <span class=\"_ _f\"></span>nel <span class=\"_ _f\"></span>2019, <span class=\"_ _f\"></span>e CRR3, <span class=\"_ _f\"></span>pubblicato<span class=\"_ _f\"></span> nel 202<span class=\"_ _f\"></span>4<span class=\"_ _2\"></span> con prima applica<span class=\"_ _f\"></span>zione <span class=\"_ _2\"></span>dal 2025.<span class=\"ff4\"> </span>Con <span class=\"_ _d\"></span>l\u2019entrata <span class=\"_ _d\"></span>in <span class=\"_ _0\"></span>vigore <span class=\"_ _d\"></span>il <span class=\"_ _d\"></span>1\u00b0 <span class=\"_ _d\"></span>gennaio <span class=\"_ _0\"></span>2025 <span class=\"_ _d\"></span>del <span class=\"_ _d\"></span>CRR3, <span class=\"_ _0\"></span>l\u2019EBA <span class=\"_ _d\"></span>ha <span class=\"_ _0\"></span>avviato <span class=\"_ _d\"></span>un <span class=\"_ _d\"></span>processo <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>due <span class=\"_ _0\"></span>fasi <span class=\"_ _d\"></span>per aggiornare e ampliare l\u2019inter<span class=\"_ _f\"></span>o<span class=\"_ _2\"></span> impianto inf<span class=\"_ _f\"></span>ormativo alla luce dei nuovi requisiti regolamentari. T<span class=\"_ _11\"></span>al<span class=\"_ _2\"></span><span class=\"lse\">e </span>proces<span class=\"_ _1\"></span>so ha <span class=\"_ _1\"></span>condotto <span class=\"_ _f\"></span>alla pubb<span class=\"_ _1\"></span>licazione, <span class=\"_ _1\"></span>a gi<span class=\"_ _1\"></span>ugno 2<span class=\"_ _1\"></span>024, d<span class=\"_ _1\"></span>i u<span class=\"_ _1\"></span>na nu<span class=\"_ _1\"></span>ova v<span class=\"_ _1\"></span>ersione <span class=\"_ _f\"></span>d<span class=\"_ _2\"></span>egli <span class=\"_ _f\"></span>Implementing T<span class=\"_ _11\"></span>echnical Standar<span class=\"_ _1\"></span>ds <span class=\"_ _f\"></span>Step <span class=\"_ _1\"></span>1, <span class=\"_ _f\"></span>recepita con <span class=\"_ _f\"></span>il <span class=\"_ _f\"></span>Regolamento <span class=\"_ _f\"></span>di <span class=\"_ _f\"></span>esecu<span class=\"_ _2\"></span>zione <span class=\"_ _f\"></span>(UE<span class=\"_ _2\"></span>) <span class=\"_ _f\"></span>2024/3172 <span class=\"_ _f\"></span>e appl<span class=\"_ _1\"></span>icabile dalla <span class=\"_ _2\"></span>data di <span class=\"_ _2\"></span>riferimento <span class=\"_ _2\"></span>31 <span class=\"_ _2\"></span>marz<span class=\"_ _1\"></span>o <span class=\"_ _2\"></span>2025, <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>introduce<span class=\"_ _1\"></span> <span class=\"_ _2\"></span>nuo<span class=\"_ _2\"></span>vi template <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>disclosure<span class=\"_ _1\"></span> <span class=\"_ _2\"></span>su <span class=\"_ _2\"></span>output floor<span class=\"_ _f\"></span>,  rischio  di <span class=\"_ _16\"> </span>cred<span class=\"_ _1\"></span>ito, <span class=\"_ _9\"> </span>r<span class=\"_ _2\"></span>ischio  oper<span class=\"_ _1\"></span>ativo,<span class=\"_ _1\"></span>  rischio <span class=\"_ _16\"> </span>CV<span class=\"_ _f\"></span>A,  leva  finanziaria  e<span class=\"_ _1\"></span>  f<span class=\"_ _1\"></span>ondi  prop<span class=\"_ _1\"></span>ri,  oltre <span class=\"_ _16\"> </span>ad aggiornare <span class=\"_ _2\"></span>le <span class=\"_ _2\"></span>informazioni <span class=\"_ _2\"></span>qualita<span class=\"_ _1\"></span>tive <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>quantitative <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>coerenza <span class=\"_ _2\"></span>con <span class=\"_ _2\"></span>i <span class=\"_ _d\"></span>cambiamenti <span class=\"_ _2\"></span>metodologici<span class=\"_ _f\"></span> previ<span class=\"_ _1\"></span>sti dal CRR3.<span class=\"ff4\"> </span>Il  Grup<span class=\"_ _1\"></span>po  ritiene<span class=\"_ _1\"></span>  prioritario  valu<span class=\"_ _f\"></span>t<span class=\"_ _2\"></span>are  l<span class=\"_ _1\"></span>a  prop<span class=\"_ _1\"></span>ria  struttura <span class=\"_ _16\"> </span>patrimoniale<span class=\"_ _1\"></span>  e <span class=\"_ _16\"> </span>tali <span class=\"_ _16\"> </span>analisi  sono <span class=\"_ _16\"> </span>svolte all\u2019interno <span class=\"_ _1\"></span>degli <span class=\"_ _1\"></span>specifici Comitati <span class=\"_ _f\"></span>di Governance <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>Gruppo. In <span class=\"_ _f\"></span>tale sede <span class=\"_ _1\"></span>vengono anche <span class=\"_ _f\"></span>evidenziati i principali impatti legati alle normative in v<span class=\"_ _1\"></span>ia di d<span class=\"_ _2\"></span>efinizione. I <span class=\"_ _4\"> </span>Comitat<span class=\"_ _2\"></span>i <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>Governance <span class=\"_ _4\"> </span>di <span class=\"_ _17\"> </span>Gruppo <span class=\"_ _4\"> </span>presentano <span class=\"_ _17\"> </span>sempre <span class=\"_ _4\"> </span>dei <span class=\"_ _17\"> </span>membri <span class=\"_ _4\"> </span>nominati <span class=\"_ _17\"> </span>dal <span class=\"_ _4\"> </span>Cons<span class=\"_ _2\"></span>iglio d\u2019Amministrazione <span class=\"_ _0\"></span>della <span class=\"_ _9\"> </span>Capogruppo, <span class=\"_ _0\"></span>s<span class=\"_ _2\"></span>celti <span class=\"_ _0\"></span>tra <span class=\"_ _9\"> </span>i <span class=\"_ _9\"> </span>componenti <span class=\"_ _0\"></span>il <span class=\"_ _9\"> </span>Consiglio <span class=\"_ _0\"></span>s<span class=\"_ _2\"></span>tesso, <span class=\"_ _0\"></span>e <span class=\"_ _9\"> </span>le <span class=\"_ _0\"></span>rispettive analisi vengono successivamente prodotte al Consiglio d\u2019Ammi<span class=\"ff4\">nistrazione della Capogruppo. </span>Sotto <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>profilo <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>Vigilanz<span class=\"_ _1\"></span>a <span class=\"_ _2\"></span>l\u2019assorbimento <span class=\"_ _2\"></span>viene <span class=\"_ _2\"></span>determinato <span class=\"_ _2\"></span>tenendo in <span class=\"_ _2\"></span>considerazione <span class=\"_ _2\"></span>le <span class=\"_ _2\"></span>att<span class=\"_ _2\"></span>uali \u201cregole\u201d di segnalazione.<span class=\"ff4\"> </span>Sotto <span class=\"_ _f\"></span>il profilo <span class=\"_ _f\"></span>gestionale <span class=\"_ _f\"></span>l\u2019assorbimento <span class=\"_ _1\"></span>viene <span class=\"_ _f\"></span>calcolato con <span class=\"_ _f\"></span>l\u2019utilizzo <span class=\"_ _f\"></span>di mod<span class=\"_ _1\"></span>elli <span class=\"_ _f\"></span>interni pe<span class=\"_ _1\"></span>r i<span class=\"_ _1\"></span>l<span class=\"_ _2\"></span><span class=\"ff4\"> <span class=\"_ _1\"></span>rischio </span>di credito e di mercato e l\u2019utilizzo di un metodo standard \u201cge<span class=\"_ _1\"></span>stionale\u201d.<span class=\"_ _2\"></span><span class=\"ff4\"> </span>I <span class=\"_ _f\"></span>rischi ve<span class=\"_ _1\"></span>ngono <span class=\"_ _f\"></span>esaminati sia <span class=\"_ _f\"></span>complessiv<span class=\"_ _1\"></span>amente <span class=\"_ _f\"></span>ch<span class=\"_ _2\"></span>e <span class=\"_ _f\"></span>dettagliatamente <span class=\"_ _f\"></span>all\u2019interno de<span class=\"_ _1\"></span>lle <span class=\"_ _f\"></span>s<span class=\"_ _2\"></span>ociet\u00e0 <span class=\"_ _f\"></span>del Gruppo (analisi dei portafogli specifici). Al <span class=\"_ _2\"></span>31<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>dicembre <span class=\"_ _d\"></span>2025 <span class=\"_ _d\"></span>i <span class=\"_ _d\"></span>Fondi <span class=\"_ _d\"></span>Propri <span class=\"_ _d\"></span>sono <span class=\"_ _d\"></span>stati <span class=\"_ _d\"></span>determinati <span class=\"_ _d\"></span>in <span class=\"_ _2\"></span>base <span class=\"_ _d\"></span>alle <span class=\"_ _d\"></span>disposizioni <span class=\"_ _2\"></span>cont<span class=\"_ _2\"></span>enute <span class=\"_ _2\"></span>nel<span class=\"_ _2\"></span> Regolamento (UE) n.575/2013 (CRR)<span class=\"_ _1\"></span>.<span class=\"_ _2\"></span> B. Info<span class=\"_ _1\"></span>rmaz<span class=\"_ _f\"></span>ioni di na<span class=\"_ _1\"></span>tura qu<span class=\"_ _f\"></span>antitativa<span class=\"_ _df\"> </span>B.1 <span class=\"_ _1\"></span>Patrim<span class=\"_ _1\"></span>onio <span class=\"_ _1\"></span>conso<span class=\"_ _1\"></span>lidat<span class=\"_ _f\"></span>o: ripar<span class=\"_ _1\"></span>tizione<span class=\"_ _f\"></span> per tipo<span class=\"_ _f\"></span>logia di<span class=\"_ _1\"></span> impr<span class=\"_ _1\"></span>esa <table class=\"s w11ec h5c8\" id=\"_49c07ea8-2588-498b-97cc-4d4c95ac4395\"><tr><td></td><td class=\"c x44e y38f6 w65f h1e4\"><div class=\"t m0 x49 h1f y10f6 ff4 fs7 fc4 sc3 ls0 ws0\">Voci<span class=\"_ _1\"></span> del <span class=\"_ _f\"></span>patrim<span class=\"_ _1\"></span>onio<span class=\"_ _1\"></span> nett<span class=\"_ _f\"></span>o </div></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x44e y38f7 w4ef hc8\"><div class=\"t m0 x10 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">1. Capitale </div></td><td></td><td></td><td class=\"c x58a y38f7 w48a hc8\"><div class=\"t m0 x35 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">341.323 </div></td><td class=\"c x5af y38f7 w4c3 hc8\"><div class=\"t m0 x27 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">(7.049) </div></td><td class=\"c x534 y38f7 w48a hc8\"><div class=\"t m0 xf h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x598 y38f7 w4c3 hc8\"><div class=\"t m0 x97 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">7.049<span class=\"_ _df\"> </span></div></td><td class=\"c x515 y38f7 wf9 hc8\"><div class=\"t m0 x35 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">341.323 </div></td></tr><tr><td class=\"c x44e y38f8 w4ef hc8\" colspan=\"2\"><div class=\"t m0 x10 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">2. Sovrapprezzi d<span class=\"_ _1\"></span>i emissione<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x58a y38f8 w48a hc8\"><div class=\"t m0 x3a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">321.801 </div></td><td class=\"c x5af y38f8 w4c3 hc8\"><div class=\"t m0 xf h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x534 y38f8 w48a hc8\"><div class=\"t m0 xf h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x598 y38f8 w4c3 hc8\"><div class=\"t m0 xf h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x515 y38f8 wf9 hc8\"><div class=\"t m0 x2c h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">321.801 </div></td></tr><tr><td class=\"c x44e y38f9 w4ef hc8\"><div class=\"t m0 x10 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">3. Riserve </div></td><td></td><td></td><td class=\"c x58a y38f9 w48a hc8\"><div class=\"t m0 x55 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">3.449.325 </div></td><td class=\"c x5af y38f9 w4c3 hc8\"><div class=\"t m0 x35 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">545.190 </div></td><td class=\"c x534 y38f9 w48a hc8\"><div class=\"t m0 xf h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x598 y38f9 w4c3 hc8\"><div class=\"t m0 x14 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">(545.190) </div></td><td class=\"c x515 y38f9 wf9 hc8\"><div class=\"t m0 x55 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">3.449.325 </div></td></tr><tr><td class=\"c x44e y38fa w4ef hc8\" colspan=\"2\"><div class=\"t m0 x10 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">4. Strumenti d<span class=\"_ _1\"></span>i capitale<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x58a y38fa w48a hc8\"><div class=\"t m0 xf h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5af y38fa w4c3 hc8\"><div class=\"t m0 xf h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x534 y38fa w48a hc8\"><div class=\"t m0 xf h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x598 y38fa w4c3 hc8\"><div class=\"t m0 xf h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x515 y38fa wf9 hc8\"><div class=\"t m0 xf h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x262 y38fb w11ed h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">5.<span class=\"_ _df\"> </span></div></td><td class=\"c xba1 y38fb w11ee h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">(Azioni proprie)<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x58a y38fc w48a hc8\"><div class=\"t m0 x32 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">(20.010) </div></td><td class=\"c x5af y38fc w4c3 hc8\"><div class=\"t m0 xf h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x534 y38fc w48a hc8\"><div class=\"t m0 xf h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x598 y38fc w4c3 hc8\"><div class=\"t m0 xf h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x515 y38fc wf9 hc8\"><div class=\"t m0 x32 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">(20.010) </div></td></tr><tr><td class=\"c x44e y38fd w4ef h82\"><div class=\"t m0 x10 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">6. Riserve da valutaz<span class=\"_ _f\"></span>ione:<span class=\"_ _df\"> </span></div></td><td></td><td></td><td class=\"c x58a y38fd w48a h82\"><div class=\"t m0 x35 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">(51.076) </div></td><td class=\"c x5af y38fd w4c3 h82\"><div class=\"t m0 x31 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">6.814 </div></td><td class=\"c x534 y38fd w48a h82\"><div class=\"t m0 xf h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x598 y38fd w4c3 h82\"><div class=\"t m0 x26 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">(6.814)<span class=\"_ _df\"> </span></div></td><td class=\"c x515 y38fd wf9 h82\"><div class=\"t m0 x35 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">(51.076) </div></td></tr><tr><td class=\"c x58f y38fe w11ef h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">- Titoli di capita<span class=\"_ _1\"></span>le designati al <span class=\"_ _1\"></span>fair value con impat<span class=\"_ _f\"></span>to<span class=\"_ _df\"> </span></div></td><td></td><td></td><td class=\"c x58a y38ff w48a h58\"><div class=\"t m0 x37 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">13.351 </div></td><td class=\"c x5af y38ff w4c3 h58\"><div class=\"t m0 xf h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x534 y38ff w48a h58\"><div class=\"t m0 xf h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x598 y38ff w4c3 h58\"><div class=\"t m0 xf h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x515 y38ff wf9 h58\"><div class=\"t m0 x37 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">13.351 </div></td></tr><tr><td class=\"c x58f y3900 wdd7 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">sulla redditivit\u00e0 c<span class=\"_ _f\"></span>o<span class=\"_ _2\"></span>mplessi<span class=\"_ _1\"></span>va<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x58f y3901 w11f0 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">- Coperture di t<span class=\"_ _1\"></span>itoli di capita<span class=\"_ _1\"></span>le designati al fa<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span>r value<span class=\"_ _df\"> </span></div></td><td></td><td></td><td class=\"c x58a y3902 w48a hcd\"><div class=\"t m0 xf h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5af y3902 w4c3 hcd\"><div class=\"t m0 xf h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x534 y3902 w48a hcd\"><div class=\"t m0 xf h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x598 y3902 w4c3 hcd\"><div class=\"t m0 xf h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x515 y3902 wf9 hcd\"><div class=\"t m0 xf h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x58f y3903 wdeb h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">con impatto sul<span class=\"_ _1\"></span>la redditivit\u00e0 comp<span class=\"_ _f\"></span>l<span class=\"_ _2\"></span>essi<span class=\"_ _1\"></span>va<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x58f y3904 w11f1 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">- Attivit\u00e0 finanzia<span class=\"_ _f\"></span>r<span class=\"_ _2\"></span>ie (diver<span class=\"_ _1\"></span>se dai titoli di cap<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span>tale)<span class=\"_ _df\"> </span></div></td><td></td><td></td><td class=\"c x58a y3905 w48a h58\"><div class=\"t m0 x130 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">(364.362) </div></td><td class=\"c x5af y3905 w4c3 h58\"><div class=\"t m0 x14 h1f y420 ff4 fs7 fc1 sc0 ls28 ws0\">(2<span class=\"ls0\">62.014</span><span class=\"ls0\">) </span></div></td><td class=\"c x534 y3905 w48a h58\"><div class=\"t m0 xf h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x598 y3905 w4c3 h58\"><div class=\"t m0 x35 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">262.014</div></td><td class=\"c x515 y3905 wf9 h58\"><div class=\"t m0 x130 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">(364.362) </div></td></tr><tr><td class=\"c x58f y3906 w11f2 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">valutate al fair va<span class=\"_ _1\"></span>lue con impatt<span class=\"_ _1\"></span>o sulla reddi<span class=\"_ _1\"></span>tivit\u00e0 </div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x58f y3908 w11f3 h5c9\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">- Attivit\u00e0 materia<span class=\"_ _1\"></span>li</div><div class=\"t m0 x250 h1f y3907 ff4 fs7 fc1 sc0 ls0 ws0\">complessiva </div></td><td></td><td></td><td class=\"c x58a y3909 w48a hc8\"><div class=\"t m0 xf h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5af y3909 w4c3 hc8\"><div class=\"t m0 xf h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x534 y3909 w48a hc8\"><div class=\"t m0 xf h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x598 y3909 w4c3 hc8\"><div class=\"t m0 xf h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x515 y3909 wf9 hc8\"><div class=\"t m0 xf h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y390a w4ef hc8\"><div class=\"t m0 x8e h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- Attivit\u00e0 immater<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span>ali </div></td><td></td><td></td><td class=\"c x58a y390a w48a hc8\"><div class=\"t m0 xf h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5af y390a w4c3 hc8\"><div class=\"t m0 xf h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x534 y390a w48a hc8\"><div class=\"t m0 xf h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x598 y390a w4c3 hc8\"><div class=\"t m0 xf h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x515 y390a wf9 hc8\"><div class=\"t m0 xf h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y390b w4ef hc8\"><div class=\"t m0 x8e h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- Copertura di in<span class=\"_ _1\"></span>vestimenti ester<span class=\"_ _1\"></span>i </div></td><td></td><td></td><td class=\"c x58a y390b w48a hc8\"><div class=\"t m0 xf h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5af y390b w4c3 hc8\"><div class=\"t m0 xf h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x534 y390b w48a hc8\"><div class=\"t m0 xf h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x598 y390b w4c3 hc8\"><div class=\"t m0 xf h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x515 y390b wf9 hc8\"><div class=\"t m0 xf h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y390c w4ef hc8\"><div class=\"t m0 x8e h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- Copertura dei <span class=\"_ _1\"></span>flussi finanziar<span class=\"_ _1\"></span>i </div></td><td></td><td></td><td class=\"c x58a y390c w48a hc8\"><div class=\"t m0 x3a h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">(15.717) </div></td><td class=\"c x5af y390c w4c3 hc8\"><div class=\"t m0 xf h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x534 y390c w48a hc8\"><div class=\"t m0 xf h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x598 y390c w4c3 hc8\"><div class=\"t m0 xf h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x515 y390c wf9 hc8\"><div class=\"t m0 x3a h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">(15.717) </div></td></tr><tr><td class=\"c x44e y390d w4ef hc8\"><div class=\"t m0 x8e h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- Strumenti di c<span class=\"_ _f\"></span>o<span class=\"_ _2\"></span>pertura [eleme<span class=\"_ _f\"></span>nti non designati]<span class=\"_ _df\"> </span></div></td><td></td><td></td><td class=\"c x58a y390d w48a hc8\"><div class=\"t m0 xf h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5af y390d w4c3 hc8\"><div class=\"t m0 xf h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x534 y390d w48a hc8\"><div class=\"t m0 xf h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x598 y390d w4c3 hc8\"><div class=\"t m0 xf h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x515 y390d wf9 hc8\"><div class=\"t m0 xf h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y390e w4ef hc8\"><div class=\"t m0 x8e h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- Differenze d<span class=\"_ _1\"></span>i cambio </div></td><td></td><td></td><td class=\"c x58a y390e w48a hc8\"><div class=\"t m0 xf h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5af y390e w4c3 hc8\"><div class=\"t m0 xf h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x534 y390e w48a hc8\"><div class=\"t m0 xf h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x598 y390e w4c3 hc8\"><div class=\"t m0 xf h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x515 y390e wf9 hc8\"><div class=\"t m0 xf h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x58f y390f w11f4 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">- Attivit\u00e0 non c<span class=\"_ _1\"></span>orrenti e grupp<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span> di atti<span class=\"_ _1\"></span>vit\u00e0 in via di<span class=\"_ _df\"> </span></div></td><td></td><td></td><td class=\"c x58a y3910 w48a h7a\"><div class=\"t m0 xf h1f y400 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5af y3910 w4c3 h7a\"><div class=\"t m0 xf h1f y400 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x534 y3910 w48a h7a\"><div class=\"t m0 xf h1f y400 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x598 y3910 w4c3 h7a\"><div class=\"t m0 xf h1f y400 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x515 y3910 wf9 h7a\"><div class=\"t m0 xf h1f y400 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x58f y3911 w98d h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">dismissione<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x58f y3912 w11f5 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">- Passivit\u00e0 finanzi<span class=\"_ _1\"></span>arie designate <span class=\"_ _1\"></span>al fair value c<span class=\"_ _1\"></span>on<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x58f y3913 w11f6 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">impatto a cont<span class=\"_ _1\"></span>o economico (variaz<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span>oni del pr<span class=\"_ _f\"></span>o<span class=\"_ _2\"></span>prio </div></td><td></td><td></td><td class=\"c x58a y3914 w48a h266\"><div class=\"t m0 xf h1f yd3d ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5af y3914 w4c3 h266\"><div class=\"t m0 xf h1f yd3d ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x534 y3914 w48a h266\"><div class=\"t m0 xf h1f yd3d ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x598 y3914 w4c3 h266\"><div class=\"t m0 xf h1f yd3d ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x515 y3914 wf9 h266\"><div class=\"t m0 xf h1f yd3d ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x58f y3916 w11f7 h5ca\"><div class=\"t m0 x250 h1f y313a ff4 fs7 fc1 sc0 ls0 ws0\">- Utili (perdite) <span class=\"_ _1\"></span>attuariali su pian<span class=\"_ _1\"></span>i previdenziali a<span class=\"_ _df\"> </span></div><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">benefici definiti<span class=\"_ _df\"> </span></div><div class=\"t m0 x250 h1f y3915 ff4 fs7 fc1 sc0 ls0 ws0\">merito creditiz<span class=\"_ _1\"></span>io) </div></td><td></td><td></td><td class=\"c x58a y3917 w48a h7a\"><div class=\"t m0 x3a h1f y400 ff4 fs7 fc1 sc0 ls0 ws0\">(6.206) </div></td><td class=\"c x5af y3917 w4c3 h7a\"><div class=\"t m0 x12 h1f y400 ff4 fs7 fc1 sc0 ls32 ws0\">50<span class=\"ls0\"> </span></div></td><td class=\"c x534 y3917 w48a h7a\"><div class=\"t m0 xf h1f y400 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x598 y3917 w4c3 h7a\"><div class=\"t m0 x36 h1f y400 ff4 fs7 fc1 sc0 ls0 ws0\">(50) </div></td><td class=\"c x515 y3917 wf9 h7a\"><div class=\"t m0 x3a h1f y400 ff4 fs7 fc1 sc0 ls0 ws0\">(6.206) </div></td></tr><tr><td class=\"c x44e y3918 w4ef ha7\"><div class=\"t m0 x8e h1f y1c83 ff4 fs7 fc1 sc0 ls0 ws0\">- Quote delle ri<span class=\"_ _1\"></span>serve da valutaz<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span>one delle </div><div class=\"t m0 x8e h1f y1c84 ff4 fs7 fc1 sc0 ls0 ws0\">partecipazioni va<span class=\"_ _f\"></span>l<span class=\"_ _2\"></span>utate a pa<span class=\"_ _f\"></span>trimonio netto<span class=\"_ _df\"> </span></div></td><td></td><td></td><td class=\"c x58a y3918 w48a ha7\"><div class=\"t m0 xf h1f y1c85 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5af y3918 w4c3 ha7\"><div class=\"t m0 xf h1f y1c85 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x534 y3918 w48a ha7\"><div class=\"t m0 xf h1f y1c85 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x598 y3918 w4c3 ha7\"><div class=\"t m0 xf h1f y1c85 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x515 y3918 wf9 ha7\"><div class=\"t m0 xf h1f y1c85 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y3919 w4ef ha8\"><div class=\"t m0 x8e h1f y66a ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"ls26\"></span><span class=\"ls26\">  </span>Ricavi o costi d<span class=\"_ _1\"></span>i natura finanz<span class=\"_ _1\"></span>iaria relativi ai </div><div class=\"t m0 x8e h1f y1c84 ff4 fs7 fc1 sc0 ls0 ws0\">contratti assicurat<span class=\"_ _1\"></span>ivi emessi </div></td><td></td><td></td><td class=\"c x58a y3919 w48a ha8\"><div class=\"t m0 x32 h1f y823 ff4 fs7 fc1 sc0 ls0 ws0\">268.797 </div></td><td class=\"c x5af y3919 w4c3 ha8\"><div class=\"t m0 x32 h1f y823 ff4 fs7 fc1 sc0 ls0 ws0\">268.797 </div></td><td class=\"c x534 y3919 w48a ha8\"><div class=\"t m0 xf h1f y823 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x598 y3919 w4c3 ha8\"><div class=\"t m0 x39 h1f y823 ff4 fs7 fc1 sc0 ls0 ws0\">(268.797) </div></td><td class=\"c x515 y3919 wf9 ha8\"><div class=\"t m0 x32 h1f y823 ff4 fs7 fc1 sc0 ls0 ws0\">268.797 </div></td></tr><tr><td class=\"c x58f y391a w11f8 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">- Ricavi o costi d<span class=\"_ _1\"></span>i natura finanz<span class=\"_ _1\"></span>iaria relativi al<span class=\"_ _1\"></span>le<span class=\"_ _df\"> </span></div></td><td></td><td></td><td class=\"c x58a y391b w48a h57\"><div class=\"t m0 x8f h1f y2e7 ff4 fs7 fc1 sc0 ls0 ws0\">(19) </div></td><td class=\"c x5af y391b w4c3 h57\"><div class=\"t m0 x8f h1f y2e7 ff4 fs7 fc1 sc0 ls0 ws0\">(19) </div></td><td class=\"c x534 y391b w48a h57\"><div class=\"t m0 xf h1f y2e7 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x598 y391b w4c3 h57\"><div class=\"t m0 x90 h1f y2e7 ff4 fs7 fc1 sc0 ls9 ws0\">19<span class=\"_ _df\"> </span></div></td><td class=\"c x515 y391b wf9 h57\"><div class=\"t m0 x8f h1f y2e7 ff4 fs7 fc1 sc0 ls0 ws0\">(19) </div></td></tr><tr><td class=\"c x58f y391d w11f9 h5cb\"><div class=\"t m0 x250 h1f y391c ff4 fs7 fc1 sc0 ls0 ws0\">cessioni in riass<span class=\"_ _1\"></span>icurazione<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x44e y391e w4ef h131\"><div class=\"t m0 x8e h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">- Leggi speciali di ri<span class=\"_ _1\"></span>valutazione </div></td><td></td><td></td><td class=\"c x58a y391e w48a h131\"><div class=\"t m0 x27 h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">53.080 </div></td><td class=\"c x5af y391e w4c3 h131\"><div class=\"t m0 xf h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x534 y391e w48a h131\"><div class=\"t m0 xf h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x598 y391e w4c3 h131\"><div class=\"t m0 xf h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x515 y391e wf9 h131\"><div class=\"t m0 x3a h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">53.080 </div></td></tr><tr><td class=\"c x44e y391f w4ef h1fa\"><div class=\"t m0 x10 h1f y66c ff4 fs7 fc1 sc0 ls0 ws0\">7. Utile (Perdita) d'e<span class=\"_ _1\"></span>sercizio (+/-) del <span class=\"_ _1\"></span>gruppo e di terzi </div></td><td></td><td></td><td class=\"c x58a y391f w48a h1fa\"><div class=\"t m0 x35 h1f y66c ff4 fs7 fc1 sc0 ls0 ws0\">621.466 </div></td><td class=\"c x5af y391f w4c3 h1fa\"><div class=\"t m0 x34 h1f y66c ff4 fs7 fc1 sc0 ls0 ws0\">52.518 </div></td><td class=\"c x534 y391f w48a h1fa\"><div class=\"t m0 xf h1f y66c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x598 y391f w4c3 h1fa\"><div class=\"t m0 x35 h1f y66c ff4 fs7 fc1 sc0 ls0 ws0\">(52.518) </div></td><td class=\"c x515 y391f wf9 h1fa\"><div class=\"t m0 x35 h1f y66c ff4 fs7 fc1 sc0 ls0 ws0\">621.466 </div></td></tr><tr><td></td><td></td><td class=\"c x44e y3920 w4ef hc8\"><div class=\"t m0 x13a h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale </div></td><td class=\"c x58a y3920 w48a hc8\"><div class=\"t m0 x55 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">4.66<span class=\"_ _1\"></span>2.829<span class=\"_ _f\"></span> </div></td><td class=\"c x5af y3920 w4c3 hc8\"><div class=\"t m0 x35 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">597<span class=\"_ _1\"></span>.473<span class=\"_ _f\"></span> </div></td><td class=\"c x534 y3920 w48a hc8\"><div class=\"t m0 xf h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td><td class=\"c x598 y3920 w4c3 hc8\"><div class=\"t m0 x14 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">(597<span class=\"_ _1\"></span>.473)<span class=\"_ _f\"></span> </div></td><td class=\"c x515 y3920 wf9 hc8\"><div class=\"t m0 x55 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">4.66<span class=\"_ _1\"></span>2.829<span class=\"_ _f\"></span> </div></td></tr></table>Consolidato prudenziale Imprese di assicurazione Altre imprese Elisioni e aggiustamenti da consolidamento Totale Nella <span class=\"_ _e\"> </span>tavola <span class=\"_ _e\"> </span>sopra <span class=\"_ _e\"> </span>riportata <span class=\"_ _e\"> </span>sono <span class=\"_ _e\"> </span>indicate <span class=\"_ _e\"> </span>le <span class=\"_ _e\"> </span>componenti <span class=\"_ _15\"> </span>del <span class=\"_ _e\"> </span>patrimonio <span class=\"_ _10\"> </span>netto <span class=\"_ _15\"> </span>cont<span class=\"_ _2\"></span>abile<span class=\"_ _1\"></span>, sommando  q<span class=\"_ _1\"></span>uelle <span class=\"_ _9\"> </span>d<span class=\"_ _2\"></span>el <span class=\"_ _9\"> </span>Gr<span class=\"_ _2\"></span>uppo <span class=\"_ _9\"> </span>con  quelle <span class=\"_ _9\"> </span>di  terzi, <span class=\"_ _9\"> </span>ri<span class=\"_ _2\"></span>partite <span class=\"_ _16\"> </span>per  tipologia <span class=\"_ _9\"> </span>di  imprese <span class=\"_ _9\"> </span>oggett<span class=\"_ _2\"></span>o <span class=\"_ _16\"> </span>di consolidamento. <span class=\"_ _4\"> </span>Pi\u00f9 <span class=\"_ _4\"> </span>in <span class=\"_ _4\"> </span>dettaglio, <span class=\"_ _4\"> </span>nella <span class=\"_ _4\"> </span>colonna <span class=\"_ _4\"> </span>riferita <span class=\"_ _4\"> </span>al <span class=\"_ _17\"> </span>Consoli<span class=\"_ _1\"></span>damento <span class=\"_ _4\"> </span>prudenziale <span class=\"_ _4\"> </span>viene indicato l\u2019i<span class=\"_ _1\"></span>mporto che risulta dal <span class=\"_ _f\"></span>cons<span class=\"_ _2\"></span>olidamento <span class=\"_ _1\"></span>delle societ\u00e0 ap<span class=\"_ _1\"></span>partenenti al Grup<span class=\"_ _1\"></span>po bancario, al lordo <span class=\"_ _0\"></span>degli <span class=\"_ _0\"></span>effetti <span class=\"_ _0\"></span>economici <span class=\"_ _9\"> </span>di <span class=\"_ _0\"></span>transazioni <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=\"_ _0\"></span>nel <span class=\"_ _0\"></span>perimetro <span class=\"_ _9\"> </span>di consolidamento;  le <span class=\"_ _4\"> </span>societ\u00e0 <span class=\"_ _4\"> </span>controllate, <span class=\"_ _22\"> </span>diverse <span class=\"_ _4\"> </span>da <span class=\"_ _22\"> </span>quelle <span class=\"_ _4\"> </span>appartenenti <span class=\"_ _22\"> </span>al <span class=\"_ _4\"> </span>Gruppo <span class=\"_ _4\"> </span>bancario <span class=\"_ _4\"> </span>e consolidate integralmente <span class=\"_ _2\"></span>sono <span class=\"_ _2\"></span>qui valorizzate <span class=\"_ _2\"></span>con <span class=\"_ _2\"></span>il metodo <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>patrimonio <span class=\"_ _2\"></span>netto. <span class=\"_ _2\"></span>Nella colonn<span class=\"_ _2\"></span><span class=\"ls73\">a </span>Imprese di assicurazione so<span class=\"_ _2\"></span>no riportati gli importi che risultano dal consolidamento, al <span class=\"_ _2\"></span>lordo degli effetti <span class=\"_ _17\"> </span>economici <span class=\"_ _17\"> </span>derivanti <span class=\"_ _4\"> </span>da<span class=\"_ _2\"></span> <span class=\"_ _17\"> </span>transazioni <span class=\"_ _17\"> </span>effettuate <span class=\"_ _17\"> </span>con <span class=\"_ _17\"> </span>le <span class=\"_ _17\"> </span>societ\u00e0 <span class=\"_ _17\"> </span>appartenenti <span class=\"_ _17\"> </span>al <span class=\"_ _17\"> </span>Gruppo bancario. Nelle colonne<span class=\"_ _1\"></span> Elisioni ed Aggiustamenti sono inve<span class=\"_ _1\"></span>ce in<span class=\"_ _2\"></span>dicate le rettifiche nece<span class=\"_ _1\"></span>ssarie per ottenere il dato rappresentato in bil<span class=\"_ _1\"></span>ancio.<span class=\"_ _df\"> </span>B.2 Ri<span class=\"_ _1\"></span>serve<span class=\"_ _1\"></span> da <span class=\"_ _1\"></span>valut<span class=\"_ _1\"></span>azio<span class=\"_ _1\"></span>ne del<span class=\"_ _1\"></span>le a<span class=\"_ _f\"></span>ttivit\u00e0 fi<span class=\"_ _1\"></span>nanzia<span class=\"_ _1\"></span>rie v<span class=\"_ _1\"></span>aluta<span class=\"_ _f\"></span>te al fai<span class=\"_ _1\"></span>r va<span class=\"_ _1\"></span>lue co<span class=\"_ _f\"></span>n impatt<span class=\"_ _f\"></span>o sulla r<span class=\"_ _1\"></span>edditi<span class=\"_ _1\"></span>vit\u00e0 <span class=\"_ _1\"></span>comp<span class=\"_ _1\"></span>lessiv<span class=\"_ _1\"></span>a: comp<span class=\"_ _1\"></span>osizio<span class=\"_ _f\"></span>ne <table class=\"s w11fa h5cc\" id=\"_38590e5b-4584-49a6-8c19-c71ea25b29f5\"><tr><td class=\"c x46b y3921 w660 h36f\"><div class=\"t m0 x35 h1f y11c4 ff4 fs7 fc4 sc3 ls0 ws0\">Atti<span class=\"_ _1\"></span>vit\u00e0/v<span class=\"_ _f\"></span>alori<span class=\"fc1 sc0\"> </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=\"c x46b y3922 w664 hc8\"><div class=\"t m0 x8a h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">1. Titoli di debito<span class=\"_ _1\"></span> </div></td><td></td><td class=\"c xba2 y3922 w32c hc8\"><div class=\"t m0 x2f h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">5.808 </div></td><td class=\"c xa46 y3922 w34d hc8\"><div class=\"t m0 xac h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">108.156 </div></td><td class=\"c x5d8 y3922 w1c0 hc8\"><div class=\"t m0 x8e h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">18.726 </div></td><td class=\"c xa64 y3922 w351 hc8\"><div class=\"t m0 x8a h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">280.740 </div></td><td class=\"c x8a0 y3922 w35e hc8\"><div class=\"t m0 x97 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x54b y3922 w56f hc8\"><div class=\"t m0 x39 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x6ec y3922 w19b hc8\"><div class=\"t m0 x34 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x7f8 y3922 w18b hc8\"><div class=\"t m0 x38 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xba3 y3922 w12d hc8\"><div class=\"t m0 xab h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">24.534 </div></td><td class=\"c xba4 y3922 w2af hc8\"><div class=\"t m0 x8a h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">388.896 </div></td></tr><tr><td class=\"c x46b y3923 w664 hc8\"><div class=\"t m0 x8a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">2. Titoli di capita<span class=\"_ _f\"></span>l<span class=\"_ _2\"></span>e<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c xba2 y3923 w32c hc8\"><div class=\"t m0 x8e h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">15.778 </div></td><td class=\"c xa46 y3923 w34d hc8\"><div class=\"t m0 x2e h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">2.427 </div></td><td class=\"c x5d8 y3923 w1c0 hc8\"><div class=\"t m0 x34 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa64 y3923 w351 hc8\"><div class=\"t m0 x97 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x8a0 y3923 w35e hc8\"><div class=\"t m0 x97 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x54b y3923 w56f hc8\"><div class=\"t m0 x39 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x6ec y3923 w19b hc8\"><div class=\"t m0 x34 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x7f8 y3923 w18b hc8\"><div class=\"t m0 x38 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xba3 y3923 w12d hc8\"><div class=\"t m0 x8e h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">15.778 </div></td><td class=\"c xba4 y3923 w2af hc8\"><div class=\"t m0 x55 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">2.427 </div></td></tr><tr><td class=\"c x46b y3924 w664 hc8\"><div class=\"t m0 x8a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">3. Finanziamenti<span class=\"_ _1\"></span> </div></td><td></td><td class=\"c xba2 y3924 w32c hc8\"><div class=\"t m0 x26 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa46 y3924 w34d hc8\"><div class=\"t m0 x97 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5d8 y3924 w1c0 hc8\"><div class=\"t m0 x34 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa64 y3924 w351 hc8\"><div class=\"t m0 x97 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x8a0 y3924 w35e hc8\"><div class=\"t m0 x97 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x54b y3924 w56f hc8\"><div class=\"t m0 x39 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x6ec y3924 w19b hc8\"><div class=\"t m0 x34 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x7f8 y3924 w18b hc8\"><div class=\"t m0 x38 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xba3 y3924 w12d hc8\"><div class=\"t m0 x26 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xba4 y3924 w2af hc8\"><div class=\"t m0 x38 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y3925 w179 hc8\"><div class=\"t m0 x55 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale<span class=\"sc0\"> </span></div></td><td class=\"c xba5 y3925 w376 hc8\"><div class=\"t m0 x8a h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">31/12/<span class=\"_ _f\"></span>2025<span class=\"sc0\"> </span></div></td><td class=\"c xba2 y3925 w32c hc8\"><div class=\"t m0 x8e h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">21.58<span class=\"_ _1\"></span>6<span class=\"sc0\"> </span></div></td><td class=\"c xa46 y3925 w34d hc8\"><div class=\"t m0 xac h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">110.5<span class=\"_ _1\"></span>83<span class=\"sc0\"> </span></div></td><td class=\"c x5d8 y3925 w1c0 hc8\"><div class=\"t m0 x2f h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">18.726<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td><td class=\"c xa64 y3925 w351 hc8\"><div class=\"t m0 xab h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">280.7<span class=\"_ _f\"></span>40<span class=\"sc0\"> </span></div></td><td class=\"c x8a0 y3925 w35e hc8\"><div class=\"t m0 x97 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x54b y3925 w56f hc8\"><div class=\"t m0 x39 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x6ec y3925 w19b hc8\"><div class=\"t m0 x34 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x7f8 y3925 w18b hc8\"><div class=\"t m0 x38 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c xba3 y3925 w12d hc8\"><div class=\"t m0 xac h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">40.3<span class=\"_ _1\"></span>12<span class=\"sc0\"> </span></div></td><td class=\"c xba4 y3925 w2af hc8\"><div class=\"t m0 xac h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">391.3<span class=\"_ _f\"></span>23<span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x46b y3926 w179 hc8\"><div class=\"t m0 x55 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale<span class=\"sc0\"> </span></div></td><td class=\"c xba5 y3926 w376 hc8\"><div class=\"t m0 x8a h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">31/12/<span class=\"_ _f\"></span>2024<span class=\"sc0\"> </span></div></td><td class=\"c xba2 y3926 w32c hc8\"><div class=\"t m0 xac h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">19.0<span class=\"_ _1\"></span>04<span class=\"sc0\"> </span></div></td><td class=\"c xa46 y3926 w34d hc8\"><div class=\"t m0 xab h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">144.06<span class=\"_ _f\"></span>2<span class=\"sc0\"> </span></div></td><td class=\"c x5d8 y3926 w1c0 hc8\"><div class=\"t m0 x8e h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">24.33<span class=\"_ _f\"></span>1<span class=\"sc0\"> </span></div></td><td class=\"c xa64 y3926 w351 hc8\"><div class=\"t m0 xab h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">276.<span class=\"_ _1\"></span>233<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x8a0 y3926 w35e hc8\"><div class=\"t m0 x97 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x54b y3926 w56f hc8\"><div class=\"t m0 x39 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x6ec y3926 w19b hc8\"><div class=\"t m0 x34 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x7f8 y3926 w2af hc8\"><div class=\"t m0 x38 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c xba3 y3926 w12d hc8\"><div class=\"t m0 xab h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">43.33<span class=\"_ _1\"></span>5<span class=\"sc0\"> </span></div></td><td class=\"c xba4 y3926 w182 hc8\"><div class=\"t m0 xab h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">420.<span class=\"_ _f\"></span>295<span class=\"sc0\"> </span></div></td></tr></table>Consolidato prudenziale<span class=\"fc1 sc0\"> </span>Imprese di assicurazione<span class=\"fc1 sc0\"> </span>Altre imprese<span class=\"fc1 sc0\"> </span>Elisioni e aggiustamenti da consolidament<span class=\"_ _df\"> </span>o<span class=\"fc1 sc0\"> </span>Totale<span class=\"fc1 sc0\"> </span>Riserva positiva<span class=\"fc1 sc0\"> </span>Riserva negativa<span class=\"fc1 sc0\"> </span>Riserva positiva<span class=\"fc1 sc0\"> </span>Riserva negativa<span class=\"fc1 sc0\"> </span>Riserva positiva<span class=\"fc1 sc0\"> </span>Riserva negativa<span class=\"fc1 sc0\"> </span>Riserva positiva<span class=\"fc1 sc0\"> </span>Riserva negativa<span class=\"fc1 sc0\"> </span>Riserva positiva<span class=\"fc1 sc0\"> </span>Riserva negativa<span class=\"fc1 sc0\"> </span>B.3 <span class=\"_ _1\"></span>Riserv<span class=\"_ _1\"></span>e da<span class=\"_ _1\"></span> val<span class=\"_ _1\"></span>utazione<span class=\"_ _f\"></span> delle <span class=\"_ _1\"></span>attivit<span class=\"_ _1\"></span>\u00e0 fina<span class=\"_ _f\"></span>nziarie v<span class=\"_ _1\"></span>alut<span class=\"_ _1\"></span>ate a<span class=\"_ _1\"></span>l fai<span class=\"_ _1\"></span>r value<span class=\"_ _1\"></span> con <span class=\"_ _1\"></span>impa<span class=\"_ _1\"></span>tto <span class=\"_ _1\"></span>sulla r<span class=\"_ _f\"></span>edditivit<span class=\"_ _f\"></span>\u00e0 comples<span class=\"_ _1\"></span>siva<span class=\"_ _1\"></span>: varia<span class=\"_ _1\"></span>zioni a<span class=\"_ _f\"></span>nnue <table class=\"s w11fb h5cd\" id=\"_57313603-fec8-4a9c-9b8c-d5c4972a7aa1\"><tr><td></td><td class=\"c xba6 y3927 w11fc h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc4 sc3 ls0 ws0\">Titol<span class=\"_ _1\"></span>i di<span class=\"_ _df\"> </span></div></td><td class=\"c xba7 y3927 w11fc h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc4 sc3 ls0 ws0\">Titol<span class=\"_ _1\"></span>i di<span class=\"_ _df\"> </span></div></td><td class=\"c xba8 y3928 w4bd h17f\"><div class=\"t m0 x10 h1f y305 ff4 fs7 fc4 sc3 ls0 ws0\">Fina<span class=\"_ _f\"></span>nziamen<span class=\"_ _f\"></span>ti </div></td></tr><tr><td></td><td class=\"c xba9 y24e4 wdc6 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc4 sc3 ls0 ws0\">debi<span class=\"_ _1\"></span>to<span class=\"_ _df\"> </span></div></td><td class=\"c xbaa y24e4 wa1b h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc4 sc3 ls0 ws0\">capit<span class=\"_ _f\"></span>ale<span class=\"_ _df\"> </span></div></td><td></td></tr><tr><td class=\"c x44e y3929 w665 h2b\"><div class=\"t m0 x10 h1f y2a ff4 fs7 fc1 sc2 ls0 ws0\">1. Esi<span class=\"_ _f\"></span>stenze i<span class=\"_ _1\"></span>nizi<span class=\"_ _1\"></span>ali </div></td><td class=\"c x98e y3929 w48a h2b\"><div class=\"t m0 x39 h1f y2a ff4 fs7 fc1 sc2 ls0 ws0\">(386.<span class=\"_ _1\"></span>539<span class=\"_ _f\"></span>) </div></td><td class=\"c x7b0 y3929 w4c1 h2b\"><div class=\"t m0 x38 h1f y2a ff4 fs7 fc1 sc2 ls0 ws0\">9.57<span class=\"_ _f\"></span>8 </div></td><td class=\"c xba8 y3929 w73 h2b\"><div class=\"t m0 xa3 h1f y2a ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y392a w665 h232\"><div class=\"t m0 x10 h1f y93e ff4 fs7 fc1 sc2 ls0 ws0\">2. Va<span class=\"_ _1\"></span>riaz<span class=\"_ _1\"></span>ioni<span class=\"_ _1\"></span> posit<span class=\"_ _f\"></span>ive </div></td><td class=\"c x98e y392a w48a h232\"><div class=\"t m0 x2c h1f y93e ff4 fs7 fc1 sc2 ls0 ws0\">108.07<span class=\"_ _f\"></span>2 </div></td><td class=\"c x7b0 y392a w4c1 h232\"><div class=\"t m0 x38 h1f y93e ff4 fs7 fc1 sc2 ls0 ws0\">6.47<span class=\"_ _1\"></span>4 </div></td><td class=\"c xba8 y392a w73 h232\"><div class=\"t m0 xa3 h1f y93e ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y392b w665 h232\"><div class=\"t m0 x10 h1f y93e ff4 fs7 fc1 sc0 ls0 ws0\">2.1 Incrementi d<span class=\"_ _1\"></span>i fair value </div></td><td class=\"c x98e y392b w48a h232\"><div class=\"t m0 x27 h1f y93e ff4 fs7 fc1 sc0 ls0 ws0\">64.607 </div></td><td class=\"c x7b0 y392b w4c1 h232\"><div class=\"t m0 x97 h1f y93e ff4 fs7 fc1 sc0 ls0 ws0\">5.809 </div></td><td class=\"c xba8 y392b w73 h232\"><div class=\"t m0 xa3 h1f y93e ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y392c w665 h232\"><div class=\"t m0 x10 h1f y93e ff4 fs7 fc1 sc0 ls0 ws0\">2.2 Rettifiche di <span class=\"_ _1\"></span>valore per risch<span class=\"_ _1\"></span>io di credito </div></td><td class=\"c x98e y392c w48a h232\"><div class=\"t m0 x8f h1f y93e ff4 fs7 fc1 sc0 ls0 ws0\">437 </div></td><td class=\"c x7b0 y392c w4c1 h232\"><div class=\"t m0 x2c h1f y93e ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c xba8 y392c w73 h232\"><div class=\"t m0 xa3 h1f y93e ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y392d w665 h232\"><div class=\"t m0 x10 h1f y93e ff4 fs7 fc1 sc0 ls0 ws0\">2.3 Rigiro a cont<span class=\"_ _f\"></span>o<span class=\"_ _2\"></span> econom<span class=\"_ _1\"></span>ico di riserve negat<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span>ve da real<span class=\"_ _1\"></span>izzo </div></td><td class=\"c x98e y392d w48a h232\"><div class=\"t m0 x37 h1f y93e ff4 fs7 fc1 sc0 ls0 ws0\">31.190 </div></td><td class=\"c x7b0 y392d w4c1 h232\"><div class=\"t m0 x2c h1f y93e ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c xba8 y392d w73 h232\"><div class=\"t m0 xa3 h1f y93e ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y392e w665 h232\"><div class=\"t m0 x10 h1f y93e ff4 fs7 fc1 sc0 ls0 ws0\">2.4 Trasferime<span class=\"_ _1\"></span>nti ad altre comp<span class=\"_ _1\"></span>onenti di patrim<span class=\"_ _1\"></span>onio netto (tit<span class=\"_ _1\"></span>oli di capital<span class=\"_ _1\"></span>e)<span class=\"_ _2\"></span> </div></td><td class=\"c x98e y392e w48a h232\"><div class=\"t m0 xf h1f y93e ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x7b0 y392e w4c1 h232\"><div class=\"t m0 xf h1f y93e ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xba8 y392e w73 h232\"><div class=\"t m0 xa3 h1f y93e ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y392f w665 h232\"><div class=\"t m0 x10 h1f y93e ff4 fs7 fc1 sc0 ls0 ws0\">2.5 Altre variaz<span class=\"_ _1\"></span>ioni </div></td><td class=\"c x98e y392f w48a h232\"><div class=\"t m0 x37 h1f y93e ff4 fs7 fc1 sc0 ls0 ws0\">11.838 </div></td><td class=\"c x7b0 y392f w4c1 h232\"><div class=\"t m0 x8f h1f y93e ff4 fs7 fc1 sc0 ls29 ws0\">665<span class=\"ls0\"> </span></div></td><td class=\"c xba8 y392f w73 h232\"><div class=\"t m0 xa3 h1f y93e ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y3930 w665 h232\"><div class=\"t m0 x10 h1f y93e ff4 fs7 fc1 sc2 ls0 ws0\">3. Va<span class=\"_ _f\"></span>riazioni<span class=\"_ _1\"></span> nega<span class=\"_ _f\"></span>tive </div></td><td class=\"c x98e y3930 w48a h232\"><div class=\"t m0 x27 h1f y93e ff4 fs7 fc1 sc2 ls0 ws0\">85.89<span class=\"_ _f\"></span>5 </div></td><td class=\"c x7b0 y3930 w4c1 h232\"><div class=\"t m0 x31 h1f y93e ff4 fs7 fc1 sc2 ls0 ws0\">2.70<span class=\"_ _1\"></span>1 </div></td><td class=\"c xba8 y3930 w73 h232\"><div class=\"t m0 xa3 h1f y93e ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y3931 w665 h373\"><div class=\"t m0 x10 h1f y93e ff4 fs7 fc1 sc0 ls0 ws0\">3.1 Riduzioni di <span class=\"_ _1\"></span>fair value </div></td><td class=\"c x98e y3931 w48a h373\"><div class=\"t m0 x27 h1f y93e ff4 fs7 fc1 sc2 ls0 ws0\">64.85<span class=\"_ _f\"></span>3 </div></td><td class=\"c x7b0 y3931 w4c1 h373\"><div class=\"t m0 x8f h1f y93e ff4 fs7 fc1 sc2 ls35 ws0\">769<span class=\"ls0\"> </span></div></td><td class=\"c xba8 y3931 w73 h373\"><div class=\"t m0 xa3 h1f y93e ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y3932 w665 h232\"><div class=\"t m0 x10 h1f y93e ff4 fs7 fc1 sc0 ls0 ws0\">3.2 Riprese di val<span class=\"_ _f\"></span>o<span class=\"_ _2\"></span>re per risc<span class=\"_ _f\"></span>hio di credito </div></td><td class=\"c x98e y3932 w48a h232\"><div class=\"t m0 x8f h1f y93e ff4 fs7 fc1 sc2 ls2b ws0\">887<span class=\"ls0\"> </span></div></td><td class=\"c x7b0 y3932 w4c1 h232\"><div class=\"t m0 xf h1f y93e ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td><td class=\"c xba8 y3932 w73 h232\"><div class=\"t m0 xa3 h1f y93e ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y3933 w665 h232\"><div class=\"t m0 x10 h1f y93e ff4 fs7 fc1 sc0 ls0 ws0\">3.3 Rigiro a con<span class=\"_ _f\"></span>t<span class=\"_ _2\"></span>o econ<span class=\"_ _1\"></span>omico da rise<span class=\"_ _f\"></span>r<span class=\"_ _2\"></span>ve positi<span class=\"_ _1\"></span>ve: da realizzo </div></td><td class=\"c x98e y3933 w48a h232\"><div class=\"t m0 x97 h1f y93e ff4 fs7 fc1 sc2 ls0 ws0\">11.356<span class=\"_ _f\"></span> </div></td><td class=\"c x7b0 y3933 w4c1 h232\"><div class=\"t m0 x2c h1f y93e ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c xba8 y3933 w73 h232\"><div class=\"t m0 xa3 h1f y93e ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y3934 w665 h232\"><div class=\"t m0 x10 h1f y93e ff4 fs7 fc1 sc0 ls0 ws0\">3.4 Trasferiment<span class=\"_ _1\"></span>i ad altre compo<span class=\"_ _1\"></span>nenti di patrim<span class=\"_ _f\"></span>o<span class=\"_ _2\"></span>nio nett<span class=\"_ _1\"></span>o (titoli di cap<span class=\"_ _1\"></span>itale) </div></td><td class=\"c x98e y3934 w48a h232\"><div class=\"t m0 xf h1f y93e ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td><td class=\"c x7b0 y3934 w4c1 h232\"><div class=\"t m0 xf h1f y93e ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td><td class=\"c xba8 y3934 w73 h232\"><div class=\"t m0 xa3 h1f y93e ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y3935 w665 h232\"><div class=\"t m0 x10 h1f y93e ff4 fs7 fc1 sc0 ls0 ws0\">3.5 Altre variazi<span class=\"_ _1\"></span>oni </div></td><td class=\"c x98e y3935 w48a h232\"><div class=\"t m0 x38 h1f y93e ff4 fs7 fc1 sc2 ls0 ws0\">8.79<span class=\"_ _1\"></span>9 </div></td><td class=\"c x7b0 y3935 w4c1 h232\"><div class=\"t m0 x31 h1f y93e ff4 fs7 fc1 sc2 ls0 ws0\">1.932<span class=\"_ _f\"></span> </div></td><td class=\"c xba8 y3935 w73 h232\"><div class=\"t m0 xa3 h1f y93e ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y3936 w665 h232\"><div class=\"t m0 x10 h1f y93e ff4 fs7 fc1 sc2 ls0 ws0\">4. Rim<span class=\"_ _f\"></span>anenz<span class=\"_ _f\"></span>e finali<span class=\"_ _1\"></span> </div></td><td class=\"c x98e y3936 w48a h232\"><div class=\"t m0 x39 h1f y93e ff4 fs7 fc1 sc2 ls0 ws0\">(364.3<span class=\"_ _f\"></span>62) </div></td><td class=\"c x7b0 y3936 w4c1 h232\"><div class=\"t m0 x97 h1f y93e ff4 fs7 fc1 sc2 ls0 ws0\">13.35<span class=\"_ _1\"></span>1 </div></td><td class=\"c xba8 y3936 w73 h232\"><div class=\"t m0 xa3 h1f y93e ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td></tr></table>Relativamente ai mercati finanziari: <span class=\"_ _c\"> </span><span class=\"ff4 fs1\">Nel <span class=\"_ _9\"> </span>primo  trimestre <span class=\"_ _9\"> </span>2025,  ne<span class=\"_ _f\"></span>gli  Stati <span class=\"_ _9\"> </span>Uniti,  i<span class=\"_ _1\"></span>l <span class=\"_ _16\"> </span>peggioramento <span class=\"_ _9\"> </span>della <span class=\"_ _9\"> </span>fid<span class=\"_ _2\"></span>ucia <span class=\"_ _9\"> </span>degli  i<span class=\"_ _1\"></span>nvestitori,  i<span class=\"_ _f\"></span> </span>segnali <span class=\"_ _17\"> </span>di <span class=\"_ _17\"> </span>rallentamento <span class=\"_ _17\"> </span>dell\u2019att<span class=\"_ _2\"></span>ivit\u00e0 <span class=\"_ _4\"> </span>economica <span class=\"_ _17\"> </span>e <span class=\"_ _17\"> </span>la <span class=\"_ _17\"> </span>cresc<span class=\"_ _2\"></span>ente <span class=\"_ _17\"> </span>incertezza <span class=\"_ _17\"> </span>sulle <span class=\"_ _17\"> </span>politiche co<span class=\"ls0\">mmerciali del paese, <span class=\"_ _2\"></span>hanno rafforzato le aspettative di un <span class=\"_ _2\"></span>taglio dei tassi <span class=\"_ _2\"></span>da<span class=\"_ _1\"></span> parte della FED, </span>con <span class=\"_ _0\"></span>la <span class=\"_ _0\"></span>conseguente <span class=\"_ _d\"></span>riduzione <span class=\"_ _0\"></span>dei <span class=\"_ _0\"></span>rendimenti <span class=\"_ _0\"></span>dei <span class=\"_ _d\"></span>titoli <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>stato. <span class=\"_ _0\"></span>I <span class=\"_ _0\"></span>rendimenti <span class=\"_ _d\"></span>dei <span class=\"_ _0\"></span>titoli <span class=\"_ _0\"></span>pubblici<span class=\"_ _df\"> </span>dell\u2019area dell\u2019euro <span class=\"_ _2\"></span>sono rimas<span class=\"_ _2\"></span>ti pressoch\u00e9 invariati, <span class=\"_ _2\"></span>ma si <span class=\"_ _2\"></span>so<span class=\"_ _2\"></span><span class=\"ff4\">no registrati <span class=\"_ _2\"></span>alcuni episodi <span class=\"_ _2\"></span>di forte </span>variazione. Dopo l\u2019annuncio all\u2019inizio di mar<span class=\"_ _2\"></span>zo di una maggiore spesa pubblica per la <span class=\"_ _2\"></span>difesa e le infrastrutture in <span class=\"_ _f\"></span>Germania, i <span class=\"_ _f\"></span>r<span class=\"_ _2\"></span>endi<span class=\"_ _1\"></span>menti erano <span class=\"_ _f\"></span>saliti marcatamente; <span class=\"_ _f\"></span>in seguito, si <span class=\"_ _f\"></span>\u00e8 assistito a <span class=\"_ _f\"></span>un calo <span class=\"_ _2\"></span>dei <span class=\"_ _2\"></span>rendiment<span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>dei <span class=\"_ _2\"></span>tito<span class=\"_ _2\"></span>li <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>S<span class=\"_ _2\"></span>tato <span class=\"_ _2\"></span>europei <span class=\"_ _2\"></span>guidato <span class=\"_ _d\"></span>principalmente <span class=\"_ _2\"></span>dalla <span class=\"_ _2\"></span>svolta <span class=\"_ _d\"></span>della <span class=\"_ _2\"></span>politica monetaria <span class=\"_ _1\"></span>della <span class=\"_ _f\"></span>BCE <span class=\"_ _f\"></span>e da <span class=\"_ _f\"></span>una <span class=\"_ _f\"></span>progressiva <span class=\"_ _1\"></span>stabilizzazione <span class=\"_ _f\"></span>del <span class=\"_ _f\"></span>quadr<span class=\"_ _2\"></span>o <span class=\"_ _f\"></span>macroeconomico. <span class=\"_ _f\"></span>Da met\u00e0<span class=\"_ _f\"></span> gennaio 2025 gli <span class=\"_ _2\"></span>indici<span class=\"_ _1\"></span> azionari <span class=\"_ _2\"></span>hanno subito una netta flessione <span class=\"_ _2\"></span>in Giappone e negli <span class=\"_ _2\"></span>Stati Uniti, dove  ha<span class=\"_ _2\"></span>nno  r<span class=\"_ _2\"></span>isentito  del <span class=\"_ _4\"> </span>forte <span class=\"_ _4\"> </span>calo  delle <span class=\"_ _4\"> </span>quotazioni <span class=\"_ _4\"> </span>del  sett<span class=\"_ _2\"></span>ore <span class=\"_ _22\"> </span>automo<span class=\"_ _2\"></span>bili<span class=\"_ _1\"></span>stico, <span class=\"_ _4\"> </span>di  quello<span class=\"_ _df\"> </span>tecnologico e delle imprese <span class=\"_ _2\"></span>pi\u00f9 esposte al commercio <span class=\"_ _2\"></span>internazi<span class=\"_ _1\"></span>onale. Nell\u2019area dell\u2019euro i <span class=\"_ _2\"></span>corsi azionari  sono  diminuiti,  anche  se  in  misura  minore  r<span class=\"_ _2\"></span>ispetto  a  quelli  statunitensi.  Fino  alla seconda <span class=\"_ _0\"></span>decade <span class=\"_ _9\"> </span>di <span class=\"_ _0\"></span>mar<span class=\"_ _2\"></span>zo <span class=\"_ _0\"></span>sono <span class=\"_ _9\"> </span>stati <span class=\"_ _0\"></span>sostenuti <span class=\"_ _9\"> </span>dall\u2019avvio <span class=\"_ _0\"></span>dei <span class=\"_ _0\"></span>negoziati <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>pace <span class=\"_ _0\"></span>tr<span class=\"_ _2\"></span>a <span class=\"_ _0\"></span>Ucraina <span class=\"_ _0\"></span>e Russia e da aspettative di un\u2019e<span class=\"_ _1\"></span>spansione della spesa pubblica in Germania.<span class=\"_ _df\"> </span><span class=\"_ _c\"> </span><span class=\"ff4 fs1\">Nel secondo <span class=\"_ _2\"></span>trimestre <span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>mercati finanziari <span class=\"_ _2\"></span>hanno <span class=\"_ _2\"></span><span class=\"ff5\">risentito <span class=\"_ _2\"></span>dell\u2019incertezza indotta <span class=\"_ _2\"></span>dalle t<span class=\"_ _2\"></span>ensioni<span class=\"_ _df\"> </span></span></span>commerciali <span class=\"_ _16\"> </span>e <span class=\"_ _9\"> </span>ha<span class=\"_ _2\"></span>nno <span class=\"_ _16\"> </span>mostrato <span class=\"_ _16\"> </span>segnali <span class=\"_ _9\"> </span>di  riduzione <span class=\"_ _9\"> </span>dell\u2019esposizione  degli <span class=\"_ _9\"> </span>investitor<span class=\"_ _2\"></span>i <span class=\"_ _16\"> </span>globali<span class=\"_ _df\"> </span>verso <span class=\"_ _0\"></span>alcune <span class=\"_ _0\"></span>attivit\u00e0 <span class=\"_ _9\"> </span>in <span class=\"_ _0\"></span>dollari. <span class=\"_ _0\"></span>Nell\u2019area <span class=\"_ _0\"></span>dell\u2019euro <span class=\"_ _0\"></span>i <span class=\"_ _9\"> </span>rendimenti <span class=\"_ _0\"></span>sono <span class=\"_ _9\"> </span>nel <span class=\"_ _0\"></span>complesso <span class=\"_ _0\"></span>diminuiti, soprattutto ne<span class=\"_ _1\"></span>i paesi <span class=\"_ _f\"></span>che hanno <span class=\"_ _f\"></span>intrapreso un <span class=\"_ _f\"></span>percorso di <span class=\"_ _f\"></span>consolidamento de<span class=\"_ _1\"></span>i conti <span class=\"_ _f\"></span>pubblici. Le forti <span class=\"_ _4\"> </span>perdite  delle  quotazioni <span class=\"_ _4\"> </span>azionarie <span class=\"_ _22\"> </span>delle <span class=\"_ _4\"> </span>principali  piazze <span class=\"_ _4\"> </span>finanziarie  all\u2019indomani <span class=\"_ _4\"> </span>degli annunci <span class=\"_ _4\"> </span>del <span class=\"_ _4\"> </span>2 <span class=\"_ _4\"> </span>aprile <span class=\"_ _4\"> </span>sui <span class=\"_ _4\"> </span>dazi <span class=\"_ _4\"> </span>statunitensi <span class=\"_ _4\"> </span>sono <span class=\"_ _4\"> </span>state <span class=\"_ _4\"> </span>pi\u00f9 <span class=\"_ _4\"> </span>che <span class=\"_ _4\"> </span>recupe<span class=\"_ _1\"></span>rate <span class=\"_ _4\"> </span>nelle <span class=\"_ _4\"> </span>se<span class=\"_ _2\"></span>ttimane successive <span class=\"_ _0\"></span>e <span class=\"_ _9\"> </span>le <span class=\"_ _9\"> </span>reazioni <span class=\"_ _9\"> </span>al <span class=\"_ _9\"> </span>conflitto <span class=\"_ _9\"> </span>tra <span class=\"_ _9\"> </span>Israele <span class=\"_ _0\"></span>e <span class=\"_ _9\"> </span>Iran <span class=\"_ _9\"> </span>sono <span class=\"_ _9\"> </span>risultate <span class=\"_ _9\"> </span>contenute. <span class=\"_ _0\"></span>Nel <span class=\"_ _9\"> </span>secondo trimestre <span class=\"_ _0\"></span>lo <span class=\"_ _d\"></span>spread <span class=\"_ _0\"></span>BTP-<span class=\"ff5\">Bund <span class=\"_ _0\"></span>\u00e8 <span class=\"_ _0\"></span>arrivato <span class=\"_ _0\"></span>sotto <span class=\"_ _0\"></span>a <span class=\"_ _d\"></span>100 <span class=\"_ _0\"></span>bps <span class=\"_ _0\"></span>grazie <span class=\"_ _0\"></span>all\u2019interesse <span class=\"_ _d\"></span>degli <span class=\"_ _d\"></span>in<span class=\"_ _2\"></span>vestitori, </span>sostenuto da un quadro macro-fiscale pi\u00f9 favorevole e<span class=\"_ _1\"></span> dalla s<span class=\"_ _2\"></span>tabilit\u00e0 politica.<span class=\"fs6\"> </span><span class=\"ff10\"> <span class=\"_ _16\"> </span><span class=\"ff4 fs1\">Nel <span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>erzo tr<span class=\"_ _2\"></span>imestre <span class=\"_ _2\"></span>i rendimenti <span class=\"_ _2\"></span>dei <span class=\"_ _2\"></span>titoli <span class=\"_ _2\"></span>governativi s<span class=\"_ _2\"></span>ono <span class=\"_ _2\"></span>saliti in <span class=\"_ _2\"></span>G<span class=\"_ _2\"></span>iappone<span class=\"_ _1\"></span>, <span class=\"_ _2\"></span>nel <span class=\"_ _2\"></span>Regno <span class=\"_ _2\"></span>Unito <span class=\"_ _2\"></span>e </span></span>in <span class=\"_ _18\"> </span>Francia, <span class=\"_ _18\"> </span>risentendo <span class=\"_ _18\"> </span>dell\u2019acuirsi <span class=\"_ _18\"> </span>dell\u2019incertezza <span class=\"_ _18\"> </span>politica <span class=\"_ _18\"> </span>e <span class=\"_ _18\"> </span>dei <span class=\"_ _18\"> </span>connessi <span class=\"_ _18\"> </span>timori <span class=\"_ _18\"> </span>di <span class=\"_ _18\"> </span>un deterioramento d<span class=\"_ _1\"></span>elle fi<span class=\"_ _1\"></span>nanze pubbliche. <span class=\"_ _f\"></span>N<span class=\"_ _2\"></span>elle <span class=\"ff5\">restanti <span class=\"_ _f\"></span>economie dell\u2019area del<span class=\"_ _1\"></span>l\u2019euro i <span class=\"_ _f\"></span>rendimenti </span>sono aumentati <span class=\"_ _2\"></span>lieveme<span class=\"_ _1\"></span>nte, mentr<span class=\"_ _2\"></span>e negli Stati Uniti <span class=\"_ _2\"></span>si sono ridotti, <span class=\"_ _2\"></span>soprattutto per l\u2019affermarsi di  asp<span class=\"_ _1\"></span>ettative  di <span class=\"_ _9\"> </span>un  orientamento  pi\u00f9<span class=\"_ _1\"></span>  accomodante <span class=\"_ _16\"> </span>dell<span class=\"_ _1\"></span>a  Federal <span class=\"_ _16\"> </span>Reserve. <span class=\"_ _16\"> </span>\u00c8  prosegu<span class=\"_ _1\"></span>ita  la crescita <span class=\"_ _9\"> </span>dei <span class=\"_ _16\"> </span>corsi <span class=\"_ _16\"> </span>azionari <span class=\"_ _9\"> </span>delle <span class=\"_ _16\"> </span>principali <span class=\"_ _9\"> </span>piazze <span class=\"_ _9\"> </span>fi<span class=\"_ _2\"></span>nanziarie <span class=\"_ _9\"> </span>a <span class=\"_ _16\"> </span>fronte <span class=\"_ _16\"> </span>di <span class=\"_ _9\"> </span>una <span class=\"_ _9\"> </span>dinamica  molto<span class=\"_ _1\"></span> sostenuta degli utili r<span class=\"_ _2\"></span>ealizzati e att<span class=\"_ _2\"></span>esi, in particolare nel <span class=\"_ _2\"></span>settore tecnologico, e di <span class=\"_ _2\"></span>una maggiore propensione al rischio degli investitori.<span class=\"fs6\"> </span><span class=\"ff10\"> <span class=\"_ _16\"> </span><span class=\"ff4 fs1\">Nel qu<span class=\"_ _1\"></span>arto <span class=\"_ _1\"></span>trimestre <span class=\"_ _f\"></span>i <span class=\"_ _f\"></span>r<span class=\"_ _2\"></span>endime<span class=\"_ _1\"></span>nti dei <span class=\"_ _f\"></span>titoli <span class=\"_ _f\"></span>pubblici <span class=\"_ _f\"></span>delle <span class=\"_ _1\"></span>principali <span class=\"_ _f\"></span>economie <span class=\"_ _1\"></span>avanzate <span class=\"_ _f\"></span>sono saliti,<span class=\"_ _f\"></span> </span></span>riflettendo <span class=\"_ _2\"></span>l\u2019incremento <span class=\"_ _2\"></span>del premio <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>rischio <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>livello globale, <span class=\"_ _2\"></span>legato <span class=\"_ _2\"></span>anche <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>prospettive <span class=\"_ _2\"></span>di politiche di <span class=\"_ _2\"></span>bilancio pi\u00f9 <span class=\"_ _2\"></span>espansive in <span class=\"_ _2\"></span>alcuni paesi. <span class=\"_ _2\"></span>L\u2019aumento <span class=\"_ _2\"></span>dei rendimenti \u00e8 <span class=\"_ _2\"></span>stato <span class=\"_ _2\"></span>mar<span class=\"_ _2\"></span><span class=\"ff4\">cato in </span>Giappone e <span class=\"_ _1\"></span>pi\u00f9 contenuto nei p<span class=\"_ _1\"></span>rincipali paesi dell\u2019area <span class=\"_ _1\"></span>dell\u2019euro e negli<span class=\"_ _1\"></span> Stati Uniti. Sul fronte <span class=\"_ _1\"></span>dei paesi <span class=\"_ _1\"></span>periferici \u00e8 <span class=\"_ _f\"></span>proseguita la <span class=\"_ _f\"></span>fa<span class=\"_ _2\"></span>se d<span class=\"_ _1\"></span>i comp<span class=\"_ _1\"></span>ressione dei <span class=\"_ _f\"></span>differenz<span class=\"_ _2\"></span>iali <span class=\"_ _f\"></span>rispetto<span class=\"_ _2\"></span> <span class=\"_ _1\"></span>ai titoli <span class=\"_ _f\"></span>\u201ccore\u201d, con lo <span class=\"_ _2\"></span>spread BTP-<span class=\"ff5\">Bund <span class=\"_ _2\"></span>decennale <span class=\"_ _2\"></span>sceso <span class=\"_ _2\"></span>nell\u2019int</span>orno <span class=\"_ _2\"></span>dei 70<span class=\"_ _2\"></span> punti <span class=\"_ _2\"></span>base. <span class=\"_ _2\"></span>Ci\u00f2 \u00e8 <span class=\"_ _2\"></span>stato <span class=\"_ _2\"></span>favorito <span class=\"_ _2\"></span>anche dalle <span class=\"_ _9\"> </span>decisioni <span class=\"_ _9\"> </span>d<span class=\"_ _2\"></span>elle <span class=\"_ _9\"> </span>agenzie <span class=\"_ _9\"> </span>di  rating <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>un upgrade <span class=\"_ _9\"> </span><span class=\"ff5\">d<span class=\"_ _2\"></span>ell\u2019Italia <span class=\"_ _9\"> </span>grazie <span class=\"_ _9\"> </span>alla  magg<span class=\"_ _1\"></span>iore <span class=\"_ _9\"> </span>st<span class=\"_ _2\"></span>abilit\u00e0 </span>politica, la continuit\u00e0 delle <span class=\"_ _2\"></span>politiche economiche e l\u2019avanzament<span class=\"_ _2\"></span>o delle riforme <span class=\"_ _2\"></span>legate al PNRR. I corsi <span class=\"_ _2\"></span>azionari hanno <span class=\"_ _2\"></span>avuto un andamento volatile, innescato da <span class=\"_ _2\"></span>timori di sopravvalutazione in alcuni segmenti del comparto tecnologico negli Stati Uniti.<span class=\"fs6\"> </span>Il FTSE Italia All Shares ha chiuso il 2025 con un +30% rispetto a d<span class=\"_ _1\"></span>icembre 2024.<span class=\"_ _2\"></span>    <span class=\"ls0\">B.4 Rise<span class=\"_ _f\"></span>rve da va<span class=\"_ _1\"></span>lutaz<span class=\"_ _f\"></span>ione rela<span class=\"_ _1\"></span>tive a <span class=\"_ _1\"></span>piani a<span class=\"_ _1\"></span> bene<span class=\"_ _1\"></span>fici de<span class=\"_ _1\"></span>finiti: va<span class=\"_ _f\"></span>riazioni a<span class=\"_ _1\"></span>nnue </span>Le variazioni nette dell\u2019esercizi<span class=\"_ _1\"></span>o evidenziano un saldo <span class=\"_ _2\"></span><span class=\"ff4\">sostanzialmente invariato. </span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-784": {
   "value": "Sezi<span class=\"_ _f\"></span>one 1<span class=\"_ _1\"></span>3 <span class=\"ff2c\">\u2013</span> P<span class=\"_ _f\"></span>atrim<span class=\"_ _1\"></span>onio<span class=\"_ _f\"></span> del g<span class=\"_ _1\"></span>ru<span class=\"_ _f\"></span>ppo <span class=\"ff2c\">\u2013</span> <span class=\"_ _1\"></span>Voci<span class=\"_ _f\"></span> 120, <span class=\"_ _1\"></span>130<span class=\"_ _1\"></span>, 14<span class=\"_ _1\"></span>0, 150<span class=\"_ _f\"></span>, 160<span class=\"_ _f\"></span>, 170 e<span class=\"_ _f\"></span> 180 13.1 <span class=\"_ _1\"></span>\"Capit<span class=\"_ _1\"></span>ale\" e<span class=\"_ _1\"></span> \"Azi<span class=\"_ _1\"></span>oni pr<span class=\"_ _1\"></span>oprie<span class=\"_ _1\"></span>\": co<span class=\"_ _f\"></span>mposizio<span class=\"_ _1\"></span>ne <table class=\"s wd90 h521\" id=\"_9780b9ad-561b-4fe2-a276-8aefa8872839\"><tr><td></td><td class=\"c x44a y2ef2 w37d h49\"><div class=\"t m0 x11 h1f y32 ff2b fs7 fc4 sc3 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale </div></td><td></td><td class=\"c x44b y2ef2 w37e h49\"><div class=\"t m0 x11 h1f y32 ff2b fs7 fc4 sc3 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale </div></td><td></td></tr><tr><td></td><td class=\"c x575 y2ef3 w362 h183\"><div class=\"t m0 x31 h1f yd1f ff2b fs7 fc4 sc3 ls0 ws0\">31/12/<span class=\"_ _f\"></span>2025 </div></td><td class=\"c x44c y2ef4 w993 h522\"><div class=\"t m0 x250 h1f y2409 ff2b fs7 fc4 sc3 ls0 ws0\">31/12/<span class=\"_ _df\"> </span></div></td><td class=\"c x44d y2ef4 w994 h522\"><div class=\"t m0 x250 h1f y2409 ff2b fs7 fc4 sc3 ls0 ws0\">2024<span class=\"_ _df\"> </span></div></td><td></td></tr><tr><td class=\"c x44e y2ef5 w37f h131\"><div class=\"t m0 x10 h1f y3e4 ff2b fs7 fc1 sc2 ls0 ws0\">A. Ca<span class=\"_ _f\"></span>pitale </div></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x44e y2ef6 w37f h131\"><div class=\"t m0 x116 h1f y3e4 ff2b fs7 fc1 sc0 ls0 ws0\">A.1 Azioni ordin<span class=\"_ _1\"></span>arie </div></td><td></td><td class=\"c x44a y2ef6 w37d h131\"><div class=\"t m0 xe8 h1f y3e4 ff2b fs7 fc1 sc0 ls0 ws0\">341.320 </div></td><td></td><td class=\"c x44b y2ef6 w339 h131\"><div class=\"t m0 x1e6 h1f y3e4 ff2b fs7 fc1 sc0 ls0 ws0\">341.320 </div></td></tr><tr><td class=\"c x44e y2ef7 w37f h49\"><div class=\"t m0 x116 h1f y25c ff2b fs7 fc1 sc0 ls0 ws0\">A.2 Azioni di risp<span class=\"_ _1\"></span>armio<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x44a y2ef7 w37d h49\"><div class=\"t m0 x189 h1f y25c ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x44b y2ef7 w339 h49\"><div class=\"t m0 x189 h1f y25c ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2ef8 w37f h49\"><div class=\"t m0 x116 h1f y25c ff2b fs7 fc1 sc0 ls0 ws0\">A.3 Azioni privileg<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span>ate<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x44a y2ef8 w37d h49\"><div class=\"t m0 x189 h1f y25c ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x44b y2ef8 w339 h49\"><div class=\"t m0 x189 h1f y25c ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2a7c w37f hc8\"><div class=\"t m0 x116 h1f y28b ff2b fs7 fc1 sc0 ls0 ws0\">A.4 Azioni altre<span class=\"_ _1\"></span> </div></td><td></td><td class=\"c x44a y2a7c w37d hc8\"><div class=\"t m0 x189 h1f y28b ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x44b y2a7c w339 hc8\"><div class=\"t m0 x189 h1f y28b ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2ef9 w37f hc8\"><div class=\"t m0 x10 h1f y28b ff2b fs7 fc1 sc2 ls0 ws0\">B. Azi<span class=\"_ _1\"></span>oni <span class=\"_ _f\"></span>proprie<span class=\"_ _1\"></span> </div></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x44e y2a7e w37f hc8\"><div class=\"t m0 x116 h1f y28b ff2b fs7 fc1 sc0 ls0 ws0\">B.1 Azioni ord<span class=\"_ _1\"></span>inarie </div></td><td></td><td class=\"c x44a y2a7e w37d hc8\"><div class=\"t m0 xc h1f y28b ff2b fs7 fc1 sc0 ls0 ws0\">20.010 </div></td><td></td><td class=\"c x44b y2a7e w339 hc8\"><div class=\"t m0 x11e h1f y28b ff2b fs7 fc1 sc0 ls0 ws0\">3.845 </div></td></tr><tr><td class=\"c x44e y2efa w37f h227\"><div class=\"t m0 x116 h1f y28b ff2b fs7 fc1 sc0 ls0 ws0\">B.2 Azioni di r<span class=\"_ _1\"></span>isparmio<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x44a y2efa w37d h227\"><div class=\"t m0 x189 h1f y28b ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x44b y2efa w339 h227\"><div class=\"t m0 x189 h1f y28b ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2efb w37f hc8\"><div class=\"t m0 x116 h1f ye4c ff2b fs7 fc1 sc0 ls0 ws0\">B.3 Azioni privileg<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span>ate </div></td><td></td><td class=\"c x44a y2efb w37d hc8\"><div class=\"t m0 x189 h1f ye4c ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x44b y2efb w339 hc8\"><div class=\"t m0 x189 h1f ye4c ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2efc w37f hc8\"><div class=\"t m0 x116 h1f ye4c ff2b fs7 fc1 sc0 ls0 ws0\">B.4 Azioni altre<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x44a y2efc w37d hc8\"><div class=\"t m0 x189 h1f ye4c ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x44b y2efc w339 hc8\"><div class=\"t m0 x189 h1f ye4c ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td></tr></table>Sono <span class=\"_ _d\"></span>presenti <span class=\"_ _d\"></span>1.677.462 <span class=\"_ _0\"></span>azioni <span class=\"_ _2\"></span>proprie <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>port<span class=\"_ _2\"></span>afoglio, <span class=\"_ _2\"></span>per <span class=\"_ _0\"></span>un <span class=\"_ _d\"></span>controvalore <span class=\"_ _d\"></span>di <span class=\"_ _0\"></span>20,0 <span class=\"_ _d\"></span>milioni <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>euro<span class=\"ls7d\">, </span>acquistate <span class=\"_ _d\"></span>nell\u2019ambito <span class=\"_ _0\"></span>del <span class=\"_ _d\"></span>programma <span class=\"_ _d\"></span>che <span class=\"_ _0\"></span>ha <span class=\"_ _d\"></span>dato <span class=\"_ _d\"></span>esecuzione <span class=\"_ _d\"></span>alle <span class=\"_ _d\"></span>delibere <span class=\"_ _0\"></span>adottate <span class=\"_ _d\"></span>dalle <span class=\"_ _0\"> </span><span class=\"ff2b\">varie </span>Assemblee <span class=\"_ _d\"></span>Ordinarie; <span class=\"_ _d\"></span>t<span class=\"_ _2\"></span>ali <span class=\"_ _d\"></span>programmi <span class=\"_ _d\"></span>hanno <span class=\"_ _0\"></span>lo <span class=\"_ _d\"></span>scopo <span class=\"_ _d\"></span>di <span class=\"_ _0\"></span>acquistare <span class=\"_ _d\"></span>azioni <span class=\"_ _0\"></span>di <span class=\"_ _d\"></span>Credito <span class=\"_ _d\"></span>Emiliano <span class=\"_ _d\"></span>ad integrale <span class=\"_ _9\"> </span>copertura <span class=\"_ _16\"> </span>dei <span class=\"_ _9\"> </span>piani <span class=\"_ _9\"> </span>di<span class=\"_ _2\"></span> <span class=\"_ _9\"> </span>remunerazione <span class=\"_ _9\"> </span>basati  su <span class=\"_ _9\"> </span>strumenti  finan<span class=\"_ _1\"></span>ziari <span class=\"_ _9\"> </span>da <span class=\"_ _16\"> </span>destinare <span class=\"_ _9\"> </span>alla categoria <span class=\"_ _d\"></span>dei <span class=\"_ _0\"></span>dirigenti <span class=\"_ _d\"></span>con <span class=\"_ _0\"></span>responsabilit\u00e0 <span class=\"_ _0\"></span>strategiche <span class=\"_ _d\"></span>e <span class=\"_ _0\"></span>del <span class=\"_ _d\"></span>\u201cp<span class=\"_ _2\"></span>ersonale <span class=\"_ _d\"></span>pi\u00f9 <span class=\"_ _0\"></span>rilevante\u201d <span class=\"_ _d\"></span>del <span class=\"_ _0\"></span>gruppo bancario. <span class=\"_ _0\"></span>Ai <span class=\"_ _9\"> </span>sensi <span class=\"_ _9\"> </span>delle <span class=\"_ _9\"> </span>norme <span class=\"_ _9\"> </span>vigenti, <span class=\"_ _9\"> </span>gli <span class=\"_ _9\"> </span>estremi <span class=\"_ _9\"> </span>del <span class=\"_ _0\"> </span>pro<span class=\"_ _2\"></span>gramma <span class=\"_ _0\"></span>s<span class=\"_ _2\"></span>ono <span class=\"_ _0\"></span>gi\u00e0 <span class=\"_ _9\"> </span>stati <span class=\"_ _9\"> </span>comunicati <span class=\"_ _9\"> </span>al mercato. Nel corso dell\u2019eserciz<span class=\"ff2b\">io sono state assegnate 516.113 azioni. </span>Per <span class=\"_ _2\"></span>maggiori <span class=\"_ _2\"></span>dettagli <span class=\"_ _2\"></span>riguardo <span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>piani di <span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>emunerazione basat<span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>su st<span class=\"_ _2\"></span>rumenti <span class=\"_ _2\"></span>finanziari si <span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>invia alla<span class=\"_ _2\"></span> \u201cParte I\u201d della presente nota integrativa.<span class=\"_ _df\"> </span>13.2 Ca<span class=\"_ _f\"></span>pitale - <span class=\"_ _f\"></span>Numero <span class=\"_ _1\"></span>azioni<span class=\"_ _f\"></span> della ca<span class=\"_ _f\"></span>pogrupp<span class=\"_ _1\"></span>o: va<span class=\"_ _f\"></span>riazioni <span class=\"_ _f\"></span>annue<table class=\"s wd91 h523\" id=\"_2ad336ba-8d5d-4564-a0d0-1e18dc8bc32b\"><tr><td class=\"c x44e y2efd w4aa hec\"><div class=\"t m0 x14d h1f y1220 ff2b fs7 fc4 sc3 ls0 ws0\">Voci<span class=\"_ _1\"></span>/Tipol<span class=\"_ _1\"></span>ogie<span class=\"_ _f\"></span> </div></td><td class=\"c x534 y2efd w461 hec\"><div class=\"t m0 x2c h1f y1220 ff2b fs7 fc4 sc3 ls0 ws0\">Ordin<span class=\"_ _f\"></span>arie </div></td><td class=\"c x533 y2efd w3c4 hec\"><div class=\"t m0 x31 h1f y1220 ff2b fs7 fc4 sc3 ls0 ws0\">Altr<span class=\"_ _1\"></span>e </div></td></tr><tr><td class=\"c x44e y2efe w3c5 h49\"><div class=\"t m0 x10 h1f y25f ff2b fs7 fc1 sc2 ls0 ws0\">A. Az<span class=\"_ _1\"></span>ioni<span class=\"_ _1\"></span> esis<span class=\"_ _1\"></span>ten<span class=\"_ _1\"></span>ti all'<span class=\"_ _1\"></span>iniz<span class=\"_ _1\"></span>io dell<span class=\"_ _1\"></span>'eser<span class=\"_ _f\"></span>cizio </div></td><td class=\"c x534 y2efe w3c6 h49\"><div class=\"t m0 x36 h1f y25f ff2b fs7 fc1 sc2 ls0 ws0\">341.3<span class=\"_ _f\"></span>20.065<span class=\"_ _1\"></span> </div></td><td class=\"c x533 y2efe w3c6 h49\"><div class=\"t m0 xc h1f y25 ff2b fs7 fc1 sc0 ls0 ws0\">-<span class=\"sc2\"> </span></div></td></tr><tr><td class=\"c x44e y2eff w3c5 h49\"><div class=\"t m0 x116 h1f y25f ff2b fs7 fc1 sc0 ls0 ws0\">- interamente <span class=\"_ _1\"></span>liberate </div></td><td class=\"c x534 y2eff w3c6 h49\"><div class=\"t m0 x15 h1f y25f ff2b fs7 fc1 sc0 ls0 ws0\">341.320.065 </div></td><td class=\"c x533 y2eff w3c6 h49\"><div class=\"t m0 xc h1f y25 ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2f00 w3c5 h49\"><div class=\"t m0 x116 h1f y25c ff2b fs7 fc1 sc0 ls0 ws0\">- non interamente <span class=\"_ _f\"></span>l<span class=\"_ _2\"></span>iberate </div></td><td class=\"c x534 y2f00 w3c6 h49\"><div class=\"t m0 xc h1f y25c ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x533 y2f00 w3c6 h49\"><div class=\"t m0 xc h1f y25 ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2f01 w3c5 h49\"><div class=\"t m0 x10 h1f y25c ff2b fs7 fc1 sc0 ls0 ws0\">A.1  Azioni propr<span class=\"_ _1\"></span>ie (-) </div></td><td class=\"c x534 y2f01 w3c6 h49\"><div class=\"t m0 x7 h1f y25c ff2b fs7 fc1 sc0 ls0 ws0\">(693.575) </div></td><td class=\"c x533 y2f01 w3c6 h49\"><div class=\"t m0 xc h1f y25 ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2f02 w3c5 h49\"><div class=\"t m0 x10 h1f y25f ff2b fs7 fc1 sc2 ls0 ws0\">A.2 A<span class=\"_ _1\"></span>zioni<span class=\"_ _f\"></span> in circ<span class=\"_ _1\"></span>olazi<span class=\"_ _f\"></span>one: es<span class=\"_ _1\"></span>iste<span class=\"_ _1\"></span>nze i<span class=\"_ _f\"></span>niziali </div></td><td class=\"c x534 y2f02 w3c6 h49\"><div class=\"t m0 x30 h1f y25f ff2b fs7 fc1 sc2 ls0 ws0\">340.6<span class=\"_ _f\"></span>26.490<span class=\"_ _f\"></span> </div></td><td class=\"c x533 y2f02 w3c6 h49\"><div class=\"t m0 xc h1f y68b ff2b fs7 fc1 sc0 ls0 ws0\">-<span class=\"sc2\"> </span></div></td></tr><tr><td class=\"c x44e y2f03 w3c5 h49\"><div class=\"t m0 x10 h1f y25f ff2b fs7 fc1 sc2 ls0 ws0\">B. A<span class=\"_ _1\"></span>umen<span class=\"_ _f\"></span>ti </div></td><td class=\"c x534 y2f03 w3c6 h49\"><div class=\"t m0 x1af h1f y25f ff2b fs7 fc1 sc2 ls0 ws0\">516.113<span class=\"_ _f\"></span> </div></td><td class=\"c x533 y2f03 w3c6 h49\"><div class=\"t m0 xc h1f y25f ff2b fs7 fc1 sc2 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2f04 w3c5 h49\"><div class=\"t m0 x10 h1f y25f ff2b fs7 fc1 sc0 ls0 ws0\">B.1 Nuove emissi<span class=\"_ _1\"></span>oni </div></td><td class=\"c x534 y2f04 w3c6 h49\"><div class=\"t m0 x1af h1f y25f ff2b fs7 fc1 sc0 ls0 ws0\">516.113 </div></td><td class=\"c x533 y2f04 w3c6 h49\"><div class=\"t m0 xc h1f y25f ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2f05 w3c5 h49\"><div class=\"t m0 x32 h1f y25f ff2b fs7 fc1 sc0 ls0 ws0\">- a pagamento: </div></td><td class=\"c x534 y2f05 w3c6 h49\"><div class=\"t m0 xc h1f y25f ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x533 y2f05 w3c6 h49\"><div class=\"t m0 xc h1f y25f ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2f06 w3c5 h49\"><div class=\"t m0 x38 h1f y25c ff2b fs7 fc1 sc0 ls0 ws0\">- conversione d<span class=\"_ _1\"></span>i obbligazioni<span class=\"_ _df\"> </span></div></td><td class=\"c x534 y2f06 w3c6 h49\"><div class=\"t m0 xc h1f y25c ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x533 y2f06 w3c6 h49\"><div class=\"t m0 xc h1f y25c ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2f07 w3c5 h4a\"><div class=\"t m0 x38 h1f y25c ff2b fs7 fc1 sc0 ls0 ws0\">- esercizio di warr<span class=\"_ _1\"></span>ant </div></td><td class=\"c x534 y2f07 w3c6 h4a\"><div class=\"t m0 xc h1f y25c ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x533 y2f07 w3c6 h4a\"><div class=\"t m0 xc h1f y25c ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2f08 w3c5 h49\"><div class=\"t m0 x38 h1f y25f ff2b fs7 fc1 sc0 ls0 ws0\">- altre </div></td><td class=\"c x534 y2f08 w3c6 h49\"><div class=\"t m0 xc h1f y25f ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x533 y2f08 w3c6 h49\"><div class=\"t m0 xc h1f y25f ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2f09 w3c5 h49\"><div class=\"t m0 x32 h1f y25f ff2b fs7 fc1 sc0 ls0 ws0\">- a titolo gratui<span class=\"_ _1\"></span>to: </div></td><td class=\"c x534 y2f09 w3c6 h49\"><div class=\"t m0 x1af h1f y25f ff2b fs7 fc1 sc0 ls0 ws0\">516.113 </div></td><td class=\"c x533 y2f09 w3c6 h49\"><div class=\"t m0 xc h1f y25f ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2f0a w3c5 h49\"><div class=\"t m0 x38 h1f y25f ff2b fs7 fc1 sc0 ls0 ws0\">- a favore dei d<span class=\"_ _1\"></span>ipendenti </div></td><td class=\"c x534 y2f0a w3c6 h49\"><div class=\"t m0 xe h1f y25f ff2b fs7 fc1 sc0 ls0 ws0\">502.849 </div></td><td class=\"c x533 y2f0a w3c6 h49\"><div class=\"t m0 xc h1f y25f ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2f0b w3c5 h49\"><div class=\"t m0 x38 h1f y25f ff2b fs7 fc1 sc0 ls0 ws0\">- a favore degli amm<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span>nistratori<span class=\"_ _1\"></span> </div></td><td class=\"c x534 y2f0b w3c6 h49\"><div class=\"t m0 x11d h1f y25f ff2b fs7 fc1 sc0 ls0 ws0\">7.379 </div></td><td class=\"c x533 y2f0b w3c6 h49\"><div class=\"t m0 xc h1f y25f ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2f0c w3c5 h49\"><div class=\"t m0 x38 h1f y25c ff2b fs7 fc1 sc0 ls0 ws0\">- altre </div></td><td class=\"c x534 y2f0c w3c6 h49\"><div class=\"t m0 xef h1f y25c ff2b fs7 fc1 sc0 ls0 ws0\">5.885 </div></td><td class=\"c x533 y2f0c w3c6 h49\"><div class=\"t m0 xc h1f y25c ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2f0d w3c5 h49\"><div class=\"t m0 x10 h1f y25c ff2b fs7 fc1 sc0 ls0 ws0\">B.2 Vendita di azi<span class=\"_ _1\"></span>oni proprie </div></td><td class=\"c x534 y2f0d w3c6 h49\"><div class=\"t m0 xc h1f y25c ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x533 y2f0d w3c6 h49\"><div class=\"t m0 xc h1f y25c ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2f0e w3c5 h49\"><div class=\"t m0 x10 h1f y25f ff2b fs7 fc1 sc0 ls0 ws0\">B.3 Altre variazi<span class=\"_ _f\"></span>o<span class=\"_ _2\"></span>ni </div></td><td class=\"c x534 y2f0e w3c6 h49\"><div class=\"t m0 xc h1f y25f ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x533 y2f0e w3c6 h49\"><div class=\"t m0 xc h1f y25f ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2f0f w3c5 h49\"><div class=\"t m0 x10 h1f y25f ff2b fs7 fc1 sc2 ls0 ws0\">C. Dim<span class=\"_ _f\"></span>inuzion<span class=\"_ _f\"></span>i </div></td><td class=\"c x534 y2f0f w3c6 h49\"><div class=\"t m0 x13 h1f y25f ff2b fs7 fc1 sc0 ls0 ws0\">(1.500.000) </div></td><td class=\"c x533 y2f0f w3c6 h49\"><div class=\"t m0 xc h1f y68b ff2b fs7 fc1 sc0 ls0 ws0\">-<span class=\"sc2\"> </span></div></td></tr><tr><td class=\"c x44e y2f10 w3c5 h49\"><div class=\"t m0 x10 h1f y25f ff2b fs7 fc1 sc0 ls0 ws0\">C.1 Annullamento </div></td><td class=\"c x534 y2f10 w3c6 h49\"><div class=\"t m0 xc h1f y25f ff2b fs7 fc1 sc2 ls0 ws0\">- </div></td><td class=\"c x533 y2f10 w3c6 h49\"><div class=\"t m0 xc h1f y25 ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2699 w3c5 h49\"><div class=\"t m0 x10 h1f y25f ff2b fs7 fc1 sc0 ls0 ws0\">C.2 Acquisto di az<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span>oni prop<span class=\"_ _1\"></span>rie </div></td><td class=\"c x534 y2699 w3c6 h49\"><div class=\"t m0 x13 h1f y25f ff2b fs7 fc1 sc0 ls0 ws0\">(1.500.000) </div></td><td class=\"c x533 y2699 w3c6 h49\"><div class=\"t m0 xc h1f y25 ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2f11 w3c5 h4a\"><div class=\"t m0 x10 h1f y25c ff2b fs7 fc1 sc0 ls0 ws0\">C.3 Operazioni d<span class=\"_ _1\"></span>i cessione di imp<span class=\"_ _1\"></span>rese<span class=\"_ _df\"> </span></div></td><td class=\"c x534 y2f11 w3c6 h4a\"><div class=\"t m0 xc h1f y25c ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x533 y2f11 w3c6 h4a\"><div class=\"t m0 xc h1f y1837 ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2f12 w3c5 h49\"><div class=\"t m0 x10 h1f y25c ff2b fs7 fc1 sc0 ls0 ws0\">C.4 Altre variaz<span class=\"_ _1\"></span>ioni<span class=\"_ _df\"> </span></div></td><td class=\"c x534 y2f12 w3c6 h49\"><div class=\"t m0 xc h1f y25c ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x533 y2f12 w3c6 h49\"><div class=\"t m0 xc h1f y25 ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2f13 w3c5 h49\"><div class=\"t m0 x10 h1f y25f ff2b fs7 fc1 sc2 ls0 ws0\">D. Azi<span class=\"_ _1\"></span>oni i<span class=\"_ _1\"></span>n ci<span class=\"_ _1\"></span>rcola<span class=\"_ _f\"></span>zione: r<span class=\"_ _1\"></span>ima<span class=\"_ _1\"></span>nenz<span class=\"_ _1\"></span>e fi<span class=\"_ _1\"></span>nali </div></td><td class=\"c x534 y2f13 w3c6 h49\"><div class=\"t m0 x15 h1f y25f ff2b fs7 fc1 sc2 ls0 ws0\">339<span class=\"_ _1\"></span>.642.6<span class=\"_ _f\"></span>03 </div></td><td class=\"c x533 y2f13 w3c6 h49\"><div class=\"t m0 xc h1f y68b ff2b fs7 fc1 sc0 ls0 ws0\">-<span class=\"sc2\"> </span></div></td></tr><tr><td class=\"c x44e y2f14 w3c5 h49\"><div class=\"t m0 x10 h1f y25f ff2b fs7 fc1 sc0 ls0 ws0\">D.1 Azioni prop<span class=\"_ _1\"></span>rie (+) </div></td><td class=\"c x534 y2f14 w3c6 h49\"><div class=\"t m0 x1c h1f y25f ff2b fs7 fc1 sc0 ls0 ws0\">1.677.462 </div></td><td class=\"c x533 y2f14 w3c6 h49\"><div class=\"t m0 xc h1f y68b ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2f15 w3c5 h49\"><div class=\"t m0 x10 h1f y25f ff2b fs7 fc1 sc0 ls0 ws0\">D.2 Azioni esiste<span class=\"_ _1\"></span>nti alla fine dell'eser<span class=\"_ _f\"></span>cizio<span class=\"_ _df\"> </span></div></td><td class=\"c x534 y2f15 w3c6 h49\"><div class=\"t m0 x15 h1f y25f ff2b fs7 fc1 sc0 ls0 ws0\">341.320.065 </div></td><td class=\"c x533 y2f15 w3c6 h49\"><div class=\"t m0 xc h1f y25 ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2f16 w3c5 h49\"><div class=\"t m0 x32 h1f y25f ff2b fs7 fc1 sc0 ls0 ws0\">- interamente <span class=\"_ _1\"></span>liberate </div></td><td class=\"c x534 y2f16 w3c6 h49\"><div class=\"t m0 x15 h1f y25f ff2b fs7 fc1 sc0 ls0 ws0\">341.320.065 </div></td><td class=\"c x533 y2f16 w3c6 h49\"><div class=\"t m0 xc h1f y25 ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2f17 w3c5 h49\"><div class=\"t m0 x32 h1f y25c ff2b fs7 fc1 sc0 ls0 ws0\">- non interamente <span class=\"_ _f\"></span>l<span class=\"_ _2\"></span>iberate </div></td><td class=\"c x534 y2f17 w3c6 h49\"><div class=\"t m0 xc h1f y25c ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x533 y2f17 w3c6 h49\"><div class=\"t m0 xc h1f y25 ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td></tr></table>13.4 R<span class=\"_ _f\"></span>iserve di u<span class=\"_ _1\"></span>tili: altre<span class=\"_ _1\"></span> info<span class=\"_ _1\"></span>rmaz<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span>oni<span class=\"_ _df\"> </span>In <span class=\"_ _d\"></span>tale <span class=\"_ _d\"></span>categoria <span class=\"_ _d\"></span>sono <span class=\"_ _0\"></span>inclusi <span class=\"_ _d\"></span>la <span class=\"_ _d\"></span>riserva <span class=\"_ _d\"></span>legale, <span class=\"_ _d\"></span>la <span class=\"_ _d\"></span>r<span class=\"_ _2\"></span>iserva <span class=\"_ _d\"></span>straordinaria, <span class=\"_ _d\"></span>il <span class=\"_ _d\"></span>fondo <span class=\"_ _d\"></span>per <span class=\"_ _d\"></span>r<span class=\"_ _2\"></span>ischi <span class=\"_ _2\"></span>bancari<span class=\"_ _df\"> </span>precedentemente <span class=\"_ _2\"></span>iscritto <span class=\"_ _2\"></span>nel <span class=\"_ _2\"></span>bilancio r<span class=\"_ _2\"></span>edatto <span class=\"_ _2\"></span>ai s<span class=\"_ _2\"></span>ensi del <span class=\"_ _2\"></span>previgente <span class=\"_ _d\"></span>D. <span class=\"_ _2\"></span>Lgs.87/92 <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>riclassificato<span class=\"_ _df\"> </span>secondo i principi IAS. La <span class=\"_ _d\"></span>riserva <span class=\"_ _d\"></span>legale, <span class=\"_ _d\"></span>costituita <span class=\"_ _d\"></span>a <span class=\"_ _d\"></span>norma <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>legge, <span class=\"_ _d\"></span>deve <span class=\"_ _2\"></span>ess<span class=\"_ _2\"></span>ere <span class=\"_ _d\"></span>almeno <span class=\"_ _d\"></span>pari <span class=\"_ _d\"></span>ad <span class=\"_ _d\"></span>un <span class=\"_ _d\"></span>quinto <span class=\"_ _d\"></span>del <span class=\"_ _d\"></span>capitale<span class=\"_ _df\"> </span>sociale; <span class=\"_ _9\"> </span>essa <span class=\"_ _16\"> </span>\u00e8 <span class=\"_ _9\"> </span>st<span class=\"_ _2\"></span>ata <span class=\"_ _9\"> </span>cost<span class=\"_ _2\"></span>itui<span class=\"_ _1\"></span>ta <span class=\"_ _16\"> </span>in <span class=\"_ _9\"> </span>passato  tramite <span class=\"_ _9\"> </span>accantonamenti <span class=\"_ _9\"> </span>degli <span class=\"_ _9\"> </span>uti<span class=\"_ _2\"></span>li <span class=\"_ _9\"> </span>netti  annu<span class=\"_ _f\"></span>ali  per<span class=\"_ _df\"> </span>almeno <span class=\"_ _0\"></span>un <span class=\"_ _d\"></span>d<span class=\"_ _2\"></span>ecimo <span class=\"_ _d\"></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=\"_ _d\"></span>s<span class=\"_ _2\"></span>tat<span class=\"_ _2\"></span><span class=\"ff2b\">uto <span class=\"_ _d\"></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<span class=\"_ _df\"> </span></span>riserva <span class=\"_ _17\"> </span>dovesse <span class=\"_ _17\"> </span>diminuire,<span class=\"_ _1\"></span> <span class=\"_ _17\"> </span>occor<span class=\"_ _2\"></span>re <span class=\"_ _4\"> </span>reintegrarla <span class=\"_ _17\"> </span>tramite <span class=\"_ _17\"> </span>l\u2019obbligo <span class=\"_ _17\"> </span>di <span class=\"_ _17\"> </span>destinarvi <span class=\"_ _4\"> </span>un <span class=\"_ _17\"> </span>ventesimo<span class=\"_ _df\"> </span>dell\u2019utile.<span class=\"_ _df\"> </span>La r<span class=\"_ _2\"></span>iserva statutaria <span class=\"_ _2\"></span>o straordinaria <span class=\"_ _2\"></span>\u00e8 costituita <span class=\"_ _2\"></span>in base <span class=\"_ _2\"></span>allo statuto <span class=\"_ _2\"></span>dalla destinazione <span class=\"_ _2\"></span>dell<span class=\"_ _1\"></span>a <span class=\"_ _2\"></span>quota<span class=\"_ _df\"> </span>di utile residua<span class=\"ff2c\">le a seguito della distribuzi<span class=\"_ _1\"></span>one dell\u2019utile alle azioni ordinarie. </span>Le  riserve  d<span class=\"_ _1\"></span>a  concentrazione  ex  L<span class=\"_ _1\"></span>.30  lugl<span class=\"_ _1\"></span>io  1990  n.  2<span class=\"_ _1\"></span>18  sono <span class=\"_ _16\"> </span>state  costituite  in <span class=\"_ _9\"> </span>occasione  di<span class=\"_ _df\"> </span>operazioni di riorganizzazione o concentrazione effettuate ai sensi dell<span class=\"_ _1\"></span>a citata legge.<span class=\"_ _df\"> </span>Le altre riserve<span class=\"_ _1\"></span> comprendono la riserva costi<span class=\"_ _1\"></span>tuita a fronte <span class=\"_ _1\"></span>del pi<span class=\"_ _1\"></span>ano di stock option e<span class=\"_ _1\"></span>d altre riserv<span class=\"_ _1\"></span>e<span class=\"_ _df\"> </span>costituite <span class=\"_ _14\"> </span>nel <span class=\"_ _17\"> </span>pass<span class=\"_ _2\"></span>ato <span class=\"_ _17\"> </span>a <span class=\"_ _14\"> </span>fronte <span class=\"_ _17\"> </span>di <span class=\"_ _14\"> </span>specifiche <span class=\"_ _17\"> </span>disposizioni <span class=\"_ _14\"> </span>normat<span class=\"_ _2\"></span>ive. <span class=\"_ _14\"> </span><span class=\"ff2c\">E\u2019 <span class=\"_ _14\"> </span>presente <span class=\"_ _14\"> </span>l</span>a <span class=\"_ _14\"> </span>riserva<span class=\"_ _df\"> </span>extraprofitti, <span class=\"_ _2\"></span>originariamente <span class=\"_ _2\"></span>costituita <span class=\"_ _d\"></span>in <span class=\"_ _2\"></span>sospensione <span class=\"_ _2\"></span>d\u2019imposta<span class=\"ff2b\"> <span class=\"_ _d\"></span></span>e <span class=\"_ _2\"></span>indisponibile <span class=\"_ _2\"></span>ai <span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>ensi <span class=\"_ _2\"></span>dell\u2019art.<span class=\"_ _df\"> </span>26 del D.L. 104/2023 (conv. L. 136/2023), la quale \u00e8 st<span class=\"_ _2\"></span>ata oggetto di rideterminazione del regime di<span class=\"_ _df\"> </span>distribuibilit\u00e0 in forza <span class=\"_ _2\"></span>della Legge di <span class=\"_ _2\"></span>Bilancio 2026 (art. <span class=\"_ _2\"></span>1, commi 69-72)<span class=\"ls1b\">. <span class=\"_ _2\"></span></span>Il Gruppo ne <span class=\"_ _2\"></span>ha deliberato<span class=\"_ _df\"> </span>l\u2019affrancamento<span class=\"ff2b\"> <span class=\"_ _d\"></span>mediante <span class=\"_ _d\"></span>il <span class=\"_ _0\"></span>versamento, <span class=\"_ _0\"></span>entro <span class=\"_ _d\"></span>il <span class=\"_ _0\"></span>30 <span class=\"_ _d\"></span>giugno <span class=\"_ _d\"></span>2026, <span class=\"_ _0\"></span>di <span class=\"_ _d\"></span>un <span class=\"_ _0\"></span>contributo <span class=\"_ _d\"></span>straordinario<span class=\"_ _df\"> </span></span>pari <span class=\"_ _2\"></span>al <span class=\"_ _d\"></span>27,5% <span class=\"_ _2\"></span><span class=\"ff2c\">dell'ammontare <span class=\"_ _2\"></span>esistente <span class=\"_ _2\"></span>al <span class=\"_ _d\"></span>31 <span class=\"_ _2\"></span>dicembre <span class=\"_ _2\"></span>2025. <span class=\"_ _2\"></span>A <span class=\"_ _2\"></span>seguito <span class=\"_ _2\"></span>dell\u2019effettivo <span class=\"_ _2\"></span>versamento,<span class=\"_ _df\"> </span></span>la <span class=\"_ _0\"></span>riserva <span class=\"_ _0\"></span>si <span class=\"_ _0\"></span>intender\u00e0 <span class=\"_ _0\"></span>pienamente <span class=\"_ _0\"></span>disponibile <span class=\"_ _0\"></span>e <span class=\"_ _d\"></span>distr<span class=\"_ _2\"></span>ibuibile, <span class=\"_ _d\"></span>c<span class=\"_ _2\"></span>on <span class=\"_ _0\"></span>conseguente <span class=\"_ _0\"></span>decadenza <span class=\"_ _0\"></span>delle<span class=\"_ _df\"> </span>restrizioni di cui al comma 5-bis del citato D.L. 104/2023.<span class=\"_ _df\"> </span>Sono <span class=\"_ _10\"> </span>presenti, <span class=\"_ _10\"> </span>altres\u00ec, <span class=\"_ _10\"> </span>due <span class=\"_ _10\"> </span>riserve <span class=\"_ _10\"> </span>in <span class=\"_ _10\"> </span>sos<span class=\"_ _2\"></span>pensione<span class=\"_ _1\"></span> <span class=\"_ _10\"> </span>d\u2019imposta <span class=\"_ _10\"> </span>distinte <span class=\"_ _10\"> </span>per <span class=\"_ _10\"> </span>la <span class=\"_ _10\"> </span>tipologia <span class=\"_ _10\"> </span>di<span class=\"_ _df\"> </span>riallineamento e<span class=\"_ _1\"></span>ffettuato ai <span class=\"_ _f\"></span>sensi <span class=\"_ _1\"></span>dell\u2019art. <span class=\"_ _1\"></span>110 d<span class=\"_ _1\"></span>el <span class=\"_ _1\"></span>DL <span class=\"_ _1\"></span>14 ago<span class=\"_ _f\"></span>s<span class=\"_ _2\"></span>to <span class=\"_ _f\"></span>2020 ogge<span class=\"_ _1\"></span>tto di <span class=\"_ _f\"></span>succe<span class=\"_ _2\"></span><span class=\"ff2b\">ssiva <span class=\"_ _1\"></span>modifica<span class=\"_ _df\"> </span></span>con la Legge 178/2020.<span class=\"_ _df\"> </span>Infine la voce include gli<span class=\"_ _1\"></span> effetti generati dalla transizione ai principi contabili internazionali.<span class=\"_ _df\"> </span>In <span class=\"_ _2\"></span>part<span class=\"_ _2\"></span>icolare <span class=\"_ _2\"></span>tra <span class=\"_ _d\"></span>le <span class=\"_ _d\"></span>riserve <span class=\"_ _d\"></span>di <span class=\"_ _2\"></span>uti<span class=\"_ _2\"></span>li <span class=\"_ _2\"></span>sono <span class=\"_ _d\"></span>confluiti <span class=\"_ _d\"></span>gli <span class=\"_ _d\"></span>effetti <span class=\"_ _2\"></span>derivanti <span class=\"_ _d\"></span>dal <span class=\"_ _d\"></span>cambiamento <span class=\"_ _d\"></span>dei <span class=\"_ _d\"></span>principi<span class=\"_ _df\"> </span>contabili <span class=\"_ _f\"></span>che <span class=\"_ _1\"></span>non <span class=\"_ _f\"></span>pre<span class=\"_ _2\"></span>vedono <span class=\"_ _f\"></span>nei prossimi <span class=\"_ _f\"></span>esercizi <span class=\"_ _f\"></span>un confe<span class=\"_ _1\"></span>rimento al <span class=\"_ _f\"></span>conto <span class=\"_ _1\"></span>economico. <span class=\"_ _f\"></span>Gli u<span class=\"_ _1\"></span>lteriori<span class=\"_ _df\"> </span>effetti <span class=\"_ _d\"></span>generati <span class=\"_ _0\"></span>dalla <span class=\"_ _d\"></span>transizione <span class=\"_ _0\"></span>agli <span class=\"_ _d\"></span>IAS/IFRS <span class=\"_ _d\"></span>dest<span class=\"_ _2\"></span>inati <span class=\"_ _d\"></span>a <span class=\"_ _0\"></span>modificarsi <span class=\"_ _d\"></span>nel <span class=\"_ _d\"></span>tempo <span class=\"_ _0\"></span>ed <span class=\"_ _d\"></span>a <span class=\"_ _0\"></span>confluire <span class=\"_ _d\"></span>a<span class=\"_ _df\"> </span>conto <span class=\"_ _9\"> </span>economico <span class=\"_ _0\"></span>al <span class=\"_ _9\"> </span>momento <span class=\"_ _0\"></span>del <span class=\"_ _0\"></span>realizzo <span class=\"_ _9\"> </span>o <span class=\"_ _9\"> </span>estinzione <span class=\"_ _0\"></span>delle <span class=\"_ _0\"></span>c<span class=\"_ _2\"></span>orrispondenti <span class=\"_ _9\"> </span>attivit\u00e0 <span class=\"_ _9\"> </span>e <span class=\"_ _0\"></span>passivit\u00e0<span class=\"_ _df\"> </span>sono s<span class=\"_ _2\"></span>tati<span class=\"_ _1\"></span> <span class=\"_ _2\"></span>invece appostati <span class=\"_ _2\"></span>tra le <span class=\"_ _2\"></span>\u201cRiserve da <span class=\"_ _2\"></span>valutazione\u201d. Si <span class=\"_ _2\"></span>tratta della valutazione <span class=\"_ _2\"></span>delle attivit\u00e0<span class=\"_ _df\"> </span>finanziarie <span class=\"_ _0\"></span>valutate <span class=\"_ _0\"></span>al <span class=\"_ _0\"></span>fair <span class=\"_ _9\"> </span>value <span class=\"_ _9\"> </span>con <span class=\"_ _0\"></span>impatto <span class=\"_ _9\"> </span>sulla <span class=\"_ _0\"></span>redditivit\u00e0 <span class=\"_ _0\"></span>complessiva, <span class=\"_ _0\"></span>della <span class=\"_ _9\"> </span>valutazione <span class=\"_ _0\"></span>dei<span class=\"_ _df\"> </span>contratti <span class=\"_ _2\"></span>derivati <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>copertura <span class=\"_ _d\"></span>di flussi <span class=\"_ _2\"></span>finanziari, <span class=\"_ _2\"></span>della <span class=\"_ _2\"></span>riserva <span class=\"_ _2\"></span>connessa <span class=\"_ _d\"></span>agli util<span class=\"_ _2\"></span>i/perdite att<span class=\"_ _2\"></span>uariali<span class=\"_ _df\"> </span>su <span class=\"_ _d\"></span>piani <span class=\"_ _2\"></span>a <span class=\"_ _d\"></span>benefici <span class=\"_ _2\"></span>definiti <span class=\"_ _d\"></span>e <span class=\"_ _d\"></span>delle <span class=\"_ _2\"></span>leggi <span class=\"_ _2\"></span>speciali <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>rivalutazione. <span class=\"_ _2\"></span>Le <span class=\"_ _d\"></span>variazioni <span class=\"_ _d\"></span>annue <span class=\"_ _2\"></span>di <span class=\"_ _d\"></span>tali <span class=\"_ _d\"></span>riserve<span class=\"_ _df\"> </span>confluiscono nella redditivit\u00e0 complessiva.<span class=\"_ _df\"> </span>Sezi<span class=\"_ _f\"></span>one 1<span class=\"_ _1\"></span>4 <span class=\"ff2c\">\u2013</span> P<span class=\"_ _f\"></span>atrim<span class=\"_ _1\"></span>oni<span class=\"_ _f\"></span>o di pe<span class=\"_ _f\"></span>rtinen<span class=\"_ _f\"></span>za di t<span class=\"_ _f\"></span>erzi V<span class=\"_ _1\"></span>oc<span class=\"_ _1\"></span>e 19<span class=\"_ _f\"></span>0<span class=\"_ _df\"> </span>14.1 D<span class=\"_ _f\"></span>ettaglio<span class=\"_ _1\"></span> della<span class=\"_ _f\"></span> voce 21<span class=\"_ _1\"></span>0 \"pa<span class=\"_ _1\"></span>trimo<span class=\"_ _f\"></span>nio di per<span class=\"_ _f\"></span>tinenza <span class=\"_ _1\"></span>di te<span class=\"_ _1\"></span>rzi\"<table class=\"s wd92 h524\" id=\"_0479c141-6505-4de3-8ec0-b4681e8962d6\"><tr><td class=\"c x46b y2f18 w4ab h2be\"><div class=\"t m0 x1de h1f yffc ff2b fs7 fc4 sc3 ls0 ws0\">Deno<span class=\"_ _f\"></span>minazi<span class=\"_ _1\"></span>one i<span class=\"_ _1\"></span>mpr<span class=\"_ _f\"></span>ese<span class=\"_ _df\"> </span></div></td><td class=\"c x5d3 y2f19 w41d h95\"><div class=\"t m0 x15 h1f y295 ff2b fs7 fc4 sc3 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x751 y2f19 w4ac h95\"><div class=\"t m0 x15 h1f y295 ff2b fs7 fc4 sc3 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale<span class=\"_ _df\"> </span></div></td><td></td></tr><tr><td></td><td class=\"c x5d3 y2f18 w41d h5a\"><div class=\"t m0 x26 h1f y295 ff2b fs7 fc4 sc3 ls0 ws0\">31/12/<span class=\"_ _f\"></span>2025<span class=\"_ _df\"> </span></div></td><td class=\"c x752 y2f1a w990 h484\"><div class=\"t m0 x250 h1f y2410 ff2b fs7 fc4 sc3 ls0 ws0\">31/12/<span class=\"_ _df\"> </span></div></td><td class=\"c x753 y2f1a wbae h484\"><div class=\"t m0 x250 h1f y2410 ff2b fs7 fc4 sc3 ls0 ws0\">2024<span class=\"_ _df\"> </span></div></td><td></td></tr><tr><td class=\"c x46b y2f1b w4ad h49\"><div class=\"t m0 x8a h1f y25f ff2b fs7 fc1 sc0 ls0 ws0\">Partecipazioni in <span class=\"_ _1\"></span>societ\u00e0 conso<span class=\"_ _1\"></span>lidate con intere<span class=\"_ _f\"></span>ss<span class=\"_ _2\"></span>enze di <span class=\"_ _f\"></span>t<span class=\"_ _2\"></span>erzi sig<span class=\"_ _f\"></span>nifi<span class=\"_ _2\"></span>cativ<span class=\"_ _f\"></span>e<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x46b y2f1c w4ad h49\"><div class=\"t m0 x8a h1f y25f ff2b fs7 fc1 sc0 ls0 ws0\">1. CREDEM CB S<span class=\"_ _1\"></span>RL<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x5d3 y2f1c w41d h49\"><div class=\"t m0 x1b1 h1f y25f ff2b fs7 fc1 sc0 ls0 ws0\">4<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x751 y2f1c w4ae h49\"><div class=\"t m0 x1b1 h1f y25f ff2b fs7 fc1 sc0 ls0 ws0\">4<span class=\"_ _df\"> </span></div></td></tr><tr><td class=\"c x46b y2f1d w4ad h4a\"><div class=\"t m0 x8a h1f y25f ff2b fs7 fc1 sc2 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x5d3 y2f1d w41d h4a\"><div class=\"t m0 x1b1 h1f y25f ff2b fs7 fc1 sc2 ls0 ws0\">4<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x751 y2f1d w4ae h4a\"><div class=\"t m0 x1b1 h1f y25f ff2b fs7 fc1 sc2 ls0 ws0\">4<span class=\"_ _df\"> </span></div></td></tr></table><div class=\"t m0 hc ff4 fs4 fc4 sc3 ls0 ws0 gs1e41\">Sezi<span class=\"_ _f\"></span>one 1<span class=\"_ _1\"></span> <span class=\"ff5\">\u2013</span> Il <span class=\"_ _1\"></span>pat<span class=\"_ _1\"></span>rim<span class=\"_ _1\"></span>onio<span class=\"_ _f\"></span> cons<span class=\"_ _1\"></span>olid<span class=\"_ _f\"></span>ato  </div><div class=\"t m0 he ff4 fs5 fc4 sc3 ls101 ws0 gs1e42\">A.<span class=\"ff11 sc0 ls0\"> <span class=\"_ _26\"> </span></span><span class=\"ls0\">Informaz<span class=\"_ _1\"></span>ioni d<span class=\"_ _1\"></span>i natura<span class=\"_ _f\"></span> qualitativa </span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs1e43\">Dal <span class=\"_ _2\"></span>1\u00b0 <span class=\"_ _d\"></span>gennaio <span class=\"_ _2\"></span>2014 <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _2\"></span>ent<span class=\"_ _2\"></span>ra<span class=\"_ _1\"></span>to <span class=\"_ _2\"></span>in <span class=\"_ _d\"></span>vigore<span class=\"_ _1\"></span> <span class=\"_ _2\"></span>il <span class=\"_ _d\"></span>regolamento <span class=\"_ _2\"></span>(UE<span class=\"_ _2\"></span>) <span class=\"_ _2\"></span>n. <span class=\"_ _d\"></span>575/2013 <span class=\"_ _d\"></span><span class=\"ls39\">(\u201c<span class=\"lsc3\">CRR</span></span>\u201d), <span class=\"_ _2\"></span>con <span class=\"_ _d\"></span>il <span class=\"_ _2\"></span>quale <span class=\"_ _d\"></span>sono </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs1e44\">state <span class=\"_ _9\"> </span>introdotte <span class=\"_ _16\"> </span>nell\u2019Unione<span class=\"_ _1\"></span> <span class=\"_ _16\"> </span>Europea <span class=\"_ _9\"> </span>le  re<span class=\"_ _1\"></span>gole <span class=\"_ _16\"> </span>definite <span class=\"_ _9\"> </span>dal  Comita<span class=\"_ _1\"></span>to <span class=\"_ _16\"> </span>di <span class=\"_ _9\"> </span>Basilea  pe<span class=\"_ _1\"></span>r  la <span class=\"_ _9\"> </span>vigilanz<span class=\"_ _1\"></span>a </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs1e45\">bancaria con l\u2019<span class=\"_ _1\"></span>articolato insie<span class=\"_ _1\"></span>me di <span class=\"_ _1\"></span>documenti uni<span class=\"_ _f\"></span>t<span class=\"_ _2\"></span>ariamente <span class=\"_ _1\"></span>denominato \u201cBasilea 3<span class=\"_ _f\"></span>\u201d<span class=\"_ _2\"></span> in<span class=\"_ _f\"></span> materia d<span class=\"_ _1\"></span>i </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs1e46\">adeguat<span class=\"_ _1\"></span>ezza pa<span class=\"_ _1\"></span>trimoniale (Primo pilastro) e informa<span class=\"_ _f\"></span>t<span class=\"_ _2\"></span>iva al pub<span class=\"_ _1\"></span>blico (T<span class=\"_ _f\"></span>erzo pilastro).<span class=\"ff4\"> </span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs1e47\">Il <span class=\"_ _1\"></span>regolament<span class=\"_ _1\"></span>o (UE) n. <span class=\"_ _f\"></span>575<span class=\"_ _2\"></span>/20<span class=\"_ _1\"></span>13 <span class=\"_ _f\"></span>e la <span class=\"_ _1\"></span>direttiva <span class=\"_ _f\"></span>2013/36/UE <span class=\"_ _1\"></span><span class=\"ls39\">(\u201c<span class=\"ls0\">CRD IV<span class=\"_ _1\"></span>\u201d) de<span class=\"_ _1\"></span>finiscono il <span class=\"_ _f\"></span>quadro nor<span class=\"_ _1\"></span>mativo<span class=\"_ _f\"></span> </span></span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs1e48\">di riferimento nell\u2019Unione Europea per banche e imprese di in<span class=\"_ _2\"></span>vestimento. Dal 1\u00b0 gennaio 2014 CRR </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs1e49\">e <span class=\"_ _0\"></span>CRDIV <span class=\"_ _0\"></span>sono <span class=\"_ _0\"></span>integrati <span class=\"_ _d\"></span>da <span class=\"_ _9\"> </span>norme <span class=\"_ _0\"></span>tecniche <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>regolamentazione <span class=\"_ _0\"> </span>o <span class=\"_ _9\"> </span>di <span class=\"_ _0\"></span>attuazione <span class=\"_ _d\"></span>approvate <span class=\"_ _d\"></span>dalla </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs1e4a\">Commissione <span class=\"_ _9\"> </span>Europea <span class=\"_ _9\"> </span>su  p<span class=\"_ _1\"></span>roposta <span class=\"_ _16\"> </span>dell<span class=\"_ _1\"></span>e <span class=\"_ _9\"> </span>A<span class=\"_ _2\"></span>utorit\u00e0 <span class=\"_ _9\"> </span>europee <span class=\"_ _9\"> </span>di  sup<span class=\"_ _1\"></span>er<span class=\"_ _2\"></span>visione  <span class=\"ls39\">(\u201c<span class=\"ls4\">ESA</span></span>\u201d), <span class=\"_ _9\"> </span>che  d<span class=\"_ _1\"></span>anno </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs1e4b\">attuazione<span class=\"_ _1\"></span> alla normativa primaria.<span class=\"ff4\"> </span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs1e4c\">Dal <span class=\"_ _1\"></span>2014 <span class=\"_ _f\"></span>ad <span class=\"_ _f\"></span>oggi, <span class=\"_ _f\"></span>il CR<span class=\"_ _1\"></span>R <span class=\"_ _f\"></span>\u00e8 sta<span class=\"_ _1\"></span>to <span class=\"_ _f\"></span>aggiornato <span class=\"_ _f\"></span>in d<span class=\"_ _1\"></span>ue <span class=\"_ _f\"></span>fasi: <span class=\"_ _f\"></span>CRR2, <span class=\"_ _1\"></span>pubblicato <span class=\"_ _f\"></span>nel <span class=\"_ _f\"></span>2019, <span class=\"_ _f\"></span>e CRR3, <span class=\"_ _f\"></span>pubblicato<span class=\"_ _f\"></span> </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs1e4d\">nel 202<span class=\"_ _f\"></span>4<span class=\"_ _2\"></span> con prima applica<span class=\"_ _f\"></span>zione <span class=\"_ _2\"></span>dal 2025.<span class=\"ff4\"> </span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs1e4e\">Con <span class=\"_ _d\"></span>l\u2019entrata <span class=\"_ _d\"></span>in <span class=\"_ _0\"></span>vigore <span class=\"_ _d\"></span>il <span class=\"_ _d\"></span>1\u00b0 <span class=\"_ _d\"></span>gennaio <span class=\"_ _0\"></span>2025 <span class=\"_ _d\"></span>del <span class=\"_ _d\"></span>CRR3, <span class=\"_ _0\"></span>l\u2019EBA <span class=\"_ _d\"></span>ha <span class=\"_ _0\"></span>avviato <span class=\"_ _d\"></span>un <span class=\"_ _d\"></span>processo <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>due <span class=\"_ _0\"></span>fasi <span class=\"_ _d\"></span>per </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs1e4f\">aggiornare e ampliare l\u2019inter<span class=\"_ _f\"></span>o<span class=\"_ _2\"></span> impianto inf<span class=\"_ _f\"></span>ormativo alla luce dei nuovi requisiti regolamentari. T<span class=\"_ _11\"></span>al<span class=\"_ _2\"></span><span class=\"lse\">e </span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs1e50\">proces<span class=\"_ _1\"></span>so ha <span class=\"_ _1\"></span>condotto <span class=\"_ _f\"></span>alla pubb<span class=\"_ _1\"></span>licazione, <span class=\"_ _1\"></span>a gi<span class=\"_ _1\"></span>ugno 2<span class=\"_ _1\"></span>024, d<span class=\"_ _1\"></span>i u<span class=\"_ _1\"></span>na nu<span class=\"_ _1\"></span>ova v<span class=\"_ _1\"></span>ersione <span class=\"_ _f\"></span>d<span class=\"_ _2\"></span>egli <span class=\"_ _f\"></span>Implementing </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs1e51\">T<span class=\"_ _11\"></span>echnical Standar<span class=\"_ _1\"></span>ds <span class=\"_ _f\"></span>Step <span class=\"_ _1\"></span>1, <span class=\"_ _f\"></span>recepita con <span class=\"_ _f\"></span>il <span class=\"_ _f\"></span>Regolamento <span class=\"_ _f\"></span>di <span class=\"_ _f\"></span>esecu<span class=\"_ _2\"></span>zione <span class=\"_ _f\"></span>(UE<span class=\"_ _2\"></span>) <span class=\"_ _f\"></span>2024/3172 <span class=\"_ _f\"></span>e appl<span class=\"_ _1\"></span>icabile </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs1e52\">dalla <span class=\"_ _2\"></span>data di <span class=\"_ _2\"></span>riferimento <span class=\"_ _2\"></span>31 <span class=\"_ _2\"></span>marz<span class=\"_ _1\"></span>o <span class=\"_ _2\"></span>2025, <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>introduce<span class=\"_ _1\"></span> <span class=\"_ _2\"></span>nuo<span class=\"_ _2\"></span>vi template <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>disclosure<span class=\"_ _1\"></span> <span class=\"_ _2\"></span>su <span class=\"_ _2\"></span>output </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs1e53\">floor<span class=\"_ _f\"></span>,  rischio  di <span class=\"_ _16\"> </span>cred<span class=\"_ _1\"></span>ito, <span class=\"_ _9\"> </span>r<span class=\"_ _2\"></span>ischio  oper<span class=\"_ _1\"></span>ativo,<span class=\"_ _1\"></span>  rischio <span class=\"_ _16\"> </span>CV<span class=\"_ _f\"></span>A,  leva  finanziaria  e<span class=\"_ _1\"></span>  f<span class=\"_ _1\"></span>ondi  prop<span class=\"_ _1\"></span>ri,  oltre <span class=\"_ _16\"> </span>ad </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs1e54\">aggiornare <span class=\"_ _2\"></span>le <span class=\"_ _2\"></span>informazioni <span class=\"_ _2\"></span>qualita<span class=\"_ _1\"></span>tive <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>quantitative <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>coerenza <span class=\"_ _2\"></span>con <span class=\"_ _2\"></span>i <span class=\"_ _d\"></span>cambiamenti <span class=\"_ _2\"></span>metodologici<span class=\"_ _f\"></span> </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs1e55\">previ<span class=\"_ _1\"></span>sti dal CRR3.<span class=\"ff4\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1e56\">Il  Grup<span class=\"_ _1\"></span>po  ritiene<span class=\"_ _1\"></span>  prioritario  valu<span class=\"_ _f\"></span>t<span class=\"_ _2\"></span>are  l<span class=\"_ _1\"></span>a  prop<span class=\"_ _1\"></span>ria  struttura <span class=\"_ _16\"> </span>patrimoniale<span class=\"_ _1\"></span>  e <span class=\"_ _16\"> </span>tali <span class=\"_ _16\"> </span>analisi  sono <span class=\"_ _16\"> </span>svolte </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs1e57\">all\u2019interno <span class=\"_ _1\"></span>degli <span class=\"_ _1\"></span>specifici Comitati <span class=\"_ _f\"></span>di Governance <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>Gruppo. In <span class=\"_ _f\"></span>tale sede <span class=\"_ _1\"></span>vengono anche <span class=\"_ _f\"></span>evidenziati </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1e58\">i principali impatti legati alle normative in v<span class=\"_ _1\"></span>ia di d<span class=\"_ _2\"></span>efinizione. </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1e59\">I <span class=\"_ _4\"> </span>Comitat<span class=\"_ _2\"></span>i <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>Governance <span class=\"_ _4\"> </span>di <span class=\"_ _17\"> </span>Gruppo <span class=\"_ _4\"> </span>presentano <span class=\"_ _17\"> </span>sempre <span class=\"_ _4\"> </span>dei <span class=\"_ _17\"> </span>membri <span class=\"_ _4\"> </span>nominati <span class=\"_ _17\"> </span>dal <span class=\"_ _4\"> </span>Cons<span class=\"_ _2\"></span>iglio </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs1e5a\">d\u2019Amministrazione <span class=\"_ _0\"></span>della <span class=\"_ _9\"> </span>Capogruppo, <span class=\"_ _0\"></span>s<span class=\"_ _2\"></span>celti <span class=\"_ _0\"></span>tra <span class=\"_ _9\"> </span>i <span class=\"_ _9\"> </span>componenti <span class=\"_ _0\"></span>il <span class=\"_ _9\"> </span>Consiglio <span class=\"_ _0\"></span>s<span class=\"_ _2\"></span>tesso, <span class=\"_ _0\"></span>e <span class=\"_ _9\"> </span>le <span class=\"_ _0\"></span>rispettive </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs1e5b\">analisi vengono successivamente prodotte al Consiglio d\u2019Ammi<span class=\"ff4\">nistrazione della Capogruppo. </span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs1e5c\">Sotto <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>profilo <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>Vigilanz<span class=\"_ _1\"></span>a <span class=\"_ _2\"></span>l\u2019assorbimento <span class=\"_ _2\"></span>viene <span class=\"_ _2\"></span>determinato <span class=\"_ _2\"></span>tenendo in <span class=\"_ _2\"></span>considerazione <span class=\"_ _2\"></span>le <span class=\"_ _2\"></span>att<span class=\"_ _2\"></span>uali </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs1e5d\">\u201cregole\u201d di segnalazione.<span class=\"ff4\"> </span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs1e5e\">Sotto <span class=\"_ _f\"></span>il profilo <span class=\"_ _f\"></span>gestionale <span class=\"_ _f\"></span>l\u2019assorbimento <span class=\"_ _1\"></span>viene <span class=\"_ _f\"></span>calcolato con <span class=\"_ _f\"></span>l\u2019utilizzo <span class=\"_ _f\"></span>di mod<span class=\"_ _1\"></span>elli <span class=\"_ _f\"></span>interni pe<span class=\"_ _1\"></span>r i<span class=\"_ _1\"></span>l<span class=\"_ _2\"></span><span class=\"ff4\"> <span class=\"_ _1\"></span>rischio </span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs1e5f\">di credito e di mercato e l\u2019utilizzo di un metodo standard \u201cge<span class=\"_ _1\"></span>stionale\u201d.<span class=\"_ _2\"></span><span class=\"ff4\"> </span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs1e60\">I <span class=\"_ _f\"></span>rischi ve<span class=\"_ _1\"></span>ngono <span class=\"_ _f\"></span>esaminati sia <span class=\"_ _f\"></span>complessiv<span class=\"_ _1\"></span>amente <span class=\"_ _f\"></span>ch<span class=\"_ _2\"></span>e <span class=\"_ _f\"></span>dettagliatamente <span class=\"_ _f\"></span>all\u2019interno de<span class=\"_ _1\"></span>lle <span class=\"_ _f\"></span>s<span class=\"_ _2\"></span>ociet\u00e0 <span class=\"_ _f\"></span>del </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1e61\">Gruppo (analisi dei portafogli specifici). </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1e62\">Al <span class=\"_ _2\"></span>31<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>dicembre <span class=\"_ _d\"></span>2025 <span class=\"_ _d\"></span>i <span class=\"_ _d\"></span>Fondi <span class=\"_ _d\"></span>Propri <span class=\"_ _d\"></span>sono <span class=\"_ _d\"></span>stati <span class=\"_ _d\"></span>determinati <span class=\"_ _d\"></span>in <span class=\"_ _2\"></span>base <span class=\"_ _d\"></span>alle <span class=\"_ _d\"></span>disposizioni <span class=\"_ _2\"></span>cont<span class=\"_ _2\"></span>enute <span class=\"_ _2\"></span>nel<span class=\"_ _2\"></span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1e63\">Regolamento (UE) n.575/2013 (CRR)<span class=\"_ _1\"></span>.<span class=\"_ _2\"></span> </div><div class=\"t m0 he ff4 fs5 fc4 sc3 ls0 ws0 gs1e65\">B. Info<span class=\"_ _1\"></span>rmaz<span class=\"_ _f\"></span>ioni di na<span class=\"_ _1\"></span>tura qu<span class=\"_ _f\"></span>antitativa<span class=\"_ _df\"> </span></div><div class=\"c w2c2 h4a gs1e66\"><div class=\"t m0 x10 h5 y1c7f ff4 fs1 fc4 sc3 ls0 ws0\">B.1 <span class=\"_ _1\"></span>Patrim<span class=\"_ _1\"></span>onio <span class=\"_ _1\"></span>conso<span class=\"_ _1\"></span>lidat<span class=\"_ _f\"></span>o: ripar<span class=\"_ _1\"></span>tizione<span class=\"_ _f\"></span> per tipo<span class=\"_ _f\"></span>logia di<span class=\"_ _1\"></span> impr<span class=\"_ _1\"></span>esa </div></div><div class=\"gs1e67\"><table class=\"s w11ec h5c8\" id=\"_49c07ea8-2588-498b-97cc-4d4c95ac4395\"><tr><td></td><td class=\"c x44e y38f6 w65f h1e4\"><div class=\"t m0 x49 h1f y10f6 ff4 fs7 fc4 sc3 ls0 ws0\">Voci<span class=\"_ _1\"></span> del <span class=\"_ _f\"></span>patrim<span class=\"_ _1\"></span>onio<span class=\"_ _1\"></span> nett<span class=\"_ _f\"></span>o </div></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x44e y38f7 w4ef hc8\"><div class=\"t m0 x10 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">1. Capitale </div></td><td></td><td></td><td class=\"c x58a y38f7 w48a hc8\"><div class=\"t m0 x35 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">341.323 </div></td><td class=\"c x5af y38f7 w4c3 hc8\"><div class=\"t m0 x27 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">(7.049) </div></td><td class=\"c x534 y38f7 w48a hc8\"><div class=\"t m0 xf h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x598 y38f7 w4c3 hc8\"><div class=\"t m0 x97 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">7.049<span class=\"_ _df\"> </span></div></td><td class=\"c x515 y38f7 wf9 hc8\"><div class=\"t m0 x35 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">341.323 </div></td></tr><tr><td class=\"c x44e y38f8 w4ef hc8\" colspan=\"2\"><div class=\"t m0 x10 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">2. Sovrapprezzi d<span class=\"_ _1\"></span>i emissione<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x58a y38f8 w48a hc8\"><div class=\"t m0 x3a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">321.801 </div></td><td class=\"c x5af y38f8 w4c3 hc8\"><div class=\"t m0 xf h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x534 y38f8 w48a hc8\"><div class=\"t m0 xf h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x598 y38f8 w4c3 hc8\"><div class=\"t m0 xf h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x515 y38f8 wf9 hc8\"><div class=\"t m0 x2c h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">321.801 </div></td></tr><tr><td class=\"c x44e y38f9 w4ef hc8\"><div class=\"t m0 x10 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">3. Riserve </div></td><td></td><td></td><td class=\"c x58a y38f9 w48a hc8\"><div class=\"t m0 x55 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">3.449.325 </div></td><td class=\"c x5af y38f9 w4c3 hc8\"><div class=\"t m0 x35 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">545.190 </div></td><td class=\"c x534 y38f9 w48a hc8\"><div class=\"t m0 xf h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x598 y38f9 w4c3 hc8\"><div class=\"t m0 x14 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">(545.190) </div></td><td class=\"c x515 y38f9 wf9 hc8\"><div class=\"t m0 x55 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">3.449.325 </div></td></tr><tr><td class=\"c x44e y38fa w4ef hc8\" colspan=\"2\"><div class=\"t m0 x10 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">4. Strumenti d<span class=\"_ _1\"></span>i capitale<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x58a y38fa w48a hc8\"><div class=\"t m0 xf h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5af y38fa w4c3 hc8\"><div class=\"t m0 xf h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x534 y38fa w48a hc8\"><div class=\"t m0 xf h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x598 y38fa w4c3 hc8\"><div class=\"t m0 xf h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x515 y38fa wf9 hc8\"><div class=\"t m0 xf h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x262 y38fb w11ed h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">5.<span class=\"_ _df\"> </span></div></td><td class=\"c xba1 y38fb w11ee h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">(Azioni proprie)<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x58a y38fc w48a hc8\"><div class=\"t m0 x32 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">(20.010) </div></td><td class=\"c x5af y38fc w4c3 hc8\"><div class=\"t m0 xf h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x534 y38fc w48a hc8\"><div class=\"t m0 xf h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x598 y38fc w4c3 hc8\"><div class=\"t m0 xf h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x515 y38fc wf9 hc8\"><div class=\"t m0 x32 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">(20.010) </div></td></tr><tr><td class=\"c x44e y38fd w4ef h82\"><div class=\"t m0 x10 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">6. Riserve da valutaz<span class=\"_ _f\"></span>ione:<span class=\"_ _df\"> </span></div></td><td></td><td></td><td class=\"c x58a y38fd w48a h82\"><div class=\"t m0 x35 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">(51.076) </div></td><td class=\"c x5af y38fd w4c3 h82\"><div class=\"t m0 x31 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">6.814 </div></td><td class=\"c x534 y38fd w48a h82\"><div class=\"t m0 xf h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x598 y38fd w4c3 h82\"><div class=\"t m0 x26 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">(6.814)<span class=\"_ _df\"> </span></div></td><td class=\"c x515 y38fd wf9 h82\"><div class=\"t m0 x35 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">(51.076) </div></td></tr><tr><td class=\"c x58f y38fe w11ef h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">- Titoli di capita<span class=\"_ _1\"></span>le designati al <span class=\"_ _1\"></span>fair value con impat<span class=\"_ _f\"></span>to<span class=\"_ _df\"> </span></div></td><td></td><td></td><td class=\"c x58a y38ff w48a h58\"><div class=\"t m0 x37 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">13.351 </div></td><td class=\"c x5af y38ff w4c3 h58\"><div class=\"t m0 xf h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x534 y38ff w48a h58\"><div class=\"t m0 xf h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x598 y38ff w4c3 h58\"><div class=\"t m0 xf h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x515 y38ff wf9 h58\"><div class=\"t m0 x37 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">13.351 </div></td></tr><tr><td class=\"c x58f y3900 wdd7 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">sulla redditivit\u00e0 c<span class=\"_ _f\"></span>o<span class=\"_ _2\"></span>mplessi<span class=\"_ _1\"></span>va<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x58f y3901 w11f0 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">- Coperture di t<span class=\"_ _1\"></span>itoli di capita<span class=\"_ _1\"></span>le designati al fa<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span>r value<span class=\"_ _df\"> </span></div></td><td></td><td></td><td class=\"c x58a y3902 w48a hcd\"><div class=\"t m0 xf h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5af y3902 w4c3 hcd\"><div class=\"t m0 xf h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x534 y3902 w48a hcd\"><div class=\"t m0 xf h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x598 y3902 w4c3 hcd\"><div class=\"t m0 xf h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x515 y3902 wf9 hcd\"><div class=\"t m0 xf h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x58f y3903 wdeb h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">con impatto sul<span class=\"_ _1\"></span>la redditivit\u00e0 comp<span class=\"_ _f\"></span>l<span class=\"_ _2\"></span>essi<span class=\"_ _1\"></span>va<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x58f y3904 w11f1 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">- Attivit\u00e0 finanzia<span class=\"_ _f\"></span>r<span class=\"_ _2\"></span>ie (diver<span class=\"_ _1\"></span>se dai titoli di cap<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span>tale)<span class=\"_ _df\"> </span></div></td><td></td><td></td><td class=\"c x58a y3905 w48a h58\"><div class=\"t m0 x130 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">(364.362) </div></td><td class=\"c x5af y3905 w4c3 h58\"><div class=\"t m0 x14 h1f y420 ff4 fs7 fc1 sc0 ls28 ws0\">(2<span class=\"ls0\">62.014</span><span class=\"ls0\">) </span></div></td><td class=\"c x534 y3905 w48a h58\"><div class=\"t m0 xf h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x598 y3905 w4c3 h58\"><div class=\"t m0 x35 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">262.014</div></td><td class=\"c x515 y3905 wf9 h58\"><div class=\"t m0 x130 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">(364.362) </div></td></tr><tr><td class=\"c x58f y3906 w11f2 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">valutate al fair va<span class=\"_ _1\"></span>lue con impatt<span class=\"_ _1\"></span>o sulla reddi<span class=\"_ _1\"></span>tivit\u00e0 </div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x58f y3908 w11f3 h5c9\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">- Attivit\u00e0 materia<span class=\"_ _1\"></span>li</div><div class=\"t m0 x250 h1f y3907 ff4 fs7 fc1 sc0 ls0 ws0\">complessiva </div></td><td></td><td></td><td class=\"c x58a y3909 w48a hc8\"><div class=\"t m0 xf h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5af y3909 w4c3 hc8\"><div class=\"t m0 xf h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x534 y3909 w48a hc8\"><div class=\"t m0 xf h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x598 y3909 w4c3 hc8\"><div class=\"t m0 xf h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x515 y3909 wf9 hc8\"><div class=\"t m0 xf h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y390a w4ef hc8\"><div class=\"t m0 x8e h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- Attivit\u00e0 immater<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span>ali </div></td><td></td><td></td><td class=\"c x58a y390a w48a hc8\"><div class=\"t m0 xf h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5af y390a w4c3 hc8\"><div class=\"t m0 xf h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x534 y390a w48a hc8\"><div class=\"t m0 xf h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x598 y390a w4c3 hc8\"><div class=\"t m0 xf h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x515 y390a wf9 hc8\"><div class=\"t m0 xf h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y390b w4ef hc8\"><div class=\"t m0 x8e h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- Copertura di in<span class=\"_ _1\"></span>vestimenti ester<span class=\"_ _1\"></span>i </div></td><td></td><td></td><td class=\"c x58a y390b w48a hc8\"><div class=\"t m0 xf h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5af y390b w4c3 hc8\"><div class=\"t m0 xf h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x534 y390b w48a hc8\"><div class=\"t m0 xf h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x598 y390b w4c3 hc8\"><div class=\"t m0 xf h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x515 y390b wf9 hc8\"><div class=\"t m0 xf h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y390c w4ef hc8\"><div class=\"t m0 x8e h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- Copertura dei <span class=\"_ _1\"></span>flussi finanziar<span class=\"_ _1\"></span>i </div></td><td></td><td></td><td class=\"c x58a y390c w48a hc8\"><div class=\"t m0 x3a h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">(15.717) </div></td><td class=\"c x5af y390c w4c3 hc8\"><div class=\"t m0 xf h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x534 y390c w48a hc8\"><div class=\"t m0 xf h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x598 y390c w4c3 hc8\"><div class=\"t m0 xf h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x515 y390c wf9 hc8\"><div class=\"t m0 x3a h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">(15.717) </div></td></tr><tr><td class=\"c x44e y390d w4ef hc8\"><div class=\"t m0 x8e h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- Strumenti di c<span class=\"_ _f\"></span>o<span class=\"_ _2\"></span>pertura [eleme<span class=\"_ _f\"></span>nti non designati]<span class=\"_ _df\"> </span></div></td><td></td><td></td><td class=\"c x58a y390d w48a hc8\"><div class=\"t m0 xf h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5af y390d w4c3 hc8\"><div class=\"t m0 xf h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x534 y390d w48a hc8\"><div class=\"t m0 xf h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x598 y390d w4c3 hc8\"><div class=\"t m0 xf h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x515 y390d wf9 hc8\"><div class=\"t m0 xf h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y390e w4ef hc8\"><div class=\"t m0 x8e h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- Differenze d<span class=\"_ _1\"></span>i cambio </div></td><td></td><td></td><td class=\"c x58a y390e w48a hc8\"><div class=\"t m0 xf h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5af y390e w4c3 hc8\"><div class=\"t m0 xf h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x534 y390e w48a hc8\"><div class=\"t m0 xf h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x598 y390e w4c3 hc8\"><div class=\"t m0 xf h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x515 y390e wf9 hc8\"><div class=\"t m0 xf h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x58f y390f w11f4 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">- Attivit\u00e0 non c<span class=\"_ _1\"></span>orrenti e grupp<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span> di atti<span class=\"_ _1\"></span>vit\u00e0 in via di<span class=\"_ _df\"> </span></div></td><td></td><td></td><td class=\"c x58a y3910 w48a h7a\"><div class=\"t m0 xf h1f y400 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5af y3910 w4c3 h7a\"><div class=\"t m0 xf h1f y400 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x534 y3910 w48a h7a\"><div class=\"t m0 xf h1f y400 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x598 y3910 w4c3 h7a\"><div class=\"t m0 xf h1f y400 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x515 y3910 wf9 h7a\"><div class=\"t m0 xf h1f y400 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x58f y3911 w98d h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">dismissione<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x58f y3912 w11f5 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">- Passivit\u00e0 finanzi<span class=\"_ _1\"></span>arie designate <span class=\"_ _1\"></span>al fair value c<span class=\"_ _1\"></span>on<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x58f y3913 w11f6 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">impatto a cont<span class=\"_ _1\"></span>o economico (variaz<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span>oni del pr<span class=\"_ _f\"></span>o<span class=\"_ _2\"></span>prio </div></td><td></td><td></td><td class=\"c x58a y3914 w48a h266\"><div class=\"t m0 xf h1f yd3d ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5af y3914 w4c3 h266\"><div class=\"t m0 xf h1f yd3d ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x534 y3914 w48a h266\"><div class=\"t m0 xf h1f yd3d ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x598 y3914 w4c3 h266\"><div class=\"t m0 xf h1f yd3d ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x515 y3914 wf9 h266\"><div class=\"t m0 xf h1f yd3d ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x58f y3916 w11f7 h5ca\"><div class=\"t m0 x250 h1f y313a ff4 fs7 fc1 sc0 ls0 ws0\">- Utili (perdite) <span class=\"_ _1\"></span>attuariali su pian<span class=\"_ _1\"></span>i previdenziali a<span class=\"_ _df\"> </span></div><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">benefici definiti<span class=\"_ _df\"> </span></div><div class=\"t m0 x250 h1f y3915 ff4 fs7 fc1 sc0 ls0 ws0\">merito creditiz<span class=\"_ _1\"></span>io) </div></td><td></td><td></td><td class=\"c x58a y3917 w48a h7a\"><div class=\"t m0 x3a h1f y400 ff4 fs7 fc1 sc0 ls0 ws0\">(6.206) </div></td><td class=\"c x5af y3917 w4c3 h7a\"><div class=\"t m0 x12 h1f y400 ff4 fs7 fc1 sc0 ls32 ws0\">50<span class=\"ls0\"> </span></div></td><td class=\"c x534 y3917 w48a h7a\"><div class=\"t m0 xf h1f y400 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x598 y3917 w4c3 h7a\"><div class=\"t m0 x36 h1f y400 ff4 fs7 fc1 sc0 ls0 ws0\">(50) </div></td><td class=\"c x515 y3917 wf9 h7a\"><div class=\"t m0 x3a h1f y400 ff4 fs7 fc1 sc0 ls0 ws0\">(6.206) </div></td></tr><tr><td class=\"c x44e y3918 w4ef ha7\"><div class=\"t m0 x8e h1f y1c83 ff4 fs7 fc1 sc0 ls0 ws0\">- Quote delle ri<span class=\"_ _1\"></span>serve da valutaz<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span>one delle </div><div class=\"t m0 x8e h1f y1c84 ff4 fs7 fc1 sc0 ls0 ws0\">partecipazioni va<span class=\"_ _f\"></span>l<span class=\"_ _2\"></span>utate a pa<span class=\"_ _f\"></span>trimonio netto<span class=\"_ _df\"> </span></div></td><td></td><td></td><td class=\"c x58a y3918 w48a ha7\"><div class=\"t m0 xf h1f y1c85 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5af y3918 w4c3 ha7\"><div class=\"t m0 xf h1f y1c85 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x534 y3918 w48a ha7\"><div class=\"t m0 xf h1f y1c85 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x598 y3918 w4c3 ha7\"><div class=\"t m0 xf h1f y1c85 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x515 y3918 wf9 ha7\"><div class=\"t m0 xf h1f y1c85 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y3919 w4ef ha8\"><div class=\"t m0 x8e h1f y66a ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"ls26\"></span><span class=\"ls26\">  </span>Ricavi o costi d<span class=\"_ _1\"></span>i natura finanz<span class=\"_ _1\"></span>iaria relativi ai </div><div class=\"t m0 x8e h1f y1c84 ff4 fs7 fc1 sc0 ls0 ws0\">contratti assicurat<span class=\"_ _1\"></span>ivi emessi </div></td><td></td><td></td><td class=\"c x58a y3919 w48a ha8\"><div class=\"t m0 x32 h1f y823 ff4 fs7 fc1 sc0 ls0 ws0\">268.797 </div></td><td class=\"c x5af y3919 w4c3 ha8\"><div class=\"t m0 x32 h1f y823 ff4 fs7 fc1 sc0 ls0 ws0\">268.797 </div></td><td class=\"c x534 y3919 w48a ha8\"><div class=\"t m0 xf h1f y823 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x598 y3919 w4c3 ha8\"><div class=\"t m0 x39 h1f y823 ff4 fs7 fc1 sc0 ls0 ws0\">(268.797) </div></td><td class=\"c x515 y3919 wf9 ha8\"><div class=\"t m0 x32 h1f y823 ff4 fs7 fc1 sc0 ls0 ws0\">268.797 </div></td></tr><tr><td class=\"c x58f y391a w11f8 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">- Ricavi o costi d<span class=\"_ _1\"></span>i natura finanz<span class=\"_ _1\"></span>iaria relativi al<span class=\"_ _1\"></span>le<span class=\"_ _df\"> </span></div></td><td></td><td></td><td class=\"c x58a y391b w48a h57\"><div class=\"t m0 x8f h1f y2e7 ff4 fs7 fc1 sc0 ls0 ws0\">(19) </div></td><td class=\"c x5af y391b w4c3 h57\"><div class=\"t m0 x8f h1f y2e7 ff4 fs7 fc1 sc0 ls0 ws0\">(19) </div></td><td class=\"c x534 y391b w48a h57\"><div class=\"t m0 xf h1f y2e7 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x598 y391b w4c3 h57\"><div class=\"t m0 x90 h1f y2e7 ff4 fs7 fc1 sc0 ls9 ws0\">19<span class=\"_ _df\"> </span></div></td><td class=\"c x515 y391b wf9 h57\"><div class=\"t m0 x8f h1f y2e7 ff4 fs7 fc1 sc0 ls0 ws0\">(19) </div></td></tr><tr><td class=\"c x58f y391d w11f9 h5cb\"><div class=\"t m0 x250 h1f y391c ff4 fs7 fc1 sc0 ls0 ws0\">cessioni in riass<span class=\"_ _1\"></span>icurazione<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x44e y391e w4ef h131\"><div class=\"t m0 x8e h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">- Leggi speciali di ri<span class=\"_ _1\"></span>valutazione </div></td><td></td><td></td><td class=\"c x58a y391e w48a h131\"><div class=\"t m0 x27 h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">53.080 </div></td><td class=\"c x5af y391e w4c3 h131\"><div class=\"t m0 xf h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x534 y391e w48a h131\"><div class=\"t m0 xf h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x598 y391e w4c3 h131\"><div class=\"t m0 xf h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x515 y391e wf9 h131\"><div class=\"t m0 x3a h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">53.080 </div></td></tr><tr><td class=\"c x44e y391f w4ef h1fa\"><div class=\"t m0 x10 h1f y66c ff4 fs7 fc1 sc0 ls0 ws0\">7. Utile (Perdita) d'e<span class=\"_ _1\"></span>sercizio (+/-) del <span class=\"_ _1\"></span>gruppo e di terzi </div></td><td></td><td></td><td class=\"c x58a y391f w48a h1fa\"><div class=\"t m0 x35 h1f y66c ff4 fs7 fc1 sc0 ls0 ws0\">621.466 </div></td><td class=\"c x5af y391f w4c3 h1fa\"><div class=\"t m0 x34 h1f y66c ff4 fs7 fc1 sc0 ls0 ws0\">52.518 </div></td><td class=\"c x534 y391f w48a h1fa\"><div class=\"t m0 xf h1f y66c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x598 y391f w4c3 h1fa\"><div class=\"t m0 x35 h1f y66c ff4 fs7 fc1 sc0 ls0 ws0\">(52.518) </div></td><td class=\"c x515 y391f wf9 h1fa\"><div class=\"t m0 x35 h1f y66c ff4 fs7 fc1 sc0 ls0 ws0\">621.466 </div></td></tr><tr><td></td><td></td><td class=\"c x44e y3920 w4ef hc8\"><div class=\"t m0 x13a h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale </div></td><td class=\"c x58a y3920 w48a hc8\"><div class=\"t m0 x55 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">4.66<span class=\"_ _1\"></span>2.829<span class=\"_ _f\"></span> </div></td><td class=\"c x5af y3920 w4c3 hc8\"><div class=\"t m0 x35 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">597<span class=\"_ _1\"></span>.473<span class=\"_ _f\"></span> </div></td><td class=\"c x534 y3920 w48a hc8\"><div class=\"t m0 xf h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td><td class=\"c x598 y3920 w4c3 hc8\"><div class=\"t m0 x14 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">(597<span class=\"_ _1\"></span>.473)<span class=\"_ _f\"></span> </div></td><td class=\"c x515 y3920 wf9 hc8\"><div class=\"t m0 x55 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">4.66<span class=\"_ _1\"></span>2.829<span class=\"_ _f\"></span> </div></td></tr></table></div><div class=\"c wa5 h1e4 gs1e68\"><div class=\"t m4 x2c h1f y655 ff4 fs7 fc4 sc3 ls0 ws0\">Consolidato </div><div class=\"t m4 x30 h1f y826 ff4 fs7 fc4 sc3 ls0 ws0\">prudenziale </div></div><div class=\"c w61 h1e4 gs1e69\"><div class=\"t m4 x2c h1f y1220 ff4 fs7 fc4 sc3 ls0 ws0\">Imprese di </div><div class=\"t m4 x15 h1f yd20 ff4 fs7 fc4 sc3 ls0 ws0\">assicurazione </div></div><div class=\"c w60 h1e4 gs1e6a\"><div class=\"t m4 x37 h1f y2c6 ff4 fs7 fc4 sc3 ls0 ws0\">Altre imprese </div></div><div class=\"c w4c3 h1e4 gs1e6b\"><div class=\"t m4 x48 h1f yd65 ff4 fs7 fc4 sc3 ls0 ws0\">Elisioni e </div><div class=\"t m4 x37 h1f y1a16 ff4 fs7 fc4 sc3 ls0 ws0\">aggiustamenti da </div><div class=\"t m4 x11 h1f y28e ff4 fs7 fc4 sc3 ls0 ws0\">consolidamento </div></div><div class=\"c wf9 h1e4 gs1e6c\"><div class=\"t m4 x37 h1f y44c ff4 fs7 fc4 sc3 ls0 ws0\">Totale </div></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1e6d\">Nella <span class=\"_ _e\"> </span>tavola <span class=\"_ _e\"> </span>sopra <span class=\"_ _e\"> </span>riportata <span class=\"_ _e\"> </span>sono <span class=\"_ _e\"> </span>indicate <span class=\"_ _e\"> </span>le <span class=\"_ _e\"> </span>componenti <span class=\"_ _15\"> </span>del <span class=\"_ _e\"> </span>patrimonio <span class=\"_ _10\"> </span>netto <span class=\"_ _15\"> </span>cont<span class=\"_ _2\"></span>abile<span class=\"_ _1\"></span>, </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1e6e\">sommando  q<span class=\"_ _1\"></span>uelle <span class=\"_ _9\"> </span>d<span class=\"_ _2\"></span>el <span class=\"_ _9\"> </span>Gr<span class=\"_ _2\"></span>uppo <span class=\"_ _9\"> </span>con  quelle <span class=\"_ _9\"> </span>di  terzi, <span class=\"_ _9\"> </span>ri<span class=\"_ _2\"></span>partite <span class=\"_ _16\"> </span>per  tipologia <span class=\"_ _9\"> </span>di  imprese <span class=\"_ _9\"> </span>oggett<span class=\"_ _2\"></span>o <span class=\"_ _16\"> </span>di </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1e6f\">consolidamento. <span class=\"_ _4\"> </span>Pi\u00f9 <span class=\"_ _4\"> </span>in <span class=\"_ _4\"> </span>dettaglio, <span class=\"_ _4\"> </span>nella <span class=\"_ _4\"> </span>colonna <span class=\"_ _4\"> </span>riferita <span class=\"_ _4\"> </span>al <span class=\"_ _17\"> </span>Consoli<span class=\"_ _1\"></span>damento <span class=\"_ _4\"> </span>prudenziale <span class=\"_ _4\"> </span>viene </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs1e70\">indicato l\u2019i<span class=\"_ _1\"></span>mporto che risulta dal <span class=\"_ _f\"></span>cons<span class=\"_ _2\"></span>olidamento <span class=\"_ _1\"></span>delle societ\u00e0 ap<span class=\"_ _1\"></span>partenenti al Grup<span class=\"_ _1\"></span>po bancario, al </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1e71\">lordo <span class=\"_ _0\"></span>degli <span class=\"_ _0\"></span>effetti <span class=\"_ _0\"></span>economici <span class=\"_ _9\"> </span>di <span class=\"_ _0\"></span>transazioni <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=\"_ _0\"></span>nel <span class=\"_ _0\"></span>perimetro <span class=\"_ _9\"> </span>di </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1e72\">consolidamento;  le <span class=\"_ _4\"> </span>societ\u00e0 <span class=\"_ _4\"> </span>controllate, <span class=\"_ _22\"> </span>diverse <span class=\"_ _4\"> </span>da <span class=\"_ _22\"> </span>quelle <span class=\"_ _4\"> </span>appartenenti <span class=\"_ _22\"> </span>al <span class=\"_ _4\"> </span>Gruppo <span class=\"_ _4\"> </span>bancario <span class=\"_ _4\"> </span>e </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1e73\">consolidate integralmente <span class=\"_ _2\"></span>sono <span class=\"_ _2\"></span>qui valorizzate <span class=\"_ _2\"></span>con <span class=\"_ _2\"></span>il metodo <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>patrimonio <span class=\"_ _2\"></span>netto. <span class=\"_ _2\"></span>Nella colonn<span class=\"_ _2\"></span><span class=\"ls73\">a </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1e74\">Imprese di assicurazione so<span class=\"_ _2\"></span>no riportati gli importi che risultano dal consolidamento, al <span class=\"_ _2\"></span>lordo degli </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1e75\">effetti <span class=\"_ _17\"> </span>economici <span class=\"_ _17\"> </span>derivanti <span class=\"_ _4\"> </span>da<span class=\"_ _2\"></span> <span class=\"_ _17\"> </span>transazioni <span class=\"_ _17\"> </span>effettuate <span class=\"_ _17\"> </span>con <span class=\"_ _17\"> </span>le <span class=\"_ _17\"> </span>societ\u00e0 <span class=\"_ _17\"> </span>appartenenti <span class=\"_ _17\"> </span>al <span class=\"_ _17\"> </span>Gruppo </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1e76\">bancario. Nelle colonne<span class=\"_ _1\"></span> Elisioni ed Aggiustamenti sono inve<span class=\"_ _1\"></span>ce in<span class=\"_ _2\"></span>dicate le rettifiche nece<span class=\"_ _1\"></span>ssarie per </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1e77\">ottenere il dato rappresentato in bil<span class=\"_ _1\"></span>ancio.<span class=\"_ _df\"> </span><span class=\"_ _2\"></span> </div><div class=\"c w2c2 he3 gs1e79\"><div class=\"t m0 x8a h5 y17de ff4 fs1 fc4 sc3 ls0 ws0\">B.2 Ri<span class=\"_ _1\"></span>serve<span class=\"_ _1\"></span> da <span class=\"_ _1\"></span>valut<span class=\"_ _1\"></span>azio<span class=\"_ _1\"></span>ne del<span class=\"_ _1\"></span>le a<span class=\"_ _f\"></span>ttivit\u00e0 fi<span class=\"_ _1\"></span>nanzia<span class=\"_ _1\"></span>rie v<span class=\"_ _1\"></span>aluta<span class=\"_ _f\"></span>te al fai<span class=\"_ _1\"></span>r va<span class=\"_ _1\"></span>lue co<span class=\"_ _f\"></span>n impatt<span class=\"_ _f\"></span>o sulla r<span class=\"_ _1\"></span>edditi<span class=\"_ _1\"></span>vit\u00e0 <span class=\"_ _1\"></span>comp<span class=\"_ _1\"></span>lessiv<span class=\"_ _1\"></span>a: </div><div class=\"t m0 x8a h5 y27 ff4 fs1 fc4 sc3 ls0 ws0\">comp<span class=\"_ _1\"></span>osizio<span class=\"_ _f\"></span>ne </div></div><div class=\"gs1e7a\"><table class=\"s w11fa h5cc\" id=\"_38590e5b-4584-49a6-8c19-c71ea25b29f5\"><tr><td class=\"c x46b y3921 w660 h36f\"><div class=\"t m0 x35 h1f y11c4 ff4 fs7 fc4 sc3 ls0 ws0\">Atti<span class=\"_ _1\"></span>vit\u00e0/v<span class=\"_ _f\"></span>alori<span class=\"fc1 sc0\"> </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=\"c x46b y3922 w664 hc8\"><div class=\"t m0 x8a h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">1. Titoli di debito<span class=\"_ _1\"></span> </div></td><td></td><td class=\"c xba2 y3922 w32c hc8\"><div class=\"t m0 x2f h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">5.808 </div></td><td class=\"c xa46 y3922 w34d hc8\"><div class=\"t m0 xac h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">108.156 </div></td><td class=\"c x5d8 y3922 w1c0 hc8\"><div class=\"t m0 x8e h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">18.726 </div></td><td class=\"c xa64 y3922 w351 hc8\"><div class=\"t m0 x8a h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">280.740 </div></td><td class=\"c x8a0 y3922 w35e hc8\"><div class=\"t m0 x97 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x54b y3922 w56f hc8\"><div class=\"t m0 x39 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x6ec y3922 w19b hc8\"><div class=\"t m0 x34 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x7f8 y3922 w18b hc8\"><div class=\"t m0 x38 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xba3 y3922 w12d hc8\"><div class=\"t m0 xab h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">24.534 </div></td><td class=\"c xba4 y3922 w2af hc8\"><div class=\"t m0 x8a h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">388.896 </div></td></tr><tr><td class=\"c x46b y3923 w664 hc8\"><div class=\"t m0 x8a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">2. Titoli di capita<span class=\"_ _f\"></span>l<span class=\"_ _2\"></span>e<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c xba2 y3923 w32c hc8\"><div class=\"t m0 x8e h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">15.778 </div></td><td class=\"c xa46 y3923 w34d hc8\"><div class=\"t m0 x2e h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">2.427 </div></td><td class=\"c x5d8 y3923 w1c0 hc8\"><div class=\"t m0 x34 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa64 y3923 w351 hc8\"><div class=\"t m0 x97 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x8a0 y3923 w35e hc8\"><div class=\"t m0 x97 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x54b y3923 w56f hc8\"><div class=\"t m0 x39 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x6ec y3923 w19b hc8\"><div class=\"t m0 x34 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x7f8 y3923 w18b hc8\"><div class=\"t m0 x38 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xba3 y3923 w12d hc8\"><div class=\"t m0 x8e h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">15.778 </div></td><td class=\"c xba4 y3923 w2af hc8\"><div class=\"t m0 x55 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">2.427 </div></td></tr><tr><td class=\"c x46b y3924 w664 hc8\"><div class=\"t m0 x8a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">3. Finanziamenti<span class=\"_ _1\"></span> </div></td><td></td><td class=\"c xba2 y3924 w32c hc8\"><div class=\"t m0 x26 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa46 y3924 w34d hc8\"><div class=\"t m0 x97 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5d8 y3924 w1c0 hc8\"><div class=\"t m0 x34 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa64 y3924 w351 hc8\"><div class=\"t m0 x97 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x8a0 y3924 w35e hc8\"><div class=\"t m0 x97 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x54b y3924 w56f hc8\"><div class=\"t m0 x39 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x6ec y3924 w19b hc8\"><div class=\"t m0 x34 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x7f8 y3924 w18b hc8\"><div class=\"t m0 x38 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xba3 y3924 w12d hc8\"><div class=\"t m0 x26 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xba4 y3924 w2af hc8\"><div class=\"t m0 x38 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y3925 w179 hc8\"><div class=\"t m0 x55 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale<span class=\"sc0\"> </span></div></td><td class=\"c xba5 y3925 w376 hc8\"><div class=\"t m0 x8a h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">31/12/<span class=\"_ _f\"></span>2025<span class=\"sc0\"> </span></div></td><td class=\"c xba2 y3925 w32c hc8\"><div class=\"t m0 x8e h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">21.58<span class=\"_ _1\"></span>6<span class=\"sc0\"> </span></div></td><td class=\"c xa46 y3925 w34d hc8\"><div class=\"t m0 xac h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">110.5<span class=\"_ _1\"></span>83<span class=\"sc0\"> </span></div></td><td class=\"c x5d8 y3925 w1c0 hc8\"><div class=\"t m0 x2f h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">18.726<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td><td class=\"c xa64 y3925 w351 hc8\"><div class=\"t m0 xab h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">280.7<span class=\"_ _f\"></span>40<span class=\"sc0\"> </span></div></td><td class=\"c x8a0 y3925 w35e hc8\"><div class=\"t m0 x97 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x54b y3925 w56f hc8\"><div class=\"t m0 x39 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x6ec y3925 w19b hc8\"><div class=\"t m0 x34 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x7f8 y3925 w18b hc8\"><div class=\"t m0 x38 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c xba3 y3925 w12d hc8\"><div class=\"t m0 xac h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">40.3<span class=\"_ _1\"></span>12<span class=\"sc0\"> </span></div></td><td class=\"c xba4 y3925 w2af hc8\"><div class=\"t m0 xac h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">391.3<span class=\"_ _f\"></span>23<span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x46b y3926 w179 hc8\"><div class=\"t m0 x55 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale<span class=\"sc0\"> </span></div></td><td class=\"c xba5 y3926 w376 hc8\"><div class=\"t m0 x8a h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">31/12/<span class=\"_ _f\"></span>2024<span class=\"sc0\"> </span></div></td><td class=\"c xba2 y3926 w32c hc8\"><div class=\"t m0 xac h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">19.0<span class=\"_ _1\"></span>04<span class=\"sc0\"> </span></div></td><td class=\"c xa46 y3926 w34d hc8\"><div class=\"t m0 xab h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">144.06<span class=\"_ _f\"></span>2<span class=\"sc0\"> </span></div></td><td class=\"c x5d8 y3926 w1c0 hc8\"><div class=\"t m0 x8e h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">24.33<span class=\"_ _f\"></span>1<span class=\"sc0\"> </span></div></td><td class=\"c xa64 y3926 w351 hc8\"><div class=\"t m0 xab h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">276.<span class=\"_ _1\"></span>233<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x8a0 y3926 w35e hc8\"><div class=\"t m0 x97 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x54b y3926 w56f hc8\"><div class=\"t m0 x39 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x6ec y3926 w19b hc8\"><div class=\"t m0 x34 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x7f8 y3926 w2af hc8\"><div class=\"t m0 x38 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c xba3 y3926 w12d hc8\"><div class=\"t m0 xab h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">43.33<span class=\"_ _1\"></span>5<span class=\"sc0\"> </span></div></td><td class=\"c xba4 y3926 w182 hc8\"><div class=\"t m0 xab h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">420.<span class=\"_ _f\"></span>295<span class=\"sc0\"> </span></div></td></tr></table></div><div class=\"c w661 h370 gs1e7b\"><div class=\"t m4 x15 h1f yd20 ff4 fs7 fc4 sc3 ls0 ws0\">Consolidato </div><div class=\"t m4 x7 h1f y889 ff4 fs7 fc4 sc3 ls0 ws0\">prudenziale<span class=\"fc1 sc0\"> </span></div></div><div class=\"c w4f1 h370 gs1e7c\"><div class=\"t m4 x36 h1f y110b ff4 fs7 fc4 sc3 ls0 ws0\">Imprese di </div><div class=\"t m4 x1c h1f y71 ff4 fs7 fc4 sc3 ls0 ws0\">assicurazione<span class=\"fc1 sc0\"> </span></div></div><div class=\"c w662 h370 gs1e7d\"><div class=\"t m4 x36 h1f y30c ff4 fs7 fc4 sc3 ls0 ws0\">Altre imprese<span class=\"fc1 sc0\"> </span></div></div><div class=\"c w663 h370 gs1e7e\"><div class=\"t m4 x32 h1f y476 ff4 fs7 fc4 sc3 ls0 ws0\">Elisioni e </div><div class=\"t m4 x38 h1f y3e6 ff4 fs7 fc4 sc3 ls0 ws0\">aggiustamenti </div><div class=\"t m4 x12 h1f y14 ff4 fs7 fc4 sc3 ls0 ws0\">da </div><div class=\"t m4 x8 h1f y564 ff4 fs7 fc4 sc3 ls0 ws0\">consolidament<span class=\"_ _df\"> </span></div><div class=\"t m4 x124 h1f y8f1 ff4 fs7 fc4 sc3 ls0 ws0\">o<span class=\"fc1 sc0\"> </span></div></div><div class=\"c w340 h370 gs1e7f\"><div class=\"t m4 x96 h1f y966 ff4 fs7 fc4 sc3 ls0 ws0\">Totale<span class=\"fc1 sc0\"> </span></div></div><div class=\"c w12d h371 gs1e80\"><div class=\"t m4 x55 h1f y151e ff4 fs7 fc4 sc3 ls0 ws0\">Riserva </div><div class=\"t m4 x3a h1f y66e ff4 fs7 fc4 sc3 ls0 ws0\">positiva<span class=\"fc1 sc0\"> </span></div></div><div class=\"c w318 h371 gs1e81\"><div class=\"t m4 x130 h1f y151e ff4 fs7 fc4 sc3 ls0 ws0\">Riserva </div><div class=\"t m4 x26 h1f y110b ff4 fs7 fc4 sc3 ls0 ws0\">negativa<span class=\"fc1 sc0\"> </span></div></div><div class=\"c w19b h371 gs1e82\"><div class=\"t m4 x55 h1f y151e ff4 fs7 fc4 sc3 ls0 ws0\">Riserva </div><div class=\"t m4 x27 h1f y66e ff4 fs7 fc4 sc3 ls0 ws0\">positiva<span class=\"fc1 sc0\"> </span></div></div><div class=\"c w1fd h371 gs1e83\"><div class=\"t m4 x39 h1f y151e ff4 fs7 fc4 sc3 ls0 ws0\">Riserva </div><div class=\"t m4 x26 h1f y110b ff4 fs7 fc4 sc3 ls0 ws0\">negativa<span class=\"fc1 sc0\"> </span></div></div><div class=\"c w1fb h371 gs1e84\"><div class=\"t m4 x39 h1f y151e ff4 fs7 fc4 sc3 ls0 ws0\">Riserva </div><div class=\"t m4 x26 h1f y66e ff4 fs7 fc4 sc3 ls0 ws0\">positiva<span class=\"fc1 sc0\"> </span></div></div><div class=\"c w568 h371 gs1e85\"><div class=\"t m4 x2a h1f y151e ff4 fs7 fc4 sc3 ls0 ws0\">Riserva </div><div class=\"t m4 x32 h1f y110b ff4 fs7 fc4 sc3 ls0 ws0\">negativa<span class=\"fc1 sc0\"> </span></div></div><div class=\"c w187 h371 gs1e86\"><div class=\"t m4 x55 h1f y151e ff4 fs7 fc4 sc3 ls0 ws0\">Riserva </div><div class=\"t m4 x27 h1f y66e ff4 fs7 fc4 sc3 ls0 ws0\">positiva<span class=\"fc1 sc0\"> </span></div></div><div class=\"c w2a8 h371 gs1e87\"><div class=\"t m4 x39 h1f y151e ff4 fs7 fc4 sc3 ls0 ws0\">Riserva </div><div class=\"t m4 x26 h1f y110b ff4 fs7 fc4 sc3 ls0 ws0\">negativa<span class=\"fc1 sc0\"> </span></div></div><div class=\"c w62f h371 gs1e88\"><div class=\"t m4 x55 h1f y151e ff4 fs7 fc4 sc3 ls0 ws0\">Riserva </div><div class=\"t m4 x3a h1f y66e ff4 fs7 fc4 sc3 ls0 ws0\">positiva<span class=\"fc1 sc0\"> </span></div></div><div class=\"c w18b h371 gs1e89\"><div class=\"t m4 x39 h1f y151e ff4 fs7 fc4 sc3 ls0 ws0\">Riserva </div><div class=\"t m4 x26 h1f y110b ff4 fs7 fc4 sc3 ls0 ws0\">negativa<span class=\"fc1 sc0\"> </span></div></div><div class=\"c w2c2 h372 gs1e8a\"><div class=\"t m0 x10 h5 yfd2 ff4 fs1 fc4 sc3 ls0 ws0\">B.3 <span class=\"_ _1\"></span>Riserv<span class=\"_ _1\"></span>e da<span class=\"_ _1\"></span> val<span class=\"_ _1\"></span>utazione<span class=\"_ _f\"></span> delle <span class=\"_ _1\"></span>attivit<span class=\"_ _1\"></span>\u00e0 fina<span class=\"_ _f\"></span>nziarie v<span class=\"_ _1\"></span>alut<span class=\"_ _1\"></span>ate a<span class=\"_ _1\"></span>l fai<span class=\"_ _1\"></span>r value<span class=\"_ _1\"></span> con <span class=\"_ _1\"></span>impa<span class=\"_ _1\"></span>tto <span class=\"_ _1\"></span>sulla r<span class=\"_ _f\"></span>edditivit<span class=\"_ _f\"></span>\u00e0 comples<span class=\"_ _1\"></span>siva<span class=\"_ _1\"></span>: </div><div class=\"t m0 x10 h5 y392 ff4 fs1 fc4 sc3 ls0 ws0\">varia<span class=\"_ _1\"></span>zioni a<span class=\"_ _f\"></span>nnue </div></div><div class=\"gs1e8b\"><table class=\"s w11fb h5cd\" id=\"_57313603-fec8-4a9c-9b8c-d5c4972a7aa1\"><tr><td></td><td class=\"c xba6 y3927 w11fc h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc4 sc3 ls0 ws0\">Titol<span class=\"_ _1\"></span>i di<span class=\"_ _df\"> </span></div></td><td class=\"c xba7 y3927 w11fc h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc4 sc3 ls0 ws0\">Titol<span class=\"_ _1\"></span>i di<span class=\"_ _df\"> </span></div></td><td class=\"c xba8 y3928 w4bd h17f\"><div class=\"t m0 x10 h1f y305 ff4 fs7 fc4 sc3 ls0 ws0\">Fina<span class=\"_ _f\"></span>nziamen<span class=\"_ _f\"></span>ti </div></td></tr><tr><td></td><td class=\"c xba9 y24e4 wdc6 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc4 sc3 ls0 ws0\">debi<span class=\"_ _1\"></span>to<span class=\"_ _df\"> </span></div></td><td class=\"c xbaa y24e4 wa1b h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc4 sc3 ls0 ws0\">capit<span class=\"_ _f\"></span>ale<span class=\"_ _df\"> </span></div></td><td></td></tr><tr><td class=\"c x44e y3929 w665 h2b\"><div class=\"t m0 x10 h1f y2a ff4 fs7 fc1 sc2 ls0 ws0\">1. Esi<span class=\"_ _f\"></span>stenze i<span class=\"_ _1\"></span>nizi<span class=\"_ _1\"></span>ali </div></td><td class=\"c x98e y3929 w48a h2b\"><div class=\"t m0 x39 h1f y2a ff4 fs7 fc1 sc2 ls0 ws0\">(386.<span class=\"_ _1\"></span>539<span class=\"_ _f\"></span>) </div></td><td class=\"c x7b0 y3929 w4c1 h2b\"><div class=\"t m0 x38 h1f y2a ff4 fs7 fc1 sc2 ls0 ws0\">9.57<span class=\"_ _f\"></span>8 </div></td><td class=\"c xba8 y3929 w73 h2b\"><div class=\"t m0 xa3 h1f y2a ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y392a w665 h232\"><div class=\"t m0 x10 h1f y93e ff4 fs7 fc1 sc2 ls0 ws0\">2. Va<span class=\"_ _1\"></span>riaz<span class=\"_ _1\"></span>ioni<span class=\"_ _1\"></span> posit<span class=\"_ _f\"></span>ive </div></td><td class=\"c x98e y392a w48a h232\"><div class=\"t m0 x2c h1f y93e ff4 fs7 fc1 sc2 ls0 ws0\">108.07<span class=\"_ _f\"></span>2 </div></td><td class=\"c x7b0 y392a w4c1 h232\"><div class=\"t m0 x38 h1f y93e ff4 fs7 fc1 sc2 ls0 ws0\">6.47<span class=\"_ _1\"></span>4 </div></td><td class=\"c xba8 y392a w73 h232\"><div class=\"t m0 xa3 h1f y93e ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y392b w665 h232\"><div class=\"t m0 x10 h1f y93e ff4 fs7 fc1 sc0 ls0 ws0\">2.1 Incrementi d<span class=\"_ _1\"></span>i fair value </div></td><td class=\"c x98e y392b w48a h232\"><div class=\"t m0 x27 h1f y93e ff4 fs7 fc1 sc0 ls0 ws0\">64.607 </div></td><td class=\"c x7b0 y392b w4c1 h232\"><div class=\"t m0 x97 h1f y93e ff4 fs7 fc1 sc0 ls0 ws0\">5.809 </div></td><td class=\"c xba8 y392b w73 h232\"><div class=\"t m0 xa3 h1f y93e ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y392c w665 h232\"><div class=\"t m0 x10 h1f y93e ff4 fs7 fc1 sc0 ls0 ws0\">2.2 Rettifiche di <span class=\"_ _1\"></span>valore per risch<span class=\"_ _1\"></span>io di credito </div></td><td class=\"c x98e y392c w48a h232\"><div class=\"t m0 x8f h1f y93e ff4 fs7 fc1 sc0 ls0 ws0\">437 </div></td><td class=\"c x7b0 y392c w4c1 h232\"><div class=\"t m0 x2c h1f y93e ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c xba8 y392c w73 h232\"><div class=\"t m0 xa3 h1f y93e ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y392d w665 h232\"><div class=\"t m0 x10 h1f y93e ff4 fs7 fc1 sc0 ls0 ws0\">2.3 Rigiro a cont<span class=\"_ _f\"></span>o<span class=\"_ _2\"></span> econom<span class=\"_ _1\"></span>ico di riserve negat<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span>ve da real<span class=\"_ _1\"></span>izzo </div></td><td class=\"c x98e y392d w48a h232\"><div class=\"t m0 x37 h1f y93e ff4 fs7 fc1 sc0 ls0 ws0\">31.190 </div></td><td class=\"c x7b0 y392d w4c1 h232\"><div class=\"t m0 x2c h1f y93e ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c xba8 y392d w73 h232\"><div class=\"t m0 xa3 h1f y93e ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y392e w665 h232\"><div class=\"t m0 x10 h1f y93e ff4 fs7 fc1 sc0 ls0 ws0\">2.4 Trasferime<span class=\"_ _1\"></span>nti ad altre comp<span class=\"_ _1\"></span>onenti di patrim<span class=\"_ _1\"></span>onio netto (tit<span class=\"_ _1\"></span>oli di capital<span class=\"_ _1\"></span>e)<span class=\"_ _2\"></span> </div></td><td class=\"c x98e y392e w48a h232\"><div class=\"t m0 xf h1f y93e ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x7b0 y392e w4c1 h232\"><div class=\"t m0 xf h1f y93e ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xba8 y392e w73 h232\"><div class=\"t m0 xa3 h1f y93e ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y392f w665 h232\"><div class=\"t m0 x10 h1f y93e ff4 fs7 fc1 sc0 ls0 ws0\">2.5 Altre variaz<span class=\"_ _1\"></span>ioni </div></td><td class=\"c x98e y392f w48a h232\"><div class=\"t m0 x37 h1f y93e ff4 fs7 fc1 sc0 ls0 ws0\">11.838 </div></td><td class=\"c x7b0 y392f w4c1 h232\"><div class=\"t m0 x8f h1f y93e ff4 fs7 fc1 sc0 ls29 ws0\">665<span class=\"ls0\"> </span></div></td><td class=\"c xba8 y392f w73 h232\"><div class=\"t m0 xa3 h1f y93e ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y3930 w665 h232\"><div class=\"t m0 x10 h1f y93e ff4 fs7 fc1 sc2 ls0 ws0\">3. Va<span class=\"_ _f\"></span>riazioni<span class=\"_ _1\"></span> nega<span class=\"_ _f\"></span>tive </div></td><td class=\"c x98e y3930 w48a h232\"><div class=\"t m0 x27 h1f y93e ff4 fs7 fc1 sc2 ls0 ws0\">85.89<span class=\"_ _f\"></span>5 </div></td><td class=\"c x7b0 y3930 w4c1 h232\"><div class=\"t m0 x31 h1f y93e ff4 fs7 fc1 sc2 ls0 ws0\">2.70<span class=\"_ _1\"></span>1 </div></td><td class=\"c xba8 y3930 w73 h232\"><div class=\"t m0 xa3 h1f y93e ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y3931 w665 h373\"><div class=\"t m0 x10 h1f y93e ff4 fs7 fc1 sc0 ls0 ws0\">3.1 Riduzioni di <span class=\"_ _1\"></span>fair value </div></td><td class=\"c x98e y3931 w48a h373\"><div class=\"t m0 x27 h1f y93e ff4 fs7 fc1 sc2 ls0 ws0\">64.85<span class=\"_ _f\"></span>3 </div></td><td class=\"c x7b0 y3931 w4c1 h373\"><div class=\"t m0 x8f h1f y93e ff4 fs7 fc1 sc2 ls35 ws0\">769<span class=\"ls0\"> </span></div></td><td class=\"c xba8 y3931 w73 h373\"><div class=\"t m0 xa3 h1f y93e ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y3932 w665 h232\"><div class=\"t m0 x10 h1f y93e ff4 fs7 fc1 sc0 ls0 ws0\">3.2 Riprese di val<span class=\"_ _f\"></span>o<span class=\"_ _2\"></span>re per risc<span class=\"_ _f\"></span>hio di credito </div></td><td class=\"c x98e y3932 w48a h232\"><div class=\"t m0 x8f h1f y93e ff4 fs7 fc1 sc2 ls2b ws0\">887<span class=\"ls0\"> </span></div></td><td class=\"c x7b0 y3932 w4c1 h232\"><div class=\"t m0 xf h1f y93e ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td><td class=\"c xba8 y3932 w73 h232\"><div class=\"t m0 xa3 h1f y93e ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y3933 w665 h232\"><div class=\"t m0 x10 h1f y93e ff4 fs7 fc1 sc0 ls0 ws0\">3.3 Rigiro a con<span class=\"_ _f\"></span>t<span class=\"_ _2\"></span>o econ<span class=\"_ _1\"></span>omico da rise<span class=\"_ _f\"></span>r<span class=\"_ _2\"></span>ve positi<span class=\"_ _1\"></span>ve: da realizzo </div></td><td class=\"c x98e y3933 w48a h232\"><div class=\"t m0 x97 h1f y93e ff4 fs7 fc1 sc2 ls0 ws0\">11.356<span class=\"_ _f\"></span> </div></td><td class=\"c x7b0 y3933 w4c1 h232\"><div class=\"t m0 x2c h1f y93e ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c xba8 y3933 w73 h232\"><div class=\"t m0 xa3 h1f y93e ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y3934 w665 h232\"><div class=\"t m0 x10 h1f y93e ff4 fs7 fc1 sc0 ls0 ws0\">3.4 Trasferiment<span class=\"_ _1\"></span>i ad altre compo<span class=\"_ _1\"></span>nenti di patrim<span class=\"_ _f\"></span>o<span class=\"_ _2\"></span>nio nett<span class=\"_ _1\"></span>o (titoli di cap<span class=\"_ _1\"></span>itale) </div></td><td class=\"c x98e y3934 w48a h232\"><div class=\"t m0 xf h1f y93e ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td><td class=\"c x7b0 y3934 w4c1 h232\"><div class=\"t m0 xf h1f y93e ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td><td class=\"c xba8 y3934 w73 h232\"><div class=\"t m0 xa3 h1f y93e ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y3935 w665 h232\"><div class=\"t m0 x10 h1f y93e ff4 fs7 fc1 sc0 ls0 ws0\">3.5 Altre variazi<span class=\"_ _1\"></span>oni </div></td><td class=\"c x98e y3935 w48a h232\"><div class=\"t m0 x38 h1f y93e ff4 fs7 fc1 sc2 ls0 ws0\">8.79<span class=\"_ _1\"></span>9 </div></td><td class=\"c x7b0 y3935 w4c1 h232\"><div class=\"t m0 x31 h1f y93e ff4 fs7 fc1 sc2 ls0 ws0\">1.932<span class=\"_ _f\"></span> </div></td><td class=\"c xba8 y3935 w73 h232\"><div class=\"t m0 xa3 h1f y93e ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y3936 w665 h232\"><div class=\"t m0 x10 h1f y93e ff4 fs7 fc1 sc2 ls0 ws0\">4. Rim<span class=\"_ _f\"></span>anenz<span class=\"_ _f\"></span>e finali<span class=\"_ _1\"></span> </div></td><td class=\"c x98e y3936 w48a h232\"><div class=\"t m0 x39 h1f y93e ff4 fs7 fc1 sc2 ls0 ws0\">(364.3<span class=\"_ _f\"></span>62) </div></td><td class=\"c x7b0 y3936 w4c1 h232\"><div class=\"t m0 x97 h1f y93e ff4 fs7 fc1 sc2 ls0 ws0\">13.35<span class=\"_ _1\"></span>1 </div></td><td class=\"c xba8 y3936 w73 h232\"><div class=\"t m0 xa3 h1f y93e ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td></tr></table></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1e8c\">Relativamente ai mercati finanziari: </div><div class=\"t m0 h1ec ff14 fs6 fc1 sc0 ls0 ws0 gs1e8d\"><span class=\"_ _c\"> </span><span class=\"ff4 fs1\">Nel <span class=\"_ _9\"> </span>primo  trimestre <span class=\"_ _9\"> </span>2025,  ne<span class=\"_ _f\"></span>gli  Stati <span class=\"_ _9\"> </span>Uniti,  i<span class=\"_ _1\"></span>l <span class=\"_ _16\"> </span>peggioramento <span class=\"_ _9\"> </span>della <span class=\"_ _9\"> </span>fid<span class=\"_ _2\"></span>ucia <span class=\"_ _9\"> </span>degli  i<span class=\"_ _1\"></span>nvestitori,  i<span class=\"_ _f\"></span> </span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs1e8e\">segnali <span class=\"_ _17\"> </span>di <span class=\"_ _17\"> </span>rallentamento <span class=\"_ _17\"> </span>dell\u2019att<span class=\"_ _2\"></span>ivit\u00e0 <span class=\"_ _4\"> </span>economica <span class=\"_ _17\"> </span>e <span class=\"_ _17\"> </span>la <span class=\"_ _17\"> </span>cresc<span class=\"_ _2\"></span>ente <span class=\"_ _17\"> </span>incertezza <span class=\"_ _17\"> </span>sulle <span class=\"_ _17\"> </span>politiche </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls13 ws0 gs1e8f\">co<span class=\"ls0\">mmerciali del paese, <span class=\"_ _2\"></span>hanno rafforzato le aspettative di un <span class=\"_ _2\"></span>taglio dei tassi <span class=\"_ _2\"></span>da<span class=\"_ _1\"></span> parte della FED, </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1e90\">con <span class=\"_ _0\"></span>la <span class=\"_ _0\"></span>conseguente <span class=\"_ _d\"></span>riduzione <span class=\"_ _0\"></span>dei <span class=\"_ _0\"></span>rendimenti <span class=\"_ _0\"></span>dei <span class=\"_ _d\"></span>titoli <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>stato. <span class=\"_ _0\"></span>I <span class=\"_ _0\"></span>rendimenti <span class=\"_ _d\"></span>dei <span class=\"_ _0\"></span>titoli <span class=\"_ _0\"></span>pubblici<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs1e91\">dell\u2019area dell\u2019euro <span class=\"_ _2\"></span>sono rimas<span class=\"_ _2\"></span>ti pressoch\u00e9 invariati, <span class=\"_ _2\"></span>ma si <span class=\"_ _2\"></span>so<span class=\"_ _2\"></span><span class=\"ff4\">no registrati <span class=\"_ _2\"></span>alcuni episodi <span class=\"_ _2\"></span>di forte </span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs1e92\">variazione. Dopo l\u2019annuncio all\u2019inizio di mar<span class=\"_ _2\"></span>zo di una maggiore spesa pubblica per la <span class=\"_ _2\"></span>difesa e le </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1e93\">infrastrutture in <span class=\"_ _f\"></span>Germania, i <span class=\"_ _f\"></span>r<span class=\"_ _2\"></span>endi<span class=\"_ _1\"></span>menti erano <span class=\"_ _f\"></span>saliti marcatamente; <span class=\"_ _f\"></span>in seguito, si <span class=\"_ _f\"></span>\u00e8 assistito a <span class=\"_ _f\"></span>un </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1e94\">calo <span class=\"_ _2\"></span>dei <span class=\"_ _2\"></span>rendiment<span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>dei <span class=\"_ _2\"></span>tito<span class=\"_ _2\"></span>li <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>S<span class=\"_ _2\"></span>tato <span class=\"_ _2\"></span>europei <span class=\"_ _2\"></span>guidato <span class=\"_ _d\"></span>principalmente <span class=\"_ _2\"></span>dalla <span class=\"_ _2\"></span>svolta <span class=\"_ _d\"></span>della <span class=\"_ _2\"></span>politica </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1e95\">monetaria <span class=\"_ _1\"></span>della <span class=\"_ _f\"></span>BCE <span class=\"_ _f\"></span>e da <span class=\"_ _f\"></span>una <span class=\"_ _f\"></span>progressiva <span class=\"_ _1\"></span>stabilizzazione <span class=\"_ _f\"></span>del <span class=\"_ _f\"></span>quadr<span class=\"_ _2\"></span>o <span class=\"_ _f\"></span>macroeconomico. <span class=\"_ _f\"></span>Da met\u00e0<span class=\"_ _f\"></span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1e96\">gennaio 2025 gli <span class=\"_ _2\"></span>indici<span class=\"_ _1\"></span> azionari <span class=\"_ _2\"></span>hanno subito una netta flessione <span class=\"_ _2\"></span>in Giappone e negli <span class=\"_ _2\"></span>Stati Uniti, </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1e97\">dove  ha<span class=\"_ _2\"></span>nno  r<span class=\"_ _2\"></span>isentito  del <span class=\"_ _4\"> </span>forte <span class=\"_ _4\"> </span>calo  delle <span class=\"_ _4\"> </span>quotazioni <span class=\"_ _4\"> </span>del  sett<span class=\"_ _2\"></span>ore <span class=\"_ _22\"> </span>automo<span class=\"_ _2\"></span>bili<span class=\"_ _1\"></span>stico, <span class=\"_ _4\"> </span>di  quello<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs1e98\">tecnologico e delle imprese <span class=\"_ _2\"></span>pi\u00f9 esposte al commercio <span class=\"_ _2\"></span>internazi<span class=\"_ _1\"></span>onale. Nell\u2019area dell\u2019euro i <span class=\"_ _2\"></span>corsi </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1e99\">azionari  sono  diminuiti,  anche  se  in  misura  minore  r<span class=\"_ _2\"></span>ispetto  a  quelli  statunitensi.  Fino  alla </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs1e9a\">seconda <span class=\"_ _0\"></span>decade <span class=\"_ _9\"> </span>di <span class=\"_ _0\"></span>mar<span class=\"_ _2\"></span>zo <span class=\"_ _0\"></span>sono <span class=\"_ _9\"> </span>stati <span class=\"_ _0\"></span>sostenuti <span class=\"_ _9\"> </span>dall\u2019avvio <span class=\"_ _0\"></span>dei <span class=\"_ _0\"></span>negoziati <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>pace <span class=\"_ _0\"></span>tr<span class=\"_ _2\"></span>a <span class=\"_ _0\"></span>Ucraina <span class=\"_ _0\"></span>e </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs1e9b\">Russia e da aspettative di un\u2019e<span class=\"_ _1\"></span>spansione della spesa pubblica in Germania.<span class=\"_ _df\"> </span></div><div class=\"t m0 h1ec ff14 fs6 fc1 sc0 ls0 ws0 gs1e9c\"><span class=\"_ _c\"> </span><span class=\"ff4 fs1\">Nel secondo <span class=\"_ _2\"></span>trimestre <span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>mercati finanziari <span class=\"_ _2\"></span>hanno <span class=\"_ _2\"></span><span class=\"ff5\">risentito <span class=\"_ _2\"></span>dell\u2019incertezza indotta <span class=\"_ _2\"></span>dalle t<span class=\"_ _2\"></span>ensioni<span class=\"_ _df\"> </span></span></span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs1e9d\">commerciali <span class=\"_ _16\"> </span>e <span class=\"_ _9\"> </span>ha<span class=\"_ _2\"></span>nno <span class=\"_ _16\"> </span>mostrato <span class=\"_ _16\"> </span>segnali <span class=\"_ _9\"> </span>di  riduzione <span class=\"_ _9\"> </span>dell\u2019esposizione  degli <span class=\"_ _9\"> </span>investitor<span class=\"_ _2\"></span>i <span class=\"_ _16\"> </span>globali<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs1e9f\">verso <span class=\"_ _0\"></span>alcune <span class=\"_ _0\"></span>attivit\u00e0 <span class=\"_ _9\"> </span>in <span class=\"_ _0\"></span>dollari. <span class=\"_ _0\"></span>Nell\u2019area <span class=\"_ _0\"></span>dell\u2019euro <span class=\"_ _0\"></span>i <span class=\"_ _9\"> </span>rendimenti <span class=\"_ _0\"></span>sono <span class=\"_ _9\"> </span>nel <span class=\"_ _0\"></span>complesso <span class=\"_ _0\"></span>diminuiti, </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1ea0\">soprattutto ne<span class=\"_ _1\"></span>i paesi <span class=\"_ _f\"></span>che hanno <span class=\"_ _f\"></span>intrapreso un <span class=\"_ _f\"></span>percorso di <span class=\"_ _f\"></span>consolidamento de<span class=\"_ _1\"></span>i conti <span class=\"_ _f\"></span>pubblici. Le </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs1ea1\">forti <span class=\"_ _4\"> </span>perdite  delle  quotazioni <span class=\"_ _4\"> </span>azionarie <span class=\"_ _22\"> </span>delle <span class=\"_ _4\"> </span>principali  piazze <span class=\"_ _4\"> </span>finanziarie  all\u2019indomani <span class=\"_ _4\"> </span>degli </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1ea2\">annunci <span class=\"_ _4\"> </span>del <span class=\"_ _4\"> </span>2 <span class=\"_ _4\"> </span>aprile <span class=\"_ _4\"> </span>sui <span class=\"_ _4\"> </span>dazi <span class=\"_ _4\"> </span>statunitensi <span class=\"_ _4\"> </span>sono <span class=\"_ _4\"> </span>state <span class=\"_ _4\"> </span>pi\u00f9 <span class=\"_ _4\"> </span>che <span class=\"_ _4\"> </span>recupe<span class=\"_ _1\"></span>rate <span class=\"_ _4\"> </span>nelle <span class=\"_ _4\"> </span>se<span class=\"_ _2\"></span>ttimane </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1ea3\">successive <span class=\"_ _0\"></span>e <span class=\"_ _9\"> </span>le <span class=\"_ _9\"> </span>reazioni <span class=\"_ _9\"> </span>al <span class=\"_ _9\"> </span>conflitto <span class=\"_ _9\"> </span>tra <span class=\"_ _9\"> </span>Israele <span class=\"_ _0\"></span>e <span class=\"_ _9\"> </span>Iran <span class=\"_ _9\"> </span>sono <span class=\"_ _9\"> </span>risultate <span class=\"_ _9\"> </span>contenute. <span class=\"_ _0\"></span>Nel <span class=\"_ _9\"> </span>secondo </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1ea4\">trimestre <span class=\"_ _0\"></span>lo <span class=\"_ _d\"></span>spread <span class=\"_ _0\"></span>BTP-<span class=\"ff5\">Bund <span class=\"_ _0\"></span>\u00e8 <span class=\"_ _0\"></span>arrivato <span class=\"_ _0\"></span>sotto <span class=\"_ _0\"></span>a <span class=\"_ _d\"></span>100 <span class=\"_ _0\"></span>bps <span class=\"_ _0\"></span>grazie <span class=\"_ _0\"></span>all\u2019interesse <span class=\"_ _d\"></span>degli <span class=\"_ _d\"></span>in<span class=\"_ _2\"></span>vestitori, </span></div><div class=\"t m0 h1a ff4 fs1 fc1 sc0 ls0 ws0 gs1ea5\">sostenuto da un quadro macro-fiscale pi\u00f9 favorevole e<span class=\"_ _1\"></span> dalla s<span class=\"_ _2\"></span>tabilit\u00e0 politica.<span class=\"fs6\"> </span></div><div class=\"t m0 h45 ff14 fs6 fc1 sc0 ls0 ws0 gs1ea6\"><span class=\"ff10\"> <span class=\"_ _16\"> </span><span class=\"ff4 fs1\">Nel <span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>erzo tr<span class=\"_ _2\"></span>imestre <span class=\"_ _2\"></span>i rendimenti <span class=\"_ _2\"></span>dei <span class=\"_ _2\"></span>titoli <span class=\"_ _2\"></span>governativi s<span class=\"_ _2\"></span>ono <span class=\"_ _2\"></span>saliti in <span class=\"_ _2\"></span>G<span class=\"_ _2\"></span>iappone<span class=\"_ _1\"></span>, <span class=\"_ _2\"></span>nel <span class=\"_ _2\"></span>Regno <span class=\"_ _2\"></span>Unito <span class=\"_ _2\"></span>e </span></span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs1ea7\">in <span class=\"_ _18\"> </span>Francia, <span class=\"_ _18\"> </span>risentendo <span class=\"_ _18\"> </span>dell\u2019acuirsi <span class=\"_ _18\"> </span>dell\u2019incertezza <span class=\"_ _18\"> </span>politica <span class=\"_ _18\"> </span>e <span class=\"_ _18\"> </span>dei <span class=\"_ _18\"> </span>connessi <span class=\"_ _18\"> </span>timori <span class=\"_ _18\"> </span>di <span class=\"_ _18\"> </span>un </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1ea8\">deterioramento d<span class=\"_ _1\"></span>elle fi<span class=\"_ _1\"></span>nanze pubbliche. <span class=\"_ _f\"></span>N<span class=\"_ _2\"></span>elle <span class=\"ff5\">restanti <span class=\"_ _f\"></span>economie dell\u2019area del<span class=\"_ _1\"></span>l\u2019euro i <span class=\"_ _f\"></span>rendimenti </span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs1ea9\">sono aumentati <span class=\"_ _2\"></span>lieveme<span class=\"_ _1\"></span>nte, mentr<span class=\"_ _2\"></span>e negli Stati Uniti <span class=\"_ _2\"></span>si sono ridotti, <span class=\"_ _2\"></span>soprattutto per l\u2019affermarsi </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1eaa\">di  asp<span class=\"_ _1\"></span>ettative  di <span class=\"_ _9\"> </span>un  orientamento  pi\u00f9<span class=\"_ _1\"></span>  accomodante <span class=\"_ _16\"> </span>dell<span class=\"_ _1\"></span>a  Federal <span class=\"_ _16\"> </span>Reserve. <span class=\"_ _16\"> </span>\u00c8  prosegu<span class=\"_ _1\"></span>ita  la </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1eab\">crescita <span class=\"_ _9\"> </span>dei <span class=\"_ _16\"> </span>corsi <span class=\"_ _16\"> </span>azionari <span class=\"_ _9\"> </span>delle <span class=\"_ _16\"> </span>principali <span class=\"_ _9\"> </span>piazze <span class=\"_ _9\"> </span>fi<span class=\"_ _2\"></span>nanziarie <span class=\"_ _9\"> </span>a <span class=\"_ _16\"> </span>fronte <span class=\"_ _16\"> </span>di <span class=\"_ _9\"> </span>una <span class=\"_ _9\"> </span>dinamica  molto<span class=\"_ _1\"></span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1eac\">sostenuta degli utili r<span class=\"_ _2\"></span>ealizzati e att<span class=\"_ _2\"></span>esi, in particolare nel <span class=\"_ _2\"></span>settore tecnologico, e di <span class=\"_ _2\"></span>una maggiore </div><div class=\"t m0 h1a ff4 fs1 fc1 sc0 ls0 ws0 gs1ead\">propensione al rischio degli investitori.<span class=\"fs6\"> </span></div><div class=\"t m0 h45 ff14 fs6 fc1 sc0 ls0 ws0 gs1eae\"><span class=\"ff10\"> <span class=\"_ _16\"> </span><span class=\"ff4 fs1\">Nel qu<span class=\"_ _1\"></span>arto <span class=\"_ _1\"></span>trimestre <span class=\"_ _f\"></span>i <span class=\"_ _f\"></span>r<span class=\"_ _2\"></span>endime<span class=\"_ _1\"></span>nti dei <span class=\"_ _f\"></span>titoli <span class=\"_ _f\"></span>pubblici <span class=\"_ _f\"></span>delle <span class=\"_ _1\"></span>principali <span class=\"_ _f\"></span>economie <span class=\"_ _1\"></span>avanzate <span class=\"_ _f\"></span>sono saliti,<span class=\"_ _f\"></span> </span></span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs1eaf\">riflettendo <span class=\"_ _2\"></span>l\u2019incremento <span class=\"_ _2\"></span>del premio <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>rischio <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>livello globale, <span class=\"_ _2\"></span>legato <span class=\"_ _2\"></span>anche <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>prospettive <span class=\"_ _2\"></span>di </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs1eb0\">politiche di <span class=\"_ _2\"></span>bilancio pi\u00f9 <span class=\"_ _2\"></span>espansive in <span class=\"_ _2\"></span>alcuni paesi. <span class=\"_ _2\"></span>L\u2019aumento <span class=\"_ _2\"></span>dei rendimenti \u00e8 <span class=\"_ _2\"></span>stato <span class=\"_ _2\"></span>mar<span class=\"_ _2\"></span><span class=\"ff4\">cato in </span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs1eb1\">Giappone e <span class=\"_ _1\"></span>pi\u00f9 contenuto nei p<span class=\"_ _1\"></span>rincipali paesi dell\u2019area <span class=\"_ _1\"></span>dell\u2019euro e negli<span class=\"_ _1\"></span> Stati Uniti. Sul fronte <span class=\"_ _1\"></span>dei </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs1eb2\">paesi <span class=\"_ _1\"></span>periferici \u00e8 <span class=\"_ _f\"></span>proseguita la <span class=\"_ _f\"></span>fa<span class=\"_ _2\"></span>se d<span class=\"_ _1\"></span>i comp<span class=\"_ _1\"></span>ressione dei <span class=\"_ _f\"></span>differenz<span class=\"_ _2\"></span>iali <span class=\"_ _f\"></span>rispetto<span class=\"_ _2\"></span> <span class=\"_ _1\"></span>ai titoli <span class=\"_ _f\"></span>\u201ccore\u201d, con </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1eb3\">lo <span class=\"_ _2\"></span>spread BTP-<span class=\"ff5\">Bund <span class=\"_ _2\"></span>decennale <span class=\"_ _2\"></span>sceso <span class=\"_ _2\"></span>nell\u2019int</span>orno <span class=\"_ _2\"></span>dei 70<span class=\"_ _2\"></span> punti <span class=\"_ _2\"></span>base. <span class=\"_ _2\"></span>Ci\u00f2 \u00e8 <span class=\"_ _2\"></span>stato <span class=\"_ _2\"></span>favorito <span class=\"_ _2\"></span>anche </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1eb4\">dalle <span class=\"_ _9\"> </span>decisioni <span class=\"_ _9\"> </span>d<span class=\"_ _2\"></span>elle <span class=\"_ _9\"> </span>agenzie <span class=\"_ _9\"> </span>di  rating <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>un </div><div class=\"t m1 h6 ff4 fs2 fc1 sc0 ls0 ws0 gs1eb5\">upgrade</div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1eb6\"> <span class=\"_ _9\"> </span><span class=\"ff5\">d<span class=\"_ _2\"></span>ell\u2019Italia <span class=\"_ _9\"> </span>grazie <span class=\"_ _9\"> </span>alla  magg<span class=\"_ _1\"></span>iore <span class=\"_ _9\"> </span>st<span class=\"_ _2\"></span>abilit\u00e0 </span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs1eb7\">politica, la continuit\u00e0 delle <span class=\"_ _2\"></span>politiche economiche e l\u2019avanzament<span class=\"_ _2\"></span>o delle riforme <span class=\"_ _2\"></span>legate al PNRR. </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1eb8\">I corsi <span class=\"_ _2\"></span>azionari hanno <span class=\"_ _2\"></span>avuto un andamento volatile, innescato da <span class=\"_ _2\"></span>timori di sopravvalutazione in </div><div class=\"t m0 h1a ff4 fs1 fc1 sc0 ls0 ws0 gs1eb9\">alcuni segmenti del comparto tecnologico negli Stati Uniti.<span class=\"fs6\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1eba\">Il FTSE Italia All Shares ha chiuso il 2025 con un +30% rispetto a d<span class=\"_ _1\"></span>icembre 2024.<span class=\"_ _2\"></span> </div><div class=\"t m0 he ff4 fs5 fc4 sc3 ls10b ws0 gs1ebb\">   <span class=\"ls0\">B.4 Rise<span class=\"_ _f\"></span>rve da va<span class=\"_ _1\"></span>lutaz<span class=\"_ _f\"></span>ione rela<span class=\"_ _1\"></span>tive a <span class=\"_ _1\"></span>piani a<span class=\"_ _1\"></span> bene<span class=\"_ _1\"></span>fici de<span class=\"_ _1\"></span>finiti: va<span class=\"_ _f\"></span>riazioni a<span class=\"_ _1\"></span>nnue </span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs1ebc\">Le variazioni nette dell\u2019esercizi<span class=\"_ _1\"></span>o evidenziano un saldo <span class=\"_ _2\"></span><span class=\"ff4\">sostanzialmente invariato. </span></div>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-756": {
   "value": "<div class=\"c w37c h13 gsdbb\"><div class=\"t m0 x10 h5 y3e4 ff2b fs1 fc4 sc3 ls0 ws0\">1. Imp<span class=\"_ _1\"></span>egni<span class=\"_ _1\"></span> e ga<span class=\"_ _f\"></span>ranzie fina<span class=\"_ _f\"></span>nziarie<span class=\"_ _1\"></span> rilasci<span class=\"_ _1\"></span>ate<span class=\"_ _1\"></span> </div></div><div class=\"gsdbc\"><table class=\"s wd93 h4b2\" id=\"_c2fcce87-8af8-4253-aadb-2cd224942ea0\"><tr><td></td><td></td><td></td><td></td><td class=\"c x754 y2f1e wd94 h484\"><div class=\"t m0 x250 h1f y2409 ff2b fs7 fc7 sc6 ls0 ws0\">Val<span class=\"_ _1\"></span>ore n<span class=\"_ _1\"></span>omi<span class=\"_ _1\"></span>nale<span class=\"_ _1\"></span> su im<span class=\"_ _f\"></span>pegni e<span class=\"_ _f\"></span> gara<span class=\"_ _1\"></span>nzie f<span class=\"_ _f\"></span>inanzi<span class=\"_ _1\"></span>arie<span class=\"_ _df\"> </span></div></td><td></td><td></td></tr><tr><td></td><td></td><td></td><td></td><td class=\"c x755 y2ba0 wbe2 h484\"><div class=\"t m0 x250 h1f y2409 ff2b fs7 fc7 sc6 ls0 ws0\">rilas<span class=\"_ _f\"></span>ciate<span class=\"_ _df\"> </span></div></td><td></td><td></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td class=\"c x56e y2f1f w498 h2bf\"><div class=\"t m0 x2e h1f y32 ff2b fs7 fc4 sc3 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale </div></td><td class=\"c x756 y2f1f w24f h2bf\"><div class=\"t m0 x2e h1f y32 ff2b fs7 fc4 sc3 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale </div></td></tr><tr><td></td><td></td><td></td><td></td><td class=\"c x757 y2f20 w993 h525\"><div class=\"t m0 x250 h1f y2409 ff2b fs7 fc4 sc3 ls0 ws0\">31/12/<span class=\"_ _df\"> </span></div></td><td class=\"c x758 y2f20 w991 h525\"><div class=\"t m0 x250 h1f y2409 ff2b fs7 fc4 sc3 ls0 ws0\">2025<span class=\"_ _df\"> </span></div></td><td class=\"c x756 y2f21 w4a2 h246\"><div class=\"t m0 xac h1f y964 ff2b fs7 fc4 sc3 ls0 ws0\">31/12/<span class=\"_ _f\"></span>2024 </div></td></tr><tr><td></td><td></td><td></td><td></td><td class=\"c x759 y2f22 w9a0 h484\"><div class=\"t m0 x250 h1f y2409 ff2b fs7 fc4 sc3 ls0 ws0\">Impa<span class=\"_ _f\"></span>ired<span class=\"_ _df\"> </span></div></td><td></td><td></td></tr><tr><td></td><td></td><td class=\"c x75a y2f23 w99e h4d6\"><div class=\"t m0 x250 h1f y2410 ff2b fs7 fc4 sc3 ls0 ws0\">Secon<span class=\"_ _f\"></span>do<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x75b y2f23 w9a2 h4d6\"><div class=\"t m0 x250 h1f y2410 ff2b fs7 fc4 sc3 ls0 ws0\">Terz<span class=\"_ _1\"></span>o<span class=\"_ _df\"> </span></div></td><td></td><td></td></tr><tr><td></td><td class=\"c x75c y2f21 w8b h246\"><div class=\"t m0 x10 h1f y14 ff2b fs7 fc4 sc3 ls0 ws0\">Prim<span class=\"_ _1\"></span>o sta<span class=\"_ _f\"></span>dio </div></td><td></td><td></td><td class=\"c x75d y2f24 wbe4 h4d6\"><div class=\"t m0 x250 h1f y2410 ff2b fs7 fc4 sc3 ls0 ws0\">acq<span class=\"_ _1\"></span>uisiti<span class=\"_ _1\"></span>/e o<span class=\"_ _df\"> </span></div></td><td></td><td></td></tr><tr><td></td><td></td><td class=\"c x749 y2f25 w9a4 h484\"><div class=\"t m0 x250 h1f y2410 ff2b fs7 fc4 sc3 ls0 ws0\">stadi<span class=\"_ _1\"></span>o<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x75b y2f25 w9a4 h484\"><div class=\"t m0 x250 h1f y2410 ff2b fs7 fc4 sc3 ls0 ws0\">stadi<span class=\"_ _1\"></span>o<span class=\"_ _df\"> </span></div></td><td></td><td></td></tr><tr><td></td><td></td><td></td><td></td><td class=\"c x75e y2f26 wbe5 h484\"><div class=\"t m0 x250 h1f y2410 ff2b fs7 fc4 sc3 ls0 ws0\">origi<span class=\"_ _1\"></span>nati<span class=\"_ _1\"></span>/e<span class=\"_ _df\"> </span></div></td><td></td><td></td></tr><tr><td class=\"c x44e y2f27 w4b1 hc8\"><div class=\"t m0 x10 h1f y28b ff2b fs7 fc1 sc2 ls0 ws0\">1. Imp<span class=\"_ _f\"></span>egni a<span class=\"_ _1\"></span> erog<span class=\"_ _f\"></span>are fon<span class=\"_ _f\"></span>di </div></td><td class=\"c x75f y2f27 w376 hc8\"><div class=\"t m0 x116 h1f y28b ff2b fs7 fc1 sc2 ls0 ws0\">12.017<span class=\"_ _f\"></span>.987 </div></td><td class=\"c x760 y2f27 w99 hc8\"><div class=\"t m0 x130 h1f y28b ff2b fs7 fc1 sc2 ls0 ws0\">668.<span class=\"_ _1\"></span>324<span class=\"_ _f\"></span> </div></td><td class=\"c x761 y2f27 w2d5 hc8\"><div class=\"t m0 x33 h1f y28b ff2b fs7 fc1 sc2 ls0 ws0\">39.8<span class=\"_ _1\"></span>02 </div></td><td class=\"c x762 y2f27 w4b2 hc8\"><div class=\"t m0 x31 h1f y28b ff2b fs7 fc1 sc2 ls0 ws0\">463<span class=\"_ _f\"></span> </div></td><td class=\"c x763 y2f27 w376 hc8\"><div class=\"t m0 x116 h1f y28b ff2b fs7 fc1 sc2 ls0 ws0\">12.726<span class=\"_ _1\"></span>.57<span class=\"_ _f\"></span>6 </div></td><td class=\"c x756 y2f27 w37b hc8\"><div class=\"t m0 x2a h1f y28b ff2b fs7 fc1 sc2 ls0 ws0\">12.93<span class=\"_ _1\"></span>1.56<span class=\"_ _f\"></span>5 </div></td></tr><tr><td class=\"c x44e y2f28 w4b1 hc8\"><div class=\"t m0 x16a h1f ye4c ff2b fs7 fc1 sc0 ls0 ws0\">a) Banche Centra<span class=\"_ _1\"></span>li </div></td><td class=\"c x75f y2f28 w376 hc8\"><div class=\"t m0 x7 h1f ye4c ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x760 y2f28 w99 hc8\"><div class=\"t m0 x91 h1f ye4c ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x761 y2f28 w2d5 hc8\"><div class=\"t m0 x91 h1f ye4c ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x762 y2f28 w4b2 hc8\"><div class=\"t m0 x91 h1f ye4c ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x763 y2f28 w376 hc8\"><div class=\"t m0 x7 h1f ye4c ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x756 y2f28 w37b hc8\"><div class=\"t m0 x7 h1f ye4c ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2f29 w4b1 hc8\"><div class=\"t m0 x16a h1f ye4c ff2b fs7 fc1 sc0 ls0 ws0\">b) Amministrazi<span class=\"_ _1\"></span>oni pubbliche </div></td><td class=\"c x75f y2f29 w376 hc8\"><div class=\"t m0 x27 h1f ye4c ff2b fs7 fc1 sc0 ls0 ws0\">14.012 </div></td><td class=\"c x760 y2f29 w99 hc8\"><div class=\"t m0 x91 h1f ye4c ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x761 y2f29 w2d5 hc8\"><div class=\"t m0 x12 h1f ye4c ff2b fs7 fc1 sc0 ls0 ws0\">3 </div></td><td class=\"c x762 y2f29 w4b2 hc8\"><div class=\"t m0 x91 h1f ye4c ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x763 y2f29 w376 hc8\"><div class=\"t m0 x26 h1f ye4c ff2b fs7 fc1 sc0 ls0 ws0\">14.015<span class=\"_ _df\"> </span></div></td><td class=\"c x756 y2f29 w37b hc8\"><div class=\"t m0 x34 h1f ye4c ff2b fs7 fc1 sc0 ls0 ws0\">8.720 </div></td></tr><tr><td class=\"c x44e y2f2a w4b1 h227\"><div class=\"t m0 x16a h1f y14c1 ff2b fs7 fc1 sc0 ls0 ws0\">c) Banche </div></td><td class=\"c x75f y2f2a w376 h227\"><div class=\"t m0 x26 h1f y14c1 ff2b fs7 fc1 sc0 ls0 ws0\">5.299 </div></td><td class=\"c x760 y2f2a w99 h227\"><div class=\"t m0 x31 h1f y14c1 ff2b fs7 fc1 sc0 ls2a ws0\">287<span class=\"ls0\"> </span></div></td><td class=\"c x761 y2f2a w2d5 h227\"><div class=\"t m0 x91 h1f y14c1 ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x762 y2f2a w4b2 h227\"><div class=\"t m0 x91 h1f y14c1 ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x763 y2f2a w376 h227\"><div class=\"t m0 x34 h1f y14c1 ff2b fs7 fc1 sc0 ls0 ws0\">5.586 </div></td><td class=\"c x756 y2f2a w37b h227\"><div class=\"t m0 x34 h1f y14c1 ff2b fs7 fc1 sc0 ls0 ws0\">2.426 </div></td></tr><tr><td class=\"c x44e y2f2b w4b1 hc8\"><div class=\"t m0 x16a h1f y28b ff2b fs7 fc1 sc0 lsd7 ws0\">d)<span class=\"ls0\"> Altre societ\u00e0 <span class=\"_ _1\"></span>finanziarie</span><span class=\"ls0\"> </span></div></td><td class=\"c x75f y2f2b w376 hc8\"><div class=\"t m0 x48 h1f y28b ff2b fs7 fc1 sc0 ls0 ws0\">355.322 </div></td><td class=\"c x760 y2f2b w99 hc8\"><div class=\"t m0 x32 h1f y28b ff2b fs7 fc1 sc0 ls0 ws0\">14.280 </div></td><td class=\"c x761 y2f2b w2d5 hc8\"><div class=\"t m0 x8f h1f y28b ff2b fs7 fc1 sc0 ls9 ws0\">14<span class=\"ls0\"> </span></div></td><td class=\"c x762 y2f2b w4b2 hc8\"><div class=\"t m0 x91 h1f y28b ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x763 y2f2b w376 hc8\"><div class=\"t m0 x33 h1f y28b ff2b fs7 fc1 sc0 ls0 ws0\">369.616 </div></td><td class=\"c x756 y2f2b w37b hc8\"><div class=\"t m0 x33 h1f y28b ff2b fs7 fc1 sc0 ls0 ws0\">401.759 </div></td></tr><tr><td class=\"c x44e y2f2c w4b1 hc8\"><div class=\"t m0 x16a h1f y28b ff2b fs7 fc1 sc0 ls0 ws0\">e) Societ\u00e0 non fi<span class=\"_ _1\"></span>nanziarie </div></td><td class=\"c x75f y2f2c w376 hc8\"><div class=\"t m0 x2f h1f y28b ff2b fs7 fc1 sc0 ls0 ws0\">10.138.888 </div></td><td class=\"c x760 y2f2c w99 hc8\"><div class=\"t m0 x39 h1f y28b ff2b fs7 fc1 sc0 ls0 ws0\">497.470 </div></td><td class=\"c x761 y2f2c w2d5 hc8\"><div class=\"t m0 x32 h1f y28b ff2b fs7 fc1 sc0 ls0 ws0\">27.726 </div></td><td class=\"c x762 y2f2c w4b2 hc8\"><div class=\"t m0 x31 h1f y28b ff2b fs7 fc1 sc0 ls0 ws0\">328 </div></td><td class=\"c x763 y2f2c w376 hc8\"><div class=\"t m0 x16a h1f y28b ff2b fs7 fc1 sc0 ls0 ws0\">10.664.412 </div></td><td class=\"c x756 y2f2c w37b hc8\"><div class=\"t m0 x16a h1f y28b ff2b fs7 fc1 sc0 ls0 ws0\">10.853.461 </div></td></tr><tr><td class=\"c x44e y2f2d w4b1 hc8\"><div class=\"t m0 x16a h1f y28b ff2b fs7 fc1 sc0 ls0 ws0\">f) Famiglie </div></td><td class=\"c x75f y2f2d w376 hc8\"><div class=\"t m0 x2e h1f y28b ff2b fs7 fc1 sc0 ls0 ws0\">1.504.466 </div></td><td class=\"c x760 y2f2d w99 hc8\"><div class=\"t m0 x14 h1f y28b ff2b fs7 fc1 sc0 ls0 ws0\">156.287 </div></td><td class=\"c x761 y2f2d w2d5 hc8\"><div class=\"t m0 x35 h1f y28b ff2b fs7 fc1 sc0 ls0 ws0\">12.059 </div></td><td class=\"c x762 y2f2d w4b2 hc8\"><div class=\"t m0 x15 h1f y28b ff2b fs7 fc1 sc0 ls0 ws0\">135 </div></td><td class=\"c x763 y2f2d w376 hc8\"><div class=\"t m0 x55 h1f y28b ff2b fs7 fc1 sc0 ls0 ws0\">1.672.947 </div></td><td class=\"c x756 y2f2d w37b hc8\"><div class=\"t m0 x55 h1f y28b ff2b fs7 fc1 sc0 ls0 ws0\">1.665.199 </div></td></tr><tr><td class=\"c x44e y2f2e w4b1 hc8\"><div class=\"t m0 x10 h1f ye4c ff2b fs7 fc1 sc2 ls0 ws0\">2. Ga<span class=\"_ _1\"></span>ran<span class=\"_ _1\"></span>zie fi<span class=\"_ _1\"></span>nan<span class=\"_ _f\"></span>ziarie ril<span class=\"_ _1\"></span>asci<span class=\"_ _1\"></span>ate </div></td><td class=\"c x75f y2f2e w376 hc8\"><div class=\"t m0 x14 h1f ye4c ff2b fs7 fc1 sc2 ls0 ws0\">586.8<span class=\"_ _f\"></span>29 </div></td><td class=\"c x760 y2f2e w99 hc8\"><div class=\"t m0 x35 h1f ye4c ff2b fs7 fc1 sc2 lsa ws0\">41.<span class=\"ls0\">02<span class=\"_ _1\"></span>8</span><span class=\"ls0\"> </span></div></td><td class=\"c x761 y2f2e w2d5 hc8\"><div class=\"t m0 x34 h1f ye4c ff2b fs7 fc1 sc2 ls0 ws0\">3.157<span class=\"_ _f\"></span> </div></td><td class=\"c x762 y2f2e w4b2 hc8\"><div class=\"t m0 x31 h1f ye4c ff2b fs7 fc1 sc2 ls0 ws0\">638<span class=\"_ _f\"></span> </div></td><td class=\"c x763 y2f2e w376 hc8\"><div class=\"t m0 x33 h1f ye4c ff2b fs7 fc1 sc2 ls0 ws0\">631.6<span class=\"_ _f\"></span>52 </div></td><td class=\"c x756 y2f2e w37b hc8\"><div class=\"t m0 x48 h1f ye4c ff2b fs7 fc1 sc2 ls0 ws0\">603.3<span class=\"_ _f\"></span>85 </div></td></tr><tr><td class=\"c x44e y2f2f w4b1 hc8\"><div class=\"t m0 x16a h1f ye4c ff2b fs7 fc1 sc0 ls0 ws0\">a) Banche Centra<span class=\"_ _1\"></span>li </div></td><td class=\"c x75f y2f2f w376 hc8\"><div class=\"t m0 x7 h1f ye4c ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x760 y2f2f w99 hc8\"><div class=\"t m0 x91 h1f ye4c ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x761 y2f2f w2d5 hc8\"><div class=\"t m0 x91 h1f ye4c ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x762 y2f2f w4b2 hc8\"><div class=\"t m0 x91 h1f ye4c ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x763 y2f2f w376 hc8\"><div class=\"t m0 x7 h1f ye4c ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x756 y2f2f w37b hc8\"><div class=\"t m0 x7 h1f ye4c ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2f30 w4b1 hc8\"><div class=\"t m0 x16a h1f y28b ff2b fs7 fc1 sc0 ls0 ws0\">b) Amministrazi<span class=\"_ _1\"></span>oni pubbliche </div></td><td class=\"c x75f y2f30 w376 hc8\"><div class=\"t m0 x8f h1f y28b ff2b fs7 fc1 sc0 ls2b ws0\">83<span class=\"ls0\"> </span></div></td><td class=\"c x760 y2f30 w99 hc8\"><div class=\"t m0 x91 h1f y28b ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x761 y2f30 w2d5 hc8\"><div class=\"t m0 x91 h1f y28b ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x762 y2f30 w4b2 hc8\"><div class=\"t m0 x91 h1f y28b ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x763 y2f30 w376 hc8\"><div class=\"t m0 x13 h1f y28b ff2b fs7 fc1 sc0 ls2b ws0\">83<span class=\"_ _df\"> </span></div></td><td class=\"c x756 y2f30 w37b hc8\"><div class=\"t m0 x13 h1f y28b ff2b fs7 fc1 sc0 ls2b ws0\">83<span class=\"ls0\"> </span></div></td></tr><tr><td class=\"c x44e y2f31 w4b1 hc8\"><div class=\"t m0 x16a h1f y28b ff2b fs7 fc1 sc0 ls0 ws0\">c) Banche </div></td><td class=\"c x75f y2f31 w376 hc8\"><div class=\"t m0 x34 h1f y28b ff2b fs7 fc1 sc0 ls0 ws0\">9.375 </div></td><td class=\"c x760 y2f31 w99 hc8\"><div class=\"t m0 x27 h1f y28b ff2b fs7 fc1 sc0 ls0 ws0\">5.659 </div></td><td class=\"c x761 y2f31 w2d5 hc8\"><div class=\"t m0 x91 h1f y28b ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x762 y2f31 w4b2 hc8\"><div class=\"t m0 x91 h1f y28b ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x763 y2f31 w376 hc8\"><div class=\"t m0 x3a h1f y28b ff2b fs7 fc1 sc0 ls0 ws0\">15.034 </div></td><td class=\"c x756 y2f31 w37b hc8\"><div class=\"t m0 x26 h1f y28b ff2b fs7 fc1 sc0 ls0 ws0\">11.026 </div></td></tr><tr><td class=\"c x44e y2f32 w4b1 hc8\"><div class=\"t m0 x16a h1f y28b ff2b fs7 fc1 sc0 ls0 ws0\">d) Altre societ\u00e0 <span class=\"_ _1\"></span>finanziarie </div></td><td class=\"c x75f y2f32 w376 hc8\"><div class=\"t m0 x26 h1f y28b ff2b fs7 fc1 sc0 ls0 ws0\">8.627 </div></td><td class=\"c x760 y2f32 w99 hc8\"><div class=\"t m0 x38 h1f y28b ff2b fs7 fc1 sc0 ls0 ws0\">500 </div></td><td class=\"c x761 y2f32 w2d5 hc8\"><div class=\"t m0 x91 h1f y28b ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x762 y2f32 w4b2 hc8\"><div class=\"t m0 x91 h1f y28b ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x763 y2f32 w376 hc8\"><div class=\"t m0 x97 h1f y28b ff2b fs7 fc1 sc0 ls0 ws0\">9.127 </div></td><td class=\"c x756 y2f32 w37b hc8\"><div class=\"t m0 x26 h1f y28b ff2b fs7 fc1 sc0 ls0 ws0\">9.666 </div></td></tr><tr><td class=\"c x44e y2f33 w4b1 hc8\"><div class=\"t m0 x16a h1f y28b ff2b fs7 fc1 sc0 ls0 ws0\">e) Societ\u00e0 non fi<span class=\"_ _1\"></span>nanziarie </div></td><td class=\"c x75f y2f33 w376 hc8\"><div class=\"t m0 x14 h1f y28b ff2b fs7 fc1 sc0 ls0 ws0\">505.440 </div></td><td class=\"c x760 y2f33 w99 hc8\"><div class=\"t m0 x2c h1f y28b ff2b fs7 fc1 sc0 ls0 ws0\">29.811 </div></td><td class=\"c x761 y2f33 w2d5 hc8\"><div class=\"t m0 x27 h1f y28b ff2b fs7 fc1 sc0 ls0 ws0\">2.708 </div></td><td class=\"c x762 y2f33 w4b2 hc8\"><div class=\"t m0 x30 h1f y28b ff2b fs7 fc1 sc0 ls0 ws0\">618 </div></td><td class=\"c x763 y2f33 w376 hc8\"><div class=\"t m0 x48 h1f y28b ff2b fs7 fc1 sc0 ls0 ws0\">538.577 </div></td><td class=\"c x756 y2f33 w37b hc8\"><div class=\"t m0 x32 h1f y28b ff2b fs7 fc1 sc0 ls0 ws0\">513.187 </div></td></tr><tr><td class=\"c x44e y2f34 w4b1 hc8\"><div class=\"t m0 x16a h1f ye4c ff2b fs7 fc1 sc0 ls0 ws0\">f) Famiglie </div></td><td class=\"c x75f y2f34 w376 hc8\"><div class=\"t m0 x32 h1f ye4c ff2b fs7 fc1 sc0 ls0 ws0\">63.304 </div></td><td class=\"c x760 y2f34 w99 hc8\"><div class=\"t m0 x3a h1f ye4c ff2b fs7 fc1 sc0 ls0 ws0\">5.058 </div></td><td class=\"c x761 y2f34 w2d5 hc8\"><div class=\"t m0 x38 h1f ye4c ff2b fs7 fc1 sc0 lsa ws0\">449<span class=\"ls0\"> </span></div></td><td class=\"c x762 y2f34 w4b2 hc8\"><div class=\"t m0 x8f h1f ye4c ff2b fs7 fc1 sc0 ls2a ws0\">20<span class=\"ls0\"> </span></div></td><td class=\"c x763 y2f34 w376 hc8\"><div class=\"t m0 x2c h1f ye4c ff2b fs7 fc1 sc0 ls0 ws0\">68.831 </div></td><td class=\"c x756 y2f34 w37b hc8\"><div class=\"t m0 x35 h1f ye4c ff2b fs7 fc1 sc0 ls0 ws0\">69.423 </div></td></tr></table></div>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-816": {
   "value": "Sezi<span class=\"_ _f\"></span>one 1<span class=\"_ _1\"></span> <span class=\"ff2c\">\u2013</span> Gl<span class=\"_ _f\"></span>i inter<span class=\"_ _f\"></span>essi - V<span class=\"_ _f\"></span>oci 10<span class=\"_ _1\"></span> e 2<span class=\"_ _1\"></span>0 1.1 Int<span class=\"_ _f\"></span>eressi att<span class=\"_ _f\"></span>ivi e pro<span class=\"_ _1\"></span>venti <span class=\"_ _1\"></span>assi<span class=\"_ _1\"></span>mila<span class=\"_ _1\"></span>ti: com<span class=\"_ _1\"></span>posizi<span class=\"_ _f\"></span>one  <table class=\"s wdc4 h52b\" id=\"_11fcd176-34ec-42ae-a3a0-c84e98b90fd1\"><tr><td class=\"c x44e y2f8b w3cb h2c9\"><div class=\"t m0 xef h1f y96d ff2b fs7 fc4 sc3 ls0 ws0\">Voci<span class=\"_ _1\"></span>/Form<span class=\"_ _f\"></span>e tecni<span class=\"_ _1\"></span>che<span class=\"_ _f\"></span> </div></td><td class=\"c x7a8 y2f8c wdc5 h484\"><div class=\"t m0 x250 h1f y2409 ff2b fs7 fc4 sc3 ls0 ws0\">Titol<span class=\"_ _1\"></span>i di<span class=\"_ _df\"> </span></div></td><td class=\"c x4e6 y2f8b w4c0 h2c9\"><div class=\"t m0 x163 h1f y96d ff2b fs7 fc4 sc3 ls0 ws0\">Fina<span class=\"_ _f\"></span>nziamen<span class=\"_ _f\"></span>ti </div></td><td class=\"c x7a9 y2f8c wa5a h484\"><div class=\"t m0 x250 h1f y2409 ff2b fs7 fc4 sc3 ls0 ws0\">Altr<span class=\"_ _1\"></span>e<span class=\"_ _df\"> </span></div></td><td class=\"c x5db y2f8d w4c2 h2ca\"><div class=\"t m0 x130 h1f y32 ff2b fs7 fc4 sc3 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale </div></td><td class=\"c x515 y2f8d w4c3 h2ca\"><div class=\"t m0 x55 h1f y32 ff2b fs7 fc4 sc3 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale </div></td></tr><tr><td></td><td class=\"c x7aa y2f8e wdc6 h4d6\"><div class=\"t m0 x250 h1f y2410 ff2b fs7 fc4 sc3 ls0 ws0\">debi<span class=\"_ _1\"></span>to<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x7ab y2f8e wdc7 h4d6\"><div class=\"t m0 x250 h1f y2410 ff2b fs7 fc4 sc3 ls0 ws0\">opera<span class=\"_ _f\"></span>zioni<span class=\"_ _df\"> </span></div></td><td class=\"c x5db y2f8b w4c2 h2ca\"><div class=\"t m0 x8e h1f yf81 ff2b fs7 fc4 sc3 ls0 ws0\">31/12/<span class=\"_ _f\"></span>2025 </div></td><td class=\"c x515 y2f8b w4c3 h2ca\"><div class=\"t m0 x8e h1f yf81 ff2b fs7 fc4 sc3 ls0 ws0\">31/12/<span class=\"_ _f\"></span>2024 </div></td></tr><tr><td class=\"c x262 y2f8f wdc8 h484\"><div class=\"t m0 x250 h1f y2410 ff2b fs7 fc1 sc2 ls0 ws0\">1. Att<span class=\"_ _1\"></span>ivit\u00e0<span class=\"_ _1\"></span> fina<span class=\"_ _f\"></span>nziarie v<span class=\"_ _1\"></span>alut<span class=\"_ _1\"></span>ate a<span class=\"_ _f\"></span>l fair v<span class=\"_ _1\"></span>alue c<span class=\"_ _f\"></span>on impa<span class=\"_ _f\"></span>tto<span class=\"_ _df\"> </span></div></td><td class=\"c x7ac y2f90 w4c5 h90\"><div class=\"t m0 x38 h1f y2c6 ff2b fs7 fc1 sc2 ls0 ws0\">18.78<span class=\"_ _f\"></span>1 </div></td><td class=\"c x4e6 y2f90 w336 h90\"><div class=\"t m0 x11 h1f y2c6 ff2b fs7 fc1 sc2 ls0 ws0\">4<span class=\"lsea\">84</span> </div></td><td class=\"c x7ad y2f90 w4c5 h90\"><div class=\"t m0 xc6 h1f y2c6 ff2b fs7 fc1 sc2 ls0 ws0\">- </div></td><td class=\"c x5db y2f90 w4c6 h90\"><div class=\"t m0 x37 h1f y2c6 ff2b fs7 fc1 sc2 ls0 ws0\">19.26<span class=\"_ _1\"></span>5 </div></td><td class=\"c x7ae y2f90 w4c7 h90\"><div class=\"t m0 x37 h1f y2c6 ff2b fs7 fc1 sc2 ls0 ws0\">15.95<span class=\"_ _1\"></span>3 </div></td></tr><tr><td class=\"c x262 y2f91 wdc9 h484\"><div class=\"t m0 x250 h1f y2410 ff2b fs7 fc1 sc2 ls0 ws0\">a con<span class=\"_ _1\"></span>to e<span class=\"_ _f\"></span>conomi<span class=\"_ _f\"></span>co:<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x44e y2f92 w4c4 hc8\"><div class=\"t m0 x8e h1f y28b ff2b fs7 fc1 sc0 ls0 ws0\">1.1 Attivit\u00e0 finanz<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span>arie detenute<span class=\"_ _1\"></span> per la negoziaz<span class=\"_ _1\"></span>ione </div></td><td class=\"c x7ac y2f92 w4c5 hc8\"><div class=\"t m0 x12 h1f y28b ff2b fs7 fc1 sc0 ls34 ws0\">771<span class=\"ls0\"> </span></div></td><td class=\"c x4e6 y2f92 w336 hc8\"><div class=\"t m0 xa3 h1f y28b ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x7ad y2f92 w4c5 hc8\"><div class=\"t m0 xc6 h1f y28b ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5db y2f92 w4c6 hc8\"><div class=\"t m0 x96 h1f y28b ff2b fs7 fc1 sc0 ls34 ws0\">771<span class=\"ls0\"> </span></div></td><td class=\"c x7ae y2f92 w4c7 hc8\"><div class=\"t m0 x31 h1f y28b ff2b fs7 fc1 sc0 ls0 ws0\">1.035 </div></td></tr><tr><td class=\"c x44e y2f93 w4c4 hc8\"><div class=\"t m0 x8e h1f y28b ff2b fs7 fc1 sc0 ls0 ws0\">1.2 Attivit\u00e0 finanz<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span>arie des<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span>gnate al fa<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span>r value </div></td><td class=\"c x7ac y2f93 w4c5 hc8\"><div class=\"t m0 xc6 h1f y28b ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x4e6 y2f93 w336 hc8\"><div class=\"t m0 xa3 h1f y28b ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x7ad y2f93 w4c5 hc8\"><div class=\"t m0 xc6 h1f y28b ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5db y2f93 w4c6 hc8\"><div class=\"t m0 xc6 h1f y28b ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x7ae y2f93 w4c7 hc8\"><div class=\"t m0 xc6 h1f y28b ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2f94 w4c4 h9b\"><div class=\"t m0 x8e h1f ye62 ff2b fs7 fc1 sc0 ls0 ws0\">1.3 Altre attivit\u00e0<span class=\"_ _1\"></span> finanziarie ob<span class=\"_ _1\"></span>bligatoriamente<span class=\"_ _1\"></span> </div><div class=\"t m0 x8e h1f y1884 ff2b fs7 fc1 sc0 ls0 ws0\">valutate al fair va<span class=\"_ _1\"></span>lue </div></td><td class=\"c x7ac y2f94 w4c5 h9b\"><div class=\"t m0 x97 h1f y1885 ff2b fs7 fc1 sc0 ls0 ws0\">18.010 </div></td><td class=\"c x4e6 y2f94 w336 h9b\"><div class=\"t m0 x11 h1f y1885 ff2b fs7 fc1 sc0 lsa ws0\">484<span class=\"ls0\"> </span></div></td><td class=\"c x7ad y2f94 w4c5 h9b\"><div class=\"t m0 xc6 h1f y1885 ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5db y2f94 w4c6 h9b\"><div class=\"t m0 x34 h1f y1885 ff2b fs7 fc1 sc0 ls0 ws0\">18.494 </div></td><td class=\"c x7ae y2f94 w4c7 h9b\"><div class=\"t m0 x97 h1f y1885 ff2b fs7 fc1 sc0 ls0 ws0\">14.918 </div></td></tr><tr><td class=\"c x262 y2f95 wdca h484\"><div class=\"t m0 x250 h1f y2410 ff2b fs7 fc1 sc2 ls0 ws0\">2. Att<span class=\"_ _1\"></span>ivit<span class=\"_ _f\"></span>\u00e0 finanzi<span class=\"_ _f\"></span>arie va<span class=\"_ _1\"></span>luta<span class=\"_ _1\"></span>te al<span class=\"_ _1\"></span> fair v<span class=\"_ _f\"></span>alue co<span class=\"_ _1\"></span>n<span class=\"_ _df\"> </span></div></td><td class=\"c x7ac y2f96 w4c5 hc2\"><div class=\"t m0 x2c h1f y692 ff2b fs7 fc1 sc2 ls0 ws0\">188.06<span class=\"_ _f\"></span>5 </div></td><td class=\"c x4e6 y2f96 w336 hc2\"><div class=\"t m0 xa3 h1f y692 ff2b fs7 fc1 sc2 ls0 ws0\">- </div></td><td class=\"c x7ad y2f96 w4c5 hc2\"><div class=\"t m0 x3a h1f y692 ff2b fs7 fc1 sc2 ls0 ws0\">X </div></td><td class=\"c x5db y2f96 w4c6 hc2\"><div class=\"t m0 x2c h1f y692 ff2b fs7 fc1 sc2 ls0 ws0\">188.06<span class=\"_ _f\"></span>5 </div></td><td class=\"c x7ae y2f96 w4c7 hc2\"><div class=\"t m0 x3a h1f y692 ff2b fs7 fc1 sc2 ls0 ws0\">192.2<span class=\"_ _f\"></span>03 </div></td></tr><tr><td class=\"c x262 y2f97 wdcb h484\"><div class=\"t m0 x250 h1f y2410 ff2b fs7 fc1 sc2 ls0 ws0\">impa<span class=\"_ _f\"></span>tto sull<span class=\"_ _1\"></span>a red<span class=\"_ _f\"></span>ditivit\u00e0<span class=\"_ _1\"></span> com<span class=\"_ _f\"></span>plessiv<span class=\"_ _1\"></span>a<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x44e y2f98 w4c4 h79\"><div class=\"t m0 x10 h1f y30 ff2b fs7 fc1 sc2 ls0 ws0\">3. Att<span class=\"_ _f\"></span>ivit\u00e0 fin<span class=\"_ _f\"></span>anziari<span class=\"_ _1\"></span>e val<span class=\"_ _1\"></span>utat<span class=\"_ _f\"></span>e al cost<span class=\"_ _f\"></span>o amm<span class=\"_ _1\"></span>orti<span class=\"_ _1\"></span>zzat<span class=\"_ _1\"></span>o: </div></td><td class=\"c x7ac y2f98 w4c5 h79\"><div class=\"t m0 x3a h1f y30 ff2b fs7 fc1 sc2 ls0 ws0\">187.5<span class=\"_ _f\"></span>08 </div></td><td class=\"c x4e6 y2f98 w336 h79\"><div class=\"t m0 x48 h1f y30 ff2b fs7 fc1 sc2 ls0 ws0\">1.269<span class=\"_ _1\"></span>.239<span class=\"_ _f\"></span> </div></td><td class=\"c x7ad y2f98 w4c5 h79\"><div class=\"t m0 x27 h1f y30 ff2b fs7 fc1 sc2 ls0 ws0\">- </div></td><td class=\"c x5db y2f98 w4c6 h79\"><div class=\"t m0 x14 h1f y30 ff2b fs7 fc1 sc2 ls0 ws0\">1.456.<span class=\"_ _1\"></span>747<span class=\"_ _f\"></span> </div></td><td class=\"c x7ae y2f98 w4c7 h79\"><div class=\"t m0 x48 h1f y30 ff2b fs7 fc1 sc2 ls0 ws0\">1.733<span class=\"_ _f\"></span>.569 </div></td></tr><tr><td class=\"c x44e y2f99 w4c4 hc8\"><div class=\"t m0 x8e h1f y28b ff2b fs7 fc1 sc0 ls0 ws0\">3.1 Crediti verso<span class=\"_ _1\"></span> banche </div></td><td class=\"c x7ac y2f99 w4c5 hc8\"><div class=\"t m0 x37 h1f y28b ff2b fs7 fc1 sc0 ls0 ws0\">32.312 </div></td><td class=\"c x4e6 y2f99 w336 hc8\"><div class=\"t m0 x97 h1f y28b ff2b fs7 fc1 sc0 ls0 ws0\">73.527 </div></td><td class=\"c x7ad y2f99 w4c5 hc8\"><div class=\"t m0 x3a h1f y28b ff2b fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x5db y2f99 w4c6 hc8\"><div class=\"t m0 x2c h1f y28b ff2b fs7 fc1 sc0 ls9 ws0\">105<span class=\"ls0\">.839</span><span class=\"ls0\"> </span></div></td><td class=\"c x7ae y2f99 w4c7 hc8\"><div class=\"t m0 x2c h1f y28b ff2b fs7 fc1 sc0 ls0 ws0\">225.765 </div></td></tr><tr><td class=\"c x44e y2f9a w4c4 hc8\"><div class=\"t m0 x8e h1f y28b ff2b fs7 fc1 sc0 ls0 ws0\">3.2 Crediti verso<span class=\"_ _1\"></span> clientela </div></td><td class=\"c x7ac y2f9a w4c5 hc8\"><div class=\"t m0 x27 h1f y28b ff2b fs7 fc1 sc0 ls0 ws0\">155.196 </div></td><td class=\"c x4e6 y2f9a w336 hc8\"><div class=\"t m0 x35 h1f y28b ff2b fs7 fc1 sc0 ls0 ws0\">1.195.712 </div></td><td class=\"c x7ad y2f9a w4c5 hc8\"><div class=\"t m0 x3a h1f y28b ff2b fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x5db y2f9a w4c6 hc8\"><div class=\"t m0 x39 h1f y28b ff2b fs7 fc1 sc0 ls0 ws0\">1.350.908 </div></td><td class=\"c x7ae y2f9a w4c7 hc8\"><div class=\"t m0 x14 h1f y28b ff2b fs7 fc1 sc0 ls0 ws0\">1.507.804 </div></td></tr><tr><td class=\"c x44e y2f9b w4c4 hc8\"><div class=\"t m0 x10 h1f y28b ff2b fs7 fc1 sc2 ls0 ws0\">4. D<span class=\"_ _1\"></span>eriv<span class=\"_ _1\"></span>ati di <span class=\"_ _1\"></span>cope<span class=\"_ _1\"></span>rtur<span class=\"_ _1\"></span>a </div></td><td class=\"c x7ac y2f9b w4c5 hc8\"><div class=\"t m0 x3a h1f y28b ff2b fs7 fc1 sc2 ls0 ws0\">X </div></td><td class=\"c x4e6 y2f9b w336 hc8\"><div class=\"t m0 x3a h1f y28b ff2b fs7 fc1 sc2 ls0 ws0\">X </div></td><td class=\"c x7ad y2f9b w4c5 hc8\"><div class=\"t m0 xc6 h1f y28b ff2b fs7 fc1 sc2 ls0 ws0\">- </div></td><td class=\"c x5db y2f9b w4c6 hc8\"><div class=\"t m0 xc6 h1f y28b ff2b fs7 fc1 sc2 ls0 ws0\">- </div></td><td class=\"c x7ae y2f9b w4c7 hc8\"><div class=\"t m0 x2c h1f y28b ff2b fs7 fc1 sc2 ls0 ws0\">134.<span class=\"_ _1\"></span>064 </div></td></tr><tr><td class=\"c x44e y2f9c w4c4 hc8\"><div class=\"t m0 x10 h1f ye4c ff2b fs7 fc1 sc2 ls0 ws0\">5. Alt<span class=\"_ _1\"></span>re at<span class=\"_ _f\"></span>tivit\u00e0 </div></td><td class=\"c x7ac y2f9c w4c5 hc8\"><div class=\"t m0 x3a h1f ye4c ff2b fs7 fc1 sc2 ls0 ws0\">X </div></td><td class=\"c x4e6 y2f9c w336 hc8\"><div class=\"t m0 x3a h1f ye4c ff2b fs7 fc1 sc2 ls0 ws0\">X </div></td><td class=\"c x7ad y2f9c w4c5 hc8\"><div class=\"t m0 x11 h1f ye4c ff2b fs7 fc1 sc2 ls2a ws0\">227<span class=\"ls0\"> </span></div></td><td class=\"c x5db y2f9c w4c6 hc8\"><div class=\"t m0 x13 h1f ye4c ff2b fs7 fc1 sc2 ls2a ws0\">227<span class=\"ls0\"> </span></div></td><td class=\"c x7ae y2f9c w4c7 hc8\"><div class=\"t m0 x13 h1f ye4c ff2b fs7 fc1 sc2 lsa ws0\">487<span class=\"ls0\"> </span></div></td></tr><tr><td class=\"c x44e y2f9d w4c4 hc8\"><div class=\"t m0 x10 h1f ye4c ff2b fs7 fc1 sc2 ls0 ws0\">6. Pas<span class=\"_ _f\"></span>sivit\u00e0<span class=\"_ _f\"></span> f<span class=\"_ _2\"></span>ina<span class=\"_ _f\"></span>nziarie<span class=\"_ _f\"></span> </div></td><td class=\"c x7ac y2f9d w4c5 hc8\"><div class=\"t m0 x3a h1f ye4c ff2b fs7 fc1 sc2 ls0 ws0\">X </div></td><td class=\"c x4e6 y2f9d w336 hc8\"><div class=\"t m0 x3a h1f ye4c ff2b fs7 fc1 sc2 ls0 ws0\">X </div></td><td class=\"c x7ad y2f9d w4c5 hc8\"><div class=\"t m0 x3a h1f ye4c ff2b fs7 fc1 sc2 ls0 ws0\">X </div></td><td class=\"c x5db y2f9d w4c6 hc8\"><div class=\"t m0 x7 h1f ye4c ff2b fs7 fc1 sc2 ls9 ws0\">12<span class=\"ls0\"> </span></div></td><td class=\"c x7ae y2f9d w4c7 hc8\"><div class=\"t m0 x1c h1f ye4c ff2b fs7 fc1 sc2 ls9 ws0\">11<span class=\"ls0\"> </span></div></td></tr><tr><td class=\"c x44e y2f9e w4c4 hc8\"><div class=\"t m0 x1f4 h1f y28b ff2b fs7 fc1 sc2 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale </div></td><td class=\"c x7ac y2f9e w4c5 hc8\"><div class=\"t m0 x35 h1f y28b ff2b fs7 fc1 sc2 ls0 ws0\">394.3<span class=\"_ _f\"></span>54 </div></td><td class=\"c x4e6 y2f9e w336 hc8\"><div class=\"t m0 x33 h1f y28b ff2b fs7 fc1 sc2 ls0 ws0\">1.269<span class=\"_ _1\"></span>.723<span class=\"_ _f\"></span> </div></td><td class=\"c x7ad y2f9e w4c5 hc8\"><div class=\"t m0 x11 h1f y28b ff2b fs7 fc1 sc2 ls2a ws0\">227<span class=\"ls0\"> </span></div></td><td class=\"c x5db y2f9e w4c6 hc8\"><div class=\"t m0 x48 h1f y28b ff2b fs7 fc1 sc2 ls0 ws0\">1.66<span class=\"_ _1\"></span>4.316<span class=\"_ _f\"></span> </div></td><td class=\"c x7ae y2f9e w4c7 hc8\"><div class=\"t m0 x39 h1f y28b ff2b fs7 fc1 sc2 ls0 ws0\">2.076<span class=\"_ _1\"></span>.287<span class=\"_ _f\"></span> </div></td></tr><tr><td class=\"c x44e y2f9f w4c4 hc8\"><div class=\"t m0 x10 h1f y28b ff2b fs7 fc1 sc0 ls0 ws0\">di cui: interessi <span class=\"_ _1\"></span>attivi su attivit\u00e0 <span class=\"_ _1\"></span>finanziarie impa<span class=\"_ _1\"></span>ired </div></td><td class=\"c x7ac y2f9f w4c5 hc8\"><div class=\"t m0 xc6 h1f y28b ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x4e6 y2f9f w336 hc8\"><div class=\"t m0 x31 h1f y28b ff2b fs7 fc1 sc0 ls0 ws0\">11.787<span class=\"_ _df\"> </span></div></td><td class=\"c x7ad y2f9f w4c5 hc8\"><div class=\"t m0 xc6 h1f y28b ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5db y2f9f w4c6 hc8\"><div class=\"t m0 x38 h1f y28b ff2b fs7 fc1 sc0 ls0 ws0\">11.787<span class=\"_ _df\"> </span></div></td><td class=\"c x7ae y2f9f w4c7 hc8\"><div class=\"t m0 x97 h1f y28b ff2b fs7 fc1 sc0 ls0 ws0\">11.953 </div></td></tr><tr><td class=\"c x44e y2fa0 w4c4 hc8\"><div class=\"t m0 x10 h1f y28b ff2b fs7 fc1 sc0 ls0 ws0\">di cui: interessi <span class=\"_ _1\"></span>attivi su leasing <span class=\"_ _1\"></span>finanziario </div></td><td class=\"c x7ac y2fa0 w4c5 hc8\"><div class=\"t m0 x3a h1f y28b ff2b fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x4e6 y2fa0 w336 hc8\"><div class=\"t m0 x27 h1f y28b ff2b fs7 fc1 sc0 ls0 ws0\">147.406 </div></td><td class=\"c x7ad y2fa0 w4c5 hc8\"><div class=\"t m0 x3a h1f y28b ff2b fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x5db y2fa0 w4c6 hc8\"><div class=\"t m0 x2c h1f y28b ff2b fs7 fc1 sc0 ls0 ws0\">147.406 </div></td><td class=\"c x7ae y2fa0 w4c7 hc8\"><div class=\"t m0 x2c h1f y28b ff2b fs7 fc1 sc0 ls0 ws0\">178.402 </div></td></tr></table>1.2<span class=\"ff11 sc0\"> <span class=\"_ _3f\"></span><span class=\"ff2b sc3\"> Interes<span class=\"_ _f\"></span>si attiv<span class=\"_ _1\"></span>i e p<span class=\"_ _1\"></span>rovent<span class=\"_ _f\"></span>i assim<span class=\"_ _1\"></span>ilati<span class=\"_ _1\"></span>: altre <span class=\"_ _1\"></span>inform<span class=\"_ _f\"></span>azioni </span></span>1.2.1 I<span class=\"_ _1\"></span>nteres<span class=\"_ _f\"></span>si attiv<span class=\"_ _1\"></span>i su a<span class=\"_ _1\"></span>ttivit\u00e0 <span class=\"_ _f\"></span>finanzia<span class=\"_ _1\"></span>rie in <span class=\"_ _f\"></span>valuta Gli interessi attivi maturati ammontano a 28.219 mila euro<span class=\"_ _df\"> </span>.<span class=\"_ _df\"> </span>Sezi<span class=\"_ _f\"></span>one 2<span class=\"_ _f\"></span> <span class=\"ff2c\">\u2013</span> Le c<span class=\"_ _1\"></span>om<span class=\"_ _f\"></span>missi<span class=\"_ _1\"></span>oni -<span class=\"_ _1\"></span> Vo<span class=\"_ _f\"></span>ci 40 <span class=\"_ _f\"></span>e 50<span class=\"_ _df\"> </span>2.1 Co<span class=\"_ _f\"></span>mmissio<span class=\"_ _1\"></span>ni at<span class=\"_ _1\"></span>tive: <span class=\"_ _f\"></span>composi<span class=\"_ _f\"></span>zione<span class=\"_ _df\"> </span>Tipol<span class=\"_ _f\"></span>ogia ser<span class=\"_ _f\"></span>vizi/Va<span class=\"_ _1\"></span>lori<span class=\"_ _df\"> </span>Tot<span class=\"_ _1\"></span>ale<span class=\"_ _df\"> </span>Tot<span class=\"_ _1\"></span>ale<span class=\"_ _df\"> </span>31/12/<span class=\"_ _f\"></span>2025<span class=\"_ _df\"> </span>31/12/<span class=\"_ _f\"></span>2024<span class=\"_ _df\"> </span>a) Strumenti f<span class=\"_ _1\"></span>inanziari<span class=\"_ _df\"> </span>243.878<span class=\"_ _df\"> </span>2<span class=\"_ _df\"> </span>1. Collocamento<span class=\"_ _1\"></span> titoli<span class=\"_ _df\"> </span>114.721<span class=\"_ _df\"> </span>10<span class=\"_ _df\"> </span>1.1 Con assunzi<span class=\"_ _1\"></span>one a fermo e/o sul<span class=\"_ _f\"></span>l<span class=\"_ _2\"></span>a base di u<span class=\"_ _f\"></span>n i<span class=\"_ _2\"></span>mpegno <span class=\"_ _1\"></span>irrevocabile<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>1.2 Senza impegn<span class=\"_ _1\"></span>o irrevocabile<span class=\"_ _df\"> </span>114.721<span class=\"_ _df\"> </span>10<span class=\"_ _df\"> </span>2. Attivit\u00e0 di ricez<span class=\"_ _1\"></span>ione e trasmis<span class=\"_ _1\"></span>sione di ordini e e<span class=\"_ _1\"></span>secuzione d<span class=\"_ _1\"></span>i ordini per<span class=\"_ _df\"> </span>21.257<span class=\"_ _df\"> </span>2<span class=\"_ _df\"> </span>conto dei clienti<span class=\"_ _df\"> </span>2.1 Ricezione e t<span class=\"_ _1\"></span>rasmissione di o<span class=\"_ _1\"></span>rdini di uno <span class=\"_ _1\"></span>o pi\u00f9 strumenti f<span class=\"_ _1\"></span>inanziari<span class=\"_ _df\"> </span>14.440<span class=\"_ _df\"> </span>1<span class=\"_ _df\"> </span>2.2 Esecuzione d<span class=\"_ _1\"></span>i ordini per c<span class=\"_ _1\"></span>onto dei client<span class=\"_ _1\"></span>i<span class=\"_ _df\"> </span>6.817<span class=\"_ _df\"> </span>3. Altre commiss<span class=\"_ _1\"></span>ioni connesse c<span class=\"_ _f\"></span>o<span class=\"_ _2\"></span>n attivit\u00e0 leg<span class=\"_ _f\"></span>at<span class=\"_ _2\"></span>e a strume<span class=\"_ _1\"></span>nti finanz<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span>ari<span class=\"_ _df\"> </span>107.900<span class=\"_ _df\"> </span>1<span class=\"_ _df\"> </span>di cui: negoziaz<span class=\"_ _1\"></span>ione per conto pr<span class=\"_ _1\"></span>oprio<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>di cui: gestione d<span class=\"_ _1\"></span>i portafogli <span class=\"_ _1\"></span>individuali<span class=\"_ _df\"> </span>107.900<span class=\"_ _df\"> </span>1<span class=\"_ _df\"> </span>b) Corporate F<span class=\"_ _1\"></span>inance<span class=\"_ _df\"> </span>1.267<span class=\"_ _df\"> </span>1. Consulenza in <span class=\"_ _1\"></span>materia di fusion<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span> e acqu<span class=\"_ _1\"></span>isizioni<span class=\"_ _df\"> </span>1.267<span class=\"_ _df\"> </span>2. Servizi di tes<span class=\"_ _f\"></span>o<span class=\"_ _2\"></span>reria<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>3. Altre commiss<span class=\"_ _1\"></span>ioni connesse c<span class=\"_ _f\"></span>o<span class=\"_ _2\"></span>n servizi di c<span class=\"_ _f\"></span>o<span class=\"_ _2\"></span>rpora<span class=\"_ _1\"></span>te finance<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>c) Attivit\u00e0 di con<span class=\"_ _1\"></span>sulenza in mater<span class=\"_ _1\"></span>ia di investiment<span class=\"_ _1\"></span>i<span class=\"_ _df\"> </span>19.571<span class=\"_ _df\"> </span>1<span class=\"_ _df\"> </span>d) Compensazione<span class=\"_ _1\"></span> e regolament<span class=\"_ _f\"></span>o<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>e) Gestione di p<span class=\"_ _1\"></span>ortafogli collett<span class=\"_ _1\"></span>ive<span class=\"_ _df\"> </span>240.988<span class=\"_ _df\"> </span>26<span class=\"_ _df\"> </span>f) Custodia e amm<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span>nistrazi<span class=\"_ _1\"></span>one<span class=\"_ _df\"> </span>3.978<span class=\"_ _df\"> </span>1. Banca deposita<span class=\"_ _1\"></span>ria<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>2. Altre commissi<span class=\"_ _1\"></span>oni legate all\u2019a<span class=\"_ _1\"></span>ttivit\u00e0 di custod<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span>a e ammi<span class=\"_ _1\"></span>nistrazione<span class=\"_ _df\"> </span>3.978<span class=\"_ _df\"> </span>g) <span class=\"ls0\">Servizi ammi<span class=\"_ _1\"></span>nistrativi centra<span class=\"_ _1\"></span>li per gestion<span class=\"_ _1\"></span>i di portafogli co<span class=\"_ _1\"></span>llettive<span class=\"_ _df\"> </span></span>-<span class=\"_ _df\"> </span>h) Attivit\u00e0 fiduc<span class=\"_ _1\"></span>iaria<span class=\"_ _df\"> </span>1.226<span class=\"_ _df\"> </span>i) Servizi di pagamen<span class=\"_ _f\"></span>to<span class=\"_ _df\"> </span>208.610<span class=\"_ _df\"> </span>21<span class=\"_ _df\"> </span>1. Conti corrent<span class=\"_ _1\"></span>i<span class=\"_ _df\"> </span>117.708<span class=\"_ _df\"> </span>12<span class=\"_ _df\"> </span>2. Carte di credit<span class=\"_ _1\"></span>o<span class=\"_ _df\"> </span>30.077<span class=\"_ _df\"> </span>3<span class=\"_ _df\"> </span>3. Carte di debi<span class=\"_ _1\"></span>to ed altre carte<span class=\"_ _1\"></span> di pagamento<span class=\"_ _df\"> </span>20.778<span class=\"_ _df\"> </span>2<span class=\"_ _df\"> </span>4. Bonifici e al<span class=\"_ _1\"></span>tri ordini di pag<span class=\"_ _1\"></span>amento<span class=\"_ _df\"> </span>18.074<span class=\"_ _df\"> </span>1<span class=\"_ _df\"> </span>5. Altre commis<span class=\"_ _1\"></span>sioni legate a<span class=\"_ _1\"></span>i servizi di pagament<span class=\"_ _1\"></span>o<span class=\"_ _df\"> </span>21.973<span class=\"_ _df\"> </span>2<span class=\"_ _df\"> </span>j) Distribuzione di <span class=\"_ _f\"></span>servizi di terzi<span class=\"_ _df\"> </span>69.784<span class=\"_ _df\"> </span>6<span class=\"_ _df\"> </span>1. Gestioni di po<span class=\"_ _1\"></span>rtafogli collettive<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>2. Prodotti assicurat<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span>vi<span class=\"_ _df\"> </span>67.066<span class=\"_ _df\"> </span>6<span class=\"_ _df\"> </span>3. Altri prodot<span class=\"_ _1\"></span>ti<span class=\"_ _df\"> </span>2.718<span class=\"_ _df\"> </span>di cui: gestioni di<span class=\"_ _1\"></span> portafogli indi<span class=\"_ _1\"></span>viduali<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>k) Finanza strut<span class=\"_ _1\"></span>turata<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>l) Attivit\u00e0 di serv<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span>cing per <span class=\"_ _f\"></span>o<span class=\"_ _2\"></span>perazion<span class=\"_ _1\"></span>i di cartolarizzaz<span class=\"_ _1\"></span>ione<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>m) Impegni a erog<span class=\"_ _f\"></span>ar<span class=\"_ _2\"></span>e fond<span class=\"_ _1\"></span>i<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>n) Garanzie finanz<span class=\"_ _1\"></span>iarie rilasciate<span class=\"_ _df\"> </span>5.785<span class=\"_ _df\"> </span>di cui: derivati su c<span class=\"_ _1\"></span>rediti<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>o) Operazioni d<span class=\"_ _1\"></span>i finanziamento<span class=\"_ _df\"> </span>15.386<span class=\"_ _df\"> </span>di cui: per operaz<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span>oni di <span class=\"_ _1\"></span>factoring<span class=\"_ _df\"> </span>15.386<span class=\"_ _df\"> </span>p) Negoziazione d<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span> valute<span class=\"_ _df\"> </span>4.921<span class=\"_ _df\"> </span>q) Merci<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>r) Altre commis<span class=\"_ _1\"></span>sioni attive<span class=\"_ _df\"> </span>42.897<span class=\"_ _df\"> </span>3<span class=\"_ _df\"> </span>di cui: per attivit\u00e0 <span class=\"_ _1\"></span>di gestione di s<span class=\"_ _1\"></span>istemi multilate<span class=\"_ _1\"></span>rali di scambi<span class=\"_ _1\"></span>o<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>di cui: per attiv<span class=\"_ _1\"></span>it\u00e0 di gestione d<span class=\"_ _1\"></span>i sistemi organizzat<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span> di negoz<span class=\"_ _1\"></span>iazione<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>Tot<span class=\"_ _1\"></span>ale<span class=\"_ _df\"> </span>858.<span class=\"_ _1\"></span>291<span class=\"_ _df\"> </span>8<span class=\"_ _df\"> </span>Si <span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>iporta <span class=\"_ _2\"></span>la <span class=\"_ _d\"></span>disaggregazi<span class=\"_ _1\"></span>one <span class=\"_ _d\"></span>delle <span class=\"_ _2\"></span>commiss<span class=\"_ _2\"></span>ioni <span class=\"_ _2\"></span>distribuite <span class=\"_ _2\"></span>per <span class=\"_ _d\"></span>forma <span class=\"_ _d\"></span>tecnica <span class=\"_ _2\"></span>in<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>linea <span class=\"_ _d\"></span>con <span class=\"_ _2\"></span>quanto<span class=\"_ _df\"> </span>richiesto da <span class=\"_ _2\"></span>IFRS 15 par. 114. Le <span class=\"_ _2\"></span>princip<span class=\"_ _1\"></span>ali tipologie comm<span class=\"_ _2\"></span>issionali sono riconducibili a (IFRS <span class=\"_ _2\"></span>15 par.<span class=\"_ _df\"> </span>119):<span class=\"_ _df\"> </span>-<span class=\"_ _1d\"> </span><span class=\"ff2b\">Gestione dei portafogli individ<span class=\"_ _1\"></span>uali e collettivi: la performance ob<span class=\"_ _1\"></span>bligation si sostanzia in<span class=\"_ _f\"></span> <span class=\"_ _d\"></span>5.876<span class=\"_ _df\"> </span></span>mila euro e viene tipicamente soddisfatta over time;<span class=\"_ _df\"> </span>-<span class=\"_ _1d\"> </span><span class=\"ff2b\">Collocamento titoli: si tratta di commissioni in sede di collocamento fondi/sicav incassati per<span class=\"_ _df\"> </span></span>un importo pari a 30.779 mila euro;<span class=\"_ _df\"> </span>-<span class=\"_ _40\"> </span><span class=\"ff2b\">Distribuzione <span class=\"_ _0\"></span>dei <span class=\"_ _9\"> </span>servizi <span class=\"_ _0\"></span>di <span class=\"_ _9\"> </span>terzi: <span class=\"_ _9\"> </span>si <span class=\"_ _0\"> </span>tratta <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>commissioni <span class=\"_ _9\"> </span>di <span class=\"_ _0\"></span>acquisizione <span class=\"_ _0\"></span>relative <span class=\"_ _9\"> </span>a <span class=\"_ _0\"> </span>polizze<span class=\"_ _df\"> </span></span>assicurative per un importo pari a 14.050 mila euro.<span class=\"_ _df\"> </span><div class=\"t m0 h5 ff2b fs1 fc1 sc0 ls0 ws0 gsb9c\">Il Gruppo percepisce vari tipi<span class=\"_ _1\"></span> di commissioni variabili come:<span class=\"_ _df\"> </span><span class=\"_ _2\"></span> </div>-<span class=\"_ _1d\"> </span><span class=\"ff2b\">Success Fee e retainer fee; </span>-<span class=\"_ _1d\"> </span><span class=\"ff2b\">Performance/Overperformance;<span class=\"_ _df\"> </span></span>-<span class=\"_ _1d\"> </span><span class=\"ff2b\">Rappel. </span>Tali <span class=\"_ _19\"> </span>commissioni <span class=\"_ _1a\"> </span>veng<span class=\"_ _1\"></span>ono <span class=\"_ _19\"> </span>percepite <span class=\"_ _19\"> </span>al <span class=\"_ _1a\"> </span>raggiungimento <span class=\"_ _19\"> </span>di <span class=\"_ _1a\"> </span>determinati <span class=\"_ _19\"> </span>obiettivi, <span class=\"_ _1a\"> </span>previsti contrattualmente <span class=\"_ _0\"></span>e <span class=\"_ _0\"></span>sono <span class=\"_ _9\"> </span>contabilizzate <span class=\"_ _0\"></span>al <span class=\"_ _9\"> </span>momento <span class=\"_ _0\"></span>in <span class=\"_ _9\"> </span>cui <span class=\"_ _0\"></span>viene <span class=\"_ _9\"> </span>meno <span class=\"_ _0\"></span>l'incertezza <span class=\"_ _0\"></span>r<span class=\"_ _2\"></span>elativa <span class=\"_ _d\"></span>a<span class=\"_ _2\"></span>lla determinazione dell'importo variabile.<span class=\"_ _df\"> </span>Nella <span class=\"_ _2\"></span>part<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>L <span class=\"_ _d\"></span>della <span class=\"_ _2\"></span>nota <span class=\"_ _d\"></span>integrativa <span class=\"_ _2\"></span>viene <span class=\"_ _d\"></span>presentata <span class=\"_ _d\"></span>la <span class=\"_ _2\"></span>disaggregazione <span class=\"_ _2\"></span>dei <span class=\"_ _d\"></span>Ricavi <span class=\"_ _2\"></span>per <span class=\"_ _d\"></span>segmento operativo. <div class=\"t m0 hc ff2b fs4 fc4 sc3 ls0 ws0 gsddc\">Sezi<span class=\"_ _f\"></span>one 3<span class=\"_ _f\"></span> <span class=\"ff2c\">\u2013</span> Divi<span class=\"_ _1\"></span>den<span class=\"_ _f\"></span>di e pr<span class=\"_ _1\"></span>ove<span class=\"_ _f\"></span>nti sim<span class=\"_ _f\"></span>ili - Vo<span class=\"_ _f\"></span>ci 70<span class=\"_ _1\"></span> </div><div class=\"c w37c h82 gsddd\"><div class=\"t m0 x10 h5 y28e ff2b fs1 fc4 sc3 ls0 ws0\">3.1 D<span class=\"_ _1\"></span>ividen<span class=\"_ _f\"></span>di e pro<span class=\"_ _1\"></span>venti <span class=\"_ _1\"></span>simil<span class=\"_ _1\"></span>i: com<span class=\"_ _f\"></span>posizione<span class=\"_ _f\"></span> </div></div><div class=\"gsdde\"><table class=\"s wdd3 h530\" id=\"_66212526-9fbb-4bd3-ac9b-5ed7a149bbeb\"><tr><td></td><td></td><td class=\"c x7b5 y3000 w4d8 h2a\"><div class=\"t m0 x1c h1f y71 ff2b fs7 fc4 sc3 ls0 ws0\">31/12/<span class=\"_ _f\"></span>2025 </div></td><td class=\"c x7b5 y3001 w4d8 h2a\"><div class=\"t m0 x49 h1f y32 ff2b fs7 fc4 sc3 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale </div></td><td class=\"c x7b6 y3000 w4d9 h2a\"><div class=\"t m0 x1c h1f y71 ff2b fs7 fc4 sc3 ls0 ws0\">31/12/<span class=\"_ _f\"></span>2024 </div></td><td class=\"c x7b6 y3001 w4d9 h2a\"><div class=\"t m0 x49 h1f y32 ff2b fs7 fc4 sc3 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale </div></td></tr><tr><td class=\"c x44e y3002 w4d7 h2ce\"><div class=\"t m0 xed h1f yd1d ff2b fs7 fc4 sc3 ls0 ws0\">Voci<span class=\"_ _1\"></span>/Prov<span class=\"_ _f\"></span>enti </div></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td></td><td class=\"c x7b5 y3002 w4da h2cf\"><div class=\"t m0 x130 h1f y25a ff2b fs7 fc4 sc3 ls0 ws0\">Divi<span class=\"_ _1\"></span>dendi<span class=\"_ _f\"></span> </div></td><td class=\"c x7b7 y3002 w4db h2cf\"><div class=\"t m0 xac h1f y25a ff2b fs7 fc4 sc3 ls0 ws0\">Prove<span class=\"_ _1\"></span>nti<span class=\"_ _1\"></span> sim<span class=\"_ _1\"></span>ili </div></td><td></td><td class=\"c x7b6 y3002 w4da h2cf\"><div class=\"t m0 x130 h1f y25a ff2b fs7 fc4 sc3 ls0 ws0\">Divi<span class=\"_ _1\"></span>dendi<span class=\"_ _f\"></span> </div></td><td class=\"c x7b8 y3002 w4dc h2cf\"><div class=\"t m0 xac h1f y25a ff2b fs7 fc4 sc3 ls0 ws0\">Prove<span class=\"_ _1\"></span>nti<span class=\"_ _1\"></span> sim<span class=\"_ _1\"></span>ili </div></td></tr><tr><td class=\"c x44e y3003 w4dd h2d0\"><div class=\"t m0 x10 h1f y2ea ff2b fs7 fc1 sc0 ls0 ws0\">A. Attivit\u00e0 finanz<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span>arie di ne<span class=\"_ _1\"></span>goziazione<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x7b7 y3003 w4db h2d0\"><div class=\"t m0 x49 h1f y2ea ff2b fs7 fc1 sc0 ls9 ws0\">16<span class=\"ls0\"> </span></div></td><td class=\"c x7b9 y3003 w4dc h2d0\"><div class=\"t m0 x8 h1f y2ea ff2b fs7 fc1 sc0 ls34 ws0\">78<span class=\"ls0\"> </span></div></td><td class=\"c x7b6 y3003 w21b h2d0\"><div class=\"t m0 xe h1f y2ea ff2b fs7 fc1 sc0 ls0 ws0\">130 </div></td><td class=\"c x7b8 y3003 w21b h2d0\"><div class=\"t m0 xc7 h1f y2ea ff2b fs7 fc1 sc0 ls29 ws0\">62<span class=\"ls0\"> </span></div></td></tr><tr><td class=\"c x262 y3004 wdd4 h484\"><div class=\"t m0 x250 h1f y2409 ff2b fs7 fc1 sc0 ls0 ws0\">B. Altre attivit\u00e0 <span class=\"_ _1\"></span>finanziarie obb<span class=\"_ _1\"></span>ligatoriamente valu<span class=\"_ _f\"></span>t<span class=\"_ _2\"></span>ate al<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x7b7 y3005 w4db h1af\"><div class=\"t m0 x36 h1f y2c6 ff2b fs7 fc1 sc0 ls0 ws0\">39.445 </div></td><td class=\"c x7b9 y3005 w4dc h1af\"><div class=\"t m0 x96 h1f y2c6 ff2b fs7 fc1 sc0 ls0 ws0\">6.499 </div></td><td class=\"c x7b6 y3005 w21b h1af\"><div class=\"t m0 x12 h1f y2c6 ff2b fs7 fc1 sc0 ls0 ws0\">6.225 </div></td><td class=\"c x7b8 y3005 w21b h1af\"><div class=\"t m0 x36 h1f y2c6 ff2b fs7 fc1 sc0 ls0 ws0\">35.033 </div></td></tr><tr><td class=\"c x262 y3006 wdd5 h4d6\"><div class=\"t m0 x250 h1f y2410 ff2b fs7 fc1 sc0 ls0 ws0\">fair value<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x262 y3007 wdd6 h484\"><div class=\"t m0 x250 h1f y2410 ff2b fs7 fc1 sc0 ls0 ws0\">C. Attivit\u00e0 finanzi<span class=\"_ _1\"></span>arie valutate al <span class=\"_ _1\"></span>fair value c<span class=\"_ _1\"></span>on impatto<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x7b7 y3008 w4db h270\"><div class=\"t m0 xef h1f y892 ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x7b9 y3008 w4dc h270\"><div class=\"t m0 x91 h1f y892 ff2b fs7 fc1 sc0 ls0 ws0\">1.444 </div></td><td class=\"c x7b6 y3008 w21b h270\"><div class=\"t m0 x90 h1f y892 ff2b fs7 fc1 sc0 ls0 ws0\">1.546 </div></td><td class=\"c x7b8 y3008 w21b h270\"><div class=\"t m0 xef h1f y892 ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x262 y3009 wdd7 h484\"><div class=\"t m0 x250 h1f y2410 ff2b fs7 fc1 sc0 ls0 ws0\">sulla redditivit\u00e0 c<span class=\"_ _f\"></span>o<span class=\"_ _2\"></span>mplessi<span class=\"_ _1\"></span>va<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x44e y300a w4dd h13\"><div class=\"t m0 x10 h1f y392 ff2b fs7 fc1 sc0 ls0 ws0\">D. Partecipazion<span class=\"_ _1\"></span>i </div></td><td></td><td class=\"c x7b7 y300a w4db h13\"><div class=\"t m0 xef h1f y392 ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x7b9 y300a w4dc h13\"><div class=\"t m0 xc3 h1f y392 ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x7b6 y300a w21b h13\"><div class=\"t m0 xef h1f y392 ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x7b8 y300a w21b h13\"><div class=\"t m0 xef h1f y392 ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y300b w4dd h1b9\"><div class=\"t m0 x143 h1f y392 ff2b fs7 fc1 sc2 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale </div></td><td></td><td class=\"c x7b7 y300b w4db h1b9\"><div class=\"t m0 x13 h1f y392 ff2b fs7 fc1 sc2 ls0 ws0\">39.46<span class=\"_ _f\"></span>1 </div></td><td class=\"c x7b9 y300b w4dc h1b9\"><div class=\"t m0 x91 h1f y392 ff2b fs7 fc1 sc2 ls0 ws0\">8.021<span class=\"_ _f\"></span> </div></td><td class=\"c x7b6 y300b w21b h1b9\"><div class=\"t m0 x90 h1f y392 ff2b fs7 fc1 sc2 ls0 ws0\">7.901<span class=\"_ _f\"></span> </div></td><td class=\"c x7b8 y300b w21b h1b9\"><div class=\"t m0 x8f h1f y392 ff2b fs7 fc1 sc2 ls0 ws0\">35.09<span class=\"_ _1\"></span>5 </div></td></tr></table></div>16.2 Al<span class=\"_ _1\"></span>tri p<span class=\"_ _1\"></span>rovent<span class=\"_ _f\"></span>i di gest<span class=\"_ _1\"></span>ione: <span class=\"_ _1\"></span>com<span class=\"_ _f\"></span>posizione<span class=\"_ _f\"></span><span class=\"fc1 sc0\"> </span><table class=\"s wee8 h556\" id=\"_e86cb2ee-dbb8-4020-9108-10495afd415d\"><tr><td></td><td class=\"c x89a y323e w52e h49\"><div class=\"t m0 x97 h1f y32 ff4 fs7 fc4 sc3 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale<span class=\"fc1 sc0\"> </span></div></td><td class=\"c x89b y323e w52e h49\"><div class=\"t m0 x97 h1f y32 ff4 fs7 fc4 sc3 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale<span class=\"fc1 sc0\"> </span></div></td></tr><tr><td></td><td class=\"c x89a y323f w52e h49\"><div class=\"t m0 x32 h1f y25 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/<span class=\"_ _f\"></span>2025<span class=\"fc1 sc0\"> </span></div></td><td class=\"c x89b y323f w52e h49\"><div class=\"t m0 x32 h1f y25 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/<span class=\"_ _f\"></span>2024<span class=\"fc1 sc0\"> </span></div></td></tr><tr><td class=\"c x89c y3240 w3f8 hc8\"><div class=\"t m0 x8a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">Fitti attivi </div></td><td class=\"c x89a y3240 w52e hc8\"><div class=\"t m0 x124 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">1.891 </div></td><td class=\"c x89b y3240 w3f7 hc8\"><div class=\"t m0 x11d h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">1.762 </div></td></tr><tr><td class=\"c x89c y3241 w3f8 hc8\"><div class=\"t m0 x8a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">Recupero di impo<span class=\"_ _1\"></span>ste </div></td><td class=\"c x89a y3241 w52e hc8\"><div class=\"t m0 xc7 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">151.667 </div></td><td class=\"c x89b y3241 w3f7 hc8\"><div class=\"t m0 xa3 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">142.579 </div></td></tr><tr><td class=\"c x89c y3242 w3f8 hc8\"><div class=\"t m0 x8a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">Recupero intere<span class=\"_ _1\"></span>sse per incass<span class=\"_ _1\"></span>i e pagamenti in st<span class=\"_ _f\"></span>anza di compensazione </div></td><td class=\"c x89a y3242 w52e hc8\"><div class=\"t m0 x66 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">5 </div></td><td class=\"c x89b y3242 w3f7 hc8\"><div class=\"t m0 x66 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">7 </div></td></tr><tr><td class=\"c x89c y3243 w3f8 hc8\"><div class=\"t m0 x8a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">Sopravvenienze at<span class=\"_ _1\"></span>tive </div></td><td class=\"c x89a y3243 w52e hc8\"><div class=\"t m0 xc3 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">5.780 </div></td><td class=\"c x89b y3243 w3f7 hc8\"><div class=\"t m0 x11d h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">3.214 </div></td></tr><tr><td class=\"c x89c y3244 w3f8 hc8\"><div class=\"t m0 x8a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">Insussistenze<span class=\"_ _1\"></span> </div></td><td class=\"c x89a y3244 w52e hc8\"><div class=\"t m0 xe5 h1f y28b ff4 fs7 fc1 sc0 ls27 ws0\">32<span class=\"ls0\"> </span></div></td><td class=\"c x89b y3244 w3f7 hc8\"><div class=\"t m0 x124 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">1.681 </div></td></tr><tr><td class=\"c x89c y3245 w3f8 hc8\"><div class=\"t m0 x8a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">Altri proventi </div></td><td class=\"c x89a y3245 w52e hc8\"><div class=\"t m0 xa3 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">159.209 </div></td><td class=\"c x89b y3245 w3f7 hc8\"><div class=\"t m0 x1af h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">67.129 </div></td></tr><tr><td class=\"c x89c y3246 w3f8 hc8\"><div class=\"t m0 x15b h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale Al<span class=\"_ _1\"></span>tri<span class=\"_ _1\"></span> prove<span class=\"_ _1\"></span>nti<span class=\"sc0\"> </span></div></td><td class=\"c x89a y3246 w52e hc8\"><div class=\"t m0 xa3 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">318.5<span class=\"_ _f\"></span>84<span class=\"sc0\"> </span></div></td><td class=\"c x89b y3246 w3f7 hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">216.3<span class=\"_ _1\"></span>72<span class=\"sc0\"> </span></div></td></tr></table>La <span class=\"_ _4\"> </span>voce <span class=\"_ _4\"> </span>\u201cRecupero <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>im<span class=\"_ _2\"></span>poste\u201d <span class=\"_ _4\"> </span>recepisce <span class=\"_ _4\"> </span>il <span class=\"_ _4\"> </span>recupero <span class=\"_ _4\"> </span>d<span class=\"_ _2\"></span>el <span class=\"_ _4\"> </span>maggior <span class=\"_ _4\"> </span>onere <span class=\"_ _4\"> </span>relativo <span class=\"_ _4\"> </span>al <span class=\"_ _17\"> </span>calcolo dell\u2019imposta di bollo sui dossier titoli.<span class=\"ff4\">  </span>Nella <span class=\"_ _1\"></span>voce <span class=\"_ _1\"></span>\u201cAltri prov<span class=\"_ _1\"></span>enti\u201d <span class=\"ff4\">\u00e8 <span class=\"_ _f\"></span>inclusa la <span class=\"_ _f\"></span>plusvalenza <span class=\"_ _1\"></span>per la <span class=\"_ _f\"></span>cessione <span class=\"_ _1\"></span>del <span class=\"_ _f\"></span>merchant acquiring <span class=\"_ _f\"></span>per 100,0 </span>milioni <span class=\"_ _2\"></span>di <span class=\"_ _d\"></span>euro <span class=\"_ _d\"></span>gi\u00e0 <span class=\"_ _d\"></span>descritta <span class=\"_ _d\"></span>nella <span class=\"_ _d\"></span>Relazione<span class=\"_ _1\"></span> <span class=\"_ _d\"></span>sulla <span class=\"_ _d\"></span>Gestione<span class=\"ls1b\">; <span class=\"_ _d\"></span></span>sono <span class=\"_ _d\"></span>inoltre <span class=\"_ _d\"></span><span class=\"ls13\">co</span>mpresi <span class=\"_ _d\"></span>i <span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>ecup<span class=\"_ _1\"></span>eri <span class=\"_ _d\"></span>della \u201cCommissione di istruttoria veloce\u201d, disci<span class=\"_ _1\"></span>plinata dal comma 2 della Legge 23<span class=\"_ _2\"></span><span class=\"ff4\"> dicembre 2011.</span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfRevenueExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-757": {
   "value": "Sezi<span class=\"_ _f\"></span>one 1<span class=\"_ _1\"></span> <span class=\"ff2c\">\u2013</span> Gl<span class=\"_ _f\"></span>i inter<span class=\"_ _f\"></span>essi - V<span class=\"_ _f\"></span>oci 10<span class=\"_ _1\"></span> e 2<span class=\"_ _1\"></span>0 1.1 Int<span class=\"_ _f\"></span>eressi att<span class=\"_ _f\"></span>ivi e pro<span class=\"_ _1\"></span>venti <span class=\"_ _1\"></span>assi<span class=\"_ _1\"></span>mila<span class=\"_ _1\"></span>ti: com<span class=\"_ _1\"></span>posizi<span class=\"_ _f\"></span>one  <table class=\"s wdc4 h52b\" id=\"_11fcd176-34ec-42ae-a3a0-c84e98b90fd1\"><tr><td class=\"c x44e y2f8b w3cb h2c9\"><div class=\"t m0 xef h1f y96d ff2b fs7 fc4 sc3 ls0 ws0\">Voci<span class=\"_ _1\"></span>/Form<span class=\"_ _f\"></span>e tecni<span class=\"_ _1\"></span>che<span class=\"_ _f\"></span> </div></td><td class=\"c x7a8 y2f8c wdc5 h484\"><div class=\"t m0 x250 h1f y2409 ff2b fs7 fc4 sc3 ls0 ws0\">Titol<span class=\"_ _1\"></span>i di<span class=\"_ _df\"> </span></div></td><td class=\"c x4e6 y2f8b w4c0 h2c9\"><div class=\"t m0 x163 h1f y96d ff2b fs7 fc4 sc3 ls0 ws0\">Fina<span class=\"_ _f\"></span>nziamen<span class=\"_ _f\"></span>ti </div></td><td class=\"c x7a9 y2f8c wa5a h484\"><div class=\"t m0 x250 h1f y2409 ff2b fs7 fc4 sc3 ls0 ws0\">Altr<span class=\"_ _1\"></span>e<span class=\"_ _df\"> </span></div></td><td class=\"c x5db y2f8d w4c2 h2ca\"><div class=\"t m0 x130 h1f y32 ff2b fs7 fc4 sc3 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale </div></td><td class=\"c x515 y2f8d w4c3 h2ca\"><div class=\"t m0 x55 h1f y32 ff2b fs7 fc4 sc3 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale </div></td></tr><tr><td></td><td class=\"c x7aa y2f8e wdc6 h4d6\"><div class=\"t m0 x250 h1f y2410 ff2b fs7 fc4 sc3 ls0 ws0\">debi<span class=\"_ _1\"></span>to<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x7ab y2f8e wdc7 h4d6\"><div class=\"t m0 x250 h1f y2410 ff2b fs7 fc4 sc3 ls0 ws0\">opera<span class=\"_ _f\"></span>zioni<span class=\"_ _df\"> </span></div></td><td class=\"c x5db y2f8b w4c2 h2ca\"><div class=\"t m0 x8e h1f yf81 ff2b fs7 fc4 sc3 ls0 ws0\">31/12/<span class=\"_ _f\"></span>2025 </div></td><td class=\"c x515 y2f8b w4c3 h2ca\"><div class=\"t m0 x8e h1f yf81 ff2b fs7 fc4 sc3 ls0 ws0\">31/12/<span class=\"_ _f\"></span>2024 </div></td></tr><tr><td class=\"c x262 y2f8f wdc8 h484\"><div class=\"t m0 x250 h1f y2410 ff2b fs7 fc1 sc2 ls0 ws0\">1. Att<span class=\"_ _1\"></span>ivit\u00e0<span class=\"_ _1\"></span> fina<span class=\"_ _f\"></span>nziarie v<span class=\"_ _1\"></span>alut<span class=\"_ _1\"></span>ate a<span class=\"_ _f\"></span>l fair v<span class=\"_ _1\"></span>alue c<span class=\"_ _f\"></span>on impa<span class=\"_ _f\"></span>tto<span class=\"_ _df\"> </span></div></td><td class=\"c x7ac y2f90 w4c5 h90\"><div class=\"t m0 x38 h1f y2c6 ff2b fs7 fc1 sc2 ls0 ws0\">18.78<span class=\"_ _f\"></span>1 </div></td><td class=\"c x4e6 y2f90 w336 h90\"><div class=\"t m0 x11 h1f y2c6 ff2b fs7 fc1 sc2 ls0 ws0\">4<span class=\"lsea\">84</span> </div></td><td class=\"c x7ad y2f90 w4c5 h90\"><div class=\"t m0 xc6 h1f y2c6 ff2b fs7 fc1 sc2 ls0 ws0\">- </div></td><td class=\"c x5db y2f90 w4c6 h90\"><div class=\"t m0 x37 h1f y2c6 ff2b fs7 fc1 sc2 ls0 ws0\">19.26<span class=\"_ _1\"></span>5 </div></td><td class=\"c x7ae y2f90 w4c7 h90\"><div class=\"t m0 x37 h1f y2c6 ff2b fs7 fc1 sc2 ls0 ws0\">15.95<span class=\"_ _1\"></span>3 </div></td></tr><tr><td class=\"c x262 y2f91 wdc9 h484\"><div class=\"t m0 x250 h1f y2410 ff2b fs7 fc1 sc2 ls0 ws0\">a con<span class=\"_ _1\"></span>to e<span class=\"_ _f\"></span>conomi<span class=\"_ _f\"></span>co:<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x44e y2f92 w4c4 hc8\"><div class=\"t m0 x8e h1f y28b ff2b fs7 fc1 sc0 ls0 ws0\">1.1 Attivit\u00e0 finanz<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span>arie detenute<span class=\"_ _1\"></span> per la negoziaz<span class=\"_ _1\"></span>ione </div></td><td class=\"c x7ac y2f92 w4c5 hc8\"><div class=\"t m0 x12 h1f y28b ff2b fs7 fc1 sc0 ls34 ws0\">771<span class=\"ls0\"> </span></div></td><td class=\"c x4e6 y2f92 w336 hc8\"><div class=\"t m0 xa3 h1f y28b ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x7ad y2f92 w4c5 hc8\"><div class=\"t m0 xc6 h1f y28b ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5db y2f92 w4c6 hc8\"><div class=\"t m0 x96 h1f y28b ff2b fs7 fc1 sc0 ls34 ws0\">771<span class=\"ls0\"> </span></div></td><td class=\"c x7ae y2f92 w4c7 hc8\"><div class=\"t m0 x31 h1f y28b ff2b fs7 fc1 sc0 ls0 ws0\">1.035 </div></td></tr><tr><td class=\"c x44e y2f93 w4c4 hc8\"><div class=\"t m0 x8e h1f y28b ff2b fs7 fc1 sc0 ls0 ws0\">1.2 Attivit\u00e0 finanz<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span>arie des<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span>gnate al fa<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span>r value </div></td><td class=\"c x7ac y2f93 w4c5 hc8\"><div class=\"t m0 xc6 h1f y28b ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x4e6 y2f93 w336 hc8\"><div class=\"t m0 xa3 h1f y28b ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x7ad y2f93 w4c5 hc8\"><div class=\"t m0 xc6 h1f y28b ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5db y2f93 w4c6 hc8\"><div class=\"t m0 xc6 h1f y28b ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x7ae y2f93 w4c7 hc8\"><div class=\"t m0 xc6 h1f y28b ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2f94 w4c4 h9b\"><div class=\"t m0 x8e h1f ye62 ff2b fs7 fc1 sc0 ls0 ws0\">1.3 Altre attivit\u00e0<span class=\"_ _1\"></span> finanziarie ob<span class=\"_ _1\"></span>bligatoriamente<span class=\"_ _1\"></span> </div><div class=\"t m0 x8e h1f y1884 ff2b fs7 fc1 sc0 ls0 ws0\">valutate al fair va<span class=\"_ _1\"></span>lue </div></td><td class=\"c x7ac y2f94 w4c5 h9b\"><div class=\"t m0 x97 h1f y1885 ff2b fs7 fc1 sc0 ls0 ws0\">18.010 </div></td><td class=\"c x4e6 y2f94 w336 h9b\"><div class=\"t m0 x11 h1f y1885 ff2b fs7 fc1 sc0 lsa ws0\">484<span class=\"ls0\"> </span></div></td><td class=\"c x7ad y2f94 w4c5 h9b\"><div class=\"t m0 xc6 h1f y1885 ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5db y2f94 w4c6 h9b\"><div class=\"t m0 x34 h1f y1885 ff2b fs7 fc1 sc0 ls0 ws0\">18.494 </div></td><td class=\"c x7ae y2f94 w4c7 h9b\"><div class=\"t m0 x97 h1f y1885 ff2b fs7 fc1 sc0 ls0 ws0\">14.918 </div></td></tr><tr><td class=\"c x262 y2f95 wdca h484\"><div class=\"t m0 x250 h1f y2410 ff2b fs7 fc1 sc2 ls0 ws0\">2. Att<span class=\"_ _1\"></span>ivit<span class=\"_ _f\"></span>\u00e0 finanzi<span class=\"_ _f\"></span>arie va<span class=\"_ _1\"></span>luta<span class=\"_ _1\"></span>te al<span class=\"_ _1\"></span> fair v<span class=\"_ _f\"></span>alue co<span class=\"_ _1\"></span>n<span class=\"_ _df\"> </span></div></td><td class=\"c x7ac y2f96 w4c5 hc2\"><div class=\"t m0 x2c h1f y692 ff2b fs7 fc1 sc2 ls0 ws0\">188.06<span class=\"_ _f\"></span>5 </div></td><td class=\"c x4e6 y2f96 w336 hc2\"><div class=\"t m0 xa3 h1f y692 ff2b fs7 fc1 sc2 ls0 ws0\">- </div></td><td class=\"c x7ad y2f96 w4c5 hc2\"><div class=\"t m0 x3a h1f y692 ff2b fs7 fc1 sc2 ls0 ws0\">X </div></td><td class=\"c x5db y2f96 w4c6 hc2\"><div class=\"t m0 x2c h1f y692 ff2b fs7 fc1 sc2 ls0 ws0\">188.06<span class=\"_ _f\"></span>5 </div></td><td class=\"c x7ae y2f96 w4c7 hc2\"><div class=\"t m0 x3a h1f y692 ff2b fs7 fc1 sc2 ls0 ws0\">192.2<span class=\"_ _f\"></span>03 </div></td></tr><tr><td class=\"c x262 y2f97 wdcb h484\"><div class=\"t m0 x250 h1f y2410 ff2b fs7 fc1 sc2 ls0 ws0\">impa<span class=\"_ _f\"></span>tto sull<span class=\"_ _1\"></span>a red<span class=\"_ _f\"></span>ditivit\u00e0<span class=\"_ _1\"></span> com<span class=\"_ _f\"></span>plessiv<span class=\"_ _1\"></span>a<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x44e y2f98 w4c4 h79\"><div class=\"t m0 x10 h1f y30 ff2b fs7 fc1 sc2 ls0 ws0\">3. Att<span class=\"_ _f\"></span>ivit\u00e0 fin<span class=\"_ _f\"></span>anziari<span class=\"_ _1\"></span>e val<span class=\"_ _1\"></span>utat<span class=\"_ _f\"></span>e al cost<span class=\"_ _f\"></span>o amm<span class=\"_ _1\"></span>orti<span class=\"_ _1\"></span>zzat<span class=\"_ _1\"></span>o: </div></td><td class=\"c x7ac y2f98 w4c5 h79\"><div class=\"t m0 x3a h1f y30 ff2b fs7 fc1 sc2 ls0 ws0\">187.5<span class=\"_ _f\"></span>08 </div></td><td class=\"c x4e6 y2f98 w336 h79\"><div class=\"t m0 x48 h1f y30 ff2b fs7 fc1 sc2 ls0 ws0\">1.269<span class=\"_ _1\"></span>.239<span class=\"_ _f\"></span> </div></td><td class=\"c x7ad y2f98 w4c5 h79\"><div class=\"t m0 x27 h1f y30 ff2b fs7 fc1 sc2 ls0 ws0\">- </div></td><td class=\"c x5db y2f98 w4c6 h79\"><div class=\"t m0 x14 h1f y30 ff2b fs7 fc1 sc2 ls0 ws0\">1.456.<span class=\"_ _1\"></span>747<span class=\"_ _f\"></span> </div></td><td class=\"c x7ae y2f98 w4c7 h79\"><div class=\"t m0 x48 h1f y30 ff2b fs7 fc1 sc2 ls0 ws0\">1.733<span class=\"_ _f\"></span>.569 </div></td></tr><tr><td class=\"c x44e y2f99 w4c4 hc8\"><div class=\"t m0 x8e h1f y28b ff2b fs7 fc1 sc0 ls0 ws0\">3.1 Crediti verso<span class=\"_ _1\"></span> banche </div></td><td class=\"c x7ac y2f99 w4c5 hc8\"><div class=\"t m0 x37 h1f y28b ff2b fs7 fc1 sc0 ls0 ws0\">32.312 </div></td><td class=\"c x4e6 y2f99 w336 hc8\"><div class=\"t m0 x97 h1f y28b ff2b fs7 fc1 sc0 ls0 ws0\">73.527 </div></td><td class=\"c x7ad y2f99 w4c5 hc8\"><div class=\"t m0 x3a h1f y28b ff2b fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x5db y2f99 w4c6 hc8\"><div class=\"t m0 x2c h1f y28b ff2b fs7 fc1 sc0 ls9 ws0\">105<span class=\"ls0\">.839</span><span class=\"ls0\"> </span></div></td><td class=\"c x7ae y2f99 w4c7 hc8\"><div class=\"t m0 x2c h1f y28b ff2b fs7 fc1 sc0 ls0 ws0\">225.765 </div></td></tr><tr><td class=\"c x44e y2f9a w4c4 hc8\"><div class=\"t m0 x8e h1f y28b ff2b fs7 fc1 sc0 ls0 ws0\">3.2 Crediti verso<span class=\"_ _1\"></span> clientela </div></td><td class=\"c x7ac y2f9a w4c5 hc8\"><div class=\"t m0 x27 h1f y28b ff2b fs7 fc1 sc0 ls0 ws0\">155.196 </div></td><td class=\"c x4e6 y2f9a w336 hc8\"><div class=\"t m0 x35 h1f y28b ff2b fs7 fc1 sc0 ls0 ws0\">1.195.712 </div></td><td class=\"c x7ad y2f9a w4c5 hc8\"><div class=\"t m0 x3a h1f y28b ff2b fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x5db y2f9a w4c6 hc8\"><div class=\"t m0 x39 h1f y28b ff2b fs7 fc1 sc0 ls0 ws0\">1.350.908 </div></td><td class=\"c x7ae y2f9a w4c7 hc8\"><div class=\"t m0 x14 h1f y28b ff2b fs7 fc1 sc0 ls0 ws0\">1.507.804 </div></td></tr><tr><td class=\"c x44e y2f9b w4c4 hc8\"><div class=\"t m0 x10 h1f y28b ff2b fs7 fc1 sc2 ls0 ws0\">4. D<span class=\"_ _1\"></span>eriv<span class=\"_ _1\"></span>ati di <span class=\"_ _1\"></span>cope<span class=\"_ _1\"></span>rtur<span class=\"_ _1\"></span>a </div></td><td class=\"c x7ac y2f9b w4c5 hc8\"><div class=\"t m0 x3a h1f y28b ff2b fs7 fc1 sc2 ls0 ws0\">X </div></td><td class=\"c x4e6 y2f9b w336 hc8\"><div class=\"t m0 x3a h1f y28b ff2b fs7 fc1 sc2 ls0 ws0\">X </div></td><td class=\"c x7ad y2f9b w4c5 hc8\"><div class=\"t m0 xc6 h1f y28b ff2b fs7 fc1 sc2 ls0 ws0\">- </div></td><td class=\"c x5db y2f9b w4c6 hc8\"><div class=\"t m0 xc6 h1f y28b ff2b fs7 fc1 sc2 ls0 ws0\">- </div></td><td class=\"c x7ae y2f9b w4c7 hc8\"><div class=\"t m0 x2c h1f y28b ff2b fs7 fc1 sc2 ls0 ws0\">134.<span class=\"_ _1\"></span>064 </div></td></tr><tr><td class=\"c x44e y2f9c w4c4 hc8\"><div class=\"t m0 x10 h1f ye4c ff2b fs7 fc1 sc2 ls0 ws0\">5. Alt<span class=\"_ _1\"></span>re at<span class=\"_ _f\"></span>tivit\u00e0 </div></td><td class=\"c x7ac y2f9c w4c5 hc8\"><div class=\"t m0 x3a h1f ye4c ff2b fs7 fc1 sc2 ls0 ws0\">X </div></td><td class=\"c x4e6 y2f9c w336 hc8\"><div class=\"t m0 x3a h1f ye4c ff2b fs7 fc1 sc2 ls0 ws0\">X </div></td><td class=\"c x7ad y2f9c w4c5 hc8\"><div class=\"t m0 x11 h1f ye4c ff2b fs7 fc1 sc2 ls2a ws0\">227<span class=\"ls0\"> </span></div></td><td class=\"c x5db y2f9c w4c6 hc8\"><div class=\"t m0 x13 h1f ye4c ff2b fs7 fc1 sc2 ls2a ws0\">227<span class=\"ls0\"> </span></div></td><td class=\"c x7ae y2f9c w4c7 hc8\"><div class=\"t m0 x13 h1f ye4c ff2b fs7 fc1 sc2 lsa ws0\">487<span class=\"ls0\"> </span></div></td></tr><tr><td class=\"c x44e y2f9d w4c4 hc8\"><div class=\"t m0 x10 h1f ye4c ff2b fs7 fc1 sc2 ls0 ws0\">6. Pas<span class=\"_ _f\"></span>sivit\u00e0<span class=\"_ _f\"></span> f<span class=\"_ _2\"></span>ina<span class=\"_ _f\"></span>nziarie<span class=\"_ _f\"></span> </div></td><td class=\"c x7ac y2f9d w4c5 hc8\"><div class=\"t m0 x3a h1f ye4c ff2b fs7 fc1 sc2 ls0 ws0\">X </div></td><td class=\"c x4e6 y2f9d w336 hc8\"><div class=\"t m0 x3a h1f ye4c ff2b fs7 fc1 sc2 ls0 ws0\">X </div></td><td class=\"c x7ad y2f9d w4c5 hc8\"><div class=\"t m0 x3a h1f ye4c ff2b fs7 fc1 sc2 ls0 ws0\">X </div></td><td class=\"c x5db y2f9d w4c6 hc8\"><div class=\"t m0 x7 h1f ye4c ff2b fs7 fc1 sc2 ls9 ws0\">12<span class=\"ls0\"> </span></div></td><td class=\"c x7ae y2f9d w4c7 hc8\"><div class=\"t m0 x1c h1f ye4c ff2b fs7 fc1 sc2 ls9 ws0\">11<span class=\"ls0\"> </span></div></td></tr><tr><td class=\"c x44e y2f9e w4c4 hc8\"><div class=\"t m0 x1f4 h1f y28b ff2b fs7 fc1 sc2 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale </div></td><td class=\"c x7ac y2f9e w4c5 hc8\"><div class=\"t m0 x35 h1f y28b ff2b fs7 fc1 sc2 ls0 ws0\">394.3<span class=\"_ _f\"></span>54 </div></td><td class=\"c x4e6 y2f9e w336 hc8\"><div class=\"t m0 x33 h1f y28b ff2b fs7 fc1 sc2 ls0 ws0\">1.269<span class=\"_ _1\"></span>.723<span class=\"_ _f\"></span> </div></td><td class=\"c x7ad y2f9e w4c5 hc8\"><div class=\"t m0 x11 h1f y28b ff2b fs7 fc1 sc2 ls2a ws0\">227<span class=\"ls0\"> </span></div></td><td class=\"c x5db y2f9e w4c6 hc8\"><div class=\"t m0 x48 h1f y28b ff2b fs7 fc1 sc2 ls0 ws0\">1.66<span class=\"_ _1\"></span>4.316<span class=\"_ _f\"></span> </div></td><td class=\"c x7ae y2f9e w4c7 hc8\"><div class=\"t m0 x39 h1f y28b ff2b fs7 fc1 sc2 ls0 ws0\">2.076<span class=\"_ _1\"></span>.287<span class=\"_ _f\"></span> </div></td></tr><tr><td class=\"c x44e y2f9f w4c4 hc8\"><div class=\"t m0 x10 h1f y28b ff2b fs7 fc1 sc0 ls0 ws0\">di cui: interessi <span class=\"_ _1\"></span>attivi su attivit\u00e0 <span class=\"_ _1\"></span>finanziarie impa<span class=\"_ _1\"></span>ired </div></td><td class=\"c x7ac y2f9f w4c5 hc8\"><div class=\"t m0 xc6 h1f y28b ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x4e6 y2f9f w336 hc8\"><div class=\"t m0 x31 h1f y28b ff2b fs7 fc1 sc0 ls0 ws0\">11.787<span class=\"_ _df\"> </span></div></td><td class=\"c x7ad y2f9f w4c5 hc8\"><div class=\"t m0 xc6 h1f y28b ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5db y2f9f w4c6 hc8\"><div class=\"t m0 x38 h1f y28b ff2b fs7 fc1 sc0 ls0 ws0\">11.787<span class=\"_ _df\"> </span></div></td><td class=\"c x7ae y2f9f w4c7 hc8\"><div class=\"t m0 x97 h1f y28b ff2b fs7 fc1 sc0 ls0 ws0\">11.953 </div></td></tr><tr><td class=\"c x44e y2fa0 w4c4 hc8\"><div class=\"t m0 x10 h1f y28b ff2b fs7 fc1 sc0 ls0 ws0\">di cui: interessi <span class=\"_ _1\"></span>attivi su leasing <span class=\"_ _1\"></span>finanziario </div></td><td class=\"c x7ac y2fa0 w4c5 hc8\"><div class=\"t m0 x3a h1f y28b ff2b fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x4e6 y2fa0 w336 hc8\"><div class=\"t m0 x27 h1f y28b ff2b fs7 fc1 sc0 ls0 ws0\">147.406 </div></td><td class=\"c x7ad y2fa0 w4c5 hc8\"><div class=\"t m0 x3a h1f y28b ff2b fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x5db y2fa0 w4c6 hc8\"><div class=\"t m0 x2c h1f y28b ff2b fs7 fc1 sc0 ls0 ws0\">147.406 </div></td><td class=\"c x7ae y2fa0 w4c7 hc8\"><div class=\"t m0 x2c h1f y28b ff2b fs7 fc1 sc0 ls0 ws0\">178.402 </div></td></tr></table>1.2<span class=\"ff11 sc0\"> <span class=\"_ _3f\"></span><span class=\"ff2b sc3\"> Interes<span class=\"_ _f\"></span>si attiv<span class=\"_ _1\"></span>i e p<span class=\"_ _1\"></span>rovent<span class=\"_ _f\"></span>i assim<span class=\"_ _1\"></span>ilati<span class=\"_ _1\"></span>: altre <span class=\"_ _1\"></span>inform<span class=\"_ _f\"></span>azioni </span></span>1.2.1 I<span class=\"_ _1\"></span>nteres<span class=\"_ _f\"></span>si attiv<span class=\"_ _1\"></span>i su a<span class=\"_ _1\"></span>ttivit\u00e0 <span class=\"_ _f\"></span>finanzia<span class=\"_ _1\"></span>rie in <span class=\"_ _f\"></span>valuta Gli interessi attivi maturati ammontano a 28.219 mila euro<span class=\"_ _df\"> </span>1.3 Int<span class=\"_ _f\"></span>eressi p<span class=\"_ _1\"></span>assi<span class=\"_ _1\"></span>vi e one<span class=\"_ _f\"></span>ri assim<span class=\"_ _f\"></span>ilati: com<span class=\"_ _1\"></span>posizi<span class=\"_ _1\"></span>one<span class=\"_ _1\"></span> <table class=\"s wdcc h52c\" id=\"_3b63c537-3a4e-4b39-a405-3ae1e4d8af8c\"><tr><td class=\"c x44e y2fa1 w4c8 h2c9\"><div class=\"t m0 xef h1f y96d ff2b fs7 fc4 sc3 ls0 ws0\">Voci<span class=\"_ _1\"></span>/Form<span class=\"_ _f\"></span>e tecni<span class=\"_ _1\"></span>che<span class=\"_ _f\"></span> </div></td><td class=\"c x7ac y2fa1 w4c9 h2c9\"><div class=\"t m0 x130 h1f y96d ff2b fs7 fc4 sc3 ls0 ws0\">Debit<span class=\"_ _f\"></span>i  </div></td><td class=\"c x4e6 y2fa1 w4ca h2c9\"><div class=\"t m0 x14 h1f y96d ff2b fs7 fc4 sc3 ls0 ws0\">Titol<span class=\"_ _1\"></span>i </div></td><td class=\"c x7af y2fa2 wa5a h484\"><div class=\"t m0 x250 h1f y2409 ff2b fs7 fc4 sc3 ls0 ws0\">Altr<span class=\"_ _1\"></span>e<span class=\"_ _df\"> </span></div></td><td class=\"c x7b0 y2fa3 w47d h2ca\"><div class=\"t m0 x130 h1f y32 ff2b fs7 fc4 sc3 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale </div></td><td class=\"c x7ae y2fa3 w47b h2ca\"><div class=\"t m0 x130 h1f y32 ff2b fs7 fc4 sc3 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale </div></td></tr><tr><td></td><td></td><td></td><td class=\"c x7b1 y2fa4 wdc7 h484\"><div class=\"t m0 x250 h1f y2409 ff2b fs7 fc4 sc3 ls0 ws0\">opera<span class=\"_ _f\"></span>zioni<span class=\"_ _df\"> </span></div></td><td class=\"c x7b0 y2fa1 w47d h2ca\"><div class=\"t m0 x8e h1f yf81 ff2b fs7 fc4 sc3 ls0 ws0\">31/12/<span class=\"_ _f\"></span>2025 </div></td><td class=\"c x7ae y2fa1 w47b h2ca\"><div class=\"t m0 x8e h1f yf81 ff2b fs7 fc4 sc3 ls0 ws0\">31/12/<span class=\"_ _f\"></span>2024 </div></td></tr><tr><td class=\"c x262 y2b00 wdcd h484\"><div class=\"t m0 x250 h1f y2409 ff2b fs7 fc1 sc0 ls9 ws0\">1.<span class=\"ls0\"> Passivit\u00e0 finanzi<span class=\"_ _1\"></span>arie valutate <span class=\"_ _1\"></span>al costo<span class=\"_ _df\"> </span></span></div></td><td class=\"c x7ac y2fa5 w4cc h58\"><div class=\"t m0 x39 h1f y2ea ff2b fs7 fc1 sc0 ls0 ws0\">(402.886) </div></td><td class=\"c x4e6 y2fa5 w80 h58\"><div class=\"t m0 x48 h1f y2ea ff2b fs7 fc1 sc0 ls0 ws0\">(136.658) </div></td><td class=\"c x7b2 y2fa5 w4cc h58\"><div class=\"t m0 xf h1f y2ea ff2b fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x5db y2fa5 w4ca h58\"><div class=\"t m0 x39 h1f y2ea ff2b fs7 fc1 sc0 ls0 ws0\">(539.544) </div></td><td class=\"c x7ae y2fa5 w4cc h58\"><div class=\"t m0 x14 h1f y2ea ff2b fs7 fc1 sc0 ls0 ws0\">(855.385) </div></td></tr><tr><td class=\"c x262 y2fa6 w988 h484\"><div class=\"t m0 x250 h1f y2409 ff2b fs7 fc1 sc0 ls0 ws0\">ammortizzato<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x44e y2fa7 w4cb hc8\"><div class=\"t m0 x8e h1f y28b ff2b fs7 fc1 sc0 ls0 ws0\">1.1 Debiti verso banche<span class=\"_ _f\"></span> centrali </div></td><td class=\"c x7ac y2fa7 w4cc hc8\"><div class=\"t m0 x36 h1f y28b ff2b fs7 fc1 sc0 ls0 ws0\">(761) </div></td><td class=\"c x4e6 y2fa7 w80 hc8\"><div class=\"t m0 xf h1f y28b ff2b fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x7b2 y2fa7 w4cc hc8\"><div class=\"t m0 xf h1f y28b ff2b fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x5db y2fa7 w4ca hc8\"><div class=\"t m0 x15 h1f y28b ff2b fs7 fc1 sc0 ls0 ws0\">(761) </div></td><td class=\"c x7ae y2fa7 w4cc hc8\"><div class=\"t m0 x3a h1f y28b ff2b fs7 fc1 sc0 ls0 ws0\">(14.910) </div></td></tr><tr><td class=\"c x44e y2fa8 w4cb hc8\"><div class=\"t m0 x8e h1f y28b ff2b fs7 fc1 sc0 ls0 ws0\">1.2 Debiti verso <span class=\"_ _1\"></span>banche </div></td><td class=\"c x7ac y2fa8 w4cc hc8\"><div class=\"t m0 x35 h1f y28b ff2b fs7 fc1 sc0 ls0 ws0\">(73.392) </div></td><td class=\"c x4e6 y2fa8 w80 hc8\"><div class=\"t m0 xf h1f y28b ff2b fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x7b2 y2fa8 w4cc hc8\"><div class=\"t m0 xf h1f y28b ff2b fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x5db y2fa8 w4ca hc8\"><div class=\"t m0 x32 h1f y28b ff2b fs7 fc1 sc0 ls0 ws0\">(73.392) </div></td><td class=\"c x7ae y2fa8 w4cc hc8\"><div class=\"t m0 x48 h1f y28b ff2b fs7 fc1 sc0 ls0 ws0\">(208.961) </div></td></tr><tr><td class=\"c x44e y2fa9 w4cb hc8\"><div class=\"t m0 x8e h1f y28b ff2b fs7 fc1 sc0 ls0 ws0\">1.3 Debiti vers<span class=\"_ _1\"></span>o clientela </div></td><td class=\"c x7ac y2fa9 w4cc hc8\"><div class=\"t m0 x14 h1f y28b ff2b fs7 fc1 sc0 ls0 ws0\">(328.733) </div></td><td class=\"c x4e6 y2fa9 w80 hc8\"><div class=\"t m0 xf h1f y28b ff2b fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x7b2 y2fa9 w4cc hc8\"><div class=\"t m0 xf h1f y28b ff2b fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x5db y2fa9 w4ca hc8\"><div class=\"t m0 x14 h1f y28b ff2b fs7 fc1 sc0 ls28 ws0\">(3<span class=\"ls0\">28.733</span><span class=\"ls0\">)</span><span class=\"ls0\"> </span></div></td><td class=\"c x7ae y2fa9 w4cc hc8\"><div class=\"t m0 x14 h1f y28b ff2b fs7 fc1 sc0 ls0 ws0\">(492.348) </div></td></tr><tr><td class=\"c x44e y2faa w4cb hc8\"><div class=\"t m0 x8e h1f y28b ff2b fs7 fc1 sc0 ls0 ws0\">1.4 Titoli in circo<span class=\"_ _1\"></span>lazione </div></td><td class=\"c x7ac y2faa w4cc hc8\"><div class=\"t m0 xf h1f y28b ff2b fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x4e6 y2faa w80 hc8\"><div class=\"t m0 x48 h1f y28b ff2b fs7 fc1 sc0 ls0 ws0\">(136.658) </div></td><td class=\"c x7b2 y2faa w4cc hc8\"><div class=\"t m0 xf h1f y28b ff2b fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x5db y2faa w4ca hc8\"><div class=\"t m0 x48 h1f y28b ff2b fs7 fc1 sc0 ls0 ws0\">(136.658) </div></td><td class=\"c x7ae y2faa w4cc hc8\"><div class=\"t m0 x33 h1f y28b ff2b fs7 fc1 sc0 ls0 ws0\">(139.166) </div></td></tr><tr><td class=\"c x44e y2fab w4cb hc8\"><div class=\"t m0 x10 h1f ye4c ff2b fs7 fc1 sc0 ls0 ws0\">2. Passivit\u00e0 finanz<span class=\"_ _1\"></span>iarie di negozi<span class=\"_ _1\"></span>azione<span class=\"_ _df\"> </span></div></td><td class=\"c x7ac y2fab w4cc hc8\"><div class=\"t m0 xc6 h1f ye4c ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x4e6 y2fab w80 hc8\"><div class=\"t m0 xe h1f ye4c ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x7b2 y2fab w4cc hc8\"><div class=\"t m0 xc6 h1f ye4c ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5db y2fab w4ca hc8\"><div class=\"t m0 xc6 h1f ye4c ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x7ae y2fab w4cc hc8\"><div class=\"t m0 xc6 h1f ye4c ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2fac w4cb hc8\"><div class=\"t m0 x10 h1f ye4c ff2b fs7 fc1 sc0 ls0 ws0\">3. Passivit\u00e0 fina<span class=\"_ _1\"></span>nziarie designate<span class=\"_ _1\"></span> al fair value </div></td><td class=\"c x7ac y2fac w4cc hc8\"><div class=\"t m0 xc6 h1f ye4c ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x4e6 y2fac w80 hc8\"><div class=\"t m0 xe h1f ye4c ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x7b2 y2fac w4cc hc8\"><div class=\"t m0 xc6 h1f ye4c ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5db y2fac w4ca hc8\"><div class=\"t m0 xc6 h1f ye4c ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x7ae y2fac w4cc hc8\"><div class=\"t m0 xc6 h1f ye4c ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2fad w4cb hc8\"><div class=\"t m0 x10 h1f y28b ff2b fs7 fc1 sc0 ls0 ws0\">4. Altre passivit\u00e0 e<span class=\"_ _1\"></span> fondi </div></td><td class=\"c x7ac y2fad w4cc hc8\"><div class=\"t m0 xf h1f y28b ff2b fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x4e6 y2fad w80 hc8\"><div class=\"t m0 xf h1f y28b ff2b fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x7b2 y2fad w4cc hc8\"><div class=\"t m0 x91 h1f y28b ff2b fs7 fc1 sc0 ls0 ws0\">(3) </div></td><td class=\"c x5db y2fad w4ca hc8\"><div class=\"t m0 x91 h1f y28b ff2b fs7 fc1 sc0 ls0 ws0\">(3) </div></td><td class=\"c x7ae y2fad w4cc hc8\"><div class=\"t m0 x8f h1f y28b ff2b fs7 fc1 sc0 ls0 ws0\">(39) </div></td></tr><tr><td class=\"c x44e y2fae w4cb hc8\"><div class=\"t m0 x10 h1f y28b ff2b fs7 fc1 sc0 ls0 ws0\">5. Derivati di c<span class=\"_ _1\"></span>opertura </div></td><td class=\"c x7ac y2fae w4cc hc8\"><div class=\"t m0 xf h1f y28b ff2b fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x4e6 y2fae w80 hc8\"><div class=\"t m0 xf h1f y28b ff2b fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x7b2 y2fae w4cc hc8\"><div class=\"t m0 x35 h1f y28b ff2b fs7 fc1 sc0 ls0 ws0\">(23.752) </div></td><td class=\"c x5db y2fae w4ca hc8\"><div class=\"t m0 x35 h1f y28b ff2b fs7 fc1 sc0 ls0 ws0\">(23.752) </div></td><td class=\"c x7ae y2fae w4cc hc8\"><div class=\"t m0 xc6 h1f y28b ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2faf w4cb h227\"><div class=\"t m0 x10 h1f y28b ff2b fs7 fc1 sc0 ls0 ws0\">6. Attivit\u00e0 finanz<span class=\"_ _1\"></span>iarie </div></td><td class=\"c x7ac y2faf w4cc h227\"><div class=\"t m0 xf h1f y28b ff2b fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x4e6 y2faf w80 h227\"><div class=\"t m0 xf h1f y28b ff2b fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x7b2 y2faf w4cc h227\"><div class=\"t m0 xf h1f y28b ff2b fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x5db y2faf w4ca h227\"><div class=\"t m0 x12 h1f y28b ff2b fs7 fc1 sc0 ls0 ws0\">(8) </div></td><td class=\"c x7ae y2faf w4cc h227\"><div class=\"t m0 x91 h1f y28b ff2b fs7 fc1 sc0 ls0 ws0\">(5) </div></td></tr><tr><td class=\"c x44e y2fb0 w4cb hc8\"><div class=\"t m0 x1f4 h1f y28b ff2b fs7 fc1 sc2 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale </div></td><td class=\"c x7ac y2fb0 w4cc hc8\"><div class=\"t m0 x14 h1f y28b ff2b fs7 fc1 sc2 ls0 ws0\">(402.<span class=\"_ _f\"></span>886) </div></td><td class=\"c x4e6 y2fb0 w80 hc8\"><div class=\"t m0 x33 h1f y28b ff2b fs7 fc1 sc2 ls0 ws0\">(136.6<span class=\"_ _f\"></span>58) </div></td><td class=\"c x7b2 y2fb0 w4cc hc8\"><div class=\"t m0 x2c h1f y28b ff2b fs7 fc1 sc2 ls0 ws0\">(23.75<span class=\"_ _f\"></span>5) </div></td><td class=\"c x5db y2fb0 w4ca hc8\"><div class=\"t m0 x14 h1f y28b ff2b fs7 fc1 sc2 ls0 ws0\">(563.<span class=\"_ _1\"></span>307<span class=\"_ _f\"></span>) </div></td><td class=\"c x7ae y2fb0 w4cc hc8\"><div class=\"t m0 x14 h1f y28b ff2b fs7 fc1 sc2 ls0 ws0\">(855<span class=\"_ _1\"></span>.429<span class=\"_ _1\"></span>) </div></td></tr><tr><td class=\"c x44e y2fb1 w4cb hc8\"><div class=\"t m0 x8e h1f ye4c ff2b fs7 fc1 sc0 ls0 ws0\">di cui: interessi p<span class=\"_ _1\"></span>assivi relativ<span class=\"_ _1\"></span>i ai debiti per leas<span class=\"_ _1\"></span>ing </div></td><td class=\"c x7ac y2fb1 w4cc hc8\"><div class=\"t m0 x26 h1f ye4c ff2b fs7 fc1 sc0 ls0 ws0\">(4.426) </div></td><td class=\"c x4e6 y2fb1 w80 hc8\"><div class=\"t m0 xf h1f ye4c ff2b fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x7b2 y2fb1 w4cc hc8\"><div class=\"t m0 xf h1f ye4c ff2b fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x5db y2fb1 w4ca hc8\"><div class=\"t m0 x27 h1f ye4c ff2b fs7 fc1 sc0 ls0 ws0\">(4.426) </div></td><td class=\"c x7ae y2fb1 w4cc hc8\"><div class=\"t m0 x26 h1f ye4c ff2b fs7 fc1 sc0 ls0 ws0\">(4.475) </div></td></tr></table>1.4 Int<span class=\"_ _1\"></span>eress<span class=\"_ _1\"></span>i pa<span class=\"_ _1\"></span>ssivi <span class=\"_ _f\"></span>e oneri a<span class=\"_ _f\"></span>ssimilati:<span class=\"_ _1\"></span> altre<span class=\"_ _1\"></span> infor<span class=\"_ _1\"></span>mazio<span class=\"_ _f\"></span>ni<span class=\"_ _df\"> </span>1.4.1 <span class=\"_ _1\"></span>Intere<span class=\"_ _1\"></span>ssi p<span class=\"_ _1\"></span>ass<span class=\"_ _1\"></span>ivi su p<span class=\"_ _1\"></span>ass<span class=\"_ _1\"></span>ivit\u00e0<span class=\"_ _1\"></span> finanz<span class=\"_ _1\"></span>iarie<span class=\"_ _1\"></span> in v<span class=\"_ _1\"></span>aluta<span class=\"_ _df\"> </span>Gli interessi passivi maturati ammontano a 23.755 mila euro.<span class=\"_ _df\"> </span>1.5 Di<span class=\"_ _1\"></span>ffere<span class=\"_ _1\"></span>nziali<span class=\"_ _1\"></span> rela<span class=\"_ _f\"></span>tivi alle o<span class=\"_ _f\"></span>perazioni<span class=\"_ _1\"></span> di co<span class=\"_ _f\"></span>pertura<table class=\"s wdce h52d\" id=\"_fe0b5cf9-20c8-4b24-8137-c494adf59f6b\"><tr><td class=\"c x44e y2fb2 w4aa h2cb\"><div class=\"t m0 x1b4 h1f y1498 ff2b fs7 fc4 sc3 ls0 ws0\">Voci<span class=\"_ _1\"></span> </div></td><td class=\"c x534 y2fb3 w461 h21b\"><div class=\"t m0 x37 h1f y66c ff2b fs7 fc4 sc3 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale </div></td><td class=\"c x533 y2fb3 w3c4 h21b\"><div class=\"t m0 x37 h1f y66c ff2b fs7 fc4 sc3 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale </div></td></tr><tr><td></td><td class=\"c x534 y2fb2 w461 h4e\"><div class=\"t m0 x32 h1f y71 ff2b fs7 fc4 sc3 ls0 ws0\">31/12/<span class=\"_ _f\"></span>2025 </div></td><td class=\"c x533 y2fb2 w3c4 h4e\"><div class=\"t m0 x32 h1f y71 ff2b fs7 fc4 sc3 ls0 ws0\">31/12/<span class=\"_ _f\"></span>2024 </div></td></tr><tr><td class=\"c x44e y2fb4 w3c5 h131\"><div class=\"t m0 x10 h1f y3e4 ff2b fs7 fc1 sc0 ls0 ws0\">A. Differenzial<span class=\"_ _1\"></span>i positivi relati<span class=\"_ _1\"></span>vi a operazioni di co<span class=\"_ _1\"></span>pertura<span class=\"_ _df\"> </span></div></td><td class=\"c x532 y2fb4 w3c3 h131\"><div class=\"t m0 xe h1f y3e4 ff2b fs7 fc1 sc0 ls0 ws0\">590.526 </div></td><td class=\"c x533 y2fb4 w3c6 h131\"><div class=\"t m0 xc6 h1f y3e4 ff2b fs7 fc1 sc0 ls0 ws0\">1.212.619 </div></td></tr><tr><td class=\"c x44e y2fb5 w4cd h131\"><div class=\"t m0 x10 h1f y3e4 ff2b fs7 fc1 sc0 ls0 ws0\">B. Differenziali <span class=\"_ _1\"></span>negativi relativ<span class=\"_ _1\"></span>i a operazi<span class=\"_ _1\"></span>oni di copertura<span class=\"_ _df\"> </span></div></td><td class=\"c x534 y2fb5 w461 h131\"><div class=\"t m0 x1c h1f y3e4 ff2b fs7 fc1 sc0 ls0 ws0\">(614.278) </div></td><td class=\"c x533 y2fb5 w3c6 h131\"><div class=\"t m0 x11 h1f y3e4 ff2b fs7 fc1 sc0 ls0 ws0\">(1.078.555) </div></td></tr><tr><td class=\"c x44e y2fb6 w3c5 h13\"><div class=\"t m0 x10 h1f y80 ff2b fs7 fc1 sc2 ls0 ws0\">C. Sa<span class=\"_ _1\"></span>ldo<span class=\"_ _1\"></span> (A-<span class=\"lse7\">B</span><span class=\"lse7\">)</span> </div></td><td class=\"c x532 y2fb6 w3c3 h13\"><div class=\"t m0 xa3 h1f y80 ff2b fs7 fc1 sc2 ls0 ws0\">(23.75<span class=\"_ _f\"></span>2) </div></td><td class=\"c x533 y2fb6 w3c6 h13\"><div class=\"t m0 x8 h1f y80 ff2b fs7 fc1 sc2 ls0 ws0\">134.<span class=\"_ _1\"></span>064 </div></td></tr></table>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-785": {
   "value": "<div class=\"c w37c h13 gsdbe\"><div class=\"t m0 x10 h5 y3e4 ff2b fs1 fc4 sc3 ls0 ws0\">1.1 Int<span class=\"_ _f\"></span>eressi att<span class=\"_ _f\"></span>ivi e pro<span class=\"_ _1\"></span>venti <span class=\"_ _1\"></span>assi<span class=\"_ _1\"></span>mila<span class=\"_ _1\"></span>ti: com<span class=\"_ _1\"></span>posizi<span class=\"_ _f\"></span>one  </div></div><div class=\"gsdbf\"><table class=\"s wdc4 h52b\" id=\"_11fcd176-34ec-42ae-a3a0-c84e98b90fd1\"><tr><td class=\"c x44e y2f8b w3cb h2c9\"><div class=\"t m0 xef h1f y96d ff2b fs7 fc4 sc3 ls0 ws0\">Voci<span class=\"_ _1\"></span>/Form<span class=\"_ _f\"></span>e tecni<span class=\"_ _1\"></span>che<span class=\"_ _f\"></span> </div></td><td class=\"c x7a8 y2f8c wdc5 h484\"><div class=\"t m0 x250 h1f y2409 ff2b fs7 fc4 sc3 ls0 ws0\">Titol<span class=\"_ _1\"></span>i di<span class=\"_ _df\"> </span></div></td><td class=\"c x4e6 y2f8b w4c0 h2c9\"><div class=\"t m0 x163 h1f y96d ff2b fs7 fc4 sc3 ls0 ws0\">Fina<span class=\"_ _f\"></span>nziamen<span class=\"_ _f\"></span>ti </div></td><td class=\"c x7a9 y2f8c wa5a h484\"><div class=\"t m0 x250 h1f y2409 ff2b fs7 fc4 sc3 ls0 ws0\">Altr<span class=\"_ _1\"></span>e<span class=\"_ _df\"> </span></div></td><td class=\"c x5db y2f8d w4c2 h2ca\"><div class=\"t m0 x130 h1f y32 ff2b fs7 fc4 sc3 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale </div></td><td class=\"c x515 y2f8d w4c3 h2ca\"><div class=\"t m0 x55 h1f y32 ff2b fs7 fc4 sc3 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale </div></td></tr><tr><td></td><td class=\"c x7aa y2f8e wdc6 h4d6\"><div class=\"t m0 x250 h1f y2410 ff2b fs7 fc4 sc3 ls0 ws0\">debi<span class=\"_ _1\"></span>to<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x7ab y2f8e wdc7 h4d6\"><div class=\"t m0 x250 h1f y2410 ff2b fs7 fc4 sc3 ls0 ws0\">opera<span class=\"_ _f\"></span>zioni<span class=\"_ _df\"> </span></div></td><td class=\"c x5db y2f8b w4c2 h2ca\"><div class=\"t m0 x8e h1f yf81 ff2b fs7 fc4 sc3 ls0 ws0\">31/12/<span class=\"_ _f\"></span>2025 </div></td><td class=\"c x515 y2f8b w4c3 h2ca\"><div class=\"t m0 x8e h1f yf81 ff2b fs7 fc4 sc3 ls0 ws0\">31/12/<span class=\"_ _f\"></span>2024 </div></td></tr><tr><td class=\"c x262 y2f8f wdc8 h484\"><div class=\"t m0 x250 h1f y2410 ff2b fs7 fc1 sc2 ls0 ws0\">1. Att<span class=\"_ _1\"></span>ivit\u00e0<span class=\"_ _1\"></span> fina<span class=\"_ _f\"></span>nziarie v<span class=\"_ _1\"></span>alut<span class=\"_ _1\"></span>ate a<span class=\"_ _f\"></span>l fair v<span class=\"_ _1\"></span>alue c<span class=\"_ _f\"></span>on impa<span class=\"_ _f\"></span>tto<span class=\"_ _df\"> </span></div></td><td class=\"c x7ac y2f90 w4c5 h90\"><div class=\"t m0 x38 h1f y2c6 ff2b fs7 fc1 sc2 ls0 ws0\">18.78<span class=\"_ _f\"></span>1 </div></td><td class=\"c x4e6 y2f90 w336 h90\"><div class=\"t m0 x11 h1f y2c6 ff2b fs7 fc1 sc2 ls0 ws0\">4<span class=\"lsea\">84</span> </div></td><td class=\"c x7ad y2f90 w4c5 h90\"><div class=\"t m0 xc6 h1f y2c6 ff2b fs7 fc1 sc2 ls0 ws0\">- </div></td><td class=\"c x5db y2f90 w4c6 h90\"><div class=\"t m0 x37 h1f y2c6 ff2b fs7 fc1 sc2 ls0 ws0\">19.26<span class=\"_ _1\"></span>5 </div></td><td class=\"c x7ae y2f90 w4c7 h90\"><div class=\"t m0 x37 h1f y2c6 ff2b fs7 fc1 sc2 ls0 ws0\">15.95<span class=\"_ _1\"></span>3 </div></td></tr><tr><td class=\"c x262 y2f91 wdc9 h484\"><div class=\"t m0 x250 h1f y2410 ff2b fs7 fc1 sc2 ls0 ws0\">a con<span class=\"_ _1\"></span>to e<span class=\"_ _f\"></span>conomi<span class=\"_ _f\"></span>co:<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x44e y2f92 w4c4 hc8\"><div class=\"t m0 x8e h1f y28b ff2b fs7 fc1 sc0 ls0 ws0\">1.1 Attivit\u00e0 finanz<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span>arie detenute<span class=\"_ _1\"></span> per la negoziaz<span class=\"_ _1\"></span>ione </div></td><td class=\"c x7ac y2f92 w4c5 hc8\"><div class=\"t m0 x12 h1f y28b ff2b fs7 fc1 sc0 ls34 ws0\">771<span class=\"ls0\"> </span></div></td><td class=\"c x4e6 y2f92 w336 hc8\"><div class=\"t m0 xa3 h1f y28b ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x7ad y2f92 w4c5 hc8\"><div class=\"t m0 xc6 h1f y28b ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5db y2f92 w4c6 hc8\"><div class=\"t m0 x96 h1f y28b ff2b fs7 fc1 sc0 ls34 ws0\">771<span class=\"ls0\"> </span></div></td><td class=\"c x7ae y2f92 w4c7 hc8\"><div class=\"t m0 x31 h1f y28b ff2b fs7 fc1 sc0 ls0 ws0\">1.035 </div></td></tr><tr><td class=\"c x44e y2f93 w4c4 hc8\"><div class=\"t m0 x8e h1f y28b ff2b fs7 fc1 sc0 ls0 ws0\">1.2 Attivit\u00e0 finanz<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span>arie des<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span>gnate al fa<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span>r value </div></td><td class=\"c x7ac y2f93 w4c5 hc8\"><div class=\"t m0 xc6 h1f y28b ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x4e6 y2f93 w336 hc8\"><div class=\"t m0 xa3 h1f y28b ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x7ad y2f93 w4c5 hc8\"><div class=\"t m0 xc6 h1f y28b ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5db y2f93 w4c6 hc8\"><div class=\"t m0 xc6 h1f y28b ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x7ae y2f93 w4c7 hc8\"><div class=\"t m0 xc6 h1f y28b ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2f94 w4c4 h9b\"><div class=\"t m0 x8e h1f ye62 ff2b fs7 fc1 sc0 ls0 ws0\">1.3 Altre attivit\u00e0<span class=\"_ _1\"></span> finanziarie ob<span class=\"_ _1\"></span>bligatoriamente<span class=\"_ _1\"></span> </div><div class=\"t m0 x8e h1f y1884 ff2b fs7 fc1 sc0 ls0 ws0\">valutate al fair va<span class=\"_ _1\"></span>lue </div></td><td class=\"c x7ac y2f94 w4c5 h9b\"><div class=\"t m0 x97 h1f y1885 ff2b fs7 fc1 sc0 ls0 ws0\">18.010 </div></td><td class=\"c x4e6 y2f94 w336 h9b\"><div class=\"t m0 x11 h1f y1885 ff2b fs7 fc1 sc0 lsa ws0\">484<span class=\"ls0\"> </span></div></td><td class=\"c x7ad y2f94 w4c5 h9b\"><div class=\"t m0 xc6 h1f y1885 ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5db y2f94 w4c6 h9b\"><div class=\"t m0 x34 h1f y1885 ff2b fs7 fc1 sc0 ls0 ws0\">18.494 </div></td><td class=\"c x7ae y2f94 w4c7 h9b\"><div class=\"t m0 x97 h1f y1885 ff2b fs7 fc1 sc0 ls0 ws0\">14.918 </div></td></tr><tr><td class=\"c x262 y2f95 wdca h484\"><div class=\"t m0 x250 h1f y2410 ff2b fs7 fc1 sc2 ls0 ws0\">2. Att<span class=\"_ _1\"></span>ivit<span class=\"_ _f\"></span>\u00e0 finanzi<span class=\"_ _f\"></span>arie va<span class=\"_ _1\"></span>luta<span class=\"_ _1\"></span>te al<span class=\"_ _1\"></span> fair v<span class=\"_ _f\"></span>alue co<span class=\"_ _1\"></span>n<span class=\"_ _df\"> </span></div></td><td class=\"c x7ac y2f96 w4c5 hc2\"><div class=\"t m0 x2c h1f y692 ff2b fs7 fc1 sc2 ls0 ws0\">188.06<span class=\"_ _f\"></span>5 </div></td><td class=\"c x4e6 y2f96 w336 hc2\"><div class=\"t m0 xa3 h1f y692 ff2b fs7 fc1 sc2 ls0 ws0\">- </div></td><td class=\"c x7ad y2f96 w4c5 hc2\"><div class=\"t m0 x3a h1f y692 ff2b fs7 fc1 sc2 ls0 ws0\">X </div></td><td class=\"c x5db y2f96 w4c6 hc2\"><div class=\"t m0 x2c h1f y692 ff2b fs7 fc1 sc2 ls0 ws0\">188.06<span class=\"_ _f\"></span>5 </div></td><td class=\"c x7ae y2f96 w4c7 hc2\"><div class=\"t m0 x3a h1f y692 ff2b fs7 fc1 sc2 ls0 ws0\">192.2<span class=\"_ _f\"></span>03 </div></td></tr><tr><td class=\"c x262 y2f97 wdcb h484\"><div class=\"t m0 x250 h1f y2410 ff2b fs7 fc1 sc2 ls0 ws0\">impa<span class=\"_ _f\"></span>tto sull<span class=\"_ _1\"></span>a red<span class=\"_ _f\"></span>ditivit\u00e0<span class=\"_ _1\"></span> com<span class=\"_ _f\"></span>plessiv<span class=\"_ _1\"></span>a<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x44e y2f98 w4c4 h79\"><div class=\"t m0 x10 h1f y30 ff2b fs7 fc1 sc2 ls0 ws0\">3. Att<span class=\"_ _f\"></span>ivit\u00e0 fin<span class=\"_ _f\"></span>anziari<span class=\"_ _1\"></span>e val<span class=\"_ _1\"></span>utat<span class=\"_ _f\"></span>e al cost<span class=\"_ _f\"></span>o amm<span class=\"_ _1\"></span>orti<span class=\"_ _1\"></span>zzat<span class=\"_ _1\"></span>o: </div></td><td class=\"c x7ac y2f98 w4c5 h79\"><div class=\"t m0 x3a h1f y30 ff2b fs7 fc1 sc2 ls0 ws0\">187.5<span class=\"_ _f\"></span>08 </div></td><td class=\"c x4e6 y2f98 w336 h79\"><div class=\"t m0 x48 h1f y30 ff2b fs7 fc1 sc2 ls0 ws0\">1.269<span class=\"_ _1\"></span>.239<span class=\"_ _f\"></span> </div></td><td class=\"c x7ad y2f98 w4c5 h79\"><div class=\"t m0 x27 h1f y30 ff2b fs7 fc1 sc2 ls0 ws0\">- </div></td><td class=\"c x5db y2f98 w4c6 h79\"><div class=\"t m0 x14 h1f y30 ff2b fs7 fc1 sc2 ls0 ws0\">1.456.<span class=\"_ _1\"></span>747<span class=\"_ _f\"></span> </div></td><td class=\"c x7ae y2f98 w4c7 h79\"><div class=\"t m0 x48 h1f y30 ff2b fs7 fc1 sc2 ls0 ws0\">1.733<span class=\"_ _f\"></span>.569 </div></td></tr><tr><td class=\"c x44e y2f99 w4c4 hc8\"><div class=\"t m0 x8e h1f y28b ff2b fs7 fc1 sc0 ls0 ws0\">3.1 Crediti verso<span class=\"_ _1\"></span> banche </div></td><td class=\"c x7ac y2f99 w4c5 hc8\"><div class=\"t m0 x37 h1f y28b ff2b fs7 fc1 sc0 ls0 ws0\">32.312 </div></td><td class=\"c x4e6 y2f99 w336 hc8\"><div class=\"t m0 x97 h1f y28b ff2b fs7 fc1 sc0 ls0 ws0\">73.527 </div></td><td class=\"c x7ad y2f99 w4c5 hc8\"><div class=\"t m0 x3a h1f y28b ff2b fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x5db y2f99 w4c6 hc8\"><div class=\"t m0 x2c h1f y28b ff2b fs7 fc1 sc0 ls9 ws0\">105<span class=\"ls0\">.839</span><span class=\"ls0\"> </span></div></td><td class=\"c x7ae y2f99 w4c7 hc8\"><div class=\"t m0 x2c h1f y28b ff2b fs7 fc1 sc0 ls0 ws0\">225.765 </div></td></tr><tr><td class=\"c x44e y2f9a w4c4 hc8\"><div class=\"t m0 x8e h1f y28b ff2b fs7 fc1 sc0 ls0 ws0\">3.2 Crediti verso<span class=\"_ _1\"></span> clientela </div></td><td class=\"c x7ac y2f9a w4c5 hc8\"><div class=\"t m0 x27 h1f y28b ff2b fs7 fc1 sc0 ls0 ws0\">155.196 </div></td><td class=\"c x4e6 y2f9a w336 hc8\"><div class=\"t m0 x35 h1f y28b ff2b fs7 fc1 sc0 ls0 ws0\">1.195.712 </div></td><td class=\"c x7ad y2f9a w4c5 hc8\"><div class=\"t m0 x3a h1f y28b ff2b fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x5db y2f9a w4c6 hc8\"><div class=\"t m0 x39 h1f y28b ff2b fs7 fc1 sc0 ls0 ws0\">1.350.908 </div></td><td class=\"c x7ae y2f9a w4c7 hc8\"><div class=\"t m0 x14 h1f y28b ff2b fs7 fc1 sc0 ls0 ws0\">1.507.804 </div></td></tr><tr><td class=\"c x44e y2f9b w4c4 hc8\"><div class=\"t m0 x10 h1f y28b ff2b fs7 fc1 sc2 ls0 ws0\">4. D<span class=\"_ _1\"></span>eriv<span class=\"_ _1\"></span>ati di <span class=\"_ _1\"></span>cope<span class=\"_ _1\"></span>rtur<span class=\"_ _1\"></span>a </div></td><td class=\"c x7ac y2f9b w4c5 hc8\"><div class=\"t m0 x3a h1f y28b ff2b fs7 fc1 sc2 ls0 ws0\">X </div></td><td class=\"c x4e6 y2f9b w336 hc8\"><div class=\"t m0 x3a h1f y28b ff2b fs7 fc1 sc2 ls0 ws0\">X </div></td><td class=\"c x7ad y2f9b w4c5 hc8\"><div class=\"t m0 xc6 h1f y28b ff2b fs7 fc1 sc2 ls0 ws0\">- </div></td><td class=\"c x5db y2f9b w4c6 hc8\"><div class=\"t m0 xc6 h1f y28b ff2b fs7 fc1 sc2 ls0 ws0\">- </div></td><td class=\"c x7ae y2f9b w4c7 hc8\"><div class=\"t m0 x2c h1f y28b ff2b fs7 fc1 sc2 ls0 ws0\">134.<span class=\"_ _1\"></span>064 </div></td></tr><tr><td class=\"c x44e y2f9c w4c4 hc8\"><div class=\"t m0 x10 h1f ye4c ff2b fs7 fc1 sc2 ls0 ws0\">5. Alt<span class=\"_ _1\"></span>re at<span class=\"_ _f\"></span>tivit\u00e0 </div></td><td class=\"c x7ac y2f9c w4c5 hc8\"><div class=\"t m0 x3a h1f ye4c ff2b fs7 fc1 sc2 ls0 ws0\">X </div></td><td class=\"c x4e6 y2f9c w336 hc8\"><div class=\"t m0 x3a h1f ye4c ff2b fs7 fc1 sc2 ls0 ws0\">X </div></td><td class=\"c x7ad y2f9c w4c5 hc8\"><div class=\"t m0 x11 h1f ye4c ff2b fs7 fc1 sc2 ls2a ws0\">227<span class=\"ls0\"> </span></div></td><td class=\"c x5db y2f9c w4c6 hc8\"><div class=\"t m0 x13 h1f ye4c ff2b fs7 fc1 sc2 ls2a ws0\">227<span class=\"ls0\"> </span></div></td><td class=\"c x7ae y2f9c w4c7 hc8\"><div class=\"t m0 x13 h1f ye4c ff2b fs7 fc1 sc2 lsa ws0\">487<span class=\"ls0\"> </span></div></td></tr><tr><td class=\"c x44e y2f9d w4c4 hc8\"><div class=\"t m0 x10 h1f ye4c ff2b fs7 fc1 sc2 ls0 ws0\">6. Pas<span class=\"_ _f\"></span>sivit\u00e0<span class=\"_ _f\"></span> f<span class=\"_ _2\"></span>ina<span class=\"_ _f\"></span>nziarie<span class=\"_ _f\"></span> </div></td><td class=\"c x7ac y2f9d w4c5 hc8\"><div class=\"t m0 x3a h1f ye4c ff2b fs7 fc1 sc2 ls0 ws0\">X </div></td><td class=\"c x4e6 y2f9d w336 hc8\"><div class=\"t m0 x3a h1f ye4c ff2b fs7 fc1 sc2 ls0 ws0\">X </div></td><td class=\"c x7ad y2f9d w4c5 hc8\"><div class=\"t m0 x3a h1f ye4c ff2b fs7 fc1 sc2 ls0 ws0\">X </div></td><td class=\"c x5db y2f9d w4c6 hc8\"><div class=\"t m0 x7 h1f ye4c ff2b fs7 fc1 sc2 ls9 ws0\">12<span class=\"ls0\"> </span></div></td><td class=\"c x7ae y2f9d w4c7 hc8\"><div class=\"t m0 x1c h1f ye4c ff2b fs7 fc1 sc2 ls9 ws0\">11<span class=\"ls0\"> </span></div></td></tr><tr><td class=\"c x44e y2f9e w4c4 hc8\"><div class=\"t m0 x1f4 h1f y28b ff2b fs7 fc1 sc2 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale </div></td><td class=\"c x7ac y2f9e w4c5 hc8\"><div class=\"t m0 x35 h1f y28b ff2b fs7 fc1 sc2 ls0 ws0\">394.3<span class=\"_ _f\"></span>54 </div></td><td class=\"c x4e6 y2f9e w336 hc8\"><div class=\"t m0 x33 h1f y28b ff2b fs7 fc1 sc2 ls0 ws0\">1.269<span class=\"_ _1\"></span>.723<span class=\"_ _f\"></span> </div></td><td class=\"c x7ad y2f9e w4c5 hc8\"><div class=\"t m0 x11 h1f y28b ff2b fs7 fc1 sc2 ls2a ws0\">227<span class=\"ls0\"> </span></div></td><td class=\"c x5db y2f9e w4c6 hc8\"><div class=\"t m0 x48 h1f y28b ff2b fs7 fc1 sc2 ls0 ws0\">1.66<span class=\"_ _1\"></span>4.316<span class=\"_ _f\"></span> </div></td><td class=\"c x7ae y2f9e w4c7 hc8\"><div class=\"t m0 x39 h1f y28b ff2b fs7 fc1 sc2 ls0 ws0\">2.076<span class=\"_ _1\"></span>.287<span class=\"_ _f\"></span> </div></td></tr><tr><td class=\"c x44e y2f9f w4c4 hc8\"><div class=\"t m0 x10 h1f y28b ff2b fs7 fc1 sc0 ls0 ws0\">di cui: interessi <span class=\"_ _1\"></span>attivi su attivit\u00e0 <span class=\"_ _1\"></span>finanziarie impa<span class=\"_ _1\"></span>ired </div></td><td class=\"c x7ac y2f9f w4c5 hc8\"><div class=\"t m0 xc6 h1f y28b ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x4e6 y2f9f w336 hc8\"><div class=\"t m0 x31 h1f y28b ff2b fs7 fc1 sc0 ls0 ws0\">11.787<span class=\"_ _df\"> </span></div></td><td class=\"c x7ad y2f9f w4c5 hc8\"><div class=\"t m0 xc6 h1f y28b ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5db y2f9f w4c6 hc8\"><div class=\"t m0 x38 h1f y28b ff2b fs7 fc1 sc0 ls0 ws0\">11.787<span class=\"_ _df\"> </span></div></td><td class=\"c x7ae y2f9f w4c7 hc8\"><div class=\"t m0 x97 h1f y28b ff2b fs7 fc1 sc0 ls0 ws0\">11.953 </div></td></tr><tr><td class=\"c x44e y2fa0 w4c4 hc8\"><div class=\"t m0 x10 h1f y28b ff2b fs7 fc1 sc0 ls0 ws0\">di cui: interessi <span class=\"_ _1\"></span>attivi su leasing <span class=\"_ _1\"></span>finanziario </div></td><td class=\"c x7ac y2fa0 w4c5 hc8\"><div class=\"t m0 x3a h1f y28b ff2b fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x4e6 y2fa0 w336 hc8\"><div class=\"t m0 x27 h1f y28b ff2b fs7 fc1 sc0 ls0 ws0\">147.406 </div></td><td class=\"c x7ad y2fa0 w4c5 hc8\"><div class=\"t m0 x3a h1f y28b ff2b fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x5db y2fa0 w4c6 hc8\"><div class=\"t m0 x2c h1f y28b ff2b fs7 fc1 sc0 ls0 ws0\">147.406 </div></td><td class=\"c x7ae y2fa0 w4c7 hc8\"><div class=\"t m0 x2c h1f y28b ff2b fs7 fc1 sc0 ls0 ws0\">178.402 </div></td></tr></table></div><div class=\"t m0 h5 ff2b fs1 fc4 sc3 ls0 ws0 gsdc0\">1.2<span class=\"ff11 sc0\"> <span class=\"_ _3f\"></span><span class=\"ff2b sc3\"> Interes<span class=\"_ _f\"></span>si attiv<span class=\"_ _1\"></span>i e p<span class=\"_ _1\"></span>rovent<span class=\"_ _f\"></span>i assim<span class=\"_ _1\"></span>ilati<span class=\"_ _1\"></span>: altre <span class=\"_ _1\"></span>inform<span class=\"_ _f\"></span>azioni </span></span></div><div class=\"t m0 h5 ff2b fs1 fc4 sc3 ls0 ws0 gsdc1\">1.2.1 I<span class=\"_ _1\"></span>nteres<span class=\"_ _f\"></span>si attiv<span class=\"_ _1\"></span>i su a<span class=\"_ _1\"></span>ttivit\u00e0 <span class=\"_ _f\"></span>finanzia<span class=\"_ _1\"></span>rie in <span class=\"_ _f\"></span>valuta </div><div class=\"t m0 h5 ff2b fs1 fc1 sc0 ls0 ws0 gsdc2\">Gli interessi attivi maturati ammontano a 28.219 mila euro<span class=\"_ _df\"> </span>.<span class=\"_ _df\"> </span> </div>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-817": {
   "value": "<div class=\"c w37c h13 gsdc4\"><div class=\"t m0 x10 h5 y3e4 ff2b fs1 fc4 sc3 ls0 ws0\">1.3 Int<span class=\"_ _f\"></span>eressi p<span class=\"_ _1\"></span>assi<span class=\"_ _1\"></span>vi e one<span class=\"_ _f\"></span>ri assim<span class=\"_ _f\"></span>ilati: com<span class=\"_ _1\"></span>posizi<span class=\"_ _1\"></span>one<span class=\"_ _1\"></span>  </div></div><div class=\"gsdc5\"><table class=\"s wdcc h52c\" id=\"_3b63c537-3a4e-4b39-a405-3ae1e4d8af8c\"><tr><td class=\"c x44e y2fa1 w4c8 h2c9\"><div class=\"t m0 xef h1f y96d ff2b fs7 fc4 sc3 ls0 ws0\">Voci<span class=\"_ _1\"></span>/Form<span class=\"_ _f\"></span>e tecni<span class=\"_ _1\"></span>che<span class=\"_ _f\"></span> </div></td><td class=\"c x7ac y2fa1 w4c9 h2c9\"><div class=\"t m0 x130 h1f y96d ff2b fs7 fc4 sc3 ls0 ws0\">Debit<span class=\"_ _f\"></span>i  </div></td><td class=\"c x4e6 y2fa1 w4ca h2c9\"><div class=\"t m0 x14 h1f y96d ff2b fs7 fc4 sc3 ls0 ws0\">Titol<span class=\"_ _1\"></span>i </div></td><td class=\"c x7af y2fa2 wa5a h484\"><div class=\"t m0 x250 h1f y2409 ff2b fs7 fc4 sc3 ls0 ws0\">Altr<span class=\"_ _1\"></span>e<span class=\"_ _df\"> </span></div></td><td class=\"c x7b0 y2fa3 w47d h2ca\"><div class=\"t m0 x130 h1f y32 ff2b fs7 fc4 sc3 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale </div></td><td class=\"c x7ae y2fa3 w47b h2ca\"><div class=\"t m0 x130 h1f y32 ff2b fs7 fc4 sc3 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale </div></td></tr><tr><td></td><td></td><td></td><td class=\"c x7b1 y2fa4 wdc7 h484\"><div class=\"t m0 x250 h1f y2409 ff2b fs7 fc4 sc3 ls0 ws0\">opera<span class=\"_ _f\"></span>zioni<span class=\"_ _df\"> </span></div></td><td class=\"c x7b0 y2fa1 w47d h2ca\"><div class=\"t m0 x8e h1f yf81 ff2b fs7 fc4 sc3 ls0 ws0\">31/12/<span class=\"_ _f\"></span>2025 </div></td><td class=\"c x7ae y2fa1 w47b h2ca\"><div class=\"t m0 x8e h1f yf81 ff2b fs7 fc4 sc3 ls0 ws0\">31/12/<span class=\"_ _f\"></span>2024 </div></td></tr><tr><td class=\"c x262 y2b00 wdcd h484\"><div class=\"t m0 x250 h1f y2409 ff2b fs7 fc1 sc0 ls9 ws0\">1.<span class=\"ls0\"> Passivit\u00e0 finanzi<span class=\"_ _1\"></span>arie valutate <span class=\"_ _1\"></span>al costo<span class=\"_ _df\"> </span></span></div></td><td class=\"c x7ac y2fa5 w4cc h58\"><div class=\"t m0 x39 h1f y2ea ff2b fs7 fc1 sc0 ls0 ws0\">(402.886) </div></td><td class=\"c x4e6 y2fa5 w80 h58\"><div class=\"t m0 x48 h1f y2ea ff2b fs7 fc1 sc0 ls0 ws0\">(136.658) </div></td><td class=\"c x7b2 y2fa5 w4cc h58\"><div class=\"t m0 xf h1f y2ea ff2b fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x5db y2fa5 w4ca h58\"><div class=\"t m0 x39 h1f y2ea ff2b fs7 fc1 sc0 ls0 ws0\">(539.544) </div></td><td class=\"c x7ae y2fa5 w4cc h58\"><div class=\"t m0 x14 h1f y2ea ff2b fs7 fc1 sc0 ls0 ws0\">(855.385) </div></td></tr><tr><td class=\"c x262 y2fa6 w988 h484\"><div class=\"t m0 x250 h1f y2409 ff2b fs7 fc1 sc0 ls0 ws0\">ammortizzato<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x44e y2fa7 w4cb hc8\"><div class=\"t m0 x8e h1f y28b ff2b fs7 fc1 sc0 ls0 ws0\">1.1 Debiti verso banche<span class=\"_ _f\"></span> centrali </div></td><td class=\"c x7ac y2fa7 w4cc hc8\"><div class=\"t m0 x36 h1f y28b ff2b fs7 fc1 sc0 ls0 ws0\">(761) </div></td><td class=\"c x4e6 y2fa7 w80 hc8\"><div class=\"t m0 xf h1f y28b ff2b fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x7b2 y2fa7 w4cc hc8\"><div class=\"t m0 xf h1f y28b ff2b fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x5db y2fa7 w4ca hc8\"><div class=\"t m0 x15 h1f y28b ff2b fs7 fc1 sc0 ls0 ws0\">(761) </div></td><td class=\"c x7ae y2fa7 w4cc hc8\"><div class=\"t m0 x3a h1f y28b ff2b fs7 fc1 sc0 ls0 ws0\">(14.910) </div></td></tr><tr><td class=\"c x44e y2fa8 w4cb hc8\"><div class=\"t m0 x8e h1f y28b ff2b fs7 fc1 sc0 ls0 ws0\">1.2 Debiti verso <span class=\"_ _1\"></span>banche </div></td><td class=\"c x7ac y2fa8 w4cc hc8\"><div class=\"t m0 x35 h1f y28b ff2b fs7 fc1 sc0 ls0 ws0\">(73.392) </div></td><td class=\"c x4e6 y2fa8 w80 hc8\"><div class=\"t m0 xf h1f y28b ff2b fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x7b2 y2fa8 w4cc hc8\"><div class=\"t m0 xf h1f y28b ff2b fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x5db y2fa8 w4ca hc8\"><div class=\"t m0 x32 h1f y28b ff2b fs7 fc1 sc0 ls0 ws0\">(73.392) </div></td><td class=\"c x7ae y2fa8 w4cc hc8\"><div class=\"t m0 x48 h1f y28b ff2b fs7 fc1 sc0 ls0 ws0\">(208.961) </div></td></tr><tr><td class=\"c x44e y2fa9 w4cb hc8\"><div class=\"t m0 x8e h1f y28b ff2b fs7 fc1 sc0 ls0 ws0\">1.3 Debiti vers<span class=\"_ _1\"></span>o clientela </div></td><td class=\"c x7ac y2fa9 w4cc hc8\"><div class=\"t m0 x14 h1f y28b ff2b fs7 fc1 sc0 ls0 ws0\">(328.733) </div></td><td class=\"c x4e6 y2fa9 w80 hc8\"><div class=\"t m0 xf h1f y28b ff2b fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x7b2 y2fa9 w4cc hc8\"><div class=\"t m0 xf h1f y28b ff2b fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x5db y2fa9 w4ca hc8\"><div class=\"t m0 x14 h1f y28b ff2b fs7 fc1 sc0 ls28 ws0\">(3<span class=\"ls0\">28.733</span><span class=\"ls0\">)</span><span class=\"ls0\"> </span></div></td><td class=\"c x7ae y2fa9 w4cc hc8\"><div class=\"t m0 x14 h1f y28b ff2b fs7 fc1 sc0 ls0 ws0\">(492.348) </div></td></tr><tr><td class=\"c x44e y2faa w4cb hc8\"><div class=\"t m0 x8e h1f y28b ff2b fs7 fc1 sc0 ls0 ws0\">1.4 Titoli in circo<span class=\"_ _1\"></span>lazione </div></td><td class=\"c x7ac y2faa w4cc hc8\"><div class=\"t m0 xf h1f y28b ff2b fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x4e6 y2faa w80 hc8\"><div class=\"t m0 x48 h1f y28b ff2b fs7 fc1 sc0 ls0 ws0\">(136.658) </div></td><td class=\"c x7b2 y2faa w4cc hc8\"><div class=\"t m0 xf h1f y28b ff2b fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x5db y2faa w4ca hc8\"><div class=\"t m0 x48 h1f y28b ff2b fs7 fc1 sc0 ls0 ws0\">(136.658) </div></td><td class=\"c x7ae y2faa w4cc hc8\"><div class=\"t m0 x33 h1f y28b ff2b fs7 fc1 sc0 ls0 ws0\">(139.166) </div></td></tr><tr><td class=\"c x44e y2fab w4cb hc8\"><div class=\"t m0 x10 h1f ye4c ff2b fs7 fc1 sc0 ls0 ws0\">2. Passivit\u00e0 finanz<span class=\"_ _1\"></span>iarie di negozi<span class=\"_ _1\"></span>azione<span class=\"_ _df\"> </span></div></td><td class=\"c x7ac y2fab w4cc hc8\"><div class=\"t m0 xc6 h1f ye4c ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x4e6 y2fab w80 hc8\"><div class=\"t m0 xe h1f ye4c ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x7b2 y2fab w4cc hc8\"><div class=\"t m0 xc6 h1f ye4c ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5db y2fab w4ca hc8\"><div class=\"t m0 xc6 h1f ye4c ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x7ae y2fab w4cc hc8\"><div class=\"t m0 xc6 h1f ye4c ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2fac w4cb hc8\"><div class=\"t m0 x10 h1f ye4c ff2b fs7 fc1 sc0 ls0 ws0\">3. Passivit\u00e0 fina<span class=\"_ _1\"></span>nziarie designate<span class=\"_ _1\"></span> al fair value </div></td><td class=\"c x7ac y2fac w4cc hc8\"><div class=\"t m0 xc6 h1f ye4c ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x4e6 y2fac w80 hc8\"><div class=\"t m0 xe h1f ye4c ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x7b2 y2fac w4cc hc8\"><div class=\"t m0 xc6 h1f ye4c ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5db y2fac w4ca hc8\"><div class=\"t m0 xc6 h1f ye4c ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x7ae y2fac w4cc hc8\"><div class=\"t m0 xc6 h1f ye4c ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2fad w4cb hc8\"><div class=\"t m0 x10 h1f y28b ff2b fs7 fc1 sc0 ls0 ws0\">4. Altre passivit\u00e0 e<span class=\"_ _1\"></span> fondi </div></td><td class=\"c x7ac y2fad w4cc hc8\"><div class=\"t m0 xf h1f y28b ff2b fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x4e6 y2fad w80 hc8\"><div class=\"t m0 xf h1f y28b ff2b fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x7b2 y2fad w4cc hc8\"><div class=\"t m0 x91 h1f y28b ff2b fs7 fc1 sc0 ls0 ws0\">(3) </div></td><td class=\"c x5db y2fad w4ca hc8\"><div class=\"t m0 x91 h1f y28b ff2b fs7 fc1 sc0 ls0 ws0\">(3) </div></td><td class=\"c x7ae y2fad w4cc hc8\"><div class=\"t m0 x8f h1f y28b ff2b fs7 fc1 sc0 ls0 ws0\">(39) </div></td></tr><tr><td class=\"c x44e y2fae w4cb hc8\"><div class=\"t m0 x10 h1f y28b ff2b fs7 fc1 sc0 ls0 ws0\">5. Derivati di c<span class=\"_ _1\"></span>opertura </div></td><td class=\"c x7ac y2fae w4cc hc8\"><div class=\"t m0 xf h1f y28b ff2b fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x4e6 y2fae w80 hc8\"><div class=\"t m0 xf h1f y28b ff2b fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x7b2 y2fae w4cc hc8\"><div class=\"t m0 x35 h1f y28b ff2b fs7 fc1 sc0 ls0 ws0\">(23.752) </div></td><td class=\"c x5db y2fae w4ca hc8\"><div class=\"t m0 x35 h1f y28b ff2b fs7 fc1 sc0 ls0 ws0\">(23.752) </div></td><td class=\"c x7ae y2fae w4cc hc8\"><div class=\"t m0 xc6 h1f y28b ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2faf w4cb h227\"><div class=\"t m0 x10 h1f y28b ff2b fs7 fc1 sc0 ls0 ws0\">6. Attivit\u00e0 finanz<span class=\"_ _1\"></span>iarie </div></td><td class=\"c x7ac y2faf w4cc h227\"><div class=\"t m0 xf h1f y28b ff2b fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x4e6 y2faf w80 h227\"><div class=\"t m0 xf h1f y28b ff2b fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x7b2 y2faf w4cc h227\"><div class=\"t m0 xf h1f y28b ff2b fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x5db y2faf w4ca h227\"><div class=\"t m0 x12 h1f y28b ff2b fs7 fc1 sc0 ls0 ws0\">(8) </div></td><td class=\"c x7ae y2faf w4cc h227\"><div class=\"t m0 x91 h1f y28b ff2b fs7 fc1 sc0 ls0 ws0\">(5) </div></td></tr><tr><td class=\"c x44e y2fb0 w4cb hc8\"><div class=\"t m0 x1f4 h1f y28b ff2b fs7 fc1 sc2 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale </div></td><td class=\"c x7ac y2fb0 w4cc hc8\"><div class=\"t m0 x14 h1f y28b ff2b fs7 fc1 sc2 ls0 ws0\">(402.<span class=\"_ _f\"></span>886) </div></td><td class=\"c x4e6 y2fb0 w80 hc8\"><div class=\"t m0 x33 h1f y28b ff2b fs7 fc1 sc2 ls0 ws0\">(136.6<span class=\"_ _f\"></span>58) </div></td><td class=\"c x7b2 y2fb0 w4cc hc8\"><div class=\"t m0 x2c h1f y28b ff2b fs7 fc1 sc2 ls0 ws0\">(23.75<span class=\"_ _f\"></span>5) </div></td><td class=\"c x5db y2fb0 w4ca hc8\"><div class=\"t m0 x14 h1f y28b ff2b fs7 fc1 sc2 ls0 ws0\">(563.<span class=\"_ _1\"></span>307<span class=\"_ _f\"></span>) </div></td><td class=\"c x7ae y2fb0 w4cc hc8\"><div class=\"t m0 x14 h1f y28b ff2b fs7 fc1 sc2 ls0 ws0\">(855<span class=\"_ _1\"></span>.429<span class=\"_ _1\"></span>) </div></td></tr><tr><td class=\"c x44e y2fb1 w4cb hc8\"><div class=\"t m0 x8e h1f ye4c ff2b fs7 fc1 sc0 ls0 ws0\">di cui: interessi p<span class=\"_ _1\"></span>assivi relativ<span class=\"_ _1\"></span>i ai debiti per leas<span class=\"_ _1\"></span>ing </div></td><td class=\"c x7ac y2fb1 w4cc hc8\"><div class=\"t m0 x26 h1f ye4c ff2b fs7 fc1 sc0 ls0 ws0\">(4.426) </div></td><td class=\"c x4e6 y2fb1 w80 hc8\"><div class=\"t m0 xf h1f ye4c ff2b fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x7b2 y2fb1 w4cc hc8\"><div class=\"t m0 xf h1f ye4c ff2b fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x5db y2fb1 w4ca hc8\"><div class=\"t m0 x27 h1f ye4c ff2b fs7 fc1 sc0 ls0 ws0\">(4.426) </div></td><td class=\"c x7ae y2fb1 w4cc hc8\"><div class=\"t m0 x26 h1f ye4c ff2b fs7 fc1 sc0 ls0 ws0\">(4.475) </div></td></tr></table></div><div class=\"t m0 h5 ff2b fs1 fc4 sc3 ls0 ws0 gsdc6\">1.4 Int<span class=\"_ _1\"></span>eress<span class=\"_ _1\"></span>i pa<span class=\"_ _1\"></span>ssivi <span class=\"_ _f\"></span>e oneri a<span class=\"_ _f\"></span>ssimilati:<span class=\"_ _1\"></span> altre<span class=\"_ _1\"></span> infor<span class=\"_ _1\"></span>mazio<span class=\"_ _f\"></span>ni<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff2b fs1 fc4 sc3 ls0 ws0 gsdc7\">1.4.1 <span class=\"_ _1\"></span>Intere<span class=\"_ _1\"></span>ssi p<span class=\"_ _1\"></span>ass<span class=\"_ _1\"></span>ivi su p<span class=\"_ _1\"></span>ass<span class=\"_ _1\"></span>ivit\u00e0<span class=\"_ _1\"></span> finanz<span class=\"_ _1\"></span>iarie<span class=\"_ _1\"></span> in v<span class=\"_ _1\"></span>aluta<span class=\"_ _df\"> </span><span class=\"_ _1\"></span> </div><div class=\"t m0 h5 ff2b fs1 fc1 sc0 ls0 ws0 gsdc8\">Gli interessi passivi maturati ammontano a 23.755 mila euro.<span class=\"_ _df\"> </span> </div>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfBorrowingCostsExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-841": {
   "value": "1.3 Int<span class=\"_ _f\"></span>eressi p<span class=\"_ _1\"></span>assi<span class=\"_ _1\"></span>vi e one<span class=\"_ _f\"></span>ri assim<span class=\"_ _f\"></span>ilati: com<span class=\"_ _1\"></span>posizi<span class=\"_ _1\"></span>one<span class=\"_ _1\"></span>  <table class=\"s wdcc h52c\" id=\"_3b63c537-3a4e-4b39-a405-3ae1e4d8af8c\"><tr><td class=\"c x44e y2fa1 w4c8 h2c9\"><div class=\"t m0 xef h1f y96d ff2b fs7 fc4 sc3 ls0 ws0\">Voci<span class=\"_ _1\"></span>/Form<span class=\"_ _f\"></span>e tecni<span class=\"_ _1\"></span>che<span class=\"_ _f\"></span> </div></td><td class=\"c x7ac y2fa1 w4c9 h2c9\"><div class=\"t m0 x130 h1f y96d ff2b fs7 fc4 sc3 ls0 ws0\">Debit<span class=\"_ _f\"></span>i  </div></td><td class=\"c x4e6 y2fa1 w4ca h2c9\"><div class=\"t m0 x14 h1f y96d ff2b fs7 fc4 sc3 ls0 ws0\">Titol<span class=\"_ _1\"></span>i </div></td><td class=\"c x7af y2fa2 wa5a h484\"><div class=\"t m0 x250 h1f y2409 ff2b fs7 fc4 sc3 ls0 ws0\">Altr<span class=\"_ _1\"></span>e<span class=\"_ _df\"> </span></div></td><td class=\"c x7b0 y2fa3 w47d h2ca\"><div class=\"t m0 x130 h1f y32 ff2b fs7 fc4 sc3 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale </div></td><td class=\"c x7ae y2fa3 w47b h2ca\"><div class=\"t m0 x130 h1f y32 ff2b fs7 fc4 sc3 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale </div></td></tr><tr><td></td><td></td><td></td><td class=\"c x7b1 y2fa4 wdc7 h484\"><div class=\"t m0 x250 h1f y2409 ff2b fs7 fc4 sc3 ls0 ws0\">opera<span class=\"_ _f\"></span>zioni<span class=\"_ _df\"> </span></div></td><td class=\"c x7b0 y2fa1 w47d h2ca\"><div class=\"t m0 x8e h1f yf81 ff2b fs7 fc4 sc3 ls0 ws0\">31/12/<span class=\"_ _f\"></span>2025 </div></td><td class=\"c x7ae y2fa1 w47b h2ca\"><div class=\"t m0 x8e h1f yf81 ff2b fs7 fc4 sc3 ls0 ws0\">31/12/<span class=\"_ _f\"></span>2024 </div></td></tr><tr><td class=\"c x262 y2b00 wdcd h484\"><div class=\"t m0 x250 h1f y2409 ff2b fs7 fc1 sc0 ls9 ws0\">1.<span class=\"ls0\"> Passivit\u00e0 finanzi<span class=\"_ _1\"></span>arie valutate <span class=\"_ _1\"></span>al costo<span class=\"_ _df\"> </span></span></div></td><td class=\"c x7ac y2fa5 w4cc h58\"><div class=\"t m0 x39 h1f y2ea ff2b fs7 fc1 sc0 ls0 ws0\">(402.886) </div></td><td class=\"c x4e6 y2fa5 w80 h58\"><div class=\"t m0 x48 h1f y2ea ff2b fs7 fc1 sc0 ls0 ws0\">(136.658) </div></td><td class=\"c x7b2 y2fa5 w4cc h58\"><div class=\"t m0 xf h1f y2ea ff2b fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x5db y2fa5 w4ca h58\"><div class=\"t m0 x39 h1f y2ea ff2b fs7 fc1 sc0 ls0 ws0\">(539.544) </div></td><td class=\"c x7ae y2fa5 w4cc h58\"><div class=\"t m0 x14 h1f y2ea ff2b fs7 fc1 sc0 ls0 ws0\">(855.385) </div></td></tr><tr><td class=\"c x262 y2fa6 w988 h484\"><div class=\"t m0 x250 h1f y2409 ff2b fs7 fc1 sc0 ls0 ws0\">ammortizzato<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x44e y2fa7 w4cb hc8\"><div class=\"t m0 x8e h1f y28b ff2b fs7 fc1 sc0 ls0 ws0\">1.1 Debiti verso banche<span class=\"_ _f\"></span> centrali </div></td><td class=\"c x7ac y2fa7 w4cc hc8\"><div class=\"t m0 x36 h1f y28b ff2b fs7 fc1 sc0 ls0 ws0\">(761) </div></td><td class=\"c x4e6 y2fa7 w80 hc8\"><div class=\"t m0 xf h1f y28b ff2b fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x7b2 y2fa7 w4cc hc8\"><div class=\"t m0 xf h1f y28b ff2b fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x5db y2fa7 w4ca hc8\"><div class=\"t m0 x15 h1f y28b ff2b fs7 fc1 sc0 ls0 ws0\">(761) </div></td><td class=\"c x7ae y2fa7 w4cc hc8\"><div class=\"t m0 x3a h1f y28b ff2b fs7 fc1 sc0 ls0 ws0\">(14.910) </div></td></tr><tr><td class=\"c x44e y2fa8 w4cb hc8\"><div class=\"t m0 x8e h1f y28b ff2b fs7 fc1 sc0 ls0 ws0\">1.2 Debiti verso <span class=\"_ _1\"></span>banche </div></td><td class=\"c x7ac y2fa8 w4cc hc8\"><div class=\"t m0 x35 h1f y28b ff2b fs7 fc1 sc0 ls0 ws0\">(73.392) </div></td><td class=\"c x4e6 y2fa8 w80 hc8\"><div class=\"t m0 xf h1f y28b ff2b fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x7b2 y2fa8 w4cc hc8\"><div class=\"t m0 xf h1f y28b ff2b fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x5db y2fa8 w4ca hc8\"><div class=\"t m0 x32 h1f y28b ff2b fs7 fc1 sc0 ls0 ws0\">(73.392) </div></td><td class=\"c x7ae y2fa8 w4cc hc8\"><div class=\"t m0 x48 h1f y28b ff2b fs7 fc1 sc0 ls0 ws0\">(208.961) </div></td></tr><tr><td class=\"c x44e y2fa9 w4cb hc8\"><div class=\"t m0 x8e h1f y28b ff2b fs7 fc1 sc0 ls0 ws0\">1.3 Debiti vers<span class=\"_ _1\"></span>o clientela </div></td><td class=\"c x7ac y2fa9 w4cc hc8\"><div class=\"t m0 x14 h1f y28b ff2b fs7 fc1 sc0 ls0 ws0\">(328.733) </div></td><td class=\"c x4e6 y2fa9 w80 hc8\"><div class=\"t m0 xf h1f y28b ff2b fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x7b2 y2fa9 w4cc hc8\"><div class=\"t m0 xf h1f y28b ff2b fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x5db y2fa9 w4ca hc8\"><div class=\"t m0 x14 h1f y28b ff2b fs7 fc1 sc0 ls28 ws0\">(3<span class=\"ls0\">28.733</span><span class=\"ls0\">)</span><span class=\"ls0\"> </span></div></td><td class=\"c x7ae y2fa9 w4cc hc8\"><div class=\"t m0 x14 h1f y28b ff2b fs7 fc1 sc0 ls0 ws0\">(492.348) </div></td></tr><tr><td class=\"c x44e y2faa w4cb hc8\"><div class=\"t m0 x8e h1f y28b ff2b fs7 fc1 sc0 ls0 ws0\">1.4 Titoli in circo<span class=\"_ _1\"></span>lazione </div></td><td class=\"c x7ac y2faa w4cc hc8\"><div class=\"t m0 xf h1f y28b ff2b fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x4e6 y2faa w80 hc8\"><div class=\"t m0 x48 h1f y28b ff2b fs7 fc1 sc0 ls0 ws0\">(136.658) </div></td><td class=\"c x7b2 y2faa w4cc hc8\"><div class=\"t m0 xf h1f y28b ff2b fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x5db y2faa w4ca hc8\"><div class=\"t m0 x48 h1f y28b ff2b fs7 fc1 sc0 ls0 ws0\">(136.658) </div></td><td class=\"c x7ae y2faa w4cc hc8\"><div class=\"t m0 x33 h1f y28b ff2b fs7 fc1 sc0 ls0 ws0\">(139.166) </div></td></tr><tr><td class=\"c x44e y2fab w4cb hc8\"><div class=\"t m0 x10 h1f ye4c ff2b fs7 fc1 sc0 ls0 ws0\">2. Passivit\u00e0 finanz<span class=\"_ _1\"></span>iarie di negozi<span class=\"_ _1\"></span>azione<span class=\"_ _df\"> </span></div></td><td class=\"c x7ac y2fab w4cc hc8\"><div class=\"t m0 xc6 h1f ye4c ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x4e6 y2fab w80 hc8\"><div class=\"t m0 xe h1f ye4c ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x7b2 y2fab w4cc hc8\"><div class=\"t m0 xc6 h1f ye4c ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5db y2fab w4ca hc8\"><div class=\"t m0 xc6 h1f ye4c ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x7ae y2fab w4cc hc8\"><div class=\"t m0 xc6 h1f ye4c ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2fac w4cb hc8\"><div class=\"t m0 x10 h1f ye4c ff2b fs7 fc1 sc0 ls0 ws0\">3. Passivit\u00e0 fina<span class=\"_ _1\"></span>nziarie designate<span class=\"_ _1\"></span> al fair value </div></td><td class=\"c x7ac y2fac w4cc hc8\"><div class=\"t m0 xc6 h1f ye4c ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x4e6 y2fac w80 hc8\"><div class=\"t m0 xe h1f ye4c ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x7b2 y2fac w4cc hc8\"><div class=\"t m0 xc6 h1f ye4c ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5db y2fac w4ca hc8\"><div class=\"t m0 xc6 h1f ye4c ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x7ae y2fac w4cc hc8\"><div class=\"t m0 xc6 h1f ye4c ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2fad w4cb hc8\"><div class=\"t m0 x10 h1f y28b ff2b fs7 fc1 sc0 ls0 ws0\">4. Altre passivit\u00e0 e<span class=\"_ _1\"></span> fondi </div></td><td class=\"c x7ac y2fad w4cc hc8\"><div class=\"t m0 xf h1f y28b ff2b fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x4e6 y2fad w80 hc8\"><div class=\"t m0 xf h1f y28b ff2b fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x7b2 y2fad w4cc hc8\"><div class=\"t m0 x91 h1f y28b ff2b fs7 fc1 sc0 ls0 ws0\">(3) </div></td><td class=\"c x5db y2fad w4ca hc8\"><div class=\"t m0 x91 h1f y28b ff2b fs7 fc1 sc0 ls0 ws0\">(3) </div></td><td class=\"c x7ae y2fad w4cc hc8\"><div class=\"t m0 x8f h1f y28b ff2b fs7 fc1 sc0 ls0 ws0\">(39) </div></td></tr><tr><td class=\"c x44e y2fae w4cb hc8\"><div class=\"t m0 x10 h1f y28b ff2b fs7 fc1 sc0 ls0 ws0\">5. Derivati di c<span class=\"_ _1\"></span>opertura </div></td><td class=\"c x7ac y2fae w4cc hc8\"><div class=\"t m0 xf h1f y28b ff2b fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x4e6 y2fae w80 hc8\"><div class=\"t m0 xf h1f y28b ff2b fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x7b2 y2fae w4cc hc8\"><div class=\"t m0 x35 h1f y28b ff2b fs7 fc1 sc0 ls0 ws0\">(23.752) </div></td><td class=\"c x5db y2fae w4ca hc8\"><div class=\"t m0 x35 h1f y28b ff2b fs7 fc1 sc0 ls0 ws0\">(23.752) </div></td><td class=\"c x7ae y2fae w4cc hc8\"><div class=\"t m0 xc6 h1f y28b ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2faf w4cb h227\"><div class=\"t m0 x10 h1f y28b ff2b fs7 fc1 sc0 ls0 ws0\">6. Attivit\u00e0 finanz<span class=\"_ _1\"></span>iarie </div></td><td class=\"c x7ac y2faf w4cc h227\"><div class=\"t m0 xf h1f y28b ff2b fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x4e6 y2faf w80 h227\"><div class=\"t m0 xf h1f y28b ff2b fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x7b2 y2faf w4cc h227\"><div class=\"t m0 xf h1f y28b ff2b fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x5db y2faf w4ca h227\"><div class=\"t m0 x12 h1f y28b ff2b fs7 fc1 sc0 ls0 ws0\">(8) </div></td><td class=\"c x7ae y2faf w4cc h227\"><div class=\"t m0 x91 h1f y28b ff2b fs7 fc1 sc0 ls0 ws0\">(5) </div></td></tr><tr><td class=\"c x44e y2fb0 w4cb hc8\"><div class=\"t m0 x1f4 h1f y28b ff2b fs7 fc1 sc2 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale </div></td><td class=\"c x7ac y2fb0 w4cc hc8\"><div class=\"t m0 x14 h1f y28b ff2b fs7 fc1 sc2 ls0 ws0\">(402.<span class=\"_ _f\"></span>886) </div></td><td class=\"c x4e6 y2fb0 w80 hc8\"><div class=\"t m0 x33 h1f y28b ff2b fs7 fc1 sc2 ls0 ws0\">(136.6<span class=\"_ _f\"></span>58) </div></td><td class=\"c x7b2 y2fb0 w4cc hc8\"><div class=\"t m0 x2c h1f y28b ff2b fs7 fc1 sc2 ls0 ws0\">(23.75<span class=\"_ _f\"></span>5) </div></td><td class=\"c x5db y2fb0 w4ca hc8\"><div class=\"t m0 x14 h1f y28b ff2b fs7 fc1 sc2 ls0 ws0\">(563.<span class=\"_ _1\"></span>307<span class=\"_ _f\"></span>) </div></td><td class=\"c x7ae y2fb0 w4cc hc8\"><div class=\"t m0 x14 h1f y28b ff2b fs7 fc1 sc2 ls0 ws0\">(855<span class=\"_ _1\"></span>.429<span class=\"_ _1\"></span>) </div></td></tr><tr><td class=\"c x44e y2fb1 w4cb hc8\"><div class=\"t m0 x8e h1f ye4c ff2b fs7 fc1 sc0 ls0 ws0\">di cui: interessi p<span class=\"_ _1\"></span>assivi relativ<span class=\"_ _1\"></span>i ai debiti per leas<span class=\"_ _1\"></span>ing </div></td><td class=\"c x7ac y2fb1 w4cc hc8\"><div class=\"t m0 x26 h1f ye4c ff2b fs7 fc1 sc0 ls0 ws0\">(4.426) </div></td><td class=\"c x4e6 y2fb1 w80 hc8\"><div class=\"t m0 xf h1f ye4c ff2b fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x7b2 y2fb1 w4cc hc8\"><div class=\"t m0 xf h1f ye4c ff2b fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x5db y2fb1 w4ca hc8\"><div class=\"t m0 x27 h1f ye4c ff2b fs7 fc1 sc0 ls0 ws0\">(4.426) </div></td><td class=\"c x7ae y2fb1 w4cc hc8\"><div class=\"t m0 x26 h1f ye4c ff2b fs7 fc1 sc0 ls0 ws0\">(4.475) </div></td></tr></table>1.4 Int<span class=\"_ _1\"></span>eress<span class=\"_ _1\"></span>i pa<span class=\"_ _1\"></span>ssivi <span class=\"_ _f\"></span>e oneri a<span class=\"_ _f\"></span>ssimilati:<span class=\"_ _1\"></span> altre<span class=\"_ _1\"></span> infor<span class=\"_ _1\"></span>mazio<span class=\"_ _f\"></span>ni<span class=\"_ _df\"> </span> 1.4.1 <span class=\"_ _1\"></span>Intere<span class=\"_ _1\"></span>ssi p<span class=\"_ _1\"></span>ass<span class=\"_ _1\"></span>ivi su p<span class=\"_ _1\"></span>ass<span class=\"_ _1\"></span>ivit\u00e0<span class=\"_ _1\"></span> finanz<span class=\"_ _1\"></span>iarie<span class=\"_ _1\"></span> in v<span class=\"_ _1\"></span>aluta<span class=\"_ _df\"> </span><span class=\"_ _1\"></span> Gli interessi passivi maturati ammontano a 23.755 mila euro.<span class=\"_ _df\"> </span> 1.5 Di<span class=\"_ _1\"></span>ffere<span class=\"_ _1\"></span>nziali<span class=\"_ _1\"></span> rela<span class=\"_ _f\"></span>tivi alle o<span class=\"_ _f\"></span>perazioni<span class=\"_ _1\"></span> di co<span class=\"_ _f\"></span>pertura <table class=\"s wdce h52d\" id=\"_fe0b5cf9-20c8-4b24-8137-c494adf59f6b\"><tr><td class=\"c x44e y2fb2 w4aa h2cb\"><div class=\"t m0 x1b4 h1f y1498 ff2b fs7 fc4 sc3 ls0 ws0\">Voci<span class=\"_ _1\"></span> </div></td><td class=\"c x534 y2fb3 w461 h21b\"><div class=\"t m0 x37 h1f y66c ff2b fs7 fc4 sc3 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale </div></td><td class=\"c x533 y2fb3 w3c4 h21b\"><div class=\"t m0 x37 h1f y66c ff2b fs7 fc4 sc3 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale </div></td></tr><tr><td></td><td class=\"c x534 y2fb2 w461 h4e\"><div class=\"t m0 x32 h1f y71 ff2b fs7 fc4 sc3 ls0 ws0\">31/12/<span class=\"_ _f\"></span>2025 </div></td><td class=\"c x533 y2fb2 w3c4 h4e\"><div class=\"t m0 x32 h1f y71 ff2b fs7 fc4 sc3 ls0 ws0\">31/12/<span class=\"_ _f\"></span>2024 </div></td></tr><tr><td class=\"c x44e y2fb4 w3c5 h131\"><div class=\"t m0 x10 h1f y3e4 ff2b fs7 fc1 sc0 ls0 ws0\">A. Differenzial<span class=\"_ _1\"></span>i positivi relati<span class=\"_ _1\"></span>vi a operazioni di co<span class=\"_ _1\"></span>pertura<span class=\"_ _df\"> </span></div></td><td class=\"c x532 y2fb4 w3c3 h131\"><div class=\"t m0 xe h1f y3e4 ff2b fs7 fc1 sc0 ls0 ws0\">590.526 </div></td><td class=\"c x533 y2fb4 w3c6 h131\"><div class=\"t m0 xc6 h1f y3e4 ff2b fs7 fc1 sc0 ls0 ws0\">1.212.619 </div></td></tr><tr><td class=\"c x44e y2fb5 w4cd h131\"><div class=\"t m0 x10 h1f y3e4 ff2b fs7 fc1 sc0 ls0 ws0\">B. Differenziali <span class=\"_ _1\"></span>negativi relativ<span class=\"_ _1\"></span>i a operazi<span class=\"_ _1\"></span>oni di copertura<span class=\"_ _df\"> </span></div></td><td class=\"c x534 y2fb5 w461 h131\"><div class=\"t m0 x1c h1f y3e4 ff2b fs7 fc1 sc0 ls0 ws0\">(614.278) </div></td><td class=\"c x533 y2fb5 w3c6 h131\"><div class=\"t m0 x11 h1f y3e4 ff2b fs7 fc1 sc0 ls0 ws0\">(1.078.555) </div></td></tr><tr><td class=\"c x44e y2fb6 w3c5 h13\"><div class=\"t m0 x10 h1f y80 ff2b fs7 fc1 sc2 ls0 ws0\">C. Sa<span class=\"_ _1\"></span>ldo<span class=\"_ _1\"></span> (A-<span class=\"lse7\">B</span><span class=\"lse7\">)</span> </div></td><td class=\"c x532 y2fb6 w3c3 h13\"><div class=\"t m0 xa3 h1f y80 ff2b fs7 fc1 sc2 ls0 ws0\">(23.75<span class=\"_ _f\"></span>2) </div></td><td class=\"c x533 y2fb6 w3c6 h13\"><div class=\"t m0 x8 h1f y80 ff2b fs7 fc1 sc2 ls0 ws0\">134.<span class=\"_ _1\"></span>064 </div></td></tr></table>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-786": {
   "value": "<div class=\"t m0 hc ff2b fs4 fc4 sc3 ls0 ws0 gsdca\">Sezi<span class=\"_ _f\"></span>one 2<span class=\"_ _f\"></span> <span class=\"ff2c\">\u2013</span> Le c<span class=\"_ _1\"></span>om<span class=\"_ _f\"></span>missi<span class=\"_ _1\"></span>oni -<span class=\"_ _1\"></span> Vo<span class=\"_ _f\"></span>ci 40 <span class=\"_ _f\"></span>e 50<span class=\"_ _df\"> </span> </div><div class=\"c w4ce h2cc gsdcb\"><div class=\"t m0 x8a h5 y3e6 ff2b fs1 fc4 sc3 ls0 ws0\">2.1 Co<span class=\"_ _f\"></span>mmissio<span class=\"_ _1\"></span>ni at<span class=\"_ _1\"></span>tive: <span class=\"_ _f\"></span>composi<span class=\"_ _f\"></span>zione<span class=\"_ _df\"> </span><span class=\"fc1 sc0\"> </span></div></div><div class=\"gsdcc\"><table class=\"s wdcf h52e\" id=\"_90d67d51-4b3c-4b94-9edb-e10da1ab7bdc\"><tr><td class=\"c x46b y2fb7 w4cf h20c\"><div class=\"t m0 xa1 h1f y88f ff2b fs7 fc4 sc3 ls0 ws0\">Tipol<span class=\"_ _f\"></span>ogia ser<span class=\"_ _f\"></span>vizi/Va<span class=\"_ _1\"></span>lori<span class=\"_ _df\"> </span><span class=\"fc1 sc0\"> </span></div></td><td class=\"c x7b3 y2fb8 w4d0 h98\"><div class=\"t m0 x31 h1f y32 ff2b fs7 fc4 sc3 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale<span class=\"_ _df\"> </span><span class=\"fc1 sc0\"> </span></div></td><td class=\"c x613 y2fb8 w4d0 h98\"><div class=\"t m0 x31 h1f y32 ff2b fs7 fc4 sc3 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale<span class=\"_ _df\"> </span><span class=\"fc1 sc0\"> </span></div></td></tr><tr><td></td><td class=\"c x7b3 y2fb7 w4d0 h12\"><div class=\"t m0 x27 h1f y1d ff2b fs7 fc4 sc3 ls0 ws0\">31/12/<span class=\"_ _f\"></span>2025<span class=\"_ _df\"> </span><span class=\"fc1 sc0\"> </span></div></td><td class=\"c x613 y2fb7 w4d0 h12\"><div class=\"t m0 x27 h1f y1d ff2b fs7 fc4 sc3 ls0 ws0\">31/12/<span class=\"_ _f\"></span>2024<span class=\"_ _df\"> </span><span class=\"fc1 sc0\"> </span></div></td></tr><tr><td class=\"c x46b y2fb9 w4ce h65\"><div class=\"t m0 x8a h1f y35e ff2b fs7 fc1 sc0 ls0 ws0\">a) Strumenti f<span class=\"_ _1\"></span>inanziari<span class=\"_ _df\"> </span> </div></td><td class=\"c x7b3 y2fb9 w4d0 h65\"><div class=\"t m0 x1af h1f y35e ff2b fs7 fc1 sc0 ls0 ws0\">243.878<span class=\"_ _df\"> </span> </div></td><td class=\"c x613 y2fb9 w4d1 h65\"><div class=\"t m0 xef h1f y35e ff2b fs7 fc1 sc0 ls0 ws0\">2<span class=\"_ _df\"> </span>29.191 </div></td></tr><tr><td class=\"c x46b y2fba w4ce h296\"><div class=\"t m0 x48 h1f y35e ff2b fs7 fc1 sc0 ls0 ws0\">1. Collocamento<span class=\"_ _1\"></span> titoli<span class=\"_ _df\"> </span></div></td><td class=\"c x7b3 y2fba w4d0 h296\"><div class=\"t m0 x124 h1f y35e ff2b fs7 fc1 sc0 ls0 ws0\">114.721<span class=\"_ _df\"> </span> </div></td><td class=\"c x613 y2fba w4d1 h296\"><div class=\"t m0 xf0 h1f y35e ff2b fs7 fc1 sc0 ls0 ws0\">10<span class=\"_ _df\"> </span>5.338 </div></td></tr><tr><td class=\"c x46b y2fbb w4ce h65\"><div class=\"t m0 x30 h1f y35e ff2b fs7 fc1 sc0 ls0 ws0\">1.1 Con assunzi<span class=\"_ _1\"></span>one a fermo e/o sul<span class=\"_ _f\"></span>l<span class=\"_ _2\"></span>a base di u<span class=\"_ _f\"></span>n i<span class=\"_ _2\"></span>mpegno <span class=\"_ _1\"></span>irrevocabile<span class=\"_ _df\"> </span> </div></td><td class=\"c x7b3 y2fbb w4d0 h65\"><div class=\"t m0 xe3 h1f y35e ff2b fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span> </div></td><td class=\"c x613 y2fbb w4d1 h65\"><div class=\"t m0 xe3 h1f y35e ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y2fbc w4ce h65\"><div class=\"t m0 x30 h1f y360 ff2b fs7 fc1 sc0 ls0 ws0\">1.2 Senza impegn<span class=\"_ _1\"></span>o irrevocabile<span class=\"_ _df\"> </span> </div></td><td class=\"c x7b3 y2fbc w4d0 h65\"><div class=\"t m0 x124 h1f y360 ff2b fs7 fc1 sc0 ls0 ws0\">114.721<span class=\"_ _df\"> </span> </div></td><td class=\"c x613 y2fbc w4d1 h65\"><div class=\"t m0 xf0 h1f y360 ff2b fs7 fc1 sc0 ls0 ws0\">10<span class=\"_ _df\"> </span>5.338 </div></td></tr><tr><td class=\"c x5be y2fbd wdd0 h484\"><div class=\"t m0 x250 h1f y2410 ff2b fs7 fc1 sc0 ls0 ws0\">2. Attivit\u00e0 di ricez<span class=\"_ _1\"></span>ione e trasmis<span class=\"_ _1\"></span>sione di ordini e e<span class=\"_ _1\"></span>secuzione d<span class=\"_ _1\"></span>i ordini per<span class=\"_ _df\"> </span></div></td><td class=\"c x7b3 y2fbe w4d0 h183\"><div class=\"t m0 xee h1f y30 ff2b fs7 fc1 sc0 ls0 ws0\">21.257<span class=\"_ _df\"> </span> </div></td><td class=\"c x613 y2fbe w4d1 h183\"><div class=\"t m0 x11d h1f y30 ff2b fs7 fc1 sc0 ls0 ws0\">2<span class=\"_ _df\"> </span>0.292 </div></td></tr><tr><td class=\"c x5be y2fbf wdd1 h484\"><div class=\"t m0 x250 h1f y2410 ff2b fs7 fc1 sc0 ls0 ws0\">conto dei clienti<span class=\"_ _df\"> </span></div></td><td></td><td></td></tr><tr><td class=\"c x46b y2fc0 w4ce h65\"><div class=\"t m0 x30 h1f y35e ff2b fs7 fc1 sc0 ls0 ws0\">2.1 Ricezione e t<span class=\"_ _1\"></span>rasmissione di o<span class=\"_ _1\"></span>rdini di uno <span class=\"_ _1\"></span>o pi\u00f9 strumenti f<span class=\"_ _1\"></span>inanziari<span class=\"_ _df\"> </span> </div></td><td class=\"c x7b3 y2fc0 w4d0 h65\"><div class=\"t m0 x124 h1f y35e ff2b fs7 fc1 sc0 ls0 ws0\">14.440<span class=\"_ _df\"> </span> </div></td><td class=\"c x613 y2fc0 w4d1 h65\"><div class=\"t m0 x124 h1f y35e ff2b fs7 fc1 sc0 ls9 ws0\">1<span class=\"_ _df\"> </span>4.<span class=\"lsa\">404</span><span class=\"lsa\"><span class=\"ls0\"> </span></span></div></td></tr><tr><td class=\"c x46b y2fc1 w4ce h65\"><div class=\"t m0 x30 h1f y360 ff2b fs7 fc1 sc0 ls0 ws0\">2.2 Esecuzione d<span class=\"_ _1\"></span>i ordini per c<span class=\"_ _1\"></span>onto dei client<span class=\"_ _1\"></span>i<span class=\"_ _df\"> </span> </div></td><td class=\"c x7b3 y2fc1 w4d0 h65\"><div class=\"t m0 xeb h1f y360 ff2b fs7 fc1 sc0 ls0 ws0\">6.817<span class=\"_ _df\"> </span> </div></td><td class=\"c x613 y2fc1 w4d1 h65\"><div class=\"t m0 x11f h1f y360 ff2b fs7 fc1 sc0 ls0 ws0\">5.888 </div></td></tr><tr><td class=\"c x46b y2fc2 w4ce h296\"><div class=\"t m0 x48 h1f y35e ff2b fs7 fc1 sc0 ls0 ws0\">3. Altre commiss<span class=\"_ _1\"></span>ioni connesse c<span class=\"_ _f\"></span>o<span class=\"_ _2\"></span>n attivit\u00e0 leg<span class=\"_ _f\"></span>at<span class=\"_ _2\"></span>e a strume<span class=\"_ _1\"></span>nti finanz<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span>ari<span class=\"_ _df\"> </span></div></td><td class=\"c x7b3 y2fc2 w4d0 h296\"><div class=\"t m0 xf0 h1f y35e ff2b fs7 fc1 sc0 ls0 ws0\">107.900<span class=\"_ _df\"> </span> </div></td><td class=\"c x613 y2fc2 w4d1 h296\"><div class=\"t m0 xef h1f y35e ff2b fs7 fc1 sc0 ls0 ws0\">1<span class=\"_ _df\"> </span>03.561 </div></td></tr><tr><td class=\"c x46b y2fc3 w4ce h65\"><div class=\"t m0 x30 h1f y35e ff2b fs7 fc1 sc0 ls0 ws0\">di cui: negoziaz<span class=\"_ _1\"></span>ione per conto pr<span class=\"_ _1\"></span>oprio<span class=\"_ _df\"> </span> </div></td><td class=\"c x7b3 y2fc3 w4d0 h65\"><div class=\"t m0 xe3 h1f y35e ff2b fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span> </div></td><td class=\"c x613 y2fc3 w4d1 h65\"><div class=\"t m0 xe3 h1f y35e ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y2fc4 w4ce h296\"><div class=\"t m0 x30 h1f y35e ff2b fs7 fc1 sc0 ls0 ws0\">di cui: gestione d<span class=\"_ _1\"></span>i portafogli <span class=\"_ _1\"></span>individuali<span class=\"_ _df\"> </span> </div></td><td class=\"c x7b3 y2fc4 w4d0 h296\"><div class=\"t m0 xf0 h1f y35e ff2b fs7 fc1 sc0 ls0 ws0\">107.900<span class=\"_ _df\"> </span> </div></td><td class=\"c x613 y2fc4 w4d1 h296\"><div class=\"t m0 xef h1f y35e ff2b fs7 fc1 sc0 ls0 ws0\">1<span class=\"_ _df\"> </span>03.561 </div></td></tr><tr><td class=\"c x46b y2fc5 w4ce h177\"><div class=\"t m0 x8a h1f y35e ff2b fs7 fc1 sc0 ls0 ws0\">b) Corporate F<span class=\"_ _1\"></span>inance<span class=\"_ _df\"> </span> </div></td><td class=\"c x7b3 y2fc5 w4d0 h177\"><div class=\"t m0 xe7 h1f y35e ff2b fs7 fc1 sc0 ls0 ws0\">1.267<span class=\"_ _df\"> </span> </div></td><td class=\"c x613 y2fc5 w4d1 h177\"><div class=\"t m0 xeb h1f y35e ff2b fs7 fc1 sc0 ls0 ws0\">2.410 </div></td></tr><tr><td class=\"c x46b y2fc6 w4ce h65\"><div class=\"t m0 x30 h1f y360 ff2b fs7 fc1 sc0 ls0 ws0\">1. Consulenza in <span class=\"_ _1\"></span>materia di fusion<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span> e acqu<span class=\"_ _1\"></span>isizioni<span class=\"_ _df\"> </span></div></td><td class=\"c x7b3 y2fc6 w4d0 h65\"><div class=\"t m0 xe7 h1f y360 ff2b fs7 fc1 sc0 ls0 ws0\">1.267<span class=\"_ _df\"> </span> </div></td><td class=\"c x613 y2fc6 w4d1 h65\"><div class=\"t m0 xeb h1f y360 ff2b fs7 fc1 sc0 ls0 ws0\">2.410 </div></td></tr><tr><td class=\"c x46b y2fc7 w4ce h296\"><div class=\"t m0 x30 h1f y35e ff2b fs7 fc1 sc0 ls0 ws0\">2. Servizi di tes<span class=\"_ _f\"></span>o<span class=\"_ _2\"></span>reria<span class=\"_ _df\"> </span></div></td><td class=\"c x7b3 y2fc7 w4d0 h296\"><div class=\"t m0 xe3 h1f y35e ff2b fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span> </div></td><td class=\"c x613 y2fc7 w4d1 h296\"><div class=\"t m0 xe3 h1f y35e ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y2fc8 w4ce h65\"><div class=\"t m0 x30 h1f y35e ff2b fs7 fc1 sc0 ls0 ws0\">3. Altre commiss<span class=\"_ _1\"></span>ioni connesse c<span class=\"_ _f\"></span>o<span class=\"_ _2\"></span>n servizi di c<span class=\"_ _f\"></span>o<span class=\"_ _2\"></span>rpora<span class=\"_ _1\"></span>te finance<span class=\"_ _df\"> </span></div></td><td class=\"c x7b3 y2fc8 w4d0 h65\"><div class=\"t m0 xe3 h1f y35e ff2b fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span> </div></td><td class=\"c x613 y2fc8 w4d1 h65\"><div class=\"t m0 xe3 h1f y35e ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y2fc9 w4ce h296\"><div class=\"t m0 x8a h1f y35e ff2b fs7 fc1 sc0 ls0 ws0\">c) Attivit\u00e0 di con<span class=\"_ _1\"></span>sulenza in mater<span class=\"_ _1\"></span>ia di investiment<span class=\"_ _1\"></span>i<span class=\"_ _df\"> </span></div></td><td class=\"c x7b3 y2fc9 w4d0 h296\"><div class=\"t m0 x11f h1f y35e ff2b fs7 fc1 sc0 ls0 ws0\">19.571<span class=\"_ _df\"> </span> </div></td><td class=\"c x613 y2fc9 w4d1 h296\"><div class=\"t m0 xee h1f y35e ff2b fs7 fc1 sc0 ls0 ws0\">1<span class=\"_ _df\"> </span>7.306 </div></td></tr><tr><td class=\"c x46b y2fca w4ce h65\"><div class=\"t m0 x8a h1f y35e ff2b fs7 fc1 sc0 ls0 ws0\">d) Compensazione<span class=\"_ _1\"></span> e regolament<span class=\"_ _f\"></span>o<span class=\"_ _df\"> </span></div></td><td class=\"c x7b3 y2fca w4d0 h65\"><div class=\"t m0 xe3 h1f y35e ff2b fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span> </div></td><td class=\"c x613 y2fca w4d1 h65\"><div class=\"t m0 xe3 h1f y35e ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y2fcb w4ce h65\"><div class=\"t m0 x8a h1f y360 ff2b fs7 fc1 sc0 ls0 ws0\">e) Gestione di p<span class=\"_ _1\"></span>ortafogli collett<span class=\"_ _1\"></span>ive<span class=\"_ _df\"> </span> </div></td><td class=\"c x7b3 y2fcb w4d0 h65\"><div class=\"t m0 x49 h1f y360 ff2b fs7 fc1 sc0 ls0 ws0\">240.988<span class=\"_ _df\"> </span> </div></td><td class=\"c x613 y2fcb w4d1 h65\"><div class=\"t m0 x1af h1f y360 ff2b fs7 fc1 sc0 ls0 ws0\">26<span class=\"_ _df\"> </span>5.425 </div></td></tr><tr><td class=\"c x46b y2fcc w4ce h65\"><div class=\"t m0 x8a h1f y35e ff2b fs7 fc1 sc0 ls0 ws0\">f) Custodia e amm<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span>nistrazi<span class=\"_ _1\"></span>one<span class=\"_ _df\"> </span> </div></td><td class=\"c x7b3 y2fcc w4d0 h65\"><div class=\"t m0 xec h1f y35e ff2b fs7 fc1 sc0 ls0 ws0\">3.978<span class=\"_ _df\"> </span> </div></td><td class=\"c x613 y2fcc w4d1 h65\"><div class=\"t m0 xec h1f y35e ff2b fs7 fc1 sc0 ls0 ws0\">3.964 </div></td></tr><tr><td class=\"c x46b y2fcd w4ce h65\"><div class=\"t m0 x30 h1f y360 ff2b fs7 fc1 sc0 ls0 ws0\">1. Banca deposita<span class=\"_ _1\"></span>ria<span class=\"_ _df\"> </span> </div></td><td class=\"c x7b3 y2fcd w4d0 h65\"><div class=\"t m0 xe3 h1f y360 ff2b fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span> </div></td><td class=\"c x613 y2fcd w4d1 h65\"><div class=\"t m0 xe3 h1f y360 ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y2fce w4ce h296\"><div class=\"t m0 x30 h1f y35e ff2c fs7 fc1 sc0 ls0 ws0\">2. Altre commissi<span class=\"_ _1\"></span>oni legate all\u2019a<span class=\"_ _1\"></span>ttivit\u00e0 di custod<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span>a e ammi<span class=\"_ _1\"></span>nistrazione<span class=\"_ _df\"> </span></div></td><td class=\"c x7b3 y2fce w4d0 h296\"><div class=\"t m0 xec h1f y35e ff2b fs7 fc1 sc0 ls0 ws0\">3.978<span class=\"_ _df\"> </span> </div></td><td class=\"c x613 y2fce w4d1 h296\"><div class=\"t m0 xec h1f y35e ff2b fs7 fc1 sc0 ls0 ws0\">3.964 </div></td></tr><tr><td class=\"c x46b y2fcf w4ce h65\"><div class=\"t m0 x8a h1f y35e ff2b fs7 fc1 sc0 lseb ws0\">g) <span class=\"ls0\">Servizi ammi<span class=\"_ _1\"></span>nistrativi centra<span class=\"_ _1\"></span>li per gestion<span class=\"_ _1\"></span>i di portafogli co<span class=\"_ _1\"></span>llettive<span class=\"_ _df\"> </span></span></div></td><td class=\"c x7b3 y2fcf w4d0 h65\"><div class=\"t m0 xe3 h1f y35e ff2b fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span> </div></td><td class=\"c x613 y2fcf w4d1 h65\"><div class=\"t m0 xe3 h1f y35e ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y2fd0 w4ce h296\"><div class=\"t m0 x8a h1f y35e ff2b fs7 fc1 sc0 ls0 ws0\">h) Attivit\u00e0 fiduc<span class=\"_ _1\"></span>iaria<span class=\"_ _df\"> </span> </div></td><td class=\"c x7b3 y2fd0 w4d0 h296\"><div class=\"t m0 xeb h1f y35e ff2b fs7 fc1 sc0 ls0 ws0\">1.226<span class=\"_ _df\"> </span> </div></td><td class=\"c x613 y2fd0 w4d1 h296\"><div class=\"t m0 xeb h1f y35e ff2b fs7 fc1 sc0 ls0 ws0\">1.252 </div></td></tr><tr><td class=\"c x46b y2fd1 w4ce h65\"><div class=\"t m0 x8a h1f y35e ff2b fs7 fc1 sc0 ls0 ws0\">i) Servizi di pagamen<span class=\"_ _f\"></span>to<span class=\"_ _df\"> </span> </div></td><td class=\"c x7b3 y2fd1 w4d0 h65\"><div class=\"t m0 xf0 h1f y35e ff2b fs7 fc1 sc0 ls0 ws0\">208.610<span class=\"_ _df\"> </span> </div></td><td class=\"c x613 y2fd1 w4d1 h65\"><div class=\"t m0 xc3 h1f y35e ff2b fs7 fc1 sc0 ls0 ws0\">21<span class=\"_ _df\"> </span>3.583 </div></td></tr><tr><td class=\"c x46b y2fd2 w4ce h65\"><div class=\"t m0 x30 h1f y360 ff2b fs7 fc1 sc0 ls0 ws0\">1. Conti corrent<span class=\"_ _1\"></span>i<span class=\"_ _df\"> </span> </div></td><td class=\"c x7b3 y2fd2 w4d0 h65\"><div class=\"t m0 x11d h1f y360 ff2b fs7 fc1 sc0 ls0 ws0\">117.708<span class=\"_ _df\"> </span> </div></td><td class=\"c x613 y2fd2 w4d1 h65\"><div class=\"t m0 xc3 h1f y360 ff2b fs7 fc1 sc0 ls0 ws0\">12<span class=\"_ _df\"> </span>0.266 </div></td></tr><tr><td class=\"c x46b y2fd3 w4ce h296\"><div class=\"t m0 x30 h1f y35e ff2b fs7 fc1 sc0 ls0 ws0\">2. Carte di credit<span class=\"_ _1\"></span>o<span class=\"_ _df\"> </span> </div></td><td class=\"c x7b3 y2fd3 w4d0 h296\"><div class=\"t m0 x11d h1f y35e ff2b fs7 fc1 sc0 ls0 ws0\">30.077<span class=\"_ _df\"> </span> </div></td><td class=\"c x613 y2fd3 w4d1 h296\"><div class=\"t m0 x11d h1f y35e ff2b fs7 fc1 sc0 ls0 ws0\">3<span class=\"_ _df\"> </span>0.076 </div></td></tr><tr><td class=\"c x46b y2fd4 w4ce h65\"><div class=\"t m0 x30 h1f y35e ff2b fs7 fc1 sc0 ls0 ws0\">3. Carte di debi<span class=\"_ _1\"></span>to ed altre carte<span class=\"_ _1\"></span> di pagamento<span class=\"_ _df\"> </span> </div></td><td class=\"c x7b3 y2fd4 w4d0 h65\"><div class=\"t m0 x124 h1f y35e ff2b fs7 fc1 sc0 ls0 ws0\">20.778<span class=\"_ _df\"> </span> </div></td><td class=\"c x613 y2fd4 w4d1 h65\"><div class=\"t m0 x11d h1f y35e ff2b fs7 fc1 sc0 ls0 ws0\">2<span class=\"_ _df\"> </span>4.229 </div></td></tr><tr><td class=\"c x46b y2fd5 w4ce h296\"><div class=\"t m0 x30 h1f y35e ff2b fs7 fc1 sc0 ls0 ws0\">4. Bonifici e al<span class=\"_ _1\"></span>tri ordini di pag<span class=\"_ _1\"></span>amento<span class=\"_ _df\"> </span></div></td><td class=\"c x7b3 y2fd5 w4d0 h296\"><div class=\"t m0 x124 h1f y35e ff2b fs7 fc1 sc0 ls0 ws0\">18.074<span class=\"_ _df\"> </span> </div></td><td class=\"c x613 y2fd5 w4d1 h296\"><div class=\"t m0 x124 h1f y35e ff2b fs7 fc1 sc0 ls0 ws0\">1<span class=\"_ _df\"> </span>6.966 </div></td></tr><tr><td class=\"c x46b y2fd6 w4ce h65\"><div class=\"t m0 x30 h1f y35e ff2b fs7 fc1 sc0 ls0 ws0\">5. Altre commis<span class=\"_ _1\"></span>sioni legate a<span class=\"_ _1\"></span>i servizi di pagament<span class=\"_ _1\"></span>o<span class=\"_ _df\"> </span></div></td><td class=\"c x7b3 y2fd6 w4d0 h65\"><div class=\"t m0 xee h1f y35e ff2b fs7 fc1 sc0 ls0 ws0\">21.973<span class=\"_ _df\"> </span> </div></td><td class=\"c x613 y2fd6 w4d1 h65\"><div class=\"t m0 x11d h1f y35e ff2b fs7 fc1 sc0 ls0 ws0\">2<span class=\"_ _df\"> </span>2.046 </div></td></tr><tr><td class=\"c x46b y2fd7 w4ce h177\"><div class=\"t m0 x8a h1f y360 ff2b fs7 fc1 sc0 ls0 ws0\">j) Distribuzione di <span class=\"_ _f\"></span>servizi di terzi<span class=\"_ _df\"> </span></div></td><td class=\"c x7b3 y2fd7 w4d0 h177\"><div class=\"t m0 x11d h1f y360 ff2b fs7 fc1 sc0 ls0 ws0\">69.784<span class=\"_ _df\"> </span> </div></td><td class=\"c x613 y2fd7 w4d1 h177\"><div class=\"t m0 x11d h1f y360 ff2b fs7 fc1 sc0 ls0 ws0\">6<span class=\"_ _df\"> </span>6.943 </div></td></tr><tr><td class=\"c x46b y2fd8 w4ce h65\"><div class=\"t m0 x30 h1f y35e ff2b fs7 fc1 sc0 ls0 ws0\">1. Gestioni di po<span class=\"_ _1\"></span>rtafogli collettive<span class=\"_ _df\"> </span><span class=\"_ _1\"></span> </div></td><td class=\"c x7b3 y2fd8 w4d0 h65\"><div class=\"t m0 xe3 h1f y35e ff2b fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span> </div></td><td class=\"c x613 y2fd8 w4d1 h65\"><div class=\"t m0 xe3 h1f y35e ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y2fd9 w4ce h65\"><div class=\"t m0 x30 h1f y360 ff2b fs7 fc1 sc0 ls0 ws0\">2. Prodotti assicurat<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span>vi<span class=\"_ _df\"> </span> </div></td><td class=\"c x7b3 y2fd9 w4d0 h65\"><div class=\"t m0 x11d h1f y360 ff2b fs7 fc1 sc0 ls0 ws0\">67.066<span class=\"_ _df\"> </span> </div></td><td class=\"c x613 y2fd9 w4d1 h65\"><div class=\"t m0 x11d h1f y360 ff2b fs7 fc1 sc0 ls0 ws0\">6<span class=\"_ _df\"> </span>4.679 </div></td></tr><tr><td class=\"c x46b y2fda w4ce h296\"><div class=\"t m0 x30 h1f y35e ff2b fs7 fc1 sc0 ls0 ws0\">3. Altri prodot<span class=\"_ _1\"></span>ti<span class=\"_ _df\"> </span></div></td><td class=\"c x7b3 y2fda w4d0 h296\"><div class=\"t m0 xeb h1f y35e ff2b fs7 fc1 sc0 ls0 ws0\">2.718<span class=\"_ _df\"> </span> </div></td><td class=\"c x613 y2fda w4d1 h296\"><div class=\"t m0 xec h1f y35e ff2b fs7 fc1 sc0 ls0 ws0\">2.264 </div></td></tr><tr><td class=\"c x46b y2fdb w4ce h65\"><div class=\"t m0 xe h1f y35e ff2b fs7 fc1 sc0 ls0 ws0\">di cui: gestioni di<span class=\"_ _1\"></span> portafogli indi<span class=\"_ _1\"></span>viduali<span class=\"_ _df\"> </span> </div></td><td class=\"c x7b3 y2fdb w4d0 h65\"><div class=\"t m0 xe3 h1f y35e ff2b fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span> </div></td><td class=\"c x613 y2fdb w4d1 h65\"><div class=\"t m0 xe3 h1f y35e ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y2fdc w4ce h296\"><div class=\"t m0 x8a h1f y35e ff2b fs7 fc1 sc0 ls0 ws0\">k) Finanza strut<span class=\"_ _1\"></span>turata<span class=\"_ _df\"> </span> </div></td><td class=\"c x7b3 y2fdc w4d0 h296\"><div class=\"t m0 xe3 h1f y35e ff2b fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span> </div></td><td class=\"c x613 y2fdc w4d1 h296\"><div class=\"t m0 xe3 h1f y35e ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y2fdd w4ce h65\"><div class=\"t m0 x8a h1f y35e ff2b fs7 fc1 sc0 ls0 ws0\">l) Attivit\u00e0 di serv<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span>cing per <span class=\"_ _f\"></span>o<span class=\"_ _2\"></span>perazion<span class=\"_ _1\"></span>i di cartolarizzaz<span class=\"_ _1\"></span>ione<span class=\"_ _df\"> </span></div></td><td class=\"c x7b3 y2fdd w4d0 h65\"><div class=\"t m0 xe3 h1f y35e ff2b fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span> </div></td><td class=\"c x613 y2fdd w4d1 h65\"><div class=\"t m0 xe3 h1f y35e ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y2fde w4ce h65\"><div class=\"t m0 x8a h1f y360 ff2b fs7 fc1 sc0 ls0 ws0\">m) Impegni a erog<span class=\"_ _f\"></span>ar<span class=\"_ _2\"></span>e fond<span class=\"_ _1\"></span>i<span class=\"_ _df\"> </span></div></td><td class=\"c x7b3 y2fde w4d0 h65\"><div class=\"t m0 xe3 h1f y360 ff2b fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span> </div></td><td class=\"c x613 y2fde w4d1 h65\"><div class=\"t m0 xe3 h1f y360 ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y2fdf w4ce h296\"><div class=\"t m0 x8a h1f y35e ff2b fs7 fc1 sc0 ls0 ws0\">n) Garanzie finanz<span class=\"_ _1\"></span>iarie rilasciate<span class=\"_ _df\"> </span> </div></td><td class=\"c x7b3 y2fdf w4d0 h296\"><div class=\"t m0 xec h1f y35e ff2b fs7 fc1 sc0 ls0 ws0\">5.785<span class=\"_ _df\"> </span> </div></td><td class=\"c x613 y2fdf w4d1 h296\"><div class=\"t m0 xec h1f y35e ff2b fs7 fc1 sc0 ls0 ws0\">4.877 </div></td></tr><tr><td class=\"c x46b y2fe0 w4ce h65\"><div class=\"t m0 x30 h1f y35e ff2b fs7 fc1 sc0 ls0 ws0\">di cui: derivati su c<span class=\"_ _1\"></span>rediti<span class=\"_ _df\"> </span> </div></td><td class=\"c x7b3 y2fe0 w4d0 h65\"><div class=\"t m0 xe3 h1f y35e ff2b fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span> </div></td><td class=\"c x613 y2fe0 w4d1 h65\"><div class=\"t m0 xe3 h1f y35e ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y2fe1 w4ce h296\"><div class=\"t m0 x8a h1f y35e ff2b fs7 fc1 sc0 ls0 ws0\">o) Operazioni d<span class=\"_ _1\"></span>i finanziamento<span class=\"_ _df\"> </span></div></td><td class=\"c x7b3 y2fe1 w4d0 h296\"><div class=\"t m0 x124 h1f y35e ff2b fs7 fc1 sc0 ls0 ws0\">15.386<span class=\"_ _df\"> </span> </div></td><td class=\"c x613 y2fe1 w4d1 h296\"><div class=\"t m0 x11f h1f y35e ff2b fs7 fc1 sc0 ls0 ws0\">15.128 </div></td></tr><tr><td class=\"c x46b y2fe2 w4ce h65\"><div class=\"t m0 x30 h1f y35e ff2b fs7 fc1 sc0 ls0 ws0\">di cui: per operaz<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span>oni di <span class=\"_ _1\"></span>factoring<span class=\"_ _df\"> </span> </div></td><td class=\"c x7b3 y2fe2 w4d0 h65\"><div class=\"t m0 x124 h1f y35e ff2b fs7 fc1 sc0 ls0 ws0\">15.386<span class=\"_ _df\"> </span> </div></td><td class=\"c x613 y2fe2 w4d1 h65\"><div class=\"t m0 x11f h1f y35e ff2b fs7 fc1 sc0 ls0 ws0\">15.128 </div></td></tr><tr><td class=\"c x46b y2fe3 w4ce h65\"><div class=\"t m0 x8a h1f y360 ff2b fs7 fc1 sc0 ls0 ws0\">p) Negoziazione d<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span> valute<span class=\"_ _df\"> </span> </div></td><td class=\"c x7b3 y2fe3 w4d0 h65\"><div class=\"t m0 xeb h1f y360 ff2b fs7 fc1 sc0 ls0 ws0\">4.921<span class=\"_ _df\"> </span> </div></td><td class=\"c x613 y2fe3 w4d1 h65\"><div class=\"t m0 xec h1f y360 ff2b fs7 fc1 sc0 ls0 ws0\">3.939 </div></td></tr><tr><td class=\"c x46b y2fe4 w4ce h65\"><div class=\"t m0 x8a h1f y35e ff2b fs7 fc1 sc0 ls0 ws0\">q) Merci<span class=\"_ _df\"> </span> </div></td><td class=\"c x7b3 y2fe4 w4d0 h65\"><div class=\"t m0 xe3 h1f y35e ff2b fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span> </div></td><td class=\"c x613 y2fe4 w4d1 h65\"><div class=\"t m0 xe3 h1f y35e ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y2fe5 w4ce h65\"><div class=\"t m0 x8a h1f y360 ff2b fs7 fc1 sc0 ls0 ws0\">r) Altre commis<span class=\"_ _1\"></span>sioni attive<span class=\"_ _df\"> </span></div></td><td class=\"c x7b3 y2fe5 w4d0 h65\"><div class=\"t m0 x11d h1f y360 ff2b fs7 fc1 sc0 ls0 ws0\">42.897<span class=\"_ _df\"> </span> </div></td><td class=\"c x613 y2fe5 w4d1 h65\"><div class=\"t m0 x11d h1f y360 ff2b fs7 fc1 sc0 ls0 ws0\">3<span class=\"_ _df\"> </span>8.303 </div></td></tr><tr><td class=\"c x46b y2fe6 w4ce h296\"><div class=\"t m0 x30 h1f y35e ff2b fs7 fc1 sc0 ls0 ws0\">di cui: per attivit\u00e0 <span class=\"_ _1\"></span>di gestione di s<span class=\"_ _1\"></span>istemi multilate<span class=\"_ _1\"></span>rali di scambi<span class=\"_ _1\"></span>o<span class=\"_ _df\"> </span> </div></td><td class=\"c x7b3 y2fe6 w4d0 h296\"><div class=\"t m0 xe3 h1f y35e ff2b fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span> </div></td><td class=\"c x613 y2fe6 w4d1 h296\"><div class=\"t m0 xe3 h1f y35e ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y2fe7 w4ce h65\"><div class=\"t m0 x30 h1f y35e ff2b fs7 fc1 sc0 ls0 ws0\">di cui: per attiv<span class=\"_ _1\"></span>it\u00e0 di gestione d<span class=\"_ _1\"></span>i sistemi organizzat<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span> di negoz<span class=\"_ _1\"></span>iazione<span class=\"_ _df\"> </span> </div></td><td class=\"c x7b3 y2fe7 w4d0 h65\"><div class=\"t m0 xe3 h1f y35e ff2b fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span> </div></td><td class=\"c x613 y2fe7 w4d1 h65\"><div class=\"t m0 xe3 h1f y35e ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y2fe8 w4ce h2cd\"><div class=\"t m0 x7d h1f y35e ff2b fs7 fc1 sc2 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale<span class=\"_ _df\"> </span><span class=\"sc0\"> </span></div></td><td class=\"c x7b3 y2fe8 w4d0 h2cd\"><div class=\"t m0 xc3 h1f y35e ff2b fs7 fc1 sc2 ls0 ws0\">858.<span class=\"_ _1\"></span>291<span class=\"_ _df\"> </span><span class=\"sc0\"> </span></div></td><td class=\"c x613 y2fe8 w4d1 h2cd\"><div class=\"t m0 xc3 h1f y35e ff2b fs7 fc1 sc2 ls0 ws0\">8<span class=\"_ _df\"> </span>62.3<span class=\"_ _f\"></span>21<span class=\"sc0\"> </span></div></td></tr></table></div><div class=\"t m0 h5 ff2b fs1 fc1 sc0 ls0 ws0 gsdcd\">Si <span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>iporta <span class=\"_ _2\"></span>la <span class=\"_ _d\"></span>disaggregazi<span class=\"_ _1\"></span>one <span class=\"_ _d\"></span>delle <span class=\"_ _2\"></span>commiss<span class=\"_ _2\"></span>ioni <span class=\"_ _2\"></span>distribuite <span class=\"_ _2\"></span>per <span class=\"_ _d\"></span>forma <span class=\"_ _d\"></span>tecnica <span class=\"_ _2\"></span>in<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>linea <span class=\"_ _d\"></span>con <span class=\"_ _2\"></span>quanto<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff2b fs1 fc1 sc0 ls0 ws0 gsdce\">richiesto da <span class=\"_ _2\"></span>IFRS 15 par. 114. Le <span class=\"_ _2\"></span>princip<span class=\"_ _1\"></span>ali tipologie comm<span class=\"_ _2\"></span>issionali sono riconducibili a (IFRS <span class=\"_ _2\"></span>15 par.<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff2b fs1 fc1 sc0 ls0 ws0 gsdcf\">119):<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff2d fs1 fc1 sc0 ls0 ws0 gsdd0\">-<span class=\"_ _1d\"> </span><span class=\"ff2b\">Gestione dei portafogli individ<span class=\"_ _1\"></span>uali e collettivi: la performance ob<span class=\"_ _1\"></span>bligation si sostanzia in<span class=\"_ _f\"></span> <span class=\"_ _d\"></span>5.876<span class=\"_ _df\"> </span></span><span class=\"ff2b\"> </span></div><div class=\"t m0 h5 ff2b fs1 fc1 sc0 ls0 ws0 gsdd1\">mila euro e viene tipicamente soddisfatta over time;<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff2d fs1 fc1 sc0 ls0 ws0 gsdd2\">-<span class=\"_ _1d\"> </span><span class=\"ff2b\">Collocamento titoli: si tratta di commissioni in sede di collocamento fondi/sicav incassati per<span class=\"_ _df\"> </span></span></div><div class=\"t m0 h5 ff2b fs1 fc1 sc0 ls0 ws0 gsdd3\">un importo pari a 30.779 mila euro;<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff2d fs1 fc1 sc0 ls0 ws0 gsdd4\">-<span class=\"_ _40\"> </span><span class=\"ff2b\">Distribuzione <span class=\"_ _0\"></span>dei <span class=\"_ _9\"> </span>servizi <span class=\"_ _0\"></span>di <span class=\"_ _9\"> </span>terzi: <span class=\"_ _9\"> </span>si <span class=\"_ _0\"> </span>tratta <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>commissioni <span class=\"_ _9\"> </span>di <span class=\"_ _0\"></span>acquisizione <span class=\"_ _0\"></span>relative <span class=\"_ _9\"> </span>a <span class=\"_ _0\"> </span>polizze<span class=\"_ _df\"> </span></span><span class=\"ff2b\"> </span></div><div class=\"t m0 h5 ff2b fs1 fc1 sc0 ls0 ws0 gsdd5\">assicurative per un importo pari a 14.050 mila euro.<span class=\"_ _df\"> </span></div>Il Gruppo percepisce vari tipi<span class=\"_ _1\"></span> di commissioni variabili come:<span class=\"_ _df\"> </span><div class=\"t m0 h5 ff2d fs1 fc1 sc0 ls0 ws0 gsb5a\">-<span class=\"_ _1d\"> </span><span class=\"ff2b\">Success Fee e retainer fee; </span></div><div class=\"t m0 h5 ff2d fs1 fc1 sc0 ls0 ws0 gsb5b\">-<span class=\"_ _1d\"> </span><span class=\"ff2b\">Performance/Overperformance;<span class=\"_ _df\"> </span></span></div><div class=\"t m0 h5 ff2d fs1 fc1 sc0 ls0 ws0 gsb5c\">-<span class=\"_ _1d\"> </span><span class=\"ff2b\">Rappel. </span></div><div class=\"t m0 h5 ff2b fs1 fc1 sc0 ls0 ws0 gsb5d\">Tali <span class=\"_ _19\"> </span>commissioni <span class=\"_ _1a\"> </span>veng<span class=\"_ _1\"></span>ono <span class=\"_ _19\"> </span>percepite <span class=\"_ _19\"> </span>al <span class=\"_ _1a\"> </span>raggiungimento <span class=\"_ _19\"> </span>di <span class=\"_ _1a\"> </span>determinati <span class=\"_ _19\"> </span>obiettivi, <span class=\"_ _1a\"> </span>previsti </div><div class=\"t m0 h5 ff2b fs1 fc1 sc0 ls0 ws0 gsb5e\">contrattualmente <span class=\"_ _0\"></span>e <span class=\"_ _0\"></span>sono <span class=\"_ _9\"> </span>contabilizzate <span class=\"_ _0\"></span>al <span class=\"_ _9\"> </span>momento <span class=\"_ _0\"></span>in <span class=\"_ _9\"> </span>cui <span class=\"_ _0\"></span>viene <span class=\"_ _9\"> </span>meno <span class=\"_ _0\"></span>l'incertezza <span class=\"_ _0\"></span>r<span class=\"_ _2\"></span>elativa <span class=\"_ _d\"></span>a<span class=\"_ _2\"></span>lla </div><div class=\"t m0 h5 ff2b fs1 fc1 sc0 ls0 ws0 gsb5f\">determinazione dell'importo variabile.<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff2b fs1 fc1 sc0 ls0 ws0 gsb61\">Nella <span class=\"_ _2\"></span>part<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>L <span class=\"_ _d\"></span>della <span class=\"_ _2\"></span>nota <span class=\"_ _d\"></span>integrativa <span class=\"_ _2\"></span>viene <span class=\"_ _d\"></span>presentata <span class=\"_ _d\"></span>la <span class=\"_ _2\"></span>disaggregazione <span class=\"_ _2\"></span>dei <span class=\"_ _d\"></span>Ricavi <span class=\"_ _2\"></span>per <span class=\"_ _d\"></span>segmento </div><div class=\"t m0 h5 ff2b fs1 fc1 sc0 ls0 ws0 gsb62\">operativo. </div><div class=\"c w4d2 h13 gsdd9\"><div class=\"t m0 x10 h5 y3e4 ff2b fs1 fc4 sc3 ls0 ws0\">2.2 Co<span class=\"_ _1\"></span>mm<span class=\"_ _1\"></span>issio<span class=\"_ _f\"></span>ni passiv<span class=\"_ _1\"></span>e: co<span class=\"_ _1\"></span>mpo<span class=\"_ _f\"></span>sizione </div></div><div class=\"gsdda\"><table class=\"s wdd2 h52f\" id=\"_14bd8fc2-5f68-4355-856e-594eab40b05d\"><tr><td class=\"c x44e y2fe9 w4d3 h2c9\"><div class=\"t m0 x1f h1f y96d ff2b fs7 fc4 sc3 ls0 ws0\">Serv<span class=\"_ _f\"></span>izi/Val<span class=\"_ _1\"></span>ori </div></td><td></td><td class=\"c x7b4 y2fea w4d4 h2ca\"><div class=\"t m0 x2c h1f y32 ff2b fs7 fc4 sc3 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale </div></td><td class=\"c x5ae y2fea wb0 h2ca\"><div class=\"t m0 x2c h1f y32 ff2b fs7 fc4 sc3 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale </div></td></tr><tr><td></td><td></td><td class=\"c x7b4 y2fe9 w4d4 h2ca\"><div class=\"t m0 x39 h1f yf81 ff2b fs7 fc4 sc3 ls0 ws0\">31/12/<span class=\"_ _f\"></span>2025 </div></td><td class=\"c x5ae y2fe9 wb0 h2ca\"><div class=\"t m0 x39 h1f yf81 ff2b fs7 fc4 sc3 ls0 ws0\">31/12/<span class=\"_ _f\"></span>2024 </div></td></tr><tr><td class=\"c x44e y2feb w4d2 hc8\"><div class=\"t m0 x10 h1f y28b ff2b fs7 fc1 sc0 ls0 ws0\">a) Strumenti f<span class=\"_ _1\"></span>inanziari </div></td><td></td><td class=\"c x7b4 y2feb w4d5 hc8\"><div class=\"t m0 x91 h1f y28b ff2b fs7 fc1 sc0 ls0 ws0\">(7.808) </div></td><td class=\"c x5ae y2feb w4d6 hc8\"><div class=\"t m0 x7 h1f y28b ff2b fs7 fc1 sc0 ls0 ws0\">(5.413) </div></td></tr><tr><td class=\"c x44e y2fec w4d2 hc8\"><div class=\"t m0 x48 h1f y28b ff2b fs7 fc1 sc0 ls0 ws0\">di cui: negoziaz<span class=\"_ _1\"></span>ione di strumenti <span class=\"_ _1\"></span>finanziari </div></td><td></td><td class=\"c x7b4 y2fec w4d5 hc8\"><div class=\"t m0 x91 h1f y28b ff2b fs7 fc1 sc0 ls0 ws0\">(3.384) </div></td><td class=\"c x5ae y2fec w4d6 hc8\"><div class=\"t m0 x7 h1f y28b ff2b fs7 fc1 sc0 ls0 ws0\">(2.651) </div></td></tr><tr><td class=\"c x44e y2fed w4d2 hc8\"><div class=\"t m0 x48 h1f ye4c ff2b fs7 fc1 sc0 ls0 ws0\">di cui: collocame<span class=\"_ _1\"></span>nto di strument<span class=\"_ _1\"></span>i finanziari </div></td><td></td><td class=\"c x7b4 y2fed w4d5 hc8\"><div class=\"t m0 xe h1f ye4c ff2b fs7 fc1 sc0 ls0 ws0\">(30<span class=\"ls27\">3</span><span class=\"ls27\">)</span> </div></td><td class=\"c x5ae y2fed w4d6 hc8\"><div class=\"t m0 xa3 h1f ye4c ff2b fs7 fc1 sc0 ls0 ws0\">(358) </div></td></tr><tr><td class=\"c x44e y2fee w4d2 hc8\"><div class=\"t m0 x48 h1f ye4c ff2b fs7 fc1 sc0 ls0 ws0\">di cui: gestione d<span class=\"_ _1\"></span>i portafogli <span class=\"_ _1\"></span>individuali </div></td><td></td><td class=\"c x7b4 y2fee w4d5 hc8\"><div class=\"t m0 x91 h1f ye4c ff2b fs7 fc1 sc0 ls0 ws0\">(4.095) </div></td><td class=\"c x5ae y2fee w4d6 hc8\"><div class=\"t m0 x90 h1f ye4c ff2b fs7 fc1 sc0 ls0 ws0\">(2.355) </div></td></tr><tr><td class=\"c x44e y2fef w4d2 hc8\"><div class=\"t m0 x36 h1f y28b ff2b fs7 fc1 sc0 ls0 ws0\">- Proprie </div></td><td></td><td class=\"c x7b4 y2fef w4d5 hc8\"><div class=\"t m0 x91 h1f y28b ff2b fs7 fc1 sc0 ls0 ws0\">(4.095) </div></td><td class=\"c x5ae y2fef w4d6 hc8\"><div class=\"t m0 xa3 h1f y28b ff2b fs7 fc1 sc0 ls0 ws0\">(637) </div></td></tr><tr><td class=\"c x44e y2ff0 w4d2 hc8\"><div class=\"t m0 x36 h1f y28b ff2b fs7 fc1 sc0 ls0 ws0\">- Delegate a terz<span class=\"_ _f\"></span>i<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x7b4 y2ff0 w4d5 hc8\"><div class=\"t m0 xec h1f y28b ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5ae y2ff0 w4d6 hc8\"><div class=\"t m0 xf h1f y28b ff2b fs7 fc1 sc0 ls0 ws0\">(1.718) </div></td></tr><tr><td class=\"c x44e y2ff1 w4d2 hc8\"><div class=\"t m0 x10 h1f y28b ff2b fs7 fc1 sc0 ls0 ws0\">b) Compensazione<span class=\"_ _1\"></span> e regolament<span class=\"_ _f\"></span>o<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x7b4 y2ff1 w4d5 hc8\"><div class=\"t m0 xec h1f y28b ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5ae y2ff1 w4d6 hc8\"><div class=\"t m0 xeb h1f y28b ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2ff2 w4d2 hc8\"><div class=\"t m0 x10 h1f y28b ff2b fs7 fc1 sc0 ls0 ws0\">c) Gestione di p<span class=\"_ _1\"></span>ortafogli collett<span class=\"_ _1\"></span>ive </div></td><td></td><td class=\"c x7b4 y2ff2 w4d5 hc8\"><div class=\"t m0 x91 h1f y28b ff2b fs7 fc1 sc0 ls0 ws0\">(6.498) </div></td><td class=\"c x5ae y2ff2 w4d6 hc8\"><div class=\"t m0 x90 h1f y28b ff2b fs7 fc1 sc0 ls0 ws0\">(9.778) </div></td></tr><tr><td class=\"c x44e y2ff3 w4d2 hc8\"><div class=\"t m0 x48 h1f ye4c ff2b fs7 fc1 sc0 ls0 ws0\">1. Proprie </div></td><td></td><td class=\"c x7b4 y2ff3 w4d5 hc8\"><div class=\"t m0 x49 h1f ye4c ff2b fs7 fc1 sc0 ls0 ws0\">(45) </div></td><td class=\"c x5ae y2ff3 w4d6 hc8\"><div class=\"t m0 x49 h1f ye4c ff2b fs7 fc1 sc0 ls0 ws0\">(65) </div></td></tr><tr><td class=\"c x44e y2ff4 w4d2 hc8\"><div class=\"t m0 x48 h1f ye4c ff2b fs7 fc1 sc0 ls0 ws0\">2. Delegate a terzi<span class=\"_ _1\"></span> </div></td><td></td><td class=\"c x7b4 y2ff4 w4d5 hc8\"><div class=\"t m0 x91 h1f ye4c ff2b fs7 fc1 sc0 ls0 ws0\">(6.453) </div></td><td class=\"c x5ae y2ff4 w4d6 hc8\"><div class=\"t m0 x7 h1f ye4c ff2b fs7 fc1 sc0 ls0 ws0\">(9.713) </div></td></tr><tr><td class=\"c x44e y2ff5 w4d2 h227\"><div class=\"t m0 x10 h1f y28b ff2b fs7 fc1 sc0 ls0 ws0\">d) Custodia e amm<span class=\"_ _1\"></span>inistrazione<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x7b4 y2ff5 w4d5 h227\"><div class=\"t m0 x91 h1f y28b ff2b fs7 fc1 sc0 ls0 ws0\">(3.986) </div></td><td class=\"c x5ae y2ff5 w4d6 h227\"><div class=\"t m0 x90 h1f y28b ff2b fs7 fc1 sc0 ls0 ws0\">(3.656) </div></td></tr><tr><td class=\"c x44e y2ff6 w4d2 hc8\"><div class=\"t m0 x10 h1f y28b ff2b fs7 fc1 sc0 ls0 ws0\">e) Servizi di incass<span class=\"_ _f\"></span>o<span class=\"_ _2\"></span> e pagame<span class=\"_ _1\"></span>nto<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x7b4 y2ff6 w4d5 hc8\"><div class=\"t m0 x11 h1f y28b ff2b fs7 fc1 sc0 ls0 ws0\">(21.984) </div></td><td class=\"c x5ae y2ff6 w4d6 hc8\"><div class=\"t m0 x12 h1f y28b ff2b fs7 fc1 sc0 ls0 ws0\">(19.679) </div></td></tr><tr><td class=\"c x44e y2ff7 w4d2 hc8\"><div class=\"t m0 x48 h1f y28b ff2b fs7 fc1 sc0 ls0 ws0\">di cui: carte di cre<span class=\"_ _1\"></span>dito, carte di de<span class=\"_ _1\"></span>bito e altre ca<span class=\"_ _1\"></span>rte di pagament<span class=\"_ _1\"></span>o </div></td><td></td><td class=\"c x7b4 y2ff7 w4d5 hc8\"><div class=\"t m0 x11 h1f y28b ff2b fs7 fc1 sc0 ls0 ws0\">(13.003) </div></td><td class=\"c x5ae y2ff7 w4d6 hc8\"><div class=\"t m0 x12 h1f y28b ff2b fs7 fc1 sc0 ls0 ws0\">(12.745) </div></td></tr><tr><td class=\"c x44e y2ff8 w4d2 hc8\"><div class=\"t m0 x10 h1f y28b ff2b fs7 fc1 sc0 ls0 ws0\">f) Attivit\u00e0 di serv<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span>cing per <span class=\"_ _f\"></span>o<span class=\"_ _2\"></span>perazion<span class=\"_ _1\"></span>i di cartolarizzazione<span class=\"_ _1\"></span> </div></td><td></td><td class=\"c x7b4 y2ff8 w4d5 hc8\"><div class=\"t m0 xec h1f y28b ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5ae y2ff8 w4d6 hc8\"><div class=\"t m0 xeb h1f y28b ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2ff9 w4d2 hc8\"><div class=\"t m0 x10 h1f ye4c ff2b fs7 fc1 sc0 ls0 ws0\">g) Impegni a riceve<span class=\"_ _f\"></span>re fondi </div></td><td></td><td class=\"c x7b4 y2ff9 w4d5 hc8\"><div class=\"t m0 xec h1f ye4c ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5ae y2ff9 w4d6 hc8\"><div class=\"t m0 xeb h1f ye4c ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2ffa w4d2 hc8\"><div class=\"t m0 x10 h1f ye4c ff2b fs7 fc1 sc0 ls0 ws0\">h) Garanzie finanz<span class=\"_ _1\"></span>iarie ricevute<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x7b4 y2ffa w4d5 hc8\"><div class=\"t m0 x7 h1f ye4c ff2b fs7 fc1 sc0 ls0 ws0\">(1.027) </div></td><td class=\"c x5ae y2ffa w4d6 hc8\"><div class=\"t m0 x7 h1f ye4c ff2b fs7 fc1 sc0 ls0 ws0\">(1.203) </div></td></tr><tr><td class=\"c x44e y2ffb w4d2 hc8\"><div class=\"t m0 x48 h1f y28b ff2b fs7 fc1 sc0 ls0 ws0\">di cui: derivati su c<span class=\"_ _1\"></span>rediti </div></td><td></td><td class=\"c x7b4 y2ffb w4d5 hc8\"><div class=\"t m0 xec h1f y28b ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5ae y2ffb w4d6 hc8\"><div class=\"t m0 xeb h1f y28b ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2ffc w4d2 hc8\"><div class=\"t m0 x10 h1f y28b ff2b fs7 fc1 sc0 ls0 ws0\">i) Offerta fuor<span class=\"_ _1\"></span>i sede di strument<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span> finanziar<span class=\"_ _1\"></span>i, prodotti e serv<span class=\"_ _1\"></span>izi<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x7b4 y2ffc w4d5 hc8\"><div class=\"t m0 x8f h1f y28b ff2b fs7 fc1 sc0 ls0 ws0\">(126.160) </div></td><td class=\"c x5ae y2ffc w4d6 hc8\"><div class=\"t m0 x8f h1f y28b ff2b fs7 fc1 sc0 ls0 ws0\">(118.379) </div></td></tr><tr><td class=\"c x44e y2ffd w4d2 hc8\"><div class=\"t m0 x10 h1f y28b ff2b fs7 fc1 sc0 ls0 ws0\">l) Negoziazione di <span class=\"_ _f\"></span>v<span class=\"_ _2\"></span>alute<span class=\"_ _1\"></span> </div></td><td></td><td class=\"c x7b4 y2ffd w4d5 hc8\"><div class=\"t m0 xec h1f y28b ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5ae y2ffd w4d6 hc8\"><div class=\"t m0 xeb h1f y28b ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y2ffe w4d2 hc8\"><div class=\"t m0 x10 h1f y28b ff2b fs7 fc1 sc0 ls0 ws0\">m) Altre commiss<span class=\"_ _1\"></span>ioni passive </div></td><td></td><td class=\"c x7b4 y2ffe w4d5 hc8\"><div class=\"t m0 x13 h1f y28b ff2b fs7 fc1 sc0 ls0 ws0\">(50.532) </div></td><td class=\"c x5ae y2ffe w4d6 hc8\"><div class=\"t m0 x13 h1f y28b ff2b fs7 fc1 sc0 ls0 ws0\">(45.558) </div></td></tr><tr><td></td><td class=\"c x44e y2fff w4d2 hc8\"><div class=\"t m0 x70 h1f ye4c ff2b fs7 fc1 sc2 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale </div></td><td class=\"c x7b4 y2fff w4d5 hc8\"><div class=\"t m0 x8f h1f ye4c ff2b fs7 fc1 sc2 ls0 ws0\">(217.9<span class=\"_ _1\"></span>95<span class=\"_ _1\"></span>) </div></td><td class=\"c x5ae y2fff w4d6 hc8\"><div class=\"t m0 x15 h1f ye4c ff2b fs7 fc1 sc2 ls0 ws0\">(203.<span class=\"_ _1\"></span>666<span class=\"_ _1\"></span>) </div></td></tr></table></div>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfFeeAndCommissionIncomeExpenseExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-857": {
   "value": "<div class=\"t m0 hc ff2b fs4 fc4 sc3 ls0 ws0 gsde0\">Sezi<span class=\"_ _f\"></span>one 4<span class=\"_ _1\"></span> <span class=\"ff2c\">\u2013</span> <span class=\"ff2c\">Il <span class=\"_ _f\"></span>risulta<span class=\"_ _1\"></span>to <span class=\"_ _f\"></span>netto d<span class=\"_ _f\"></span>ell\u2019att<span class=\"_ _f\"></span>ivit\u00e0 d<span class=\"_ _f\"></span>i nego<span class=\"_ _f\"></span>ziazio<span class=\"_ _f\"></span>ne \u2013<span class=\"ff2b\"> V<span class=\"_ _1\"></span>oce <span class=\"_ _f\"></span>80 </span></span></div><div class=\"c w37c h2d1 gsde1\"><div class=\"t m0 x10 h5 y1154 ff2b fs1 fc4 sc3 ls0 ws0\">4.1 Ris<span class=\"_ _1\"></span>ulta<span class=\"_ _1\"></span>to ne<span class=\"_ _1\"></span>tto <span class=\"_ _1\"></span>dell'at<span class=\"_ _1\"></span>tivit<span class=\"_ _1\"></span>\u00e0 di ne<span class=\"_ _1\"></span>gozia<span class=\"_ _f\"></span>zione: co<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>osizio<span class=\"_ _f\"></span>ne </div></div><div class=\"gsde2\"><table class=\"s wdd8 h531\" id=\"_f28bba5f-f46e-492a-902d-34e3354da75e\"><tr><td></td><td class=\"c x7ba y300c wdd9 h484\"><div class=\"t m0 x250 h1f y2409 ff2b fs7 fc4 sc3 ls0 ws0\">Plusv<span class=\"_ _1\"></span>alen<span class=\"_ _f\"></span>ze</div></td><td class=\"c x7bb y300d wdda h484\"><div class=\"t m0 x250 h1f y2409 ff2b fs7 fc4 sc3 ls0 ws0\">Util<span class=\"_ _1\"></span>i da<span class=\"_ _df\"> </span></div></td><td class=\"c x7bc y300c wddb h484\"><div class=\"t m0 x250 h1f y2409 ff2b fs7 fc4 sc3 ls0 ws0\">Minu<span class=\"_ _1\"></span>sva<span class=\"_ _1\"></span>lenz<span class=\"_ _1\"></span>e</div></td><td class=\"c x7bd y300d wddc h484\"><div class=\"t m0 x250 h1f y2409 ff2b fs7 fc4 sc3 ls0 ws0\">Perdit<span class=\"_ _f\"></span>e da<span class=\"_ _df\"> </span></div></td><td class=\"c x542 y300d wddd h484\"><div class=\"t m0 x250 h1f y2409 ff2b fs7 fc4 sc3 ls0 ws0\">Risu<span class=\"_ _1\"></span>ltato<span class=\"_ _df\"> </span></div></td></tr><tr><td class=\"c x44e y300e w4de hc0\"><div class=\"t m0 x15 h1f y88a ff2b fs7 fc4 sc3 ls0 ws0\">Oper<span class=\"_ _f\"></span>azioni/C<span class=\"_ _1\"></span>om<span class=\"_ _f\"></span>ponenti<span class=\"_ _1\"></span> redd<span class=\"_ _1\"></span>itua<span class=\"_ _1\"></span>li </div></td><td class=\"c x7be y300f wdde h484\"><div class=\"t m0 x250 h1f y2409 ff2b fs7 fc4 sc3 ls0 ws0\">(A)<span class=\"_ _df\"> </span></div></td><td class=\"c x7bf y3010 w981 h484\"><div class=\"t m0 x250 h1f y2409 ff2b fs7 fc4 sc3 ls0 ws0\">neg<span class=\"_ _1\"></span>ozia<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e<span class=\"_ _df\"> </span></div></td><td class=\"c x7c0 y300f wddf h484\"><div class=\"t m0 x250 h1f y2409 ff2b fs7 fc4 sc3 ls0 ws0\">(C)<span class=\"_ _df\"> </span></div></td><td class=\"c x7c1 y3010 w981 h484\"><div class=\"t m0 x250 h1f y2409 ff2b fs7 fc4 sc3 ls0 ws0\">neg<span class=\"_ _1\"></span>ozia<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e<span class=\"_ _df\"> </span></div></td><td class=\"c x6da y3010 wde0 h484\"><div class=\"t m0 x250 h1f y2409 ff2b fs7 fc4 sc3 ls0 ws0\">net<span class=\"_ _1\"></span>to [(A+<span class=\"_ _f\"></span>B)<span class=\"_ _df\"> </span></div></td></tr><tr><td></td><td></td><td class=\"c x7c2 y3011 wde1 h484\"><div class=\"t m0 x250 h1f y2409 ff2b fs7 fc4 sc3 ls0 ws0\">(B)<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x7c3 y3011 wde2 h484\"><div class=\"t m0 x250 h1f y2409 ff2b fs7 fc4 sc3 ls0 ws0\">(D)<span class=\"_ _df\"> </span></div></td><td class=\"c x7c4 y3011 wa60 h484\"><div class=\"t m0 x250 h1f y2409 ff2b fs7 fc4 sc3 ls0 ws0\">- (C+D<span class=\"_ _f\"></span>)]<span class=\"_ _df\"> </span></div></td></tr><tr><td class=\"c x44e y3012 w4e0 h82\"><div class=\"t m0 x10 h1f y54 ff2b fs7 fc1 sc2 ls0 ws0\">1. Att<span class=\"_ _1\"></span>ivit\u00e0<span class=\"_ _1\"></span> fina<span class=\"_ _f\"></span>nziarie <span class=\"_ _f\"></span>di negozi<span class=\"_ _f\"></span>azione<span class=\"_ _1\"></span> </div></td><td class=\"c x7c5 y3012 w13e h82\"><div class=\"t m0 x12 h1f y54 ff2b fs7 fc1 sc2 lscf ws0\">60<span class=\"ls0\"> </span></div></td><td class=\"c x7c6 y3012 w101 h82\"><div class=\"t m0 x15 h1f y54 ff2b fs7 fc1 sc2 ls0 ws0\">6.237<span class=\"_ _f\"></span> </div></td><td class=\"c x591 y3012 w3bf h82\"><div class=\"t m0 x91 h1f y54 ff2b fs7 fc1 sc2 ls0 ws0\">(33)<span class=\"_ _1\"></span> </div></td><td class=\"c x5db y3012 w4e1 h82\"><div class=\"t m0 x31 h1f y54 ff2b fs7 fc1 sc2 ls0 ws0\">(1.176<span class=\"_ _1\"></span>) </div></td><td class=\"c x518 y3012 w57 h82\"><div class=\"t m0 x34 h1f y54 ff2b fs7 fc1 sc2 ls0 ws0\">5.08<span class=\"_ _1\"></span>8 </div></td></tr><tr><td class=\"c x44e y3013 w4e0 h82\"><div class=\"t m0 x16a h1f y66c ff2b fs7 fc1 sc0 ls0 ws0\">1.1 Titoli di debi<span class=\"ls70\">to</span> </div></td><td class=\"c x7c5 y3013 w13e h82\"><div class=\"t m0 x12 h1f y66c ff2b fs7 fc1 sc0 ls29 ws0\">60<span class=\"ls0\"> </span></div></td><td class=\"c x7c6 y3013 w101 h82\"><div class=\"t m0 x36 h1f y66c ff2b fs7 fc1 sc0 ls0 ws0\">6.127 </div></td><td class=\"c x591 y3013 w3bf h82\"><div class=\"t m0 x91 h1f y66c ff2b fs7 fc1 sc0 ls0 ws0\">(33) </div></td><td class=\"c x5db y3013 w4e1 h82\"><div class=\"t m0 x36 h1f y66c ff2b fs7 fc1 sc0 ls0 ws0\">(154) </div></td><td class=\"c x518 y3013 w57 h82\"><div class=\"t m0 x34 h1f y66c ff2b fs7 fc1 sc0 ls0 ws0\">6.000 </div></td></tr><tr><td class=\"c x44e y3014 w4e0 h82\"><div class=\"t m0 x16a h1f y54 ff2b fs7 fc1 sc0 ls0 ws0\">1.2 Titoli di capita<span class=\"_ _f\"></span>l<span class=\"_ _2\"></span>e </div></td><td class=\"c x7c5 y3014 w13e h82\"><div class=\"t m0 xf h1f y54 ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x7c6 y3014 w101 h82\"><div class=\"t m0 x7 h1f y54 ff2b fs7 fc1 sc0 lsa ws0\">45<span class=\"ls0\"> </span></div></td><td class=\"c x591 y3014 w3bf h82\"><div class=\"t m0 xc7 h1f y54 ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5db y3014 w4e1 h82\"><div class=\"t m0 x12 h1f y54 ff2b fs7 fc1 sc0 ls0 ws0\">(91) </div></td><td class=\"c x518 y3014 w57 h82\"><div class=\"t m0 x15 h1f y54 ff2b fs7 fc1 sc0 ls0 ws0\">(46) </div></td></tr><tr><td class=\"c x44e y3015 w4e0 h82\"><div class=\"t m0 x16a h1f y54 ff2b fs7 fc1 sc0 ls0 ws0\">1.3 Quote di O.I.C<span class=\"_ _1\"></span>.R. </div></td><td class=\"c x7c5 y3015 w13e h82\"><div class=\"t m0 xf h1f y54 ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x7c6 y3015 w101 h82\"><div class=\"t m0 x7 h1f y54 ff2b fs7 fc1 sc0 ls29 ws0\">65<span class=\"ls0\"> </span></div></td><td class=\"c x591 y3015 w3bf h82\"><div class=\"t m0 xc7 h1f y54 ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5db y3015 w4e1 h82\"><div class=\"t m0 x36 h1f y54 ff2b fs7 fc1 sc0 ls0 ws0\">(931) </div></td><td class=\"c x518 y3015 w57 h82\"><div class=\"t m0 x97 h1f y54 ff2b fs7 fc1 sc0 ls0 ws0\">(866) </div></td></tr><tr><td class=\"c x44e y3016 w4e0 h82\"><div class=\"t m0 x16a h1f y54 ff2b fs7 fc1 sc0 ls0 ws0\">1.4 Finanziamenti </div></td><td class=\"c x7c5 y3016 w13e h82\"><div class=\"t m0 xf h1f y54 ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x7c6 y3016 w101 h82\"><div class=\"t m0 xa3 h1f y54 ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x591 y3016 w3bf h82\"><div class=\"t m0 xc7 h1f y54 ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5db y3016 w4e1 h82\"><div class=\"t m0 xa3 h1f y54 ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x518 y3016 w57 h82\"><div class=\"t m0 x1c h1f y54 ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y3017 w4e0 h82\"><div class=\"t m0 x16a h1f y54 ff2b fs7 fc1 sc0 ls0 ws0\">1.5 Altre </div></td><td class=\"c x7c5 y3017 w13e h82\"><div class=\"t m0 xf h1f y54 ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x7c6 y3017 w101 h82\"><div class=\"t m0 xa3 h1f y54 ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x591 y3017 w3bf h82\"><div class=\"t m0 xc7 h1f y54 ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5db y3017 w4e1 h82\"><div class=\"t m0 xa3 h1f y54 ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x518 y3017 w57 h82\"><div class=\"t m0 x1c h1f y54 ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y3018 w4e0 h82\"><div class=\"t m0 x10 h1f y54 ff2b fs7 fc1 sc2 ls0 ws0\">2. Pa<span class=\"_ _1\"></span>ssiv<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span>t\u00e0<span class=\"_ _1\"></span> fina<span class=\"_ _f\"></span>nziarie di<span class=\"_ _1\"></span> ne<span class=\"_ _1\"></span>gozi<span class=\"_ _1\"></span>azion<span class=\"_ _f\"></span>e </div></td><td class=\"c x7c5 y3018 w13e h82\"><div class=\"t m0 xf h1f y54 ff2b fs7 fc1 sc2 ls0 ws0\">- </div></td><td class=\"c x7c6 y3018 w101 h82\"><div class=\"t m0 xa3 h1f y54 ff2b fs7 fc1 sc2 ls0 ws0\">- </div></td><td class=\"c x591 y3018 w3bf h82\"><div class=\"t m0 xc7 h1f y54 ff2b fs7 fc1 sc2 ls0 ws0\">- </div></td><td class=\"c x5db y3018 w4e1 h82\"><div class=\"t m0 xa3 h1f y54 ff2b fs7 fc1 sc2 ls0 ws0\">- </div></td><td class=\"c x518 y3018 w57 h82\"><div class=\"t m0 x1c h1f y54 ff2b fs7 fc1 sc2 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y3019 w4e0 h82\"><div class=\"t m0 x16a h1f y66c ff2b fs7 fc1 sc0 ls0 ws0\">2.1 Titoli di debit<span class=\"_ _1\"></span>o </div></td><td class=\"c x7c5 y3019 w13e h82\"><div class=\"t m0 xf h1f y66c ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x7c6 y3019 w101 h82\"><div class=\"t m0 xa3 h1f y66c ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x591 y3019 w3bf h82\"><div class=\"t m0 xc7 h1f y66c ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5db y3019 w4e1 h82\"><div class=\"t m0 xa3 h1f y66c ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x518 y3019 w57 h82\"><div class=\"t m0 x1c h1f y66c ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y301a w4e0 h82\"><div class=\"t m0 x16a h1f y54 ff2b fs7 fc1 sc0 ls0 ws0\">2.2 Debiti </div></td><td class=\"c x7c5 y301a w13e h82\"><div class=\"t m0 xf h1f y54 ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x7c6 y301a w101 h82\"><div class=\"t m0 xa3 h1f y54 ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x591 y301a w3bf h82\"><div class=\"t m0 xc7 h1f y54 ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5db y301a w4e1 h82\"><div class=\"t m0 xa3 h1f y54 ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x518 y301a w57 h82\"><div class=\"t m0 x1c h1f y54 ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y301b w4e0 h254\"><div class=\"t m0 x16a h1f y54 ff2b fs7 fc1 sc0 ls0 ws0\">2.3 Altre </div></td><td class=\"c x7c5 y301b w13e h254\"><div class=\"t m0 xf h1f y54 ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x7c6 y301b w101 h254\"><div class=\"t m0 xa3 h1f y54 ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x591 y301b w3bf h254\"><div class=\"t m0 xc7 h1f y54 ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5db y301b w4e1 h254\"><div class=\"t m0 xa3 h1f y54 ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x518 y301b w57 h254\"><div class=\"t m0 x1c h1f y54 ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x262 y301c wde3 h484\"><div class=\"t m0 x250 h1f y2410 ff2b fs7 fc1 sc2 ls0 ws0\">3. Att<span class=\"_ _f\"></span>ivit\u00e0 e <span class=\"_ _1\"></span>pass<span class=\"_ _1\"></span>ivit<span class=\"_ _1\"></span>\u00e0 fina<span class=\"_ _f\"></span>nziarie: <span class=\"_ _f\"></span>differen<span class=\"_ _f\"></span>ze di<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x7c8 y301d wde4 h484\"><div class=\"t m0 x250 h1f y2410 ff2b fs7 fc1 sc2 ls0 ws0\">X<span class=\"_ _df\"> </span></div><div class=\"t m0 x7c7 h1f y2410 ff2b fs7 fc1 sc2 ls0 ws0\">X<span class=\"_ _df\"> </span></div></td><td class=\"c x591 y301e w3bf h266\"><div class=\"t m0 x8 h1f yd3d ff2b fs7 fc1 sc2 ls0 ws0\">X </div></td><td class=\"c x5db y301e w4e1 h266\"><div class=\"t m0 xe h1f yd3d ff2b fs7 fc1 sc2 ls0 ws0\">X </div></td><td class=\"c x518 y301e w57 h266\"><div class=\"t m0 x27 h1f yd3d ff2b fs7 fc1 sc2 ls0 ws0\">(3.710<span class=\"_ _f\"></span>) </div></td></tr><tr><td class=\"c x262 y301f wde5 h484\"><div class=\"t m0 x250 h1f y2410 ff2b fs7 fc1 sc2 ls0 ws0\">cam<span class=\"_ _1\"></span>bio<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x44e y3020 w4e0 h82\"><div class=\"t m0 x10 h1f y54 ff2b fs7 fc1 sc2 ls0 ws0\">4. St<span class=\"_ _1\"></span>rume<span class=\"_ _1\"></span>nti<span class=\"_ _1\"></span> deri<span class=\"_ _1\"></span>vat<span class=\"_ _1\"></span>i </div></td><td class=\"c x7c5 y3020 w13e h82\"><div class=\"t m0 x31 h1f y54 ff2b fs7 fc1 sc2 ls0 ws0\">4.931<span class=\"_ _f\"></span> </div></td><td class=\"c x7c6 y3020 w101 h82\"><div class=\"t m0 x26 h1f y54 ff2b fs7 fc1 sc2 ls0 ws0\">253.<span class=\"_ _f\"></span>218 </div></td><td class=\"c x591 y3020 w3bf h82\"><div class=\"t m0 x34 h1f y54 ff2b fs7 fc1 sc2 ls0 ws0\">(41.2<span class=\"_ _f\"></span>20) </div></td><td class=\"c x5db y3020 w4e1 h82\"><div class=\"t m0 x32 h1f y54 ff2b fs7 fc1 sc2 ls0 ws0\">(196.<span class=\"_ _1\"></span>328)<span class=\"_ _f\"></span> </div></td><td class=\"c x518 y3020 w57 h82\"><div class=\"t m0 x26 h1f y54 ff2b fs7 fc1 sc2 ls0 ws0\">26.0<span class=\"_ _1\"></span>17 </div></td></tr><tr><td class=\"c x44e y3021 w4e0 h82\"><div class=\"t m0 x16a h1f y54 ff2b fs7 fc1 sc0 ls0 ws0\">4.1 Derivati fina<span class=\"_ _1\"></span>nziari:   </div></td><td class=\"c x7c5 y3021 w13e h82\"><div class=\"t m0 x31 h1f y54 ff2b fs7 fc1 sc0 ls0 ws0\">4.931 </div></td><td class=\"c x7c6 y3021 w101 h82\"><div class=\"t m0 x26 h1f y54 ff2b fs7 fc1 sc0 ls0 ws0\">253.218 </div></td><td class=\"c x591 y3021 w3bf h82\"><div class=\"t m0 x34 h1f y54 ff2b fs7 fc1 sc0 ls0 ws0\">(41.220) </div></td><td class=\"c x5db y3021 w4e1 h82\"><div class=\"t m0 x33 h1f y54 ff2b fs7 fc1 sc0 ls0 ws0\">(196.328) </div></td><td class=\"c x518 y3021 w57 h82\"><div class=\"t m0 x26 h1f y54 ff2b fs7 fc1 sc0 ls0 ws0\">26.017 </div></td></tr><tr><td class=\"c x44e y3022 w4e0 h82\"><div class=\"t m0 x48 h1f y54 ff2b fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _15\"></span><span class=\"_ _15\"> </span>Su titoli di debito e tassi di<span class=\"_ _1\"></span> interesse<span class=\"_ _df\"> </span></div></td><td class=\"c x7c5 y3022 w13e h82\"><div class=\"t m0 x31 h1f y54 ff2b fs7 fc1 sc0 ls0 ws0\">4.931 </div></td><td class=\"c x7c6 y3022 w101 h82\"><div class=\"t m0 x26 h1f y54 ff2b fs7 fc1 sc0 ls0 ws0\">251.764 </div></td><td class=\"c x591 y3022 w3bf h82\"><div class=\"t m0 x34 h1f y54 ff2b fs7 fc1 sc0 ls0 ws0\">(41.220) </div></td><td class=\"c x5db y3022 w4e1 h82\"><div class=\"t m0 x33 h1f y54 ff2b fs7 fc1 sc0 ls0 ws0\">(194.887) </div></td><td class=\"c x518 y3022 w57 h82\"><div class=\"t m0 x2c h1f y54 ff2b fs7 fc1 sc0 ls0 ws0\">20.588 </div></td></tr><tr><td class=\"c x44e y3023 w4e0 h82\"><div class=\"t m0 x48 h1f y66c ff2b fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _15\"></span><span class=\"_ _15\"> </span>Su titoli di capitale e ind<span class=\"_ _1\"></span>ici azionari<span class=\"_ _df\"> </span></div></td><td class=\"c x7c5 y3023 w13e h82\"><div class=\"t m0 xf h1f y66c ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x7c6 y3023 w101 h82\"><div class=\"t m0 x15 h1f y66c ff2b fs7 fc1 sc0 ls0 ws0\">1.454 </div></td><td class=\"c x591 y3023 w3bf h82\"><div class=\"t m0 xc7 h1f y66c ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5db y3023 w4e1 h82\"><div class=\"t m0 x38 h1f y66c ff2b fs7 fc1 sc0 ls0 ws0\">(1.441) </div></td><td class=\"c x518 y3023 w57 h82\"><div class=\"t m0 x12 h1f y66c ff2b fs7 fc1 sc0 ls9 ws0\">13<span class=\"ls0\"> </span></div></td></tr><tr><td class=\"c x44e y3024 w4e0 h82\"><div class=\"t m0 x48 h1f y54 ff2b fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _15\"></span><span class=\"_ _15\"> </span>Su valute e oro </div></td><td class=\"c x7c5 y3024 w13e h82\"><div class=\"t m0 x1c h1f y54 ff2b fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x7c6 y3024 w101 h82\"><div class=\"t m0 xe h1f y54 ff2b fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x591 y3024 w3bf h82\"><div class=\"t m0 x8 h1f y54 ff2b fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x5db y3024 w4e1 h82\"><div class=\"t m0 xe h1f y54 ff2b fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x518 y3024 w57 h82\"><div class=\"t m0 x97 h1f y54 ff2b fs7 fc1 sc0 ls0 ws0\">5.416 </div></td></tr><tr><td class=\"c x44e y3025 w4e0 h82\"><div class=\"t m0 x48 h1f y54 ff2b fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _15\"></span><span class=\"_ _15\"> </span>Altri </div></td><td class=\"c x7c5 y3025 w13e h82\"><div class=\"t m0 xf h1f y54 ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x7c6 y3025 w101 h82\"><div class=\"t m0 xa3 h1f y54 ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x591 y3025 w3bf h82\"><div class=\"t m0 xc7 h1f y54 ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5db y3025 w4e1 h82\"><div class=\"t m0 xa3 h1f y54 ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x518 y3025 w57 h82\"><div class=\"t m0 x1c h1f y54 ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y3026 w4e0 h82\"><div class=\"t m0 x16a h1f y54 ff2b fs7 fc1 sc0 ls0 ws0\">4.2 Derivati su cred<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span>ti </div></td><td class=\"c x7c5 y3026 w13e h82\"><div class=\"t m0 xf h1f y54 ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x7c6 y3026 w101 h82\"><div class=\"t m0 xa3 h1f y54 ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x591 y3026 w3bf h82\"><div class=\"t m0 xc7 h1f y54 ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5db y3026 w4e1 h82\"><div class=\"t m0 xa3 h1f y54 ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x518 y3026 w57 h82\"><div class=\"t m0 x1c h1f y54 ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x262 y3027 wde6 h484\"><div class=\"t m0 x250 h1f y2410 ff2b fs7 fc1 sc0 ls0 ws0\">di cui: coperture <span class=\"_ _1\"></span>naturali connesse con <span class=\"_ _1\"></span>la fair value<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td class=\"c x518 y3028 w57 had\"><div class=\"t m0 x1c h1f y420 ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x262 y3029 wde7 h484\"><div class=\"t m0 x250 h1f y2410 ff2b fs7 fc1 sc0 ls0 ws0\">option<span class=\"_ _df\"> </span></div></td><td class=\"c x7c5 y3028 w13e had\"><div class=\"t m0 x1c h1f y32 ff2b fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x7c6 y3028 w101 had\"><div class=\"t m0 xe h1f y32 ff2b fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x591 y3028 w3bf had\"><div class=\"t m0 x8 h1f y32 ff2b fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x5db y3028 w4e1 had\"><div class=\"t m0 xe h1f y32 ff2b fs7 fc1 sc0 ls0 ws0\">X </div></td><td></td></tr><tr><td class=\"c x44e y302a w4e0 h82\"><div class=\"t m0 x21 h1f y54 ff2b fs7 fc1 sc2 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale </div></td><td class=\"c x7c5 y302a w13e h82\"><div class=\"t m0 x31 h1f y54 ff2b fs7 fc1 sc2 ls0 ws0\">4.99<span class=\"_ _1\"></span>1 </div></td><td class=\"c x7c6 y302a w101 h82\"><div class=\"t m0 x27 h1f y54 ff2b fs7 fc1 sc2 ls0 ws0\">259.4<span class=\"_ _f\"></span>55 </div></td><td class=\"c x591 y302a w3bf h82\"><div class=\"t m0 x37 h1f y54 ff2b fs7 fc1 sc2 ls0 ws0\">(41.25<span class=\"_ _1\"></span>3)<span class=\"_ _1\"></span> </div></td><td class=\"c x5db y302a w4e1 h82\"><div class=\"t m0 x32 h1f y54 ff2b fs7 fc1 sc2 ls0 ws0\">(197.<span class=\"_ _1\"></span>504<span class=\"_ _1\"></span>) </div></td><td class=\"c x518 y302a w57 h82\"><div class=\"t m0 x27 h1f y54 ff2b fs7 fc1 sc2 ls0 ws0\">27.39<span class=\"_ _f\"></span>5 </div></td></tr></table></div><div class=\"t m0 h5 ff2b fs1 fc1 sc0 ls0 ws0 gsde3\">Nella <span class=\"_ _1\"></span>presente <span class=\"_ _1\"></span>tabella i <span class=\"_ _f\"></span>risultati della <span class=\"_ _f\"></span>negoziazione delle <span class=\"_ _f\"></span>at<span class=\"_ _2\"></span>tivit\u00e0 <span class=\"_ _1\"></span>finanziarie <span class=\"_ _f\"></span>per cassa in <span class=\"_ _f\"></span>valuta sono </div><div class=\"t m0 h5 ff2c fs1 fc1 sc0 ls0 ws0 gsde4\">indicati separatamente da quelli<span class=\"_ _1\"></span> relativi all\u2019attivit<span class=\"_ _2\"></span><span class=\"ff2b\">\u00e0 in cambi.</span><span class=\"ff2b\"> </span></div>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfTradingIncomeExpenseExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-871": {
   "value": "Sezi<span class=\"_ _f\"></span>one 4<span class=\"_ _1\"></span> <span class=\"ff2c\">\u2013</span> <span class=\"ff2c\">Il <span class=\"_ _f\"></span>risulta<span class=\"_ _1\"></span>to <span class=\"_ _f\"></span>netto d<span class=\"_ _f\"></span>ell\u2019att<span class=\"_ _f\"></span>ivit\u00e0 d<span class=\"_ _f\"></span>i nego<span class=\"_ _f\"></span>ziazio<span class=\"_ _f\"></span>ne \u2013<span class=\"ff2b\"> V<span class=\"_ _1\"></span>oce <span class=\"_ _f\"></span>80 </span></span>4.1 Ris<span class=\"_ _1\"></span>ulta<span class=\"_ _1\"></span>to ne<span class=\"_ _1\"></span>tto <span class=\"_ _1\"></span>dell'at<span class=\"_ _1\"></span>tivit<span class=\"_ _1\"></span>\u00e0 di ne<span class=\"_ _1\"></span>gozia<span class=\"_ _f\"></span>zione: co<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>osizio<span class=\"_ _f\"></span>ne <table class=\"s wdd8 h531\" id=\"_f28bba5f-f46e-492a-902d-34e3354da75e\"><tr><td></td><td class=\"c x7ba y300c wdd9 h484\"><div class=\"t m0 x250 h1f y2409 ff2b fs7 fc4 sc3 ls0 ws0\">Plusv<span class=\"_ _1\"></span>alen<span class=\"_ _f\"></span>ze</div></td><td class=\"c x7bb y300d wdda h484\"><div class=\"t m0 x250 h1f y2409 ff2b fs7 fc4 sc3 ls0 ws0\">Util<span class=\"_ _1\"></span>i da<span class=\"_ _df\"> </span></div></td><td class=\"c x7bc y300c wddb h484\"><div class=\"t m0 x250 h1f y2409 ff2b fs7 fc4 sc3 ls0 ws0\">Minu<span class=\"_ _1\"></span>sva<span class=\"_ _1\"></span>lenz<span class=\"_ _1\"></span>e</div></td><td class=\"c x7bd y300d wddc h484\"><div class=\"t m0 x250 h1f y2409 ff2b fs7 fc4 sc3 ls0 ws0\">Perdit<span class=\"_ _f\"></span>e da<span class=\"_ _df\"> </span></div></td><td class=\"c x542 y300d wddd h484\"><div class=\"t m0 x250 h1f y2409 ff2b fs7 fc4 sc3 ls0 ws0\">Risu<span class=\"_ _1\"></span>ltato<span class=\"_ _df\"> </span></div></td></tr><tr><td class=\"c x44e y300e w4de hc0\"><div class=\"t m0 x15 h1f y88a ff2b fs7 fc4 sc3 ls0 ws0\">Oper<span class=\"_ _f\"></span>azioni/C<span class=\"_ _1\"></span>om<span class=\"_ _f\"></span>ponenti<span class=\"_ _1\"></span> redd<span class=\"_ _1\"></span>itua<span class=\"_ _1\"></span>li </div></td><td class=\"c x7be y300f wdde h484\"><div class=\"t m0 x250 h1f y2409 ff2b fs7 fc4 sc3 ls0 ws0\">(A)<span class=\"_ _df\"> </span></div></td><td class=\"c x7bf y3010 w981 h484\"><div class=\"t m0 x250 h1f y2409 ff2b fs7 fc4 sc3 ls0 ws0\">neg<span class=\"_ _1\"></span>ozia<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e<span class=\"_ _df\"> </span></div></td><td class=\"c x7c0 y300f wddf h484\"><div class=\"t m0 x250 h1f y2409 ff2b fs7 fc4 sc3 ls0 ws0\">(C)<span class=\"_ _df\"> </span></div></td><td class=\"c x7c1 y3010 w981 h484\"><div class=\"t m0 x250 h1f y2409 ff2b fs7 fc4 sc3 ls0 ws0\">neg<span class=\"_ _1\"></span>ozia<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e<span class=\"_ _df\"> </span></div></td><td class=\"c x6da y3010 wde0 h484\"><div class=\"t m0 x250 h1f y2409 ff2b fs7 fc4 sc3 ls0 ws0\">net<span class=\"_ _1\"></span>to [(A+<span class=\"_ _f\"></span>B)<span class=\"_ _df\"> </span></div></td></tr><tr><td></td><td></td><td class=\"c x7c2 y3011 wde1 h484\"><div class=\"t m0 x250 h1f y2409 ff2b fs7 fc4 sc3 ls0 ws0\">(B)<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x7c3 y3011 wde2 h484\"><div class=\"t m0 x250 h1f y2409 ff2b fs7 fc4 sc3 ls0 ws0\">(D)<span class=\"_ _df\"> </span></div></td><td class=\"c x7c4 y3011 wa60 h484\"><div class=\"t m0 x250 h1f y2409 ff2b fs7 fc4 sc3 ls0 ws0\">- (C+D<span class=\"_ _f\"></span>)]<span class=\"_ _df\"> </span></div></td></tr><tr><td class=\"c x44e y3012 w4e0 h82\"><div class=\"t m0 x10 h1f y54 ff2b fs7 fc1 sc2 ls0 ws0\">1. Att<span class=\"_ _1\"></span>ivit\u00e0<span class=\"_ _1\"></span> fina<span class=\"_ _f\"></span>nziarie <span class=\"_ _f\"></span>di negozi<span class=\"_ _f\"></span>azione<span class=\"_ _1\"></span> </div></td><td class=\"c x7c5 y3012 w13e h82\"><div class=\"t m0 x12 h1f y54 ff2b fs7 fc1 sc2 lscf ws0\">60<span class=\"ls0\"> </span></div></td><td class=\"c x7c6 y3012 w101 h82\"><div class=\"t m0 x15 h1f y54 ff2b fs7 fc1 sc2 ls0 ws0\">6.237<span class=\"_ _f\"></span> </div></td><td class=\"c x591 y3012 w3bf h82\"><div class=\"t m0 x91 h1f y54 ff2b fs7 fc1 sc2 ls0 ws0\">(33)<span class=\"_ _1\"></span> </div></td><td class=\"c x5db y3012 w4e1 h82\"><div class=\"t m0 x31 h1f y54 ff2b fs7 fc1 sc2 ls0 ws0\">(1.176<span class=\"_ _1\"></span>) </div></td><td class=\"c x518 y3012 w57 h82\"><div class=\"t m0 x34 h1f y54 ff2b fs7 fc1 sc2 ls0 ws0\">5.08<span class=\"_ _1\"></span>8 </div></td></tr><tr><td class=\"c x44e y3013 w4e0 h82\"><div class=\"t m0 x16a h1f y66c ff2b fs7 fc1 sc0 ls0 ws0\">1.1 Titoli di debi<span class=\"ls70\">to</span> </div></td><td class=\"c x7c5 y3013 w13e h82\"><div class=\"t m0 x12 h1f y66c ff2b fs7 fc1 sc0 ls29 ws0\">60<span class=\"ls0\"> </span></div></td><td class=\"c x7c6 y3013 w101 h82\"><div class=\"t m0 x36 h1f y66c ff2b fs7 fc1 sc0 ls0 ws0\">6.127 </div></td><td class=\"c x591 y3013 w3bf h82\"><div class=\"t m0 x91 h1f y66c ff2b fs7 fc1 sc0 ls0 ws0\">(33) </div></td><td class=\"c x5db y3013 w4e1 h82\"><div class=\"t m0 x36 h1f y66c ff2b fs7 fc1 sc0 ls0 ws0\">(154) </div></td><td class=\"c x518 y3013 w57 h82\"><div class=\"t m0 x34 h1f y66c ff2b fs7 fc1 sc0 ls0 ws0\">6.000 </div></td></tr><tr><td class=\"c x44e y3014 w4e0 h82\"><div class=\"t m0 x16a h1f y54 ff2b fs7 fc1 sc0 ls0 ws0\">1.2 Titoli di capita<span class=\"_ _f\"></span>l<span class=\"_ _2\"></span>e </div></td><td class=\"c x7c5 y3014 w13e h82\"><div class=\"t m0 xf h1f y54 ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x7c6 y3014 w101 h82\"><div class=\"t m0 x7 h1f y54 ff2b fs7 fc1 sc0 lsa ws0\">45<span class=\"ls0\"> </span></div></td><td class=\"c x591 y3014 w3bf h82\"><div class=\"t m0 xc7 h1f y54 ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5db y3014 w4e1 h82\"><div class=\"t m0 x12 h1f y54 ff2b fs7 fc1 sc0 ls0 ws0\">(91) </div></td><td class=\"c x518 y3014 w57 h82\"><div class=\"t m0 x15 h1f y54 ff2b fs7 fc1 sc0 ls0 ws0\">(46) </div></td></tr><tr><td class=\"c x44e y3015 w4e0 h82\"><div class=\"t m0 x16a h1f y54 ff2b fs7 fc1 sc0 ls0 ws0\">1.3 Quote di O.I.C<span class=\"_ _1\"></span>.R. </div></td><td class=\"c x7c5 y3015 w13e h82\"><div class=\"t m0 xf h1f y54 ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x7c6 y3015 w101 h82\"><div class=\"t m0 x7 h1f y54 ff2b fs7 fc1 sc0 ls29 ws0\">65<span class=\"ls0\"> </span></div></td><td class=\"c x591 y3015 w3bf h82\"><div class=\"t m0 xc7 h1f y54 ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5db y3015 w4e1 h82\"><div class=\"t m0 x36 h1f y54 ff2b fs7 fc1 sc0 ls0 ws0\">(931) </div></td><td class=\"c x518 y3015 w57 h82\"><div class=\"t m0 x97 h1f y54 ff2b fs7 fc1 sc0 ls0 ws0\">(866) </div></td></tr><tr><td class=\"c x44e y3016 w4e0 h82\"><div class=\"t m0 x16a h1f y54 ff2b fs7 fc1 sc0 ls0 ws0\">1.4 Finanziamenti </div></td><td class=\"c x7c5 y3016 w13e h82\"><div class=\"t m0 xf h1f y54 ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x7c6 y3016 w101 h82\"><div class=\"t m0 xa3 h1f y54 ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x591 y3016 w3bf h82\"><div class=\"t m0 xc7 h1f y54 ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5db y3016 w4e1 h82\"><div class=\"t m0 xa3 h1f y54 ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x518 y3016 w57 h82\"><div class=\"t m0 x1c h1f y54 ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y3017 w4e0 h82\"><div class=\"t m0 x16a h1f y54 ff2b fs7 fc1 sc0 ls0 ws0\">1.5 Altre </div></td><td class=\"c x7c5 y3017 w13e h82\"><div class=\"t m0 xf h1f y54 ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x7c6 y3017 w101 h82\"><div class=\"t m0 xa3 h1f y54 ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x591 y3017 w3bf h82\"><div class=\"t m0 xc7 h1f y54 ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5db y3017 w4e1 h82\"><div class=\"t m0 xa3 h1f y54 ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x518 y3017 w57 h82\"><div class=\"t m0 x1c h1f y54 ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y3018 w4e0 h82\"><div class=\"t m0 x10 h1f y54 ff2b fs7 fc1 sc2 ls0 ws0\">2. Pa<span class=\"_ _1\"></span>ssiv<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span>t\u00e0<span class=\"_ _1\"></span> fina<span class=\"_ _f\"></span>nziarie di<span class=\"_ _1\"></span> ne<span class=\"_ _1\"></span>gozi<span class=\"_ _1\"></span>azion<span class=\"_ _f\"></span>e </div></td><td class=\"c x7c5 y3018 w13e h82\"><div class=\"t m0 xf h1f y54 ff2b fs7 fc1 sc2 ls0 ws0\">- </div></td><td class=\"c x7c6 y3018 w101 h82\"><div class=\"t m0 xa3 h1f y54 ff2b fs7 fc1 sc2 ls0 ws0\">- </div></td><td class=\"c x591 y3018 w3bf h82\"><div class=\"t m0 xc7 h1f y54 ff2b fs7 fc1 sc2 ls0 ws0\">- </div></td><td class=\"c x5db y3018 w4e1 h82\"><div class=\"t m0 xa3 h1f y54 ff2b fs7 fc1 sc2 ls0 ws0\">- </div></td><td class=\"c x518 y3018 w57 h82\"><div class=\"t m0 x1c h1f y54 ff2b fs7 fc1 sc2 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y3019 w4e0 h82\"><div class=\"t m0 x16a h1f y66c ff2b fs7 fc1 sc0 ls0 ws0\">2.1 Titoli di debit<span class=\"_ _1\"></span>o </div></td><td class=\"c x7c5 y3019 w13e h82\"><div class=\"t m0 xf h1f y66c ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x7c6 y3019 w101 h82\"><div class=\"t m0 xa3 h1f y66c ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x591 y3019 w3bf h82\"><div class=\"t m0 xc7 h1f y66c ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5db y3019 w4e1 h82\"><div class=\"t m0 xa3 h1f y66c ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x518 y3019 w57 h82\"><div class=\"t m0 x1c h1f y66c ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y301a w4e0 h82\"><div class=\"t m0 x16a h1f y54 ff2b fs7 fc1 sc0 ls0 ws0\">2.2 Debiti </div></td><td class=\"c x7c5 y301a w13e h82\"><div class=\"t m0 xf h1f y54 ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x7c6 y301a w101 h82\"><div class=\"t m0 xa3 h1f y54 ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x591 y301a w3bf h82\"><div class=\"t m0 xc7 h1f y54 ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5db y301a w4e1 h82\"><div class=\"t m0 xa3 h1f y54 ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x518 y301a w57 h82\"><div class=\"t m0 x1c h1f y54 ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y301b w4e0 h254\"><div class=\"t m0 x16a h1f y54 ff2b fs7 fc1 sc0 ls0 ws0\">2.3 Altre </div></td><td class=\"c x7c5 y301b w13e h254\"><div class=\"t m0 xf h1f y54 ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x7c6 y301b w101 h254\"><div class=\"t m0 xa3 h1f y54 ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x591 y301b w3bf h254\"><div class=\"t m0 xc7 h1f y54 ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5db y301b w4e1 h254\"><div class=\"t m0 xa3 h1f y54 ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x518 y301b w57 h254\"><div class=\"t m0 x1c h1f y54 ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x262 y301c wde3 h484\"><div class=\"t m0 x250 h1f y2410 ff2b fs7 fc1 sc2 ls0 ws0\">3. Att<span class=\"_ _f\"></span>ivit\u00e0 e <span class=\"_ _1\"></span>pass<span class=\"_ _1\"></span>ivit<span class=\"_ _1\"></span>\u00e0 fina<span class=\"_ _f\"></span>nziarie: <span class=\"_ _f\"></span>differen<span class=\"_ _f\"></span>ze di<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x7c8 y301d wde4 h484\"><div class=\"t m0 x250 h1f y2410 ff2b fs7 fc1 sc2 ls0 ws0\">X<span class=\"_ _df\"> </span></div><div class=\"t m0 x7c7 h1f y2410 ff2b fs7 fc1 sc2 ls0 ws0\">X<span class=\"_ _df\"> </span></div></td><td class=\"c x591 y301e w3bf h266\"><div class=\"t m0 x8 h1f yd3d ff2b fs7 fc1 sc2 ls0 ws0\">X </div></td><td class=\"c x5db y301e w4e1 h266\"><div class=\"t m0 xe h1f yd3d ff2b fs7 fc1 sc2 ls0 ws0\">X </div></td><td class=\"c x518 y301e w57 h266\"><div class=\"t m0 x27 h1f yd3d ff2b fs7 fc1 sc2 ls0 ws0\">(3.710<span class=\"_ _f\"></span>) </div></td></tr><tr><td class=\"c x262 y301f wde5 h484\"><div class=\"t m0 x250 h1f y2410 ff2b fs7 fc1 sc2 ls0 ws0\">cam<span class=\"_ _1\"></span>bio<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x44e y3020 w4e0 h82\"><div class=\"t m0 x10 h1f y54 ff2b fs7 fc1 sc2 ls0 ws0\">4. St<span class=\"_ _1\"></span>rume<span class=\"_ _1\"></span>nti<span class=\"_ _1\"></span> deri<span class=\"_ _1\"></span>vat<span class=\"_ _1\"></span>i </div></td><td class=\"c x7c5 y3020 w13e h82\"><div class=\"t m0 x31 h1f y54 ff2b fs7 fc1 sc2 ls0 ws0\">4.931<span class=\"_ _f\"></span> </div></td><td class=\"c x7c6 y3020 w101 h82\"><div class=\"t m0 x26 h1f y54 ff2b fs7 fc1 sc2 ls0 ws0\">253.<span class=\"_ _f\"></span>218 </div></td><td class=\"c x591 y3020 w3bf h82\"><div class=\"t m0 x34 h1f y54 ff2b fs7 fc1 sc2 ls0 ws0\">(41.2<span class=\"_ _f\"></span>20) </div></td><td class=\"c x5db y3020 w4e1 h82\"><div class=\"t m0 x32 h1f y54 ff2b fs7 fc1 sc2 ls0 ws0\">(196.<span class=\"_ _1\"></span>328)<span class=\"_ _f\"></span> </div></td><td class=\"c x518 y3020 w57 h82\"><div class=\"t m0 x26 h1f y54 ff2b fs7 fc1 sc2 ls0 ws0\">26.0<span class=\"_ _1\"></span>17 </div></td></tr><tr><td class=\"c x44e y3021 w4e0 h82\"><div class=\"t m0 x16a h1f y54 ff2b fs7 fc1 sc0 ls0 ws0\">4.1 Derivati fina<span class=\"_ _1\"></span>nziari:   </div></td><td class=\"c x7c5 y3021 w13e h82\"><div class=\"t m0 x31 h1f y54 ff2b fs7 fc1 sc0 ls0 ws0\">4.931 </div></td><td class=\"c x7c6 y3021 w101 h82\"><div class=\"t m0 x26 h1f y54 ff2b fs7 fc1 sc0 ls0 ws0\">253.218 </div></td><td class=\"c x591 y3021 w3bf h82\"><div class=\"t m0 x34 h1f y54 ff2b fs7 fc1 sc0 ls0 ws0\">(41.220) </div></td><td class=\"c x5db y3021 w4e1 h82\"><div class=\"t m0 x33 h1f y54 ff2b fs7 fc1 sc0 ls0 ws0\">(196.328) </div></td><td class=\"c x518 y3021 w57 h82\"><div class=\"t m0 x26 h1f y54 ff2b fs7 fc1 sc0 ls0 ws0\">26.017 </div></td></tr><tr><td class=\"c x44e y3022 w4e0 h82\"><div class=\"t m0 x48 h1f y54 ff2b fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _15\"></span><span class=\"_ _15\"> </span>Su titoli di debito e tassi di<span class=\"_ _1\"></span> interesse<span class=\"_ _df\"> </span></div></td><td class=\"c x7c5 y3022 w13e h82\"><div class=\"t m0 x31 h1f y54 ff2b fs7 fc1 sc0 ls0 ws0\">4.931 </div></td><td class=\"c x7c6 y3022 w101 h82\"><div class=\"t m0 x26 h1f y54 ff2b fs7 fc1 sc0 ls0 ws0\">251.764 </div></td><td class=\"c x591 y3022 w3bf h82\"><div class=\"t m0 x34 h1f y54 ff2b fs7 fc1 sc0 ls0 ws0\">(41.220) </div></td><td class=\"c x5db y3022 w4e1 h82\"><div class=\"t m0 x33 h1f y54 ff2b fs7 fc1 sc0 ls0 ws0\">(194.887) </div></td><td class=\"c x518 y3022 w57 h82\"><div class=\"t m0 x2c h1f y54 ff2b fs7 fc1 sc0 ls0 ws0\">20.588 </div></td></tr><tr><td class=\"c x44e y3023 w4e0 h82\"><div class=\"t m0 x48 h1f y66c ff2b fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _15\"></span><span class=\"_ _15\"> </span>Su titoli di capitale e ind<span class=\"_ _1\"></span>ici azionari<span class=\"_ _df\"> </span></div></td><td class=\"c x7c5 y3023 w13e h82\"><div class=\"t m0 xf h1f y66c ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x7c6 y3023 w101 h82\"><div class=\"t m0 x15 h1f y66c ff2b fs7 fc1 sc0 ls0 ws0\">1.454 </div></td><td class=\"c x591 y3023 w3bf h82\"><div class=\"t m0 xc7 h1f y66c ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5db y3023 w4e1 h82\"><div class=\"t m0 x38 h1f y66c ff2b fs7 fc1 sc0 ls0 ws0\">(1.441) </div></td><td class=\"c x518 y3023 w57 h82\"><div class=\"t m0 x12 h1f y66c ff2b fs7 fc1 sc0 ls9 ws0\">13<span class=\"ls0\"> </span></div></td></tr><tr><td class=\"c x44e y3024 w4e0 h82\"><div class=\"t m0 x48 h1f y54 ff2b fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _15\"></span><span class=\"_ _15\"> </span>Su valute e oro </div></td><td class=\"c x7c5 y3024 w13e h82\"><div class=\"t m0 x1c h1f y54 ff2b fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x7c6 y3024 w101 h82\"><div class=\"t m0 xe h1f y54 ff2b fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x591 y3024 w3bf h82\"><div class=\"t m0 x8 h1f y54 ff2b fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x5db y3024 w4e1 h82\"><div class=\"t m0 xe h1f y54 ff2b fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x518 y3024 w57 h82\"><div class=\"t m0 x97 h1f y54 ff2b fs7 fc1 sc0 ls0 ws0\">5.416 </div></td></tr><tr><td class=\"c x44e y3025 w4e0 h82\"><div class=\"t m0 x48 h1f y54 ff2b fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _15\"></span><span class=\"_ _15\"> </span>Altri </div></td><td class=\"c x7c5 y3025 w13e h82\"><div class=\"t m0 xf h1f y54 ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x7c6 y3025 w101 h82\"><div class=\"t m0 xa3 h1f y54 ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x591 y3025 w3bf h82\"><div class=\"t m0 xc7 h1f y54 ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5db y3025 w4e1 h82\"><div class=\"t m0 xa3 h1f y54 ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x518 y3025 w57 h82\"><div class=\"t m0 x1c h1f y54 ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y3026 w4e0 h82\"><div class=\"t m0 x16a h1f y54 ff2b fs7 fc1 sc0 ls0 ws0\">4.2 Derivati su cred<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span>ti </div></td><td class=\"c x7c5 y3026 w13e h82\"><div class=\"t m0 xf h1f y54 ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x7c6 y3026 w101 h82\"><div class=\"t m0 xa3 h1f y54 ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x591 y3026 w3bf h82\"><div class=\"t m0 xc7 h1f y54 ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5db y3026 w4e1 h82\"><div class=\"t m0 xa3 h1f y54 ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x518 y3026 w57 h82\"><div class=\"t m0 x1c h1f y54 ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x262 y3027 wde6 h484\"><div class=\"t m0 x250 h1f y2410 ff2b fs7 fc1 sc0 ls0 ws0\">di cui: coperture <span class=\"_ _1\"></span>naturali connesse con <span class=\"_ _1\"></span>la fair value<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td class=\"c x518 y3028 w57 had\"><div class=\"t m0 x1c h1f y420 ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x262 y3029 wde7 h484\"><div class=\"t m0 x250 h1f y2410 ff2b fs7 fc1 sc0 ls0 ws0\">option<span class=\"_ _df\"> </span></div></td><td class=\"c x7c5 y3028 w13e had\"><div class=\"t m0 x1c h1f y32 ff2b fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x7c6 y3028 w101 had\"><div class=\"t m0 xe h1f y32 ff2b fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x591 y3028 w3bf had\"><div class=\"t m0 x8 h1f y32 ff2b fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x5db y3028 w4e1 had\"><div class=\"t m0 xe h1f y32 ff2b fs7 fc1 sc0 ls0 ws0\">X </div></td><td></td></tr><tr><td class=\"c x44e y302a w4e0 h82\"><div class=\"t m0 x21 h1f y54 ff2b fs7 fc1 sc2 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale </div></td><td class=\"c x7c5 y302a w13e h82\"><div class=\"t m0 x31 h1f y54 ff2b fs7 fc1 sc2 ls0 ws0\">4.99<span class=\"_ _1\"></span>1 </div></td><td class=\"c x7c6 y302a w101 h82\"><div class=\"t m0 x27 h1f y54 ff2b fs7 fc1 sc2 ls0 ws0\">259.4<span class=\"_ _f\"></span>55 </div></td><td class=\"c x591 y302a w3bf h82\"><div class=\"t m0 x37 h1f y54 ff2b fs7 fc1 sc2 ls0 ws0\">(41.25<span class=\"_ _1\"></span>3)<span class=\"_ _1\"></span> </div></td><td class=\"c x5db y302a w4e1 h82\"><div class=\"t m0 x32 h1f y54 ff2b fs7 fc1 sc2 ls0 ws0\">(197.<span class=\"_ _1\"></span>504<span class=\"_ _1\"></span>) </div></td><td class=\"c x518 y302a w57 h82\"><div class=\"t m0 x27 h1f y54 ff2b fs7 fc1 sc2 ls0 ws0\">27.39<span class=\"_ _f\"></span>5 </div></td></tr></table>Nella <span class=\"_ _1\"></span>presente <span class=\"_ _1\"></span>tabella i <span class=\"_ _f\"></span>risultati della <span class=\"_ _f\"></span>negoziazione delle <span class=\"_ _f\"></span>at<span class=\"_ _2\"></span>tivit\u00e0 <span class=\"_ _1\"></span>finanziarie <span class=\"_ _f\"></span>per cassa in <span class=\"_ _f\"></span>valuta sono indicati separatamente da quelli<span class=\"_ _1\"></span> relativi all\u2019attivit<span class=\"_ _2\"></span><span class=\"ff2b\">\u00e0 in cambi.</span><div class=\"t m0 hc ff2b fs4 fc4 sc3 ls0 ws0 gsde6\">Sezi<span class=\"_ _f\"></span>one 5 <span class=\"_ _1\"></span>- Il r<span class=\"_ _f\"></span>isulta<span class=\"_ _f\"></span>to nett<span class=\"_ _f\"></span>o dell'<span class=\"_ _f\"></span>attivit\u00e0<span class=\"_ _1\"></span> di<span class=\"_ _1\"></span> cop<span class=\"_ _f\"></span>ertura<span class=\"_ _1\"></span> - V<span class=\"_ _f\"></span>oce 90<span class=\"_ _f\"></span> </div><div class=\"c w4e2 h2d2 gsde7\"><div class=\"t m0 x10 h5 y18b1 ff2b fs1 fc4 sc3 ls0 ws0\">5.1 Ris<span class=\"_ _1\"></span>ulta<span class=\"_ _1\"></span>to ne<span class=\"_ _1\"></span>tto <span class=\"_ _1\"></span>dell'at<span class=\"_ _f\"></span>tivit\u00e0 di co<span class=\"_ _f\"></span>pertura<span class=\"_ _1\"></span>: com<span class=\"_ _1\"></span>posi<span class=\"_ _1\"></span>zione<span class=\"_ _f\"></span> </div></div><div class=\"gsde8\"><table class=\"s wde8 h532\" id=\"_11e59e0c-85fa-4e52-b53e-13d5fd429a41\"><tr><td class=\"c x44e y302b w4e3 h2d3\"><div class=\"t m0 x148 h1f ybf4 ff2b fs7 fc4 sc3 ls0 ws0\">Com<span class=\"_ _1\"></span>pon<span class=\"_ _1\"></span>enti<span class=\"_ _1\"></span> red<span class=\"_ _1\"></span>ditua<span class=\"_ _1\"></span>li/Va<span class=\"_ _f\"></span>lori </div></td><td class=\"c x7c9 y302c w4e4 h82\"><div class=\"t m0 x35 h1f y32 ff2b fs7 fc4 sc3 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale </div></td><td class=\"c x599 y302c w4e4 h82\"><div class=\"t m0 x35 h1f y32 ff2b fs7 fc4 sc3 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale </div></td></tr><tr><td></td><td class=\"c x7c9 y302b w4e4 h82\"><div class=\"t m0 x55 h1f y25f ff2b fs7 fc4 sc3 ls0 ws0\">31/12/<span class=\"_ _f\"></span>2025 </div></td><td class=\"c x599 y302b w4e4 h82\"><div class=\"t m0 x55 h1f y25f ff2b fs7 fc4 sc3 ls0 ws0\">31/12/<span class=\"_ _f\"></span>2024 </div></td></tr><tr><td class=\"c x44e y302d w4e2 h82\"><div class=\"t m0 x10 h1f y54 ff2b fs7 fc1 sc2 ls0 ws0\">A. Pr<span class=\"_ _1\"></span>oven<span class=\"_ _f\"></span>ti relat<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span>vi a<span class=\"_ _f\"></span>: </div></td><td></td><td></td></tr><tr><td class=\"c x44e y302e w4e2 h82\"><div class=\"t m0 x8e h1f y54 ff2b fs7 fc1 sc0 ls0 ws0\">A.1 Derivati di cope<span class=\"_ _1\"></span>rtura del fair <span class=\"_ _1\"></span>value<span class=\"_ _df\"> </span></div></td><td class=\"c x5c4 y302e w3cf h82\"><div class=\"t m0 x36 h1f y54 ff2b fs7 fc1 sc0 ls0 ws0\">576.503 </div></td><td class=\"c x599 y302e w4e5 h82\"><div class=\"t m0 x8f h1f y54 ff2b fs7 fc1 sc0 ls0 ws0\">323.109 </div></td></tr><tr><td class=\"c x44e y302f w4e2 h82\"><div class=\"t m0 x8e h1f y54 ff2b fs7 fc1 sc0 ls0 ws0\">A.2 Attivit\u00e0 f<span class=\"_ _1\"></span>inanziarie coperte (f<span class=\"_ _f\"></span>ai<span class=\"_ _2\"></span>r value<span class=\"_ _1\"></span>) </div></td><td class=\"c x5c4 y302f w3cf h82\"><div class=\"t m0 x11 h1f y54 ff2b fs7 fc1 sc0 ls0 ws0\">60.094 </div></td><td class=\"c x599 y302f w4e5 h82\"><div class=\"t m0 x13 h1f y54 ff2b fs7 fc1 sc0 ls0 ws0\">213.574 </div></td></tr><tr><td class=\"c x44e y3030 w4e2 h82\"><div class=\"t m0 x8e h1f y54 ff2b fs7 fc1 sc0 ls0 ws0\">A.3 Passivita' fi<span class=\"_ _1\"></span>nanziarie coperte<span class=\"_ _1\"></span> (fair value) </div></td><td class=\"c x5c4 y3030 w3cf h82\"><div class=\"t m0 x91 h1f y54 ff2b fs7 fc1 sc0 ls0 ws0\">29.871 </div></td><td class=\"c x599 y3030 w4e5 h82\"><div class=\"t m0 xee h1f y54 ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y3031 w4e2 h82\"><div class=\"t m0 x8e h1f y66c ff2b fs7 fc1 sc0 ls0 ws0\">A.4 Derivati finanz<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span>ari di cope<span class=\"_ _f\"></span>rtura dei flussi finanzia<span class=\"_ _f\"></span>r<span class=\"_ _2\"></span>i<span class=\"_ _df\"> </span></div></td><td class=\"c x5c4 y3031 w3cf h82\"><div class=\"t m0 xee h1f y66c ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x599 y3031 w4e5 h82\"><div class=\"t m0 xee h1f y66c ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y3032 w4e2 h82\"><div class=\"t m0 x8e h1f y54 ff2b fs7 fc1 sc0 ls0 ws0\">A.5 Attivit\u00e0 e pass<span class=\"_ _1\"></span>ivit\u00e0 in valuta </div></td><td class=\"c x5c4 y3032 w3cf h82\"><div class=\"t m0 xee h1f y54 ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x599 y3032 w4e5 h82\"><div class=\"t m0 xee h1f y54 ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y3033 w4e2 h82\"><div class=\"t m0 x10 h1f y54 ff2b fs7 fc1 sc2 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale pr<span class=\"_ _1\"></span>oven<span class=\"_ _f\"></span>ti dell'<span class=\"_ _1\"></span>attiv<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span>t\u00e0<span class=\"_ _1\"></span> di co<span class=\"_ _f\"></span>pertur<span class=\"_ _f\"></span>a (A) </div></td><td class=\"c x5c4 y3033 w3cf h82\"><div class=\"t m0 x15 h1f y54 ff2b fs7 fc1 sc2 ls0 ws0\">666<span class=\"_ _f\"></span>.468 </div></td><td class=\"c x599 y3033 w4e5 h82\"><div class=\"t m0 x36 h1f y54 ff2b fs7 fc1 sc2 ls0 ws0\">536.<span class=\"_ _1\"></span>683<span class=\"_ _f\"></span> </div></td></tr><tr><td class=\"c x44e y3034 w4e2 h82\"><div class=\"t m0 x10 h1f y54 ff2b fs7 fc1 sc2 ls0 ws0\">B. On<span class=\"_ _1\"></span>eri r<span class=\"_ _1\"></span>elat<span class=\"_ _1\"></span>ivi a<span class=\"_ _f\"></span>: </div></td><td></td><td></td></tr><tr><td class=\"c x44e y3035 w4e2 h82\"><div class=\"t m0 x8e h1f y54 ff2b fs7 fc1 sc0 ls0 ws0\">B.1 Derivati di c<span class=\"_ _f\"></span>o<span class=\"_ _2\"></span>pertura de<span class=\"_ _1\"></span>l fair value<span class=\"_ _df\"> </span></div></td><td class=\"c x5c4 y3035 w3cf h82\"><div class=\"t m0 x97 h1f y54 ff2b fs7 fc1 sc0 ls0 ws0\">(553.530) </div></td><td class=\"c x599 y3035 w4e5 h82\"><div class=\"t m0 x30 h1f y54 ff2b fs7 fc1 sc0 ls0 ws0\">(345.011) </div></td></tr><tr><td class=\"c x44e y3036 w4e2 h254\"><div class=\"t m0 x8e h1f y18b3 ff2b fs7 fc1 sc0 ls0 ws0\">B.2 Attivit\u00e0 fin<span class=\"_ _1\"></span>anziarie coperte (<span class=\"_ _f\"></span>f<span class=\"_ _2\"></span>air v<span class=\"_ _f\"></span>al<span class=\"_ _2\"></span>ue) </div></td><td class=\"c x5c4 y3036 w3cf h254\"><div class=\"t m0 x15 h1f y18b3 ff2b fs7 fc1 sc0 ls0 ws0\">(87.294) </div></td><td class=\"c x599 y3036 w4e5 h254\"><div class=\"t m0 x36 h1f y18b3 ff2b fs7 fc1 sc0 ls0 ws0\">(73.955) </div></td></tr><tr><td class=\"c x44e y3037 w4e2 h82\"><div class=\"t m0 x8e h1f y66c ff2b fs7 fc1 sc0 ls0 ws0\">B.3 Passivit\u00e0 finanzi<span class=\"_ _f\"></span>ar<span class=\"_ _2\"></span>ie coperte (<span class=\"_ _f\"></span>fair value) </div></td><td class=\"c x5c4 y3037 w3cf h82\"><div class=\"t m0 x15 h1f y66c ff2b fs7 fc1 sc0 ls0 ws0\">(26.506) </div></td><td class=\"c x599 y3037 w4e5 h82\"><div class=\"t m0 x36 h1f y66c ff2b fs7 fc1 sc0 ls0 ws0\">(114.751) </div></td></tr><tr><td class=\"c x44e y3038 w4e2 h82\"><div class=\"t m0 x8e h1f y54 ff2b fs7 fc1 sc0 ls0 ws0\">B.4 Derivati finanz<span class=\"_ _1\"></span>iari di copertu<span class=\"_ _1\"></span>ra dei flussi fina<span class=\"_ _1\"></span>nziari<span class=\"_ _df\"> </span></div></td><td class=\"c x5c4 y3038 w3cf h82\"><div class=\"t m0 xee h1f y54 ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x599 y3038 w4e5 h82\"><div class=\"t m0 xee h1f y54 ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y3039 w4e2 h82\"><div class=\"t m0 x8e h1f y54 ff2b fs7 fc1 sc0 ls0 ws0\">B.5 Attivit\u00e0 e pas<span class=\"_ _1\"></span>sivit\u00e0 in valuta<span class=\"_ _1\"></span> </div></td><td class=\"c x5c4 y3039 w3cf h82\"><div class=\"t m0 xee h1f y54 ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x599 y3039 w4e5 h82\"><div class=\"t m0 xee h1f y54 ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y303a w4e2 h82\"><div class=\"t m0 x10 h1f y54 ff2b fs7 fc1 sc2 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale on<span class=\"_ _f\"></span>eri del<span class=\"_ _1\"></span>l'atti<span class=\"_ _f\"></span>v<span class=\"_ _2\"></span>it<span class=\"_ _1\"></span>\u00e0 di c<span class=\"_ _1\"></span>oper<span class=\"_ _f\"></span>tura (B<span class=\"_ _f\"></span>) </div></td><td class=\"c x5c4 y303a w3cf h82\"><div class=\"t m0 x38 h1f y54 ff2b fs7 fc1 sc2 ls0 ws0\">(667<span class=\"_ _f\"></span>.330) </div></td><td class=\"c x599 y303a w4e5 h82\"><div class=\"t m0 x30 h1f y54 ff2b fs7 fc1 sc2 ls0 ws0\">(533.<span class=\"_ _1\"></span>717)<span class=\"_ _f\"></span> </div></td></tr><tr><td class=\"c x44e y303b w4e2 h82\"><div class=\"t m0 x10 h1f y54 ff2b fs7 fc1 sc2 ls0 ws0\">C. Ris<span class=\"_ _f\"></span>ultato n<span class=\"_ _f\"></span>etto de<span class=\"_ _1\"></span>ll'att<span class=\"_ _f\"></span>ivit\u00e0 di co<span class=\"_ _f\"></span>pertura<span class=\"_ _f\"></span> (A - <span class=\"lse7\">B</span><span class=\"lse7\">)</span> </div></td><td class=\"c x5c4 y303b w3cf h82\"><div class=\"t m0 x1c h1f y54 ff2b fs7 fc1 sc2 ls0 ws0\">(86<span class=\"_ _1\"></span>2) </div></td><td class=\"c x599 y303b w4e5 h82\"><div class=\"t m0 x7 h1f y54 ff2b fs7 fc1 sc2 ls0 ws0\">2.96<span class=\"_ _1\"></span>6 </div></td></tr><tr><td class=\"c x44e y303c w4e2 h1d6\"><div class=\"t m0 x10 h1f y110b ff2b fs7 fc1 sc0 ls0 ws0\">di cui: risultato de<span class=\"_ _f\"></span>l<span class=\"_ _2\"></span>le copertu<span class=\"_ _f\"></span>re su posizioni nette (I<span class=\"_ _f\"></span>F<span class=\"_ _2\"></span>RS 7 24C, le<span class=\"_ _f\"></span>tt<span class=\"_ _2\"></span>. b) vi); I<span class=\"_ _1\"></span>FRS9 6.6.4) </div></td><td class=\"c x5c4 y303c w3cf h1d6\"><div class=\"t m0 xee h1f y110b ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x599 y303c w4e5 h1d6\"><div class=\"t m0 xee h1f y110b ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td></tr></table></div><div class=\"t m0 h5 ff2b fs1 fc1 sc0 ls0 ws0 gsde9\">La met<span class=\"_ _2\"></span>odologia contabile del <span class=\"_ _2\"></span>macro fair <span class=\"_ _2\"></span>value hedge \u00e8 <span class=\"_ _2\"></span>stata <span class=\"_ _2\"></span>appli<span class=\"_ _1\"></span>cata <span class=\"_ _2\"></span>per la <span class=\"_ _2\"></span>copertura <span class=\"_ _2\"></span>del rischio </div><div class=\"t m0 h5 ff2b fs1 fc1 sc0 ls0 ws0 gsdea\">di <span class=\"_ _9\"> </span>tasso <span class=\"_ _9\"> </span>associato <span class=\"_ _9\"> </span>al<span class=\"ff2c\">l\u2019erogazione <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>mutui <span class=\"_ _9\"> </span>a <span class=\"_ _9\"> </span>tas<span class=\"_ _2\"></span>so <span class=\"_ _9\"> </span>fisso, <span class=\"_ _9\"> </span>per <span class=\"_ _0\"></span>la <span class=\"_ _16\"> </span>copertura <span class=\"_ _0\"></span>rischio <span class=\"_ _16\"> </span>di <span class=\"_ _0\"></span>tasso <span class=\"_ _9\"> </span>della </span></div><div class=\"t m0 h5 ff2b fs1 fc1 sc0 ls0 ws0 gsdeb\">raccolta a <span class=\"_ _2\"></span>vista di <span class=\"_ _2\"></span>cliente<span class=\"_ _1\"></span>la, e <span class=\"_ _2\"></span>la meto<span class=\"_ _2\"></span>dologia contabile del micro<span class=\"_ _2\"></span> fair value <span class=\"_ _2\"></span>hedge per la <span class=\"_ _2\"></span>copertura </div><div class=\"t m0 h5 ff2b fs1 fc1 sc0 ls0 ws0 gsdec\">del rischio <span class=\"_ _2\"></span>di t<span class=\"_ _2\"></span>asso per <span class=\"_ _2\"></span>alcuni t<span class=\"_ _2\"></span>itoli<span class=\"_ _1\"></span> <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>tasso fisso <span class=\"_ _2\"></span>detenuti nei port<span class=\"_ _2\"></span>afogli <span class=\"_ _2\"></span><span class=\"ff2c\">\u201cHTCS\u201d <span class=\"_ _2\"></span>e \u201cCrediti\u201d <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>per la </span></div><div class=\"t m0 h5 ff2b fs1 fc1 sc0 ls0 ws0 gsded\">copertura <span class=\"_ _2\"></span>del rischio <span class=\"_ _2\"></span>di tasso <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>alcune<span class=\"_ _1\"></span> <span class=\"_ _2\"></span>obblig<span class=\"_ _1\"></span>azioni <span class=\"_ _2\"></span>emesse a <span class=\"_ _2\"></span>tasso <span class=\"_ _2\"></span>fisso classificate <span class=\"_ _2\"></span>nella voce </div><div class=\"t m0 h5 ff2c fs1 fc1 sc0 ls0 ws0 gsdee\">\u201ctitoli in circolazione\u201d.<span class=\"ff2b\"> </span></div><div class=\"t m0 h5 ff2c fs1 fc1 sc0 ls0 ws0 gsdef\">L\u2019attivit\u00e0 <span class=\"_ _0\"></span>di <span class=\"_ _d\"></span>copertura, <span class=\"_ _0\"></span>con <span class=\"_ _0\"></span>riferimento <span class=\"_ _0\"></span>alla <span class=\"_ _d\"></span>valutazione <span class=\"_ _0\"></span>degli <span class=\"_ _d\"></span>strumenti <span class=\"_ _0\"></span>derivati <span class=\"_ _0\"></span>correlati <span class=\"_ _0\"></span>a <span class=\"_ _d\"></span>poste<span class=\"_ _2\"></span><span class=\"ff2b\"> </span></div><div class=\"t m0 h5 ff2c fs1 fc1 sc0 ls0 ws0 gsdf0\">patrimoniali (la <span class=\"_ _1\"></span>circostanza ha in<span class=\"_ _f\"></span> particolare riguardato <span class=\"_ _1\"></span>le cope<span class=\"_ _1\"></span>rture in \u201cmicro<span class=\"_ _1\"></span> fair v<span class=\"_ _1\"></span>alue he<span class=\"_ _1\"></span>dge\u201d dei </div><div class=\"t m0 h5 ff2b fs1 fc1 sc0 ls0 ws0 gsdf1\">titoli <span class=\"_ _2\"></span>di debito <span class=\"_ _2\"></span>appostati<span class=\"_ _1\"></span> <span class=\"_ _2\"></span>tra le <span class=\"_ _2\"></span>attivit\u00e0 finanziarie <span class=\"_ _2\"></span>valutate al <span class=\"_ _2\"></span>fair value con <span class=\"_ _2\"></span>impatto <span class=\"_ _2\"></span>sulla redditivit\u00e0 </div><div class=\"t m0 h5 ff2c fs1 fc1 sc0 ls0 ws0 gsdf2\">complessiva), <span class=\"_ _4\"> </span>ha <span class=\"_ _4\"> </span>risentito <span class=\"_ _4\"> </span>dell\u2019andamento <span class=\"_ _4\"> </span>de<span class=\"ff2b\">i <span class=\"_ _4\"> </span>tassi <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>interesse <span class=\"_ _4\"> </span>e <span class=\"_ _17\"> </span>delle <span class=\"_ _4\"> </span>tensioni <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>mercato </span></div><div class=\"t m0 h5 ff2c fs1 fc1 sc0 ls0 ws0 gsdf3\">verificatesi in particolare nell\u2019anno<span class=\"ff2b\">. </span></div><div class=\"t m0 h5 ff2b fs1 fc1 sc0 ls0 ws0 gsdf4\">Va o<span class=\"_ _2\"></span>sservato che t<span class=\"_ _2\"></span>ale risultato <span class=\"_ _2\"></span>\u00e8<span class=\"_ _1\"></span> <span class=\"_ _2\"></span>peraltro da <span class=\"_ _2\"></span>mettere in <span class=\"_ _2\"></span>connessione<span class=\"_ _1\"></span> <span class=\"_ _2\"></span>con gli <span class=\"_ _2\"></span>apporti positivi <span class=\"_ _2\"></span>che le </div><div class=\"t m0 h5 ff2b fs1 fc1 sc0 ls0 ws0 gsdf5\">stesse grandezze patrimoniali suddette hanno avuto sul margine<span class=\"_ _1\"></span> fina<span class=\"_ _2\"></span>nziario. </div><div class=\"t m0 hc ff2b fs4 fc4 sc3 ls0 ws0 gsdf7\">Sezi<span class=\"_ _f\"></span>one 7<span class=\"_ _1\"></span> <span class=\"ff2c\">\u2013</span> Il <span class=\"_ _f\"></span>Risulta<span class=\"_ _f\"></span>to n<span class=\"_ _1\"></span>etto<span class=\"_ _1\"></span> dell<span class=\"_ _f\"></span>e altr<span class=\"_ _1\"></span>e att<span class=\"_ _1\"></span>ivit<span class=\"_ _1\"></span>\u00e0 e <span class=\"_ _f\"></span>passi<span class=\"_ _f\"></span>vit\u00e0 fina<span class=\"_ _f\"></span>nziar<span class=\"_ _1\"></span>ie va<span class=\"_ _f\"></span>lutat<span class=\"_ _f\"></span>e al fair <span class=\"_ _f\"></span>value <span class=\"_ _f\"></span>con </div><div class=\"t m0 hc ff2b fs4 fc4 sc3 ls0 ws0 gsdf8\">imp<span class=\"_ _f\"></span>atto a <span class=\"_ _f\"></span>conto <span class=\"_ _f\"></span>econ<span class=\"_ _1\"></span>om<span class=\"_ _f\"></span>ico <span class=\"ff2c\">\u2013</span> V<span class=\"_ _f\"></span>oce 1<span class=\"_ _1\"></span>10 </div><div class=\"c w37c h1e1 gsdf9\"><div class=\"t m0 xe h5 y1756 ff2b fs1 fc4 sc3 ls0 ws0\">7.1 Va<span class=\"_ _f\"></span>riazione <span class=\"_ _1\"></span>netta<span class=\"_ _f\"></span> di valo<span class=\"_ _1\"></span>re de<span class=\"_ _1\"></span>lle altr<span class=\"_ _1\"></span>e at<span class=\"_ _1\"></span>tivit\u00e0 <span class=\"_ _f\"></span>e passiv<span class=\"_ _1\"></span>it\u00e0 fina<span class=\"_ _f\"></span>nziarie v<span class=\"_ _1\"></span>alut<span class=\"_ _1\"></span>ate a<span class=\"_ _1\"></span>l fai<span class=\"_ _1\"></span>r value<span class=\"_ _f\"></span> con </div><div class=\"t m0 xe h5 y8df ff2b fs1 fc4 sc3 ls0 ws0\">impa<span class=\"_ _f\"></span>tto a cont<span class=\"_ _f\"></span>o econom<span class=\"_ _f\"></span>ico: co<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>osizio<span class=\"_ _1\"></span>ne de<span class=\"_ _1\"></span>lle a<span class=\"_ _1\"></span>ttivit<span class=\"_ _1\"></span>\u00e0 e p<span class=\"_ _1\"></span>assi<span class=\"_ _1\"></span>vit\u00e0 fina<span class=\"_ _f\"></span>nziarie<span class=\"_ _1\"></span> desi<span class=\"_ _1\"></span>gnate<span class=\"_ _1\"></span> al <span class=\"_ _1\"></span>fair </div><div class=\"t m0 xe h5 y15 ff2b fs1 fc4 sc3 ls0 ws0\">valu<span class=\"_ _1\"></span>e<span class=\"fc1 sc0\"> </span></div></div><div class=\"gsdfa\"><table class=\"s wdf4 h535\" id=\"_2474358e-472f-403a-90da-37043e0707c2\"><tr><td class=\"c x46b y3060 w4ea h2d4\"><div class=\"t m0 x36 h1f ya44 ff2b fs7 fc4 sc3 ls0 ws0\">Oper<span class=\"_ _f\"></span>azioni/C<span class=\"_ _1\"></span>om<span class=\"_ _f\"></span>ponenti<span class=\"_ _1\"></span> redd<span class=\"_ _1\"></span>itua<span class=\"_ _1\"></span>li<span class=\"fc1 sc0\"> </span></div></td><td></td><td class=\"c x648 y3061 wdd9 h484\"><div class=\"t m0 x250 h1f y2409 ff2b fs7 fc4 sc3 ls0 ws0\">Plusv<span class=\"_ _1\"></span>alen<span class=\"_ _f\"></span>ze</div></td><td class=\"c x7de y3061 wdef h484\"><div class=\"t m0 x250 h1f y2409 ff2b fs7 fc4 sc3 ls0 ws0\">Util<span class=\"_ _1\"></span>i da</div></td><td class=\"c x7df y3061 wdf5 h484\"><div class=\"t m0 x250 h1f y2409 ff2b fs7 fc4 sc3 ls0 ws0\">Minu<span class=\"_ _1\"></span>sva<span class=\"_ _1\"></span>lenze</div></td><td class=\"c x791 y3061 wddc h484\"><div class=\"t m0 x250 h1f y2409 ff2b fs7 fc4 sc3 ls0 ws0\">Perdit<span class=\"_ _f\"></span>e da</div></td><td class=\"c x7e0 y3061 wddd h484\"><div class=\"t m0 x250 h1f y2409 ff2b fs7 fc4 sc3 ls0 ws0\">Risu<span class=\"_ _1\"></span>ltato<span class=\"_ _df\"> </span></div></td></tr><tr><td></td><td></td><td class=\"c x7e1 y3062 wdde h4d6\"><div class=\"t m0 x250 h1f y2410 ff2b fs7 fc4 sc3 ls0 ws0\">(A)<span class=\"_ _df\"> </span></div></td><td class=\"c x7e2 y3062 wdf0 h4d6\"><div class=\"t m0 x250 h1f y2410 ff2b fs7 fc4 sc3 ls0 ws0\">reali<span class=\"_ _1\"></span>zzo (B<span class=\"_ _f\"></span>)<span class=\"_ _df\"> </span></div></td><td class=\"c x7e3 y3062 wddf h4d6\"><div class=\"t m0 x250 h1f y2410 ff2b fs7 fc4 sc3 ls0 ws0\">(C)<span class=\"_ _df\"> </span></div></td><td class=\"c x7e4 y3062 wdf1 h4d6\"><div class=\"t m0 x250 h1f y2410 ff2b fs7 fc4 sc3 ls0 ws0\">reali<span class=\"_ _1\"></span>zzo (D<span class=\"_ _f\"></span>)<span class=\"_ _df\"> </span></div></td><td class=\"c x794 y3062 wda0 h4d6\"><div class=\"t m0 x250 h1f y2410 ff2b fs7 fc4 sc3 ls0 ws0\">net<span class=\"_ _1\"></span>to<span class=\"_ _df\"> </span></div></td></tr><tr><td class=\"c x46b y3063 w4ed hc8\"><div class=\"t m0 x8a h1f y28b ff2b fs7 fc1 sc2 ls0 ws0\">1. Att<span class=\"_ _1\"></span>ivit\u00e0<span class=\"_ _1\"></span> fina<span class=\"_ _f\"></span>nziarie <span class=\"_ _f\"></span>di negozi<span class=\"_ _f\"></span>azione<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td><td></td><td class=\"c x544 y3063 w4eb hc8\"><div class=\"t m0 xc6 h1f y28b ff2b fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x5d2 y3063 w26c hc8\"><div class=\"t m0 x7 h1f y28b ff2b fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x74e y3063 w11e hc8\"><div class=\"t m0 xe h1f y28b ff2b fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x7a2 y3063 w48a hc8\"><div class=\"t m0 x7 h1f y28b ff2b fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x7a3 y3063 w47b hc8\"><div class=\"t m0 x1c h1f y28b ff2b fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x46b y3064 w4ed hc8\"><div class=\"t m0 x2e h1f y28b ff2b fs7 fc1 sc0 ls0 ws0\">1.1 Titoli di debit<span class=\"_ _1\"></span>o </div></td><td></td><td class=\"c x544 y3064 w4eb hc8\"><div class=\"t m0 xc6 h1f y28b ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5d2 y3064 w26c hc8\"><div class=\"t m0 x7 h1f y28b ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x74e y3064 w11e hc8\"><div class=\"t m0 xe h1f y28b ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x7a2 y3064 w48a hc8\"><div class=\"t m0 x7 h1f y28b ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x7a3 y3064 w47b hc8\"><div class=\"t m0 x1c h1f y28b ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y3065 w4ed hc8\"><div class=\"t m0 x2e h1f y28b ff2b fs7 fc1 sc0 ls0 ws0\">1.2 Finanziamenti </div></td><td></td><td class=\"c x544 y3065 w4eb hc8\"><div class=\"t m0 xc6 h1f y28b ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5d2 y3065 w26c hc8\"><div class=\"t m0 x7 h1f y28b ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x74e y3065 w11e hc8\"><div class=\"t m0 xe h1f y28b ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x7a2 y3065 w48a hc8\"><div class=\"t m0 x7 h1f y28b ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x7a3 y3065 w47b hc8\"><div class=\"t m0 x1c h1f y28b ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y3066 w4ed hc8\"><div class=\"t m0 x8a h1f y28b ff2b fs7 fc1 sc2 ls0 ws0\">2. Pa<span class=\"_ _1\"></span>ssiv<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span>t\u00e0<span class=\"_ _1\"></span> fina<span class=\"_ _f\"></span>nziarie<span class=\"sc0\"> </span></div></td><td></td><td class=\"c x544 y3066 w4eb hc8\"><div class=\"t m0 xc6 h1f y28b ff2b fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x5d2 y3066 w26c hc8\"><div class=\"t m0 x7 h1f y28b ff2b fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x74e y3066 w11e hc8\"><div class=\"t m0 x33 h1f y28b ff2b fs7 fc1 sc2 ls0 ws0\">(176.<span class=\"_ _1\"></span>904)<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x7a2 y3066 w48a hc8\"><div class=\"t m0 x7 h1f y28b ff2b fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x7a3 y3066 w47b hc8\"><div class=\"t m0 x14 h1f y28b ff2b fs7 fc1 sc2 ls0 ws0\">(176.<span class=\"_ _1\"></span>904)<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x46b y3067 w4ed h227\"><div class=\"t m0 x2e h1f y14c1 ff2b fs7 fc1 sc0 ls0 ws0\">2.1 Titoli in circo<span class=\"_ _1\"></span>lazione </div></td><td></td><td class=\"c x544 y3067 w4eb h227\"><div class=\"t m0 xc6 h1f y14c1 ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5d2 y3067 w26c h227\"><div class=\"t m0 x7 h1f y14c1 ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x74e y3067 w11e h227\"><div class=\"t m0 xe h1f y14c1 ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x7a2 y3067 w48a h227\"><div class=\"t m0 x7 h1f y14c1 ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x7a3 y3067 w47b h227\"><div class=\"t m0 x1c h1f y14c1 ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y3068 w4ed hc8\"><div class=\"t m0 x2e h1f y28b ff2b fs7 fc1 sc0 ls0 ws0\">2.2 Debiti verso <span class=\"_ _1\"></span>banche  </div></td><td></td><td class=\"c x544 y3068 w4eb hc8\"><div class=\"t m0 xc6 h1f y28b ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5d2 y3068 w26c hc8\"><div class=\"t m0 x7 h1f y28b ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x74e y3068 w11e hc8\"><div class=\"t m0 xe h1f y28b ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x7a2 y3068 w48a hc8\"><div class=\"t m0 x7 h1f y28b ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x7a3 y3068 w47b hc8\"><div class=\"t m0 x1c h1f y28b ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y3069 w4ed hc8\"><div class=\"t m0 x2e h1f ye4c ff2b fs7 fc1 sc0 ls0 ws0\">2.3 Debiti vers<span class=\"_ _1\"></span>o clientela </div></td><td></td><td class=\"c x544 y3069 w4eb hc8\"><div class=\"t m0 xc6 h1f ye4c ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5d2 y3069 w26c hc8\"><div class=\"t m0 x7 h1f ye4c ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x74e y3069 w11e hc8\"><div class=\"t m0 x33 h1f ye4c ff2b fs7 fc1 sc0 ls0 ws0\">(176.904) </div></td><td class=\"c x7a2 y3069 w48a hc8\"><div class=\"t m0 x7 h1f ye4c ff2b fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x7a3 y3069 w47b hc8\"><div class=\"t m0 x39 h1f ye4c ff2b fs7 fc1 sc0 ls0 ws0\">(176.904) </div></td></tr><tr><td class=\"c x262 y306a wdf6 h484\"><div class=\"t m0 x250 h1f y2410 ff2b fs7 fc1 sc2 ls0 ws0\">3. Att<span class=\"_ _f\"></span>ivit\u00e0 e <span class=\"_ _1\"></span>pass<span class=\"_ _1\"></span>ivit<span class=\"_ _1\"></span>\u00e0 fina<span class=\"_ _f\"></span>nziarie i<span class=\"_ _1\"></span>n va<span class=\"_ _f\"></span>luta:<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x7e6 y306b wdf7 h484\" colspan=\"2\"><div class=\"t m0 x250 h1f y2410 ff2b fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _df\"> </span></div><div class=\"t m0 x7e5 h1f y2410 ff2b fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _df\"> </span></div></td><td class=\"c x74e y306c w11e h1d6\"><div class=\"t m0 x27 h1f y110b ff2b fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x7a2 y306c w48a h1d6\"><div class=\"t m0 x2c h1f y110b ff2b fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x7a3 y306c w47b h1d6\"><div class=\"t m0 x1c h1f y110b ff2b fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x262 y306d wdf8 h484\"><div class=\"t m0 x250 h1f y2410 ff2b fs7 fc1 sc2 ls0 ws0\">diffe<span class=\"_ _1\"></span>renz<span class=\"_ _1\"></span>e di <span class=\"_ _f\"></span>cambio<span class=\"_ _df\"> </span></div></td><td class=\"c x46b y306e w4ed hc8\"><div class=\"t m0 x21 h1f ye4c ff2b fs7 fc1 sc2 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale<span class=\"sc0\"> </span></div></td><td class=\"c x544 y306e w4eb hc8\"><div class=\"t m0 xc6 h1f ye4c ff2b fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x5d2 y306e w26c hc8\"><div class=\"t m0 x7 h1f ye4c ff2b fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x74e y306e w11e hc8\"><div class=\"t m0 x33 h1f ye4c ff2b fs7 fc1 sc2 ls0 ws0\">(176.<span class=\"_ _1\"></span>904)<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x7a2 y306e w48a hc8\"><div class=\"t m0 x7 h1f ye4c ff2b fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x7a3 y306e w47b hc8\"><div class=\"t m0 x14 h1f ye4c ff2b fs7 fc1 sc2 ls0 ws0\">(176.<span class=\"_ _1\"></span>904)<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td></tr></table></div><div class=\"t m0 h5 ff2b fs1 fc1 sc0 ls0 ws0 gsdfb\">La tabella sopra <span class=\"_ _2\"></span>esposta<span class=\"_ _1\"></span> rappre<span class=\"_ _2\"></span>senta gli effetti economici relativi ai <span class=\"_ _2\"></span>contratti di assicurazione o di </div><div class=\"t m0 h5 ff2c fs1 fc1 sc0 ls0 ws0 gsdfc\">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>rientrant<span class=\"_ _2\"></span>i <span class=\"_ _d\"></span>nell\u2019ambito <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>applicazione <span class=\"_ _0\"></span>dell\u2019IFRS <span class=\"_ _0\"></span>17, <span class=\"_ _0\"> </span>emessi  <span class=\"ff2b\">dalle<span class=\"_ _f\"></span> </span></div><div class=\"t m0 h5 ff2b fs1 fc1 sc0 ls0 ws0 gsdfd\">Imprese di assicurazione. </div><div class=\"c w37c h20c gsdfe\"><div class=\"t m0 xf h5 y18c4 ff2b fs1 fc4 sc3 ls0 ws0\">7.2 V<span class=\"_ _1\"></span>aria<span class=\"_ _1\"></span>zione <span class=\"_ _1\"></span>netta<span class=\"_ _f\"></span> di valor<span class=\"_ _1\"></span>e dell<span class=\"_ _f\"></span>e altre a<span class=\"_ _f\"></span>ttivit\u00e0 e <span class=\"_ _f\"></span>p<span class=\"_ _2\"></span>ass<span class=\"_ _f\"></span>ivit\u00e0 finanz<span class=\"_ _1\"></span>iar<span class=\"_ _1\"></span>ie val<span class=\"_ _1\"></span>utat<span class=\"_ _1\"></span>e al fa<span class=\"_ _f\"></span>ir value co<span class=\"_ _f\"></span>n </div><div class=\"t m0 xf h5 y3e3 ff2b fs1 fc4 sc3 ls0 ws0\">impa<span class=\"_ _f\"></span>tto a cont<span class=\"_ _f\"></span>o econom<span class=\"_ _f\"></span>ico: co<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>osizio<span class=\"_ _1\"></span>ne de<span class=\"_ _1\"></span>lle a<span class=\"_ _1\"></span>ltre <span class=\"_ _1\"></span>atti<span class=\"_ _1\"></span>vit\u00e0 fina<span class=\"_ _f\"></span>nziarie<span class=\"_ _1\"></span> obb<span class=\"_ _1\"></span>ligat<span class=\"_ _1\"></span>oria<span class=\"_ _1\"></span>mente<span class=\"_ _1\"></span> </div><div class=\"t m0 xf h5 y2a ff2b fs1 fc4 sc3 ls0 ws0\">valu<span class=\"_ _1\"></span>tate a<span class=\"_ _f\"></span>l fair va<span class=\"_ _1\"></span>lue (I<span class=\"_ _1\"></span>FRS 7<span class=\"_ _1\"></span>, pa<span class=\"_ _1\"></span>r. 20 le<span class=\"_ _1\"></span>tt a),<span class=\"_ _1\"></span> i) </div></div><div class=\"gsdff\"><table class=\"s wdee h534\" id=\"_0146b9cd-0101-42df-bdff-457a7af56e91\"><tr><td></td><td class=\"c x7d5 y3053 wdd9 h484\"><div class=\"t m0 x250 h1f y2410 ff2b fs7 fc4 sc3 ls0 ws0\">Plusv<span class=\"_ _1\"></span>alen<span class=\"_ _f\"></span>ze</div></td><td class=\"c x6de y3053 wdef h484\"><div class=\"t m0 x250 h1f y2410 ff2b fs7 fc4 sc3 ls0 ws0\">Util<span class=\"_ _1\"></span>i da</div></td><td class=\"c x7d6 y3053 wddb h484\"><div class=\"t m0 x250 h1f y2410 ff2b fs7 fc4 sc3 ls0 ws0\">Minu<span class=\"_ _1\"></span>sva<span class=\"_ _1\"></span>lenz<span class=\"_ _1\"></span>e</div></td><td class=\"c x7d7 y3053 wddc h484\"><div class=\"t m0 x250 h1f y2410 ff2b fs7 fc4 sc3 ls0 ws0\">Perdit<span class=\"_ _f\"></span>e da</div></td><td class=\"c x7d8 y3054 wddd h484\"><div class=\"t m0 x250 h1f y2410 ff2b fs7 fc4 sc3 ls0 ws0\">Risu<span class=\"_ _1\"></span>ltato<span class=\"_ _df\"> </span></div></td></tr><tr><td class=\"c x44e y3055 w4ee h282\"><div class=\"t m0 x11 h1f ycd3 ff2b fs7 fc4 sc3 ls0 ws0\">Oper<span class=\"_ _f\"></span>azioni/C<span class=\"_ _1\"></span>om<span class=\"_ _f\"></span>ponenti<span class=\"_ _1\"></span> redd<span class=\"_ _1\"></span>itua<span class=\"_ _1\"></span>li </div></td><td class=\"c x7d9 y3056 wdde h484\"><div class=\"t m0 x250 h1f y2410 ff2b fs7 fc4 sc3 ls0 ws0\">(A)<span class=\"_ _df\"> </span></div></td><td class=\"c x7da y3056 wdf0 h484\"><div class=\"t m0 x250 h1f y2410 ff2b fs7 fc4 sc3 ls0 ws0\">reali<span class=\"_ _1\"></span>zzo (B<span class=\"_ _f\"></span>)<span class=\"_ _df\"> </span></div></td><td class=\"c x7db y3056 wddf h484\"><div class=\"t m0 x250 h1f y2410 ff2b fs7 fc4 sc3 ls0 ws0\">(C)<span class=\"_ _df\"> </span></div></td><td class=\"c x286 y3056 wdf1 h484\"><div class=\"t m0 x250 h1f y2410 ff2b fs7 fc4 sc3 ls0 ws0\">reali<span class=\"_ _1\"></span>zzo (D<span class=\"_ _f\"></span>)</div></td><td class=\"c x7dc y3057 wdf2 h484\"><div class=\"t m0 x250 h1f y2410 ff2b fs7 fc4 sc3 ls0 ws0\">net<span class=\"_ _1\"></span>to [(A+<span class=\"_ _f\"></span>B) -<span class=\"_ _df\"> </span></div></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td class=\"c x7dd y3058 wdf3 h484\"><div class=\"t m0 x250 h1f y2410 ff2b fs7 fc4 sc3 ls0 ws0\">(C+D<span class=\"_ _1\"></span>)]<span class=\"_ _df\"> </span></div></td></tr><tr><td class=\"c x44e y3059 w4ef h82\"><div class=\"t m0 x10 h1f y54 ff2b fs7 fc1 sc2 ls0 ws0\">1. Att<span class=\"_ _1\"></span>ivit\u00e0<span class=\"_ _1\"></span> fina<span class=\"_ _f\"></span>nziarie<span class=\"_ _f\"></span> </div></td><td class=\"c x58a y3059 w4c3 h82\"><div class=\"t m0 x2c h1f y32 ff2b fs7 fc1 sc2 ls0 ws0\">294.1<span class=\"_ _f\"></span>53 </div></td><td class=\"c x5af y3059 w48a h82\"><div class=\"t m0 x34 h1f y32 ff2b fs7 fc1 sc2 ls0 ws0\">47.16<span class=\"_ _1\"></span>5 </div></td><td class=\"c x534 y3059 w26d h82\"><div class=\"t m0 x32 h1f y32 ff2b fs7 fc1 sc2 ls0 ws0\">(36.7<span class=\"_ _f\"></span>97) </div></td><td class=\"c x598 y3059 w48a h82\"><div class=\"t m0 x32 h1f y32 ff2b fs7 fc1 sc2 ls0 ws0\">(28.07<span class=\"_ _f\"></span>7) </div></td><td class=\"c x515 y3059 w387 h82\"><div class=\"t m0 x32 h1f y32 ff2b fs7 fc1 sc2 ls0 ws0\">276.<span class=\"_ _1\"></span>444<span class=\"_ _1\"></span> </div></td></tr><tr><td class=\"c x44e y305a w4ef h82\"><div class=\"t m0 x8e h1f y54 ff2b fs7 fc1 sc0 ls0 ws0\">1.1 Titoli di debit<span class=\"_ _1\"></span>o </div></td><td class=\"c x58a y305a w4c3 h82\"><div class=\"t m0 x97 h1f y54 ff2b fs7 fc1 sc0 ls0 ws0\">3.966 </div></td><td class=\"c x5af y305a w48a h82\"><div class=\"t m0 x97 h1f y54 ff2b fs7 fc1 sc0 ls0 ws0\">2.454 </div></td><td class=\"c x534 y305a w26d h82\"><div class=\"t m0 x3a h1f y54 ff2b fs7 fc1 sc0 ls0 ws0\">(4.286) </div></td><td class=\"c x598 y305a w48a h82\"><div class=\"t m0 x34 h1f y54 ff2b fs7 fc1 sc0 ls0 ws0\">(1.188) </div></td><td class=\"c x515 y305a w387 h82\"><div class=\"t m0 x36 h1f y54 ff2b fs7 fc1 sc0 ls0 ws0\">946 </div></td></tr><tr><td class=\"c x44e y305b w4ef h82\"><div class=\"t m0 x8e h1f y54 ff2b fs7 fc1 sc0 ls0 ws0\">1.2 Titoli di capita<span class=\"_ _f\"></span>l<span class=\"_ _2\"></span>e </div></td><td class=\"c x58a y305b w4c3 h82\"><div class=\"t m0 x26 h1f y54 ff2b fs7 fc1 sc0 ls27 ws0\">33<span class=\"ls0\">.977</span><span class=\"ls0\"> </span></div></td><td class=\"c x5af y305b w48a h82\"><div class=\"t m0 x37 h1f y54 ff2b fs7 fc1 sc0 ls0 ws0\">13.510 </div></td><td class=\"c x534 y305b w26d h82\"><div class=\"t m0 x27 h1f y54 ff2b fs7 fc1 sc0 ls0 ws0\">(6.687) </div></td><td class=\"c x598 y305b w48a h82\"><div class=\"t m0 x26 h1f y54 ff2b fs7 fc1 sc0 ls0 ws0\">(3.017) </div></td><td class=\"c x515 y305b w387 h82\"><div class=\"t m0 x27 h1f y54 ff2b fs7 fc1 sc0 ls0 ws0\">37.783 </div></td></tr><tr><td class=\"c x44e y305c w4ef h82\"><div class=\"t m0 x8e h1f y54 ff2b fs7 fc1 sc0 ls0 ws0\">1.3  Quote di O.I.C<span class=\"_ _1\"></span>.R. </div></td><td class=\"c x58a y305c w4c3 h82\"><div class=\"t m0 x32 h1f y54 ff2b fs7 fc1 sc0 ls0 ws0\">255.644 </div></td><td class=\"c x5af y305c w48a h82\"><div class=\"t m0 x26 h1f y54 ff2b fs7 fc1 sc0 ls0 ws0\">31.200 </div></td><td class=\"c x534 y305c w26d h82\"><div class=\"t m0 x32 h1f y54 ff2b fs7 fc1 sc0 ls0 ws0\">(25.674) </div></td><td class=\"c x598 y305c w48a h82\"><div class=\"t m0 x33 h1f y54 ff2b fs7 fc1 sc0 ls0 ws0\">(23.869) </div></td><td class=\"c x515 y305c w387 h82\"><div class=\"t m0 x35 h1f y54 ff2b fs7 fc1 sc0 ls0 ws0\">237.301 </div></td></tr><tr><td class=\"c x44e y305d w4ef h82\"><div class=\"t m0 x8e h1f y54 ff2b fs7 fc1 sc0 ls0 ws0\">1.4  Finanziament<span class=\"_ _1\"></span>i </div></td><td class=\"c x58a y305d w4c3 h82\"><div class=\"t m0 x8f h1f y54 ff2b fs7 fc1 sc0 ls0 ws0\">566 </div></td><td class=\"c x5af y305d w48a h82\"><div class=\"t m0 xf h1f y54 ff2b fs7 fc1 sc0 ls0 ws0\">1 </div></td><td class=\"c x534 y305d w26d h82\"><div class=\"t m0 x30 h1f y54 ff2b fs7 fc1 sc0 ls0 ws0\">(150) </div></td><td class=\"c x598 y305d w48a h82\"><div class=\"t m0 x12 h1f y54 ff2b fs7 fc1 sc0 ls0 ws0\">(3) </div></td><td class=\"c x515 y305d w387 h82\"><div class=\"t m0 x13 h1f y54 ff2b fs7 fc1 sc0 lsa ws0\">414<span class=\"ls0\"> </span></div></td></tr><tr><td class=\"c x44e y305e w4ef h82\"><div class=\"t m0 x10 h1f y54 ff2b fs7 fc1 sc2 ls0 ws0\">2. Att<span class=\"_ _1\"></span>ivit<span class=\"_ _f\"></span>\u00e0 finanzi<span class=\"_ _f\"></span>arie: dif<span class=\"_ _1\"></span>feren<span class=\"_ _f\"></span>ze di ca<span class=\"_ _f\"></span>mbio </div></td><td class=\"c x58a y305e w4c3 h82\"><div class=\"t m0 x2c h1f y54 ff2b fs7 fc1 sc2 ls0 ws0\">X </div></td><td class=\"c x5af y305e w48a h82\"><div class=\"t m0 x2c h1f y54 ff2b fs7 fc1 sc2 ls0 ws0\">X </div></td><td class=\"c x534 y305e w26d h82\"><div class=\"t m0 x2c h1f y54 ff2b fs7 fc1 sc2 ls0 ws0\">X </div></td><td class=\"c x598 y305e w48a h82\"><div class=\"t m0 x2c h1f y54 ff2b fs7 fc1 sc2 ls0 ws0\">X </div></td><td class=\"c x515 y305e w387 h82\"><div class=\"t m0 x27 h1f y54 ff2b fs7 fc1 sc2 ls0 ws0\">(9.56<span class=\"_ _f\"></span>5) </div></td></tr><tr><td class=\"c x44e y305f w4ef h82\"><div class=\"t m0 x55 h1f y54 ff2b fs7 fc1 sc2 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale </div></td><td class=\"c x58a y305f w4c3 h82\"><div class=\"t m0 x2c h1f y54 ff2b fs7 fc1 sc2 ls0 ws0\">294.1<span class=\"_ _f\"></span>53 </div></td><td class=\"c x5af y305f w48a h82\"><div class=\"t m0 x34 h1f y54 ff2b fs7 fc1 sc2 ls0 ws0\">47.16<span class=\"_ _1\"></span>5 </div></td><td class=\"c x534 y305f w26d h82\"><div class=\"t m0 x32 h1f y54 ff2b fs7 fc1 sc2 ls0 ws0\">(36.7<span class=\"_ _f\"></span>97) </div></td><td class=\"c x598 y305f w48a h82\"><div class=\"t m0 x32 h1f y54 ff2b fs7 fc1 sc2 ls0 ws0\">(28.07<span class=\"_ _f\"></span>7) </div></td><td class=\"c x515 y305f w387 h82\"><div class=\"t m0 x32 h1f y54 ff2b fs7 fc1 sc2 ls0 ws0\">266.<span class=\"_ _1\"></span>879<span class=\"_ _f\"></span> </div></td></tr></table></div>Rischio<span class=\"_ _f\"></span> di prezz<span class=\"_ _1\"></span>o<span class=\"_ _df\"> </span> Nell\u2019ambito <span class=\"_ _10\"> </span>del <span class=\"_ _10\"> </span>portafoglio <span class=\"_ _10\"> </span>ba<span class=\"_ _2\"></span>ncario <span class=\"_ _10\"> </span>il <span class=\"_ _10\"> </span>Gruppo <span class=\"_ _10\"> </span>non <span class=\"_ _10\"> </span>ha <span class=\"_ _18\"> </span>posizioni <span class=\"_ _10\"> </span>significativ<span class=\"_ _2\"></span><span class=\"ff4\">e <span class=\"_ _10\"> </span>in <span class=\"_ _10\"> </span>azioni <span class=\"_ _18\"> </span>o<span class=\"_ _df\"> </span></span><span class=\"ff4\"> </span>partecipazioni quotate. <span class=\"_ _2\"></span>Sono <span class=\"_ _2\"></span>presenti 9,2 <span class=\"_ _2\"></span>milioni di <span class=\"_ _2\"></span>euro <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>un fondo <span class=\"_ _2\"></span>private equity <span class=\"_ _2\"></span>gestito <span class=\"_ _2\"></span>da una<span class=\"_ _df\"> </span> societ\u00e0 <span class=\"_ _2\"></span>del gruppo e <span class=\"_ _2\"></span>quote <span class=\"_ _2\"></span>non rilevanti di <span class=\"_ _2\"></span>fondi r<span class=\"_ _2\"></span>iveni<span class=\"_ _1\"></span>enti <span class=\"_ _2\"></span>dalla fusione con <span class=\"_ _2\"></span>Cassa <span class=\"_ _2\"></span>di Risparmio <span class=\"_ _2\"></span>di<span class=\"_ _df\"> </span> Cento, di cui 0,9 milioni di euro in fondi immobiliari.<span class=\"_ _df\"> </span> Attivit\u00e0<span class=\"_ _f\"></span> di copert<span class=\"_ _1\"></span>ura de<span class=\"_ _1\"></span>l rischi<span class=\"_ _1\"></span>o di pre<span class=\"_ _f\"></span>zzo<span class=\"_ _df\"> </span> Il Gruppo non ha posto in essere operazioni<span class=\"_ _1\"></span> di copertura.<span class=\"_ _df\"> </span><span class=\"_ _2\"></span> 1.2.3<span class=\"_ _f\"></span> Rischi<span class=\"_ _1\"></span>o di<span class=\"_ _1\"></span> cam<span class=\"_ _f\"></span>bio<span class=\"_ _df\"> </span> Inform<span class=\"_ _1\"></span>azio<span class=\"_ _f\"></span>ni di natura<span class=\"_ _f\"></span> qualitativa<span class=\"_ _df\"> </span> A.<span class=\"_ _18\"> </span>Asp<span class=\"_ _1\"></span>etti ge<span class=\"_ _1\"></span>nerali,<span class=\"_ _1\"></span> proce<span class=\"_ _f\"></span>ssi di gestio<span class=\"_ _f\"></span>ne e meto<span class=\"_ _f\"></span>di di misu<span class=\"_ _1\"></span>razion<span class=\"_ _1\"></span>e del <span class=\"_ _1\"></span>rischio d<span class=\"_ _f\"></span>i cambio<span class=\"_ _df\"> </span>L\u2019<span class=\"_ _f\"></span>atti<span class=\"_ _1\"></span>vi<span class=\"_ _f\"></span>t\u00e0 <span class=\"_ _2\"></span>svo<span class=\"_ _f\"></span>lta sui <span class=\"_ _2\"></span>me<span class=\"_ _f\"></span>rca<span class=\"_ _f\"></span>ti <span class=\"_ _2\"></span>dei<span class=\"_ _f\"></span> <span class=\"_ _d\"></span>ca<span class=\"_ _f\"></span>mbi <span class=\"_ _2\"></span>pr<span class=\"_ _1\"></span>ev<span class=\"_ _f\"></span>ede<span class=\"_ _f\"></span> <span class=\"_ _d\"></span>l\u2019a<span class=\"_ _f\"></span>ssun<span class=\"_ _f\"></span>zio<span class=\"_ _f\"></span>ne <span class=\"_ _2\"></span>di<span class=\"_ _1\"></span> <span class=\"_ _2\"></span>pos<span class=\"_ _f\"></span>izi<span class=\"_ _1\"></span>oni<span class=\"_ _f\"></span> <span class=\"_ _d\"></span>ge<span class=\"_ _f\"></span>sti<span class=\"_ _f\"></span>te <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>con<span class=\"_ _f\"></span>trol<span class=\"_ _1\"></span>la<span class=\"_ _f\"></span>te <span class=\"_ _2\"></span>tr<span class=\"_ _1\"></span>am<span class=\"_ _1\"></span>it<span class=\"_ _f\"></span>e<span class=\"_ _df\"> </span> mas<span class=\"_ _f\"></span>sim<span class=\"_ _f\"></span>ali <span class=\"_ _1\"></span>di<span class=\"_ _f\"></span> po<span class=\"_ _f\"></span>sizi<span class=\"_ _1\"></span>one<span class=\"_ _f\"></span>, s<span class=\"_ _1\"></span>ia<span class=\"_ _f\"></span> lor<span class=\"_ _f\"></span>da <span class=\"_ _f\"></span>sia<span class=\"_ _1\"></span> ne<span class=\"_ _f\"></span>tta<span class=\"_ _1\"></span>, e<span class=\"_ _f\"></span> ma<span class=\"_ _f\"></span>ssim<span class=\"_ _f\"></span>ali<span class=\"_ _f\"></span> di <span class=\"_ _1\"></span>co<span class=\"_ _f\"></span>ncen<span class=\"_ _f\"></span>tra<span class=\"_ _1\"></span>zi<span class=\"_ _1\"></span>one<span class=\"_ _f\"></span> pe<span class=\"_ _1\"></span>r d<span class=\"_ _f\"></span>ivi<span class=\"_ _f\"></span>sa.<span class=\"_ _df\"> </span> Il rischio d<span class=\"_ _1\"></span>i mercato currency viene <span class=\"_ _1\"></span>calcolato con la stessa frequenza e<span class=\"_ _1\"></span> metodologia indicata pe<span class=\"_ _1\"></span>r il<span class=\"_ _df\"> </span> rischio tasso ed equity.<span class=\"_ _df\"> </span> B.<span class=\"_ _48\"> </span><span class=\"ls0\">Attivit\u00e0 d<span class=\"_ _1\"></span>i cop<span class=\"_ _1\"></span>ertura d<span class=\"_ _f\"></span>el rischio d<span class=\"_ _1\"></span>i camb<span class=\"_ _1\"></span>io<span class=\"_ _df\"> </span></span>Non sono presenti operazioni di copertura.<span class=\"_ _df\"> </span>Inform<span class=\"_ _1\"></span>azio<span class=\"_ _f\"></span>ni di natura<span class=\"_ _f\"></span> quantita<span class=\"_ _f\"></span>tiva<span class=\"_ _df\"> </span> 1. Dis<span class=\"_ _1\"></span>tribuzi<span class=\"_ _1\"></span>one<span class=\"_ _1\"></span> per <span class=\"_ _1\"></span>valu<span class=\"_ _1\"></span>ta di <span class=\"_ _1\"></span>deno<span class=\"_ _1\"></span>mina<span class=\"_ _1\"></span>zione <span class=\"_ _1\"></span>delle <span class=\"_ _1\"></span>attivi<span class=\"_ _1\"></span>t\u00e0 e<span class=\"_ _1\"></span> pas<span class=\"_ _f\"></span>sivit\u00e0 e d<span class=\"_ _1\"></span>ei der<span class=\"_ _1\"></span>ivat<span class=\"_ _1\"></span>i<span class=\"_ _df\"> </span>Voci<span class=\"_ _df\"> </span><span class=\"_ _1\"></span><span class=\"fc1 sc0\"> </span><table class=\"s w109a h590\" id=\"_5c6b6730-2921-4ca9-bf87-8faed242d687\"><tr><td></td><td></td><td></td><td></td><td class=\"c x91f y35c9 w5ee h1af\"><div class=\"t m0 xaf h1f y889 ff4 fs7 fc4 sc3 ls0 ws0\">Val<span class=\"_ _1\"></span>ute<span class=\"_ _df\"> </span><span class=\"fc1 sc0\"> </span></div></td><td></td><td></td></tr><tr><td></td><td class=\"c x91f y35ca w48a h1af\"><div class=\"t m0 x48 h1f y889 ff4 fs7 fc4 sc3 ls0 ws0\">USD<span class=\"_ _df\"> </span><span class=\"_ _f\"></span><span class=\"fc1 sc0\"> </span></div></td><td class=\"c xa64 y35ca w190 h1af\"><div class=\"t m0 x55 h1f y889 ff4 fs7 fc4 sc3 ls0 ws0\">GBP<span class=\"_ _df\"> </span><span class=\"_ _f\"></span><span class=\"fc1 sc0\"> </span></div></td><td class=\"c x50b y35ca wee h1af\"><div class=\"t m0 x130 h1f y889 ff4 fs7 fc4 sc3 ls0 ws0\">JPY<span class=\"_ _df\"> </span><span class=\"_ _f\"></span><span class=\"fc1 sc0\"> </span></div></td><td class=\"c xa65 y35ca w149 h1af\"><div class=\"t m0 x2a h1f y889 ff4 fs7 fc4 sc3 ls0 ws0\">CAD<span class=\"_ _df\"> </span><span class=\"_ _1\"></span><span class=\"fc1 sc0\"> </span></div></td><td class=\"c x508 y35ca w50a h1af\"><div class=\"t m0 x33 h1f y889 ff4 fs7 fc4 sc3 ls0 ws0\">CHF<span class=\"_ _df\"> </span><span class=\"_ _f\"></span><span class=\"fc1 sc0\"> </span></div></td><td class=\"c x892 y35ca w3ce h1af\"><div class=\"t m0 xac h1f y889 ff4 fs7 fc4 sc3 ls0 ws0\">ALT<span class=\"_ _df\"> </span>RE<span class=\"_ _f\"></span> VALU<span class=\"_ _1\"></span>TE<span class=\"_ _1\"></span><span class=\"fc1 sc0\"> </span></div></td></tr><tr><td class=\"c x46b y35cb w5ef hc8\"><div class=\"t m0 x8a h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">A. Att<span class=\"_ _f\"></span>ivit\u00e0 fin<span class=\"_ _f\"></span>anziarie<span class=\"_ _df\"> </span><span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x91f y35cb w4c6 hc8\"><div class=\"t m0 x33 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">728.<span class=\"_ _f\"></span>259<span class=\"sc0\"> </span></div></td><td class=\"c x5d1 y35cb w184 hc8\"><div class=\"t m0 x33 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">9.80<span class=\"_ _f\"></span>8<span class=\"_ _df\"> </span><span class=\"sc0\"> </span></div></td><td class=\"c x50b y35cb wb6 hc8\"><div class=\"t m0 x33 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">10.16<span class=\"_ _1\"></span>5<span class=\"sc0\"> </span></div></td><td class=\"c xa65 y35cb w1b0 hc8\"><div class=\"t m0 x130 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">3.505<span class=\"_ _df\"> </span><span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x508 y35cb w311 hc8\"><div class=\"t m0 x37 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">13.8<span class=\"_ _1\"></span>22<span class=\"_ _df\"> </span><span class=\"sc0\"> </span></div></td><td class=\"c x892 y35cb w5f0 hc8\"><div class=\"t m0 x90 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">3.14<span class=\"_ _1\"></span>4<span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x46b y35cc w5ef hc8\"><div class=\"t m0 x130 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">A.1 Titoli di debit<span class=\"_ _1\"></span>o<span class=\"_ _df\"> </span> </div></td><td class=\"c x91f y35cc w4c6 hc8\"><div class=\"t m0 x48 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">540.050<span class=\"_ _df\"> </span> </div></td><td class=\"c x5d1 y35cc w184 hc8\"><div class=\"t m0 x26 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">939<span class=\"_ _df\"> </span> </div></td><td class=\"c x50b y35cc wb6 hc8\"><div class=\"t m0 x8f h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">5<span class=\"_ _df\"> </span> </div></td><td class=\"c xa65 y35cc w1b0 hc8\"><div class=\"t m0 x26 h1f ye4c ff4 fs7 fc1 sc0 lsa ws0\">49<span class=\"_ _df\"> </span><span class=\"ls0\"> </span></div></td><td class=\"c x508 y35cc w311 hc8\"><div class=\"t m0 xc6 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span> </div></td><td class=\"c x892 y35cc w5f0 hc8\"><div class=\"t m0 x49 h1f ye4c ff4 fs7 fc1 sc0 ls2a ws0\">29<span class=\"ls0\"> </span></div></td></tr><tr><td class=\"c x46b y35cd w5ef hc8\"><div class=\"t m0 x130 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">A.2 Titoli di capitale<span class=\"_ _df\"> </span><span class=\"_ _1\"></span> </div></td><td class=\"c x91f y35cd w4c6 hc8\"><div class=\"t m0 x27 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">12.095<span class=\"_ _df\"> </span> </div></td><td class=\"c x5d1 y35cd w184 hc8\"><div class=\"t m0 x8f h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span> </div></td><td class=\"c x50b y35cd wb6 hc8\"><div class=\"t m0 x13 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span> </div></td><td class=\"c xa65 y35cd w1b0 hc8\"><div class=\"t m0 x31 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span> </div></td><td class=\"c x508 y35cd w311 hc8\"><div class=\"t m0 xc6 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span> </div></td><td class=\"c x892 y35cd w5f0 hc8\"><div class=\"t m0 x11d h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y35ce w5ef hc8\"><div class=\"t m0 x130 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">A.3 Finanziament<span class=\"_ _1\"></span>i a banche<span class=\"_ _df\"> </span> </div></td><td class=\"c x91f y35ce w4c6 hc8\"><div class=\"t m0 x35 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">125.951<span class=\"_ _df\"> </span> </div></td><td class=\"c x5d1 y35ce w184 hc8\"><div class=\"t m0 x32 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">8.164<span class=\"_ _df\"> </span> </div></td><td class=\"c x50b y35ce wb6 hc8\"><div class=\"t m0 x32 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">9.795 </div></td><td class=\"c xa65 y35ce w1b0 hc8\"><div class=\"t m0 x48 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">3.311<span class=\"_ _df\"> </span> </div></td><td class=\"c x508 y35ce w311 hc8\"><div class=\"t m0 x38 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">4.424<span class=\"_ _df\"> </span> </div></td><td class=\"c x892 y35ce w5f0 hc8\"><div class=\"t m0 x91 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">2.586 </div></td></tr><tr><td class=\"c x46b y35cf w5ef hc8\"><div class=\"t m0 x130 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">A.4 Finanziamenti <span class=\"_ _1\"></span>a clientela<span class=\"_ _df\"> </span> </div></td><td class=\"c x91f y35cf w4c6 hc8\"><div class=\"t m0 x27 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">50.163<span class=\"_ _df\"> </span> </div></td><td class=\"c x5d1 y35cf w184 hc8\"><div class=\"t m0 x26 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">705<span class=\"_ _df\"> </span> </div></td><td class=\"c x50b y35cf wb6 hc8\"><div class=\"t m0 x34 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">365<span class=\"_ _df\"> </span> </div></td><td class=\"c xa65 y35cf w1b0 hc8\"><div class=\"t m0 x2c h1f ye4c ff4 fs7 fc1 sc0 ls9 ws0\">145<span class=\"_ _df\"> </span><span class=\"ls0\"> </span></div></td><td class=\"c x508 y35cf w311 hc8\"><div class=\"t m0 x38 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">9.398<span class=\"_ _df\"> </span> </div></td><td class=\"c x892 y35cf w5f0 hc8\"><div class=\"t m0 xe h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">529 </div></td></tr><tr><td class=\"c x46b y35d0 w5ef hc8\"><div class=\"t m0 x130 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">A.5 Altre attivit\u00e0<span class=\"_ _1\"></span> finanziarie<span class=\"_ _df\"> </span> </div></td><td class=\"c x91f y35d0 w4c6 hc8\"><div class=\"t m0 x7 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span> </div></td><td class=\"c x5d1 y35d0 w184 hc8\"><div class=\"t m0 x8f h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span> </div></td><td class=\"c x50b y35d0 wb6 hc8\"><div class=\"t m0 x13 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span> </div></td><td class=\"c xa65 y35d0 w1b0 hc8\"><div class=\"t m0 x31 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span> </div></td><td class=\"c x508 y35d0 w311 hc8\"><div class=\"t m0 xc6 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span> </div></td><td class=\"c x892 y35d0 w5f0 hc8\"><div class=\"t m0 x11d h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y35d1 w5ef hc8\"><div class=\"t m0 x8a h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">B. Alt<span class=\"_ _f\"></span>re atti<span class=\"_ _1\"></span>vit\u00e0<span class=\"_ _df\"> </span><span class=\"sc0\"> </span></div></td><td class=\"c x91f y35d1 w4c6 hc8\"><div class=\"t m0 x38 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">7.157<span class=\"_ _df\"> </span><span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x5d1 y35d1 w184 hc8\"><div class=\"t m0 x34 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">737<span class=\"_ _df\"> </span><span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x50b y35d1 wb6 hc8\"><div class=\"t m0 x34 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">582<span class=\"_ _df\"> </span><span class=\"sc0\"> </span></div></td><td class=\"c xa65 y35d1 w1b0 hc8\"><div class=\"t m0 x35 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">527<span class=\"_ _df\"> </span><span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x508 y35d1 w311 hc8\"><div class=\"t m0 x30 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">2.15<span class=\"_ _1\"></span>2<span class=\"_ _df\"> </span><span class=\"sc0\"> </span></div></td><td class=\"c x892 y35d1 w5f0 hc8\"><div class=\"t m0 xe h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">435<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x46b y35d2 w5ef hc8\"><div class=\"t m0 x8a h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">C. Pas<span class=\"_ _1\"></span>sivi<span class=\"_ _f\"></span>t\u00e0 fina<span class=\"_ _f\"></span>nziarie<span class=\"_ _df\"> </span><span class=\"sc0\"> </span></div></td><td class=\"c x91f y35d2 w4c6 hc8\"><div class=\"t m0 x32 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">717.8<span class=\"_ _1\"></span>36<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x5d1 y35d2 w184 hc8\"><div class=\"t m0 x130 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">38.8<span class=\"_ _f\"></span>23<span class=\"_ _df\"> </span><span class=\"sc0\"> </span></div></td><td class=\"c x50b y35d2 wb6 hc8\"><div class=\"t m0 x32 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">9.53<span class=\"_ _1\"></span>0<span class=\"sc0\"> </span></div></td><td class=\"c xa65 y35d2 w1b0 hc8\"><div class=\"t m0 x2e h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">10.6<span class=\"_ _1\"></span>49<span class=\"_ _df\"> </span><span class=\"sc0\"> </span></div></td><td class=\"c x508 y35d2 w311 hc8\"><div class=\"t m0 x31 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">9.69<span class=\"_ _f\"></span>5<span class=\"_ _df\"> </span><span class=\"sc0\"> </span></div></td><td class=\"c x892 y35d2 w5f0 hc8\"><div class=\"t m0 x1c h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">6.181<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x46b y35d3 w5ef hc8\"><div class=\"t m0 x130 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">C.1 Debiti verso b<span class=\"_ _f\"></span>anche<span class=\"_ _df\"> </span> </div></td><td class=\"c x91f y35d3 w4c6 hc8\"><div class=\"t m0 x34 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">72.611<span class=\"_ _df\"> </span> </div></td><td class=\"c x5d1 y35d3 w184 hc8\"><div class=\"t m0 x35 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">5.817<span class=\"_ _df\"> </span> </div></td><td class=\"c x50b y35d3 wb6 hc8\"><div class=\"t m0 x34 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">544<span class=\"_ _df\"> </span> </div></td><td class=\"c xa65 y35d3 w1b0 hc8\"><div class=\"t m0 x2c h1f y28b ff4 fs7 fc1 sc0 ls9 ws0\">107<span class=\"_ _df\"> </span><span class=\"ls0\"> </span></div></td><td class=\"c x508 y35d3 w311 hc8\"><div class=\"t m0 x38 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">2.068<span class=\"_ _df\"> </span> </div></td><td class=\"c x892 y35d3 w5f0 hc8\"><div class=\"t m0 x7 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">1.001 </div></td></tr><tr><td class=\"c x46b y35d4 w5ef hc8\"><div class=\"t m0 x130 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">C.2 Debiti verso c<span class=\"_ _f\"></span>l<span class=\"_ _2\"></span>ientela<span class=\"_ _df\"> </span> </div></td><td class=\"c x91f y35d4 w4c6 hc8\"><div class=\"t m0 x48 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">643.056 </div></td><td class=\"c x5d1 y35d4 w184 hc8\"><div class=\"t m0 x55 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">33.006<span class=\"_ _df\"> </span> </div></td><td class=\"c x50b y35d4 wb6 hc8\"><div class=\"t m0 x33 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">8.986 </div></td><td class=\"c xa65 y35d4 w1b0 hc8\"><div class=\"t m0 x2e h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">10.542<span class=\"_ _df\"> </span> </div></td><td class=\"c x508 y35d4 w311 hc8\"><div class=\"t m0 x31 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">7.627<span class=\"_ _df\"> </span> </div></td><td class=\"c x892 y35d4 w5f0 hc8\"><div class=\"t m0 x90 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">5.180 </div></td></tr><tr><td class=\"c x46b y35d5 w5ef h227\"><div class=\"t m0 x130 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">C.3 Titoli di debi<span class=\"_ _1\"></span>to<span class=\"_ _df\"> </span></div></td><td class=\"c x91f y35d5 w4c6 h227\"><div class=\"t m0 x97 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">2.169<span class=\"_ _df\"> </span> </div></td><td class=\"c x5d1 y35d5 w184 h227\"><div class=\"t m0 x8f h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span> </div></td><td class=\"c x50b y35d5 wb6 h227\"><div class=\"t m0 x13 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span> </div></td><td class=\"c xa65 y35d5 w1b0 h227\"><div class=\"t m0 x31 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span> </div></td><td class=\"c x508 y35d5 w311 h227\"><div class=\"t m0 xc6 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span> </div></td><td class=\"c x892 y35d5 w5f0 h227\"><div class=\"t m0 x11d h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y35d6 w5ef hc8\"><div class=\"t m0 x130 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">C.4 Altre passi<span class=\"_ _1\"></span>vit\u00e0 finanziarie<span class=\"_ _df\"> </span> </div></td><td class=\"c x91f y35d6 w4c6 hc8\"><div class=\"t m0 x7 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span> </div></td><td class=\"c x5d1 y35d6 w184 hc8\"><div class=\"t m0 x8f h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span> </div></td><td class=\"c x50b y35d6 wb6 hc8\"><div class=\"t m0 x13 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span> </div></td><td class=\"c xa65 y35d6 w1b0 hc8\"><div class=\"t m0 x31 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span> </div></td><td class=\"c x508 y35d6 w311 hc8\"><div class=\"t m0 xc6 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span> </div></td><td class=\"c x892 y35d6 w5f0 hc8\"><div class=\"t m0 x11d h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y35d7 w5ef hc8\"><div class=\"t m0 x8a h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">D. Alt<span class=\"_ _f\"></span>re pass<span class=\"_ _f\"></span>ivit\u00e0<span class=\"_ _df\"> </span><span class=\"sc0\"> </span></div></td><td class=\"c x91f y35d7 w4c6 hc8\"><div class=\"t m0 x37 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">4.659<span class=\"_ _df\"> </span><span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x5d1 y35d7 w184 hc8\"><div class=\"t m0 x35 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">1.5<span class=\"ls2b\">85<span class=\"_ _df\"> </span></span><span class=\"ls2b\"><span class=\"_ _1\"></span><span class=\"sc0 ls0\"> </span></span></div></td><td class=\"c x50b y35d7 wb6 hc8\"><div class=\"t m0 x31 h1f y28b ff4 fs7 fc1 sc2 lsf4 ws0\">58<span class=\"_ _df\"> </span><span class=\"sc0 ls0\"> </span></div></td><td class=\"c xa65 y35d7 w1b0 hc8\"><div class=\"t m0 x35 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">270<span class=\"_ _df\"> </span><span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x508 y35d7 w311 hc8\"><div class=\"t m0 x90 h1f y28b ff4 fs7 fc1 sc2 lscf ws0\">62<span class=\"_ _df\"> </span><span class=\"sc0 ls0\"> </span></div></td><td class=\"c x892 y35d7 w5f0 hc8\"><div class=\"t m0 xc3 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">3<span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x46b y35d8 w5ef hc8\"><div class=\"t m0 x8a h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">E. De<span class=\"_ _1\"></span>riva<span class=\"_ _f\"></span>ti finan<span class=\"_ _1\"></span>ziari<span class=\"_ _df\"> </span><span class=\"sc0\"> </span></div></td><td class=\"c x91f y35d8 w4c6 hc8\"><div class=\"t m0 x7 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _df\"> </span><span class=\"sc0\"> </span></div></td><td class=\"c x5d1 y35d8 w184 hc8\"><div class=\"t m0 x8f h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _df\"> </span><span class=\"sc0\"> </span></div></td><td class=\"c x50b y35d8 wb6 hc8\"><div class=\"t m0 x13 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _df\"> </span><span class=\"sc0\"> </span></div></td><td class=\"c xa65 y35d8 w1b0 hc8\"><div class=\"t m0 x31 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _df\"> </span><span class=\"sc0\"> </span></div></td><td class=\"c x508 y35d8 w311 hc8\"><div class=\"t m0 xc6 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _df\"> </span><span class=\"sc0\"> </span></div></td><td class=\"c x892 y35d8 w5f0 hc8\"><div class=\"t m0 x11d h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x46b y35d9 w5ef hc8\"><div class=\"t m0 x130 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- Opzioni<span class=\"_ _df\"> </span> </div></td><td class=\"c x91f y35d9 w4c6 hc8\"><div class=\"t m0 x7 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span> </div></td><td class=\"c x5d1 y35d9 w184 hc8\"><div class=\"t m0 x8f h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span> </div></td><td class=\"c x50b y35d9 wb6 hc8\"><div class=\"t m0 x13 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span> </div></td><td class=\"c xa65 y35d9 w1b0 hc8\"><div class=\"t m0 x31 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span> </div></td><td class=\"c x508 y35d9 w311 hc8\"><div class=\"t m0 xc6 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span> </div></td><td class=\"c x892 y35d9 w5f0 hc8\"><div class=\"t m0 x11d h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y35da w5ef hc8\"><div class=\"t m0 x26 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">+ Posizioni lunghe<span class=\"_ _df\"> </span><span class=\"_ _f\"></span> </div></td><td class=\"c x91f y35da w4c6 hc8\"><div class=\"t m0 x7 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span> </div></td><td class=\"c x5d1 y35da w184 hc8\"><div class=\"t m0 x8f h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span> </div></td><td class=\"c x50b y35da wb6 hc8\"><div class=\"t m0 x13 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span> </div></td><td class=\"c xa65 y35da w1b0 hc8\"><div class=\"t m0 x31 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span> </div></td><td class=\"c x508 y35da w311 hc8\"><div class=\"t m0 xc6 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span> </div></td><td class=\"c x892 y35da w5f0 hc8\"><div class=\"t m0 x11d h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y35db w5ef hc8\"><div class=\"t m0 x26 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">+ Posizioni corte<span class=\"_ _df\"> </span><span class=\"_ _f\"></span> </div></td><td class=\"c x91f y35db w4c6 hc8\"><div class=\"t m0 x7 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span> </div></td><td class=\"c x5d1 y35db w184 hc8\"><div class=\"t m0 x8f h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span> </div></td><td class=\"c x50b y35db wb6 hc8\"><div class=\"t m0 x13 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span> </div></td><td class=\"c xa65 y35db w1b0 hc8\"><div class=\"t m0 x31 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span> </div></td><td class=\"c x508 y35db w311 hc8\"><div class=\"t m0 xc6 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span> </div></td><td class=\"c x892 y35db w5f0 hc8\"><div class=\"t m0 x11d h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y35dc w5ef hc8\"><div class=\"t m0 x130 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- Altri derivati<span class=\"_ _df\"> </span> </div></td><td class=\"c x91f y35dc w4c6 hc8\"><div class=\"t m0 x7 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span> </div></td><td class=\"c x5d1 y35dc w184 hc8\"><div class=\"t m0 x8f h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span> </div></td><td class=\"c x50b y35dc wb6 hc8\"><div class=\"t m0 x13 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span> </div></td><td class=\"c xa65 y35dc w1b0 hc8\"><div class=\"t m0 x31 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span> </div></td><td class=\"c x508 y35dc w311 hc8\"><div class=\"t m0 xc6 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span> </div></td><td class=\"c x892 y35dc w5f0 hc8\"><div class=\"t m0 x11d h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y35dd w5ef hc8\"><div class=\"t m0 x26 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">+ Posizioni lunghe<span class=\"_ _df\"> </span><span class=\"_ _f\"></span> </div></td><td class=\"c x91f y35dd w4c6 hc8\"><div class=\"t m0 x33 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">477.942 </div></td><td class=\"c x5d1 y35dd w184 hc8\"><div class=\"t m0 x130 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">90.250 </div></td><td class=\"c x50b y35dd wb6 hc8\"><div class=\"t m0 x55 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">156.325 </div></td><td class=\"c xa65 y35dd w1b0 hc8\"><div class=\"t m0 x14 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">7.321<span class=\"_ _df\"> </span> </div></td><td class=\"c x508 y35dd w311 hc8\"><div class=\"t m0 x34 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">21.040<span class=\"_ _df\"> </span> </div></td><td class=\"c x892 y35dd w5f0 hc8\"><div class=\"t m0 x13 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">37.780 </div></td></tr><tr><td class=\"c x46b y35de w5ef hc8\"><div class=\"t m0 x26 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">+ Posizioni corte<span class=\"_ _df\"> </span><span class=\"_ _f\"></span> </div></td><td class=\"c x91f y35de w4c6 hc8\"><div class=\"t m0 x33 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">551.888 </div></td><td class=\"c x5d1 y35de w184 hc8\"><div class=\"t m0 x14 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">60.219 </div></td><td class=\"c x50b y35de wb6 hc8\"><div class=\"t m0 x130 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">157.321<span class=\"_ _df\"> </span> </div></td><td class=\"c xa65 y35de w1b0 hc8\"><div class=\"t m0 x32 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">345<span class=\"_ _df\"> </span> </div></td><td class=\"c x508 y35de w311 hc8\"><div class=\"t m0 x38 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">27.181<span class=\"_ _df\"> </span> </div></td><td class=\"c x892 y35de w5f0 hc8\"><div class=\"t m0 x11 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">35.130 </div></td></tr><tr><td class=\"c x46b y35df w5ef hc8\"><div class=\"t m0 x8a h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale at<span class=\"_ _1\"></span>tivit<span class=\"_ _1\"></span>\u00e0<span class=\"_ _df\"> </span><span class=\"sc0\"> </span></div></td><td class=\"c x91f y35df w4c6 hc8\"><div class=\"t m0 x39 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">1.213.<span class=\"_ _f\"></span>358<span class=\"sc0\"> </span></div></td><td class=\"c x5d1 y35df w184 hc8\"><div class=\"t m0 x2e h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">100.7<span class=\"_ _1\"></span>95<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x50b y35df wb6 hc8\"><div class=\"t m0 x55 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">167.07<span class=\"_ _f\"></span>2<span class=\"sc0\"> </span></div></td><td class=\"c xa65 y35df w1b0 hc8\"><div class=\"t m0 x55 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">11.353<span class=\"_ _df\"> </span><span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x508 y35df w311 hc8\"><div class=\"t m0 x37 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">37.01<span class=\"_ _f\"></span>4<span class=\"_ _df\"> </span><span class=\"sc0\"> </span></div></td><td class=\"c x892 y35df w5f0 hc8\"><div class=\"t m0 x11 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">41.359<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x46b y35e0 w5ef hc8\"><div class=\"t m0 x8a h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale pa<span class=\"_ _f\"></span>ssivit\u00e0<span class=\"_ _df\"> </span><span class=\"sc0\"> </span></div></td><td class=\"c x91f y35e0 w4c6 hc8\"><div class=\"t m0 x55 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">1.274.<span class=\"_ _f\"></span>383<span class=\"sc0\"> </span></div></td><td class=\"c x5d1 y35e0 w184 hc8\"><div class=\"t m0 x2e h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">100.6<span class=\"_ _f\"></span>27<span class=\"sc0\"> </span></div></td><td class=\"c x50b y35e0 wb6 hc8\"><div class=\"t m0 x55 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">166.<span class=\"_ _1\"></span>909<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td><td class=\"c xa65 y35e0 w1b0 hc8\"><div class=\"t m0 x55 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">11.26<span class=\"_ _f\"></span>4<span class=\"_ _df\"> </span><span class=\"sc0\"> </span></div></td><td class=\"c x508 y35e0 w311 hc8\"><div class=\"t m0 x26 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">36.9<span class=\"_ _f\"></span>38<span class=\"_ _df\"> </span><span class=\"sc0\"> </span></div></td><td class=\"c x892 y35e0 w5f0 hc8\"><div class=\"t m0 x12 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">41.31<span class=\"_ _1\"></span>4<span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x46b y35e1 w5ef hc8\"><div class=\"t m0 x8a h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">Sbila<span class=\"_ _f\"></span>ncio (+/-<span class=\"_ _f\"></span>)<span class=\"_ _df\"> </span><span class=\"sc0\"> </span></div></td><td class=\"c x91f y35e1 w4c6 hc8\"><div class=\"t m0 x32 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">(61.0<span class=\"_ _1\"></span>25)<span class=\"_ _df\"> </span><span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x5d1 y35e1 w184 hc8\"><div class=\"t m0 x37 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">168<span class=\"_ _df\"> </span><span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x50b y35e1 wb6 hc8\"><div class=\"t m0 x97 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">163<span class=\"_ _df\"> </span><span class=\"sc0\"> </span></div></td><td class=\"c xa65 y35e1 w1b0 hc8\"><div class=\"t m0 x26 h1f y28b ff4 fs7 fc1 sc2 ls2b ws0\">89<span class=\"_ _df\"> </span><span class=\"sc0 ls0\"> </span></div></td><td class=\"c x508 y35e1 w311 hc8\"><div class=\"t m0 x90 h1f y28b ff4 fs7 fc1 sc2 ls35 ws0\">76<span class=\"_ _df\"> </span><span class=\"sc0 ls0\"> </span></div></td><td class=\"c x892 y35e1 w5f0 hc8\"><div class=\"t m0 x49 h1f y28b ff4 fs7 fc1 sc2 lsa ws0\">45<span class=\"sc0 ls0\"> </span></div></td></tr></table>Model<span class=\"_ _1\"></span>li inte<span class=\"_ _1\"></span>rni e <span class=\"_ _f\"></span>altre m<span class=\"_ _1\"></span>etodo<span class=\"_ _f\"></span>logie p<span class=\"_ _1\"></span>er l\u2019ana<span class=\"_ _f\"></span>li<span class=\"ff4\">si di se<span class=\"_ _f\"></span>nsitivit\u00e0<span class=\"_ _1\"></span> </span><span class=\"ff4\"> </span>Nella <span class=\"_ _f\"></span>presente <span class=\"_ _1\"></span>sezione <span class=\"_ _1\"></span>vengono sinteticame<span class=\"_ _1\"></span>nte <span class=\"_ _f\"></span>espost<span class=\"_ _2\"></span>i <span class=\"_ _f\"></span>i risul<span class=\"_ _1\"></span>tati <span class=\"_ _f\"></span>delle anal<span class=\"_ _1\"></span>isi <span class=\"_ _f\"></span>d<span class=\"_ _2\"></span>el <span class=\"_ _f\"></span>rischio d<span class=\"_ _f\"></span>i cambio.<span class=\"_ _df\"> </span> In <span class=\"_ _2\"></span>particolare <span class=\"_ _d\"></span>di <span class=\"_ _2\"></span>seguito <span class=\"_ _2\"></span>so<span class=\"_ _2\"></span>no <span class=\"_ _2\"></span>riportati <span class=\"_ _d\"></span>i <span class=\"_ _2\"></span>valori <span class=\"_ _d\"></span>medi, <span class=\"_ _2\"></span>massimi <span class=\"_ _2\"></span>e <span class=\"_ _d\"></span>minimi <span class=\"_ _2\"></span>del <span class=\"_ _d\"></span>VaR <span class=\"_ _2\"></span>(in <span class=\"_ _d\"></span>milioni <span class=\"_ _2\"></span>di <span class=\"_ _d\"></span>euro)<span class=\"_ _df\"> </span> generato dal fattore di rischio currency relativi agli esercizi 2023, 2024 e 2025.  Nella figura sottostante \u00e8 riportato l\u2019andame<span class=\"_ _1\"></span>nto di tale dato di V<span class=\"_ _2\"></span>aR per Credem ne<span class=\"_ _1\"></span>ll\u2019arco del 2025<span class=\"ff4\">.<span class=\"_ _df\"> </span></span>La <span class=\"_ _2\"></span>tabella <span class=\"_ _2\"></span>sottostant<span class=\"_ _2\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _2\"></span>evidenzia <span class=\"_ _d\"></span>i <span class=\"_ _2\"></span>contributi <span class=\"_ _2\"></span>medi <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>rischio <span class=\"_ _d\"></span>equity, <span class=\"_ _2\"></span>rischio <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>cambio <span class=\"_ _d\"></span>e <span class=\"_ _2\"></span>rischio <span class=\"_ _0\"></span>di<span class=\"_ _df\"> </span> tasso nel corso del 2025 al VaR complessiv<span class=\"_ _1\"></span>o non diversificato. <span class=\"_ _2\"></span><span class=\"sc2\"> </span>Nell\u2019ambito <span class=\"_ _0\"></span>della <span class=\"_ _9\"> </span>pi\u00f9 <span class=\"_ _9\"> </span>complessiva <span class=\"_ _9\"> </span>analisi <span class=\"_ _0\"></span>annuale <span class=\"_ _9\"> </span>di <span class=\"_ _0\"> </span>bac<span class=\"_ _2\"></span>ktesting <span class=\"_ _0\"></span>dei <span class=\"_ _9\"> </span>modelli, <span class=\"_ _0\"></span>viene <span class=\"_ _9\"> </span>effettuato <span class=\"_ _9\"> </span>il<span class=\"_ _df\"> </span> confronto tra il dato di VaR e il P&amp;L effe<span class=\"_ _1\"></span>ttivamente conseguito. <span class=\"_ _2\"></span> Il backtesting <span class=\"_ _2\"></span>\u00e8 eseguit<span class=\"_ _2\"></span>o mett<span class=\"_ _2\"></span>end<span class=\"_ _f\"></span>o<span class=\"_ _2\"></span> a <span class=\"_ _2\"></span>confronto <span class=\"_ _2\"></span>i dati <span class=\"_ _2\"></span>di VaR <span class=\"_ _2\"></span>con i <span class=\"_ _2\"></span>dati di <span class=\"_ _2\"></span>P&amp;L <span class=\"_ _2\"></span>gestionali giornalieri<span class=\"_ _df\"> </span> (o<span class=\"_ _e\"> </span>settimanali, <span class=\"_ _16\"> </span>per <span class=\"_ _9\"> </span>i  portafogli  p<span class=\"_ _1\"></span>er <span class=\"_ _16\"> </span>i <span class=\"_ _16\"> </span>quali <span class=\"_ _9\"> </span>i<span class=\"_ _2\"></span>l <span class=\"_ _16\"> </span>calcolo <span class=\"_ _9\"> </span>d<span class=\"_ _2\"></span>i <span class=\"_ _9\"> </span>r<span class=\"_ _2\"></span>edditivit\u00e0 <span class=\"_ _16\"> </span>\u00e8 <span class=\"_ _9\"> </span>s<span class=\"_ _2\"></span>u <span class=\"_ _9\"> </span>base  weekly), <span class=\"_ _9\"> </span>e  si <span class=\"_ _9\"> </span>bas<span class=\"_ _2\"></span>a<span class=\"_ _df\"> </span> sull\u2019analisi <span class=\"_ _0\"></span>delle <span class=\"_ _0\"></span>\u201ceccezioni\u201d, <span class=\"_ _0\"></span>ov<span class=\"_ _2\"></span>vero <span class=\"_ _0\"></span>dei <span class=\"_ _0\"></span>casi <span class=\"_ _0\"></span>in <span class=\"_ _9\"> </span>cui <span class=\"_ _0\"></span>la <span class=\"_ _9\"> </span>perdita <span class=\"_ _0\"></span>registr<span class=\"_ _2\"></span>ata <span class=\"_ _9\"> </span><span class=\"ff4\">r<span class=\"_ _2\"></span>isul<span class=\"_ _1\"></span>ta <span class=\"_ _0\"></span>superiore <span class=\"_ _9\"> </span>al <span class=\"_ _0\"></span>VaR<span class=\"_ _df\"> </span></span><span class=\"ff4\"> </span>stimato <span class=\"_ _17\"> </span>per <span class=\"_ _4\"> </span>lo <span class=\"_ _17\"> </span>stesso <span class=\"_ _17\"> </span>periodo <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>riferimento, <span class=\"_ _17\"> </span>sia <span class=\"_ _4\"> </span>in <span class=\"_ _17\"> </span>termini <span class=\"_ _17\"> </span>di <span class=\"_ _4\"> </span>numerosit\u00e0 <span class=\"_ _17\"> </span>sia <span class=\"_ _17\"> </span>in <span class=\"_ _4\"> </span>t<span class=\"_ _2\"></span>ermini <span class=\"_ _4\"> </span>di<span class=\"_ _df\"> </span> distribuzione temporale.<span class=\"_ _df\"> </span>Il perimetro dell\u2019analisi di backte<span class=\"_ _2\"></span>st sono i <span class=\"_ _2\"></span>portafogli del Regolamento Finanza (trading e bancario)<span class=\"_ _df\"> </span> e <span class=\"_ _0\"></span>copre <span class=\"_ _9\"> </span>i <span class=\"_ _9\"> </span>ri<span class=\"ff5\">schi <span class=\"_ _9\"> </span>riportati <span class=\"_ _9\"> </span>nella <span class=\"_ _9\"> </span>presente <span class=\"_ _9\"> </span>sezione. <span class=\"_ _0\"></span>L\u2019orizzonte <span class=\"_ _9\"> </span>tempor<span class=\"_ _2\"></span>ale <span class=\"_ _0\"></span>del <span class=\"_ _9\"> </span>VaR <span class=\"_ _0\"></span>\u00e8 <span class=\"_ _9\"> </span>co<span class=\"_ _2\"></span>erente <span class=\"_ _0\"></span>con<span class=\"_ _df\"> </span></span><span class=\"ff5\"> </span>quello <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>calcolo <span class=\"_ _0\"></span>del <span class=\"_ _0\"></span>P&amp;L. <span class=\"_ _0\"></span>L\u2019esercizio <span class=\"_ _0\"></span>si <span class=\"_ _0\"></span>basa <span class=\"_ _0\"></span>s<span class=\"_ _2\"></span>u <span class=\"_ _d\"></span>12 <span class=\"_ _9\"> </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=\"_ _df\"> </span> attraverso una serie di test:<span class=\"_ _df\"> </span>-<span class=\"_ _2c\"> </span><span class=\"ff4 fs1\">Freque<span class=\"_ _f\"></span>ncy <span class=\"_ _2\"></span>Test: Basilea e Kupiec (o POF, Proportion of Failure);<span class=\"_ _df\"> </span></span><span class=\"ff4 fs1\"> </span>-<span class=\"_ _2c\"> </span><span class=\"ff4 fs1\">Ind<span class=\"_ _1\"></span>ipendence Test: Christoffersen e Mixed Kupiec;<span class=\"_ _df\"> </span></span>-<span class=\"_ _2c\"> </span><span class=\"ff4 fs1\">Joint Test: POF + Christoffe<span class=\"_ _1\"></span>rsen, POF + Mixed Kupiec.<span class=\"_ _df\"> </span></span>Nell\u2019ambito <span class=\"_ _f\"></span>dell\u2019analisi <span class=\"_ _1\"></span>del <span class=\"_ _f\"></span>periodo di <span class=\"_ _f\"></span>backtesting <span class=\"_ _f\"></span>i test <span class=\"_ _f\"></span>effettuati <span class=\"_ _f\"></span>confermano <span class=\"_ _1\"></span>la <span class=\"_ _f\"></span>t<span class=\"_ _2\"></span>enuta <span class=\"_ _f\"></span>del <span class=\"_ _f\"></span>modello<span class=\"_ _df\"> </span> di VaR.<span class=\"_ _df\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-787": {
   "value": "Sezi<span class=\"_ _f\"></span>one 1<span class=\"_ _1\"></span>0 <span class=\"ff2c\">\u2013</span> <span class=\"_ _f\"></span>Risulta<span class=\"_ _1\"></span>to d<span class=\"_ _f\"></span>ei s<span class=\"_ _1\"></span>ervi<span class=\"_ _1\"></span>zi as<span class=\"_ _1\"></span>sic<span class=\"_ _f\"></span>urativi <span class=\"_ _1\"></span>- V<span class=\"_ _1\"></span>oc<span class=\"_ _1\"></span>e 16<span class=\"_ _f\"></span>0<span class=\"_ _df\"> </span>Ricav<span class=\"_ _1\"></span>i e co<span class=\"_ _f\"></span>sti ass<span class=\"_ _1\"></span>icura<span class=\"_ _1\"></span>tivi der<span class=\"_ _1\"></span>ivan<span class=\"_ _f\"></span>ti dai cont<span class=\"_ _f\"></span>ratti di a<span class=\"_ _f\"></span>ssicurazi<span class=\"_ _1\"></span>one e<span class=\"_ _f\"></span>messi - Co<span class=\"_ _f\"></span>mposizio<span class=\"_ _1\"></span>ne<table class=\"s we05 h538\" id=\"_345bbdb4-e79f-47b4-82db-769f5efe2796\"><tr><td class=\"c x810 y3095 we06 h48d\"><div class=\"t m0 x250 h200 y24a6 ff2b fs22 fc4 sc3 ls0 ws0\">Voci/Ba<span class=\"_ _1\"></span>si di<span class=\"_ _df\"> </span></div></td><td class=\"c x811 y3096 w1eb hf\"><div class=\"t m0 xab h200 y153d ff2b fs22 fc4 sc3 ls0 ws0\">Base A1<span class=\"_ _1\"></span><span class=\"fc1 sc0\"> </span></div></td><td class=\"c x812 y3095 we07 h48d\"><div class=\"t m0 x250 h200 y24a6 ff2b fs22 fc4 sc3 ls0 ws0\">Base<span class=\"_ _df\"> </span></div></td><td class=\"c x813 y3096 w1eb hf\"><div class=\"t m0 x8a h200 y153d ff2b fs22 fc4 sc3 ls0 ws0\">Base A3<span class=\"_ _1\"></span><span class=\"fc1 sc0\"> </span></div></td><td class=\"c x814 y3096 w324 hf\"><div class=\"t m0 x8a h200 y153d ff2b fs22 fc4 sc3 ls0 ws0\">Base A<span class=\"_ _1\"></span>4<span class=\"fc1 sc0\"> </span></div></td><td class=\"c x815 y3096 w1e1 hf\"><div class=\"t m0 x8a h200 y153d ff2b fs22 fc4 sc3 ls0 ws0\">Base A5<span class=\"_ _1\"></span><span class=\"fc1 sc0\"> </span></div></td><td class=\"c x816 y3096 w324 hf\"><div class=\"t m0 xac h200 y153d ff2b fs22 fc4 sc3 ls0 ws0\">Totale<span class=\"_ _1\"></span><span class=\"fc1 sc0\"> </span></div></td><td class=\"c x817 y3096 w1e6 hf\"><div class=\"t m0 xab h200 y153d ff2b fs22 fc4 sc3 ls0 ws0\">Base A1<span class=\"_ _1\"></span><span class=\"fc1 sc0\"> </span></div></td><td class=\"c x818 y3095 we08 h48d\"><div class=\"t m0 x250 h200 y24a6 ff2b fs22 fc4 sc3 ls0 ws0\">Base<span class=\"_ _df\"> </span></div></td><td class=\"c x819 y3096 w1e1 hf\"><div class=\"t m0 x8a h200 y153d ff2b fs22 fc4 sc3 ls0 ws0\">Base A3<span class=\"fc1 sc0\"> </span></div></td><td class=\"c x81a y3096 w1e6 hf\"><div class=\"t m0 x8a h200 y153d ff2b fs22 fc4 sc3 ls0 ws0\">Base A<span class=\"_ _1\"></span>4<span class=\"fc1 sc0\"> </span></div></td><td class=\"c x81b y3096 w324 hf\"><div class=\"t m0 x8a h200 y153d ff2b fs22 fc4 sc3 ls0 ws0\">Base A5<span class=\"_ _1\"></span><span class=\"fc1 sc0\"> </span></div></td><td class=\"c x81c y3096 w493 hf\"><div class=\"t m0 xac h200 y153d ff2b fs22 fc4 sc3 ls0 ws0\">Totale<span class=\"_ _1\"></span><span class=\"fc1 sc0\"> </span></div></td></tr><tr><td class=\"c x81d y3097 we09 h48d\"><div class=\"t m0 x250 h200 y24a6 ff2b fs22 fc4 sc3 ls0 ws0\">aggreg<span class=\"_ _1\"></span>azione<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x81e y3097 we0a h48d\"><div class=\"t m0 x250 h200 y24a6 ff2b fs22 fc4 sc3 ls0 ws0\">A2..<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td class=\"c x81f y3097 we0a h48d\"><div class=\"t m0 x250 h200 y24a6 ff2b fs22 fc4 sc3 ls0 ws0\">A2..<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td></tr><tr><td></td><td class=\"c x820 y3098 we0b h48d\"><div class=\"t m0 x250 h200 y24a6 ff2b fs22 fc4 sc3 ls0 ws0\">31/12/20</div></td><td class=\"c x821 y3098 we0b h48d\"><div class=\"t m0 x250 h200 y24a6 ff2b fs22 fc4 sc3 ls0 ws0\">31/12/20</div></td><td class=\"c x822 y3098 we0c h48d\"><div class=\"t m0 x250 h200 y24a6 ff2b fs22 fc4 sc3 ls79 ws0\">31<span class=\"ls0\">/12/2<span class=\"_ _1\"></span>0</span></div></td><td class=\"c x823 y3098 we0d h48d\"><div class=\"t m0 x250 h200 y24a6 ff2b fs22 fc4 sc3 ls0 ws0\">31/12/20</div></td><td class=\"c x824 y3098 we0d h48d\"><div class=\"t m0 x250 h200 y24a6 ff2b fs22 fc4 sc3 ls0 ws0\">31/12/20</div></td><td class=\"c x825 y3098 we0d h48d\"><div class=\"t m0 x250 h200 y24a6 ff2b fs22 fc4 sc3 ls0 ws0\">31/12/20</div></td><td class=\"c x826 y3098 we0d h48d\"><div class=\"t m0 x250 h200 y24a6 ff2b fs22 fc4 sc3 ls0 ws0\">31/12/20</div></td><td class=\"c x827 y3098 we0d h48d\"><div class=\"t m0 x250 h200 y24a6 ff2b fs22 fc4 sc3 ls0 ws0\">31/12/20</div></td><td class=\"c x828 y3098 we0d h48d\"><div class=\"t m0 x250 h200 y24a6 ff2b fs22 fc4 sc3 ls0 ws0\">31/12/20</div></td><td class=\"c x829 y3098 we0d h48d\"><div class=\"t m0 x250 h200 y24a6 ff2b fs22 fc4 sc3 ls0 ws0\">31/12/20</div></td><td class=\"c x82a y3098 we0d h48d\"><div class=\"t m0 x250 h200 y24a6 ff2b fs22 fc4 sc3 ls0 ws0\">31/12/20</div></td><td class=\"c x82b y3098 we0d h48d\"><div class=\"t m0 x250 h200 y24a6 ff2b fs22 fc4 sc3 ls0 ws0\">31/12/20<span class=\"_ _df\"> </span></div></td></tr><tr><td class=\"c x82c y3099 we0e h48e\"><div class=\"t m0 x250 h200 y24a6 ff2b fs22 fc1 sc2 ls0 ws0\">A. Ricav<span class=\"_ _f\"></span>i<span class=\"_ _df\"> </span></div></td><td class=\"c x82d y309a we0f h48d\"><div class=\"t m0 x250 h200 y24a6 ff2b fs22 fc4 sc3 ls61 ws0\">25<span class=\"_ _df\"> </span></div></td><td class=\"c x82e y309a we0f h48d\"><div class=\"t m0 x250 h200 y24a6 ff2b fs22 fc4 sc3 ls61 ws0\">25<span class=\"_ _df\"> </span></div></td><td class=\"c x82f y309a we0f h48d\"><div class=\"t m0 x250 h200 y24a6 ff2b fs22 fc4 sc3 ls61 ws0\">25<span class=\"_ _df\"> </span></div></td><td class=\"c x830 y309a we0f h48d\"><div class=\"t m0 x250 h200 y24a6 ff2b fs22 fc4 sc3 ls61 ws0\">25<span class=\"_ _df\"> </span></div></td><td class=\"c x831 y309a we0f h48d\"><div class=\"t m0 x250 h200 y24a6 ff2b fs22 fc4 sc3 ls61 ws0\">25</div></td><td class=\"c x832 y309a we0f h48d\"><div class=\"t m0 x250 h200 y24a6 ff2b fs22 fc4 sc3 ls61 ws0\">25<span class=\"_ _df\"> </span></div></td><td class=\"c x833 y309a we10 h48d\"><div class=\"t m0 x250 h200 y24a6 ff2b fs22 fc4 sc3 lsed ws0\">24<span class=\"_ _df\"> </span></div></td><td class=\"c x742 y309a we10 h48d\"><div class=\"t m0 x250 h200 y24a6 ff2b fs22 fc4 sc3 lsed ws0\">24<span class=\"_ _df\"> </span></div></td><td class=\"c x834 y309a we10 h48d\"><div class=\"t m0 x250 h200 y24a6 ff2b fs22 fc4 sc3 lsed ws0\">24<span class=\"_ _df\"> </span></div></td><td class=\"c x835 y309a we10 h48d\"><div class=\"t m0 x250 h200 y24a6 ff2b fs22 fc4 sc3 lsed ws0\">24<span class=\"_ _df\"> </span></div></td><td class=\"c x836 y309a we10 h48d\"><div class=\"t m0 x250 h200 y24a6 ff2b fs22 fc4 sc3 lsed ws0\">24<span class=\"_ _df\"> </span></div></td><td class=\"c x837 y309a we10 h48d\"><div class=\"t m0 x250 h200 y24a6 ff2b fs22 fc4 sc3 lsed ws0\">24<span class=\"_ _df\"> </span></div></td></tr><tr><td class=\"c x82c y309b wcde h48e\"><div class=\"t m0 x250 h200 y24a6 ff2b fs22 fc1 sc2 ls0 ws0\">assicura<span class=\"_ _1\"></span>tivi<span class=\"_ _df\"> </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=\"c x82c y2e38 we11 h48e\"><div class=\"t m0 x250 h200 y24a6 ff2b fs22 fc1 sc2 ls0 ws0\">derivant<span class=\"_ _1\"></span>i dai<span class=\"_ _df\"> </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=\"c x82c y309c we12 h48e\"><div class=\"t m0 x250 h200 y24a6 ff2b fs22 fc1 sc2 ls0 ws0\">contr<span class=\"_ _1\"></span>atti di<span class=\"_ _df\"> </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=\"c x82c y309d we13 h48e\"><div class=\"t m0 x250 h200 y24a6 ff2b fs22 fc1 sc2 ls0 ws0\">assicura<span class=\"_ _1\"></span>zione<span class=\"_ _df\"> </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=\"c x82c y309e we14 h48e\"><div class=\"t m0 x250 h200 y24a6 ff2b fs22 fc1 sc2 ls0 ws0\">emessi v<span class=\"_ _f\"></span>alutati<span class=\"_ _df\"> </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=\"c x82c y309f we15 h48e\"><div class=\"t m0 x250 h200 y24a6 ff2b fs22 fc1 sc2 ls0 ws0\">in base a<span class=\"_ _1\"></span>l GMM <span class=\"_ _1\"></span>e<span class=\"_ _df\"> </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=\"c x82c y2de7 wa0b h48e\"><div class=\"t m0 x250 h200 y24a6 ff2b fs22 fc1 sc2 ls0 ws0\">al VFA<span class=\"_ _df\"> </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=\"c x82c y30a0 we16 h48e\"><div class=\"t m0 x250 h200 y24a6 ff2b fs22 fc1 sc2 ls0 ws0\">A.1 Impo<span class=\"_ _1\"></span>rti<span class=\"_ _df\"> </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=\"c x82c y30a1 we17 h48e\"><div class=\"t m0 x250 h200 y24a6 ff2b fs22 fc1 sc2 ls0 ws0\">conness<span class=\"_ _1\"></span>i con le<span class=\"_ _df\"> </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=\"c x82c y2502 we18 h48e\"><div class=\"t m0 x250 h200 y24a6 ff2b fs22 fc1 sc2 lsee ws0\">va<span class=\"ls0\">riazioni<span class=\"_ _df\"> </span></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=\"c x82c y30a2 we19 h48e\"><div class=\"t m0 x250 h200 y24a6 ff2c fs22 fc1 sc2 ls0 ws0\">dell\u2019attiv<span class=\"_ _1\"></span>it\u00e0 per<span class=\"_ _df\"> </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=\"c x82c y30a3 we1a h48e\"><div class=\"t m0 x250 h200 y24a6 ff2b fs22 fc1 sc2 ls0 ws0\">residua<span class=\"_ _df\"> </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=\"c x82c y30a4 we1b h48e\"><div class=\"t m0 x250 h200 y24a6 ff2b fs22 fc1 sc2 ls0 ws0\">copertu<span class=\"_ _1\"></span>ra<span class=\"_ _df\"> </span></div></td><td class=\"c x811 y30a5 w324 ha1\"><div class=\"t m0 x2f h200 y7b1 ff2b fs22 fc1 sc2 ls0 ws0\">68.149<span class=\"sc0\"> </span></div></td><td class=\"c x838 y30a5 w506 ha1\"><div class=\"t m0 x8e h200 y7b1 ff2b fs22 fc1 sc2 ls0 ws0\">29.465<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x813 y30a5 w1e6 ha1\"><div class=\"t m0 x3a h200 y7b1 ff2b fs22 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x814 y30a5 w32f ha1\"><div class=\"t m0 x3a h200 y7b1 ff2b fs22 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x815 y30a5 w493 ha1\"><div class=\"t m0 x2a h200 y7b1 ff2b fs22 fc1 sc2 ls0 ws0\">11.371<span class=\"sc0\"> </span></div></td><td class=\"c x816 y30a5 w1e6 ha1\"><div class=\"t m0 xab h200 y7b1 ff2b fs22 fc1 sc2 ls0 ws0\">108.985<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x817 y30a5 w1e6 ha1\"><div class=\"t m0 x8e h200 y7b1 ff2b fs22 fc1 sc2 ls0 ws0\">62.485<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x839 y30a5 w155 ha1\"><div class=\"t m0 x2f h200 y7b1 ff2b fs22 fc1 sc2 ls0 ws0\">28.163<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x819 y30a5 w506 ha1\"><div class=\"t m0 x3a h200 y7b1 ff2b fs22 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x81a y30a5 w155 ha1\"><div class=\"t m0 x3a h200 y7b1 ff2b fs22 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x81b y30a5 w32f ha1\"><div class=\"t m0 x2a h200 y7b1 ff2b fs22 fc1 sc2 ls0 ws0\">5.945<span class=\"sc0\"> </span></div></td><td class=\"c x81c y30a5 w3a7 ha1\"><div class=\"t m0 x8e h200 y7b1 ff2b fs22 fc1 sc2 ls0 ws0\">96.593<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x83a y30a6 we1c h48e\"><div class=\"t m0 x250 h200 y24a6 ff2b fs22 fc1 sc0 ls0 ws0\">1. Sinistri<span class=\"_ _df\"> </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=\"c x83a y30a7 we1d h48e\"><div class=\"t m0 x250 h200 y24a6 ff2b fs22 fc1 sc0 ls0 ws0\">accaduti e<span class=\"_ _df\"> </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=\"c x83a y30a8 we1e h48e\"><div class=\"t m0 x250 h200 y24a6 ff2b fs22 fc1 sc0 ls0 ws0\">altri costi per<span class=\"_ _df\"> </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=\"c x83a y30a9 we1f h48e\"><div class=\"t m0 x250 h200 y24a6 ff2b fs22 fc1 sc0 ls0 ws0\">servizi<span class=\"_ _df\"> </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=\"c x83a y30aa wcf7 h48e\"><div class=\"t m0 x250 h200 y24a6 ff2b fs22 fc1 sc0 ls0 ws0\">assicurativi<span class=\"_ _df\"> </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=\"c x83a y30ab we20 h48e\"><div class=\"t m0 x250 h200 y24a6 ff2b fs22 fc1 sc0 ls0 ws0\">attesi<span class=\"_ _df\"> </span></div></td><td class=\"c x811 y30ac w324 h2b0\"><div class=\"t m0 xac h200 y7b1 ff2b fs22 fc1 sc0 ls0 ws0\">20.596 </div></td><td class=\"c x838 y30ac w506 h2b0\"><div class=\"t m0 x16a h200 y7b1 ff2b fs22 fc1 sc0 ls0 ws0\">13.122 </div></td><td class=\"c x813 y30ac w1e6 h2b0\"><div class=\"t m0 x3a h200 y7b1 ff2b fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x814 y30ac w32f h2b0\"><div class=\"t m0 x3a h200 y7b1 ff2b fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x815 y30ac w493 h2b0\"><div class=\"t m0 x2a h200 y7b1 ff2b fs22 fc1 sc0 ls0 ws0\">5.772 </div></td><td class=\"c x816 y30ac w1e6 h2b0\"><div class=\"t m0 xac h200 y7b1 ff2b fs22 fc1 sc0 ls0 ws0\">39.490 </div></td><td class=\"c x817 y30ac w1e6 h2b0\"><div class=\"t m0 x16a h200 y7b1 ff2b fs22 fc1 sc0 ls0 ws0\">18.169 </div></td><td class=\"c x839 y30ac w155 h2b0\"><div class=\"t m0 x16a h200 y7b1 ff2b fs22 fc1 sc0 ls0 ws0\">13.818 </div></td><td class=\"c x819 y30ac w506 h2b0\"><div class=\"t m0 x3a h200 y7b1 ff2b fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x81a y30ac w155 h2b0\"><div class=\"t m0 x3a h200 y7b1 ff2b fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x81b y30ac w32f h2b0\"><div class=\"t m0 x116 h200 y7b1 ff2b fs22 fc1 sc0 ls0 ws0\">2.623 </div></td><td class=\"c x81c y30ac w3a7 h2b0\"><div class=\"t m0 x2f h200 y7b1 ff2b fs22 fc1 sc0 ls0 ws0\">34.610 </div></td></tr><tr><td class=\"c x83a y30ad we21 h48e\"><div class=\"t m0 x250 h200 y24a6 ff2b fs22 fc1 sc0 ls0 ws0\">2. Variazioni<span class=\"_ _df\"> </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=\"c x83a y30ae we22 h48e\"><div class=\"t m0 x250 h200 y24a6 ff2b fs22 fc1 sc0 lse5 ws0\">de<span class=\"ls0\">ll'aggiusta<span class=\"_ _df\"> </span></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=\"c x83a y30b0 we23 h539\"><div class=\"t m0 x250 h200 y30af ff2b fs22 fc1 sc0 ls0 ws0\">mento per i<span class=\"_ _df\"> </span></div><div class=\"t m0 x250 h200 y24a6 ff2b fs22 fc1 sc0 ls0 ws0\">rischi non<span class=\"_ _df\"> </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=\"c x83a y30b1 we24 h48e\"><div class=\"t m0 x250 h200 y24a6 ff2b fs22 fc1 sc0 ls0 ws0\">finanziari<span class=\"_ _df\"> </span></div></td><td class=\"c x811 y30b2 w324 h29f\"><div class=\"t m0 x116 h200 y7b1 ff2b fs22 fc1 sc0 ls0 ws0\">5.020 </div></td><td class=\"c x838 y30b2 w506 h29f\"><div class=\"t m0 x39 h200 y7b1 ff2b fs22 fc1 sc0 ls0 ws0\">407 </div></td><td class=\"c x813 y30b2 w1e6 h29f\"><div class=\"t m0 x3a h200 y7b1 ff2b fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x814 y30b2 w32f h29f\"><div class=\"t m0 x3a h200 y7b1 ff2b fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x815 y30b2 w493 h29f\"><div class=\"t m0 x39 h200 y7b1 ff2b fs22 fc1 sc0 ls0 ws0\">263 </div></td><td class=\"c x816 y30b2 w1e6 h29f\"><div class=\"t m0 x116 h200 y7b1 ff2b fs22 fc1 sc0 ls0 ws0\">5.690 </div></td><td class=\"c x817 y30b2 w1e6 h29f\"><div class=\"t m0 x2e h200 y7b1 ff2b fs22 fc1 sc0 ls0 ws0\">7.777 </div></td><td class=\"c x839 y30b2 w155 h29f\"><div class=\"t m0 x39 h200 y7b1 ff2b fs22 fc1 sc0 ls0 ws0\">466 </div></td><td class=\"c x819 y30b2 w506 h29f\"><div class=\"t m0 x3a h200 y7b1 ff2b fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x81a y30b2 w155 h29f\"><div class=\"t m0 x3a h200 y7b1 ff2b fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x81b y30b2 w32f h29f\"><div class=\"t m0 x14 h200 y7b1 ff2b fs22 fc1 sc0 ls9e ws0\">197<span class=\"ls0\"> </span></div></td><td class=\"c x81c y30b2 w3a7 h29f\"><div class=\"t m0 x116 h200 y7b1 ff2b fs22 fc1 sc0 ls0 ws0\">8.440 </div></td></tr><tr><td class=\"c x83a y30b3 we25 h48f\"><div class=\"t m0 x250 h200 y24d8 ff2b fs22 fc1 sc0 ls0 ws0\">3. Margine sui<span class=\"_ _df\"> </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=\"c x83a y30b4 we1f h48f\"><div class=\"t m0 x250 h200 y24d8 ff2b fs22 fc1 sc0 ls0 ws0\">servizi<span class=\"_ _df\"> </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=\"c x83a y30b5 wce4 h48f\"><div class=\"t m0 x250 h200 y24d8 ff2b fs22 fc1 sc0 ls0 ws0\">contrattuali<span class=\"_ _df\"> </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=\"c x83a y30b7 we26 h53a\"><div class=\"t m0 x250 h200 y30b6 ff2b fs22 fc1 sc0 ls0 ws0\">registrato in<span class=\"_ _df\"> </span></div><div class=\"t m0 x250 h200 y24d8 ff2b fs22 fc1 sc0 ls0 ws0\">conto<span class=\"_ _df\"> </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=\"c x83a y30b8 wb17 h48f\"><div class=\"t m0 x250 h200 y24d8 ff2b fs22 fc1 sc0 ls0 ws0\">economico<span class=\"_ _df\"> </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=\"c x83a y30b9 we27 h48f\"><div class=\"t m0 x250 h200 y24d8 ff2b fs22 fc1 sc0 ls0 ws0\">per i servizi<span class=\"_ _df\"> </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=\"c x83a y30ba we28 h48f\"><div class=\"t m0 x250 h200 y24d8 ff2b fs22 fc1 sc0 ls0 ws0\">forniti<span class=\"_ _df\"> </span></div></td><td class=\"c x811 y30bb w324 h2de\"><div class=\"t m0 x8e h200 y7b1 ff2b fs22 fc1 sc0 ls0 ws0\">42.322 </div></td><td class=\"c x838 y30bb w506 h2de\"><div class=\"t m0 x116 h200 y7b1 ff2b fs22 fc1 sc0 ls0 ws0\">8.063 </div></td><td class=\"c x813 y30bb w1e6 h2de\"><div class=\"t m0 x3a h200 y7b1 ff2b fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x814 y30bb w32f h2de\"><div class=\"t m0 x3a h200 y7b1 ff2b fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x815 y30bb w493 h2de\"><div class=\"t m0 x116 h200 y7b1 ff2b fs22 fc1 sc0 ls0 ws0\">5.332 </div></td><td class=\"c x816 y30bb w1e6 h2de\"><div class=\"t m0 x16a h200 y7b1 ff2b fs22 fc1 sc0 ls0 ws0\">55.717 </div></td><td class=\"c x817 y30bb w1e6 h2de\"><div class=\"t m0 x8e h200 y7b1 ff2b fs22 fc1 sc0 ls0 ws0\">36.320 </div></td><td class=\"c x839 y30bb w155 h2de\"><div class=\"t m0 x2a h200 y7b1 ff2b fs22 fc1 sc0 ls0 ws0\">6.401 </div></td><td class=\"c x819 y30bb w506 h2de\"><div class=\"t m0 x3a h200 y7b1 ff2b fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x81a y30bb w155 h2de\"><div class=\"t m0 x3a h200 y7b1 ff2b fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x81b y30bb w32f h2de\"><div class=\"t m0 x55 h200 y7b1 ff2b fs22 fc1 sc0 ls0 ws0\">3.117 </div></td><td class=\"c x81c y30bb w3a7 h2de\"><div class=\"t m0 xac h200 y7b1 ff2b fs22 fc1 sc0 ls0 ws0\">45.838 </div></td></tr><tr><td class=\"c x83b y30bc w505 h162\"><div class=\"t m0 x16a h200 y18d2 ff2b fs22 fc1 sc0 ls0 ws0\">4. Altri importi</div></td><td class=\"c x811 y30bc w324 h162\"><div class=\"t m0 x48 h200 y18d2 ff2b fs22 fc1 sc0 ls0 ws0\">211 </div></td><td class=\"c x838 y30bc w506 h162\"><div class=\"t m0 x2a h200 y18d2 ff2b fs22 fc1 sc0 ls0 ws0\">7.873 </div></td><td class=\"c x813 y30bc w1e6 h162\"><div class=\"t m0 x3a h200 y18d2 ff2b fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x814 y30bc w32f h162\"><div class=\"t m0 x3a h200 y18d2 ff2b fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x815 y30bc w493 h162\"><div class=\"t m0 x2c h200 y18d2 ff2b fs22 fc1 sc0 ls0 ws0\">4 </div></td><td class=\"c x816 y30bc w1e6 h162\"><div class=\"t m0 x16a h200 y18d2 ff2b fs22 fc1 sc0 ls0 ws0\">8.088 </div></td><td class=\"c x817 y30bc w1e6 h162\"><div class=\"t m0 x14 h200 y18d2 ff2b fs22 fc1 sc0 ls0 ws0\">219 </div></td><td class=\"c x839 y30bc w155 h162\"><div class=\"t m0 x2a h200 y18d2 ff2b fs22 fc1 sc0 ls0 ws0\">7.478 </div></td><td class=\"c x819 y30bc w506 h162\"><div class=\"t m0 x3a h200 y18d2 ff2b fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x81a y30bc w155 h162\"><div class=\"t m0 x3a h200 y18d2 ff2b fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x81b y30bc w32f h162\"><div class=\"t m0 x2c h200 y18d2 ff2b fs22 fc1 sc0 ls0 ws0\">8 </div></td><td class=\"c x81c y30bc w3a7 h162\"><div class=\"t m0 x2a h200 y18d2 ff2b fs22 fc1 sc0 ls0 ws0\">7.705 </div></td></tr><tr><td class=\"c x82c y30bd we29 h48f\"><div class=\"t m0 x250 h200 y24d8 ff2b fs22 fc1 sc2 ls0 ws0\">A.2 Cos<span class=\"_ _f\"></span>ti di<span class=\"_ _df\"> </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=\"c x82c y30be we2a h48f\"><div class=\"t m0 x250 h200 y24d8 ff2b fs22 fc1 sc2 ls0 ws0\">acquisiz<span class=\"_ _1\"></span>ione de<span class=\"_ _f\"></span>i<span class=\"_ _df\"> </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=\"c x82c y30bf we12 h48f\"><div class=\"t m0 x250 h200 y24d8 ff2b fs22 fc1 sc2 ls0 ws0\">contr<span class=\"_ _1\"></span>atti di<span class=\"_ _df\"> </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=\"c x82c y30c0 we2b h48f\"><div class=\"t m0 x250 h200 y24d8 ff2b fs22 fc1 sc2 ls0 ws0\">assicura<span class=\"_ _1\"></span>zione<span class=\"_ _1\"></span>i<span class=\"_ _df\"> </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=\"c x82c y30c1 we2c h48f\"><div class=\"t m0 x250 h200 y24d8 ff2b fs22 fc1 sc2 ls0 ws0\">recupe<span class=\"_ _1\"></span>rati<span class=\"_ _df\"> </span></div></td><td class=\"c x811 y30c2 w324 h29f\"><div class=\"t m0 x33 h200 y7b1 ff2b fs22 fc1 sc2 lsef ws0\">44<span class=\"sc0 ls0\"> </span></div></td><td class=\"c x838 y30c2 w506 h29f\"><div class=\"t m0 x2a h200 y7b1 ff2b fs22 fc1 sc2 ls0 ws0\">4.703<span class=\"sc0\"> </span></div></td><td class=\"c x813 y30c2 w1e6 h29f\"><div class=\"t m0 x3a h200 y7b1 ff2b fs22 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x814 y30c2 w32f h29f\"><div class=\"t m0 x3a h200 y7b1 ff2b fs22 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x815 y30c2 w493 h29f\"><div class=\"t m0 x32 h200 y7b1 ff2b fs22 fc1 sc2 ls9e ws0\">13<span class=\"sc0 ls0\"> </span></div></td><td class=\"c x816 y30c2 w1e6 h29f\"><div class=\"t m0 x2a h200 y7b1 ff2b fs22 fc1 sc2 ls0 ws0\">4.760<span class=\"sc0\"> </span></div></td><td class=\"c x817 y30c2 w1e6 h29f\"><div class=\"t m0 x33 h200 y7b1 ff2b fs22 fc1 sc2 lsf0 ws0\">54<span class=\"sc0 ls0\"> </span></div></td><td class=\"c x839 y30c2 w155 h29f\"><div class=\"t m0 x116 h200 y7b1 ff2b fs22 fc1 sc2 ls0 ws0\">3.683<span class=\"sc0\"> </span></div></td><td class=\"c x819 y30c2 w506 h29f\"><div class=\"t m0 x3a h200 y7b1 ff2b fs22 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x81a y30c2 w155 h29f\"><div class=\"t m0 x3a h200 y7b1 ff2b fs22 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x81b y30c2 w32f h29f\"><div class=\"t m0 x32 h200 y7b1 ff2b fs22 fc1 sc2 ls68 ws0\">14<span class=\"sc0 ls0\"> </span></div></td><td class=\"c x81c y30c2 w3a7 h29f\"><div class=\"t m0 x2a h200 y7b1 ff2b fs22 fc1 sc2 ls0 ws0\">3.753<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x82c y2e0f we2d h48f\"><div class=\"t m0 x250 h200 y24d8 ff2b fs22 fc1 sc2 ls0 ws0\">A.3 Tot<span class=\"_ _1\"></span>ale ricavi<span class=\"_ _df\"> </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=\"c x82c y30c3 wcde h48f\"><div class=\"t m0 x250 h200 y24d8 ff2b fs22 fc1 sc2 ls0 ws0\">assicura<span class=\"_ _1\"></span>tivi<span class=\"_ _df\"> </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=\"c x82c y2ba0 we11 h48f\"><div class=\"t m0 x250 h200 y24d8 ff2b fs22 fc1 sc2 ls0 ws0\">derivant<span class=\"_ _1\"></span>i dai<span class=\"_ _df\"> </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=\"c x82c y30c4 we12 h48f\"><div class=\"t m0 x250 h200 y24d8 ff2b fs22 fc1 sc2 ls0 ws0\">contr<span class=\"_ _1\"></span>atti di<span class=\"_ _df\"> </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=\"c x82c y30c5 we13 h48f\"><div class=\"t m0 x250 h200 y24d8 ff2b fs22 fc1 sc2 ls0 ws0\">assicura<span class=\"_ _1\"></span>zione<span class=\"_ _df\"> </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=\"c x82c y30c6 we14 h48f\"><div class=\"t m0 x250 h200 y24d8 ff2b fs22 fc1 sc2 ls0 ws0\">emessi v<span class=\"_ _f\"></span>alutati<span class=\"_ _df\"> </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=\"c x82c y30c7 we2e h48f\"><div class=\"t m0 x250 h200 y24d8 ff2b fs22 fc1 sc2 ls0 ws0\">in base a<span class=\"_ _1\"></span>l GMM <span class=\"_ _1\"></span>o<span class=\"_ _df\"> </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=\"c x82c y30c8 we2f h48f\"><div class=\"t m0 x250 h200 y24d8 ff2b fs22 fc1 sc2 ls0 ws0\">al VFA <span class=\"_ _1\"></span>(A.1 + A.<span class=\"_ _1\"></span>2)<span class=\"_ _df\"> </span></div></td><td class=\"c x811 y30c9 w324 h2de\"><div class=\"t m0 x2f h200 y7b1 ff2b fs22 fc1 sc2 ls0 ws0\">68.193<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x838 y30c9 w506 h2de\"><div class=\"t m0 x2f h200 y7b1 ff2b fs22 fc1 sc2 ls0 ws0\">34.168<span class=\"sc0\"> </span></div></td><td class=\"c x813 y30c9 w1e6 h2de\"><div class=\"t m0 x3a h200 y7b1 ff2b fs22 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x814 y30c9 w32f h2de\"><div class=\"t m0 x3a h200 y7b1 ff2b fs22 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x815 y30c9 w493 h2de\"><div class=\"t m0 x16a h200 y7b1 ff2b fs22 fc1 sc2 ls0 ws0\">11.384<span class=\"sc0\"> </span></div></td><td class=\"c x816 y30c9 w1e6 h2de\"><div class=\"t m0 x8e h200 y7b1 ff2b fs22 fc1 sc2 ls0 ws0\">113.745<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x817 y30c9 w1e6 h2de\"><div class=\"t m0 x8e h200 y7b1 ff2b fs22 fc1 sc2 ls0 ws0\">62.539<span class=\"sc0\"> </span></div></td><td class=\"c x839 y30c9 w155 h2de\"><div class=\"t m0 x2f h200 y7b1 ff2b fs22 fc1 sc2 ls0 ws0\">31.846<span class=\"sc0\"> </span></div></td><td class=\"c x819 y30c9 w506 h2de\"><div class=\"t m0 x3a h200 y7b1 ff2b fs22 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x81a y30c9 w155 h2de\"><div class=\"t m0 x3a h200 y7b1 ff2b fs22 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x81b y30c9 w32f h2de\"><div class=\"t m0 x2a h200 y7b1 ff2b fs22 fc1 sc2 ls0 ws0\">5.959<span class=\"sc0\"> </span></div></td><td class=\"c x81c y30c9 w3a7 h2de\"><div class=\"t m0 xab h200 y7b1 ff2b fs22 fc1 sc2 ls0 ws0\">100.346<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td></tr><tr><td class=\"t m0 x83c h200 y30ca ff2b fs22 fc1 sc2 ls0 ws0\">A.4 Tota<span class=\"_ _1\"></span>le ricav<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></tr><tr><td class=\"t m0 x83c h200 y30cb ff2b fs22 fc1 sc2 ls0 ws0\">assicura<span class=\"_ _1\"></span>tivi </td><td></td><td></td><td></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 x83c h200 y30cc ff2b fs22 fc1 sc2 ls0 ws0\">derivant<span class=\"_ _1\"></span>i dai </td><td></td><td></td><td></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 x83c h200 y30cd ff2b fs22 fc1 sc2 ls0 ws0\">contr<span class=\"_ _1\"></span>atti 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 m0 x83c h200 y30ce ff2b fs22 fc1 sc2 ls0 ws0\">assicura<span class=\"_ _1\"></span>zione<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 m0 x83c h200 y30cf ff2b fs22 fc1 sc2 ls0 ws0\">emessi v<span class=\"_ _f\"></span>alutati </td><td></td><td></td><td></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 x83c h200 y30d0 ff2b fs22 fc1 sc2 ls0 ws0\">in base a<span class=\"_ _1\"></span>l PAA<span class=\"sc0\"> </span></td><td></td><td></td><td></td><td></td><td></td><td class=\"c x816 y30d1 w1e6 h1c7\"><div class=\"t m0 x3a h200 y7b1 ff2b fs22 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td class=\"c x81c y30d1 w3a7 h1c7\"><div class=\"t m0 x3a h200 y7b1 ff2b fs22 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x83a y30d2 we30 h48f\"><div class=\"t m0 x250 h200 y24d8 ff2b fs22 fc1 sc0 ls0 ws0\">- Segmento<span class=\"_ _df\"> </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=\"c x83a y30d3 we31 h48f\"><div class=\"t m0 x250 h200 y24d8 ff2b fs22 fc1 sc0 ls0 ws0\">Vita<span class=\"_ _df\"> </span></div></td><td class=\"c x811 y30d4 w324 hf\"><div class=\"t m0 x2c h200 y7b1 ff2b fs22 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x838 y30d4 w506 hf\"><div class=\"t m0 x2c h200 y7b1 ff2b fs22 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x813 y30d4 w1e6 hf\"><div class=\"t m0 x2c h200 y7b1 ff2b fs22 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x814 y30d4 w32f hf\"><div class=\"t m0 x2c h200 y7b1 ff2b fs22 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x815 y30d4 w493 hf\"><div class=\"t m0 x2c h200 y7b1 ff2b fs22 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x816 y30d4 w1e6 hf\"><div class=\"t m0 x3a h200 y7b1 ff2b fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x817 y30d4 w1e6 hf\"><div class=\"t m0 x2c h200 y7b1 ff2b fs22 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x839 y30d4 w155 hf\"><div class=\"t m0 x2c h200 y7b1 ff2b fs22 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x819 y30d4 w506 hf\"><div class=\"t m0 x2c h200 y7b1 ff2b fs22 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x81a y30d4 w155 hf\"><div class=\"t m0 x2c h200 y7b1 ff2b fs22 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x81b y30d4 w32f hf\"><div class=\"t m0 x2c h200 y7b1 ff2b fs22 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x81c y30d4 w3a7 hf\"><div class=\"t m0 x3a h200 y7b1 ff2b fs22 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x83a y30d5 we30 h48f\"><div class=\"t m0 x250 h200 y24d8 ff2b fs22 fc1 sc0 ls0 ws0\">- Segmento<span class=\"_ _df\"> </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=\"c x83a y30d6 we32 h48f\"><div class=\"t m0 x250 h200 y24d8 ff2b fs22 fc1 sc0 ls0 ws0\">Danni - auto<span class=\"_ _df\"> </span></div></td><td class=\"c x811 y30d7 w324 h2a6\"><div class=\"t m0 x2c h200 yb2f ff2b fs22 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x838 y30d7 w506 h2a6\"><div class=\"t m0 x2c h200 yb2f ff2b fs22 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x813 y30d7 w1e6 h2a6\"><div class=\"t m0 x2c h200 yb2f ff2b fs22 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x814 y30d7 w32f h2a6\"><div class=\"t m0 x2c h200 yb2f ff2b fs22 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x815 y30d7 w493 h2a6\"><div class=\"t m0 x2c h200 yb2f ff2b fs22 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x816 y30d7 w1e6 h2a6\"><div class=\"t m0 x3a h200 yb2f ff2b fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x817 y30d7 w1e6 h2a6\"><div class=\"t m0 x2c h200 yb2f ff2b fs22 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x839 y30d7 w155 h2a6\"><div class=\"t m0 x2c h200 yb2f ff2b fs22 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x819 y30d7 w506 h2a6\"><div class=\"t m0 x2c h200 yb2f ff2b fs22 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x81a y30d7 w155 h2a6\"><div class=\"t m0 x2c h200 yb2f ff2b fs22 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x81b y30d7 w32f h2a6\"><div class=\"t m0 x2c h200 yb2f ff2b fs22 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x81c y30d7 w3a7 h2a6\"><div class=\"t m0 x3a h200 yb2f ff2b fs22 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x83a y30d8 we30 h48f\"><div class=\"t m0 x250 h200 y24d8 ff2b fs22 fc1 sc0 ls0 ws0\">- Segmento<span class=\"_ _df\"> </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=\"c x83a y30d9 we33 h48f\"><div class=\"t m0 x250 h200 y24d8 ff2b fs22 fc1 sc0 ls0 ws0\">Danni - non<span class=\"_ _df\"> </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=\"c x83a y30da we34 h48f\"><div class=\"t m0 x250 h200 y24d8 ff2b fs22 fc1 sc0 lsf1 ws0\">auto<span class=\"_ _df\"> </span></div></td><td class=\"c x811 y30db w324 h16\"><div class=\"t m0 x2c h200 y7b1 ff2b fs22 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x838 y30db w506 h16\"><div class=\"t m0 x2c h200 y7b1 ff2b fs22 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x813 y30db w1e6 h16\"><div class=\"t m0 x2c h200 y7b1 ff2b fs22 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x814 y30db w32f h16\"><div class=\"t m0 x2c h200 y7b1 ff2b fs22 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x815 y30db w493 h16\"><div class=\"t m0 x2c h200 y7b1 ff2b fs22 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x816 y30db w1e6 h16\"><div class=\"t m0 x3a h200 y7b1 ff2b fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x817 y30db w1e6 h16\"><div class=\"t m0 x2c h200 y7b1 ff2b fs22 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x839 y30db w155 h16\"><div class=\"t m0 x2c h200 y7b1 ff2b fs22 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x819 y30db w506 h16\"><div class=\"t m0 x2c h200 y7b1 ff2b fs22 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x81a y30db w155 h16\"><div class=\"t m0 x2c h200 y7b1 ff2b fs22 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x81b y30db w32f h16\"><div class=\"t m0 x2c h200 y7b1 ff2b fs22 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x81c y30db w3a7 h16\"><div class=\"t m0 x3a h200 y7b1 ff2b fs22 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x82c y30dc we35 h48f\"><div class=\"t m0 x250 h200 y24d8 ff2b fs22 fc1 sc2 ls0 ws0\">A.5 Tot<span class=\"_ _1\"></span>ale ricavi<span class=\"_ _df\"> </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=\"c x82c y30dd wcde h48f\"><div class=\"t m0 x250 h200 y24d8 ff2b fs22 fc1 sc2 ls0 ws0\">assicura<span class=\"_ _1\"></span>tivi<span class=\"_ _df\"> </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=\"c x82c y30de we11 h48f\"><div class=\"t m0 x250 h200 y24d8 ff2b fs22 fc1 sc2 ls0 ws0\">derivant<span class=\"_ _1\"></span>i dai<span class=\"_ _df\"> </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=\"c x82c y30df we12 h48f\"><div class=\"t m0 x250 h200 y24d8 ff2b fs22 fc1 sc2 ls0 ws0\">contr<span class=\"_ _1\"></span>atti di<span class=\"_ _df\"> </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=\"c x82c y30e0 we13 h48f\"><div class=\"t m0 x250 h200 y24d8 ff2b fs22 fc1 sc2 ls0 ws0\">assicura<span class=\"_ _1\"></span>zione<span class=\"_ _df\"> </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=\"c x82c y2dce we36 h48f\"><div class=\"t m0 x250 h200 y24d8 ff2b fs22 fc1 sc2 ls0 ws0\">emessi (A<span class=\"_ _f\"></span>.3 +<span class=\"_ _df\"> </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=\"c x82c y2dd0 we37 h48f\"><div class=\"t m0 x250 h200 y24d8 ff2b fs22 fc1 sc2 ls0 ws0\">A.4)<span class=\"_ _df\"> </span></div></td><td class=\"c x811 y30e1 w324 h1c7\"><div class=\"t m0 x2f h200 y7b1 ff2b fs22 fc1 sc2 ls0 ws0\">68.193<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x838 y30e1 w506 h1c7\"><div class=\"t m0 x2f h200 y7b1 ff2b fs22 fc1 sc2 ls0 ws0\">34.168<span class=\"sc0\"> </span></div></td><td class=\"c x813 y30e1 w1e6 h1c7\"><div class=\"t m0 x3a h200 y7b1 ff2b fs22 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x814 y30e1 w32f h1c7\"><div class=\"t m0 x3a h200 y7b1 ff2b fs22 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x815 y30e1 w493 h1c7\"><div class=\"t m0 x16a h200 y7b1 ff2b fs22 fc1 sc2 ls0 ws0\">11.384<span class=\"sc0\"> </span></div></td><td class=\"c x816 y30e1 w1e6 h1c7\"><div class=\"t m0 x8e h200 y7b1 ff2b fs22 fc1 sc2 ls0 ws0\">113.745<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x817 y30e1 w1e6 h1c7\"><div class=\"t m0 x8e h200 y7b1 ff2b fs22 fc1 sc2 ls0 ws0\">62.539<span class=\"sc0\"> </span></div></td><td class=\"c x839 y30e1 w155 h1c7\"><div class=\"t m0 x2f h200 y7b1 ff2b fs22 fc1 sc2 ls0 ws0\">31.846<span class=\"sc0\"> </span></div></td><td class=\"c x819 y30e1 w506 h1c7\"><div class=\"t m0 x3a h200 y7b1 ff2b fs22 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x81a y30e1 w155 h1c7\"><div class=\"t m0 x3a h200 y7b1 ff2b fs22 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x81b y30e1 w32f h1c7\"><div class=\"t m0 x2a h200 y7b1 ff2b fs22 fc1 sc2 ls0 ws0\">5.959<span class=\"sc0\"> </span></div></td><td class=\"c x81c y30e1 w3a7 h1c7\"><div class=\"t m0 xab h200 y7b1 ff2b fs22 fc1 sc2 ls0 ws0\">100.346<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x82c y30e2 we38 h48f\"><div class=\"t m0 x250 h200 y24d8 ff2b fs22 fc1 sc2 ls0 ws0\">B. Costi pe<span class=\"_ _f\"></span>r<span class=\"_ _df\"> </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=\"c x82c y30e3 we1f h48f\"><div class=\"t m0 x250 h200 y24d8 ff2b fs22 fc1 sc2 ls0 ws0\">servizi<span class=\"_ _df\"> </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=\"c x82c y30e4 wcde h48f\"><div class=\"t m0 x250 h200 y24d8 ff2b fs22 fc1 sc2 ls0 ws0\">assicura<span class=\"_ _1\"></span>tivi<span class=\"_ _df\"> </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=\"c x82c y2dd4 we11 h48f\"><div class=\"t m0 x250 h200 y24d8 ff2b fs22 fc1 sc2 ls0 ws0\">derivant<span class=\"_ _1\"></span>i dai<span class=\"_ _df\"> </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=\"c x82c y30e5 we12 h48f\"><div class=\"t m0 x250 h200 y24d8 ff2b fs22 fc1 sc2 ls0 ws0\">contr<span class=\"_ _1\"></span>atti di<span class=\"_ _df\"> </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=\"c x82c y2dd6 we13 h48f\"><div class=\"t m0 x250 h200 y24d8 ff2b fs22 fc1 sc2 ls0 ws0\">assicura<span class=\"_ _1\"></span>zione<span class=\"_ _df\"> </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=\"c x82c y24dc we39 h48f\"><div class=\"t m0 x250 h200 y24d8 ff2b fs22 fc1 sc2 ls0 ws0\">emessi <span class=\"ff2c\">\u2013</span> <span class=\"_ _1\"></span>GMM <span class=\"_ _1\"></span>o<span class=\"_ _df\"> </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=\"c x82c y2491 we3a h48f\"><div class=\"t m0 x250 h200 y24d8 ff2b fs22 fc1 sc2 ls0 ws0\">VFA<span class=\"_ _df\"> </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></table><div class=\"gsa39\"><table class=\"s we3b h53b\" id=\"_765498ac-02ee-487a-97ff-1a96189846b6\"><tr><td class=\"c x2a8 y30e7 we1c h53c\"><div class=\"t m0 x250 h200 y30e6 ff2b fs22 fc1 sc0 ls0 ws0\">1. Sinistri<span class=\"_ _df\"> </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=\"c x2a8 y30e8 we3c h53c\"><div class=\"t m0 x250 h200 y30e6 ff2b fs22 fc1 sc0 ls0 ws0\">accaduti e<span class=\"_ _df\"> </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=\"c x2a8 y30e9 we3d h53c\"><div class=\"t m0 x250 h200 y30e6 ff2b fs22 fc1 sc0 ls0 ws0\">altri costi<span class=\"_ _df\"> </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=\"c x2a8 y30ea we3e h48d\"><div class=\"t m0 x250 h200 y24a6 ff2b fs22 fc1 sc0 ls0 ws0\">direttamente<span class=\"_ _df\"> </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=\"c x2a8 y2bda we3f h48d\"><div class=\"t m0 x250 h200 y24a6 ff2b fs22 fc1 sc0 ls0 ws0\">attribuibili<span class=\"_ _df\"> </span></div></td><td class=\"c x83d y30eb w324 h2df\"><div class=\"t m0 x15d h200 y7b1 ff2b fs22 fc1 sc0 ls0 ws0\">(474.263) </div></td><td class=\"c x7a5 y30eb w506 h2df\"><div class=\"t m0 xac h200 y7b1 ff2b fs22 fc1 sc0 ls0 ws0\">(9.784) </div></td><td class=\"c x468 y30eb w1e6 h2df\"><div class=\"t m0 x3a h200 y7b1 ff2b fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x83e y30eb w32f h2df\"><div class=\"t m0 x3a h200 y7b1 ff2b fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5b8 y30eb w493 h2df\"><div class=\"t m0 x8a h200 y7b1 ff2b fs22 fc1 sc0 ls0 ws0\">(47.560) </div></td><td class=\"c x707 y30eb w1e6 h2df\"><div class=\"t m0 x163 h200 y7b1 ff2b fs22 fc1 sc0 ls0 ws0\">(531.607) </div></td><td class=\"c x493 y30eb w1e6 h2df\"><div class=\"t m0 x15d h200 y7b1 ff2b fs22 fc1 sc0 ls0 ws0\">(804.023) </div></td><td class=\"c x83f y30eb w155 h2df\"><div class=\"t m0 x8a h200 y7b1 ff2b fs22 fc1 sc0 ls0 ws0\">(10.306) </div></td><td class=\"c x54d y30eb w506 h2df\"><div class=\"t m0 x3a h200 y7b1 ff2b fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x56a y30eb w155 h2df\"><div class=\"t m0 x3a h200 y7b1 ff2b fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x840 y30eb w32f h2df\"><div class=\"t m0 x10 h200 y7b1 ff2b fs22 fc1 sc0 ls0 ws0\">(44.335) </div></td><td class=\"c x709 y30eb w3a7 h2df\"><div class=\"t m0 x15d h200 y7b1 ff2b fs22 fc1 sc0 ls0 ws0\">(858.664) </div></td></tr><tr><td class=\"c x2a8 y30ad we40 h48d\"><div class=\"t m0 x250 h200 y24a6 ff2b fs22 fc1 sc0 ls0 ws0\">2. Variazioni<span class=\"_ _df\"> </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=\"c x2a8 y30ec we41 h48d\"><div class=\"t m0 x250 h200 y24a6 ff2b fs22 fc1 sc0 ls0 ws0\">della passivit\u00e0<span class=\"_ _df\"> </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=\"c x2a8 y30ed we42 h48d\"><div class=\"t m0 x250 h200 y24a6 ff2b fs22 fc1 sc0 ls0 ws0\">per sinistri<span class=\"_ _df\"> </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=\"c x2a8 y30ee wc92 h48d\"><div class=\"t m0 x250 h200 y24a6 ff2b fs22 fc1 sc0 ls0 ws0\">accaduti<span class=\"_ _df\"> </span></div></td><td class=\"c x83d y30ef w324 h2a7\"><div class=\"t m0 x8a h200 y7b1 ff2b fs22 fc1 sc0 ls0 ws0\">453.472 </div></td><td class=\"c x7a5 y30ef w506 h2a7\"><div class=\"t m0 x39 h200 y7b1 ff2b fs22 fc1 sc0 ls0 ws0\">342 </div></td><td class=\"c x468 y30ef w1e6 h2a7\"><div class=\"t m0 x3a h200 y7b1 ff2b fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x83e y30ef w32f h2a7\"><div class=\"t m0 x3a h200 y7b1 ff2b fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5b8 y30ef w493 h2a7\"><div class=\"t m0 xac h200 y7b1 ff2b fs22 fc1 sc0 ls0 ws0\">43.440 </div></td><td class=\"c x707 y30ef w1e6 h2a7\"><div class=\"t m0 x8a h200 y7b1 ff2b fs22 fc1 sc0 ls0 ws0\">497.254 </div></td><td class=\"c x493 y30ef w1e6 h2a7\"><div class=\"t m0 x8a h200 y7b1 ff2b fs22 fc1 sc0 ls0 ws0\">784.503 </div></td><td class=\"c x83f y30ef w155 h2a7\"><div class=\"t m0 x8e h200 y7b1 ff2b fs22 fc1 sc0 ls0 ws0\">(1.285) </div></td><td class=\"c x54d y30ef w506 h2a7\"><div class=\"t m0 x3a h200 y7b1 ff2b fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x56a y30ef w155 h2a7\"><div class=\"t m0 x3a h200 y7b1 ff2b fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x840 y30ef w32f h2a7\"><div class=\"t m0 x16a h200 y7b1 ff2b fs22 fc1 sc0 ls0 ws0\">41.619 </div></td><td class=\"c x709 y30ef w3a7 h2a7\"><div class=\"t m0 x8a h200 y7b1 ff2b fs22 fc1 sc0 ls0 ws0\">824.837 </div></td></tr><tr><td class=\"c x2a8 y30f0 we43 h48d\"><div class=\"t m0 x250 h200 y24a6 ff2b fs22 fc1 sc0 ls0 ws0\">3. Perdite su<span class=\"_ _df\"> </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=\"c x2a8 y30f1 wca2 h48d\"><div class=\"t m0 x250 h200 y24a6 ff2b fs22 fc1 sc0 ls0 ws0\">contratti<span class=\"_ _df\"> </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=\"c x2a8 y278c we44 h48d\"><div class=\"t m0 x250 h200 y24a6 ff2b fs22 fc1 sc0 ls0 ws0\">onerosi e<span class=\"_ _df\"> </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=\"c x2a8 y30b5 we45 h48d\"><div class=\"t m0 x250 h200 y24a6 ff2b fs22 fc1 sc0 ls0 ws0\">recupero di<span class=\"_ _df\"> </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=\"c x2a8 y2da8 we46 h48d\"><div class=\"t m0 x250 h200 y24a6 ff2b fs22 fc1 sc0 ls0 ws0\">tali perdite<span class=\"_ _df\"> </span></div></td><td class=\"c x83d y30f2 w324 h29f\"><div class=\"t m0 x3a h200 y7b1 ff2b fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x7a5 y30f2 w506 h29f\"><div class=\"t m0 x32 h200 y7b1 ff2b fs22 fc1 sc0 lsf2 ws0\">81<span class=\"_ _df\"> </span></div></td><td class=\"c x468 y30f2 w1e6 h29f\"><div class=\"t m0 x3a h200 y7b1 ff2b fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x83e y30f2 w32f h29f\"><div class=\"t m0 x3a h200 y7b1 ff2b fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5b8 y30f2 w493 h29f\"><div class=\"t m0 x3a h200 y7b1 ff2b fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x707 y30f2 w1e6 h29f\"><div class=\"t m0 x32 h200 y7b1 ff2b fs22 fc1 sc0 lsf2 ws0\">81<span class=\"ls0\"> </span></div></td><td class=\"c x493 y30f2 w1e6 h29f\"><div class=\"t m0 x3a h200 y7b1 ff2b fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x83f y30f2 w155 h29f\"><div class=\"t m0 x130 h200 y7b1 ff2b fs22 fc1 sc0 ls0 ws0\">(93) </div></td><td class=\"c x54d y30f2 w506 h29f\"><div class=\"t m0 x3a h200 y7b1 ff2b fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x56a y30f2 w155 h29f\"><div class=\"t m0 x3a h200 y7b1 ff2b fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x840 y30f2 w32f h29f\"><div class=\"t m0 x3a h200 y7b1 ff2b fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x709 y30f2 w3a7 h29f\"><div class=\"t m0 x130 h200 y7b1 ff2b fs22 fc1 sc0 ls0 ws0\">(93) </div></td></tr><tr><td class=\"c x2a8 y30f3 we47 h48d\"><div class=\"t m0 x250 h200 y24a6 ff2b fs22 fc1 sc0 lsef ws0\">4.<span class=\"_ _df\"> </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=\"c x2a8 y30f4 we48 h48d\"><div class=\"t m0 x250 h200 y24a6 ff2b fs22 fc1 sc0 ls0 ws0\">Ammortamen<span class=\"_ _df\"> </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=\"c x2a8 y30f5 we49 h48d\"><div class=\"t m0 x250 h200 y24a6 ff2b fs22 fc1 sc0 ls0 ws0\">to delle spese<span class=\"_ _df\"> </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=\"c x2a8 y30f6 wcf2 h48d\"><div class=\"t m0 x250 h200 y24a6 ff2b fs22 fc1 sc0 ls0 ws0\">di<span class=\"_ _df\"> </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=\"c x2a8 y30f7 we4a h48e\"><div class=\"t m0 x250 h200 y24a6 ff2b fs22 fc1 sc0 ls0 ws0\">acquisizione<span class=\"_ _df\"> </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=\"c x2a8 y30f8 we4b h48e\"><div class=\"t m0 x250 h200 y24a6 ff2b fs22 fc1 sc0 lse5 ws0\">de<span class=\"ls0\">i contratti<span class=\"_ _df\"> </span></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=\"c x2a8 y30f9 wcf2 h48e\"><div class=\"t m0 x250 h200 y24a6 ff2b fs22 fc1 sc0 ls0 ws0\">di<span class=\"_ _df\"> </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=\"c x2a8 y30fa we4c h48e\"><div class=\"t m0 x250 h200 y24a6 ff2b fs22 fc1 sc0 ls0 ws0\">assicurazione<span class=\"_ _df\"> </span></div></td><td class=\"c x83d y30fb w324 h2de\"><div class=\"t m0 x130 h200 y7b1 ff2b fs22 fc1 sc0 ls76 ws0\">(44)</div></td><td class=\"c x7a5 y30fb w506 h2de\"><div class=\"t m0 xac h200 y7b1 ff2b fs22 fc1 sc0 ls0 ws0\">(4.703)<span class=\"_ _df\"> </span></div></td><td class=\"c x468 y30fb w1e6 h2de\"><div class=\"t m0 x3a h200 y7b1 ff2b fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x83e y30fb w32f h2de\"><div class=\"t m0 x3a h200 y7b1 ff2b fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5b8 y30fb w493 h2de\"><div class=\"t m0 x14 h200 y7b1 ff2b fs22 fc1 sc0 ls0 ws0\">(13) </div></td><td class=\"c x707 y30fb w1e6 h2de\"><div class=\"t m0 xac h200 y7b1 ff2b fs22 fc1 sc0 ls0 ws0\">(4.760) </div></td><td class=\"c x493 y30fb w1e6 h2de\"><div class=\"t m0 x130 h200 y7b1 ff2b fs22 fc1 sc0 ls0 ws0\">(54)</div></td><td class=\"c x83f y30fb w155 h2de\"><div class=\"t m0 xac h200 y7b1 ff2b fs22 fc1 sc0 ls0 ws0\">(3.683) </div></td><td class=\"c x54d y30fb w506 h2de\"><div class=\"t m0 x3a h200 y7b1 ff2b fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x56a y30fb w155 h2de\"><div class=\"t m0 x3a h200 y7b1 ff2b fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x840 y30fb w32f h2de\"><div class=\"t m0 x14 h200 y7b1 ff2b fs22 fc1 sc0 ls0 ws0\">(14) </div></td><td class=\"c x709 y30fb w3a7 h2de\"><div class=\"t m0 x2f h200 y7b1 ff2b fs22 fc1 sc0 ls0 ws0\">(3.751) </div></td></tr><tr><td class=\"c x46b y30fc w505 h15e\"><div class=\"t m0 x16a h200 y7b1 ff2b fs22 fc1 sc0 ls0 ws0\">5. Altri importi<span class=\"_ _df\"> </span></div></td><td class=\"c x83d y30fc w324 h15e\"><div class=\"t m0 x3a h200 y7b1 ff2b fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x7a5 y30fc w506 h15e\"><div class=\"t m0 x3a h200 y7b1 ff2b fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x468 y30fc w1e6 h15e\"><div class=\"t m0 x3a h200 y7b1 ff2b fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x83e y30fc w32f h15e\"><div class=\"t m0 x3a h200 y7b1 ff2b fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5b8 y30fc w493 h15e\"><div class=\"t m0 x3a h200 y7b1 ff2b fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x707 y30fc w1e6 h15e\"><div class=\"t m0 x3a h200 y7b1 ff2b fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x493 y30fc w1e6 h15e\"><div class=\"t m0 x3a h200 y7b1 ff2b fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x83f y30fc w155 h15e\"><div class=\"t m0 x3a h200 y7b1 ff2b fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x54d y30fc w506 h15e\"><div class=\"t m0 x3a h200 y7b1 ff2b fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x56a y30fc w155 h15e\"><div class=\"t m0 x3a h200 y7b1 ff2b fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x840 y30fc w32f h15e\"><div class=\"t m0 x3a h200 y7b1 ff2b fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x709 y30fc w3a7 h15e\"><div class=\"t m0 x3a h200 y7b1 ff2b fs22 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x262 y30fd we4d h48e\"><div class=\"t m0 x250 h200 y24a6 ff2b fs22 fc1 sc2 ls0 ws0\">B.6 Tota<span class=\"_ _1\"></span>le costi<span class=\"_ _df\"> </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=\"c x262 y30fe we4e h48e\"><div class=\"t m0 x250 h200 y24a6 ff2b fs22 fc1 sc2 ls0 ws0\">per ser<span class=\"_ _1\"></span>vizi<span class=\"_ _df\"> </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=\"c x262 y30ff wcde h48e\"><div class=\"t m0 x250 h200 y24a6 ff2b fs22 fc1 sc2 ls0 ws0\">assicura<span class=\"_ _1\"></span>tivi<span class=\"_ _df\"> </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=\"c x262 y3100 we4f h48e\"><div class=\"t m0 x250 h200 y24a6 ff2b fs22 fc1 sc2 ls0 ws0\">derivant<span class=\"_ _1\"></span>i dai<span class=\"_ _df\"> </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=\"c x262 y3101 we12 h48e\"><div class=\"t m0 x250 h200 y24a6 ff2b fs22 fc1 sc2 ls0 ws0\">contr<span class=\"_ _1\"></span>atti di<span class=\"_ _df\"> </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=\"c x262 y3102 we50 h48e\"><div class=\"t m0 x250 h200 y24a6 ff2b fs22 fc1 sc2 ls0 ws0\">assicura<span class=\"_ _1\"></span>zione<span class=\"_ _df\"> </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=\"c x262 y3103 we39 h48e\"><div class=\"t m0 x250 h200 y24a6 ff2b fs22 fc1 sc2 ls0 ws0\">emessi <span class=\"ff2c\">\u2013</span> <span class=\"_ _1\"></span>GMM <span class=\"_ _1\"></span>o</div></td><td class=\"c x841 y3103 we51 h48e\"><div class=\"t m0 x250 h200 y24a6 ff2b fs22 fc1 sc2 ls0 ws0\">(20.835<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td class=\"c x842 y3103 we52 h48e\"><div class=\"t m0 x250 h200 y24a6 ff2b fs22 fc1 sc2 ls0 ws0\">(39.032<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x262 y3104 we3a h48e\"><div class=\"t m0 x250 h200 y24a6 ff2b fs22 fc1 sc2 ls0 ws0\">VFA<span class=\"_ _df\"> </span></div></td><td class=\"c x843 y3104 we53 h48e\"><div class=\"t m0 x250 h200 y24a6 ff2b fs22 fc1 sc2 ls0 ws0\">)<span class=\"_ _df\"> </span></div></td><td class=\"c x7a5 y3105 w506 h2e0\"><div class=\"t m0 xab h200 y7b1 ff2b fs22 fc1 sc2 ls0 ws0\">(14.06<span class=\"_ _1\"></span>4)<span class=\"sc0\"> </span></div></td><td class=\"c x468 y3105 w1e6 h2e0\"><div class=\"t m0 x3a h200 y7b1 ff2b fs22 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x83e y3105 w32f h2e0\"><div class=\"t m0 x3a h200 y7b1 ff2b fs22 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x5b8 y3105 w493 h2e0\"><div class=\"t m0 x2f h200 y7b1 ff2b fs22 fc1 sc2 ls0 ws0\">(4.133)<span class=\"sc0\"> </span></div></td><td class=\"c x844 y3104 we53 h48e\"><div class=\"t m0 x250 h200 y24a6 ff2b fs22 fc1 sc2 ls0 ws0\">)<span class=\"_ _df\"> </span></div></td><td class=\"c x493 y3105 w1e6 h2e0\"><div class=\"t m0 xab h200 y7b1 ff2b fs22 fc1 sc2 ls0 ws0\">(19.574)<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x83f y3105 w155 h2e0\"><div class=\"t m0 xab h200 y7b1 ff2b fs22 fc1 sc2 ls0 ws0\">(15.367<span class=\"_ _1\"></span>)<span class=\"sc0\"> </span></div></td><td class=\"c x54d y3105 w506 h2e0\"><div class=\"t m0 x3a h200 y7b1 ff2b fs22 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x56a y3105 w155 h2e0\"><div class=\"t m0 x3a h200 y7b1 ff2b fs22 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x840 y3105 w32f h2e0\"><div class=\"t m0 x8e h200 y7b1 ff2b fs22 fc1 sc2 ls0 ws0\">(2.730<span class=\"_ _1\"></span>)<span class=\"sc0\"> </span></div></td><td class=\"c x709 y3105 w3a7 h2e0\"><div class=\"t m0 xab h200 y7b1 ff2b fs22 fc1 sc2 ls0 ws0\">(37.671<span class=\"_ _1\"></span>)<span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x262 y3106 we54 h48e\"><div class=\"t m0 x250 h200 y24a6 ff2b fs22 fc1 sc2 ls0 ws0\">B.7 Tota<span class=\"_ _1\"></span>le costi<span class=\"_ _df\"> </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=\"c x262 y3107 we4e h48e\"><div class=\"t m0 x250 h200 y24a6 ff2b fs22 fc1 sc2 ls0 ws0\">per ser<span class=\"_ _1\"></span>vizi<span class=\"_ _df\"> </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=\"c x262 y3108 wcde h48e\"><div class=\"t m0 x250 h200 y24a6 ff2b fs22 fc1 sc2 ls0 ws0\">assicura<span class=\"_ _1\"></span>tivi<span class=\"_ _df\"> </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=\"c x262 y3109 we4f h48e\"><div class=\"t m0 x250 h200 y24a6 ff2b fs22 fc1 sc2 ls0 ws0\">derivant<span class=\"_ _1\"></span>i dai<span class=\"_ _df\"> </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=\"c x262 y310a we12 h48e\"><div class=\"t m0 x250 h200 y24a6 ff2b fs22 fc1 sc2 ls0 ws0\">contr<span class=\"_ _1\"></span>atti di<span class=\"_ _df\"> </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=\"c x262 y310b we50 h48e\"><div class=\"t m0 x250 h200 y24a6 ff2b fs22 fc1 sc2 ls0 ws0\">assicura<span class=\"_ _1\"></span>zione<span class=\"_ _df\"> </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=\"c x262 y310c we14 h48e\"><div class=\"t m0 x250 h200 y24a6 ff2b fs22 fc1 sc2 ls0 ws0\">emessi v<span class=\"_ _f\"></span>alutati<span class=\"_ _df\"> </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=\"c x262 y310d we55 h48e\"><div class=\"t m0 x250 h200 y24a6 ff2b fs22 fc1 sc2 ls0 ws0\">in base a<span class=\"_ _1\"></span>l PAA<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td class=\"c x707 y310e w1e6 h2de\"><div class=\"t m0 x3a h200 y7b1 ff2b fs22 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td class=\"c x709 y310e w3a7 h2de\"><div class=\"t m0 x3a h200 y7b1 ff2b fs22 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x2a8 y310f we56 h48e\"><div class=\"t m0 x250 h200 y24a6 ff2b fs22 fc1 sc0 ls0 ws0\">- Segmento<span class=\"_ _df\"> </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=\"c x2a8 y3110 we31 h48e\"><div class=\"t m0 x250 h200 y24a6 ff2b fs22 fc1 sc0 ls0 ws0\">Vita<span class=\"_ _df\"> </span></div></td><td class=\"c x83d y3111 w324 hf\"><div class=\"t m0 x2c h200 y7b1 ff2b fs22 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x7a5 y3111 w506 hf\"><div class=\"t m0 x2c h200 y7b1 ff2b fs22 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x468 y3111 w1e6 hf\"><div class=\"t m0 x2c h200 y7b1 ff2b fs22 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x83e y3111 w32f hf\"><div class=\"t m0 x2c h200 y7b1 ff2b fs22 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x5b8 y3111 w493 hf\"><div class=\"t m0 x2c h200 y7b1 ff2b fs22 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x707 y3111 w1e6 hf\"><div class=\"t m0 x3a h200 y7b1 ff2b fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x493 y3111 w1e6 hf\"><div class=\"t m0 x2c h200 y7b1 ff2b fs22 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x83f y3111 w155 hf\"><div class=\"t m0 x2c h200 y7b1 ff2b fs22 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x54d y3111 w506 hf\"><div class=\"t m0 x2c h200 y7b1 ff2b fs22 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x56a y3111 w155 hf\"><div class=\"t m0 x2c h200 y7b1 ff2b fs22 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x840 y3111 w32f hf\"><div class=\"t m0 x2c h200 y7b1 ff2b fs22 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x709 y3111 w3a7 hf\"><div class=\"t m0 x3a h200 y7b1 ff2b fs22 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2a8 y3112 we56 h48e\"><div class=\"t m0 x250 h200 y24a6 ff2b fs22 fc1 sc0 ls0 ws0\">- Segmento<span class=\"_ _df\"> </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=\"c x2a8 y2dc7 we32 h48e\"><div class=\"t m0 x250 h200 y24a6 ff2b fs22 fc1 sc0 ls0 ws0\">Danni - auto<span class=\"_ _df\"> </span></div></td><td class=\"c x83d y3113 w324 hf\"><div class=\"t m0 x2c h200 y7b1 ff2b fs22 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x7a5 y3113 w506 hf\"><div class=\"t m0 x2c h200 y7b1 ff2b fs22 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x468 y3113 w1e6 hf\"><div class=\"t m0 x2c h200 y7b1 ff2b fs22 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x83e y3113 w32f hf\"><div class=\"t m0 x2c h200 y7b1 ff2b fs22 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x5b8 y3113 w493 hf\"><div class=\"t m0 x2c h200 y7b1 ff2b fs22 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x707 y3113 w1e6 hf\"><div class=\"t m0 x3a h200 y7b1 ff2b fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x493 y3113 w1e6 hf\"><div class=\"t m0 x2c h200 y7b1 ff2b fs22 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x83f y3113 w155 hf\"><div class=\"t m0 x2c h200 y7b1 ff2b fs22 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x54d y3113 w506 hf\"><div class=\"t m0 x2c h200 y7b1 ff2b fs22 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x56a y3113 w155 hf\"><div class=\"t m0 x2c h200 y7b1 ff2b fs22 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x840 y3113 w32f hf\"><div class=\"t m0 x2c h200 y7b1 ff2b fs22 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x709 y3113 w3a7 hf\"><div class=\"t m0 x3a h200 y7b1 ff2b fs22 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2a8 y3114 we56 h48f\"><div class=\"t m0 x250 h200 y24d8 ff2b fs22 fc1 sc0 ls0 ws0\">- Segmento<span class=\"_ _df\"> </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=\"c x2a8 y3115 we33 h48f\"><div class=\"t m0 x250 h200 y24d8 ff2b fs22 fc1 sc0 ls0 ws0\">Danni - non<span class=\"_ _df\"> </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=\"c x2a8 y3116 we34 h48f\"><div class=\"t m0 x250 h200 y24d8 ff2b fs22 fc1 sc0 lsf1 ws0\">auto<span class=\"_ _df\"> </span></div></td><td class=\"c x83d y3117 w324 h206\"><div class=\"t m0 x2c h200 y7b1 ff2b fs22 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x7a5 y3117 w506 h206\"><div class=\"t m0 x2c h200 y7b1 ff2b fs22 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x468 y3117 w1e6 h206\"><div class=\"t m0 x2c h200 y7b1 ff2b fs22 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x83e y3117 w32f h206\"><div class=\"t m0 x2c h200 y7b1 ff2b fs22 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x5b8 y3117 w493 h206\"><div class=\"t m0 x2c h200 y7b1 ff2b fs22 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x707 y3117 w1e6 h206\"><div class=\"t m0 x3a h200 y7b1 ff2b fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x493 y3117 w1e6 h206\"><div class=\"t m0 x2c h200 y7b1 ff2b fs22 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x83f y3117 w155 h206\"><div class=\"t m0 x2c h200 y7b1 ff2b fs22 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x54d y3117 w506 h206\"><div class=\"t m0 x2c h200 y7b1 ff2b fs22 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x56a y3117 w155 h206\"><div class=\"t m0 x2c h200 y7b1 ff2b fs22 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x840 y3117 w32f h206\"><div class=\"t m0 x2c h200 y7b1 ff2b fs22 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x709 y3117 w3a7 h206\"><div class=\"t m0 x3a h200 y7b1 ff2b fs22 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x262 y3118 we57 h48f\"><div class=\"t m0 x250 h200 y24d8 ff2b fs22 fc1 sc2 ls0 ws0\">B.8 Tot<span class=\"_ _1\"></span>ale cost<span class=\"_ _1\"></span>i<span class=\"_ _df\"> </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=\"c x262 y3119 we4e h48f\"><div class=\"t m0 x250 h200 y24d8 ff2b fs22 fc1 sc2 ls0 ws0\">per ser<span class=\"_ _1\"></span>vizi<span class=\"_ _df\"> </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=\"c x262 y311a wcde h48f\"><div class=\"t m0 x250 h200 y24d8 ff2b fs22 fc1 sc2 ls0 ws0\">assicura<span class=\"_ _1\"></span>tivi<span class=\"_ _df\"> </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=\"c x262 y311b we4f h48f\"><div class=\"t m0 x250 h200 y24d8 ff2b fs22 fc1 sc2 ls0 ws0\">derivant<span class=\"_ _1\"></span>i dai<span class=\"_ _df\"> </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=\"c x262 y311c we12 h48f\"><div class=\"t m0 x250 h200 y24d8 ff2b fs22 fc1 sc2 ls0 ws0\">contr<span class=\"_ _1\"></span>atti di<span class=\"_ _df\"> </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=\"c x262 y311d we50 h48f\"><div class=\"t m0 x250 h200 y24d8 ff2b fs22 fc1 sc2 ls0 ws0\">assicura<span class=\"_ _1\"></span>zione<span class=\"_ _df\"> </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=\"c x262 y2dd0 we58 h48f\"><div class=\"t m0 x250 h200 y24d8 ff2b fs22 fc1 sc2 ls0 ws0\">emessi (B<span class=\"_ _f\"></span>.6 +</div></td><td class=\"c x841 y2dd0 we51 h48f\"><div class=\"t m0 x250 h200 y24d8 ff2b fs22 fc1 sc2 ls0 ws0\">(20.835<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td class=\"c x842 y2dd0 we52 h48f\"><div class=\"t m0 x250 h200 y24d8 ff2b fs22 fc1 sc2 ls0 ws0\">(39.032<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x262 y2dd1 we59 h48f\"><div class=\"t m0 x250 h200 y24d8 ff2b fs22 fc1 sc2 ls0 ws0\">B.7)<span class=\"_ _df\"> </span></div></td><td class=\"c x843 y2dd1 we53 h48f\"><div class=\"t m0 x250 h200 y24d8 ff2b fs22 fc1 sc2 ls0 ws0\">)<span class=\"_ _df\"> </span></div></td><td class=\"c x7a5 y311e w506 h2b1\"><div class=\"t m0 xab h200 y7b1 ff2b fs22 fc1 sc2 ls0 ws0\">(14.06<span class=\"_ _1\"></span>4)<span class=\"sc0\"> </span></div></td><td class=\"c x468 y311e w1e6 h2b1\"><div class=\"t m0 x3a h200 y7b1 ff2b fs22 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x83e y311e w32f h2b1\"><div class=\"t m0 x3a h200 y7b1 ff2b fs22 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x5b8 y311e w493 h2b1\"><div class=\"t m0 x2f h200 y7b1 ff2b fs22 fc1 sc2 ls0 ws0\">(4.133)<span class=\"sc0\"> </span></div></td><td class=\"c x844 y2dd1 we53 h48f\"><div class=\"t m0 x250 h200 y24d8 ff2b fs22 fc1 sc2 ls0 ws0\">)<span class=\"_ _df\"> </span></div></td><td class=\"c x493 y311e w1e6 h2b1\"><div class=\"t m0 xab h200 y7b1 ff2b fs22 fc1 sc2 ls0 ws0\">(19.574)<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x83f y311e w155 h2b1\"><div class=\"t m0 xab h200 y7b1 ff2b fs22 fc1 sc2 ls0 ws0\">(15.367<span class=\"_ _1\"></span>)<span class=\"sc0\"> </span></div></td><td class=\"c x54d y311e w506 h2b1\"><div class=\"t m0 x3a h200 y7b1 ff2b fs22 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x56a y311e w155 h2b1\"><div class=\"t m0 x3a h200 y7b1 ff2b fs22 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x840 y311e w32f h2b1\"><div class=\"t m0 x8e h200 y7b1 ff2b fs22 fc1 sc2 ls0 ws0\">(2.730<span class=\"_ _1\"></span>)<span class=\"sc0\"> </span></div></td><td class=\"c x709 y311e w3a7 h2b1\"><div class=\"t m0 xab h200 y7b1 ff2b fs22 fc1 sc2 ls0 ws0\">(37.671<span class=\"_ _1\"></span>)<span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x262 y30e3 we5a h48f\"><div class=\"t m0 x250 h200 y24d8 ff2b fs22 fc1 sc2 lsf3 ws0\">C.<span class=\"ls0\"> Totale<span class=\"_ _df\"> </span></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=\"c x262 y311f w9f2 h48f\"><div class=\"t m0 x250 h200 y24d8 ff2b fs22 fc1 sc2 ls0 ws0\">ricavi/co<span class=\"_ _1\"></span>sti nett<span class=\"_ _1\"></span>i<span class=\"_ _df\"> </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=\"c x262 y2dd4 we4f h48f\"><div class=\"t m0 x250 h200 y24d8 ff2b fs22 fc1 sc2 ls0 ws0\">derivant<span class=\"_ _1\"></span>i dai<span class=\"_ _df\"> </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=\"c x262 y2dd5 we12 h48f\"><div class=\"t m0 x250 h200 y24d8 ff2b fs22 fc1 sc2 ls0 ws0\">contr<span class=\"_ _1\"></span>atti di<span class=\"_ _df\"> </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=\"c x262 y2dd6 we50 h48f\"><div class=\"t m0 x250 h200 y24d8 ff2b fs22 fc1 sc2 ls0 ws0\">assicura<span class=\"_ _1\"></span>zione<span class=\"_ _df\"> </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=\"c x262 y2dd8 we5b h48f\"><div class=\"t m0 x250 h200 y24d8 ff2b fs22 fc1 sc2 ls0 ws0\">emessi (+<span class=\"_ _f\"></span>/-) (A.5<span class=\"_ _df\"> </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=\"c x262 y2491 we5c h48f\"><div class=\"t m0 x250 h200 y24d8 ff2b fs22 fc1 sc2 ls0 ws0\">+ B.8)<span class=\"_ _df\"> </span></div></td><td class=\"c x83d y3120 w324 h2ae\"><div class=\"t m0 x8e h200 y7b1 ff2b fs22 fc1 sc2 ls0 ws0\">47.358<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x7a5 y3120 w506 h2ae\"><div class=\"t m0 x2f h200 y7b1 ff2b fs22 fc1 sc2 ls0 ws0\">20.104<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x468 y3120 w1e6 h2ae\"><div class=\"t m0 x3a h200 y7b1 ff2b fs22 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x83e y3120 w32f h2ae\"><div class=\"t m0 x3a h200 y7b1 ff2b fs22 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x5b8 y3120 w493 h2ae\"><div class=\"t m0 x2e h200 y7b1 ff2b fs22 fc1 sc2 ls0 ws0\">7.251<span class=\"sc0\"> </span></div></td><td class=\"c x707 y3120 w1e6 h2ae\"><div class=\"t m0 x16a h200 y7b1 ff2b fs22 fc1 sc2 ls0 ws0\">74.713<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x493 y3120 w1e6 h2ae\"><div class=\"t m0 x8e h200 y7b1 ff2b fs22 fc1 sc2 ls0 ws0\">42.965<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x83f y3120 w155 h2ae\"><div class=\"t m0 x2f h200 y7b1 ff2b fs22 fc1 sc2 ls0 ws0\">16.479<span class=\"sc0\"> </span></div></td><td class=\"c x54d y3120 w506 h2ae\"><div class=\"t m0 x3a h200 y7b1 ff2b fs22 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x56a y3120 w155 h2ae\"><div class=\"t m0 x3a h200 y7b1 ff2b fs22 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x840 y3120 w32f h2ae\"><div class=\"t m0 x2a h200 y7b1 ff2b fs22 fc1 sc2 ls0 ws0\">3.229<span class=\"sc0\"> </span></div></td><td class=\"c x709 y3120 w3a7 h2ae\"><div class=\"t m0 x8e h200 y7b1 ff2b fs22 fc1 sc2 ls0 ws0\">62.673<span class=\"sc0\"> </span></div></td></tr></table></div>Costi<span class=\"_ _1\"></span> e ri<span class=\"_ _1\"></span>cavi a<span class=\"_ _1\"></span>ssicur<span class=\"_ _f\"></span>ativi der<span class=\"_ _f\"></span>ivanti dall<span class=\"_ _1\"></span>e ces<span class=\"_ _1\"></span>sioni <span class=\"_ _1\"></span>in ria<span class=\"_ _f\"></span>ssicurazi<span class=\"_ _1\"></span>one<span class=\"_ _1\"></span> - Comp<span class=\"_ _f\"></span>osizione<table class=\"s we5d h53d\" id=\"_cd7a565f-09e5-42b4-9192-cd0f0158309a\"><tr><td></td><td class=\"c x62b y3121 we5e h53e\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">Seg<span class=\"_ _1\"></span>men<span class=\"_ _1\"></span>to</div></td><td class=\"c x4f0 y3121 we5f h53e\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">Seg<span class=\"_ _1\"></span>men<span class=\"_ _1\"></span>to<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x845 y3121 we5f h53e\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">Seg<span class=\"_ _1\"></span>men<span class=\"_ _1\"></span>to</div></td><td class=\"c x846 y3121 we5f h53e\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">Seg<span class=\"_ _1\"></span>men<span class=\"_ _1\"></span>to<span class=\"_ _df\"> </span></div></td><td></td></tr><tr><td class=\"c x46b y3122 w507 h231\"><div class=\"t m0 x39 h1f y113e ff4 fs7 fc4 sc3 ls0 ws0\">Voci<span class=\"_ _1\"></span>/Bas<span class=\"_ _1\"></span>i di ag<span class=\"_ _f\"></span>grega<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e<span class=\"fc1 sc0\"> </span></div></td><td class=\"c x847 y3123 we60 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">Vita<span class=\"_ _df\"> </span></div></td><td class=\"c x848 y3123 w99f h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">Dan<span class=\"_ _1\"></span>ni<span class=\"_ _df\"> </span></div></td><td class=\"c x5bc y3124 w508 h243\"><div class=\"t m0 x39 h1f y32 ff4 fs7 fc4 sc3 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale<span class=\"fc1 sc0\"> </span></div></td><td class=\"c x849 y3123 we60 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">Vita<span class=\"_ _df\"> </span></div></td><td class=\"c x708 y3123 w99f h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">Dan<span class=\"_ _1\"></span>ni<span class=\"_ _df\"> </span></div></td><td class=\"c x84a y3124 w509 h243\"><div class=\"t m0 x39 h1f y32 ff4 fs7 fc4 sc3 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale<span class=\"fc1 sc0\"> </span></div></td></tr><tr><td></td><td class=\"c x621 y3122 w508 h212\"><div class=\"t m0 x2f h1f y2ea ff4 fs7 fc4 sc3 ls0 ws0\">31/12/<span class=\"_ _f\"></span>2025<span class=\"fc1 sc0\"> </span></div></td><td class=\"c x4ed y3122 w509 h212\"><div class=\"t m0 x2f h1f y2ea ff4 fs7 fc4 sc3 ls0 ws0\">31/12/<span class=\"_ _f\"></span>2025<span class=\"fc1 sc0\"> </span></div></td><td class=\"c x5bc y3122 w508 h212\"><div class=\"t m0 x2f h1f y2ea ff4 fs7 fc4 sc3 ls0 ws0\">31/12/<span class=\"_ _f\"></span>2025<span class=\"fc1 sc0\"> </span></div></td><td class=\"c x83f y3122 w509 h212\"><div class=\"t m0 x2f h1f y2ea ff4 fs7 fc4 sc3 ls0 ws0\">31/12/<span class=\"_ _f\"></span>2024<span class=\"fc1 sc0\"> </span></div></td><td class=\"c x5bb y3122 w508 h212\"><div class=\"t m0 x2f h1f y2ea ff4 fs7 fc4 sc3 ls0 ws0\">31/12/<span class=\"_ _f\"></span>2024<span class=\"fc1 sc0\"> </span></div></td><td class=\"c x84a y3122 w509 h212\"><div class=\"t m0 x2f h1f y2ea ff4 fs7 fc4 sc3 ls0 ws0\">31/12/<span class=\"_ _f\"></span>2024<span class=\"fc1 sc0\"> </span></div></td></tr><tr><td class=\"c x262 y3125 we61 h53f\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc1 sc2 ls0 ws0\">A. Allo<span class=\"_ _f\"></span>cazion<span class=\"_ _1\"></span>e dei<span class=\"_ _1\"></span> prem<span class=\"_ _f\"></span>i pag<span class=\"_ _1\"></span>ati<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x262 y3127 we62 h540\"><div class=\"t m0 x250 h1f y3126 ff4 fs7 fc1 sc2 ls0 ws0\">relat<span class=\"_ _1\"></span>ivi a<span class=\"_ _f\"></span>l<span class=\"_ _2\"></span>le <span class=\"_ _1\"></span>cess<span class=\"_ _1\"></span>ioni<span class=\"_ _1\"></span> in<span class=\"_ _df\"> </span></div><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc1 sc2 ls0 ws0\">riass<span class=\"_ _f\"></span>icurazio<span class=\"_ _f\"></span>ne valut<span class=\"_ _1\"></span>ate i<span class=\"_ _1\"></span>n ba<span class=\"_ _f\"></span>se<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x262 y3128 we63 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc1 sc2 ls0 ws0\">al G<span class=\"_ _1\"></span>MM<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x262 y3129 we64 h51b\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc1 sc2 ls0 ws0\">A.1 Im<span class=\"_ _f\"></span>porti co<span class=\"_ _1\"></span>nnes<span class=\"_ _f\"></span>si con<span class=\"_ _1\"></span> le<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x262 y312a we65 h4d6\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc2 ls0 ws0\">varia<span class=\"_ _f\"></span>zioni del<span class=\"_ _1\"></span>l'at<span class=\"_ _1\"></span>tivit<span class=\"_ _1\"></span>\u00e0 per r<span class=\"_ _f\"></span>esidua<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x262 y312b wbc9 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc2 ls0 ws0\">cope<span class=\"_ _1\"></span>rtur<span class=\"_ _1\"></span>a<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2a8 y312c we66 h48b\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">1. Importo dei sin<span class=\"_ _1\"></span>istri e altri<span class=\"_ _df\"> </span></div></td><td class=\"c x621 y312d w508 h58\"><div class=\"t m0 x27 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">(3.802) </div></td><td class=\"c x4ed y312d w50a h58\"><div class=\"t m0 xc6 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5bc y312d w508 h58\"><div class=\"t m0 x27 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">(3.802)<span class=\"_ _df\"> </span></div></td><td class=\"c x83f y312d w509 h58\"><div class=\"t m0 x34 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">(4.351) </div></td><td class=\"c x5bb y312d w4e1 h58\"><div class=\"t m0 xc6 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x84a y312d w50a h58\"><div class=\"t m0 x34 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">(4.351) </div></td></tr><tr><td class=\"c x2a8 y312e we67 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">costi recuperabi<span class=\"_ _f\"></span>l<span class=\"_ _2\"></span>i attesi<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2a8 y312f we68 h4b7\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">2. Variazioni<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2a8 y3130 we69 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">dell'aggiustament<span class=\"_ _1\"></span>o per i rischi<span class=\"_ _df\"> </span></div></td><td class=\"c x621 y3131 w508 h89\"><div class=\"t m0 x36 h1f y15 ff4 fs7 fc1 sc0 ls0 ws0\">(118) </div></td><td class=\"c x4ed y3131 w50a h89\"><div class=\"t m0 xc6 h1f y15 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5bc y3131 w508 h89\"><div class=\"t m0 x36 h1f y15 ff4 fs7 fc1 sc0 ls0 ws0\">(118) </div></td><td class=\"c x83f y3131 w509 h89\"><div class=\"t m0 x15 h1f y15 ff4 fs7 fc1 sc0 ls0 ws0\">(138) </div></td><td class=\"c x5bb y3131 w4e1 h89\"><div class=\"t m0 xc6 h1f y15 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x84a y3131 w50a h89\"><div class=\"t m0 x15 h1f y15 ff4 fs7 fc1 sc0 ls0 ws0\">(138) </div></td></tr><tr><td class=\"c x2a8 y3132 we6a h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">non finanziari<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2a8 y3133 we6b h541\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">3. Margine sui serv<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span>zi<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2a8 y3134 we6c h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">contrattuali reg<span class=\"_ _1\"></span>istrato in cont<span class=\"_ _1\"></span>o<span class=\"_ _df\"> </span></div></td><td class=\"c x621 y3135 w508 h2e1\"><div class=\"t m0 x26 h1f y16eb ff4 fs7 fc1 sc0 ls0 ws0\">(1.338) </div></td><td class=\"c x4ed y3135 w50a h2e1\"><div class=\"t m0 xc6 h1f y16eb ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5bc y3135 w508 h2e1\"><div class=\"t m0 x26 h1f y16eb ff4 fs7 fc1 sc0 ls0 ws0\">(1.338) </div></td><td class=\"c x83f y3135 w509 h2e1\"><div class=\"t m0 x31 h1f y16eb ff4 fs7 fc1 sc0 ls0 ws0\">(599) </div></td><td class=\"c x5bb y3135 w4e1 h2e1\"><div class=\"t m0 xc6 h1f y16eb ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x84a y3135 w50a h2e1\"><div class=\"t m0 x31 h1f y16eb ff4 fs7 fc1 sc0 ls0 ws0\">(599) </div></td></tr><tr><td class=\"c x2a8 y3136 we6d h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">economico per <span class=\"_ _1\"></span>i servizi ricevuti<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x46b y3137 w507 h49\"><div class=\"t m0 x16a h1f y25f ff4 fs7 fc1 sc0 ls0 ws0\">4. Altri importi </div></td><td class=\"c x621 y3137 w508 h49\"><div class=\"t m0 x91 h1f y25f ff4 fs7 fc1 sc0 ls29 ws0\">92<span class=\"ls0\"> </span></div></td><td class=\"c x4ed y3137 w50a h49\"><div class=\"t m0 xc6 h1f y25f ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5bc y3137 w508 h49\"><div class=\"t m0 x91 h1f y25f ff4 fs7 fc1 sc0 ls29 ws0\">92<span class=\"ls0\"> </span></div></td><td class=\"c x83f y3137 w509 h49\"><div class=\"t m0 x11 h1f y25f ff4 fs7 fc1 sc0 ls9 ws0\">144<span class=\"ls0\"> </span></div></td><td class=\"c x5bb y3137 w4e1 h49\"><div class=\"t m0 xc6 h1f y25f ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x84a y3137 w50a h49\"><div class=\"t m0 x11 h1f y25f ff4 fs7 fc1 sc0 ls9 ws0\">144<span class=\"ls0\"> </span></div></td></tr><tr><td class=\"c x46b y3138 w507 h49\"><div class=\"t m0 x16a h1f y25f ff4 fs7 fc1 sc2 ls0 ws0\">5. To<span class=\"_ _1\"></span>tale<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x621 y3138 w508 h49\"><div class=\"t m0 x34 h1f y25f ff4 fs7 fc1 sc2 ls0 ws0\">(5.166<span class=\"_ _f\"></span>)<span class=\"sc0\"> </span></div></td><td class=\"c x4ed y3138 w50a h49\"><div class=\"t m0 xc6 h1f y25f ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x5bc y3138 w508 h49\"><div class=\"t m0 x34 h1f y25f ff4 fs7 fc1 sc2 ls0 ws0\">(5.166<span class=\"_ _f\"></span>)<span class=\"sc0\"> </span></div></td><td class=\"c x83f y3138 w509 h49\"><div class=\"t m0 x26 h1f y25f ff4 fs7 fc1 sc2 ls0 ws0\">(4.9<span class=\"_ _1\"></span>44)<span class=\"sc0\"> </span></div></td><td class=\"c x5bb y3138 w4e1 h49\"><div class=\"t m0 xc6 h1f y25f ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x84a y3138 w50a h49\"><div class=\"t m0 x26 h1f y25f ff4 fs7 fc1 sc2 ls0 ws0\">(4.9<span class=\"_ _1\"></span>44)<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x262 y3139 wb5e h4b7\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc2 ls42 ws0\">A.2<span class=\"ls0\"> Alt<span class=\"_ _1\"></span>ri cos<span class=\"_ _f\"></span>ti diret<span class=\"_ _1\"></span>tam<span class=\"_ _f\"></span>ente<span class=\"_ _df\"> </span></span></div></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x262 y313b we6e h540\"><div class=\"t m0 x250 h1f y313a ff4 fs7 fc1 sc2 ls0 ws0\">attr<span class=\"_ _1\"></span>ibuibil<span class=\"_ _1\"></span>i all<span class=\"_ _1\"></span>e ces<span class=\"_ _f\"></span>sioni in<span class=\"_ _df\"> </span></div><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc2 ls0 ws0\">riass<span class=\"_ _f\"></span>icurazio<span class=\"_ _1\"></span>ne<span class=\"_ _df\"> </span></div></td><td class=\"c x621 y313c w508 h89\"><div class=\"t m0 xc6 h1f y41f ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x4ed y313c w50a h89\"><div class=\"t m0 xc6 h1f y41f ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5bc y313c w508 h89\"><div class=\"t m0 xc6 h1f y41f ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x83f y313c w509 h89\"><div class=\"t m0 xc6 h1f y41f ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5bb y313c w4e1 h89\"><div class=\"t m0 xc6 h1f y41f ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x84a y313c w50a h89\"><div class=\"t m0 xc6 h1f y41f ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x262 y2c46 we6f h4b7\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc2 ls0 ws0\">B. All<span class=\"_ _1\"></span>ocazi<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>e dei<span class=\"_ _1\"></span> pre<span class=\"_ _1\"></span>mi re<span class=\"_ _1\"></span>lat<span class=\"_ _1\"></span>ivi<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x262 y313d we70 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc2 ls0 ws0\">alle <span class=\"_ _1\"></span>cessi<span class=\"_ _f\"></span>oni in r<span class=\"_ _1\"></span>iassi<span class=\"_ _1\"></span>curaz<span class=\"_ _1\"></span>ione<span class=\"_ _df\"> </span></div></td><td class=\"c x621 y313e w508 h89\"><div class=\"t m0 xc6 h1f y15 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x4ed y313e w50a h89\"><div class=\"t m0 xc6 h1f y15 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5bc y313e w508 h89\"><div class=\"t m0 xc6 h1f y15 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x83f y313e w509 h89\"><div class=\"t m0 xc6 h1f y15 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5bb y313e w4e1 h89\"><div class=\"t m0 xc6 h1f y15 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x84a y313e w50a h89\"><div class=\"t m0 xc6 h1f y15 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x262 y313f we71 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc2 ls0 ws0\">val<span class=\"_ _1\"></span>utate i<span class=\"_ _1\"></span>n ba<span class=\"_ _f\"></span>se al PA<span class=\"_ _f\"></span>A<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x262 y3140 we72 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc2 ls0 ws0\">C. To<span class=\"_ _1\"></span>tale<span class=\"_ _1\"></span> cos<span class=\"_ _1\"></span>ti der<span class=\"_ _1\"></span>ivan<span class=\"_ _f\"></span>ti dalle<span class=\"_ _df\"> </span></div></td><td class=\"c x621 y3141 w508 had\"><div class=\"t m0 x34 h1f y420 ff4 fs7 fc1 sc2 ls0 ws0\">(5.166<span class=\"_ _f\"></span>)<span class=\"sc0\"> </span></div></td><td class=\"c x4ed y3141 w50a had\"><div class=\"t m0 xc6 h1f y420 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x5bc y3141 w508 had\"><div class=\"t m0 x34 h1f y420 ff4 fs7 fc1 sc2 ls0 ws0\">(5.166<span class=\"_ _f\"></span>)<span class=\"sc0\"> </span></div></td><td class=\"c x83f y3141 w509 had\"><div class=\"t m0 x26 h1f y420 ff4 fs7 fc1 sc2 ls0 ws0\">(4.9<span class=\"_ _1\"></span>44)<span class=\"sc0\"> </span></div></td><td class=\"c x5bb y3141 w4e1 had\"><div class=\"t m0 xc6 h1f y420 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x84a y3141 w50a had\"><div class=\"t m0 x26 h1f y420 ff4 fs7 fc1 sc2 ls0 ws0\">(4.9<span class=\"_ _1\"></span>44)<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x262 y3142 we73 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc2 ls0 ws0\">cess<span class=\"_ _1\"></span>ioni<span class=\"_ _1\"></span> in ri<span class=\"_ _1\"></span>assi<span class=\"_ _1\"></span>curaz<span class=\"_ _1\"></span>ione<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x262 y28b1 we74 h4b7\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc2 ls0 ws0\">D. Ef<span class=\"_ _1\"></span>fett<span class=\"_ _f\"></span>i delle var<span class=\"_ _f\"></span>iazioni<span class=\"_ _f\"></span> del<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x262 y3143 we75 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc2 ls0 ws0\">risch<span class=\"_ _1\"></span>io di<span class=\"_ _f\"></span> inadem<span class=\"_ _f\"></span>piment<span class=\"_ _1\"></span>o da<span class=\"_ _df\"> </span></div></td><td class=\"c x621 y3144 w508 h89\"><div class=\"t m0 xc6 h1f y41f ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x4ed y3144 w50a h89\"><div class=\"t m0 xc6 h1f y41f ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5bc y3144 w508 h89\"><div class=\"t m0 xc6 h1f y41f ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x83f y3144 w509 h89\"><div class=\"t m0 xc6 h1f y41f ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5bb y3144 w4e1 h89\"><div class=\"t m0 xc6 h1f y41f ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x84a y3144 w50a h89\"><div class=\"t m0 xc6 h1f y41f ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x262 y3145 we76 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc2 ls0 ws0\">part<span class=\"_ _f\"></span>e dei ria<span class=\"_ _f\"></span>ssicurat<span class=\"_ _1\"></span>ori<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x262 y3146 we77 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc2 ls0 ws0\">E. Im<span class=\"_ _f\"></span>porto de<span class=\"_ _1\"></span>i sin<span class=\"_ _f\"></span>istri e al<span class=\"_ _1\"></span>tre<span class=\"_ _df\"> </span></div></td><td class=\"c x621 y3147 w508 had\"><div class=\"t m0 x38 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">3.302 </div></td><td class=\"c x4ed y3147 w50a had\"><div class=\"t m0 xc6 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5bc y3147 w508 had\"><div class=\"t m0 x38 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">3.302 </div></td><td class=\"c x83f y3147 w509 had\"><div class=\"t m0 x31 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">3.251 </div></td><td class=\"c x5bb y3147 w4e1 had\"><div class=\"t m0 xc6 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x84a y3147 w50a had\"><div class=\"t m0 x30 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">3.251 </div></td></tr><tr><td class=\"c x262 y3148 we78 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc2 ls0 ws0\">spese<span class=\"_ _f\"></span> recup<span class=\"_ _f\"></span>erato<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x262 y3149 we79 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc2 ls0 ws0\">F. Va<span class=\"_ _f\"></span>riazion<span class=\"_ _f\"></span>i dell'atti<span class=\"_ _1\"></span>vit\u00e0 p<span class=\"_ _f\"></span>er<span class=\"_ _df\"> </span></div></td><td class=\"c x621 y314a w508 h58\"><div class=\"t m0 x8f h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">830 </div></td><td class=\"c x4ed y314a w50a h58\"><div class=\"t m0 xc6 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5bc y314a w508 h58\"><div class=\"t m0 x8f h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">830 </div></td><td class=\"c x83f y314a w509 h58\"><div class=\"t m0 x8f h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">836 </div></td><td class=\"c x5bb y314a w4e1 h58\"><div class=\"t m0 xc6 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x84a y314a w50a h58\"><div class=\"t m0 x8f h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">836 </div></td></tr><tr><td class=\"c x262 y314b we7a h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc2 ls0 ws0\">sinis<span class=\"_ _f\"></span>tri acca<span class=\"_ _1\"></span>duti<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x46b y314c w507 h99\"><div class=\"t m0 x8a h1f y823 ff4 fs7 fc1 sc2 ls0 ws0\">G. Alt<span class=\"_ _f\"></span>ri recu<span class=\"_ _1\"></span>peri<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x621 y314c w508 h99\"><div class=\"t m0 x13 h1f y823 ff4 fs7 fc1 sc0 ls0 ws0\">(41) </div></td><td class=\"c x4ed y314c w50a h99\"><div class=\"t m0 xc6 h1f y823 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5bc y314c w508 h99\"><div class=\"t m0 x13 h1f y823 ff4 fs7 fc1 sc0 ls0 ws0\">(41) </div></td><td class=\"c x83f y314c w509 h99\"><div class=\"t m0 x91 h1f y823 ff4 fs7 fc1 sc0 lsa ws0\">47<span class=\"ls0\"> </span></div></td><td class=\"c x5bb y314c w4e1 h99\"><div class=\"t m0 xc6 h1f y823 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x84a y314c w50a h99\"><div class=\"t m0 x91 h1f y823 ff4 fs7 fc1 sc0 lsa ws0\">47<span class=\"_ _df\"> </span></div></td></tr><tr><td class=\"c x262 y2ed3 we7b h49b\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc2 ls0 ws0\">H. T<span class=\"_ _1\"></span>otal<span class=\"_ _1\"></span>e cost<span class=\"_ _f\"></span>i/ricavi<span class=\"_ _1\"></span> nett<span class=\"_ _f\"></span>i<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x262 y2491 we7c h540\"><div class=\"t m0 x250 h1f y313a ff4 fs7 fc1 sc2 ls0 ws0\">deriv<span class=\"_ _f\"></span>anti dal<span class=\"_ _f\"></span>le cessio<span class=\"_ _1\"></span>ni in<span class=\"_ _df\"> </span></div><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc2 ls0 ws0\">riass<span class=\"_ _f\"></span>icurazio<span class=\"_ _1\"></span>ne <span class=\"_ _1\"></span>(C+D<span class=\"_ _f\"></span>+E+F+G<span class=\"_ _1\"></span>)<span class=\"_ _df\"> </span></div></td><td class=\"c x621 y2b38 w508 h89\"><div class=\"t m0 x34 h1f y41f ff4 fs7 fc1 sc2 ls0 ws0\">(1.07<span class=\"_ _1\"></span>5)<span class=\"sc0\"> </span></div></td><td class=\"c x4ed y2b38 w50a h89\"><div class=\"t m0 xc6 h1f y41f ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x5bc y2b38 w508 h89\"><div class=\"t m0 x34 h1f y41f ff4 fs7 fc1 sc2 ls0 ws0\">(1.07<span class=\"_ _1\"></span>5)<span class=\"sc0\"> </span></div></td><td class=\"c x83f y2b38 w509 h89\"><div class=\"t m0 x31 h1f y41f ff4 fs7 fc1 sc2 ls0 ws0\">(809)<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x5bb y2b38 w4e1 h89\"><div class=\"t m0 xc6 h1f y41f ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x84a y2b38 w50a h89\"><div class=\"t m0 x31 h1f y41f ff4 fs7 fc1 sc2 ls0 ws0\">(809<span class=\"_ _1\"></span>)<span class=\"sc0\"> </span></div></td></tr></table>Ripar<span class=\"_ _f\"></span>tizione<span class=\"_ _1\"></span> dei co<span class=\"_ _f\"></span>sti per<span class=\"_ _1\"></span> serv<span class=\"_ _f\"></span>izi assi<span class=\"_ _f\"></span>curativ<span class=\"_ _1\"></span>i e alt<span class=\"_ _f\"></span>ri serviz<span class=\"_ _1\"></span>i<span class=\"_ _df\"> </span>Bas<span class=\"_ _1\"></span>e A1 -<span class=\"_ _df\"> </span>Bas<span class=\"_ _1\"></span>e A2 -<span class=\"_ _df\"> </span>Bas<span class=\"_ _1\"></span>e A1 +<span class=\"_ _df\"> </span>Bas<span class=\"_ _1\"></span>e A3<span class=\"_ _1\"></span> +<span class=\"_ _df\"> </span>Bas<span class=\"_ _1\"></span>e A1 -<span class=\"_ _df\"> </span>Bas<span class=\"_ _1\"></span>e A2 -<span class=\"_ _df\"> </span>Bas<span class=\"_ _1\"></span>e A1 +<span class=\"_ _df\"> </span>Bas<span class=\"_ _1\"></span>e A3<span class=\"_ _1\"></span> +<span class=\"_ _df\"> </span>Cost<span class=\"_ _f\"></span>i/Basi di<span class=\"_ _df\"> </span>con D<span class=\"_ _f\"></span>PF<span class=\"_ _df\"> </span>sen<span class=\"_ _1\"></span>za D<span class=\"_ _f\"></span>PF<span class=\"_ _df\"> </span>Bas<span class=\"_ _1\"></span>e A2<span class=\"_ _df\"> </span>Bas<span class=\"_ _1\"></span>e A3Bas<span class=\"_ _1\"></span>e A4<span class=\"_ _df\"> </span>Bas<span class=\"_ _1\"></span>e A4<span class=\"_ _df\"> </span>Altr<span class=\"_ _1\"></span>o<span class=\"_ _df\"> </span>con D<span class=\"_ _f\"></span>PF<span class=\"_ _df\"> </span>sen<span class=\"_ _1\"></span>za D<span class=\"_ _f\"></span>PF<span class=\"_ _df\"> </span>Bas<span class=\"_ _1\"></span>e A2<span class=\"_ _df\"> </span>Bas<span class=\"_ _1\"></span>e A3Bas<span class=\"_ _1\"></span>e A4<span class=\"_ _df\"> </span>Bas<span class=\"_ _1\"></span>e A4<span class=\"_ _df\"> </span>Altr<span class=\"_ _1\"></span>o<span class=\"_ _df\"> </span>aggr<span class=\"_ _f\"></span>egazion<span class=\"_ _f\"></span>e<span class=\"_ _df\"> </span>31.12<span class=\"_ _1\"></span>2.02<span class=\"_ _f\"></span>531.12<span class=\"_ _1\"></span>2.02<span class=\"_ _f\"></span>531.12<span class=\"_ _1\"></span>2.02<span class=\"_ _f\"></span>531.12<span class=\"_ _1\"></span>2.02<span class=\"_ _f\"></span>531.12<span class=\"_ _1\"></span>2.02<span class=\"_ _f\"></span>531.12<span class=\"_ _1\"></span>2.02<span class=\"_ _f\"></span>531.12<span class=\"_ _1\"></span>2.02<span class=\"_ _f\"></span>531.12<span class=\"_ _1\"></span>2.02<span class=\"_ _f\"></span>431.12<span class=\"_ _1\"></span>2.02<span class=\"_ _f\"></span>431.12<span class=\"_ _1\"></span>2.02<span class=\"_ _f\"></span>431.12<span class=\"_ _1\"></span>2.02<span class=\"_ _f\"></span>431.12<span class=\"_ _1\"></span>2.02<span class=\"_ _f\"></span>431.12<span class=\"_ _1\"></span>2.02<span class=\"_ _f\"></span>431.12<span class=\"_ _1\"></span>2.02<span class=\"_ _f\"></span>4<span class=\"_ _df\"> </span>Cost<span class=\"_ _f\"></span>i attribui<span class=\"_ _1\"></span>ti<span class=\"_ _df\"> </span>all'a<span class=\"_ _1\"></span>cquis<span class=\"_ _f\"></span>izione <span class=\"_ _1\"></span>dei<span class=\"_ _df\"> </span>(1.976)(4.966)(6.942)<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>X(1.956)(4.004)(5.960)<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>X<span class=\"_ _df\"> </span>cont<span class=\"_ _1\"></span>ratt<span class=\"_ _1\"></span>i ass<span class=\"_ _f\"></span>icurativi<span class=\"_ _df\"> </span>Altri co<span class=\"_ _f\"></span>sti dir<span class=\"_ _f\"></span>ettam<span class=\"_ _1\"></span>ente<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>attr<span class=\"_ _1\"></span>ibuibil<span class=\"_ _1\"></span>i<span class=\"_ _df\"> </span>Spes<span class=\"_ _1\"></span>e di g<span class=\"_ _f\"></span>estion<span class=\"_ _f\"></span>e degli<span class=\"_ _df\"> </span>X<span class=\"_ _df\"> </span>X<span class=\"_ _df\"> </span>(784)<span class=\"_ _df\"> </span>X<span class=\"_ _df\"> </span>X<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>(467)<span class=\"_ _df\"> </span>X<span class=\"_ _df\"> </span>X<span class=\"_ _df\"> </span>(728)<span class=\"_ _df\"> </span>X<span class=\"_ _df\"> </span>X<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>(74<span class=\"_ _df\"> </span>inv<span class=\"_ _1\"></span>estim<span class=\"_ _1\"></span>ent<span class=\"_ _1\"></span>i<span class=\"_ _df\"> </span>Altri co<span class=\"_ _f\"></span>sti<span class=\"_ _df\"> </span>X<span class=\"_ _df\"> </span>X(22.137)<span class=\"_ _df\"> </span>X<span class=\"_ _df\"> </span>X<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>2.145<span class=\"_ _df\"> </span>X<span class=\"_ _df\"> </span>X(20.117)<span class=\"_ _df\"> </span>X<span class=\"_ _df\"> </span>X<span class=\"_ _df\"> </span>-(9.515<span class=\"_ _df\"> </span>Tot<span class=\"_ _1\"></span>ale<span class=\"_ _df\"> </span>X<span class=\"_ _df\"> </span>X(29.863)<span class=\"_ _df\"> </span>X<span class=\"_ _df\"> </span>X<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>1.678<span class=\"_ _df\"> </span>X<span class=\"_ _df\"> </span>X(26.805)<span class=\"_ _df\"> </span>X<span class=\"_ _df\"> </span>X<span class=\"_ _df\"> </span>-(9.589<span class=\"_ _df\"> </span>Sezi<span class=\"_ _f\"></span>one 1<span class=\"_ _1\"></span>1 <span class=\"ff5\">\u2013</span> S<span class=\"_ _f\"></span>aldo d<span class=\"_ _f\"></span>ei rica<span class=\"_ _f\"></span>vi e co<span class=\"_ _1\"></span>sti <span class=\"_ _f\"></span>di nat<span class=\"_ _1\"></span>ura f<span class=\"_ _f\"></span>inanzi<span class=\"_ _f\"></span>aria r<span class=\"_ _f\"></span>elativi <span class=\"_ _f\"></span>alla g<span class=\"_ _f\"></span>estio<span class=\"_ _1\"></span>ne as<span class=\"_ _f\"></span>sicur<span class=\"_ _f\"></span>ativa -<span class=\"_ _f\"></span> Voce <span class=\"_ _f\"></span>170<span class=\"_ _df\"> </span>Costi<span class=\"_ _1\"></span> e ri<span class=\"_ _1\"></span>cavi net<span class=\"_ _f\"></span>ti di nat<span class=\"_ _1\"></span>ura <span class=\"_ _1\"></span>finan<span class=\"_ _f\"></span>ziaria rel<span class=\"_ _1\"></span>ativi<span class=\"_ _1\"></span> ai co<span class=\"_ _1\"></span>ntra<span class=\"_ _1\"></span>tti di a<span class=\"_ _f\"></span>ssicurazione<span class=\"_ _f\"></span> emessi<table class=\"s we90 h544\" id=\"_587d22ca-daa6-46e4-9bd1-181ac7ab0730\"><tr><td class=\"c x46a y315f we91 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">Voci<span class=\"_ _1\"></span>/Bas<span class=\"_ _1\"></span>i di<span class=\"_ _df\"> </span></div></td><td class=\"c x7e7 y3160 w2c0 h4d\"><div class=\"t m0 x2f h1f y32 ff4 fs7 fc4 sc3 ls0 ws0\">Bas<span class=\"_ _1\"></span>e A1<span class=\"fc1 sc0\"> </span></div></td><td class=\"c x468 y3160 w143 h4d\"><div class=\"t m0 x2f h1f y32 ff4 fs7 fc4 sc3 ls0 ws0\">Bas<span class=\"_ _1\"></span>e A2<span class=\"_ _f\"></span><span class=\"fc1 sc0\"> </span></div></td><td class=\"c x7f6 y3160 w143 h4d\"><div class=\"t m0 x2f h1f y32 ff4 fs7 fc4 sc3 ls0 ws0\">Bas<span class=\"_ _1\"></span>e A3<span class=\"_ _1\"></span><span class=\"fc1 sc0\"> </span></div></td><td class=\"c x86c y3160 w2c0 h4d\"><div class=\"t m0 x2a h1f y32 ff4 fs7 fc4 sc3 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale<span class=\"fc1 sc0\"> </span></div></td><td class=\"c x86d y3160 w152 h4d\"><div class=\"t m0 x16a h1f y32 ff4 fs7 fc4 sc3 ls0 ws0\">Bas<span class=\"_ _1\"></span>e A1<span class=\"fc1 sc0\"> </span></div></td><td class=\"c x86e y3160 w178 h4d\"><div class=\"t m0 x2f h1f y32 ff4 fs7 fc4 sc3 ls0 ws0\">Bas<span class=\"_ _1\"></span>e A2<span class=\"_ _f\"></span><span class=\"fc1 sc0\"> </span></div></td><td class=\"c x86f y3160 w152 h4d\"><div class=\"t m0 x2f h1f y32 ff4 fs7 fc4 sc3 ls0 ws0\">Bas<span class=\"_ _1\"></span>e A3<span class=\"_ _1\"></span><span class=\"fc1 sc0\"> </span></div></td><td class=\"c x5b7 y3160 w178 h4d\"><div class=\"t m0 x2a h1f y32 ff4 fs7 fc4 sc3 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale<span class=\"fc1 sc0\"> </span></div></td></tr><tr><td class=\"c x387 y3161 we87 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">aggr<span class=\"_ _f\"></span>egazion<span class=\"_ _f\"></span>e<span class=\"_ _df\"> </span></div></td><td class=\"c x7e7 y3162 w2c0 h95\"><div class=\"t m0 xab h1f y110b ff4 fs7 fc4 sc3 ls0 ws0\">31/12/<span class=\"_ _f\"></span>2025<span class=\"fc1 sc0\"> </span></div></td><td class=\"c x468 y3162 w143 h95\"><div class=\"t m0 xab h1f y110b ff4 fs7 fc4 sc3 ls0 ws0\">31/12/<span class=\"_ _f\"></span>2025<span class=\"fc1 sc0\"> </span></div></td><td class=\"c x7f6 y3162 w143 h95\"><div class=\"t m0 xab h1f y110b ff4 fs7 fc4 sc3 ls0 ws0\">31/12/<span class=\"_ _f\"></span>2025<span class=\"fc1 sc0\"> </span></div></td><td class=\"c x86c y3162 w2c0 h95\"><div class=\"t m0 xab h1f y110b ff4 fs7 fc4 sc3 ls0 ws0\">31/12/<span class=\"_ _f\"></span>2025<span class=\"fc1 sc0\"> </span></div></td><td class=\"c x86d y3162 w152 h95\"><div class=\"t m0 xab h1f y110b ff4 fs7 fc4 sc3 ls0 ws0\">31/12/<span class=\"_ _f\"></span>2024<span class=\"fc1 sc0\"> </span></div></td><td class=\"c x86e y3162 w178 h95\"><div class=\"t m0 xab h1f y110b ff4 fs7 fc4 sc3 ls0 ws0\">31/12/<span class=\"_ _f\"></span>2024<span class=\"fc1 sc0\"> </span></div></td><td class=\"c x86f y3162 w152 h95\"><div class=\"t m0 xab h1f y110b ff4 fs7 fc4 sc3 ls0 ws0\">31/12/<span class=\"_ _f\"></span>2024<span class=\"fc1 sc0\"> </span></div></td><td class=\"c x5b7 y3162 w178 h95\"><div class=\"t m0 xab h1f y110b ff4 fs7 fc4 sc3 ls0 ws0\">31/12/<span class=\"_ _f\"></span>2024<span class=\"fc1 sc0\"> </span></div></td></tr><tr><td class=\"c x262 y2ec0 we92 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc1 sc0 ls0 ws0\">1. Interessi<span class=\"_ _df\"> </span></div></td><td class=\"c x7e7 y3163 w178 had\"><div class=\"t m0 x11 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x468 y3163 w2d7 had\"><div class=\"t m0 x32 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">(1.154) </div></td><td class=\"c x7f6 y3163 w152 had\"><div class=\"t m0 x11 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x86c y3163 w178 had\"><div class=\"t m0 x32 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">(1.154) </div></td><td class=\"c x86d y3163 w2d7 had\"><div class=\"t m0 x11 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x86e y3163 w510 had\"><div class=\"t m0 x48 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">(1.047)<span class=\"_ _df\"> </span></div></td><td class=\"c x86f y3163 w10b had\"><div class=\"t m0 x11 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5b7 y3163 w510 had\"><div class=\"t m0 x48 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">(1.047)<span class=\"_ _df\"> </span></div></td></tr><tr><td class=\"c x262 y3040 wb4b h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc1 sc0 ls0 ws0\">maturati<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x262 y3164 we93 h545\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc1 sc0 ls0 ws0\">2. Effetti delle<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x262 y3165 we94 h4d6\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">variazioni dei tass<span class=\"_ _1\"></span>i<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x262 y3166 we95 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">d'interesse e al<span class=\"_ _1\"></span>tre<span class=\"_ _df\"> </span></div></td><td class=\"c x7e7 y3167 w178 h2e5\"><div class=\"t m0 x11 h1f y843 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x468 y3167 w2d7 h2e5\"><div class=\"t m0 x11 h1f y843 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x7f6 y3167 w152 h2e5\"><div class=\"t m0 x11 h1f y843 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x86c y3167 w178 h2e5\"><div class=\"t m0 x11 h1f y843 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x86d y3167 w2d7 h2e5\"><div class=\"t m0 x11 h1f y843 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x86e y3167 w510 h2e5\"><div class=\"t m0 x11 h1f y843 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x86f y3167 w10b h2e5\"><div class=\"t m0 x11 h1f y843 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5b7 y3167 w510 h2e5\"><div class=\"t m0 x11 h1f y843 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x262 y3168 we96 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">assunzioni<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x262 y3169 wa02 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">finanziarie<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x262 y2f5b we97 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">3. Variazioni del<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x262 y316a we98 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">fair value delle<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x262 y316b we99 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">attivit\u00e0 sottosta<span class=\"_ _1\"></span>nti<span class=\"_ _df\"> </span></div></td><td class=\"c x7e7 y316c w178 h28d\"><div class=\"t m0 x2a h1f y843 ff4 fs7 fc1 sc0 ls0 ws0\">(162.461) </div></td><td class=\"c x468 y316c w2d7 h28d\"><div class=\"t m0 x11 h1f y843 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x7f6 y316c w152 h28d\"><div class=\"t m0 x11 h1f y843 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x86c y316c w178 h28d\"><div class=\"t m0 x2a h1f y843 ff4 fs7 fc1 sc0 ls0 ws0\">(162.461) </div></td><td class=\"c x86d y316c w2d7 h28d\"><div class=\"t m0 x116 h1f y843 ff4 fs7 fc1 sc0 ls0 ws0\">(147.703) </div></td><td class=\"c x86e y316c w510 h28d\"><div class=\"t m0 x11 h1f y843 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x86f y316c w10b h28d\"><div class=\"t m0 x11 h1f y843 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5b7 y316c w510 h28d\"><div class=\"t m0 x116 h1f y843 ff4 fs7 fc1 sc0 ls0 ws0\">(147.703) </div></td></tr><tr><td class=\"c x262 y316d we9a h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">ai contratti valu<span class=\"_ _1\"></span>tati<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x262 y2f65 we9b h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">in base al VFA<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x262 y316e we9c h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">4. Effetti della<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x262 y316f we9d h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">variazione dei<span class=\"_ _df\"> </span></div></td><td class=\"c x7e7 y3170 w178 ha2\"><div class=\"t m0 x11 h1f y15 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x468 y3170 w2d7 ha2\"><div class=\"t m0 x11 h1f y15 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x7f6 y3170 w152 ha2\"><div class=\"t m0 x11 h1f y15 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x86c y3170 w178 ha2\"><div class=\"t m0 x11 h1f y15 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x86d y3170 w2d7 ha2\"><div class=\"t m0 x11 h1f y15 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x86e y3170 w510 ha2\"><div class=\"t m0 x11 h1f y15 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x86f y3170 w10b ha2\"><div class=\"t m0 x11 h1f y15 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5b7 y3170 w510 ha2\"><div class=\"t m0 x11 h1f y15 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x262 y3171 we9e h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">tassi di cambio<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x46b y3172 w2c9 h77\"><div class=\"t m0 x8a h1f y71 ff4 fs7 fc1 sc0 ls0 ws0\">5. Altri </div></td><td class=\"c x7e7 y3172 w178 h77\"><div class=\"t m0 x11 h1f y71 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x468 y3172 w2d7 h77\"><div class=\"t m0 x11 h1f y71 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x7f6 y3172 w152 h77\"><div class=\"t m0 x11 h1f y71 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x86c y3172 w178 h77\"><div class=\"t m0 x11 h1f y71 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x86d y3172 w2d7 h77\"><div class=\"t m0 x11 h1f y71 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x86e y3172 w510 h77\"><div class=\"t m0 x11 h1f y71 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x86f y3172 w10b h77\"><div class=\"t m0 x11 h1f y71 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5b7 y3172 w510 h77\"><div class=\"t m0 x11 h1f y71 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x262 y3173 we9f h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc2 ls0 ws0\">6. To<span class=\"_ _f\"></span>tale<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x262 y3174 wea0 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc2 ls0 ws0\">ricav<span class=\"_ _1\"></span>i/cost<span class=\"_ _f\"></span>i di<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x262 y3175 wea1 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc2 ls0 ws0\">natur<span class=\"_ _f\"></span>a finan<span class=\"_ _f\"></span>ziaria<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x262 y2e32 wea2 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc2 ls0 ws0\">relat<span class=\"_ _1\"></span>ivi a<span class=\"_ _f\"></span>i contrat<span class=\"_ _1\"></span>ti<span class=\"_ _df\"> </span></div></td><td class=\"c x7e7 y3176 w178 h115\"><div class=\"t m0 x2a h1f ydac ff4 fs7 fc1 sc2 ls0 ws0\">(162.<span class=\"_ _f\"></span>461)<span class=\"sc0\"> </span></div></td><td class=\"c x468 y3176 w2d7 h115\"><div class=\"t m0 x32 h1f ydac ff4 fs7 fc1 sc2 ls0 ws0\">(1.154)<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x7f6 y3176 w152 h115\"><div class=\"t m0 x11 h1f ydac ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x86c y3176 w178 h115\"><div class=\"t m0 x2a h1f ydac ff4 fs7 fc1 sc2 ls0 ws0\">(163.6<span class=\"_ _f\"></span>15)<span class=\"sc0\"> </span></div></td><td class=\"c x86d y3176 w2d7 h115\"><div class=\"t m0 x116 h1f ydac ff4 fs7 fc1 sc2 ls0 ws0\">(147.7<span class=\"_ _f\"></span>03)<span class=\"sc0\"> </span></div></td><td class=\"c x86e y3176 w510 h115\"><div class=\"t m0 x33 h1f ydac ff4 fs7 fc1 sc2 ls0 ws0\">(1.047<span class=\"_ _f\"></span>)<span class=\"sc0\"> </span></div></td><td class=\"c x86f y3176 w10b h115\"><div class=\"t m0 x11 h1f ydac ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x5b7 y3176 w510 h115\"><div class=\"t m0 x116 h1f ydac ff4 fs7 fc1 sc2 ls0 ws0\">(148.7<span class=\"_ _f\"></span>50)<span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x262 y2b0e wea3 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc2 ls0 ws0\">di as<span class=\"_ _1\"></span>sicur<span class=\"_ _1\"></span>azio<span class=\"_ _1\"></span>ne<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x262 y2491 wea4 h540\"><div class=\"t m0 x250 h1f y313a ff4 fs7 fc1 sc2 ls0 ws0\">emes<span class=\"_ _f\"></span>si regi<span class=\"_ _1\"></span>strat<span class=\"_ _f\"></span>i in<span class=\"_ _df\"> </span></div><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc2 ls0 ws0\">cont<span class=\"_ _1\"></span>o<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr></table>Ricav<span class=\"_ _1\"></span>i e co<span class=\"_ _f\"></span>sti netti <span class=\"_ _f\"></span>di natura <span class=\"_ _f\"></span>finanzia<span class=\"_ _1\"></span>ria <span class=\"_ _1\"></span>relativ<span class=\"_ _1\"></span>i all<span class=\"_ _1\"></span>e ces<span class=\"_ _1\"></span>sioni <span class=\"_ _1\"></span>in ria<span class=\"_ _f\"></span>ssicurazi<span class=\"_ _1\"></span>one<table class=\"s wea5 h546\" id=\"_2e797e91-a9c5-4347-9c5f-a5ac8c6c92bc\"><tr><td></td><td class=\"c x870 y3177 we5f h4b8\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc15 sce ls0 ws0\">Seg<span class=\"_ _1\"></span>men<span class=\"_ _1\"></span>to</div></td><td class=\"c x871 y3177 we5f h4b8\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc15 sce ls0 ws0\">Seg<span class=\"_ _1\"></span>men<span class=\"_ _1\"></span>to<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x45e y3177 we5f h4b8\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc15 sce ls0 ws0\">Seg<span class=\"_ _1\"></span>men<span class=\"_ _1\"></span>to</div></td><td class=\"c x872 y3177 we5f h4b8\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc15 sce ls0 ws0\">Seg<span class=\"_ _1\"></span>men<span class=\"_ _1\"></span>to<span class=\"_ _df\"> </span></div></td><td></td></tr><tr><td class=\"c x46b y3178 w511 h18a\"><div class=\"t m0 x90 h1f y47b ff4 fs7 fc4 sc3 ls0 ws0\">Voci<span class=\"_ _1\"></span>/Bas<span class=\"_ _1\"></span>i di ag<span class=\"_ _f\"></span>grega<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e<span class=\"fc1 sc0\"> </span></div></td><td class=\"c x873 y3179 we60 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc15 sce ls0 ws0\">Vita<span class=\"_ _df\"> </span></div></td><td class=\"c x874 y3179 w99f h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc15 sce ls0 ws0\">Dan<span class=\"_ _1\"></span>ni<span class=\"_ _df\"> </span></div></td><td class=\"c x80d y317a wb9 h58\"><div class=\"t m0 x2a h1f y32 ff4 fs7 fc15 sce ls0 ws0\">Tot<span class=\"_ _1\"></span>ale<span class=\"fc1 sc0\"> </span></div></td><td class=\"c x875 y3179 wea6 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc15 sce ls0 ws0\">Vita<span class=\"_ _df\"> </span></div></td><td class=\"c x876 y3179 w9a2 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc15 sce ls0 ws0\">Dan<span class=\"_ _1\"></span>ni<span class=\"_ _df\"> </span></div></td><td class=\"c x5b7 y317a w2bc h58\"><div class=\"t m0 x2a h1f y32 ff4 fs7 fc15 sce ls0 ws0\">Tot<span class=\"_ _1\"></span>ale<span class=\"fc1 sc0\"> </span></div></td></tr><tr><td></td><td class=\"c x80a y3178 w2b4 hcb\"><div class=\"t m0 x8a h1f y2ea ff4 fs7 fc15 sce ls0 ws0\">31/12/<span class=\"_ _f\"></span>2025<span class=\"fc1 sc0\"> </span></div></td><td class=\"c x457 y3178 w2bc hcb\"><div class=\"t m0 x8a h1f y2ea ff4 fs7 fc15 sce ls0 ws0\">31/12/<span class=\"_ _f\"></span>2025<span class=\"fc1 sc0\"> </span></div></td><td class=\"c x80d y3178 wb9 hcb\"><div class=\"t m0 x8a h1f y2ea ff4 fs7 fc15 sce ls0 ws0\">31/12/<span class=\"_ _f\"></span>2025<span class=\"fc1 sc0\"> </span></div></td><td class=\"c x469 y3178 w2bc hcb\"><div class=\"t m0 x8a h1f y2ea ff4 fs7 fc15 sce ls0 ws0\">31/12/<span class=\"_ _f\"></span>2024<span class=\"fc1 sc0\"> </span></div></td><td class=\"c x877 y3178 wb9 hcb\"><div class=\"t m0 x8a h1f y2ea ff4 fs7 fc15 sce ls0 ws0\">31/12/<span class=\"_ _f\"></span>2024<span class=\"fc1 sc0\"> </span></div></td><td class=\"c x5b7 y3178 w2bc hcb\"><div class=\"t m0 x8a h1f y2ea ff4 fs7 fc15 sce ls0 ws0\">31/12/<span class=\"_ _f\"></span>2024<span class=\"fc1 sc0\"> </span></div></td></tr><tr><td class=\"c x46b y317b w511 h77\"><div class=\"t m0 x8a h1f y71 ff4 fs7 fc1 sc2 ls0 ws0\">1. Int<span class=\"_ _f\"></span>eressi m<span class=\"_ _f\"></span>aturati<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x80a y317b w2b4 h77\"><div class=\"t m0 x30 h1f y32 ff4 fs7 fc1 sc0 ls29 ws0\">93<span class=\"ls0\"> </span></div></td><td class=\"c x457 y317b w2c0 h77\"><div class=\"t m0 x11 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x80d y317b w2b4 h77\"><div class=\"t m0 x30 h1f y32 ff4 fs7 fc1 sc0 ls29 ws0\">93<span class=\"ls0\"> </span></div></td><td class=\"c x469 y317b w4b h77\"><div class=\"t m0 x31 h1f y32 ff4 fs7 fc1 sc0 ls29 ws0\">98<span class=\"ls0\"> </span></div></td><td class=\"c x877 y317b w143 h77\"><div class=\"t m0 x11 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5b7 y317b w2c0 h77\"><div class=\"t m0 x30 h1f y32 ff4 fs7 fc1 sc0 ls29 ws0\">98<span class=\"ls0\"> </span></div></td></tr><tr><td class=\"c x262 y317c wea7 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc2 ls0 ws0\">2. Eff<span class=\"_ _f\"></span>etti delle<span class=\"_ _f\"></span> varia<span class=\"_ _f\"></span>zioni dei t<span class=\"_ _f\"></span>assi d'in<span class=\"_ _f\"></span>teress<span class=\"_ _1\"></span>e e le<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x262 y317d wea8 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc2 ls0 ws0\">altre<span class=\"_ _1\"></span> ass<span class=\"_ _1\"></span>unzi<span class=\"_ _1\"></span>oni f<span class=\"_ _1\"></span>ina<span class=\"_ _1\"></span>nzia<span class=\"_ _1\"></span>rie<span class=\"_ _df\"> </span></div></td><td class=\"c x80a y317e w2b4 h2e6\"><div class=\"t m0 x11 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x457 y317e w2c0 h2e6\"><div class=\"t m0 x11 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x80d y317e w2b4 h2e6\"><div class=\"t m0 x11 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x469 y317e w4b h2e6\"><div class=\"t m0 x11 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x877 y317e w143 h2e6\"><div class=\"t m0 x11 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5b7 y317e w2c0 h2e6\"><div class=\"t m0 x11 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y317f w511 h260\"><div class=\"t m0 x8a h1f y3e4 ff4 fs7 fc1 sc2 ls0 ws0\">3. Ef<span class=\"_ _1\"></span>fett<span class=\"_ _f\"></span>i della va<span class=\"_ _1\"></span>ria<span class=\"_ _1\"></span>zione<span class=\"_ _1\"></span> dei t<span class=\"_ _f\"></span>assi di <span class=\"_ _f\"></span>cambio<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x80a y317f w2b4 h260\"><div class=\"t m0 x11 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x457 y317f w2c0 h260\"><div class=\"t m0 x11 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x80d y317f w2b4 h260\"><div class=\"t m0 x11 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x469 y317f w4b h260\"><div class=\"t m0 x11 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x877 y317f w143 h260\"><div class=\"t m0 x11 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5b7 y317f w2c0 h260\"><div class=\"t m0 x11 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y3180 w511 h77\"><div class=\"t m0 x8a h1f y71 ff4 fs7 fc1 sc2 ls0 ws0\">4. Alt<span class=\"_ _1\"></span>ri<span class=\"sc0\"> </span></div></td><td class=\"c x80a y3180 w2b4 h77\"><div class=\"t m0 x11 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x457 y3180 w2c0 h77\"><div class=\"t m0 x11 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x80d y3180 w2b4 h77\"><div class=\"t m0 x11 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x469 y3180 w4b h77\"><div class=\"t m0 x11 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x877 y3180 w143 h77\"><div class=\"t m0 x11 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5b7 y3180 w2c0 h77\"><div class=\"t m0 x11 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x262 y2701 wea9 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc2 ls0 ws0\">5. To<span class=\"_ _1\"></span>tale<span class=\"_ _1\"></span> rica<span class=\"_ _1\"></span>vi/cos<span class=\"_ _f\"></span>ti nett<span class=\"_ _1\"></span>i di na<span class=\"_ _f\"></span>tura fi<span class=\"_ _f\"></span>nanzia<span class=\"_ _1\"></span>ria<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x262 y2491 weaa h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc2 ls0 ws0\">delle <span class=\"_ _f\"></span>cession<span class=\"_ _f\"></span>i in rias<span class=\"_ _f\"></span>sicurazio<span class=\"_ _1\"></span>ne<span class=\"_ _df\"> </span></div></td><td class=\"c x80a y3181 w2b4 had\"><div class=\"t m0 x30 h1f y32 ff4 fs7 fc1 sc2 lscf ws0\">93<span class=\"sc0 ls0\"> </span></div></td><td class=\"c x457 y3181 w2c0 had\"><div class=\"t m0 x11 h1f y32 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x80d y3181 w2b4 had\"><div class=\"t m0 x30 h1f y32 ff4 fs7 fc1 sc2 lscf ws0\">93<span class=\"sc0 ls0\"> </span></div></td><td class=\"c x469 y3181 w4b had\"><div class=\"t m0 x30 h1f y32 ff4 fs7 fc1 sc2 lscf ws0\">98<span class=\"sc0 ls0\"> </span></div></td><td class=\"c x877 y3181 w143 had\"><div class=\"t m0 x11 h1f y32 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x5b7 y3181 w2c0 had\"><div class=\"t m0 x30 h1f y32 ff4 fs7 fc1 sc2 lscf ws0\">98<span class=\"sc0 ls0\"> </span></div></td></tr></table>Opera<span class=\"_ _f\"></span>tivit\u00e0 a<span class=\"_ _f\"></span>ssicurativ<span class=\"_ _1\"></span>a - Ri<span class=\"_ _1\"></span>sulta<span class=\"_ _f\"></span>to finanzia<span class=\"_ _f\"></span>rio nett<span class=\"_ _1\"></span>o de<span class=\"_ _1\"></span>gli inve<span class=\"_ _f\"></span>stiment<span class=\"_ _1\"></span>i ripa<span class=\"_ _f\"></span>rtito per<span class=\"_ _1\"></span> segm<span class=\"_ _1\"></span>ento <span class=\"_ _1\"></span>vita<span class=\"_ _1\"></span> e da<span class=\"_ _f\"></span>nni<table class=\"s weab h547\" id=\"_29953c37-3b6c-44d9-8d64-7ced8a7f11cd\"><tr><td></td><td></td><td></td><td class=\"c x878 y3182 we5f h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc15 sce ls0 ws0\">Seg<span class=\"_ _1\"></span>men<span class=\"_ _1\"></span>to<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td class=\"c x872 y3182 we5f h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc15 sce ls0 ws0\">Seg<span class=\"_ _1\"></span>men<span class=\"_ _1\"></span>to<span class=\"_ _df\"> </span></div></td><td></td></tr><tr><td></td><td class=\"c x6ea y3183 w513 had\"><div class=\"t m0 x39 h1f y32 ff4 fs7 fc15 sce ls0 ws0\">Seg<span class=\"_ _1\"></span>men<span class=\"_ _1\"></span>to vi<span class=\"_ _1\"></span>ta<span class=\"fc1 sc0\"> </span></div></td><td></td><td class=\"c x879 y3184 w99f h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc15 sce ls0 ws0\">Dan<span class=\"_ _1\"></span>ni<span class=\"_ _df\"> </span></div></td><td class=\"c x87a y3183 w9d had\"><div class=\"t m0 x2a h1f y32 ff4 fs7 fc15 sce ls0 ws0\">Tot<span class=\"_ _1\"></span>ale<span class=\"fc1 sc0\"> </span></div></td><td class=\"c x87b y3183 w514 had\"><div class=\"t m0 x39 h1f y32 ff4 fs7 fc15 sce ls0 ws0\">Seg<span class=\"_ _1\"></span>men<span class=\"_ _1\"></span>to vi<span class=\"_ _1\"></span>ta<span class=\"fc1 sc0\"> </span></div></td><td></td><td class=\"c x876 y3184 w9a2 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc15 sce ls0 ws0\">Dan<span class=\"_ _1\"></span>ni<span class=\"_ _df\"> </span></div></td><td class=\"c x5b7 y3183 wac had\"><div class=\"t m0 x2a h1f y32 ff4 fs7 fc15 sce ls0 ws0\">Tot<span class=\"_ _1\"></span>ale<span class=\"fc1 sc0\"> </span></div></td></tr><tr><td></td><td class=\"c x6ea y3185 w513 h8a\" colspan=\"2\"><div class=\"t m0 x2c h1f y409 ff4 fs7 fc15 sce ls0 ws0\">31/12/<span class=\"_ _f\"></span>2025<span class=\"fc1 sc0\"> </span></div></td><td class=\"c x87c y3186 w990 h548\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc15 sce ls0 ws0\">31/12/</div></td><td class=\"c x87d y3186 w991 h548\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc15 sce ls0 ws0\">2025<span class=\"_ _df\"> </span></div></td><td class=\"c x87a y3185 w9d h8a\"><div class=\"t m0 x8a h1f y409 ff4 fs7 fc15 sce ls0 ws0\">31/12/<span class=\"_ _f\"></span>2025<span class=\"fc1 sc0\"> </span></div></td><td class=\"c x87b y3185 w514 h8a\" colspan=\"2\"><div class=\"t m0 x2c h1f y409 ff4 fs7 fc15 sce ls0 ws0\">31/12/<span class=\"_ _f\"></span>2024<span class=\"fc1 sc0\"> </span></div></td><td class=\"c x87e y3186 w993 h548\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc15 sce ls0 ws0\">31/12/</div></td><td class=\"c x87f y3186 w994 h548\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc15 sce ls0 ws0\">2024<span class=\"_ _df\"> </span></div></td><td class=\"c x5b7 y3185 wac h8a\"><div class=\"t m0 x8a h1f y409 ff4 fs7 fc15 sce ls0 ws0\">31/12/<span class=\"_ _f\"></span>2024<span class=\"fc1 sc0\"> </span></div></td></tr><tr><td class=\"c x46b y3187 w512 h2e7\"><div class=\"t m0 x2f h1f y93d ff4 fs7 fc4 sc3 ls0 ws0\">Voci<span class=\"_ _1\"></span>\\Seg<span class=\"_ _1\"></span>men<span class=\"_ _1\"></span>ti o<span class=\"_ _1\"></span>perat<span class=\"_ _f\"></span>ivi<span class=\"fc1 sc0\"> </span></div></td><td class=\"c x795 y3188 w99d h484\" colspan=\"2\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">di cui<span class=\"_ _f\"></span>:<span class=\"_ _df\"> </span></div></td><td></td><td></td><td class=\"c x880 y3188 w99d h484\" colspan=\"2\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">di cui<span class=\"_ _f\"></span>:<span class=\"_ _df\"> </span></div></td><td></td><td></td></tr><tr><td class=\"c x262 y3189 weac h51b\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc1 sc2 ls0 ws0\">A. RIS<span class=\"_ _f\"></span>ULTAT<span class=\"_ _f\"></span>O<span class=\"_ _df\"> </span></div></td><td class=\"c x881 y2791 wead h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">DPF<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td class=\"c x882 y2791 weae h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">DPF<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td></tr><tr><td class=\"c x262 y318a weaf h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc1 sc2 ls0 ws0\">FINAN<span class=\"_ _f\"></span>ZIARIO<span class=\"_ _1\"></span> NE<span class=\"_ _1\"></span>TTO<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x262 y2d58 web0 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc1 sc2 ls0 ws0\">DEG<span class=\"_ _1\"></span>LI INV<span class=\"_ _f\"></span>ESTIME<span class=\"_ _f\"></span>NTI<span class=\"_ _df\"> </span></div></td><td class=\"c x6ea y318b w163 ha6\"><div class=\"t m0 x8e h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">404.780 </div></td><td class=\"c x718 y318b w136 ha6\"><div class=\"t m0 x8e h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">162.462 </div></td><td class=\"c x544 y318b wac ha6\"><div class=\"t m0 x11 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x87a y318b wb8 ha6\"><div class=\"t m0 x2e h1f y32 ff4 fs7 fc1 sc0 lsa ws0\">404.<span class=\"ls0\">780</span><span class=\"ls0\"> </span></div></td><td class=\"c x87b y318b w1a5 ha6\"><div class=\"t m0 x16a h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">589.199 </div></td><td class=\"c x883 y318b w47a ha6\"><div class=\"t m0 xac h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">208.070 </div></td><td class=\"c x877 y318b wb9 ha6\"><div class=\"t m0 x11 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5b7 y318b w4b ha6\"><div class=\"t m0 x55 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">589.199 </div></td></tr><tr><td class=\"c x262 y318c web1 h549\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc1 sc2 ls0 ws0\">A.1 In<span class=\"_ _1\"></span>tere<span class=\"_ _1\"></span>ssi a<span class=\"_ _f\"></span>ttivi da<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x262 y318d web2 h4d6\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc2 ls0 ws0\">attiv<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span>t\u00e0<span class=\"_ _1\"></span> fina<span class=\"_ _f\"></span>nziarie v<span class=\"_ _1\"></span>alut<span class=\"_ _1\"></span>ate<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x262 y318e web3 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc2 ls0 ws0\">al cos<span class=\"_ _f\"></span>to amm<span class=\"_ _f\"></span>ortizza<span class=\"_ _f\"></span>to e al<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x262 y318f web4 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc2 ls0 ws0\">fair v<span class=\"_ _f\"></span>alue con<span class=\"_ _f\"></span> impat<span class=\"_ _f\"></span>to<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x262 y3190 web5 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc2 ls0 ws0\">sull<span class=\"_ _1\"></span>a reddi<span class=\"_ _1\"></span>tivi<span class=\"_ _f\"></span>t\u00e0<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x262 y3191 w980 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc2 ls0 ws0\">com<span class=\"_ _f\"></span>plessiv<span class=\"_ _1\"></span>a<span class=\"_ _df\"> </span></div></td><td class=\"c x6ea y3192 w163 h25e\"><div class=\"t m0 x2a h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">118.546 </div></td><td class=\"c x718 y3192 w136 h25e\"><div class=\"t m0 xac h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">103.488 </div></td><td class=\"c x544 y3192 wac h25e\"><div class=\"t m0 x11 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x87a y3192 wb8 h25e\"><div class=\"t m0 x130 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">118.546 </div></td><td class=\"c x87b y3192 w1a5 h25e\"><div class=\"t m0 x2e h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">99.087 </div></td><td class=\"c x883 y3192 w47a h25e\"><div class=\"t m0 x116 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">83.700 </div></td><td class=\"c x877 y3192 wb9 h25e\"><div class=\"t m0 x11 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5b7 y3192 w4b h25e\"><div class=\"t m0 x14 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">99.087 </div></td></tr><tr><td class=\"c x262 y3193 web6 h54a\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc2 ls0 ws0\">A.2 Pr<span class=\"_ _f\"></span>ofitti/p<span class=\"_ _1\"></span>erdit<span class=\"_ _1\"></span>e ne<span class=\"_ _1\"></span>tti<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x262 y3194 web7 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc2 ls0 ws0\">delle a<span class=\"_ _f\"></span>ttivit\u00e0<span class=\"_ _1\"></span> valu<span class=\"_ _1\"></span>tat<span class=\"_ _1\"></span>e al<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x262 y3195 web8 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc2 ls0 ws0\">fair v<span class=\"_ _f\"></span>alue rile<span class=\"_ _1\"></span>vat<span class=\"_ _1\"></span>o a c<span class=\"_ _1\"></span>onto<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x262 y3196 web9 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc2 ls0 ws0\">econo<span class=\"_ _f\"></span>mico<span class=\"_ _df\"> </span></div></td><td class=\"c x6ea y3197 w163 h2e8\"><div class=\"t m0 x8e h1f y4c3 ff4 fs7 fc1 sc0 ls0 ws0\">308.679 </div></td><td class=\"c x718 y3197 w136 h2e8\"><div class=\"t m0 x2a h1f y4c3 ff4 fs7 fc1 sc0 ls0 ws0\">65.216 </div></td><td class=\"c x544 y3197 wac h2e8\"><div class=\"t m0 x11 h1f y4c3 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x87a y3197 wb8 h2e8\"><div class=\"t m0 x2e h1f y4c3 ff4 fs7 fc1 sc0 ls0 ws0\">308.679 </div></td><td class=\"c x87b y3197 w1a5 h2e8\"><div class=\"t m0 x16a h1f y4c3 ff4 fs7 fc1 sc0 ls0 ws0\">420.261 </div></td><td class=\"c x883 y3197 w47a h2e8\"><div class=\"t m0 x2a h1f y4c3 ff4 fs7 fc1 sc0 ls0 ws0\">67.905 </div></td><td class=\"c x877 y3197 wb9 h2e8\"><div class=\"t m0 x11 h1f y4c3 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5b7 y3197 w4b h2e8\"><div class=\"t m0 x55 h1f y4c3 ff4 fs7 fc1 sc0 ls0 ws0\">420.261 </div></td></tr><tr><td class=\"c x262 y3198 weba h4b7\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc2 ls0 ws0\">A.3 R<span class=\"_ _f\"></span>ettifich<span class=\"_ _1\"></span>e/ripr<span class=\"_ _f\"></span>ese di<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x262 y3199 webb h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc2 ls0 ws0\">val<span class=\"_ _1\"></span>ore net<span class=\"_ _f\"></span>te per<span class=\"_ _1\"></span> risc<span class=\"_ _1\"></span>hio di<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x262 y319a w9af h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc2 ls0 ws0\">credit<span class=\"_ _f\"></span>o<span class=\"_ _df\"> </span></div></td><td class=\"c x6ea y319b w163 h89\"><div class=\"t m0 x48 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">1.555 </div></td><td class=\"c x718 y319b w136 h89\"><div class=\"t m0 x39 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">1.397 </div></td><td class=\"c x544 y319b wac h89\"><div class=\"t m0 x11 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x87a y319b wb8 h89\"><div class=\"t m0 x2c h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">1.555 </div></td><td class=\"c x87b y319b w1a5 h89\"><div class=\"t m0 x48 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">(795) </div></td><td class=\"c x883 y319b w47a h89\"><div class=\"t m0 x48 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">(713) </div></td><td class=\"c x877 y319b wb9 h89\"><div class=\"t m0 x11 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5b7 y319b w4b h89\"><div class=\"t m0 x2c h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">(795) </div></td></tr><tr><td class=\"c x262 y319c webc h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc2 ls0 ws0\">A.4 A<span class=\"_ _1\"></span>ltri<span class=\"_ _1\"></span> prove<span class=\"_ _1\"></span>nti<span class=\"_ _1\"></span>/cost<span class=\"_ _1\"></span>i<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x262 y27c5 webd h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc2 ls0 ws0\">net<span class=\"_ _1\"></span>ti<span class=\"_ _df\"> </span></div></td><td class=\"c x6ea y319d w163 had\"><div class=\"t m0 x2e h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">(11.2<span class=\"ls29\">91</span>) </div></td><td class=\"c x718 y319d w136 had\"><div class=\"t m0 x16a h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">(7.639) </div></td><td class=\"c x544 y319d wac had\"><div class=\"t m0 x11 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x87a y319d wb8 had\"><div class=\"t m0 x14 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">(11.291) </div></td><td class=\"c x87b y319d w1a5 had\"><div class=\"t m0 x2a h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">(6.844) </div></td><td class=\"c x883 y319d w47a had\"><div class=\"t m0 x2a h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">(3.189) </div></td><td class=\"c x877 y319d wb9 had\"><div class=\"t m0 x11 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5b7 y319d w4b had\"><div class=\"t m0 x39 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">(6.844) </div></td></tr><tr><td class=\"c x262 y319e webe h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc2 ls0 ws0\">A.5 <span class=\"_ _1\"></span>Plus/m<span class=\"_ _f\"></span>inusv<span class=\"_ _1\"></span>alen<span class=\"_ _f\"></span>ze<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x262 y319f webf h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc2 ls0 ws0\">net<span class=\"_ _1\"></span>te dell<span class=\"_ _1\"></span>e a<span class=\"_ _1\"></span>ttivi<span class=\"_ _1\"></span>t\u00e0<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x262 y31a0 wec0 h540\"><div class=\"t m0 x250 h1f y313a ff4 fs7 fc1 sc2 ls0 ws0\">finan<span class=\"_ _f\"></span>ziarie va<span class=\"_ _f\"></span>lutate a<span class=\"_ _f\"></span>l fair<span class=\"_ _df\"> </span></div><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc2 ls0 ws0\">val<span class=\"_ _1\"></span>ue con<span class=\"_ _f\"></span> impatt<span class=\"_ _f\"></span>o sulla<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x262 y31a1 wec1 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc2 ls0 ws0\">reddit<span class=\"_ _f\"></span>ivit\u00e0 co<span class=\"_ _1\"></span>mpl<span class=\"_ _f\"></span>essiva<span class=\"_ _df\"> </span></div></td><td class=\"c x6ea y31a2 w163 h28d\"><div class=\"t m0 x16a h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">(12.709) </div></td><td class=\"c x718 y31a2 w136 h28d\"><div class=\"t m0 x31 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x544 y31a2 wac h28d\"><div class=\"t m0 x11 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x87a y31a2 wb8 h28d\"><div class=\"t m0 x55 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">(12.709) </div></td><td class=\"c x87b y31a2 w1a5 h28d\"><div class=\"t m0 x2e h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">77.490 </div></td><td class=\"c x883 y31a2 w47a h28d\"><div class=\"t m0 x116 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">60.367 </div></td><td class=\"c x877 y31a2 wb9 h28d\"><div class=\"t m0 x11 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5b7 y31a2 w4b h28d\"><div class=\"t m0 x14 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">77.490 </div></td></tr><tr><td class=\"c x262 y28b0 wec2 h54b\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc2 ls0 ws0\">B. VA<span class=\"_ _1\"></span>RIA<span class=\"_ _1\"></span>ZIONE<span class=\"_ _f\"></span> NETT<span class=\"_ _1\"></span>A DE<span class=\"_ _f\"></span>I<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x262 y31a3 wec3 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc2 ls0 ws0\">CONT<span class=\"_ _f\"></span>RATTI<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x262 y31a4 wec4 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc2 ls0 ws0\">D'IN<span class=\"_ _1\"></span>VES<span class=\"_ _1\"></span>TIME<span class=\"_ _f\"></span>NTO EM<span class=\"_ _1\"></span>ESS<span class=\"_ _f\"></span>I<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x262 y31a5 wec5 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc2 ls0 ws0\">IFRS<span class=\"_ _1\"></span>9<span class=\"_ _df\"> </span></div></td><td class=\"c x6ea y31a6 w163 h24a\"><div class=\"t m0 xab h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">(177.095) </div></td><td class=\"c x718 y31a6 w136 h24a\"><div class=\"t m0 x31 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x544 y31a6 wac h24a\"><div class=\"t m0 x11 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x87a y31a6 wb8 h24a\"><div class=\"t m0 x16a h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">(177.095) </div></td><td class=\"c x87b y31a6 w1a5 h24a\"><div class=\"t m0 xac h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">(297.017) </div></td><td class=\"c x883 y31a6 w47a h24a\"><div class=\"t m0 x31 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x877 y31a6 wb9 h24a\"><div class=\"t m0 x11 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5b7 y31a6 w4b h24a\"><div class=\"t m0 x16a h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">(297.017) </div></td></tr><tr><td class=\"c x262 y31a7 wec6 h54b\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc2 ls0 ws0\">C. RIS<span class=\"_ _f\"></span>ULTAT<span class=\"_ _f\"></span>O<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x262 y31a8 weaf h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc2 ls0 ws0\">FINAN<span class=\"_ _f\"></span>ZIARIO<span class=\"_ _1\"></span> NE<span class=\"_ _1\"></span>TTO<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x262 y31a9 wec7 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc2 ls0 ws0\">TOTA<span class=\"_ _1\"></span>LE D<span class=\"_ _f\"></span>EGLI<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x262 y31aa wec8 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc2 ls0 ws0\">INVE<span class=\"_ _f\"></span>STIME<span class=\"_ _1\"></span>NTI<span class=\"_ _df\"> </span></div></td><td class=\"c x6ea y31ab w163 h24a\"><div class=\"t m0 x2f h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">227.684 </div></td><td class=\"c x718 y31ab w136 h24a\"><div class=\"t m0 x8e h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">162.462 </div></td><td class=\"c x544 y31ab wac h24a\"><div class=\"t m0 x11 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x87a y31ab wb8 h24a\"><div class=\"t m0 x2e h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">227.684 </div></td><td class=\"c x87b y31ab w1a5 h24a\"><div class=\"t m0 x16a h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">292.182 </div></td><td class=\"c x883 y31ab w47a h24a\"><div class=\"t m0 xac h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">208.070 </div></td><td class=\"c x877 y31ab wb9 h24a\"><div class=\"t m0 x11 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5b7 y31ab w4b h24a\"><div class=\"t m0 x55 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">292.182 </div></td></tr><tr><td class=\"c x2a8 y31ac wec9 h54c\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc2 ls0 ws0\">di cui<span class=\"_ _f\"></span>: regist<span class=\"_ _f\"></span>rati in co<span class=\"_ _1\"></span>nto<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2a8 y31ad web9 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc2 ls0 ws0\">econo<span class=\"_ _f\"></span>mico<span class=\"_ _df\"> </span></div></td><td class=\"c x6ea y2b0d w163 hcd\"><div class=\"t m0 x16a h1f y32 ff4 fs7 fc1 sc0 ls2a ws0\">240.<span class=\"lsa\">419</span><span class=\"lsa\"><span class=\"ls0\"> </span></span></div></td><td class=\"c x718 y2b0d w136 hcd\"><div class=\"t m0 x8e h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">162.462 </div></td><td class=\"c x544 y2b0d wac hcd\"><div class=\"t m0 x11 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x87a y2b0d wb8 hcd\"><div class=\"t m0 x55 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">240.419</div></td><td class=\"c x87b y2b0d w1a5 hcd\"><div class=\"t m0 x16a h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">214.692 </div></td><td class=\"c x883 y2b0d w47a hcd\"><div class=\"t m0 x2f h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">147.703 </div></td><td class=\"c x877 y2b0d wb9 hcd\"><div class=\"t m0 x11 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5b7 y2b0d w4b hcd\"><div class=\"t m0 x55 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">214.692 </div></td></tr><tr><td class=\"c x2a8 y2b0e weca h4b7\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc2 ls0 ws0\">di cui<span class=\"_ _f\"></span>: regist<span class=\"_ _f\"></span>rati nel<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2a8 y2684 w967 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc2 ls0 ws0\">cont<span class=\"_ _1\"></span>o eco<span class=\"_ _f\"></span>nomic<span class=\"_ _1\"></span>o<span class=\"_ _df\"> </span></div></td><td class=\"c x6ea y2b0f w163 h89\"><div class=\"t m0 x16a h1f y15 ff4 fs7 fc1 sc0 ls0 ws0\">(12.709) </div></td><td class=\"c x718 y2b0f w136 h89\"><div class=\"t m0 x31 h1f y15 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x544 y2b0f wac h89\"><div class=\"t m0 x11 h1f y15 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x87a y2b0f wb8 h89\"><div class=\"t m0 x55 h1f y15 ff4 fs7 fc1 sc0 ls0 ws0\">(12.709) </div></td><td class=\"c x87b y2b0f w1a5 h89\"><div class=\"t m0 x2e h1f y15 ff4 fs7 fc1 sc0 ls0 ws0\">77.490 </div></td><td class=\"c x883 y2b0f w47a h89\"><div class=\"t m0 x116 h1f y15 ff4 fs7 fc1 sc0 ls0 ws0\">60.367 </div></td><td class=\"c x877 y2b0f wb9 h89\"><div class=\"t m0 x11 h1f y15 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5b7 y2b0f w4b h89\"><div class=\"t m0 x14 h1f y15 ff4 fs7 fc1 sc0 ls0 ws0\">77.490 </div></td></tr><tr><td class=\"c x2a8 y2491 wecb h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc2 ls0 ws0\">com<span class=\"_ _f\"></span>plessiv<span class=\"_ _1\"></span>o<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr></table>Opera<span class=\"_ _f\"></span>tivit\u00e0 a<span class=\"_ _f\"></span>ssicurativ<span class=\"_ _1\"></span>a <span class=\"ff5\">\u2013</span> S<span class=\"_ _1\"></span>intesi <span class=\"_ _f\"></span>dei risult<span class=\"_ _f\"></span>ati econom<span class=\"_ _f\"></span>ici ripa<span class=\"_ _f\"></span>rtiti per s<span class=\"_ _1\"></span>egm<span class=\"_ _f\"></span>ento vita<span class=\"_ _f\"></span> e segme<span class=\"_ _1\"></span>nto d<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ni<table class=\"s wecc h54d\" id=\"_d82cc9b3-3377-4ed9-85f6-fe7e4db9fe4c\"><tr><td></td><td></td><td class=\"c x884 y31ae w517 h1b9\"><div class=\"t m0 x124 h1f y392 ff4 fs7 fc15 sce ls0 ws0\">31/12/<span class=\"_ _f\"></span>2025<span class=\"fc1 sc0\"> </span></div></td><td></td><td></td><td class=\"c x885 y31ae w518 h1b9\"><div class=\"t m0 xee h1f y392 ff4 fs7 fc15 sce ls0 ws0\">31/12/<span class=\"_ _f\"></span>2024<span class=\"fc1 sc0\"> </span></div></td><td></td></tr><tr><td class=\"c x46b y31af w516 h2e9\"><div class=\"t m0 x55 h1f y893 ff4 fs7 fc4 sc3 ls0 ws0\">Sinte<span class=\"_ _1\"></span>si ri<span class=\"_ _f\"></span>sultati\\S<span class=\"_ _f\"></span>egment<span class=\"_ _f\"></span>i opera<span class=\"_ _1\"></span>tivi<span class=\"fc1 sc0\"> </span></div></td><td class=\"c x886 y30c5 we5f h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc15 sce ls0 ws0\">Seg<span class=\"_ _1\"></span>men<span class=\"_ _1\"></span>to</div></td><td class=\"c x604 y30c5 we5f h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc15 sce ls0 ws0\">Seg<span class=\"_ _1\"></span>men<span class=\"_ _1\"></span>to<span class=\"_ _df\"> </span></div></td><td class=\"c x4fc y31af w93 had\"><div class=\"t m0 x2e h1f y420 ff4 fs7 fc15 sce ls0 ws0\">Tot<span class=\"_ _1\"></span>ale<span class=\"fc1 sc0\"> </span></div></td><td class=\"c x887 y30c5 we5f h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc15 sce ls0 ws0\">Seg<span class=\"_ _1\"></span>men<span class=\"_ _1\"></span>to</div></td><td class=\"c x888 y30c5 we5f h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc15 sce ls0 ws0\">Seg<span class=\"_ _1\"></span>men<span class=\"_ _1\"></span>to<span class=\"_ _df\"> </span></div></td><td class=\"c x889 y31af w2d6 had\"><div class=\"t m0 x55 h1f y420 ff4 fs7 fc15 sce ls0 ws0\">Tot<span class=\"_ _1\"></span>ale<span class=\"fc1 sc0\"> </span></div></td></tr><tr><td></td><td class=\"c x88a y31b0 wecd h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc15 sce ls0 ws0\">vita<span class=\"_ _df\"> </span></div></td><td class=\"c x88b y31b0 w99f h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc15 sce ls0 ws0\">Dan<span class=\"_ _1\"></span>ni<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x88c y31b0 wecd h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc15 sce ls0 ws0\">vita<span class=\"_ _df\"> </span></div></td><td class=\"c x88d y31b0 w9a2 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc15 sce ls0 ws0\">Dan<span class=\"_ _1\"></span>ni<span class=\"_ _df\"> </span></div></td><td></td></tr><tr><td class=\"c x46b y31b1 w516 h131\"><div class=\"t m0 x8a h1f y3e4 ff4 fs7 fc1 sc2 ls0 ws0\">A. Ris<span class=\"_ _1\"></span>ulta<span class=\"_ _1\"></span>ti fi<span class=\"_ _1\"></span>nan<span class=\"_ _f\"></span>ziari<span class=\"sc0\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x46b y31b2 w516 h131\"><div class=\"t m0 x8a h1f y3e4 ff4 fs7 fc1 sc2 ls0 ws0\">A.1 Im<span class=\"_ _f\"></span>porti r<span class=\"_ _1\"></span>egis<span class=\"_ _f\"></span>t<span class=\"_ _2\"></span>ra<span class=\"_ _f\"></span>t<span class=\"_ _2\"></span>i in<span class=\"_ _f\"></span> conto e<span class=\"_ _1\"></span>con<span class=\"_ _f\"></span>omico<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x262 y268b wece h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc1 sc0 ls0 ws0\">1. Risultato finanz<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span>ario nett<span class=\"_ _1\"></span>o totale de<span class=\"_ _1\"></span>gli<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x262 y28c4 wecf h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc1 sc0 ls0 ws0\">investimenti<span class=\"_ _df\"> </span></div></td><td class=\"c x884 y31b3 wa5 had\"><div class=\"t m0 x14 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">240.425 </div></td><td class=\"c x610 y31b3 w3b9 had\"><div class=\"t m0 x7 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x88e y31b3 w519 had\"><div class=\"t m0 x39 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">240.425 </div></td><td class=\"c x885 y31b3 w3b9 had\"><div class=\"t m0 x33 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">214.682 </div></td><td class=\"c x4fd y31b3 wa5 had\"><div class=\"t m0 x7 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x889 y31b3 w206 had\"><div class=\"t m0 x48 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">214.682 </div></td></tr><tr><td class=\"c x262 y31b4 wed0 h48b\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">2. Ricavi/costi net<span class=\"_ _1\"></span>ti di natura fina<span class=\"_ _1\"></span>nziaria<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x262 y31b5 wed1 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">dei contratti as<span class=\"_ _1\"></span>sicurativi<span class=\"_ _df\"> </span></div></td><td class=\"c x884 y31b6 wa5 h58\"><div class=\"t m0 x55 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">(163.523) </div></td><td class=\"c x610 y31b6 w3b9 h58\"><div class=\"t m0 x7 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x88e y31b6 w519 h58\"><div class=\"t m0 x2e h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">(163.523) </div></td><td class=\"c x885 y31b6 w3b9 h58\"><div class=\"t m0 x55 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">(148.653) </div></td><td class=\"c x4fd y31b6 wa5 h58\"><div class=\"t m0 x7 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x889 y31b6 w206 h58\"><div class=\"t m0 x2e h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">(148.653) </div></td></tr><tr><td class=\"c x46b y31b7 w516 h131\"><div class=\"t m0 x8a h1f y3e4 ff4 fs7 fc1 sc2 ls0 ws0\">3. To<span class=\"_ _1\"></span>tale<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x884 y31b7 wa5 h131\"><div class=\"t m0 x35 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">76.902 </div></td><td class=\"c x610 y31b7 w3b9 h131\"><div class=\"t m0 x7 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x88e y31b7 w519 h131\"><div class=\"t m0 x32 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">76.902 </div></td><td class=\"c x885 y31b7 w3b9 h131\"><div class=\"t m0 x35 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">66.029 </div></td><td class=\"c x4fd y31b7 wa5 h131\"><div class=\"t m0 x7 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x889 y31b7 w206 h131\"><div class=\"t m0 x32 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">66.029 </div></td></tr><tr><td class=\"c x262 y31b8 wed2 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc2 ls0 ws0\">A.2 Im<span class=\"_ _f\"></span>porti r<span class=\"_ _1\"></span>egis<span class=\"_ _f\"></span>trati ne<span class=\"_ _1\"></span>l cont<span class=\"_ _f\"></span>o<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x262 y31b9 wed3 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc2 ls0 ws0\">econo<span class=\"_ _f\"></span>mico <span class=\"_ _1\"></span>com<span class=\"_ _f\"></span>plessiv<span class=\"_ _1\"></span>o<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x262 y31ba wed4 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">1. Risultato finanz<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span>ario nett<span class=\"_ _1\"></span>o totale degli<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x262 y31bb wecf h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">investimenti<span class=\"_ _df\"> </span></div></td><td class=\"c x884 y31bc wa5 h58\"><div class=\"t m0 x48 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">(12.709) </div></td><td class=\"c x610 y31bc w3b9 h58\"><div class=\"t m0 x7 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x88e y31bc w519 h58\"><div class=\"t m0 x14 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">(12.709) </div></td><td class=\"c x885 y31bc w3b9 h58\"><div class=\"t m0 x2c h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">77.490 </div></td><td class=\"c x4fd y31bc wa5 h58\"><div class=\"t m0 x7 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x889 y31bc w206 h58\"><div class=\"t m0 x35 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">77.490 </div></td></tr><tr><td class=\"c x262 y31bd wed0 h4f2\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">2. Ricavi/costi net<span class=\"_ _1\"></span>ti di natura fina<span class=\"_ _1\"></span>nziaria<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x262 y30dd wed1 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">dei contratti as<span class=\"_ _1\"></span>sicurativi<span class=\"_ _df\"> </span></div></td><td class=\"c x884 y31be wa5 hbb\"><div class=\"t m0 x3a h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">15.335 </div></td><td class=\"c x610 y31be w3b9 hbb\"><div class=\"t m0 x7 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x88e y31be w519 hbb\"><div class=\"t m0 x35 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">15.335 </div></td><td class=\"c x885 y31be w3b9 hbb\"><div class=\"t m0 x48 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">(60.791) </div></td><td class=\"c x4fd y31be wa5 hbb\"><div class=\"t m0 x7 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x889 y31be w206 hbb\"><div class=\"t m0 x48 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">(60.791) </div></td></tr><tr><td class=\"c x46b y31bf w516 h131\"><div class=\"t m0 x8a h1f y3e4 ff4 fs7 fc1 sc2 ls0 ws0\">3. To<span class=\"_ _1\"></span>tale<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x884 y31bf wa5 h131\"><div class=\"t m0 x26 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">2.626 </div></td><td class=\"c x610 y31bf w3b9 h131\"><div class=\"t m0 x7 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x88e y31bf w519 h131\"><div class=\"t m0 x27 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">2.626 </div></td><td class=\"c x885 y31bf w3b9 h131\"><div class=\"t m0 x2c h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">16.699 </div></td><td class=\"c x4fd y31bf wa5 h131\"><div class=\"t m0 x7 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x889 y31bf w206 h131\"><div class=\"t m0 x2c h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">16.699 </div></td></tr><tr><td class=\"c x262 y31c0 wed5 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc2 ls0 ws0\">B. Ris<span class=\"_ _f\"></span>ultato<span class=\"_ _1\"></span> nett<span class=\"_ _f\"></span>o assicur<span class=\"_ _f\"></span>ativo e<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x262 y31c1 waac h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc2 ls0 ws0\">finan<span class=\"_ _f\"></span>ziario<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x46b y31c2 w516 h131\"><div class=\"t m0 x8a h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">1. Risultato nett<span class=\"_ _1\"></span>o dei servizi ass<span class=\"_ _1\"></span>icurativi<span class=\"_ _df\"> </span></div></td><td class=\"c x884 y31c2 wa5 h131\"><div class=\"t m0 x35 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">24.437 </div></td><td class=\"c x610 y31c2 w3b9 h131\"><div class=\"t m0 x7 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x88e y31c2 w519 h131\"><div class=\"t m0 x32 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">24.437 </div></td><td class=\"c x885 y31c2 w3b9 h131\"><div class=\"t m0 x2c h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">61.865 </div></td><td class=\"c x4fd y31c2 wa5 h131\"><div class=\"t m0 x7 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x889 y31c2 w206 h131\"><div class=\"t m0 x2c h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">61.865 </div></td></tr><tr><td class=\"c x262 y31c3 wed6 h48b\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">2. Risultato finanz<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span>ario nett<span class=\"_ _1\"></span>o totale de<span class=\"_ _1\"></span>gli<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x262 y31c4 wecf h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">investimenti<span class=\"_ _df\"> </span></div></td><td class=\"c x884 y31c5 wa5 h58\"><div class=\"t m0 x32 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">227.716 </div></td><td class=\"c x610 y31c5 w3b9 h58\"><div class=\"t m0 x7 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x88e y31c5 w519 h58\"><div class=\"t m0 x48 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">227.716 </div></td><td class=\"c x885 y31c5 w3b9 h58\"><div class=\"t m0 x33 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">292.173 </div></td><td class=\"c x4fd y31c5 wa5 h58\"><div class=\"t m0 x7 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x889 y31c5 w206 h58\"><div class=\"t m0 x33 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">292.173 </div></td></tr><tr><td class=\"c x262 y306a wed7 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">3. Risultato nett<span class=\"_ _f\"></span>o<span class=\"_ _2\"></span> di natu<span class=\"_ _1\"></span>ra finanziaria<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x262 y306d wed8 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">dei contratti assicur<span class=\"_ _f\"></span>ativi<span class=\"_ _df\"> </span></div></td><td class=\"c x884 y31c6 wa5 had\"><div class=\"t m0 x130 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">(148.188) </div></td><td class=\"c x610 y31c6 w3b9 had\"><div class=\"t m0 x7 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x88e y31c6 w519 had\"><div class=\"t m0 x55 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">(148.188) </div></td><td class=\"c x885 y31c6 w3b9 had\"><div class=\"t m0 x2e h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">(209.444) </div></td><td class=\"c x4fd y31c6 wa5 had\"><div class=\"t m0 x7 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x889 y31c6 w206 had\"><div class=\"t m0 x2a h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">(209.444) </div></td></tr><tr><td class=\"c x46b y31c7 w516 h13\"><div class=\"t m0 x8a h1f y392 ff4 fs7 fc1 sc2 ls0 ws0\">4. Tot<span class=\"_ _f\"></span>ale </div></td><td class=\"c x884 y31c7 wa5 h13\"><div class=\"t m0 x33 h1f y32 ff4 fs7 fc1 sc2 ls0 ws0\">103.96<span class=\"_ _f\"></span>5 </div></td><td class=\"c x610 y31c7 w3b9 h13\"><div class=\"t m0 x7 h1f y32 ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td><td class=\"c x88e y31c7 w519 h13\"><div class=\"t m0 x48 h1f y32 ff4 fs7 fc1 sc2 ls0 ws0\">103.96<span class=\"_ _f\"></span>5 </div></td><td class=\"c x885 y31c7 w3b9 h13\"><div class=\"t m0 x33 h1f y32 ff4 fs7 fc1 sc2 ls0 ws0\">144.5<span class=\"_ _1\"></span>94 </div></td><td class=\"c x4fd y31c7 wa5 h13\"><div class=\"t m0 x7 h1f y32 ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td><td class=\"c x889 y31c7 w206 h13\"><div class=\"t m0 x48 h1f y32 ff4 fs7 fc1 sc2 ls0 ws0\">144.5<span class=\"_ _1\"></span>94 </div></td></tr></table>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfInsurancePremiumRevenueExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-842": {
   "value": "<div class=\"t m0 hc ff4 fs4 fc4 sc3 ls0 ws0 gse02\">Sezi<span class=\"_ _f\"></span>one 1<span class=\"_ _1\"></span>2 <span class=\"ff5\">\u2013</span> L<span class=\"_ _f\"></span>e spe<span class=\"_ _f\"></span>se am<span class=\"_ _f\"></span>minis<span class=\"_ _1\"></span>tra<span class=\"_ _f\"></span>tive - V<span class=\"_ _f\"></span>oce 1<span class=\"_ _1\"></span>90<span class=\"_ _f\"></span><span class=\"fs1\"> </span></div><div class=\"c w3c5 h12f gse03\"><div class=\"t m0 x10 h5 yf98 ff4 fs1 fc4 sc3 ls0 ws0\">12.1 Sp<span class=\"_ _1\"></span>ese p<span class=\"_ _1\"></span>er il<span class=\"_ _1\"></span> pers<span class=\"_ _1\"></span>onale<span class=\"_ _1\"></span>: com<span class=\"_ _f\"></span>posizio<span class=\"_ _1\"></span>ne </div></div><div class=\"gse04\"><table class=\"s wed9 h54e\" id=\"_7c8f0867-5828-4ab6-abb6-aa1ceb055274\"><tr><td class=\"c x44e y31c8 w4aa h24b\"><div class=\"t m0 x10f h1f y1498 ff4 fs7 fc4 sc3 ls0 ws0\">Tipol<span class=\"_ _f\"></span>ogia di s<span class=\"_ _f\"></span>pese/V<span class=\"_ _1\"></span>alor<span class=\"_ _f\"></span>i </div></td><td class=\"c x534 y31c9 w461 hbc\"><div class=\"t m0 x37 h1f y66c ff4 fs7 fc4 sc3 ls0 ws0\">Total<span class=\"_ _1\"></span>e </div></td><td class=\"c x533 y31c9 w3c4 hbc\"><div class=\"t m0 x37 h1f y66c ff4 fs7 fc4 sc3 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale </div></td></tr><tr><td></td><td class=\"c x534 y31c8 w461 h4e\"><div class=\"t m0 x32 h1f y295 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/<span class=\"_ _f\"></span>2025 </div></td><td class=\"c x533 y31c8 w3c4 h4e\"><div class=\"t m0 x32 h1f y295 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/<span class=\"_ _f\"></span>2024 </div></td></tr><tr><td class=\"c x44e y31ca w3c5 h13\"><div class=\"t m0 x10 h1f y392 ff4 fs7 fc1 sc0 ls0 ws0\">1) Personale dipenden<span class=\"_ _f\"></span>te </div></td><td class=\"c x532 y31ca w3c3 h13\"><div class=\"t m0 x7 h1f y392 ff4 fs7 fc1 sc0 ls0 ws0\">(605.818) </div></td><td class=\"c x533 y31ca w3c6 h13\"><div class=\"t m0 x7 h1f y392 ff4 fs7 fc1 sc0 ls0 ws0\">(599.9<span class=\"ls34\">73</span>) </div></td></tr><tr><td class=\"c x44e y31cb w3c5 h13\"><div class=\"t m0 x16a h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">a) salari e stipend<span class=\"_ _1\"></span>i </div></td><td class=\"c x532 y31cb w3c3 h13\"><div class=\"t m0 x7 h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">(433.6<span class=\"ls29\">61</span>) </div></td><td class=\"c x533 y31cb w3c6 h13\"><div class=\"t m0 x7 h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">(429.3<span class=\"lsf4\">56</span>) </div></td></tr><tr><td class=\"c x44e y31cc w3c5 h13\"><div class=\"t m0 x16a h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">b) oneri sociali<span class=\"_ _1\"></span> </div></td><td class=\"c x532 y31cc w3c3 h13\"><div class=\"t m0 x1c h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">(107.856) </div></td><td class=\"c x533 y31cc w3c6 h13\"><div class=\"t m0 xe h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">(104.171) </div></td></tr><tr><td class=\"c x44e y31cd w3c5 h13\"><div class=\"t m0 x16a h1f y392 ff4 fs7 fc1 sc0 ls0 ws0\">c) indennit\u00e0 di fi<span class=\"_ _1\"></span>ne rapporto<span class=\"_ _df\"> </span></div></td><td class=\"c x532 y31cd w3c3 h13\"><div class=\"t m0 xc7 h1f y392 ff4 fs7 fc1 sc0 ls0 ws0\">(4.339) </div></td><td class=\"c x533 y31cd w3c6 h13\"><div class=\"t m0 x49 h1f y392 ff4 fs7 fc1 sc0 ls0 ws0\">(5.735) </div></td></tr><tr><td class=\"c x44e y31ce w3c5 h13\"><div class=\"t m0 x16a h1f y392 ff4 fs7 fc1 sc0 ls0 ws0\">d) spese previdenzi<span class=\"_ _f\"></span>ali </div></td><td class=\"c x532 y31ce w3c3 h13\"><div class=\"t m0 xec h1f y392 ff4 fs7 fc1 sc0 ls0 ws0\">(46) </div></td><td class=\"c x533 y31ce w3c6 h13\"><div class=\"t m0 xe7 h1f y392 ff4 fs7 fc1 sc0 ls0 ws0\">(51) </div></td></tr><tr><td class=\"c x44e y31cf w3c5 h13\"><div class=\"t m0 x16a h1f y392 ff4 fs7 fc1 sc0 ls0 ws0\">e) accantonamen<span class=\"_ _1\"></span>to al trattamen<span class=\"_ _1\"></span>to di fine rappo<span class=\"_ _f\"></span>r<span class=\"_ _2\"></span>to del pe<span class=\"_ _f\"></span>r<span class=\"_ _2\"></span>sonale<span class=\"_ _df\"> </span></div></td><td class=\"c x532 y31cf w3c3 h13\"><div class=\"t m0 xc3 h1f y392 ff4 fs7 fc1 sc0 ls0 ws0\">(1.317) </div></td><td class=\"c x533 y31cf w3c6 h13\"><div class=\"t m0 x11d h1f y392 ff4 fs7 fc1 sc0 ls0 ws0\">(649) </div></td></tr><tr><td class=\"c x44e y31d0 w3c5 h13\"><div class=\"t m0 x16a h1f y392 ff4 fs7 fc1 sc0 ls0 ws0\">f) accantonament<span class=\"_ _1\"></span>o al fondo trattam<span class=\"_ _f\"></span>ento di quiescenza e obbligh<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span> simili: </div></td><td class=\"c x532 y31d0 w3c3 h13\"><div class=\"t m0 xec h1f y392 ff4 fs7 fc1 sc0 ls0 ws0\">(37) </div></td><td class=\"c x533 y31d0 w3c6 h13\"><div class=\"t m0 xec h1f y392 ff4 fs7 fc1 sc0 ls0 ws0\">(43) </div></td></tr><tr><td class=\"c x44e y31d1 w3c5 h13\"><div class=\"t m0 x48 h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">- a contribuzione<span class=\"_ _1\"></span> definita </div></td><td class=\"c x532 y31d1 w3c3 h13\"><div class=\"t m0 xc h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x533 y31d1 w3c6 h13\"><div class=\"t m0 xc h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y31d2 w3c5 h1f4\"><div class=\"t m0 x48 h1f y12f1 ff4 fs7 fc1 sc0 ls0 ws0\">- a benefici defin<span class=\"_ _1\"></span>iti </div></td><td class=\"c x532 y31d2 w3c3 h1f4\"><div class=\"t m0 xec h1f y12f1 ff4 fs7 fc1 sc0 ls0 ws0\">(37) </div></td><td class=\"c x533 y31d2 w3c6 h1f4\"><div class=\"t m0 xec h1f y12f1 ff4 fs7 fc1 sc0 ls0 ws0\">(43) </div></td></tr><tr><td class=\"c x44e y31d3 w3c5 h130\"><div class=\"t m0 x16a h1f y74a ff4 fs7 fc1 sc0 ls0 ws0\">g) versamenti a<span class=\"_ _1\"></span>i fondi di previdenz<span class=\"_ _1\"></span>a complementare es<span class=\"_ _1\"></span>terni:<span class=\"_ _df\"> </span></div></td><td class=\"c x532 y31d3 w3c3 h130\"><div class=\"t m0 xc6 h1f y74a ff4 fs7 fc1 sc0 ls0 ws0\">(28.939) </div></td><td class=\"c x533 y31d3 w3c6 h130\"><div class=\"t m0 xa3 h1f y74a ff4 fs7 fc1 sc0 ls0 ws0\">(27.567) </div></td></tr><tr><td class=\"c x44e y31d4 w3c5 h13\"><div class=\"t m0 x48 h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">- a contribuzione<span class=\"_ _1\"></span> definita </div></td><td class=\"c x532 y31d4 w3c3 h13\"><div class=\"t m0 xc6 h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">(28.939) </div></td><td class=\"c x533 y31d4 w3c6 h13\"><div class=\"t m0 xa3 h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">(27.567) </div></td></tr><tr><td class=\"c x44e y31d5 w3c5 h1a2\"><div class=\"t m0 x16a h1f y30c ff4 fs7 fc1 sc0 ls0 ws0\">h) costi derivant<span class=\"_ _1\"></span>i da accordi di pa<span class=\"_ _1\"></span>gamento basa<span class=\"_ _1\"></span>ti su propri strume<span class=\"_ _1\"></span>nti patrimon<span class=\"_ _1\"></span>iali<span class=\"_ _df\"> </span></div></td><td class=\"c x532 y31d5 w3c3 h1a2\"><div class=\"t m0 xc7 h1f y30c ff4 fs7 fc1 sc0 ls0 ws0\">(4.089) </div></td><td class=\"c x533 y31d5 w3c6 h1a2\"><div class=\"t m0 x1af h1f y30c ff4 fs7 fc1 sc0 ls0 ws0\">(4.133) </div></td></tr><tr><td class=\"c x44e y31d6 w3c5 h13\"><div class=\"t m0 x16a h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">i) altri benefici a f<span class=\"_ _1\"></span>avore dei dipenden<span class=\"_ _f\"></span>ti<span class=\"_ _df\"> </span></div></td><td class=\"c x532 y31d6 w3c3 h13\"><div class=\"t m0 xc6 h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">(25.534) </div></td><td class=\"c x533 y31d6 w3c6 h13\"><div class=\"t m0 xc6 h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">(28.268) </div></td></tr><tr><td class=\"c x44e y31d7 w3c5 h13\"><div class=\"t m0 x10 h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">2) Altro personale <span class=\"_ _1\"></span>in attivit\u00e0 </div></td><td class=\"c x532 y31d7 w3c3 h13\"><div class=\"t m0 x8 h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">(10.190) </div></td><td class=\"c x533 y31d7 w3c6 h13\"><div class=\"t m0 x1af h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">(9.196) </div></td></tr><tr><td class=\"c x44e y31d8 w3c5 h13\"><div class=\"t m0 x10 h1f y392 ff4 fs7 fc1 sc0 ls0 ws0\">3) Amministrato<span class=\"_ _1\"></span>ri e sindaci </div></td><td class=\"c x532 y31d8 w3c3 h13\"><div class=\"t m0 xc7 h1f y392 ff4 fs7 fc1 sc0 ls0 ws0\">(4.856) </div></td><td class=\"c x533 y31d8 w3c6 h13\"><div class=\"t m0 xc7 h1f y392 ff4 fs7 fc1 sc0 ls0 ws0\">(4.584) </div></td></tr><tr><td class=\"c x44e y31d9 w3c5 h13\"><div class=\"t m0 x10 h1f y392 ff4 fs7 fc1 sc0 ls0 ws0\">4) Personale co<span class=\"_ _1\"></span>llocato a riposo<span class=\"_ _df\"> </span></div></td><td class=\"c x532 y31d9 w3c3 h13\"><div class=\"t m0 xc h1f y392 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x533 y31d9 w3c6 h13\"><div class=\"t m0 xc h1f y392 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y31da w4cd h13\"><div class=\"t m0 x63 h1f y392 ff4 fs7 fc1 sc2 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale </div></td><td class=\"c x534 y31da w461 h13\"><div class=\"t m0 x7 h1f y392 ff4 fs7 fc1 sc2 ls0 ws0\">(620.<span class=\"_ _1\"></span>86<span class=\"_ _1\"></span>4) </div></td><td class=\"c x533 y31da w3c6 h13\"><div class=\"t m0 xf h1f y392 ff4 fs7 fc1 sc2 ls0 ws0\">(613.7<span class=\"_ _f\"></span><span class=\"lsf4\">53</span><span class=\"lsf4\"><span class=\"ls0\">) </span></span></div></td></tr></table></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gse05\">Come  da  indicazioni  della  circolare  di  B<span class=\"_ _1\"></span><span class=\"ff5\">anca  d\u2019Italia  262  del  <span class=\"ff4\">22  dicembre  2005  (e  succe<span class=\"_ _1\"></span>ssivi </span></span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gse06\">aggiornamenti): </div><div class=\"t m0 h5 ff13 fs1 fc1 sc0 ls0 ws0 gse07\">-<span class=\"_ _1d\"> </span><span class=\"ff4\">nella vo<span class=\"ff5\">ce <span class=\"_ _1\"></span>\u201cSpese per il <span class=\"_ _1\"></span>personale\u201d<span class=\"ff4\"> <span class=\"_ _13\"></span>figura<span class=\"ls13\">no</span> <span class=\"_ _13\"></span>anche i com<span class=\"ls39\">pe</span>n<span class=\"ls2\">si<span class=\"_ _1\"></span><span class=\"ls0\"> <span class=\"_ _13\"></span>agli <span class=\"_ _12\"></span>amministratori e ai <span class=\"_ _1\"></span>sindaci e </span></span></span></span></span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gse08\">le spese relative ai contratti di lavoro atipici;<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff13 fs1 fc1 sc0 ls0 ws0 gse09\">-<span class=\"_ _1d\"> </span><span class=\"ff4 ls1a\">la<span class=\"ls0\"> <span class=\"_ _13\"></span><span class=\"ff5\">sottovoce \u201cAltro p<span class=\"ff4\">ersonale i<span class=\"_ _f\"></span>n attivi<span class=\"_ _1\"></span>t\u00e0<span class=\"ff5\">\u201d co</span><span class=\"ls6\">mp</span>rend<span class=\"_ _1\"></span>e co<span class=\"ls6\">mp</span>ensi <span class=\"_ _0\"></span><span class=\"ls39\">pe</span>r<span class=\"_ _16\"> </span> collab<span class=\"_ _1\"></span>orazioni coordinate.<span class=\"_ _df\"> </span></span></span></span></span></div><div class=\"c w4a8 h17a gse0a\"><div class=\"t m0 x8a h5 y400 ff4 fs1 fc4 sc3 ls0 ws0\">12.2 <span class=\"_ _1\"></span>Numer<span class=\"_ _f\"></span>o medio<span class=\"_ _1\"></span> dei d<span class=\"_ _f\"></span>ipende<span class=\"_ _1\"></span>nti pe<span class=\"_ _1\"></span>r ca<span class=\"_ _1\"></span>tegor<span class=\"_ _1\"></span>ia<span class=\"fc1 sc0\"> </span></div></div><div class=\"gse0b\"><table class=\"s weda h54f\" id=\"_389a286d-ea09-49a7-b7ba-09d0dfa24257\"><tr><td></td><td></td><td class=\"c x57f y31db w3f7 h49\"><div class=\"t m0 x97 h1f y32 ff4 fs7 fc4 sc3 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale<span class=\"fc1 sc0\"> </span></div></td><td></td><td class=\"c x580 y31db w3f7 h49\"><div class=\"t m0 x97 h1f y25f ff4 fs7 fc4 sc3 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale<span class=\"fc1 sc0\"> </span></div></td><td></td></tr><tr><td></td><td></td><td class=\"c x57f y31dc w3f7 h49\"><div class=\"t m0 x35 h1f y68b ff4 fs7 fc4 sc3 ls0 ws0\">31/12/<span class=\"_ _f\"></span>2025<span class=\"fc1 sc0\"> </span></div></td><td class=\"c x88f y31dd w993 h4c0\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/<span class=\"_ _df\"> </span></div></td><td class=\"c x890 y31dd w994 h4c0\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc4 sc3 ls0 ws0\">2024<span class=\"_ _df\"> </span></div></td><td></td></tr><tr><td class=\"c x46b y31de w51a hc8\"><div class=\"t m0 x8a h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">1) Per<span class=\"_ _1\"></span>sona<span class=\"_ _f\"></span>le dipe<span class=\"_ _1\"></span>nde<span class=\"_ _1\"></span>nte<span class=\"sc0\"> </span></div></td><td></td><td></td><td class=\"c x57f y31de w3f7 hc8\"><div class=\"t m0 x11d h1f y32 ff4 fs7 fc1 sc2 ls0 ws0\">6.59<span class=\"_ _f\"></span>1<span class=\"sc0\"> </span></div></td><td></td><td class=\"c x580 y31de w3f9 hc8\"><div class=\"t m0 xef h1f y32 ff4 fs7 fc1 sc2 ls0 ws0\">6.544<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x46b y31df w51a hc8\"><div class=\"t m0 x16a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">a) dirigenti </div></td><td></td><td></td><td class=\"c x57f y31df w3f7 hc8\"><div class=\"t m0 xe7 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">175 </div></td><td></td><td class=\"c x580 y31df w3f9 hc8\"><div class=\"t m0 xe7 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">177 </div></td></tr><tr><td class=\"c x46b y31e0 w51a hc8\"><div class=\"t m0 x16a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">b) quadri dirett<span class=\"_ _1\"></span>ivi </div></td><td></td><td></td><td class=\"c x57f y31e0 w3f7 hc8\"><div class=\"t m0 xee h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">3.151 </div></td><td></td><td class=\"c x580 y31e0 w3f9 hc8\"><div class=\"t m0 xee h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">3.112 </div></td></tr><tr><td class=\"c x46b y31e1 w51a hc8\"><div class=\"t m0 x16a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">c) restante pers<span class=\"_ _1\"></span>onale dipendente </div></td><td></td><td></td><td class=\"c x57f y31e1 w3f7 hc8\"><div class=\"t m0 xef h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">3.265 </div></td><td></td><td class=\"c x580 y31e1 w3f9 hc8\"><div class=\"t m0 xef h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">3.255 </div></td></tr><tr><td class=\"c x46b y31e2 w51a hc8\"><div class=\"t m0 x8a h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">2) Alt<span class=\"_ _f\"></span>ro pers<span class=\"_ _f\"></span>onale<span class=\"sc0\"> </span></div></td><td></td><td></td><td class=\"c x57f y31e2 w3f7 hc8\"><div class=\"t m0 xe5 h1f y32 ff4 fs7 fc1 sc2 lsbc ws0\">38<span class=\"sc0 ls0\"> </span></div></td><td></td><td class=\"c x580 y31e2 w3f9 hc8\"><div class=\"t m0 xe5 h1f y32 ff4 fs7 fc1 sc2 lsf4 ws0\">54<span class=\"sc0 ls0\"> </span></div></td></tr><tr><td></td><td class=\"c x46b y31e3 w51a h227\"><div class=\"t m0 x3 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale<span class=\"sc0\"> </span></div></td><td></td><td class=\"c x57f y31e3 w3f7 h227\"><div class=\"t m0 xef h1f y32 ff4 fs7 fc1 sc2 ls0 ws0\">6.629<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td><td></td><td class=\"c x580 y31e3 w3f9 h227\"><div class=\"t m0 xef h1f y32 ff4 fs7 fc1 sc2 ls0 ws0\">6.59<span class=\"_ _f\"></span>8<span class=\"sc0\"> </span></div></td></tr></table></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gse0c\">Il <span class=\"_ _2\"></span>numero <span class=\"_ _d\"></span>medio <span class=\"_ _d\"></span>dei <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>ipendenti <span class=\"_ _2\"></span>non <span class=\"_ _d\"></span>include <span class=\"_ _2\"></span>g<span class=\"_ _2\"></span>li <span class=\"_ _2\"></span>amministr<span class=\"_ _2\"></span>atori <span class=\"_ _2\"></span>e <span class=\"_ _d\"></span>sindaci. <span class=\"_ _2\"></span>Nel <span class=\"_ _d\"></span>caso <span class=\"_ _d\"></span>dei <span class=\"_ _d\"></span>dipendenti </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gse0d\">part-time \u00e8 convenzionalmente considerato il 50%. </div><div class=\"t m0 he ff4 fs5 fc4 sc3 ls0 ws0 gse0e\">12.4 A<span class=\"_ _1\"></span>ltri ben<span class=\"_ _1\"></span>efici a<span class=\"_ _1\"></span> favo<span class=\"_ _f\"></span>re dei dip<span class=\"_ _f\"></span>endenti  </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gse0f\">La v<span class=\"_ _1\"></span>oce comp<span class=\"_ _1\"></span>rende i <span class=\"_ _1\"></span>buoni p<span class=\"_ _1\"></span>asto, gli <span class=\"_ _1\"></span><span class=\"ff5\">incentivi all\u2019esodo, <span class=\"_ _f\"></span>le altre libe<span class=\"_ _1\"></span>ralit\u00e0 diverse, <span class=\"_ _f\"></span>i costi pe<span class=\"_ _1\"></span>r polizze </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gse10\">assicurative <span class=\"_ _f\"></span>st<span class=\"_ _2\"></span>ipul<span class=\"_ _1\"></span>ate <span class=\"_ _1\"></span>a <span class=\"_ _f\"></span>favor<span class=\"_ _2\"></span>e <span class=\"_ _f\"></span>dei <span class=\"_ _f\"></span>dipendenti, <span class=\"_ _f\"></span>i corsi <span class=\"_ _f\"></span>per <span class=\"_ _f\"></span>corsi d<span class=\"_ _f\"></span>i agg<span class=\"_ _1\"></span>iornamento <span class=\"_ _1\"></span>professionale, ecc.<span class=\"sc2\"> </span></div>12.5 <span class=\"_ _1\"></span>Altre <span class=\"_ _f\"></span>spese a<span class=\"_ _1\"></span>mminis<span class=\"_ _f\"></span>trative:<span class=\"_ _1\"></span> comp<span class=\"_ _1\"></span>osizi<span class=\"_ _1\"></span>one<span class=\"_ _f\"></span><span class=\"fc1 sc0\"> </span><table class=\"s wedb h550\" id=\"_efb0d996-7f3d-4522-b4b7-c6dd75a2a09d\"><tr><td class=\"c x46b y31e4 w51b hd7\"><div class=\"t m0 x52 h1f yab9 ff4 fs7 fc4 sc3 ls0 ws0\">Tipol<span class=\"_ _f\"></span>ogia ser<span class=\"_ _f\"></span>vizi/Va<span class=\"_ _1\"></span>lori<span class=\"fc1 sc0\"> </span></div></td><td></td><td class=\"c x636 y31e5 w51c h2ea\"><div class=\"t m0 x38 h1f y32 ff4 fs7 fc4 sc3 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale<span class=\"fc1 sc0\"> </span></div></td><td class=\"c x750 y31e5 w51d h2ea\"><div class=\"t m0 x38 h1f ye4c ff4 fs7 fc4 sc3 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale<span class=\"fc1 sc0\"> </span></div></td></tr><tr><td></td><td></td><td class=\"c x636 y31e4 w51c h260\"><div class=\"t m0 x2c h1f y61e ff4 fs7 fc4 sc3 ls0 ws0\">31/12/<span class=\"_ _f\"></span>2025<span class=\"fc1 sc0\"> </span></div></td><td class=\"c x750 y31e4 w51d h260\"><div class=\"t m0 x2c h1f y61e ff4 fs7 fc4 sc3 ls0 ws0\">31/12/<span class=\"_ _f\"></span>2024<span class=\"fc1 sc0\"> </span></div></td></tr><tr><td class=\"c x46b y31e6 w301 h213\"><div class=\"t m0 x8a h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">Impo<span class=\"_ _1\"></span>ste e<span class=\"_ _f\"></span> tasse<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td><td></td><td class=\"c x636 y31e6 w51c h213\"><div class=\"t m0 xc7 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">(161.16<span class=\"_ _f\"></span>0)<span class=\"sc0\"> </span></div></td><td class=\"c x750 y31e6 w11c h213\"><div class=\"t m0 x8 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">(151.<span class=\"_ _1\"></span>595)<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x46b y31e7 w301 h213\"><div class=\"t m0 x16a h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">Imposta di boll<span class=\"_ _1\"></span>o </div></td><td></td><td class=\"c x636 y31e7 w51c h213\"><div class=\"t m0 xe h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">(143.294) </div></td><td class=\"c x750 y31e7 w11c h213\"><div class=\"t m0 xc6 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">(135.089) </div></td></tr><tr><td class=\"c x46b y31e8 w301 h213\"><div class=\"t m0 x16a h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">Imposta Municip<span class=\"_ _1\"></span>ale Unica </div></td><td></td><td class=\"c x636 y31e8 w51c h213\"><div class=\"t m0 x11d h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">(3.110) </div></td><td class=\"c x750 y31e8 w11c h213\"><div class=\"t m0 xf0 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">(3.085) </div></td></tr><tr><td class=\"c x46b y31e9 w301 hc8\"><div class=\"t m0 x16a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">Altro </div></td><td></td><td class=\"c x636 y31e9 w51c hc8\"><div class=\"t m0 x49 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">(14.756) </div></td><td class=\"c x750 y31e9 w11c hc8\"><div class=\"t m0 x1af h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">(13.421) </div></td></tr><tr><td class=\"c x46b y31ea w301 h213\"><div class=\"t m0 x8a h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">Altr<span class=\"_ _1\"></span>e spes<span class=\"_ _f\"></span>e<span class=\"sc0\"> </span></div></td><td></td><td class=\"c x636 y31ea w51c h213\"><div class=\"t m0 xe h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">(303.7<span class=\"_ _f\"></span>61)<span class=\"sc0\"> </span></div></td><td class=\"c x750 y31ea w11c h213\"><div class=\"t m0 xc6 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">(280.7<span class=\"_ _f\"></span>43)<span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x46b y31eb w301 h213\"><div class=\"t m0 x16a h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">Assicurazioni </div></td><td></td><td class=\"c x636 y31eb w51c h213\"><div class=\"t m0 xf0 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">(3.233) </div></td><td class=\"c x750 y31eb w11c h213\"><div class=\"t m0 xf0 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">(3.465) </div></td></tr><tr><td class=\"c x46b y31ec w301 h213\"><div class=\"t m0 x16a h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">ATM </div></td><td></td><td class=\"c x636 y31ec w51c h213\"><div class=\"t m0 xf0 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">(2.300) </div></td><td class=\"c x750 y31ec w11c h213\"><div class=\"t m0 xc3 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">(1.903) </div></td></tr><tr><td class=\"c x46b y31ed w301 hc8\"><div class=\"t m0 x16a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">Economato, ca<span class=\"_ _1\"></span>ncelleria, stamp<span class=\"_ _1\"></span>ati </div></td><td></td><td class=\"c x636 y31ed w51c hc8\"><div class=\"t m0 xef h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">(6.516) </div></td><td class=\"c x750 y31ed w11c hc8\"><div class=\"t m0 xf0 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">(7.640) </div></td></tr><tr><td class=\"c x46b y31ee w301 h213\"><div class=\"t m0 x16a h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">Formazione  </div></td><td></td><td class=\"c x636 y31ee w51c h213\"><div class=\"t m0 xf0 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">(4.024) </div></td><td class=\"c x750 y31ee w11c h213\"><div class=\"t m0 xf0 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">(3.550) </div></td></tr><tr><td class=\"c x46b y31ef w301 h213\"><div class=\"t m0 x16a h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">Energia elettr<span class=\"_ _1\"></span>ica </div></td><td></td><td class=\"c x636 y31ef w51c h213\"><div class=\"t m0 xc3 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">(6.255) </div></td><td class=\"c x750 y31ef w11c h213\"><div class=\"t m0 xc3 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">(7.589) </div></td></tr><tr><td class=\"c x46b y31f0 w301 h213\"><div class=\"t m0 x16a h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">Fitti passivi su imm<span class=\"_ _f\"></span>o<span class=\"_ _2\"></span>bil<span class=\"_ _1\"></span>i </div></td><td></td><td class=\"c x636 y31f0 w51c h213\"><div class=\"t m0 x11d h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">(1.516) </div></td><td class=\"c x750 y31f0 w11c h213\"><div class=\"t m0 x11d h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">(1.527) </div></td></tr><tr><td class=\"c x46b y31f1 w301 hc8\"><div class=\"t m0 x16a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">Altre spese imm<span class=\"_ _1\"></span>obiliari </div></td><td></td><td class=\"c x636 y31f1 w51c hc8\"><div class=\"t m0 x49 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">(13.062) </div></td><td class=\"c x750 y31f1 w11c hc8\"><div class=\"t m0 x49 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">(12.773) </div></td></tr><tr><td class=\"c x46b y31f2 w301 h2ea\"><div class=\"t m0 x16a h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">Info provider </div></td><td></td><td class=\"c x636 y31f2 w51c h2ea\"><div class=\"t m0 xc7 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">(18.849) </div></td><td class=\"c x750 y31f2 w11c h2ea\"><div class=\"t m0 x49 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">(16.974) </div></td></tr><tr><td class=\"c x46b y31f3 w301 h213\"><div class=\"t m0 x16a h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">Elaborazioni e<span class=\"_ _1\"></span>lettroniche press<span class=\"_ _1\"></span>o terzi </div></td><td></td><td class=\"c x636 y31f3 w51c h213\"><div class=\"t m0 xe h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">(127.395) </div></td><td class=\"c x750 y31f3 w11c h213\"><div class=\"t m0 xa3 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">(108.126) </div></td></tr><tr><td class=\"c x46b y31f4 w301 h213\"><div class=\"t m0 x16a h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">Macchine ufficio </div></td><td></td><td class=\"c x636 y31f4 w51c h213\"><div class=\"t m0 xe6 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">(62) </div></td><td class=\"c x750 y31f4 w11c h213\"><div class=\"t m0 xe6 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">(58) </div></td></tr><tr><td class=\"c x46b y31f5 w301 hc8\"><div class=\"t m0 x16a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">Lavorazione banc<span class=\"_ _1\"></span>arie esternal<span class=\"_ _1\"></span>izzate </div></td><td></td><td class=\"c x636 y31f5 w51c hc8\"><div class=\"t m0 xf0 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">(9.909) </div></td><td class=\"c x750 y31f5 w11c hc8\"><div class=\"t m0 xef h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">(7.185) </div></td></tr><tr><td class=\"c x46b y31f6 w301 h213\"><div class=\"t m0 x16a h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">Marketing </div></td><td></td><td class=\"c x636 y31f6 w51c h213\"><div class=\"t m0 xc7 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">(23.779) </div></td><td class=\"c x750 y31f6 w11c h213\"><div class=\"t m0 x8 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">(24.004) </div></td></tr><tr><td class=\"c x46b y31f7 w301 h213\"><div class=\"t m0 x16a h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">Mobilit\u00e0 </div></td><td></td><td class=\"c x636 y31f7 w51c h213\"><div class=\"t m0 x1af h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">(11.742) </div></td><td class=\"c x750 y31f7 w11c h213\"><div class=\"t m0 x1af h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">(11.568) </div></td></tr><tr><td class=\"c x46b y31f8 w301 h213\"><div class=\"t m0 x16a h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">Postali </div></td><td></td><td class=\"c x636 y31f8 w51c h213\"><div class=\"t m0 x11f h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">(869) </div></td><td class=\"c x750 y31f8 w11c h213\"><div class=\"t m0 xef h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">(1.589) </div></td></tr><tr><td class=\"c x46b y31f9 w301 hc8\"><div class=\"t m0 x16a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">Consulenza<span class=\"_ _1\"></span> </div></td><td></td><td class=\"c x636 y31f9 w51c hc8\"><div class=\"t m0 x1af h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">(14.169) </div></td><td class=\"c x750 y31f9 w11c hc8\"><div class=\"t m0 x49 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">(15.094) </div></td></tr><tr><td class=\"c x46b y31fa w301 h213\"><div class=\"t m0 x16a h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">Spese legali per rec<span class=\"_ _1\"></span>upero crediti </div></td><td></td><td class=\"c x636 y31fa w51c h213\"><div class=\"t m0 xc3 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">(4.661) </div></td><td class=\"c x750 y31fa w11c h213\"><div class=\"t m0 xef h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">(5.210) </div></td></tr><tr><td class=\"c x46b y31fb w301 h213\"><div class=\"t m0 x16a h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">Spese legali </div></td><td></td><td class=\"c x636 y31fb w51c h213\"><div class=\"t m0 xf0 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">(4.928) </div></td><td class=\"c x750 y31fb w11c h213\"><div class=\"t m0 xf0 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">(4.486) </div></td></tr><tr><td class=\"c x46b y31fc w301 h213\"><div class=\"t m0 x16a h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">Altri compensi a pr<span class=\"_ _f\"></span>ofessionisti esterni </div></td><td></td><td class=\"c x636 y31fc w51c h213\"><div class=\"t m0 xef h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">(1.675) </div></td><td class=\"c x750 y31fc w11c h213\"><div class=\"t m0 xef h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">(1.658) </div></td></tr><tr><td class=\"c x46b y31fd w301 hc8\"><div class=\"t m0 x16a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">Reti e servizi inter<span class=\"_ _f\"></span>bancari </div></td><td></td><td class=\"c x636 y31fd w51c hc8\"><div class=\"t m0 xf0 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">(4.709) </div></td><td class=\"c x750 y31fd w11c hc8\"><div class=\"t m0 xc3 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">(3.322) </div></td></tr><tr><td class=\"c x46b y31fe w301 h213\"><div class=\"t m0 x16a h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">Telefoniche </div></td><td></td><td class=\"c x636 y31fe w51c h213\"><div class=\"t m0 xc3 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">(6.575) </div></td><td class=\"c x750 y31fe w11c h213\"><div class=\"t m0 xf0 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">(7.009) </div></td></tr><tr><td class=\"c x46b y31ff w301 h213\"><div class=\"t m0 x16a h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">Trasporti </div></td><td></td><td class=\"c x636 y31ff w51c h213\"><div class=\"t m0 x11f h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">(427) </div></td><td class=\"c x750 y31ff w11c h213\"><div class=\"t m0 x11f h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">(450) </div></td></tr><tr><td class=\"c x46b y3200 w301 h2ea\"><div class=\"t m0 x16a h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">Trasporto valo<span class=\"_ _1\"></span>ri e contazione </div></td><td></td><td class=\"c x636 y3200 w51c h2ea\"><div class=\"t m0 xc3 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">(3.782) </div></td><td class=\"c x750 y3200 w11c h2ea\"><div class=\"t m0 xef h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">(3.791) </div></td></tr><tr><td class=\"c x46b y3201 w301 hc8\"><div class=\"t m0 x16a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">Vigilanza </div></td><td></td><td class=\"c x636 y3201 w51c hc8\"><div class=\"t m0 xc3 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">(5.104) </div></td><td class=\"c x750 y3201 w11c hc8\"><div class=\"t m0 xf0 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">(4.236) </div></td></tr><tr><td class=\"c x46b y3202 w301 h213\"><div class=\"t m0 x16a h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">Visure e informazi<span class=\"_ _f\"></span>o<span class=\"_ _2\"></span>ni </div></td><td></td><td class=\"c x636 y3202 w51c h213\"><div class=\"t m0 x1af h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">(10.615) </div></td><td class=\"c x750 y3202 w11c h213\"><div class=\"t m0 xf0 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">(9.380) </div></td></tr><tr><td class=\"c x46b y3203 w301 h213\"><div class=\"t m0 x16a h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">Altre spese </div></td><td></td><td class=\"c x636 y3203 w51c h213\"><div class=\"t m0 x49 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">(17.605) </div></td><td class=\"c x750 y3203 w11c h213\"><div class=\"t m0 x1af h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">(18.156) </div></td></tr><tr><td class=\"c x46b y3204 w51e h213\"><div class=\"t m0 x8a h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">Cont<span class=\"_ _f\"></span>ributi Fo<span class=\"_ _1\"></span>ndi<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td><td></td><td class=\"c x636 y3204 w51c h213\"><div class=\"t m0 xc3 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">(7.24<span class=\"_ _f\"></span>4)<span class=\"sc0\"> </span></div></td><td class=\"c x750 y3204 w11c h213\"><div class=\"t m0 xc7 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">(37.2<span class=\"_ _f\"></span>48)<span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x46b y3205 w301 hc8\"><div class=\"t m0 x16a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">Contributi Fondo d<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span> Riso<span class=\"_ _1\"></span>luzione Unico - SRF </div></td><td></td><td class=\"c x636 y3205 w51c hc8\"><div class=\"t m0 x11e h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x750 y3205 w11c hc8\"><div class=\"t m0 x11e h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y3206 w301 h213\"><div class=\"t m0 x16a h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">Contributi Sistem<span class=\"_ _f\"></span>a G<span class=\"_ _2\"></span>aranzi<span class=\"_ _1\"></span>a Depositi - DGSD </div></td><td></td><td class=\"c x636 y3206 w51c h213\"><div class=\"t m0 xef h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">(2.501) </div></td><td class=\"c x750 y3206 w11c h213\"><div class=\"t m0 xc7 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">(32.967) </div></td></tr><tr><td class=\"c x46b y3207 w301 h213\"><div class=\"t m0 x16a h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">Contributi Fondo <span class=\"_ _1\"></span>Garanzia assicura<span class=\"_ _f\"></span>tivo Rami Vita </div></td><td></td><td class=\"c x636 y3207 w51c h213\"><div class=\"t m0 xf0 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">(4.743) </div></td><td class=\"c x750 y3207 w11c h213\"><div class=\"t m0 xef h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">(4.281) </div></td></tr><tr><td></td><td class=\"c x46b y3208 w301 hcb\"><div class=\"t m0 x5d h1f y80 ff4 fs7 fc1 sc2 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale<span class=\"sc0\"> </span></div></td><td class=\"c x636 y3208 w51c hcb\"><div class=\"t m0 xa3 h1f y80 ff4 fs7 fc1 sc2 ls0 ws0\">(472.<span class=\"_ _f\"></span>165)<span class=\"sc0\"> </span></div></td><td class=\"c x750 y3208 w11c hcb\"><div class=\"t m0 xf h1f y80 ff4 fs7 fc1 sc2 ls0 ws0\">(469.<span class=\"_ _1\"></span>586<span class=\"_ _1\"></span>)<span class=\"sc0\"> </span></div></td></tr></table>Sezi<span class=\"_ _f\"></span>one 1<span class=\"_ _1\"></span>3 <span class=\"ff5\">\u2013</span> <span class=\"_ _f\"></span>Accan<span class=\"_ _f\"></span>tonam<span class=\"_ _f\"></span>enti n<span class=\"_ _f\"></span>etti ai f<span class=\"_ _1\"></span>on<span class=\"_ _f\"></span>di per r<span class=\"_ _f\"></span>ischi <span class=\"_ _1\"></span>ed o<span class=\"_ _f\"></span>neri -<span class=\"_ _1\"></span> Voc<span class=\"_ _f\"></span>e 200<span class=\"_ _f\"></span> 13.1 <span class=\"_ _1\"></span>Accant<span class=\"_ _1\"></span>ona<span class=\"_ _1\"></span>menti<span class=\"_ _1\"></span> nett<span class=\"_ _1\"></span>i per <span class=\"_ _f\"></span>il rischio <span class=\"_ _f\"></span>di credito<span class=\"_ _f\"></span> relativ<span class=\"_ _1\"></span>i a im<span class=\"_ _1\"></span>pegni<span class=\"_ _f\"></span> <span class=\"_ _2\"></span>a er<span class=\"_ _1\"></span>ogar<span class=\"_ _1\"></span>e fond<span class=\"_ _1\"></span>i e ga<span class=\"_ _f\"></span>ranzie finanzi<span class=\"_ _1\"></span>arie <span class=\"_ _f\"></span>rilascia<span class=\"_ _1\"></span>te: co<span class=\"_ _f\"></span>mposizio<span class=\"_ _f\"></span>ne<span class=\"fc1 sc0\"> </span><table class=\"s wedd h552\" id=\"_f26c6ad4-7211-4790-aef6-3a3fee8b864f\"><tr><td></td><td class=\"c x488 y3212 w520 h69\"><div class=\"t m0 x32 h1f y302 ff4 fs7 fc1 sc2 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale<span class=\"sc0\"> </span></div></td><td class=\"c x892 y3212 w521 h69\"><div class=\"t m0 x32 h1f y302 ff4 fs7 fc1 sc2 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale<span class=\"sc0\"> </span></div></td></tr><tr><td></td><td class=\"c x488 y3213 w520 h49\"><div class=\"t m0 x55 h1f y25c ff4 fs7 fc1 sc2 ls0 ws0\">31/12/<span class=\"_ _f\"></span>2025<span class=\"sc0\"> </span></div></td><td class=\"c x892 y3213 w521 h49\"><div class=\"t m0 x55 h1f y25c ff4 fs7 fc1 sc2 ls0 ws0\">31/12/<span class=\"_ _f\"></span>2024<span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x262 y3214 wede h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc1 sc0 ls0 ws0\">Accantonamento ne<span class=\"_ _f\"></span>tto al fondo rischi per impegn<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span> a erog<span class=\"_ _f\"></span>ar<span class=\"_ _2\"></span>e fond<span class=\"_ _1\"></span>i e garanzie finanz<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span>arie<span class=\"_ _df\"> </span></div></td><td class=\"c x488 y3215 w520 had\"><div class=\"t m0 x13 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">(2.106) </div></td><td class=\"c x892 y3215 w523 had\"><div class=\"t m0 x90 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">(336) </div></td></tr><tr><td class=\"c x262 y3216 wbc5 h4d6\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">rilasciate<span class=\"_ _df\"> </span></div></td><td></td><td></td></tr><tr><td class=\"c x262 y3217 wedf h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">Riattribuzione a<span class=\"_ _1\"></span> conto economico re<span class=\"_ _1\"></span>lative al fondo risc<span class=\"_ _1\"></span>hi per impegni <span class=\"_ _1\"></span>a erogare f<span class=\"_ _1\"></span>ondi e<span class=\"_ _df\"> </span></div></td><td class=\"c x488 y3218 w520 had\"><div class=\"t m0 xc6 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">303 </div></td><td class=\"c x892 y3218 w523 had\"><div class=\"t m0 x90 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">1.055 </div></td></tr><tr><td class=\"c x262 y3219 wee0 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">garanzie finanz<span class=\"_ _1\"></span>iarie rilasciate<span class=\"_ _df\"> </span></div></td><td></td><td></td></tr><tr><td class=\"c x46b y321a w522 h49\"><div class=\"t m0 xda h1f y25f ff4 fs7 fc1 sc2 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale<span class=\"sc0\"> </span></div></td><td class=\"c x488 y321a w520 h49\"><div class=\"t m0 x13 h1f y25f ff4 fs7 fc1 sc2 ls0 ws0\">(1.803<span class=\"_ _f\"></span>)<span class=\"sc0\"> </span></div></td><td class=\"c x892 y321a w523 h49\"><div class=\"t m0 xa3 h1f y25f ff4 fs7 fc1 sc2 ls0 ws0\">719<span class=\"sc0\"> </span></div></td></tr></table>13.3 <span class=\"_ _f\"></span>Accantona<span class=\"_ _f\"></span>menti net<span class=\"_ _1\"></span>ti a<span class=\"_ _1\"></span>gli a<span class=\"_ _1\"></span>ltri fo<span class=\"_ _1\"></span>ndi per<span class=\"_ _f\"></span> rischi e <span class=\"_ _1\"></span>oneri<span class=\"_ _1\"></span>: com<span class=\"_ _f\"></span>posizi<span class=\"_ _1\"></span>one <table class=\"s wedc h551\" id=\"_5c201660-e7cd-4d51-82f7-bfb92930e234\"><tr><td></td><td></td><td class=\"c x528 y3209 w278 h69\"><div class=\"t m0 x33 h1f y32 ff4 fs7 fc1 sc2 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale </div></td><td class=\"c x891 y3209 w524 h69\"><div class=\"t m0 x33 h1f y32 ff4 fs7 fc1 sc2 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale </div></td></tr><tr><td></td><td></td><td class=\"c x528 y320a w278 h49\"><div class=\"t m0 x2e h1f y68b ff4 fs7 fc1 sc2 ls0 ws0\">31/12/<span class=\"_ _f\"></span>2025 </div></td><td class=\"c x891 y320a w524 h49\"><div class=\"t m0 x2a h1f y68b ff4 fs7 fc1 sc2 ls0 ws0\">31/12/<span class=\"_ _f\"></span>2024 </div></td></tr><tr><td class=\"c x44e y320b w525 h69\"><div class=\"t m0 x10 h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">Accantonamento ne<span class=\"_ _f\"></span>tto al fondo rischi per cau<span class=\"_ _1\"></span>se passive e rev<span class=\"_ _f\"></span>o<span class=\"_ _2\"></span>catorie </div></td><td></td><td class=\"c x528 y320b w278 h69\"><div class=\"t m0 x8f h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">(4.631) </div></td><td class=\"c x891 y320b w46 h69\"><div class=\"t m0 x8f h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">(2.713) </div></td></tr><tr><td class=\"c x44e y320c w525 h69\"><div class=\"t m0 x10 h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">Interessi passiv<span class=\"_ _1\"></span>i da attualizzaz<span class=\"_ _1\"></span>ione fondo per cau<span class=\"_ _f\"></span>se passive e revocatori<span class=\"_ _1\"></span>e </div></td><td></td><td class=\"c x528 y320c w278 h69\"><div class=\"t m0 x91 h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">(328) </div></td><td class=\"c x891 y320c w46 h69\"><div class=\"t m0 x12 h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">(600) </div></td></tr><tr><td class=\"c x44e y320d w525 h69\"><div class=\"t m0 x10 h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">Riattribuzione a<span class=\"_ _1\"></span> conto economic<span class=\"_ _1\"></span>o relative al fond<span class=\"_ _1\"></span>o rischi per cau<span class=\"_ _1\"></span>se passive<span class=\"_ _1\"></span> e revocatorie </div></td><td></td><td class=\"c x528 y320d w278 h69\"><div class=\"t m0 x91 h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">1.824 </div></td><td class=\"c x891 y320d w46 h69\"><div class=\"t m0 x96 h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">2.270 </div></td></tr><tr><td class=\"c x44e y320e w525 h69\"><div class=\"t m0 x10 h1f y5b ff4 fs7 fc1 sc0 ls0 ws0\">Accantonamenti ad <span class=\"_ _1\"></span>altri fondi </div></td><td></td><td class=\"c x528 y320e w278 h69\"><div class=\"t m0 x36 h1f y5b ff4 fs7 fc1 sc0 ls0 ws0\">(9.854) </div></td><td class=\"c x891 y320e w46 h69\"><div class=\"t m0 x97 h1f y5b ff4 fs7 fc1 sc0 ls0 ws0\">(22.409) </div></td></tr><tr><td class=\"c x44e y320f w525 h212\"><div class=\"t m0 x10 h1f y2ea ff4 fs7 fc1 sc0 ls0 ws0\">Interessi passiv<span class=\"_ _1\"></span>i da attualizzaz<span class=\"_ _1\"></span>ione relativi ad a<span class=\"_ _1\"></span>ltri fondi </div></td><td></td><td class=\"c x528 y320f w278 h212\"><div class=\"t m0 x90 h1f y2ea ff4 fs7 fc1 sc0 ls0 ws0\">(705) </div></td><td class=\"c x891 y320f w46 h212\"><div class=\"t m0 x13 h1f y2ea ff4 fs7 fc1 sc0 ls0 ws0\">(1.176) </div></td></tr><tr><td class=\"c x44e y3210 w525 h69\"><div class=\"t m0 x10 h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">Riattribuzione a<span class=\"_ _1\"></span> conto economic<span class=\"_ _1\"></span>o relative ad al<span class=\"_ _1\"></span>tri fondi </div></td><td></td><td class=\"c x528 y3210 w278 h69\"><div class=\"t m0 x90 h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">1.294 </div></td><td class=\"c x891 y3210 w46 h69\"><div class=\"t m0 x11 h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">4.203 </div></td></tr><tr><td></td><td class=\"c x44e y3211 w525 h49\"><div class=\"t m0 x53 h1f y25f ff4 fs7 fc1 sc2 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale </div></td><td class=\"c x528 y3211 w278 h49\"><div class=\"t m0 x30 h1f y25f ff4 fs7 fc1 sc2 ls0 ws0\">(12.4<span class=\"_ _f\"></span>00) </div></td><td class=\"c x891 y3211 w46 h49\"><div class=\"t m0 x38 h1f y25f ff4 fs7 fc1 sc2 ls0 ws0\">(20.4<span class=\"_ _f\"></span>25) </div></td></tr></table>Sezi<span class=\"_ _f\"></span>one 1<span class=\"_ _1\"></span>4 <span class=\"ff5\">\u2013</span> <span class=\"_ _f\"></span>Rettific<span class=\"_ _f\"></span>he/rip<span class=\"_ _f\"></span>rese d<span class=\"_ _f\"></span>i valo<span class=\"_ _f\"></span>re net<span class=\"_ _1\"></span>te s<span class=\"_ _f\"></span>u attiv<span class=\"_ _f\"></span>it\u00e0 m<span class=\"_ _f\"></span>ateria<span class=\"_ _f\"></span>li <span class=\"ff5\">\u2013</span> Vo<span class=\"_ _1\"></span>ce 2<span class=\"_ _f\"></span>10 14.1. <span class=\"_ _1\"></span>Rettifi<span class=\"_ _1\"></span>che <span class=\"_ _1\"></span>di va<span class=\"_ _f\"></span>lore nett<span class=\"_ _1\"></span>e su <span class=\"_ _f\"></span>attivit\u00e0 <span class=\"_ _1\"></span>mat<span class=\"_ _1\"></span>eriali: <span class=\"_ _1\"></span>comp<span class=\"_ _1\"></span>osizio<span class=\"_ _f\"></span>ne<span class=\"fc1 sc0\"> </span><table class=\"s wee1 h553\" id=\"_f32ec9ab-cabc-4a33-8d5d-ce003bbe2e31\"><tr><td></td><td class=\"c x893 y321b w527 h1f6\"><div class=\"t m0 x16a h1f y1220 ff4 fs7 fc4 sc3 ls0 ws0\">Amm<span class=\"_ _f\"></span>ortam<span class=\"_ _1\"></span>ento<span class=\"_ _f\"></span><span class=\"fc1 sc0\"> </span></div></td><td class=\"c x800 y321c wee2 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">Rett<span class=\"_ _f\"></span>ifiche di v<span class=\"_ _f\"></span>alore<span class=\"_ _df\"> </span></div></td><td class=\"c x894 y321d wee3 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">per<span class=\"_ _df\"> </span></div></td><td class=\"c x68c y321b w529 h1f6\"><div class=\"t m0 xac h1f y1220 ff4 fs7 fc4 sc3 ls0 ws0\">Ripre<span class=\"_ _1\"></span>se di<span class=\"_ _f\"></span> valore<span class=\"_ _f\"></span><span class=\"fc1 sc0\"> </span></div></td><td class=\"c x895 y321b w52a h1f6\"><div class=\"t m0 x16a h1f y1220 ff4 fs7 fc4 sc3 ls0 ws0\">Risu<span class=\"_ _1\"></span>ltato<span class=\"_ _1\"></span> nett<span class=\"_ _f\"></span>o<span class=\"fc1 sc0\"> </span></div></td></tr><tr><td class=\"c x46b y321e w526 h28d\"><div class=\"t m0 x34 h1f y843 ff4 fs7 fc4 sc3 ls0 ws0\">Atti<span class=\"_ _1\"></span>vit\u00e0/C<span class=\"_ _f\"></span>ompon<span class=\"_ _1\"></span>ente<span class=\"_ _1\"></span> red<span class=\"_ _f\"></span>dituali<span class=\"fc1 sc0\"> </span></div></td><td></td><td class=\"c x896 y321f wee4 h484\" colspan=\"2\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">deter<span class=\"_ _1\"></span>iora<span class=\"_ _f\"></span>mento<span class=\"_ _df\"> </span></div></td><td></td><td></td></tr><tr><td></td><td></td><td class=\"c x898 y3220 wee5 h484\" colspan=\"2\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">(a)<span class=\"_ _df\"> </span></div><div class=\"t m0 x897 h1f y2409 ff4 fs7 fc4 sc3 ls28 ws0\">(b)<span class=\"_ _df\"> </span></div></td><td class=\"c x68c y321e wb5 h49\"><div class=\"t m0 x38 h1f y25 ff4 fs7 fc4 sc3 ls0 ws0\">(c)<span class=\"fc1 sc0\"> </span></div></td><td class=\"c x895 y321e w52a h49\"><div class=\"t m0 x33 h1f y25c ff4 fs7 fc4 sc3 ls0 ws0\">(a + b<span class=\"_ _f\"></span> - <span class=\"lsdd\">c</span><span class=\"lsdd\">)</span><span class=\"fc1 sc0\"> </span></div></td></tr><tr><td class=\"c x46b y3221 w52b h49\"><div class=\"t m0 x8a h1f y25f ff4 fs7 fc1 sc0 ls0 ws0\">A. Attivit\u00e0 mater<span class=\"_ _1\"></span>iali </div></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x46b y3222 w52b h49\"><div class=\"t m0 x2e h1f y25f ff4 fs7 fc1 sc0 ls0 ws0\">1. Ad uso funzi<span class=\"_ _1\"></span>onale </div></td><td class=\"c x893 y3222 w52c h49\"><div class=\"t m0 x7 h1f y25f ff4 fs7 fc1 sc0 ls0 ws0\">(45.106) </div></td><td class=\"c x4fb y3222 w52d h49\"><div class=\"t m0 xef h1f y25f ff4 fs7 fc1 sc0 ls0 ws0\">(<span class=\"ls2a\">28</span>) </div></td><td></td><td class=\"c x68c y3222 w529 h49\"><div class=\"t m0 x11d h1f y25f ff4 fs7 fc1 sc0 ls29 ws0\">99<span class=\"ls0\"> </span></div></td><td class=\"c x895 y3222 w52a h49\"><div class=\"t m0 x11 h1f y25f ff4 fs7 fc1 sc0 ls0 ws0\">(45.0<span class=\"lsbc\">35</span>) </div></td></tr><tr><td class=\"c x46b y3223 w52b h49\"><div class=\"t m0 x32 h1f y25f ff4 fs7 fc1 sc0 ls0 ws0\">- Di propriet\u00e0<span class=\"_ _1\"></span> </div></td><td class=\"c x893 y3223 w52c h49\"><div class=\"t m0 x7 h1f y25f ff4 fs7 fc1 sc0 ls0 ws0\">(21.358) </div></td><td class=\"c x4fb y3223 w52d h49\"><div class=\"t m0 xe5 h1f y25f ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x68c y3223 w529 h49\"><div class=\"t m0 xec h1f y25f ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x895 y3223 w52a h49\"><div class=\"t m0 x12 h1f y25f ff4 fs7 fc1 sc0 ls0 ws0\">(21.358) </div></td></tr><tr><td class=\"c x46b y3224 w52b h49\"><div class=\"t m0 x32 h1f y25f ff4 fs7 fc1 sc0 ls0 ws0\">- Diritti d'uso acqu<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span>siti con i<span class=\"_ _1\"></span>l leasing<span class=\"_ _df\"> </span></div></td><td class=\"c x893 y3224 w52c h49\"><div class=\"t m0 x90 h1f y25f ff4 fs7 fc1 sc0 ls0 ws0\">(23.748) </div></td><td class=\"c x4fb y3224 w52d h49\"><div class=\"t m0 xef h1f y25f ff4 fs7 fc1 sc0 ls0 ws0\">(<span class=\"ls2a\">28</span>) </div></td><td></td><td class=\"c x68c y3224 w529 h49\"><div class=\"t m0 x11d h1f y25f ff4 fs7 fc1 sc0 ls29 ws0\">99<span class=\"ls0\"> </span></div></td><td class=\"c x895 y3224 w52a h49\"><div class=\"t m0 x96 h1f y25f ff4 fs7 fc1 sc0 ls0 ws0\">(23.6<span class=\"ls34\">77</span>) </div></td></tr><tr><td class=\"c x46b y3225 w52b h49\"><div class=\"t m0 x2e h1f y25f ff4 fs7 fc1 sc0 ls0 ws0\">2. Detenute a scop<span class=\"_ _f\"></span>o<span class=\"_ _2\"></span> di invest<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span>mento<span class=\"_ _df\"> </span></div></td><td class=\"c x893 y3225 w52c h49\"><div class=\"t m0 xf0 h1f y25f ff4 fs7 fc1 sc0 ls0 ws0\">(152) </div></td><td class=\"c x4fb y3225 w52d h49\"><div class=\"t m0 xe5 h1f y25f ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x68c y3225 w529 h49\"><div class=\"t m0 xec h1f y25f ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x895 y3225 w52a h49\"><div class=\"t m0 xc7 h1f y25f ff4 fs7 fc1 sc0 ls0 ws0\">(152) </div></td></tr><tr><td class=\"c x46b y3226 w52b h49\"><div class=\"t m0 x32 h1f y25f ff4 fs7 fc1 sc0 ls0 ws0\">- Di propriet\u00e0<span class=\"_ _1\"></span> </div></td><td class=\"c x893 y3226 w52c h49\"><div class=\"t m0 xf0 h1f y25f ff4 fs7 fc1 sc0 ls0 ws0\">(152) </div></td><td class=\"c x4fb y3226 w52d h49\"><div class=\"t m0 xe5 h1f y25f ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x68c y3226 w529 h49\"><div class=\"t m0 xec h1f y25f ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x895 y3226 w52a h49\"><div class=\"t m0 xc7 h1f y25f ff4 fs7 fc1 sc0 ls0 ws0\">(152) </div></td></tr><tr><td class=\"c x46b y3227 w52b h4a\"><div class=\"t m0 x32 h1f y1553 ff4 fs7 fc1 sc0 ls0 ws0\">- Diritti d'uso acqu<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span>siti con i<span class=\"_ _1\"></span>l leasing<span class=\"_ _df\"> </span></div></td><td class=\"c x893 y3227 w52c h4a\"><div class=\"t m0 xe5 h1f y1553 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x4fb y3227 w52d h4a\"><div class=\"t m0 xe5 h1f y1553 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x68c y3227 w529 h4a\"><div class=\"t m0 xec h1f y1553 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x895 y3227 w52a h4a\"><div class=\"t m0 xeb h1f y1553 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y3228 w52b h49\"><div class=\"t m0 x2e h1f y25f ff4 fs7 fc1 sc0 ls0 ws0\">3. Rimanenze </div></td><td></td><td class=\"c x4fb y3228 w52d h49\"><div class=\"t m0 xe5 h1f y25f ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x893 y3228 w52c h49\"><div class=\"t m0 x36 h1f y25f ff4 fs7 fc1 sc0 lsa ws0\">X <span class=\"ls0\"> </span></div></td><td class=\"c x68c y3228 w529 h49\"><div class=\"t m0 xec h1f y25f ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x895 y3228 w52a h49\"><div class=\"t m0 xeb h1f y25f ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y3229 w52b h49\"><div class=\"t m0 x8a h1f y25c ff4 fs7 fc1 sc0 ls0 ws0\">B. Attivit\u00e0 possedu<span class=\"_ _f\"></span>te per la vendita<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x4fb y3229 w52d h49\"><div class=\"t m0 xe5 h1f y25c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x893 y3229 w52c h49\"><div class=\"t m0 x36 h1f y25c ff4 fs7 fc1 sc0 lsa ws0\">X <span class=\"ls0\"> </span></div></td><td class=\"c x68c y3229 w529 h49\"><div class=\"t m0 xec h1f y25c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x895 y3229 w52a h49\"><div class=\"t m0 xeb h1f y25c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y322a w52b h49\"><div class=\"t m0 x9a h1f y25c ff4 fs7 fc1 sc2 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale<span class=\"sc0\"> </span></div></td><td class=\"c x893 y322a w52c h49\"><div class=\"t m0 x90 h1f y25c ff4 fs7 fc1 sc2 ls0 ws0\">(45.25<span class=\"_ _f\"></span>8)<span class=\"sc0\"> </span></div></td><td class=\"c x4fb y322a w52d h49\"><div class=\"t m0 x11d h1f y25c ff4 fs7 fc1 sc2 ls0 ws0\">(<span class=\"ls33\">28</span>)<span class=\"sc0\"> </span></div></td><td></td><td class=\"c x68c y322a w529 h49\"><div class=\"t m0 x11d h1f y25c ff4 fs7 fc1 sc2 lscf ws0\">99<span class=\"sc0 ls0\"> </span></div></td><td class=\"c x895 y322a w52a h49\"><div class=\"t m0 x91 h1f y25c ff4 fs7 fc1 sc2 ls0 ws0\">(45.18<span class=\"_ _1\"></span>7)<span class=\"sc0\"> </span></div></td></tr></table>Sezi<span class=\"_ _f\"></span>one 1<span class=\"_ _1\"></span>5 <span class=\"ff5\">\u2013</span> <span class=\"_ _1\"></span>Ret<span class=\"_ _f\"></span>tifiche<span class=\"_ _f\"></span>/ripres<span class=\"_ _f\"></span>e di va<span class=\"_ _f\"></span>lore <span class=\"_ _1\"></span>nett<span class=\"_ _f\"></span>e su a<span class=\"_ _1\"></span>ttiv<span class=\"_ _1\"></span>it\u00e0 i<span class=\"_ _f\"></span>mmat<span class=\"_ _f\"></span>eriali <span class=\"_ _f\"></span><span class=\"ff5\">\u2013<span class=\"ff4\"> Voc<span class=\"_ _f\"></span>e 220 </span></span>15.1 <span class=\"_ _1\"></span>Rettifi<span class=\"_ _1\"></span>che <span class=\"_ _1\"></span>di va<span class=\"_ _1\"></span>lore ne<span class=\"_ _1\"></span>tte d<span class=\"_ _1\"></span>i at<span class=\"_ _1\"></span>tivit\u00e0 <span class=\"_ _f\"></span>immater<span class=\"_ _1\"></span>iali: co<span class=\"_ _f\"></span>mposi<span class=\"_ _1\"></span>zione<span class=\"fc1 sc0\"> </span><table class=\"s wee6 h554\" id=\"_95b25b4c-3463-4a20-8aa6-e97568846990\"><tr><td></td><td></td><td class=\"c x800 y2592 wee2 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">Rett<span class=\"_ _f\"></span>ifiche di v<span class=\"_ _f\"></span>alore<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td></tr><tr><td></td><td class=\"c x893 y322b w527 hec\"><div class=\"t m0 x16a h1f y476 ff4 fs7 fc4 sc3 ls0 ws0\">Amm<span class=\"_ _f\"></span>ortam<span class=\"_ _1\"></span>ento<span class=\"_ _f\"></span><span class=\"fc1 sc0\"> </span></div></td><td class=\"c x894 y2594 wee3 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">per<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x68c y322b wb5 hec\"><div class=\"t m0 xac h1f y476 ff4 fs7 fc4 sc3 ls0 ws0\">Ripre<span class=\"_ _1\"></span>se di<span class=\"_ _f\"></span> valore<span class=\"_ _f\"></span><span class=\"fc1 sc0\"> </span></div></td><td class=\"c x895 y322b w52a hec\"><div class=\"t m0 x16a h1f y476 ff4 fs7 fc4 sc3 ls0 ws0\">Risu<span class=\"_ _1\"></span>ltato<span class=\"_ _1\"></span> nett<span class=\"_ _f\"></span>o<span class=\"fc1 sc0\"> </span></div></td></tr><tr><td class=\"c x46b y322c w526 h2ec\"><div class=\"t m0 x26 h1f y11d3 ff4 fs7 fc4 sc3 ls0 ws0\">Atti<span class=\"_ _1\"></span>vit\u00e0/C<span class=\"_ _f\"></span>ompon<span class=\"_ _1\"></span>ente<span class=\"_ _1\"></span> red<span class=\"_ _f\"></span>dituale<span class=\"_ _f\"></span><span class=\"fc1 sc0\"> </span></div></td><td></td><td class=\"c x896 y2595 wee4 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">deter<span class=\"_ _1\"></span>iora<span class=\"_ _f\"></span>mento<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td></tr><tr><td></td><td class=\"c x898 y322d wee5 h484\" colspan=\"2\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">(a)<span class=\"_ _df\"> </span></div><div class=\"t m0 x897 h1f y2409 ff4 fs7 fc4 sc3 ls28 ws0\">(b)<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x68c y322c wb5 ha8\"><div class=\"t m0 x38 h1f y66a ff4 fs7 fc4 sc3 ls0 ws0\">(c)<span class=\"fc1 sc0\"> </span></div></td><td class=\"c x895 y322c w52a ha8\"><div class=\"t m0 x33 h1f y823 ff4 fs7 fc4 sc3 ls0 ws0\">(a + b<span class=\"_ _f\"></span> - <span class=\"lsdd\">c</span><span class=\"lsdd\">)</span><span class=\"fc1 sc0\"> </span></div></td></tr><tr><td class=\"c x46b y322e w52b hc8\"><div class=\"t m0 x8a h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">A. Attivit\u00e0 imm<span class=\"_ _1\"></span>ateriali<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x46b y322f w52b hc8\"><div class=\"t m0 x8a h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">di cui: software </div></td><td class=\"c x893 y322f w52c hc8\"><div class=\"t m0 x90 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">(63.882) </div></td><td></td><td class=\"c x4fb y322f w52d hc8\"><div class=\"t m0 xe5 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x68c y322f w529 hc8\"><div class=\"t m0 xec h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x895 y322f w52a hc8\"><div class=\"t m0 x11 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">(63.882) </div></td></tr><tr><td class=\"c x46b y3230 w52b hc8\"><div class=\"t m0 x116 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">A.1 Di propriet\u00e0 </div></td><td class=\"c x893 y3230 w52c hc8\"><div class=\"t m0 x90 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">(65.992) </div></td><td></td><td class=\"c x4fb y3230 w52d hc8\"><div class=\"t m0 xe5 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x68c y3230 w529 hc8\"><div class=\"t m0 xec h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x895 y3230 w52a hc8\"><div class=\"t m0 x11 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">(65.992) </div></td></tr><tr><td class=\"c x46b y3231 w52b hc8\"><div class=\"t m0 x48 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- Generate inter<span class=\"_ _1\"></span>namente dall'aziend<span class=\"_ _f\"></span>a<span class=\"_ _df\"> </span></div></td><td class=\"c x893 y3231 w52c hc8\"><div class=\"t m0 xc6 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">(7.322) </div></td><td></td><td class=\"c x4fb y3231 w52d hc8\"><div class=\"t m0 xe5 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x68c y3231 w529 hc8\"><div class=\"t m0 xec h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x895 y3231 w52a hc8\"><div class=\"t m0 x7 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">(7.322) </div></td></tr><tr><td class=\"c x46b y3232 w52b hc8\"><div class=\"t m0 x48 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- Altre </div></td><td class=\"c x893 y3232 w52c hc8\"><div class=\"t m0 x90 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">(58.670) </div></td><td></td><td class=\"c x4fb y3232 w52d hc8\"><div class=\"t m0 xe5 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x68c y3232 w529 hc8\"><div class=\"t m0 xec h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x895 y3232 w52a hc8\"><div class=\"t m0 x11 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">(58.670) </div></td></tr><tr><td class=\"c x46b y3233 w52b hc8\"><div class=\"t m0 x116 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">A.2 Diritti d'us<span class=\"_ _1\"></span>o acquisiti con i<span class=\"_ _1\"></span>l leasing<span class=\"_ _df\"> </span></div></td><td class=\"c x893 y3233 w52c hc8\"><div class=\"t m0 xe5 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x4fb y3233 w52d hc8\"><div class=\"t m0 xe5 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x68c y3233 w529 hc8\"><div class=\"t m0 xec h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x895 y3233 w52a hc8\"><div class=\"t m0 xeb h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y3234 w52b hc8\"><div class=\"t m0 x8a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">B. Attivit\u00e0 possedu<span class=\"_ _f\"></span>te per la vendita<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x893 y3234 w52c hc8\"><div class=\"t m0 x36 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x4fb y3234 w52d hc8\"><div class=\"t m0 xe5 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x68c y3234 w529 hc8\"><div class=\"t m0 xec h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x895 y3234 w52a hc8\"><div class=\"t m0 xeb h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y3235 w52b h227\"><div class=\"t m0 x9a h1f y14c1 ff4 fs7 fc1 sc2 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale<span class=\"sc0\"> </span></div></td><td class=\"c x893 y3235 w52c h227\"><div class=\"t m0 x90 h1f y14c1 ff4 fs7 fc1 sc2 ls0 ws0\">(65.9<span class=\"_ _f\"></span>92)<span class=\"sc0\"> </span></div></td><td></td><td class=\"c x4fb y3235 w52d h227\"><div class=\"t m0 xe5 h1f y14c1 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x68c y3235 w529 h227\"><div class=\"t m0 xec h1f y14c1 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x895 y3235 w52a h227\"><div class=\"t m0 x96 h1f y14c1 ff4 fs7 fc1 sc2 ls0 ws0\">(65.9<span class=\"_ _f\"></span>92)<span class=\"sc0\"> </span></div></td></tr></table>Gli <span class=\"_ _9\"> </span>ammor<span class=\"_ _2\"></span>tamenti <span class=\"_ _9\"> </span>sono <span class=\"_ _16\"> </span>in <span class=\"_ _9\"> </span>crescita <span class=\"_ _16\"> </span>per <span class=\"_ _9\"> </span>la <span class=\"_ _16\"> </span>costante <span class=\"_ _9\"> </span>at<span class=\"_ _2\"></span>tenzione <span class=\"_ _9\"> </span>agli <span class=\"_ _9\"> </span>investimenti <span class=\"_ _16\"> </span>per <span class=\"_ _9\"> </span>s<span class=\"_ _2\"></span>ostenere l\u2019attivit\u00e0 progettuale e l\u2019evoluzione del<span class=\"_ _1\"></span> modello di servizio.<span class=\"_ _2\"></span><span class=\"ff4\"> </span>Sezi<span class=\"_ _f\"></span>one 1<span class=\"_ _1\"></span>6 <span class=\"ff5\">\u2013</span> <span class=\"_ _f\"></span>Gli altri<span class=\"_ _f\"></span> oneri <span class=\"_ _f\"></span>e pro<span class=\"_ _1\"></span>ven<span class=\"_ _1\"></span>ti di <span class=\"_ _f\"></span>gestio<span class=\"_ _f\"></span>ne <span class=\"ff5\">\u2013</span> V<span class=\"_ _f\"></span>oce 23<span class=\"_ _f\"></span>0 16.1 Al<span class=\"_ _1\"></span>tri o<span class=\"_ _1\"></span>neri d<span class=\"_ _1\"></span>i ges<span class=\"_ _1\"></span>tione:<span class=\"_ _1\"></span> com<span class=\"_ _f\"></span>posizi<span class=\"_ _1\"></span>one<span class=\"_ _df\"> </span><span class=\"fc1 sc0\"> </span><table class=\"s wee7 h555\" id=\"_c896f1f3-ac88-4242-886c-99b10508d4c0\"><tr><td></td><td class=\"c x57f y3236 w52e h49\"><div class=\"t m0 x97 h1f y32 ff4 fs7 fc4 sc3 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale<span class=\"_ _df\"> </span><span class=\"fc1 sc0\"> </span></div></td><td class=\"c x580 y3236 w3f7 h49\"><div class=\"t m0 x97 h1f y32 ff4 fs7 fc4 sc3 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale<span class=\"_ _df\"> </span><span class=\"fc1 sc0\"> </span></div></td></tr><tr><td></td><td class=\"c x57f y3237 w52e h49\"><div class=\"t m0 x32 h1f y68b ff4 fs7 fc4 sc3 ls0 ws0\">31/12/<span class=\"_ _f\"></span>2025<span class=\"_ _df\"> </span><span class=\"fc1 sc0\"> </span></div></td><td class=\"c x580 y3237 w3f7 h49\"><div class=\"t m0 x32 h1f y68b ff4 fs7 fc4 sc3 ls0 ws0\">31/12/<span class=\"_ _f\"></span>2024<span class=\"_ _df\"> </span><span class=\"fc1 sc0\"> </span></div></td></tr><tr><td class=\"c x46b y3238 w3f8 hc8\"><div class=\"t m0 x8a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">Rimborsi intere<span class=\"_ _1\"></span>ssi per incassi e p<span class=\"_ _f\"></span>aga<span class=\"_ _2\"></span>menti in stanza <span class=\"_ _f\"></span>di<span class=\"_ _2\"></span> compe<span class=\"_ _1\"></span>nsazione  </div></td><td class=\"c x57f y3238 w52e hc8\"><div class=\"t m0 xe5 h1f y28b ff4 fs7 fc1 sc0 ls28 ws0\">(1)<span class=\"_ _df\"> </span><span class=\"ls0\"> </span></div></td><td class=\"c x580 y3238 w3f9 hc8\"><div class=\"t m0 xe6 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">(3) </div></td></tr><tr><td class=\"c x46b y3239 w3f8 hc8\"><div class=\"t m0 x8a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">Ammortamento m<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span>gliorie su be<span class=\"_ _f\"></span>ni di terzi<span class=\"_ _df\"> </span> </div></td><td class=\"c x57f y3239 w52e hc8\"><div class=\"t m0 xc7 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">(4.447)<span class=\"_ _df\"> </span> </div></td><td class=\"c x580 y3239 w3f9 hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">(<span class=\"_ _df\"> </span>4<span class=\"_ _df\"> </span>.404) </div></td></tr><tr><td class=\"c x46b y323a w3f8 hc8\"><div class=\"t m0 x8a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">Sopravvenienze pas<span class=\"_ _f\"></span>sive<span class=\"_ _df\"> </span> </div></td><td class=\"c x57f y323a w52e hc8\"><div class=\"t m0 xe h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">(10.688)<span class=\"_ _df\"> </span> </div></td><td class=\"c x580 y323a w3f9 hc8\"><div class=\"t m0 xe h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">(<span class=\"_ _df\"> </span>13<span class=\"_ _df\"> </span>.443) </div></td></tr><tr><td class=\"c x46b y323b w3f8 hc8\"><div class=\"t m0 x8a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">Altri oneri<span class=\"_ _df\"> </span> </div></td><td class=\"c x57f y323b w52e hc8\"><div class=\"t m0 xa3 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">(23.817)<span class=\"_ _df\"> </span> </div></td><td class=\"c x580 y323b w3f9 hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">(<span class=\"_ _df\"> </span>2<span class=\"_ _df\"> </span>1.971) </div></td></tr><tr><td class=\"c x46b y323c w3f8 hc8\"><div class=\"t m0 x8a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">Opzioni su tito<span class=\"_ _1\"></span>li<span class=\"_ _df\"> </span> </div></td><td class=\"c x57f y323c w52e hc8\"><div class=\"t m0 xc h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span> </div></td><td class=\"c x580 y323c w3f9 hc8\"><div class=\"t m0 xe6 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">(2) </div></td></tr><tr><td class=\"c x46b y323d w3f8 hc8\"><div class=\"t m0 x149 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale Al<span class=\"_ _1\"></span>tri<span class=\"_ _1\"></span> oner<span class=\"_ _1\"></span>i<span class=\"_ _df\"> </span><span class=\"sc0\"> </span></div></td><td class=\"c x57f y323d w52e hc8\"><div class=\"t m0 xc6 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">(38.9<span class=\"_ _1\"></span>53)<span class=\"_ _df\"> </span><span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x580 y323d w3f9 hc8\"><div class=\"t m0 xc6 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">(<span class=\"_ _df\"> </span>39.8<span class=\"_ _f\"></span>23)<span class=\"sc0\"> </span></div></td></tr></table>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfExpensesExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-818": {
   "value": "Sezi<span class=\"_ _f\"></span>one 1<span class=\"_ _1\"></span>2 <span class=\"ff5\">\u2013</span> L<span class=\"_ _f\"></span>e spe<span class=\"_ _f\"></span>se am<span class=\"_ _f\"></span>minis<span class=\"_ _1\"></span>tra<span class=\"_ _f\"></span>tive - V<span class=\"_ _f\"></span>oce 1<span class=\"_ _1\"></span>90<span class=\"_ _f\"></span><span class=\"fs1\"> </span>12.1 Sp<span class=\"_ _1\"></span>ese p<span class=\"_ _1\"></span>er il<span class=\"_ _1\"></span> pers<span class=\"_ _1\"></span>onale<span class=\"_ _1\"></span>: com<span class=\"_ _f\"></span>posizio<span class=\"_ _1\"></span>ne <table class=\"s wed9 h54e\" id=\"_7c8f0867-5828-4ab6-abb6-aa1ceb055274\"><tr><td class=\"c x44e y31c8 w4aa h24b\"><div class=\"t m0 x10f h1f y1498 ff4 fs7 fc4 sc3 ls0 ws0\">Tipol<span class=\"_ _f\"></span>ogia di s<span class=\"_ _f\"></span>pese/V<span class=\"_ _1\"></span>alor<span class=\"_ _f\"></span>i </div></td><td class=\"c x534 y31c9 w461 hbc\"><div class=\"t m0 x37 h1f y66c ff4 fs7 fc4 sc3 ls0 ws0\">Total<span class=\"_ _1\"></span>e </div></td><td class=\"c x533 y31c9 w3c4 hbc\"><div class=\"t m0 x37 h1f y66c ff4 fs7 fc4 sc3 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale </div></td></tr><tr><td></td><td class=\"c x534 y31c8 w461 h4e\"><div class=\"t m0 x32 h1f y295 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/<span class=\"_ _f\"></span>2025 </div></td><td class=\"c x533 y31c8 w3c4 h4e\"><div class=\"t m0 x32 h1f y295 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/<span class=\"_ _f\"></span>2024 </div></td></tr><tr><td class=\"c x44e y31ca w3c5 h13\"><div class=\"t m0 x10 h1f y392 ff4 fs7 fc1 sc0 ls0 ws0\">1) Personale dipenden<span class=\"_ _f\"></span>te </div></td><td class=\"c x532 y31ca w3c3 h13\"><div class=\"t m0 x7 h1f y392 ff4 fs7 fc1 sc0 ls0 ws0\">(605.818) </div></td><td class=\"c x533 y31ca w3c6 h13\"><div class=\"t m0 x7 h1f y392 ff4 fs7 fc1 sc0 ls0 ws0\">(599.9<span class=\"ls34\">73</span>) </div></td></tr><tr><td class=\"c x44e y31cb w3c5 h13\"><div class=\"t m0 x16a h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">a) salari e stipend<span class=\"_ _1\"></span>i </div></td><td class=\"c x532 y31cb w3c3 h13\"><div class=\"t m0 x7 h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">(433.6<span class=\"ls29\">61</span>) </div></td><td class=\"c x533 y31cb w3c6 h13\"><div class=\"t m0 x7 h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">(429.3<span class=\"lsf4\">56</span>) </div></td></tr><tr><td class=\"c x44e y31cc w3c5 h13\"><div class=\"t m0 x16a h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">b) oneri sociali<span class=\"_ _1\"></span> </div></td><td class=\"c x532 y31cc w3c3 h13\"><div class=\"t m0 x1c h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">(107.856) </div></td><td class=\"c x533 y31cc w3c6 h13\"><div class=\"t m0 xe h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">(104.171) </div></td></tr><tr><td class=\"c x44e y31cd w3c5 h13\"><div class=\"t m0 x16a h1f y392 ff4 fs7 fc1 sc0 ls0 ws0\">c) indennit\u00e0 di fi<span class=\"_ _1\"></span>ne rapporto<span class=\"_ _df\"> </span></div></td><td class=\"c x532 y31cd w3c3 h13\"><div class=\"t m0 xc7 h1f y392 ff4 fs7 fc1 sc0 ls0 ws0\">(4.339) </div></td><td class=\"c x533 y31cd w3c6 h13\"><div class=\"t m0 x49 h1f y392 ff4 fs7 fc1 sc0 ls0 ws0\">(5.735) </div></td></tr><tr><td class=\"c x44e y31ce w3c5 h13\"><div class=\"t m0 x16a h1f y392 ff4 fs7 fc1 sc0 ls0 ws0\">d) spese previdenzi<span class=\"_ _f\"></span>ali </div></td><td class=\"c x532 y31ce w3c3 h13\"><div class=\"t m0 xec h1f y392 ff4 fs7 fc1 sc0 ls0 ws0\">(46) </div></td><td class=\"c x533 y31ce w3c6 h13\"><div class=\"t m0 xe7 h1f y392 ff4 fs7 fc1 sc0 ls0 ws0\">(51) </div></td></tr><tr><td class=\"c x44e y31cf w3c5 h13\"><div class=\"t m0 x16a h1f y392 ff4 fs7 fc1 sc0 ls0 ws0\">e) accantonamen<span class=\"_ _1\"></span>to al trattamen<span class=\"_ _1\"></span>to di fine rappo<span class=\"_ _f\"></span>r<span class=\"_ _2\"></span>to del pe<span class=\"_ _f\"></span>r<span class=\"_ _2\"></span>sonale<span class=\"_ _df\"> </span></div></td><td class=\"c x532 y31cf w3c3 h13\"><div class=\"t m0 xc3 h1f y392 ff4 fs7 fc1 sc0 ls0 ws0\">(1.317) </div></td><td class=\"c x533 y31cf w3c6 h13\"><div class=\"t m0 x11d h1f y392 ff4 fs7 fc1 sc0 ls0 ws0\">(649) </div></td></tr><tr><td class=\"c x44e y31d0 w3c5 h13\"><div class=\"t m0 x16a h1f y392 ff4 fs7 fc1 sc0 ls0 ws0\">f) accantonament<span class=\"_ _1\"></span>o al fondo trattam<span class=\"_ _f\"></span>ento di quiescenza e obbligh<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span> simili: </div></td><td class=\"c x532 y31d0 w3c3 h13\"><div class=\"t m0 xec h1f y392 ff4 fs7 fc1 sc0 ls0 ws0\">(37) </div></td><td class=\"c x533 y31d0 w3c6 h13\"><div class=\"t m0 xec h1f y392 ff4 fs7 fc1 sc0 ls0 ws0\">(43) </div></td></tr><tr><td class=\"c x44e y31d1 w3c5 h13\"><div class=\"t m0 x48 h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">- a contribuzione<span class=\"_ _1\"></span> definita </div></td><td class=\"c x532 y31d1 w3c3 h13\"><div class=\"t m0 xc h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x533 y31d1 w3c6 h13\"><div class=\"t m0 xc h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y31d2 w3c5 h1f4\"><div class=\"t m0 x48 h1f y12f1 ff4 fs7 fc1 sc0 ls0 ws0\">- a benefici defin<span class=\"_ _1\"></span>iti </div></td><td class=\"c x532 y31d2 w3c3 h1f4\"><div class=\"t m0 xec h1f y12f1 ff4 fs7 fc1 sc0 ls0 ws0\">(37) </div></td><td class=\"c x533 y31d2 w3c6 h1f4\"><div class=\"t m0 xec h1f y12f1 ff4 fs7 fc1 sc0 ls0 ws0\">(43) </div></td></tr><tr><td class=\"c x44e y31d3 w3c5 h130\"><div class=\"t m0 x16a h1f y74a ff4 fs7 fc1 sc0 ls0 ws0\">g) versamenti a<span class=\"_ _1\"></span>i fondi di previdenz<span class=\"_ _1\"></span>a complementare es<span class=\"_ _1\"></span>terni:<span class=\"_ _df\"> </span></div></td><td class=\"c x532 y31d3 w3c3 h130\"><div class=\"t m0 xc6 h1f y74a ff4 fs7 fc1 sc0 ls0 ws0\">(28.939) </div></td><td class=\"c x533 y31d3 w3c6 h130\"><div class=\"t m0 xa3 h1f y74a ff4 fs7 fc1 sc0 ls0 ws0\">(27.567) </div></td></tr><tr><td class=\"c x44e y31d4 w3c5 h13\"><div class=\"t m0 x48 h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">- a contribuzione<span class=\"_ _1\"></span> definita </div></td><td class=\"c x532 y31d4 w3c3 h13\"><div class=\"t m0 xc6 h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">(28.939) </div></td><td class=\"c x533 y31d4 w3c6 h13\"><div class=\"t m0 xa3 h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">(27.567) </div></td></tr><tr><td class=\"c x44e y31d5 w3c5 h1a2\"><div class=\"t m0 x16a h1f y30c ff4 fs7 fc1 sc0 ls0 ws0\">h) costi derivant<span class=\"_ _1\"></span>i da accordi di pa<span class=\"_ _1\"></span>gamento basa<span class=\"_ _1\"></span>ti su propri strume<span class=\"_ _1\"></span>nti patrimon<span class=\"_ _1\"></span>iali<span class=\"_ _df\"> </span></div></td><td class=\"c x532 y31d5 w3c3 h1a2\"><div class=\"t m0 xc7 h1f y30c ff4 fs7 fc1 sc0 ls0 ws0\">(4.089) </div></td><td class=\"c x533 y31d5 w3c6 h1a2\"><div class=\"t m0 x1af h1f y30c ff4 fs7 fc1 sc0 ls0 ws0\">(4.133) </div></td></tr><tr><td class=\"c x44e y31d6 w3c5 h13\"><div class=\"t m0 x16a h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">i) altri benefici a f<span class=\"_ _1\"></span>avore dei dipenden<span class=\"_ _f\"></span>ti<span class=\"_ _df\"> </span></div></td><td class=\"c x532 y31d6 w3c3 h13\"><div class=\"t m0 xc6 h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">(25.534) </div></td><td class=\"c x533 y31d6 w3c6 h13\"><div class=\"t m0 xc6 h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">(28.268) </div></td></tr><tr><td class=\"c x44e y31d7 w3c5 h13\"><div class=\"t m0 x10 h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">2) Altro personale <span class=\"_ _1\"></span>in attivit\u00e0 </div></td><td class=\"c x532 y31d7 w3c3 h13\"><div class=\"t m0 x8 h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">(10.190) </div></td><td class=\"c x533 y31d7 w3c6 h13\"><div class=\"t m0 x1af h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">(9.196) </div></td></tr><tr><td class=\"c x44e y31d8 w3c5 h13\"><div class=\"t m0 x10 h1f y392 ff4 fs7 fc1 sc0 ls0 ws0\">3) Amministrato<span class=\"_ _1\"></span>ri e sindaci </div></td><td class=\"c x532 y31d8 w3c3 h13\"><div class=\"t m0 xc7 h1f y392 ff4 fs7 fc1 sc0 ls0 ws0\">(4.856) </div></td><td class=\"c x533 y31d8 w3c6 h13\"><div class=\"t m0 xc7 h1f y392 ff4 fs7 fc1 sc0 ls0 ws0\">(4.584) </div></td></tr><tr><td class=\"c x44e y31d9 w3c5 h13\"><div class=\"t m0 x10 h1f y392 ff4 fs7 fc1 sc0 ls0 ws0\">4) Personale co<span class=\"_ _1\"></span>llocato a riposo<span class=\"_ _df\"> </span></div></td><td class=\"c x532 y31d9 w3c3 h13\"><div class=\"t m0 xc h1f y392 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x533 y31d9 w3c6 h13\"><div class=\"t m0 xc h1f y392 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y31da w4cd h13\"><div class=\"t m0 x63 h1f y392 ff4 fs7 fc1 sc2 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale </div></td><td class=\"c x534 y31da w461 h13\"><div class=\"t m0 x7 h1f y392 ff4 fs7 fc1 sc2 ls0 ws0\">(620.<span class=\"_ _1\"></span>86<span class=\"_ _1\"></span>4) </div></td><td class=\"c x533 y31da w3c6 h13\"><div class=\"t m0 xf h1f y392 ff4 fs7 fc1 sc2 ls0 ws0\">(613.7<span class=\"_ _f\"></span><span class=\"lsf4\">53</span><span class=\"lsf4\"><span class=\"ls0\">) </span></span></div></td></tr></table>Come  da  indicazioni  della  circolare  di  B<span class=\"_ _1\"></span><span class=\"ff5\">anca  d\u2019Italia  262  del  <span class=\"ff4\">22  dicembre  2005  (e  succe<span class=\"_ _1\"></span>ssivi </span></span>aggiornamenti): -<span class=\"_ _1d\"> </span><span class=\"ff4\">nella vo<span class=\"ff5\">ce <span class=\"_ _1\"></span>\u201cSpese per il <span class=\"_ _1\"></span>personale\u201d<span class=\"ff4\"> <span class=\"_ _13\"></span>figura<span class=\"ls13\">no</span> <span class=\"_ _13\"></span>anche i com<span class=\"ls39\">pe</span>n<span class=\"ls2\">si<span class=\"_ _1\"></span><span class=\"ls0\"> <span class=\"_ _13\"></span>agli <span class=\"_ _12\"></span>amministratori e ai <span class=\"_ _1\"></span>sindaci e </span></span></span></span></span>le spese relative ai contratti di lavoro atipici;<span class=\"_ _df\"> </span>-<span class=\"_ _1d\"> </span><span class=\"ff4 ls1a\">la<span class=\"ls0\"> <span class=\"_ _13\"></span><span class=\"ff5\">sottovoce \u201cAltro p<span class=\"ff4\">ersonale i<span class=\"_ _f\"></span>n attivi<span class=\"_ _1\"></span>t\u00e0<span class=\"ff5\">\u201d co</span><span class=\"ls6\">mp</span>rend<span class=\"_ _1\"></span>e co<span class=\"ls6\">mp</span>ensi <span class=\"_ _0\"></span><span class=\"ls39\">pe</span>r<span class=\"_ _16\"> </span> collab<span class=\"_ _1\"></span>orazioni coordinate.<span class=\"_ _df\"> </span></span></span></span></span>12.2 <span class=\"_ _1\"></span>Numer<span class=\"_ _f\"></span>o medio<span class=\"_ _1\"></span> dei d<span class=\"_ _f\"></span>ipende<span class=\"_ _1\"></span>nti pe<span class=\"_ _1\"></span>r ca<span class=\"_ _1\"></span>tegor<span class=\"_ _1\"></span>ia<span class=\"fc1 sc0\"> </span><table class=\"s weda h54f\" id=\"_389a286d-ea09-49a7-b7ba-09d0dfa24257\"><tr><td></td><td></td><td class=\"c x57f y31db w3f7 h49\"><div class=\"t m0 x97 h1f y32 ff4 fs7 fc4 sc3 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale<span class=\"fc1 sc0\"> </span></div></td><td></td><td class=\"c x580 y31db w3f7 h49\"><div class=\"t m0 x97 h1f y25f ff4 fs7 fc4 sc3 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale<span class=\"fc1 sc0\"> </span></div></td><td></td></tr><tr><td></td><td></td><td class=\"c x57f y31dc w3f7 h49\"><div class=\"t m0 x35 h1f y68b ff4 fs7 fc4 sc3 ls0 ws0\">31/12/<span class=\"_ _f\"></span>2025<span class=\"fc1 sc0\"> </span></div></td><td class=\"c x88f y31dd w993 h4c0\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/<span class=\"_ _df\"> </span></div></td><td class=\"c x890 y31dd w994 h4c0\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc4 sc3 ls0 ws0\">2024<span class=\"_ _df\"> </span></div></td><td></td></tr><tr><td class=\"c x46b y31de w51a hc8\"><div class=\"t m0 x8a h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">1) Per<span class=\"_ _1\"></span>sona<span class=\"_ _f\"></span>le dipe<span class=\"_ _1\"></span>nde<span class=\"_ _1\"></span>nte<span class=\"sc0\"> </span></div></td><td></td><td></td><td class=\"c x57f y31de w3f7 hc8\"><div class=\"t m0 x11d h1f y32 ff4 fs7 fc1 sc2 ls0 ws0\">6.59<span class=\"_ _f\"></span>1<span class=\"sc0\"> </span></div></td><td></td><td class=\"c x580 y31de w3f9 hc8\"><div class=\"t m0 xef h1f y32 ff4 fs7 fc1 sc2 ls0 ws0\">6.544<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x46b y31df w51a hc8\"><div class=\"t m0 x16a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">a) dirigenti </div></td><td></td><td></td><td class=\"c x57f y31df w3f7 hc8\"><div class=\"t m0 xe7 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">175 </div></td><td></td><td class=\"c x580 y31df w3f9 hc8\"><div class=\"t m0 xe7 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">177 </div></td></tr><tr><td class=\"c x46b y31e0 w51a hc8\"><div class=\"t m0 x16a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">b) quadri dirett<span class=\"_ _1\"></span>ivi </div></td><td></td><td></td><td class=\"c x57f y31e0 w3f7 hc8\"><div class=\"t m0 xee h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">3.151 </div></td><td></td><td class=\"c x580 y31e0 w3f9 hc8\"><div class=\"t m0 xee h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">3.112 </div></td></tr><tr><td class=\"c x46b y31e1 w51a hc8\"><div class=\"t m0 x16a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">c) restante pers<span class=\"_ _1\"></span>onale dipendente </div></td><td></td><td></td><td class=\"c x57f y31e1 w3f7 hc8\"><div class=\"t m0 xef h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">3.265 </div></td><td></td><td class=\"c x580 y31e1 w3f9 hc8\"><div class=\"t m0 xef h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">3.255 </div></td></tr><tr><td class=\"c x46b y31e2 w51a hc8\"><div class=\"t m0 x8a h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">2) Alt<span class=\"_ _f\"></span>ro pers<span class=\"_ _f\"></span>onale<span class=\"sc0\"> </span></div></td><td></td><td></td><td class=\"c x57f y31e2 w3f7 hc8\"><div class=\"t m0 xe5 h1f y32 ff4 fs7 fc1 sc2 lsbc ws0\">38<span class=\"sc0 ls0\"> </span></div></td><td></td><td class=\"c x580 y31e2 w3f9 hc8\"><div class=\"t m0 xe5 h1f y32 ff4 fs7 fc1 sc2 lsf4 ws0\">54<span class=\"sc0 ls0\"> </span></div></td></tr><tr><td></td><td class=\"c x46b y31e3 w51a h227\"><div class=\"t m0 x3 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale<span class=\"sc0\"> </span></div></td><td></td><td class=\"c x57f y31e3 w3f7 h227\"><div class=\"t m0 xef h1f y32 ff4 fs7 fc1 sc2 ls0 ws0\">6.629<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td><td></td><td class=\"c x580 y31e3 w3f9 h227\"><div class=\"t m0 xef h1f y32 ff4 fs7 fc1 sc2 ls0 ws0\">6.59<span class=\"_ _f\"></span>8<span class=\"sc0\"> </span></div></td></tr></table>Il <span class=\"_ _2\"></span>numero <span class=\"_ _d\"></span>medio <span class=\"_ _d\"></span>dei <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>ipendenti <span class=\"_ _2\"></span>non <span class=\"_ _d\"></span>include <span class=\"_ _2\"></span>g<span class=\"_ _2\"></span>li <span class=\"_ _2\"></span>amministr<span class=\"_ _2\"></span>atori <span class=\"_ _2\"></span>e <span class=\"_ _d\"></span>sindaci. <span class=\"_ _2\"></span>Nel <span class=\"_ _d\"></span>caso <span class=\"_ _d\"></span>dei <span class=\"_ _d\"></span>dipendenti part-time \u00e8 convenzionalmente considerato il 50%. 12.4 A<span class=\"_ _1\"></span>ltri ben<span class=\"_ _1\"></span>efici a<span class=\"_ _1\"></span> favo<span class=\"_ _f\"></span>re dei dip<span class=\"_ _f\"></span>endenti  La v<span class=\"_ _1\"></span>oce comp<span class=\"_ _1\"></span>rende i <span class=\"_ _1\"></span>buoni p<span class=\"_ _1\"></span>asto, gli <span class=\"_ _1\"></span><span class=\"ff5\">incentivi all\u2019esodo, <span class=\"_ _f\"></span>le altre libe<span class=\"_ _1\"></span>ralit\u00e0 diverse, <span class=\"_ _f\"></span>i costi pe<span class=\"_ _1\"></span>r polizze </span>assicurative <span class=\"_ _f\"></span>st<span class=\"_ _2\"></span>ipul<span class=\"_ _1\"></span>ate <span class=\"_ _1\"></span>a <span class=\"_ _f\"></span>favor<span class=\"_ _2\"></span>e <span class=\"_ _f\"></span>dei <span class=\"_ _f\"></span>dipendenti, <span class=\"_ _f\"></span>i corsi <span class=\"_ _f\"></span>per <span class=\"_ _f\"></span>corsi d<span class=\"_ _f\"></span>i agg<span class=\"_ _1\"></span>iornamento <span class=\"_ _1\"></span>professionale, ecc",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-788": {
   "value": "Sezi<span class=\"_ _f\"></span>one 1<span class=\"_ _1\"></span>2 <span class=\"ff5\">\u2013</span> L<span class=\"_ _f\"></span>e spe<span class=\"_ _f\"></span>se am<span class=\"_ _f\"></span>minis<span class=\"_ _1\"></span>tra<span class=\"_ _f\"></span>tive - V<span class=\"_ _f\"></span>oce 1<span class=\"_ _1\"></span>90<span class=\"_ _f\"></span><span class=\"fs1\"> </span>12.1 Sp<span class=\"_ _1\"></span>ese p<span class=\"_ _1\"></span>er il<span class=\"_ _1\"></span> pers<span class=\"_ _1\"></span>onale<span class=\"_ _1\"></span>: com<span class=\"_ _f\"></span>posizio<span class=\"_ _1\"></span>ne <table class=\"s wed9 h54e\" id=\"_7c8f0867-5828-4ab6-abb6-aa1ceb055274\"><tr><td class=\"c x44e y31c8 w4aa h24b\"><div class=\"t m0 x10f h1f y1498 ff4 fs7 fc4 sc3 ls0 ws0\">Tipol<span class=\"_ _f\"></span>ogia di s<span class=\"_ _f\"></span>pese/V<span class=\"_ _1\"></span>alor<span class=\"_ _f\"></span>i </div></td><td class=\"c x534 y31c9 w461 hbc\"><div class=\"t m0 x37 h1f y66c ff4 fs7 fc4 sc3 ls0 ws0\">Total<span class=\"_ _1\"></span>e </div></td><td class=\"c x533 y31c9 w3c4 hbc\"><div class=\"t m0 x37 h1f y66c ff4 fs7 fc4 sc3 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale </div></td></tr><tr><td></td><td class=\"c x534 y31c8 w461 h4e\"><div class=\"t m0 x32 h1f y295 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/<span class=\"_ _f\"></span>2025 </div></td><td class=\"c x533 y31c8 w3c4 h4e\"><div class=\"t m0 x32 h1f y295 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/<span class=\"_ _f\"></span>2024 </div></td></tr><tr><td class=\"c x44e y31ca w3c5 h13\"><div class=\"t m0 x10 h1f y392 ff4 fs7 fc1 sc0 ls0 ws0\">1) Personale dipenden<span class=\"_ _f\"></span>te </div></td><td class=\"c x532 y31ca w3c3 h13\"><div class=\"t m0 x7 h1f y392 ff4 fs7 fc1 sc0 ls0 ws0\">(605.818) </div></td><td class=\"c x533 y31ca w3c6 h13\"><div class=\"t m0 x7 h1f y392 ff4 fs7 fc1 sc0 ls0 ws0\">(599.9<span class=\"ls34\">73</span>) </div></td></tr><tr><td class=\"c x44e y31cb w3c5 h13\"><div class=\"t m0 x16a h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">a) salari e stipend<span class=\"_ _1\"></span>i </div></td><td class=\"c x532 y31cb w3c3 h13\"><div class=\"t m0 x7 h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">(433.6<span class=\"ls29\">61</span>) </div></td><td class=\"c x533 y31cb w3c6 h13\"><div class=\"t m0 x7 h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">(429.3<span class=\"lsf4\">56</span>) </div></td></tr><tr><td class=\"c x44e y31cc w3c5 h13\"><div class=\"t m0 x16a h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">b) oneri sociali<span class=\"_ _1\"></span> </div></td><td class=\"c x532 y31cc w3c3 h13\"><div class=\"t m0 x1c h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">(107.856) </div></td><td class=\"c x533 y31cc w3c6 h13\"><div class=\"t m0 xe h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">(104.171) </div></td></tr><tr><td class=\"c x44e y31cd w3c5 h13\"><div class=\"t m0 x16a h1f y392 ff4 fs7 fc1 sc0 ls0 ws0\">c) indennit\u00e0 di fi<span class=\"_ _1\"></span>ne rapporto<span class=\"_ _df\"> </span></div></td><td class=\"c x532 y31cd w3c3 h13\"><div class=\"t m0 xc7 h1f y392 ff4 fs7 fc1 sc0 ls0 ws0\">(4.339) </div></td><td class=\"c x533 y31cd w3c6 h13\"><div class=\"t m0 x49 h1f y392 ff4 fs7 fc1 sc0 ls0 ws0\">(5.735) </div></td></tr><tr><td class=\"c x44e y31ce w3c5 h13\"><div class=\"t m0 x16a h1f y392 ff4 fs7 fc1 sc0 ls0 ws0\">d) spese previdenzi<span class=\"_ _f\"></span>ali </div></td><td class=\"c x532 y31ce w3c3 h13\"><div class=\"t m0 xec h1f y392 ff4 fs7 fc1 sc0 ls0 ws0\">(46) </div></td><td class=\"c x533 y31ce w3c6 h13\"><div class=\"t m0 xe7 h1f y392 ff4 fs7 fc1 sc0 ls0 ws0\">(51) </div></td></tr><tr><td class=\"c x44e y31cf w3c5 h13\"><div class=\"t m0 x16a h1f y392 ff4 fs7 fc1 sc0 ls0 ws0\">e) accantonamen<span class=\"_ _1\"></span>to al trattamen<span class=\"_ _1\"></span>to di fine rappo<span class=\"_ _f\"></span>r<span class=\"_ _2\"></span>to del pe<span class=\"_ _f\"></span>r<span class=\"_ _2\"></span>sonale<span class=\"_ _df\"> </span></div></td><td class=\"c x532 y31cf w3c3 h13\"><div class=\"t m0 xc3 h1f y392 ff4 fs7 fc1 sc0 ls0 ws0\">(1.317) </div></td><td class=\"c x533 y31cf w3c6 h13\"><div class=\"t m0 x11d h1f y392 ff4 fs7 fc1 sc0 ls0 ws0\">(649) </div></td></tr><tr><td class=\"c x44e y31d0 w3c5 h13\"><div class=\"t m0 x16a h1f y392 ff4 fs7 fc1 sc0 ls0 ws0\">f) accantonament<span class=\"_ _1\"></span>o al fondo trattam<span class=\"_ _f\"></span>ento di quiescenza e obbligh<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span> simili: </div></td><td class=\"c x532 y31d0 w3c3 h13\"><div class=\"t m0 xec h1f y392 ff4 fs7 fc1 sc0 ls0 ws0\">(37) </div></td><td class=\"c x533 y31d0 w3c6 h13\"><div class=\"t m0 xec h1f y392 ff4 fs7 fc1 sc0 ls0 ws0\">(43) </div></td></tr><tr><td class=\"c x44e y31d1 w3c5 h13\"><div class=\"t m0 x48 h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">- a contribuzione<span class=\"_ _1\"></span> definita </div></td><td class=\"c x532 y31d1 w3c3 h13\"><div class=\"t m0 xc h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x533 y31d1 w3c6 h13\"><div class=\"t m0 xc h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y31d2 w3c5 h1f4\"><div class=\"t m0 x48 h1f y12f1 ff4 fs7 fc1 sc0 ls0 ws0\">- a benefici defin<span class=\"_ _1\"></span>iti </div></td><td class=\"c x532 y31d2 w3c3 h1f4\"><div class=\"t m0 xec h1f y12f1 ff4 fs7 fc1 sc0 ls0 ws0\">(37) </div></td><td class=\"c x533 y31d2 w3c6 h1f4\"><div class=\"t m0 xec h1f y12f1 ff4 fs7 fc1 sc0 ls0 ws0\">(43) </div></td></tr><tr><td class=\"c x44e y31d3 w3c5 h130\"><div class=\"t m0 x16a h1f y74a ff4 fs7 fc1 sc0 ls0 ws0\">g) versamenti a<span class=\"_ _1\"></span>i fondi di previdenz<span class=\"_ _1\"></span>a complementare es<span class=\"_ _1\"></span>terni:<span class=\"_ _df\"> </span></div></td><td class=\"c x532 y31d3 w3c3 h130\"><div class=\"t m0 xc6 h1f y74a ff4 fs7 fc1 sc0 ls0 ws0\">(28.939) </div></td><td class=\"c x533 y31d3 w3c6 h130\"><div class=\"t m0 xa3 h1f y74a ff4 fs7 fc1 sc0 ls0 ws0\">(27.567) </div></td></tr><tr><td class=\"c x44e y31d4 w3c5 h13\"><div class=\"t m0 x48 h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">- a contribuzione<span class=\"_ _1\"></span> definita </div></td><td class=\"c x532 y31d4 w3c3 h13\"><div class=\"t m0 xc6 h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">(28.939) </div></td><td class=\"c x533 y31d4 w3c6 h13\"><div class=\"t m0 xa3 h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">(27.567) </div></td></tr><tr><td class=\"c x44e y31d5 w3c5 h1a2\"><div class=\"t m0 x16a h1f y30c ff4 fs7 fc1 sc0 ls0 ws0\">h) costi derivant<span class=\"_ _1\"></span>i da accordi di pa<span class=\"_ _1\"></span>gamento basa<span class=\"_ _1\"></span>ti su propri strume<span class=\"_ _1\"></span>nti patrimon<span class=\"_ _1\"></span>iali<span class=\"_ _df\"> </span></div></td><td class=\"c x532 y31d5 w3c3 h1a2\"><div class=\"t m0 xc7 h1f y30c ff4 fs7 fc1 sc0 ls0 ws0\">(4.089) </div></td><td class=\"c x533 y31d5 w3c6 h1a2\"><div class=\"t m0 x1af h1f y30c ff4 fs7 fc1 sc0 ls0 ws0\">(4.133) </div></td></tr><tr><td class=\"c x44e y31d6 w3c5 h13\"><div class=\"t m0 x16a h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">i) altri benefici a f<span class=\"_ _1\"></span>avore dei dipenden<span class=\"_ _f\"></span>ti<span class=\"_ _df\"> </span></div></td><td class=\"c x532 y31d6 w3c3 h13\"><div class=\"t m0 xc6 h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">(25.534) </div></td><td class=\"c x533 y31d6 w3c6 h13\"><div class=\"t m0 xc6 h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">(28.268) </div></td></tr><tr><td class=\"c x44e y31d7 w3c5 h13\"><div class=\"t m0 x10 h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">2) Altro personale <span class=\"_ _1\"></span>in attivit\u00e0 </div></td><td class=\"c x532 y31d7 w3c3 h13\"><div class=\"t m0 x8 h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">(10.190) </div></td><td class=\"c x533 y31d7 w3c6 h13\"><div class=\"t m0 x1af h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">(9.196) </div></td></tr><tr><td class=\"c x44e y31d8 w3c5 h13\"><div class=\"t m0 x10 h1f y392 ff4 fs7 fc1 sc0 ls0 ws0\">3) Amministrato<span class=\"_ _1\"></span>ri e sindaci </div></td><td class=\"c x532 y31d8 w3c3 h13\"><div class=\"t m0 xc7 h1f y392 ff4 fs7 fc1 sc0 ls0 ws0\">(4.856) </div></td><td class=\"c x533 y31d8 w3c6 h13\"><div class=\"t m0 xc7 h1f y392 ff4 fs7 fc1 sc0 ls0 ws0\">(4.584) </div></td></tr><tr><td class=\"c x44e y31d9 w3c5 h13\"><div class=\"t m0 x10 h1f y392 ff4 fs7 fc1 sc0 ls0 ws0\">4) Personale co<span class=\"_ _1\"></span>llocato a riposo<span class=\"_ _df\"> </span></div></td><td class=\"c x532 y31d9 w3c3 h13\"><div class=\"t m0 xc h1f y392 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x533 y31d9 w3c6 h13\"><div class=\"t m0 xc h1f y392 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y31da w4cd h13\"><div class=\"t m0 x63 h1f y392 ff4 fs7 fc1 sc2 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale </div></td><td class=\"c x534 y31da w461 h13\"><div class=\"t m0 x7 h1f y392 ff4 fs7 fc1 sc2 ls0 ws0\">(620.<span class=\"_ _1\"></span>86<span class=\"_ _1\"></span>4) </div></td><td class=\"c x533 y31da w3c6 h13\"><div class=\"t m0 xf h1f y392 ff4 fs7 fc1 sc2 ls0 ws0\">(613.7<span class=\"_ _f\"></span><span class=\"lsf4\">53</span><span class=\"lsf4\"><span class=\"ls0\">) </span></span></div></td></tr></table>Come  da  indicazioni  della  circolare  di  B<span class=\"_ _1\"></span><span class=\"ff5\">anca  d\u2019Italia  262  del  <span class=\"ff4\">22  dicembre  2005  (e  succe<span class=\"_ _1\"></span>ssivi </span></span>aggiornamenti): -<span class=\"_ _1d\"> </span><span class=\"ff4\">nella vo<span class=\"ff5\">ce <span class=\"_ _1\"></span>\u201cSpese per il <span class=\"_ _1\"></span>personale\u201d<span class=\"ff4\"> <span class=\"_ _13\"></span>figura<span class=\"ls13\">no</span> <span class=\"_ _13\"></span>anche i com<span class=\"ls39\">pe</span>n<span class=\"ls2\">si<span class=\"_ _1\"></span><span class=\"ls0\"> <span class=\"_ _13\"></span>agli <span class=\"_ _12\"></span>amministratori e ai <span class=\"_ _1\"></span>sindaci e </span></span></span></span></span>le spese relative ai contratti di lavoro atipici;<span class=\"_ _df\"> </span>-<span class=\"_ _1d\"> </span><span class=\"ff4 ls1a\">la<span class=\"ls0\"> <span class=\"_ _13\"></span><span class=\"ff5\">sottovoce \u201cAltro p<span class=\"ff4\">ersonale i<span class=\"_ _f\"></span>n attivi<span class=\"_ _1\"></span>t\u00e0<span class=\"ff5\">\u201d co</span><span class=\"ls6\">mp</span>rend<span class=\"_ _1\"></span>e co<span class=\"ls6\">mp</span>ensi <span class=\"_ _0\"></span><span class=\"ls39\">pe</span>r<span class=\"_ _16\"> </span> collab<span class=\"_ _1\"></span>orazioni coordinate.<span class=\"_ _df\"> </span></span></span></span></span>12.2 <span class=\"_ _1\"></span>Numer<span class=\"_ _f\"></span>o medio<span class=\"_ _1\"></span> dei d<span class=\"_ _f\"></span>ipende<span class=\"_ _1\"></span>nti pe<span class=\"_ _1\"></span>r ca<span class=\"_ _1\"></span>tegor<span class=\"_ _1\"></span>ia<span class=\"fc1 sc0\"> </span><table class=\"s weda h54f\" id=\"_389a286d-ea09-49a7-b7ba-09d0dfa24257\"><tr><td></td><td></td><td class=\"c x57f y31db w3f7 h49\"><div class=\"t m0 x97 h1f y32 ff4 fs7 fc4 sc3 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale<span class=\"fc1 sc0\"> </span></div></td><td></td><td class=\"c x580 y31db w3f7 h49\"><div class=\"t m0 x97 h1f y25f ff4 fs7 fc4 sc3 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale<span class=\"fc1 sc0\"> </span></div></td><td></td></tr><tr><td></td><td></td><td class=\"c x57f y31dc w3f7 h49\"><div class=\"t m0 x35 h1f y68b ff4 fs7 fc4 sc3 ls0 ws0\">31/12/<span class=\"_ _f\"></span>2025<span class=\"fc1 sc0\"> </span></div></td><td class=\"c x88f y31dd w993 h4c0\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/<span class=\"_ _df\"> </span></div></td><td class=\"c x890 y31dd w994 h4c0\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc4 sc3 ls0 ws0\">2024<span class=\"_ _df\"> </span></div></td><td></td></tr><tr><td class=\"c x46b y31de w51a hc8\"><div class=\"t m0 x8a h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">1) Per<span class=\"_ _1\"></span>sona<span class=\"_ _f\"></span>le dipe<span class=\"_ _1\"></span>nde<span class=\"_ _1\"></span>nte<span class=\"sc0\"> </span></div></td><td></td><td></td><td class=\"c x57f y31de w3f7 hc8\"><div class=\"t m0 x11d h1f y32 ff4 fs7 fc1 sc2 ls0 ws0\">6.59<span class=\"_ _f\"></span>1<span class=\"sc0\"> </span></div></td><td></td><td class=\"c x580 y31de w3f9 hc8\"><div class=\"t m0 xef h1f y32 ff4 fs7 fc1 sc2 ls0 ws0\">6.544<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x46b y31df w51a hc8\"><div class=\"t m0 x16a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">a) dirigenti </div></td><td></td><td></td><td class=\"c x57f y31df w3f7 hc8\"><div class=\"t m0 xe7 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">175 </div></td><td></td><td class=\"c x580 y31df w3f9 hc8\"><div class=\"t m0 xe7 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">177 </div></td></tr><tr><td class=\"c x46b y31e0 w51a hc8\"><div class=\"t m0 x16a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">b) quadri dirett<span class=\"_ _1\"></span>ivi </div></td><td></td><td></td><td class=\"c x57f y31e0 w3f7 hc8\"><div class=\"t m0 xee h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">3.151 </div></td><td></td><td class=\"c x580 y31e0 w3f9 hc8\"><div class=\"t m0 xee h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">3.112 </div></td></tr><tr><td class=\"c x46b y31e1 w51a hc8\"><div class=\"t m0 x16a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">c) restante pers<span class=\"_ _1\"></span>onale dipendente </div></td><td></td><td></td><td class=\"c x57f y31e1 w3f7 hc8\"><div class=\"t m0 xef h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">3.265 </div></td><td></td><td class=\"c x580 y31e1 w3f9 hc8\"><div class=\"t m0 xef h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">3.255 </div></td></tr><tr><td class=\"c x46b y31e2 w51a hc8\"><div class=\"t m0 x8a h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">2) Alt<span class=\"_ _f\"></span>ro pers<span class=\"_ _f\"></span>onale<span class=\"sc0\"> </span></div></td><td></td><td></td><td class=\"c x57f y31e2 w3f7 hc8\"><div class=\"t m0 xe5 h1f y32 ff4 fs7 fc1 sc2 lsbc ws0\">38<span class=\"sc0 ls0\"> </span></div></td><td></td><td class=\"c x580 y31e2 w3f9 hc8\"><div class=\"t m0 xe5 h1f y32 ff4 fs7 fc1 sc2 lsf4 ws0\">54<span class=\"sc0 ls0\"> </span></div></td></tr><tr><td></td><td class=\"c x46b y31e3 w51a h227\"><div class=\"t m0 x3 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale<span class=\"sc0\"> </span></div></td><td></td><td class=\"c x57f y31e3 w3f7 h227\"><div class=\"t m0 xef h1f y32 ff4 fs7 fc1 sc2 ls0 ws0\">6.629<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td><td></td><td class=\"c x580 y31e3 w3f9 h227\"><div class=\"t m0 xef h1f y32 ff4 fs7 fc1 sc2 ls0 ws0\">6.59<span class=\"_ _f\"></span>8<span class=\"sc0\"> </span></div></td></tr></table>Il <span class=\"_ _2\"></span>numero <span class=\"_ _d\"></span>medio <span class=\"_ _d\"></span>dei <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>ipendenti <span class=\"_ _2\"></span>non <span class=\"_ _d\"></span>include <span class=\"_ _2\"></span>g<span class=\"_ _2\"></span>li <span class=\"_ _2\"></span>amministr<span class=\"_ _2\"></span>atori <span class=\"_ _2\"></span>e <span class=\"_ _d\"></span>sindaci. <span class=\"_ _2\"></span>Nel <span class=\"_ _d\"></span>caso <span class=\"_ _d\"></span>dei <span class=\"_ _d\"></span>dipendenti part-time \u00e8 convenzionalmente considerato il 50%. 12.4 A<span class=\"_ _1\"></span>ltri ben<span class=\"_ _1\"></span>efici a<span class=\"_ _1\"></span> favo<span class=\"_ _f\"></span>re dei dip<span class=\"_ _f\"></span>endenti  La v<span class=\"_ _1\"></span>oce comp<span class=\"_ _1\"></span>rende i <span class=\"_ _1\"></span>buoni p<span class=\"_ _1\"></span>asto, gli <span class=\"_ _1\"></span><span class=\"ff5\">incentivi all\u2019esodo, <span class=\"_ _f\"></span>le altre libe<span class=\"_ _1\"></span>ralit\u00e0 diverse, <span class=\"_ _f\"></span>i costi pe<span class=\"_ _1\"></span>r polizze </span>assicurative <span class=\"_ _f\"></span>st<span class=\"_ _2\"></span>ipul<span class=\"_ _1\"></span>ate <span class=\"_ _1\"></span>a <span class=\"_ _f\"></span>favor<span class=\"_ _2\"></span>e <span class=\"_ _f\"></span>dei <span class=\"_ _f\"></span>dipendenti, <span class=\"_ _f\"></span>i corsi <span class=\"_ _f\"></span>per <span class=\"_ _f\"></span>corsi d<span class=\"_ _f\"></span>i agg<span class=\"_ _1\"></span>iornamento <span class=\"_ _1\"></span>professionale, ecc.<span class=\"sc2\"> </span><div class=\"c w37c h213 gse12\"><div class=\"t m0 x8a h5 y54 ff4 fs1 fc4 sc3 ls0 ws0\">12.5 <span class=\"_ _1\"></span>Altre <span class=\"_ _f\"></span>spese a<span class=\"_ _1\"></span>mminis<span class=\"_ _f\"></span>trative:<span class=\"_ _1\"></span> comp<span class=\"_ _1\"></span>osizi<span class=\"_ _1\"></span>one<span class=\"_ _f\"></span><span class=\"fc1 sc0\"> </span></div></div><div class=\"gsd7f\"><table class=\"s wedb h550\" id=\"_efb0d996-7f3d-4522-b4b7-c6dd75a2a09d\"><tr><td class=\"c x46b y31e4 w51b hd7\"><div class=\"t m0 x52 h1f yab9 ff4 fs7 fc4 sc3 ls0 ws0\">Tipol<span class=\"_ _f\"></span>ogia ser<span class=\"_ _f\"></span>vizi/Va<span class=\"_ _1\"></span>lori<span class=\"fc1 sc0\"> </span></div></td><td></td><td class=\"c x636 y31e5 w51c h2ea\"><div class=\"t m0 x38 h1f y32 ff4 fs7 fc4 sc3 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale<span class=\"fc1 sc0\"> </span></div></td><td class=\"c x750 y31e5 w51d h2ea\"><div class=\"t m0 x38 h1f ye4c ff4 fs7 fc4 sc3 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale<span class=\"fc1 sc0\"> </span></div></td></tr><tr><td></td><td></td><td class=\"c x636 y31e4 w51c h260\"><div class=\"t m0 x2c h1f y61e ff4 fs7 fc4 sc3 ls0 ws0\">31/12/<span class=\"_ _f\"></span>2025<span class=\"fc1 sc0\"> </span></div></td><td class=\"c x750 y31e4 w51d h260\"><div class=\"t m0 x2c h1f y61e ff4 fs7 fc4 sc3 ls0 ws0\">31/12/<span class=\"_ _f\"></span>2024<span class=\"fc1 sc0\"> </span></div></td></tr><tr><td class=\"c x46b y31e6 w301 h213\"><div class=\"t m0 x8a h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">Impo<span class=\"_ _1\"></span>ste e<span class=\"_ _f\"></span> tasse<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td><td></td><td class=\"c x636 y31e6 w51c h213\"><div class=\"t m0 xc7 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">(161.16<span class=\"_ _f\"></span>0)<span class=\"sc0\"> </span></div></td><td class=\"c x750 y31e6 w11c h213\"><div class=\"t m0 x8 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">(151.<span class=\"_ _1\"></span>595)<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x46b y31e7 w301 h213\"><div class=\"t m0 x16a h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">Imposta di boll<span class=\"_ _1\"></span>o </div></td><td></td><td class=\"c x636 y31e7 w51c h213\"><div class=\"t m0 xe h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">(143.294) </div></td><td class=\"c x750 y31e7 w11c h213\"><div class=\"t m0 xc6 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">(135.089) </div></td></tr><tr><td class=\"c x46b y31e8 w301 h213\"><div class=\"t m0 x16a h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">Imposta Municip<span class=\"_ _1\"></span>ale Unica </div></td><td></td><td class=\"c x636 y31e8 w51c h213\"><div class=\"t m0 x11d h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">(3.110) </div></td><td class=\"c x750 y31e8 w11c h213\"><div class=\"t m0 xf0 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">(3.085) </div></td></tr><tr><td class=\"c x46b y31e9 w301 hc8\"><div class=\"t m0 x16a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">Altro </div></td><td></td><td class=\"c x636 y31e9 w51c hc8\"><div class=\"t m0 x49 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">(14.756) </div></td><td class=\"c x750 y31e9 w11c hc8\"><div class=\"t m0 x1af h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">(13.421) </div></td></tr><tr><td class=\"c x46b y31ea w301 h213\"><div class=\"t m0 x8a h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">Altr<span class=\"_ _1\"></span>e spes<span class=\"_ _f\"></span>e<span class=\"sc0\"> </span></div></td><td></td><td class=\"c x636 y31ea w51c h213\"><div class=\"t m0 xe h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">(303.7<span class=\"_ _f\"></span>61)<span class=\"sc0\"> </span></div></td><td class=\"c x750 y31ea w11c h213\"><div class=\"t m0 xc6 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">(280.7<span class=\"_ _f\"></span>43)<span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x46b y31eb w301 h213\"><div class=\"t m0 x16a h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">Assicurazioni </div></td><td></td><td class=\"c x636 y31eb w51c h213\"><div class=\"t m0 xf0 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">(3.233) </div></td><td class=\"c x750 y31eb w11c h213\"><div class=\"t m0 xf0 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">(3.465) </div></td></tr><tr><td class=\"c x46b y31ec w301 h213\"><div class=\"t m0 x16a h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">ATM </div></td><td></td><td class=\"c x636 y31ec w51c h213\"><div class=\"t m0 xf0 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">(2.300) </div></td><td class=\"c x750 y31ec w11c h213\"><div class=\"t m0 xc3 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">(1.903) </div></td></tr><tr><td class=\"c x46b y31ed w301 hc8\"><div class=\"t m0 x16a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">Economato, ca<span class=\"_ _1\"></span>ncelleria, stamp<span class=\"_ _1\"></span>ati </div></td><td></td><td class=\"c x636 y31ed w51c hc8\"><div class=\"t m0 xef h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">(6.516) </div></td><td class=\"c x750 y31ed w11c hc8\"><div class=\"t m0 xf0 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">(7.640) </div></td></tr><tr><td class=\"c x46b y31ee w301 h213\"><div class=\"t m0 x16a h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">Formazione  </div></td><td></td><td class=\"c x636 y31ee w51c h213\"><div class=\"t m0 xf0 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">(4.024) </div></td><td class=\"c x750 y31ee w11c h213\"><div class=\"t m0 xf0 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">(3.550) </div></td></tr><tr><td class=\"c x46b y31ef w301 h213\"><div class=\"t m0 x16a h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">Energia elettr<span class=\"_ _1\"></span>ica </div></td><td></td><td class=\"c x636 y31ef w51c h213\"><div class=\"t m0 xc3 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">(6.255) </div></td><td class=\"c x750 y31ef w11c h213\"><div class=\"t m0 xc3 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">(7.589) </div></td></tr><tr><td class=\"c x46b y31f0 w301 h213\"><div class=\"t m0 x16a h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">Fitti passivi su imm<span class=\"_ _f\"></span>o<span class=\"_ _2\"></span>bil<span class=\"_ _1\"></span>i </div></td><td></td><td class=\"c x636 y31f0 w51c h213\"><div class=\"t m0 x11d h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">(1.516) </div></td><td class=\"c x750 y31f0 w11c h213\"><div class=\"t m0 x11d h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">(1.527) </div></td></tr><tr><td class=\"c x46b y31f1 w301 hc8\"><div class=\"t m0 x16a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">Altre spese imm<span class=\"_ _1\"></span>obiliari </div></td><td></td><td class=\"c x636 y31f1 w51c hc8\"><div class=\"t m0 x49 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">(13.062) </div></td><td class=\"c x750 y31f1 w11c hc8\"><div class=\"t m0 x49 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">(12.773) </div></td></tr><tr><td class=\"c x46b y31f2 w301 h2ea\"><div class=\"t m0 x16a h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">Info provider </div></td><td></td><td class=\"c x636 y31f2 w51c h2ea\"><div class=\"t m0 xc7 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">(18.849) </div></td><td class=\"c x750 y31f2 w11c h2ea\"><div class=\"t m0 x49 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">(16.974) </div></td></tr><tr><td class=\"c x46b y31f3 w301 h213\"><div class=\"t m0 x16a h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">Elaborazioni e<span class=\"_ _1\"></span>lettroniche press<span class=\"_ _1\"></span>o terzi </div></td><td></td><td class=\"c x636 y31f3 w51c h213\"><div class=\"t m0 xe h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">(127.395) </div></td><td class=\"c x750 y31f3 w11c h213\"><div class=\"t m0 xa3 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">(108.126) </div></td></tr><tr><td class=\"c x46b y31f4 w301 h213\"><div class=\"t m0 x16a h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">Macchine ufficio </div></td><td></td><td class=\"c x636 y31f4 w51c h213\"><div class=\"t m0 xe6 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">(62) </div></td><td class=\"c x750 y31f4 w11c h213\"><div class=\"t m0 xe6 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">(58) </div></td></tr><tr><td class=\"c x46b y31f5 w301 hc8\"><div class=\"t m0 x16a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">Lavorazione banc<span class=\"_ _1\"></span>arie esternal<span class=\"_ _1\"></span>izzate </div></td><td></td><td class=\"c x636 y31f5 w51c hc8\"><div class=\"t m0 xf0 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">(9.909) </div></td><td class=\"c x750 y31f5 w11c hc8\"><div class=\"t m0 xef h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">(7.185) </div></td></tr><tr><td class=\"c x46b y31f6 w301 h213\"><div class=\"t m0 x16a h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">Marketing </div></td><td></td><td class=\"c x636 y31f6 w51c h213\"><div class=\"t m0 xc7 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">(23.779) </div></td><td class=\"c x750 y31f6 w11c h213\"><div class=\"t m0 x8 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">(24.004) </div></td></tr><tr><td class=\"c x46b y31f7 w301 h213\"><div class=\"t m0 x16a h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">Mobilit\u00e0 </div></td><td></td><td class=\"c x636 y31f7 w51c h213\"><div class=\"t m0 x1af h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">(11.742) </div></td><td class=\"c x750 y31f7 w11c h213\"><div class=\"t m0 x1af h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">(11.568) </div></td></tr><tr><td class=\"c x46b y31f8 w301 h213\"><div class=\"t m0 x16a h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">Postali </div></td><td></td><td class=\"c x636 y31f8 w51c h213\"><div class=\"t m0 x11f h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">(869) </div></td><td class=\"c x750 y31f8 w11c h213\"><div class=\"t m0 xef h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">(1.589) </div></td></tr><tr><td class=\"c x46b y31f9 w301 hc8\"><div class=\"t m0 x16a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">Consulenza<span class=\"_ _1\"></span> </div></td><td></td><td class=\"c x636 y31f9 w51c hc8\"><div class=\"t m0 x1af h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">(14.169) </div></td><td class=\"c x750 y31f9 w11c hc8\"><div class=\"t m0 x49 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">(15.094) </div></td></tr><tr><td class=\"c x46b y31fa w301 h213\"><div class=\"t m0 x16a h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">Spese legali per rec<span class=\"_ _1\"></span>upero crediti </div></td><td></td><td class=\"c x636 y31fa w51c h213\"><div class=\"t m0 xc3 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">(4.661) </div></td><td class=\"c x750 y31fa w11c h213\"><div class=\"t m0 xef h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">(5.210) </div></td></tr><tr><td class=\"c x46b y31fb w301 h213\"><div class=\"t m0 x16a h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">Spese legali </div></td><td></td><td class=\"c x636 y31fb w51c h213\"><div class=\"t m0 xf0 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">(4.928) </div></td><td class=\"c x750 y31fb w11c h213\"><div class=\"t m0 xf0 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">(4.486) </div></td></tr><tr><td class=\"c x46b y31fc w301 h213\"><div class=\"t m0 x16a h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">Altri compensi a pr<span class=\"_ _f\"></span>ofessionisti esterni </div></td><td></td><td class=\"c x636 y31fc w51c h213\"><div class=\"t m0 xef h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">(1.675) </div></td><td class=\"c x750 y31fc w11c h213\"><div class=\"t m0 xef h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">(1.658) </div></td></tr><tr><td class=\"c x46b y31fd w301 hc8\"><div class=\"t m0 x16a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">Reti e servizi inter<span class=\"_ _f\"></span>bancari </div></td><td></td><td class=\"c x636 y31fd w51c hc8\"><div class=\"t m0 xf0 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">(4.709) </div></td><td class=\"c x750 y31fd w11c hc8\"><div class=\"t m0 xc3 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">(3.322) </div></td></tr><tr><td class=\"c x46b y31fe w301 h213\"><div class=\"t m0 x16a h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">Telefoniche </div></td><td></td><td class=\"c x636 y31fe w51c h213\"><div class=\"t m0 xc3 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">(6.575) </div></td><td class=\"c x750 y31fe w11c h213\"><div class=\"t m0 xf0 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">(7.009) </div></td></tr><tr><td class=\"c x46b y31ff w301 h213\"><div class=\"t m0 x16a h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">Trasporti </div></td><td></td><td class=\"c x636 y31ff w51c h213\"><div class=\"t m0 x11f h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">(427) </div></td><td class=\"c x750 y31ff w11c h213\"><div class=\"t m0 x11f h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">(450) </div></td></tr><tr><td class=\"c x46b y3200 w301 h2ea\"><div class=\"t m0 x16a h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">Trasporto valo<span class=\"_ _1\"></span>ri e contazione </div></td><td></td><td class=\"c x636 y3200 w51c h2ea\"><div class=\"t m0 xc3 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">(3.782) </div></td><td class=\"c x750 y3200 w11c h2ea\"><div class=\"t m0 xef h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">(3.791) </div></td></tr><tr><td class=\"c x46b y3201 w301 hc8\"><div class=\"t m0 x16a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">Vigilanza </div></td><td></td><td class=\"c x636 y3201 w51c hc8\"><div class=\"t m0 xc3 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">(5.104) </div></td><td class=\"c x750 y3201 w11c hc8\"><div class=\"t m0 xf0 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">(4.236) </div></td></tr><tr><td class=\"c x46b y3202 w301 h213\"><div class=\"t m0 x16a h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">Visure e informazi<span class=\"_ _f\"></span>o<span class=\"_ _2\"></span>ni </div></td><td></td><td class=\"c x636 y3202 w51c h213\"><div class=\"t m0 x1af h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">(10.615) </div></td><td class=\"c x750 y3202 w11c h213\"><div class=\"t m0 xf0 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">(9.380) </div></td></tr><tr><td class=\"c x46b y3203 w301 h213\"><div class=\"t m0 x16a h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">Altre spese </div></td><td></td><td class=\"c x636 y3203 w51c h213\"><div class=\"t m0 x49 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">(17.605) </div></td><td class=\"c x750 y3203 w11c h213\"><div class=\"t m0 x1af h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">(18.156) </div></td></tr><tr><td class=\"c x46b y3204 w51e h213\"><div class=\"t m0 x8a h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">Cont<span class=\"_ _f\"></span>ributi Fo<span class=\"_ _1\"></span>ndi<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td><td></td><td class=\"c x636 y3204 w51c h213\"><div class=\"t m0 xc3 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">(7.24<span class=\"_ _f\"></span>4)<span class=\"sc0\"> </span></div></td><td class=\"c x750 y3204 w11c h213\"><div class=\"t m0 xc7 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">(37.2<span class=\"_ _f\"></span>48)<span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x46b y3205 w301 hc8\"><div class=\"t m0 x16a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">Contributi Fondo d<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span> Riso<span class=\"_ _1\"></span>luzione Unico - SRF </div></td><td></td><td class=\"c x636 y3205 w51c hc8\"><div class=\"t m0 x11e h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x750 y3205 w11c hc8\"><div class=\"t m0 x11e h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y3206 w301 h213\"><div class=\"t m0 x16a h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">Contributi Sistem<span class=\"_ _f\"></span>a G<span class=\"_ _2\"></span>aranzi<span class=\"_ _1\"></span>a Depositi - DGSD </div></td><td></td><td class=\"c x636 y3206 w51c h213\"><div class=\"t m0 xef h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">(2.501) </div></td><td class=\"c x750 y3206 w11c h213\"><div class=\"t m0 xc7 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">(32.967) </div></td></tr><tr><td class=\"c x46b y3207 w301 h213\"><div class=\"t m0 x16a h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">Contributi Fondo <span class=\"_ _1\"></span>Garanzia assicura<span class=\"_ _f\"></span>tivo Rami Vita </div></td><td></td><td class=\"c x636 y3207 w51c h213\"><div class=\"t m0 xf0 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">(4.743) </div></td><td class=\"c x750 y3207 w11c h213\"><div class=\"t m0 xef h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">(4.281) </div></td></tr><tr><td></td><td class=\"c x46b y3208 w301 hcb\"><div class=\"t m0 x5d h1f y80 ff4 fs7 fc1 sc2 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale<span class=\"sc0\"> </span></div></td><td class=\"c x636 y3208 w51c hcb\"><div class=\"t m0 xa3 h1f y80 ff4 fs7 fc1 sc2 ls0 ws0\">(472.<span class=\"_ _f\"></span>165)<span class=\"sc0\"> </span></div></td><td class=\"c x750 y3208 w11c hcb\"><div class=\"t m0 xf h1f y80 ff4 fs7 fc1 sc2 ls0 ws0\">(469.<span class=\"_ _1\"></span>586<span class=\"_ _1\"></span>)<span class=\"sc0\"> </span></div></td></tr></table></div>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-819": {
   "value": "<div class=\"t m0 hc ff4 fs4 fc4 sc3 ls0 ws0 gse14\">Sezi<span class=\"_ _f\"></span>one 1<span class=\"_ _1\"></span>3 <span class=\"ff5\">\u2013</span> <span class=\"_ _f\"></span>Accan<span class=\"_ _f\"></span>tonam<span class=\"_ _f\"></span>enti n<span class=\"_ _f\"></span>etti ai f<span class=\"_ _1\"></span>on<span class=\"_ _f\"></span>di per r<span class=\"_ _f\"></span>ischi <span class=\"_ _1\"></span>ed o<span class=\"_ _f\"></span>neri -<span class=\"_ _1\"></span> Voc<span class=\"_ _f\"></span>e 200<span class=\"_ _f\"></span> </div><div class=\"c w51f h2b9 gse15\"><div class=\"t m0 x8a h5 y1220 ff4 fs1 fc4 sc3 ls0 ws0\">13.1 <span class=\"_ _1\"></span>Accant<span class=\"_ _1\"></span>ona<span class=\"_ _1\"></span>menti<span class=\"_ _1\"></span> nett<span class=\"_ _1\"></span>i per <span class=\"_ _f\"></span>il rischio <span class=\"_ _f\"></span>di credito<span class=\"_ _f\"></span> relativ<span class=\"_ _1\"></span>i a im<span class=\"_ _1\"></span>pegni<span class=\"_ _f\"></span> <span class=\"_ _2\"></span>a er<span class=\"_ _1\"></span>ogar<span class=\"_ _1\"></span>e fond<span class=\"_ _1\"></span>i e ga<span class=\"_ _f\"></span>ranzie </div><div class=\"t m0 x8a h5 y360 ff4 fs1 fc4 sc3 ls0 ws0\">finanzi<span class=\"_ _1\"></span>arie <span class=\"_ _f\"></span>rilascia<span class=\"_ _1\"></span>te: co<span class=\"_ _f\"></span>mposizio<span class=\"_ _f\"></span>ne<span class=\"fc1 sc0\"> </span></div></div><div class=\"gse16\"><table class=\"s wedd h552\" id=\"_f26c6ad4-7211-4790-aef6-3a3fee8b864f\"><tr><td></td><td class=\"c x488 y3212 w520 h69\"><div class=\"t m0 x32 h1f y302 ff4 fs7 fc1 sc2 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale<span class=\"sc0\"> </span></div></td><td class=\"c x892 y3212 w521 h69\"><div class=\"t m0 x32 h1f y302 ff4 fs7 fc1 sc2 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale<span class=\"sc0\"> </span></div></td></tr><tr><td></td><td class=\"c x488 y3213 w520 h49\"><div class=\"t m0 x55 h1f y25c ff4 fs7 fc1 sc2 ls0 ws0\">31/12/<span class=\"_ _f\"></span>2025<span class=\"sc0\"> </span></div></td><td class=\"c x892 y3213 w521 h49\"><div class=\"t m0 x55 h1f y25c ff4 fs7 fc1 sc2 ls0 ws0\">31/12/<span class=\"_ _f\"></span>2024<span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x262 y3214 wede h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc1 sc0 ls0 ws0\">Accantonamento ne<span class=\"_ _f\"></span>tto al fondo rischi per impegn<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span> a erog<span class=\"_ _f\"></span>ar<span class=\"_ _2\"></span>e fond<span class=\"_ _1\"></span>i e garanzie finanz<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span>arie<span class=\"_ _df\"> </span></div></td><td class=\"c x488 y3215 w520 had\"><div class=\"t m0 x13 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">(2.106) </div></td><td class=\"c x892 y3215 w523 had\"><div class=\"t m0 x90 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">(336) </div></td></tr><tr><td class=\"c x262 y3216 wbc5 h4d6\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">rilasciate<span class=\"_ _df\"> </span></div></td><td></td><td></td></tr><tr><td class=\"c x262 y3217 wedf h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">Riattribuzione a<span class=\"_ _1\"></span> conto economico re<span class=\"_ _1\"></span>lative al fondo risc<span class=\"_ _1\"></span>hi per impegni <span class=\"_ _1\"></span>a erogare f<span class=\"_ _1\"></span>ondi e<span class=\"_ _df\"> </span></div></td><td class=\"c x488 y3218 w520 had\"><div class=\"t m0 xc6 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">303 </div></td><td class=\"c x892 y3218 w523 had\"><div class=\"t m0 x90 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">1.055 </div></td></tr><tr><td class=\"c x262 y3219 wee0 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">garanzie finanz<span class=\"_ _1\"></span>iarie rilasciate<span class=\"_ _df\"> </span></div></td><td></td><td></td></tr><tr><td class=\"c x46b y321a w522 h49\"><div class=\"t m0 xda h1f y25f ff4 fs7 fc1 sc2 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale<span class=\"sc0\"> </span></div></td><td class=\"c x488 y321a w520 h49\"><div class=\"t m0 x13 h1f y25f ff4 fs7 fc1 sc2 ls0 ws0\">(1.803<span class=\"_ _f\"></span>)<span class=\"sc0\"> </span></div></td><td class=\"c x892 y321a w523 h49\"><div class=\"t m0 xa3 h1f y25f ff4 fs7 fc1 sc2 ls0 ws0\">719<span class=\"sc0\"> </span></div></td></tr></table></div><div class=\"c w37c h69 gse17\"><div class=\"t m0 x10 h5 y477 ff4 fs1 fc4 sc3 ls0 ws0\">13.3 <span class=\"_ _f\"></span>Accantona<span class=\"_ _f\"></span>menti net<span class=\"_ _1\"></span>ti a<span class=\"_ _1\"></span>gli a<span class=\"_ _1\"></span>ltri fo<span class=\"_ _1\"></span>ndi per<span class=\"_ _f\"></span> rischi e <span class=\"_ _1\"></span>oneri<span class=\"_ _1\"></span>: com<span class=\"_ _f\"></span>posizi<span class=\"_ _1\"></span>one </div></div><div class=\"gse18\"><table class=\"s wedc h551\" id=\"_5c201660-e7cd-4d51-82f7-bfb92930e234\"><tr><td></td><td></td><td class=\"c x528 y3209 w278 h69\"><div class=\"t m0 x33 h1f y32 ff4 fs7 fc1 sc2 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale </div></td><td class=\"c x891 y3209 w524 h69\"><div class=\"t m0 x33 h1f y32 ff4 fs7 fc1 sc2 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale </div></td></tr><tr><td></td><td></td><td class=\"c x528 y320a w278 h49\"><div class=\"t m0 x2e h1f y68b ff4 fs7 fc1 sc2 ls0 ws0\">31/12/<span class=\"_ _f\"></span>2025 </div></td><td class=\"c x891 y320a w524 h49\"><div class=\"t m0 x2a h1f y68b ff4 fs7 fc1 sc2 ls0 ws0\">31/12/<span class=\"_ _f\"></span>2024 </div></td></tr><tr><td class=\"c x44e y320b w525 h69\"><div class=\"t m0 x10 h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">Accantonamento ne<span class=\"_ _f\"></span>tto al fondo rischi per cau<span class=\"_ _1\"></span>se passive e rev<span class=\"_ _f\"></span>o<span class=\"_ _2\"></span>catorie </div></td><td></td><td class=\"c x528 y320b w278 h69\"><div class=\"t m0 x8f h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">(4.631) </div></td><td class=\"c x891 y320b w46 h69\"><div class=\"t m0 x8f h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">(2.713) </div></td></tr><tr><td class=\"c x44e y320c w525 h69\"><div class=\"t m0 x10 h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">Interessi passiv<span class=\"_ _1\"></span>i da attualizzaz<span class=\"_ _1\"></span>ione fondo per cau<span class=\"_ _f\"></span>se passive e revocatori<span class=\"_ _1\"></span>e </div></td><td></td><td class=\"c x528 y320c w278 h69\"><div class=\"t m0 x91 h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">(328) </div></td><td class=\"c x891 y320c w46 h69\"><div class=\"t m0 x12 h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">(600) </div></td></tr><tr><td class=\"c x44e y320d w525 h69\"><div class=\"t m0 x10 h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">Riattribuzione a<span class=\"_ _1\"></span> conto economic<span class=\"_ _1\"></span>o relative al fond<span class=\"_ _1\"></span>o rischi per cau<span class=\"_ _1\"></span>se passive<span class=\"_ _1\"></span> e revocatorie </div></td><td></td><td class=\"c x528 y320d w278 h69\"><div class=\"t m0 x91 h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">1.824 </div></td><td class=\"c x891 y320d w46 h69\"><div class=\"t m0 x96 h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">2.270 </div></td></tr><tr><td class=\"c x44e y320e w525 h69\"><div class=\"t m0 x10 h1f y5b ff4 fs7 fc1 sc0 ls0 ws0\">Accantonamenti ad <span class=\"_ _1\"></span>altri fondi </div></td><td></td><td class=\"c x528 y320e w278 h69\"><div class=\"t m0 x36 h1f y5b ff4 fs7 fc1 sc0 ls0 ws0\">(9.854) </div></td><td class=\"c x891 y320e w46 h69\"><div class=\"t m0 x97 h1f y5b ff4 fs7 fc1 sc0 ls0 ws0\">(22.409) </div></td></tr><tr><td class=\"c x44e y320f w525 h212\"><div class=\"t m0 x10 h1f y2ea ff4 fs7 fc1 sc0 ls0 ws0\">Interessi passiv<span class=\"_ _1\"></span>i da attualizzaz<span class=\"_ _1\"></span>ione relativi ad a<span class=\"_ _1\"></span>ltri fondi </div></td><td></td><td class=\"c x528 y320f w278 h212\"><div class=\"t m0 x90 h1f y2ea ff4 fs7 fc1 sc0 ls0 ws0\">(705) </div></td><td class=\"c x891 y320f w46 h212\"><div class=\"t m0 x13 h1f y2ea ff4 fs7 fc1 sc0 ls0 ws0\">(1.176) </div></td></tr><tr><td class=\"c x44e y3210 w525 h69\"><div class=\"t m0 x10 h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">Riattribuzione a<span class=\"_ _1\"></span> conto economic<span class=\"_ _1\"></span>o relative ad al<span class=\"_ _1\"></span>tri fondi </div></td><td></td><td class=\"c x528 y3210 w278 h69\"><div class=\"t m0 x90 h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">1.294 </div></td><td class=\"c x891 y3210 w46 h69\"><div class=\"t m0 x11 h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">4.203 </div></td></tr><tr><td></td><td class=\"c x44e y3211 w525 h49\"><div class=\"t m0 x53 h1f y25f ff4 fs7 fc1 sc2 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale </div></td><td class=\"c x528 y3211 w278 h49\"><div class=\"t m0 x30 h1f y25f ff4 fs7 fc1 sc2 ls0 ws0\">(12.4<span class=\"_ _f\"></span>00) </div></td><td class=\"c x891 y3211 w46 h49\"><div class=\"t m0 x38 h1f y25f ff4 fs7 fc1 sc2 ls0 ws0\">(20.4<span class=\"_ _f\"></span>25) </div></td></tr></table></div>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfProvisionsExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-789": {
   "value": "<div class=\"t m0 hc ff4 fs4 fc4 sc3 ls0 ws0 gse1a\">Sezi<span class=\"_ _f\"></span>one 1<span class=\"_ _1\"></span>4 <span class=\"ff5\">\u2013</span> <span class=\"_ _f\"></span>Rettific<span class=\"_ _f\"></span>he/rip<span class=\"_ _f\"></span>rese d<span class=\"_ _f\"></span>i valo<span class=\"_ _f\"></span>re net<span class=\"_ _1\"></span>te s<span class=\"_ _f\"></span>u attiv<span class=\"_ _f\"></span>it\u00e0 m<span class=\"_ _f\"></span>ateria<span class=\"_ _f\"></span>li <span class=\"ff5\">\u2013</span> Vo<span class=\"_ _1\"></span>ce 2<span class=\"_ _f\"></span>10 </div><div class=\"c w37c h4a gse1b\"><div class=\"t m0 x8a h5 y302 ff4 fs1 fc4 sc3 ls0 ws0\">14.1. <span class=\"_ _1\"></span>Rettifi<span class=\"_ _1\"></span>che <span class=\"_ _1\"></span>di va<span class=\"_ _f\"></span>lore nett<span class=\"_ _1\"></span>e su <span class=\"_ _f\"></span>attivit\u00e0 <span class=\"_ _1\"></span>mat<span class=\"_ _1\"></span>eriali: <span class=\"_ _1\"></span>comp<span class=\"_ _1\"></span>osizio<span class=\"_ _f\"></span>ne<span class=\"fc1 sc0\"> </span></div></div><div class=\"gse1c\"><table class=\"s wee1 h553\" id=\"_f32ec9ab-cabc-4a33-8d5d-ce003bbe2e31\"><tr><td></td><td class=\"c x893 y321b w527 h1f6\"><div class=\"t m0 x16a h1f y1220 ff4 fs7 fc4 sc3 ls0 ws0\">Amm<span class=\"_ _f\"></span>ortam<span class=\"_ _1\"></span>ento<span class=\"_ _f\"></span><span class=\"fc1 sc0\"> </span></div></td><td class=\"c x800 y321c wee2 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">Rett<span class=\"_ _f\"></span>ifiche di v<span class=\"_ _f\"></span>alore<span class=\"_ _df\"> </span></div></td><td class=\"c x894 y321d wee3 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">per<span class=\"_ _df\"> </span></div></td><td class=\"c x68c y321b w529 h1f6\"><div class=\"t m0 xac h1f y1220 ff4 fs7 fc4 sc3 ls0 ws0\">Ripre<span class=\"_ _1\"></span>se di<span class=\"_ _f\"></span> valore<span class=\"_ _f\"></span><span class=\"fc1 sc0\"> </span></div></td><td class=\"c x895 y321b w52a h1f6\"><div class=\"t m0 x16a h1f y1220 ff4 fs7 fc4 sc3 ls0 ws0\">Risu<span class=\"_ _1\"></span>ltato<span class=\"_ _1\"></span> nett<span class=\"_ _f\"></span>o<span class=\"fc1 sc0\"> </span></div></td></tr><tr><td class=\"c x46b y321e w526 h28d\"><div class=\"t m0 x34 h1f y843 ff4 fs7 fc4 sc3 ls0 ws0\">Atti<span class=\"_ _1\"></span>vit\u00e0/C<span class=\"_ _f\"></span>ompon<span class=\"_ _1\"></span>ente<span class=\"_ _1\"></span> red<span class=\"_ _f\"></span>dituali<span class=\"fc1 sc0\"> </span></div></td><td></td><td class=\"c x896 y321f wee4 h484\" colspan=\"2\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">deter<span class=\"_ _1\"></span>iora<span class=\"_ _f\"></span>mento<span class=\"_ _df\"> </span></div></td><td></td><td></td></tr><tr><td></td><td></td><td class=\"c x898 y3220 wee5 h484\" colspan=\"2\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">(a)<span class=\"_ _df\"> </span></div><div class=\"t m0 x897 h1f y2409 ff4 fs7 fc4 sc3 ls28 ws0\">(b)<span class=\"_ _df\"> </span></div></td><td class=\"c x68c y321e wb5 h49\"><div class=\"t m0 x38 h1f y25 ff4 fs7 fc4 sc3 ls0 ws0\">(c)<span class=\"fc1 sc0\"> </span></div></td><td class=\"c x895 y321e w52a h49\"><div class=\"t m0 x33 h1f y25c ff4 fs7 fc4 sc3 ls0 ws0\">(a + b<span class=\"_ _f\"></span> - <span class=\"lsdd\">c</span><span class=\"lsdd\">)</span><span class=\"fc1 sc0\"> </span></div></td></tr><tr><td class=\"c x46b y3221 w52b h49\"><div class=\"t m0 x8a h1f y25f ff4 fs7 fc1 sc0 ls0 ws0\">A. Attivit\u00e0 mater<span class=\"_ _1\"></span>iali </div></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x46b y3222 w52b h49\"><div class=\"t m0 x2e h1f y25f ff4 fs7 fc1 sc0 ls0 ws0\">1. Ad uso funzi<span class=\"_ _1\"></span>onale </div></td><td class=\"c x893 y3222 w52c h49\"><div class=\"t m0 x7 h1f y25f ff4 fs7 fc1 sc0 ls0 ws0\">(45.106) </div></td><td class=\"c x4fb y3222 w52d h49\"><div class=\"t m0 xef h1f y25f ff4 fs7 fc1 sc0 ls0 ws0\">(<span class=\"ls2a\">28</span>) </div></td><td></td><td class=\"c x68c y3222 w529 h49\"><div class=\"t m0 x11d h1f y25f ff4 fs7 fc1 sc0 ls29 ws0\">99<span class=\"ls0\"> </span></div></td><td class=\"c x895 y3222 w52a h49\"><div class=\"t m0 x11 h1f y25f ff4 fs7 fc1 sc0 ls0 ws0\">(45.0<span class=\"lsbc\">35</span>) </div></td></tr><tr><td class=\"c x46b y3223 w52b h49\"><div class=\"t m0 x32 h1f y25f ff4 fs7 fc1 sc0 ls0 ws0\">- Di propriet\u00e0<span class=\"_ _1\"></span> </div></td><td class=\"c x893 y3223 w52c h49\"><div class=\"t m0 x7 h1f y25f ff4 fs7 fc1 sc0 ls0 ws0\">(21.358) </div></td><td class=\"c x4fb y3223 w52d h49\"><div class=\"t m0 xe5 h1f y25f ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x68c y3223 w529 h49\"><div class=\"t m0 xec h1f y25f ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x895 y3223 w52a h49\"><div class=\"t m0 x12 h1f y25f ff4 fs7 fc1 sc0 ls0 ws0\">(21.358) </div></td></tr><tr><td class=\"c x46b y3224 w52b h49\"><div class=\"t m0 x32 h1f y25f ff4 fs7 fc1 sc0 ls0 ws0\">- Diritti d'uso acqu<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span>siti con i<span class=\"_ _1\"></span>l leasing<span class=\"_ _df\"> </span></div></td><td class=\"c x893 y3224 w52c h49\"><div class=\"t m0 x90 h1f y25f ff4 fs7 fc1 sc0 ls0 ws0\">(23.748) </div></td><td class=\"c x4fb y3224 w52d h49\"><div class=\"t m0 xef h1f y25f ff4 fs7 fc1 sc0 ls0 ws0\">(<span class=\"ls2a\">28</span>) </div></td><td></td><td class=\"c x68c y3224 w529 h49\"><div class=\"t m0 x11d h1f y25f ff4 fs7 fc1 sc0 ls29 ws0\">99<span class=\"ls0\"> </span></div></td><td class=\"c x895 y3224 w52a h49\"><div class=\"t m0 x96 h1f y25f ff4 fs7 fc1 sc0 ls0 ws0\">(23.6<span class=\"ls34\">77</span>) </div></td></tr><tr><td class=\"c x46b y3225 w52b h49\"><div class=\"t m0 x2e h1f y25f ff4 fs7 fc1 sc0 ls0 ws0\">2. Detenute a scop<span class=\"_ _f\"></span>o<span class=\"_ _2\"></span> di invest<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span>mento<span class=\"_ _df\"> </span></div></td><td class=\"c x893 y3225 w52c h49\"><div class=\"t m0 xf0 h1f y25f ff4 fs7 fc1 sc0 ls0 ws0\">(152) </div></td><td class=\"c x4fb y3225 w52d h49\"><div class=\"t m0 xe5 h1f y25f ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x68c y3225 w529 h49\"><div class=\"t m0 xec h1f y25f ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x895 y3225 w52a h49\"><div class=\"t m0 xc7 h1f y25f ff4 fs7 fc1 sc0 ls0 ws0\">(152) </div></td></tr><tr><td class=\"c x46b y3226 w52b h49\"><div class=\"t m0 x32 h1f y25f ff4 fs7 fc1 sc0 ls0 ws0\">- Di propriet\u00e0<span class=\"_ _1\"></span> </div></td><td class=\"c x893 y3226 w52c h49\"><div class=\"t m0 xf0 h1f y25f ff4 fs7 fc1 sc0 ls0 ws0\">(152) </div></td><td class=\"c x4fb y3226 w52d h49\"><div class=\"t m0 xe5 h1f y25f ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x68c y3226 w529 h49\"><div class=\"t m0 xec h1f y25f ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x895 y3226 w52a h49\"><div class=\"t m0 xc7 h1f y25f ff4 fs7 fc1 sc0 ls0 ws0\">(152) </div></td></tr><tr><td class=\"c x46b y3227 w52b h4a\"><div class=\"t m0 x32 h1f y1553 ff4 fs7 fc1 sc0 ls0 ws0\">- Diritti d'uso acqu<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span>siti con i<span class=\"_ _1\"></span>l leasing<span class=\"_ _df\"> </span></div></td><td class=\"c x893 y3227 w52c h4a\"><div class=\"t m0 xe5 h1f y1553 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x4fb y3227 w52d h4a\"><div class=\"t m0 xe5 h1f y1553 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x68c y3227 w529 h4a\"><div class=\"t m0 xec h1f y1553 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x895 y3227 w52a h4a\"><div class=\"t m0 xeb h1f y1553 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y3228 w52b h49\"><div class=\"t m0 x2e h1f y25f ff4 fs7 fc1 sc0 ls0 ws0\">3. Rimanenze </div></td><td></td><td class=\"c x4fb y3228 w52d h49\"><div class=\"t m0 xe5 h1f y25f ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x893 y3228 w52c h49\"><div class=\"t m0 x36 h1f y25f ff4 fs7 fc1 sc0 lsa ws0\">X <span class=\"ls0\"> </span></div></td><td class=\"c x68c y3228 w529 h49\"><div class=\"t m0 xec h1f y25f ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x895 y3228 w52a h49\"><div class=\"t m0 xeb h1f y25f ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y3229 w52b h49\"><div class=\"t m0 x8a h1f y25c ff4 fs7 fc1 sc0 ls0 ws0\">B. Attivit\u00e0 possedu<span class=\"_ _f\"></span>te per la vendita<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x4fb y3229 w52d h49\"><div class=\"t m0 xe5 h1f y25c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x893 y3229 w52c h49\"><div class=\"t m0 x36 h1f y25c ff4 fs7 fc1 sc0 lsa ws0\">X <span class=\"ls0\"> </span></div></td><td class=\"c x68c y3229 w529 h49\"><div class=\"t m0 xec h1f y25c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x895 y3229 w52a h49\"><div class=\"t m0 xeb h1f y25c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y322a w52b h49\"><div class=\"t m0 x9a h1f y25c ff4 fs7 fc1 sc2 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale<span class=\"sc0\"> </span></div></td><td class=\"c x893 y322a w52c h49\"><div class=\"t m0 x90 h1f y25c ff4 fs7 fc1 sc2 ls0 ws0\">(45.25<span class=\"_ _f\"></span>8)<span class=\"sc0\"> </span></div></td><td class=\"c x4fb y322a w52d h49\"><div class=\"t m0 x11d h1f y25c ff4 fs7 fc1 sc2 ls0 ws0\">(<span class=\"ls33\">28</span>)<span class=\"sc0\"> </span></div></td><td></td><td class=\"c x68c y322a w529 h49\"><div class=\"t m0 x11d h1f y25c ff4 fs7 fc1 sc2 lscf ws0\">99<span class=\"sc0 ls0\"> </span></div></td><td class=\"c x895 y322a w52a h49\"><div class=\"t m0 x91 h1f y25c ff4 fs7 fc1 sc2 ls0 ws0\">(45.18<span class=\"_ _1\"></span>7)<span class=\"sc0\"> </span></div></td></tr></table></div><div class=\"t m0 hc ff4 fs4 fc4 sc3 ls0 ws0 gse1e\">Sezi<span class=\"_ _f\"></span>one 1<span class=\"_ _1\"></span>5 <span class=\"ff5\">\u2013</span> <span class=\"_ _1\"></span>Ret<span class=\"_ _f\"></span>tifiche<span class=\"_ _f\"></span>/ripres<span class=\"_ _f\"></span>e di va<span class=\"_ _f\"></span>lore <span class=\"_ _1\"></span>nett<span class=\"_ _f\"></span>e su a<span class=\"_ _1\"></span>ttiv<span class=\"_ _1\"></span>it\u00e0 i<span class=\"_ _f\"></span>mmat<span class=\"_ _f\"></span>eriali <span class=\"_ _f\"></span><span class=\"ff5\">\u2013<span class=\"ff4\"> Voc<span class=\"_ _f\"></span>e 220 </span></span></div><div class=\"c w37c h1f4 gse1f\"><div class=\"t m0 x8a h5 y3e4 ff4 fs1 fc4 sc3 ls0 ws0\">15.1 <span class=\"_ _1\"></span>Rettifi<span class=\"_ _1\"></span>che <span class=\"_ _1\"></span>di va<span class=\"_ _1\"></span>lore ne<span class=\"_ _1\"></span>tte d<span class=\"_ _1\"></span>i at<span class=\"_ _1\"></span>tivit\u00e0 <span class=\"_ _f\"></span>immater<span class=\"_ _1\"></span>iali: co<span class=\"_ _f\"></span>mposi<span class=\"_ _1\"></span>zione<span class=\"fc1 sc0\"> </span></div></div><div class=\"gse20\"><table class=\"s wee6 h554\" id=\"_95b25b4c-3463-4a20-8aa6-e97568846990\"><tr><td></td><td></td><td class=\"c x800 y2592 wee2 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">Rett<span class=\"_ _f\"></span>ifiche di v<span class=\"_ _f\"></span>alore<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td></tr><tr><td></td><td class=\"c x893 y322b w527 hec\"><div class=\"t m0 x16a h1f y476 ff4 fs7 fc4 sc3 ls0 ws0\">Amm<span class=\"_ _f\"></span>ortam<span class=\"_ _1\"></span>ento<span class=\"_ _f\"></span><span class=\"fc1 sc0\"> </span></div></td><td class=\"c x894 y2594 wee3 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">per<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x68c y322b wb5 hec\"><div class=\"t m0 xac h1f y476 ff4 fs7 fc4 sc3 ls0 ws0\">Ripre<span class=\"_ _1\"></span>se di<span class=\"_ _f\"></span> valore<span class=\"_ _f\"></span><span class=\"fc1 sc0\"> </span></div></td><td class=\"c x895 y322b w52a hec\"><div class=\"t m0 x16a h1f y476 ff4 fs7 fc4 sc3 ls0 ws0\">Risu<span class=\"_ _1\"></span>ltato<span class=\"_ _1\"></span> nett<span class=\"_ _f\"></span>o<span class=\"fc1 sc0\"> </span></div></td></tr><tr><td class=\"c x46b y322c w526 h2ec\"><div class=\"t m0 x26 h1f y11d3 ff4 fs7 fc4 sc3 ls0 ws0\">Atti<span class=\"_ _1\"></span>vit\u00e0/C<span class=\"_ _f\"></span>ompon<span class=\"_ _1\"></span>ente<span class=\"_ _1\"></span> red<span class=\"_ _f\"></span>dituale<span class=\"_ _f\"></span><span class=\"fc1 sc0\"> </span></div></td><td></td><td class=\"c x896 y2595 wee4 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">deter<span class=\"_ _1\"></span>iora<span class=\"_ _f\"></span>mento<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td></tr><tr><td></td><td class=\"c x898 y322d wee5 h484\" colspan=\"2\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">(a)<span class=\"_ _df\"> </span></div><div class=\"t m0 x897 h1f y2409 ff4 fs7 fc4 sc3 ls28 ws0\">(b)<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x68c y322c wb5 ha8\"><div class=\"t m0 x38 h1f y66a ff4 fs7 fc4 sc3 ls0 ws0\">(c)<span class=\"fc1 sc0\"> </span></div></td><td class=\"c x895 y322c w52a ha8\"><div class=\"t m0 x33 h1f y823 ff4 fs7 fc4 sc3 ls0 ws0\">(a + b<span class=\"_ _f\"></span> - <span class=\"lsdd\">c</span><span class=\"lsdd\">)</span><span class=\"fc1 sc0\"> </span></div></td></tr><tr><td class=\"c x46b y322e w52b hc8\"><div class=\"t m0 x8a h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">A. Attivit\u00e0 imm<span class=\"_ _1\"></span>ateriali<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x46b y322f w52b hc8\"><div class=\"t m0 x8a h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">di cui: software </div></td><td class=\"c x893 y322f w52c hc8\"><div class=\"t m0 x90 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">(63.882) </div></td><td></td><td class=\"c x4fb y322f w52d hc8\"><div class=\"t m0 xe5 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x68c y322f w529 hc8\"><div class=\"t m0 xec h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x895 y322f w52a hc8\"><div class=\"t m0 x11 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">(63.882) </div></td></tr><tr><td class=\"c x46b y3230 w52b hc8\"><div class=\"t m0 x116 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">A.1 Di propriet\u00e0 </div></td><td class=\"c x893 y3230 w52c hc8\"><div class=\"t m0 x90 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">(65.992) </div></td><td></td><td class=\"c x4fb y3230 w52d hc8\"><div class=\"t m0 xe5 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x68c y3230 w529 hc8\"><div class=\"t m0 xec h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x895 y3230 w52a hc8\"><div class=\"t m0 x11 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">(65.992) </div></td></tr><tr><td class=\"c x46b y3231 w52b hc8\"><div class=\"t m0 x48 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- Generate inter<span class=\"_ _1\"></span>namente dall'aziend<span class=\"_ _f\"></span>a<span class=\"_ _df\"> </span></div></td><td class=\"c x893 y3231 w52c hc8\"><div class=\"t m0 xc6 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">(7.322) </div></td><td></td><td class=\"c x4fb y3231 w52d hc8\"><div class=\"t m0 xe5 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x68c y3231 w529 hc8\"><div class=\"t m0 xec h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x895 y3231 w52a hc8\"><div class=\"t m0 x7 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">(7.322) </div></td></tr><tr><td class=\"c x46b y3232 w52b hc8\"><div class=\"t m0 x48 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- Altre </div></td><td class=\"c x893 y3232 w52c hc8\"><div class=\"t m0 x90 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">(58.670) </div></td><td></td><td class=\"c x4fb y3232 w52d hc8\"><div class=\"t m0 xe5 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x68c y3232 w529 hc8\"><div class=\"t m0 xec h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x895 y3232 w52a hc8\"><div class=\"t m0 x11 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">(58.670) </div></td></tr><tr><td class=\"c x46b y3233 w52b hc8\"><div class=\"t m0 x116 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">A.2 Diritti d'us<span class=\"_ _1\"></span>o acquisiti con i<span class=\"_ _1\"></span>l leasing<span class=\"_ _df\"> </span></div></td><td class=\"c x893 y3233 w52c hc8\"><div class=\"t m0 xe5 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x4fb y3233 w52d hc8\"><div class=\"t m0 xe5 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x68c y3233 w529 hc8\"><div class=\"t m0 xec h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x895 y3233 w52a hc8\"><div class=\"t m0 xeb h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y3234 w52b hc8\"><div class=\"t m0 x8a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">B. Attivit\u00e0 possedu<span class=\"_ _f\"></span>te per la vendita<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x893 y3234 w52c hc8\"><div class=\"t m0 x36 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x4fb y3234 w52d hc8\"><div class=\"t m0 xe5 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x68c y3234 w529 hc8\"><div class=\"t m0 xec h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x895 y3234 w52a hc8\"><div class=\"t m0 xeb h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y3235 w52b h227\"><div class=\"t m0 x9a h1f y14c1 ff4 fs7 fc1 sc2 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale<span class=\"sc0\"> </span></div></td><td class=\"c x893 y3235 w52c h227\"><div class=\"t m0 x90 h1f y14c1 ff4 fs7 fc1 sc2 ls0 ws0\">(65.9<span class=\"_ _f\"></span>92)<span class=\"sc0\"> </span></div></td><td></td><td class=\"c x4fb y3235 w52d h227\"><div class=\"t m0 xe5 h1f y14c1 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x68c y3235 w529 h227\"><div class=\"t m0 xec h1f y14c1 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x895 y3235 w52a h227\"><div class=\"t m0 x96 h1f y14c1 ff4 fs7 fc1 sc2 ls0 ws0\">(65.9<span class=\"_ _f\"></span>92)<span class=\"sc0\"> </span></div></td></tr></table></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gse21\">Gli <span class=\"_ _9\"> </span>ammor<span class=\"_ _2\"></span>tamenti <span class=\"_ _9\"> </span>sono <span class=\"_ _16\"> </span>in <span class=\"_ _9\"> </span>crescita <span class=\"_ _16\"> </span>per <span class=\"_ _9\"> </span>la <span class=\"_ _16\"> </span>costante <span class=\"_ _9\"> </span>at<span class=\"_ _2\"></span>tenzione <span class=\"_ _9\"> </span>agli <span class=\"_ _9\"> </span>investimenti <span class=\"_ _16\"> </span>per <span class=\"_ _9\"> </span>s<span class=\"_ _2\"></span>ostenere </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gse22\">l\u2019attivit\u00e0 progettuale e l\u2019evoluzione del<span class=\"_ _1\"></span> modello di servizio.<span class=\"_ _2\"></span><span class=\"ff4\"> </span></div>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-820": {
   "value": "Sezi<span class=\"_ _f\"></span>one 1<span class=\"_ _1\"></span>4 <span class=\"ff5\">\u2013</span> <span class=\"_ _f\"></span>Rettific<span class=\"_ _f\"></span>he/rip<span class=\"_ _f\"></span>rese d<span class=\"_ _f\"></span>i valo<span class=\"_ _f\"></span>re net<span class=\"_ _1\"></span>te s<span class=\"_ _f\"></span>u attiv<span class=\"_ _f\"></span>it\u00e0 m<span class=\"_ _f\"></span>ateria<span class=\"_ _f\"></span>li <span class=\"ff5\">\u2013</span> Vo<span class=\"_ _1\"></span>ce 2<span class=\"_ _f\"></span>10 14.1. <span class=\"_ _1\"></span>Rettifi<span class=\"_ _1\"></span>che <span class=\"_ _1\"></span>di va<span class=\"_ _f\"></span>lore nett<span class=\"_ _1\"></span>e su <span class=\"_ _f\"></span>attivit\u00e0 <span class=\"_ _1\"></span>mat<span class=\"_ _1\"></span>eriali: <span class=\"_ _1\"></span>comp<span class=\"_ _1\"></span>osizio<span class=\"_ _f\"></span>ne<span class=\"fc1 sc0\"> </span><table class=\"s wee1 h553\" id=\"_f32ec9ab-cabc-4a33-8d5d-ce003bbe2e31\"><tr><td></td><td class=\"c x893 y321b w527 h1f6\"><div class=\"t m0 x16a h1f y1220 ff4 fs7 fc4 sc3 ls0 ws0\">Amm<span class=\"_ _f\"></span>ortam<span class=\"_ _1\"></span>ento<span class=\"_ _f\"></span><span class=\"fc1 sc0\"> </span></div></td><td class=\"c x800 y321c wee2 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">Rett<span class=\"_ _f\"></span>ifiche di v<span class=\"_ _f\"></span>alore<span class=\"_ _df\"> </span></div></td><td class=\"c x894 y321d wee3 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">per<span class=\"_ _df\"> </span></div></td><td class=\"c x68c y321b w529 h1f6\"><div class=\"t m0 xac h1f y1220 ff4 fs7 fc4 sc3 ls0 ws0\">Ripre<span class=\"_ _1\"></span>se di<span class=\"_ _f\"></span> valore<span class=\"_ _f\"></span><span class=\"fc1 sc0\"> </span></div></td><td class=\"c x895 y321b w52a h1f6\"><div class=\"t m0 x16a h1f y1220 ff4 fs7 fc4 sc3 ls0 ws0\">Risu<span class=\"_ _1\"></span>ltato<span class=\"_ _1\"></span> nett<span class=\"_ _f\"></span>o<span class=\"fc1 sc0\"> </span></div></td></tr><tr><td class=\"c x46b y321e w526 h28d\"><div class=\"t m0 x34 h1f y843 ff4 fs7 fc4 sc3 ls0 ws0\">Atti<span class=\"_ _1\"></span>vit\u00e0/C<span class=\"_ _f\"></span>ompon<span class=\"_ _1\"></span>ente<span class=\"_ _1\"></span> red<span class=\"_ _f\"></span>dituali<span class=\"fc1 sc0\"> </span></div></td><td></td><td class=\"c x896 y321f wee4 h484\" colspan=\"2\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">deter<span class=\"_ _1\"></span>iora<span class=\"_ _f\"></span>mento<span class=\"_ _df\"> </span></div></td><td></td><td></td></tr><tr><td></td><td></td><td class=\"c x898 y3220 wee5 h484\" colspan=\"2\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">(a)<span class=\"_ _df\"> </span></div><div class=\"t m0 x897 h1f y2409 ff4 fs7 fc4 sc3 ls28 ws0\">(b)<span class=\"_ _df\"> </span></div></td><td class=\"c x68c y321e wb5 h49\"><div class=\"t m0 x38 h1f y25 ff4 fs7 fc4 sc3 ls0 ws0\">(c)<span class=\"fc1 sc0\"> </span></div></td><td class=\"c x895 y321e w52a h49\"><div class=\"t m0 x33 h1f y25c ff4 fs7 fc4 sc3 ls0 ws0\">(a + b<span class=\"_ _f\"></span> - <span class=\"lsdd\">c</span><span class=\"lsdd\">)</span><span class=\"fc1 sc0\"> </span></div></td></tr><tr><td class=\"c x46b y3221 w52b h49\"><div class=\"t m0 x8a h1f y25f ff4 fs7 fc1 sc0 ls0 ws0\">A. Attivit\u00e0 mater<span class=\"_ _1\"></span>iali </div></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x46b y3222 w52b h49\"><div class=\"t m0 x2e h1f y25f ff4 fs7 fc1 sc0 ls0 ws0\">1. Ad uso funzi<span class=\"_ _1\"></span>onale </div></td><td class=\"c x893 y3222 w52c h49\"><div class=\"t m0 x7 h1f y25f ff4 fs7 fc1 sc0 ls0 ws0\">(45.106) </div></td><td class=\"c x4fb y3222 w52d h49\"><div class=\"t m0 xef h1f y25f ff4 fs7 fc1 sc0 ls0 ws0\">(<span class=\"ls2a\">28</span>) </div></td><td></td><td class=\"c x68c y3222 w529 h49\"><div class=\"t m0 x11d h1f y25f ff4 fs7 fc1 sc0 ls29 ws0\">99<span class=\"ls0\"> </span></div></td><td class=\"c x895 y3222 w52a h49\"><div class=\"t m0 x11 h1f y25f ff4 fs7 fc1 sc0 ls0 ws0\">(45.0<span class=\"lsbc\">35</span>) </div></td></tr><tr><td class=\"c x46b y3223 w52b h49\"><div class=\"t m0 x32 h1f y25f ff4 fs7 fc1 sc0 ls0 ws0\">- Di propriet\u00e0<span class=\"_ _1\"></span> </div></td><td class=\"c x893 y3223 w52c h49\"><div class=\"t m0 x7 h1f y25f ff4 fs7 fc1 sc0 ls0 ws0\">(21.358) </div></td><td class=\"c x4fb y3223 w52d h49\"><div class=\"t m0 xe5 h1f y25f ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x68c y3223 w529 h49\"><div class=\"t m0 xec h1f y25f ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x895 y3223 w52a h49\"><div class=\"t m0 x12 h1f y25f ff4 fs7 fc1 sc0 ls0 ws0\">(21.358) </div></td></tr><tr><td class=\"c x46b y3224 w52b h49\"><div class=\"t m0 x32 h1f y25f ff4 fs7 fc1 sc0 ls0 ws0\">- Diritti d'uso acqu<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span>siti con i<span class=\"_ _1\"></span>l leasing<span class=\"_ _df\"> </span></div></td><td class=\"c x893 y3224 w52c h49\"><div class=\"t m0 x90 h1f y25f ff4 fs7 fc1 sc0 ls0 ws0\">(23.748) </div></td><td class=\"c x4fb y3224 w52d h49\"><div class=\"t m0 xef h1f y25f ff4 fs7 fc1 sc0 ls0 ws0\">(<span class=\"ls2a\">28</span>) </div></td><td></td><td class=\"c x68c y3224 w529 h49\"><div class=\"t m0 x11d h1f y25f ff4 fs7 fc1 sc0 ls29 ws0\">99<span class=\"ls0\"> </span></div></td><td class=\"c x895 y3224 w52a h49\"><div class=\"t m0 x96 h1f y25f ff4 fs7 fc1 sc0 ls0 ws0\">(23.6<span class=\"ls34\">77</span>) </div></td></tr><tr><td class=\"c x46b y3225 w52b h49\"><div class=\"t m0 x2e h1f y25f ff4 fs7 fc1 sc0 ls0 ws0\">2. Detenute a scop<span class=\"_ _f\"></span>o<span class=\"_ _2\"></span> di invest<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span>mento<span class=\"_ _df\"> </span></div></td><td class=\"c x893 y3225 w52c h49\"><div class=\"t m0 xf0 h1f y25f ff4 fs7 fc1 sc0 ls0 ws0\">(152) </div></td><td class=\"c x4fb y3225 w52d h49\"><div class=\"t m0 xe5 h1f y25f ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x68c y3225 w529 h49\"><div class=\"t m0 xec h1f y25f ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x895 y3225 w52a h49\"><div class=\"t m0 xc7 h1f y25f ff4 fs7 fc1 sc0 ls0 ws0\">(152) </div></td></tr><tr><td class=\"c x46b y3226 w52b h49\"><div class=\"t m0 x32 h1f y25f ff4 fs7 fc1 sc0 ls0 ws0\">- Di propriet\u00e0<span class=\"_ _1\"></span> </div></td><td class=\"c x893 y3226 w52c h49\"><div class=\"t m0 xf0 h1f y25f ff4 fs7 fc1 sc0 ls0 ws0\">(152) </div></td><td class=\"c x4fb y3226 w52d h49\"><div class=\"t m0 xe5 h1f y25f ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x68c y3226 w529 h49\"><div class=\"t m0 xec h1f y25f ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x895 y3226 w52a h49\"><div class=\"t m0 xc7 h1f y25f ff4 fs7 fc1 sc0 ls0 ws0\">(152) </div></td></tr><tr><td class=\"c x46b y3227 w52b h4a\"><div class=\"t m0 x32 h1f y1553 ff4 fs7 fc1 sc0 ls0 ws0\">- Diritti d'uso acqu<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span>siti con i<span class=\"_ _1\"></span>l leasing<span class=\"_ _df\"> </span></div></td><td class=\"c x893 y3227 w52c h4a\"><div class=\"t m0 xe5 h1f y1553 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x4fb y3227 w52d h4a\"><div class=\"t m0 xe5 h1f y1553 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x68c y3227 w529 h4a\"><div class=\"t m0 xec h1f y1553 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x895 y3227 w52a h4a\"><div class=\"t m0 xeb h1f y1553 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y3228 w52b h49\"><div class=\"t m0 x2e h1f y25f ff4 fs7 fc1 sc0 ls0 ws0\">3. Rimanenze </div></td><td></td><td class=\"c x4fb y3228 w52d h49\"><div class=\"t m0 xe5 h1f y25f ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x893 y3228 w52c h49\"><div class=\"t m0 x36 h1f y25f ff4 fs7 fc1 sc0 lsa ws0\">X <span class=\"ls0\"> </span></div></td><td class=\"c x68c y3228 w529 h49\"><div class=\"t m0 xec h1f y25f ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x895 y3228 w52a h49\"><div class=\"t m0 xeb h1f y25f ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y3229 w52b h49\"><div class=\"t m0 x8a h1f y25c ff4 fs7 fc1 sc0 ls0 ws0\">B. Attivit\u00e0 possedu<span class=\"_ _f\"></span>te per la vendita<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x4fb y3229 w52d h49\"><div class=\"t m0 xe5 h1f y25c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x893 y3229 w52c h49\"><div class=\"t m0 x36 h1f y25c ff4 fs7 fc1 sc0 lsa ws0\">X <span class=\"ls0\"> </span></div></td><td class=\"c x68c y3229 w529 h49\"><div class=\"t m0 xec h1f y25c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x895 y3229 w52a h49\"><div class=\"t m0 xeb h1f y25c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y322a w52b h49\"><div class=\"t m0 x9a h1f y25c ff4 fs7 fc1 sc2 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale<span class=\"sc0\"> </span></div></td><td class=\"c x893 y322a w52c h49\"><div class=\"t m0 x90 h1f y25c ff4 fs7 fc1 sc2 ls0 ws0\">(45.25<span class=\"_ _f\"></span>8)<span class=\"sc0\"> </span></div></td><td class=\"c x4fb y322a w52d h49\"><div class=\"t m0 x11d h1f y25c ff4 fs7 fc1 sc2 ls0 ws0\">(<span class=\"ls33\">28</span>)<span class=\"sc0\"> </span></div></td><td></td><td class=\"c x68c y322a w529 h49\"><div class=\"t m0 x11d h1f y25c ff4 fs7 fc1 sc2 lscf ws0\">99<span class=\"sc0 ls0\"> </span></div></td><td class=\"c x895 y322a w52a h49\"><div class=\"t m0 x91 h1f y25c ff4 fs7 fc1 sc2 ls0 ws0\">(45.18<span class=\"_ _1\"></span>7)<span class=\"sc0\"> </span></div></td></tr></table>Sezi<span class=\"_ _f\"></span>one 1<span class=\"_ _1\"></span>5 <span class=\"ff5\">\u2013</span> <span class=\"_ _1\"></span>Ret<span class=\"_ _f\"></span>tifiche<span class=\"_ _f\"></span>/ripres<span class=\"_ _f\"></span>e di va<span class=\"_ _f\"></span>lore <span class=\"_ _1\"></span>nett<span class=\"_ _f\"></span>e su a<span class=\"_ _1\"></span>ttiv<span class=\"_ _1\"></span>it\u00e0 i<span class=\"_ _f\"></span>mmat<span class=\"_ _f\"></span>eriali <span class=\"_ _f\"></span><span class=\"ff5\">\u2013<span class=\"ff4\"> Voc<span class=\"_ _f\"></span>e 220 </span></span>15.1 <span class=\"_ _1\"></span>Rettifi<span class=\"_ _1\"></span>che <span class=\"_ _1\"></span>di va<span class=\"_ _1\"></span>lore ne<span class=\"_ _1\"></span>tte d<span class=\"_ _1\"></span>i at<span class=\"_ _1\"></span>tivit\u00e0 <span class=\"_ _f\"></span>immater<span class=\"_ _1\"></span>iali: co<span class=\"_ _f\"></span>mposi<span class=\"_ _1\"></span>zione<span class=\"fc1 sc0\"> </span><table class=\"s wee6 h554\" id=\"_95b25b4c-3463-4a20-8aa6-e97568846990\"><tr><td></td><td></td><td class=\"c x800 y2592 wee2 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">Rett<span class=\"_ _f\"></span>ifiche di v<span class=\"_ _f\"></span>alore<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td></tr><tr><td></td><td class=\"c x893 y322b w527 hec\"><div class=\"t m0 x16a h1f y476 ff4 fs7 fc4 sc3 ls0 ws0\">Amm<span class=\"_ _f\"></span>ortam<span class=\"_ _1\"></span>ento<span class=\"_ _f\"></span><span class=\"fc1 sc0\"> </span></div></td><td class=\"c x894 y2594 wee3 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">per<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x68c y322b wb5 hec\"><div class=\"t m0 xac h1f y476 ff4 fs7 fc4 sc3 ls0 ws0\">Ripre<span class=\"_ _1\"></span>se di<span class=\"_ _f\"></span> valore<span class=\"_ _f\"></span><span class=\"fc1 sc0\"> </span></div></td><td class=\"c x895 y322b w52a hec\"><div class=\"t m0 x16a h1f y476 ff4 fs7 fc4 sc3 ls0 ws0\">Risu<span class=\"_ _1\"></span>ltato<span class=\"_ _1\"></span> nett<span class=\"_ _f\"></span>o<span class=\"fc1 sc0\"> </span></div></td></tr><tr><td class=\"c x46b y322c w526 h2ec\"><div class=\"t m0 x26 h1f y11d3 ff4 fs7 fc4 sc3 ls0 ws0\">Atti<span class=\"_ _1\"></span>vit\u00e0/C<span class=\"_ _f\"></span>ompon<span class=\"_ _1\"></span>ente<span class=\"_ _1\"></span> red<span class=\"_ _f\"></span>dituale<span class=\"_ _f\"></span><span class=\"fc1 sc0\"> </span></div></td><td></td><td class=\"c x896 y2595 wee4 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">deter<span class=\"_ _1\"></span>iora<span class=\"_ _f\"></span>mento<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td></tr><tr><td></td><td class=\"c x898 y322d wee5 h484\" colspan=\"2\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">(a)<span class=\"_ _df\"> </span></div><div class=\"t m0 x897 h1f y2409 ff4 fs7 fc4 sc3 ls28 ws0\">(b)<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x68c y322c wb5 ha8\"><div class=\"t m0 x38 h1f y66a ff4 fs7 fc4 sc3 ls0 ws0\">(c)<span class=\"fc1 sc0\"> </span></div></td><td class=\"c x895 y322c w52a ha8\"><div class=\"t m0 x33 h1f y823 ff4 fs7 fc4 sc3 ls0 ws0\">(a + b<span class=\"_ _f\"></span> - <span class=\"lsdd\">c</span><span class=\"lsdd\">)</span><span class=\"fc1 sc0\"> </span></div></td></tr><tr><td class=\"c x46b y322e w52b hc8\"><div class=\"t m0 x8a h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">A. Attivit\u00e0 imm<span class=\"_ _1\"></span>ateriali<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x46b y322f w52b hc8\"><div class=\"t m0 x8a h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">di cui: software </div></td><td class=\"c x893 y322f w52c hc8\"><div class=\"t m0 x90 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">(63.882) </div></td><td></td><td class=\"c x4fb y322f w52d hc8\"><div class=\"t m0 xe5 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x68c y322f w529 hc8\"><div class=\"t m0 xec h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x895 y322f w52a hc8\"><div class=\"t m0 x11 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">(63.882) </div></td></tr><tr><td class=\"c x46b y3230 w52b hc8\"><div class=\"t m0 x116 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">A.1 Di propriet\u00e0 </div></td><td class=\"c x893 y3230 w52c hc8\"><div class=\"t m0 x90 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">(65.992) </div></td><td></td><td class=\"c x4fb y3230 w52d hc8\"><div class=\"t m0 xe5 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x68c y3230 w529 hc8\"><div class=\"t m0 xec h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x895 y3230 w52a hc8\"><div class=\"t m0 x11 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">(65.992) </div></td></tr><tr><td class=\"c x46b y3231 w52b hc8\"><div class=\"t m0 x48 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- Generate inter<span class=\"_ _1\"></span>namente dall'aziend<span class=\"_ _f\"></span>a<span class=\"_ _df\"> </span></div></td><td class=\"c x893 y3231 w52c hc8\"><div class=\"t m0 xc6 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">(7.322) </div></td><td></td><td class=\"c x4fb y3231 w52d hc8\"><div class=\"t m0 xe5 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x68c y3231 w529 hc8\"><div class=\"t m0 xec h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x895 y3231 w52a hc8\"><div class=\"t m0 x7 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">(7.322) </div></td></tr><tr><td class=\"c x46b y3232 w52b hc8\"><div class=\"t m0 x48 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- Altre </div></td><td class=\"c x893 y3232 w52c hc8\"><div class=\"t m0 x90 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">(58.670) </div></td><td></td><td class=\"c x4fb y3232 w52d hc8\"><div class=\"t m0 xe5 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x68c y3232 w529 hc8\"><div class=\"t m0 xec h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x895 y3232 w52a hc8\"><div class=\"t m0 x11 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">(58.670) </div></td></tr><tr><td class=\"c x46b y3233 w52b hc8\"><div class=\"t m0 x116 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">A.2 Diritti d'us<span class=\"_ _1\"></span>o acquisiti con i<span class=\"_ _1\"></span>l leasing<span class=\"_ _df\"> </span></div></td><td class=\"c x893 y3233 w52c hc8\"><div class=\"t m0 xe5 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x4fb y3233 w52d hc8\"><div class=\"t m0 xe5 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x68c y3233 w529 hc8\"><div class=\"t m0 xec h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x895 y3233 w52a hc8\"><div class=\"t m0 xeb h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y3234 w52b hc8\"><div class=\"t m0 x8a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">B. Attivit\u00e0 possedu<span class=\"_ _f\"></span>te per la vendita<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x893 y3234 w52c hc8\"><div class=\"t m0 x36 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x4fb y3234 w52d hc8\"><div class=\"t m0 xe5 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x68c y3234 w529 hc8\"><div class=\"t m0 xec h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x895 y3234 w52a hc8\"><div class=\"t m0 xeb h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y3235 w52b h227\"><div class=\"t m0 x9a h1f y14c1 ff4 fs7 fc1 sc2 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale<span class=\"sc0\"> </span></div></td><td class=\"c x893 y3235 w52c h227\"><div class=\"t m0 x90 h1f y14c1 ff4 fs7 fc1 sc2 ls0 ws0\">(65.9<span class=\"_ _f\"></span>92)<span class=\"sc0\"> </span></div></td><td></td><td class=\"c x4fb y3235 w52d h227\"><div class=\"t m0 xe5 h1f y14c1 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x68c y3235 w529 h227\"><div class=\"t m0 xec h1f y14c1 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x895 y3235 w52a h227\"><div class=\"t m0 x96 h1f y14c1 ff4 fs7 fc1 sc2 ls0 ws0\">(65.9<span class=\"_ _f\"></span>92)<span class=\"sc0\"> </span></div></td></tr></table>Gli <span class=\"_ _9\"> </span>ammor<span class=\"_ _2\"></span>tamenti <span class=\"_ _9\"> </span>sono <span class=\"_ _16\"> </span>in <span class=\"_ _9\"> </span>crescita <span class=\"_ _16\"> </span>per <span class=\"_ _9\"> </span>la <span class=\"_ _16\"> </span>costante <span class=\"_ _9\"> </span>at<span class=\"_ _2\"></span>tenzione <span class=\"_ _9\"> </span>agli <span class=\"_ _9\"> </span>investimenti <span class=\"_ _16\"> </span>per <span class=\"_ _9\"> </span>s<span class=\"_ _2\"></span>ostenere l\u2019attivit\u00e0 progettuale e l\u2019evoluzione del<span class=\"_ _1\"></span> modello di servizio.<span class=\"_ _2\"></span><span class=\"ff4\"> </span><div class=\"t m0 hc ff4 fs4 fc4 sc3 ls0 ws0 gse2f\">Sezi<span class=\"_ _f\"></span>one 1<span class=\"_ _1\"></span>7 <span class=\"ff5\">\u2013</span> <span class=\"_ _f\"></span>Utili (P<span class=\"_ _1\"></span>erdi<span class=\"_ _f\"></span>te) de<span class=\"_ _f\"></span>lle par<span class=\"_ _1\"></span>tec<span class=\"_ _f\"></span>ipazio<span class=\"_ _f\"></span>ni <span class=\"ff5\">\u2013</span> V<span class=\"_ _1\"></span>oc<span class=\"_ _1\"></span>e 25<span class=\"_ _1\"></span>0 </div><div class=\"c w37c h254 gse30\"><div class=\"t m0 x10 h5 y1928 ff4 fs1 fc4 sc3 ls0 ws0\">17.1 <span class=\"_ _1\"></span>Utile (<span class=\"_ _1\"></span>perdi<span class=\"_ _1\"></span>te) d<span class=\"_ _1\"></span>elle p<span class=\"_ _1\"></span>arte<span class=\"_ _1\"></span>cipa<span class=\"_ _f\"></span>zioni: com<span class=\"_ _1\"></span>posizi<span class=\"_ _1\"></span>one<span class=\"_ _f\"></span> </div></div><div class=\"gse31\"><table class=\"s wee9 h557\" id=\"_353c8500-00a8-4ebf-a5eb-567518315261\"><tr><td class=\"c x44e y3247 w450 h23c\"><div class=\"t m0 xe3 h1f y8b7 ff4 fs7 fc4 sc3 ls0 ws0\">Com<span class=\"_ _1\"></span>pon<span class=\"_ _1\"></span>enti<span class=\"_ _1\"></span> red<span class=\"_ _1\"></span>ditua<span class=\"_ _1\"></span>li/Se<span class=\"_ _1\"></span>tto<span class=\"_ _1\"></span>ri </div></td><td></td><td class=\"c x575 y3248 w362 h82\"><div class=\"t m0 x11 h1f y32 ff4 fs7 fc4 sc3 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale </div></td><td></td><td class=\"c x44b y3248 w37e h82\"><div class=\"t m0 x11 h1f y32 ff4 fs7 fc4 sc3 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale </div></td><td></td></tr><tr><td></td><td></td><td class=\"c x575 y3247 w362 h82\"><div class=\"t m0 x31 h1f y25c ff4 fs7 fc4 sc3 ls0 ws0\">31/12/<span class=\"_ _f\"></span>2025 </div></td><td class=\"c x44c y3249 w993 h558\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/</div></td><td class=\"c x44d y3249 w994 h558\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">2024<span class=\"_ _df\"> </span></div></td><td></td></tr><tr><td class=\"c x44e y324a w37f h82\"><div class=\"t m0 x10 h1f y54 ff4 fs7 fc1 sc2 ls0 ws0\">1) Im<span class=\"_ _f\"></span>prese a <span class=\"_ _1\"></span>cont<span class=\"_ _1\"></span>roll<span class=\"_ _1\"></span>o cong<span class=\"_ _f\"></span>iunto </div></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x44e y324b w37f h82\"><div class=\"t m0 x116 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">A. Proventi </div></td><td></td><td></td><td class=\"c x44a y324b w37d h82\"><div class=\"t m0 x11e h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">6.943 </div></td><td></td><td class=\"c x44b y324b w339 h82\"><div class=\"t m0 xed h1f y54 ff4 fs7 fc1 sc0 ls34 ws0\">7.<span class=\"ls0\">510</span><span class=\"ls0\"> </span></div></td></tr><tr><td class=\"c x44e y324c w37f h82\"><div class=\"t m0 x32 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">1. Rivalutazion<span class=\"_ _1\"></span>i </div></td><td></td><td></td><td class=\"c x44a y324c w37d h82\"><div class=\"t m0 x11e h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">6.943 </div></td><td></td><td class=\"c x44b y324c w339 h82\"><div class=\"t m0 xed h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">7.510 </div></td></tr><tr><td class=\"c x44e y324d w37f h82\"><div class=\"t m0 x32 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">2. Utili da cessione<span class=\"_ _f\"></span> </div></td><td></td><td></td><td class=\"c x44a y324d w37d h82\"><div class=\"t m0 x189 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x44b y324d w339 h82\"><div class=\"t m0 x189 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y324e w37f h82\"><div class=\"t m0 x32 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">3. Riprese di val<span class=\"_ _1\"></span>ore </div></td><td></td><td></td><td class=\"c x44a y324e w37d h82\"><div class=\"t m0 x189 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x44b y324e w339 h82\"><div class=\"t m0 x189 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y324f w37f h82\"><div class=\"t m0 x32 h1f y66c ff4 fs7 fc1 sc0 ls0 ws0\">4. Altri proventi<span class=\"_ _1\"></span> </div></td><td></td><td></td><td class=\"c x44a y324f w37d h82\"><div class=\"t m0 x189 h1f y66c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x44b y324f w339 h82\"><div class=\"t m0 x189 h1f y66c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y3250 w37f h82\"><div class=\"t m0 x116 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">B. Oneri </div></td><td></td><td></td><td class=\"c x44a y3250 w37d h82\"><div class=\"t m0 x189 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x44b y3250 w339 h82\"><div class=\"t m0 x189 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y3251 w37f h82\"><div class=\"t m0 x32 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">1. Svalutazion<span class=\"_ _1\"></span>i </div></td><td></td><td></td><td class=\"c x44a y3251 w37d h82\"><div class=\"t m0 x189 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x44b y3251 w339 h82\"><div class=\"t m0 x189 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y3252 w37f h82\"><div class=\"t m0 x32 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">2. Rettifiche di va<span class=\"_ _f\"></span>l<span class=\"_ _2\"></span>ore da dete<span class=\"_ _1\"></span>rioramento<span class=\"_ _df\"> </span></div></td><td></td><td></td><td class=\"c x44a y3252 w37d h82\"><div class=\"t m0 x189 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x44b y3252 w339 h82\"><div class=\"t m0 x189 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y3253 w37f h82\"><div class=\"t m0 x32 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">3. Perdite da cess<span class=\"_ _1\"></span>ione </div></td><td></td><td></td><td class=\"c x44a y3253 w37d h82\"><div class=\"t m0 x189 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x44b y3253 w339 h82\"><div class=\"t m0 x189 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y3254 w37f h254\"><div class=\"t m0 x32 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">4. Altri oneri </div></td><td></td><td></td><td class=\"c x44a y3254 w37d h254\"><div class=\"t m0 x189 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x44b y3254 w339 h254\"><div class=\"t m0 x189 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td></td><td class=\"c x44e y3255 w37f h82\"><div class=\"t m0 xa h1f y66c ff4 fs7 fc1 sc2 ls0 ws0\">Risu<span class=\"_ _1\"></span>ltato<span class=\"_ _1\"></span> nett<span class=\"_ _f\"></span>o </div></td><td></td><td class=\"c x44a y3255 w37d h82\"><div class=\"t m0 x11e h1f y66c ff4 fs7 fc1 sc2 ls0 ws0\">6.943<span class=\"_ _f\"></span> </div></td><td></td><td class=\"c x44b y3255 w339 h82\"><div class=\"t m0 xed h1f y66c ff4 fs7 fc1 sc2 ls35 ws0\">7.<span class=\"ls0\">510</span><span class=\"ls0\"> </span></div></td></tr><tr><td class=\"c x44e y3256 w37f h82\"><div class=\"t m0 x10 h1f y54 ff4 fs7 fc1 sc2 ls0 ws0\">2) Im<span class=\"_ _f\"></span>prese s<span class=\"_ _1\"></span>otto<span class=\"_ _f\"></span>poste a<span class=\"_ _1\"></span> infl<span class=\"_ _f\"></span>uenza no<span class=\"_ _f\"></span>tevole </div></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x44e y3257 w37f h82\"><div class=\"t m0 x116 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">A. Proventi </div></td><td></td><td></td><td class=\"c x44a y3257 w37d h82\"><div class=\"t m0 x191 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">174 </div></td><td></td><td class=\"c x44b y3257 we3 h82\"><div class=\"t m0 x171 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">232 </div></td></tr><tr><td class=\"c x44e y3258 w37f h82\"><div class=\"t m0 x32 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">1. Rivalutazion<span class=\"_ _1\"></span>i </div></td><td></td><td></td><td class=\"c x44a y3258 w37d h82\"><div class=\"t m0 x191 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">174 </div></td><td></td><td class=\"c x44b y3258 we3 h82\"><div class=\"t m0 x171 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">232 </div></td></tr><tr><td class=\"c x44e y3259 w37f h82\"><div class=\"t m0 x32 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">2. Utili da cessione<span class=\"_ _f\"></span> </div></td><td></td><td></td><td class=\"c x44a y3259 w37d h82\"><div class=\"t m0 x189 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x44b y3259 we3 h82\"><div class=\"t m0 x189 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y325a w37f h82\"><div class=\"t m0 x32 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">3. Riprese di val<span class=\"_ _1\"></span>ore </div></td><td></td><td></td><td class=\"c x44a y325a w37d h82\"><div class=\"t m0 x189 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x44b y325a we3 h82\"><div class=\"t m0 x189 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y325b w37f h82\"><div class=\"t m0 x32 h1f y66c ff4 fs7 fc1 sc0 ls0 ws0\">4. Altri proventi<span class=\"_ _1\"></span> </div></td><td></td><td></td><td class=\"c x44a y325b w37d h82\"><div class=\"t m0 x189 h1f y66c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x44b y325b we3 h82\"><div class=\"t m0 x189 h1f y66c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y325c w37f h82\"><div class=\"t m0 x116 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">B. Oneri </div></td><td></td><td></td><td class=\"c x44a y325c w37d h82\"><div class=\"t m0 x1a0 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">(23) </div></td><td></td><td class=\"c x44b y325c we3 h82\"><div class=\"t m0 xed h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">(106) </div></td></tr><tr><td class=\"c x44e y325d w37f h82\"><div class=\"t m0 x32 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">1. Svalutazion<span class=\"_ _1\"></span>i </div></td><td></td><td></td><td class=\"c x44a y325d w37d h82\"><div class=\"t m0 x1a0 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">(23) </div></td><td></td><td class=\"c x44b y325d we3 h82\"><div class=\"t m0 xed h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">(106) </div></td></tr><tr><td class=\"c x44e y325e w37f h82\"><div class=\"t m0 x32 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">2. Rettifiche di va<span class=\"_ _1\"></span>lore da deteri<span class=\"_ _1\"></span>oramento<span class=\"_ _df\"> </span></div></td><td></td><td></td><td class=\"c x44a y325e w37d h82\"><div class=\"t m0 x189 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x44b y325e we3 h82\"><div class=\"t m0 x189 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y325f w37f h82\"><div class=\"t m0 x32 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">3. Perdite da cess<span class=\"_ _1\"></span>ione </div></td><td></td><td></td><td class=\"c x44a y325f w37d h82\"><div class=\"t m0 x189 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x44b y325f we3 h82\"><div class=\"t m0 x189 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y3260 w37f h82\"><div class=\"t m0 x32 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">4. Altri oneri </div></td><td></td><td></td><td class=\"c x44a y3260 w37d h82\"><div class=\"t m0 x189 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x44b y3260 we3 h82\"><div class=\"t m0 x189 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td></td><td class=\"c x44e y3261 w37f h82\"><div class=\"t m0 xa h1f y66c ff4 fs7 fc1 sc2 ls0 ws0\">Risu<span class=\"_ _1\"></span>ltato<span class=\"_ _1\"></span> nett<span class=\"_ _f\"></span>o </div></td><td></td><td class=\"c x44a y3261 w37d h82\"><div class=\"t m0 x114 h1f y66c ff4 fs7 fc1 sc2 ls0 ws0\">151 </div></td><td></td><td class=\"c x44b y3261 w114 h82\"><div class=\"t m0 x191 h1f y66c ff4 fs7 fc1 sc0 ls9 ws0\">126<span class=\"ls0\"> </span></div></td></tr><tr><td></td><td class=\"c x44e y3262 w37f h254\"><div class=\"t m0 x76 h1f y32 ff4 fs7 fc1 sc2 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale </div></td><td></td><td class=\"c x44a y3262 w37d h254\"><div class=\"t m0 xe4 h1f y54 ff4 fs7 fc1 sc2 ls0 ws0\">7.094<span class=\"_ _f\"></span> </div></td><td></td><td class=\"c x44b y3262 w114 h254\"><div class=\"t m0 xe4 h1f y54 ff4 fs7 fc1 sc2 ls0 ws0\">7.63<span class=\"_ _f\"></span>6 </div></td></tr></table></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gse32\">Per <span class=\"_ _22\"> </span>le <span class=\"_ _4\"> </span>Imprese <span class=\"_ _22\"> </span>a <span class=\"_ _4\"> </span>controllo <span class=\"_ _4\"> </span>congiunto  la <span class=\"_ _4\"> </span>voce <span class=\"_ _4\"> </span>\u201cProventi, <span class=\"_ _4\"> </span><span class=\"ff4\">1. <span class=\"_ _22\"> </span>r<span class=\"_ _2\"></span>ivalutazioni</span>\u201d  r<span class=\"_ _2\"></span>ecepisce  gli <span class=\"_ _4\"> </span>utili <span class=\"_ _4\"> </span>di </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gse33\">Credemassicurazioni consolidata <span class=\"_ _2\"></span>con il metodo <span class=\"_ _2\"></span>del patrimonio netto; <span class=\"_ _2\"></span>per le Imprese sottoposte a </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gse34\">influenza not<span class=\"_ _2\"></span>evole <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>voce \u201c<span class=\"_ _2\"></span>Proventi, <span class=\"_ _2\"></span><span class=\"ff4\">1. <span class=\"_ _2\"></span>rivalutazioni</span><span class=\"ls4c\">\u201d <span class=\"_ _2\"></span></span><span class=\"ff4\">recepisce g<span class=\"_ _2\"></span>li <span class=\"_ _2\"></span>utili <span class=\"_ _2\"></span>di An<span class=\"_ _2\"></span>dxor, <span class=\"_ _2\"></span>Flairbit, <span class=\"_ _2\"></span>Mynet <span class=\"_ _2\"></span><span class=\"lse\">e </span></span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gse35\">SBC Fintech Milan 2224, consolidate con il metodo del patrimonio netto. </div>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-758": {
   "value": "<div class=\"t m0 hc ff4 fs4 fc4 sc3 ls0 ws0 gse24\">Sezi<span class=\"_ _f\"></span>one 1<span class=\"_ _1\"></span>6 <span class=\"ff5\">\u2013</span> <span class=\"_ _f\"></span>Gli altri<span class=\"_ _f\"></span> oneri <span class=\"_ _f\"></span>e pro<span class=\"_ _1\"></span>ven<span class=\"_ _1\"></span>ti di <span class=\"_ _f\"></span>gestio<span class=\"_ _f\"></span>ne <span class=\"ff5\">\u2013</span> V<span class=\"_ _f\"></span>oce 23<span class=\"_ _f\"></span>0 </div><div class=\"c w37c h17c gse25\"><div class=\"t m0 x8a h5 y1651 ff4 fs1 fc4 sc3 ls0 ws0\">16.1 Al<span class=\"_ _1\"></span>tri o<span class=\"_ _1\"></span>neri d<span class=\"_ _1\"></span>i ges<span class=\"_ _1\"></span>tione:<span class=\"_ _1\"></span> com<span class=\"_ _f\"></span>posizi<span class=\"_ _1\"></span>one<span class=\"_ _df\"> </span><span class=\"fc1 sc0\"> </span></div></div><div class=\"gse26\"><table class=\"s wee7 h555\" id=\"_c896f1f3-ac88-4242-886c-99b10508d4c0\"><tr><td></td><td class=\"c x57f y3236 w52e h49\"><div class=\"t m0 x97 h1f y32 ff4 fs7 fc4 sc3 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale<span class=\"_ _df\"> </span><span class=\"fc1 sc0\"> </span></div></td><td class=\"c x580 y3236 w3f7 h49\"><div class=\"t m0 x97 h1f y32 ff4 fs7 fc4 sc3 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale<span class=\"_ _df\"> </span><span class=\"fc1 sc0\"> </span></div></td></tr><tr><td></td><td class=\"c x57f y3237 w52e h49\"><div class=\"t m0 x32 h1f y68b ff4 fs7 fc4 sc3 ls0 ws0\">31/12/<span class=\"_ _f\"></span>2025<span class=\"_ _df\"> </span><span class=\"fc1 sc0\"> </span></div></td><td class=\"c x580 y3237 w3f7 h49\"><div class=\"t m0 x32 h1f y68b ff4 fs7 fc4 sc3 ls0 ws0\">31/12/<span class=\"_ _f\"></span>2024<span class=\"_ _df\"> </span><span class=\"fc1 sc0\"> </span></div></td></tr><tr><td class=\"c x46b y3238 w3f8 hc8\"><div class=\"t m0 x8a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">Rimborsi intere<span class=\"_ _1\"></span>ssi per incassi e p<span class=\"_ _f\"></span>aga<span class=\"_ _2\"></span>menti in stanza <span class=\"_ _f\"></span>di<span class=\"_ _2\"></span> compe<span class=\"_ _1\"></span>nsazione  </div></td><td class=\"c x57f y3238 w52e hc8\"><div class=\"t m0 xe5 h1f y28b ff4 fs7 fc1 sc0 ls28 ws0\">(1)<span class=\"_ _df\"> </span><span class=\"ls0\"> </span></div></td><td class=\"c x580 y3238 w3f9 hc8\"><div class=\"t m0 xe6 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">(3) </div></td></tr><tr><td class=\"c x46b y3239 w3f8 hc8\"><div class=\"t m0 x8a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">Ammortamento m<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span>gliorie su be<span class=\"_ _f\"></span>ni di terzi<span class=\"_ _df\"> </span> </div></td><td class=\"c x57f y3239 w52e hc8\"><div class=\"t m0 xc7 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">(4.447)<span class=\"_ _df\"> </span> </div></td><td class=\"c x580 y3239 w3f9 hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">(<span class=\"_ _df\"> </span>4<span class=\"_ _df\"> </span>.404) </div></td></tr><tr><td class=\"c x46b y323a w3f8 hc8\"><div class=\"t m0 x8a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">Sopravvenienze pas<span class=\"_ _f\"></span>sive<span class=\"_ _df\"> </span> </div></td><td class=\"c x57f y323a w52e hc8\"><div class=\"t m0 xe h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">(10.688)<span class=\"_ _df\"> </span> </div></td><td class=\"c x580 y323a w3f9 hc8\"><div class=\"t m0 xe h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">(<span class=\"_ _df\"> </span>13<span class=\"_ _df\"> </span>.443) </div></td></tr><tr><td class=\"c x46b y323b w3f8 hc8\"><div class=\"t m0 x8a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">Altri oneri<span class=\"_ _df\"> </span> </div></td><td class=\"c x57f y323b w52e hc8\"><div class=\"t m0 xa3 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">(23.817)<span class=\"_ _df\"> </span> </div></td><td class=\"c x580 y323b w3f9 hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">(<span class=\"_ _df\"> </span>2<span class=\"_ _df\"> </span>1.971) </div></td></tr><tr><td class=\"c x46b y323c w3f8 hc8\"><div class=\"t m0 x8a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">Opzioni su tito<span class=\"_ _1\"></span>li<span class=\"_ _df\"> </span> </div></td><td class=\"c x57f y323c w52e hc8\"><div class=\"t m0 xc h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span> </div></td><td class=\"c x580 y323c w3f9 hc8\"><div class=\"t m0 xe6 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">(2) </div></td></tr><tr><td class=\"c x46b y323d w3f8 hc8\"><div class=\"t m0 x149 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale Al<span class=\"_ _1\"></span>tri<span class=\"_ _1\"></span> oner<span class=\"_ _1\"></span>i<span class=\"_ _df\"> </span><span class=\"sc0\"> </span></div></td><td class=\"c x57f y323d w52e hc8\"><div class=\"t m0 xc6 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">(38.9<span class=\"_ _1\"></span>53)<span class=\"_ _df\"> </span><span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x580 y323d w3f9 hc8\"><div class=\"t m0 xc6 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">(<span class=\"_ _df\"> </span>39.8<span class=\"_ _f\"></span>23)<span class=\"sc0\"> </span></div></td></tr></table></div><div class=\"c w37c h49 gse27\"><div class=\"t m0 x8a h5 y5b ff4 fs1 fc4 sc3 ls0 ws0\">16.2 Al<span class=\"_ _1\"></span>tri p<span class=\"_ _1\"></span>rovent<span class=\"_ _f\"></span>i di gest<span class=\"_ _1\"></span>ione: <span class=\"_ _1\"></span>com<span class=\"_ _f\"></span>posizione<span class=\"_ _f\"></span><span class=\"fc1 sc0\"> </span></div></div><div class=\"gse28\"><table class=\"s wee8 h556\" id=\"_e86cb2ee-dbb8-4020-9108-10495afd415d\"><tr><td></td><td class=\"c x89a y323e w52e h49\"><div class=\"t m0 x97 h1f y32 ff4 fs7 fc4 sc3 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale<span class=\"fc1 sc0\"> </span></div></td><td class=\"c x89b y323e w52e h49\"><div class=\"t m0 x97 h1f y32 ff4 fs7 fc4 sc3 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale<span class=\"fc1 sc0\"> </span></div></td></tr><tr><td></td><td class=\"c x89a y323f w52e h49\"><div class=\"t m0 x32 h1f y25 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/<span class=\"_ _f\"></span>2025<span class=\"fc1 sc0\"> </span></div></td><td class=\"c x89b y323f w52e h49\"><div class=\"t m0 x32 h1f y25 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/<span class=\"_ _f\"></span>2024<span class=\"fc1 sc0\"> </span></div></td></tr><tr><td class=\"c x89c y3240 w3f8 hc8\"><div class=\"t m0 x8a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">Fitti attivi </div></td><td class=\"c x89a y3240 w52e hc8\"><div class=\"t m0 x124 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">1.891 </div></td><td class=\"c x89b y3240 w3f7 hc8\"><div class=\"t m0 x11d h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">1.762 </div></td></tr><tr><td class=\"c x89c y3241 w3f8 hc8\"><div class=\"t m0 x8a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">Recupero di impo<span class=\"_ _1\"></span>ste </div></td><td class=\"c x89a y3241 w52e hc8\"><div class=\"t m0 xc7 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">151.667 </div></td><td class=\"c x89b y3241 w3f7 hc8\"><div class=\"t m0 xa3 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">142.579 </div></td></tr><tr><td class=\"c x89c y3242 w3f8 hc8\"><div class=\"t m0 x8a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">Recupero intere<span class=\"_ _1\"></span>sse per incass<span class=\"_ _1\"></span>i e pagamenti in st<span class=\"_ _f\"></span>anza di compensazione </div></td><td class=\"c x89a y3242 w52e hc8\"><div class=\"t m0 x66 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">5 </div></td><td class=\"c x89b y3242 w3f7 hc8\"><div class=\"t m0 x66 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">7 </div></td></tr><tr><td class=\"c x89c y3243 w3f8 hc8\"><div class=\"t m0 x8a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">Sopravvenienze at<span class=\"_ _1\"></span>tive </div></td><td class=\"c x89a y3243 w52e hc8\"><div class=\"t m0 xc3 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">5.780 </div></td><td class=\"c x89b y3243 w3f7 hc8\"><div class=\"t m0 x11d h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">3.214 </div></td></tr><tr><td class=\"c x89c y3244 w3f8 hc8\"><div class=\"t m0 x8a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">Insussistenze<span class=\"_ _1\"></span> </div></td><td class=\"c x89a y3244 w52e hc8\"><div class=\"t m0 xe5 h1f y28b ff4 fs7 fc1 sc0 ls27 ws0\">32<span class=\"ls0\"> </span></div></td><td class=\"c x89b y3244 w3f7 hc8\"><div class=\"t m0 x124 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">1.681 </div></td></tr><tr><td class=\"c x89c y3245 w3f8 hc8\"><div class=\"t m0 x8a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">Altri proventi </div></td><td class=\"c x89a y3245 w52e hc8\"><div class=\"t m0 xa3 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">159.209 </div></td><td class=\"c x89b y3245 w3f7 hc8\"><div class=\"t m0 x1af h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">67.129 </div></td></tr><tr><td class=\"c x89c y3246 w3f8 hc8\"><div class=\"t m0 x15b h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale Al<span class=\"_ _1\"></span>tri<span class=\"_ _1\"></span> prove<span class=\"_ _1\"></span>nti<span class=\"sc0\"> </span></div></td><td class=\"c x89a y3246 w52e hc8\"><div class=\"t m0 xa3 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">318.5<span class=\"_ _f\"></span>84<span class=\"sc0\"> </span></div></td><td class=\"c x89b y3246 w3f7 hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">216.3<span class=\"_ _1\"></span>72<span class=\"sc0\"> </span></div></td></tr></table></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gse29\">La <span class=\"_ _4\"> </span>voce <span class=\"_ _4\"> </span>\u201cRecupero <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>im<span class=\"_ _2\"></span>poste\u201d <span class=\"_ _4\"> </span>recepisce <span class=\"_ _4\"> </span>il <span class=\"_ _4\"> </span>recupero <span class=\"_ _4\"> </span>d<span class=\"_ _2\"></span>el <span class=\"_ _4\"> </span>maggior <span class=\"_ _4\"> </span>onere <span class=\"_ _4\"> </span>relativo <span class=\"_ _4\"> </span>al <span class=\"_ _17\"> </span>calcolo </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gse2a\">dell\u2019imposta di bollo sui dossier titoli.<span class=\"ff4\">  </span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gse2b\">Nella <span class=\"_ _1\"></span>voce <span class=\"_ _1\"></span>\u201cAltri prov<span class=\"_ _1\"></span>enti\u201d <span class=\"ff4\">\u00e8 <span class=\"_ _f\"></span>inclusa la <span class=\"_ _f\"></span>plusvalenza <span class=\"_ _1\"></span>per la <span class=\"_ _f\"></span>cessione <span class=\"_ _1\"></span>del <span class=\"_ _f\"></span>merchant acquiring <span class=\"_ _f\"></span>per 100,0 </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gse2c\">milioni <span class=\"_ _2\"></span>di <span class=\"_ _d\"></span>euro <span class=\"_ _d\"></span>gi\u00e0 <span class=\"_ _d\"></span>descritta <span class=\"_ _d\"></span>nella <span class=\"_ _d\"></span>Relazione<span class=\"_ _1\"></span> <span class=\"_ _d\"></span>sulla <span class=\"_ _d\"></span>Gestione<span class=\"ls1b\">; <span class=\"_ _d\"></span></span>sono <span class=\"_ _d\"></span>inoltre <span class=\"_ _d\"></span><span class=\"ls13\">co</span>mpresi <span class=\"_ _d\"></span>i <span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>ecup<span class=\"_ _1\"></span>eri <span class=\"_ _d\"></span>della </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gse2d\">\u201cCommissione di istruttoria veloce\u201d, disci<span class=\"_ _1\"></span>plinata dal comma 2 della Legge 23<span class=\"_ _2\"></span><span class=\"ff4\"> dicembre 2011.</span><span class=\"ff4\">  </span></div>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-858": {
   "value": "16.1 Al<span class=\"_ _1\"></span>tri o<span class=\"_ _1\"></span>neri d<span class=\"_ _1\"></span>i ges<span class=\"_ _1\"></span>tione:<span class=\"_ _1\"></span> com<span class=\"_ _f\"></span>posizi<span class=\"_ _1\"></span>one<span class=\"_ _df\"> </span><span class=\"fc1 sc0\"> </span>Tot<span class=\"_ _1\"></span>ale<span class=\"_ _df\"> </span><span class=\"fc1 sc0\"> </span>Tot<span class=\"_ _1\"></span>ale<span class=\"_ _df\"> </span><span class=\"fc1 sc0\"> </span>31/12/<span class=\"_ _f\"></span>2025<span class=\"_ _df\"> </span><span class=\"fc1 sc0\"> </span>31/12/<span class=\"_ _f\"></span>2024<span class=\"_ _df\"> </span><span class=\"fc1 sc0\"> </span>Rimborsi intere<span class=\"_ _1\"></span>ssi per incassi e p<span class=\"_ _f\"></span>aga<span class=\"_ _2\"></span>menti in stanza <span class=\"_ _f\"></span>di<span class=\"_ _2\"></span> compe<span class=\"_ _1\"></span>nsazione  (1)<span class=\"_ _df\"> </span><span class=\"ls0\"> </span>(3) Ammortamento m<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span>gliorie su be<span class=\"_ _f\"></span>ni di terzi<span class=\"_ _df\"> </span> (4.447)<span class=\"_ _df\"> </span> (<span class=\"_ _df\"> </span>4<span class=\"_ _df\"> </span>.404) Sopravvenienze pas<span class=\"_ _f\"></span>sive<span class=\"_ _df\"> </span> (10.688)<span class=\"_ _df\"> </span> (<span class=\"_ _df\"> </span>13<span class=\"_ _df\"> </span>.443) Altri oneri<span class=\"_ _df\"> </span> (23.817)<span class=\"_ _df\"> </span> (<span class=\"_ _df\"> </span>2<span class=\"_ _df\"> </span>1.971) Opzioni su tito<span class=\"_ _1\"></span>li<span class=\"_ _df\"> </span> -<span class=\"_ _df\"> </span> (2) Tot<span class=\"_ _1\"></span>ale Al<span class=\"_ _1\"></span>tri<span class=\"_ _1\"></span> oner<span class=\"_ _1\"></span>i<span class=\"_ _df\"> </span><span class=\"sc0\"> </span>(38.9<span class=\"_ _1\"></span>53)<span class=\"_ _df\"> </span><span class=\"_ _f\"></span><span class=\"sc0\"> </span>(<span class=\"_ _df\"> </span>39.8<span class=\"_ _f\"></span>23",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfClaimsAndBenefitsPaidExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-872": {
   "value": "16.1 Al<span class=\"_ _1\"></span>tri o<span class=\"_ _1\"></span>neri d<span class=\"_ _1\"></span>i ges<span class=\"_ _1\"></span>tione:<span class=\"_ _1\"></span> com<span class=\"_ _f\"></span>posizi<span class=\"_ _1\"></span>one<span class=\"_ _df\"> </span>Tot<span class=\"_ _1\"></span>ale<span class=\"_ _df\"> </span>Tot<span class=\"_ _1\"></span>ale<span class=\"_ _df\"> </span>31/12/<span class=\"_ _f\"></span>2025<span class=\"_ _df\"> </span>31/12/<span class=\"_ _f\"></span>2024<span class=\"_ _df\"> </span>Rimborsi intere<span class=\"_ _1\"></span>ssi per incassi e p<span class=\"_ _f\"></span>aga<span class=\"_ _2\"></span>menti in stanza <span class=\"_ _f\"></span>di<span class=\"_ _2\"></span> compe<span class=\"_ _1\"></span>nsazione (1)<span class=\"_ _df\"> </span>Ammortamento m<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span>gliorie su be<span class=\"_ _f\"></span>ni di terzi<span class=\"_ _df\"> </span>(4.447)<span class=\"_ _df\"> </span>(<span class=\"_ _df\"> </span>4<span class=\"_ _df\"> </span>Sopravvenienze pas<span class=\"_ _f\"></span>sive<span class=\"_ _df\"> </span>(10.688)<span class=\"_ _df\"> </span>(<span class=\"_ _df\"> </span>13<span class=\"_ _df\"> </span>Altri oneri<span class=\"_ _df\"> </span>(23.817)<span class=\"_ _df\"> </span>(<span class=\"_ _df\"> </span>2<span class=\"_ _df\"> </span>Opzioni su tito<span class=\"_ _1\"></span>li<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>Tot<span class=\"_ _1\"></span>ale Al<span class=\"_ _1\"></span>tri<span class=\"_ _1\"></span> oner<span class=\"_ _1\"></span>i<span class=\"_ _df\"> </span>(38.9<span class=\"_ _1\"></span>53)<span class=\"_ _df\"> </span>(<span class=\"_ _df\"> </span>39",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-790": {
   "value": "16.2 Al<span class=\"_ _1\"></span>tri p<span class=\"_ _1\"></span>rovent<span class=\"_ _f\"></span>i di gest<span class=\"_ _1\"></span>ione: <span class=\"_ _1\"></span>com<span class=\"_ _f\"></span>posizione<span class=\"_ _f\"></span><span class=\"fc1 sc0\"> </span><table class=\"s wee8 h556\" id=\"_e86cb2ee-dbb8-4020-9108-10495afd415d\"><tr><td></td><td class=\"c x89a y323e w52e h49\"><div class=\"t m0 x97 h1f y32 ff4 fs7 fc4 sc3 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale<span class=\"fc1 sc0\"> </span></div></td><td class=\"c x89b y323e w52e h49\"><div class=\"t m0 x97 h1f y32 ff4 fs7 fc4 sc3 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale<span class=\"fc1 sc0\"> </span></div></td></tr><tr><td></td><td class=\"c x89a y323f w52e h49\"><div class=\"t m0 x32 h1f y25 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/<span class=\"_ _f\"></span>2025<span class=\"fc1 sc0\"> </span></div></td><td class=\"c x89b y323f w52e h49\"><div class=\"t m0 x32 h1f y25 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/<span class=\"_ _f\"></span>2024<span class=\"fc1 sc0\"> </span></div></td></tr><tr><td class=\"c x89c y3240 w3f8 hc8\"><div class=\"t m0 x8a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">Fitti attivi </div></td><td class=\"c x89a y3240 w52e hc8\"><div class=\"t m0 x124 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">1.891 </div></td><td class=\"c x89b y3240 w3f7 hc8\"><div class=\"t m0 x11d h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">1.762 </div></td></tr><tr><td class=\"c x89c y3241 w3f8 hc8\"><div class=\"t m0 x8a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">Recupero di impo<span class=\"_ _1\"></span>ste </div></td><td class=\"c x89a y3241 w52e hc8\"><div class=\"t m0 xc7 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">151.667 </div></td><td class=\"c x89b y3241 w3f7 hc8\"><div class=\"t m0 xa3 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">142.579 </div></td></tr><tr><td class=\"c x89c y3242 w3f8 hc8\"><div class=\"t m0 x8a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">Recupero intere<span class=\"_ _1\"></span>sse per incass<span class=\"_ _1\"></span>i e pagamenti in st<span class=\"_ _f\"></span>anza di compensazione </div></td><td class=\"c x89a y3242 w52e hc8\"><div class=\"t m0 x66 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">5 </div></td><td class=\"c x89b y3242 w3f7 hc8\"><div class=\"t m0 x66 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">7 </div></td></tr><tr><td class=\"c x89c y3243 w3f8 hc8\"><div class=\"t m0 x8a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">Sopravvenienze at<span class=\"_ _1\"></span>tive </div></td><td class=\"c x89a y3243 w52e hc8\"><div class=\"t m0 xc3 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">5.780 </div></td><td class=\"c x89b y3243 w3f7 hc8\"><div class=\"t m0 x11d h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">3.214 </div></td></tr><tr><td class=\"c x89c y3244 w3f8 hc8\"><div class=\"t m0 x8a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">Insussistenze<span class=\"_ _1\"></span> </div></td><td class=\"c x89a y3244 w52e hc8\"><div class=\"t m0 xe5 h1f y28b ff4 fs7 fc1 sc0 ls27 ws0\">32<span class=\"ls0\"> </span></div></td><td class=\"c x89b y3244 w3f7 hc8\"><div class=\"t m0 x124 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">1.681 </div></td></tr><tr><td class=\"c x89c y3245 w3f8 hc8\"><div class=\"t m0 x8a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">Altri proventi </div></td><td class=\"c x89a y3245 w52e hc8\"><div class=\"t m0 xa3 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">159.209 </div></td><td class=\"c x89b y3245 w3f7 hc8\"><div class=\"t m0 x1af h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">67.129 </div></td></tr><tr><td class=\"c x89c y3246 w3f8 hc8\"><div class=\"t m0 x15b h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale Al<span class=\"_ _1\"></span>tri<span class=\"_ _1\"></span> prove<span class=\"_ _1\"></span>nti<span class=\"sc0\"> </span></div></td><td class=\"c x89a y3246 w52e hc8\"><div class=\"t m0 xa3 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">318.5<span class=\"_ _f\"></span>84<span class=\"sc0\"> </span></div></td><td class=\"c x89b y3246 w3f7 hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">216.3<span class=\"_ _1\"></span>72<span class=\"sc0\"> </span></div></td></tr></table>La <span class=\"_ _4\"> </span>voce <span class=\"_ _4\"> </span>\u201cRecupero <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>im<span class=\"_ _2\"></span>poste\u201d <span class=\"_ _4\"> </span>recepisce <span class=\"_ _4\"> </span>il <span class=\"_ _4\"> </span>recupero <span class=\"_ _4\"> </span>d<span class=\"_ _2\"></span>el <span class=\"_ _4\"> </span>maggior <span class=\"_ _4\"> </span>onere <span class=\"_ _4\"> </span>relativo <span class=\"_ _4\"> </span>al <span class=\"_ _17\"> </span>calcolo dell\u2019imposta di bollo sui dossier titoli.<span class=\"ff4\">  </span>Nella <span class=\"_ _1\"></span>voce <span class=\"_ _1\"></span>\u201cAltri prov<span class=\"_ _1\"></span>enti\u201d <span class=\"ff4\">\u00e8 <span class=\"_ _f\"></span>inclusa la <span class=\"_ _f\"></span>plusvalenza <span class=\"_ _1\"></span>per la <span class=\"_ _f\"></span>cessione <span class=\"_ _1\"></span>del <span class=\"_ _f\"></span>merchant acquiring <span class=\"_ _f\"></span>per 100,0 </span>milioni <span class=\"_ _2\"></span>di <span class=\"_ _d\"></span>euro <span class=\"_ _d\"></span>gi\u00e0 <span class=\"_ _d\"></span>descritta <span class=\"_ _d\"></span>nella <span class=\"_ _d\"></span>Relazione<span class=\"_ _1\"></span> <span class=\"_ _d\"></span>sulla <span class=\"_ _d\"></span>Gestione<span class=\"ls1b\">; <span class=\"_ _d\"></span></span>sono <span class=\"_ _d\"></span>inoltre <span class=\"_ _d\"></span><span class=\"ls13\">co</span>mpresi <span class=\"_ _d\"></span>i <span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>ecup<span class=\"_ _1\"></span>eri <span class=\"_ _d\"></span>della \u201cCommissione di istruttoria veloce\u201d, disci<span class=\"_ _1\"></span>plinata dal comma 2 della Legge 23<span class=\"_ _2\"></span><span class=\"ff4\"> dicembre 2011.</span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-792": {
   "value": "<div class=\"t m0 hc ff4 fs4 fc4 sc3 ls0 ws0 gse37\">Sezi<span class=\"_ _f\"></span>one 2<span class=\"_ _f\"></span>1 <span class=\"ff5\">\u2013</span> <span class=\"ff5\">Le i<span class=\"_ _f\"></span>mpos<span class=\"_ _1\"></span>te s<span class=\"_ _f\"></span>ul red<span class=\"_ _f\"></span>dito d<span class=\"_ _f\"></span>ell\u2019ese<span class=\"_ _f\"></span>rcizio<span class=\"_ _1\"></span> del<span class=\"_ _f\"></span>l\u2019oper<span class=\"_ _1\"></span>ati<span class=\"_ _f\"></span>vit\u00e0 co<span class=\"_ _1\"></span>rren<span class=\"_ _f\"></span>te <span class=\"ff4\">- Vo<span class=\"_ _f\"></span>ce 30<span class=\"_ _1\"></span>0<span class=\"_ _df\"> </span></span></span></div><div class=\"c w37c h254 gse38\"><div class=\"t m0 x10 h5 y1928 ff4 fs1 fc4 sc3 ls0 ws0\">21.1 I<span class=\"_ _1\"></span>mpos<span class=\"_ _1\"></span>te su<span class=\"_ _1\"></span>l red<span class=\"_ _1\"></span>dito <span class=\"_ _1\"></span>dell'es<span class=\"_ _1\"></span>erci<span class=\"_ _1\"></span>zio de<span class=\"_ _1\"></span>ll'oper<span class=\"_ _f\"></span>ativit\u00e0 <span class=\"_ _f\"></span>corrente: <span class=\"_ _f\"></span>compos<span class=\"_ _f\"></span>izione </div></div><div class=\"gse39\"><table class=\"s weec h55b\" id=\"_12f96c1b-4edd-4afa-8c7b-0b11bf25cd19\"><tr><td class=\"c x44e y3276 w52f h23c\"><div class=\"t m0 xe3 h1f y8b7 ff4 fs7 fc4 sc3 ls0 ws0\">Com<span class=\"_ _1\"></span>pon<span class=\"_ _1\"></span>enti<span class=\"_ _1\"></span> red<span class=\"_ _1\"></span>ditua<span class=\"_ _1\"></span>li/Se<span class=\"_ _1\"></span>tto<span class=\"_ _1\"></span>ri </div></td><td class=\"c x56d y3277 w116 h82\"><div class=\"t m0 x96 h1f y32 ff4 fs7 fc4 sc3 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale </div></td><td></td><td class=\"c x56e y3277 w339 h82\"><div class=\"t m0 x96 h1f y54 ff4 fs7 fc4 sc3 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale </div></td><td></td></tr><tr><td></td><td class=\"c x56d y3276 w116 h82\"><div class=\"t m0 x31 h1f y25c ff4 fs7 fc4 sc3 ls0 ws0\">31/12/<span class=\"_ _f\"></span>2025 </div></td><td class=\"c x570 y3278 w993 h558\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/</div></td><td class=\"c x571 y3278 w994 h558\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">2024<span class=\"_ _df\"> </span></div></td><td></td></tr><tr><td class=\"c x44e y3279 w450 h82\"><div class=\"t m0 x10 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">1. Imposte corren<span class=\"_ _f\"></span>t<span class=\"_ _2\"></span>i (-) </div></td><td></td><td class=\"c x575 y3279 w37e h82\"><div class=\"t m0 xeb h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">(239.326) </div></td><td></td><td class=\"c x56e y3279 w23f h82\"><div class=\"t m0 xe6 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">(253.150) </div></td></tr><tr><td class=\"c x44e y327a w450 h77\"><div class=\"t m0 x10 h1f y71 ff4 fs7 fc1 sc0 ls0 ws0\">2. Variazioni delle <span class=\"_ _f\"></span>i<span class=\"_ _2\"></span>mposte c<span class=\"_ _f\"></span>o<span class=\"_ _2\"></span>rrent<span class=\"_ _1\"></span>i  dei precedenti e<span class=\"_ _1\"></span>sercizi (+/-) </div></td><td></td><td class=\"c x575 y327a w37e h77\"><div class=\"t m0 x1b1 h1f y71 ff4 fs7 fc1 sc0 ls0 ws0\">1.106 </div></td><td></td><td class=\"c x56e y327a w23f h77\"><div class=\"t m0 x191 h1f y71 ff4 fs7 fc1 sc0 ls0 ws0\">477 </div></td></tr><tr><td class=\"c x44e y327b w450 h82\"><div class=\"t m0 x10 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">3. Riduzione del<span class=\"_ _1\"></span>le imposte corrent<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span> de<span class=\"_ _1\"></span>ll'esercizio (+)<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x575 y327b w37e h82\"><div class=\"t m0 x189 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x56e y327b w23f h82\"><div class=\"t m0 x114 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">471 </div></td></tr><tr><td class=\"c x262 y327c weed h4d6\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">3.bis Riduzione de<span class=\"_ _1\"></span>lle imposte cor<span class=\"_ _1\"></span>renti dell'eserciz<span class=\"_ _f\"></span>io<span class=\"_ _2\"></span> per cre<span class=\"_ _1\"></span>diti d'impost<span class=\"_ _1\"></span>a<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x575 y327d w37e h2ed\"><div class=\"t m0 x189 h1f yd41 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x56e y327d w23f h2ed\"><div class=\"t m0 x120 h1f yd41 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x262 y327e weee h4d6\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">di cui alla Legge n. 214<span class=\"_ _1\"></span>/2011 (+)<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x44e y327f w450 h82\"><div class=\"t m0 x10 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">4. Variazione del<span class=\"_ _1\"></span>le imposte antici<span class=\"_ _1\"></span>pate (+/-) </div></td><td></td><td class=\"c x575 y327f w37e h82\"><div class=\"t m0 xe4 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">3.553 </div></td><td></td><td class=\"c x56e y327f w23f h82\"><div class=\"t m0 x1e6 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">(16.055) </div></td></tr><tr><td class=\"c x44e y3280 w450 h82\"><div class=\"t m0 x10 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">5. Variazione de<span class=\"_ _1\"></span>lle imposte differ<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span>te (+/-) </div></td><td></td><td class=\"c x575 y3280 w37e h82\"><div class=\"t m0 x66 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">(12.515) </div></td><td></td><td class=\"c x56e y3280 w23f h82\"><div class=\"t m0 xe8 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">(22.785) </div></td></tr><tr><td class=\"c x44e y3281 w450 h8a\"><div class=\"t m0 x10 h1f y153d ff4 fs7 fc1 sc0 ls0 ws0\">6. Imposte di c<span class=\"_ _1\"></span>ompetenza dell'eserc<span class=\"_ _1\"></span>izio (-) (-<span class=\"ls9\">1+/</span>-2+3+3bis+/-<span class=\"lsa\">4+/</span>-<span class=\"_ _f\"></span><span class=\"ls32\">5)</span><span class=\"ls32\"><span class=\"ls0\"> </span></span></div></td><td></td><td class=\"c x575 y3281 w37e h8a\"><div class=\"t m0 xe6 h1f y153d ff4 fs7 fc1 sc0 ls0 ws0\">(247.182) </div></td><td></td><td class=\"c x56e y3281 w23f h8a\"><div class=\"t m0 xe6 h1f y153d ff4 fs7 fc1 sc0 ls0 ws0\">(291.042) </div></td></tr></table></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gse3a\">Le  imposte  correnti  s<span class=\"_ _1\"></span>ono  state <span class=\"_ _16\"> </span>rilevate  in  b<span class=\"_ _1\"></span>ase  alla  legislazione  fi<span class=\"_ _1\"></span>scale  vigente,  ivi<span class=\"_ _1\"></span>  incluse  le </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gse3b\">disposizioni del D. Lgs.38/2005. </div><div class=\"t m0 h5 ff4 fs1 fc4 sc3 ls0 ws0 gse3c\">21.2 <span class=\"_ _1\"></span>Ricon<span class=\"_ _1\"></span>ciliazi<span class=\"_ _1\"></span>one t<span class=\"_ _1\"></span>ra o<span class=\"_ _f\"></span>nere fisc<span class=\"_ _f\"></span>ale teori<span class=\"_ _1\"></span>co e <span class=\"_ _1\"></span>onere<span class=\"_ _1\"></span> fisca<span class=\"_ _1\"></span>le eff<span class=\"_ _1\"></span>etti<span class=\"_ _1\"></span>vo d<span class=\"_ _1\"></span>i bilanci<span class=\"_ _1\"></span>o </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gse3d\">L\u2019incidenza fiscale globale sull\u2019utile ante imp<span class=\"_ _1\"></span>oste<span class=\"_ _2\"></span><span class=\"ff4\"> risulta pari a circa il 28,5<span class=\"ls1a\">%.</span> </span></div><div class=\"gse3e\"><table class=\"s weeb h55a\" id=\"_990d39ef-9158-4c00-98bd-de6a3b2744e1\"><tr><td class=\"c x89e y326c w530 h69\"><div class=\"t m0 x163 h1f y302 ff4 fs7 fc1 sc2 ls0 ws0\">Impo<span class=\"_ _1\"></span>nibil<span class=\"_ _1\"></span>e Co<span class=\"_ _1\"></span>nso<span class=\"_ _1\"></span>lidat<span class=\"_ _f\"></span>o </div></td><td class=\"c x89f y326c w531 h69\"><div class=\"t m0 xe7 h1f y32 ff4 fs7 fc1 sc2 ls0 ws0\">868.6<span class=\"_ _f\"></span>48 </div></td></tr><tr><td class=\"c x89e y326d w530 h69\"><div class=\"t m0 x163 h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">Aliquota ordina<span class=\"_ _1\"></span>ria applicabi<span class=\"ls3b\">le</span><span class=\"ls3b\"><span class=\"_ _1\"></span><span class=\"ls0\"> </span></span></div></td><td class=\"c x89f y326d w531 h69\"><div class=\"t m0 xe5 h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">33,07% </div></td></tr><tr><td class=\"c x89e y326e w530 h69\"><div class=\"t m0 x163 h1f y302 ff4 fs7 fc1 sc2 ls0 ws0\">Oner<span class=\"_ _1\"></span>e fis<span class=\"_ _1\"></span>cale<span class=\"_ _f\"></span> teorico<span class=\"_ _f\"></span> </div></td><td class=\"c x89f y326e w531 h69\"><div class=\"t m0 xe6 h1f y32 ff4 fs7 fc1 sc2 ls0 ws0\">287.<span class=\"_ _f\"></span>262 </div></td></tr><tr><td class=\"c x89e y326f w530 h69\"><div class=\"t m0 x163 h1f y302 ff4 fs7 fc1 sc2 ls0 ws0\">Effe<span class=\"_ _1\"></span>tto <span class=\"_ _1\"></span>delle v<span class=\"_ _1\"></span>aria<span class=\"_ _f\"></span>zioni in<span class=\"_ _f\"></span> aument<span class=\"_ _f\"></span>o rispet<span class=\"_ _f\"></span>to all'a<span class=\"_ _f\"></span>liquota o<span class=\"_ _1\"></span>rdin<span class=\"_ _1\"></span>aria </div></td><td class=\"c x89f y326f w531 h69\"><div class=\"t m0 x1e6 h1f y32 ff4 fs7 fc1 sc2 ls0 ws0\">83.37<span class=\"_ _f\"></span>7 </div></td></tr><tr><td class=\"c x89e y3270 w530 h69\"><div class=\"t m0 x163 h1f y5b ff4 fs7 fc1 sc0 ls0 ws0\">Costi indeducibil<span class=\"_ _1\"></span>i ai fini IRES </div></td><td class=\"c x89f y3270 w531 h69\"><div class=\"t m0 x12a h1f y5b ff4 fs7 fc1 sc0 ls0 ws0\">56.991 </div></td></tr><tr><td class=\"c x89e y3271 w530 h69\"><div class=\"t m0 x163 h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">Costi indeducibil<span class=\"_ _1\"></span>i ai fini IRAP </div></td><td class=\"c x89f y3271 w531 h69\"><div class=\"t m0 xe8 h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">26.386 </div></td></tr><tr><td class=\"c x89e y3272 w530 h69\"><div class=\"t m0 x163 h1f y302 ff4 fs7 fc1 sc2 ls0 ws0\">Effe<span class=\"_ _1\"></span>tto <span class=\"_ _1\"></span>delle v<span class=\"_ _1\"></span>aria<span class=\"_ _f\"></span>zioni in<span class=\"_ _f\"></span> diminuzi<span class=\"_ _f\"></span>one ri<span class=\"_ _1\"></span>spett<span class=\"_ _f\"></span>o all'al<span class=\"_ _1\"></span>iquota<span class=\"_ _1\"></span> ordin<span class=\"_ _f\"></span>aria </div></td><td class=\"c x89f y3272 w531 h69\"><div class=\"t m0 xec h1f y302 ff4 fs7 fc1 sc2 ls0 ws0\">(123.<span class=\"_ _1\"></span>457<span class=\"_ _1\"></span>) </div></td></tr><tr><td class=\"c x89e y3273 w530 h69\"><div class=\"t m0 x163 h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">Altre differenze<span class=\"_ _1\"></span> permanenti ai <span class=\"_ _1\"></span>fini IRES </div></td><td class=\"c x89f y3273 w531 h69\"><div class=\"t m0 xe6 h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">(71.056) </div></td></tr><tr><td class=\"c x89e y3274 w530 h6a\"><div class=\"t m0 x163 h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">Altre differenze<span class=\"_ _1\"></span> permanenti ai <span class=\"_ _1\"></span>fini IRAP </div></td><td class=\"c x89f y3274 w531 h6a\"><div class=\"t m0 xe6 h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">(52.401) </div></td></tr><tr><td class=\"c x89e y3275 w530 h69\"><div class=\"t m0 x163 h1f y302 ff4 fs7 fc1 sc2 ls0 ws0\">Oner<span class=\"_ _1\"></span>e fis<span class=\"_ _1\"></span>cale<span class=\"_ _f\"></span> effetti<span class=\"_ _1\"></span>vo </div></td><td class=\"c x89f y3275 w531 h69\"><div class=\"t m0 xe5 h1f y302 ff4 fs7 fc1 sc2 ls0 ws0\">247.1<span class=\"_ _f\"></span>82 </div></td></tr></table></div>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-791": {
   "value": "<div class=\"t m0 hc ff4 fs4 fc4 sc3 ls0 ws0 gse40\">Sezi<span class=\"_ _f\"></span>one 2<span class=\"_ _f\"></span>5 <span class=\"ff5\">\u2013</span> Uti<span class=\"_ _f\"></span>le per<span class=\"_ _1\"></span> azio<span class=\"_ _f\"></span>ne </div><div class=\"c w532 h49 gse41\"><div class=\"t m0 x8a h5 y477 ff4 fs1 fc4 sc3 ls0 ws0\">25.1 <span class=\"_ _1\"></span>Nume<span class=\"_ _1\"></span>ro m<span class=\"_ _f\"></span>edio dell<span class=\"_ _1\"></span>e azi<span class=\"_ _1\"></span>oni o<span class=\"_ _1\"></span>rdina<span class=\"_ _1\"></span>rie a ca<span class=\"_ _f\"></span>pitale <span class=\"_ _1\"></span>diluito<span class=\"_ _1\"></span><span class=\"fs7 fc1 sc0\"> </span></div></div><div class=\"gse42\"><table class=\"s weef h55c\" id=\"_8e382b9a-ba08-4f16-8a22-aa7696ba9854\"><tr><td></td><td class=\"c x8a0 y3282 w7c h5a\"><div class=\"t m0 x36 h1f y295 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/<span class=\"_ _f\"></span>2025<span class=\"fc1 sc0\"> </span></div></td><td class=\"c x8a1 y3282 w7c h5a\"><div class=\"t m0 x36 h1f y295 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/<span class=\"_ _f\"></span>2024<span class=\"fc1 sc0\"> </span></div></td></tr><tr><td class=\"c x46b y3283 w533 hc8\"><div class=\"t m0 x8a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">Fair value azion<span class=\"_ _1\"></span>i </div></td><td class=\"c x8a0 y3283 w7c hc8\"><div class=\"t m0 x191 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">12,85 </div></td><td class=\"c x8a1 y3283 w534 hc8\"><div class=\"t m0 x24 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">9,62 </div></td></tr><tr><td class=\"c x46b y3284 w533 h4d\"><div class=\"t m0 x8a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">Utile netto </div></td><td class=\"c x8a0 y3284 w7c h4d\"><div class=\"t m0 x11e h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">621.466 </div></td><td class=\"c x8a1 y3284 w534 h4d\"><div class=\"t m0 x199 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">620.052 </div></td></tr><tr><td class=\"c x46b y3285 w533 hc8\"><div class=\"t m0 x8a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">Numero azion<span class=\"_ _1\"></span>i ponderato </div></td><td class=\"c x8a0 y3285 w7c hc8\"><div class=\"t m0 x1e9 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">340.328 </div></td><td class=\"c x8a1 y3285 w534 hc8\"><div class=\"t m0 x11e h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">340.491 </div></td></tr><tr><td class=\"c x46b y3286 w533 h4d\"><div class=\"t m0 x8a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">Numero azion<span class=\"_ _1\"></span>i potenziale </div></td><td class=\"c x8a0 y3286 w7c h4d\"><div class=\"t m0 x101 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x8a1 y3286 w534 h4d\"><div class=\"t m0 x101 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y3287 w533 hc8\"><div class=\"t m0 x8a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">Numero azion<span class=\"_ _1\"></span>i diluito potenzia<span class=\"_ _f\"></span>l<span class=\"_ _2\"></span>e </div></td><td class=\"c x8a0 y3287 w7c hc8\"><div class=\"t m0 x1e9 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">340.328 </div></td><td class=\"c x8a1 y3287 w534 hc8\"><div class=\"t m0 x11e h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">340.491 </div></td></tr><tr><td class=\"c x46b y3288 w533 h28e\"><div class=\"t m0 x8a h1f y14c1 ff4 fs7 fc1 sc0 ls0 ws0\">Utile per azion<span class=\"_ _1\"></span>i  </div></td><td class=\"c x8a0 y3288 w7c h28e\"><div class=\"t m0 x22 h1f y14c1 ff4 fs7 fc1 sc0 ls0 ws0\">1,83 </div></td><td class=\"c x8a1 y3288 w534 h28e\"><div class=\"t m0 x22 h1f y14c1 ff4 fs7 fc1 sc0 ls0 ws0\">1,82 </div></td></tr><tr><td class=\"c x46b y3289 w533 hc8\"><div class=\"t m0 x8a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">Utile diluito per <span class=\"_ _1\"></span>azione </div></td><td class=\"c x8a0 y3289 w7c hc8\"><div class=\"t m0 x22 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">1,83 </div></td><td class=\"c x8a1 y3289 w534 hc8\"><div class=\"t m0 x22 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">1,82 </div></td></tr></table></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gse43\">Lo <span class=\"_ _f\"></span>IAS 33 <span class=\"_ _f\"></span>prevede <span class=\"_ _1\"></span>l\u2019esposizione <span class=\"_ _f\"></span>dell\u2019utile per <span class=\"_ _f\"></span>azione <span class=\"_ _f\"></span>(E<span class=\"_ _2\"></span>PS) <span class=\"_ _f\"></span>base e <span class=\"_ _f\"></span>diluito, <span class=\"_ _f\"></span>specificando per <span class=\"_ _f\"></span>entrambi </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gse44\">la  metodologia  di<span class=\"_ _1\"></span>  calcolo.  L\u2019utile  per  azione <span class=\"_ _16\"> </span>base  deriva  dal  rapporto  tra  l\u2019u<span class=\"_ _1\"></span>tile  attribuibile  ai </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gse45\">possessori <span class=\"_ _d\"></span>di <span class=\"_ _2\"></span>azioni <span class=\"_ _d\"></span>ordinarie <span class=\"_ _d\"></span>e <span class=\"_ _d\"></span>la <span class=\"_ _d\"></span>media <span class=\"_ _d\"></span>ponderata <span class=\"_ _d\"></span>delle <span class=\"_ _d\"></span>azioni <span class=\"_ _d\"></span>ordinarie <span class=\"_ _2\"></span>in <span class=\"_ _d\"></span>circolazione <span class=\"_ _d\"></span>durante </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gse46\">l\u2019esercizio. <span class=\"ff4\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gse47\">Il fair value delle azioni \u00e8 la media ponderata del 2025. </div>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-759": {
   "value": "<div class=\"t m0 hc ff4 fs4 fc4 sc3 ls0 ws0 gse49\">Sezi<span class=\"_ _f\"></span>one 1<span class=\"_ _1\"></span> <span class=\"ff5\">\u2013</span> R<span class=\"_ _1\"></span>isch<span class=\"_ _f\"></span>i del c<span class=\"_ _1\"></span>ons<span class=\"_ _f\"></span>olidato<span class=\"_ _f\"></span> cont<span class=\"_ _f\"></span>abile </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gse4a\">In <span class=\"_ _17\"> </span>questa <span class=\"_ _17\"> </span>sezione <span class=\"_ _17\"> </span>sono <span class=\"_ _17\"> </span>fornite <span class=\"_ _17\"> </span>le <span class=\"_ _17\"> </span>i<span class=\"_ _2\"></span>nformazioni <span class=\"_ _17\"> </span>riferite <span class=\"_ _17\"> </span>alle <span class=\"_ _17\"> </span>i<span class=\"_ _2\"></span>mprese <span class=\"_ _4\"> </span>incluse <span class=\"_ _17\"> </span>n<span class=\"_ _2\"></span>el <span class=\"_ _4\"> </span>consolidat<span class=\"_ _2\"></span>o </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gse4b\">contabile.  </div><div class=\"t m0 he ff4 fs5 fc4 sc3 ls0 ws0 gse4c\">Inform<span class=\"_ _1\"></span>azio<span class=\"_ _f\"></span>ni di natura<span class=\"_ _f\"></span> quantita<span class=\"_ _f\"></span>tiva </div><div class=\"t m0 he ff4 fs5 fc4 sc3 ls0 ws0 gse4d\">Qualit\u00e0<span class=\"_ _f\"></span> del credito<span class=\"_ _f\"></span> </div><div class=\"c w2c2 h248 gse4e\"><div class=\"t m0 x10 h5 y826 ff4 fs1 fc4 sc3 ls0 ws0\">A.1.1 D<span class=\"_ _1\"></span>istri<span class=\"_ _1\"></span>buzio<span class=\"_ _f\"></span>ne delle <span class=\"_ _1\"></span>attiv<span class=\"_ _1\"></span>it\u00e0 fi<span class=\"_ _f\"></span>nanziarie<span class=\"_ _1\"></span> per <span class=\"_ _1\"></span>port<span class=\"_ _1\"></span>afogl<span class=\"_ _1\"></span>i di a<span class=\"_ _f\"></span>ppartene<span class=\"_ _1\"></span>nza<span class=\"_ _1\"></span> e pe<span class=\"_ _1\"></span>r qua<span class=\"_ _f\"></span>lit\u00e0 credit<span class=\"_ _1\"></span>izia <span class=\"_ _1\"></span>(va<span class=\"_ _1\"></span>lori di<span class=\"_ _1\"></span> bila<span class=\"_ _1\"></span>ncio)<span class=\"_ _df\"> </span></div></div><div class=\"gse4f\"><table class=\"s wf0b h561\" id=\"_d421b604-5c1b-4134-ad5c-115bb15350f8\"><tr><td class=\"c x44e y32ac w538 h2f0\"><div class=\"t m0 x191 h1f y1990 ff4 fs7 fc4 sc3 ls0 ws0\">Port<span class=\"_ _1\"></span>afog<span class=\"_ _f\"></span>li/qualit<span class=\"_ _1\"></span>\u00e0 </div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x44e y32ad w361 h131\"><div class=\"t m0 x10 h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">1. Attivit\u00e0 finanz<span class=\"_ _1\"></span>iarie valutate a<span class=\"_ _f\"></span>l<span class=\"_ _2\"></span> costo amm<span class=\"_ _f\"></span>o<span class=\"_ _2\"></span>rtizzat<span class=\"_ _1\"></span>o<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x8bc y32ad w53a h131\"><div class=\"t m0 x8e h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">37.373 </div></td><td class=\"c x8bd y32ad w322 h131\"><div class=\"t m0 x8a h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">186.287 </div></td><td class=\"c x534 y32ad w322 h131\"><div class=\"t m0 x8e h1f y3e4 ff4 fs7 fc1 sc0 ls2a ws0\">27<span class=\"ls0\">.347</span><span class=\"ls0\"> </span></div></td><td class=\"c x528 y32ad w316 h131\"><div class=\"t m0 x10 h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">282.492 </div></td><td class=\"c x8be y32ad w2e0 h131\"><div class=\"t m0 xab h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">47.173.821 </div></td><td class=\"c x5c6 y32ad w25f h131\"><div class=\"t m0 x163 h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">47.707.320 </div></td></tr><tr><td class=\"c x262 y269e w963 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">2. Attivit\u00e0 finanz<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span>arie valut<span class=\"_ _1\"></span>ate al fair <span class=\"_ _1\"></span>value con impatto<span class=\"_ _1\"></span> sulla<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x8bc y32ae w53a had\"><div class=\"t m0 x34 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x8bd y32ae w322 had\"><div class=\"t m0 x34 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x534 y32ae w322 had\"><div class=\"t m0 x34 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x528 y32ae w316 had\"><div class=\"t m0 x34 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x8be y32ae w2e0 had\"><div class=\"t m0 xac h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">9.658.267 </div></td><td class=\"c x5c6 y32ae w25f had\"><div class=\"t m0 xab h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">9.658.267 </div></td></tr><tr><td class=\"c x262 y32af w964 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">redditivit\u00e0 comp<span class=\"_ _f\"></span>l<span class=\"_ _2\"></span>essiva<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x44e y32b0 w361 h12f\"><div class=\"t m0 x10 h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">3. Attivit\u00e0 finanz<span class=\"_ _1\"></span>iarie designate a<span class=\"_ _f\"></span>l<span class=\"_ _2\"></span> fair va<span class=\"_ _1\"></span>lue<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x8bc y32b0 w53a h12f\"><div class=\"t m0 x34 h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x8bd y32b0 w322 h12f\"><div class=\"t m0 x34 h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x534 y32b0 w322 h12f\"><div class=\"t m0 x34 h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x528 y32b0 w316 h12f\"><div class=\"t m0 x34 h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x8be y32b0 w2e0 h12f\"><div class=\"t m0 x13 h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5c6 y32b0 w25f h12f\"><div class=\"t m0 x8f h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y32b1 w361 h58\"><div class=\"t m0 x10 h1f y15 ff4 fs7 fc1 sc0 ls0 ws0\">4. Altre attivit\u00e0 <span class=\"_ _f\"></span>f<span class=\"_ _2\"></span>inanziarie <span class=\"_ _f\"></span>o<span class=\"_ _2\"></span>bblig<span class=\"_ _1\"></span>atoriamente valutate al <span class=\"_ _1\"></span>fair<span class=\"_ _df\"> </span></div><div class=\"t m0 x10 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">value </div></td><td></td><td class=\"c x8bc y32b1 w53a h58\"><div class=\"t m0 x34 h1f y2ea ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x8bd y32b1 w322 h58\"><div class=\"t m0 x34 h1f y2ea ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x534 y32b1 w322 h58\"><div class=\"t m0 x34 h1f y2ea ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x528 y32b1 w316 h58\"><div class=\"t m0 x32 h1f y2ea ff4 fs7 fc1 sc0 ls2b ws0\">80<span class=\"ls0\"> </span></div></td><td class=\"c x8be y32b1 w2e0 h58\"><div class=\"t m0 x2e h1f y2ea ff4 fs7 fc1 sc0 ls0 ws0\">691.894 </div></td><td class=\"c x5c6 y32b1 w25f h58\"><div class=\"t m0 x2e h1f y2ea ff4 fs7 fc1 sc0 ls0 ws0\">691.974 </div></td></tr><tr><td class=\"c x44e y32b2 w361 h131\"><div class=\"t m0 x10 h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">5. Attivit\u00e0 finanzi<span class=\"_ _1\"></span>arie in corso di d<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span>smissi<span class=\"_ _f\"></span>o<span class=\"_ _2\"></span>ne<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x8bc y32b2 w53a h131\"><div class=\"t m0 x34 h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x8bd y32b2 w322 h131\"><div class=\"t m0 x34 h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x534 y32b2 w322 h131\"><div class=\"t m0 x34 h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x528 y32b2 w316 h131\"><div class=\"t m0 x34 h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x8be y32b2 w2e0 h131\"><div class=\"t m0 x13 h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5c6 y32b2 w25f h131\"><div class=\"t m0 x8f h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y32b3 w53b hc8\"><div class=\"t m0 x21 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale </div></td><td class=\"c x8bf y32b3 wbd hc8\"><div class=\"t m0 x10 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">31/12/<span class=\"_ _f\"></span>2025 </div></td><td class=\"c x8bc y32b3 w53a hc8\"><div class=\"t m0 x8e h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">37.3<span class=\"_ _1\"></span>73 </div></td><td class=\"c x8bd y32b3 w322 hc8\"><div class=\"t m0 xab h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">186.2<span class=\"_ _f\"></span>87 </div></td><td class=\"c x534 y32b3 w322 hc8\"><div class=\"t m0 x8e h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">27.347<span class=\"_ _f\"></span> </div></td><td class=\"c x528 y32b3 w316 hc8\"><div class=\"t m0 x8a h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">282.5<span class=\"_ _1\"></span>72<span class=\"_ _f\"></span> </div></td><td class=\"c x8be y32b3 w2e0 hc8\"><div class=\"t m0 x10 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">57.5<span class=\"_ _1\"></span>23.9<span class=\"_ _f\"></span>82 </div></td><td class=\"c x5c6 y32b3 w25f hc8\"><div class=\"t m0 x10 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">58.<span class=\"_ _1\"></span>057.56<span class=\"_ _f\"></span>1 </div></td></tr><tr><td class=\"c x44e y32b4 w53b hc8\"><div class=\"t m0 x21 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale </div></td><td class=\"c x8bf y32b4 wbd hc8\"><div class=\"t m0 x10 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">31/12/<span class=\"_ _f\"></span>2024 </div></td><td class=\"c x8bc y32b4 w53a hc8\"><div class=\"t m0 x8e h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">47.346<span class=\"_ _f\"></span> </div></td><td class=\"c x8bd y32b4 w322 hc8\"><div class=\"t m0 xac h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">196.<span class=\"_ _1\"></span>512 </div></td><td class=\"c x534 y32b4 w322 hc8\"><div class=\"t m0 xac h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">23.60<span class=\"_ _f\"></span>2 </div></td><td class=\"c x528 y32b4 w316 hc8\"><div class=\"t m0 x10 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">333.<span class=\"_ _1\"></span>758<span class=\"_ _1\"></span> </div></td><td class=\"c x8be y32b4 w2e0 hc8\"><div class=\"t m0 xab h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">54.77<span class=\"_ _f\"></span>1.955 </div></td><td class=\"c x5c2 y32b4 w197 hc8\"><div class=\"t m0 x8a h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">55.37<span class=\"_ _f\"></span>3.173 </div></td></tr></table></div><div class=\"c w539 h2f0 gse50\"><div class=\"t m4 x48 h1f y0 ff4 fs7 fc4 sc3 ls0 ws0\">Sofferenze </div></div><div class=\"c w32e h2f0 gse51\"><div class=\"t m4 x55 h1f y0 ff4 fs7 fc4 sc3 ls0 ws0\">Inadempienze </div><div class=\"t m4 x2c h1f y0 ff4 fs7 fc4 sc3 ls0 ws0\">probabili </div></div><div class=\"c w14c h2f0 gse52\"><div class=\"t m4 x2f h1f y0 ff4 fs7 fc4 sc3 ls0 ws0\">Esposizioni </div><div class=\"t m4 x48 h1f y0 ff4 fs7 fc4 sc3 ls0 ws0\">scadute </div><div class=\"t m4 x37 h1f y0 ff4 fs7 fc4 sc3 ls0 ws0\">deteriorate </div></div><div class=\"c w14c h2f0 gse53\"><div class=\"t m4 x2f h1f y0 ff4 fs7 fc4 sc3 ls0 ws0\">Esposizioni </div><div class=\"t m4 x48 h1f y0 ff4 fs7 fc4 sc3 ls0 ws0\">scadute non </div><div class=\"t m4 x37 h1f y0 ff4 fs7 fc4 sc3 ls0 ws0\">deteriorate </div></div><div class=\"c w391 h2f0 gse54\"><div class=\"t m4 x48 h1f y0 ff4 fs7 fc4 sc3 ls0 ws0\">Altre esposizioni </div><div class=\"t m4 x37 h1f y0 ff4 fs7 fc4 sc3 ls0 ws0\">non deteriorate </div></div><div class=\"c w25f h2f0 gse55\"><div class=\"t m4 x2c h1f y0 ff4 fs7 fc4 sc3 ls0 ws0\">Totale </div></div><div class=\"c w2c2 h2f1 gse56\"><div class=\"t m0 x10 h5 y589 ff4 fs1 fc4 sc3 ls0 ws0\">A.1.2 <span class=\"_ _1\"></span>Distr<span class=\"_ _1\"></span>ibuzio<span class=\"_ _1\"></span>ne d<span class=\"_ _1\"></span>elle <span class=\"_ _1\"></span>attiv<span class=\"_ _1\"></span>it\u00e0 fina<span class=\"_ _f\"></span>nziarie p<span class=\"_ _1\"></span>er po<span class=\"_ _f\"></span>rtafogli <span class=\"_ _1\"></span>di a<span class=\"_ _1\"></span>ppar<span class=\"_ _1\"></span>tenen<span class=\"_ _f\"></span>za e per<span class=\"_ _1\"></span> qua<span class=\"_ _1\"></span>lit\u00e0 cre<span class=\"_ _1\"></span>ditizia<span class=\"_ _f\"></span> (val<span class=\"_ _1\"></span>ori lor<span class=\"_ _f\"></span>di e netti)<span class=\"_ _df\"> </span></div></div><div class=\"gse57\"><table class=\"s wef0 h55d\" id=\"_e3e7da9e-84bb-4b0b-81a2-32b90543fb4a\"><tr><td></td><td></td><td></td><td></td><td class=\"c x8a2 y328a w53c h1a2\"><div class=\"t m0 x1b1 h262 y302 ff4 fs27 fc4 sc3 ls0 ws0\">Dete<span class=\"_ _1\"></span>riora<span class=\"_ _f\"></span>te </div></td><td></td><td></td><td class=\"c x8a3 y328a w53d h1a2\"><div class=\"t m0 xf h262 y302 ff4 fs27 fc4 sc3 ls0 ws0\">Non d<span class=\"_ _f\"></span>eterio<span class=\"_ _1\"></span>rate<span class=\"_ _f\"></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=\"c x8a4 y328b wef1 h4cd\"><div class=\"t m0 x250 h262 y2899 ff4 fs27 fc4 sc3 ls0 ws0\">Tota<span class=\"_ _1\"></span>le<span class=\"_ _df\"> </span></div></td></tr><tr><td class=\"c x44e y328c w56 h2f2\"><div class=\"t m0 x8a h1f y1994 ff4 fs7 fc4 sc3 ls0 ws0\">Port<span class=\"_ _1\"></span>afog<span class=\"_ _f\"></span>li/qualit<span class=\"_ _1\"></span>\u00e0 </div></td><td></td><td class=\"c x8a5 y328d w976 h4cd\"><div class=\"t m0 x250 h262 y2899 ff4 fs27 fc4 sc3 ls0 ws0\">Esp<span class=\"_ _f\"></span>osizion<span class=\"_ _1\"></span>e</div></td><td class=\"c x8a6 y328e wef2 h4cd\"><div class=\"t m0 x250 h262 y2899 ff4 fs27 fc4 sc3 ls0 ws0\">Rettif<span class=\"_ _1\"></span>ich<span class=\"_ _f\"></span>e di<span class=\"_ _df\"> </span></div></td><td class=\"c x8a7 y328d wef3 h4cd\"><div class=\"t m0 x250 h262 y2899 ff4 fs27 fc4 sc3 ls0 ws0\">Esp<span class=\"_ _f\"></span>osizion</div></td><td class=\"c x8a8 y328e wef4 h4cd\"><div class=\"t m0 x250 h262 y2899 ff4 fs27 fc4 sc3 ls0 ws0\">Writ<span class=\"_ _1\"></span>e-off*<span class=\"_ _df\"> </span></div></td><td class=\"c x8a9 y328d wef3 h4cd\"><div class=\"t m0 x250 h262 y2899 ff4 fs27 fc4 sc3 ls0 ws0\">Esp<span class=\"_ _f\"></span>osizion</div></td><td class=\"c x75e y328e wef2 h4cd\"><div class=\"t m0 x250 h262 y2899 ff4 fs27 fc4 sc3 ls0 ws0\">Rettif<span class=\"_ _1\"></span>ich<span class=\"_ _f\"></span>e di<span class=\"_ _df\"> </span></div></td><td class=\"c x8aa y328d w976 h4cd\"><div class=\"t m0 x250 h262 y2899 ff4 fs27 fc4 sc3 ls0 ws0\">Esp<span class=\"_ _f\"></span>osizion<span class=\"_ _1\"></span>e</div></td><td class=\"c x8ab y328f wef5 h4cd\"><div class=\"t m0 x250 h262 y2899 ff4 fs27 fc4 sc3 ls0 ws0\">(espo<span class=\"_ _1\"></span>siz<span class=\"_ _1\"></span>ione<span class=\"_ _df\"> </span></div></td></tr><tr><td></td><td></td><td class=\"c x8ac y3290 wef6 h4cd\"><div class=\"t m0 x250 h262 y2899 ff4 fs27 fc4 sc3 ls0 ws0\">lord<span class=\"_ _1\"></span>a<span class=\"_ _df\"> </span></div></td><td class=\"c x8ad y3291 wef7 h4cd\"><div class=\"t m0 x250 h262 y2899 ff4 fs27 fc4 sc3 ls0 ws0\">valor<span class=\"_ _1\"></span>e<span class=\"_ _df\"> </span></div></td><td class=\"c x8ae y3290 wef8 h4cd\"><div class=\"t m0 x250 h262 y2899 ff4 fs27 fc4 sc3 ls0 ws0\">e nett<span class=\"_ _1\"></span>a</div></td><td class=\"c x8af y3291 wef9 h4cd\"><div class=\"t m0 x250 h262 y2899 ff4 fs27 fc4 sc3 ls0 ws0\">par<span class=\"_ _1\"></span>ziali<span class=\"_ _df\"> </span></div></td><td class=\"c x8b0 y3290 wefa h4cd\"><div class=\"t m0 x250 h262 y2899 ff4 fs27 fc4 sc3 ls0 ws0\">e lord<span class=\"_ _f\"></span>a<span class=\"_ _df\"> </span></div></td><td class=\"c x8b1 y3291 wefb h4cd\"><div class=\"t m0 x250 h262 y2899 ff4 fs27 fc4 sc3 ls0 ws0\">valor<span class=\"_ _1\"></span>e<span class=\"_ _df\"> </span></div></td><td class=\"c x8b2 y3290 wefc h4cd\"><div class=\"t m0 x250 h262 y2899 ff4 fs27 fc4 sc3 ls0 ws0\">netta<span class=\"_ _df\"> </span></div></td><td class=\"c x8b3 y3292 wefd h4cd\"><div class=\"t m0 x250 h262 y2899 ff4 fs27 fc4 sc3 ls0 ws0\">netta<span class=\"_ _f\"></span>)<span class=\"_ _df\"> </span></div></td></tr><tr><td></td><td></td><td></td><td class=\"c x8a6 y3293 wefe h4cd\"><div class=\"t m0 x250 h262 y2899 ff4 fs27 fc4 sc3 ls0 ws0\">comp<span class=\"_ _1\"></span>less<span class=\"_ _f\"></span>ive<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x8b4 y3293 weff h4cd\"><div class=\"t m0 x250 h262 y2899 ff4 fs27 fc4 sc3 ls0 ws0\">comp<span class=\"_ _1\"></span>less<span class=\"_ _f\"></span>ivi<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x75e y3293 wf00 h4cd\"><div class=\"t m0 x250 h262 y2899 ff4 fs27 fc4 sc3 ls0 ws0\">comp<span class=\"_ _1\"></span>less<span class=\"_ _f\"></span>ive<span class=\"_ _df\"> </span></div></td><td></td><td></td></tr><tr><td class=\"c x262 y30c6 wf01 h4b6\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">1. Attivit\u00e0<span class=\"_ _df\"> </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 x262 y3294 wa02 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">finanziarie<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x8a2 y3295 w2d7 h24a\"><div class=\"t m0 x14 h1f y2c4 ff4 fs7 fc1 sc0 ls0 ws0\">614.722 </div></td><td class=\"c x8b5 y3295 w53e h24a\"><div class=\"t m0 x27 h1f y2c4 ff4 fs7 fc1 sc0 ls0 ws0\">363.717 </div></td><td class=\"c x8b6 y3295 w1c6 h24a\"><div class=\"t m0 x2a h1f y2c4 ff4 fs7 fc1 sc0 ls0 ws0\">251.005 </div></td><td class=\"c x8b7 y3295 w268 h24a\"><div class=\"t m0 x2c h1f y2c4 ff4 fs7 fc1 sc0 ls0 ws0\">20.659 </div></td><td class=\"c x8a3 y3295 w2de h24a\"><div class=\"t m0 x10 h1f y2c4 ff4 fs7 fc1 sc0 ls0 ws0\">47.548.751 </div></td><td class=\"c x8b8 y3295 w498 h24a\"><div class=\"t m0 x35 h1f y2c4 ff4 fs7 fc1 sc0 ls0 ws0\">92.437 </div></td><td class=\"c x8b9 y3295 w2d8 h24a\"><div class=\"t m0 xac h1f y2c4 ff4 fs7 fc1 sc0 ls0 ws0\">47.456.314 </div></td><td class=\"c x8ba y3295 w2e7 h24a\"><div class=\"t m0 x2f h1f y2c4 ff4 fs7 fc1 sc0 ls0 ws0\">47.707.319 </div></td></tr><tr><td class=\"c x262 y2f22 wbcf h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">valutate al c<span class=\"_ _1\"></span>osto<span class=\"_ _df\"> </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 x262 y2f24 w988 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">ammortizzato<span class=\"_ _df\"> </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 x262 y3296 w9cb h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">2. Attivit\u00e0<span class=\"_ _df\"> </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 x262 y3297 wa02 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">finanziarie<span class=\"_ _df\"> </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 x262 y321f wf02 h540\"><div class=\"t m0 x250 h1f y313a ff4 fs7 fc1 sc0 ls0 ws0\">valutate al fair<span class=\"_ _df\"> </span></div><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">value con impat<span class=\"_ _1\"></span>to<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x8a2 y3298 w2d7 h25e\"><div class=\"t m0 x91 h1f yed0 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x8b5 y3298 w53e h25e\"><div class=\"t m0 xe h1f yed0 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x8b6 y3298 w1c6 h25e\"><div class=\"t m0 x36 h1f yed0 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x8b7 y3298 w268 h25e\"><div class=\"t m0 x7 h1f yed0 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x8a3 y3298 w2de h25e\"><div class=\"t m0 xac h1f yed0 ff4 fs7 fc1 sc0 ls0 ws0\">9.661.700 </div></td><td class=\"c x8b8 y3298 w498 h25e\"><div class=\"t m0 x26 h1f yed0 ff4 fs7 fc1 sc0 ls0 ws0\">3.433 </div></td><td class=\"c x8b9 y3298 w2d8 h25e\"><div class=\"t m0 x2f h1f yed0 ff4 fs7 fc1 sc0 ls0 ws0\">9.658.267 </div></td><td class=\"c x8ba y3298 w2e7 h25e\"><div class=\"t m0 x116 h1f yed0 ff4 fs7 fc1 sc0 ls0 ws0\">9.658.267 </div></td></tr><tr><td class=\"c x262 y3299 wf03 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">sulla redditivit\u00e0<span class=\"_ _df\"> </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 x262 y329a w902 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">complessiva<span class=\"_ _df\"> </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 x262 y329b wf04 h51d\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">3. Attivit\u00e0<span class=\"_ _df\"> </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 x262 y329c wa02 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">finanziarie<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x8a2 y329d w2d7 h2ba\"><div class=\"t m0 x91 h1f ydae ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x8b5 y329d w53e h2ba\"><div class=\"t m0 xe h1f ydae ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x8b6 y329d w1c6 h2ba\"><div class=\"t m0 x36 h1f ydae ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x8b7 y329d w268 h2ba\"><div class=\"t m0 x7 h1f ydae ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x8a3 y329d w2de h2ba\"><div class=\"t m0 x48 h1f ydae ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x8b8 y329d w498 h2ba\"><div class=\"t m0 x32 h1f ydae ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x8b9 y329d w2d8 h2ba\"><div class=\"t m0 x91 h1f ydae ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x8ba y329d w2e7 h2ba\"><div class=\"t m0 x90 h1f ydae ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x262 y329f wf05 h55e\"><div class=\"t m0 x250 h1f y329e ff4 fs7 fc1 sc0 ls0 ws0\">designate al fair<span class=\"_ _df\"> </span></div><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">value<span class=\"_ _df\"> </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 x262 y32a0 wf06 h55f\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">4. Altre attivit\u00e0<span class=\"_ _df\"> </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 x262 y32a1 wa02 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">finanziarie<span class=\"_ _df\"> </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 x262 y32a2 wf07 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">obbligatoriament<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x8a2 y32a3 w2d7 h2f4\"><div class=\"t m0 x91 h1f y1602 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x8b5 y32a3 w53e h2f4\"><div class=\"t m0 xe h1f y1602 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x8b6 y32a3 w1c6 h2f4\"><div class=\"t m0 x36 h1f y1602 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x8b7 y32a3 w268 h2f4\"><div class=\"t m0 x7 h1f y1602 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x8a3 y32a3 w2de h2f4\"><div class=\"t m0 x48 h1f y1602 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x8b8 y32a3 w498 h2f4\"><div class=\"t m0 x32 h1f y1602 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x8b9 y32a3 w2d8 h2f4\"><div class=\"t m0 x14 h1f y1602 ff4 fs7 fc1 sc0 ls0 ws0\">691.974 </div></td><td class=\"c x8ba y32a3 w2e7 h2f4\"><div class=\"t m0 x48 h1f y1602 ff4 fs7 fc1 sc0 ls0 ws0\">691.974 </div></td></tr><tr><td class=\"c x262 y32a5 wf08 h560\"><div class=\"t m0 x250 h1f y32a4 ff4 fs7 fc1 sc0 ls0 ws0\">e valutate al fai<span class=\"_ _1\"></span>r<span class=\"_ _df\"> </span></div><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">value<span class=\"_ _df\"> </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 x262 y32a6 wf09 h4b6\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">5. Attivit\u00e0<span class=\"_ _df\"> </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 x262 y32a7 wf0a h540\"><div class=\"t m0 x250 h1f y313a ff4 fs7 fc1 sc0 ls0 ws0\">finanziarie in<span class=\"_ _df\"> </span></div><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">corso di<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x8a2 y32a8 w2d7 h24a\"><div class=\"t m0 x91 h1f ydae ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x8b5 y32a8 w53e h24a\"><div class=\"t m0 xe h1f ydae ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x8b6 y32a8 w1c6 h24a\"><div class=\"t m0 x36 h1f ydae ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x8b7 y32a8 w268 h24a\"><div class=\"t m0 x7 h1f ydae ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x8a3 y32a8 w2de h24a\"><div class=\"t m0 x8f h1f ydae ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x8b8 y32a8 w498 h24a\"><div class=\"t m0 x90 h1f ydae ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x8b9 y32a8 w2d8 h24a\"><div class=\"t m0 x91 h1f ydae ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x8ba y32a8 w2e7 h24a\"><div class=\"t m0 x90 h1f ydae ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x262 y32a9 w98d h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">dismissione<span class=\"_ _df\"> </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 x44e y32aa w409 h49\"><div class=\"t m0 x10 h30 y823 ff4 fsb fc1 sc2 ls0 ws0\">Totale </div></td><td class=\"c x8bb y32aa w25f h49\"><div class=\"t m0 x10 h1f y25f ff4 fs7 fc1 sc2 ls0 ws0\">31/12/<span class=\"_ _f\"></span>2025 </div></td><td class=\"c x8a2 y32aa w2d7 h49\"><div class=\"t m0 x14 h1f y25f ff4 fs7 fc1 sc2 ls0 ws0\">614.7<span class=\"_ _1\"></span>22<span class=\"_ _1\"></span> </div></td><td class=\"c x8b5 y32aa w53e h49\"><div class=\"t m0 x26 h1f y25f ff4 fs7 fc1 sc2 ls0 ws0\">363<span class=\"_ _1\"></span>.717 </div></td><td class=\"c x8b6 y32aa w1c6 h49\"><div class=\"t m0 x2a h1f y25f ff4 fs7 fc1 sc2 ls0 ws0\">251.<span class=\"_ _1\"></span>005<span class=\"_ _1\"></span> </div></td><td class=\"c x8b7 y32aa w268 h49\"><div class=\"t m0 x2c h1f y25f ff4 fs7 fc1 sc2 ls0 ws0\">20.6<span class=\"_ _1\"></span>59 </div></td><td class=\"c x8a3 y32aa w2de h49\"><div class=\"t m0 xab h1f y25f ff4 fs7 fc1 sc2 ls0 ws0\">57.21<span class=\"_ _f\"></span>0.451 </div></td><td class=\"c x8b8 y32aa w498 h49\"><div class=\"t m0 x35 h1f y25f ff4 fs7 fc1 sc2 ls0 ws0\">95.87<span class=\"_ _f\"></span>0 </div></td><td class=\"c x8b9 y32aa w2d8 h49\"><div class=\"t m0 xab h1f y25f ff4 fs7 fc1 sc2 ls0 ws0\">57.806<span class=\"_ _f\"></span>.555 </div></td><td class=\"c x8ba y32aa w2e7 h49\"><div class=\"t m0 xac h1f y25f ff4 fs7 fc1 sc2 ls0 ws0\">58.<span class=\"_ _1\"></span>057.56<span class=\"_ _f\"></span>0 </div></td></tr><tr><td class=\"c x44e y32ab w409 h49\"><div class=\"t m0 x10 h30 y823 ff4 fsb fc1 sc2 ls0 ws0\">Totale </div></td><td class=\"c x8bb y32ab w25f h49\"><div class=\"t m0 x10 h1f y25f ff4 fs7 fc1 sc2 ls0 ws0\">31/12/<span class=\"_ _f\"></span>2024 </div></td><td class=\"c x8a2 y32ab w2d7 h49\"><div class=\"t m0 x130 h1f y25f ff4 fs7 fc1 sc2 ls0 ws0\">668.<span class=\"_ _1\"></span>644<span class=\"_ _f\"></span> </div></td><td class=\"c x8b5 y32ab w53e h49\"><div class=\"t m0 x26 h1f y25f ff4 fs7 fc1 sc2 ls0 ws0\">401.1<span class=\"_ _f\"></span><span class=\"ls2b\">87</span><span class=\"ls2b\"><span class=\"ls0\"> </span></span></div></td><td class=\"c x8b6 y32ab w1c6 h49\"><div class=\"t m0 x116 h1f y25f ff4 fs7 fc1 sc2 ls0 ws0\">267.<span class=\"_ _1\"></span>457<span class=\"_ _1\"></span> </div></td><td class=\"c x8b7 y32ab w268 h49\"><div class=\"t m0 x26 h1f y25f ff4 fs7 fc1 sc2 ls0 ws0\">16.227<span class=\"_ _f\"></span> </div></td><td class=\"c x8a3 y32ab w2de h49\"><div class=\"t m0 x10 h1f y25f ff4 fs7 fc1 sc2 ls0 ws0\">54.55<span class=\"_ _f\"></span>1.606 </div></td><td class=\"c x8b8 y32ab w498 h49\"><div class=\"t m0 x35 h1f y25f ff4 fs7 fc1 sc2 ls0 ws0\">95.29<span class=\"_ _f\"></span>4 </div></td><td class=\"c x8b9 y32ab w2d8 h49\"><div class=\"t m0 x2f h1f y25f ff4 fs7 fc1 sc2 ls0 ws0\">55.1<span class=\"_ _f\"></span>05.718 </div></td><td class=\"c x756 y32ab w281 h49\"><div class=\"t m0 x16a h1f y25f ff4 fs7 fc1 sc2 ls0 ws0\">55.37<span class=\"_ _f\"></span>3.175<span class=\"_ _df\"> </span></div></td></tr></table></div><div class=\"gsa39\"><table class=\"s wf0c h562\" id=\"_c7923ac0-f9e3-4902-95af-0e3d0344c96f\"><tr><td class=\"c x8c0 y32b5 w53f h2f5\"><div class=\"t m0 xc6 h1f y199e ff4 fs7 fc4 sc3 ls0 ws0\">Port<span class=\"_ _1\"></span>afog<span class=\"_ _f\"></span>li/qualit<span class=\"_ _1\"></span>\u00e0 </div></td><td></td><td></td><td class=\"c x8c1 y32b6 w540 h58\"><div class=\"t m0 x37 h1f y420 ff4 fs7 fc4 sc3 ls0 ws0\">Atti<span class=\"_ _1\"></span>vit\u00e0 di<span class=\"_ _f\"></span> evident<span class=\"_ _f\"></span>e scar<span class=\"_ _1\"></span>sa qua<span class=\"_ _f\"></span>lit\u00e0 cre<span class=\"_ _f\"></span>ditizia<span class=\"_ _1\"></span> </div></td><td></td><td class=\"c x763 y32b6 w23f h58\"><div class=\"t m0 x97 h1f y420 ff4 fs7 fc4 sc3 ls0 ws0\">Altr<span class=\"_ _1\"></span>e atti<span class=\"_ _1\"></span>vit\u00e0 </div></td></tr><tr><td></td><td></td><td class=\"c x8c1 y32b5 w541 hcd\"><div class=\"t m0 x16a h1f ye44 ff4 fs7 fc4 sc3 ls0 ws0\">Minu<span class=\"_ _1\"></span>sva<span class=\"_ _1\"></span>lenz<span class=\"_ _1\"></span>e cum<span class=\"_ _f\"></span>ulate<span class=\"_ _f\"></span> </div></td><td class=\"c x8c2 y32b5 w541 hcd\"><div class=\"t m0 x33 h1f ye44 ff4 fs7 fc4 sc3 ls0 ws0\">Espo<span class=\"_ _1\"></span>sizio<span class=\"_ _f\"></span>ne nett<span class=\"_ _1\"></span>a </div></td><td></td><td class=\"c x763 y32b5 w23f hcd\"><div class=\"t m0 x33 h1f ye44 ff4 fs7 fc4 sc3 ls0 ws0\">Espo<span class=\"_ _1\"></span>sizio<span class=\"_ _f\"></span>ne nett<span class=\"_ _1\"></span>a </div></td></tr><tr><td class=\"c x262 y32b7 wf0d h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc1 sc0 ls0 ws0\">1. Attivit\u00e0 finanz<span class=\"_ _1\"></span>iarie detenute per<span class=\"_ _1\"></span> la<span class=\"_ _df\"> </span></div></td><td></td><td></td><td class=\"c x8c1 y32b8 w543 h1bb\"><div class=\"t m0 x120 h1f y68b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x8c2 y32b8 w544 h1bb\"><div class=\"t m0 x1ef h1f y68b ff4 fs7 fc1 sc0 ls2a ws0\">26<span class=\"ls0\"> </span></div></td><td class=\"c x763 y32b8 we6 h1bb\"><div class=\"t m0 x1e9 h1f y68b ff4 fs7 fc1 sc0 ls0 ws0\">40.897 </div></td></tr><tr><td class=\"c x262 y2d20 wf0e h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc1 sc0 ls0 ws0\">negoziazione<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x44e y32b9 w542 h49\"><div class=\"t m0 x10 h1f y25f ff4 fs7 fc1 sc0 ls0 ws0\">2. Derivati di coper<span class=\"_ _f\"></span>tura </div></td><td></td><td></td><td class=\"c x8c1 y32b9 w543 h49\"><div class=\"t m0 x120 h1f y25f ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x8c2 y32b9 w544 h49\"><div class=\"t m0 x120 h1f y25f ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x763 y32b9 we6 h49\"><div class=\"t m0 x12a h1f y25f ff4 fs7 fc1 sc0 ls0 ws0\">179.098 </div></td></tr><tr><td class=\"c x44e y32ba w545 h49\"><div class=\"t m0 x114 h1f y25f ff4 fs7 fc1 sc2 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale </div></td><td class=\"c x8c3 y32ba w484 h49\"><div class=\"t m0 x10 h1f y25f ff4 fs7 fc1 sc2 ls0 ws0\">31/12/<span class=\"_ _f\"></span>2025 </div></td><td></td><td class=\"c x8c1 y32ba w543 h49\"><div class=\"t m0 x120 h1f y25f ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td><td class=\"c x8c2 y32ba w544 h49\"><div class=\"t m0 x22 h1f y25f ff4 fs7 fc1 sc2 ls2a ws0\">26<span class=\"ls0\"> </span></div></td><td class=\"c x763 y32ba we6 h49\"><div class=\"t m0 x66 h1f y25f ff4 fs7 fc1 sc2 ls0 ws0\">219.9<span class=\"_ _1\"></span>95<span class=\"_ _1\"></span> </div></td></tr><tr><td class=\"c x44e y32bb w545 h49\"><div class=\"t m0 x114 h1f y25f ff4 fs7 fc1 sc2 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale </div></td><td class=\"c x8c3 y32bb w484 h49\"><div class=\"t m0 x10 h1f y25f ff4 fs7 fc1 sc2 ls0 ws0\">31/12/<span class=\"_ _f\"></span>2024 </div></td><td></td><td class=\"c x8c1 y32bb w543 h49\"><div class=\"t m0 x120 h1f y25f ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td><td class=\"c x8c2 y32bb w544 h49\"><div class=\"t m0 x1c1 h1f y25f ff4 fs7 fc1 sc2 lsf4 ws0\">51<span class=\"ls0\"> </span></div></td><td class=\"c x763 y32bb we6 h49\"><div class=\"t m0 xc h1f y25f ff4 fs7 fc1 sc2 ls0 ws0\">461.3<span class=\"_ _f\"></span>21 </div></td></tr></table></div>B.<span class=\"_ _df\"> </span>Inf<span class=\"_ _1\"></span>orm<span class=\"_ _f\"></span>ativa s<span class=\"_ _f\"></span>ulle e<span class=\"_ _f\"></span>ntit\u00e0 <span class=\"_ _f\"></span>strutt<span class=\"_ _f\"></span>urate (<span class=\"_ _1\"></span>div<span class=\"_ _f\"></span>erse da<span class=\"_ _f\"></span>lle so<span class=\"_ _f\"></span>ciet\u00e0 p<span class=\"_ _f\"></span>er la c<span class=\"_ _f\"></span>artola<span class=\"_ _1\"></span>riz<span class=\"_ _1\"></span>zazi<span class=\"_ _f\"></span>one)  Un\u2019entit\u00e0 <span class=\"_ _2\"></span>st<span class=\"_ _2\"></span>rutturata <span class=\"_ _d\"></span>\u00e8 <span class=\"_ _2\"></span>un\u2019entit\u00e0 <span class=\"_ _d\"></span>configurata <span class=\"_ _d\"></span><span class=\"ff4\">in <span class=\"_ _d\"></span>modo <span class=\"_ _d\"></span>tale <span class=\"_ _2\"></span>che <span class=\"_ _d\"></span>i <span class=\"_ _d\"></span>diritti <span class=\"_ _d\"></span>di <span class=\"_ _2\"></span>voto <span class=\"_ _d\"></span>o <span class=\"_ _d\"></span>diritti <span class=\"_ _d\"></span>similari <span class=\"_ _2\"></span>non </span>sono ritenuti ril<span class=\"_ _1\"></span>evanti pe<span class=\"_ _1\"></span>r stabilire il <span class=\"_ _1\"></span>controllo, come nel <span class=\"_ _f\"></span>cas<span class=\"_ _2\"></span>o in <span class=\"_ _1\"></span>cui i <span class=\"_ _1\"></span>diritti di v<span class=\"_ _1\"></span>oto facciano soltanto riferimento  ad  attivit\u00e0  amministrative  e  le  attivit\u00e0  rilevanti  siano  condotte  attraverso <span class=\"_ _4\"> </span>accordi contrattuali.  Per i v<span class=\"_ _1\"></span>eicoli a <span class=\"_ _1\"></span>destinazione sp<span class=\"_ _1\"></span>ecifica e fondi <span class=\"_ _1\"></span>di inv<span class=\"_ _1\"></span>estimento, il controllo \u00e8<span class=\"_ _f\"></span> ritenuto esistere lad<span class=\"_ _1\"></span>dove il <span class=\"_ _2\"></span>Gruppo <span class=\"_ _2\"></span>dispone dei <span class=\"_ _2\"></span>diritti <span class=\"_ _2\"></span>contrattuali <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>gestire <span class=\"_ _2\"></span>le <span class=\"_ _2\"></span>attivit\u00e0 rilevanti <span class=\"_ _2\"></span>dell\u2019entit\u00e0 <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>risulta <span class=\"_ _2\"></span>esposto ai rendimenti variabili delle stesse. B.1 En<span class=\"_ _1\"></span>tit\u00e0 str<span class=\"_ _1\"></span>uttura<span class=\"_ _f\"></span>te conso<span class=\"_ _1\"></span>lidate<span class=\"_ _1\"></span> Non sono presenti nel Gruppo entit\u00e0 strutturate consolid<span class=\"_ _1\"></span>ate.<span class=\"_ _2\"></span> B.2 En<span class=\"_ _1\"></span>tit\u00e0 str<span class=\"_ _1\"></span>uttura<span class=\"_ _f\"></span>te non co<span class=\"_ _f\"></span>nsolidate co<span class=\"_ _f\"></span>ntabilmen<span class=\"_ _f\"></span>te Non sono presenti nel Gruppo entit\u00e0 strutturate non consolid<span class=\"_ _1\"></span>ate contabilmente. B.2.1 E<span class=\"_ _1\"></span>ntit\u00e0 s<span class=\"_ _1\"></span>truttu<span class=\"_ _1\"></span>rate n<span class=\"_ _f\"></span>on conso<span class=\"_ _f\"></span>lidate ai fin<span class=\"_ _1\"></span>i vigilan<span class=\"_ _1\"></span>za Non sono presenti nel Gruppo entit\u00e0 strutturate non consolid<span class=\"_ _1\"></span>ate ai fini vigilanza.<span class=\"_ _2\"></span> B.2.2 A<span class=\"_ _f\"></span>ltre entit\u00e0 s<span class=\"_ _1\"></span>truttu<span class=\"_ _1\"></span>rate <span class=\"_ _f\"></span> Non sono presenti nel Gruppo altre entit\u00e0 strutturate.<span class=\"_ _df\"> </span><div class=\"t m0 h1a ff4 fs6 fc4 sc3 ls0 ws0 gse6c\">Sez<span class=\"_ _1\"></span>ione<span class=\"_ _1\"></span> 2 <span class=\"ff5\">\u2013<span class=\"_ _1\"></span><span class=\"ff4\"> Risc<span class=\"_ _f\"></span>hi del c<span class=\"_ _1\"></span>on<span class=\"_ _f\"></span>solida<span class=\"_ _1\"></span>to pr<span class=\"_ _1\"></span>ude<span class=\"_ _f\"></span>nziale<span class=\"_ _f\"></span> </span></span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gse6d\">In <span class=\"_ _17\"> </span>questa <span class=\"_ _17\"> </span>sezione <span class=\"_ _17\"> </span>sono <span class=\"_ _17\"> </span>fornite <span class=\"_ _17\"> </span>le <span class=\"_ _17\"> </span>i<span class=\"_ _2\"></span>nformazioni <span class=\"_ _4\"> </span>r<span class=\"_ _2\"></span>iferite <span class=\"_ _4\"> </span>alle <span class=\"_ _17\"> </span>i<span class=\"_ _2\"></span>mprese <span class=\"_ _4\"> </span>incluse <span class=\"_ _17\"> </span>ne<span class=\"_ _2\"></span>l <span class=\"_ _4\"> </span>conso<span class=\"_ _2\"></span>lidato<span class=\"_ _1\"></span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gse6e\">prudenziale (societ\u00e0 appartenenti al Gruppo banc<span class=\"_ _1\"></span>ario). <span class=\"_ _2\"></span> </div><div class=\"t m0 he ff4 fs5 fc4 sc3 ls0 ws0 gse6f\">1.1 Risch<span class=\"_ _1\"></span>io di <span class=\"_ _1\"></span>credito<span class=\"_ _f\"></span> </div><div class=\"t m0 h5 ff4 fs1 fc4 sc3 ls0 ws0 gse70\">Inform<span class=\"_ _f\"></span>azioni di<span class=\"_ _1\"></span> natu<span class=\"_ _1\"></span>ra <span class=\"_ _1\"></span>quali<span class=\"_ _1\"></span>tativa </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gse71\">Secondo <span class=\"_ _2\"></span>le <span class=\"_ _d\"></span>disposizioni <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>el <span class=\"_ _2\"></span>prin<span class=\"_ _2\"></span>cipio <span class=\"_ _2\"></span>contabile <span class=\"_ _d\"></span>IFRS <span class=\"_ _d\"></span>9 <span class=\"_ _2\"></span>le <span class=\"_ _d\"></span>perdite <span class=\"_ _d\"></span>att<span class=\"_ _2\"></span>ese <span class=\"_ _2\"></span>sui <span class=\"_ _2\"></span>cr<span class=\"_ _2\"></span>editi <span class=\"_ _2\"></span>devono <span class=\"_ _2\"></span>essere </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gse72\">determinate  v<span class=\"_ _1\"></span>alutando  u<span class=\"_ _1\"></span>na  gamma <span class=\"_ _16\"> </span>di <span class=\"_ _16\"> </span>possibil<span class=\"_ _1\"></span>i  scenari <span class=\"_ _16\"> </span>adeguatamente <span class=\"_ _16\"> </span>ponderati <span class=\"_ _16\"> </span>in <span class=\"_ _9\"> </span>mo<span class=\"_ _2\"></span>do <span class=\"_ _9\"> </span>da </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gse73\">riflettere un importo obiettivo in relazione alle loro diffe<span class=\"_ _1\"></span>renti probabilit\u00e0 di realizzo.<span class=\"_ _2\"></span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gse74\">A <span class=\"_ _16\"> </span>tal <span class=\"_ _9\"> </span>fine  il <span class=\"_ _9\"> </span>modello <span class=\"_ _16\"> </span>di <span class=\"_ _9\"> </span>Impairment  considera <span class=\"_ _9\"> </span>tre <span class=\"_ _16\"> </span>scenari <span class=\"_ _16\"> </span>macroeconomici <span class=\"_ _9\"> </span>futuri:  u<span class=\"_ _f\"></span>no  centrale </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gse75\">coerente <span class=\"_ _d\"></span>con <span class=\"_ _d\"></span>i <span class=\"_ _d\"></span>processi <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>pianificazione, <span class=\"_ _d\"></span>ICAAP <span class=\"_ _d\"></span>e <span class=\"_ _d\"></span>RAF <span class=\"_ _d\"></span>e <span class=\"_ _d\"></span>due <span class=\"_ _d\"></span>ulteriori <span class=\"_ _d\"></span>scenari <span class=\"_ _d\"></span>a <span class=\"_ _d\"></span>corollario, <span class=\"_ _d\"></span>volti <span class=\"_ _2\"></span>a </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gse76\">rappresentare un range di variabil<span class=\"_ _1\"></span>it\u00e0 tra <span class=\"_ _2\"></span>gli ip<span class=\"_ _1\"></span>otetici scenari plausib<span class=\"_ _2\"></span><span class=\"ls1a\">ili:</span> </div><div class=\"t m0 h5 ff18 fs1 fc1 sc0 ls0 ws0 gse77\">-<span class=\"_ _28\"> </span><span class=\"ff5\">\u201cScenario Good\u201d \u2013<span class=\"_ _2\"></span><span class=\"ff4\"> scenario con b<span class=\"_ _1\"></span>assa probabilit\u00e0 che si verifichino scenari migliori;<span class=\"_ _df\"> </span></span></span></div><div class=\"t m0 h5 ff18 fs1 fc1 sc0 ls0 ws0 gse78\">-<span class=\"_ _28\"> </span><span class=\"ff5\">\u201cScenario Baseline\u201d <span class=\"_ _1\"></span>\u2013<span class=\"ff4\"> scenario <span class=\"_ _f\"></span>centrale coerente <span class=\"_ _f\"></span>con i processi <span class=\"_ _1\"></span>di pianificaz<span class=\"_ _1\"></span>ione, ICAAP <span class=\"_ _1\"></span>e R<span class=\"_ _1\"></span>AF;<span class=\"_ _df\"> </span></span></span></div><div class=\"t m0 h5 ff18 fs1 fc1 sc0 ls0 ws0 gse79\">-<span class=\"_ _28\"> </span><span class=\"ff5\">\u201cScenario Bad\u201d \u2013<span class=\"ff4\"> <span class=\"_ _2\"></span>scenario con bassa probab<span class=\"_ _1\"></span>ilit\u00e0 che si verifichino sc<span class=\"_ _2\"></span>enari pegg<span class=\"_ _1\"></span>iori.<span class=\"_ _df\"> </span></span></span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gse7a\">Tali  scenari  sono  sele<span class=\"_ _1\"></span>zionati  tra  quelli  forniti  pe<span class=\"_ _1\"></span>riodicamente  da  un  fornitore  esterno  e  sono<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gse7b\">approvati  dal  Consiglio  di  Amministrazione.  Ciascuno  \u00e8  corred<span class=\"_ _1\"></span>ato  dalla  relativa  probabilit\u00e0  di </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gse7c\">accadimento, <span class=\"_ _4\"> </span>e <span class=\"_ _17\"> </span>fornisce <span class=\"_ _4\"> </span>le <span class=\"_ _17\"> </span>proiezioni <span class=\"_ _17\"> </span>future <span class=\"_ _4\"> </span>dei <span class=\"_ _17\"> </span>p<span class=\"_ _2\"></span>rincipali <span class=\"_ _4\"> </span>in<span class=\"_ _2\"></span>dicatori <span class=\"_ _4\"> </span>macroeconomici <span class=\"_ _17\"> </span>su <span class=\"_ _4\"> </span>un </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gse7d\">orizzonte di tre anni, con frequenza di osservazione trimestrale.<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gse7e\">Si <span class=\"_ _f\"></span>riport<span class=\"_ _2\"></span>a <span class=\"_ _f\"></span>di <span class=\"_ _f\"></span>seguito <span class=\"_ _f\"></span>l\u2019indicazione <span class=\"_ _f\"></span>degli scenari <span class=\"_ _f\"></span>macroeconomici <span class=\"_ _f\"></span>previsti <span class=\"_ _f\"></span>per <span class=\"_ _1\"></span>il <span class=\"_ _f\"></span>calcolo <span class=\"_ _f\"></span>s<span class=\"_ _2\"></span>tandard <span class=\"_ _f\"></span>delle<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gse7f\">perdite  attese  ponderate,  corredati  dai  pesi  definiti  in  coerenza  con  la  relativa  probabil<span class=\"_ _1\"></span>it\u00e0  di<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gse80\">accadimento:<span class=\"_ _df\"> </span></div><div class=\"gse81\"><table class=\"s wf0f h563\" id=\"_4f0d2f58-6d1f-4ddb-a7ee-286babfc38ff\"><tr><td></td><td></td><td class=\"c x8c5 y32bc wf10 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc4 sc3 ls0 ws0\">Peso<span class=\"_ _f\"></span> da<span class=\"_ _df\"> </span></div></td></tr><tr><td class=\"c x8c6 y32bd w515 h231\"><div class=\"t m0 x8a h1f y96d ff4 fs7 fc4 sc3 ls0 ws0\">Scen<span class=\"_ _1\"></span>ari<span class=\"_ _1\"></span>o IFRS<span class=\"_ _f\"></span> 9 </div></td><td class=\"c x8c7 y32bd w3f4 h231\"><div class=\"t m0 x8a h1f y96d ff4 fs7 fc4 sc3 ls0 ws0\">Descr<span class=\"_ _f\"></span>izione <span class=\"_ _f\"></span>dello sce<span class=\"_ _1\"></span>nar<span class=\"_ _f\"></span>io </div></td><td class=\"c x8c5 y3053 wf11 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc4 sc3 ls0 ws0\">policy<span class=\"_ _df\"> </span></div></td></tr><tr><td></td><td></td><td class=\"c x8c5 y32be wf12 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc4 sc3 ls0 ws0\">Stan<span class=\"_ _f\"></span>dard<span class=\"_ _df\"> </span></div></td></tr><tr><td></td><td class=\"c x8c9 y32c0 wf13 h564\"><div class=\"t m1 x250 h5b y32bf ff4 fs19 fc1 sc0 ls0 ws0\">Stronger <span class=\"_ _f\"></span>Near-<span class=\"ff5\">Term <span class=\"_ _f\"></span>Recovery <span class=\"_ _f\"></span>Scenario <span class=\"_ _f\"></span>(\u201cS1\u201d)<span class=\"_ _df\"> </span></span></div><div class=\"t m0 x8c8 h1f y32bf ff4 fs7 fc1 sc0 ls0 ws0\">: <span class=\"_ _f\"></span>scenario <span class=\"_ _f\"></span>con pr<span class=\"_ _f\"></span>o<span class=\"_ _2\"></span>babilit<span class=\"_ _1\"></span>\u00e0<span class=\"_ _df\"> </span></div></td><td></td></tr><tr><td class=\"c x8c6 y32c1 w515 h2be\"><div class=\"t m1 x8a h5b y532 ff5 fs19 fc4 sc3 ls0 ws0\">\u201cGoo<span class=\"_ _f\"></span>d\u201d<span class=\"ff4 fc1 sc2\"> </span></div></td><td class=\"c x8ca y32c2 wf14 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">del <span class=\"_ _f\"></span>10% c<span class=\"_ _f\"></span>he si <span class=\"_ _f\"></span>realizzi <span class=\"_ _f\"></span>uno <span class=\"_ _f\"></span>scenario <span class=\"_ _f\"></span>migliore <span class=\"_ _1\"></span>e <span class=\"_ _f\"></span>del <span class=\"_ _f\"></span>90% c<span class=\"_ _1\"></span>he <span class=\"_ _f\"></span>se ne <span class=\"_ _11\"></span>realizzi<span class=\"_ _df\"> </span></div></td><td class=\"c x8cb y32c1 w2bc h2be\"><div class=\"t m0 x8a h1f y532 ff4 fs7 fc1 sc0 ls9 ws0\">10%<span class=\"ls0\"> </span></div></td></tr><tr><td></td><td class=\"c x8ca y32c3 wf15 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">uno peggiore<span class=\"_ _df\"> </span></div></td><td></td></tr><tr><td class=\"c x8c6 y32c4 w515 h266\"><div class=\"t m1 x8a h5b y655 ff5 fs19 fc4 sc3 ls0 ws0\">\u201cBas<span class=\"_ _f\"></span>eline\u201d<span class=\"_ _1\"></span><span class=\"ff4 fc1 sc2\"> </span></div></td><td class=\"c x8c9 y32c5 wf16 h564\"><div class=\"t m1 x250 h5b y32bf ff4 fs19 fc1 sc0 ls0 ws0\">Baseline Scenari<span class=\"_ _1\"></span>o<span class=\"_ _df\"> </span></div><div class=\"t m0 x8cc h1f y32bf ff4 fs7 fc1 sc0 ls0 ws0\">: scenario con probabilit<span class=\"_ _1\"></span>\u00e0 del 50% che si realizzi uno<span class=\"_ _df\"> </span></div></td><td class=\"c x8cb y32c4 w2bc h266\"><div class=\"t m0 x8a h1f y655 ff4 fs7 fc1 sc0 ls0 ws0\">80% </div></td></tr><tr><td></td><td class=\"c x8ca y32c6 wf17 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">scenario migliore e<span class=\"_ _1\"></span> del 50% che se <span class=\"_ _f\"></span>ne realizzi uno peggiore<span class=\"_ _df\"> </span></div></td><td></td></tr><tr><td></td><td class=\"c x8c9 y32c7 wf18 h564\"><div class=\"t m1 x250 h5b y32bf ff5 fs19 fc1 sc0 ls0 ws0\">Deep Recession Sce<span class=\"_ _f\"></span>nario<span class=\"_ _2\"></span> (\u201cS3\u201d)<span class=\"_ _df\"> </span></div><div class=\"t m0 x8cd h1f y32bf ff4 fs7 fc1 sc0 ls0 ws0\">: scenario c<span class=\"_ _f\"></span>o<span class=\"_ _2\"></span>n probabilit\u00e0 de<span class=\"_ _1\"></span>l 90% che<span class=\"_ _df\"> </span></div></td><td></td></tr><tr><td class=\"c x8c6 y32c8 w515 h2f8\"><div class=\"t m1 x8a h5b y19ac ff5 fs19 fc4 sc3 ls0 ws0\">\u201cBad\u201d<span class=\"_ _f\"></span><span class=\"ff4 fc1 sc2\"> </span></div></td><td class=\"c x8ca y32c9 wf19 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">si <span class=\"_ _22\"> </span>realizzi  uno  scenario <span class=\"_ _22\"> </span>migliore  e <span class=\"_ _22\"> </span>del <span class=\"_ _22\"> </span>10% <span class=\"_ _22\"> </span>che  se <span class=\"_ _22\"> </span>ne  r<span class=\"_ _2\"></span>ealizzi  uno<span class=\"_ _df\"> </span></div></td><td class=\"c x8cb y32c8 w2bc h2f8\"><div class=\"t m0 x8a h1f y19ac ff4 fs7 fc1 sc0 ls9 ws0\">10%<span class=\"ls0\"> </span></div></td></tr><tr><td></td><td class=\"c x8ca y2491 wb46 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">peggiore<span class=\"_ _df\"> </span></div></td><td></td></tr></table></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gse82\">Ai <span class=\"_ _0\"></span>fini <span class=\"_ _0\"></span>della <span class=\"_ _0\"></span>definizione <span class=\"_ _0\"></span>degli <span class=\"_ _0\"></span>scenari <span class=\"_ _0\"></span>macr<span class=\"_ _2\"></span>o-<span class=\"ff5\">economici, <span class=\"_ _0\"></span>il <span class=\"_ _0\"></span>PIL <span class=\"_ _0\"></span>\u00e8 <span class=\"_ _0\"></span>la <span class=\"_ _9\"> </span>variabile <span class=\"_ _0\"></span>\u201canchor <span class=\"_ _0\"></span>point\u201d, <span class=\"_ _0\"></span>il <span class=\"_ _0\"></span>cui </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gse83\">andamento \u00e8 considerato come indicatore rappresentativo<span class=\"_ _2\"></span> del quadro economico generale. Sulla </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gse84\">base <span class=\"_ _f\"></span>dell\u2019andamento de<span class=\"_ _1\"></span>l <span class=\"_ _f\"></span>PIL <span class=\"_ _1\"></span>\u00e8 <span class=\"_ _f\"></span>definito l\u2019and<span class=\"_ _1\"></span>amento <span class=\"_ _1\"></span>delle <span class=\"_ _f\"></span>altre vari<span class=\"_ _f\"></span>abili macroeconomich<span class=\"_ _1\"></span>e <span class=\"_ _f\"></span>di rili<span class=\"_ _1\"></span>evo. </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gse85\">A ciascuno s<span class=\"_ _2\"></span>cenario macro-economico, in condizioni standard, <span class=\"_ _2\"></span>\u00e8 quindi associata <span class=\"_ _2\"></span>una probabilit\u00e0 </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gse86\">di <span class=\"_ _2\"></span>accadimento <span class=\"_ _2\"></span>sulla <span class=\"_ _2\"></span>base <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>loro <span class=\"_ _2\"></span>percentile<span class=\"_ _1\"></span> <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>riferimento <span class=\"_ _2\"></span>nella <span class=\"_ _2\"></span>distribuzione<span class=\"_ _1\"></span> <span class=\"_ _2\"></span>delle <span class=\"_ _2\"></span>variazioni del </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gse87\">PIL sugli scenari generati. </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gse88\">L\u2019effetto <span class=\"_ _d\"></span>degli <span class=\"_ _d\"></span>Sc<span class=\"_ _2\"></span>enari <span class=\"_ _d\"></span>viene <span class=\"_ _d\"></span>poi <span class=\"_ _0\"></span>tradotto <span class=\"_ _0\"></span>nel <span class=\"_ _d\"></span>modello <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>Im<span class=\"_ _2\"></span>pairment <span class=\"_ _d\"></span>tr<span class=\"_ _2\"></span>amite <span class=\"_ _d\"></span>l\u2019utilizz<span class=\"_ _1\"></span>o <span class=\"_ _0\"></span>di <span class=\"_ _d\"></span>apposit<span class=\"_ _2\"></span>i </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gse89\">modelli <span class=\"_ _f\"></span>Satellite <span class=\"_ _1\"></span>che <span class=\"_ _1\"></span>individuano <span class=\"_ _1\"></span>le <span class=\"_ _f\"></span>variabili pi\u00f9 <span class=\"_ _f\"></span>significative p<span class=\"_ _1\"></span>er <span class=\"_ _1\"></span>esprimere <span class=\"_ _f\"></span>la correlazione<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>tra il<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>ciclo </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gse8a\">economico <span class=\"_ _9\"> </span>e <span class=\"_ _16\"> </span>i <span class=\"_ _9\"> </span>dati <span class=\"_ _16\"> </span>interni, <span class=\"_ _9\"> </span>tenendo <span class=\"_ _16\"> </span>in <span class=\"_ _9\"> </span>considerazione <span class=\"_ _16\"> </span>anche <span class=\"_ _16\"> </span>effetti <span class=\"_ _9\"> </span>in <span class=\"_ _9\"> </span>t<span class=\"_ _2\"></span>ermini <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>scos<span class=\"_ _2\"></span>tamento </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gse8b\">temporale (adozione<span class=\"_ _1\"></span> di v<span class=\"_ _1\"></span>ariabili ritardate rispe<span class=\"_ _1\"></span>tto ai valori consu<span class=\"_ _1\"></span>ntivi <span class=\"ff5\">\u2013</span> valutando v<span class=\"_ _1\"></span>ari lag <span class=\"_ _f\"></span>t<span class=\"_ _2\"></span>emporali </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gse8c\">\u2013 <span class=\"ff4\">al <span class=\"_ _2\"></span>fine di cogliere corrett<span class=\"_ _2\"></span>amen<span class=\"_ _1\"></span>te le <span class=\"_ _2\"></span>dinamiche dei processi economici <span class=\"_ _2\"></span>solitamente caratterizzati </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gse8d\">da forte inerzia e dinamiche di adeguamento ritardate nel temp<span class=\"_ _1\"></span>o<span class=\"_ _2\"></span><span class=\"ls39\">).</span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gse8e\">Questi ultimi sono utilizzati pe<span class=\"_ _1\"></span>r il calcolo della componente forward looking di<span class=\"_ _1\"></span> tutti <span class=\"_ _2\"></span>i parametri che </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gse8f\">intervengono nel calcolo dell\u2019ECL: PD, LGD e EAD/PrePayment.<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gse90\">Inoltre, <span class=\"_ _0\"></span>per <span class=\"_ _0\"></span>riflettere <span class=\"_ _9\"> </span>le <span class=\"_ _0\"></span>implicazioni <span class=\"_ _0\"></span>future <span class=\"_ _0\"></span>legate <span class=\"_ _0\"></span>al<span class=\"_ _2\"></span>la <span class=\"_ _0\"></span>situazione <span class=\"_ _0\"></span>climatica, <span class=\"_ _0\"></span>sono <span class=\"_ _9\"> </span>considerati <span class=\"_ _0\"></span>tre </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gse91\">scenari <span class=\"_ _2\"></span>climatici, <span class=\"_ _2\"></span>scelti <span class=\"_ _d\"></span>tra <span class=\"_ _2\"></span>quelli <span class=\"_ _2\"></span>forniti <span class=\"_ _2\"></span>dal <span class=\"_ _d\"></span>Network <span class=\"_ _2\"></span>for <span class=\"_ _2\"></span>Greening <span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>he <span class=\"_ _2\"></span>Financial <span class=\"_ _d\"></span>System <span class=\"_ _2\"></span>(NGFS), <span class=\"_ _2\"></span>al </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gse92\">fine <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>considerare <span class=\"_ _d\"></span>diverse <span class=\"_ _d\"></span>tr<span class=\"_ _2\"></span>aiettorie <span class=\"_ _d\"></span>di <span class=\"_ _2\"></span>de<span class=\"_ _2\"></span>-carbonizzazione <span class=\"_ _d\"></span>valutandone <span class=\"_ _d\"></span>gli <span class=\"_ _d\"></span>effett<span class=\"_ _2\"></span>i <span class=\"_ _d\"></span>sul <span class=\"_ _d\"></span>rischio <span class=\"_ _d\"></span>di </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gse93\">credito <span class=\"_ _d\"></span>del <span class=\"_ _d\"></span>Gr<span class=\"_ _2\"></span>uppo. <span class=\"_ _d\"></span>In <span class=\"_ _d\"></span>particolare <span class=\"_ _0\"></span>si <span class=\"_ _0\"></span>considerano <span class=\"_ _d\"></span>gli <span class=\"_ _d\"></span>effett<span class=\"_ _2\"></span>i <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>una <span class=\"_ _0\"></span>transizione <span class=\"_ _d\"></span>or<span class=\"_ _2\"></span>dinata <span class=\"_ _d\"></span>(scenario </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gse94\">\u201cNet <span class=\"_ _4\"> </span>Zero\u201d), <span class=\"_ _4\"> </span>una <span class=\"_ _4\"> </span>tr<span class=\"_ _2\"></span>ansizione <span class=\"_ _4\"> </span>disordinata <span class=\"_ _4\"> </span>(scenario <span class=\"_ _4\"> </span>\u201cDelayed <span class=\"_ _4\"> </span>Transition\u201d) <span class=\"_ _4\"> </span>ed <span class=\"_ _4\"> </span>uno <span class=\"_ _4\"> </span>scenario <span class=\"_ _4\"> </span>di<span class=\"_ _2\"></span> </div>politiche <span class=\"_ _f\"></span>attuali <span class=\"_ _1\"></span>(\u201cNDC\u201d), <span class=\"_ _1\"></span>fornendo <span class=\"_ _f\"></span>cos\u00ec <span class=\"_ _1\"></span>un <span class=\"_ _f\"></span>quadro compl<span class=\"_ _1\"></span>eto <span class=\"_ _1\"></span>dei <span class=\"_ _f\"></span>possibili <span class=\"_ _f\"></span>percorsi futuri <span class=\"_ _f\"></span>e <span class=\"_ _f\"></span>dei rel<span class=\"_ _1\"></span>ativi<span class=\"_ _df\"> </span>rischi.<span class=\"_ _df\"> </span>Per maggiori <span class=\"_ _2\"></span>dettagli <span class=\"_ _2\"></span>sugli scenari <span class=\"_ _2\"></span>e relative <span class=\"_ _2\"></span>ponderazioni effettivamente appli<span class=\"_ _2\"></span>cati <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>31 dicembre<span class=\"_ _df\"> </span>2025 <span class=\"_ _d\"></span>si <span class=\"_ _2\"></span>rimanda <span class=\"_ _d\"></span>a <span class=\"_ _d\"></span>quanto <span class=\"_ _2\"></span>descritto <span class=\"_ _d\"></span>nei <span class=\"_ _2\"></span>successivi <span class=\"_ _2\"></span>paragr<span class=\"_ _2\"></span>afi <span class=\"_ _2\"></span>\u201cMetodi <span class=\"_ _d\"></span>di <span class=\"_ _2\"></span>misurazione <span class=\"_ _d\"></span>delle <span class=\"_ _2\"></span>perdite<span class=\"_ _df\"> </span>attese\u201d e \u201cMisurazione delle pe<span class=\"_ _1\"></span>rdite att<span class=\"_ _2\"></span>ese <span class=\"ff4\">- </span>Definizione dello scenario\u201d.<span class=\"_ _df\"> </span>Per quanto concerne le esposizioni classificate nello Stage 3 (C<span class=\"_ _2\"></span>redit-Impaired), la determinazione<span class=\"_ _df\"> </span>dell\u2019ECL lifetime <span class=\"_ _1\"></span>riflette un processo valutativo v<span class=\"_ _1\"></span>olto a recepire <span class=\"_ _f\"></span>la migliore stima dei flussi di cassa<span class=\"_ _df\"> </span>recuperabili, ponderata <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>funzione di <span class=\"_ _2\"></span>molteplici scenari <span class=\"_ _2\"></span>di r<span class=\"_ _2\"></span>ealizzo. <span class=\"_ _2\"></span>Nello specifico, <span class=\"_ _2\"></span>la valutazione<span class=\"_ _df\"> </span>dei crediti deteriorati integra<span class=\"fce sca\">:<span class=\"_ _df\"> </span></span><span class=\"_ _2c\"> </span><span class=\"ff4\">componenti <span class=\"_ _2\"></span>Forward-<span class=\"ff5\">looking: la <span class=\"_ _2\"></span>stima <span class=\"_ _2\"></span>dei flussi <span class=\"_ _2\"></span>di cassa <span class=\"_ _2\"></span>tiene conto <span class=\"_ _2\"></span>dell\u2019evoluzione del<span class=\"_ _df\"> </span></span></span>contesto <span class=\"_ _10\"> </span>macroeconomico <span class=\"_ _10\"> </span>e <span class=\"_ _10\"> </span>di <span class=\"_ _10\"> </span>specifici <span class=\"_ _10\"> </span>driver <span class=\"_ _10\"> </span>settoriali <span class=\"_ _10\"> </span>che <span class=\"_ _10\"> </span>influenzano <span class=\"_ _10\"> </span>sia <span class=\"_ _10\"> </span>le<span class=\"_ _df\"> </span>tempistiche <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>r<span class=\"_ _2\"></span>ecup<span class=\"_ _1\"></span>ero <span class=\"_ _16\"> </span>che <span class=\"_ _9\"> </span>il <span class=\"_ _9\"> </span>valore <span class=\"_ _9\"> </span>di  reali<span class=\"_ _f\"></span>zzo  de<span class=\"_ _1\"></span>lle <span class=\"_ _9\"> </span>garanzie <span class=\"_ _9\"> </span>(c<span class=\"_ _2\"></span>ollateral). <span class=\"_ _9\"> </span>Tali <span class=\"_ _16\"> </span>stime<span class=\"_ _df\"> </span>includono <span class=\"_ _9\"> </span>pro<span class=\"_ _2\"></span>iezioni<span class=\"_ _1\"></span>  ag<span class=\"_ _1\"></span>giornate <span class=\"_ _16\"> </span>sui <span class=\"_ _9\"> </span>tempi  di<span class=\"_ _1\"></span>  e<span class=\"_ _1\"></span>scussione <span class=\"_ _16\"> </span>e <span class=\"_ _9\"> </span>s<span class=\"_ _2\"></span>ui <span class=\"_ _9\"> </span>costi  di<span class=\"_ _1\"></span>  g<span class=\"_ _1\"></span>estione <span class=\"_ _9\"> </span>delle<span class=\"_ _df\"> </span>procedure giudiziali o stragiudiziali.<span class=\"_ _df\"> </span><span class=\"_ _2c\"> </span><span class=\"ff4\">str<span class=\"_ _2\"></span>ategi<span class=\"_ _1\"></span>e <span class=\"_ _17\"> </span>di <span class=\"_ _17\"> </span>Multi-S<span class=\"_ _2\"></span>cenario <span class=\"_ _17\"> </span>(Selling <span class=\"_ _17\"> </span>Scenario): <span class=\"_ _17\"> </span>in <span class=\"_ _14\"> </span>linea <span class=\"_ _17\"> </span>con <span class=\"_ _14\"> </span>gli <span class=\"_ _17\"> </span>obiettivi <span class=\"_ _17\"> </span>aziendali <span class=\"_ _17\"> </span>di<span class=\"_ _df\"> </span></span>ottimizzazione <span class=\"_ _14\"> </span>dell\u2019<span class=\"ff4\">attivo <span class=\"_ _15\"> </span>e <span class=\"_ _15\"> </span>riduzione <span class=\"_ _14\"> </span>dei <span class=\"_ _15\"> </span>non-performing <span class=\"_ _15\"> </span>loans <span class=\"_ _15\"> </span>(NPL <span class=\"_ _15\"> </span>Strategy), <span class=\"_ _14\"> </span>la<span class=\"_ _df\"> </span></span>valutazione  non  si <span class=\"_ _4\"> </span>limita  allo <span class=\"_ _22\"> </span>s<span class=\"_ _2\"></span>cenario  di  recupero <span class=\"_ _4\"> </span>interno  (workout),  ma <span class=\"_ _4\"> </span>integra  la<span class=\"_ _df\"> </span>probabilit\u00e0 di scenari alternat<span class=\"_ _2\"></span>ivi di<span class=\"_ _1\"></span> cessione <span class=\"_ _2\"></span>sul mercato. In tali <span class=\"_ _2\"></span>casi, l\u2019ECL \u00e8 determinato<span class=\"_ _df\"> </span>ponderando <span class=\"_ _2\"></span>i <span class=\"_ _d\"></span>flussi <span class=\"_ _d\"></span>derivanti <span class=\"_ _2\"></span>dal <span class=\"_ _d\"></span>recupero <span class=\"_ _2\"></span>ordinario <span class=\"_ _d\"></span>con <span class=\"_ _2\"></span>i <span class=\"_ _d\"></span>prezzi <span class=\"_ _2\"></span>di <span class=\"_ _d\"></span>cessione <span class=\"_ _2\"></span>st<span class=\"_ _2\"></span>imati <span class=\"_ _2\"></span>per<span class=\"_ _df\"> </span>quote <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>port<span class=\"_ _2\"></span>afoglio <span class=\"_ _d\"></span>oggetto <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>potenziali <span class=\"_ _d\"></span>operazioni <span class=\"_ _d\"></span>di <span class=\"_ _0\"></span>vendita, <span class=\"_ _d\"></span>riflettendo <span class=\"_ _0\"></span>cos\u00ec <span class=\"_ _d\"></span>il <span class=\"_ _d\"></span>reale<span class=\"_ _df\"> </span>valore di <span class=\"_ _2\"></span>presumibile <span class=\"_ _2\"></span>realizzo. <span class=\"_ _2\"></span>Al <span class=\"_ _2\"></span>31 <span class=\"_ _2\"></span>dicembre <span class=\"_ _2\"></span>2025 non <span class=\"_ _2\"></span>sono <span class=\"_ _2\"></span>presenti <span class=\"_ _2\"></span>posizioni valutate<span class=\"_ _df\"> </span>secondo la presente modalit\u00e0.<span class=\"_ _df\"> </span>Tenendo <span class=\"_ _0\"></span>in <span class=\"_ _9\"> </span>considerazione <span class=\"_ _9\"> </span>quanto <span class=\"_ _9\"> </span>sopra <span class=\"_ _0\"> </span>e <span class=\"_ _9\"> </span>in <span class=\"_ _9\"> </span>coerenza <span class=\"_ _9\"> </span>con <span class=\"_ _0\"></span>gli <span class=\"_ _9\"> </span>indirizzi <span class=\"_ _0\"></span>e <span class=\"_ _9\"> </span>gli <span class=\"_ _9\"> </span>obiettivi <span class=\"_ _0\"></span>r<span class=\"_ _2\"></span>elativi <span class=\"_ _0\"></span>al<span class=\"_ _df\"> </span>portafoglio <span class=\"_ _9\"> </span>NPL, <span class=\"_ _9\"> </span>le <span class=\"_ _9\"> </span>svalutazioni <span class=\"_ _9\"> </span>s<span class=\"_ _2\"></span>ui <span class=\"_ _0\"></span>crediti <span class=\"_ _9\"> </span>deteriorati <span class=\"_ _16\"> </span>vengono <span class=\"_ _9\"> </span>applicate <span class=\"_ _0\"></span>at<span class=\"_ _2\"></span>traverso  le <span class=\"_ _0\"></span>seguenti<span class=\"_ _df\"> </span>metodologie:  -<span class=\"_ _43\"> </span><span class=\"ff4\">Analitiche sulle singole e<span class=\"_ _1\"></span>sposizioni, in relazione alle rettifiche appli<span class=\"_ _1\"></span>cate a tali esposizioni, nel<span class=\"_ _df\"> </span></span>corso <span class=\"_ _14\"> </span>del <span class=\"_ _14\"> </span>periodo <span class=\"_ _14\"> </span>cor<span class=\"_ _2\"></span>rente <span class=\"_ _14\"> </span>le <span class=\"_ _17\"> </span>perdite <span class=\"_ _15\"> </span>attese <span class=\"_ _14\"> </span>sui <span class=\"_ _14\"> </span>crediti <span class=\"_ _14\"> </span>deteriorati <span class=\"_ _14\"> </span>sono <span class=\"_ _15\"> </span>determinate<span class=\"_ _df\"> </span>analiticamente <span class=\"_ _15\"> </span>in <span class=\"_ _e\"> </span>base <span class=\"_ _15\"> </span>alle <span class=\"_ _e\"> </span>previsioni <span class=\"_ _15\"> </span>di <span class=\"_ _15\"> </span>r<span class=\"_ _2\"></span>ecup<span class=\"_ _1\"></span>ero <span class=\"_ _e\"> </span>formulate <span class=\"_ _15\"> </span>dal <span class=\"_ _e\"> </span>gestore <span class=\"_ _15\"> </span>o <span class=\"_ _e\"> </span>risul<span class=\"_ _2\"></span>tanti<span class=\"_ _df\"> </span>dall\u2019applicazione del <span class=\"_ _1\"></span>regolamento interno \u201clinee <span class=\"_ _1\"></span>guida e criteri d<span class=\"_ _1\"></span>i svalutazione crediti <span class=\"_ _1\"></span>gruppo<span class=\"_ _df\"> </span>Credem\u201d, <span class=\"_ _16\"> </span>attualizzate  in <span class=\"_ _9\"> </span>funzione  dei <span class=\"_ _16\"> </span>tassi  di <span class=\"_ _9\"> </span>interesse  effettivi <span class=\"_ _16\"> </span>originari  e<span class=\"_ _1\"></span>  della <span class=\"_ _16\"> </span>relativa<span class=\"_ _df\"> </span>tempistica <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>ecupero <span class=\"_ _2\"></span>prevista. <span class=\"_ _2\"></span>Considerato <span class=\"_ _d\"></span>che <span class=\"_ _2\"></span>le <span class=\"_ _2\"></span>previsioni <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>recupero <span class=\"_ _2\"></span>assumono <span class=\"_ _d\"></span>come<span class=\"_ _df\"> </span>riferimento <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>specifica s<span class=\"_ _2\"></span>ituazione del <span class=\"_ _2\"></span>debitore, <span class=\"_ _2\"></span>si <span class=\"_ _2\"></span>ritiene <span class=\"_ _2\"></span>non <span class=\"_ _2\"></span>trovi <span class=\"_ _2\"></span>coerenza di <span class=\"_ _2\"></span>applicazione<span class=\"_ _df\"> </span>un\u2019analisi <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>sensitivity <span class=\"_ _d\"></span>delle <span class=\"_ _2\"></span>per<span class=\"_ _2\"></span>dite <span class=\"_ _2\"></span>at<span class=\"_ _2\"></span>tese <span class=\"_ _2\"></span>su <span class=\"_ _d\"></span>t<span class=\"_ _2\"></span>ali <span class=\"_ _2\"></span>esposizioni. <span class=\"_ _d\"></span> <span class=\"_ _d\"></span>Ciononostante, <span class=\"_ _d\"></span>il <span class=\"_ _d\"></span>perdurare<span class=\"_ _df\"> </span>delle <span class=\"_ _10\"> </span>tensioni <span class=\"_ _10\"> </span>geopolitiche <span class=\"_ _10\"> </span>n<span class=\"_ _2\"></span>ei <span class=\"_ _10\"> </span>quadranti <span class=\"_ _18\"> </span>dell'Europa <span class=\"_ _10\"> </span>Orientale <span class=\"_ _10\"> </span>e <span class=\"_ _18\"> </span>del <span class=\"_ _10\"> </span>Medio <span class=\"_ _10\"> </span>Oriente,<span class=\"_ _df\"> </span>unitamente <span class=\"_ _4\"> </span>alla <span class=\"_ _22\"> </span>framm<span class=\"_ _2\"></span>entazione  dei <span class=\"_ _4\"> </span>mercati <span class=\"_ _4\"> </span>globali, <span class=\"_ _4\"> </span>alimenta <span class=\"_ _4\"> </span>un <span class=\"_ _4\"> </span>qu<span class=\"_ _1\"></span>adro <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>incertezza<span class=\"_ _df\"> </span>macroeconomica. <span class=\"_ _0\"></span>Tali <span class=\"_ _9\"> </span>fattori <span class=\"_ _9\"> </span>potrebbero <span class=\"_ _0\"></span>incidere <span class=\"_ _0\"></span>negativament<span class=\"_ _2\"></span>e <span class=\"_ _0\"></span>sul <span class=\"_ _9\"> </span>merito <span class=\"_ _9\"> </span>creditizio <span class=\"_ _0\"></span>dei<span class=\"_ _df\"> </span>debitori, <span class=\"_ _e\"> </span>con <span class=\"_ _e\"> </span>particolare <span class=\"_ _e\"> </span>riferimento <span class=\"_ _e\"> </span>ai <span class=\"_ _10\"> </span>settori <span class=\"_ _15\"> </span>energy-intens<span class=\"_ _2\"></span>ive,<span class=\"_ _1\"></span> <span class=\"_ _e\"> </span>della <span class=\"_ _e\"> </span>logistica <span class=\"_ _e\"> </span>e <span class=\"_ _e\"> </span>del<span class=\"_ _df\"> </span>manifatturiero <span class=\"_ _14\"> </span>export-<span class=\"ff5\">or<span class=\"_ _2\"></span>iented.<span class=\"_ _1\"></span> <span class=\"_ _14\"> </span>L\u2019instabilit\u00e0 <span class=\"_ _14\"> </span>di <span class=\"_ _14\"> </span>t<span class=\"_ _2\"></span>ali <span class=\"_ _14\"> </span>comparti <span class=\"_ _14\"> </span>e <span class=\"_ _15\"> </span>delle <span class=\"_ _14\"> </span>relative <span class=\"_ _14\"> </span>cat<span class=\"_ _2\"></span>ene <span class=\"_ _14\"> </span>di<span class=\"_ _df\"> </span></span>approvvigionamento <span class=\"_ _f\"></span>potrebbe <span class=\"_ _f\"></span>generare <span class=\"_ _f\"></span>rettifiche <span class=\"_ _f\"></span>di <span class=\"_ _1\"></span>valore <span class=\"_ _f\"></span>potenzialmente <span class=\"_ _f\"></span>superiori <span class=\"_ _1\"></span>rispetto<span class=\"_ _df\"> </span>alle <span class=\"_ _9\"> </span>s<span class=\"_ _2\"></span>time <span class=\"_ _9\"> </span>eff<span class=\"_ _2\"></span>ettuate <span class=\"_ _16\"> </span>a <span class=\"_ _16\"> </span>dicembre <span class=\"_ _16\"> </span>2025. <span class=\"_ _16\"> </span>A <span class=\"_ _9\"> </span>part<span class=\"_ _2\"></span>ire <span class=\"_ _16\"> </span>dal <span class=\"_ _9\"> </span>2023  ha <span class=\"_ _9\"> </span>as<span class=\"_ _2\"></span>sunto <span class=\"_ _16\"> </span>sempre <span class=\"_ _9\"> </span>maggiore<span class=\"_ _df\"> </span>rilevanza <span class=\"_ _9\"> </span>il <span class=\"_ _9\"> </span>crit<span class=\"_ _2\"></span>erio <span class=\"_ _9\"> </span>delle <span class=\"_ _9\"> </span>s<span class=\"_ _2\"></span>valutazioni <span class=\"_ _9\"> </span>minime <span class=\"_ _9\"> </span>p<span class=\"_ _2\"></span>er <span class=\"_ _9\"> </span>ageing <span class=\"_ _9\"> </span>introdott<span class=\"_ _2\"></span>e  p<span class=\"_ _1\"></span>er <span class=\"_ _16\"> </span>le <span class=\"_ _9\"> </span>categorie <span class=\"_ _9\"> </span>delle<span class=\"_ _df\"> </span>sofferenze e delle inadempienze probabili<span class=\"_ _1\"></span>.<span class=\"_ _df\"> </span>-<span class=\"_ _43\"> </span><span class=\"ff4\">Si <span class=\"_ _0\"></span>specifica <span class=\"_ _9\"> </span>che <span class=\"_ _9\"> </span>per <span class=\"_ _9\"> </span>quanto <span class=\"_ _9\"> </span>riguarda <span class=\"_ _9\"> </span>i <span class=\"_ _0\"></span>crediti <span class=\"_ _9\"> </span>cla<span class=\"_ _2\"></span>ssificati <span class=\"_ _0\"></span>a <span class=\"_ _9\"> </span>sofferenza <span class=\"_ _9\"> </span>e <span class=\"_ _0\"> </span>ad <span class=\"_ _16\"> </span>inadempienza<span class=\"_ _df\"> </span></span>probabile <span class=\"_ _1\"></span>con esp<span class=\"_ _1\"></span>osizione <span class=\"_ _1\"></span>minore o u<span class=\"_ _1\"></span>guale d<span class=\"_ _1\"></span>i Euro <span class=\"_ _1\"></span>25.000 vi<span class=\"_ _1\"></span>ene <span class=\"_ _f\"></span>a<span class=\"_ _2\"></span>pplicata u<span class=\"_ _1\"></span>na pe<span class=\"_ _1\"></span>rcentuale di<span class=\"_ _df\"> </span>svalutazione <span class=\"_ _10\"> </span>minima <span class=\"_ _18\"> </span>forfettaria <span class=\"_ _18\"> </span>pari <span class=\"_ _10\"> </span>r<span class=\"_ _2\"></span>ispettivamente <span class=\"_ _10\"> </span>al <span class=\"_ _10\"> </span>95<span class=\"_ _2\"></span>% <span class=\"_ _10\"> </span>(sofferenze) <span class=\"_ _10\"> </span>e <span class=\"_ _18\"> </span>al <span class=\"_ _18\"> </span>70%<span class=\"_ _df\"> </span>(inadempienze probabili).<span class=\"_ _df\"> </span>-<span class=\"_ _43\"> </span><span class=\"ff4\">Svalutazioni <span class=\"_ _2\"></span>determinate <span class=\"_ _2\"></span>secondo <span class=\"_ _2\"></span>uno <span class=\"_ _2\"></span>specifico <span class=\"_ _2\"></span>modello, <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>possono <span class=\"_ _d\"></span>essere applicate <span class=\"_ _2\"></span>ad<span class=\"_ _df\"> </span></span>un  portafoglio <span class=\"_ _4\"> </span>di  posizioni  a <span class=\"_ _22\"> </span>Sofferenza  valutate <span class=\"_ _22\"> </span>in <span class=\"_ _4\"> </span>un\u2019ottica  di  dismissione <span class=\"_ _22\"> </span>(di <span class=\"_ _22\"> </span>seguito<span class=\"_ _df\"> </span>definito \u201cPortafoglio sotto<span class=\"ff4\">-</span>modello Stage 3\u201d o \u201cPortafoglio\u201d)<span class=\"ff4\">.<span class=\"_ _df\"> </span></span>Al <span class=\"_ _f\"></span>31/12/2025 <span class=\"_ _1\"></span>non <span class=\"_ _f\"></span>vi <span class=\"_ _f\"></span>sono <span class=\"_ _f\"></span>posi<span class=\"_ _2\"></span><span class=\"ff5\">zioni <span class=\"_ _11\"></span>classificate <span class=\"_ _f\"></span>all\u2019interno de<span class=\"_ _1\"></span>l <span class=\"_ _f\"></span>Portafoglio <span class=\"_ _f\"></span>so<span class=\"_ _2\"></span>tto<span class=\"ff4\">-modello <span class=\"_ _f\"></span>Stage<span class=\"_ _df\"> </span></span></span>3.<span class=\"_ _df\"> </span><div class=\"t m0 h5 ff4 fs1 fc4 sc3 ls0 ws0 gseca\">1.  As<span class=\"_ _1\"></span>petti <span class=\"_ _1\"></span>genera<span class=\"_ _f\"></span>li </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsecb\">Il Gruppo Credem conferma <span class=\"_ _2\"></span>la qualit\u00e0 del credito quale pilastro <span class=\"_ _2\"></span>dell<span class=\"_ _1\"></span>a propria <span class=\"_ _2\"></span>stabilit\u00e0 patrimoniale </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gsecc\">e driver <span class=\"_ _2\"></span>strategico <span class=\"_ _2\"></span>per la <span class=\"_ _2\"></span>creazione di <span class=\"_ _2\"></span>valore. L\u2019attivit\u00e0 <span class=\"_ _2\"></span>di<span class=\"ff4\"> <span class=\"_ _2\"></span>erogazione <span class=\"_ _2\"></span>si fonda <span class=\"_ _2\"></span>sui seguenti <span class=\"_ _2\"></span>principi </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsecd\">guida: </div><div class=\"t m0 h5 ff18 fs1 fc1 sc0 ls0 ws0 gsece\">-<span class=\"_ _28\"> </span><span class=\"ff4\">identit\u00e0 <span class=\"_ _14\"> </span>Commerciale: <span class=\"_ _14\"> </span>coerenza <span class=\"_ _15\"> </span>con <span class=\"_ _15\"> </span>il <span class=\"_ _17\"> </span>mo<span class=\"_ _2\"></span>dell<span class=\"_ _1\"></span>o <span class=\"_ _14\"> </span>di <span class=\"_ _15\"> </span>banca <span class=\"_ _14\"> </span>commerciale <span class=\"_ _17\"> </span>domest<span class=\"_ _2\"></span>ica,<span class=\"_ _df\"> </span></span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gsecf\">valutando  l\u2019attivit\u00e0  del  cliente  i<span class=\"_ _2\"></span>n  stretta  relazione  alla  sua <span class=\"_ _4\"> </span>dimensione  e  al  presidio<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsed0\">territoriale della rete Credem.<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff18 fs1 fc1 sc0 ls0 ws0 gsed1\">-<span class=\"_ _28\"> </span><span class=\"ff4\">analisi <span class=\"_ _d\"></span>Tecnica <span class=\"_ _d\"></span>del <span class=\"_ _d\"></span>Risch<span class=\"_ _2\"></span>io: <span class=\"_ _d\"></span>adozione <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>criteri <span class=\"_ _d\"></span>oggettivi <span class=\"_ _d\"></span>per <span class=\"_ _d\"></span>allineare <span class=\"_ _d\"></span>il <span class=\"_ _d\"></span>credito <span class=\"_ _0\"></span>alle <span class=\"_ _d\"></span>reali<span class=\"_ _df\"> </span></span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsed2\">esigenze <span class=\"_ _4\"> </span>finanziarie <span class=\"_ _4\"> </span>e <span class=\"_ _4\"> </span>alla <span class=\"_ _4\"> </span>capacit\u00e0 <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>r<span class=\"_ _2\"></span>imborso <span class=\"_ _4\"> </span>(storica <span class=\"_ _4\"> </span>e <span class=\"_ _4\"> </span>prospettica) <span class=\"_ _4\"> </span>del <span class=\"_ _4\"> </span>cliente,<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsed3\">minimizzando il ricorso a rifinanziame<span class=\"_ _1\"></span>nti successivi.<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff18 fs1 fc1 sc0 ls0 ws0 gsed4\">-<span class=\"_ _28\"> </span><span class=\"ff4\">data <span class=\"_ _17\"> </span>Governance <span class=\"_ _4\"> </span>e <span class=\"_ _17\"> </span>Rating: <span class=\"_ _4\"> </span>centr<span class=\"_ _2\"></span>alit\u00e0 <span class=\"_ _4\"> </span>della <span class=\"_ _4\"> </span>qualit\u00e0 <span class=\"_ _17\"> </span>informativa <span class=\"_ _4\"> </span>per <span class=\"_ _17\"> </span>una <span class=\"_ _4\"> </span>valutazione<span class=\"_ _df\"> </span></span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsed5\">rigorosa del profilo di rischio, sintetizzato nei mode<span class=\"_ _1\"></span>lli di rating interno.<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff18 fs1 fc1 sc0 ls0 ws0 gsed6\">-<span class=\"_ _28\"> </span><span class=\"ff4\">diversificazione <span class=\"_ _10\"> </span>e <span class=\"_ _e\"> </span>sel<span class=\"_ _2\"></span>ettivit\u00e0: <span class=\"_ _e\"> </span>frazionamento <span class=\"_ _10\"> </span>del <span class=\"_ _10\"> </span>rischio <span class=\"_ _10\"> </span>attraverso <span class=\"_ _10\"> </span>un <span class=\"_ _e\"> </span>port<span class=\"_ _2\"></span>afogl<span class=\"_ _1\"></span>io<span class=\"_ _df\"> </span></span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsed7\">diversificato, <span class=\"_ _16\"> </span>guidato <span class=\"_ _16\"> </span>da <span class=\"_ _9\"> </span>un  approccio <span class=\"_ _9\"> </span>s<span class=\"_ _2\"></span>elettivo <span class=\"_ _16\"> </span>coerente <span class=\"_ _16\"> </span>con <span class=\"_ _16\"> </span>i <span class=\"_ _16\"> </span>target  d<span class=\"_ _1\"></span>i <span class=\"_ _16\"> </span>capitale <span class=\"_ _9\"> </span>e  il<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsed8\">binomio rischio/rendimento.<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff18 fs1 fc1 sc0 ls0 ws0 gsed9\">-<span class=\"_ _28\"> </span><span class=\"ff4\">visione <span class=\"_ _0\"></span>Unitaria <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>Gruppo: <span class=\"_ _0\"></span>valutazione <span class=\"_ _d\"></span>consolidata <span class=\"_ _0\"></span>delle <span class=\"_ _0\"></span>contropart<span class=\"_ _2\"></span>i <span class=\"_ _d\"></span>per <span class=\"_ _0\"></span>garantire <span class=\"_ _0\"></span>una </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gseda\">prospettiva di rischio integrata sul<span class=\"_ _1\"></span>l'intero Gruppo.<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff18 fs1 fc1 sc0 ls0 ws0 gsedb\">-<span class=\"_ _28\"> </span><span class=\"ff4\">presidio <span class=\"_ _e\"> </span>Formale <span class=\"_ _e\"> </span>e <span class=\"_ _15\"> </span>Specialistico: <span class=\"_ _15\"> </span>mass<span class=\"_ _2\"></span>ima <span class=\"_ _15\"> </span>cura <span class=\"_ _e\"> </span>della <span class=\"_ _15\"> </span>regolarit\u00e0 <span class=\"_ _e\"> </span>procedurale <span class=\"_ _15\"> </span>pre-<span class=\"_ _df\"> </span></span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsedc\">erogazione, supportata da struttu<span class=\"_ _1\"></span>re tecniche interne dedicate.<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff18 fs1 fc1 sc0 ls0 ws0 gsedd\">-<span class=\"_ _28\"> </span><span class=\"ff4\">monitor<span class=\"_ _2\"></span>aggio <span class=\"_ _4\"> </span>Proattivo: <span class=\"_ _4\"> </span>gestione <span class=\"_ _4\"> </span>dinamica <span class=\"_ _4\"> </span>dei <span class=\"_ _17\"> </span>rapporti <span class=\"_ _4\"> </span>e <span class=\"_ _17\"> </span>controlli <span class=\"_ _4\"> </span>centralizzati <span class=\"_ _17\"> </span>per<span class=\"_ _df\"> </span></span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsede\">intercettare tempestivamente <span class=\"_ _1\"></span>segnali di deterioramento e<span class=\"_ _1\"></span> attivare str<span class=\"_ _2\"></span>ategie<span class=\"_ _f\"></span> di recupero<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsedf\">efficaci.<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff18 fs1 fc1 sc0 ls0 ws0 gsee0\">-<span class=\"_ _28\"> </span><span class=\"ff4\">gestione <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>ei <span class=\"_ _2\"></span>Deteriorati: <span class=\"_ _2\"></span>politiche <span class=\"_ _d\"></span>rigorose <span class=\"_ _2\"></span>di <span class=\"_ _d\"></span>classificazione <span class=\"_ _2\"></span>e <span class=\"_ _d\"></span>copertura <span class=\"_ _2\"></span>(provisioning),<span class=\"_ _df\"> </span></span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsee1\">con <span class=\"_ _2\"></span>una preferenza per <span class=\"_ _2\"></span>soluzioni <span class=\"_ _2\"></span>transattive e <span class=\"_ _2\"></span>stragiudi<span class=\"_ _1\"></span>ziali volte <span class=\"_ _2\"></span>all'efficientamento <span class=\"_ _2\"></span>dei </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsee2\">costi di recupero.<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff18 fs1 fc1 sc0 ls0 ws0 gsee3\">-<span class=\"_ _28\"> </span><span class=\"ff4\">integrazione Fattori ESG: focus s<span class=\"_ _f\"></span>ist<span class=\"_ _2\"></span>ematico sui <span class=\"_ _1\"></span>rischi climatici e<span class=\"_ _f\"></span> ambientali, valutandone<span class=\"_ _df\"> </span></span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gsee4\">l\u2019impatto sulla sostenibili<span class=\"_ _1\"></span>t\u00e0 dei debitori e sul valore delle garanzie (collateral).<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff18 fs1 fc1 sc0 ls0 ws0 gsee5\">-<span class=\"_ _28\"> </span><span class=\"ff4\">esclusione <span class=\"_ _4\"> </span>S<span class=\"_ _2\"></span>ettori <span class=\"_ _4\"> </span>Controversi: <span class=\"_ _4\"> </span>as<span class=\"_ _2\"></span>tensione <span class=\"_ _4\"> </span>dal <span class=\"_ _4\"> </span>finanziamento <span class=\"_ _17\"> </span>di <span class=\"_ _4\"> </span>at<span class=\"_ _2\"></span>tivit\u00e0 <span class=\"_ _4\"> </span>non <span class=\"_ _17\"> </span>etiche </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsee6\">definite dal <span class=\"_ _f\"></span>CdA, con particolare <span class=\"_ _f\"></span>r<span class=\"_ _2\"></span>iguardo <span class=\"_ _1\"></span>alla produzi<span class=\"_ _1\"></span>one di <span class=\"_ _1\"></span>armi non <span class=\"_ _f\"></span>convenzionali e alla<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsee7\">speculazione su commodities alimentari.<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc4 sc3 ls0 ws0 gsee8\">1.1 Im<span class=\"_ _f\"></span>patti deri<span class=\"_ _1\"></span>vanti<span class=\"_ _1\"></span> dal <span class=\"_ _f\"></span>rischio cli<span class=\"_ _1\"></span>mat<span class=\"_ _1\"></span>ico in <span class=\"_ _f\"></span>relazione<span class=\"_ _1\"></span> al ris<span class=\"_ _f\"></span>chio di c<span class=\"_ _f\"></span>redito </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gsee9\">Con <span class=\"_ _15\"> </span>r<span class=\"_ _2\"></span>iguardo <span class=\"_ _15\"> </span>ai <span class=\"_ _15\"> </span>rischi <span class=\"_ _e\"> </span>climatici, <span class=\"_ _15\"> </span>nell\u2019ambito <span class=\"_ _15\"> </span>del <span class=\"_ _e\"> </span>percorso <span class=\"_ _e\"> </span>di <span class=\"_ _e\"> </span><span class=\"ff4\">progressivo <span class=\"_ _e\"> </span>allineamento <span class=\"_ _15\"> </span>alle </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gseea\">aspettative <span class=\"_ _2\"></span>della <span class=\"_ _d\"></span>Banca <span class=\"_ _d\"></span>Centrale <span class=\"_ _d\"></span>Europea <span class=\"_ _d\"></span>(BCE) <span class=\"_ _2\"></span>in <span class=\"_ _d\"></span>materia <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>inclusione <span class=\"_ _d\"></span>delle <span class=\"_ _2\"></span>tematich<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>ESG <span class=\"_ _d\"></span>nel </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gseeb\">Framework <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>Risk <span class=\"_ _d\"></span>Management, <span class=\"_ _0\"></span>il <span class=\"_ _0\"></span>Gruppo <span class=\"_ _0\"></span>ha <span class=\"_ _0\"></span>concluso <span class=\"_ _0\"></span>un <span class=\"_ _d\"></span>pro<span class=\"_ _2\"></span>getto <span class=\"_ _0\"></span>specifico:<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>tale <span class=\"_ _0\"></span>iniziativa <span class=\"_ _0\"></span>ha </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gseec\">condotto <span class=\"_ _d\"></span>l\u2019introduzione <span class=\"_ _2\"></span>dei <span class=\"_ _d\"></span>prin<span class=\"_ _2\"></span>cipa<span class=\"ff4\">li <span class=\"_ _d\"></span>fattori <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>r<span class=\"_ _2\"></span>isch<span class=\"_ _1\"></span>io <span class=\"_ _d\"></span>climatici <span class=\"_ _d\"></span>e <span class=\"_ _d\"></span>ambientali <span class=\"_ _d\"></span>nei <span class=\"_ _d\"></span>modelli <span class=\"_ _d\"></span>contabili </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gseed\">IFRS 9.  </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gseee\">In particolare, sono state definite le metodologie<span class=\"_ _1\"></span> per gestire i seguenti fattori di rischio climatico:<span class=\"_ _2\"></span> </div><div class=\"t m0 h5 ff13 fs1 fc1 sc0 ls0 ws0 gseef\">-<span class=\"_ _1b\"> </span><span class=\"ff4\">\u00abRischio Fisico\u00bb <span class=\"_ _d\"></span>sul <span class=\"_ _2\"></span>portafoglio Mutui <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>Leasing <span class=\"_ _2\"></span>immobiliari: espresso <span class=\"_ _2\"></span>trami<span class=\"_ _2\"></span>te <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>riduzione <span class=\"_ _2\"></span>del<span class=\"_ _df\"> </span></span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gsef0\">valore del<span class=\"_ _1\"></span>le garanzie immobi<span class=\"_ _1\"></span>liari, al fine<span class=\"_ _1\"></span> di rapprese<span class=\"_ _1\"></span>ntare l\u2019ipotetico danno ap<span class=\"_ _1\"></span>portato da eve<span class=\"_ _1\"></span>nti<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gsef1\">climatici (alluvioni e frane), in relazione alla rischiosit\u00e0 del territorio in cui \u00e8 ubicato l\u2019immobile.<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsef2\">. Tale effetto viene rappresentat<span class=\"_ _2\"></span><span class=\"ff5\">o dalla stima di un \u201c</span></div><div class=\"t m1 h6 ff4 fs2 fc1 sc0 ls0 ws0 gsef3\">haircut</div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gsef4\">\u201d che riduce il valore della garanzia<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsef5\">ipotecaria a supporto del credito e ne<span class=\"_ _1\"></span> determina un aumento delle perdite attese associate.<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff13 fs1 fc1 sc0 ls0 ws0 gsef6\">-<span class=\"_ _1b\"> </span><span class=\"ff4\">\u00abRischio di Transizione\u00bb sul <span class=\"_ _2\"></span>portafoglio Imprese: volto a <span class=\"_ _2\"></span>rappresentare la <span class=\"_ _2\"></span>minore redditivit\u00e0 in<span class=\"_ _df\"> </span></span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsef7\">c<span class=\"ff5\">ui <span class=\"_ _10\"> </span>le <span class=\"_ _10\"> </span>Imprese <span class=\"_ _10\"> </span>potrebbero <span class=\"_ _10\"> </span>incorr<span class=\"_ _2\"></span>ere <span class=\"_ _10\"> </span>nell\u2019amb<span class=\"_ _1\"></span>ito <span class=\"_ _10\"> </span>del <span class=\"_ _10\"> </span>proces<span class=\"_ _2\"></span>so <span class=\"_ _10\"> </span>di <span class=\"_ _10\"> </span>adeguamento <span class=\"_ _10\"> </span>verso<span class=\"_ _df\"> </span></span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gsef8\">un\u2019economia pi\u00f9 <span class=\"_ _2\"></span>sostenibile<span class=\"ff4\">, co<span class=\"_ _2\"></span>n conseguente <span class=\"_ _2\"></span>deterioramento del lor<span class=\"_ _2\"></span>o merito <span class=\"_ _2\"></span>creditizio. Tale<span class=\"_ _df\"> </span></span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gsef9\">effetto <span class=\"_ _d\"></span>\u00e8 <span class=\"_ _0\"></span>gestito <span class=\"_ _0\"></span>tramite <span class=\"_ _0\"></span>la <span class=\"_ _d\"></span>stima <span class=\"_ _0\"></span>dell\u2019aumento <span class=\"_ _d\"></span>della <span class=\"_ _0\"></span>probabilit\u00e0 <span class=\"_ _d\"></span>di <span class=\"_ _0\"></span>default <span class=\"_ _d\"></span>per <span class=\"_ _0\"></span>l<span class=\"_ _2\"></span><span class=\"ff4\">e <span class=\"_ _0\"></span>Imprese, <span class=\"_ _d\"></span>in<span class=\"_ _df\"> </span></span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsefa\">relazione al settore in cui qu<span class=\"_ _1\"></span>este operano (considerando che le attivit\u00e0 pi\u00f9 e<span class=\"_ _1\"></span>missive subiranno<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsefb\">maggiormente <span class=\"_ _9\"> </span>i <span class=\"_ _9\"> </span>costi <span class=\"_ _16\"> </span>legati <span class=\"_ _0\"></span>al <span class=\"_ _16\"> </span>processo <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>transizione). <span class=\"_ _9\"> </span>In <span class=\"_ _9\"> </span>aggiunta, <span class=\"_ _9\"> </span>influenzando <span class=\"_ _9\"> </span>il <span class=\"_ _16\"> </span>merito<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsefc\">creditizio, <span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>ale <span class=\"_ _d\"></span>componente <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>rischio <span class=\"_ _d\"></span>pu\u00f2 <span class=\"_ _d\"></span>influire <span class=\"_ _d\"></span>s<span class=\"_ _2\"></span>ulla <span class=\"_ _d\"></span>necessit\u00e0 <span class=\"_ _0\"></span>di <span class=\"_ _d\"></span>classificare <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>stage <span class=\"_ _d\"></span>2 <span class=\"_ _0\"></span>le<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsefd\">Imprese <span class=\"_ _d\"></span>maggiormente <span class=\"_ _0\"></span>pi\u00f9 <span class=\"_ _0\"></span>espos<span class=\"_ _2\"></span>te <span class=\"_ _d\"></span>agli <span class=\"_ _0\"></span>effetti <span class=\"_ _0\"></span>del <span class=\"_ _0\"></span>processo <span class=\"_ _0\"></span>di <span class=\"_ _d\"></span>t<span class=\"_ _2\"></span>ransizione<span class=\"_ _1\"></span>. <span class=\"_ _0\"></span>Per <span class=\"_ _0\"></span>rilevare <span class=\"_ _0\"></span>tale<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gsefe\">correlazione,  \u00e8  stata  affinata  la  logica  di  misurazione  del  SI<span class=\"_ _2\"></span>CR,  con  l\u2019introduzione  di  una<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gseff\">variante <span class=\"_ _0\"></span>specifica <span class=\"_ _d\"></span>per <span class=\"_ _0\"></span>le <span class=\"_ _0\"></span>Im<span class=\"_ _2\"></span>prese <span class=\"_ _d\"></span>considerate <span class=\"_ _0\"></span>ad <span class=\"_ _0\"></span>alto <span class=\"_ _0\"></span>rischio <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>transizione <span class=\"_ _0\"></span>(i.e. <span class=\"_ _d\"></span>con<span class=\"_ _2\"></span>centrate<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsf00\">sulle  attivit\u00e0 <span class=\"_ _22\"> </span>a <span class=\"_ _4\"> </span>maggiore  intensit\u00e0  di <span class=\"_ _22\"> </span>carbonio <span class=\"_ _22\"> </span>e <span class=\"_ _4\"> </span>princip<span class=\"_ _1\"></span>ali  obiettivo <span class=\"_ _22\"> </span>delle <span class=\"_ _22\"> </span>s<span class=\"_ _2\"></span>trategie  di  de<span class=\"_ _2\"></span>-<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsf01\">carbonizzazione).<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsf02\">Entrambe <span class=\"_ _2\"></span>le <span class=\"_ _2\"></span>component<span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>descritte <span class=\"_ _d\"></span>comportano <span class=\"_ _2\"></span>un <span class=\"_ _2\"></span>aumento <span class=\"_ _d\"></span>delle <span class=\"_ _2\"></span>rettifiche <span class=\"_ _d\"></span>di <span class=\"_ _2\"></span>va<span class=\"_ _2\"></span>lore <span class=\"_ _2\"></span>calcolate <span class=\"_ _d\"></span>in </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsf03\">conformit\u00e0 <span class=\"_ _d\"></span>ai <span class=\"_ _d\"></span>principi <span class=\"_ _d\"></span>contabili <span class=\"_ _2\"></span>IFRS <span class=\"_ _d\"></span>9 <span class=\"_ _0\"></span>e <span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>ono <span class=\"_ _2\"></span>quantificate <span class=\"_ _d\"></span>considerando <span class=\"_ _d\"></span>diversi <span class=\"_ _d\"></span>scenari <span class=\"_ _d\"></span>climatici<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsb9c\">(differenziati <span class=\"_ _2\"></span>per <span class=\"_ _d\"></span>tempistiche <span class=\"_ _d\"></span>e <span class=\"_ _d\"></span>grado <span class=\"_ _2\"></span>di <span class=\"_ _d\"></span>intensit\u00e0 <span class=\"_ _d\"></span>delle <span class=\"_ _2\"></span>politiche <span class=\"_ _d\"></span>climatiche <span class=\"_ _2\"></span>at<span class=\"_ _2\"></span>tivate <span class=\"_ _2\"></span>nel <span class=\"_ _d\"></span>contesto<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsf06\">europeo) <span class=\"_ _d\"></span>ad <span class=\"_ _0\"></span>integrazione <span class=\"_ _0\"></span>degli <span class=\"_ _d\"></span>scenar<span class=\"_ _2\"></span>i <span class=\"_ _0\"></span>macro-economici <span class=\"_ _d\"></span>gi\u00e0 <span class=\"_ _0\"></span>presi <span class=\"_ _0\"></span>a <span class=\"_ _d\"></span>r<span class=\"_ _2\"></span>iferimento <span class=\"_ _d\"></span>nel <span class=\"_ _0\"></span>Framework </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsf07\">IFRS9 del Gruppo. </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gsf08\">Si <span class=\"_ _9\"> </span>precisa, <span class=\"_ _9\"> </span>che <span class=\"_ _9\"> </span>nell\u2019ambito <span class=\"_ _9\"> </span>dei <span class=\"_ _9\"> </span>processi <span class=\"_ _9\"> </span>ICAAP <span class=\"_ _9\"> </span>/ <span class=\"_ _16\"> </span>RAF <span class=\"_ _9\"> </span>sono <span class=\"_ _9\"> </span>stati <span class=\"_ _9\"> </span>valutati, <span class=\"_ _9\"> </span>in <span class=\"_ _9\"> </span>termini <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>r<span class=\"_ _2\"></span>ilev<span class=\"_ _1\"></span>anza </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsf09\">(analisi di materialit\u00e0), anche i segu<span class=\"_ _1\"></span>enti fattori di rischio climatico:<span class=\"_ _2\"></span> </div><div class=\"t m0 h5 ff13 fs1 fc1 sc0 ls0 ws0 gsf0a\">-<span class=\"_ _1b\"> </span><span class=\"ff4\">Rischio <span class=\"_ _d\"></span>di <span class=\"_ _0\"></span>Transizione\u00bb <span class=\"_ _d\"></span>sul <span class=\"_ _0\"></span>portafoglio <span class=\"_ _d\"></span>Mutui: <span class=\"_ _d\"></span>espresso <span class=\"_ _0\"></span>attraverso <span class=\"_ _0\"></span>una <span class=\"_ _d\"></span>riduzione <span class=\"_ _d\"></span>del <span class=\"_ _d\"></span>va<span class=\"_ _2\"></span>lore <span class=\"_ _d\"></span>delle </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsf0b\">garanzie <span class=\"_ _1\"></span>immobiliari <span class=\"_ _f\"></span>per gli <span class=\"_ _f\"></span>imm<span class=\"_ _2\"></span>obili <span class=\"_ _f\"></span>che non <span class=\"_ _1\"></span>rispettano gli <span class=\"_ _f\"></span>standard di <span class=\"_ _f\"></span>efficientamento ene<span class=\"_ _1\"></span>rgetico </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsf0c\">richiesti dalle politiche di transizione.<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff13 fs1 fc1 sc0 ls0 ws0 gsf0d\">-<span class=\"_ _1b\"> </span><span class=\"ff4\">\u00abRischio <span class=\"_ _2\"></span>F<span class=\"_ _2\"></span>isico\u00bb <span class=\"_ _2\"></span>sul <span class=\"_ _d\"></span>porta<span class=\"_ _2\"></span>foglio <span class=\"_ _2\"></span>Imprese: <span class=\"_ _2\"></span>volto <span class=\"_ _d\"></span>a <span class=\"_ _d\"></span>rappresentare <span class=\"_ _d\"></span>i <span class=\"_ _d\"></span>potenziali <span class=\"_ _2\"></span>danni <span class=\"_ _d\"></span>a <span class=\"_ _d\"></span>fabbricati <span class=\"_ _2\"></span>e/o </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsf0e\">alla catena di produzione-distribuzione connessi ad eventi climatici (alluv<span class=\"_ _1\"></span>ioni /frane).<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gsf0f\">Tali <span class=\"_ _1\"></span>driver di <span class=\"_ _f\"></span>rischio sono ritenu<span class=\"_ _1\"></span>ti non <span class=\"_ _f\"></span>r<span class=\"_ _2\"></span>ilev<span class=\"_ _1\"></span>anti ai <span class=\"_ _f\"></span>fini dell\u2019inclusione <span class=\"_ _f\"></span>nel Framework I<span class=\"_ _1\"></span>FRS<span class=\"ff4\">9, a seguito </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsf10\">degli <span class=\"_ _0\"></span>esiti <span class=\"_ _9\"> </span>delle <span class=\"_ _0\"></span>analisi <span class=\"_ _9\"> </span>di <span class=\"_ _0\"></span>mat<span class=\"_ _2\"></span>erialit\u00e0 <span class=\"_ _0\"></span>condotte, <span class=\"_ _9\"> </span>che <span class=\"_ _9\"> </span>ne <span class=\"_ _0\"></span>hanno <span class=\"_ _9\"> </span>evidenziato <span class=\"_ _0\"></span>gli <span class=\"_ _9\"> </span>effetti <span class=\"_ _0\"></span>contenuti <span class=\"_ _0\"></span>e </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsf11\">pertanto trascurabili sulle perdi<span class=\"_ _1\"></span>te att<span class=\"_ _2\"></span>ese.<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsf12\">Al <span class=\"_ _f\"></span>termine de<span class=\"_ _1\"></span>lle <span class=\"_ _f\"></span>attivit\u00e0 progettuali,<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>il <span class=\"_ _f\"></span>Fr<span class=\"_ _2\"></span>amework <span class=\"_ _f\"></span>IFRS <span class=\"_ _1\"></span>9 <span class=\"_ _f\"></span>integrato <span class=\"_ _1\"></span>con <span class=\"_ _f\"></span>la ges<span class=\"_ _1\"></span>tione <span class=\"_ _f\"></span>delle me<span class=\"_ _1\"></span>nzion<span class=\"_ _2\"></span>ate </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsf13\">componenti <span class=\"_ _17\"> </span>climatiche <span class=\"_ _17\"> </span>\u00e8 <span class=\"_ _17\"> </span>entrato <span class=\"_ _14\"> </span>in <span class=\"_ _17\"> </span>vigore <span class=\"_ _17\"> </span>a <span class=\"_ _14\"> </span>partire <span class=\"_ _17\"> </span>dal <span class=\"_ _17\"> </span>30 <span class=\"_ _17\"> </span>giugno <span class=\"_ _17\"> </span>2025<span class=\"_ _2\"></span>. <span class=\"_ _17\"> </span>Contestualmente </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gsf14\">all\u2019integrazione degli <span class=\"_ _1\"></span>effetti climatici nei <span class=\"_ _1\"></span>modelli contabili, \u00e8 stata rimossa la cope<span class=\"_ _1\"></span>rtura aggiuntiva, </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsf15\">applicata a partire da giugno 2024, quale<span class=\"_ _1\"></span> loro anticipazion<span class=\"_ _2\"></span><span class=\"ls2d\">e.</span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsf16\">Per maggiori dettagli sui relativi impatti si rimanda alla Nota Integrativa <span class=\"ff5\">\u2013</span> Part<span class=\"_ _2\"></span>e A <span class=\"ff5\">\u2013</span> Sezione<span class=\"_ _1\"></span> 5. </div><div class=\"t m0 h5 ff4 fs1 fc4 sc3 ls0 ws0 gsf17\">2. Po<span class=\"_ _1\"></span>litiche<span class=\"_ _1\"></span> di ge<span class=\"_ _1\"></span>stione<span class=\"_ _f\"></span> del risc<span class=\"_ _f\"></span>hio di cr<span class=\"_ _1\"></span>edito<span class=\"_ _f\"></span> </div><div class=\"t m0 h5 ff4 fs1 fc4 sc3 ls0 ws0 gsf18\">2.1 As<span class=\"_ _f\"></span>petti or<span class=\"_ _1\"></span>ganizza<span class=\"_ _f\"></span>tivi </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsf19\">Il Servizio Crediti di Cred<span class=\"_ _1\"></span>ito Emiliano \u00e8 organizzato secondo tre aree di res<span class=\"_ _2\"></span>ponsabilit\u00e0: </div><div class=\"t m0 h5 ff13 fs1 fc1 sc0 ls0 ws0 gsf1a\">-<span class=\"_ _1b\"> </span><span class=\"ff4\">Credit Strategy e <span class=\"_ _2\"></span>Monitoring,<span class=\"_ _1\"></span> che definisce o<span class=\"_ _2\"></span>biettivi<span class=\"_ _1\"></span> e <span class=\"_ _2\"></span>linee guida di <span class=\"_ _2\"></span>svilupp<span class=\"_ _1\"></span>o del credit<span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>inteso </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsf1b\">come <span class=\"_ _d\"></span>business <span class=\"_ _d\"></span>line <span class=\"_ _0\"></span>in <span class=\"_ _d\"></span>coerenza <span class=\"_ _0\"></span>con <span class=\"_ _d\"></span>gli <span class=\"_ _0\"></span>obiettivi <span class=\"_ _d\"></span>ed <span class=\"_ _d\"></span>il <span class=\"_ _0\"></span>RAF <span class=\"_ _d\"></span>di <span class=\"_ _0\"></span>grupp<span class=\"_ _1\"></span>o, <span class=\"_ _d\"></span>effett<span class=\"_ _2\"></span>ua <span class=\"_ _d\"></span>i <span class=\"_ _d\"></span>controlli <span class=\"_ _0\"></span>sulla </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsf1c\">filiera <span class=\"_ _f\"></span>del <span class=\"_ _f\"></span>credito, redi<span class=\"_ _1\"></span>ge <span class=\"_ _1\"></span>la <span class=\"_ _f\"></span>r<span class=\"_ _2\"></span>egolamentazione <span class=\"_ _f\"></span>interna <span class=\"_ _1\"></span>e <span class=\"_ _f\"></span>definisce <span class=\"_ _f\"></span>i princi<span class=\"_ _1\"></span>pali <span class=\"_ _f\"></span>str<span class=\"_ _2\"></span>umenti, <span class=\"_ _f\"></span>processi </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gsf1d\">e <span class=\"_ _f\"></span>modelli <span class=\"_ _f\"></span>a supporto <span class=\"_ _f\"></span>dell\u2019intero <span class=\"_ _f\"></span>p<span class=\"_ _2\"></span>rocesso <span class=\"_ _f\"></span>del <span class=\"_ _f\"></span>credito (fatte <span class=\"_ _f\"></span>salve <span class=\"_ _f\"></span>le attribu<span class=\"_ _1\"></span>zioni <span class=\"_ _f\"></span>di <span class=\"_ _1\"></span>responsabilit\u00e0 </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsf1e\">al servizio ERISK in relazione ai modelli<span class=\"_ _1\"></span> rientranti nel perimetro IRB); </div><div class=\"t m0 h5 ff13 fs1 fc1 sc0 ls0 ws0 gsf1f\">-<span class=\"_ _1b\"> </span><span class=\"ff4\">Credit Management, che attr<span class=\"ff5\">averso l\u2019attivit\u00e0 delibe<span class=\"_ _1\"></span>rativa e la consulenza tecnica alle strutture </span></span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsf20\">commerciali <span class=\"_ _d\"></span>ed <span class=\"_ _d\"></span>al<span class=\"_ _2\"></span>le <span class=\"_ _d\"></span>Societ\u00e0 <span class=\"_ _0\"></span>in <span class=\"_ _0\"></span>perimetro <span class=\"_ _d\"></span>garantisce <span class=\"_ _0\"></span>nel <span class=\"_ _d\"></span>tempo <span class=\"_ _0\"></span>un <span class=\"_ _d\"></span>profilo <span class=\"_ _0\"></span>di <span class=\"_ _d\"></span>rischiosit\u00e0 <span class=\"_ _0\"></span>degli<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsf21\">impieghi <span class=\"_ _f\"></span>coerente con <span class=\"_ _1\"></span>gli obie<span class=\"_ _1\"></span>ttivi di <span class=\"_ _f\"></span>st<span class=\"_ _2\"></span>rategy de<span class=\"_ _1\"></span>finiti, <span class=\"_ _f\"></span>presidiand<span class=\"_ _2\"></span>o <span class=\"_ _1\"></span>il corretto <span class=\"_ _f\"></span>ripagament<span class=\"_ _2\"></span>o d<span class=\"_ _1\"></span>elle<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsf22\">posizioni anomale; </div><div class=\"t m0 h5 ff13 fs1 fc1 sc0 ls0 ws0 gsf23\">-<span class=\"_ _1b\"> </span><span class=\"ff4\">Non-Performing <span class=\"_ _9\"> </span>Credit, <span class=\"_ _9\"> </span>che <span class=\"_ _16\"> </span>si <span class=\"_ _9\"> </span>occupa <span class=\"_ _16\"> </span>delle <span class=\"_ _9\"> </span>attivit\u00e0 <span class=\"_ _16\"> </span>di <span class=\"_ _9\"> </span>gestione <span class=\"_ _9\"> </span>e  recu<span class=\"_ _f\"></span>p<span class=\"_ _2\"></span>ero <span class=\"_ _9\"> </span>sul <span class=\"_ _16\"> </span>credito <span class=\"_ _9\"> </span>non </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsf24\">performing. </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsf25\">Le <span class=\"_ _d\"></span>linee <span class=\"_ _0\"></span>guida <span class=\"_ _d\"></span>di <span class=\"_ _0\"></span>Credit <span class=\"_ _d\"></span>Str<span class=\"_ _2\"></span>ategy <span class=\"_ _d\"></span>vengono <span class=\"_ _d\"></span>ap<span class=\"_ _2\"></span>provate <span class=\"_ _d\"></span>dallo <span class=\"_ _d\"></span>specifico <span class=\"_ _0\"></span>Comitato <span class=\"_ _0\"></span>Credit <span class=\"_ _d\"></span>Strategy <span class=\"_ _0\"></span>di </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsf26\">Gruppo e <span class=\"_ _1\"></span>deliberate dal Consiglio di <span class=\"_ _f\"></span>Amministr<span class=\"_ _2\"></span>azione. <span class=\"_ _1\"></span>Relativamente al p<span class=\"_ _1\"></span>erimetro NPL, il<span class=\"_ _1\"></span> Comitato </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsf27\">Crediti Non Performing di Grupp<span class=\"_ _1\"></span>o, si occupa di de<span class=\"_ _1\"></span>finire specifiche azioni di indirizzo strategico e <span class=\"_ _f\"></span>di </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gsf28\">monitoraggio, anche relativamente all\u2019andamento degli<span class=\"_ _1\"></span> indicatori SREP di competenza<span class=\"_ _2\"></span><span class=\"ff4\">. </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsf29\">Nella  g<span class=\"_ _1\"></span>estione  de<span class=\"_ _1\"></span>l  rischio <span class=\"_ _16\"> </span>di <span class=\"_ _16\"> </span>credito <span class=\"_ _16\"> </span>concorrono  inoltre, <span class=\"_ _9\"> </span>per  le  rispe<span class=\"_ _1\"></span>ttive  aree <span class=\"_ _16\"> </span>di <span class=\"_ _16\"> </span>competenza, </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsf2a\">processi di responsabilit\u00e0 del Servizi<span class=\"_ _1\"></span>o di Gruppo Erisk: <span class=\"_ _2\"></span> </div><div class=\"t m0 h5 ff13 fs1 fc1 sc0 ls0 ws0 gsf2b\">-<span class=\"_ _1b\"> </span><span class=\"ff4\">Il Risk <span class=\"_ _2\"></span>Appetite Framework, <span class=\"_ _2\"></span>in cui sono <span class=\"_ _2\"></span>definiti tolerance <span class=\"_ _2\"></span>e appetite <span class=\"_ _2\"></span>per gli <span class=\"_ _2\"></span>indicatori relativi al<span class=\"_ _df\"> </span></span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsf2c\">rischio di credito sia in termini di pe<span class=\"_ _1\"></span>rforming loan che di non performing loan;<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff13 fs1 fc1 sc0 ls0 ws0 gsf2d\">-<span class=\"_ _1b\"> </span><span class=\"ff4\">Gestione <span class=\"_ _9\"> </span>Sistema <span class=\"_ _9\"> </span>interno  d<span class=\"_ _1\"></span>i <span class=\"_ _9\"> </span>rating, <span class=\"_ _9\"> </span>per <span class=\"_ _9\"> </span>la  responsabil<span class=\"_ _1\"></span>it\u00e0 <span class=\"_ _16\"> </span>del <span class=\"_ _9\"> </span>Sistema <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>r<span class=\"_ _2\"></span>ating <span class=\"_ _0\"> </span>Cor<span class=\"_ _2\"></span>porate <span class=\"_ _9\"> </span>e </span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gsf2e\">Retail, <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>l\u2019attribuzione d<span class=\"_ _2\"></span>el <span class=\"_ _2\"></span>rating <span class=\"_ _2\"></span>alle <span class=\"_ _2\"></span>singole <span class=\"_ _2\"></span>controparti, <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>calibrazion<span class=\"_ _2\"></span><span class=\"ff4\">e <span class=\"_ _2\"></span>dei <span class=\"_ _2\"></span>parametri <span class=\"_ _2\"></span>e<span class=\"_ _df\"> </span></span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsf2f\">per la relativa convalida. </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gsf30\">Le <span class=\"_ _9\"> </span>disposizioni <span class=\"_ _9\"> </span>int<span class=\"_ _2\"></span>rodotte <span class=\"_ _9\"> </span>dalla <span class=\"_ _9\"> </span>nor<span class=\"_ _2\"></span>mativa <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>riferimento <span class=\"_ _16\"> </span>per <span class=\"_ _9\"> </span>l\u2019adozione <span class=\"_ _9\"> </span>dei <span class=\"_ _16\"> </span>modelli <span class=\"_ _9\"> </span>interni <span class=\"_ _16\"> </span>ed <span class=\"_ _9\"> </span>i </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsf31\">successivi <span class=\"_ _0\"></span>aggiornamenti <span class=\"_ _0\"></span>sono <span class=\"_ _0\"></span>stati <span class=\"_ _0\"></span>sistematicamente <span class=\"_ _0\"></span>accolti <span class=\"_ _0\"></span>da <span class=\"_ _9\"> </span>Credito <span class=\"_ _0\"></span>Emiliano <span class=\"_ _0\"></span>S.p.A. <span class=\"_ _0\"></span>come </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gsf32\">un\u2019opportunit\u00e0 <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span><span class=\"ff4\">migliorare <span class=\"_ _d\"></span>la <span class=\"_ _2\"></span>gestione <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>rischio <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>per <span class=\"_ _d\"></span>incrementare <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>valore <span class=\"_ _2\"></span>generato <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>gli </span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gsf33\">azionisti, grazie <span class=\"_ _2\"></span>alla <span class=\"_ _2\"></span>storica <span class=\"_ _2\"></span>qualit\u00e0 <span class=\"_ _2\"></span>dell<span class=\"_ _1\"></span>\u2019attivo <span class=\"_ _2\"></span>creditizio nonch\u00e9 <span class=\"_ _2\"></span>all\u2019ampia <span class=\"_ _2\"></span>e conso<span class=\"_ _2\"></span>lidata diffusione </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gsf34\">degli <span class=\"_ _e\"> </span>s<span class=\"_ _2\"></span>trumenti <span class=\"_ _e\"> </span>di <span class=\"_ _10\"> </span>rating <span class=\"_ _10\"> </span>utilizzati <span class=\"_ _10\"> </span>nell\u2019attivit\u00e0 <span class=\"_ _e\"> </span>di <span class=\"_ _10\"> </span>valutazione, <span class=\"_ _10\"> </span>erog<span class=\"_ _2\"></span><span class=\"ff4\">azione, <span class=\"_ _10\"> </span>monitoraggio <span class=\"_ _e\"> </span>e </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsf35\">prezzatura del credito.<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc4 sc3 ls0 ws0 gsf37\">2.2 Sis<span class=\"_ _1\"></span>temi<span class=\"_ _1\"></span> di ge<span class=\"_ _1\"></span>stion<span class=\"_ _f\"></span>e, misu<span class=\"_ _1\"></span>razi<span class=\"_ _f\"></span>one e co<span class=\"_ _1\"></span>ntroll<span class=\"_ _1\"></span>o </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gsf38\">L\u2019attivit\u00e0  di<span class=\"_ _1\"></span>  valu<span class=\"_ _1\"></span>tazione  ed <span class=\"_ _16\"> </span>erogazione <span class=\"_ _16\"> </span>del <span class=\"_ _16\"> </span>credito  \u00e8<span class=\"_ _1\"></span>  differenziata  a <span class=\"_ _9\"> </span>seconda  del<span class=\"_ _1\"></span>la  tipologi<span class=\"_ _1\"></span>a  di </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsf39\">clientela. Pi\u00f9 precisamente, <span class=\"_ _2\"></span>per il s<span class=\"_ _2\"></span>egmento corporate \u00e8 <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span><span class=\"ff5\">uso un s<span class=\"_ _2\"></span>istema \u201cesperto\u201d che <span class=\"_ _2\"></span>guida la </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsf3a\">formulazione della <span class=\"_ _2\"></span>proposta <span class=\"_ _2\"></span>di<span class=\"_ _1\"></span> <span class=\"_ _2\"></span>affid<span class=\"_ _f\"></span>amento<span class=\"_ _2\"></span> ed <span class=\"_ _2\"></span>\u00e8 alla <span class=\"_ _2\"></span>base <span class=\"_ _2\"></span>del sistema <span class=\"_ _2\"></span>di rating. <span class=\"_ _2\"></span>Tale metodologia </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsf3b\">si <span class=\"_ _d\"></span>basa <span class=\"_ _d\"></span>su <span class=\"_ _d\"></span>logiche <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>ana<span class=\"_ _2\"></span>lisi <span class=\"_ _d\"></span>delle <span class=\"_ _d\"></span>componenti <span class=\"_ _d\"></span>economico<span class=\"_ _2\"></span>-patrimoniali <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>bilancio <span class=\"_ _d\"></span>integrate <span class=\"_ _d\"></span>dalla </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsf3c\">valutazione <span class=\"_ _4\"> </span>dei <span class=\"_ _4\"> </span>flussi <span class=\"_ _17\"> </span>di <span class=\"_ _17\"> </span>cassa, <span class=\"_ _4\"> </span>dati <span class=\"_ _17\"> </span>di <span class=\"_ _4\"> </span>centrale <span class=\"_ _4\"> </span>r<span class=\"_ _2\"></span>ischi, <span class=\"_ _4\"> </span>nonch\u00e9 <span class=\"_ _4\"> </span>da <span class=\"_ _4\"> </span>valutazioni <span class=\"_ _4\"> </span>qualitative <span class=\"_ _4\"> </span>s<span class=\"_ _2\"></span>ul </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gsf3d\">posizionamento competitivo, sui rischi di bu<span class=\"_ _1\"></span>siness e sull\u2019appartenenza al gruppo.<span class=\"_ _2\"></span><span class=\"ff4\"> </span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gsf3e\">Per <span class=\"_ _f\"></span>il seg<span class=\"_ _1\"></span>mento <span class=\"_ _1\"></span>small <span class=\"_ _1\"></span>business, <span class=\"_ _f\"></span>nell\u2019ambito <span class=\"_ _f\"></span>della <span class=\"_ _f\"></span>st<span class=\"_ _2\"></span>essa <span class=\"_ _f\"></span>metodologia <span class=\"_ _f\"></span>generale <span class=\"_ _1\"></span>di <span class=\"_ _f\"></span>valutazione, sono </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsf3f\">state <span class=\"_ _2\"></span>appli<span class=\"_ _1\"></span>cate delle d<span class=\"_ _2\"></span>ifferenziazioni per dare magg<span class=\"_ _2\"></span>ior peso <span class=\"_ _2\"></span>alle informazioni di t<span class=\"_ _2\"></span>ipo andamentale </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsf40\">e <span class=\"_ _f\"></span>di centrale <span class=\"_ _f\"></span>dei <span class=\"_ _1\"></span>rischi, <span class=\"_ _f\"></span>c<span class=\"_ _2\"></span>he <span class=\"_ _f\"></span>forniscono un <span class=\"_ _f\"></span>contributo imp<span class=\"_ _1\"></span>ortante a<span class=\"_ _f\"></span>lla capaci<span class=\"_ _1\"></span>t\u00e0 p<span class=\"_ _1\"></span>redittiva del<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>default. <span class=\"_ _2\"></span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsf41\">Per i<span class=\"_ _1\"></span>l seg<span class=\"_ _1\"></span>mento delle <span class=\"_ _f\"></span>microat<span class=\"_ _2\"></span>tivit\u00e0 <span class=\"_ _1\"></span>e d<span class=\"_ _1\"></span>ei p<span class=\"_ _1\"></span>rivati consumatori \u00e8 <span class=\"_ _f\"></span>s<span class=\"_ _2\"></span>tato <span class=\"_ _1\"></span>sviluppato <span class=\"_ _f\"></span>un sistema di<span class=\"_ _1\"></span> rating </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsf42\">specificamente <span class=\"_ _2\"></span>calibrato <span class=\"_ _2\"></span>su <span class=\"_ _2\"></span>questa <span class=\"_ _2\"></span>tipologia <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>clientela <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>supporto <span class=\"_ _2\"></span>dei <span class=\"_ _2\"></span>processi <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>approvazione </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsf43\">delle operazioni. </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsf44\">Inoltre, <span class=\"_ _0\"></span>per <span class=\"_ _d\"></span>t<span class=\"_ _2\"></span>utta <span class=\"_ _0\"></span>la <span class=\"_ _0\"></span>clientela <span class=\"_ _d\"></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=\"_ _d\"></span>Los<span class=\"_ _2\"></span>s <span class=\"_ _0\"></span>Given <span class=\"_ _d\"></span>Default <span class=\"_ _0\"></span>(LG<span class=\"_ _2\"></span>D) <span class=\"_ _0\"></span>che </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsf45\">valuta la p<span class=\"_ _1\"></span>otenziale p<span class=\"_ _1\"></span>erdita dato <span class=\"_ _f\"></span>il default de<span class=\"_ _1\"></span>lla controparte, tenend<span class=\"_ _1\"></span>o in conside<span class=\"_ _1\"></span>razione la tip<span class=\"_ _1\"></span>ologia </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gsf46\">di contr<span class=\"_ _2\"></span>oparte, l\u2019ammontare <span class=\"_ _2\"></span>dell\u2019esposizione, la <span class=\"_ _2\"></span>tipologia di <span class=\"_ _2\"></span>forma <span class=\"_ _2\"></span>tecnica e <span class=\"_ _2\"></span>le <span class=\"_ _2\"></span>eventuali garanzie<span class=\"_ _2\"></span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsf47\">a sostegno della posizione. </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsf48\">Tutti <span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>sistemi <span class=\"_ _2\"></span>so<span class=\"_ _2\"></span>no <span class=\"_ _2\"></span>direttamente integrati <span class=\"_ _2\"></span>nella <span class=\"_ _2\"></span>propost<span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>affidamento; <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>Pratica <span class=\"_ _2\"></span>Elettronica <span class=\"_ _2\"></span>di </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsf49\">Fido <span class=\"_ _0\"></span>\u00e8 <span class=\"_ _0\"></span>operativa <span class=\"_ _0\"></span>per <span class=\"_ _9\"> </span>tutti <span class=\"_ _0\"> </span>i <span class=\"_ _9\"> </span>gestori <span class=\"_ _0\"></span>privati <span class=\"_ _0\"></span>e <span class=\"_ _9\"> </span>aziende. <span class=\"_ _0\"></span>La <span class=\"_ _0\"></span>piattaforma <span class=\"_ _9\"> </span>garantisce <span class=\"_ _0\"></span>un <span class=\"_ _0\"></span>elevato <span class=\"_ _0\"></span>data </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsf4a\">quality ed efficienza nei processi di istruttoria e delib<span class=\"_ _1\"></span>era di affidamenti<span class=\"_ _2\"></span> e rating.  </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gsf4b\">Un  p<span class=\"_ _1\"></span>ilastro  fondamentale<span class=\"_ _1\"></span>  di <span class=\"_ _9\"> </span>governance  del <span class=\"_ _16\"> </span>credito  \u00e8<span class=\"_ _1\"></span>  costituito <span class=\"_ _16\"> </span>inoltre <span class=\"_ _16\"> </span>dall\u2019assegnaz<span class=\"_ _1\"></span>ione  \u201cad </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gsf4c\">personam\u201d <span class=\"_ _4\"> </span>delle  a<span class=\"_ _2\"></span>utonomie <span class=\"_ _4\"> </span>delegate, <span class=\"_ _4\"> </span>previa <span class=\"_ _22\"> </span>va<span class=\"_ _2\"></span>lutazione  s<span class=\"_ _2\"></span>ul <span class=\"_ _4\"> </span>singolo <span class=\"_ _4\"> </span>deliberante <span class=\"_ _4\"> </span>di <span class=\"_ _22\"> </span>e<span class=\"_ _2\"></span>lementi </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsf4d\">fondamentali quali le <span class=\"_ _2\"></span>competenze, i risultati <span class=\"_ _2\"></span>conseguiti nella <span class=\"_ _2\"></span>gestione ed erogazione <span class=\"_ _2\"></span>del credito <span class=\"_ _2\"></span>e </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gsf4e\">l\u2019attivit\u00e0 formativa fruita.<span class=\"ff4\"> </span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gsf4f\">I <span class=\"_ _9\"> </span>poteri  d<span class=\"_ _1\"></span>i <span class=\"_ _16\"> </span>delega <span class=\"_ _9\"> </span>si <span class=\"_ _16\"> </span>basano, <span class=\"_ _9\"> </span>at<span class=\"_ _2\"></span>tualmente <span class=\"_ _9\"> </span>per  l<span class=\"_ _1\"></span>a <span class=\"_ _9\"> </span>s<span class=\"_ _2\"></span>ola <span class=\"_ _9\"> </span>Credembanca, <span class=\"_ _9\"> </span>s<span class=\"_ _2\"></span>ull\u2019indicatore <span class=\"_ _9\"> </span>\u201cAccordato </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gsf50\">Ponderato\u201d, che applicando dei pe<span class=\"_ _1\"></span>si alle singole componenti della posizione affidata ne sint<span class=\"_ _2\"></span><span class=\"ff4\">etizza </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsf51\">la rischiosit\u00e0 in rapporto alle policy ed<span class=\"_ _1\"></span> alle serie storiche dei default.    <span class=\"_ _2\"></span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsf52\">Negli <span class=\"_ _d\"></span>ultimi <span class=\"_ _0\"> </span>esercizi, <span class=\"_ _0\"></span>gli <span class=\"_ _0\"></span>investimenti <span class=\"_ _0\"></span>in <span class=\"_ _0\"></span>tecnologia <span class=\"_ _0\"></span>e <span class=\"_ _0\"></span>l'integrazione <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>Advanced <span class=\"_ _0\"></span>Analytics <span class=\"_ _0\"></span>hanno </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsf53\">potenziato i p<span class=\"_ _1\"></span>residi automatici<span class=\"_ _1\"></span> a <span class=\"_ _f\"></span>s<span class=\"_ _2\"></span>upp<span class=\"_ _1\"></span>orto dei processi<span class=\"_ _1\"></span> di originati<span class=\"_ _f\"></span>on <span class=\"_ _2\"></span>e monitoraggio, <span class=\"_ _1\"></span>benefici<span class=\"_ _1\"></span>ando </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gsf54\">anche <span class=\"_ _19\"> </span>dell\u2019evoluzione <span class=\"_ _19\"> </span>dell\u2019Open <span class=\"_ _19\"> </span>Banking. <span class=\"_ _19\"> </span>In <span class=\"_ _19\"> </span>questo <span class=\"_ _1a\"> </span>ambito, <span class=\"_ _19\"> </span>l\u2019Indicatore <span class=\"_ _19\"> </span>di <span class=\"_ _19\"> </span>Monitoraggio </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsf55\">Andamentale <span class=\"_ _d\"></span>(<span class=\"_ _2\"></span>IMA), <span class=\"_ _0\"></span>quale <span class=\"_ _0\"></span>modello <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>Ear<span class=\"_ _2\"></span>ly <span class=\"_ _0\"></span>Warning, <span class=\"_ _0\"></span>assume <span class=\"_ _0\"></span>un <span class=\"_ _0\"> </span>r<span class=\"_ _2\"></span>uolo <span class=\"_ _0\"></span>centrale <span class=\"_ _0\"></span>nella <span class=\"_ _0\"></span>rilevazione </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsf56\">proattiva <span class=\"_ _22\"> </span>di  segnali  di <span class=\"_ _4\"> </span>anomalia  prima <span class=\"_ _4\"> </span>dell<span class=\"_ _1\"></span>a <span class=\"_ _4\"> </span>loro  manifestazione  conclamata. <span class=\"_ _4\"> </span>Tale  indicatore </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsf57\">concorre, <span class=\"_ _2\"></span>inoltre, <span class=\"_ _d\"></span>alla <span class=\"_ _2\"></span>determinazione <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>Massimo <span class=\"_ _d\"></span>Accordato <span class=\"_ _2\"></span>Concedibile <span class=\"_ _2\"></span>(MAC), <span class=\"_ _2\"></span>parametro <span class=\"_ _d\"></span>che </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsf58\">definisce  i<span class=\"_ _2\"></span>l  limite <span class=\"_ _4\"> </span>massimo <span class=\"_ _4\"> </span>di <span class=\"_ _22\"> </span>affidamento <span class=\"_ _4\"> </span>attribuibile  in <span class=\"_ _4\"> </span>modalit\u00e0 <span class=\"_ _4\"> </span>automatizzata <span class=\"_ _4\"> </span>a  ciascuna </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsf59\">controparte, garantendo al contempo velocit\u00e0 operativa e rigore valu<span class=\"_ _1\"></span>tativo.<span class=\"_ _2\"></span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsf5a\">L'efficacia  di <span class=\"_ _16\"> </span>questi  strumenti  si  tradu<span class=\"_ _1\"></span>ce  in  u<span class=\"_ _1\"></span>na  maggiore  industrializzazione  del <span class=\"_ _16\"> </span>processo  di </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsf5b\">concessione <span class=\"_ _f\"></span>d<span class=\"_ _2\"></span>el <span class=\"_ _f\"></span>cre<span class=\"_ _2\"></span>dito, <span class=\"_ _f\"></span>facil<span class=\"_ _2\"></span>itando <span class=\"_ _f\"></span>la realizzazione di<span class=\"_ _1\"></span> campagne <span class=\"_ _1\"></span>automatiche. Da <span class=\"_ _f\"></span>evidenziare \u00e8 la </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsf5c\">capacit\u00e0 <span class=\"_ _4\"> </span>di <span class=\"_ _17\"> </span>questi <span class=\"_ _4\"> </span>indicato<span class=\"_ _2\"></span>ri <span class=\"_ _4\"> </span>di <span class=\"_ _17\"> </span>considerare, <span class=\"_ _4\"> </span>in <span class=\"_ _17\"> </span>diverse <span class=\"_ _4\"> </span>fasi <span class=\"_ _17\"> </span>storiche, <span class=\"_ _17\"> </span>il <span class=\"_ _4\"> </span>contesto <span class=\"_ _17\"> </span>economico </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsf5d\">circostante, <span class=\"_ _2\"></span>come <span class=\"_ _2\"></span>evidenziato <span class=\"_ _2\"></span>durante <span class=\"_ _2\"></span>periodi <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>crisi <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>contesti <span class=\"_ _2\"></span>geopolitici <span class=\"_ _2\"></span>(ad <span class=\"_ _2\"></span>esempio, <span class=\"_ _2\"></span>conflitti </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsf5e\">bellici). <span class=\"_ _2\"></span>Queste <span class=\"_ _2\"></span>valutazioni<span class=\"_ _1\"></span> <span class=\"_ _2\"></span>sulla <span class=\"_ _2\"></span>capacit\u00e0 <span class=\"_ _2\"></span>creditizia <span class=\"_ _2\"></span>di pagament<span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>cons<span class=\"_ _2\"></span>entono di <span class=\"_ _2\"></span>contestualizzare </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsf5f\">e graduare le azioni commerciali in modo dinamico.  <span class=\"fce sca\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsf60\">Inoltre, l'adozione<span class=\"_ _1\"></span> di me<span class=\"_ _1\"></span>todologie di Early Warning<span class=\"_ _1\"></span> sta progressiv<span class=\"_ _f\"></span>amente permettendo di su<span class=\"_ _1\"></span>perare </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsf61\">il tradizionale concetto <span class=\"_ _2\"></span>di scadenze<span class=\"_ _1\"></span> di <span class=\"_ _2\"></span>revisioni periodiche, orientandosi<span class=\"_ _2\"></span> verso logiche di r<span class=\"_ _2\"></span>evisione </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsf62\">di <span class=\"_ _2\"></span>merito <span class=\"_ _d\"></span>richieste <span class=\"_ _2\"></span>ad <span class=\"_ _2\"></span>evento, <span class=\"_ _2\"></span>ovvero <span class=\"_ _d\"></span>in <span class=\"_ _2\"></span>risposta <span class=\"_ _2\"></span>a <span class=\"_ _d\"></span>motivi <span class=\"_ _2\"></span>specifici <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>ischio <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>credito <span class=\"_ _2\"></span>at<span class=\"_ _2\"></span>teso <span class=\"_ _2\"></span>che </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsf63\">emergono nel corso dell'attivit\u00e0. </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsf64\">A  supporto  del  monitoraggio  del  rischio  di  credito,  il  consolidato  sistema <span class=\"_ _22\"> </span>di  early  warning <span class=\"_ _4\"> </span><span class=\"ls7e\">\u00e8 </span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gsf65\">integrato da<span class=\"_ _f\"></span> attivit\u00e0 d<span class=\"_ _1\"></span>i p<span class=\"_ _1\"></span>residio <span class=\"_ _f\"></span>rafforzato sull\u2019inte<span class=\"_ _1\"></span>ro portafoglio, <span class=\"_ _f\"></span>volte <span class=\"_ _1\"></span>a intercet<span class=\"_ _1\"></span>tare la<span class=\"_ _1\"></span> vu<span class=\"_ _1\"></span>lnerabilit\u00e0 </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsf66\">delle <span class=\"_ _2\"></span>contr<span class=\"_ _2\"></span>oparti <span class=\"_ _2\"></span>rispetto <span class=\"_ _d\"></span>ai <span class=\"_ _d\"></span>mutamenti <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>cont<span class=\"_ _2\"></span>esto <span class=\"_ _d\"></span>macroeconomico <span class=\"_ _2\"></span>e <span class=\"_ _d\"></span>geopolitico. <span class=\"_ _2\"></span>Tale <span class=\"_ _d\"></span>analisi </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsf67\">identifica i segmenti potenzialmente esposti a sho<span class=\"_ _2\"></span>ck deriv<span class=\"_ _1\"></span>anti dalla frammentazione delle catene </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsf68\">di approvvigionamento e dall<span class=\"_ _1\"></span>a volatilit\u00e0 dei costi di produzione.<span class=\"_ _2\"></span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsf69\">Nell'ultimo esercizio, <span class=\"_ _2\"></span>ad esempio, <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>presidio si \u00e8 <span class=\"_ _2\"></span>concentrato s<span class=\"_ _2\"></span>ulle<span class=\"_ _1\"></span> <span class=\"_ _2\"></span>controparti o<span class=\"_ _2\"></span>peranti<span class=\"_ _1\"></span> <span class=\"_ _2\"></span>nei settori </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsf6a\">manifatturieri <span class=\"_ _16\"> </span>export-oriented <span class=\"_ _16\"> </span>e <span class=\"_ _16\"> </span>nei <span class=\"_ _16\"> </span>comparti  e<span class=\"_ _f\"></span>nergi<span class=\"_ _2\"></span>vori <span class=\"_ _9\"> </span>ancor<span class=\"_ _2\"></span>a <span class=\"_ _16\"> </span>in <span class=\"_ _9\"> </span>fase  di <span class=\"_ _9\"> </span>tr<span class=\"_ _2\"></span>ansizione,<span class=\"_ _1\"></span>  quali <span class=\"_ _9\"> </span>l<span class=\"_ _2\"></span>a </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsf6b\">metallurgia <span class=\"_ _9\"> </span>e <span class=\"_ _16\"> </span>la <span class=\"_ _9\"> </span>ceramica, <span class=\"_ _9\"> </span>o<span class=\"_ _2\"></span>ltre <span class=\"_ _9\"> </span>al <span class=\"_ _9\"> </span>settore <span class=\"_ _16\"> </span>automotive, <span class=\"_ _9\"> </span>quest'ultimo <span class=\"_ _9\"> </span>particolarmente <span class=\"_ _16\"> </span>impattato<span class=\"_ _f\"></span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsf6c\">dalla <span class=\"_ _4\"> </span>t<span class=\"_ _2\"></span>rasformazione <span class=\"_ _4\"> </span>t<span class=\"_ _2\"></span>ecnologica <span class=\"_ _4\"> </span>e <span class=\"_ _17\"> </span>dalla <span class=\"_ _17\"> </span>ridefinizione <span class=\"_ _4\"> </span>delle <span class=\"_ _17\"> </span>rott<span class=\"_ _2\"></span>e <span class=\"_ _4\"> </span>commerciali <span class=\"_ _17\"> </span>internazionali<span class=\"_ _2\"></span><span class=\"sc2\">.<span class=\"fce sca\"> </span></span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsf6d\">Trimestra<span class=\"ff5\">lmente <span class=\"_ _1\"></span>viene <span class=\"_ _f\"></span>inoltre <span class=\"_ _f\"></span>presentato nel<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>comitato <span class=\"_ _f\"></span>Credit S<span class=\"_ _1\"></span>trategy <span class=\"_ _f\"></span>di <span class=\"_ _1\"></span>Gruppo, <span class=\"_ _f\"></span>il <span class=\"_ _f\"></span>\u201ct<span class=\"_ _2\"></span>ermogramma </span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gsf6e\">settoriale\u201d <span class=\"_ _d\"></span>che <span class=\"_ _d\"></span>integra <span class=\"_ _d\"></span>al <span class=\"_ _d\"></span>suo <span class=\"_ _d\"></span>interno <span class=\"_ _d\"></span>una <span class=\"_ _d\"></span>valutazione <span class=\"_ _d\"></span>dei <span class=\"_ _2\"></span>rischi <span class=\"_ _d\"></span>geop<span class=\"_ _2\"></span><span class=\"ff4\">olitici <span class=\"_ _2\"></span>e <span class=\"_ _0\"></span>del <span class=\"_ _d\"></span>loro <span class=\"_ _d\"></span>impatto <span class=\"_ _d\"></span>sui </span></div>singoli  settori.<span class=\"fce sca lsfc\">  </span>Con  r<span class=\"_ _2\"></span>iferimento  al  quadro  internazionale <span class=\"_ _22\"> </span>e <span class=\"_ _4\"> </span>al<span class=\"_ _1\"></span>l'escalation <span class=\"_ _4\"> </span>del  conflitto  in  Iran, scoppiato <span class=\"_ _4\"> </span>tra <span class=\"_ _4\"> </span>fine  febbraio <span class=\"_ _4\"> </span>ed <span class=\"_ _4\"> </span>inizio <span class=\"_ _4\"> </span>marzo <span class=\"_ _4\"> </span>2026, <span class=\"_ _4\"> </span>tale <span class=\"_ _4\"> </span>attivit\u00e0 <span class=\"_ _22\"> </span>di <span class=\"_ _4\"> </span>presidio <span class=\"_ _4\"> </span>rafforzato <span class=\"_ _4\"> </span>\u00e8 <span class=\"_ _4\"> </span>stata ulteriormente potenzi<span class=\"_ _1\"></span>ata al fine <span class=\"_ _1\"></span>di poter, i<span class=\"_ _1\"></span>n maniera pi<span class=\"_ _1\"></span>\u00f9 mirata, attenzionare <span class=\"_ _f\"></span>gli effetti sulla q<span class=\"_ _1\"></span>ualit\u00e0 del <span class=\"_ _0\"></span>portafoglio <span class=\"_ _9\"> </span>creditizio <span class=\"_ _9\"> </span>derivanti <span class=\"_ _9\"> </span>da <span class=\"_ _0\"></span>eventuali <span class=\"_ _0\"></span>s<span class=\"_ _2\"></span>hock <span class=\"_ _0\"></span>energetici, <span class=\"_ _9\"> </span>dalle <span class=\"_ _9\"> </span>dinamiche <span class=\"_ _0\"></span>inflattive <span class=\"_ _9\"> </span>e <span class=\"_ _9\"> </span>di politica monetaria e dalle eventuali ripercu<span class=\"_ _1\"></span>ssioni sulle catene di approvvigionamento.<span class=\"_ _2\"></span><span class=\"fce sca\"> </span>Il <span class=\"_ _2\"></span>Gruppo <span class=\"_ _2\"></span>ha <span class=\"_ _2\"></span>pienamente <span class=\"_ _2\"></span>integrato <span class=\"_ _2\"></span>nel <span class=\"_ _2\"></span>proprio <span class=\"_ _2\"></span>framework <span class=\"_ _2\"></span>operativo <span class=\"_ _2\"></span>le <span class=\"_ _2\"></span>linee <span class=\"_ _2\"></span>guida <span class=\"_ _2\"></span>EBA <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>mate<span class=\"_ _d\"></span>ria di  Loan  Orig<span class=\"_ _1\"></span>ination  and  Monitoring  (<span class=\"_ _1\"></span>LOM),  consolidand<span class=\"_ _1\"></span>o  l'aderenza  ai  requi<span class=\"_ _1\"></span>siti  di  governance, strategia <span class=\"_ _0\"></span>creditizia <span class=\"_ _0\"></span>e <span class=\"_ _0\"></span>architettura <span class=\"_ _9\"> </span>IT. <span class=\"_ _0\"></span>La <span class=\"_ _0\"></span>funzione <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>definizione <span class=\"_ _0\"></span>e <span class=\"_ _0\"></span>contr<span class=\"_ _2\"></span>ollo <span class=\"_ _d\"></span>dei <span class=\"_ _0\"></span>limiti <span class=\"_ _9\"> </span>di <span class=\"_ _0\"></span>rischio <span class=\"_ _0\"></span>\u00e8 presidiata <span class=\"_ _d\"></span>dallo <span class=\"_ _d\"></span>specifico <span class=\"_ _d\"></span>Com<span class=\"_ _2\"></span>itato <span class=\"_ _d\"></span>Crediti <span class=\"_ _d\"></span>di <span class=\"_ _0\"></span>Gruppo, <span class=\"_ _0\"></span>incaricato <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>s<span class=\"_ _2\"></span>tabilire <span class=\"_ _d\"></span>la <span class=\"_ _d\"></span>Soglia <span class=\"_ _0\"></span>di <span class=\"_ _d\"></span>Massima Esposizione <span class=\"_ _0\"></span>(SME). <span class=\"_ _0\"></span>Tale <span class=\"_ _0\"></span>soglia <span class=\"_ _0\"></span>rappresenta <span class=\"_ _0\"></span>il <span class=\"_ _0\"></span>cap <span class=\"_ _0\"></span>massimo <span class=\"_ _0\"></span>di <span class=\"_ _9\"> </span>rischio <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>credito <span class=\"_ _0\"></span>che <span class=\"_ _0\"></span>il <span class=\"_ _0\"></span>Gruppo <span class=\"_ _0\"></span>\u00e8 disposto <span class=\"_ _4\"> </span>ad <span class=\"_ _4\"> </span>assumere <span class=\"_ _22\"> </span>verso <span class=\"_ _4\"> </span>una <span class=\"_ _4\"> </span>singola <span class=\"_ _4\"> </span>controparte  o <span class=\"_ _4\"> </span>gruppi <span class=\"_ _4\"> </span>di  clienti <span class=\"_ _4\"> </span>connessi. <span class=\"_ _4\"> </span>Specifica disciplina \u00e8 prevista anche in ambito titoli La <span class=\"_ _d\"></span>determinazione<span class=\"_ _1\"></span> <span class=\"_ _d\"></span>della <span class=\"_ _2\"></span>S<span class=\"_ _2\"></span>ME <span class=\"_ _2\"></span>prende <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>primis <span class=\"_ _2\"></span>a <span class=\"_ _d\"></span>riferimento <span class=\"_ _d\"></span>il <span class=\"_ _d\"></span>Capitale<span class=\"_ _1\"></span> <span class=\"_ _d\"></span>Ammissibile <span class=\"_ _2\"></span>di <span class=\"_ _d\"></span>Gruppo <span class=\"_ _d\"></span>e <span class=\"_ _d\"></span>i limiti prudenziali di Vigilanza.<span class=\"fs4\"> </span>La <span class=\"_ _2\"></span>determinazione della SME segue in via prevalente la metodologia basata <span class=\"_ _d\"></span>s<span class=\"_ _2\"></span>ui <span class=\"_ _d\"></span>limiti <span class=\"_ _d\"></span>di <span class=\"_ _0\"></span>affidamento <span class=\"_ _0\"></span>del <span class=\"_ _d\"></span>R<span class=\"_ _2\"></span>egolamento <span class=\"_ _d\"></span>Crediti <span class=\"_ _0\"></span>di <span class=\"_ _d\"></span>Gruppo <span class=\"_ _0\"></span>correlati <span class=\"_ _0\"></span>al <span class=\"_ _d\"></span>rating, <span class=\"_ _0\"></span>approccio ritenuto pi\u00f9 <span class=\"_ _1\"></span>prudente e<span class=\"_ _1\"></span> coerente con<span class=\"_ _f\"></span> le dimensioni <span class=\"_ _1\"></span>del Grupp<span class=\"_ _1\"></span>o rispetto ai<span class=\"_ _1\"></span> massimali d<span class=\"_ _1\"></span>i Vigi<span class=\"_ _1\"></span>lanza. In tale  ambito, <span class=\"_ _16\"> </span>il <span class=\"_ _16\"> </span>Comitato  monitora <span class=\"_ _16\"> </span>e  rend<span class=\"_ _1\"></span>iconta  le <span class=\"_ _9\"> </span>posiz<span class=\"_ _2\"></span>ioni <span class=\"_ _16\"> </span>eccedenti  le <span class=\"_ _16\"> </span>soglie <span class=\"_ _16\"> </span>fissate,  fermo restando <span class=\"_ _2\"></span>che <span class=\"_ _d\"></span>il <span class=\"_ _2\"></span>superamento <span class=\"_ _2\"></span>della <span class=\"_ _2\"></span>Soglia <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>Massima <span class=\"_ _d\"></span>Esposizione<span class=\"_ _1\"></span> <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _d\"></span>qualificato <span class=\"_ _2\"></span>come <span class=\"_ _2\"></span>Operazione di <span class=\"_ _0\"></span>Maggior <span class=\"_ _9\"> </span>Rilievo <span class=\"_ _0\"> </span>ai <span class=\"_ _9\"> </span>sensi <span class=\"_ _9\"> </span>della <span class=\"_ _9\"> </span>Circolare <span class=\"_ _9\"> </span>285 <span class=\"_ _0\"></span>di <span class=\"_ _9\"> </span>Banca <span class=\"_ _9\"> </span>d\u2019Italia, <span class=\"_ _0\"></span>attivando <span class=\"_ _9\"> </span>i <span class=\"_ _9\"> </span>flussi <span class=\"_ _0\"></span>informativi <span class=\"_ _9\"> </span>e <span class=\"_ _0\"></span>i processi deliberativi rafforzati previ<span class=\"_ _1\"></span>sti dal sistema dei co<span class=\"_ _2\"></span>ntrolli interni. Il Gruppo Credem ha <span class=\"_ _2\"></span>individuato come presupposto per la gestione dei r<span class=\"_ _2\"></span>ischi in ottica consolidata l\u2019individuazione di organismi di<span class=\"_ _1\"></span> governo: <span class=\"_ _2\"></span><span class=\"ff4\"> </span>-<span class=\"_ _1b\"> </span><span class=\"ff4\">CA <span class=\"_ _2\"></span>della <span class=\"_ _2\"></span>Capogruppo: \u00e8 <span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>esponsabile<span class=\"_ _1\"></span> <span class=\"_ _2\"></span>della <span class=\"_ _2\"></span>definizione <span class=\"_ _2\"></span>delle <span class=\"_ _2\"></span>linee <span class=\"_ _2\"></span>generali <span class=\"_ _2\"></span>del governo <span class=\"_ _d\"></span>dei rischi <span class=\"_ _0\"></span><span class=\"ls7e\">e </span></span>di <span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>isk <span class=\"_ _2\"></span>appetite, <span class=\"_ _2\"></span>dell\u2019approvazione <span class=\"_ _d\"></span>della <span class=\"_ _2\"></span>normat<span class=\"_ _2\"></span>iva <span class=\"_ _2\"></span>interna <span class=\"_ _d\"></span>che <span class=\"_ _2\"></span>regolamenta <span class=\"_ _d\"></span>anche <span class=\"_ _2\"></span>le <span class=\"_ _d\"></span>strutture <span class=\"_ _2\"></span>di<span class=\"_ _df\"> </span>limiti specifiche;<span class=\"_ _df\"> </span>-<span class=\"_ _1b\"> </span><span class=\"ff4\">i <span class=\"_ _9\"> </span>CA <span class=\"_ _0\"></span>delle <span class=\"_ _9\"> </span>singole <span class=\"_ _9\"> </span>Societ\u00e0 <span class=\"_ _9\"> </span>recepiscono <span class=\"_ _9\"> </span>gli <span class=\"_ _0\"></span>obi<span class=\"_ _2\"></span>ettivi <span class=\"_ _0\"></span>assegnati <span class=\"_ _9\"> </span>dal <span class=\"_ _9\"> </span>CA <span class=\"_ _9\"> </span>della <span class=\"_ _0\"> </span>Ca<span class=\"_ _2\"></span>pogruppo <span class=\"_ _0\"></span>r<span class=\"_ _2\"></span>iferiti <span class=\"_ _0\"></span>a </span>mission e profilo di rischio;<span class=\"_ _df\"> </span>-<span class=\"_ _1b\"> </span><span class=\"ff4\">Comitato Esecutivo (di seguito CE): organo di gestione de<span class=\"_ _1\"></span>lla Capogruppo.<span class=\"_ _df\"> </span></span>Sono inoltre state costituite Funzioni<span class=\"_ _1\"></span> specialistiche all\u2019interno della Capogruppo ed in particolare:<span class=\"_ _df\"> </span>-<span class=\"_ _1b\"> </span><span class=\"ff4\">Comitato Consiliare Rischi e Sostenibilit\u00e0 di Gruppo (di<span class=\"_ _1\"></span> seguito anche Comitato Rischi);<span class=\"_ _df\"> </span></span>-<span class=\"_ _1b\"> </span><span class=\"ff4\">Comitato Risk Management;<span class=\"_ _df\"> </span></span>-<span class=\"_ _1b\"> </span><span class=\"ff5\">Funzione di Risk Management, all\u2019interno del Servizio Enterprise Risk Manage<span class=\"_ _1\"></span>ment (ERISK).<span class=\"_ _df\"> </span></span>La <span class=\"_ _f\"></span>Funzione <span class=\"_ _f\"></span>di <span class=\"_ _f\"></span>Risk M<span class=\"_ _1\"></span>anagement <span class=\"_ _1\"></span>\u00e8 <span class=\"_ _f\"></span>composta <span class=\"_ _1\"></span>oltre <span class=\"_ _f\"></span>che <span class=\"_ _f\"></span>dal <span class=\"_ _f\"></span>Team <span class=\"_ _f\"></span>Leader <span class=\"_ _1\"></span>di <span class=\"_ _f\"></span>Direzione <span class=\"_ _f\"></span>della <span class=\"_ _f\"></span>Fun<span class=\"_ _2\"></span>zione<span class=\"_ _df\"> </span>Risk Management (c.d. Risk Officer),<span class=\"_ _1\"></span> individuato <span class=\"_ _2\"></span>nel responsabile de<span class=\"_ _1\"></span>l Servizio ERISK, da:<span class=\"_ _df\"> </span>-<span class=\"_ _1b\"> </span><span class=\"ff4\">Team Modelli Rischi di Credito;<span class=\"_ _df\"> </span></span>-<span class=\"_ _1b\"> </span><span class=\"ff4\">Team Rating e Controlli Credito;<span class=\"_ _df\"> </span></span>-<span class=\"_ _1b\"> </span><span class=\"ff4\">Team Validazione;<span class=\"_ _df\"> </span></span>-<span class=\"_ _1b\"> </span><span class=\"ff4\">Team Governance, RAF, ESG e Operativi;<span class=\"_ _df\"> </span></span>-<span class=\"_ _1b\"> </span><span class=\"ff4\">Team Rischi Finanziari e Wealth;<span class=\"_ _df\"> </span></span>-<span class=\"_ _1b\"> </span><span class=\"ff4\">Information Security &amp; IT Risk Governance.<span class=\"_ _df\"> </span></span>A  livel<span class=\"_ _1\"></span>lo  di  portafoglio,  le <span class=\"_ _16\"> </span>analisi  period<span class=\"_ _1\"></span>iche  e  i<span class=\"_ _1\"></span>l  monitoraggio  sono <span class=\"_ _16\"> </span>svolte  dall<span class=\"_ _1\"></span>a  funzione <span class=\"_ _16\"> </span>Risk<span class=\"_ _df\"> </span>Management.<span class=\"_ _df\"> </span>Il Comitato Rischi svolge un ruolo di supporto <span class=\"_ _2\"></span><span class=\"ff5\">\u2013</span> che si esplica in una preventiva attivit\u00e0 consultiva,<span class=\"_ _df\"> </span>istruttoria <span class=\"_ _17\"> </span>e <span class=\"_ _14\"> </span>nella <span class=\"_ _17\"> </span>formulazione <span class=\"_ _17\"> </span>di <span class=\"_ _14\"> </span>proposte <span class=\"_ _17\"> </span>e <span class=\"_ _14\"> </span>pareri <span class=\"_ _14\"> </span><span class=\"ff5\">\u2013</span> <span class=\"_ _14\"> </span>al <span class=\"_ _14\"> </span>fine<span class=\"_ _1\"></span> <span class=\"_ _17\"> </span>di <span class=\"_ _14\"> </span>coadiuvare <span class=\"_ _17\"> </span>il <span class=\"_ _14\"> </span>Consiglio <span class=\"_ _17\"> </span>di Amministrazione nelle <span class=\"_ _2\"></span>sue valut<span class=\"_ _2\"></span>azioni e <span class=\"_ _2\"></span>decisioni r<span class=\"_ _2\"></span>elative<span class=\"_ _1\"></span> <span class=\"_ _2\"></span>alla gest<span class=\"_ _2\"></span>ione dei <span class=\"_ _2\"></span>rischi ed <span class=\"_ _2\"></span>in generale <span class=\"_ _2\"></span>al sistema dei controlli <span class=\"_ _1\"></span>interni, pe<span class=\"_ _1\"></span>r garantirne l\u2019ade<span class=\"_ _1\"></span>guatezza rispetto alle caratteristiche<span class=\"_ _1\"></span> dell\u2019impresa in <span class=\"_ _2\"></span>relazione <span class=\"_ _2\"></span><span class=\"ff5\">all\u2019evoluzione <span class=\"_ _d\"></span>dell\u2019organizzazione <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>dell\u2019operativit\u00e0, <span class=\"_ _d\"></span>nonch\u00e9 <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>contesto<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>normativo <span class=\"_ _2\"></span>di </span>riferimento. In <span class=\"_ _d\"></span>particolare, <span class=\"_ _0\"></span>la <span class=\"_ _d\"></span>funzione <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>Risk <span class=\"_ _d\"></span>Management <span class=\"_ _0\"></span>consente <span class=\"_ _d\"></span>a<span class=\"_ _2\"></span>l <span class=\"_ _d\"></span>Cons<span class=\"_ _2\"></span>iglio <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>Amministr<span class=\"_ _2\"></span>azione, <span class=\"_ _d\"></span>con <span class=\"_ _d\"></span>i<span class=\"_ _2\"></span>l supporto del Comitato <span class=\"_ _2\"></span>Rischi ed al <span class=\"_ _2\"></span>CA delle Societ\u00e0 (per la <span class=\"_ _2\"></span>parte di competenza) di <span class=\"_ _2\"></span>poter svolgere un\u2019adeguata attivit\u00e0 valutativa volta a delibe<span class=\"_ _1\"></span>rare:<span class=\"_ _df\"> </span>-<span class=\"_ _1b\"> </span><span class=\"ff4\">il <span class=\"_ _2\"></span>Risk <span class=\"_ _2\"></span>Appetite <span class=\"_ _2\"></span>Framework <span class=\"_ _2\"></span>(con <span class=\"_ _2\"></span>particolare riferimento <span class=\"_ _2\"></span>alla <span class=\"_ _2\"></span>valutazione <span class=\"_ _2\"></span>degli <span class=\"_ _2\"></span>obiettivi <span class=\"_ _2\"></span>di r<span class=\"_ _2\"></span>ischio e<span class=\"_ _df\"> </span></span>delle <span class=\"_ _2\"></span>soglie d<span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>tolleranza) as<span class=\"_ _2\"></span>sicurando <span class=\"_ _2\"></span>che l'att<span class=\"_ _2\"></span>uazione sia <span class=\"_ _2\"></span>co<span class=\"_ _2\"></span>erente <span class=\"_ _2\"></span>con <span class=\"_ _2\"></span>gli <span class=\"_ _2\"></span>obiettivi <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>rischio <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>le soglie di tolleranza approvate;<span class=\"_ _df\"> </span>-<span class=\"_ _1b\"> </span><span class=\"ff5\">l\u2019andamento <span class=\"_ _d\"></span>trimestrale <span class=\"_ _2\"></span>del <span class=\"_ _d\"></span>profilo <span class=\"_ _2\"></span>di <span class=\"_ _d\"></span>rischio <span class=\"_ _d\"></span>assunto <span class=\"_ _2\"></span>nel <span class=\"_ _d\"></span>suo <span class=\"_ _d\"></span>compl<span class=\"_ _1\"></span>esso <span class=\"_ _d\"></span>rispetto <span class=\"_ _2\"></span>agli <span class=\"_ _d\"></span>obiettivi <span class=\"_ _2\"></span>di </span>Risk <span class=\"_ _f\"></span>Appetite e<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>alle <span class=\"_ _1\"></span>soglie <span class=\"_ _1\"></span>di <span class=\"_ _f\"></span>toller<span class=\"_ _2\"></span>anza <span class=\"_ _f\"></span>relativamente <span class=\"_ _f\"></span>a tutti <span class=\"_ _f\"></span>gli i<span class=\"_ _1\"></span>ndicatori p<span class=\"_ _1\"></span>rev<span class=\"_ _2\"></span>isti <span class=\"_ _f\"></span>nel <span class=\"_ _1\"></span>RAF <span class=\"_ _1\"></span>di <span class=\"_ _f\"></span>Gruppo;<span class=\"_ _df\"> </span>-<span class=\"_ _1b\"> </span><span class=\"ff4\">il Piano di Recovery;<span class=\"_ _df\"> </span></span>i  criteri<span class=\"_ _1\"></span>  per <span class=\"_ _16\"> </span>indiv<span class=\"_ _1\"></span>iduare  le <span class=\"_ _9\"> </span>Operazioni  di <span class=\"_ _16\"> </span>Maggior <span class=\"_ _16\"> </span>Riliev<span class=\"_ _1\"></span>o  (OMR)  e<span class=\"_ _1\"></span>  approvare<span class=\"_ _f\"></span>  la <span class=\"_ _16\"> </span>rendicontazione<span class=\"_ _df\"> </span> annuale relativa;<span class=\"_ _df\"> </span>le <span class=\"_ _2\"></span>metodologie di <span class=\"_ _2\"></span>misurazione <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>controllo <span class=\"_ _2\"></span>dei <span class=\"_ _2\"></span>rischi <span class=\"_ _2\"></span>utilizzate <span class=\"_ _2\"></span>anch<span class=\"_ _1\"></span>e <span class=\"_ _2\"></span>ai <span class=\"_ _2\"></span>fini <span class=\"_ _2\"></span>del calcolo <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>ca<span class=\"_ _2\"></span>pitale<span class=\"_ _df\"> </span>interno e il perimetro dei rischi rile<span class=\"_ _1\"></span>vanti, nell\u2019ambito dei processi RAF, ICAAP e ILAAP.<span class=\"_ _df\"> </span>Il <span class=\"_ _2\"></span>2 <span class=\"_ _2\"></span>ot<span class=\"_ _2\"></span>tobre <span class=\"_ _2\"></span>2015 <span class=\"_ _d\"></span>la <span class=\"_ _2\"></span>Banca <span class=\"_ _d\"></span>d\u2019Italia <span class=\"_ _2\"></span>ha <span class=\"_ _2\"></span>autor<span class=\"_ _2\"></span>izzato <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>Gr<span class=\"_ _2\"></span>uppo <span class=\"_ _2\"></span>Credem <span class=\"_ _2\"></span>ad <span class=\"_ _2\"></span>utilizzare <span class=\"_ _d\"></span>dal <span class=\"_ _2\"></span>30 <span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>ettembre<span class=\"_ _df\"> </span> 2015 <span class=\"_ _4\"> </span>il <span class=\"_ _4\"> </span>metodo <span class=\"_ _4\"> </span>IRB <span class=\"_ _22\"> </span>Advanced <span class=\"_ _4\"> </span>(parametri <span class=\"_ _4\"> </span>PD, <span class=\"_ _4\"> </span>LGD, <span class=\"_ _4\"> </span>EAD) <span class=\"_ _4\"> </span>per <span class=\"_ _22\"> </span>la <span class=\"_ _17\"> </span>quantificazione <span class=\"_ _4\"> </span>del <span class=\"_ _4\"> </span>requisito<span class=\"_ _df\"> </span>patrimoniale  a  fronte  de<span class=\"_ _1\"></span>l  rischio  di  credito  de<span class=\"_ _1\"></span>i  clienti  rientranti  nella  funzione<span class=\"_ _1\"></span>  regolamentare<span class=\"_ _df\"> </span> Corporate <span class=\"_ _4\"> </span>e <span class=\"_ _4\"> </span>Retail  di <span class=\"_ _4\"> </span>Credito <span class=\"_ _4\"> </span>Emiliano <span class=\"_ _22\"> </span>e <span class=\"_ _4\"> </span>Credemleasing. <span class=\"_ _4\"> </span>Relativamente <span class=\"_ _4\"> </span>ai <span class=\"_ _4\"> </span>modell<span class=\"_ _1\"></span>i <span class=\"_ _4\"> </span>interni, <span class=\"_ _4\"> </span>la<span class=\"_ _df\"> </span> funzione <span class=\"_ _2\"></span>di <span class=\"_ _d\"></span>Risk <span class=\"_ _d\"></span>management <span class=\"_ _2\"></span>consente <span class=\"_ _d\"></span>al <span class=\"_ _d\"></span>CA, <span class=\"_ _d\"></span>con <span class=\"_ _2\"></span>il <span class=\"_ _d\"></span>supporto <span class=\"_ _2\"></span>del <span class=\"_ _d\"></span>Comitato <span class=\"_ _d\"></span>Rischi <span class=\"_ _2\"></span>ed <span class=\"_ _d\"></span>al CA <span class=\"_ _d\"></span>delle<span class=\"_ _df\"> </span> Societ\u00e0 <span class=\"ff5\">(per  la  p<span class=\"_ _1\"></span>arte  di  competenza)  di<span class=\"_ _1\"></span>  poter  svolgere  un\u2019adegu<span class=\"_ _1\"></span>ata  attivit\u00e0  valutativa  volta  a<span class=\"_ _df\"> </span></span><span class=\"ff5\"> </span>deliberare:<span class=\"_ _df\"> </span>-<span class=\"_ _1b\"> </span><span class=\"ff4\">la <span class=\"_ _9\"> </span>confor<span class=\"_ _2\"></span>mit\u00e0 <span class=\"_ _9\"> </span>dei <span class=\"_ _9\"> </span>modelli <span class=\"_ _9\"> </span>inter<span class=\"_ _2\"></span>ni <span class=\"_ _9\"> </span>ai <span class=\"_ _16\"> </span>dettami <span class=\"_ _9\"> </span>previsti <span class=\"_ _16\"> </span>dalla <span class=\"_ _9\"> </span>regolamentazione <span class=\"_ _9\"> </span>prudenziale <span class=\"_ _9\"> </span>p<span class=\"_ _2\"></span>revio<span class=\"_ _df\"> </span> </span>parere del Collegio Sindacale;<span class=\"_ _df\"> </span> -<span class=\"_ _1b\"> </span><span class=\"ff4\">i <span class=\"_ _d\"></span>parametri <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>ischio <span class=\"_ _2\"></span>relativi <span class=\"_ _2\"></span>ai <span class=\"_ _d\"></span>modelli <span class=\"_ _2\"></span>interni <span class=\"_ _d\"></span>utilizzati <span class=\"_ _2\"></span>previo <span class=\"_ _d\"></span>parere <span class=\"_ _d\"></span>preventivo <span class=\"_ _2\"></span>della <span class=\"_ _2\"></span>funzione <span class=\"_ _d\"></span>di<span class=\"_ _df\"> </span> </span>convalida.<span class=\"_ _df\"> </span>Inoltre il team Validazione:<span class=\"_ _df\"> </span>-<span class=\"_ _1b\"> </span><span class=\"ff5\">effettua <span class=\"_ _0\"></span>la <span class=\"_ _0\"></span>convalida <span class=\"_ _9\"> </span>dei <span class=\"_ _0\"></span>modelli <span class=\"_ _9\"> </span>interni <span class=\"_ _0\"></span>come <span class=\"_ _0\"></span>previsto<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>dal <span class=\"_ _0\"></span>Regolamento <span class=\"_ _0\"></span>\u201c<span class=\"_ _2\"></span><span class=\"ff4\">G<span class=\"_ _2\"></span>estione <span class=\"_ _0\"></span>del <span class=\"_ _0\"></span>Sistema<span class=\"_ _df\"> </span></span><span class=\"ff4\"> </span></span>Interno di Rating\u201d e dal Regolamento Risk Manageme<span class=\"_ _1\"></span>nt di Gruppo;<span class=\"_ _df\"> </span>-<span class=\"_ _1b\"> </span><span class=\"ff4\">effettua verifiche sulle attivit\u00e0 di controllo andamentale d<span class=\"_ _1\"></span>el credito.<span class=\"_ _df\"> </span></span>2.3 M<span class=\"_ _1\"></span>etod<span class=\"_ _1\"></span>i di m<span class=\"_ _f\"></span>isurazio<span class=\"_ _1\"></span>ne del<span class=\"_ _1\"></span>le p<span class=\"_ _1\"></span>erdit<span class=\"_ _1\"></span>e atte<span class=\"_ _1\"></span>se<span class=\"_ _df\"> </span> Come <span class=\"_ _d\"></span>gi\u00e0 <span class=\"_ _d\"></span>esposto <span class=\"_ _d\"></span>nella <span class=\"_ _d\"></span>parte <span class=\"_ _d\"></span>A, <span class=\"_ _d\"></span>il <span class=\"_ _d\"></span>principio <span class=\"_ _d\"></span>contabile <span class=\"_ _d\"></span>IFRS <span class=\"_ _d\"></span>9 <span class=\"_ _d\"></span>pre<span class=\"_ _2\"></span>vede <span class=\"_ _2\"></span>cr<span class=\"_ _2\"></span>iteri <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>misurazione <span class=\"_ _d\"></span>delle<span class=\"_ _df\"> </span> perdite attese che <span class=\"_ _2\"></span>sono articolati su tr<span class=\"_ _2\"></span>e livelli<span class=\"_ _1\"></span> crescenti <span class=\"_ _2\"></span>di deterioramento <span class=\"_ _2\"></span>creditizi<span class=\"_ _1\"></span>o. Gli <span class=\"_ _2\"></span>strumenti<span class=\"_ _df\"> </span> finanziari <span class=\"_ _0\"></span>sono <span class=\"_ _0\"></span>raggruppati <span class=\"_ _0\"></span>in <span class=\"_ _0\"></span>tre <span class=\"_ _9\"> </span>Stage <span class=\"_ _0\"></span>(categorie <span class=\"_ _0\"></span>o <span class=\"_ _0\"></span>bucket), <span class=\"_ _0\"></span>sulla <span class=\"_ _0\"></span>base <span class=\"_ _0\"></span>del <span class=\"_ _0\"></span>r<span class=\"_ _2\"></span>ischio <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>credito <span class=\"_ _0\"></span>e<span class=\"_ _df\"> </span> dell'incremento del rischio di credito tra la rilev<span class=\"_ _1\"></span>azione iniziale e la data di riferimento del bilancio.<span class=\"_ _df\"> </span><span class=\"_ _2\"></span> Nel dettaglio:<span class=\"_ _df\"> </span> -<span class=\"_ _1b\"> </span><span class=\"ff4\">Stage <span class=\"_ _d\"></span>1: <span class=\"_ _0\"></span>strumenti <span class=\"_ _d\"></span>finanziari <span class=\"_ _0\"></span>performing <span class=\"_ _d\"></span>che <span class=\"_ _d\"></span>non <span class=\"_ _0\"></span>hanno <span class=\"_ _d\"></span>subito <span class=\"_ _d\"></span>un <span class=\"_ _0\"></span>significativo <span class=\"_ _d\"></span>incremento <span class=\"_ _d\"></span>della<span class=\"_ _df\"> </span> </span>loro <span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>ischiosit\u00e0 <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>seguito <span class=\"_ _d\"></span>alla <span class=\"_ _d\"></span>rilev<span class=\"_ _1\"></span>azione<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>iniziale, <span class=\"_ _d\"></span>o <span class=\"_ _d\"></span>che <span class=\"_ _2\"></span>risultano <span class=\"_ _d\"></span>avere <span class=\"_ _2\"></span>una <span class=\"_ _d\"></span>bassa <span class=\"_ _2\"></span>rischiosit\u00e0 <span class=\"_ _d\"></span>alla<span class=\"_ _df\"> </span> data di mis<span class=\"_ _2\"></span>urazi<span class=\"_ _1\"></span>one (perimetro low <span class=\"_ _2\"></span>credit<span class=\"_ _1\"></span> risk). <span class=\"_ _2\"></span>In tal caso \u00e8 definita una rettifica <span class=\"_ _2\"></span>di valore pari alla<span class=\"_ _df\"> </span> perdita attesa entro i successivi 12 mesi de<span class=\"_ _1\"></span>lla vita residua dello strumento.<span class=\"_ _df\"> </span>-<span class=\"_ _1b\"> </span><span class=\"ff4\">Stage <span class=\"_ _d\"></span>2: <span class=\"_ _d\"></span>strumenti <span class=\"_ _d\"></span>finanziari <span class=\"_ _d\"></span>performing <span class=\"_ _d\"></span>che <span class=\"_ _d\"></span>hanno <span class=\"_ _d\"></span>subito <span class=\"_ _2\"></span>un <span class=\"_ _d\"></span>s<span class=\"_ _2\"></span>ig<span class=\"_ _1\"></span>nificativo <span class=\"_ _d\"></span>incremento <span class=\"_ _d\"></span>della <span class=\"_ _d\"></span>loro<span class=\"_ _df\"> </span> </span>rischiosit\u00e0 <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>seguito <span class=\"_ _d\"></span>alla <span class=\"_ _d\"></span>rilevazione <span class=\"_ _d\"></span>iniziale <span class=\"_ _d\"></span>e <span class=\"_ _d\"></span>che <span class=\"_ _d\"></span>non <span class=\"_ _0\"></span>risultano <span class=\"_ _d\"></span>avere <span class=\"_ _d\"></span>una <span class=\"_ _d\"></span>bassa <span class=\"_ _d\"></span>rischiosit\u00e0 <span class=\"_ _0\"></span>alla<span class=\"_ _df\"> </span> data <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>misurazione. <span class=\"_ _d\"></span>In <span class=\"_ _d\"></span>tal <span class=\"_ _d\"></span>caso <span class=\"_ _d\"></span>\u00e8 <span class=\"_ _d\"></span>definita <span class=\"_ _d\"></span>una <span class=\"_ _d\"></span>rett<span class=\"_ _2\"></span>ifica <span class=\"_ _2\"></span>di <span class=\"_ _d\"></span>valore <span class=\"_ _d\"></span>p<span class=\"_ _2\"></span><span class=\"ff5\">ari <span class=\"_ _d\"></span>alla <span class=\"_ _d\"></span>perdita <span class=\"_ _d\"></span>at<span class=\"_ _2\"></span>tesa <span class=\"_ _d\"></span>nell\u2019<span class=\"_ _1\"></span>arco<span class=\"_ _df\"> </span></span><span class=\"ff5\"> </span>dell\u2019intera <span class=\"_ _f\"></span>vita <span class=\"_ _f\"></span>residua <span class=\"_ _f\"></span>dello stru<span class=\"_ _1\"></span>mento <span class=\"_ _f\"></span>(perdita <span class=\"_ _f\"></span>att<span class=\"_ _2\"></span>esa <span class=\"_ _f\"></span>sulla <span class=\"_ _f\"></span>vita <span class=\"_ _f\"></span>residua \u2013<span class=\"ff4\"> <span class=\"_ _f\"></span>lifetime <span class=\"_ _f\"></span>expected <span class=\"_ _f\"></span>losses).<span class=\"_ _df\"> </span></span>-<span class=\"_ _1b\"> </span><span class=\"ff4\">Stage 3: strumenti fi<span class=\"_ _1\"></span>nanziari deteriorati, che <span class=\"_ _1\"></span>mostrano oggettive e<span class=\"_ _1\"></span>videnze di una <span class=\"_ _1\"></span>perdita di v<span class=\"_ _1\"></span>alore.<span class=\"_ _df\"> </span> </span>La <span class=\"_ _0\"></span>rettifica <span class=\"_ _0\"></span>di <span class=\"_ _9\"> </span>valore <span class=\"_ _0\"></span>\u00e8 <span class=\"_ _0\"></span>definita <span class=\"_ _9\"> </span>analiticamente <span class=\"_ _0\"></span>e <span class=\"_ _0\"></span>copre <span class=\"_ _0\"></span>la <span class=\"_ _9\"> </span>perdita <span class=\"_ _9\"> </span>attesa <span class=\"_ _0\"></span>nell'arco <span class=\"_ _0\"> </span>dell'intera <span class=\"_ _0\"></span>vita<span class=\"_ _df\"> </span> residua del credito (perdi<span class=\"_ _1\"></span>ta attesa <span class=\"_ _2\"></span>sulla vita residua <span class=\"ff5\">\u2013</span> lifetime expected losses).<span class=\"_ _df\"> </span>-<span class=\"_ _1b\"> </span><span class=\"ff4\">In  ge<span class=\"_ _1\"></span>nerale  le <span class=\"_ _16\"> </span>regole  d<span class=\"_ _1\"></span>i  allocazione <span class=\"_ _16\"> </span>nei <span class=\"_ _16\"> </span>tre  Stage <span class=\"_ _16\"> </span>definite <span class=\"_ _16\"> </span>dal  Grup<span class=\"_ _1\"></span>po  Crede<span class=\"_ _1\"></span>m,  si <span class=\"_ _16\"> </span>fondano  sui<span class=\"_ _df\"> </span> </span>principali <span class=\"_ _15\"> </span>elementi <span class=\"_ _e\"> </span>forniti <span class=\"_ _e\"> </span>dal <span class=\"_ _15\"> </span>sistema <span class=\"_ _e\"> </span>di <span class=\"_ _15\"> </span>rating <span class=\"_ _e\"> </span>interno <span class=\"_ _15\"> </span>nonch\u00e9 <span class=\"_ _15\"> </span>sui <span class=\"_ _e\"> </span>principali <span class=\"_ _15\"> </span>indicatori <span class=\"_ _e\"> </span>di<span class=\"_ _df\"> </span> deterioramento creditizio monitorati dal Grupp<span class=\"_ _1\"></span>o Credem per la gestione del rischio.<span class=\"_ _df\"> </span> Il <span class=\"_ _0\"></span>Gruppo <span class=\"_ _0\"></span>identifica <span class=\"_ _0\"></span>la <span class=\"_ _0\"></span>presenza <span class=\"_ _9\"> </span>di <span class=\"_ _0\"></span>un <span class=\"_ _0\"></span>significativo <span class=\"_ _0\"></span>incremento <span class=\"_ _0\"></span>del <span class=\"_ _0\"></span>r<span class=\"_ _2\"></span>ischio <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>cr<span class=\"_ _2\"></span>edito <span class=\"_ _0\"></span>(SICR)<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>nella<span class=\"_ _df\"> </span> rilevazione di un de<span class=\"_ _1\"></span>terioramento di almeno 2 classi nel rating del<span class=\"_ _1\"></span>la controparte dal momento de<span class=\"_ _1\"></span>lla<span class=\"_ _df\"> </span> rilevazione <span class=\"_ _4\"> </span>iniziale. <span class=\"_ _4\"> </span>Se <span class=\"_ _4\"> </span>la <span class=\"_ _4\"> </span>controparte <span class=\"_ _4\"> </span>\u00e8 <span class=\"_ _4\"> </span>un <span class=\"_ _4\"> </span>Impresa <span class=\"_ _4\"> </span>operante <span class=\"_ _4\"> </span>in <span class=\"_ _4\"> </span>s<span class=\"_ _2\"></span>ettori <span class=\"_ _4\"> </span>ad <span class=\"_ _4\"> </span>elev<span class=\"_ _1\"></span>ata <span class=\"_ _4\"> </span>intensit\u00e0<span class=\"_ _df\"> </span> carbonica, <span class=\"_ _2\"></span>per <span class=\"_ _d\"></span>fattorizzare <span class=\"_ _2\"></span>nella <span class=\"_ _d\"></span>misurazione <span class=\"_ _2\"></span>del <span class=\"_ _d\"></span>SICR <span class=\"_ _2\"></span>gli <span class=\"_ _d\"></span>effetti <span class=\"_ _2\"></span>prospettici <span class=\"_ _d\"></span>dei <span class=\"_ _2\"></span>rischi <span class=\"_ _2\"></span>climatici, <span class=\"_ _0\"></span>la<span class=\"_ _df\"> </span> soglia <span class=\"_ _d\"></span>di <span class=\"_ _0\"></span>rilevazione <span class=\"_ _d\"></span>del <span class=\"_ _d\"></span>SICR <span class=\"_ _0\"></span>\u00e8 <span class=\"_ _d\"></span>modificata <span class=\"_ _0\"></span>a <span class=\"_ _d\"></span>un <span class=\"_ _0\"></span>deterioramento <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>almeno <span class=\"_ _0\"></span>1 <span class=\"_ _d\"></span>classe <span class=\"_ _0\"></span>di <span class=\"_ _d\"></span>rating.<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>Nel<span class=\"_ _df\"> </span> contempo le <span class=\"_ _1\"></span>classi di<span class=\"_ _1\"></span> rating as<span class=\"_ _1\"></span>similabili alla <span class=\"_ _1\"></span>categoria \u201cinve<span class=\"_ _1\"></span>stment<span class=\"_ _2\"></span><span class=\"ff4\">-</span>grade\u201d sono<span class=\"_ _1\"></span> consi<span class=\"ff4\">derate <span class=\"_ _1\"></span>profili<span class=\"_ _df\"> </span></span><span class=\"ff4\"> </span>di <span class=\"_ _d\"></span>bassa <span class=\"_ _d\"></span>r<span class=\"_ _2\"></span>ischiosit\u00e0; <span class=\"_ _d\"></span>le <span class=\"_ _d\"></span>esposizioni <span class=\"_ _d\"></span>che, <span class=\"_ _d\"></span>alla <span class=\"_ _0\"></span>data <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>misurazione, <span class=\"_ _0\"></span>rientrano <span class=\"_ _d\"></span>in <span class=\"_ _0\"></span>tali <span class=\"_ _d\"></span>categorie <span class=\"_ _d\"></span>sono<span class=\"_ _df\"> </span> classificate <span class=\"_ _14\"> </span>dall\u2019applicativo <span class=\"_ _15\"> </span>interno <span class=\"_ _15\"> </span>di <span class=\"_ _15\"> </span>riferimento <span class=\"_ _15\"> </span>in <span class=\"_ _15\"> </span>Stage <span class=\"_ _15\"> </span>1, <span class=\"_ _15\"> </span>senza <span class=\"_ _15\"> </span>necessit\u00e0 <span class=\"_ _14\"> </span>di <span class=\"_ _15\"> </span>verificare<span class=\"_ _df\"> </span> l\u2019eventuale <span class=\"_ _f\"></span>deterioramento del <span class=\"_ _f\"></span>merito <span class=\"_ _1\"></span>crediti<span class=\"ff4\">zio i<span class=\"_ _1\"></span>ntervenuto <span class=\"_ _f\"></span>a segu<span class=\"_ _1\"></span>ito d<span class=\"_ _1\"></span>ella <span class=\"_ _f\"></span>r<span class=\"_ _2\"></span>ilevazione <span class=\"_ _f\"></span>iniziale <span class=\"_ _f\"></span>(<span class=\"_ _2\"></span>c.d.<span class=\"_ _df\"> </span></span><span class=\"ff4\"> </span>low credit risk exemption).<span class=\"_ _df\"> </span> Inoltre <span class=\"_ _2\"></span>l\u2019inserimento <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>rapporto <span class=\"_ _2\"></span>nella <span class=\"_ _2\"></span>lista <span class=\"_ _2\"></span>dei <span class=\"_ _2\"></span>clienti <span class=\"_ _2\"></span>sotto<span class=\"_ _2\"></span> osservazione <span class=\"_ _2\"></span>perch\u00e9 <span class=\"_ _2\"></span>valutati <span class=\"_ _2\"></span>come <span class=\"_ _d\"></span>a<span class=\"_ _df\"> </span> maggior  rischio  di  deteriorament<span class=\"_ _2\"></span>o  (cd.  Watchlist),  la  presenza  di  m<span class=\"_ _2\"></span>isure  di <span class=\"_ _22\"> </span>for<span class=\"_ _2\"></span>bearance  o  di<span class=\"_ _df\"> </span> scaduto <span class=\"_ _0\"></span>continuativo <span class=\"_ _d\"></span>di <span class=\"_ _0\"></span>oltre <span class=\"_ _0\"></span>30 <span class=\"_ _9\"> </span>giorni <span class=\"_ _0\"></span>sono <span class=\"_ _d\"></span>considerati <span class=\"_ _0\"></span>segnali <span class=\"_ _0\"></span>oggettivi <span class=\"_ _d\"></span>d<span class=\"_ _2\"></span>i <span class=\"_ _d\"></span>deterioramento <span class=\"_ _0\"> </span>del<span class=\"_ _df\"> </span> merito <span class=\"_ _d\"></span>creditizio: <span class=\"_ _d\"></span>pertanto <span class=\"_ _d\"></span>gli <span class=\"_ _d\"></span>str<span class=\"_ _2\"></span>umenti <span class=\"_ _2\"></span>finanziari <span class=\"_ _d\"></span>c<span class=\"_ _2\"></span>he <span class=\"_ _2\"></span>pres<span class=\"_ _2\"></span>entano <span class=\"_ _d\"></span>tali <span class=\"_ _d\"></span>evidenze <span class=\"_ _d\"></span>sono <span class=\"_ _d\"></span>classificati<span class=\"_ _df\"> </span> direttamente <span class=\"_ _4\"> </span>in <span class=\"_ _4\"> </span>Stage <span class=\"_ _4\"> </span>2 <span class=\"_ _4\"> </span>senza <span class=\"_ _4\"> </span>valutare <span class=\"_ _17\"> </span>la <span class=\"_ _4\"> </span>contestuale <span class=\"_ _4\"> </span>presenza <span class=\"_ _4\"> </span>o <span class=\"_ _4\"> </span>meno <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>un <span class=\"_ _4\"> </span>significativo<span class=\"_ _df\"> </span> incremento <span class=\"_ _4\"> </span>del <span class=\"_ _4\"> </span>r<span class=\"_ _2\"></span>ischio <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>credito <span class=\"_ _17\"> </span>n\u00e9 <span class=\"_ _4\"> </span>tanto <span class=\"_ _17\"> </span>meno <span class=\"_ _4\"> </span>l\u2019aderenza <span class=\"_ _4\"> </span>ad <span class=\"_ _17\"> </span>un <span class=\"_ _17\"> </span>profilo <span class=\"_ _4\"> </span>ritenuto <span class=\"_ _17\"> </span>a <span class=\"_ _4\"> </span>bassa<span class=\"_ _df\"> </span> rischiosit\u00e0.<span class=\"_ _df\"> </span><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gsfaa\">Per <span class=\"_ _0\"></span>l\u2019identificazione <span class=\"_ _9\"> </span>dei <span class=\"_ _0\"> </span>cr<span class=\"_ _2\"></span>editi <span class=\"_ _0\"></span>deteriorati, <span class=\"_ _9\"> </span>e <span class=\"_ _0\"></span>la <span class=\"_ _9\"> </span>loro <span class=\"_ _9\"> </span>allocazione <span class=\"_ _0\"></span>nel <span class=\"_ _9\"> </span>bucket <span class=\"_ _0\"></span>di <span class=\"_ _9\"> </span>rischio <span class=\"_ _9\"> </span>Stage<span class=\"_ _2\"></span><span class=\"ff4\"> <span class=\"_ _9\"> </span>3, <span class=\"_ _9\"> </span>il<span class=\"_ _df\"> </span></span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsfab\">Gruppo <span class=\"_ _4\"> </span>Credem <span class=\"_ _4\"> </span>fa <span class=\"_ _4\"> </span>riferimento <span class=\"_ _4\"> </span>alla <span class=\"_ _4\"> </span>definizione <span class=\"_ _4\"> </span>interna <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>credito <span class=\"_ _4\"> </span>deteriorato <span class=\"_ _17\"> </span>disciplinata <span class=\"_ _4\"> </span>nel </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gsfac\">regolamento <span class=\"_ _f\"></span>\u201cPolicy di<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>gruppo <span class=\"_ _f\"></span>Crediti\u201d. <span class=\"_ _1\"></span>Tale <span class=\"_ _f\"></span>regolamento spe<span class=\"_ _1\"></span>cifica <span class=\"_ _f\"></span>che sono <span class=\"_ _f\"></span>considerate <span class=\"_ _f\"></span>\u201cdefault\u201d<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsfae\">le <span class=\"_ _d\"></span>categorie <span class=\"_ _d\"></span>di <span class=\"_ _0\"></span>crediti <span class=\"_ _d\"></span>deteriorati <span class=\"_ _d\"></span>in <span class=\"_ _0\"></span>conformit\u00e0 <span class=\"_ _d\"></span>a <span class=\"_ _d\"></span>quanto<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>previsto <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>materia <span class=\"_ _0\"></span>dalle <span class=\"_ _d\"></span>disposizioni <span class=\"_ _d\"></span>di </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gsfaf\">Vigilanza <span class=\"_ _d\"></span>d<span class=\"_ _2\"></span>ella <span class=\"_ _d\"></span>Banca <span class=\"_ _0\"></span>d\u2019Italia <span class=\"_ _0\"></span>(Ci<span class=\"_ _2\"></span>rcolare <span class=\"_ _0\"></span>n. <span class=\"_ _d\"></span>272 <span class=\"_ _0\"></span>30<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>luglio <span class=\"_ _0\"></span>2008 <span class=\"_ _0\"></span>\u201cMatrice <span class=\"_ _0\"></span>dei <span class=\"_ _0\"></span>conti\u201d, <span class=\"_ _0\"></span>Sez. <span class=\"_ _0\"></span>B <span class=\"_ _0\"></span>Cap. <span class=\"_ _0\"></span>II, </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gsfb0\">\u201cQualit\u00e0 <span class=\"_ _0\"></span>del <span class=\"_ _0\"></span>credito\u201d, <span class=\"_ _0\"> </span>1<span class=\"_ _2\"></span>6\u00b0 <span class=\"_ _0\"></span>aggiornamento <span class=\"_ _0\"></span>del <span class=\"_ _0\"></span>2 <span class=\"_ _0\"></span>novembre <span class=\"_ _0\"></span>2022)<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>dove <span class=\"_ _0\"></span>sono <span class=\"_ _9\"> </span>elencati <span class=\"_ _0\"></span>i <span class=\"_ _0\"></span>criteri <span class=\"_ _0\"></span>e <span class=\"_ _9\"> </span>le </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsfb1\">caratteristiche <span class=\"_ _4\"> </span>richiesti <span class=\"_ _4\"> </span>per <span class=\"_ _4\"> </span>ogni <span class=\"_ _4\"> </span>categoria. <span class=\"_ _4\"> </span>La <span class=\"_ _4\"> </span>definizione <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>default <span class=\"_ _4\"> </span>comprende <span class=\"_ _4\"> </span>le <span class=\"_ _4\"> </span>seguenti </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gsfb2\">categorie, che rappresentano stati di \u201cdefault\u201d di severit\u00e0 crescente:<span class=\"ff4\"> </span></div><div class=\"t m0 h5 ff13 fs1 fc1 sc0 ls0 ws0 gsfb3\">-<span class=\"_ _1b\"> </span><span class=\"ff4\">esposizioni scadute e/o sconfinanti deteriorate (PS);<span class=\"_ _df\"> </span></span></div><div class=\"t m0 h5 ff13 fs1 fc1 sc0 ls0 ws0 gsfb4\">-<span class=\"_ _1b\"> </span><span class=\"ff4\">inadempienze probabili (IP);<span class=\"_ _df\"> </span></span></div><div class=\"t m0 h5 ff13 fs1 fc1 sc0 ls0 ws0 gsfb5\">-<span class=\"_ _1b\"> </span><span class=\"ff4\">sofferenze (Z).<span class=\"_ _df\"> </span></span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsfb6\">Per g<span class=\"_ _1\"></span>li <span class=\"ff5\">st<span class=\"_ _1\"></span>rumenti fi<span class=\"_ _1\"></span>nanziari all<span class=\"_ _1\"></span>ocati in <span class=\"_ _f\"></span>Stage 3, <span class=\"_ _f\"></span>le <span class=\"_ _f\"></span>r<span class=\"_ _2\"></span>ettifiche <span class=\"_ _f\"></span>di valore <span class=\"_ _f\"></span>sono defini<span class=\"_ _1\"></span>te su <span class=\"_ _f\"></span>base \u201cesperta\u201d<span class=\"ff4\">, </span></span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsfb7\">ad <span class=\"_ _9\"> </span>esclusione <span class=\"_ _0\"> </span>d<span class=\"_ _2\"></span>elle <span class=\"_ _9\"> </span>posizioni <span class=\"_ _0\"> </span>s<span class=\"_ _2\"></span>cadute <span class=\"_ _0\"></span>deteriorate <span class=\"_ _16\"> </span>e <span class=\"_ _0\"> </span>delle <span class=\"_ _9\"> </span>posizioni <span class=\"_ _9\"> </span>classificate <span class=\"_ _9\"> </span>a <span class=\"_ _16\"> </span>sofferenza <span class=\"_ _0\"></span>ed<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsfb8\">inadempienza <span class=\"_ _2\"></span>probabile <span class=\"_ _d\"></span>di <span class=\"_ _2\"></span>valore <span class=\"_ _d\"></span>inferiore <span class=\"_ _d\"></span>a <span class=\"_ _d\"></span>25 <span class=\"_ _d\"></span>mila <span class=\"_ _2\"></span>euro<span class=\"_ _2\"></span><span class=\"ls1a\">in</span> <span class=\"_ _2\"></span><span class=\"ff5\">r<span class=\"_ _2\"></span>elazione<span class=\"_ _1\"></span> <span class=\"_ _d\"></span>alle <span class=\"_ _2\"></span>evidenze <span class=\"_ _d\"></span>dell\u2019attivit\u00e0 <span class=\"_ _d\"></span>di </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsfb9\">gestione e recupero dei crediti deteriorati: per ciascun credito anomalo/deteriorato, \u00e8 identificata </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsfba\">una <span class=\"_ _f\"></span>percentuale <span class=\"_ _1\"></span>di <span class=\"_ _f\"></span>copertura idone<span class=\"_ _1\"></span>a <span class=\"_ _f\"></span>a rappresentare <span class=\"_ _f\"></span>le <span class=\"_ _1\"></span>perdite <span class=\"_ _f\"></span>attese <span class=\"_ _1\"></span>nella <span class=\"_ _f\"></span>vita resid<span class=\"_ _1\"></span>ua <span class=\"_ _f\"></span>del <span class=\"_ _1\"></span>credito, </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsfbb\">in r<span class=\"_ _2\"></span>elazion<span class=\"ff5\">e all\u2019analisi di <span class=\"_ _2\"></span>caratteristiche <span class=\"_ _2\"></span>rilevanti quali: <span class=\"_ _2\"></span>tipologia di <span class=\"_ _2\"></span>prodotto <span class=\"_ _2\"></span>creditizio, ammontare<span class=\"_ _df\"> </span></span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gsfbc\">dell\u2019esposizione creditizia, anzianit\u00e0 dello stato di de<span class=\"_ _1\"></span>terioramento, presenza o meno di garanzia a </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gsfbd\">supporto (tipologia di garanzia e liv<span class=\"_ _1\"></span>ello di copertura \u201cloan t<span class=\"_ _2\"></span>o value\u201d).<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsfbe\">In <span class=\"_ _d\"></span>particolare, <span class=\"_ _0\"></span>il <span class=\"_ _d\"></span>Gruppo <span class=\"_ _d\"></span>ritiene <span class=\"_ _d\"></span>che <span class=\"_ _0\"></span>un <span class=\"_ _d\"></span>periodo <span class=\"_ _d\"></span>pro<span class=\"_ _2\"></span>lungato <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>stato <span class=\"_ _d\"></span>di <span class=\"_ _0\"></span>non <span class=\"_ _d\"></span>performing <span class=\"_ _0\"></span>loan <span class=\"_ _d\"></span>(NPL) </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsfbf\">aumenta <span class=\"_ _0\"></span>la <span class=\"_ _0\"></span>perdita <span class=\"_ _0\"></span>attesa <span class=\"_ _9\"> </span>e <span class=\"_ _d\"></span>pu\u00f2 <span class=\"_ _9\"> </span>influire <span class=\"_ _d\"></span>s<span class=\"_ _2\"></span>ul <span class=\"_ _0\"></span>valore <span class=\"_ _0\"></span>delle <span class=\"_ _d\"></span>gar<span class=\"_ _2\"></span>anzi<span class=\"_ _1\"></span>e. <span class=\"_ _0\"></span>La <span class=\"_ _0\"></span>data <span class=\"_ _9\"> </span>di <span class=\"_ _0\"></span>ingresso <span class=\"_ _0\"></span>a <span class=\"_ _0\"></span>default<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsfc0\">ininterrotto \u00e8 quindi identificata come indicatore chiave del deterioramento del credito.<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsfc1\">Sugli strumenti finanziari allocati in <span class=\"_ _2\"></span>Stage 1 e 2, la determinazione delle perdite <span class=\"_ _2\"></span>attese avviene per </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsfc2\">categorie di crediti omogenee in termini di rischio di credito. In particolare, a ciascuna attivit\u00e0 con </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsfc3\">caratteristiche simili in termini di rischio di credito, sono associa<span class=\"_ _1\"></span>te:<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff13 fs1 fc1 sc0 ls0 ws0 gsfc4\">-<span class=\"_ _1b\"> </span><span class=\"ff5\">una probabilit\u00e0 di inadempienza (PD, \u201cProbabili<span class=\"_ _1\"></span>t\u00e0 di Default\u201d);<span class=\"_ _df\"> </span></span></div><div class=\"t m0 h5 ff13 fs1 fc1 sc0 ls0 ws0 gsfc5\">-<span class=\"_ _1b\"> </span><span class=\"ff5\">una perdita in caso di inadempi<span class=\"_ _1\"></span>enza (LGD, \u201cLoss Given Default\u201d) commisurata anche<span class=\"_ _1\"></span> alla tipologia </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsfc6\">di finanziamento, ossia alla forma tecnica, alla tipologia di garanzia o ad altri fattori rilev<span class=\"_ _1\"></span>anti;<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff13 fs1 fc1 sc0 ls0 ws0 gsfc7\">-<span class=\"_ _1b\"> </span><span class=\"ff5\">una esposizione in caso di inadempienza (EAD, \u201cExposure at default\u201d)<span class=\"_ _df\"> </span></span></div><div class=\"t m0 h5 ff13 fs1 fc1 sc0 ls0 ws0 gsfc8\">-<span class=\"_ _1b\"> </span><span class=\"ff4\">una scadenza stimata nel caso di esposizione<span class=\"_ _1\"></span> senza scadenza contr<span class=\"_ _2\"></span>attuale (M<span class=\"_ _1\"></span>aturity).<span class=\"_ _df\"> </span></span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsfc9\">In <span class=\"_ _2\"></span>generale, <span class=\"_ _2\"></span>i <span class=\"_ _d\"></span>parametri <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>ris<span class=\"_ _2\"></span>chio <span class=\"_ _2\"></span>adottati <span class=\"_ _2\"></span>dal <span class=\"_ _2\"></span>Gruppo <span class=\"_ _d\"></span>per <span class=\"_ _2\"></span>determinare <span class=\"_ _2\"></span>le <span class=\"_ _2\"></span>rettifiche <span class=\"_ _2\"></span>di <span class=\"_ _d\"></span>valore <span class=\"_ _2\"></span>sono </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsfca\">basati <span class=\"_ _d\"></span>sulle <span class=\"_ _0\"></span>medesime <span class=\"_ _d\"></span>ipotesi <span class=\"_ _d\"></span>e <span class=\"_ _0\"></span>tecniche <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>st<span class=\"_ _2\"></span>ima <span class=\"_ _d\"></span>dei <span class=\"_ _d\"></span>modelli <span class=\"_ _0\"></span>interni, <span class=\"_ _d\"></span>nella <span class=\"_ _d\"></span>vers<span class=\"_ _2\"></span>ione <span class=\"_ _d\"></span>pi\u00f9 <span class=\"_ _d\"></span>recente<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gsfcb\">condivisa <span class=\"_ _2\"></span>(o <span class=\"_ _d\"></span>comunque<span class=\"_ _1\"></span> <span class=\"_ _2\"></span>in <span class=\"_ _d\"></span>corso <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>condivisione) <span class=\"_ _2\"></span>con <span class=\"_ _d\"></span>l\u2019autorit\u00e0 <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>vigilanza, <span class=\"_ _2\"></span>per <span class=\"_ _d\"></span>la <span class=\"_ _2\"></span>quan<span class=\"_ _2\"></span><span class=\"ff4\">tificazione </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsfcc\">del requi<span class=\"_ _1\"></span>sito patrimoniale a fronte del rischio di<span class=\"_ _f\"></span> <span class=\"_ _2\"></span>credito con met<span class=\"_ _1\"></span>odologia IRB Adv<span class=\"_ _1\"></span>anced (parametri </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsfcd\">PD, LGD, EAD)<span class=\"_ _1\"></span>. A differenza di <span class=\"_ _1\"></span>questi ultimi che sono de<span class=\"_ _1\"></span>finiti tramite un <span class=\"_ _1\"></span>approccio di media lu<span class=\"_ _1\"></span>ngo il </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gsfce\">ciclo <span class=\"_ _14\"> </span>(\u201ctr<span class=\"_ _2\"></span>uogh<span class=\"ff4\">-the-</span>cycle<span class=\"_ _1\"></span>\u201d) <span class=\"_ _15\"> </span>e <span class=\"_ _15\"> </span>di <span class=\"_ _15\"> </span>inclusione <span class=\"_ _14\"> </span><span class=\"ff4\">d<span class=\"_ _2\"></span>i <span class=\"_ _14\"> </span>condizioni <span class=\"_ _15\"> </span>macroeconomiche <span class=\"_ _15\"> </span>sfavorevoli <span class=\"_ _14\"> </span>(fase </span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gsfcf\">recessiva <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>\u201cdownturn\u201d), <span class=\"_ _0\"></span>i <span class=\"_ _9\"> </span>parametri <span class=\"_ _0\"></span>adottati <span class=\"_ _0\"></span>per <span class=\"_ _0\"></span>la <span class=\"_ _0\"></span>determinazione <span class=\"_ _0\"></span>delle <span class=\"_ _0\"></span>rettifiche <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>valore <span class=\"_ _0\"> </span>ai </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gsfd0\">sensi <span class=\"_ _f\"></span>dell\u2019IFRS <span class=\"_ _1\"></span>9, <span class=\"_ _f\"></span>sono fondati <span class=\"_ _f\"></span>su <span class=\"_ _f\"></span>una logi<span class=\"_ _1\"></span>ca <span class=\"_ _1\"></span>puntuale <span class=\"_ _f\"></span>(c.d. <span class=\"_ _f\"></span>\u201cpoint in <span class=\"_ _f\"></span>time\u201d) <span class=\"_ _f\"></span>e previ<span class=\"_ _1\"></span>sionale <span class=\"_ _f\"></span>(\u201cforwar<span class=\"_ _2\"></span>d<span class=\"ff4\">-<span class=\"_ _df\"> </span></span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsfd1\">lookin<span class=\"ff5\">g\u201d), <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>modo <span class=\"_ _d\"></span>da <span class=\"_ _2\"></span>essere <span class=\"_ _2\"></span>idonei <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>appresentare<span class=\"_ _1\"></span> <span class=\"_ _2\"></span>la <span class=\"_ _d\"></span>congiuntura <span class=\"_ _2\"></span>macroeconomica <span class=\"_ _2\"></span>presente <span class=\"_ _2\"></span>e </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsfd2\">prevista <span class=\"_ _15\"> </span>nel <span class=\"_ _15\"> </span>breve-medio <span class=\"_ _e\"> </span>termine, <span class=\"_ _15\"> </span>nonch\u00e9 <span class=\"_ _15\"> </span>g<span class=\"_ _2\"></span>li <span class=\"_ _14\"> </span>e<span class=\"_ _2\"></span>ffetti <span class=\"_ _15\"> </span>climatici. <span class=\"_ _15\"> </span>Pertant<span class=\"_ _2\"></span>o <span class=\"_ _15\"> </span>essi <span class=\"_ _15\"> </span>sono <span class=\"_ _15\"> </span>stimati </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsfd3\">prendendo <span class=\"_ _4\"> </span>in<span class=\"_ _2\"></span> <span class=\"_ _17\"> </span>considerazione <span class=\"_ _17\"> </span>sia <span class=\"_ _17\"> </span>i <span class=\"_ _17\"> </span>dati <span class=\"_ _14\"> </span>storici, <span class=\"_ _17\"> </span>laddove <span class=\"_ _17\"> </span>siano <span class=\"_ _17\"> </span>st<span class=\"_ _2\"></span>ate <span class=\"_ _4\"> </span>identifica<span class=\"_ _2\"></span>te <span class=\"_ _17\"> </span>tendenze <span class=\"_ _17\"> </span>e </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsfd4\">correlazioni <span class=\"_ _0\"></span>con <span class=\"_ _0\"></span>il <span class=\"_ _0\"></span>rischio <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>credito, <span class=\"_ _0\"> </span>s<span class=\"_ _2\"></span>ia <span class=\"_ _d\"></span>indicatori <span class=\"_ _9\"> </span>previsionali <span class=\"_ _d\"></span>di <span class=\"_ _9\"> </span>eventi <span class=\"_ _d\"></span>at<span class=\"_ _2\"></span>tesi <span class=\"_ _0\"></span>nonch\u00e9 <span class=\"_ _0\"></span>previsioni </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gsfd5\">sull\u2019andamento del ciclo macroeconomico e cambiamento climatico.<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsfd6\">Le rettifiche <span class=\"_ _2\"></span>di valore so<span class=\"_ _2\"></span>no quindi d<span class=\"_ _2\"></span>eterminate valutando una <span class=\"_ _2\"></span>gamma di pos<span class=\"_ _2\"></span>sibili <span class=\"_ _2\"></span>risultati in <span class=\"_ _2\"></span>modo </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsfd7\">da <span class=\"_ _0\"></span>riflettere <span class=\"_ _0\"></span>un <span class=\"_ _d\"></span>importo <span class=\"_ _0\"></span>obiettivo <span class=\"_ _0\"></span>ponderato <span class=\"_ _d\"></span>in <span class=\"_ _0\"></span>relazione <span class=\"_ _d\"></span>alle <span class=\"_ _0\"></span>rispettive <span class=\"_ _0\"></span>probabilit\u00e0 <span class=\"_ _0\"></span>di <span class=\"_ _d\"></span>r<span class=\"_ _2\"></span>ealizzo. <span class=\"_ _0\"></span>In </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsfd8\">particolare, <span class=\"_ _14\"> </span>per <span class=\"_ _14\"> </span>r<span class=\"_ _2\"></span>iflettere <span class=\"_ _17\"> </span>le <span class=\"_ _15\"> </span>implicaz<span class=\"_ _1\"></span>ioni <span class=\"_ _15\"> </span>legate <span class=\"_ _14\"> </span>alla <span class=\"_ _14\"> </span>s<span class=\"_ _2\"></span>ituazione <span class=\"_ _17\"> </span>climatica <span class=\"_ _15\"> </span>e <span class=\"_ _14\"> </span>valutare <span class=\"_ _14\"> </span>diverse </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsfd9\">traiettorie <span class=\"_ _0\"></span>di <span class=\"_ _d\"></span>de-carbonizzazione, <span class=\"_ _0\"></span>sono <span class=\"_ _0\"></span>considerati <span class=\"_ _0\"></span>tre <span class=\"_ _0\"></span>scenari<span class=\"ls1b\">, <span class=\"_ _0\"></span></span><span class=\"ff5\">tr<span class=\"_ _2\"></span>a <span class=\"_ _d\"></span>quelli <span class=\"_ _0\"></span>forniti <span class=\"_ _0\"></span>dall\u2019NGFS<span class=\"_ _df\"> </span></span></div><div class=\"t m0 hd6 ff4 fs1b fc1 sc0 ls1 ws0 gsfda\">73</div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsfdb\">: <span class=\"_ _0\"></span>uno </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gsfdc\">scenario <span class=\"_ _9\"> </span>\u201cHot <span class=\"_ _9\"> </span>House <span class=\"_ _9\"> </span>Wor<span class=\"_ _2\"></span>ld\u201c <span class=\"_ _0\"></span>(privo <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>politiche <span class=\"_ _9\"> </span>climatiche <span class=\"_ _9\"> </span>efficaci), <span class=\"_ _9\"> </span>uno <span class=\"_ _9\"> </span>scenario <span class=\"_ _16\"> </span>di <span class=\"_ _0\"></span>t<span class=\"_ _2\"></span>ransizione </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gsfdd\">ordinata <span class=\"_ _16\"> </span>ed <span class=\"_ _9\"> </span>uno  di <span class=\"_ _9\"> </span>tr<span class=\"_ _2\"></span>ansizione <span class=\"_ _16\"> </span>disordinata. <span class=\"_ _9\"> </span>L\u2019analisi  degli <span class=\"_ _9\"> </span>effetti  previsti <span class=\"_ _9\"> </span>su  ciascuno <span class=\"_ _9\"> </span>sce<span class=\"_ _2\"></span><span class=\"ff4\">nario<span class=\"_ _df\"> </span></span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsfde\">consente <span class=\"_ _18\"> </span>la <span class=\"_ _18\"> </span>calibrazione <span class=\"_ _18\"> </span>di <span class=\"_ _18\"> </span>un <span class=\"_ _18\"> </span>effetto <span class=\"_ _19\"> </span>climatico <span class=\"_ _10\"> </span>s<span class=\"_ _2\"></span>intetico,<span class=\"_ _1\"></span> <span class=\"_ _18\"> </span>adottato <span class=\"_ _18\"> </span>per <span class=\"_ _18\"> </span>condizionare <span class=\"_ _19\"> </span>al </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsfdf\">cambiamento <span class=\"_ _1\"></span>climatico i<span class=\"_ _f\"></span> parametri <span class=\"_ _1\"></span>di <span class=\"_ _f\"></span>rischio adottati <span class=\"_ _f\"></span>per il <span class=\"_ _f\"></span>calcolo del<span class=\"_ _1\"></span>le <span class=\"_ _1\"></span>perdite <span class=\"_ _1\"></span>attese <span class=\"_ _1\"></span>su ciascu<span class=\"_ _1\"></span>no </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsfe0\">scenario macro<span class=\"_ _2\"></span>-economico. In relazione alle <span class=\"_ _2\"></span>previsioni finanziari<span class=\"_ _2\"></span>e e macro<span class=\"_ _2\"></span>-economiche il Grupp<span class=\"_ _2\"></span>o </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gsfe1\">considera <span class=\"_ _9\"> </span>tr<span class=\"_ _2\"></span>e <span class=\"_ _9\"> </span>scenari <span class=\"_ _16\"> </span>di <span class=\"_ _9\"> </span>severit\u00e0 <span class=\"_ _9\"> </span>crescente <span class=\"_ _16\"> </span>e <span class=\"_ _9\"> </span>ne <span class=\"_ _16\"> </span>proietta <span class=\"_ _9\"> </span>l\u2019andamento  sui<span class=\"_ _1\"></span> <span class=\"_ _9\"> </span>paramet<span class=\"_ _2\"></span>ri <span class=\"_ _9\"> </span>di <span class=\"_ _16\"> </span>rischio<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsfe2\">adottati <span class=\"_ _14\"> </span>per <span class=\"_ _14\"> </span>la <span class=\"_ _17\"> </span>mis<span class=\"_ _2\"></span>urazione <span class=\"_ _17\"> </span>delle <span class=\"_ _14\"> </span>perdite <span class=\"_ _17\"> </span>att<span class=\"_ _2\"></span>ese, <span class=\"_ _17\"> </span>in <span class=\"_ _14\"> </span>modo <span class=\"_ _14\"> </span>che <span class=\"_ _14\"> </span>essi <span class=\"_ _14\"> </span>riflettano <span class=\"_ _14\"> </span>le <span class=\"_ _14\"> </span>condizioni </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsfe3\">macroeconomiche <span class=\"_ _5\"> </span>attese <span class=\"_ _6\"> </span>da <span class=\"_ _5\"> </span>t<span class=\"_ _2\"></span>ali <span class=\"_ _5\"> </span>scenari. <span class=\"_ _6\"> </span>Le <span class=\"_ _5\"> </span>tecniche <span class=\"_ _6\"> </span>di <span class=\"_ _5\"> </span>condizionamento <span class=\"_ _5\"> </span>al <span class=\"_ _6\"> </span>ciclo<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsfe4\">macroeconomico <span class=\"_ _f\"></span>ricalcano <span class=\"_ _f\"></span>le <span class=\"_ _f\"></span>lo<span class=\"_ _2\"></span>giche <span class=\"_ _11\"></span>a<span class=\"_ _2\"></span>dottate <span class=\"_ _f\"></span>dal <span class=\"_ _f\"></span>Gr<span class=\"_ _2\"></span>uppo <span class=\"_ _11\"></span>per <span class=\"_ _1\"></span>la <span class=\"_ _f\"></span>conduzione <span class=\"_ _f\"></span>d<span class=\"_ _2\"></span>egli <span class=\"_ _f\"></span>esercizi <span class=\"_ _f\"></span>di <span class=\"_ _f\"></span>str<span class=\"_ _2\"></span>ess </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsfe5\">testing indetti dagli organi europei di supervisione<span class=\"_ _f\"></span>:<span class=\"_ _df\"> </span></div>-<span class=\"_ _1b\"> </span><span class=\"ff4\">metodi di condizionamento <span class=\"_ _2\"></span>al ciclo <span class=\"_ _2\"></span>della probabilit\u00e0 di <span class=\"_ _2\"></span>inadempienza (PD), <span class=\"_ _2\"></span>che combinano ipote<span class=\"_ _2\"></span>s<span class=\"_ _df\"> </span></span>di variazione <span class=\"_ _1\"></span>nel merito creditizio de<span class=\"_ _1\"></span>lla controparte (i.e. <span class=\"_ _1\"></span>variazioni nella valutazione <span class=\"_ _1\"></span>di rating futura<span class=\"_ _df\"> </span>associata <span class=\"_ _2\"></span>alla <span class=\"_ _2\"></span>controparte) <span class=\"_ _2\"></span>con <span class=\"_ _2\"></span>ipotesi <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>variazioni <span class=\"_ _2\"></span>della <span class=\"_ _2\"></span>probabilit\u00e0 <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>inadempienza <span class=\"_ _2\"></span>associata <span class=\"_ _2\"></span>a<span class=\"_ _df\"> </span>ciascun <span class=\"_ _d\"></span><span class=\"ff5\">profilo <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>rischio <span class=\"_ _d\"></span>(adozione<span class=\"_ _1\"></span> <span class=\"_ _d\"></span>dei <span class=\"_ _d\"></span>c.d. <span class=\"_ _d\"></span>\u201cmodelli <span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>atellite\u201d <span class=\"_ _d\"></span>interni <span class=\"_ _d\"></span>che <span class=\"_ _2\"></span>esprimono <span class=\"_ _d\"></span>la <span class=\"_ _d\"></span>relazione<span class=\"_ _df\"> </span></span>esistente tra la probabilit\u00e0 di inade<span class=\"_ _1\"></span>mpienza ed i principali fattori macroeconomici);<span class=\"_ _df\"> </span>-<span class=\"_ _1b\"> </span><span class=\"ff5\">metodi <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>condizionamento <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>ciclo dell\u2019esposizione <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>default <span class=\"_ _2\"></span>(EAD) <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>le <span class=\"_ _2\"></span>l<span class=\"_ _2\"></span><span class=\"ff4\">inee di <span class=\"_ _2\"></span>credito <span class=\"_ _2\"></span>rateali,<span class=\"_ _df\"> </span></span></span>che  combinano  la <span class=\"_ _4\"> </span>tipologia  di <span class=\"_ _22\"> </span>prodott<span class=\"_ _2\"></span>o  e  di <span class=\"_ _4\"> </span>controparte  ed  ipotesi <span class=\"_ _22\"> </span>di <span class=\"_ _4\"> </span>verifi<span class=\"_ _1\"></span>carsi <span class=\"_ _22\"> </span>di <span class=\"_ _22\"> </span>ev<span class=\"_ _2\"></span>enti  di<span class=\"_ _df\"> </span>PrePayment, con conseguente influenza sull\u2019esposizi<span class=\"_ _1\"></span>one al rischio in caso di default.<span class=\"_ _df\"> </span>-<span class=\"_ _1b\"> </span><span class=\"ff4\">metodi di condizionamento al ciclo de<span class=\"_ _1\"></span>lla perdita in caso di default (LGD), che combinano ipotesi d<span class=\"_ _1\"></span>i<span class=\"_ _df\"> </span></span>variazione <span class=\"_ _d\"></span>nel <span class=\"_ _0\"></span>livello <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>deterioramento <span class=\"_ _0\"></span>del <span class=\"_ _d\"></span>credito <span class=\"_ _0\"></span>(i.e. <span class=\"_ _0\"></span>migrazioni <span class=\"_ _d\"></span>t<span class=\"_ _2\"></span>ra <span class=\"_ _d\"></span>diversi <span class=\"_ _0\"></span>stati <span class=\"_ _d\"></span>di <span class=\"_ _0\"></span>default) <span class=\"_ _0\"></span>ed<span class=\"_ _df\"> </span>ipotesi di variazioni nel <span class=\"_ _2\"></span>livello di copertura <span class=\"_ _2\"></span>delle<span class=\"_ _1\"></span> garanzie a <span class=\"_ _2\"></span>supporto del cr<span class=\"_ _2\"></span>edito, con conseguente<span class=\"_ _df\"> </span>i<span class=\"ff5\">nfluenza sulla capacit\u00e0 di recupero e sull\u2019ammontare di pe<span class=\"_ _1\"></span>rdita rilevato in caso di default.<span class=\"_ _df\"> </span></span>Nel corso del 2025<span class=\"ff5\">, l\u2019impianto dei modelli<span class=\"_ _1\"></span> contabili \u00e8 stato<span class=\"_ _2\"></span>:<span class=\"_ _df\"> </span></span>-<span class=\"_ _1b\"> </span><span class=\"ff4\">evoluto, <span class=\"_ _f\"></span>a partire <span class=\"_ _f\"></span>da <span class=\"_ _1\"></span>giugno <span class=\"_ _f\"></span>2025, per <span class=\"_ _f\"></span>includere <span class=\"_ _1\"></span>gli <span class=\"_ _1\"></span>effetti <span class=\"_ _1\"></span>delle <span class=\"_ _f\"></span>principali compone<span class=\"_ _1\"></span>nti <span class=\"_ _f\"></span>c<span class=\"_ _2\"></span>limatiche ne<span class=\"_ _df\"> </span></span>calcolo delle rettifiche di v<span class=\"_ _1\"></span>alore IFRS9.<span class=\"_ _df\"> </span>-<span class=\"_ _1b\"> </span><span class=\"ff5\">aggiornato, a <span class=\"_ _2\"></span>partire da dicembre 20<span class=\"_ _2\"></span>25, nell\u2019ottica di <span class=\"_ _2\"></span>recepire le ultime <span class=\"_ _2\"></span>modifiche all\u2019impianto IRB<span class=\"_ _df\"> </span></span>e  le  serie  st<span class=\"_ _2\"></span>oriche  pi\u00f9  recenti  sia  in  t<span class=\"_ _2\"></span>ermini  di  parametri  che  di  scenari  macr<span class=\"_ _2\"></span>oeconomici,  in<span class=\"_ _df\"> </span>particolare:<span class=\"_ _df\"> </span><span class=\"_ _2c\"> </span><span class=\"ff4 ls2\">so<span class=\"ls0\">no <span class=\"_ _2\"></span>state <span class=\"_ _2\"></span>aggiornate <span class=\"_ _2\"></span>le <span class=\"_ _2\"></span>proiezioni <span class=\"_ _2\"></span>dei <span class=\"_ _2\"></span>modelli <span class=\"_ _2\"></span>satellite <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>determinano <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>componente <span class=\"_ _2\"></span>forwar<span class=\"_ _2\"></span>d<span class=\"_ _df\"> </span></span></span>looking <span class=\"_ _f\"></span>dei parametri PD <span class=\"_ _f\"></span>e LGD <span class=\"_ _f\"></span>ed EAD, <span class=\"_ _f\"></span>prendendo come <span class=\"_ _1\"></span>riferimento lo <span class=\"_ _f\"></span>scenario macroeconomico<span class=\"_ _df\"> </span>di giugno 2025;<span class=\"_ _df\"> </span><span class=\"_ _2c\"> </span><span class=\"ff4\">sono <span class=\"_ _d\"></span>state <span class=\"_ _2\"></span>aggiornate <span class=\"_ _d\"></span>le <span class=\"_ _2\"></span>serie <span class=\"_ _2\"></span>sto<span class=\"_ _2\"></span>riche <span class=\"_ _2\"></span>sottostanti <span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>modelli <span class=\"_ _2\"></span>con <span class=\"_ _d\"></span>orizzonte <span class=\"_ _2\"></span>temporale <span class=\"_ _d\"></span>2011-2024<span class=\"_ _df\"> </span></span>per tutti i parametri;<span class=\"_ _df\"> </span><span class=\"_ _2c\"> </span><span class=\"ff4\">sono state <span class=\"_ _f\"></span>recepite <span class=\"_ _f\"></span>le <span class=\"_ _1\"></span>modifiche metodologich<span class=\"_ _1\"></span>e <span class=\"_ _f\"></span>a<span class=\"_ _2\"></span>pportate <span class=\"_ _f\"></span>ai modell<span class=\"_ _1\"></span>i IR<span class=\"_ _1\"></span>B <span class=\"_ _f\"></span>n<span class=\"_ _2\"></span>ella <span class=\"_ _f\"></span>versione pi\u00f9<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>recente<span class=\"_ _df\"> </span></span>in corso di condivisione con l\u2019Autorit\u00e0 di Vig<span class=\"_ _1\"></span>ilanza alla data di riferimento di dicembre <span class=\"_ _2\"></span><span class=\"ff4\">2025.<span class=\"_ _df\"> </span></span><span class=\"_ _2c\"> </span><span class=\"ff4\">aggiornati parametri PD e LGD<span class=\"_ _2\"></span> pe<span class=\"_ _1\"></span>r i portafogli</span>Sovereign e Financial/ Non-Finanancial Institution;<span class=\"_ _df\"> </span>In <span class=\"_ _1\"></span>aggiunta <span class=\"_ _1\"></span>alle <span class=\"_ _1\"></span>evoluzioni <span class=\"_ _f\"></span>dei modelli <span class=\"_ _f\"></span>di rischio <span class=\"_ _f\"></span>impiegati per <span class=\"_ _f\"></span>la quantificazi<span class=\"_ _1\"></span>one della <span class=\"_ _f\"></span>perdita attesa<span class=\"_ _df\"> </span>(come <span class=\"_ _17\"> </span>precedentemente <span class=\"_ _17\"> </span>descritto), <span class=\"_ _14\"> </span>si <span class=\"_ _17\"> </span>\u00e8 <span class=\"_ _17\"> </span>procedut<span class=\"_ _2\"></span>o <span class=\"_ _17\"> </span>all'anticipazione <span class=\"_ _17\"> </span>degli <span class=\"_ _17\"> </span>effetti <span class=\"_ _14\"> </span>economici,<span class=\"_ _df\"> </span>mediante <span class=\"_ _15\"> </span>specifici <span class=\"_ _15\"> </span>add-on <span class=\"_ _e\"> </span>di <span class=\"_ _e\"> </span>provisioning, <span class=\"_ _15\"> </span>derivanti <span class=\"_ _15\"> </span>da <span class=\"_ _e\"> </span>alcuni <span class=\"_ _15\"> </span>aggiornamenti <span class=\"_ _e\"> </span>metodologici<span class=\"_ _df\"> </span>programmati <span class=\"_ _19\"> </span>per <span class=\"_ _19\"> </span>il <span class=\"_ _19\"> </span>biennio <span class=\"_ _19\"> </span>2026/2027. <span class=\"_ _19\"> </span>Tra <span class=\"_ _1a\"> </span>questi, <span class=\"_ _18\"> </span>l'aggior<span class=\"_ _2\"></span>namento <span class=\"_ _19\"> </span>principale <span class=\"_ _18\"> </span>conc<span class=\"_ _2\"></span>erne<span class=\"_ _df\"> </span>l'evoluzione dei criteri di stagin<span class=\"ls1a\">g.</span> Per maggiori dettagli si rimanda alla Parte A <span class=\"ff5\">\u2013</span> Sezione 5.<span class=\"_ _df\"> </span>In <span class=\"_ _2\"></span>generale, <span class=\"_ _2\"></span>i <span class=\"_ _d\"></span>criteri <span class=\"_ _2\"></span>dettagliati <span class=\"_ _2\"></span>segui<span class=\"_ _1\"></span>ti <span class=\"_ _2\"></span>per <span class=\"_ _d\"></span>la <span class=\"_ _2\"></span>determinazione <span class=\"_ _2\"></span>delle <span class=\"_ _2\"></span>rett<span class=\"_ _2\"></span>ifiche<span class=\"_ _1\"></span> <span class=\"_ _2\"></span>di <span class=\"_ _d\"></span>valore <span class=\"_ _2\"></span>su <span class=\"_ _2\"></span>ciascuno<span class=\"_ _df\"> </span>Stage, <span class=\"_ _0\"></span>nonch\u00e9 <span class=\"_ _0\"></span>le <span class=\"_ _0\"></span>logiche <span class=\"_ _9\"> </span>di <span class=\"_ _0\"></span>gestione <span class=\"_ _0\"></span>delle <span class=\"_ _0\"></span>componenti <span class=\"_ _0\"> </span>climatic<span class=\"_ _2\"></span>he, <span class=\"_ _d\"></span>s<span class=\"_ _2\"></span>ono <span class=\"_ _0\"></span>disciplinati <span class=\"_ _0\"></span>nelle<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>policy<span class=\"_ _df\"> </span>interne  \u201cPolicy  Sv<span class=\"_ _1\"></span>alutazione  Crediti\u201d  e  \u201cLinee  Guida  e<span class=\"_ _1\"></span>  criteri  di  svalutazione  titoli\u201d  nell<span class=\"_ _1\"></span>\u2019ultimo<span class=\"_ _df\"> </span>aggiornamento <span class=\"_ _0\"></span>r<span class=\"_ _2\"></span>ilasciato <span class=\"_ _0\"></span>nel <span class=\"_ _9\"> </span>2025 <span class=\"_ _9\"> </span>che <span class=\"_ _0\"></span>\u00e8 <span class=\"_ _9\"> </span>stat<span class=\"_ _2\"></span>o <span class=\"_ _0\"></span>sottoposto <span class=\"_ _9\"> </span>anche <span class=\"_ _0\"></span>all\u2019approvazione <span class=\"_ _9\"> </span>da <span class=\"_ _9\"> </span>parte <span class=\"_ _9\"> </span>del<span class=\"_ _df\"> </span>Consiglio di Amministrazione. Valu<span class=\"_ _1\"></span>tazio<span class=\"_ _1\"></span>ne del<span class=\"_ _1\"></span>l\u2019incr<span class=\"_ _f\"></span>eme<span class=\"ff4\">nto <span class=\"_ _1\"></span>sign<span class=\"_ _1\"></span>ificat<span class=\"_ _1\"></span>ivo d<span class=\"_ _1\"></span>el ri<span class=\"_ _1\"></span>schio <span class=\"_ _1\"></span>di cre<span class=\"_ _1\"></span>dito <span class=\"_ _1\"></span>(SIC<span class=\"_ _1\"></span>R)<span class=\"_ _df\"> </span></span>L\u2019approccio <span class=\"_ _9\"> </span>adottato  si <span class=\"_ _9\"> </span>basa <span class=\"_ _9\"> </span>su <span class=\"_ _16\"> </span>un <span class=\"_ _16\"> </span>principio <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>c<span class=\"_ _2\"></span>lassificazione <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>t<span class=\"_ _2\"></span>ipo <span class=\"_ _9\"> </span>analitico, <span class=\"_ _16\"> </span>ovvero <span class=\"_ _9\"> </span>basato<span class=\"_ _df\"> </span>sull\u2019analisi delle singole posizioni. I drive<span class=\"_ _1\"></span>r distaging impiegati sono:<span class=\"_ _df\"> </span><span class=\"_ _2c\"> </span><span class=\"ff4\">valutazione <span class=\"_ _17\"> </span>del <span class=\"_ _4\"> </span>Significant <span class=\"_ _17\"> </span>Increase <span class=\"_ _17\"> </span>in <span class=\"_ _17\"> </span>Credit <span class=\"_ _17\"> </span>Risk <span class=\"_ _4\"> </span>(i.e. <span class=\"_ _17\"> </span>SICR) <span class=\"_ _17\"> </span>tramite <span class=\"_ _17\"> </span>misurazione <span class=\"_ _4\"> </span>della<span class=\"_ _df\"> </span></span>variazione del rating alla data di riferimento rispetto alla data di origination della posizione: in<span class=\"_ _df\"> </span>caso di rilevame<span class=\"_ _1\"></span>nto di un delta in peg<span class=\"_ _1\"></span>gioramento pari o superiore<span class=\"_ _1\"></span> a 2 notch sulla ma<span class=\"_ _1\"></span>sterscale<span class=\"_ _df\"> </span>dei <span class=\"_ _9\"> </span>rating, <span class=\"_ _16\"> </span>la <span class=\"_ _9\"> </span>posizione <span class=\"_ _9\"> </span>\u00e8  au<span class=\"_ _1\"></span>tomaticamente <span class=\"_ _16\"> </span>classificata <span class=\"_ _9\"> </span>a <span class=\"_ _9\"> </span>s<span class=\"_ _2\"></span>tage <span class=\"_ _9\"> </span>2.  Se<span class=\"_ _f\"></span>  la <span class=\"_ _9\"> </span>controparte <span class=\"_ _16\"> </span>\u00e8 <span class=\"_ _9\"> </span>un<span class=\"_ _df\"> </span>Impresa  ope<span class=\"_ _1\"></span>rante  in<span class=\"_ _1\"></span>  settori <span class=\"_ _9\"> </span>ad  elevata <span class=\"_ _16\"> </span>intensit\u00e0  ca<span class=\"_ _f\"></span>r<span class=\"_ _2\"></span>bonica, <span class=\"_ _16\"> </span>in <span class=\"_ _16\"> </span>deroga <span class=\"_ _16\"> </span>a <span class=\"_ _16\"> </span>quanto <span class=\"_ _16\"> </span>scritto <span class=\"_ _16\"> </span>in<span class=\"_ _df\"> </span>precedenza, <span class=\"_ _d\"></span>la <span class=\"_ _0\"></span>so<span class=\"_ _2\"></span>glia <span class=\"_ _d\"></span>di <span class=\"_ _0\"></span>rilevazione <span class=\"_ _d\"></span>del <span class=\"_ _0\"></span>SICR <span class=\"_ _0\"></span>\u00e8 <span class=\"_ _0\"></span>modificata <span class=\"_ _0\"></span>a <span class=\"_ _0\"></span>un <span class=\"_ _d\"></span>deterioramento <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>al<span class=\"_ _2\"></span>meno <span class=\"_ _0\"></span>1<span class=\"_ _df\"> </span>classe <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>ating<span class=\"ls1b\">. <span class=\"_ _2\"></span></span>Iin <span class=\"_ _d\"></span>caso <span class=\"_ _2\"></span>il <span class=\"_ _d\"></span>rating <span class=\"_ _2\"></span>alla <span class=\"_ _d\"></span>data <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>iferimento <span class=\"_ _2\"></span>sia <span class=\"_ _d\"></span>ricompreso <span class=\"_ _2\"></span>in <span class=\"_ _d\"></span>una <span class=\"_ _2\"></span>delle <span class=\"_ _2\"></span>prime <span class=\"_ _d\"></span>3<span class=\"_ _df\"> </span>classi, la <span class=\"_ _2\"></span>posizioni <span class=\"_ _2\"></span>\u00e8 automat<span class=\"_ _2\"></span>ica<span class=\"_ _1\"></span>mente mant<span class=\"_ _2\"></span>enuta in <span class=\"_ _2\"></span>stage 1 <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>virt\u00f9 della cd.<span class=\"_ _df\"> </span>Low <span class=\"_ _2\"></span>Credit Risk Exemption<span class=\"_ _df\"> </span>.  In  caso  cont<span class=\"_ _1\"></span>rario  la  posizione <span class=\"_ _16\"> </span>\u00e8  classificata  a  stage  1.  T<span class=\"_ _1\"></span>ale  criterio  risulta  d<span class=\"_ _1\"></span>i<span class=\"_ _df\"> </span>carattere <span class=\"_ _2\"></span>relativo, prevedendo <span class=\"_ _2\"></span>il confr<span class=\"_ _2\"></span>onto <span class=\"_ _2\"></span>con la <span class=\"_ _2\"></span>situazione creditizia <span class=\"_ _2\"></span>rilevata <span class=\"_ _2\"></span>all\u2019erogazione<span class=\"_ _df\"> </span>del credito;<span class=\"_ _df\"> </span><span class=\"_ _2c\"> </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=\"_ _d\"></span>in <span class=\"_ _0\"></span>caso <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>rilevamento <span class=\"_ _d\"></span>di <span class=\"_ _0\"></span>30 <span class=\"_ _0\"> </span>o<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>pi\u00f9 <span class=\"_ _0\"></span>giorni <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>scaduto<span class=\"_ _df\"> </span></span>continuativo la posizione \u00e8 automaticamente classificata a stage<span class=\"_ _1\"></span> 2;<span class=\"_ _df\"> </span><span class=\"_ _2c\"> </span><span class=\"ff4\">criterio back<span class=\"_ _1\"></span>stop <span class=\"_ _f\"></span>sulle <span class=\"_ _1\"></span>misure <span class=\"_ _f\"></span>di <span class=\"_ _f\"></span>for<span class=\"_ _2\"></span>bearance: <span class=\"_ _f\"></span>in <span class=\"_ _f\"></span>caso di <span class=\"_ _f\"></span>classificazione<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>a <span class=\"_ _f\"></span>for<span class=\"_ _2\"></span>borne <span class=\"_ _f\"></span>performing,<span class=\"_ _df\"> </span></span>la <span class=\"_ _2\"></span>posizione<span class=\"_ _1\"></span> <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _2\"></span>automaticamente <span class=\"_ _2\"></span>classificata a <span class=\"_ _2\"></span>st<span class=\"_ _2\"></span>age 2 <span class=\"_ _2\"></span>(per <span class=\"_ _2\"></span>maggiori informazioni <span class=\"_ _2\"></span>si <span class=\"_ _2\"></span>rimanda<span class=\"_ _df\"> </span><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gsfe7\">al <span class=\"_ _4\"> </span>paragrafo <span class=\"_ _4\"> </span>\u201c<span class=\"ff4\">4. <span class=\"_ _22\"> </span>At<span class=\"_ _2\"></span>tivit\u00e0 <span class=\"_ _4\"> </span>finanz<span class=\"_ _f\"></span>iarie <span class=\"_ _4\"> </span>oggetto <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>rinegoziazione <span class=\"_ _22\"> </span>comm<span class=\"_ _2\"></span>erciali  e <span class=\"_ _4\"> </span>esposizioni </span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gsfe8\">oggetto di concessione\u201d);<span class=\"ff4\"> </span></div><div class=\"t m0 h5 ff14 fs1 fc1 sc0 ls0 ws0 gsfe9\"><span class=\"_ _2c\"> </span><span class=\"ff4\">criterio <span class=\"_ _4\"> </span>backstop <span class=\"_ _4\"> </span>sui  rapport<span class=\"_ _2\"></span>i  classificati <span class=\"_ _4\"> </span>nella <span class=\"_ _22\"> </span>cd. <span class=\"_ _4\"> </span>Watchlist: <span class=\"_ _4\"> </span>in <span class=\"_ _4\"> </span>caso <span class=\"_ _4\"> </span>di <span class=\"_ _22\"> </span>inserimento <span class=\"_ _4\"> </span>del<span class=\"_ _df\"> </span></span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsfea\">rapporto <span class=\"_ _d\"></span>nella <span class=\"_ _d\"></span>lista <span class=\"_ _d\"></span>dei <span class=\"_ _d\"></span>clienti <span class=\"_ _d\"></span>sotto <span class=\"_ _d\"></span>osservazione <span class=\"_ _2\"></span>perch\u00e9 <span class=\"_ _d\"></span>val<span class=\"_ _2\"></span>utati <span class=\"_ _d\"></span>come <span class=\"_ _d\"></span>a <span class=\"_ _0\"></span>maggior <span class=\"_ _2\"></span>rischio <span class=\"_ _d\"></span>di </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsfeb\">deterioramento (cd. Watchlist) il rapporto \u00e8 automaticamente<span class=\"_ _1\"></span> classificato a stage 2.<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc4 sc3 ls0 ws0 gsfec\">Misur<span class=\"_ _1\"></span>azione<span class=\"_ _f\"></span> delle p<span class=\"_ _f\"></span>erdite a<span class=\"_ _1\"></span>ttese </div><div class=\"t m0 h5 ff4 fs1 fc4 sc3 ls0 ws0 gsfed\">Defini<span class=\"_ _f\"></span>zione dell<span class=\"_ _1\"></span>o sce<span class=\"_ _f\"></span>nario </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsfee\">Gli  sce<span class=\"_ _1\"></span>nari  sono  f<span class=\"_ _f\"></span>or<span class=\"_ _2\"></span>niti <span class=\"_ _16\"> </span>da  un <span class=\"_ _9\"> </span>provider  e<span class=\"_ _1\"></span>sterno:  nel <span class=\"_ _16\"> </span>dettaglio,  v<span class=\"_ _1\"></span>engono  ind<span class=\"_ _f\"></span>i<span class=\"_ _d\"></span>viduati <span class=\"_ _16\"> </span>tre  Scenari: </div><div class=\"t m1 h6 ff4 fs2 fc1 sc0 ls0 ws0 gsfef\">Baseline</div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsff0\"> (come<span class=\"_ _1\"></span> indicato <span class=\"_ _f\"></span>dal fornitore), </div><div class=\"t m1 h6 ff4 fs2 fc1 sc0 ls0 ws0 gsff1\">Bad</div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsff2\"> <span class=\"lse\">e </span></div><div class=\"t m1 h6 ff4 fs2 fc1 sc0 lsa0 ws0 gsff3\">Good</div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsff4\"> (rispe<span class=\"_ _f\"></span>t<span class=\"_ _2\"></span>tivamente <span class=\"_ _f\"></span>individuati come <span class=\"_ _f\"></span>gli Scenari </div><div class=\"t m1 h6 ff4 fs2 fc1 sc0 ls21 ws0 gsff5\">S3<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 lse ws0 gsff6\">e </div><div class=\"t m1 h6 ff4 fs2 fc1 sc0 ls21 ws0 gsff7\">S1</div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsff8\"> <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>me<span class=\"_ _2\"></span>desimo <span class=\"_ _2\"></span>fornitore). <span class=\"_ _2\"></span>Per <span class=\"_ _d\"></span>tali <span class=\"_ _2\"></span>diversi <span class=\"_ _2\"></span>scenari, <span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>ono <span class=\"_ _2\"></span>fornite <span class=\"_ _2\"></span>inoltre <span class=\"_ _d\"></span>le <span class=\"_ _2\"></span>relative <span class=\"_ _2\"></span>probabilit\u00e0 <span class=\"_ _d\"></span>di </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsff9\">accadimento, <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>v<span class=\"_ _2\"></span>engono <span class=\"_ _2\"></span>utilizzate <span class=\"_ _d\"></span>per <span class=\"_ _2\"></span>ponderare <span class=\"_ _d\"></span>le <span class=\"_ _2\"></span>diverse <span class=\"_ _d\"></span>stime <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>EC<span class=\"_ _2\"></span>L <span class=\"_ _2\"></span>derivanti <span class=\"_ _2\"></span>e <span class=\"_ _d\"></span>pervenire </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsffa\">alla stima complessiva. </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gsffb\">A  partire <span class=\"_ _16\"> </span>dall\u2019e<span class=\"_ _1\"></span>mergenza  sanitaria <span class=\"_ _16\"> </span>legata <span class=\"_ _16\"> </span>alla  p<span class=\"_ _1\"></span>andemia <span class=\"_ _16\"> </span>Covid<span class=\"ff4\">-19,  seguita <span class=\"_ _16\"> </span>poi  d<span class=\"_ _1\"></span>al  confli<span class=\"_ _1\"></span>tto  tra </span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gsffc\">Russia <span class=\"_ _f\"></span>e Ucraina, <span class=\"_ _f\"></span>le <span class=\"_ _f\"></span>tensioni <span class=\"_ _f\"></span>in M<span class=\"_ _f\"></span>edio Orie<span class=\"_ _1\"></span>nte <span class=\"_ _f\"></span>e l\u2019au<span class=\"_ _1\"></span>mento <span class=\"_ _1\"></span>delle <span class=\"_ _f\"></span>tensio<span class=\"ff4\">ni commerciali<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>gli <span class=\"_ _f\"></span>Istituti <span class=\"_ _f\"></span>sono </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsffd\">stati <span class=\"_ _d\"></span>chiamati <span class=\"_ _d\"></span>a <span class=\"_ _0\"></span>istituire <span class=\"_ _d\"></span>meccanismi <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>monitoraggio <span class=\"_ _d\"></span>degli <span class=\"_ _d\"></span>Scenari <span class=\"_ _0\"></span>sottostanti <span class=\"_ _d\"></span>ai <span class=\"_ _d\"></span>modelli <span class=\"_ _d\"></span>e <span class=\"_ _d\"></span>della </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsffe\">relativa sensitivity in contesti di forte volatilit\u00e0. </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gsfff\">In tale conte<span class=\"_ _1\"></span>sto, il Gruppo <span class=\"_ _1\"></span>ha confermato l\u2019utilizz<span class=\"_ _1\"></span>o del provider g<span class=\"_ _1\"></span>i\u00e0 <span class=\"ff4\">in uso valutando tuttavia <span class=\"_ _1\"></span>tempo </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1000\">per tempo la ponderazione da attribuire ai tre scenari macroeco<span class=\"_ _1\"></span>nomici disponibili.<span class=\"_ _2\"></span> </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs1001\">L\u2019ultima d<span class=\"_ _1\"></span>elivery del provider, <span class=\"_ _1\"></span>impiegata pe<span class=\"_ _1\"></span>r l\u2019aggiornamento dei <span class=\"_ _f\"></span>mo<span class=\"_ _2\"></span>dell<span class=\"_ _1\"></span>i in u<span class=\"_ _1\"></span>so da dicembre <span class=\"_ _1\"></span>2025, </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs1002\">si <span class=\"_ _d\"></span>riferisce <span class=\"_ _2\"></span>alla <span class=\"_ _d\"></span>situazione <span class=\"_ _2\"></span>dell\u2019Eurozona<span class=\"_ _2\"></span><span class=\"ff4\"> <span class=\"_ _d\"></span>al <span class=\"_ _d\"></span>30 <span class=\"_ _2\"></span>giugno <span class=\"_ _d\"></span>2025. <span class=\"_ _d\"></span>Tali <span class=\"_ _2\"></span>scenari <span class=\"_ _d\"></span>incorporano <span class=\"_ _d\"></span>previsioni <span class=\"_ _2\"></span>di </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1003\">crescita leggermente meno ottimistiche,<span class=\"_ _1\"></span> rispetto alle release precedenti, a causa de<span class=\"_ _1\"></span>lle tensioni in </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs1004\">Medio <span class=\"_ _d\"></span>Oriente <span class=\"_ _0\"></span>e <span class=\"_ _d\"></span>dell\u2019emergere <span class=\"_ _0\"></span>di <span class=\"_ _d\"></span>politiche <span class=\"_ _d\"></span>pro<span class=\"_ _2\"></span>tezionistiche <span class=\"_ _d\"></span>come <span class=\"_ _0\"></span>l\u2019introduzione <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>nuovi <span class=\"_ _0\"></span>dazi <span class=\"_ _0\"></span>da </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1005\">parte degli Stati Uniti. </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1006\">Di  seguito,  si  riportano,  gli<span class=\"_ _1\"></span>  andamenti  attesi  delle  variab<span class=\"_ _1\"></span>ili  PIL  ITA  e  Inflazione  Europea  nell<span class=\"_ _1\"></span>o </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1007\">scenario Baseline<span class=\"_ _f\"></span> delle ultime deliveries d<span class=\"_ _1\"></span>el provider i<span class=\"_ _1\"></span>mpiegati per la stima <span class=\"_ _1\"></span>dei p<span class=\"_ _1\"></span>arametri di rischi<span class=\"_ _1\"></span>o </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1008\">IFRS9, <span class=\"_ _f\"></span>inclusa q<span class=\"_ _1\"></span>uella <span class=\"_ _f\"></span>di giugn<span class=\"ff5\">o <span class=\"_ _f\"></span>2025, impi<span class=\"_ _1\"></span>egata <span class=\"_ _1\"></span>per <span class=\"_ _f\"></span>l\u2019aggiornamento dei<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>modelli <span class=\"_ _f\"></span>in <span class=\"_ _f\"></span>uso da <span class=\"_ _f\"></span>dicembre </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1009\">2025.<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs100b\">In <span class=\"_ _e\"> </span>cons<span class=\"_ _2\"></span>iderazione<span class=\"_ _1\"></span> <span class=\"_ _10\"> </span>del <span class=\"_ _10\"> </span>persistente <span class=\"_ _10\"> </span>clima <span class=\"_ _e\"> </span>di <span class=\"_ _10\"> </span>incertezza <span class=\"_ _10\"> </span>derivante <span class=\"_ _e\"> </span>dall\u2019acuirsi <span class=\"_ _10\"> </span>delle <span class=\"_ _10\"> </span>tensioni<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs100c\">geopolitiche glo<span class=\"_ _2\"></span>bali, a<span class=\"_ _2\"></span>l <span class=\"_ _2\"></span>fine <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>riflettere <span class=\"_ _2\"></span>adeguatamente <span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>potenziali <span class=\"_ _2\"></span>rischi <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>ins<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>abilit\u00e0 <span class=\"_ _2\"></span>ed <span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>relativi<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs100d\">impatti <span class=\"_ _1a\"> </span>economici, <span class=\"_ _1a\"> </span>Il <span class=\"_ _1a\"> </span>Gruppo <span class=\"_ _1a\"> </span>ha <span class=\"_ _1a\"> </span>ritenuto <span class=\"_ _1a\"> </span>opportuno <span class=\"_ _1a\"> </span>deliberare <span class=\"_ _19\"> </span>un <span class=\"_ _1a\"> </span>inseverimento <span class=\"_ _1a\"> </span>della<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs100e\">ponderazione dello scenario BAD. Le ponderazioni deliberate per <span class=\"_ _2\"></span>gli scenari sono: 10% good, 40%<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs100f\">bad, <span class=\"_ _d\"></span>50% <span class=\"_ _d\"></span>baseline <span class=\"_ _2\"></span>(la <span class=\"_ _d\"></span>ponderazione <span class=\"_ _d\"></span>st<span class=\"_ _2\"></span>andard <span class=\"_ _2\"></span>da <span class=\"_ _d\"></span>polic<span class=\"_ _2\"></span>y <span class=\"_ _d\"></span>prevede <span class=\"_ _d\"></span>i <span class=\"_ _d\"></span>pesi: <span class=\"_ _d\"></span>10% <span class=\"_ _d\"></span>good,<span class=\"_ _1\"></span> <span class=\"_ _d\"></span>10% <span class=\"_ _d\"></span>bad, <span class=\"_ _d\"></span>80%<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1010\">baseline). In <span class=\"_ _2\"></span>tale <span class=\"_ _2\"></span>configurazione, <span class=\"_ _2\"></span>lo s<span class=\"_ _2\"></span>cenario BAD <span class=\"_ _2\"></span>- <span class=\"_ _2\"></span>le <span class=\"_ _2\"></span>cui <span class=\"_ _2\"></span>assunzioni includono <span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>potenziali <span class=\"_ _2\"></span>impatti<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1011\">derivanti dall'inasprimento dei rischi geopoli<span class=\"_ _1\"></span>tici (ipotesi descritte in dettaglio nel paragrafo<span class=\"_ _df\"> </span> </div><div class=\"t m1 h6 ff4 fs2 fc1 sc0 ls0 ws0 gs1012\">Analisi </div><div class=\"t m1 h6 ff4 fs2 fc1 sc0 ls0 ws0 gs1013\">di <span class=\"_ _2\"></span>sensitivity <span class=\"_ _d\"></span>degli <span class=\"_ _2\"></span>scenari<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls39 ws0 gs1014\">) <span class=\"_ _2\"></span><span class=\"ls0\">- <span class=\"_ _d\"></span>assume <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>uolo <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>secondo <span class=\"_ _2\"></span>scenario <span class=\"_ _2\"></span>per <span class=\"_ _d\"></span>probabilit\u00e0 <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>accadimento.<span class=\"_ _df\"> </span></span><span class=\"ls0\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1015\">Attraverso  questa  redistribuzione  dei  pesi,  tale  s<span class=\"_ _2\"></span>cenario  diventa  la  principale  alternativa  all<span class=\"_ _2\"></span>o<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1016\">scenario 'Baseline', riflettend<span class=\"_ _1\"></span>o la scelta del Gruppo di privile<span class=\"_ _1\"></span>gia<span class=\"_ _2\"></span>re una rappresentazione del rischio<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1017\">che colga con prudenza le possibili evoluzioni ne<span class=\"_ _1\"></span>gative del contesto macro<span class=\"_ _d\"></span>-economico. </div><div class=\"gs1018\"><table class=\"s wf1a h565\" id=\"_19b7dfeb-61b0-49df-96e7-c9552663e21e\"><tr><td class=\"c x8cf y32ca wf1b h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc4 sc3 ls0 ws0\">Scen<span class=\"_ _1\"></span>ari<span class=\"_ _1\"></span>o<span class=\"_ _df\"> </span></div></td><td class=\"c x8d0 y32cb w211 h2fc\"><div class=\"t m0 x8a h1f y10e9 ff4 fs7 fc4 sc3 ls0 ws0\">Descr<span class=\"_ _f\"></span>izione <span class=\"_ _f\"></span>dello sce<span class=\"_ _1\"></span>nar<span class=\"_ _f\"></span>io </div></td><td class=\"c x8d1 y32ca wf1c h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc4 sc3 ls0 ws0\">Peso<span class=\"_ _df\"> </span></div></td><td class=\"c x8d2 y32ca wf1c h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc4 sc3 ls0 ws0\">Peso<span class=\"_ _df\"> </span></div></td></tr><tr><td class=\"c x8cf y32cc wf1d h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc4 sc3 ls0 ws0\">IFRS<span class=\"_ _1\"></span> 9<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x8d1 y32cd wf12 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc4 sc3 ls0 ws0\">Stan<span class=\"_ _f\"></span>dard<span class=\"_ _df\"> </span></div></td><td class=\"c x8d2 y32cd wf1e h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc4 sc3 ls0 ws0\">appli<span class=\"_ _1\"></span>cato a<span class=\"_ _f\"></span>l<span class=\"_ _df\"> </span></div></td></tr><tr><td></td><td></td><td class=\"c x8d1 y32ce wf1f h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc4 sc3 ls0 ws0\">previ<span class=\"_ _f\"></span>sto<span class=\"_ _df\"> </span></div></td><td class=\"c x8d2 y32cf wdae h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/<span class=\"_ _f\"></span>2025<span class=\"_ _df\"> </span></div></td></tr><tr><td></td><td></td><td class=\"c x8d1 y32d0 wab1 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc4 sc3 ls0 ws0\">dalla<span class=\"_ _f\"></span> policy<span class=\"_ _df\"> </span></div></td><td></td></tr><tr><td class=\"c x8d3 y32d1 w1cc h2f8\"><div class=\"t m1 x8a h5b y19d5 ff5 fs19 fc4 sc3 ls0 ws0\">\u201cGoo<span class=\"_ _f\"></span>d\u201d<span class=\"ff4 fc1 sc2\"> </span></div></td><td class=\"c x8d5 y32d2 wf20 h564\"><div class=\"t m1 x250 h5b y32bf ff4 fs19 fc1 sc0 ls0 ws0\">Stronger Near-<span class=\"ff5\">Term <span class=\"_ _f\"></span>R<span class=\"_ _2\"></span>ecove<span class=\"_ _1\"></span>ry Scenario (\u201cS1\u201d)<span class=\"_ _df\"> </span></span></div><div class=\"t m0 x8d4 h1f y32bf ff4 fs7 fc1 sc0 ls0 ws0\">: scenar<span class=\"_ _1\"></span>io con<span class=\"_ _df\"> </span></div></td><td class=\"c x8d6 y32d1 w26c h2f8\"><div class=\"t m0 x8a h1f y19d5 ff4 fs7 fc1 sc0 ls9 ws0\">10%<span class=\"ls0\"> </span></div></td><td class=\"c x8d7 y32d1 wfc h2f8\"><div class=\"t m0 x8a h1f y19d5 ff4 fs7 fc1 sc0 ls9 ws0\">10%<span class=\"ls0\"> </span></div></td></tr><tr><td></td><td class=\"c x8d8 y32d3 wf21 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">probabilit\u00e0 del 10<span class=\"_ _1\"></span>% che si realizz<span class=\"_ _1\"></span>i uno scenario m<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span>gliore e de<span class=\"_ _1\"></span>l<span class=\"_ _df\"> </span></div></td><td></td><td></td></tr><tr><td></td><td class=\"c x8d8 y32d4 wf22 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">90% che se ne rea<span class=\"_ _f\"></span>l<span class=\"_ _2\"></span>izzi uno peg<span class=\"_ _f\"></span>giore<span class=\"_ _df\"> </span></div></td><td></td><td></td></tr><tr><td class=\"c x8d3 y32d5 w1cc h2be\"><div class=\"t m1 x8a h5b y289 ff5 fs19 fc4 sc3 ls0 ws0\">\u201cBas<span class=\"_ _f\"></span>eline\u201d<span class=\"_ _1\"></span><span class=\"ff4 fc1 sc2\"> </span></div></td><td class=\"c x8d5 y32d6 wf23 h564\"><div class=\"t m1 x250 h5b y32bf ff4 fs19 fc1 sc0 ls0 ws0\">Baseline Scenar<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span>o<span class=\"_ _df\"> </span></div><div class=\"t m0 x8cc h1f y32bf ff4 fs7 fc1 sc0 ls0 ws0\">: scenar<span class=\"_ _1\"></span>io con probabilit\u00e0 de<span class=\"_ _1\"></span>l 50% che si<span class=\"_ _df\"> </span></div></td><td class=\"c x8d6 y32d5 w26c h2be\"><div class=\"t m0 x8a h1f y289 ff4 fs7 fc1 sc0 ls0 ws0\">80% </div></td><td class=\"c x8d7 y32d5 wfc h2be\"><div class=\"t m0 x8a h1f y289 ff4 fs7 fc1 sc0 ls0 ws0\">50% </div></td></tr><tr><td></td><td class=\"c x8d8 y32d7 wf24 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">realizzi uno scena<span class=\"_ _f\"></span>r<span class=\"_ _2\"></span>io migl<span class=\"_ _1\"></span>iore e del 50% che se ne <span class=\"_ _f\"></span>r<span class=\"_ _2\"></span>ealizzi un<span class=\"_ _f\"></span>o<span class=\"_ _df\"> </span></div></td><td></td><td></td></tr><tr><td></td><td class=\"c x8d8 y32d8 wb46 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">peggiore<span class=\"_ _df\"> </span></div></td><td></td><td></td></tr><tr><td class=\"c x8d3 y32d9 w1cc h2be\"><div class=\"t m1 x8a h5b y289 ff5 fs19 fc4 sc3 ls0 ws0\">\u201cBad\u201d<span class=\"_ _f\"></span><span class=\"ff4 fc1 sc2\"> </span></div></td><td class=\"c x8d5 y32da wf25 h564\"><div class=\"t m1 x250 h5b y32bf ff5 fs19 fc1 sc0 ls0 ws0\">Deep Recessio<span class=\"_ _1\"></span>n Scenario (\u201cS3\u201d)<span class=\"_ _df\"> </span></div><div class=\"t m0 x8cd h1f y32bf ff4 fs7 fc1 sc0 ls0 ws0\">: scenario c<span class=\"_ _f\"></span>o<span class=\"_ _2\"></span>n prob<span class=\"_ _1\"></span>abilit\u00e0 del<span class=\"_ _df\"> </span></div></td><td class=\"c x8d6 y32d9 w26c h2be\"><div class=\"t m0 x8a h1f y289 ff4 fs7 fc1 sc0 ls9 ws0\">10%<span class=\"ls0\"> </span></div></td><td class=\"c x8d7 y32d9 wfc h2be\"><div class=\"t m0 x8a h1f y289 ff4 fs7 fc1 sc0 lsa ws0\">40%<span class=\"ls0\"> </span></div></td></tr><tr><td></td><td class=\"c x8d8 y2701 wf26 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">90% che si real<span class=\"_ _1\"></span>izzi uno scenari<span class=\"_ _1\"></span>o migliore e del 1<span class=\"_ _1\"></span>0% che se ne<span class=\"_ _df\"> </span></div></td><td></td><td></td></tr><tr><td></td><td class=\"c x8d8 y2491 wf27 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">realizzi uno peggi<span class=\"_ _1\"></span>ore<span class=\"_ _df\"> </span></div></td><td></td><td></td></tr></table></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1019\">Inoltre, <span class=\"_ _0\"></span>per <span class=\"_ _0\"></span>riflettere <span class=\"_ _9\"> </span>le <span class=\"_ _0\"></span>implicazioni <span class=\"_ _0\"></span>futur<span class=\"_ _2\"></span>e <span class=\"_ _0\"></span>legate <span class=\"_ _0\"></span>alla <span class=\"_ _0\"></span>sit<span class=\"_ _2\"></span>uazione<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>climatica, <span class=\"_ _0\"></span>so<span class=\"_ _2\"></span>no <span class=\"_ _0\"></span>considerati <span class=\"_ _0\"></span>tre<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs101a\">scenari climatici,<span class=\"_ _1\"></span> scelti tra quell<span class=\"_ _1\"></span>i forniti dal \u201cNetwork for Greening <span class=\"_ _f\"></span>t<span class=\"_ _2\"></span>he Finan<span class=\"_ _1\"></span>cial System\u201d (NGFS)<span class=\"ff4\">, al<span class=\"_ _df\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs101b\">fine <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>considerare <span class=\"_ _d\"></span>diverse <span class=\"_ _d\"></span>tr<span class=\"_ _2\"></span>aiettorie <span class=\"_ _d\"></span>di <span class=\"_ _2\"></span>de<span class=\"_ _2\"></span>-carbonizzazione <span class=\"_ _d\"></span>valutandone <span class=\"_ _d\"></span>gli <span class=\"_ _d\"></span>effett<span class=\"_ _2\"></span>i <span class=\"_ _d\"></span>sul <span class=\"_ _d\"></span>risch<span class=\"_ _2\"></span>io <span class=\"_ _d\"></span>di<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs101c\">credito del Gruppo. In particolare vengono selezionati tre scenari cl<span class=\"_ _1\"></span>imatici:<span class=\"_ _df\"> </span><span class=\"_ _2\"></span> </div><div class=\"t m0 h5 ff14 fs1 fc1 sc0 ls0 ws0 gs101d\"><span class=\"_ _2c\"> </span><span class=\"ff4\">Net <span class=\"_ _0\"></span>Zero <span class=\"_ _0\"></span>2050: <span class=\"_ _0\"></span>scenario <span class=\"_ _0\"></span>che <span class=\"_ _0\"></span>limita <span class=\"_ _0\"></span>il <span class=\"_ _0\"></span>riscaldamento <span class=\"_ _0\"></span>globale <span class=\"_ _d\"></span>a <span class=\"_ _0\"></span>1.5\u00b0C <span class=\"_ _0\"></span>attraverso <span class=\"_ _0\"></span>politiche<span class=\"_ _df\"> </span></span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs101e\">climatiche <span class=\"_ _f\"></span>r<span class=\"_ _2\"></span>igorose <span class=\"_ _1\"></span>e l<span class=\"_ _1\"></span>'innovazione, raggiungendo <span class=\"_ _f\"></span>l<span class=\"_ _2\"></span>e <span class=\"_ _f\"></span>z<span class=\"_ _2\"></span>ero e<span class=\"_ _1\"></span>missioni ne<span class=\"_ _1\"></span>tte di <span class=\"_ _f\"></span>C<span class=\"_ _2\"></span>O<span class=\"ff1b\">\u2082</span> intorno al<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs101f\">2050.<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff14 fs1 fc1 sc0 ls0 ws0 gs1020\"><span class=\"_ _2c\"> </span><span class=\"ff4\">Delayed <span class=\"_ _15\"> </span>Tr<span class=\"_ _2\"></span>ansition: <span class=\"_ _15\"> </span>scenario <span class=\"_ _15\"> </span>che <span class=\"_ _e\"> </span>presuppone <span class=\"_ _15\"> </span>che <span class=\"_ _e\"> </span>le <span class=\"_ _15\"> </span>em<span class=\"_ _2\"></span>issioni <span class=\"_ _15\"> </span>globali <span class=\"_ _15\"> </span>annue <span class=\"_ _e\"> </span>non<span class=\"_ _df\"> </span></span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1021\">diminuiscano <span class=\"_ _d\"></span>fino <span class=\"_ _d\"></span>al <span class=\"_ _0\"></span>2030 <span class=\"_ _d\"></span>rendendo <span class=\"_ _d\"></span>necessarie <span class=\"_ _0\"></span>politiche <span class=\"_ _d\"></span>molto <span class=\"_ _d\"></span>str<span class=\"_ _2\"></span>ingenti <span class=\"_ _d\"></span>per <span class=\"_ _d\"></span>limitare <span class=\"_ _d\"></span>il<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1022\">riscaldamento al di sotto dei 2\u00b0C.<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff14 fs1 fc1 sc0 ls0 ws0 gs1023\"><span class=\"_ _2c\"> </span><span class=\"ff5\">NDC: scenario <span class=\"_ _f\"></span>che prevede<span class=\"_ _1\"></span> l\u2019attuaz<span class=\"ff4\">ione <span class=\"_ _1\"></span>dei Contributi <span class=\"_ _f\"></span>Nazionali Determinati <span class=\"_ _f\"></span>(ND<span class=\"_ _2\"></span>C), <span class=\"_ _f\"></span>ovvero<span class=\"_ _df\"> </span></span></span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1024\">di tutte le politiche promesse, anche<span class=\"_ _1\"></span> se non ancora attuate.<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1025\">Questa <span class=\"_ _0\"></span>selezione <span class=\"_ _0\"></span>permette <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>confrontare: <span class=\"_ _0\"></span>una <span class=\"_ _0\"></span>transizione <span class=\"_ _0\"></span>ordinata <span class=\"_ _0\"></span>(Net <span class=\"_ _0\"></span>Zero), <span class=\"_ _9\"> </span>una <span class=\"_ _d\"></span>transizione<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1026\">disordinata (Delayed Transition) <span class=\"_ _2\"></span>ed uno sce<span class=\"_ _2\"></span>n<span class=\"ff5\">ario <span class=\"_ _2\"></span>\u201cHot House <span class=\"_ _2\"></span>World\u201d riflesso delle attuali pol<span class=\"_ _2\"></span>itiche<span class=\"_ _df\"> </span></span><span class=\"ff5\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1027\">(NDC), <span class=\"_ _16\"> </span>fornendo <span class=\"_ _9\"> </span>cos\u00ec  un <span class=\"_ _9\"> </span>quadro  comple<span class=\"_ _1\"></span>to  de<span class=\"_ _1\"></span>i <span class=\"_ _16\"> </span>possibili <span class=\"_ _9\"> </span>percorsi  futuri <span class=\"_ _9\"> </span>e  de<span class=\"_ _1\"></span>i <span class=\"_ _16\"> </span>relativi <span class=\"_ _9\"> </span>r<span class=\"_ _2\"></span>ischi. <span class=\"_ _9\"> </span>Agli<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1028\">scenari <span class=\"_ _f\"></span>climatici non <span class=\"_ _f\"></span>viene <span class=\"_ _f\"></span>as<span class=\"_ _2\"></span>segnata <span class=\"_ _1\"></span>una <span class=\"_ _f\"></span>probabilit\u00e0 di <span class=\"_ _f\"></span>realizzazione da <span class=\"_ _f\"></span>NGFS. Dunque, <span class=\"_ _f\"></span>ai <span class=\"_ _f\"></span>fin<span class=\"_ _2\"></span>i <span class=\"_ _f\"></span>della </div>ponderazione <span class=\"_ _2\"></span>dei <span class=\"_ _d\"></span>risultati, <span class=\"_ _d\"></span>vengono <span class=\"_ _d\"></span>equi <span class=\"_ _d\"></span>ponderati, <span class=\"_ _2\"></span>non <span class=\"_ _d\"></span>essendo <span class=\"_ _d\"></span>disponibili <span class=\"_ _d\"></span>elementi <span class=\"_ _2\"></span>qualificanti<span class=\"_ _df\"> </span>atti a guidare scelte differenti.<span class=\"_ _df\"> </span>Analis<span class=\"_ _f\"></span>i di sens<span class=\"_ _1\"></span>itivity<span class=\"_ _f\"></span> degli Sce<span class=\"_ _f\"></span>nari<span class=\"_ _df\"> </span>Si <span class=\"_ _22\"> </span>riport<span class=\"_ _2\"></span>ano <span class=\"_ _22\"> </span>di <span class=\"_ _4\"> </span>seguito  le <span class=\"_ _4\"> </span>informazioni  r<span class=\"_ _2\"></span>elative  ai <span class=\"_ _4\"> </span>valori  medi<span class=\"_ _2\"></span> <span class=\"_ _22\"> </span>dei <span class=\"_ _4\"> </span>principali  indica<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>ori <span class=\"_ _22\"> </span>macr<span class=\"_ _2\"></span>o-<span class=\"_ _df\"> </span>economici e finanziari utilizzati negli<span class=\"_ _1\"></span> scenari di giugno 2025, relativamente al triennio 2026<span class=\"_ _2\"></span>-2028<span class=\"_ _df\"> </span>Per <span class=\"_ _2\"></span>ogni <span class=\"_ _2\"></span>indicatore <span class=\"_ _d\"></span>\u00e8 <span class=\"_ _2\"></span>riportato <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>valore <span class=\"_ _2\"></span>base <span class=\"_ _d\"></span>consuntivo <span class=\"_ _2\"></span>(nella <span class=\"_ _2\"></span>fattispecie <span class=\"_ _2\"></span>giugno <span class=\"_ _2\"></span>2025) <span class=\"_ _2\"></span>in <span class=\"_ _d\"></span>termini<span class=\"_ _df\"> </span>assoluti, il valore <span class=\"_ _2\"></span>assunto delle s<span class=\"_ _2\"></span>tesse va<span class=\"_ _2\"></span>riabili nello Scenario <span class=\"_ _2\"></span>Baseline e la <span class=\"_ _2\"></span>variazione percentuale<span class=\"_ _df\"> </span>rispetto <span class=\"_ _0\"></span>ad <span class=\"_ _9\"> </span>esso <span class=\"_ _9\"> </span>degli <span class=\"_ _0\"></span>Scenari <span class=\"_ _9\"> </span>designati <span class=\"_ _0\"></span>come <span class=\"_ _9\"> </span>avverso <span class=\"_ _9\"> </span>e <span class=\"_ _0\"></span>favorevole <span class=\"_ _0\"></span>su <span class=\"_ _9\"> </span>ognuno <span class=\"_ _9\"> </span>dei <span class=\"_ _0\"></span>3 <span class=\"_ _9\"> </span>fine <span class=\"_ _9\"> </span>anno<span class=\"_ _df\"> </span>compresi nell\u2019orizzonte temporale di<span class=\"_ _1\"></span>sponibile. Scenario Baseline La risoluzione parziale d<span class=\"_ _1\"></span>elle tensioni geopolitiche e una politica economica prude<span class=\"_ _1\"></span>nte delineano un<span class=\"_ _df\"> </span>quadro <span class=\"_ _17\"> </span>di <span class=\"_ _17\"> </span>crescita <span class=\"_ _14\"> </span>economica <span class=\"_ _14\"> </span>contenuta. <span class=\"_ _17\"> </span>I <span class=\"_ _14\"> </span>dazi <span class=\"_ _17\"> </span>imposti <span class=\"_ _14\"> </span>dagli <span class=\"_ _17\"> </span>Stati <span class=\"_ _14\"> </span>Uniti <span class=\"_ _17\"> </span>s<span class=\"_ _2\"></span>u <span class=\"_ _17\"> </span>tutti <span class=\"_ _14\"> </span>i <span class=\"_ _17\"> </span>partner<span class=\"_ _df\"> </span>commerciali (compresa l\u2019UE) <span class=\"_ _2\"></span>si attestano <span class=\"_ _2\"></span>attorno al 15%. Il <span class=\"_ _2\"></span>conflitto tra <span class=\"_ _2\"></span>Russia e Ucraina <span class=\"_ _2\"></span>continua<span class=\"_ _df\"> </span>c<span class=\"ff5\">on <span class=\"_ _9\"> </span>intensit\u00e0 <span class=\"_ _9\"> </span>variabile, <span class=\"_ _9\"> </span>ma <span class=\"_ _9\"> </span>si <span class=\"_ _9\"> </span>evita <span class=\"_ _9\"> </span>l\u2019espansione <span class=\"_ _9\"> </span>del <span class=\"_ _9\"> </span>conflitto, <span class=\"_ _9\"> </span>nonostante <span class=\"_ _9\"> </span>le <span class=\"_ _9\"> </span>tensioni <span class=\"_ _16\"> </span>del <span class=\"_ _0\"></span>Medio<span class=\"_ _df\"> </span></span>Oriente <span class=\"_ _d\"></span>persistano. <span class=\"_ _d\"></span>Le <span class=\"_ _d\"></span>forniture <span class=\"_ _2\"></span>energetiche <span class=\"_ _d\"></span>(petrolio <span class=\"_ _0\"></span>in <span class=\"_ _d\"></span>primis) <span class=\"_ _2\"></span>mantengono <span class=\"_ _d\"></span>prezzi <span class=\"_ _d\"></span>stabili <span class=\"_ _d\"></span>e <span class=\"_ _d\"></span>non<span class=\"_ _df\"> </span>sono <span class=\"_ _22\"> </span>soggette <span class=\"_ _22\"> </span>a <span class=\"_ _4\"> </span>crisi.  I  tassi  d\u2019interesse <span class=\"_ _22\"> </span>della <span class=\"_ _4\"> </span>BCE  diminuis<span class=\"_ _2\"></span><span class=\"ff4\">cono  ancora <span class=\"_ _4\"> </span>e  successivamente<span class=\"_ _df\"> </span></span>rimangono <span class=\"_ _2\"></span>invariati <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>un <span class=\"_ _2\"></span>periodo <span class=\"_ _2\"></span>prolungato. A <span class=\"_ _2\"></span>causa <span class=\"_ _d\"></span>dell'i<span class=\"_ _1\"></span>mpatto <span class=\"_ _2\"></span>della <span class=\"_ _2\"></span>guerra <span class=\"_ _2\"></span>commerciale, <span class=\"_ _2\"></span>la<span class=\"_ _df\"> </span>ripresa dell'Eurozona si arresta quasi del tutto, ma si evita comunq<span class=\"_ _f\"></span>u<span class=\"_ _2\"></span>e la recessione.<span class=\"_ _df\"> </span>Scenario Good<span class=\"_ _df\"> </span>Il  quadro  macroeconomico  des<span class=\"_ _2\"></span>critto  prefigura  uno  scenario  ottimistico,  caratterizzato  da <span class=\"_ _22\"> </span>un<span class=\"_ _df\"> </span>allentamento <span class=\"_ _1\"></span>delle <span class=\"_ _1\"></span>tensioni commerici<span class=\"_ _1\"></span>ali US<span class=\"_ _1\"></span>A e <span class=\"_ _f\"></span>da un <span class=\"_ _f\"></span>cessate il <span class=\"_ _1\"></span>fuoco p<span class=\"_ _1\"></span>arziale <span class=\"_ _1\"></span>nel <span class=\"_ _1\"></span>conflitto Russia-<span class=\"_ _df\"> </span>Ucraina, che <span class=\"_ _f\"></span>r<span class=\"_ _2\"></span>ipristinano i flu<span class=\"_ _1\"></span>ssi di materie <span class=\"_ _1\"></span>prime. Una maggiore sicu<span class=\"_ _1\"></span>rezza energetica, la completa<span class=\"_ _df\"> </span>eliminazione <span class=\"_ _c\"> </span>degli <span class=\"_ _c\"> </span>ostacoli <span class=\"_ _20\"> </span>nelle <span class=\"_ _c\"> </span>forniture <span class=\"_ _20\"> </span>e <span class=\"_ _c\"> </span>l\u2019aumento <span class=\"_ _c\"> </span>dell\u2019efficienza <span class=\"_ _c\"> </span>spinti <span class=\"_ _c\"> </span>dai <span class=\"_ _20\"> </span>fondi<span class=\"_ _df\"> </span>NextGenerationEU  e  dall<span class=\"_ _1\"></span>e  spese  della  di<span class=\"_ _1\"></span>fesa  determinano  un  periodo  di <span class=\"_ _16\"> </span>rapida  crescita  della<span class=\"_ _df\"> </span>produttivit\u00e0. <span class=\"_ _2\"></span>La <span class=\"_ _2\"></span>solidit\u00e0 <span class=\"_ _2\"></span>dell'economia <span class=\"_ _d\"></span>allenta <span class=\"_ _2\"></span>le <span class=\"_ _2\"></span>tensioni <span class=\"_ _2\"></span>politic<span class=\"_ _2\"></span>he <span class=\"_ _2\"></span>interne <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>Italia, <span class=\"_ _d\"></span>il <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>favorisce<span class=\"_ _df\"> </span>riforme efficaci e investimenti.<span class=\"_ _df\"> </span>L\u2019Italia <span class=\"_ _15\"> </span>vede <span class=\"_ _15\"> </span>un <span class=\"_ _15\"> </span>raffor<span class=\"_ _2\"></span>zamento <span class=\"_ _14\"> </span>di <span class=\"_ _15\"> </span>consumi <span class=\"_ _e\"> </span>e <span class=\"_ _15\"> </span>investimenti, <span class=\"_ _15\"> </span>grazie <span class=\"_ _15\"> </span>all\u2019aumento <span class=\"_ _15\"> </span>dei <span class=\"_ _15\"> </span>salar<span class=\"_ _2\"></span>i <span class=\"_ _15\"> </span>e<span class=\"_ _df\"> </span>occupazione. L<span class=\"_ _1\"></span>a crescita solida i<span class=\"_ _1\"></span>n Europa si <span class=\"_ _f\"></span>riflette sui mercati fi<span class=\"_ _1\"></span>nanziari: l'e<span class=\"_ _1\"></span>uro si rafforza, i bilanci<span class=\"_ _df\"> </span>pubblici migliorano e lo spread Italia-Germania diminuisce.<span class=\"_ _df\"> </span>Scenario Bad<span class=\"_ _df\"> </span>Questo scenario <span class=\"_ _2\"></span>negativo \u00e8 <span class=\"_ _2\"></span>dominato <span class=\"_ _2\"></span>da una <span class=\"_ _2\"></span>grave escalation <span class=\"_ _2\"></span>delle<span class=\"_ _1\"></span> <span class=\"_ _2\"></span>guerre comm<span class=\"_ _2\"></span>erciali (con <span class=\"_ _2\"></span>dazi<span class=\"_ _df\"> </span>che aumentano al <span class=\"_ _1\"></span>25%) e dall'aumento del<span class=\"_ _1\"></span>le tensioni geopolitiche (<span class=\"_ _1\"></span>Ucraina<span class=\"_ _2\"></span>, Medi<span class=\"_ _1\"></span>o Oriente, Stretto<span class=\"_ _df\"> </span>di <span class=\"_ _1\"></span>Taiwan), che <span class=\"_ _f\"></span>danneggiano le <span class=\"_ _f\"></span>c<span class=\"_ _2\"></span>atene <span class=\"_ _f\"></span>di approvvigionamento <span class=\"_ _1\"></span>e la <span class=\"_ _f\"></span>fiducia. Le <span class=\"_ _f\"></span>tension<span class=\"_ _2\"></span>i <span class=\"_ _f\"></span>geopolitich<span class=\"_ _2\"></span>e<span class=\"_ _df\"> </span>aumentano <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>il <span class=\"_ _d\"></span>timore <span class=\"_ _2\"></span>che <span class=\"_ _d\"></span>la <span class=\"_ _2\"></span>guerra <span class=\"_ _d\"></span>in <span class=\"_ _2\"></span>Ucraina <span class=\"_ _d\"></span>possa <span class=\"_ _2\"></span>estendersi <span class=\"_ _d\"></span>agli <span class=\"_ _2\"></span>stati <span class=\"_ _d\"></span>vicini <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>apporti <span class=\"_ _2\"></span>tra<span class=\"_ _df\"> </span>Cina e Stati Uniti si acuiscono, portando a barriere temporanee alla nav<span class=\"_ _1\"></span>igazione lungo lo Stretto di<span class=\"_ _df\"> </span>Taiwan. <span class=\"_ _d\"></span>I <span class=\"_ _d\"></span>r<span class=\"_ _2\"></span>ischi <span class=\"_ _d\"></span>politici <span class=\"_ _d\"></span>interni <span class=\"_ _0\"></span>in <span class=\"_ _d\"></span>Europa <span class=\"_ _0\"></span>si <span class=\"_ _d\"></span>intensificano <span class=\"_ _d\"></span>e <span class=\"_ _0\"></span>mettono <span class=\"_ _d\"></span>sotto <span class=\"_ _0\"></span>pressione <span class=\"_ _d\"></span>gli <span class=\"_ _d\"></span>spread. <span class=\"_ _0\"></span>Il<span class=\"_ _df\"> </span>conseguente aumento dell'avversione <span class=\"_ _2\"></span>al rischio provoca una caduta dei mercati <span class=\"_ _2\"></span>finanziari <span class=\"_ _2\"></span>globali,<span class=\"_ _df\"> </span>che <span class=\"_ _2\"></span>pone <span class=\"_ _2\"></span>le <span class=\"_ _2\"></span>basi <span class=\"_ _d\"></span>per <span class=\"_ _2\"></span>una <span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>ecess<span class=\"_ _1\"></span>ione <span class=\"_ _2\"></span>moderata <span class=\"_ _2\"></span>ma <span class=\"_ _d\"></span>prolungata. <span class=\"_ _2\"></span>La <span class=\"_ _2\"></span>BCE <span class=\"_ _2\"></span>risponde <span class=\"_ _d\"></span>anche <span class=\"_ _2\"></span>se <span class=\"_ _2\"></span>con <span class=\"_ _2\"></span>un<span class=\"_ _df\"> </span>certo <span class=\"_ _d\"></span>r<span class=\"_ _2\"></span>itardo, <span class=\"_ _d\"></span>tagliando <span class=\"_ _d\"></span>i <span class=\"_ _0\"></span>tassi <span class=\"_ _d\"></span>e <span class=\"_ _0\"></span>riprendendo <span class=\"_ _d\"></span>l'acquisto <span class=\"_ _0\"></span>di <span class=\"_ _d\"></span>tito<span class=\"_ _2\"></span>li <span class=\"_ _2\"></span>per <span class=\"_ _0\"></span>limitare <span class=\"_ _0\"></span>lo <span class=\"_ _d\"></span>str<span class=\"_ _2\"></span>ess <span class=\"_ _d\"></span>sui <span class=\"_ _d\"></span>mercati<span class=\"_ _df\"> </span>finanziari, <span class=\"_ _d\"></span>caratterizzati <span class=\"_ _0\"></span>da <span class=\"_ _d\"></span>una <span class=\"_ _d\"></span>svendita <span class=\"_ _d\"></span>gener<span class=\"_ _2\"></span>alizzata, <span class=\"_ _d\"></span>un <span class=\"_ _d\"></span>euro <span class=\"_ _0\"></span>debole <span class=\"_ _d\"></span>e <span class=\"_ _d\"></span>un <span class=\"_ _0\"></span>aumento <span class=\"_ _d\"></span>moderato<span class=\"_ _df\"> </span>dello spread sui titoli sovrani.<span class=\"_ _df\"> </span>Al  31 <span class=\"_ _4\"> </span>dicemb<span class=\"_ _1\"></span>re  2025<span class=\"_ _2\"></span>  la <span class=\"_ _22\"> </span>s<span class=\"_ _2\"></span>ensitivity  rilevata  dalle  perdit<span class=\"_ _2\"></span>e  attese,  al <span class=\"_ _4\"> </span>variare  della  probabilit\u00e0 <span class=\"_ _22\"> </span>d<span class=\"_ _2\"></span>i<span class=\"_ _df\"> </span>accadimento <span class=\"_ _d\"></span>attribuita <span class=\"_ _d\"></span>allo <span class=\"_ _2\"></span>scenario <span class=\"_ _d\"></span>Good <span class=\"_ _d\"></span>e <span class=\"_ _d\"></span>Bad <span class=\"_ _d\"></span>rispetto <span class=\"_ _d\"></span>allo <span class=\"_ _2\"></span>scenario <span class=\"_ _d\"></span>Basel<span class=\"_ _2\"></span>ine, <span class=\"_ _d\"></span>\u00e8 <span class=\"_ _d\"></span>compresa <span class=\"_ _d\"></span>nel<span class=\"_ _df\"> </span>range -3,39% / +11,67%.<span class=\"_ _df\"> </span>Trat<span class=\"_ _1\"></span>tament<span class=\"_ _1\"></span>o ga<span class=\"_ _1\"></span>ranzi<span class=\"_ _f\"></span>e pubbli<span class=\"_ _f\"></span>che<span class=\"_ _df\"> </span>Nel cal<span class=\"_ _1\"></span>colo d<span class=\"_ _1\"></span>ell'ECL, <span class=\"_ _1\"></span>le garanzie <span class=\"_ _f\"></span>s<span class=\"_ _2\"></span>tatali (<span class=\"_ _1\"></span>incluse <span class=\"_ _f\"></span>q<span class=\"_ _2\"></span>uelle <span class=\"_ _f\"></span>assist<span class=\"_ _2\"></span>ite <span class=\"_ _1\"></span>dai <span class=\"_ _1\"></span>fondi e<span class=\"_ _f\"></span>mer<span class=\"_ _2\"></span>genziali) <span class=\"_ _f\"></span>s<span class=\"_ _2\"></span>ono <span class=\"_ _1\"></span>gestite<span class=\"_ _df\"> </span>secondo <span class=\"_ _9\"> </span>il <span class=\"_ _9\"> </span>principio <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>sostituzione: <span class=\"_ _0\"></span>la <span class=\"_ _16\"> </span>quota <span class=\"_ _9\"> </span>garantita <span class=\"_ _0\"></span>r<span class=\"_ _2\"></span>iflette <span class=\"_ _0\"></span>il <span class=\"_ _9\"> </span>profil<span class=\"_ _2\"></span>o <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>rischio <span class=\"_ _9\"> </span>dell'emittente<table class=\"s wf28 h566\" id=\"_731c8d2f-0c27-4429-9ea5-0675b448b345\"><tr><td class=\"c x8da y32db w54b h300\"><div class=\"t m6 x48 h2ff y19f5 ff2e fs29 fc1 sc0 ls0 ws0\">Macrov<span class=\"_ _2\"></span>ari<span class=\"_ _f\"></span>ab<span class=\"_ _2\"></span>il<span class=\"_ _f\"></span>e </div></td><td class=\"c x8db y32dd wf29 h567\"><div class=\"t m6 x250 h2ff y32dc ff2e fs29 fc1 sc0 ls0 ws0\">Con<span class=\"_ _2\"></span>suntivo<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x8dc y32de w54c h301\"><div class=\"t m6 x90 h2ff y19f7 ff2e fs29 fc1 sc0 ls0 ws0\">dic-26<span class=\"_ _df\"> </span></div></td><td></td><td></td><td class=\"c x8dd y32de w54d h301\"><div class=\"t m6 x36 h2ff y19f7 ff2e fs29 fc1 sc0 ls0 ws0\">dic-27<span class=\"_ _df\"> </span></div></td><td></td><td></td><td class=\"c x8de y32de w54e h301\"><div class=\"t m6 x31 h2ff y19f7 ff2e fs29 fc1 sc0 ls0 ws0\">dic-28<span class=\"_ _df\"> </span></div></td><td></td></tr><tr><td></td><td class=\"c x8df y32df wf2a h568\"><div class=\"t m6 x250 h2ff y32dc ff2e fs29 fc1 sc0 ls0 ws0\">giu-25<span class=\"_ _4\"> </span>Bad<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x8e0 y32df wf2b h568\"><div class=\"t m6 x250 h2ff y32dc ff2e fs29 fc1 sc0 ls0 ws0\">Baseline<span class=\"_ _df\"> </span></div></td><td class=\"c x8e1 y32df wf2c h568\"><div class=\"t m6 x250 h2ff y32dc ff2e fs29 fc1 sc0 ls0 ws0\">Good<span class=\"_ _df\"> </span></div></td><td class=\"c x8e2 y32df wf2d h568\"><div class=\"t m6 x250 h2ff y32dc ff2e fs29 fc1 sc0 ls0 ws0\">Bad<span class=\"_ _df\"> </span></div></td><td class=\"c x8e3 y32df wf2e h568\"><div class=\"t m6 x250 h2ff y32dc ff2e fs29 fc1 sc0 ls0 ws0\">Basel<span class=\"_ _1\"></span>ine<span class=\"_ _df\"> </span></div></td><td class=\"c x8e4 y32df wf2f h568\"><div class=\"t m6 x250 h2ff y32dc ff2e fs29 fc1 sc0 ls0 ws0\">G<span class=\"_ _f\"></span>oo<span class=\"_ _2\"></span>d<span class=\"_ _df\"> </span></div></td><td class=\"c x8e5 y32df wf30 h568\"><div class=\"t m6 x250 h2ff y32dc ff2e fs29 fc1 sc0 ls0 ws0\">B<span class=\"_ _1\"></span>ad<span class=\"_ _df\"> </span></div></td><td class=\"c x8e6 y32df wf31 h568\"><div class=\"t m6 x250 h2ff y32dc ff2e fs29 fc1 sc0 ls0 ws0\">Base<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>ne<span class=\"_ _df\"> </span></div></td><td class=\"c x8e7 y32df wf2c h568\"><div class=\"t m6 x250 h2ff y32dc ff2e fs29 fc1 sc0 ls0 ws0\">Good<span class=\"_ _df\"> </span></div></td></tr><tr><td class=\"c x262 y32e0 wf32 h568\"><div class=\"t m6 x250 h2ff y32dc ff2e fs29 fc1 sc0 ls0 ws0\">PIL<span class=\"_ _2\"></span> ITA<span class=\"_ _df\"> </span></div></td><td class=\"c x8e8 y32e0 wf33 h568\"><div class=\"t m6 x250 h2ff y32dc ff2e fs29 fc1 sc0 lsfd ws0\">1938</div></td><td class=\"c x8e9 y32e2 wf34 h569\"><div class=\"t m6 x250 h2ff y32e1 fff fs29 fc1 sc0 ls0 ws0\">5,3<span class=\"_ _1\"></span>6%<span class=\"_ _df\"> </span></div></td><td class=\"c x8ea y32e0 wf35 h568\"><div class=\"t m6 x250 h2ff y32dc ff2e fs29 fc1 sc0 lsfd ws0\">1948</div></td><td class=\"c x8eb y32e2 wf36 h569\"><div class=\"t m6 x250 h2ff y32e1 fff fs29 fc1 sc0 ls0 ws0\">-1,<span class=\"_ _f\"></span>92%</div></td><td class=\"c x8ec y32e2 wf34 h569\"><div class=\"t m6 x250 h2ff y32e1 fff fs29 fc1 sc0 ls0 ws0\">4,7<span class=\"_ _1\"></span>8%<span class=\"_ _df\"> </span></div></td><td class=\"c x8ed y32e0 wf37 h568\"><div class=\"t m6 x250 h2ff y32dc ff2e fs29 fc1 sc0 lsfd ws0\">1966</div></td><td class=\"c x8ee y32e2 wf38 h569\"><div class=\"t m6 x250 h2ff y32e1 fff fs29 fc1 sc0 ls0 ws0\">-1,72%</div></td><td class=\"c x8ef y32e2 wf39 h569\"><div class=\"t m6 x250 h2ff y32e1 fff fs29 fc1 sc0 ls0 ws0\">3,<span class=\"_ _f\"></span>88%<span class=\"_ _df\"> </span></div></td><td class=\"c x8f0 y32e0 wf33 h568\"><div class=\"t m6 x250 h2ff y32dc ff2e fs29 fc1 sc0 lsfd ws0\">1989</div></td><td class=\"c x8f1 y32e2 wf3a h569\"><div class=\"t m6 x250 h2ff y32e1 fff fs29 fc1 sc0 ls0 ws0\">-<span class=\"_ _2\"></span>1,6<span class=\"_ _1\"></span>1%<span class=\"_ _df\"> </span></div></td></tr><tr><td class=\"c x262 y32e3 wf3b h568\"><div class=\"t m6 x250 h2ff y32dc ff2e fs29 fc1 sc0 ls0 ws0\">PIL<span class=\"_ _2\"></span> EURO<span class=\"_ _df\"> </span></div></td><td class=\"c x8f2 y32e3 wf3c h568\"><div class=\"t m6 x250 h2ff y32dc ff2e fs29 fc1 sc0 lsfd ws0\">11462</div></td><td class=\"c x8f3 y32e4 wf3d h569\"><div class=\"t m6 x250 h2ff y32e1 fff fs29 fc1 sc0 ls0 ws0\">5,30%<span class=\"_ _df\"> </span></div></td><td class=\"c x8f4 y32e3 wf3e h568\"><div class=\"t m6 x250 h2ff y32dc ff2e fs29 fc1 sc0 lsfd ws0\">11612</div></td><td class=\"c x8f5 y32e4 wf3f h569\"><div class=\"t m6 x250 h2ff y32e1 fff fs29 fc1 sc0 ls0 ws0\">-<span class=\"_ _2\"></span>2,1<span class=\"_ _1\"></span>8%</div></td><td class=\"c x8f6 y32e4 wf39 h569\"><div class=\"t m6 x250 h2ff y32e1 fff fs29 fc1 sc0 ls0 ws0\">4,<span class=\"_ _f\"></span>73%<span class=\"_ _df\"> </span></div></td><td class=\"c x8f7 y32e3 wf3e h568\"><div class=\"t m6 x250 h2ff y32dc ff2e fs29 fc1 sc0 lsfd ws0\">11821</div></td><td class=\"c x8f8 y32e4 wf40 h569\"><div class=\"t m6 x250 h2ff y32e1 fff fs29 fc1 sc0 ls0 ws0\">-2,07%</div></td><td class=\"c x8f9 y32e4 wf41 h569\"><div class=\"t m6 x250 h2ff y32e1 fff fs29 fc1 sc0 ls0 ws0\">3,7<span class=\"_ _1\"></span>3%<span class=\"_ _df\"> </span></div></td><td class=\"c x8fa y32e3 wf3e h568\"><div class=\"t m6 x250 h2ff y32dc ff2e fs29 fc1 sc0 lsfd ws0\">12032</div></td><td class=\"c x8fb y32e4 wf38 h569\"><div class=\"t m6 x250 h2ff y32e1 fff fs29 fc1 sc0 ls0 ws0\">-1,96%<span class=\"_ _df\"> </span></div></td></tr><tr><td class=\"c x262 y32e5 wf42 h568\"><div class=\"t m6 x250 h2ff y32dc ff2e fs29 fc1 sc0 ls0 ws0\">Tasso di dis<span class=\"_ _f\"></span>o<span class=\"_ _2\"></span>ccu<span class=\"_ _2\"></span>pazione<span class=\"_ _df\"> </span></div></td><td class=\"c x8fc y32e5 wf43 h568\"><div class=\"t m6 x250 h2ff y32dc ff2e fs29 fc1 sc0 ls0 ws0\">6,30%</div></td><td class=\"c x8fd y32e6 wf44 h569\"><div class=\"t m6 x250 h2ff y32e1 fff fs29 fc1 sc0 ls0 ws0\">-<span class=\"_ _2\"></span>10,<span class=\"_ _1\"></span>32%<span class=\"_ _df\"> </span></div></td><td class=\"c x8fe y32e5 wf43 h568\"><div class=\"t m6 x250 h2ff y32dc ff2e fs29 fc1 sc0 ls0 ws0\">6,25%</div></td><td class=\"c x8ff y32e6 wf34 h569\"><div class=\"t m6 x250 h2ff y32e1 fff fs29 fc1 sc0 ls0 ws0\">2,9<span class=\"_ _1\"></span>9%</div></td><td class=\"c x900 y32e6 wf45 h569\"><div class=\"t m6 x250 h2ff y32e1 fff fs29 fc1 sc0 ls0 ws0\">-<span class=\"_ _2\"></span>18,<span class=\"_ _f\"></span>80%<span class=\"_ _df\"> </span></div></td><td class=\"c x901 y32e5 wf43 h568\"><div class=\"t m6 x250 h2ff y32dc ff2e fs29 fc1 sc0 ls0 ws0\">6,38%</div></td><td class=\"c x902 y32e6 wf34 h569\"><div class=\"t m6 x250 h2ff y32e1 fff fs29 fc1 sc0 ls0 ws0\">5,<span class=\"_ _1\"></span>43%</div></td><td class=\"c x903 y32e6 wf46 h569\"><div class=\"t m6 x250 h2ff y32e1 fff fs29 fc1 sc0 ls0 ws0\">-18,03%<span class=\"_ _df\"> </span></div></td><td class=\"c x904 y32e5 wf43 h568\"><div class=\"t m6 x250 h2ff y32dc ff2e fs29 fc1 sc0 ls0 ws0\">6,49%</div></td><td class=\"c x905 y32e6 wf41 h569\"><div class=\"t m6 x250 h2ff y32e1 fff fs29 fc1 sc0 ls0 ws0\">6,<span class=\"_ _1\"></span>66%<span class=\"_ _df\"> </span></div></td></tr><tr><td class=\"c x262 y32e7 wf47 h568\"><div class=\"t m6 x250 h2ff y32dc ff2e fs29 fc1 sc0 ls0 ws0\">Indice di produzione industri<span class=\"_ _1\"></span>ale<span class=\"_ _df\"> </span></div></td><td class=\"c x906 y32e7 wf48 h568\"><div class=\"t m6 x250 h2ff y32dc ff2e fs29 fc1 sc0 lsfd ws0\">94</div></td><td class=\"c x907 y32e9 wf49 h56a\"><div class=\"t m6 x250 h2ff y32e8 fff fs29 fc1 sc0 ls0 ws0\">10,<span class=\"_ _1\"></span>33%<span class=\"_ _df\"> </span></div></td><td class=\"c x908 y32e7 wf48 h568\"><div class=\"t m6 x250 h2ff y32dc ff2e fs29 fc1 sc0 lsfd ws0\">95</div></td><td class=\"c x909 y32e9 wf3f h56a\"><div class=\"t m6 x250 h2ff y32e8 fff fs29 fc1 sc0 ls0 ws0\">-<span class=\"_ _2\"></span>3,<span class=\"_ _1\"></span>58%</div></td><td class=\"c x90a y32e9 wf4a h56a\"><div class=\"t m6 x250 h2ff y32e8 fff fs29 fc1 sc0 ls0 ws0\">6,65%<span class=\"_ _df\"> </span></div></td><td class=\"c x90b y32e7 wf4b h568\"><div class=\"t m6 x250 h2ff y32dc ff2e fs29 fc1 sc0 lsfd ws0\">96</div></td><td class=\"c x90c y32e9 wf38 h56a\"><div class=\"t m6 x250 h2ff y32e8 fff fs29 fc1 sc0 ls0 ws0\">-2,73%</div></td><td class=\"c x90d y32e9 wf34 h56a\"><div class=\"t m6 x250 h2ff y32e8 fff fs29 fc1 sc0 ls0 ws0\">5,<span class=\"_ _1\"></span>13%<span class=\"_ _df\"> </span></div></td><td class=\"c x90e y32e7 wf48 h568\"><div class=\"t m6 x250 h2ff y32dc ff2e fs29 fc1 sc0 lsfd ws0\">97</div></td><td class=\"c x90f y32e9 wf3a h56a\"><div class=\"t m6 x250 h2ff y32e8 fff fs29 fc1 sc0 ls0 ws0\">-<span class=\"_ _2\"></span>2,4<span class=\"_ _1\"></span>3%<span class=\"_ _df\"> </span></div></td></tr><tr><td class=\"c x262 y32ea wf4c h568\"><div class=\"t m6 x250 h2ff y32dc ff2e fs29 fc1 sc0 ls0 ws0\">Indice immob<span class=\"_ _2\"></span>il<span class=\"_ _f\"></span>i resi<span class=\"_ _f\"></span>d<span class=\"_ _2\"></span>enzial<span class=\"_ _f\"></span>i<span class=\"_ _df\"> </span></div></td><td class=\"c x910 y32ea wf33 h568\"><div class=\"t m6 x250 h2ff y32dc ff2e fs29 fc1 sc0 lsfd ws0\">2266</div></td><td class=\"c x911 y32eb wf3d h56a\"><div class=\"t m6 x250 h2ff y32e8 fff fs29 fc1 sc0 ls0 ws0\">2,79%<span class=\"_ _df\"> </span></div></td><td class=\"c x912 y32ea wf35 h568\"><div class=\"t m6 x250 h2ff y32dc ff2e fs29 fc1 sc0 lsfd ws0\">2455</div></td><td class=\"c x913 y32eb wf3f h56a\"><div class=\"t m6 x250 h2ff y32e8 fff fs29 fc1 sc0 ls0 ws0\">-<span class=\"_ _2\"></span>0,<span class=\"_ _1\"></span>69%</div></td><td class=\"c x914 y32eb wf3d h56a\"><div class=\"t m6 x250 h2ff y32e8 fff fs29 fc1 sc0 ls0 ws0\">3,81%<span class=\"_ _df\"> </span></div></td><td class=\"c x915 y32ea wf33 h568\"><div class=\"t m6 x250 h2ff y32dc ff2e fs29 fc1 sc0 lsfd ws0\">2619</div></td><td class=\"c x916 y32eb wf4d h56a\"><div class=\"t m6 x250 h2ff y32e8 fff fs29 fc1 sc0 ls0 ws0\">-<span class=\"_ _2\"></span>0,9<span class=\"_ _f\"></span>5%</div></td><td class=\"c x917 y32eb wf4e h56a\"><div class=\"t m6 x250 h2ff y32e8 fff fs29 fc1 sc0 ls0 ws0\">5,<span class=\"_ _f\"></span>29%<span class=\"_ _df\"> </span></div></td><td class=\"c x918 y32ea wf33 h568\"><div class=\"t m6 x250 h2ff y32dc ff2e fs29 fc1 sc0 lsfd ws0\">2780</div></td><td class=\"c x919 y32eb wf4f h56a\"><div class=\"t m6 x250 h2ff y32e8 fff fs29 fc1 sc0 ls0 ws0\">-<span class=\"_ _2\"></span>1,<span class=\"_ _f\"></span>68%<span class=\"_ _df\"> </span></div></td></tr></table>sovrano <span class=\"_ _17\"> </span>anzich\u00e9 <span class=\"_ _14\"> </span>quello <span class=\"_ _17\"> </span>della <span class=\"_ _14\"> </span>contro<span class=\"_ _2\"></span>parte. <span class=\"_ _4\"> </span>L'effetto <span class=\"_ _14\"> </span>di <span class=\"_ _17\"> </span>mitig<span class=\"_ _2\"></span>azione <span class=\"_ _17\"> </span>\u00e8 <span class=\"_ _17\"> </span>parametr<span class=\"_ _2\"></span>ato <span class=\"_ _17\"> </span>al <span class=\"_ _14\"> </span>merito<span class=\"_ _df\"> </span>creditizio della Repubblica Italiana, monitorato tramite il rating de<span class=\"_ _1\"></span>lle principali agenzie.<span class=\"_ _2\"></span><span class=\"fs4\"> </span>2.4 Te<span class=\"_ _1\"></span>cnic<span class=\"_ _f\"></span>he di mit<span class=\"_ _1\"></span>igazio<span class=\"_ _f\"></span>ne del ri<span class=\"_ _f\"></span>schio di cr<span class=\"_ _f\"></span>edito<span class=\"_ _df\"> </span>I <span class=\"_ _f\"></span>collateral e <span class=\"_ _f\"></span>le <span class=\"_ _f\"></span>garanzie <span class=\"_ _1\"></span>rivestono <span class=\"_ _f\"></span>particolare <span class=\"_ _1\"></span>rilevanza <span class=\"_ _f\"></span>nelle <span class=\"_ _f\"></span>s<span class=\"_ _2\"></span>trategie <span class=\"_ _f\"></span>creditizie <span class=\"_ _f\"></span>del <span class=\"_ _1\"></span>Gruppo <span class=\"_ _f\"></span>Credem<span class=\"_ _df\"> </span>in quanto consentono <span class=\"_ _2\"></span>la mitigazione <span class=\"_ _2\"></span>nel complessivo ciclo <span class=\"_ _2\"></span>di vita <span class=\"_ _2\"></span>del credito, pur <span class=\"_ _2\"></span>mantenendo un<span class=\"_ _df\"> </span>carattere <span class=\"_ _22\"> </span>accessor<span class=\"_ _2\"></span>io  nel <span class=\"_ _4\"> </span>processo  di <span class=\"_ _4\"> </span>valu<span class=\"_ _1\"></span>tazio<span class=\"_ _2\"></span><span class=\"ff5\">ne  e <span class=\"_ _4\"> </span>concessione <span class=\"_ _22\"> </span>del <span class=\"_ _4\"> </span>credito <span class=\"_ _22\"> </span>dove <span class=\"_ _4\"> </span>l\u2019elemento<span class=\"_ _df\"> </span></span>fondante <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>valutazione <span class=\"_ _2\"></span>della <span class=\"_ _2\"></span>capacit\u00e0 <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>imborso <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>debitore. <span class=\"_ _2\"></span>In <span class=\"_ _2\"></span>tal <span class=\"_ _2\"></span>senso <span class=\"_ _2\"></span>l\u2019acquisizione <span class=\"_ _2\"></span>delle<span class=\"_ _df\"> </span>stesse, comporta un\u2019approfondita attivi<span class=\"_ _1\"></span>t\u00e0 valutativa sia i<span class=\"_ _1\"></span>n fase di acqui<span class=\"_ _1\"></span>sizione sia di monitoraggio<span class=\"_ _df\"> </span>e gestion<span class=\"lse\">e.<span class=\"_ _df\"> </span></span>Per i collateral <span class=\"_ _2\"></span>immobiliari sono definiti, conformemente <span class=\"_ _2\"></span>ad i requisiti <span class=\"_ _2\"></span>normativi, i principi g<span class=\"_ _2\"></span>enerali<span class=\"_ _df\"> </span>che consentono un sano e prudente processo di valutazione<span class=\"_ _1\"></span> degli immobili oggetto dei collateral:<span class=\"_ _df\"> </span><span class=\"_ _2c\"> </span><span class=\"ff5\">Indipendenza <span class=\"_ _2\"></span>della <span class=\"_ _2\"></span>valutazione <span class=\"_ _2\"></span>tramite <span class=\"_ _2\"></span>l\u2019utilizz<span class=\"_ _1\"></span>o <span class=\"_ _2\"></span>di<span class=\"ff4\"> <span class=\"_ _2\"></span>periti <span class=\"_ _2\"></span>esterni <span class=\"_ _2\"></span>indipendenti dal <span class=\"_ _2\"></span>processo <span class=\"_ _2\"></span>di<span class=\"_ _df\"> </span></span></span>erogazione del credito.<span class=\"_ _df\"> </span><span class=\"_ _2c\"> </span><span class=\"ff5\">Conformit\u00e0 e <span class=\"_ _2\"></span>congruit\u00e0 della valutazione, adeguata alla <span class=\"_ _2\"></span>complessit\u00e0 dell\u2019ope<span class=\"_ _1\"></span>razione, alla <span class=\"_ _2\"></span>sua<span class=\"_ _df\"> </span></span>dimensione, alla <span class=\"_ _f\"></span>t<span class=\"_ _2\"></span>ipologia <span class=\"_ _1\"></span>dell\u2019immobile p<span class=\"_ _1\"></span>er l\u2019individuazione de<span class=\"_ _1\"></span>l valore di <span class=\"_ _1\"></span>mercato su cui<span class=\"_ _1\"></span> v<span class=\"ff4\">iene<span class=\"_ _df\"> </span></span>calcolato l\u2019indicatore di loan to value.<span class=\"_ _df\"> </span><span class=\"_ _2c\"> </span><span class=\"ff4\">Un <span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>obusto <span class=\"_ _2\"></span>sistema <span class=\"_ _2\"></span>di <span class=\"_ _d\"></span>controlli, <span class=\"_ _2\"></span>conforme <span class=\"_ _d\"></span>ad <span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>equi<span class=\"_ _1\"></span>siti <span class=\"_ _2\"></span>nor<span class=\"_ _2\"></span>mativi, <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>presidio <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>el <span class=\"_ _2\"></span>processo <span class=\"_ _2\"></span>di<span class=\"_ _df\"> </span></span>valutazione.<span class=\"_ _df\"> </span>Vista l\u2019importanza de<span class=\"_ _1\"></span>l comparto <span class=\"_ _1\"></span>mutui nel<span class=\"_ _1\"></span> portafoglio complessivo <span class=\"_ _1\"></span>e in ottica d<span class=\"_ _1\"></span>i adegu<span class=\"_ _1\"></span>amento alle<span class=\"_ _df\"> </span>Disposizioni <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>Vigilanza \u00e8 <span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>tato <span class=\"_ _2\"></span>messo <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>punto <span class=\"_ _2\"></span>un <span class=\"_ _2\"></span>processo <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>monitoraggio <span class=\"_ _2\"></span>periodico <span class=\"_ _2\"></span>del va<span class=\"_ _2\"></span>lore<span class=\"_ _df\"> </span>degli <span class=\"_ _0\"></span>immobili <span class=\"_ _9\"> </span>oggetto <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>ipoteca <span class=\"_ _0\"></span>al <span class=\"_ _9\"> </span>fine <span class=\"_ _0\"></span>di <span class=\"_ _9\"> </span>una <span class=\"_ _0\"></span>cor<span class=\"_ _2\"></span>retta <span class=\"_ _0\"></span>valutazione <span class=\"_ _0\"> </span>del <span class=\"_ _9\"> </span>grado <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>copertura <span class=\"_ _9\"> </span>dei<span class=\"_ _df\"> </span>collateral.<span class=\"_ _df\"> </span>All\u2019interno d<span class=\"_ _1\"></span>el \u201cRegolamento pe<span class=\"_ _1\"></span>r l\u2019assunzione dei rischi di <span class=\"_ _f\"></span>cr<span class=\"_ _2\"></span>edito v<span class=\"_ _1\"></span>erso la clie<span class=\"_ _1\"></span>ntela\u201d \u00e8 codi<span class=\"_ _1\"></span>ficata la<span class=\"_ _df\"> </span>ponderazione <span class=\"_ _d\"></span>da <span class=\"_ _d\"></span>applicare <span class=\"_ _0\"></span>alle <span class=\"_ _d\"></span>diverse <span class=\"_ _0\"></span>operazioni <span class=\"_ _d\"></span>ipotecarie <span class=\"_ _d\"></span>in <span class=\"_ _0\"></span>base <span class=\"_ _d\"></span>alla <span class=\"_ _0\"></span>natura <span class=\"_ _d\"></span>dell\u2019immobile. <span class=\"_ _d\"></span>Il<span class=\"_ _df\"> </span>Comitato di Cre<span class=\"_ _1\"></span>dit Strategy, i<span class=\"_ _1\"></span>noltre, propone p<span class=\"_ _1\"></span>eriodicamente le <span class=\"_ _1\"></span>linee guida <span class=\"_ _1\"></span>di indirizzo i<span class=\"_ _1\"></span>n termini di<span class=\"_ _df\"> </span>Loan <span class=\"_ _2\"></span>To Value <span class=\"_ _2\"></span>media d<span class=\"_ _2\"></span>el portafoglio <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>delle nuove <span class=\"_ _2\"></span>erogazioni. In <span class=\"_ _2\"></span>particolare, <span class=\"_ _2\"></span>proprio <span class=\"_ _2\"></span>per la <span class=\"_ _2\"></span>natura<span class=\"_ _df\"> </span>di intervento <span class=\"_ _2\"></span>a medio termine, <span class=\"_ _2\"></span>i mutui <span class=\"_ _2\"></span>ipotecari prevedono perc<span class=\"_ _2\"></span>entuali di iscrizione <span class=\"_ _2\"></span>della garanzia<span class=\"_ _df\"> </span>diversificate a seconda della tipologia de<span class=\"_ _1\"></span>l finanziamento.<span class=\"_ _df\"> </span>Per quanto r<span class=\"_ _2\"></span>iguarda le garanzie reali su <span class=\"_ _2\"></span>valori mobiliari sono previsti <span class=\"_ _2\"></span>scarti cauzionali da applicare<span class=\"_ _df\"> </span>a seconda della tipologia del prodotto acqu<span class=\"_ _1\"></span>isito in garanzia e dell\u2019eventuale rating dell\u2019emittente.<span class=\"_ _df\"> </span>E\u2019 inoltr<span class=\"_ _2\"></span>e previsto <span class=\"_ _2\"></span>il monitoraggio <span class=\"_ _2\"></span>costante dei <span class=\"_ _2\"></span>valo<span class=\"ff4\">ri <span class=\"_ _2\"></span>mobiliari a <span class=\"_ _2\"></span>garanzia e <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>valorizzazione ai <span class=\"_ _2\"></span>fini<span class=\"_ _df\"> </span></span>di Credit Risk Mitigation.<span class=\"_ _df\"> </span>In  riferimento <span class=\"_ _22\"> </span>alle <span class=\"_ _4\"> </span>garanzie  fidejussorie, <span class=\"_ _22\"> </span>os<span class=\"_ _2\"></span>serviamo  che  la <span class=\"_ _4\"> </span>loro <span class=\"_ _22\"> </span>valorizzazione <span class=\"_ _22\"> </span>viene <span class=\"_ _22\"> </span>s<span class=\"_ _2\"></span>empre<span class=\"_ _df\"> </span>effettuata sulla base di una valutazione p<span class=\"_ _1\"></span>rudenziale del patrimonio responsabile dei garant<span class=\"_ _2\"></span>i.<span class=\"_ _df\"> </span>Relativamente <span class=\"_ _16\"> </span>alle <span class=\"_ _16\"> </span>garanzie <span class=\"_ _16\"> </span>pubbliche,  il <span class=\"_ _16\"> </span>Gruppo <span class=\"_ _16\"> </span>Credem <span class=\"_ _16\"> </span>adotta  speci<span class=\"_ _1\"></span>fiche <span class=\"_ _16\"> </span>procedure  v<span class=\"_ _1\"></span>olte  a<span class=\"_ _df\"> </span>rispettare <span class=\"_ _0\"></span>le <span class=\"_ _0\"></span>modalit\u00e0 <span class=\"_ _0\"></span>operative <span class=\"_ _d\"></span>richieste <span class=\"_ _0\"></span>dai <span class=\"_ _0\"></span>dettami <span class=\"_ _0\"></span>normativi <span class=\"_ _0\"></span>emanati <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<span class=\"_ _df\"> </span>emittenti tali garanzie.<span class=\"_ _df\"> </span>3.  Es<span class=\"_ _1\"></span>posizi<span class=\"_ _1\"></span>oni cr<span class=\"_ _1\"></span>edit<span class=\"_ _f\"></span>izie deter<span class=\"_ _1\"></span>ior<span class=\"_ _1\"></span>ate<span class=\"_ _df\"> </span>3.1<span class=\"ff11 sc0\"> <span class=\"_ _20\"> </span></span>Str<span class=\"_ _1\"></span>ategi<span class=\"_ _1\"></span>e e p<span class=\"_ _1\"></span>olitich<span class=\"_ _1\"></span>e di <span class=\"_ _1\"></span>gestio<span class=\"_ _f\"></span>ne<span class=\"_ _df\"> </span>La <span class=\"_ _0\"></span>struttura <span class=\"_ _9\"> </span>di <span class=\"_ _0\"></span>Non-Performing <span class=\"_ _9\"> </span>Credit <span class=\"_ _0\"></span>supporta <span class=\"_ _0\"></span>da <span class=\"_ _9\"> </span>un <span class=\"_ _0\"></span>punto <span class=\"_ _9\"> </span>di <span class=\"_ _0\"></span>vista <span class=\"_ _9\"> </span>tecnico <span class=\"_ _0\"></span>la <span class=\"_ _0\"></span>rete <span class=\"_ _9\"> </span>Banca <span class=\"_ _0\"></span>e <span class=\"_ _0\"></span>l<span class=\"_ _2\"></span>e<span class=\"_ _df\"> </span>societ\u00e0 <span class=\"_ _d\"></span>del <span class=\"_ _2\"></span>Gruppo <span class=\"_ _d\"></span>e <span class=\"_ _2\"></span>nella <span class=\"_ _d\"></span>gestione <span class=\"_ _2\"></span>dei <span class=\"_ _d\"></span>crediti <span class=\"_ _2\"></span>anomali <span class=\"_ _d\"></span>e <span class=\"_ _d\"></span>deteriorati <span class=\"_ _d\"></span>e <span class=\"_ _2\"></span>nella <span class=\"_ _d\"></span>determinazione <span class=\"_ _2\"></span>delle<span class=\"_ _df\"> </span>svalutazioni. Al<span class=\"ff5 ls0\">l\u2019interno <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>questa st<span class=\"_ _1\"></span>ruttura, la <span class=\"_ _f\"></span>gestione <span class=\"_ _1\"></span>dell\u2019attivit\u00e0 d<span class=\"_ _1\"></span>i recu<span class=\"_ _1\"></span>pero <span class=\"_ _f\"></span>crediti avviene <span class=\"_ _f\"></span>secondo processi<span class=\"_ _df\"> </span></span>definiti <span class=\"_ _1\"></span>in b<span class=\"_ _1\"></span>ase al <span class=\"_ _f\"></span>canale/segmento, alla tip<span class=\"_ _1\"></span>ologia d<span class=\"_ _1\"></span>i aff<span class=\"_ _1\"></span>idamenti <span class=\"_ _1\"></span>ed al <span class=\"_ _f\"></span>livello di <span class=\"_ _f\"></span>anomalia, ed <span class=\"_ _f\"></span>\u00e8 svolta<span class=\"_ _df\"> </span>da <span class=\"_ _9\"> </span>uffici <span class=\"_ _9\"> </span>centrali <span class=\"_ _9\"> </span>o <span class=\"_ _16\"> </span>loro <span class=\"_ _0\"></span>decentramenti <span class=\"_ _9\"> </span>sul <span class=\"_ _9\"> </span>terr<span class=\"_ _2\"></span>itorio. <span class=\"_ _0\"> </span>Il <span class=\"_ _16\"> </span>modello <span class=\"_ _0\"></span>operativo <span class=\"_ _9\"> </span>permette <span class=\"_ _16\"> </span>una <span class=\"_ _9\"> </span>visione<span class=\"_ _df\"> </span>omnicomprensiva <span class=\"_ _2\"></span>del credit<span class=\"_ _2\"></span>o <span class=\"_ _2\"></span><span class=\"ff5\">lungo <span class=\"_ _2\"></span>tutto <span class=\"_ _2\"></span>l\u2019arco <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>vita, valorizzando <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>fluidit\u00e0 <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>l\u2019integrazione <span class=\"_ _2\"></span>dei<span class=\"_ _df\"> </span></span>processi <span class=\"_ _1\"></span>e <span class=\"_ _f\"></span>la <span class=\"_ _1\"></span>continuit\u00e0 <span class=\"_ _f\"></span>di v<span class=\"_ _1\"></span>isione. <span class=\"_ _f\"></span>In <span class=\"_ _1\"></span>particolare <span class=\"_ _f\"></span>si <span class=\"_ _1\"></span>segnala <span class=\"_ _f\"></span>la p<span class=\"_ _1\"></span>resenza <span class=\"_ _f\"></span>di strutture<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>centrali <span class=\"_ _f\"></span>dedicat<span class=\"_ _2\"></span><span class=\"lse\">e<span class=\"_ _df\"> </span></span>alla <span class=\"_ _2\"></span>gestione, <span class=\"_ _2\"></span>al <span class=\"_ _d\"></span>monitoraggio <span class=\"_ _d\"></span>e <span class=\"_ _2\"></span>al <span class=\"_ _d\"></span>recupero <span class=\"_ _2\"></span>di <span class=\"_ _d\"></span>posizioni <span class=\"_ _2\"></span>secondo <span class=\"_ _d\"></span>una <span class=\"_ _2\"></span>organizzazione <span class=\"_ _d\"></span>orizzontale<span class=\"_ _df\"> </span>che permette di avere modalit\u00e0 differenti di collection in base alla tipologia di controparte e entit\u00e0<span class=\"_ _df\"> </span>di <span class=\"_ _2\"></span>impiego. <span class=\"_ _2\"></span>Nel <span class=\"_ _d\"></span>dettaglio <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _d\"></span>prevista <span class=\"_ _d\"></span>una <span class=\"_ _2\"></span>gestione <span class=\"_ _2\"></span>mass<span class=\"_ _2\"></span>iva <span class=\"_ _2\"></span>o <span class=\"_ _d\"></span>single <span class=\"_ _2\"></span>name <span class=\"_ _2\"></span>delle <span class=\"_ _2\"></span>posizioni. <span class=\"_ _d\"></span>\u00c8 <span class=\"_ _2\"></span>inoltre<span class=\"_ _df\"> </span>prevista un\u2019altra <span class=\"_ _2\"></span>str<span class=\"_ _2\"></span>uttura dedicata <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>reporting gestionale <span class=\"_ _2\"></span>e r<span class=\"_ _2\"></span>egistrazioni cont<span class=\"_ _2\"></span>abili delle posiz<span class=\"_ _2\"></span>ioni<span class=\"_ _df\"> </span>classificate a NPL. Nel <span class=\"_ _22\"> </span>cor<span class=\"_ _2\"></span>so <span class=\"_ _22\"> </span>del <span class=\"_ _4\"> </span>2025 <span class=\"_ _22\"> </span>\u00e8 <span class=\"_ _4\"> </span>stato <span class=\"_ _22\"> </span>completato <span class=\"_ _4\"> </span>il  progetto <span class=\"_ _4\"> </span>di  potenziamento <span class=\"_ _4\"> </span>dell'unit\u00e0  or<span class=\"_ _2\"></span>ganizz<span class=\"_ _2\"></span>ativa<span class=\"_ _df\"> </span>dedicata al <span class=\"_ _2\"></span>coordinamento <span class=\"_ _2\"></span>della <span class=\"_ _2\"></span>gestione dei cr<span class=\"_ _2\"></span>editi NPL <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>le societ\u00e0 <span class=\"_ _2\"></span>del Gruppo. <span class=\"_ _2\"></span>Tale <span class=\"_ _2\"></span>struttura<span class=\"_ _df\"> </span>si  pone<span class=\"_ _1\"></span>  l\u2019obi<span class=\"_ _1\"></span>ettivo  di <span class=\"_ _9\"> </span>gestire  in  modalit\u00e0  acc<span class=\"_ _1\"></span>entrata  sia<span class=\"_ _1\"></span>  le <span class=\"_ _9\"> </span>posizioni  a  sofferenz<span class=\"_ _1\"></span>a  che <span class=\"_ _9\"> </span>i  crediti classificati <span class=\"_ _0\"></span>come <span class=\"_ _0\"></span>inadempienze <span class=\"_ _0\"> </span>pro<span class=\"_ _2\"></span>babil<span class=\"_ _1\"></span>i <span class=\"_ _0\"></span>(UTP) <span class=\"_ _0\"></span>facent<span class=\"_ _2\"></span>i <span class=\"_ _0\"></span>capo <span class=\"_ _0\"></span>alle <span class=\"_ _9\"> </span>societ\u00e0 <span class=\"_ _0\"></span>controllate <span class=\"_ _0\"></span>tenendo <span class=\"_ _0\"></span>in considerazione le peculiarit\u00e0 delle singol<span class=\"_ _1\"></span>e legal entity.  <span class=\"_ _2\"></span> La <span class=\"_ _d\"></span>valutazione <span class=\"_ _d\"></span>delle <span class=\"_ _0\"></span>perdite <span class=\"_ _d\"></span>\u00e8 <span class=\"_ _0\"></span>improntat<span class=\"_ _2\"></span>a <span class=\"_ _d\"></span>seguendo <span class=\"_ _d\"></span>le <span class=\"_ _d\"></span>indicazioni <span class=\"_ _0\"></span>del <span class=\"_ _d\"></span>documento <span class=\"_ _0\"></span>approvato <span class=\"_ _d\"></span>dal Consiglio <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>Ammin<span class=\"_ _2\"></span>istrazione <span class=\"_ _d\"></span>e <span class=\"_ _0\"></span>denominato <span class=\"_ _d\"></span>\u201cRegolamento <span class=\"_ _d\"></span>di <span class=\"_ _9\"> </span>Gruppo <span class=\"_ _0\"></span>Svalutazione <span class=\"_ _d\"></span>Crediti\u201d; <span class=\"_ _0\"></span>tale documento ha <span class=\"_ _2\"></span>lo <span class=\"_ _2\"></span>scopo di <span class=\"_ _2\"></span>indirizzare ed <span class=\"_ _2\"></span>uniformare l\u2019attivit\u00e0 <span class=\"_ _2\"></span>degli uffici <span class=\"_ _2\"></span>deputati alla <span class=\"_ _2\"></span>gestione <span class=\"_ _2\"></span>dei crediti deteriorati a <span class=\"_ _2\"></span>livello di Gr<span class=\"_ _2\"></span><span class=\"ls18\">uppo</span> nella d<span class=\"_ _2\"></span>eterminazione delle relative svalutazioni sia <span class=\"_ _2\"></span>civili<span class=\"_ _1\"></span>stiche che <span class=\"_ _2\"></span>attinenti <span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>tempi <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>recupero. <span class=\"_ _2\"></span>Le <span class=\"_ _d\"></span>Linee Gui<span class=\"_ _2\"></span>da <span class=\"_ _2\"></span>BCE <span class=\"_ _2\"></span>raccomandano <span class=\"_ _2\"></span>alle <span class=\"_ _2\"></span>Banche, <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>stabilire <span class=\"_ _2\"></span>una chiara <span class=\"_ _2\"></span>strategia <span class=\"_ _2\"></span>volta <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>idurre <span class=\"_ _2\"></span>le <span class=\"_ _2\"></span>consistenze <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>NPL <span class=\"_ _d\"></span>in <span class=\"_ _2\"></span>modo <span class=\"_ _2\"></span>credibile, <span class=\"_ _2\"></span>sostenibile <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>tempestivo. Le <span class=\"_ _d\"></span>stesse <span class=\"_ _0\"></span>sono <span class=\"_ _0\"></span>uno <span class=\"_ _d\"></span>strumento <span class=\"_ _d\"></span>non <span class=\"_ _0\"></span>vincolante, <span class=\"_ _d\"></span>t<span class=\"_ _2\"></span>uttavia <span class=\"_ _d\"></span>le <span class=\"_ _d\"></span>Banche <span class=\"_ _0\"></span>sono <span class=\"_ _0\"></span>ten<span class=\"_ _2\"></span>ute <span class=\"_ _d\"></span>a <span class=\"_ _0\"></span>promuovere <span class=\"_ _d\"></span>la rapida convergenza verso le indicazioni fornite. 3.2<span class=\"ff11 sc0\"> <span class=\"_ _6\"> </span></span>Writ<span class=\"_ _1\"></span>e-off Le <span class=\"_ _9\"> </span>aut<span class=\"_ _2\"></span>onomie <span class=\"_ _9\"> </span>r<span class=\"_ _2\"></span>elative<span class=\"_ _1\"></span>  alla <span class=\"_ _9\"> </span>valutazione  d<span class=\"_ _1\"></span>egli <span class=\"_ _16\"> </span>stralci  e<span class=\"_ _1\"></span> <span class=\"_ _16\"> </span>delle <span class=\"_ _9\"> </span>per<span class=\"_ _2\"></span>dite <span class=\"_ _9\"> </span>so<span class=\"_ _2\"></span>no <span class=\"_ _9\"> </span>quasi  completamente accentrate <span class=\"_ _4\"> </span>su <span class=\"_ _17\"> </span>organi <span class=\"_ _17\"> </span>monocratici, <span class=\"_ _4\"> </span>peculiarit\u00e0 <span class=\"_ _4\"> </span>che <span class=\"_ _17\"> </span>permette <span class=\"_ _4\"> </span>tempi <span class=\"_ _17\"> </span>di <span class=\"_ _4\"> </span>rispost<span class=\"_ _2\"></span>a <span class=\"_ _4\"> </span>alle <span class=\"_ _14\"> </span>proposte transattive <span class=\"_ _4\"> </span>particolarmente <span class=\"_ _4\"> </span>ridotti; <span class=\"_ _4\"> </span>il <span class=\"_ _4\"> </span>ricorso <span class=\"_ _4\"> </span>a <span class=\"_ _4\"> </span>tale <span class=\"_ _4\"> </span>mis<span class=\"_ _2\"></span>ura <span class=\"_ _4\"> </span>riv<span class=\"_ _1\"></span>este <span class=\"_ _4\"> </span>in <span class=\"_ _4\"> </span>ogni <span class=\"_ _4\"> </span>caso <span class=\"_ _17\"> </span>carattere <span class=\"_ _4\"> </span>di marginalit\u00e0 <span class=\"_ _e\"> </span>e <span class=\"_ _10\"> </span>avviene <span class=\"_ _e\"> </span>soltanto <span class=\"_ _e\"> </span>qualora <span class=\"_ _10\"> </span>le <span class=\"_ _e\"> </span>azioni <span class=\"_ _10\"> </span>di <span class=\"_ _e\"> </span>recupero <span class=\"_ _e\"> </span>diretto <span class=\"_ _10\"> </span>(o <span class=\"_ _e\"> </span>per <span class=\"_ _e\"> </span>il <span class=\"_ _10\"> </span>tramite <span class=\"_ _e\"> </span>di outsourcer/<span class=\"_ _df\"> </span>legal <span class=\"_ _f\"></span>network<span class=\"_ _df\"> </span>) <span class=\"_ _f\"></span>o di <span class=\"_ _f\"></span>cessione <span class=\"_ _1\"></span>non <span class=\"_ _f\"></span>abb<span class=\"_ _2\"></span>iano <span class=\"_ _f\"></span>sort<span class=\"_ _2\"></span>ito <span class=\"_ _f\"></span>g<span class=\"ff5\">li eff<span class=\"_ _1\"></span>etti <span class=\"_ _1\"></span>auspicati. <span class=\"_ _f\"></span>In virt\u00f9 <span class=\"_ _f\"></span>dell\u2019utilizzo </span>residuale/secondario rispetto <span class=\"_ _2\"></span>alle alt<span class=\"_ _2\"></span>re azioni <span class=\"_ _2\"></span>di collection <span class=\"_ _2\"></span>previste, nonch\u00e9 <span class=\"_ _2\"></span>in ragione <span class=\"_ _2\"></span>dello stock ridotto di NPL, l\u2019entit\u00e0 dei<span class=\"_ _1\"></span> write<span class=\"ff4\">-<span class=\"_ _2\"></span>off si mantiene su livelli contenuti. </span>3.3 At<span class=\"_ _1\"></span>tivit\u00e0<span class=\"_ _f\"></span> finanzia<span class=\"_ _1\"></span>rie im<span class=\"_ _f\"></span>paired a<span class=\"_ _1\"></span>cquisit<span class=\"_ _f\"></span>e o orig<span class=\"_ _1\"></span>inate<span class=\"_ _1\"></span> Secondo <span class=\"_ _0\"> </span>q<span class=\"_ _2\"></span>uanto <span class=\"_ _9\"> </span>previsto <span class=\"_ _9\"> </span>dal <span class=\"_ _9\"> </span>principio <span class=\"_ _9\"> </span>contabile <span class=\"_ _9\"> </span>IFRS <span class=\"_ _9\"> </span>9, <span class=\"_ _9\"> </span>i <span class=\"_ _16\"> </span>crediti <span class=\"_ _9\"> </span>considerati <span class=\"_ _9\"> </span>deteriorati <span class=\"_ _16\"> </span>gi\u00e0 <span class=\"_ _9\"> </span>dal momento <span class=\"_ _d\"></span>della <span class=\"_ _2\"></span>rilevazione <span class=\"_ _d\"></span>iniziale <span class=\"_ _2\"></span>in <span class=\"_ _d\"></span>bilancio, <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>ragione <span class=\"_ _2\"></span>dell\u2019elevato <span class=\"_ _d\"></span>rischio <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>credito <span class=\"_ _2\"></span>associato, vengono <span class=\"_ _4\"> </span>definiti <span class=\"_ _4\"> </span>Purchased <span class=\"_ _17\"> </span>or <span class=\"_ _17\"> </span>Originated <span class=\"_ _4\"> </span>Credit <span class=\"_ _17\"> </span>Impaired <span class=\"_ _4\"> </span>Asset <span class=\"_ _17\"> </span>(POCI).<span class=\"_ _1\"></span> <span class=\"_ _4\"> </span>Cons<span class=\"_ _2\"></span>eguentemente, qualora  all\u2019atto <span class=\"_ _4\"> </span>dell<span class=\"_ _1\"></span>\u2019iscrizione  i<span class=\"_ _2\"></span>niziale  un\u2019esposizione  creditizia <span class=\"_ _4\"> </span>iscritta  nella  voce  30<span class=\"_ _2\"></span>  \u201cAtt<span class=\"_ _2\"></span>ivit\u00e0 finanziarie valutate al <span class=\"_ _1\"></span>fair value con imp<span class=\"_ _1\"></span>atto sulla redditiv<span class=\"_ _1\"></span>it\u00e0 complessiva\u201d o nella v<span class=\"_ _1\"></span>oce 40 \u201cAttivi<span class=\"_ _2\"></span><span class=\"ff4\">t\u00e0 </span>finanziarie valutate al costo a<span class=\"_ _1\"></span>mmortizzato\u201d, risulti essere d<span class=\"_ _1\"></span>eteriorata, la stessa \u00e8 qu<span class=\"_ _1\"></span>alificata quale \u201cAttivit\u00e0 <span class=\"_ _2\"></span>finanziarie <span class=\"_ _2\"></span>deteriorate <span class=\"_ _d\"></span>acquisite <span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>or<span class=\"_ _2\"></span>iginate\u201d <span class=\"_ _2\"></span>(Purchased <span class=\"_ _2\"></span>or <span class=\"_ _d\"></span>Originated <span class=\"_ _2\"></span>Credit <span class=\"_ _2\"></span>Impaired <span class=\"_ _0\"></span>\u2013<span class=\"ff4\"> </span>POCI). Tali crediti, ai <span class=\"_ _2\"></span>sensi dell\u2019IFRS 9<span class=\"_ _2\"></span>, vengono<span class=\"ff4\"> <span class=\"_ _2\"></span>valutati appostando <span class=\"_ _2\"></span>sin dalla data <span class=\"_ _2\"></span>di rilevazione in<span class=\"_ _2\"></span>iziale <span class=\"_ _2\"></span></span>\u2013<span class=\"ff4\"> </span>fondi <span class=\"_ _d\"></span>a <span class=\"_ _d\"></span>copertura <span class=\"_ _d\"></span>delle <span class=\"_ _d\"></span>perdite <span class=\"_ _d\"></span>che <span class=\"_ _d\"></span>coprano <span class=\"_ _0\"></span>l\u2019intera <span class=\"_ _d\"></span>vita <span class=\"_ _d\"></span>residua <span class=\"_ _d\"></span>del <span class=\"_ _d\"></span>credito <span class=\"_ _d\"></span>(cd. <span class=\"_ _d\"></span>Expected <span class=\"_ _d\"></span>Credit Loss <span class=\"_ _2\"></span>lifetime). <span class=\"_ _2\"></span>Trattandosi <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>crediti <span class=\"_ _2\"></span>deteriorati, <span class=\"_ _2\"></span>ne <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _2\"></span>prevista <span class=\"_ _2\"></span>l\u2019is<span class=\"_ _2\"></span>crizione iniziale <span class=\"_ _2\"></span>nell\u2019am<span class=\"_ _d\"></span><span class=\"ff4\">bito <span class=\"_ _2\"></span>dello </span>Stage 3, ferma <span class=\"_ _2\"></span>restando <span class=\"_ _2\"></span>la possibili<span class=\"_ _1\"></span>t\u00e0 <span class=\"_ _2\"></span>di essere s<span class=\"_ _2\"></span>postati, nel corso <span class=\"_ _2\"></span>della vita, a <span class=\"_ _2\"></span>Stage 2 nel cas<span class=\"_ _2\"></span>o in cui, <span class=\"_ _f\"></span>sul<span class=\"_ _2\"></span>la <span class=\"_ _f\"></span>base dell\u2019analisi <span class=\"_ _1\"></span>del rischio <span class=\"_ _f\"></span>creditizio, non <span class=\"_ _f\"></span>risultino pi\u00f9 <span class=\"_ _1\"></span>impaired. <span class=\"_ _1\"></span>Tali attivit\u00e0 <span class=\"_ _1\"></span>non sono <span class=\"_ _f\"></span>mai classificate  nell\u2019ambito <span class=\"_ _4\"> </span>dell<span class=\"_ _1\"></span>o <span class=\"_ _22\"> </span>S<span class=\"_ _2\"></span>ta<span class=\"ff4\">ge  1<span class=\"_ _2\"></span>  poich\u00e9  la <span class=\"_ _4\"> </span>perdita  creditizia <span class=\"_ _4\"> </span>attesa  deve <span class=\"_ _4\"> </span>essere  sempre </span>calcolata considerando un orizzonte temporale pari alla durata re<span class=\"_ _1\"></span>sidua.<span class=\"_ _2\"></span> I crediti <span class=\"_ _1\"></span>POCI iscritti ne<span class=\"_ _1\"></span>l bilanc<span class=\"_ _1\"></span>io consolidato annu<span class=\"_ _1\"></span>ale, coerentemente <span class=\"_ _1\"></span>alle disp<span class=\"_ _1\"></span>osizioni del P<span class=\"_ _1\"></span>rincipio IFRS9, si distinguono due fattispecie di:  <span class=\"_ _2c\"> </span><span class=\"ff5\">Attivit\u00e0 finan<span class=\"_ _1\"></span>ziarie <span class=\"_ _f\"></span>acquistate d<span class=\"_ _1\"></span>eteriorate <span class=\"_ _f\"></span>(di <span class=\"_ _1\"></span>seguito, <span class=\"_ _f\"></span>anche <span class=\"_ _1\"></span>\u201cPCI\u201d), <span class=\"_ _f\"></span>le <span class=\"_ _1\"></span>esposizioni <span class=\"_ _f\"></span>creditizie <span class=\"_ _f\"></span>gi\u00e0<span class=\"_ _df\"> </span></span>deteriorate <span class=\"_ _17\"> </span>al <span class=\"_ _14\"> </span>momento <span class=\"_ _17\"> </span>dell\u2019acquisto, <span class=\"_ _17\"> </span>anche <span class=\"_ _17\"> </span>nell\u2019ambito <span class=\"_ _14\"> </span>di <span class=\"_ _17\"> </span>o<span class=\"_ _2\"></span>perazioni <span class=\"_ _4\"> </span>di <span class=\"_ _14\"> </span>aggregazione<span class=\"_ _df\"> </span>aziendale;<span class=\"_ _df\"> </span><span class=\"_ _2c\"> </span><span class=\"ff4\">Attivit\u00e0  fi<span class=\"_ _f\"></span>nanziarie <span class=\"_ _16\"> </span>originate <span class=\"_ _9\"> </span>dete<span class=\"_ _2\"></span><span class=\"ff5\">riorate <span class=\"_ _16\"> </span>(di <span class=\"_ _0\"> </span>s<span class=\"_ _2\"></span>eguito, <span class=\"_ _9\"> </span>anche <span class=\"_ _9\"> </span>\u201c<span class=\"_ _2\"></span>OCI\u201d), <span class=\"_ _9\"> </span>le <span class=\"_ _16\"> </span>esposizioni <span class=\"_ _9\"> </span>creditizie<span class=\"_ _df\"> </span></span></span>originate <span class=\"_ _4\"> </span>in <span class=\"_ _17\"> </span>caso <span class=\"_ _17\"> </span>di <span class=\"_ _4\"> </span>operazioni <span class=\"_ _17\"> </span>di <span class=\"_ _4\"> </span>r<span class=\"_ _2\"></span>istrutturazione <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>esposizioni <span class=\"_ _17\"> </span>deteriorate <span class=\"_ _17\"> </span>che <span class=\"_ _4\"> </span>hanno determinato <span class=\"_ _17\"> </span>l\u2019erogazione <span class=\"_ _4\"> </span>di <span class=\"_ _17\"> </span>nuova <span class=\"_ _17\"> </span>finanza, <span class=\"_ _17\"> </span>ovvero <span class=\"_ _17\"> </span>introdotto <span class=\"_ _17\"> </span>modifiche <span class=\"_ _4\"> </span>sostanziali <span class=\"_ _17\"> </span>alle<span class=\"_ _df\"> </span>condizioni originarie contrattuali.<span class=\"_ _df\"> </span>A <span class=\"_ _14\"> </span><span class=\"ls0\">dicembre <span class=\"_ _15\"> </span>2025, <span class=\"_ _14\"> </span>i <span class=\"_ _15\"> </span>crediti <span class=\"_ _14\"> </span>appart<span class=\"_ _2\"></span>enenti <span class=\"_ _17\"> </span>a <span class=\"_ _15\"> </span>questa <span class=\"_ _15\"> </span>categoria, <span class=\"_ _14\"> </span>inclusi <span class=\"_ _14\"> </span>nell'at<span class=\"_ _2\"></span>tivo <span class=\"_ _14\"> </span>del <span class=\"_ _14\"> </span>bilancio </span>consolidato <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>Gruppo <span class=\"_ _d\"></span>Credito <span class=\"_ _2\"></span>Emiliano, <span class=\"_ _2\"></span>prov<span class=\"_ _2\"></span>engono <span class=\"_ _2\"></span>interamente <span class=\"_ _2\"></span>dall'operazione <span class=\"_ _d\"></span>di <span class=\"_ _2\"></span>fusione <span class=\"_ _2\"></span>per incorporazione dell'Ex Cassa di Risparmio di Cento e dall'operativit\u00e0 di Avvera Spa.<div class=\"t m0 h5 ff4 fs1 fc4 sc3 ls0 ws0 gs10c5\">4. Att<span class=\"_ _f\"></span>ivit\u00e0 finan<span class=\"_ _f\"></span>ziarie o<span class=\"_ _1\"></span>ggetto<span class=\"_ _f\"></span> di rinego<span class=\"_ _f\"></span>ziazioni<span class=\"_ _1\"></span> comm<span class=\"_ _f\"></span>erciali<span class=\"_ _1\"></span> e es<span class=\"_ _f\"></span>posizioni <span class=\"_ _1\"></span>ogget<span class=\"_ _1\"></span>to di<span class=\"_ _1\"></span> conc<span class=\"_ _f\"></span>essioni </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs10c6\">Il <span class=\"_ _14\"> </span>Gr<span class=\"_ _2\"></span>upp<span class=\"_ _1\"></span>o <span class=\"_ _15\"> </span>disciplina <span class=\"_ _14\"> </span>l'individuazione <span class=\"_ _15\"> </span>e <span class=\"_ _15\"> </span>la <span class=\"_ _15\"> </span>gestione <span class=\"_ _14\"> </span>delle <span class=\"_ _15\"> </span>esposizioni <span class=\"_ _15\"> </span>oggetto <span class=\"_ _15\"> </span>di <span class=\"_ _14\"> </span>concessioni </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs10c7\">(Forborne) <span class=\"_ _d\"></span>all\u2019interno <span class=\"_ _d\"></span>de<span class=\"ff4\">lla <span class=\"_ _0\"></span>Policy <span class=\"_ _0\"></span>di <span class=\"_ _d\"></span>Gruppo <span class=\"_ _d\"></span>Crediti, <span class=\"_ _d\"></span>in <span class=\"_ _0\"></span>piena <span class=\"_ _d\"></span>conformit\u00e0 <span class=\"_ _d\"></span>agli <span class=\"_ _0\"></span>standard <span class=\"_ _d\"></span>dell'EBA <span class=\"_ _d\"></span>e </span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs10c8\">della <span class=\"_ _9\"> </span>Banca  Centrale <span class=\"_ _9\"> </span>Europea.In  conformit\u00e0 <span class=\"_ _9\"> </span>agli  standard <span class=\"_ _9\"> </span>dell\u2019EBA, <span class=\"_ _9\"> </span>si  definiscono <span class=\"_ _9\"> </span>Fo<span class=\"_ _2\"></span>rborne <span class=\"_ _9\"> </span>le </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs10c9\">esposizioni <span class=\"_ _2\"></span>nei confronti <span class=\"_ _2\"></span>delle <span class=\"_ _2\"></span>quali <span class=\"_ _2\"></span>sono <span class=\"_ _d\"></span>state <span class=\"_ _2\"></span>accordate <span class=\"_ _2\"></span>misure<span class=\"_ _1\"></span> <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>Forbearance, <span class=\"_ _2\"></span>ossia<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>misure <span class=\"_ _2\"></span>di </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs10ca\">sostegno <span class=\"_ _0\"></span>a <span class=\"_ _0\"></span>debitori <span class=\"_ _0\"> </span>che <span class=\"_ _9\"> </span>affrontano, <span class=\"_ _0\"></span>o <span class=\"_ _0\"></span>s<span class=\"_ _2\"></span>ono <span class=\"_ _d\"></span>prossimi <span class=\"_ _9\"> </span>ad <span class=\"_ _0\"></span>affrontare, <span class=\"_ _0\"></span>difficolt\u00e0 <span class=\"_ _0\"></span>ad <span class=\"_ _0\"></span>adempiere <span class=\"_ _0\"></span>alle<span class=\"_ _2\"></span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs10cb\">proprie obbligazioni finanziare (c.d.<span class=\"_ _1\"></span> stato <span class=\"_ _2\"></span>di diff<span class=\"_ _1\"></span>icolt\u00e0 finanziaria). <span class=\"_ _2\"></span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs10cc\">In <span class=\"_ _2\"></span>linea <span class=\"_ _d\"></span>generale, <span class=\"_ _2\"></span>le <span class=\"_ _d\"></span>possibili <span class=\"_ _2\"></span>misure <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>Forbearance <span class=\"_ _2\"></span>accordate <span class=\"_ _2\"></span>al <span class=\"_ _d\"></span>debitore <span class=\"_ _0\"></span>in <span class=\"_ _2\"></span>difficolt\u00e0 <span class=\"_ _d\"></span>finanziaria </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs10cd\">possono ricadere nelle seguenti fattispecie<span class=\"_ _1\"></span>:<span class=\"_ _2\"></span> </div><div class=\"t m0 h5 ff14 fs1 fc1 sc0 ls0 ws0 gs10ce\"><span class=\"_ _2c\"> </span><span class=\"ff5\">modifica <span class=\"_ _2\"></span>dei termini <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>delle <span class=\"_ _2\"></span>condizioni contr<span class=\"_ _2\"></span>attuali su <span class=\"_ _2\"></span>un\u2019esposizione ch<span class=\"_ _2\"></span>e la <span class=\"_ _2\"></span>controparte <span class=\"_ _2\"></span>non </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs10cf\">\u00e8 <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>grado <span class=\"_ _d\"></span>di <span class=\"_ _2\"></span>ripagare, <span class=\"_ _2\"></span>con <span class=\"_ _d\"></span>nuove <span class=\"_ _2\"></span>condizioni <span class=\"_ _2\"></span>che <span class=\"_ _d\"></span>non <span class=\"_ _2\"></span>sarebbero <span class=\"_ _d\"></span>state <span class=\"_ _d\"></span>accordate <span class=\"_ _2\"></span>se <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>client<span class=\"_ _2\"></span><span class=\"ls2d\">e </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs10d0\">non si fosse trovato in difficolt\u00e0 finanzi<span class=\"_ _1\"></span>aria;<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff14 fs1 fc1 sc0 ls0 ws0 gs10d1\"><span class=\"_ _2c\"> </span><span class=\"ff4\">rifinanziamento <span class=\"_ _d\"></span>parziale <span class=\"_ _d\"></span>o <span class=\"_ _d\"></span>t<span class=\"_ _2\"></span>otale <span class=\"_ _d\"></span>del <span class=\"_ _d\"></span>debito <span class=\"_ _d\"></span>che <span class=\"_ _d\"></span>non <span class=\"_ _0\"></span>sarebbe <span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>tato <span class=\"_ _d\"></span>accor<span class=\"_ _2\"></span>dato <span class=\"_ _2\"></span>in <span class=\"_ _d\"></span>as<span class=\"_ _2\"></span>senza <span class=\"_ _d\"></span>di </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs10d2\">difficolt\u00e0 finanziaria della controparte.<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs10d3\">In <span class=\"_ _2\"></span>coerenza <span class=\"_ _2\"></span>con <span class=\"_ _d\"></span>gli <span class=\"_ _2\"></span>st<span class=\"_ _2\"></span>andard <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>iferimento, <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>classificazione <span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>el <span class=\"_ _2\"></span>porta<span class=\"_ _2\"></span>foglio <span class=\"_ _2\"></span>Forborne <span class=\"_ _d\"></span>prescinde </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs10d4\">dallo <span class=\"_ _9\"> </span>s<span class=\"_ _2\"></span>tato <span class=\"_ _9\"> </span>di  de<span class=\"_ _1\"></span>fault <span class=\"_ _16\"> </span>o <span class=\"_ _9\"> </span>dalla  pr<span class=\"_ _1\"></span>esenza <span class=\"_ _9\"> </span>di  svalutazioni<span class=\"_ _1\"></span>  anal<span class=\"_ _1\"></span>itiche, <span class=\"_ _16\"> </span>basandosi <span class=\"_ _16\"> </span>su <span class=\"_ _9\"> </span>un  p<span class=\"_ _1\"></span>rocesso <span class=\"_ _16\"> </span>di </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs10d5\">valutazione <span class=\"_ _0\"></span>accentrato <span class=\"_ _9\"> </span>presso <span class=\"_ _9\"> </span>le <span class=\"_ _0\"></span>strutture <span class=\"_ _0\"> </span>deliberative <span class=\"_ _9\"> </span>centrali. <span class=\"_ _9\"> </span>Tale <span class=\"_ _0\"></span>processo <span class=\"_ _9\"> </span>\u00e8 <span class=\"_ _0\"></span>supportato <span class=\"_ _9\"> </span>da </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs10d6\">sistemi  evol<span class=\"_ _1\"></span>uti  di <span class=\"_ _9\"> </span>alerting  che  p<span class=\"_ _f\"></span>r<span class=\"_ _2\"></span>esid<span class=\"ff5\">iano  l\u2019<span class=\"_ _1\"></span>intero  ciclo <span class=\"_ _16\"> </span>di <span class=\"_ _16\"> </span>vita  d<span class=\"_ _f\"></span>ella  misura:  dall<span class=\"_ _f\"></span>\u2019<span class=\"_ _2\"></span>identificazione </span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs10d7\">proattiva <span class=\"_ _2\"></span>dei <span class=\"_ _2\"></span>for<span class=\"_ _2\"></span>borne <span class=\"_ _2\"></span>\u201cpotenziali\u201d <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>elativo <span class=\"_ _2\"></span>instradamento <span class=\"_ _2\"></span>verso <span class=\"_ _d\"></span>gli <span class=\"_ _2\"></span>organi <span class=\"_ _2\"></span>competenti, <span class=\"_ _2\"></span>fino <span class=\"_ _d\"></span>al </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs10d8\">monitoraggio rigoroso del decorso dei termini di cu<span class=\"_ _1\"></span>re e probation period.<span class=\"_ _2\"></span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs10d9\">In linea con le Guidelines BCE sui NPL, l'operativit\u00e0 \u00e8 integrata da strumenti analitici qu<span class=\"_ _1\"></span>ali gli Alberi </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs10da\">Decisionali <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>i <span class=\"_ _d\"></span>modelli <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>Affordability <span class=\"_ _2\"></span>Assessment <span class=\"_ _2\"></span>(alimentati <span class=\"_ _d\"></span>dal <span class=\"_ _2\"></span>Questionario <span class=\"_ _2\"></span>Cliente <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>da <span class=\"_ _d\"></span>indici </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs10db\">quali <span class=\"_ _14\"> </span>D<span class=\"_ _2\"></span>SCR <span class=\"_ _14\"> </span>e <span class=\"_ _e\"> </span>PFN/EBITDA), <span class=\"_ _14\"> </span>che <span class=\"_ _15\"> </span>garant<span class=\"_ _2\"></span>iscono <span class=\"_ _14\"> </span>l'omogeneit\u00e0 <span class=\"_ _15\"> </span>delle <span class=\"_ _15\"> </span>scelt<span class=\"_ _2\"></span>e <span class=\"_ _15\"> </span>e <span class=\"_ _15\"> </span>la <span class=\"_ _15\"> </span>verifica <span class=\"_ _15\"> </span>della </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs10dc\">sostenibilit\u00e0 <span class=\"_ _9\"> </span>economica <span class=\"_ _9\"> </span>per <span class=\"_ _9\"> </span>esposizioni <span class=\"_ _9\"> </span>superiori <span class=\"_ _9\"> </span>a <span class=\"_ _16\"> </span>25.000 <span class=\"_ _9\"> </span>euro. <span class=\"_ _9\"> </span>Per <span class=\"_ _16\"> </span>le <span class=\"_ _0\"></span>posizioni <span class=\"_ _9\"> </span>deteriorate, <span class=\"_ _16\"> </span>il </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs10dd\">framework <span class=\"_ _1\"></span>prevede <span class=\"_ _f\"></span>inoltre i<span class=\"_ _1\"></span>l <span class=\"_ _f\"></span>t<span class=\"_ _2\"></span>est <span class=\"_ _f\"></span>del <span class=\"_ _1\"></span>Net <span class=\"_ _1\"></span>Present <span class=\"_ _f\"></span>Val<span class=\"_ _2\"></span>ue <span class=\"_ _f\"></span>(NPV) per <span class=\"_ _f\"></span>confrontare la <span class=\"_ _f\"></span>misura con <span class=\"_ _f\"></span>opzioni </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs10de\">alternative  di  workou<span class=\"_ _1\"></span>t  e  l'inserimento  di  clausole  di  rinegoziazione  per  le<span class=\"_ _1\"></span>  persone  giuridiche, </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs10df\">assicurando al <span class=\"_ _2\"></span>contempo <span class=\"_ _2\"></span>un pre<span class=\"_ _2\"></span>sidio costant<span class=\"_ _2\"></span>e sui <span class=\"_ _2\"></span>trigger <span class=\"_ _2\"></span>di Inadempienza <span class=\"_ _2\"></span>Probabile attr<span class=\"_ _2\"></span>averso il </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs10e0\">parere vincolante della Funzione di Risk Manag<span class=\"_ _1\"></span>ement in caso di concessioni reiterate.<span class=\"_ _2\"></span> </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs10e1\">L\u2019informativa <span class=\"_ _15\"> </span>al <span class=\"_ _15\"> </span>pubblico <span class=\"_ _15\"> </span>per <span class=\"_ _e\"> </span>la <span class=\"_ _15\"> </span>pubblicazione <span class=\"_ _15\"> </span>delle <span class=\"_ _15\"> </span>informazioni <span class=\"_ _15\"> </span>riguardanti <span class=\"_ _15\"> </span>l\u2019adeguatezza </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs10e2\">patrimoniale, <span class=\"_ _9\"> </span>l\u2019esposizione <span class=\"_ _0\"></span>ai <span class=\"_ _16\"> </span>rischi <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>credito <span class=\"_ _16\"> </span>e <span class=\"_ _9\"> </span>le <span class=\"_ _9\"> </span>caratteristiche <span class=\"_ _9\"> </span>generali <span class=\"_ _9\"> </span>dei <span class=\"_ _9\"> </span>sist<span class=\"_ _2\"></span>emi <span class=\"_ _0\"> </span>preposti<span class=\"_ _2\"></span> </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs10e3\">all\u2019identificazione, <span class=\"_ _f\"></span>alla misurazione <span class=\"_ _f\"></span>e alla <span class=\"_ _f\"></span>gestione dei <span class=\"_ _f\"></span>rischi, previ<span class=\"_ _1\"></span>sta d<span class=\"ff4\">al <span class=\"_ _1\"></span>regolamento <span class=\"_ _f\"></span>UE 575/2013 </span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs10e4\">(CRR), <span class=\"_ _0\"></span>pubblicazione <span class=\"_ _0\"></span>della <span class=\"_ _0\"></span>disclosure <span class=\"_ _0\"></span>relativa <span class=\"_ _0\"> </span>al <span class=\"_ _0\"> </span>c.d. <span class=\"_ _0\"></span>\u201c<span class=\"_ _2\"></span>Pill<span class=\"_ _1\"></span>ar <span class=\"_ _0\"></span>3\u201d<span class=\"_ _2\"></span>, <span class=\"_ _d\"></span>verr\u00e0 <span class=\"_ _0\"> </span>comunicata <span class=\"_ _9\"> </span>al <span class=\"_ _0\"></span>mercato <span class=\"_ _0\"></span>nei </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs10e5\">termini di legge, sul sito www.credem.it. </div><div class=\"t m0 he ff4 fs5 fc4 sc3 ls0 ws0 gs10e7\">Inform<span class=\"_ _1\"></span>azio<span class=\"_ _f\"></span>ni di natura<span class=\"_ _f\"></span> quantita<span class=\"_ _f\"></span>tiva </div><div class=\"t m0 he ff4 fs5 fc4 sc3 ls0 ws0 gs10e8\">A Qua<span class=\"_ _f\"></span>lit\u00e0 del cre<span class=\"_ _1\"></span>dito  </div><div class=\"t m0 he ff4 fs5 fc4 sc3 ls0 ws0 gs10e9\">A.1 Esp<span class=\"_ _f\"></span>osizioni cre<span class=\"_ _1\"></span>ditizie<span class=\"_ _1\"></span> dete<span class=\"_ _f\"></span>riorate e <span class=\"_ _1\"></span>non d<span class=\"_ _f\"></span>eteriorate:<span class=\"_ _1\"></span> cons<span class=\"_ _1\"></span>istenz<span class=\"_ _1\"></span>e, rett<span class=\"_ _1\"></span>ifiche d<span class=\"_ _f\"></span>i valore, d<span class=\"_ _1\"></span>inamica<span class=\"_ _f\"></span> e<span class=\"_ _df\"> </span></div><div class=\"t m0 he ff4 fs5 fc4 sc3 ls0 ws0 gs10ea\">distrib<span class=\"_ _1\"></span>uzione<span class=\"_ _f\"></span> economica<span class=\"_ _df\"> </span></div><div class=\"c w2c2 h1c5 gs10eb\"><div class=\"t m0 x8a h5 y41f ff4 fs1 fc4 sc3 ls0 ws0\">A.1.1 Co<span class=\"_ _f\"></span>nsolidat<span class=\"_ _1\"></span>o pr<span class=\"_ _1\"></span>ude<span class=\"_ _1\"></span>nziale<span class=\"_ _1\"></span> <span class=\"ff5\">\u2013</span> Di<span class=\"_ _f\"></span>stribuzio<span class=\"_ _1\"></span>ne del<span class=\"_ _1\"></span>le a<span class=\"_ _1\"></span>ttivit<span class=\"_ _1\"></span>\u00e0 fina<span class=\"_ _f\"></span>nziarie<span class=\"_ _1\"></span> per <span class=\"_ _1\"></span>fasce<span class=\"_ _1\"></span> di s<span class=\"_ _1\"></span>cadut<span class=\"_ _f\"></span>o (valori<span class=\"_ _1\"></span> di bi<span class=\"_ _1\"></span>lancio<span class=\"_ _f\"></span>)<span class=\"_ _df\"> </span></div></div><div class=\"gs10ec\"><table class=\"s wf50 h56b\" id=\"_ffb2962d-279e-43b7-bb18-263a4813c381\"><tr><td></td><td></td><td></td><td class=\"c x91a y32ec w550 h23c\"><div class=\"t m0 x2c h1f y8b7 ff4 fs7 fc4 sc3 ls0 ws0\">Prim<span class=\"_ _1\"></span>o sta<span class=\"_ _f\"></span>dio <span class=\"fc1 sc0\"> </span></div></td><td></td><td class=\"c x91b y32ec w116 h23c\"><div class=\"t m0 x2c h1f y8b7 ff4 fs7 fc4 sc3 ls0 ws0\">Secon<span class=\"_ _f\"></span>do sta<span class=\"_ _1\"></span>dio<span class=\"fc1 sc0\"> </span></div></td><td></td><td></td><td></td><td class=\"c x690 y32ec w551 h23c\"><div class=\"t m0 x97 h1f y8b7 ff4 fs7 fc4 sc3 ls0 ws0\">Terz<span class=\"_ _1\"></span>o sta<span class=\"_ _f\"></span>dio<span class=\"fc1 sc0\"> </span></div></td><td></td><td class=\"c x91c y32ed wf51 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">Impa<span class=\"_ _f\"></span>ired acq<span class=\"_ _f\"></span>uisite<span class=\"_ _df\"> </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></td><td></td><td class=\"c x91d y32ee wf52 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">o ori<span class=\"_ _1\"></span>gin<span class=\"_ _1\"></span>ate<span class=\"_ _df\"> </span></div></td><td></td><td></td></tr><tr><td class=\"c x387 y2909 wf53 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc4 sc3 ls0 ws0\">Port<span class=\"_ _1\"></span>afog<span class=\"_ _f\"></span>li/stadi <span class=\"_ _1\"></span>di<span class=\"_ _df\"> </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></tr><tr><td class=\"c x91e y2f6e wb35 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc4 sc3 ls0 ws0\">risch<span class=\"_ _1\"></span>io<span class=\"_ _df\"> </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></tr><tr><td class=\"c x254 y32ef wbca h4b7\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">1. Attivit\u00e0 finanz<span class=\"_ _1\"></span>iarie<span class=\"_ _df\"> </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></tr><tr><td class=\"c x262 y32f0 wbcf h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">valutate al c<span class=\"_ _1\"></span>osto<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x91a y32f1 w556 h89\"><div class=\"t m0 x8a h1f y15 ff4 fs7 fc1 sc0 ls0 ws0\">167.229 </div></td><td class=\"c x5d7 y32f1 w557 h89\"><div class=\"t m0 x55 h1f y15 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x91f y32f1 w503 h89\"><div class=\"t m0 xab h1f y15 ff4 fs7 fc1 sc0 ls0 ws0\">1.463 </div></td><td class=\"c x91b y32f1 w14a h89\"><div class=\"t m0 x8a h1f y15 ff4 fs7 fc1 sc0 ls0 ws0\">66.793 </div></td><td class=\"c x920 y32f1 w316 h89\"><div class=\"t m0 x8a h1f y15 ff4 fs7 fc1 sc0 lsa ws0\">40.<span class=\"ls0\">806</span><span class=\"ls0\"> </span></div></td><td class=\"c x50b y32f1 w4f7 h89\"><div class=\"t m0 x8a h1f y15 ff4 fs7 fc1 sc0 ls0 ws0\">5.948 </div></td><td class=\"c x690 y32f1 w1ce h89\"><div class=\"t m0 x8a h1f y15 ff4 fs7 fc1 sc0 ls0 ws0\">17.502 </div></td><td class=\"c x921 y32f1 w1e0 h89\"><div class=\"t m0 xab h1f y15 ff4 fs7 fc1 sc0 ls0 ws0\">17.357 </div></td><td class=\"c x922 y32f1 w321 h89\"><div class=\"t m0 xab h1f y15 ff4 fs7 fc1 sc0 ls0 ws0\">128.774 </div></td><td class=\"c x923 y32f1 w558 h89\"><div class=\"t m0 x8a h1f y15 ff4 fs7 fc1 sc0 ls0 ws0\">269 </div></td><td class=\"c x889 y32f1 w559 h89\"><div class=\"t m0 xab h1f y15 ff4 fs7 fc1 sc0 ls2a ws0\">23<span class=\"ls0\"> </span></div></td><td class=\"c x924 y32f1 w55a h89\"><div class=\"t m0 xab h1f y15 ff4 fs7 fc1 sc0 ls0 ws0\">2.700 </div></td></tr><tr><td class=\"c x262 y32f2 w988 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">ammortizzato<span class=\"_ _df\"> </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></tr><tr><td class=\"c x262 y32f3 wf54 h56c\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">2. Attivit\u00e0 finanz<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span>arie<span class=\"_ _df\"> </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></tr><tr><td class=\"c x262 y32f4 wbcb h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">valutate al fair va<span class=\"_ _1\"></span>lue<span class=\"_ _df\"> </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></tr><tr><td class=\"c x262 y32f5 wbcc h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">con impatto sul<span class=\"_ _1\"></span>la<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x91a y32f6 w556 h2f4\"><div class=\"t m0 x34 h1f y843 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5d7 y32f6 w557 h2f4\"><div class=\"t m0 x55 h1f y843 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x91f y32f6 w503 h2f4\"><div class=\"t m0 x33 h1f y843 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x91b y32f6 w14a h2f4\"><div class=\"t m0 x27 h1f y843 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x920 y32f6 w316 h2f4\"><div class=\"t m0 x26 h1f y843 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x50b y32f6 w4f7 h2f4\"><div class=\"t m0 x32 h1f y843 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x690 y32f6 w1ce h2f4\"><div class=\"t m0 x2c h1f y843 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x921 y32f6 w1e0 h2f4\"><div class=\"t m0 x2c h1f y843 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x922 y32f6 w321 h2f4\"><div class=\"t m0 x37 h1f y843 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x923 y32f6 w558 h2f4\"><div class=\"t m0 x55 h1f y843 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x889 y32f6 w559 h2f4\"><div class=\"t m0 x116 h1f y843 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x924 y32f6 w55a h2f4\"><div class=\"t m0 x32 h1f y843 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x262 y32f7 wbcd h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">redditivit\u00e0<span class=\"_ _df\"> </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></tr><tr><td class=\"c x262 y32f8 w902 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">complessiva<span class=\"_ _df\"> </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></tr><tr><td class=\"c x46b y32f9 w555 h23c\"><div class=\"t m0 x8a h1f y6ff ff4 fs7 fc1 sc0 ls0 ws0\">3. Attivit\u00e0 finanz<span class=\"_ _1\"></span>iarie in </div><div class=\"t m0 x8a h1f y823 ff4 fs7 fc1 sc0 ls0 ws0\">corso di dismiss<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span>one<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x91a y32f9 w556 h23c\"><div class=\"t m0 x34 h1f y8b7 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5d7 y32f9 w557 h23c\"><div class=\"t m0 x55 h1f y8b7 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x91f y32f9 w503 h23c\"><div class=\"t m0 x33 h1f y8b7 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x91b y32f9 w14a h23c\"><div class=\"t m0 x27 h1f y8b7 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x920 y32f9 w316 h23c\"><div class=\"t m0 x26 h1f y8b7 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x50b y32f9 w4f7 h23c\"><div class=\"t m0 x32 h1f y8b7 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x690 y32f9 w1ce h23c\"><div class=\"t m0 x2c h1f y8b7 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x921 y32f9 w1e0 h23c\"><div class=\"t m0 x2c h1f y8b7 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x922 y32f9 w321 h23c\"><div class=\"t m0 x37 h1f y8b7 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x923 y32f9 w558 h23c\"><div class=\"t m0 x55 h1f y8b7 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x889 y32f9 w559 h23c\"><div class=\"t m0 x116 h1f y8b7 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x924 y32f9 w55a h23c\"><div class=\"t m0 x32 h1f y8b7 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y32fa w29d hc8\"><div class=\"t m0 x8e h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale<span class=\"sc0\"> </span></div></td><td class=\"c x925 y32fa w2e4 hc8\"><div class=\"t m0 x8a h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">31/12/<span class=\"_ _f\"></span>2025<span class=\"sc0\"> </span></div></td><td class=\"c x91a y32fa w556 hc8\"><div class=\"t m0 x8a h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">167.<span class=\"_ _1\"></span><span class=\"ls2a\">229</span><span class=\"ls2a\"><span class=\"sc0 ls0\"> </span></span></div></td><td class=\"c x5d7 y32fa w557 hc8\"><div class=\"t m0 x55 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x91f y32fa w503 hc8\"><div class=\"t m0 xab h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">1.463<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x91b y32fa w14a hc8\"><div class=\"t m0 x8a h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">66.7<span class=\"_ _f\"></span>93<span class=\"sc0\"> </span></div></td><td class=\"c x920 y32fa w316 hc8\"><div class=\"t m0 xab h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">40.8<span class=\"_ _f\"></span>06<span class=\"sc0\"> </span></div></td><td class=\"c x50b y32fa w4f7 hc8\"><div class=\"t m0 x8a h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">5.948<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x690 y32fa w1ce hc8\"><div class=\"t m0 x8a h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">17.50<span class=\"_ _f\"></span>2<span class=\"sc0\"> </span></div></td><td class=\"c x921 y32fa w1e0 hc8\"><div class=\"t m0 xab h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">17.35<span class=\"_ _1\"></span>7<span class=\"sc0\"> </span></div></td><td class=\"c x922 y32fa w321 hc8\"><div class=\"t m0 xab h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">128.7<span class=\"_ _f\"></span>74<span class=\"sc0\"> </span></div></td><td class=\"c x923 y32fa w558 hc8\"><div class=\"t m0 xab h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">269<span class=\"sc0\"> </span></div></td><td class=\"c x889 y32fa w559 hc8\"><div class=\"t m0 xab h1f y28b ff4 fs7 fc1 sc2 ls2a ws0\">23<span class=\"sc0 ls0\"> </span></div></td><td class=\"c x924 y32fa w55a hc8\"><div class=\"t m0 xab h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">2.70<span class=\"_ _1\"></span>0<span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x46b y32fb w29d h4d\"><div class=\"t m0 x8e h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale<span class=\"sc0\"> </span></div></td><td class=\"c x925 y32fb w2e4 h4d\"><div class=\"t m0 x8a h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">31/12/<span class=\"_ _f\"></span>2024<span class=\"sc0\"> </span></div></td><td class=\"c x91a y32fb w556 h4d\"><div class=\"t m0 xac h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">173.6<span class=\"_ _f\"></span>17<span class=\"sc0\"> </span></div></td><td class=\"c x5d7 y32fb w557 h4d\"><div class=\"t m0 x8a h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">239<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x91f y32fb w503 h4d\"><div class=\"t m0 x8a h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">3.487<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x91b y32fb w14a h4d\"><div class=\"t m0 xab h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">79.7<span class=\"_ _f\"></span>54<span class=\"sc0\"> </span></div></td><td class=\"c x920 y32fb w316 h4d\"><div class=\"t m0 xac h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">72.1<span class=\"_ _1\"></span>04<span class=\"sc0\"> </span></div></td><td class=\"c x50b y32fb w4f7 h4d\"><div class=\"t m0 x8a h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">4.46<span class=\"_ _f\"></span>0<span class=\"sc0\"> </span></div></td><td class=\"c x690 y32fb w1ce h4d\"><div class=\"t m0 xac h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">19.113<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x921 y32fb w1e0 h4d\"><div class=\"t m0 x8a h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">16.435<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x922 y32fb w321 h4d\"><div class=\"t m0 xab h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">134.9<span class=\"_ _f\"></span>86<span class=\"sc0\"> </span></div></td><td class=\"c x923 y32fb w558 h4d\"><div class=\"t m0 xac h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">169<span class=\"sc0\"> </span></div></td><td class=\"c x889 y32fb w559 h4d\"><div class=\"t m0 xab h1f y28b ff4 fs7 fc1 sc2 lsa ws0\">44<span class=\"sc0 ls0\"> </span></div></td><td class=\"c x924 y32fb w55a h4d\"><div class=\"t m0 xab h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">3.75<span class=\"_ _1\"></span>7<span class=\"sc0\"> </span></div></td></tr></table></div><div class=\"c w1e7 h304 gs10ed\"><div class=\"t m4 x55 h1f yd20 ff4 fs7 fc4 sc3 ls0 ws0\">Da 1 giorno a 30 </div><div class=\"t m4 x27 h1f y1634 ff4 fs7 fc4 sc3 ls0 ws0\">giorni<span class=\"fc1 sc0\"> </span></div></div><div class=\"c w552 h304 gs10ee\"><div class=\"t m4 x2a h1f y302 ff4 fs7 fc4 sc3 ls0 ws0\">Da oltre 30 giorni </div><div class=\"t m4 x32 h1f yc5f ff4 fs7 fc4 sc3 ls0 ws0\">fino a 90 giorni <span class=\"fc1 sc0\"> </span></div></div><div class=\"c w3a6 h304 gs10ef\"><div class=\"t m4 x39 h1f y589 ff4 fs7 fc4 sc3 ls0 ws0\">Oltre 90 giorni<span class=\"fc1 sc0\"> </span></div></div><div class=\"c w32e h304 gs10f0\"><div class=\"t m4 x55 h1f yd20 ff4 fs7 fc4 sc3 ls0 ws0\">Da 1 giorno a 30 </div><div class=\"t m4 x2c h1f y1634 ff4 fs7 fc4 sc3 ls0 ws0\">giorni<span class=\"fc1 sc0\"> </span></div></div><div class=\"c w2be h304 gs10f1\"><div class=\"t m4 x55 h1f y302 ff4 fs7 fc4 sc3 ls0 ws0\">Da oltre 30 giorni </div><div class=\"t m4 x3a h1f yc5f ff4 fs7 fc4 sc3 ls0 ws0\">fino a 90 giorni <span class=\"fc1 sc0\"> </span></div></div><div class=\"c w553 h304 gs10f2\"><div class=\"t m4 x39 h1f y589 ff4 fs7 fc4 sc3 ls0 ws0\">Oltre 90 giorni<span class=\"fc1 sc0\"> </span></div></div><div class=\"c w1ce h304 gs10f3\"><div class=\"t m4 x2e h1f yd20 ff4 fs7 fc4 sc3 ls0 ws0\">Da 1 giorno a 30 </div><div class=\"t m4 x35 h1f y1634 ff4 fs7 fc4 sc3 ls0 ws0\">giorni<span class=\"fc1 sc0\"> </span></div></div><div class=\"c w1d7 h304 gs10f4\"><div class=\"t m4 x2e h1f y302 ff4 fs7 fc4 sc3 ls0 ws0\">Da oltre 30 giorni </div><div class=\"t m4 x2c h1f yc5f ff4 fs7 fc4 sc3 ls0 ws0\">fino a 90 giorni <span class=\"fc1 sc0\"> </span></div></div><div class=\"c w1d5 h304 gs10f5\"><div class=\"t m4 x33 h1f y589 ff4 fs7 fc4 sc3 ls0 ws0\">Oltre 90 giorni<span class=\"fc1 sc0\"> </span></div></div><div class=\"c w554 h304 gs10f6\"><div class=\"t m4 x2a h1f yd20 ff4 fs7 fc4 sc3 ls0 ws0\">Da 1 giorno a 30 </div><div class=\"t m4 x32 h1f y1634 ff4 fs7 fc4 sc3 ls0 ws0\">giorni<span class=\"fc1 sc0\"> </span></div></div><div class=\"c w27f h304 gs10f7\"><div class=\"t m4 x2a h1f y302 ff4 fs7 fc4 sc3 ls0 ws0\">Da oltre 30 giorni </div><div class=\"t m4 x32 h1f yc5f ff4 fs7 fc4 sc3 ls0 ws0\">fino a 90 giorni </div></div><div class=\"c w249 h304 gs10f8\"><div class=\"t m4 x39 h1f y589 ff4 fs7 fc4 sc3 ls0 ws0\">Oltre 90 giorni<span class=\"fc1 sc0\"> </span></div></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs10f9\">Nella <span class=\"_ _1\"></span>tabella su <span class=\"_ _f\"></span>esposta viene <span class=\"_ _1\"></span>fornito il d<span class=\"_ _1\"></span>ettaglio, p<span class=\"_ _1\"></span>er ciacuno <span class=\"_ _f\"></span>stadio di <span class=\"_ _1\"></span>rischio, del<span class=\"_ _1\"></span> valore di bi<span class=\"_ _1\"></span>lancio </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs10fa\">relativi <span class=\"_ _0\"></span>alle <span class=\"_ _9\"> </span>attivit\u00e0 <span class=\"_ _9\"> </span>finanziarie <span class=\"_ _0\"></span>scadute <span class=\"_ _0\"></span>valutate <span class=\"_ _9\"> </span>al <span class=\"_ _9\"> </span>costo <span class=\"_ _9\"> </span>ammortizzato <span class=\"_ _0\"></span>e <span class=\"_ _9\"> </span>alle <span class=\"_ _0\"></span>attivit\u00e0 <span class=\"_ _9\"> </span>finanziarie </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs10fb\">scadute valutate al fair value con impatto sulla reddi<span class=\"_ _1\"></span>tivit\u00e0 complessiva.<span class=\"_ _2\"></span> </div>A.1.2 <span class=\"_ _1\"></span>Conso<span class=\"_ _1\"></span>lidat<span class=\"_ _1\"></span>o pr<span class=\"_ _1\"></span>ude<span class=\"_ _1\"></span>nziale<span class=\"_ _1\"></span> <span class=\"ff5\">\u2013</span> At<span class=\"_ _f\"></span>tivit\u00e0 fina<span class=\"_ _1\"></span>nziari<span class=\"_ _1\"></span>e, im<span class=\"_ _1\"></span>pegni<span class=\"_ _f\"></span> a eroga<span class=\"_ _f\"></span>re fondi e g<span class=\"_ _1\"></span>ara<span class=\"_ _1\"></span>nzie fi<span class=\"_ _f\"></span>nanziari<span class=\"_ _1\"></span>e rila<span class=\"_ _f\"></span>sciate: dina<span class=\"_ _f\"></span>mica de<span class=\"_ _1\"></span>lle re<span class=\"_ _1\"></span>ttific<span class=\"_ _f\"></span>he di v<span class=\"_ _1\"></span>alore <span class=\"_ _f\"></span>compless<span class=\"_ _1\"></span>ive <span class=\"_ _f\"></span>e degli a<span class=\"_ _1\"></span>cca<span class=\"_ _1\"></span>ntona<span class=\"_ _1\"></span>menti<span class=\"_ _1\"></span> comp<span class=\"_ _f\"></span>lessivi<span class=\"_ _df\"> </span>Causali/ <span class=\"_ _f\"></span>stadi di<span class=\"_ _df\"> </span>Rettifich<span class=\"_ _f\"></span>e<span class=\"_ _2\"></span> di <span class=\"_ _1\"></span>valore <span class=\"_ _f\"></span>complessive<span class=\"_ _df\"> </span>Accant<span class=\"_ _f\"></span>o<span class=\"_ _2\"></span>nam<span class=\"_ _f\"></span>enti compl<span class=\"_ _1\"></span>essivi su<span class=\"_ _df\"> </span>rischi<span class=\"_ _1\"></span>o<span class=\"_ _df\"> </span>Attivit\u00e0 r<span class=\"_ _f\"></span>ientranti nel <span class=\"_ _1\"></span>primo s<span class=\"_ _1\"></span>tadio<span class=\"_ _df\"> </span>Attivit\u00e0 r<span class=\"_ _f\"></span>ientranti nel <span class=\"_ _1\"></span>second<span class=\"_ _f\"></span>o<span class=\"_ _2\"></span> sta<span class=\"_ _f\"></span>dio<span class=\"_ _df\"> </span>Attivit\u00e0 r<span class=\"_ _f\"></span>ientranti nel t<span class=\"_ _1\"></span>erzo sta<span class=\"_ _f\"></span>dio<span class=\"_ _df\"> </span>Attivit\u00e0 f<span class=\"_ _f\"></span>in<span class=\"_ _2\"></span>. i<span class=\"_ _1\"></span>mpaire<span class=\"_ _1\"></span>d acqui<span class=\"_ _1\"></span>site o<span class=\"_ _df\"> </span>impeg<span class=\"_ _1\"></span>ni a er<span class=\"_ _1\"></span>ogare fo<span class=\"_ _1\"></span>ndi e gara<span class=\"_ _f\"></span>nzie<span class=\"_ _df\"> </span>finanzia<span class=\"_ _f\"></span>rie rilasciate<span class=\"_ _df\"> </span>originat<span class=\"_ _1\"></span>e<span class=\"_ _df\"> </span>Totale<span class=\"_ _df\"> </span>ettifich<span class=\"_ _f\"></span>e<span class=\"_ _df\"> </span>omple<span class=\"_ _f\"></span>ssive<span class=\"_ _df\"> </span>2847.5112.081--49.62<span class=\"_ _1\"></span>11541.445---41.460-399.157--399.156-2.146--2.0311162.2891.0551.047118496.89<span class=\"_ _1\"></span>2<span class=\"_ _df\"> </span>niziali<span class=\"_ _df\"> </span>ariazioni in<span class=\"_ _df\"> </span>umento da<span class=\"_ _df\"> </span>ttivit\u00e0<span class=\"_ _df\"> </span>-9.401816--10.218-4.805---4.805-<span class=\"_ _df\"> </span>---<span class=\"_ _df\"> </span>--XXXXX2.626911--18.55<span class=\"_ _1\"></span>9<span class=\"_ _df\"> </span>inanziarie<span class=\"_ _df\"> </span>cquisite o<span class=\"_ _df\"> </span>riginate<span class=\"_ _df\"> </span>ancellazioni<span class=\"_ _df\"> </span>iverse dai write-<span class=\"_ _df\"> </span>ff<span class=\"_ _df\"> </span>ett/riprese di<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>(9.249)<span class=\"_ _df\"> </span>(1.829)<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>(11.080)<span class=\"_ _df\"> </span>(2)<span class=\"_ _df\"> </span>(2.940)<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>(2.942)<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>(58.568)<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>(58.568)<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>(107)<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>(107)<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>(1.314)<span class=\"_ _df\"> </span>(443)<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>(74.452<span class=\"_ _1\"></span>)<span class=\"_ _df\"> </span>alore nette per<span class=\"_ _df\"> </span>(8)(9.779)316--(9.471)411.069---11.074-55.610--55.610-(49)--(21)(29)(39)6923(28)57.188<span class=\"_ _df\"> </span>ischio di credito<span class=\"_ _df\"> </span>+/-)<span class=\"_ _df\"> </span>Modifiche<span class=\"_ _df\"> </span>ontrattuali<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>----<span class=\"_ _df\"> </span>--<span class=\"_ _df\"> </span>----<span class=\"_ _df\"> </span>--(87)--(87)------<span class=\"_ _df\"> </span>----(87)<span class=\"_ _df\"> </span>enza<span class=\"_ _df\"> </span>ancellazioni<span class=\"_ _df\"> </span>ambiamenti<span class=\"_ _df\"> </span>ella metodologia<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>----<span class=\"_ _df\"> </span>--<span class=\"_ _df\"> </span>----<span class=\"_ _df\"> </span>--<span class=\"_ _df\"> </span>---<span class=\"_ _df\"> </span>-------<span class=\"_ _df\"> </span>----<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>i stima<span class=\"_ _df\"> </span>Write-off non<span class=\"_ _df\"> </span>ilevati<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>----<span class=\"_ _df\"> </span>--<span class=\"_ _df\"> </span>----<span class=\"_ _df\"> </span>--(34.461)--(34.461)-(43)--(43)-<span class=\"_ _df\"> </span>----(34.50<span class=\"_ _1\"></span>4)<span class=\"_ _df\"> </span>irettamente a<span class=\"_ _df\"> </span>onto economico<span class=\"_ _df\"> </span>Altre variazioni<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>----<span class=\"_ _df\"> </span>--<span class=\"_ _df\"> </span>----<span class=\"_ _df\"> </span>--208--208------<span class=\"_ _df\"> </span>----208<span class=\"_ _df\"> </span>ettifich<span class=\"_ _f\"></span>e<span class=\"_ _df\"> </span>2037.8841.384--39.2881754.379---54.397-361.859--361.858-1.947--1.860873.5621.5921.07090463.80<span class=\"_ _1\"></span>4<span class=\"_ _df\"> </span>omple<span class=\"_ _f\"></span>ssive fina<span class=\"ls6\">li<span class=\"_ _df\"> </span></span>ecuperi da<span class=\"_ _df\"> </span>ncasso su<span class=\"_ _df\"> </span>ttivit\u00e0<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>1<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>1<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>3<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>3<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>639<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>639<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>4<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>4<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>647<span class=\"_ _df\"> </span>inanziarie<span class=\"_ _df\"> </span>ggetto di write-<span class=\"_ _df\"> </span>ff<span class=\"_ _df\"> </span>Wr<span class=\"ls0\">ite-off rilevati<span class=\"_ _df\"> </span></span>irettamente a<span class=\"_ _df\"> </span>onto economico<span class=\"_ _df\"> </span>-(22)---(22)-(10)---(10)-(1.633)--(1.633)-(37)--(37)-<span class=\"_ _df\"> </span>----(1.702)<span class=\"_ _df\"> </span>Crediti verso banche e Banche  costo value con impatto sulla redditivit\u00e0 Attivit\u00e0 finanziarie in corso di che C<span class=\"_ _df\"> </span>to v<span class=\"_ _df\"> </span>Attivit\u00e0 finanziarie in corso di Crediti verso banche e Banche C<span class=\"_ _df\"> </span>to v<span class=\"_ _df\"> </span>Attivit\u00e0 finanziarie in corso di to v<span class=\"_ _df\"> </span>Attivit\u00e0 finanziarie in corso di Impegni a erogare fondi e garanzie  o <div class=\"c w572 h309 gs111b\"><div class=\"t m0 x8a h5 y1a0c ff4 fs1 fc4 sc3 ls0 ws0\">A.1.3<span class=\"_ _1\"></span>  Conso<span class=\"_ _f\"></span>lidato p<span class=\"_ _1\"></span>rude<span class=\"_ _f\"></span>nziale - At<span class=\"_ _1\"></span>tivit\u00e0<span class=\"_ _f\"></span> finanzia<span class=\"_ _1\"></span>rie, i<span class=\"_ _1\"></span>mpeg<span class=\"_ _f\"></span>ni a ero<span class=\"_ _1\"></span>gare<span class=\"_ _1\"></span> fondi<span class=\"_ _1\"></span> e ga<span class=\"_ _f\"></span>ranzie fina<span class=\"_ _f\"></span>nziarie<span class=\"_ _1\"></span> rilasci<span class=\"_ _1\"></span>ate: t<span class=\"_ _1\"></span>rasfe<span class=\"_ _f\"></span>rimenti </div><div class=\"t m0 x8a h5 y1a0d ff4 fs1 fc4 sc3 ls0 ws0\">tra d<span class=\"_ _1\"></span>iversi<span class=\"_ _1\"></span> sta<span class=\"_ _1\"></span>di di r<span class=\"_ _1\"></span>ischio<span class=\"_ _1\"></span> di cr<span class=\"_ _1\"></span>edit<span class=\"_ _1\"></span>o (va<span class=\"_ _1\"></span>lori <span class=\"_ _1\"></span>lordi e<span class=\"_ _1\"></span> nom<span class=\"_ _1\"></span>inali)<span class=\"_ _1\"></span><span class=\"fc1 sc0\"> </span></div></div><div class=\"gs111c\"><table class=\"s wf81 h56f\" id=\"_4bed25a9-9bc5-459f-8343-e9b4b5440b68\"><tr><td></td><td></td><td></td><td></td><td></td><td class=\"c x80b y332d w574 h13\"><div class=\"t m0 xed h1f y80 ff4 fs7 fc4 sc3 ls0 ws0\">Espo<span class=\"_ _1\"></span>sizio<span class=\"_ _f\"></span>ne lor<span class=\"_ _1\"></span>da/va<span class=\"_ _f\"></span>lore nom<span class=\"_ _f\"></span>inale<span class=\"fc1 sc0\"> </span></div></td><td></td></tr><tr><td></td><td class=\"c x972 y332e wf82 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">Tras<span class=\"_ _1\"></span>feri<span class=\"_ _1\"></span>men<span class=\"_ _1\"></span>ti tra<span class=\"_ _f\"></span> primo<span class=\"_ _df\"> </span></div></td><td></td><td></td><td class=\"c x973 y332e wf83 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">Tras<span class=\"_ _1\"></span>feri<span class=\"_ _1\"></span>men<span class=\"_ _1\"></span>ti tra<span class=\"_ _df\"> </span></div></td><td class=\"c x974 y332e wf84 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">Tras<span class=\"_ _1\"></span>feri<span class=\"_ _1\"></span>men<span class=\"_ _1\"></span>ti tra<span class=\"_ _1\"></span> prim<span class=\"_ _1\"></span>o<span class=\"_ _df\"> </span></div></td><td></td></tr><tr><td></td><td class=\"c x975 y332f wf85 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">sta<span class=\"_ _1\"></span>dio e s<span class=\"_ _f\"></span>econdo<span class=\"_ _f\"></span> stadio<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x976 y332f wf86 h484\" colspan=\"2\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">secon<span class=\"_ _f\"></span>do sta<span class=\"_ _1\"></span>dio e<span class=\"_ _1\"></span> terz<span class=\"_ _1\"></span>o<span class=\"_ _df\"> </span></div></td><td class=\"c x977 y332f wf87 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">stadi<span class=\"_ _1\"></span>o e t<span class=\"_ _1\"></span>erzo<span class=\"_ _f\"></span> stadio<span class=\"_ _df\"> </span></div></td><td></td></tr><tr><td class=\"c x46b y3330 w573 h30a\"><div class=\"t m0 xf0 h1f y11f9 ff4 fs7 fc4 sc3 ls0 ws0\">Port<span class=\"_ _1\"></span>afog<span class=\"_ _f\"></span>li/stadi <span class=\"_ _1\"></span>di ris<span class=\"_ _f\"></span>chio<span class=\"fc1 sc0\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x46b y3331 w577 h13\"><div class=\"t m0 x8a h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">1. Attivit\u00e0 finanz<span class=\"_ _1\"></span>iarie valutate al co<span class=\"_ _1\"></span>sto ammortizzat<span class=\"_ _1\"></span>o</div></td><td class=\"c x80b y3331 w9d h13\"><div class=\"t m0 x16a h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">1.517.072 </div></td><td class=\"c x8a0 y3331 w38e h13\"><div class=\"t m0 x116 h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">484.320 </div></td><td class=\"c x74f y3331 w197 h13\"><div class=\"t m0 x33 h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">8.143 </div></td><td class=\"c x4ec y3331 w1a2 h13\"><div class=\"t m0 x39 h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">62.441 </div></td><td class=\"c x580 y3331 w89 h13\"><div class=\"t m0 x130 h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">87.282 </div></td><td class=\"c x978 y3331 w1a2 h13\"><div class=\"t m0 x33 h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">4.749 </div></td></tr><tr><td class=\"c x262 y3332 wf88 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">2. Attivit\u00e0 finanz<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span>arie valut<span class=\"_ _1\"></span>ate al fair <span class=\"_ _1\"></span>value con impatto<span class=\"_ _df\"> </span></div></td><td class=\"c x80b y3333 w9d had\"><div class=\"t m0 x13 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x8a0 y3333 w38e had\"><div class=\"t m0 x8f h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x74f y3333 w197 had\"><div class=\"t m0 x36 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x4ec y3333 w1a2 had\"><div class=\"t m0 x8f h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x580 y3333 w89 had\"><div class=\"t m0 x8f h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x978 y3333 w1a2 had\"><div class=\"t m0 x8f h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x262 y3334 wdd7 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">sulla redditivit\u00e0 c<span class=\"_ _f\"></span>o<span class=\"_ _2\"></span>mplessi<span class=\"_ _1\"></span>va<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x46b y3335 w577 h1b9\"><div class=\"t m0 x8a h1f y392 ff4 fs7 fc1 sc0 ls0 ws0\">3. Attivit\u00e0 finanz<span class=\"_ _1\"></span>iarie in corso d<span class=\"_ _1\"></span>i dismissione<span class=\"_ _df\"> </span></div></td><td class=\"c x80b y3335 w9d h1b9\"><div class=\"t m0 x13 h1f y392 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x8a0 y3335 w38e h1b9\"><div class=\"t m0 x8f h1f y392 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x74f y3335 w197 h1b9\"><div class=\"t m0 x36 h1f y392 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x4ec y3335 w1a2 h1b9\"><div class=\"t m0 x8f h1f y392 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x580 y3335 w89 h1b9\"><div class=\"t m0 x8f h1f y392 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x978 y3335 w1a2 h1b9\"><div class=\"t m0 x8f h1f y392 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x262 y3336 wf89 h570\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">4. Impegni a er<span class=\"_ _1\"></span>ogare fondi e garanzi<span class=\"_ _f\"></span>e fi<span class=\"_ _2\"></span>nanzia<span class=\"_ _1\"></span>rie<span class=\"_ _df\"> </span></div></td><td class=\"c x80b y3337 w9d hcd\"><div class=\"t m0 x55 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">699.571 </div></td><td class=\"c x8a0 y3337 w38e hcd\"><div class=\"t m0 x32 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">11.241 </div></td><td class=\"c x74f y3337 w197 hcd\"><div class=\"t m0 x34 h1f y420 ff4 fs7 fc1 sc0 ls29 ws0\">971<span class=\"ls0\"> </span></div></td><td class=\"c x4ec y3337 w1a2 hcd\"><div class=\"t m0 x36 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">2 </div></td><td class=\"c x580 y3337 w89 hcd\"><div class=\"t m0 x14 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">17.792 </div></td><td class=\"c x978 y3337 w1a2 hcd\"><div class=\"t m0 x33 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">5.839 </div></td></tr><tr><td class=\"c x262 y3338 wbc5 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">rilasciate<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x46b y3339 w577 h13\"><div class=\"t m0 x98 h1f y32 ff4 fs7 fc1 sc2 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale 3<span class=\"_ _1\"></span>1/12/<span class=\"_ _1\"></span>2025<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x80b y3339 w9d h13\"><div class=\"t m0 x8e h1f y80 ff4 fs7 fc1 sc2 ls0 ws0\">2.216<span class=\"_ _f\"></span>.643<span class=\"sc0\"> </span></div></td><td class=\"c x8a0 y3339 w38e h13\"><div class=\"t m0 x55 h1f y80 ff4 fs7 fc1 sc2 ls0 ws0\">495.5<span class=\"_ _1\"></span>61<span class=\"sc0\"> </span></div></td><td class=\"c x74f y3339 w197 h13\"><div class=\"t m0 x35 h1f y80 ff4 fs7 fc1 sc2 ls0 ws0\">9.114<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x4ec y3339 w1a2 h13\"><div class=\"t m0 x130 h1f y80 ff4 fs7 fc1 sc2 ls0 ws0\">62.4<span class=\"_ _f\"></span>43<span class=\"sc0\"> </span></div></td><td class=\"c x580 y3339 w89 h13\"><div class=\"t m0 x2e h1f y80 ff4 fs7 fc1 sc2 ls0 ws0\">105.07<span class=\"_ _f\"></span>4<span class=\"sc0\"> </span></div></td><td class=\"c x978 y3339 w1a2 h13\"><div class=\"t m0 x39 h1f y80 ff4 fs7 fc1 sc2 ls0 ws0\">10.58<span class=\"_ _f\"></span>8<span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x46b y333a w577 h13\"><div class=\"t m0 x98 h1f y80 ff4 fs7 fc1 sc2 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale 3<span class=\"_ _1\"></span>1/12/<span class=\"_ _1\"></span>202<span class=\"_ _1\"></span>4<span class=\"sc0\"> </span></div></td><td class=\"c x80b y333a w9d h13\"><div class=\"t m0 x8e h1f y80 ff4 fs7 fc1 sc2 ls0 ws0\">1.54<span class=\"_ _1\"></span>0.009<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x8a0 y333a w38e h13\"><div class=\"t m0 x2e h1f y80 ff4 fs7 fc1 sc2 ls0 ws0\">537.<span class=\"_ _1\"></span>697<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x74f y333a w197 h13\"><div class=\"t m0 x48 h1f y80 ff4 fs7 fc1 sc2 ls0 ws0\">9.22<span class=\"_ _f\"></span>0<span class=\"sc0\"> </span></div></td><td class=\"c x4ec y333a w1a2 h13\"><div class=\"t m0 x130 h1f y80 ff4 fs7 fc1 sc2 ls0 ws0\">69.8<span class=\"_ _1\"></span>55<span class=\"sc0\"> </span></div></td><td class=\"c x580 y333a w89 h13\"><div class=\"t m0 x39 h1f y80 ff4 fs7 fc1 sc2 ls0 ws0\">121.5<span class=\"_ _1\"></span>01<span class=\"sc0\"> </span></div></td><td class=\"c x978 y333a w1a2 h13\"><div class=\"t m0 x39 h1f y80 ff4 fs7 fc1 sc2 ls0 ws0\">10.80<span class=\"_ _f\"></span>3<span class=\"sc0\"> </span></div></td></tr></table></div><div class=\"c w1ae h30b gs111d\"><div class=\"t m4 x33 h1f y1a0e ff4 fs7 fc4 sc3 ls0 ws0\">Da primo a secondo </div><div class=\"t m4 x38 h1f y93d ff4 fs7 fc4 sc3 ls0 ws0\">stadio<span class=\"fc1 sc0\"> </span></div></div><div class=\"c w238 h30b gs111e\"><div class=\"t m4 x33 h1f y0 ff4 fs7 fc4 sc3 ls0 ws0\">Da secondo stadio a </div><div class=\"t m4 x97 h1f y3e3 ff4 fs7 fc4 sc3 ls0 ws0\">primo stadio<span class=\"fc1 sc0\"> </span></div></div><div class=\"c w408 h30b gs111f\"><div class=\"t m4 x33 h1f y0 ff4 fs7 fc4 sc3 ls0 ws0\">Da secondo stadio a </div><div class=\"t m4 x97 h1f y658 ff4 fs7 fc4 sc3 ls0 ws0\">terzo stadio<span class=\"fc1 sc0\"> </span></div></div><div class=\"c w197 h30b gs1120\"><div class=\"t m4 x48 h1f y2e7 ff4 fs7 fc4 sc3 ls0 ws0\">Da terzo stadio a </div><div class=\"t m4 x97 h1f yc5f ff4 fs7 fc4 sc3 ls0 ws0\">secondo stadio <span class=\"fc1 sc0\"> </span></div></div><div class=\"c wa2 h30b gs1121\"><div class=\"t m4 x33 h1f y25f ff4 fs7 fc4 sc3 ls0 ws0\">Da primo stadio a </div><div class=\"t m4 x97 h1f y658 ff4 fs7 fc4 sc3 ls0 ws0\">terzo stadio<span class=\"fc1 sc0\"> </span></div></div><div class=\"c wbd h30b gs1122\"><div class=\"t m4 x33 h1f y2e7 ff4 fs7 fc4 sc3 ls0 ws0\">Da terzo stadio a </div><div class=\"t m4 x97 h1f y3e3 ff4 fs7 fc4 sc3 ls0 ws0\">primo stadio <span class=\"fc1 sc0\"> </span></div></div><div class=\"c w2c2 h23d gs1124\"><div class=\"t m0 x8a h5 y1517 ff4 fs1 fc4 sc3 ls0 ws0\">A.1.4 <span class=\"_ _f\"></span>Consolida<span class=\"_ _f\"></span>to prude<span class=\"_ _1\"></span>nzia<span class=\"_ _1\"></span>le - E<span class=\"_ _f\"></span>sposizio<span class=\"_ _1\"></span>ni cred<span class=\"_ _1\"></span>itizie <span class=\"_ _f\"></span>per cas<span class=\"_ _f\"></span>sa e fuo<span class=\"_ _f\"></span>ri bilancio <span class=\"_ _f\"></span>verso ba<span class=\"_ _f\"></span>nche: va<span class=\"_ _f\"></span>lori lord<span class=\"_ _f\"></span>i e netti<span class=\"fc1 sc0\"> </span></div></div><div class=\"gs1125\"><table class=\"s wf8a h571\" id=\"_ed0777de-14cc-4f22-b2b4-b2b039bfb363\"><tr><td></td><td></td><td class=\"c x5c7 y333b w578 h94\"><div class=\"t m0 x49 hd6 y11c8 ff4 fs1b fc4 sc3 ls0 ws0\">Esposizi<span class=\"_ _f\"></span>one lorda<span class=\"fc1 sc2\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td class=\"c x979 y333c wf8b h4bd\"><div class=\"t m0 x250 hd6 y2726 ff4 fs1b fc4 sc3 ls0 ws0\">Rettifich<span class=\"_ _f\"></span>e<span class=\"_ _2\"></span> di <span class=\"_ _1\"></span>valore <span class=\"_ _f\"></span>complessive <span class=\"_ _1\"></span>e<span class=\"_ _df\"> </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></td><td></td><td class=\"c x97a y333d wf8c h4bd\" colspan=\"2\"><div class=\"t m0 x250 hd6 y2726 ff4 fs1b fc4 sc3 ls0 ws0\">accant<span class=\"_ _1\"></span>onam<span class=\"_ _1\"></span>enti com<span class=\"_ _f\"></span>plessivi<span class=\"_ _df\"> </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></td><td></td><td class=\"c x888 y333e wf8d h4bd\"><div class=\"t m0 x250 hd6 y2726 ff4 fs1b fc4 sc3 ls0 ws0\">Esposizi<span class=\"_ _f\"></span>one<span class=\"_ _df\"> </span></div></td><td class=\"c x97b y333e wf8e h4bd\"><div class=\"t m0 x250 hd6 y2726 ff4 fs1b fc4 sc3 ls0 ws0\">Write-<span class=\"_ _1\"></span>off parzia<span class=\"_ _f\"></span>li<span class=\"_ _df\"> </span></div></td></tr><tr><td class=\"c x46b y333f w14 h30c\"><div class=\"t m0 xac hd6 yd3a ff4 fs1b fc4 sc3 ls0 ws0\">Tipolo<span class=\"_ _1\"></span>gie espo<span class=\"_ _f\"></span>s<span class=\"_ _2\"></span>izio<span class=\"_ _1\"></span>ni/val<span class=\"_ _f\"></span>o<span class=\"_ _2\"></span>ri<span class=\"fc1 sc2\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td class=\"c x97c y3340 wf8f h4bd\"><div class=\"t m0 x250 hd6 y2726 ff4 fs1b fc4 sc3 ls0 ws0\">Netta<span class=\"_ _df\"> </span></div></td><td class=\"c x97d y3340 wf90 h4bd\"><div class=\"t m0 x250 hd6 y2726 ff4 fs1b fc4 sc3 ls0 ws0\">comple<span class=\"_ _f\"></span>ssivi*<span class=\"_ _df\"> </span></div></td></tr><tr><td class=\"c x262 y3341 wf91 h4aa\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc2 ls0 ws0\">A. Espos<span class=\"_ _1\"></span>izioni cred<span class=\"_ _1\"></span>itizie<span class=\"_ _df\"> </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=\"c x262 y3342 wf92 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc2 ls0 ws0\">per cass<span class=\"_ _1\"></span>a<span class=\"_ _df\"> </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=\"c x46b y3343 w57c hc8\"><div class=\"t m0 x8a h30 y74a ff4 fsb fc1 sc2 ls0 ws0\">A.1 A vista<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x5c7 y3343 w15f hc8\"><div class=\"t m0 x8e h30 y74a ff4 fsb fc1 sc2 ls0 ws0\">1.210.78<span class=\"_ _1\"></span>0<span class=\"sc0\"> </span></div></td><td class=\"c x468 y3343 w136 hc8\"><div class=\"t m0 xac h30 y74a ff4 fsb fc1 sc2 ls0 ws0\">1.203.478<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x5e1 y3343 w1aa hc8\"><div class=\"t m0 x2f h30 y74a ff4 fsb fc1 sc2 ls0 ws0\">7.302<span class=\"sc0\"> </span></div></td><td class=\"c x4c6 y3343 w26f hc8\"><div class=\"t m0 x2f h30 y74a ff4 fsb fc1 sc2 ls0 ws0\">-</div></td><td class=\"c x97e y3343 w56d hc8\"><div class=\"t m0 x2f h30 y74a ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x97f y3343 w397 hc8\"><div class=\"t m0 x2a h30 y74a ff4 fsb fc1 sc2 ls6c ws0\">38<span class=\"sc0 ls0\"> </span></div></td><td class=\"c x72d y3343 w156 hc8\"><div class=\"t m0 x2e h30 y74a ff4 fsb fc1 sc2 ls6a ws0\">20<span class=\"sc0 ls0\"> </span></div></td><td class=\"c x980 y3343 w4f4 hc8\"><div class=\"t m0 x2e h30 y74a ff4 fsb fc1 sc2 ls52 ws0\">18<span class=\"sc0 ls0\"> </span></div></td><td class=\"c x921 y3343 w57d hc8\"><div class=\"t m0 x2e h30 y74a ff4 fsb fc1 sc2 ls0 ws0\">-</div></td><td class=\"c x74f y3343 w57e hc8\"><div class=\"t m0 x2e h30 y74a ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x4fd y3343 wb6 hc8\"><div class=\"t m0 x2e h30 y74a ff4 fsb fc1 sc2 ls0 ws0\">1.210.74<span class=\"_ _1\"></span>2<span class=\"sc0\"> </span></div></td><td class=\"c x981 y3343 w505 hc8\"><div class=\"t m0 xe h30 y74a ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x46b y3344 w57c h4d\"><div class=\"t m0 x2f h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">a) Deteriorate<span class=\"_ _df\"> </span></div></td><td class=\"c x5c7 y3344 w15f h4d\"><div class=\"t m0 x31 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">-</div></td><td class=\"c x468 y3344 w136 h4d\"><div class=\"t m0 x14 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">X<span class=\"_ _df\"> </span></div></td><td class=\"c x5e1 y3344 w1aa h4d\"><div class=\"t m0 x35 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">-</div></td><td class=\"c x4c6 y3344 w26f h4d\"><div class=\"t m0 x2f h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x97e y3344 w56d h4d\"><div class=\"t m0 x2f h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">-</div></td><td class=\"c x97f y3344 w397 h4d\"><div class=\"t m0 x14 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x72d y3344 w156 h4d\"><div class=\"t m0 x16a h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x980 y3344 w4f4 h4d\"><div class=\"t m0 x130 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x921 y3344 w57d h4d\"><div class=\"t m0 x2e h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x74f y3344 w57e h4d\"><div class=\"t m0 x2e h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x4fd y3344 wb6 h4d\"><div class=\"t m0 x13 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x981 y3344 w505 h4d\"><div class=\"t m0 xe h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y3345 w57c hc8\"><div class=\"t m0 x2f h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">b) Non deteriorate<span class=\"_ _df\"> </span></div></td><td class=\"c x5c7 y3345 w15f hc8\"><div class=\"t m0 x8e h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">1.210.780 </div></td><td class=\"c x468 y3345 w136 hc8\"><div class=\"t m0 xab h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">1.203.478 </div></td><td class=\"c x5e1 y3345 w1aa hc8\"><div class=\"t m0 x8e h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">7.302 </div></td><td class=\"c x4c6 y3345 w26f hc8\"><div class=\"t m0 xab h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x97e y3345 w56d hc8\"><div class=\"t m0 x2f h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">-</div></td><td class=\"c x97f y3345 w397 hc8\"><div class=\"t m0 x2a h30 y74a ff4 fsb fc1 sc0 ls5c ws0\">38<span class=\"ls0\"> </span></div></td><td class=\"c x72d y3345 w156 hc8\"><div class=\"t m0 x2e h30 y74a ff4 fsb fc1 sc0 ls9b ws0\">20<span class=\"ls0\"> </span></div></td><td class=\"c x980 y3345 w4f4 hc8\"><div class=\"t m0 x2a h30 y74a ff4 fsb fc1 sc0 ls52 ws0\">18<span class=\"ls0\"> </span></div></td><td class=\"c x921 y3345 w57d hc8\"><div class=\"t m0 x8e h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x74f y3345 w57e hc8\"><div class=\"t m0 x2e h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">-</div></td><td class=\"c x4fd y3345 wb6 hc8\"><div class=\"t m0 x2e h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">1.210.742<span class=\"_ _df\"> </span></div></td><td class=\"c x981 y3345 w505 hc8\"><div class=\"t m0 xe h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y3346 w57c h4d\"><div class=\"t m0 x8a h30 y74a ff4 fsb fc1 sc2 ls0 ws0\">A.2 Altre<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x5c7 y3346 w15f h4d\"><div class=\"t m0 xac h30 y74a ff4 fsb fc1 sc2 ls0 ws0\">3.364.716<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x468 y3346 w136 h4d\"><div class=\"t m0 xac h30 y74a ff4 fsb fc1 sc2 ls0 ws0\">3.317.340<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x5e1 y3346 w1aa h4d\"><div class=\"t m0 xab h30 y74a ff4 fsb fc1 sc2 ls0 ws0\">45.336<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x4c6 y3346 w26f h4d\"><div class=\"t m0 x2f h30 y74a ff4 fsb fc1 sc2 ls0 ws0\">-</div></td><td class=\"c x97e y3346 w56d h4d\"><div class=\"t m0 x2f h30 y74a ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x97f y3346 w397 h4d\"><div class=\"t m0 x16a h30 y74a ff4 fsb fc1 sc2 ls0 ws0\">719<span class=\"sc0\"> </span></div></td><td class=\"c x72d y3346 w156 h4d\"><div class=\"t m0 x2a h30 y74a ff4 fsb fc1 sc2 ls0 ws0\">611<span class=\"sc0\"> </span></div></td><td class=\"c x980 y3346 w4f4 h4d\"><div class=\"t m0 x2f h30 y74a ff4 fsb fc1 sc2 ls52 ws0\">106<span class=\"sc0 ls0\"> </span></div></td><td class=\"c x921 y3346 w57d h4d\"><div class=\"t m0 x2e h30 y74a ff4 fsb fc1 sc2 ls0 ws0\">-</div></td><td class=\"c x74f y3346 w57e h4d\"><div class=\"t m0 x2e h30 y74a ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x4fd y3346 wb6 h4d\"><div class=\"t m0 x16a h30 y74a ff4 fsb fc1 sc2 ls0 ws0\">3.363.997<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x981 y3346 w505 h4d\"><div class=\"t m0 xe h30 y74a ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x46b y3347 w57c hc8\"><div class=\"t m0 x2f h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">a) Sofferenze<span class=\"_ _df\"> </span></div></td><td class=\"c x5c7 y3347 w15f hc8\"><div class=\"t m0 x31 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">-</div></td><td class=\"c x468 y3347 w136 hc8\"><div class=\"t m0 x14 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">X<span class=\"_ _df\"> </span></div></td><td class=\"c x5e1 y3347 w1aa hc8\"><div class=\"t m0 x35 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">-</div></td><td class=\"c x4c6 y3347 w26f hc8\"><div class=\"t m0 x2f h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x97e y3347 w56d hc8\"><div class=\"t m0 x2f h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">-</div></td><td class=\"c x97f y3347 w397 hc8\"><div class=\"t m0 x14 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x72d y3347 w156 hc8\"><div class=\"t m0 x16a h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x980 y3347 w4f4 hc8\"><div class=\"t m0 x130 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x921 y3347 w57d hc8\"><div class=\"t m0 x2e h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x74f y3347 w57e hc8\"><div class=\"t m0 x2e h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x4fd y3347 wb6 hc8\"><div class=\"t m0 x13 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x981 y3347 w505 hc8\"><div class=\"t m0 xe h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x370 y3348 wf93 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">- di cui: esposi<span class=\"_ _2\"></span>zioni<span class=\"_ _df\"> </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=\"c x370 y3349 wf94 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">oggetto di<span class=\"_ _df\"> </span></div></td><td class=\"c x5c7 y334a w15f h30d\"><div class=\"t m0 x31 h30 y35c ff4 fsb fc1 sc0 ls0 ws0\">-</div></td><td class=\"c x468 y334a w136 h30d\"><div class=\"t m0 x14 h30 y35c ff4 fsb fc1 sc0 ls0 ws0\">X<span class=\"_ _df\"> </span></div></td><td class=\"c x5e1 y334a w1aa h30d\"><div class=\"t m0 x35 h30 y35c ff4 fsb fc1 sc0 ls0 ws0\">-</div></td><td class=\"c x4c6 y334a w26f h30d\"><div class=\"t m0 x2f h30 y35c ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x97e y334a w56d h30d\"><div class=\"t m0 x2f h30 y35c ff4 fsb fc1 sc0 ls0 ws0\">-</div></td><td class=\"c x97f y334a w397 h30d\"><div class=\"t m0 x14 h30 y35c ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x72d y334a w156 h30d\"><div class=\"t m0 x16a h30 y35c ff4 fsb fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x980 y334a w4f4 h30d\"><div class=\"t m0 x130 h30 y35c ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x921 y334a w57d h30d\"><div class=\"t m0 x2e h30 y35c ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x74f y334a w57e h30d\"><div class=\"t m0 x2e h30 y35c ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x4fd y334a wb6 h30d\"><div class=\"t m0 x13 h30 y35c ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x981 y334a w505 h30d\"><div class=\"t m0 xe h30 y35c ff4 fsb fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x370 y334b wf95 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">concessioni<span class=\"_ _df\"> </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=\"c x46b y334c w57c hc8\"><div class=\"t m0 x2f h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">b) Inademp. probabili<span class=\"_ _df\"> </span></div></td><td class=\"c x5c7 y334c w15f hc8\"><div class=\"t m0 x31 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">-</div></td><td class=\"c x468 y334c w136 hc8\"><div class=\"t m0 x14 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">X<span class=\"_ _df\"> </span></div></td><td class=\"c x5e1 y334c w1aa hc8\"><div class=\"t m0 x35 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">-</div></td><td class=\"c x4c6 y334c w26f hc8\"><div class=\"t m0 x2f h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x97e y334c w56d hc8\"><div class=\"t m0 x2f h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">-</div></td><td class=\"c x97f y334c w397 hc8\"><div class=\"t m0 x14 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x72d y334c w156 hc8\"><div class=\"t m0 x16a h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x980 y334c w4f4 hc8\"><div class=\"t m0 x130 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x921 y334c w57d hc8\"><div class=\"t m0 x2e h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x74f y334c w57e hc8\"><div class=\"t m0 x2e h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x4fd y334c wb6 hc8\"><div class=\"t m0 x13 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x981 y334c w505 hc8\"><div class=\"t m0 xe h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x370 y334d wf93 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">- di cui: esposi<span class=\"_ _2\"></span>zioni<span class=\"_ _df\"> </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=\"c x370 y334e wf94 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">oggetto di<span class=\"_ _df\"> </span></div></td><td class=\"c x5c7 y334f w15f h23c\"><div class=\"t m0 x31 h30 y35c ff4 fsb fc1 sc0 ls0 ws0\">-</div></td><td class=\"c x468 y334f w136 h23c\"><div class=\"t m0 x14 h30 y35c ff4 fsb fc1 sc0 ls0 ws0\">X<span class=\"_ _df\"> </span></div></td><td class=\"c x5e1 y334f w1aa h23c\"><div class=\"t m0 x35 h30 y35c ff4 fsb fc1 sc0 ls0 ws0\">-</div></td><td class=\"c x4c6 y334f w26f h23c\"><div class=\"t m0 x2f h30 y35c ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x97e y334f w56d h23c\"><div class=\"t m0 x2f h30 y35c ff4 fsb fc1 sc0 ls0 ws0\">-</div></td><td class=\"c x97f y334f w397 h23c\"><div class=\"t m0 x14 h30 y35c ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x72d y334f w156 h23c\"><div class=\"t m0 x16a h30 y35c ff4 fsb fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x980 y334f w4f4 h23c\"><div class=\"t m0 x130 h30 y35c ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x921 y334f w57d h23c\"><div class=\"t m0 x2e h30 y35c ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x74f y334f w57e h23c\"><div class=\"t m0 x2e h30 y35c ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x4fd y334f wb6 h23c\"><div class=\"t m0 x13 h30 y35c ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x981 y334f w505 h23c\"><div class=\"t m0 xe h30 y35c ff4 fsb fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x370 y3350 wf95 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">concessioni<span class=\"_ _df\"> </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=\"c x36e y3351 wf96 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">c) Esposizioni scadute<span class=\"_ _df\"> </span></div></td><td class=\"c x5c7 y3352 w15f h98\"><div class=\"t m0 x31 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">-</div></td><td class=\"c x468 y3352 w136 h98\"><div class=\"t m0 x14 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">X<span class=\"_ _df\"> </span></div></td><td class=\"c x5e1 y3352 w1aa h98\"><div class=\"t m0 x35 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">-</div></td><td class=\"c x4c6 y3352 w26f h98\"><div class=\"t m0 x2f h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x97e y3352 w56d h98\"><div class=\"t m0 x2f h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">-</div></td><td class=\"c x97f y3352 w397 h98\"><div class=\"t m0 x14 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x72d y3352 w156 h98\"><div class=\"t m0 x16a h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x980 y3352 w4f4 h98\"><div class=\"t m0 x130 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x921 y3352 w57d h98\"><div class=\"t m0 x2e h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x74f y3352 w57e h98\"><div class=\"t m0 x2e h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x4fd y3352 wb6 h98\"><div class=\"t m0 x13 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x981 y3352 w505 h98\"><div class=\"t m0 xe h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x36e y3353 wf97 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">deteriorate<span class=\"_ _df\"> </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=\"c x370 y3354 wf93 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">- di cui: esposi<span class=\"_ _2\"></span>zioni<span class=\"_ _df\"> </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=\"c x370 y3355 wf94 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">oggetto di<span class=\"_ _df\"> </span></div></td><td class=\"c x5c7 y3356 w15f h23c\"><div class=\"t m0 x31 h30 y35c ff4 fsb fc1 sc0 ls0 ws0\">-</div></td><td class=\"c x468 y3356 w136 h23c\"><div class=\"t m0 x14 h30 y35c ff4 fsb fc1 sc0 ls0 ws0\">X<span class=\"_ _df\"> </span></div></td><td class=\"c x5e1 y3356 w1aa h23c\"><div class=\"t m0 x35 h30 y35c ff4 fsb fc1 sc0 ls0 ws0\">-</div></td><td class=\"c x4c6 y3356 w26f h23c\"><div class=\"t m0 x2f h30 y35c ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x97e y3356 w56d h23c\"><div class=\"t m0 x2f h30 y35c ff4 fsb fc1 sc0 ls0 ws0\">-</div></td><td class=\"c x97f y3356 w397 h23c\"><div class=\"t m0 x14 h30 y35c ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x72d y3356 w156 h23c\"><div class=\"t m0 x16a h30 y35c ff4 fsb fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x980 y3356 w4f4 h23c\"><div class=\"t m0 x130 h30 y35c ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x921 y3356 w57d h23c\"><div class=\"t m0 x2e h30 y35c ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x74f y3356 w57e h23c\"><div class=\"t m0 x2e h30 y35c ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x4fd y3356 wb6 h23c\"><div class=\"t m0 x13 h30 y35c ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x981 y3356 w505 h23c\"><div class=\"t m0 xe h30 y35c ff4 fsb fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x370 y3357 wf98 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">concessio<span class=\"_ _2\"></span>ni<span class=\"_ _df\"> </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=\"c x36e y3358 wf99 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">d) Esposizioni scadute<span class=\"_ _df\"> </span></div></td><td class=\"c x5c7 y3359 w15f h12\"><div class=\"t m0 x27 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">216 </div></td><td class=\"c x468 y3359 w136 h12\"><div class=\"t m0 x26 h30 y295 ff4 fsb fc1 sc0 ls5c ws0\">38<span class=\"ls0\"> </span></div></td><td class=\"c x5e1 y3359 w1aa h12\"><div class=\"t m0 x130 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">179 </div></td><td class=\"c x4c6 y3359 w26f h12\"><div class=\"t m0 xab h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x97e y3359 w56d h12\"><div class=\"t m0 x2f h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">-</div></td><td class=\"c x97f y3359 w397 h12\"><div class=\"t m0 x39 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">2</div></td><td class=\"c x72d y3359 w156 h12\"><div class=\"t m0 x14 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x980 y3359 w4f4 h12\"><div class=\"t m0 x130 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x921 y3359 w57d h12\"><div class=\"t m0 x8e h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x74f y3359 w57e h12\"><div class=\"t m0 x2e h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x4fd y3359 wb6 h12\"><div class=\"t m0 x38 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">214<span class=\"_ _df\"> </span></div></td><td class=\"c x981 y3359 w505 h12\"><div class=\"t m0 xe h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x36e y335a wf9a h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">non deteriorate<span class=\"_ _df\"> </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=\"c x370 y335b wf93 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">- di cui: esposi<span class=\"_ _2\"></span>zioni<span class=\"_ _df\"> </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=\"c x370 y335c wf94 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">oggetto di<span class=\"_ _df\"> </span></div></td><td class=\"c x5c7 y335d w15f h23c\"><div class=\"t m0 x31 h30 y35c ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x468 y335d w136 h23c\"><div class=\"t m0 x31 h30 y35c ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5e1 y335d w1aa h23c\"><div class=\"t m0 x35 h30 y35c ff4 fsb fc1 sc0 ls0 ws0\">-</div></td><td class=\"c x4c6 y335d w26f h23c\"><div class=\"t m0 xab h30 y35c ff4 fsb fc1 sc0 ls0 ws0\">X</div></td><td class=\"c x97e y335d w56d h23c\"><div class=\"t m0 x2f h30 y35c ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x97f y335d w397 h23c\"><div class=\"t m0 x14 h30 y35c ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x72d y335d w156 h23c\"><div class=\"t m0 x14 h30 y35c ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x980 y335d w4f4 h23c\"><div class=\"t m0 x130 h30 y35c ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x921 y335d w57d h23c\"><div class=\"t m0 x8e h30 y35c ff4 fsb fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x74f y335d w57e h23c\"><div class=\"t m0 x2e h30 y35c ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x4fd y335d wb6 h23c\"><div class=\"t m0 x13 h30 y35c ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x981 y335d w505 h23c\"><div class=\"t m0 xe h30 y35c ff4 fsb fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x370 y335e wf95 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">concessioni<span class=\"_ _df\"> </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=\"c x36e y335f wf9b h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">e) Altre esposizi<span class=\"_ _2\"></span>oni<span class=\"_ _df\"> </span></div></td><td class=\"c x5c7 y3360 w15f h12\"><div class=\"t m0 x8a h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">3.364.500 </div></td><td class=\"c x468 y3360 w136 h12\"><div class=\"t m0 xab h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">3.317.302 </div></td><td class=\"c x5e1 y3360 w1aa h12\"><div class=\"t m0 xac h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">45.157 </div></td><td class=\"c x4c6 y3360 w26f h12\"><div class=\"t m0 xab h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x97e y3360 w56d h12\"><div class=\"t m0 x2f h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">-</div></td><td class=\"c x97f y3360 w397 h12\"><div class=\"t m0 x16a h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">717</div></td><td class=\"c x72d y3360 w156 h12\"><div class=\"t m0 x116 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">611 </div></td><td class=\"c x980 y3360 w4f4 h12\"><div class=\"t m0 x8e h30 y295 ff4 fsb fc1 sc0 ls52 ws0\">106<span class=\"ls0\"> </span></div></td><td class=\"c x921 y3360 w57d h12\"><div class=\"t m0 x8e h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x74f y3360 w57e h12\"><div class=\"t m0 x2e h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">-</div></td><td class=\"c x4fd y3360 wb6 h12\"><div class=\"t m0 x16a h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">3.363.783<span class=\"_ _df\"> </span></div></td><td class=\"c x981 y3360 w505 h12\"><div class=\"t m0 xe h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x36e y3361 wf9a h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">non deteriorate<span class=\"_ _df\"> </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=\"c x370 y3362 wf93 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">- di cui: esposi<span class=\"_ _2\"></span>zioni<span class=\"_ _df\"> </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=\"c x370 y3363 wf94 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">oggetto di<span class=\"_ _df\"> </span></div></td><td class=\"c x5c7 y3364 w15f h2d3\"><div class=\"t m0 x31 h30 yab9 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x468 y3364 w136 h2d3\"><div class=\"t m0 x31 h30 yab9 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5e1 y3364 w1aa h2d3\"><div class=\"t m0 x35 h30 yab9 ff4 fsb fc1 sc0 ls0 ws0\">-</div></td><td class=\"c x4c6 y3364 w26f h2d3\"><div class=\"t m0 xab h30 yab9 ff4 fsb fc1 sc0 ls0 ws0\">X</div></td><td class=\"c x97e y3364 w56d h2d3\"><div class=\"t m0 x2f h30 yab9 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x97f y3364 w397 h2d3\"><div class=\"t m0 x14 h30 yab9 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x72d y3364 w156 h2d3\"><div class=\"t m0 x14 h30 yab9 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x980 y3364 w4f4 h2d3\"><div class=\"t m0 x130 h30 yab9 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x921 y3364 w57d h2d3\"><div class=\"t m0 x8e h30 yab9 ff4 fsb fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x74f y3364 w57e h2d3\"><div class=\"t m0 x2e h30 yab9 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x4fd y3364 wb6 h2d3\"><div class=\"t m0 x13 h30 yab9 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x981 y3364 w505 h2d3\"><div class=\"t m0 xe h30 yab9 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x370 y3365 wf95 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">concessioni<span class=\"_ _df\"> </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=\"c x46b y3366 w57c hc8\"><div class=\"t m0 xa3 h30 y74a ff4 fsb fc1 sc2 ls0 ws0\">Totale<span class=\"_ _1\"></span> (A)<span class=\"sc0\"> </span></div></td><td class=\"c x5c7 y3366 w15f hc8\"><div class=\"t m0 xab h30 y74a ff4 fsb fc1 sc2 ls0 ws0\">4.575.4<span class=\"_ _1\"></span>96<span class=\"sc0\"> </span></div></td><td class=\"c x468 y3366 w136 hc8\"><div class=\"t m0 xab h30 y74a ff4 fsb fc1 sc2 ls0 ws0\">4.520.818<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x5e1 y3366 w1aa hc8\"><div class=\"t m0 xab h30 y74a ff4 fsb fc1 sc2 ls0 ws0\">52.638<span class=\"sc0\"> </span></div></td><td class=\"c x4c6 y3366 w26f hc8\"><div class=\"t m0 x2f h30 y74a ff4 fsb fc1 sc2 ls0 ws0\">-</div></td><td class=\"c x97e y3366 w56d hc8\"><div class=\"t m0 x2f h30 y74a ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x97f y3366 w397 hc8\"><div class=\"t m0 x2f h30 y74a ff4 fsb fc1 sc2 ls0 ws0\">757<span class=\"sc0\"> </span></div></td><td class=\"c x72d y3366 w156 hc8\"><div class=\"t m0 x16a h30 y74a ff4 fsb fc1 sc2 ls0 ws0\">631<span class=\"sc0\"> </span></div></td><td class=\"c x980 y3366 w4f4 hc8\"><div class=\"t m0 x2f h30 y74a ff4 fsb fc1 sc2 ls0 ws0\">124<span class=\"sc0\"> </span></div></td><td class=\"c x921 y3366 w57d hc8\"><div class=\"t m0 x2e h30 y74a ff4 fsb fc1 sc2 ls0 ws0\">-</div></td><td class=\"c x74f y3366 w57e hc8\"><div class=\"t m0 x2e h30 y74a ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x4fd y3366 wb6 hc8\"><div class=\"t m0 x116 h30 y74a ff4 fsb fc1 sc2 ls0 ws0\">4.574.73<span class=\"_ _f\"></span>9<span class=\"_ _df\"> </span></div></td><td class=\"c x981 y3366 w505 hc8\"><div class=\"t m0 xe h30 y74a ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x262 y3367 wf9c h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc2 ls0 ws0\">B. Espo<span class=\"_ _1\"></span>sizioni cre<span class=\"_ _1\"></span>ditizie<span class=\"_ _df\"> </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=\"c x262 y3368 wf9d h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc2 ls0 ws0\">fuori bila<span class=\"_ _1\"></span>ncio<span class=\"_ _df\"> </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=\"c x46b y3369 w57c hc8\"><div class=\"t m0 x2f h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">a) Deteriorate<span class=\"_ _df\"> </span></div></td><td class=\"c x5c7 y3369 w15f hc8\"><div class=\"t m0 x31 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">-</div></td><td class=\"c x468 y3369 w136 hc8\"><div class=\"t m0 x14 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">X<span class=\"_ _df\"> </span></div></td><td class=\"c x5e1 y3369 w1aa hc8\"><div class=\"t m0 x35 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">-</div></td><td class=\"c x4c6 y3369 w26f hc8\"><div class=\"t m0 x2f h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x97e y3369 w56d hc8\"><div class=\"t m0 x2f h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">-</div></td><td class=\"c x97f y3369 w397 hc8\"><div class=\"t m0 x14 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x72d y3369 w156 hc8\"><div class=\"t m0 x16a h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x980 y3369 w4f4 hc8\"><div class=\"t m0 x130 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x921 y3369 w57d hc8\"><div class=\"t m0 x2e h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x74f y3369 w57e hc8\"><div class=\"t m0 x2e h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x4fd y3369 wb6 hc8\"><div class=\"t m0 x13 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x981 y3369 w505 hc8\"><div class=\"t m0 xe h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y336a w57c hc8\"><div class=\"t m0 x2f h30 y3e4 ff4 fsb fc1 sc0 ls0 ws0\">b) Non deteriorate<span class=\"_ _df\"> </span></div></td><td class=\"c x5c7 y336a w15f hc8\"><div class=\"t m0 x16a h30 y3e4 ff4 fsb fc1 sc0 ls0 ws0\">209.238 </div></td><td class=\"c x468 y336a w136 hc8\"><div class=\"t m0 x55 h30 y3e4 ff4 fsb fc1 sc0 ls0 ws0\">14.674 </div></td><td class=\"c x5e1 y336a w1aa hc8\"><div class=\"t m0 x8e h30 y3e4 ff4 fsb fc1 sc0 ls0 ws0\">5.946 </div></td><td class=\"c x4c6 y336a w26f hc8\"><div class=\"t m0 xab h30 y3e4 ff4 fsb fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x97e y336a w56d hc8\"><div class=\"t m0 x2f h30 y3e4 ff4 fsb fc1 sc0 ls0 ws0\">-</div></td><td class=\"c x97f y336a w397 hc8\"><div class=\"t m0 x130 h30 y3e4 ff4 fsb fc1 sc0 ls0 ws0\">6 </div></td><td class=\"c x72d y336a w156 hc8\"><div class=\"t m0 x39 h30 y3e4 ff4 fsb fc1 sc0 ls0 ws0\">4 </div></td><td class=\"c x980 y336a w4f4 hc8\"><div class=\"t m0 x55 h30 y3e4 ff4 fsb fc1 sc0 ls0 ws0\">3 </div></td><td class=\"c x921 y336a w57d hc8\"><div class=\"t m0 x8e h30 y3e4 ff4 fsb fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x74f y336a w57e hc8\"><div class=\"t m0 x2e h30 y3e4 ff4 fsb fc1 sc0 ls0 ws0\">-</div></td><td class=\"c x4fd y336a wb6 hc8\"><div class=\"t m0 x130 h30 y3e4 ff4 fsb fc1 sc0 ls0 ws0\">209.232<span class=\"_ _df\"> </span></div></td><td class=\"c x981 y336a w505 hc8\"><div class=\"t m0 xe h30 y3e4 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y336b w57c hc8\"><div class=\"t m0 xa3 h30 y74a ff4 fsb fc1 sc2 ls0 ws0\">Totale<span class=\"_ _1\"></span> (B)<span class=\"sc0\"> </span></div></td><td class=\"c x5c7 y336b w15f hc8\"><div class=\"t m0 x16a h30 y74a ff4 fsb fc1 sc2 ls0 ws0\">209.23<span class=\"_ _1\"></span>8<span class=\"sc0\"> </span></div></td><td class=\"c x468 y336b w136 hc8\"><div class=\"t m0 x130 h30 y74a ff4 fsb fc1 sc2 ls0 ws0\">14.674<span class=\"sc0\"> </span></div></td><td class=\"c x5e1 y336b w1aa hc8\"><div class=\"t m0 x8e h30 y74a ff4 fsb fc1 sc2 ls0 ws0\">5.946<span class=\"sc0\"> </span></div></td><td class=\"c x4c6 y336b w26f hc8\"><div class=\"t m0 x2f h30 y74a ff4 fsb fc1 sc2 ls0 ws0\">-</div></td><td class=\"c x97e y336b w56d hc8\"><div class=\"t m0 x2f h30 y74a ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x97f y336b w397 hc8\"><div class=\"t m0 x130 h30 y74a ff4 fsb fc1 sc2 ls0 ws0\">6<span class=\"sc0\"> </span></div></td><td class=\"c x72d y336b w156 hc8\"><div class=\"t m0 x39 h30 y74a ff4 fsb fc1 sc2 ls0 ws0\">4<span class=\"sc0\"> </span></div></td><td class=\"c x980 y336b w4f4 hc8\"><div class=\"t m0 x55 h30 y74a ff4 fsb fc1 sc2 ls0 ws0\">3<span class=\"sc0\"> </span></div></td><td class=\"c x921 y336b w57d hc8\"><div class=\"t m0 x2e h30 y74a ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x74f y336b w57e hc8\"><div class=\"t m0 x2e h30 y74a ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x4fd y336b wb6 hc8\"><div class=\"t m0 x130 h30 y74a ff4 fsb fc1 sc2 ls0 ws0\">209.232<span class=\"sc0\"> </span></div></td><td class=\"c x981 y336b w505 hc8\"><div class=\"t m0 xe h30 y74a ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x46b y336c w57c hc8\"><div class=\"t m0 x12 h30 y3e4 ff4 fsb fc1 sc2 ls0 ws0\">Totale<span class=\"_ _1\"></span> (A+B)<span class=\"sc0\"> </span></div></td><td class=\"c x5c7 y336c w15f hc8\"><div class=\"t m0 xab h30 y3e4 ff4 fsb fc1 sc2 ls0 ws0\">4.784.73<span class=\"_ _1\"></span>4<span class=\"sc0\"> </span></div></td><td class=\"c x468 y336c w136 hc8\"><div class=\"t m0 xab h30 y3e4 ff4 fsb fc1 sc2 ls0 ws0\">4.535.492<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x5e1 y336c w1aa hc8\"><div class=\"t m0 x8a h30 y3e4 ff4 fsb fc1 sc2 ls0 ws0\">58.584<span class=\"sc0\"> </span></div></td><td class=\"c x4c6 y336c w26f hc8\"><div class=\"t m0 x2f h30 y3e4 ff4 fsb fc1 sc2 ls0 ws0\">-</div></td><td class=\"c x97e y336c w56d hc8\"><div class=\"t m0 x2f h30 y3e4 ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x97f y336c w397 hc8\"><div class=\"t m0 x2f h30 y3e4 ff4 fsb fc1 sc2 ls0 ws0\">763<span class=\"sc0\"> </span></div></td><td class=\"c x72d y336c w156 hc8\"><div class=\"t m0 x2f h30 y3e4 ff4 fsb fc1 sc2 ls0 ws0\">635<span class=\"sc0\"> </span></div></td><td class=\"c x980 y336c w4f4 hc8\"><div class=\"t m0 x2f h30 y3e4 ff4 fsb fc1 sc2 ls0 ws0\">127<span class=\"sc0\"> </span></div></td><td class=\"c x921 y336c w57d hc8\"><div class=\"t m0 x2e h30 y3e4 ff4 fsb fc1 sc2 ls0 ws0\">-</div></td><td class=\"c x74f y336c w57e hc8\"><div class=\"t m0 x2e h30 y3e4 ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x4fd y336c wb6 hc8\"><div class=\"t m0 x2a h30 y3e4 ff4 fsb fc1 sc2 ls0 ws0\">4.783.971<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x981 y336c w505 hc8\"><div class=\"t m0 xe h30 y3e4 ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td></tr></table></div><div class=\"c w154 h1e1 gs1126\"><div class=\"t m4 x32 hd6 y308 ff4 fs1b fc4 sc3 ls0 ws0\">Primo stadio<span class=\"fc1 sc2\"> </span></div></div><div class=\"c w579 h1e1 gs1127\"><div class=\"t m4 x39 hd6 y5b ff4 fs1b fc4 sc3 ls0 ws0\">Secondo stadio<span class=\"fc1 sc2\"> </span></div></div><div class=\"c w565 h1e1 gs1128\"><div class=\"t m4 x16a hd6 y66a ff4 fs1b fc4 sc3 ls0 ws0\">Terzo stadio<span class=\"fc1 sc2\"> </span></div></div><div class=\"c w565 h1e1 gs1129\"><div class=\"t m4 x2f hd6 y1a0e ff4 fs1b fc4 sc3 ls0 ws0\">Impaired acquisite </div><div class=\"t m4 x39 hd6 y1116 ff4 fs1b fc4 sc3 ls0 ws0\">o originate<span class=\"fc1 sc2\"> </span></div></div><div class=\"c w56a h1e1 gs112a\"><div class=\"t m4 x55 hd6 y308 ff4 fs1b fc4 sc3 ls0 ws0\">Primo stadio<span class=\"fc1 sc2\"> </span></div></div><div class=\"c w57a h1e1 gs112b\"><div class=\"t m4 x2e hd6 y5b ff4 fs1b fc4 sc3 ls0 ws0\">Secondo stadio<span class=\"fc1 sc2\"> </span></div></div><div class=\"c w57b h1e1 gs112c\"><div class=\"t m4 x2a hd6 y66a ff4 fs1b fc4 sc3 ls0 ws0\">Terzo stadio<span class=\"fc1 sc2\"> </span></div></div><div class=\"c w57b h1e1 gs112d\"><div class=\"t m4 x2f hd6 y1a0e ff4 fs1b fc4 sc3 ls0 ws0\">Impaired acquisite </div><div class=\"t m4 x39 hd6 y1116 ff4 fs1b fc4 sc3 ls0 ws0\">o originate<span class=\"fc1 sc2\"> </span></div></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs112e\">Come <span class=\"_ _0\"></span> <span class=\"_ _11\"></span>da <span class=\"_ _0\"></span> <span class=\"_ _11\"></span><span class=\"ls1a\">in<span class=\"ls0\">d</span>ic<span class=\"ls0\">azioni <span class=\"_ _0\"></span> <span class=\"_ _f\"></span>della <span class=\"_ _d\"></span> <span class=\"_ _11\"></span>circolare <span class=\"_ _0\"></span> <span class=\"_ _11\"></span>di <span class=\"_ _0\"></span> <span class=\"_ _11\"></span>Banca <span class=\"_ _0\"></span> <span class=\"_ _11\"></span><span class=\"ff5\">d\u2019Italia <span class=\"_ _0\"></span><span class=\"ff4\"> <span class=\"_ _11\"></span>262 <span class=\"_ _0\"> </span> <span class=\"_ _f\"></span>del <span class=\"_ _d\"></span> <span class=\"_ _f\"></span><span class=\"ls4\">22 <span class=\"_ _0\"></span><span class=\"ls0\"> <span class=\"_ _11\"></span>dicembre <span class=\"_ _0\"></span> <span class=\"_ _11\"></span>2005, <span class=\"_ _0\"></span>e <span class=\"_ _d\"></span>s<span class=\"_ _2\"></span>uccessivi </span></span></span></span></span></span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs112f\">aggiornamenti, <span class=\"_ _d\"></span><span class=\"lsfe\">le</span> <span class=\"_ _d\"></span>esposizioni <span class=\"_ _d\"></span> <span class=\"_ _13\"></span>c<span class=\"_ _d\"></span>r<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>d<span class=\"_ _d\"></span>i<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>i<span class=\"_ _d\"></span>z<span class=\"_ _2\"></span>i<span class=\"_ _d\"></span>e<span class=\"_ _2\"></span> <span class=\"_ _11\"></span>per <span class=\"_ _d\"></span> <span class=\"_ _13\"></span>cassa <span class=\"_ _d\"></span>compre<span class=\"ls13\">nd</span>o<span class=\"lsff\">no</span> <span class=\"_ _16\"> </span>tutte <span class=\"_ _9\"> </span><span class=\"ls1a\">le</span>  a<span class=\"_ _f\"></span>t<span class=\"_ _2\"></span>tivit\u00e0 <span class=\"_ _9\"> </span>finanziarie <span class=\"_ _9\"> </span><span class=\"ls39\">per</span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1130\">ca<span class=\"ls2\">ssa</span> <span class=\"_ _2\"></span>vantate <span class=\"_ _d\"></span>verso <span class=\"_ _d\"></span>b<span class=\"_ _2\"></span>a<span class=\"_ _d\"></span>n<span class=\"_ _d\"></span>c<span class=\"_ _2\"></span>h<span class=\"_ _d\"></span>e<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>o<span class=\"_ _d\"></span> <span class=\"_ _2\"></span>clientela <span class=\"_ _d\"></span>q<span class=\"ls18\">ua</span>lunque <span class=\"_ _d\"></span>sia <span class=\"_ _d\"></span><span class=\"ls1a\">il</span> <span class=\"_ _d\"></span>loro <span class=\"_ _2\"></span>portafo<span class=\"ls1a\">gl</span>io di <span class=\"_ _2\"></span>alloca<span class=\"lsc3\">zi</span>o<span class=\"ls13\">ne</span> <span class=\"_ _d\"></span>contabile </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1131\">(valutate <span class=\"_ _9\"> </span>al <span class=\"_ _9\"> </span>fair <span class=\"_ _16\"> </span>value <span class=\"_ _0\"></span>con <span class=\"_ _16\"> </span>impatto <span class=\"_ _0\"></span>a <span class=\"_ _16\"> </span>conto <span class=\"_ _9\"> </span>economico,  valutate <span class=\"_ _9\"> </span>al <span class=\"_ _9\"> </span>fair <span class=\"_ _16\"> </span>value<span class=\"_ _1\"></span> <span class=\"_ _9\"> </span>con <span class=\"_ _9\"> </span>impatto<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>sulla </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1132\">redditivit\u00e0 <span class=\"_ _14\"> </span>complessiva, <span class=\"_ _15\"> </span>valutate <span class=\"_ _15\"> </span>al <span class=\"_ _14\"> </span>costo <span class=\"_ _15\"> </span>ammortizzato, <span class=\"_ _15\"> </span>attivi<span class=\"_ _1\"></span>t\u00e0 <span class=\"_ _15\"> </span>in <span class=\"_ _15\"> </span>via <span class=\"_ _14\"> </span>di <span class=\"_ _15\"> </span>dismissione), <span class=\"_ _14\"> </span>ad </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1133\">eccezione <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>ei <span class=\"_ _d\"></span>titoli <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>capitale <span class=\"_ _d\"></span>e <span class=\"_ _d\"></span>delle <span class=\"_ _d\"></span>quote <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>O.I.C.R.;<span class=\"_ _2\"></span> <span class=\"_ _16\"> </span><span class=\"ls1a\">le</span> <span class=\"_ _9\"> </span><span class=\"lse\">es</span>posizio<span class=\"ls13\">ni</span> <span class=\"_ _16\"> </span>c<span class=\"_ _2\"></span>r<span class=\"_ _d\"></span>e<span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>i<span class=\"_ _d\"></span>t<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>z<span class=\"_ _d\"></span>i<span class=\"_ _2\"></span>e<span class=\"_ _d\"></span> <span class=\"_ _9\"> </span><span class=\"ff5 ls4c\">\u201cf</span><span class=\"ls18\">uo<span class=\"_ _2\"></span></span>ri <span class=\"_ _d\"></span>bilanc<span class=\"ff5\">io\u201d</span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1134\">includono <span class=\"_ _22\"> </span>t<span class=\"_ _2\"></span>utte <span class=\"_ _22\"> </span>le <span class=\"_ _4\"> </span><span class=\"ls1\">op</span>era<span class=\"lsc3\">zi</span>o<span class=\"ls13\">ni</span>  finanziarie <span class=\"_ _22\"> </span>diverse <span class=\"_ _4\"> </span><span class=\"ls39\">da</span> <span class=\"_ _4\"> </span><span class=\"ls39\">qu</span>e<span class=\"ls1a\">lle</span> <span class=\"_ _4\"> </span>per <span class=\"_ _4\"> </span>cassa  <span class=\"ls39\">(g</span>a<span class=\"ls4a\">ra</span>nzie  f<span class=\"_ _9\"> </span>i<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>a<span class=\"_ _9\"> </span>n<span class=\"_ _0\"></span>z<span class=\"_ _0\"></span>i<span class=\"_ _9\"> </span>a<span class=\"_ _0\"></span>r<span class=\"_ _9\"> </span>i<span class=\"_ _0\"></span>e<span class=\"_ _9\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1135\">rilasciate, <span class=\"_ _16\"> </span>impegni <span class=\"_ _9\"> </span>revocabili  e <span class=\"_ _16\"> </span>irrevocabili, <span class=\"_ _9\"> </span>derivati,  ecc.) <span class=\"_ _9\"> </span>  che  <span class=\"ff5\">comportano  l\u2019assunzi<span class=\"_ _1\"></span>one <span class=\"_ _16\"> </span>di <span class=\"_ _9\"> </span>u<span class=\"_ _2\"></span>n </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1136\">rischio creditizio, qualunque<span class=\"_ _1\"></span> sia la finalit\u00e0 di ta<span class=\"_ _2\"></span>li operazioni (negoziazione, copertura, ecc.).  </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1137\">Le esposizi<span class=\"_ _1\"></span>oni creditizie <span class=\"_ _1\"></span>deteriorate (per cassa<span class=\"_ _1\"></span> e fu<span class=\"_ _1\"></span>ori bilancio)<span class=\"_ _1\"></span> non inclu<span class=\"_ _1\"></span>dono le <span class=\"_ _1\"></span>attivit\u00e0 finanziarie </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1138\">detenute <span class=\"_ _0\"></span>per <span class=\"_ _9\"> </span>la <span class=\"_ _9\"> </span>negoziazione <span class=\"_ _9\"> </span>e <span class=\"_ _9\"> </span>i <span class=\"_ _9\"> </span>derivati <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>copertura, <span class=\"_ _9\"> </span>che <span class=\"_ _0\"> </span>s<span class=\"_ _2\"></span>ono <span class=\"_ _0\"></span>pertanto<span class=\"_ _2\"></span>, <span class=\"_ _0\"></span>convenzionalmente, </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1139\">rilevati tra le esposizioni creditizie non deteriorate. </div>A.1.5<span class=\"_ _1\"></span> Conso<span class=\"_ _f\"></span>lidato p<span class=\"_ _1\"></span>ruden<span class=\"_ _f\"></span>ziale - E<span class=\"_ _1\"></span>spos<span class=\"_ _1\"></span>izioni <span class=\"_ _1\"></span>credit<span class=\"_ _1\"></span>izie p<span class=\"_ _f\"></span>er cass<span class=\"_ _1\"></span>a e f<span class=\"_ _1\"></span>uori <span class=\"_ _f\"></span>bilancio ver<span class=\"_ _1\"></span>so cl<span class=\"_ _1\"></span>ient<span class=\"_ _1\"></span>ela: <span class=\"_ _f\"></span>valori lor<span class=\"_ _1\"></span>di e <span class=\"_ _1\"></span>netti<span class=\"_ _df\"> </span><table class=\"s wf9e h572\" id=\"_599a7115-d8e3-4c30-a8df-6a85f832873a\"><tr><td></td><td></td><td class=\"c x982 y336d w580 hc4\"><div class=\"t m0 x11d h200 y66a ff4 fs22 fc4 sc3 ls0 ws0\">Esposizio<span class=\"_ _1\"></span>ne lor<span class=\"_ _1\"></span>da </div></td><td></td><td></td><td></td><td></td><td></td><td class=\"c x983 y336e wf9f h48d\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc4 sc3 ls0 ws0\">Rettifiche<span class=\"_ _f\"></span> di valore com<span class=\"_ _f\"></span>plessive e<span class=\"_ _df\"> </span></div></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=\"c x984 y336f wfa0 h48d\" colspan=\"2\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc4 sc3 ls0 ws0\">accan<span class=\"_ _1\"></span>tonament<span class=\"_ _1\"></span>i comple<span class=\"_ _1\"></span>ssivi<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x985 y3370 wc73 h48d\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc4 sc3 ls0 ws0\">Tipolog<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span>e<span class=\"_ _df\"> </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 class=\"c x986 y3370 wfa1 h48d\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc4 sc3 ls0 ws0\">Esposizio<span class=\"_ _1\"></span>ne</div></td><td class=\"c x987 y3371 w90c h48d\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc4 sc3 ls0 ws0\">Write-of<span class=\"_ _1\"></span>f<span class=\"_ _df\"> </span></div></td></tr><tr><td class=\"c x2d6 y3372 wfa2 h48d\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc4 sc3 ls0 ws0\">esposizio<span class=\"_ _1\"></span>ni/valor<span class=\"_ _1\"></span>i<span class=\"_ _df\"> </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 class=\"c x988 y3372 wfa3 h48d\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc4 sc3 ls0 ws0\">Netta</div></td><td class=\"c x989 y3373 w93b h48d\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc4 sc3 ls0 ws0\">parziali<span class=\"_ _df\"> </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></td><td></td><td></td><td class=\"c x98a y3374 wfa4 h48d\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc4 sc3 ls0 ws0\">comple<span class=\"_ _1\"></span>ssivi*<span class=\"_ _df\"> </span></div></td></tr><tr><td class=\"c x262 y3375 wfa5 h48d\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc1 sc2 ls0 ws0\">A. Espos<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span>zion<span class=\"_ _1\"></span>i creditiz<span class=\"_ _1\"></span>ie<span class=\"_ _df\"> </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></tr><tr><td class=\"c x262 y3376 w9bd h48d\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc1 sc2 ls0 ws0\">per cas<span class=\"_ _1\"></span>sa<span class=\"_ _df\"> </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></tr><tr><td class=\"c x44e y3377 wda hc8\"><div class=\"t m0 x8e h200 y80 ff4 fs22 fc1 sc0 ls0 ws0\">a) Sofferenze<span class=\"_ _df\"> </span></div></td><td class=\"c x982 y3377 w34d hc8\"><div class=\"t m0 x55 h200 y80 ff4 fs22 fc1 sc0 ls0 ws0\">231.169 </div></td><td class=\"c x98b y3377 w2ce hc8\"><div class=\"t m0 x39 h200 y80 ff4 fs22 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x590 y3377 w155 hc8\"><div class=\"t m0 x26 h200 y80 ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x98c y3377 w24a hc8\"><div class=\"t m0 x10 h200 y80 ff4 fs22 fc1 sc0 ls0 ws0\">228.423 </div></td><td class=\"c x8b7 y3377 w4f9 hc8\"><div class=\"t m0 x8a h200 y80 ff4 fs22 fc1 sc0 ls0 ws0\">2.746</div></td><td class=\"c x4e6 y3377 w584 hc8\"><div class=\"t m0 x8a h200 y80 ff4 fs22 fc1 sc0 ls0 ws0\">193.795 </div></td><td class=\"c x98d y3377 w568 hc8\"><div class=\"t m0 x16a h200 y80 ff4 fs22 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x98e y3377 w156 hc8\"><div class=\"t m0 x33 h200 y80 ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x98f y3377 w585 hc8\"><div class=\"t m0 x10 h200 y80 ff4 fs22 fc1 sc0 ls0 ws0\">192.653 </div></td><td></td><td class=\"c x598 y3377 w586 hc8\"><div class=\"t m0 xab h200 y80 ff4 fs22 fc1 sc0 ls0 ws0\">1.143 </div></td><td class=\"c x990 y3377 w587 hc8\"><div class=\"t m0 x14 h200 y80 ff4 fs22 fc1 sc0 ls0 ws0\">37.374 </div></td><td class=\"c x991 y3377 w17b hc8\"><div class=\"t m0 x48 h200 y80 ff4 fs22 fc1 sc0 ls0 ws0\">20.507 </div></td></tr><tr><td class=\"c x992 y3378 wfa6 h48e\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc1 sc0 ls0 ws0\">- di cui: esposizioni<span class=\"_ _df\"> </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></tr><tr><td class=\"c x992 y3379 wc18 h48e\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc1 sc0 ls0 ws0\">oggetto di<span class=\"_ _df\"> </span></div></td><td class=\"c x982 y337a w34d h1d6\"><div class=\"t m0 x55 h200 ybf4 ff4 fs22 fc1 sc0 ls0 ws0\">55.344 </div></td><td class=\"c x98b y337a w2ce h1d6\"><div class=\"t m0 x39 h200 ybf4 ff4 fs22 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x590 y337a w155 h1d6\"><div class=\"t m0 x26 h200 ybf4 ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x98c y337a w24a h1d6\"><div class=\"t m0 xac h200 ybf4 ff4 fs22 fc1 sc0 ls0 ws0\">54.294 </div></td><td class=\"c x8b7 y337a w4f9 h1d6\"><div class=\"t m0 xab h200 ybf4 ff4 fs22 fc1 sc0 ls0 ws0\">1.051 </div></td><td class=\"c x4e6 y337a w584 h1d6\"><div class=\"t m0 xab h200 ybf4 ff4 fs22 fc1 sc0 ls0 ws0\">45.487 </div></td><td class=\"c x98d y337a w568 h1d6\"><div class=\"t m0 x16a h200 ybf4 ff4 fs22 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x98e y337a w156 h1d6\"><div class=\"t m0 x33 h200 ybf4 ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x98f y337a w585 h1d6\"><div class=\"t m0 xac h200 ybf4 ff4 fs22 fc1 sc0 ls0 ws0\">44.821<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x598 y337a w586 h1d6\"><div class=\"t m0 x8e h200 ybf4 ff4 fs22 fc1 sc0 ls62 ws0\">667<span class=\"ls0\"> </span></div></td><td class=\"c x990 y337a w587 h1d6\"><div class=\"t m0 x32 h200 ybf4 ff4 fs22 fc1 sc0 ls0 ws0\">9.857 </div></td><td class=\"c x991 y337a w17b h1d6\"><div class=\"t m0 x2c h200 ybf4 ff4 fs22 fc1 sc0 ls0 ws0\">2.557 </div></td></tr><tr><td class=\"c x992 y337b waa2 h48e\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc1 sc0 ls0 ws0\">concessioni<span class=\"_ _df\"> </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></tr><tr><td class=\"c x58f y337c wfa7 h48e\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc1 sc0 ls0 ws0\">b) Inadempienze<span class=\"_ _df\"> </span></div></td><td class=\"c x982 y337d w34d hf\"><div class=\"t m0 x116 h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">336.600 </div></td><td class=\"c x98b y337d w2ce hf\"><div class=\"t m0 x39 h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x590 y337d w155 hf\"><div class=\"t m0 x26 h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x98c y337d w24a hf\"><div class=\"t m0 x8a h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">331.022 </div></td><td class=\"c x8b7 y337d w4f9 hf\"><div class=\"t m0 x8a h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">5.579</div></td><td class=\"c x4e6 y337d w584 hf\"><div class=\"t m0 x8a h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">150.314 </div></td><td class=\"c x98d y337d w568 hf\"><div class=\"t m0 x16a h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x98e y337d w156 hf\"><div class=\"t m0 x33 h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x98f y337d w585 hf\"><div class=\"t m0 x10 h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">149.597<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x598 y337d w586 hf\"><div class=\"t m0 x2f h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">717 </div></td><td class=\"c x990 y337d w587 hf\"><div class=\"t m0 x55 h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">186.286 </div></td><td class=\"c x991 y337d w17b hf\"><div class=\"t m0 x31 h200 y153d ff4 fs22 fc1 sc0 ls79 ws0\">32<span class=\"ls0\"> </span></div></td></tr><tr><td class=\"c x58f y337e wfa8 h48e\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc1 sc0 ls0 ws0\">probabili<span class=\"_ _df\"> </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></tr><tr><td class=\"c x992 y337f wfa6 h48e\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc1 sc0 ls0 ws0\">- di cui: esposizioni<span class=\"_ _df\"> </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></tr><tr><td class=\"c x992 y3380 wc18 h48e\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc1 sc0 ls0 ws0\">oggetto di<span class=\"_ _df\"> </span></div></td><td class=\"c x982 y3381 w34d h266\"><div class=\"t m0 x2a h200 y655 ff4 fs22 fc1 sc0 ls0 ws0\">124.689 </div></td><td class=\"c x98b y3381 w2ce h266\"><div class=\"t m0 x39 h200 y655 ff4 fs22 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x590 y3381 w155 h266\"><div class=\"t m0 x26 h200 y655 ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x98c y3381 w24a h266\"><div class=\"t m0 xac h200 y655 ff4 fs22 fc1 sc0 ls0 ws0\">119.261 </div></td><td class=\"c x8b7 y3381 w4f9 h266\"><div class=\"t m0 x10 h200 y655 ff4 fs22 fc1 sc0 ls0 ws0\">5.428</div></td><td class=\"c x4e6 y3381 w584 h266\"><div class=\"t m0 xab h200 y655 ff4 fs22 fc1 sc0 ls0 ws0\">50.888 </div></td><td class=\"c x98d y3381 w568 h266\"><div class=\"t m0 x16a h200 y655 ff4 fs22 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x98e y3381 w156 h266\"><div class=\"t m0 x33 h200 y655 ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x98f y3381 w585 h266\"><div class=\"t m0 xab h200 y655 ff4 fs22 fc1 sc0 ls0 ws0\">50.243<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x598 y3381 w586 h266\"><div class=\"t m0 x8e h200 y655 ff4 fs22 fc1 sc0 ls0 ws0\">645 </div></td><td class=\"c x990 y3381 w587 h266\"><div class=\"t m0 x48 h200 y655 ff4 fs22 fc1 sc0 ls0 ws0\">73.801 </div></td><td class=\"c x991 y3381 w17b h266\"><div class=\"t m0 x36 h200 y655 ff4 fs22 fc1 sc0 ls0 ws0\">4 </div></td></tr><tr><td class=\"c x992 y3382 waa2 h48e\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc1 sc0 ls0 ws0\">concessioni<span class=\"_ _df\"> </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></tr><tr><td class=\"c x58f y3383 wfa9 h48e\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc1 sc0 ls0 ws0\">c) Esposizioni<span class=\"_ _df\"> </span></div></td><td class=\"c x982 y3384 w34d h2a6\"><div class=\"t m0 x55 h200 y1a17 ff4 fs22 fc1 sc0 ls0 ws0\">46.955 </div></td><td class=\"c x98b y3384 w2ce h2a6\"><div class=\"t m0 x39 h200 y1a17 ff4 fs22 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x590 y3384 w155 h2a6\"><div class=\"t m0 x26 h200 y1a17 ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x98c y3384 w24a h2a6\"><div class=\"t m0 xac h200 y1a17 ff4 fs22 fc1 sc0 ls0 ws0\">46.955</div></td><td class=\"c x8b7 y3384 w4f9 h2a6\"><div class=\"t m0 x16a h200 y1a17 ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x4e6 y3384 w584 h2a6\"><div class=\"t m0 xac h200 y1a17 ff4 fs22 fc1 sc0 ls0 ws0\">19.607</div></td><td class=\"c x98d y3384 w568 h2a6\"><div class=\"t m0 x16a h200 y1a17 ff4 fs22 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x98e y3384 w156 h2a6\"><div class=\"t m0 x33 h200 y1a17 ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x98f y3384 w585 h2a6\"><div class=\"t m0 xac h200 y1a17 ff4 fs22 fc1 sc0 ls0 ws0\">19.607<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x598 y3384 w586 h2a6\"><div class=\"t m0 x130 h200 y1a17 ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x990 y3384 w587 h2a6\"><div class=\"t m0 x14 h200 y1a17 ff4 fs22 fc1 sc0 ls0 ws0\">27.348 </div></td><td class=\"c x991 y3384 w17b h2a6\"><div class=\"t m0 x97 h200 y1a17 ff4 fs22 fc1 sc0 ls0 ws0\">120 </div></td></tr><tr><td class=\"c x58f y3385 wfaa h48e\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc1 sc0 ls0 ws0\">scadute deteriorate<span class=\"_ _df\"> </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></tr><tr><td class=\"c x992 y3386 wfa6 h48e\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc1 sc0 ls0 ws0\">- di cui: esposizioni<span class=\"_ _df\"> </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></tr><tr><td class=\"c x992 y3387 wc18 h48e\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc1 sc0 ls0 ws0\">oggetto di<span class=\"_ _df\"> </span></div></td><td class=\"c x982 y3388 w34d h266\"><div class=\"t m0 x2c h200 y655 ff4 fs22 fc1 sc0 ls0 ws0\">299 </div></td><td class=\"c x98b y3388 w2ce h266\"><div class=\"t m0 x39 h200 y655 ff4 fs22 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x590 y3388 w155 h266\"><div class=\"t m0 x26 h200 y655 ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x98c y3388 w24a h266\"><div class=\"t m0 x55 h200 y655 ff4 fs22 fc1 sc0 ls0 ws0\">299</div></td><td class=\"c x8b7 y3388 w4f9 h266\"><div class=\"t m0 x16a h200 y655 ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x4e6 y3388 w584 h266\"><div class=\"t m0 x130 h200 y655 ff4 fs22 fc1 sc0 ls0 ws0\">106</div></td><td class=\"c x98d y3388 w568 h266\"><div class=\"t m0 x16a h200 y655 ff4 fs22 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x98e y3388 w156 h266\"><div class=\"t m0 x33 h200 y655 ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x98f y3388 w585 h266\"><div class=\"t m0 x55 h200 y655 ff4 fs22 fc1 sc0 ls0 ws0\">106<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x598 y3388 w586 h266\"><div class=\"t m0 x130 h200 y655 ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x990 y3388 w587 h266\"><div class=\"t m0 x34 h200 y655 ff4 fs22 fc1 sc0 ls9e ws0\">193<span class=\"_ _df\"> </span></div></td><td class=\"c x991 y3388 w17b h266\"><div class=\"t m0 x8f h200 y655 ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x992 y3389 waa2 h48e\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc1 sc0 ls0 ws0\">concessioni<span class=\"_ _df\"> </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></tr><tr><td class=\"c x58f y338a wfab h48e\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc1 sc0 ls0 ws0\">d) Esposizioni<span class=\"_ _df\"> </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></tr><tr><td class=\"c x58f y338b wfac h48e\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc1 sc0 ls0 ws0\">scadute non<span class=\"_ _df\"> </span></div></td><td class=\"c x982 y338c w34d h16\"><div class=\"t m0 x2a h200 y409 ff4 fs22 fc1 sc0 ls0 ws0\">287.705 </div></td><td class=\"c x98b y338c w2ce h16\"><div class=\"t m0 x8e h200 y409 ff4 fs22 fc1 sc0 ls0 ws0\">169.214 </div></td><td class=\"c x590 y338c w155 h16\"><div class=\"t m0 xac h200 y409 ff4 fs22 fc1 sc0 ls0 ws0\">118.152 </div></td><td class=\"c x98c y338c w24a h16\"><div class=\"t m0 x2a h200 y409 ff4 fs22 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x8b7 y338c w4f9 h16\"><div class=\"t m0 x16a h200 y409 ff4 fs22 fc1 sc0 ls0 ws0\">258 </div></td><td class=\"c x4e6 y338c w584 h16\"><div class=\"t m0 x2f h200 y409 ff4 fs22 fc1 sc0 ls0 ws0\">5.347 </div></td><td class=\"c x98d y338c w568 h16\"><div class=\"t m0 x116 h200 y409 ff4 fs22 fc1 sc0 lse3 ws0\">559<span class=\"ls0\"> </span></div></td><td class=\"c x98e y338c w156 h16\"><div class=\"t m0 xac h200 y409 ff4 fs22 fc1 sc0 ls0 ws0\">4.783 </div></td><td class=\"c x98f y338c w585 h16\"><div class=\"t m0 x2a h200 y409 ff4 fs22 fc1 sc0 ls0 ws0\">X </div></td><td></td><td class=\"c x598 y338c w586 h16\"><div class=\"t m0 x55 h200 y409 ff4 fs22 fc1 sc0 ls0 ws0\">4 </div></td><td class=\"c x990 y338c w587 h16\"><div class=\"t m0 x2e h200 y409 ff4 fs22 fc1 sc0 ls0 ws0\">282.358 </div></td><td class=\"c x991 y338c w17b h16\"><div class=\"t m0 x8f h200 y409 ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x58f y338d wa16 h48e\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc1 sc0 ls0 ws0\">deteriorate<span class=\"_ _df\"> </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></tr><tr><td class=\"c x992 y338e wfa6 h48e\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc1 sc0 ls0 ws0\">- di cui: esposizioni<span class=\"_ _df\"> </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></tr><tr><td class=\"c x992 y338f wc18 h48e\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc1 sc0 ls0 ws0\">oggetto di<span class=\"_ _df\"> </span></div></td><td class=\"c x982 y3390 w34d h266\"><div class=\"t m0 x48 h200 y655 ff4 fs22 fc1 sc0 ls0 ws0\">3.333 </div></td><td class=\"c x98b y3390 w2ce h266\"><div class=\"t m0 x39 h200 y655 ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x590 y3390 w155 h266\"><div class=\"t m0 x8e h200 y655 ff4 fs22 fc1 sc0 ls0 ws0\">3.286</div></td><td class=\"c x98c y3390 w24a h266\"><div class=\"t m0 x2a h200 y655 ff4 fs22 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x8b7 y3390 w4f9 h266\"><div class=\"t m0 x55 h200 y655 ff4 fs22 fc1 sc0 lsef ws0\">47<span class=\"ls0\"> </span></div></td><td class=\"c x4e6 y3390 w584 h266\"><div class=\"t m0 x130 h200 y655 ff4 fs22 fc1 sc0 ls0 ws0\">100 </div></td><td class=\"c x98d y3390 w568 h266\"><div class=\"t m0 x48 h200 y655 ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x98e y3390 w156 h266\"><div class=\"t m0 x55 h200 y655 ff4 fs22 fc1 sc0 ls62 ws0\">99<span class=\"ls0\"> </span></div></td><td class=\"c x98f y3390 w585 h266\"><div class=\"t m0 x2a h200 y655 ff4 fs22 fc1 sc0 ls0 ws0\">X </div></td><td></td><td class=\"c x598 y3390 w586 h266\"><div class=\"t m0 x130 h200 y655 ff4 fs22 fc1 sc0 ls0 ws0\">1 </div></td><td class=\"c x990 y3390 w587 h266\"><div class=\"t m0 x32 h200 y655 ff4 fs22 fc1 sc0 ls79 ws0\">3.<span class=\"ls0\">233</span><span class=\"ls0\"> </span></div></td><td class=\"c x991 y3390 w17b h266\"><div class=\"t m0 x8f h200 y655 ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x992 y3391 waa2 h48e\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc1 sc0 ls0 ws0\">concessioni<span class=\"_ _df\"> </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></tr><tr><td class=\"c x58f y3392 wfad h48e\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc1 sc0 ls0 ws0\">e) Altre esposizioni<span class=\"_ _df\"> </span></div></td><td class=\"c x982 y3393 w34d hf\"><div class=\"t m0 x10 h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">48.921.804 </div></td><td class=\"c x98b y3393 w2ce hf\"><div class=\"t m0 x10 h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">46.337.819 </div></td><td class=\"c x590 y3393 w155 hf\"><div class=\"t m0 x10 h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">2.550.160 </div></td><td class=\"c x98c y3393 w24a hf\"><div class=\"t m0 x2a h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x8b7 y3393 w4f9 hf\"><div class=\"t m0 xab h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">6.238 </div></td><td class=\"c x4e6 y3393 w584 hf\"><div class=\"t m0 xab h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">87.669 </div></td><td class=\"c x98d y3393 w568 hf\"><div class=\"t m0 x10 h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">38.097 </div></td><td class=\"c x98e y3393 w156 hf\"><div class=\"t m0 x10 h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">49.489 </div></td><td class=\"c x98f y3393 w585 hf\"><div class=\"t m0 x2a h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">X </div></td><td></td><td class=\"c x598 y3393 w586 hf\"><div class=\"t m0 x116 h200 y153d ff4 fs22 fc1 sc0 lsf2 ws0\">83<span class=\"ls0\"> </span></div></td><td class=\"c x990 y3393 w587 hf\"><div class=\"t m0 xab h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">48.834.135 </div></td><td class=\"c x991 y3393 w17b hf\"><div class=\"t m0 x8f h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x58f y3394 wfae h48e\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc1 sc0 ls0 ws0\">non deteriorate<span class=\"_ _df\"> </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></tr><tr><td class=\"c x992 y3395 wfa6 h48e\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc1 sc0 ls0 ws0\">- di cui: esposizioni<span class=\"_ _df\"> </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></tr><tr><td class=\"c x992 y3396 wc18 h48f\"><div class=\"t m0 x250 h200 y24d8 ff4 fs22 fc1 sc0 ls0 ws0\">oggetto di<span class=\"_ _df\"> </span></div></td><td class=\"c x982 y3397 w34d h266\"><div class=\"t m0 x55 h200 y655 ff4 fs22 fc1 sc0 ls0 ws0\">55.502 </div></td><td class=\"c x98b y3397 w2ce h266\"><div class=\"t m0 x39 h200 y655 ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x590 y3397 w155 h266\"><div class=\"t m0 xac h200 y655 ff4 fs22 fc1 sc0 ls0 ws0\">52.112 </div></td><td class=\"c x98c y3397 w24a h266\"><div class=\"t m0 x2a h200 y655 ff4 fs22 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x8b7 y3397 w4f9 h266\"><div class=\"t m0 xab h200 y655 ff4 fs22 fc1 sc0 ls0 ws0\">3.389 </div></td><td class=\"c x4e6 y3397 w584 h266\"><div class=\"t m0 x116 h200 y655 ff4 fs22 fc1 sc0 ls0 ws0\">1.227 </div></td><td class=\"c x98d y3397 w568 h266\"><div class=\"t m0 x48 h200 y655 ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x98e y3397 w156 h266\"><div class=\"t m0 x16a h200 y655 ff4 fs22 fc1 sc0 ls0 ws0\">1.181 </div></td><td class=\"c x98f y3397 w585 h266\"><div class=\"t m0 x2a h200 y655 ff4 fs22 fc1 sc0 ls0 ws0\">X </div></td><td></td><td class=\"c x598 y3397 w586 h266\"><div class=\"t m0 x116 h200 y655 ff4 fs22 fc1 sc0 lsef ws0\">47<span class=\"ls0\"> </span></div></td><td class=\"c x990 y3397 w587 h266\"><div class=\"t m0 x14 h200 y655 ff4 fs22 fc1 sc0 ls0 ws0\">54.275 </div></td><td class=\"c x991 y3397 w17b h266\"><div class=\"t m0 x8f h200 y655 ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x992 y2eb5 waa2 h48f\"><div class=\"t m0 x250 h200 y24d8 ff4 fs22 fc1 sc0 ls0 ws0\">concessioni<span class=\"_ _df\"> </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></tr><tr><td class=\"c x44e y3398 wda hc8\"><div class=\"t m0 x7 h200 y392 ff4 fs22 fc1 sc2 ls0 ws0\">Totale (A<span class=\"_ _1\"></span>) </div></td><td class=\"c x982 y3398 w34d hc8\"><div class=\"t m0 x10 h200 y392 ff4 fs22 fc1 sc2 ls0 ws0\">49.824.<span class=\"_ _1\"></span>233 </div></td><td class=\"c x98b y3398 w2ce hc8\"><div class=\"t m0 x10 h200 y392 ff4 fs22 fc1 sc2 ls0 ws0\">46.507<span class=\"_ _f\"></span>.<span class=\"_ _2\"></span>033 </div></td><td class=\"c x590 y3398 w155 hc8\"><div class=\"t m0 x10 h200 y392 ff4 fs22 fc1 sc2 ls0 ws0\">2.668.31<span class=\"_ _1\"></span>2 </div></td><td class=\"c x98c y3398 w24a hc8\"><div class=\"t m0 x10 h200 y392 ff4 fs22 fc1 sc2 ls0 ws0\">606.400<span class=\"_ _f\"></span> </div></td><td class=\"c x8b7 y3398 w4f9 hc8\"><div class=\"t m0 x8a h200 y392 ff4 fs22 fc1 sc2 ls0 ws0\">14.821 </div></td><td class=\"c x4e6 y3398 w584 hc8\"><div class=\"t m0 x10 h200 y392 ff4 fs22 fc1 sc2 ls0 ws0\">456.73<span class=\"_ _1\"></span>2 </div></td><td class=\"c x98d y3398 w568 hc8\"><div class=\"t m0 x10 h200 y392 ff4 fs22 fc1 sc2 ls0 ws0\">38.656<span class=\"_ _f\"></span> </div></td><td class=\"c x98e y3398 w156 hc8\"><div class=\"t m0 x8a h200 y392 ff4 fs22 fc1 sc2 ls0 ws0\">54.272 </div></td><td></td><td class=\"c x98f y3398 w585 hc8\"><div class=\"t m0 x8a h200 y392 ff4 fs22 fc1 sc2 ls0 ws0\">361.857<span class=\"_ _1\"></span> </div></td><td class=\"c x598 y3398 w586 hc8\"><div class=\"t m0 x8a h200 y392 ff4 fs22 fc1 sc2 ls0 ws0\">1.947 </div></td><td class=\"c x990 y3398 w587 hc8\"><div class=\"t m0 xac h200 y392 ff4 fs22 fc1 sc2 ls0 ws0\">49.367<span class=\"_ _1\"></span>.501 </div></td><td class=\"c x991 y3398 w17b hc8\"><div class=\"t m0 x48 h200 y392 ff4 fs22 fc1 sc2 ls0 ws0\">20.659<span class=\"_ _1\"></span> </div></td></tr><tr><td class=\"c x262 y3399 wfaf h48f\"><div class=\"t m0 x250 h200 y24d8 ff4 fs22 fc1 sc2 ls0 ws0\">B. Espos<span class=\"_ _1\"></span>izioni cr<span class=\"_ _1\"></span>editizie<span class=\"_ _df\"> </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></tr><tr><td class=\"c x262 y339a wfb0 h48f\"><div class=\"t m0 x250 h200 y24d8 ff4 fs22 fc1 sc2 ls0 ws0\">fuori bilan<span class=\"_ _f\"></span>cio<span class=\"_ _df\"> </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></tr><tr><td class=\"c x44e y339b wda hc8\"><div class=\"t m0 x8e h200 y392 ff4 fs22 fc1 sc0 ls0 ws0\">a) Deteriorate<span class=\"_ _df\"> </span></div></td><td class=\"c x982 y339b w34d hc8\"><div class=\"t m0 x55 h200 y392 ff4 fs22 fc1 sc0 ls0 ws0\">43.543 </div></td><td class=\"c x98b y339b w2ce hc8\"><div class=\"t m0 x39 h200 y392 ff4 fs22 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x590 y339b w155 hc8\"><div class=\"t m0 x26 h200 y392 ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x98c y339b w24a hc8\"><div class=\"t m0 xac h200 y392 ff4 fs22 fc1 sc0 ls0 ws0\">42.960</div></td><td class=\"c x8b7 y339b w4f9 hc8\"><div class=\"t m0 xac h200 y392 ff4 fs22 fc1 sc0 ls0 ws0\">584 </div></td><td class=\"c x4e6 y339b w584 hc8\"><div class=\"t m0 x2e h200 y392 ff4 fs22 fc1 sc0 ls0 ws0\">1.127 </div></td><td></td><td class=\"c x98e y339b w156 hc8\"><div class=\"t m0 x33 h200 y392 ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x98d y339b w568 hc8\"><div class=\"t m0 x16a h200 y392 ff4 fs22 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x98f y339b w585 hc8\"><div class=\"t m0 x16a h200 y392 ff4 fs22 fc1 sc0 ls0 ws0\">1.070</div></td><td class=\"c x598 y339b w586 hc8\"><div class=\"t m0 x116 h200 y392 ff4 fs22 fc1 sc0 lse3 ws0\">58<span class=\"ls0\"> </span></div></td><td class=\"c x990 y339b w587 hc8\"><div class=\"t m0 x48 h200 y392 ff4 fs22 fc1 sc0 ls0 ws0\">42.416 </div></td><td class=\"c x991 y339b w17b hc8\"><div class=\"t m0 x8f h200 y392 ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y339c wda hc8\"><div class=\"t m0 x8e h200 y80 ff4 fs22 fc1 sc0 ls0 ws0\">b) Non deteriorate</div></td><td class=\"c x982 y339c w34d hc8\"><div class=\"t m0 xab h200 y80 ff4 fs22 fc1 sc0 ls0 ws0\">13.320.961 </div></td><td class=\"c x98b y339c w2ce hc8\"><div class=\"t m0 x8a h200 y80 ff4 fs22 fc1 sc0 ls0 ws0\">12.601.165 </div></td><td class=\"c x590 y339c w155 hc8\"><div class=\"t m0 x8a h200 y80 ff4 fs22 fc1 sc0 ls0 ws0\">703.405 </div></td><td class=\"c x98c y339c w24a hc8\"><div class=\"t m0 x2a h200 y80 ff4 fs22 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x8b7 y339c w4f9 hc8\"><div class=\"t m0 x2a h200 y80 ff4 fs22 fc1 sc0 lse3 ws0\">516<span class=\"ls0\"> </span></div></td><td class=\"c x4e6 y339c w584 hc8\"><div class=\"t m0 x116 h200 y80 ff4 fs22 fc1 sc0 lse3 ws0\">5.<span class=\"ls0\">178</span><span class=\"ls0\"> </span></div></td><td class=\"c x98d y339c w568 hc8\"><div class=\"t m0 xab h200 y80 ff4 fs22 fc1 sc0 ls0 ws0\">3.556 </div></td><td class=\"c x98e y339c w156 hc8\"><div class=\"t m0 x8e h200 y80 ff4 fs22 fc1 sc0 ls0 ws0\">1.589 </div></td><td class=\"c x98f y339c w585 hc8\"><div class=\"t m0 x2a h200 y80 ff4 fs22 fc1 sc0 ls0 ws0\">X </div></td><td></td><td class=\"c x598 y339c w586 hc8\"><div class=\"t m0 x116 h200 y80 ff4 fs22 fc1 sc0 ls79 ws0\">33<span class=\"ls0\"> </span></div></td><td class=\"c x990 y339c w587 hc8\"><div class=\"t m0 x8e h200 y80 ff4 fs22 fc1 sc0 ls0 ws0\">13.315.783 </div></td><td class=\"c x991 y339c w17b hc8\"><div class=\"t m0 x8f h200 y80 ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y339d wda h227\"><div class=\"t m0 x7 h200 y392 ff4 fs22 fc1 sc2 ls0 ws0\">Totale (B<span class=\"_ _f\"></span>) </div></td><td class=\"c x982 y339d w34d h227\"><div class=\"t m0 x8a h200 y392 ff4 fs22 fc1 sc2 ls0 ws0\">13.364.5<span class=\"_ _f\"></span>04 </div></td><td class=\"c x98b y339d w2ce h227\"><div class=\"t m0 xac h200 y392 ff4 fs22 fc1 sc2 ls0 ws0\">12.601<span class=\"_ _1\"></span>.165 </div></td><td class=\"c x590 y339d w155 h227\"><div class=\"t m0 xac h200 y392 ff4 fs22 fc1 sc2 ls0 ws0\">703.405<span class=\"_ _1\"></span> </div></td><td class=\"c x98c y339d w24a h227\"><div class=\"t m0 xac h200 y392 ff4 fs22 fc1 sc2 ls0 ws0\">42.960<span class=\"_ _f\"></span> </div></td><td class=\"c x8b7 y339d w4f9 h227\"><div class=\"t m0 x8e h200 y392 ff4 fs22 fc1 sc2 ls0 ws0\">1.100 </div></td><td class=\"c x4e6 y339d w584 h227\"><div class=\"t m0 x2f h200 y392 ff4 fs22 fc1 sc2 ls0 ws0\">6.305 </div></td><td class=\"c x98d y339d w568 h227\"><div class=\"t m0 xac h200 y392 ff4 fs22 fc1 sc2 ls0 ws0\">3.556 </div></td><td class=\"c x98e y339d w156 h227\"><div class=\"t m0 x8e h200 y392 ff4 fs22 fc1 sc2 ls0 ws0\">1.589 </div></td><td></td><td class=\"c x98f y339d w585 h227\"><div class=\"t m0 x16a h200 y392 ff4 fs22 fc1 sc2 ls0 ws0\">1.070 </div></td><td class=\"c x598 y339d w586 h227\"><div class=\"t m0 x2e h200 y392 ff4 fs22 fc1 sc2 ls62 ws0\">91<span class=\"ls0\"> </span></div></td><td class=\"c x990 y339d w587 h227\"><div class=\"t m0 x8e h200 y392 ff4 fs22 fc1 sc2 ls0 ws0\">13.358<span class=\"_ _1\"></span>.199 </div></td><td class=\"c x991 y339d w17b h227\"><div class=\"t m0 x8f h200 y392 ff4 fs22 fc1 sc2 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y339e wda hc8\"><div class=\"t m0 x8f h200 y392 ff4 fs22 fc1 sc2 ls0 ws0\">Totale (A<span class=\"_ _1\"></span>+B) </div></td><td class=\"c x982 y339e w34d hc8\"><div class=\"t m0 x8a h200 y392 ff4 fs22 fc1 sc2 ls0 ws0\">63.188.7<span class=\"_ _1\"></span>37 </div></td><td class=\"c x98b y339e w2ce hc8\"><div class=\"t m0 xab h200 y392 ff4 fs22 fc1 sc2 ls0 ws0\">59.108.19<span class=\"_ _f\"></span>8 </div></td><td class=\"c x590 y339e w155 hc8\"><div class=\"t m0 xab h200 y392 ff4 fs22 fc1 sc2 ls0 ws0\">3.371.717<span class=\"_ _1\"></span> </div></td><td class=\"c x98c y339e w24a hc8\"><div class=\"t m0 x10 h200 y392 ff4 fs22 fc1 sc2 ls0 ws0\">649.360<span class=\"_ _f\"></span> </div></td><td class=\"c x8b7 y339e w4f9 hc8\"><div class=\"t m0 x8a h200 y392 ff4 fs22 fc1 sc2 ls0 ws0\">15.921 </div></td><td class=\"c x4e6 y339e w584 hc8\"><div class=\"t m0 x10 h200 y392 ff4 fs22 fc1 sc2 ls0 ws0\">463.037 </div></td><td class=\"c x98d y339e w568 hc8\"><div class=\"t m0 x8a h200 y392 ff4 fs22 fc1 sc2 ls0 ws0\">42.212 </div></td><td class=\"c x98e y339e w156 hc8\"><div class=\"t m0 x8a h200 y392 ff4 fs22 fc1 sc2 ls0 ws0\">55.861<span class=\"_ _f\"></span> </div></td><td></td><td class=\"c x98f y339e w585 hc8\"><div class=\"t m0 x10 h200 y392 ff4 fs22 fc1 sc2 ls0 ws0\">362.927<span class=\"_ _1\"></span> </div></td><td class=\"c x598 y339e w586 hc8\"><div class=\"t m0 x10 h200 y392 ff4 fs22 fc1 sc2 ls0 ws0\">2.038 </div></td><td class=\"c x990 y339e w587 hc8\"><div class=\"t m0 xab h200 y392 ff4 fs22 fc1 sc2 ls0 ws0\">62.725<span class=\"_ _f\"></span>.<span class=\"_ _2\"></span>700 </div></td><td class=\"c x991 y339e w17b hc8\"><div class=\"t m0 x48 h200 y392 ff4 fs22 fc1 sc2 ls0 ws0\">20.659<span class=\"_ _1\"></span> </div></td></tr></table>Primo stadio Secondo stadio Terzo stadio Impaired acquisite o o<span class=\"_ _df\"> </span>Primo stadio Secondo stadio Terzo stadio Impaired acquisite o o<span class=\"_ _df\"> </span>A.<span class=\"ls0\">1.7 <span class=\"_ _1\"></span>Conso<span class=\"_ _1\"></span>lidat<span class=\"_ _1\"></span>o pr<span class=\"_ _1\"></span>uden<span class=\"_ _1\"></span>ziale<span class=\"_ _1\"></span> <span class=\"ff5\">\u2013</span> Esp<span class=\"_ _1\"></span>osizi<span class=\"_ _1\"></span>oni cr<span class=\"_ _1\"></span>editizi<span class=\"_ _1\"></span>e p<span class=\"_ _1\"></span>er ca<span class=\"_ _1\"></span>ssa ve<span class=\"_ _f\"></span>rso client<span class=\"_ _1\"></span>ela: <span class=\"_ _f\"></span>dinamica<span class=\"_ _f\"></span> delle e<span class=\"_ _1\"></span>spo<span class=\"_ _1\"></span>sizioni<span class=\"_ _1\"></span> dete<span class=\"_ _1\"></span>rior<span class=\"_ _1\"></span>ate<span class=\"_ _df\"> </span></span>lorde<span class=\"_ _df\"> </span>Caus<span class=\"_ _1\"></span>ali/C<span class=\"_ _1\"></span>ate<span class=\"_ _1\"></span>gori<span class=\"_ _1\"></span>e<span class=\"_ _df\"> </span>Soff<span class=\"_ _f\"></span>erenze<span class=\"_ _df\"> </span>Inad<span class=\"_ _1\"></span>empi<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>ze<span class=\"_ _df\"> </span>Espo<span class=\"_ _1\"></span>sizio<span class=\"_ _f\"></span>ni scad<span class=\"_ _1\"></span>ute<span class=\"_ _df\"> </span>proba<span class=\"_ _f\"></span>bili<span class=\"_ _df\"> </span>deter<span class=\"_ _1\"></span>iora<span class=\"_ _f\"></span>te<span class=\"_ _df\"> </span>A. Es<span class=\"_ _1\"></span>pos<span class=\"_ _1\"></span>izion<span class=\"_ _f\"></span>e lorda<span class=\"_ _1\"></span> iniz<span class=\"_ _1\"></span>iale<span class=\"_ _df\"> </span>267.<span class=\"_ _1\"></span>1<span class=\"ls9\">13<span class=\"_ _df\"> </span></span>363<span class=\"_ _1\"></span>.239<span class=\"_ _df\"> </span>38.2<span class=\"_ _df\"> </span>- di cui: esposizi<span class=\"_ _1\"></span>oni cedute non canc<span class=\"_ _f\"></span>ell<span class=\"_ _2\"></span>ate<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>B. Va<span class=\"_ _f\"></span>riazioni<span class=\"_ _1\"></span> in a<span class=\"_ _1\"></span>ume<span class=\"_ _1\"></span>nto<span class=\"_ _df\"> </span>99.7<span class=\"_ _f\"></span>49<span class=\"_ _df\"> </span>171.5<span class=\"_ _f\"></span>08<span class=\"_ _df\"> </span>65.8<span class=\"_ _df\"> </span>B.1 ingressi da esp<span class=\"_ _1\"></span>osizioni non dete<span class=\"_ _f\"></span>riorate<span class=\"_ _df\"> </span>10.766<span class=\"_ _df\"> </span>101.258<span class=\"_ _df\"> </span>51.9<span class=\"_ _df\"> </span>B.2 ingressi da <span class=\"_ _1\"></span>attivit\u00e0 finanz<span class=\"_ _1\"></span>iarie impaired acqu<span class=\"_ _1\"></span>isite<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>o originate<span class=\"_ _df\"> </span>B.3 trasferime<span class=\"_ _1\"></span>nti da altre categ<span class=\"_ _f\"></span>o<span class=\"_ _2\"></span>rie di esp<span class=\"_ _f\"></span>o<span class=\"_ _2\"></span>sizioni<span class=\"_ _df\"> </span>85.166<span class=\"_ _df\"> </span>23.500<span class=\"_ _df\"> </span>1<span class=\"_ _df\"> </span>deteriorate<span class=\"_ _df\"> </span>B.4 modifiche c<span class=\"_ _f\"></span>o<span class=\"_ _2\"></span>ntrattual<span class=\"_ _1\"></span>i senza canc<span class=\"_ _1\"></span>ellazioni<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>51<span class=\"_ _df\"> </span>B.5 altre variazi<span class=\"_ _1\"></span>oni in aumento<span class=\"_ _df\"> </span>3.817<span class=\"_ _df\"> </span>46.699<span class=\"_ _df\"> </span>13.7<span class=\"_ _df\"> </span>C. Va<span class=\"_ _1\"></span>ria<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>i in di<span class=\"_ _1\"></span>min<span class=\"_ _1\"></span>uzion<span class=\"_ _f\"></span>e<span class=\"_ _df\"> </span>135.6<span class=\"_ _1\"></span>93<span class=\"_ _df\"> </span>198.1<span class=\"_ _f\"></span>47<span class=\"_ _df\"> </span>57.2<span class=\"_ _df\"> </span>C.1 uscite verso esp<span class=\"_ _f\"></span>o<span class=\"_ _2\"></span>sizion<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span> non dete<span class=\"_ _1\"></span>riorate<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>11.455<span class=\"_ _df\"> </span>6.2<span class=\"_ _df\"> </span>C.2 write-off<span class=\"_ _df\"> </span>28.477<span class=\"_ _df\"> </span>7.481<span class=\"_ _df\"> </span>C.3 incassi<span class=\"_ _df\"> </span>43.685<span class=\"_ _df\"> </span>94.630<span class=\"_ _df\"> </span>22.8<span class=\"_ _df\"> </span>C.4 realizzi per ce<span class=\"_ _1\"></span>ssioni<span class=\"_ _df\"> </span>19.408<span class=\"_ _df\"> </span>3.264<span class=\"_ _df\"> </span>C.5 perdite da ce<span class=\"_ _1\"></span>ssione<span class=\"_ _df\"> </span>174<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>C.6 trasferime<span class=\"_ _1\"></span>nti ad altre categ<span class=\"_ _f\"></span>o<span class=\"_ _2\"></span>rie di esp<span class=\"_ _1\"></span>osizioni<span class=\"_ _df\"> </span>22<span class=\"_ _df\"> </span>80.821<span class=\"_ _df\"> </span>27.9<span class=\"_ _df\"> </span>deteriorate<span class=\"_ _df\"> </span>C.7 modifiche con<span class=\"_ _1\"></span>trattuali senza can<span class=\"_ _f\"></span>cellazioni<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>367<span class=\"_ _df\"> </span>C.8 altre variazi<span class=\"_ _1\"></span>oni in diminuzione<span class=\"_ _df\"> </span>43.927<span class=\"_ _df\"> </span>129<span class=\"_ _df\"> </span>D. Es<span class=\"_ _f\"></span>posizion<span class=\"_ _1\"></span>e lo<span class=\"_ _1\"></span>rda f<span class=\"_ _1\"></span>inal<span class=\"_ _f\"></span>e<span class=\"_ _df\"> </span>231.16<span class=\"_ _1\"></span>9<span class=\"_ _df\"> </span>336<span class=\"_ _1\"></span>.600<span class=\"_ _df\"> </span>46.9<span class=\"_ _df\"> </span>- di cui: esposizi<span class=\"_ _1\"></span>oni cedute non canc<span class=\"_ _f\"></span>ell<span class=\"_ _2\"></span>ate<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>A.1.7<span class=\"_ _1\"></span>bis Co<span class=\"_ _1\"></span>nsoli<span class=\"_ _1\"></span>dato<span class=\"_ _1\"></span> prud<span class=\"_ _1\"></span>enzia<span class=\"_ _f\"></span>le <span class=\"ff5\">\u2013</span> Espo<span class=\"_ _f\"></span>sizioni cre<span class=\"_ _1\"></span>ditizi<span class=\"_ _f\"></span>e per ca<span class=\"_ _1\"></span>ssa <span class=\"_ _f\"></span>verso client<span class=\"_ _1\"></span>ela: <span class=\"_ _f\"></span>dinamica<span class=\"_ _f\"></span> delle e<span class=\"_ _1\"></span>sposi<span class=\"_ _1\"></span>zioni <span class=\"_ _1\"></span>lorde<span class=\"_ _df\"> </span>ogget<span class=\"_ _1\"></span>to d<span class=\"_ _1\"></span>i conce<span class=\"_ _1\"></span>ssio<span class=\"_ _f\"></span>ni distint<span class=\"_ _1\"></span>e p<span class=\"_ _1\"></span>er qu<span class=\"_ _1\"></span>alit\u00e0<span class=\"_ _1\"></span> credi<span class=\"_ _1\"></span>tizia<span class=\"_ _df\"> </span>Espo<span class=\"_ _1\"></span>sizio<span class=\"_ _f\"></span>ni<span class=\"_ _df\"> </span>Espo<span class=\"_ _1\"></span>sizio<span class=\"_ _f\"></span>ni<span class=\"_ _df\"> </span>Caus<span class=\"_ _1\"></span>ali/Q<span class=\"_ _f\"></span>ualit\u00e0<span class=\"_ _df\"> </span>ogg<span class=\"_ _f\"></span>etto di<span class=\"_ _df\"> </span>ogg<span class=\"_ _f\"></span>etto di<span class=\"_ _df\"> </span>conce<span class=\"_ _1\"></span>ssio<span class=\"_ _1\"></span>ni:<span class=\"_ _df\"> </span>conce<span class=\"_ _1\"></span>ssio<span class=\"_ _1\"></span>ni:<span class=\"_ _df\"> </span>deter<span class=\"_ _1\"></span>iora<span class=\"_ _f\"></span>te<span class=\"_ _df\"> </span>non<span class=\"_ _1\"></span> deter<span class=\"_ _1\"></span>iora<span class=\"_ _f\"></span>te<span class=\"_ _df\"> </span>A. Es<span class=\"_ _1\"></span>pos<span class=\"_ _1\"></span>izion<span class=\"_ _f\"></span>e lorda<span class=\"_ _1\"></span> iniz<span class=\"_ _1\"></span>iale<span class=\"_ _df\"> </span>198.26<span class=\"_ _f\"></span>1<span class=\"_ _df\"> </span>72.35<span class=\"_ _f\"></span>8<span class=\"_ _df\"> </span>- di cui: esposizi<span class=\"_ _1\"></span>oni cedute non canc<span class=\"_ _f\"></span>ell<span class=\"_ _2\"></span>ate<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>B. Va<span class=\"_ _f\"></span>riazioni<span class=\"_ _1\"></span> in a<span class=\"_ _1\"></span>ume<span class=\"_ _1\"></span>nto<span class=\"_ _df\"> </span>40.6<span class=\"_ _1\"></span>14<span class=\"_ _df\"> </span>45.79<span class=\"_ _df\"> </span>B.1 ingressi da esp<span class=\"_ _1\"></span>osizioni non dete<span class=\"_ _f\"></span>riorate non oggetto di c<span class=\"_ _f\"></span>o<span class=\"_ _2\"></span>ncessioni<span class=\"_ _df\"> </span>7.013<span class=\"_ _df\"> </span>36.92<span class=\"_ _df\"> </span>B.2 ingressi da esp<span class=\"_ _1\"></span>osizioni non deter<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span>orate <span class=\"_ _1\"></span>oggetto di concess<span class=\"_ _1\"></span>ioni<span class=\"_ _df\"> </span>6.091<span class=\"_ _df\"> </span>B.3 ingressi da esp<span class=\"_ _f\"></span>osizioni oggetto di conce<span class=\"_ _1\"></span>ssioni deteri<span class=\"_ _1\"></span>orate<span class=\"_ _df\"> </span>X<span class=\"_ _df\"> </span>7.27<span class=\"_ _df\"> </span>B.4 ingressi da esp<span class=\"_ _1\"></span>osizioni deter<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span>orate non<span class=\"_ _1\"></span> oggetto d<span class=\"_ _1\"></span>i concessione<span class=\"_ _df\"> </span>171<span class=\"_ _df\"> </span>B.5 altre variazi<span class=\"_ _1\"></span>oni in aumento<span class=\"_ _df\"> </span>27.339<span class=\"_ _df\"> </span>1.60<span class=\"_ _df\"> </span>C. Va<span class=\"_ _1\"></span>ria<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>i in di<span class=\"_ _1\"></span>min<span class=\"_ _1\"></span>uzion<span class=\"_ _f\"></span>e<span class=\"_ _df\"> </span>58.5<span class=\"_ _f\"></span>42<span class=\"_ _df\"> </span>59.3<span class=\"_ _1\"></span>1<span class=\"_ _df\"> </span>C.1 uscite verso esp<span class=\"_ _f\"></span>o<span class=\"_ _2\"></span>sizion<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span> non dete<span class=\"_ _f\"></span>r<span class=\"_ _2\"></span>iorate no<span class=\"_ _1\"></span>n oggetto di conce<span class=\"_ _f\"></span>ssio<span class=\"_ _2\"></span>ni<span class=\"_ _df\"> </span>X<span class=\"_ _df\"> </span>3.07<span class=\"_ _df\"> </span>C.2 uscite verso esp<span class=\"_ _f\"></span>o<span class=\"_ _2\"></span>sizion<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span> non det<span class=\"_ _1\"></span>eriorate oggetto<span class=\"_ _1\"></span> di concessioni<span class=\"_ _df\"> </span>7.271<span class=\"_ _df\"> </span>C.3 uscite vers<span class=\"_ _1\"></span>o esposizioni ogge<span class=\"_ _f\"></span>tto di concessioni deter<span class=\"_ _1\"></span>ior<span class=\"_ _2\"></span>ate<span class=\"_ _df\"> </span>X<span class=\"_ _df\"> </span>6.09<span class=\"_ _df\"> </span>C.4 write-off<span class=\"_ _df\"> </span>57<span class=\"_ _df\"> </span>C.5 incassi<span class=\"_ _df\"> </span>47.767<span class=\"_ _df\"> </span>48.63<span class=\"_ _df\"> </span>C.6 realizzi per ce<span class=\"_ _1\"></span>ssioni<span class=\"_ _df\"> </span>1.895<span class=\"_ _df\"> </span>C.7 perdite da ce<span class=\"_ _1\"></span>ssione<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>C.8 altre variazi<span class=\"_ _1\"></span>oni in diminuzione<span class=\"_ _df\"> </span>1.552<span class=\"_ _df\"> </span>1.51<span class=\"_ _df\"> </span>D. Es<span class=\"_ _f\"></span>posizion<span class=\"_ _1\"></span>e lo<span class=\"_ _1\"></span>rda f<span class=\"_ _1\"></span>inal<span class=\"_ _f\"></span>e<span class=\"_ _df\"> </span>180.3<span class=\"_ _1\"></span>33<span class=\"_ _df\"> </span>58.8<span class=\"_ _1\"></span>3<span class=\"_ _df\"> </span>- di cui: esposizi<span class=\"_ _1\"></span>oni cedute non canc<span class=\"_ _f\"></span>el<span class=\"_ _2\"></span>late<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>A.1.9 <span class=\"_ _1\"></span> Cons<span class=\"_ _1\"></span>olida<span class=\"_ _1\"></span>to p<span class=\"_ _1\"></span>ruden<span class=\"_ _f\"></span>ziale <span class=\"ff5\">\u2013</span> Es<span class=\"_ _f\"></span>posizioni <span class=\"_ _1\"></span>cred<span class=\"_ _1\"></span>itizie <span class=\"_ _f\"></span>per cass<span class=\"_ _1\"></span>a de<span class=\"_ _1\"></span>terio<span class=\"_ _1\"></span>rate v<span class=\"_ _1\"></span>erso<span class=\"_ _1\"></span> client<span class=\"_ _1\"></span>ela: <span class=\"_ _1\"></span>dinam<span class=\"_ _f\"></span>ica del<span class=\"_ _1\"></span>le re<span class=\"_ _1\"></span>ttifiche<span class=\"_ _1\"></span> di<span class=\"_ _df\"> </span>valo<span class=\"_ _1\"></span>re com<span class=\"_ _1\"></span>pless<span class=\"_ _1\"></span>ive<span class=\"_ _df\"> </span>Soff<span class=\"_ _f\"></span>erenze<span class=\"_ _df\"> </span>Inad<span class=\"_ _1\"></span>empi<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>ze pr<span class=\"_ _1\"></span>oba<span class=\"_ _1\"></span>bili<span class=\"_ _df\"> </span>Espo<span class=\"_ _1\"></span>sizio<span class=\"_ _f\"></span>ni scad<span class=\"_ _1\"></span>ute<span class=\"_ _df\"> </span>deter<span class=\"_ _1\"></span>iora<span class=\"_ _f\"></span>te<span class=\"_ _df\"> </span>Caus<span class=\"_ _1\"></span>ali/C<span class=\"_ _1\"></span>ate<span class=\"_ _1\"></span>gori<span class=\"_ _1\"></span>e<span class=\"_ _df\"> </span>di cui<span class=\"_ _f\"></span>: esposi<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>i<span class=\"_ _df\"> </span>di cui<span class=\"_ _f\"></span>: esposi<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>i<span class=\"_ _df\"> </span>di cui<span class=\"_ _f\"></span>: esposi<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>i<span class=\"_ _df\"> </span>To<span class=\"ls0\">tale<span class=\"_ _df\"> </span></span>ogg<span class=\"_ _f\"></span>etto di<span class=\"_ _df\"> </span>Tot<span class=\"_ _1\"></span>ale<span class=\"_ _df\"> </span>ogg<span class=\"_ _f\"></span>etto di<span class=\"_ _df\"> </span>Tot<span class=\"_ _1\"></span>ale<span class=\"_ _df\"> </span>ogg<span class=\"_ _f\"></span>etto di<span class=\"_ _df\"> </span>conce<span class=\"_ _1\"></span>ssio<span class=\"_ _1\"></span>ni<span class=\"_ _df\"> </span>conce<span class=\"_ _1\"></span>ssio<span class=\"_ _1\"></span>ni<span class=\"_ _df\"> </span>conce<span class=\"_ _1\"></span>ssio<span class=\"_ _1\"></span>ni<span class=\"_ _df\"> </span>A. R<span class=\"_ _1\"></span>etti<span class=\"_ _1\"></span>fiche <span class=\"_ _1\"></span>com<span class=\"_ _f\"></span>plessiv<span class=\"_ _1\"></span>e iniz<span class=\"_ _1\"></span>iali219.7<span class=\"_ _1\"></span>68<span class=\"_ _df\"> </span>58.4<span class=\"_ _1\"></span>45166.<span class=\"_ _1\"></span>728<span class=\"_ _df\"> </span>47.7<span class=\"_ _1\"></span>0614.69<span class=\"_ _1\"></span>1<span class=\"_ _df\"> </span>6<span class=\"_ _df\"> </span>- di cui: esposizi<span class=\"_ _1\"></span>oni cedute<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>no<span class=\"ls0\">n cancellate<span class=\"_ _df\"> </span></span>B. Va<span class=\"_ _f\"></span>riazioni<span class=\"_ _1\"></span> in a<span class=\"_ _1\"></span>ume<span class=\"_ _1\"></span>nto<span class=\"_ _df\"> </span>77.9<span class=\"_ _f\"></span>44<span class=\"_ _df\"> </span>11.00969.9<span class=\"_ _f\"></span>82<span class=\"_ _df\"> </span>26.58<span class=\"_ _1\"></span>918.146<span class=\"_ _df\"> </span>1.94<span class=\"_ _df\"> </span>B.1 rettifiche di va<span class=\"_ _1\"></span>lore da attivit\u00e0<span class=\"_ _df\"> </span>finanziarie impa<span class=\"_ _1\"></span>ired acquisite <span class=\"_ _f\"></span>o<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>X<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>X<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>X<span class=\"_ _df\"> </span>originate<span class=\"_ _df\"> </span>B.2 altre retti<span class=\"_ _1\"></span>fiche di valore<span class=\"_ _df\"> </span>27.452<span class=\"_ _df\"> </span>3.53962.746<span class=\"_ _df\"> </span>24.69418.125<span class=\"_ _df\"> </span>1.93<span class=\"_ _df\"> </span>B.3 perdite da ces<span class=\"_ _1\"></span>sione<span class=\"_ _df\"> </span>174<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>B.4 trasferiment<span class=\"_ _1\"></span>i da altre<span class=\"_ _df\"> </span>categorie di esp<span class=\"_ _f\"></span>o<span class=\"_ _2\"></span>sizioni<span class=\"_ _df\"> </span>49.691<span class=\"_ _df\"> </span>7.4707.219<span class=\"_ _df\"> </span>1.89521<span class=\"_ _df\"> </span>deteriorate<span class=\"_ _df\"> </span>B.5 modifiche con<span class=\"_ _1\"></span>trattuali<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>12<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>senza cancellazion<span class=\"_ _f\"></span>i<span class=\"_ _df\"> </span>B.6 altre variazi<span class=\"_ _1\"></span>oni in aumento<span class=\"_ _df\"> </span>627<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>5<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>C. Va<span class=\"_ _1\"></span>ria<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>i in di<span class=\"_ _1\"></span>min<span class=\"_ _1\"></span>uzion<span class=\"_ _f\"></span>e<span class=\"_ _df\"> </span>103.917<span class=\"_ _df\"> </span>23.96<span class=\"_ _f\"></span>786.3<span class=\"_ _1\"></span>97<span class=\"_ _df\"> </span>23.4<span class=\"_ _1\"></span>0713.2<span class=\"_ _1\"></span>29<span class=\"_ _df\"> </span>1.89<span class=\"_ _df\"> </span>C.1 riprese di val<span class=\"_ _f\"></span>o<span class=\"_ _2\"></span>re da<span class=\"_ _df\"> </span>4.135<span class=\"_ _df\"> </span>1.77014.351<span class=\"_ _df\"> </span>9.6202.029<span class=\"_ _df\"> </span>valutazione<span class=\"_ _df\"> </span>C.2 riprese di val<span class=\"_ _f\"></span>o<span class=\"_ _2\"></span>re da inca<span class=\"_ _1\"></span>sso15.215<span class=\"_ _df\"> </span>5.98016.720<span class=\"_ _df\"> </span>6.3132.034<span class=\"_ _df\"> </span>C.3 utili da cess<span class=\"_ _1\"></span>ione<span class=\"_ _df\"> </span>11.970<span class=\"_ _df\"> </span>4.529<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>C.4 write-off<span class=\"_ _df\"> </span>28.477<span class=\"_ _df\"> </span>10.9257.481<span class=\"_ _df\"> </span>2<span class=\"_ _df\"> </span>2<span class=\"_ _df\"> </span>C.5 trasferiment<span class=\"_ _1\"></span>i ad altre<span class=\"_ _df\"> </span>categorie di esp<span class=\"_ _f\"></span>o<span class=\"_ _2\"></span>sizioni<span class=\"_ _df\"> </span>21<span class=\"_ _df\"> </span>-47.746<span class=\"_ _df\"> </span>7.4729.164<span class=\"_ _df\"> </span>1.89<span class=\"_ _df\"> </span>deteriorate<span class=\"_ _df\"> </span>C.6 modifiche con<span class=\"_ _1\"></span>trattuali<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-99<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>senza cancellazion<span class=\"_ _f\"></span>i<span class=\"_ _df\"> </span>C.7 altre variazi<span class=\"_ _1\"></span>oni in<span class=\"_ _df\"> </span>diminuzione<span class=\"_ _df\"> </span>44.099<span class=\"_ _df\"> </span>763<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>D. Ret<span class=\"_ _f\"></span>tifiche<span class=\"_ _1\"></span>  com<span class=\"_ _f\"></span>plessiv<span class=\"_ _f\"></span>e finali193.7<span class=\"_ _f\"></span>95<span class=\"_ _df\"> </span>45.4<span class=\"_ _1\"></span>87150.3<span class=\"_ _f\"></span>13<span class=\"_ _df\"> </span>50.8<span class=\"_ _1\"></span>8819.6<span class=\"_ _1\"></span>08<span class=\"_ _df\"> </span>10<span class=\"_ _df\"> </span>- di cui: esposizi<span class=\"_ _1\"></span>oni cedute non<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>cancellate<span class=\"_ _df\"> </span><div class=\"t m0 h5 ff4 fs1 fc4 sc3 ls0 ws0 gs114c\">A.2 Cla<span class=\"_ _f\"></span>ssifica<span class=\"_ _1\"></span>zione <span class=\"_ _1\"></span>delle <span class=\"_ _1\"></span>espo<span class=\"_ _1\"></span>sizio<span class=\"_ _f\"></span>ni in bas<span class=\"_ _1\"></span>e ai r<span class=\"_ _1\"></span>ating <span class=\"_ _f\"></span>esterni e<span class=\"_ _1\"></span> inter<span class=\"_ _1\"></span>ni<span class=\"fc1 sc0\"> </span></div><div class=\"c w2c2 h91 gs114d\"><div class=\"t m0 x8a h5 y1220 ff4 fs1 fc4 sc3 ls0 ws0\">A.2.1 <span class=\"_ _1\"></span>Conso<span class=\"_ _1\"></span>lidat<span class=\"_ _1\"></span>o pr<span class=\"_ _1\"></span>ude<span class=\"_ _1\"></span>nziale<span class=\"_ _1\"></span> - D<span class=\"_ _1\"></span>istri<span class=\"_ _1\"></span>buzione<span class=\"_ _1\"></span> delle<span class=\"_ _1\"></span> att<span class=\"_ _1\"></span>ivit\u00e0<span class=\"_ _1\"></span> finanz<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>rie, d<span class=\"_ _1\"></span>egli i<span class=\"_ _1\"></span>mpeg<span class=\"_ _f\"></span>ni a eroga<span class=\"_ _f\"></span>re fondi<span class=\"_ _1\"></span> e dell<span class=\"_ _1\"></span>e gar<span class=\"_ _f\"></span>anzie </div><div class=\"t m0 x8a h5 y477 ff4 fs1 fc4 sc3 ls0 ws0\">finanzi<span class=\"_ _1\"></span>arie <span class=\"_ _f\"></span>rilascia<span class=\"_ _1\"></span>te: pe<span class=\"_ _1\"></span>r cla<span class=\"_ _f\"></span>ssi di rat<span class=\"_ _f\"></span>ing esterni<span class=\"_ _1\"></span> (va<span class=\"_ _1\"></span>lori <span class=\"_ _1\"></span>lordi<span class=\"_ _1\"></span>)<span class=\"_ _df\"> </span></div></div><div class=\"gs114e\"><table class=\"s wfd1 h576\" id=\"_0abb3fe8-c19e-4825-aa38-c9f4ec9c24ad\"><tr><td></td><td></td><td></td><td class=\"c x60f y33fc w27a hcb\"><div class=\"t m0 x114 h1f y80 ff4 fs7 fc4 sc3 ls0 ws0\">Clas<span class=\"_ _f\"></span>si di ratin<span class=\"_ _f\"></span>g ester<span class=\"_ _f\"></span>ni<span class=\"fc1 sc0\"> </span></div></td><td></td><td></td><td></td><td class=\"c x9aa y33fd wfd2 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">Sen<span class=\"_ _1\"></span>za<span class=\"_ _df\"> </span></div></td><td></td></tr><tr><td class=\"c x46b y33fe w59b h314\"><div class=\"t m0 x8f h1f y88f ff4 fs7 fc4 sc3 ls0 ws0\">Espo<span class=\"_ _1\"></span>sizio<span class=\"_ _f\"></span>ni<span class=\"fc1 sc0\"> </span></div></td><td class=\"c x60f y33fe w3cc h58\"><div class=\"t m0 x8e h1f y420 ff4 fs7 fc4 sc3 ls0 ws0\">Clas<span class=\"_ _f\"></span>se 1<span class=\"fc1 sc0\"> </span></div></td><td class=\"c x9ab y33fe w1be h58\"><div class=\"t m0 x8e h1f y420 ff4 fs7 fc4 sc3 ls0 ws0\">clas<span class=\"_ _1\"></span>se 2<span class=\"_ _1\"></span><span class=\"fc1 sc0\"> </span></div></td><td class=\"c x50b y33fe w191 h58\"><div class=\"t m0 xac h1f y41f ff4 fs7 fc4 sc3 ls0 ws0\">clas<span class=\"_ _1\"></span>se </div><div class=\"t m0 x55 h1f y32 ff4 fs7 fc4 sc3 ls0 ws0\">4<span class=\"fc1 sc0\"> </span></div></td><td class=\"c x635 y33fe w384 h58\"><div class=\"t m0 xac h1f y420 ff4 fs7 fc4 sc3 ls0 ws0\">clas<span class=\"_ _1\"></span>se 3<span class=\"_ _f\"></span><span class=\"fc1 sc0\"> </span></div></td><td class=\"c x9ac y33ff wfd3 h49c\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">clas<span class=\"_ _1\"></span>s<span class=\"lsc9\">e<span class=\"_ _df\"> </span></span></div></td><td class=\"c x9ad y33ff wfd4 h49c\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">clas<span class=\"_ _1\"></span>se<span class=\"_ _df\"> </span></div></td><td class=\"c x9aa y3400 wfd5 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">ratin<span class=\"_ _f\"></span>g<span class=\"_ _df\"> </span></div></td><td class=\"c x4f6 y33fe w48e h314\"><div class=\"t m0 x2e h1f y88f ff4 fs7 fc4 sc3 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale </div></td></tr><tr><td class=\"c x262 y3401 wfd6 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc1 sc2 ls0 ws0\">A. Att<span class=\"_ _f\"></span>ivit\u00e0 fin<span class=\"_ _f\"></span>anziarie<span class=\"_ _1\"></span> va<span class=\"_ _1\"></span>utat<span class=\"_ _f\"></span>e<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td class=\"c x9ae y3402 wfd7 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">5<span class=\"_ _df\"> </span></div></td><td class=\"c x9af y3402 wfd8 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">6<span class=\"_ _df\"> </span></div></td><td></td><td></td></tr><tr><td></td><td class=\"c x60f y3403 w8c had\"><div class=\"t m0 x8e h1f y420 ff4 fs7 fc1 sc2 ls0 ws0\">1.613.<span class=\"_ _1\"></span>522<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x728 y3403 w1cb had\"><div class=\"t m0 x8e h1f y420 ff4 fs7 fc1 sc2 ls0 ws0\">5.48<span class=\"_ _1\"></span>1.716<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x50b y3403 w185 had\"><div class=\"t m0 x116 h1f y420 ff4 fs7 fc1 sc2 ls0 ws0\">8.66<span class=\"_ _1\"></span>0<span class=\"sc0\"> </span></div></td><td class=\"c x635 y3403 w1be had\"><div class=\"t m0 x2e h1f y420 ff4 fs7 fc1 sc2 ls0 ws0\">150.79<span class=\"_ _f\"></span>7<span class=\"sc0\"> </span></div></td><td class=\"c x980 y3403 w1c0 had\"><div class=\"t m0 x2a h1f y420 ff4 fs7 fc1 sc2 ls0 ws0\">8.041<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x9b0 y3403 w1c0 had\"><div class=\"t m0 x34 h1f y420 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x71a y3403 w375 had\"><div class=\"t m0 xac h1f y420 ff4 fs7 fc1 sc2 ls0 ws0\">50.17<span class=\"_ _f\"></span>0.070<span class=\"sc0\"> </span></div></td><td class=\"c x4f6 y3403 w48e had\"><div class=\"t m0 xab h1f y420 ff4 fs7 fc1 sc2 ls0 ws0\">57.43<span class=\"_ _1\"></span>2.8<span class=\"_ _f\"></span>06<span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x262 y3404 wfd9 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc1 sc2 ls0 ws0\">al cos<span class=\"_ _f\"></span>to amm<span class=\"_ _f\"></span>ortizza<span class=\"_ _f\"></span>to<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x46b y3405 w59c hcc\"><div class=\"t m0 x116 h1f y74a ff4 fs7 fc1 sc0 ls0 ws0\">- Primo stadio </div></td><td class=\"c x60f y3405 w8c hcc\"><div class=\"t m0 xab h1f y74a ff4 fs7 fc1 sc0 ls0 ws0\">1.595.960 </div></td><td class=\"c x728 y3405 w1cb hcc\"><div class=\"t m0 xab h1f y74a ff4 fs7 fc1 sc0 ls0 ws0\">5.442.281 </div></td><td class=\"c x50b y3405 w185 hcc\"><div class=\"t m0 x116 h1f y74a ff4 fs7 fc1 sc0 ls0 ws0\">8.649 </div></td><td class=\"c x635 y3405 w1be hcc\"><div class=\"t m0 x2e h1f y74a ff4 fs7 fc1 sc0 ls0 ws0\">147.776 </div></td><td class=\"c x980 y3405 w1c0 hcc\"><div class=\"t m0 x116 h1f y74a ff4 fs7 fc1 sc0 ls0 ws0\">8.037 </div></td><td class=\"c x9b0 y3405 w1c0 hcc\"><div class=\"t m0 x34 h1f y74a ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x71a y3405 w375 hcc\"><div class=\"t m0 x8a h1f y74a ff4 fs7 fc1 sc0 ls0 ws0\">46.895.235 </div></td><td class=\"c x4f6 y3405 w48e hcc\"><div class=\"t m0 x8a h1f y74a ff4 fs7 fc1 sc0 ls0 ws0\">54.097.938 </div></td></tr><tr><td class=\"c x46b y3406 w59c hcb\"><div class=\"t m0 x116 h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">- Secondo stadio<span class=\"_ _1\"></span> </div></td><td class=\"c x60f y3406 w8c hcb\"><div class=\"t m0 x14 h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">17.562 </div></td><td class=\"c x728 y3406 w1cb hcb\"><div class=\"t m0 x55 h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">39.435 </div></td><td class=\"c x50b y3406 w185 hcb\"><div class=\"t m0 x27 h1f y80 ff4 fs7 fc1 sc0 ls9 ws0\">11<span class=\"ls0\"> </span></div></td><td class=\"c x635 y3406 w1be hcb\"><div class=\"t m0 x33 h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">3.021 </div></td><td class=\"c x980 y3406 w1c0 hcb\"><div class=\"t m0 x26 h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">4 </div></td><td class=\"c x9b0 y3406 w1c0 hcb\"><div class=\"t m0 x34 h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x71a y3406 w375 hcb\"><div class=\"t m0 x116 h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">2.653.617 </div></td><td class=\"c x4f6 y3406 w48e hcb\"><div class=\"t m0 x16a h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">2.713.650 </div></td></tr><tr><td class=\"c x46b y3407 w59c hcc\"><div class=\"t m0 x116 h1f y74a ff4 fs7 fc1 sc0 ls0 ws0\">- Terzo stadio </div></td><td class=\"c x60f y3407 w8c hcc\"><div class=\"t m0 x8f h1f y74a ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x728 y3407 w1cb hcc\"><div class=\"t m0 x36 h1f y74a ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x50b y3407 w185 hcc\"><div class=\"t m0 x34 h1f y74a ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x635 y3407 w1be hcc\"><div class=\"t m0 x36 h1f y74a ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x980 y3407 w1c0 hcc\"><div class=\"t m0 x34 h1f y74a ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9b0 y3407 w1c0 hcc\"><div class=\"t m0 x34 h1f y74a ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x71a y3407 w375 hcc\"><div class=\"t m0 x55 h1f y74a ff4 fs7 fc1 sc0 ls0 ws0\">606.398 </div></td><td class=\"c x4f6 y3407 w48e hcc\"><div class=\"t m0 x55 h1f y74a ff4 fs7 fc1 sc0 ls0 ws0\">606.398 </div></td></tr><tr><td class=\"c x9b1 y3408 wfda h48b\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">- Impaired acqu<span class=\"_ _1\"></span>isite o<span class=\"_ _df\"> </span></div></td><td class=\"c x60f y3409 w8c h58\"><div class=\"t m0 x8f h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x728 y3409 w1cb h58\"><div class=\"t m0 x36 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x50b y3409 w185 h58\"><div class=\"t m0 x34 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x635 y3409 w1be h58\"><div class=\"t m0 x36 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x980 y3409 w1c0 h58\"><div class=\"t m0 x34 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9b0 y3409 w1c0 h58\"><div class=\"t m0 x34 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x71a y3409 w375 h58\"><div class=\"t m0 x32 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">14.820 </div></td><td class=\"c x4f6 y3409 w48e h58\"><div class=\"t m0 x33 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">14.820 </div></td></tr><tr><td class=\"c x9b1 y340a wfc6 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">originate<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x262 y340b wfdb h4b7\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc2 ls0 ws0\">B. At<span class=\"_ _1\"></span>tivit<span class=\"_ _1\"></span>\u00e0 fin<span class=\"_ _f\"></span>anziarie<span class=\"_ _1\"></span> valu<span class=\"_ _1\"></span>tat<span class=\"_ _1\"></span>e<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x262 y340c wfdc h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc2 ls0 ws0\">al fai<span class=\"_ _1\"></span>r va<span class=\"_ _1\"></span>lue c<span class=\"_ _1\"></span>on im<span class=\"_ _f\"></span>patto<span class=\"_ _1\"></span> sulla<span class=\"_ _df\"> </span></div></td><td class=\"c x60f y340d w8c h89\"><div class=\"t m0 xab h1f y15 ff4 fs7 fc1 sc2 ls0 ws0\">3.09<span class=\"_ _f\"></span>0.473<span class=\"sc0\"> </span></div></td><td class=\"c x728 y340d w1cb h89\"><div class=\"t m0 xab h1f y15 ff4 fs7 fc1 sc2 ls0 ws0\">1.89<span class=\"_ _f\"></span>0.939<span class=\"sc0\"> </span></div></td><td class=\"c x50b y340d w185 h89\"><div class=\"t m0 x34 h1f y15 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x635 y340d w1be h89\"><div class=\"t m0 x39 h1f y15 ff4 fs7 fc1 sc2 ls0 ws0\">98.03<span class=\"_ _f\"></span>1<span class=\"sc0\"> </span></div></td><td class=\"c x980 y340d w1c0 h89\"><div class=\"t m0 x34 h1f y15 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x9b0 y340d w1c0 h89\"><div class=\"t m0 x34 h1f y15 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x71a y340d w375 h89\"><div class=\"t m0 x33 h1f y15 ff4 fs7 fc1 sc2 ls0 ws0\">37.85<span class=\"_ _f\"></span>3<span class=\"sc0\"> </span></div></td><td class=\"c x4f6 y340d w48e h89\"><div class=\"t m0 x2e h1f y15 ff4 fs7 fc1 sc2 ls0 ws0\">5.117.<span class=\"_ _1\"></span>296<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x262 y3100 wec1 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc2 ls0 ws0\">reddit<span class=\"_ _f\"></span>ivit\u00e0 co<span class=\"_ _1\"></span>mpl<span class=\"_ _f\"></span>essiva<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x46b y340e w59c h4e\"><div class=\"t m0 x116 h1f y71 ff4 fs7 fc1 sc0 ls0 ws0\">- Primo stadio </div></td><td class=\"c x60f y340e w8c h4e\"><div class=\"t m0 x8a h1f y71 ff4 fs7 fc1 sc0 ls0 ws0\">3.090.473 </div></td><td class=\"c x728 y340e w1cb h4e\"><div class=\"t m0 xab h1f y71 ff4 fs7 fc1 sc0 ls0 ws0\">1.890.939 </div></td><td class=\"c x50b y340e w185 h4e\"><div class=\"t m0 x34 h1f y71 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x635 y340e w1be h4e\"><div class=\"t m0 x130 h1f y71 ff4 fs7 fc1 sc0 ls0 ws0\">98.031 </div></td><td class=\"c x980 y340e w1c0 h4e\"><div class=\"t m0 x34 h1f y71 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9b0 y340e w1c0 h4e\"><div class=\"t m0 x34 h1f y71 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x71a y340e w375 h4e\"><div class=\"t m0 x33 h1f y71 ff4 fs7 fc1 sc0 ls0 ws0\">37.853 </div></td><td class=\"c x4f6 y340e w48e h4e\"><div class=\"t m0 x2a h1f y71 ff4 fs7 fc1 sc0 ls0 ws0\">5.117.296 </div></td></tr><tr><td class=\"c x46b y340f w59c h4d\"><div class=\"t m0 x116 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- Secondo stadio<span class=\"_ _1\"></span> </div></td><td class=\"c x60f y340f w8c h4d\"><div class=\"t m0 x8f h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x728 y340f w1cb h4d\"><div class=\"t m0 x36 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x50b y340f w185 h4d\"><div class=\"t m0 x34 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x635 y340f w1be h4d\"><div class=\"t m0 x36 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x980 y340f w1c0 h4d\"><div class=\"t m0 x34 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9b0 y340f w1c0 h4d\"><div class=\"t m0 x34 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x71a y340f w375 h4d\"><div class=\"t m0 x12 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x4f6 y340f w48e h4d\"><div class=\"t m0 x12 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y3410 w59c h28e\"><div class=\"t m0 x116 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- Terzo stadio </div></td><td class=\"c x60f y3410 w8c h28e\"><div class=\"t m0 x8f h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x728 y3410 w1cb h28e\"><div class=\"t m0 x36 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x50b y3410 w185 h28e\"><div class=\"t m0 x34 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x635 y3410 w1be h28e\"><div class=\"t m0 x36 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x980 y3410 w1c0 h28e\"><div class=\"t m0 x34 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9b0 y3410 w1c0 h28e\"><div class=\"t m0 x34 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x71a y3410 w375 h28e\"><div class=\"t m0 x12 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x4f6 y3410 w48e h28e\"><div class=\"t m0 x12 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x9b1 y3411 wfda h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">- Impaired acqu<span class=\"_ _1\"></span>isite o<span class=\"_ _df\"> </span></div></td><td class=\"c x60f y3412 w8c had\"><div class=\"t m0 x8f h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x728 y3412 w1cb had\"><div class=\"t m0 x36 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x50b y3412 w185 had\"><div class=\"t m0 x34 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x635 y3412 w1be had\"><div class=\"t m0 x36 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x980 y3412 w1c0 had\"><div class=\"t m0 x34 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9b0 y3412 w1c0 had\"><div class=\"t m0 x34 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x71a y3412 w375 had\"><div class=\"t m0 x12 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x4f6 y3412 w48e had\"><div class=\"t m0 x12 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x9b1 y3413 wfc6 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">originate<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x262 y3414 wfdd h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc2 ls0 ws0\">C. Att<span class=\"_ _f\"></span>ivit\u00e0 fin<span class=\"_ _f\"></span>anziari<span class=\"_ _1\"></span>e in c<span class=\"_ _f\"></span>orso<span class=\"_ _df\"> </span></div></td><td class=\"c x60f y3415 w8c h58\"><div class=\"t m0 x8f h1f y420 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x728 y3415 w1cb h58\"><div class=\"t m0 x36 h1f y420 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x50b y3415 w185 h58\"><div class=\"t m0 x34 h1f y420 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x635 y3415 w1be h58\"><div class=\"t m0 x36 h1f y420 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x980 y3415 w1c0 h58\"><div class=\"t m0 x34 h1f y420 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x9b0 y3415 w1c0 h58\"><div class=\"t m0 x34 h1f y420 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x71a y3415 w375 h58\"><div class=\"t m0 x12 h1f y420 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x4f6 y3415 w48e h58\"><div class=\"t m0 x12 h1f y420 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x262 y3416 wfde h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc2 ls0 ws0\">di dism<span class=\"_ _f\"></span>ission<span class=\"_ _f\"></span>e<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x46b y3417 w59c h4e\"><div class=\"t m0 x116 h1f y71 ff4 fs7 fc1 sc0 ls0 ws0\">- Primo stadio </div></td><td class=\"c x60f y3417 w8c h4e\"><div class=\"t m0 x8f h1f y71 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x728 y3417 w1cb h4e\"><div class=\"t m0 x36 h1f y71 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x50b y3417 w185 h4e\"><div class=\"t m0 x34 h1f y71 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x635 y3417 w1be h4e\"><div class=\"t m0 x36 h1f y71 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x980 y3417 w1c0 h4e\"><div class=\"t m0 x34 h1f y71 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9b0 y3417 w1c0 h4e\"><div class=\"t m0 x34 h1f y71 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x71a y3417 w375 h4e\"><div class=\"t m0 x12 h1f y71 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x4f6 y3417 w48e h4e\"><div class=\"t m0 x12 h1f y71 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y3418 w59c h4d\"><div class=\"t m0 x116 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- Secondo stadio<span class=\"_ _1\"></span> </div></td><td class=\"c x60f y3418 w8c h4d\"><div class=\"t m0 x8f h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x728 y3418 w1cb h4d\"><div class=\"t m0 x36 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x50b y3418 w185 h4d\"><div class=\"t m0 x34 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x635 y3418 w1be h4d\"><div class=\"t m0 x36 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x980 y3418 w1c0 h4d\"><div class=\"t m0 x34 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9b0 y3418 w1c0 h4d\"><div class=\"t m0 x34 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x71a y3418 w375 h4d\"><div class=\"t m0 x12 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x4f6 y3418 w48e h4d\"><div class=\"t m0 x12 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y3419 w59c h4d\"><div class=\"t m0 x116 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- Terzo stadio </div></td><td class=\"c x60f y3419 w8c h4d\"><div class=\"t m0 x8f h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x728 y3419 w1cb h4d\"><div class=\"t m0 x36 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x50b y3419 w185 h4d\"><div class=\"t m0 x34 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x635 y3419 w1be h4d\"><div class=\"t m0 x36 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x980 y3419 w1c0 h4d\"><div class=\"t m0 x34 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9b0 y3419 w1c0 h4d\"><div class=\"t m0 x34 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x71a y3419 w375 h4d\"><div class=\"t m0 x12 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x4f6 y3419 w48e h4d\"><div class=\"t m0 x12 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x9b1 y341a wfda h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">- Impaired acqu<span class=\"_ _1\"></span>isite o<span class=\"_ _df\"> </span></div></td><td class=\"c x60f y341b w8c had\"><div class=\"t m0 x8f h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x728 y341b w1cb had\"><div class=\"t m0 x36 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x50b y341b w185 had\"><div class=\"t m0 x34 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x635 y341b w1be had\"><div class=\"t m0 x36 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x980 y341b w1c0 had\"><div class=\"t m0 x34 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9b0 y341b w1c0 had\"><div class=\"t m0 x34 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x71a y341b w375 had\"><div class=\"t m0 x12 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x4f6 y341b w48e had\"><div class=\"t m0 x12 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x9b1 y341c wfc6 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">originate<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x46b y341d w59c hc8\"><div class=\"t m0 xef h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale (A<span class=\"_ _f\"></span>+B+C)<span class=\"sc0\"> </span></div></td><td class=\"c x60f y341d w8c hc8\"><div class=\"t m0 xab h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">4.703.<span class=\"_ _1\"></span>995<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x728 y341d w1cb hc8\"><div class=\"t m0 xab h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">7.37<span class=\"_ _f\"></span>2.655<span class=\"sc0\"> </span></div></td><td class=\"c x50b y341d w185 hc8\"><div class=\"t m0 x116 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">8.66<span class=\"_ _1\"></span>0<span class=\"sc0\"> </span></div></td><td class=\"c x635 y341d w1be hc8\"><div class=\"t m0 x16a h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">248.8<span class=\"_ _f\"></span>28<span class=\"sc0\"> </span></div></td><td class=\"c x980 y341d w1c0 hc8\"><div class=\"t m0 x2a h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">8.041<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x9b0 y341d w1c0 hc8\"><div class=\"t m0 x34 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x71a y341d w375 hc8\"><div class=\"t m0 xab h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">50.20<span class=\"_ _1\"></span>7.9<span class=\"_ _f\"></span>23<span class=\"sc0\"> </span></div></td><td class=\"c x4f6 y341d w48e hc8\"><div class=\"t m0 xac h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">62.55<span class=\"_ _f\"></span>0.102<span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x262 y341e wfdf h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc2 ls0 ws0\">D. Im<span class=\"_ _f\"></span>pegni a<span class=\"_ _f\"></span> erogar<span class=\"_ _f\"></span>e fondi<span class=\"_ _1\"></span> e<span class=\"_ _df\"> </span></div></td><td class=\"c x60f y341f w8c h23c\"><div class=\"t m0 x97 h1f y8b7 ff4 fs7 fc1 sc2 ls9 ws0\">115<span class=\"sc0 ls0\"> </span></div></td><td class=\"c x728 y341f w1cb h23c\"><div class=\"t m0 x33 h1f y8b7 ff4 fs7 fc1 sc2 ls0 ws0\">5.66<span class=\"_ _f\"></span>7<span class=\"sc0\"> </span></div></td><td class=\"c x50b y341f w185 h23c\"><div class=\"t m0 xac h1f y8b7 ff4 fs7 fc1 sc2 ls0 ws0\">34.59<span class=\"_ _f\"></span>3<span class=\"sc0\"> </span></div></td><td class=\"c x635 y341f w1be h23c\"><div class=\"t m0 x130 h1f y8b7 ff4 fs7 fc1 sc2 ls0 ws0\">39.5<span class=\"_ _1\"></span>73<span class=\"sc0\"> </span></div></td><td class=\"c x980 y341f w1c0 h23c\"><div class=\"t m0 x14 h1f y8b7 ff4 fs7 fc1 sc2 ls0 ws0\">802<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x9b0 y341f w1c0 h23c\"><div class=\"t m0 x34 h1f y8b7 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x71a y341f w375 h23c\"><div class=\"t m0 xac h1f y8b7 ff4 fs7 fc1 sc2 ls0 ws0\">14.89<span class=\"_ _f\"></span>6.576<span class=\"sc0\"> </span></div></td><td class=\"c x4f6 y341f w48e h23c\"><div class=\"t m0 xac h1f y8b7 ff4 fs7 fc1 sc2 ls0 ws0\">14.97<span class=\"_ _1\"></span>7.326<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x262 y3420 wfe0 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc2 ls0 ws0\">gara<span class=\"_ _f\"></span>nzie fin<span class=\"_ _1\"></span>anzi<span class=\"_ _f\"></span>arie rila<span class=\"_ _1\"></span>scia<span class=\"_ _1\"></span>te<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x46b y3421 w59c hc8\"><div class=\"t m0 x116 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- Primo stadio </div></td><td class=\"c x60f y3421 w8c hc8\"><div class=\"t m0 x38 h1f y28b ff4 fs7 fc1 sc0 ls2b ws0\">82<span class=\"ls0\"> </span></div></td><td class=\"c x728 y3421 w1cb hc8\"><div class=\"t m0 x32 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">5.617 </div></td><td class=\"c x50b y3421 w185 hc8\"><div class=\"t m0 x8e h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">31.455 </div></td><td class=\"c x635 y3421 w1be hc8\"><div class=\"t m0 x55 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">39.053 </div></td><td class=\"c x980 y3421 w1c0 hc8\"><div class=\"t m0 x26 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">3 </div></td><td class=\"c x9b0 y3421 w1c0 hc8\"><div class=\"t m0 x34 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x71a y3421 w375 hc8\"><div class=\"t m0 x8e h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">14.147.704 </div></td><td class=\"c x4f6 y3421 w48e hc8\"><div class=\"t m0 xac h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">14.223.914 </div></td></tr><tr><td class=\"c x46b y3422 w59c h4d\"><div class=\"t m0 x116 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- Secondo stadio<span class=\"_ _1\"></span> </div></td><td class=\"c x60f y3422 w8c h4d\"><div class=\"t m0 x38 h1f y28b ff4 fs7 fc1 sc0 ls27 ws0\">33<span class=\"ls0\"> </span></div></td><td class=\"c x728 y3422 w1cb h4d\"><div class=\"t m0 x38 h1f y28b ff4 fs7 fc1 sc0 ls32 ws0\">50<span class=\"ls0\"> </span></div></td><td class=\"c x50b y3422 w185 h4d\"><div class=\"t m0 x2e h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">3.138 </div></td><td class=\"c x635 y3422 w1be h4d\"><div class=\"t m0 x27 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">520 </div></td><td class=\"c x980 y3422 w1c0 h4d\"><div class=\"t m0 x14 h1f y28b ff4 fs7 fc1 sc0 ls34 ws0\">799<span class=\"ls0\"> </span></div></td><td class=\"c x9b0 y3422 w1c0 h4d\"><div class=\"t m0 x34 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x71a y3422 w375 h4d\"><div class=\"t m0 x48 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">704.811</div></td><td class=\"c x4f6 y3422 w48e h4d\"><div class=\"t m0 x39 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">709.351 </div></td></tr><tr><td class=\"c x46b y3423 w59c hc8\"><div class=\"t m0 x116 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- Terzo stadio </div></td><td class=\"c x60f y3423 w8c hc8\"><div class=\"t m0 x8f h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x728 y3423 w1cb hc8\"><div class=\"t m0 x36 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x50b y3423 w185 hc8\"><div class=\"t m0 x34 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x635 y3423 w1be hc8\"><div class=\"t m0 x36 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x980 y3423 w1c0 hc8\"><div class=\"t m0 x34 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9b0 y3423 w1c0 hc8\"><div class=\"t m0 x34 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x71a y3423 w375 hc8\"><div class=\"t m0 x48 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">42.960 </div></td><td class=\"c x4f6 y3423 w48e hc8\"><div class=\"t m0 x48 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">42.960 </div></td></tr><tr><td class=\"c x9b1 y3424 wfe1 h577\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">- Impaired acqu<span class=\"_ _1\"></span>isiti/e o<span class=\"_ _df\"> </span></div></td><td class=\"c x60f y3425 w8c hcd\"><div class=\"t m0 x8f h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x728 y3425 w1cb hcd\"><div class=\"t m0 x36 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x50b y3425 w185 hcd\"><div class=\"t m0 x34 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x635 y3425 w1be hcd\"><div class=\"t m0 x36 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x980 y3425 w1c0 hcd\"><div class=\"t m0 x34 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9b0 y3425 w1c0 hcd\"><div class=\"t m0 x34 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x71a y3425 w375 hcd\"><div class=\"t m0 x37 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">1.101 </div></td><td class=\"c x4f6 y3425 w48e hcd\"><div class=\"t m0 x37 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">1.101 </div></td></tr><tr><td class=\"c x9b1 y26d1 wfe2 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">originati/e<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x46b y3426 w59c hc8\"><div class=\"t m0 x199 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale (D<span class=\"_ _1\"></span>)<span class=\"sc0\"> </span></div></td><td class=\"c x60f y3426 w8c hc8\"><div class=\"t m0 x97 h1f y28b ff4 fs7 fc1 sc2 ls9 ws0\">115<span class=\"sc0 ls0\"> </span></div></td><td class=\"c x728 y3426 w1cb hc8\"><div class=\"t m0 x33 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">5.66<span class=\"_ _f\"></span>7<span class=\"sc0\"> </span></div></td><td class=\"c x50b y3426 w185 hc8\"><div class=\"t m0 xac h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">34.59<span class=\"_ _f\"></span>3<span class=\"sc0\"> </span></div></td><td class=\"c x635 y3426 w1be hc8\"><div class=\"t m0 x130 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">39.5<span class=\"_ _1\"></span>73<span class=\"sc0\"> </span></div></td><td class=\"c x980 y3426 w1c0 hc8\"><div class=\"t m0 x14 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">802<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x9b0 y3426 w1c0 hc8\"><div class=\"t m0 x34 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x71a y3426 w375 hc8\"><div class=\"t m0 xac h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">14.89<span class=\"_ _f\"></span>6.576<span class=\"sc0\"> </span></div></td><td class=\"c x4f6 y3426 w48e hc8\"><div class=\"t m0 xac h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">14.97<span class=\"_ _1\"></span>7.326<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x46b y3427 w59c hc8\"><div class=\"t m0 xc6 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale (A<span class=\"_ _f\"></span>+B+C+D<span class=\"_ _f\"></span>)<span class=\"sc0\"> </span></div></td><td class=\"c x60f y3427 w8c hc8\"><div class=\"t m0 x8e h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">4.70<span class=\"_ _1\"></span>4.110<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x728 y3427 w1cb hc8\"><div class=\"t m0 xab h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">7.37<span class=\"_ _f\"></span>8.322<span class=\"sc0\"> </span></div></td><td class=\"c x50b y3427 w185 hc8\"><div class=\"t m0 xac h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">43.2<span class=\"_ _1\"></span>53<span class=\"sc0\"> </span></div></td><td class=\"c x635 y3427 w1be hc8\"><div class=\"t m0 x2a h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">288.4<span class=\"_ _f\"></span>01<span class=\"sc0\"> </span></div></td><td class=\"c x980 y3427 w1c0 hc8\"><div class=\"t m0 x116 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">8.843<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x9b0 y3427 w1c0 hc8\"><div class=\"t m0 x34 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x71a y3427 w375 hc8\"><div class=\"t m0 xac h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">65.10<span class=\"_ _f\"></span>4.499<span class=\"sc0\"> </span></div></td><td class=\"c x4f6 y3427 w48e hc8\"><div class=\"t m0 xac h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">77.5<span class=\"_ _1\"></span>27.4<span class=\"_ _f\"></span>28<span class=\"sc0\"> </span></div></td></tr></table></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs114f\">Le <span class=\"_ _2\"></span>classi <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>rating <span class=\"_ _2\"></span>esterni <span class=\"_ _2\"></span>indicate <span class=\"_ _2\"></span>si <span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>iferiscono <span class=\"_ _2\"></span>alle class<span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>di me<span class=\"_ _2\"></span>rito <span class=\"_ _2\"></span>creditizio <span class=\"_ _2\"></span>dei d<span class=\"_ _2\"></span>ebitori/garanti </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1150\">di cui alla normativa prudenziale.  </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs1151\">L\u2019agenzia di <span class=\"_ _2\"></span>rating <span class=\"_ _2\"></span>utilizzate sono <span class=\"_ _2\"></span>sotto riportate e <span class=\"_ _2\"></span>si for<span class=\"_ _2\"></span>nisce la tabella <span class=\"_ _2\"></span>di raccordo <span class=\"_ _2\"></span>tra le <span class=\"_ _2\"></span>classi di </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1152\">rischio e i rating delle agenzie. </div><div class=\"gs1154\"><table class=\"s wfe3 h578\" id=\"_239bd89a-a76b-450a-8765-95a0ed1eb578\"><tr><td class=\"c x46b y3428 w59e h221\"><div class=\"t m0 x8a h1f ye4c ff4 fs7 fc4 sc3 ls0 ws0\">Port<span class=\"_ _1\"></span>afog<span class=\"_ _f\"></span>li </div></td><td class=\"c x5d7 y3428 w59f h221\"><div class=\"t m0 x8a h1f ye4c ff4 fs7 fc4 sc3 ls0 ws0\">ECA/E<span class=\"_ _f\"></span>CAI </div></td></tr><tr><td class=\"c x262 y3429 wfe4 h579\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc1 sc0 ls0 ws0\">Esposizione vers<span class=\"_ _1\"></span>o<span class=\"_ _df\"> </span></div></td><td></td></tr><tr><td class=\"c x262 y342a wfe5 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc1 sc0 ls0 ws0\">Amministrazioni ce<span class=\"_ _f\"></span>nt<span class=\"_ _2\"></span>rali e<span class=\"_ _df\"> </span></div></td><td class=\"c x5d7 y342b w59f ha2\"><div class=\"t m0 x26 h1f y554 ff4 fs7 fc1 sc0 ls0 ws0\">DBRS Rating Lim<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span>ted </div></td></tr><tr><td class=\"c x262 y342c wfe6 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc1 sc0 ls0 ws0\">banche centrali<span class=\"_ _df\"> </span></div></td><td></td></tr><tr><td class=\"c x262 y342d wfe7 h4b7\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc1 sc0 ls0 ws0\">Esposizioni vers<span class=\"_ _f\"></span>o<span class=\"_ _2\"></span> organizz<span class=\"_ _1\"></span>azioni<span class=\"_ _df\"> </span></div></td><td class=\"c x9b2 y342d wfe8 h4b7\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc1 sc0 ls0 ws0\">Fitch Ratings<span class=\"_ _df\"> </span></div></td></tr><tr><td class=\"c x262 y342e wfe9 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc1 sc0 ls0 ws0\">internazionali<span class=\"_ _df\"> </span></div></td><td class=\"c x9b3 y342e wfea h484\"><div class=\"t m0 x250 h1f y2409 ff5 fs7 fc1 sc0 ls0 ws0\">Standard &amp; Poo<span class=\"_ _1\"></span>r\u2019s Rating<span class=\"_ _df\"> </span></div></td></tr><tr><td></td><td class=\"c x9b4 y342f wfeb h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc1 sc0 ls0 ws0\">Services*<span class=\"_ _df\"> </span></div></td></tr><tr><td class=\"c x262 y3430 wfec h51b\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc1 sc0 ls0 ws0\">Esposizioni vers<span class=\"_ _f\"></span>o<span class=\"_ _2\"></span> banche<span class=\"_ _df\"> </span></div></td><td class=\"c x9b2 y3430 wfe8 h51b\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc1 sc0 ls0 ws0\">Fitch Ratings<span class=\"_ _df\"> </span></div></td></tr><tr><td class=\"c x262 y3431 wfed h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc1 sc0 ls0 ws0\">multilaterali d<span class=\"_ _1\"></span>i svilup<span class=\"lsd7\">po<span class=\"_ _df\"> </span></span></div></td><td class=\"c x9b3 y3431 wfea h484\"><div class=\"t m0 x250 h1f y2409 ff5 fs7 fc1 sc0 ls0 ws0\">Standard &amp; Poo<span class=\"_ _1\"></span>r\u2019s Rating<span class=\"_ _df\"> </span></div></td></tr><tr><td></td><td class=\"c x9b4 y3432 wfeb h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc1 sc0 ls0 ws0\">Services*<span class=\"_ _df\"> </span></div></td></tr><tr><td class=\"c x262 y3433 wfee h49b\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc1 sc0 ls0 ws0\">Esposizioni vers<span class=\"_ _f\"></span>o<span class=\"_ _2\"></span> imprese e<span class=\"_ _1\"></span>d altri<span class=\"_ _df\"> </span></div></td><td class=\"c x9b2 y3433 wfe8 h49b\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc1 sc0 ls0 ws0\">Fitch Ratings<span class=\"_ _df\"> </span></div></td></tr><tr><td class=\"c x262 y2f4a wfef h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc1 sc0 ls0 ws0\">soggetti<span class=\"_ _df\"> </span></div></td><td class=\"c x9b3 y2f4a wfea h484\"><div class=\"t m0 x250 h1f y2409 ff5 fs7 fc1 sc0 ls0 ws0\">Standard &amp; Poo<span class=\"_ _1\"></span>r\u2019s Rating<span class=\"_ _df\"> </span></div></td></tr><tr><td></td><td class=\"c x9b4 y3434 wfeb h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc1 sc0 ls0 ws0\">Services*<span class=\"_ _df\"> </span></div></td></tr><tr><td class=\"c x262 y3435 wff0 h57a\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">Esposizioni vers<span class=\"_ _f\"></span>o<span class=\"_ _2\"></span> organis<span class=\"_ _1\"></span>mi di<span class=\"_ _df\"> </span></div></td><td class=\"c x9b2 y3435 wfe8 h57a\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">Fitch Ratings<span class=\"_ _df\"> </span></div></td></tr><tr><td class=\"c x262 y3436 wff1 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">investimento co<span class=\"_ _f\"></span>l<span class=\"_ _2\"></span>lettivo de<span class=\"_ _f\"></span>l<span class=\"_ _df\"> </span></div></td><td class=\"c x9b3 y3436 wff2 h484\"><div class=\"t m0 x250 h1f y2410 ff5 fs7 fc1 sc0 ls0 ws0\">Standard &amp; Poo<span class=\"_ _1\"></span>r\u2019s R<span class=\"ff4\">ating<span class=\"_ _df\"> </span></span></div></td></tr><tr><td class=\"c x262 y3437 wc57 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">risparmio (OICR)<span class=\"_ _df\"> </span></div></td><td class=\"c x9b4 y3437 wfeb h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">Services*<span class=\"_ _df\"> </span></div></td></tr><tr><td class=\"c x262 y3438 wff3 h4b6\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">Posizioni verso <span class=\"_ _1\"></span>le<span class=\"_ _df\"> </span></div></td><td class=\"c x9b2 y3438 wfe8 h4b6\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">Fitch Ratings<span class=\"_ _df\"> </span></div></td></tr><tr><td class=\"c x262 y3439 wff4 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">cartolarizzazion<span class=\"_ _1\"></span>i aventi un rating<span class=\"_ _df\"> </span></div></td><td class=\"c x9b3 y3439 wfea h484\"><div class=\"t m0 x250 h1f y2410 ff5 fs7 fc1 sc0 ls0 ws0\">Standard &amp; Poo<span class=\"_ _1\"></span>r\u2019s Rating<span class=\"_ _df\"> </span></div></td></tr><tr><td class=\"c x262 y343a wff5 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">a breve termine<span class=\"_ _df\"> </span></div></td><td class=\"c x9b5 y343a wff6 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">Services<span class=\"_ _df\"> </span></div></td></tr><tr><td></td><td class=\"c x9b6 y343b wff7 h484\"><div class=\"t m0 x250 h1f y2410 ff5 fs7 fc1 sc0 ls0 ws0\">Moody\u2019s<span class=\"_ _df\"> </span></div></td></tr><tr><td class=\"c x262 y343c wff3 h57b\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">Posizioni verso <span class=\"_ _1\"></span>le<span class=\"_ _df\"> </span></div></td><td class=\"c x9b2 y343c wfe8 h57b\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">Fitch Ratings<span class=\"_ _df\"> </span></div></td></tr><tr><td class=\"c x262 y2c08 wff8 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">cartolarizzazion<span class=\"_ _1\"></span>i diverse da<span class=\"_ _df\"> </span></div></td><td class=\"c x9b3 y2c08 wfea h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">Standard &amp; <span class=\"ff5\">Poor\u2019<span class=\"_ _1\"></span>s Rating<span class=\"_ _df\"> </span></span></div></td></tr><tr><td class=\"c x262 y2701 wff9 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">quelle aventi un ra<span class=\"_ _1\"></span>ting a breve<span class=\"_ _df\"> </span></div></td><td class=\"c x9b5 y2701 wff6 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">Services<span class=\"_ _df\"> </span></div></td></tr><tr><td class=\"c x262 y2491 wdc3 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">termine<span class=\"_ _df\"> </span></div></td><td class=\"c x9b6 y2491 wff7 h484\"><div class=\"t m0 x250 h1f y2410 ff5 fs7 fc1 sc0 ls0 ws0\">Moody\u2019s<span class=\"_ _df\"> </span></div></td></tr></table></div><div class=\"t m0 h30 ff4 fsb fc1 sc0 ls0 ws0 gs1155\">*ECAI utilizzata solo nel<span class=\"_ _2\"></span>la mitigazione del ris<span class=\"_ _2\"></span>chio (CRM) su strumenti fi<span class=\"_ _2\"></span>nanziari accattati a garanzia<span class=\"_ _df\"> </span></div><div class=\"gs1156\"><table class=\"s wffa h57c\" id=\"_c0ec6344-acaa-412d-b110-bc473edf5615\"><tr><td class=\"c x262 y343d wffb h57d\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc2 ls0 ws0\">Clas<span class=\"_ _f\"></span>se di me<span class=\"_ _1\"></span>rito<span class=\"_ _f\"></span> di<span class=\"_ _df\"> </span></div></td><td class=\"c x4c4 y343e w13 ha6\"><div class=\"t m0 x8a h1f y474 ff4 fs7 fc1 sc0 ls0 ws0\">DBRS Rating Lim<span class=\"_ _1\"></span>ited </div></td><td class=\"c x5b8 y343e w13 ha6\"><div class=\"t m0 x8a h1f y474 ff4 fs7 fc1 sc0 ls0 ws0\">Fitch Ratings </div></td><td class=\"c x9b7 y343d wffc h57d\"><div class=\"t m0 x250 h1f y2410 ff5 fs7 fc1 sc0 ls0 ws0\">Standard &amp; Poo<span class=\"_ _1\"></span>r\u2019s<span class=\"_ _df\"> </span></div></td><td class=\"c x4c9 y343e w13 ha6\"><div class=\"t m0 x26 h1f y474 ff5 fs7 fc1 sc0 ls0 ws0\">Moody\u2019s<span class=\"ff4\"> </span></div></td></tr><tr><td class=\"c x262 y343f wffd h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc2 ls0 ws0\">credit<span class=\"_ _f\"></span>o<span class=\"_ _df\"> </span></div></td><td></td><td></td><td class=\"c x9b8 y343f wffe h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">Rating Services<span class=\"_ _df\"> </span></div></td><td></td></tr><tr><td class=\"c x46b y3440 w5a0 h2d\"><div class=\"t m0 x8a h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">1 </div></td><td class=\"c x4c4 y3440 w13 h2d\"><div class=\"t m0 x8a h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">da AAA a A<span class=\"ls42\">AL</span> </div></td><td class=\"c x5b8 y3440 w13 h2d\"><div class=\"t m0 x8a h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">da AAA a AA- </div></td><td class=\"c x5d3 y3440 w468 h2d\"><div class=\"t m0 x8a h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">da AAA a AA- </div></td><td class=\"c x4c9 y3440 w13 h2d\"><div class=\"t m0 x8a h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">da Aaa a Aa3 </div></td></tr><tr><td class=\"c x46b y3441 w5a0 h2d\"><div class=\"t m0 x8a h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">2 </div></td><td class=\"c x4c4 y3441 w13 h2d\"><div class=\"t m0 x8a h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">da AH a AL </div></td><td class=\"c x5b8 y3441 w13 h2d\"><div class=\"t m0 x8a h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">da A+ a A- </div></td><td class=\"c x5d3 y3441 w468 h2d\"><div class=\"t m0 x8a h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">da A+ a A- </div></td><td class=\"c x4c9 y3441 w13 h2d\"><div class=\"t m0 x8a h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">da A1 a A3 </div></td></tr><tr><td class=\"c x46b y3442 w5a0 h2d\"><div class=\"t m0 x8a h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">3 </div></td><td class=\"c x4c4 y3442 w13 h2d\"><div class=\"t m0 x8a h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">da BBBH a BBBL<span class=\"_ _1\"></span> </div></td><td class=\"c x5b8 y3442 w13 h2d\"><div class=\"t m0 x8a h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">da BBB+ a BBB-<span class=\"_ _f\"></span> </div></td><td class=\"c x5d3 y3442 w468 h2d\"><div class=\"t m0 x8a h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">da BBB+ a BBB-<span class=\"_ _f\"></span> </div></td><td class=\"c x4c9 y3442 w13 h2d\"><div class=\"t m0 x8a h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">da Baa1 a Baa3<span class=\"_ _1\"></span> </div></td></tr><tr><td class=\"c x46b y3443 w5a0 h2c\"><div class=\"t m0 x8a h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">4 </div></td><td class=\"c x4c4 y3443 w13 h2c\"><div class=\"t m0 x8a h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">da BBH a BBL </div></td><td class=\"c x5b8 y3443 w13 h2c\"><div class=\"t m0 x8a h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">da BB+ a BB- </div></td><td class=\"c x5d3 y3443 w468 h2c\"><div class=\"t m0 x8a h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">da BB+ a BB- </div></td><td class=\"c x4c9 y3443 w13 h2c\"><div class=\"t m0 x8a h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">da Ba1 a Ba3 </div></td></tr><tr><td class=\"c x46b y3444 w5a0 h2c\"><div class=\"t m0 x8a h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">5 </div></td><td class=\"c x4c4 y3444 w13 h2c\"><div class=\"t m0 x8a h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">da BH a BL </div></td><td class=\"c x5b8 y3444 w13 h2c\"><div class=\"t m0 x8a h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">da B+ a B- </div></td><td class=\"c x5d3 y3444 w468 h2c\"><div class=\"t m0 x8a h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">da B+ a B- </div></td><td class=\"c x4c9 y3444 w13 h2c\"><div class=\"t m0 x8a h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">da B1 a B3 </div></td></tr><tr><td class=\"c x46b y3445 w5a0 h2c\"><div class=\"t m0 x8a h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">6 </div></td><td class=\"c x4c4 y3445 w13 h2c\"><div class=\"t m0 x8a h1f y32 ff4 fs7 fc1 sc0 ls44 ws0\">CCC<span class=\"ls0\"> </span></div></td><td class=\"c x5b8 y3445 w13 h2c\"><div class=\"t m0 x8a h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">CCC+ e inferior<span class=\"_ _1\"></span>i </div></td><td class=\"c x5d3 y3445 w468 h2c\"><div class=\"t m0 x8a h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">CCC+ e inferior<span class=\"_ _1\"></span>i </div></td><td class=\"c x4c9 y3445 w13 h2c\"><div class=\"t m0 x8a h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">Caa1 e inferiori </div></td></tr></table></div><div class=\"c w2c2 h23d gs1158\"><div class=\"t m0 x8a h5 y307 ff4 fs1 fc4 sc3 ls0 ws0\">A.2.2 <span class=\"_ _f\"></span>Consolida<span class=\"_ _f\"></span>to prude<span class=\"_ _1\"></span>nzia<span class=\"_ _1\"></span>le - D<span class=\"_ _f\"></span>istribuzi<span class=\"_ _1\"></span>one d<span class=\"_ _1\"></span>elle a<span class=\"_ _f\"></span>ttivit\u00e0 <span class=\"_ _f\"></span>finanzia<span class=\"_ _1\"></span>rie, d<span class=\"_ _1\"></span>egli i<span class=\"_ _1\"></span>mpeg<span class=\"_ _f\"></span>ni a eroga<span class=\"_ _f\"></span>re fondi<span class=\"_ _1\"></span> e dell<span class=\"_ _1\"></span>e gar<span class=\"_ _f\"></span>anzie </div><div class=\"t m0 x8a h5 y2e7 ff4 fs1 fc4 sc3 ls0 ws0\">finanzi<span class=\"_ _1\"></span>arie <span class=\"_ _f\"></span>rilascia<span class=\"_ _1\"></span>te pe<span class=\"_ _1\"></span>r cla<span class=\"_ _1\"></span>ssi di <span class=\"_ _1\"></span>rating <span class=\"_ _1\"></span>inter<span class=\"_ _f\"></span>ni (valor<span class=\"_ _1\"></span>i lordi<span class=\"_ _1\"></span>)<span class=\"_ _df\"> </span></div></div><div class=\"gs1159\"><table class=\"s wfff h57e\" id=\"_b6b7f0fc-0e4b-4a7b-9149-2a940827043a\"><tr><td class=\"c x46b y3446 w5a1 h1a7\"><div class=\"t m0 x8a h30 y8d7 ff4 fsb fc4 sc3 ls0 ws0\">Esposizio<span class=\"_ _1\"></span>ni<span class=\"fc1 sc0\"> </span></div></td><td></td><td></td><td></td><td></td><td class=\"c x83d y3447 w5a2 h27c\"><div class=\"t m0 x14d h30 y25 ff4 fsb fc4 sc3 ls0 ws0\">Classi di r<span class=\"_ _f\"></span>a<span class=\"_ _2\"></span>ting i<span class=\"_ _1\"></span>nterni<span class=\"fc1 sc0\"> </span></div></td><td></td><td></td><td></td><td class=\"c x9b9 y3448 w1000 h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">Senza<span class=\"_ _df\"> </span></div></td><td class=\"c x459 y3446 w2de h1a7\"><div class=\"t m0 x2a h30 y8d7 ff4 fsb fc4 sc3 ls0 ws0\">Totale<span class=\"fc1 sc0\"> </span></div></td></tr><tr><td></td><td class=\"c x83d y3446 w2af hc2\"><div class=\"t m0 xac h30 y892 ff4 fsb fc4 sc3 ls0 ws0\">Classe 1<span class=\"_ _1\"></span><span class=\"fc1 sc0\"> </span></div></td><td class=\"c x688 y3446 w163 hc2\"><div class=\"t m0 x8e h30 y892 ff4 fsb fc4 sc3 ls0 ws0\">Classe 2<span class=\"_ _1\"></span><span class=\"fc1 sc0\"> </span></div></td><td class=\"c x9ba y3446 w1dc hc2\"><div class=\"t m0 xac h30 y892 ff4 fsb fc4 sc3 ls0 ws0\">Classe 3<span class=\"fc1 sc0\"> </span></div></td><td class=\"c x91b y3446 w154 hc2\"><div class=\"t m0 xac h30 y892 ff4 fsb fc4 sc3 ls0 ws0\">Classe 4<span class=\"_ _1\"></span><span class=\"fc1 sc0\"> </span></div></td><td class=\"c x457 y3446 w3b7 hc2\"><div class=\"t m0 xac h30 y892 ff4 fsb fc4 sc3 ls0 ws0\">Classe 5<span class=\"fc1 sc0\"> </span></div></td><td class=\"c x9bb y3446 w1f1 hc2\"><div class=\"t m0 xab h30 y892 ff4 fsb fc4 sc3 ls0 ws0\">Classe 6<span class=\"fc1 sc0\"> </span></div></td><td class=\"c x9bc y3446 w169 hc2\"><div class=\"t m0 x8a h30 y892 ff4 fsb fc4 sc3 ls0 ws0\">Classe 7<span class=\"_ _f\"></span><span class=\"fc1 sc0\"> </span></div></td><td class=\"c x62a y3446 w32e hc2\"><div class=\"t m0 xab h30 yf81 ff4 fsb fc4 sc3 ls0 ws0\">Classe </div><div class=\"t m0 x55 h30 y28b ff4 fsb fc4 sc3 ls0 ws0\">8<span class=\"fc1 sc0\"> </span></div></td><td class=\"c x9bd y3449 w1001 h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">rating<span class=\"_ _df\"> </span></div></td><td></td></tr><tr><td class=\"c x262 y344a w1002 h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc1 sc2 ls0 ws0\">A. Attivit<span class=\"_ _1\"></span>\u00e0<span class=\"_ _df\"> </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 x262 y344b w1003 h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc1 sc2 ls0 ws0\">finanziari<span class=\"_ _1\"></span>e<span class=\"_ _df\"> </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 x262 y344c w1004 h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc1 sc2 ls0 ws0\">valutate<span class=\"_ _f\"></span> a<span class=\"_ _2\"></span>l<span class=\"_ _df\"> </span></div></td><td class=\"c x83d y344d w182 h1d4\"><div class=\"t m0 xab h30 y9e3 ff4 fsb fc1 sc2 ls0 ws0\">4.572.3<span class=\"_ _f\"></span>1<span class=\"_ _2\"></span>2<span class=\"sc0\"> </span></div></td><td class=\"c x688 y344d w473 h1d4\"><div class=\"t m0 xac h30 y9e3 ff4 fsb fc1 sc2 ls0 ws0\">14.279.913<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x9ba y344d w177 h1d4\"><div class=\"t m0 xab h30 y9e3 ff4 fsb fc1 sc2 ls0 ws0\">6.695.606<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x91b y344d w136 h1d4\"><div class=\"t m0 xab h30 y9e3 ff4 fsb fc1 sc2 ls0 ws0\">5.159.648<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x457 y344d w587 h1d4\"><div class=\"t m0 xab h30 y9e3 ff4 fsb fc1 sc2 ls0 ws0\">3.627.078<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x9bb y344d w318 h1d4\"><div class=\"t m0 x8e h30 y9e3 ff4 fsb fc1 sc2 ls0 ws0\">1.117.313<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x9bc y344d w16c h1d4\"><div class=\"t m0 x8a h30 y9e3 ff4 fsb fc1 sc2 ls0 ws0\">288.366<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x62a y344d w14a h1d4\"><div class=\"t m0 xab h30 y9e3 ff4 fsb fc1 sc2 ls0 ws0\">143.180<span class=\"sc0\"> </span></div></td><td class=\"c x45f y344d w2bf h1d4\"><div class=\"t m0 xac h30 y9e3 ff4 fsb fc1 sc2 ls0 ws0\">21.549.3<span class=\"_ _1\"></span>90<span class=\"sc0\"> </span></div></td><td class=\"c x459 y344d w2de h1d4\"><div class=\"t m0 xab h30 y9e3 ff4 fsb fc1 sc2 ls0 ws0\">57.432<span class=\"_ _1\"></span>.806<span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x262 y344e w1005 h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc1 sc2 ls0 ws0\">costo<span class=\"_ _df\"> </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 x262 y344f we8f h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc1 sc2 ls0 ws0\">ammorti<span class=\"_ _1\"></span>zzato<span class=\"_ _df\"> </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 x46b y3450 w5a1 hc8\"><div class=\"t m0 x8a h30 y3e4 ff4 fsb fc1 sc0 ls0 ws0\">- Primo stadio</div></td><td class=\"c x83d y3450 w182 hc8\"><div class=\"t m0 xab h30 y3e4 ff4 fsb fc1 sc0 ls0 ws0\">4.571.769 </div></td><td class=\"c x688 y3450 w473 hc8\"><div class=\"t m0 x8a h30 y3e4 ff4 fsb fc1 sc0 ls0 ws0\">14.262.990<span class=\"_ _2\"></span> </div></td><td class=\"c x9ba y3450 w177 hc8\"><div class=\"t m0 xab h30 y3e4 ff4 fsb fc1 sc0 ls0 ws0\">6.679.403 </div></td><td class=\"c x91b y3450 w136 hc8\"><div class=\"t m0 x8a h30 y3e4 ff4 fsb fc1 sc0 ls0 ws0\">4.239.455 </div></td><td class=\"c x457 y3450 w587 hc8\"><div class=\"t m0 x8a h30 y3e4 ff4 fsb fc1 sc0 ls0 ws0\">2.857.643 </div></td><td class=\"c x9bb y3450 w318 hc8\"><div class=\"t m0 xac h30 y3e4 ff4 fsb fc1 sc0 ls0 ws0\">599.434 </div></td><td class=\"c x9bc y3450 w16c hc8\"><div class=\"t m0 x8e h30 y3e4 ff4 fsb fc1 sc0 ls0 ws0\">87.988 </div></td><td class=\"c x62a y3450 w14a hc8\"><div class=\"t m0 x16a h30 y3e4 ff4 fsb fc1 sc0 ls0 ws0\">33.211 </div></td><td class=\"c x45f y3450 w2bf hc8\"><div class=\"t m0 x8a h30 y3e4 ff4 fsb fc1 sc0 ls0 ws0\">20.766.045<span class=\"_ _2\"></span> </div></td><td class=\"c x459 y3450 w2de hc8\"><div class=\"t m0 x8a h30 y3e4 ff4 fsb fc1 sc0 ls0 ws0\">54.097.938 </div></td></tr><tr><td class=\"c x262 y3451 w1006 h4aa\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">- Secondo<span class=\"_ _df\"> </span></div></td><td class=\"c x83d y3452 w182 h98\"><div class=\"t m0 x32 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">543 </div></td><td class=\"c x688 y3452 w473 h98\"><div class=\"t m0 x14 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">16.858 </div></td><td class=\"c x9ba y3452 w177 h98\"><div class=\"t m0 x14 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">13.314 </div></td><td class=\"c x91b y3452 w136 h98\"><div class=\"t m0 x116 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">917.606 </div></td><td class=\"c x457 y3452 w587 h98\"><div class=\"t m0 x16a h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">769.429 </div></td><td class=\"c x9bb y3452 w318 h98\"><div class=\"t m0 x2f h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">517.685 </div></td><td class=\"c x9bc y3452 w16c h98\"><div class=\"t m0 xab h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">199.660 </div></td><td class=\"c x62a y3452 w14a h98\"><div class=\"t m0 x8a h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">109.932 </div></td><td class=\"c x45f y3452 w2bf h98\"><div class=\"t m0 x55 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">168.623 </div></td><td class=\"c x459 y3452 w2de h98\"><div class=\"t m0 x2f h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">2.713.650 </div></td></tr><tr><td class=\"c x262 y3453 w9ba h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">stadio<span class=\"_ _df\"> </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 x46b y3454 w5a1 hc8\"><div class=\"t m0 x8a h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- Terzo stadio<span class=\"_ _df\"> </span></div></td><td class=\"c x83d y3454 w182 hc8\"><div class=\"t m0 x38 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x688 y3454 w473 hc8\"><div class=\"t m0 x15 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9ba y3454 w177 hc8\"><div class=\"t m0 x30 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x91b y3454 w136 hc8\"><div class=\"t m0 x31 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x457 y3454 w587 hc8\"><div class=\"t m0 x31 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9bb y3454 w318 hc8\"><div class=\"t m0 x97 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9bc y3454 w16c hc8\"><div class=\"t m0 x26 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x62a y3454 w14a hc8\"><div class=\"t m0 x27 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x45f y3454 w2bf hc8\"><div class=\"t m0 x2e h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">606.398 </div></td><td class=\"c x459 y3454 w2de hc8\"><div class=\"t m0 x2e h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">606.398 </div></td></tr><tr><td class=\"c x262 y3455 w1007 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">- Impaired<span class=\"_ _df\"> </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 x262 y3456 w1008 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">acquisite o<span class=\"_ _df\"> </span></div></td><td class=\"c x83d y3457 w182 h136\"><div class=\"t m0 x38 h30 y9bd ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x688 y3457 w473 h136\"><div class=\"t m0 x97 h30 y9bd ff4 fsb fc1 sc0 ls53 ws0\">65</div></td><td class=\"c x9ba y3457 w177 h136\"><div class=\"t m0 x14 h30 y9bd ff4 fsb fc1 sc0 ls0 ws0\">2.889 </div></td><td class=\"c x91b y3457 w136 h136\"><div class=\"t m0 x14 h30 y9bd ff4 fsb fc1 sc0 ls0 ws0\">2.587 </div></td><td class=\"c x457 y3457 w587 h136\"><div class=\"t m0 x38 h30 y9bd ff4 fsb fc1 sc0 ls0 ws0\">6 </div></td><td class=\"c x9bb y3457 w318 h136\"><div class=\"t m0 x32 h30 y9bd ff4 fsb fc1 sc0 ls0 ws0\">194 </div></td><td class=\"c x9bc y3457 w16c h136\"><div class=\"t m0 x33 h30 y9bd ff4 fsb fc1 sc0 ls0 ws0\">718 </div></td><td class=\"c x62a y3457 w14a h136\"><div class=\"t m0 x33 h30 y9bd ff4 fsb fc1 sc0 ls5c ws0\">37<span class=\"ls0\"> </span></div></td><td class=\"c x45f y3457 w2bf h136\"><div class=\"t m0 x32 h30 y9bd ff4 fsb fc1 sc0 ls0 ws0\">8.324 </div></td><td class=\"c x459 y3457 w2de h136\"><div class=\"t m0 x48 h30 y9bd ff4 fsb fc1 sc0 ls0 ws0\">14.820 </div></td></tr><tr><td class=\"c x262 y3458 w9bd h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">originate<span class=\"_ _df\"> </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 x262 y3459 w1009 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc2 ls0 ws0\">B. Attivit<span class=\"_ _f\"></span>\u00e0<span class=\"_ _df\"> </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 x262 y345a w1003 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc2 ls0 ws0\">finanziari<span class=\"_ _1\"></span>e<span class=\"_ _df\"> </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 x262 y345b w100a h509\"><div class=\"t m0 x250 h30 y2ba3 ff4 fsb fc1 sc2 ls0 ws0\">valutate<span class=\"_ _f\"></span> a<span class=\"_ _2\"></span>l fair<span class=\"_ _df\"> </span></div><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc2 ls0 ws0\">value co<span class=\"_ _f\"></span>n<span class=\"_ _df\"> </span></div></td><td class=\"c x83d y345c w182 h11a\"><div class=\"t m0 x38 h30 y9d4 ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x688 y345c w473 h11a\"><div class=\"t m0 x15 h30 y9d4 ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x9ba y345c w177 h11a\"><div class=\"t m0 x30 h30 y9d4 ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x91b y345c w136 h11a\"><div class=\"t m0 x31 h30 y9d4 ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x457 y345c w587 h11a\"><div class=\"t m0 x31 h30 y9d4 ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x9bb y345c w318 h11a\"><div class=\"t m0 x97 h30 y9d4 ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x9bc y345c w16c h11a\"><div class=\"t m0 x26 h30 y9d4 ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x62a y345c w14a h11a\"><div class=\"t m0 x2e h30 y9d4 ff4 fsb fc1 sc2 ls0 ws0\">1.478<span class=\"sc0\"> </span></div></td><td class=\"c x45f y345c w2bf h11a\"><div class=\"t m0 x2e h30 y9d4 ff4 fsb fc1 sc2 ls0 ws0\">5.115.818<span class=\"sc0\"> </span></div></td><td class=\"c x459 y345c w2de h11a\"><div class=\"t m0 x2a h30 y9d4 ff4 fsb fc1 sc2 ls0 ws0\">5.117.296<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x262 y345d w100b h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc2 ls0 ws0\">impatto<span class=\"_ _1\"></span> sulla<span class=\"_ _df\"> </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 x262 y345e w100c h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc2 ls0 ws0\">redditivit<span class=\"_ _1\"></span>\u00e0<span class=\"_ _df\"> </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 x262 y345f we36 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc2 ls0 ws0\">comples<span class=\"_ _1\"></span>siva<span class=\"_ _df\"> </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 x46b y3460 w5a1 hc8\"><div class=\"t m0 x8a h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- Primo stadio<span class=\"_ _df\"> </span></div></td><td class=\"c x83d y3460 w182 hc8\"><div class=\"t m0 x38 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x688 y3460 w473 hc8\"><div class=\"t m0 x15 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9ba y3460 w177 hc8\"><div class=\"t m0 x30 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x91b y3460 w136 hc8\"><div class=\"t m0 x31 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x457 y3460 w587 hc8\"><div class=\"t m0 x31 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9bb y3460 w318 hc8\"><div class=\"t m0 x97 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9bc y3460 w16c hc8\"><div class=\"t m0 x26 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x62a y3460 w14a hc8\"><div class=\"t m0 x2a h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">1.478 </div></td><td class=\"c x45f y3460 w2bf hc8\"><div class=\"t m0 x2a h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">5.115.818 </div></td><td class=\"c x459 y3460 w2de hc8\"><div class=\"t m0 x116 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">5.117.296 </div></td></tr><tr><td class=\"c x262 y3461 w1006 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">- Secondo<span class=\"_ _df\"> </span></div></td><td class=\"c x83d y3462 w182 h98\"><div class=\"t m0 x38 h30 y27 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x688 y3462 w473 h98\"><div class=\"t m0 x15 h30 y27 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9ba y3462 w177 h98\"><div class=\"t m0 x30 h30 y27 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x91b y3462 w136 h98\"><div class=\"t m0 x31 h30 y27 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x457 y3462 w587 h98\"><div class=\"t m0 x31 h30 y27 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9bb y3462 w318 h98\"><div class=\"t m0 x97 h30 y27 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9bc y3462 w16c h98\"><div class=\"t m0 x26 h30 y27 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x62a y3462 w14a h98\"><div class=\"t m0 x27 h30 y27 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x45f y3462 w2bf h98\"><div class=\"t m0 x8f h30 y27 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x459 y3462 w2de h98\"><div class=\"t m0 x36 h30 y27 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x262 y3463 w9ba h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">stadio<span class=\"_ _df\"> </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 x46b y3464 w5a1 hc8\"><div class=\"t m0 x8a h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- Terzo stadio<span class=\"_ _df\"> </span></div></td><td class=\"c x83d y3464 w182 hc8\"><div class=\"t m0 x38 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x688 y3464 w473 hc8\"><div class=\"t m0 x15 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9ba y3464 w177 hc8\"><div class=\"t m0 x30 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x91b y3464 w136 hc8\"><div class=\"t m0 x31 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x457 y3464 w587 hc8\"><div class=\"t m0 x31 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9bb y3464 w318 hc8\"><div class=\"t m0 x97 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9bc y3464 w16c hc8\"><div class=\"t m0 x26 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x62a y3464 w14a hc8\"><div class=\"t m0 x27 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x45f y3464 w2bf hc8\"><div class=\"t m0 x8f h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x459 y3464 w2de hc8\"><div class=\"t m0 x36 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x262 y3465 w1007 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">- Impaired<span class=\"_ _df\"> </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 x262 y3466 w1008 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">acquisite o<span class=\"_ _df\"> </span></div></td><td class=\"c x83d y3467 w182 h136\"><div class=\"t m0 x38 h30 y9bd ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x688 y3467 w473 h136\"><div class=\"t m0 x15 h30 y9bd ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9ba y3467 w177 h136\"><div class=\"t m0 x30 h30 y9bd ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x91b y3467 w136 h136\"><div class=\"t m0 x31 h30 y9bd ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x457 y3467 w587 h136\"><div class=\"t m0 x31 h30 y9bd ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9bb y3467 w318 h136\"><div class=\"t m0 x97 h30 y9bd ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9bc y3467 w16c h136\"><div class=\"t m0 x26 h30 y9bd ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x62a y3467 w14a h136\"><div class=\"t m0 x27 h30 y9bd ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x45f y3467 w2bf h136\"><div class=\"t m0 x8f h30 y9bd ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x459 y3467 w2de h136\"><div class=\"t m0 x36 h30 y9bd ff4 fsb fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x262 y3468 w9bd h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">originate<span class=\"_ _df\"> </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 x262 y3469 w100d h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc2 ls0 ws0\">C. Attivit<span class=\"_ _1\"></span>\u00e0<span class=\"_ _df\"> </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 x262 y346a wab1 h509\"><div class=\"t m0 x250 h30 y2ba3 ff4 fsb fc1 sc2 ls0 ws0\">finanziari<span class=\"_ _1\"></span>e in<span class=\"_ _df\"> </span></div><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc2 ls0 ws0\">corso di<span class=\"_ _df\"> </span></div></td><td class=\"c x83d y346b w182 h17e\"><div class=\"t m0 x38 h30 y50 ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x688 y346b w473 h17e\"><div class=\"t m0 x15 h30 y50 ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x9ba y346b w177 h17e\"><div class=\"t m0 x30 h30 y50 ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x91b y346b w136 h17e\"><div class=\"t m0 x31 h30 y50 ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x457 y346b w587 h17e\"><div class=\"t m0 x31 h30 y50 ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x9bb y346b w318 h17e\"><div class=\"t m0 x97 h30 y50 ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x9bc y346b w16c h17e\"><div class=\"t m0 x26 h30 y50 ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x62a y346b w14a h17e\"><div class=\"t m0 x27 h30 y50 ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x45f y346b w2bf h17e\"><div class=\"t m0 x8f h30 y50 ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x459 y346b w2de h17e\"><div class=\"t m0 x36 h30 y50 ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x262 y346c w100e h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc2 ls0 ws0\">dismissi<span class=\"_ _1\"></span>one<span class=\"_ _df\"> </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 x46b y346d w5a1 hc8\"><div class=\"t m0 x8a h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- Primo stadio<span class=\"_ _df\"> </span></div></td><td class=\"c x83d y346d w182 hc8\"><div class=\"t m0 x38 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x688 y346d w473 hc8\"><div class=\"t m0 x15 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9ba y346d w177 hc8\"><div class=\"t m0 x30 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x91b y346d w136 hc8\"><div class=\"t m0 x31 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x457 y346d w587 hc8\"><div class=\"t m0 x31 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9bb y346d w318 hc8\"><div class=\"t m0 x97 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9bc y346d w16c hc8\"><div class=\"t m0 x26 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x62a y346d w14a hc8\"><div class=\"t m0 x27 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x45f y346d w2bf hc8\"><div class=\"t m0 x8f h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x459 y346d w2de hc8\"><div class=\"t m0 x36 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x262 y346e w1006 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">- Secondo<span class=\"_ _df\"> </span></div></td><td class=\"c x83d y346f w182 h12\"><div class=\"t m0 x38 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x688 y346f w473 h12\"><div class=\"t m0 x15 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9ba y346f w177 h12\"><div class=\"t m0 x30 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x91b y346f w136 h12\"><div class=\"t m0 x31 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x457 y346f w587 h12\"><div class=\"t m0 x31 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9bb y346f w318 h12\"><div class=\"t m0 x97 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9bc y346f w16c h12\"><div class=\"t m0 x26 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x62a y346f w14a h12\"><div class=\"t m0 x27 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x45f y346f w2bf h12\"><div class=\"t m0 x8f h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x459 y346f w2de h12\"><div class=\"t m0 x36 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x262 y3470 w9ba h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">stadio<span class=\"_ _df\"> </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 x46b y3471 w5a1 hc8\"><div class=\"t m0 x8a h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- Terzo stadio<span class=\"_ _df\"> </span></div></td><td class=\"c x83d y3471 w182 hc8\"><div class=\"t m0 x38 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x688 y3471 w473 hc8\"><div class=\"t m0 x15 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9ba y3471 w177 hc8\"><div class=\"t m0 x30 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x91b y3471 w136 hc8\"><div class=\"t m0 x31 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x457 y3471 w587 hc8\"><div class=\"t m0 x31 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9bb y3471 w318 hc8\"><div class=\"t m0 x97 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9bc y3471 w16c hc8\"><div class=\"t m0 x26 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x62a y3471 w14a hc8\"><div class=\"t m0 x27 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x45f y3471 w2bf hc8\"><div class=\"t m0 x8f h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x459 y3471 w2de hc8\"><div class=\"t m0 x36 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x262 y3472 w1007 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">- Impaired<span class=\"_ _df\"> </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 x262 y3473 w1008 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">acquisite o<span class=\"_ _df\"> </span></div></td><td class=\"c x83d y3474 w182 h17f\"><div class=\"t m0 x38 h30 y589 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x688 y3474 w473 h17f\"><div class=\"t m0 x15 h30 y589 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9ba y3474 w177 h17f\"><div class=\"t m0 x30 h30 y589 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x91b y3474 w136 h17f\"><div class=\"t m0 x31 h30 y589 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x457 y3474 w587 h17f\"><div class=\"t m0 x31 h30 y589 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9bb y3474 w318 h17f\"><div class=\"t m0 x97 h30 y589 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9bc y3474 w16c h17f\"><div class=\"t m0 x26 h30 y589 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x62a y3474 w14a h17f\"><div class=\"t m0 x27 h30 y589 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x45f y3474 w2bf h17f\"><div class=\"t m0 x8f h30 y589 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x459 y3474 w2de h17f\"><div class=\"t m0 x36 h30 y589 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x262 y3475 w9bd h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">originate<span class=\"_ _df\"> </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 x262 y3476 w100f h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc2 ls0 ws0\">Totale<span class=\"_ _df\"> </span></div></td><td class=\"c x83d y3477 w182 h12\"><div class=\"t m0 xab h30 y295 ff4 fsb fc1 sc2 ls0 ws0\">4.572.3<span class=\"_ _f\"></span>1<span class=\"_ _2\"></span>2<span class=\"sc0\"> </span></div></td><td class=\"c x688 y3477 w473 h12\"><div class=\"t m0 xac h30 y295 ff4 fsb fc1 sc2 ls0 ws0\">14.279.913<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x9ba y3477 w177 h12\"><div class=\"t m0 xab h30 y295 ff4 fsb fc1 sc2 ls0 ws0\">6.695.606<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x91b y3477 w136 h12\"><div class=\"t m0 xab h30 y295 ff4 fsb fc1 sc2 ls0 ws0\">5.159.648<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x457 y3477 w587 h12\"><div class=\"t m0 xab h30 y295 ff4 fsb fc1 sc2 ls0 ws0\">3.627.078<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x9bb y3477 w318 h12\"><div class=\"t m0 x8e h30 y295 ff4 fsb fc1 sc2 ls0 ws0\">1.117.313<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x9bc y3477 w16c h12\"><div class=\"t m0 x8a h30 y295 ff4 fsb fc1 sc2 ls0 ws0\">288.366<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x62a y3477 w14a h12\"><div class=\"t m0 x8a h30 y295 ff4 fsb fc1 sc2 ls0 ws0\">144.658<span class=\"sc0\"> </span></div></td><td class=\"c x45f y3477 w2bf h12\"><div class=\"t m0 xab h30 y295 ff4 fsb fc1 sc2 ls0 ws0\">26.665.2<span class=\"_ _1\"></span>08<span class=\"sc0\"> </span></div></td><td class=\"c x459 y3477 w2de h12\"><div class=\"t m0 xac h30 y295 ff4 fsb fc1 sc2 ls0 ws0\">62.550<span class=\"ls5e\">.102</span><span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x262 y331e w1010 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc2 ls0 ws0\">(A+B+C)<span class=\"_ _df\"> </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 x262 y3478 w1011 h509\"><div class=\"t m0 x250 h30 y2ba3 ff4 fsb fc1 sc2 ls0 ws0\">D. Impe<span class=\"_ _f\"></span>gni a<span class=\"_ _df\"> </span></div><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc2 ls0 ws0\">erogare<span class=\"_ _1\"></span> fondi<span class=\"_ _df\"> </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 x262 y3479 w1012 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc2 ls0 ws0\">e garanzi<span class=\"_ _1\"></span>e<span class=\"_ _df\"> </span></div></td><td class=\"c x83d y347a w182 h316\"><div class=\"t m0 xab h30 ya07 ff4 fsb fc1 sc2 ls0 ws0\">4.979.801<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x688 y347a w473 h316\"><div class=\"t m0 xac h30 ya07 ff4 fsb fc1 sc2 ls0 ws0\">3.907.862<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x9ba y347a w177 h316\"><div class=\"t m0 xac h30 ya07 ff4 fsb fc1 sc2 ls0 ws0\">2.071.2<span class=\"_ _1\"></span>99<span class=\"sc0\"> </span></div></td><td class=\"c x91b y347a w136 h316\"><div class=\"t m0 x16a h30 ya07 ff4 fsb fc1 sc2 ls0 ws0\">962.097<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x457 y347a w587 h316\"><div class=\"t m0 x16a h30 ya07 ff4 fsb fc1 sc2 ls0 ws0\">507.434<span class=\"sc0\"> </span></div></td><td class=\"c x9bb y347a w318 h316\"><div class=\"t m0 x8e h30 ya07 ff4 fsb fc1 sc2 ls0 ws0\">276.628<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x9bc y347a w16c h316\"><div class=\"t m0 x2f h30 ya07 ff4 fsb fc1 sc2 ls0 ws0\">26.394<span class=\"sc0\"> </span></div></td><td class=\"c x62a y347a w14a h316\"><div class=\"t m0 x116 h30 ya07 ff4 fsb fc1 sc2 ls0 ws0\">11.881<span class=\"sc0\"> </span></div></td><td class=\"c x45f y347a w2bf h316\"><div class=\"t m0 x2f h30 ya07 ff4 fsb fc1 sc2 ls0 ws0\">2.233<span class=\"_ _1\"></span>.930<span class=\"sc0\"> </span></div></td><td class=\"c x459 y347a w2de h316\"><div class=\"t m0 xac h30 ya07 ff4 fsb fc1 sc0 ls0 ws0\">14.977.326 </div></td></tr><tr><td class=\"c x262 y347b w1003 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc2 ls0 ws0\">finanziari<span class=\"_ _1\"></span>e<span class=\"_ _df\"> </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 x262 y347c w1013 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc2 ls0 ws0\">rilasciate<span class=\"_ _df\"> </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 x46b y347d w5a1 hc8\"><div class=\"t m0 x8a h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- Primo stadio</div></td><td class=\"c x83d y347d w182 hc8\"><div class=\"t m0 xab h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">4.979.315 </div></td><td class=\"c x688 y347d w473 hc8\"><div class=\"t m0 xab h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">3.906.580 </div></td><td class=\"c x9ba y347d w177 hc8\"><div class=\"t m0 x8a h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">2.068.080 </div></td><td class=\"c x91b y347d w136 hc8\"><div class=\"t m0 x116 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">716.939 </div></td><td class=\"c x457 y347d w587 hc8\"><div class=\"t m0 x2e h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">322.711 </div></td><td class=\"c x9bb y347d w318 hc8\"><div class=\"t m0 x2f h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">119.508 </div></td><td class=\"c x9bc y347d w16c hc8\"><div class=\"t m0 x2a h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">11.947 </div></td><td class=\"c x62a y347d w14a hc8\"><div class=\"t m0 x2a h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">1.836 </div></td><td class=\"c x45f y347d w2bf hc8\"><div class=\"t m0 x8e h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">2.096.998 </div></td><td class=\"c x459 y347d w2de hc8\"><div class=\"t m0 xac h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">14.223.914 </div></td></tr><tr><td class=\"c x262 y347e w1006 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">- Secondo<span class=\"_ _df\"> </span></div></td><td class=\"c x83d y347f w182 h12\"><div class=\"t m0 x32 h30 y295 ff4 fsb fc1 sc0 ls54 ws0\">486<span class=\"ls0\"> </span></div></td><td class=\"c x688 y347f w473 h12\"><div class=\"t m0 x32 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">1.282 </div></td><td class=\"c x9ba y347f w177 h12\"><div class=\"t m0 x33 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">3.219 </div></td><td class=\"c x91b y347f w136 h12\"><div class=\"t m0 x116 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">245.158 </div></td><td class=\"c x457 y347f w587 h12\"><div class=\"t m0 x116 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">184.596 </div></td><td class=\"c x9bb y347f w318 h12\"><div class=\"t m0 x16a h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">157.120 </div></td><td class=\"c x9bc y347f w16c h12\"><div class=\"t m0 x16a h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">14.447 </div></td><td class=\"c x62a y347f w14a h12\"><div class=\"t m0 x8e h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">10.045 </div></td><td class=\"c x45f y347f w2bf h12\"><div class=\"t m0 x14 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">92.998 </div></td><td class=\"c x459 y347f w2de h12\"><div class=\"t m0 x55 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">709.351 </div></td></tr><tr><td class=\"c x262 y3480 w9ba h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">stadio<span class=\"_ _df\"> </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 x46b y3481 w5a1 hc8\"><div class=\"t m0 x8a h30 y3e4 ff4 fsb fc1 sc0 ls0 ws0\">- Terzo stadio<span class=\"_ _df\"> </span></div></td><td class=\"c x83d y3481 w182 hc8\"><div class=\"t m0 x38 h30 y3e4 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x688 y3481 w473 hc8\"><div class=\"t m0 x15 h30 y3e4 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9ba y3481 w177 hc8\"><div class=\"t m0 x30 h30 y3e4 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x91b y3481 w136 hc8\"><div class=\"t m0 x31 h30 y3e4 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x457 y3481 w587 hc8\"><div class=\"t m0 x31 h30 y3e4 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9bb y3481 w318 hc8\"><div class=\"t m0 x97 h30 y3e4 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9bc y3481 w16c hc8\"><div class=\"t m0 x26 h30 y3e4 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x62a y3481 w14a hc8\"><div class=\"t m0 x27 h30 y3e4 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x45f y3481 w2bf hc8\"><div class=\"t m0 x14 h30 y3e4 ff4 fsb fc1 sc0 ls0 ws0\">42.960 </div></td><td class=\"c x459 y3481 w2de hc8\"><div class=\"t m0 x14 h30 y3e4 ff4 fsb fc1 sc0 ls0 ws0\">42.960 </div></td></tr><tr><td class=\"c x262 y3482 w1007 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">- Impaired<span class=\"_ _df\"> </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 x262 y30e4 w1014 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">acquisiti/e o<span class=\"_ _df\"> </span></div></td><td class=\"c x83d y3483 w182 h136\"><div class=\"t m0 x38 h30 y589 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x688 y3483 w473 h136\"><div class=\"t m0 x15 h30 y589 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9ba y3483 w177 h136\"><div class=\"t m0 x30 h30 y589 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x91b y3483 w136 h136\"><div class=\"t m0 x31 h30 y589 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x457 y3483 w587 h136\"><div class=\"t m0 x27 h30 y589 ff4 fsb fc1 sc0 ls0 ws0\">127 </div></td><td class=\"c x9bb y3483 w318 h136\"><div class=\"t m0 x97 h30 y589 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9bc y3483 w16c h136\"><div class=\"t m0 x26 h30 y589 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x62a y3483 w14a h136\"><div class=\"t m0 x27 h30 y589 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x45f y3483 w2bf h136\"><div class=\"t m0 x34 h30 y589 ff4 fsb fc1 sc0 ls0 ws0\">974 </div></td><td class=\"c x459 y3483 w2de h136\"><div class=\"t m0 x27 h30 y589 ff4 fsb fc1 sc0 ls52 ws0\">1.101<span class=\"ls0\"> </span></div></td></tr><tr><td class=\"c x262 y3484 w1015 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">originati/e<span class=\"_ _df\"> </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 x46b y3485 w5a1 hc8\"><div class=\"t m0 x33 h30 y3e4 ff4 fsb fc1 sc2 ls0 ws0\">Totale<span class=\"_ _1\"></span> (D)<span class=\"sc0\"> </span></div></td><td class=\"c x83d y3485 w182 hc8\"><div class=\"t m0 xab h30 y3e4 ff4 fsb fc1 sc2 ls0 ws0\">4.979.801<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x688 y3485 w473 hc8\"><div class=\"t m0 xac h30 y3e4 ff4 fsb fc1 sc2 ls0 ws0\">3.907.862<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x9ba y3485 w177 hc8\"><div class=\"t m0 xac h30 y3e4 ff4 fsb fc1 sc2 ls0 ws0\">2.071.2<span class=\"_ _1\"></span>99<span class=\"sc0\"> </span></div></td><td class=\"c x91b y3485 w136 hc8\"><div class=\"t m0 x16a h30 y3e4 ff4 fsb fc1 sc2 ls0 ws0\">962.097<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x457 y3485 w587 hc8\"><div class=\"t m0 x16a h30 y3e4 ff4 fsb fc1 sc2 ls6d ws0\">50<span class=\"ls0\">7.434</span><span class=\"ls0\"><span class=\"sc0\"> </span></span></div></td><td class=\"c x9bb y3485 w318 hc8\"><div class=\"t m0 x8e h30 y3e4 ff4 fsb fc1 sc2 ls0 ws0\">276.628<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x9bc y3485 w16c hc8\"><div class=\"t m0 x2f h30 y3e4 ff4 fsb fc1 sc2 ls0 ws0\">26.394<span class=\"sc0\"> </span></div></td><td class=\"c x62a y3485 w14a hc8\"><div class=\"t m0 x116 h30 y3e4 ff4 fsb fc1 sc2 ls0 ws0\">11.881<span class=\"sc0\"> </span></div></td><td class=\"c x45f y3485 w2bf hc8\"><div class=\"t m0 x2f h30 y3e4 ff4 fsb fc1 sc2 ls0 ws0\">2.233<span class=\"_ _1\"></span>.930<span class=\"sc0\"> </span></div></td><td class=\"c x459 y3485 w2de hc8\"><div class=\"t m0 xac h30 y3e4 ff4 fsb fc1 sc2 ls0 ws0\">14.977.32<span class=\"_ _1\"></span>6<span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x9be y3486 w100f h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc2 ls0 ws0\">Totale<span class=\"_ _df\"> </span></div></td><td class=\"c x83d y3487 w182 h98\"><div class=\"t m0 xac h30 y27 ff4 fsb fc1 sc2 ls0 ws0\">9.552.113<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x688 y3487 w473 h98\"><div class=\"t m0 xac h30 y27 ff4 fsb fc1 sc2 ls0 ws0\">18.187.7<span class=\"_ _1\"></span>75<span class=\"sc0\"> </span></div></td><td class=\"c x9ba y3487 w177 h98\"><div class=\"t m0 xab h30 y27 ff4 fsb fc1 sc2 ls0 ws0\">8.766.905<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x91b y3487 w136 h98\"><div class=\"t m0 x8e h30 y27 ff4 fsb fc1 sc2 ls0 ws0\">6.121.745<span class=\"sc0\"> </span></div></td><td class=\"c x457 y3487 w587 h98\"><div class=\"t m0 xac h30 y27 ff4 fsb fc1 sc2 ls0 ws0\">4.134.512<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x9bb y3487 w318 h98\"><div class=\"t m0 xab h30 y27 ff4 fsb fc1 sc2 ls0 ws0\">1.393.941<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x9bc y3487 w16c h98\"><div class=\"t m0 xac h30 y27 ff4 fsb fc1 sc2 ls0 ws0\">314.760<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x62a y3487 w14a h98\"><div class=\"t m0 xab h30 y27 ff4 fsb fc1 sc2 ls0 ws0\">156.539<span class=\"sc0\"> </span></div></td><td class=\"c x45f y3487 w2bf h98\"><div class=\"t m0 xab h30 y27 ff4 fsb fc1 sc2 ls0 ws0\">28.899.13<span class=\"_ _1\"></span>8<span class=\"sc0\"> </span></div></td><td class=\"c x459 y3487 w2de h98\"><div class=\"t m0 xab h30 y27 ff4 fsb fc1 sc2 ls0 ws0\">77.527<span class=\"_ _1\"></span>.428<span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x5ca y2491 w1010 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc2 ls0 ws0\">(A+B+C)<span class=\"_ _df\"> </span></div></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 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs115a\">Il <span class=\"_ _2\"></span>2 <span class=\"_ _2\"></span>ot<span class=\"_ _2\"></span>tobre <span class=\"_ _2\"></span>2015 <span class=\"_ _d\"></span>la <span class=\"_ _2\"></span>Banca <span class=\"_ _d\"></span>d\u2019Italia <span class=\"_ _2\"></span>ha <span class=\"_ _2\"></span>autor<span class=\"_ _2\"></span>izzato <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>Gr<span class=\"_ _2\"></span>uppo <span class=\"_ _2\"></span>Credem <span class=\"_ _2\"></span>ad <span class=\"_ _2\"></span>utilizz<span class=\"_ _2\"></span><span class=\"ff4\">are <span class=\"_ _d\"></span>dal <span class=\"_ _2\"></span>30 <span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>ettembre </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs115b\">2015 <span class=\"_ _4\"> </span>il <span class=\"_ _4\"> </span>metodo <span class=\"_ _4\"> </span>IRB <span class=\"_ _22\"> </span>Advanced <span class=\"_ _4\"> </span>(parametr<span class=\"_ _2\"></span>i <span class=\"_ _4\"> </span>PD, <span class=\"_ _22\"> </span>LGD, <span class=\"_ _4\"> </span>EAD) <span class=\"_ _4\"> </span>per <span class=\"_ _4\"> </span>la <span class=\"_ _4\"> </span>quantificazione <span class=\"_ _4\"> </span>del <span class=\"_ _4\"> </span>requisito </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs115c\">patrimoniale  a  fronte  de<span class=\"_ _1\"></span>l  rischio  di  credito  dei  cl<span class=\"_ _1\"></span>ienti  rientranti  nella  funzione  reg<span class=\"_ _1\"></span>olamentare </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs115d\">Corporate e Retail di Credito Emili<span class=\"_ _1\"></span>ano e Credemleasing. </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs115e\">Le classi di <span class=\"_ _2\"></span>rating interni <span class=\"_ _2\"></span>vengono espost<span class=\"_ _2\"></span>e in quanto utilizzati <span class=\"_ _2\"></span>nella gestione d<span class=\"_ _2\"></span>el rischio di <span class=\"_ _2\"></span>credito; </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs115f\">nel <span class=\"_ _d\"></span>calcolo <span class=\"_ _d\"></span>dei <span class=\"_ _d\"></span>requisiti <span class=\"_ _d\"></span>prudenziali <span class=\"_ _d\"></span>sono <span class=\"_ _d\"></span>utilizzati <span class=\"_ _d\"></span>solo <span class=\"_ _0\"></span>quell<span class=\"_ _1\"></span>i <span class=\"_ _d\"></span>relativi <span class=\"_ _d\"></span>alla <span class=\"_ _d\"></span>funzione <span class=\"_ _d\"></span>regolamentare </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1160\">Corporate e Retail. Si fornisce il de<span class=\"_ _1\"></span>ttag<span class=\"_ _2\"></span>lio delle varie<span class=\"_ _1\"></span> classi di rating utilizzate. <span class=\"_ _2\"></span> </div>C1<span class=\"_ _df\"> </span>assenti problematiche di rischio sia al momento che, p<span class=\"_ _1\"></span>revedibilm<span class=\"_ _df\"> </span>C2<span class=\"_ _df\"> </span>assenti problematiche di rischio sia al momento che, p<span class=\"_ _1\"></span>revedibilm<span class=\"_ _df\"> </span>C3<span class=\"_ _df\"> </span>assenti problematiche di rischio sia al momento che, prev<span class=\"_ _1\"></span>edibilm<span class=\"_ _df\"> </span>C4<span class=\"_ _df\"> </span>rischio compatibile con possibilit\u00e0 di sua attenuazi<span class=\"_ _1\"></span>one/lieve peggi<span class=\"_ _df\"> </span>C5  <span class=\"ls0\">situazione di rischio con sintomi<span class=\"_ _1\"></span> di peggioramento gi\u00e0 evidenti<span class=\"_ _df\"> </span></span>C6<span class=\"_ _df\"> </span>situazione che evidenzia aspetti di ev<span class=\"_ _1\"></span>idente problematicit\u00e0<span class=\"_ _df\"> </span>C7<span class=\"_ _df\"> </span>situazione di marcata problematicit\u00e0, potenzi<span class=\"_ _1\"></span>ale rischio di default<span class=\"_ _df\"> </span>C8<span class=\"_ _df\"> </span>situazione di forte problematicit\u00e0 con rischio di defau<span class=\"_ _1\"></span>lt nel breve<div class=\"t m0 he ff4 fs5 fc4 sc3 ls0 ws0 gs1173\">A.3 Dis<span class=\"_ _1\"></span>tribuz<span class=\"_ _f\"></span>ione delle<span class=\"_ _1\"></span> espo<span class=\"_ _f\"></span>sizioni cred<span class=\"_ _1\"></span>itizie g<span class=\"_ _1\"></span>ara<span class=\"_ _1\"></span>ntite p<span class=\"_ _1\"></span>er tipolo<span class=\"_ _1\"></span>gia d<span class=\"_ _1\"></span>i garan<span class=\"_ _f\"></span>zia<span class=\"_ _df\"> </span></div><div class=\"c w5a5 h2b gs1174\"><div class=\"t m0 x8a h5 y49 ff4 fs1 fc4 sc3 ls0 ws0\">A.3.1<span class=\"_ _1\"></span> Cons<span class=\"_ _1\"></span>olida<span class=\"_ _f\"></span>to prude<span class=\"_ _1\"></span>nziale<span class=\"_ _1\"></span> <span class=\"ff5\">\u2013</span> E<span class=\"_ _1\"></span>spos<span class=\"_ _1\"></span>izioni <span class=\"_ _1\"></span>credit<span class=\"_ _1\"></span>izie p<span class=\"_ _f\"></span>er cass<span class=\"_ _1\"></span>a e f<span class=\"_ _1\"></span>uori <span class=\"_ _f\"></span>bilancio ver<span class=\"_ _f\"></span>so banc<span class=\"_ _f\"></span>he gara<span class=\"_ _1\"></span>ntit<span class=\"_ _1\"></span>e<span class=\"_ _df\"> </span></div></div><div class=\"c w183 h13a gs1175\"><div class=\"t m4 x2c h262 y1149 ff4 fs27 fc4 sc3 ls0 ws0\">Esposizione lorda<span class=\"_ _f\"></span><span class=\"fc1 sc0\"> </span></div></div><div class=\"c w183 h13a gs1176\"><div class=\"t m4 x2c h262 yb0a ff4 fs27 fc4 sc3 ls0 ws0\">Esposizione nett<span class=\"_ _1\"></span>a<span class=\"fc1 sc0\"> </span></div></div><div class=\"gs1177\"><table class=\"s w1016 h57f\" id=\"_79eac3b5-456c-4f5e-800d-96bca1702bca\"><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td class=\"c x9bf y3488 w5a6 h131\"><div class=\"t m0 x20 h262 y74a ff4 fs27 fc4 sc3 ls0 ws0\">Gara<span class=\"_ _f\"></span>nzie per<span class=\"_ _1\"></span>so<span class=\"_ _1\"></span>nali<span class=\"_ _1\"></span><span class=\"fc1 sc0\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td></td><td></td><td></td><td></td><td class=\"c x9c0 y3489 w1d2 h248\"><div class=\"t m0 x11d h262 y7b6 ff4 fs27 fc4 sc3 ls0 ws0\">Gara<span class=\"_ _f\"></span>nzie re<span class=\"_ _1\"></span>ali<span class=\"fc1 sc0\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td class=\"c x9bf y3489 w5a6 hcb\"><div class=\"t m0 x1ea h262 y392 ff4 fs27 fc4 sc3 ls0 ws0\">(2)<span class=\"fc1 sc0\"> </span></div></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=\"c x9bf y348a w5a7 h1b9\"><div class=\"t m0 xe5 h262 y30c ff4 fs27 fc4 sc3 ls0 ws0\">Deriv<span class=\"_ _f\"></span>ati su <span class=\"_ _1\"></span>credi<span class=\"_ _1\"></span>ti<span class=\"fc1 sc0\"> </span></div></td><td></td><td></td><td></td><td></td><td class=\"c x9c1 y348a w5a8 h1b9\"><div class=\"t m0 x49 h262 y30c ff4 fs27 fc4 sc3 ls0 ws0\">Credi<span class=\"_ _1\"></span>ti d<span class=\"_ _1\"></span>i firm<span class=\"_ _f\"></span>a<span class=\"fc1 sc0\"> </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 class=\"c x9c2 y348b w5a9 h1a2\"><div class=\"t m0 xef h262 y302 ff4 fs27 fc4 sc3 ls0 ws0\">Altri<span class=\"_ _1\"></span> deri<span class=\"_ _1\"></span>vat<span class=\"_ _1\"></span>i<span class=\"fc1 sc0\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td class=\"c x9c3 y348b w183 h285\"><div class=\"t m0 x116 h262 y7b6 ff4 fs27 fc4 sc3 ls0 ws0\">Tota<span class=\"_ _1\"></span>le<span class=\"fc1 sc0\"> </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></td><td></td><td></td><td></td><td></td><td></td><td class=\"c x9c3 y348c w183 h294\"><div class=\"t m0 x116 h262 y199b ff4 fs27 fc4 sc3 ls0 ws0\">(1)+<span class=\"_ _1\"></span>(2)<span class=\"fc1 sc0\"> </span></div></td></tr><tr><td class=\"c x262 y348d w1017 h580\"><div class=\"t m0 x250 h262 y2899 ff4 fs27 fc1 sc2 ls0 ws0\">1. Es<span class=\"_ _f\"></span>posizion<span class=\"_ _f\"></span>i credi<span class=\"_ _f\"></span>tizie pe<span class=\"_ _1\"></span>r<span class=\"_ _df\"> </span></div></td><td class=\"c x9c4 y348e w2de h159\"><div class=\"t m0 x2a h262 y40 ff4 fs27 fc1 sc2 ls0 ws0\">996.<span class=\"_ _1\"></span>24<span class=\"_ _1\"></span>2<span class=\"sc0\"> </span></div></td><td class=\"c x9c5 y348e w197 h159\"><div class=\"t m0 x2a h262 y40 ff4 fs27 fc1 sc2 ls0 ws0\">996.<span class=\"_ _1\"></span>24<span class=\"_ _1\"></span>2<span class=\"sc0\"> </span></div></td><td class=\"c x9c0 y348e w1db h159\"><div class=\"t m0 x97 h262 y40 ff4 fs27 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x9c6 y348e w2b3 h159\"><div class=\"t m0 x2c h262 y40 ff4 fs27 fc1 sc2 ls100 ws0\">88<span class=\"sc0 ls0\"> </span></div></td><td class=\"c x9c7 y348e w183 h159\"><div class=\"t m0 x2a h262 y40 ff4 fs27 fc1 sc2 ls0 ws0\">992.4<span class=\"_ _f\"></span>76<span class=\"sc0\"> </span></div></td><td class=\"c x9c8 y348e w2b3 h159\"><div class=\"t m0 x97 h262 y40 ff4 fs27 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x9bf y348e w2b3 h159\"><div class=\"t m0 x97 h262 y40 ff4 fs27 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x9c9 y348e w1b6 h159\"><div class=\"t m0 x97 h262 y40 ff4 fs27 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x9ca y348e w2b3 h159\"><div class=\"t m0 x97 h262 y40 ff4 fs27 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x9cb y348e w2b3 h159\"><div class=\"t m0 x97 h262 y40 ff4 fs27 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x9cc y348e w2b3 h159\"><div class=\"t m0 x97 h262 y40 ff4 fs27 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x9c1 y348e w1f1 h159\"><div class=\"t m0 x97 h262 y40 ff4 fs27 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x9cd y348e w1b6 h159\"><div class=\"t m0 x97 h262 y40 ff4 fs27 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x9ce y348e w2b3 h159\"><div class=\"t m0 x97 h262 y40 ff4 fs27 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x9cf y348e w1f1 h159\"><div class=\"t m0 x97 h262 y40 ff4 fs27 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x9c3 y348e w183 h159\"><div class=\"t m0 x2a h262 y40 ff4 fs27 fc1 sc2 ls0 ws0\">992.5<span class=\"_ _1\"></span>64<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x262 y348f w1018 h4cd\"><div class=\"t m0 x250 h262 y2899 ff4 fs27 fc1 sc2 ls0 ws0\">cass<span class=\"_ _f\"></span>a gara<span class=\"_ _1\"></span>ntit<span class=\"_ _1\"></span>e:<span class=\"_ _df\"> </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 x256 y3490 w5aa h82\"><div class=\"t m0 x16a h262 ye4c ff4 fs27 fc1 sc0 ls0 ws0\">1.1. totalmente<span class=\"_ _1\"></span> garant<span class=\"_ _1\"></span>ite  </div></td><td class=\"c x9c4 y3490 w2de h82\"><div class=\"t m0 x2a h262 ye4c ff4 fs27 fc1 sc0 ls0 ws0\">996.242 </div></td><td class=\"c x9c5 y3490 w197 h82\"><div class=\"t m0 x2a h262 ye4c ff4 fs27 fc1 sc0 ls0 ws0\">996.242 </div></td><td class=\"c x9c0 y3490 w1db h82\"><div class=\"t m0 x37 h262 ye4c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9c6 y3490 w2b3 h82\"><div class=\"t m0 x2c h262 ye4c ff4 fs27 fc1 sc0 ls6b ws0\">88<span class=\"ls0\"> </span></div></td><td class=\"c x9c7 y3490 w183 h82\"><div class=\"t m0 x2a h262 ye4c ff4 fs27 fc1 sc0 ls0 ws0\">992.476 </div></td><td class=\"c x9c8 y3490 w2b3 h82\"><div class=\"t m0 x97 h262 ye4c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9bf y3490 w2b3 h82\"><div class=\"t m0 x97 h262 ye4c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9c9 y3490 w1b6 h82\"><div class=\"t m0 x97 h262 ye4c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9ca y3490 w2b3 h82\"><div class=\"t m0 x97 h262 ye4c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9cb y3490 w2b3 h82\"><div class=\"t m0 x97 h262 ye4c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9cc y3490 w2b3 h82\"><div class=\"t m0 x97 h262 ye4c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9c1 y3490 w1f1 h82\"><div class=\"t m0 x37 h262 ye4c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9cd y3490 w1b6 h82\"><div class=\"t m0 x97 h262 ye4c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9ce y3490 w2b3 h82\"><div class=\"t m0 x97 h262 ye4c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9cf y3490 w1f1 h82\"><div class=\"t m0 x97 h262 ye4c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9c3 y3490 w183 h82\"><div class=\"t m0 x2a h262 ye4c ff4 fs27 fc1 sc0 ls0 ws0\">992.564 </div></td></tr><tr><td class=\"c x256 y3491 w5aa h82\"><div class=\"t m0 x39 h262 ye4c ff4 fs27 fc1 sc0 ls0 ws0\">- di cui deter<span class=\"_ _1\"></span>iorate </div></td><td class=\"c x9c4 y3491 w2de h82\"><div class=\"t m0 x36 h262 ye4c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9c5 y3491 w197 h82\"><div class=\"t m0 x36 h262 ye4c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9c0 y3491 w1db h82\"><div class=\"t m0 x37 h262 ye4c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9c6 y3491 w2b3 h82\"><div class=\"t m0 x37 h262 ye4c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9c7 y3491 w183 h82\"><div class=\"t m0 x36 h262 ye4c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9c8 y3491 w2b3 h82\"><div class=\"t m0 x97 h262 ye4c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9bf y3491 w2b3 h82\"><div class=\"t m0 x97 h262 ye4c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9c9 y3491 w1b6 h82\"><div class=\"t m0 x97 h262 ye4c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9ca y3491 w2b3 h82\"><div class=\"t m0 x97 h262 ye4c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9cb y3491 w2b3 h82\"><div class=\"t m0 x97 h262 ye4c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9cc y3491 w2b3 h82\"><div class=\"t m0 x97 h262 ye4c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9c1 y3491 w1f1 h82\"><div class=\"t m0 x37 h262 ye4c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9cd y3491 w1b6 h82\"><div class=\"t m0 x97 h262 ye4c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9ce y3491 w2b3 h82\"><div class=\"t m0 x97 h262 ye4c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9cf y3491 w1f1 h82\"><div class=\"t m0 x97 h262 ye4c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9c3 y3491 w183 h82\"><div class=\"t m0 x36 h262 ye4c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x256 y3492 w5aa h82\"><div class=\"t m0 x16a h262 y66c ff4 fs27 fc1 sc0 ls0 ws0\">1.2. parzialme<span class=\"_ _1\"></span>nte gara<span class=\"_ _f\"></span>n<span class=\"_ _2\"></span>tite </div></td><td class=\"c x9c4 y3492 w2de h82\"><div class=\"t m0 x36 h262 y66c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9c5 y3492 w197 h82\"><div class=\"t m0 x36 h262 y66c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9c0 y3492 w1db h82\"><div class=\"t m0 x37 h262 y66c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9c6 y3492 w2b3 h82\"><div class=\"t m0 x37 h262 y66c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9c7 y3492 w183 h82\"><div class=\"t m0 x36 h262 y66c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9c8 y3492 w2b3 h82\"><div class=\"t m0 x97 h262 y66c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9bf y3492 w2b3 h82\"><div class=\"t m0 x97 h262 y66c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9c9 y3492 w1b6 h82\"><div class=\"t m0 x97 h262 y66c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9ca y3492 w2b3 h82\"><div class=\"t m0 x97 h262 y66c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9cb y3492 w2b3 h82\"><div class=\"t m0 x97 h262 y66c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9cc y3492 w2b3 h82\"><div class=\"t m0 x97 h262 y66c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9c1 y3492 w1f1 h82\"><div class=\"t m0 x37 h262 y66c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9cd y3492 w1b6 h82\"><div class=\"t m0 x97 h262 y66c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9ce y3492 w2b3 h82\"><div class=\"t m0 x97 h262 y66c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9cf y3492 w1f1 h82\"><div class=\"t m0 x97 h262 y66c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9c3 y3492 w183 h82\"><div class=\"t m0 x36 h262 y66c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x256 y3493 w5aa h82\"><div class=\"t m0 x39 h262 y66c ff4 fs27 fc1 sc0 ls0 ws0\">- di cui deter<span class=\"_ _1\"></span>iorate </div></td><td class=\"c x9c4 y3493 w2de h82\"><div class=\"t m0 x36 h262 y66c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9c5 y3493 w197 h82\"><div class=\"t m0 x36 h262 y66c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9c0 y3493 w1db h82\"><div class=\"t m0 x37 h262 y66c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9c6 y3493 w2b3 h82\"><div class=\"t m0 x37 h262 y66c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9c7 y3493 w183 h82\"><div class=\"t m0 x36 h262 y66c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9c8 y3493 w2b3 h82\"><div class=\"t m0 x97 h262 y66c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9bf y3493 w2b3 h82\"><div class=\"t m0 x97 h262 y66c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9c9 y3493 w1b6 h82\"><div class=\"t m0 x97 h262 y66c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9ca y3493 w2b3 h82\"><div class=\"t m0 x97 h262 y66c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9cb y3493 w2b3 h82\"><div class=\"t m0 x97 h262 y66c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9cc y3493 w2b3 h82\"><div class=\"t m0 x97 h262 y66c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9c1 y3493 w1f1 h82\"><div class=\"t m0 x37 h262 y66c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9cd y3493 w1b6 h82\"><div class=\"t m0 x97 h262 y66c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9ce y3493 w2b3 h82\"><div class=\"t m0 x97 h262 y66c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9cf y3493 w1f1 h82\"><div class=\"t m0 x97 h262 y66c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9c3 y3493 w183 h82\"><div class=\"t m0 x36 h262 y66c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x262 y3494 w1019 h580\"><div class=\"t m0 x250 h262 y2899 ff4 fs27 fc1 sc2 ls0 ws0\">2. Es<span class=\"_ _1\"></span>posi<span class=\"_ _f\"></span>zioni cr<span class=\"_ _f\"></span>editiz<span class=\"_ _1\"></span>ie fu<span class=\"_ _1\"></span>ori<span class=\"_ _df\"> </span></div></td><td class=\"c x9c4 y3495 w2de h159\"><div class=\"t m0 x36 h262 y2e7 ff4 fs27 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x9c5 y3495 w197 h159\"><div class=\"t m0 x36 h262 y2e7 ff4 fs27 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x9c0 y3495 w1db h159\"><div class=\"t m0 x97 h262 y2e7 ff4 fs27 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x9c6 y3495 w2b3 h159\"><div class=\"t m0 x97 h262 y2e7 ff4 fs27 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x9c7 y3495 w183 h159\"><div class=\"t m0 x36 h262 y2e7 ff4 fs27 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x9c8 y3495 w2b3 h159\"><div class=\"t m0 x97 h262 y2e7 ff4 fs27 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x9bf y3495 w2b3 h159\"><div class=\"t m0 x97 h262 y2e7 ff4 fs27 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x9c9 y3495 w1b6 h159\"><div class=\"t m0 x97 h262 y2e7 ff4 fs27 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x9ca y3495 w2b3 h159\"><div class=\"t m0 x97 h262 y2e7 ff4 fs27 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x9cb y3495 w2b3 h159\"><div class=\"t m0 x97 h262 y2e7 ff4 fs27 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x9cc y3495 w2b3 h159\"><div class=\"t m0 x97 h262 y2e7 ff4 fs27 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x9c1 y3495 w1f1 h159\"><div class=\"t m0 x97 h262 y2e7 ff4 fs27 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x9cd y3495 w1b6 h159\"><div class=\"t m0 x97 h262 y2e7 ff4 fs27 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x9ce y3495 w2b3 h159\"><div class=\"t m0 x97 h262 y2e7 ff4 fs27 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x9cf y3495 w1f1 h159\"><div class=\"t m0 x97 h262 y2e7 ff4 fs27 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x9c3 y3495 w183 h159\"><div class=\"t m0 x36 h262 y2e7 ff4 fs27 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x262 y3496 w101a h4cd\"><div class=\"t m0 x250 h262 y2899 ff4 fs27 fc1 sc2 ls0 ws0\">bila<span class=\"_ _1\"></span>ncio g<span class=\"_ _f\"></span>aranti<span class=\"_ _1\"></span>te:<span class=\"_ _df\"> </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 x256 y3497 w5aa h82\"><div class=\"t m0 x16a h262 y66c ff4 fs27 fc1 sc0 ls0 ws0\">2.1. totalment<span class=\"_ _1\"></span>e garantit<span class=\"_ _1\"></span>e </div></td><td class=\"c x9c4 y3497 w2de h82\"><div class=\"t m0 x36 h262 y66c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9c5 y3497 w197 h82\"><div class=\"t m0 x36 h262 y66c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9c0 y3497 w1db h82\"><div class=\"t m0 x37 h262 y66c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9c6 y3497 w2b3 h82\"><div class=\"t m0 x37 h262 y66c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9c7 y3497 w183 h82\"><div class=\"t m0 x36 h262 y66c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9c8 y3497 w2b3 h82\"><div class=\"t m0 x97 h262 y66c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9bf y3497 w2b3 h82\"><div class=\"t m0 x97 h262 y66c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9c9 y3497 w1b6 h82\"><div class=\"t m0 x97 h262 y66c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9ca y3497 w2b3 h82\"><div class=\"t m0 x97 h262 y66c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9cb y3497 w2b3 h82\"><div class=\"t m0 x97 h262 y66c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9cc y3497 w2b3 h82\"><div class=\"t m0 x97 h262 y66c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9c1 y3497 w1f1 h82\"><div class=\"t m0 x37 h262 y66c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9cd y3497 w1b6 h82\"><div class=\"t m0 x97 h262 y66c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9ce y3497 w2b3 h82\"><div class=\"t m0 x97 h262 y66c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9cf y3497 w1f1 h82\"><div class=\"t m0 x97 h262 y66c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9c3 y3497 w183 h82\"><div class=\"t m0 x36 h262 y66c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x256 y3498 w5aa h82\"><div class=\"t m0 x39 h262 y66c ff4 fs27 fc1 sc0 ls0 ws0\">- di cui deter<span class=\"_ _1\"></span>iorate </div></td><td class=\"c x9c4 y3498 w2de h82\"><div class=\"t m0 x36 h262 y66c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9c5 y3498 w197 h82\"><div class=\"t m0 x36 h262 y66c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9c0 y3498 w1db h82\"><div class=\"t m0 x37 h262 y66c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9c6 y3498 w2b3 h82\"><div class=\"t m0 x37 h262 y66c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9c7 y3498 w183 h82\"><div class=\"t m0 x36 h262 y66c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9c8 y3498 w2b3 h82\"><div class=\"t m0 x97 h262 y66c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9bf y3498 w2b3 h82\"><div class=\"t m0 x97 h262 y66c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9c9 y3498 w1b6 h82\"><div class=\"t m0 x97 h262 y66c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9ca y3498 w2b3 h82\"><div class=\"t m0 x97 h262 y66c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9cb y3498 w2b3 h82\"><div class=\"t m0 x97 h262 y66c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9cc y3498 w2b3 h82\"><div class=\"t m0 x97 h262 y66c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9c1 y3498 w1f1 h82\"><div class=\"t m0 x37 h262 y66c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9cd y3498 w1b6 h82\"><div class=\"t m0 x97 h262 y66c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9ce y3498 w2b3 h82\"><div class=\"t m0 x97 h262 y66c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9cf y3498 w1f1 h82\"><div class=\"t m0 x97 h262 y66c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9c3 y3498 w183 h82\"><div class=\"t m0 x36 h262 y66c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x256 y3499 w5aa h254\"><div class=\"t m0 x16a h262 y1a44 ff4 fs27 fc1 sc0 ls0 ws0\">2.2. parzial<span class=\"_ _1\"></span>mente garantit<span class=\"_ _1\"></span>e </div></td><td class=\"c x9c4 y3499 w2de h254\"><div class=\"t m0 x36 h262 y1a44 ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9c5 y3499 w197 h254\"><div class=\"t m0 x36 h262 y1a44 ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9c0 y3499 w1db h254\"><div class=\"t m0 x37 h262 y1a44 ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9c6 y3499 w2b3 h254\"><div class=\"t m0 x37 h262 y1a44 ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9c7 y3499 w183 h254\"><div class=\"t m0 x36 h262 y1a44 ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9c8 y3499 w2b3 h254\"><div class=\"t m0 x97 h262 y1a44 ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9bf y3499 w2b3 h254\"><div class=\"t m0 x97 h262 y1a44 ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9c9 y3499 w1b6 h254\"><div class=\"t m0 x97 h262 y1a44 ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9ca y3499 w2b3 h254\"><div class=\"t m0 x97 h262 y1a44 ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9cb y3499 w2b3 h254\"><div class=\"t m0 x97 h262 y1a44 ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9cc y3499 w2b3 h254\"><div class=\"t m0 x97 h262 y1a44 ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9c1 y3499 w1f1 h254\"><div class=\"t m0 x37 h262 y1a44 ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9cd y3499 w1b6 h254\"><div class=\"t m0 x97 h262 y1a44 ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9ce y3499 w2b3 h254\"><div class=\"t m0 x97 h262 y1a44 ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9cf y3499 w1f1 h254\"><div class=\"t m0 x97 h262 y1a44 ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9c3 y3499 w183 h254\"><div class=\"t m0 x36 h262 y1a44 ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x256 y349a w5aa h82\"><div class=\"t m0 x39 h262 ye4c ff4 fs27 fc1 sc0 ls0 ws0\">- di cui deter<span class=\"_ _1\"></span>iorate </div></td><td class=\"c x9c4 y349a w2de h82\"><div class=\"t m0 x36 h262 ye4c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9c5 y349a w197 h82\"><div class=\"t m0 x36 h262 ye4c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9c0 y349a w1db h82\"><div class=\"t m0 x37 h262 ye4c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9c6 y349a w2b3 h82\"><div class=\"t m0 x37 h262 ye4c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9c7 y349a w183 h82\"><div class=\"t m0 x36 h262 ye4c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9c8 y349a w2b3 h82\"><div class=\"t m0 x97 h262 ye4c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9bf y349a w2b3 h82\"><div class=\"t m0 x97 h262 ye4c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9c9 y349a w1b6 h82\"><div class=\"t m0 x97 h262 ye4c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9ca y349a w2b3 h82\"><div class=\"t m0 x97 h262 ye4c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9cb y349a w2b3 h82\"><div class=\"t m0 x97 h262 ye4c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9cc y349a w2b3 h82\"><div class=\"t m0 x97 h262 ye4c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9c1 y349a w1f1 h82\"><div class=\"t m0 x37 h262 ye4c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9cd y349a w1b6 h82\"><div class=\"t m0 x97 h262 ye4c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9ce y349a w2b3 h82\"><div class=\"t m0 x97 h262 ye4c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9cf y349a w1f1 h82\"><div class=\"t m0 x97 h262 ye4c ff4 fs27 fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x9c3 y349a w183 h82\"><div class=\"t m0 x36 h262 ye4c ff4 fs27 fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td></tr></table></div><div class=\"c w1cd h318 gs1178\"><div class=\"t m4 x130 h262 y19d6 ff4 fs27 fc4 sc3 ls0 ws0\">Immobili - </div><div class=\"t m4 x27 h262 y1a3b ff4 fs27 fc4 sc3 ls0 ws0\">ipoteche<span class=\"fc1 sc0\"> </span></div></div><div class=\"c w2ac h318 gs1179\"><div class=\"t m4 x116 h262 y19d6 ff4 fs27 fc4 sc3 ls0 ws0\">Immobili - </div><div class=\"t m4 x33 h262 yd21 ff4 fs27 fc4 sc3 ls0 ws0\">Finanziament<span class=\"_ _1\"></span>i per </div><div class=\"t m4 x97 h262 yc3e ff4 fs27 fc4 sc3 ls0 ws0\">leasing<span class=\"fc1 sc0\"> </span></div></div><div class=\"c w18f h318 gs117a\"><div class=\"t m4 x2c h262 yc85 ff4 fs27 fc4 sc3 ls0 ws0\">Titoli<span class=\"fc1 sc0\"> </span></div></div><div class=\"c w2ac h318 gs117b\"><div class=\"t m4 x33 h262 y0 ff4 fs27 fc4 sc3 ls0 ws0\">Altre garanzie re<span class=\"_ _1\"></span>ali<span class=\"fc1 sc0\"> </span></div></div><div class=\"c w2ac h318 gs117c\"><div class=\"t m4 x33 h262 y1a3c ff4 fs27 fc4 sc3 ls0 ws0\">CLN<span class=\"fc1 sc0\"> </span></div></div><div class=\"c w1f1 h318 gs117d\"><div class=\"t m4 x130 h262 y71 ff4 fs27 fc4 sc3 ls0 ws0\">Amministrazio<span class=\"_ _1\"></span>ni </div><div class=\"t m4 x27 h262 y1a3d ff4 fs27 fc4 sc3 ls0 ws0\">pubbliche <span class=\"fc1 sc0\"> </span></div></div><div class=\"c w1db h318 gs117e\"><div class=\"t m4 x33 h262 yd85 ff4 fs27 fc4 sc3 ls0 ws0\">Banche<span class=\"fc1 sc0\"> </span></div></div><div class=\"c w2ac h318 gs117f\"><div class=\"t m4 x130 h262 y8b7 ff4 fs27 fc4 sc3 ls0 ws0\">Altre societ\u00e0 </div><div class=\"t m4 x27 h262 yd8d ff4 fs27 fc4 sc3 ls0 ws0\">finanziarie<span class=\"fc1 sc0\"> </span></div></div><div class=\"c w2ac h318 gs1180\"><div class=\"t m4 x33 h262 yd3d ff4 fs27 fc4 sc3 ls0 ws0\">Altri soggetti<span class=\"fc1 sc0\"> </span></div></div><div class=\"c w1a3 h294 gs1181\"><div class=\"t m4 x130 h262 y302 ff4 fs27 fc4 sc3 ls0 ws0\">Controparti </div><div class=\"t m4 x27 h262 y1116 ff4 fs27 fc4 sc3 ls0 ws0\">centrali<span class=\"fc1 sc0\"> </span></div></div><div class=\"c w2ac h294 gs1182\"><div class=\"t m4 x33 h262 y1116 ff4 fs27 fc4 sc3 ls0 ws0\">Banche<span class=\"fc1 sc0\"> </span></div></div><div class=\"c w2ac h294 gs1183\"><div class=\"t m4 x130 h262 y497 ff4 fs27 fc4 sc3 ls0 ws0\">Altre societ\u00e0 </div><div class=\"t m4 x27 h262 y45 ff4 fs27 fc4 sc3 ls0 ws0\">finanziarie<span class=\"fc1 sc0\"> </span></div></div><div class=\"c w1f1 h294 gs1184\"><div class=\"t m4 x33 h262 y35e ff4 fs27 fc4 sc3 ls0 ws0\">Altri soggetti<span class=\"fc1 sc0\"> </span></div></div>A.3.2 <span class=\"_ _1\"></span>Conso<span class=\"_ _1\"></span>lidat<span class=\"_ _f\"></span>o prude<span class=\"_ _1\"></span>nziale<span class=\"_ _1\"></span> - E<span class=\"_ _1\"></span>spos<span class=\"_ _1\"></span>izioni <span class=\"_ _1\"></span>credit<span class=\"_ _1\"></span>izie p<span class=\"_ _f\"></span>er cass<span class=\"_ _1\"></span>a e f<span class=\"_ _f\"></span>uori bilanc<span class=\"_ _1\"></span>io ve<span class=\"_ _1\"></span>rso <span class=\"_ _1\"></span>client<span class=\"_ _f\"></span>ela gar<span class=\"_ _1\"></span>antit<span class=\"_ _1\"></span>e<span class=\"fc1 sc0\"> </span>Esposizione lo<span class=\"_ _2\"></span>rda<span class=\"fc1 sc0\"> </span>Esposizione nett<span class=\"_ _2\"></span>a<span class=\"fc1 sc0\"> </span><table class=\"s w101b h581\" id=\"_cc05dc2a-85f0-4485-9c12-6956f7c43b15\"><tr><td></td><td></td><td></td><td></td><td class=\"c x9d0 y349b w5ad h13f\"><div class=\"t m0 xe4 h200 y7b1 ff4 fs22 fc4 sc3 ls0 ws0\">Garanz<span class=\"_ _1\"></span>ie reali<span class=\"fc1 sc0\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td class=\"c x9d1 y349b w5ae h13f\"><div class=\"t m0 x14d h200 y2ef ff4 fs22 fc4 sc3 ls0 ws0\">Garanz<span class=\"_ _1\"></span>ie person<span class=\"_ _f\"></span>ali<span class=\"fc1 sc0\"> </span></div></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td></td><td></td><td></td><td></td><td class=\"c x9d0 y349c w5ad h12\"><div class=\"t m0 x189 h200 y35c ff4 fs22 fc4 sc3 ls0 ws0\">(1)<span class=\"fc1 sc0\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td class=\"c x9d1 y349c w5ae h12\"><div class=\"t m0 x9 h200 y35c ff4 fs22 fc4 sc3 ls0 ws0\">(2)<span class=\"fc1 sc0\"> </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></td><td></td><td></td><td class=\"c x9d1 y349d w5af h1a2\"><div class=\"t m0 x90 h200 y394 ff4 fs22 fc4 sc3 ls0 ws0\">Derivat<span class=\"_ _1\"></span>i su credit<span class=\"_ _1\"></span>i<span class=\"fc1 sc0\"> </span></div></td><td></td><td></td><td></td><td></td><td class=\"c x9d2 y349d w5b0 h1a2\"><div class=\"t m0 xec h200 y394 ff4 fs22 fc4 sc3 ls0 ws0\">Crediti d<span class=\"_ _1\"></span>i firma<span class=\"fc1 sc0\"> </span></div></td><td></td><td class=\"c x9d3 y349d w8b h28d\"><div class=\"t m0 x130 h200 y7b1 ff4 fs22 fc4 sc3 ls0 ws0\">Totale<span class=\"_ _1\"></span><span class=\"fc1 sc0\"> </span></div></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td class=\"c x9d4 y349e w101c h48d\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc4 sc3 ls0 ws0\">Altri<span class=\"_ _df\"> </span></div></td><td class=\"c x9d5 y349f wcf h280\"><div class=\"t m0 x14 h200 y310 ff4 fs22 fc4 sc3 ls0 ws0\">Altri der<span class=\"_ _1\"></span>ivati<span class=\"fc1 sc0\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td class=\"c x9d3 y34a0 w269 h31a\"><div class=\"t m0 x130 h200 y1a4b ff4 fs22 fc4 sc3 ls0 ws0\">(1)+(2)<span class=\"fc1 sc0\"> </span></div></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td class=\"c x9d6 y34a1 w101d h48d\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc4 sc3 ls0 ws0\">deriva<span class=\"_ _1\"></span>ti<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x262 y34a2 w101e h48e\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc1 sc2 ls0 ws0\">1. Esposiz<span class=\"_ _1\"></span>ioni<span class=\"_ _df\"> </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 x262 y34a3 w101f h48e\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc1 sc2 ls0 ws0\">creditiz<span class=\"_ _1\"></span>ie per ca<span class=\"_ _1\"></span>ssa<span class=\"_ _df\"> </span></div></td><td class=\"c x9d7 y34a4 wb7 h16\"><div class=\"t m0 x55 h200 y409 ff4 fs22 fc1 sc2 ls0 ws0\">25.281.<span class=\"_ _1\"></span>486<span class=\"sc0\"> </span></div></td><td class=\"c x9d8 y34a4 w85 h16\"><div class=\"t m0 x55 h200 y409 ff4 fs22 fc1 sc2 ls0 ws0\">25.057.<span class=\"_ _1\"></span>827<span class=\"sc0\"> </span></div></td><td class=\"c x9d0 y34a4 w269 h16\"><div class=\"t m0 x55 h200 y409 ff4 fs22 fc1 sc2 ls0 ws0\">12.638<span class=\"_ _1\"></span>.852<span class=\"sc0\"> </span></div></td><td class=\"c x9d9 y34a4 wac h16\"><div class=\"t m0 x55 h200 y409 ff4 fs22 fc1 sc2 ls0 ws0\">1.890.900<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x9da y34a4 w152 h16\"><div class=\"t m0 x55 h200 y409 ff4 fs22 fc1 sc2 ls0 ws0\">2.337.63<span class=\"_ _f\"></span>0<span class=\"sc0\"> </span></div></td><td class=\"c x9db y34a4 w1ae h16\"><div class=\"t m0 x55 h200 y409 ff4 fs22 fc1 sc2 ls0 ws0\">3.841.<span class=\"_ _1\"></span>230<span class=\"sc0\"> </span></div></td><td class=\"c x9d1 y34a4 w5b4 h16\"><div class=\"t m0 x55 h200 y409 ff4 fs22 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x9dc y34a4 w2bd h16\"><div class=\"t m0 x38 h200 y409 ff4 fs22 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x9d5 y34a4 w5b4 h16\"><div class=\"t m0 x55 h200 y409 ff4 fs22 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x9dd y34a4 w5b5 h16\"><div class=\"t m0 x55 h200 y409 ff4 fs22 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x9de y34a4 w5b4 h16\"><div class=\"t m0 x55 h200 y409 ff4 fs22 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x9d2 y34a4 w162 h16\"><div class=\"t m0 x2e h200 y409 ff4 fs22 fc1 sc2 ls0 ws0\">1.211.489<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x9df y34a4 w1c3 h16\"><div class=\"t m0 x2a h200 y409 ff4 fs22 fc1 sc2 ls0 ws0\">122.945<span class=\"sc0\"> </span></div></td><td class=\"c x9e0 y34a4 w1c7 h16\"><div class=\"t m0 x2a h200 y409 ff4 fs22 fc1 sc2 ls0 ws0\">42.285<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x9e1 y34a4 w1a9 h16\"><div class=\"t m0 x55 h200 y409 ff4 fs22 fc1 sc2 ls0 ws0\">2.198.2<span class=\"_ _1\"></span>70<span class=\"sc0\"> </span></div></td><td class=\"c x9d3 y34a4 w269 h16\"><div class=\"t m0 x55 h200 y409 ff4 fs22 fc1 sc2 ls0 ws0\">24.283<span class=\"_ _1\"></span>.601<span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x262 y34a5 w1020 h48e\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc1 sc2 ls0 ws0\">garant<span class=\"_ _1\"></span>ite:<span class=\"_ _df\"> </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 x2a8 y34a6 w1021 h48e\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc1 sc0 ls0 ws0\">1.1. totalmente<span class=\"_ _df\"> </span></div></td><td class=\"c x9d7 y34a7 wb7 hf\"><div class=\"t m0 x55 h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">22.902.773 </div></td><td class=\"c x9d8 y34a7 w85 hf\"><div class=\"t m0 x55 h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">22.698.778 </div></td><td class=\"c x9d0 y34a7 w269 hf\"><div class=\"t m0 x55 h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">12.637.874 </div></td><td class=\"c x9d9 y34a7 wac hf\"><div class=\"t m0 x2e h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">1.890.900 </div></td><td class=\"c x9da y34a7 w152 hf\"><div class=\"t m0 x55 h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">2.255.823 </div></td><td class=\"c x9db y34a7 w1ae hf\"><div class=\"t m0 x2e h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">3.823.691 </div></td><td class=\"c x9d1 y34a7 w5b4 hf\"><div class=\"t m0 x55 h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9dc y34a7 w2bd hf\"><div class=\"t m0 x38 h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9d5 y34a7 w5b4 hf\"><div class=\"t m0 x55 h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9dd y34a7 w5b5 hf\"><div class=\"t m0 x55 h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9de y34a7 w5b4 hf\"><div class=\"t m0 x55 h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9d2 y34a7 w162 hf\"><div class=\"t m0 x55 h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">456.803</div></td><td class=\"c x9df y34a7 w1c3 hf\"><div class=\"t m0 x55 h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">43.945 </div></td><td class=\"c x9e0 y34a7 w1c7 hf\"><div class=\"t m0 x2a h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">37.679 </div></td><td class=\"c x9e1 y34a7 w1a9 hf\"><div class=\"t m0 x2e h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">1.587.896 </div></td><td class=\"c x9d3 y34a7 w269 hf\"><div class=\"t m0 x39 h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">22.734.611 </div></td></tr><tr><td class=\"c x2a8 y34a8 w1022 h48e\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc1 sc0 ls0 ws0\">garantite<span class=\"_ _df\"> </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 x46a y34a9 w1023 h48e\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc1 sc0 ls0 ws0\">- di cui<span class=\"_ _df\"> </span></div></td><td class=\"c x9d7 y34aa wb7 hf\"><div class=\"t m0 x35 h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">324.350 </div></td><td class=\"c x9d8 y34aa w85 hf\"><div class=\"t m0 x3a h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">169.723 </div></td><td class=\"c x9d0 y34aa w269 hf\"><div class=\"t m0 x2c h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">105.342 </div></td><td class=\"c x9d9 y34aa wac hf\"><div class=\"t m0 x35 h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">20.794 </div></td><td class=\"c x9da y34aa w152 hf\"><div class=\"t m0 x34 h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">1.754 </div></td><td class=\"c x9db y34aa w1ae hf\"><div class=\"t m0 x2c h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">21.223 </div></td><td class=\"c x9d1 y34aa w5b4 hf\"><div class=\"t m0 x55 h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9dc y34aa w2bd hf\"><div class=\"t m0 x38 h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9d5 y34aa w5b4 hf\"><div class=\"t m0 x55 h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9dd y34aa w5b5 hf\"><div class=\"t m0 x55 h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9de y34aa w5b4 hf\"><div class=\"t m0 x55 h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9d2 y34aa w162 hf\"><div class=\"t m0 x33 h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">14.779<span class=\"_ _df\"> </span></div></td><td class=\"c x9df y34aa w1c3 hf\"><div class=\"t m0 x31 h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9e0 y34aa w1c7 hf\"><div class=\"t m0 x26 h200 y153d ff4 fs22 fc1 sc0 ls9e ws0\">11<span class=\"ls0\"> </span></div></td><td class=\"c x9e1 y34aa w1a9 hf\"><div class=\"t m0 x3a h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">5.805 </div></td><td class=\"c x9d3 y34aa w269 hf\"><div class=\"t m0 x2c h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">169.708 </div></td></tr><tr><td class=\"c x46a y34ab wa16 h48e\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc1 sc0 ls0 ws0\">deteriorate<span class=\"_ _df\"> </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 x2a8 y34ac w1024 h48e\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc1 sc0 ls0 ws0\">1.2. parzialmente<span class=\"_ _df\"> </span></div></td><td class=\"c x9d7 y34ad wb7 hf\"><div class=\"t m0 x48 h200 y823 ff4 fs22 fc1 sc0 ls0 ws0\">2.378.713 </div></td><td class=\"c x9d8 y34ad w85 hf\"><div class=\"t m0 x14 h200 y823 ff4 fs22 fc1 sc0 ls0 ws0\">2.359.049 </div></td><td class=\"c x9d0 y34ad w269 hf\"><div class=\"t m0 x15 h200 y823 ff4 fs22 fc1 sc0 ls0 ws0\">978 </div></td><td class=\"c x9d9 y34ad wac hf\"><div class=\"t m0 x11 h200 y823 ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9da y34ad w152 hf\"><div class=\"t m0 x2c h200 y823 ff4 fs22 fc1 sc0 ls0 ws0\">81.807<span class=\"_ _df\"> </span></div></td><td class=\"c x9db y34ad w1ae hf\"><div class=\"t m0 x2c h200 y823 ff4 fs22 fc1 sc0 ls0 ws0\">17.539 </div></td><td class=\"c x9d1 y34ad w5b4 hf\"><div class=\"t m0 x55 h200 y823 ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9dc y34ad w2bd hf\"><div class=\"t m0 x38 h200 y823 ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9d5 y34ad w5b4 hf\"><div class=\"t m0 x55 h200 y823 ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9dd y34ad w5b5 hf\"><div class=\"t m0 x55 h200 y823 ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9de y34ad w5b4 hf\"><div class=\"t m0 x55 h200 y823 ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9d2 y34ad w162 hf\"><div class=\"t m0 x55 h200 y823 ff4 fs22 fc1 sc0 ls0 ws0\">754.686</div></td><td class=\"c x9df y34ad w1c3 hf\"><div class=\"t m0 x55 h200 y823 ff4 fs22 fc1 sc0 ls0 ws0\">79.000 </div></td><td class=\"c x9e0 y34ad w1c7 hf\"><div class=\"t m0 x55 h200 y823 ff4 fs22 fc1 sc0 ls0 ws0\">4.606 </div></td><td class=\"c x9e1 y34ad w1a9 hf\"><div class=\"t m0 x48 h200 y823 ff4 fs22 fc1 sc0 ls0 ws0\">610.374 </div></td><td class=\"c x9d3 y34ad w269 hf\"><div class=\"t m0 x14 h200 y823 ff4 fs22 fc1 sc0 ls0 ws0\">1.548.990 </div></td></tr><tr><td class=\"c x2a8 y34ae w1022 h48e\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc1 sc0 ls0 ws0\">garantite<span class=\"_ _df\"> </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 x46a y34af w1023 h48e\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc1 sc0 ls0 ws0\">- di cui<span class=\"_ _df\"> </span></div></td><td class=\"c x9d7 y34b0 wb7 hf\"><div class=\"t m0 x26 h200 y823 ff4 fs22 fc1 sc0 ls0 ws0\">50.492 </div></td><td class=\"c x9d8 y34b0 w85 hf\"><div class=\"t m0 x26 h200 y823 ff4 fs22 fc1 sc0 ls0 ws0\">33.562 </div></td><td class=\"c x9d0 y34b0 w269 hf\"><div class=\"t m0 x11 h200 y823 ff4 fs22 fc1 sc0 ls15 ws0\">75<span class=\"ls0\"> </span></div></td><td class=\"c x9d9 y34b0 wac hf\"><div class=\"t m0 x11 h200 y823 ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9da y34b0 w152 hf\"><div class=\"t m0 x31 h200 y823 ff4 fs22 fc1 sc0 ls9e ws0\">199<span class=\"_ _df\"> </span></div></td><td class=\"c x9db y34b0 w1ae hf\"><div class=\"t m0 x15 h200 y823 ff4 fs22 fc1 sc0 ls15 ws0\">70<span class=\"ls0\"> </span></div></td><td class=\"c x9d1 y34b0 w5b4 hf\"><div class=\"t m0 x55 h200 y823 ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9dc y34b0 w2bd hf\"><div class=\"t m0 x38 h200 y823 ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9d5 y34b0 w5b4 hf\"><div class=\"t m0 x55 h200 y823 ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9dd y34b0 w5b5 hf\"><div class=\"t m0 x55 h200 y823 ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9de y34b0 w5b4 hf\"><div class=\"t m0 x55 h200 y823 ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9d2 y34b0 w162 hf\"><div class=\"t m0 x48 h200 y823 ff4 fs22 fc1 sc0 ls0 ws0\">22.514 </div></td><td class=\"c x9df y34b0 w1c3 hf\"><div class=\"t m0 x31 h200 y823 ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9e0 y34b0 w1c7 hf\"><div class=\"t m0 x37 h200 y823 ff4 fs22 fc1 sc0 ls0 ws0\">1 </div></td><td class=\"c x9e1 y34b0 w1a9 hf\"><div class=\"t m0 x3a h200 y823 ff4 fs22 fc1 sc0 ls0 ws0\">8.973 </div></td><td class=\"c x9d3 y34b0 w269 hf\"><div class=\"t m0 x26 h200 y823 ff4 fs22 fc1 sc0 ls0 ws0\">31.832 </div></td></tr><tr><td class=\"c x46a y34b1 wa16 h48e\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc1 sc0 ls0 ws0\">deteriorate<span class=\"_ _df\"> </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 x262 y34b2 w1025 h48e\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc1 sc2 ls0 ws0\">2. Espos<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span>zion<span class=\"_ _1\"></span>i<span class=\"_ _df\"> </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 x262 y34b3 w1026 h48e\"><div class=\"t m0 x250 h200 y24a6 ff5 fs22 fc1 sc2 ls0 ws0\">creditiz<span class=\"_ _1\"></span>ie \u201cfuor<span class=\"_ _1\"></span>i<span class=\"_ _df\"> </span></div></td><td class=\"c x9d7 y34b4 wb7 h24f\"><div class=\"t m0 x35 h200 y88a ff4 fs22 fc1 sc2 ls0 ws0\">685.796<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x9d8 y34b4 w85 h24f\"><div class=\"t m0 x2c h200 y88a ff4 fs22 fc1 sc2 ls0 ws0\">685.367<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x9d0 y34b4 w269 h24f\"><div class=\"t m0 x26 h200 y88a ff4 fs22 fc1 sc2 ls0 ws0\">25.076<span class=\"sc0\"> </span></div></td><td class=\"c x9d9 y34b4 wac h24f\"><div class=\"t m0 x11 h200 y88a ff4 fs22 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x9da y34b4 w152 h24f\"><div class=\"t m0 x48 h200 y88a ff4 fs22 fc1 sc2 ls0 ws0\">200.292<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x9db y34b4 w1ae h24f\"><div class=\"t m0 x35 h200 y88a ff4 fs22 fc1 sc2 ls0 ws0\">76.479<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x9d1 y34b4 w5b4 h24f\"><div class=\"t m0 x55 h200 y88a ff4 fs22 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x9dc y34b4 w2bd h24f\"><div class=\"t m0 x38 h200 y88a ff4 fs22 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x9d5 y34b4 w5b4 h24f\"><div class=\"t m0 x55 h200 y88a ff4 fs22 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x9dd y34b4 w5b5 h24f\"><div class=\"t m0 x55 h200 y88a ff4 fs22 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x9de y34b4 w5b4 h24f\"><div class=\"t m0 x55 h200 y88a ff4 fs22 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x9d2 y34b4 w162 h24f\"><div class=\"t m0 x26 h200 y88a ff4 fs22 fc1 sc2 ls0 ws0\">390<span class=\"sc0\"> </span></div></td><td class=\"c x9df y34b4 w1c3 h24f\"><div class=\"t m0 x130 h200 y88a ff4 fs22 fc1 sc2 ls0 ws0\">30.170<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x9e0 y34b4 w1c7 h24f\"><div class=\"t m0 x55 h200 y88a ff4 fs22 fc1 sc2 ls0 ws0\">4.220<span class=\"sc0\"> </span></div></td><td class=\"c x9e1 y34b4 w1a9 h24f\"><div class=\"t m0 x48 h200 y88a ff4 fs22 fc1 sc2 ls0 ws0\">307.160<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x9d3 y34b4 w269 h24f\"><div class=\"t m0 x35 h200 y88a ff4 fs22 fc1 sc2 ls0 ws0\">643.787<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x262 y34b5 w1027 h48e\"><div class=\"t m0 x250 h200 y24a6 ff5 fs22 fc1 sc2 ls0 ws0\">bilancio<span class=\"_ _1\"></span>\u201d garan<span class=\"_ _f\"></span>tite:<span class=\"_ _df\"> </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 x2a8 y34b6 w1028 h48e\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc1 sc0 ls0 ws0\">2.1. totalmente<span class=\"_ _df\"> </span></div></td><td class=\"c x9d7 y34b7 wb7 hf\"><div class=\"t m0 x2c h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">617.686 </div></td><td class=\"c x9d8 y34b7 w85 hf\"><div class=\"t m0 x3a h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">617.270 </div></td><td class=\"c x9d0 y34b7 w269 hf\"><div class=\"t m0 x26 h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">25.076 </div></td><td class=\"c x9d9 y34b7 wac hf\"><div class=\"t m0 x11 h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9da y34b7 w152 hf\"><div class=\"t m0 x33 h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">189.920<span class=\"_ _df\"> </span></div></td><td class=\"c x9db y34b7 w1ae hf\"><div class=\"t m0 x32 h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">70.693 </div></td><td class=\"c x9d1 y34b7 w5b4 hf\"><div class=\"t m0 x55 h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9dc y34b7 w2bd hf\"><div class=\"t m0 x38 h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9d5 y34b7 w5b4 hf\"><div class=\"t m0 x55 h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9dd y34b7 w5b5 hf\"><div class=\"t m0 x55 h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9de y34b7 w5b4 hf\"><div class=\"t m0 x55 h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9d2 y34b7 w162 hf\"><div class=\"t m0 x38 h200 y153d ff4 fs22 fc1 sc0 lse3 ws0\">55</div></td><td class=\"c x9df y34b7 w1c3 hf\"><div class=\"t m0 x130 h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">30.170 </div></td><td class=\"c x9e0 y34b7 w1c7 hf\"><div class=\"t m0 x55 h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">3.743 </div></td><td class=\"c x9e1 y34b7 w1a9 hf\"><div class=\"t m0 x14 h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">284.570 </div></td><td class=\"c x9d3 y34b7 w269 hf\"><div class=\"t m0 x35 h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">604.227 </div></td></tr><tr><td class=\"c x2a8 y34b8 w1022 h48e\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc1 sc0 ls0 ws0\">garantite<span class=\"_ _df\"> </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 x46a y34b9 w1023 h48e\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc1 sc0 ls0 ws0\">- di cui<span class=\"_ _df\"> </span></div></td><td class=\"c x9d7 y34ba wb7 hf\"><div class=\"t m0 x38 h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">2.377 </div></td><td class=\"c x9d8 y34ba w85 hf\"><div class=\"t m0 x31 h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">2.011 </div></td><td class=\"c x9d0 y34ba w269 hf\"><div class=\"t m0 x13 h200 y153d ff4 fs22 fc1 sc0 ls15 ws0\">73<span class=\"ls0\"> </span></div></td><td class=\"c x9d9 y34ba wac hf\"><div class=\"t m0 x11 h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9da y34ba w152 hf\"><div class=\"t m0 x26 h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">1.460<span class=\"_ _df\"> </span></div></td><td class=\"c x9db y34ba w1ae hf\"><div class=\"t m0 x31 h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">187 </div></td><td class=\"c x9d1 y34ba w5b4 hf\"><div class=\"t m0 x55 h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9dc y34ba w2bd hf\"><div class=\"t m0 x38 h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9d5 y34ba w5b4 hf\"><div class=\"t m0 x55 h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9dd y34ba w5b5 hf\"><div class=\"t m0 x55 h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9de y34ba w5b4 hf\"><div class=\"t m0 x55 h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9d2 y34ba w162 hf\"><div class=\"t m0 x36 h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9df y34ba w1c3 hf\"><div class=\"t m0 x31 h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9e0 y34ba w1c7 hf\"><div class=\"t m0 x37 h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9e1 y34ba w1a9 hf\"><div class=\"t m0 x97 h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">290 </div></td><td class=\"c x9d3 y34ba w269 hf\"><div class=\"t m0 x38 h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">2.010 </div></td></tr><tr><td class=\"c x46a y34bb wa16 h48e\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc1 sc0 ls0 ws0\">deteriorate<span class=\"_ _df\"> </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 x2a8 y34bc w1029 h48e\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc1 sc0 ls0 ws0\">2.2. parzialmente<span class=\"_ _df\"> </span></div></td><td class=\"c x9d7 y34bd wb7 hf\"><div class=\"t m0 x37 h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">68.110 </div></td><td class=\"c x9d8 y34bd w85 hf\"><div class=\"t m0 x26 h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">68.097 </div></td><td class=\"c x9d0 y34bd w269 hf\"><div class=\"t m0 x90 h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9d9 y34bd wac hf\"><div class=\"t m0 x11 h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9da y34bd w152 hf\"><div class=\"t m0 x3a h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">10.372 </div></td><td class=\"c x9db y34bd w1ae hf\"><div class=\"t m0 x27 h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">5.786 </div></td><td class=\"c x9d1 y34bd w5b4 hf\"><div class=\"t m0 x55 h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9dc y34bd w2bd hf\"><div class=\"t m0 x38 h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9d5 y34bd w5b4 hf\"><div class=\"t m0 x55 h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9dd y34bd w5b5 hf\"><div class=\"t m0 x55 h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9de y34bd w5b4 hf\"><div class=\"t m0 x55 h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9d2 y34bd w162 hf\"><div class=\"t m0 x26 h200 y153d ff4 fs22 fc1 sc0 ls79 ws0\">335<span class=\"_ _df\"> </span></div></td><td class=\"c x9df y34bd w1c3 hf\"><div class=\"t m0 x31 h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9e0 y34bd w1c7 hf\"><div class=\"t m0 x32 h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">477 </div></td><td class=\"c x9e1 y34bd w1a9 hf\"><div class=\"t m0 x32 h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">22.590 </div></td><td class=\"c x9d3 y34bd w269 hf\"><div class=\"t m0 x27 h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">39.560 </div></td></tr><tr><td class=\"c x2a8 y34be w1022 h48f\"><div class=\"t m0 x250 h200 y24d8 ff4 fs22 fc1 sc0 ls0 ws0\">garantite<span class=\"_ _df\"> </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 x46a y2dd8 w1023 h48f\"><div class=\"t m0 x250 h200 y24d8 ff4 fs22 fc1 sc0 ls0 ws0\">- di cui<span class=\"_ _df\"> </span></div></td><td class=\"c x9d7 y34bf wb7 h13f\"><div class=\"t m0 x13 h200 y2ef ff4 fs22 fc1 sc0 ls61 ws0\">28<span class=\"ls0\"> </span></div></td><td class=\"c x9d8 y34bf w85 h13f\"><div class=\"t m0 x11 h200 y2ef ff4 fs22 fc1 sc0 ls61 ws0\">20<span class=\"ls0\"> </span></div></td><td class=\"c x9d0 y34bf w269 h13f\"><div class=\"t m0 x90 h200 y2ef ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9d9 y34bf wac h13f\"><div class=\"t m0 x11 h200 y2ef ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9da y34bf w152 h13f\"><div class=\"t m0 x11 h200 y2ef ff4 fs22 fc1 sc0 ls0 ws0\">4 </div></td><td class=\"c x9db y34bf w1ae h13f\"><div class=\"t m0 x13 h200 y2ef ff4 fs22 fc1 sc0 ls0 ws0\">5 </div></td><td class=\"c x9d1 y34bf w5b4 h13f\"><div class=\"t m0 x55 h200 y2ef ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9dc y34bf w2bd h13f\"><div class=\"t m0 x38 h200 y2ef ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9d5 y34bf w5b4 h13f\"><div class=\"t m0 x55 h200 y2ef ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9dd y34bf w5b5 h13f\"><div class=\"t m0 x55 h200 y2ef ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9de y34bf w5b4 h13f\"><div class=\"t m0 x55 h200 y2ef ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9d2 y34bf w162 h13f\"><div class=\"t m0 x36 h200 y2ef ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9df y34bf w1c3 h13f\"><div class=\"t m0 x31 h200 y2ef ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9e0 y34bf w1c7 h13f\"><div class=\"t m0 x37 h200 y2ef ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9e1 y34bf w1a9 h13f\"><div class=\"t m0 x8f h200 y2ef ff4 fs22 fc1 sc0 ls0 ws0\">6 </div></td><td class=\"c x9d3 y34bf w269 h13f\"><div class=\"t m0 x96 h200 y2ef ff4 fs22 fc1 sc0 ls9e ws0\">15<span class=\"ls0\"> </span></div></td></tr><tr><td class=\"c x46a y2491 wa16 h48f\"><div class=\"t m0 x250 h200 y24d8 ff4 fs22 fc1 sc0 ls0 ws0\">deteriorate<span class=\"_ _df\"> </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>Immobili - Ipo<span class=\"_ _2\"></span>teche<span class=\"fc1 sc0\"> </span>Immobili <span class=\"_ _2\"></span>- leasing finanziario<span class=\"fc1 sc0\"> </span>Titoli<span class=\"fc1 sc0\"> </span>Altre garanzie reali<span class=\"_ _2\"></span><span class=\"fc1 sc0\"> </span>CLN<span class=\"fc1 sc0\"> </span>Amministrazioni p<span class=\"_ _2\"></span>ubbliche<span class=\"fc1 sc0\"> </span>Banche<span class=\"fc1 sc0\"> </span>Altre socie<span class=\"_ _2\"></span>t\u00e0 finanziarie<span class=\"fc1 sc0\"> </span>Altri soggetti<span class=\"fc1 sc0\"> </span>Controparti centrali<span class=\"fc1 sc0\"> </span>Banche<span class=\"fc1 sc0\"> </span>Altre socie<span class=\"_ _2\"></span>t\u00e0 finanziarie<span class=\"fc1 sc0\"> </span>Altri soggetti<span class=\"fc1 sc0\"> </span><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs1198\">Nel <span class=\"_ _0\"></span>corso <span class=\"_ _9\"> </span>dell\u2019esercizio <span class=\"_ _0\"></span>sono <span class=\"_ _0\"></span>st<span class=\"_ _2\"></span>ate <span class=\"_ _0\"></span>esc<span class=\"ff4\">usse <span class=\"_ _9\"> </span>garanzie <span class=\"_ _0\"></span>ipotecarie <span class=\"_ _9\"> </span>per <span class=\"_ _0\"></span>9,9<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>milioni <span class=\"_ _0\"></span>di <span class=\"_ _9\"> </span>euro, <span class=\"_ _0\"></span>i <span class=\"_ _9\"> </span>cui <span class=\"_ _9\"> </span>incassi </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1199\">presumibilmente <span class=\"_ _16\"> </span>avverranno  nei <span class=\"_ _16\"> </span>prossimi  anni<span class=\"_ _1\"></span>,  mentre  a  fronte  d<span class=\"_ _1\"></span>elle  escussioni <span class=\"_ _16\"> </span>di  pegni,  p<span class=\"_ _1\"></span>olizze </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs119a\">assicurative  e<span class=\"_ _1\"></span>  fide<span class=\"_ _1\"></span>iussioni  sono <span class=\"_ _16\"> </span>stati <span class=\"_ _16\"> </span>incassati <span class=\"_ _16\"> </span>25,1  <span class=\"ff5\">milioni <span class=\"_ _9\"> </span>di  euro.  Nel<span class=\"_ _1\"></span>l\u2019esercizio <span class=\"_ _16\"> </span>sono  sta<span class=\"_ _1\"></span>ti  anc<span class=\"_ _1\"></span>he </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs119b\">incassati 1<span class=\"_ _1\"></span>4,5 mil<span class=\"_ _1\"></span>ioni d<span class=\"_ _1\"></span>i e<span class=\"_ _1\"></span>uro, a <span class=\"_ _f\"></span>fronte di <span class=\"_ _f\"></span>escussione di <span class=\"_ _f\"></span>garanzie ipotecarie <span class=\"_ _f\"></span>avviate neg<span class=\"_ _1\"></span>li anni <span class=\"_ _f\"></span>precedenti.<span class=\"_ _2\"></span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs119c\">Nel cor<span class=\"_ _2\"></span>so <span class=\"_ _2\"></span>del 2025 s<span class=\"_ _2\"></span>ono state <span class=\"_ _2\"></span>poste <span class=\"_ _2\"></span>in essere <span class=\"_ _2\"></span>attivit\u00e0 giudiziali <span class=\"_ _2\"></span>di escussione <span class=\"_ _2\"></span>delle garanzie <span class=\"_ _2\"></span>mediante </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs119d\">pignoramento <span class=\"_ _16\"> </span>immobiliare <span class=\"_ _9\"> </span>nei  casi <span class=\"_ _9\"> </span>in  cui<span class=\"_ _1\"></span>  non <span class=\"_ _9\"> </span>sia  s<span class=\"_ _1\"></span>tato  p<span class=\"_ _1\"></span>ossibile <span class=\"_ _9\"> </span>raggiungere  soluzioni <span class=\"_ _9\"> </span>transattive </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs119e\">soddisfacenti.  Le  posizioni <span class=\"_ _22\"> </span>affi<span class=\"_ _2\"></span>date  alle  societ\u00e0 <span class=\"_ _4\"> </span>di  o<span class=\"_ _2\"></span><span class=\"ff5\">utsourcing,  costituite  da <span class=\"_ _4\"> </span>esposizioni<span class=\"_ _1\"></span>  &lt;<span class=\"_ _2\"></span>100  \u20ack </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs119f\">derivanti <span class=\"_ _2\"></span>da <span class=\"_ _d\"></span>mutui <span class=\"_ _d\"></span>ipotecari <span class=\"_ _d\"></span>sono <span class=\"_ _d\"></span>state <span class=\"_ _d\"></span>valutate <span class=\"_ _2\"></span>e <span class=\"_ _d\"></span>gestite <span class=\"_ _d\"></span>stragiudizialmente. <span class=\"_ _d\"></span>Si <span class=\"_ _d\"></span>precisa <span class=\"_ _2\"></span>infatti <span class=\"_ _d\"></span>che <span class=\"_ _d\"></span>la </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs11a0\">ricontrattualizzazione <span class=\"_ _0\"></span>di <span class=\"_ _9\"> </span>tali <span class=\"_ _9\"> </span>societ\u00e0 <span class=\"_ _9\"> </span>dal <span class=\"_ _0\"> </span>20<span class=\"_ _2\"></span>23 <span class=\"_ _0\"></span>ha <span class=\"_ _9\"> </span>previsto <span class=\"_ _9\"> </span>il <span class=\"_ _9\"> </span>loro <span class=\"_ _9\"> </span>intervento <span class=\"_ _0\"></span>limitatamente <span class=\"_ _9\"> </span>all'attivit\u00e0<span class=\"_ _2\"></span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs11a1\">stragiudiziale. <span class=\"_ _d\"></span>In <span class=\"_ _d\"></span>caso <span class=\"_ _0\"></span>di <span class=\"_ _d\"></span>esito <span class=\"_ _0\"></span>neg<span class=\"_ _1\"></span>ativo <span class=\"_ _d\"></span>di <span class=\"_ _0\"></span>quest'ultima, <span class=\"_ _d\"></span>infatti, <span class=\"_ _d\"></span>la <span class=\"_ _0\"></span>posizione <span class=\"_ _d\"></span>viene <span class=\"_ _d\"></span>restituita <span class=\"_ _0\"></span>agli <span class=\"_ _d\"></span>uffici </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs11a2\">interni competenti per l'attivazione giudi<span class=\"_ _1\"></span>ziale ovvero la cessione del credito.<span class=\"_ _2\"></span> </div>B. D<span class=\"_ _f\"></span>istrib<span class=\"_ _1\"></span>uzio<span class=\"_ _f\"></span>ne e co<span class=\"_ _f\"></span>nce<span class=\"_ _1\"></span>ntra<span class=\"_ _1\"></span>zion<span class=\"_ _f\"></span>e dell<span class=\"_ _1\"></span>e es<span class=\"_ _f\"></span>posiz<span class=\"_ _1\"></span>ioni <span class=\"_ _f\"></span>cred<span class=\"_ _1\"></span>itizie<span class=\"_ _df\"> </span>B.1 <span class=\"_ _1\"></span>Conso<span class=\"_ _1\"></span>lidat<span class=\"_ _1\"></span>o pru<span class=\"_ _1\"></span>denzia<span class=\"_ _f\"></span>le - Dis<span class=\"_ _1\"></span>tribuzi<span class=\"_ _1\"></span>one s<span class=\"_ _f\"></span>ettoria<span class=\"_ _1\"></span>le del<span class=\"_ _1\"></span>le es<span class=\"_ _1\"></span>posizi<span class=\"_ _1\"></span>oni cr<span class=\"_ _1\"></span>editizi<span class=\"_ _1\"></span>e per<span class=\"_ _1\"></span> cass<span class=\"_ _f\"></span>a e \"fuor<span class=\"_ _1\"></span>i b<span class=\"_ _1\"></span>ilanci<span class=\"_ _1\"></span>o\" ver<span class=\"_ _1\"></span>so cl<span class=\"_ _1\"></span>ient<span class=\"_ _1\"></span>ela<span class=\"_ _df\"> </span>Amm<span class=\"_ _f\"></span>inistra<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>i pub<span class=\"_ _f\"></span>bliche<span class=\"_ _df\"> </span>Soci<span class=\"_ _1\"></span>et\u00e0 f<span class=\"_ _1\"></span>ina<span class=\"_ _1\"></span>nziar<span class=\"_ _1\"></span>ie<span class=\"_ _df\"> </span>Soci<span class=\"_ _1\"></span>et\u00e0 f<span class=\"_ _1\"></span>ina<span class=\"_ _1\"></span>nziar<span class=\"_ _1\"></span>ie (di<span class=\"_ _1\"></span> cui:<span class=\"_ _df\"> </span>Soci<span class=\"_ _1\"></span>et\u00e0 n<span class=\"_ _f\"></span>on fina<span class=\"_ _1\"></span>nzia<span class=\"_ _f\"></span>rie<span class=\"_ _df\"> </span>Fam<span class=\"_ _f\"></span>iglie<span class=\"_ _df\"> </span>impr<span class=\"_ _f\"></span>ese di as<span class=\"_ _f\"></span>sicurazi<span class=\"_ _f\"></span>one)<span class=\"_ _df\"> </span>Espo<span class=\"_ _1\"></span>sizio<span class=\"_ _f\"></span>ni/Cont<span class=\"_ _1\"></span>ropa<span class=\"_ _1\"></span>rti<span class=\"_ _df\"> </span>Rett<span class=\"_ _f\"></span>ifiche<span class=\"_ _df\"> </span>Rett<span class=\"_ _f\"></span>ifiche<span class=\"_ _df\"> </span>Rett<span class=\"_ _f\"></span>ifiche<span class=\"_ _df\"> </span>Rett<span class=\"_ _f\"></span>ifiche<span class=\"_ _df\"> </span>Rett<span class=\"_ _f\"></span>ifiche<span class=\"_ _df\"> </span>Espo<span class=\"_ _1\"></span>sizio<span class=\"_ _f\"></span>ne<span class=\"_ _df\"> </span>Espo<span class=\"_ _1\"></span>sizio<span class=\"_ _f\"></span>ne<span class=\"_ _df\"> </span>Espo<span class=\"_ _1\"></span>sizio<span class=\"_ _f\"></span>ne<span class=\"_ _df\"> </span>Espo<span class=\"_ _1\"></span>sizio<span class=\"_ _f\"></span>ne<span class=\"_ _df\"> </span>Espo<span class=\"_ _1\"></span>sizio<span class=\"_ _f\"></span>ne<span class=\"_ _df\"> </span>val<span class=\"_ _1\"></span>ore<span class=\"_ _df\"> </span>val<span class=\"_ _1\"></span>ore<span class=\"_ _df\"> </span>val<span class=\"_ _1\"></span>ore<span class=\"_ _df\"> </span>val<span class=\"_ _1\"></span>ore<span class=\"_ _df\"> </span>val<span class=\"_ _1\"></span>ore<span class=\"_ _df\"> </span>net<span class=\"_ _1\"></span>ta<span class=\"_ _df\"> </span>net<span class=\"_ _1\"></span>ta<span class=\"_ _df\"> </span>net<span class=\"_ _1\"></span>ta<span class=\"_ _df\"> </span>net<span class=\"_ _1\"></span>ta<span class=\"_ _df\"> </span>net<span class=\"_ _1\"></span>ta<span class=\"_ _df\"> </span>A. Es<span class=\"_ _1\"></span>pos<span class=\"_ _1\"></span>izion<span class=\"_ _f\"></span>i<span class=\"_ _df\"> </span>com<span class=\"_ _f\"></span>plessiv<span class=\"_ _1\"></span>e<span class=\"_ _df\"> </span>com<span class=\"_ _f\"></span>plessiv<span class=\"_ _1\"></span>e<span class=\"_ _df\"> </span>com<span class=\"_ _f\"></span>plessiv<span class=\"_ _1\"></span>e<span class=\"_ _df\"> </span>com<span class=\"_ _f\"></span>plessiv<span class=\"_ _1\"></span>e<span class=\"_ _df\"> </span>com<span class=\"_ _f\"></span>plessiv<span class=\"_ _1\"></span>e<span class=\"_ _df\"> </span>credit<span class=\"_ _f\"></span>izie per<span class=\"_ _1\"></span> cas<span class=\"_ _f\"></span>sa<span class=\"_ _df\"> </span>A.1 Sofferenze<span class=\"_ _df\"> </span>93<span class=\"_ _df\"> </span>324<span class=\"_ _df\"> </span>5<span class=\"_ _df\"> </span>114<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>24.048<span class=\"_ _df\"> </span>117.561<span class=\"_ _df\"> </span>13.226<span class=\"_ _df\"> </span>75.79<span class=\"_ _df\"> </span>- di cui<span class=\"_ _df\"> </span>esposizioni<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>2<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>5.570<span class=\"_ _df\"> </span>30.214<span class=\"_ _df\"> </span>4.287<span class=\"_ _df\"> </span>15.2<span class=\"_ _df\"> </span>oggetto di<span class=\"_ _df\"> </span>concessioni<span class=\"_ _df\"> </span>A.2 Inadempienze<span class=\"_ _df\"> </span>9<span class=\"ls29\">68<span class=\"_ _df\"> </span></span>1.248<span class=\"_ _df\"> </span>78<span class=\"_ _df\"> </span>150<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>72.295<span class=\"_ _df\"> </span>55.165<span class=\"_ _df\"> </span>112.946<span class=\"_ _df\"> </span>93.75<span class=\"_ _df\"> </span>probabili<span class=\"_ _df\"> </span>- di cui<span class=\"_ _df\"> </span>esposizioni<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>7<span class=\"_ _df\"> </span>18<span class=\"_ _df\"> </span>41<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>26.956<span class=\"_ _df\"> </span>22.355<span class=\"_ _df\"> </span>46.827<span class=\"_ _df\"> </span>28.48<span class=\"_ _df\"> </span>oggetto di<span class=\"_ _df\"> </span>concessioni<span class=\"_ _df\"> </span>A.3 Esposizioni<span class=\"_ _df\"> </span>265<span class=\"_ _df\"> </span>57<span class=\"_ _df\"> </span>4<span class=\"_ _df\"> </span>4<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>6.865<span class=\"_ _df\"> </span>4.845<span class=\"_ _df\"> </span>20.213<span class=\"_ _df\"> </span>14.70<span class=\"_ _df\"> </span>scadute deterio<span class=\"_ _1\"></span>rate<span class=\"_ _df\"> </span>- di cui<span class=\"_ _df\"> </span>esposizioni<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>155<span class=\"_ _df\"> </span>88<span class=\"_ _df\"> </span>38<span class=\"_ _df\"> </span>oggetto di<span class=\"_ _df\"> </span>concessioni<span class=\"_ _df\"> </span>A.4 Esposizioni n<span class=\"_ _f\"></span>o<span class=\"_ _2\"></span>n<span class=\"_ _df\"> </span>9.895.297<span class=\"_ _df\"> </span>3.3023.075.338<span class=\"_ _df\"> </span>1.137<span class=\"_ _df\"> </span>260.293<span class=\"_ _df\"> </span>217.905.268<span class=\"_ _df\"> </span>27.86018.240.590<span class=\"_ _df\"> </span>60.7<span class=\"_ _df\"> </span>deteriorate<span class=\"_ _df\"> </span>- di cui<span class=\"_ _df\"> </span>esposizioni<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>(2)<span class=\"_ _df\"> </span>14<span class=\"_ _df\"> </span>1<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>21.053<span class=\"_ _df\"> </span>388<span class=\"_ _df\"> </span>36.440<span class=\"_ _df\"> </span>94<span class=\"_ _df\"> </span>oggetto di<span class=\"_ _df\"> </span>concessioni<span class=\"_ _df\"> </span>Tot<span class=\"_ _1\"></span>ale (A<span class=\"_ _f\"></span>)<span class=\"_ _df\"> </span>9.89<span class=\"_ _1\"></span>6.623<span class=\"_ _df\"> </span>4.9313.075<span class=\"_ _1\"></span>.425<span class=\"_ _df\"> </span>1.405<span class=\"_ _df\"> </span>260.<span class=\"_ _1\"></span>293<span class=\"_ _df\"> </span>218.00<span class=\"_ _f\"></span>8.476<span class=\"_ _df\"> </span>205.<span class=\"_ _1\"></span>43118.3<span class=\"_ _1\"></span>86.9<span class=\"_ _1\"></span>75<span class=\"_ _df\"> </span>244.9<span class=\"_ _f\"></span>6<span class=\"_ _df\"> </span>B. Es<span class=\"_ _f\"></span>posizion<span class=\"_ _1\"></span>i<span class=\"_ _df\"> </span>credit<span class=\"_ _f\"></span>izie fuo<span class=\"_ _f\"></span>ri<span class=\"_ _df\"> </span>bilan<span class=\"_ _f\"></span>cio<span class=\"_ _df\"> </span>B.1 Esposizioni<span class=\"_ _df\"> </span>3<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>14<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>30.032<span class=\"_ _df\"> </span>919<span class=\"_ _df\"> </span>12.367<span class=\"_ _df\"> </span>20<span class=\"_ _df\"> </span>deteriorate<span class=\"_ _df\"> </span>B.2 Esposizioni <span class=\"_ _1\"></span>non<span class=\"_ _df\"> </span>14.095<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>389.747<span class=\"_ _df\"> </span>38<span class=\"_ _df\"> </span>195.540<span class=\"_ _df\"> </span>-11.184.106<span class=\"_ _df\"> </span>3.7331.727.835<span class=\"_ _df\"> </span>1.4<span class=\"_ _df\"> </span>deteriorate<span class=\"_ _df\"> </span>Tot<span class=\"_ _1\"></span>ale (B<span class=\"_ _1\"></span>)<span class=\"_ _df\"> </span>14.09<span class=\"_ _f\"></span>8<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>389.<span class=\"_ _1\"></span>761<span class=\"_ _df\"> </span>38<span class=\"_ _df\"> </span>195.5<span class=\"_ _1\"></span>40<span class=\"_ _df\"> </span>-11.214.<span class=\"_ _f\"></span>138<span class=\"_ _df\"> </span>4.6521.74<span class=\"_ _1\"></span>0.202<span class=\"_ _df\"> </span>1.6<div class=\"c w2c2 h91 gs11a8\"><div class=\"t m0 x8a h5 y1220 ff4 fs1 fc4 sc3 ls0 ws0\">B.2 Co<span class=\"_ _1\"></span>nsoli<span class=\"_ _1\"></span>dato<span class=\"_ _1\"></span> prud<span class=\"_ _1\"></span>enzi<span class=\"_ _1\"></span>ale - <span class=\"_ _f\"></span>Distrib<span class=\"_ _1\"></span>uzione<span class=\"_ _1\"></span> terr<span class=\"_ _1\"></span>itori<span class=\"_ _1\"></span>ale d<span class=\"_ _f\"></span>elle espo<span class=\"_ _1\"></span>sizioni<span class=\"_ _1\"></span> credi<span class=\"_ _1\"></span>tizie <span class=\"_ _1\"></span>per ca<span class=\"_ _f\"></span>ssa e <span class=\"_ _1\"></span>\"fuori<span class=\"_ _f\"></span> bilancio<span class=\"_ _1\"></span>\" vers<span class=\"_ _1\"></span>o </div><div class=\"t m0 x8a h5 y360 ff4 fs1 fc4 sc3 ls0 ws0\">cliente<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span><span class=\"fc1 sc0\"> </span></div></div><div class=\"gs11a9\"><table class=\"s w1041 h584\" id=\"_80a7ba81-74e2-49e9-b1bc-66d05796b7fa\"><tr><td></td><td></td><td class=\"c xa07 y34f2 w5c2 h4a\"><div class=\"t m0 x36 h1f y25c ff4 fs7 fc4 sc3 ls0 ws0\">Itali<span class=\"_ _1\"></span>a<span class=\"fc1 sc0\"> </span></div></td><td></td><td class=\"c x4c6 y34f2 w323 h4a\"><div class=\"t m0 x8a h1f y25c ff4 fs7 fc4 sc3 ls0 ws0\">Altri pa<span class=\"_ _f\"></span>esi eur<span class=\"_ _f\"></span>opei<span class=\"fc1 sc0\"> </span></div></td><td></td><td class=\"c xa08 y34f2 w591 h4a\"><div class=\"t m0 x48 h1f y25c ff4 fs7 fc4 sc3 ls0 ws0\">Amer<span class=\"_ _f\"></span>ica<span class=\"fc1 sc0\"> </span></div></td><td></td><td class=\"c x508 y34f2 w4c3 h4a\"><div class=\"t m0 x48 h1f y25c ff4 fs7 fc4 sc3 ls0 ws0\">Asia<span class=\"_ _f\"></span><span class=\"fc1 sc0\"> </span></div></td><td></td><td></td><td class=\"c xa09 y34f2 w5c3 h4a\"><div class=\"t m0 xab h1f y25c ff4 fs7 fc4 sc3 ls0 ws0\">Rest<span class=\"_ _f\"></span>o del mon<span class=\"_ _f\"></span>do<span class=\"fc1 sc0\"> </span></div></td></tr><tr><td class=\"c x5ca y34f3 w1042 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">Espo<span class=\"_ _1\"></span>sizio<span class=\"_ _f\"></span>ni/Aree<span class=\"_ _df\"> </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></td><td class=\"c xa0a y34f4 w1043 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">geog<span class=\"_ _f\"></span>rafiche<span class=\"_ _df\"> </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 x262 y33ba w1044 h4b7\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc1 sc2 ls0 ws0\">A. Es<span class=\"_ _1\"></span>pos<span class=\"_ _1\"></span>izion<span class=\"_ _f\"></span>i<span class=\"_ _df\"> </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=\"c x262 y33bc w1045 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc1 sc2 ls0 ws0\">credit<span class=\"_ _f\"></span>izie per<span class=\"_ _df\"> </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=\"c x262 y2820 w1046 h4d6\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc2 ls0 ws0\">cass<span class=\"_ _f\"></span>a<span class=\"_ _df\"> </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=\"c x46b y34f5 w33 h49\" colspan=\"2\"><div class=\"t m0 x8a h1f y25c ff4 fs7 fc1 sc0 ls0 ws0\">A.1 Sofferenze<span class=\"_ _f\"></span> </div></td><td class=\"c xa07 y34f5 w2c5 h49\"><div class=\"t m0 x32 h1f y25c ff4 fs7 fc1 sc0 ls0 ws0\">37.373 </div></td><td class=\"c x83e y34f5 w351 h49\"><div class=\"t m0 xac h1f y25c ff4 fs7 fc1 sc0 ls0 ws0\">193.792 </div></td><td class=\"c x4c6 y34f5 w408 h49\"><div class=\"t m0 x8f h1f y25c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x8a0 y34f5 w5c7 h49\"><div class=\"t m0 x39 h1f y25c ff4 fs7 fc1 sc0 ls0 ws0\">3 </div></td><td class=\"c x80d y34f5 w1a5 h49\"><div class=\"t m0 x15 h1f y25c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x921 y34f5 w557 h49\"><div class=\"t m0 x55 h1f y25c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x508 y34f5 w39b h49\"><div class=\"t m0 x2c h1f y25c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x45f y34f5 w5c8 h49\"><div class=\"t m0 x116 h1f y25c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa09 y34f5 w1a2 h49\"><div class=\"t m0 x31 h1f y25c ff4 fs7 fc1 sc0 ls28 ws0\">(1)<span class=\"ls0\"> </span></div></td><td class=\"c xa0b y34f5 w5c4 h49\"><div class=\"t m0 x55 h1f y25c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x262 y34f6 w1047 h49b\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">A.2<span class=\"_ _df\"> </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=\"c x262 y34f7 w1048 h484\" colspan=\"2\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">Inadempienze<span class=\"_ _df\"> </span></div></td><td class=\"c xa07 y34f8 w2c5 h89\"><div class=\"t m0 x33 h1f y41f ff4 fs7 fc1 sc0 ls0 ws0\">186.116 </div></td><td class=\"c x83e y34f8 w351 h89\"><div class=\"t m0 x8e h1f y41f ff4 fs7 fc1 sc0 ls0 ws0\">150.134 </div></td><td class=\"c x4c6 y34f8 w408 h89\"><div class=\"t m0 x36 h1f y41f ff4 fs7 fc1 sc0 ls0 ws0\">7 </div></td><td class=\"c x8a0 y34f8 w5c7 h89\"><div class=\"t m0 x2a h1f y41f ff4 fs7 fc1 sc0 ls27 ws0\">30<span class=\"ls0\"> </span></div></td><td class=\"c x80d y34f8 w1a5 h89\"><div class=\"t m0 x30 h1f y41f ff4 fs7 fc1 sc0 ls0 ws0\">3 </div></td><td class=\"c x921 y34f8 w557 h89\"><div class=\"t m0 x16a h1f y41f ff4 fs7 fc1 sc0 ls9 ws0\">12<span class=\"ls0\"> </span></div></td><td class=\"c x508 y34f8 w39b h89\"><div class=\"t m0 x2c h1f y41f ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x45f y34f8 w5c8 h89\"><div class=\"t m0 x116 h1f y41f ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa09 y34f8 w1a2 h89\"><div class=\"t m0 x97 h1f y41f ff4 fs7 fc1 sc0 ls0 ws0\">161 </div></td><td class=\"c xa0b y34f8 w5c4 h89\"><div class=\"t m0 xac h1f y41f ff4 fs7 fc1 sc0 ls0 ws0\">137 </div></td></tr><tr><td class=\"c x262 y34f9 w1049 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">probabili<span class=\"_ _df\"> </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=\"c x262 y34fa w104a h4b6\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">A.3<span class=\"_ _df\"> </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=\"c x262 y34fb w104b h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">Esposizioni<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c xa07 y34fc w2c5 h24a\"><div class=\"t m0 x32 h1f y2c4 ff4 fs7 fc1 sc0 ls0 ws0\">27.272 </div></td><td class=\"c x83e y34fc w351 h24a\"><div class=\"t m0 x16a h1f y2c4 ff4 fs7 fc1 sc0 ls0 ws0\">19.593 </div></td><td class=\"c x4c6 y34fc w408 h24a\"><div class=\"t m0 x36 h1f y2c4 ff4 fs7 fc1 sc0 ls0 ws0\">9 </div></td><td class=\"c x8a0 y34fc w5c7 h24a\"><div class=\"t m0 x39 h1f y2c4 ff4 fs7 fc1 sc0 ls0 ws0\">6 </div></td><td class=\"c x80d y34fc w1a5 h24a\"><div class=\"t m0 x15 h1f y2c4 ff4 fs7 fc1 sc0 ls0 ws0\">1 </div></td><td class=\"c x921 y34fc w557 h24a\"><div class=\"t m0 x55 h1f y2c4 ff4 fs7 fc1 sc0 ls0 ws0\">1 </div></td><td class=\"c x508 y34fc w39b h24a\"><div class=\"t m0 x35 h1f y2c4 ff4 fs7 fc1 sc0 ls0 ws0\">4 </div></td><td class=\"c x45f y34fc w5c8 h24a\"><div class=\"t m0 x2f h1f y2c4 ff4 fs7 fc1 sc0 ls0 ws0\">4 </div></td><td class=\"c xa09 y34fc w1a2 h24a\"><div class=\"t m0 x31 h1f y2c4 ff4 fs7 fc1 sc0 ls29 ws0\">61<span class=\"ls0\"> </span></div></td><td class=\"c xa0b y34fc w5c4 h24a\"><div class=\"t m0 x2e h1f y2c4 ff4 fs7 fc1 sc0 ls0 ws0\">4 </div></td></tr><tr><td class=\"c x262 y34fd w104c h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">scadute<span class=\"_ _df\"> </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=\"c x262 y34fe w104d h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">deteriorate<span class=\"_ _df\"> </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=\"c x262 y34ff w104e h54a\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">A.4<span class=\"_ _df\"> </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=\"c x262 y3500 w104b h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">Esposizioni<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c xa07 y3501 w2c5 h2e8\"><div class=\"t m0 xab h1f y2c4 ff4 fs7 fc1 sc0 ls0 ws0\">43.802.140 </div></td><td class=\"c x83e y3501 w351 h2e8\"><div class=\"t m0 x16a h1f y2c4 ff4 fs7 fc1 sc0 ls0 ws0\">91.424 </div></td><td class=\"c x4c6 y3501 w408 h2e8\"><div class=\"t m0 x8a h1f y2c4 ff4 fs7 fc1 sc0 ls0 ws0\">2.593.409 </div></td><td class=\"c x8a0 y3501 w5c7 h2e8\"><div class=\"t m0 xab h1f y2c4 ff4 fs7 fc1 sc0 ls0 ws0\">1.132 </div></td><td class=\"c x80d y3501 w1a5 h2e8\"><div class=\"t m0 x8e h1f y2c4 ff4 fs7 fc1 sc0 ls0 ws0\">634.230 </div></td><td class=\"c x921 y3501 w557 h2e8\"><div class=\"t m0 xac h1f y2c4 ff4 fs7 fc1 sc0 ls9 ws0\">125<span class=\"ls0\"> </span></div></td><td class=\"c x508 y3501 w39b h2e8\"><div class=\"t m0 xac h1f y2c4 ff4 fs7 fc1 sc0 ls0 ws0\">4.309 </div></td><td class=\"c x45f y3501 w5c8 h2e8\"><div class=\"t m0 x2f h1f y2c4 ff4 fs7 fc1 sc0 ls0 ws0\">3 </div></td><td class=\"c xa09 y3501 w1a2 h2e8\"><div class=\"t m0 x8a h1f y2c4 ff4 fs7 fc1 sc0 ls0 ws0\">2.082.405 </div></td><td class=\"c xa0b y3501 w5c4 h2e8\"><div class=\"t m0 x8a h1f y2c4 ff4 fs7 fc1 sc0 ls27 ws0\">332<span class=\"ls0\"> </span></div></td></tr><tr><td class=\"c x262 y3502 w104f h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">non<span class=\"_ _df\"> </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=\"c x262 y3503 w104d h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">deteriorate<span class=\"_ _df\"> </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=\"c x46b y3504 w33 h49\" colspan=\"2\"><div class=\"t m0 x32 h1f y25f ff4 fs7 fc1 sc2 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale (A<span class=\"_ _f\"></span>)<span class=\"sc0\"> </span></div></td><td class=\"c xa07 y3504 w2c5 h49\"><div class=\"t m0 xac h1f y25f ff4 fs7 fc1 sc2 ls0 ws0\">44.05<span class=\"_ _f\"></span>2.901<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x83e y3504 w351 h49\"><div class=\"t m0 x8a h1f y25f ff4 fs7 fc1 sc2 ls0 ws0\">454.9<span class=\"_ _f\"></span>43<span class=\"sc0\"> </span></div></td><td class=\"c x4c6 y3504 w408 h49\"><div class=\"t m0 xab h1f y25f ff4 fs7 fc1 sc2 ls0 ws0\">2.593<span class=\"_ _f\"></span>.425<span class=\"sc0\"> </span></div></td><td class=\"c x8a0 y3504 w5c7 h49\"><div class=\"t m0 xac h1f y25f ff4 fs7 fc1 sc2 ls0 ws0\">1.171<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x80d y3504 w1a5 h49\"><div class=\"t m0 x2f h1f y25f ff4 fs7 fc1 sc2 ls0 ws0\">634.23<span class=\"_ _f\"></span>4<span class=\"sc0\"> </span></div></td><td class=\"c x921 y3504 w557 h49\"><div class=\"t m0 xab h1f y25f ff4 fs7 fc1 sc2 ls0 ws0\">138<span class=\"sc0\"> </span></div></td><td class=\"c x508 y3504 w39b h49\"><div class=\"t m0 x2f h1f y25f ff4 fs7 fc1 sc2 ls0 ws0\">4.313<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x45f y3504 w5c8 h49\"><div class=\"t m0 x16a h1f y25f ff4 fs7 fc1 sc2 ls0 ws0\">7<span class=\"sc0\"> </span></div></td><td class=\"c xa09 y3504 w1a2 h49\"><div class=\"t m0 xab h1f y25f ff4 fs7 fc1 sc2 ls0 ws0\">2.08<span class=\"_ _f\"></span>2.626<span class=\"sc0\"> </span></div></td><td class=\"c xa0b y3504 w5c4 h49\"><div class=\"t m0 x8a h1f y25f ff4 fs7 fc1 sc2 ls0 ws0\">473<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x262 y3505 w1050 h4b7\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc2 ls0 ws0\">B. Es<span class=\"_ _f\"></span>posizion<span class=\"_ _1\"></span>i<span class=\"_ _df\"> </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=\"c x262 y3506 w1051 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc2 ls0 ws0\">credit<span class=\"_ _f\"></span>izie fuo<span class=\"_ _f\"></span>ri<span class=\"_ _df\"> </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=\"c x262 y3507 wb03 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc2 ls0 ws0\">bilan<span class=\"_ _f\"></span>cio<span class=\"_ _df\"> </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=\"c x262 y3508 w1052 h4b7\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">B.1<span class=\"_ _df\"> </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=\"c x262 y3509 w104b h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">Esposizioni<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c xa07 y350a w2c5 h89\"><div class=\"t m0 x33 h1f y15 ff4 fs7 fc1 sc0 ls0 ws0\">42.367 </div></td><td class=\"c x83e y350a w351 h89\"><div class=\"t m0 x14 h1f y15 ff4 fs7 fc1 sc0 ls0 ws0\">1.127 </div></td><td class=\"c x4c6 y350a w408 h89\"><div class=\"t m0 x38 h1f y15 ff4 fs7 fc1 sc0 ls27 ws0\">33<span class=\"ls0\"> </span></div></td><td class=\"c x8a0 y350a w5c7 h89\"><div class=\"t m0 x14 h1f y15 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x80d y350a w1a5 h89\"><div class=\"t m0 x30 h1f y15 ff4 fs7 fc1 sc0 ls0 ws0\">5 </div></td><td class=\"c x921 y350a w557 h89\"><div class=\"t m0 x55 h1f y15 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x508 y350a w39b h89\"><div class=\"t m0 x33 h1f y15 ff4 fs7 fc1 sc0 ls9 ws0\">12<span class=\"ls0\"> </span></div></td><td class=\"c x45f y350a w5c8 h89\"><div class=\"t m0 x116 h1f y15 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa09 y350a w1a2 h89\"><div class=\"t m0 x31 h1f y15 ff4 fs7 fc1 sc0 ls28 ws0\">(1)<span class=\"ls0\"> </span></div></td><td class=\"c xa0b y350a w5c4 h89\"><div class=\"t m0 x55 h1f y15 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x262 y31c0 w104d h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">deteriorate<span class=\"_ _df\"> </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=\"c x262 y350b w1053 h51d\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">B.2<span class=\"_ _df\"> </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=\"c x262 y350c w104b h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">Esposizioni<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c xa07 y350d w2c5 h2ba\"><div class=\"t m0 xac h1f ydae ff4 fs7 fc1 sc0 ls0 ws0\">13.294.076 </div></td><td class=\"c x83e y350d w351 h2ba\"><div class=\"t m0 x39 h1f ydae ff4 fs7 fc1 sc0 ls0 ws0\">5.161 </div></td><td class=\"c x4c6 y350d w408 h2ba\"><div class=\"t m0 x32 h1f ydae ff4 fs7 fc1 sc0 ls0 ws0\">4.138 </div></td><td class=\"c x8a0 y350d w5c7 h2ba\"><div class=\"t m0 x39 h1f ydae ff4 fs7 fc1 sc0 ls0 ws0\">9 </div></td><td class=\"c x80d y350d w1a5 h2ba\"><div class=\"t m0 x55 h1f ydae ff4 fs7 fc1 sc0 ls0 ws0\">12.929 </div></td><td class=\"c x921 y350d w557 h2ba\"><div class=\"t m0 x2e h1f ydae ff4 fs7 fc1 sc0 ls0 ws0\">6 </div></td><td class=\"c x508 y350d w39b h2ba\"><div class=\"t m0 x16a h1f ydae ff4 fs7 fc1 sc0 ls0 ws0\">1.081 </div></td><td class=\"c x45f y350d w5c8 h2ba\"><div class=\"t m0 x2f h1f ydae ff4 fs7 fc1 sc0 ls0 ws0\">2 </div></td><td class=\"c xa09 y350d w1a2 h2ba\"><div class=\"t m0 x33 h1f ydae ff4 fs7 fc1 sc0 ls0 ws0\">3.559 </div></td><td class=\"c xa0b y350d w5c4 h2ba\"><div class=\"t m0 x55 h1f ydae ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x262 y350e w104f h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">non<span class=\"_ _df\"> </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=\"c x262 y311f w104d h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">deteriorate<span class=\"_ _df\"> </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=\"c x46b y350f w33 hc8\" colspan=\"2\"><div class=\"t m0 x32 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale (B<span class=\"_ _1\"></span>)<span class=\"sc0\"> </span></div></td><td class=\"c xa07 y350f w2c5 hc8\"><div class=\"t m0 xac h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">13.33<span class=\"_ _1\"></span>6.4<span class=\"_ _1\"></span>43<span class=\"sc0\"> </span></div></td><td class=\"c x83e y350f w351 hc8\"><div class=\"t m0 x2e h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">6.28<span class=\"_ _f\"></span>8<span class=\"sc0\"> </span></div></td><td class=\"c x4c6 y350f w408 hc8\"><div class=\"t m0 x2c h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">4.171<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x8a0 y350f w5c7 hc8\"><div class=\"t m0 x39 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">9<span class=\"sc0\"> </span></div></td><td class=\"c x80d y350f w1a5 hc8\"><div class=\"t m0 x55 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">12.93<span class=\"_ _f\"></span>4<span class=\"sc0\"> </span></div></td><td class=\"c x921 y350f w557 hc8\"><div class=\"t m0 x2e h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">6 </div></td><td class=\"c x508 y350f w39b hc8\"><div class=\"t m0 x8e h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">1.093 </div></td><td class=\"c x45f y350f w5c8 hc8\"><div class=\"t m0 x2f h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">2 </div></td><td class=\"c xa09 y350f w1a2 hc8\"><div class=\"t m0 x33 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">3.558 </div></td><td class=\"c xa0b y350f w5c4 hc8\"><div class=\"t m0 x55 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y3510 w33 hc8\"><div class=\"t m0 x116 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale (A<span class=\"_ _f\"></span>+B)<span class=\"sc0\"> </span></div></td><td class=\"c xa0c y3510 w1b5 hc8\"><div class=\"t m0 x8a h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">31/12/<span class=\"_ _f\"></span>2025<span class=\"sc0\"> </span></div></td><td class=\"c xa07 y3510 w2c5 hc8\"><div class=\"t m0 xab h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">57.3<span class=\"_ _1\"></span>89.3<span class=\"_ _f\"></span>44<span class=\"sc0\"> </span></div></td><td class=\"c x83e y3510 w351 hc8\"><div class=\"t m0 x8e h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">461.2<span class=\"_ _f\"></span>31<span class=\"sc0\"> </span></div></td><td class=\"c x4c6 y3510 w408 hc8\"><div class=\"t m0 xab h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">2.597<span class=\"_ _f\"></span>.596<span class=\"sc0\"> </span></div></td><td class=\"c x8a0 y3510 w5c7 hc8\"><div class=\"t m0 x8a h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">1.180<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x80d y3510 w1a5 hc8\"><div class=\"t m0 x16a h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">647.<span class=\"_ _1\"></span>168<span class=\"sc0\"> </span></div></td><td class=\"c x921 y3510 w557 hc8\"><div class=\"t m0 xab h1f y28b ff4 fs7 fc1 sc2 ls9 ws0\">14<span class=\"ls0\">4</span><span class=\"ls0\"><span class=\"_ _1\"></span><span class=\"sc0\"> </span></span></div></td><td class=\"c x508 y3510 w39b hc8\"><div class=\"t m0 xac h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">5.406<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x45f y3510 w5c8 hc8\"><div class=\"t m0 x2f h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">9<span class=\"sc0\"> </span></div></td><td class=\"c xa09 y3510 w1a2 hc8\"><div class=\"t m0 xab h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">2.086<span class=\"_ _f\"></span>.184<span class=\"sc0\"> </span></div></td><td class=\"c xa0b y3510 w5c4 hc8\"><div class=\"t m0 x8a h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">473<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x46b y3511 w33 hc8\"><div class=\"t m0 x116 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale (A<span class=\"_ _f\"></span>+B)<span class=\"sc0\"> </span></div></td><td class=\"c xa0c y3511 w1b5 hc8\"><div class=\"t m0 x8a h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">31/12/<span class=\"_ _f\"></span>2024<span class=\"sc0\"> </span></div></td><td class=\"c xa07 y3511 w2c5 hc8\"><div class=\"t m0 xab h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">55.09<span class=\"_ _1\"></span>9.0<span class=\"_ _f\"></span>09<span class=\"sc0\"> </span></div></td><td class=\"c x83e y3511 w351 hc8\"><div class=\"t m0 xab h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">492.3<span class=\"_ _f\"></span>57<span class=\"sc0\"> </span></div></td><td class=\"c x4c6 y3511 w408 hc8\"><div class=\"t m0 xab h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">2.837<span class=\"_ _1\"></span>.30<span class=\"_ _f\"></span>2<span class=\"sc0\"> </span></div></td><td class=\"c x8a0 y3511 w5c7 hc8\"><div class=\"t m0 xab h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">1.914<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x80d y3511 w1a5 hc8\"><div class=\"t m0 xab h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">1.549.<span class=\"_ _f\"></span>457<span class=\"sc0\"> </span></div></td><td class=\"c x921 y3511 w557 hc8\"><div class=\"t m0 x8a h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">465<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x508 y3511 w39b hc8\"><div class=\"t m0 x8a h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">13.85<span class=\"_ _f\"></span>5<span class=\"sc0\"> </span></div></td><td class=\"c x45f y3511 w5c8 hc8\"><div class=\"t m0 xac h1f y28b ff4 fs7 fc1 sc2 ls2a ws0\">21<span class=\"sc0 ls0\"> </span></div></td><td class=\"c xa09 y3511 w1a2 hc8\"><div class=\"t m0 x16a h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">1.96<span class=\"_ _1\"></span>2.911<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td><td class=\"c xa0b y3511 w5c4 hc8\"><div class=\"t m0 x8a h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">362<span class=\"_ _f\"></span> </div></td></tr></table></div><div class=\"c w4f h31f gs11aa\"><div class=\"t m4 x35 h1f y2c6 ff4 fs7 fc4 sc3 ls0 ws0\">Esposizione </div><div class=\"t m4 x31 h1f yd66 ff4 fs7 fc4 sc3 ls0 ws0\">netta<span class=\"fc1 sc0\"> </span></div></div><div class=\"c w12c h31f gs11ab\"><div class=\"t m4 x39 h1f y0 ff4 fs7 fc4 sc3 ls0 ws0\">Rettifiche valore </div><div class=\"t m4 x26 h1f y1b ff4 fs7 fc4 sc3 ls0 ws0\">complessive<span class=\"fc1 sc0\"> </span></div></div><div class=\"c w1cb h31f gs11ac\"><div class=\"t m4 x33 h1f y2c6 ff4 fs7 fc4 sc3 ls0 ws0\">Esposizione </div><div class=\"t m4 x97 h1f yd66 ff4 fs7 fc4 sc3 ls0 ws0\">netta<span class=\"fc1 sc0\"> </span></div></div><div class=\"c w299 h31f gs11ad\"><div class=\"t m4 x2a h1f y0 ff4 fs7 fc4 sc3 ls0 ws0\">Rettifiche valore </div><div class=\"t m4 x32 h1f y1b ff4 fs7 fc4 sc3 ls0 ws0\">complessive<span class=\"fc1 sc0\"> </span></div></div><div class=\"c w1b2 h31f gs11ae\"><div class=\"t m4 x48 h1f y2c6 ff4 fs7 fc4 sc3 ls0 ws0\">Esposizione </div><div class=\"t m4 x37 h1f yd66 ff4 fs7 fc4 sc3 ls0 ws0\">netta<span class=\"fc1 sc0\"> </span></div></div><div class=\"c w5c4 h31f gs11af\"><div class=\"t m4 x2a h1f y0 ff4 fs7 fc4 sc3 ls0 ws0\">Rettifiche valore </div><div class=\"t m4 x32 h1f y1b ff4 fs7 fc4 sc3 ls0 ws0\">complessive<span class=\"fc1 sc0\"> </span></div></div><div class=\"c w1d7 h31f gs11b0\"><div class=\"t m4 x2e h1f y2c6 ff4 fs7 fc4 sc3 ls0 ws0\">Esposizione </div><div class=\"t m4 x2c h1f yd66 ff4 fs7 fc4 sc3 ls0 ws0\">netta<span class=\"fc1 sc0\"> </span></div></div><div class=\"c w5c5 h31f gs11b1\"><div class=\"t m4 x2a h1f y0 ff4 fs7 fc4 sc3 ls0 ws0\">Rettifiche valore </div><div class=\"t m4 x32 h1f y1b ff4 fs7 fc4 sc3 ls0 ws0\">complessive<span class=\"fc1 sc0\"> </span></div></div><div class=\"c wbd h31f gs11b2\"><div class=\"t m4 x33 h1f y2c6 ff4 fs7 fc4 sc3 ls0 ws0\">Esposizione </div><div class=\"t m4 x97 h1f yd66 ff4 fs7 fc4 sc3 ls0 ws0\">netta<span class=\"fc1 sc0\"> </span></div></div><div class=\"c w5c6 h31f gs11b3\"><div class=\"t m4 x2a h1f y0 ff4 fs7 fc4 sc3 ls0 ws0\">Rettifiche valore </div><div class=\"t m4 x32 h1f y1b ff4 fs7 fc4 sc3 ls0 ws0\">complessive<span class=\"fc1 sc0\"> </span></div></div>Si <span class=\"_ _d\"></span>allega <span class=\"_ _d\"></span>anche <span class=\"_ _2\"></span>la <span class=\"_ _0\"></span>ripartizione <span class=\"_ _d\"></span>geog<span class=\"_ _1\"></span>rafica <span class=\"_ _d\"></span>NORD<span class=\"_ _2\"></span>-OVEST,<span class=\"_ _1\"></span> <span class=\"_ _d\"></span>NORD-EST, <span class=\"_ _d\"></span>CENTRO, <span class=\"_ _d\"></span>SUD <span class=\"_ _d\"></span>e <span class=\"_ _d\"></span>ISOLE <span class=\"_ _d\"></span>per <span class=\"_ _d\"></span>le esposizioni ITALIA. B.2 Co<span class=\"_ _1\"></span>nsoli<span class=\"_ _1\"></span>dato<span class=\"_ _1\"></span> prud<span class=\"_ _1\"></span>enzi<span class=\"_ _1\"></span>ale <span class=\"ff5\">\u2013<span class=\"_ _1\"></span><span class=\"ff4\"> <span class=\"ff5\">Di<span class=\"_ _1\"></span>strib<span class=\"_ _1\"></span>uzione <span class=\"_ _f\"></span>territor<span class=\"_ _1\"></span>iale <span class=\"_ _1\"></span>delle <span class=\"_ _1\"></span>espo<span class=\"_ _1\"></span>sizioni<span class=\"_ _1\"></span> credi<span class=\"_ _1\"></span>tizie p<span class=\"_ _f\"></span>er cassa<span class=\"_ _f\"></span> e \u201cfuor<span class=\"_ _1\"></span>i bilanc<span class=\"_ _1\"></span>io\u201d v<span class=\"_ _1\"></span>erso<span class=\"_ _1\"></span> </span></span></span>cliente<span class=\"_ _1\"></span>la <table class=\"s w1054 h585\" id=\"_d3205346-6b2d-4554-ae1f-2d363026d6d5\"><tr><td></td><td></td><td></td><td class=\"c x657 y3512 w43b h49\"><div class=\"t m0 x2e h1f y25c ff4 fs7 fc4 sc3 ls0 ws0\">Itali<span class=\"_ _1\"></span>a Nor<span class=\"_ _f\"></span>d Ovest<span class=\"_ _f\"></span><span class=\"fc1 sc0\"> </span></div></td><td class=\"c xa0d y3512 w5c9 h49\"><div class=\"t m0 x14 h1f y25c ff4 fs7 fc4 sc3 ls0 ws0\">Itali<span class=\"_ _1\"></span>a Nor<span class=\"_ _f\"></span>d Est<span class=\"fc1 sc0\"> </span></div></td><td></td><td class=\"c x623 y3512 w259 h49\"><div class=\"t m0 x33 h1f y25c ff4 fs7 fc4 sc3 ls0 ws0\">Itali<span class=\"_ _1\"></span>a Cen<span class=\"_ _1\"></span>tro<span class=\"fc1 sc0\"> </span></div></td><td></td><td class=\"c x65a y3512 w5ca h49\"><div class=\"t m0 x55 h1f y25c ff4 fs7 fc4 sc3 ls0 ws0\">Itali<span class=\"_ _1\"></span>a Sud <span class=\"_ _f\"></span>e Isole<span class=\"_ _1\"></span><span class=\"fc1 sc0\"> </span></div></td><td></td></tr><tr><td class=\"c x46b y3513 w224 h321\"><div class=\"t m0 x116 h1f yd64 ff4 fs7 fc4 sc3 ls0 ws0\">Espo<span class=\"_ _1\"></span>sizio<span class=\"_ _f\"></span>ni / Are<span class=\"_ _1\"></span>e ge<span class=\"_ _1\"></span>ogr<span class=\"_ _1\"></span>afich<span class=\"_ _f\"></span>e<span class=\"fc1 sc0\"> </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 x262 y2e70 wb5f h57d\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc2 ls0 ws0\">A. Es<span class=\"_ _1\"></span>pos<span class=\"_ _1\"></span>izion<span class=\"_ _f\"></span>i<span class=\"_ _df\"> </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 x262 y3514 w1055 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc2 ls0 ws0\">credit<span class=\"_ _f\"></span>izie per<span class=\"_ _df\"> </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 x262 y3515 w1046 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc2 ls0 ws0\">cass<span class=\"_ _f\"></span>a<span class=\"_ _df\"> </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 x46b y3516 w5cb hc8\"><div class=\"t m0 x8a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">A.1 Sofferenze<span class=\"_ _f\"></span> </div></td><td></td><td class=\"c x5d7 y3516 w2d7 hc8\"><div class=\"t m0 x35 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">6.204 </div></td><td class=\"c x80a y3516 w322 hc8\"><div class=\"t m0 xac h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">31.087 </div></td><td class=\"c xa0d y3516 w178 hc8\"><div class=\"t m0 x35 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">8.852 </div></td><td class=\"c x71f y3516 w12e hc8\"><div class=\"t m0 xac h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">40.313 </div></td><td class=\"c x623 y3516 w1d0 hc8\"><div class=\"t m0 x27 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">5.517 </div></td><td class=\"c xa0e y3516 w32e hc8\"><div class=\"t m0 xab h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">34.148 </div></td><td class=\"c x65a y3516 w89 hc8\"><div class=\"t m0 x39 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">16.800 </div></td><td class=\"c x625 y3516 w34c hc8\"><div class=\"t m0 x8e h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">88.244 </div></td></tr><tr><td class=\"c x262 y2dc0 w1056 h4b7\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">A.2<span class=\"_ _df\"> </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 x262 y3517 w9d3 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">Inadempienze<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x5d7 y3518 w2d7 h89\"><div class=\"t m0 x48 h1f y41f ff4 fs7 fc1 sc0 ls0 ws0\">34.557 </div></td><td class=\"c x80a y3518 w322 h89\"><div class=\"t m0 xab h1f y41f ff4 fs7 fc1 sc0 ls0 ws0\">25.686 </div></td><td class=\"c xa0d y3518 w178 h89\"><div class=\"t m0 x33 h1f y41f ff4 fs7 fc1 sc0 ls0 ws0\">52.510 </div></td><td class=\"c x71f y3518 w12e h89\"><div class=\"t m0 xab h1f y41f ff4 fs7 fc1 sc0 ls0 ws0\">38.349 </div></td><td class=\"c x623 y3518 w1d0 h89\"><div class=\"t m0 x32 h1f y41f ff4 fs7 fc1 sc0 ls0 ws0\">24.011 </div></td><td class=\"c xa0e y3518 w32e h89\"><div class=\"t m0 xab h1f y41f ff4 fs7 fc1 sc0 ls0 ws0\">19.205 </div></td><td class=\"c x65a y3518 w89 h89\"><div class=\"t m0 x130 h1f y41f ff4 fs7 fc1 sc0 ls0 ws0\">75.038 </div></td><td class=\"c x625 y3518 w34c h89\"><div class=\"t m0 x8e h1f y41f ff4 fs7 fc1 sc0 ls0 ws0\">66.894 </div></td></tr><tr><td class=\"c x262 y3519 w9d8 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">probabili<span class=\"_ _df\"> </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 x262 y2714 w103a h4b7\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">A.3 Esposizioni<span class=\"_ _df\"> </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 x262 y351a w9d9 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">scadute<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x5d7 y351b w2d7 h89\"><div class=\"t m0 x35 h1f y15 ff4 fs7 fc1 sc0 ls0 ws0\">5.422 </div></td><td class=\"c x80a y351b w322 h89\"><div class=\"t m0 x2f h1f y15 ff4 fs7 fc1 sc0 ls0 ws0\">3.842 </div></td><td class=\"c xa0d y351b w178 h89\"><div class=\"t m0 x32 h1f y15 ff4 fs7 fc1 sc0 ls0 ws0\">8.082 </div></td><td class=\"c x71f y351b w12e h89\"><div class=\"t m0 x2f h1f y15 ff4 fs7 fc1 sc0 ls0 ws0\">6.046 </div></td><td class=\"c x623 y351b w1d0 h89\"><div class=\"t m0 x3a h1f y15 ff4 fs7 fc1 sc0 ls0 ws0\">4.123 </div></td><td class=\"c xa0e y351b w32e h89\"><div class=\"t m0 x2f h1f y15 ff4 fs7 fc1 sc0 ls0 ws0\">2.762 </div></td><td class=\"c x65a y351b w89 h89\"><div class=\"t m0 x33 h1f y15 ff4 fs7 fc1 sc0 ls0 ws0\">9.645 </div></td><td class=\"c x625 y351b w34c h89\"><div class=\"t m0 x2a h1f y15 ff4 fs7 fc1 sc0 ls0 ws0\">6.943 </div></td></tr><tr><td class=\"c x262 y351c wfb8 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">deteriorate<span class=\"_ _df\"> </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 x262 y351d w1057 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">A.4 Esposizioni<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x5d7 y351e w2d7 hbb\"><div class=\"t m0 xab h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">10.391.589 </div></td><td class=\"c x80a y351e w322 hbb\"><div class=\"t m0 x8a h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">20.043 </div></td><td class=\"c xa0d y351e w178 hbb\"><div class=\"t m0 xac h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">10.815.723 </div></td><td class=\"c x71f y351e w12e hbb\"><div class=\"t m0 xac h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">23.104 </div></td><td class=\"c x623 y351e w1d0 hbb\"><div class=\"t m0 xab h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">13.028.916 </div></td><td class=\"c xa0e y351e w32e hbb\"><div class=\"t m0 xab h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">18.806 </div></td><td class=\"c x65a y351e w89 hbb\"><div class=\"t m0 xac h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">9.565.912 </div></td><td class=\"c x625 y351e w34c hbb\"><div class=\"t m0 x16a h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">29.471 </div></td></tr><tr><td class=\"c x262 y351f w1058 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">non deteriorate<span class=\"_ _df\"> </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 x46b y3520 w5cb hc8\"><div class=\"t m0 x37 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale (A<span class=\"_ _f\"></span>)<span class=\"sc0\"> </span></div></td><td></td><td class=\"c x5d7 y3520 w2d7 hc8\"><div class=\"t m0 xac h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">10.43<span class=\"_ _1\"></span>7.77<span class=\"_ _f\"></span>2<span class=\"sc0\"> </span></div></td><td class=\"c x80a y3520 w322 hc8\"><div class=\"t m0 x8a h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">80.6<span class=\"_ _f\"></span>58<span class=\"sc0\"> </span></div></td><td class=\"c xa0d y3520 w178 hc8\"><div class=\"t m0 xac h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">10.88<span class=\"_ _f\"></span>5.167<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x71f y3520 w12e hc8\"><div class=\"t m0 xab h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">107.<span class=\"_ _1\"></span>812<span class=\"sc0\"> </span></div></td><td class=\"c x623 y3520 w1d0 hc8\"><div class=\"t m0 xab h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">13.06<span class=\"_ _f\"></span>2.567<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td><td class=\"c xa0e y3520 w32e hc8\"><div class=\"t m0 xac h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">74.9<span class=\"_ _1\"></span>21<span class=\"sc0\"> </span></div></td><td class=\"c x65a y3520 w89 hc8\"><div class=\"t m0 xab h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">9.66<span class=\"_ _f\"></span>7.395<span class=\"sc0\"> </span></div></td><td class=\"c x625 y3520 w34c hc8\"><div class=\"t m0 x8e h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">191.55<span class=\"_ _f\"></span>2<span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x262 y3521 w103d h4b7\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc2 ls0 ws0\">B. Es<span class=\"_ _f\"></span>posizion<span class=\"_ _1\"></span>i<span class=\"_ _df\"> </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 x262 y3522 w103e h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc2 ls0 ws0\">credit<span class=\"_ _f\"></span>izie fuo<span class=\"_ _f\"></span>ri<span class=\"_ _df\"> </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 x262 y2c50 wa60 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc2 ls0 ws0\">bilan<span class=\"_ _f\"></span>cio<span class=\"_ _df\"> </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 x262 y3523 w103f h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">B.1 Esposizioni<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x5d7 y3524 w2d7 had\"><div class=\"t m0 x33 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">17.375 </div></td><td class=\"c x80a y3524 w322 had\"><div class=\"t m0 x14 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">167 </div></td><td class=\"c xa0d y3524 w178 had\"><div class=\"t m0 x48 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">13.503 </div></td><td class=\"c x71f y3524 w12e had\"><div class=\"t m0 x39 h1f y420 ff4 fs7 fc1 sc0 ls32 ws0\">554<span class=\"ls0\"> </span></div></td><td class=\"c x623 y3524 w1d0 had\"><div class=\"t m0 x35 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">3.296 </div></td><td class=\"c xa0e y3524 w32e had\"><div class=\"t m0 x39 h1f y420 ff4 fs7 fc1 sc0 ls9 ws0\">128<span class=\"ls0\"> </span></div></td><td class=\"c x65a y3524 w89 had\"><div class=\"t m0 x32 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">8.1<span class=\"ls29\">93</span> </div></td><td class=\"c x625 y3524 w34c had\"><div class=\"t m0 x48 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">278 </div></td></tr><tr><td class=\"c x262 y3525 wfb8 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">deteriorate<span class=\"_ _df\"> </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 x262 y350e w1059 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">B.2 Esposizioni<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x5d7 y3526 w2d7 h58\"><div class=\"t m0 xac h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">4.643.384 </div></td><td class=\"c x80a y3526 w322 h58\"><div class=\"t m0 x116 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">1.222 </div></td><td class=\"c xa0d y3526 w178 h58\"><div class=\"t m0 x2f h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">5.157.708 </div></td><td class=\"c x71f y3526 w12e h58\"><div class=\"t m0 x2e h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">1.713 </div></td><td class=\"c x623 y3526 w1d0 h58\"><div class=\"t m0 x8e h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">1.693.093 </div></td><td class=\"c xa0e y3526 w32e h58\"><div class=\"t m0 x55 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">890 </div></td><td class=\"c x65a y3526 w89 h58\"><div class=\"t m0 x8e h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">1.799.891 </div></td><td class=\"c x625 y3526 w34c h58\"><div class=\"t m0 x55 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">1.336 </div></td></tr><tr><td class=\"c x262 y311f w1058 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">non deteriorate<span class=\"_ _df\"> </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 x46b y3527 w5cb hc8\"><div class=\"t m0 x37 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale (B<span class=\"_ _1\"></span>)<span class=\"sc0\"> </span></div></td><td></td><td class=\"c x5d7 y3527 w2d7 hc8\"><div class=\"t m0 x8e h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">4.66<span class=\"_ _1\"></span>0.759<span class=\"_ _f\"></span> </div></td><td class=\"c x80a y3527 w322 hc8\"><div class=\"t m0 x116 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">1.389<span class=\"_ _f\"></span> </div></td><td class=\"c xa0d y3527 w178 hc8\"><div class=\"t m0 x55 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">5.171.<span class=\"_ _1\"></span>211<span class=\"_ _1\"></span> </div></td><td class=\"c x71f y3527 w12e hc8\"><div class=\"t m0 x116 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">2.267<span class=\"_ _f\"></span> </div></td><td class=\"c x623 y3527 w1d0 hc8\"><div class=\"t m0 x2f h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">1.69<span class=\"_ _1\"></span>6.389<span class=\"_ _f\"></span> </div></td><td class=\"c xa0e y3527 w32e hc8\"><div class=\"t m0 x116 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">1.018<span class=\"_ _f\"></span> </div></td><td class=\"c x65a y3527 w89 hc8\"><div class=\"t m0 xab h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">1.808<span class=\"_ _1\"></span>.0<span class=\"_ _1\"></span>84 </div></td><td class=\"c x625 y3527 w34c hc8\"><div class=\"t m0 x130 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">1.614<span class=\"_ _f\"></span> </div></td></tr><tr><td class=\"c x46b y3528 w5cb hc8\"><div class=\"t m0 x48 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale (A<span class=\"_ _f\"></span>+B)<span class=\"sc0\"> </span></div></td><td class=\"c xa0f y3528 w3be hc8\"><div class=\"t m0 x39 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">31/12/<span class=\"_ _f\"></span>2025<span class=\"sc0\"> </span></div></td><td class=\"c x5d7 y3528 w2d7 hc8\"><div class=\"t m0 xac h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">15.09<span class=\"_ _f\"></span>8.531<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x80a y3528 w322 hc8\"><div class=\"t m0 xab h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">82.0<span class=\"_ _f\"></span>47<span class=\"sc0\"> </span></div></td><td class=\"c xa0d y3528 w178 hc8\"><div class=\"t m0 xab h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">16.056<span class=\"_ _f\"></span>.378<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x71f y3528 w12e hc8\"><div class=\"t m0 x8a h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">110.07<span class=\"_ _f\"></span>9<span class=\"sc0\"> </span></div></td><td class=\"c x623 y3528 w1d0 hc8\"><div class=\"t m0 xab h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">14.75<span class=\"_ _f\"></span>8.956<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td><td class=\"c xa0e y3528 w32e hc8\"><div class=\"t m0 x8a h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">75.9<span class=\"_ _f\"></span>39<span class=\"sc0\"> </span></div></td><td class=\"c x65a y3528 w89 hc8\"><div class=\"t m0 xab h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">11.475.<span class=\"_ _f\"></span>479<span class=\"sc0\"> </span></div></td><td class=\"c x625 y3528 w34c hc8\"><div class=\"t m0 xac h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">193.16<span class=\"_ _f\"></span>6<span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x46b y3529 w5cb hc8\"><div class=\"t m0 x48 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale (A<span class=\"_ _f\"></span>+B)<span class=\"sc0\"> </span></div></td><td class=\"c xa0f y3529 w3be hc8\"><div class=\"t m0 x39 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">31/12/<span class=\"_ _f\"></span>2024<span class=\"sc0\"> </span></div></td><td class=\"c x5d7 y3529 w2d7 hc8\"><div class=\"t m0 xab h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">14.94<span class=\"_ _f\"></span>0.437<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x80a y3529 w322 hc8\"><div class=\"t m0 xac h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">81.79<span class=\"_ _1\"></span>5<span class=\"sc0\"> </span></div></td><td class=\"c xa0d y3529 w178 hc8\"><div class=\"t m0 xab h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">15.647<span class=\"_ _f\"></span>.733<span class=\"sc0\"> </span></div></td><td class=\"c x71f y3529 w12e hc8\"><div class=\"t m0 xab h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">116.9<span class=\"_ _1\"></span>77<span class=\"sc0\"> </span></div></td><td class=\"c x623 y3529 w1d0 hc8\"><div class=\"t m0 xab h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">13.479<span class=\"_ _f\"></span>.088<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td><td class=\"c xa0e y3529 w32e hc8\"><div class=\"t m0 xab h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">85.66<span class=\"_ _f\"></span>1<span class=\"sc0\"> </span></div></td><td class=\"c x65a y3529 w89 hc8\"><div class=\"t m0 x8e h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">11.03<span class=\"_ _1\"></span>1.751<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x625 y3529 w34c hc8\"><div class=\"t m0 x8a h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">207.9<span class=\"_ _f\"></span>24<span class=\"sc0\"> </span></div></td></tr></table>Esposizione netta<span class=\"fc1 sc0\"> </span>Rettifiche valore complessive<span class=\"fc1 sc0\"> </span>Esposizione netta<span class=\"fc1 sc0\"> </span>Rettifiche valore complessive<span class=\"fc1 sc0\"> </span>Esposizione netta<span class=\"fc1 sc0\"> </span>Rettifiche valore complessive<span class=\"fc1 sc0\"> </span>Esposizione netta<span class=\"fc1 sc0\"> </span>Rettifiche valore complessive<span class=\"fc1 sc0\"> </span><div class=\"c w2c2 h91 gs11c2\"><div class=\"t m0 x8a h5 y1220 ff4 fs1 fc4 sc3 ls0 ws0\">B.3 <span class=\"_ _1\"></span>Conso<span class=\"_ _1\"></span>lidat<span class=\"_ _1\"></span>o pr<span class=\"_ _1\"></span>uden<span class=\"_ _1\"></span>ziale <span class=\"_ _1\"></span>- Dis<span class=\"_ _1\"></span>tribuzi<span class=\"_ _1\"></span>one t<span class=\"_ _1\"></span>errit<span class=\"_ _1\"></span>oria<span class=\"_ _1\"></span>le de<span class=\"_ _1\"></span>lle es<span class=\"_ _1\"></span>posizi<span class=\"_ _1\"></span>oni cr<span class=\"_ _1\"></span>editizi<span class=\"_ _1\"></span>e per<span class=\"_ _1\"></span> cas<span class=\"_ _1\"></span>sa e<span class=\"_ _1\"></span> \"fuor<span class=\"_ _1\"></span>i b<span class=\"_ _1\"></span>ilancio<span class=\"_ _f\"></span>\" verso </div><div class=\"t m0 x8a h5 y360 ff4 fs1 fc4 sc3 ls0 ws0\">banch<span class=\"_ _f\"></span>e<span class=\"fc1 sc0\"> </span></div></div><div class=\"gs11c3\"><table class=\"s w105a h586\" id=\"_16c6c63b-6907-4ff8-a4f2-2094101a0331\"><tr><td></td><td></td><td class=\"c xa10 y352a w5cd hbb\"><div class=\"t m0 x26 h1f y420 ff4 fs7 fc4 sc3 ls0 ws0\">Itali<span class=\"_ _1\"></span>a<span class=\"fc1 sc0\"> </span></div></td><td></td><td class=\"c x97e y352a wd8 hbb\"><div class=\"t m0 xab h1f y420 ff4 fs7 fc4 sc3 ls0 ws0\">Altri pa<span class=\"_ _f\"></span>esi eur<span class=\"_ _f\"></span>opei<span class=\"fc1 sc0\"> </span></div></td><td></td><td class=\"c x83f y352a w4bd hbb\"><div class=\"t m0 x2a h1f y420 ff4 fs7 fc4 sc3 ls0 ws0\">Amer<span class=\"_ _f\"></span>ica<span class=\"fc1 sc0\"> </span></div></td><td></td><td class=\"c x922 y352a w268 hbb\"><div class=\"t m0 x14 h1f y420 ff4 fs7 fc4 sc3 ls0 ws0\">Asia<span class=\"_ _f\"></span><span class=\"fc1 sc0\"> </span></div></td><td></td><td class=\"c xa11 y352b w105b h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">Rest<span class=\"_ _f\"></span>o del<span class=\"_ _df\"> </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></td><td class=\"c xa12 y352c w105c h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">mon<span class=\"_ _f\"></span>do<span class=\"_ _df\"> </span></div></td><td></td></tr><tr><td class=\"c x46b y352d w5cc h322\"><div class=\"t m0 x35 h1f yd5f ff4 fs7 fc4 sc3 ls0 ws0\">Espo<span class=\"_ _1\"></span>sizio<span class=\"_ _f\"></span>ni/Aree<span class=\"_ _f\"></span> geogra<span class=\"_ _f\"></span>fiche<span class=\"fc1 sc0\"> </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=\"c x262 y352e w105d h49c\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc1 sc2 ls0 ws0\">A. Es<span class=\"_ _1\"></span>pos<span class=\"_ _1\"></span>izion<span class=\"_ _f\"></span>i credit<span class=\"_ _1\"></span>izie<span class=\"_ _df\"> </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=\"c x262 y352f w105e h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc1 sc2 ls0 ws0\">per <span class=\"_ _1\"></span>cass<span class=\"_ _1\"></span>a<span class=\"_ _df\"> </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=\"c x46b y3530 w5d1 h49\"><div class=\"t m0 x8a h1f y25c ff4 fs7 fc1 sc0 ls0 ws0\">A.1 Sofferenze<span class=\"_ _f\"></span> </div></td><td></td><td class=\"c xa10 y3530 w190 h49\"><div class=\"t m0 x8f h1f y25c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5b8 y3530 w5d2 h49\"><div class=\"t m0 x55 h1f y25c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x97e y3530 w234 h49\"><div class=\"t m0 x8f h1f y25c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9bb y3530 w5d3 h49\"><div class=\"t m0 x48 h1f y25c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x636 y3530 w2b1 h49\"><div class=\"t m0 x27 h1f y25c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x99c y3530 w5d4 h49\"><div class=\"t m0 x116 h1f y25c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x922 y3530 w55a h49\"><div class=\"t m0 x32 h1f y25c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x659 y3530 w5c8 h49\"><div class=\"t m0 x116 h1f y25c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x71b y3530 w351 h49\"><div class=\"t m0 x97 h1f y25c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa0b y3530 w5b1 h49\"><div class=\"t m0 x2e h1f y25c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x262 y3531 w1039 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">A.2 Inadempienze<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c xa10 y3532 w190 had\"><div class=\"t m0 x8f h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5b8 y3532 w5d2 had\"><div class=\"t m0 x55 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x97e y3532 w234 had\"><div class=\"t m0 x8f h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9bb y3532 w5d3 had\"><div class=\"t m0 x48 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x636 y3532 w2b1 had\"><div class=\"t m0 x27 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x99c y3532 w5d4 had\"><div class=\"t m0 x116 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x922 y3532 w55a had\"><div class=\"t m0 x32 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x659 y3532 w5c8 had\"><div class=\"t m0 x116 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x71b y3532 w351 had\"><div class=\"t m0 x97 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa0b y3532 w5b1 had\"><div class=\"t m0 x2e h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x262 y3533 w9d8 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">probabili<span class=\"_ _df\"> </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=\"c x262 y3534 w105f h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">A.3 Esposizioni <span class=\"_ _1\"></span>scadute<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c xa10 y3535 w190 h58\"><div class=\"t m0 x8f h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5b8 y3535 w5d2 h58\"><div class=\"t m0 x55 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x97e y3535 w234 h58\"><div class=\"t m0 x8f h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9bb y3535 w5d3 h58\"><div class=\"t m0 x48 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x636 y3535 w2b1 h58\"><div class=\"t m0 x27 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x99c y3535 w5d4 h58\"><div class=\"t m0 x116 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x922 y3535 w55a h58\"><div class=\"t m0 x32 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x659 y3535 w5c8 h58\"><div class=\"t m0 x116 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x71b y3535 w351 h58\"><div class=\"t m0 x97 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa0b y3535 w5b1 h58\"><div class=\"t m0 x2e h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x262 y3536 wfb8 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">deteriorate<span class=\"_ _df\"> </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=\"c x262 y3537 w103c h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">A.4 Esposizioni n<span class=\"_ _f\"></span>o<span class=\"_ _2\"></span>n<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c xa10 y3538 w190 had\"><div class=\"t m0 x8a h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">2.058.503 </div></td><td class=\"c x5b8 y3538 w5d2 had\"><div class=\"t m0 x8a h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">348 </div></td><td class=\"c x97e y3538 w234 had\"><div class=\"t m0 x8a h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">2.388.946 </div></td><td class=\"c x9bb y3538 w5d3 had\"><div class=\"t m0 x2f h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">385 </div></td><td class=\"c x636 y3538 w2b1 had\"><div class=\"t m0 x8a h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">50.690 </div></td><td class=\"c x99c y3538 w5d4 had\"><div class=\"t m0 xac h1f y420 ff4 fs7 fc1 sc0 ls9 ws0\">12<span class=\"ls0\"> </span></div></td><td class=\"c x922 y3538 w55a had\"><div class=\"t m0 x39 h1f y420 ff4 fs7 fc1 sc0 ls34 ws0\">77<span class=\"ls0\"> </span></div></td><td class=\"c x659 y3538 w5c8 had\"><div class=\"t m0 x116 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x71b y3538 w351 had\"><div class=\"t m0 x2f h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">76.523 </div></td><td class=\"c xa0b y3538 w5b1 had\"><div class=\"t m0 x2f h1f y420 ff4 fs7 fc1 sc0 ls9 ws0\">14<span class=\"ls0\"> </span></div></td></tr><tr><td class=\"c x262 y3539 wfb8 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">deteriorate<span class=\"_ _df\"> </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=\"c x46b y353a w5d1 h49\"><div class=\"t m0 xee h1f y25f ff4 fs7 fc1 sc2 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale (A<span class=\"_ _f\"></span>)<span class=\"sc0\"> </span></div></td><td></td><td class=\"c xa10 y353a w190 h49\"><div class=\"t m0 xab h1f y25f ff4 fs7 fc1 sc2 ls0 ws0\">2.05<span class=\"_ _1\"></span>8.503<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x5b8 y353a w5d2 h49\"><div class=\"t m0 x8a h1f y25f ff4 fs7 fc1 sc2 ls0 ws0\">348<span class=\"sc0\"> </span></div></td><td class=\"c x97e y353a w234 h49\"><div class=\"t m0 xab h1f y25f ff4 fs7 fc1 sc2 ls0 ws0\">2.38<span class=\"_ _1\"></span>8.946<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x9bb y353a w5d3 h49\"><div class=\"t m0 x2f h1f y25f ff4 fs7 fc1 sc2 ls0 ws0\">385<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x636 y353a w2b1 h49\"><div class=\"t m0 x8a h1f y25f ff4 fs7 fc1 sc2 ls0 ws0\">50.69<span class=\"_ _f\"></span>0<span class=\"sc0\"> </span></div></td><td class=\"c x99c y353a w5d4 h49\"><div class=\"t m0 xac h1f y25f ff4 fs7 fc1 sc2 ls9 ws0\">12<span class=\"sc0 ls0\"> </span></div></td><td class=\"c x922 y353a w55a h49\"><div class=\"t m0 x39 h1f y25f ff4 fs7 fc1 sc2 ls35 ws0\">77<span class=\"sc0 ls0\"> </span></div></td><td class=\"c x659 y353a w5c8 h49\"><div class=\"t m0 x116 h1f y25f ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x71b y353a w351 h49\"><div class=\"t m0 x16a h1f y25f ff4 fs7 fc1 sc2 ls0 ws0\">76.5<span class=\"_ _f\"></span>23<span class=\"sc0\"> </span></div></td><td class=\"c xa0b y353a w5b1 h49\"><div class=\"t m0 x2f h1f y25f ff4 fs7 fc1 sc2 ls9 ws0\">14<span class=\"sc0 ls0\"> </span></div></td></tr><tr><td class=\"c x262 y353b w1060 h570\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc2 ls0 ws0\">B. Es<span class=\"_ _f\"></span>posizion<span class=\"_ _1\"></span>i cr<span class=\"_ _1\"></span>editi<span class=\"_ _1\"></span>zie<span class=\"_ _df\"> </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=\"c x262 y2c50 w1061 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc2 ls0 ws0\">fuor<span class=\"_ _1\"></span>i bila<span class=\"_ _1\"></span>ncio<span class=\"_ _df\"> </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=\"c x262 y3523 w103f h48b\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">B.1 Esposizioni<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c xa10 y353c w190 h58\"><div class=\"t m0 x8f h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5b8 y353c w5d2 h58\"><div class=\"t m0 x55 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x97e y353c w234 h58\"><div class=\"t m0 x8f h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9bb y353c w5d3 h58\"><div class=\"t m0 x48 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x636 y353c w2b1 h58\"><div class=\"t m0 x27 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x99c y353c w5d4 h58\"><div class=\"t m0 x116 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x922 y353c w55a h58\"><div class=\"t m0 x32 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x659 y353c w5c8 h58\"><div class=\"t m0 x116 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x71b y353c w351 h58\"><div class=\"t m0 x97 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa0b y353c w5b1 h58\"><div class=\"t m0 x2e h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x262 y3525 wfb8 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">deteriorate<span class=\"_ _df\"> </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=\"c x262 y350e w1040 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">B.2 Esposizioni <span class=\"_ _1\"></span>non<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c xa10 y353d w190 had\"><div class=\"t m0 x33 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">5.600 </div></td><td class=\"c x5b8 y353d w5d2 had\"><div class=\"t m0 x55 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x97e y353d w234 had\"><div class=\"t m0 x2e h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">192.595 </div></td><td class=\"c x9bb y353d w5d3 had\"><div class=\"t m0 x33 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">1 </div></td><td class=\"c x636 y353d w2b1 had\"><div class=\"t m0 x130 h1f y420 ff4 fs7 fc1 sc0 lsa ws0\">425<span class=\"ls0\"> </span></div></td><td class=\"c x99c y353d w5d4 had\"><div class=\"t m0 x116 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x922 y353d w55a had\"><div class=\"t m0 x8a h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">8.482 </div></td><td class=\"c x659 y353d w5c8 had\"><div class=\"t m0 x2f h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">4 </div></td><td class=\"c x71b y353d w351 had\"><div class=\"t m0 x55 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">2.130 </div></td><td class=\"c xa0b y353d w5b1 had\"><div class=\"t m0 x55 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">1 </div></td></tr><tr><td class=\"c x262 y353e wfb8 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">deteriorate<span class=\"_ _df\"> </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=\"c x46b y353f w5d1 hc8\"><div class=\"t m0 xee h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale (B<span class=\"_ _1\"></span>)<span class=\"sc0\"> </span></div></td><td></td><td class=\"c xa10 y353f w190 hc8\"><div class=\"t m0 x33 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">5.60<span class=\"_ _f\"></span>0<span class=\"sc0\"> </span></div></td><td class=\"c x5b8 y353f w5d2 hc8\"><div class=\"t m0 x55 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x97e y353f w234 hc8\"><div class=\"t m0 x2e h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">192.59<span class=\"_ _f\"></span>5<span class=\"sc0\"> </span></div></td><td class=\"c x9bb y353f w5d3 hc8\"><div class=\"t m0 x33 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">1<span class=\"sc0\"> </span></div></td><td class=\"c x636 y353f w2b1 hc8\"><div class=\"t m0 x130 h1f y28b ff4 fs7 fc1 sc2 lsa ws0\">425<span class=\"sc0 ls0\"> </span></div></td><td class=\"c x99c y353f w5d4 hc8\"><div class=\"t m0 x116 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x922 y353f w55a hc8\"><div class=\"t m0 x8a h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">8.482<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x659 y353f w5c8 hc8\"><div class=\"t m0 x2f h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">4<span class=\"sc0\"> </span></div></td><td class=\"c x71b y353f w351 hc8\"><div class=\"t m0 x55 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">2.13<span class=\"_ _1\"></span>0<span class=\"sc0\"> </span></div></td><td class=\"c xa0b y353f w5b1 hc8\"><div class=\"t m0 x55 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">1<span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x46b y3540 w5d1 hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale (A<span class=\"_ _f\"></span>+B)<span class=\"sc0\"> </span></div></td><td class=\"c xa13 y3540 wac hc8\"><div class=\"t m0 x8a h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">31/12/<span class=\"_ _f\"></span>2025<span class=\"sc0\"> </span></div></td><td class=\"c xa10 y3540 w190 hc8\"><div class=\"t m0 xac h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">2.06<span class=\"_ _1\"></span>4.103<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x5b8 y3540 w5d2 hc8\"><div class=\"t m0 x8a h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">348<span class=\"sc0\"> </span></div></td><td class=\"c x97e y3540 w234 hc8\"><div class=\"t m0 x8e h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">2.58<span class=\"_ _1\"></span>1.541<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x9bb y3540 w5d3 hc8\"><div class=\"t m0 x2f h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">386<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x636 y3540 w2b1 hc8\"><div class=\"t m0 x16a h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">51.11<span class=\"_ _1\"></span>5<span class=\"sc0\"> </span></div></td><td class=\"c x99c y3540 w5d4 hc8\"><div class=\"t m0 xac h1f y28b ff4 fs7 fc1 sc2 ls9 ws0\">12<span class=\"sc0 ls0\"> </span></div></td><td class=\"c x922 y3540 w55a hc8\"><div class=\"t m0 xab h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">8.559<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x659 y3540 w5c8 hc8\"><div class=\"t m0 x2f h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">4<span class=\"sc0\"> </span></div></td><td class=\"c x71b y3540 w351 hc8\"><div class=\"t m0 x2f h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">78.6<span class=\"_ _1\"></span>53<span class=\"sc0\"> </span></div></td><td class=\"c xa0b y3540 w5b1 hc8\"><div class=\"t m0 x2f h1f y28b ff4 fs7 fc1 sc2 ls9 ws0\">15<span class=\"sc0 ls0\"> </span></div></td></tr><tr><td class=\"c x46b y3541 w5d1 hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale (A<span class=\"_ _f\"></span>+B)<span class=\"sc0\"> </span></div></td><td class=\"c xa13 y3541 wac hc8\"><div class=\"t m0 x8a h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">31/12/<span class=\"_ _f\"></span>2024<span class=\"sc0\"> </span></div></td><td class=\"c xa10 y3541 w190 hc8\"><div class=\"t m0 xab h1f y28b ff4 fs7 fc1 sc2 lsa ws0\">4.<span class=\"ls0\">895.<span class=\"_ _f\"></span>386</span><span class=\"ls0\"><span class=\"sc0\"> </span></span></div></td><td class=\"c x5b8 y3541 w5d2 hc8\"><div class=\"t m0 x8a h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">658<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x97e y3541 w234 hc8\"><div class=\"t m0 x2f h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">2.110.<span class=\"_ _1\"></span>937<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x9bb y3541 w5d3 hc8\"><div class=\"t m0 x8a h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">1.09<span class=\"_ _1\"></span>4<span class=\"sc0\"> </span></div></td><td class=\"c x636 y3541 w2b1 hc8\"><div class=\"t m0 xab h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">29.36<span class=\"_ _f\"></span>5<span class=\"sc0\"> </span></div></td><td class=\"c x99c y3541 w5d4 hc8\"><div class=\"t m0 xac h1f y28b ff4 fs7 fc1 sc2 ls9 ws0\">15<span class=\"sc0 ls0\"> </span></div></td><td class=\"c x922 y3541 w55a hc8\"><div class=\"t m0 xab h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">8.287<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x659 y3541 w5c8 hc8\"><div class=\"t m0 x2f h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">3<span class=\"sc0\"> </span></div></td><td class=\"c x71b y3541 w351 hc8\"><div class=\"t m0 x2f h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">82.66<span class=\"_ _f\"></span>8<span class=\"sc0\"> </span></div></td><td class=\"c xa0b y3541 w5b1 hc8\"><div class=\"t m0 x2a h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">9<span class=\"sc0\"> </span></div></td></tr></table></div><div class=\"c wef h323 gs11c4\"><div class=\"t m4 x33 h1f y652 ff4 fs7 fc4 sc3 ls0 ws0\">Esposizioni </div><div class=\"t m4 x97 h1f yd66 ff4 fs7 fc4 sc3 ls0 ws0\">netta<span class=\"fc1 sc0\"> </span></div></div><div class=\"c w5ce h323 gs11c5\"><div class=\"t m4 x2a h1f y0 ff4 fs7 fc4 sc3 ls0 ws0\">Rettifiche valore </div><div class=\"t m4 x32 h1f y1b ff4 fs7 fc4 sc3 ls0 ws0\">complessive<span class=\"fc1 sc0\"> </span></div></div><div class=\"c w89 h323 gs11c6\"><div class=\"t m4 x33 h1f y652 ff4 fs7 fc4 sc3 ls0 ws0\">Esposizioni </div><div class=\"t m4 x97 h1f yd66 ff4 fs7 fc4 sc3 ls0 ws0\">netta<span class=\"fc1 sc0\"> </span></div></div><div class=\"c w164 h323 gs11c7\"><div class=\"t m4 x2a h1f y0 ff4 fs7 fc4 sc3 ls0 ws0\">Rettifiche valore </div><div class=\"t m4 x32 h1f y1b ff4 fs7 fc4 sc3 ls0 ws0\">complessive<span class=\"fc1 sc0\"> </span></div></div><div class=\"c w5cf h323 gs11c8\"><div class=\"t m4 x55 h1f y652 ff4 fs7 fc4 sc3 ls0 ws0\">Esposizioni </div><div class=\"t m4 x3a h1f yd66 ff4 fs7 fc4 sc3 ls0 ws0\">netta<span class=\"fc1 sc0\"> </span></div></div><div class=\"c w56b h323 gs11c9\"><div class=\"t m4 x2a h1f y0 ff4 fs7 fc4 sc3 ls0 ws0\">Rettifiche valore </div><div class=\"t m4 x32 h1f y1b ff4 fs7 fc4 sc3 ls0 ws0\">complessive<span class=\"fc1 sc0\"> </span></div></div><div class=\"c w24a h323 gs11ca\"><div class=\"t m4 x2a h1f y652 ff4 fs7 fc4 sc3 ls0 ws0\">Esposizioni </div><div class=\"t m4 x32 h1f yd66 ff4 fs7 fc4 sc3 ls0 ws0\">netta<span class=\"fc1 sc0\"> </span></div></div><div class=\"c w5c5 h323 gs11cb\"><div class=\"t m4 x2a h1f y0 ff4 fs7 fc4 sc3 ls0 ws0\">Rettifiche valore </div><div class=\"t m4 x32 h1f y1b ff4 fs7 fc4 sc3 ls0 ws0\">complessive<span class=\"fc1 sc0\"> </span></div></div><div class=\"c w12c h323 gs11cc\"><div class=\"t m4 x39 h1f y652 ff4 fs7 fc4 sc3 ls0 ws0\">Esposizioni </div><div class=\"t m4 x26 h1f yd66 ff4 fs7 fc4 sc3 ls0 ws0\">netta<span class=\"fc1 sc0\"> </span></div></div><div class=\"c w5d0 h323 gs11cd\"><div class=\"t m4 x2a h1f y0 ff4 fs7 fc4 sc3 ls0 ws0\">Rettifiche valore </div><div class=\"t m4 x32 h1f y1b ff4 fs7 fc4 sc3 ls0 ws0\">complessive<span class=\"fc1 sc0\"> </span></div></div><div class=\"c w5d5 hcb gs11ce\"><div class=\"t m0 x8a h5 y71 ff4 fs1 fc4 sc3 ls0 ws0\">B.4 G<span class=\"_ _f\"></span>randi es<span class=\"_ _1\"></span>posizi<span class=\"_ _1\"></span>oni<span class=\"fc1 sc0\"> </span></div></div><div class=\"gs11cf\"><table class=\"s w1062 h587\" id=\"_10bb6b85-0c69-49af-afe0-b4a90423156a\"><tr><td></td><td class=\"c x736 y3542 w5d6 h324\"><div class=\"t m0 x11f h1f y15 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/<span class=\"_ _f\"></span>2025<span class=\"fc1 sc0\"> </span></div></td></tr><tr><td class=\"c x46b y3543 w5d7 h148\"><div class=\"t m0 x8a h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">Numero posizion<span class=\"_ _1\"></span>i </div></td><td class=\"c x736 y3543 w5d8 h148\"><div class=\"t m0 x1c2 h1f y80 ff4 fs7 fc1 sc0 ls9 ws0\">13<span class=\"ls0\"> </span></div></td></tr><tr><td class=\"c x46b y3544 w5d7 h150\"><div class=\"t m0 x8a h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">Esposizione </div></td><td class=\"c x736 y3544 w5d8 h150\"><div class=\"t m0 x155 h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">21.237.273 </div></td></tr><tr><td class=\"c x46b y3545 w5d7 h148\"><div class=\"t m0 x8a h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">Posizione di rischi<span class=\"_ _1\"></span>o </div></td><td class=\"c x736 y3545 w5d8 h148\"><div class=\"t m0 x3c h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">315.905 </div></td></tr></table></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs11d0\">Sono consid<span class=\"_ _1\"></span>erate nel<span class=\"_ _1\"></span> calcol<span class=\"_ _1\"></span>o dei<span class=\"_ _1\"></span> \u201cgrandi <span class=\"_ _1\"></span>rischi\u201d tutte <span class=\"_ _f\"></span>le attivi<span class=\"_ _1\"></span>t\u00e0 di <span class=\"_ _f\"></span>risch<span class=\"_ _2\"></span><span class=\"ff4\">io, p<span class=\"_ _1\"></span>er cassa <span class=\"_ _f\"></span>e fuori b<span class=\"_ _1\"></span>ilancio, </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs11d1\">nei <span class=\"_ _f\"></span>confronti di<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>un <span class=\"_ _f\"></span>singolo cli<span class=\"_ _1\"></span>ente <span class=\"_ _1\"></span>(ovvero <span class=\"_ _1\"></span>gruppo <span class=\"_ _f\"></span>di <span class=\"_ _1\"></span>clienti <span class=\"_ _f\"></span>conness<span class=\"_ _2\"></span>i) <span class=\"_ _f\"></span>senza <span class=\"_ _1\"></span>l'applicazione <span class=\"_ _f\"></span>dei <span class=\"_ _f\"></span>fat<span class=\"_ _2\"></span>tori </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs11d2\">di <span class=\"_ _0\"></span>ponderazione, <span class=\"_ _0\"></span>mentre <span class=\"_ _0\"></span>il <span class=\"_ _0\"></span>limite <span class=\"_ _9\"> </span>che <span class=\"_ _0\"></span>qualifica <span class=\"_ _0\"></span>un\u2019esposizione <span class=\"_ _0\"></span>come <span class=\"_ _0\"></span>\"grande <span class=\"_ _0\"> </span>r<span class=\"_ _2\"></span>ischio\", <span class=\"_ _0\"></span>\u00e8 <span class=\"_ _0\"></span>quando </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs11d3\">l\u2019esposizione, come sopr<span class=\"ff4\">a determinata, \u00e8 pari o superiore al 10% dei fondi<span class=\"_ _1\"></span> propri.<span class=\"_ _2\"></span> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs11d4\">La <span class=\"_ _f\"></span>disciplina, pe<span class=\"_ _1\"></span>r app<span class=\"_ _f\"></span>r<span class=\"_ _2\"></span>ezzare <span class=\"_ _f\"></span>in modo <span class=\"_ _f\"></span>pi\u00f9 <span class=\"_ _1\"></span>preciso i<span class=\"_ _1\"></span>l <span class=\"_ _f\"></span>grado di <span class=\"_ _f\"></span>concentrazione <span class=\"_ _1\"></span>dei <span class=\"_ _f\"></span>crediti<span class=\"_ _2\"></span>, <span class=\"_ _f\"></span>r<span class=\"_ _2\"></span>ileva <span class=\"_ _f\"></span>anche </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs11d5\">le <span class=\"_ _1\"></span>esposizioni <span class=\"_ _f\"></span>aventi un <span class=\"_ _f\"></span>fatt<span class=\"_ _2\"></span>ore <span class=\"_ _f\"></span>di ponderazione<span class=\"_ _1\"></span> pe<span class=\"_ _1\"></span>r il <span class=\"_ _f\"></span>rischio di <span class=\"_ _f\"></span>controparte pari <span class=\"_ _f\"></span>allo zero pe<span class=\"_ _1\"></span>r cento<span class=\"ls1b\">, </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs11d6\">quali ad esempio le esposizi<span class=\"_ _1\"></span>oni verso <span class=\"_ _2\"></span>lo Stato italiano, ecc. </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs11d7\">Si s<span class=\"_ _2\"></span>ottolinea inoltre <span class=\"_ _2\"></span>che nel <span class=\"_ _2\"></span>perimetro <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>riferimento sono <span class=\"_ _2\"></span>comprese anche <span class=\"_ _2\"></span>le op<span class=\"_ _2\"></span>erazioni di <span class=\"_ _2\"></span>pronti </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs11d8\">contro  t<span class=\"_ _2\"></span>ermine  passive.  La <span class=\"_ _22\"> </span>normativa <span class=\"_ _4\"> </span>prev<span class=\"_ _1\"></span>ede  che <span class=\"_ _22\"> </span>t<span class=\"_ _2\"></span>ali  operazioni  concorr<span class=\"_ _2\"></span>ano  all'espo<span class=\"_ _2\"></span>sizione </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs11d9\">nominale <span class=\"_ _15\"> </span>verso <span class=\"_ _e\"> </span>la <span class=\"_ _e\"> </span>controparte <span class=\"_ _15\"> </span>per <span class=\"_ _e\"> </span>l'importo <span class=\"_ _e\"> </span>dei <span class=\"_ _e\"> </span>\u201ctitoli <span class=\"_ _e\"> </span>da <span class=\"_ _15\"> </span>ricevere\u201d, <span class=\"_ _e\"> </span>mentre <span class=\"_ _e\"> </span>l\u2019esposizione </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs11da\">ponderata, in casi espressamente previsti, pu<span class=\"_ _1\"></span>\u00f2 prevedere la ponderazione a zero. <span class=\"_ _2\"></span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs11db\">Si <span class=\"_ _4\"> </span>rilevano <span class=\"_ _4\"> </span>a <span class=\"_ _4\"> </span>fine <span class=\"_ _4\"> </span>periodo <span class=\"_ _4\"> </span><span class=\"ls1\">13</span> <span class=\"_ _17\"> </span><span class=\"ff5\">posizioni <span class=\"_ _4\"> </span>classificate <span class=\"_ _4\"> </span>come <span class=\"_ _4\"> </span>\u201cgrandi <span class=\"_ _4\"> </span>rischi\u201d,</span> <span class=\"_ _4\"> </span>per <span class=\"_ _4\"> </span>un <span class=\"_ _4\"> </span>ammo<span class=\"_ _2\"></span>ntare<span class=\"_ _f\"></span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs11dc\">complessivo di<span class=\"_ _1\"></span> 21.237,3 milioni <span class=\"_ _1\"></span>di euro, <span class=\"_ _1\"></span>corrispondenti a 31<span class=\"_ _1\"></span>5,9 milioni <span class=\"_ _1\"></span>di euro d<span class=\"_ _1\"></span>i valore p<span class=\"_ _1\"></span>onderato (a<span class=\"_ _f\"></span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs11dd\">fine <span class=\"_ _d\"></span>2024 <span class=\"_ _0\"></span>erano <span class=\"_ _d\"></span>presenti <span class=\"_ _0\"></span><span class=\"ls1\">17</span> <span class=\"_ _d\"></span>posizioni <span class=\"_ _d\"></span>per <span class=\"_ _d\"></span>un <span class=\"_ _0\"></span>ammontare <span class=\"_ _d\"></span>complessivo <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>26.410,1 <span class=\"_ _d\"></span>milioni <span class=\"_ _d\"></span>di <span class=\"_ _0\"></span>euro, </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs11de\">corrispondenti a 795,7 milioni di euro di valore ponderato).  </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs11df\">Tra <span class=\"_ _9\"> </span>le <span class=\"_ _0\"></span>posizioni <span class=\"_ _9\"> </span>rilevate <span class=\"_ _0\"></span>figurano <span class=\"_ _9\"> </span>il <span class=\"_ _9\"> </span>Ministero <span class=\"_ _9\"> </span>del <span class=\"_ _0\"></span>Tesoro, <span class=\"_ _9\"> </span>alcuni <span class=\"_ _9\"> </span>Stati <span class=\"_ _9\"> </span>UE <span class=\"_ _0\"></span>ed <span class=\"_ _9\"> </span>extra <span class=\"_ _9\"> </span>UE <span class=\"_ _9\"> </span>e <span class=\"_ _0\"></span>primarie </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs11e0\">banche nazionali ed internazionali. </div><div class=\"t m0 hc ff4 fs4 fc4 sc3 ls0 ws0 gs11e2\">C. O<span class=\"_ _1\"></span>per<span class=\"_ _f\"></span>azioni <span class=\"_ _f\"></span>di car<span class=\"_ _f\"></span>tolariz<span class=\"_ _f\"></span>zazion<span class=\"_ _f\"></span>e<span class=\"_ _df\"> </span></div><div class=\"t m0 he ff4 fs5 fc4 sc3 ls0 ws0 gs11e3\">Inform<span class=\"_ _1\"></span>azio<span class=\"_ _f\"></span>ni di natura<span class=\"_ _f\"></span> qualitativa </div><div class=\"t m0 he ff4 fs5 fc4 sc3 ls0 ws0 gs11e4\">Opera<span class=\"_ _f\"></span>zione Emilia<span class=\"_ _f\"></span> SPV </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs11e5\">Il Gruppo <span class=\"_ _1\"></span>detiene <span class=\"_ _1\"></span>una partecip<span class=\"_ _1\"></span>azione pari al 1<span class=\"_ _f\"></span>0<span class=\"_ _2\"></span>% in<span class=\"_ _f\"></span> Emilia SPV <span class=\"_ _1\"></span>S.r.l., societ\u00e0 <span class=\"_ _1\"></span>veicolo app<span class=\"_ _1\"></span>ositamente </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs11e6\">costituita <span class=\"_ _e\"> </span>ed <span class=\"_ _e\"> </span>avente <span class=\"_ _e\"> </span>quale <span class=\"_ _e\"> </span>oggetto <span class=\"_ _e\"> </span>esclusivo <span class=\"_ _e\"> </span>la <span class=\"_ _e\"> </span>realizzazione <span class=\"_ _e\"> </span>di <span class=\"_ _e\"> </span>una <span class=\"_ _e\"> </span>o <span class=\"_ _e\"> </span>pi\u00f9 <span class=\"_ _e\"> </span>operazioni <span class=\"_ _10\"> </span>di </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs11e7\">cartolarizzazione ai sensi della Legge n. 130 del 30 aprile 1999.  </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs11e8\">Emilia SP<span class=\"_ _1\"></span>V S.r.l. ha i<span class=\"_ _1\"></span>n essere un\u2019<span class=\"_ _1\"></span>operazione d<span class=\"_ _1\"></span>i cartolarizzazione </div><div class=\"t m1 h6 ff4 fs2 fc1 sc0 ls0 ws0 gs11e9\">revolving,<span class=\"_ _1\"></span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs11ea\">perfezionata da Cred<span class=\"_ _1\"></span>em </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs11eb\">nel corso <span class=\"_ _1\"></span>del 201<span class=\"_ _1\"></span>5, su mu<span class=\"_ _1\"></span>tui ipote<span class=\"_ _1\"></span>cari residenziali<span class=\"_ _1\"></span> in b<span class=\"_ _1\"></span>onis erogati d<span class=\"_ _1\"></span>alla Banca <span class=\"_ _1\"></span>alla p<span class=\"_ _1\"></span>ropria clie<span class=\"_ _1\"></span>ntela, </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs11ec\">non <span class=\"_ _d\"></span>eleggibili <span class=\"_ _2\"></span>ai <span class=\"_ _d\"></span>fini <span class=\"_ _2\"></span>dell\u2019utilizzo <span class=\"_ _d\"></span>nel <span class=\"_ _d\"></span>programma<span class=\"ff4\"> <span class=\"_ _d\"></span></span>di <span class=\"_ _d\"></span>emissioni <span class=\"_ _d\"></span>di <span class=\"_ _2\"></span>\u201cObbligazioni <span class=\"_ _d\"></span>Bancarie <span class=\"_ _2\"></span>Garantite\u201d </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs11ed\">dalla <span class=\"_ _2\"></span>societ\u00e0 <span class=\"_ _2\"></span>veicolo Cr<span class=\"_ _2\"></span>edem <span class=\"_ _2\"></span>CB <span class=\"_ _2\"></span>S.r.l. <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>selezionati <span class=\"_ _2\"></span>sulla base <span class=\"_ _2\"></span>di <span class=\"_ _d\"></span>criteri <span class=\"_ _2\"></span>predefiniti <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>modo <span class=\"_ _2\"></span>tale <span class=\"_ _2\"></span>da </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs11ee\">costituire un <span class=\"_ _f\"></span>\u201c<span class=\"_ _2\"></span>blocco\u201d <span class=\"_ _f\"></span>ai sensi e <span class=\"_ _f\"></span>per gli effetti d<span class=\"_ _1\"></span>ella le<span class=\"_ _1\"></span>gge applicabil<span class=\"_ _1\"></span>e in materia d<span class=\"_ _1\"></span>i cartola<span class=\"_ _1\"></span>rizzazi<span class=\"ff4\">one </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs11ef\">dei crediti.  </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs11f0\">La <span class=\"_ _d\"></span>societ\u00e0 <span class=\"_ _2\"></span>veicolo <span class=\"_ _d\"></span>ha <span class=\"_ _d\"></span>finanziato <span class=\"_ _2\"></span>l\u2019operazione <span class=\"_ _d\"></span>attraverso <span class=\"_ _d\"></span>l\u2019emissione, <span class=\"_ _2\"></span>nel <span class=\"_ _d\"></span>corso <span class=\"_ _d\"></span>del <span class=\"_ _2\"></span>mese <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>aprile </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs11f1\">del 2015, di titoli obbligazi<span class=\"_ _1\"></span>onari \u201cRMBS\u201d di diversa classe (senior e junior). <span class=\"_ _2\"></span><span class=\"ff4\"> </span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs11f2\">Le <span class=\"_ _d\"></span>note <span class=\"_ _d\"></span>del <span class=\"_ _d\"></span>tipo <span class=\"_ _d\"></span>\u201csenior\u201d, <span class=\"_ _0\"></span>quotate <span class=\"_ _d\"></span>all\u2019Irish <span class=\"_ _d\"></span>Stock <span class=\"_ _d\"></span>Exchang<span class=\"_ _2\"></span><span class=\"ff4\">e <span class=\"_ _d\"></span>e <span class=\"_ _d\"></span>dotate <span class=\"_ _0\"></span>di <span class=\"_ _d\"></span>rating <span class=\"_ _d\"></span>ufficiale <span class=\"_ _d\"></span>assegnato </span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs11f3\">dalle <span class=\"_ _f\"></span>ag<span class=\"_ _2\"></span>enzie <span class=\"_ _f\"></span>accreditate DBRS <span class=\"_ _f\"></span>e Moody\u2019s I<span class=\"_ _1\"></span>nvestor Service<span class=\"_ _f\"></span>s<span class=\"_ _2\"></span> <span class=\"_ _1\"></span>(al <span class=\"_ _1\"></span>31 dice<span class=\"_ _1\"></span>mbre 2025, <span class=\"_ _f\"></span>giudizio \u201cA <span class=\"_ _f\"></span>high\u201d </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs11f4\">assegnato <span class=\"_ _2\"></span>da DBRS <span class=\"_ _2\"></span>e \u201cAa3\u201d<span class=\"_ _2\"></span> da <span class=\"_ _2\"></span>Moody\u2019s) pagano, <span class=\"_ _2\"></span>trimestralmente, interessi <span class=\"_ _2\"></span>variabili pari <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>tasso </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs11f5\">EURIBOR <span class=\"_ _d\"></span>3 <span class=\"_ _0\"></span>mesi, <span class=\"_ _0\"></span>aum<span class=\"ff5\">entato <span class=\"_ _9\"> </span>di <span class=\"_ _d\"></span>75 <span class=\"_ _0\"></span>bps, <span class=\"_ _0\"></span>mentre <span class=\"_ _0\"></span>le <span class=\"_ _d\"></span>not<span class=\"_ _2\"></span>e <span class=\"_ _d\"></span>\u201cjunior\u201d, <span class=\"_ _0\"></span>sprovviste <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>rating, <span class=\"_ _d\"></span>pagano <span class=\"_ _0\"></span>un </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs11f6\">tasso <span class=\"_ _d\"></span>EURIBOR <span class=\"_ _d\"></span>3 <span class=\"_ _0\"></span>mesi, <span class=\"_ _0\"></span>aumentato <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>200 <span class=\"_ _d\"></span>bps. <span class=\"_ _0\"></span>I <span class=\"_ _d\"></span>detentori <span class=\"_ _d\"></span>dei <span class=\"_ _0\"></span>titoli <span class=\"_ _d\"></span>junior <span class=\"_ _d\"></span>hanno <span class=\"_ _d\"></span>inoltr<span class=\"_ _2\"></span>e <span class=\"_ _d\"></span>diritto <span class=\"_ _d\"></span>di </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs11f7\">ricevere <span class=\"_ _16\"> </span>a  ci<span class=\"_ _1\"></span>ascuna  data <span class=\"_ _16\"> </span>di <span class=\"_ _16\"> </span>pagamento  e, <span class=\"_ _9\"> </span>in  base  all<span class=\"_ _1\"></span>\u2019ordine  di <span class=\"_ _9\"> </span>prior<span class=\"_ _2\"></span>it\u00e0  d<span class=\"_ _1\"></span>ei  p<span class=\"_ _1\"></span>agame<span class=\"_ _2\"></span><span class=\"ff4\">nti  e<span class=\"_ _1\"></span>  fondi </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs11f8\">disponibili, anche <span class=\"_ _2\"></span>un premio <span class=\"_ _2\"></span>determinato <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>via residuale, dopo <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>siano <span class=\"_ _2\"></span>stati corrisposti <span class=\"_ _2\"></span>tutti gli </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs11f9\">altri importi da corrispondersi in p<span class=\"_ _1\"></span>riorit\u00e0. </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs11fa\">I <span class=\"_ _0\"></span>titoli <span class=\"_ _0\"></span>sono <span class=\"_ _d\"></span>strutturati <span class=\"_ _0\"></span>nella <span class=\"_ _0\"></span>forma <span class=\"_ _0\"></span>di <span class=\"_ _d\"></span>part<span class=\"_ _2\"></span>ly <span class=\"_ _d\"></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=\"_ _d\"></span>emessi <span class=\"_ _0\"></span>per <span class=\"_ _0\"></span>il <span class=\"_ _0\"></span>l<span class=\"_ _2\"></span><span class=\"ff4\">oro </span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs11fb\">valore <span class=\"_ _f\"></span>nominale <span class=\"_ _1\"></span>alla <span class=\"_ _f\"></span>data d\u2019emissione <span class=\"_ _f\"></span>(Euro <span class=\"_ _f\"></span>3.0<span class=\"_ _2\"></span>00.000.000 <span class=\"_ _f\"></span>per le<span class=\"_ _f\"></span> note <span class=\"_ _f\"></span>senior e<span class=\"_ _1\"></span>d <span class=\"_ _f\"></span>Euro 900.000.000 </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs11fc\">per <span class=\"_ _0\"></span>le <span class=\"_ _0\"></span>note <span class=\"_ _9\"> </span>junior). <span class=\"_ _0\"></span>Il <span class=\"_ _0\"></span>prezzo <span class=\"_ _0\"></span>del<span class=\"_ _2\"></span>le <span class=\"_ _d\"></span>not<span class=\"_ _2\"></span>e <span class=\"_ _0\"></span>\u00e8 <span class=\"_ _0\"></span>stat<span class=\"_ _2\"></span>o <span class=\"_ _d\"></span>corrisposto <span class=\"_ _9\"> </span>solo <span class=\"_ _0\"></span>in <span class=\"_ _0\"></span>part<span class=\"_ _2\"></span>e <span class=\"_ _0\"></span>alla <span class=\"_ _0\"></span>data <span class=\"_ _0\"></span>di <span class=\"_ _0\"> </span>emissione, </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs11fd\">mentre <span class=\"_ _f\"></span>le res<span class=\"_ _1\"></span>tanti <span class=\"_ _f\"></span>quote di<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>prezzo <span class=\"_ _f\"></span>possono <span class=\"_ _f\"></span>essere pagate <span class=\"_ _f\"></span>in <span class=\"_ _1\"></span>pi\u00f9 <span class=\"_ _f\"></span>rate <span class=\"_ _1\"></span>successive <span class=\"_ _f\"></span>differite <span class=\"_ _f\"></span>nel <span class=\"_ _1\"></span>tempo </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs11fe\">secondo la logica revolving dell\u2019ope<span class=\"_ _1\"></span>razione.<span class=\"_ _2\"></span><span class=\"ff4\"> </span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs11ff\">Credem <span class=\"_ _9\"> </span>ha <span class=\"_ _9\"> </span>sottoscritto <span class=\"_ _16\"> </span>all\u2019atto<span class=\"_ _1\"></span> <span class=\"_ _9\"> </span>dell\u2019emissione, <span class=\"_ _9\"> </span>e <span class=\"_ _9\"> </span>detiene <span class=\"_ _9\"> </span>in <span class=\"_ _16\"> </span>portafoglio, <span class=\"_ _9\"> </span>il <span class=\"_ _9\"> </span>totale <span class=\"_ _9\"> </span>delle <span class=\"_ _9\"> </span>passivit\u00e0 </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1200\">emesse <span class=\"_ _f\"></span>dal <span class=\"_ _f\"></span>veicolo. <span class=\"_ _f\"></span>Pertant<span class=\"_ _2\"></span>o, <span class=\"_ _f\"></span>in <span class=\"_ _f\"></span>base <span class=\"_ _f\"></span>alle <span class=\"_ _f\"></span>norme <span class=\"_ _1\"></span>IFRS9 <span class=\"_ _f\"></span>in <span class=\"_ _f\"></span>mat<span class=\"_ _2\"></span>eria <span class=\"_ _f\"></span><span class=\"ff5\">di <span class=\"_ _f\"></span>\u201cderecognition\u201d (<span class=\"_ _1\"></span>cancellazione </span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs1201\">contabile), <span class=\"_ _4\"> </span>i <span class=\"_ _14\"> </span>crediti <span class=\"_ _4\"> </span>o<span class=\"_ _2\"></span>ggetto <span class=\"_ _4\"> </span>della <span class=\"_ _17\"> </span>cartolarizzazione <span class=\"_ _17\"> </span>rimangono <span class=\"_ _17\"> </span>iscritti <span class=\"_ _17\"> </span>nell\u2019attivo <span class=\"_ _17\"> </span>del <span class=\"_ _17\"> </span>bilancio </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1202\">Credem. <span class=\"_ _f\"></span> La struttura </div><div class=\"t m1 h6 ff4 fs2 fc1 sc0 ls0 ws0 gs1203\">revolving </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs1204\">dell\u2019operazione <span class=\"_ _f\"></span>p<span class=\"_ _2\"></span>ermette, <span class=\"_ _1\"></span>inoltre, all<span class=\"_ _1\"></span>a Banca,<span class=\"_ _1\"></span> durante <span class=\"_ _f\"></span>un periodo d<span class=\"_ _1\"></span>i </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1205\">cosiddetto </div><div class=\"t m1 h6 ff4 fs2 fc1 sc0 ls0 ws0 gs1206\">replenishme<span class=\"lsaa\">nt</span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1207\"> <span class=\"_ _2\"></span>che pu\u00f2 <span class=\"_ _2\"></span>durare <span class=\"_ _2\"></span>fino a <span class=\"_ _2\"></span>5 <span class=\"_ _2\"></span>anni, di <span class=\"_ _2\"></span>cedere nuovi <span class=\"_ _2\"></span>portafogli di <span class=\"_ _2\"></span>crediti idonei<span class=\"_ _2\"></span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1208\">alla <span class=\"_ _0\"></span>societ\u00e0 <span class=\"_ _0\"></span>veicolo <span class=\"_ _0\"></span>che <span class=\"_ _0\"> </span>utilizza, <span class=\"_ _9\"> </span>per <span class=\"_ _0\"></span>il <span class=\"_ _0\"></span>loro <span class=\"_ _0\"></span>pagamento, <span class=\"_ _0\"></span>i <span class=\"_ _9\"> </span>proventi <span class=\"_ _0\"></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 m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1209\">proventi del pagamento <span class=\"_ _2\"></span>da parte dei </div><div class=\"t m1 h6 ff4 fs2 fc1 sc0 ls0 ws0 gs120a\">noteholder</div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs120b\"> di ulteriori <span class=\"_ _2\"></span>quote del prezzo <span class=\"_ _2\"></span>dei titoli <span class=\"_ _2\"></span>emessi. Una </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs120c\">volta concluso il <span class=\"_ _2\"></span>periodo di </div><div class=\"t m1 h6 ff4 fs2 fc1 sc0 ls0 ws0 gs120d\">replenishment</div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs120e\">, rinnovato <span class=\"_ _2\"></span>nel 2021 con <span class=\"_ _2\"></span>scadenza maggio 2026, <span class=\"_ _2\"></span>le note </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs120f\">sono rimborsate durante un periodo di ammortamento defi<span class=\"_ _1\"></span>nito in sede di emissione. <span class=\"_ _2\"></span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1210\">Al 31 dicembre 2025, a segu<span class=\"_ _1\"></span>ito del perfezionamento di due nuove cessioni di attivi relative a mu<span class=\"_ _1\"></span>tui </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1211\">ipotecari residenziali in bonis, il<span class=\"_ _1\"></span> circolante della tranche seni<span class=\"_ _1\"></span>or risulta pari ad Euro 2.127.641.192,37<span class=\"_ _1\"></span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1212\">mentre quello della tranche junior risulta pari ad Euro 644.423.646,06. </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1213\">La  tranche  senior  pu<span class=\"_ _1\"></span>\u00f2  essere  utilizzata  dalla  Banca  pe<span class=\"_ _1\"></span>r  operazioni  di  rifinanziamento  presso<span class=\"_ _1\"></span> </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs1214\">l\u2019Eurosistema. L\u2019operazione <span class=\"_ _2\"></span>\u00e8, infatt<span class=\"_ _2\"></span>i, finalizzata <span class=\"_ _2\"></span>a costituire <span class=\"_ _2\"></span>una r<span class=\"_ _2\"></span>iserva di <span class=\"_ _2\"></span>liquid<span class=\"_ _1\"></span>it\u00e0 <span class=\"_ _2\"></span>e r<span class=\"_ _2\"></span>ientra tra le </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1215\">complessive attivit\u00e0 di gestione de<span class=\"_ _1\"></span>lla liquidit\u00e0 poste in essere da Credem.<span class=\"_ _2\"></span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1216\">A <span class=\"_ _d\"></span>Credem, <span class=\"_ _2\"></span>inoltre, <span class=\"_ _d\"></span>sono <span class=\"_ _2\"></span>state <span class=\"_ _d\"></span>riconosciute <span class=\"_ _2\"></span>dalla <span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>ociet\u00e0 <span class=\"_ _2\"></span>veicolo <span class=\"_ _d\"></span>le <span class=\"_ _2\"></span>seguenti <span class=\"_ _d\"></span>opzioni: <span class=\"_ _2\"></span>riacquisto <span class=\"_ _2\"></span>di </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1217\">singoli <span class=\"_ _4\"> </span>crediti <span class=\"_ _4\"> </span>entr<span class=\"_ _2\"></span>o <span class=\"_ _4\"> </span>determinati <span class=\"_ _17\"> </span>parametri, <span class=\"_ _4\"> </span>riacquisto <span class=\"_ _17\"> </span>in <span class=\"_ _4\"> </span>blocco <span class=\"_ _4\"> </span>per <span class=\"_ _17\"> </span>i <span class=\"_ _4\"> </span>cr<span class=\"_ _2\"></span>editi <span class=\"_ _4\"> </span>che <span class=\"_ _4\"> </span>dovessero </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs1218\">diventare eleggibili <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>l\u2019utilizzo nel <span class=\"_ _2\"></span>programma <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>Obbligazioni Banca<span class=\"_ _2\"></span><span class=\"ff4\">rie <span class=\"_ _2\"></span>Garantite <span class=\"_ _2\"></span>da Credem <span class=\"_ _2\"></span>CB </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1219\">S.r.l. <span class=\"_ _f\"></span>e <span class=\"_ _f\"></span>riacquisto di<span class=\"_ _1\"></span> <span class=\"_ _f\"></span>tutto<span class=\"_ _2\"></span> <span class=\"_ _f\"></span>il <span class=\"_ _f\"></span>portafoglio <span class=\"_ _f\"></span>crediti <span class=\"_ _f\"></span>in <span class=\"_ _f\"></span>ess<span class=\"_ _2\"></span>ere, <span class=\"_ _f\"></span>in <span class=\"_ _f\"></span>blocco <span class=\"_ _f\"></span>e<span class=\"_ _2\"></span> <span class=\"_ _f\"></span>pro <span class=\"_ _f\"></span>so<span class=\"_ _2\"></span>luto <span class=\"_ _f\"></span>(nel <span class=\"_ _f\"></span>rispetto <span class=\"_ _f\"></span>dei <span class=\"_ _f\"></span>vincoli </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs121a\">contrattuali previsti). </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs121b\">Nel <span class=\"_ _f\"></span>corso <span class=\"_ _1\"></span>del <span class=\"_ _f\"></span>2025 <span class=\"_ _f\"></span>non <span class=\"_ _1\"></span>sono <span class=\"_ _f\"></span>state <span class=\"_ _f\"></span>effettuate op<span class=\"_ _1\"></span>erazioni <span class=\"_ _f\"></span>di <span class=\"_ _f\"></span>riacquist<span class=\"_ _2\"></span>o <span class=\"_ _f\"></span>parziale <span class=\"_ _f\"></span>e/o <span class=\"_ _f\"></span>in <span class=\"_ _f\"></span>blocc<span class=\"_ _2\"></span>o <span class=\"_ _f\"></span>di <span class=\"_ _1\"></span>crediti </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs121c\">dalla societ\u00e0 veicolo.<span class=\"_ _df\"> </span> </div><div class=\"t m0 he ff4 fs5 fc4 sc3 ls0 ws0 gs121e\">Altre o<span class=\"_ _1\"></span>pera<span class=\"_ _1\"></span>zioni<span class=\"_ _1\"></span><span class=\"fs1\"> </span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs121f\">Sono presenti nella <span class=\"_ _2\"></span>categoria contabile \u201cAt<span class=\"_ _2\"></span>tivit\u00e0 finanziarie valutate <span class=\"_ _2\"></span>al costo <span class=\"_ _2\"></span>ammortizzato\u201d, al <span class=\"_ _2\"></span>31 </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1220\">dicembre <span class=\"_ _d\"></span>2025, <span class=\"_ _d\"></span>557milioni <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>Euro <span class=\"_ _d\"></span>complessivi<span class=\"_ _1\"></span>. <span class=\"_ _d\"></span>Trattas<span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>di <span class=\"_ _d\"></span>strumenti <span class=\"_ _d\"></span>finanziari <span class=\"_ _d\"></span>collegati <span class=\"_ _2\"></span>a <span class=\"_ _0\"></span>crediti<span class=\"_ _2\"></span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1221\">originati <span class=\"_ _0\"></span>in <span class=\"_ _d\"></span>Europa, <span class=\"_ _0\"></span>con <span class=\"_ _0\"></span>prepon<span class=\"_ _2\"></span>deranza <span class=\"_ _d\"></span>della <span class=\"_ _0\"></span>componente <span class=\"_ _0\"></span>di </div><div class=\"t m1 h6 ff4 fs2 fc1 sc0 ls0 ws0 gs1222\">origination</div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1223\"> <span class=\"_ _0\"></span>italiana <span class=\"_ _0\"></span>(191,4 <span class=\"_ _0\"></span>milioni <span class=\"_ _0\"></span>di </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1224\">Euro). <span class=\"_ _e\"> </span>Il <span class=\"_ _e\"> </span>port<span class=\"_ _2\"></span>afoglio <span class=\"_ _e\"> </span>\u00e8 <span class=\"_ _e\"> </span>costituito <span class=\"_ _e\"> </span>da <span class=\"_ _e\"> </span>differenti <span class=\"_ _e\"> </span>t<span class=\"_ _2\"></span>ipologie<span class=\"_ _1\"></span> <span class=\"_ _e\"> </span>di <span class=\"_ _10\"> </span>ABS <span class=\"_ _e\"> </span>con <span class=\"_ _10\"> </span>una <span class=\"_ _e\"> </span>prevalenza <span class=\"_ _e\"> </span>delle </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1225\">cartolarizzazioni di mutui residenziali,<span class=\"_ _1\"></span> che incidono per il 35,1%<span class=\"_ _2\"></span><span class=\"ls1b\">. </span> </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs1226\">L\u2019attuale esposizione suddivisa pe<span class=\"_ _1\"></span>r rischio paese \u00e8 cos\u00ec composta:<span class=\"_ _2\"></span><span class=\"ff4\"> </span></div><div class=\"gs1227\"><table class=\"s w1063 h588\" id=\"_80cab7e5-fdba-4f1f-97c0-67b18bf4b1f6\"><tr><td></td><td class=\"c xa15 y3546 w9f6 h4b1\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">Cont<span class=\"_ _f\"></span>rovalo<span class=\"_ _1\"></span>re (m<span class=\"_ _f\"></span>igliaia<span class=\"_ _df\"> </span></div></td><td></td></tr><tr><td class=\"c xa16 y3547 w307 h23d\"><div class=\"t m0 x31 h1f y496 ff4 fs7 fc4 sc3 ls0 ws0\">Paes<span class=\"_ _1\"></span>e </div></td><td class=\"c xa17 y3548 w9f7 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">Euro<span class=\"_ _1\"></span>)<span class=\"_ _df\"> </span></div></td><td class=\"c xa18 y3547 w5d9 h23d\"><div class=\"t m0 x27 h1f y496 ff4 fs7 fc4 sc3 ls0 ws0\">% Es<span class=\"_ _1\"></span>pos<span class=\"_ _1\"></span>izion<span class=\"_ _f\"></span>e </div></td></tr><tr><td class=\"c xa16 y3549 w307 h243\"><div class=\"t m0 x31 h1f y496 ff4 fs7 fc1 sc0 ls0 ws0\">ITALIA </div></td><td class=\"c xa19 y3549 w339 h243\"><div class=\"t m0 x8f h1f y496 ff4 fs7 fc1 sc0 ls0 ws0\">191.403 </div></td><td class=\"c xa18 y3549 w5d9 h243\"><div class=\"t m0 x90 h1f y496 ff4 fs7 fc1 sc0 ls0 ws0\">34,3 </div></td></tr><tr><td class=\"c xa16 y354a w307 h243\"><div class=\"t m0 x26 h1f y496 ff4 fs7 fc1 sc0 ls0 ws0\">FRANCIA </div></td><td class=\"c xa19 y354a w339 h243\"><div class=\"t m0 x8f h1f y496 ff4 fs7 fc1 sc0 ls0 ws0\">127.869 </div></td><td class=\"c xa18 y354a w5d9 h243\"><div class=\"t m0 x90 h1f y496 ff4 fs7 fc1 sc0 ls0 ws0\">22,9 </div></td></tr><tr><td class=\"c xa16 y354b w307 h243\"><div class=\"t m0 x2c h1f y496 ff4 fs7 fc1 sc0 ls0 ws0\">GERMANIA </div></td><td class=\"c xa19 y354b w339 h243\"><div class=\"t m0 x8f h1f y496 ff4 fs7 fc1 sc0 ls0 ws0\">105.840 </div></td><td class=\"c xa18 y354b w5d9 h243\"><div class=\"t m0 x7 h1f y496 ff4 fs7 fc1 sc0 ls0 ws0\">19,1 </div></td></tr><tr><td class=\"c xa16 y354c w307 h17f\"><div class=\"t m0 x34 h1f y496 ff4 fs7 fc1 sc0 ls0 ws0\">SPAGNA </div></td><td class=\"c xa19 y354c w339 h17f\"><div class=\"t m0 x96 h1f y496 ff4 fs7 fc1 sc0 ls0 ws0\">87.101 </div></td><td class=\"c xa18 y354c w5d9 h17f\"><div class=\"t m0 x90 h1f y496 ff4 fs7 fc1 sc0 ls0 ws0\">15,6 </div></td></tr><tr><td class=\"c xa16 y354d w307 h326\"><div class=\"t m0 x33 h1f y1a8d ff4 fs7 fc1 sc0 ls0 ws0\">PAESI BASSI </div></td><td class=\"c xa19 y354d w339 h326\"><div class=\"t m0 x96 h1f y1a8d ff4 fs7 fc1 sc0 ls0 ws0\">45.112 </div></td><td class=\"c xa18 y354d w5d9 h326\"><div class=\"t m0 x1c h1f y1a8d ff4 fs7 fc1 sc0 ls0 ws0\">8,1 </div></td></tr><tr><td class=\"c xa16 y354e w307 h243\"><div class=\"t m0 x37 h1f y496 ff4 fs7 fc4 sc3 ls0 ws0\">TOTA<span class=\"_ _1\"></span>LE </div></td><td class=\"c xa19 y354e w339 h243\"><div class=\"t m0 x8f h1f y496 ff4 fs7 fc4 sc3 ls0 ws0\">557.<span class=\"_ _1\"></span>325 </div></td><td class=\"c xa18 y354e w5d9 h243\"><div class=\"t m0 x12 h1f y496 ff4 fs7 fc4 sc3 ls0 ws0\">100,<span class=\"_ _f\"></span>0 </div></td></tr></table></div>C.2 Es<span class=\"_ _1\"></span>posi<span class=\"_ _f\"></span>zioni deri<span class=\"_ _1\"></span>vanti <span class=\"_ _f\"></span>dalle pr<span class=\"_ _1\"></span>incipal<span class=\"_ _1\"></span>i ope<span class=\"_ _1\"></span>razio<span class=\"_ _f\"></span>ni di car<span class=\"_ _1\"></span>tola<span class=\"_ _1\"></span>rizzazi<span class=\"_ _1\"></span>one d<span class=\"_ _1\"></span>i \u201cte<span class=\"_ _1\"></span>rzi\u201d r<span class=\"_ _f\"></span>ipartite p<span class=\"_ _1\"></span>er ti<span class=\"_ _1\"></span>polog<span class=\"_ _1\"></span>ia de<span class=\"_ _1\"></span>lle at<span class=\"_ _1\"></span>tivit\u00e0<span class=\"_ _f\"></span> cart<span class=\"_ _1\"></span>olarizza<span class=\"_ _f\"></span>te e per<span class=\"_ _1\"></span> tipo<span class=\"_ _f\"></span> di espo<span class=\"_ _1\"></span>sizione<span class=\"_ _f\"></span><span class=\"fs7 fc1 sc0\"> </span><table class=\"s w1064 h589\" id=\"_8a0b20d3-cf05-45b7-bfd9-4807126fadd5\"><tr><td></td><td></td><td></td><td></td><td class=\"c xa1b y354f w40e h221\"><div class=\"t m0 x13 h1f y497 ff4 fs7 fc4 sc3 ls0 ws0\">Espo<span class=\"_ _1\"></span>sizio<span class=\"_ _f\"></span>ni per ca<span class=\"_ _f\"></span>ssa </div></td><td></td><td></td><td></td><td></td><td class=\"c xa1c y354f w5db h221\"><div class=\"t m0 x38 h1f y497 ff4 fs7 fc4 sc3 ls0 ws0\">Gara<span class=\"_ _1\"></span>nzie<span class=\"_ _1\"></span> rila<span class=\"_ _1\"></span>scia<span class=\"_ _1\"></span>te </div></td><td></td><td></td><td></td><td></td><td></td><td class=\"c xa1d y354f w5db h221\"><div class=\"t m0 x36 h1f y497 ff4 fs7 fc4 sc3 ls0 ws0\">Line<span class=\"_ _1\"></span>e di cr<span class=\"_ _f\"></span>edito<span class=\"_ _1\"></span> </div></td><td></td><td></td><td></td><td></td></tr><tr><td></td><td></td><td class=\"c xa1b y3550 w78 h221\"><div class=\"t m0 x2c h200 y54 ff4 fs22 fc4 sc3 ls0 ws0\">Senior </div></td><td></td><td class=\"c xa1e y3550 w1b0 h221\" colspan=\"2\"><div class=\"t m0 x8a h200 y54 ff4 fs22 fc4 sc3 ls0 ws0\">Mezzan<span class=\"_ _f\"></span>ine </div></td><td class=\"c xa1f y3550 w149 h221\"><div class=\"t m0 x16a h200 y54 ff4 fs22 fc4 sc3 ls0 ws0\">Junior </div></td><td></td><td class=\"c xa1c y3550 w1b0 h221\"><div class=\"t m0 x16a h200 y54 ff4 fs22 fc4 sc3 ls0 ws0\">Senior </div></td><td></td><td></td><td class=\"c xa20 y3550 w464 h221\"><div class=\"t m0 x8a h200 y54 ff4 fs22 fc4 sc3 ls0 ws0\">Mezzan<span class=\"_ _f\"></span>ine </div></td><td class=\"c xa21 y3550 w149 h221\"><div class=\"t m0 x16a h200 y54 ff4 fs22 fc4 sc3 ls0 ws0\">Junior </div></td><td></td><td class=\"c xa1d y3550 w1b0 h221\"><div class=\"t m0 x16a h200 y54 ff4 fs22 fc4 sc3 ls0 ws0\">Senior </div></td><td></td><td></td><td class=\"c xa22 y3550 w464 h221\"><div class=\"t m0 x8a h200 y54 ff4 fs22 fc4 sc3 ls0 ws0\">Mezzan<span class=\"_ _f\"></span>ine </div></td><td class=\"c xa23 y3550 w149 h221\"><div class=\"t m0 x16a h200 y54 ff4 fs22 fc4 sc3 ls0 ws0\">Junior </div></td><td></td></tr><tr><td class=\"c xa24 y3551 w1065 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">Tipol<span class=\"_ _f\"></span>ogia<span class=\"_ _df\"> </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 xa25 y3552 w96e h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">attiv<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span>t\u00e0<span class=\"_ _df\"> </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 x262 y3553 w1066 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">sotto<span class=\"_ _f\"></span>stanti/<span class=\"_ _df\"> </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 xa26 y3554 wfbb h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">Espo<span class=\"_ _1\"></span>sizio<span class=\"_ _f\"></span>ni<span class=\"_ _df\"> </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 xa27 y3555 w1067 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">Prestiti al<span class=\"_ _df\"> </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 xa27 y3556 w1068 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">consumo</div></td><td class=\"c xa1b y3557 w317 h98\"><div class=\"t m0 x8a h30 y7b1 ff4 fsb fc1 sc0 ls0 ws0\">  321.026 </div></td><td class=\"c xa28 y3556 w1069 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c xa29 y3556 w106a h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls5c ws0\">34<span class=\"_ _df\"> </span></div></td><td class=\"c xa1e y3557 w5d4 h98\"><div class=\"t m0 x116 h30 y7b1 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa2a y3557 w56b h98\"><div class=\"t m0 x116 h30 y7b1 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa1f y3557 w56b h98\"><div class=\"t m0 x116 h30 y7b1 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa2b y3557 w56b h98\"><div class=\"t m0 x116 h30 y7b1 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa1c y3557 w5d4 h98\"><div class=\"t m0 x116 h30 y7b1 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa2c y3557 w5d4 h98\"><div class=\"t m0 x116 h30 y7b1 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa20 y3557 w5dd h98\"><div class=\"t m0 x116 h30 y7b1 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa2d y3557 w56b h98\"><div class=\"t m0 x116 h30 y7b1 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa21 y3557 w56b h98\"><div class=\"t m0 x116 h30 y7b1 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa2e y3557 w56b h98\"><div class=\"t m0 x116 h30 y7b1 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa1d y3557 w5d4 h98\"><div class=\"t m0 x116 h30 y7b1 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa2f y3557 w5d4 h98\"><div class=\"t m0 x116 h30 y7b1 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa22 y3557 w5dd h98\"><div class=\"t m0 x116 h30 y7b1 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa30 y3557 w56b h98\"><div class=\"t m0 x116 h30 y7b1 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa23 y3557 w56b h98\"><div class=\"t m0 x116 h30 y7b1 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa31 y3557 w56b h98\"><div class=\"t m0 x116 h30 y7b1 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c xa27 y2844 w106b h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">Mutui<span class=\"_ _df\"> </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 xa27 y3558 w106c h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">ipotecari<span class=\"_ _df\"> </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 xa27 y3559 w106d h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">residenziali</div></td><td class=\"c xa1b y355a w317 h136\"><div class=\"t m0 x8a h30 y7b1 ff4 fsb fc1 sc0 ls0 ws0\"> <span class=\"_ _16\"> </span>216.745<span class=\"_ _2\"></span> </div></td><td class=\"c xa28 y3559 w1069 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c xa32 y3559 w106e h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls52 ws0\">14<span class=\"_ _df\"> </span></div></td><td class=\"c xa1e y355a w5d4 h136\"><div class=\"t m0 x116 h30 y7b1 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa2a y355a w56b h136\"><div class=\"t m0 x116 h30 y7b1 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa1f y355a w56b h136\"><div class=\"t m0 x116 h30 y7b1 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa2b y355a w56b h136\"><div class=\"t m0 x116 h30 y7b1 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa1c y355a w5d4 h136\"><div class=\"t m0 x116 h30 y7b1 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa2c y355a w5d4 h136\"><div class=\"t m0 x116 h30 y7b1 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa20 y355a w5dd h136\"><div class=\"t m0 x116 h30 y7b1 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa2d y355a w56b h136\"><div class=\"t m0 x116 h30 y7b1 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa21 y355a w56b h136\"><div class=\"t m0 x116 h30 y7b1 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa2e y355a w56b h136\"><div class=\"t m0 x116 h30 y7b1 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa1d y355a w5d4 h136\"><div class=\"t m0 x116 h30 y7b1 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa2f y355a w5d4 h136\"><div class=\"t m0 x116 h30 y7b1 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa22 y355a w5dd h136\"><div class=\"t m0 x116 h30 y7b1 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa30 y355a w56b h136\"><div class=\"t m0 x116 h30 y7b1 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa23 y355a w56b h136\"><div class=\"t m0 x116 h30 y7b1 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa31 y355a w56b h136\"><div class=\"t m0 x116 h30 y7b1 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c xa33 y355b w227 h221\"><div class=\"t m0 x8a h30 y7b1 ff4 fsb fc1 sc0 ls0 ws0\">Prestiti a PMI<span class=\"_ _2\"></span> </div></td><td class=\"c xa1b y355b w317 h221\"><div class=\"t m0 x55 h30 y7b1 ff4 fsb fc1 sc0 ls0 ws0\">1.486 </div></td><td></td><td class=\"c xa34 y355b w5dc h221\"><div class=\"t m0 x32 h30 y7b1 ff4 fsb fc1 sc0 ls0 ws0\">1 </div></td><td class=\"c xa1e y355b w5d4 h221\"><div class=\"t m0 x116 h30 y7b1 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa2a y355b w56b h221\"><div class=\"t m0 x116 h30 y7b1 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa1f y355b w56b h221\"><div class=\"t m0 x116 h30 y7b1 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa2b y355b w56b h221\"><div class=\"t m0 x116 h30 y7b1 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa1c y355b w5d4 h221\"><div class=\"t m0 x116 h30 y7b1 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa2c y355b w5d4 h221\"><div class=\"t m0 x116 h30 y7b1 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa20 y355b w5dd h221\"><div class=\"t m0 x116 h30 y7b1 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa2d y355b w56b h221\"><div class=\"t m0 x116 h30 y7b1 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa21 y355b w56b h221\"><div class=\"t m0 x116 h30 y7b1 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa2e y355b w56b h221\"><div class=\"t m0 x116 h30 y7b1 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa1d y355b w5d4 h221\"><div class=\"t m0 x116 h30 y7b1 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa2f y355b w5d4 h221\"><div class=\"t m0 x116 h30 y7b1 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa22 y355b w5dd h221\"><div class=\"t m0 x116 h30 y7b1 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa30 y355b w56b h221\"><div class=\"t m0 x116 h30 y7b1 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa23 y355b w56b h221\"><div class=\"t m0 x116 h30 y7b1 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa31 y355b w56b h221\"><div class=\"t m0 x116 h30 y7b1 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td></tr></table>Valore di bilancio Rettifiche/riprese di valore Valore di bilancio Rettifiche/riprese di valore Valore di bilancio Rettifiche/riprese di valore Valore di bilancio Rettifiche/riprese di valore Valore di bilancio Rettifiche/riprese di valore Valore di bilancio Rettifiche/riprese di valore Valore di bilancio Rettifiche/riprese di valore Valore di bilancio Rettifiche/riprese di valore Valore di bilancio Rettifiche/riprese di valore <div class=\"t m0 he ff4 fs5 fc4 sc3 ls0 ws0 gs123e\">C.3 Co<span class=\"_ _1\"></span>nsolid<span class=\"_ _f\"></span>ato prude<span class=\"_ _f\"></span>nziale <span class=\"ff5\">\u2013</span> In<span class=\"_ _1\"></span>teress<span class=\"_ _1\"></span>enze<span class=\"_ _f\"></span> in societ\u00e0<span class=\"_ _1\"></span> veicolo<span class=\"_ _f\"></span> <span class=\"_ _2\"></span>per <span class=\"_ _1\"></span>la ca<span class=\"_ _1\"></span>rtola<span class=\"_ _1\"></span>rizzazio<span class=\"_ _f\"></span>ne<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs123f\">Come g<span class=\"_ _1\"></span>i\u00e0 esp<span class=\"_ _1\"></span>osto nelle <span class=\"_ _f\"></span>informazioni di <span class=\"_ _f\"></span>nat<span class=\"_ _2\"></span>ura <span class=\"_ _1\"></span>qualitativa, ne<span class=\"_ _f\"></span>l Gruppo \u00e8 <span class=\"_ _f\"></span>presente un\u2019unica </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1240\">societ\u00e0 <span class=\"_ _17\"> </span>veicolo <span class=\"_ _17\"> </span>per <span class=\"_ _14\"> </span>la <span class=\"_ _17\"> </span>cartolarizzazione, <span class=\"_ _17\"> </span>Emilia <span class=\"_ _14\"> </span>Spv, <span class=\"_ _17\"> </span>partecipata <span class=\"_ _14\"> </span>al <span class=\"_ _17\"> </span>10% <span class=\"_ _17\"> </span>da <span class=\"_ _14\"> </span>Credito </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsde4\">Emiliano; la societ\u00e0 non \u00e8 stata consolidata. </div><div class=\"t m0 hc ff4 fs4 fc4 sc3 ls0 ws0 gs1242\">D. O<span class=\"_ _f\"></span>pera<span class=\"_ _1\"></span>zioni<span class=\"_ _f\"></span> di ces<span class=\"_ _1\"></span>sio<span class=\"_ _1\"></span>ne<span class=\"_ _df\"> </span></div><div class=\"t m0 he ff4 fs5 fc4 sc3 ls101 ws0 gs1243\">A.<span class=\"_ _48\"> </span><span class=\"ls0\">Attivit\u00e0 fin<span class=\"_ _1\"></span>anzia<span class=\"_ _1\"></span>rie ced<span class=\"_ _1\"></span>ute e<span class=\"_ _1\"></span> non <span class=\"_ _1\"></span>cancella<span class=\"_ _1\"></span>te inte<span class=\"_ _1\"></span>gralm<span class=\"_ _1\"></span>ente<span class=\"_ _df\"> </span></span></div><div class=\"t m0 he ff4 fs5 fc4 sc3 ls0 ws0 gs1244\">Inform<span class=\"_ _1\"></span>azio<span class=\"_ _f\"></span>ni di natura<span class=\"_ _f\"></span> qualitativa </div><div class=\"t m0 he ff4 fs5 fc4 sc3 ls0 ws0 gs1245\">Opera<span class=\"_ _f\"></span>zioni di cess<span class=\"_ _1\"></span>ione <span class=\"_ _f\"></span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1246\">Come <span class=\"_ _2\"></span>gi\u00e0 <span class=\"_ _2\"></span>ant<span class=\"_ _2\"></span>icipato <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>riferimento <span class=\"_ _d\"></span>alla <span class=\"_ _2\"></span>Cartolarizzazione<span class=\"_ _1\"></span> <span class=\"_ _2\"></span>Emilia <span class=\"_ _d\"></span>SPV <span class=\"_ _2\"></span>S.r.l., <span class=\"_ _2\"></span>nel <span class=\"_ _2\"></span>corso<span class=\"_ _2\"></span> <span class=\"_ _d\"></span><span class=\"ff5\">dell\u2019esercizio </span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs1247\">2015 <span class=\"_ _17\"> </span>Credem <span class=\"_ _4\"> </span>ha <span class=\"_ _14\"> </span>perfezionato <span class=\"_ _17\"> </span>un\u2019operazione <span class=\"_ _4\"> </span>di <span class=\"_ _17\"> </span>carto<span class=\"_ _2\"></span>larizzazione<span class=\"_ _1\"></span> </div><div class=\"t m1 h6 ff4 fs2 fc1 sc0 ls0 ws0 gs1248\">revolving</div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1249\">, <span class=\"_ _17\"> </span>relativa <span class=\"_ _17\"> </span>a <span class=\"_ _17\"> </span>mutui </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs124a\">ipotecari  residenziali<span class=\"_ _1\"></span> </div><div class=\"t m1 h6 ff4 fs2 fc1 sc0 ls0 ws0 gs124b\">in  bonis </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs124c\">non  eleggibili <span class=\"_ _16\"> </span>ai  fini  dell\u2019utilizzo  nel  p<span class=\"_ _1\"></span>rogramma  di  emissioni  di </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs124d\">\u201cObbligazioni <span class=\"_ _22\"> </span>Bancari<span class=\"_ _2\"></span>e <span class=\"_ _22\"> </span>Gar<span class=\"_ _2\"></span>antite\u201d <span class=\"_ _22\"> </span>dalla <span class=\"_ _4\"> </span>societ\u00e0 <span class=\"_ _4\"> </span>ve<span class=\"ff4\">icolo <span class=\"_ _4\"> </span>Credem <span class=\"_ _4\"> </span>CB <span class=\"_ _4\"> </span>S.r.l.</span></div><div class=\"t m1 h6 ff4 fs2 fc1 sc0 ls0 ws0 gs124e\">,</div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs124f\"> <span class=\"_ _4\"> </span>erogati <span class=\"_ _4\"> </span>alla <span class=\"_ _4\"> </span>prop<span class=\"_ _1\"></span>ria </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs1250\">clientela e <span class=\"_ _1\"></span>selezionati sulla b<span class=\"_ _1\"></span>ase di criteri p<span class=\"_ _1\"></span>redefiniti in <span class=\"_ _1\"></span>modo tale da costituire un <span class=\"_ _f\"></span>\u201c<span class=\"_ _2\"></span>blocco\u201d ai <span class=\"_ _f\"></span>s<span class=\"_ _2\"></span>ensi </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1251\">e per gli effetti della legge<span class=\"_ _1\"></span> applicabile in materia di cartolarizzazione dei crediti. <span class=\"_ _2\"></span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1252\">A <span class=\"_ _2\"></span>seguito <span class=\"_ _2\"></span>della <span class=\"_ _2\"></span>pr<span class=\"_ _2\"></span>ima <span class=\"_ _2\"></span>cessione <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>at<span class=\"_ _2\"></span>tivi, <span class=\"_ _2\"></span>perfezionata <span class=\"_ _2\"></span>nel <span class=\"_ _2\"></span>quarto <span class=\"_ _d\"></span>trimestre <span class=\"_ _2\"></span>2014<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1253\">ad <span class=\"_ _2\"></span>un <span class=\"_ _2\"></span>prezzo <span class=\"_ _d\"></span>pari </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1254\">ad Euro <span class=\"_ _2\"></span>1.002.811.119,07, sono s<span class=\"_ _2\"></span>tate perfezionate, dal <span class=\"_ _2\"></span>2015 alla fi<span class=\"_ _2\"></span>ne del 2025, <span class=\"_ _2\"></span>nei periodi <span class=\"_ _2\"></span>di seguito </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1255\">indicati, <span class=\"_ _9\"> </span>quattordici <span class=\"_ _16\"> </span>cessioni <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>altrettanti <span class=\"_ _16\"> </span>portafogli <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>crediti <span class=\"_ _16\"> </span>idonei <span class=\"_ _16\"> </span>alla <span class=\"_ _9\"> </span>societ\u00e0  v<span class=\"_ _1\"></span>eicolo <span class=\"_ _9\"> </span>ad <span class=\"_ _16\"> </span>un </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1256\">prezzo pari a: </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1257\">-<span class=\"_ _38\"> </span>Quarto trimestre 2015: Euro 285.392.481,54<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1258\">-<span class=\"_ _38\"> </span>Quarto trimestre 2016: Euro 293.707.640,58<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1259\">-<span class=\"_ _38\"> </span>Quarto trimestre 2017: Euro 245.710.926,70<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs125a\">-<span class=\"_ _38\"> </span>Quarto trimestre 2018: Euro 52.416.789,64<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs125b\">-<span class=\"_ _38\"> </span>Secondo trimestre 2021: Euro 1.304.130.865,63<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs125c\">-<span class=\"_ _38\"> </span>Quarto trimestre 2021: Euro 353.874.864,16<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs125d\">-<span class=\"_ _38\"> </span>Secondo trimestre 2022: Euro 274.726.751,12<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs125e\">-<span class=\"_ _38\"> </span>Quarto trimestre 2022: Euro 190.056.443,89 </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs125f\">-<span class=\"_ _38\"> </span>Secondo trimestre 2023: Euro 163.629.812,82<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1260\">-<span class=\"_ _38\"> </span>Quarto trimestre 2023: Euro 271.235.442,14<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1261\">-<span class=\"_ _38\"> </span>Secondo trimestre 2024: Euro 140.344.103,48 </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1262\">-<span class=\"_ _38\"> </span>Quarto trimestre 2024: Euro 144.587.852,93<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1263\">-<span class=\"_ _38\"> </span>Secondo trimestre 2025: Euro 164.223.038,62<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1264\">-<span class=\"_ _38\"> </span>Quarto trimestre 2025: Euro 163.350.175,59<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs1265\">I <span class=\"_ _2\"></span>crediti <span class=\"_ _2\"></span>sono <span class=\"_ _2\"></span>stati acquistati <span class=\"_ _2\"></span>\u201cpro <span class=\"_ _2\"></span>soluto\u201d, <span class=\"_ _2\"></span>ossia senza <span class=\"_ _2\"></span>garanzia <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>solvenza <span class=\"_ _2\"></span>dei debitori <span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>dei <span class=\"_ _2\"></span>loro </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1266\">eventuali <span class=\"_ _4\"> </span>garanti, <span class=\"_ _22\"> </span>dalla <span class=\"_ _4\"> </span>societ\u00e0 <span class=\"_ _4\"> </span>EMILIA <span class=\"_ _22\"> </span>S<span class=\"_ _2\"></span>PV <span class=\"_ _22\"> </span>S.r.l<span class=\"_ _2\"></span>., <span class=\"_ _22\"> </span>s<span class=\"_ _2\"></span>ociet\u00e0 <span class=\"_ _22\"> </span>veicolo <span class=\"_ _4\"> </span>appositamente <span class=\"_ _4\"> </span>costituita <span class=\"_ _4\"> </span>e </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1267\">partecipata <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>10% <span class=\"_ _2\"></span>da <span class=\"_ _2\"></span>Crede<span class=\"_ _1\"></span>m, <span class=\"_ _2\"></span>con <span class=\"_ _2\"></span>oggetto <span class=\"_ _2\"></span>esclusivo <span class=\"_ _2\"></span>consistente nella <span class=\"_ _2\"></span>realizzazione <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>una <span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>pi\u00f9 </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1268\">operazioni di cartolarizzazione ai sensi del<span class=\"_ _1\"></span>la Legge n. 130 del 30 aprile <span class=\"_ _2\"></span>1999. </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs1269\">La <span class=\"_ _d\"></span>societ\u00e0 <span class=\"_ _2\"></span>veicolo <span class=\"_ _d\"></span>ha <span class=\"_ _d\"></span>finanziato <span class=\"_ _2\"></span>l\u2019operazione <span class=\"_ _d\"></span>attraverso <span class=\"_ _d\"></span>l\u2019emissione, <span class=\"_ _2\"></span>nel <span class=\"_ _d\"></span>corso <span class=\"_ _d\"></span>del <span class=\"_ _2\"></span>mese <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>aprile </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs126a\">del 2015, di titoli obbligazi<span class=\"_ _1\"></span>onari \u201cRMBS\u201d di diversa classe (</div><div class=\"t m1 h6 ff4 fs2 fc1 sc0 ls0 ws0 gs126b\">senior e junior</div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs126c\">).  </div>Inform<span class=\"_ _1\"></span>azio<span class=\"_ _f\"></span>ni di natura<span class=\"_ _f\"></span> quantita<span class=\"_ _f\"></span>tiva D.1 <span class=\"_ _1\"></span>Conso<span class=\"_ _1\"></span>lidat<span class=\"_ _1\"></span>o pr<span class=\"_ _1\"></span>udenzia<span class=\"_ _f\"></span>le <span class=\"ff5\">\u2013</span> Att<span class=\"_ _f\"></span>ivit\u00e0 finan<span class=\"_ _f\"></span>ziarie ce<span class=\"_ _1\"></span>dute <span class=\"_ _1\"></span>rileva<span class=\"_ _f\"></span>te per int<span class=\"_ _f\"></span>ero e pas<span class=\"_ _f\"></span>sivit\u00e0 fi<span class=\"_ _1\"></span>nanzia<span class=\"_ _f\"></span>rie asso<span class=\"_ _f\"></span>ciate:  va<span class=\"_ _f\"></span>lori di bilanc<span class=\"_ _1\"></span>io <table class=\"s w106f h58a\" id=\"_874a0056-b6aa-4b35-ac02-7a7d16b53906\"><tr><td></td><td></td><td></td><td></td><td class=\"c x656 y355c w5de h57\"><div class=\"t m0 x31 h1f y2e7 ff4 fs7 fc4 sc3 ls0 ws0\">Atti<span class=\"_ _1\"></span>vit\u00e0 f<span class=\"_ _f\"></span>inanziar<span class=\"_ _f\"></span>ie cedute<span class=\"_ _f\"></span> rileva<span class=\"_ _f\"></span>te per<span class=\"_ _1\"></span> inter<span class=\"_ _1\"></span>o<span class=\"fc1 sc0\"> </span></div></td><td></td><td></td><td></td><td class=\"c xa35 y355c w5df h57\"><div class=\"t m0 x38 h1f y2e7 ff4 fs7 fc4 sc3 ls0 ws0\">Pass<span class=\"_ _f\"></span>ivit\u00e0 fin<span class=\"_ _f\"></span>anziarie<span class=\"_ _1\"></span> ass<span class=\"_ _1\"></span>ociat<span class=\"_ _f\"></span>e<span class=\"fc1 sc0\"> </span></div></td></tr><tr><td></td><td></td><td></td><td></td><td class=\"c x47c y355d w99d h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">di cui<span class=\"_ _f\"></span>:<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td class=\"c xa36 y355d w99d h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">di cui<span class=\"_ _f\"></span>:<span class=\"_ _df\"> </span></div></td></tr><tr><td></td><td></td><td></td><td></td><td class=\"c x476 y2d9c wdb2 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">ogg<span class=\"_ _f\"></span>etto di<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td class=\"c xa37 y2d9c wdb2 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">ogg<span class=\"_ _f\"></span>etto di<span class=\"_ _df\"> </span></div></td></tr><tr><td></td><td></td><td class=\"c x646 y355e wa5b h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">Val<span class=\"_ _1\"></span>ore di</div></td><td class=\"c xa38 y355f w1070 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">di cui<span class=\"_ _f\"></span>: oggett<span class=\"_ _f\"></span>o di<span class=\"_ _df\"> </span></div></td><td class=\"c x78d y355f w1071 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">cont<span class=\"_ _1\"></span>ratt<span class=\"_ _1\"></span>i<span class=\"_ _df\"> </span></div></td><td class=\"c xa39 y355e w1072 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">di cui<span class=\"_ _df\"> </span></div></td><td class=\"c xa3a y355e wa5b h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">Val<span class=\"_ _1\"></span>ore di</div></td><td class=\"c xa3b y355f w1073 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">di cui<span class=\"_ _f\"></span>: oggett<span class=\"_ _f\"></span>o di<span class=\"_ _df\"> </span></div></td><td class=\"c xa3c y355f w1074 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">cont<span class=\"_ _1\"></span>ratt<span class=\"_ _1\"></span>i<span class=\"_ _df\"> </span></div></td></tr><tr><td></td><td></td><td class=\"c xa3d y3560 wa60 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">bilan<span class=\"_ _f\"></span>cio</div></td><td class=\"c xa3e y3561 w1075 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">opera<span class=\"_ _f\"></span>zioni di<span class=\"_ _df\"> </span></div></td><td class=\"c x476 y3561 w1076 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">di ven<span class=\"_ _f\"></span>dita<span class=\"_ _df\"> </span></div></td><td class=\"c xa3f y3560 wab1 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">deter<span class=\"_ _1\"></span>iora<span class=\"_ _f\"></span>te<span class=\"_ _df\"> </span></div></td><td class=\"c xa40 y3560 wa60 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">bilan<span class=\"_ _f\"></span>cio</div></td><td class=\"c xa41 y3561 w1075 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">opera<span class=\"_ _f\"></span>zioni di<span class=\"_ _df\"> </span></div></td><td class=\"c xa37 y3561 w1077 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">di ven<span class=\"_ _f\"></span>dita<span class=\"_ _df\"> </span></div></td></tr><tr><td></td><td></td><td></td><td class=\"c xa42 y3562 w1078 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">cart<span class=\"_ _f\"></span>olarizzaz<span class=\"_ _1\"></span>ione<span class=\"_ _df\"> </span></div></td><td class=\"c x799 y3562 w1079 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">con <span class=\"_ _f\"></span>patto<span class=\"_ _df\"> </span></div></td><td></td><td></td><td class=\"c xa43 y3562 w107a h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">cart<span class=\"_ _f\"></span>olarizzaz<span class=\"_ _1\"></span>ione<span class=\"_ _df\"> </span></div></td><td class=\"c x2fa y3562 w107b h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">con <span class=\"_ _f\"></span>patto<span class=\"_ _df\"> </span></div></td></tr><tr><td></td><td></td><td></td><td></td><td class=\"c xa44 y3563 w107c h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">di<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td class=\"c xa45 y3563 w107c h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">di<span class=\"_ _df\"> </span></div></td></tr><tr><td class=\"c x262 y2e5a w107d h4b7\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc2 ls0 ws0\">A. Att<span class=\"_ _f\"></span>ivit\u00e0 fin<span class=\"_ _f\"></span>anziarie<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td class=\"c x476 y3564 w107e h4d6\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc4 sc3 ls0 ws0\">riacq<span class=\"_ _f\"></span>uisto<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td class=\"c xa37 y3564 w107e h4d6\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc4 sc3 ls0 ws0\">riacq<span class=\"_ _f\"></span>uisto<span class=\"_ _df\"> </span></div></td></tr><tr><td class=\"c x262 y3565 w107f h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc2 ls0 ws0\">deten<span class=\"_ _f\"></span>ute per<span class=\"_ _f\"></span> la<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x656 y3566 wa2 h89\"><div class=\"t m0 x8f h1f y41f ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c xa46 y3566 w3dd h89\"><div class=\"t m0 xec h1f y41f ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x483 y3566 w1b5 h89\"><div class=\"t m0 x11 h1f y41f ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x6a7 y3566 w375 h89\"><div class=\"t m0 x32 h1f y41f ff4 fs7 fc1 sc2 ls0 ws0\">X<span class=\"sc0\"> </span></div></td><td class=\"c xa35 y3566 w384 h89\"><div class=\"t m0 x36 h1f y41f ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c xa0e y3566 wa9 h89\"><div class=\"t m0 xec h1f y41f ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x5b7 y3566 w1b5 h89\"><div class=\"t m0 x11 h1f y41f ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x262 y3567 w981 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc2 ls0 ws0\">neg<span class=\"_ _1\"></span>ozia<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x46b y3568 w474 hc8\"><div class=\"t m0 x130 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">1. Titoli di debito<span class=\"_ _1\"></span> </div></td><td></td><td class=\"c x656 y3568 wa2 hc8\"><div class=\"t m0 x8f h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa46 y3568 w3dd hc8\"><div class=\"t m0 xec h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x483 y3568 w1b5 hc8\"><div class=\"t m0 x11 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x6a7 y3568 w375 hc8\"><div class=\"t m0 x32 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c xa35 y3568 w384 hc8\"><div class=\"t m0 x36 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa0e y3568 wa9 hc8\"><div class=\"t m0 xec h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5b7 y3568 w1b5 hc8\"><div class=\"t m0 x11 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x3b5 y3569 w1080 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">2. Titoli di<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x656 y356a wa2 had\"><div class=\"t m0 x8f h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa46 y356a w3dd had\"><div class=\"t m0 xec h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x483 y356a w1b5 had\"><div class=\"t m0 x11 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x6a7 y356a w375 had\"><div class=\"t m0 x32 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c xa35 y356a w384 had\"><div class=\"t m0 x36 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa0e y356a wa9 had\"><div class=\"t m0 xec h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5b7 y356a w1b5 had\"><div class=\"t m0 x11 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x3b5 y2c31 w1081 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">capitale<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x46b y356b w474 hc8\"><div class=\"t m0 x130 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">3. Finanziamenti<span class=\"_ _1\"></span> </div></td><td></td><td class=\"c x656 y356b wa2 hc8\"><div class=\"t m0 x8f h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa46 y356b w3dd hc8\"><div class=\"t m0 xec h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x483 y356b w1b5 hc8\"><div class=\"t m0 x11 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x6a7 y356b w375 hc8\"><div class=\"t m0 x32 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c xa35 y356b w384 hc8\"><div class=\"t m0 x36 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa0e y356b wa9 hc8\"><div class=\"t m0 xec h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5b7 y356b w1b5 hc8\"><div class=\"t m0 x11 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y356c w474 hc8\"><div class=\"t m0 x130 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">4. Derivati </div></td><td></td><td class=\"c x656 y356c wa2 hc8\"><div class=\"t m0 x8f h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa46 y356c w3dd hc8\"><div class=\"t m0 xec h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x483 y356c w1b5 hc8\"><div class=\"t m0 x11 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x6a7 y356c w375 hc8\"><div class=\"t m0 x32 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c xa35 y356c w384 hc8\"><div class=\"t m0 x36 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa0e y356c wa9 hc8\"><div class=\"t m0 xec h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5b7 y356c w1b5 hc8\"><div class=\"t m0 x11 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x262 y356d w1082 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc2 ls0 ws0\">B. Alt<span class=\"_ _f\"></span>re atti<span class=\"_ _1\"></span>vit\u00e0<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x262 y356e w971 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc2 ls0 ws0\">finan<span class=\"_ _f\"></span>ziarie<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x656 y356f wa2 h2e8\"><div class=\"t m0 x8f h1f y2c4 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c xa46 y356f w3dd h2e8\"><div class=\"t m0 xec h1f y2c4 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x483 y356f w1b5 h2e8\"><div class=\"t m0 x11 h1f y2c4 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x6a7 y356f w375 h2e8\"><div class=\"t m0 x12 h1f y2c4 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c xa35 y356f w384 h2e8\"><div class=\"t m0 x36 h1f y2c4 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c xa0e y356f wa9 h2e8\"><div class=\"t m0 xec h1f y2c4 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x5b7 y356f w1b5 h2e8\"><div class=\"t m0 x11 h1f y2c4 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x262 y3570 w1083 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc2 ls0 ws0\">obbl<span class=\"_ _1\"></span>igato<span class=\"_ _f\"></span>riamen<span class=\"_ _f\"></span>te<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x262 y3571 w1084 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc2 ls0 ws0\">val<span class=\"_ _1\"></span>utate a<span class=\"_ _f\"></span>l fair va<span class=\"_ _f\"></span>lue<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x46b y3572 w474 hc8\"><div class=\"t m0 x130 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">1. Titoli di debito<span class=\"_ _1\"></span> </div></td><td></td><td class=\"c x656 y3572 wa2 hc8\"><div class=\"t m0 x8f h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa46 y3572 w3dd hc8\"><div class=\"t m0 xec h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x483 y3572 w1b5 hc8\"><div class=\"t m0 x11 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x6a7 y3572 w375 hc8\"><div class=\"t m0 x12 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa35 y3572 w384 hc8\"><div class=\"t m0 x36 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa0e y3572 wa9 hc8\"><div class=\"t m0 xec h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5b7 y3572 w1b5 hc8\"><div class=\"t m0 x11 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x3b5 y3573 w1080 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">2. Titoli di<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x656 y3574 wa2 had\"><div class=\"t m0 x8f h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa46 y3574 w3dd had\"><div class=\"t m0 xec h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x483 y3574 w1b5 had\"><div class=\"t m0 x11 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x6a7 y3574 w375 had\"><div class=\"t m0 x32 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c xa35 y3574 w384 had\"><div class=\"t m0 x36 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa0e y3574 wa9 had\"><div class=\"t m0 xec h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5b7 y3574 w1b5 had\"><div class=\"t m0 x11 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x3b5 y3575 w1081 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">capitale<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x46b y3576 w474 hc8\"><div class=\"t m0 x130 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">3. Finanziamenti<span class=\"_ _1\"></span> </div></td><td></td><td class=\"c x656 y3576 wa2 hc8\"><div class=\"t m0 x8f h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa46 y3576 w3dd hc8\"><div class=\"t m0 xec h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x483 y3576 w1b5 hc8\"><div class=\"t m0 x11 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x6a7 y3576 w375 hc8\"><div class=\"t m0 x12 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa35 y3576 w384 hc8\"><div class=\"t m0 x36 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa0e y3576 wa9 hc8\"><div class=\"t m0 xec h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5b7 y3576 w1b5 hc8\"><div class=\"t m0 x11 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x262 y3577 w1085 h4b7\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc2 ls0 ws0\">C. Att<span class=\"_ _f\"></span>ivit\u00e0 fin<span class=\"_ _f\"></span>anziari<span class=\"_ _1\"></span>e<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x262 y3578 waef h540\"><div class=\"t m0 x250 h1f y313a ff4 fs7 fc1 sc2 ls0 ws0\">desig<span class=\"_ _f\"></span>nate a<span class=\"_ _1\"></span>l fai<span class=\"_ _1\"></span>r<span class=\"_ _df\"> </span></div><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc2 ls0 ws0\">val<span class=\"_ _1\"></span>ue<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x656 y3579 wa2 h89\"><div class=\"t m0 x8f h1f y41f ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c xa46 y3579 w3dd h89\"><div class=\"t m0 xec h1f y41f ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x483 y3579 w1b5 h89\"><div class=\"t m0 x11 h1f y41f ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x6a7 y3579 w375 h89\"><div class=\"t m0 x12 h1f y41f ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c xa35 y3579 w384 h89\"><div class=\"t m0 x36 h1f y41f ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c xa0e y3579 wa9 h89\"><div class=\"t m0 xec h1f y41f ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x5b7 y3579 w1b5 h89\"><div class=\"t m0 x11 h1f y41f ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x46b y357a w474 hc8\"><div class=\"t m0 x130 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">1. Titoli di debito<span class=\"_ _1\"></span> </div></td><td></td><td class=\"c x656 y357a wa2 hc8\"><div class=\"t m0 x8f h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa46 y357a w3dd hc8\"><div class=\"t m0 xec h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x483 y357a w1b5 hc8\"><div class=\"t m0 x11 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x6a7 y357a w375 hc8\"><div class=\"t m0 x12 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa35 y357a w384 hc8\"><div class=\"t m0 x36 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa0e y357a wa9 hc8\"><div class=\"t m0 xec h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5b7 y357a w1b5 hc8\"><div class=\"t m0 x11 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y357b w474 hc8\"><div class=\"t m0 x130 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">2. Finanziamenti </div></td><td></td><td class=\"c x656 y357b wa2 hc8\"><div class=\"t m0 x8f h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa46 y357b w3dd hc8\"><div class=\"t m0 xec h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x483 y357b w1b5 hc8\"><div class=\"t m0 x11 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x6a7 y357b w375 hc8\"><div class=\"t m0 x12 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa35 y357b w384 hc8\"><div class=\"t m0 x36 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa0e y357b wa9 hc8\"><div class=\"t m0 xec h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5b7 y357b w1b5 hc8\"><div class=\"t m0 x11 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x262 y357c w1086 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc2 ls0 ws0\">D. Att<span class=\"_ _f\"></span>ivit\u00e0 fin<span class=\"_ _f\"></span>anziari<span class=\"_ _1\"></span>e<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x262 y357d w1084 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc2 ls0 ws0\">val<span class=\"_ _1\"></span>utate a<span class=\"_ _f\"></span>l fair va<span class=\"_ _f\"></span>lue<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x262 y357e w1087 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc2 ls0 ws0\">con i<span class=\"_ _1\"></span>mpat<span class=\"_ _f\"></span>to sull<span class=\"_ _1\"></span>a<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x656 y357f wa2 h28d\"><div class=\"t m0 xac h1f y474 ff4 fs7 fc1 sc2 ls0 ws0\">1.498.7<span class=\"_ _f\"></span>84<span class=\"sc0\"> </span></div></td><td class=\"c xa46 y357f w3dd h28d\"><div class=\"t m0 xec h1f y474 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x483 y357f w1b5 h28d\"><div class=\"t m0 x8e h1f y474 ff4 fs7 fc1 sc2 ls0 ws0\">1.498.7<span class=\"_ _f\"></span>84<span class=\"sc0\"> </span></div></td><td class=\"c x6a7 y357f w375 h28d\"><div class=\"t m0 x12 h1f y474 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c xa35 y357f w384 h28d\"><div class=\"t m0 xab h1f y474 ff4 fs7 fc1 sc2 ls0 ws0\">1.497<span class=\"_ _1\"></span>.49<span class=\"_ _1\"></span>8<span class=\"sc0\"> </span></div></td><td class=\"c xa0e y357f wa9 h28d\"><div class=\"t m0 xec h1f y474 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x5b7 y357f w1b5 h28d\"><div class=\"t m0 x8e h1f y474 ff4 fs7 fc1 sc2 ls0 ws0\">1.497<span class=\"_ _1\"></span>.49<span class=\"_ _1\"></span>8<span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x262 y3580 w1088 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc2 ls0 ws0\">reddit<span class=\"_ _f\"></span>ivit\u00e0<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x262 y3581 w980 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc2 ls0 ws0\">com<span class=\"_ _f\"></span>plessiv<span class=\"_ _1\"></span>a<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x46b y3582 w474 h227\"><div class=\"t m0 x130 h1f y14d6 ff4 fs7 fc1 sc0 ls0 ws0\">1. Titoli di debito<span class=\"_ _1\"></span> </div></td><td></td><td class=\"c x656 y3582 wa2 h227\"><div class=\"t m0 xab h1f y14d6 ff4 fs7 fc1 sc0 ls0 ws0\">1.498.784 </div></td><td class=\"c xa46 y3582 w3dd h227\"><div class=\"t m0 xec h1f y14d6 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x483 y3582 w1b5 h227\"><div class=\"t m0 x8e h1f y14d6 ff4 fs7 fc1 sc0 ls0 ws0\">1.498.784 </div></td><td class=\"c x6a7 y3582 w375 h227\"><div class=\"t m0 x12 h1f y14d6 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa35 y3582 w384 h227\"><div class=\"t m0 xab h1f y14d6 ff4 fs7 fc1 sc0 ls0 ws0\">1.497.498 </div></td><td class=\"c xa0e y3582 wa9 h227\"><div class=\"t m0 xec h1f y14d6 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5b7 y3582 w1b5 h227\"><div class=\"t m0 x8e h1f y14d6 ff4 fs7 fc1 sc0 ls0 ws0\">1.497.498 </div></td></tr><tr><td class=\"c x3b5 y2599 w1080 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">2. Titoli di<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x656 y3583 wa2 had\"><div class=\"t m0 x8f h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa46 y3583 w3dd had\"><div class=\"t m0 xec h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x483 y3583 w1b5 had\"><div class=\"t m0 x11 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x6a7 y3583 w375 had\"><div class=\"t m0 x32 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c xa35 y3583 w384 had\"><div class=\"t m0 x36 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa0e y3583 wa9 had\"><div class=\"t m0 xec h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5b7 y3583 w1b5 had\"><div class=\"t m0 x11 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x3b5 y3584 w1081 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">capitale<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x46b y3585 w474 hc8\"><div class=\"t m0 x130 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">3. Finanziamenti<span class=\"_ _1\"></span> </div></td><td></td><td class=\"c x656 y3585 wa2 hc8\"><div class=\"t m0 x8f h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa46 y3585 w3dd hc8\"><div class=\"t m0 xec h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x483 y3585 w1b5 hc8\"><div class=\"t m0 x11 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x6a7 y3585 w375 hc8\"><div class=\"t m0 x12 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa35 y3585 w384 hc8\"><div class=\"t m0 x36 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa0e y3585 wa9 hc8\"><div class=\"t m0 xec h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5b7 y3585 w1b5 hc8\"><div class=\"t m0 x11 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x262 y3586 w1089 h49b\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc2 ls0 ws0\">E. At<span class=\"_ _1\"></span>tivit<span class=\"_ _1\"></span>\u00e0 fin<span class=\"_ _f\"></span>anziari<span class=\"_ _1\"></span>e<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x262 y2ae2 w108a h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc2 ls0 ws0\">val<span class=\"_ _1\"></span>utate a<span class=\"_ _f\"></span>l costo<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x656 y3587 wa2 h89\"><div class=\"t m0 xac h1f y41f ff4 fs7 fc1 sc2 ls0 ws0\">2.214.<span class=\"_ _1\"></span>606<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td><td class=\"c xa46 y3587 w3dd h89\"><div class=\"t m0 xec h1f y41f ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x483 y3587 w1b5 h89\"><div class=\"t m0 x8e h1f y41f ff4 fs7 fc1 sc2 ls0 ws0\">2.214.<span class=\"_ _1\"></span>606<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x6a7 y3587 w375 h89\"><div class=\"t m0 x12 h1f y41f ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c xa35 y3587 w384 h89\"><div class=\"t m0 xac h1f y41f ff4 fs7 fc1 sc2 ls0 ws0\">2.221.<span class=\"_ _f\"></span>225<span class=\"sc0\"> </span></div></td><td class=\"c xa0e y3587 wa9 h89\"><div class=\"t m0 xec h1f y41f ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x5b7 y3587 w1b5 h89\"><div class=\"t m0 x2f h1f y41f ff4 fs7 fc1 sc2 ls0 ws0\">2.221.<span class=\"_ _f\"></span>225<span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x262 y2ae4 wded h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc2 ls0 ws0\">amm<span class=\"_ _f\"></span>ortizzat<span class=\"_ _f\"></span>o<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x46b y3588 w474 hc8\"><div class=\"t m0 x130 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">1. Titoli di debito<span class=\"_ _1\"></span> </div></td><td></td><td class=\"c x656 y3588 wa2 hc8\"><div class=\"t m0 xab h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">2.214.606 </div></td><td class=\"c xa46 y3588 w3dd hc8\"><div class=\"t m0 xec h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x483 y3588 w1b5 hc8\"><div class=\"t m0 x8e h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">2.214.606<span class=\"_ _df\"> </span></div></td><td class=\"c x6a7 y3588 w375 hc8\"><div class=\"t m0 x12 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa35 y3588 w384 hc8\"><div class=\"t m0 xac h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">2.221.225<span class=\"_ _df\"> </span></div></td><td class=\"c xa0e y3588 wa9 hc8\"><div class=\"t m0 xec h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5b7 y3588 w1b5 hc8\"><div class=\"t m0 x2f h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">2.221.225<span class=\"_ _df\"> </span></div></td></tr><tr><td class=\"c x46b y3589 w474 hc8\"><div class=\"t m0 x130 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">2. Finanziamenti </div></td><td></td><td class=\"c x656 y3589 wa2 hc8\"><div class=\"t m0 x8f h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa46 y3589 w3dd hc8\"><div class=\"t m0 xec h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x483 y3589 w1b5 hc8\"><div class=\"t m0 x11 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x6a7 y3589 w375 hc8\"><div class=\"t m0 x12 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa35 y3589 w384 hc8\"><div class=\"t m0 x36 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa0e y3589 wa9 hc8\"><div class=\"t m0 xec h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5b7 y3589 w1b5 hc8\"><div class=\"t m0 x11 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y358a w32b hc8\"><div class=\"t m0 xab h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale<span class=\"sc0\"> </span></div></td><td class=\"c xa47 y358a w36e hc8\"><div class=\"t m0 xac h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">31/12/<span class=\"_ _f\"></span>2025<span class=\"sc0\"> </span></div></td><td class=\"c x656 y358a wa2 hc8\"><div class=\"t m0 xac h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">3.713<span class=\"_ _f\"></span>.390<span class=\"sc0\"> </span></div></td><td class=\"c xa46 y358a w3dd hc8\"><div class=\"t m0 xec h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x483 y358a w1b5 hc8\"><div class=\"t m0 x2f h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">3.713<span class=\"_ _f\"></span>.390<span class=\"sc0\"> </span></div></td><td class=\"c x6a7 y358a w375 hc8\"><div class=\"t m0 x12 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c xa35 y358a w384 hc8\"><div class=\"t m0 xac h1f ye4c ff4 fs7 fc1 sc2 lsbc ws0\">3.<span class=\"ls0\">718.72<span class=\"_ _f\"></span>3</span><span class=\"ls0\"><span class=\"sc0\"> </span></span></div></td><td class=\"c xa0e y358a wa9 hc8\"><div class=\"t m0 xec h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x5b7 y358a w1b5 hc8\"><div class=\"t m0 x2f h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">3.718<span class=\"_ _1\"></span>.723<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x46b y358b w32b hc8\"><div class=\"t m0 xab h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale<span class=\"sc0\"> </span></div></td><td class=\"c xa47 y358b w36e hc8\"><div class=\"t m0 xac h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">31/12/<span class=\"_ _f\"></span>2024<span class=\"sc0\"> </span></div></td><td class=\"c x656 y358b wa2 hc8\"><div class=\"t m0 xab h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">6.84<span class=\"_ _f\"></span>2.872<span class=\"sc0\"> </span></div></td><td class=\"c xa46 y358b w3dd hc8\"><div class=\"t m0 xec h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x483 y358b w1b5 hc8\"><div class=\"t m0 xac h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">6.84<span class=\"_ _f\"></span>2.872<span class=\"sc0\"> </span></div></td><td class=\"c x6a7 y358b w375 hc8\"><div class=\"t m0 x12 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c xa35 y358b w384 hc8\"><div class=\"t m0 xab h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">6.80<span class=\"_ _f\"></span>8.201<span class=\"sc0\"> </span></div></td><td class=\"c xa0e y358b wa9 hc8\"><div class=\"t m0 xec h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x5b7 y358b w1b5 hc8\"><div class=\"t m0 x8e h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">6.80<span class=\"_ _f\"></span>8.201<span class=\"sc0\"> </span></div></td></tr></table>Lege<span class=\"_ _f\"></span>nda: A= attivit\u00e0 finanziarie cedut<span class=\"_ _2\"></span>e rilevate per intero (valor<span class=\"_ _2\"></span>e di bilancio)<span class=\"_ _2\"></span> B= attivit\u00e0 finanziarie ce<span class=\"_ _2\"></span>dute rilevate parzialm<span class=\"_ _2\"></span>ente (valore di bilancio)<span class=\"_ _2\"></span> C= attivit\u00e0 finanzi<span class=\"_ _2\"></span>arie cedute rilevate parzialm<span class=\"_ _2\"></span>ente (intero valore)<span class=\"_ _2\"></span> L\u2019operativit\u00e0 <span class=\"_ _0\"></span>\u00e8 <span class=\"_ _9\"> </span>riferibile <span class=\"_ _9\"> </span>all\u2019utilizzo <span class=\"_ _9\"> </span>di <span class=\"_ _0\"></span>t<span class=\"_ _2\"></span>itoli <span class=\"_ _0\"></span>in <span class=\"_ _9\"> </span>portafoglio <span class=\"_ _9\"> </span>per <span class=\"_ _9\"> </span>operazioni <span class=\"_ _9\"> </span>pronti <span class=\"_ _9\"> </span>contro <span class=\"_ _9\"> </span>termine <span class=\"_ _0\"></span>a breve termine<span class=\"_ _df\"> </span><div class=\"c w2c2 h2d3 gs126e\"><div class=\"t m0 x8a h5 y849 ff4 fs1 fc4 sc3 ls0 ws0\">D.3 <span class=\"_ _1\"></span>Conso<span class=\"_ _1\"></span>lidat<span class=\"_ _1\"></span>o pr<span class=\"_ _1\"></span>uden<span class=\"_ _1\"></span>ziale <span class=\"_ _1\"></span><span class=\"ff5\">\u2013<span class=\"ff4\"> Op<span class=\"_ _f\"></span>erazioni <span class=\"_ _1\"></span>di ces<span class=\"_ _f\"></span>sione con <span class=\"_ _f\"></span>passivit<span class=\"_ _f\"></span>\u00e0 aventi <span class=\"_ _f\"></span>rivalsa es<span class=\"_ _1\"></span>clusiva<span class=\"_ _f\"></span>mente <span class=\"_ _1\"></span>sul<span class=\"_ _1\"></span>le a<span class=\"_ _1\"></span>ttivit\u00e0<span class=\"_ _1\"></span> cedut<span class=\"_ _f\"></span>e e </span></span></div><div class=\"t m0 x8a h5 y30c ff4 fs1 fc4 sc3 ls0 ws0\">non ca<span class=\"_ _f\"></span>ncellat<span class=\"_ _1\"></span>e inte<span class=\"_ _1\"></span>gralm<span class=\"_ _f\"></span>ente: fai<span class=\"_ _f\"></span>r value<span class=\"fc1 sc0\"> </span></div></div><div class=\"gs126f\"><table class=\"s w108b h58b\" id=\"_1cb4089f-3798-4cfe-8afd-d7e5a30a399e\"><tr><td></td><td class=\"c xa48 y358c w108c h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">Rilev<span class=\"_ _f\"></span>ate per<span class=\"_ _df\"> </span></div></td><td class=\"c xa49 y358c w108d h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">Rilev<span class=\"_ _f\"></span>ate<span class=\"_ _df\"> </span></div></td><td class=\"c xa4a y358d w3d1 h13\"><div class=\"t m0 x1c h1f y392 ff4 fs7 fc4 sc3 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale<span class=\"fc1 sc0\"> </span></div></td><td></td></tr><tr><td></td><td class=\"c xa4b y358e w108e h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">inter<span class=\"_ _1\"></span>o<span class=\"_ _df\"> </span></div></td><td class=\"c xa4c y358e w108f h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">parz<span class=\"_ _1\"></span>ialm<span class=\"_ _f\"></span>ente<span class=\"_ _df\"> </span></div></td><td class=\"c xa4a y358f w319 h8a\"><div class=\"t m0 x2f h1f y153d ff4 fs7 fc4 sc3 ls0 ws0\">31/12/<span class=\"_ _f\"></span>2025<span class=\"fc1 sc0\"> </span></div></td><td class=\"c xa4d y358f w336 h8a\"><div class=\"t m0 x2f h1f y153d ff4 fs7 fc4 sc3 ls0 ws0\">31/12/<span class=\"_ _f\"></span>2024<span class=\"fc1 sc0\"> </span></div></td></tr><tr><td class=\"c xa4e y3590 w5e3 h131\"><div class=\"t m0 x11f h1f y3e4 ff4 fs7 fc1 sc2 ls0 ws0\">A. Att<span class=\"_ _f\"></span>ivit\u00e0 fin<span class=\"_ _f\"></span>anziarie<span class=\"_ _1\"></span> det<span class=\"_ _1\"></span>enu<span class=\"_ _1\"></span>te pe<span class=\"_ _1\"></span>r la <span class=\"_ _f\"></span>negozi<span class=\"_ _1\"></span>azio<span class=\"_ _1\"></span>ne </div></td><td class=\"c xa4f y3590 w53e h131\"><div class=\"t m0 xf h1f y3e4 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c xa50 y3590 w50 h131\"><div class=\"t m0 xe h1f y3e4 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c xa4a y3590 w5be h131\"><div class=\"t m0 xc6 h1f y3e4 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c xa4d y3590 w508 h131\"><div class=\"t m0 xc6 h1f y3e4 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c xa4e y3591 w5e3 h131\"><div class=\"t m0 x16a h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">1. Titoli di debito<span class=\"_ _1\"></span> </div></td><td class=\"c xa4f y3591 w53e h131\"><div class=\"t m0 xf h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa50 y3591 w50 h131\"><div class=\"t m0 xe h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa4a y3591 w5be h131\"><div class=\"t m0 xc6 h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa4d y3591 w508 h131\"><div class=\"t m0 xc6 h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c xa4e y3592 w5e3 h131\"><div class=\"t m0 x16a h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">2. Titoli di capita<span class=\"_ _f\"></span>l<span class=\"_ _2\"></span>e<span class=\"_ _df\"> </span></div></td><td class=\"c xa4f y3592 w53e h131\"><div class=\"t m0 xf h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa50 y3592 w50 h131\"><div class=\"t m0 xe h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa4a y3592 w5be h131\"><div class=\"t m0 xc6 h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa4d y3592 w508 h131\"><div class=\"t m0 xc6 h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c xa4e y3593 w5e3 h131\"><div class=\"t m0 x16a h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">3. Finanziamenti<span class=\"_ _1\"></span> </div></td><td class=\"c xa4f y3593 w53e h131\"><div class=\"t m0 xf h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa50 y3593 w50 h131\"><div class=\"t m0 xe h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa4a y3593 w5be h131\"><div class=\"t m0 xc6 h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa4d y3593 w508 h131\"><div class=\"t m0 xc6 h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c xa4e y3594 w5e3 h131\"><div class=\"t m0 x16a h1f y74a ff4 fs7 fc1 sc0 ls0 ws0\">4. Derivati </div></td><td class=\"c xa4f y3594 w53e h131\"><div class=\"t m0 xf h1f y74a ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa50 y3594 w50 h131\"><div class=\"t m0 xe h1f y74a ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa4a y3594 w5be h131\"><div class=\"t m0 xc6 h1f y74a ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa4d y3594 w508 h131\"><div class=\"t m0 xc6 h1f y74a ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c xa4e y3595 w5e3 h131\"><div class=\"t m0 x2f h1f y3e4 ff4 fs7 fc1 sc2 ls0 ws0\">B. Alt<span class=\"_ _f\"></span>re atti<span class=\"_ _1\"></span>vit\u00e0 f<span class=\"_ _1\"></span>inan<span class=\"_ _1\"></span>ziar<span class=\"_ _1\"></span>ie ob<span class=\"_ _1\"></span>blig<span class=\"_ _1\"></span>atori<span class=\"_ _1\"></span>ame<span class=\"_ _1\"></span>nte v<span class=\"_ _f\"></span>alutat<span class=\"_ _1\"></span>e al fa<span class=\"_ _f\"></span>ir value<span class=\"_ _1\"></span> </div></td><td class=\"c xa4f y3595 w53e h131\"><div class=\"t m0 xf h1f y3e4 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c xa50 y3595 w50 h131\"><div class=\"t m0 xe h1f y3e4 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c xa4a y3595 w5be h131\"><div class=\"t m0 xc6 h1f y3e4 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c xa4d y3595 w508 h131\"><div class=\"t m0 xc6 h1f y3e4 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c xa4e y3596 w5e3 h131\"><div class=\"t m0 x16a h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">1. Titoli di debito<span class=\"_ _1\"></span> </div></td><td class=\"c xa4f y3596 w53e h131\"><div class=\"t m0 xf h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa50 y3596 w50 h131\"><div class=\"t m0 xe h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa4a y3596 w5be h131\"><div class=\"t m0 xc6 h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa4d y3596 w508 h131\"><div class=\"t m0 xc6 h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c xa4e y3597 w5e3 h131\"><div class=\"t m0 x16a h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">2. Titoli di capita<span class=\"_ _f\"></span>l<span class=\"_ _2\"></span>e<span class=\"_ _df\"> </span></div></td><td class=\"c xa4f y3597 w53e h131\"><div class=\"t m0 xf h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa50 y3597 w50 h131\"><div class=\"t m0 xe h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa4a y3597 w5be h131\"><div class=\"t m0 xc6 h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa4d y3597 w508 h131\"><div class=\"t m0 xc6 h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c xa4e y3598 w5e3 h131\"><div class=\"t m0 x16a h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">3. Finanziamenti<span class=\"_ _1\"></span> </div></td><td class=\"c xa4f y3598 w53e h131\"><div class=\"t m0 xf h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa50 y3598 w50 h131\"><div class=\"t m0 xe h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa4a y3598 w5be h131\"><div class=\"t m0 xc6 h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa4d y3598 w508 h131\"><div class=\"t m0 xc6 h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c xa4e y3599 w5e3 h131\"><div class=\"t m0 x191 h1f y3e4 ff4 fs7 fc1 sc2 ls0 ws0\">C. Att<span class=\"_ _f\"></span>ivit\u00e0 fin<span class=\"_ _f\"></span>anziari<span class=\"_ _1\"></span>e des<span class=\"_ _1\"></span>ign<span class=\"_ _1\"></span>ate a<span class=\"_ _f\"></span>l fair v<span class=\"_ _1\"></span>alue<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td><td class=\"c xa4f y3599 w53e h131\"><div class=\"t m0 xf h1f y3e4 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c xa50 y3599 w50 h131\"><div class=\"t m0 xe h1f y3e4 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c xa4a y3599 w5be h131\"><div class=\"t m0 xc6 h1f y3e4 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c xa4d y3599 w508 h131\"><div class=\"t m0 xc6 h1f y3e4 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c xa4e y359a w5e3 h131\"><div class=\"t m0 x16a h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">1. Titoli di debito<span class=\"_ _1\"></span> </div></td><td class=\"c xa4f y359a w53e h131\"><div class=\"t m0 xf h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa50 y359a w50 h131\"><div class=\"t m0 xe h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa4a y359a w5be h131\"><div class=\"t m0 xc6 h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa4d y359a w508 h131\"><div class=\"t m0 xc6 h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c xa4e y359b w5e3 h12f\"><div class=\"t m0 x16a h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">2. Finanziamenti </div></td><td class=\"c xa4f y359b w53e h12f\"><div class=\"t m0 xf h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa50 y359b w50 h12f\"><div class=\"t m0 xe h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa4a y359b w5be h12f\"><div class=\"t m0 xc6 h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa4d y359b w508 h12f\"><div class=\"t m0 xc6 h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c xa51 y359c w1090 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc2 ls0 ws0\">D. Att<span class=\"_ _f\"></span>ivit\u00e0 fin<span class=\"_ _f\"></span>anziari<span class=\"_ _1\"></span>e val<span class=\"_ _1\"></span>utat<span class=\"_ _f\"></span>e al fair<span class=\"_ _f\"></span> value co<span class=\"_ _1\"></span>n im<span class=\"_ _1\"></span>patt<span class=\"_ _f\"></span>o sulla<span class=\"_ _df\"> </span></div></td><td class=\"c xa4f y359d w53e had\"><div class=\"t m0 x39 h1f y420 ff4 fs7 fc1 sc2 ls0 ws0\">1.498.7<span class=\"_ _f\"></span>84<span class=\"sc0\"> </span></div></td><td class=\"c xa50 y359d w50 had\"><div class=\"t m0 xe h1f y420 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c xa4a y359d w5be had\"><div class=\"t m0 x14 h1f y420 ff4 fs7 fc1 sc2 ls0 ws0\">1.498.7<span class=\"_ _f\"></span>84<span class=\"sc0\"> </span></div></td><td class=\"c xa4d y359d w508 had\"><div class=\"t m0 x48 h1f y420 ff4 fs7 fc1 sc2 ls0 ws0\">3.30<span class=\"_ _f\"></span>8.117<span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c xa52 y359e wec1 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc2 ls0 ws0\">reddit<span class=\"_ _f\"></span>ivit\u00e0 co<span class=\"_ _1\"></span>mpl<span class=\"_ _f\"></span>essiva<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c xa4e y359f w5e3 h131\"><div class=\"t m0 x16a h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">1. Titoli di debito<span class=\"_ _1\"></span> </div></td><td class=\"c xa4f y359f w53e h131\"><div class=\"t m0 x130 h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">1.498.784 </div></td><td class=\"c xa50 y359f w50 h131\"><div class=\"t m0 xe h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa4a y359f w5be h131\"><div class=\"t m0 x39 h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">1.498.784 </div></td><td class=\"c xa4d y359f w508 h131\"><div class=\"t m0 x48 h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">3.308.117 </div></td></tr><tr><td class=\"c xa4e y35a0 w5e3 h131\"><div class=\"t m0 x16a h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">2. Titoli di capita<span class=\"_ _f\"></span>l<span class=\"_ _2\"></span>e<span class=\"_ _df\"> </span></div></td><td class=\"c xa4f y35a0 w53e h131\"><div class=\"t m0 xf h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa50 y35a0 w50 h131\"><div class=\"t m0 xe h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa4a y35a0 w5be h131\"><div class=\"t m0 xc6 h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa4d y35a0 w508 h131\"><div class=\"t m0 xc6 h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c xa4e y35a1 w5e3 h131\"><div class=\"t m0 x16a h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">3. Finanziamenti<span class=\"_ _1\"></span> </div></td><td class=\"c xa4f y35a1 w53e h131\"><div class=\"t m0 xf h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa50 y35a1 w50 h131\"><div class=\"t m0 xe h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa4a y35a1 w5be h131\"><div class=\"t m0 xc6 h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa4d y35a1 w508 h131\"><div class=\"t m0 xc6 h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c xa4e y35a2 w5e3 h131\"><div class=\"t m0 x39 h1f y3e4 ff4 fs7 fc1 sc2 ls0 ws0\">E. At<span class=\"_ _1\"></span>tivit<span class=\"_ _1\"></span>\u00e0 fin<span class=\"_ _f\"></span>anziari<span class=\"_ _1\"></span>e val<span class=\"_ _1\"></span>utat<span class=\"_ _1\"></span>e al co<span class=\"_ _1\"></span>st<span class=\"_ _f\"></span>o ammo<span class=\"_ _1\"></span>rtiz<span class=\"_ _1\"></span>zato<span class=\"_ _1\"></span> (fair<span class=\"_ _f\"></span> value)<span class=\"sc0\"> </span></div></td><td class=\"c xa4f y35a2 w53e h131\"><div class=\"t m0 x39 h1f y3e4 ff4 fs7 fc1 sc2 ls0 ws0\">2.214.<span class=\"_ _1\"></span>606<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td><td class=\"c xa50 y35a2 w50 h131\"><div class=\"t m0 xe h1f y3e4 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c xa4a y35a2 w5be h131\"><div class=\"t m0 x14 h1f y3e4 ff4 fs7 fc1 sc2 ls0 ws0\">2.214.<span class=\"_ _1\"></span>606<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td><td class=\"c xa4d y35a2 w508 h131\"><div class=\"t m0 x39 h1f y3e4 ff4 fs7 fc1 sc2 ls0 ws0\">3.53<span class=\"_ _1\"></span>4.75<span class=\"_ _f\"></span>5<span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c xa4e y35a3 w5e3 h131\"><div class=\"t m0 x16a h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">1. Titoli di debito<span class=\"_ _1\"></span> </div></td><td class=\"c xa4f y35a3 w53e h131\"><div class=\"t m0 x39 h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">2.214.606 </div></td><td class=\"c xa50 y35a3 w50 h131\"><div class=\"t m0 xe h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa4a y35a3 w5be h131\"><div class=\"t m0 x39 h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">2.214.606</div></td><td class=\"c xa4d y35a3 w508 h131\"><div class=\"t m0 x130 h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">3.534.755 </div></td></tr><tr><td class=\"c xa4e y35a4 w5e3 h131\"><div class=\"t m0 x16a h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">2. Finanziamenti </div></td><td class=\"c xa4f y35a4 w53e h131\"><div class=\"t m0 xf h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa50 y35a4 w50 h131\"><div class=\"t m0 xe h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa4a y35a4 w5be h131\"><div class=\"t m0 xc6 h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa4d y35a4 w508 h131\"><div class=\"t m0 xc6 h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c xa4e y35a5 w5e3 h131\"><div class=\"t m0 x9 h1f y3e4 ff4 fs7 fc1 sc2 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale at<span class=\"_ _1\"></span>tivit<span class=\"_ _1\"></span>\u00e0 fin<span class=\"_ _f\"></span>anziarie<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td><td class=\"c xa4f y35a5 w53e h131\"><div class=\"t m0 x39 h1f y3e4 ff4 fs7 fc1 sc2 ls0 ws0\">3.713<span class=\"_ _f\"></span>.390<span class=\"sc0\"> </span></div></td><td class=\"c xa50 y35a5 w50 h131\"><div class=\"t m0 xe h1f y3e4 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c xa4a y35a5 w5be h131\"><div class=\"t m0 x14 h1f y3e4 ff4 fs7 fc1 sc2 ls0 ws0\">3.713<span class=\"_ _f\"></span>.390<span class=\"sc0\"> </span></div></td><td class=\"c xa4d y35a5 w508 h131\"><div class=\"t m0 x130 h1f y3e4 ff4 fs7 fc1 sc2 ls0 ws0\">6.84<span class=\"_ _f\"></span>2.872<span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c xa4e y35a6 w5e3 h131\"><div class=\"t m0 x172 h1f y3e4 ff4 fs7 fc1 sc2 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale pa<span class=\"_ _f\"></span>ssivit\u00e0<span class=\"_ _1\"></span> fina<span class=\"_ _f\"></span>nziarie a<span class=\"_ _1\"></span>ssoc<span class=\"_ _1\"></span>iate<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td><td class=\"c xa4f y35a6 w53e h131\"><div class=\"t m0 x14 h1f y3e4 ff4 fs7 fc1 sc2 ls0 ws0\">3.718<span class=\"_ _1\"></span>.724<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td><td class=\"c xa50 y35a6 w50 h131\"><div class=\"t m0 xe h1f y3e4 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c xa4a y35a6 w5be h131\"><div class=\"t m0 x27 h1f y3e4 ff4 fs7 fc1 sc2 ls0 ws0\">X<span class=\"sc0\"> </span></div></td><td class=\"c xa4d y35a6 w508 h131\"><div class=\"t m0 x27 h1f y3e4 ff4 fs7 fc1 sc2 ls0 ws0\">X<span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c xa4e y271b w5e3 h131\"><div class=\"t m0 x14c h1f y3e4 ff4 fs7 fc1 sc2 ls0 ws0\">Val<span class=\"_ _1\"></span>ore n<span class=\"_ _1\"></span>etto<span class=\"_ _1\"></span> <span class=\"lsbc\">31</span>/12/2<span class=\"_ _f\"></span>025<span class=\"sc0\"> </span></div></td><td class=\"c xa4f y271b w53e h131\"><div class=\"t m0 x27 h1f y3e4 ff4 fs7 fc1 sc2 ls0 ws0\">(5.33<span class=\"_ _f\"></span>4)<span class=\"sc0\"> </span></div></td><td class=\"c xa50 y271b w50 h131\"><div class=\"t m0 xe h1f y3e4 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c xa4a y271b w5be h131\"><div class=\"t m0 x26 h1f y3e4 ff4 fs7 fc1 sc2 ls0 ws0\">(5.33<span class=\"_ _f\"></span>4)<span class=\"sc0\"> </span></div></td><td class=\"c xa4d y271b w508 h131\"><div class=\"t m0 x27 h1f y3e4 ff4 fs7 fc1 sc2 ls0 ws0\">X<span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c xa4e y35a7 w5e3 h13\"><div class=\"t m0 x14c h1f y392 ff4 fs7 fc1 sc2 ls0 ws0\">Val<span class=\"_ _1\"></span>ore n<span class=\"_ _1\"></span>etto<span class=\"_ _1\"></span> <span class=\"lsbc\">31</span>/12/2<span class=\"_ _f\"></span>024<span class=\"sc0\"> </span></div></td><td class=\"c xa4f y35a7 w53e h13\"><div class=\"t m0 x34 h1f y392 ff4 fs7 fc1 sc2 ls0 ws0\">34.67<span class=\"_ _f\"></span>1<span class=\"sc0\"> </span></div></td><td class=\"c xa50 y35a7 w50 h13\"><div class=\"t m0 xe h1f y392 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c xa4a y35a7 w5be h13\"><div class=\"t m0 x27 h1f y392 ff4 fs7 fc1 sc2 ls0 ws0\">X<span class=\"sc0\"> </span></div></td><td class=\"c xa4d y35a7 w508 h13\"><div class=\"t m0 x37 h1f y392 ff4 fs7 fc1 sc2 ls0 ws0\">34.67<span class=\"_ _f\"></span>1<span class=\"sc0\"> </span></div></td></tr></table></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1270\">Le <span class=\"_ _16\"> </span>passivit\u00e0  finan<span class=\"_ _1\"></span>ziarie  a <span class=\"_ _9\"> </span>fr<span class=\"_ _2\"></span>onte <span class=\"_ _16\"> </span>di <span class=\"_ _16\"> </span>attivit\u00e0  finanziarie <span class=\"_ _16\"> </span>cedu<span class=\"_ _1\"></span>te  e <span class=\"_ _16\"> </span>non  can<span class=\"_ _1\"></span>cellate <span class=\"_ _16\"> </span>(riportate  nel<span class=\"_ _1\"></span>le </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1271\">colonne <span class=\"_ _2\"></span>Debiti <span class=\"_ _2\"></span>verso <span class=\"_ _2\"></span>Clientela <span class=\"_ _2\"></span>e <span class=\"_ _d\"></span>Debiti verso <span class=\"_ _d\"></span>Banche) s<span class=\"_ _2\"></span>ono <span class=\"_ _2\"></span>relative <span class=\"_ _2\"></span>ad <span class=\"_ _2\"></span>operazioni <span class=\"_ _2\"></span>di <span class=\"_ _d\"></span>pronti <span class=\"_ _2\"></span>contro </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs1272\">termine passive a fronte di titoli iscritti nell\u2019attivo. <span class=\"ff4\"> </span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs1273\">La <span class=\"_ _2\"></span>mancata <span class=\"_ _d\"></span>\u201cderecognition\u201d <span class=\"_ _2\"></span>per <span class=\"_ _d\"></span>le <span class=\"_ _2\"></span>operaz<span class=\"ff4\">ioni <span class=\"_ _d\"></span>di <span class=\"_ _2\"></span>cartolarizzazione, <span class=\"_ _d\"></span>gi\u00e0 <span class=\"_ _2\"></span>ampiamente <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>escritte <span class=\"_ _2\"></span>nel </span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs1274\">paragrafo <span class=\"_ _2\"></span>\u201c<span class=\"_ _2\"></span>C.1 <span class=\"_ _2\"></span>Operazioni <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>car<span class=\"_ _2\"></span>tolarizzazione\u201d, <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _2\"></span>la <span class=\"_ _d\"></span>diretta <span class=\"_ _2\"></span>cons<span class=\"_ _2\"></span>eguenza <span class=\"_ _2\"></span>della <span class=\"_ _2\"></span>sottos<span class=\"_ _2\"></span>crizione,<span class=\"_ _1\"></span> <span class=\"_ _2\"></span>da </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1275\">parte <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>Gruppo, delle <span class=\"_ _2\"></span>tr<span class=\"_ _2\"></span>anche <span class=\"_ _2\"></span>dei t<span class=\"_ _2\"></span>itoli <span class=\"_ _2\"></span>Junior <span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>esposizioni similari, <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>comportano, <span class=\"_ _d\"></span>in <span class=\"_ _2\"></span>capo </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1276\">allo stesso, <span class=\"_ _2\"></span>il rischio delle prime <span class=\"_ _2\"></span>perdite e, analogamente, il <span class=\"_ _2\"></span>beneficio connesso al <span class=\"_ _2\"></span>rendimento del </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1277\">portafoglio <span class=\"_ _d\"></span>delle<span class=\"_ _1\"></span> <span class=\"_ _d\"></span>attivit\u00e0 <span class=\"_ _d\"></span>trasferite. <span class=\"_ _2\"></span>Tali <span class=\"_ _d\"></span>attivit\u00e0 <span class=\"_ _d\"></span>sono <span class=\"_ _d\"></span>oggetto <span class=\"_ _d\"></span>di <span class=\"_ _2\"></span>cessione <span class=\"_ _d\"></span>pro <span class=\"_ _d\"></span>soluto <span class=\"_ _d\"></span>mediante <span class=\"_ _2\"></span>un </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs1278\">contratto <span class=\"_ _19\"> </span>di <span class=\"_ _19\"> </span>servicer, <span class=\"_ _18\"> </span>il <span class=\"_ _19\"> </span>Gruppo <span class=\"_ _19\"> </span>mantiene <span class=\"_ _18\"> </span>l\u2019impegno <span class=\"_ _19\"> </span>a <span class=\"_ _1a\"> </span><span class=\"ff4\">svolgere <span class=\"_ _18\"> </span>il <span class=\"_ _19\"> </span>servizio <span class=\"_ _19\"> </span>di <span class=\"_ _19\"> </span>gestione, </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1279\">amministrazione, incasso, riscossione e recupe<span class=\"_ _1\"></span>ro crediti per conto del veicolo.<span class=\"_ _2\"></span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs127a\">A fronte <span class=\"_ _f\"></span>del trasferimento, <span class=\"_ _f\"></span>il corri<span class=\"_ _1\"></span>spettivo inc<span class=\"_ _1\"></span>assato vie<span class=\"_ _1\"></span>ne ril<span class=\"_ _1\"></span>evato in <span class=\"_ _f\"></span>cont<span class=\"_ _2\"></span>ropartita <span class=\"_ _f\"></span>della rile<span class=\"_ _1\"></span>vazione </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1137\">di <span class=\"_ _f\"></span>un <span class=\"_ _f\"></span>debito <span class=\"_ _1\"></span>verso <span class=\"_ _f\"></span>la <span class=\"_ _f\"></span>s<span class=\"_ _2\"></span>ociet\u00e0 <span class=\"_ _f\"></span>veicolo, al <span class=\"_ _11\"></span>netto d<span class=\"_ _1\"></span>elle <span class=\"_ _f\"></span>tranche d<span class=\"_ _f\"></span>i titoli <span class=\"_ _f\"></span>sottoscritti. <span class=\"_ _f\"></span>Il <span class=\"_ _f\"></span>debito i<span class=\"_ _1\"></span>scritto <span class=\"_ _1\"></span>verso </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs1138\">la societ\u00e0 <span class=\"_ _2\"></span>veicolo \u00e8 destinato a <span class=\"_ _2\"></span>ridu<span class=\"_ _f\"></span>r<span class=\"_ _2\"></span>si per effetto <span class=\"_ _2\"></span>delle somme incassat<span class=\"_ _2\"></span>e dall\u2019originator, in qualit\u00e0 </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs1139\">di \u201cservicer\u201d, e riversate allo stesso veicolo.<span class=\"ff4\"> </span></div>D.4 <span class=\"_ _f\"></span>Conso<span class=\"_ _f\"></span>lidato<span class=\"_ _f\"></span> prude<span class=\"_ _f\"></span>nzial<span class=\"_ _1\"></span>e - <span class=\"_ _1\"></span>oper<span class=\"_ _1\"></span>az<span class=\"_ _f\"></span>ioni di c<span class=\"_ _f\"></span>over<span class=\"_ _1\"></span>ed b<span class=\"_ _f\"></span>ond<span class=\"_ _df\"> </span>Progr<span class=\"_ _f\"></span>amma <span class=\"_ _1\"></span>Credem<span class=\"_ _f\"></span> CB Il <span class=\"_ _f\"></span>Consiglio di <span class=\"_ _f\"></span>Amministrazione <span class=\"_ _1\"></span>di <span class=\"_ _f\"></span>Credito Emili<span class=\"_ _1\"></span>ano, ne<span class=\"_ _1\"></span>lle <span class=\"_ _f\"></span>s<span class=\"_ _2\"></span>edute <span class=\"_ _f\"></span>d<span class=\"_ _2\"></span>el <span class=\"_ _f\"></span>26 <span class=\"_ _1\"></span>maggio 2<span class=\"_ _1\"></span>010 e <span class=\"_ _f\"></span>del <span class=\"_ _f\"></span>25 giugno 2010,  ha <span class=\"_ _9\"> </span>deliberato  di <span class=\"_ _16\"> </span>avviare <span class=\"_ _16\"> </span>la <span class=\"_ _16\"> </span>strutturazione <span class=\"_ _16\"> </span>di <span class=\"_ _16\"> </span>un <span class=\"_ _16\"> </span>programma <span class=\"_ _16\"> </span>di <span class=\"_ _16\"> </span>emissione <span class=\"_ _16\"> </span>di <span class=\"_ _9\"> </span>o<span class=\"_ _2\"></span>bbli<span class=\"_ _1\"></span>gazioni bancarie garantite per un ammontare massimo di Euro 5 miliardi. In data 22<span class=\"_ _1\"></span> ottobre 2010, il Consigl<span class=\"_ _1\"></span>io di Amministrazione ha <span class=\"_ _f\"></span>approvato la prima cessione d<span class=\"_ _1\"></span>a parte di Credem di <span class=\"_ _2\"></span>un <span class=\"_ _2\"></span>portafoglio di <span class=\"_ _2\"></span>crediti <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>un valore <span class=\"_ _2\"></span>massimo <span class=\"_ _2\"></span>di Euro <span class=\"_ _2\"></span>2,4 <span class=\"_ _2\"></span>miliardi in <span class=\"_ _2\"></span>favore <span class=\"_ _2\"></span>di Credem CB  S.r.l.,  Societ\u00e0 <span class=\"_ _4\"> </span>Veicolo  (<span class=\"_ _df\"> </span>Special  Purpose <span class=\"_ _4\"> </span>Vehicle<span class=\"_ _df\"> </span>,  SPV) <span class=\"_ _22\"> </span>s<span class=\"_ _2\"></span>elezionata  per <span class=\"_ _4\"> </span>la  partecipazione  al Programma e partecipata al 70% da Credem. Il quadro normat<span class=\"_ _2\"></span>ivo italiano in <span class=\"_ _2\"></span>materia di emissione di Obbligazioni <span class=\"_ _2\"></span>Bancarie Garantite (di seguito, anche la \u201cNormativa\u201d) <span class=\"ff4\">\u00e8 costituito, in particolare: </span>-<span class=\"_ _1d\"> </span><span class=\"ff5\">dalla <span class=\"_ _4\"> </span>Direttiva <span class=\"_ _4\"> </span>(UE) <span class=\"_ _4\"> </span>2019/2162 <span class=\"_ _17\"> </span>(la <span class=\"_ _4\"> </span>\u201cDirettiva <span class=\"_ _4\"> </span>OBG\u201d) <span class=\"_ _4\"> </span>e <span class=\"_ _4\"> </span>dal <span class=\"_ _4\"> </span>Regolamento <span class=\"_ _4\"> </span>(UE) <span class=\"_ _4\"> </span>2019/2160 <span class=\"_ _17\"> </span>(il </span>\u201cRegolamento <span class=\"_ _0\"></span>OBG\u201d) <span class=\"_ _9\"> </span>che <span class=\"_ _9\"> </span>hanno <span class=\"_ _0\"></span>introdotto <span class=\"_ _9\"> </span>per <span class=\"_ _0\"></span>la <span class=\"_ _9\"> </span>prima <span class=\"_ _9\"> </span>volta <span class=\"_ _0\"></span>una <span class=\"_ _9\"> </span>disciplina <span class=\"_ _0\"></span>europea <span class=\"_ _9\"> </span>dello<span class=\"_ _df\"> </span>strumento delle OBG emesse da banche europee, aven<span class=\"_ _2\"></span>do come finalit\u00e0 quella di uniformare i<span class=\"_ _df\"> </span>differenti quadri normativi svilu<span class=\"_ _1\"></span>ppatisi negli anni nei Paesi dell\u2019Unione Europea;<span class=\"_ _df\"> </span>-<span class=\"_ _1d\"> </span>dal Titolo <span class=\"_ _f\"></span>I-<span class=\"ff5\">bis dell<span class=\"_ _1\"></span>a le<span class=\"_ _1\"></span>gge <span class=\"_ _1\"></span>n. 130 <span class=\"_ _f\"></span>del <span class=\"_ _1\"></span>30 aprile <span class=\"_ _f\"></span>1999 (il <span class=\"_ _f\"></span>\u201cTitolo I<span class=\"ff4\">-</span>bis\u201d <span class=\"_ _f\"></span>o <span class=\"ff4 fs6 fce\"> <span class=\"_ _f\"></span><span class=\"ff5 fs1 fc1\">la \u201cLeg<span class=\"_ _1\"></span>ge <span class=\"_ _1\"></span>130\u201d), introdot<span class=\"_ _1\"></span>to </span></span></span>dal <span class=\"_ _14\"> </span>decreto <span class=\"_ _14\"> </span>legislativo <span class=\"_ _14\"> </span>n. <span class=\"_ _15\"> </span>190 <span class=\"_ _14\"> </span>del <span class=\"_ _14\"> </span>5 <span class=\"_ _14\"> </span>novembre <span class=\"_ _15\"> </span>2021 <span class=\"_ _14\"> </span>in <span class=\"_ _14\"> </span>attuazione <span class=\"_ _14\"> </span>della <span class=\"_ _14\"> </span>D<span class=\"_ _2\"></span>irettiva <span class=\"_ _17\"> </span>OBG, interamente dedicato alle OBG, nonch\u00e9 dalle altre previsioni<span class=\"_ _1\"></span> della Legge 130 ivi richiamate;<span class=\"_ _df\"> </span>-<span class=\"_ _1d\"> </span><span class=\"ff5\">dall\u2019art. <span class=\"_ _1\"></span>129 <span class=\"_ _f\"></span>del R<span class=\"_ _1\"></span>egolamento <span class=\"_ _f\"></span>(UE) 575/2013<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>(il <span class=\"_ _f\"></span>\u201cCRR\u201d), <span class=\"_ _1\"></span>come <span class=\"_ _f\"></span>mo<span class=\"_ _2\"></span>dificato <span class=\"_ _f\"></span>dal <span class=\"_ _f\"></span>Regolamento OB<span class=\"_ _f\"></span>G<span class=\"_ _2\"></span>;<span class=\"_ _df\"> </span></span>-<span class=\"_ _1d\"> </span>dalle <span class=\"_ _2\"></span>dispo<span class=\"ff5\">sizioni <span class=\"_ _2\"></span>emanate <span class=\"_ _d\"></span>dalla <span class=\"_ _d\"></span>Banca <span class=\"_ _2\"></span>d\u2019Italia <span class=\"_ _2\"></span>in <span class=\"_ _d\"></span>tema <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>Obbligazioni <span class=\"_ _d\"></span>Bancarie <span class=\"_ _2\"></span>Garantite, <span class=\"_ _2\"></span>ai<span class=\"_ _df\"> </span></span>sensi <span class=\"_ _2\"></span>dell<span class=\"_ _1\"></span>a <span class=\"_ _2\"></span>Parte Terza, <span class=\"_ _2\"></span>Capitolo <span class=\"_ _2\"></span>3, della <span class=\"_ _2\"></span>Circolare n. <span class=\"_ _2\"></span>285 <span class=\"_ _2\"></span>del 17 <span class=\"_ _2\"></span>dicemb<span class=\"_ _1\"></span>re <span class=\"_ _2\"></span>2013, cont<span class=\"_ _2\"></span>enente le \u201cDisposizioni <span class=\"_ _0\"></span>di <span class=\"_ _d\"></span>vigilanza <span class=\"_ _0\"></span>per <span class=\"_ _0\"></span>le <span class=\"_ _d\"></span>banche\u201d, <span class=\"_ _d\"></span>come <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>volta <span class=\"_ _0\"></span>in <span class=\"_ _0\"></span>volta <span class=\"_ _d\"></span>modificate<span class=\"ff4\"> <span class=\"_ _9\"> </span>e <span class=\"_ _0\"></span>aggiornate <span class=\"_ _d\"></span>(le<span class=\"_ _df\"> </span></span>\u201cIstruzioni\u201d).<span class=\"_ _df\"> </span>L\u2019emissione <span class=\"_ _f\"></span>di Obbligazioni <span class=\"_ _1\"></span>Bancarie Garantite da <span class=\"_ _f\"></span>parte di <span class=\"_ _f\"></span>Credem si <span class=\"_ _1\"></span>inserisce <span class=\"_ _1\"></span>nel <span class=\"_ _1\"></span>piano strategico del <span class=\"_ _d\"></span>Gruppo, <span class=\"_ _2\"></span>finalizzato, <span class=\"_ _0\"></span>tra <span class=\"_ _d\"></span>l\u2019altro, <span class=\"_ _d\"></span>all\u2019ottenimento <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>alcuni <span class=\"_ _2\"></span>benefici <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>termini <span class=\"_ _d\"></span>di funding, <span class=\"_ _d\"></span>quali <span class=\"_ _d\"></span>la diversificazione <span class=\"ff5\">delle <span class=\"_ _2\"></span>fonti di rac<span class=\"_ _2\"></span>colta, la r<span class=\"_ _2\"></span>iduzi<span class=\"_ _1\"></span>one d<span class=\"_ _2\"></span>el relativo cos<span class=\"_ _2\"></span>to, nonch\u00e9 l\u2019allungamento <span class=\"_ _2\"></span>delle </span>scadenze del passivo.  In linea generale, la struttura <span class=\"_ _2\"></span>ba<span class=\"_ _1\"></span>se di un\u2019emissione di obbligazioni bancarie garantite <span class=\"_ _2\"></span>\u2013<span class=\"_ _2\"></span><span class=\"ff4\"> secondo lo </span>schema delineato dalla normativa <span class=\"ff5\">\u2013</span> prevede che vengano realizzate le seguenti attivit\u00e0: -<span class=\"_ _38\"> </span>la <span class=\"_ _4\"> </span>banca <span class=\"_ _17\"> </span>(Banca <span class=\"_ _4\"> </span>Cedente, <span class=\"_ _4\"> </span>Credem) <span class=\"_ _4\"> </span>t<span class=\"_ _2\"></span>rasferisce <span class=\"_ _4\"> </span>un <span class=\"_ _4\"> </span>insieme <span class=\"_ _4\"> </span>di asset <span class=\"_ _4\"> </span>aventi <span class=\"_ _17\"> </span>determinate caratteristiche <span class=\"_ _2\"></span>(il <span class=\"_ _d\"></span>\u201cPortafoglio\u201d) <span class=\"_ _d\"></span>ad <span class=\"_ _d\"></span>una <span class=\"_ _2\"></span>Societ\u00e0 <span class=\"_ _d\"></span>Veicolo <span class=\"_ _d\"></span>(Credem <span class=\"_ _d\"></span>CB <span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>rl). <span class=\"_ _2\"></span>Gli <span class=\"_ _d\"></span>attivi <span class=\"_ _d\"></span>ceduti <span class=\"_ _2\"></span>alla Societ\u00e0 Vei<span class=\"_ _1\"></span>colo costituiscono un p<span class=\"_ _1\"></span>atrimonio separato<span class=\"_ _1\"></span> da qu<span class=\"_ _1\"></span>ello de<span class=\"_ _1\"></span>lla Societ\u00e0 V<span class=\"_ _1\"></span>eicolo stessa a<span class=\"_ _f\"></span> beneficio dei <span class=\"_ _2\"></span>portatori delle <span class=\"_ _2\"></span>obbligazioni<span class=\"_ _1\"></span> <span class=\"_ _2\"></span>bancarie garantite <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>degl<span class=\"_ _1\"></span>i <span class=\"_ _2\"></span>altri soggetti <span class=\"_ _2\"></span>in favore <span class=\"_ _2\"></span>dei quali <span class=\"_ _4\"> </span>la <span class=\"_ _4\"> </span>garanzia <span class=\"_ _4\"> </span>\u00e8 <span class=\"_ _4\"> </span>rilasciata. <span class=\"_ _4\"> </span>La <span class=\"_ _4\"> </span>Banca <span class=\"_ _4\"> </span>Cedente <span class=\"_ _4\"> </span>eroga <span class=\"_ _4\"> </span>alla <span class=\"_ _4\"> </span>Societ\u00e0 <span class=\"_ _4\"> </span>Veicolo <span class=\"_ _4\"> </span>un <span class=\"_ _4\"> </span>prestito<span class=\"_ _df\"> </span>subordinato <span class=\"_ _2\"></span>finalizzato <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>finanziare <span class=\"_ _2\"></span>il pagamento <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>prezzo <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>acquisto <span class=\"_ _2\"></span>degli asset <span class=\"_ _2\"></span>da <span class=\"_ _2\"></span>parte della Societ\u00e0 Veicolo stessa;<span class=\"_ _df\"> </span>-<span class=\"_ _38\"> </span><span class=\"ff5\">Credem <span class=\"_ _2\"></span>(l\u2019Emittente) <span class=\"_ _d\"></span>emette <span class=\"_ _2\"></span>titoli <span class=\"_ _d\"></span>obbligazionari. <span class=\"_ _2\"></span>La <span class=\"_ _2\"></span>Societ\u00e0 <span class=\"_ _d\"></span>Veicolo <span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>ilascia <span class=\"_ _2\"></span>una <span class=\"_ _2\"></span>garanzia <span class=\"_ _2\"></span>in </span>favore dei portatori dei titoli obbli<span class=\"_ _1\"></span>gaziona<span class=\"ff5\">r<span class=\"_ _2\"></span>i emessi dall\u2019Emittente. </span>Come <span class=\"_ _d\"></span>consegue<span class=\"_ _1\"></span>nza <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>ci\u00f2, <span class=\"_ _2\"></span>il <span class=\"_ _d\"></span>rimborso <span class=\"_ _2\"></span>delle <span class=\"_ _d\"></span>obbligazioni <span class=\"_ _2\"></span>bancarie <span class=\"_ _d\"></span>garantite <span class=\"_ _d\"></span>che <span class=\"_ _d\"></span>saranno <span class=\"_ _2\"></span>emesse nell\u2019ambito <span class=\"_ _22\"> </span>dell\u2019operazione <span class=\"_ _4\"> </span>\u00e8  g<span class=\"_ _2\"></span>arantito,  olt<span class=\"_ _2\"></span>re  che <span class=\"_ _4\"> </span>dall\u2019emittente,  anche <span class=\"_ _4\"> </span>da  una <span class=\"_ _4\"> </span>garanzia <span class=\"_ _4\"> </span>non condizionata ed irrevocabile rilasciata dalla Societ\u00e0 Veicolo ad esclu<span class=\"_ _f\"></span>s<span class=\"_ _2\"></span>ivo beneficio deg<span class=\"_ _1\"></span>li investitori che sottoscriveranno le Obbli<span class=\"_ _1\"></span>gazioni Bancarie Garantite e delle controparti terze,<span class=\"_ _1\"></span> ivi incluse quelle di hedging, <span class=\"_ _f\"></span><span class=\"ff5\">coin<span class=\"_ _2\"></span>volte <span class=\"_ _f\"></span>nell\u2019operazione. <span class=\"_ _f\"></span>Tale u<span class=\"_ _1\"></span>ltima <span class=\"_ _1\"></span>garanzia <span class=\"_ _f\"></span>\u00e8 rilasc<span class=\"_ _1\"></span>iata <span class=\"_ _1\"></span>dalla <span class=\"_ _f\"></span>Societ\u00e0 V<span class=\"_ _1\"></span>eicol<span class=\"ff4\">o a <span class=\"_ _f\"></span>valere </span></span>sul Portafoglio.  L\u2019operazione <span class=\"_ _2\"></span>di <span class=\"_ _d\"></span>covered <span class=\"_ _2\"></span>bond <span class=\"_ _2\"></span>illust<span class=\"_ _2\"></span>rata <span class=\"_ _2\"></span>rientra <span class=\"_ _d\"></span>nella <span class=\"_ _2\"></span>\u201cfattispecie <span class=\"_ _2\"></span>semplice\u201d, <span class=\"_ _d\"></span>in <span class=\"_ _2\"></span>quanto <span class=\"_ _d\"></span>la <span class=\"_ _2\"></span>figura <span class=\"_ _d\"></span>di banca originator, <span class=\"_ _15\"> </span>banca <span class=\"_ _15\"> </span>finanziatrice <span class=\"_ _15\"> </span>e <span class=\"_ _15\"> </span>banca <span class=\"_ _15\"> </span>emittente <span class=\"_ _15\"> </span>coincide <span class=\"_ _15\"> </span>con <span class=\"_ _15\"> </span>un <span class=\"_ _e\"> </span>unico <span class=\"_ _15\"> </span>soggetto, rappresentato da Credem. Il Port<span class=\"_ _f\"></span>afoglio d<span class=\"_ _1\"></span>i ces<span class=\"_ _1\"></span>sione<span class=\"_ _f\"></span> Il <span class=\"_ _d\"></span>portafoglio <span class=\"_ _0\"></span>che <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>t<span class=\"_ _2\"></span>empo <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>t<span class=\"_ _2\"></span>empo <span class=\"_ _d\"></span>viene <span class=\"_ _d\"></span>ceduto <span class=\"_ _0\"></span>alla <span class=\"_ _d\"></span>Societ\u00e0 <span class=\"_ _d\"></span>Veicolo <span class=\"_ _d\"></span>d<span class=\"_ _2\"></span>eve <span class=\"_ _d\"></span>rispecchiare <span class=\"_ _d\"></span>alcun<span class=\"_ _2\"></span>e caratteristiche comuni.  I <span class=\"_ _9\"> </span>principali <span class=\"_ _9\"> </span>criteri <span class=\"_ _9\"> </span>comuni <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>identificazione <span class=\"_ _9\"> </span>e <span class=\"_ _9\"> </span>selezione <span class=\"_ _9\"> </span>dei <span class=\"_ _9\"> </span>mu<span class=\"_ _2\"></span>tui, <span class=\"_ _0\"></span>da <span class=\"_ _16\"> </span>cui <span class=\"_ _0\"></span>derivano <span class=\"_ _16\"> </span>i <span class=\"_ _0\"> </span>cr<span class=\"_ _2\"></span>editi <span class=\"_ _0\"></span>che costituiscono il Co<span class=\"ls0\">ver Pool</span>, sono stati individuati previa condi<span class=\"_ _1\"></span>visione con le agenzie di rating, cui \u00e8 stata <span class=\"_ _1\"></span>richiesta <span class=\"_ _f\"></span>l\u2019assegnazione <span class=\"_ _f\"></span>d<span class=\"_ _2\"></span>el <span class=\"_ _f\"></span>rating all<span class=\"_ _1\"></span>e <span class=\"_ _f\"></span>O<span class=\"_ _2\"></span>bbligazioni <span class=\"_ _f\"></span>Bancarie Garantite <span class=\"_ _f\"></span>che <span class=\"_ _f\"></span>Cr<span class=\"_ _2\"></span>edem <span class=\"_ _f\"></span>emetter\u00e0 nel contesto del Programma.<span class=\"_ _df\"> </span>A <span class=\"_ _2\"></span>fine <span class=\"_ _2\"></span>ot<span class=\"_ _2\"></span>tobre <span class=\"_ _2\"></span>2010, <span class=\"_ _d\"></span>settembre <span class=\"_ _2\"></span>2011, <span class=\"_ _2\"></span>febbrai<span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>2012, <span class=\"_ _2\"></span>aprile <span class=\"_ _d\"></span>2014, <span class=\"_ _2\"></span>ot<span class=\"_ _2\"></span>tobre <span class=\"_ _2\"></span>2014, <span class=\"_ _2\"></span>ottobre <span class=\"_ _2\"></span>201<span class=\"_ _2\"></span>5, <span class=\"_ _2\"></span>aprile<span class=\"_ _df\"> </span>2016, <span class=\"_ _f\"></span>otto<span class=\"_ _2\"></span>bre<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>2016, <span class=\"_ _f\"></span>aprile <span class=\"_ _f\"></span>2017, n<span class=\"_ _f\"></span>o<span class=\"_ _2\"></span>vembre <span class=\"_ _f\"></span>2017, <span class=\"_ _f\"></span>maggio 2<span class=\"_ _1\"></span>018, <span class=\"_ _f\"></span>ottobre <span class=\"_ _f\"></span>2018<span class=\"_ _2\"></span>, <span class=\"_ _f\"></span>maggio <span class=\"_ _f\"></span>2019, <span class=\"_ _1\"></span>novembre<span class=\"_ _df\"> </span>2020, <span class=\"_ _d\"></span>novembre <span class=\"_ _2\"></span>2021, <span class=\"_ _d\"></span>novembre <span class=\"_ _d\"></span>2022, <span class=\"_ _d\"></span>novembre <span class=\"_ _d\"></span>2023, <span class=\"_ _d\"></span>novembre <span class=\"_ _2\"></span>2024<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>e <span class=\"_ _d\"></span>novembre <span class=\"_ _d\"></span>2025 <span class=\"_ _d\"></span>sono<span class=\"_ _df\"> </span>stati <span class=\"_ _2\"></span>selezionati <span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>crediti <span class=\"_ _2\"></span>ipotecari <span class=\"_ _2\"></span>derivanti da <span class=\"_ _2\"></span>contratti <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>mutuo <span class=\"_ _2\"></span>che, <span class=\"_ _2\"></span>alle r<span class=\"_ _2\"></span>elative<span class=\"_ _1\"></span> <span class=\"_ _2\"></span>date <span class=\"_ _2\"></span>di<span class=\"_ _df\"> </span>cut-off,<span class=\"_ _df\"> </span>soddisfacevano, a titolo non esaustivo, i segu<span class=\"_ _1\"></span>enti principali criteri cumulativi:<span class=\"_ _df\"> </span>-<span class=\"_ _38\"> </span>crediti <span class=\"_ _14\"> </span>non <span class=\"_ _14\"> </span>derivanti <span class=\"_ _14\"> </span>da <span class=\"_ _15\"> </span>contratti <span class=\"_ _15\"> </span>di <span class=\"_ _14\"> </span>mutuo <span class=\"_ _15\"> </span>che <span class=\"_ _14\"> </span>beneficiano <span class=\"_ _14\"> </span>di <span class=\"_ _14\"> </span>for<span class=\"_ _2\"></span>me <span class=\"_ _14\"> </span>di <span class=\"_ _14\"> </span>agevolazione<span class=\"_ _df\"> </span>finanziaria;<span class=\"_ _df\"> </span>-<span class=\"_ _38\"> </span>crediti <span class=\"_ _15\"> </span>non <span class=\"_ _15\"> </span>classificati <span class=\"_ _15\"> </span>come <span class=\"_ _15\"> </span>\"esposizioni <span class=\"_ _15\"> </span>creditizie <span class=\"_ _15\"> </span>deteriorate\", <span class=\"_ _15\"> </span>ai <span class=\"_ _15\"> </span>sensi <span class=\"_ _15\"> </span>delle <span class=\"_ _15\"> </span>vigenti<span class=\"_ _df\"> </span>\"Istruzioni di Vigilanza per le b<span class=\"_ _1\"></span>anche\" emanate dalla Banca d\u2019Italia;<span class=\"_ _df\"> </span>-<span class=\"_ _38\"> </span>crediti  non <span class=\"_ _9\"> </span>erogati  (neanche<span class=\"_ _f\"></span>  in  co-intestazione)  a<span class=\"_ _f\"></span>  dipendenti <span class=\"_ _16\"> </span>o  amminis<span class=\"_ _1\"></span>tratori  di<span class=\"_ _1\"></span>  Credito<span class=\"_ _df\"> </span>Emiliano o delle sue controllate facenti parte del Grupp<span class=\"_ _1\"></span>o Bancario Credem.<span class=\"_ _df\"> </span>Il<span class=\"_ _df\"> </span>Cover <span class=\"_ _0\"></span>Pool, <span class=\"_ _0\"></span>alla <span class=\"_ _0\"></span>data <span class=\"_ _0\"></span>contabile <span class=\"_ _0\"></span>del <span class=\"_ _d\"></span>31 <span class=\"_ _0\"> </span>di<span class=\"_ _2\"></span>cembre <span class=\"_ _d\"></span>2025, <span class=\"_ _0\"></span>consiste <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>crediti <span class=\"_ _0\"></span>derivanti <span class=\"_ _0\"></span>da <span class=\"_ _0\"></span>n. <span class=\"_ _0\"></span>63.511<span class=\"_ _df\"> </span>mutui <span class=\"_ _2\"></span>ipotecari, <span class=\"_ _2\"></span>con <span class=\"_ _2\"></span>un <span class=\"_ _2\"></span>deb<span class=\"_ _1\"></span>ito <span class=\"_ _2\"></span>residuo <span class=\"_ _2\"></span>complessivo di <span class=\"_ _2\"></span>circa <span class=\"_ _2\"></span>5.179 <span class=\"_ _2\"></span>milion<span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>Euro, <span class=\"_ _2\"></span>come <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>seguito<span class=\"_ _df\"> </span>meglio specificato.<table class=\"s w1091 h58c\" id=\"_97296667-ebe2-4779-a2c1-d0404559772b\"><tr><td></td><td class=\"c xa54 y2cf4 w1092 h58d\"><div class=\"t m0 x250 h32e y35a8 ff11 fs5 fc1a sc0 ls0 ws0\">N\u00b0<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c xa55 y2cf4 w1093 h58d\"><div class=\"t m0 x250 h32e y35a8 ff11 fs5 fc1a sc0 ls0 ws0\">Debito Residuo</div></td><td class=\"c xa56 y35a9 w1094 h58d\"><div class=\"t m0 x250 h32e y35a8 ff11 fs5 fc1a sc0 ls103 ws0\">%<span class=\"_ _df\"> </span></div></td></tr><tr><td class=\"c xa57 y35aa w333 h32d\"><div class=\"t m0 x10 h32e y1aae ff11 fs5 fc1a sc0 ls0 ws0\">Regione Mu<span class=\"_ _2\"></span>tuatario </div></td><td class=\"c xa58 y35ab w1095 h58d\"><div class=\"t m0 x250 h32e y35a8 ff11 fs5 fc1a sc0 ls0 ws0\">Mutui<span class=\"_ _df\"> </span></div></td><td class=\"c xa59 y35aa w524 h32d\"><div class=\"t m0 x10 h32e y1aae ff11 fs5 fc1a sc0 ls0 ws0\">% N\u00b0 Mutu<span class=\"_ _2\"></span>i </div></td><td class=\"c xa5a y35ab w1096 h58d\"><div class=\"t m0 x250 h32e y35a8 ff11 fs5 fc1a sc0 ls0 ws0\">(migliaia Euro)</div></td><td class=\"c xa5b y35ac w1097 h58d\"><div class=\"t m0 x250 h32e y35a8 ff11 fs5 fc1a sc0 ls0 ws0\">Debito<span class=\"_ _df\"> </span></div></td></tr><tr><td></td><td></td><td></td><td></td><td class=\"c xa5c y35ad w1098 h58d\"><div class=\"t m0 x250 h32e y35a8 ff11 fs5 fc1a sc0 ls0 ws0\">Residuo<span class=\"_ _df\"> </span></div></td></tr><tr><td class=\"c xa57 y35ae w333 h69\"><div class=\"t m0 x163 h32f y71 ff10 fs5 fc1a sc0 ls0 ws0\">Abruzzo </div></td><td class=\"c xa5d y35ae w1ba h69\"><div class=\"t m0 x27 h32f y71 ff10 fs5 fc1a sc0 lsa5 ws0\">680<span class=\"ls0\"> </span></div></td><td class=\"c xa59 y35ae w524 h69\"><div class=\"t m0 x11 h32f y71 ff10 fs5 fc1a sc0 lsa5 ws0\">1,07<span class=\"ls0\"> </span></div></td><td class=\"c xa5e y35ae w5e5 h69\"><div class=\"t m0 x36 h32f y71 ff10 fs5 fc1a sc0 ls0 ws0\">51.851,66 </div></td><td class=\"c xa5f y35ae w335 h69\"><div class=\"t m0 x3a h32f y71 ff10 fs5 fc1a sc0 lsa5 ws0\">1,00<span class=\"ls0\"> </span></div></td></tr><tr><td class=\"c xa57 y35af w333 h69\"><div class=\"t m0 x163 h32f y71 ff10 fs5 fc1a sc0 ls0 ws0\">Basilicata </div></td><td class=\"c xa5d y35af w1ba h69\"><div class=\"t m0 x27 h32f y71 ff10 fs5 fc1a sc0 lsa5 ws0\">135<span class=\"ls0\"> </span></div></td><td class=\"c xa59 y35af w524 h69\"><div class=\"t m0 x11 h32f y71 ff10 fs5 fc1a sc0 lsa5 ws0\">0,21<span class=\"ls0\"> </span></div></td><td class=\"c xa5e y35af w5e5 h69\"><div class=\"t m0 x12 h32f y71 ff10 fs5 fc1a sc0 ls0 ws0\">9.875,39 </div></td><td class=\"c xa5f y35af w335 h69\"><div class=\"t m0 x3a h32f y71 ff10 fs5 fc1a sc0 lsa5 ws0\">0,19<span class=\"ls0\"> </span></div></td></tr><tr><td class=\"c xa57 y35b0 w333 h69\"><div class=\"t m0 x163 h32f y71 ff10 fs5 fc1a sc0 ls0 ws0\">Calabria </div></td><td class=\"c xa5d y35b0 w1ba h69\"><div class=\"t m0 x39 h32f y71 ff10 fs5 fc1a sc0 ls0 ws0\">2.333 </div></td><td class=\"c xa59 y35b0 w524 h69\"><div class=\"t m0 x11 h32f y71 ff10 fs5 fc1a sc0 lsa5 ws0\">3,67<span class=\"ls0\"> </span></div></td><td class=\"c xa5e y35b0 w5e5 h69\"><div class=\"t m0 x97 h32f y71 ff10 fs5 fc1a sc0 ls0 ws0\">136.172,37 </div></td><td class=\"c xa5f y35b0 w335 h69\"><div class=\"t m0 x3a h32f y71 ff10 fs5 fc1a sc0 lsa5 ws0\">2,63<span class=\"ls0\"> </span></div></td></tr><tr><td class=\"c xa57 y35b1 w333 h69\"><div class=\"t m0 x163 h32f y71 ff10 fs5 fc1a sc0 ls0 ws0\">Campania </div></td><td class=\"c xa5d y35b1 w1ba h69\"><div class=\"t m0 x39 h32f y71 ff10 fs5 fc1a sc0 ls0 ws0\">6.563 </div></td><td class=\"c xa59 y35b1 w524 h69\"><div class=\"t m0 x31 h32f y71 ff10 fs5 fc1a sc0 ls0 ws0\">10,33 </div></td><td class=\"c xa5e y35b1 w5e5 h69\"><div class=\"t m0 x97 h32f y71 ff10 fs5 fc1a sc0 ls0 ws0\">574.596,29 </div></td><td class=\"c xa5f y35b1 w335 h69\"><div class=\"t m0 x48 h32f y71 ff10 fs5 fc1a sc0 ls0 ws0\">11,09 </div></td></tr><tr><td class=\"c xa57 y35b2 w333 h69\"><div class=\"t m0 x163 h32f y71 ff10 fs5 fc1a sc0 ls0 ws0\">Emilia Rom<span class=\"_ _2\"></span>agna </div></td><td class=\"c xa5d y35b2 w1ba h69\"><div class=\"t m0 x39 h32f y71 ff10 fs5 fc1a sc0 ls0 ws0\">9.994 </div></td><td class=\"c xa59 y35b2 w524 h69\"><div class=\"t m0 x31 h32f y71 ff10 fs5 fc1a sc0 ls0 ws0\">15,74 </div></td><td class=\"c xa5e y35b2 w5e5 h69\"><div class=\"t m0 x97 h32f y71 ff10 fs5 fc1a sc0 ls0 ws0\">740.382,33 </div></td><td class=\"c xa5f y35b2 w335 h69\"><div class=\"t m0 x48 h32f y71 ff10 fs5 fc1a sc0 ls0 ws0\">14,30 </div></td></tr><tr><td class=\"c xa57 y35b3 w333 h69\"><div class=\"t m0 x163 h32f y71 ff10 fs5 fc1a sc0 ls0 ws0\">Friuli Venezia Giulia<span class=\"_ _2\"></span> </div></td><td class=\"c xa5d y35b3 w1ba h69\"><div class=\"t m0 x27 h32f y71 ff10 fs5 fc1a sc0 lsa5 ws0\">682<span class=\"ls0\"> </span></div></td><td class=\"c xa59 y35b3 w524 h69\"><div class=\"t m0 x11 h32f y71 ff10 fs5 fc1a sc0 lsa5 ws0\">1,07<span class=\"ls0\"> </span></div></td><td class=\"c xa5e y35b3 w5e5 h69\"><div class=\"t m0 x36 h32f y71 ff10 fs5 fc1a sc0 ls0 ws0\">47.671,59 </div></td><td class=\"c xa5f y35b3 w335 h69\"><div class=\"t m0 x3a h32f y71 ff10 fs5 fc1a sc0 lsa5 ws0\">0,92<span class=\"ls0\"> </span></div></td></tr><tr><td class=\"c xa57 y35b4 w333 h69\"><div class=\"t m0 x163 h32f y71 ff10 fs5 fc1a sc0 ls0 ws0\">Lazio </div></td><td class=\"c xa5d y35b4 w1ba h69\"><div class=\"t m0 x39 h32f y71 ff10 fs5 fc1a sc0 ls0 ws0\">6.514 </div></td><td class=\"c xa59 y35b4 w524 h69\"><div class=\"t m0 x31 h32f y71 ff10 fs5 fc1a sc0 ls0 ws0\">10,26 </div></td><td class=\"c xa5e y35b4 w5e5 h69\"><div class=\"t m0 x97 h32f y71 ff10 fs5 fc1a sc0 ls0 ws0\">669.697,61 </div></td><td class=\"c xa5f y35b4 w335 h69\"><div class=\"t m0 x48 h32f y71 ff10 fs5 fc1a sc0 ls0 ws0\">12,93 </div></td></tr><tr><td class=\"c xa57 y35b5 w333 h69\"><div class=\"t m0 x163 h32f y71 ff10 fs5 fc1a sc0 ls0 ws0\">Liguria </div></td><td class=\"c xa5d y35b5 w1ba h69\"><div class=\"t m0 x39 h32f y71 ff10 fs5 fc1a sc0 ls0 ws0\">1.404 </div></td><td class=\"c xa59 y35b5 w524 h69\"><div class=\"t m0 x11 h32f y71 ff10 fs5 fc1a sc0 lsa5 ws0\">2,21<span class=\"ls0\"> </span></div></td><td class=\"c xa5e y35b5 w5e5 h69\"><div class=\"t m0 x97 h32f y71 ff10 fs5 fc1a sc0 ls0 ws0\">105.863,92 </div></td><td class=\"c xa5f y35b5 w335 h69\"><div class=\"t m0 x3a h32f y71 ff10 fs5 fc1a sc0 lsa5 ws0\">2,04<span class=\"ls0\"> </span></div></td></tr><tr><td class=\"c xa57 y35b6 w333 h69\"><div class=\"t m0 x163 h32f y71 ff10 fs5 fc1a sc0 ls0 ws0\">Lombardia </div></td><td class=\"c xa5d y35b6 w1ba h69\"><div class=\"t m0 x39 h32f y71 ff10 fs5 fc1a sc0 ls0 ws0\">8.981 </div></td><td class=\"c xa59 y35b6 w524 h69\"><div class=\"t m0 x31 h32f y71 ff10 fs5 fc1a sc0 ls0 ws0\">14,14 </div></td><td class=\"c xa5e y35b6 w5e5 h69\"><div class=\"t m0 x97 h32f y71 ff10 fs5 fc1a sc0 ls0 ws0\">858.447,56 </div></td><td class=\"c xa5f y35b6 w335 h69\"><div class=\"t m0 x48 h32f y71 ff10 fs5 fc1a sc0 ls0 ws0\">16,58 </div></td></tr><tr><td class=\"c xa57 y35b7 w333 h69\"><div class=\"t m0 x163 h32f y71 ff10 fs5 fc1a sc0 ls0 ws0\">Marche </div></td><td class=\"c xa5d y35b7 w1ba h69\"><div class=\"t m0 x39 h32f y71 ff10 fs5 fc1a sc0 ls0 ws0\">1.176 </div></td><td class=\"c xa59 y35b7 w524 h69\"><div class=\"t m0 x11 h32f y71 ff10 fs5 fc1a sc0 lsa5 ws0\">1,85<span class=\"ls0\"> </span></div></td><td class=\"c xa5e y35b7 w5e5 h69\"><div class=\"t m0 x36 h32f y71 ff10 fs5 fc1a sc0 ls0 ws0\">90.134,07 </div></td><td class=\"c xa5f y35b7 w335 h69\"><div class=\"t m0 x3a h32f y71 ff10 fs5 fc1a sc0 lsa5 ws0\">1,74<span class=\"ls0\"> </span></div></td></tr><tr><td class=\"c xa57 y35b8 w333 h69\"><div class=\"t m0 x163 h32f y71 ff10 fs5 fc1a sc0 ls0 ws0\">Molise </div></td><td class=\"c xa5d y35b8 w1ba h69\"><div class=\"t m0 x27 h32f y71 ff10 fs5 fc1a sc0 lsa5 ws0\">137<span class=\"ls0\"> </span></div></td><td class=\"c xa59 y35b8 w524 h69\"><div class=\"t m0 x11 h32f y71 ff10 fs5 fc1a sc0 lsa5 ws0\">0,22<span class=\"ls0\"> </span></div></td><td class=\"c xa5e y35b8 w5e5 h69\"><div class=\"t m0 x12 h32f y71 ff10 fs5 fc1a sc0 ls0 ws0\">8.638,24 </div></td><td class=\"c xa5f y35b8 w335 h69\"><div class=\"t m0 x3a h32f y71 ff10 fs5 fc1a sc0 lsa5 ws0\">0,17<span class=\"ls0\"> </span></div></td></tr><tr><td class=\"c xa57 y35b9 w333 h69\"><div class=\"t m0 x163 h32f y71 ff10 fs5 fc1a sc0 ls0 ws0\">Piemonte </div></td><td class=\"c xa5d y35b9 w1ba h69\"><div class=\"t m0 x39 h32f y71 ff10 fs5 fc1a sc0 ls0 ws0\">1.936 </div></td><td class=\"c xa59 y35b9 w524 h69\"><div class=\"t m0 x11 h32f y71 ff10 fs5 fc1a sc0 lsa5 ws0\">3,05<span class=\"ls0\"> </span></div></td><td class=\"c xa5e y35b9 w5e5 h69\"><div class=\"t m0 x97 h32f y71 ff10 fs5 fc1a sc0 ls0 ws0\">148.223,98 </div></td><td class=\"c xa5f y35b9 w335 h69\"><div class=\"t m0 x3a h32f y71 ff10 fs5 fc1a sc0 lsa5 ws0\">2,86<span class=\"ls0\"> </span></div></td></tr><tr><td class=\"c xa57 y35ba w333 h6a\"><div class=\"t m0 x163 h32f y71 ff10 fs5 fc1a sc0 ls0 ws0\">Puglia </div></td><td class=\"c xa5d y35ba w1ba h6a\"><div class=\"t m0 x39 h32f y71 ff10 fs5 fc1a sc0 ls0 ws0\">4.609 </div></td><td class=\"c xa59 y35ba w524 h6a\"><div class=\"t m0 x11 h32f y71 ff10 fs5 fc1a sc0 lsa5 ws0\">7,26<span class=\"ls0\"> </span></div></td><td class=\"c xa5e y35ba w5e5 h6a\"><div class=\"t m0 x97 h32f y71 ff10 fs5 fc1a sc0 ls0 ws0\">292.149,50 </div></td><td class=\"c xa5f y35ba w335 h6a\"><div class=\"t m0 x3a h32f y71 ff10 fs5 fc1a sc0 lsa5 ws0\">5,64<span class=\"ls0\"> </span></div></td></tr><tr><td class=\"c xa57 y35bb w333 h69\"><div class=\"t m0 x163 h32f y71 ff10 fs5 fc1a sc0 ls0 ws0\">Sardegna </div></td><td class=\"c xa5d y35bb w1ba h69\"><div class=\"t m0 x39 h32f y71 ff10 fs5 fc1a sc0 ls0 ws0\">3.009 </div></td><td class=\"c xa59 y35bb w524 h69\"><div class=\"t m0 x11 h32f y71 ff10 fs5 fc1a sc0 lsa5 ws0\">4,74<span class=\"ls0\"> </span></div></td><td class=\"c xa5e y35bb w5e5 h69\"><div class=\"t m0 x97 h32f y71 ff10 fs5 fc1a sc0 ls0 ws0\">277.500,74 </div></td><td class=\"c xa5f y35bb w335 h69\"><div class=\"t m0 x3a h32f y71 ff10 fs5 fc1a sc0 lsa5 ws0\">5,36<span class=\"ls0\"> </span></div></td></tr><tr><td class=\"c xa57 y35bc w333 h69\"><div class=\"t m0 x163 h32f y71 ff10 fs5 fc1a sc0 ls0 ws0\">Sicilia </div></td><td class=\"c xa5d y35bc w1ba h69\"><div class=\"t m0 x39 h32f y71 ff10 fs5 fc1a sc0 ls0 ws0\">7.056 </div></td><td class=\"c xa59 y35bc w524 h69\"><div class=\"t m0 x31 h32f y71 ff10 fs5 fc1a sc0 ls0 ws0\">11,11 </div></td><td class=\"c xa5e y35bc w5e5 h69\"><div class=\"t m0 x97 h32f y71 ff10 fs5 fc1a sc0 ls0 ws0\">477.413,35 </div></td><td class=\"c xa5f y35bc w335 h69\"><div class=\"t m0 x3a h32f y71 ff10 fs5 fc1a sc0 lsa5 ws0\">9,22<span class=\"ls0\"> </span></div></td></tr><tr><td class=\"c xa57 y35bd w333 h69\"><div class=\"t m0 x163 h32f y71 ff10 fs5 fc1a sc0 ls0 ws0\">Toscana </div></td><td class=\"c xa5d y35bd w1ba h69\"><div class=\"t m0 x39 h32f y71 ff10 fs5 fc1a sc0 ls0 ws0\">4.250 </div></td><td class=\"c xa59 y35bd w524 h69\"><div class=\"t m0 x11 h32f y71 ff10 fs5 fc1a sc0 lsa5 ws0\">6,69<span class=\"ls0\"> </span></div></td><td class=\"c xa5e y35bd w5e5 h69\"><div class=\"t m0 x97 h32f y71 ff10 fs5 fc1a sc0 ls0 ws0\">346.365,50 </div></td><td class=\"c xa5f y35bd w335 h69\"><div class=\"t m0 x3a h32f y71 ff10 fs5 fc1a sc0 lsa5 ws0\">6,69<span class=\"ls0\"> </span></div></td></tr><tr><td class=\"c xa57 y35be w333 h69\"><div class=\"t m0 x163 h32f y71 ff10 fs5 fc1a sc0 ls0 ws0\">Trentino  Alto Adige<span class=\"_ _2\"></span> </div></td><td class=\"c xa5d y35be w1ba h69\"><div class=\"t m0 x27 h32f y71 ff10 fs5 fc1a sc0 lsa5 ws0\">268<span class=\"ls0\"> </span></div></td><td class=\"c xa59 y35be w524 h69\"><div class=\"t m0 x11 h32f y71 ff10 fs5 fc1a sc0 lsa5 ws0\">0,42<span class=\"ls0\"> </span></div></td><td class=\"c xa5e y35be w5e5 h69\"><div class=\"t m0 x36 h32f y71 ff10 fs5 fc1a sc0 ls0 ws0\">25.473,<span class=\"ls24\">65</span> </div></td><td class=\"c xa5f y35be w335 h69\"><div class=\"t m0 x3a h32f y71 ff10 fs5 fc1a sc0 lsa5 ws0\">0,49<span class=\"ls0\"> </span></div></td></tr><tr><td class=\"c xa57 y35bf w333 h69\"><div class=\"t m0 x163 h32f y71 ff10 fs5 fc1a sc0 ls0 ws0\">Umbria </div></td><td class=\"c xa5d y35bf w1ba h69\"><div class=\"t m0 x27 h32f y71 ff10 fs5 fc1a sc0 lsa5 ws0\">300<span class=\"ls0\"> </span></div></td><td class=\"c xa59 y35bf w524 h69\"><div class=\"t m0 x11 h32f y71 ff10 fs5 fc1a sc0 lsa5 ws0\">0,47<span class=\"ls0\"> </span></div></td><td class=\"c xa5e y35bf w5e5 h69\"><div class=\"t m0 x36 h32f y71 ff10 fs5 fc1a sc0 ls0 ws0\">19.904,89 </div></td><td class=\"c xa5f y35bf w335 h69\"><div class=\"t m0 x3a h32f y71 ff10 fs5 fc1a sc0 lsa5 ws0\">0,38<span class=\"ls0\"> </span></div></td></tr><tr><td class=\"c xa57 y35c0 w333 h69\"><div class=\"t m0 x163 h32f y71 ff10 fs5 fc1a sc0 ls0 ws0\">Val D'Aosta </div></td><td class=\"c xa5d y35c0 w1ba h69\"><div class=\"t m0 x31 h32f y71 ff10 fs5 fc1a sc0 lsa5 ws0\">16<span class=\"ls0\"> </span></div></td><td class=\"c xa59 y35c0 w524 h69\"><div class=\"t m0 x11 h32f y71 ff10 fs5 fc1a sc0 lsa5 ws0\">0,03<span class=\"ls0\"> </span></div></td><td class=\"c xa5e y35c0 w5e5 h69\"><div class=\"t m0 x12 h32f y71 ff10 fs5 fc1a sc0 ls0 ws0\">2.046,90 </div></td><td class=\"c xa5f y35c0 w335 h69\"><div class=\"t m0 x3a h32f y71 ff10 fs5 fc1a sc0 lsa5 ws0\">0,04<span class=\"ls0\"> </span></div></td></tr><tr><td class=\"c xa57 y35c1 w333 h69\"><div class=\"t m0 x163 h32f y71 ff10 fs5 fc1a sc0 ls0 ws0\">Veneto </div></td><td class=\"c xa5d y35c1 w1ba h69\"><div class=\"t m0 x39 h32f y71 ff10 fs5 fc1a sc0 ls0 ws0\">3.468 </div></td><td class=\"c xa59 y35c1 w524 h69\"><div class=\"t m0 x11 h32f y71 ff10 fs5 fc1a sc0 lsa5 ws0\">5,46<span class=\"ls0\"> </span></div></td><td class=\"c xa5e y35c1 w5e5 h69\"><div class=\"t m0 x97 h32f y71 ff10 fs5 fc1a sc0 ls0 ws0\">296.762,82 </div></td><td class=\"c xa5f y35c1 w335 h69\"><div class=\"t m0 x3a h32f y71 ff10 fs5 fc1a sc0 lsa5 ws0\">5,73<span class=\"ls0\"> </span></div></td></tr><tr><td class=\"c xa57 y35c2 w333 h69\"><div class=\"t m0 x163 h32e y3e4 ff11 fs5 fc1a sc0 ls0 ws0\">Totale portafo<span class=\"_ _2\"></span>glio </div></td><td class=\"c xa5d y35c2 w1ba h69\"><div class=\"t m0 x116 h32e y3e4 ff11 fs5 fc1a sc0 ls0 ws0\">63.511 </div></td><td class=\"c xa59 y35c2 w524 h69\"><div class=\"t m0 x31 h32e y3e4 ff11 fs5 fc1a sc0 ls0 ws0\">100% </div></td><td class=\"c xa5e y35c2 w5e5 h69\"><div class=\"t m0 x33 h32e y3e4 ff11 fs5 fc1a sc0 ls0 ws0\">5.179.172,35<span class=\"_ _2\"></span> </div></td><td class=\"c xa5f y35c2 w335 h69\"><div class=\"t m0 x48 h32e y3e4 ff11 fs5 fc1a sc0 ls0 ws0\">100% </div></td></tr></table>Fina<span class=\"_ _1\"></span>nziam<span class=\"_ _1\"></span>ento<span class=\"_ _f\"></span> Subordina<span class=\"_ _f\"></span>to<span class=\"_ _df\"> </span>In occasione <span class=\"_ _2\"></span>della cessione <span class=\"_ _2\"></span>del Port<span class=\"_ _2\"></span>afoglio iniziale, in <span class=\"_ _2\"></span>data <span class=\"_ _2\"></span>29 ott<span class=\"_ _2\"></span>obre <span class=\"_ _2\"></span>2010, <span class=\"_ _2\"></span>Credem e <span class=\"_ _2\"></span>Credem CB<span class=\"_ _df\"> </span>hanno  sot<span class=\"_ _2\"></span>toscritto  un <span class=\"_ _22\"> </span>contratto <span class=\"_ _22\"> </span>di <span class=\"_ _22\"> </span>finanziamento <span class=\"_ _4\"> </span>subordinato,  mediante  il <span class=\"_ _4\"> </span>quale  Credem <span class=\"_ _22\"> </span>h<span class=\"_ _2\"></span>a<span class=\"_ _df\"> </span>concesso <span class=\"_ _22\"> </span>a <span class=\"_ _4\"> </span>Credem <span class=\"_ _22\"> </span>CB <span class=\"_ _4\"> </span>un <span class=\"_ _22\"> </span>finanziamento <span class=\"_ _4\"> </span>subordinato <span class=\"_ _22\"> </span>per <span class=\"_ _4\"> </span>il <span class=\"_ _22\"> </span>pagamento <span class=\"_ _4\"> </span>del  corr<span class=\"_ _2\"></span>ispettivo  di<span class=\"_ _df\"> </span>acquisto <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>Portafoglio <span class=\"_ _d\"></span>iniziale <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>si <span class=\"_ _d\"></span>\u00e8 <span class=\"_ _2\"></span>obbligata <span class=\"_ _d\"></span>a <span class=\"_ _2\"></span>concedere <span class=\"_ _2\"></span>a <span class=\"_ _d\"></span>Credem <span class=\"_ _2\"></span>CB <span class=\"_ _2\"></span>ulteriori <span class=\"_ _2\"></span>finanziamenti<span class=\"_ _df\"> </span>subordinati, <span class=\"_ _d\"></span>ciascuno <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>importo <span class=\"_ _0\"></span>pari <span class=\"_ _d\"></span>all\u2019ammontare <span class=\"_ _d\"></span>da <span class=\"_ _d\"></span>corrispondere <span class=\"_ _d\"></span>da <span class=\"_ _0\"></span>parte <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>Credem <span class=\"_ _d\"></span>CB <span class=\"_ _d\"></span>i<span class=\"_ _2\"></span>n<span class=\"_ _df\"> </span>relazione <span class=\"_ _2\"></span>all\u2019acquisto <span class=\"_ _2\"></span>dei <span class=\"_ _2\"></span>successivi <span class=\"_ _d\"></span>portafogli <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>crediti, <span class=\"_ _2\"></span>ceduti <span class=\"_ _2\"></span>da <span class=\"_ _2\"></span>Credem <span class=\"_ _d\"></span>secondo <span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>termini <span class=\"_ _2\"></span>e <span class=\"_ _d\"></span>le<span class=\"_ _df\"> </span>condizioni previste dal contratto quadro disciplinante la cessione deg<span class=\"_ _1\"></span>li attivi. Un <span class=\"_ _22\"> </span>ulteriore <span class=\"_ _4\"> </span>finanziamento  subordinato <span class=\"_ _4\"> </span>\u00e8 <span class=\"_ _22\"> </span>pertanto <span class=\"_ _4\"> </span>stato  concesso <span class=\"_ _4\"> </span>in  sede <span class=\"_ _4\"> </span>di  ogni <span class=\"_ _4\"> </span>cession<span class=\"_ _1\"></span>e<span class=\"_ _df\"> </span>successiva, per un importo pari ai relativi<span class=\"_ _1\"></span> prezzi di cessione. Asset<span class=\"_ _1\"></span> Swa<span class=\"_ _f\"></span>p  Tra <span class=\"_ _d\"></span>la <span class=\"_ _d\"></span>Societ\u00e0 <span class=\"_ _2\"></span>Veicolo <span class=\"_ _d\"></span>e <span class=\"_ _2\"></span>Cr<span class=\"_ _2\"></span>edem <span class=\"_ _d\"></span>possono <span class=\"_ _d\"></span>essere <span class=\"_ _2\"></span>stipulati <span class=\"_ _d\"></span>dei <span class=\"_ _2\"></span>cont<span class=\"_ _2\"></span>ratti <span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>wap, <span class=\"_ _2\"></span>per <span class=\"_ _d\"></span>un <span class=\"_ _2\"></span>ammo<span class=\"_ _2\"></span>ntare fino <span class=\"_ _2\"></span>alla <span class=\"_ _2\"></span>copertura <span class=\"_ _2\"></span>del Cover <span class=\"_ _2\"></span>Pool<span class=\"_ _df\"> </span>, <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>fine <span class=\"_ _2\"></span>di gar<span class=\"_ _2\"></span>antire alla <span class=\"_ _2\"></span>Societ\u00e0 <span class=\"_ _2\"></span>Veicolo <span class=\"_ _2\"></span>una <span class=\"_ _2\"></span>protezione<span class=\"_ _f\"></span> <span class=\"_ _d\"></span>contro <span class=\"_ _2\"></span>il rischio di tasso e/o di base, dovuto alla presenza di<span class=\"_ _1\"></span> attivi con diversa <span class=\"_ _2\"></span>indicizzazione. Al 31 dicembre 2025, non sono presenti contratti Asset Swap tra <span class=\"_ _f\"></span>la Societ\u00e0 Veicolo e Credem.<span class=\"_ _2\"></span> Cover<span class=\"_ _1\"></span>ed Bo<span class=\"_ _f\"></span>nd Swa<span class=\"_ _1\"></span>p (o<span class=\"_ _1\"></span> Liab<span class=\"_ _1\"></span>ility S<span class=\"_ _f\"></span>wap) In <span class=\"_ _0\"></span>occasione <span class=\"_ _0\"></span>dell\u2019emissione <span class=\"_ _0\"></span>sul <span class=\"_ _0\"></span>mercato <span class=\"_ _9\"> </span>di <span class=\"_ _0\"></span>Covered <span class=\"_ _0\"></span>Bond, <span class=\"_ _0\"></span>tra <span class=\"_ _0\"></span>la <span class=\"_ _9\"> </span>Societ\u00e0 <span class=\"_ _0\"></span>Veicolo <span class=\"_ _0\"></span>e <span class=\"_ _0\"></span>Credem <span class=\"_ _0\"></span>pu\u00f2 essere <span class=\"_ _0\"></span>stipulato <span class=\"_ _0\"></span>un <span class=\"_ _0\"></span>contratto <span class=\"_ _d\"></span>swap <span class=\"_ _0\"></span>al <span class=\"_ _d\"></span>fine <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>mitigare <span class=\"_ _0\"></span>il <span class=\"_ _0\"></span>rischio <span class=\"_ _d\"></span>di <span class=\"_ _0\"></span>tasso <span class=\"_ _0\"></span>tra <span class=\"_ _d\"></span>i <span class=\"_ _0\"></span>flussi <span class=\"_ _0\"></span>ricevuti <span class=\"_ _d\"></span>dalla Societ\u00e0 Veicolo e quanto dovuto dalla stessa agli inv<span class=\"_ _1\"></span>estitori in caso di default dell\u2019emittente.<span class=\"_ _2\"></span><span class=\"ff4\"> </span>Attualmente <span class=\"_ _d\"></span>\u00e8 <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>essere <span class=\"_ _d\"></span>un <span class=\"_ _d\"></span>contratto <span class=\"_ _2\"></span>swap <span class=\"_ _d\"></span>stipulato <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>fase <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>emissione <span class=\"_ _0\"></span>dei <span class=\"_ _2\"></span>Covered <span class=\"_ _d\"></span>Bond <span class=\"_ _d\"></span>con durata 30/08/2013-2028. Conti <span class=\"_ _1\"></span>corre<span class=\"_ _1\"></span>nti Il <span class=\"_ _2\"></span>Programma <span class=\"_ _2\"></span>preved<span class=\"_ _1\"></span>e <span class=\"_ _2\"></span>un\u2019articolata <span class=\"_ _2\"></span>struttura <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>conti <span class=\"_ _2\"></span>correnti sui <span class=\"_ _2\"></span>quali poggiano <span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>flussi <span class=\"_ _2\"></span>finanziari dell\u2019operazione. <span class=\"_ _2\"></span>Alla <span class=\"_ _d\"></span>strutturazione <span class=\"_ _d\"></span>dell\u2019<span class=\"_ _1\"></span>operazione, <span class=\"_ _d\"></span>sono <span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>tati <span class=\"_ _2\"></span>attivati <span class=\"_ _d\"></span>una<span class=\"_ _1\"></span> <span class=\"_ _d\"></span>serie <span class=\"_ _2\"></span>di <span class=\"_ _d\"></span>conti<span class=\"_ _2\"></span><span class=\"ff4\"> <span class=\"_ _d\"></span>intestati </span>alla <span class=\"_ _4\"> </span>Societ\u00e0 <span class=\"_ _4\"> </span>Veicolo <span class=\"_ _4\"> </span>ed <span class=\"_ _4\"> </span>in <span class=\"_ _4\"> </span>particolare, <span class=\"_ _4\"> </span>a <span class=\"_ _4\"> </span>scopo <span class=\"_ _4\"> </span>non <span class=\"_ _4\"> </span>esaustivo: Collection <span class=\"_ _4\"> </span>Accounts, Reserve Account, Payments <span class=\"_ _9\"> </span>Account, Eligible <span class=\"_ _0\"></span>In<span class=\"_ _2\"></span>vestment<span class=\"_ _df\"> </span>Account <span class=\"_ _9\"> </span><span class=\"lse\">e </span>Expenses <span class=\"_ _0\"></span>Account<span class=\"_ _df\"> </span>. <span class=\"_ _0\"></span>D<span class=\"_ _2\"></span>a <span class=\"_ _0\"></span>aprile <span class=\"_ _9\"> </span>2022 Credem riveste il ruolo di Account Bank de<span class=\"_ _1\"></span>lla societ\u00e0 veicolo. <span class=\"_ _2\"></span><span class=\"fc4 sc3\"> </span>Sogget<span class=\"_ _f\"></span>ti coinv<span class=\"_ _1\"></span>olti <span class=\"_ _1\"></span>nel Pr<span class=\"_ _1\"></span>ogra<span class=\"_ _1\"></span>mm<span class=\"_ _f\"></span>a Con <span class=\"_ _19\"> </span>riferimento <span class=\"_ _19\"> </span>a <span class=\"_ _19\"> </span>tale <span class=\"_ _19\"> </span>sezione <span class=\"_ _19\"> </span>si <span class=\"_ _19\"> </span>riassumono <span class=\"_ _19\"> </span>i <span class=\"_ _19\"> </span>principali <span class=\"_ _19\"> </span>ruoli <span class=\"_ _19\"> </span>e <span class=\"_ _19\"> </span>controparti <span class=\"_ _19\"> </span>coinvolte nell\u2019operazione:<span class=\"ff4\"> </span>-<span class=\"_ _df\"> </span>Servicer<span class=\"_ _df\"> </span>: <span class=\"_ _d\"></span>ruolo <span class=\"_ _d\"></span>svolto <span class=\"_ _d\"></span>da <span class=\"_ _d\"></span>Credem <span class=\"_ _d\"></span>che, <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>tale <span class=\"_ _d\"></span>qualit\u00e0, <span class=\"_ _d\"></span>\u00e8 <span class=\"_ _d\"></span>stato <span class=\"_ _d\"></span>incaricato <span class=\"_ _d\"></span>da <span class=\"_ _d\"></span>Credem <span class=\"_ _d\"></span>CB <span class=\"_ _d\"></span>delle<span class=\"_ _df\"> </span>attivit\u00e0 <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>incasso <span class=\"_ _9\"> </span>e <span class=\"_ _0\"></span>r<span class=\"_ _2\"></span>ecupero <span class=\"_ _0\"></span>dei <span class=\"_ _0\"></span>crediti <span class=\"_ _0\"> </span>inclusi <span class=\"_ _9\"> </span>nel <span class=\"_ _0\"></span>Portafoglio <span class=\"_ _9\"> </span>Iniziale <span class=\"_ _0\"></span>e <span class=\"_ _9\"> </span>nei <span class=\"_ _0\"></span>portafogli <span class=\"_ _9\"> </span>che<span class=\"_ _df\"> </span>Credem stessa cede a Credem CB ai sensi del<span class=\"_ _1\"></span> Contratto Quadro di Cessione;<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>Back-Up <span class=\"_ _0\"></span>Servicer<span class=\"_ _df\"> </span>: <span class=\"_ _0\"></span>entit\u00e0 <span class=\"_ _0\"></span>che <span class=\"_ _9\"> </span>al <span class=\"_ _0\"></span>verificarsi <span class=\"_ _0\"></span>di <span class=\"_ _9\"> </span>determinati <span class=\"_ _0\"></span>eventi, <span class=\"_ _0\"></span>disciplinati <span class=\"_ _0\"> </span>ne<span class=\"_ _2\"></span>ll\u2019ambito <span class=\"_ _0\"></span>del Programma, pu\u00f2 subentrare a Credem nel ruolo di Servicer sopra descritto. Attualmente tale ruolo non viene agito da alcun sogge<span class=\"_ _1\"></span>tto;<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>Investment Manag<span class=\"_ _1\"></span>er<span class=\"_ _df\"> </span>: ruolo<span class=\"_ _f\"></span> svolto d<span class=\"_ _1\"></span>a C<span class=\"_ _f\"></span>r<span class=\"_ _2\"></span>edem <span class=\"_ _f\"></span>che, in <span class=\"_ _f\"></span>tale quali<span class=\"_ _1\"></span>t\u00e0, \u00e8 <span class=\"_ _f\"></span>st<span class=\"_ _2\"></span>ato<span class=\"_ _1\"></span> incaricato<span class=\"_ _1\"></span> di <span class=\"_ _f\"></span>investire la liqu<span class=\"_ _1\"></span>idit\u00e0 disponibile <span class=\"_ _1\"></span>sui conti c<span class=\"_ _f\"></span>or<span class=\"_ _2\"></span>renti aperti d<span class=\"_ _1\"></span>a Crede<span class=\"_ _1\"></span>m CB e<span class=\"_ _1\"></span> di <span class=\"_ _f\"></span>r<span class=\"_ _2\"></span>edige<span class=\"_ _f\"></span>r<span class=\"_ _2\"></span>e e <span class=\"_ _f\"></span>inviare alle parti di<span class=\"_ _f\"></span> tale <span class=\"_ _17\"> </span>contratto <span class=\"_ _14\"> </span>il <span class=\"_ _17\"> </span>c.d. Investment <span class=\"_ _14\"> </span>Manager <span class=\"_ _14\"> </span>Report, <span class=\"_ _17\"> </span>contenente <span class=\"_ _17\"> </span>l\u2019indicazione <span class=\"_ _14\"> </span>dei <span class=\"_ _17\"> </span>risultati dell\u2019attivit\u00e0 di investimento;<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>Account <span class=\"_ _2\"></span>Bank<span class=\"_ _df\"> </span>: <span class=\"_ _2\"></span>ruolo <span class=\"_ _d\"></span>attualmente <span class=\"_ _2\"></span>svolto <span class=\"_ _d\"></span>da <span class=\"_ _2\"></span>Credem <span class=\"_ _2\"></span>che, <span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>n <span class=\"_ _2\"></span>tale <span class=\"_ _2\"></span>qualit\u00e0, <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _0\"></span>stato <span class=\"_ _d\"></span>incaricato <span class=\"_ _2\"></span>di investire <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>liquidit\u00e0 <span class=\"_ _2\"></span>disponibile <span class=\"_ _2\"></span>sui <span class=\"_ _2\"></span>conti <span class=\"_ _2\"></span>correnti <span class=\"_ _2\"></span>aperti <span class=\"_ _2\"></span>da <span class=\"_ _2\"></span>Credem <span class=\"_ _2\"></span>CB <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>redigere <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>inviare alle <span class=\"_ _0\"></span>parti <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>tale <span class=\"_ _9\"> </span>contratto <span class=\"_ _9\"> </span>il <span class=\"_ _9\"> </span>c.d. Investment <span class=\"_ _9\"> </span>Manager <span class=\"_ _9\"> </span>Report<span class=\"_ _df\"> </span>, <span class=\"_ _0\"></span>cont<span class=\"_ _2\"></span>enente<span class=\"_ _1\"></span> <span class=\"_ _9\"> </span>l\u2019indicazione <span class=\"_ _9\"> </span>dei risultati dell\u2019attivit\u00e0 di inve<span class=\"_ _1\"></span>stimento;<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>Principal <span class=\"_ _d\"></span>Paying <span class=\"_ _d\"></span>Agent<span class=\"_ _df\"> </span>: <span class=\"_ _d\"></span>ruolo <span class=\"_ _d\"></span>svolto <span class=\"_ _d\"></span>da <span class=\"_ _0\"></span>BNP <span class=\"_ _d\"></span>Parib<span class=\"_ _1\"></span>as <span class=\"_ _d\"></span>Securities <span class=\"_ _d\"></span>Services, <span class=\"_ _d\"></span>che <span class=\"_ _d\"></span>ha <span class=\"_ _d\"></span>il <span class=\"_ _d\"></span>principale compito di determinare ed effettuare (sia per conto di Credem c<span class=\"_ _2\"></span>he per conto di Credem CB) i pagamenti <span class=\"_ _f\"></span>dov<span class=\"_ _2\"></span>uti, <span class=\"_ _f\"></span>in linea capi<span class=\"_ _1\"></span>tale e <span class=\"_ _f\"></span>i<span class=\"_ _2\"></span>n <span class=\"_ _1\"></span>linea interessi, <span class=\"_ _f\"></span>in favore <span class=\"_ _1\"></span>dei portatori del<span class=\"_ _1\"></span>le Obb<span class=\"_ _1\"></span>ligazioni Bancarie Garantite;<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>Calculation <span class=\"_ _d\"></span>Agent: <span class=\"_ _d\"></span>ruolo <span class=\"_ _0\"></span>svolto <span class=\"_ _d\"></span>da <span class=\"_ _d\"></span>BNP <span class=\"_ _0\"></span>Paribas <span class=\"_ _d\"></span>Securities <span class=\"_ _0\"></span>Services <span class=\"_ _d\"></span>che, <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>tale <span class=\"_ _0\"></span>qualit\u00e0, <span class=\"_ _d\"></span>ha <span class=\"_ _0\"></span>il principale  compito <span class=\"_ _22\"> </span>di <span class=\"_ _4\"> </span>redig<span class=\"_ _1\"></span>ere <span class=\"_ _22\"> </span>e <span class=\"_ _4\"> </span>inviare  alle  parti <span class=\"_ _22\"> </span>del <span class=\"_ _22\"> </span>contr<span class=\"_ _2\"></span>atto  il <span class=\"_ _22\"> </span>c.d. Payments  Report, contenente <span class=\"_ _d\"></span>l\u2019indicazion<span class=\"ff4\">e <span class=\"_ _0\"></span>dei <span class=\"_ _0\"></span>fondi <span class=\"_ _0\"></span>disponibili <span class=\"_ _d\"></span>di <span class=\"_ _0\"></span>titolarit\u00e0 <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>Crede<span class=\"_ _1\"></span>m <span class=\"_ _0\"></span>CB <span class=\"_ _0\"></span>e <span class=\"_ _d\"></span>dei <span class=\"_ _0\"></span>pagamenti <span class=\"_ _0\"></span>da </span>effettuarsi, <span class=\"_ _2\"></span>secondo <span class=\"_ _2\"></span>l\u2019ordine <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>priorit\u00e0 <span class=\"_ _2\"></span>dei <span class=\"_ _2\"></span>pagamenti <span class=\"_ _2\"></span>determinato<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>ai <span class=\"_ _2\"></span>sensi <span class=\"_ _2\"></span>dell\u2019<span class=\"_ _df\"> </span>Intercreditor Agreement;<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>Asset  M<span class=\"_ _1\"></span>onitor<span class=\"_ _df\"> </span>: <span class=\"_ _16\"> </span>ruolo <span class=\"_ _9\"> </span>svolto  da <span class=\"_ _9\"> </span>BDO <span class=\"_ _16\"> </span>Italia <span class=\"_ _16\"> </span>S.p.<span class=\"_ _1\"></span>A. <span class=\"_ _16\"> </span>che, <span class=\"_ _16\"> </span>in <span class=\"_ _9\"> </span>t<span class=\"_ _2\"></span>ale <span class=\"_ _9\"> </span>q<span class=\"_ _2\"></span>ualit\u00e0, <span class=\"_ _9\"> </span>effettua<span class=\"_ _2\"></span>  i <span class=\"_ _9\"> </span>calcoli  e<span class=\"_ _1\"></span> <span class=\"_ _16\"> </span>le<span class=\"_ _df\"> </span>verifiche <span class=\"_ _15\"> </span>s<span class=\"_ _2\"></span>ui <span class=\"_ _15\"> </span>Test <span class=\"_ _10\"> </span>Obbligatori <span class=\"_ _e\"> </span>e <span class=\"_ _e\"> </span>sull\u2019Amortisation <span class=\"_ _10\"> </span>Test svolti <span class=\"_ _15\"> </span>ai <span class=\"_ _10\"> </span>sensi <span class=\"_ _e\"> </span>del Cover <span class=\"_ _e\"> </span>Pool<span class=\"_ _df\"> </span>Management <span class=\"_ _17\"> </span>Agreement, <span class=\"_ _17\"> </span>verificando <span class=\"_ _17\"> </span>l\u2019accuratezza <span class=\"_ _17\"> </span>dei <span class=\"_ _17\"> </span>calcoli <span class=\"_ _17\"> </span>effettuati <span class=\"_ _17\"> </span>dal Calculation Agent<span class=\"_ _df\"> </span>. <span class=\"_ _16\"> </span>Con <span class=\"_ _16\"> </span>incarico <span class=\"_ _16\"> </span>separato, <span class=\"_ _16\"> </span>\u00e8 <span class=\"_ _16\"> </span>attualmente <span class=\"_ _9\"> </span>previst<span class=\"_ _2\"></span>o <span class=\"_ _16\"> </span>che <span class=\"_ _9\"> </span>l\u2019Asset  Monitor svolga <span class=\"_ _16\"> </span>ulteriori verifiche <span class=\"_ _4\"> </span>aventi <span class=\"_ _17\"> </span>ad <span class=\"_ _4\"> </span>oggetto <span class=\"_ _17\"> </span>in <span class=\"_ _4\"> </span>particolare <span class=\"_ _17\"> </span>la <span class=\"_ _17\"> </span>conformit\u00e0 <span class=\"_ _4\"> </span>degli <span class=\"_ _4\"> </span>at<span class=\"_ _2\"></span>tivi <span class=\"_ _4\"> </span>idonei <span class=\"_ _4\"> </span>costituenti <span class=\"_ _17\"> </span>il Portafoglio  ai <span class=\"_ _22\"> </span>r<span class=\"_ _2\"></span>equ<span class=\"_ _1\"></span>isiti  previsti <span class=\"_ _4\"> </span>dalla  Normativa <span class=\"_ _22\"> </span>e <span class=\"_ _4\"> </span>l\u2019integ<span class=\"_ _1\"></span>rit\u00e0 <span class=\"_ _22\"> </span>della  garanzia <span class=\"_ _4\"> </span>a  favore  degli<span class=\"_ _df\"> </span>investitori;<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>Representative <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>Bon<span class=\"_ _2\"></span>dholders<span class=\"_ _df\"> </span>: <span class=\"_ _d\"></span>ruolo <span class=\"_ _d\"></span>svolto <span class=\"_ _d\"></span>da <span class=\"_ _0\"></span>BNP <span class=\"_ _d\"></span>Paribas <span class=\"_ _d\"></span>Securities <span class=\"_ _d\"></span>Services <span class=\"_ _d\"></span>che, <span class=\"_ _d\"></span>in<span class=\"_ _df\"> </span>tale q<span class=\"_ _1\"></span>ualit\u00e0, <span class=\"_ _1\"></span>esercita nei<span class=\"_ _1\"></span> confron<span class=\"_ _1\"></span>ti di <span class=\"_ _f\"></span>Credem e <span class=\"_ _f\"></span>di Crede<span class=\"_ _1\"></span>m CB<span class=\"_ _1\"></span> i <span class=\"_ _f\"></span>diritti del<span class=\"_ _1\"></span>le <span class=\"_ _1\"></span>controparti coinvolte nell\u2019operazione;<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>Listing  Agent<span class=\"_ _df\"> </span>:  ruolo <span class=\"_ _4\"> </span>svolto  da  BNP  Paribas <span class=\"_ _22\"> </span>Securities  Services <span class=\"_ _4\"> </span>che,  in  tale <span class=\"_ _4\"> </span>qu<span class=\"_ _1\"></span>ali<span class=\"_ _2\"></span>t\u00e0,  ha  il principale <span class=\"_ _f\"></span>compito <span class=\"_ _f\"></span>di <span class=\"_ _f\"></span>gestir<span class=\"_ _2\"></span>e, <span class=\"_ _11\"></span>p<span class=\"_ _2\"></span>er <span class=\"_ _f\"></span>conto <span class=\"_ _f\"></span>di <span class=\"_ _1\"></span>Credem <span class=\"_ _f\"></span>e <span class=\"_ _f\"></span>di <span class=\"_ _f\"></span>Cr<span class=\"_ _2\"></span>edem <span class=\"_ _f\"></span>CB, <span class=\"_ _f\"></span>i <span class=\"_ _1\"></span>rapporti <span class=\"_ _f\"></span>e <span class=\"_ _1\"></span>gli <span class=\"_ _f\"></span>adempimenti<span class=\"_ _df\"> </span>con la Borsa di quotazione delle<span class=\"_ _1\"></span> Obbligazioni Bancarie Garantite.<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>Arranger: <span class=\"_ _14\"> </span><span class=\"ff5\">istituzione <span class=\"_ _14\"> </span>finanziaria <span class=\"_ _14\"> </span>che <span class=\"_ _15\"> </span>riceve <span class=\"_ _14\"> </span>mandato <span class=\"_ _14\"> </span>dall\u2019emittente <span class=\"_ _14\"> </span>per <span class=\"_ _14\"> </span>assisterlo <span class=\"_ _14\"> </span>n<span class=\"_ _2\"></span></span>ella strutturazione, <span class=\"_ _9\"> </span>nell\u2019esecuzione <span class=\"_ _9\"> </span>e <span class=\"_ _9\"> </span>nella <span class=\"_ _9\"> </span>gestione <span class=\"_ _9\"> </span>dell\u2019operazione <span class=\"_ _16\"> </span>e <span class=\"_ _0\"></span>della <span class=\"_ _16\"> </span>contrattualistica <span class=\"_ _9\"> </span>di riferimento, <span class=\"_ _d\"></span>nonch\u00e9 <span class=\"_ _d\"></span>nei <span class=\"_ _d\"></span>rapporti <span class=\"_ _0\"></span>con <span class=\"_ _d\"></span>le <span class=\"_ _d\"></span>terze <span class=\"_ _d\"></span>part<span class=\"_ _2\"></span>i <span class=\"_ _d\"></span>rilevanti <span class=\"_ _d\"></span>per <span class=\"_ _d\"></span>l\u2019operazione <span class=\"_ _d\"></span>(i.e.: <span class=\"_ _d\"></span>Agenzie <span class=\"_ _d\"></span>di Rating, mercati e autorit\u00e0 di vigilanza di riferime<span class=\"_ _1\"></span>nto).<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>Corporate Servicer: societ\u00e0 che svolge funzioni di servizio per la societ\u00e0 Veicolo.<span class=\"_ _df\"> </span>Si <span class=\"_ _1\"></span>specifica, <span class=\"_ _1\"></span>infine, <span class=\"_ _1\"></span>che <span class=\"_ _1\"></span>alcuni <span class=\"_ _f\"></span>d<span class=\"_ _2\"></span>ei cont<span class=\"_ _f\"></span>r<span class=\"_ _2\"></span>atti <span class=\"_ _1\"></span>del <span class=\"_ _f\"></span>Progr<span class=\"_ _2\"></span>amma <span class=\"_ _f\"></span>prevedono che<span class=\"_ _f\"></span> i <span class=\"_ _1\"></span>soggetti <span class=\"_ _f\"></span>incaricati dello<span class=\"_ _df\"> </span>svolgimento <span class=\"_ _d\"></span>di <span class=\"_ _0\"></span>a<span class=\"_ _2\"></span>lcune <span class=\"_ _d\"></span>att<span class=\"_ _2\"></span>ivit\u00e0 <span class=\"_ _d\"></span>e <span class=\"_ _0\"></span>alcuni <span class=\"_ _0\"></span>ruoli <span class=\"_ _0\"></span>sopra <span class=\"_ _0\"></span>indicati <span class=\"_ _0\"></span>s<span class=\"_ _2\"></span>iano <span class=\"_ _d\"></span>dotat<span class=\"_ _d\"></span>i, <span class=\"_ _d\"></span>ai <span class=\"_ _0\"></span>fini <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>tali <span class=\"_ _0\"></span>incarichi, <span class=\"_ _0\"></span>di<span class=\"_ _df\"> </span>determinati <span class=\"_ _4\"> </span>livelli <span class=\"_ _17\"> </span>di <span class=\"_ _17\"> </span>rating. <span class=\"_ _4\"> </span>Pe<span class=\"_ _2\"></span>rtanto, <span class=\"_ _4\"> </span>seppure <span class=\"_ _4\"> </span>al<span class=\"_ _2\"></span>cuni <span class=\"_ _4\"> </span>ruoli <span class=\"_ _17\"> </span>risultino <span class=\"_ _4\"> </span>at<span class=\"_ _2\"></span>tualmente <span class=\"_ _4\"> </span>ricoperti <span class=\"_ _4\"> </span>da<span class=\"_ _df\"> </span>Credem, \u00e8 possibile che <span class=\"_ _2\"></span>in futuro gli stessi <span class=\"_ _2\"></span>possano essere assegnati a <span class=\"_ _2\"></span>soggetti esterni al Gruppo Credem.<span class=\"_ _df\"> </span>I rischi<span class=\"_ _1\"></span> con<span class=\"_ _1\"></span>nessi<span class=\"_ _1\"></span> <span class=\"ff5\">con l<span class=\"_ _1\"></span>\u2019oper<span class=\"_ _1\"></span>azio<span class=\"_ _f\"></span>ne<span class=\"ff4\"> </span></span>Il Programm<span class=\"_ _2\"></span>a di <span class=\"_ _2\"></span>emissioni di <span class=\"_ _2\"></span>Obbligazioni <span class=\"_ _2\"></span>Bancarie Garant<span class=\"_ _2\"></span>ite comporta <span class=\"_ _2\"></span>i seguenti <span class=\"_ _2\"></span>rischi finanzia<span class=\"_ _2\"></span>ri rispetto <span class=\"_ _2\"></span>ai <span class=\"_ _d\"></span>quali <span class=\"_ _2\"></span>sono <span class=\"_ _d\"></span>state <span class=\"_ _2\"></span>adottate <span class=\"_ _2\"></span>varie <span class=\"_ _d\"></span>misure <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>mitigazione: <span class=\"_ _d\"></span>rischio <span class=\"_ _2\"></span>dell\u2019emittente, <span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>ischio <span class=\"_ _2\"></span>di tasso, rischio di credito, rischio d<span class=\"_ _1\"></span>i liquidit\u00e0, r<span class=\"_ _2\"></span>ischio di rifinanzi<span class=\"_ _1\"></span>amento, rischio di controparte, rischi<span class=\"_ _1\"></span> legali legati all\u2019operazione.<span class=\"ff4\"> </span>La <span class=\"_ _2\"></span>funzione <span class=\"_ _2\"></span>di <span class=\"_ _d\"></span>revisione <span class=\"_ _2\"></span>interna <span class=\"_ _d\"></span>di <span class=\"_ _2\"></span>Credem <span class=\"_ _d\"></span>(Servizio <span class=\"_ _2\"></span>Auditing) <span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>ffettua, <span class=\"_ _2\"></span>almeno <span class=\"_ _d\"></span>ogni <span class=\"_ _2\"></span>12 <span class=\"_ _2\"></span>mesi<span class=\"_ _2\"></span>, <span class=\"_ _2\"></span>una completa verifica dei presi<span class=\"_ _2\"></span>di posti in <span class=\"_ _2\"></span>essere, anche avval<span class=\"_ _2\"></span>endosi delle informazioni r<span class=\"_ _2\"></span>icevute e delle valutazioni espresse <span class=\"_ _2\"></span>dall\u2019<span class=\"_ _2\"></span><span class=\"ff4\">Asset <span class=\"_ _2\"></span>Monitor. <span class=\"_ _2\"></span>I <span class=\"_ _2\"></span>risultati di <span class=\"_ _2\"></span>tali <span class=\"_ _2\"></span>verifiche <span class=\"_ _2\"></span>sono <span class=\"_ _2\"></span>portati <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>conoscenza <span class=\"_ _2\"></span>degl<span class=\"_ _1\"></span>i </span>organi aziendali competenti.  Cara<span class=\"_ _f\"></span>tteristich<span class=\"_ _1\"></span>e pri<span class=\"_ _1\"></span>ncipali<span class=\"_ _1\"></span> del <span class=\"_ _1\"></span>Pro<span class=\"_ _1\"></span>gram<span class=\"_ _f\"></span>ma La <span class=\"_ _0\"></span>struttura <span class=\"_ _9\"> </span>finanziaria <span class=\"_ _0\"></span>del <span class=\"_ _0\"></span>Programma<span class=\"_ _2\"></span> <span class=\"_ _0\"></span><span class=\"ff5\">prevede <span class=\"_ _0\"></span>che <span class=\"_ _0\"></span>Cre<span class=\"_ _2\"></span>dem <span class=\"_ _0\"></span>proceda <span class=\"_ _0\"></span>all\u2019emissione <span class=\"_ _0\"></span>in <span class=\"_ _9\"> </span>pi\u00f9 <span class=\"_ _0\"></span>serie </span>successive <span class=\"_ _19\"> </span>di <span class=\"_ _19\"> </span>Obbligazioni <span class=\"_ _19\"> </span>Bancarie <span class=\"_ _19\"> </span>Garantite <span class=\"_ _19\"> </span>con <span class=\"_ _19\"> </span>rating, <span class=\"_ _19\"> </span>pari <span class=\"_ _19\"> </span>a <span class=\"_ _19\"> </span>Aa3 <span class=\"_ _1a\"> </span>e <span class=\"_ _19\"> </span>AA, <span class=\"_ _19\"> </span>assegnati rispettivamente <span class=\"_ _0\"></span>dalle <span class=\"_ _0\"></span>seguenti <span class=\"_ _9\"> </span>societ\u00e0 <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>r<span class=\"_ _2\"></span>ating: <span class=\"_ _0\"></span>Moody\u2019s <span class=\"_ _0\"></span>Investors <span class=\"_ _9\"> </span>Services <span class=\"_ _0\"></span>Inc. <span class=\"_ _0\"></span>e <span class=\"_ _0\"></span>Fitch <span class=\"_ _9\"> </span>Rating Limited.  Tali <span class=\"_ _f\"></span>obbligazioni <span class=\"_ _f\"></span>sono <span class=\"_ _1\"></span>state <span class=\"_ _f\"></span>collocate ad<span class=\"_ _1\"></span> <span class=\"_ _f\"></span>investitori i<span class=\"_ _1\"></span>stituzionali <span class=\"_ _f\"></span>con <span class=\"_ _f\"></span>il <span class=\"_ _f\"></span>s<span class=\"_ _2\"></span>upporto <span class=\"_ _f\"></span>dei Dealers di <span class=\"_ _f\"></span>tempo in <span class=\"_ _2\"></span>tempo <span class=\"_ _2\"></span>selezionati. In <span class=\"_ _2\"></span>fase <span class=\"_ _2\"></span>iniziale <span class=\"_ _2\"></span>gli Arrangers del <span class=\"_ _2\"></span>Programma <span class=\"_ _2\"></span>sono stat<span class=\"_ _2\"></span>i Barclays <span class=\"_ _2\"></span>Bank <span class=\"_ _2\"></span>PLC <span class=\"_ _2\"></span>e Soci\u00e9t\u00e9 G\u00e9n\u00e9rale; attualmente tale ruolo \u00e8 unico ed<span class=\"_ _1\"></span> \u00e8 svolto d<span class=\"_ _2\"></span>a Barclays. Credem <span class=\"_ _d\"></span>pu\u00f2 <span class=\"_ _d\"></span>emettere, <span class=\"_ _0\"></span>a <span class=\"_ _d\"></span>valere <span class=\"_ _0\"></span>sul <span class=\"_ _d\"></span>Programma, <span class=\"_ _0\"></span>Obblig<span class=\"_ _1\"></span>azioni <span class=\"_ _d\"></span>Ba<span class=\"_ _2\"></span>ncarie <span class=\"_ _d\"></span>Garantite <span class=\"_ _d\"></span>per <span class=\"_ _0\"></span>un <span class=\"_ _d\"></span>importo complessivo di tempo <span class=\"_ _2\"></span>in tempo <span class=\"_ _2\"></span>in essere non <span class=\"_ _2\"></span>superiore ad Euro <span class=\"_ _2\"></span>5 miliardi. Tale im<span class=\"_ _2\"></span>porto massimo potr\u00e0 ess<span class=\"_ _2\"></span>ere incrementato <span class=\"_ _2\"></span>in<span class=\"_ _1\"></span> <span class=\"_ _2\"></span>conformit\u00e0 con <span class=\"_ _2\"></span>quanto previst<span class=\"_ _2\"></span>o dalla documentazione cont<span class=\"_ _2\"></span>rattuale del <span class=\"_ _2\"></span>Programma. <span class=\"_ _2\"></span>Nell\u2019ambito <span class=\"_ _2\"></span>del Programma, <span class=\"_ _2\"></span>Credem <span class=\"_ _2\"></span>pu\u00f2 <span class=\"_ _2\"></span>emette<span class=\"_ _1\"></span>re <span class=\"_ _2\"></span>un <span class=\"_ _2\"></span>ampio <span class=\"_ _2\"></span>spettro <span class=\"_ _2\"></span>di tipologie di <span class=\"_ _0\"></span>tito<span class=\"_ _2\"></span>li; <span class=\"_ _0\"></span>tuttavia <span class=\"_ _0\"></span>le <span class=\"_ _9\"> </span>tipologie <span class=\"_ _0\"></span>attualmente <span class=\"_ _0\"></span>pi\u00f9 <span class=\"_ _9\"> </span>diffuse <span class=\"_ _9\"> </span>sul <span class=\"_ _9\"> </span>mercato <span class=\"_ _0\"></span>sono <span class=\"_ _9\"> </span>titoli <span class=\"_ _0\"></span>c.d. soft <span class=\"_ _9\"> </span>bullet che prevedono il pagamento <span class=\"_ _2\"></span>pe<span class=\"ff5\">riodico di interessi, <span class=\"_ _2\"></span>il rimborso in un\u2019unica soluzione alla scadenza <span class=\"_ _2\"></span>e la </span>possibilit\u00e0 <span class=\"_ _d\"></span>per <span class=\"_ _d\"></span>la <span class=\"_ _0\"></span>Societ\u00e0 <span class=\"_ _d\"></span>Veicolo, <span class=\"_ _0\"></span>in <span class=\"_ _d\"></span>caso <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>inadempi<span class=\"_ _1\"></span>mento <span class=\"_ _d\"></span>di <span class=\"_ _0\"></span>Credem, <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>posticipare <span class=\"_ _0\"></span>la <span class=\"_ _d\"></span>data <span class=\"_ _0\"></span>di scadenza di un periodo aggiuntivo di tempo (di p<span class=\"_ _1\"></span>rassi, un anno). <span class=\"_ _2\"></span> Sono <span class=\"_ _0\"></span>state <span class=\"_ _0\"></span>effettuate <span class=\"_ _0\"></span>emissioni <span class=\"_ _9\"> </span>nel <span class=\"_ _0\"></span>2010, <span class=\"_ _0\"></span>2011, <span class=\"_ _0\"></span>2012, <span class=\"_ _0\"></span>2013, <span class=\"_ _0\"></span>2014, <span class=\"_ _0\"></span>2019, <span class=\"_ _0\"> </span>2021, <span class=\"_ _0\"></span>2022, <span class=\"_ _9\"> </span>2024 <span class=\"_ _d\"></span>e <span class=\"_ _9\"> </span>2025 mentre non <span class=\"_ _1\"></span>sono state e<span class=\"_ _1\"></span>ffettuate nu<span class=\"_ _1\"></span>ove<span class=\"fs5\"> </span>emissioni di<span class=\"_ _1\"></span> Covered <span class=\"_ _1\"></span>Bond dal <span class=\"_ _1\"></span>2015 al 20<span class=\"_ _1\"></span>18, nel 2<span class=\"_ _1\"></span>020 e<span class=\"_ _1\"></span> nel 2023. <span class=\"_ _f\"></span>Il valore <span class=\"_ _f\"></span>nominale comp<span class=\"_ _1\"></span>lessivo <span class=\"_ _1\"></span>dei <span class=\"_ _1\"></span>Covered <span class=\"_ _f\"></span>Bond in <span class=\"_ _f\"></span>circolazione <span class=\"_ _1\"></span>al <span class=\"_ _f\"></span>31<span class=\"_ _2\"></span> <span class=\"_ _f\"></span>dic<span class=\"_ _2\"></span>embre <span class=\"_ _1\"></span>2025, <span class=\"_ _1\"></span>emessi a vale<span class=\"_ _f\"></span>r<span class=\"_ _2\"></span>e <span class=\"_ _f\"></span>s<span class=\"_ _2\"></span>ul <span class=\"_ _f\"></span>programm<span class=\"_ _2\"></span>a <span class=\"_ _1\"></span>garantito d<span class=\"_ _1\"></span>a Crede<span class=\"_ _1\"></span>m CB <span class=\"_ _f\"></span>S.r.l., \u00e8 <span class=\"_ _f\"></span>pari a 3,6 <span class=\"_ _f\"></span>miliardi di <span class=\"_ _f\"></span>E<span class=\"_ _2\"></span>uro. <span class=\"_ _1\"></span>A d<span class=\"_ _1\"></span>icembre <span class=\"_ _f\"></span>20<span class=\"_ _2\"></span>25 \u00e8 <span class=\"_ _2\"></span>stat<span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>perfezionata <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>quindicesima<span class=\"_ _2\"></span> <span class=\"_ _2\"></span><span class=\"ff5\">emissione: <span class=\"_ _2\"></span>un\u2019emissione <span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>etained <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>un <span class=\"_ _d\"></span>ammontare <span class=\"_ _2\"></span>pari <span class=\"_ _2\"></span>a </span>750 milioni di euro<div class=\"t m0 hc ff4 fs4 fc4 sc3 ls0 ws0 gs137a\">E.<span class=\"_ _22\"> </span>Cons<span class=\"_ _1\"></span>olid<span class=\"_ _f\"></span>ato pr<span class=\"_ _f\"></span>udenz<span class=\"_ _f\"></span>iale - m<span class=\"_ _f\"></span>odelli<span class=\"_ _f\"></span> per la <span class=\"_ _f\"></span>misur<span class=\"_ _f\"></span>azion<span class=\"_ _f\"></span>e del ri<span class=\"_ _f\"></span>schio <span class=\"_ _f\"></span>di cred<span class=\"_ _f\"></span>ito<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs137b\">Il <span class=\"_ _18\"> </span>23 <span class=\"_ _19\"> </span>febbraio <span class=\"_ _19\"> </span><span class=\"ff5\">2022 <span class=\"_ _19\"> </span>l\u2019Autorit\u00e0 <span class=\"_ _19\"> </span>di <span class=\"_ _18\"> </span>Vigilanza <span class=\"_ _19\"> </span>ha <span class=\"_ _19\"> </span>confermato <span class=\"_ _19\"> </span>con <span class=\"_ _19\"> </span>apposita <span class=\"_ _19\"> </span>comunicazione<span class=\"_ _df\"> </span></span><span class=\"ff5\"> </span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs137c\">l\u2019autorizzazione <span class=\"_ _2\"></span>p<span class=\"_ _2\"></span>er <span class=\"_ _d\"></span>il <span class=\"_ _d\"></span>Gruppo <span class=\"_ _d\"></span>all\u2019uso <span class=\"_ _d\"></span>dei <span class=\"_ _2\"></span>mo<span class=\"_ _2\"></span>delli<span class=\"_ _1\"></span> <span class=\"_ _d\"></span>AIRB <span class=\"_ _d\"></span>((parametri <span class=\"_ _d\"></span>PD, <span class=\"_ _0\"></span>LGD, <span class=\"_ _2\"></span>EAD) <span class=\"_ _0\"></span>per <span class=\"_ _d\"></span>il <span class=\"_ _d\"></span>Rischio <span class=\"_ _d\"></span>di<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs137d\">Credito a seguito delle domande di autorizzazione delle<span class=\"_ _1\"></span> modifiche dei modelli AIRB di <span class=\"_ _2\"></span>marzo 2020<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs137e\">(modifiche <span class=\"_ _9\"> </span>i<span class=\"_ _2\"></span>n <span class=\"_ _9\"> </span>r<span class=\"_ _2\"></span>elazione <span class=\"_ _9\"> </span>alla  Targeted <span class=\"_ _9\"> </span>R<span class=\"_ _2\"></span>eview <span class=\"_ _9\"> </span>of  Internal <span class=\"_ _16\"> </span>Models)  e<span class=\"_ _1\"></span>  marzo  2021 <span class=\"_ _9\"> </span>(adeguamento<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs137f\">secondo la <span class=\"_ _2\"></span>Nuova <span class=\"_ _2\"></span>Definizione di <span class=\"_ _2\"></span>Default e <span class=\"_ _2\"></span>Art. <span class=\"_ _2\"></span>500 <span class=\"_ _2\"></span>CRR),<span class=\"_ _1\"></span> <span class=\"_ _2\"></span>sottoposti successiv<span class=\"_ _2\"></span>amente <span class=\"_ _2\"></span>ad accesso<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1380\">ispettivo nello stesso anno.<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1381\">Periodicamente <span class=\"_ _d\"></span>sono <span class=\"_ _d\"></span>effettuate <span class=\"_ _d\"></span>attivit\u00e0 <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>convalida <span class=\"_ _d\"></span>sui <span class=\"_ _d\"></span>diversi <span class=\"_ _d\"></span>parametri <span class=\"_ _d\"></span>in <span class=\"_ _0\"></span>termini <span class=\"_ _2\"></span>di <span class=\"_ _d\"></span>at<span class=\"_ _2\"></span>tivit\u00e0 <span class=\"_ _d\"></span>di<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1382\">presidio <span class=\"_ _f\"></span>e monitoraggio al<span class=\"_ _f\"></span> fine <span class=\"_ _1\"></span>di valu<span class=\"_ _1\"></span>tare la <span class=\"_ _f\"></span>generale ade<span class=\"_ _1\"></span>guatezza del <span class=\"_ _f\"></span>processo di <span class=\"_ _1\"></span>misurazione <span class=\"_ _f\"></span>del<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1383\">rischio di credito. Modelli<span class=\"_ _1\"></span> e metodologie risultano adeguate e le<span class=\"_ _1\"></span> performance del sistema di rating<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1384\">si confermano elevate indicando quindi una b<span class=\"_ _1\"></span>uona capacit\u00e0 discriminante dei modelli di rating.<span class=\"_ _2\"></span> </div><div class=\"t m0 h1a ff4 fs6 fc4 sc3 ls0 ws0 gs1386\">1.2. R<span class=\"_ _f\"></span>ischi di<span class=\"_ _f\"></span> merc<span class=\"_ _1\"></span>ato<span class=\"_ _f\"></span> </div><div class=\"t m0 he ff4 fs5 fc4 sc3 ls0 ws0 gs1387\">1.2.1 R<span class=\"_ _f\"></span>ischio di ta<span class=\"_ _f\"></span>sso di intere<span class=\"_ _f\"></span>sse e risch<span class=\"_ _f\"></span>io prezzo<span class=\"_ _f\"></span> <span class=\"ff5\">\u2013</span> portafo<span class=\"_ _1\"></span>glio d<span class=\"_ _1\"></span>i negoz<span class=\"_ _f\"></span>iazione d<span class=\"_ _1\"></span>i vigilan<span class=\"_ _f\"></span>za </div><div class=\"t m0 he ff4 fs5 fc4 sc3 ls0 ws0 gs1388\">Inform<span class=\"_ _1\"></span>azio<span class=\"_ _f\"></span>ni di natura<span class=\"_ _f\"></span> qualitativa </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1389\">Il modello <span class=\"_ _2\"></span>organizzativo di <span class=\"_ _2\"></span>presidio dei r<span class=\"_ _2\"></span>ischi ha <span class=\"_ _2\"></span>lo scopo <span class=\"_ _2\"></span>di favorire <span class=\"_ _2\"></span>il raggiungimento <span class=\"_ _2\"></span>di una serie </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs138a\">di obiettivi: </div><div class=\"t m0 h5 ff13 fs1 fc1 sc0 ls0 ws0 gs138b\">-<span class=\"_ _1b\"> </span><span class=\"ff4\">ruolo <span class=\"_ _2\"></span>di <span class=\"_ _d\"></span>governo <span class=\"_ _2\"></span>e <span class=\"_ _d\"></span>indirizzo <span class=\"_ _2\"></span>della <span class=\"_ _d\"></span>Capogruppo <span class=\"_ _2\"></span>ne<span class=\"_ _2\"></span>l <span class=\"_ _d\"></span>presidio <span class=\"_ _2\"></span>dei <span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>ischi <span class=\"_ _2\"></span>per <span class=\"_ _d\"></span>singola <span class=\"_ _d\"></span>Societ\u00e0 <span class=\"_ _2\"></span>e <span class=\"_ _d\"></span>del </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs138c\">loro impatto sui rischi di Gruppo, in ottemp<span class=\"_ _1\"></span>eranza alle vigenti disposizioni di Vigilanz<span class=\"_ _1\"></span>a e al Risk<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs138d\">Appetite Framework di Gruppo; </div><div class=\"t m0 h5 ff13 fs1 fc1 sc0 ls0 ws0 gs138e\">-<span class=\"_ _1b\"> </span><span class=\"ff4\">controllo <span class=\"_ _9\"> </span>gestionale <span class=\"_ _16\"> </span>nel <span class=\"_ _9\"> </span>senso <span class=\"_ _9\"> </span>dell'ottimizzazione <span class=\"_ _9\"> </span>del <span class=\"_ _16\"> </span>profilo <span class=\"_ _9\"> </span>rischio<span class=\"_ _2\"></span>-rendimento <span class=\"_ _16\"> </span>a <span class=\"_ _9\"> </span>livello <span class=\"_ _9\"> </span>d<span class=\"_ _2\"></span>i<span class=\"_ _df\"> </span></span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs138f\">Gruppo;<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff13 fs1 fc1 sc0 ls0 ws0 gs1390\">-<span class=\"_ _1b\"> </span><span class=\"ff4\">uniformit\u00e0 <span class=\"_ _9\"> </span>della <span class=\"_ _9\"> </span>metodologia <span class=\"_ _16\"> </span>di <span class=\"_ _9\"> </span>analisi <span class=\"_ _16\"> </span>e <span class=\"_ _9\"> </span>del <span class=\"_ _16\"> </span>\"linguaggio\" <span class=\"_ _9\"> </span>utilizzato  p<span class=\"_ _f\"></span>er  tutte <span class=\"_ _9\"> </span>le <span class=\"_ _9\"> </span>Societ\u00e0 <span class=\"_ _16\"> </span>del<span class=\"_ _df\"> </span></span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1391\">gruppo.<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1392\">In  questo <span class=\"_ _22\"> </span>ambito <span class=\"_ _4\"> </span>il  Rischio  di  mercato, <span class=\"_ _4\"> </span>inteso  come  rischio  di  perdite  causate <span class=\"_ _4\"> </span>da  variazioni </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1393\">sfavorevoli dei <span class=\"_ _1\"></span>fattori di rischi<span class=\"_ _1\"></span>o (tasso<span class=\"_ _2\"></span>, p<span class=\"_ _1\"></span>rezzo, cambio e<span class=\"_ _1\"></span>d altri fattori d<span class=\"_ _1\"></span>i mercato), vi<span class=\"_ _1\"></span>ene misurato e<span class=\"_ _f\"></span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1394\">monitorato <span class=\"_ _9\"> </span>sia <span class=\"_ _9\"> </span>in <span class=\"_ _0\"> </span>r<span class=\"_ _2\"></span>iferimento <span class=\"_ _0\"></span>al <span class=\"_ _9\"> </span>banking <span class=\"_ _0\"> </span>book <span class=\"_ _16\"> </span>(poste <span class=\"_ _0\"></span>a <span class=\"_ _9\"> </span>vista <span class=\"_ _9\"> </span>e <span class=\"_ _9\"> </span>a <span class=\"_ _9\"> </span>scadenza) <span class=\"_ _0\"></span>sia <span class=\"_ _9\"> </span>a<span class=\"_ _2\"></span>l <span class=\"_ _0\"></span>tr<span class=\"_ _2\"></span>ading <span class=\"_ _0\"></span>book </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1395\">(strumenti finanziari negoziati con finalit\u00e0 di positioning,<span class=\"_ _1\"></span> trading e negoziazione).<span class=\"_ _2\"></span> </div><div class=\"t m0 he ff4 fs5 fc4 sc3 ls0 ws0 gs1396\">Strutt<span class=\"_ _1\"></span>ura org<span class=\"_ _f\"></span>anizzativa<span class=\"_ _1\"></span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1397\">Di <span class=\"_ _f\"></span>s<span class=\"_ _2\"></span>egui<span class=\"_ _1\"></span>to v<span class=\"_ _1\"></span>engono <span class=\"_ _f\"></span>descritti i <span class=\"_ _f\"></span>principali <span class=\"_ _f\"></span>compiti de<span class=\"_ _1\"></span>lle <span class=\"_ _f\"></span>s<span class=\"_ _2\"></span>trutture <span class=\"_ _1\"></span>organizz<span class=\"_ _1\"></span>ative <span class=\"_ _1\"></span>coinvolte <span class=\"_ _f\"></span>nel processo<span class=\"_ _1\"></span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1398\">di controllo e gestione dei rischi di mercato.  </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1399\">Il <span class=\"_ _2\"></span>Consiglio <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>Amministr<span class=\"_ _2\"></span>azione <span class=\"_ _2\"></span>della <span class=\"_ _2\"></span>Capogruppo, <span class=\"_ _2\"></span>CA, <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _d\"></span>responsabile <span class=\"_ _2\"></span>della <span class=\"_ _2\"></span>definizio<span class=\"_ _2\"></span>ne <span class=\"_ _2\"></span>delle <span class=\"_ _d\"></span>linee </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs139a\">generali <span class=\"_ _1\"></span>del <span class=\"_ _1\"></span>governo dei<span class=\"_ _1\"></span> rischi <span class=\"_ _f\"></span>pe<span class=\"_ _2\"></span>r ci<span class=\"_ _1\"></span>ascuna area <span class=\"_ _f\"></span>di busine<span class=\"_ _f\"></span>s<span class=\"_ _2\"></span>s; <span class=\"_ _1\"></span>delibera i <span class=\"_ _f\"></span>poteri riconosciuti <span class=\"_ _1\"></span>in merit<span class=\"_ _1\"></span>o </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs139b\">a strategie operative, assunzione <span class=\"_ _2\"></span>di rischi e azioni <span class=\"_ _2\"></span>correttive;<span class=\"_ _1\"></span> individua l\u2019insieme <span class=\"_ _2\"></span>degli indicatori di </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs139c\">Risk <span class=\"_ _d\"></span>Appetite <span class=\"_ _0\"></span>e <span class=\"_ _0\"></span>delle <span class=\"_ _d\"></span>r<span class=\"_ _2\"></span>elative <span class=\"_ _d\"></span>m<span class=\"_ _2\"></span>etriche <span class=\"_ _d\"></span>di <span class=\"_ _0\"></span>calcolo; <span class=\"_ _0\"></span>definisce <span class=\"_ _d\"></span>e <span class=\"_ _0\"></span>a<span class=\"_ _2\"></span>pprova <span class=\"_ _d\"></span>gli <span class=\"_ _0\"></span>obiettivi <span class=\"_ _0\"></span>di <span class=\"_ _d\"></span>r<span class=\"_ _2\"></span>ischio <span class=\"_ _d\"></span>e <span class=\"_ _0\"></span>le </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs139d\">soglie di tolleranza valu<span class=\"_ _1\"></span>tando periodicamente l\u2019adeguatezza del Risk Appetite Framework (RAF) e </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs139e\">la <span class=\"_ _2\"></span>compatibilit\u00e0 <span class=\"_ _d\"></span>tra <span class=\"_ _d\"></span>obiettivi <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>rischio <span class=\"_ _2\"></span>effettivo; <span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>pprova <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>truttura <span class=\"_ _2\"></span>generale <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>ei <span class=\"_ _2\"></span>limi<span class=\"_ _2\"></span>ti <span class=\"_ _d\"></span>operativi <span class=\"_ _2\"></span>e </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs139f\">delle <span class=\"_ _d\"></span>deleghe, <span class=\"_ _2\"></span>nonc<span class=\"_ _2\"></span>h\u00e9 <span class=\"_ _d\"></span>le <span class=\"_ _d\"></span>linee <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>responsabilit\u00e0 <span class=\"_ _d\"></span>ed <span class=\"_ _d\"></span>autorit\u00e0 <span class=\"_ _0\"></span>in <span class=\"_ _2\"></span>merito <span class=\"_ _d\"></span>al <span class=\"_ _0\"></span>processo <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>gestione <span class=\"_ _2\"></span>dei </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs13a0\">rischi.  </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs13a1\">I <span class=\"_ _2\"></span>Cons<span class=\"_ _2\"></span>igli <span class=\"_ _2\"></span>di <span class=\"_ _d\"></span>Amministrazione <span class=\"_ _d\"></span>delle <span class=\"_ _d\"></span>singole <span class=\"_ _d\"></span>societ\u00e0 <span class=\"_ _d\"></span>recepiscono <span class=\"_ _2\"></span>l\u2019appetito <span class=\"_ _d\"></span>al <span class=\"_ _d\"></span>rischio <span class=\"_ _d\"></span>e <span class=\"_ _d\"></span>la <span class=\"_ _2\"></span>soglia <span class=\"_ _d\"></span>di </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs13a2\">tolleranza d<span class=\"_ _1\"></span>efiniti in <span class=\"_ _f\"></span>ambito RAF <span class=\"_ _f\"></span>dalla Capogruppo; <span class=\"_ _f\"></span>approvano gli <span class=\"_ _1\"></span>indirizzi <span class=\"_ _1\"></span>strategici e<span class=\"_ _f\"></span> le linee <span class=\"_ _f\"></span>guida </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs13a3\">di <span class=\"_ _9\"> </span>gestione <span class=\"_ _9\"> </span>dei <span class=\"_ _9\"> </span>rischi <span class=\"_ _9\"> </span>formulati <span class=\"_ _9\"> </span>dalla <span class=\"_ _9\"> </span>Capogruppo <span class=\"_ _9\"> </span>nonch\u00e9 <span class=\"_ _9\"> </span>la <span class=\"_ _9\"> </span>struttura <span class=\"_ _16\"> </span>dei <span class=\"_ _0\"></span>limiti <span class=\"_ _16\"> </span>e <span class=\"_ _0\"></span>delle <span class=\"_ _9\"> </span>deleghe </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs13a4\">operative inte<span class=\"_ _1\"></span>rne nell\u2019ambito d<span class=\"_ _1\"></span>i quanto fissato <span class=\"_ _1\"></span>dal Con<span class=\"_ _1\"></span>siglio di <span class=\"_ _1\"></span>amministrazione d<span class=\"_ _1\"></span>ella <span class=\"ff4\">Capogruppo.<span class=\"_ _df\"> </span></span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs13a5\">Le Direzioni delle singol<span class=\"_ _1\"></span>e societ\u00e0<span class=\"_ _2\"></span><span class=\"sc2\"> </span>realizzano le attivit\u00e0 di b<span class=\"_ _1\"></span>usiness di competenza nel rispe<span class=\"_ _1\"></span>tto delle </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs13a6\">deleghe e dei limiti operativi di<span class=\"_ _1\"></span> rischio assegnati dai rispettivi Consigli di Ammini<span class=\"_ _1\"></span>strazione.<span class=\"_ _2\"></span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs13a7\">Il <span class=\"_ _9\"> </span>Comitato <span class=\"_ _9\"> </span>Esecutivo <span class=\"_ _9\"> </span>(CE) <span class=\"_ _16\"> </span>della <span class=\"_ _9\"> </span>Capogruppo, <span class=\"_ _16\"> </span><span class=\"ff5\">quale <span class=\"_ _0\"> </span>o<span class=\"_ _2\"></span>rgano <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>gestione, <span class=\"_ _9\"> </span>cura <span class=\"_ _16\"> </span>l\u2019attuazione <span class=\"_ _0\"></span>d<span class=\"_ _2\"></span>egli </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs13a8\">indirizzi strategici e delle politiche di gov<span class=\"_ _1\"></span>erno dei rischi definiti dal CA, ed in particolare definisce e </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs13a9\">cura <span class=\"_ _2\"></span>l\u2019attuazione del processo <span class=\"_ _2\"></span>di gestione <span class=\"_ _2\"></span>dei rischi. <span class=\"_ _2\"></span>Al <span class=\"_ _2\"></span>CE compete inoltr<span class=\"_ _2\"></span>e la <span class=\"_ _2\"></span>defini<span class=\"_ _1\"></span>zione <span class=\"_ _2\"></span>dei l<span class=\"_ _2\"></span><span class=\"ff4\">imiti </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs13aa\">operativi coerenti con la propensione al rischio. </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs13ab\">I Comitati della Capogruppo coinvolti in ambito RAF hanno le segu<span class=\"_ _1\"></span>enti responsabilit\u00e0.<span class=\"_ _2\"></span> </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs13ac\">Il  Comi<span class=\"_ _1\"></span>tato  Consiliare <span class=\"_ _16\"> </span>Rischi <span class=\"_ _16\"> </span>e <span class=\"_ _16\"> </span>Sostenibilit\u00e0 <span class=\"_ _16\"> </span>di <span class=\"_ _16\"> </span>Gruppo <span class=\"_ _16\"> </span>svolge <span class=\"_ _16\"> </span>l\u2019attivit\u00e0  valutativa <span class=\"_ _16\"> </span>e <span class=\"_ _16\"> </span>propositiva </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs13ad\">necessaria  affinc<span class=\"_ _1\"></span>h\u00e9  i<span class=\"_ _1\"></span>l  CA <span class=\"_ _16\"> </span>possa <span class=\"_ _16\"> </span>approvare <span class=\"_ _16\"> </span>obiettivi <span class=\"_ _16\"> </span>di <span class=\"_ _9\"> </span>r<span class=\"_ _2\"></span>ischio <span class=\"_ _16\"> </span>e  s<span class=\"_ _f\"></span>oglie  di <span class=\"_ _16\"> </span>tolleranza  e<span class=\"_ _1\"></span>  valu<span class=\"_ _1\"></span>tare </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs13ae\">periodicamente l\u2019adeguatezza del RAF e la compatibili<span class=\"_ _1\"></span>t\u00e0 tra <span class=\"_ _2\"></span>obiettivi e rischio eff<span class=\"_ _1\"></span>ettivo.<span class=\"_ _2\"></span><span class=\"ff4\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs13af\">Esprime inoltre parere per il CA sulle proposte relative alle metodologie di misura<span class=\"_ _2\"></span>zione <span class=\"_ _2\"></span>e controllo </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs13b0\">e <span class=\"_ _d\"></span>analisi <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>rilevanza <span class=\"_ _d\"></span>dei <span class=\"_ _d\"></span>rischi <span class=\"_ _d\"></span>anche <span class=\"_ _d\"></span>ai <span class=\"_ _d\"></span>fi<span class=\"_ _2\"></span>ni <span class=\"_ _d\"></span>del <span class=\"_ _d\"></span>calcolo <span class=\"_ _d\"></span>del <span class=\"_ _d\"></span>capitale <span class=\"_ _d\"></span>interno; <span class=\"_ _0\"></span>supporta <span class=\"_ _d\"></span>infine <span class=\"_ _d\"></span>il <span class=\"_ _d\"></span>CA </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs13b1\">della capogruppo con la proposizione<span class=\"_ _1\"></span> delle strategie generali per il governo dei rischi. <span class=\"_ _2\"></span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs13b2\">Il <span class=\"_ _15\"> </span>Comitat<span class=\"_ _2\"></span>o <span class=\"_ _15\"> </span>Risk <span class=\"_ _15\"> </span>Management, <span class=\"_ _e\"> </span>istituito <span class=\"_ _15\"> </span>al <span class=\"_ _e\"> </span>fine <span class=\"_ _15\"> </span>di <span class=\"_ _e\"> </span>informare <span class=\"_ _15\"> </span>il <span class=\"_ _e\"> </span>CE <span class=\"_ _e\"> </span>del <span class=\"_ _15\"> </span>presidio <span class=\"_ _15\"> </span>del <span class=\"_ _e\"> </span>rischio </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs13b3\">complessivamente  assunto  e<span class=\"_ _1\"></span>  del<span class=\"_ _1\"></span>  suo  monitoraggio  nel<span class=\"_ _1\"></span>l\u2019ambito  delle  strategi<span class=\"_ _1\"></span>e  e  metodologie<span class=\"_ _1\"></span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs13b4\">definite dalla Capogruppo nel RAF, effe<span class=\"_ _1\"></span>ttua le seguenti operazioni:<span class=\"_ _2\"></span> </div><div class=\"t m0 h5 ff13 fs1 fc1 sc0 ls0 ws0 gs13b5\">-<span class=\"_ _1d\"> </span><span class=\"ff4\">presidia <span class=\"_ _9\"> </span>il <span class=\"_ _16\"> </span>rischio <span class=\"_ _9\"> </span>compl<span class=\"_ _2\"></span>essivamente <span class=\"_ _9\"> </span>assunto  d<span class=\"_ _1\"></span>alle  sing<span class=\"_ _1\"></span>ole <span class=\"_ _9\"> </span>societ\u00e0  e<span class=\"_ _1\"></span> <span class=\"_ _16\"> </span>del <span class=\"_ _9\"> </span>suo <span class=\"_ _16\"> </span>monitoraggio<span class=\"_ _df\"> </span></span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs13b6\">nell\u2019ambito <span class=\"_ _15\"> </span>delle <span class=\"_ _e\"> </span>strategie <span class=\"_ _e\"> </span>e <span class=\"_ _15\"> </span>metodologie <span class=\"_ _e\"> </span>definite <span class=\"_ _15\"> </span>dalla <span class=\"_ _e\"> </span>Capogruppo <span class=\"_ _e\"> </span>nel <span class=\"_ _15\"> </span>Risk <span class=\"_ _e\"> </span>Appetite<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs13b7\">Framework; </div><div class=\"t m0 h5 ff13 fs1 fc1 sc0 ls0 ws0 gs13b8\">-<span class=\"_ _1d\"> </span><span class=\"ff4\">periodicamente <span class=\"_ _c\"> </span>valuta <span class=\"_ _c\"> </span>il <span class=\"_ _c\"> </span>livello <span class=\"_ _c\"> </span>di <span class=\"_ _c\"> </span>rischio <span class=\"_ _c\"> </span>complessivamente <span class=\"_ _c\"> </span>assunto, <span class=\"_ _c\"> </span>attraverso <span class=\"_ _c\"> </span>il<span class=\"_ _df\"> </span></span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs13b9\">monitoraggio degli indicatori RAF per tipologia di rischio; </div><div class=\"t m0 h5 ff13 fs1 fc1 sc0 ls0 ws0 gs13ba\">-<span class=\"_ _1d\"> </span><span class=\"ff4\">analizza inoltre ev<span class=\"_ _1\"></span>entuali eventi inte<span class=\"_ _1\"></span>rni o esterni <span class=\"_ _1\"></span>che possano <span class=\"_ _1\"></span>modificare <span class=\"_ _f\"></span>in maniera rilevante il<span class=\"_ _df\"> </span></span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs13bb\">profilo <span class=\"_ _f\"></span>di rischi<span class=\"_ _1\"></span>o <span class=\"_ _1\"></span>e <span class=\"_ _f\"></span>r<span class=\"_ _2\"></span>ichiede <span class=\"_ _f\"></span>quindi agli <span class=\"_ _f\"></span>organi <span class=\"_ _1\"></span>competenti, <span class=\"_ _f\"></span>p<span class=\"_ _2\"></span>er <span class=\"_ _f\"></span>il tramite <span class=\"_ _f\"></span>del R<span class=\"_ _1\"></span>isk <span class=\"_ _f\"></span>Of<span class=\"_ _2\"></span>ficer, <span class=\"_ _f\"></span>revisioni<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs13bc\">addizionali del RAF.<span class=\"_ _df\"> </span></div>La fu<span class=\"_ _f\"></span>nzion<span class=\"_ _2\"></span>e <span class=\"_ _f\"></span>di Risk Manag<span class=\"_ _1\"></span>ement supp<span class=\"_ _1\"></span>orta il <span class=\"_ _1\"></span>Comitato Consili<span class=\"_ _1\"></span>are <span class=\"_ _f\"></span>Rischi e <span class=\"_ _1\"></span>Sostenibilit\u00e0 d<span class=\"_ _1\"></span>i Grupp<span class=\"_ _1\"></span>o ed effettua le attivit\u00e0 di seguito descritte. In ambito RAF: -<span class=\"_ _1d\"> </span><span class=\"ff4\">verifica <span class=\"_ _2\"></span>almeno <span class=\"_ _d\"></span>annualmente <span class=\"_ _2\"></span>la <span class=\"_ _d\"></span>bont\u00e0 <span class=\"_ _2\"></span>delle <span class=\"_ _2\"></span>met<span class=\"_ _2\"></span>riche <span class=\"_ _2\"></span>utilizzate <span class=\"_ _2\"></span>sott<span class=\"_ _2\"></span>oponendo <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>backtesting <span class=\"_ _2\"></span>i<span class=\"_ _df\"> </span></span>modelli <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>stima <span class=\"_ _4\"> </span>del <span class=\"_ _4\"> </span>rischio, <span class=\"_ _4\"> </span>riportando <span class=\"_ _4\"> </span>nel <span class=\"_ _4\"> </span>RAF <span class=\"_ _17\"> </span>gli <span class=\"_ _4\"> </span>esiti, <span class=\"_ _4\"> </span>eventuali<span class=\"_ _1\"></span> <span class=\"_ _4\"> </span>carenze <span class=\"_ _4\"> </span>ed <span class=\"_ _4\"> </span>eventuali<span class=\"_ _df\"> </span>necessit\u00e0 di sviluppo di<span class=\"_ _1\"></span> nuove metodologie;<span class=\"_ _df\"> </span>-<span class=\"_ _1d\"> </span><span class=\"ff5\">rendiconta <span class=\"_ _0\"></span>almeno <span class=\"_ _0\"></span>trimestralmente <span class=\"_ _d\"></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\u2019andamento <span class=\"_ _d\"></span>del <span class=\"_ _0\"></span>profilo <span class=\"_ _0\"></span>di<span class=\"_ _df\"> </span></span>rischio <span class=\"_ _2\"></span>assunto <span class=\"_ _2\"></span>nel suo <span class=\"_ _2\"></span>complesso <span class=\"_ _2\"></span>rispetto <span class=\"_ _2\"></span>agli obiettivi <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>Risk <span class=\"_ _2\"></span>Appetite relat<span class=\"_ _2\"></span>ivamente a <span class=\"_ _2\"></span>tutti<span class=\"_ _df\"> </span>gli indicatori, compresi quelli inerenti il rischio di mercato.<span class=\"_ _df\"> </span>Si occupa inoltre: -<span class=\"_ _1d\"> </span><span class=\"ff4\">della <span class=\"_ _f\"></span>misurazione e<span class=\"_ _1\"></span> <span class=\"_ _f\"></span>rendicontazio<span class=\"_ _2\"></span>ne <span class=\"_ _f\"></span>dei <span class=\"_ _f\"></span>rischi <span class=\"_ _f\"></span>finanziari <span class=\"_ _f\"></span>p<span class=\"_ _2\"></span>er <span class=\"_ _f\"></span>singola <span class=\"_ _f\"></span>so<span class=\"_ _2\"></span>ciet\u00e0 <span class=\"_ _f\"></span>e <span class=\"_ _f\"></span>a <span class=\"_ _f\"></span>livello <span class=\"_ _1\"></span>di <span class=\"_ _f\"></span>Gruppo,<span class=\"_ _df\"> </span></span>utilizzando <span class=\"_ _16\"> </span>a  que<span class=\"_ _1\"></span>sto  fine  p<span class=\"_ _1\"></span>rincipalmente  misu<span class=\"_ _1\"></span>re  di <span class=\"_ _9\"> </span>r<span class=\"_ _2\"></span>ischio <span class=\"_ _16\"> </span>in  termini <span class=\"_ _9\"> </span>di  sensitivity,  v<span class=\"_ _1\"></span>olte  a<span class=\"_ _df\"> </span>verificare <span class=\"_ _0\"></span>il <span class=\"_ _0\"></span>rispetto <span class=\"_ _0\"> </span>dei <span class=\"_ _0\"></span>limiti <span class=\"_ _9\"> </span>assegnati <span class=\"_ _0\"></span>e <span class=\"_ _0\"></span>la <span class=\"_ _0\"></span>coerenza <span class=\"_ _9\"> </span>con <span class=\"_ _0\"></span>gli <span class=\"_ _0\"></span>obiettivi <span class=\"_ _d\"></span>di <span class=\"_ _0\"></span>r<span class=\"_ _2\"></span>ischio <span class=\"_ _0\"></span>rendimento<span class=\"_ _df\"> </span>assegnati; -<span class=\"_ _1d\"> </span><span class=\"ff4\">dello <span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>viluppo <span class=\"_ _2\"></span>e <span class=\"_ _d\"></span>della <span class=\"_ _2\"></span>g<span class=\"_ _2\"></span>estione <span class=\"_ _2\"></span>dei <span class=\"_ _d\"></span>sistemi <span class=\"_ _d\"></span>di <span class=\"_ _2\"></span>misurazione <span class=\"_ _d\"></span>dei <span class=\"_ _2\"></span>rischi <span class=\"_ _d\"></span>t<span class=\"_ _2\"></span><span class=\"ff5\">ramite <span class=\"_ _d\"></span>l\u2019acquisizione <span class=\"_ _2\"></span>dei<span class=\"_ _df\"> </span></span></span>dati di mercato necessari per il calcol<span class=\"_ _1\"></span>o;<span class=\"_ _df\"> </span>-<span class=\"_ _1d\"> </span><span class=\"ff4\">della definizione del profilo di rischio dei nuovi prodotti.<span class=\"_ _df\"> </span></span>Le <span class=\"_ _9\"> </span>risultanze <span class=\"_ _16\"> </span>dell\u2019attivit\u00e0 <span class=\"_ _9\"> </span>della <span class=\"_ _9\"> </span>f<span class=\"_ _2\"></span>unzione <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>Risk  M<span class=\"_ _1\"></span>anagement <span class=\"_ _16\"> </span>sono <span class=\"_ _16\"> </span>riportate <span class=\"_ _9\"> </span>periodicamente <span class=\"_ _9\"> </span>al Comitato Consiliare Rischi e Sostenibilit\u00e0 di Gruppo.<span class=\"_ _df\"> </span>A. Asp<span class=\"_ _f\"></span>etti genera<span class=\"_ _f\"></span>li<span class=\"_ _df\"> </span>Rischio<span class=\"_ _f\"></span> di tasso <span class=\"_ _1\"></span>di intere<span class=\"_ _f\"></span>sse Credem<span class=\"_ _f\"></span>banca<span class=\"_ _f\"></span> Il <span class=\"_ _1\"></span>presidio dei <span class=\"_ _f\"></span>rischi finanziari <span class=\"_ _1\"></span>avviene tramite <span class=\"_ _f\"></span>la definizione di<span class=\"_ _1\"></span> una struttura <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>limiti ch<span class=\"_ _1\"></span>e costituisce l\u2019espressione  diretta <span class=\"_ _22\"> </span>del <span class=\"_ _22\"> </span>l<span class=\"_ _2\"></span>ivello  di <span class=\"_ _22\"> </span>r<span class=\"_ _2\"></span>ischiosit\u00e0  ritenuto  ac<span class=\"_ _2\"></span><span class=\"ff4\">cettabile  con <span class=\"_ _22\"> </span>riferim<span class=\"_ _2\"></span>ento  alle  s<span class=\"_ _2\"></span>ingole </span>aree/linee <span class=\"_ _2\"></span>di <span class=\"_ _d\"></span>business, <span class=\"_ _2\"></span>in <span class=\"_ _d\"></span>coerenza <span class=\"_ _d\"></span>con <span class=\"_ _2\"></span>il <span class=\"_ _d\"></span>Risk <span class=\"_ _2\"></span>Appetite <span class=\"_ _d\"></span>Framework <span class=\"_ _2\"></span>definito <span class=\"_ _d\"></span>a <span class=\"_ _2\"></span>livello <span class=\"_ _2\"></span>di <span class=\"_ _d\"></span>gruppo. <span class=\"_ _d\"></span>In particolare i rischi di mercato si gene<span class=\"_ _1\"></span>rano a seguito delle seguenti operativit\u00e0:<span class=\"_ _2\"></span> -<span class=\"_ _1b\"> </span><span class=\"ff4\">attivit\u00e0 tradizionale di<span class=\"_ _1\"></span> raccolta ed impiego;<span class=\"_ _df\"> </span></span>-<span class=\"_ _1b\"> </span><span class=\"ff4\">attivit\u00e0 sui mercati finanziari con final<span class=\"_ _1\"></span>it\u00e0 di trading e di investimento; </span>-<span class=\"_ _1b\"> </span><span class=\"ff4\">attivit\u00e0 di negoziazione<span class=\"_ _f\"></span> <span class=\"_ _2\"></span>di strumenti finanziari in contropartita con la clie<span class=\"_ _f\"></span>nt<span class=\"_ _2\"></span>ela.<span class=\"_ _df\"> </span></span>Il <span class=\"_ _f\"></span>rischio tasso<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>di <span class=\"_ _f\"></span>interesse ne<span class=\"_ _1\"></span>l <span class=\"_ _f\"></span>portafoglio di<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>negoziazione<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>di <span class=\"_ _f\"></span>vigilanza \u00e8 <span class=\"_ _f\"></span>generat<span class=\"ff5\">o<span class=\"_ _2\"></span> <span class=\"_ _f\"></span>dall\u2019attivit\u00e0 <span class=\"_ _1\"></span>svolta </span>sui mercati obblig<span class=\"_ _1\"></span>azionari e derivati su tasso.<span class=\"_ _1\"></span> Il rischio di tasso g<span class=\"_ _f\"></span>enerato da tale attivit\u00e0 \u00e8 gestito e<span class=\"_ _1\"></span> controllato tramite limiti in termini di sensitivi<span class=\"_ _1\"></span>ty e di vega. <span class=\"_ _2\"></span> Il rischio specifico o emittente viene monitorato tramite appo<span class=\"_ _2\"></span>siti massimali di concentrazione per settore e classe di rating<span class=\"_ _1\"></span> sia in termini di controvalore che di <span class=\"_ _1\"></span>sensitivity. Inoltre il model<span class=\"_ _1\"></span>lo di VaR in uso <span class=\"_ _f\"></span>esclusivamente <span class=\"_ _f\"></span>ai <span class=\"_ _f\"></span>fini <span class=\"_ _f\"></span>g<span class=\"_ _2\"></span>estionali <span class=\"_ _f\"></span>include <span class=\"_ _f\"></span>il <span class=\"_ _f\"></span>rischio <span class=\"_ _f\"></span>emittente, med<span class=\"_ _1\"></span>iante <span class=\"_ _f\"></span>l\u2019utilizzo <span class=\"_ _f\"></span>di <span class=\"_ _f\"></span>s<span class=\"_ _2\"></span>erie <span class=\"_ _f\"></span>storiche specifiche sugli spread di mercato. La funzi<span class=\"_ _1\"></span>one di <span class=\"_ _1\"></span>Risk Management produce<span class=\"_ _1\"></span> reports di <span class=\"_ _f\"></span>r<span class=\"_ _2\"></span>ischio <span class=\"_ _1\"></span>con freq<span class=\"_ _1\"></span>uenza giornaliera, settimanal<span class=\"_ _1\"></span>e e <span class=\"_ _9\"> </span>trimestrale <span class=\"_ _9\"> </span>a <span class=\"_ _9\"> </span>s<span class=\"_ _2\"></span>econda <span class=\"_ _0\"></span>della <span class=\"_ _9\"> </span>funzione <span class=\"_ _9\"> </span>destinatar<span class=\"_ _2\"></span>ia, <span class=\"_ _0\"> </span>indicando <span class=\"_ _9\"> </span>gli <span class=\"_ _9\"> </span>eventuali <span class=\"_ _9\"> </span>sconfini <span class=\"_ _9\"> </span>r<span class=\"_ _2\"></span>ispetto <span class=\"_ _9\"> </span>ai massimali <span class=\"_ _2\"></span>assegnati <span class=\"_ _2\"></span>dal <span class=\"_ _2\"></span>Regolamento <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>mat<span class=\"_ _2\"></span>eria <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>assunzione <span class=\"_ _2\"></span>dei r<span class=\"_ _2\"></span>ischi fi<span class=\"_ _2\"></span>nanziari e <span class=\"_ _d\"></span>la <span class=\"_ _2\"></span>misura <span class=\"_ _2\"></span>di rischio gestionale in termini di VaR. Eventuali modifiche <span class=\"_ _2\"></span>al R<span class=\"_ _2\"></span>egolamento <span class=\"_ _2\"></span>ed ai <span class=\"_ _2\"></span>massimali <span class=\"_ _2\"></span>in esso <span class=\"_ _2\"></span>espressi poss<span class=\"_ _2\"></span>ono essere <span class=\"_ _2\"></span>sottoposte a <span class=\"_ _4\"> </span>delibera <span class=\"_ _17\"> </span>del <span class=\"_ _4\"> </span>Consiglio <span class=\"_ _4\"> </span>di <span class=\"_ _17\"> </span>Amministrazione <span class=\"_ _17\"> </span>o <span class=\"_ _4\"> </span>del <span class=\"_ _4\"> </span>Comita<span class=\"_ _2\"></span>to <span class=\"_ _4\"> </span>Esecutivo, <span class=\"_ _4\"> </span>per <span class=\"_ _17\"> </span>competenza, <span class=\"_ _17\"> </span>su proposta della Finanza, sentito preventivame<span class=\"_ _1\"></span>nte il parere della funzione di Risk Management.<span class=\"_ _2\"></span> Credem<span class=\"_ _f\"></span> Eurom<span class=\"_ _f\"></span>obiliare<span class=\"_ _1\"></span> Priva<span class=\"_ _f\"></span>te Banki<span class=\"_ _1\"></span>ng I <span class=\"_ _16\"> </span>rischi <span class=\"_ _16\"> </span>di <span class=\"_ _9\"> </span>m<span class=\"_ _2\"></span>ercato <span class=\"_ _16\"> </span>legati <span class=\"_ _9\"> </span>al  rischio <span class=\"_ _16\"> </span>tasso  s<span class=\"_ _1\"></span>ono  g<span class=\"_ _1\"></span>estiti  at<span class=\"_ _1\"></span>traverso  limiti <span class=\"_ _9\"> </span>in  termini <span class=\"_ _9\"> </span>di  sensitivit<span class=\"_ _2\"></span>y complessiva e su singoli time bucke<span class=\"_ _1\"></span>t.<span class=\"_ _2\"></span> La <span class=\"_ _4\"> </span>funzione <span class=\"_ _17\"> </span>Risk <span class=\"_ _17\"> </span>Management <span class=\"_ _17\"> </span>della <span class=\"_ _4\"> </span>capogruppo <span class=\"_ _17\"> </span>verifica <span class=\"_ _4\"> </span>il <span class=\"_ _17\"> </span>rispetto <span class=\"_ _17\"> </span>di <span class=\"_ _17\"> </span>tali <span class=\"_ _4\"> </span>limiti <span class=\"_ _17\"> </span>e <span class=\"_ _17\"> </span>monitora l\u2019andamento <span class=\"_ _e\"> </span>del <span class=\"_ _e\"> </span>requisito <span class=\"_ _e\"> </span>patrimoniale <span class=\"_ _15\"> </span>a <span class=\"_ _e\"> </span>fronte <span class=\"_ _e\"> </span>dei <span class=\"_ _e\"> </span>rischi <span class=\"_ _15\"> </span>di <span class=\"_ _e\"> </span>mercat<span class=\"_ _2\"></span>o, <span class=\"_ _15\"> </span>calcolato <span class=\"_ _e\"> </span>secondo l\u2019approccio standard.<span class=\"ff4\"> </span>Rischio<span class=\"_ _f\"></span> di prezz<span class=\"_ _1\"></span>o Nell\u2019ambito <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>\u201cport<span class=\"_ _2\"></span>afoglio <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>negoziazione <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>vi<span class=\"_ _2\"></span>gilanza\u201d <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>principale <span class=\"_ _2\"></span>font<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>rischio <span class=\"_ _d\"></span>di <span class=\"_ _2\"></span>prezzo <span class=\"_ _2\"></span>\u00e8 costituita dai titoli azionari, fondi e dai relativi strumenti deriv<span class=\"_ _1\"></span>ati.<div class=\"t m0 h5 ff4 fs1 fc4 sc3 ls0 ws0 gs13f2\">Credem<span class=\"_ _f\"></span>banca<span class=\"_ _f\"></span> </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs13f3\">I <span class=\"_ _0\"></span>rischi <span class=\"_ _0\"></span>azionari <span class=\"_ _d\"></span>sono <span class=\"_ _0\"></span>assunti <span class=\"_ _0\"></span>nell\u2019ambito <span class=\"_ _d\"></span>delle <span class=\"_ _0\"></span>attiv<span class=\"_ _2\"></span><span class=\"ff4\">it\u00e0 <span class=\"_ _0\"></span>di <span class=\"_ _d\"></span>trading. <span class=\"_ _0\"></span>Tale <span class=\"_ _0\"></span>attivit\u00e0 <span class=\"_ _0\"></span>svolta <span class=\"_ _d\"></span>s<span class=\"_ _2\"></span>ui <span class=\"_ _d\"></span>mercati </span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs13f4\">azionari <span class=\"_ _0\"> </span>prevede <span class=\"_ _9\"> </span>l\u2019assunzione <span class=\"_ _0\"> </span>d<span class=\"_ _2\"></span>i <span class=\"_ _0\"></span>posizioni <span class=\"_ _9\"> </span>direzionali <span class=\"_ _0\"></span>g<span class=\"_ _2\"></span>estite <span class=\"_ _0\"></span>e <span class=\"_ _9\"> </span>controllate <span class=\"_ _9\"> </span>tramite <span class=\"_ _9\"> </span>massimali <span class=\"_ _0\"> </span>di </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs13f5\">posizione, <span class=\"_ _22\"> </span>sia <span class=\"_ _4\"> </span>lorda <span class=\"_ _4\"> </span>sia <span class=\"_ _4\"> </span>netta, <span class=\"_ _4\"> </span>limiti  in <span class=\"_ _4\"> </span>termini <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>greche <span class=\"_ _4\"> </span>e <span class=\"_ _22\"> </span>mass<span class=\"_ _2\"></span>imali <span class=\"_ _22\"> </span>di <span class=\"_ _4\"> </span>concentrazione <span class=\"_ _4\"> </span>per </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs13f6\">sottostante.  </div><div class=\"t m0 h5 ff4 fs1 fc4 sc3 ls0 ws0 gs13f7\">Credem<span class=\"_ _f\"></span> Eurom<span class=\"_ _f\"></span>obiliare<span class=\"_ _1\"></span> Priva<span class=\"_ _f\"></span>te Banki<span class=\"_ _1\"></span>ng </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs13f8\">Il <span class=\"_ _0\"></span>Regolamento <span class=\"_ _9\"> </span>in <span class=\"_ _9\"> </span>materia <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>assunzione <span class=\"_ _9\"> </span>dei <span class=\"_ _0\"></span>r<span class=\"_ _2\"></span>ischi <span class=\"_ _0\"></span>finanziari, <span class=\"_ _9\"> </span>mo<span class=\"_ _2\"></span>nitorato <span class=\"_ _0\"></span>dalla <span class=\"_ _9\"> </span>funzione <span class=\"_ _0\"> </span>di <span class=\"_ _16\"> </span>Risk </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs13f9\">Management, non prevede massimali ordinari per l\u2019ope<span class=\"_ _1\"></span>rativit\u00e0 sul rischio azionario.<span class=\"_ _2\"></span><span class=\"ff4\"> </span></div><div class=\"t m0 he ff4 fs5 fc4 sc3 ls0 ws0 gs13fa\">Rischi <span class=\"_ _1\"></span>climati<span class=\"_ _f\"></span>ci e ambie<span class=\"_ _1\"></span>ntali<span class=\"_ _f\"></span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs13fb\">I rischi <span class=\"_ _2\"></span>climatici-ambi<span class=\"_ _1\"></span>entali (fisici <span class=\"_ _2\"></span>e di tr<span class=\"_ _2\"></span>ansizi<span class=\"_ _1\"></span>one), sono integrat<span class=\"_ _2\"></span>i nell<span class=\"_ _1\"></span>'analisi<span class=\"_ _2\"></span> <span class=\"ls39\">di</span> rilevanza <span class=\"_ _2\"></span>tramite la </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs13fc\">quale <span class=\"_ _9\"> </span>il <span class=\"_ _9\"> </span>Gruppo <span class=\"_ _9\"> </span>Credem <span class=\"_ _9\"> </span>valuta <span class=\"_ _9\"> </span>periodicamente <span class=\"_ _9\"> </span>la <span class=\"_ _16\"> </span>materialit\u00e0 <span class=\"ls39\">di<span class=\"_ _2\"></span></span> tutti <span class=\"_ _9\"> </span>i <span class=\"_ _9\"> </span>rischi <span class=\"_ _9\"> </span>a <span class=\"_ _16\"> </span>cui <span class=\"_ _0\"></span>\u00e8 <span class=\"_ _9\"> </span>espost<span class=\"_ _2\"></span>o. <span class=\"_ _9\"> </span>In </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs13fd\">particolare, <span class=\"_ _26\"> </span>il <span class=\"_ _6\"> </span>Gruppo <span class=\"_ _26\"> </span>ha <span class=\"_ _6\"> </span>sviluppato <span class=\"_ _26\"> </span>una <span class=\"_ _26\"> </span>metodologia <span class=\"_ _6\"> </span>qu<span class=\"_ _2\"></span>antitativa <span class=\"_ _26\"> </span>per <span class=\"_ _6\"> </span>misurar<span class=\"_ _2\"></span>e <span class=\"_ _6\"> </span>il </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs13fe\">livello <span class=\"ls39\">di</span> concentrazione <span class=\"_ _f\"></span>del portafoglio <span class=\"_ _f\"></span>investimenti <span class=\"_ _f\"></span>verso que<span class=\"_ _1\"></span>lle <span class=\"_ _1\"></span>imprese <span class=\"_ _f\"></span>la cu<span class=\"_ _1\"></span>i <span class=\"_ _f\"></span>at<span class=\"_ _2\"></span>tivit\u00e0 <span class=\"_ _f\"></span>economica </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs13ff\">\u00e8 <span class=\"_ _2\"></span>ritenuta <span class=\"_ _d\"></span>particolarmente <span class=\"_ _2\"></span>sensibi<span class=\"_ _1\"></span>le <span class=\"_ _2\"></span>ai <span class=\"_ _d\"></span>rischi <span class=\"ls39\">di</span> <span class=\"ff5\">tr<span class=\"_ _2\"></span>ansizione. <span class=\"_ _2\"></span>Nello <span class=\"_ _2\"></span>specifico, <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>valutare <span class=\"_ _2\"></span>l\u2019impatto </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1400\">del  rischio <span class=\"_ _22\"> </span>climatico-<span class=\"ls73\">am</span>bientale <span class=\"_ _4\"> </span>sul  portafoglio  Investimenti  di  propriet\u00e0 <span class=\"_ _4\"> </span>del  Gruppo,<span class=\"_ _1\"></span> <span class=\"_ _22\"> </span>\u00e8 <span class=\"_ _4\"> </span>stata </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1401\">adottata <span class=\"_ _0\"></span>una <span class=\"_ _0\"></span>matrice <span class=\"_ _0\"> </span>s<span class=\"_ _2\"></span>ettoriale <span class=\"_ _d\"></span>che <span class=\"_ _9\"> </span>restituisce <span class=\"_ _0\"></span>una <span class=\"_ _0\"></span>valutazione <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>sintesi <span class=\"_ _9\"> </span>della <span class=\"_ _0\"></span>rischiosit\u00e0 <span class=\"_ _0\"></span>(alta, </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1402\">media, <span class=\"_ _d\"></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=\"_ _d\"></span>sul <span class=\"_ _0\"></span>Pillar <span class=\"_ _0\"></span>Environmental. <span class=\"_ _0\"></span>Al <span class=\"_ _0\"></span>fine <span class=\"_ _d\"></span>di<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>monitorare </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs1403\">l\u2019esposizione <span class=\"_ _2\"></span>ai <span class=\"_ _2\"></span>rischi <span class=\"_ _2\"></span>Climate <span class=\"_ _2\"></span>\u2013<span class=\"ff4\"> </span>Environmental, <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _2\"></span>presente <span class=\"_ _2\"></span>un <span class=\"_ _2\"></span>indicatore <span class=\"_ _2\"></span>dedi<span class=\"_ _1\"></span>cato <span class=\"_ _2\"></span>nell\u2019ambito <span class=\"_ _2\"></span>del </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1404\">processo RAF.  </div><div class=\"t m0 he ff4 fs5 fc4 sc3 ls0 ws0 gs1405\">B. Pro<span class=\"_ _f\"></span>cessi di ge<span class=\"_ _1\"></span>stione<span class=\"_ _f\"></span> e metodi d<span class=\"_ _1\"></span>i misura<span class=\"_ _f\"></span>zione d<span class=\"_ _1\"></span>el rischio<span class=\"_ _f\"></span> di tasso d<span class=\"_ _f\"></span>i interesse <span class=\"_ _1\"></span>e del <span class=\"_ _1\"></span>rischio<span class=\"_ _f\"></span> di prezzo<span class=\"_ _df\"> </span></div><div class=\"t m0 he ff4 fs5 fc4 sc3 ls0 ws0 gs1406\">Ri<span class=\"_ _f\"></span>sch<span class=\"_ _f\"></span>io <span class=\"_ _f\"></span>di<span class=\"_ _1\"></span> t<span class=\"_ _1\"></span>as<span class=\"_ _f\"></span>so <span class=\"_ _f\"></span>di<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>te<span class=\"_ _f\"></span>res<span class=\"_ _f\"></span>se<span class=\"_ _f\"></span> - <span class=\"_ _f\"></span>me<span class=\"_ _f\"></span>tod<span class=\"_ _f\"></span>olo<span class=\"_ _f\"></span>gi<span class=\"_ _1\"></span>e <span class=\"_ _f\"></span>e m<span class=\"_ _f\"></span>et<span class=\"_ _f\"></span>ric<span class=\"_ _f\"></span>he<span class=\"_ _1\"></span> d<span class=\"_ _f\"></span>i m<span class=\"_ _f\"></span>is<span class=\"_ _f\"></span>ura<span class=\"_ _f\"></span>zio<span class=\"_ _f\"></span>ne <span class=\"_ _f\"></span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1407\">Il <span class=\"_ _14\"> </span>rischio <span class=\"_ _14\"> </span>di <span class=\"_ _15\"> </span>tasso <span class=\"_ _15\"> </span>di <span class=\"_ _14\"> </span>interesse <span class=\"_ _14\"> </span>viene <span class=\"_ _14\"> </span>calcolato<span class=\"_ _2\"></span> <span class=\"_ _14\"> </span>giornalmente <span class=\"_ _14\"> </span>tramite <span class=\"_ _15\"> </span>metodologia <span class=\"_ _14\"> </span>VaR <span class=\"_ _14\"> </span>per </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1408\">Credembanca; la <span class=\"_ _2\"></span>misurazione ha <span class=\"_ _2\"></span>finalit\u00e0 <span class=\"_ _2\"></span>gestionali, non <span class=\"_ _2\"></span>viene<span class=\"_ _f\"></span> <span class=\"_ _2\"></span>utilizzata <span class=\"_ _2\"></span>per il <span class=\"_ _2\"></span>calcolo <span class=\"_ _2\"></span>del requisito </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1409\">patrimoniale su<span class=\"ff5\">i rischi di mercato pe<span class=\"_ _1\"></span>r il quale il<span class=\"_ _1\"></span> Gruppo Credem adotta l\u2019approccio standard. Il V<span class=\"_ _1\"></span>aR </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs140a\">misura la massima perdita potenziale<span class=\"_ _1\"></span> nella quale pu\u00f2 incorrere il portafoglio in base all'evoluzione<span class=\"_ _1\"></span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs140b\">dei <span class=\"_ _d\"></span>fattori <span class=\"_ _0\"></span>di <span class=\"_ _d\"></span>mercato, <span class=\"_ _d\"></span>dato <span class=\"_ _d\"></span>un <span class=\"_ _d\"></span>certo <span class=\"_ _0\"></span>livello <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>confidenza, <span class=\"_ _d\"></span>nel <span class=\"_ _0\"></span>cors<span class=\"_ _2\"></span>o <span class=\"_ _d\"></span>di <span class=\"_ _0\"></span>un <span class=\"_ _d\"></span>determinato <span class=\"_ _d\"></span>orizzonte </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs140c\">temporale. <span class=\"_ _f\"></span>La metodolog<span class=\"_ _1\"></span>ia <span class=\"_ _1\"></span>applicata ne<span class=\"_ _1\"></span>ll\u2019ambito <span class=\"_ _f\"></span>del Grup<span class=\"_ _1\"></span>po <span class=\"_ _f\"></span>Cr<span class=\"_ _2\"></span>edem <span class=\"_ _f\"></span>prevede i <span class=\"_ _f\"></span>seguenti <span class=\"_ _1\"></span>parametri:<span class=\"_ _2\"></span><span class=\"ff4\"> </span></div><div class=\"t m0 h5 ff13 fs1 fc1 sc0 ls0 ws0 gs140d\">-<span class=\"_ _1b\"> </span><span class=\"ff4\">livello di<span class=\"_ _1\"></span> confidenza 99%;<span class=\"_ _df\"> </span></span></div><div class=\"t m0 h5 ff13 fs1 fc1 sc0 ls0 ws0 gs140e\">-<span class=\"_ _1b\"> </span><span class=\"ff4\">orizzonte temporale 1 giorno;<span class=\"_ _df\"> </span></span></div><div class=\"t m0 h5 ff13 fs1 fc1 sc0 ls0 ws0 gs140f\">-<span class=\"_ _1b\"> </span><span class=\"ff4\">volatilit\u00e0 <span class=\"_ _2\"></span>calcolata <span class=\"_ _2\"></span>sulla base <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>2 <span class=\"_ _2\"></span>anni <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>osservazioni <span class=\"_ _2\"></span>giornaliere, <span class=\"_ _2\"></span>da<span class=\"_ _2\"></span>ndo maggior <span class=\"_ _d\"></span>peso <span class=\"_ _2\"></span>ai <span class=\"_ _2\"></span>dati </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1410\">pi\u00f9 recenti (decay factor <span class=\"fff\">\u03bb</span>=0,94). </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs1411\">Per il <span class=\"_ _2\"></span>calcolo <span class=\"_ _2\"></span>dell\u2019<span class=\"_ _1\"></span>assorbimento <span class=\"_ _2\"></span>in termini <span class=\"_ _2\"></span>di capitale <span class=\"_ _2\"></span>interno si <span class=\"_ _2\"></span>proced<span class=\"_ _1\"></span>e <span class=\"_ _2\"></span>inoltre a <span class=\"_ _2\"></span>convertire il <span class=\"_ _2\"></span>dato </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1412\">in un VaR a 10gg, applicando prudenzialmente<span class=\"_ _1\"></span> il coefficiente moltiplicativo 3.<span class=\"_ _2\"></span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1413\">Il dato di rischio \u00e8 anche<span class=\"_ _1\"></span> sottoposto ad analisi di stress test<span class=\"ff5\">ing nell\u2019ambito del processo di verifica </span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs1414\">dell\u2019adeguatezza patrimoniale<span class=\"_ _1\"></span>, che mira <span class=\"_ _f\"></span>a verificare la<span class=\"_ _1\"></span> variazione <span class=\"_ _f\"></span>del capitale <span class=\"_ _1\"></span>(stimato in ter<span class=\"_ _1\"></span>mini di </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1415\">VaR) in caso di alta volatilit\u00e0 dei mercati finanziari.<span class=\"_ _1\"></span> <span class=\"_ _2\"></span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1416\">In <span class=\"_ _17\"> </span>r<span class=\"_ _2\"></span>elazione<span class=\"_ _1\"></span> <span class=\"_ _14\"> </span>a <span class=\"_ _14\"> </span>Credem <span class=\"_ _14\"> </span>Euromobiliare <span class=\"_ _17\"> </span>Private <span class=\"_ _14\"> </span>Banking <span class=\"_ _17\"> </span>il<span class=\"_ _2\"></span> <span class=\"_ _14\"> </span>rischio <span class=\"_ _17\"> </span>di <span class=\"_ _14\"> </span>tasso <span class=\"_ _14\"> </span>di <span class=\"_ _14\"> </span>interesse <span class=\"_ _17\"> </span>viene </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs1417\">monitorato <span class=\"_ _17\"> </span>attraverso <span class=\"_ _4\"> </span>il <span class=\"_ _4\"> </span>requisito <span class=\"_ _17\"> </span>patrimoniale <span class=\"_ _17\"> </span>sui <span class=\"_ _4\"> </span>rischi <span class=\"_ _17\"> </span>di <span class=\"_ _4\"> </span>mercat<span class=\"_ _2\"></span>o, <span class=\"_ _4\"> </span>che <span class=\"_ _4\"> </span>s<span class=\"_ _2\"></span>egue<span class=\"_ _1\"></span> <span class=\"_ _4\"> </span>l\u2019a<span class=\"_ _2\"></span>pproccio </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1418\">standard. </div><div class=\"t m0 he ff4 fs5 fc4 sc3 ls0 ws0 gs1419\">Inform<span class=\"_ _1\"></span>azio<span class=\"_ _f\"></span>ni di natura<span class=\"_ _f\"></span> quantita<span class=\"_ _f\"></span>tiva </div><div class=\"t m0 h5 ff4 fs1 fc4 sc3 ls0 ws0 gs141a\">1. Por<span class=\"_ _1\"></span>tafo<span class=\"_ _1\"></span>glio di <span class=\"_ _f\"></span>negozia<span class=\"_ _1\"></span>zione <span class=\"_ _1\"></span>di vig<span class=\"_ _1\"></span>ilanza<span class=\"_ _f\"></span>: distribu<span class=\"_ _1\"></span>zione <span class=\"_ _1\"></span>per d<span class=\"_ _1\"></span>urat<span class=\"_ _1\"></span>a res<span class=\"_ _1\"></span>idua <span class=\"_ _f\"></span>(<span class=\"_ _2\"></span>data <span class=\"_ _1\"></span>di ripr<span class=\"_ _1\"></span>ezza<span class=\"_ _1\"></span>mento<span class=\"_ _f\"></span>) delle a<span class=\"_ _f\"></span>t<span class=\"_ _2\"></span>tivi<span class=\"_ _1\"></span>t\u00e0<span class=\"_ _1\"></span> </div><div class=\"t m0 h5 ff4 fs1 fc4 sc3 ls0 ws0 gs141b\">e del<span class=\"_ _1\"></span>le pa<span class=\"_ _f\"></span>ssivit\u00e0 fina<span class=\"_ _f\"></span>nziarie p<span class=\"_ _1\"></span>er c<span class=\"_ _f\"></span>assa e d<span class=\"_ _1\"></span>eriva<span class=\"_ _f\"></span>ti<span class=\"_ _2\"></span> fina<span class=\"_ _f\"></span>nziari<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs141c\">La <span class=\"_ _f\"></span>presente <span class=\"_ _f\"></span>tavola <span class=\"_ _f\"></span>non \u00e8<span class=\"_ _1\"></span> <span class=\"_ _f\"></span>stat<span class=\"_ _2\"></span>a <span class=\"_ _f\"></span>redatta <span class=\"_ _f\"></span>poich\u00e9 <span class=\"_ _f\"></span>viene <span class=\"_ _f\"></span>di <span class=\"_ _f\"></span>seguito forni<span class=\"_ _1\"></span>ta <span class=\"_ _f\"></span>l\u2019analisi <span class=\"_ _f\"></span>di <span class=\"_ _f\"></span>se<span class=\"_ _2\"></span>nsitivit\u00e0 <span class=\"_ _f\"></span>al <span class=\"_ _f\"></span>rischio </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs141d\">tasso di interesse basata sui model<span class=\"_ _1\"></span>li interni ed <span class=\"_ _2\"></span>altre metodologie.   </div>Nella <span class=\"_ _d\"></span>presente <span class=\"_ _d\"></span>sezione <span class=\"_ _d\"></span>vengono <span class=\"_ _d\"></span>sinteticamente <span class=\"_ _d\"></span>esposti <span class=\"_ _d\"></span>i <span class=\"_ _0\"></span>risultati <span class=\"_ _d\"></span>delle<span class=\"_ _1\"></span> <span class=\"_ _d\"></span>analisi <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>r<span class=\"_ _2\"></span>ischio <span class=\"_ _2\"></span>di <span class=\"_ _d\"></span>t<span class=\"_ _2\"></span>asso<span class=\"_ _df\"> </span>nell\u2019ambito <span class=\"_ _0\"></span>del <span class=\"_ _d\"></span>portafoglio <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>negoziazione. <span class=\"_ _d\"></span>In <span class=\"_ _0\"></span>particolare <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>seguito <span class=\"_ _0\"></span>sono <span class=\"_ _0\"></span>riportati <span class=\"_ _d\"></span>i <span class=\"_ _0\"></span>valori <span class=\"_ _0\"></span>medi,<span class=\"_ _df\"> </span>massimi <span class=\"_ _9\"> </span>e <span class=\"_ _9\"> </span>minimi <span class=\"_ _9\"> </span>del <span class=\"_ _9\"> </span>VaR <span class=\"_ _9\"> </span>g<span class=\"_ _2\"></span>enerato <span class=\"_ _16\"> </span>dal <span class=\"_ _0\"></span>fattor<span class=\"_ _2\"></span>e <span class=\"_ _0\"> </span>di <span class=\"_ _9\"> </span>r<span class=\"_ _2\"></span>ischio <span class=\"_ _0\"></span>tasso <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>interesse <span class=\"_ _9\"> </span>per <span class=\"_ _16\"> </span>Credembanca<span class=\"_ _df\"> </span>relativi agli esercizi 2023, 2024 e 2025. Nella figura sottostante \u00e8 riportato l\u2019andame<span class=\"_ _1\"></span>nto di tale dato di VaR per Credem ne<span class=\"_ _1\"></span>ll\u2019arco del 2025.<span class=\"_ _df\"> </span>Nel corso del 2025 il dato risulta in calo, portandosi a <span class=\"_ _2\"></span>valori molto contenu<span class=\"_ _1\"></span>ti e vicino allo zero negli<span class=\"_ _df\"> </span>ultimi mesi dell\u2019anno.<span class=\"_ _df\"> </span>Figur<span class=\"_ _1\"></span>a <span class=\"_ _d\"></span>1. <span class=\"_ _d\"></span>Anda<span class=\"_ _1\"></span>mento<span class=\"_ _1\"></span> <span class=\"_ _d\"></span>Inter<span class=\"_ _1\"></span>est <span class=\"_ _2\"></span>Rate <span class=\"_ _2\"></span>VaR <span class=\"_ _d\"></span>Credem<span class=\"_ _f\"></span> <span class=\"_ _0\"></span>(99%<span class=\"_ _f\"></span>, <span class=\"_ _d\"></span>10gg*coe<span class=\"_ _1\"></span>ff <span class=\"_ _d\"></span>mol<span class=\"_ _1\"></span>tiplica<span class=\"_ _f\"></span>tivo). <span class=\"_ _d\"></span>Dat<span class=\"_ _1\"></span>i <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>milioni<span class=\"_ _1\"></span> <span class=\"_ _d\"></span>di<span class=\"_ _df\"> </span>euro<span class=\"_ _df\"> </span>Per <span class=\"_ _d\"></span>quanto <span class=\"_ _d\"></span>riguarda <span class=\"_ _d\"></span>la <span class=\"_ _d\"></span>shift <span class=\"_ _d\"></span>sensitivity <span class=\"_ _d\"></span>analysis <span class=\"_ _d\"></span>e <span class=\"_ _d\"></span>limitatamente <span class=\"_ _d\"></span>al <span class=\"_ _d\"></span>portafoglio <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>negoziazione <span class=\"_ _d\"></span>di<span class=\"_ _df\"> </span>vigilanza, <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>tabella <span class=\"_ _2\"></span>sotto <span class=\"_ _2\"></span>riportata <span class=\"_ _2\"></span>mostra <span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>dati <span class=\"_ _2\"></span>relativi <span class=\"_ _2\"></span>all\u2019impatto <span class=\"_ _2\"></span>sul <span class=\"_ _2\"></span>margine di <span class=\"_ _2\"></span>interesse <span class=\"_ _2\"></span>su <span class=\"_ _2\"></span>un<span class=\"_ _df\"> </span>orizzonte <span class=\"_ _2\"></span>temporale <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>12 <span class=\"_ _2\"></span>mesi, <span class=\"_ _2\"></span>nell\u2019ipotesi <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>una <span class=\"_ _d\"></span>variazione <span class=\"_ _2\"></span>parallela <span class=\"_ _2\"></span>dei <span class=\"_ _2\"></span>tassi <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>interes<span class=\"_ _2\"></span><span class=\"ff4\">se <span class=\"_ _2\"></span>di <span class=\"_ _d\"></span>+/-<span class=\"_ _df\"> </span></span>100 punti base (dato riferito al Grup<span class=\"_ _1\"></span>po).<span class=\"_ _df\"> </span>L\u2019analisi <span class=\"_ _9\"> </span>\u00e8  condotta  coe<span class=\"_ _f\"></span>r<span class=\"_ _2\"></span>entemente <span class=\"_ _9\"> </span>con  la <span class=\"_ _9\"> </span>metodologia  util<span class=\"_ _1\"></span>izzata  ai <span class=\"_ _9\"> </span>fini  d<span class=\"_ _1\"></span>ella <span class=\"_ _16\"> </span>misurazione <span class=\"_ _16\"> </span>del<span class=\"_ _df\"> </span>rischio <span class=\"_ _0\"></span>tasso <span class=\"_ _d\"></span>del <span class=\"_ _0\"></span>portafoglio <span class=\"_ _0\"></span>bancario <span class=\"_ _d\"></span>in <span class=\"_ _0\"></span>ambito <span class=\"_ _0\"></span>Risk <span class=\"_ _0\"></span>Appetite <span class=\"_ _d\"></span>Framework <span class=\"_ _0\"></span>e <span class=\"_ _9\"> </span>con <span class=\"_ _0\"></span>le <span class=\"_ _d\"></span>segnalazioni<span class=\"_ _df\"> </span>regolamentari sul rischio di tasso (IRRBB), in linea con le linee guida europee di<span class=\"_ _1\"></span> riferimento.<table class=\"s w1099 h58e\" id=\"_e2429be2-1c8b-41dc-a2de-c69a2d51bcbe\"><tr><td></td><td class=\"c xa61 y35c3 w5e6 h331\"><div class=\"t m0 x92 h30 y8b6 ff5 fsb fc1 sc2 ls0 ws0\">Ipotesi<span class=\"_ _1\"></span> di shift para<span class=\"_ _1\"></span>llelo (da<span class=\"_ _1\"></span>ti mln di<span class=\"_ _1\"></span> \u20ac)<span class=\"ff4\"> </span></div></td><td></td></tr><tr><td></td><td class=\"c xa62 y35c4 w5e7 h242\"><div class=\"t m0 x30 h30 y1ad9 ff4 fsb fc1 sc2 ls0 ws0\">Shock -<span class=\"_ _1\"></span>100 b.p. </div></td><td class=\"c xa63 y35c4 w3d1 h242\"><div class=\"t m0 x31 h30 y1ad9 ff4 fsb fc1 sc2 ls0 ws0\">Shock +<span class=\"_ _f\"></span>100 b.p. </div></td></tr><tr><td class=\"c xa61 y35c5 w5e8 h243\"><div class=\"t m0 x13 h30 y305 ff4 fsb fc1 sc0 ls0 ws0\">Dati 12/2025<span class=\"_ _2\"></span> </div></td><td class=\"c xa62 y35c5 w5e7 h243\"><div class=\"t m0 x8 h30 y305 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"ls85\">0,4<span class=\"_ _df\"> </span></span></div></td><td class=\"c xa63 y35c5 w3d1 h243\"><div class=\"t m0 x8 h30 y305 ff4 fsb fc1 sc0 ls85 ws0\">0,4<span class=\"ls0\"> </span></div></td></tr></table>Ri<span class=\"_ _f\"></span>sch<span class=\"_ _f\"></span>io <span class=\"_ _f\"></span>di<span class=\"_ _1\"></span> p<span class=\"_ _f\"></span>rez<span class=\"_ _f\"></span>zo<span class=\"_ _1\"></span> -<span class=\"_ _f\"></span> me<span class=\"_ _f\"></span>to<span class=\"_ _f\"></span>dol<span class=\"_ _f\"></span>ogi<span class=\"_ _f\"></span>e <span class=\"_ _1\"></span>e <span class=\"_ _f\"></span>me<span class=\"_ _1\"></span>tr<span class=\"_ _f\"></span>ich<span class=\"_ _f\"></span>e d<span class=\"_ _f\"></span>i m<span class=\"_ _f\"></span>is<span class=\"_ _1\"></span>u<span class=\"_ _f\"></span>raz<span class=\"_ _f\"></span>ion<span class=\"_ _f\"></span>e Il <span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>ischio <span class=\"_ _2\"></span>di <span class=\"_ _d\"></span>mercato <span class=\"_ _d\"></span>equity <span class=\"_ _2\"></span>viene <span class=\"_ _d\"></span>calcolato <span class=\"_ _d\"></span>con <span class=\"_ _2\"></span>le <span class=\"_ _d\"></span>stesse <span class=\"_ _d\"></span>frequ<span class=\"_ _1\"></span>enze <span class=\"_ _d\"></span>e <span class=\"_ _2\"></span>metodologie <span class=\"_ _d\"></span>indicata <span class=\"_ _d\"></span>per <span class=\"_ _2\"></span>il<span class=\"_ _df\"> </span>rischio tasso. - 5<span class=\"_ _1\"></span>.0 1<span class=\"_ _1\"></span>0.0 1<span class=\"_ _1\"></span>5.0 2<span class=\"_ _1\"></span>0.0 2<span class=\"_ _1\"></span>5.0 3<span class=\"_ _1\"></span>0.0 3<span class=\"_ _1\"></span>5.0 4<span class=\"_ _1\"></span>0.0 4<span class=\"_ _1\"></span>5.0 5<span class=\"_ _1\"></span>0.0<span class=\"_ _df\"> </span>Inter<span class=\"_ _2\"></span>est<span class=\"_ _2\"></span> <span class=\"_ _f\"></span>Rat<span class=\"_ _2\"></span>e <span class=\"_ _f\"></span>VaR<span class=\"_ _df\"> </span>Va<span class=\"_ _2\"></span>R<span class=\"_ _df\"> </span>med<span class=\"_ _2\"></span>ia<span class=\"_ _df\"> </span>Inform<span class=\"_ _1\"></span>azio<span class=\"_ _f\"></span>ni di natura<span class=\"_ _f\"></span> quantita<span class=\"_ _f\"></span>tiva<span class=\"_ _df\"> </span>Nella <span class=\"_ _2\"></span>presente <span class=\"_ _2\"></span>sezione <span class=\"_ _2\"></span>vengono <span class=\"_ _2\"></span>sinteticamente <span class=\"_ _2\"></span>esposti <span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>risultati delle <span class=\"_ _2\"></span>analisi <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>rischio <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>prezzo<span class=\"_ _df\"> </span>nell\u2019ambito <span class=\"_ _0\"></span>de<span class=\"ff4\">l <span class=\"_ _d\"></span>portafoglio <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>negoziazione. <span class=\"_ _d\"></span>In <span class=\"_ _0\"></span>particolare <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>seguito <span class=\"_ _0\"></span>sono <span class=\"_ _0\"></span>riportati <span class=\"_ _d\"></span>i <span class=\"_ _0\"></span>valori <span class=\"_ _0\"></span>medi,<span class=\"_ _df\"> </span></span>massimi <span class=\"_ _d\"></span>e <span class=\"_ _2\"></span>minimi <span class=\"_ _d\"></span>del <span class=\"_ _d\"></span>VaR <span class=\"_ _2\"></span>g<span class=\"_ _2\"></span>enerato <span class=\"_ _d\"></span>dal <span class=\"_ _2\"></span>fattor<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>di <span class=\"_ _d\"></span>rischio <span class=\"_ _d\"></span>prezzo <span class=\"_ _2\"></span>per <span class=\"_ _d\"></span>Credem <span class=\"_ _d\"></span>relativi <span class=\"_ _2\"></span>agli <span class=\"_ _d\"></span>esercizi<span class=\"_ _df\"> </span>2023, 2024 e 2025.<span class=\"_ _df\"> </span>Il <span class=\"_ _d\"></span>dato <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>Credem <span class=\"_ _d\"></span>risulta <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>lieve <span class=\"_ _d\"></span>aumento <span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>ispetto <span class=\"_ _d\"></span>alla <span class=\"_ _d\"></span>r<span class=\"_ _2\"></span>ilev<span class=\"_ _1\"></span>azione <span class=\"_ _d\"></span>precedente <span class=\"_ _2\"></span>e <span class=\"_ _d\"></span>s<span class=\"_ _2\"></span>empre <span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>u <span class=\"_ _d\"></span>livelli<span class=\"_ _df\"> </span>molto contenuti.<span class=\"_ _1\"></span> Nella fig<span class=\"_ _1\"></span>ura sottostante \u00e8 <span class=\"_ _f\"></span>r<span class=\"_ _2\"></span>iportato <span class=\"_ _1\"></span>l\u2019andamento de<span class=\"_ _1\"></span>l VaR p<span class=\"_ _1\"></span>er Credem <span class=\"_ _1\"></span>nell\u2019arco de<span class=\"_ _1\"></span>l<span class=\"_ _df\"> </span>2025.<span class=\"_ _df\"> </span>Figur<span class=\"_ _1\"></span>a 2. <span class=\"_ _f\"></span>Andame<span class=\"_ _1\"></span>nto Eq<span class=\"_ _1\"></span>uity <span class=\"_ _1\"></span>VaR <span class=\"_ _f\"></span>Credem (<span class=\"_ _1\"></span>99%<span class=\"_ _1\"></span>, 10<span class=\"_ _1\"></span>gg*co<span class=\"_ _1\"></span>eff m<span class=\"_ _f\"></span>oltiplica<span class=\"_ _1\"></span>tivo)<span class=\"_ _1\"></span>. Dati <span class=\"_ _f\"></span>in milioni <span class=\"_ _f\"></span>di euro<span class=\"_ _df\"> </span>I risultati dell\u2019attivit\u00e0 di back<span class=\"_ _1\"></span>testing sono riportati in calce al paragrafo 1.2.3 \u201cRischio di cambio\u201d.<span class=\"_ _df\"> </span>RISCH<span class=\"_ _1\"></span>IO SPE<span class=\"_ _f\"></span>CIFICO - INF<span class=\"_ _f\"></span>ORMA<span class=\"_ _f\"></span>ZIONI DI NA<span class=\"_ _f\"></span>TURA QUA<span class=\"_ _f\"></span>NTITATIVA<span class=\"_ _df\"> </span>Il <span class=\"_ _0\"></span>rischio <span class=\"_ _0\"></span>specifico <span class=\"_ _0\"></span>\u00e8 <span class=\"_ _0\"></span>il <span class=\"_ _0\"></span>rischio <span class=\"_ _9\"> </span>di <span class=\"_ _d\"></span>perdite <span class=\"_ _0\"></span>causate <span class=\"_ _9\"> </span>da <span class=\"_ _0\"></span>una <span class=\"_ _0\"></span>sfavorevole<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>variazione <span class=\"_ _9\"> </span>del <span class=\"_ _0\"></span>prezzo <span class=\"_ _9\"> </span>degli<span class=\"_ _df\"> </span>strumenti finanziari negoziati dovu<span class=\"_ _1\"></span>ta a fattori connessi con la situazione dell\u2019emittente. Di <span class=\"_ _d\"></span>seguito <span class=\"_ _d\"></span>sono <span class=\"_ _d\"></span>riportati <span class=\"_ _d\"></span>i <span class=\"_ _d\"></span>valori <span class=\"_ _d\"></span>medi, <span class=\"_ _d\"></span>massimi <span class=\"_ _d\"></span>e <span class=\"_ _d\"></span>minimi <span class=\"_ _d\"></span>(in <span class=\"_ _d\"></span>milioni <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>euro) <span class=\"_ _d\"></span>del <span class=\"_ _d\"></span>rischio <span class=\"_ _d\"></span>specifico,<span class=\"_ _df\"> </span>calcolati sulla base delle ponderazioni di vigilanz<span class=\"_ _1\"></span>a, re<span class=\"_ _2\"></span>lativamente agli esercizi 2023, 2024 e 2025.<span class=\"_ _df\"> </span>Relativamente  a <span class=\"_ _4\"> </span>Credem <span class=\"_ _22\"> </span>Euromobiliare <span class=\"_ _22\"> </span>Private <span class=\"_ _4\"> </span>Banking  il <span class=\"_ _4\"> </span>requisito <span class=\"_ _22\"> </span>patrimoniale <span class=\"_ _4\"> </span>sui  rischi <span class=\"_ _22\"> </span>di<span class=\"_ _df\"> </span>mercato, generico e specifico, risulta sostanzialmente non rilevante.<div class=\"t m0 h1a ff4 fs6 fc4 sc3 ls0 ws0 gs1443\">1.2.2<span class=\"_ _f\"></span> Rischi<span class=\"_ _1\"></span>o di <span class=\"_ _f\"></span>tasso d<span class=\"_ _f\"></span>i inte<span class=\"_ _1\"></span>ress<span class=\"_ _f\"></span>e e risc<span class=\"_ _1\"></span>hio d<span class=\"_ _f\"></span>i prez<span class=\"_ _f\"></span>zo <span class=\"ff5\">\u2013</span> po<span class=\"_ _1\"></span>rtafo<span class=\"_ _f\"></span>glio ba<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ario<span class=\"_ _f\"></span><span class=\"fs1 fc1 sc0\"> </span></div><div class=\"t m0 he ff4 fs5 fc4 sc3 ls0 ws0 gs1444\">Inform<span class=\"_ _1\"></span>azio<span class=\"_ _f\"></span>ni di natura<span class=\"_ _f\"></span> qualitativa </div><div class=\"t m0 he ff4 fs5 fc4 sc3 ls0 ws0 gs1445\">A. <span class=\"_ _f\"></span>Aspetti <span class=\"_ _f\"></span>genera<span class=\"_ _f\"></span>li, pro<span class=\"_ _f\"></span>cessi <span class=\"_ _1\"></span>di <span class=\"_ _f\"></span>gestio<span class=\"_ _1\"></span>ne <span class=\"_ _f\"></span>e <span class=\"_ _1\"></span>meto<span class=\"_ _1\"></span>di <span class=\"_ _f\"></span>di m<span class=\"_ _f\"></span>isurazio<span class=\"_ _1\"></span>ne <span class=\"_ _f\"></span>del <span class=\"_ _1\"></span>rischio <span class=\"_ _f\"></span>di <span class=\"_ _f\"></span>tasso<span class=\"_ _1\"></span> d<span class=\"_ _f\"></span>i inte<span class=\"_ _f\"></span>resse <span class=\"_ _f\"></span>e de<span class=\"_ _1\"></span>l<span class=\"_ _df\"> </span></div><div class=\"t m0 he ff4 fs5 fc4 sc3 ls0 ws0 gs1446\">rischio<span class=\"_ _1\"></span> di pre<span class=\"_ _f\"></span>zzo<span class=\"_ _df\"> </span></div><div class=\"t m0 he ff4 fs5 fc4 sc3 ls0 ws0 gs1447\">Rischio<span class=\"_ _f\"></span> di tasso </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1448\">Credem adotta <span class=\"_ _2\"></span>la definizione normativa <span class=\"_ _2\"></span>di r<span class=\"_ _2\"></span>ischio di tasso <span class=\"_ _2\"></span>di interesse sul banking book, <span class=\"_ _2\"></span>secondo </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs1449\">cui  il  r<span class=\"_ _2\"></span>ischio  in  oggetto <span class=\"_ _4\"> </span>\u00e8:  \u201cil <span class=\"_ _22\"> </span>r<span class=\"_ _2\"></span>ischio  di  tas<span class=\"_ _2\"></span>so  di <span class=\"_ _22\"> </span>interesse <span class=\"_ _4\"> </span>derivante<span class=\"_ _1\"></span>  da <span class=\"_ _4\"> </span>attivit\u00e0  diverse  dalla </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs144a\">negoziazione: rischio deriv<span class=\"_ _1\"></span>ante da variazioni potenziali dei tassi di interesse\u201d. <span class=\"_ _2\"></span><span class=\"ff4\"> </span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs144b\">L\u2019esposizione al <span class=\"ff4\">rischio di tasso di interesse pu\u00f2 essere de<span class=\"_ _1\"></span>clinata in: <span class=\"_ _2\"></span> </span></div><div class=\"t m0 h5 ff13 fs1 fc1 sc0 ls0 ws0 gs144c\">-<span class=\"_ _1d\"> </span><span class=\"ff4\">rischio di reddi<span class=\"_ _1\"></span>to, derivante d<span class=\"_ _1\"></span>alla possibilit\u00e0 che<span class=\"_ _1\"></span> una v<span class=\"_ _1\"></span>ariazione inattesa <span class=\"_ _1\"></span>nei tassi <span class=\"_ _1\"></span>di interesse<span class=\"_ _1\"></span> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs144d\">produca <span class=\"_ _2\"></span>una <span class=\"_ _d\"></span>riduzione <span class=\"_ _d\"></span>del <span class=\"_ _2\"></span>margine <span class=\"_ _d\"></span>di <span class=\"_ _2\"></span>interess<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>e <span class=\"_ _d\"></span>dipende <span class=\"_ _2\"></span>dal<span class=\"_ _2\"></span>lo <span class=\"_ _2\"></span>sfasamento <span class=\"_ _d\"></span>nella <span class=\"_ _d\"></span>struttura </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs144e\">temporale delle <span class=\"_ _1\"></span>scadenze e pe<span class=\"_ _1\"></span>riodi di ridefinizione <span class=\"_ _f\"></span>d<span class=\"_ _2\"></span>elle cond<span class=\"_ _1\"></span>izioni di tasso di interesse <span class=\"_ _1\"></span>degli </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs144f\">impieghi e della raccolta;<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff13 fs1 fc1 sc0 ls0 ws0 gs1450\">-<span class=\"_ _1d\"> </span><span class=\"ff4\">rischio <span class=\"_ _4\"> </span>di  investimento,  ossia  di  subire  variazioni <span class=\"_ _22\"> </span>negative  n<span class=\"_ _2\"></span>ei  valori  di <span class=\"_ _4\"> </span>tutte  le  attivit\u00e0, </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1451\">passivit\u00e0 <span class=\"_ _0\"></span>e <span class=\"_ _0\"></span>st<span class=\"_ _2\"></span>rumenti <span class=\"_ _0\"></span>fuori <span class=\"_ _0\"></span>bilancio, <span class=\"_ _0\"></span>in <span class=\"_ _0\"></span>seg<span class=\"_ _2\"></span>uito <span class=\"_ _9\"> </span>a <span class=\"_ _0\"></span>mutamenti <span class=\"_ _9\"> </span>nei <span class=\"_ _0\"></span>tassi <span class=\"_ _0\"> </span>di <span class=\"_ _9\"> </span>interesse, <span class=\"_ _0\"></span>con <span class=\"_ _0\"></span>un<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs1452\">conseguente impatto destabilizzante sull\u2019equilib<span class=\"_ _1\"></span>rio patrimoniale.<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs1453\">La <span class=\"_ _d\"></span>politica <span class=\"_ _2\"></span>di <span class=\"_ _d\"></span>gestione <span class=\"_ _2\"></span>del <span class=\"_ _d\"></span>rischio <span class=\"_ _d\"></span>di <span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>asso <span class=\"_ _2\"></span>d\u2019interesse <span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>ul <span class=\"_ _2\"></span>banking <span class=\"_ _d\"></span>book <span class=\"_ _2\"></span>di <span class=\"_ _d\"></span>Gruppo <span class=\"_ _d\"></span>\u00e8 <span class=\"_ _2\"></span>volta <span class=\"_ _d\"></span>ad <span class=\"_ _d\"></span>una </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1454\">sana <span class=\"_ _d\"></span>e <span class=\"_ _2\"></span>prudente <span class=\"_ _d\"></span>gestione <span class=\"_ _d\"></span>del <span class=\"_ _d\"></span>rischio <span class=\"_ _d\"></span>a <span class=\"_ _2\"></span>livello <span class=\"_ _d\"></span>d<span class=\"_ _2\"></span><span class=\"ff5\">i <span class=\"_ _d\"></span>Gruppo, <span class=\"_ _2\"></span>tale <span class=\"_ _d\"></span>da <span class=\"_ _d\"></span>ass<span class=\"_ _2\"></span>icurare <span class=\"_ _2\"></span>l\u2019ottimizzazione <span class=\"_ _d\"></span>degli </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1455\">obiettivi <span class=\"_ _9\"> </span>di <span class=\"_ _16\"> </span>rischio/rendimento <span class=\"_ _9\"> </span>in  coe<span class=\"_ _1\"></span>renza <span class=\"_ _9\"> </span>con  il<span class=\"_ _1\"></span> <span class=\"_ _16\"> </span>Risk <span class=\"_ _9\"> </span>Appetit<span class=\"_ _2\"></span>e <span class=\"_ _9\"> </span>Framework <span class=\"_ _16\"> </span>definito <span class=\"_ _9\"> </span>a <span class=\"_ _16\"> </span>livello <span class=\"_ _9\"> </span>di </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs1456\">Gruppo. <span class=\"_ _15\"> </span>Tali <span class=\"_ _e\"> </span>obiettivi <span class=\"_ _15\"> </span>sono <span class=\"_ _e\"> </span>perseguiti <span class=\"_ _15\"> </span>mantenendo <span class=\"_ _15\"> </span>uno <span class=\"_ _e\"> </span>sbilancio <span class=\"_ _15\"> </span>all\u2019interno <span class=\"_ _e\"> </span>dei <span class=\"_ _15\"> </span>massimali </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1457\">definitinel <span class=\"_ _17\"> </span>Risk <span class=\"_ _17\"> </span>Appetite <span class=\"_ _14\"> </span>Framework <span class=\"_ _17\"> </span>e <span class=\"_ _17\"> </span>nei <span class=\"_ _14\"> </span>Regolamenti <span class=\"_ _17\"> </span>in <span class=\"_ _17\"> </span>materia <span class=\"_ _14\"> </span>di <span class=\"_ _17\"> </span>assunzione <span class=\"_ _17\"> </span>dei <span class=\"_ _17\"> </span>rischi </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1458\">finanziari, in coerenza con le linee guida espresse dal Comitato ALM. </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1459\">Con <span class=\"_ _2\"></span>riferimento al <span class=\"_ _2\"></span>rischio di <span class=\"_ _2\"></span>tasso di <span class=\"_ _2\"></span>interesse <span class=\"_ _2\"></span>del banking <span class=\"_ _2\"></span>book (IRRBB) il <span class=\"_ _2\"></span>Gruppo <span class=\"_ _2\"></span>\u00e8 dotato <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>una </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs145a\">Policy interna <span class=\"_ _2\"></span>dedicata <span class=\"_ _2\"></span>che ha <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>finalit\u00e0 di <span class=\"_ _2\"></span>definire le <span class=\"_ _2\"></span>linee guida <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>i principi <span class=\"_ _2\"></span>di governo <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>gestione </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs145b\">del <span class=\"_ _f\"></span>rischio <span class=\"_ _f\"></span>di <span class=\"_ _f\"></span>tasso<span class=\"_ _2\"></span>, <span class=\"_ _f\"></span>delineando <span class=\"_ _11\"></span>l\u2019<span class=\"_ _2\"></span>insieme <span class=\"_ _f\"></span>delle <span class=\"_ _f\"></span>norme <span class=\"_ _1\"></span>e <span class=\"_ _f\"></span>processi <span class=\"_ _f\"></span>di <span class=\"_ _f\"></span>contr<span class=\"_ _2\"></span>ollo <span class=\"_ _f\"></span>finalizzati <span class=\"_ _f\"></span>a <span class=\"_ _f\"></span>stabilizzare </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs145c\">il margine di interesse sul portafoglio bancario pe<span class=\"_ _1\"></span>r il Gr<span class=\"_ _2\"></span>uppo e per le singole societ\u00e0.  </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs145d\">Le <span class=\"_ _0\"></span>linee <span class=\"_ _0\"></span>guida <span class=\"_ _9\"> </span>contenute <span class=\"_ _0\"></span>nella <span class=\"_ _9\"> </span>Policy <span class=\"_ _0\"></span>fanno <span class=\"_ _0\"></span>riferimento <span class=\"_ _0\"> </span>alle <span class=\"_ _9\"> </span>disposizioni <span class=\"_ _0\"></span>emanate <span class=\"_ _0\"></span>dalle <span class=\"_ _0\"></span>autor<span class=\"_ _2\"></span>it\u00e0 </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs145e\">nazionali <span class=\"_ _d\"></span>ed <span class=\"_ _0\"></span>europee <span class=\"_ _0\"></span>relativamente <span class=\"_ _0\"></span>alle <span class=\"_ _d\"></span>istruzioni <span class=\"_ _0\"></span>in <span class=\"_ _0\"></span>termini <span class=\"_ _d\"></span>di <span class=\"_ _0\"></span>governo <span class=\"_ _0\"></span>e <span class=\"_ _d\"></span>gestione <span class=\"_ _0\"></span>del <span class=\"_ _d\"></span>r<span class=\"_ _2\"></span>ischio <span class=\"_ _d\"></span>di </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs145f\">tasso di interesse e credit spread del banking book. </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1460\">La <span class=\"_ _d\"></span>Policy, <span class=\"_ _d\"></span>coerentemente <span class=\"_ _0\"></span>alla <span class=\"_ _d\"></span>n<span class=\"_ _2\"></span>ormativa <span class=\"_ _d\"></span>europea, <span class=\"_ _0\"></span>prevede <span class=\"_ _d\"></span>le <span class=\"_ _d\"></span>d<span class=\"_ _2\"></span>ue <span class=\"_ _d\"></span>metriche <span class=\"_ _d\"></span>di <span class=\"_ _0\"></span>riferimento <span class=\"_ _0\"></span>per <span class=\"_ _d\"></span>la </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1461\">misurazione  del  rischio  di  tasso,  Sensitivity  di  Valore  Economico  e  Sensitivity  del  Margine  d<span class=\"_ _1\"></span>i </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs1462\">Interesse <span class=\"_ _19\"> </span>all\u2019inte<span class=\"_ _1\"></span>rno <span class=\"_ _19\"> </span>del <span class=\"_ _18\"> </span>Risk <span class=\"_ _19\"> </span>Appetite <span class=\"_ _18\"> </span>F<span class=\"_ _2\"></span><span class=\"ff4\">ramework <span class=\"_ _19\"> </span>nonch\u00e9 <span class=\"_ _18\"> </span>nei <span class=\"_ _19\"> </span>processi <span class=\"_ _18\"> </span>di <span class=\"_ _19\"> </span>Adegu<span class=\"_ _1\"></span>atezza </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1463\">Patrimoniale (ICAAP).  </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs1464\">Il <span class=\"_ _17\"> </span>Gr<span class=\"_ _2\"></span>uppo <span class=\"_ _17\"> </span>monitora <span class=\"_ _14\"> </span>inoltr<span class=\"_ _2\"></span>e <span class=\"_ _17\"> </span>il <span class=\"_ _14\"> </span>rischio <span class=\"_ _14\"> </span>di <span class=\"_ _17\"> </span>cr<span class=\"_ _2\"></span>edit <span class=\"_ _17\"> </span>s<span class=\"_ _2\"></span>pread <span class=\"_ _17\"> </span>(CSRBB) <span class=\"_ _14\"> </span>all\u2019interno <span class=\"_ _14\"> </span>del <span class=\"_ _14\"> </span>Risk <span class=\"_ _14\"> </span>Appetite </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1465\">Framework s<span class=\"_ _2\"></span>ul portafoglio titoli del <span class=\"_ _2\"></span>banking book, s<span class=\"_ _2\"></span>econdo la definizione <span class=\"_ _2\"></span>normativa e in <span class=\"_ _2\"></span>linea c<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>n </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1466\">la <span class=\"_ _f\"></span>Policy <span class=\"_ _f\"></span>interna <span class=\"_ _f\"></span>che, <span class=\"_ _f\"></span>come <span class=\"_ _1\"></span>sul <span class=\"_ _f\"></span>ris<span class=\"_ _2\"></span>chio <span class=\"_ _f\"></span>di <span class=\"_ _f\"></span>tasso <span class=\"_ _1\"></span>di <span class=\"_ _f\"></span>interesse, <span class=\"_ _f\"></span>disciplina <span class=\"_ _f\"></span>i <span class=\"_ _f\"></span>principi <span class=\"_ _f\"></span>di <span class=\"_ _f\"></span>governo e<span class=\"_ _1\"></span> <span class=\"_ _f\"></span>gestione </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1467\">di <span class=\"_ _0\"></span>tale <span class=\"_ _9\"> </span>rischio. <span class=\"_ _9\"> </span>Esso <span class=\"_ _0\"></span>rappresenta <span class=\"_ _9\"> </span>il <span class=\"_ _9\"> </span>rischio <span class=\"_ _0\"></span>determinato <span class=\"_ _9\"> </span>dalle <span class=\"_ _0\"></span>variazioni <span class=\"_ _9\"> </span>del <span class=\"_ _0\"></span>prezzo <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>mercato <span class=\"_ _0\"></span>a </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1468\">fronte <span class=\"_ _d\"></span>di <span class=\"_ _2\"></span>variazioni <span class=\"_ _d\"></span>dello <span class=\"_ _2\"></span>spread <span class=\"_ _d\"></span>creditizio <span class=\"_ _2\"></span>e <span class=\"_ _d\"></span>viene <span class=\"_ _d\"></span>monitorato <span class=\"_ _d\"></span>sia <span class=\"_ _2\"></span>in <span class=\"_ _d\"></span>termini <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>variazioni <span class=\"_ _2\"></span>di <span class=\"_ _d\"></span>valore </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1469\">economico che di margine di interesse. </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs146a\">Tali <span class=\"_ _17\"> </span>metriche, <span class=\"_ _17\"> </span>calcolate <span class=\"_ _14\"> </span>dalla <span class=\"_ _17\"> </span>funzione <span class=\"_ _17\"> </span>Risk <span class=\"_ _14\"> </span>Management <span class=\"_ _17\"> </span>e <span class=\"_ _17\"> </span>rendicontate <span class=\"_ _17\"> </span>periodicamente <span class=\"_ _14\"> </span>ai </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs146b\">comitati <span class=\"_ _d\"></span>di <span class=\"_ _2\"></span>riferimento</div><div class=\"t m0 hd6 ff4 fs1b fc1 sc0 ls1 ws0 gs146c\">74<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs146d\">, <span class=\"_ _d\"></span>sono <span class=\"_ _2\"></span>affiancate <span class=\"_ _2\"></span>da <span class=\"_ _d\"></span>indicatori <span class=\"_ _d\"></span>operativi <span class=\"_ _2\"></span>disciplinati <span class=\"_ _d\"></span>nei <span class=\"_ _d\"></span>regolamenti <span class=\"_ _2\"></span>delle </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs146e\">societ\u00e0 esistenti in materia di assunzione<span class=\"_ _1\"></span> Rischi Finanziari.<span class=\"_ _2\"></span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs146f\">Le <span class=\"_ _d\"></span>principali <span class=\"_ _d\"></span>funzioni <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>cui <span class=\"_ _d\"></span>si <span class=\"_ _0\"></span>avvalgono <span class=\"_ _d\"></span>il <span class=\"_ _d\"></span>CA <span class=\"_ _d\"></span>della <span class=\"_ _d\"></span>Ca<span class=\"_ _2\"></span>pogruppo <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>virt\u00f9 <span class=\"_ _d\"></span>della <span class=\"_ _d\"></span>propria <span class=\"_ _d\"></span>funzione <span class=\"_ _d\"></span>d<span class=\"_ _2\"></span>i </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1470\">supervisione <span class=\"_ _2\"></span>Strategica <span class=\"_ _2\"></span>e <span class=\"_ _d\"></span>il <span class=\"_ _2\"></span>CE <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>qualit\u00e0 <span class=\"_ _2\"></span>di <span class=\"_ _d\"></span>organo <span class=\"_ _2\"></span>con <span class=\"_ _d\"></span>funzion<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>di <span class=\"_ _d\"></span>gestione <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>rischio <span class=\"_ _d\"></span>tasso <span class=\"_ _d\"></span>del </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1471\">banking <span class=\"_ _4\"> </span>book,  s<span class=\"_ _2\"></span>ono <span class=\"_ _4\"> </span>il <span class=\"_ _22\"> </span>Comitato <span class=\"_ _4\"> </span>Consiliare <span class=\"_ _4\"> </span>Rischi <span class=\"_ _4\"> </span>e <span class=\"_ _4\"> </span>Sostenibilit\u00e0 <span class=\"_ _22\"> </span>di <span class=\"_ _4\"> </span>Gruppo, <span class=\"_ _4\"> </span>il <span class=\"_ _4\"> </span>Comitato <span class=\"_ _4\"> </span>Risk </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1472\">Management (con <span class=\"_ _2\"></span>le <span class=\"_ _2\"></span>responsabilit\u00e0 di <span class=\"_ _2\"></span>cui al <span class=\"_ _2\"></span>paragrafo <span class=\"_ _2\"></span>2.1 <span class=\"_ _2\"></span>Rischio <span class=\"_ _2\"></span>di tasso <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>interesse e <span class=\"_ _2\"></span>rischio di </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1473\">prezzo <span class=\"ff5\">\u2013</span> portafogli<span class=\"_ _1\"></span>o di negozi<span class=\"_ _1\"></span>azione di v<span class=\"_ _1\"></span>igilanza) e <span class=\"_ _1\"></span>il comitato Asset &amp;<span class=\"_ _1\"></span> Liabil<span class=\"_ _1\"></span>ity Management (<span class=\"_ _1\"></span>ALM) </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs1474\">il qu<span class=\"_ _1\"></span>ale, nell\u2019attivit\u00e0 propositiva <span class=\"_ _1\"></span>al CA, e<span class=\"_ _1\"></span>samina il profilo <span class=\"_ _1\"></span>di rischio d<span class=\"_ _1\"></span>el Grupp<span class=\"_ _1\"></span>o monitorando i limiti <span class=\"_ _1\"></span>di </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1475\">rischio <span class=\"_ _0\"></span>rispetto <span class=\"_ _d\"></span>agli <span class=\"_ _0\"></span>obiettivi <span class=\"_ _0\"></span>fissati <span class=\"_ _0\"></span>in <span class=\"_ _d\"></span>ambito <span class=\"_ _0\"></span>RAF <span class=\"_ _0\"></span>e <span class=\"_ _0\"></span>individua <span class=\"_ _d\"></span>le <span class=\"_ _0\"></span>linee<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>guida <span class=\"_ _d\"></span>e <span class=\"_ _0\"></span>le <span class=\"_ _0\"></span>strategie <span class=\"_ _d\"></span>per <span class=\"_ _0\"></span>la </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs123f\">gestione del rischio di tasso di interesse. </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1476\">La gestione operativa del rischio di<span class=\"_ _1\"></span> tasso di interesse e credit spread<span class=\"_ _1\"></span> sul banking book \u00e8 attribuita </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1477\">alla Business Unit Finanza (BUF) alla qu<span class=\"_ _1\"></span>ale competono:<span class=\"_ _df\"> </span><span class=\"_ _2\"></span> </div><div class=\"t m0 h5 ff13 fs1 fc1 sc0 ls0 ws0 gs1479\">-<span class=\"_ _1d\"> </span><span class=\"ff4\">la proposizione al Comitat<span class=\"_ _2\"></span>o ALM delle linee<span class=\"_ _1\"></span> guida di gestione del r<span class=\"_ _2\"></span>ischio di tasso di interesse </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs147a\">e <span class=\"_ _2\"></span>credit <span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>pread <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>banking <span class=\"_ _d\"></span>book <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>la <span class=\"_ _d\"></span>formulazione <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>propost<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>Risk <span class=\"_ _d\"></span>Management, <span class=\"_ _2\"></span>per <span class=\"_ _d\"></span>la<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs147b\">successiva app<span class=\"_ _1\"></span>rovazione del <span class=\"_ _1\"></span>Comitato Consiliare Ri<span class=\"_ _1\"></span>schi e Sos<span class=\"_ _1\"></span>tenibilit\u00e0 di <span class=\"_ _1\"></span>Gruppo, di <span class=\"_ _f\"></span>indirizzo<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs147c\">strategico del profilo di rischio di tasso di interesse del bank<span class=\"_ _f\"></span>ing b<span class=\"_ _2\"></span>ook;<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff13 fs1 fc1 sc0 ls0 ws0 gs147d\">-<span class=\"_ _1d\"> </span><span class=\"ff4\">la <span class=\"_ _2\"></span>gestione del <span class=\"_ _2\"></span>rischio <span class=\"_ _2\"></span>di tasso <span class=\"_ _2\"></span>e credit <span class=\"_ _2\"></span>spread della <span class=\"_ _2\"></span>Capogruppo e <span class=\"_ _2\"></span>delle Societ\u00e0 <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>Gruppo,<span class=\"_ _df\"> </span></span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs147e\">in coerenza <span class=\"_ _1\"></span>con il p<span class=\"_ _1\"></span>rofilo di rischi<span class=\"_ _1\"></span>o complessivo d<span class=\"_ _1\"></span>efinito e con <span class=\"_ _f\"></span>le linee guida ricev<span class=\"_ _1\"></span>ute da parte </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs147f\">del Comitato ALM, nonch\u00e9 nell\u2019ambito dei massimali assegnati; </div><div class=\"t m0 h5 ff13 fs1 fc1 sc0 ls0 ws0 gs1480\">-<span class=\"_ _1d\"> </span><span class=\"ff4\">la <span class=\"_ _9\"> </span>definizione, <span class=\"_ _0\"></span>congiuntamente <span class=\"_ _9\"> </span>al <span class=\"_ _9\"> </span>Risk <span class=\"_ _0\"> </span>Management, <span class=\"_ _9\"> </span>della <span class=\"_ _9\"> </span>struttura <span class=\"_ _9\"> </span>dei <span class=\"_ _0\"></span>limiti <span class=\"_ _9\"> </span>operativi <span class=\"_ _0\"></span>da<span class=\"_ _df\"> </span></span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1481\">sottoporre <span class=\"_ _f\"></span>al <span class=\"_ _f\"></span>CE, <span class=\"_ _f\"></span>in <span class=\"_ _1\"></span>coerenza <span class=\"_ _f\"></span>con il<span class=\"_ _1\"></span> <span class=\"_ _f\"></span>RAF <span class=\"_ _f\"></span>e <span class=\"_ _1\"></span>la <span class=\"_ _f\"></span>condivisione <span class=\"_ _f\"></span>dei mod<span class=\"_ _1\"></span>elli <span class=\"_ _f\"></span>di <span class=\"_ _f\"></span>misurazione <span class=\"_ _1\"></span>del <span class=\"_ _f\"></span>ris<span class=\"_ _2\"></span>chio<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1482\">definiti dal Risk Management.<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs1483\">Nell\u2019attivit\u00e0 di <span class=\"_ _f\"></span>gestione operativa <span class=\"ff4\">la BUF si basa <span class=\"_ _f\"></span>s<span class=\"_ _2\"></span>u anali<span class=\"_ _1\"></span>si di i<span class=\"_ _1\"></span>nterest rate sensitiv<span class=\"_ _1\"></span>ity complessiv<span class=\"_ _1\"></span>a e </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1484\">buckettizzata, <span class=\"_ _f\"></span>al fine<span class=\"_ _f\"></span> di <span class=\"_ _f\"></span>evidenziare il <span class=\"_ _f\"></span>grado <span class=\"_ _1\"></span>di <span class=\"_ _f\"></span>esposizione <span class=\"_ _f\"></span>as<span class=\"_ _2\"></span>set <span class=\"_ _f\"></span>o l<span class=\"_ _1\"></span>iability <span class=\"_ _f\"></span>sensitive <span class=\"_ _1\"></span>sui <span class=\"_ _f\"></span>singoli tratti </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1485\">di curva.  </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1486\">La (BUF) si occupa inoltre di proporre al Comitato ALM gli interventi ritenuti necessari a migliorare </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1487\">il <span class=\"_ _4\"> </span>profilo <span class=\"_ _22\"> </span>complessivo <span class=\"_ _4\"> </span>in <span class=\"_ _4\"> </span>termini <span class=\"_ _4\"> </span>di  r<span class=\"_ _2\"></span>ischio <span class=\"_ _22\"> </span>di <span class=\"_ _4\"> </span>tasso <span class=\"_ _4\"> </span>(e <span class=\"_ _4\"> </span>di <span class=\"_ _22\"> </span>liquidit\u00e0 <span class=\"_ _4\"> </span>strutturale) <span class=\"_ _4\"> </span>e <span class=\"_ _22\"> </span>di <span class=\"_ _4\"> </span>realizzare </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1488\">operativamente tali interventi.  </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs1489\">Nell\u2019ambito <span class=\"_ _d\"></span>del <span class=\"_ _0\"></span>processo <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>gestione <span class=\"_ _d\"></span>dei <span class=\"_ _0\"></span>rischi <span class=\"_ _0\"></span>e <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>valutazione <span class=\"_ _d\"></span>dell\u2019adeguatezza <span class=\"_ _0\"></span>patrimoniale <span class=\"_ _d\"></span>e </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs148a\">prospettica, la funzione di<span class=\"_ _1\"></span> Risk Management:<span class=\"_ _2\"></span> </div><div class=\"t m0 h5 ff13 fs1 fc1 sc0 ls0 ws0 gs148b\">-<span class=\"_ _1d\"> </span><span class=\"ff5\">supporta il <span class=\"_ _f\"></span>CA nell\u2019attivit\u00e0 <span class=\"_ _f\"></span>valutativa volta <span class=\"_ _f\"></span>a deliberare <span class=\"_ _f\"></span>obiettivi di <span class=\"_ _f\"></span>rischio e <span class=\"_ _f\"></span>s<span class=\"_ _2\"></span>oglie <span class=\"_ _f\"></span>di tolleranza </span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs148c\">nell\u2019ambito RAF, nonch\u00e9 nell<span class=\"ff4\">a verifica nel continuo della sua attuazi<span class=\"_ _1\"></span>one;<span class=\"_ _df\"> </span></span></div><div class=\"t m0 h5 ff13 fs1 fc1 sc0 ls0 ws0 gs148d\">-<span class=\"_ _1d\"> </span><span class=\"ff5\">propone al <span class=\"_ _f\"></span>Comitat<span class=\"_ _2\"></span>o <span class=\"_ _1\"></span>Rischi, <span class=\"_ _f\"></span>d<span class=\"_ _2\"></span>i <span class=\"_ _1\"></span>concerto con l<span class=\"_ _1\"></span>a funz<span class=\"_ _1\"></span>ione BUF <span class=\"_ _1\"></span>nell\u2019ambito del<span class=\"_ _1\"></span> processo d<span class=\"_ _1\"></span>i RAF, </span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs148e\">l\u2019indirizzo <span class=\"_ _9\"> </span>strat<span class=\"_ _2\"></span>egico <span class=\"_ _9\"> </span>in <span class=\"_ _9\"> </span>merit<span class=\"_ _2\"></span>o <span class=\"_ _9\"> </span>al <span class=\"_ _16\"> </span>profilo <span class=\"_ _9\"> </span>di <span class=\"_ _16\"> </span>tasso <span class=\"_ _16\"> </span>del <span class=\"_ _9\"> </span>banking  b<span class=\"_ _1\"></span>ook <span class=\"_ _9\"> </span>e  ai <span class=\"_ _9\"> </span>livelli <span class=\"_ _16\"> </span>di <span class=\"_ _9\"> </span>soglia <span class=\"_ _16\"> </span>di<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs148f\">tolleranza adottabili; </div><div class=\"t m0 h5 ff13 fs1 fc1 sc0 ls0 ws0 gs1490\">-<span class=\"_ _1d\"> </span><span class=\"ff4\">definisce i <span class=\"_ _2\"></span>modelli di misurazione <span class=\"_ _2\"></span>del rischio di tas<span class=\"_ _2\"></span>so del banking <span class=\"_ _2\"></span>book, con il s<span class=\"_ _2\"></span>upporto della<span class=\"_ _df\"> </span></span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1491\">BUF, da sottoporre al CE; </div><div class=\"t m0 h5 ff13 fs1 fc1 sc0 ls0 ws0 gs1492\">-<span class=\"_ _1d\"> </span><span class=\"ff4\">valida <span class=\"_ _d\"></span>i <span class=\"_ _0\"></span>modelli <span class=\"_ _d\"></span>utilizzati <span class=\"_ _0\"></span>per <span class=\"_ _d\"></span>quantificare <span class=\"_ _0\"></span>il <span class=\"_ _d\"></span>rischio <span class=\"_ _0\"></span>di <span class=\"_ _d\"></span>tass<span class=\"_ _2\"></span>o <span class=\"_ _d\"></span>e <span class=\"_ _d\"></span>la <span class=\"_ _0\"></span>valutazione <span class=\"_ _d\"></span>della <span class=\"_ _d\"></span>congruit<span class=\"_ _2\"></span>\u00e0 </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1493\">delle ipotesi di stress sottostanti; </div><div class=\"t m0 h5 ff13 fs1 fc1 sc0 ls0 ws0 gs1494\">-<span class=\"_ _1d\"> </span><span class=\"ff4\">definisce, congiuntamente a B<span class=\"_ _1\"></span>UF, la struttura dei <span class=\"_ _1\"></span>limiti, delle<span class=\"_ _1\"></span> deleghe operative e<span class=\"_ _1\"></span> delle prove </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1495\">di stress da sottoporre al CE, in coerenza con la soglia di<span class=\"_ _1\"></span> tolleranza stabilita da CA;<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff13 fs1 fc1 sc0 ls0 ws0 gs1496\">-<span class=\"_ _1d\"> </span><span class=\"ff4\">predispone <span class=\"_ _0\"></span>reporting <span class=\"_ _9\"> </span>per <span class=\"_ _0\"></span>la <span class=\"_ _0\"></span>g<span class=\"_ _2\"></span>estione <span class=\"_ _0\"></span>e <span class=\"_ _0\"></span>monitoraggio <span class=\"_ _0\"></span>del <span class=\"_ _0\"></span>r<span class=\"_ _2\"></span>ischio <span class=\"_ _0\"></span>di <span class=\"_ _9\"> </span>t<span class=\"_ _2\"></span>asso <span class=\"_ _0\"></span>per <span class=\"_ _0\"> </span>i <span class=\"_ _9\"> </span>Comitati <span class=\"_ _0\"></span>di </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1497\">riferimento; </div><div class=\"t m0 h5 ff13 fs1 fc1 sc0 ls0 ws0 gs1498\">-<span class=\"_ _1d\"> </span><span class=\"ff4\">monitora <span class=\"_ _2\"></span>giornalmente il rispetto <span class=\"_ _2\"></span>dei limiti operativi es<span class=\"_ _2\"></span>plicitati nei Regolamenti <span class=\"_ _2\"></span>in materia <span class=\"_ _2\"></span>di<span class=\"_ _df\"> </span></span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1499\">assunzione <span class=\"_ _f\"></span>dei rischi<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>finanziari, <span class=\"_ _f\"></span>i<span class=\"_ _2\"></span>vi <span class=\"_ _f\"></span>compreso il<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>presidio <span class=\"_ _f\"></span>del rientro <span class=\"_ _f\"></span>dagli <span class=\"_ _1\"></span>sconfini <span class=\"_ _1\"></span>rispetto a <span class=\"_ _f\"></span>tali </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs149a\">limiti.<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs149b\">Il <span class=\"_ _1\"></span>Report Giornali<span class=\"_ _1\"></span>ero di <span class=\"_ _f\"></span>sintesi d<span class=\"_ _1\"></span>el <span class=\"_ _1\"></span>rispetto de<span class=\"_ _f\"></span>i massimali <span class=\"_ _1\"></span>operativi <span class=\"_ _f\"></span>con riferimento <span class=\"_ _1\"></span>al <span class=\"_ _f\"></span>r<span class=\"_ _2\"></span>ischi<span class=\"_ _1\"></span>o di <span class=\"_ _f\"></span>tasso </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs149c\">presenta, fra le altre, le seguenti informazioni: </div><div class=\"t m0 h5 ff13 fs1 fc1 sc0 ls0 ws0 gs149d\">-<span class=\"_ _1d\"> </span><span class=\"ff4\">massimale di rischio tasso in termini di Interest rate sensitivity comple<span class=\"_ _1\"></span>ssiva;<span class=\"_ _df\"> </span></span></div><div class=\"t m0 h5 ff13 fs1 fc1 sc0 ls0 ws0 gs149e\">-<span class=\"_ _1d\"> </span><span class=\"ff4\">massimali in termini di Interest<span class=\"_ _2\"></span> rate sensitiv<span class=\"_ _1\"></span>ity per bucket;<span class=\"_ _df\"> </span></span></div><div class=\"t m0 h5 ff13 fs1 fc1 sc0 ls0 ws0 gs149f\">-<span class=\"_ _1d\"> </span><span class=\"ff5\">limite di Interest rate sensitivity delle posizioni<span class=\"_ _1\"></span> in divisa diversa dall\u2019Euro.<span class=\"_ _df\"> </span></span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs14a0\">Per <span class=\"_ _2\"></span>quanto <span class=\"_ _d\"></span>riguarda <span class=\"_ _d\"></span>le <span class=\"_ _2\"></span>post<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>a <span class=\"_ _d\"></span>vista, <span class=\"_ _d\"></span>il <span class=\"_ _2\"></span>Gruppo <span class=\"_ _d\"></span>adotta <span class=\"_ _d\"></span>un <span class=\"_ _2\"></span>modello <span class=\"_ _d\"></span>di <span class=\"_ _2\"></span>valutazione <span class=\"_ _d\"></span>che <span class=\"_ _d\"></span>permette <span class=\"_ _2\"></span>di </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs14a1\">quantificarne gli <span class=\"_ _2\"></span>effetti <span class=\"_ _2\"></span>di persistenza <span class=\"_ _2\"></span>nel te<span class=\"_ _2\"></span>mpo <span class=\"_ _2\"></span>e di <span class=\"_ _2\"></span>imperfetta elasticit\u00e0 <span class=\"_ _2\"></span>alla <span class=\"_ _2\"></span>variazione dei <span class=\"_ _2\"></span>tassi </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs14a2\">di  mercato  (effe<span class=\"_ _1\"></span>tto  vischiosit\u00e0).  La  model<span class=\"_ _1\"></span>lizzazione  \u00e8  basata  sulle  se<span class=\"_ _1\"></span>rie  storiche  interne,  per </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs14a3\">singolo <span class=\"_ _f\"></span>rapport<span class=\"_ _2\"></span>o, <span class=\"_ _f\"></span>dei <span class=\"_ _f\"></span>compor<span class=\"_ _2\"></span>tamenti <span class=\"_ _f\"></span>della <span class=\"_ _f\"></span>clientela, ed <span class=\"_ _f\"></span>\u00e8 costituita <span class=\"_ _f\"></span>da d<span class=\"_ _f\"></span>ue componenti <span class=\"_ _f\"></span>per <span class=\"_ _1\"></span>ciascun </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs14a4\">segmento di clientel<span class=\"_ _1\"></span>a: la stima dell<span class=\"_ _1\"></span>a relazione dei tassi delle p<span class=\"_ _1\"></span>oste a vista con i<span class=\"_ _1\"></span> tassi di mercato, i<span class=\"_ _1\"></span>n </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs14a5\">base <span class=\"_ _0\"></span>a <span class=\"_ _0\"></span>un <span class=\"_ _d\"></span>mo<span class=\"_ _2\"></span>dell<span class=\"_ _1\"></span>o <span class=\"_ _0\"></span>econometrico <span class=\"_ _d\"></span>che <span class=\"_ _0\"></span>prevede <span class=\"_ _d\"></span>differenti <span class=\"_ _0\"></span>tass<span class=\"_ _2\"></span>i <span class=\"_ _d\"></span>di <span class=\"_ _0\"></span>elasticit\u00e0 <span class=\"_ _0\"></span>per <span class=\"_ _0\"></span>differenti <span class=\"_ _d\"></span>livelli <span class=\"_ _d\"></span>di<span class=\"_ _2\"></span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs14a6\">tassi <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>mercato; <span class=\"_ _2\"></span>la stima <span class=\"_ _2\"></span>della <span class=\"_ _2\"></span>persistenza <span class=\"_ _2\"></span>dei volumi<span class=\"_ _2\"></span><span class=\"ff5\">, <span class=\"_ _2\"></span>mediante <span class=\"_ _2\"></span>l\u2019analisi multivariata <span class=\"_ _2\"></span>dei <span class=\"_ _2\"></span>flussi <span class=\"_ _2\"></span>di </span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs14a7\">cassa <span class=\"_ _1\"></span>in <span class=\"_ _f\"></span>uscita e<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>dei <span class=\"_ _f\"></span>tassi <span class=\"_ _f\"></span>di ch<span class=\"_ _1\"></span>iusura d<span class=\"_ _1\"></span>ei <span class=\"_ _f\"></span>conti co<span class=\"_ _1\"></span>rrenti, <span class=\"_ _1\"></span>attraverso <span class=\"_ _f\"></span>la <span class=\"_ _1\"></span>quale <span class=\"_ _f\"></span>l\u2019ammontare d<span class=\"_ _1\"></span>elle <span class=\"_ _f\"></span>poste </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs14a8\">a vista \u00e8 tradotto in un portafoglio di poste a tasso fisso a scadenz<span class=\"_ _1\"></span>a (replicating portfolio).<span class=\"_ _2\"></span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs14a9\">Il Gruppo <span class=\"_ _1\"></span>utilizza inoltre un <span class=\"_ _f\"></span>mo<span class=\"_ _2\"></span>dello di<span class=\"_ _1\"></span> prepayment sui mu<span class=\"_ _1\"></span>tui. La modellizzazione adottata \u00e8 d<span class=\"_ _1\"></span>i tipo </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs14aa\">comportamentale, <span class=\"_ _17\"> </span>basata <span class=\"_ _17\"> </span>sull\u2019analisi <span class=\"_ _4\"> </span>in <span class=\"_ _17\"> </span>serie <span class=\"_ _17\"> </span>st<span class=\"_ _2\"></span>orica <span class=\"_ _4\"> </span>degli <span class=\"_ _17\"> </span>eventi <span class=\"_ _17\"> </span>di <span class=\"_ _17\"> </span>estinzione <span class=\"_ _17\"> </span>anticipata <span class=\"_ _17\"> </span>e </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs14ab\">rinegoziazione d<span class=\"_ _1\"></span>el tasso. A di<span class=\"_ _1\"></span>fferenza de<span class=\"_ _1\"></span>i modelli d<span class=\"_ _1\"></span>i mercato, nei <span class=\"_ _f\"></span>mo<span class=\"_ _2\"></span>delli comportamentali i <span class=\"_ _f\"></span>fat<span class=\"_ _2\"></span>tori </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs14ac\">predominanti che <span class=\"_ _1\"></span>concorrono a determinare il valore <span class=\"_ _f\"></span>d<span class=\"_ _2\"></span>ell\u2019opzione d<span class=\"_ _1\"></span>i rimborso anticipato non sono<span class=\"_ _1\"></span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs14ad\">esclusivamente <span class=\"_ _c\"> </span>di <span class=\"_ _20\"> </span>tipo <span class=\"_ _20\"> </span>finanziario, <span class=\"_ _c\"> </span>ma <span class=\"_ _20\"> </span>includono <span class=\"_ _20\"> </span>variabi<span class=\"_ _1\"></span>li <span class=\"_ _20\"> </span>esplicative <span class=\"_ _c\"> </span>dipendenti <span class=\"_ _20\"> </span>dalle </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs14ae\">caratteristiche del mutuo (es. loan to <span class=\"_ _2\"></span>value<span class=\"_ _1\"></span>) e del mutuatario (es. et\u00e0).  </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs14af\">Nel <span class=\"_ _d\"></span>corso <span class=\"_ _0\"></span>del <span class=\"_ _d\"></span>2025il <span class=\"_ _d\"></span>Gruppo <span class=\"_ _0\"></span>ha <span class=\"_ _d\"></span>segnalato <span class=\"_ _d\"></span>la <span class=\"_ _0\"></span>propria <span class=\"_ _d\"></span>esposizione <span class=\"_ _d\"></span>al <span class=\"_ _d\"></span>r<span class=\"_ _2\"></span>ischio<span class=\"_ _1\"></span> <span class=\"_ _d\"></span>di <span class=\"_ _0\"></span>tasso <span class=\"_ _d\"></span>attraverso <span class=\"_ _d\"></span>le </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs14b0\">segnalazioni di vigilanza IRRBB trimestrali e il reporting STE IRRBB <span class=\"ff5\">\u2013</span> CSRBB a BCE.<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs14b2\">Prosegue <span class=\"_ _0\"> </span>inoltr<span class=\"_ _2\"></span>e <span class=\"_ _0\"> </span>l\u2019att<span class=\"_ _2\"></span>ivit\u00e0 <span class=\"_ _0\"> </span>di  p<span class=\"_ _1\"></span>resid<span class=\"ff4\">io <span class=\"_ _9\"> </span>d<span class=\"_ _2\"></span>el <span class=\"_ _0\"></span>q<span class=\"_ _2\"></span>uadro <span class=\"_ _0\"> </span>r<span class=\"_ _2\"></span>egolamentare <span class=\"_ _0\"></span>europeo <span class=\"_ _9\"> </span>su<span class=\"_ _2\"></span>l <span class=\"_ _9\"> </span>rischio <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>tasso<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>di </span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs14b3\">interesse <span class=\"_ _0\"></span>nel <span class=\"_ _9\"> </span>banking <span class=\"_ _0\"> </span>book <span class=\"_ _9\"> </span>(IR<span class=\"_ _2\"></span>RBB), <span class=\"_ _0\"></span>tenendo <span class=\"_ _9\"> </span>conto <span class=\"_ _9\"> </span>delle <span class=\"_ _0\"></span>indicazioni <span class=\"_ _9\"> </span>dell\u2019Organo <span class=\"_ _0\"></span>di <span class=\"_ _9\"> </span>Vigilanza <span class=\"_ _9\"> </span>in </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs14b4\">ambito SREP. </div><div class=\"t m0 he ff4 fs5 fc4 sc3 ls0 ws0 gs14b5\">Inform<span class=\"_ _1\"></span>azio<span class=\"_ _f\"></span>ni di natura<span class=\"_ _f\"></span> quantita<span class=\"_ _f\"></span>tiva </div><div class=\"t m0 h5 ff4 fs1 fc4 sc3 ls11 ws0 gs14b6\">1.<span class=\"_ _52\"> </span><span class=\"ls0\">Port<span class=\"_ _1\"></span>afogl<span class=\"_ _1\"></span>io <span class=\"_ _0\"></span>banca<span class=\"_ _1\"></span>rio: <span class=\"_ _d\"></span>distribuzi<span class=\"_ _1\"></span>one<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>per <span class=\"_ _0\"></span>durata<span class=\"_ _f\"></span> <span class=\"_ _9\"> </span>residua <span class=\"_ _d\"></span>(data <span class=\"_ _d\"></span>di <span class=\"_ _9\"> </span>riprezza<span class=\"_ _f\"></span>mento)<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>delle <span class=\"_ _0\"></span>attiv<span class=\"_ _1\"></span>it\u00e0 <span class=\"_ _d\"></span>e <span class=\"_ _9\"> </span>delle </span></div><div class=\"t m0 h5 ff4 fs1 fc4 sc3 ls0 ws0 gs14b7\">pass<span class=\"_ _f\"></span>ivit\u00e0 finanz<span class=\"_ _1\"></span>iarie<span class=\"_ _1\"></span> </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs14b8\">La <span class=\"_ _f\"></span>presente <span class=\"_ _f\"></span>tavola <span class=\"_ _f\"></span>non \u00e8<span class=\"_ _1\"></span> <span class=\"_ _f\"></span>stat<span class=\"_ _2\"></span>a <span class=\"_ _f\"></span>redatta <span class=\"_ _f\"></span>poich\u00e9 <span class=\"_ _f\"></span>viene <span class=\"_ _f\"></span>di <span class=\"_ _f\"></span>seguito forni<span class=\"_ _1\"></span>ta <span class=\"_ _f\"></span>l\u2019analisi <span class=\"_ _f\"></span>di <span class=\"_ _f\"></span>se<span class=\"_ _2\"></span>nsitivit\u00e0 <span class=\"_ _f\"></span>al <span class=\"_ _f\"></span>rischio </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs14b9\">tasso di interesse basata sui model<span class=\"_ _1\"></span>li interni ed altre metodologie<span class=\"_ _2\"></span> </div><div class=\"t m0 h5 ff4 fs1 fc4 sc3 ls4 ws0 gs14ba\">2.<span class=\"_ _53\"> </span><span class=\"ls0\">Port<span class=\"_ _1\"></span>afogl<span class=\"_ _1\"></span>io ba<span class=\"_ _f\"></span>ncario: m<span class=\"_ _f\"></span>odelli int<span class=\"_ _1\"></span>erni e<span class=\"_ _1\"></span> altre<span class=\"_ _1\"></span> met<span class=\"_ _1\"></span>odol<span class=\"_ _1\"></span>ogie p<span class=\"_ _f\"></span>er le ana<span class=\"_ _f\"></span>lisi di sens<span class=\"_ _f\"></span>itivit\u00e0 </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs14bb\">Nella presente sezione vengono sinteticamente <span class=\"_ _2\"></span>esposti i risultati delle analisi di rischio <span class=\"_ _2\"></span>di tasso di </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs14bc\">interesse, limitatamente <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>portafoglio <span class=\"_ _2\"></span>bancario. In <span class=\"_ _2\"></span>particolare, <span class=\"_ _2\"></span>la <span class=\"_ _d\"></span>tabella sott<span class=\"_ _2\"></span>o r<span class=\"_ _2\"></span>ipo<span class=\"_ _1\"></span>rtata, <span class=\"_ _2\"></span>mostra i </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs14bd\">dati <span class=\"_ _17\"> </span>relativi <span class=\"_ _17\"> </span>all\u2019impatto <span class=\"_ _17\"> </span>sul <span class=\"_ _17\"> </span>margine <span class=\"_ _17\"> </span>di <span class=\"_ _4\"> </span>interess<span class=\"_ _2\"></span>e <span class=\"_ _4\"> </span>(shift <span class=\"_ _17\"> </span>s<span class=\"_ _2\"></span>ensitivity <span class=\"_ _4\"> </span>analysis), <span class=\"_ _17\"> </span>su <span class=\"_ _17\"> </span>un <span class=\"_ _17\"> </span>or<span class=\"_ _2\"></span>izzonte<span class=\"_ _1\"></span> </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs14be\">temporale <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>12 <span class=\"_ _d\"></span>mesi, <span class=\"_ _2\"></span>nell\u2019ipotesi <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>una <span class=\"_ _d\"></span>variazione <span class=\"_ _2\"></span>parallela <span class=\"_ _2\"></span>dei <span class=\"_ _d\"></span>tassi <span class=\"_ _2\"></span>di <span class=\"_ _d\"></span>interesse <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>+/<span class=\"_ _d\"></span><span class=\"ff4\">- <span class=\"_ _2\"></span>100 <span class=\"_ _2\"></span>punti </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs14bf\">base. <span class=\"_ _9\"> </span>La <span class=\"_ _9\"> </span>misura <span class=\"_ _9\"> </span>\u00e8 <span class=\"_ _16\"> </span>basata <span class=\"_ _9\"> </span>sulle <span class=\"_ _9\"> </span>posizioni <span class=\"_ _9\"> </span>a <span class=\"_ _9\"> </span>fine <span class=\"_ _9\"> </span>anno, <span class=\"_ _9\"> </span>senza <span class=\"_ _9\"> </span>in<span class=\"_ _2\"></span>cludere <span class=\"_ _0\"></span>dunque <span class=\"_ _16\"> </span>ipotesi <span class=\"_ _0\"></span>su <span class=\"_ _16\"> </span>futuri </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs14c0\">cambiamenti della composizione d<span class=\"_ _1\"></span>i attivit\u00e0 e passivit\u00e0. Ai<span class=\"_ _f\"></span> fini dell\u2019analisi \u00e8 impostato il floor a<span class=\"_ _1\"></span> zero </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs14c1\">sul tasso cliente delle poste con clientela. </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs14c2\">L\u2019analisi <span class=\"_ _9\"> </span>\u00e8  condotta  coe<span class=\"_ _f\"></span>r<span class=\"_ _2\"></span>entement<span class=\"ff4\">e <span class=\"_ _16\"> </span>con <span class=\"_ _16\"> </span>la <span class=\"_ _9\"> </span>metodologia  utili<span class=\"_ _1\"></span>zzata  ai <span class=\"_ _9\"> </span>fini  de<span class=\"_ _1\"></span>lla <span class=\"_ _16\"> </span>misurazione <span class=\"_ _16\"> </span>del </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs14c3\">rischio <span class=\"_ _0\"></span>tasso <span class=\"_ _d\"></span>del <span class=\"_ _0\"></span>portafoglio <span class=\"_ _0\"></span>bancario <span class=\"_ _d\"></span>in <span class=\"_ _0\"></span>ambito <span class=\"_ _0\"></span>Risk <span class=\"_ _0\"></span>Appetite <span class=\"_ _d\"></span>Framework <span class=\"_ _0\"></span>e <span class=\"_ _d\"></span>con <span class=\"_ _0\"></span>le <span class=\"_ _0\"></span>segnalazioni </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs14c4\">regolamentari sul rischio di tasso (IRR<span class=\"_ _1\"></span>BB), in linea con le linee guida europee di riferimento.<span class=\"_ _2\"></span> </div><div class=\"gs14c5\"><table class=\"s w1099 h58f\" id=\"_a31e4e35-8044-4ef4-ab86-b60cabc4b3e5\"><tr><td></td><td class=\"c xa61 y35c6 w5e6 h1ea\"><div class=\"t m0 x1a0 h5 yd66 ff4 fs1 fc1 sc2 ls40 ws0\">Ip<span class=\"ls0\">otes<span class=\"_ _1\"></span>i di shi<span class=\"_ _1\"></span>ft pa<span class=\"_ _1\"></span>ralle<span class=\"_ _f\"></span>lo (dati i<span class=\"_ _1\"></span>n mili<span class=\"_ _1\"></span>oni di<span class=\"_ _1\"></span> euro<span class=\"_ _f\"></span>)<span class=\"_ _2\"></span> </span></div></td><td></td></tr><tr><td></td><td class=\"c xa62 y35c7 w5e7 h339\"><div class=\"t m0 x30 h30 y110b ff4 fsb fc1 sc2 ls0 ws0\">Shock -<span class=\"_ _1\"></span>100 b.p. </div></td><td class=\"c xa63 y35c7 w3d1 h339\"><div class=\"t m0 x31 h30 y110b ff4 fsb fc1 sc2 ls0 ws0\">Shock +<span class=\"_ _f\"></span>100 b.p. </div></td></tr><tr><td class=\"c xa61 y35c8 w5e8 h243\"><div class=\"t m0 x13 h30 y305 ff4 fsb fc1 sc0 ls0 ws0\">Dati 12/2025<span class=\"_ _2\"></span> </div></td><td class=\"c xa62 y35c8 w5e7 h243\"><div class=\"t m0 xe h30 y305 ff4 fsb fc1 sc0 ls0 ws0\">-54,5<span class=\"_ _df\"> </span></div></td><td class=\"c xa63 y35c8 w3d1 h243\"><div class=\"t m0 xf h30 y305 ff4 fsb fc1 sc0 ls0 ws0\">+98,2<span class=\"_ _df\"> </span></div></td></tr></table></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs14c6\">L\u2019esposizione al <span class=\"_ _f\"></span>r<span class=\"_ _2\"></span>ischio di<span class=\"_ _1\"></span> tasso di interesse <span class=\"_ _1\"></span>dal punto di vi<span class=\"_ _1\"></span>sta patrimoniale viene misurata a l<span class=\"_ _1\"></span>ivello </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs14c7\">consolidato <span class=\"_ _0\"></span>dalla <span class=\"_ _0\"></span>sensitivity <span class=\"_ _9\"> </span>del <span class=\"_ _0\"></span>valor<span class=\"_ _2\"></span>e <span class=\"_ _0\"></span>economico <span class=\"_ _0\"></span>(variazione <span class=\"_ _0\"></span>del <span class=\"_ _0\"></span>fair <span class=\"_ _9\"> </span>value <span class=\"_ _0\"></span>delle <span class=\"_ _0\"></span>poste <span class=\"_ _9\"> </span>attive <span class=\"_ _0\"></span>e </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs14c8\">passive), <span class=\"_ _f\"></span>secondo u<span class=\"_ _1\"></span>n <span class=\"_ _f\"></span>ap<span class=\"_ _2\"></span>proccio <span class=\"_ _f\"></span>full <span class=\"_ _f\"></span>e<span class=\"_ _2\"></span>valuation,<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>seguito <span class=\"_ _1\"></span>di <span class=\"_ _f\"></span>uno shock <span class=\"_ _f\"></span>parallelo <span class=\"_ _f\"></span>sulla <span class=\"_ _1\"></span>curva d<span class=\"_ _f\"></span>e<span class=\"_ _2\"></span>i <span class=\"_ _f\"></span>tass<span class=\"_ _2\"></span>i </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs14c9\">spot di <span class=\"_ _f\"></span>+/-200 basis p<span class=\"_ _1\"></span>oints. Nel <span class=\"_ _f\"></span>corso del <span class=\"_ _f\"></span>2025 la v<span class=\"_ _1\"></span>ariazione <span class=\"_ _1\"></span>media di <span class=\"_ _f\"></span>valore economico <span class=\"_ _1\"></span>in rapporto </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs14ca\">al Tier1 Capital \u00e8 risultata pari a 8,3%.  </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs14cb\">Oltre <span class=\"_ _0\"></span>all\u2019impatto <span class=\"_ _0\"></span>degli <span class=\"_ _0\"></span>shock <span class=\"_ _0\"> </span>paralleli <span class=\"_ _0\"></span>dei <span class=\"_ _0\"></span>tassi <span class=\"_ _9\"> </span>internamente <span class=\"_ _0\"></span>vengono <span class=\"_ _0\"></span>periodicamente <span class=\"_ _d\"></span>condott<span class=\"_ _2\"></span>e </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs14cc\">analisi <span class=\"_ _17\"> </span>di <span class=\"_ _4\"> </span>s<span class=\"_ _2\"></span>tress <span class=\"_ _17\"> </span>ipotizzando <span class=\"_ _17\"> </span>shock <span class=\"_ _4\"> </span>non <span class=\"_ _14\"> </span>paralleli <span class=\"_ _17\"> </span>basati <span class=\"_ _17\"> </span>sugli <span class=\"_ _17\"> </span>shock <span class=\"_ _17\"> </span>regolamentari <span class=\"_ _17\"> </span>standard </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs14cd\">normativi e definiti internamente. </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs14ce\">Le metodologie utilizzate per l\u2019analisi di <span class=\"_ _2\"></span>sensitivity al rischio di t<span class=\"_ _2\"></span>asso di interesse includono anche </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs14cf\">la <span class=\"_ _18\"> </span>modellizzazione <span class=\"_ _19\"> </span>delle <span class=\"_ _18\"> </span>poste <span class=\"_ _19\"> </span>a <span class=\"_ _18\"> </span>vista <span class=\"_ _19\"> </span>e <span class=\"_ _18\"> </span>del <span class=\"_ _18\"> </span>prepayment<span class=\"_ _2\"></span> <span class=\"_ _18\"> </span>sui <span class=\"_ _19\"> </span>mutui <span class=\"_ _18\"> </span>secondo <span class=\"_ _18\"> </span>i <span class=\"_ _19\"> </span>modelli </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs14d0\">comportamentali sopra descritti. </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs14d1\">Per il r<span class=\"_ _2\"></span>ischio di tasso <span class=\"_ _2\"></span>del portafoglio bancario si <span class=\"_ _2\"></span>riportano le medesime analisi di <span class=\"_ _2\"></span>VaR descritte <span class=\"_ _2\"></span>nel </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs14d2\">paragrafo <span class=\"_ _d\"></span>sul <span class=\"_ _d\"></span>portafoglio <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>Negoziazi<span class=\"_ _1\"></span>one, <span class=\"_ _d\"></span>a <span class=\"_ _d\"></span>cui <span class=\"_ _d\"></span>si <span class=\"_ _d\"></span>rimanda <span class=\"_ _d\"></span>per <span class=\"_ _d\"></span>la <span class=\"_ _d\"></span>descrizione <span class=\"_ _2\"></span>della <span class=\"_ _d\"></span>metodologia. </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs14d3\">Nelle <span class=\"_ _d\"></span>f<span class=\"_ _2\"></span>igure <span class=\"_ _d\"></span>sott<span class=\"_ _2\"></span>ostanti <span class=\"_ _d\"></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=\"_ _16\"> </span>Credem <span class=\"_ _d\"></span>nell\u2019arco <span class=\"_ _0\"></span>d<span class=\"_ _2\"></span>el </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs14d4\">2025.  </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs14d5\">I risultati dell\u2019attivit\u00e0 di back<span class=\"_ _1\"></span>testing sono riportati in calce al paragrafo 1.2.3 \u201cRischio di cambio\u201d.<span class=\"_ _2\"></span><span class=\"ff4\"> </span></div>Figur<span class=\"_ _1\"></span>a <span class=\"_ _f\"></span>3. <span class=\"_ _f\"></span>Andame<span class=\"_ _1\"></span>nto <span class=\"_ _f\"></span>Inter<span class=\"_ _1\"></span>est <span class=\"_ _f\"></span>Rate <span class=\"_ _f\"></span>VaR<span class=\"_ _1\"></span> <span class=\"_ _f\"></span>Credem <span class=\"_ _f\"></span><span class=\"ff5\">\u2013<span class=\"ff4\"> <span class=\"_ _f\"></span>banki<span class=\"_ _1\"></span>ng <span class=\"_ _f\"></span>book <span class=\"_ _f\"></span>(99%<span class=\"_ _1\"></span>, <span class=\"_ _f\"></span>10gg*coe<span class=\"_ _f\"></span>ff <span class=\"_ _f\"></span>moltiplica<span class=\"_ _f\"></span>tivo) <span class=\"_ _f\"></span>Dati<span class=\"_ _df\"> </span></span></span>in mi<span class=\"_ _1\"></span>lioni <span class=\"_ _1\"></span>di eur<span class=\"_ _1\"></span>o<span class=\"_ _df\"> </span>L\u2019andamento <span class=\"_ _d\"></span>del <span class=\"_ _2\"></span>VaR <span class=\"_ _d\"></span>nel <span class=\"_ _2\"></span>cor<span class=\"_ _2\"></span>so <span class=\"_ _2\"></span>del <span class=\"_ _d\"></span>202<span class=\"ff4\">5 <span class=\"_ _d\"></span></span>\u00e8 <span class=\"_ _d\"></span>riferibile <span class=\"_ _2\"></span>al<span class=\"_ _2\"></span>l\u2019andamento <span class=\"_ _d\"></span>delle <span class=\"_ _2\"></span>posizioni <span class=\"_ _d\"></span>del <span class=\"_ _d\"></span>portafoglio<span class=\"_ _df\"> </span>bancario e alla volatilit\u00e0 dei tassi registrata sui mercati.<span class=\"_ _df\"> </span>Rischio<span class=\"_ _f\"></span> di prezz<span class=\"_ _1\"></span>o<span class=\"_ _df\"> </span>Nell\u2019ambito <span class=\"_ _10\"> </span>del <span class=\"_ _10\"> </span>portafoglio <span class=\"_ _10\"> </span>ba<span class=\"_ _2\"></span>ncario <span class=\"_ _10\"> </span>il <span class=\"_ _10\"> </span>Gruppo <span class=\"_ _10\"> </span>non <span class=\"_ _10\"> </span>ha <span class=\"_ _18\"> </span>posizioni <span class=\"_ _10\"> </span>significativ<span class=\"_ _2\"></span><span class=\"ff4\">e <span class=\"_ _10\"> </span>in <span class=\"_ _10\"> </span>azioni <span class=\"_ _18\"> </span>o<span class=\"_ _df\"> </span></span>partecipazioni quotate. <span class=\"_ _2\"></span>Sono <span class=\"_ _2\"></span>presenti 9,2 <span class=\"_ _2\"></span>milioni di <span class=\"_ _2\"></span>euro <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>un fondo <span class=\"_ _2\"></span>private equity <span class=\"_ _2\"></span>gestito <span class=\"_ _2\"></span>da una<span class=\"_ _df\"> </span>societ\u00e0 <span class=\"_ _2\"></span>del gruppo e <span class=\"_ _2\"></span>quote <span class=\"_ _2\"></span>non rilevanti di <span class=\"_ _2\"></span>fondi r<span class=\"_ _2\"></span>iveni<span class=\"_ _1\"></span>enti <span class=\"_ _2\"></span>dalla fusione con <span class=\"_ _2\"></span>Cassa <span class=\"_ _2\"></span>di Risparmio <span class=\"_ _2\"></span>di<span class=\"_ _df\"> </span>Cento, di cui 0,9 milioni di euro in fondi immobiliari.<span class=\"_ _df\"> </span>Attivit\u00e0<span class=\"_ _f\"></span> di copert<span class=\"_ _1\"></span>ura de<span class=\"_ _1\"></span>l rischi<span class=\"_ _1\"></span>o di pre<span class=\"_ _f\"></span>zzo<span class=\"_ _df\"> </span>Il Gruppo non ha posto in essere operazioni<span class=\"_ _1\"></span> di copertura.<span class=\"_ _df\"> </span>1.2.3<span class=\"_ _f\"></span> Rischi<span class=\"_ _1\"></span>o di<span class=\"_ _1\"></span> cam<span class=\"_ _f\"></span>bio<span class=\"_ _df\"> </span>Inform<span class=\"_ _1\"></span>azio<span class=\"_ _f\"></span>ni di natura<span class=\"_ _f\"></span> qualitativa<span class=\"_ _df\"> </span>A.<span class=\"_ _18\"> </span>Asp<span class=\"_ _1\"></span>etti ge<span class=\"_ _1\"></span>nerali,<span class=\"_ _1\"></span> proce<span class=\"_ _f\"></span>ssi di gestio<span class=\"_ _f\"></span>ne e meto<span class=\"_ _f\"></span>di di misu<span class=\"_ _1\"></span>razion<span class=\"_ _1\"></span>e del <span class=\"_ _1\"></span>rischio d<span class=\"_ _f\"></span>i cambio<span class=\"_ _df\"> </span>L\u2019<span class=\"_ _f\"></span>atti<span class=\"_ _1\"></span>vi<span class=\"_ _f\"></span>t\u00e0 <span class=\"_ _2\"></span>svo<span class=\"_ _f\"></span>lta sui <span class=\"_ _2\"></span>me<span class=\"_ _f\"></span>rca<span class=\"_ _f\"></span>ti <span class=\"_ _2\"></span>dei<span class=\"_ _f\"></span> <span class=\"_ _d\"></span>ca<span class=\"_ _f\"></span>mbi <span class=\"_ _2\"></span>pr<span class=\"_ _1\"></span>ev<span class=\"_ _f\"></span>ede<span class=\"_ _f\"></span> <span class=\"_ _d\"></span>l\u2019a<span class=\"_ _f\"></span>ssun<span class=\"_ _f\"></span>zio<span class=\"_ _f\"></span>ne <span class=\"_ _2\"></span>di<span class=\"_ _1\"></span> <span class=\"_ _2\"></span>pos<span class=\"_ _f\"></span>izi<span class=\"_ _1\"></span>oni<span class=\"_ _f\"></span> <span class=\"_ _d\"></span>ge<span class=\"_ _f\"></span>sti<span class=\"_ _f\"></span>te <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>con<span class=\"_ _f\"></span>trol<span class=\"_ _1\"></span>la<span class=\"_ _f\"></span>te <span class=\"_ _2\"></span>tr<span class=\"_ _1\"></span>am<span class=\"_ _1\"></span>it<span class=\"_ _f\"></span>e<span class=\"_ _df\"> </span>mas<span class=\"_ _f\"></span>sim<span class=\"_ _f\"></span>ali <span class=\"_ _1\"></span>di<span class=\"_ _f\"></span> po<span class=\"_ _f\"></span>sizi<span class=\"_ _1\"></span>one<span class=\"_ _f\"></span>, s<span class=\"_ _1\"></span>ia<span class=\"_ _f\"></span> lor<span class=\"_ _f\"></span>da <span class=\"_ _f\"></span>sia<span class=\"_ _1\"></span> ne<span class=\"_ _f\"></span>tta<span class=\"_ _1\"></span>, e<span class=\"_ _f\"></span> ma<span class=\"_ _f\"></span>ssim<span class=\"_ _f\"></span>ali<span class=\"_ _f\"></span> di <span class=\"_ _1\"></span>co<span class=\"_ _f\"></span>ncen<span class=\"_ _f\"></span>tra<span class=\"_ _1\"></span>zi<span class=\"_ _1\"></span>one<span class=\"_ _f\"></span> pe<span class=\"_ _1\"></span>r d<span class=\"_ _f\"></span>ivi<span class=\"_ _f\"></span>sa.<span class=\"_ _df\"> </span>Il rischio d<span class=\"_ _1\"></span>i mercato currency viene <span class=\"_ _1\"></span>calcolato con la stessa frequenza e<span class=\"_ _1\"></span> metodologia indicata pe<span class=\"_ _1\"></span>r il<span class=\"_ _df\"> </span>rischio tasso ed equity.<span class=\"_ _df\"> </span>B.<span class=\"_ _48\"> </span><span class=\"ls0\">Attivit\u00e0 d<span class=\"_ _1\"></span>i cop<span class=\"_ _1\"></span>ertura d<span class=\"_ _f\"></span>el rischio d<span class=\"_ _1\"></span>i camb<span class=\"_ _1\"></span>io<span class=\"_ _df\"> </span></span>Non sono presenti operazioni di copertura.<span class=\"_ _df\"> </span>Inform<span class=\"_ _1\"></span>azio<span class=\"_ _f\"></span>ni di natura<span class=\"_ _f\"></span> quantita<span class=\"_ _f\"></span>tiva<span class=\"_ _df\"> </span>1. Dis<span class=\"_ _1\"></span>tribuzi<span class=\"_ _1\"></span>one<span class=\"_ _1\"></span> per <span class=\"_ _1\"></span>valu<span class=\"_ _1\"></span>ta di <span class=\"_ _1\"></span>deno<span class=\"_ _1\"></span>mina<span class=\"_ _1\"></span>zione <span class=\"_ _1\"></span>delle <span class=\"_ _1\"></span>attivi<span class=\"_ _1\"></span>t\u00e0 e<span class=\"_ _1\"></span> pas<span class=\"_ _f\"></span>sivit\u00e0 e d<span class=\"_ _1\"></span>ei der<span class=\"_ _1\"></span>ivat<span class=\"_ _1\"></span>i<span class=\"_ _df\"> </span>Voci<span class=\"_ _df\"> </span>Val<span class=\"_ _1\"></span>ute<span class=\"_ _df\"> </span>USD<span class=\"_ _df\"> </span>GBP<span class=\"_ _df\"> </span>JPY<span class=\"_ _df\"> </span>CAD<span class=\"_ _df\"> </span>CHF<span class=\"_ _df\"> </span>ALT<span class=\"_ _df\"> </span>A. Att<span class=\"_ _f\"></span>ivit\u00e0 fin<span class=\"_ _f\"></span>anziarie<span class=\"_ _df\"> </span>728.<span class=\"_ _f\"></span>2599.80<span class=\"_ _f\"></span>8<span class=\"_ _df\"> </span>10.16<span class=\"_ _1\"></span>53.505<span class=\"_ _df\"> </span>13.8<span class=\"_ _1\"></span>22<span class=\"_ _df\"> </span>A.1 Titoli di debit<span class=\"_ _1\"></span>o<span class=\"_ _df\"> </span>540.050<span class=\"_ _df\"> </span>939<span class=\"_ _df\"> </span>5<span class=\"_ _df\"> </span>49<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>A.2 Titoli di capitale<span class=\"_ _df\"> </span>12.095<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>A.3 Finanziament<span class=\"_ _1\"></span>i a banche<span class=\"_ _df\"> </span>125.951<span class=\"_ _df\"> </span>8.164<span class=\"_ _df\"> </span>9.7953.311<span class=\"_ _df\"> </span>4.424<span class=\"_ _df\"> </span>A.4 Finanziamenti <span class=\"_ _1\"></span>a clientela<span class=\"_ _df\"> </span>50.163<span class=\"_ _df\"> </span>705<span class=\"_ _df\"> </span>365<span class=\"_ _df\"> </span>145<span class=\"_ _df\"> </span>9.398<span class=\"_ _df\"> </span>A.5 Altre attivit\u00e0<span class=\"_ _1\"></span> finanziarie<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>B. Alt<span class=\"_ _f\"></span>re atti<span class=\"_ _1\"></span>vit\u00e0<span class=\"_ _df\"> </span>7.157<span class=\"_ _df\"> </span>737<span class=\"_ _df\"> </span>582<span class=\"_ _df\"> </span>527<span class=\"_ _df\"> </span>2.15<span class=\"_ _1\"></span>2<span class=\"_ _df\"> </span>C. Pas<span class=\"_ _1\"></span>sivi<span class=\"_ _f\"></span>t\u00e0 fina<span class=\"_ _f\"></span>nziarie<span class=\"_ _df\"> </span>717.8<span class=\"_ _1\"></span>3638.8<span class=\"_ _f\"></span>23<span class=\"_ _df\"> </span>9.53<span class=\"_ _1\"></span>010.6<span class=\"_ _1\"></span>49<span class=\"_ _df\"> </span>9.69<span class=\"_ _f\"></span>5<span class=\"_ _df\"> </span>C.1 Debiti verso b<span class=\"_ _f\"></span>anche<span class=\"_ _df\"> </span>72.611<span class=\"_ _df\"> </span>5.817<span class=\"_ _df\"> </span>544<span class=\"_ _df\"> </span>107<span class=\"_ _df\"> </span>2.068<span class=\"_ _df\"> </span>C.2 Debiti verso c<span class=\"_ _f\"></span>l<span class=\"_ _2\"></span>ientela<span class=\"_ _df\"> </span>643.05633.006<span class=\"_ _df\"> </span>8.98610.542<span class=\"_ _df\"> </span>7.627<span class=\"_ _df\"> </span>C.3 Titoli di debi<span class=\"_ _1\"></span>to<span class=\"_ _df\"> </span>2.169<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>C.4 Altre passi<span class=\"_ _1\"></span>vit\u00e0 finanziarie<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>D. Alt<span class=\"_ _f\"></span>re pass<span class=\"_ _f\"></span>ivit\u00e0<span class=\"_ _df\"> </span>4.659<span class=\"_ _df\"> </span>1.5<span class=\"ls2b\">85<span class=\"_ _df\"> </span></span>58<span class=\"_ _df\"> </span>270<span class=\"_ _df\"> </span>62<span class=\"_ _df\"> </span>E. De<span class=\"_ _1\"></span>riva<span class=\"_ _f\"></span>ti finan<span class=\"_ _1\"></span>ziari<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>- Opzioni<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>+ Posizioni lunghe<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>+ Posizioni corte<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>- Altri derivati<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span>+ Posizioni lunghe<span class=\"_ _df\"> </span>477.94290.250156.3257.321<span class=\"_ _df\"> </span>21.040<span class=\"_ _df\"> </span>+ Posizioni corte<span class=\"_ _df\"> </span>551.88860.219157.321<span class=\"_ _df\"> </span>345<span class=\"_ _df\"> </span>27.181<span class=\"_ _df\"> </span>Tot<span class=\"_ _1\"></span>ale at<span class=\"_ _1\"></span>tivit<span class=\"_ _1\"></span>\u00e0<span class=\"_ _df\"> </span>1.213.<span class=\"_ _f\"></span>358100.7<span class=\"_ _1\"></span>95167.07<span class=\"_ _f\"></span>211.353<span class=\"_ _df\"> </span>37.01<span class=\"_ _f\"></span>4<span class=\"_ _df\"> </span>Tot<span class=\"_ _1\"></span>ale pa<span class=\"_ _f\"></span>ssivit\u00e0<span class=\"_ _df\"> </span>1.274.<span class=\"_ _f\"></span>383100.6<span class=\"_ _f\"></span>27166.<span class=\"_ _1\"></span>90911.26<span class=\"_ _f\"></span>4<span class=\"_ _df\"> </span>36.9<span class=\"_ _f\"></span>38<span class=\"_ _df\"> </span>Sbila<span class=\"_ _f\"></span>ncio (+/-<span class=\"_ _f\"></span>)<span class=\"_ _df\"> </span>(61.0<span class=\"_ _1\"></span>25)<span class=\"_ _df\"> </span>168<span class=\"_ _df\"> </span>163<span class=\"_ _df\"> </span>89<span class=\"_ _df\"> </span>76<span class=\"_ _df\"> </span>Model<span class=\"_ _1\"></span>li inte<span class=\"_ _1\"></span>rni e <span class=\"_ _f\"></span>altre m<span class=\"_ _1\"></span>etodo<span class=\"_ _f\"></span>logie p<span class=\"_ _1\"></span>er l\u2019ana<span class=\"_ _f\"></span>li<span class=\"ff4\">si di se<span class=\"_ _f\"></span>nsitivit\u00e0<span class=\"_ _1\"></span> </span>Nella <span class=\"_ _f\"></span>presente <span class=\"_ _1\"></span>sezione <span class=\"_ _1\"></span>vengono sinteticame<span class=\"_ _1\"></span>nte <span class=\"_ _f\"></span>espost<span class=\"_ _2\"></span>i <span class=\"_ _f\"></span>i risul<span class=\"_ _1\"></span>tati <span class=\"_ _f\"></span>delle anal<span class=\"_ _1\"></span>isi <span class=\"_ _f\"></span>d<span class=\"_ _2\"></span>el <span class=\"_ _f\"></span>rischio d<span class=\"_ _f\"></span>i cambio.<span class=\"_ _df\"> </span>In <span class=\"_ _2\"></span>particolare <span class=\"_ _d\"></span>di <span class=\"_ _2\"></span>seguito <span class=\"_ _2\"></span>so<span class=\"_ _2\"></span>no <span class=\"_ _2\"></span>riportati <span class=\"_ _d\"></span>i <span class=\"_ _2\"></span>valori <span class=\"_ _d\"></span>medi, <span class=\"_ _2\"></span>massimi <span class=\"_ _2\"></span>e <span class=\"_ _d\"></span>minimi <span class=\"_ _2\"></span>del <span class=\"_ _d\"></span>VaR <span class=\"_ _2\"></span>(in <span class=\"_ _d\"></span>milioni <span class=\"_ _2\"></span>di <span class=\"_ _d\"></span>euro)<span class=\"_ _df\"> </span>generato dal fattore di rischio currency relativi agli esercizi 2023, 2024 e 2025. Nella figura sottostante \u00e8 riportato l\u2019andame<span class=\"_ _1\"></span>nto di tale dato di V<span class=\"_ _2\"></span>aR per Credem ne<span class=\"_ _1\"></span>ll\u2019arco del 2025<span class=\"ff4\">.<span class=\"_ _df\"> </span></span>La <span class=\"_ _2\"></span>tabella <span class=\"_ _2\"></span>sottostant<span class=\"_ _2\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _2\"></span>evidenzia <span class=\"_ _d\"></span>i <span class=\"_ _2\"></span>contributi <span class=\"_ _2\"></span>medi <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>rischio <span class=\"_ _d\"></span>equity, <span class=\"_ _2\"></span>rischio <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>cambio <span class=\"_ _d\"></span>e <span class=\"_ _2\"></span>rischio <span class=\"_ _0\"></span>di<span class=\"_ _df\"> </span>tasso nel corso del 2025 al VaR complessiv<span class=\"_ _1\"></span>o non diversificato. Nell\u2019ambito <span class=\"_ _0\"></span>della <span class=\"_ _9\"> </span>pi\u00f9 <span class=\"_ _9\"> </span>complessiva <span class=\"_ _9\"> </span>analisi <span class=\"_ _0\"></span>annuale <span class=\"_ _9\"> </span>di <span class=\"_ _0\"> </span>bac<span class=\"_ _2\"></span>ktesting <span class=\"_ _0\"></span>dei <span class=\"_ _9\"> </span>modelli, <span class=\"_ _0\"></span>viene <span class=\"_ _9\"> </span>effettuato <span class=\"_ _9\"> </span>il<span class=\"_ _df\"> </span>confronto tra il dato di VaR e il P&amp;L effe<span class=\"_ _1\"></span>ttivamente conseguito. Il backtesting <span class=\"_ _2\"></span>\u00e8 eseguit<span class=\"_ _2\"></span>o mett<span class=\"_ _2\"></span>end<span class=\"_ _f\"></span>o<span class=\"_ _2\"></span> a <span class=\"_ _2\"></span>confronto <span class=\"_ _2\"></span>i dati <span class=\"_ _2\"></span>di VaR <span class=\"_ _2\"></span>con i <span class=\"_ _2\"></span>dati di <span class=\"_ _2\"></span>P&amp;L <span class=\"_ _2\"></span>gestionali giornalieri<span class=\"_ _df\"> </span>(o<span class=\"_ _e\"> </span>settimanali, <span class=\"_ _16\"> </span>per <span class=\"_ _9\"> </span>i  portafogli  p<span class=\"_ _1\"></span>er <span class=\"_ _16\"> </span>i <span class=\"_ _16\"> </span>quali <span class=\"_ _9\"> </span>i<span class=\"_ _2\"></span>l <span class=\"_ _16\"> </span>calcolo <span class=\"_ _9\"> </span>d<span class=\"_ _2\"></span>i <span class=\"_ _9\"> </span>r<span class=\"_ _2\"></span>edditivit\u00e0 <span class=\"_ _16\"> </span>\u00e8 <span class=\"_ _9\"> </span>s<span class=\"_ _2\"></span>u <span class=\"_ _9\"> </span>base  weekly), <span class=\"_ _9\"> </span>e  si <span class=\"_ _9\"> </span>bas<span class=\"_ _2\"></span>a<span class=\"_ _df\"> </span>sull\u2019analisi <span class=\"_ _0\"></span>delle <span class=\"_ _0\"></span>\u201ceccezioni\u201d, <span class=\"_ _0\"></span>ov<span class=\"_ _2\"></span>vero <span class=\"_ _0\"></span>dei <span class=\"_ _0\"></span>casi <span class=\"_ _0\"></span>in <span class=\"_ _9\"> </span>cui <span class=\"_ _0\"></span>la <span class=\"_ _9\"> </span>perdita <span class=\"_ _0\"></span>registr<span class=\"_ _2\"></span>ata <span class=\"_ _9\"> </span><span class=\"ff4\">r<span class=\"_ _2\"></span>isul<span class=\"_ _1\"></span>ta <span class=\"_ _0\"></span>superiore <span class=\"_ _9\"> </span>al <span class=\"_ _0\"></span>VaR<span class=\"_ _df\"> </span></span>stimato <span class=\"_ _17\"> </span>per <span class=\"_ _4\"> </span>lo <span class=\"_ _17\"> </span>stesso <span class=\"_ _17\"> </span>periodo <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>riferimento, <span class=\"_ _17\"> </span>sia <span class=\"_ _4\"> </span>in <span class=\"_ _17\"> </span>termini <span class=\"_ _17\"> </span>di <span class=\"_ _4\"> </span>numerosit\u00e0 <span class=\"_ _17\"> </span>sia <span class=\"_ _17\"> </span>in <span class=\"_ _4\"> </span>t<span class=\"_ _2\"></span>ermini <span class=\"_ _4\"> </span>di<span class=\"_ _df\"> </span>distribuzione temporale.<span class=\"_ _df\"> </span>Il perimetro dell\u2019analisi di backte<span class=\"_ _2\"></span>st sono i <span class=\"_ _2\"></span>portafogli del Regolamento Finanza (trading e bancario)<span class=\"_ _df\"> </span>e <span class=\"_ _0\"></span>copre <span class=\"_ _9\"> </span>i <span class=\"_ _9\"> </span>ri<span class=\"ff5\">schi <span class=\"_ _9\"> </span>riportati <span class=\"_ _9\"> </span>nella <span class=\"_ _9\"> </span>presente <span class=\"_ _9\"> </span>sezione. <span class=\"_ _0\"></span>L\u2019orizzonte <span class=\"_ _9\"> </span>tempor<span class=\"_ _2\"></span>ale <span class=\"_ _0\"></span>del <span class=\"_ _9\"> </span>VaR <span class=\"_ _0\"></span>\u00e8 <span class=\"_ _9\"> </span>co<span class=\"_ _2\"></span>erente <span class=\"_ _0\"></span>con<span class=\"_ _df\"> </span></span>quello <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>calcolo <span class=\"_ _0\"></span>del <span class=\"_ _0\"></span>P&amp;L. <span class=\"_ _0\"></span>L\u2019esercizio <span class=\"_ _0\"></span>si <span class=\"_ _0\"></span>basa <span class=\"_ _0\"></span>s<span class=\"_ _2\"></span>u <span class=\"_ _d\"></span>12 <span class=\"_ _9\"> </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=\"_ _df\"> </span>attraverso una serie di test:<span class=\"_ _df\"> </span>-<span class=\"_ _2c\"> </span><span class=\"ff4 fs1\">Freque<span class=\"_ _f\"></span>ncy <span class=\"_ _2\"></span>Test: Basilea e Kupiec (o POF, Proportion of Failure);<span class=\"_ _df\"> </span></span>-<span class=\"_ _2c\"> </span><span class=\"ff4 fs1\">Ind<span class=\"_ _1\"></span>ipendence Test: Christoffersen e Mixed Kupiec;<span class=\"_ _df\"> </span></span>-<span class=\"_ _2c\"> </span><span class=\"ff4 fs1\">Joint Test: POF + Christoffe<span class=\"_ _1\"></span>rsen, POF + Mixed Kupiec.<span class=\"_ _df\"> </span></span>Nell\u2019ambito <span class=\"_ _f\"></span>dell\u2019analisi <span class=\"_ _1\"></span>del <span class=\"_ _f\"></span>periodo di <span class=\"_ _f\"></span>backtesting <span class=\"_ _f\"></span>i test <span class=\"_ _f\"></span>effettuati <span class=\"_ _f\"></span>confermano <span class=\"_ _1\"></span>la <span class=\"_ _f\"></span>t<span class=\"_ _2\"></span>enuta <span class=\"_ _f\"></span>del <span class=\"_ _f\"></span>modello<span class=\"_ _df\"> </span>di VaR.<span class=\"_ _df\"> </span>1.3 Gli s<span class=\"_ _1\"></span>trume<span class=\"_ _1\"></span>nti deri<span class=\"_ _f\"></span>vati e le p<span class=\"_ _f\"></span>olitiche di co<span class=\"_ _f\"></span>pertura<span class=\"_ _df\"> </span>L\u2019operativit\u00e0 <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>strumenti <span class=\"_ _d\"></span>finanziari <span class=\"_ _2\"></span>derivati <span class=\"_ _d\"></span>\u00e8 <span class=\"_ _d\"></span>gestita <span class=\"_ _d\"></span>dal <span class=\"_ _d\"></span>Gruppo <span class=\"_ _d\"></span>tramite <span class=\"_ _d\"></span>un <span class=\"_ _d\"></span>apposito <span class=\"_ _d\"></span>applicativ<span class=\"_ _1\"></span>o<span class=\"_ _df\"> </span>dedicato atto alle valorizzazioni giornaliere aMark to model. Il documento di riferimento \u201cAllegato<span class=\"_ _df\"> </span>tecnico alla Fa<span class=\"ff5\">ir <span class=\"_ _2\"></span>value Policy di Gruppo: Manuale modelli <span class=\"_ _2\"></span>di pricing\u201d disciplina i principali <span class=\"_ _2\"></span>modelli<span class=\"_ _1\"></span> <span class=\"_ _2\"></span>di<span class=\"_ _df\"> </span></span>pricing  comunemente <span class=\"_ _4\"> </span>utilizzati <span class=\"_ _22\"> </span>dal <span class=\"_ _4\"> </span>Gruppo  per <span class=\"_ _4\"> </span>i  propri <span class=\"_ _4\"> </span>derivati  valutati <span class=\"_ _4\"> </span>al  Mark <span class=\"_ _22\"> </span>to <span class=\"_ _4\"> </span>Model.  In<span class=\"_ _df\"> </span>particolare una s<span class=\"_ _2\"></span>ezione dedicata descrive nel dettaglio t<span class=\"_ _2\"></span>ali modelli. L\u2019<span class=\"_ _2\"></span><span class=\"ff4\">insieme dei mo<span class=\"_ _2\"></span>delli descritti<span class=\"_ _df\"> </span></span>individua le <span class=\"_ _2\"></span>metodologie <span class=\"_ _2\"></span>ad oggi<span class=\"_ _2\"></span> utilizzate <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>validate per <span class=\"_ _2\"></span>le <span class=\"_ _2\"></span>valutazioni degli <span class=\"_ _2\"></span>strumenti <span class=\"_ _2\"></span>detenuti <span class=\"_ _2\"></span>in<span class=\"_ _df\"> </span>propriet\u00e0.<span class=\"_ _df\"> </span>Classificazione strumenti derivati e parametri di mercato<span class=\"_ _df\"> </span>Il <span class=\"_ _f\"></span>Gruppo Cre<span class=\"_ _1\"></span>dem <span class=\"_ _f\"></span>si \u00e8<span class=\"_ _f\"></span> dotato <span class=\"_ _f\"></span>di <span class=\"_ _1\"></span>una <span class=\"_ _f\"></span>Fair <span class=\"_ _f\"></span>Value <span class=\"_ _1\"></span>Policy e <span class=\"_ _f\"></span>relativi <span class=\"_ _f\"></span>allegati <span class=\"_ _f\"></span>t<span class=\"_ _2\"></span>ecnici<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>che <span class=\"_ _f\"></span>disciplinano <span class=\"_ _f\"></span>anche<span class=\"_ _df\"> </span>le <span class=\"_ _0\"></span>regole <span class=\"_ _0\"></span>contabili <span class=\"_ _0\"></span>per <span class=\"_ _0\"></span>la <span class=\"_ _9\"> </span>valorizzazione<span class=\"_ _f\"></span> <span class=\"_ _9\"> </span>degli <span class=\"_ _0\"></span>str<span class=\"_ _2\"></span>umenti<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>a <span class=\"_ _0\"></span>mark <span class=\"_ _0\"></span>to <span class=\"_ _0\"></span>model, <span class=\"_ _0\"></span>i <span class=\"_ _9\"> </span>relativi <span class=\"_ _0\"></span>parametri <span class=\"_ _d\"></span>e <span class=\"_ _9\"> </span>i<span class=\"_ _df\"> </span>processi inerenti la valorizzazione degli strumenti.<span class=\"_ _df\"> </span>In particolare il manuale si articola nelle segu<span class=\"_ _1\"></span>enti<span class=\"_ _2\"></span> sezioni:<span class=\"_ _df\"> </span>-<span class=\"_ _1d\"> </span><span class=\"ff5\">classificazione degli strumenti derivati, storicizzati all\u2019interno dell\u2019applicativo;<span class=\"_ _df\"> </span></span>-<span class=\"_ _1d\"> </span><span class=\"ff5\">mappatura <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>dettaglio <span class=\"_ _2\"></span>dei <span class=\"_ _2\"></span>parametri <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>mercato alimentati <span class=\"_ _2\"></span>all\u2019interno <span class=\"_ _2\"></span>dell\u2019applicativo al <span class=\"_ _2\"></span>fine<span class=\"_ _df\"> </span></span>di valutare tutti gli strumenti;<span class=\"_ _df\"> </span>-<span class=\"_ _1d\"> </span><span class=\"ff4\">descrizione procedure automatizzate per la storicizzazione dei prezzi.<span class=\"_ _df\"> </span></span>Parametri di mercato<span class=\"_ _df\"> </span>I <span class=\"_ _16\"> </span>parametri <span class=\"_ _16\"> </span>di <span class=\"_ _9\"> </span>mercat<span class=\"_ _2\"></span>o <span class=\"_ _9\"> </span>utilizzati  p<span class=\"_ _1\"></span>er  l<span class=\"_ _1\"></span>e <span class=\"_ _16\"> </span>valutazioni <span class=\"_ _9\"> </span>e  gestiti <span class=\"_ _16\"> </span>all\u2019interno <span class=\"_ _9\"> </span>dell\u2019applicativo  p<span class=\"_ _1\"></span>ossono<span class=\"_ _df\"> </span>essere:<span class=\"_ _df\"> </span>-<span class=\"_ _1d\"> </span><span class=\"ff4\">dati <span class=\"_ _f\"></span>acquisiti <span class=\"_ _f\"></span>automat<span class=\"_ _2\"></span>icamente, <span class=\"_ _11\"></span>i<span class=\"_ _2\"></span>nformazioni <span class=\"_ _f\"></span>scaricate <span class=\"_ _f\"></span>periodicamente <span class=\"_ _f\"></span>da <span class=\"_ _f\"></span>Info <span class=\"_ _1\"></span>Providers,<span class=\"_ _2\"></span> <span class=\"_ _f\"></span>(ad<span class=\"_ _df\"> </span></span>es: market parameter giornalieri);<span class=\"_ _df\"> </span>-<span class=\"_ _1d\"> </span><span class=\"ff5\">dati <span class=\"_ _c\"> </span>di <span class=\"_ _c\"> </span>mercato <span class=\"_ _c\"> </span>stimati <span class=\"_ _1a\"> </span>dall\u2019applicativo, <span class=\"_ _c\"> </span>prevalentemente <span class=\"_ _c\"> </span>attraverso <span class=\"_ _1a\"> </span>dati <span class=\"_ _c\"> </span>acquisiti<span class=\"_ _df\"> </span></span>automaticamente.<span class=\"_ _df\"> </span>Generalmente, <span class=\"_ _17\"> </span>i <span class=\"_ _17\"> </span>parametri <span class=\"_ _14\"> </span>alimentati <span class=\"_ _17\"> </span>manualmente <span class=\"_ _17\"> </span>s<span class=\"_ _2\"></span>ono <span class=\"_ _17\"> </span>quelli <span class=\"_ _17\"> </span>che <span class=\"_ _17\"> </span>non <span class=\"_ _14\"> </span>necessitano <span class=\"_ _17\"> </span>di <span class=\"_ _17\"> </span>un<span class=\"_ _df\"> </span>aggiornamento costante e giornaliero.<span class=\"_ _df\"> </span>Processo di validazione modell<span class=\"_ _1\"></span>i e parametri<span class=\"_ _df\"> </span>I d<span class=\"_ _1\"></span>ocumenti di<span class=\"_ _1\"></span> riferimento <span class=\"_ _1\"></span>riportano come <span class=\"_ _f\"></span>indicato tutti <span class=\"_ _1\"></span>i mode<span class=\"_ _1\"></span>lli di <span class=\"_ _f\"></span>pricing e <span class=\"_ _f\"></span>i parametri di<span class=\"_ _1\"></span> mercato<span class=\"_ _df\"> </span>validati e utilizzati dal Gruppo per la valutazione<span class=\"_ _1\"></span> degli strumenti derivati.<span class=\"_ _df\"> </span>Qualora <span class=\"_ _1a\"> </span>sia <span class=\"_ _1a\"> </span>necessario <span class=\"_ _1a\"> </span>introdurre <span class=\"_ _1a\"> </span>nuovi <span class=\"_ _1a\"> </span>parametri <span class=\"_ _1a\"> </span>e/o <span class=\"_ _1a\"> </span>modelli, <span class=\"_ _19\"> </span>il <span class=\"_ _1a\"> </span>processo <span class=\"_ _c\"> </span>prev<span class=\"_ _1\"></span>ede <span class=\"_ _1a\"> </span>il<span class=\"_ _df\"> </span>coinvolgimento <span class=\"_ _2\"></span>della <span class=\"_ _d\"></span>funzione <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>validazione <span class=\"_ _2\"></span>che <span class=\"_ _d\"></span>disciplina <span class=\"_ _d\"></span>un <span class=\"_ _2\"></span>apposito <span class=\"_ _d\"></span>parere <span class=\"_ _d\"></span>inerente <span class=\"_ _2\"></span>la <span class=\"_ _d\"></span>nuova<span class=\"_ _df\"> </span>operativit\u00e0 <span class=\"_ _d\"></span>e <span class=\"_ _0\"></span>provvede<span class=\"_ _1\"></span> <span class=\"_ _d\"></span>alla <span class=\"_ _0\"></span>validazione <span class=\"_ _d\"></span>dei <span class=\"_ _0\"></span>modelli <span class=\"_ _d\"></span>come <span class=\"_ _0\"></span>disciplinato <span class=\"_ _d\"></span>nell\u2019 <span class=\"_ _d\"></span>apposito <span class=\"_ _0\"></span>regolam<span class=\"_ _2\"></span><span class=\"ff4\">ento<span class=\"_ _df\"> </span></span>Nuovi prodotti del Gruppo.<span class=\"_ _df\"> </span>E\u2019 <span class=\"_ _d\"></span>cura <span class=\"_ _d\"></span>della <span class=\"_ _d\"></span>funzione <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>validazione <span class=\"_ _d\"></span>aggiornare <span class=\"_ _d\"></span>periodicamente <span class=\"_ _d\"></span>i <span class=\"_ _d\"></span>documenti <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>riferimento <span class=\"_ _d\"></span>con <span class=\"_ _d\"></span>i<span class=\"_ _df\"> </span>nuovi modelli e/o parametri utilizzati ed<span class=\"_ _1\"></span> effettuare analisi sulla validit\u00e0 dei modelli in uso.<span class=\"_ _df\"> </span>Procedure <span class=\"_ _2\"></span>automatiche <span class=\"_ _d\"></span>e <span class=\"_ _d\"></span>appositi <span class=\"_ _d\"></span>controlli <span class=\"_ _2\"></span>consentono <span class=\"_ _d\"></span>il <span class=\"_ _2\"></span>presidio <span class=\"_ _d\"></span>giornaliero <span class=\"_ _2\"></span>delle <span class=\"_ _d\"></span>valorizzazioni<span class=\"_ _df\"> </span>dei derivati e dei p<span class=\"_ _1\"></span>arametri utilizzati.<span class=\"_ _df\"> </span>Si <span class=\"_ _9\"> </span>riporta  per <span class=\"_ _0\"></span>ogni <span class=\"_ _16\"> </span>tipologia <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>s<span class=\"_ _2\"></span>trumento <span class=\"_ _9\"> </span>derivato <span class=\"_ _9\"> </span>il  tip<span class=\"_ _1\"></span>o <span class=\"_ _16\"> </span>di <span class=\"_ _9\"> </span>valutazione <span class=\"_ _9\"> </span>(tramite <span class=\"_ _16\"> </span>quotazione <span class=\"_ _9\"> </span>di<span class=\"_ _df\"> </span>mercato -Mark to market o tramite valutazione a modello-Mark to model<span class=\"_ _df\"> </span>). Nel caso lo str<span class=\"_ _2\"></span>umento<span class=\"_ _df\"> </span>sia valutato <span class=\"_ _1\"></span>tramite<span class=\"_ _df\"> </span>Mark to M<span class=\"_ _1\"></span>odel si ind<span class=\"_ _1\"></span>icano: il model<span class=\"_ _1\"></span>lo di p<span class=\"_ _1\"></span>ricing utilizzato per la <span class=\"_ _1\"></span>valorizzazione e<span class=\"_ _df\"> </span>i parametri di mercato utilizzati per la valutazione. <table class=\"s w109b h591\" id=\"_0ee191b2-1fc3-4a19-ab1f-5db9db08b622\"><tr><td class=\"c x44e y35e2 w8b h33a\"><div class=\"t m0 x10 h5 yce6 ff4 fs1 fc1 sc2 ls0 ws0\">Fam<span class=\"_ _f\"></span>ily </div></td><td class=\"c xa66 y35e2 w5f3 h33a\"><div class=\"t m0 x10 h5 yce6 ff4 fs1 fc1 sc2 ls0 ws0\">Grou<span class=\"_ _1\"></span>p </div></td><td class=\"c xa67 y35e3 w109c h592\"><div class=\"t m0 x250 h5 y254f ff4 fs1 fc1 sc2 ls0 ws0\">Trans<span class=\"_ _f\"></span>action<span class=\"_ _df\"> </span></div></td><td class=\"c x75f y35e2 w5f5 h33a\"><div class=\"t m0 x10 h5 yce6 ff4 fs1 fc1 sc2 ls0 ws0\">Descr<span class=\"_ _1\"></span>iptio<span class=\"_ _1\"></span>n </div></td><td class=\"c xa68 y35e3 w109d h592\"><div class=\"t m0 x250 h5 y254f ff4 fs1 fc1 sc2 ls0 ws0\">Mark<span class=\"_ _1\"></span> to <span class=\"_ _f\"></span>Model <span class=\"_ _1\"></span>/ Ma<span class=\"_ _f\"></span>rk to<span class=\"_ _df\"> </span></div></td><td class=\"c xa69 y35e3 w109e h592\"><div class=\"t m0 x250 h5 y254f ff4 fs1 fc1 sc2 ls0 ws0\">Model<span class=\"_ _1\"></span>lo <span class=\"_ _e\"> </span>di <span class=\"_ _e\"> </span>Pricing <span class=\"_ _e\"> </span>/ <span class=\"_ _10\"> </span>Para<span class=\"_ _f\"></span>metri <span class=\"_ _e\"> </span>di<span class=\"_ _df\"> </span></div></td><td></td></tr><tr><td></td><td></td><td class=\"c xa67 y35e4 w109f h593\"><div class=\"t m0 x250 h5 y254f ff4 fs1 fc1 sc2 ls0 ws0\">Type<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c xa68 y35e4 w10a0 h593\"><div class=\"t m0 x250 h5 y254f ff4 fs1 fc1 sc2 ls0 ws0\">Mark<span class=\"_ _1\"></span>et<span class=\"_ _df\"> </span></div></td><td class=\"c xa69 y35e4 w10a1 h593\"><div class=\"t m0 x250 h5 y254f ff4 fs1 fc1 sc2 ls0 ws0\">Merca<span class=\"_ _1\"></span>to<span class=\"_ _df\"> </span></div></td><td></td></tr><tr><td class=\"c x44e y35e5 w8b h33b\"><div class=\"t m0 x10 h5 yce6 ff4 fs1 fc1 sc0 lsc3 ws0\">CURR<span class=\"ls0\"> </span></div></td><td class=\"c xa66 y35e5 w5f3 h33b\"><div class=\"t m0 x10 h5 yce6 ff4 fs1 fc1 sc0 ls0 ws0\">FXD </div></td><td class=\"c xa6a y35e5 w5f4 h33b\"><div class=\"t m0 x10 h5 yce6 ff4 fs1 fc1 sc0 ls0 ws0\">FXD </div></td><td class=\"c x75f y35e5 w5f5 h33b\"><div class=\"t m0 x10 h5 yce6 ff4 fs1 fc1 sc0 ls0 ws0\">Spot-Forward </div></td><td class=\"c xa68 y35e6 w10a2 h593\"><div class=\"t m0 x250 h5 y254f ff4 fs1 fc1 sc0 ls0 ws0\">MARK_TO_MARKET,<span class=\"_ _df\"> </span></div></td><td class=\"c xa69 y35e6 w10a3 h593\"><div class=\"t m0 x250 h5 y254f ff4 fs1 fc1 sc2 ls0 ws0\">Model<span class=\"_ _1\"></span>li<span class=\"sc0\">: COST_OF_CARRY<span class=\"_ _df\"> </span></span></div></td><td></td></tr><tr><td></td><td></td><td></td><td></td><td class=\"c xa68 y35e7 w10a4 h593\"><div class=\"t m0 x250 h5 y254f ff4 fs1 fc1 sc0 ls0 ws0\">MARK_TO_MODEL<span class=\"_ _df\"> </span></div></td><td class=\"c xa69 y35e8 w10a5 h593\"><div class=\"t m0 x250 h5 y254f ff4 fs1 fc1 sc2 ls0 ws0\">Para<span class=\"_ _f\"></span>metri<span class=\"sc0\">: FX_SPOT_RATE,<span class=\"_ _df\"> </span></span></div></td><td></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td class=\"c xa69 y2f22 w10a6 h593\"><div class=\"t m0 x250 h5 y254f ff4 fs1 fc1 sc0 ls0 ws0\">FX_CURVE<span class=\"_ _df\"> </span></div></td><td></td></tr><tr><td class=\"c x44e y35e9 w8b h8f\"><div class=\"t m0 x10 h5 yd3f ff4 fs1 fc1 sc0 lsc3 ws0\">CURR<span class=\"ls0\"> </span></div></td><td class=\"c xa66 y35e9 w5f3 h8f\"><div class=\"t m0 x10 h5 yd3f ff4 fs1 fc1 sc0 ls0 ws0\">FXD </div></td><td class=\"c xa6a y35e9 w5f4 h8f\"><div class=\"t m0 x10 h5 yd3f ff4 fs1 fc1 sc0 ls0 ws0\">XSW </div></td><td class=\"c x75f y35e9 w5f5 h8f\"><div class=\"t m0 x10 h5 yd3f ff4 fs1 fc1 sc0 ls0 ws0\">Forex Swap </div></td><td class=\"c xa6b y35e9 w36a h8f\"><div class=\"t m0 x10 h5 yd3f ff4 fs1 fc1 sc0 ls0 ws0\">MARK_TO_MODEL </div></td><td class=\"c xa69 y35ea w10a3 h594\"><div class=\"t m0 x250 h5 y254f ff4 fs1 fc1 sc2 ls0 ws0\">Model<span class=\"_ _1\"></span>li<span class=\"sc0\">: COST_OF_CARRY<span class=\"_ _df\"> </span></span></div></td><td></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td class=\"c xa69 y35eb w10a5 h593\"><div class=\"t m0 x250 h5 y254f ff4 fs1 fc1 sc2 ls0 ws0\">Para<span class=\"_ _f\"></span>metri<span class=\"sc0\">: FX_SPOT_RATE,<span class=\"_ _df\"> </span></span></div></td><td></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td class=\"c xa69 y2909 w10a6 h593\"><div class=\"t m0 x250 h5 y254f ff4 fs1 fc1 sc0 ls0 ws0\">FX_CURVE<span class=\"_ _df\"> </span></div></td><td></td></tr><tr><td class=\"c x44e y35ec w8b h264\"><div class=\"t m0 x10 h5 y18c7 ff4 fs1 fc1 sc0 lsc3 ws0\">CURR<span class=\"ls0\"> </span></div></td><td class=\"c xa66 y35ec w5f3 h264\"><div class=\"t m0 x10 h5 y18c7 ff4 fs1 fc1 sc0 ls0 ws0\">OPT </div></td><td></td><td class=\"c x75f y35ec w5f5 h264\"><div class=\"t m0 x10 h5 y18c7 ff4 fs1 fc1 sc0 ls0 ws0\">FX Option </div></td><td class=\"c xa6b y35ec w36a h264\"><div class=\"t m0 x10 h5 y18c7 ff4 fs1 fc1 sc0 ls0 ws0\">MARK_TO_MODEL </div></td><td class=\"c xa69 y35ed w10a7 h595\"><div class=\"t m0 x250 h5 y254f ff4 fs1 fc1 sc2 ls0 ws0\">Model<span class=\"_ _1\"></span>li<span class=\"sc0\">: BLACK_EXOTIC (Solo Back<span class=\"_ _df\"> </span></span></div></td><td></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td class=\"c xa69 y35ee w10a8 h593\"><div class=\"t m0 x250 h5 y254f ff4 fs1 fc1 sc0 ls0 ws0\">to back)<span class=\"_ _df\"> </span></div></td><td></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td class=\"c xa69 y28d8 w10a5 h593\"><div class=\"t m0 x250 h5 y254f ff4 fs1 fc1 sc2 ls0 ws0\">Para<span class=\"_ _f\"></span>metri<span class=\"sc0\">: FX_SPOT_RATE,<span class=\"_ _df\"> </span></span></div></td><td></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td class=\"c xa69 y3537 w10a9 h593\"><div class=\"t m0 x250 h5 y254f ff4 fs1 fc1 sc0 ls0 ws0\">FX_CURVE, IR_CURVE,<span class=\"_ _df\"> </span></div></td><td></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td class=\"c xa69 y35ef w10aa h593\"><div class=\"t m0 x250 h5 y254f ff4 fs1 fc1 sc0 ls0 ws0\">FX_VOL_SURF<span class=\"_ _df\"> </span></div></td><td></td></tr><tr><td class=\"c x44e y35f0 w8b h170\"><div class=\"t m0 x10 h5 y1b0c ff4 fs1 fc1 sc0 ls0 ws0\">EQD </div></td><td class=\"c xa66 y35f0 w5f3 h170\"><div class=\"t m0 x10 h5 y1b0c ff4 fs1 fc1 sc0 ls0 ws0\">BOND </div></td><td class=\"c xa6a y35f0 w5f4 h170\"><div class=\"t m0 x10 h5 y1b0c ff4 fs1 fc1 sc0 ls0 ws0\">CNV </div></td><td class=\"c xa6c y35f1 w10ab h596\"><div class=\"t m0 x250 h5 y254f ff4 fs1 fc1 sc0 ls0 ws0\">Convertible<span class=\"_ _df\"> </span></div></td><td class=\"c xa68 y35f1 w10a2 h596\"><div class=\"t m0 x250 h5 y254f ff4 fs1 fc1 sc0 ls0 ws0\">MARK_TO_MARKET,<span class=\"_ _df\"> </span></div></td><td class=\"c xa69 y35f1 w10ac h596\"><div class=\"t m0 x250 h5 y254f ff4 fs1 fc1 sc2 ls0 ws0\">Model<span class=\"_ _1\"></span>li<span class=\"sc0\">: CN_CREDIT_ALL<span class=\"_ _1\"></span> (Solo<span class=\"_ _df\"> </span></span></div></td><td></td></tr><tr><td></td><td></td><td></td><td class=\"c xa6c y35f2 wef1 h593\"><div class=\"t m0 x250 h5 y254f ff4 fs1 fc1 sc0 ls0 ws0\">Bond<span class=\"_ _df\"> </span></div></td><td class=\"c xa68 y35f2 w10a4 h593\"><div class=\"t m0 x250 h5 y254f ff4 fs1 fc1 sc0 ls0 ws0\">MARK_TO_MODEL<span class=\"_ _df\"> </span></div></td><td class=\"c xa69 y35f3 w10ad h593\"><div class=\"t m0 x250 h5 y254f ff4 fs1 fc1 sc0 ls0 ws0\">Sensitivit<span class=\"ls15\">y)<span class=\"_ _df\"> </span></span></div></td><td></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td class=\"c xa69 y35f4 w10ae h593\"><div class=\"t m0 x250 h5 y254f ff4 fs1 fc1 sc2 ls0 ws0\">Para<span class=\"_ _f\"></span>metri<span class=\"sc0\">: BOND_PX, IR_CURVE,<span class=\"_ _df\"> </span></span></div></td><td></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td class=\"c xa69 y35f5 w10af h593\"><div class=\"t m0 x250 h5 y254f ff4 fs1 fc1 sc0 ls0 ws0\">EQ_VOL_SURF, EQ_DIV_CURVE<span class=\"_ _df\"> </span></div></td><td></td></tr><tr><td class=\"c x44e y35f6 w8b h323\"><div class=\"t m0 x10 h5 y110d ff4 fs1 fc1 sc0 ls0 ws0\">EQD </div></td><td class=\"c xa66 y35f6 w5f3 h323\"><div class=\"t m0 x10 h5 y110d ff4 fs1 fc1 sc0 ls0 ws0\">EQUIT </div></td><td></td><td class=\"c x75f y35f6 w5f5 h323\"><div class=\"t m0 x10 h5 y110d ff4 fs1 fc1 sc0 ls0 ws0\">Equities </div></td><td class=\"c xa6b y35f6 w36a h323\"><div class=\"t m0 x10 h5 y110d ff4 fs1 fc1 sc0 ls0 ws0\">MARK_TO_MARKET </div></td><td class=\"c xa69 y35f7 w10b0 h597\"><div class=\"t m0 x250 h5 y254f ff4 fs1 fc1 sc2 ls0 ws0\">Model<span class=\"_ _1\"></span>li<span class=\"sc0\">:<span class=\"_ _df\"> </span></span></div></td><td></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td class=\"c xa69 y35f8 w10b1 h593\"><div class=\"t m0 x250 h5 y254f ff4 fs1 fc1 sc2 ls0 ws0\">Para<span class=\"_ _f\"></span>metri<span class=\"sc0\">:<span class=\"_ _df\"> </span></span></div></td><td class=\"c xa6d y35f8 w10b2 h593\"><div class=\"t m0 x250 h5 y254f ff4 fs1 fc1 sc0 ls0 ws0\">EQ_STOCK_PX,<span class=\"_ _df\"> </span></div></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td class=\"c xa69 y2491 w10b3 h593\"><div class=\"t m0 x250 h5 y254f ff4 fs1 fc1 sc0 ls0 ws0\">EQ_INDEX_PX<span class=\"_ _df\"> </span></div></td><td></td></tr></table><div class=\"gs1535\"><table class=\"s w10b4 h598\" id=\"_2e945266-a6bf-4df9-91d4-2738ad116297\"><tr><td class=\"c x44e y35f9 w8b h33b\"><div class=\"t m0 x10 h5 yd09 ff4 fs1 fc1 sc2 ls0 ws0\">Fam<span class=\"_ _f\"></span>ily </div></td><td class=\"c xa66 y35f9 w5f3 h33b\"><div class=\"t m0 x10 h5 yd09 ff4 fs1 fc1 sc2 ls0 ws0\">Grou<span class=\"_ _1\"></span>p </div></td><td class=\"c xa67 y35fa w109c h599\"><div class=\"t m0 x250 h5 y254f ff4 fs1 fc1 sc2 ls0 ws0\">Trans<span class=\"_ _f\"></span>action<span class=\"_ _df\"> </span></div></td><td class=\"c x75f y35f9 w5f5 h33b\"><div class=\"t m0 x10 h5 yd09 ff4 fs1 fc1 sc2 ls0 ws0\">Descr<span class=\"_ _1\"></span>iptio<span class=\"_ _1\"></span>n </div></td><td></td><td class=\"c xa68 y35fa w109d h599\"><div class=\"t m0 x250 h5 y254f ff4 fs1 fc1 sc2 ls0 ws0\">Mark<span class=\"_ _1\"></span> to <span class=\"_ _f\"></span>Model <span class=\"_ _1\"></span>/ Ma<span class=\"_ _f\"></span>rk to<span class=\"_ _df\"> </span></div></td><td class=\"c xa69 y35fa w109e h599\"><div class=\"t m0 x250 h5 y254f ff4 fs1 fc1 sc2 ls0 ws0\">Model<span class=\"_ _1\"></span>lo <span class=\"_ _e\"> </span>di <span class=\"_ _e\"> </span>Pricing <span class=\"_ _e\"> </span>/ <span class=\"_ _10\"> </span>Para<span class=\"_ _f\"></span>metri <span class=\"_ _e\"> </span>di<span class=\"_ _df\"> </span></div></td><td></td><td></td></tr><tr><td></td><td></td><td class=\"c xa67 y35fb w109f h497\"><div class=\"t m0 x250 h5 y254f ff4 fs1 fc1 sc2 ls0 ws0\">Type<span class=\"_ _df\"> </span></div></td><td></td><td></td><td class=\"c xa68 y35fb w10a0 h497\"><div class=\"t m0 x250 h5 y254f ff4 fs1 fc1 sc2 ls0 ws0\">Mark<span class=\"_ _1\"></span>et<span class=\"_ _df\"> </span></div></td><td class=\"c xa69 y35fb w10a1 h497\"><div class=\"t m0 x250 h5 y254f ff4 fs1 fc1 sc2 ls0 ws0\">Merca<span class=\"_ _1\"></span>to<span class=\"_ _df\"> </span></div></td><td></td><td></td></tr><tr><td class=\"c x44e y35fc w8b h33c\"><div class=\"t m0 x10 h5 y150b ff4 fs1 fc1 sc0 ls0 ws0\">IRD </div></td><td class=\"c xa66 y35fc w5f3 h33c\"><div class=\"t m0 x10 h5 y150b ff4 fs1 fc1 sc0 ls0 ws0\">ASWP </div></td><td></td><td class=\"c x75f y35fc w5f5 h33c\"><div class=\"t m0 x10 h5 y150b ff4 fs1 fc1 sc0 ls0 ws0\">Asset Swap </div></td><td></td><td class=\"c xa6b y35fc w36a h33c\"><div class=\"t m0 x10 h5 y150b ff4 fs1 fc1 sc0 ls0 ws0\">MARK_TO_MODEL </div></td><td class=\"c xa69 y35fd w10b5 h59a\"><div class=\"t m0 x250 h5 y254f ff4 fs1 fc1 sc2 ls0 ws0\">Model<span class=\"_ _1\"></span>li<span class=\"sc0\">: DISC_CASH_FLOW<span class=\"_ _df\"> </span></span></div></td><td></td><td></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td class=\"c xa69 y35fe w10b6 h497\"><div class=\"t m0 x250 h5 y254f ff4 fs1 fc1 sc2 ls0 ws0\">Para<span class=\"_ _f\"></span>metri<span class=\"sc0\">: IR_CURVE<span class=\"_ _df\"> </span></span></div></td><td></td><td></td></tr><tr><td class=\"c x44e y35ff w8b h33d\"><div class=\"t m0 x10 h5 y199a ff4 fs1 fc1 sc0 ls0 ws0\">IRD </div></td><td class=\"c xa66 y35ff w5f3 h33d\"><div class=\"t m0 x10 h5 y199a ff4 fs1 fc1 sc0 ls0 ws0\">BOND </div></td><td></td><td class=\"c x75f y35ff w5f5 h33d\"><div class=\"t m0 x10 h5 y199a ff4 fs1 fc1 sc0 ls0 ws0\">Vanilla Bond </div></td><td></td><td class=\"c xa68 y3600 w10b7 h59b\"><div class=\"t m0 x250 h5 y254f ff4 fs1 fc1 sc0 ls0 ws0\">MARK_TO_MARK<span class=\"ls4\">ET,<span class=\"_ _df\"> </span></span></div></td><td class=\"c xa69 y3600 w10b5 h59b\"><div class=\"t m0 x250 h5 y254f ff4 fs1 fc1 sc2 ls0 ws0\">Model<span class=\"_ _1\"></span>li<span class=\"sc0\">: DISC_CASH_FLOW<span class=\"_ _df\"> </span></span></div></td><td></td><td></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td class=\"c xa68 y3601 w10a4 h497\"><div class=\"t m0 x250 h5 y254f ff4 fs1 fc1 sc0 ls0 ws0\">MARK_TO_MODEL<span class=\"_ _df\"> </span></div></td><td class=\"c xa69 y291b w10b1 h497\" colspan=\"2\"><div class=\"t m0 x250 h5 y254f ff4 fs1 fc1 sc2 ls0 ws0\">Para<span class=\"_ _f\"></span>metri<span class=\"sc0\">:<span class=\"_ _df\"> </span></span></div></td><td class=\"c xa6e y291b w10b8 h497\"><div class=\"t m0 x250 h5 y254f ff4 fs1 fc1 sc0 ls0 ws0\">BOND_PX,<span class=\"_ _df\"> </span></div></td><td class=\"c xa6f y291b w10b9 h497\"><div class=\"t m0 x250 h5 y254f ff4 fs1 fc1 sc0 ls0 ws0\">IR_CURVE<span class=\"_ _1\"></span>,<span class=\"_ _df\"> </span></div></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td class=\"c xa69 y2c16 w10ba h593\" colspan=\"2\"><div class=\"t m0 x250 h5 y254f ff4 fs1 fc1 sc0 ls0 ws0\">CREDIT_SPREAD_CURVE<span class=\"_ _df\"> </span></div></td><td></td></tr><tr><td class=\"c x44e y3602 w8b h33e\"><div class=\"t m0 x10 h5 y1b0e ff4 fs1 fc1 sc0 ls0 ws0\">IRD </div></td><td class=\"c xa66 y3602 w5f3 h33e\"><div class=\"t m0 x10 h5 y1b0e ff4 fs1 fc1 sc0 lsc3 ws0\">CF<span class=\"ls0\"> </span></div></td><td></td><td class=\"c x75f y3602 w5f5 h33e\"><div class=\"t m0 x10 h5 y1b0e ff4 fs1 fc1 sc0 ls0 ws0\">Cap/Floor </div></td><td></td><td class=\"c xa6b y3602 w36a h33e\"><div class=\"t m0 x10 h5 y1b0e ff4 fs1 fc1 sc0 ls0 ws0\">MARK_TO_MODEL </div></td><td class=\"c xa69 y3603 w10b0 h59c\" colspan=\"2\"><div class=\"t m0 x250 h5 y254f ff4 fs1 fc1 sc2 ls0 ws0\">Model<span class=\"_ _1\"></span>li<span class=\"sc0\">:<span class=\"_ _df\"> </span></span></div></td><td class=\"c xa70 y3603 w10bb h59c\"><div class=\"t m0 x250 h5 y254f ff4 fs1 fc1 sc0 ls0 ws0\">BLACK_NORM_YLD,<span class=\"_ _df\"> </span></div></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td class=\"c xa69 y2d3d w10bc h593\" colspan=\"2\"><div class=\"t m0 x250 h5 y254f ff4 fs1 fc1 sc0 ls0 ws0\">FISCHER_BLACK<span class=\"_ _df\"> </span></div></td><td></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td class=\"c xa69 y3604 w10b1 h593\" colspan=\"2\"><div class=\"t m0 x250 h5 y254f ff4 fs1 fc1 sc2 ls0 ws0\">Para<span class=\"_ _f\"></span>metri<span class=\"sc0\">:<span class=\"_ _df\"> </span></span></div></td><td class=\"c xa71 y3604 w10bd h593\"><div class=\"t m0 x250 h5 y254f ff4 fs1 fc1 sc0 ls0 ws0\">IR_CURVE,<span class=\"_ _df\"> </span></div></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td class=\"c xa69 y3605 w10be h593\" colspan=\"2\"><div class=\"t m0 x250 h5 y254f ff4 fs1 fc1 sc0 ls0 ws0\">IR_CAP_FLOOR_VOL_SURF<span class=\"_ _df\"> </span></div></td><td></td></tr><tr><td class=\"c x44e y3606 w8b h33d\"><div class=\"t m0 x10 h5 y199a ff4 fs1 fc1 sc0 ls0 ws0\">IRD </div></td><td class=\"c xa66 y3606 w5f3 h33d\"><div class=\"t m0 x10 h5 y199a ff4 fs1 fc1 sc0 lsc3 ws0\">CS<span class=\"ls0\"> </span></div></td><td></td><td class=\"c x75f y3606 w5f5 h33d\"><div class=\"t m0 x10 h5 y199a ff4 fs1 fc1 sc0 ls0 ws0\">Currency Swap </div></td><td></td><td class=\"c xa6b y3606 w36a h33d\"><div class=\"t m0 x10 h5 y199a ff4 fs1 fc1 sc0 ls0 ws0\">MARK_TO_MODEL </div></td><td class=\"c xa69 y3607 w10b5 h59d\" colspan=\"2\"><div class=\"t m0 x250 h5 y254f ff4 fs1 fc1 sc2 ls0 ws0\">Model<span class=\"_ _1\"></span>li<span class=\"sc0\">: DISC_CASH_FLOW<span class=\"_ _df\"> </span></span></div></td><td></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td class=\"c xa69 y3608 w10b1 h593\" colspan=\"2\"><div class=\"t m0 x250 h5 y254f ff4 fs1 fc1 sc2 ls0 ws0\">Para<span class=\"_ _f\"></span>metri<span class=\"sc0\">:<span class=\"_ _df\"> </span></span></div></td><td class=\"c xa72 y3608 w10bf h593\"><div class=\"t m0 x250 h5 y254f ff4 fs1 fc1 sc0 ls0 ws0\">FX_SPOT_RATE,<span class=\"_ _df\"> </span></div></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td class=\"c xa69 y3609 w10c0 h593\" colspan=\"2\"><div class=\"t m0 x250 h5 y254f ff4 fs1 fc1 sc0 ls0 ws0\">FX_CURVE, IR_CURVE<span class=\"_ _df\"> </span></div></td><td></td></tr><tr><td class=\"c x44e y360a w8b h33f\"><div class=\"t m0 x10 h5 y1122 ff4 fs1 fc1 sc0 ls0 ws0\">IRD </div></td><td class=\"c xa66 y360a w5f3 h33f\"><div class=\"t m0 x10 h5 y1122 ff4 fs1 fc1 sc0 ls0 ws0\">FRA </div></td><td></td><td class=\"c xa6c y360b w10c1 h59e\" colspan=\"2\"><div class=\"t m0 x250 h5 y254f ff4 fs1 fc1 sc0 ls0 ws0\">Forward<span class=\"_ _df\"> </span></div></td><td class=\"c xa73 y360b w10c2 h59e\"><div class=\"t m0 x250 h5 y254f ff4 fs1 fc1 sc0 ls0 ws0\">Rate<span class=\"_ _df\"> </span></div></td><td class=\"c xa6b y360a w36a h33f\"><div class=\"t m0 x10 h5 y1122 ff4 fs1 fc1 sc0 ls0 ws0\">MARK_TO_MODEL </div></td><td class=\"c xa69 y360b w10b5 h59e\" colspan=\"2\"><div class=\"t m0 x250 h5 y254f ff4 fs1 fc1 sc2 ls0 ws0\">Model<span class=\"_ _1\"></span>li<span class=\"sc0\">: DISC_CASH_FLOW<span class=\"_ _df\"> </span></span></div></td><td></td></tr><tr><td></td><td></td><td></td><td class=\"c xa6c y360c w10c3 h593\" colspan=\"2\"><div class=\"t m0 x250 h5 y254f ff4 fs1 fc1 sc0 ls0 ws0\">Agreement<span class=\"_ _df\"> </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 xa69 y360d w10b6 h593\" colspan=\"2\"><div class=\"t m0 x250 h5 y254f ff4 fs1 fc1 sc2 ls0 ws0\">Para<span class=\"_ _f\"></span>metri<span class=\"sc0\">: IR_CURVE<span class=\"_ _df\"> </span></span></div></td><td></td></tr><tr><td class=\"c x44e y360e w8b h33c\"><div class=\"t m0 x10 h5 y150b ff4 fs1 fc1 sc0 ls0 ws0\">IRD </div></td><td class=\"c xa66 y360e w5f3 h33c\"><div class=\"t m0 x10 h5 y150b ff4 fs1 fc1 sc0 ls0 ws0\">IRS </div></td><td></td><td class=\"c xa6c y360f wa11 h59f\"><div class=\"t m0 x250 h5 y254f ff4 fs1 fc1 sc0 ls0 ws0\">Interest<span class=\"_ _df\"> </span></div></td><td class=\"c xa74 y360f w10c4 h59f\"><div class=\"t m0 x250 h5 y254f ff4 fs1 fc1 sc0 ls0 ws0\">Rate<span class=\"_ _df\"> </span></div></td><td class=\"c xa6b y360e w36a h33c\"><div class=\"t m0 x10 h5 y150b ff4 fs1 fc1 sc0 ls0 ws0\">MARK_TO_MODEL </div></td><td class=\"c xa69 y360f w10b5 h59f\" colspan=\"2\"><div class=\"t m0 x250 h5 y254f ff4 fs1 fc1 sc2 ls0 ws0\">Model<span class=\"_ _1\"></span>li<span class=\"sc0\">: DISC_CASH_FLOW<span class=\"_ _df\"> </span></span></div></td><td></td></tr><tr><td></td><td></td><td></td><td class=\"c xa6c y3610 w10c5 h593\" colspan=\"2\"><div class=\"t m0 x250 h5 y254f ff4 fs1 fc1 sc0 ls0 ws0\">Swap<span class=\"_ _df\"> </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 xa69 y3611 w10b6 h593\" colspan=\"2\"><div class=\"t m0 x250 h5 y254f ff4 fs1 fc1 sc2 ls0 ws0\">Para<span class=\"_ _f\"></span>metri<span class=\"sc0\">: IR_CURVE<span class=\"_ _df\"> </span></span></div></td><td></td></tr><tr><td class=\"c x44e y3612 w8b h33d\"><div class=\"t m0 x10 h5 y199a ff4 fs1 fc1 sc0 ls0 ws0\">IRD </div></td><td class=\"c xa66 y3612 w5f3 h33d\"><div class=\"t m0 x10 h5 y199a ff4 fs1 fc1 sc0 ls0 ws0\">IRS </div></td><td></td><td class=\"c x75f y3612 w5f5 h33d\" colspan=\"2\"><div class=\"t m0 x10 h5 y199a ff4 fs1 fc1 sc0 ls0 ws0\">Inflation Sw<span class=\"ls73\">ap</span> </div></td><td class=\"c xa6b y3612 w36a h33d\"><div class=\"t m0 x10 h5 y199a ff4 fs1 fc1 sc0 ls0 ws0\">MARK_TO_MODEL </div></td><td class=\"c xa69 y3613 w10b5 h59d\" colspan=\"2\"><div class=\"t m0 x250 h5 y254f ff4 fs1 fc1 sc2 ls0 ws0\">Model<span class=\"_ _1\"></span>li<span class=\"sc0\">: DISC_CASH_FLOW<span class=\"_ _df\"> </span></span></div></td><td></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td class=\"c xa69 y3614 w10b1 h593\" colspan=\"2\"><div class=\"t m0 x250 h5 y254f ff4 fs1 fc1 sc2 ls0 ws0\">Para<span class=\"_ _f\"></span>metri<span class=\"sc0\">:<span class=\"_ _df\"> </span></span></div></td><td class=\"c xa75 y3614 w10c6 h593\"><div class=\"t m0 x250 h5 y254f ff4 fs1 fc1 sc0 ls0 ws0\">INFL_ZERO_CURV<span class=\"_ _1\"></span>E,<span class=\"_ _df\"> </span></div></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td class=\"c xa69 y3615 w10c7 h593\" colspan=\"2\"><div class=\"t m0 x250 h5 y254f ff4 fs1 fc1 sc0 ls0 ws0\">IR_CURVE<span class=\"_ _df\"> </span></div></td><td></td></tr><tr><td class=\"c x44e y3616 w8b h33d\"><div class=\"t m0 x10 h5 y199a ff4 fs1 fc1 sc0 ls0 ws0\">IRD </div></td><td class=\"c xa66 y3616 w5f3 h33d\"><div class=\"t m0 x10 h5 y199a ff4 fs1 fc1 sc0 ls0 ws0\">LFUT, SFUT </div></td><td></td><td class=\"c xa6c y3617 w10c8 h59d\" colspan=\"2\"><div class=\"t m0 x250 h5 y254f ff4 fs1 fc1 sc0 ls0 ws0\">Long/Short<span class=\"_ _df\"> </span></div></td><td class=\"c xa6b y3616 w36a h33d\"><div class=\"t m0 x10 h5 y199a ff4 fs1 fc1 sc0 ls0 ws0\">MARK_TO_MARKET </div></td><td class=\"c xa69 y3617 w10b0 h59d\" colspan=\"2\"><div class=\"t m0 x250 h5 y254f ff4 fs1 fc1 sc2 ls0 ws0\">Model<span class=\"_ _1\"></span>li<span class=\"sc0\">:<span class=\"_ _df\"> </span></span></div></td><td></td></tr><tr><td></td><td></td><td></td><td class=\"c xa6c y3618 w10c9 h593\" colspan=\"2\"><div class=\"t m0 x250 h5 y254f ff4 fs1 fc1 sc0 ls0 ws0\">Future<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c xa69 y3619 w10b1 h593\" colspan=\"2\"><div class=\"t m0 x250 h5 y254f ff4 fs1 fc1 sc2 ls0 ws0\">Para<span class=\"_ _f\"></span>metri<span class=\"sc0\">:<span class=\"_ _df\"> </span></span></div></td><td class=\"c xa76 y3619 w10ca h593\"><div class=\"t m0 x250 h5 y254f ff4 fs1 fc1 sc0 ls0 ws0\">IR_FUT_PX,<span class=\"_ _df\"> </span></div></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td class=\"c xa69 y361a w10cb h593\" colspan=\"2\"><div class=\"t m0 x250 h5 y254f ff4 fs1 fc1 sc0 ls0 ws0\">BOND_FUT_PX<span class=\"_ _df\"> </span></div></td><td></td></tr><tr><td class=\"c x44e y361b w8b h33f\"><div class=\"t m0 x10 h5 y1122 ff4 fs1 fc1 sc0 ls0 ws0\">IRD </div></td><td class=\"c xa66 y361b w5f3 h33f\"><div class=\"t m0 x10 h5 y1122 ff4 fs1 fc1 sc0 ls0 ws0\">LN_BR </div></td><td></td><td class=\"c xa6c y361c w10cc h59e\" colspan=\"2\"><div class=\"t m0 x250 h5 y254f ff4 fs1 fc1 sc0 ls0 ws0\">Loans/Deposit<span class=\"_ _df\"> </span></div></td><td class=\"c xa6b y361b w36a h33f\"><div class=\"t m0 x10 h5 y1122 ff4 fs1 fc1 sc0 ls0 ws0\">MARK_TO_MODEL </div></td><td class=\"c xa69 y361c w10b5 h59e\" colspan=\"2\"><div class=\"t m0 x250 h5 y254f ff4 fs1 fc1 sc2 ls0 ws0\">Model<span class=\"_ _1\"></span>li<span class=\"sc0\">: DISC_CASH_FLOW<span class=\"_ _df\"> </span></span></div></td><td></td></tr><tr><td></td><td></td><td></td><td class=\"c xa6c y361d w10cd h593\"><div class=\"t m0 x250 h5 y254f ff4 fs1 fc1 sc0 ls0 ws0\">s<span class=\"_ _df\"> </span></div></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 class=\"c xa69 y361e w10b6 h593\" colspan=\"2\"><div class=\"t m0 x250 h5 y254f ff4 fs1 fc1 sc2 ls0 ws0\">Para<span class=\"_ _f\"></span>metri<span class=\"sc0\">: IR_CURVE<span class=\"_ _df\"> </span></span></div></td><td></td></tr><tr><td class=\"c x44e y361f w8b h340\"><div class=\"t m0 x10 h5 y11 ff4 fs1 fc1 sc0 ls0 ws0\">IRD </div></td><td class=\"c xa66 y361f w5f3 h340\"><div class=\"t m0 x10 h5 y11 ff4 fs1 fc1 sc0 ls0 ws0\">OPT </div></td><td class=\"c xa6a y361f w5f4 h340\"><div class=\"t m0 x10 h5 y11 ff4 fs1 fc1 sc0 ls13 ws0\">OTC<span class=\"ls0\"> </span></div></td><td class=\"c x75f y361f w5f5 h340\"><div class=\"t m0 x10 h5 y11 ff4 fs1 fc1 sc0 ls0 ws0\">Bond Option </div></td><td></td><td class=\"c xa6b y361f w36a h340\"><div class=\"t m0 x10 h5 y11 ff4 fs1 fc1 sc0 ls0 ws0\">MARK_TO_MODEL </div></td><td class=\"c xa69 y3620 w10b0 h5a0\"><div class=\"t m0 x250 h5 y254f ff4 fs1 fc1 sc2 ls0 ws0\">Model<span class=\"_ _1\"></span>li<span class=\"sc0\">:<span class=\"_ _df\"> </span></span></div></td><td></td><td class=\"c xa70 y3620 w10bb h5a0\"><div class=\"t m0 x250 h5 y254f ff4 fs1 fc1 sc0 ls0 ws0\">BLACK_NORM_YLD,<span class=\"_ _df\"> </span></div></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td class=\"c xa69 y3621 w10bc h593\"><div class=\"t m0 x250 h5 y254f ff4 fs1 fc1 sc0 ls0 ws0\">FISCHER_BLACK<span class=\"_ _df\"> </span></div></td><td></td><td></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td class=\"c xa69 y35f8 w10b1 h593\"><div class=\"t m0 x250 h5 y254f ff4 fs1 fc1 sc2 ls0 ws0\">Para<span class=\"_ _f\"></span>metri<span class=\"sc0\">:<span class=\"_ _df\"> </span></span></div></td><td></td><td class=\"c xa71 y35f8 w10bd h593\"><div class=\"t m0 x250 h5 y254f ff4 fs1 fc1 sc0 ls0 ws0\">IR_CURVE,<span class=\"_ _df\"> </span></div></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td class=\"c xa69 y2491 w10ce h593\"><div class=\"t m0 x250 h5 y254f ff4 fs1 fc1 sc0 ls0 ws0\">BOND_VOL_SURF<span class=\"_ _df\"> </span></div></td><td></td><td></td></tr></table></div><div class=\"gs1535\"><table class=\"s w10cf h5a1\" id=\"_417eb71d-d753-419a-9cb4-0fe1533cb8b0\"><tr><td class=\"c x44e y3622 w8b h33b\"><div class=\"t m0 x10 h5 yd09 ff4 fs1 fc1 sc2 ls0 ws0\">Fam<span class=\"_ _f\"></span>ily </div></td><td class=\"c xa66 y3622 w5f3 h33b\"><div class=\"t m0 x10 h5 yd09 ff4 fs1 fc1 sc2 ls0 ws0\">Grou<span class=\"_ _1\"></span>p </div></td><td class=\"c xa67 y3623 w109c h599\"><div class=\"t m0 x250 h5 y254f ff4 fs1 fc1 sc2 ls0 ws0\">Trans<span class=\"_ _f\"></span>action<span class=\"_ _df\"> </span></div></td><td class=\"c x75f y3622 w5f5 h33b\"><div class=\"t m0 x10 h5 yd09 ff4 fs1 fc1 sc2 ls0 ws0\">Descr<span class=\"_ _1\"></span>iptio<span class=\"_ _1\"></span>n </div></td><td class=\"c xa68 y3623 w109d h599\"><div class=\"t m0 x250 h5 y254f ff4 fs1 fc1 sc2 ls0 ws0\">Mark<span class=\"_ _1\"></span> to <span class=\"_ _f\"></span>Model <span class=\"_ _1\"></span>/ Ma<span class=\"_ _f\"></span>rk to<span class=\"_ _df\"> </span></div></td><td class=\"c xa69 y3623 w109e h599\"><div class=\"t m0 x250 h5 y254f ff4 fs1 fc1 sc2 ls0 ws0\">Model<span class=\"_ _1\"></span>lo <span class=\"_ _e\"> </span>di <span class=\"_ _e\"> </span>Pricing <span class=\"_ _e\"> </span>/ <span class=\"_ _10\"> </span>Para<span class=\"_ _f\"></span>metri <span class=\"_ _e\"> </span>di<span class=\"_ _df\"> </span></div></td><td></td></tr><tr><td></td><td></td><td class=\"c xa67 y3220 w109f h497\"><div class=\"t m0 x250 h5 y254f ff4 fs1 fc1 sc2 ls0 ws0\">Type<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c xa68 y3220 w10a0 h497\"><div class=\"t m0 x250 h5 y254f ff4 fs1 fc1 sc2 ls0 ws0\">Mark<span class=\"_ _1\"></span>et<span class=\"_ _df\"> </span></div></td><td class=\"c xa69 y3220 w10a1 h497\"><div class=\"t m0 x250 h5 y254f ff4 fs1 fc1 sc2 ls0 ws0\">Merca<span class=\"_ _1\"></span>to<span class=\"_ _df\"> </span></div></td><td></td></tr><tr><td class=\"c x44e y3624 w8b h341\"><div class=\"t m0 x10 h5 yaab ff4 fs1 fc1 sc0 ls0 ws0\">IRD </div></td><td class=\"c xa66 y3624 w5f3 h341\"><div class=\"t m0 x10 h5 yaab ff4 fs1 fc1 sc0 ls13 ws0\">OSWP<span class=\"ls0\"> </span></div></td><td></td><td class=\"c xa6c y3626 w10d0 h5a2\"><div class=\"t m0 x250 h5 y3625 ff4 fs1 fc1 sc0 ls0 ws0\">Interest <span class=\"_ _30\"> </span>Rate </div></td><td class=\"c xa6b y3624 w36a h341\"><div class=\"t m0 x10 h5 yaab ff4 fs1 fc1 sc0 ls0 ws0\">MARK_TO_MODEL </div></td><td class=\"c xa69 y3627 w10b0 h5a3\"><div class=\"t m0 x250 h5 y254f ff4 fs1 fc1 sc2 ls0 ws0\">Model<span class=\"_ _1\"></span>li<span class=\"sc0\">:<span class=\"_ _df\"> </span></span></div></td><td class=\"c xa77 y3627 w10d1 h5a3\"><div class=\"t m0 x250 h5 y254f ff4 fs1 fc1 sc0 ls0 ws0\">BLACK_SHIFTED<span class=\"_ _df\"> </span></div></td></tr><tr><td></td><td></td><td></td><td class=\"c xa6c y30da w10d2 h497\"><div class=\"t m0 x250 h5 y254f ff4 fs1 fc1 sc0 ls0 ws0\">Swaption<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c xa69 y30da w10d3 h497\"><div class=\"t m0 x250 h5 y254f ff4 fs1 fc1 sc0 ls0 ws0\">(Componente<span class=\"_ _df\"> </span></div></td><td class=\"c xa78 y30da w10d4 h497\"><div class=\"t m0 x250 h5 y254f ff4 fs1 fc1 sc0 ls0 ws0\">opzionale<span class=\"_ _df\"> </span></div></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td class=\"c xa69 y3628 w10d5 h497\"><div class=\"t m0 x250 h5 y254f ff4 fs1 fc1 sc0 ls0 ws0\">(swaption)),<span class=\"_ _df\"> </span></div></td><td class=\"c xa79 y3628 w10d6 h497\"><div class=\"t m0 x250 h5 y254f ff4 fs1 fc1 sc0 ls0 ws0\">DISC_CASH_FLOW<span class=\"_ _df\"> </span></div></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td class=\"c xa69 y3629 w10d7 h497\" colspan=\"2\"><div class=\"t m0 x250 h5 y254f ff4 fs1 fc1 sc0 ls0 ws0\">(Componente cedolare dello swap)<span class=\"_ _df\"> </span></div></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td class=\"c xa69 y3480 w10b1 h497\"><div class=\"t m0 x250 h5 y254f ff4 fs1 fc1 sc2 ls0 ws0\">Para<span class=\"_ _f\"></span>metri<span class=\"sc0\">:<span class=\"_ _df\"> </span></span></div></td><td class=\"c xa71 y3480 w10bd h497\"><div class=\"t m0 x250 h5 y254f ff4 fs1 fc1 sc0 ls0 ws0\">IR_CURVE,<span class=\"_ _df\"> </span></div></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td class=\"c xa69 y362a w10d8 h497\"><div class=\"t m0 x250 h5 y254f ff4 fs1 fc1 sc0 ls0 ws0\">IR_SWAPTION_VOL_CUBE<span class=\"_ _df\"> </span></div></td><td></td></tr><tr><td class=\"c x44e y362b w8b h33c\"><div class=\"t m0 x10 h5 y150b ff4 fs1 fc1 sc0 ls0 ws0\">IRD </div></td><td class=\"c xa66 y362b w5f3 h33c\"><div class=\"t m0 x10 h5 y150b ff4 fs1 fc1 sc0 ls0 ws0\">REPO </div></td><td class=\"c xa6a y362b w5f4 h33c\"><div class=\"t m0 x10 h5 y150b ff4 fs1 fc1 sc0 ls0 ws0\">REPO </div></td><td class=\"c x75f y362b w5f5 h33c\"><div class=\"t m0 x10 h5 y150b ff4 fs1 fc1 sc0 ls0 ws0\">Bond Repo </div></td><td class=\"c xa6b y362b w36a h33c\"><div class=\"t m0 x10 h5 y150b ff4 fs1 fc1 sc0 ls0 ws0\">MARK_TO_MODEL </div></td><td class=\"c xa69 y362c w10b5 h59f\"><div class=\"t m0 x250 h5 y254f ff4 fs1 fc1 sc2 ls0 ws0\">Model<span class=\"_ _1\"></span>li<span class=\"sc0\">: DISC_CASH_FLOW<span class=\"_ _df\"> </span></span></div></td><td></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td class=\"c xa69 y2491 w10d9 h593\"><div class=\"t m0 x250 h5 y254f ff4 fs1 fc1 sc2 ls0 ws0\">Para<span class=\"_ _f\"></span>metri<span class=\"sc0\">: BOND_PX, IR_CURVE<span class=\"_ _df\"> </span></span></div></td><td></td></tr></table></div><div class=\"t m0 he ff4 fs5 fc4 sc3 ls0 ws0 gs1538\">1.3.1 G<span class=\"_ _1\"></span>li strum<span class=\"_ _1\"></span>enti d<span class=\"_ _1\"></span>eriva<span class=\"_ _f\"></span>ti di neg<span class=\"_ _1\"></span>oziazio<span class=\"_ _1\"></span>ne </div><div class=\"t m0 he ff4 fs5 fc4 sc3 ls0 ws0 gs1539\">A. De<span class=\"_ _1\"></span>rivati f<span class=\"_ _f\"></span>inanziari<span class=\"_ _df\"> </span></div><div class=\"c w2c2 h4d gs153a\"><div class=\"t m0 x8a h5 y66c ff4 fs1 fc4 sc3 ls0 ws0\">A.1 D<span class=\"_ _1\"></span>eriva<span class=\"_ _f\"></span>ti finanzia<span class=\"_ _f\"></span>ri di nego<span class=\"_ _f\"></span>ziazione: <span class=\"_ _f\"></span>valori nozi<span class=\"_ _1\"></span>ona<span class=\"_ _f\"></span>li di fine <span class=\"_ _1\"></span>perio<span class=\"_ _1\"></span>do<span class=\"fc1 sc0\"> </span></div></div><div class=\"gs153b\"><table class=\"s w10da h5a4\" id=\"_25435605-343c-4f31-9eb8-771fb48ded11\"><tr><td></td><td></td><td></td><td class=\"c xa7a y362d w5f7 hcb\"><div class=\"t m0 xc h200 y25c ff4 fs22 fc4 sc3 ls0 ws0\">Totale 31<span class=\"_ _1\"></span>/12/202<span class=\"_ _1\"></span>5<span class=\"fc1 sc0\"> </span></div></td><td></td><td></td><td></td><td class=\"c xa7b y362d w5f8 hcb\"><div class=\"t m0 xc h200 y25c ff4 fs22 fc4 sc3 ls0 ws0\">Totale 31<span class=\"_ _1\"></span>/12/202<span class=\"_ _1\"></span>4<span class=\"fc1 sc0\"> </span></div></td><td></td></tr><tr><td></td><td></td><td class=\"c xa7a y362e w5f9 hcc\" colspan=\"2\"><div class=\"t m0 x49 h200 y5b ff4 fs22 fc4 sc3 ls0 ws0\">Over the<span class=\"_ _1\"></span> counter<span class=\"fc1 sc0\"> </span></div></td><td></td><td></td><td class=\"c xa7b y362e w53f hcc\" colspan=\"2\"><div class=\"t m0 x49 h200 y5b ff4 fs22 fc4 sc3 ls0 ws0\">Over the<span class=\"_ _1\"></span> counter<span class=\"_ _1\"></span><span class=\"fc1 sc0\"> </span></div></td><td></td></tr><tr><td class=\"c xa7c y2794 w10db h48d\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc4 sc3 ls0 ws0\">Attivit\u00e0<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x5b2 y362f w5fa hcb\" colspan=\"2\"><div class=\"t m0 x48 h200 y25c ff4 fs22 fc4 sc3 ls0 ws0\">Senza c<span class=\"_ _1\"></span>ontropar<span class=\"_ _1\"></span>ti centr<span class=\"_ _1\"></span>a<span class=\"ls105\">li</span><span class=\"fc1 sc0\"> </span></div></td><td></td><td></td><td class=\"c x6ec y362f w5fb hcb\" colspan=\"2\"><div class=\"t m0 x48 h200 y25c ff4 fs22 fc4 sc3 ls0 ws0\">Senza c<span class=\"_ _1\"></span>ontropar<span class=\"_ _1\"></span>ti centr<span class=\"_ _1\"></span>ali<span class=\"fc1 sc0\"> </span></div></td><td></td></tr><tr><td class=\"c x262 y3630 w10dc h48d\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc4 sc3 ls0 ws0\">sottos<span class=\"_ _1\"></span>tanti/Tipolo<span class=\"_ _1\"></span>gie<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td class=\"c xa7d y3631 w102f h48d\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc4 sc3 ls0 ws0\">Mercati<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td class=\"c xa7e y3631 w1030 h48d\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc4 sc3 ls0 ws0\">Mercati<span class=\"_ _df\"> </span></div></td></tr><tr><td class=\"c xa7c y3632 w101d h48d\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc4 sc3 ls0 ws0\">deriva<span class=\"_ _1\"></span>ti<span class=\"_ _df\"> </span></div></td><td class=\"c xa7f y3633 w10dd h48d\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc4 sc3 ls0 ws0\">Contropa<span class=\"_ _1\"></span>rti<span class=\"_ _df\"> </span></div></td><td class=\"c x5d5 y3634 w10de h48d\" colspan=\"2\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc4 sc3 ls0 ws0\">Senza <span class=\"_ _1\"></span>accordi</div></td><td class=\"c xa80 y3635 w1012 h48d\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc4 sc3 ls0 ws0\">organ<span class=\"_ _1\"></span>izzati<span class=\"_ _df\"> </span></div></td><td class=\"c xa81 y3633 w10dd h48d\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc4 sc3 ls0 ws0\">Contropa<span class=\"_ _1\"></span>rti<span class=\"_ _df\"> </span></div></td><td class=\"c xa82 y3634 w10de h48d\" colspan=\"2\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc4 sc3 ls0 ws0\">Senza <span class=\"_ _1\"></span>accordi</div></td><td class=\"c x5c9 y3635 w1012 h48d\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc4 sc3 ls0 ws0\">organ<span class=\"_ _1\"></span>izzati<span class=\"_ _df\"> </span></div></td></tr><tr><td></td><td class=\"c xa83 y3636 w10df h48d\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc4 sc3 ls0 ws0\">centrali<span class=\"_ _df\"> </span></div></td><td class=\"c xa84 y3637 w10e0 h48d\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc4 sc3 ls0 ws0\">Con acc<span class=\"_ _f\"></span>ordi di<span class=\"_ _df\"> </span></div></td><td></td><td></td><td class=\"c xa85 y3636 w10e1 h48d\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc4 sc3 ls0 ws0\">centrali<span class=\"_ _df\"> </span></div></td><td class=\"c xa86 y3637 w10e0 h48d\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc4 sc3 ls0 ws0\">Con acc<span class=\"_ _f\"></span>ordi di<span class=\"_ _df\"> </span></div></td><td></td><td></td></tr><tr><td></td><td></td><td class=\"c xa87 y3638 wcf2 h48e\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc4 sc3 ls0 ws0\">di<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td class=\"c xa88 y3638 wcf2 h48e\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc4 sc3 ls0 ws0\">di<span class=\"_ _df\"> </span></div></td><td></td><td></td></tr><tr><td></td><td></td><td class=\"c xa89 y3639 w10e2 h48e\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc4 sc3 ls0 ws0\">compen<span class=\"_ _1\"></span>sazione<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td class=\"c xa8a y3639 w10e3 h48e\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc4 sc3 ls0 ws0\">compen<span class=\"_ _1\"></span>sazione<span class=\"_ _df\"> </span></div></td><td></td><td></td></tr><tr><td></td><td></td><td class=\"c xa8b y2d5c w10e2 h48e\" colspan=\"2\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc4 sc3 ls0 ws0\">compen<span class=\"_ _1\"></span>sazione<span class=\"_ _df\"> </span></div></td><td></td><td></td><td class=\"c xa8c y2d5c w10e3 h48e\" colspan=\"2\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc4 sc3 ls0 ws0\">compen<span class=\"_ _1\"></span>sazione<span class=\"_ _df\"> </span></div></td><td></td></tr><tr><td class=\"c x262 y363a w10e4 h48e\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc1 sc2 ls0 ws0\">1. Titoli di <span class=\"_ _f\"></span>debito e<span class=\"_ _df\"> </span></div></td><td class=\"c xa7a y363b w1c6 hf\"><div class=\"t m0 x15 h200 y823 ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5b2 y363b w53e hf\"><div class=\"t m0 x2c h200 y823 ff4 fs22 fc1 sc0 ls0 ws0\">1.800.917<span class=\"_ _df\"> </span></div></td><td class=\"c xa8d y363b w4df hf\"><div class=\"t m0 x34 h200 y823 ff4 fs22 fc1 sc0 ls0 ws0\">673.812 </div></td><td class=\"c xa8e y363b w176 hf\"><div class=\"t m0 x39 h200 y823 ff4 fs22 fc1 sc0 ls0 ws0\">19.000 </div></td><td class=\"c xa7b y363b w1c6 hf\"><div class=\"t m0 x15 h200 y823 ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x6ec y363b w4bd hf\"><div class=\"t m0 x3a h200 y823 ff4 fs22 fc1 sc0 ls0 ws0\">1.183.6<span class=\"lse3\">57<span class=\"_ _df\"> </span></span></div></td><td class=\"c x86f y363b w5fc hf\"><div class=\"t m0 x34 h200 y823 ff4 fs22 fc1 sc0 ls0 ws0\">637.267 </div></td><td class=\"c x50e y363b w51 hf\"><div class=\"t m0 x14 h200 y823 ff4 fs22 fc1 sc0 ls0 ws0\">16.500 </div></td></tr><tr><td class=\"c x262 y34d4 w10e5 h48e\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc1 sc2 ls0 ws0\">tassi d'int<span class=\"_ _1\"></span>eresse<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x46b y363c w5c3 h4e\"><div class=\"t m0 x130 h200 y30c ff4 fs22 fc1 sc0 ls0 ws0\">a) Opzioni<span class=\"_ _df\"> </span></div></td><td class=\"c xa7a y363c w1c6 h4e\"><div class=\"t m0 x15 h200 y30c ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5b2 y363c w53e h4e\"><div class=\"t m0 x34 h200 y30c ff4 fs22 fc1 sc0 ls0 ws0\">440.172<span class=\"_ _df\"> </span></div></td><td class=\"c xa8d y363c w4df h4e\"><div class=\"t m0 x38 h200 y30c ff4 fs22 fc1 sc0 ls0 ws0\">611.910 </div></td><td class=\"c xa8e y363c w176 h4e\"><div class=\"t m0 x30 h200 y30c ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa7b y363c w1c6 h4e\"><div class=\"t m0 x15 h200 y30c ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x6ec y363c w4bd h4e\"><div class=\"t m0 x34 h200 y30c ff4 fs22 fc1 sc0 ls0 ws0\">394.155 </div></td><td class=\"c x86f y363c w5fc h4e\"><div class=\"t m0 x26 h200 y30c ff4 fs22 fc1 sc0 ls0 ws0\">543.585 </div></td><td class=\"c x50e y363c w51 h4e\"><div class=\"t m0 x30 h200 y30c ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y363d w5c3 h4d\"><div class=\"t m0 x130 h200 y392 ff4 fs22 fc1 sc0 ls0 ws0\">b) Swap<span class=\"_ _df\"> </span></div></td><td class=\"c xa7a y363d w1c6 h4d\"><div class=\"t m0 x15 h200 y392 ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5b2 y363d w53e h4d\"><div class=\"t m0 x35 h200 y392 ff4 fs22 fc1 sc0 ls0 ws0\">1.360.745<span class=\"_ _df\"> </span></div></td><td class=\"c xa8d y363d w4df h4d\"><div class=\"t m0 x31 h200 y392 ff4 fs22 fc1 sc0 ls0 ws0\">61.902 </div></td><td class=\"c xa8e y363d w176 h4d\"><div class=\"t m0 x30 h200 y392 ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa7b y363d w1c6 h4d\"><div class=\"t m0 x15 h200 y392 ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x6ec y363d w4bd h4d\"><div class=\"t m0 x26 h200 y392 ff4 fs22 fc1 sc0 ls0 ws0\">789.502 </div></td><td class=\"c x86f y363d w5fc h4d\"><div class=\"t m0 x97 h200 y392 ff4 fs22 fc1 sc0 ls0 ws0\">93.682 </div></td><td class=\"c x50e y363d w51 h4d\"><div class=\"t m0 x30 h200 y392 ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y363e w5c3 h4d\"><div class=\"t m0 x130 h200 y392 ff4 fs22 fc1 sc0 ls0 ws0\">c) Forward<span class=\"_ _df\"> </span></div></td><td class=\"c xa7a y363e w1c6 h4d\"><div class=\"t m0 x15 h200 y392 ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5b2 y363e w53e h4d\"><div class=\"t m0 xf h200 y392 ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa8d y363e w4df h4d\"><div class=\"t m0 xc6 h200 y392 ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa8e y363e w176 h4d\"><div class=\"t m0 x30 h200 y392 ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa7b y363e w1c6 h4d\"><div class=\"t m0 x15 h200 y392 ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x6ec y363e w4bd h4d\"><div class=\"t m0 xc6 h200 y392 ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x86f y363e w5fc h4d\"><div class=\"t m0 xc6 h200 y392 ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x50e y363e w51 h4d\"><div class=\"t m0 x30 h200 y392 ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y363f w5c3 h4e\"><div class=\"t m0 x130 h200 y30c ff4 fs22 fc1 sc0 ls0 ws0\">d) Futures<span class=\"_ _df\"> </span></div></td><td class=\"c xa7a y363f w1c6 h4e\"><div class=\"t m0 x15 h200 y30c ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5b2 y363f w53e h4e\"><div class=\"t m0 xf h200 y30c ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa8d y363f w4df h4e\"><div class=\"t m0 xc6 h200 y30c ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa8e y363f w176 h4e\"><div class=\"t m0 x39 h200 y30c ff4 fs22 fc1 sc0 ls0 ws0\">19.000 </div></td><td class=\"c xa7b y363f w1c6 h4e\"><div class=\"t m0 x15 h200 y30c ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x6ec y363f w4bd h4e\"><div class=\"t m0 xc6 h200 y30c ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x86f y363f w5fc h4e\"><div class=\"t m0 xc6 h200 y30c ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x50e y363f w51 h4e\"><div class=\"t m0 x14 h200 y30c ff4 fs22 fc1 sc0 ls0 ws0\">16.500 </div></td></tr><tr><td class=\"c x46b y3640 w5c3 h28e\"><div class=\"t m0 x130 h200 y392 ff4 fs22 fc1 sc0 ls0 ws0\">e) Altri<span class=\"_ _df\"> </span></div></td><td class=\"c xa7a y3640 w1c6 h28e\"><div class=\"t m0 x15 h200 y392 ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5b2 y3640 w53e h28e\"><div class=\"t m0 xf h200 y392 ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa8d y3640 w4df h28e\"><div class=\"t m0 xc6 h200 y392 ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa8e y3640 w176 h28e\"><div class=\"t m0 x30 h200 y392 ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa7b y3640 w1c6 h28e\"><div class=\"t m0 x15 h200 y392 ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x6ec y3640 w4bd h28e\"><div class=\"t m0 xc6 h200 y392 ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x86f y3640 w5fc h28e\"><div class=\"t m0 xc6 h200 y392 ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x50e y3640 w51 h28e\"><div class=\"t m0 x30 h200 y392 ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x262 y3641 w10e6 h48e\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc1 sc2 ls0 ws0\">2. Titoli d<span class=\"_ _1\"></span>i capitale <span class=\"_ _1\"></span>e<span class=\"_ _df\"> </span></div></td><td class=\"c xa7a y3642 w1c6 hf\"><div class=\"t m0 x15 h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5b2 y3642 w53e hf\"><div class=\"t m0 xf h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa8d y3642 w4df hf\"><div class=\"t m0 x7 h200 y153d ff4 fs22 fc1 sc0 ls9e ws0\">10<span class=\"ls0\"> </span></div></td><td class=\"c xa8e y3642 w176 hf\"><div class=\"t m0 x30 h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa7b y3642 w1c6 hf\"><div class=\"t m0 x15 h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x6ec y3642 w4bd hf\"><div class=\"t m0 xc6 h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x86f y3642 w5fc hf\"><div class=\"t m0 x7 h200 y153d ff4 fs22 fc1 sc0 ls9e ws0\">10<span class=\"ls0\"> </span></div></td><td class=\"c x50e y3642 w51 hf\"><div class=\"t m0 x30 h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x262 y3643 w10e7 h48e\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc1 sc2 ls0 ws0\">indici azio<span class=\"_ _1\"></span>nari<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x46b y3644 w5c3 h4e\"><div class=\"t m0 x130 h200 y30c ff4 fs22 fc1 sc0 ls0 ws0\">a) Opzioni<span class=\"_ _df\"> </span></div></td><td class=\"c xa7a y3644 w1c6 h4e\"><div class=\"t m0 x15 h200 y30c ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5b2 y3644 w53e h4e\"><div class=\"t m0 xf h200 y30c ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa8d y3644 w4df h4e\"><div class=\"t m0 x7 h200 y30c ff4 fs22 fc1 sc0 ls9e ws0\">10<span class=\"ls0\"> </span></div></td><td class=\"c xa8e y3644 w176 h4e\"><div class=\"t m0 x30 h200 y30c ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa7b y3644 w1c6 h4e\"><div class=\"t m0 x15 h200 y30c ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x6ec y3644 w4bd h4e\"><div class=\"t m0 xc6 h200 y30c ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x86f y3644 w5fc h4e\"><div class=\"t m0 x7 h200 y30c ff4 fs22 fc1 sc0 ls9e ws0\">10<span class=\"ls0\"> </span></div></td><td class=\"c x50e y3644 w51 h4e\"><div class=\"t m0 x30 h200 y30c ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y3645 w5c3 h4d\"><div class=\"t m0 x130 h200 y30c ff4 fs22 fc1 sc0 ls0 ws0\">b) Swap<span class=\"_ _df\"> </span></div></td><td class=\"c xa7a y3645 w1c6 h4d\"><div class=\"t m0 x15 h200 y30c ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5b2 y3645 w53e h4d\"><div class=\"t m0 xf h200 y30c ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa8d y3645 w4df h4d\"><div class=\"t m0 xc6 h200 y30c ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa8e y3645 w176 h4d\"><div class=\"t m0 x30 h200 y30c ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa7b y3645 w1c6 h4d\"><div class=\"t m0 x15 h200 y30c ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x6ec y3645 w4bd h4d\"><div class=\"t m0 xc6 h200 y30c ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x86f y3645 w5fc h4d\"><div class=\"t m0 xc6 h200 y30c ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x50e y3645 w51 h4d\"><div class=\"t m0 x30 h200 y30c ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y3646 w5c3 h4d\"><div class=\"t m0 x130 h200 y392 ff4 fs22 fc1 sc0 ls0 ws0\">c) Forward<span class=\"_ _df\"> </span></div></td><td class=\"c xa7a y3646 w1c6 h4d\"><div class=\"t m0 x15 h200 y392 ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5b2 y3646 w53e h4d\"><div class=\"t m0 xf h200 y392 ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa8d y3646 w4df h4d\"><div class=\"t m0 xc6 h200 y392 ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa8e y3646 w176 h4d\"><div class=\"t m0 x30 h200 y392 ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa7b y3646 w1c6 h4d\"><div class=\"t m0 x15 h200 y392 ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x6ec y3646 w4bd h4d\"><div class=\"t m0 xc6 h200 y392 ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x86f y3646 w5fc h4d\"><div class=\"t m0 xc6 h200 y392 ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x50e y3646 w51 h4d\"><div class=\"t m0 x30 h200 y392 ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y3647 w5c3 h4e\"><div class=\"t m0 x130 h200 y30c ff4 fs22 fc1 sc0 ls0 ws0\">d) Futures<span class=\"_ _df\"> </span></div></td><td class=\"c xa7a y3647 w1c6 h4e\"><div class=\"t m0 x15 h200 y30c ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5b2 y3647 w53e h4e\"><div class=\"t m0 xf h200 y30c ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa8d y3647 w4df h4e\"><div class=\"t m0 xc6 h200 y30c ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa8e y3647 w176 h4e\"><div class=\"t m0 x30 h200 y30c ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa7b y3647 w1c6 h4e\"><div class=\"t m0 x15 h200 y30c ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x6ec y3647 w4bd h4e\"><div class=\"t m0 xc6 h200 y30c ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x86f y3647 w5fc h4e\"><div class=\"t m0 xc6 h200 y30c ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x50e y3647 w51 h4e\"><div class=\"t m0 x30 h200 y30c ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y3648 w5c3 h4d\"><div class=\"t m0 x130 h200 y30c ff4 fs22 fc1 sc0 ls0 ws0\">e) Altri<span class=\"_ _df\"> </span></div></td><td class=\"c xa7a y3648 w1c6 h4d\"><div class=\"t m0 x15 h200 y30c ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5b2 y3648 w53e h4d\"><div class=\"t m0 xf h200 y30c ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa8d y3648 w4df h4d\"><div class=\"t m0 xc6 h200 y30c ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa8e y3648 w176 h4d\"><div class=\"t m0 x30 h200 y30c ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa7b y3648 w1c6 h4d\"><div class=\"t m0 x15 h200 y30c ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x6ec y3648 w4bd h4d\"><div class=\"t m0 xc6 h200 y30c ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x86f y3648 w5fc h4d\"><div class=\"t m0 xc6 h200 y30c ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x50e y3648 w51 h4d\"><div class=\"t m0 x30 h200 y30c ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y3649 w5c3 h4d\"><div class=\"t m0 x8a h200 y392 ff4 fs22 fc1 sc2 ls0 ws0\">3. Valut<span class=\"_ _1\"></span>e e oro<span class=\"sc0\"> </span></div></td><td class=\"c xa7a y3649 w1c6 h4d\"><div class=\"t m0 x15 h200 y392 ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5b2 y3649 w53e h4d\"><div class=\"t m0 x37 h200 y392 ff4 fs22 fc1 sc0 ls0 ws0\">131.634<span class=\"_ _df\"> </span></div></td><td class=\"c xa8d y3649 w4df h4d\"><div class=\"t m0 x26 h200 y392 ff4 fs22 fc1 sc0 ls0 ws0\">572.049 </div></td><td class=\"c xa8e y3649 w176 h4d\"><div class=\"t m0 x30 h200 y392 ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa7b y3649 w1c6 h4d\"><div class=\"t m0 x15 h200 y392 ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x6ec y3649 w4bd h4d\"><div class=\"t m0 x97 h200 y392 ff4 fs22 fc1 sc0 ls0 ws0\">94.428 </div></td><td class=\"c x86f y3649 w5fc h4d\"><div class=\"t m0 x34 h200 y392 ff4 fs22 fc1 sc0 ls0 ws0\">519.006 </div></td><td class=\"c x50e y3649 w51 h4d\"><div class=\"t m0 x30 h200 y392 ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y364a w5c3 h4e\"><div class=\"t m0 x130 h200 y30c ff4 fs22 fc1 sc0 ls0 ws0\">a) Opzioni<span class=\"_ _df\"> </span></div></td><td class=\"c xa7a y364a w1c6 h4e\"><div class=\"t m0 x15 h200 y30c ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5b2 y364a w53e h4e\"><div class=\"t m0 xf h200 y30c ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa8d y364a w4df h4e\"><div class=\"t m0 xc6 h200 y30c ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa8e y364a w176 h4e\"><div class=\"t m0 x30 h200 y30c ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa7b y364a w1c6 h4e\"><div class=\"t m0 x15 h200 y30c ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x6ec y364a w4bd h4e\"><div class=\"t m0 xc6 h200 y30c ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x86f y364a w5fc h4e\"><div class=\"t m0 xc6 h200 y30c ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x50e y364a w51 h4e\"><div class=\"t m0 x30 h200 y30c ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y364b w5c3 h4d\"><div class=\"t m0 x130 h200 y30c ff4 fs22 fc1 sc0 ls0 ws0\">b) Swap<span class=\"_ _df\"> </span></div></td><td class=\"c xa7a y364b w1c6 h4d\"><div class=\"t m0 x15 h200 y30c ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5b2 y364b w53e h4d\"><div class=\"t m0 xf h200 y30c ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa8d y364b w4df h4d\"><div class=\"t m0 xc6 h200 y30c ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa8e y364b w176 h4d\"><div class=\"t m0 x30 h200 y30c ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa7b y364b w1c6 h4d\"><div class=\"t m0 x15 h200 y30c ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x6ec y364b w4bd h4d\"><div class=\"t m0 xc6 h200 y30c ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x86f y364b w5fc h4d\"><div class=\"t m0 xc6 h200 y30c ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x50e y364b w51 h4d\"><div class=\"t m0 x30 h200 y30c ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y364c w5c3 h4d\"><div class=\"t m0 x130 h200 y392 ff4 fs22 fc1 sc0 ls0 ws0\">c) Forward<span class=\"_ _df\"> </span></div></td><td class=\"c xa7a y364c w1c6 h4d\"><div class=\"t m0 x15 h200 y392 ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5b2 y364c w53e h4d\"><div class=\"t m0 x37 h200 y392 ff4 fs22 fc1 sc0 ls0 ws0\">131.634<span class=\"_ _df\"> </span></div></td><td class=\"c xa8d y364c w4df h4d\"><div class=\"t m0 x26 h200 y392 ff4 fs22 fc1 sc0 ls0 ws0\">572.049 </div></td><td class=\"c xa8e y364c w176 h4d\"><div class=\"t m0 x30 h200 y392 ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa7b y364c w1c6 h4d\"><div class=\"t m0 x15 h200 y392 ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x6ec y364c w4bd h4d\"><div class=\"t m0 x97 h200 y392 ff4 fs22 fc1 sc0 ls0 ws0\">94.428 </div></td><td class=\"c x86f y364c w5fc h4d\"><div class=\"t m0 x34 h200 y392 ff4 fs22 fc1 sc0 ls0 ws0\">519.006 </div></td><td class=\"c x50e y364c w51 h4d\"><div class=\"t m0 x30 h200 y392 ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y364d w5c3 h4e\"><div class=\"t m0 x130 h200 y30c ff4 fs22 fc1 sc0 ls0 ws0\">d) Futures<span class=\"_ _df\"> </span></div></td><td class=\"c xa7a y364d w1c6 h4e\"><div class=\"t m0 x15 h200 y30c ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5b2 y364d w53e h4e\"><div class=\"t m0 xf h200 y30c ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa8d y364d w4df h4e\"><div class=\"t m0 xc6 h200 y30c ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa8e y364d w176 h4e\"><div class=\"t m0 x30 h200 y30c ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa7b y364d w1c6 h4e\"><div class=\"t m0 x15 h200 y30c ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x6ec y364d w4bd h4e\"><div class=\"t m0 xc6 h200 y30c ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x86f y364d w5fc h4e\"><div class=\"t m0 xc6 h200 y30c ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x50e y364d w51 h4e\"><div class=\"t m0 x30 h200 y30c ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y364e w5c3 h4d\"><div class=\"t m0 x130 h200 y30c ff4 fs22 fc1 sc0 ls0 ws0\">e) Altri<span class=\"_ _df\"> </span></div></td><td class=\"c xa7a y364e w1c6 h4d\"><div class=\"t m0 x15 h200 y30c ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5b2 y364e w53e h4d\"><div class=\"t m0 xf h200 y30c ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa8d y364e w4df h4d\"><div class=\"t m0 xc6 h200 y30c ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa8e y364e w176 h4d\"><div class=\"t m0 x30 h200 y30c ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa7b y364e w1c6 h4d\"><div class=\"t m0 x15 h200 y30c ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x6ec y364e w4bd h4d\"><div class=\"t m0 xc6 h200 y30c ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x86f y364e w5fc h4d\"><div class=\"t m0 xc6 h200 y30c ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x50e y364e w51 h4d\"><div class=\"t m0 x30 h200 y30c ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y364f w5c3 h4d\"><div class=\"t m0 x8a h200 y392 ff4 fs22 fc1 sc2 ls0 ws0\">4. Merc<span class=\"_ _f\"></span>i<span class=\"_ _df\"> </span></div></td><td class=\"c xa7a y364f w1c6 h4d\"><div class=\"t m0 x15 h200 y392 ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5b2 y364f w53e h4d\"><div class=\"t m0 xf h200 y392 ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa8d y364f w4df h4d\"><div class=\"t m0 xc6 h200 y392 ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa8e y364f w176 h4d\"><div class=\"t m0 x30 h200 y392 ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa7b y364f w1c6 h4d\"><div class=\"t m0 x15 h200 y392 ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x6ec y364f w4bd h4d\"><div class=\"t m0 xc6 h200 y392 ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x86f y364f w5fc h4d\"><div class=\"t m0 xc6 h200 y392 ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x50e y364f w51 h4d\"><div class=\"t m0 x30 h200 y392 ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y3650 w5c3 hc9\"><div class=\"t m0 x8a h200 y1b19 ff4 fs22 fc1 sc2 ls0 ws0\">5. Altri </div></td><td class=\"c xa7a y3650 w1c6 hc9\"><div class=\"t m0 x15 h200 y1b19 ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5b2 y3650 w53e hc9\"><div class=\"t m0 xf h200 y1b19 ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa8d y3650 w4df hc9\"><div class=\"t m0 xc6 h200 y1b19 ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa8e y3650 w176 hc9\"><div class=\"t m0 x30 h200 y1b19 ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa7b y3650 w1c6 hc9\"><div class=\"t m0 x15 h200 y1b19 ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x6ec y3650 w4bd hc9\"><div class=\"t m0 xc6 h200 y1b19 ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x86f y3650 w5fc hc9\"><div class=\"t m0 xc6 h200 y1b19 ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x50e y3650 w51 hc9\"><div class=\"t m0 x30 h200 y1b19 ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y3651 w5c3 hcc\"><div class=\"t m0 xf h200 y5b ff4 fs22 fc1 sc2 ls0 ws0\">Totale<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td><td class=\"c xa7a y3651 w1c6 hcc\"><div class=\"t m0 x15 h200 y5b ff4 fs22 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x5b2 y3651 w53e hcc\"><div class=\"t m0 x3a h200 y5b ff4 fs22 fc1 sc2 ls0 ws0\">1.932.5<span class=\"_ _1\"></span>51<span class=\"sc0\"> </span></div></td><td class=\"c xa8d y3651 w4df hcc\"><div class=\"t m0 x2c h200 y5b ff4 fs22 fc1 sc2 ls0 ws0\">1.302.0<span class=\"_ _1\"></span>25<span class=\"sc0\"> </span></div></td><td class=\"c xa8e y3651 w176 hcc\"><div class=\"t m0 x14 h200 y5b ff4 fs22 fc1 sc2 ls0 ws0\">19.000<span class=\"sc0\"> </span></div></td><td class=\"c xa7b y3651 w1c6 hcc\"><div class=\"t m0 x15 h200 y5b ff4 fs22 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x6ec y3651 w4bd hcc\"><div class=\"t m0 x2c h200 y5b ff4 fs22 fc1 sc2 ls0 ws0\">1.278.08<span class=\"_ _1\"></span>5<span class=\"sc0\"> </span></div></td><td class=\"c x86f y3651 w5fc hcc\"><div class=\"t m0 x3a h200 y5b ff4 fs22 fc1 sc2 ls0 ws0\">1.156.28<span class=\"_ _1\"></span>3<span class=\"sc0\"> </span></div></td><td class=\"c x50e y3651 w51 hcc\"><div class=\"t m0 x14 h200 y5b ff4 fs22 fc1 sc2 ls0 ws0\">16.500<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td></tr></table></div><div class=\"c w2c2 h225 gs153d\"><div class=\"t m0 x10 h5 y110b ff4 fs1 fc4 sc3 ls0 ws0\">A.2 : <span class=\"_ _1\"></span>fair <span class=\"_ _1\"></span>value<span class=\"_ _1\"></span> lordo<span class=\"_ _1\"></span> pos<span class=\"_ _1\"></span>itivo <span class=\"_ _f\"></span>e negativ<span class=\"_ _1\"></span>o - ripa<span class=\"_ _f\"></span>rtizione p<span class=\"_ _1\"></span>er pr<span class=\"_ _1\"></span>odot<span class=\"_ _1\"></span>ti<span class=\"_ _df\"> </span></div></div><div class=\"gs153e\"><table class=\"s w10e8 h5a5\" id=\"_cb5c96c6-fed4-4419-a70f-ffffe339cc84\"><tr><td></td><td></td><td class=\"c x8b5 y3652 w5fe h2aa\"><div class=\"t m0 x31 h30 y54 ff4 fsb fc4 sc3 ls0 ws0\">Totale </div></td><td class=\"c xa8f y3652 w5ff h2aa\"><div class=\"t m0 x10 h30 y54 ff4 fsb fc4 sc3 ls0 ws0\">31/12/2025<span class=\"_ _f\"></span> </div></td><td></td><td></td><td class=\"c x762 y3652 w5f3 h2aa\"><div class=\"t m0 x31 h30 y54 ff4 fsb fc4 sc3 ls0 ws0\">Totale </div></td><td class=\"c xa90 y3652 w5fe h2aa\"><div class=\"t m0 x10 h30 y54 ff4 fsb fc4 sc3 ls0 ws0\">31/12/202<span class=\"_ _f\"></span>4 </div></td><td></td></tr><tr><td></td><td></td><td class=\"c xa91 y3653 w4a4 had\" colspan=\"2\"><div class=\"t m0 x8 h30 y20 ff4 fsb fc4 sc3 ls0 ws0\">Over the<span class=\"_ _f\"></span> <span class=\"_ _2\"></span>cou<span class=\"_ _1\"></span>nter </div></td><td></td><td></td><td class=\"c x8a3 y3653 w4e7 had\" colspan=\"2\"><div class=\"t m0 x8 h30 y20 ff4 fsb fc4 sc3 ls0 ws0\">Over the<span class=\"_ _f\"></span> <span class=\"_ _2\"></span>cou<span class=\"_ _1\"></span>nter </div></td><td></td></tr><tr><td class=\"c x44e y3654 w5fd h343\"><div class=\"t m0 x116 h30 y1123 ff4 fsb fc4 sc3 ls0 ws0\">Tipologie<span class=\"_ _1\"></span> derivati </div></td><td></td><td class=\"c x8b5 y3655 w31f h2cf\" colspan=\"2\"><div class=\"t m0 x130 h30 y305 ff4 fsb fc4 sc3 ls0 ws0\">Senza c<span class=\"_ _1\"></span>ontroparti<span class=\"_ _1\"></span> centrali </div></td><td class=\"c xa92 y2e0f w10e9 h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">Mercati<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x762 y3655 w31f h2cf\" colspan=\"2\"><div class=\"t m0 x130 h30 y305 ff4 fsb fc4 sc3 ls0 ws0\">Senza c<span class=\"_ _1\"></span>ontroparti<span class=\"_ _1\"></span> centrali </div></td><td class=\"c xa93 y2e0f w10e9 h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">Mercati<span class=\"_ _df\"> </span></div></td></tr><tr><td></td><td class=\"c xa94 y3656 w10ea h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">Contro<span class=\"_ _1\"></span>parti<span class=\"_ _df\"> </span></div></td><td></td><td></td><td class=\"c xa95 y2d60 w10eb h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">organizz<span class=\"_ _1\"></span>ati<span class=\"_ _df\"> </span></div></td><td class=\"c xa96 y3656 w10ea h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">Contro<span class=\"_ _1\"></span>parti<span class=\"_ _df\"> </span></div></td><td></td><td></td><td class=\"c xa97 y2d60 w10eb h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">organizz<span class=\"_ _1\"></span>ati<span class=\"_ _df\"> </span></div></td></tr><tr><td></td><td class=\"c xa98 y3657 w10ec h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">centrali<span class=\"_ _df\"> </span></div></td><td class=\"c xa99 y3658 w10ed h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">Con accor<span class=\"_ _f\"></span>di di<span class=\"_ _df\"> </span></div></td><td class=\"c xa9a y3659 w10ee h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">Senza ac<span class=\"_ _1\"></span>cordi<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c xa9b y3657 w10ec h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">centrali<span class=\"_ _df\"> </span></div></td><td class=\"c x540 y3658 w10ed h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">Con accor<span class=\"_ _f\"></span>di di<span class=\"_ _df\"> </span></div></td><td class=\"c xa9c y3659 w10ee h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">Senza ac<span class=\"_ _1\"></span>cordi<span class=\"_ _df\"> </span></div></td><td></td></tr><tr><td></td><td></td><td class=\"c x4f7 y365a w10ef h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">compe<span class=\"_ _1\"></span>nsazione<span class=\"_ _df\"> </span></div></td><td class=\"c xa9d y365b w10f0 h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">di<span class=\"_ _df\"> </span></div></td><td></td><td></td><td class=\"c x75d y365a w10ef h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">compe<span class=\"_ _1\"></span>nsazione<span class=\"_ _df\"> </span></div></td><td class=\"c xa9e y365b w10f0 h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">di<span class=\"_ _df\"> </span></div></td><td></td></tr><tr><td></td><td></td><td></td><td class=\"c xa9f y2d06 w10ef h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">compe<span class=\"_ _1\"></span>nsazione<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td class=\"c x87e y2d06 w10ef h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">compe<span class=\"_ _1\"></span>nsazione<span class=\"_ _df\"> </span></div></td><td></td></tr><tr><td class=\"c x44e y365c w4f1 h82\"><div class=\"t m0 x10 h30 y28b ff4 fsb fc1 sc2 ls0 ws0\">1. Fair val<span class=\"_ _f\"></span>u<span class=\"_ _2\"></span>e po<span class=\"_ _1\"></span>sitivo </div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x44e y365d w4f1 h82\"><div class=\"t m0 x8e h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">a) Opzioni<span class=\"_ _df\"> </span></div></td><td class=\"c xa91 y365d w135 h82\"><div class=\"t m0 x15 h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x8b5 y365d w5fe h82\"><div class=\"t m0 x7 h30 y28b ff4 fsb fc1 sc0 ls54 ws0\">47<span class=\"ls0\"> </span></div></td><td class=\"c xa8f y365d w5f3 h82\"><div class=\"t m0 x15 h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">2.242 </div></td><td class=\"c xaa0 y365d w314 h82\"><div class=\"t m0 x15 h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x8a3 y365d w1dc h82\"><div class=\"t m0 x15 h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x762 y365d w5f3 h82\"><div class=\"t m0 x12 h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">160 </div></td><td class=\"c xa90 y365d w5fe h82\"><div class=\"t m0 x15 h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">3.665 </div></td><td class=\"c x58e y365d w186 h82\"><div class=\"t m0 x15 h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y365e w4f1 h82\"><div class=\"t m0 x8e h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">b) Interest rate sw<span class=\"_ _2\"></span>ap<span class=\"_ _df\"> </span></div></td><td class=\"c xa91 y365e w135 h82\"><div class=\"t m0 x15 h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x8b5 y365e w5fe h82\"><div class=\"t m0 x15 h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">8.256 </div></td><td class=\"c xa8f y365e w5f3 h82\"><div class=\"t m0 x91 h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">128 </div></td><td class=\"c xaa0 y365e w314 h82\"><div class=\"t m0 x15 h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x8a3 y365e w1dc h82\"><div class=\"t m0 x15 h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x762 y365e w5f3 h82\"><div class=\"t m0 x15 h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">7.406 </div></td><td class=\"c xa90 y365e w5fe h82\"><div class=\"t m0 x96 h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">328 </div></td><td class=\"c x58e y365e w186 h82\"><div class=\"t m0 x15 h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x58f y365f w10f1 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">c) Cross currency<span class=\"_ _df\"> </span></div></td><td class=\"c xa91 y3660 w135 h98\"><div class=\"t m0 x15 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x8b5 y3660 w5fe h98\"><div class=\"t m0 xe h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa8f y3660 w5f3 h98\"><div class=\"t m0 xe h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xaa0 y3660 w314 h98\"><div class=\"t m0 x15 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x8a3 y3660 w1dc h98\"><div class=\"t m0 x15 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x762 y3660 w5f3 h98\"><div class=\"t m0 xe h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa90 y3660 w5fe h98\"><div class=\"t m0 xe h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x58e y3660 w186 h98\"><div class=\"t m0 x15 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x58f y3661 w10f2 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">swap<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x44e y3662 w4f1 h82\"><div class=\"t m0 x8e h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">d) Equity swap<span class=\"_ _df\"> </span></div></td><td class=\"c xa91 y3662 w135 h82\"><div class=\"t m0 x15 h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x8b5 y3662 w5fe h82\"><div class=\"t m0 xe h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa8f y3662 w5f3 h82\"><div class=\"t m0 xe h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xaa0 y3662 w314 h82\"><div class=\"t m0 x15 h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x8a3 y3662 w1dc h82\"><div class=\"t m0 x15 h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x762 y3662 w5f3 h82\"><div class=\"t m0 xe h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa90 y3662 w5fe h82\"><div class=\"t m0 xe h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x58e y3662 w186 h82\"><div class=\"t m0 x15 h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y3663 w4f1 h82\"><div class=\"t m0 x8e h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">e) Forward<span class=\"_ _df\"> </span></div></td><td class=\"c xa91 y3663 w135 h82\"><div class=\"t m0 x15 h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x8b5 y3663 w5fe h82\"><div class=\"t m0 x96 h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">283 </div></td><td class=\"c xa8f y3663 w5f3 h82\"><div class=\"t m0 x36 h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">5.791 </div></td><td class=\"c xaa0 y3663 w314 h82\"><div class=\"t m0 x15 h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x8a3 y3663 w1dc h82\"><div class=\"t m0 x15 h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x762 y3663 w5f3 h82\"><div class=\"t m0 x96 h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">295 </div></td><td class=\"c xa90 y3663 w5fe h82\"><div class=\"t m0 x36 h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">3.138 </div></td><td class=\"c x58e y3663 w186 h82\"><div class=\"t m0 x15 h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y3664 w4f1 h82\"><div class=\"t m0 x8e h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">f) Futures </div></td><td class=\"c xa91 y3664 w135 h82\"><div class=\"t m0 x15 h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x8b5 y3664 w5fe h82\"><div class=\"t m0 xe h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa8f y3664 w5f3 h82\"><div class=\"t m0 xe h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xaa0 y3664 w314 h82\"><div class=\"t m0 x15 h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x8a3 y3664 w1dc h82\"><div class=\"t m0 x15 h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x762 y3664 w5f3 h82\"><div class=\"t m0 xe h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa90 y3664 w5fe h82\"><div class=\"t m0 xe h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x58e y3664 w186 h82\"><div class=\"t m0 x15 h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y3665 w4f1 h82\"><div class=\"t m0 x8e h30 y71 ff4 fsb fc1 sc0 ls0 ws0\">g) Altri<span class=\"_ _df\"> </span></div></td><td class=\"c xa91 y3665 w135 h82\"><div class=\"t m0 x15 h30 y71 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x8b5 y3665 w5fe h82\"><div class=\"t m0 xe h30 y71 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa8f y3665 w5f3 h82\"><div class=\"t m0 xe h30 y71 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xaa0 y3665 w314 h82\"><div class=\"t m0 x15 h30 y71 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x8a3 y3665 w1dc h82\"><div class=\"t m0 x15 h30 y71 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x762 y3665 w5f3 h82\"><div class=\"t m0 xe h30 y71 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa90 y3665 w5fe h82\"><div class=\"t m0 xe h30 y71 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x58e y3665 w186 h82\"><div class=\"t m0 x15 h30 y71 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y3666 w4f1 h254\"><div class=\"t m0 x49 h30 y28b ff4 fsb fc1 sc2 ls0 ws0\">Totale </div></td><td class=\"c xa91 y3666 w135 h254\"><div class=\"t m0 x15 h30 y28b ff4 fsb fc1 sc2 ls0 ws0\">- </div></td><td class=\"c x8b5 y3666 w5fe h254\"><div class=\"t m0 x15 h30 y28b ff4 fsb fc1 sc2 ls0 ws0\">8.586 </div></td><td class=\"c xa8f y3666 w5f3 h254\"><div class=\"t m0 x8f h30 y28b ff4 fsb fc1 sc2 ls0 ws0\">8.161 </div></td><td class=\"c xaa0 y3666 w314 h254\"><div class=\"t m0 x15 h30 y28b ff4 fsb fc1 sc2 ls0 ws0\">- </div></td><td class=\"c x8a3 y3666 w1dc h254\"><div class=\"t m0 x15 h30 y28b ff4 fsb fc1 sc2 ls0 ws0\">- </div></td><td class=\"c x762 y3666 w5f3 h254\"><div class=\"t m0 x36 h30 y28b ff4 fsb fc1 sc2 ls0 ws0\">7.861 </div></td><td class=\"c xa90 y3666 w5fe h254\"><div class=\"t m0 x13 h30 y28b ff4 fsb fc1 sc2 ls0 ws0\">7.131 </div></td><td class=\"c x58e y3666 w186 h254\"><div class=\"t m0 x15 h30 y28b ff4 fsb fc1 sc2 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y3667 w4f1 h82\"><div class=\"t m0 x10 h30 y28b ff4 fsb fc1 sc2 ls0 ws0\">2. Fair va<span class=\"_ _1\"></span>lue nega<span class=\"_ _1\"></span>tivo </div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x44e y3668 w4f1 h82\"><div class=\"t m0 x8e h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">a) Opzioni<span class=\"_ _df\"> </span></div></td><td class=\"c xa91 y3668 w135 h82\"><div class=\"t m0 x15 h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x8b5 y3668 w5fe h82\"><div class=\"t m0 x96 h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">798 </div></td><td class=\"c xa8f y3668 w5f3 h82\"><div class=\"t m0 x36 h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">2.196 </div></td><td class=\"c xaa0 y3668 w314 h82\"><div class=\"t m0 x15 h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x8a3 y3668 w1dc h82\"><div class=\"t m0 x15 h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x762 y3668 w5f3 h82\"><div class=\"t m0 x7 h30 y28b ff4 fsb fc1 sc0 ls54 ws0\">47<span class=\"ls0\"> </span></div></td><td class=\"c xa90 y3668 w5fe h82\"><div class=\"t m0 x15 h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">3.254 </div></td><td class=\"c x58e y3668 w186 h82\"><div class=\"t m0 x15 h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y3669 w4f1 h82\"><div class=\"t m0 x8e h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">b) Interest rate swap<span class=\"_ _df\"> </span></div></td><td class=\"c xa91 y3669 w135 h82\"><div class=\"t m0 x15 h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x8b5 y3669 w5fe h82\"><div class=\"t m0 x15 h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">7.740 </div></td><td class=\"c xa8f y3669 w5f3 h82\"><div class=\"t m0 x36 h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">1.520 </div></td><td class=\"c xaa0 y3669 w314 h82\"><div class=\"t m0 x15 h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x8a3 y3669 w1dc h82\"><div class=\"t m0 x15 h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x762 y3669 w5f3 h82\"><div class=\"t m0 x15 h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">2.925 </div></td><td class=\"c xa90 y3669 w5fe h82\"><div class=\"t m0 x15 h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">2.679 </div></td><td class=\"c x58e y3669 w186 h82\"><div class=\"t m0 x15 h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x58f y366a w10f1 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">c) Cross currency<span class=\"_ _df\"> </span></div></td><td class=\"c xa91 y366b w135 h98\"><div class=\"t m0 x15 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x8b5 y366b w5fe h98\"><div class=\"t m0 xe h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa8f y366b w5f3 h98\"><div class=\"t m0 xe h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xaa0 y366b w314 h98\"><div class=\"t m0 x15 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x8a3 y366b w1dc h98\"><div class=\"t m0 x15 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x762 y366b w5f3 h98\"><div class=\"t m0 xe h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa90 y366b w5fe h98\"><div class=\"t m0 xe h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x58e y366b w186 h98\"><div class=\"t m0 x15 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x58f y366c w10f2 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">swap<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x44e y366d w4f1 h82\"><div class=\"t m0 x8e h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">d) Equity swap<span class=\"_ _df\"> </span></div></td><td class=\"c xa91 y366d w135 h82\"><div class=\"t m0 x15 h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x8b5 y366d w5fe h82\"><div class=\"t m0 xe h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa8f y366d w5f3 h82\"><div class=\"t m0 xe h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xaa0 y366d w314 h82\"><div class=\"t m0 x15 h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x8a3 y366d w1dc h82\"><div class=\"t m0 x15 h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x762 y366d w5f3 h82\"><div class=\"t m0 xe h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa90 y366d w5fe h82\"><div class=\"t m0 xe h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x58e y366d w186 h82\"><div class=\"t m0 x15 h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y366e w4f1 h82\"><div class=\"t m0 x8e h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">e) Forward<span class=\"_ _df\"> </span></div></td><td class=\"c xa91 y366e w135 h82\"><div class=\"t m0 x15 h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x8b5 y366e w5fe h82\"><div class=\"t m0 x96 h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">656 </div></td><td class=\"c xa8f y366e w5f3 h82\"><div class=\"t m0 x15 h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">2.375 </div></td><td class=\"c xaa0 y366e w314 h82\"><div class=\"t m0 x15 h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x8a3 y366e w1dc h82\"><div class=\"t m0 x15 h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x762 y366e w5f3 h82\"><div class=\"t m0 x7 h30 y28b ff4 fsb fc1 sc0 ls53 ws0\">67<span class=\"ls0\"> </span></div></td><td class=\"c xa90 y366e w5fe h82\"><div class=\"t m0 x15 h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">5.492 </div></td><td class=\"c x58e y366e w186 h82\"><div class=\"t m0 x15 h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y366f w4f1 h82\"><div class=\"t m0 x8e h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">f) Futures </div></td><td class=\"c xa91 y366f w135 h82\"><div class=\"t m0 x15 h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x8b5 y366f w5fe h82\"><div class=\"t m0 xe h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa8f y366f w5f3 h82\"><div class=\"t m0 xe h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xaa0 y366f w314 h82\"><div class=\"t m0 x15 h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x8a3 y366f w1dc h82\"><div class=\"t m0 x15 h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x762 y366f w5f3 h82\"><div class=\"t m0 xe h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa90 y366f w5fe h82\"><div class=\"t m0 xe h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x58e y366f w186 h82\"><div class=\"t m0 x15 h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y3670 w4f1 h82\"><div class=\"t m0 x8e h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">g) Altri<span class=\"_ _df\"> </span></div></td><td class=\"c xa91 y3670 w135 h82\"><div class=\"t m0 x15 h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x8b5 y3670 w5fe h82\"><div class=\"t m0 xe h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa8f y3670 w5f3 h82\"><div class=\"t m0 xe h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xaa0 y3670 w314 h82\"><div class=\"t m0 x15 h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x8a3 y3670 w1dc h82\"><div class=\"t m0 x15 h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x762 y3670 w5f3 h82\"><div class=\"t m0 xe h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa90 y3670 w5fe h82\"><div class=\"t m0 xe h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x58e y3670 w186 h82\"><div class=\"t m0 x15 h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y3671 w4f1 hc8\"><div class=\"t m0 x49 h30 y74a ff4 fsb fc1 sc2 ls0 ws0\">Totale </div></td><td class=\"c xa91 y3671 w135 hc8\"><div class=\"t m0 x15 h30 y74a ff4 fsb fc1 sc2 ls0 ws0\">- </div></td><td class=\"c x8b5 y3671 w5fe hc8\"><div class=\"t m0 x36 h30 y74a ff4 fsb fc1 sc2 ls0 ws0\">9.194 </div></td><td class=\"c xa8f y3671 w5f3 hc8\"><div class=\"t m0 x36 h30 y74a ff4 fsb fc1 sc2 ls0 ws0\">6.091 </div></td><td class=\"c xaa0 y3671 w314 hc8\"><div class=\"t m0 x15 h30 y74a ff4 fsb fc1 sc2 ls0 ws0\">- </div></td><td class=\"c x8a3 y3671 w1dc hc8\"><div class=\"t m0 x15 h30 y74a ff4 fsb fc1 sc2 ls0 ws0\">- </div></td><td class=\"c x762 y3671 w5f3 hc8\"><div class=\"t m0 x15 h30 y74a ff4 fsb fc1 sc2 ls0 ws0\">3.039 </div></td><td class=\"c xa90 y3671 w5fe hc8\"><div class=\"t m0 x30 h30 y74a ff4 fsb fc1 sc2 ls0 ws0\">11.425 </div></td><td class=\"c x58e y3671 w186 hc8\"><div class=\"t m0 x15 h30 y74a ff4 fsb fc1 sc2 ls0 ws0\">- </div></td></tr></table></div><div class=\"c w2c2 h21 gs1540\"><div class=\"t m0 x8a h5 y497 ff4 fs1 fc4 sc3 ls0 ws0\">A.3 D<span class=\"_ _1\"></span>eriva<span class=\"_ _f\"></span>ti finanzia<span class=\"_ _f\"></span>ri di nego<span class=\"_ _f\"></span>ziazione<span class=\"_ _1\"></span> OTC <span class=\"_ _1\"></span><span class=\"ff5\">\u2013<span class=\"ff4\"> va<span class=\"_ _1\"></span>lori no<span class=\"_ _1\"></span>ziona<span class=\"_ _f\"></span>li, fair va<span class=\"_ _f\"></span>lue lordo<span class=\"_ _1\"></span> posi<span class=\"_ _1\"></span>tivo <span class=\"_ _f\"></span>e negativ<span class=\"_ _1\"></span>o per<span class=\"_ _f\"></span> contropa<span class=\"_ _f\"></span>rti<span class=\"_ _df\"> </span></span></span></div></div><div class=\"gs1541\"><table class=\"s w10f3 h5a6\" id=\"_01598726-ec5d-43a0-8395-6b5ad8a1aea7\"><tr><td class=\"c x46b y3672 w600 h345\"><div class=\"t m0 x24 h1f y8bb ff4 fs7 fc4 sc3 ls0 ws0\">Atti<span class=\"_ _1\"></span>vit\u00e0 s<span class=\"_ _f\"></span>ottosta<span class=\"_ _1\"></span>nti<span class=\"_ _1\"></span> <span class=\"fc1 sc0\"> </span></div></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x46b y3673 w603 h1d6\"><div class=\"t m0 x8a h1f y110b ff4 fs7 fc1 sc0 ls0 ws0\">Contratti non rien<span class=\"_ _f\"></span>tranti in accordi di compe<span class=\"_ _1\"></span>nsazione </div></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x46b y3674 w603 h82\"><div class=\"t m0 x130 h1f y54 ff4 fs7 fc1 sc2 ls0 ws0\">1) Tit<span class=\"_ _1\"></span>oli di <span class=\"_ _f\"></span>debito e<span class=\"_ _f\"></span> tassi<span class=\"_ _1\"></span> d'int<span class=\"_ _f\"></span>eresse<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x46b y3675 w603 h82\"><div class=\"t m0 x26 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- valore nozion<span class=\"_ _1\"></span>ale </div></td><td class=\"c x4fb y3675 w122 h82\"><div class=\"t m0 x27 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td></td><td class=\"c xa65 y3675 w27 h82\"><div class=\"t m0 x49 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x726 y3675 w375 h82\"><div class=\"t m0 x32 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">28.261</div></td><td class=\"c xaa1 y3675 w60 h82\"><div class=\"t m0 x33 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">645.551 </div></td></tr><tr><td class=\"c x46b y3676 w603 h82\"><div class=\"t m0 x26 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- fair value p<span class=\"_ _1\"></span>ositivo<span class=\"_ _df\"> </span></div></td><td class=\"c x4fb y3676 w122 h82\"><div class=\"t m0 x27 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td></td><td class=\"c xa65 y3676 w27 h82\"><div class=\"t m0 x49 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x726 y3676 w375 h82\"><div class=\"t m0 x8f h1f y54 ff4 fs7 fc1 sc0 ls29 ws0\">61<span class=\"ls0\"> </span></div></td><td class=\"c xaa1 y3676 w60 h82\"><div class=\"t m0 x34 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">2.307 </div></td></tr><tr><td class=\"c x46b y3677 w603 h82\"><div class=\"t m0 x26 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- fair value nega<span class=\"_ _1\"></span>tivo </div></td><td class=\"c x4fb y3677 w122 h82\"><div class=\"t m0 x27 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td></td><td class=\"c xa65 y3677 w27 h82\"><div class=\"t m0 x49 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x726 y3677 w375 h82\"><div class=\"t m0 x38 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">8<span class=\"ls34\">78</span> </div></td><td class=\"c xaa1 y3677 w60 h82\"><div class=\"t m0 x34 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">2.837 </div></td></tr><tr><td class=\"c x46b y3678 w603 h82\"><div class=\"t m0 x130 h1f y54 ff4 fs7 fc1 sc2 ls0 ws0\">2) Tit<span class=\"_ _1\"></span>oli di <span class=\"_ _f\"></span>capital<span class=\"_ _1\"></span>e e i<span class=\"_ _1\"></span>ndici a<span class=\"_ _f\"></span>ziona<span class=\"_ _f\"></span>ri<span class=\"sc0\"> </span></div></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x46b y3679 w603 h82\"><div class=\"t m0 x26 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- valore nozion<span class=\"_ _1\"></span>ale </div></td><td class=\"c x4fb y3679 w122 h82\"><div class=\"t m0 x27 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td></td><td class=\"c xa65 y3679 w27 h82\"><div class=\"t m0 x49 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x726 y3679 w375 h82\"><div class=\"t m0 x8f h1f y54 ff4 fs7 fc1 sc0 ls9 ws0\">10<span class=\"ls0\"> </span></div></td><td class=\"c xaa1 y3679 w60 h82\"><div class=\"t m0 x7 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y367a w603 h82\"><div class=\"t m0 x26 h1f y66c ff4 fs7 fc1 sc0 ls0 ws0\">- fair value p<span class=\"_ _1\"></span>ositivo </div></td><td class=\"c x4fb y367a w122 h82\"><div class=\"t m0 x27 h1f y66c ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td></td><td class=\"c xa65 y367a w27 h82\"><div class=\"t m0 x49 h1f y66c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x726 y367a w375 h82\"><div class=\"t m0 x96 h1f y66c ff4 fs7 fc1 sc0 ls0 ws0\">2 </div></td><td class=\"c xaa1 y367a w60 h82\"><div class=\"t m0 x7 h1f y66c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y367b w603 h82\"><div class=\"t m0 x26 h1f y66c ff4 fs7 fc1 sc0 ls0 ws0\">- fair value nega<span class=\"_ _1\"></span>tivo </div></td><td class=\"c x4fb y367b w122 h82\"><div class=\"t m0 x27 h1f y66c ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td></td><td class=\"c xa65 y367b w27 h82\"><div class=\"t m0 x49 h1f y66c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x726 y367b w375 h82\"><div class=\"t m0 x12 h1f y66c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xaa1 y367b w60 h82\"><div class=\"t m0 x7 h1f y66c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y367c w603 h254\"><div class=\"t m0 x130 h1f y54 ff4 fs7 fc1 sc2 ls0 ws0\">3) Va<span class=\"_ _1\"></span>lute <span class=\"_ _f\"></span>e oro<span class=\"sc0\"> </span></div></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x46b y367d w603 h82\"><div class=\"t m0 x26 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- valore nozion<span class=\"_ _1\"></span>ale </div></td><td class=\"c x4fb y367d w122 h82\"><div class=\"t m0 x27 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td></td><td class=\"c xa65 y367d w27 h82\"><div class=\"t m0 x49 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x726 y367d w375 h82\"><div class=\"t m0 x3a h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">5.532 </div></td><td class=\"c xaa1 y367d w60 h82\"><div class=\"t m0 x32 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">566.517 </div></td></tr><tr><td class=\"c x46b y367e w603 h82\"><div class=\"t m0 x26 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- fair value p<span class=\"_ _1\"></span>ositivo<span class=\"_ _df\"> </span></div></td><td class=\"c x4fb y367e w122 h82\"><div class=\"t m0 x27 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td></td><td class=\"c xa65 y367e w27 h82\"><div class=\"t m0 x49 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x726 y367e w375 h82\"><div class=\"t m0 x8f h1f y54 ff4 fs7 fc1 sc0 ls27 ws0\">31<span class=\"ls0\"> </span></div></td><td class=\"c xaa1 y367e w60 h82\"><div class=\"t m0 x34 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">5.760 </div></td></tr><tr><td class=\"c x46b y367f w603 h82\"><div class=\"t m0 x26 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- fair value negati<span class=\"_ _1\"></span>vo </div></td><td class=\"c x4fb y367f w122 h82\"><div class=\"t m0 x27 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td></td><td class=\"c xa65 y367f w27 h82\"><div class=\"t m0 x49 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x726 y367f w375 h82\"><div class=\"t m0 x12 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xaa1 y367f w60 h82\"><div class=\"t m0 x34 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">2.375 </div></td></tr><tr><td class=\"c x46b y3680 w603 h82\"><div class=\"t m0 x130 h1f y54 ff4 fs7 fc1 sc2 ls0 ws0\">4) Me<span class=\"_ _1\"></span>rci<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x46b y3681 w603 h82\"><div class=\"t m0 x26 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- valore nozion<span class=\"_ _1\"></span>ale </div></td><td class=\"c x4fb y3681 w122 h82\"><div class=\"t m0 x27 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td></td><td class=\"c xa65 y3681 w27 h82\"><div class=\"t m0 x49 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x726 y3681 w375 h82\"><div class=\"t m0 x12 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xaa1 y3681 w60 h82\"><div class=\"t m0 x7 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y3682 w603 h82\"><div class=\"t m0 x26 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- fair value p<span class=\"_ _1\"></span>ositivo </div></td><td class=\"c x4fb y3682 w122 h82\"><div class=\"t m0 x27 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td></td><td class=\"c xa65 y3682 w27 h82\"><div class=\"t m0 x49 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x726 y3682 w375 h82\"><div class=\"t m0 x12 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xaa1 y3682 w60 h82\"><div class=\"t m0 x7 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y3683 w603 h82\"><div class=\"t m0 x26 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- fair value nega<span class=\"_ _1\"></span>tivo </div></td><td class=\"c x4fb y3683 w122 h82\"><div class=\"t m0 x27 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td></td><td class=\"c xa65 y3683 w27 h82\"><div class=\"t m0 x49 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x726 y3683 w375 h82\"><div class=\"t m0 x12 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xaa1 y3683 w60 h82\"><div class=\"t m0 x7 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y3684 w603 h82\"><div class=\"t m0 x130 h1f y54 ff4 fs7 fc1 sc2 ls0 ws0\">5) Al<span class=\"_ _1\"></span>tri<span class=\"sc0\"> </span></div></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x46b y3685 w603 h82\"><div class=\"t m0 x26 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- valore nozion<span class=\"_ _1\"></span>ale </div></td><td class=\"c x4fb y3685 w122 h82\"><div class=\"t m0 x27 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td></td><td class=\"c xa65 y3685 w27 h82\"><div class=\"t m0 x49 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x726 y3685 w375 h82\"><div class=\"t m0 x12 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xaa1 y3685 w60 h82\"><div class=\"t m0 x7 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y3686 w603 h82\"><div class=\"t m0 x26 h1f y66c ff4 fs7 fc1 sc0 ls0 ws0\">- fair value p<span class=\"_ _1\"></span>ositivo </div></td><td class=\"c x4fb y3686 w122 h82\"><div class=\"t m0 x27 h1f y66c ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td></td><td class=\"c xa65 y3686 w27 h82\"><div class=\"t m0 x49 h1f y66c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x726 y3686 w375 h82\"><div class=\"t m0 x12 h1f y66c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xaa1 y3686 w60 h82\"><div class=\"t m0 x7 h1f y66c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y3687 w603 h82\"><div class=\"t m0 x26 h1f y66c ff4 fs7 fc1 sc0 ls0 ws0\">- fair value nega<span class=\"_ _1\"></span>tivo </div></td><td class=\"c x4fb y3687 w122 h82\"><div class=\"t m0 x27 h1f y66c ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td></td><td class=\"c xa65 y3687 w27 h82\"><div class=\"t m0 x49 h1f y66c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x726 y3687 w375 h82\"><div class=\"t m0 x12 h1f y66c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xaa1 y3687 w60 h82\"><div class=\"t m0 x7 h1f y66c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y3688 w603 h82\"><div class=\"t m0 x8a h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">Contratti rient<span class=\"_ _1\"></span>ranti in accordi di com<span class=\"_ _f\"></span>pensazione </div></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x46b y3689 w603 h82\"><div class=\"t m0 x130 h1f y54 ff4 fs7 fc1 sc2 ls0 ws0\">1) Tit<span class=\"_ _1\"></span>oli di <span class=\"_ _f\"></span>debito e<span class=\"_ _f\"></span> tassi<span class=\"_ _1\"></span> d'int<span class=\"_ _f\"></span>eresse<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x46b y368a w603 h82\"><div class=\"t m0 x130 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- valore nozion<span class=\"_ _1\"></span>ale </div></td><td></td><td class=\"c x4fb y368a w122 h82\"><div class=\"t m0 xe h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa65 y368a w27 h82\"><div class=\"t m0 x2c h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">1.758.363 </div></td><td class=\"c x726 y368a w375 h82\"><div class=\"t m0 x33 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">42.553 </div></td><td class=\"c xaa1 y368a w60 h82\"><div class=\"t m0 x7 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y368b w603 h82\"><div class=\"t m0 x130 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- fair value pos<span class=\"_ _1\"></span>itivo </div></td><td></td><td class=\"c x4fb y368b w122 h82\"><div class=\"t m0 xe h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa65 y368b w27 h82\"><div class=\"t m0 x8f h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">8.303 </div></td><td class=\"c x726 y368b w375 h82\"><div class=\"t m0 x12 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xaa1 y368b w60 h82\"><div class=\"t m0 x7 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y368c w603 h254\"><div class=\"t m0 x130 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- fair value negati<span class=\"_ _1\"></span>vo </div></td><td></td><td class=\"c x4fb y368c w122 h254\"><div class=\"t m0 xe h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa65 y368c w27 h254\"><div class=\"t m0 x8f h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">8.478 </div></td><td class=\"c x726 y368c w375 h254\"><div class=\"t m0 x15 h1f y54 ff4 fs7 fc1 sc0 ls29 ws0\">60<span class=\"ls0\"> </span></div></td><td class=\"c xaa1 y368c w60 h254\"><div class=\"t m0 x7 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y368d w603 h82\"><div class=\"t m0 x130 h1f y54 ff4 fs7 fc1 sc2 ls0 ws0\">2) Tit<span class=\"_ _1\"></span>oli di <span class=\"_ _f\"></span>capital<span class=\"_ _1\"></span>e e i<span class=\"_ _1\"></span>ndici a<span class=\"_ _f\"></span>ziona<span class=\"_ _f\"></span>ri<span class=\"sc0\"> </span></div></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x46b y368e w603 h82\"><div class=\"t m0 x130 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- valore nozion<span class=\"_ _1\"></span>ale </div></td><td></td><td class=\"c x4fb y368e w122 h82\"><div class=\"t m0 xe h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa65 y368e w27 h82\"><div class=\"t m0 x49 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x726 y368e w375 h82\"><div class=\"t m0 x12 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xaa1 y368e w60 h82\"><div class=\"t m0 x7 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y368f w603 h82\"><div class=\"t m0 x130 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- fair value pos<span class=\"_ _1\"></span>itivo<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x4fb y368f w122 h82\"><div class=\"t m0 xe h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa65 y368f w27 h82\"><div class=\"t m0 x49 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x726 y368f w375 h82\"><div class=\"t m0 x12 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xaa1 y368f w60 h82\"><div class=\"t m0 x7 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y3690 w603 h82\"><div class=\"t m0 x130 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- fair value negati<span class=\"_ _1\"></span>vo </div></td><td></td><td class=\"c x4fb y3690 w122 h82\"><div class=\"t m0 xe h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa65 y3690 w27 h82\"><div class=\"t m0 x49 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x726 y3690 w375 h82\"><div class=\"t m0 x12 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xaa1 y3690 w60 h82\"><div class=\"t m0 x7 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y3691 w603 h82\"><div class=\"t m0 x130 h1f y54 ff4 fs7 fc1 sc2 ls0 ws0\">3) Va<span class=\"_ _1\"></span>lute <span class=\"_ _f\"></span>e oro<span class=\"sc0\"> </span></div></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x46b y3692 w603 h82\"><div class=\"t m0 x130 h1f y66c ff4 fs7 fc1 sc0 ls0 ws0\">- valore nozion<span class=\"_ _1\"></span>ale </div></td><td></td><td class=\"c x4fb y3692 w122 h82\"><div class=\"t m0 xe h1f y66c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa65 y3692 w27 h82\"><div class=\"t m0 x31 h1f y66c ff4 fs7 fc1 sc0 ls0 ws0\">94.594 </div></td><td class=\"c x726 y3692 w375 h82\"><div class=\"t m0 x48 h1f y66c ff4 fs7 fc1 sc0 ls0 ws0\">37.040 </div></td><td class=\"c xaa1 y3692 w60 h82\"><div class=\"t m0 x7 h1f y66c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y3693 w603 h82\"><div class=\"t m0 x130 h1f y66c ff4 fs7 fc1 sc0 ls0 ws0\">- fair value pos<span class=\"_ _1\"></span>itivo </div></td><td></td><td class=\"c x4fb y3693 w122 h82\"><div class=\"t m0 xe h1f y66c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa65 y3693 w27 h82\"><div class=\"t m0 x90 h1f y66c ff4 fs7 fc1 sc0 ls2a ws0\">283<span class=\"_ _df\"> </span></div></td><td class=\"c x726 y3693 w375 h82\"><div class=\"t m0 x12 h1f y66c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xaa1 y3693 w60 h82\"><div class=\"t m0 x7 h1f y66c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y3694 w603 h82\"><div class=\"t m0 x130 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- fair value negati<span class=\"_ _1\"></span>vo </div></td><td></td><td class=\"c x4fb y3694 w122 h82\"><div class=\"t m0 xe h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa65 y3694 w27 h82\"><div class=\"t m0 xc6 h1f y54 ff4 fs7 fc1 sc0 ls34 ws0\">78<span class=\"ls0\"> </span></div></td><td class=\"c x726 y3694 w375 h82\"><div class=\"t m0 x38 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">579 </div></td><td class=\"c xaa1 y3694 w60 h82\"><div class=\"t m0 x7 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y3695 w603 h82\"><div class=\"t m0 x130 h1f y54 ff4 fs7 fc1 sc2 ls0 ws0\">4) Me<span class=\"_ _1\"></span>rci<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x46b y3696 w603 h82\"><div class=\"t m0 x130 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- valore nozion<span class=\"_ _1\"></span>ale </div></td><td></td><td class=\"c x4fb y3696 w122 h82\"><div class=\"t m0 xe h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa65 y3696 w27 h82\"><div class=\"t m0 x49 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x726 y3696 w375 h82\"><div class=\"t m0 x12 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xaa1 y3696 w60 h82\"><div class=\"t m0 x7 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y3697 w603 h82\"><div class=\"t m0 x130 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- fair value pos<span class=\"_ _1\"></span>itivo<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x4fb y3697 w122 h82\"><div class=\"t m0 xe h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa65 y3697 w27 h82\"><div class=\"t m0 x49 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x726 y3697 w375 h82\"><div class=\"t m0 x12 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xaa1 y3697 w60 h82\"><div class=\"t m0 x7 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y3698 w603 h82\"><div class=\"t m0 x130 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- fair value negati<span class=\"_ _1\"></span>vo </div></td><td></td><td class=\"c x4fb y3698 w122 h82\"><div class=\"t m0 xe h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa65 y3698 w27 h82\"><div class=\"t m0 x49 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x726 y3698 w375 h82\"><div class=\"t m0 x12 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xaa1 y3698 w60 h82\"><div class=\"t m0 x7 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y3699 w603 h82\"><div class=\"t m0 x130 h1f y54 ff4 fs7 fc1 sc2 ls0 ws0\">5) Al<span class=\"_ _1\"></span>tri<span class=\"sc0\"> </span></div></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x46b y369a w603 h82\"><div class=\"t m0 x130 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- valore nozion<span class=\"_ _1\"></span>ale </div></td><td></td><td class=\"c x4fb y369a w122 h82\"><div class=\"t m0 xe h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa65 y369a w27 h82\"><div class=\"t m0 x49 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x726 y369a w375 h82\"><div class=\"t m0 x12 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xaa1 y369a w60 h82\"><div class=\"t m0 x7 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y369b w603 h254\"><div class=\"t m0 x130 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- fair value pos<span class=\"_ _1\"></span>itivo<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x4fb y369b w122 h254\"><div class=\"t m0 xe h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa65 y369b w27 h254\"><div class=\"t m0 x49 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x726 y369b w375 h254\"><div class=\"t m0 x12 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xaa1 y369b w60 h254\"><div class=\"t m0 x7 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y369c w603 hc8\"><div class=\"t m0 x130 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- fair value negati<span class=\"_ _1\"></span>vo </div></td><td></td><td class=\"c x4fb y369c w122 hc8\"><div class=\"t m0 xe h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa65 y369c w27 hc8\"><div class=\"t m0 x49 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x726 y369c w375 hc8\"><div class=\"t m0 x12 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xaa1 y369c w60 hc8\"><div class=\"t m0 x7 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr></table></div><div class=\"c w601 h345 gs1542\"><div class=\"t m4 x27 h1f y88a ff4 fs7 fc4 sc3 ls0 ws0\">Controparti </div><div class=\"t m4 x36 h1f y293 ff4 fs7 fc4 sc3 ls0 ws0\">centrali<span class=\"fc1 sc0\"> </span></div></div><div class=\"c w602 h345 gs1543\"><div class=\"t m4 x30 h1f y293 ff4 fs7 fc4 sc3 ls0 ws0\">Banche<span class=\"fc1 sc0\"> </span></div></div><div class=\"c wba h345 gs1544\"><div class=\"t m4 x32 h1f ybf4 ff4 fs7 fc4 sc3 ls0 ws0\">Altre societ\u00e0 </div><div class=\"t m4 x31 h1f y50 ff4 fs7 fc4 sc3 ls0 ws0\">finanziarie<span class=\"fc1 sc0\"> </span></div></div><div class=\"c wfb h345 gs1545\"><div class=\"t m4 x37 h1f y589 ff4 fs7 fc4 sc3 ls0 ws0\">Altri soggetti<span class=\"fc1 sc0\"> </span></div></div><div class=\"c w2c2 h23c gs1547\"><div class=\"t m0 x8a h5 y589 ff4 fs1 fc4 sc3 ls0 ws0\">A.4 Vi<span class=\"_ _1\"></span>ta r<span class=\"_ _1\"></span>esidu<span class=\"_ _1\"></span>a de<span class=\"_ _1\"></span>i deri<span class=\"_ _1\"></span>vati fi<span class=\"_ _1\"></span>nanzi<span class=\"_ _1\"></span>ari <span class=\"_ _1\"></span>OTC: va<span class=\"_ _f\"></span>lori nozi<span class=\"_ _1\"></span>onali<span class=\"_ _1\"></span> </div></div><div class=\"gs1548\"><table class=\"s w10f4 h5a7\" id=\"_32ae97b5-3c45-47bc-ab48-528ab276f1e4\"><tr><td class=\"c x46b y369d w604 h226\"><div class=\"t m0 xe6 h30 y1116 ff4 fsb fc4 sc3 ls0 ws0\">Sottost<span class=\"_ _1\"></span>anti/Vita r<span class=\"_ _1\"></span>esidua<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c xa64 y369d w273 h226\"><div class=\"t m0 x16a h30 y1116 ff4 fsb fc4 sc3 ls0 ws0\">Fino ad 1 <span class=\"_ _1\"></span>anno<span class=\"_ _df\"> </span></div></td><td class=\"c xaa2 y369e w10f5 h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">Oltre 1 a<span class=\"_ _1\"></span>nno e fino<span class=\"_ _df\"> </span></div></td><td class=\"c x616 y369d w278 h226\"><div class=\"t m0 x55 h30 y1116 ff4 fsb fc4 sc3 ls0 ws0\">Oltre 5 ann<span class=\"_ _1\"></span>i<span class=\"_ _df\"> </span></div></td><td class=\"c xaa3 y369d w5bd h226\"><div class=\"t m0 x32 h30 y1116 ff4 fsb fc4 sc3 ls0 ws0\">Totale<span class=\"_ _df\"> </span></div></td></tr><tr><td></td><td></td><td></td><td class=\"c xaa4 y369f w10f6 h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">a 5 anni<span class=\"_ _df\"> </span></div></td><td></td><td></td></tr><tr><td class=\"c x370 y36a0 w10f7 h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc1 sc0 ls0 ws0\">A.1 Derivati finanziari<span class=\"_ _2\"></span> su titoli di debito e<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c xa64 y36a1 w74 h98\"><div class=\"t m0 x36 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">906.471<span class=\"_ _df\"> </span></div></td><td class=\"c x86d y36a1 w5bf h98\"><div class=\"t m0 x97 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">1.454.650<span class=\"_ _df\"> </span></div></td><td class=\"c x616 y36a1 w606 h98\"><div class=\"t m0 x36 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">113.608<span class=\"_ _df\"> </span></div></td><td class=\"c xaa3 y36a1 w5bd h98\"><div class=\"t m0 x37 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">2.474.729<span class=\"_ _df\"> </span></div></td></tr><tr><td class=\"c xaa5 y26da w10f8 h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc1 sc0 ls0 ws0\">tassi di interes<span class=\"_ _2\"></span>se<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x262 y36a2 w10f9 h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc1 sc0 ls0 ws0\">A.2 Derivati finanziari su<span class=\"_ _2\"></span> titoli di capitale ed<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c xa64 y36a3 w74 h98\"><div class=\"t m0 xc3 h30 y27 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x86d y36a3 w5bf h98\"><div class=\"t m0 xc3 h30 y27 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x616 y36a3 w606 h98\"><div class=\"t m0 xc7 h30 y27 ff4 fsb fc1 sc0 ls52 ws0\">10<span class=\"_ _df\"> </span></div></td><td class=\"c xaa3 y36a3 w5bd h98\"><div class=\"t m0 x49 h30 y27 ff4 fsb fc1 sc0 ls52 ws0\">10<span class=\"_ _df\"> </span></div></td></tr><tr><td class=\"c xaa6 y36a4 w10fa h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc1 sc0 ls0 ws0\">indici azionari<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x46b y36a5 w605 h82\"><div class=\"t m0 x3a h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">A.3 Derivati finanziari s<span class=\"_ _2\"></span>u valute e oro<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c xa64 y36a5 w74 h82\"><div class=\"t m0 x36 h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">732.100<span class=\"_ _df\"> </span></div></td><td class=\"c x86d y36a5 w5bf h82\"><div class=\"t m0 x11 h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">27.737<span class=\"_ _df\"> </span></div></td><td class=\"c x616 y36a5 w606 h82\"><div class=\"t m0 xf0 h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c xaa3 y36a5 w5bd h82\"><div class=\"t m0 x15 h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">759.837<span class=\"_ _df\"> </span></div></td></tr><tr><td class=\"c x46b y36a6 w605 h82\"><div class=\"t m0 x90 h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">A.4 Derivati finanziari s<span class=\"_ _2\"></span>u merci<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c xa64 y36a6 w74 h82\"><div class=\"t m0 xc3 h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x86d y36a6 w5bf h82\"><div class=\"t m0 xc3 h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x616 y36a6 w606 h82\"><div class=\"t m0 xf0 h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c xaa3 y36a6 w5bd h82\"><div class=\"t m0 xc3 h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td></tr><tr><td class=\"c x46b y36a7 w605 h82\"><div class=\"t m0 xef h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">A.5 Altri derivati<span class=\"_ _2\"></span> finanziari<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c xa64 y36a7 w74 h82\"><div class=\"t m0 xc3 h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x86d y36a7 w5bf h82\"><div class=\"t m0 xc3 h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x616 y36a7 w606 h82\"><div class=\"t m0 xf0 h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c xaa3 y36a7 w5bd h82\"><div class=\"t m0 xc3 h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td></tr><tr><td class=\"c x46b y36a8 w605 hc8\"><div class=\"t m0 x92 h30 y74a ff4 fsb fc1 sc2 ls0 ws0\">Totale</div></td><td class=\"c x9ba y36a8 w257 hc8\"><div class=\"t m0 x8a h30 y74a ff4 fsb fc1 sc2 ls0 ws0\">31/12/2025<span class=\"_ _df\"> </span></div></td><td class=\"c xa64 y36a8 w74 hc8\"><div class=\"t m0 x31 h30 y74a ff4 fsb fc1 sc2 ls0 ws0\">1.638.571<span class=\"_ _df\"> </span></div></td><td class=\"c x86d y36a8 w5bf hc8\"><div class=\"t m0 x38 h30 y74a ff4 fsb fc1 sc2 ls0 ws0\">1.482.387<span class=\"_ _df\"> </span></div></td><td class=\"c x616 y36a8 w606 hc8\"><div class=\"t m0 x8f h30 y74a ff4 fsb fc1 sc2 ls0 ws0\">113.618<span class=\"_ _df\"> </span></div></td><td class=\"c xaa3 y36a8 w5bd hc8\"><div class=\"t m0 x97 h30 y74a ff4 fsb fc1 sc2 ls0 ws0\">3.234.57<span class=\"_ _1\"></span>6<span class=\"_ _df\"> </span></div></td></tr><tr><td class=\"c x46b y36a9 w605 hc8\"><div class=\"t m0 x92 h30 y74a ff4 fsb fc1 sc2 ls0 ws0\">Totale</div></td><td class=\"c x9ba y36a9 w257 hc8\"><div class=\"t m0 x8a h30 y74a ff4 fsb fc1 sc2 ls0 ws0\">31/12/202<span class=\"_ _f\"></span>4<span class=\"_ _df\"> </span></div></td><td class=\"c xa64 y36a9 w74 hc8\"><div class=\"t m0 x30 h30 y74a ff4 fsb fc1 sc2 ls0 ws0\">1.601.176<span class=\"_ _df\"> </span></div></td><td class=\"c x86d y36a9 w5bf hc8\"><div class=\"t m0 x36 h30 y74a ff4 fsb fc1 sc2 ls0 ws0\">747.993<span class=\"_ _df\"> </span></div></td><td class=\"c x616 y36a9 wf3 hc8\"><div class=\"t m0 x13 h30 y74a ff4 fsb fc1 sc2 ls0 ws0\">85.198<span class=\"_ _df\"> </span></div></td><td class=\"c xaa3 y36a9 w4e hc8\"><div class=\"t m0 x97 h30 y74a ff4 fsb fc1 sc2 ls0 ws0\">2.434.3<span class=\"_ _1\"></span>67<span class=\"_ _df\"> </span></div></td></tr></table></div>1.3.2<span class=\"_ _f\"></span> Le cop<span class=\"_ _f\"></span>erture<span class=\"_ _1\"></span> co<span class=\"_ _1\"></span>ntab<span class=\"_ _f\"></span>ili Inform<span class=\"_ _1\"></span>azio<span class=\"_ _f\"></span>ni di natura<span class=\"_ _f\"></span> qualitativa In <span class=\"_ _d\"></span>tema <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>Hedge <span class=\"_ _d\"></span>accounting, <span class=\"_ _d\"></span>il <span class=\"_ _d\"></span>Gruppo, <span class=\"_ _d\"></span>come <span class=\"_ _d\"></span>previsto <span class=\"_ _d\"></span>dall\u2019IFRS9, <span class=\"_ _d\"></span>continua <span class=\"_ _d\"></span>ad <span class=\"_ _d\"></span>applicare <span class=\"_ _d\"></span>quanto definito <span class=\"_ _0\"></span>dal <span class=\"_ _d\"></span>princ<span class=\"_ _2\"></span>ipio <span class=\"_ _d\"></span>contabile <span class=\"_ _0\"></span>I<span class=\"_ _2\"></span>AS <span class=\"_ _d\"></span>39 <span class=\"_ _0\"></span>(n<span class=\"_ _2\"></span>ella <span class=\"_ _d\"></span>versione <span class=\"_ _0\"></span>carved <span class=\"_ _0\"></span>out<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>omo<span class=\"_ _2\"></span>logata <span class=\"_ _0\"></span>dalla <span class=\"_ _d\"></span>Commissione Europea) in relazione a tutte le coperture poste in essere. Attivit\u00e0<span class=\"_ _f\"></span> di copert<span class=\"_ _1\"></span>ura de<span class=\"_ _1\"></span>l fair <span class=\"_ _1\"></span>value<span class=\"_ _1\"></span>, strum<span class=\"_ _1\"></span>enti d<span class=\"_ _1\"></span>i cope<span class=\"_ _1\"></span>rtura<span class=\"_ _1\"></span> ed e<span class=\"_ _1\"></span>lementi <span class=\"_ _1\"></span>cope<span class=\"_ _1\"></span>rti  Si <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>dottata <span class=\"_ _d\"></span>la <span class=\"_ _2\"></span>metodologia <span class=\"_ _2\"></span>contabile <span class=\"_ _2\"></span>del <span class=\"_ _d\"></span>Macro <span class=\"_ _2\"></span>Fair <span class=\"_ _d\"></span>Value <span class=\"_ _2\"></span>Hedge <span class=\"_ _d\"></span>per <span class=\"_ _2\"></span>la <span class=\"_ _d\"></span>copertura <span class=\"_ _2\"></span>del <span class=\"_ _d\"></span>rischio <span class=\"_ _2\"></span>di tasso associato a: -<span class=\"_ _1d\"> </span><span class=\"ff4\">Mutui/finanziamenti a tasso fisso;<span class=\"_ _df\"> </span></span>-<span class=\"_ _1d\"> </span><span class=\"ff4\">componente core anelastica della raccolta a vista.<span class=\"_ _df\"> </span></span>Si <span class=\"_ _0\"></span>\u00e8 <span class=\"_ _9\"> </span>adottata, <span class=\"_ _9\"> </span>inoltre, <span class=\"_ _0\"></span>la <span class=\"_ _9\"> </span>metodologia <span class=\"_ _0\"></span>contabile <span class=\"_ _9\"> </span>del <span class=\"_ _0\"></span>Micro <span class=\"_ _9\"> </span>Fair <span class=\"_ _9\"> </span>value <span class=\"_ _0\"></span>Hedge <span class=\"_ _9\"> </span>per <span class=\"_ _9\"> </span>la <span class=\"_ _9\"> </span>copertura <span class=\"_ _0\"></span>del rischio di tasso associato a:<span class=\"_ _df\"> </span>-<span class=\"_ _1d\"> </span><span class=\"ff4\">titoli <span class=\"_ _d\"></span>di <span class=\"_ _2\"></span>debito <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>egime <span class=\"_ _2\"></span>contabile <span class=\"_ _2\"></span>HTCS <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>HTC <span class=\"_ _d\"></span>(inclusi <span class=\"_ _2\"></span>titoli <span class=\"_ _d\"></span>BTP <span class=\"_ _2\"></span>inflattivi <span class=\"_ _2\"></span>ove <span class=\"_ _2\"></span>viene <span class=\"_ _2\"></span>coperto </span>anche il rischio inflazione),<span class=\"_ _df\"> </span>-<span class=\"_ _1d\"> </span><span class=\"ff4\">prestiti obbligazionari a tasso fisso emessi dal Credito Emiliano.<span class=\"_ _df\"> </span></span>L\u2019applicazione <span class=\"_ _2\"></span>della <span class=\"_ _d\"></span>metodologia <span class=\"_ _d\"></span>di <span class=\"_ _2\"></span>hedge <span class=\"_ _d\"></span>accounting <span class=\"_ _2\"></span>consente <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>rappresentare <span class=\"_ _2\"></span>contabilmente in  modo  simme<span class=\"_ _1\"></span>trico  sia  le  poste <span class=\"_ _16\"> </span>coperte  che  i<span class=\"_ _1\"></span>  prodotti  d<span class=\"_ _1\"></span>erivati  utilizzati  p<span class=\"_ _f\"></span>er  la  copertura.  In particolare, <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>copertura <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>rischio <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>tasso, <span class=\"_ _2\"></span>vengono <span class=\"_ _2\"></span>utilizzati <span class=\"_ _2\"></span>strumenti <span class=\"_ _2\"></span>derivati non <span class=\"_ _2\"></span>quotati (IRS, OIS, <span class=\"_ _2\"></span>IRS <span class=\"_ _2\"></span>inflation) <span class=\"_ _2\"></span>che consentono <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>riallineare le <span class=\"_ _2\"></span>differenze <span class=\"_ _2\"></span>tra <span class=\"_ _d\"></span>le car<span class=\"_ _2\"></span>atteristiche finanziarie<span class=\"_ _df\"> </span>degli impieghi e della raccolta.<span class=\"_ _df\"> </span>Il <span class=\"_ _d\"></span>Fair <span class=\"_ _0\"></span>Value <span class=\"_ _d\"></span>Hedge <span class=\"_ _d\"></span>prevede <span class=\"_ _0\"></span>che <span class=\"_ _0\"></span>la <span class=\"_ _d\"></span>relazione <span class=\"_ _d\"></span>di <span class=\"_ _0\"></span>copertura <span class=\"_ _d\"></span>sia <span class=\"_ _0\"></span>formalmente <span class=\"_ _d\"></span>documentata <span class=\"_ _d\"></span>da <span class=\"_ _0\"></span>una hedging <span class=\"_ _9\"> </span>card  e <span class=\"_ _16\"> </span>che <span class=\"_ _16\"> </span>la <span class=\"_ _16\"> </span>tenuta <span class=\"_ _16\"> </span>dell<span class=\"_ _1\"></span>a  copertura <span class=\"_ _9\"> </span>s<span class=\"_ _2\"></span>ia <span class=\"_ _9\"> </span>verificata  attraverso <span class=\"_ _16\"> </span>dei <span class=\"_ _9\"> </span>t<span class=\"_ _2\"></span>est <span class=\"_ _16\"> </span>di <span class=\"_ _9\"> </span>efficacia <span class=\"_ _16\"> </span>sia pr<span class=\"ls0\">ospettici che <span class=\"_ _2\"></span>retrospettivi. Se i test di efficacia danno esito <span class=\"_ _2\"></span>positivo \u00e8 passata in <span class=\"_ _2\"></span>contabilit\u00e0 una </span>rettifica <span class=\"_ _2\"></span>relativa al <span class=\"_ _2\"></span>Fair Value dello <span class=\"_ _2\"></span>strumento <span class=\"_ _2\"></span>coperto, per <span class=\"_ _2\"></span>allineare la <span class=\"_ _2\"></span>sua modalit\u00e0 <span class=\"_ _2\"></span>di valutazione a quello dello strumento di hedging.<span class=\"_ _df\"> </span>Tali test <span class=\"_ _2\"></span>di e<span class=\"ff5\">fficacia sono svolti periodicamente durante <span class=\"_ _2\"></span>tutta la vita dell\u2019operazione. La <span class=\"_ _2\"></span>copertura </span>\u00e8 <span class=\"_ _2\"></span>cons<span class=\"_ _2\"></span>iderata <span class=\"_ _2\"></span>efficace <span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>il <span class=\"_ _d\"></span>rapporto <span class=\"_ _d\"></span>tra <span class=\"_ _d\"></span>la <span class=\"_ _2\"></span>variazione <span class=\"_ _d\"></span>di <span class=\"_ _2\"></span>fair <span class=\"_ _d\"></span>value <span class=\"_ _d\"></span>dell\u2019elemento <span class=\"_ _d\"></span>coperto <span class=\"_ _2\"></span>rispetto allo  strumento <span class=\"_ _4\"> </span>di<span class=\"_ _f\"></span> <span class=\"_ _4\"> </span>copertura  \u00e8  compreso <span class=\"_ _4\"> </span>nel<span class=\"_ _1\"></span>  range <span class=\"_ _22\"> </span>80<span class=\"_ _2\"></span>%-125%.  Il <span class=\"_ _22\"> </span>t<span class=\"_ _2\"></span>est  di  verifica <span class=\"_ _22\"> </span>della  t<span class=\"_ _2\"></span>enuta prospettica e retrospettiva delle cope<span class=\"_ _1\"></span>rture \u00e8 svolto su base trimestrale.<span class=\"_ _df\"> </span>L\u2019hedge <span class=\"_ _2\"></span>accounting non <span class=\"_ _2\"></span>pu\u00f2 <span class=\"_ _2\"></span>essere <span class=\"_ _2\"></span>mant<span class=\"_ _2\"></span>enuto qualora <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>copertura <span class=\"_ _2\"></span>divenga in<span class=\"_ _2\"></span>efficace (fuor<span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>dal range <span class=\"_ _16\"> </span>80%-125%). <span class=\"_ _9\"> </span>Eventuali  fonti <span class=\"_ _9\"> </span>di  ine<span class=\"_ _1\"></span>fficacia <span class=\"_ _16\"> </span>possono <span class=\"_ _16\"> </span>essere:  d<span class=\"_ _1\"></span>iverse <span class=\"_ _16\"> </span>date <span class=\"_ _9\"> </span>di  pagamento <span class=\"_ _9\"> </span>o<span class=\"_ _df\"> </span>convenzioni fra <span class=\"_ _2\"></span>strumento <span class=\"_ _2\"></span>coperto e <span class=\"_ _2\"></span>di copertura, <span class=\"_ _2\"></span>variazione della base <span class=\"_ _2\"></span>tra le <span class=\"_ _2\"></span>curve di <span class=\"_ _2\"></span>forwarding e discounting.<span class=\"_ _df\"> </span>Attivit\u00e0<span class=\"_ _f\"></span> di copert<span class=\"_ _1\"></span>ura de<span class=\"_ _1\"></span>i fluss<span class=\"_ _1\"></span>i finanz<span class=\"_ _f\"></span>iari, strum<span class=\"_ _1\"></span>enti di <span class=\"_ _1\"></span>cope<span class=\"_ _1\"></span>rtura <span class=\"_ _1\"></span>ed ele<span class=\"_ _f\"></span>menti cope<span class=\"_ _f\"></span>rti<span class=\"fc1 sc2\"> </span>Obiettivo <span class=\"_ _2\"></span>di fondo <span class=\"_ _2\"></span>dell<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>operazioni <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>copertura <span class=\"_ _2\"></span>effettuate <span class=\"_ _2\"></span>second<span class=\"_ _1\"></span>o <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>metodologia <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>Cash <span class=\"_ _2\"></span>Flow Hedge <span class=\"_ _f\"></span>\u00e8 <span class=\"_ _f\"></span>quello <span class=\"_ _f\"></span>di <span class=\"_ _f\"></span>e<span class=\"_ _2\"></span>vitare <span class=\"_ _f\"></span>che <span class=\"_ _f\"></span>variazioni <span class=\"_ _f\"></span>inattese <span class=\"_ _1\"></span>dei <span class=\"_ _f\"></span>tassi <span class=\"_ _1\"></span>di <span class=\"_ _f\"></span>mercato <span class=\"_ _1\"></span>si <span class=\"_ _f\"></span>ripercuotano <span class=\"_ _f\"></span>negativamente sul margine di interesse.  In <span class=\"_ _1\"></span>particolare, p<span class=\"_ _1\"></span>er la<span class=\"_ _1\"></span> cope<span class=\"_ _1\"></span>rtura de<span class=\"_ _1\"></span>l rischi<span class=\"_ _1\"></span>o di <span class=\"_ _f\"></span>tasso, vengono <span class=\"_ _f\"></span>utilizzati strumenti <span class=\"_ _f\"></span>derivati non<span class=\"_ _1\"></span> qu<span class=\"_ _1\"></span>otati (IRS) <span class=\"_ _2\"></span>ch<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>consentono <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>riallineare <span class=\"_ _d\"></span>le <span class=\"_ _2\"></span>differenze <span class=\"_ _d\"></span>tra <span class=\"_ _d\"></span>le <span class=\"_ _d\"></span>caratteristiche <span class=\"_ _d\"></span>finanziarie <span class=\"_ _d\"></span>degli <span class=\"_ _2\"></span>impieghi<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>e della <span class=\"_ _0\"></span>raccolta. <span class=\"_ _9\"> </span><span class=\"ff5\">L\u2019obiettivo <span class=\"_ _0\"></span>della <span class=\"_ _9\"> </span>copertura <span class=\"_ _9\"> </span>\u00e8 <span class=\"_ _0\"></span>l\u2019eliminazione <span class=\"_ _9\"> </span>parziale <span class=\"_ _0\"></span>del <span class=\"_ _0\"> </span>r<span class=\"_ _2\"></span>ischio <span class=\"_ _0\"></span>di <span class=\"_ _9\"> </span>fluttuazioni <span class=\"_ _0\"></span>dei </span>f<span class=\"ff5\">lussi <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>cas<span class=\"_ _2\"></span>sa <span class=\"_ _d\"></span>futuri <span class=\"_ _d\"></span>determinati <span class=\"_ _0\"></span>dall\u2019andamento <span class=\"_ _d\"></span>del <span class=\"_ _d\"></span>tas<span class=\"_ _2\"></span>so <span class=\"_ _d\"></span>variabile<span class=\"_ _1\"></span> <span class=\"_ _d\"></span>l<span class=\"_ _2\"></span>ungo <span class=\"_ _d\"></span>il <span class=\"_ _d\"></span>periodo <span class=\"_ _0\"></span>coperto <span class=\"_ _d\"></span>e <span class=\"_ _0\"></span>il </span>conseguente <span class=\"_ _e\"> </span>raggiungimento <span class=\"_ _e\"> </span>di <span class=\"_ _e\"> </span>un\u2019indicizzazione <span class=\"_ _e\"> </span>al <span class=\"_ _e\"> </span>tas<span class=\"_ _2\"></span>so <span class=\"_ _15\"> </span>fisso <span class=\"_ _10\"> </span>\u201cobiettivo\u201d, <span class=\"_ _e\"> </span>pari <span class=\"_ _e\"> </span>a <span class=\"_ _e\"> </span>quello sintetizzato dai flussi della \u201cgamba\u201d a tasso fisso del<span class=\"_ _1\"></span> gruppo di s<span class=\"_ _2\"></span><span class=\"ff4\">trumenti di copertura. </span>Il <span class=\"_ _1\"></span>Macro Cash<span class=\"_ _1\"></span> Flow<span class=\"_ _1\"></span> He<span class=\"_ _1\"></span>dge <span class=\"_ _1\"></span>\u00e8 attivo <span class=\"_ _f\"></span>per i <span class=\"_ _f\"></span>mutui a<span class=\"_ _1\"></span> tasso <span class=\"_ _f\"></span>variabile. <span class=\"_ _f\"></span>La definizione <span class=\"_ _1\"></span>dei <span class=\"_ _f\"></span>pacchett<span class=\"_ _2\"></span>i <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>mutui coperti in Macro Cash Flow Hedge \u00e8 stata fatta secondo i segu<span class=\"_ _1\"></span>enti criteri:<span class=\"_ _2\"></span> -<span class=\"_ _1d\"> </span><span class=\"ff4\">stessa frequenza di pagamento<span class=\"_ _df\"> </span></span>-<span class=\"_ _1d\"> </span><span class=\"ff4\">stesso tipo di indicizzazione<span class=\"_ _df\"> </span></span>-<span class=\"_ _1d\"> </span><span class=\"ff4\">periodicit\u00e0 <span class=\"_ _d\"></span>di <span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>evisione<span class=\"_ _1\"></span> <span class=\"_ _d\"></span>del <span class=\"_ _2\"></span>tasso <span class=\"_ _d\"></span>e <span class=\"_ _d\"></span>liquidazi<span class=\"_ _1\"></span>one <span class=\"_ _d\"></span>degli <span class=\"_ _2\"></span>interessi <span class=\"_ _d\"></span>(divisi <span class=\"_ _2\"></span>nei <span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>eguenti <span class=\"_ _2\"></span>3 <span class=\"_ _d\"></span>bucket:<span class=\"_ _df\"> </span></span>dal 1\u00b0 al 10\u00b0 giorno del mese, dal 11\u00b0 al 20\u00b0 e dal 21\u00b0 a fine mese)<span class=\"_ _1\"></span>.<span class=\"_ _df\"> </span>L'omogeneit\u00e0 di<span class=\"_ _1\"></span> tali ca<span class=\"_ _1\"></span>ratteristiche de<span class=\"_ _1\"></span>l portafoglio mutui <span class=\"_ _f\"></span>e dei rel<span class=\"_ _1\"></span>ativi deriv<span class=\"_ _1\"></span>ati gar<span class=\"_ _2\"></span>antisce l'e<span class=\"_ _1\"></span>fficacia della <span class=\"_ _d\"></span>copert<span class=\"_ _2\"></span>ura <span class=\"_ _d\"></span>e <span class=\"_ _0\"></span>quindi <span class=\"_ _d\"></span>permett<span class=\"_ _2\"></span>e <span class=\"_ _d\"></span>di <span class=\"_ _0\"></span>non <span class=\"_ _0\"></span>effettuare <span class=\"_ _d\"></span>t<span class=\"_ _2\"></span>est <span class=\"_ _d\"></span>di <span class=\"_ _0\"></span>efficacia, <span class=\"_ _d\"></span>ma <span class=\"_ _0\"></span>solamente <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>capienza minima di nominale per ogni periodo futuro a partire dal bu<span class=\"_ _1\"></span>cket in corso.<span class=\"_ _df\"> </span>Meto<span class=\"_ _1\"></span>do di<span class=\"_ _1\"></span> valu<span class=\"_ _1\"></span>tazio<span class=\"_ _f\"></span>ne di effica<span class=\"_ _f\"></span>cia Per la raccolta a tasso variabile coperta in Cash Flow Hedge vengono effettuati i seguenti test: -<span class=\"_ _1d\"> </span><span class=\"ff4\">Verifica <span class=\"_ _0\"></span>della <span class=\"_ _d\"></span>capienza <span class=\"_ _0\"></span>minima <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>nominale <span class=\"_ _0\"></span>per <span class=\"_ _d\"></span>ogni <span class=\"_ _0\"></span>periodo <span class=\"_ _0\"></span>futuro <span class=\"_ _0\"></span>a <span class=\"_ _0\"></span>partire <span class=\"_ _d\"></span>del <span class=\"_ _0\"></span>bucket <span class=\"_ _0\"></span>in </span>corso; -<span class=\"_ _1d\"> </span><span class=\"ff4\">effettuazione <span class=\"_ _17\"> </span>del <span class=\"_ _17\"> </span>test <span class=\"_ _14\"> </span>prospettico <span class=\"_ _17\"> </span>e <span class=\"_ _17\"> </span>retros<span class=\"_ _2\"></span>pettivo <span class=\"_ _4\"> </span>tramite <span class=\"_ _17\"> </span>la <span class=\"_ _17\"> </span>metodologia <span class=\"_ _17\"> </span>del <span class=\"_ _17\"> </span>derivato<span class=\"_ _df\"> </span></span>ipotetico, ovve<span class=\"_ _1\"></span>ro confronto fra i<span class=\"_ _1\"></span>l <span class=\"_ _f\"></span>Fair<span class=\"_ _2\"></span> Valu<span class=\"_ _1\"></span>e del<span class=\"_ _1\"></span> derivato di<span class=\"_ _1\"></span> copertura rispe<span class=\"_ _1\"></span>tto al Fair<span class=\"_ _f\"></span>  Value de<span class=\"_ _1\"></span>l<span class=\"_ _df\"> </span>derivato ipotetico avente come <span class=\"_ _2\"></span>gamba fissa <span class=\"_ _2\"></span>gli stessi <span class=\"_ _2\"></span>flussi dei derivati di cop<span class=\"_ _2\"></span>ertura e come gamba <span class=\"_ _17\"> </span>variabile <span class=\"_ _4\"> </span>i <span class=\"_ _17\"> </span>flussi <span class=\"_ _17\"> </span>variabili <span class=\"_ _17\"> </span>dello <span class=\"_ _17\"> </span>strumento <span class=\"_ _17\"> </span>coperto <span class=\"_ _17\"> </span>pesato <span class=\"_ _17\"> </span>per <span class=\"_ _17\"> </span>le <span class=\"_ _17\"> </span>percentuali <span class=\"_ _17\"> </span>di<span class=\"_ _df\"> </span>copertura. Per <span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>mut<span class=\"_ _2\"></span>ui <span class=\"_ _2\"></span>coperti <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>Macro <span class=\"_ _d\"></span>Cash <span class=\"_ _d\"></span>Flow <span class=\"_ _2\"></span>Hedge <span class=\"_ _2\"></span>viene <span class=\"_ _2\"></span>verificato <span class=\"_ _d\"></span>che <span class=\"_ _2\"></span>lo <span class=\"_ _d\"></span>swap <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>copertura <span class=\"_ _d\"></span>sia <span class=\"_ _2\"></span>stato concluso a condizioni di mercato, controllando il valore di Mark To Market con la curva real time al momento della chiusura <span class=\"ff5\">dell\u2019operazione.</span> Relativamente <span class=\"_ _0\"></span>al <span class=\"_ _0\"></span>Cash <span class=\"_ _9\"> </span>Flow <span class=\"_ _0\"></span>Hedge <span class=\"_ _0\"></span>delle <span class=\"_ _9\"> </span>diverse <span class=\"_ _0\"></span>forme <span class=\"_ _9\"> </span>di <span class=\"_ _0\"></span>finanziamento <span class=\"_ _9\"> </span>alla <span class=\"_ _0\"></span>clientela <span class=\"_ _0\"></span>(analogo discorso <span class=\"_ _0\"></span>vale <span class=\"_ _d\"></span>per <span class=\"_ _d\"></span>il <span class=\"_ _0\"></span>Macro <span class=\"_ _d\"></span>Cash <span class=\"_ _d\"></span>Flow <span class=\"_ _d\"></span>Hedge <span class=\"_ _0\"></span>raccolta <span class=\"_ _0\"></span>cambiando <span class=\"_ _d\"></span>i <span class=\"_ _d\"></span>segni <span class=\"_ _0\"></span>dei <span class=\"_ _d\"></span>flussi <span class=\"_ _d\"></span>e <span class=\"_ _0\"></span>le <span class=\"_ _d\"></span>at<span class=\"_ _2\"></span>tivit\u00e0 <span class=\"_ _d\"></span>in passivit\u00e0) <span class=\"_ _d\"></span>gli <span class=\"_ _d\"></span>s<span class=\"_ _2\"></span>trumenti <span class=\"_ _d\"></span>derivati <span class=\"_ _d\"></span>per <span class=\"_ _0\"></span>i <span class=\"_ _d\"></span>quali <span class=\"_ _0\"></span>si <span class=\"_ _0\"></span>applica <span class=\"_ _d\"></span>la <span class=\"_ _0\"></span>metodologia <span class=\"_ _d\"></span>in <span class=\"_ _0\"></span>oggetto <span class=\"_ _0\"></span>sono <span class=\"_ _d\"></span>considerati come <span class=\"_ _e\"> </span>facenti <span class=\"_ _e\"> </span>parte <span class=\"_ _e\"> </span>di <span class=\"_ _15\"> </span>un <span class=\"_ _e\"> </span>unico <span class=\"_ _e\"> </span>gruppo <span class=\"_ _e\"> </span>di <span class=\"_ _e\"> </span>operazioni <span class=\"_ _e\"> </span>che <span class=\"_ _e\"> </span>presentano <span class=\"_ _e\"> </span>complessivamente un\u2019esposizione di tipo \u201cincasso tasso <span class=\"_ _2\"></span>variabile<span class=\"_ _1\"></span>/pagamento <span class=\"_ _2\"></span>tasso fisso\u201d. Tale gruppo di operazioni \u00e8 considerato, lungo tutta la lor<span class=\"_ _2\"></span>o vita, a copertura parziale dei flussi che si generano su un <span class=\"_ _2\"></span>gruppo di passivit\u00e0 <span class=\"_ _2\"></span>a t<span class=\"_ _2\"></span>asso variabile (pagamento <span class=\"_ _2\"></span>tasso <span class=\"_ _2\"></span>variabile<span class=\"_ _1\"></span>); tali <span class=\"_ _2\"></span>passivit\u00e0 <span class=\"_ _2\"></span>sono rappresentate <span class=\"_ _2\"></span>sia da posizioni d<span class=\"_ _1\"></span>ebitorie gi\u00e0 in <span class=\"_ _1\"></span>essere, sia da op<span class=\"_ _1\"></span>erazioni future <span class=\"_ _1\"></span>con le medesime caratteristiche (qu<span class=\"_ _1\"></span>alora rispettino <span class=\"_ _2\"></span>i r<span class=\"_ _2\"></span>equ<span class=\"_ _1\"></span>isiti <span class=\"_ _2\"></span>richiesti dal <span class=\"_ _2\"></span>principio <span class=\"_ _2\"></span>per essere <span class=\"_ _2\"></span>designate <span class=\"_ _2\"></span>come <span class=\"_ _2\"></span>poste copert<span class=\"_ _2\"></span>e<span class=\"_ _df\"> </span>75<span class=\"_ _df\"> </span>). All\u2019interno di <span class=\"_ _15\"> </span>ciascun <span class=\"_ _e\"> </span>bucket, <span class=\"_ _e\"> </span>essendo <span class=\"_ _15\"> </span>c<span class=\"_ _2\"></span>operto <span class=\"_ _15\"> </span>l\u2019insieme <span class=\"_ _e\"> </span>omogeneo <span class=\"_ _15\"> </span>d<span class=\"_ _2\"></span>ei <span class=\"_ _15\"> </span>flussi <span class=\"_ _e\"> </span>generati <span class=\"_ _15\"> </span>dal<span class=\"_ _2\"></span>le <span class=\"_ _e\"> </span><span class=\"ff4\">att<span class=\"_ _2\"></span>ivit\u00e0 </span>interessate <span class=\"_ _16\"> </span>dalla <span class=\"_ _9\"> </span>copertura,  l\u2019ident<span class=\"ff4\">ificazione <span class=\"_ _9\"> </span>d<span class=\"_ _2\"></span>ei <span class=\"_ _9\"> </span>fl<span class=\"_ _2\"></span>ussi <span class=\"_ _9\"> </span>copert<span class=\"_ _2\"></span>i <span class=\"_ _9\"> </span>prescinde  dall<span class=\"_ _1\"></span>a  correlazi<span class=\"_ _1\"></span>one  dei </span>medesimi <span class=\"_ _d\"></span>rispetto <span class=\"_ _0\"></span>ai <span class=\"_ _d\"></span>nominali <span class=\"_ _0\"></span>che <span class=\"_ _d\"></span>li <span class=\"_ _d\"></span>hanno <span class=\"_ _0\"></span>generati <span class=\"_ _0\"></span>(singole <span class=\"_ _d\"></span>at<span class=\"_ _2\"></span>tivit\u00e0 <span class=\"_ _d\"></span>a <span class=\"_ _d\"></span>t<span class=\"_ _2\"></span>asso <span class=\"_ _d\"></span>variabile), <span class=\"_ _d\"></span>tuttavia <span class=\"_ _d\"></span>i flussi <span class=\"_ _17\"> </span>oggetto <span class=\"_ _17\"> </span>di <span class=\"_ _17\"> </span>copertura <span class=\"_ _17\"> </span>vengono <span class=\"_ _17\"> </span>identificati <span class=\"_ _17\"> </span>come <span class=\"_ _17\"> </span>\u201ci <span class=\"_ _17\"> </span>pri<span class=\"_ _2\"></span>mi\u201d <span class=\"_ _17\"> </span>complessivamente <span class=\"_ _4\"> </span>genera<span class=\"_ _2\"></span>ti al<span class=\"ff5 ls0\">l\u2019interno <span class=\"_ _16\"> </span>del <span class=\"_ _16\"> </span>bucket <span class=\"_ _16\"> </span>medesimo.<span class=\"ff4 fce\">  <span class=\"fc1\">Al <span class=\"_ _16\"> </span>31  d<span class=\"_ _1\"></span>icembre <span class=\"_ _16\"> </span>2025  la <span class=\"_ _9\"> </span>copertura  di <span class=\"_ _9\"> </span>Cas<span class=\"_ _2\"></span>h <span class=\"_ _9\"> </span>Flow  Hedge <span class=\"_ _16\"> </span>sulla </span></span></span>raccolta non risulta attiva. L\u2019obiettivo <span class=\"_ _0\"></span>della <span class=\"_ _9\"> </span>copertura <span class=\"_ _9\"> </span>\u00e8 <span class=\"_ _0\"></span>l\u2019eliminazione <span class=\"_ _0\"></span>di <span class=\"_ _9\"> </span>una <span class=\"_ _0\"></span>porzione <span class=\"_ _9\"> </span>del <span class=\"_ _9\"> </span>rischio <span class=\"_ _9\"> </span>di <span class=\"_ _0\"></span>variabilit\u00e0 <span class=\"_ _9\"> </span>dei <span class=\"_ _0\"></span>flussi <span class=\"_ _9\"> </span>di cassa <span class=\"_ _4\"> </span>derivanti <span class=\"_ _4\"> </span>dalla <span class=\"_ _4\"> </span>ridefinizione <span class=\"_ _17\"> </span><span class=\"ff5\">delle <span class=\"_ _4\"> </span>\u201ccedole\u201d <span class=\"_ _4\"> </span>delle <span class=\"_ _17\"> </span>poste <span class=\"_ _4\"> </span>coperte. <span class=\"_ _4\"> </span>La <span class=\"_ _17\"> </span>designazione <span class=\"_ _4\"> </span>della </span>relazione <span class=\"_ _f\"></span>di copertura \u00e8 <span class=\"_ _f\"></span>riferita a <span class=\"_ _f\"></span>precisi pe<span class=\"_ _1\"></span>riodi di <span class=\"_ _f\"></span>tempo futuro (<span class=\"_ _1\"></span>bucket <span class=\"_ _1\"></span>trimestrali pe<span class=\"_ _1\"></span>r il <span class=\"_ _f\"></span>Cash Flow<span class=\"_ _f\"></span> Hedge <span class=\"_ _2\"></span>tit<span class=\"_ _2\"></span>oli, <span class=\"_ _2\"></span>bucket <span class=\"_ _d\"></span>mensili <span class=\"_ _d\"></span>per <span class=\"_ _d\"></span>il <span class=\"_ _2\"></span>Cash <span class=\"_ _d\"></span>Flow <span class=\"_ _d\"></span>Hedge <span class=\"_ _d\"></span>mutui) <span class=\"_ _2\"></span>e, <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>t<span class=\"_ _2\"></span>ermini <span class=\"_ _2\"></span>di <span class=\"_ _d\"></span>porzione <span class=\"_ _2\"></span>copert<span class=\"_ _2\"></span>a,<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>pu\u00f2 essere <span class=\"_ _f\"></span>differente <span class=\"_ _f\"></span>da bucket <span class=\"_ _f\"></span>a bu<span class=\"_ _1\"></span>cket <span class=\"_ _f\"></span>in relazi<span class=\"_ _1\"></span>one <span class=\"_ _f\"></span>alla posizi<span class=\"_ _1\"></span>one <span class=\"_ _f\"></span>c<span class=\"_ _2\"></span>omplessiva <span class=\"_ _f\"></span>del <span class=\"_ _f\"></span>gruppo de<span class=\"_ _1\"></span>i <span class=\"_ _f\"></span>d<span class=\"_ _2\"></span>erivati di copertura e delle operazioni coperte in essere alla fine<span class=\"_ _1\"></span> di ogni bucket definito.<span class=\"_ _2\"></span> La rid<span class=\"_ _1\"></span>uzione <span class=\"_ _f\"></span>d<span class=\"_ _2\"></span>el <span class=\"_ _f\"></span>r<span class=\"_ _2\"></span>ischio <span class=\"_ _f\"></span>di variabilit\u00e0 <span class=\"_ _1\"></span>dei <span class=\"_ _f\"></span>flussi di <span class=\"_ _f\"></span>cass<span class=\"_ _2\"></span>a <span class=\"_ _1\"></span>\u00e8 o<span class=\"_ _1\"></span>tt<span class=\"_ _2\"></span>enuta <span class=\"_ _f\"></span>tramite la <span class=\"_ _f\"></span>composizione di<span class=\"_ _1\"></span> grup<span class=\"_ _1\"></span>pi di <span class=\"_ _d\"></span>elementi <span class=\"_ _0\"></span>coperti <span class=\"_ _0\"></span>e <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>poste <span class=\"_ _0\"></span>di<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>copertura <span class=\"_ _0\"></span>che <span class=\"_ _d\"></span>presentano <span class=\"_ _0\"></span>caratteristiche <span class=\"_ _d\"></span>di <span class=\"_ _0\"></span>indicizzazione <span class=\"_ _d\"></span>all<span class=\"_ _2\"></span>o stesso <span class=\"_ _d\"></span>tasso <span class=\"_ _2\"></span>variabile <span class=\"_ _d\"></span>e <span class=\"_ _2\"></span>con <span class=\"_ _d\"></span>date <span class=\"_ _2\"></span>di <span class=\"_ _d\"></span>definizione <span class=\"_ _d\"></span>dei <span class=\"_ _2\"></span>tassi <span class=\"_ _d\"></span>\u201cragionevolmente\u201d <span class=\"_ _2\"></span>vicine <span class=\"_ _d\"></span>(trimestre <span class=\"_ _d\"></span>nel caso <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>Cash <span class=\"_ _0\"></span>Flow <span class=\"_ _0\"></span>Hedge <span class=\"_ _d\"></span>s<span class=\"_ _2\"></span>u <span class=\"_ _d\"></span>d<span class=\"_ _2\"></span>iverse <span class=\"_ _d\"></span>for<span class=\"_ _2\"></span>me <span class=\"_ _d\"></span>di <span class=\"_ _0\"></span>raccolta<span class=\"_ _2\"></span>, <span class=\"_ _0\"></span>10 <span class=\"_ _0\"></span>giorni <span class=\"_ _d\"></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>Hedge mutui). In <span class=\"_ _9\"> </span>sostanza, <span class=\"_ _9\"> </span>i <span class=\"_ _9\"> </span>flussi <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>cass<span class=\"_ _2\"></span>a <span class=\"_ _0\"></span>che <span class=\"_ _9\"> </span>verranno <span class=\"_ _16\"> </span>incassati <span class=\"_ _9\"> </span>in <span class=\"_ _0\"></span>ognuno <span class=\"_ _16\"> </span>dei <span class=\"_ _0\"></span>periodi <span class=\"_ _9\"> </span>definiti <span class=\"_ _9\"> </span>dalle <span class=\"_ _9\"> </span>cedole variabili del gruppo degli strumenti di cope<span class=\"_ _1\"></span>rtura annulleranno una porzione <span class=\"_ _2\"></span>(pari a quella generata sul <span class=\"_ _d\"></span>capitale <span class=\"_ _d\"></span>coperto) <span class=\"_ _d\"></span>dei <span class=\"_ _d\"></span>flussi <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>cassa <span class=\"_ _d\"></span>complessivamente <span class=\"_ _d\"></span>pagati <span class=\"_ _d\"></span>sul <span class=\"_ _d\"></span>gruppo <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>poste <span class=\"_ _d\"></span>coperte <span class=\"_ _d\"></span>(i flussi generati dai primi nominali in riprezzamento di ogni bucket<span class=\"_ _2\"></span> fino a concorrenza del nominale delle <span class=\"_ _f\"></span>o<span class=\"_ _2\"></span>perazioni <span class=\"_ _f\"></span>di copertura p<span class=\"_ _1\"></span>er <span class=\"_ _1\"></span>og<span class=\"ff5\">ni pe<span class=\"_ _1\"></span>riodo) trasformando <span class=\"_ _f\"></span>l\u2019esposizione compl<span class=\"_ _1\"></span>essiva nel <span class=\"_ _f\"></span>bucket </span>da variabile a fissa.   Affinch\u00e9 <span class=\"_ _2\"></span>tale <span class=\"_ _2\"></span>situazione <span class=\"_ _2\"></span>si <span class=\"_ _2\"></span>verifichi <span class=\"_ _2\"></span>con <span class=\"_ _2\"></span>un <span class=\"_ _2\"></span>elevato <span class=\"_ _2\"></span>livello <span class=\"_ _d\"></span>di <span class=\"_ _2\"></span>probabilit\u00e0 <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _2\"></span>necessario <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>flussi <span class=\"_ _2\"></span>di cassa  (<span class=\"_ _1\"></span>variabili) <span class=\"_ _9\"> </span>generati  dai <span class=\"_ _9\"> </span>due  grup<span class=\"_ _1\"></span>pi  siano <span class=\"_ _9\"> </span>allineati <span class=\"_ _16\"> </span>in <span class=\"_ _16\"> </span>termini  di <span class=\"_ _9\"> </span>parametro  e <span class=\"_ _16\"> </span>freque<span class=\"_ _1\"></span>nza  di indicizzazione <span class=\"_ _2\"></span>e <span class=\"_ _d\"></span>che <span class=\"_ _d\"></span>le <span class=\"_ _d\"></span>date <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>definizione <span class=\"_ _d\"></span>dei <span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>assi <span class=\"_ _d\"></span>variabili <span class=\"_ _2\"></span>dei <span class=\"_ _d\"></span>singoli <span class=\"_ _d\"></span>elementi <span class=\"_ _d\"></span>presenti <span class=\"_ _2\"></span>nei <span class=\"_ _d\"></span>due gruppi siano sufficientemente ravvicinate fra di loro. <div class=\"t m0 he ff4 fs5 fc4 sc3 ls0 ws0 gs15a7\">Inform<span class=\"_ _1\"></span>azio<span class=\"_ _f\"></span>ni di natura<span class=\"_ _f\"></span> quantita<span class=\"_ _f\"></span>tiva </div><div class=\"t m0 he ff4 fs5 fc4 sc3 ls101 ws0 gs15a8\">A.<span class=\"_ _5\"> </span><span class=\"ls0\">Deriva<span class=\"_ _f\"></span>ti finanz<span class=\"_ _f\"></span>iari di copert<span class=\"_ _1\"></span>ura<span class=\"_ _df\"> </span></span></div><div class=\"c w2c2 h28e gs15a9\"><div class=\"t m0 x8a h5 y66c ff4 fs1 fc4 sc3 ls0 ws0\">A.1 D<span class=\"_ _1\"></span>eriva<span class=\"_ _f\"></span>ti finanzia<span class=\"_ _f\"></span>ri di cop<span class=\"_ _1\"></span>ertur<span class=\"_ _1\"></span>a: va<span class=\"_ _1\"></span>lori <span class=\"_ _1\"></span>noziona<span class=\"_ _f\"></span>li di fine<span class=\"_ _1\"></span> perio<span class=\"_ _f\"></span>do<span class=\"fc1 sc0\"> </span></div></div><div class=\"gs15aa\"><table class=\"s wbc7 h5a8\" id=\"_42ea7363-636b-4950-9b36-6f1883462268\"><tr><td></td><td></td><td></td><td class=\"c xa7a y36aa w5f7 hcb\"><div class=\"t m0 xc h200 y25c ff4 fs22 fc4 sc3 ls0 ws0\">Totale 31<span class=\"_ _1\"></span>/12/202<span class=\"_ _1\"></span>5<span class=\"fc1 sc0\"> </span></div></td><td></td><td></td><td></td><td class=\"c xa7b y36aa w5f8 hcb\"><div class=\"t m0 xc h200 y25c ff4 fs22 fc4 sc3 ls0 ws0\">Totale 31<span class=\"_ _1\"></span>/12/202<span class=\"_ _1\"></span>4<span class=\"fc1 sc0\"> </span></div></td><td></td></tr><tr><td></td><td></td><td class=\"c xa7a y36ab w5f9 hcc\" colspan=\"2\"><div class=\"t m0 x49 h200 y5b ff4 fs22 fc4 sc3 ls0 ws0\">Over the<span class=\"_ _1\"></span> counter<span class=\"fc1 sc0\"> </span></div></td><td></td><td></td><td class=\"c xa7b y36ab w53f hcc\" colspan=\"2\"><div class=\"t m0 x49 h200 y5b ff4 fs22 fc4 sc3 ls0 ws0\">Over the<span class=\"_ _1\"></span> counter<span class=\"_ _1\"></span><span class=\"fc1 sc0\"> </span></div></td><td></td></tr><tr><td class=\"c xa7c y36ac w10db h48d\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc4 sc3 ls0 ws0\">Attivit\u00e0<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x5b2 y36ad w5fa hcb\" colspan=\"2\"><div class=\"t m0 x48 h200 y25c ff4 fs22 fc4 sc3 ls0 ws0\">Senza c<span class=\"_ _1\"></span>ontropar<span class=\"_ _1\"></span>ti centr<span class=\"_ _1\"></span>ali<span class=\"fc1 sc0\"> </span></div></td><td></td><td></td><td class=\"c x6ec y36ad w5fb hcb\" colspan=\"2\"><div class=\"t m0 x48 h200 y25c ff4 fs22 fc4 sc3 ls0 ws0\">Senza c<span class=\"_ _1\"></span>ontropar<span class=\"_ _1\"></span>ti centr<span class=\"_ _1\"></span>ali<span class=\"fc1 sc0\"> </span></div></td><td></td></tr><tr><td class=\"c x262 y36ae w10dc h48d\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc4 sc3 ls0 ws0\">sottos<span class=\"_ _1\"></span>tanti/Tipolo<span class=\"_ _1\"></span>gie<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td class=\"c xa7d y36af w102f h48d\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc4 sc3 ls0 ws0\">Mercati<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td class=\"c xa7e y36af w1030 h48d\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc4 sc3 ls0 ws0\">Mercati<span class=\"_ _df\"> </span></div></td></tr><tr><td class=\"c xa7c y36b0 w101d h48d\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc4 sc3 ls0 ws0\">deriva<span class=\"_ _1\"></span>ti<span class=\"_ _df\"> </span></div></td><td class=\"c xa7f y36b1 w10dd h48d\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc4 sc3 ls0 ws0\">Contropa<span class=\"_ _1\"></span>rti<span class=\"_ _df\"> </span></div></td><td class=\"c x5d5 y36b2 w10de h48d\" colspan=\"2\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc4 sc3 ls0 ws0\">Senza <span class=\"_ _1\"></span>accordi</div></td><td class=\"c xa80 y36b3 w1012 h48d\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc4 sc3 ls0 ws0\">organ<span class=\"_ _1\"></span>izzati<span class=\"_ _df\"> </span></div></td><td class=\"c xa81 y36b1 w10dd h48d\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc4 sc3 ls0 ws0\">Contropa<span class=\"_ _1\"></span>rti<span class=\"_ _df\"> </span></div></td><td class=\"c xa82 y36b2 w10de h48d\" colspan=\"2\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc4 sc3 ls0 ws0\">Senza <span class=\"_ _1\"></span>accordi</div></td><td class=\"c x5c9 y36b3 w1012 h48d\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc4 sc3 ls0 ws0\">organ<span class=\"_ _1\"></span>izzati<span class=\"_ _df\"> </span></div></td></tr><tr><td></td><td class=\"c xa83 y36b4 w10df h48d\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc4 sc3 ls0 ws0\">centrali<span class=\"_ _df\"> </span></div></td><td class=\"c xa84 y36b5 w10e0 h48d\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc4 sc3 ls0 ws0\">Con acc<span class=\"_ _f\"></span>ordi di<span class=\"_ _df\"> </span></div></td><td></td><td></td><td class=\"c xa85 y36b4 w10e1 h48d\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc4 sc3 ls0 ws0\">centrali<span class=\"_ _df\"> </span></div></td><td class=\"c xa86 y36b5 w10e0 h48d\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc4 sc3 ls0 ws0\">Con acc<span class=\"_ _f\"></span>ordi di<span class=\"_ _df\"> </span></div></td><td></td><td></td></tr><tr><td></td><td></td><td class=\"c xa87 y36b6 wcf2 h48d\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc4 sc3 ls0 ws0\">di<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td class=\"c xa88 y36b6 wcf2 h48d\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc4 sc3 ls0 ws0\">di<span class=\"_ _df\"> </span></div></td><td></td><td></td></tr><tr><td></td><td></td><td class=\"c xa89 y36b7 w10e2 h48d\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc4 sc3 ls0 ws0\">compen<span class=\"_ _1\"></span>sazione<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td class=\"c xa8a y36b7 w10e3 h48d\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc4 sc3 ls0 ws0\">compen<span class=\"_ _1\"></span>sazione<span class=\"_ _df\"> </span></div></td><td></td><td></td></tr><tr><td></td><td></td><td class=\"c xa8b y36b8 w10e2 h48e\" colspan=\"2\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc4 sc3 ls0 ws0\">compen<span class=\"_ _1\"></span>sazione<span class=\"_ _df\"> </span></div></td><td></td><td></td><td class=\"c xa8c y36b8 w10e3 h48e\" colspan=\"2\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc4 sc3 ls0 ws0\">compen<span class=\"_ _1\"></span>sazione<span class=\"_ _df\"> </span></div></td><td></td></tr><tr><td class=\"c x262 y36b9 w10fb h49b\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc2 ls0 ws0\">1. Tit<span class=\"_ _f\"></span>oli di de<span class=\"_ _f\"></span>bito<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x262 y36ba w10fc h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc2 ls0 ws0\">e tas<span class=\"_ _f\"></span>si<span class=\"_ _df\"> </span></div></td><td class=\"c xa7a y36bb w1c6 h89\"><div class=\"t m0 x30 h1f y41f ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5b2 y36bb w53e h89\"><div class=\"t m0 x116 h1f y41f ff4 fs7 fc1 sc0 ls0 ws0\">25.568.972 </div></td><td class=\"c xa8d y36bb w4df h89\"><div class=\"t m0 x26 h1f y41f ff4 fs7 fc1 sc0 ls0 ws0\">27.653 </div></td><td class=\"c xa8e y36bb w176 h89\"><div class=\"t m0 x30 h1f y41f ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa7b y36bb w1c6 h89\"><div class=\"t m0 x30 h1f y41f ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x6ec y36bb w4bd h89\"><div class=\"t m0 x16a h1f y41f ff4 fs7 fc1 sc0 ls0 ws0\">37.634.256 </div></td><td class=\"c x86f y36bb w5fc h89\"><div class=\"t m0 x27 h1f y41f ff4 fs7 fc1 sc0 ls0 ws0\">34.392 </div></td><td class=\"c x50e y36bb w51 h89\"><div class=\"t m0 x30 h1f y41f ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x262 y36bc w10fd h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc2 ls0 ws0\">d'int<span class=\"_ _f\"></span>ere<span class=\"ls35\">sse<span class=\"_ _df\"> </span></span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x46b y36bd w5c3 h4d\"><div class=\"t m0 x130 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">a) Opzioni </div></td><td class=\"c xa7a y36bd w1c6 h4d\"><div class=\"t m0 x30 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5b2 y36bd w53e h4d\"><div class=\"t m0 xf h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa8d y36bd w4df h4d\"><div class=\"t m0 xf h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa8e y36bd w176 h4d\"><div class=\"t m0 x30 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa7b y36bd w1c6 h4d\"><div class=\"t m0 x30 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x6ec y36bd w4bd h4d\"><div class=\"t m0 xf h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x86f y36bd w5fc h4d\"><div class=\"t m0 xf h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x50e y36bd w51 h4d\"><div class=\"t m0 x30 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y36be w5c3 h4d\"><div class=\"t m0 x130 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">b) Swap </div></td><td class=\"c xa7a y36be w1c6 h4d\"><div class=\"t m0 x30 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5b2 y36be w53e h4d\"><div class=\"t m0 x116 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">25.568.972 </div></td><td class=\"c xa8d y36be w4df h4d\"><div class=\"t m0 x26 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">27.653 </div></td><td class=\"c xa8e y36be w176 h4d\"><div class=\"t m0 x30 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa7b y36be w1c6 h4d\"><div class=\"t m0 x30 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x6ec y36be w4bd h4d\"><div class=\"t m0 x16a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">37.634.256 </div></td><td class=\"c x86f y36be w5fc h4d\"><div class=\"t m0 x27 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">34.392 </div></td><td class=\"c x50e y36be w51 h4d\"><div class=\"t m0 x30 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y36bf w5c3 h4d\"><div class=\"t m0 x130 h1f y71 ff4 fs7 fc1 sc0 ls0 ws0\">c) Forward </div></td><td class=\"c xa7a y36bf w1c6 h4d\"><div class=\"t m0 x30 h1f y71 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5b2 y36bf w53e h4d\"><div class=\"t m0 xf h1f y71 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa8d y36bf w4df h4d\"><div class=\"t m0 xf h1f y71 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa8e y36bf w176 h4d\"><div class=\"t m0 x30 h1f y71 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa7b y36bf w1c6 h4d\"><div class=\"t m0 x30 h1f y71 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x6ec y36bf w4bd h4d\"><div class=\"t m0 xf h1f y71 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x86f y36bf w5fc h4d\"><div class=\"t m0 xf h1f y71 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x50e y36bf w51 h4d\"><div class=\"t m0 x30 h1f y71 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y36c0 w5c3 h28e\"><div class=\"t m0 x130 h1f y14c1 ff4 fs7 fc1 sc0 ls0 ws0\">d) Futures </div></td><td class=\"c xa7a y36c0 w1c6 h28e\"><div class=\"t m0 x30 h1f y14c1 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5b2 y36c0 w53e h28e\"><div class=\"t m0 xf h1f y14c1 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa8d y36c0 w4df h28e\"><div class=\"t m0 xf h1f y14c1 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa8e y36c0 w176 h28e\"><div class=\"t m0 x30 h1f y14c1 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa7b y36c0 w1c6 h28e\"><div class=\"t m0 x30 h1f y14c1 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x6ec y36c0 w4bd h28e\"><div class=\"t m0 xf h1f y14c1 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x86f y36c0 w5fc h28e\"><div class=\"t m0 xf h1f y14c1 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x50e y36c0 w51 h28e\"><div class=\"t m0 x30 h1f y14c1 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y36c1 w5c3 h4d\"><div class=\"t m0 x130 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">e) Altri </div></td><td class=\"c xa7a y36c1 w1c6 h4d\"><div class=\"t m0 x30 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5b2 y36c1 w53e h4d\"><div class=\"t m0 xf h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa8d y36c1 w4df h4d\"><div class=\"t m0 xf h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa8e y36c1 w176 h4d\"><div class=\"t m0 x30 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa7b y36c1 w1c6 h4d\"><div class=\"t m0 x30 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x6ec y36c1 w4bd h4d\"><div class=\"t m0 xf h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x86f y36c1 w5fc h4d\"><div class=\"t m0 xf h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x50e y36c1 w51 h4d\"><div class=\"t m0 x30 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x262 y36c2 w10fe h49b\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc2 ls0 ws0\">2. Tit<span class=\"_ _f\"></span>oli di<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x262 y36c3 w10ff h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc2 ls0 ws0\">capit<span class=\"_ _f\"></span>ale e in<span class=\"_ _f\"></span>dici<span class=\"_ _df\"> </span></div></td><td class=\"c xa7a y36c4 w1c6 h89\"><div class=\"t m0 x30 h1f y41f ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5b2 y36c4 w53e h89\"><div class=\"t m0 xf h1f y41f ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa8d y36c4 w4df h89\"><div class=\"t m0 xf h1f y41f ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa8e y36c4 w176 h89\"><div class=\"t m0 x30 h1f y41f ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa7b y36c4 w1c6 h89\"><div class=\"t m0 x30 h1f y41f ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x6ec y36c4 w4bd h89\"><div class=\"t m0 xf h1f y41f ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x86f y36c4 w5fc h89\"><div class=\"t m0 xf h1f y41f ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x50e y36c4 w51 h89\"><div class=\"t m0 x30 h1f y41f ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x262 y36c5 wa22 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc2 ls0 ws0\">azio<span class=\"_ _1\"></span>nari<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x46b y36c6 w5c3 h4d\"><div class=\"t m0 x130 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">a) Opzioni </div></td><td class=\"c xa7a y36c6 w1c6 h4d\"><div class=\"t m0 x30 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5b2 y36c6 w53e h4d\"><div class=\"t m0 xf h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa8d y36c6 w4df h4d\"><div class=\"t m0 xf h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa8e y36c6 w176 h4d\"><div class=\"t m0 x30 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa7b y36c6 w1c6 h4d\"><div class=\"t m0 x30 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x6ec y36c6 w4bd h4d\"><div class=\"t m0 xf h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x86f y36c6 w5fc h4d\"><div class=\"t m0 xf h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x50e y36c6 w51 h4d\"><div class=\"t m0 x30 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y36c7 w5c3 h4d\"><div class=\"t m0 x130 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">b) Swap </div></td><td class=\"c xa7a y36c7 w1c6 h4d\"><div class=\"t m0 x30 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5b2 y36c7 w53e h4d\"><div class=\"t m0 xf h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa8d y36c7 w4df h4d\"><div class=\"t m0 xf h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa8e y36c7 w176 h4d\"><div class=\"t m0 x30 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa7b y36c7 w1c6 h4d\"><div class=\"t m0 x30 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x6ec y36c7 w4bd h4d\"><div class=\"t m0 xf h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x86f y36c7 w5fc h4d\"><div class=\"t m0 xf h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x50e y36c7 w51 h4d\"><div class=\"t m0 x30 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y36c8 w5c3 h4e\"><div class=\"t m0 x130 h1f y71 ff4 fs7 fc1 sc0 ls0 ws0\">c) Forward </div></td><td class=\"c xa7a y36c8 w1c6 h4e\"><div class=\"t m0 x30 h1f y71 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5b2 y36c8 w53e h4e\"><div class=\"t m0 xf h1f y71 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa8d y36c8 w4df h4e\"><div class=\"t m0 xf h1f y71 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa8e y36c8 w176 h4e\"><div class=\"t m0 x30 h1f y71 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa7b y36c8 w1c6 h4e\"><div class=\"t m0 x30 h1f y71 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x6ec y36c8 w4bd h4e\"><div class=\"t m0 xf h1f y71 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x86f y36c8 w5fc h4e\"><div class=\"t m0 xf h1f y71 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x50e y36c8 w51 h4e\"><div class=\"t m0 x30 h1f y71 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y36c9 w5c3 h4d\"><div class=\"t m0 x130 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">d) Futures </div></td><td class=\"c xa7a y36c9 w1c6 h4d\"><div class=\"t m0 x30 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5b2 y36c9 w53e h4d\"><div class=\"t m0 xf h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa8d y36c9 w4df h4d\"><div class=\"t m0 xf h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa8e y36c9 w176 h4d\"><div class=\"t m0 x30 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa7b y36c9 w1c6 h4d\"><div class=\"t m0 x30 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x6ec y36c9 w4bd h4d\"><div class=\"t m0 xf h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x86f y36c9 w5fc h4d\"><div class=\"t m0 xf h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x50e y36c9 w51 h4d\"><div class=\"t m0 x30 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y36ca w5c3 h4d\"><div class=\"t m0 x130 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">e) Altri </div></td><td class=\"c xa7a y36ca w1c6 h4d\"><div class=\"t m0 x30 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5b2 y36ca w53e h4d\"><div class=\"t m0 xf h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa8d y36ca w4df h4d\"><div class=\"t m0 xf h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa8e y36ca w176 h4d\"><div class=\"t m0 x30 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa7b y36ca w1c6 h4d\"><div class=\"t m0 x30 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x6ec y36ca w4bd h4d\"><div class=\"t m0 xf h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x86f y36ca w5fc h4d\"><div class=\"t m0 xf h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x50e y36ca w51 h4d\"><div class=\"t m0 x30 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y36cb w5c3 h4e\"><div class=\"t m0 x8a h1f y71 ff4 fs7 fc1 sc2 ls0 ws0\">3. Va<span class=\"_ _f\"></span>lute e or<span class=\"_ _f\"></span>o<span class=\"sc0\"> </span></div></td><td class=\"c xa7a y36cb w1c6 h4e\"><div class=\"t m0 x30 h1f y71 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5b2 y36cb w53e h4e\"><div class=\"t m0 xf h1f y71 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa8d y36cb w4df h4e\"><div class=\"t m0 xf h1f y71 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa8e y36cb w176 h4e\"><div class=\"t m0 x30 h1f y71 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa7b y36cb w1c6 h4e\"><div class=\"t m0 x30 h1f y71 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x6ec y36cb w4bd h4e\"><div class=\"t m0 xf h1f y71 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x86f y36cb w5fc h4e\"><div class=\"t m0 xf h1f y71 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x50e y36cb w51 h4e\"><div class=\"t m0 x30 h1f y71 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y36cc w5c3 h4d\"><div class=\"t m0 x130 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">a) Opzioni </div></td><td class=\"c xa7a y36cc w1c6 h4d\"><div class=\"t m0 x30 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5b2 y36cc w53e h4d\"><div class=\"t m0 xf h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa8d y36cc w4df h4d\"><div class=\"t m0 xf h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa8e y36cc w176 h4d\"><div class=\"t m0 x30 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa7b y36cc w1c6 h4d\"><div class=\"t m0 x30 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x6ec y36cc w4bd h4d\"><div class=\"t m0 xf h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x86f y36cc w5fc h4d\"><div class=\"t m0 xf h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x50e y36cc w51 h4d\"><div class=\"t m0 x30 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y36cd w5c3 h4d\"><div class=\"t m0 x130 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">b) Swap </div></td><td class=\"c xa7a y36cd w1c6 h4d\"><div class=\"t m0 x30 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5b2 y36cd w53e h4d\"><div class=\"t m0 xf h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa8d y36cd w4df h4d\"><div class=\"t m0 xf h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa8e y36cd w176 h4d\"><div class=\"t m0 x30 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa7b y36cd w1c6 h4d\"><div class=\"t m0 x30 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x6ec y36cd w4bd h4d\"><div class=\"t m0 xf h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x86f y36cd w5fc h4d\"><div class=\"t m0 xf h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x50e y36cd w51 h4d\"><div class=\"t m0 x30 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y36ce w5c3 h4e\"><div class=\"t m0 x130 h1f y71 ff4 fs7 fc1 sc0 ls0 ws0\">c) Forward </div></td><td class=\"c xa7a y36ce w1c6 h4e\"><div class=\"t m0 x30 h1f y71 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5b2 y36ce w53e h4e\"><div class=\"t m0 xf h1f y71 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa8d y36ce w4df h4e\"><div class=\"t m0 xf h1f y71 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa8e y36ce w176 h4e\"><div class=\"t m0 x30 h1f y71 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa7b y36ce w1c6 h4e\"><div class=\"t m0 x30 h1f y71 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x6ec y36ce w4bd h4e\"><div class=\"t m0 xf h1f y71 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x86f y36ce w5fc h4e\"><div class=\"t m0 xf h1f y71 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x50e y36ce w51 h4e\"><div class=\"t m0 x30 h1f y71 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y36cf w5c3 h4d\"><div class=\"t m0 x130 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">d) Futures </div></td><td class=\"c xa7a y36cf w1c6 h4d\"><div class=\"t m0 x30 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5b2 y36cf w53e h4d\"><div class=\"t m0 xf h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa8d y36cf w4df h4d\"><div class=\"t m0 xf h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa8e y36cf w176 h4d\"><div class=\"t m0 x30 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa7b y36cf w1c6 h4d\"><div class=\"t m0 x30 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x6ec y36cf w4bd h4d\"><div class=\"t m0 xf h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x86f y36cf w5fc h4d\"><div class=\"t m0 xf h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x50e y36cf w51 h4d\"><div class=\"t m0 x30 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y36d0 w5c3 h4d\"><div class=\"t m0 x130 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">e) Altri </div></td><td class=\"c xa7a y36d0 w1c6 h4d\"><div class=\"t m0 x30 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5b2 y36d0 w53e h4d\"><div class=\"t m0 xf h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa8d y36d0 w4df h4d\"><div class=\"t m0 xf h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa8e y36d0 w176 h4d\"><div class=\"t m0 x30 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa7b y36d0 w1c6 h4d\"><div class=\"t m0 x30 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x6ec y36d0 w4bd h4d\"><div class=\"t m0 xf h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x86f y36d0 w5fc h4d\"><div class=\"t m0 xf h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x50e y36d0 w51 h4d\"><div class=\"t m0 x30 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y36d1 w5c3 hc9\"><div class=\"t m0 x8a h1f y71 ff4 fs7 fc1 sc2 ls0 ws0\">4. Me<span class=\"_ _1\"></span>rci<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td><td class=\"c xa7a y36d1 w1c6 hc9\"><div class=\"t m0 x30 h1f y71 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5b2 y36d1 w53e hc9\"><div class=\"t m0 xf h1f y71 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa8d y36d1 w4df hc9\"><div class=\"t m0 xf h1f y71 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa8e y36d1 w176 hc9\"><div class=\"t m0 x30 h1f y71 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa7b y36d1 w1c6 hc9\"><div class=\"t m0 x30 h1f y71 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x6ec y36d1 w4bd hc9\"><div class=\"t m0 xf h1f y71 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x86f y36d1 w5fc hc9\"><div class=\"t m0 xf h1f y71 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x50e y36d1 w51 hc9\"><div class=\"t m0 x30 h1f y71 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y36d2 w5c3 h4d\"><div class=\"t m0 x8a h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">5. Alt<span class=\"_ _1\"></span>ri </div></td><td class=\"c xa7a y36d2 w1c6 h4d\"><div class=\"t m0 x30 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5b2 y36d2 w53e h4d\"><div class=\"t m0 xf h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa8d y36d2 w4df h4d\"><div class=\"t m0 xf h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa8e y36d2 w176 h4d\"><div class=\"t m0 x30 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa7b y36d2 w1c6 h4d\"><div class=\"t m0 x30 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x6ec y36d2 w4bd h4d\"><div class=\"t m0 xf h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x86f y36d2 w5fc h4d\"><div class=\"t m0 xf h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x50e y36d2 w51 h4d\"><div class=\"t m0 x30 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y36d3 w5c3 hcb\"><div class=\"t m0 x91 h1f y80 ff4 fs7 fc1 sc2 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale<span class=\"sc0\"> </span></div></td><td class=\"c xa7a y36d3 w1c6 hcb\"><div class=\"t m0 x30 h1f y80 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x5b2 y36d3 w53e hcb\"><div class=\"t m0 x116 h1f y80 ff4 fs7 fc1 sc2 ls0 ws0\">25.56<span class=\"_ _f\"></span>8.972<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td><td class=\"c xa8d y36d3 w4df hcb\"><div class=\"t m0 x26 h1f y80 ff4 fs7 fc1 sc2 ls0 ws0\">27.6<span class=\"_ _1\"></span>53<span class=\"sc0\"> </span></div></td><td class=\"c xa8e y36d3 w176 hcb\"><div class=\"t m0 x30 h1f y80 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c xa7b y36d3 w1c6 hcb\"><div class=\"t m0 x30 h1f y80 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x6ec y36d3 w4bd hcb\"><div class=\"t m0 x116 h1f y80 ff4 fs7 fc1 sc2 ls0 ws0\">37.6<span class=\"_ _f\"></span>34.256<span class=\"sc0\"> </span></div></td><td class=\"c x86f y36d3 w5fc hcb\"><div class=\"t m0 x26 h1f y80 ff4 fs7 fc1 sc2 ls0 ws0\">34.39<span class=\"_ _f\"></span>2<span class=\"sc0\"> </span></div></td><td class=\"c x50e y36d3 w51 hcb\"><div class=\"t m0 x30 h1f y80 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td></tr></table></div><div class=\"c w2c2 h82 gs15ac\"><div class=\"t m0 x10 h5 y93e ff4 fs1 fc4 sc3 ls0 ws0\">A.2 De<span class=\"_ _1\"></span>rivat<span class=\"_ _f\"></span>i finanzi<span class=\"_ _1\"></span>ari d<span class=\"_ _1\"></span>i cop<span class=\"_ _1\"></span>ertur<span class=\"_ _1\"></span>a : fa<span class=\"_ _1\"></span>ir val<span class=\"_ _1\"></span>ue lo<span class=\"_ _1\"></span>rdo p<span class=\"_ _1\"></span>osit<span class=\"_ _1\"></span>ivo e ne<span class=\"_ _f\"></span>gativo - ri<span class=\"_ _1\"></span>part<span class=\"_ _1\"></span>izione <span class=\"_ _f\"></span>per prod<span class=\"_ _1\"></span>otti<span class=\"_ _df\"> </span></div></div><div class=\"gs15ad\"><table class=\"s w1100 h5a9\" id=\"_472a74fa-ce43-4c61-8895-f2f3f07605e9\"><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td class=\"c xaa7 y36d4 w1101 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc4 sc3 ls0 ws0\">Variazio<span class=\"_ _1\"></span>ne del v<span class=\"_ _1\"></span>alore<span class=\"_ _df\"> </span></div></td><td></td></tr><tr><td></td><td></td><td></td><td></td><td class=\"c xaa8 y36d5 w608 h11f\"><div class=\"t m0 x5 h30 y304 ff4 fsb fc4 sc3 ls0 ws0\">Fair val<span class=\"_ _1\"></span>ue positiv<span class=\"_ _1\"></span>o e negati<span class=\"_ _1\"></span>vo </div></td><td></td><td></td><td></td><td></td><td></td><td class=\"c xaa9 y36d6 w1102 h5aa\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">usato per<span class=\"_ _f\"></span> <span class=\"_ _2\"></span>calco<span class=\"_ _1\"></span>lare<span class=\"_ _df\"> </span></div></td><td class=\"c xaaa y36d7 w1103 h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">l'efficacia<span class=\"_ _1\"></span> della<span class=\"_ _df\"> </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=\"c xaab y36d8 wbee h4a9\" colspan=\"2\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">copert<span class=\"_ _1\"></span>ura<span class=\"_ _df\"> </span></div></td></tr><tr><td></td><td></td><td class=\"c xaac y36d9 w60a hcb\"><div class=\"t m0 x49 h30 y302 ff4 fsb fc4 sc3 ls0 ws0\">Totale </div></td><td class=\"c x4e4 y36d9 w2c9 hcb\"><div class=\"t m0 x10 h30 y302 ff4 fsb fc4 sc3 ls0 ws0\">31/12/2025<span class=\"_ _f\"></span> </div></td><td></td><td></td><td></td><td class=\"c x7c6 y36d9 w60b hcb\"><div class=\"t m0 x1af h30 y302 ff4 fsb fc4 sc3 ls0 ws0\">Totale </div></td><td class=\"c xaad y36d9 w3fc hcb\"><div class=\"t m0 x10 h30 y302 ff4 fsb fc4 sc3 ls0 ws0\">31/12/202<span class=\"_ _f\"></span>4 </div></td><td></td><td></td><td></td></tr><tr><td class=\"c x44e y36da w43b h349\"><div class=\"t m0 x55 h30 y907 ff4 fsb fc4 sc3 ls0 ws0\">Tipologie<span class=\"_ _1\"></span> derivati </div></td><td></td><td class=\"c xaac y36db w60c h203\"><div class=\"t m0 x12 h15a yf81 ff4 fs20 fc4 sc3 ls0 ws0\">Over t<span class=\"_ _f\"></span>he count<span class=\"_ _1\"></span>er </div></td><td></td><td></td><td></td><td></td><td class=\"c x7c6 y36db w60d h203\"><div class=\"t m0 x91 h15a yf81 ff4 fs20 fc4 sc3 ls0 ws0\">Over t<span class=\"_ _f\"></span>he count<span class=\"_ _1\"></span>er </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></td><td></td><td></td><td></td><td class=\"c x5ae y36db w421 h172\"><div class=\"t m0 x2f h15a yd21 ff4 fs20 fc4 sc3 ls0 ws0\">Totale<span class=\"_ _f\"></span> </div></td><td class=\"c x5b0 y36db w2be h172\"><div class=\"t m0 x16a h15a yd21 ff4 fs20 fc4 sc3 ls0 ws0\">Totale<span class=\"_ _f\"></span> </div></td></tr><tr><td></td><td></td><td class=\"c x8b5 y36dc w60e h1d6\" colspan=\"2\"><div class=\"t m0 x55 h15a y1498 ff4 fs20 fc4 sc3 ls0 ws0\">Senza<span class=\"_ _1\"></span> contro<span class=\"_ _f\"></span>parti centr<span class=\"_ _1\"></span>ali </div></td><td></td><td class=\"c x4a3 y36de w1104 h5ab\"><div class=\"t m0 x250 h15a y36dd ff4 fs20 fc4 sc3 ls0 ws0\">Mercati<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c xaae y36dc w60f h1d6\" colspan=\"2\"><div class=\"t m0 x55 h15a y1498 ff4 fs20 fc4 sc3 ls0 ws0\">Senza<span class=\"_ _1\"></span> contro<span class=\"_ _f\"></span>parti centr<span class=\"_ _1\"></span>ali </div></td><td class=\"c x4d8 y36de w1105 h5ab\"><div class=\"t m0 x250 h15a y36dd ff4 fs20 fc4 sc3 ls0 ws0\">Mercati<span class=\"_ _df\"> </span></div></td><td class=\"c x5ae y36dc w421 h1d6\"><div class=\"t m0 xab h15a y1498 ff4 fs20 fc4 sc3 ls0 ws0\">31/12/2<span class=\"_ _f\"></span>025 </div></td><td class=\"c x5b0 y36dc w2be h1d6\"><div class=\"t m0 xab h15a y1498 ff4 fs20 fc4 sc3 ls0 ws0\">31/12/2<span class=\"_ _f\"></span>024 </div></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td class=\"c xaaf y36df w1106 h5ab\"><div class=\"t m0 x250 h15a y36dd ff4 fs20 fc4 sc3 ls0 ws0\">orga<span class=\"_ _1\"></span>nizzati<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td class=\"c xab0 y36df w1107 h5ab\"><div class=\"t m0 x250 h15a y36dd ff4 fs20 fc4 sc3 ls0 ws0\">orga<span class=\"_ _1\"></span>nizzati<span class=\"_ _df\"> </span></div></td><td></td><td></td></tr><tr><td></td><td class=\"c xab1 y36e0 w1108 h5ab\"><div class=\"t m0 x250 h15a y36dd ff4 fs20 fc4 sc3 ls0 ws0\">Contr<span class=\"_ _1\"></span>oparti<span class=\"_ _df\"> </span></div></td><td></td><td></td><td class=\"c xab2 y36e0 w1109 h5ab\"><div class=\"t m0 x250 h15a y36dd ff4 fs20 fc4 sc3 ls0 ws0\">Contr<span class=\"_ _1\"></span>oparti<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td></td><td class=\"c xab3 y36e1 w110a h5ab\"><div class=\"t m0 x250 h15a y36dd ff4 fs20 fc4 sc3 ls0 ws0\">centrali<span class=\"_ _df\"> </span></div></td><td class=\"c xa99 y36e2 w110b h5ab\"><div class=\"t m0 x250 h15a y36dd ff4 fs20 fc4 sc3 ls0 ws0\">Con a<span class=\"_ _f\"></span>c<span class=\"_ _2\"></span>cor<span class=\"_ _f\"></span>di di<span class=\"_ _df\"> </span></div></td><td class=\"c xab4 y36e2 w110c h5ab\"><div class=\"t m0 x250 h15a y36dd ff4 fs20 fc4 sc3 ls0 ws0\">Senza<span class=\"_ _1\"></span> accor<span class=\"_ _f\"></span>di di<span class=\"_ _df\"> </span></div></td><td></td><td></td><td class=\"c xab5 y36e1 w110a h5ab\"><div class=\"t m0 x250 h15a y36dd ff4 fs20 fc4 sc3 ls0 ws0\">centrali<span class=\"_ _df\"> </span></div></td><td class=\"c xab6 y36e2 w110b h5ab\"><div class=\"t m0 x250 h15a y36dd ff4 fs20 fc4 sc3 ls0 ws0\">Con a<span class=\"_ _f\"></span>c<span class=\"_ _2\"></span>cor<span class=\"_ _f\"></span>di di<span class=\"_ _df\"> </span></div></td><td class=\"c x6ca y36e2 w110c h5ab\"><div class=\"t m0 x250 h15a y36dd ff4 fs20 fc4 sc3 ls0 ws0\">Senza<span class=\"_ _1\"></span> accor<span class=\"_ _f\"></span>di di<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td></tr><tr><td></td><td></td><td class=\"c x4f7 y36e3 w110d h5ab\"><div class=\"t m0 x250 h15a y36dd ff4 fs20 fc4 sc3 ls0 ws0\">com<span class=\"_ _1\"></span>pensazi<span class=\"_ _f\"></span>one<span class=\"_ _df\"> </span></div></td><td class=\"c xab4 y36e3 w110d h5ab\"><div class=\"t m0 x250 h15a y36dd ff4 fs20 fc4 sc3 ls0 ws0\">com<span class=\"_ _1\"></span>pensazi<span class=\"_ _f\"></span>one<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td class=\"c xab7 y36e3 w110e h5ab\"><div class=\"t m0 x250 h15a y36dd ff4 fs20 fc4 sc3 ls0 ws0\">com<span class=\"_ _1\"></span>pensazi<span class=\"_ _f\"></span>one<span class=\"_ _df\"> </span></div></td><td class=\"c x6ca y36e3 w110e h5ab\"><div class=\"t m0 x250 h15a y36dd ff4 fs20 fc4 sc3 ls0 ws0\">com<span class=\"_ _1\"></span>pensazi<span class=\"_ _f\"></span>one<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td></tr><tr><td class=\"c x44e y36e4 w4fa h82\"><div class=\"t m0 x10 h30 y28b ff4 fsb fc1 sc2 ls0 ws0\">Fair val<span class=\"_ _1\"></span>ue positiv<span class=\"_ _1\"></span>o </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=\"c x44e y36e5 w4fa h82\"><div class=\"t m0 x2f h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">a) Opzioni<span class=\"_ _df\"> </span></div></td><td class=\"c xaac y36e5 w1eb h82\"><div class=\"t m0 x26 h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">-  </div></td><td class=\"c x8b5 y36e5 w43a h82\"><div class=\"t m0 x36 h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">-  </div></td><td class=\"c x4e4 y36e5 w1c6 h82\"><div class=\"t m0 x36 h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">-  </div></td><td class=\"c x7c6 y36e5 w3a7 h82\"><div class=\"t m0 x26 h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">-  </div></td><td class=\"c xab8 y36e5 w1b8 h82\"><div class=\"t m0 x26 h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">-  </div></td><td></td><td class=\"c xaae y36e5 w1c6 h82\"><div class=\"t m0 x36 h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">-  </div></td><td class=\"c xaad y36e5 w1c6 h82\"><div class=\"t m0 x36 h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">-  </div></td><td class=\"c x4e9 y36e5 w1e1 h82\"><div class=\"t m0 x26 h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">-  </div></td><td class=\"c x5ae y36e5 w421 h82\"><div class=\"t m0 x34 h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">-  </div></td><td class=\"c x5b0 y36e5 w169 h82\"><div class=\"t m0 x37 h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">-  </div></td></tr><tr><td class=\"c x44e y36e6 w4fa h82\"><div class=\"t m0 x2f h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">b) Interest rate swap<span class=\"_ _df\"> </span></div></td><td class=\"c xaac y36e6 w1eb h82\"><div class=\"t m0 x26 h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">-  </div></td><td class=\"c x8b5 y36e6 w43a h82\"><div class=\"t m0 x55 h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">178.230  </div></td><td class=\"c x4e4 y36e6 w1c6 h82\"><div class=\"t m0 x26 h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">868  </div></td><td class=\"c x7c6 y36e6 w3a7 h82\"><div class=\"t m0 x26 h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">-  </div></td><td class=\"c xab8 y36e6 w1b8 h82\"><div class=\"t m0 x26 h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">-  </div></td><td></td><td class=\"c xaae y36e6 w1c6 h82\"><div class=\"t m0 x55 h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">425.942  </div></td><td class=\"c xaad y36e6 w1c6 h82\"><div class=\"t m0 x35 h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">1.293  </div></td><td class=\"c x4e9 y36e6 w1e1 h82\"><div class=\"t m0 x26 h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">-  </div></td><td class=\"c x5ae y36e6 w421 h82\"><div class=\"t m0 x34 h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">-  </div></td><td class=\"c x5b0 y36e6 w169 h82\"><div class=\"t m0 x37 h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">-  </div></td></tr><tr><td class=\"c x44e y36e7 w4fa h82\"><div class=\"t m0 x2f h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">c) Cross currency<span class=\"_ _2\"></span> swap<span class=\"_ _df\"> </span></div></td><td class=\"c xaac y36e7 w1eb h82\"><div class=\"t m0 x26 h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">-  </div></td><td class=\"c x8b5 y36e7 w43a h82\"><div class=\"t m0 x36 h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">-  </div></td><td class=\"c x4e4 y36e7 w1c6 h82\"><div class=\"t m0 x36 h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">-  </div></td><td class=\"c x7c6 y36e7 w3a7 h82\"><div class=\"t m0 x26 h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">-  </div></td><td class=\"c xab8 y36e7 w1b8 h82\"><div class=\"t m0 x26 h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">-  </div></td><td></td><td class=\"c xaae y36e7 w1c6 h82\"><div class=\"t m0 x36 h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">-  </div></td><td class=\"c xaad y36e7 w1c6 h82\"><div class=\"t m0 x36 h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">-  </div></td><td class=\"c x4e9 y36e7 w1e1 h82\"><div class=\"t m0 x26 h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">-  </div></td><td class=\"c x5ae y36e7 w421 h82\"><div class=\"t m0 x34 h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">-  </div></td><td class=\"c x5b0 y36e7 w169 h82\"><div class=\"t m0 x37 h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">-  </div></td></tr><tr><td class=\"c x44e y36e8 w4fa h254\"><div class=\"t m0 x2f h30 y1b3e ff4 fsb fc1 sc0 ls0 ws0\">d) Equity swap<span class=\"_ _df\"> </span></div></td><td class=\"c xaac y36e8 w1eb h254\"><div class=\"t m0 x26 h30 y1b3e ff4 fsb fc1 sc0 ls0 ws0\">-  </div></td><td class=\"c x8b5 y36e8 w43a h254\"><div class=\"t m0 x36 h30 y1b3e ff4 fsb fc1 sc0 ls0 ws0\">-  </div></td><td class=\"c x4e4 y36e8 w1c6 h254\"><div class=\"t m0 x36 h30 y1b3e ff4 fsb fc1 sc0 ls0 ws0\">-  </div></td><td class=\"c x7c6 y36e8 w3a7 h254\"><div class=\"t m0 x26 h30 y1b3e ff4 fsb fc1 sc0 ls0 ws0\">-  </div></td><td class=\"c xab8 y36e8 w1b8 h254\"><div class=\"t m0 x26 h30 y1b3e ff4 fsb fc1 sc0 ls0 ws0\">-  </div></td><td></td><td class=\"c xaae y36e8 w1c6 h254\"><div class=\"t m0 x36 h30 y1b3e ff4 fsb fc1 sc0 ls0 ws0\">-  </div></td><td class=\"c xaad y36e8 w1c6 h254\"><div class=\"t m0 x36 h30 y1b3e ff4 fsb fc1 sc0 ls0 ws0\">-  </div></td><td class=\"c x4e9 y36e8 w1e1 h254\"><div class=\"t m0 x26 h30 y1b3e ff4 fsb fc1 sc0 ls0 ws0\">-  </div></td><td class=\"c x5ae y36e8 w421 h254\"><div class=\"t m0 x34 h30 y1b3e ff4 fsb fc1 sc0 ls0 ws0\">-  </div></td><td class=\"c x5b0 y36e8 w169 h254\"><div class=\"t m0 x37 h30 y1b3e ff4 fsb fc1 sc0 ls0 ws0\">-  </div></td></tr><tr><td class=\"c x44e y36e9 w4fa h82\"><div class=\"t m0 x2f h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">e) Forward<span class=\"_ _df\"> </span></div></td><td class=\"c xaac y36e9 w1eb h82\"><div class=\"t m0 x26 h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">-  </div></td><td class=\"c x8b5 y36e9 w43a h82\"><div class=\"t m0 x36 h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">-  </div></td><td class=\"c x4e4 y36e9 w1c6 h82\"><div class=\"t m0 x36 h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">-  </div></td><td class=\"c x7c6 y36e9 w3a7 h82\"><div class=\"t m0 x26 h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">-  </div></td><td class=\"c xab8 y36e9 w1b8 h82\"><div class=\"t m0 x26 h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">-  </div></td><td></td><td class=\"c xaae y36e9 w1c6 h82\"><div class=\"t m0 x36 h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">-  </div></td><td class=\"c xaad y36e9 w1c6 h82\"><div class=\"t m0 x36 h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">-  </div></td><td class=\"c x4e9 y36e9 w1e1 h82\"><div class=\"t m0 x26 h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">-  </div></td><td class=\"c x5ae y36e9 w421 h82\"><div class=\"t m0 x34 h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">-  </div></td><td class=\"c x5b0 y36e9 w169 h82\"><div class=\"t m0 x37 h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">-  </div></td></tr><tr><td class=\"c x44e y36ea w4fa h82\"><div class=\"t m0 x2f h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">f) Futures </div></td><td class=\"c xaac y36ea w1eb h82\"><div class=\"t m0 x26 h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">-  </div></td><td class=\"c x8b5 y36ea w43a h82\"><div class=\"t m0 x36 h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">-  </div></td><td class=\"c x4e4 y36ea w1c6 h82\"><div class=\"t m0 x36 h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">-  </div></td><td class=\"c x7c6 y36ea w3a7 h82\"><div class=\"t m0 x26 h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">-  </div></td><td class=\"c xab8 y36ea w1b8 h82\"><div class=\"t m0 x26 h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">-  </div></td><td></td><td class=\"c xaae y36ea w1c6 h82\"><div class=\"t m0 x36 h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">-  </div></td><td class=\"c xaad y36ea w1c6 h82\"><div class=\"t m0 x36 h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">-  </div></td><td class=\"c x4e9 y36ea w1e1 h82\"><div class=\"t m0 x26 h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">-  </div></td><td class=\"c x5ae y36ea w421 h82\"><div class=\"t m0 x34 h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">-  </div></td><td class=\"c x5b0 y36ea w169 h82\"><div class=\"t m0 x37 h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">-  </div></td></tr><tr><td class=\"c x44e y36eb w4fa h82\"><div class=\"t m0 x2f h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">g) Altri<span class=\"_ _df\"> </span></div></td><td class=\"c xaac y36eb w1eb h82\"><div class=\"t m0 x26 h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">-  </div></td><td class=\"c x8b5 y36eb w43a h82\"><div class=\"t m0 x36 h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">-  </div></td><td class=\"c x4e4 y36eb w1c6 h82\"><div class=\"t m0 x36 h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">-  </div></td><td class=\"c x7c6 y36eb w3a7 h82\"><div class=\"t m0 x26 h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">-  </div></td><td class=\"c xab8 y36eb w1b8 h82\"><div class=\"t m0 x26 h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">-  </div></td><td></td><td class=\"c xaae y36eb w1c6 h82\"><div class=\"t m0 x36 h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">-  </div></td><td class=\"c xaad y36eb w1c6 h82\"><div class=\"t m0 x36 h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">-  </div></td><td class=\"c x4e9 y36eb w1e1 h82\"><div class=\"t m0 x26 h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">-  </div></td><td class=\"c x5ae y36eb w421 h82\"><div class=\"t m0 x34 h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">-  </div></td><td class=\"c x5b0 y36eb w169 h82\"><div class=\"t m0 x37 h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">-  </div></td></tr><tr><td class=\"c x44e y36ec w4fa h82\"><div class=\"t m0 x11f h30 y28b ff4 fsb fc1 sc2 ls0 ws0\">Totale </div></td><td class=\"c xaac y36ec w1eb h82\"><div class=\"t m0 x26 h30 y28b ff4 fsb fc1 sc2 ls0 ws0\">-  </div></td><td class=\"c x8b5 y36ec w43a h82\"><div class=\"t m0 x130 h30 y28b ff4 fsb fc1 sc2 ls0 ws0\">178.230 <span class=\"_ _f\"></span> </div></td><td class=\"c x4e4 y36ec w1c6 h82\"><div class=\"t m0 x26 h30 y28b ff4 fsb fc1 sc2 ls0 ws0\">868  </div></td><td class=\"c x7c6 y36ec w3a7 h82\"><div class=\"t m0 x26 h30 y28b ff4 fsb fc1 sc2 ls0 ws0\">-  </div></td><td class=\"c xab8 y36ec w1b8 h82\"><div class=\"t m0 x26 h30 y28b ff4 fsb fc1 sc2 ls0 ws0\">-  </div></td><td></td><td class=\"c xaae y36ec w1c6 h82\"><div class=\"t m0 x55 h30 y28b ff4 fsb fc1 sc2 ls0 ws0\">425.942  </div></td><td class=\"c xaad y36ec w1c6 h82\"><div class=\"t m0 x2c h30 y28b ff4 fsb fc1 sc2 ls0 ws0\">1.293  </div></td><td class=\"c x4e9 y36ec w1e1 h82\"><div class=\"t m0 x26 h30 y28b ff4 fsb fc1 sc2 ls0 ws0\">-  </div></td><td class=\"c x5ae y36ec w421 h82\"><div class=\"t m0 x34 h30 y28b ff4 fsb fc1 sc2 ls0 ws0\">-  </div></td><td class=\"c x5b0 y36ec w169 h82\"><div class=\"t m0 x37 h30 y28b ff4 fsb fc1 sc2 ls0 ws0\">-  </div></td></tr><tr><td class=\"c x44e y36ed w4fa h82\"><div class=\"t m0 x10 h30 y28b ff4 fsb fc1 sc2 ls0 ws0\">Fair val<span class=\"_ _1\"></span>ue negativ<span class=\"_ _1\"></span>o </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=\"c x44e y36ee w4fa h82\"><div class=\"t m0 x2f h30 y71 ff4 fsb fc1 sc0 ls0 ws0\">a) Opzioni<span class=\"_ _df\"> </span></div></td><td class=\"c xaac y36ee w1eb h82\"><div class=\"t m0 x26 h30 y71 ff4 fsb fc1 sc0 ls0 ws0\">-  </div></td><td class=\"c x8b5 y36ee w43a h82\"><div class=\"t m0 x36 h30 y71 ff4 fsb fc1 sc0 ls0 ws0\">-  </div></td><td class=\"c x4e4 y36ee w1c6 h82\"><div class=\"t m0 x36 h30 y71 ff4 fsb fc1 sc0 ls0 ws0\">-  </div></td><td class=\"c x7c6 y36ee w3a7 h82\"><div class=\"t m0 x26 h30 y71 ff4 fsb fc1 sc0 ls0 ws0\">-  </div></td><td class=\"c xab8 y36ee w1b8 h82\"><div class=\"t m0 x26 h30 y71 ff4 fsb fc1 sc0 ls0 ws0\">-  </div></td><td></td><td class=\"c xaae y36ee w1c6 h82\"><div class=\"t m0 x36 h30 y71 ff4 fsb fc1 sc0 ls0 ws0\">-  </div></td><td class=\"c xaad y36ee w1c6 h82\"><div class=\"t m0 x36 h30 y71 ff4 fsb fc1 sc0 ls0 ws0\">-  </div></td><td class=\"c x4e9 y36ee w1e1 h82\"><div class=\"t m0 x26 h30 y71 ff4 fsb fc1 sc0 ls0 ws0\">-  </div></td><td class=\"c x5ae y36ee w421 h82\"><div class=\"t m0 x34 h30 y71 ff4 fsb fc1 sc0 ls0 ws0\">-  </div></td><td class=\"c x5b0 y36ee w169 h82\"><div class=\"t m0 x37 h30 y71 ff4 fsb fc1 sc0 ls0 ws0\">-  </div></td></tr><tr><td class=\"c x44e y36ef w4fa h82\"><div class=\"t m0 x2f h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">b) Interest rate swap<span class=\"_ _df\"> </span></div></td><td class=\"c xaac y36ef w1eb h82\"><div class=\"t m0 x26 h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">-  </div></td><td class=\"c x8b5 y36ef w43a h82\"><div class=\"t m0 x55 h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">482.188  </div></td><td class=\"c x4e4 y36ef w1c6 h82\"><div class=\"t m0 x31 h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">61  </div></td><td class=\"c x7c6 y36ef w3a7 h82\"><div class=\"t m0 x26 h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">-  </div></td><td class=\"c xab8 y36ef w1b8 h82\"><div class=\"t m0 x26 h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">-  </div></td><td></td><td class=\"c xaae y36ef w1c6 h82\"><div class=\"t m0 x130 h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">731.676  </div></td><td class=\"c xaad y36ef w1c6 h82\"><div class=\"t m0 x37 h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">102  </div></td><td class=\"c x4e9 y36ef w1e1 h82\"><div class=\"t m0 x26 h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">-  </div></td><td class=\"c x5ae y36ef w421 h82\"><div class=\"t m0 x34 h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">-  </div></td><td class=\"c x5b0 y36ef w169 h82\"><div class=\"t m0 x37 h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">-  </div></td></tr><tr><td class=\"c x44e y36f0 w4fa h82\"><div class=\"t m0 x2f h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">c) Cross currency<span class=\"_ _2\"></span> swap<span class=\"_ _df\"> </span></div></td><td class=\"c xaac y36f0 w1eb h82\"><div class=\"t m0 x26 h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">-  </div></td><td class=\"c x8b5 y36f0 w43a h82\"><div class=\"t m0 x36 h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">-  </div></td><td class=\"c x4e4 y36f0 w1c6 h82\"><div class=\"t m0 x36 h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">-  </div></td><td class=\"c x7c6 y36f0 w3a7 h82\"><div class=\"t m0 x26 h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">-  </div></td><td class=\"c xab8 y36f0 w1b8 h82\"><div class=\"t m0 x26 h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">-  </div></td><td></td><td class=\"c xaae y36f0 w1c6 h82\"><div class=\"t m0 x36 h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">-  </div></td><td class=\"c xaad y36f0 w1c6 h82\"><div class=\"t m0 x36 h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">-  </div></td><td class=\"c x4e9 y36f0 w1e1 h82\"><div class=\"t m0 x26 h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">-  </div></td><td class=\"c x5ae y36f0 w421 h82\"><div class=\"t m0 x34 h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">-  </div></td><td class=\"c x5b0 y36f0 w169 h82\"><div class=\"t m0 x37 h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">-  </div></td></tr><tr><td class=\"c x44e y36f1 w4fa h82\"><div class=\"t m0 x2f h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">d) Equity swap<span class=\"_ _df\"> </span></div></td><td class=\"c xaac y36f1 w1eb h82\"><div class=\"t m0 x26 h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">-  </div></td><td class=\"c x8b5 y36f1 w43a h82\"><div class=\"t m0 x36 h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">-  </div></td><td class=\"c x4e4 y36f1 w1c6 h82\"><div class=\"t m0 x36 h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">-  </div></td><td class=\"c x7c6 y36f1 w3a7 h82\"><div class=\"t m0 x26 h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">-  </div></td><td class=\"c xab8 y36f1 w1b8 h82\"><div class=\"t m0 x26 h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">-  </div></td><td></td><td class=\"c xaae y36f1 w1c6 h82\"><div class=\"t m0 x36 h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">-  </div></td><td class=\"c xaad y36f1 w1c6 h82\"><div class=\"t m0 x36 h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">-  </div></td><td class=\"c x4e9 y36f1 w1e1 h82\"><div class=\"t m0 x26 h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">-  </div></td><td class=\"c x5ae y36f1 w421 h82\"><div class=\"t m0 x34 h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">-  </div></td><td class=\"c x5b0 y36f1 w169 h82\"><div class=\"t m0 x37 h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">-  </div></td></tr><tr><td class=\"c x44e y36f2 w4fa h82\"><div class=\"t m0 x2f h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">e) Forward<span class=\"_ _df\"> </span></div></td><td class=\"c xaac y36f2 w1eb h82\"><div class=\"t m0 x26 h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">-  </div></td><td class=\"c x8b5 y36f2 w43a h82\"><div class=\"t m0 x36 h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">-  </div></td><td class=\"c x4e4 y36f2 w1c6 h82\"><div class=\"t m0 x36 h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">-  </div></td><td class=\"c x7c6 y36f2 w3a7 h82\"><div class=\"t m0 x26 h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">-  </div></td><td class=\"c xab8 y36f2 w1b8 h82\"><div class=\"t m0 x26 h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">-  </div></td><td></td><td class=\"c xaae y36f2 w1c6 h82\"><div class=\"t m0 x36 h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">-  </div></td><td class=\"c xaad y36f2 w1c6 h82\"><div class=\"t m0 x36 h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">-  </div></td><td class=\"c x4e9 y36f2 w1e1 h82\"><div class=\"t m0 x26 h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">-  </div></td><td class=\"c x5ae y36f2 w421 h82\"><div class=\"t m0 x34 h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">-  </div></td><td class=\"c x5b0 y36f2 w169 h82\"><div class=\"t m0 x37 h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">-  </div></td></tr><tr><td class=\"c x44e y36f3 w4fa h82\"><div class=\"t m0 x2f h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">f) Futures </div></td><td class=\"c xaac y36f3 w1eb h82\"><div class=\"t m0 x26 h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">-  </div></td><td class=\"c x8b5 y36f3 w43a h82\"><div class=\"t m0 x36 h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">-  </div></td><td class=\"c x4e4 y36f3 w1c6 h82\"><div class=\"t m0 x36 h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">-  </div></td><td class=\"c x7c6 y36f3 w3a7 h82\"><div class=\"t m0 x26 h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">-  </div></td><td class=\"c xab8 y36f3 w1b8 h82\"><div class=\"t m0 x26 h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">-  </div></td><td></td><td class=\"c xaae y36f3 w1c6 h82\"><div class=\"t m0 x36 h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">-  </div></td><td class=\"c xaad y36f3 w1c6 h82\"><div class=\"t m0 x36 h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">-  </div></td><td class=\"c x4e9 y36f3 w1e1 h82\"><div class=\"t m0 x26 h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">-  </div></td><td class=\"c x5ae y36f3 w421 h82\"><div class=\"t m0 x34 h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">-  </div></td><td class=\"c x5b0 y36f3 w169 h82\"><div class=\"t m0 x37 h30 y28b ff4 fsb fc1 sc0 ls0 ws0\">-  </div></td></tr><tr><td class=\"c x44e y36f4 w4fa h82\"><div class=\"t m0 x2f h30 y71 ff4 fsb fc1 sc0 ls0 ws0\">g) Altri<span class=\"_ _df\"> </span></div></td><td class=\"c xaac y36f4 w1eb h82\"><div class=\"t m0 x26 h30 y71 ff4 fsb fc1 sc0 ls0 ws0\">-  </div></td><td class=\"c x8b5 y36f4 w43a h82\"><div class=\"t m0 x36 h30 y71 ff4 fsb fc1 sc0 ls0 ws0\">-  </div></td><td class=\"c x4e4 y36f4 w1c6 h82\"><div class=\"t m0 x36 h30 y71 ff4 fsb fc1 sc0 ls0 ws0\">-  </div></td><td class=\"c x7c6 y36f4 w3a7 h82\"><div class=\"t m0 x26 h30 y71 ff4 fsb fc1 sc0 ls0 ws0\">-  </div></td><td class=\"c xab8 y36f4 w1b8 h82\"><div class=\"t m0 x26 h30 y71 ff4 fsb fc1 sc0 ls0 ws0\">-  </div></td><td></td><td class=\"c xaae y36f4 w1c6 h82\"><div class=\"t m0 x36 h30 y71 ff4 fsb fc1 sc0 ls0 ws0\">-  </div></td><td class=\"c xaad y36f4 w1c6 h82\"><div class=\"t m0 x36 h30 y71 ff4 fsb fc1 sc0 ls0 ws0\">-  </div></td><td class=\"c x4e9 y36f4 w1e1 h82\"><div class=\"t m0 x26 h30 y71 ff4 fsb fc1 sc0 ls0 ws0\">-  </div></td><td class=\"c x5ae y36f4 w421 h82\"><div class=\"t m0 x34 h30 y71 ff4 fsb fc1 sc0 ls0 ws0\">-  </div></td><td class=\"c x5b0 y36f4 w169 h82\"><div class=\"t m0 x37 h30 y71 ff4 fsb fc1 sc0 ls0 ws0\">-  </div></td></tr><tr><td class=\"c x44e y36f5 w4fa hc8\"><div class=\"t m0 x11f h30 y74a ff4 fsb fc1 sc2 ls0 ws0\">Totale </div></td><td class=\"c xaac y36f5 w1eb hc8\"><div class=\"t m0 x26 h30 y74a ff4 fsb fc1 sc2 ls0 ws0\">-  </div></td><td class=\"c x8b5 y36f5 w43a hc8\"><div class=\"t m0 x55 h30 y74a ff4 fsb fc1 sc2 ls0 ws0\">482.188  </div></td><td class=\"c x4e4 y36f5 w1c6 hc8\"><div class=\"t m0 x31 h30 y74a ff4 fsb fc1 sc2 ls0 ws0\">61  </div></td><td class=\"c x7c6 y36f5 w3a7 hc8\"><div class=\"t m0 x26 h30 y74a ff4 fsb fc1 sc2 ls0 ws0\">-  </div></td><td class=\"c xab8 y36f5 w1b8 hc8\"><div class=\"t m0 x26 h30 y74a ff4 fsb fc1 sc2 ls0 ws0\">-  </div></td><td></td><td class=\"c xaae y36f5 w1c6 hc8\"><div class=\"t m0 x130 h30 y74a ff4 fsb fc1 sc2 ls0 ws0\">731.676 <span class=\"_ _1\"></span> </div></td><td class=\"c xaad y36f5 w1c6 hc8\"><div class=\"t m0 x37 h30 y74a ff4 fsb fc1 sc2 ls0 ws0\">102  </div></td><td class=\"c x4e9 y36f5 w1e1 hc8\"><div class=\"t m0 x26 h30 y74a ff4 fsb fc1 sc2 ls0 ws0\">-  </div></td><td class=\"c x5ae y36f5 w421 hc8\"><div class=\"t m0 x34 h30 y74a ff4 fsb fc1 sc2 ls0 ws0\">-  </div></td><td class=\"c x5b0 y36f5 w169 hc8\"><div class=\"t m0 x37 h30 y74a ff4 fsb fc1 sc2 ls0 ws0\">- </div></td></tr></table></div>A.3 D<span class=\"_ _1\"></span>eriva<span class=\"_ _f\"></span>ti finanzia<span class=\"_ _f\"></span>ri di cop<span class=\"_ _1\"></span>ertur<span class=\"_ _1\"></span>a OTC <span class=\"_ _1\"></span><span class=\"ff5\">\u2013<span class=\"ff4\"> va<span class=\"_ _1\"></span>lori <span class=\"_ _1\"></span>noziona<span class=\"_ _f\"></span>li, fair va<span class=\"_ _f\"></span>lue lord<span class=\"_ _1\"></span>o posi<span class=\"_ _1\"></span>tivo <span class=\"_ _1\"></span>e nega<span class=\"_ _f\"></span>tivo per<span class=\"_ _1\"></span> cont<span class=\"_ _1\"></span>ropa<span class=\"_ _1\"></span>r<span class=\"ls14\">ti</span> </span></span><table class=\"s w110f h5ac\" id=\"_325a9d20-b8e2-4993-8fea-7a07e0d0fbef\"><tr><td class=\"c x44e y36f6 w4d7 h1c3\"><div class=\"t m0 x1e6 h1f y343 ff4 fs7 fc4 sc3 ls0 ws0\">Atti<span class=\"_ _1\"></span>vit\u00e0 s<span class=\"_ _f\"></span>ottosta<span class=\"_ _1\"></span>nti<span class=\"_ _1\"></span>  </div></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x44e y36f7 w4dd h82\"><div class=\"t m0 x10 h1f y66c ff4 fs7 fc1 sc0 ls0 ws0\">Contratti non rien<span class=\"_ _f\"></span>tranti in accordi di compe<span class=\"_ _1\"></span>nsazione </div></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x44e y36f8 w4dd h82\"><div class=\"t m0 x16a h1f y54 ff4 fs7 fc1 sc2 ls0 ws0\">1) Tit<span class=\"_ _1\"></span>oli di <span class=\"_ _f\"></span>debito e<span class=\"_ _f\"></span> tassi<span class=\"_ _1\"></span> d'int<span class=\"_ _f\"></span>eresse </div></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x44e y36f9 w4dd h82\"><div class=\"t m0 x48 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- valore nozion<span class=\"_ _1\"></span>ale </div></td><td class=\"c x7b5 y36f9 w21b h82\"><div class=\"t m0 x37 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td></td><td class=\"c x7b7 y36f9 w217 h82\"><div class=\"t m0 x8f h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">27.653 </div></td><td class=\"c x7b6 y36f9 wf3 h82\"><div class=\"t m0 xc3 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x7b8 y36f9 w217 h82\"><div class=\"t m0 xc3 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y36fa w4dd h82\"><div class=\"t m0 x48 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- fair value pos<span class=\"_ _1\"></span>itivo </div></td><td class=\"c x7b5 y36fa w21b h82\"><div class=\"t m0 x37 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td></td><td class=\"c x7b7 y36fa w217 h82\"><div class=\"t m0 xf h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">868 </div></td><td class=\"c x7b6 y36fa wf3 h82\"><div class=\"t m0 xc3 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x7b8 y36fa w217 h82\"><div class=\"t m0 xc3 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y36fb w4dd h82\"><div class=\"t m0 x48 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- fair value negati<span class=\"_ _1\"></span>vo </div></td><td class=\"c x7b5 y36fb w21b h82\"><div class=\"t m0 x37 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td></td><td class=\"c x7b7 y36fb w217 h82\"><div class=\"t m0 x49 h1f y54 ff4 fs7 fc1 sc0 ls29 ws0\">61<span class=\"ls0\"> </span></div></td><td class=\"c x7b6 y36fb wf3 h82\"><div class=\"t m0 xc3 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x7b8 y36fb w217 h82\"><div class=\"t m0 xc3 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y36fc w4dd h82\"><div class=\"t m0 x16a h1f y54 ff4 fs7 fc1 sc2 ls0 ws0\">2) Tit<span class=\"_ _1\"></span>oli di <span class=\"_ _f\"></span>capital<span class=\"_ _1\"></span>e e i<span class=\"_ _1\"></span>ndici a<span class=\"_ _f\"></span>ziona<span class=\"_ _f\"></span>ri </div></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x44e y36fd w4dd h82\"><div class=\"t m0 x48 h1f y66c ff4 fs7 fc1 sc0 ls0 ws0\">- valore nozion<span class=\"_ _1\"></span>ale </div></td><td class=\"c x7b5 y36fd w21b h82\"><div class=\"t m0 x37 h1f y66c ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td></td><td class=\"c x7b7 y36fd w217 h82\"><div class=\"t m0 xc3 h1f y66c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x7b6 y36fd wf3 h82\"><div class=\"t m0 xc3 h1f y66c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x7b8 y36fd w217 h82\"><div class=\"t m0 xc3 h1f y66c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y36fe w4dd h82\"><div class=\"t m0 x48 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- fair value pos<span class=\"_ _1\"></span>itivo </div></td><td class=\"c x7b5 y36fe w21b h82\"><div class=\"t m0 x37 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td></td><td class=\"c x7b7 y36fe w217 h82\"><div class=\"t m0 xc3 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x7b6 y36fe wf3 h82\"><div class=\"t m0 xc3 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x7b8 y36fe w217 h82\"><div class=\"t m0 xc3 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y36ff w4dd h254\"><div class=\"t m0 x48 h1f y18b3 ff4 fs7 fc1 sc0 ls0 ws0\">- fair value negati<span class=\"_ _1\"></span>vo </div></td><td class=\"c x7b5 y36ff w21b h254\"><div class=\"t m0 x37 h1f y18b3 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td></td><td class=\"c x7b7 y36ff w217 h254\"><div class=\"t m0 xc3 h1f y18b3 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x7b6 y36ff wf3 h254\"><div class=\"t m0 xc3 h1f y18b3 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x7b8 y36ff w217 h254\"><div class=\"t m0 xc3 h1f y18b3 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y3700 w4dd h82\"><div class=\"t m0 x16a h1f y54 ff4 fs7 fc1 sc2 ls0 ws0\">3) Va<span class=\"_ _1\"></span>lute <span class=\"_ _f\"></span>e oro </div></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x44e y3701 w4dd h82\"><div class=\"t m0 x48 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- valore nozion<span class=\"_ _1\"></span>ale </div></td><td class=\"c x7b5 y3701 w21b h82\"><div class=\"t m0 x37 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td></td><td class=\"c x7b7 y3701 w217 h82\"><div class=\"t m0 xc3 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x7b6 y3701 wf3 h82\"><div class=\"t m0 xc3 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x7b8 y3701 w217 h82\"><div class=\"t m0 xc3 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y3702 w4dd h82\"><div class=\"t m0 x48 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- fair value pos<span class=\"_ _1\"></span>iti<span class=\"ls106\">vo</span> </div></td><td class=\"c x7b5 y3702 w21b h82\"><div class=\"t m0 x37 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td></td><td class=\"c x7b7 y3702 w217 h82\"><div class=\"t m0 xc3 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x7b6 y3702 wf3 h82\"><div class=\"t m0 xc3 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x7b8 y3702 w217 h82\"><div class=\"t m0 xc3 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y3703 w4dd h82\"><div class=\"t m0 x48 h1f y66c ff4 fs7 fc1 sc0 ls0 ws0\">- fair value negati<span class=\"_ _1\"></span>vo </div></td><td class=\"c x7b5 y3703 w21b h82\"><div class=\"t m0 x37 h1f y66c ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td></td><td class=\"c x7b7 y3703 w217 h82\"><div class=\"t m0 xc3 h1f y66c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x7b6 y3703 wf3 h82\"><div class=\"t m0 xc3 h1f y66c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x7b8 y3703 w217 h82\"><div class=\"t m0 xc3 h1f y66c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y3704 w4dd h82\"><div class=\"t m0 x16a h1f y54 ff4 fs7 fc1 sc2 ls0 ws0\">4) Me<span class=\"_ _1\"></span>rci<span class=\"_ _1\"></span> </div></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x44e y3705 w4dd h82\"><div class=\"t m0 x48 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- valore nozion<span class=\"_ _1\"></span>ale </div></td><td class=\"c x7b5 y3705 w21b h82\"><div class=\"t m0 x37 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td></td><td class=\"c x7b7 y3705 w217 h82\"><div class=\"t m0 xc3 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x7b6 y3705 wf3 h82\"><div class=\"t m0 xc3 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x7b8 y3705 w217 h82\"><div class=\"t m0 xc3 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y3706 w4dd h82\"><div class=\"t m0 x48 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- fair value pos<span class=\"_ _1\"></span>itivo </div></td><td class=\"c x7b5 y3706 w21b h82\"><div class=\"t m0 x37 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td></td><td class=\"c x7b7 y3706 w217 h82\"><div class=\"t m0 xc3 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x7b6 y3706 wf3 h82\"><div class=\"t m0 xc3 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x7b8 y3706 w217 h82\"><div class=\"t m0 xc3 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y3707 w4dd h82\"><div class=\"t m0 x48 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- fair value negati<span class=\"_ _1\"></span>vo </div></td><td class=\"c x7b5 y3707 w21b h82\"><div class=\"t m0 x37 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td></td><td class=\"c x7b7 y3707 w217 h82\"><div class=\"t m0 xc3 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x7b6 y3707 wf3 h82\"><div class=\"t m0 xc3 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x7b8 y3707 w217 h82\"><div class=\"t m0 xc3 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y3708 w4dd h82\"><div class=\"t m0 x16a h1f y54 ff4 fs7 fc1 sc2 ls0 ws0\">5) Al<span class=\"_ _1\"></span>tri </div></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x44e y3709 w4dd h82\"><div class=\"t m0 x48 h1f y66c ff4 fs7 fc1 sc0 ls0 ws0\">- valore nozion<span class=\"_ _1\"></span>ale </div></td><td class=\"c x7b5 y3709 w21b h82\"><div class=\"t m0 x37 h1f y66c ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td></td><td class=\"c x7b7 y3709 w217 h82\"><div class=\"t m0 xc3 h1f y66c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x7b6 y3709 wf3 h82\"><div class=\"t m0 xc3 h1f y66c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x7b8 y3709 w217 h82\"><div class=\"t m0 xc3 h1f y66c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y370a w4dd h82\"><div class=\"t m0 x48 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- fair value pos<span class=\"_ _1\"></span>itivo </div></td><td class=\"c x7b5 y370a w21b h82\"><div class=\"t m0 x37 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td></td><td class=\"c x7b7 y370a w217 h82\"><div class=\"t m0 xc3 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x7b6 y370a wf3 h82\"><div class=\"t m0 xc3 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x7b8 y370a w217 h82\"><div class=\"t m0 xc3 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y370b w4dd h82\"><div class=\"t m0 x48 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- fair value negati<span class=\"_ _1\"></span>vo </div></td><td class=\"c x7b5 y370b w21b h82\"><div class=\"t m0 x37 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td></td><td class=\"c x7b7 y370b w217 h82\"><div class=\"t m0 xc3 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x7b6 y370b wf3 h82\"><div class=\"t m0 xc3 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x7b8 y370b w217 h82\"><div class=\"t m0 xc3 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y370c w4dd h82\"><div class=\"t m0 x10 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">Contratti rientrant<span class=\"_ _1\"></span>i in accordi di<span class=\"_ _1\"></span> compensazione </div></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x44e y370d w4dd h82\"><div class=\"t m0 x16a h1f y54 ff4 fs7 fc1 sc2 ls0 ws0\">1) Tit<span class=\"_ _1\"></span>oli di <span class=\"_ _f\"></span>debito e<span class=\"_ _f\"></span> tassi<span class=\"_ _1\"></span> d'int<span class=\"_ _f\"></span>eresse </div></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x44e y370e w4dd h254\"><div class=\"t m0 x16a h1f yd98 ff4 fs7 fc1 sc0 ls0 ws0\">- valore nozion<span class=\"_ _1\"></span>ale </div></td><td></td><td class=\"c x7b5 y370e w21b h254\"><div class=\"t m0 xef h1f yd98 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x7b7 y370e w217 h254\"><div class=\"t m0 x32 h1f yd98 ff4 fs7 fc1 sc0 ls0 ws0\">25.235.972 </div></td><td class=\"c x7b6 y370e wf3 h254\"><div class=\"t m0 x38 h1f yd98 ff4 fs7 fc1 sc0 ls0 ws0\">333.000 </div></td><td class=\"c x7b8 y370e w217 h254\"><div class=\"t m0 xc3 h1f yd98 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y370f w4dd h82\"><div class=\"t m0 x16a h1f y66c ff4 fs7 fc1 sc0 ls0 ws0\">- fair value pos<span class=\"_ _1\"></span>itivo </div></td><td></td><td class=\"c x7b5 y370f w21b h82\"><div class=\"t m0 xef h1f y66c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x7b7 y370f w217 h82\"><div class=\"t m0 x30 h1f y66c ff4 fs7 fc1 sc0 ls0 ws0\">178.230 </div></td><td class=\"c x7b6 y370f wf3 h82\"><div class=\"t m0 xc3 h1f y66c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x7b8 y370f w217 h82\"><div class=\"t m0 xc3 h1f y66c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y3710 w4dd h82\"><div class=\"t m0 x16a h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- fair value negati<span class=\"_ _1\"></span>vo </div></td><td></td><td class=\"c x7b5 y3710 w21b h82\"><div class=\"t m0 xef h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x7b7 y3710 w217 h82\"><div class=\"t m0 x31 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">464.787 </div></td><td class=\"c x7b6 y3710 wf3 h82\"><div class=\"t m0 x96 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">17.401 </div></td><td class=\"c x7b8 y3710 w217 h82\"><div class=\"t m0 xc3 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y3711 w4dd h82\"><div class=\"t m0 x16a h1f y54 ff4 fs7 fc1 sc2 ls0 ws0\">2) Tit<span class=\"_ _1\"></span>oli di <span class=\"_ _f\"></span>capital<span class=\"_ _1\"></span>e e i<span class=\"_ _1\"></span>ndici a<span class=\"_ _f\"></span>ziona<span class=\"_ _f\"></span>ri </div></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x44e y3712 w4dd h82\"><div class=\"t m0 x16a h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- valore nozion<span class=\"_ _1\"></span>ale </div></td><td></td><td class=\"c x7b5 y3712 w21b h82\"><div class=\"t m0 xef h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x7b7 y3712 w217 h82\"><div class=\"t m0 xc3 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x7b6 y3712 wf3 h82\"><div class=\"t m0 xc3 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x7b8 y3712 w217 h82\"><div class=\"t m0 xc3 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y3713 w4dd h82\"><div class=\"t m0 x16a h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- fair value pos<span class=\"_ _1\"></span>itivo<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x7b5 y3713 w21b h82\"><div class=\"t m0 xef h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x7b7 y3713 w217 h82\"><div class=\"t m0 xc3 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x7b6 y3713 wf3 h82\"><div class=\"t m0 xc3 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x7b8 y3713 w217 h82\"><div class=\"t m0 xc3 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y3714 w4dd h82\"><div class=\"t m0 x16a h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- fair value negati<span class=\"_ _1\"></span>vo </div></td><td></td><td class=\"c x7b5 y3714 w21b h82\"><div class=\"t m0 xef h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x7b7 y3714 w217 h82\"><div class=\"t m0 xc3 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x7b6 y3714 wf3 h82\"><div class=\"t m0 xc3 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x7b8 y3714 w217 h82\"><div class=\"t m0 xc3 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y3715 w4dd h82\"><div class=\"t m0 x16a h1f y66c ff4 fs7 fc1 sc2 ls0 ws0\">3) Va<span class=\"_ _1\"></span>lute <span class=\"_ _f\"></span>e oro </div></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x44e y3716 w4dd h82\"><div class=\"t m0 x16a h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- valore nozion<span class=\"_ _1\"></span>ale </div></td><td></td><td class=\"c x7b5 y3716 w21b h82\"><div class=\"t m0 xef h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x7b7 y3716 w217 h82\"><div class=\"t m0 xc3 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x7b6 y3716 wf3 h82\"><div class=\"t m0 xc3 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x7b8 y3716 w217 h82\"><div class=\"t m0 xc3 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y3717 w4dd h82\"><div class=\"t m0 x16a h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- fair value pos<span class=\"_ _1\"></span>itivo<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x7b5 y3717 w21b h82\"><div class=\"t m0 xef h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x7b7 y3717 w217 h82\"><div class=\"t m0 xc3 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x7b6 y3717 wf3 h82\"><div class=\"t m0 xc3 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x7b8 y3717 w217 h82\"><div class=\"t m0 xc3 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y3718 w4dd h82\"><div class=\"t m0 x16a h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- fair value negati<span class=\"_ _1\"></span>vo </div></td><td></td><td class=\"c x7b5 y3718 w21b h82\"><div class=\"t m0 xef h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x7b7 y3718 w217 h82\"><div class=\"t m0 xc3 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x7b6 y3718 wf3 h82\"><div class=\"t m0 xc3 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x7b8 y3718 w217 h82\"><div class=\"t m0 xc3 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y3719 w4dd h82\"><div class=\"t m0 x16a h1f y54 ff4 fs7 fc1 sc2 ls0 ws0\">4) Me<span class=\"_ _1\"></span>rci<span class=\"_ _1\"></span> </div></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x44e y371a w4dd h82\"><div class=\"t m0 x16a h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- valore nozion<span class=\"_ _1\"></span>ale </div></td><td></td><td class=\"c x7b5 y371a w21b h82\"><div class=\"t m0 xef h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x7b7 y371a w217 h82\"><div class=\"t m0 xc3 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x7b6 y371a wf3 h82\"><div class=\"t m0 xc3 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x7b8 y371a w217 h82\"><div class=\"t m0 xc3 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y371b w4dd h82\"><div class=\"t m0 x16a h1f y66c ff4 fs7 fc1 sc0 ls0 ws0\">- fair value pos<span class=\"_ _1\"></span>itivo </div></td><td></td><td class=\"c x7b5 y371b w21b h82\"><div class=\"t m0 xef h1f y66c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x7b7 y371b w217 h82\"><div class=\"t m0 xc3 h1f y66c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x7b6 y371b wf3 h82\"><div class=\"t m0 xc3 h1f y66c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x7b8 y371b w217 h82\"><div class=\"t m0 xc3 h1f y66c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y371c w4dd h82\"><div class=\"t m0 x16a h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- fair value negati<span class=\"_ _1\"></span>vo </div></td><td></td><td class=\"c x7b5 y371c w21b h82\"><div class=\"t m0 xef h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x7b7 y371c w217 h82\"><div class=\"t m0 xc3 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x7b6 y371c wf3 h82\"><div class=\"t m0 xc3 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x7b8 y371c w217 h82\"><div class=\"t m0 xc3 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y371d w4dd h82\"><div class=\"t m0 x16a h1f y54 ff4 fs7 fc1 sc2 ls0 ws0\">5) Al<span class=\"_ _1\"></span>tri </div></td><td></td><td class=\"c x7b5 y371d w21b h82\"><div class=\"t m0 xef h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x7b7 y371d w217 h82\"><div class=\"t m0 xc3 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x7b6 y371d wf3 h82\"><div class=\"t m0 xc3 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x7b8 y371d w217 h82\"><div class=\"t m0 xc3 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y371e w4dd h254\"><div class=\"t m0 x16a h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- valore nozion<span class=\"_ _1\"></span>ale </div></td><td></td><td class=\"c x7b5 y371e w21b h254\"><div class=\"t m0 xef h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x7b7 y371e w217 h254\"><div class=\"t m0 xc3 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x7b6 y371e wf3 h254\"><div class=\"t m0 xc3 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x7b8 y371e w217 h254\"><div class=\"t m0 xc3 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y371f w4dd h82\"><div class=\"t m0 x16a h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- fair value pos<span class=\"_ _1\"></span>itivo<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x7b5 y371f w21b h82\"><div class=\"t m0 xef h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x7b7 y371f w217 h82\"><div class=\"t m0 xc3 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x7b6 y371f wf3 h82\"><div class=\"t m0 xc3 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x7b8 y371f w217 h82\"><div class=\"t m0 xc3 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y3720 w4dd hc8\"><div class=\"t m0 x16a h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- fair value negati<span class=\"_ _1\"></span>vo </div></td><td></td><td class=\"c x7b5 y3720 w21b hc8\"><div class=\"t m0 xef h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x7b7 y3720 w217 hc8\"><div class=\"t m0 xc3 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x7b6 y3720 wf3 hc8\"><div class=\"t m0 xc3 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x7b8 y3720 w217 hc8\"><div class=\"t m0 xc3 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr></table>Controparti centrali Banche Altre societ\u00e0 finanziarie Altri soggetti <div class=\"c w2c2 h30d gs15b6\"><div class=\"t m0 x8a h5 y589 ff4 fs1 fc4 sc3 ls0 ws0\">A.4 Vi<span class=\"_ _1\"></span>ta r<span class=\"_ _1\"></span>esidu<span class=\"_ _1\"></span>a de<span class=\"_ _1\"></span>i deri<span class=\"_ _1\"></span>vati fi<span class=\"_ _1\"></span>nanzi<span class=\"_ _1\"></span>ari <span class=\"_ _1\"></span>di cope<span class=\"_ _1\"></span>rtura<span class=\"_ _f\"></span> OTC: va<span class=\"_ _f\"></span>l<span class=\"_ _2\"></span>ori <span class=\"_ _f\"></span>noziona<span class=\"_ _1\"></span>li </div></div><div class=\"gs15b7\"><table class=\"s w1110 h5ad\" id=\"_abe17fae-51a4-488f-b152-5a4ba28baeb1\"><tr><td class=\"c xaba y3721 w610 h203\"><div class=\"t m0 xe7 h30 y15 ff4 fsb fc4 sc3 ls0 ws0\">Sottost<span class=\"_ _1\"></span>anti/Vita r<span class=\"_ _1\"></span>esidua<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c xabb y3721 w74 h203\"><div class=\"t m0 x16a h30 y15 ff4 fsb fc4 sc3 ls0 ws0\">Fino ad 1<span class=\"_ _1\"></span> anno<span class=\"_ _df\"> </span></div></td><td class=\"c xabc y2740 w10f5 h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">Oltre 1 a<span class=\"_ _1\"></span>nno e fino<span class=\"_ _df\"> </span></div></td><td class=\"c xabd y3721 w74 h203\"><div class=\"t m0 x55 h30 y15 ff4 fsb fc4 sc3 ls0 ws0\">Oltre 5 ann<span class=\"_ _1\"></span>i<span class=\"_ _df\"> </span></div></td><td class=\"c xabe y3721 w21c h203\"><div class=\"t m0 x35 h30 y15 ff4 fsb fc4 sc3 ls0 ws0\">Totale<span class=\"_ _df\"> </span></div></td></tr><tr><td></td><td></td><td></td><td class=\"c xabf y3722 w1111 h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">a 5 anni<span class=\"_ _df\"> </span></div></td><td></td><td></td></tr><tr><td class=\"c xac0 y3723 w10f7 h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc1 sc0 ls0 ws0\">A.1 Derivati finanziari<span class=\"_ _2\"></span> su titoli di debito e<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c xabb y3724 w81 h98\"><div class=\"t m0 x34 h30 y27 ff4 fsb fc1 sc0 ls0 ws0\">5.904.294<span class=\"_ _df\"> </span></div></td><td class=\"c xac1 y3724 w4e h98\"><div class=\"t m0 x34 h30 y27 ff4 fsb fc1 sc0 ls0 ws0\">16.735.122<span class=\"_ _df\"> </span></div></td><td class=\"c xabd y3724 w81 h98\"><div class=\"t m0 x37 h30 y27 ff4 fsb fc1 sc0 ls0 ws0\">2.957.209<span class=\"_ _df\"> </span></div></td><td class=\"c xabe y3724 w21c h98\"><div class=\"t m0 x27 h30 y27 ff4 fsb fc1 sc0 ls0 ws0\">25.596.625<span class=\"_ _df\"> </span></div></td></tr><tr><td class=\"c xac2 y3725 w10f8 h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc1 sc0 ls0 ws0\">tassi di interes<span class=\"_ _2\"></span>se<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x262 y3726 w1112 h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc1 sc0 ls0 ws0\">A.2 Derivati finanziari su<span class=\"_ _2\"></span> titoli di capit<span class=\"_ _2\"></span>ale<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c xabb y3727 w81 h12\"><div class=\"t m0 xc3 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c xac1 y3727 w4e h12\"><div class=\"t m0 xc3 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c xabd y3727 w81 h12\"><div class=\"t m0 xc3 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c xabe y3727 w21c h12\"><div class=\"t m0 xc3 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td></tr><tr><td class=\"c xac3 y3728 w1113 h4aa\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">ed indici azionari<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c xaba y3729 w611 h4e\"><div class=\"t m0 x48 h30 y80 ff4 fsb fc1 sc0 ls0 ws0\">A.3 Derivati finanziari su<span class=\"_ _2\"></span> valute ed oro<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c xabb y3729 w81 h4e\"><div class=\"t m0 xc3 h30 y80 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c xac1 y3729 w4e h4e\"><div class=\"t m0 xc3 h30 y80 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c xabd y3729 w81 h4e\"><div class=\"t m0 xc3 h30 y80 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c xabe y3729 w21c h4e\"><div class=\"t m0 xc3 h30 y80 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td></tr><tr><td class=\"c xaba y372a w611 h4d\"><div class=\"t m0 x91 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">A.4 Derivati finanziari s<span class=\"_ _2\"></span>u merci<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c xabb y372a w81 h4d\"><div class=\"t m0 xc3 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c xac1 y372a w4e h4d\"><div class=\"t m0 xc3 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c xabd y372a w81 h4d\"><div class=\"t m0 xc3 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c xabe y372a w21c h4d\"><div class=\"t m0 xc3 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td></tr><tr><td class=\"c xaba y372b w611 h4d\"><div class=\"t m0 xc3 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">A.5 Altri derivati<span class=\"_ _2\"></span> finanziari<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c xabb y372b w81 h4d\"><div class=\"t m0 xc3 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c xac1 y372b w4e h4d\"><div class=\"t m0 xc3 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c xabd y372b w81 h4d\"><div class=\"t m0 xc3 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c xabe y372b w21c h4d\"><div class=\"t m0 xc3 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td></tr><tr><td class=\"c xaba y372c w611 hcb\"><div class=\"t m0 x15f h30 y302 ff4 fsb fc1 sc2 ls0 ws0\">Totale</div></td><td class=\"c xac4 y372c w21c hcb\"><div class=\"t m0 x8a h30 y302 ff4 fsb fc1 sc2 ls0 ws0\">31/12/2025<span class=\"_ _df\"> </span></div></td><td class=\"c xabb y372c w81 hcb\"><div class=\"t m0 x37 h30 y302 ff4 fsb fc1 sc2 ls0 ws0\">5.904.294<span class=\"_ _df\"> </span></div></td><td class=\"c xac1 y372c w4e hcb\"><div class=\"t m0 x37 h30 y302 ff4 fsb fc1 sc2 ls0 ws0\">16.735.12<span class=\"_ _f\"></span>2<span class=\"_ _df\"> </span></div></td><td class=\"c xabd y372c w81 hcb\"><div class=\"t m0 x97 h30 y302 ff4 fsb fc1 sc2 ls0 ws0\">2.957.209<span class=\"_ _df\"> </span></div></td><td class=\"c xabe y372c w21c hcb\"><div class=\"t m0 x27 h30 y302 ff4 fsb fc1 sc2 ls0 ws0\">25.596.62<span class=\"_ _1\"></span>5<span class=\"_ _df\"> </span></div></td></tr><tr><td class=\"c xaba y372d w611 hcc\"><div class=\"t m0 x15f h30 y30c ff4 fsb fc1 sc2 ls0 ws0\">Totale</div></td><td class=\"c xac4 y372d w21c hcc\"><div class=\"t m0 x8a h30 y30c ff4 fsb fc1 sc2 ls0 ws0\">31/12/202<span class=\"_ _f\"></span>4<span class=\"_ _df\"> </span></div></td><td class=\"c xabb y372d w81 hcc\"><div class=\"t m0 x37 h30 y30c ff4 fsb fc1 sc2 ls0 ws0\">12.110.87<span class=\"_ _1\"></span>6<span class=\"_ _df\"> </span></div></td><td class=\"c xac1 y372d w4e hcc\"><div class=\"t m0 x34 h30 y30c ff4 fsb fc1 sc2 ls0 ws0\">19.166.984<span class=\"_ _df\"> </span></div></td><td class=\"c xabd y372d w75 hcc\"><div class=\"t m0 x37 h30 y30c ff4 fsb fc1 sc2 ls0 ws0\">6.390.78<span class=\"_ _1\"></span>8<span class=\"_ _df\"> </span></div></td><td class=\"c xabe y372d w257 hcc\"><div class=\"t m0 x27 h30 y30c ff4 fsb fc1 sc2 ls0 ws0\">37.668.64<span class=\"_ _1\"></span>8<span class=\"_ _df\"> </span></div></td></tr></table></div><div class=\"t m0 hc ff4 fs4 fc4 sc3 ls0 ws0 gs15b9\">D. St<span class=\"_ _f\"></span>rum<span class=\"_ _f\"></span>enti co<span class=\"_ _1\"></span>pert<span class=\"_ _f\"></span>i </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs15ba\">In <span class=\"_ _d\"></span>tema <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>Hedge <span class=\"_ _d\"></span>accounting, <span class=\"_ _d\"></span>il <span class=\"_ _d\"></span>Gruppo, <span class=\"_ _d\"></span>come <span class=\"_ _d\"></span>previsto <span class=\"_ _d\"></span>dall\u2019IFRS9, <span class=\"_ _d\"></span>continua <span class=\"_ _d\"></span>ad <span class=\"_ _d\"></span>applicare <span class=\"_ _d\"></span>quanto </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs15bb\">definito <span class=\"_ _0\"></span>dal <span class=\"_ _d\"></span>princ<span class=\"_ _2\"></span>ipio <span class=\"_ _d\"></span>contabile <span class=\"_ _0\"></span>I<span class=\"_ _2\"></span>AS <span class=\"_ _d\"></span>39 <span class=\"_ _0\"></span>(n<span class=\"_ _2\"></span>ella <span class=\"_ _d\"></span>versione <span class=\"_ _0\"></span>carved <span class=\"_ _0\"></span>out <span class=\"_ _9\"> </span>omologata <span class=\"_ _0\"></span>dalla <span class=\"_ _0\"></span>Commis<span class=\"_ _2\"></span>sione </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs15bc\">Europea) in relazione a tutte le coperture poste in essere. </div><div class=\"c w2c2 h4e gs15bd\"><div class=\"t m0 x8a h5 y66c ff4 fs1 fc4 sc3 ls0 ws0\">D.1 <span class=\"_ _1\"></span>Copert<span class=\"_ _f\"></span>ure del fa<span class=\"_ _f\"></span>ir value<span class=\"_ _1\"></span><span class=\"fc1 sc0\"> </span></div></div><div class=\"gs15be\"><table class=\"s w1114 h5ae\" id=\"_abc1104c-a51b-4e79-9363-889743717a6c\"><tr><td></td><td></td><td></td><td class=\"c xac5 y372e we4b h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">Cop<span class=\"_ _1\"></span>ertur<span class=\"_ _f\"></span>e<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x9bb y372f w615 h64\"><div class=\"t m0 x11 h1f y35c ff4 fs7 fc4 sc3 ls0 ws0\">Cop<span class=\"_ _1\"></span>ertur<span class=\"_ _f\"></span>e specif<span class=\"_ _1\"></span>iche<span class=\"_ _f\"></span><span class=\"fc1 sc0\"> </span></div></td><td></td><td></td><td></td></tr><tr><td></td><td></td><td></td><td class=\"c xac6 y3730 w1115 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">specif<span class=\"_ _f\"></span>iche -<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td></td><td></td><td class=\"c xac7 y2c84 we4b h4d6\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc4 sc3 ls0 ws0\">Cop<span class=\"_ _1\"></span>ertur<span class=\"_ _f\"></span>e<span class=\"_ _df\"> </span></div></td><td class=\"c xac8 y2c84 w1116 h4d6\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc4 sc3 ls0 ws0\">posiz<span class=\"_ _1\"></span>ioni<span class=\"_ _1\"></span> nett<span class=\"_ _f\"></span>e:<span class=\"_ _df\"> </span></div></td><td class=\"c xac9 y3731 wd2c h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc4 sc3 ls0 ws0\">Vari<span class=\"_ _1\"></span>azion<span class=\"_ _f\"></span>i</div></td><td class=\"c xaca y3732 w1117 h5af\" colspan=\"2\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc4 sc3 ls0 ws0\">Cess<span class=\"_ _1\"></span>azio<span class=\"_ _1\"></span>ne<span class=\"_ _df\"> </span></div></td><td class=\"c x6cb y3732 wd2c h5af\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc4 sc3 ls0 ws0\">Vari<span class=\"_ _1\"></span>azion<span class=\"_ _f\"></span>i<span class=\"_ _df\"> </span></div></td><td class=\"c xacb y2c84 we4b h4d6\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc4 sc3 ls0 ws0\">Cop<span class=\"_ _1\"></span>ertur<span class=\"_ _f\"></span>e<span class=\"_ _df\"> </span></div></td></tr><tr><td></td><td></td><td class=\"c x77d y3733 w1118 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc4 sc3 ls0 ws0\">specif<span class=\"_ _f\"></span>iche:<span class=\"_ _df\"> </span></div></td><td class=\"c x66a y3733 w1119 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc4 sc3 ls0 ws0\">val<span class=\"_ _1\"></span>ore di <span class=\"_ _f\"></span>bilanci<span class=\"_ _1\"></span>o<span class=\"_ _df\"> </span></div></td><td class=\"c xac9 y3734 w111a h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc4 sc3 ls0 ws0\">cum<span class=\"_ _f\"></span>ulate<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c xacc y3735 w111b h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc4 sc3 ls0 ws0\">della<span class=\"_ _df\"> </span></div></td><td class=\"c x6cb y3735 w111c h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc4 sc3 ls0 ws0\">del va<span class=\"_ _f\"></span>lore<span class=\"_ _df\"> </span></div></td><td class=\"c xacb y3733 w111d h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc4 sc3 ls0 ws0\">gen<span class=\"_ _1\"></span>erich<span class=\"_ _f\"></span>e:<span class=\"_ _df\"> </span></div></td></tr><tr><td></td><td></td><td class=\"c x700 y3736 w111e h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc4 sc3 ls0 ws0\">val<span class=\"_ _1\"></span>ore di<span class=\"_ _df\"> </span></div></td><td class=\"c xacd y3736 w111f h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc4 sc3 ls0 ws0\">delle a<span class=\"_ _f\"></span>ttivit\u00e0<span class=\"_ _1\"></span> o<span class=\"_ _df\"> </span></div></td><td class=\"c xace y3737 w1120 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc4 sc3 ls0 ws0\">di fai<span class=\"_ _f\"></span>r</div></td><td class=\"c xacf y3738 w1121 h484\" colspan=\"2\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc4 sc3 ls0 ws0\">cope<span class=\"_ _1\"></span>rtur<span class=\"_ _1\"></span>a:<span class=\"_ _df\"> </span></div></td><td class=\"c x6cb y3738 w1122 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc4 sc3 ls0 ws0\">usat<span class=\"_ _f\"></span>o per<span class=\"_ _df\"> </span></div></td><td class=\"c xad0 y3736 wa5b h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc4 sc3 ls0 ws0\">Val<span class=\"_ _1\"></span>ore di<span class=\"_ _df\"> </span></div></td></tr><tr><td></td><td></td><td class=\"c x70b y3739 wb03 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc4 sc3 ls0 ws0\">bilan<span class=\"_ _f\"></span>cio<span class=\"_ _df\"> </span></div></td><td class=\"c x660 y3739 w1123 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc4 sc3 ls0 ws0\">pass<span class=\"_ _f\"></span>ivit\u00e0 (pr<span class=\"_ _1\"></span>ima<span class=\"_ _df\"> </span></div></td><td class=\"c xad1 y373a w1124 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc4 sc3 ls0 ws0\">val<span class=\"_ _1\"></span>ue del<span class=\"_ _1\"></span>lo</div></td><td class=\"c xad2 y373b w10fe h484\" colspan=\"2\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc4 sc3 ls0 ws0\">varia<span class=\"_ _f\"></span>zioni<span class=\"_ _df\"> </span></div></td><td class=\"c xad3 y373b wcdb h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc4 sc3 ls0 ws0\">rileva<span class=\"_ _f\"></span>re<span class=\"_ _df\"> </span></div></td><td class=\"c xad4 y3739 wa60 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc4 sc3 ls0 ws0\">bilan<span class=\"_ _f\"></span>cio<span class=\"_ _df\"> </span></div></td></tr><tr><td></td><td></td><td></td><td class=\"c x733 y360b w1125 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc4 sc3 ls0 ws0\">dell<span class=\"lsd5\">a<span class=\"_ _df\"> </span></span></div></td><td class=\"c xad1 y2790 w1126 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc4 sc3 ls0 ws0\">strum<span class=\"_ _f\"></span>ento<span class=\"_ _df\"> </span></div></td><td class=\"c x6d9 y2813 w1127 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc4 sc3 ls0 ws0\">l'inef<span class=\"_ _1\"></span>ficac<span class=\"_ _1\"></span>ia<span class=\"_ _df\"> </span></div></td><td class=\"c xad2 y2813 w111a h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc4 sc3 ls0 ws0\">cum<span class=\"_ _f\"></span>ulate<span class=\"_ _df\"> </span></div></td><td></td><td></td></tr><tr><td></td><td></td><td></td><td class=\"c x66a y373c w1128 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc4 sc3 ls0 ws0\">com<span class=\"_ _f\"></span>pensazi<span class=\"_ _1\"></span>one)<span class=\"_ _df\"> </span></div></td><td class=\"c xad5 y2814 w1129 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc4 sc3 ls0 ws0\">cope<span class=\"_ _1\"></span>rto</div></td><td class=\"c x4ac y373d w112a h484\" colspan=\"2\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc4 sc3 ls0 ws0\">resi<span class=\"_ _f\"></span>due del<span class=\"_ _df\"> </span></div></td><td class=\"c xad6 y373d w111b h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc4 sc3 ls0 ws0\">della<span class=\"_ _df\"> </span></div></td><td></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td class=\"c x6cb y2793 wbc9 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc4 sc3 ls0 ws0\">cope<span class=\"_ _1\"></span>rtur<span class=\"_ _1\"></span>a<span class=\"_ _df\"> </span></div></td><td class=\"c xad2 y2793 w112b h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc4 sc3 ls0 ws0\">fair v<span class=\"_ _f\"></span>alue<span class=\"_ _df\"> </span></div></td><td></td><td></td></tr><tr><td class=\"c x46b y373e w96 hcc\"><div class=\"t m0 x8a h1f y74a ff4 fs7 fc1 sc2 ls0 ws0\">A. Att<span class=\"_ _f\"></span>ivit\u00e0<span class=\"sc0\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x262 y3740 w112c h5b0\"><div class=\"t m0 x250 h1f y373f ff4 fs7 fc1 sc2 ls0 ws0\">1. Att<span class=\"_ _1\"></span>ivit\u00e0<span class=\"_ _1\"></span> fina<span class=\"_ _f\"></span>nziarie v<span class=\"_ _1\"></span>alut<span class=\"_ _1\"></span>ate a<span class=\"_ _f\"></span>l fair<span class=\"_ _df\"> </span></div><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc2 ls0 ws0\">val<span class=\"_ _1\"></span>ue con<span class=\"_ _f\"></span> impatt<span class=\"_ _f\"></span>o sulla r<span class=\"_ _1\"></span>eddit<span class=\"_ _f\"></span>ivt\u00e0<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x718 y3741 w1d0 ha2\"><div class=\"t m0 x2f h1f y16eb ff4 fs7 fc1 sc2 ls0 ws0\">3.519<span class=\"_ _1\"></span>.43<span class=\"_ _1\"></span>0<span class=\"sc0\"> </span></div></td><td class=\"c x670 y3741 w613 ha2\"><div class=\"t m0 x124 h1f y16eb ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x9bb y3741 w1d0 ha2\"><div class=\"t m0 x48 h1f y16eb ff4 fs7 fc1 sc2 ls0 ws0\">55.4<span class=\"_ _f\"></span>29<span class=\"sc0\"> </span></div></td><td class=\"c x6ed y3741 w268 ha2\"><div class=\"t m0 x90 h1f y16eb ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x4c8 y3741 w376 ha2\"><div class=\"t m0 x91 h1f y16eb ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td></td><td class=\"c x685 y3741 w36f ha2\"><div class=\"t m0 x96 h1f y16eb ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x262 y3742 w112d h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc2 ls0 ws0\">com<span class=\"_ _f\"></span>plessiv<span class=\"_ _1\"></span>a - co<span class=\"_ _f\"></span>pertur<span class=\"_ _1\"></span>a di:<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x46b y3743 w616 h4d\"><div class=\"t m0 x130 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">1.1 Titoli di debit<span class=\"_ _1\"></span>o e tassi d'interes<span class=\"_ _f\"></span>se<span class=\"_ _2\"></span> </div></td><td></td><td class=\"c x718 y3743 w1d0 h4d\"><div class=\"t m0 x2f h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">3.519.430 </div></td><td class=\"c x670 y3743 w613 h4d\"><div class=\"t m0 x124 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9bb y3743 w1d0 h4d\"><div class=\"t m0 x48 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">55.429 </div></td><td class=\"c x6ed y3743 w268 h4d\"><div class=\"t m0 x90 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x4c8 y3743 w376 h4d\"><div class=\"t m0 x91 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x685 y3743 w36f h4d\"><div class=\"t m0 x32 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td></tr><tr><td class=\"c x46b y3744 w616 h4d\"><div class=\"t m0 x130 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">1.2 Titoli di capita<span class=\"_ _f\"></span>l<span class=\"_ _2\"></span>e e indici az<span class=\"_ _1\"></span>ionari </div></td><td></td><td class=\"c x718 y3744 w1d0 h4d\"><div class=\"t m0 x96 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x670 y3744 w613 h4d\"><div class=\"t m0 x124 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9bb y3744 w1d0 h4d\"><div class=\"t m0 x96 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x6ed y3744 w268 h4d\"><div class=\"t m0 x90 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x4c8 y3744 w376 h4d\"><div class=\"t m0 x91 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x685 y3744 w36f h4d\"><div class=\"t m0 x32 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td></tr><tr><td class=\"c x46b y3745 w616 h4e\"><div class=\"t m0 x130 h1f y71 ff4 fs7 fc1 sc0 ls0 ws0\">1.3 Valute e oro </div></td><td></td><td class=\"c x718 y3745 w1d0 h4e\"><div class=\"t m0 x96 h1f y71 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x670 y3745 w613 h4e\"><div class=\"t m0 x124 h1f y71 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9bb y3745 w1d0 h4e\"><div class=\"t m0 x96 h1f y71 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x6ed y3745 w268 h4e\"><div class=\"t m0 x90 h1f y71 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x4c8 y3745 w376 h4e\"><div class=\"t m0 x91 h1f y71 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x685 y3745 w36f h4e\"><div class=\"t m0 x32 h1f y71 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td></tr><tr><td class=\"c x46b y3746 w616 h4d\"><div class=\"t m0 x130 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">1.4 Crediti </div></td><td></td><td class=\"c x718 y3746 w1d0 h4d\"><div class=\"t m0 x96 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x670 y3746 w613 h4d\"><div class=\"t m0 x124 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9bb y3746 w1d0 h4d\"><div class=\"t m0 x96 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x6ed y3746 w268 h4d\"><div class=\"t m0 x90 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x4c8 y3746 w376 h4d\"><div class=\"t m0 x91 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x685 y3746 w36f h4d\"><div class=\"t m0 x32 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td></tr><tr><td class=\"c x46b y3747 w616 h4d\"><div class=\"t m0 x130 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">1.5 Altri </div></td><td></td><td class=\"c x718 y3747 w1d0 h4d\"><div class=\"t m0 x96 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x670 y3747 w613 h4d\"><div class=\"t m0 x124 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9bb y3747 w1d0 h4d\"><div class=\"t m0 x96 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x6ed y3747 w268 h4d\"><div class=\"t m0 x90 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x4c8 y3747 w376 h4d\"><div class=\"t m0 x91 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x685 y3747 w36f h4d\"><div class=\"t m0 x32 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td></tr><tr><td class=\"c x262 y3748 w112e h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc2 ls0 ws0\">2. Att<span class=\"_ _1\"></span>ivit<span class=\"_ _f\"></span>\u00e0 finanzi<span class=\"_ _f\"></span>arie va<span class=\"_ _1\"></span>luta<span class=\"_ _1\"></span>te al<span class=\"_ _1\"></span> cost<span class=\"_ _1\"></span>o<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x718 y3749 w1d0 had\"><div class=\"t m0 x2f h1f y420 ff4 fs7 fc1 sc2 ls0 ws0\">5.310.<span class=\"_ _f\"></span>480<span class=\"sc0\"> </span></div></td><td class=\"c x670 y3749 w613 had\"><div class=\"t m0 x124 h1f y420 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x9bb y3749 w1d0 had\"><div class=\"t m0 x55 h1f y420 ff4 fs7 fc1 sc2 ls0 ws0\">(53.2<span class=\"_ _f\"></span>26)<span class=\"sc0\"> </span></div></td><td class=\"c x6ed y3749 w268 had\"><div class=\"t m0 x90 h1f y420 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x4c8 y3749 w376 had\"><div class=\"t m0 x91 h1f y420 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td></td><td class=\"c x685 y3749 w36f had\"><div class=\"t m0 x14 h1f y420 ff4 fs7 fc1 sc2 ls0 ws0\">184.19<span class=\"_ _f\"></span>2<span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x262 y374a w112f h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc2 ls0 ws0\">amm<span class=\"_ _f\"></span>ortizzat<span class=\"_ _f\"></span>o -coper<span class=\"_ _f\"></span>tura di<span class=\"_ _f\"></span>:<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x46b y374b w616 h4d\"><div class=\"t m0 x130 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">1.1 Titoli di debit<span class=\"_ _1\"></span>o e tassi d'interesse </div></td><td></td><td class=\"c x718 y374b w1d0 h4d\"><div class=\"t m0 x8e h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">5.310.480 </div></td><td class=\"c x670 y374b w613 h4d\"><div class=\"t m0 x124 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9bb y374b w1d0 h4d\"><div class=\"t m0 x2e h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">(53.226) </div></td><td class=\"c x6ed y374b w268 h4d\"><div class=\"t m0 x90 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x4c8 y374b w376 h4d\"><div class=\"t m0 x91 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x685 y374b w36f h4d\"><div class=\"t m0 x32 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td></tr><tr><td class=\"c x46b y374c w616 h4e\"><div class=\"t m0 x130 h1f y71 ff4 fs7 fc1 sc0 ls0 ws0\">1.2 Titoli di capita<span class=\"_ _f\"></span>l<span class=\"_ _2\"></span>e e indici <span class=\"_ _1\"></span>azionari </div></td><td></td><td class=\"c x718 y374c w1d0 h4e\"><div class=\"t m0 x96 h1f y71 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x670 y374c w613 h4e\"><div class=\"t m0 x124 h1f y71 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9bb y374c w1d0 h4e\"><div class=\"t m0 x96 h1f y71 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x6ed y374c w268 h4e\"><div class=\"t m0 x90 h1f y71 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x4c8 y374c w376 h4e\"><div class=\"t m0 x91 h1f y71 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x685 y374c w36f h4e\"><div class=\"t m0 x32 h1f y71 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td></tr><tr><td class=\"c x46b y374d w616 h4d\"><div class=\"t m0 x130 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">1.3 Valute e oro </div></td><td></td><td class=\"c x718 y374d w1d0 h4d\"><div class=\"t m0 x96 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x670 y374d w613 h4d\"><div class=\"t m0 x124 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9bb y374d w1d0 h4d\"><div class=\"t m0 x96 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x6ed y374d w268 h4d\"><div class=\"t m0 x90 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x4c8 y374d w376 h4d\"><div class=\"t m0 x91 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x685 y374d w36f h4d\"><div class=\"t m0 x32 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td></tr><tr><td class=\"c x46b y374e w616 h4d\"><div class=\"t m0 x130 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">1.4 Crediti </div></td><td></td><td class=\"c x718 y374e w1d0 h4d\"><div class=\"t m0 x96 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x670 y374e w613 h4d\"><div class=\"t m0 x124 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9bb y374e w1d0 h4d\"><div class=\"t m0 x96 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x6ed y374e w268 h4d\"><div class=\"t m0 x90 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x4c8 y374e w376 h4d\"><div class=\"t m0 x91 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x685 y374e w36f h4d\"><div class=\"t m0 x32 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td></tr><tr><td class=\"c x46b y374f w616 h4e\"><div class=\"t m0 x130 h1f y71 ff4 fs7 fc1 sc0 ls0 ws0\">1.5 Altri </div></td><td></td><td class=\"c x718 y374f w1d0 h4e\"><div class=\"t m0 x96 h1f y71 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x670 y374f w613 h4e\"><div class=\"t m0 x124 h1f y71 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9bb y374f w1d0 h4e\"><div class=\"t m0 x96 h1f y71 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x6ed y374f w268 h4e\"><div class=\"t m0 x90 h1f y71 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x4c8 y374f w376 h4e\"><div class=\"t m0 x91 h1f y71 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x685 y374f w36f h4e\"><div class=\"t m0 x32 h1f y71 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td></tr><tr><td class=\"c x46b y3750 w96 h4d\"><div class=\"t m0 x14 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale<span class=\"sc0\"> </span></div></td><td class=\"c xad7 y3750 w612 h4d\"><div class=\"t m0 x8a h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">31/12/<span class=\"_ _f\"></span>2025<span class=\"sc0\"> </span></div></td><td class=\"c x718 y3750 w1d0 h4d\"><div class=\"t m0 x2f h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">8.829<span class=\"_ _f\"></span>.910<span class=\"sc0\"> </span></div></td><td class=\"c x670 y3750 w613 h4d\"><div class=\"t m0 x124 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x9bb y3750 w1d0 h4d\"><div class=\"t m0 x2c h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">2.203<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x6ed y3750 w268 h4d\"><div class=\"t m0 x90 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x4c8 y3750 w376 h4d\"><div class=\"t m0 x91 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td></td><td class=\"c x685 y3750 w36f h4d\"><div class=\"t m0 x14 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">184.19<span class=\"_ _f\"></span>2<span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x46b y3751 w96 h4d\"><div class=\"t m0 x14 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale<span class=\"sc0\"> </span></div></td><td class=\"c xad7 y3751 w612 h4d\"><div class=\"t m0 x8a h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">31/12/<span class=\"_ _f\"></span>2024<span class=\"sc0\"> </span></div></td><td class=\"c x718 y3751 w1d0 h4d\"><div class=\"t m0 xab h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">10.95<span class=\"_ _f\"></span>8.353<span class=\"sc0\"> </span></div></td><td class=\"c x670 y3751 w613 h4d\"><div class=\"t m0 x124 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x9bb y3751 w1d0 h4d\"><div class=\"t m0 x39 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">(18.75<span class=\"_ _1\"></span>7)<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x6ed y3751 w268 h4d\"><div class=\"t m0 x90 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x4c8 y3751 w376 h4d\"><div class=\"t m0 x91 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td></td><td class=\"c x685 y3751 w36f h4d\"><div class=\"t m0 x116 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">1.55<span class=\"_ _1\"></span>0.277<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x262 y34e8 w1130 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc2 ls0 ws0\">B.<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x262 y3752 w1131 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc2 ls0 ws0\">Pass<span class=\"_ _f\"></span>ivit\u00e0<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x262 y3753 w1132 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc2 ls0 ws0\">1. Pas<span class=\"_ _1\"></span>sivi<span class=\"_ _1\"></span>t\u00e0 fi<span class=\"_ _f\"></span>nanziar<span class=\"_ _1\"></span>ie va<span class=\"_ _1\"></span>luta<span class=\"_ _1\"></span>te al<span class=\"_ _1\"></span> cos<span class=\"_ _1\"></span>to<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x718 y3754 w1d0 h23c\"><div class=\"t m0 x16a h1f y8b7 ff4 fs7 fc1 sc2 ls0 ws0\">2.09<span class=\"_ _1\"></span>1.723<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x670 y3754 w613 h23c\"><div class=\"t m0 x124 h1f y8b7 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x9bb y3754 w1d0 h23c\"><div class=\"t m0 x33 h1f y8b7 ff4 fs7 fc1 sc2 ls0 ws0\">71.2<span class=\"_ _1\"></span>06<span class=\"sc0\"> </span></div></td><td class=\"c x6ed y3754 w268 h23c\"><div class=\"t m0 x90 h1f y8b7 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x4c8 y3754 w376 h23c\"><div class=\"t m0 x91 h1f y8b7 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td></td><td class=\"c x685 y3754 w36f h23c\"><div class=\"t m0 x33 h1f y8b7 ff4 fs7 fc1 sc2 ls0 ws0\">91.38<span class=\"_ _1\"></span>5<span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x262 y3755 w1133 h484\" colspan=\"2\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc2 ls0 ws0\">amm<span class=\"_ _f\"></span>ortizzat<span class=\"_ _f\"></span>o - cop<span class=\"_ _f\"></span>ertura di<span class=\"_ _f\"></span>:<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x46b y3756 w616 h4d\"><div class=\"t m0 x130 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">1.1 Titoli di debit<span class=\"_ _1\"></span>o e tassi d'interes<span class=\"_ _f\"></span>se<span class=\"_ _2\"></span> </div></td><td></td><td class=\"c x718 y3756 w1d0 h4d\"><div class=\"t m0 x2f h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">2.091.723 </div></td><td class=\"c x670 y3756 w613 h4d\"><div class=\"t m0 x124 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9bb y3756 w1d0 h4d\"><div class=\"t m0 x33 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">71.206 </div></td><td class=\"c x6ed y3756 w268 h4d\"><div class=\"t m0 x90 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x4c8 y3756 w376 h4d\"><div class=\"t m0 x91 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x685 y3756 w36f h4d\"><div class=\"t m0 x32 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td></tr><tr><td class=\"c x46b y3757 w616 h4e\" colspan=\"2\"><div class=\"t m0 x130 h1f y71 ff4 fs7 fc1 sc0 ls0 ws0\">1.2 Valute e or<span class=\"_ _1\"></span>o </div></td><td class=\"c x718 y3757 w1d0 h4e\"><div class=\"t m0 x96 h1f y71 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x670 y3757 w613 h4e\"><div class=\"t m0 x124 h1f y71 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9bb y3757 w1d0 h4e\"><div class=\"t m0 x96 h1f y71 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x6ed y3757 w268 h4e\"><div class=\"t m0 x90 h1f y71 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x4c8 y3757 w376 h4e\"><div class=\"t m0 x91 h1f y71 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x685 y3757 w36f h4e\"><div class=\"t m0 x32 h1f y71 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td></tr><tr><td class=\"c x46b y3758 w616 h4d\"><div class=\"t m0 x130 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">1.3 Altri </div></td><td></td><td class=\"c x718 y3758 w1d0 h4d\"><div class=\"t m0 x96 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x670 y3758 w613 h4d\"><div class=\"t m0 x124 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9bb y3758 w1d0 h4d\"><div class=\"t m0 x96 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x6ed y3758 w268 h4d\"><div class=\"t m0 x90 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x4c8 y3758 w376 h4d\"><div class=\"t m0 x91 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x685 y3758 w36f h4d\"><div class=\"t m0 x32 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td></tr><tr><td class=\"c x46b y3759 w96 h4d\"><div class=\"t m0 x14 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale<span class=\"sc0\"> </span></div></td><td class=\"c xad7 y3759 w612 h4d\"><div class=\"t m0 x8a h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">31/12/<span class=\"_ _f\"></span>2025<span class=\"sc0\"> </span></div></td><td class=\"c x718 y3759 w1d0 h4d\"><div class=\"t m0 x16a h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">2.09<span class=\"_ _1\"></span>1.723<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x670 y3759 w613 h4d\"><div class=\"t m0 x124 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x9bb y3759 w1d0 h4d\"><div class=\"t m0 x33 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">71.2<span class=\"_ _1\"></span>06<span class=\"sc0\"> </span></div></td><td class=\"c x6ed y3759 w268 h4d\"><div class=\"t m0 x90 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x4c8 y3759 w376 h4d\"><div class=\"t m0 x91 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td></td><td class=\"c x685 y3759 w36f h4d\"><div class=\"t m0 x33 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">91.38<span class=\"_ _1\"></span>5<span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x46b y375a w96 hcb\"><div class=\"t m0 x14 h1f y80 ff4 fs7 fc1 sc2 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale<span class=\"sc0\"> </span></div></td><td class=\"c xad7 y375a w612 hcb\"><div class=\"t m0 x8a h1f y80 ff4 fs7 fc1 sc2 ls0 ws0\">31/12/<span class=\"_ _f\"></span>2024<span class=\"sc0\"> </span></div></td><td class=\"c x718 y375a w1d0 hcb\"><div class=\"t m0 x2a h1f y80 ff4 fs7 fc1 sc2 ls0 ws0\">2.06<span class=\"_ _1\"></span>1.751<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x670 y375a w613 hcb\"><div class=\"t m0 x124 h1f y80 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x9bb y375a w1d0 hcb\"><div class=\"t m0 x55 h1f y80 ff4 fs7 fc1 sc2 ls0 ws0\">100.<span class=\"_ _f\"></span>060<span class=\"sc0\"> </span></div></td><td class=\"c x6ed y375a w268 hcb\"><div class=\"t m0 x90 h1f y80 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x4c8 y375a w376 hcb\"><div class=\"t m0 x91 h1f y80 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td></td><td class=\"c x685 y375a w36f hcb\"><div class=\"t m0 x32 h1f y80 ff4 fs7 fc1 sc2 ls0 ws0\">38.17<span class=\"_ _1\"></span>3<span class=\"sc0\"> </span></div></td></tr></table></div><div class=\"c w2c2 hc8 gs15c0\"><div class=\"t m0 x10 h5 y54 ff4 fs1 fc4 sc3 ls0 ws0\">D.2 Co<span class=\"_ _f\"></span>pertura <span class=\"_ _1\"></span>dei fl<span class=\"_ _1\"></span>ussi <span class=\"_ _1\"></span>finan<span class=\"_ _f\"></span>ziari e deg<span class=\"_ _1\"></span>li inv<span class=\"_ _f\"></span>estiment<span class=\"_ _1\"></span>i est<span class=\"_ _1\"></span>eri </div></div><div class=\"gs15c1\"><table class=\"s w1134 h5b1\" id=\"_e44f66a9-a5a5-41b2-9c1c-248f55f8aa43\"><tr><td></td><td></td><td class=\"c xad8 y375b w1135 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">Vari<span class=\"_ _1\"></span>azion<span class=\"_ _f\"></span>e del va<span class=\"_ _1\"></span>lore<span class=\"_ _df\"> </span></div></td><td></td><td></td><td class=\"c xad9 y375c w1136 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">Cess<span class=\"_ _1\"></span>azio<span class=\"_ _1\"></span>ne <span class=\"_ _1\"></span>della<span class=\"_ _df\"> </span></div></td></tr><tr><td></td><td></td><td class=\"c xada y375d w1137 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">usat<span class=\"_ _f\"></span>o per ri<span class=\"_ _1\"></span>leva<span class=\"_ _1\"></span>re<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x98d y375e w618 h1df\"><div class=\"t m0 x116 h1f yd60 ff4 fs7 fc4 sc3 ls0 ws0\">Rise<span class=\"_ _1\"></span>rve da<span class=\"_ _f\"></span> copert<span class=\"_ _f\"></span>ura </div></td><td class=\"c xadb y375f w1138 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">cope<span class=\"_ _1\"></span>rtur<span class=\"_ _1\"></span>a: va<span class=\"_ _f\"></span>lore res<span class=\"_ _1\"></span>iduo<span class=\"_ _df\"> </span></div></td></tr><tr><td></td><td></td><td class=\"c xadc y3760 w1139 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">l'inef<span class=\"_ _1\"></span>fica<span class=\"_ _1\"></span>cia d<span class=\"_ _1\"></span>ella<span class=\"_ _df\"> </span></div></td><td></td><td></td><td class=\"c xadd y3761 w113a h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">delle r<span class=\"_ _f\"></span>iserve <span class=\"_ _f\"></span>di coper<span class=\"_ _f\"></span>tura<span class=\"_ _df\"> </span></div></td></tr><tr><td></td><td></td><td class=\"c xade y2e71 wbc9 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">cope<span class=\"_ _1\"></span>rtur<span class=\"_ _1\"></span>a<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td></tr><tr><td class=\"c x44e y3762 w619 h1fa\"><div class=\"t m0 x10 h1f y66c ff4 fs7 fc1 sc2 ls0 ws0\">A. Co<span class=\"_ _f\"></span>pertur<span class=\"_ _1\"></span>a di fl<span class=\"_ _1\"></span>ussi<span class=\"_ _1\"></span> Fina<span class=\"_ _f\"></span>nziari </div></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x44e y3763 w61a h82\"><div class=\"t m0 x2f h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">1. Attivit\u00e0 </div></td><td></td><td></td><td class=\"c xadf y3763 w61b h82\"><div class=\"t m0 x24 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x98d y3763 w61c h82\"><div class=\"t m0 x24 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xae0 y3763 w61d h82\"><div class=\"t m0 x24 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y3764 w619 h82\"><div class=\"t m0 x39 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">1.1 Titoli di debit<span class=\"_ _1\"></span>o e tassi d'interes<span class=\"_ _f\"></span>se<span class=\"_ _2\"></span> </div></td><td></td><td></td><td class=\"c xadf y3764 w61b h82\"><div class=\"t m0 x24 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x98d y3764 w61c h82\"><div class=\"t m0 x24 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xae0 y3764 w61d h82\"><div class=\"t m0 x24 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y3765 w619 h82\"><div class=\"t m0 x39 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">1.2 Titoli di capita<span class=\"_ _f\"></span>l<span class=\"_ _2\"></span>e e indici <span class=\"_ _1\"></span>azionari </div></td><td></td><td></td><td class=\"c xadf y3765 w61b h82\"><div class=\"t m0 x24 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x98d y3765 w61c h82\"><div class=\"t m0 x24 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xae0 y3765 w61d h82\"><div class=\"t m0 x24 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y3766 w619 h82\"><div class=\"t m0 x39 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">1.3 Valute e oro </div></td><td></td><td></td><td class=\"c xadf y3766 w61b h82\"><div class=\"t m0 x24 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x98d y3766 w61c h82\"><div class=\"t m0 x24 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xae0 y3766 w61d h82\"><div class=\"t m0 x24 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y3767 w619 h82\"><div class=\"t m0 x39 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">1.4 Crediti </div></td><td></td><td></td><td class=\"c xadf y3767 w61b h82\"><div class=\"t m0 x24 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x98d y3767 w61c h82\"><div class=\"t m0 x24 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xae0 y3767 w61d h82\"><div class=\"t m0 x24 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y3768 w619 h82\"><div class=\"t m0 x39 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">1.5 Altri </div></td><td></td><td></td><td class=\"c xadf y3768 w61b h82\"><div class=\"t m0 x24 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x98d y3768 w61c h82\"><div class=\"t m0 x24 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xae0 y3768 w61d h82\"><div class=\"t m0 x24 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y3769 w619 h82\"><div class=\"t m0 x2f h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">2. Passivit\u00e0 </div></td><td></td><td></td><td class=\"c xadf y3769 w61b h82\"><div class=\"t m0 x24 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x98d y3769 w61c h82\"><div class=\"t m0 xe6 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">(15.717) </div></td><td class=\"c xae0 y3769 w61d h82\"><div class=\"t m0 x24 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y376a w619 h82\"><div class=\"t m0 x39 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">1.1 Titoli di debit<span class=\"_ _1\"></span>o e tassi d'interes<span class=\"_ _f\"></span>se<span class=\"_ _2\"></span> </div></td><td></td><td></td><td class=\"c xadf y376a w61b h82\"><div class=\"t m0 x24 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x98d y376a w61c h82\"><div class=\"t m0 xe6 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">(15.717) </div></td><td class=\"c xae0 y376a w61d h82\"><div class=\"t m0 x24 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y376b w619 h1fa\"><div class=\"t m0 x39 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">1.2 Valute e or<span class=\"_ _1\"></span>o </div></td><td></td><td></td><td class=\"c xadf y376b w61b h1fa\"><div class=\"t m0 x24 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x98d y376b w61c h1fa\"><div class=\"t m0 x24 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xae0 y376b w61d h1fa\"><div class=\"t m0 x24 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y376c w619 h82\"><div class=\"t m0 x39 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">1.3 Altri </div></td><td></td><td></td><td class=\"c xadf y376c w61b h82\"><div class=\"t m0 x24 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x98d y376c w61c h82\"><div class=\"t m0 x24 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xae0 y376c w61d h82\"><div class=\"t m0 x24 h1f y54 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y376d w61a h254\"><div class=\"t m0 x24 h1f y54 ff4 fs7 fc1 sc2 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale (A<span class=\"_ _f\"></span>) </div></td><td class=\"c xae1 y376d w485 h254\"><div class=\"t m0 x10 h1f y54 ff4 fs7 fc1 sc2 ls0 ws0\">31/12/<span class=\"_ _f\"></span>2025 </div></td><td></td><td class=\"c xadf y376d w61b h254\"><div class=\"t m0 x24 h1f y54 ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td><td class=\"c x98d y376d w61c h254\"><div class=\"t m0 xe6 h1f y54 ff4 fs7 fc1 sc2 ls0 ws0\">(15.717<span class=\"_ _f\"></span>) </div></td><td class=\"c xae0 y376d w61d h254\"><div class=\"t m0 x24 h1f y54 ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y376e w61a h82\"><div class=\"t m0 x24 h1f y54 ff4 fs7 fc1 sc2 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale (A<span class=\"_ _f\"></span>) </div></td><td class=\"c xae1 y376e w485 h82\"><div class=\"t m0 x10 h1f y54 ff4 fs7 fc1 sc2 ls0 ws0\">31/12/<span class=\"_ _f\"></span>2024 </div></td><td></td><td class=\"c xadf y376e w61b h82\"><div class=\"t m0 x24 h1f y54 ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td><td class=\"c x98d y376e w61c h82\"><div class=\"t m0 x11f h1f y54 ff4 fs7 fc1 sc2 ls0 ws0\">(23.<span class=\"_ _1\"></span>466)<span class=\"_ _f\"></span> </div></td><td class=\"c xae0 y376e w61d h82\"><div class=\"t m0 x24 h1f y54 ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y376f w619 h82\"><div class=\"t m0 x10 h1f y54 ff4 fs7 fc1 sc2 ls0 ws0\">B. Co<span class=\"_ _f\"></span>pertura<span class=\"_ _1\"></span> deg<span class=\"_ _1\"></span>li in<span class=\"_ _1\"></span>vest<span class=\"_ _f\"></span>imenti<span class=\"_ _1\"></span> este<span class=\"_ _1\"></span>ri </div></td><td></td><td class=\"c xadf y376f w61b h82\"><div class=\"t m0 x7 h1f y54 ff4 fs7 fc1 sc2 ls0 ws0\">X </div></td><td></td><td class=\"c x98d y376f w61c h82\"><div class=\"t m0 x24 h1f y54 ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td><td class=\"c xae0 y376f w61d h82\"><div class=\"t m0 x24 h1f y54 ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y3770 w61a h82\"><div class=\"t m0 xe3 h1f y54 ff4 fs7 fc1 sc2 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale (A<span class=\"_ _f\"></span>+B) </div></td><td class=\"c xae1 y3770 w485 h82\"><div class=\"t m0 x10 h1f y54 ff4 fs7 fc1 sc2 ls0 ws0\">31/12/<span class=\"_ _f\"></span>2025 </div></td><td></td><td class=\"c xadf y3770 w61b h82\"><div class=\"t m0 x24 h1f y54 ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td><td class=\"c x98d y3770 w61c h82\"><div class=\"t m0 xe6 h1f y54 ff4 fs7 fc1 sc2 ls0 ws0\">(15.717<span class=\"_ _f\"></span>) </div></td><td class=\"c xae0 y3770 w61d h82\"><div class=\"t m0 x24 h1f y54 ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y3771 w61a hc8\"><div class=\"t m0 xe3 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale (A<span class=\"_ _f\"></span>+B) </div></td><td class=\"c xae1 y3771 w485 hc8\"><div class=\"t m0 x10 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">31/12/<span class=\"_ _f\"></span>2024 </div></td><td></td><td class=\"c xadf y3771 w61b hc8\"><div class=\"t m0 x24 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td><td class=\"c x98d y3771 w61c hc8\"><div class=\"t m0 x11f h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">(23.<span class=\"_ _1\"></span>466)<span class=\"_ _f\"></span> </div></td><td class=\"c xae0 y3771 w61d hc8\"><div class=\"t m0 x24 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td></tr></table></div>E. Ef<span class=\"_ _1\"></span>fet<span class=\"_ _1\"></span>ti d<span class=\"_ _f\"></span>elle o<span class=\"_ _1\"></span>pera<span class=\"_ _f\"></span>zioni d<span class=\"_ _f\"></span>i cope<span class=\"_ _f\"></span>rtura <span class=\"_ _f\"></span>a pat<span class=\"_ _1\"></span>rimo<span class=\"_ _f\"></span>nio n<span class=\"_ _1\"></span>etto<span class=\"_ _df\"> </span>E.1. <span class=\"_ _1\"></span>Riconcil<span class=\"_ _1\"></span>iazio<span class=\"_ _f\"></span>ne delle <span class=\"_ _1\"></span>comp<span class=\"_ _1\"></span>on<span class=\"_ _f\"></span>enti di pa<span class=\"_ _f\"></span>trimonio<span class=\"_ _1\"></span> nett<span class=\"_ _1\"></span>o<span class=\"fc1 sc0\"> </span><table class=\"s w113b h5b2\" id=\"_3cc44eda-1fa7-4e46-a5e5-8c0f541b8d42\"><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=\"c x612 y3772 w620 h95\"><div class=\"t m0 x36 hd6 y2ea ff4 fs1b fc4 sc3 ls0 ws0\">Strume<span class=\"_ _1\"></span>nti di c<span class=\"_ _1\"></span>opertur<span class=\"_ _1\"></span>a (elem<span class=\"_ _1\"></span>enti n<span class=\"_ _f\"></span>o<span class=\"_ _2\"></span>n de<span class=\"_ _1\"></span>signati<span class=\"_ _1\"></span>)<span class=\"fc1 sc0\"> </span></div></td><td></td><td></td><td></td></tr><tr><td></td><td></td><td class=\"c xae2 y3773 w113c h4bd\"><div class=\"t m0 x250 hd6 y2726 ff4 fs1b fc4 sc3 ls0 ws0\">Riserva<span class=\"_ _1\"></span> da cop<span class=\"_ _f\"></span>ertura dei flu<span class=\"_ _1\"></span>ssi<span class=\"_ _df\"> </span></div></td><td class=\"c xae3 y265f wa92 h4bd\"><div class=\"t m0 x250 hd6 y2726 ff4 fs1b fc4 sc3 ls0 ws0\">finanzia<span class=\"_ _f\"></span>ri<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td class=\"c xae4 y3773 w113d h4bd\"><div class=\"t m0 x250 hd6 y2726 ff4 fs1b fc4 sc3 ls0 ws0\">Riserva<span class=\"_ _1\"></span> da cop<span class=\"_ _f\"></span>ertura di<span class=\"_ _df\"> </span></div></td><td class=\"c xae5 y265f w113e h4bd\"><div class=\"t m0 x250 hd6 y2726 ff4 fs1b fc4 sc3 ls0 ws0\">investim<span class=\"_ _f\"></span>enti esteri<span class=\"_ _df\"> </span></div></td><td></td><td></td><td class=\"c x612 y3774 w3f1 h1c5\"><div class=\"t m0 x55 hd6 y36a ff4 fs1b fc4 sc3 ls0 ws0\">Valore te<span class=\"_ _f\"></span>mporale opz<span class=\"_ _f\"></span>ione<span class=\"fc1 sc0\"> </span></div></td><td class=\"c xae6 y3775 w113f h4bd\"><div class=\"t m0 x250 hd6 y2726 ff4 fs1b fc4 sc3 ls0 ws0\">Valore e<span class=\"_ _f\"></span>lemento for<span class=\"_ _f\"></span>ward e<span class=\"_ _df\"> </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></td><td></td><td></td><td></td><td class=\"c xae7 y268f w1140 h4bd\"><div class=\"t m0 x250 hd6 y2726 ff4 fs1b fc4 sc3 ls0 ws0\">differe<span class=\"_ _1\"></span>nziale da <span class=\"_ _f\"></span>valuta estera<span class=\"_ _df\"> </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></td><td></td><td class=\"c x608 y3776 w1141 h4bd\"><div class=\"t m0 x250 hd6 y2726 ff4 fs1b fc4 sc3 ls0 ws0\">Copertur<span class=\"_ _f\"></span>e<span class=\"_ _df\"> </span></div></td><td class=\"c xae8 y3776 w1141 h4bd\"><div class=\"t m0 x250 hd6 y2726 ff4 fs1b fc4 sc3 ls0 ws0\">Copertur<span class=\"_ _f\"></span>e<span class=\"_ _df\"> </span></div></td><td class=\"c xae7 y3776 w1141 h4bd\"><div class=\"t m0 x250 hd6 y2726 ff4 fs1b fc4 sc3 ls0 ws0\">Copertur<span class=\"_ _f\"></span>e<span class=\"_ _df\"> </span></div></td><td></td><td></td><td class=\"c xae9 y3776 w1141 h4bd\"><div class=\"t m0 x250 hd6 y2726 ff4 fs1b fc4 sc3 ls0 ws0\">Copertur<span class=\"_ _f\"></span>e<span class=\"_ _df\"> </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></td><td class=\"c xaea y3777 w1142 h4c8\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc4 sc3 ls0 ws0\">relative a<span class=\"_ _df\"> </span></div></td><td class=\"c xaeb y3777 w1143 h4c8\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc4 sc3 ls0 ws0\">relative a<span class=\"_ _1\"></span> un<span class=\"_ _df\"> </span></div></td><td class=\"c xaec y3777 w1142 h4c8\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc4 sc3 ls0 ws0\">relative a<span class=\"_ _df\"> </span></div></td><td></td><td></td><td class=\"c x6f3 y3777 w1143 h4c8\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc4 sc3 ls0 ws0\">relative a<span class=\"_ _1\"></span> un<span class=\"_ _df\"> </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></td><td class=\"c x617 y3778 w1144 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc4 sc3 ls0 ws0\">operazi<span class=\"_ _f\"></span>o<span class=\"_ _2\"></span>ni<span class=\"_ _df\"> </span></div></td><td class=\"c xaed y3778 w1145 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc4 sc3 ls0 ws0\">periodo<span class=\"_ _df\"> </span></div></td><td class=\"c xaee y3778 w1144 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc4 sc3 ls0 ws0\">operazi<span class=\"_ _f\"></span>o<span class=\"_ _2\"></span>ni<span class=\"_ _df\"> </span></div></td><td></td><td></td><td class=\"c xaef y3778 w1145 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc4 sc3 ls0 ws0\">periodo<span class=\"_ _df\"> </span></div></td></tr><tr><td class=\"c x46b y3779 w622 h4d\"><div class=\"t m0 x8a hd6 y30c ff4 fs1b fc1 sc2 ls0 ws0\">Esistenz<span class=\"_ _f\"></span>e iniziali<span class=\"sc0\"> </span></div></td><td class=\"c x5c7 y3779 w1b8 h4d\"><div class=\"t m0 xab hd6 y30c ff4 fs1b fc1 sc2 ls0 ws0\">(23.466)<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x689 y3779 w624 h4d\"><div class=\"t m0 x2f hd6 y30c ff4 fs1b fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c xaf0 y3779 w623 h4d\"><div class=\"t m0 x2f hd6 y30c ff4 fs1b fc1 sc2 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x6eb y3779 w625 h4d\"><div class=\"t m0 x2f hd6 y30c ff4 fs1b fc1 sc2 ls0 ws0\">-</div></td><td class=\"c xaf1 y3779 w624 h4d\"><div class=\"t m0 x2f hd6 y30c ff4 fs1b fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x5b8 y3779 w626 h4d\"><div class=\"t m0 x16a hd6 y30c ff4 fs1b fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c xa0d y3779 w626 h4d\"><div class=\"t m0 x16a hd6 y30c ff4 fs1b fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x4c7 y3779 w42a h4d\"><div class=\"t m0 x16a hd6 y30c ff4 fs1b fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x50b y3779 w627 h4d\"><div class=\"t m0 x16a hd6 y30c ff4 fs1b fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x80d y3779 w626 h4d\"><div class=\"t m0 x16a hd6 y30c ff4 fs1b fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td></td><td class=\"c x62a y3779 w1b5 h4d\"><div class=\"t m0 x11 hd6 y30c ff4 fs1b fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x612 y3779 w2d7 h4d\"><div class=\"t m0 x96 hd6 y30c ff4 fs1b fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td></td><td class=\"c x923 y3779 w510 h4d\"><div class=\"t m0 x96 hd6 y30c ff4 fs1b fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c xaf2 y3779 wb8 h4d\"><div class=\"t m0 x11 hd6 y30c ff4 fs1b fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x262 y377a w1146 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">Variazioni di fair value<span class=\"_ _df\"> </span></div></td><td class=\"c x5c7 y377b w1b8 h5a\"><div class=\"t m0 x2a hd6 y2ea ff4 fs1b fc1 sc0 ls0 ws0\">7.749 </div></td><td class=\"c x689 y377b w624 h5a\"><div class=\"t m0 x2f hd6 y2ea ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xaf0 y377b w623 h5a\"><div class=\"t m0 x2f hd6 y2ea ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x6eb y377b w625 h5a\"><div class=\"t m0 x2f hd6 y2ea ff4 fs1b fc1 sc0 ls0 ws0\">-</div></td><td class=\"c xaf1 y377b w624 h5a\"><div class=\"t m0 x2f hd6 y2ea ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5b8 y377b w626 h5a\"><div class=\"t m0 x16a hd6 y2ea ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa0d y377b w626 h5a\"><div class=\"t m0 x16a hd6 y2ea ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x4c7 y377b w42a h5a\"><div class=\"t m0 x16a hd6 y2ea ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x50b y377b w627 h5a\"><div class=\"t m0 x16a hd6 y2ea ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x80d y377b w626 h5a\"><div class=\"t m0 x16a hd6 y2ea ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x62a y377b w1b5 h5a\"><div class=\"t m0 x11 hd6 y2ea ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x612 y377b w2d7 h5a\"><div class=\"t m0 x96 hd6 y2ea ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x923 y377b w510 h5a\"><div class=\"t m0 x96 hd6 y2ea ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xaf2 y377b wb8 h5a\"><div class=\"t m0 x11 hd6 y2ea ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x262 y31a4 w1147 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">(quota efficace)<span class=\"_ _df\"> </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 x46b y377c w622 h95\"><div class=\"t m0 x8a hd6 y2ea ff4 fs1b fc1 sc0 ls0 ws0\">Rigiri a conto economico </div></td><td class=\"c x5c7 y377c w1b8 h95\"><div class=\"t m0 x3a hd6 y2ea ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x689 y377c w624 h95\"><div class=\"t m0 x2f hd6 y2ea ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xaf0 y377c w623 h95\"><div class=\"t m0 x2f hd6 y2ea ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x6eb y377c w625 h95\"><div class=\"t m0 x2f hd6 y2ea ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xaf1 y377c w624 h95\"><div class=\"t m0 x2f hd6 y2ea ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5b8 y377c w626 h95\"><div class=\"t m0 x16a hd6 y2ea ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa0d y377c w626 h95\"><div class=\"t m0 x16a hd6 y2ea ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x4c7 y377c w42a h95\"><div class=\"t m0 x16a hd6 y2ea ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x50b y377c w627 h95\"><div class=\"t m0 x16a hd6 y2ea ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x80d y377c w626 h95\"><div class=\"t m0 x16a hd6 y2ea ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x62a y377c w1b5 h95\"><div class=\"t m0 x11 hd6 y2ea ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x612 y377c w2d7 h95\"><div class=\"t m0 x96 hd6 y2ea ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x923 y377c w510 h95\"><div class=\"t m0 x96 hd6 y2ea ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xaf2 y377c wb8 h95\"><div class=\"t m0 x11 hd6 y2ea ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x3b5 y377d w1148 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">di cui: transazioni<span class=\"_ _df\"> </span></div></td><td class=\"c x5c7 y377e w1b8 h95\"><div class=\"t m0 x3a hd6 y2ea ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x689 y377e w624 h95\"><div class=\"t m0 x2f hd6 y2ea ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xaf0 y377e w623 h95\"><div class=\"t m0 x2f hd6 y2ea ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x6eb y377e w625 h95\"><div class=\"t m0 x2f hd6 y2ea ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xaf1 y377e w624 h95\"><div class=\"t m0 x2f hd6 y2ea ff4 fs1b fc1 sc0 ls0 ws0\">-</div></td><td class=\"c x5b8 y377e w626 h95\"><div class=\"t m0 xac hd6 y2ea ff4 fs1b fc1 sc0 ls0 ws0\">X</div></td><td class=\"c xa0d y377e w626 h95\"><div class=\"t m0 xac hd6 y2ea ff4 fs1b fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x4c7 y377e w42a h95\"><div class=\"t m0 xac hd6 y2ea ff4 fs1b fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x50b y377e w627 h95\"><div class=\"t m0 xac hd6 y2ea ff4 fs1b fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x80d y377e w626 h95\"><div class=\"t m0 xac hd6 y2ea ff4 fs1b fc1 sc0 ls0 ws0\">X </div></td><td></td><td class=\"c x612 y377e w2d7 h95\"><div class=\"t m0 x32 hd6 y2ea ff4 fs1b fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x62a y377e w1b5 h95\"><div class=\"t m0 x32 hd6 y2ea ff4 fs1b fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x923 y377e w510 h95\"><div class=\"t m0 x32 hd6 y2ea ff4 fs1b fc1 sc0 ls0 ws0\">X </div></td><td></td><td class=\"c xaf2 y377e wb8 h95\"><div class=\"t m0 x32 hd6 y2ea ff4 fs1b fc1 sc0 ls0 ws0\">X </div></td></tr><tr><td class=\"c x3b5 y377f w1149 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">future non pi\u00f9 attese<span class=\"_ _df\"> </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 x46b y3780 w622 h28e\"><div class=\"t m0 x8a hd6 y30c ff4 fs1b fc1 sc0 ls0 ws0\">Altre variazioni </div></td><td class=\"c x5c7 y3780 w1b8 h28e\"><div class=\"t m0 x3a hd6 y30c ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x689 y3780 w624 h28e\"><div class=\"t m0 x2f hd6 y30c ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xaf0 y3780 w623 h28e\"><div class=\"t m0 x2f hd6 y30c ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x6eb y3780 w625 h28e\"><div class=\"t m0 x2f hd6 y30c ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xaf1 y3780 w624 h28e\"><div class=\"t m0 x2f hd6 y30c ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5b8 y3780 w626 h28e\"><div class=\"t m0 x16a hd6 y30c ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa0d y3780 w626 h28e\"><div class=\"t m0 x16a hd6 y30c ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x4c7 y3780 w42a h28e\"><div class=\"t m0 x16a hd6 y30c ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x50b y3780 w627 h28e\"><div class=\"t m0 x16a hd6 y30c ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x80d y3780 w626 h28e\"><div class=\"t m0 x16a hd6 y30c ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x62a y3780 w1b5 h28e\"><div class=\"t m0 x11 hd6 y30c ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x612 y3780 w2d7 h28e\"><div class=\"t m0 x96 hd6 y30c ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td></td><td class=\"c x923 y3780 w510 h28e\"><div class=\"t m0 x96 hd6 y30c ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xaf2 y3780 wb8 h28e\"><div class=\"t m0 x11 hd6 y30c ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x3b5 y3781 w114a h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">di cui: trasferimenti al<span class=\"_ _df\"> </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 x3b5 y3782 w114b h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">valore contabile iniziale<span class=\"_ _df\"> </span></div></td><td class=\"c x5c7 y3783 w1b8 h1c1\"><div class=\"t m0 x3a hd6 y532 ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x689 y3783 w624 h1c1\"><div class=\"t m0 x2f hd6 y532 ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xaf0 y3783 w623 h1c1\"><div class=\"t m0 x2f hd6 y532 ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x6eb y3783 w625 h1c1\"><div class=\"t m0 x2f hd6 y532 ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xaf1 y3783 w624 h1c1\"><div class=\"t m0 x2f hd6 y532 ff4 fs1b fc1 sc0 ls0 ws0\">-</div></td><td class=\"c x5b8 y3783 w626 h1c1\"><div class=\"t m0 xac hd6 y532 ff4 fs1b fc1 sc0 ls0 ws0\">X</div></td><td class=\"c xa0d y3783 w626 h1c1\"><div class=\"t m0 xac hd6 y532 ff4 fs1b fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x4c7 y3783 w42a h1c1\"><div class=\"t m0 xac hd6 y532 ff4 fs1b fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x50b y3783 w627 h1c1\"><div class=\"t m0 xac hd6 y532 ff4 fs1b fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x80d y3783 w626 h1c1\"><div class=\"t m0 xac hd6 y532 ff4 fs1b fc1 sc0 ls0 ws0\">X </div></td><td></td><td class=\"c x612 y3783 w2d7 h1c1\"><div class=\"t m0 x32 hd6 y532 ff4 fs1b fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x62a y3783 w1b5 h1c1\"><div class=\"t m0 x32 hd6 y532 ff4 fs1b fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x923 y3783 w510 h1c1\"><div class=\"t m0 x32 hd6 y532 ff4 fs1b fc1 sc0 ls0 ws0\">X </div></td><td></td><td class=\"c xaf2 y3783 wb8 h1c1\"><div class=\"t m0 x32 hd6 y532 ff4 fs1b fc1 sc0 ls0 ws0\">X </div></td></tr><tr><td class=\"c x3b5 y3784 w114c h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">degli strumenti coperti<span class=\"_ _df\"> </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 x46b y3785 w622 hcc\"><div class=\"t m0 x8a hd6 y25f ff4 fs1b fc1 sc2 ls0 ws0\">Riman<span class=\"_ _1\"></span>enze fina<span class=\"_ _1\"></span>li<span class=\"sc0\"> </span></div></td><td class=\"c x5c7 y3785 w1b8 hcc\"><div class=\"t m0 x8e hd6 y25f ff4 fs1b fc1 sc2 ls0 ws0\">(15.717)<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x689 y3785 w624 hcc\"><div class=\"t m0 x2f hd6 y25f ff4 fs1b fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c xaf0 y3785 w623 hcc\"><div class=\"t m0 x2f hd6 y25f ff4 fs1b fc1 sc2 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x6eb y3785 w625 hcc\"><div class=\"t m0 x2f hd6 y25f ff4 fs1b fc1 sc2 ls0 ws0\">-</div></td><td class=\"c xaf1 y3785 w624 hcc\"><div class=\"t m0 x2f hd6 y25f ff4 fs1b fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x5b8 y3785 w626 hcc\"><div class=\"t m0 x16a hd6 y25f ff4 fs1b fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c xa0d y3785 w626 hcc\"><div class=\"t m0 x16a hd6 y25f ff4 fs1b fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x4c7 y3785 w42a hcc\"><div class=\"t m0 x16a hd6 y25f ff4 fs1b fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x50b y3785 w627 hcc\"><div class=\"t m0 x16a hd6 y25f ff4 fs1b fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x80d y3785 w626 hcc\"><div class=\"t m0 x16a hd6 y25f ff4 fs1b fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td></td><td class=\"c x62a y3785 w1b5 hcc\"><div class=\"t m0 x11 hd6 y25f ff4 fs1b fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x612 y3785 w2d7 hcc\"><div class=\"t m0 x96 hd6 y25f ff4 fs1b fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td></td><td class=\"c x923 y3785 w510 hcc\"><div class=\"t m0 x96 hd6 y25f ff4 fs1b fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c xaf2 y3785 wb8 hcc\"><div class=\"t m0 x11 hd6 y25f ff4 fs1b fc1 sc2 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td></tr></table>Titoli di debito <span class=\"ls15\">e </span>tassi d'interesse<span class=\"fc1 sc0\"> </span>Titoli di capitale e indici azionari<span class=\"fc1 sc0\"> </span>Valute e oro<span class=\"fc1 sc0\"> </span>Crediti<span class=\"fc1 sc0\"> </span>Altri<span class=\"fc1 sc0\"> </span>Titoli di debito e tassi d'interesse<span class=\"fc1 sc0\"> </span>Titoli di capitale e indici azionari<span class=\"fc1 sc0\"> </span>Valute e oro<span class=\"fc1 sc0\"> </span>Crediti<span class=\"fc1 sc0\"> </span>Altri<span class=\"fc1 sc0\"> </span>A.1 D<span class=\"_ _1\"></span>eriva<span class=\"_ _f\"></span>ti finanzia<span class=\"_ _f\"></span>ri e cred<span class=\"_ _1\"></span>itizi O<span class=\"_ _f\"></span>TC: fair <span class=\"_ _1\"></span>value<span class=\"_ _1\"></span> nett<span class=\"_ _1\"></span>i per<span class=\"_ _1\"></span> contr<span class=\"_ _1\"></span>opa<span class=\"_ _1\"></span>rti Controparti centrali Banche Altre societ\u00e0 finanziarie Altri soggetti <table class=\"s w114d h5b3\" id=\"_d0c1f060-dd19-44d0-937f-927c612a7d24\"><tr><td class=\"c x44e y3786 w628 hcb\"><div class=\"t m0 x10 h1f y80 ff4 fs7 fc1 sc2 ls0 ws0\">A. D<span class=\"_ _1\"></span>eriv<span class=\"_ _1\"></span>ati fi<span class=\"_ _1\"></span>nan<span class=\"_ _1\"></span>ziari </div></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x44e y3787 w628 hcc\"><div class=\"t m0 x16a h1f y74a ff4 fs7 fc1 sc2 ls0 ws0\">1) Tit<span class=\"_ _1\"></span>oli di <span class=\"_ _f\"></span>debito e<span class=\"_ _f\"></span> tassi<span class=\"_ _1\"></span> d'int<span class=\"_ _f\"></span>eresse <span class=\"_ _1\"></span> </div></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x44e y3788 w628 hcb\"><div class=\"t m0 x48 h1f y74a ff4 fs7 fc1 sc0 ls0 ws0\">- valore nozionale<span class=\"_ _f\"></span> </div></td><td class=\"c xaf3 y3788 w7f hcb\"><div class=\"t m0 xef h1f y74a ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x8a3 y3788 w629 hcb\"><div class=\"t m0 x35 h1f y74a ff4 fs7 fc1 sc0 ls0 ws0\">27.021.988 </div></td><td class=\"c x764 y3788 w273 hcb\"><div class=\"t m0 x30 h1f y74a ff4 fs7 fc1 sc0 ls0 ws0\">403.815 </div></td><td class=\"c x7b8 y3788 w629 hcb\"><div class=\"t m0 x15 h1f y74a ff4 fs7 fc1 sc0 ls0 ws0\">645.551 </div></td></tr><tr><td class=\"c x44e y3789 w628 hcb\"><div class=\"t m0 x48 h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">- fair value netto <span class=\"_ _1\"></span>positivo </div></td><td class=\"c xaf3 y3789 w7f hcb\"><div class=\"t m0 xef h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x8a3 y3789 w629 hcb\"><div class=\"t m0 x36 h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">127.401 </div></td><td class=\"c x764 y3789 w273 hcb\"><div class=\"t m0 x49 h1f y80 ff4 fs7 fc1 sc0 ls29 ws0\">61<span class=\"ls0\"> </span></div></td><td class=\"c x7b8 y3789 w629 hcb\"><div class=\"t m0 x91 h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">2.307 </div></td></tr><tr><td class=\"c x44e y378a w628 hcc\"><div class=\"t m0 x48 h1f y74a ff4 fs7 fc1 sc0 ls0 ws0\">- fair value netto <span class=\"_ _1\"></span>negativo </div></td><td class=\"c xaf3 y378a w7f hcc\"><div class=\"t m0 xef h1f y74a ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x8a3 y378a w629 hcc\"><div class=\"t m0 x31 h1f y74a ff4 fs7 fc1 sc0 ls0 ws0\">473.326 </div></td><td class=\"c x764 y378a w273 hcc\"><div class=\"t m0 x8f h1f y74a ff4 fs7 fc1 sc0 ls0 ws0\">18.340 </div></td><td class=\"c x7b8 y378a w629 hcc\"><div class=\"t m0 x91 h1f y74a ff4 fs7 fc1 sc0 ls0 ws0\">2.837 </div></td></tr><tr><td class=\"c x44e y378b w628 hcb\"><div class=\"t m0 x16a h1f y74a ff4 fs7 fc1 sc2 ls0 ws0\">2) Tit<span class=\"_ _1\"></span>oli di <span class=\"_ _f\"></span>capital<span class=\"_ _1\"></span>e e i<span class=\"_ _1\"></span>ndici a<span class=\"_ _f\"></span>ziona<span class=\"_ _f\"></span>ri </div></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x44e y378c w628 hcb\"><div class=\"t m0 x48 h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">- valore nozion<span class=\"_ _1\"></span>ale </div></td><td class=\"c xaf3 y378c w7f hcb\"><div class=\"t m0 xef h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x8a3 y378c w629 hcb\"><div class=\"t m0 xef h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x764 y378c w273 hcb\"><div class=\"t m0 x49 h1f y80 ff4 fs7 fc1 sc0 ls9 ws0\">10<span class=\"ls0\"> </span></div></td><td class=\"c x7b8 y378c w629 hcb\"><div class=\"t m0 xef h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y378d w628 hcc\"><div class=\"t m0 x48 h1f y74a ff4 fs7 fc1 sc0 ls0 ws0\">- fair value netto <span class=\"_ _1\"></span>positivo </div></td><td class=\"c xaf3 y378d w7f hcc\"><div class=\"t m0 xef h1f y74a ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x8a3 y378d w629 hcc\"><div class=\"t m0 xef h1f y74a ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x764 y378d w273 hcc\"><div class=\"t m0 xc3 h1f y74a ff4 fs7 fc1 sc0 ls0 ws0\">2 </div></td><td class=\"c x7b8 y378d w629 hcc\"><div class=\"t m0 xef h1f y74a ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y378e w628 hcb\"><div class=\"t m0 x48 h1f y74a ff4 fs7 fc1 sc0 ls0 ws0\">- <span class=\"ls107\">fa</span>ir value net<span class=\"_ _f\"></span>to<span class=\"_ _2\"></span> negat<span class=\"_ _1\"></span>ivo </div></td><td class=\"c xaf3 y378e w7f hcb\"><div class=\"t m0 xef h1f y74a ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x8a3 y378e w629 hcb\"><div class=\"t m0 xef h1f y74a ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x764 y378e w273 hcb\"><div class=\"t m0 xef h1f y74a ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x7b8 y378e w629 hcb\"><div class=\"t m0 xef h1f y74a ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y378f w628 hcb\"><div class=\"t m0 x16a h1f y80 ff4 fs7 fc1 sc2 ls0 ws0\">3) Va<span class=\"_ _1\"></span>lute <span class=\"_ _f\"></span>e oro </div></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x44e y3790 w628 h352\"><div class=\"t m0 x48 h1f y74a ff4 fs7 fc1 sc0 ls0 ws0\">- valore nozion<span class=\"_ _1\"></span>ale </div></td><td class=\"c xaf3 y3790 w7f h352\"><div class=\"t m0 xef h1f y74a ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x8a3 y3790 w629 h352\"><div class=\"t m0 x8f h1f y74a ff4 fs7 fc1 sc0 ls0 ws0\">94.594 </div></td><td class=\"c x764 y3790 w273 h352\"><div class=\"t m0 x8f h1f y74a ff4 fs7 fc1 sc0 ls0 ws0\">42.572 </div></td><td class=\"c x7b8 y3790 w629 h352\"><div class=\"t m0 x15 h1f y74a ff4 fs7 fc1 sc0 ls0 ws0\">566.517 </div></td></tr><tr><td class=\"c x44e y3791 w628 hcb\"><div class=\"t m0 x48 h1f y74a ff4 fs7 fc1 sc0 ls0 ws0\">- fair value netto <span class=\"_ _1\"></span>positivo </div></td><td class=\"c xaf3 y3791 w7f hcb\"><div class=\"t m0 xef h1f y74a ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x8a3 y3791 w629 hcb\"><div class=\"t m0 xf h1f y74a ff4 fs7 fc1 sc0 ls2a ws0\">283<span class=\"ls0\"> </span></div></td><td class=\"c x764 y3791 w273 hcb\"><div class=\"t m0 x49 h1f y74a ff4 fs7 fc1 sc0 ls27 ws0\">31<span class=\"ls0\"> </span></div></td><td class=\"c x7b8 y3791 w629 hcb\"><div class=\"t m0 x91 h1f y74a ff4 fs7 fc1 sc0 ls0 ws0\">5.760 </div></td></tr><tr><td class=\"c x44e y3792 w628 hcb\"><div class=\"t m0 x48 h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">- fair value netto <span class=\"_ _1\"></span>negativo </div></td><td class=\"c xaf3 y3792 w7f hcb\"><div class=\"t m0 xef h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x8a3 y3792 w629 hcb\"><div class=\"t m0 xc7 h1f y80 ff4 fs7 fc1 sc0 ls34 ws0\">78<span class=\"ls0\"> </span></div></td><td class=\"c x764 y3792 w273 hcb\"><div class=\"t m0 xc6 h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">579 </div></td><td class=\"c x7b8 y3792 w629 hcb\"><div class=\"t m0 x91 h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">2.375 </div></td></tr><tr><td class=\"c x44e y3793 w628 hcc\"><div class=\"t m0 x16a h1f y74a ff4 fs7 fc1 sc2 ls0 ws0\">4) Me<span class=\"_ _1\"></span>rci<span class=\"_ _1\"></span> </div></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x44e y3794 w628 hcb\"><div class=\"t m0 x48 h1f y74a ff4 fs7 fc1 sc0 ls0 ws0\">- valore nozion<span class=\"_ _1\"></span>ale </div></td><td class=\"c xaf3 y3794 w7f hcb\"><div class=\"t m0 xef h1f y74a ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x8a3 y3794 w629 hcb\"><div class=\"t m0 xef h1f y74a ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x764 y3794 w273 hcb\"><div class=\"t m0 xef h1f y74a ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x7b8 y3794 w629 hcb\"><div class=\"t m0 xef h1f y74a ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y3795 w628 hcb\"><div class=\"t m0 x48 h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">- fair value netto <span class=\"_ _1\"></span>positivo </div></td><td class=\"c xaf3 y3795 w7f hcb\"><div class=\"t m0 xef h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x8a3 y3795 w629 hcb\"><div class=\"t m0 xef h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x764 y3795 w273 hcb\"><div class=\"t m0 xef h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x7b8 y3795 w629 hcb\"><div class=\"t m0 xef h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y3796 w628 hcc\"><div class=\"t m0 x48 h1f y74a ff4 fs7 fc1 sc0 ls0 ws0\">- fair value netto <span class=\"_ _1\"></span>negativo </div></td><td class=\"c xaf3 y3796 w7f hcc\"><div class=\"t m0 xef h1f y74a ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x8a3 y3796 w629 hcc\"><div class=\"t m0 xef h1f y74a ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x764 y3796 w273 hcc\"><div class=\"t m0 xef h1f y74a ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x7b8 y3796 w629 hcc\"><div class=\"t m0 xef h1f y74a ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y3797 w628 hcb\"><div class=\"t m0 x16a h1f y74a ff4 fs7 fc1 sc2 ls0 ws0\">5) Al<span class=\"_ _1\"></span>tri </div></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x44e y3798 w628 hcb\"><div class=\"t m0 x48 h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">- valore nozion<span class=\"_ _1\"></span>ale </div></td><td class=\"c xaf3 y3798 w7f hcb\"><div class=\"t m0 xef h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x8a3 y3798 w629 hcb\"><div class=\"t m0 xef h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x764 y3798 w273 hcb\"><div class=\"t m0 xef h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x7b8 y3798 w629 hcb\"><div class=\"t m0 xef h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y3799 w628 hcc\"><div class=\"t m0 x48 h1f y74a ff4 fs7 fc1 sc0 ls0 ws0\">- fair value netto <span class=\"_ _1\"></span>positivo </div></td><td class=\"c xaf3 y3799 w7f hcc\"><div class=\"t m0 xef h1f y74a ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x8a3 y3799 w629 hcc\"><div class=\"t m0 xef h1f y74a ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x764 y3799 w273 hcc\"><div class=\"t m0 xef h1f y74a ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x7b8 y3799 w629 hcc\"><div class=\"t m0 xef h1f y74a ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y379a w628 hcb\"><div class=\"t m0 x48 h1f y74a ff4 fs7 fc1 sc0 ls0 ws0\">- fair value netto <span class=\"_ _1\"></span>negativo </div></td><td class=\"c xaf3 y379a w7f hcb\"><div class=\"t m0 xef h1f y74a ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x8a3 y379a w629 hcb\"><div class=\"t m0 xef h1f y74a ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x764 y379a w273 hcb\"><div class=\"t m0 xef h1f y74a ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x7b8 y379a w629 hcb\"><div class=\"t m0 xef h1f y74a ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y379b w628 hcb\"><div class=\"t m0 x10 h1f y80 ff4 fs7 fc1 sc2 ls0 ws0\">B. Der<span class=\"_ _f\"></span>ivati cr<span class=\"_ _f\"></span>editizi </div></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x44e y379c w628 hcc\"><div class=\"t m0 x16a h1f y74a ff4 fs7 fc1 sc2 ls0 ws0\">1) Ac<span class=\"_ _f\"></span>quisto pr<span class=\"_ _f\"></span>otezion<span class=\"_ _1\"></span>e </div></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x44e y379d w628 h150\"><div class=\"t m0 x48 h1f y74a ff4 fs7 fc1 sc0 ls0 ws0\">- valore nozion<span class=\"_ _1\"></span>ale </div></td><td class=\"c xaf3 y379d w7f h150\"><div class=\"t m0 xef h1f y74a ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x8a3 y379d w629 h150\"><div class=\"t m0 xef h1f y74a ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x764 y379d w273 h150\"><div class=\"t m0 xef h1f y74a ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x7b8 y379d w629 h150\"><div class=\"t m0 xef h1f y74a ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y379e w628 hcb\"><div class=\"t m0 x48 h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">- fair value netto <span class=\"_ _1\"></span>positivo </div></td><td class=\"c xaf3 y379e w7f hcb\"><div class=\"t m0 xef h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x8a3 y379e w629 hcb\"><div class=\"t m0 xef h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x764 y379e w273 hcb\"><div class=\"t m0 xef h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x7b8 y379e w629 hcb\"><div class=\"t m0 xef h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y379f w628 hcc\"><div class=\"t m0 x48 h1f y74a ff4 fs7 fc1 sc0 ls0 ws0\">- fair value netto <span class=\"_ _1\"></span>negativo </div></td><td class=\"c xaf3 y379f w7f hcc\"><div class=\"t m0 xef h1f y74a ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x8a3 y379f w629 hcc\"><div class=\"t m0 xef h1f y74a ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x764 y379f w273 hcc\"><div class=\"t m0 xef h1f y74a ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x7b8 y379f w629 hcc\"><div class=\"t m0 xef h1f y74a ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y37a0 w628 hcb\"><div class=\"t m0 x16a h1f y74a ff4 fs7 fc1 sc2 ls0 ws0\">2) Ve<span class=\"_ _1\"></span>ndit<span class=\"_ _1\"></span>a pr<span class=\"_ _f\"></span>otezion<span class=\"_ _1\"></span>e </div></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x44e y37a1 w628 hcb\"><div class=\"t m0 x48 h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">- valore nozion<span class=\"_ _1\"></span>ale </div></td><td class=\"c xaf3 y37a1 w7f hcb\"><div class=\"t m0 xef h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x8a3 y37a1 w629 hcb\"><div class=\"t m0 xef h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x764 y37a1 w273 hcb\"><div class=\"t m0 xef h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x7b8 y37a1 w629 hcb\"><div class=\"t m0 xef h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y37a2 w628 hcc\"><div class=\"t m0 x48 h1f y74a ff4 fs7 fc1 sc0 ls0 ws0\">- fair value netto <span class=\"_ _1\"></span>positivo </div></td><td class=\"c xaf3 y37a2 w7f hcc\"><div class=\"t m0 xef h1f y74a ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x8a3 y37a2 w629 hcc\"><div class=\"t m0 xef h1f y74a ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x764 y37a2 w273 hcc\"><div class=\"t m0 xef h1f y74a ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x7b8 y37a2 w629 hcc\"><div class=\"t m0 xef h1f y74a ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y37a3 w628 hcb\"><div class=\"t m0 x48 h1f y74a ff4 fs7 fc1 sc0 ls0 ws0\">- fair value netto <span class=\"_ _1\"></span>negativo </div></td><td class=\"c xaf3 y37a3 w7f hcb\"><div class=\"t m0 xef h1f y74a ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x8a3 y37a3 w629 hcb\"><div class=\"t m0 xef h1f y74a ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x764 y37a3 w273 hcb\"><div class=\"t m0 xef h1f y74a ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x7b8 y37a3 w629 hcb\"><div class=\"t m0 xef h1f y74a ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr></table><div class=\"t m0 hc ff4 fs4 fc4 sc3 ls0 ws0 gs15d8\">1.4 <span class=\"_ _f\"></span>Gruppo<span class=\"_ _f\"></span> banc<span class=\"_ _1\"></span>ario<span class=\"_ _1\"></span> - r<span class=\"_ _1\"></span>isch<span class=\"_ _f\"></span>io di l<span class=\"_ _1\"></span>iquid<span class=\"_ _f\"></span>it\u00e0 </div><div class=\"t m0 he ff4 fs5 fc4 sc3 ls0 ws0 gs15d9\">Inform<span class=\"_ _1\"></span>azio<span class=\"_ _f\"></span>ni di natura<span class=\"_ _f\"></span> qualitativa </div><div class=\"t m0 he ff4 fs5 fc4 sc3 ls0 ws0 gs15da\">A. Asp<span class=\"_ _f\"></span>etti genera<span class=\"_ _f\"></span>li, process<span class=\"_ _1\"></span>i di ge<span class=\"_ _1\"></span>stione<span class=\"_ _f\"></span> e metod<span class=\"_ _1\"></span>i di misu<span class=\"_ _f\"></span>razione d<span class=\"_ _1\"></span>el risch<span class=\"_ _1\"></span>io di<span class=\"_ _df\"> </span></div><div class=\"t m0 he ff4 fs5 fc4 sc3 ls0 ws0 gs15db\">liquid<span class=\"_ _1\"></span>it\u00e0<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs15dc\">Si <span class=\"_ _0\"></span>definisce <span class=\"_ _d\"></span>rischio <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>liquidit\u00e0 <span class=\"_ _d\"></span>l\u2019eventualit\u00e0 <span class=\"_ _0\"></span>che <span class=\"_ _0\"></span>il <span class=\"_ _0\"></span>Gruppo <span class=\"_ _d\"></span>poss<span class=\"_ _2\"></span>a <span class=\"_ _d\"></span>trovarsi <span class=\"_ _0\"></span>nella <span class=\"_ _d\"></span>condizione <span class=\"_ _0\"></span>di <span class=\"_ _d\"></span>no<span class=\"_ _2\"></span>n </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs15dd\">riuscire a <span class=\"_ _2\"></span>far <span class=\"_ _2\"></span>fronte <span class=\"_ _2\"></span>ai propri <span class=\"_ _2\"></span>impegni di <span class=\"_ _2\"></span>pagamento <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>natura or<span class=\"_ _2\"></span>dinaria o <span class=\"_ _2\"></span>straordinaria, <span class=\"_ _2\"></span>quand<span class=\"_ _1\"></span>o <span class=\"_ _2\"></span>gli </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs15de\">stessi  diventino  esigibili,  senza  incorrere  in  perdite  tali  da  pre<span class=\"_ _1\"></span>giudicare  la  propria  operativit\u00e0 </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs15df\">quotidiana <span class=\"_ _d\"></span>o <span class=\"_ _0\"></span>le <span class=\"_ _0\"></span>condizioni <span class=\"_ _0\"></span>finanziarie <span class=\"_ _0\"></span>complessive <span class=\"_ _0\"></span>del <span class=\"_ _0\"></span>Gruppo <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 </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls1a ws0 gs15e0\">liq<span class=\"ls0\">uidit\u00e0 pu\u00f2 essere suddivisa fra:  </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs15e1\">-<span class=\"_ _1b\"> </span>gestione <span class=\"_ _0\"></span>della <span class=\"_ _d\"></span>liquidit\u00e0 <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>breve <span class=\"_ _0\"></span>t<span class=\"_ _2\"></span>ermine, <span class=\"_ _d\"></span>ivi <span class=\"_ _0\"></span>compresa <span class=\"_ _0\"></span>la <span class=\"_ _0\"></span>liquid<span class=\"_ _1\"></span>it\u00e0 <span class=\"_ _0\"></span>intra<span class=\"_ _2\"></span>-day, <span class=\"_ _0\"></span>il <span class=\"_ _0\"></span>cui <span class=\"_ _d\"></span>obiettivo <span class=\"_ _0\"></span>\u00e8 </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs15e2\">quello <span class=\"_ _0\"></span>di <span class=\"_ _9\"> </span>garantire <span class=\"_ _9\"> </span>la <span class=\"_ _9\"> </span>capacit\u00e0 <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>far <span class=\"_ _9\"> </span>fronte <span class=\"_ _9\"> </span>agli <span class=\"_ _9\"> </span>impegni <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>pagamento <span class=\"_ _9\"> </span>per <span class=\"_ _0\"></span>cass<span class=\"_ _2\"></span>a <span class=\"_ _0\"></span>previsti <span class=\"_ _9\"> </span>e<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs15e3\">imprevisti tramite il mantenimento di un rapporto sostenib<span class=\"_ _1\"></span>ile tra i flussi di liquid<span class=\"_ _1\"></span>it\u00e0 in entrata e </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs15e4\">quelli <span class=\"_ _0\"></span>in <span class=\"_ _0\"></span>uscita; <span class=\"_ _0\"></span>tale <span class=\"_ _0\"> </span>gestione <span class=\"_ _9\"> </span>costituisce <span class=\"_ _0\"></span>la <span class=\"_ _0\"></span>condizione <span class=\"_ _0\"></span>essenziale <span class=\"_ _0\"></span>per <span class=\"_ _0\"></span>la <span class=\"_ _9\"> </span>normale <span class=\"_ _0\"></span>continuit\u00e0 </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs15e5\">operativa dell\u2019attivit\u00e0 bancaria; </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs15e6\">-<span class=\"_ _1b\"> </span>gestione della <span class=\"_ _2\"></span>liquidit\u00e0 strutturale, il <span class=\"_ _2\"></span>cui obiettivo <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _2\"></span>quello di mantenere <span class=\"_ _2\"></span>un adeguato rapporto </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs15e7\">tra p<span class=\"_ _1\"></span>assivit\u00e0 ed <span class=\"_ _f\"></span>attivit\u00e0 <span class=\"_ _1\"></span>complessive, <span class=\"_ _f\"></span>finalizzato ad <span class=\"_ _1\"></span>evitare p<span class=\"_ _1\"></span>ressioni <span class=\"_ _1\"></span>sulle <span class=\"_ _f\"></span>font<span class=\"_ _2\"></span>i <span class=\"_ _f\"></span>a breve <span class=\"_ _f\"></span>termine, </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs15e8\">attuali e prospettiche. </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs15e9\">Il Gruppo <span class=\"_ _1\"></span>Credito E<span class=\"_ _1\"></span>miliano si <span class=\"_ _1\"></span>\u00e8 da<span class=\"_ _1\"></span> tempo <span class=\"_ _1\"></span>dotato di<span class=\"_ _1\"></span> una Pol<span class=\"_ _1\"></span>icy per <span class=\"_ _1\"></span>la Ges<span class=\"_ _f\"></span>t<span class=\"_ _2\"></span>ione d<span class=\"_ _1\"></span>el rischio liquid<span class=\"_ _1\"></span>it\u00e0. La </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs15ea\">Policy approvata disciplina: </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs15eb\">-<span class=\"_ _1b\"> </span>i principi di governo e di gestione del rischio di liquidit\u00e0 adottati dal Gruppo, e<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs15ec\">-<span class=\"_ _1b\"> </span><span class=\"ff5\">l\u2019insieme <span class=\"_ _2\"></span>delle norme <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>dei processi di <span class=\"_ _2\"></span>controllo <span class=\"_ _2\"></span>finalizz<span class=\"_ _1\"></span>ati <span class=\"_ _2\"></span>a prevenire l\u2019insor<span class=\"_ _2\"></span>gere di <span class=\"_ _2\"></span>situazioni </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs15ed\">di <span class=\"_ _2\"></span>crisi <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>liquidit\u00e0 <span class=\"_ _d\"></span>per <span class=\"_ _d\"></span><span class=\"ff5\">il <span class=\"_ _2\"></span>Gr<span class=\"_ _2\"></span>uppo <span class=\"_ _2\"></span>e <span class=\"_ _d\"></span>per <span class=\"_ _2\"></span>le <span class=\"_ _d\"></span>singole <span class=\"_ _d\"></span>societ\u00e0 <span class=\"_ _d\"></span>del <span class=\"_ _2\"></span>Gruppo, <span class=\"_ _d\"></span>con <span class=\"_ _d\"></span>l\u2019obiettivo <span class=\"_ _2\"></span>di <span class=\"_ _d\"></span>ispirare<span class=\"_ _df\"> </span></span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs15ee\">una sana <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>prudente g<span class=\"_ _2\"></span>estione del <span class=\"_ _2\"></span>rischio <span class=\"_ _2\"></span>di l<span class=\"_ _2\"></span>iquidit\u00e0 a <span class=\"_ _2\"></span>livello <span class=\"_ _2\"></span>consolidato, tale <span class=\"_ _2\"></span>da <span class=\"_ _2\"></span>assicurare <span class=\"_ _2\"></span>la </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs15ef\">stabilit\u00e0, la sicurezza delle operazioni aziendali, la solidit\u00e0 finanziaria e, conseguentemente, la<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs15f0\">solvibilit\u00e0 del Gruppo.<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs15f1\">I principi essenziali a cui si ispira la politica di ge<span class=\"_ _1\"></span>stione della liquidit\u00e0 sono:<span class=\"_ _2\"></span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs15f2\">-<span class=\"_ _1b\"> </span>definizione <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>un </div><div class=\"t m1 h6 ff4 fs2 fc1 sc0 ls0 ws0 gs15f3\">Risk <span class=\"_ _d\"></span>Appetite</div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs15f4\"> <span class=\"_ _d\"></span>e <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>u<span class=\"_ _2\"></span>na </div><div class=\"t m1 h6 ff4 fs2 fc1 sc0 ls0 ws0 gs15f5\">Risk <span class=\"_ _d\"></span>Tolerance</div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs15f6\"> <span class=\"_ _d\"></span>(o <span class=\"_ _d\"></span>s<span class=\"_ _2\"></span>oglia <span class=\"_ _d\"></span>di <span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>olleranza) <span class=\"_ _2\"></span>in <span class=\"_ _0\"></span>contesto <span class=\"_ _d\"></span>di </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs15f7\">normale  corso  degl<span class=\"_ _1\"></span>i  affari  e  di  scenari  di  st<span class=\"_ _1\"></span>ress  che  abbiano  opp<span class=\"_ _f\"></span>o<span class=\"_ _2\"></span>rtuni  buff<span class=\"_ _1\"></span>er  rispetto  ai </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs15f8\">requisiti normativi;<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs15f9\">-<span class=\"_ _1b\"> </span>definizione e formalizzazione di ruoli e funzioni, coerentemente con il principio di separatezza<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs15fa\">delle funzioni operative d<span class=\"_ _1\"></span>a quelle di controllo (c.d. </div><div class=\"t m1 h6 ff4 fs2 fc1 sc0 ls0 ws0 gs15fb\">segregation of duties</div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls39 ws0 gs15fc\">);<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs15fd\">-<span class=\"_ _1b\"> </span>accentramento della funzione di governo del rischio di liquidit\u00e0 sul<span class=\"_ _1\"></span>la Capogruppo;<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs15fe\">-<span class=\"_ _1b\"> </span><span class=\"ff5\">attuazione <span class=\"_ _d\"></span>di <span class=\"_ _2\"></span>una <span class=\"_ _2\"></span>politica <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>trasformazione <span class=\"_ _2\"></span>delle <span class=\"_ _2\"></span>scadenze <span class=\"_ _2\"></span>gestita <span class=\"_ _d\"></span>nell\u2019ambito <span class=\"_ _2\"></span>dei <span class=\"_ _2\"></span>massimali </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs15ff\">assegnati; </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1600\">-<span class=\"_ _1b\"> </span>adozione <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>una  politica <span class=\"_ _4\"> </span>di </div><div class=\"t m1 h6 ff4 fs2 fc1 sc0 ls0 ws0 gs1601\">funding</div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1602\"> <span class=\"_ _4\"> </span>diversificata <span class=\"_ _4\"> </span>in <span class=\"_ _22\"> </span>t<span class=\"_ _2\"></span>ermini <span class=\"_ _22\"> </span>di <span class=\"_ _4\"> </span>fonti<span class=\"_ _2\"></span>, <span class=\"_ _4\"> </span>du<span class=\"_ _1\"></span>rata <span class=\"_ _4\"> </span>e <span class=\"_ _4\"> </span>tipologia <span class=\"_ _22\"> </span>di </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1603\">strumenti di raccolta; </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1604\">-<span class=\"_ _1b\"> </span>definizione <span class=\"_ _0\"></span>e <span class=\"_ _9\"> </span>formalizzazione <span class=\"_ _0\"></span>dei <span class=\"_ _0\"></span>principi <span class=\"_ _0\"></span>r<span class=\"_ _2\"></span>elativi <span class=\"_ _0\"></span>alla <span class=\"_ _0\"></span>definizione <span class=\"_ _0\"> </span>del <span class=\"_ _9\"> </span>sistema <span class=\"_ _9\"> </span>di <span class=\"_ _0\"></span>prezzi <span class=\"_ _0\"></span>per <span class=\"_ _0\"> </span>i<span class=\"_ _2\"></span>l<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1605\">trasferimento interno dei fondi;<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1606\">-<span class=\"_ _1b\"> </span>definizione e <span class=\"_ _f\"></span>formalizzazione di<span class=\"_ _1\"></span> un <span class=\"_ _f\"></span>piano di <span class=\"_ _f\"></span>emergenza da attivar<span class=\"_ _1\"></span>e i<span class=\"_ _1\"></span>n caso <span class=\"_ _f\"></span>di stress e/o<span class=\"_ _1\"></span> crisi <span class=\"_ _f\"></span>dei </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1607\">mercati o in caso di situazioni speci<span class=\"_ _1\"></span>fiche del Gruppo (</div><div class=\"t m1 h6 ff4 fs2 fc1 sc0 ls0 ws0 gs1608\">Contingency Funding Plan</div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls39 ws0 gs1609\">);<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs160a\">-<span class=\"_ _1b\"> </span>adozione di un sistema di controlli interni.<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs160b\">Su <span class=\"_ _1\"></span>base g<span class=\"_ _1\"></span>iornaliera, mediante<span class=\"_ _1\"></span> un mode<span class=\"_ _1\"></span>llo d<span class=\"_ _1\"></span>i </div><div class=\"t m1 h6 ff4 fs2 fc1 sc0 ls0 ws0 gs160c\">liquidity gap<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs160d\">, v<span class=\"_ _1\"></span>iene esposta <span class=\"_ _1\"></span>l\u2019evoluzi<span class=\"_ _1\"></span>one temporale <span class=\"_ _f\"></span>dei </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs160e\">flussi <span class=\"ff5\">di <span class=\"_ _2\"></span>cassa <span class=\"_ _2\"></span>per consentire <span class=\"_ _2\"></span>l\u2019attivazione di o<span class=\"_ _2\"></span>perazioni finalizzate <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>determinare un <span class=\"_ _2\"></span>equili<span class=\"_ _1\"></span>brio <span class=\"_ _2\"></span>fra </span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs160f\">entrate ed uscite <span class=\"_ _2\"></span>di cassa. Inoltr<span class=\"_ _2\"></span>e, a partire <span class=\"_ _2\"></span>dal 2023 \u00e8 <span class=\"_ _2\"></span>in corso <span class=\"_ _2\"></span>l\u2019utilizzo della piattafor<span class=\"_ _2\"></span>ma Ilias per </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1610\">il monitoraggio gestionale degli<span class=\"_ _1\"></span> indicatori regolament<span class=\"_ _2\"></span>ari e gestionali interni. </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1611\">Al  Comitato <span class=\"_ _16\"> </span>Asset <span class=\"_ _16\"> </span>Liabili<span class=\"_ _1\"></span>ty  &amp; <span class=\"_ _9\"> </span>Management  di  Grup<span class=\"_ _1\"></span>po  sono <span class=\"_ _9\"> </span>assegnati  poteri  d<span class=\"_ _1\"></span>ecisionali <span class=\"_ _16\"> </span>per <span class=\"_ _9\"> </span>la </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1612\">declinazione <span class=\"_ _d\"></span>delle <span class=\"_ _0\"></span>str<span class=\"_ _2\"></span>ategie <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>merit<span class=\"_ _2\"></span>o <span class=\"_ _d\"></span>alle <span class=\"_ _0\"></span>politiche <span class=\"_ _0\"></span>di </div><div class=\"t m1 h6 ff4 fs2 fc1 sc0 ls0 ws0 gs1613\">funding</div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1614\"> <span class=\"_ _0\"></span>del <span class=\"_ _d\"></span>Gr<span class=\"_ _2\"></span>uppo.<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>Periodicamente <span class=\"_ _d\"></span>s<span class=\"_ _2\"></span>ono </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1615\">analizzate, i<span class=\"_ _1\"></span>n sede di <span class=\"_ _f\"></span>Com<span class=\"_ _2\"></span>itato, l<span class=\"_ _1\"></span>e condizioni di <span class=\"_ _f\"></span>equilibrio finanziario per orientare <span class=\"_ _1\"></span>le deci<span class=\"_ _1\"></span>sioni circa </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1616\">le <span class=\"_ _17\"> </span>strategie <span class=\"_ _17\"> </span>di </div><div class=\"t m1 h6 ff4 fs2 fc1 sc0 ls0 ws0 gs1617\">funding</div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1618\">. <span class=\"_ _17\"> </span>Sempre <span class=\"_ _17\"> </span>in <span class=\"_ _17\"> </span>sede <span class=\"_ _17\"> </span>di <span class=\"_ _17\"> </span>Comitato, <span class=\"_ _14\"> </span>sono <span class=\"_ _17\"> </span>analizzati <span class=\"_ _4\"> </span>interventi <span class=\"_ _14\"> </span>straordinari </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1619\">eventualmente richiesti per le contingenti situazioni<span class=\"_ _1\"></span> di mercato.<span class=\"_ _2\"></span> </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs161a\">Nell\u2019ambito del proce<span class=\"_ _1\"></span>sso RAF ven<span class=\"_ _2\"></span><span class=\"ff4\">gono, inoltre, definite le soglie<span class=\"_ _1\"></span> di </span></div><div class=\"t m1 h6 ff4 fs2 fc1 sc0 ls0 ws0 gs161b\">Risk Appetite</div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs161c\"> <span class=\"lse\">e </span></div><div class=\"t m1 h6 ff4 fs2 fc1 sc0 ls0 ws0 gs161d\">Risk Tolerance</div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls7d ws0 gs161e\">, </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs161f\">le metriche e le modalit\u00e0 di controllo dei seg<span class=\"_ _1\"></span>uenti indicatori di liquidit\u00e0:<span class=\"_ _2\"></span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsc94\">-<span class=\"_ _1b\"> </span>Liquidity Coverage Ratio (LCR);<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1620\">-<span class=\"_ _1b\"> </span>Asset Encumbrance;<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1621\">-<span class=\"_ _1b\"> </span>Net Stable Funding Ratio (NSFR);<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1622\">-<span class=\"_ _1b\"> </span>Gap Cumulato a 1 mese su Tot<span class=\"_ _2\"></span>ale<span class=\"_ _1\"></span> Attivo.<span class=\"_ _df\"> </span></div>Le <span class=\"_ _16\"> </span>regole  di <span class=\"_ _9\"> </span>\u201c<span class=\"_ _2\"></span>Liquidity  M<span class=\"_ _1\"></span>anagement\u201d  adottate  prev<span class=\"_ _1\"></span>edono  limiti  di<span class=\"_ _1\"></span>  liquidit\u00e0 <span class=\"_ _16\"> </span>da  rispe<span class=\"_ _1\"></span>ttarsi  sulle<span class=\"_ _df\"> </span>scadenze <span class=\"_ _17\"> </span>di <span class=\"_ _17\"> </span>breve <span class=\"_ _17\"> </span>t<span class=\"_ _2\"></span>ermine <span class=\"_ _17\"> </span>ed <span class=\"_ _17\"> </span>altri <span class=\"_ _17\"> </span>indicatori <span class=\"_ _17\"> </span>per <span class=\"_ _14\"> </span>monitorare <span class=\"_ _4\"> </span>quotidianamente <span class=\"_ _17\"> </span>la <span class=\"_ _14\"> </span>posizione<span class=\"_ _df\"> </span>complessiva. Relativamente alla <span class=\"_ _2\"></span>liquidit\u00e0 <span class=\"_ _2\"></span>strutturale <span class=\"_ _2\"></span>sono <span class=\"_ _2\"></span>previsti <span class=\"_ _2\"></span>limiti finalizzat<span class=\"_ _2\"></span>i a <span class=\"_ _2\"></span>controllare <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>gestire i <span class=\"_ _2\"></span>rischi<span class=\"_ _df\"> </span>derivanti dalmismatch di s<span class=\"_ _2\"></span>cadenze a me<span class=\"_ _2\"></span>dio-<span class=\"ff5\">lungo termine <span class=\"_ _2\"></span>dell\u2019attivo e <span class=\"_ _2\"></span>del passivo. Sono <span class=\"_ _2\"></span>previsti<span class=\"_ _df\"> </span></span>dei gap ratio a 1, 2 e 5 anni. Questi <span class=\"_ _d\"></span>limiti <span class=\"_ _d\"></span>consentono <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>evitare <span class=\"_ _d\"></span>che <span class=\"_ _d\"></span>l\u2019operat<span class=\"_ _2\"></span>ivit\u00e0 <span class=\"_ _d\"></span>a <span class=\"_ _d\"></span>medi<span class=\"ff4\">o-l<span class=\"_ _2\"></span>ungo <span class=\"_ _d\"></span>termine <span class=\"_ _d\"></span>possa <span class=\"_ _d\"></span>dare <span class=\"_ _d\"></span>luogo <span class=\"_ _d\"></span>ad<span class=\"_ _df\"> </span></span>eccessivi squilibri da finanziare a breve<span class=\"_ _1\"></span> termine.<span class=\"_ _df\"> </span>Gli scenari di stress test previsti dal Re<span class=\"_ _1\"></span>golamento si distinguono in:<span class=\"_ _df\"> </span>-<span class=\"_ _1b\"> </span><span class=\"ff5\">str<span class=\"_ _2\"></span>ess <span class=\"_ _14\"> </span>sistemico <span class=\"_ _14\"> </span>di <span class=\"_ _14\"> </span>severity <span class=\"_ _15\"> </span>lieve: <span class=\"_ _17\"> </span>cr<span class=\"_ _2\"></span>isi <span class=\"_ _14\"> </span>di <span class=\"_ _14\"> </span>liquidit\u00e0 <span class=\"_ _14\"> </span>s<span class=\"_ _2\"></span>istemica <span class=\"_ _14\"> </span>causata <span class=\"_ _14\"> </span>da <span class=\"_ _15\"> </span>un\u2019improvvisa<span class=\"_ _df\"> </span></span>instabilit\u00e0 s<span class=\"_ _2\"></span>ui mercati <span class=\"_ _2\"></span>monetari e <span class=\"_ _2\"></span>dei <span class=\"_ _2\"></span>capitali, tensioni <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>carattere <span class=\"_ _2\"></span>politico e/o <span class=\"_ _2\"></span>eventi climatic<span class=\"_ _2\"></span>i<span class=\"_ _df\"> </span>e ambientali, accompagnati da alti live<span class=\"_ _1\"></span>lli di intensit\u00e0 ed impatti globali;<span class=\"_ _df\"> </span>-<span class=\"_ _1b\"> </span>str<span class=\"_ _2\"></span>ess <span class=\"_ _16\"> </span>idiosincratico <span class=\"_ _16\"> </span>di <span class=\"_ _16\"> </span>severity <span class=\"_ _16\"> </span>media: <span class=\"_ _16\"> </span>crisi  d<span class=\"_ _1\"></span>i  liqui<span class=\"_ _1\"></span>dit\u00e0  causata  da <span class=\"_ _16\"> </span>eve<span class=\"_ _1\"></span>nti  particola<span class=\"_ _2\"></span>rmente<span class=\"_ _df\"> </span>negativi per il Gruppo;<span class=\"_ _df\"> </span>-<span class=\"_ _1b\"> </span>str<span class=\"_ _2\"></span>ess combinato d<span class=\"_ _1\"></span>i severity grave: \u00e8 la combinazione dei due p<span class=\"_ _1\"></span>recedenti scenari.<span class=\"_ _df\"> </span>Le <span class=\"_ _d\"></span>procedure <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>Contingency <span class=\"_ _d\"></span>Funding <span class=\"_ _d\"></span>Plan, <span class=\"_ _d\"></span>costantemente <span class=\"_ _d\"></span>aggi<span class=\"_ _2\"></span>ornate, <span class=\"_ _d\"></span>si <span class=\"_ _d\"></span>pongono <span class=\"_ _d\"></span>l\u2019obiettivo <span class=\"_ _d\"></span>di<span class=\"_ _df\"> </span>salvaguardare <span class=\"_ _d\"></span>la <span class=\"_ _d\"></span>stabilit\u00e0 <span class=\"_ _d\"></span>del <span class=\"_ _d\"></span>gruppo <span class=\"_ _d\"></span>durante <span class=\"_ _d\"></span>l<span class=\"_ _2\"></span>e <span class=\"_ _d\"></span>fasi <span class=\"_ _d\"></span>iniziali <span class=\"_ _d\"></span>di <span class=\"_ _0\"></span>uno <span class=\"_ _d\"></span>stato <span class=\"_ _0\"></span>di <span class=\"_ _d\"></span>tensione <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>liquidit\u00e0 <span class=\"_ _d\"></span>e<span class=\"_ _df\"> </span>garantire la continuit\u00e0 del gruppo stesso nel caso di gravi crisi di <span class=\"_ _f\"></span>liquidit\u00e0. L\u2019attivit\u00e0 <span class=\"_ _0\"></span>di <span class=\"_ _d\"></span>gestione <span class=\"_ _0\"></span>della <span class=\"_ _0\"></span>liquidit\u00e0 <span class=\"_ _0\"></span>a <span class=\"_ _d\"></span>breve <span class=\"_ _0\"></span>e <span class=\"_ _0\"></span>delfunding <span class=\"_ _0\"></span>strutturale <span class=\"_ _d\"></span>\u00e8 <span class=\"_ _0\"></span>svolta <span class=\"_ _0\"></span>dalla <span class=\"_ _0\"></span>Finanza <span class=\"_ _0\"></span>della<span class=\"_ _df\"> </span>Capogruppo che complessivamente:<span class=\"_ _df\"> </span>-<span class=\"_ _1b\"> </span>gestisce <span class=\"_ _2\"></span>i <span class=\"_ _d\"></span>flussi <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>liquidit\u00e0 <span class=\"_ _2\"></span>infragruppo <span class=\"_ _d\"></span>rivenienti <span class=\"_ _2\"></span>dai <span class=\"_ _2\"></span>fabbisogni/surplus <span class=\"_ _d\"></span>di <span class=\"_ _2\"></span>liquidit\u00e0 <span class=\"_ _2\"></span>netti <span class=\"_ _2\"></span>delle<span class=\"_ _df\"> </span>Societ\u00e0 del Gruppo;<span class=\"_ _df\"> </span>-<span class=\"_ _1b\"> </span>misura e monitora la posizione di liquidit\u00e0 del Gruppo e delle singole Socie<span class=\"_ _1\"></span>t\u00e0 del Gruppo;<span class=\"_ _df\"> </span>-<span class=\"_ _1b\"> </span>coordina <span class=\"_ _0\"></span>ed <span class=\"_ _d\"></span>effettua <span class=\"_ _0\"></span>la <span class=\"_ _d\"></span>ra<span class=\"_ _2\"></span>ccolta <span class=\"_ _d\"></span>accedendo <span class=\"_ _0\"></span>direttamente <span class=\"_ _d\"></span>al <span class=\"_ _0\"></span>mercato <span class=\"_ _0\"></span>interbancario <span class=\"_ _d\"></span>al <span class=\"_ _0\"></span>fine <span class=\"_ _d\"></span>di<span class=\"_ _df\"> </span>mantenere condizioni adeguate di liquidit\u00e0 per il Gruppo;<span class=\"_ _df\"> </span>-<span class=\"_ _1b\"> </span>determina <span class=\"_ _2\"></span>periodicamente <span class=\"_ _2\"></span>gli <span class=\"_ _2\"></span>interventi <span class=\"_ _2\"></span>finanziari <span class=\"_ _2\"></span>utili <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>conseguire <span class=\"_ _2\"></span>gli <span class=\"_ _2\"></span>equilibri <span class=\"_ _2\"></span>nel <span class=\"_ _2\"></span>medio <span class=\"_ _2\"></span>e<span class=\"_ _df\"> </span>lungo termine, la sostenibilit\u00e0 della crescita e la maggior efficienza della p<span class=\"_ _1\"></span>rovvista;<span class=\"_ _df\"> </span>-<span class=\"_ _1b\"> </span>gestisce <span class=\"_ _0\"></span>i <span class=\"_ _d\"></span>rapporti <span class=\"_ _0\"></span>con <span class=\"_ _d\"></span>la <span class=\"_ _0\"></span>BCE <span class=\"_ _d\"></span>(<span class=\"_ _2\"></span>gestione <span class=\"_ _d\"></span>del <span class=\"_ _d\"></span>conto <span class=\"_ _0\"></span>di <span class=\"_ _d\"></span>gestione <span class=\"_ _0\"></span>e <span class=\"_ _0\"></span>di <span class=\"_ _d\"></span>ogni <span class=\"_ _0\"></span>attivit\u00e0 <span class=\"_ _0\"></span>di <span class=\"_ _d\"></span>impiego <span class=\"_ _d\"></span>o<span class=\"_ _df\"> </span>provvista di fondi) ed accede alle operazioni<span class=\"_ _1\"></span> di rifinanziamento della BCE.<span class=\"_ _df\"> </span>Questa <span class=\"_ _e\"> </span>impostazione <span class=\"_ _15\"> </span>consente <span class=\"_ _e\"> </span>di <span class=\"_ _e\"> </span>supportare <span class=\"_ _e\"> </span>adeguatamente <span class=\"_ _15\"> </span>i <span class=\"_ _e\"> </span>fabbisogni <span class=\"_ _e\"> </span>finanziari <span class=\"_ _e\"> </span>ed <span class=\"_ _15\"> </span>\u00e8<span class=\"_ _df\"> </span>finalizzata a:<span class=\"_ _df\"> </span>-<span class=\"_ _1b\"> </span>ridurre i fabbisogni complessivi di finanziamento da parte di controparti esterne al Grupp<span class=\"_ _1\"></span>o;<span class=\"_ _df\"> </span>-<span class=\"_ _1b\"> </span><span class=\"ff5\">ott<span class=\"_ _2\"></span>imizzare  l\u2019accesso <span class=\"_ _4\"> </span>ai  mercati <span class=\"_ _4\"> </span>e  cons<span class=\"_ _2\"></span>egue<span class=\"_ _1\"></span>ntemente <span class=\"_ _4\"> </span>minimizzare  i <span class=\"_ _4\"> </span>costi <span class=\"_ _4\"> </span>complessivi  di<span class=\"_ _df\"> </span></span>raccolta esterna.<span class=\"_ _df\"> </span>Nel <span class=\"_ _c\"> </span>corso <span class=\"_ _c\"> </span>del<span class=\"_ _1\"></span>l\u2019esercizio <span class=\"_ _c\"> </span>2025, <span class=\"_ _c\"> </span>Il <span class=\"_ _c\"> </span>Grupp<span class=\"_ _1\"></span>o <span class=\"_ _c\"> </span>ha <span class=\"_ _c\"> </span>proseguito, <span class=\"_ _c\"> </span>ne<span class=\"_ _1\"></span>ll\u2019ambito <span class=\"_ _c\"> </span>delle <span class=\"_ _1a\"> </span>segnalazio<span class=\"_ _2\"></span>ni<span class=\"_ _df\"> </span>regolamentari, a trasmettere alle autorit\u00e0 di vigilanz<span class=\"_ _1\"></span>a:<span class=\"_ _df\"> </span>-<span class=\"_ _38\"> </span>con <span class=\"_ _2\"></span>cadenza <span class=\"_ _2\"></span>mensile <span class=\"_ _2\"></span>le s<span class=\"_ _2\"></span>egnalazioni r<span class=\"_ _2\"></span>elative<span class=\"_ _1\"></span> <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>Liquidity <span class=\"_ _2\"></span>Coverage <span class=\"_ _2\"></span>Ratio <span class=\"_ _2\"></span>(LCR),<span class=\"_ _1\"></span> <span class=\"_ _2\"></span>sulla <span class=\"_ _2\"></span>base<span class=\"_ _df\"> </span>degli <span class=\"ff5\">schemi conformi <span class=\"_ _2\"></span>ai Reg. d<span class=\"_ _2\"></span>\u2019esecuzione UE rispett<span class=\"_ _2\"></span>ivamente n. 322/2016, <span class=\"_ _2\"></span>n.2114/2017 e<span class=\"_ _df\"> </span></span>n. 2018/1620;<span class=\"_ _df\"> </span>-<span class=\"_ _38\"> </span>con <span class=\"_ _d\"></span>cadenza <span class=\"_ _d\"></span>mensil<span class=\"_ _2\"></span>e <span class=\"_ _d\"></span>le <span class=\"_ _d\"></span>segnalazioni <span class=\"_ _0\"></span>relative <span class=\"_ _d\"></span>agli <span class=\"_ _d\"></span>Additional <span class=\"_ _0\"></span>Liquidity <span class=\"_ _d\"></span>Monitor<span class=\"_ _2\"></span>ing <span class=\"_ _d\"></span>Metrics<span class=\"_ _df\"> </span>(ALMM) <span class=\"_ _9\"> </span>sulla <span class=\"_ _16\"> </span>base <span class=\"_ _16\"> </span>degli <span class=\"_ _9\"> </span>schemi <span class=\"_ _16\"> </span>conformi <span class=\"_ _9\"> </span>al <span class=\"_ _16\"> </span>Reg. <span class=\"_ _9\"> </span>d\u2019esecuzione  UE<span class=\"_ _1\"></span> <span class=\"_ _9\"> </span>n.<span class=\"_ _2\"></span> <span class=\"_ _9\"> </span>2<span class=\"_ _2\"></span><span class=\"ff4\">114/2017<span class=\"_ _2\"></span> <span class=\"_ _9\"> </span>e <span class=\"_ _16\"> </span>delle<span class=\"_ _df\"> </span></span>norme <span class=\"_ _2\"></span>tecniche <span class=\"_ _2\"></span>contenute <span class=\"_ _2\"></span>nel <span class=\"_ _d\"></span>documento <span class=\"_ _d\"></span><span class=\"ff5\">EBA\u201d <span class=\"_ _2\"></span>Final</span> <span class=\"_ _2\"></span>Report <span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>n <span class=\"_ _2\"></span>draft <span class=\"_ _2\"></span>ITS <span class=\"_ _2\"></span>on <span class=\"_ _2\"></span>Supervisory<span class=\"_ _df\"> </span>Reporting regarding COREP, AE, ALMM<span class=\"_ _1\"></span> and GSIIs\u201d;<span class=\"_ _df\"> </span>-<span class=\"_ _38\"> </span>con cadenza <span class=\"_ _2\"></span>trimestrale, la <span class=\"_ _2\"></span>segnalazione<span class=\"_ _f\"></span> <span class=\"_ _2\"></span>di li<span class=\"_ _2\"></span>quidit\u00e0 Net St<span class=\"_ _2\"></span>able Funding Ratio <span class=\"_ _2\"></span>(c.d. \u00abNSFR<span class=\"_ _df\"> </span>CRR2\u00bb) come previsto dal Reg. UE 2019/876 (c.d. \u00abCRR2\u00bb).<span class=\"_ _df\"> </span>A <span class=\"_ _2\"></span><span class=\"ls0\">novembre 2025 <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>Grupp<span class=\"_ _1\"></span>o <span class=\"_ _2\"></span>ha part<span class=\"_ _2\"></span>ecipato al <span class=\"_ _2\"></span>Single Supervisory Mechanism <span class=\"_ _2\"></span>SSM annual <span class=\"_ _2\"></span>Liquidity<span class=\"_ _df\"> </span></span>Exercise <span class=\"_ _d\"></span>(SSM <span class=\"_ _d\"></span>Liquidity <span class=\"_ _d\"></span>Excercise) <span class=\"_ _d\"></span>attraverso <span class=\"_ _0\"></span>la <span class=\"_ _d\"></span>compilazione <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>el <span class=\"_ _d\"></span>Joint <span class=\"_ _d\"></span>Liquidity <span class=\"_ _d\"></span>Template, <span class=\"_ _d\"></span>sia <span class=\"_ _d\"></span>a<span class=\"_ _df\"> </span>livello <span class=\"_ _9\"> </span>conso<span class=\"_ _2\"></span>lidato <span class=\"_ _9\"> </span>s<span class=\"_ _2\"></span>ia <span class=\"_ _16\"> </span>a <span class=\"_ _9\"> </span>livello <span class=\"_ _16\"> </span>individu<span class=\"_ _1\"></span>ale  Cre<span class=\"_ _1\"></span>dem,  rich<span class=\"_ _1\"></span>iesto  cong<span class=\"_ _1\"></span>iuntamente <span class=\"_ _9\"> </span>da  BCE <span class=\"_ _9\"> </span>e  SRB. <span class=\"_ _9\"> </span>Il<span class=\"_ _df\"> </span>Gruppo <span class=\"_ _2\"></span>inoltre, <span class=\"_ _2\"></span>nel <span class=\"_ _d\"></span>corso <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>tutto <span class=\"_ _d\"></span>il <span class=\"_ _2\"></span>2025, <span class=\"_ _2\"></span>ha <span class=\"_ _2\"></span>cont<span class=\"_ _2\"></span>inuato<span class=\"_ _1\"></span> <span class=\"_ _2\"></span>l\u2019invio <span class=\"_ _2\"></span>sett<span class=\"_ _2\"></span>imanale <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>Single <span class=\"_ _2\"></span>Supervisory<span class=\"_ _df\"> </span>Mechanism <span class=\"_ _2\"></span>Liquidity <span class=\"_ _2\"></span>Exercise <span class=\"_ _2\"></span>(SLT) a <span class=\"_ _d\"></span>livello <span class=\"_ _2\"></span>consolidato <span class=\"_ _2\"></span>richiesto <span class=\"_ _2\"></span>da <span class=\"_ _2\"></span>BCE <span class=\"_ _2\"></span>(a <span class=\"_ _2\"></span>par<span class=\"_ _2\"></span>tire <span class=\"_ _2\"></span>da <span class=\"_ _2\"></span>settembre<span class=\"_ _df\"> </span>2023).<div class=\"t m0 h5 ff4 fs1 fc4 sc3 ls0 ws0 gs165c\">Riser<span class=\"_ _1\"></span>ve di <span class=\"_ _1\"></span>liquid<span class=\"_ _1\"></span>it\u00e0<span class=\"fc1 sc2\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs165d\">Al <span class=\"_ _2\"></span>31 <span class=\"_ _2\"></span>dicembre <span class=\"_ _2\"></span><span class=\"ff5\">2025 <span class=\"_ _2\"></span>l\u2019importo <span class=\"_ _2\"></span>totale <span class=\"_ _2\"></span>delle <span class=\"_ _2\"></span>riserve <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>liquidit\u00e0 <span class=\"_ _2\"></span>libere, intese <span class=\"_ _2\"></span>come <span class=\"_ _2\"></span>att<span class=\"_ _2\"></span>ivit\u00e0 <span class=\"_ _2\"></span>liquide di<span class=\"_ _2\"></span> </span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs165e\">elevata qualit\u00e0 calcolate <span class=\"_ _2\"></span>ai fini del calcolo <span class=\"_ _2\"></span>dell\u2019indicatore LCR, si <span class=\"_ _2\"></span>\u00e8 attestato <span class=\"_ _2\"></span>a 9,80 miliardi di eur<span class=\"_ _d\"></span><span class=\"ff4 ls11\">o </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs165f\">a <span class=\"_ _9\"> </span>valore <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>mercato. <span class=\"_ _9\"> </span>Il <span class=\"_ _9\"> </span>98% <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>tali <span class=\"_ _9\"> </span>riserve <span class=\"_ _9\"> </span>\u00e8 <span class=\"_ _9\"> </span>detenuto <span class=\"_ _9\"> </span>dalla <span class=\"_ _9\"> </span>Capogruppo <span class=\"_ _0\"></span>ed <span class=\"_ _9\"> </span>il <span class=\"_ _16\"> </span>restante <span class=\"_ _0\"> </span>2% <span class=\"_ _16\"> </span>dalle<span class=\"_ _f\"></span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1660\">controllate domestiche. </div><div class=\"t m0 h5 ff4 fs1 fc4 sc3 ls0 ws0 gs1661\">Fundi<span class=\"_ _1\"></span>ng co<span class=\"_ _f\"></span>n BCE<span class=\"fc1 sc0\"> </span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs1662\">L\u2019importo compl<span class=\"_ _1\"></span>essivo d<span class=\"_ _1\"></span>el fi<span class=\"_ _1\"></span>nanziamento con <span class=\"_ _f\"></span>BCE a <span class=\"_ _f\"></span>fine dice<span class=\"_ _1\"></span>mbre 2025 \u00e8<span class=\"_ _1\"></span> pa<span class=\"_ _f\"></span>r<span class=\"_ _2\"></span>i <span class=\"_ _f\"></span>a 700 mil<span class=\"_ _1\"></span>ioni <span class=\"_ _1\"></span>di e<span class=\"_ _1\"></span>uro </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs1663\">e deriva da un\u2019operazioni di rifinanziamento principale \u201cMRO\u201d settimanale.<span class=\"ff4\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc4 sc3 ls0 ws0 gs1664\">Altre <span class=\"_ _f\"></span>attivit\u00e0 <span class=\"_ _1\"></span>di fund<span class=\"_ _1\"></span>ing </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs1665\">Nel <span class=\"_ _10\"> </span>corso <span class=\"_ _10\"> </span>dell\u2019esercizio <span class=\"_ _e\"> </span>2025, <span class=\"_ _10\"> </span>nell\u2019ambito <span class=\"_ _10\"> </span>dell\u2019operativit\u00e0 <span class=\"_ _e\"> </span>di<span class=\"_ _2\"></span> <span class=\"_ _e\"> </span>mo<span class=\"_ _2\"></span>ney <span class=\"_ _e\"> </span>market, <span class=\"_ _10\"> </span>\u00e8 <span class=\"_ _10\"> </span>continuata </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs1666\">l\u2019operativit\u00e0 <span class=\"_ _f\"></span>di raccolta in <span class=\"_ _f\"></span>depositi </div><div class=\"t m1 h6 ff4 fs2 fc1 sc0 ls0 ws0 gs1667\">unsecured</div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1668\"> a <span class=\"_ _f\"></span>breve termine <span class=\"_ _f\"></span>co<span class=\"_ _2\"></span>n <span class=\"_ _f\"></span>il Ministero d<span class=\"_ _1\"></span>ell'Economia <span class=\"_ _1\"></span>e d<span class=\"_ _1\"></span>elle </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs1669\">Finanze <span class=\"_ _f\"></span>(MEF), <span class=\"_ _f\"></span>con <span class=\"_ _f\"></span>u<span class=\"_ _2\"></span>n <span class=\"_ _f\"></span>importo <span class=\"_ _f\"></span>medio <span class=\"_ _f\"></span>d<span class=\"_ _2\"></span>i <span class=\"_ _f\"></span>115 <span class=\"_ _f\"></span>milioni <span class=\"_ _f\"></span>d<span class=\"_ _2\"></span>i <span class=\"_ _f\"></span>euro. <span class=\"_ _f\"></span>L\u2019importo pu<span class=\"_ _1\"></span>ntuale <span class=\"_ _f\"></span>a <span class=\"_ _f\"></span>fine d<span class=\"_ _1\"></span>icembre <span class=\"_ _f\"></span>2025 </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs166a\">\u00e8 risultato pari a 900 milioni di euro. </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs166b\">Inoltre, <span class=\"_ _0\"></span>nel <span class=\"_ _0\"></span>cor<span class=\"_ _2\"></span>so <span class=\"_ _0\"></span>del <span class=\"_ _0\"></span>2025, <span class=\"_ _0\"></span>s<span class=\"_ _2\"></span>ono <span class=\"_ _0\"></span>state <span class=\"_ _0\"></span>negoziati <span class=\"_ _0\"></span>operazioni <span class=\"_ _9\"> </span>di <span class=\"_ _0\"></span>Repo <span class=\"_ _0\"></span>s<span class=\"_ _2\"></span>ul <span class=\"_ _0\"></span>Covered <span class=\"_ _0\"></span>Bond <span class=\"_ _0\"></span>retain<span class=\"_ _2\"></span>ed </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs166c\">emesso <span class=\"_ _d\"></span>a <span class=\"_ _d\"></span>gennaio <span class=\"_ _d\"></span>2024, <span class=\"_ _d\"></span>per <span class=\"_ _d\"></span>un <span class=\"_ _0\"></span>valore <span class=\"_ _d\"></span>nominale <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>200 <span class=\"_ _d\"></span>milioni <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>euro <span class=\"_ _d\"></span>ed <span class=\"_ _0\"></span>ulteriori <span class=\"_ _d\"></span>200 <span class=\"_ _d\"></span>milioni <span class=\"_ _d\"></span>di </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs166d\">Repo  con  sottostanti  titoli  senior </div><div class=\"t m1 h6 ff4 fs2 fc1 sc0 ls0 ws0 gs166e\">financial</div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs166f\">.  Nel  complesso,  a  fine  dicembre  il  nominale  delle </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1670\">operazioni di pronti contro termine di raccolta con s<span class=\"_ _2\"></span>ottostanti t<span class=\"_ _2\"></span>itoli obbligazionari non governativi </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1671\">ammontava a 700 milioni di euro.  </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs1672\">Con riferimento <span class=\"_ _1\"></span>all\u2019operativit\u00e0 d<span class=\"_ _1\"></span>i rifinan<span class=\"_ _1\"></span>ziamento in p<span class=\"_ _1\"></span>ronti contro <span class=\"_ _f\"></span>termine di Titoli <span class=\"_ _1\"></span>di S<span class=\"_ _1\"></span>tato e <span class=\"_ _f\"></span>Supras </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1673\">Europei, <span class=\"_ _16\"> </span>il <span class=\"_ _16\"> </span>Gruppo <span class=\"_ _16\"> </span>\u00e8  rimasto <span class=\"_ _16\"> </span>molto <span class=\"_ _16\"> </span>attivo <span class=\"_ _16\"> </span>nel <span class=\"_ _16\"> </span>corso  d<span class=\"_ _1\"></span>el  2<span class=\"_ _1\"></span>025  e <span class=\"_ _9\"> </span>la  raccolta </div><div class=\"t m1 h6 ff4 fs2 fc1 sc0 ls0 ws0 gs1674\">outstanding</div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1675\">  a <span class=\"_ _16\"> </span>fine<span class=\"_ _1\"></span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1676\">dicembre \u00e8 risultata pari a circa 3,5 miliardi di euro a controvalore di mercato. La quota di liquidit\u00e0 </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1677\">in <span class=\"_ _d\"></span>eccesso <span class=\"_ _d\"></span>rispetto <span class=\"_ _d\"></span>ai <span class=\"_ _d\"></span>fabbisogni <span class=\"_ _2\"></span>e <span class=\"_ _d\"></span>agli <span class=\"_ _d\"></span>impieghi <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>pronti <span class=\"_ _d\"></span>contro <span class=\"_ _d\"></span>termine <span class=\"_ _2\"></span>per <span class=\"_ _0\"></span>circa <span class=\"_ _2\"></span>2,3 <span class=\"_ _0\"></span>miliardi, <span class=\"_ _2\"></span>a </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1678\">garanzia <span class=\"_ _d\"></span>dei <span class=\"_ _d\"></span>quali <span class=\"_ _0\"></span>il <span class=\"_ _d\"></span>Gruppo <span class=\"_ _0\"></span>ha <span class=\"_ _d\"></span>ricevuto <span class=\"_ _0\"></span>principalmente <span class=\"_ _d\"></span>Titoli <span class=\"_ _0\"></span>di <span class=\"_ _d\"></span>Stato <span class=\"_ _0\"></span>Italiani, <span class=\"_ _d\"></span>\u00e8 <span class=\"_ _d\"></span>s<span class=\"_ _2\"></span>tata <span class=\"_ _d\"></span>depositata<span class=\"_ _1\"></span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1679\">presso la Banca Centrale Europea. </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs167a\">In r<span class=\"_ _2\"></span>elazione all\u2019operativit\u00e0 <span class=\"_ _2\"></span>in divi<span class=\"_ _2\"></span>sa diversa <span class=\"_ _2\"></span>dall\u2019Euro <span class=\"_ _2\"></span>e in <span class=\"_ _2\"></span>particolare <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>USD, il <span class=\"_ _2\"></span>surplus d<span class=\"_ _2\"></span>i liquidit\u00e0 <span class=\"_ _2\"></span>\u00e8 </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs167b\">stato <span class=\"_ _9\"> </span>prevalentemente <span class=\"_ _0\"></span>impiegato <span class=\"_ _9\"> </span>in <span class=\"_ _9\"> </span>pronti <span class=\"_ _9\"> </span>contro <span class=\"_ _9\"> </span>t<span class=\"_ _2\"></span><span class=\"ff5\">ermine. <span class=\"_ _0\"></span>L\u2019import<span class=\"_ _2\"></span>o <span class=\"_ _0\"></span>complessivo <span class=\"_ _9\"> </span>netto <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>tali </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs167c\">operazioni a fine dicembre 2025 ammonta a circa 100 milioni<span class=\"_ _1\"></span> di USD a controvalore di mercato. <span class=\"_ _2\"></span> </div><div class=\"t m0 h5 ff4 fs1 fc4 sc3 ls0 ws0 gs167d\">Progr<span class=\"_ _f\"></span>amma <span class=\"_ _1\"></span>di em<span class=\"_ _1\"></span>issio<span class=\"_ _1\"></span>ni Obbl<span class=\"_ _1\"></span>iga<span class=\"_ _1\"></span>zioni <span class=\"_ _1\"></span>Banca<span class=\"_ _1\"></span>rie G<span class=\"_ _f\"></span>arantite<span class=\"fc1 sc0\"> </span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs167e\">Nell\u2019ambito <span class=\"_ _17\"> </span>del <span class=\"_ _14\"> </span>programma <span class=\"_ _14\"> </span>di <span class=\"_ _14\"> </span>Obbligazi<span class=\"_ _1\"></span>oni <span class=\"_ _14\"> </span>Bancarie <span class=\"_ _14\"> </span>Garantite <span class=\"_ _15\"> </span><span class=\"ff4\">da <span class=\"_ _17\"> </span>Credem <span class=\"_ _14\"> </span>CB, <span class=\"_ _17\"> </span>il <span class=\"_ _14\"> </span>valore </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs167f\">nominale <span class=\"_ _2\"></span>delle <span class=\"_ _2\"></span>emissioni <span class=\"_ _d\"></span>in <span class=\"_ _2\"></span>circolazione <span class=\"_ _2\"></span>a <span class=\"_ _d\"></span>fine <span class=\"_ _2\"></span>dicembre <span class=\"_ _2\"></span>2025 <span class=\"_ _d\"></span>\u00e8 <span class=\"_ _2\"></span>risultato <span class=\"_ _2\"></span>pari <span class=\"_ _d\"></span>a <span class=\"_ _2\"></span>3,6 <span class=\"_ _2\"></span>miliardi <span class=\"_ _2\"></span>di </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1680\">euro,  dei  quali  1,75  miliardi  di  euro  rappresentati  da <span class=\"_ _22\"> </span>emissioni </div><div class=\"t m1 h6 ff4 fs2 fc1 sc0 ls0 ws0 gs1681\">self-retained</div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1682\">.  Nel  mese  di </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1683\">dicembre <span class=\"_ _d\"></span>2025 <span class=\"_ _9\"> </span>\u00e8 <span class=\"_ _0\"></span>stato <span class=\"_ _d\"></span>emesso <span class=\"_ _0\"></span>un <span class=\"_ _0\"></span>nuovo <span class=\"_ _0\"></span>European <span class=\"_ _0\"></span>Covered <span class=\"_ _d\"></span>B<span class=\"_ _2\"></span>ond <span class=\"_ _d\"></span>(Premium) <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>e <span class=\"_ _0\"></span>tipo </div><div class=\"t m1 h6 ff4 fs2 fc1 sc0 ls0 ws0 gs1684\">self-<span class=\"_ _df\"> </span></div><div class=\"t m1 h6 ff4 fs2 fc1 sc0 ls0 ws0 gs1685\">retained</div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1686\"> <span class=\"_ _17\"> </span><span class=\"ff5\">per <span class=\"_ _17\"> </span>un <span class=\"_ _17\"> </span>valore <span class=\"_ _17\"> </span>nominale <span class=\"_ _17\"> </span>di <span class=\"_ _17\"> </span>750 <span class=\"_ _17\"> </span>milioni <span class=\"_ _17\"> </span>di <span class=\"_ _17\"> </span>euro. <span class=\"_ _4\"> </span>Quest\u2019ultima <span class=\"_ _17\"> </span>risulta <span class=\"_ _17\"> </span>idonea <span class=\"_ _17\"> </span>per </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1687\">operazioni <span class=\"_ _d\"></span>di <span class=\"_ _0\"></span>rifinanziamento <span class=\"_ _0\"></span>presso <span class=\"_ _0\"></span>la <span class=\"_ _d\"></span>Banca <span class=\"_ _0\"></span>Centrale <span class=\"_ _0\"></span>Europea <span class=\"_ _0\"></span>e <span class=\"_ _0\"></span>si <span class=\"_ _d\"></span>presta <span class=\"_ _0\"></span>come <span class=\"_ _0\"></span>attivit\u00e0 <span class=\"_ _d\"></span>di </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1688\">livello 1 ai fini del Liquidity Co<span class=\"_ _2\"></span>verage Ratio per potenziali controparti prenditrici di collaterale in </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1689\">operazioni di </div><div class=\"t m1 h6 ff4 fs2 fc1 sc0 ls0 ws0 gs168a\">repurchase agreement</div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs168b\">. </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs168c\">Nel <span class=\"_ _d\"></span>mese <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>novembre <span class=\"_ _d\"></span>2025 <span class=\"_ _d\"></span>\u00e8 <span class=\"_ _d\"></span>stato <span class=\"_ _d\"></span>perfezionato <span class=\"_ _d\"></span>il <span class=\"_ _d\"></span>rinnovo <span class=\"_ _d\"></span>annu<span class=\"_ _1\"></span>ale <span class=\"_ _d\"></span>del <span class=\"_ _d\"></span>Programma <span class=\"_ _d\"></span>OBG. <span class=\"_ _d\"></span>Le </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs168d\">modifiche <span class=\"_ _4\"> </span>al <span class=\"_ _22\"> </span>Base <span class=\"_ _4\"> </span>Prospectus <span class=\"_ _4\"> </span>hanno <span class=\"_ _22\"> </span>riguardato <span class=\"_ _4\"> </span>principalmente <span class=\"_ _4\"> </span><span class=\"ff5\">l\u2019aggiornamento <span class=\"_ _4\"> </span>dei <span class=\"_ _22\"> </span>dati </span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs168e\">finanziari <span class=\"_ _9\"> </span>e <span class=\"_ _16\"> </span>l\u2019adeguamento <span class=\"_ _9\"> </span>normativo <span class=\"_ _16\"> </span>della <span class=\"_ _9\"> </span>documentazione <span class=\"_ _9\"> </span>d\u2019offerta  alla <span class=\"_ _9\"> </span>miglior <span class=\"_ _9\"> </span>prassi <span class=\"_ _16\"> </span>di </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs168f\">mercato vigente. </div><div class=\"t m0 h5 ff5 fs1 fc4 sc3 ls0 ws0 gs1690\">Progr<span class=\"_ _f\"></span>amma <span class=\"_ _1\"></span>di em<span class=\"_ _1\"></span>issio<span class=\"_ _1\"></span>ni \u201cEu<span class=\"_ _1\"></span>ro M<span class=\"_ _f\"></span>edium Te<span class=\"_ _1\"></span>rm N<span class=\"_ _1\"></span>ote\u201d<span class=\"_ _1\"></span> (EM<span class=\"_ _1\"></span>TN)<span class=\"ff4 fc1 sc0\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1691\">A maggio 2025, Credemholding S.p.A. ha collocato nel mercato uno str<span class=\"_ _2\"></span>umento subordinato Tier 2 </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1692\">da per nominali 200 milioni di euro con <span class=\"_ _2\"></span>scadenza maggi<span class=\"_ _1\"></span>o 2037 e possibilit\u00e0 di rimborso anticipato </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1693\">a <span class=\"_ _15\"> </span>maggio <span class=\"_ _14\"> </span>2032. <span class=\"_ _15\"> </span>Contest<span class=\"_ _2\"></span>ualmente,<span class=\"_ _1\"></span> <span class=\"_ _15\"> </span>\u00e8 <span class=\"_ _14\"> </span>s<span class=\"_ _2\"></span>tato <span class=\"_ _15\"> </span>emesso <span class=\"_ _15\"> </span>da <span class=\"_ _15\"> </span>parte <span class=\"_ _14\"> </span>di <span class=\"_ _14\"> </span>Cre<span class=\"_ _2\"></span>demBanca <span class=\"_ _14\"> </span>un <span class=\"_ _15\"> </span>prestito </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1694\">obbligazionario subordinato Tier 2 interamente sottoscritto da CredemHolding S.p.A. </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1695\">Nel me<span class=\"_ _1\"></span>se di<span class=\"_ _1\"></span> giu<span class=\"_ _1\"></span>gno 2025 <span class=\"_ _1\"></span>\u00e8 s<span class=\"_ _1\"></span>tato <span class=\"_ _1\"></span>perfezionato <span class=\"_ _1\"></span>il <span class=\"_ _1\"></span>rinnovo annu<span class=\"_ _1\"></span>ale <span class=\"_ _1\"></span>del Programma <span class=\"_ _1\"></span>EMTN <span class=\"_ _1\"></span>allineandolo </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1696\">alle pi\u00f9 recenti normative vigenti. </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs1697\">Nel <span class=\"_ _2\"></span>mese <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>ottobre <span class=\"_ _2\"></span>2025, CredemHolding <span class=\"_ _2\"></span>ha <span class=\"_ _2\"></span>esercitato <span class=\"_ _2\"></span>l\u2019opzione <span class=\"_ _2\"></span>di r<span class=\"_ _2\"></span>imborso <span class=\"_ _2\"></span>anticipato pr<span class=\"_ _d\"></span><span class=\"ff4\">evista </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1698\">per il prestito obbligazionario subordinato Tier 2 emesso nel 2020 per nominali 200 milioni di<span class=\"_ _1\"></span> euro </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs1699\">e <span class=\"_ _d\"></span>contestualmente <span class=\"_ _0\"></span>CredemBanca <span class=\"_ _0\"></span>ha <span class=\"_ _d\"></span>rimbors<span class=\"_ _2\"></span>ato <span class=\"_ _d\"></span>anticipatamente <span class=\"_ _d\"></span>la <span class=\"_ _0\"></span>relativa <span class=\"_ _d\"></span>emiss<span class=\"_ _2\"></span>ione <span class=\"_ _d\"></span>\u201cmirror\u201d </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs169a\">interamente sottoscritta da Cred<span class=\"_ _1\"></span>emholding. </div><div class=\"t m0 h5 ff4 fs1 fc4 sc3 ls0 ws0 gs169c\">Opera<span class=\"_ _f\"></span>zioni di ca<span class=\"_ _f\"></span>rtolarizz<span class=\"_ _1\"></span>azion<span class=\"_ _f\"></span>e </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs169d\">Con riferimento all<span class=\"_ _1\"></span>\u2019operazione di cartolarizzazi<span class=\"_ _1\"></span>one avente come <span class=\"_ _1\"></span>veicolo E<span class=\"_ _1\"></span>milia SPV S.r.l., ne<span class=\"_ _1\"></span>l corso </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs169e\">del 2025 sono state effettuate due nuove cessioni di attivi relative a mutui ip<span class=\"_ _1\"></span>otecari residenziali in </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs169f\">bonis. <span class=\"_ _d\"></span>Al <span class=\"_ _0\"></span>31 <span class=\"_ _0\"> </span>dicembre <span class=\"_ _0\"></span>2025, <span class=\"_ _0\"></span>il <span class=\"_ _0\"></span>circolante <span class=\"_ _0\"></span>della <span class=\"_ _0\"></span>tranche <span class=\"_ _0\"></span>senior <span class=\"_ _0\"></span>\u00e8 <span class=\"_ _d\"></span>pari <span class=\"_ _0\"></span>a <span class=\"_ _0\"></span>circa <span class=\"_ _0\"></span>2,13 <span class=\"_ _0\"></span>miliardi <span class=\"_ _d\"></span>di <span class=\"_ _0\"></span>Euro, </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs16a0\">mentre quello della tranche junior \u00e8 pari a circa 0,64 miliardi di<span class=\"_ _1\"></span> euro.<span class=\"_ _2\"></span> </div><div class=\"t m0 h5 ff4 fs1 fc4 sc3 ls0 ws0 gs16a1\">Progr<span class=\"_ _f\"></span>amma <span class=\"_ _1\"></span>di em<span class=\"_ _1\"></span>issio<span class=\"_ _1\"></span>ne di <span class=\"_ _f\"></span>Cambia<span class=\"_ _f\"></span>li<span class=\"_ _2\"></span> Fi<span class=\"_ _1\"></span>nanzia<span class=\"_ _f\"></span>rie (Com<span class=\"_ _f\"></span>mercial<span class=\"_ _1\"></span> Pap<span class=\"_ _1\"></span>er Pr<span class=\"_ _1\"></span>ogra<span class=\"_ _1\"></span>mme)<span class=\"_ _f\"></span><span class=\"fc1 sc0\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs16a2\">Nel <span class=\"_ _f\"></span>corso <span class=\"_ _1\"></span>del <span class=\"_ _f\"></span>2025, <span class=\"_ _f\"></span>a <span class=\"_ _f\"></span>valere <span class=\"_ _f\"></span>s<span class=\"_ _2\"></span>ul <span class=\"_ _f\"></span>Programma <span class=\"_ _1\"></span>di <span class=\"_ _f\"></span>Emissione <span class=\"_ _f\"></span>di <span class=\"_ _f\"></span>Cambiali <span class=\"_ _f\"></span>Finanziarie <span class=\"_ _f\"></span>di <span class=\"_ _1\"></span>Credito <span class=\"_ _f\"></span>Emiliano, </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs16a3\">che <span class=\"_ _d\"></span>d\u00e0 <span class=\"_ _0\"></span>la <span class=\"_ _0\"></span>possibilit\u00e0 <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>emettere <span class=\"_ _d\"></span>Commercial <span class=\"_ _0\"></span>Paper <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>diritto <span class=\"_ _0\"></span>Italiano <span class=\"_ _d\"></span>da <span class=\"_ _0\"></span>destinarsi <span class=\"_ _0\"></span>alla <span class=\"_ _d\"></span>clientela </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs16a4\">istituzionale <span class=\"_ _f\"></span>e <span class=\"_ _1\"></span>professionale, <span class=\"_ _f\"></span>son<span class=\"_ _2\"></span>o <span class=\"_ _f\"></span>st<span class=\"_ _2\"></span>ate <span class=\"_ _f\"></span>effettuate <span class=\"_ _f\"></span>12 emissioni <span class=\"_ _f\"></span>di <span class=\"_ _f\"></span>Cambiali <span class=\"_ _f\"></span>F<span class=\"_ _2\"></span>inanziarie, <span class=\"_ _f\"></span>ne<span class=\"_ _2\"></span>lla <span class=\"_ _f\"></span>for<span class=\"_ _2\"></span>ma </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs16a5\">di Zero Cou<span class=\"_ _1\"></span>pon con<span class=\"_ _1\"></span> durata me<span class=\"_ _1\"></span>dia pari<span class=\"_ _1\"></span> a circa <span class=\"_ _f\"></span>8 mesi e <span class=\"_ _1\"></span>per u<span class=\"_ _1\"></span>n ammontare <span class=\"_ _1\"></span>complessivo di<span class=\"_ _1\"></span> circa <span class=\"_ _1\"></span>380 </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs16a6\">milioni di euro e per un valore outstanding a fine di<span class=\"_ _1\"></span>cembre 2025 di circa 160 milioni di euro.<span class=\"_ _2\"></span> </div>1. Dis<span class=\"_ _1\"></span>tribuzi<span class=\"_ _1\"></span>one<span class=\"_ _1\"></span> tem<span class=\"_ _1\"></span>pora<span class=\"_ _1\"></span>le pe<span class=\"_ _1\"></span>r du<span class=\"_ _f\"></span>rata res<span class=\"_ _1\"></span>idua <span class=\"_ _1\"></span>contr<span class=\"_ _1\"></span>attu<span class=\"_ _1\"></span>ale del<span class=\"_ _1\"></span>le a<span class=\"_ _1\"></span>ttivit<span class=\"_ _1\"></span>\u00e0 e pa<span class=\"_ _f\"></span>ssivit\u00e0 fina<span class=\"_ _f\"></span>nziarie<span class=\"fc1 sc0\"> </span> EUR<span class=\"_ _1\"></span>O<span class=\"fc1 sc0\"> </span><table class=\"s w114e h5b4\" id=\"_a5caafcb-fd88-4a63-a239-65e0de704506\"><tr><td class=\"c x2a8 y37a4 w114f h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc4 sc3 ls0 ws0\">Voci/ Sc<span class=\"_ _1\"></span>aglioni<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c xaf4 y37a5 w1150 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc4 sc3 ls0 ws0\">Da oltre<span class=\"_ _1\"></span> 1<span class=\"_ _df\"> </span></div></td><td class=\"c xaf5 y37a5 w1151 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc4 sc3 ls0 ws0\">Da oltre<span class=\"_ _1\"></span> 7<span class=\"_ _df\"> </span></div></td><td class=\"c xaf6 y37a5 wdda h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc4 sc3 ls0 ws0\">Da oltre<span class=\"_ _df\"> </span></div></td><td class=\"c xaf7 y37a5 w1150 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc4 sc3 ls0 ws0\">Da oltre<span class=\"_ _1\"></span> 1<span class=\"_ _df\"> </span></div></td><td class=\"c xaf8 y37a5 w1152 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc4 sc3 ls0 ws0\">Da oltre<span class=\"_ _1\"></span> 3<span class=\"_ _df\"> </span></div></td><td class=\"c x45e y37a5 w1153 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc4 sc3 ls0 ws0\">Da oltre<span class=\"_ _1\"></span> 6<span class=\"_ _df\"> </span></div></td><td class=\"c x6cb y37a5 w1150 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc4 sc3 ls0 ws0\">Da oltre<span class=\"_ _1\"></span> 1<span class=\"_ _df\"> </span></div></td><td></td><td></td></tr><tr><td class=\"c xaf9 y37a6 w1154 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc4 sc3 ls0 ws0\">tempora<span class=\"_ _1\"></span>li<span class=\"_ _df\"> </span></div></td><td class=\"c xafa y37a7 wf0 h355\"><div class=\"t m0 x2a h30 y289 ff4 fsb fc4 sc3 ls0 ws0\">A vista<span class=\"fc1 sc0\"> </span></div></td><td class=\"c xafb y37a8 w1155 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc4 sc3 ls0 ws0\">giorno a<span class=\"_ _1\"></span> 7<span class=\"_ _df\"> </span></div></td><td class=\"c xafc y37a8 w1156 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc4 sc3 ls0 ws0\">giorni a<span class=\"_ _df\"> </span></div></td><td class=\"c xaf6 y37a8 w1157 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc4 sc3 ls0 ws0\">15 giorni<span class=\"_ _df\"> </span></div></td><td class=\"c xafd y37a8 w1158 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc4 sc3 ls0 ws0\">mese fino<span class=\"_ _df\"> </span></div></td><td class=\"c xafe y37a8 w1159 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc4 sc3 ls0 ws0\">mesi fino<span class=\"_ _df\"> </span></div></td><td class=\"c xaff y37a8 w1159 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc4 sc3 ls0 ws0\">mesi fino<span class=\"_ _df\"> </span></div></td><td class=\"c x6d9 y37a8 w115a h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc4 sc3 ls0 ws0\">anno fino<span class=\"_ _f\"></span> a<span class=\"_ _df\"> </span></div></td><td class=\"c x7a3 y37a7 w384 h355\"><div class=\"t m0 x8a h30 y289 ff4 fsb fc4 sc3 ls0 ws0\">Oltre 5 ann<span class=\"_ _1\"></span>i<span class=\"fc1 sc0\"> </span></div></td><td></td></tr><tr><td></td><td></td><td class=\"c xb00 y37a9 w115b h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc4 sc3 ls0 ws0\">giorni<span class=\"_ _df\"> </span></div></td><td class=\"c xafc y37a9 w1157 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc4 sc3 ls0 ws0\">15 giorni<span class=\"_ _df\"> </span></div></td><td class=\"c xaf6 y37a9 w115c h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc4 sc3 ls0 ws0\">a 1 mese<span class=\"_ _df\"> </span></div></td><td class=\"c xb01 y37a9 w115d h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc4 sc3 ls0 ws0\">3 mesi<span class=\"_ _df\"> </span></div></td><td class=\"c xafe y37a9 w115e h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc4 sc3 ls0 ws0\">a 6 mesi<span class=\"_ _df\"> </span></div></td><td class=\"c x64a y37a9 w115f h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc4 sc3 ls0 ws0\">a 1 anno<span class=\"_ _df\"> </span></div></td><td class=\"c xb02 y37a9 w1160 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc4 sc3 ls0 ws0\">5 anni<span class=\"_ _df\"> </span></div></td><td></td><td></td></tr><tr><td class=\"c x46b y37aa w62d h21\"><div class=\"t m0 x8a h30 y66c ff4 fsb fc1 sc2 ls0 ws0\">Attivit\u00e0<span class=\"_ _1\"></span> per cassa<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td><td class=\"c xafa y37aa w1d8 h21\"><div class=\"t m0 x16a h30 y66c ff4 fsb fc1 sc2 ls0 ws0\">5.880.487<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td><td class=\"c xb03 y37aa w3b6 h21\"><div class=\"t m0 xac h30 y66c ff4 fsb fc1 sc2 ls0 ws0\">2.793.02<span class=\"_ _1\"></span>0<span class=\"sc0\"> </span></div></td><td class=\"c x71c y37aa w351 h21\"><div class=\"t m0 x16a h30 y66c ff4 fsb fc1 sc2 ls0 ws0\">502.719<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x80b y37aa w1e3 h21\"><div class=\"t m0 x2f h30 y66c ff4 fsb fc1 sc2 ls0 ws0\">808.177<span class=\"sc0\"> </span></div></td><td class=\"c x682 y37aa w436 h21\"><div class=\"t m0 xac h30 y66c ff4 fsb fc1 sc2 ls0 ws0\">3.468.012<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td><td class=\"c xb04 y37aa w111 h21\"><div class=\"t m0 xac h30 y66c ff4 fsb fc1 sc2 ls0 ws0\">3.396.744<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x469 y37aa w17d h21\"><div class=\"t m0 x8e h30 y66c ff4 fsb fc1 sc2 ls0 ws0\">4.137.949<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x6ed y37aa w8c h21\"><div class=\"t m0 xac h30 y66c ff4 fsb fc1 sc2 ls0 ws0\">18.528.83<span class=\"_ _f\"></span>6<span class=\"sc0\"> </span></div></td><td class=\"c x7a3 y37aa w2df h21\"><div class=\"t m0 xac h30 y66c ff4 fsb fc1 sc2 ls0 ws0\">13.932.2<span class=\"_ _1\"></span>74<span class=\"sc0\"> </span></div></td><td class=\"c xb05 y37aa w2bb h21\"><div class=\"t m0 xac h30 y66c ff4 fsb fc1 sc2 ls0 ws0\">395.771<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x46b y37ab w62d h21\"><div class=\"t m0 x16a h30 y66c ff4 fsb fc1 sc0 ls0 ws0\">A.1 Titoli di Stato<span class=\"_ _2\"></span> </div></td><td class=\"c xafa y37ab w1d8 h21\"><div class=\"t m0 x13 h30 y66c ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xb03 y37ab w3b6 h21\"><div class=\"t m0 x15 h30 y66c ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x71c y37ab w351 h21\"><div class=\"t m0 x14 h30 y66c ff4 fsb fc1 sc0 ls0 ws0\">1.570 </div></td><td class=\"c x80b y37ab w1e3 h21\"><div class=\"t m0 x33 h30 y66c ff4 fsb fc1 sc0 ls0 ws0\">765 </div></td><td class=\"c x682 y37ab w436 h21\"><div class=\"t m0 x55 h30 y66c ff4 fsb fc1 sc0 ls0 ws0\">23.972 </div></td><td class=\"c xb04 y37ab w111 h21\"><div class=\"t m0 x116 h30 y66c ff4 fsb fc1 sc0 ls0 ws0\">450.992 </div></td><td class=\"c x469 y37ab w17d h21\"><div class=\"t m0 x2e h30 y66c ff4 fsb fc1 sc0 ls0 ws0\">157.876 </div></td><td class=\"c x6ed y37ab w8c h21\"><div class=\"t m0 x8e h30 y66c ff4 fsb fc1 sc0 ls0 ws0\">5.058.884 </div></td><td class=\"c x7a3 y37ab w2df h21\"><div class=\"t m0 x116 h30 y66c ff4 fsb fc1 sc0 ls0 ws0\">1.184.607 </div></td><td class=\"c xb05 y37ab w2bb h21\"><div class=\"t m0 x26 h30 y66c ff4 fsb fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2a8 y37ac w1161 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">A.2 Altri tit<span class=\"_ _2\"></span>oli di<span class=\"_ _df\"> </span></div></td><td class=\"c xafa y37ad w1d8 h98\"><div class=\"t m0 x13 h30 y27 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xb03 y37ad w3b6 h98\"><div class=\"t m0 x15 h30 y27 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x71c y37ad w351 h98\"><div class=\"t m0 x2a h30 y27 ff4 fsb fc1 sc0 ls0 ws0\">83.565 </div></td><td class=\"c x80b y37ad w1e3 h98\"><div class=\"t m0 x55 h30 y27 ff4 fsb fc1 sc0 ls0 ws0\">2.728 </div></td><td class=\"c x682 y37ad w436 h98\"><div class=\"t m0 x2e h30 y27 ff4 fsb fc1 sc0 ls0 ws0\">153.275 </div></td><td class=\"c xb04 y37ad w111 h98\"><div class=\"t m0 x2e h30 y27 ff4 fsb fc1 sc0 ls0 ws0\">157.762 </div></td><td class=\"c x469 y37ad w17d h98\"><div class=\"t m0 x2a h30 y27 ff4 fsb fc1 sc0 ls0 ws0\">267.973 </div></td><td class=\"c x6ed y37ad w8c h98\"><div class=\"t m0 x16a h30 y27 ff4 fsb fc1 sc0 ls0 ws0\">1.925.288 </div></td><td class=\"c x7a3 y37ad w2df h98\"><div class=\"t m0 x2f h30 y27 ff4 fsb fc1 sc0 ls0 ws0\">1.968.004 </div></td><td class=\"c xb05 y37ad w2bb h98\"><div class=\"t m0 x26 h30 y27 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2a8 y37ae w1162 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">debito<span class=\"_ _df\"> </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 x46b y37af w62d h21\"><div class=\"t m0 x16a h30 y66c ff4 fsb fc1 sc0 ls0 ws0\">A.3 Quote OICR </div></td><td class=\"c xafa y37af w1d8 h21\"><div class=\"t m0 x33 h30 y66c ff4 fsb fc1 sc0 ls0 ws0\">10.804 </div></td><td class=\"c xb03 y37af w3b6 h21\"><div class=\"t m0 x15 h30 y66c ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x71c y37af w351 h21\"><div class=\"t m0 x38 h30 y66c ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x80b y37af w1e3 h21\"><div class=\"t m0 x37 h30 y66c ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x682 y37af w436 h21\"><div class=\"t m0 x30 h30 y66c ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xb04 y37af w111 h21\"><div class=\"t m0 x30 h30 y66c ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x469 y37af w17d h21\"><div class=\"t m0 x30 h30 y66c ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x6ed y37af w8c h21\"><div class=\"t m0 x2c h30 y66c ff4 fsb fc1 sc0 ls0 ws0\">1.907 </div></td><td class=\"c x7a3 y37af w2df h21\"><div class=\"t m0 x8f h30 y66c ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xb05 y37af w2bb h21\"><div class=\"t m0 x26 h30 y66c ff4 fsb fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2a8 y37b0 wdde h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">A.4<span class=\"_ _df\"> </span></div></td><td class=\"c xafa y37b1 w1d8 h12\"><div class=\"t m0 x2f h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">5.869.683 </div></td><td class=\"c xb03 y37b1 w3b6 h12\"><div class=\"t m0 xac h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">2.793.020<span class=\"_ _2\"></span> </div></td><td class=\"c x71c y37b1 w351 h12\"><div class=\"t m0 x2f h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">417.584 </div></td><td class=\"c x80b y37b1 w1e3 h12\"><div class=\"t m0 xab h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">804.684 </div></td><td class=\"c x682 y37b1 w436 h12\"><div class=\"t m0 xab h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">3.290.765 </div></td><td class=\"c xb04 y37b1 w111 h12\"><div class=\"t m0 xab h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">2.787.990 </div></td><td class=\"c x469 y37b1 w17d h12\"><div class=\"t m0 x8e h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">3.712.100 </div></td><td class=\"c x6ed y37b1 w8c h12\"><div class=\"t m0 x2f h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">11.542.757 </div></td><td class=\"c x7a3 y37b1 w2df h12\"><div class=\"t m0 xac h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">10.779.663 </div></td><td class=\"c xb05 y37b1 w2bb h12\"><div class=\"t m0 xac h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">395.771 </div></td></tr><tr><td class=\"c x2a8 y37b2 w1163 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">Finanziamenti<span class=\"_ _df\"> </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 x46b y37b3 w62d h21\"><div class=\"t m0 x39 h30 y54 ff4 fsb fc1 sc0 ls0 ws0\">- Banche </div></td><td class=\"c xafa y37b3 w1d8 h21\"><div class=\"t m0 x2a h30 y54 ff4 fsb fc1 sc0 ls0 ws0\">1.466.576 </div></td><td class=\"c xb03 y37b3 w3b6 h21\"><div class=\"t m0 x2e h30 y54 ff4 fsb fc1 sc0 ls0 ws0\">813.409 </div></td><td class=\"c x71c y37b3 w351 h21\"><div class=\"t m0 x38 h30 y54 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x80b y37b3 w1e3 h21\"><div class=\"t m0 x33 h30 y54 ff4 fsb fc1 sc0 ls0 ws0\">755 </div></td><td class=\"c x682 y37b3 w436 h21\"><div class=\"t m0 x2a h30 y54 ff4 fsb fc1 sc0 ls0 ws0\">198.393 </div></td><td class=\"c xb04 y37b3 w111 h21\"><div class=\"t m0 x37 h30 y54 ff4 fsb fc1 sc0 ls53 ws0\">69<span class=\"ls0\"> </span></div></td><td class=\"c x469 y37b3 w17d h21\"><div class=\"t m0 x38 h30 y54 ff4 fsb fc1 sc0 ls9b ws0\">21<span class=\"ls0\"> </span></div></td><td class=\"c x6ed y37b3 w8c h21\"><div class=\"t m0 x31 h30 y54 ff4 fsb fc1 sc0 ls54 ws0\">46<span class=\"ls0\"> </span></div></td><td class=\"c x7a3 y37b3 w2df h21\"><div class=\"t m0 x8f h30 y54 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xb05 y37b3 w2bb h21\"><div class=\"t m0 xac h30 y54 ff4 fsb fc1 sc0 ls0 ws0\">395.771 </div></td></tr><tr><td class=\"c x46b y37b4 w62d h21\"><div class=\"t m0 x39 h30 y54 ff4 fsb fc1 sc0 ls0 ws0\">- Clientela </div></td><td class=\"c xafa y37b4 w1d8 h21\"><div class=\"t m0 x116 h30 y54 ff4 fsb fc1 sc0 ls0 ws0\">4.403.107 </div></td><td class=\"c xb03 y37b4 w3b6 h21\"><div class=\"t m0 x16a h30 y54 ff4 fsb fc1 sc0 ls0 ws0\">1.979.611 </div></td><td class=\"c x71c y37b4 w351 h21\"><div class=\"t m0 x2f h30 y54 ff4 fsb fc1 sc0 ls0 ws0\">417.584 </div></td><td class=\"c x80b y37b4 w1e3 h21\"><div class=\"t m0 xac h30 y54 ff4 fsb fc1 sc0 ls0 ws0\">803.929 </div></td><td class=\"c x682 y37b4 w436 h21\"><div class=\"t m0 xab h30 y54 ff4 fsb fc1 sc0 ls0 ws0\">3.092.372 </div></td><td class=\"c xb04 y37b4 w111 h21\"><div class=\"t m0 x8e h30 y54 ff4 fsb fc1 sc0 ls0 ws0\">2.787.921 </div></td><td class=\"c x469 y37b4 w17d h21\"><div class=\"t m0 x8e h30 y54 ff4 fsb fc1 sc0 ls0 ws0\">3.712.079 </div></td><td class=\"c x6ed y37b4 w8c h21\"><div class=\"t m0 x116 h30 y54 ff4 fsb fc1 sc0 ls0 ws0\">11.542.711 </div></td><td class=\"c x7a3 y37b4 w2df h21\"><div class=\"t m0 xac h30 y54 ff4 fsb fc1 sc0 ls0 ws0\">10.779.663 </div></td><td class=\"c xb05 y37b4 w2bb h21\"><div class=\"t m0 x26 h30 y54 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x262 y37b5 w1164 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc2 ls0 ws0\">Passivit<span class=\"_ _1\"></span>\u00e0 per<span class=\"_ _df\"> </span></div></td><td class=\"c xafa y37b6 w1d8 h12\"><div class=\"t m0 x8e h30 y295 ff4 fsb fc1 sc2 ls0 ws0\">35.239.416<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td><td class=\"c xb03 y37b6 w3b6 h12\"><div class=\"t m0 xac h30 y295 ff4 fsb fc1 sc2 ls0 ws0\">4.899.148<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x71c y37b6 w351 h12\"><div class=\"t m0 x2f h30 y295 ff4 fsb fc1 sc2 ls0 ws0\">292.78<span class=\"_ _1\"></span>4<span class=\"sc0\"> </span></div></td><td class=\"c x80b y37b6 w1e3 h12\"><div class=\"t m0 xab h30 y295 ff4 fsb fc1 sc2 ls0 ws0\">1.245.176<span class=\"sc0\"> </span></div></td><td class=\"c x682 y37b6 w436 h12\"><div class=\"t m0 xac h30 y295 ff4 fsb fc1 sc2 ls0 ws0\">1.887.484<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td><td class=\"c xb04 y37b6 w111 h12\"><div class=\"t m0 x8e h30 y295 ff4 fsb fc1 sc2 ls0 ws0\">1.540.52<span class=\"_ _1\"></span>6<span class=\"sc0\"> </span></div></td><td class=\"c x469 y37b6 w17d h12\"><div class=\"t m0 x55 h30 y295 ff4 fsb fc1 sc2 ls0 ws0\">610.921<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x6ed y37b6 w8c h12\"><div class=\"t m0 x2f h30 y295 ff4 fsb fc1 sc2 ls0 ws0\">3.759.893<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x7a3 y37b6 w2df h12\"><div class=\"t m0 x55 h30 y295 ff4 fsb fc1 sc2 ls0 ws0\">444.379<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td><td class=\"c xb05 y37b6 w2bb h12\"><div class=\"t m0 x26 h30 y295 ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x262 y37b7 wc14 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc2 ls0 ws0\">cassa<span class=\"_ _df\"> </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 x2a8 y37b8 w1165 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">B.1 Depositi e<span class=\"_ _df\"> </span></div></td><td class=\"c xafa y37b9 w1d8 h196\"><div class=\"t m0 xab h30 y1649 ff4 fsb fc1 sc0 ls0 ws0\">34.956.405 </div></td><td class=\"c xb03 y37b9 w3b6 h196\"><div class=\"t m0 x2a h30 y1649 ff4 fsb fc1 sc0 ls0 ws0\">1.111.979 </div></td><td class=\"c x71c y37b9 w351 h196\"><div class=\"t m0 x16a h30 y1649 ff4 fsb fc1 sc0 ls0 ws0\">291.759 </div></td><td class=\"c x80b y37b9 w1e3 h196\"><div class=\"t m0 x8e h30 y1649 ff4 fsb fc1 sc0 ls0 ws0\">794.201 </div></td><td class=\"c x682 y37b9 w436 h196\"><div class=\"t m0 xac h30 y1649 ff4 fsb fc1 sc0 ls0 ws0\">1.405.652 </div></td><td class=\"c xb04 y37b9 w111 h196\"><div class=\"t m0 x8e h30 y1649 ff4 fsb fc1 sc0 ls0 ws0\">1.252.057 </div></td><td class=\"c x469 y37b9 w17d h196\"><div class=\"t m0 x116 h30 y1649 ff4 fsb fc1 sc0 ls0 ws0\">455.966 </div></td><td class=\"c x6ed y37b9 w8c h196\"><div class=\"t m0 x14 h30 y1649 ff4 fsb fc1 sc0 ls0 ws0\">115.222 </div></td><td class=\"c x7a3 y37b9 w2df h196\"><div class=\"t m0 x8f h30 y1649 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xb05 y37b9 w2bb h196\"><div class=\"t m0 x26 h30 y1649 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2a8 y37ba w1166 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">conti correnti<span class=\"_ _df\"> </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 x46b y37bb w62d h21\"><div class=\"t m0 x39 h30 y66c ff4 fsb fc1 sc0 ls0 ws0\">- Banche </div></td><td class=\"c xafa y37bb w1d8 h21\"><div class=\"t m0 x32 h30 y66c ff4 fsb fc1 sc0 ls0 ws0\">12.793 </div></td><td class=\"c xb03 y37bb w3b6 h21\"><div class=\"t m0 x15 h30 y66c ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x71c y37bb w351 h21\"><div class=\"t m0 x38 h30 y66c ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x80b y37bb w1e3 h21\"><div class=\"t m0 x37 h30 y66c ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x682 y37bb w436 h21\"><div class=\"t m0 x48 h30 y66c ff4 fsb fc1 sc0 ls0 ws0\">2.756 </div></td><td class=\"c xb04 y37bb w111 h21\"><div class=\"t m0 x30 h30 y66c ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x469 y37bb w17d h21\"><div class=\"t m0 x30 h30 y66c ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x6ed y37bb w8c h21\"><div class=\"t m0 x8f h30 y66c ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x7a3 y37bb w2df h21\"><div class=\"t m0 x8f h30 y66c ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xb05 y37bb w2bb h21\"><div class=\"t m0 x26 h30 y66c ff4 fsb fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y37bc w62d h21\"><div class=\"t m0 x39 h30 y66c ff4 fsb fc1 sc0 ls0 ws0\">- Clientela </div></td><td class=\"c xafa y37bc w1d8 h21\"><div class=\"t m0 x8e h30 y66c ff4 fsb fc1 sc0 ls0 ws0\">34.943.612 </div></td><td class=\"c xb03 y37bc w3b6 h21\"><div class=\"t m0 x2a h30 y66c ff4 fsb fc1 sc0 ls0 ws0\">1.111.979 </div></td><td class=\"c x71c y37bc w351 h21\"><div class=\"t m0 x16a h30 y66c ff4 fsb fc1 sc0 ls0 ws0\">291.759 </div></td><td class=\"c x80b y37bc w1e3 h21\"><div class=\"t m0 x8e h30 y66c ff4 fsb fc1 sc0 ls0 ws0\">794.201 </div></td><td class=\"c x682 y37bc w436 h21\"><div class=\"t m0 xac h30 y66c ff4 fsb fc1 sc0 ls0 ws0\">1.402.896 </div></td><td class=\"c xb04 y37bc w111 h21\"><div class=\"t m0 x8e h30 y66c ff4 fsb fc1 sc0 ls0 ws0\">1.252.057 </div></td><td class=\"c x469 y37bc w17d h21\"><div class=\"t m0 x116 h30 y66c ff4 fsb fc1 sc0 ls0 ws0\">455.966 </div></td><td class=\"c x6ed y37bc w8c h21\"><div class=\"t m0 x14 h30 y66c ff4 fsb fc1 sc0 ls0 ws0\">115.222 </div></td><td class=\"c x7a3 y37bc w2df h21\"><div class=\"t m0 x8f h30 y66c ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xb05 y37bc w2bb h21\"><div class=\"t m0 x26 h30 y66c ff4 fsb fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2a8 y37bd w1167 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">B.2 Titoli di<span class=\"_ _df\"> </span></div></td><td class=\"c xafa y37be w1d8 h12\"><div class=\"t m0 x27 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">1.296 </div></td><td class=\"c xb03 y37be w3b6 h12\"><div class=\"t m0 x15 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x71c y37be w351 h12\"><div class=\"t m0 x38 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x80b y37be w1e3 h12\"><div class=\"t m0 x39 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">11.511 </div></td><td class=\"c x682 y37be w436 h12\"><div class=\"t m0 x116 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">238.375 </div></td><td class=\"c xb04 y37be w111 h12\"><div class=\"t m0 x116 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">267.500 </div></td><td class=\"c x469 y37be w17d h12\"><div class=\"t m0 x2a h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">138.986 </div></td><td class=\"c x6ed y37be w8c h12\"><div class=\"t m0 x2f h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">3.579.467 </div></td><td class=\"c x7a3 y37be w2df h12\"><div class=\"t m0 x2e h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">400.000 </div></td><td class=\"c xb05 y37be w2bb h12\"><div class=\"t m0 x26 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2a8 y37bf w1162 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">debito<span class=\"_ _df\"> </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 x2a8 y37c0 w1168 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">B.3 Altre<span class=\"_ _df\"> </span></div></td><td class=\"c xafa y37c1 w1d8 h12\"><div class=\"t m0 x48 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">281.715 </div></td><td class=\"c xb03 y37c1 w3b6 h12\"><div class=\"t m0 x8e h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">3.787.169 </div></td><td class=\"c x71c y37c1 w351 h12\"><div class=\"t m0 x14 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">1.025 </div></td><td class=\"c x80b y37c1 w1e3 h12\"><div class=\"t m0 xac h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">439.464 </div></td><td class=\"c x682 y37c1 w436 h12\"><div class=\"t m0 x116 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">243.457 </div></td><td class=\"c xb04 y37c1 w111 h12\"><div class=\"t m0 x55 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">20.969 </div></td><td class=\"c x469 y37c1 w17d h12\"><div class=\"t m0 x39 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">15.969 </div></td><td class=\"c x6ed y37c1 w8c h12\"><div class=\"t m0 x14 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">65.204 </div></td><td class=\"c x7a3 y37c1 w2df h12\"><div class=\"t m0 x14 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">44.379 </div></td><td class=\"c xb05 y37c1 w2bb h12\"><div class=\"t m0 x26 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2a8 y37c2 w1169 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">passivit\u00e0<span class=\"_ _df\"> </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 x262 y37c3 w116a h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc2 ls0 ws0\">Operazio<span class=\"_ _1\"></span>ni \"fuori<span class=\"_ _df\"> </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 x262 y37c4 w116b h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc2 ls0 ws0\">bilancio<span class=\"_ _1\"></span>\"<span class=\"_ _df\"> </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 x2a8 y37c5 w116c h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">C.1 Derivati<span class=\"_ _df\"> </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 x2a8 y37c6 w116d h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">finanziari con<span class=\"_ _df\"> </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 x2a8 y37c7 w116e h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">scambio di<span class=\"_ _df\"> </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 x2a8 y37c8 w116f h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">capitale<span class=\"_ _df\"> </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 x46a y37c9 w1170 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">- Posizioni<span class=\"_ _df\"> </span></div></td><td class=\"c xafa y37ca w1d8 h12\"><div class=\"t m0 x13 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xb03 y37ca w3b6 h12\"><div class=\"t m0 x2a h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">327.334 </div></td><td class=\"c x71c y37ca w351 h12\"><div class=\"t m0 x2f h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">122.305 </div></td><td class=\"c x80b y37ca w1e3 h12\"><div class=\"t m0 x2a h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">34.130 </div></td><td class=\"c x682 y37ca w436 h12\"><div class=\"t m0 x2e h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">132.975 </div></td><td class=\"c xb04 y37ca w111 h12\"><div class=\"t m0 x39 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">50.193 </div></td><td class=\"c x469 y37ca w17d h12\"><div class=\"t m0 x130 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">70.556 </div></td><td class=\"c x6ed y37ca w8c h12\"><div class=\"t m0 x48 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">19.348 </div></td><td class=\"c x7a3 y37ca w2df h12\"><div class=\"t m0 x32 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">18.215 </div></td><td class=\"c xb05 y37ca w2bb h12\"><div class=\"t m0 x26 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46a y37cb w1171 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">lunghe<span class=\"_ _df\"> </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 x46a y37cc w1170 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">- Posizioni<span class=\"_ _df\"> </span></div></td><td class=\"c xafa y37cd w1d8 h12\"><div class=\"t m0 x48 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">23.430 </div></td><td class=\"c xb03 y37cd w3b6 h12\"><div class=\"t m0 x2a h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">509.704 </div></td><td class=\"c x71c y37cd w351 h12\"><div class=\"t m0 x2a h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">35.648 </div></td><td class=\"c x80b y37cd w1e3 h12\"><div class=\"t m0 x14 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">5.101 </div></td><td class=\"c x682 y37cd w436 h12\"><div class=\"t m0 x55 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">113.965 </div></td><td class=\"c xb04 y37cd w111 h12\"><div class=\"t m0 x55 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">39.968 </div></td><td class=\"c x469 y37cd w17d h12\"><div class=\"t m0 x2e h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">105.590 </div></td><td class=\"c x6ed y37cd w8c h12\"><div class=\"t m0 x32 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">6.868 </div></td><td class=\"c x7a3 y37cd w2df h12\"><div class=\"t m0 x34 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">744 </div></td><td class=\"c xb05 y37cd w2bb h12\"><div class=\"t m0 x26 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46a y37ce w1172 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls7c ws0\">corte<span class=\"_ _df\"> </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 x2a8 y37cf w1173 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">C.2 Derivati<span class=\"_ _df\"> </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 x2a8 y37d0 w1174 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">finanziari senza<span class=\"_ _df\"> </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 x2a8 y37d1 w116e h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">scambio di<span class=\"_ _df\"> </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 x2a8 y37d2 w116f h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">capitale<span class=\"_ _df\"> </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 x46a y37d3 w1170 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">- Posizioni<span class=\"_ _df\"> </span></div></td><td class=\"c xafa y37d4 w1d8 h98\"><div class=\"t m0 x35 h30 y27 ff4 fsb fc1 sc0 ls0 ws0\">12.106 </div></td><td class=\"c xb03 y37d4 w3b6 h98\"><div class=\"t m0 x97 h30 y27 ff4 fsb fc1 sc0 ls5c ws0\">37<span class=\"ls0\"> </span></div></td><td class=\"c x71c y37d4 w351 h98\"><div class=\"t m0 x97 h30 y27 ff4 fsb fc1 sc0 ls0 ws0\">7 </div></td><td class=\"c x80b y37d4 w1e3 h98\"><div class=\"t m0 x37 h30 y27 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x682 y37d4 w436 h98\"><div class=\"t m0 x34 h30 y27 ff4 fsb fc1 sc0 ls53 ws0\">96<span class=\"ls0\"> </span></div></td><td class=\"c xb04 y37d4 w111 h98\"><div class=\"t m0 x34 h30 y27 ff4 fsb fc1 sc0 ls52 ws0\">117<span class=\"ls0\"> </span></div></td><td class=\"c x469 y37d4 w17d h98\"><div class=\"t m0 x26 h30 y27 ff4 fsb fc1 sc0 ls0 ws0\">217 </div></td><td class=\"c x6ed y37d4 w8c h98\"><div class=\"t m0 x8f h30 y27 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x7a3 y37d4 w2df h98\"><div class=\"t m0 x8f h30 y27 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xb05 y37d4 w2bb h98\"><div class=\"t m0 x26 h30 y27 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46a y37d5 w1171 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">lunghe<span class=\"_ _df\"> </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 x46a y37d6 w1170 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">- Posizioni<span class=\"_ _df\"> </span></div></td><td class=\"c xafa y37d7 w1d8 h99\"><div class=\"t m0 x2c h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">11.314 </div></td><td class=\"c xb03 y37d7 w3b6 h99\"><div class=\"t m0 x38 h30 y295 ff4 fsb fc1 sc0 ls52 ws0\">16<span class=\"ls0\"> </span></div></td><td class=\"c x71c y37d7 w351 h99\"><div class=\"t m0 x97 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">2 </div></td><td class=\"c x80b y37d7 w1e3 h99\"><div class=\"t m0 x37 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x682 y37d7 w436 h99\"><div class=\"t m0 x37 h30 y295 ff4 fsb fc1 sc0 ls9b ws0\">29<span class=\"ls0\"> </span></div></td><td class=\"c xb04 y37d7 w111 h99\"><div class=\"t m0 x37 h30 y295 ff4 fsb fc1 sc0 ls54 ws0\">45<span class=\"ls0\"> </span></div></td><td class=\"c x469 y37d7 w17d h99\"><div class=\"t m0 x97 h30 y295 ff4 fsb fc1 sc0 ls5 ws0\">72<span class=\"ls0\"> </span></div></td><td class=\"c x6ed y37d7 w8c h99\"><div class=\"t m0 x8f h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x7a3 y37d7 w2df h99\"><div class=\"t m0 x8f h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xb05 y37d7 w2bb h99\"><div class=\"t m0 x26 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46a y37d8 w1172 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls7c ws0\">corte<span class=\"_ _df\"> </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 x2a8 y37d9 w1175 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">C.3 Depositi e<span class=\"_ _df\"> </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 x2a8 y37da w1176 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">finanziamenti da<span class=\"_ _df\"> </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 x2a8 y37db w1177 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">ricevere<span class=\"_ _df\"> </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 x46a y37dc w1170 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">- Posizioni<span class=\"_ _df\"> </span></div></td><td class=\"c xafa y37dd w1d8 h98\"><div class=\"t m0 x13 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xb03 y37dd w3b6 h98\"><div class=\"t m0 x116 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">200.000 </div></td><td class=\"c x71c y37dd w351 h98\"><div class=\"t m0 x38 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x80b y37dd w1e3 h98\"><div class=\"t m0 x37 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x682 y37dd w436 h98\"><div class=\"t m0 x30 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xb04 y37dd w111 h98\"><div class=\"t m0 x30 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x469 y37dd w17d h98\"><div class=\"t m0 x30 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x6ed y37dd w8c h98\"><div class=\"t m0 x8f h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x7a3 y37dd w2df h98\"><div class=\"t m0 x8f h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xb05 y37dd w2bb h98\"><div class=\"t m0 x26 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46a y37de w1171 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">lunghe<span class=\"_ _df\"> </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 x46a y37df w1170 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">- Posizioni<span class=\"_ _df\"> </span></div></td><td class=\"c xafa y37e0 w1d8 h98\"><div class=\"t m0 x13 h30 y27 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xb03 y37e0 w3b6 h98\"><div class=\"t m0 x15 h30 y27 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x71c y37e0 w351 h98\"><div class=\"t m0 x38 h30 y27 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x80b y37e0 w1e3 h98\"><div class=\"t m0 x37 h30 y27 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x682 y37e0 w436 h98\"><div class=\"t m0 x30 h30 y27 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xb04 y37e0 w111 h98\"><div class=\"t m0 x30 h30 y27 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x469 y37e0 w17d h98\"><div class=\"t m0 x30 h30 y27 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x6ed y37e0 w8c h98\"><div class=\"t m0 x2e h30 y27 ff4 fsb fc1 sc0 ls0 ws0\">200.000 </div></td><td class=\"c x7a3 y37e0 w2df h98\"><div class=\"t m0 x8f h30 y27 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xb05 y37e0 w2bb h98\"><div class=\"t m0 x26 h30 y27 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46a y37e1 w1172 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls7c ws0\">corte<span class=\"_ _df\"> </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 x2a8 y37e2 w1178 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">C.4 Impegni<span class=\"_ _df\"> </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 x2a8 y37e3 w1179 h509\"><div class=\"t m0 x250 h30 y2ba3 ff4 fsb fc1 sc0 ls0 ws0\">irrevocabili<span class=\"_ _2\"></span> a<span class=\"_ _df\"> </span></div><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">erogare fondi<span class=\"_ _df\"> </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 x46a y37e4 w1170 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">- Posizioni<span class=\"_ _df\"> </span></div></td><td class=\"c xafa y37e5 w1d8 h12\"><div class=\"t m0 x3a h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">5.773 </div></td><td class=\"c xb03 y37e5 w3b6 h12\"><div class=\"t m0 x27 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">256 </div></td><td class=\"c x71c y37e5 w351 h12\"><div class=\"t m0 xac h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">200.000 </div></td><td class=\"c x80b y37e5 w1e3 h12\"><div class=\"t m0 x32 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">914 </div></td><td class=\"c x682 y37e5 w436 h12\"><div class=\"t m0 x14 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">2.480 </div></td><td class=\"c xb04 y37e5 w111 h12\"><div class=\"t m0 x39 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">23.319 </div></td><td class=\"c x469 y37e5 w17d h12\"><div class=\"t m0 x48 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">25.121 </div></td><td class=\"c x6ed y37e5 w8c h12\"><div class=\"t m0 x48 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">77.992 </div></td><td class=\"c x7a3 y37e5 w2df h12\"><div class=\"t m0 x55 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">444.407 </div></td><td class=\"c xb05 y37e5 w2bb h12\"><div class=\"t m0 x26 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46a y37e6 w1171 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">lunghe<span class=\"_ _df\"> </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 x46a y37e7 w1170 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">- Posizioni<span class=\"_ _df\"> </span></div></td><td class=\"c xafa y37e8 w1d8 h98\"><div class=\"t m0 x55 h30 y27 ff4 fsb fc1 sc0 ls0 ws0\">580.905 </div></td><td class=\"c xb03 y37e8 w3b6 h98\"><div class=\"t m0 x116 h30 y27 ff4 fsb fc1 sc0 ls0 ws0\">200.000 </div></td><td class=\"c x71c y37e8 w351 h98\"><div class=\"t m0 x38 h30 y27 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x80b y37e8 w1e3 h98\"><div class=\"t m0 x37 h30 y27 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x682 y37e8 w436 h98\"><div class=\"t m0 x30 h30 y27 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xb04 y37e8 w111 h98\"><div class=\"t m0 x30 h30 y27 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x469 y37e8 w17d h98\"><div class=\"t m0 x30 h30 y27 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x6ed y37e8 w8c h98\"><div class=\"t m0 x8f h30 y27 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x7a3 y37e8 w2df h98\"><div class=\"t m0 x8f h30 y27 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xb05 y37e8 w2bb h98\"><div class=\"t m0 x26 h30 y27 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46a y37e9 w1172 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls7c ws0\">corte<span class=\"_ _df\"> </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 x2a8 y37ea w117a h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">C.5 Garanzie<span class=\"_ _df\"> </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 x2a8 y37eb w117b h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">finanziarie<span class=\"_ _df\"> </span></div></td><td class=\"c xafa y37ec w1d8 h136\"><div class=\"t m0 x32 h30 y9bd ff4 fsb fc1 sc0 ls0 ws0\">67.641 </div></td><td class=\"c xb03 y37ec w3b6 h136\"><div class=\"t m0 x15 h30 y9bd ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x71c y37ec w351 h136\"><div class=\"t m0 x39 h30 y9bd ff4 fsb fc1 sc0 ls0 ws0\">1.059 </div></td><td class=\"c x80b y37ec w1e3 h136\"><div class=\"t m0 x33 h30 y9bd ff4 fsb fc1 sc0 ls9b ws0\">224<span class=\"ls0\"> </span></div></td><td class=\"c x682 y37ec w436 h136\"><div class=\"t m0 x33 h30 y9bd ff4 fsb fc1 sc0 ls0 ws0\">1.678 </div></td><td class=\"c xb04 y37ec w111 h136\"><div class=\"t m0 x26 h30 y9bd ff4 fsb fc1 sc0 ls0 ws0\">212 </div></td><td class=\"c x469 y37ec w17d h136\"><div class=\"t m0 x26 h30 y9bd ff4 fsb fc1 sc0 ls0 ws0\">731 </div></td><td class=\"c x6ed y37ec w8c h136\"><div class=\"t m0 x34 h30 y9bd ff4 fsb fc1 sc0 ls0 ws0\">505 </div></td><td class=\"c x7a3 y37ec w2df h136\"><div class=\"t m0 x34 h30 y9bd ff4 fsb fc1 sc0 ls0 ws0\">323 </div></td><td class=\"c xb05 y37ec w2bb h136\"><div class=\"t m0 x55 h30 y9bd ff4 fsb fc1 sc0 ls0 ws0\">1.413 </div></td></tr><tr><td class=\"c x2a8 y37ed w117c h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">rilasciate<span class=\"_ _df\"> </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 x2a8 y37ee w117d h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">C.6 Garanzie<span class=\"_ _df\"> </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 x2a8 y37ef w117b h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">finanziarie<span class=\"_ _df\"> </span></div></td><td class=\"c xafa y37f0 w1d8 h17f\"><div class=\"t m0 x13 h30 y589 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xb03 y37f0 w3b6 h17f\"><div class=\"t m0 x15 h30 y589 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x71c y37f0 w351 h17f\"><div class=\"t m0 x37 h30 y589 ff4 fsb fc1 sc0 ls0 ws0\">4 </div></td><td class=\"c x80b y37f0 w1e3 h17f\"><div class=\"t m0 x34 h30 y589 ff4 fsb fc1 sc0 ls0 ws0\">4 </div></td><td class=\"c x682 y37f0 w436 h17f\"><div class=\"t m0 x27 h30 y589 ff4 fsb fc1 sc0 ls52 ws0\">102<span class=\"ls0\"> </span></div></td><td class=\"c xb04 y37f0 w111 h17f\"><div class=\"t m0 x3a h30 y589 ff4 fsb fc1 sc0 ls9b ws0\">223<span class=\"ls0\"> </span></div></td><td class=\"c x469 y37f0 w17d h17f\"><div class=\"t m0 x26 h30 y589 ff4 fsb fc1 sc0 ls54 ws0\">441<span class=\"ls0\"> </span></div></td><td class=\"c x6ed y37f0 w8c h17f\"><div class=\"t m0 x34 h30 y589 ff4 fsb fc1 sc0 ls0 ws0\">249 </div></td><td class=\"c x7a3 y37f0 w2df h17f\"><div class=\"t m0 x37 h30 y589 ff4 fsb fc1 sc0 ls0 ws0\">193 </div></td><td class=\"c xb05 y37f0 w2bb h17f\"><div class=\"t m0 x39 h30 y589 ff4 fsb fc1 sc0 ls52 ws0\">1.117<span class=\"ls0\"> </span></div></td></tr><tr><td class=\"c x2a8 y37f1 w117e h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">ricevute<span class=\"_ _df\"> </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 x2a8 y37f2 w117f h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">C.7 Derivati<span class=\"_ _df\"> </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 x2a8 y37f3 w1180 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">creditizi con<span class=\"_ _df\"> </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 x2a8 y37f4 w116e h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">scambio di<span class=\"_ _df\"> </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 x2a8 y37f5 w116f h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">capitale<span class=\"_ _df\"> </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 x46a y37f6 w1170 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">- Posizioni<span class=\"_ _df\"> </span></div></td><td class=\"c xafa y37f7 w1d8 h12\"><div class=\"t m0 x13 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xb03 y37f7 w3b6 h12\"><div class=\"t m0 x15 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x71c y37f7 w351 h12\"><div class=\"t m0 x38 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x80b y37f7 w1e3 h12\"><div class=\"t m0 x37 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x682 y37f7 w436 h12\"><div class=\"t m0 x30 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xb04 y37f7 w111 h12\"><div class=\"t m0 x30 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x469 y37f7 w17d h12\"><div class=\"t m0 x30 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x6ed y37f7 w8c h12\"><div class=\"t m0 x8f h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x7a3 y37f7 w2df h12\"><div class=\"t m0 x8f h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xb05 y37f7 w2bb h12\"><div class=\"t m0 x26 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46a y37f8 w1171 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">lunghe<span class=\"_ _df\"> </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 x46a y37f9 w1170 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">- Posizioni<span class=\"_ _df\"> </span></div></td><td class=\"c xafa y37fa w1d8 h98\"><div class=\"t m0 x13 h30 y27 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xb03 y37fa w3b6 h98\"><div class=\"t m0 x15 h30 y27 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x71c y37fa w351 h98\"><div class=\"t m0 x38 h30 y27 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x80b y37fa w1e3 h98\"><div class=\"t m0 x37 h30 y27 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x682 y37fa w436 h98\"><div class=\"t m0 x30 h30 y27 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xb04 y37fa w111 h98\"><div class=\"t m0 x30 h30 y27 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x469 y37fa w17d h98\"><div class=\"t m0 x30 h30 y27 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x6ed y37fa w8c h98\"><div class=\"t m0 x8f h30 y27 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x7a3 y37fa w2df h98\"><div class=\"t m0 x8f h30 y27 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xb05 y37fa w2bb h98\"><div class=\"t m0 x26 h30 y27 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46a y37fb w1172 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls7c ws0\">corte<span class=\"_ _df\"> </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 x2a8 y37fc w1181 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">C.8 Derivati<span class=\"_ _df\"> </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 x2a8 y37fd w1182 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">creditizi senza<span class=\"_ _df\"> </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 x2a8 y37fe w116e h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">scambio di<span class=\"_ _df\"> </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 x2a8 y37ff w116f h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">capitale<span class=\"_ _df\"> </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 x46a y3800 w1170 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">- Posizioni<span class=\"_ _df\"> </span></div></td><td class=\"c xafa y3801 w1d8 h98\"><div class=\"t m0 x13 h30 y27 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xb03 y3801 w3b6 h98\"><div class=\"t m0 x15 h30 y27 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x71c y3801 w351 h98\"><div class=\"t m0 x38 h30 y27 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x80b y3801 w1e3 h98\"><div class=\"t m0 x37 h30 y27 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x682 y3801 w436 h98\"><div class=\"t m0 x30 h30 y27 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xb04 y3801 w111 h98\"><div class=\"t m0 x30 h30 y27 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x469 y3801 w17d h98\"><div class=\"t m0 x30 h30 y27 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x6ed y3801 w8c h98\"><div class=\"t m0 x8f h30 y27 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x7a3 y3801 w2df h98\"><div class=\"t m0 x8f h30 y27 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xb05 y3801 w2bb h98\"><div class=\"t m0 x26 h30 y27 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46a y3802 w1171 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">lunghe<span class=\"_ _df\"> </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 x46a y3803 w1170 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">- Posizioni<span class=\"_ _df\"> </span></div></td><td class=\"c xafa y3804 w1d8 h12\"><div class=\"t m0 x13 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xb03 y3804 w3b6 h12\"><div class=\"t m0 x15 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x71c y3804 w351 h12\"><div class=\"t m0 x38 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x80b y3804 w1e3 h12\"><div class=\"t m0 x37 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x682 y3804 w436 h12\"><div class=\"t m0 x30 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xb04 y3804 w111 h12\"><div class=\"t m0 x30 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x469 y3804 w17d h12\"><div class=\"t m0 x30 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x6ed y3804 w8c h12\"><div class=\"t m0 x8f h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x7a3 y3804 w2df h12\"><div class=\"t m0 x8f h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xb05 y3804 w2bb h12\"><div class=\"t m0 x26 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46a y3805 w1172 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls7c ws0\">corte<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr></table>Durata Indetermin<span class=\"_ _2\"></span>ata<span class=\"fc1 sc0\"> </span><div class=\"c w2c2 h79 gs16ad\"><div class=\"t m0 x8a h5 y1b ff4 fs1 fc4 sc3 ls0 ws0\">1. Dis<span class=\"_ _1\"></span>tribuzi<span class=\"_ _1\"></span>one<span class=\"_ _1\"></span> tem<span class=\"_ _1\"></span>pora<span class=\"_ _1\"></span>le pe<span class=\"_ _1\"></span>r du<span class=\"_ _f\"></span>rata res<span class=\"_ _1\"></span>idua <span class=\"_ _f\"></span>contratt<span class=\"_ _1\"></span>uale d<span class=\"_ _1\"></span>elle a<span class=\"_ _f\"></span>ttivit\u00e0 e <span class=\"_ _1\"></span>pass<span class=\"_ _1\"></span>ivit\u00e0 <span class=\"_ _1\"></span>finanzia<span class=\"_ _f\"></span>rie<span class=\"fc1 sc0\"> </span></div></div><div class=\"c w2c2 h1e9 gs16ae\"><div class=\"t m0 x8a h5 y1b82 ff4 fs1 fc4 sc3 ls0 ws0\"> ALTR<span class=\"_ _f\"></span>E VALUT<span class=\"_ _1\"></span>E<span class=\"fc1 sc0\"> </span></div></div><div class=\"gs16af\"><table class=\"s w1183 h5b5\" id=\"_820ce237-cf5b-499f-adf5-b4b36b87f905\"><tr><td></td><td></td><td class=\"c xb06 y3806 wdda h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">Da oltre<span class=\"_ _df\"> </span></div></td><td class=\"c xb07 y3806 wdda h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">Da oltre<span class=\"_ _df\"> </span></div></td><td class=\"c xb08 y3806 wdda h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">Da oltre<span class=\"_ _df\"> </span></div></td><td class=\"c xb09 y3806 wdef h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">Da oltre<span class=\"_ _df\"> </span></div></td><td class=\"c xb0a y3806 wdef h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">Da oltre<span class=\"_ _df\"> </span></div></td><td class=\"c xb0b y3806 wdef h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">Da oltre<span class=\"_ _df\"> </span></div></td><td class=\"c xb0c y3806 wdef h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">Da oltre<span class=\"_ _df\"> </span></div></td><td></td><td></td></tr><tr><td class=\"c x46b y3807 w62e h16e\"><div class=\"t m0 x33 h30 yda0 ff4 fsb fc4 sc3 ls0 ws0\">Voci/ Sc<span class=\"_ _1\"></span>aglioni te<span class=\"_ _1\"></span>mporali<span class=\"fc1 sc0\"> </span></div></td><td class=\"c x60f y3807 w62f h16e\"><div class=\"t m0 xac h30 yda0 ff4 fsb fc4 sc3 ls0 ws0\">A vista<span class=\"fc1 sc0\"> </span></div></td><td class=\"c xb06 y3808 wef9 h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">1 giorno<span class=\"_ _df\"> </span></div></td><td class=\"c xb0d y3808 w1184 h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">7 giorni<span class=\"_ _df\"> </span></div></td><td class=\"c x874 y3808 w1185 h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">15<span class=\"_ _df\"> </span></div></td><td class=\"c x6de y3808 w1186 h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">1 mese<span class=\"_ _df\"> </span></div></td><td class=\"c xb0e y3808 w1187 h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">3 mesi<span class=\"_ _df\"> </span></div></td><td class=\"c x9ad y3808 w1188 h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">6 mesi<span class=\"_ _df\"> </span></div></td><td class=\"c xb0f y3808 w1189 h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">1 anno<span class=\"_ _df\"> </span></div></td><td class=\"c xb10 y3808 w118a h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">Oltre 5<span class=\"_ _df\"> </span></div></td><td></td></tr><tr><td></td><td></td><td class=\"c xb11 y3809 w118b h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">a 7<span class=\"_ _df\"> </span></div></td><td class=\"c xb12 y3809 w118c h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">a 15<span class=\"_ _df\"> </span></div></td><td class=\"c x871 y3809 w118d h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">giorni a<span class=\"_ _df\"> </span></div></td><td class=\"c x6c4 y3809 w118e h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">fino  3<span class=\"_ _df\"> </span></div></td><td class=\"c xb0e y3809 w118f h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">fino a 6<span class=\"_ _df\"> </span></div></td><td class=\"c xb13 y3809 w1190 h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">fino a 1<span class=\"_ _df\"> </span></div></td><td class=\"c xb0c y3809 w1191 h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">fino a <span class=\"ls6d\">5<span class=\"_ _df\"> </span></span></div></td><td class=\"c xb14 y3809 w1192 h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">anni<span class=\"_ _df\"> </span></div></td><td></td></tr><tr><td></td><td></td><td class=\"c xb15 y380a w115b h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">giorni<span class=\"_ _df\"> </span></div></td><td class=\"c xb16 y380a w115b h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">giorni<span class=\"_ _df\"> </span></div></td><td class=\"c x871 y380a w1186 h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">1 mese<span class=\"_ _df\"> </span></div></td><td class=\"c x6cf y380a w1193 h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">mesi<span class=\"_ _df\"> </span></div></td><td class=\"c x63a y380a w1194 h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">mesi<span class=\"_ _df\"> </span></div></td><td class=\"c x473 y380a w1195 h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">anno<span class=\"_ _df\"> </span></div></td><td class=\"c x6df y380a w1192 h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">anni<span class=\"_ _df\"> </span></div></td><td></td><td></td></tr><tr><td class=\"c x46b y380b w631 h4e\"><div class=\"t m0 x8a h30 y80 ff4 fsb fc1 sc2 ls0 ws0\">Attivit\u00e0<span class=\"_ _1\"></span> per cassa<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x60f y380b w427 h4e\"><div class=\"t m0 x8e h30 y80 ff4 fsb fc1 sc2 ls0 ws0\">64.496<span class=\"sc0\"> </span></div></td><td class=\"c xb17 y380b w16c h4e\"><div class=\"t m0 x8e h30 y80 ff4 fsb fc1 sc2 ls0 ws0\">88.678<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td><td class=\"c xb18 y380b w423 h4e\"><div class=\"t m0 x2e h30 y80 ff4 fsb fc1 sc2 ls0 ws0\">6.621<span class=\"sc0\"> </span></div></td><td class=\"c x457 y380b w32e h4e\"><div class=\"t m0 x2f h30 y80 ff4 fsb fc1 sc2 ls0 ws0\">11.963<span class=\"sc0\"> </span></div></td><td class=\"c x6c0 y380b w632 h4e\"><div class=\"t m0 x2f h30 y80 ff4 fsb fc1 sc2 ls0 ws0\">30.103<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x636 y380b w14a h4e\"><div class=\"t m0 x2f h30 y80 ff4 fsb fc1 sc2 ls0 ws0\">14.293<span class=\"sc0\"> </span></div></td><td class=\"c x9b0 y380b w2b1 h4e\"><div class=\"t m0 x8e h30 y80 ff4 fsb fc1 sc2 ls0 ws0\">45.257<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x56a y380b w167 h4e\"><div class=\"t m0 x8a h30 y80 ff4 fsb fc1 sc2 ls0 ws0\">330.848<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td><td class=\"c xaa3 y380b w2bb h4e\"><div class=\"t m0 xab h30 y80 ff4 fsb fc1 sc2 ls0 ws0\">226.277<span class=\"sc0\"> </span></div></td><td class=\"c x7ea y380b w5d3 h4e\"><div class=\"t m0 x33 h30 y80 ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x46b y380c w631 h4d\"><div class=\"t m0 x16a h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">A.1 Titoli di Stato<span class=\"_ _df\"> </span></div></td><td class=\"c x60f y380c w427 h4d\"><div class=\"t m0 x26 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xb17 y380c w16c h4d\"><div class=\"t m0 x26 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xb18 y380c w423 h4d\"><div class=\"t m0 x33 h30 y74a ff4 fsb fc1 sc0 ls86 ws0\">83<span class=\"ls0\"> </span></div></td><td class=\"c x457 y380c w32e h4d\"><div class=\"t m0 x48 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">717 </div></td><td class=\"c x6c0 y380c w632 h4d\"><div class=\"t m0 x55 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">1.150 </div></td><td class=\"c x636 y380c w14a h4d\"><div class=\"t m0 x16a h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">3.088 </div></td><td class=\"c x9b0 y380c w2b1 h4d\"><div class=\"t m0 x8e h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">43.190 </div></td><td class=\"c x56a y380c w167 h4d\"><div class=\"t m0 xab h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">330.622 </div></td><td class=\"c xaa3 y380c w2bb h4d\"><div class=\"t m0 xab h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">140.898 </div></td><td class=\"c x7ea y380c w5d3 h4d\"><div class=\"t m0 x33 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y380d w631 h4d\"><div class=\"t m0 x16a h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">A.2 Altri tit<span class=\"_ _2\"></span>oli di debito<span class=\"_ _df\"> </span></div></td><td class=\"c x60f y380d w427 h4d\"><div class=\"t m0 x26 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xb17 y380d w16c h4d\"><div class=\"t m0 x26 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xb18 y380d w423 h4d\"><div class=\"t m0 x27 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x457 y380d w32e h4d\"><div class=\"t m0 x3a h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">5 </div></td><td class=\"c x6c0 y380d w632 h4d\"><div class=\"t m0 x14 h30 y74a ff4 fsb fc1 sc0 ls87 ws0\">533<span class=\"ls0\"> </span></div></td><td class=\"c x636 y380d w14a h4d\"><div class=\"t m0 x14 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">251 </div></td><td class=\"c x9b0 y380d w2b1 h4d\"><div class=\"t m0 x14 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">750 </div></td><td class=\"c x56a y380d w167 h4d\"><div class=\"t m0 x48 h30 y74a ff4 fsb fc1 sc0 ls9b ws0\">226<span class=\"ls0\"> </span></div></td><td class=\"c xaa3 y380d w2bb h4d\"><div class=\"t m0 x8e h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">85.379 </div></td><td class=\"c x7ea y380d w5d3 h4d\"><div class=\"t m0 x33 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y380e w631 h4e\"><div class=\"t m0 x16a h30 y80 ff4 fsb fc1 sc0 ls0 ws0\">A.3 Quote OICR<span class=\"_ _df\"> </span></div></td><td class=\"c x60f y380e w427 h4e\"><div class=\"t m0 x26 h30 y80 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xb17 y380e w16c h4e\"><div class=\"t m0 x26 h30 y80 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xb18 y380e w423 h4e\"><div class=\"t m0 x27 h30 y80 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x457 y380e w32e h4e\"><div class=\"t m0 x27 h30 y80 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x6c0 y380e w632 h4e\"><div class=\"t m0 x26 h30 y80 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x636 y380e w14a h4e\"><div class=\"t m0 x27 h30 y80 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9b0 y380e w2b1 h4e\"><div class=\"t m0 x26 h30 y80 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x56a y380e w167 h4e\"><div class=\"t m0 x26 h30 y80 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xaa3 y380e w2bb h4e\"><div class=\"t m0 x26 h30 y80 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x7ea y380e w5d3 h4e\"><div class=\"t m0 x33 h30 y80 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y380f w631 h4d\"><div class=\"t m0 x16a h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">A.4 Finanziamenti<span class=\"_ _df\"> </span></div></td><td class=\"c x60f y380f w427 h4d\"><div class=\"t m0 x8e h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">64.496 </div></td><td class=\"c xb17 y380f w16c h4d\"><div class=\"t m0 x8e h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">88.678 </div></td><td class=\"c xb18 y380f w423 h4d\"><div class=\"t m0 x116 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">6.538 </div></td><td class=\"c x457 y380f w32e h4d\"><div class=\"t m0 x116 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">11.241 </div></td><td class=\"c x6c0 y380f w632 h4d\"><div class=\"t m0 x8e h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">28.420 </div></td><td class=\"c x636 y380f w14a h4d\"><div class=\"t m0 x8e h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">10.954 </div></td><td class=\"c x9b0 y380f w2b1 h4d\"><div class=\"t m0 x55 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">1.317 </div></td><td class=\"c x56a y380f w167 h4d\"><div class=\"t m0 x26 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xaa3 y380f w2bb h4d\"><div class=\"t m0 x26 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x7ea y380f w5d3 h4d\"><div class=\"t m0 x33 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y3810 w631 h4d\"><div class=\"t m0 x39 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- Banche </div></td><td class=\"c x60f y3810 w427 h4d\"><div class=\"t m0 x8e h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">63.786 </div></td><td class=\"c xb17 y3810 w16c h4d\"><div class=\"t m0 x16a h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">87.521 </div></td><td class=\"c xb18 y3810 w423 h4d\"><div class=\"t m0 x27 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x457 y3810 w32e h4d\"><div class=\"t m0 x27 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x6c0 y3810 w632 h4d\"><div class=\"t m0 x26 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x636 y3810 w14a h4d\"><div class=\"t m0 x27 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9b0 y3810 w2b1 h4d\"><div class=\"t m0 x26 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x56a y3810 w167 h4d\"><div class=\"t m0 x26 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xaa3 y3810 w2bb h4d\"><div class=\"t m0 x26 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x7ea y3810 w5d3 h4d\"><div class=\"t m0 x33 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y3811 w631 h4e\"><div class=\"t m0 x39 h30 y80 ff4 fsb fc1 sc0 ls0 ws0\">- Clientela<span class=\"_ _df\"> </span></div></td><td class=\"c x60f y3811 w427 h4e\"><div class=\"t m0 x33 h30 y80 ff4 fsb fc1 sc0 ls0 ws0\">710 </div></td><td class=\"c xb17 y3811 w16c h4e\"><div class=\"t m0 x130 h30 y80 ff4 fsb fc1 sc0 ls0 ws0\">1.157 </div></td><td class=\"c xb18 y3811 w423 h4e\"><div class=\"t m0 x116 h30 y80 ff4 fsb fc1 sc0 ls0 ws0\">6.538 </div></td><td class=\"c x457 y3811 w32e h4e\"><div class=\"t m0 x116 h30 y80 ff4 fsb fc1 sc0 ls0 ws0\">11.241 </div></td><td class=\"c x6c0 y3811 w632 h4e\"><div class=\"t m0 x8e h30 y80 ff4 fsb fc1 sc0 ls0 ws0\">28.420 </div></td><td class=\"c x636 y3811 w14a h4e\"><div class=\"t m0 x8e h30 y80 ff4 fsb fc1 sc0 ls0 ws0\">10.954 </div></td><td class=\"c x9b0 y3811 w2b1 h4e\"><div class=\"t m0 x55 h30 y80 ff4 fsb fc1 sc0 ls0 ws0\">1.317 </div></td><td class=\"c x56a y3811 w167 h4e\"><div class=\"t m0 x26 h30 y80 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xaa3 y3811 w2bb h4e\"><div class=\"t m0 x26 h30 y80 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x7ea y3811 w5d3 h4e\"><div class=\"t m0 x33 h30 y80 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y3812 w631 h4d\"><div class=\"t m0 x8a h30 y74a ff4 fsb fc1 sc2 ls0 ws0\">Passivit<span class=\"_ _1\"></span>\u00e0 per cass<span class=\"_ _1\"></span>a<span class=\"sc0\"> </span></div></td><td class=\"c x60f y3812 w427 h4d\"><div class=\"t m0 xab h30 y74a ff4 fsb fc1 sc2 ls0 ws0\">505.973<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td><td class=\"c xb17 y3812 w16c h4d\"><div class=\"t m0 x2e h30 y74a ff4 fsb fc1 sc2 ls0 ws0\">3.235<span class=\"sc0\"> </span></div></td><td class=\"c xb18 y3812 w423 h4d\"><div class=\"t m0 x2a h30 y74a ff4 fsb fc1 sc2 ls0 ws0\">2.325<span class=\"sc0\"> </span></div></td><td class=\"c x457 y3812 w32e h4d\"><div class=\"t m0 x8e h30 y74a ff4 fsb fc1 sc2 ls0 ws0\">41.0<span class=\"ls85\">09</span><span class=\"sc0\"> </span></div></td><td class=\"c x6c0 y3812 w632 h4d\"><div class=\"t m0 x8e h30 y74a ff4 fsb fc1 sc2 ls0 ws0\">23.745<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x636 y3812 w14a h4d\"><div class=\"t m0 x2f h30 y74a ff4 fsb fc1 sc2 ls0 ws0\">51.397<span class=\"sc0\"> </span></div></td><td class=\"c x9b0 y3812 w2b1 h4d\"><div class=\"t m0 x2f h30 y74a ff4 fsb fc1 sc2 ls0 ws0\">92.144<span class=\"sc0\"> </span></div></td><td class=\"c x56a y3812 w167 h4d\"><div class=\"t m0 x26 h30 y74a ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c xaa3 y3812 w2bb h4d\"><div class=\"t m0 x32 h30 y74a ff4 fsb fc1 sc2 ls6a ws0\">28<span class=\"sc0 ls0\"> </span></div></td><td class=\"c x7ea y3812 w5d3 h4d\"><div class=\"t m0 x33 h30 y74a ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x46b y3813 w631 h28e\"><div class=\"t m0 x16a h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">B.1 Depositi e conti<span class=\"_ _2\"></span> correnti<span class=\"_ _df\"> </span></div></td><td class=\"c x60f y3813 w427 h28e\"><div class=\"t m0 x8a h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">505.859 </div></td><td class=\"c xb17 y3813 w16c h28e\"><div class=\"t m0 x2e h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">3.235 </div></td><td class=\"c xb18 y3813 w423 h28e\"><div class=\"t m0 x116 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">2.325 </div></td><td class=\"c x457 y3813 w32e h28e\"><div class=\"t m0 x8e h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">41.008 </div></td><td class=\"c x6c0 y3813 w632 h28e\"><div class=\"t m0 x8e h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">23.733 </div></td><td class=\"c x636 y3813 w14a h28e\"><div class=\"t m0 x16a h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">51.391 </div></td><td class=\"c x9b0 y3813 w2b1 h28e\"><div class=\"t m0 x2f h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">92.144 </div></td><td class=\"c x56a y3813 w167 h28e\"><div class=\"t m0 x26 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xaa3 y3813 w2bb h28e\"><div class=\"t m0 x26 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x7ea y3813 w5d3 h28e\"><div class=\"t m0 x33 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y3814 w631 h4e\"><div class=\"t m0 x39 h30 y80 ff4 fsb fc1 sc0 ls0 ws0\">- Banche </div></td><td class=\"c x60f y3814 w427 h4e\"><div class=\"t m0 x55 h30 y80 ff4 fsb fc1 sc0 ls0 ws0\">3.571 </div></td><td class=\"c xb17 y3814 w16c h4e\"><div class=\"t m0 x26 h30 y80 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xb18 y3814 w423 h4e\"><div class=\"t m0 x27 h30 y80 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x457 y3814 w32e h4e\"><div class=\"t m0 x27 h30 y80 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x6c0 y3814 w632 h4e\"><div class=\"t m0 x26 h30 y80 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x636 y3814 w14a h4e\"><div class=\"t m0 x27 h30 y80 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9b0 y3814 w2b1 h4e\"><div class=\"t m0 x26 h30 y80 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x56a y3814 w167 h4e\"><div class=\"t m0 x26 h30 y80 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xaa3 y3814 w2bb h4e\"><div class=\"t m0 x26 h30 y80 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x7ea y3814 w5d3 h4e\"><div class=\"t m0 x33 h30 y80 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y3815 w631 h4d\"><div class=\"t m0 x39 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- Clientela </div></td><td class=\"c x60f y3815 w427 h4d\"><div class=\"t m0 x8a h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">502.288 </div></td><td class=\"c xb17 y3815 w16c h4d\"><div class=\"t m0 x2e h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">3.235 </div></td><td class=\"c xb18 y3815 w423 h4d\"><div class=\"t m0 x116 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">2.325 </div></td><td class=\"c x457 y3815 w32e h4d\"><div class=\"t m0 x8e h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">41.008 </div></td><td class=\"c x6c0 y3815 w632 h4d\"><div class=\"t m0 x8e h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">23.733 </div></td><td class=\"c x636 y3815 w14a h4d\"><div class=\"t m0 x16a h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">51.391 </div></td><td class=\"c x9b0 y3815 w2b1 h4d\"><div class=\"t m0 x2f h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">92.144 </div></td><td class=\"c x56a y3815 w167 h4d\"><div class=\"t m0 x26 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xaa3 y3815 w2bb h4d\"><div class=\"t m0 x26 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x7ea y3815 w5d3 h4d\"><div class=\"t m0 x33 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y3816 w631 h4d\"><div class=\"t m0 x16a h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">B.2 Titoli di debito<span class=\"_ _df\"> </span></div></td><td class=\"c x60f y3816 w427 h4d\"><div class=\"t m0 x26 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xb17 y3816 w16c h4d\"><div class=\"t m0 x26 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xb18 y3816 w423 h4d\"><div class=\"t m0 x27 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x457 y3816 w32e h4d\"><div class=\"t m0 x27 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x6c0 y3816 w632 h4d\"><div class=\"t m0 x26 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x636 y3816 w14a h4d\"><div class=\"t m0 x27 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9b0 y3816 w2b1 h4d\"><div class=\"t m0 x26 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x56a y3816 w167 h4d\"><div class=\"t m0 x26 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xaa3 y3816 w2bb h4d\"><div class=\"t m0 x26 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x7ea y3816 w5d3 h4d\"><div class=\"t m0 x33 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y3817 w631 h4e\"><div class=\"t m0 x16a h30 y80 ff4 fsb fc1 sc0 ls0 ws0\">B.3 Altre passivit\u00e0<span class=\"_ _df\"> </span></div></td><td class=\"c x60f y3817 w427 h4e\"><div class=\"t m0 x32 h30 y80 ff4 fsb fc1 sc0 ls52 ws0\">114<span class=\"ls0\"> </span></div></td><td class=\"c xb17 y3817 w16c h4e\"><div class=\"t m0 x26 h30 y80 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xb18 y3817 w423 h4e\"><div class=\"t m0 x27 h30 y80 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x457 y3817 w32e h4e\"><div class=\"t m0 x27 h30 y80 ff4 fsb fc1 sc0 ls0 ws0\">1 </div></td><td class=\"c x6c0 y3817 w632 h4e\"><div class=\"t m0 x35 h30 y80 ff4 fsb fc1 sc0 ls52 ws0\">12<span class=\"ls0\"> </span></div></td><td class=\"c x636 y3817 w14a h4e\"><div class=\"t m0 x3a h30 y80 ff4 fsb fc1 sc0 ls0 ws0\">6 </div></td><td class=\"c x9b0 y3817 w2b1 h4e\"><div class=\"t m0 x26 h30 y80 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x56a y3817 w167 h4e\"><div class=\"t m0 x26 h30 y80 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xaa3 y3817 w2bb h4e\"><div class=\"t m0 x32 h30 y80 ff4 fsb fc1 sc0 ls9b ws0\">28<span class=\"ls0\"> </span></div></td><td class=\"c x7ea y3817 w5d3 h4e\"><div class=\"t m0 x33 h30 y80 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y3818 w631 h4d\"><div class=\"t m0 x8a h30 y74a ff4 fsb fc1 sc2 ls0 ws0\">Operazio<span class=\"_ _1\"></span>ni \"fuori<span class=\"_ _1\"></span> bilancio\"<span class=\"sc0\"> </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 x2a8 y3819 w1196 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">C.1 Derivati finanziari co<span class=\"_ _2\"></span>n<span class=\"_ _df\"> </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 x2a8 y381a w1197 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">scambio di capitale<span class=\"_ _df\"> </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 x46b y381b w631 h4d\"><div class=\"t m0 x39 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- Posizioni lu<span class=\"_ _2\"></span>nghe<span class=\"_ _df\"> </span></div></td><td class=\"c x60f y381b w427 h4d\"><div class=\"t m0 x26 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xb17 y381b w16c h4d\"><div class=\"t m0 xac h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">485.701 </div></td><td class=\"c xb18 y381b w423 h4d\"><div class=\"t m0 xac h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">35.038 </div></td><td class=\"c x457 y381b w32e h4d\"><div class=\"t m0 x16a h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">4.838 </div></td><td class=\"c x6c0 y381b w632 h4d\"><div class=\"t m0 x8e h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">114.102 </div></td><td class=\"c x636 y381b w14a h4d\"><div class=\"t m0 xac h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">40.279 </div></td><td class=\"c x9b0 y381b w2b1 h4d\"><div class=\"t m0 xab h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">105.759 </div></td><td class=\"c x56a y381b w167 h4d\"><div class=\"t m0 x2e h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">7.789 </div></td><td class=\"c xaa3 y381b w2bb h4d\"><div class=\"t m0 x2a h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">5.683 </div></td><td class=\"c x7ea y381b w5d3 h4d\"><div class=\"t m0 x33 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y381c w631 h4d\"><div class=\"t m0 x39 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- Posizioni cor<span class=\"_ _2\"></span>te </div></td><td class=\"c x60f y381c w427 h4d\"><div class=\"t m0 x2a h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">4.290 </div></td><td class=\"c xb17 y381c w16c h4d\"><div class=\"t m0 x8a h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">428.8<span class=\"ls53\">63</span> </div></td><td class=\"c xb18 y381c w423 h4d\"><div class=\"t m0 xac h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">121.369 </div></td><td class=\"c x457 y381c w32e h4d\"><div class=\"t m0 xac h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">32.620 </div></td><td class=\"c x6c0 y381c w632 h4d\"><div class=\"t m0 xab h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">128.749 </div></td><td class=\"c x636 y381c w14a h4d\"><div class=\"t m0 xac h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">44.908 </div></td><td class=\"c x9b0 y381c w2b1 h4d\"><div class=\"t m0 xac h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">64.605 </div></td><td class=\"c x56a y381c w167 h4d\"><div class=\"t m0 x16a h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">20.167 </div></td><td class=\"c xaa3 y381c w2bb h4d\"><div class=\"t m0 x32 h30 y74a ff4 fsb fc1 sc0 ls53 ws0\">92<span class=\"ls0\"> </span></div></td><td class=\"c x7ea y381c w5d3 h4d\"><div class=\"t m0 x33 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2a8 y381d w1198 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">C.2 Derivati finanziari senz<span class=\"_ _2\"></span>a<span class=\"_ _df\"> </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 x2a8 y381e w1197 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">scambio di capitale<span class=\"_ _df\"> </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 x46b y381f w631 h4d\"><div class=\"t m0 x39 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- Posizioni lu<span class=\"_ _2\"></span>nghe<span class=\"_ _df\"> </span></div></td><td class=\"c x60f y381f w427 h4d\"><div class=\"t m0 x32 h30 y74a ff4 fsb fc1 sc0 ls9b ws0\">20<span class=\"ls0\"> </span></div></td><td class=\"c xb17 y381f w16c h4d\"><div class=\"t m0 x26 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xb18 y381f w423 h4d\"><div class=\"t m0 x27 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x457 y381f w32e h4d\"><div class=\"t m0 x27 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x6c0 y381f w632 h4d\"><div class=\"t m0 x26 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x636 y381f w14a h4d\"><div class=\"t m0 x27 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9b0 y381f w2b1 h4d\"><div class=\"t m0 x26 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x56a y381f w167 h4d\"><div class=\"t m0 x26 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xaa3 y381f w2bb h4d\"><div class=\"t m0 x26 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x7ea y381f w5d3 h4d\"><div class=\"t m0 x33 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y3820 w631 h4e\"><div class=\"t m0 x39 h30 y80 ff4 fsb fc1 sc0 ls0 ws0\">- Posizioni cor<span class=\"_ _2\"></span>te </div></td><td class=\"c x60f y3820 w427 h4e\"><div class=\"t m0 x48 h30 y80 ff4 fsb fc1 sc0 ls0 ws0\">165 </div></td><td class=\"c xb17 y3820 w16c h4e\"><div class=\"t m0 x26 h30 y80 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xb18 y3820 w423 h4e\"><div class=\"t m0 x27 h30 y80 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x457 y3820 w32e h4e\"><div class=\"t m0 x27 h30 y80 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x6c0 y3820 w632 h4e\"><div class=\"t m0 x26 h30 y80 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x636 y3820 w14a h4e\"><div class=\"t m0 x27 h30 y80 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9b0 y3820 w2b1 h4e\"><div class=\"t m0 x26 h30 y80 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x56a y3820 w167 h4e\"><div class=\"t m0 x26 h30 y80 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xaa3 y3820 w2bb h4e\"><div class=\"t m0 x26 h30 y80 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x7ea y3820 w5d3 h4e\"><div class=\"t m0 x33 h30 y80 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2a8 y3821 w1199 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">C.3 Depositi e<span class=\"_ _2\"></span> finanziamenti da<span class=\"_ _df\"> </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 x2a8 y3822 w119a h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">ricevere<span class=\"_ _df\"> </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 x46b y3823 w631 h4d\"><div class=\"t m0 x39 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- Posizioni l<span class=\"_ _2\"></span>unghe<span class=\"_ _df\"> </span></div></td><td class=\"c x60f y3823 w427 h4d\"><div class=\"t m0 x26 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xb17 y3823 w16c h4d\"><div class=\"t m0 x26 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xb18 y3823 w423 h4d\"><div class=\"t m0 x27 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x457 y3823 w32e h4d\"><div class=\"t m0 x27 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x6c0 y3823 w632 h4d\"><div class=\"t m0 x26 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x636 y3823 w14a h4d\"><div class=\"t m0 x27 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9b0 y3823 w2b1 h4d\"><div class=\"t m0 x26 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x56a y3823 w167 h4d\"><div class=\"t m0 x26 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xaa3 y3823 w2bb h4d\"><div class=\"t m0 x26 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x7ea y3823 w5d3 h4d\"><div class=\"t m0 x33 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y3824 w631 h28e\"><div class=\"t m0 x39 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- Posizioni cor<span class=\"_ _2\"></span>te </div></td><td class=\"c x60f y3824 w427 h28e\"><div class=\"t m0 x26 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xb17 y3824 w16c h28e\"><div class=\"t m0 x26 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xb18 y3824 w423 h28e\"><div class=\"t m0 x27 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x457 y3824 w32e h28e\"><div class=\"t m0 x27 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x6c0 y3824 w632 h28e\"><div class=\"t m0 x26 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x636 y3824 w14a h28e\"><div class=\"t m0 x27 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9b0 y3824 w2b1 h28e\"><div class=\"t m0 x26 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x56a y3824 w167 h28e\"><div class=\"t m0 x26 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xaa3 y3824 w2bb h28e\"><div class=\"t m0 x26 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x7ea y3824 w5d3 h28e\"><div class=\"t m0 x33 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y3825 w631 h12\"><div class=\"t m0 x16a h30 y589 ff4 fsb fc1 sc0 ls0 ws0\">C.4 Impegni irrev<span class=\"_ _2\"></span>ocabili a </div><div class=\"t m0 x16a h30 y7b1 ff4 fsb fc1 sc0 ls0 ws0\">erogare fondi<span class=\"_ _df\"> </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 x46b y3826 w631 h4d\"><div class=\"t m0 x39 h30 y80 ff4 fsb fc1 sc0 ls0 ws0\">- Posizioni lu<span class=\"_ _2\"></span>nghe<span class=\"_ _df\"> </span></div></td><td class=\"c x60f y3826 w427 h4d\"><div class=\"t m0 x26 h30 y80 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xb17 y3826 w16c h4d\"><div class=\"t m0 x26 h30 y80 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xb18 y3826 w423 h4d\"><div class=\"t m0 x27 h30 y80 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x457 y3826 w32e h4d\"><div class=\"t m0 x27 h30 y80 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x6c0 y3826 w632 h4d\"><div class=\"t m0 x26 h30 y80 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x636 y3826 w14a h4d\"><div class=\"t m0 x27 h30 y80 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9b0 y3826 w2b1 h4d\"><div class=\"t m0 x26 h30 y80 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x56a y3826 w167 h4d\"><div class=\"t m0 x26 h30 y80 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xaa3 y3826 w2bb h4d\"><div class=\"t m0 x26 h30 y80 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x7ea y3826 w5d3 h4d\"><div class=\"t m0 x33 h30 y80 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y3827 w631 h4d\"><div class=\"t m0 x39 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- Posizioni cor<span class=\"_ _2\"></span>te </div></td><td class=\"c x60f y3827 w427 h4d\"><div class=\"t m0 x26 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xb17 y3827 w16c h4d\"><div class=\"t m0 x26 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xb18 y3827 w423 h4d\"><div class=\"t m0 x27 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x457 y3827 w32e h4d\"><div class=\"t m0 x27 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x6c0 y3827 w632 h4d\"><div class=\"t m0 x26 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x636 y3827 w14a h4d\"><div class=\"t m0 x27 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9b0 y3827 w2b1 h4d\"><div class=\"t m0 x26 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x56a y3827 w167 h4d\"><div class=\"t m0 x26 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xaa3 y3827 w2bb h4d\"><div class=\"t m0 x26 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x7ea y3827 w5d3 h4d\"><div class=\"t m0 x33 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2a8 y3828 w119b h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">C.5 Garanzie finanzi<span class=\"_ _2\"></span>arie<span class=\"_ _df\"> </span></div></td><td class=\"c x60f y3829 w427 h98\"><div class=\"t m0 x26 h30 y27 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xb17 y3829 w16c h98\"><div class=\"t m0 x26 h30 y27 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xb18 y3829 w423 h98\"><div class=\"t m0 x27 h30 y27 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x457 y3829 w32e h98\"><div class=\"t m0 x27 h30 y27 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x6c0 y3829 w632 h98\"><div class=\"t m0 x26 h30 y27 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x636 y3829 w14a h98\"><div class=\"t m0 x27 h30 y27 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9b0 y3829 w2b1 h98\"><div class=\"t m0 x26 h30 y27 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x56a y3829 w167 h98\"><div class=\"t m0 x26 h30 y27 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xaa3 y3829 w2bb h98\"><div class=\"t m0 x26 h30 y27 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x7ea y3829 w5d3 h98\"><div class=\"t m0 x33 h30 y27 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2a8 y382a w1013 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">rilasciate<span class=\"_ _df\"> </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 x46b y382b w631 h4d\"><div class=\"t m0 x16a h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">C.6 Garanzie finanziari<span class=\"_ _2\"></span>e ricevute<span class=\"_ _df\"> </span></div></td><td class=\"c x60f y382b w427 h4d\"><div class=\"t m0 x26 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xb17 y382b w16c h4d\"><div class=\"t m0 x26 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xb18 y382b w423 h4d\"><div class=\"t m0 x27 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x457 y382b w32e h4d\"><div class=\"t m0 x27 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x6c0 y382b w632 h4d\"><div class=\"t m0 x26 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x636 y382b w14a h4d\"><div class=\"t m0 x27 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9b0 y382b w2b1 h4d\"><div class=\"t m0 x26 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x56a y382b w167 h4d\"><div class=\"t m0 x26 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xaa3 y382b w2bb h4d\"><div class=\"t m0 x26 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x7ea y382b w5d3 h4d\"><div class=\"t m0 x33 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2a8 y382c w119c h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">C.7 Derivati crediti<span class=\"_ _2\"></span>zi con<span class=\"_ _df\"> </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 x2a8 y382d w1197 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">scambio di capitale<span class=\"_ _df\"> </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 x46b y382e w631 h4d\"><div class=\"t m0 x39 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- Posizioni lu<span class=\"_ _2\"></span>nghe<span class=\"_ _df\"> </span></div></td><td class=\"c x60f y382e w427 h4d\"><div class=\"t m0 x26 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xb17 y382e w16c h4d\"><div class=\"t m0 x26 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xb18 y382e w423 h4d\"><div class=\"t m0 x27 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x457 y382e w32e h4d\"><div class=\"t m0 x27 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x6c0 y382e w632 h4d\"><div class=\"t m0 x26 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x636 y382e w14a h4d\"><div class=\"t m0 x27 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9b0 y382e w2b1 h4d\"><div class=\"t m0 x26 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x56a y382e w167 h4d\"><div class=\"t m0 x26 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xaa3 y382e w2bb h4d\"><div class=\"t m0 x26 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x7ea y382e w5d3 h4d\"><div class=\"t m0 x33 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y382f w631 h4d\"><div class=\"t m0 x39 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- Posizioni cor<span class=\"_ _2\"></span>te </div></td><td class=\"c x60f y382f w427 h4d\"><div class=\"t m0 x26 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xb17 y382f w16c h4d\"><div class=\"t m0 x26 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xb18 y382f w423 h4d\"><div class=\"t m0 x27 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x457 y382f w32e h4d\"><div class=\"t m0 x27 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x6c0 y382f w632 h4d\"><div class=\"t m0 x26 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x636 y382f w14a h4d\"><div class=\"t m0 x27 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9b0 y382f w2b1 h4d\"><div class=\"t m0 x26 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x56a y382f w167 h4d\"><div class=\"t m0 x26 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xaa3 y382f w2bb h4d\"><div class=\"t m0 x26 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x7ea y382f w5d3 h4d\"><div class=\"t m0 x33 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2a8 y3830 w119d h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">C.8 Derivati credi<span class=\"_ _2\"></span>tizi senza<span class=\"_ _df\"> </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 x2a8 y3831 w1197 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">scambio di capitale<span class=\"_ _df\"> </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 x46b y3832 w631 h4d\"><div class=\"t m0 x39 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- Posizioni lu<span class=\"_ _2\"></span>nghe<span class=\"_ _df\"> </span></div></td><td class=\"c x60f y3832 w427 h4d\"><div class=\"t m0 x26 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xb17 y3832 w16c h4d\"><div class=\"t m0 x26 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xb18 y3832 w423 h4d\"><div class=\"t m0 x27 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x457 y3832 w32e h4d\"><div class=\"t m0 x27 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x6c0 y3832 w632 h4d\"><div class=\"t m0 x26 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x636 y3832 w14a h4d\"><div class=\"t m0 x27 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9b0 y3832 w2b1 h4d\"><div class=\"t m0 x26 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x56a y3832 w167 h4d\"><div class=\"t m0 x26 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xaa3 y3832 w2bb h4d\"><div class=\"t m0 x26 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x7ea y3832 w5d3 h4d\"><div class=\"t m0 x33 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y3833 w631 hcb\"><div class=\"t m0 x39 h30 y302 ff4 fsb fc1 sc0 ls0 ws0\">- Posizioni cor<span class=\"_ _2\"></span>te </div></td><td class=\"c x60f y3833 w427 hcb\"><div class=\"t m0 x26 h30 y302 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xb17 y3833 w16c hcb\"><div class=\"t m0 x26 h30 y302 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xb18 y3833 w423 hcb\"><div class=\"t m0 x27 h30 y302 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x457 y3833 w32e hcb\"><div class=\"t m0 x27 h30 y302 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x6c0 y3833 w632 hcb\"><div class=\"t m0 x26 h30 y302 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x636 y3833 w14a hcb\"><div class=\"t m0 x27 h30 y302 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9b0 y3833 w2b1 hcb\"><div class=\"t m0 x26 h30 y302 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x56a y3833 w167 hcb\"><div class=\"t m0 x26 h30 y302 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xaa3 y3833 w2bb hcb\"><div class=\"t m0 x26 h30 y302 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x7ea y3833 w5d3 hcb\"><div class=\"t m0 x33 h30 y302 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td></tr></table></div><div class=\"c w164 h16e gs16b0\"><div class=\"t m4 x116 h30 ye5a ff4 fsb fc4 sc3 ls0 ws0\">Durata </div><div class=\"t m4 x33 h30 y889 ff4 fsb fc4 sc3 ls0 ws0\">Indetermin<span class=\"_ _2\"></span>ata<span class=\"fc1 sc0\"> </span></div></div>1.5 <span class=\"_ _1\"></span>Risc<span class=\"_ _1\"></span>hi o<span class=\"_ _f\"></span>perat<span class=\"_ _1\"></span>ivi<span class=\"_ _1\"></span> Inform<span class=\"_ _1\"></span>azio<span class=\"_ _f\"></span>ni di natura<span class=\"_ _f\"></span> qualitativa A. Asp<span class=\"_ _f\"></span>etti genera<span class=\"_ _f\"></span>li, process<span class=\"_ _1\"></span>i di ge<span class=\"_ _1\"></span>stione<span class=\"_ _f\"></span> e metod<span class=\"_ _1\"></span>i di misu<span class=\"_ _f\"></span>razione d<span class=\"_ _1\"></span>el risch<span class=\"_ _1\"></span>io op<span class=\"_ _f\"></span>erativo<span class=\"_ _df\"> </span>Il  G<span class=\"_ _2\"></span>ruppo  ha <span class=\"_ _4\"> </span>svilupp<span class=\"_ _1\"></span>ato <span class=\"_ _4\"> </span>un <span class=\"_ _4\"> </span>sistema <span class=\"_ _22\"> </span>integrato <span class=\"_ _4\"> </span>di  gestione <span class=\"_ _4\"> </span>dei  rischi <span class=\"_ _4\"> </span>operativi  assunti <span class=\"_ _4\"> </span>che,  in attuazione degli <span class=\"_ _2\"></span>indirizzi s<span class=\"_ _2\"></span>trategici,<span class=\"_ _1\"></span> <span class=\"_ _2\"></span>consente di <span class=\"_ _2\"></span>rafforzar<span class=\"_ _2\"></span>e la <span class=\"_ _2\"></span>capacit\u00e0 <span class=\"_ _2\"></span>delle Unit\u00e0 <span class=\"_ _2\"></span>Organizzative di gestirli <span class=\"_ _d\"></span>consapevolmente, <span class=\"_ _d\"></span>intro<span class=\"_ _2\"></span>ducendo <span class=\"_ _d\"></span>strumenti <span class=\"_ _d\"></span>di <span class=\"_ _0\"></span>rilevazione, <span class=\"_ _d\"></span>misurazione <span class=\"_ _d\"></span>e <span class=\"_ _0\"></span>cont<span class=\"_ _2\"></span>rollo <span class=\"_ _0\"></span>tali <span class=\"_ _d\"></span>da garantire un\u2019assunzione<span class=\"_ _1\"></span> dei <span class=\"_ _1\"></span>rischi consapevole<span class=\"_ _1\"></span> e compatib<span class=\"_ _1\"></span>ile con le <span class=\"_ _1\"></span>strategie di<span class=\"_ _1\"></span> Governance e<span class=\"_ _1\"></span> con le condizioni <span class=\"_ _2\"></span>economiche e <span class=\"_ _2\"></span>patrimoniali, nel <span class=\"_ _2\"></span>rispetto <span class=\"_ _2\"></span>delle indicazioni <span class=\"_ _2\"></span>provenienti dalle Autor<span class=\"_ _2\"></span>it\u00e0 di Vigilanza. Il <span class=\"_ _d\"></span>Consiglio <span class=\"_ _d\"></span>di <span class=\"_ _0\"></span>Amministrazione <span class=\"_ _d\"></span>della <span class=\"_ _d\"></span>Capogruppo <span class=\"_ _0\"></span>ha <span class=\"_ _d\"></span>approvato <span class=\"_ _0\"></span>la <span class=\"_ _d\"></span>Policy <span class=\"_ _0\"></span>di <span class=\"_ _d\"></span>Gruppo <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>materia <span class=\"_ _d\"></span>di gestione <span class=\"_ _d\"></span>dei <span class=\"_ _d\"></span>rischi <span class=\"_ _d\"></span>operativi <span class=\"_ _d\"></span>e <span class=\"_ _d\"></span>il <span class=\"_ _0\"></span>regolamento <span class=\"_ _d\"></span>\u201cGestione <span class=\"_ _d\"></span>dei <span class=\"_ _d\"></span>rischi <span class=\"_ _d\"></span>operativi\u201d <span class=\"_ _d\"></span>(Regolamento <span class=\"_ _d\"></span>ORM) con  cui <span class=\"_ _22\"> </span>definisce <span class=\"_ _22\"> </span>le <span class=\"_ _22\"> </span>politiche <span class=\"_ _4\"> </span>di  gestione  del  r<span class=\"_ _2\"></span>ischio  operativo  a <span class=\"_ _22\"> </span>livello  di <span class=\"_ _22\"> </span>G<span class=\"_ _2\"></span>ruppo  e  Banca  e<span class=\"_ _2\"></span> determina un sistema comune e coordinato caratterizzato da <span class=\"_ _1\"></span>regole condivise per l\u2019all<span class=\"_ _1\"></span>ocazione di compiti e responsabilit\u00e0 a livell<span class=\"_ _1\"></span>o aziendale.<span class=\"_ _2\"></span> Il regolamento <span class=\"_ _1\"></span>definisce come <span class=\"_ _f\"></span>r<span class=\"_ _2\"></span>ischio ope<span class=\"_ _1\"></span>rativo \u201cil rischi<span class=\"_ _1\"></span>o di pe<span class=\"_ _1\"></span>rdite derivanti <span class=\"_ _f\"></span>dall\u2019ina<span class=\"_ _2\"></span>deguatezza o<span class=\"_ _1\"></span> dalla  disfunzion<span class=\"_ _2\"></span>e  di <span class=\"_ _4\"> </span>processi,  r<span class=\"_ _2\"></span>isorse <span class=\"_ _22\"> </span>umane <span class=\"_ _4\"> </span>e  s<span class=\"_ _2\"></span>istemi  interni, <span class=\"_ _22\"> </span>o<span class=\"_ _2\"></span>ppure  da <span class=\"_ _4\"> </span>eventi  esogeni, <span class=\"_ _4\"> </span>ivi compreso il rischio giuridico; non sono inclusi qu<span class=\"_ _1\"></span>elli strategici e di reputazione\u201d.<span class=\"_ _2\"></span><span class=\"ff4\"> </span>A <span class=\"_ _0\"></span>partire <span class=\"_ _0\"></span>dalla <span class=\"_ _d\"></span>s<span class=\"_ _2\"></span>egnalazione <span class=\"_ _d\"></span>reg<span class=\"_ _2\"></span>olamentare <span class=\"_ _d\"></span>al <span class=\"_ _0\"></span>31<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>marzo <span class=\"_ _9\"> </span>2025, <span class=\"_ _0\"></span>il <span class=\"_ _0\"></span>metodo <span class=\"_ _0\"></span>di <span class=\"_ _d\"></span>calcolo <span class=\"_ _0\"></span>del <span class=\"_ _0\"></span>r<span class=\"_ _2\"></span>equisito patrimoniale <span class=\"_ _16\"> </span>a <span class=\"_ _16\"> </span>fronte <span class=\"_ _9\"> </span>del <span class=\"_ _9\"> </span>r<span class=\"_ _2\"></span>ischio <span class=\"_ _9\"> </span>operativo  ad<span class=\"_ _1\"></span>ottato <span class=\"_ _9\"> </span>s<span class=\"_ _2\"></span>ia <span class=\"_ _9\"> </span>a  liv<span class=\"_ _1\"></span>ello  d<span class=\"_ _f\"></span>i  singol<span class=\"_ _1\"></span>e <span class=\"_ _16\"> </span>Societ\u00e0 <span class=\"_ _16\"> </span>del <span class=\"_ _9\"> </span>Gruppo Bancario \"Credito E<span class=\"_ _1\"></span>miliano - CR<span class=\"_ _1\"></span>EDEM\" sia <span class=\"_ _f\"></span>a livello consoli<span class=\"_ _1\"></span>dato, \u00e8 <span class=\"_ _f\"></span>rappresentato dallo Stand<span class=\"_ _1\"></span>ardised Approach- <span class=\"_ _2\"></span>Metodo <span class=\"_ _2\"></span>standardizzato <span class=\"_ _2\"></span>introdotto dalla <span class=\"_ _2\"></span>CR<span class=\"_ _2\"></span>R3 <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>recepi<span class=\"_ _1\"></span>mento <span class=\"_ _2\"></span>della <span class=\"_ _2\"></span>riforma <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>Basilea 4 a livello comunitario. Non <span class=\"_ _4\"> </span>sono <span class=\"_ _4\"> </span>intervenute <span class=\"_ _22\"> </span>variazioni <span class=\"_ _4\"> </span>significative <span class=\"_ _4\"> </span>rispetto <span class=\"_ _4\"> </span>all\u2019esercizio <span class=\"_ _4\"> </span>precedente <span class=\"_ _22\"> </span>in <span class=\"_ _4\"> </span>relazione <span class=\"_ _4\"> </span>al modello <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>gestione <span class=\"_ _17\"> </span>dei <span class=\"_ _4\"> </span>r<span class=\"_ _2\"></span>ischi <span class=\"_ _4\"> </span>operativi <span class=\"_ _17\"> </span>che <span class=\"_ _4\"> </span>di <span class=\"_ _17\"> </span>seguito <span class=\"_ _4\"> </span>viene <span class=\"_ _17\"> </span>rappresentato <span class=\"_ _4\"> </span>sinteticamente: l<span class=\"ff5\">\u2019Organo <span class=\"_ _15\"> </span>con <span class=\"_ _15\"> </span>funzioni <span class=\"_ _e\"> </span>di <span class=\"_ _15\"> </span>supervisione <span class=\"_ _15\"> </span>st<span class=\"_ _2\"></span>rategica <span class=\"_ _15\"> </span>di <span class=\"_ _15\"> </span>Gruppo <span class=\"_ _15\"> </span>\u00e8 <span class=\"_ _15\"> </span>id<span class=\"_ _2\"></span>entificato <span class=\"_ _14\"> </span>ne<span class=\"_ _2\"></span>l <span class=\"_ _15\"> </span>Consiglio <span class=\"_ _15\"> </span>di </span>Amministrazione <span class=\"_ _0\"></span>di <span class=\"_ _9\"> </span>Credito <span class=\"_ _9\"> </span>Emiliano <span class=\"_ _0\"></span>SpA, <span class=\"_ _0\"></span>Capogruppo <span class=\"_ _9\"> </span>del <span class=\"_ _9\"> </span>Gruppo <span class=\"_ _0\"></span>Bancario <span class=\"_ _9\"> </span>Credito <span class=\"_ _9\"> </span>Emiliano <span class=\"_ _9\"> </span><span class=\"ff5\">\u2013</span> CREDEM. A <span class=\"_ _16\"> </span>livello <span class=\"_ _9\"> </span>di  Gruppo <span class=\"_ _9\"> </span>sono  s<span class=\"_ _1\"></span>tati <span class=\"_ _16\"> </span>individu<span class=\"_ _1\"></span>ati  p<span class=\"_ _1\"></span>i\u00f9  organi <span class=\"_ _9\"> </span>con  fu<span class=\"_ _1\"></span>nzioni  di <span class=\"_ _9\"> </span>gestione,  coinc<span class=\"_ _1\"></span>identi <span class=\"_ _16\"> </span>con <span class=\"_ _16\"> </span>i Consigli <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>Amministrazione <span class=\"_ _d\"></span>delle <span class=\"_ _2\"></span>singole <span class=\"_ _2\"></span>controllate, <span class=\"_ _2\"></span>che <span class=\"_ _d\"></span>hanno <span class=\"_ _2\"></span>adottato<span class=\"_ _df\"> </span>76 <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>Policy <span class=\"_ _d\"></span>di <span class=\"_ _2\"></span>Gruppo <span class=\"_ _2\"></span>in<span class=\"_ _1\"></span> materia  di <span class=\"_ _16\"> </span>gestione <span class=\"_ _16\"> </span>dei <span class=\"_ _9\"> </span>r<span class=\"_ _2\"></span>ischi <span class=\"_ _16\"> </span>operativi,  <span class=\"ff5\">traducendo <span class=\"_ _16\"> </span>il <span class=\"_ _16\"> </span>relativo  \u201cschema\u201d <span class=\"_ _16\"> </span>nella <span class=\"_ _16\"> </span>specifi<span class=\"_ _1\"></span>ca  realt\u00e0 </span>aziendale <span class=\"_ _4\"> </span>ed <span class=\"_ _4\"> </span>individuando <span class=\"_ _4\"> </span>conc<span class=\"ff5\">retamente <span class=\"_ _17\"> </span>le <span class=\"_ _4\"> </span>funzioni <span class=\"_ _4\"> </span>\u201clocali\u201d <span class=\"_ _4\"> </span>richieste <span class=\"_ _4\"> </span>per <span class=\"_ _4\"> </span>il <span class=\"_ _4\"> </span>buon <span class=\"_ _4\"> </span>esito <span class=\"_ _17\"> </span>del </span>processo. Dal punto di vista ope<span class=\"_ _1\"></span>rativo, gli organi con funzione<span class=\"_ _1\"></span> di supervisione strategica e que<span class=\"_ _1\"></span>lli con funzioni di  gestione  s<span class=\"_ _2\"></span>ono  supportati <span class=\"_ _22\"> </span>dall\u2019attivit\u00e0  dell\u2019ufficio  Governance, <span class=\"_ _4\"> </span>Raf  Esg  e <span class=\"_ _4\"> </span>Ope<span class=\"ff4\">rativi <span class=\"_ _4\"> </span>(GEO)<span class=\"_ _1\"></span>  d<span class=\"_ _2\"></span>i </span>Capogruppo. <span class=\"_ _0\"></span>Ne<span class=\"_ _2\"></span>ll\u2019ambito <span class=\"_ _9\"> </span>del <span class=\"_ _9\"> </span>processo <span class=\"_ _9\"> </span>coordinato <span class=\"_ _9\"> </span>centralmente <span class=\"_ _9\"> </span>da <span class=\"_ _9\"> </span>GEO <span class=\"_ _9\"> </span>(c.d. <span class=\"_ _9\"> </span>\u201cORM <span class=\"_ _9\"> </span>Centrale\u201d)<span class=\"_ _2\"></span>, l\u2019attivit\u00e0 <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>gestione <span class=\"_ _9\"> </span>del <span class=\"_ _9\"> </span>rischio <span class=\"_ _16\"> </span>operativo <span class=\"_ _0\"></span>viene <span class=\"_ _9\"> </span>svolta <span class=\"_ _9\"> </span>con <span class=\"_ _16\"> </span>il <span class=\"_ _9\"> </span>supporto <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>alcune <span class=\"_ _9\"> </span>funzioni <span class=\"_ _9\"> </span>\u201cOR<span class=\"_ _2\"></span>M Periferico\u201d appartenenti a diversi servizi de<span class=\"_ _1\"></span>lla Ba<span class=\"ff4\">nca e d<span class=\"_ _2\"></span>elle Societ\u00e0 del Gruppo Bancario. </span>L\u2019Organo <span class=\"_ _0\"></span>con <span class=\"_ _9\"> </span>funzione <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>controllo <span class=\"_ _9\"> </span>\u00e8 <span class=\"_ _9\"> </span>identificato <span class=\"_ _0\"> </span>nel <span class=\"_ _9\"> </span>Collegio <span class=\"_ _9\"> </span>Sindacale, <span class=\"_ _9\"> </span>coerentemente <span class=\"_ _0\"></span>con <span class=\"_ _16\"> </span>la disciplina <span class=\"_ _14\"> </span>vigente <span class=\"_ _15\"> </span>relativa <span class=\"_ _15\"> </span>agli <span class=\"_ _15\"> </span>enti <span class=\"_ _15\"> </span>che <span class=\"_ _14\"> </span>adott<span class=\"_ _2\"></span>ano <span class=\"_ _14\"> </span>un <span class=\"_ _15\"> </span>modello <span class=\"_ _15\"> </span>\u201ctradizionale\u201d <span class=\"_ _15\"> </span>di <span class=\"_ _14\"> </span>governanc<span class=\"_ _2\"></span>e<span class=\"_ _1\"></span> societaria. Pi\u00f9 <span class=\"_ _1\"></span>in particolar<span class=\"ff5\">e, il <span class=\"_ _1\"></span>Collegio della <span class=\"_ _1\"></span>Capogruppo \u00e8 responsabile <span class=\"_ _f\"></span>d<span class=\"_ _2\"></span>i vi<span class=\"_ _1\"></span>gilare sull\u2019osservanza </span>delle norme di legge, regolame<span class=\"_ _1\"></span>ntari e statutarie, sulla corretta amministrazione, sull\u2019<span class=\"_ _1\"></span>adeguatezza degli assetti <span class=\"_ _2\"></span>organizzativi e cont<span class=\"_ _2\"></span>abili del Gruppo <span class=\"_ _2\"></span>anche tramite <span class=\"_ _2\"></span>il coor<span class=\"_ _2\"></span>dinamento <span class=\"_ _2\"></span>con gli omologhi organi collegiali presenti nelle controllate. Nell\u2019espletamento delle proprie attivit\u00e0 tale organo viene sup<span class=\"_ _1\"></span>portato dal Servizio Audit di Gruppo.<span class=\"_ _2\"></span><span class=\"ff4\"> </span>Sono istituiti specifici flussi informativi ve<span class=\"_ _1\"></span>rso l\u2019organo di controllo delle societ\u00e0 interes<span class=\"_ _2\"></span><span class=\"ff4\">sate. </span>Il <span class=\"_ _2\"></span>Sistema <span class=\"_ _2\"></span>di <span class=\"_ _d\"></span>Gestione <span class=\"_ _2\"></span>dei <span class=\"_ _2\"></span>Rischi<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>Operativi <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _2\"></span>p<span class=\"_ _2\"></span>eriodicamente<span class=\"_ _1\"></span> <span class=\"_ _2\"></span>so<span class=\"_ _2\"></span>ttoposto <span class=\"_ _2\"></span>a <span class=\"_ _d\"></span>revisione <span class=\"_ _2\"></span>indipendente da parte del Servizio Audi<span class=\"_ _1\"></span>t della Capogruppo. Il <span class=\"_ _1\"></span>sistema di <span class=\"_ _f\"></span>gestione dei<span class=\"_ _1\"></span> rischi <span class=\"_ _f\"></span>o<span class=\"_ _2\"></span>perativi <span class=\"_ _f\"></span>\u00e8 definito come <span class=\"_ _f\"></span>l\u2019insieme strutturato <span class=\"_ _1\"></span>dei <span class=\"_ _f\"></span>pro<span class=\"_ _2\"></span>ces<span class=\"ff4\">si funzioni<span class=\"_ _1\"></span> </span>e <span class=\"_ _0\"></span>risorse <span class=\"_ _0\"></span>per <span class=\"_ _d\"></span>l\u2019identificazione, <span class=\"_ _0\"></span>la <span class=\"_ _0\"></span>valutazione <span class=\"_ _0\"></span>e <span class=\"_ _d\"></span>il <span class=\"_ _0\"></span>contr<span class=\"_ _2\"></span>ollo <span class=\"_ _d\"></span>dei <span class=\"_ _0\"></span>rischi <span class=\"_ _0\"></span>operativi <span class=\"_ _0\"></span>ed <span class=\"_ _0\"></span>\u00e8 <span class=\"_ _d\"></span>ar<span class=\"_ _2\"></span>ticolato <span class=\"_ _0\"></span>nei seguenti sottoprocessi: -<span class=\"_ _28\"> </span><span class=\"ff4\">Identificazione;<span class=\"_ _df\"> </span></span>-<span class=\"_ _28\"> </span><span class=\"ff4\">Misurazione;<span class=\"_ _df\"> </span></span>-<span class=\"_ _28\"> </span><span class=\"ff4\">Monitoraggio e Controllo;<span class=\"_ _df\"> </span></span>-<span class=\"_ _28\"> </span><span class=\"ff4\">Mitigazione.<span class=\"_ _df\"> </span></span>76<span class=\"_ _df\"> </span> <span class=\"fs7\">Alcune Societ\u00e0 n<span class=\"_ _1\"></span>on hanno ancora a<span class=\"_ _1\"></span>dottato la nu<span class=\"_ _1\"></span>ova Policy ma lo far<span class=\"_ _1\"></span>anno alla prima <span class=\"_ _1\"></span>occasione utile.<span class=\"fs5\"> </span></span>Le  s<span class=\"_ _2\"></span>ociet\u00e0  incluse <span class=\"_ _4\"> </span>nei  processi <span class=\"_ _4\"> </span>di <span class=\"_ _22\"> </span>misurazione<span class=\"_ _2\"></span>,  mo<span class=\"_ _2\"></span>nitoraggio  e <span class=\"_ _4\"> </span>mitigazione  s<span class=\"_ _2\"></span>ono <span class=\"_ _22\"> </span>quelle <span class=\"_ _4\"> </span>che risultano <span class=\"_ _2\"></span>annualmente <span class=\"_ _2\"></span>rilevanti <span class=\"_ _d\"></span>ai <span class=\"_ _d\"></span>fini <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>rischio <span class=\"_ _d\"></span>operativo <span class=\"_ _2\"></span>ed <span class=\"_ _2\"></span>in<span class=\"_ _2\"></span>formatico <span class=\"_ _2\"></span>dall\u2019analisi <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>ilevanza effettuata <span class=\"_ _16\"> </span>nell\u2019amb<span class=\"_ _1\"></span>ito  d<span class=\"_ _1\"></span>ell\u2019approvazione <span class=\"_ _16\"> </span>del <span class=\"_ _9\"> </span>Risk  Ap<span class=\"_ _f\"></span>p<span class=\"_ _2\"></span>etite <span class=\"_ _16\"> </span>Framework <span class=\"_ _9\"> </span>(RAF)  e<span class=\"_ _1\"></span>  d<span class=\"_ _1\"></span>el <span class=\"_ _16\"> </span>processo <span class=\"_ _9\"> </span>di determinazione <span class=\"ff5\">dell\u2019adeguatezza patrimoniale (ICAAP) svolto dalla Capogrup<span class=\"_ _1\"></span>po.<span class=\"_ _2\"></span><span class=\"ff4\"> </span></span>Il processo di \u201cIdentificazi<span class=\"_ _1\"></span>one\u201d \u00e8 compos<span class=\"_ _2\"></span>to dalle<span class=\"_ _1\"></span> seguenti procedure:<span class=\"_ _2\"></span><span class=\"ff4\"> </span>-<span class=\"ff10\"> <span class=\"_ _1c\"> </span><span class=\"ff4\">Loss  Data  Collection:  consiste  nel<span class=\"_ _1\"></span>la  raccolta  dei  dati  di  perdita  operativa  interna  con  il </span></span>coinvolgimento  diretto  di  tut<span class=\"_ _1\"></span>te  le  unit\u00e0  di  busine<span class=\"_ _1\"></span>ss.  In  tale  ambito,  gli  e<span class=\"_ _1\"></span>venti  di  perdita operativa (inclusi <span class=\"_ _2\"></span>quelli di <span class=\"_ _2\"></span>natura <span class=\"_ _2\"></span>informatica) sono <span class=\"_ _2\"></span>classificati per <span class=\"_ _2\"></span>Business Line <span class=\"_ _2\"></span>(corporate finance, <span class=\"_ _0\"></span>tr<span class=\"_ _2\"></span>ading <span class=\"_ _0\"></span>and <span class=\"_ _0\"></span>s<span class=\"_ _2\"></span>ales, <span class=\"_ _0\"></span>retail <span class=\"_ _0\"></span>banking, <span class=\"_ _9\"> </span>commercial <span class=\"_ _9\"> </span>banking, <span class=\"_ _0\"></span>payment <span class=\"_ _9\"> </span>and <span class=\"_ _9\"> </span>settlement, agency <span class=\"_ _0\"></span>services, <span class=\"_ _0\"></span>asset <span class=\"_ _9\"> </span>management, <span class=\"_ _0\"></span>retail <span class=\"_ _0\"></span>Brokerage) <span class=\"_ _0\"></span>ed <span class=\"_ _0\"></span>Event <span class=\"_ _9\"> </span>Type <span class=\"_ _0\"></span>(frodi <span class=\"_ _0\"></span>interne, <span class=\"_ _0\"></span>frodi esterne, rapporto di impiego e <span class=\"_ _2\"></span>sicu<span class=\"_ _1\"></span>rezza sul lavoro, <span class=\"_ _2\"></span>clientela, prodotti e prassi professionali, danni <span class=\"_ _0\"></span>da <span class=\"_ _9\"> </span>eventi <span class=\"_ _9\"> </span>esterni, <span class=\"_ _9\"> </span>interruzioni <span class=\"_ _9\"> </span>dell\u2019operativit\u00e0 <span class=\"_ _9\"> </span>e <span class=\"_ _0\"></span>disfunzio<span class=\"_ _2\"></span>ni <span class=\"_ _0\"></span>dei <span class=\"_ _9\"> </span>sistemi,<span class=\"_ _2\"></span><span class=\"ff4\"> <span class=\"_ _9\"> </span>esecuzione, </span>consegna e gestione dei processi); -<span class=\"ff10\"> <span class=\"_ _1c\"> </span><span class=\"ff4\">Risk <span class=\"_ _2\"></span>Self <span class=\"_ _d\"></span>Assessment: <span class=\"_ _d\"></span>consiste <span class=\"_ _2\"></span>nella <span class=\"_ _d\"></span>raccolta, <span class=\"_ _d\"></span>attraverso <span class=\"_ _d\"></span>questionario, <span class=\"_ _2\"></span>di <span class=\"_ _d\"></span>stime <span class=\"_ _d\"></span>soggettive </span></span>espresse d<span class=\"_ _1\"></span>ai risk <span class=\"_ _f\"></span>owner con <span class=\"_ _1\"></span>riferimento <span class=\"_ _f\"></span>agli eventi <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>natura operativa <span class=\"_ _f\"></span>(inclusi quell<span class=\"_ _1\"></span>i di <span class=\"_ _f\"></span>natura informatica) <span class=\"_ _0\"></span>potenzialmente <span class=\"_ _d\"></span>rilevanti <span class=\"_ _0\"></span>per <span class=\"_ _0\"></span>le <span class=\"_ _0\"></span>proprie <span class=\"_ _d\"></span>unit\u00e0 <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>business <span class=\"_ _0\"></span>e <span class=\"_ _d\"></span>tenuto <span class=\"_ _0\"></span>conto <span class=\"_ _0\"></span>delle linee guida di sviluppo emerse dal processo di piani<span class=\"_ _1\"></span>ficazione preliminare di gruppo; <span class=\"_ _2\"></span> -<span class=\"ff10\"> <span class=\"_ _1c\"> </span><span class=\"ff4\">Data <span class=\"_ _d\"></span>Pooling/Comunicazione <span class=\"_ _d\"></span>ver<span class=\"_ _2\"></span>so <span class=\"_ _d\"></span>enti <span class=\"_ _0\"></span>esterni: <span class=\"_ _d\"></span>consiste <span class=\"_ _0\"></span>nella <span class=\"_ _d\"></span>part<span class=\"_ _2\"></span>ecipazi<span class=\"_ _1\"></span>one <span class=\"_ _0\"></span>ad <span class=\"_ _d\"></span>iniziative </span></span>consortili <span class=\"_ _0\"></span>esterne <span class=\"_ _9\"> </span>e <span class=\"_ _0\"></span>nella <span class=\"_ _0\"></span>gestione <span class=\"_ _0\"></span>dell<span class=\"_ _2\"></span>e <span class=\"_ _0\"></span>relative <span class=\"_ _0\"></span>interrelazioni <span class=\"_ _0\"></span>(es. <span class=\"_ _9\"> </span>consorzio <span class=\"_ _0\"></span>DIPO) <span class=\"_ _0\"></span>ed <span class=\"_ _0\"></span>al<span class=\"_ _2\"></span>la comunicazione <span class=\"_ _2\"></span>dei dati <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>perdita <span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>perativa r<span class=\"_ _2\"></span>accolti agli <span class=\"_ _2\"></span>Organi <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>Vigilanza <span class=\"_ _2\"></span>(Banca d\u2019Italia <span class=\"_ _2\"></span>e Banca Centrale Europea). Il <span class=\"_ _0\"></span>processo <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>\u201cMisurazione\u201d <span class=\"_ _9\"> </span>\u00e8 <span class=\"_ _0\"></span>r<span class=\"_ _2\"></span>appresentato<span class=\"ff4\"> <span class=\"_ _9\"> </span>dalla <span class=\"_ _9\"> </span>quantificazione <span class=\"_ _9\"> </span>del <span class=\"_ _9\"> </span>Capitale <span class=\"_ _9\"> </span>a <span class=\"_ _9\"> </span>Rischio <span class=\"_ _9\"> </span>(CaR) </span>mediante <span class=\"_ _d\"></span>stime <span class=\"_ _0\"></span>soggettive. <span class=\"_ _d\"></span>Le <span class=\"_ _0\"></span>metodologie <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>mis<span class=\"_ _2\"></span>urazione <span class=\"_ _d\"></span>delle <span class=\"_ _0\"></span>perdite <span class=\"_ _d\"></span>attese <span class=\"_ _0\"></span>e <span class=\"_ _d\"></span>inattese <span class=\"_ _0\"></span>sono finalizzate <span class=\"_ _d\"></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=\"_ _d\"></span>di <span class=\"_ _0\"></span>sit<span class=\"_ _2\"></span>uazioni <span class=\"_ _d\"></span>potenzialmente <span class=\"_ _0\"></span>critiche <span class=\"_ _d\"></span>e <span class=\"_ _0\"></span>si basano <span class=\"_ _4\"> </span>sulla <span class=\"_ _4\"> </span>esecuzione <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>questionari <span class=\"_ _4\"> </span>Risk <span class=\"_ _4\"> </span>Self <span class=\"_ _4\"> </span>Ass<span class=\"_ _2\"></span>essmen<span class=\"_ _1\"></span>t <span class=\"_ _4\"> </span>(RSA), <span class=\"_ _4\"> </span>con <span class=\"_ _4\"> </span>frequenza <span class=\"_ _4\"> </span>almeno annuale, <span class=\"_ _2\"></span>che per <span class=\"_ _2\"></span>ogni <span class=\"_ _2\"></span>tipologia <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>evento <span class=\"_ _2\"></span>richiedono <span class=\"_ _2\"></span>ai <span class=\"_ _2\"></span>responsabili d<span class=\"_ _2\"></span>elle unit\u00e0 <span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>rganizzative<span class=\"_ _1\"></span> <span class=\"_ _2\"></span>(UO) che possono generare/gestire i rischi ope<span class=\"_ _1\"></span>rativi, una stima soggettiva di alcu<span class=\"_ _2\"></span>ni fattori di rischio: -<span class=\"ff10\"> <span class=\"_ _1c\"> </span><span class=\"ff5\">\u201cfrequenza tipica\u201d, il nume<span class=\"_ _1\"></span>ro medio atteso di eventi nell\u2019arco temporale di riferimento;<span class=\"ff4\"> </span></span></span>-<span class=\"ff10\"> <span class=\"_ _1c\"> </span><span class=\"ff5\">\u201cimpatto tipico\u201d, la perdita media attesa pe<span class=\"_ _1\"></span>r tipologia di evento;<span class=\"_ _2\"></span><span class=\"ff4\"> </span></span></span>-<span class=\"ff10\"> <span class=\"_ _1c\"> </span><span class=\"ff5\">\u201cimpatto peggiore\u201d, l\u2019<span class=\"_ _1\"></span>impatto del singolo evento qualora esso si manifesti ne<span class=\"_ _2\"></span><span class=\"ff4\">l peggior modo </span></span></span>(ragionevolmente) concepibile.  L\u2019analisi <span class=\"_ _f\"></span>\u00e8 <span class=\"_ _1\"></span>svolta <span class=\"_ _f\"></span>su pi<span class=\"_ _1\"></span>\u00f9 <span class=\"_ _f\"></span>livelli <span class=\"_ _1\"></span>quali <span class=\"_ _f\"></span>unit\u00e0 o<span class=\"_ _1\"></span>rganizzativa, <span class=\"_ _f\"></span>business <span class=\"_ _f\"></span>units, socie<span class=\"_ _1\"></span>t\u00e0 <span class=\"_ _1\"></span>e <span class=\"_ _f\"></span>gruppo cons<span class=\"_ _f\"></span>o<span class=\"_ _2\"></span>lidato<span class=\"_ _1\"></span> e, <span class=\"_ _f\"></span>per ogni <span class=\"_ _f\"></span>livello, <span class=\"_ _f\"></span>sono prodotti <span class=\"_ _f\"></span>un v<span class=\"_ _1\"></span>alore <span class=\"_ _1\"></span>di <span class=\"_ _f\"></span>perdita attesa <span class=\"_ _f\"></span>ed u<span class=\"_ _1\"></span>n <span class=\"_ _f\"></span>v<span class=\"_ _2\"></span>alore <span class=\"_ _f\"></span>di p<span class=\"_ _1\"></span>erdita inattesa. <span class=\"_ _f\"></span>I <span class=\"_ _f\"></span>r<span class=\"_ _2\"></span>isult<span class=\"_ _2\"></span>ati<span class=\"_ _f\"></span> della <span class=\"_ _16\"> </span>valutazione <span class=\"_ _9\"> </span>so<span class=\"_ _2\"></span>no <span class=\"_ _16\"> </span>utilizz<span class=\"_ _1\"></span>ati  a <span class=\"_ _16\"> </span>fini <span class=\"_ _9\"> </span>gest<span class=\"_ _2\"></span>ionali <span class=\"_ _9\"> </span>per  la <span class=\"_ _9\"> </span>prev<span class=\"_ _2\"></span>enzione <span class=\"_ _9\"> </span>e  la <span class=\"_ _16\"> </span>mitigazione <span class=\"_ _9\"> </span>d<span class=\"_ _2\"></span>ei <span class=\"_ _9\"> </span>r<span class=\"_ _2\"></span>ischi operativi <span class=\"_ _14\"> </span>e <span class=\"_ _15\"> </span>nel <span class=\"_ _15\"> </span>processo <span class=\"_ _15\"> </span>di <span class=\"_ _14\"> </span>pianificazione <span class=\"_ _15\"> </span>operativa, <span class=\"_ _15\"> </span>coerentemente <span class=\"_ _14\"> </span>a <span class=\"_ _e\"> </span>quanto <span class=\"_ _14\"> </span>definito <span class=\"_ _15\"> </span>dal \u201cRegolamento pianificazione, programmazione e controllo di Gruppo\u201d.<span class=\"ff4\"> </span>Contribuisce <span class=\"_ _f\"></span>inoltre <span class=\"_ _f\"></span>alla <span class=\"_ _f\"></span>misurazio<span class=\"_ _2\"></span>ne <span class=\"_ _f\"></span>del <span class=\"_ _f\"></span>rischio <span class=\"_ _f\"></span>operativo <span class=\"_ _f\"></span>anche <span class=\"_ _1\"></span>la <span class=\"_ _1\"></span>quantificazione <span class=\"_ _11\"></span>alm<span class=\"_ _2\"></span>eno <span class=\"_ _f\"></span>annuale degli assorbime<span class=\"_ _1\"></span>nti patrimoniali se<span class=\"_ _1\"></span>condo lo \u201cS<span class=\"_ _f\"></span>t<span class=\"_ _2\"></span>andardised<span class=\"_ _1\"></span> Approach\u201d, in <span class=\"_ _f\"></span>accor<span class=\"_ _2\"></span>do <span class=\"_ _f\"></span>al quale i<span class=\"_ _1\"></span>l Gruppo<span class=\"_ _1\"></span> ha <span class=\"_ _9\"> </span>sviluppato <span class=\"_ _9\"> </span>ed <span class=\"_ _9\"> </span>applica <span class=\"_ _9\"> </span><span class=\"ff5\">\u2013</span> <span class=\"_ _9\"> </span>in <span class=\"_ _16\"> </span>coe<span class=\"_ _1\"></span>renza <span class=\"_ _9\"> </span>con <span class=\"_ _9\"> </span>quanto <span class=\"_ _9\"> </span>previsto <span class=\"_ _9\"> </span>dalla <span class=\"_ _9\"> </span>nuova <span class=\"_ _9\"> </span>normativa <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>vigilanza prudenziale <span class=\"_ _d\"></span>e <span class=\"_ _d\"></span>conn<span class=\"_ _2\"></span>essi <span class=\"_ _d\"></span>mandati <span class=\"_ _0\"></span>dell\u2019EBA <span class=\"_ _0\"></span>\u2013<span class=\"ff4\"> <span class=\"_ _0\"></span>una <span class=\"_ _d\"></span>specifica <span class=\"_ _0\"></span>metodologia <span class=\"_ _d\"></span>di <span class=\"_ _0\"></span>calcolo <span class=\"_ _0\"></span>della <span class=\"_ _d\"></span>misura <span class=\"_ _0\"></span>di </span>esposizione al rischio in parola riferita agli ultimi tre esercizi completi (c.d. \u201cBusiness Indicator\u201d) e conseguente <span class=\"_ _4\"> </span><span class=\"ff5\">determinazione <span class=\"_ _22\"> </span>d<span class=\"_ _2\"></span>ei <span class=\"_ _22\"> </span>fondi <span class=\"_ _4\"> </span>propri <span class=\"_ _4\"> </span>(c.d. <span class=\"_ _4\"> </span>\u201cBusiness <span class=\"_ _4\"> </span>Indicator <span class=\"_ _4\"> </span>component\u201d) <span class=\"_ _4\"> </span>tramite </span>allocazione del Business Indicator nei buck<span class=\"_ _1\"></span>et previsti dalla CRR3.<span class=\"_ _2\"></span> Il <span class=\"_ _f\"></span>processo di <span class=\"_ _f\"></span>\u201cMonitoraggio <span class=\"_ _1\"></span>e <span class=\"_ _f\"></span>co<span class=\"_ _2\"></span>ntrollo\u201d <span class=\"_ _1\"></span>mira <span class=\"_ _f\"></span>a ide<span class=\"_ _1\"></span>ntificare <span class=\"_ _f\"></span>temp<span class=\"_ _2\"></span>estivamente <span class=\"_ _f\"></span>eventuali <span class=\"_ _f\"></span>d<span class=\"_ _2\"></span>isfunzioni nei <span class=\"_ _2\"></span>processi <span class=\"_ _d\"></span>aziendali <span class=\"_ _2\"></span>o <span class=\"_ _d\"></span>nelle <span class=\"_ _d\"></span>procedure <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>gestione <span class=\"_ _d\"></span>del <span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>ischio <span class=\"_ _2\"></span>al <span class=\"_ _d\"></span>fine <span class=\"_ _2\"></span>di <span class=\"_ _d\"></span>consentire <span class=\"_ _d\"></span>di <span class=\"_ _2\"></span>valutare <span class=\"_ _d\"></span>le necessarie azioni di mitigazione.<span class=\"fs6\">  </span>I  Rischi <span class=\"_ _22\"> </span>Operativi <span class=\"_ _22\"> </span>sono <span class=\"_ _4\"> </span>inoltre  monitorati <span class=\"_ _22\"> </span>all\u2019interno <span class=\"_ _22\"> </span>del <span class=\"_ _22\"> </span>pi\u00f9 <span class=\"_ _22\"> </span>ampio <span class=\"_ _4\"> </span>processo  di <span class=\"_ _22\"> </span>Risk <span class=\"_ _4\"> </span>App<span class=\"_ _1\"></span>etite Framework (RAF) di Gruppo (monitoraggio trimestrale). Al fine<span class=\"_ _1\"></span> di assicurare <span class=\"_ _1\"></span>un presidi<span class=\"_ _1\"></span>o nel continu<span class=\"_ _1\"></span>o, \u00e8 prevista una <span class=\"_ _f\"></span>r<span class=\"_ _2\"></span>endicontazione<span class=\"_ _1\"></span>, per sing<span class=\"_ _1\"></span>olo evento <span class=\"_ _1\"></span>di perdita <span class=\"_ _2\"></span>operativa <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>cui auto<span class=\"_ _2\"></span>nomia <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>delibe<span class=\"_ _1\"></span>ra <span class=\"_ _2\"></span>(definita <span class=\"_ _2\"></span>all\u2019interno <span class=\"_ _d\"></span>dei regolamenti <span class=\"_ _2\"></span>gi\u00e0 <span class=\"_ _2\"></span>vigenti <span class=\"_ _2\"></span>o, <span class=\"_ _2\"></span>in mancanza, <span class=\"_ _1\"></span>oltre la <span class=\"_ _f\"></span>soglia di <span class=\"_ _f\"></span>100<span class=\"_ _2\"></span><span class=\"ff5\">.000 \u20ac)<span class=\"_ _1\"></span> spetta <span class=\"_ _f\"></span>al Comitato <span class=\"_ _f\"></span>Esecutivo/Consiglio <span class=\"_ _1\"></span>di Ammin<span class=\"_ _1\"></span>istrazione, </span>dei <span class=\"_ _22\"> </span>cont<span class=\"_ _2\"></span>rolli <span class=\"_ _4\"> </span>che  non <span class=\"_ _4\"> </span>sono <span class=\"_ _4\"> </span>andati <span class=\"_ _4\"> </span>a <span class=\"_ _4\"> </span>buon <span class=\"_ _4\"> </span>fine<span class=\"_ _1\"></span> <span class=\"_ _4\"> </span>e <span class=\"_ _4\"> </span>delle <span class=\"_ _22\"> </span>azioni <span class=\"_ _4\"> </span>corrett<span class=\"_ _2\"></span>ive  di <span class=\"_ _4\"> </span>eventuali <span class=\"_ _4\"> </span>carenze organizzative <span class=\"_ _22\"> </span>e/o <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>processo/prodotto. <span class=\"_ _4\"> </span>Qualora  disponibili, <span class=\"_ _4\"> </span>l\u2019ORM <span class=\"_ _22\"> </span>periferico <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>volta <span class=\"_ _4\"> </span>in <span class=\"_ _22\"> </span>volta competente <span class=\"_ _2\"></span>inserisce <span class=\"_ _d\"></span>le <span class=\"_ _d\"></span>informazioni <span class=\"_ _d\"></span>oggetto <span class=\"_ _d\"></span>di <span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>endicontazione <span class=\"_ _2\"></span>in <span class=\"_ _d\"></span>seno <span class=\"_ _2\"></span>al<span class=\"_ _2\"></span>le <span class=\"_ _2\"></span>proposte <span class=\"_ _d\"></span>e <span class=\"_ _d\"></span>le <span class=\"_ _d\"></span>invia alle <span class=\"_ _4\"> </span>Funzioni <span class=\"_ _17\"> </span>preposte <span class=\"_ _4\"> </span>a <span class=\"_ _17\"> </span>seconda <span class=\"_ _4\"> </span>delle <span class=\"_ _17\"> </span>casistiche <span class=\"_ _4\"> </span>(a <span class=\"_ _17\"> </span>titolo <span class=\"_ _17\"> </span>esemplificativo, <span class=\"_ _4\"> </span>Servizio <span class=\"_ _17\"> </span>Audit <span class=\"_ _4\"> </span>e<span class=\"_ _2\"></span> Compliance). In ogni caso, le delibere assunte dal CE/CA sono inviat<span class=\"_ _2\"></span>e, pe<span class=\"_ _1\"></span>r opportuna conoscenza, al <span class=\"_ _2\"></span>Risk <span class=\"_ _2\"></span>Off<span class=\"_ _2\"></span>icer <span class=\"_ _2\"></span>della <span class=\"_ _2\"></span>Capogruppo <span class=\"_ _d\"></span>e <span class=\"_ _2\"></span>a <span class=\"_ _d\"></span>GEO. <span class=\"_ _2\"></span>GEO <span class=\"_ _d\"></span>verifica <span class=\"_ _2\"></span>semestralmente <span class=\"_ _d\"></span>che <span class=\"_ _2\"></span>le <span class=\"_ _2\"></span>F<span class=\"_ _2\"></span>unzioni <span class=\"_ _2\"></span>preposte<span class=\"_ _df\"> </span>siano state attiv<span class=\"_ _1\"></span>ate dagli <span class=\"_ _1\"></span>ORM Periferici e, l<span class=\"_ _1\"></span>addove questo non sia <span class=\"_ _1\"></span>accaduto, attiva d<span class=\"_ _1\"></span>irettamente le Funzioni preposte eventualmente coordinandosi con gli ORM Periferici<span class=\"_ _1\"></span>.<span class=\"_ _2\"></span> Inoltre, GEO <span class=\"_ _2\"></span>controlla <span class=\"_ _2\"></span>semestralmente, p<span class=\"_ _2\"></span>er BU/Servizio <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>Credembanca e <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>le s<span class=\"_ _2\"></span>ociet\u00e0 rilevant<span class=\"_ _2\"></span>i, che <span class=\"_ _d\"></span>le <span class=\"_ _d\"></span>r<span class=\"_ _2\"></span>ispettive <span class=\"_ _d\"></span>perdite <span class=\"_ _d\"></span>contabilizzate <span class=\"_ _d\"></span>nel <span class=\"_ _0\"></span>semestre/anno <span class=\"_ _d\"></span>di <span class=\"_ _0\"></span>riferimento <span class=\"_ _d\"></span>non <span class=\"_ _0\"></span>superino <span class=\"_ _d\"></span>il <span class=\"_ _d\"></span>relativo valore <span class=\"_ _0\"></span>di <span class=\"_ _9\"> </span>Perdita <span class=\"_ _9\"> </span>Attesa <span class=\"_ _9\"> </span>stimato <span class=\"_ _9\"> </span>in <span class=\"_ _0\"></span>ambito <span class=\"_ _9\"> </span>Risk <span class=\"_ _9\"> </span>Self <span class=\"_ _0\"> </span>Ass<span class=\"_ _2\"></span>essme<span class=\"_ _1\"></span>nt <span class=\"_ _9\"> </span>e, <span class=\"_ _0\"></span>nel <span class=\"_ _9\"> </span>caso <span class=\"_ _9\"> </span>in <span class=\"_ _9\"> </span>cui <span class=\"_ _0\"></span>ci\u00f2 <span class=\"_ _9\"> </span>accada, rendiconta nel CE di Credembanca<span class=\"sc2\"> </span>le motivazioni dell<span class=\"_ _1\"></span>o scostamento fornite dai Responsabili delle BU/Capi Se<span class=\"_ _1\"></span>rvizio di Credembanca. <span class=\"_ _1\"></span>Per le <span class=\"_ _1\"></span>singole societ\u00e0 rile<span class=\"_ _1\"></span>vanti, nel caso <span class=\"_ _1\"></span>in cui le <span class=\"_ _1\"></span>perdite risultino superiori <span class=\"_ _1\"></span>alla P<span class=\"_ _1\"></span>erdita Attesa, l<span class=\"_ _1\"></span>\u2019ORM <span class=\"_ _1\"></span>periferico d<span class=\"_ _1\"></span>ella societ\u00e0 <span class=\"_ _f\"></span>rendiconta nel <span class=\"_ _1\"></span>proprio CA <span class=\"_ _f\"></span>le motivazioni dello scostamento e ne d\u00e0 comunicaz<span class=\"_ _1\"></span>ione al Risk Officer della Capogruppo.<span class=\"_ _2\"></span> Il <span class=\"_ _d\"></span>sistema <span class=\"_ _0\"></span>di <span class=\"_ _d\"></span>report<span class=\"_ _2\"></span>ing <span class=\"_ _d\"></span>fornisce <span class=\"_ _d\"></span>agli <span class=\"_ _0\"></span>organi <span class=\"_ _d\"></span>aziendali <span class=\"_ _0\"></span>ed <span class=\"_ _0\"></span>ai <span class=\"_ _d\"></span>r<span class=\"_ _2\"></span>esponsabili <span class=\"_ _d\"></span>delle <span class=\"_ _d\"></span>fun<span class=\"_ _2\"></span>zioni <span class=\"_ _d\"></span>interessate informazioni <span class=\"_ _2\"></span>sul <span class=\"_ _2\"></span>livel<span class=\"_ _1\"></span>lo <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>esposizione ai <span class=\"_ _d\"></span>rischi <span class=\"_ _2\"></span>operativi<span class=\"_ _1\"></span> <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>rappresenta <span class=\"_ _2\"></span>uno <span class=\"_ _2\"></span>strumento <span class=\"_ _2\"></span>di supporto per la loro gestione attiva ed \u00e8 la sintesi dei<span class=\"_ _1\"></span> processi di misurazione, monitoraggio e controllo. <span class=\"_ _2\"></span> Il <span class=\"_ _1\"></span>processo <span class=\"ff5\">di <span class=\"_ _f\"></span>\u201cMitigazione\u201d <span class=\"_ _1\"></span>definisce <span class=\"_ _1\"></span>le <span class=\"_ _1\"></span>azioni <span class=\"_ _1\"></span>da intraprend<span class=\"_ _1\"></span>ere p<span class=\"_ _1\"></span>er la <span class=\"_ _f\"></span>prevenzione <span class=\"_ _f\"></span>e l\u2019attenuazione </span>dei rischi operativi ed \u00e8 composto dall<span class=\"_ _1\"></span>e seguenti procedure:<span class=\"_ _2\"></span> -<span class=\"_ _28\"> </span><span class=\"ff5\">Analisi <span class=\"_ _1\"></span>gestionale: <span class=\"_ _f\"></span>consist<span class=\"_ _2\"></span>e <span class=\"_ _f\"></span>nell\u2019analisi <span class=\"_ _f\"></span>delle <span class=\"_ _1\"></span>criticit\u00e0 <span class=\"_ _1\"></span>emerse <span class=\"_ _f\"></span>e delle <span class=\"_ _f\"></span>diverse <span class=\"_ _1\"></span>possibili <span class=\"_ _f\"></span>so<span class=\"_ _2\"></span>luzioni<span class=\"_ _df\"> </span></span>a <span class=\"_ _4\"> </span>d<span class=\"ff5\">isposizione  nell\u2019ambito <span class=\"_ _4\"> </span>delle <span class=\"_ _4\"> </span>tradizionali <span class=\"_ _4\"> </span>modalit\u00e0 <span class=\"_ _22\"> </span>alternative <span class=\"_ _4\"> </span>di <span class=\"_ _22\"> </span>gestione <span class=\"_ _4\"> </span>del <span class=\"_ _4\"> </span>rischio </span>(ritenzione, trasferimento, mitigazione), in ottica costi-benefici;<span class=\"_ _df\"> </span>-<span class=\"_ _28\"> </span><span class=\"ff5\">Gestione <span class=\"_ _2\"></span>dell\u2019attivit\u00e0 di mitigazione: consist<span class=\"_ _2\"></span>e nella scelta, pianifi<span class=\"_ _2\"></span>cazione,<span class=\"_ _1\"></span> a<span class=\"_ _2\"></span>vvio delle att<span class=\"_ _2\"></span>ivit\u00e0, </span>implementazione <span class=\"_ _f\"></span>e comple<span class=\"_ _1\"></span>tamento deg<span class=\"_ _1\"></span>li <span class=\"_ _f\"></span>interventi di <span class=\"_ _f\"></span>mitigazione me<span class=\"_ _1\"></span>ssi <span class=\"_ _1\"></span>in <span class=\"_ _f\"></span>at<span class=\"_ _2\"></span>to <span class=\"_ _f\"></span>e succe<span class=\"_ _1\"></span>ssivo controllo dell\u2019avanzamento e dell\u2019efficaci<span class=\"_ _1\"></span>a degli interventi di mitigazione del rischio attuati;<span class=\"_ _df\"> </span>-<span class=\"_ _28\"> </span><span class=\"ff4\">Gestione <span class=\"_ _0\"> </span>delle <span class=\"_ _9\"> </span>forme <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>tr<span class=\"_ _2\"></span>asferimento: <span class=\"_ _d\"></span>consist<span class=\"_ _2\"></span>e <span class=\"_ _0\"></span>nella <span class=\"_ _0\"></span>individuazione, <span class=\"_ _9\"> </span>valutazione, <span class=\"_ _0\"></span>scelta <span class=\"_ _9\"> </span>e </span>gestione delle diverse forme di trasferimento del rischio (es. poli<span class=\"_ _1\"></span>zze assicurative).<span class=\"_ _df\"> </span>Le <span class=\"_ _f\"></span>azioni <span class=\"_ _1\"></span>di <span class=\"_ _f\"></span>mitigazione <span class=\"_ _1\"></span>definite <span class=\"_ _f\"></span>nel <span class=\"_ _1\"></span>reporting <span class=\"_ _f\"></span>vengono i<span class=\"_ _1\"></span>noltre i<span class=\"_ _1\"></span>ncluse <span class=\"_ _f\"></span>nel <span class=\"_ _f\"></span>processo di<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>pianificazione operativa. Al <span class=\"_ _f\"></span>31 dicembre <span class=\"_ _f\"></span>2025, <span class=\"_ _1\"></span>le <span class=\"_ _1\"></span>attivit\u00e0 ponde<span class=\"_ _1\"></span>rate <span class=\"_ _1\"></span>per <span class=\"_ _f\"></span>il rischio <span class=\"_ _f\"></span>operativo si <span class=\"_ _f\"></span>attestano a <span class=\"_ _f\"></span>3.499 <span class=\"_ _1\"></span>milioni <span class=\"_ _f\"></span>di eu<span class=\"_ _1\"></span>ro (requisito <span class=\"_ _d\"></span>patrimoniale <span class=\"_ _2\"></span>pari <span class=\"_ _d\"></span>a <span class=\"_ _2\"></span>279,9 <span class=\"_ _2\"></span>milioni <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>euro), <span class=\"_ _2\"></span>in <span class=\"_ _d\"></span>applicazione <span class=\"_ _2\"></span>del <span class=\"_ _d\"></span>nuovo <span class=\"_ _2\"></span>approccio <span class=\"_ _d\"></span>previsto dalla <span class=\"_ _4\"> </span>CRR3. <span class=\"_ _4\"> </span>Il  r<span class=\"_ _2\"></span>equisito <span class=\"_ _4\"> </span>\u00e8 <span class=\"_ _22\"> </span>determinato <span class=\"_ _4\"> </span>sulla <span class=\"_ _4\"> </span>base <span class=\"_ _4\"> </span>della <span class=\"_ _22\"> </span>media <span class=\"_ _4\"> </span>storica <span class=\"_ _4\"> </span>triennale <span class=\"_ _4\"> </span>del <span class=\"_ _4\"> </span>Business Indicator, <span class=\"_ _4\"> </span>risultante <span class=\"_ _4\"> </span>dall'aggregazione <span class=\"_ _4\"> </span>delle <span class=\"_ _4\"> </span>componenti <span class=\"_ _4\"> </span>Interest, <span class=\"_ _4\"> </span>Lease <span class=\"_ _4\"> </span>and <span class=\"_ _4\"> </span>Divid<span class=\"_ _1\"></span>end <span class=\"_ _4\"> </span>(ILDC), Service <span class=\"_ _d\"></span>(SC) <span class=\"_ _d\"></span>e <span class=\"_ _d\"></span>Financial <span class=\"_ _d\"></span>(FC), <span class=\"_ _d\"></span>a <span class=\"_ _0\"></span>cui <span class=\"_ _d\"></span>vengono <span class=\"_ _d\"></span>applicate <span class=\"_ _d\"></span>le <span class=\"_ _d\"></span>aliquot<span class=\"_ _2\"></span>e <span class=\"_ _d\"></span>progressive <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>ponderazione. <span class=\"_ _d\"></span>Il calcolo finale incorpora un Internal Loss Multip<span class=\"_ _1\"></span>lier (ILM) pari a 1.<span class=\"_ _2\"></span> RISCHI<span class=\"_ _f\"></span> LEGALI<span class=\"_ _f\"></span> Il Gruppo, nel normale svolgi<span class=\"_ _1\"></span>mento <span class=\"_ _2\"></span>dell<span class=\"_ _1\"></span>a propria attivit\u00e0 d\u2019impresa, \u00e8 parte di diversi procedimenti<span class=\"_ _1\"></span> giudiziari <span class=\"_ _d\"></span>dai <span class=\"_ _0\"></span>quali <span class=\"_ _d\"></span>potrebbero <span class=\"_ _0\"></span>anche <span class=\"_ _0\"></span>derivare <span class=\"_ _d\"></span>obblighi <span class=\"_ _0\"></span>di <span class=\"_ _d\"></span>natura <span class=\"_ _0\"></span>risarcitoria <span class=\"_ _0\"></span>e/o <span class=\"_ _d\"></span>restitutoria, <span class=\"_ _0\"></span>con conseguente possibile esborso di risorse economiche<span class=\"_ _f\"></span> <span class=\"_ _2\"></span>(c.d. rischio legale)<span class=\"_ _1\"></span>. Tutte le controversie in essere <span class=\"_ _9\"> </span>sono <span class=\"_ _9\"> </span>state <span class=\"_ _9\"> </span>debitamente <span class=\"_ _9\"> </span>analizzate <span class=\"_ _9\"> </span>dalla <span class=\"_ _9\"> </span>Banca <span class=\"_ _16\"> </span>e, <span class=\"_ _0\"></span>alla <span class=\"_ _16\"> </span>luce <span class=\"_ _0\"> </span>di <span class=\"_ _9\"> </span>t<span class=\"_ _2\"></span>ale <span class=\"_ _0\"> </span>anal<span class=\"_ _2\"></span>isi, <span class=\"_ _9\"> </span>nonch\u00e9 <span class=\"_ _0\"> </span>d<span class=\"_ _2\"></span>elle indicazioni <span class=\"_ _4\"> </span>anche <span class=\"_ _17\"> </span>provenienti <span class=\"_ _4\"> </span>dai <span class=\"_ _17\"> </span>Legali <span class=\"_ _4\"> </span>Fid<span class=\"_ _2\"></span>uciari <span class=\"_ _4\"> </span>esterni, <span class=\"_ _4\"> </span>so<span class=\"_ _2\"></span>no <span class=\"_ _4\"> </span>stati <span class=\"_ _17\"> </span>effettuati,<span class=\"_ _2\"></span> <span class=\"_ _4\"> </span>ove <span class=\"_ _17\"> </span>ritenuto necessario, <span class=\"_ _f\"></span>accantonamenti a <span class=\"_ _f\"></span>bilancio <span class=\"_ _f\"></span>nella <span class=\"_ _1\"></span>misura <span class=\"_ _1\"></span>idonea <span class=\"_ _f\"></span>ed <span class=\"_ _f\"></span>ap<span class=\"_ _2\"></span>propriata <span class=\"_ _f\"></span>alle sing<span class=\"_ _1\"></span>ole <span class=\"_ _f\"></span>circos<span class=\"_ _2\"></span>tanze. Pi\u00f9 <span class=\"_ _2\"></span>in <span class=\"_ _d\"></span>particolare <span class=\"_ _d\"></span>\u00e8 <span class=\"_ _2\"></span>cos<span class=\"_ _2\"></span>tituito <span class=\"_ _d\"></span>un <span class=\"_ _2\"></span>fondo <span class=\"_ _d\"></span>rischi <span class=\"_ _d\"></span>ed <span class=\"_ _2\"></span>oneri <span class=\"_ _d\"></span>diversi <span class=\"_ _2\"></span>a <span class=\"_ _d\"></span>presidio <span class=\"_ _d\"></span>delle <span class=\"_ _2\"></span>potenziali <span class=\"_ _d\"></span>passivit\u00e0 che potrebbero scaturire dalle cause pendenti. La maggior parte <span class=\"_ _1\"></span>di tali controversie <span class=\"_ _1\"></span>sono riconducibi<span class=\"_ _1\"></span>li alle principali <span class=\"_ _1\"></span>attivit\u00e0 del Gruppo e<span class=\"_ _1\"></span> possono riguardarei servizi di investiment<span class=\"_ _2\"></span>o, l\u2019anatocismo, i sist<span class=\"_ _2\"></span>emi/mezzi di pagamento, i pignoramenti, l<span class=\"_ _2\"></span>a \u201ccessione <span class=\"_ _22\"> </span>del <span class=\"_ _4\"> </span>quinto\u201d <span class=\"_ _22\"> </span>(per <span class=\"_ _4\"> </span>queste <span class=\"_ _22\"> </span>ultime, <span class=\"_ _4\"> </span>in  r<span class=\"_ _2\"></span><span class=\"ff4\">agione <span class=\"_ _22\"> </span>della <span class=\"_ _4\"> </span>numerosit\u00e0 <span class=\"_ _4\"> </span>e <span class=\"_ _22\"> </span>della <span class=\"_ _4\"> </span>ricorrenza <span class=\"_ _22\"> </span>del </span>fenomeno, <span class=\"_ _f\"></span>\u00e8 <span class=\"_ _f\"></span>stato p<span class=\"_ _1\"></span>redisposto <span class=\"_ _f\"></span>un <span class=\"_ _f\"></span>apposito <span class=\"_ _f\"></span>accantonamento <span class=\"_ _1\"></span>volto <span class=\"_ _f\"></span>a <span class=\"_ _f\"></span>gestire <span class=\"_ _1\"></span>contenziosi <span class=\"_ _f\"></span>e <span class=\"_ _f\"></span>reclami).<span class=\"_ _2\"></span> Per il <span class=\"_ _2\"></span>dettaglio <span class=\"_ _2\"></span>sulle fattispecie cor<span class=\"_ _2\"></span>relate ai <span class=\"_ _2\"></span>rischi sopra <span class=\"_ _2\"></span>illustrati si <span class=\"_ _2\"></span>rimanda alla <span class=\"_ _2\"></span>Nota Integrativa <span class=\"_ _d\"></span><span class=\"ff5\">\u2013</span> Parte B <span class=\"ff5\">\u2013</span> Sezione 10. Linee <span class=\"_ _1\"></span>evolu<span class=\"_ _1\"></span>tive <span class=\"_ _1\"></span>nella<span class=\"_ _f\"></span> gestione<span class=\"_ _f\"></span> della co<span class=\"_ _f\"></span>mponent<span class=\"_ _1\"></span>e di <span class=\"_ _1\"></span>rischio<span class=\"_ _f\"></span> operat<span class=\"_ _1\"></span>ivo<span class=\"_ _1\"></span>  Nel corso <span class=\"_ _2\"></span>della campagna di <span class=\"_ _2\"></span>RSA svolta <span class=\"_ _2\"></span>nel 2025 <span class=\"_ _2\"></span>sono stati <span class=\"_ _2\"></span>consolidati gli scenari E<span class=\"_ _2\"></span>nvironmental, Social and Governance gi\u00e0 valutati durante il precedente e<span class=\"_ _1\"></span>sercizio.<span class=\"_ _2\"></span> Inoltre, <span class=\"_ _d\"></span>a <span class=\"_ _0\"></span>partire <span class=\"_ _0\"></span>dal <span class=\"_ _d\"></span>primo <span class=\"_ _0\"></span>semestre <span class=\"_ _0\"></span>2025, <span class=\"_ _d\"></span>s<span class=\"_ _2\"></span>ono <span class=\"_ _d\"></span>stati <span class=\"_ _0\"></span>introdotti <span class=\"_ _d\"></span>dei <span class=\"_ _d\"></span>K<span class=\"_ _2\"></span>ey <span class=\"_ _d\"></span>Risk <span class=\"_ _d\"></span>In<span class=\"_ _2\"></span>dicator <span class=\"_ _d\"></span>(KRI) <span class=\"_ _0\"></span>che mirano <span class=\"_ _2\"></span>ad <span class=\"_ _2\"></span>assicurare <span class=\"_ _2\"></span>un adeguato <span class=\"_ _d\"></span>e compiuto <span class=\"_ _2\"></span>monitoraggio <span class=\"_ _2\"></span>gestionale <span class=\"_ _2\"></span>del profilo <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>esposizione al <span class=\"_ _4\"> </span>rischio <span class=\"_ _4\"> </span>operativo <span class=\"_ _4\"> </span>del <span class=\"_ _4\"> </span>Gruppo, <span class=\"_ _17\"> </span>in <span class=\"_ _4\"> </span>aggiunta <span class=\"_ _4\"> </span>agli <span class=\"_ _4\"> </span>indicatori <span class=\"_ _17\"> </span>gi\u00e0 <span class=\"_ _17\"> </span>individuati <span class=\"_ _4\"> </span>in <span class=\"_ _4\"> </span>ambito <span class=\"_ _4\"> </span>RAF. <span class=\"_ _17\"> </span>In particolare, <span class=\"_ _14\"> </span>tali <span class=\"_ _15\"> </span>indicatori <span class=\"_ _14\"> </span>gestionali <span class=\"_ _14\"> </span>implementati <span class=\"_ _14\"> </span>sono <span class=\"_ _15\"> </span>finalizzati <span class=\"_ _14\"> </span>ad <span class=\"_ _14\"> </span>intercettare <span class=\"_ _15\"> </span>e <span class=\"_ _14\"> </span>gestire tempestivamente eventuali <span class=\"_ _2\"></span>incrementi significativi <span class=\"_ _2\"></span>nel pro<span class=\"_ _2\"></span>filo di <span class=\"_ _2\"></span>rischio operativo, <span class=\"_ _2\"></span>anche in <span class=\"_ _2\"></span>ottica di definizione di opportune strategie di risposta (es. azioni di mitigazione del rischio)<span class=\"_ _1\"></span>.<span class=\"_ _2\"></span> Per <span class=\"_ _0\"></span>il <span class=\"_ _0\"></span>2026, <span class=\"_ _0\"></span>la <span class=\"_ _9\"> </span>classificazione<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>degli <span class=\"_ _0\"></span>eventi <span class=\"_ _9\"> </span>di <span class=\"_ _0\"></span>rischio <span class=\"_ _0\"></span>operativo <span class=\"_ _0\"></span>sar\u00e0 <span class=\"_ _0\"></span>rivista <span class=\"_ _0\"></span>ed <span class=\"_ _0\"></span>adeguata <span class=\"_ _0\"></span>alla <span class=\"_ _9\"> </span>luce dell\u2019EBA/RTS/2025/03 e successive modifiche.<span class=\"_ _df\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-793": {
   "value": "Qualit\u00e0<span class=\"_ _f\"></span> del credito<span class=\"_ _f\"></span> A.1.1 D<span class=\"_ _1\"></span>istri<span class=\"_ _1\"></span>buzio<span class=\"_ _f\"></span>ne delle <span class=\"_ _1\"></span>attiv<span class=\"_ _1\"></span>it\u00e0 fi<span class=\"_ _f\"></span>nanziarie<span class=\"_ _1\"></span> per <span class=\"_ _1\"></span>port<span class=\"_ _1\"></span>afogl<span class=\"_ _1\"></span>i di a<span class=\"_ _f\"></span>ppartene<span class=\"_ _1\"></span>nza<span class=\"_ _1\"></span> e pe<span class=\"_ _1\"></span>r qua<span class=\"_ _f\"></span>lit\u00e0 credit<span class=\"_ _1\"></span>izia <span class=\"_ _1\"></span>(va<span class=\"_ _1\"></span>lori di<span class=\"_ _1\"></span> bila<span class=\"_ _1\"></span>ncio)<span class=\"_ _df\"> </span><table class=\"s wf0b h561\" id=\"_d421b604-5c1b-4134-ad5c-115bb15350f8\"><tr><td class=\"c x44e y32ac w538 h2f0\"><div class=\"t m0 x191 h1f y1990 ff4 fs7 fc4 sc3 ls0 ws0\">Port<span class=\"_ _1\"></span>afog<span class=\"_ _f\"></span>li/qualit<span class=\"_ _1\"></span>\u00e0 </div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x44e y32ad w361 h131\"><div class=\"t m0 x10 h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">1. Attivit\u00e0 finanz<span class=\"_ _1\"></span>iarie valutate a<span class=\"_ _f\"></span>l<span class=\"_ _2\"></span> costo amm<span class=\"_ _f\"></span>o<span class=\"_ _2\"></span>rtizzat<span class=\"_ _1\"></span>o<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x8bc y32ad w53a h131\"><div class=\"t m0 x8e h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">37.373 </div></td><td class=\"c x8bd y32ad w322 h131\"><div class=\"t m0 x8a h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">186.287 </div></td><td class=\"c x534 y32ad w322 h131\"><div class=\"t m0 x8e h1f y3e4 ff4 fs7 fc1 sc0 ls2a ws0\">27<span class=\"ls0\">.347</span><span class=\"ls0\"> </span></div></td><td class=\"c x528 y32ad w316 h131\"><div class=\"t m0 x10 h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">282.492 </div></td><td class=\"c x8be y32ad w2e0 h131\"><div class=\"t m0 xab h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">47.173.821 </div></td><td class=\"c x5c6 y32ad w25f h131\"><div class=\"t m0 x163 h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">47.707.320 </div></td></tr><tr><td class=\"c x262 y269e w963 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">2. Attivit\u00e0 finanz<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span>arie valut<span class=\"_ _1\"></span>ate al fair <span class=\"_ _1\"></span>value con impatto<span class=\"_ _1\"></span> sulla<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x8bc y32ae w53a had\"><div class=\"t m0 x34 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x8bd y32ae w322 had\"><div class=\"t m0 x34 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x534 y32ae w322 had\"><div class=\"t m0 x34 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x528 y32ae w316 had\"><div class=\"t m0 x34 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x8be y32ae w2e0 had\"><div class=\"t m0 xac h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">9.658.267 </div></td><td class=\"c x5c6 y32ae w25f had\"><div class=\"t m0 xab h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">9.658.267 </div></td></tr><tr><td class=\"c x262 y32af w964 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">redditivit\u00e0 comp<span class=\"_ _f\"></span>l<span class=\"_ _2\"></span>essiva<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x44e y32b0 w361 h12f\"><div class=\"t m0 x10 h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">3. Attivit\u00e0 finanz<span class=\"_ _1\"></span>iarie designate a<span class=\"_ _f\"></span>l<span class=\"_ _2\"></span> fair va<span class=\"_ _1\"></span>lue<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x8bc y32b0 w53a h12f\"><div class=\"t m0 x34 h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x8bd y32b0 w322 h12f\"><div class=\"t m0 x34 h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x534 y32b0 w322 h12f\"><div class=\"t m0 x34 h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x528 y32b0 w316 h12f\"><div class=\"t m0 x34 h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x8be y32b0 w2e0 h12f\"><div class=\"t m0 x13 h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5c6 y32b0 w25f h12f\"><div class=\"t m0 x8f h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y32b1 w361 h58\"><div class=\"t m0 x10 h1f y15 ff4 fs7 fc1 sc0 ls0 ws0\">4. Altre attivit\u00e0 <span class=\"_ _f\"></span>f<span class=\"_ _2\"></span>inanziarie <span class=\"_ _f\"></span>o<span class=\"_ _2\"></span>bblig<span class=\"_ _1\"></span>atoriamente valutate al <span class=\"_ _1\"></span>fair<span class=\"_ _df\"> </span></div><div class=\"t m0 x10 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">value </div></td><td></td><td class=\"c x8bc y32b1 w53a h58\"><div class=\"t m0 x34 h1f y2ea ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x8bd y32b1 w322 h58\"><div class=\"t m0 x34 h1f y2ea ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x534 y32b1 w322 h58\"><div class=\"t m0 x34 h1f y2ea ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x528 y32b1 w316 h58\"><div class=\"t m0 x32 h1f y2ea ff4 fs7 fc1 sc0 ls2b ws0\">80<span class=\"ls0\"> </span></div></td><td class=\"c x8be y32b1 w2e0 h58\"><div class=\"t m0 x2e h1f y2ea ff4 fs7 fc1 sc0 ls0 ws0\">691.894 </div></td><td class=\"c x5c6 y32b1 w25f h58\"><div class=\"t m0 x2e h1f y2ea ff4 fs7 fc1 sc0 ls0 ws0\">691.974 </div></td></tr><tr><td class=\"c x44e y32b2 w361 h131\"><div class=\"t m0 x10 h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">5. Attivit\u00e0 finanzi<span class=\"_ _1\"></span>arie in corso di d<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span>smissi<span class=\"_ _f\"></span>o<span class=\"_ _2\"></span>ne<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x8bc y32b2 w53a h131\"><div class=\"t m0 x34 h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x8bd y32b2 w322 h131\"><div class=\"t m0 x34 h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x534 y32b2 w322 h131\"><div class=\"t m0 x34 h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x528 y32b2 w316 h131\"><div class=\"t m0 x34 h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x8be y32b2 w2e0 h131\"><div class=\"t m0 x13 h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5c6 y32b2 w25f h131\"><div class=\"t m0 x8f h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y32b3 w53b hc8\"><div class=\"t m0 x21 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale </div></td><td class=\"c x8bf y32b3 wbd hc8\"><div class=\"t m0 x10 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">31/12/<span class=\"_ _f\"></span>2025 </div></td><td class=\"c x8bc y32b3 w53a hc8\"><div class=\"t m0 x8e h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">37.3<span class=\"_ _1\"></span>73 </div></td><td class=\"c x8bd y32b3 w322 hc8\"><div class=\"t m0 xab h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">186.2<span class=\"_ _f\"></span>87 </div></td><td class=\"c x534 y32b3 w322 hc8\"><div class=\"t m0 x8e h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">27.347<span class=\"_ _f\"></span> </div></td><td class=\"c x528 y32b3 w316 hc8\"><div class=\"t m0 x8a h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">282.5<span class=\"_ _1\"></span>72<span class=\"_ _f\"></span> </div></td><td class=\"c x8be y32b3 w2e0 hc8\"><div class=\"t m0 x10 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">57.5<span class=\"_ _1\"></span>23.9<span class=\"_ _f\"></span>82 </div></td><td class=\"c x5c6 y32b3 w25f hc8\"><div class=\"t m0 x10 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">58.<span class=\"_ _1\"></span>057.56<span class=\"_ _f\"></span>1 </div></td></tr><tr><td class=\"c x44e y32b4 w53b hc8\"><div class=\"t m0 x21 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale </div></td><td class=\"c x8bf y32b4 wbd hc8\"><div class=\"t m0 x10 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">31/12/<span class=\"_ _f\"></span>2024 </div></td><td class=\"c x8bc y32b4 w53a hc8\"><div class=\"t m0 x8e h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">47.346<span class=\"_ _f\"></span> </div></td><td class=\"c x8bd y32b4 w322 hc8\"><div class=\"t m0 xac h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">196.<span class=\"_ _1\"></span>512 </div></td><td class=\"c x534 y32b4 w322 hc8\"><div class=\"t m0 xac h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">23.60<span class=\"_ _f\"></span>2 </div></td><td class=\"c x528 y32b4 w316 hc8\"><div class=\"t m0 x10 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">333.<span class=\"_ _1\"></span>758<span class=\"_ _1\"></span> </div></td><td class=\"c x8be y32b4 w2e0 hc8\"><div class=\"t m0 xab h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">54.77<span class=\"_ _f\"></span>1.955 </div></td><td class=\"c x5c2 y32b4 w197 hc8\"><div class=\"t m0 x8a h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">55.37<span class=\"_ _f\"></span>3.173 </div></td></tr></table>Sofferenze Inadempienze probabili Esposizioni scadute deteriorate Esposizioni scadute non deteriorate Altre esposizioni non deteriorate Totale A.1.2 <span class=\"_ _1\"></span>Distr<span class=\"_ _1\"></span>ibuzio<span class=\"_ _1\"></span>ne d<span class=\"_ _1\"></span>elle <span class=\"_ _1\"></span>attiv<span class=\"_ _1\"></span>it\u00e0 fina<span class=\"_ _f\"></span>nziarie p<span class=\"_ _1\"></span>er po<span class=\"_ _f\"></span>rtafogli <span class=\"_ _1\"></span>di a<span class=\"_ _1\"></span>ppar<span class=\"_ _1\"></span>tenen<span class=\"_ _f\"></span>za e per<span class=\"_ _1\"></span> qua<span class=\"_ _1\"></span>lit\u00e0 cre<span class=\"_ _1\"></span>ditizia<span class=\"_ _f\"></span> (val<span class=\"_ _1\"></span>ori lor<span class=\"_ _f\"></span>di e netti)<span class=\"_ _df\"> </span><table class=\"s wef0 h55d\" id=\"_e3e7da9e-84bb-4b0b-81a2-32b90543fb4a\"><tr><td></td><td></td><td></td><td></td><td class=\"c x8a2 y328a w53c h1a2\"><div class=\"t m0 x1b1 h262 y302 ff4 fs27 fc4 sc3 ls0 ws0\">Dete<span class=\"_ _1\"></span>riora<span class=\"_ _f\"></span>te </div></td><td></td><td></td><td class=\"c x8a3 y328a w53d h1a2\"><div class=\"t m0 xf h262 y302 ff4 fs27 fc4 sc3 ls0 ws0\">Non d<span class=\"_ _f\"></span>eterio<span class=\"_ _1\"></span>rate<span class=\"_ _f\"></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=\"c x8a4 y328b wef1 h4cd\"><div class=\"t m0 x250 h262 y2899 ff4 fs27 fc4 sc3 ls0 ws0\">Tota<span class=\"_ _1\"></span>le<span class=\"_ _df\"> </span></div></td></tr><tr><td class=\"c x44e y328c w56 h2f2\"><div class=\"t m0 x8a h1f y1994 ff4 fs7 fc4 sc3 ls0 ws0\">Port<span class=\"_ _1\"></span>afog<span class=\"_ _f\"></span>li/qualit<span class=\"_ _1\"></span>\u00e0 </div></td><td></td><td class=\"c x8a5 y328d w976 h4cd\"><div class=\"t m0 x250 h262 y2899 ff4 fs27 fc4 sc3 ls0 ws0\">Esp<span class=\"_ _f\"></span>osizion<span class=\"_ _1\"></span>e</div></td><td class=\"c x8a6 y328e wef2 h4cd\"><div class=\"t m0 x250 h262 y2899 ff4 fs27 fc4 sc3 ls0 ws0\">Rettif<span class=\"_ _1\"></span>ich<span class=\"_ _f\"></span>e di<span class=\"_ _df\"> </span></div></td><td class=\"c x8a7 y328d wef3 h4cd\"><div class=\"t m0 x250 h262 y2899 ff4 fs27 fc4 sc3 ls0 ws0\">Esp<span class=\"_ _f\"></span>osizion</div></td><td class=\"c x8a8 y328e wef4 h4cd\"><div class=\"t m0 x250 h262 y2899 ff4 fs27 fc4 sc3 ls0 ws0\">Writ<span class=\"_ _1\"></span>e-off*<span class=\"_ _df\"> </span></div></td><td class=\"c x8a9 y328d wef3 h4cd\"><div class=\"t m0 x250 h262 y2899 ff4 fs27 fc4 sc3 ls0 ws0\">Esp<span class=\"_ _f\"></span>osizion</div></td><td class=\"c x75e y328e wef2 h4cd\"><div class=\"t m0 x250 h262 y2899 ff4 fs27 fc4 sc3 ls0 ws0\">Rettif<span class=\"_ _1\"></span>ich<span class=\"_ _f\"></span>e di<span class=\"_ _df\"> </span></div></td><td class=\"c x8aa y328d w976 h4cd\"><div class=\"t m0 x250 h262 y2899 ff4 fs27 fc4 sc3 ls0 ws0\">Esp<span class=\"_ _f\"></span>osizion<span class=\"_ _1\"></span>e</div></td><td class=\"c x8ab y328f wef5 h4cd\"><div class=\"t m0 x250 h262 y2899 ff4 fs27 fc4 sc3 ls0 ws0\">(espo<span class=\"_ _1\"></span>siz<span class=\"_ _1\"></span>ione<span class=\"_ _df\"> </span></div></td></tr><tr><td></td><td></td><td class=\"c x8ac y3290 wef6 h4cd\"><div class=\"t m0 x250 h262 y2899 ff4 fs27 fc4 sc3 ls0 ws0\">lord<span class=\"_ _1\"></span>a<span class=\"_ _df\"> </span></div></td><td class=\"c x8ad y3291 wef7 h4cd\"><div class=\"t m0 x250 h262 y2899 ff4 fs27 fc4 sc3 ls0 ws0\">valor<span class=\"_ _1\"></span>e<span class=\"_ _df\"> </span></div></td><td class=\"c x8ae y3290 wef8 h4cd\"><div class=\"t m0 x250 h262 y2899 ff4 fs27 fc4 sc3 ls0 ws0\">e nett<span class=\"_ _1\"></span>a</div></td><td class=\"c x8af y3291 wef9 h4cd\"><div class=\"t m0 x250 h262 y2899 ff4 fs27 fc4 sc3 ls0 ws0\">par<span class=\"_ _1\"></span>ziali<span class=\"_ _df\"> </span></div></td><td class=\"c x8b0 y3290 wefa h4cd\"><div class=\"t m0 x250 h262 y2899 ff4 fs27 fc4 sc3 ls0 ws0\">e lord<span class=\"_ _f\"></span>a<span class=\"_ _df\"> </span></div></td><td class=\"c x8b1 y3291 wefb h4cd\"><div class=\"t m0 x250 h262 y2899 ff4 fs27 fc4 sc3 ls0 ws0\">valor<span class=\"_ _1\"></span>e<span class=\"_ _df\"> </span></div></td><td class=\"c x8b2 y3290 wefc h4cd\"><div class=\"t m0 x250 h262 y2899 ff4 fs27 fc4 sc3 ls0 ws0\">netta<span class=\"_ _df\"> </span></div></td><td class=\"c x8b3 y3292 wefd h4cd\"><div class=\"t m0 x250 h262 y2899 ff4 fs27 fc4 sc3 ls0 ws0\">netta<span class=\"_ _f\"></span>)<span class=\"_ _df\"> </span></div></td></tr><tr><td></td><td></td><td></td><td class=\"c x8a6 y3293 wefe h4cd\"><div class=\"t m0 x250 h262 y2899 ff4 fs27 fc4 sc3 ls0 ws0\">comp<span class=\"_ _1\"></span>less<span class=\"_ _f\"></span>ive<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x8b4 y3293 weff h4cd\"><div class=\"t m0 x250 h262 y2899 ff4 fs27 fc4 sc3 ls0 ws0\">comp<span class=\"_ _1\"></span>less<span class=\"_ _f\"></span>ivi<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x75e y3293 wf00 h4cd\"><div class=\"t m0 x250 h262 y2899 ff4 fs27 fc4 sc3 ls0 ws0\">comp<span class=\"_ _1\"></span>less<span class=\"_ _f\"></span>ive<span class=\"_ _df\"> </span></div></td><td></td><td></td></tr><tr><td class=\"c x262 y30c6 wf01 h4b6\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">1. Attivit\u00e0<span class=\"_ _df\"> </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 x262 y3294 wa02 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">finanziarie<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x8a2 y3295 w2d7 h24a\"><div class=\"t m0 x14 h1f y2c4 ff4 fs7 fc1 sc0 ls0 ws0\">614.722 </div></td><td class=\"c x8b5 y3295 w53e h24a\"><div class=\"t m0 x27 h1f y2c4 ff4 fs7 fc1 sc0 ls0 ws0\">363.717 </div></td><td class=\"c x8b6 y3295 w1c6 h24a\"><div class=\"t m0 x2a h1f y2c4 ff4 fs7 fc1 sc0 ls0 ws0\">251.005 </div></td><td class=\"c x8b7 y3295 w268 h24a\"><div class=\"t m0 x2c h1f y2c4 ff4 fs7 fc1 sc0 ls0 ws0\">20.659 </div></td><td class=\"c x8a3 y3295 w2de h24a\"><div class=\"t m0 x10 h1f y2c4 ff4 fs7 fc1 sc0 ls0 ws0\">47.548.751 </div></td><td class=\"c x8b8 y3295 w498 h24a\"><div class=\"t m0 x35 h1f y2c4 ff4 fs7 fc1 sc0 ls0 ws0\">92.437 </div></td><td class=\"c x8b9 y3295 w2d8 h24a\"><div class=\"t m0 xac h1f y2c4 ff4 fs7 fc1 sc0 ls0 ws0\">47.456.314 </div></td><td class=\"c x8ba y3295 w2e7 h24a\"><div class=\"t m0 x2f h1f y2c4 ff4 fs7 fc1 sc0 ls0 ws0\">47.707.319 </div></td></tr><tr><td class=\"c x262 y2f22 wbcf h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">valutate al c<span class=\"_ _1\"></span>osto<span class=\"_ _df\"> </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 x262 y2f24 w988 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">ammortizzato<span class=\"_ _df\"> </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 x262 y3296 w9cb h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">2. Attivit\u00e0<span class=\"_ _df\"> </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 x262 y3297 wa02 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">finanziarie<span class=\"_ _df\"> </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 x262 y321f wf02 h540\"><div class=\"t m0 x250 h1f y313a ff4 fs7 fc1 sc0 ls0 ws0\">valutate al fair<span class=\"_ _df\"> </span></div><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">value con impat<span class=\"_ _1\"></span>to<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x8a2 y3298 w2d7 h25e\"><div class=\"t m0 x91 h1f yed0 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x8b5 y3298 w53e h25e\"><div class=\"t m0 xe h1f yed0 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x8b6 y3298 w1c6 h25e\"><div class=\"t m0 x36 h1f yed0 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x8b7 y3298 w268 h25e\"><div class=\"t m0 x7 h1f yed0 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x8a3 y3298 w2de h25e\"><div class=\"t m0 xac h1f yed0 ff4 fs7 fc1 sc0 ls0 ws0\">9.661.700 </div></td><td class=\"c x8b8 y3298 w498 h25e\"><div class=\"t m0 x26 h1f yed0 ff4 fs7 fc1 sc0 ls0 ws0\">3.433 </div></td><td class=\"c x8b9 y3298 w2d8 h25e\"><div class=\"t m0 x2f h1f yed0 ff4 fs7 fc1 sc0 ls0 ws0\">9.658.267 </div></td><td class=\"c x8ba y3298 w2e7 h25e\"><div class=\"t m0 x116 h1f yed0 ff4 fs7 fc1 sc0 ls0 ws0\">9.658.267 </div></td></tr><tr><td class=\"c x262 y3299 wf03 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">sulla redditivit\u00e0<span class=\"_ _df\"> </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 x262 y329a w902 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">complessiva<span class=\"_ _df\"> </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 x262 y329b wf04 h51d\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">3. Attivit\u00e0<span class=\"_ _df\"> </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 x262 y329c wa02 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">finanziarie<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x8a2 y329d w2d7 h2ba\"><div class=\"t m0 x91 h1f ydae ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x8b5 y329d w53e h2ba\"><div class=\"t m0 xe h1f ydae ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x8b6 y329d w1c6 h2ba\"><div class=\"t m0 x36 h1f ydae ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x8b7 y329d w268 h2ba\"><div class=\"t m0 x7 h1f ydae ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x8a3 y329d w2de h2ba\"><div class=\"t m0 x48 h1f ydae ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x8b8 y329d w498 h2ba\"><div class=\"t m0 x32 h1f ydae ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x8b9 y329d w2d8 h2ba\"><div class=\"t m0 x91 h1f ydae ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x8ba y329d w2e7 h2ba\"><div class=\"t m0 x90 h1f ydae ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x262 y329f wf05 h55e\"><div class=\"t m0 x250 h1f y329e ff4 fs7 fc1 sc0 ls0 ws0\">designate al fair<span class=\"_ _df\"> </span></div><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">value<span class=\"_ _df\"> </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 x262 y32a0 wf06 h55f\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">4. Altre attivit\u00e0<span class=\"_ _df\"> </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 x262 y32a1 wa02 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">finanziarie<span class=\"_ _df\"> </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 x262 y32a2 wf07 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">obbligatoriament<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x8a2 y32a3 w2d7 h2f4\"><div class=\"t m0 x91 h1f y1602 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x8b5 y32a3 w53e h2f4\"><div class=\"t m0 xe h1f y1602 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x8b6 y32a3 w1c6 h2f4\"><div class=\"t m0 x36 h1f y1602 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x8b7 y32a3 w268 h2f4\"><div class=\"t m0 x7 h1f y1602 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x8a3 y32a3 w2de h2f4\"><div class=\"t m0 x48 h1f y1602 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x8b8 y32a3 w498 h2f4\"><div class=\"t m0 x32 h1f y1602 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x8b9 y32a3 w2d8 h2f4\"><div class=\"t m0 x14 h1f y1602 ff4 fs7 fc1 sc0 ls0 ws0\">691.974 </div></td><td class=\"c x8ba y32a3 w2e7 h2f4\"><div class=\"t m0 x48 h1f y1602 ff4 fs7 fc1 sc0 ls0 ws0\">691.974 </div></td></tr><tr><td class=\"c x262 y32a5 wf08 h560\"><div class=\"t m0 x250 h1f y32a4 ff4 fs7 fc1 sc0 ls0 ws0\">e valutate al fai<span class=\"_ _1\"></span>r<span class=\"_ _df\"> </span></div><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">value<span class=\"_ _df\"> </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 x262 y32a6 wf09 h4b6\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">5. Attivit\u00e0<span class=\"_ _df\"> </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 x262 y32a7 wf0a h540\"><div class=\"t m0 x250 h1f y313a ff4 fs7 fc1 sc0 ls0 ws0\">finanziarie in<span class=\"_ _df\"> </span></div><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">corso di<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x8a2 y32a8 w2d7 h24a\"><div class=\"t m0 x91 h1f ydae ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x8b5 y32a8 w53e h24a\"><div class=\"t m0 xe h1f ydae ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x8b6 y32a8 w1c6 h24a\"><div class=\"t m0 x36 h1f ydae ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x8b7 y32a8 w268 h24a\"><div class=\"t m0 x7 h1f ydae ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x8a3 y32a8 w2de h24a\"><div class=\"t m0 x8f h1f ydae ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x8b8 y32a8 w498 h24a\"><div class=\"t m0 x90 h1f ydae ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x8b9 y32a8 w2d8 h24a\"><div class=\"t m0 x91 h1f ydae ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x8ba y32a8 w2e7 h24a\"><div class=\"t m0 x90 h1f ydae ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x262 y32a9 w98d h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">dismissione<span class=\"_ _df\"> </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 x44e y32aa w409 h49\"><div class=\"t m0 x10 h30 y823 ff4 fsb fc1 sc2 ls0 ws0\">Totale </div></td><td class=\"c x8bb y32aa w25f h49\"><div class=\"t m0 x10 h1f y25f ff4 fs7 fc1 sc2 ls0 ws0\">31/12/<span class=\"_ _f\"></span>2025 </div></td><td class=\"c x8a2 y32aa w2d7 h49\"><div class=\"t m0 x14 h1f y25f ff4 fs7 fc1 sc2 ls0 ws0\">614.7<span class=\"_ _1\"></span>22<span class=\"_ _1\"></span> </div></td><td class=\"c x8b5 y32aa w53e h49\"><div class=\"t m0 x26 h1f y25f ff4 fs7 fc1 sc2 ls0 ws0\">363<span class=\"_ _1\"></span>.717 </div></td><td class=\"c x8b6 y32aa w1c6 h49\"><div class=\"t m0 x2a h1f y25f ff4 fs7 fc1 sc2 ls0 ws0\">251.<span class=\"_ _1\"></span>005<span class=\"_ _1\"></span> </div></td><td class=\"c x8b7 y32aa w268 h49\"><div class=\"t m0 x2c h1f y25f ff4 fs7 fc1 sc2 ls0 ws0\">20.6<span class=\"_ _1\"></span>59 </div></td><td class=\"c x8a3 y32aa w2de h49\"><div class=\"t m0 xab h1f y25f ff4 fs7 fc1 sc2 ls0 ws0\">57.21<span class=\"_ _f\"></span>0.451 </div></td><td class=\"c x8b8 y32aa w498 h49\"><div class=\"t m0 x35 h1f y25f ff4 fs7 fc1 sc2 ls0 ws0\">95.87<span class=\"_ _f\"></span>0 </div></td><td class=\"c x8b9 y32aa w2d8 h49\"><div class=\"t m0 xab h1f y25f ff4 fs7 fc1 sc2 ls0 ws0\">57.806<span class=\"_ _f\"></span>.555 </div></td><td class=\"c x8ba y32aa w2e7 h49\"><div class=\"t m0 xac h1f y25f ff4 fs7 fc1 sc2 ls0 ws0\">58.<span class=\"_ _1\"></span>057.56<span class=\"_ _f\"></span>0 </div></td></tr><tr><td class=\"c x44e y32ab w409 h49\"><div class=\"t m0 x10 h30 y823 ff4 fsb fc1 sc2 ls0 ws0\">Totale </div></td><td class=\"c x8bb y32ab w25f h49\"><div class=\"t m0 x10 h1f y25f ff4 fs7 fc1 sc2 ls0 ws0\">31/12/<span class=\"_ _f\"></span>2024 </div></td><td class=\"c x8a2 y32ab w2d7 h49\"><div class=\"t m0 x130 h1f y25f ff4 fs7 fc1 sc2 ls0 ws0\">668.<span class=\"_ _1\"></span>644<span class=\"_ _f\"></span> </div></td><td class=\"c x8b5 y32ab w53e h49\"><div class=\"t m0 x26 h1f y25f ff4 fs7 fc1 sc2 ls0 ws0\">401.1<span class=\"_ _f\"></span><span class=\"ls2b\">87</span><span class=\"ls2b\"><span class=\"ls0\"> </span></span></div></td><td class=\"c x8b6 y32ab w1c6 h49\"><div class=\"t m0 x116 h1f y25f ff4 fs7 fc1 sc2 ls0 ws0\">267.<span class=\"_ _1\"></span>457<span class=\"_ _1\"></span> </div></td><td class=\"c x8b7 y32ab w268 h49\"><div class=\"t m0 x26 h1f y25f ff4 fs7 fc1 sc2 ls0 ws0\">16.227<span class=\"_ _f\"></span> </div></td><td class=\"c x8a3 y32ab w2de h49\"><div class=\"t m0 x10 h1f y25f ff4 fs7 fc1 sc2 ls0 ws0\">54.55<span class=\"_ _f\"></span>1.606 </div></td><td class=\"c x8b8 y32ab w498 h49\"><div class=\"t m0 x35 h1f y25f ff4 fs7 fc1 sc2 ls0 ws0\">95.29<span class=\"_ _f\"></span>4 </div></td><td class=\"c x8b9 y32ab w2d8 h49\"><div class=\"t m0 x2f h1f y25f ff4 fs7 fc1 sc2 ls0 ws0\">55.1<span class=\"_ _f\"></span>05.718 </div></td><td class=\"c x756 y32ab w281 h49\"><div class=\"t m0 x16a h1f y25f ff4 fs7 fc1 sc2 ls0 ws0\">55.37<span class=\"_ _f\"></span>3.175<span class=\"_ _df\"> </span></div></td></tr></table><table class=\"s wf0c h562\" id=\"_c7923ac0-f9e3-4902-95af-0e3d0344c96f\"><tr><td class=\"c x8c0 y32b5 w53f h2f5\"><div class=\"t m0 xc6 h1f y199e ff4 fs7 fc4 sc3 ls0 ws0\">Port<span class=\"_ _1\"></span>afog<span class=\"_ _f\"></span>li/qualit<span class=\"_ _1\"></span>\u00e0 </div></td><td></td><td></td><td class=\"c x8c1 y32b6 w540 h58\"><div class=\"t m0 x37 h1f y420 ff4 fs7 fc4 sc3 ls0 ws0\">Atti<span class=\"_ _1\"></span>vit\u00e0 di<span class=\"_ _f\"></span> evident<span class=\"_ _f\"></span>e scar<span class=\"_ _1\"></span>sa qua<span class=\"_ _f\"></span>lit\u00e0 cre<span class=\"_ _f\"></span>ditizia<span class=\"_ _1\"></span> </div></td><td></td><td class=\"c x763 y32b6 w23f h58\"><div class=\"t m0 x97 h1f y420 ff4 fs7 fc4 sc3 ls0 ws0\">Altr<span class=\"_ _1\"></span>e atti<span class=\"_ _1\"></span>vit\u00e0 </div></td></tr><tr><td></td><td></td><td class=\"c x8c1 y32b5 w541 hcd\"><div class=\"t m0 x16a h1f ye44 ff4 fs7 fc4 sc3 ls0 ws0\">Minu<span class=\"_ _1\"></span>sva<span class=\"_ _1\"></span>lenz<span class=\"_ _1\"></span>e cum<span class=\"_ _f\"></span>ulate<span class=\"_ _f\"></span> </div></td><td class=\"c x8c2 y32b5 w541 hcd\"><div class=\"t m0 x33 h1f ye44 ff4 fs7 fc4 sc3 ls0 ws0\">Espo<span class=\"_ _1\"></span>sizio<span class=\"_ _f\"></span>ne nett<span class=\"_ _1\"></span>a </div></td><td></td><td class=\"c x763 y32b5 w23f hcd\"><div class=\"t m0 x33 h1f ye44 ff4 fs7 fc4 sc3 ls0 ws0\">Espo<span class=\"_ _1\"></span>sizio<span class=\"_ _f\"></span>ne nett<span class=\"_ _1\"></span>a </div></td></tr><tr><td class=\"c x262 y32b7 wf0d h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc1 sc0 ls0 ws0\">1. Attivit\u00e0 finanz<span class=\"_ _1\"></span>iarie detenute per<span class=\"_ _1\"></span> la<span class=\"_ _df\"> </span></div></td><td></td><td></td><td class=\"c x8c1 y32b8 w543 h1bb\"><div class=\"t m0 x120 h1f y68b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x8c2 y32b8 w544 h1bb\"><div class=\"t m0 x1ef h1f y68b ff4 fs7 fc1 sc0 ls2a ws0\">26<span class=\"ls0\"> </span></div></td><td class=\"c x763 y32b8 we6 h1bb\"><div class=\"t m0 x1e9 h1f y68b ff4 fs7 fc1 sc0 ls0 ws0\">40.897 </div></td></tr><tr><td class=\"c x262 y2d20 wf0e h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc1 sc0 ls0 ws0\">negoziazione<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x44e y32b9 w542 h49\"><div class=\"t m0 x10 h1f y25f ff4 fs7 fc1 sc0 ls0 ws0\">2. Derivati di coper<span class=\"_ _f\"></span>tura </div></td><td></td><td></td><td class=\"c x8c1 y32b9 w543 h49\"><div class=\"t m0 x120 h1f y25f ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x8c2 y32b9 w544 h49\"><div class=\"t m0 x120 h1f y25f ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x763 y32b9 we6 h49\"><div class=\"t m0 x12a h1f y25f ff4 fs7 fc1 sc0 ls0 ws0\">179.098 </div></td></tr><tr><td class=\"c x44e y32ba w545 h49\"><div class=\"t m0 x114 h1f y25f ff4 fs7 fc1 sc2 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale </div></td><td class=\"c x8c3 y32ba w484 h49\"><div class=\"t m0 x10 h1f y25f ff4 fs7 fc1 sc2 ls0 ws0\">31/12/<span class=\"_ _f\"></span>2025 </div></td><td></td><td class=\"c x8c1 y32ba w543 h49\"><div class=\"t m0 x120 h1f y25f ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td><td class=\"c x8c2 y32ba w544 h49\"><div class=\"t m0 x22 h1f y25f ff4 fs7 fc1 sc2 ls2a ws0\">26<span class=\"ls0\"> </span></div></td><td class=\"c x763 y32ba we6 h49\"><div class=\"t m0 x66 h1f y25f ff4 fs7 fc1 sc2 ls0 ws0\">219.9<span class=\"_ _1\"></span>95<span class=\"_ _1\"></span> </div></td></tr><tr><td class=\"c x44e y32bb w545 h49\"><div class=\"t m0 x114 h1f y25f ff4 fs7 fc1 sc2 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale </div></td><td class=\"c x8c3 y32bb w484 h49\"><div class=\"t m0 x10 h1f y25f ff4 fs7 fc1 sc2 ls0 ws0\">31/12/<span class=\"_ _f\"></span>2024 </div></td><td></td><td class=\"c x8c1 y32bb w543 h49\"><div class=\"t m0 x120 h1f y25f ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td><td class=\"c x8c2 y32bb w544 h49\"><div class=\"t m0 x1c1 h1f y25f ff4 fs7 fc1 sc2 lsf4 ws0\">51<span class=\"ls0\"> </span></div></td><td class=\"c x763 y32bb we6 h49\"><div class=\"t m0 xc h1f y25f ff4 fs7 fc1 sc2 ls0 ws0\">461.3<span class=\"_ _f\"></span>21 </div></td></tr></table>B.<span class=\"_ _df\"> </span>Inf<span class=\"_ _1\"></span>orm<span class=\"_ _f\"></span>ativa s<span class=\"_ _f\"></span>ulle e<span class=\"_ _f\"></span>ntit\u00e0 <span class=\"_ _f\"></span>strutt<span class=\"_ _f\"></span>urate (<span class=\"_ _1\"></span>div<span class=\"_ _f\"></span>erse da<span class=\"_ _f\"></span>lle so<span class=\"_ _f\"></span>ciet\u00e0 p<span class=\"_ _f\"></span>er la c<span class=\"_ _f\"></span>artola<span class=\"_ _1\"></span>riz<span class=\"_ _1\"></span>zazi<span class=\"_ _f\"></span>one)  Un\u2019entit\u00e0 <span class=\"_ _2\"></span>st<span class=\"_ _2\"></span>rutturata <span class=\"_ _d\"></span>\u00e8 <span class=\"_ _2\"></span>un\u2019entit\u00e0 <span class=\"_ _d\"></span>configurata <span class=\"_ _d\"></span><span class=\"ff4\">in <span class=\"_ _d\"></span>modo <span class=\"_ _d\"></span>tale <span class=\"_ _2\"></span>che <span class=\"_ _d\"></span>i <span class=\"_ _d\"></span>diritti <span class=\"_ _d\"></span>di <span class=\"_ _2\"></span>voto <span class=\"_ _d\"></span>o <span class=\"_ _d\"></span>diritti <span class=\"_ _d\"></span>similari <span class=\"_ _2\"></span>non </span>sono ritenuti ril<span class=\"_ _1\"></span>evanti pe<span class=\"_ _1\"></span>r stabilire il <span class=\"_ _1\"></span>controllo, come nel <span class=\"_ _f\"></span>cas<span class=\"_ _2\"></span>o in <span class=\"_ _1\"></span>cui i <span class=\"_ _1\"></span>diritti di v<span class=\"_ _1\"></span>oto facciano soltanto riferimento  ad  attivit\u00e0  amministrative  e  le  attivit\u00e0  rilevanti  siano  condotte  attraverso <span class=\"_ _4\"> </span>accordi contrattuali.  Per i v<span class=\"_ _1\"></span>eicoli a <span class=\"_ _1\"></span>destinazione sp<span class=\"_ _1\"></span>ecifica e fondi <span class=\"_ _1\"></span>di inv<span class=\"_ _1\"></span>estimento, il controllo \u00e8<span class=\"_ _f\"></span> ritenuto esistere lad<span class=\"_ _1\"></span>dove il <span class=\"_ _2\"></span>Gruppo <span class=\"_ _2\"></span>dispone dei <span class=\"_ _2\"></span>diritti <span class=\"_ _2\"></span>contrattuali <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>gestire <span class=\"_ _2\"></span>le <span class=\"_ _2\"></span>attivit\u00e0 rilevanti <span class=\"_ _2\"></span>dell\u2019entit\u00e0 <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>risulta <span class=\"_ _2\"></span>esposto ai rendimenti variabili delle stesse. B.1 En<span class=\"_ _1\"></span>tit\u00e0 str<span class=\"_ _1\"></span>uttura<span class=\"_ _f\"></span>te conso<span class=\"_ _1\"></span>lidate<span class=\"_ _1\"></span> Non sono presenti nel Gruppo entit\u00e0 strutturate consolid<span class=\"_ _1\"></span>ate.<span class=\"_ _2\"></span> B.2 En<span class=\"_ _1\"></span>tit\u00e0 str<span class=\"_ _1\"></span>uttura<span class=\"_ _f\"></span>te non co<span class=\"_ _f\"></span>nsolidate co<span class=\"_ _f\"></span>ntabilmen<span class=\"_ _f\"></span>te Non sono presenti nel Gruppo entit\u00e0 strutturate non consolid<span class=\"_ _1\"></span>ate contabilmente. B.2.1 E<span class=\"_ _1\"></span>ntit\u00e0 s<span class=\"_ _1\"></span>truttu<span class=\"_ _1\"></span>rate n<span class=\"_ _f\"></span>on conso<span class=\"_ _f\"></span>lidate ai fin<span class=\"_ _1\"></span>i vigilan<span class=\"_ _1\"></span>za Non sono presenti nel Gruppo entit\u00e0 strutturate non consolid<span class=\"_ _1\"></span>ate ai fini vigilanza.<span class=\"_ _2\"></span> B.2.2 A<span class=\"_ _f\"></span>ltre entit\u00e0 s<span class=\"_ _1\"></span>truttu<span class=\"_ _1\"></span>rate <span class=\"_ _f\"></span> Non sono presenti nel Gruppo altre entit\u00e0 strutturate.<span class=\"_ _df\"> </span>Sez<span class=\"_ _1\"></span>ione<span class=\"_ _1\"></span> 2 <span class=\"ff5\">\u2013<span class=\"_ _1\"></span><span class=\"ff4\"> Risc<span class=\"_ _f\"></span>hi del c<span class=\"_ _1\"></span>on<span class=\"_ _f\"></span>solida<span class=\"_ _1\"></span>to pr<span class=\"_ _1\"></span>ude<span class=\"_ _f\"></span>nziale<span class=\"_ _f\"></span> </span></span>In <span class=\"_ _17\"> </span>questa <span class=\"_ _17\"> </span>sezione <span class=\"_ _17\"> </span>sono <span class=\"_ _17\"> </span>fornite <span class=\"_ _17\"> </span>le <span class=\"_ _17\"> </span>i<span class=\"_ _2\"></span>nformazioni <span class=\"_ _4\"> </span>r<span class=\"_ _2\"></span>iferite <span class=\"_ _4\"> </span>alle <span class=\"_ _17\"> </span>i<span class=\"_ _2\"></span>mprese <span class=\"_ _4\"> </span>incluse <span class=\"_ _17\"> </span>ne<span class=\"_ _2\"></span>l <span class=\"_ _4\"> </span>conso<span class=\"_ _2\"></span>lidato<span class=\"_ _1\"></span> prudenziale (societ\u00e0 appartenenti al Gruppo banc<span class=\"_ _1\"></span>ario). <span class=\"_ _2\"></span> 1.1 Risch<span class=\"_ _1\"></span>io di <span class=\"_ _1\"></span>credito<span class=\"_ _f\"></span> Inform<span class=\"_ _f\"></span>azioni di<span class=\"_ _1\"></span> natu<span class=\"_ _1\"></span>ra <span class=\"_ _1\"></span>quali<span class=\"_ _1\"></span>tativa Secondo <span class=\"_ _2\"></span>le <span class=\"_ _d\"></span>disposizioni <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>el <span class=\"_ _2\"></span>prin<span class=\"_ _2\"></span>cipio <span class=\"_ _2\"></span>contabile <span class=\"_ _d\"></span>IFRS <span class=\"_ _d\"></span>9 <span class=\"_ _2\"></span>le <span class=\"_ _d\"></span>perdite <span class=\"_ _d\"></span>att<span class=\"_ _2\"></span>ese <span class=\"_ _2\"></span>sui <span class=\"_ _2\"></span>cr<span class=\"_ _2\"></span>editi <span class=\"_ _2\"></span>devono <span class=\"_ _2\"></span>essere determinate  v<span class=\"_ _1\"></span>alutando  u<span class=\"_ _1\"></span>na  gamma <span class=\"_ _16\"> </span>di <span class=\"_ _16\"> </span>possibil<span class=\"_ _1\"></span>i  scenari <span class=\"_ _16\"> </span>adeguatamente <span class=\"_ _16\"> </span>ponderati <span class=\"_ _16\"> </span>in <span class=\"_ _9\"> </span>mo<span class=\"_ _2\"></span>do <span class=\"_ _9\"> </span>da riflettere un importo obiettivo in relazione alle loro diffe<span class=\"_ _1\"></span>renti probabilit\u00e0 di realizzo.<span class=\"_ _2\"></span> A <span class=\"_ _16\"> </span>tal <span class=\"_ _9\"> </span>fine  il <span class=\"_ _9\"> </span>modello <span class=\"_ _16\"> </span>di <span class=\"_ _9\"> </span>Impairment  considera <span class=\"_ _9\"> </span>tre <span class=\"_ _16\"> </span>scenari <span class=\"_ _16\"> </span>macroeconomici <span class=\"_ _9\"> </span>futuri:  u<span class=\"_ _f\"></span>no  centrale coerente <span class=\"_ _d\"></span>con <span class=\"_ _d\"></span>i <span class=\"_ _d\"></span>processi <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>pianificazione, <span class=\"_ _d\"></span>ICAAP <span class=\"_ _d\"></span>e <span class=\"_ _d\"></span>RAF <span class=\"_ _d\"></span>e <span class=\"_ _d\"></span>due <span class=\"_ _d\"></span>ulteriori <span class=\"_ _d\"></span>scenari <span class=\"_ _d\"></span>a <span class=\"_ _d\"></span>corollario, <span class=\"_ _d\"></span>volti <span class=\"_ _2\"></span>a rappresentare un range di variabil<span class=\"_ _1\"></span>it\u00e0 tra <span class=\"_ _2\"></span>gli ip<span class=\"_ _1\"></span>otetici scenari plausib<span class=\"_ _2\"></span><span class=\"ls1a\">ili:</span> -<span class=\"_ _28\"> </span><span class=\"ff5\">\u201cScenario Good\u201d \u2013<span class=\"_ _2\"></span><span class=\"ff4\"> scenario con b<span class=\"_ _1\"></span>assa probabilit\u00e0 che si verifichino scenari migliori;<span class=\"_ _df\"> </span></span></span>-<span class=\"_ _28\"> </span><span class=\"ff5\">\u201cScenario Baseline\u201d <span class=\"_ _1\"></span>\u2013<span class=\"ff4\"> scenario <span class=\"_ _f\"></span>centrale coerente <span class=\"_ _f\"></span>con i processi <span class=\"_ _1\"></span>di pianificaz<span class=\"_ _1\"></span>ione, ICAAP <span class=\"_ _1\"></span>e R<span class=\"_ _1\"></span>AF;<span class=\"_ _df\"> </span></span></span>-<span class=\"_ _28\"> </span><span class=\"ff5\">\u201cScenario Bad\u201d \u2013<span class=\"ff4\"> <span class=\"_ _2\"></span>scenario con bassa probab<span class=\"_ _1\"></span>ilit\u00e0 che si verifichino sc<span class=\"_ _2\"></span>enari pegg<span class=\"_ _1\"></span>iori.<span class=\"_ _df\"> </span></span></span>Tali  scenari  sono  sele<span class=\"_ _1\"></span>zionati  tra  quelli  forniti  pe<span class=\"_ _1\"></span>riodicamente  da  un  fornitore  esterno  e  sono<span class=\"_ _df\"> </span>approvati  dal  Consiglio  di  Amministrazione.  Ciascuno  \u00e8  corred<span class=\"_ _1\"></span>ato  dalla  relativa  probabilit\u00e0  di accadimento, <span class=\"_ _4\"> </span>e <span class=\"_ _17\"> </span>fornisce <span class=\"_ _4\"> </span>le <span class=\"_ _17\"> </span>proiezioni <span class=\"_ _17\"> </span>future <span class=\"_ _4\"> </span>dei <span class=\"_ _17\"> </span>p<span class=\"_ _2\"></span>rincipali <span class=\"_ _4\"> </span>in<span class=\"_ _2\"></span>dicatori <span class=\"_ _4\"> </span>macroeconomici <span class=\"_ _17\"> </span>su <span class=\"_ _4\"> </span>un orizzonte di tre anni, con frequenza di osservazione trimestrale.<span class=\"_ _df\"> </span>Si <span class=\"_ _f\"></span>riport<span class=\"_ _2\"></span>a <span class=\"_ _f\"></span>di <span class=\"_ _f\"></span>seguito <span class=\"_ _f\"></span>l\u2019indicazione <span class=\"_ _f\"></span>degli scenari <span class=\"_ _f\"></span>macroeconomici <span class=\"_ _f\"></span>previsti <span class=\"_ _f\"></span>per <span class=\"_ _1\"></span>il <span class=\"_ _f\"></span>calcolo <span class=\"_ _f\"></span>s<span class=\"_ _2\"></span>tandard <span class=\"_ _f\"></span>delle<span class=\"_ _df\"> </span>perdite  attese  ponderate,  corredati  dai  pesi  definiti  in  coerenza  con  la  relativa  probabil<span class=\"_ _1\"></span>it\u00e0  di<span class=\"_ _df\"> </span>accadimento:<span class=\"_ _df\"> </span><table class=\"s wf0f h563\" id=\"_4f0d2f58-6d1f-4ddb-a7ee-286babfc38ff\"><tr><td></td><td></td><td class=\"c x8c5 y32bc wf10 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc4 sc3 ls0 ws0\">Peso<span class=\"_ _f\"></span> da<span class=\"_ _df\"> </span></div></td></tr><tr><td class=\"c x8c6 y32bd w515 h231\"><div class=\"t m0 x8a h1f y96d ff4 fs7 fc4 sc3 ls0 ws0\">Scen<span class=\"_ _1\"></span>ari<span class=\"_ _1\"></span>o IFRS<span class=\"_ _f\"></span> 9 </div></td><td class=\"c x8c7 y32bd w3f4 h231\"><div class=\"t m0 x8a h1f y96d ff4 fs7 fc4 sc3 ls0 ws0\">Descr<span class=\"_ _f\"></span>izione <span class=\"_ _f\"></span>dello sce<span class=\"_ _1\"></span>nar<span class=\"_ _f\"></span>io </div></td><td class=\"c x8c5 y3053 wf11 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc4 sc3 ls0 ws0\">policy<span class=\"_ _df\"> </span></div></td></tr><tr><td></td><td></td><td class=\"c x8c5 y32be wf12 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc4 sc3 ls0 ws0\">Stan<span class=\"_ _f\"></span>dard<span class=\"_ _df\"> </span></div></td></tr><tr><td></td><td class=\"c x8c9 y32c0 wf13 h564\"><div class=\"t m1 x250 h5b y32bf ff4 fs19 fc1 sc0 ls0 ws0\">Stronger <span class=\"_ _f\"></span>Near-<span class=\"ff5\">Term <span class=\"_ _f\"></span>Recovery <span class=\"_ _f\"></span>Scenario <span class=\"_ _f\"></span>(\u201cS1\u201d)<span class=\"_ _df\"> </span></span></div><div class=\"t m0 x8c8 h1f y32bf ff4 fs7 fc1 sc0 ls0 ws0\">: <span class=\"_ _f\"></span>scenario <span class=\"_ _f\"></span>con pr<span class=\"_ _f\"></span>o<span class=\"_ _2\"></span>babilit<span class=\"_ _1\"></span>\u00e0<span class=\"_ _df\"> </span></div></td><td></td></tr><tr><td class=\"c x8c6 y32c1 w515 h2be\"><div class=\"t m1 x8a h5b y532 ff5 fs19 fc4 sc3 ls0 ws0\">\u201cGoo<span class=\"_ _f\"></span>d\u201d<span class=\"ff4 fc1 sc2\"> </span></div></td><td class=\"c x8ca y32c2 wf14 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">del <span class=\"_ _f\"></span>10% c<span class=\"_ _f\"></span>he si <span class=\"_ _f\"></span>realizzi <span class=\"_ _f\"></span>uno <span class=\"_ _f\"></span>scenario <span class=\"_ _f\"></span>migliore <span class=\"_ _1\"></span>e <span class=\"_ _f\"></span>del <span class=\"_ _f\"></span>90% c<span class=\"_ _1\"></span>he <span class=\"_ _f\"></span>se ne <span class=\"_ _11\"></span>realizzi<span class=\"_ _df\"> </span></div></td><td class=\"c x8cb y32c1 w2bc h2be\"><div class=\"t m0 x8a h1f y532 ff4 fs7 fc1 sc0 ls9 ws0\">10%<span class=\"ls0\"> </span></div></td></tr><tr><td></td><td class=\"c x8ca y32c3 wf15 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">uno peggiore<span class=\"_ _df\"> </span></div></td><td></td></tr><tr><td class=\"c x8c6 y32c4 w515 h266\"><div class=\"t m1 x8a h5b y655 ff5 fs19 fc4 sc3 ls0 ws0\">\u201cBas<span class=\"_ _f\"></span>eline\u201d<span class=\"_ _1\"></span><span class=\"ff4 fc1 sc2\"> </span></div></td><td class=\"c x8c9 y32c5 wf16 h564\"><div class=\"t m1 x250 h5b y32bf ff4 fs19 fc1 sc0 ls0 ws0\">Baseline Scenari<span class=\"_ _1\"></span>o<span class=\"_ _df\"> </span></div><div class=\"t m0 x8cc h1f y32bf ff4 fs7 fc1 sc0 ls0 ws0\">: scenario con probabilit<span class=\"_ _1\"></span>\u00e0 del 50% che si realizzi uno<span class=\"_ _df\"> </span></div></td><td class=\"c x8cb y32c4 w2bc h266\"><div class=\"t m0 x8a h1f y655 ff4 fs7 fc1 sc0 ls0 ws0\">80% </div></td></tr><tr><td></td><td class=\"c x8ca y32c6 wf17 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">scenario migliore e<span class=\"_ _1\"></span> del 50% che se <span class=\"_ _f\"></span>ne realizzi uno peggiore<span class=\"_ _df\"> </span></div></td><td></td></tr><tr><td></td><td class=\"c x8c9 y32c7 wf18 h564\"><div class=\"t m1 x250 h5b y32bf ff5 fs19 fc1 sc0 ls0 ws0\">Deep Recession Sce<span class=\"_ _f\"></span>nario<span class=\"_ _2\"></span> (\u201cS3\u201d)<span class=\"_ _df\"> </span></div><div class=\"t m0 x8cd h1f y32bf ff4 fs7 fc1 sc0 ls0 ws0\">: scenario c<span class=\"_ _f\"></span>o<span class=\"_ _2\"></span>n probabilit\u00e0 de<span class=\"_ _1\"></span>l 90% che<span class=\"_ _df\"> </span></div></td><td></td></tr><tr><td class=\"c x8c6 y32c8 w515 h2f8\"><div class=\"t m1 x8a h5b y19ac ff5 fs19 fc4 sc3 ls0 ws0\">\u201cBad\u201d<span class=\"_ _f\"></span><span class=\"ff4 fc1 sc2\"> </span></div></td><td class=\"c x8ca y32c9 wf19 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">si <span class=\"_ _22\"> </span>realizzi  uno  scenario <span class=\"_ _22\"> </span>migliore  e <span class=\"_ _22\"> </span>del <span class=\"_ _22\"> </span>10% <span class=\"_ _22\"> </span>che  se <span class=\"_ _22\"> </span>ne  r<span class=\"_ _2\"></span>ealizzi  uno<span class=\"_ _df\"> </span></div></td><td class=\"c x8cb y32c8 w2bc h2f8\"><div class=\"t m0 x8a h1f y19ac ff4 fs7 fc1 sc0 ls9 ws0\">10%<span class=\"ls0\"> </span></div></td></tr><tr><td></td><td class=\"c x8ca y2491 wb46 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">peggiore<span class=\"_ _df\"> </span></div></td><td></td></tr></table>Ai <span class=\"_ _0\"></span>fini <span class=\"_ _0\"></span>della <span class=\"_ _0\"></span>definizione <span class=\"_ _0\"></span>degli <span class=\"_ _0\"></span>scenari <span class=\"_ _0\"></span>macr<span class=\"_ _2\"></span>o-<span class=\"ff5\">economici, <span class=\"_ _0\"></span>il <span class=\"_ _0\"></span>PIL <span class=\"_ _0\"></span>\u00e8 <span class=\"_ _0\"></span>la <span class=\"_ _9\"> </span>variabile <span class=\"_ _0\"></span>\u201canchor <span class=\"_ _0\"></span>point\u201d, <span class=\"_ _0\"></span>il <span class=\"_ _0\"></span>cui </span>andamento \u00e8 considerato come indicatore rappresentativo<span class=\"_ _2\"></span> del quadro economico generale. Sulla base <span class=\"_ _f\"></span>dell\u2019andamento de<span class=\"_ _1\"></span>l <span class=\"_ _f\"></span>PIL <span class=\"_ _1\"></span>\u00e8 <span class=\"_ _f\"></span>definito l\u2019and<span class=\"_ _1\"></span>amento <span class=\"_ _1\"></span>delle <span class=\"_ _f\"></span>altre vari<span class=\"_ _f\"></span>abili macroeconomich<span class=\"_ _1\"></span>e <span class=\"_ _f\"></span>di rili<span class=\"_ _1\"></span>evo. A ciascuno s<span class=\"_ _2\"></span>cenario macro-economico, in condizioni standard, <span class=\"_ _2\"></span>\u00e8 quindi associata <span class=\"_ _2\"></span>una probabilit\u00e0 di <span class=\"_ _2\"></span>accadimento <span class=\"_ _2\"></span>sulla <span class=\"_ _2\"></span>base <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>loro <span class=\"_ _2\"></span>percentile<span class=\"_ _1\"></span> <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>riferimento <span class=\"_ _2\"></span>nella <span class=\"_ _2\"></span>distribuzione<span class=\"_ _1\"></span> <span class=\"_ _2\"></span>delle <span class=\"_ _2\"></span>variazioni del PIL sugli scenari generati. L\u2019effetto <span class=\"_ _d\"></span>degli <span class=\"_ _d\"></span>Sc<span class=\"_ _2\"></span>enari <span class=\"_ _d\"></span>viene <span class=\"_ _d\"></span>poi <span class=\"_ _0\"></span>tradotto <span class=\"_ _0\"></span>nel <span class=\"_ _d\"></span>modello <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>Im<span class=\"_ _2\"></span>pairment <span class=\"_ _d\"></span>tr<span class=\"_ _2\"></span>amite <span class=\"_ _d\"></span>l\u2019utilizz<span class=\"_ _1\"></span>o <span class=\"_ _0\"></span>di <span class=\"_ _d\"></span>apposit<span class=\"_ _2\"></span>i modelli <span class=\"_ _f\"></span>Satellite <span class=\"_ _1\"></span>che <span class=\"_ _1\"></span>individuano <span class=\"_ _1\"></span>le <span class=\"_ _f\"></span>variabili pi\u00f9 <span class=\"_ _f\"></span>significative p<span class=\"_ _1\"></span>er <span class=\"_ _1\"></span>esprimere <span class=\"_ _f\"></span>la correlazione<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>tra il<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>ciclo economico <span class=\"_ _9\"> </span>e <span class=\"_ _16\"> </span>i <span class=\"_ _9\"> </span>dati <span class=\"_ _16\"> </span>interni, <span class=\"_ _9\"> </span>tenendo <span class=\"_ _16\"> </span>in <span class=\"_ _9\"> </span>considerazione <span class=\"_ _16\"> </span>anche <span class=\"_ _16\"> </span>effetti <span class=\"_ _9\"> </span>in <span class=\"_ _9\"> </span>t<span class=\"_ _2\"></span>ermini <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>scos<span class=\"_ _2\"></span>tamento temporale (adozione<span class=\"_ _1\"></span> di v<span class=\"_ _1\"></span>ariabili ritardate rispe<span class=\"_ _1\"></span>tto ai valori consu<span class=\"_ _1\"></span>ntivi <span class=\"ff5\">\u2013</span> valutando v<span class=\"_ _1\"></span>ari lag <span class=\"_ _f\"></span>t<span class=\"_ _2\"></span>emporali \u2013 <span class=\"ff4\">al <span class=\"_ _2\"></span>fine di cogliere corrett<span class=\"_ _2\"></span>amen<span class=\"_ _1\"></span>te le <span class=\"_ _2\"></span>dinamiche dei processi economici <span class=\"_ _2\"></span>solitamente caratterizzati </span>da forte inerzia e dinamiche di adeguamento ritardate nel temp<span class=\"_ _1\"></span>o<span class=\"_ _2\"></span><span class=\"ls39\">).</span> Questi ultimi sono utilizzati pe<span class=\"_ _1\"></span>r il calcolo della componente forward looking di<span class=\"_ _1\"></span> tutti <span class=\"_ _2\"></span>i parametri che intervengono nel calcolo dell\u2019ECL: PD, LGD e EAD/PrePayment.<span class=\"_ _df\"> </span>Inoltre, <span class=\"_ _0\"></span>per <span class=\"_ _0\"></span>riflettere <span class=\"_ _9\"> </span>le <span class=\"_ _0\"></span>implicazioni <span class=\"_ _0\"></span>future <span class=\"_ _0\"></span>legate <span class=\"_ _0\"></span>al<span class=\"_ _2\"></span>la <span class=\"_ _0\"></span>situazione <span class=\"_ _0\"></span>climatica, <span class=\"_ _0\"></span>sono <span class=\"_ _9\"> </span>considerati <span class=\"_ _0\"></span>tre scenari <span class=\"_ _2\"></span>climatici, <span class=\"_ _2\"></span>scelti <span class=\"_ _d\"></span>tra <span class=\"_ _2\"></span>quelli <span class=\"_ _2\"></span>forniti <span class=\"_ _2\"></span>dal <span class=\"_ _d\"></span>Network <span class=\"_ _2\"></span>for <span class=\"_ _2\"></span>Greening <span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>he <span class=\"_ _2\"></span>Financial <span class=\"_ _d\"></span>System <span class=\"_ _2\"></span>(NGFS), <span class=\"_ _2\"></span>al fine <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>considerare <span class=\"_ _d\"></span>diverse <span class=\"_ _d\"></span>tr<span class=\"_ _2\"></span>aiettorie <span class=\"_ _d\"></span>di <span class=\"_ _2\"></span>de<span class=\"_ _2\"></span>-carbonizzazione <span class=\"_ _d\"></span>valutandone <span class=\"_ _d\"></span>gli <span class=\"_ _d\"></span>effett<span class=\"_ _2\"></span>i <span class=\"_ _d\"></span>sul <span class=\"_ _d\"></span>rischio <span class=\"_ _d\"></span>di credito <span class=\"_ _d\"></span>del <span class=\"_ _d\"></span>Gr<span class=\"_ _2\"></span>uppo. <span class=\"_ _d\"></span>In <span class=\"_ _d\"></span>particolare <span class=\"_ _0\"></span>si <span class=\"_ _0\"></span>considerano <span class=\"_ _d\"></span>gli <span class=\"_ _d\"></span>effett<span class=\"_ _2\"></span>i <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>una <span class=\"_ _0\"></span>transizione <span class=\"_ _d\"></span>or<span class=\"_ _2\"></span>dinata <span class=\"_ _d\"></span>(scenario \u201cNet <span class=\"_ _4\"> </span>Zero\u201d), <span class=\"_ _4\"> </span>una <span class=\"_ _4\"> </span>tr<span class=\"_ _2\"></span>ansizione <span class=\"_ _4\"> </span>disordinata <span class=\"_ _4\"> </span>(scenario <span class=\"_ _4\"> </span>\u201cDelayed <span class=\"_ _4\"> </span>Transition\u201d) <span class=\"_ _4\"> </span>ed <span class=\"_ _4\"> </span>uno <span class=\"_ _4\"> </span>scenario <span class=\"_ _4\"> </span>di<span class=\"_ _2\"></span> <div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gse96\">politiche <span class=\"_ _f\"></span>attuali <span class=\"_ _1\"></span>(\u201cNDC\u201d), <span class=\"_ _1\"></span>fornendo <span class=\"_ _f\"></span>cos\u00ec <span class=\"_ _1\"></span>un <span class=\"_ _f\"></span>quadro compl<span class=\"_ _1\"></span>eto <span class=\"_ _1\"></span>dei <span class=\"_ _f\"></span>possibili <span class=\"_ _f\"></span>percorsi futuri <span class=\"_ _f\"></span>e <span class=\"_ _f\"></span>dei rel<span class=\"_ _1\"></span>ativi<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gse97\">rischi.<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gse98\">Per maggiori <span class=\"_ _2\"></span>dettagli <span class=\"_ _2\"></span>sugli scenari <span class=\"_ _2\"></span>e relative <span class=\"_ _2\"></span>ponderazioni effettivamente appli<span class=\"_ _2\"></span>cati <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>31 dicembre<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gse99\">2025 <span class=\"_ _d\"></span>si <span class=\"_ _2\"></span>rimanda <span class=\"_ _d\"></span>a <span class=\"_ _d\"></span>quanto <span class=\"_ _2\"></span>descritto <span class=\"_ _d\"></span>nei <span class=\"_ _2\"></span>successivi <span class=\"_ _2\"></span>paragr<span class=\"_ _2\"></span>afi <span class=\"_ _2\"></span>\u201cMetodi <span class=\"_ _d\"></span>di <span class=\"_ _2\"></span>misurazione <span class=\"_ _d\"></span>delle <span class=\"_ _2\"></span>perdite<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gse9a\">attese\u201d e \u201cMisurazione delle pe<span class=\"_ _1\"></span>rdite att<span class=\"_ _2\"></span>ese <span class=\"ff4\">- </span>Definizione dello scenario\u201d.<span class=\"_ _df\"> </span><span class=\"ff4\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gse9b\">Per quanto concerne le esposizioni classificate nello Stage 3 (C<span class=\"_ _2\"></span>redit-Impaired), la determinazione<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gse9c\">dell\u2019ECL lifetime <span class=\"_ _1\"></span>riflette un processo valutativo v<span class=\"_ _1\"></span>olto a recepire <span class=\"_ _f\"></span>la migliore stima dei flussi di cassa<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gse9d\">recuperabili, ponderata <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>funzione di <span class=\"_ _2\"></span>molteplici scenari <span class=\"_ _2\"></span>di r<span class=\"_ _2\"></span>ealizzo. <span class=\"_ _2\"></span>Nello specifico, <span class=\"_ _2\"></span>la valutazione<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gse9e\">dei crediti deteriorati integra<span class=\"fce sca\">:<span class=\"_ _df\"> </span></span> </div><div class=\"t m0 h5 ff14 fs1 fc1 sc0 ls0 ws0 gse9f\"><span class=\"_ _2c\"> </span><span class=\"ff4\">componenti <span class=\"_ _2\"></span>Forward-<span class=\"ff5\">looking: la <span class=\"_ _2\"></span>stima <span class=\"_ _2\"></span>dei flussi <span class=\"_ _2\"></span>di cassa <span class=\"_ _2\"></span>tiene conto <span class=\"_ _2\"></span>dell\u2019evoluzione del<span class=\"_ _df\"> </span></span></span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsea0\">contesto <span class=\"_ _10\"> </span>macroeconomico <span class=\"_ _10\"> </span>e <span class=\"_ _10\"> </span>di <span class=\"_ _10\"> </span>specifici <span class=\"_ _10\"> </span>driver <span class=\"_ _10\"> </span>settoriali <span class=\"_ _10\"> </span>che <span class=\"_ _10\"> </span>influenzano <span class=\"_ _10\"> </span>sia <span class=\"_ _10\"> </span>le<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsea1\">tempistiche <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>r<span class=\"_ _2\"></span>ecup<span class=\"_ _1\"></span>ero <span class=\"_ _16\"> </span>che <span class=\"_ _9\"> </span>il <span class=\"_ _9\"> </span>valore <span class=\"_ _9\"> </span>di  reali<span class=\"_ _f\"></span>zzo  de<span class=\"_ _1\"></span>lle <span class=\"_ _9\"> </span>garanzie <span class=\"_ _9\"> </span>(c<span class=\"_ _2\"></span>ollateral). <span class=\"_ _9\"> </span>Tali <span class=\"_ _16\"> </span>stime<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsea2\">includono <span class=\"_ _9\"> </span>pro<span class=\"_ _2\"></span>iezioni<span class=\"_ _1\"></span>  ag<span class=\"_ _1\"></span>giornate <span class=\"_ _16\"> </span>sui <span class=\"_ _9\"> </span>tempi  di<span class=\"_ _1\"></span>  e<span class=\"_ _1\"></span>scussione <span class=\"_ _16\"> </span>e <span class=\"_ _9\"> </span>s<span class=\"_ _2\"></span>ui <span class=\"_ _9\"> </span>costi  di<span class=\"_ _1\"></span>  g<span class=\"_ _1\"></span>estione <span class=\"_ _9\"> </span>delle<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsea3\">procedure giudiziali o stragiudiziali.<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff14 fs1 fc1 sc0 ls0 ws0 gsea4\"><span class=\"_ _2c\"> </span><span class=\"ff4\">str<span class=\"_ _2\"></span>ategi<span class=\"_ _1\"></span>e <span class=\"_ _17\"> </span>di <span class=\"_ _17\"> </span>Multi-S<span class=\"_ _2\"></span>cenario <span class=\"_ _17\"> </span>(Selling <span class=\"_ _17\"> </span>Scenario): <span class=\"_ _17\"> </span>in <span class=\"_ _14\"> </span>linea <span class=\"_ _17\"> </span>con <span class=\"_ _14\"> </span>gli <span class=\"_ _17\"> </span>obiettivi <span class=\"_ _17\"> </span>aziendali <span class=\"_ _17\"> </span>di<span class=\"_ _df\"> </span></span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gsea5\">ottimizzazione <span class=\"_ _14\"> </span>dell\u2019<span class=\"ff4\">attivo <span class=\"_ _15\"> </span>e <span class=\"_ _15\"> </span>riduzione <span class=\"_ _14\"> </span>dei <span class=\"_ _15\"> </span>non-performing <span class=\"_ _15\"> </span>loans <span class=\"_ _15\"> </span>(NPL <span class=\"_ _15\"> </span>Strategy), <span class=\"_ _14\"> </span>la<span class=\"_ _df\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsea6\">valutazione  non  si <span class=\"_ _4\"> </span>limita  allo <span class=\"_ _22\"> </span>s<span class=\"_ _2\"></span>cenario  di  recupero <span class=\"_ _4\"> </span>interno  (workout),  ma <span class=\"_ _4\"> </span>integra  la<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gsea7\">probabilit\u00e0 di scenari alternat<span class=\"_ _2\"></span>ivi di<span class=\"_ _1\"></span> cessione <span class=\"_ _2\"></span>sul mercato. In tali <span class=\"_ _2\"></span>casi, l\u2019ECL \u00e8 determinato<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsea8\">ponderando <span class=\"_ _2\"></span>i <span class=\"_ _d\"></span>flussi <span class=\"_ _d\"></span>derivanti <span class=\"_ _2\"></span>dal <span class=\"_ _d\"></span>recupero <span class=\"_ _2\"></span>ordinario <span class=\"_ _d\"></span>con <span class=\"_ _2\"></span>i <span class=\"_ _d\"></span>prezzi <span class=\"_ _2\"></span>di <span class=\"_ _d\"></span>cessione <span class=\"_ _2\"></span>st<span class=\"_ _2\"></span>imati <span class=\"_ _2\"></span>per<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsea9\">quote <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>port<span class=\"_ _2\"></span>afoglio <span class=\"_ _d\"></span>oggetto <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>potenziali <span class=\"_ _d\"></span>operazioni <span class=\"_ _d\"></span>di <span class=\"_ _0\"></span>vendita, <span class=\"_ _d\"></span>riflettendo <span class=\"_ _0\"></span>cos\u00ec <span class=\"_ _d\"></span>il <span class=\"_ _d\"></span>reale<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gseaa\">valore di <span class=\"_ _2\"></span>presumibile <span class=\"_ _2\"></span>realizzo. <span class=\"_ _2\"></span>Al <span class=\"_ _2\"></span>31 <span class=\"_ _2\"></span>dicembre <span class=\"_ _2\"></span>2025 non <span class=\"_ _2\"></span>sono <span class=\"_ _2\"></span>presenti <span class=\"_ _2\"></span>posizioni valutate<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gseab\">secondo la presente modalit\u00e0.<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gseac\">Tenendo <span class=\"_ _0\"></span>in <span class=\"_ _9\"> </span>considerazione <span class=\"_ _9\"> </span>quanto <span class=\"_ _9\"> </span>sopra <span class=\"_ _0\"> </span>e <span class=\"_ _9\"> </span>in <span class=\"_ _9\"> </span>coerenza <span class=\"_ _9\"> </span>con <span class=\"_ _0\"></span>gli <span class=\"_ _9\"> </span>indirizzi <span class=\"_ _0\"></span>e <span class=\"_ _9\"> </span>gli <span class=\"_ _9\"> </span>obiettivi <span class=\"_ _0\"></span>r<span class=\"_ _2\"></span>elativi <span class=\"_ _0\"></span>al<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsead\">portafoglio <span class=\"_ _9\"> </span>NPL, <span class=\"_ _9\"> </span>le <span class=\"_ _9\"> </span>svalutazioni <span class=\"_ _9\"> </span>s<span class=\"_ _2\"></span>ui <span class=\"_ _0\"></span>crediti <span class=\"_ _9\"> </span>deteriorati <span class=\"_ _16\"> </span>vengono <span class=\"_ _9\"> </span>applicate <span class=\"_ _0\"></span>at<span class=\"_ _2\"></span>traverso  le <span class=\"_ _0\"></span>seguenti<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gseae\">metodologie:  <span class=\"fce sca\"> </span></div><div class=\"t m0 h5 ff13 fs1 fc1 sc0 ls0 ws0 gseaf\">-<span class=\"_ _43\"> </span><span class=\"ff4\">Analitiche sulle singole e<span class=\"_ _1\"></span>sposizioni, in relazione alle rettifiche appli<span class=\"_ _1\"></span>cate a tali esposizioni, nel<span class=\"_ _df\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gseb0\">corso <span class=\"_ _14\"> </span>del <span class=\"_ _14\"> </span>periodo <span class=\"_ _14\"> </span>cor<span class=\"_ _2\"></span>rente <span class=\"_ _14\"> </span>le <span class=\"_ _17\"> </span>perdite <span class=\"_ _15\"> </span>attese <span class=\"_ _14\"> </span>sui <span class=\"_ _14\"> </span>crediti <span class=\"_ _14\"> </span>deteriorati <span class=\"_ _14\"> </span>sono <span class=\"_ _15\"> </span>determinate<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gseb1\">analiticamente <span class=\"_ _15\"> </span>in <span class=\"_ _e\"> </span>base <span class=\"_ _15\"> </span>alle <span class=\"_ _e\"> </span>previsioni <span class=\"_ _15\"> </span>di <span class=\"_ _15\"> </span>r<span class=\"_ _2\"></span>ecup<span class=\"_ _1\"></span>ero <span class=\"_ _e\"> </span>formulate <span class=\"_ _15\"> </span>dal <span class=\"_ _e\"> </span>gestore <span class=\"_ _15\"> </span>o <span class=\"_ _e\"> </span>risul<span class=\"_ _2\"></span>tanti<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gseb2\">dall\u2019applicazione del <span class=\"_ _1\"></span>regolamento interno \u201clinee <span class=\"_ _1\"></span>guida e criteri d<span class=\"_ _1\"></span>i svalutazione crediti <span class=\"_ _1\"></span>gruppo<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gseb3\">Credem\u201d, <span class=\"_ _16\"> </span>attualizzate  in <span class=\"_ _9\"> </span>funzione  dei <span class=\"_ _16\"> </span>tassi  di <span class=\"_ _9\"> </span>interesse  effettivi <span class=\"_ _16\"> </span>originari  e<span class=\"_ _1\"></span>  della <span class=\"_ _16\"> </span>relativa<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gseb4\">tempistica <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>ecupero <span class=\"_ _2\"></span>prevista. <span class=\"_ _2\"></span>Considerato <span class=\"_ _d\"></span>che <span class=\"_ _2\"></span>le <span class=\"_ _2\"></span>previsioni <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>recupero <span class=\"_ _2\"></span>assumono <span class=\"_ _d\"></span>come<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gseb5\">riferimento <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>specifica s<span class=\"_ _2\"></span>ituazione del <span class=\"_ _2\"></span>debitore, <span class=\"_ _2\"></span>si <span class=\"_ _2\"></span>ritiene <span class=\"_ _2\"></span>non <span class=\"_ _2\"></span>trovi <span class=\"_ _2\"></span>coerenza di <span class=\"_ _2\"></span>applicazione<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gseb6\">un\u2019analisi <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>sensitivity <span class=\"_ _d\"></span>delle <span class=\"_ _2\"></span>per<span class=\"_ _2\"></span>dite <span class=\"_ _2\"></span>at<span class=\"_ _2\"></span>tese <span class=\"_ _2\"></span>su <span class=\"_ _d\"></span>t<span class=\"_ _2\"></span>ali <span class=\"_ _2\"></span>esposizioni. <span class=\"_ _d\"></span> <span class=\"_ _d\"></span>Ciononostante, <span class=\"_ _d\"></span>il <span class=\"_ _d\"></span>perdurare<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gseb7\">delle <span class=\"_ _10\"> </span>tensioni <span class=\"_ _10\"> </span>geopolitiche <span class=\"_ _10\"> </span>n<span class=\"_ _2\"></span>ei <span class=\"_ _10\"> </span>quadranti <span class=\"_ _18\"> </span>dell'Europa <span class=\"_ _10\"> </span>Orientale <span class=\"_ _10\"> </span>e <span class=\"_ _18\"> </span>del <span class=\"_ _10\"> </span>Medio <span class=\"_ _10\"> </span>Oriente,<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gseb8\">unitamente <span class=\"_ _4\"> </span>alla <span class=\"_ _22\"> </span>framm<span class=\"_ _2\"></span>entazione  dei <span class=\"_ _4\"> </span>mercati <span class=\"_ _4\"> </span>globali, <span class=\"_ _4\"> </span>alimenta <span class=\"_ _4\"> </span>un <span class=\"_ _4\"> </span>qu<span class=\"_ _1\"></span>adro <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>incertezza<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gseb9\">macroeconomica. <span class=\"_ _0\"></span>Tali <span class=\"_ _9\"> </span>fattori <span class=\"_ _9\"> </span>potrebbero <span class=\"_ _0\"></span>incidere <span class=\"_ _0\"></span>negativament<span class=\"_ _2\"></span>e <span class=\"_ _0\"></span>sul <span class=\"_ _9\"> </span>merito <span class=\"_ _9\"> </span>creditizio <span class=\"_ _0\"></span>dei<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gseba\">debitori, <span class=\"_ _e\"> </span>con <span class=\"_ _e\"> </span>particolare <span class=\"_ _e\"> </span>riferimento <span class=\"_ _e\"> </span>ai <span class=\"_ _10\"> </span>settori <span class=\"_ _15\"> </span>energy-intens<span class=\"_ _2\"></span>ive,<span class=\"_ _1\"></span> <span class=\"_ _e\"> </span>della <span class=\"_ _e\"> </span>logistica <span class=\"_ _e\"> </span>e <span class=\"_ _e\"> </span>del<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsebb\">manifatturiero <span class=\"_ _14\"> </span>export-<span class=\"ff5\">or<span class=\"_ _2\"></span>iented.<span class=\"_ _1\"></span> <span class=\"_ _14\"> </span>L\u2019instabilit\u00e0 <span class=\"_ _14\"> </span>di <span class=\"_ _14\"> </span>t<span class=\"_ _2\"></span>ali <span class=\"_ _14\"> </span>comparti <span class=\"_ _14\"> </span>e <span class=\"_ _15\"> </span>delle <span class=\"_ _14\"> </span>relative <span class=\"_ _14\"> </span>cat<span class=\"_ _2\"></span>ene <span class=\"_ _14\"> </span>di<span class=\"_ _df\"> </span></span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsebc\">approvvigionamento <span class=\"_ _f\"></span>potrebbe <span class=\"_ _f\"></span>generare <span class=\"_ _f\"></span>rettifiche <span class=\"_ _f\"></span>di <span class=\"_ _1\"></span>valore <span class=\"_ _f\"></span>potenzialmente <span class=\"_ _f\"></span>superiori <span class=\"_ _1\"></span>rispetto<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsebd\">alle <span class=\"_ _9\"> </span>s<span class=\"_ _2\"></span>time <span class=\"_ _9\"> </span>eff<span class=\"_ _2\"></span>ettuate <span class=\"_ _16\"> </span>a <span class=\"_ _16\"> </span>dicembre <span class=\"_ _16\"> </span>2025. <span class=\"_ _16\"> </span>A <span class=\"_ _9\"> </span>part<span class=\"_ _2\"></span>ire <span class=\"_ _16\"> </span>dal <span class=\"_ _9\"> </span>2023  ha <span class=\"_ _9\"> </span>as<span class=\"_ _2\"></span>sunto <span class=\"_ _16\"> </span>sempre <span class=\"_ _9\"> </span>maggiore<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsebe\">rilevanza <span class=\"_ _9\"> </span>il <span class=\"_ _9\"> </span>crit<span class=\"_ _2\"></span>erio <span class=\"_ _9\"> </span>delle <span class=\"_ _9\"> </span>s<span class=\"_ _2\"></span>valutazioni <span class=\"_ _9\"> </span>minime <span class=\"_ _9\"> </span>p<span class=\"_ _2\"></span>er <span class=\"_ _9\"> </span>ageing <span class=\"_ _9\"> </span>introdott<span class=\"_ _2\"></span>e  p<span class=\"_ _1\"></span>er <span class=\"_ _16\"> </span>le <span class=\"_ _9\"> </span>categorie <span class=\"_ _9\"> </span>delle<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsebf\">sofferenze e delle inadempienze probabili<span class=\"_ _1\"></span>.<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff13 fs1 fc1 sc0 ls0 ws0 gsec0\">-<span class=\"_ _43\"> </span><span class=\"ff4\">Si <span class=\"_ _0\"></span>specifica <span class=\"_ _9\"> </span>che <span class=\"_ _9\"> </span>per <span class=\"_ _9\"> </span>quanto <span class=\"_ _9\"> </span>riguarda <span class=\"_ _9\"> </span>i <span class=\"_ _0\"></span>crediti <span class=\"_ _9\"> </span>cla<span class=\"_ _2\"></span>ssificati <span class=\"_ _0\"></span>a <span class=\"_ _9\"> </span>sofferenza <span class=\"_ _9\"> </span>e <span class=\"_ _0\"> </span>ad <span class=\"_ _16\"> </span>inadempienza<span class=\"_ _df\"> </span></span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsec1\">probabile <span class=\"_ _1\"></span>con esp<span class=\"_ _1\"></span>osizione <span class=\"_ _1\"></span>minore o u<span class=\"_ _1\"></span>guale d<span class=\"_ _1\"></span>i Euro <span class=\"_ _1\"></span>25.000 vi<span class=\"_ _1\"></span>ene <span class=\"_ _f\"></span>a<span class=\"_ _2\"></span>pplicata u<span class=\"_ _1\"></span>na pe<span class=\"_ _1\"></span>rcentuale di<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsec2\">svalutazione <span class=\"_ _10\"> </span>minima <span class=\"_ _18\"> </span>forfettaria <span class=\"_ _18\"> </span>pari <span class=\"_ _10\"> </span>r<span class=\"_ _2\"></span>ispettivamente <span class=\"_ _10\"> </span>al <span class=\"_ _10\"> </span>95<span class=\"_ _2\"></span>% <span class=\"_ _10\"> </span>(sofferenze) <span class=\"_ _10\"> </span>e <span class=\"_ _18\"> </span>al <span class=\"_ _18\"> </span>70%<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsec3\">(inadempienze probabili).<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff13 fs1 fc1 sc0 ls0 ws0 gsec4\">-<span class=\"_ _43\"> </span><span class=\"ff4\">Svalutazioni <span class=\"_ _2\"></span>determinate <span class=\"_ _2\"></span>secondo <span class=\"_ _2\"></span>uno <span class=\"_ _2\"></span>specifico <span class=\"_ _2\"></span>modello, <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>possono <span class=\"_ _d\"></span>essere applicate <span class=\"_ _2\"></span>ad<span class=\"_ _df\"> </span></span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gsec5\">un  portafoglio <span class=\"_ _4\"> </span>di  posizioni  a <span class=\"_ _22\"> </span>Sofferenza  valutate <span class=\"_ _22\"> </span>in <span class=\"_ _4\"> </span>un\u2019ottica  di  dismissione <span class=\"_ _22\"> </span>(di <span class=\"_ _22\"> </span>seguito<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gsec6\">definito \u201cPortafoglio sotto<span class=\"ff4\">-</span>modello Stage 3\u201d o \u201cPortafoglio\u201d)<span class=\"ff4\">.<span class=\"_ _df\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsec7\">Al <span class=\"_ _f\"></span>31/12/2025 <span class=\"_ _1\"></span>non <span class=\"_ _f\"></span>vi <span class=\"_ _f\"></span>sono <span class=\"_ _f\"></span>posi<span class=\"_ _2\"></span><span class=\"ff5\">zioni <span class=\"_ _11\"></span>classificate <span class=\"_ _f\"></span>all\u2019interno de<span class=\"_ _1\"></span>l <span class=\"_ _f\"></span>Portafoglio <span class=\"_ _f\"></span>so<span class=\"_ _2\"></span>tto<span class=\"ff4\">-modello <span class=\"_ _f\"></span>Stage<span class=\"_ _df\"> </span></span></span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls6e ws0 gsec8\">3.<span class=\"_ _df\"> </span><span class=\"ls0\"> </span></div>1.  As<span class=\"_ _1\"></span>petti <span class=\"_ _1\"></span>genera<span class=\"_ _f\"></span>li Il Gruppo Credem conferma <span class=\"_ _2\"></span>la qualit\u00e0 del credito quale pilastro <span class=\"_ _2\"></span>dell<span class=\"_ _1\"></span>a propria <span class=\"_ _2\"></span>stabilit\u00e0 patrimoniale e driver <span class=\"_ _2\"></span>strategico <span class=\"_ _2\"></span>per la <span class=\"_ _2\"></span>creazione di <span class=\"_ _2\"></span>valore. L\u2019attivit\u00e0 <span class=\"_ _2\"></span>di<span class=\"ff4\"> <span class=\"_ _2\"></span>erogazione <span class=\"_ _2\"></span>si fonda <span class=\"_ _2\"></span>sui seguenti <span class=\"_ _2\"></span>principi </span>guida: -<span class=\"_ _28\"> </span><span class=\"ff4\">identit\u00e0 <span class=\"_ _14\"> </span>Commerciale: <span class=\"_ _14\"> </span>coerenza <span class=\"_ _15\"> </span>con <span class=\"_ _15\"> </span>il <span class=\"_ _17\"> </span>mo<span class=\"_ _2\"></span>dell<span class=\"_ _1\"></span>o <span class=\"_ _14\"> </span>di <span class=\"_ _15\"> </span>banca <span class=\"_ _14\"> </span>commerciale <span class=\"_ _17\"> </span>domest<span class=\"_ _2\"></span>ica,<span class=\"_ _df\"> </span></span>valutando  l\u2019attivit\u00e0  del  cliente  i<span class=\"_ _2\"></span>n  stretta  relazione  alla  sua <span class=\"_ _4\"> </span>dimensione  e  al  presidio<span class=\"_ _df\"> </span>territoriale della rete Credem.<span class=\"_ _df\"> </span>-<span class=\"_ _28\"> </span><span class=\"ff4\">analisi <span class=\"_ _d\"></span>Tecnica <span class=\"_ _d\"></span>del <span class=\"_ _d\"></span>Risch<span class=\"_ _2\"></span>io: <span class=\"_ _d\"></span>adozione <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>criteri <span class=\"_ _d\"></span>oggettivi <span class=\"_ _d\"></span>per <span class=\"_ _d\"></span>allineare <span class=\"_ _d\"></span>il <span class=\"_ _d\"></span>credito <span class=\"_ _0\"></span>alle <span class=\"_ _d\"></span>reali<span class=\"_ _df\"> </span></span>esigenze <span class=\"_ _4\"> </span>finanziarie <span class=\"_ _4\"> </span>e <span class=\"_ _4\"> </span>alla <span class=\"_ _4\"> </span>capacit\u00e0 <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>r<span class=\"_ _2\"></span>imborso <span class=\"_ _4\"> </span>(storica <span class=\"_ _4\"> </span>e <span class=\"_ _4\"> </span>prospettica) <span class=\"_ _4\"> </span>del <span class=\"_ _4\"> </span>cliente,<span class=\"_ _df\"> </span>minimizzando il ricorso a rifinanziame<span class=\"_ _1\"></span>nti successivi.<span class=\"_ _df\"> </span>-<span class=\"_ _28\"> </span><span class=\"ff4\">data <span class=\"_ _17\"> </span>Governance <span class=\"_ _4\"> </span>e <span class=\"_ _17\"> </span>Rating: <span class=\"_ _4\"> </span>centr<span class=\"_ _2\"></span>alit\u00e0 <span class=\"_ _4\"> </span>della <span class=\"_ _4\"> </span>qualit\u00e0 <span class=\"_ _17\"> </span>informativa <span class=\"_ _4\"> </span>per <span class=\"_ _17\"> </span>una <span class=\"_ _4\"> </span>valutazione<span class=\"_ _df\"> </span></span>rigorosa del profilo di rischio, sintetizzato nei mode<span class=\"_ _1\"></span>lli di rating interno.<span class=\"_ _df\"> </span>-<span class=\"_ _28\"> </span><span class=\"ff4\">diversificazione <span class=\"_ _10\"> </span>e <span class=\"_ _e\"> </span>sel<span class=\"_ _2\"></span>ettivit\u00e0: <span class=\"_ _e\"> </span>frazionamento <span class=\"_ _10\"> </span>del <span class=\"_ _10\"> </span>rischio <span class=\"_ _10\"> </span>attraverso <span class=\"_ _10\"> </span>un <span class=\"_ _e\"> </span>port<span class=\"_ _2\"></span>afogl<span class=\"_ _1\"></span>io<span class=\"_ _df\"> </span></span>diversificato, <span class=\"_ _16\"> </span>guidato <span class=\"_ _16\"> </span>da <span class=\"_ _9\"> </span>un  approccio <span class=\"_ _9\"> </span>s<span class=\"_ _2\"></span>elettivo <span class=\"_ _16\"> </span>coerente <span class=\"_ _16\"> </span>con <span class=\"_ _16\"> </span>i <span class=\"_ _16\"> </span>target  d<span class=\"_ _1\"></span>i <span class=\"_ _16\"> </span>capitale <span class=\"_ _9\"> </span>e  il<span class=\"_ _df\"> </span>binomio rischio/rendimento.<span class=\"_ _df\"> </span>-<span class=\"_ _28\"> </span><span class=\"ff4\">visione <span class=\"_ _0\"></span>Unitaria <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>Gruppo: <span class=\"_ _0\"></span>valutazione <span class=\"_ _d\"></span>consolidata <span class=\"_ _0\"></span>delle <span class=\"_ _0\"></span>contropart<span class=\"_ _2\"></span>i <span class=\"_ _d\"></span>per <span class=\"_ _0\"></span>garantire <span class=\"_ _0\"></span>una </span>prospettiva di rischio integrata sul<span class=\"_ _1\"></span>l'intero Gruppo.<span class=\"_ _df\"> </span>-<span class=\"_ _28\"> </span><span class=\"ff4\">presidio <span class=\"_ _e\"> </span>Formale <span class=\"_ _e\"> </span>e <span class=\"_ _15\"> </span>Specialistico: <span class=\"_ _15\"> </span>mass<span class=\"_ _2\"></span>ima <span class=\"_ _15\"> </span>cura <span class=\"_ _e\"> </span>della <span class=\"_ _15\"> </span>regolarit\u00e0 <span class=\"_ _e\"> </span>procedurale <span class=\"_ _15\"> </span>pre-<span class=\"_ _df\"> </span></span>erogazione, supportata da struttu<span class=\"_ _1\"></span>re tecniche interne dedicate.<span class=\"_ _df\"> </span>-<span class=\"_ _28\"> </span><span class=\"ff4\">monitor<span class=\"_ _2\"></span>aggio <span class=\"_ _4\"> </span>Proattivo: <span class=\"_ _4\"> </span>gestione <span class=\"_ _4\"> </span>dinamica <span class=\"_ _4\"> </span>dei <span class=\"_ _17\"> </span>rapporti <span class=\"_ _4\"> </span>e <span class=\"_ _17\"> </span>controlli <span class=\"_ _4\"> </span>centralizzati <span class=\"_ _17\"> </span>per<span class=\"_ _df\"> </span></span>intercettare tempestivamente <span class=\"_ _1\"></span>segnali di deterioramento e<span class=\"_ _1\"></span> attivare str<span class=\"_ _2\"></span>ategie<span class=\"_ _f\"></span> di recupero<span class=\"_ _df\"> </span>efficaci.<span class=\"_ _df\"> </span>-<span class=\"_ _28\"> </span><span class=\"ff4\">gestione <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>ei <span class=\"_ _2\"></span>Deteriorati: <span class=\"_ _2\"></span>politiche <span class=\"_ _d\"></span>rigorose <span class=\"_ _2\"></span>di <span class=\"_ _d\"></span>classificazione <span class=\"_ _2\"></span>e <span class=\"_ _d\"></span>copertura <span class=\"_ _2\"></span>(provisioning),<span class=\"_ _df\"> </span></span>con <span class=\"_ _2\"></span>una preferenza per <span class=\"_ _2\"></span>soluzioni <span class=\"_ _2\"></span>transattive e <span class=\"_ _2\"></span>stragiudi<span class=\"_ _1\"></span>ziali volte <span class=\"_ _2\"></span>all'efficientamento <span class=\"_ _2\"></span>dei costi di recupero.<span class=\"_ _df\"> </span>-<span class=\"_ _28\"> </span><span class=\"ff4\">integrazione Fattori ESG: focus s<span class=\"_ _f\"></span>ist<span class=\"_ _2\"></span>ematico sui <span class=\"_ _1\"></span>rischi climatici e<span class=\"_ _f\"></span> ambientali, valutandone<span class=\"_ _df\"> </span></span>l\u2019impatto sulla sostenibili<span class=\"_ _1\"></span>t\u00e0 dei debitori e sul valore delle garanzie (collateral).<span class=\"_ _df\"> </span>-<span class=\"_ _28\"> </span><span class=\"ff4\">esclusione <span class=\"_ _4\"> </span>S<span class=\"_ _2\"></span>ettori <span class=\"_ _4\"> </span>Controversi: <span class=\"_ _4\"> </span>as<span class=\"_ _2\"></span>tensione <span class=\"_ _4\"> </span>dal <span class=\"_ _4\"> </span>finanziamento <span class=\"_ _17\"> </span>di <span class=\"_ _4\"> </span>at<span class=\"_ _2\"></span>tivit\u00e0 <span class=\"_ _4\"> </span>non <span class=\"_ _17\"> </span>etiche </span>definite dal <span class=\"_ _f\"></span>CdA, con particolare <span class=\"_ _f\"></span>r<span class=\"_ _2\"></span>iguardo <span class=\"_ _1\"></span>alla produzi<span class=\"_ _1\"></span>one di <span class=\"_ _1\"></span>armi non <span class=\"_ _f\"></span>convenzionali e alla<span class=\"_ _df\"> </span>speculazione su commodities alimentari.<span class=\"_ _df\"> </span>1.1 Im<span class=\"_ _f\"></span>patti deri<span class=\"_ _1\"></span>vanti<span class=\"_ _1\"></span> dal <span class=\"_ _f\"></span>rischio cli<span class=\"_ _1\"></span>mat<span class=\"_ _1\"></span>ico in <span class=\"_ _f\"></span>relazione<span class=\"_ _1\"></span> al ris<span class=\"_ _f\"></span>chio di c<span class=\"_ _f\"></span>redito Con <span class=\"_ _15\"> </span>r<span class=\"_ _2\"></span>iguardo <span class=\"_ _15\"> </span>ai <span class=\"_ _15\"> </span>rischi <span class=\"_ _e\"> </span>climatici, <span class=\"_ _15\"> </span>nell\u2019ambito <span class=\"_ _15\"> </span>del <span class=\"_ _e\"> </span>percorso <span class=\"_ _e\"> </span>di <span class=\"_ _e\"> </span><span class=\"ff4\">progressivo <span class=\"_ _e\"> </span>allineamento <span class=\"_ _15\"> </span>alle </span>aspettative <span class=\"_ _2\"></span>della <span class=\"_ _d\"></span>Banca <span class=\"_ _d\"></span>Centrale <span class=\"_ _d\"></span>Europea <span class=\"_ _d\"></span>(BCE) <span class=\"_ _2\"></span>in <span class=\"_ _d\"></span>materia <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>inclusione <span class=\"_ _d\"></span>delle <span class=\"_ _2\"></span>tematich<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>ESG <span class=\"_ _d\"></span>nel Framework <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>Risk <span class=\"_ _d\"></span>Management, <span class=\"_ _0\"></span>il <span class=\"_ _0\"></span>Gruppo <span class=\"_ _0\"></span>ha <span class=\"_ _0\"></span>concluso <span class=\"_ _0\"></span>un <span class=\"_ _d\"></span>pro<span class=\"_ _2\"></span>getto <span class=\"_ _0\"></span>specifico:<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>tale <span class=\"_ _0\"></span>iniziativa <span class=\"_ _0\"></span>ha condotto <span class=\"_ _d\"></span>l\u2019introduzione <span class=\"_ _2\"></span>dei <span class=\"_ _d\"></span>prin<span class=\"_ _2\"></span>cipa<span class=\"ff4\">li <span class=\"_ _d\"></span>fattori <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>r<span class=\"_ _2\"></span>isch<span class=\"_ _1\"></span>io <span class=\"_ _d\"></span>climatici <span class=\"_ _d\"></span>e <span class=\"_ _d\"></span>ambientali <span class=\"_ _d\"></span>nei <span class=\"_ _d\"></span>modelli <span class=\"_ _d\"></span>contabili </span>IFRS 9.  In particolare, sono state definite le metodologie<span class=\"_ _1\"></span> per gestire i seguenti fattori di rischio climatico:<span class=\"_ _2\"></span> -<span class=\"_ _1b\"> </span><span class=\"ff4\">\u00abRischio Fisico\u00bb <span class=\"_ _d\"></span>sul <span class=\"_ _2\"></span>portafoglio Mutui <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>Leasing <span class=\"_ _2\"></span>immobiliari: espresso <span class=\"_ _2\"></span>trami<span class=\"_ _2\"></span>te <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>riduzione <span class=\"_ _2\"></span>del<span class=\"_ _df\"> </span></span>valore del<span class=\"_ _1\"></span>le garanzie immobi<span class=\"_ _1\"></span>liari, al fine<span class=\"_ _1\"></span> di rapprese<span class=\"_ _1\"></span>ntare l\u2019ipotetico danno ap<span class=\"_ _1\"></span>portato da eve<span class=\"_ _1\"></span>nti<span class=\"_ _df\"> </span>climatici (alluvioni e frane), in relazione alla rischiosit\u00e0 del territorio in cui \u00e8 ubicato l\u2019immobile.<span class=\"_ _df\"> </span>. Tale effetto viene rappresentat<span class=\"_ _2\"></span><span class=\"ff5\">o dalla stima di un \u201c</span>haircut\u201d che riduce il valore della garanzia<span class=\"_ _df\"> </span>ipotecaria a supporto del credito e ne<span class=\"_ _1\"></span> determina un aumento delle perdite attese associate.<span class=\"_ _df\"> </span>-<span class=\"_ _1b\"> </span><span class=\"ff4\">\u00abRischio di Transizione\u00bb sul <span class=\"_ _2\"></span>portafoglio Imprese: volto a <span class=\"_ _2\"></span>rappresentare la <span class=\"_ _2\"></span>minore redditivit\u00e0 in<span class=\"_ _df\"> </span></span>c<span class=\"ff5\">ui <span class=\"_ _10\"> </span>le <span class=\"_ _10\"> </span>Imprese <span class=\"_ _10\"> </span>potrebbero <span class=\"_ _10\"> </span>incorr<span class=\"_ _2\"></span>ere <span class=\"_ _10\"> </span>nell\u2019amb<span class=\"_ _1\"></span>ito <span class=\"_ _10\"> </span>del <span class=\"_ _10\"> </span>proces<span class=\"_ _2\"></span>so <span class=\"_ _10\"> </span>di <span class=\"_ _10\"> </span>adeguamento <span class=\"_ _10\"> </span>verso<span class=\"_ _df\"> </span></span>un\u2019economia pi\u00f9 <span class=\"_ _2\"></span>sostenibile<span class=\"ff4\">, co<span class=\"_ _2\"></span>n conseguente <span class=\"_ _2\"></span>deterioramento del lor<span class=\"_ _2\"></span>o merito <span class=\"_ _2\"></span>creditizio. Tale<span class=\"_ _df\"> </span></span>effetto <span class=\"_ _d\"></span>\u00e8 <span class=\"_ _0\"></span>gestito <span class=\"_ _0\"></span>tramite <span class=\"_ _0\"></span>la <span class=\"_ _d\"></span>stima <span class=\"_ _0\"></span>dell\u2019aumento <span class=\"_ _d\"></span>della <span class=\"_ _0\"></span>probabilit\u00e0 <span class=\"_ _d\"></span>di <span class=\"_ _0\"></span>default <span class=\"_ _d\"></span>per <span class=\"_ _0\"></span>l<span class=\"_ _2\"></span><span class=\"ff4\">e <span class=\"_ _0\"></span>Imprese, <span class=\"_ _d\"></span>in<span class=\"_ _df\"> </span></span>relazione al settore in cui qu<span class=\"_ _1\"></span>este operano (considerando che le attivit\u00e0 pi\u00f9 e<span class=\"_ _1\"></span>missive subiranno<span class=\"_ _df\"> </span>maggiormente <span class=\"_ _9\"> </span>i <span class=\"_ _9\"> </span>costi <span class=\"_ _16\"> </span>legati <span class=\"_ _0\"></span>al <span class=\"_ _16\"> </span>processo <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>transizione). <span class=\"_ _9\"> </span>In <span class=\"_ _9\"> </span>aggiunta, <span class=\"_ _9\"> </span>influenzando <span class=\"_ _9\"> </span>il <span class=\"_ _16\"> </span>merito<span class=\"_ _df\"> </span>creditizio, <span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>ale <span class=\"_ _d\"></span>componente <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>rischio <span class=\"_ _d\"></span>pu\u00f2 <span class=\"_ _d\"></span>influire <span class=\"_ _d\"></span>s<span class=\"_ _2\"></span>ulla <span class=\"_ _d\"></span>necessit\u00e0 <span class=\"_ _0\"></span>di <span class=\"_ _d\"></span>classificare <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>stage <span class=\"_ _d\"></span>2 <span class=\"_ _0\"></span>le<span class=\"_ _df\"> </span>Imprese <span class=\"_ _d\"></span>maggiormente <span class=\"_ _0\"></span>pi\u00f9 <span class=\"_ _0\"></span>espos<span class=\"_ _2\"></span>te <span class=\"_ _d\"></span>agli <span class=\"_ _0\"></span>effetti <span class=\"_ _0\"></span>del <span class=\"_ _0\"></span>processo <span class=\"_ _0\"></span>di <span class=\"_ _d\"></span>t<span class=\"_ _2\"></span>ransizione<span class=\"_ _1\"></span>. <span class=\"_ _0\"></span>Per <span class=\"_ _0\"></span>rilevare <span class=\"_ _0\"></span>tale<span class=\"_ _df\"> </span>correlazione,  \u00e8  stata  affinata  la  logica  di  misurazione  del  SI<span class=\"_ _2\"></span>CR,  con  l\u2019introduzione  di  una<span class=\"_ _df\"> </span>variante <span class=\"_ _0\"></span>specifica <span class=\"_ _d\"></span>per <span class=\"_ _0\"></span>le <span class=\"_ _0\"></span>Im<span class=\"_ _2\"></span>prese <span class=\"_ _d\"></span>considerate <span class=\"_ _0\"></span>ad <span class=\"_ _0\"></span>alto <span class=\"_ _0\"></span>rischio <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>transizione <span class=\"_ _0\"></span>(i.e. <span class=\"_ _d\"></span>con<span class=\"_ _2\"></span>centrate<span class=\"_ _df\"> </span>sulle  attivit\u00e0 <span class=\"_ _22\"> </span>a <span class=\"_ _4\"> </span>maggiore  intensit\u00e0  di <span class=\"_ _22\"> </span>carbonio <span class=\"_ _22\"> </span>e <span class=\"_ _4\"> </span>princip<span class=\"_ _1\"></span>ali  obiettivo <span class=\"_ _22\"> </span>delle <span class=\"_ _22\"> </span>s<span class=\"_ _2\"></span>trategie  di  de<span class=\"_ _2\"></span>-<span class=\"_ _df\"> </span>carbonizzazione).<span class=\"_ _df\"> </span>Entrambe <span class=\"_ _2\"></span>le <span class=\"_ _2\"></span>component<span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>descritte <span class=\"_ _d\"></span>comportano <span class=\"_ _2\"></span>un <span class=\"_ _2\"></span>aumento <span class=\"_ _d\"></span>delle <span class=\"_ _2\"></span>rettifiche <span class=\"_ _d\"></span>di <span class=\"_ _2\"></span>va<span class=\"_ _2\"></span>lore <span class=\"_ _2\"></span>calcolate <span class=\"_ _d\"></span>in conformit\u00e0 <span class=\"_ _d\"></span>ai <span class=\"_ _d\"></span>principi <span class=\"_ _d\"></span>contabili <span class=\"_ _2\"></span>IFRS <span class=\"_ _d\"></span>9 <span class=\"_ _0\"></span>e <span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>ono <span class=\"_ _2\"></span>quantificate <span class=\"_ _d\"></span>considerando <span class=\"_ _d\"></span>diversi <span class=\"_ _d\"></span>scenari <span class=\"_ _d\"></span>climatici<span class=\"_ _df\"> </span>(differenziati <span class=\"_ _2\"></span>per <span class=\"_ _d\"></span>tempistiche <span class=\"_ _d\"></span>e <span class=\"_ _d\"></span>grado <span class=\"_ _2\"></span>di <span class=\"_ _d\"></span>intensit\u00e0 <span class=\"_ _d\"></span>delle <span class=\"_ _2\"></span>politiche <span class=\"_ _d\"></span>climatiche <span class=\"_ _2\"></span>at<span class=\"_ _2\"></span>tivate <span class=\"_ _2\"></span>nel <span class=\"_ _d\"></span>contesto<span class=\"_ _df\"> </span>europeo) <span class=\"_ _d\"></span>ad <span class=\"_ _0\"></span>integrazione <span class=\"_ _0\"></span>degli <span class=\"_ _d\"></span>scenar<span class=\"_ _2\"></span>i <span class=\"_ _0\"></span>macro-economici <span class=\"_ _d\"></span>gi\u00e0 <span class=\"_ _0\"></span>presi <span class=\"_ _0\"></span>a <span class=\"_ _d\"></span>r<span class=\"_ _2\"></span>iferimento <span class=\"_ _d\"></span>nel <span class=\"_ _0\"></span>Framework IFRS9 del Gruppo. Si <span class=\"_ _9\"> </span>precisa, <span class=\"_ _9\"> </span>che <span class=\"_ _9\"> </span>nell\u2019ambito <span class=\"_ _9\"> </span>dei <span class=\"_ _9\"> </span>processi <span class=\"_ _9\"> </span>ICAAP <span class=\"_ _9\"> </span>/ <span class=\"_ _16\"> </span>RAF <span class=\"_ _9\"> </span>sono <span class=\"_ _9\"> </span>stati <span class=\"_ _9\"> </span>valutati, <span class=\"_ _9\"> </span>in <span class=\"_ _9\"> </span>termini <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>r<span class=\"_ _2\"></span>ilev<span class=\"_ _1\"></span>anza (analisi di materialit\u00e0), anche i segu<span class=\"_ _1\"></span>enti fattori di rischio climatico:<span class=\"_ _2\"></span> -<span class=\"_ _1b\"> </span><span class=\"ff4\">Rischio <span class=\"_ _d\"></span>di <span class=\"_ _0\"></span>Transizione\u00bb <span class=\"_ _d\"></span>sul <span class=\"_ _0\"></span>portafoglio <span class=\"_ _d\"></span>Mutui: <span class=\"_ _d\"></span>espresso <span class=\"_ _0\"></span>attraverso <span class=\"_ _0\"></span>una <span class=\"_ _d\"></span>riduzione <span class=\"_ _d\"></span>del <span class=\"_ _d\"></span>va<span class=\"_ _2\"></span>lore <span class=\"_ _d\"></span>delle </span>garanzie <span class=\"_ _1\"></span>immobiliari <span class=\"_ _f\"></span>per gli <span class=\"_ _f\"></span>imm<span class=\"_ _2\"></span>obili <span class=\"_ _f\"></span>che non <span class=\"_ _1\"></span>rispettano gli <span class=\"_ _f\"></span>standard di <span class=\"_ _f\"></span>efficientamento ene<span class=\"_ _1\"></span>rgetico richiesti dalle politiche di transizione.<span class=\"_ _df\"> </span>-<span class=\"_ _1b\"> </span><span class=\"ff4\">\u00abRischio <span class=\"_ _2\"></span>F<span class=\"_ _2\"></span>isico\u00bb <span class=\"_ _2\"></span>sul <span class=\"_ _d\"></span>porta<span class=\"_ _2\"></span>foglio <span class=\"_ _2\"></span>Imprese: <span class=\"_ _2\"></span>volto <span class=\"_ _d\"></span>a <span class=\"_ _d\"></span>rappresentare <span class=\"_ _d\"></span>i <span class=\"_ _d\"></span>potenziali <span class=\"_ _2\"></span>danni <span class=\"_ _d\"></span>a <span class=\"_ _d\"></span>fabbricati <span class=\"_ _2\"></span>e/o </span>alla catena di produzione-distribuzione connessi ad eventi climatici (alluv<span class=\"_ _1\"></span>ioni /frane).<span class=\"_ _df\"> </span>Tali <span class=\"_ _1\"></span>driver di <span class=\"_ _f\"></span>rischio sono ritenu<span class=\"_ _1\"></span>ti non <span class=\"_ _f\"></span>r<span class=\"_ _2\"></span>ilev<span class=\"_ _1\"></span>anti ai <span class=\"_ _f\"></span>fini dell\u2019inclusione <span class=\"_ _f\"></span>nel Framework I<span class=\"_ _1\"></span>FRS<span class=\"ff4\">9, a seguito </span>degli <span class=\"_ _0\"></span>esiti <span class=\"_ _9\"> </span>delle <span class=\"_ _0\"></span>analisi <span class=\"_ _9\"> </span>di <span class=\"_ _0\"></span>mat<span class=\"_ _2\"></span>erialit\u00e0 <span class=\"_ _0\"></span>condotte, <span class=\"_ _9\"> </span>che <span class=\"_ _9\"> </span>ne <span class=\"_ _0\"></span>hanno <span class=\"_ _9\"> </span>evidenziato <span class=\"_ _0\"></span>gli <span class=\"_ _9\"> </span>effetti <span class=\"_ _0\"></span>contenuti <span class=\"_ _0\"></span>e pertanto trascurabili sulle perdi<span class=\"_ _1\"></span>te att<span class=\"_ _2\"></span>ese.<span class=\"_ _df\"> </span>Al <span class=\"_ _f\"></span>termine de<span class=\"_ _1\"></span>lle <span class=\"_ _f\"></span>attivit\u00e0 progettuali,<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>il <span class=\"_ _f\"></span>Fr<span class=\"_ _2\"></span>amework <span class=\"_ _f\"></span>IFRS <span class=\"_ _1\"></span>9 <span class=\"_ _f\"></span>integrato <span class=\"_ _1\"></span>con <span class=\"_ _f\"></span>la ges<span class=\"_ _1\"></span>tione <span class=\"_ _f\"></span>delle me<span class=\"_ _1\"></span>nzion<span class=\"_ _2\"></span>ate componenti <span class=\"_ _17\"> </span>climatiche <span class=\"_ _17\"> </span>\u00e8 <span class=\"_ _17\"> </span>entrato <span class=\"_ _14\"> </span>in <span class=\"_ _17\"> </span>vigore <span class=\"_ _17\"> </span>a <span class=\"_ _14\"> </span>partire <span class=\"_ _17\"> </span>dal <span class=\"_ _17\"> </span>30 <span class=\"_ _17\"> </span>giugno <span class=\"_ _17\"> </span>2025<span class=\"_ _2\"></span>. <span class=\"_ _17\"> </span>Contestualmente all\u2019integrazione degli <span class=\"_ _1\"></span>effetti climatici nei <span class=\"_ _1\"></span>modelli contabili, \u00e8 stata rimossa la cope<span class=\"_ _1\"></span>rtura aggiuntiva, applicata a partire da giugno 2024, quale<span class=\"_ _1\"></span> loro anticipazion<span class=\"_ _2\"></span><span class=\"ls2d\">e.</span> Per maggiori dettagli sui relativi impatti si rimanda alla Nota Integrativa <span class=\"ff5\">\u2013</span> Part<span class=\"_ _2\"></span>e A <span class=\"ff5\">\u2013</span> Sezione<span class=\"_ _1\"></span> 5. 2. Po<span class=\"_ _1\"></span>litiche<span class=\"_ _1\"></span> di ge<span class=\"_ _1\"></span>stione<span class=\"_ _f\"></span> del risc<span class=\"_ _f\"></span>hio di cr<span class=\"_ _1\"></span>edito<span class=\"_ _f\"></span> 2.1 As<span class=\"_ _f\"></span>petti or<span class=\"_ _1\"></span>ganizza<span class=\"_ _f\"></span>tivi Il Servizio Crediti di Cred<span class=\"_ _1\"></span>ito Emiliano \u00e8 organizzato secondo tre aree di res<span class=\"_ _2\"></span>ponsabilit\u00e0: -<span class=\"_ _1b\"> </span><span class=\"ff4\">Credit Strategy e <span class=\"_ _2\"></span>Monitoring,<span class=\"_ _1\"></span> che definisce o<span class=\"_ _2\"></span>biettivi<span class=\"_ _1\"></span> e <span class=\"_ _2\"></span>linee guida di <span class=\"_ _2\"></span>svilupp<span class=\"_ _1\"></span>o del credit<span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>inteso </span>come <span class=\"_ _d\"></span>business <span class=\"_ _d\"></span>line <span class=\"_ _0\"></span>in <span class=\"_ _d\"></span>coerenza <span class=\"_ _0\"></span>con <span class=\"_ _d\"></span>gli <span class=\"_ _0\"></span>obiettivi <span class=\"_ _d\"></span>ed <span class=\"_ _d\"></span>il <span class=\"_ _0\"></span>RAF <span class=\"_ _d\"></span>di <span class=\"_ _0\"></span>grupp<span class=\"_ _1\"></span>o, <span class=\"_ _d\"></span>effett<span class=\"_ _2\"></span>ua <span class=\"_ _d\"></span>i <span class=\"_ _d\"></span>controlli <span class=\"_ _0\"></span>sulla filiera <span class=\"_ _f\"></span>del <span class=\"_ _f\"></span>credito, redi<span class=\"_ _1\"></span>ge <span class=\"_ _1\"></span>la <span class=\"_ _f\"></span>r<span class=\"_ _2\"></span>egolamentazione <span class=\"_ _f\"></span>interna <span class=\"_ _1\"></span>e <span class=\"_ _f\"></span>definisce <span class=\"_ _f\"></span>i princi<span class=\"_ _1\"></span>pali <span class=\"_ _f\"></span>str<span class=\"_ _2\"></span>umenti, <span class=\"_ _f\"></span>processi e <span class=\"_ _f\"></span>modelli <span class=\"_ _f\"></span>a supporto <span class=\"_ _f\"></span>dell\u2019intero <span class=\"_ _f\"></span>p<span class=\"_ _2\"></span>rocesso <span class=\"_ _f\"></span>del <span class=\"_ _f\"></span>credito (fatte <span class=\"_ _f\"></span>salve <span class=\"_ _f\"></span>le attribu<span class=\"_ _1\"></span>zioni <span class=\"_ _f\"></span>di <span class=\"_ _1\"></span>responsabilit\u00e0 al servizio ERISK in relazione ai modelli<span class=\"_ _1\"></span> rientranti nel perimetro IRB); -<span class=\"_ _1b\"> </span><span class=\"ff4\">Credit Management, che attr<span class=\"ff5\">averso l\u2019attivit\u00e0 delibe<span class=\"_ _1\"></span>rativa e la consulenza tecnica alle strutture </span></span>commerciali <span class=\"_ _d\"></span>ed <span class=\"_ _d\"></span>al<span class=\"_ _2\"></span>le <span class=\"_ _d\"></span>Societ\u00e0 <span class=\"_ _0\"></span>in <span class=\"_ _0\"></span>perimetro <span class=\"_ _d\"></span>garantisce <span class=\"_ _0\"></span>nel <span class=\"_ _d\"></span>tempo <span class=\"_ _0\"></span>un <span class=\"_ _d\"></span>profilo <span class=\"_ _0\"></span>di <span class=\"_ _d\"></span>rischiosit\u00e0 <span class=\"_ _0\"></span>degli<span class=\"_ _df\"> </span>impieghi <span class=\"_ _f\"></span>coerente con <span class=\"_ _1\"></span>gli obie<span class=\"_ _1\"></span>ttivi di <span class=\"_ _f\"></span>st<span class=\"_ _2\"></span>rategy de<span class=\"_ _1\"></span>finiti, <span class=\"_ _f\"></span>presidiand<span class=\"_ _2\"></span>o <span class=\"_ _1\"></span>il corretto <span class=\"_ _f\"></span>ripagament<span class=\"_ _2\"></span>o d<span class=\"_ _1\"></span>elle<span class=\"_ _df\"> </span>posizioni anomale; -<span class=\"_ _1b\"> </span><span class=\"ff4\">Non-Performing <span class=\"_ _9\"> </span>Credit, <span class=\"_ _9\"> </span>che <span class=\"_ _16\"> </span>si <span class=\"_ _9\"> </span>occupa <span class=\"_ _16\"> </span>delle <span class=\"_ _9\"> </span>attivit\u00e0 <span class=\"_ _16\"> </span>di <span class=\"_ _9\"> </span>gestione <span class=\"_ _9\"> </span>e  recu<span class=\"_ _f\"></span>p<span class=\"_ _2\"></span>ero <span class=\"_ _9\"> </span>sul <span class=\"_ _16\"> </span>credito <span class=\"_ _9\"> </span>non </span>performing. Le <span class=\"_ _d\"></span>linee <span class=\"_ _0\"></span>guida <span class=\"_ _d\"></span>di <span class=\"_ _0\"></span>Credit <span class=\"_ _d\"></span>Str<span class=\"_ _2\"></span>ategy <span class=\"_ _d\"></span>vengono <span class=\"_ _d\"></span>ap<span class=\"_ _2\"></span>provate <span class=\"_ _d\"></span>dallo <span class=\"_ _d\"></span>specifico <span class=\"_ _0\"></span>Comitato <span class=\"_ _0\"></span>Credit <span class=\"_ _d\"></span>Strategy <span class=\"_ _0\"></span>di Gruppo e <span class=\"_ _1\"></span>deliberate dal Consiglio di <span class=\"_ _f\"></span>Amministr<span class=\"_ _2\"></span>azione. <span class=\"_ _1\"></span>Relativamente al p<span class=\"_ _1\"></span>erimetro NPL, il<span class=\"_ _1\"></span> Comitato Crediti Non Performing di Grupp<span class=\"_ _1\"></span>o, si occupa di de<span class=\"_ _1\"></span>finire specifiche azioni di indirizzo strategico e <span class=\"_ _f\"></span>di monitoraggio, anche relativamente all\u2019andamento degli<span class=\"_ _1\"></span> indicatori SREP di competenza<span class=\"_ _2\"></span><span class=\"ff4\">. </span>Nella  g<span class=\"_ _1\"></span>estione  de<span class=\"_ _1\"></span>l  rischio <span class=\"_ _16\"> </span>di <span class=\"_ _16\"> </span>credito <span class=\"_ _16\"> </span>concorrono  inoltre, <span class=\"_ _9\"> </span>per  le  rispe<span class=\"_ _1\"></span>ttive  aree <span class=\"_ _16\"> </span>di <span class=\"_ _16\"> </span>competenza, processi di responsabilit\u00e0 del Servizi<span class=\"_ _1\"></span>o di Gruppo Erisk: <span class=\"_ _2\"></span> -<span class=\"_ _1b\"> </span><span class=\"ff4\">Il Risk <span class=\"_ _2\"></span>Appetite Framework, <span class=\"_ _2\"></span>in cui sono <span class=\"_ _2\"></span>definiti tolerance <span class=\"_ _2\"></span>e appetite <span class=\"_ _2\"></span>per gli <span class=\"_ _2\"></span>indicatori relativi al<span class=\"_ _df\"> </span></span>rischio di credito sia in termini di pe<span class=\"_ _1\"></span>rforming loan che di non performing loan;<span class=\"_ _df\"> </span>-<span class=\"_ _1b\"> </span><span class=\"ff4\">Gestione <span class=\"_ _9\"> </span>Sistema <span class=\"_ _9\"> </span>interno  d<span class=\"_ _1\"></span>i <span class=\"_ _9\"> </span>rating, <span class=\"_ _9\"> </span>per <span class=\"_ _9\"> </span>la  responsabil<span class=\"_ _1\"></span>it\u00e0 <span class=\"_ _16\"> </span>del <span class=\"_ _9\"> </span>Sistema <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>r<span class=\"_ _2\"></span>ating <span class=\"_ _0\"> </span>Cor<span class=\"_ _2\"></span>porate <span class=\"_ _9\"> </span>e </span>Retail, <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>l\u2019attribuzione d<span class=\"_ _2\"></span>el <span class=\"_ _2\"></span>rating <span class=\"_ _2\"></span>alle <span class=\"_ _2\"></span>singole <span class=\"_ _2\"></span>controparti, <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>calibrazion<span class=\"_ _2\"></span><span class=\"ff4\">e <span class=\"_ _2\"></span>dei <span class=\"_ _2\"></span>parametri <span class=\"_ _2\"></span>e<span class=\"_ _df\"> </span></span>per la relativa convalida. Le <span class=\"_ _9\"> </span>disposizioni <span class=\"_ _9\"> </span>int<span class=\"_ _2\"></span>rodotte <span class=\"_ _9\"> </span>dalla <span class=\"_ _9\"> </span>nor<span class=\"_ _2\"></span>mativa <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>riferimento <span class=\"_ _16\"> </span>per <span class=\"_ _9\"> </span>l\u2019adozione <span class=\"_ _9\"> </span>dei <span class=\"_ _16\"> </span>modelli <span class=\"_ _9\"> </span>interni <span class=\"_ _16\"> </span>ed <span class=\"_ _9\"> </span>i successivi <span class=\"_ _0\"></span>aggiornamenti <span class=\"_ _0\"></span>sono <span class=\"_ _0\"></span>stati <span class=\"_ _0\"></span>sistematicamente <span class=\"_ _0\"></span>accolti <span class=\"_ _0\"></span>da <span class=\"_ _9\"> </span>Credito <span class=\"_ _0\"></span>Emiliano <span class=\"_ _0\"></span>S.p.A. <span class=\"_ _0\"></span>come un\u2019opportunit\u00e0 <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span><span class=\"ff4\">migliorare <span class=\"_ _d\"></span>la <span class=\"_ _2\"></span>gestione <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>rischio <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>per <span class=\"_ _d\"></span>incrementare <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>valore <span class=\"_ _2\"></span>generato <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>gli </span>azionisti, grazie <span class=\"_ _2\"></span>alla <span class=\"_ _2\"></span>storica <span class=\"_ _2\"></span>qualit\u00e0 <span class=\"_ _2\"></span>dell<span class=\"_ _1\"></span>\u2019attivo <span class=\"_ _2\"></span>creditizio nonch\u00e9 <span class=\"_ _2\"></span>all\u2019ampia <span class=\"_ _2\"></span>e conso<span class=\"_ _2\"></span>lidata diffusione degli <span class=\"_ _e\"> </span>s<span class=\"_ _2\"></span>trumenti <span class=\"_ _e\"> </span>di <span class=\"_ _10\"> </span>rating <span class=\"_ _10\"> </span>utilizzati <span class=\"_ _10\"> </span>nell\u2019attivit\u00e0 <span class=\"_ _e\"> </span>di <span class=\"_ _10\"> </span>valutazione, <span class=\"_ _10\"> </span>erog<span class=\"_ _2\"></span><span class=\"ff4\">azione, <span class=\"_ _10\"> </span>monitoraggio <span class=\"_ _e\"> </span>e </span>prezzatura del credito.<span class=\"_ _df\"> </span>2.2 Sis<span class=\"_ _1\"></span>temi<span class=\"_ _1\"></span> di ge<span class=\"_ _1\"></span>stion<span class=\"_ _f\"></span>e, misu<span class=\"_ _1\"></span>razi<span class=\"_ _f\"></span>one e co<span class=\"_ _1\"></span>ntroll<span class=\"_ _1\"></span>o L\u2019attivit\u00e0  di<span class=\"_ _1\"></span>  valu<span class=\"_ _1\"></span>tazione  ed <span class=\"_ _16\"> </span>erogazione <span class=\"_ _16\"> </span>del <span class=\"_ _16\"> </span>credito  \u00e8<span class=\"_ _1\"></span>  differenziata  a <span class=\"_ _9\"> </span>seconda  del<span class=\"_ _1\"></span>la  tipologi<span class=\"_ _1\"></span>a  di clientela. Pi\u00f9 precisamente, <span class=\"_ _2\"></span>per il s<span class=\"_ _2\"></span>egmento corporate \u00e8 <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span><span class=\"ff5\">uso un s<span class=\"_ _2\"></span>istema \u201cesperto\u201d che <span class=\"_ _2\"></span>guida la </span>formulazione della <span class=\"_ _2\"></span>proposta <span class=\"_ _2\"></span>di<span class=\"_ _1\"></span> <span class=\"_ _2\"></span>affid<span class=\"_ _f\"></span>amento<span class=\"_ _2\"></span> ed <span class=\"_ _2\"></span>\u00e8 alla <span class=\"_ _2\"></span>base <span class=\"_ _2\"></span>del sistema <span class=\"_ _2\"></span>di rating. <span class=\"_ _2\"></span>Tale metodologia si <span class=\"_ _d\"></span>basa <span class=\"_ _d\"></span>su <span class=\"_ _d\"></span>logiche <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>ana<span class=\"_ _2\"></span>lisi <span class=\"_ _d\"></span>delle <span class=\"_ _d\"></span>componenti <span class=\"_ _d\"></span>economico<span class=\"_ _2\"></span>-patrimoniali <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>bilancio <span class=\"_ _d\"></span>integrate <span class=\"_ _d\"></span>dalla valutazione <span class=\"_ _4\"> </span>dei <span class=\"_ _4\"> </span>flussi <span class=\"_ _17\"> </span>di <span class=\"_ _17\"> </span>cassa, <span class=\"_ _4\"> </span>dati <span class=\"_ _17\"> </span>di <span class=\"_ _4\"> </span>centrale <span class=\"_ _4\"> </span>r<span class=\"_ _2\"></span>ischi, <span class=\"_ _4\"> </span>nonch\u00e9 <span class=\"_ _4\"> </span>da <span class=\"_ _4\"> </span>valutazioni <span class=\"_ _4\"> </span>qualitative <span class=\"_ _4\"> </span>s<span class=\"_ _2\"></span>ul posizionamento competitivo, sui rischi di bu<span class=\"_ _1\"></span>siness e sull\u2019appartenenza al gruppo.<span class=\"_ _2\"></span><span class=\"ff4\"> </span>Per <span class=\"_ _f\"></span>il seg<span class=\"_ _1\"></span>mento <span class=\"_ _1\"></span>small <span class=\"_ _1\"></span>business, <span class=\"_ _f\"></span>nell\u2019ambito <span class=\"_ _f\"></span>della <span class=\"_ _f\"></span>st<span class=\"_ _2\"></span>essa <span class=\"_ _f\"></span>metodologia <span class=\"_ _f\"></span>generale <span class=\"_ _1\"></span>di <span class=\"_ _f\"></span>valutazione, sono state <span class=\"_ _2\"></span>appli<span class=\"_ _1\"></span>cate delle d<span class=\"_ _2\"></span>ifferenziazioni per dare magg<span class=\"_ _2\"></span>ior peso <span class=\"_ _2\"></span>alle informazioni di t<span class=\"_ _2\"></span>ipo andamentale e <span class=\"_ _f\"></span>di centrale <span class=\"_ _f\"></span>dei <span class=\"_ _1\"></span>rischi, <span class=\"_ _f\"></span>c<span class=\"_ _2\"></span>he <span class=\"_ _f\"></span>forniscono un <span class=\"_ _f\"></span>contributo imp<span class=\"_ _1\"></span>ortante a<span class=\"_ _f\"></span>lla capaci<span class=\"_ _1\"></span>t\u00e0 p<span class=\"_ _1\"></span>redittiva del<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>default. <span class=\"_ _2\"></span> Per i<span class=\"_ _1\"></span>l seg<span class=\"_ _1\"></span>mento delle <span class=\"_ _f\"></span>microat<span class=\"_ _2\"></span>tivit\u00e0 <span class=\"_ _1\"></span>e d<span class=\"_ _1\"></span>ei p<span class=\"_ _1\"></span>rivati consumatori \u00e8 <span class=\"_ _f\"></span>s<span class=\"_ _2\"></span>tato <span class=\"_ _1\"></span>sviluppato <span class=\"_ _f\"></span>un sistema di<span class=\"_ _1\"></span> rating specificamente <span class=\"_ _2\"></span>calibrato <span class=\"_ _2\"></span>su <span class=\"_ _2\"></span>questa <span class=\"_ _2\"></span>tipologia <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>clientela <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>supporto <span class=\"_ _2\"></span>dei <span class=\"_ _2\"></span>processi <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>approvazione delle operazioni. Inoltre, <span class=\"_ _0\"></span>per <span class=\"_ _d\"></span>t<span class=\"_ _2\"></span>utta <span class=\"_ _0\"></span>la <span class=\"_ _0\"></span>clientela <span class=\"_ _d\"></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=\"_ _d\"></span>Los<span class=\"_ _2\"></span>s <span class=\"_ _0\"></span>Given <span class=\"_ _d\"></span>Default <span class=\"_ _0\"></span>(LG<span class=\"_ _2\"></span>D) <span class=\"_ _0\"></span>che valuta la p<span class=\"_ _1\"></span>otenziale p<span class=\"_ _1\"></span>erdita dato <span class=\"_ _f\"></span>il default de<span class=\"_ _1\"></span>lla controparte, tenend<span class=\"_ _1\"></span>o in conside<span class=\"_ _1\"></span>razione la tip<span class=\"_ _1\"></span>ologia di contr<span class=\"_ _2\"></span>oparte, l\u2019ammontare <span class=\"_ _2\"></span>dell\u2019esposizione, la <span class=\"_ _2\"></span>tipologia di <span class=\"_ _2\"></span>forma <span class=\"_ _2\"></span>tecnica e <span class=\"_ _2\"></span>le <span class=\"_ _2\"></span>eventuali garanzie<span class=\"_ _2\"></span> a sostegno della posizione. Tutti <span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>sistemi <span class=\"_ _2\"></span>so<span class=\"_ _2\"></span>no <span class=\"_ _2\"></span>direttamente integrati <span class=\"_ _2\"></span>nella <span class=\"_ _2\"></span>propost<span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>affidamento; <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>Pratica <span class=\"_ _2\"></span>Elettronica <span class=\"_ _2\"></span>di Fido <span class=\"_ _0\"></span>\u00e8 <span class=\"_ _0\"></span>operativa <span class=\"_ _0\"></span>per <span class=\"_ _9\"> </span>tutti <span class=\"_ _0\"> </span>i <span class=\"_ _9\"> </span>gestori <span class=\"_ _0\"></span>privati <span class=\"_ _0\"></span>e <span class=\"_ _9\"> </span>aziende. <span class=\"_ _0\"></span>La <span class=\"_ _0\"></span>piattaforma <span class=\"_ _9\"> </span>garantisce <span class=\"_ _0\"></span>un <span class=\"_ _0\"></span>elevato <span class=\"_ _0\"></span>data quality ed efficienza nei processi di istruttoria e delib<span class=\"_ _1\"></span>era di affidamenti<span class=\"_ _2\"></span> e rating.  Un  p<span class=\"_ _1\"></span>ilastro  fondamentale<span class=\"_ _1\"></span>  di <span class=\"_ _9\"> </span>governance  del <span class=\"_ _16\"> </span>credito  \u00e8<span class=\"_ _1\"></span>  costituito <span class=\"_ _16\"> </span>inoltre <span class=\"_ _16\"> </span>dall\u2019assegnaz<span class=\"_ _1\"></span>ione  \u201cad personam\u201d <span class=\"_ _4\"> </span>delle  a<span class=\"_ _2\"></span>utonomie <span class=\"_ _4\"> </span>delegate, <span class=\"_ _4\"> </span>previa <span class=\"_ _22\"> </span>va<span class=\"_ _2\"></span>lutazione  s<span class=\"_ _2\"></span>ul <span class=\"_ _4\"> </span>singolo <span class=\"_ _4\"> </span>deliberante <span class=\"_ _4\"> </span>di <span class=\"_ _22\"> </span>e<span class=\"_ _2\"></span>lementi fondamentali quali le <span class=\"_ _2\"></span>competenze, i risultati <span class=\"_ _2\"></span>conseguiti nella <span class=\"_ _2\"></span>gestione ed erogazione <span class=\"_ _2\"></span>del credito <span class=\"_ _2\"></span>e l\u2019attivit\u00e0 formativa fruita.<span class=\"ff4\"> </span>I <span class=\"_ _9\"> </span>poteri  d<span class=\"_ _1\"></span>i <span class=\"_ _16\"> </span>delega <span class=\"_ _9\"> </span>si <span class=\"_ _16\"> </span>basano, <span class=\"_ _9\"> </span>at<span class=\"_ _2\"></span>tualmente <span class=\"_ _9\"> </span>per  l<span class=\"_ _1\"></span>a <span class=\"_ _9\"> </span>s<span class=\"_ _2\"></span>ola <span class=\"_ _9\"> </span>Credembanca, <span class=\"_ _9\"> </span>s<span class=\"_ _2\"></span>ull\u2019indicatore <span class=\"_ _9\"> </span>\u201cAccordato Ponderato\u201d, che applicando dei pe<span class=\"_ _1\"></span>si alle singole componenti della posizione affidata ne sint<span class=\"_ _2\"></span><span class=\"ff4\">etizza </span>la rischiosit\u00e0 in rapporto alle policy ed<span class=\"_ _1\"></span> alle serie storiche dei default.    <span class=\"_ _2\"></span> Negli <span class=\"_ _d\"></span>ultimi <span class=\"_ _0\"> </span>esercizi, <span class=\"_ _0\"></span>gli <span class=\"_ _0\"></span>investimenti <span class=\"_ _0\"></span>in <span class=\"_ _0\"></span>tecnologia <span class=\"_ _0\"></span>e <span class=\"_ _0\"></span>l'integrazione <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>Advanced <span class=\"_ _0\"></span>Analytics <span class=\"_ _0\"></span>hanno potenziato i p<span class=\"_ _1\"></span>residi automatici<span class=\"_ _1\"></span> a <span class=\"_ _f\"></span>s<span class=\"_ _2\"></span>upp<span class=\"_ _1\"></span>orto dei processi<span class=\"_ _1\"></span> di originati<span class=\"_ _f\"></span>on <span class=\"_ _2\"></span>e monitoraggio, <span class=\"_ _1\"></span>benefici<span class=\"_ _1\"></span>ando anche <span class=\"_ _19\"> </span>dell\u2019evoluzione <span class=\"_ _19\"> </span>dell\u2019Open <span class=\"_ _19\"> </span>Banking. <span class=\"_ _19\"> </span>In <span class=\"_ _19\"> </span>questo <span class=\"_ _1a\"> </span>ambito, <span class=\"_ _19\"> </span>l\u2019Indicatore <span class=\"_ _19\"> </span>di <span class=\"_ _19\"> </span>Monitoraggio Andamentale <span class=\"_ _d\"></span>(<span class=\"_ _2\"></span>IMA), <span class=\"_ _0\"></span>quale <span class=\"_ _0\"></span>modello <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>Ear<span class=\"_ _2\"></span>ly <span class=\"_ _0\"></span>Warning, <span class=\"_ _0\"></span>assume <span class=\"_ _0\"></span>un <span class=\"_ _0\"> </span>r<span class=\"_ _2\"></span>uolo <span class=\"_ _0\"></span>centrale <span class=\"_ _0\"></span>nella <span class=\"_ _0\"></span>rilevazione proattiva <span class=\"_ _22\"> </span>di  segnali  di <span class=\"_ _4\"> </span>anomalia  prima <span class=\"_ _4\"> </span>dell<span class=\"_ _1\"></span>a <span class=\"_ _4\"> </span>loro  manifestazione  conclamata. <span class=\"_ _4\"> </span>Tale  indicatore concorre, <span class=\"_ _2\"></span>inoltre, <span class=\"_ _d\"></span>alla <span class=\"_ _2\"></span>determinazione <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>Massimo <span class=\"_ _d\"></span>Accordato <span class=\"_ _2\"></span>Concedibile <span class=\"_ _2\"></span>(MAC), <span class=\"_ _2\"></span>parametro <span class=\"_ _d\"></span>che definisce  i<span class=\"_ _2\"></span>l  limite <span class=\"_ _4\"> </span>massimo <span class=\"_ _4\"> </span>di <span class=\"_ _22\"> </span>affidamento <span class=\"_ _4\"> </span>attribuibile  in <span class=\"_ _4\"> </span>modalit\u00e0 <span class=\"_ _4\"> </span>automatizzata <span class=\"_ _4\"> </span>a  ciascuna controparte, garantendo al contempo velocit\u00e0 operativa e rigore valu<span class=\"_ _1\"></span>tativo.<span class=\"_ _2\"></span> L'efficacia  di <span class=\"_ _16\"> </span>questi  strumenti  si  tradu<span class=\"_ _1\"></span>ce  in  u<span class=\"_ _1\"></span>na  maggiore  industrializzazione  del <span class=\"_ _16\"> </span>processo  di concessione <span class=\"_ _f\"></span>d<span class=\"_ _2\"></span>el <span class=\"_ _f\"></span>cre<span class=\"_ _2\"></span>dito, <span class=\"_ _f\"></span>facil<span class=\"_ _2\"></span>itando <span class=\"_ _f\"></span>la realizzazione di<span class=\"_ _1\"></span> campagne <span class=\"_ _1\"></span>automatiche. Da <span class=\"_ _f\"></span>evidenziare \u00e8 la capacit\u00e0 <span class=\"_ _4\"> </span>di <span class=\"_ _17\"> </span>questi <span class=\"_ _4\"> </span>indicato<span class=\"_ _2\"></span>ri <span class=\"_ _4\"> </span>di <span class=\"_ _17\"> </span>considerare, <span class=\"_ _4\"> </span>in <span class=\"_ _17\"> </span>diverse <span class=\"_ _4\"> </span>fasi <span class=\"_ _17\"> </span>storiche, <span class=\"_ _17\"> </span>il <span class=\"_ _4\"> </span>contesto <span class=\"_ _17\"> </span>economico circostante, <span class=\"_ _2\"></span>come <span class=\"_ _2\"></span>evidenziato <span class=\"_ _2\"></span>durante <span class=\"_ _2\"></span>periodi <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>crisi <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>contesti <span class=\"_ _2\"></span>geopolitici <span class=\"_ _2\"></span>(ad <span class=\"_ _2\"></span>esempio, <span class=\"_ _2\"></span>conflitti bellici). <span class=\"_ _2\"></span>Queste <span class=\"_ _2\"></span>valutazioni<span class=\"_ _1\"></span> <span class=\"_ _2\"></span>sulla <span class=\"_ _2\"></span>capacit\u00e0 <span class=\"_ _2\"></span>creditizia <span class=\"_ _2\"></span>di pagament<span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>cons<span class=\"_ _2\"></span>entono di <span class=\"_ _2\"></span>contestualizzare e graduare le azioni commerciali in modo dinamico.  <span class=\"fce sca\"> </span>Inoltre, l'adozione<span class=\"_ _1\"></span> di me<span class=\"_ _1\"></span>todologie di Early Warning<span class=\"_ _1\"></span> sta progressiv<span class=\"_ _f\"></span>amente permettendo di su<span class=\"_ _1\"></span>perare il tradizionale concetto <span class=\"_ _2\"></span>di scadenze<span class=\"_ _1\"></span> di <span class=\"_ _2\"></span>revisioni periodiche, orientandosi<span class=\"_ _2\"></span> verso logiche di r<span class=\"_ _2\"></span>evisione di <span class=\"_ _2\"></span>merito <span class=\"_ _d\"></span>richieste <span class=\"_ _2\"></span>ad <span class=\"_ _2\"></span>evento, <span class=\"_ _2\"></span>ovvero <span class=\"_ _d\"></span>in <span class=\"_ _2\"></span>risposta <span class=\"_ _2\"></span>a <span class=\"_ _d\"></span>motivi <span class=\"_ _2\"></span>specifici <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>ischio <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>credito <span class=\"_ _2\"></span>at<span class=\"_ _2\"></span>teso <span class=\"_ _2\"></span>che emergono nel corso dell'attivit\u00e0. A  supporto  del  monitoraggio  del  rischio  di  credito,  il  consolidato  sistema <span class=\"_ _22\"> </span>di  early  warning <span class=\"_ _4\"> </span><span class=\"ls7e\">\u00e8 </span>integrato da<span class=\"_ _f\"></span> attivit\u00e0 d<span class=\"_ _1\"></span>i p<span class=\"_ _1\"></span>residio <span class=\"_ _f\"></span>rafforzato sull\u2019inte<span class=\"_ _1\"></span>ro portafoglio, <span class=\"_ _f\"></span>volte <span class=\"_ _1\"></span>a intercet<span class=\"_ _1\"></span>tare la<span class=\"_ _1\"></span> vu<span class=\"_ _1\"></span>lnerabilit\u00e0 delle <span class=\"_ _2\"></span>contr<span class=\"_ _2\"></span>oparti <span class=\"_ _2\"></span>rispetto <span class=\"_ _d\"></span>ai <span class=\"_ _d\"></span>mutamenti <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>cont<span class=\"_ _2\"></span>esto <span class=\"_ _d\"></span>macroeconomico <span class=\"_ _2\"></span>e <span class=\"_ _d\"></span>geopolitico. <span class=\"_ _2\"></span>Tale <span class=\"_ _d\"></span>analisi identifica i segmenti potenzialmente esposti a sho<span class=\"_ _2\"></span>ck deriv<span class=\"_ _1\"></span>anti dalla frammentazione delle catene di approvvigionamento e dall<span class=\"_ _1\"></span>a volatilit\u00e0 dei costi di produzione.<span class=\"_ _2\"></span> Nell'ultimo esercizio, <span class=\"_ _2\"></span>ad esempio, <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>presidio si \u00e8 <span class=\"_ _2\"></span>concentrato s<span class=\"_ _2\"></span>ulle<span class=\"_ _1\"></span> <span class=\"_ _2\"></span>controparti o<span class=\"_ _2\"></span>peranti<span class=\"_ _1\"></span> <span class=\"_ _2\"></span>nei settori manifatturieri <span class=\"_ _16\"> </span>export-oriented <span class=\"_ _16\"> </span>e <span class=\"_ _16\"> </span>nei <span class=\"_ _16\"> </span>comparti  e<span class=\"_ _f\"></span>nergi<span class=\"_ _2\"></span>vori <span class=\"_ _9\"> </span>ancor<span class=\"_ _2\"></span>a <span class=\"_ _16\"> </span>in <span class=\"_ _9\"> </span>fase  di <span class=\"_ _9\"> </span>tr<span class=\"_ _2\"></span>ansizione,<span class=\"_ _1\"></span>  quali <span class=\"_ _9\"> </span>l<span class=\"_ _2\"></span>a metallurgia <span class=\"_ _9\"> </span>e <span class=\"_ _16\"> </span>la <span class=\"_ _9\"> </span>ceramica, <span class=\"_ _9\"> </span>o<span class=\"_ _2\"></span>ltre <span class=\"_ _9\"> </span>al <span class=\"_ _9\"> </span>settore <span class=\"_ _16\"> </span>automotive, <span class=\"_ _9\"> </span>quest'ultimo <span class=\"_ _9\"> </span>particolarmente <span class=\"_ _16\"> </span>impattato<span class=\"_ _f\"></span> dalla <span class=\"_ _4\"> </span>t<span class=\"_ _2\"></span>rasformazione <span class=\"_ _4\"> </span>t<span class=\"_ _2\"></span>ecnologica <span class=\"_ _4\"> </span>e <span class=\"_ _17\"> </span>dalla <span class=\"_ _17\"> </span>ridefinizione <span class=\"_ _4\"> </span>delle <span class=\"_ _17\"> </span>rott<span class=\"_ _2\"></span>e <span class=\"_ _4\"> </span>commerciali <span class=\"_ _17\"> </span>internazionali<span class=\"_ _2\"></span><span class=\"sc2\">.<span class=\"fce sca\"> </span></span>Trimestra<span class=\"ff5\">lmente <span class=\"_ _1\"></span>viene <span class=\"_ _f\"></span>inoltre <span class=\"_ _f\"></span>presentato nel<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>comitato <span class=\"_ _f\"></span>Credit S<span class=\"_ _1\"></span>trategy <span class=\"_ _f\"></span>di <span class=\"_ _1\"></span>Gruppo, <span class=\"_ _f\"></span>il <span class=\"_ _f\"></span>\u201ct<span class=\"_ _2\"></span>ermogramma </span>settoriale\u201d <span class=\"_ _d\"></span>che <span class=\"_ _d\"></span>integra <span class=\"_ _d\"></span>al <span class=\"_ _d\"></span>suo <span class=\"_ _d\"></span>interno <span class=\"_ _d\"></span>una <span class=\"_ _d\"></span>valutazione <span class=\"_ _d\"></span>dei <span class=\"_ _2\"></span>rischi <span class=\"_ _d\"></span>geop<span class=\"_ _2\"></span><span class=\"ff4\">olitici <span class=\"_ _2\"></span>e <span class=\"_ _0\"></span>del <span class=\"_ _d\"></span>loro <span class=\"_ _d\"></span>impatto <span class=\"_ _d\"></span>sui </span><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsf70\">singoli  settori.<span class=\"fce sca lsfc\">  </span>Con  r<span class=\"_ _2\"></span>iferimento  al  quadro  internazionale <span class=\"_ _22\"> </span>e <span class=\"_ _4\"> </span>al<span class=\"_ _1\"></span>l'escalation <span class=\"_ _4\"> </span>del  conflitto  in  Iran, </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsf71\">scoppiato <span class=\"_ _4\"> </span>tra <span class=\"_ _4\"> </span>fine  febbraio <span class=\"_ _4\"> </span>ed <span class=\"_ _4\"> </span>inizio <span class=\"_ _4\"> </span>marzo <span class=\"_ _4\"> </span>2026, <span class=\"_ _4\"> </span>tale <span class=\"_ _4\"> </span>attivit\u00e0 <span class=\"_ _22\"> </span>di <span class=\"_ _4\"> </span>presidio <span class=\"_ _4\"> </span>rafforzato <span class=\"_ _4\"> </span>\u00e8 <span class=\"_ _4\"> </span>stata </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsf72\">ulteriormente potenzi<span class=\"_ _1\"></span>ata al fine <span class=\"_ _1\"></span>di poter, i<span class=\"_ _1\"></span>n maniera pi<span class=\"_ _1\"></span>\u00f9 mirata, attenzionare <span class=\"_ _f\"></span>gli effetti sulla q<span class=\"_ _1\"></span>ualit\u00e0 </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsf73\">del <span class=\"_ _0\"></span>portafoglio <span class=\"_ _9\"> </span>creditizio <span class=\"_ _9\"> </span>derivanti <span class=\"_ _9\"> </span>da <span class=\"_ _0\"></span>eventuali <span class=\"_ _0\"></span>s<span class=\"_ _2\"></span>hock <span class=\"_ _0\"></span>energetici, <span class=\"_ _9\"> </span>dalle <span class=\"_ _9\"> </span>dinamiche <span class=\"_ _0\"></span>inflattive <span class=\"_ _9\"> </span>e <span class=\"_ _9\"> </span>di </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsf74\">politica monetaria e dalle eventuali ripercu<span class=\"_ _1\"></span>ssioni sulle catene di approvvigionamento.<span class=\"_ _2\"></span><span class=\"fce sca\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsf75\">Il <span class=\"_ _2\"></span>Gruppo <span class=\"_ _2\"></span>ha <span class=\"_ _2\"></span>pienamente <span class=\"_ _2\"></span>integrato <span class=\"_ _2\"></span>nel <span class=\"_ _2\"></span>proprio <span class=\"_ _2\"></span>framework <span class=\"_ _2\"></span>operativo <span class=\"_ _2\"></span>le <span class=\"_ _2\"></span>linee <span class=\"_ _2\"></span>guida <span class=\"_ _2\"></span>EBA <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>mate<span class=\"_ _d\"></span>ria </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsf76\">di  Loan  Orig<span class=\"_ _1\"></span>ination  and  Monitoring  (<span class=\"_ _1\"></span>LOM),  consolidand<span class=\"_ _1\"></span>o  l'aderenza  ai  requi<span class=\"_ _1\"></span>siti  di  governance, </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsf77\">strategia <span class=\"_ _0\"></span>creditizia <span class=\"_ _0\"></span>e <span class=\"_ _0\"></span>architettura <span class=\"_ _9\"> </span>IT. <span class=\"_ _0\"></span>La <span class=\"_ _0\"></span>funzione <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>definizione <span class=\"_ _0\"></span>e <span class=\"_ _0\"></span>contr<span class=\"_ _2\"></span>ollo <span class=\"_ _d\"></span>dei <span class=\"_ _0\"></span>limiti <span class=\"_ _9\"> </span>di <span class=\"_ _0\"></span>rischio <span class=\"_ _0\"></span>\u00e8 </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsf78\">presidiata <span class=\"_ _d\"></span>dallo <span class=\"_ _d\"></span>specifico <span class=\"_ _d\"></span>Com<span class=\"_ _2\"></span>itato <span class=\"_ _d\"></span>Crediti <span class=\"_ _d\"></span>di <span class=\"_ _0\"></span>Gruppo, <span class=\"_ _0\"></span>incaricato <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>s<span class=\"_ _2\"></span>tabilire <span class=\"_ _d\"></span>la <span class=\"_ _d\"></span>Soglia <span class=\"_ _0\"></span>di <span class=\"_ _d\"></span>Massima </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsf79\">Esposizione <span class=\"_ _0\"></span>(SME). <span class=\"_ _0\"></span>Tale <span class=\"_ _0\"></span>soglia <span class=\"_ _0\"></span>rappresenta <span class=\"_ _0\"></span>il <span class=\"_ _0\"></span>cap <span class=\"_ _0\"></span>massimo <span class=\"_ _0\"></span>di <span class=\"_ _9\"> </span>rischio <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>credito <span class=\"_ _0\"></span>che <span class=\"_ _0\"></span>il <span class=\"_ _0\"></span>Gruppo <span class=\"_ _0\"></span>\u00e8 </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsf7a\">disposto <span class=\"_ _4\"> </span>ad <span class=\"_ _4\"> </span>assumere <span class=\"_ _22\"> </span>verso <span class=\"_ _4\"> </span>una <span class=\"_ _4\"> </span>singola <span class=\"_ _4\"> </span>controparte  o <span class=\"_ _4\"> </span>gruppi <span class=\"_ _4\"> </span>di  clienti <span class=\"_ _4\"> </span>connessi. <span class=\"_ _4\"> </span>Specifica </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsf7b\">disciplina \u00e8 prevista anche in ambito titoli </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsf7c\">La <span class=\"_ _d\"></span>determinazione<span class=\"_ _1\"></span> <span class=\"_ _d\"></span>della <span class=\"_ _2\"></span>S<span class=\"_ _2\"></span>ME <span class=\"_ _2\"></span>prende <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>primis <span class=\"_ _2\"></span>a <span class=\"_ _d\"></span>riferimento <span class=\"_ _d\"></span>il <span class=\"_ _d\"></span>Capitale<span class=\"_ _1\"></span> <span class=\"_ _d\"></span>Ammissibile <span class=\"_ _2\"></span>di <span class=\"_ _d\"></span>Gruppo <span class=\"_ _d\"></span>e <span class=\"_ _d\"></span>i </div><div class=\"t m0 hc ff4 fs1 fc1 sc0 ls0 ws0 gsf7d\">limiti prudenziali di Vigilanza.<span class=\"fs4\"> </span>La <span class=\"_ _2\"></span>determinazione della SME segue in via prevalente la metodologia </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsf7e\">basata <span class=\"_ _d\"></span>s<span class=\"_ _2\"></span>ui <span class=\"_ _d\"></span>limiti <span class=\"_ _d\"></span>di <span class=\"_ _0\"></span>affidamento <span class=\"_ _0\"></span>del <span class=\"_ _d\"></span>R<span class=\"_ _2\"></span>egolamento <span class=\"_ _d\"></span>Crediti <span class=\"_ _0\"></span>di <span class=\"_ _d\"></span>Gruppo <span class=\"_ _0\"></span>correlati <span class=\"_ _0\"></span>al <span class=\"_ _d\"></span>rating, <span class=\"_ _0\"></span>approccio </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsf7f\">ritenuto pi\u00f9 <span class=\"_ _1\"></span>prudente e<span class=\"_ _1\"></span> coerente con<span class=\"_ _f\"></span> le dimensioni <span class=\"_ _1\"></span>del Grupp<span class=\"_ _1\"></span>o rispetto ai<span class=\"_ _1\"></span> massimali d<span class=\"_ _1\"></span>i Vigi<span class=\"_ _1\"></span>lanza. In </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsf80\">tale  ambito, <span class=\"_ _16\"> </span>il <span class=\"_ _16\"> </span>Comitato  monitora <span class=\"_ _16\"> </span>e  rend<span class=\"_ _1\"></span>iconta  le <span class=\"_ _9\"> </span>posiz<span class=\"_ _2\"></span>ioni <span class=\"_ _16\"> </span>eccedenti  le <span class=\"_ _16\"> </span>soglie <span class=\"_ _16\"> </span>fissate,  fermo </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsf81\">restando <span class=\"_ _2\"></span>che <span class=\"_ _d\"></span>il <span class=\"_ _2\"></span>superamento <span class=\"_ _2\"></span>della <span class=\"_ _2\"></span>Soglia <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>Massima <span class=\"_ _d\"></span>Esposizione<span class=\"_ _1\"></span> <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _d\"></span>qualificato <span class=\"_ _2\"></span>come <span class=\"_ _2\"></span>Operazione </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gsf82\">di <span class=\"_ _0\"></span>Maggior <span class=\"_ _9\"> </span>Rilievo <span class=\"_ _0\"> </span>ai <span class=\"_ _9\"> </span>sensi <span class=\"_ _9\"> </span>della <span class=\"_ _9\"> </span>Circolare <span class=\"_ _9\"> </span>285 <span class=\"_ _0\"></span>di <span class=\"_ _9\"> </span>Banca <span class=\"_ _9\"> </span>d\u2019Italia, <span class=\"_ _0\"></span>attivando <span class=\"_ _9\"> </span>i <span class=\"_ _9\"> </span>flussi <span class=\"_ _0\"></span>informativi <span class=\"_ _9\"> </span>e <span class=\"_ _0\"></span>i </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsf83\">processi deliberativi rafforzati previ<span class=\"_ _1\"></span>sti dal sistema dei co<span class=\"_ _2\"></span>ntrolli interni. </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsf84\">Il Gruppo Credem ha <span class=\"_ _2\"></span>individuato come presupposto per la gestione dei r<span class=\"_ _2\"></span>ischi in ottica consolidata </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gsf85\">l\u2019individuazione di organismi di<span class=\"_ _1\"></span> governo: <span class=\"_ _2\"></span><span class=\"ff4\"> </span></div><div class=\"t m0 h5 ff13 fs1 fc1 sc0 ls0 ws0 gsf86\">-<span class=\"_ _1b\"> </span><span class=\"ff4\">CA <span class=\"_ _2\"></span>della <span class=\"_ _2\"></span>Capogruppo: \u00e8 <span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>esponsabile<span class=\"_ _1\"></span> <span class=\"_ _2\"></span>della <span class=\"_ _2\"></span>definizione <span class=\"_ _2\"></span>delle <span class=\"_ _2\"></span>linee <span class=\"_ _2\"></span>generali <span class=\"_ _2\"></span>del governo <span class=\"_ _d\"></span>dei rischi <span class=\"_ _0\"></span><span class=\"ls7e\">e </span></span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gsf87\">di <span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>isk <span class=\"_ _2\"></span>appetite, <span class=\"_ _2\"></span>dell\u2019approvazione <span class=\"_ _d\"></span>della <span class=\"_ _2\"></span>normat<span class=\"_ _2\"></span>iva <span class=\"_ _2\"></span>interna <span class=\"_ _d\"></span>che <span class=\"_ _2\"></span>regolamenta <span class=\"_ _d\"></span>anche <span class=\"_ _2\"></span>le <span class=\"_ _d\"></span>strutture <span class=\"_ _2\"></span>di<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsf88\">limiti specifiche;<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff13 fs1 fc1 sc0 ls0 ws0 gsf89\">-<span class=\"_ _1b\"> </span><span class=\"ff4\">i <span class=\"_ _9\"> </span>CA <span class=\"_ _0\"></span>delle <span class=\"_ _9\"> </span>singole <span class=\"_ _9\"> </span>Societ\u00e0 <span class=\"_ _9\"> </span>recepiscono <span class=\"_ _9\"> </span>gli <span class=\"_ _0\"></span>obi<span class=\"_ _2\"></span>ettivi <span class=\"_ _0\"></span>assegnati <span class=\"_ _9\"> </span>dal <span class=\"_ _9\"> </span>CA <span class=\"_ _9\"> </span>della <span class=\"_ _0\"> </span>Ca<span class=\"_ _2\"></span>pogruppo <span class=\"_ _0\"></span>r<span class=\"_ _2\"></span>iferiti <span class=\"_ _0\"></span>a </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsf8a\">mission e profilo di rischio;<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff13 fs1 fc1 sc0 ls0 ws0 gsf8b\">-<span class=\"_ _1b\"> </span><span class=\"ff4\">Comitato Esecutivo (di seguito CE): organo di gestione de<span class=\"_ _1\"></span>lla Capogruppo.<span class=\"_ _df\"> </span></span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gsf8c\">Sono inoltre state costituite Funzioni<span class=\"_ _1\"></span> specialistiche all\u2019interno della Capogruppo ed in particolare:<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff13 fs1 fc1 sc0 ls0 ws0 gsf8d\">-<span class=\"_ _1b\"> </span><span class=\"ff4\">Comitato Consiliare Rischi e Sostenibilit\u00e0 di Gruppo (di<span class=\"_ _1\"></span> seguito anche Comitato Rischi);<span class=\"_ _df\"> </span></span></div><div class=\"t m0 h5 ff13 fs1 fc1 sc0 ls0 ws0 gsf8e\">-<span class=\"_ _1b\"> </span><span class=\"ff4\">Comitato Risk Management;<span class=\"_ _df\"> </span></span></div><div class=\"t m0 h5 ff13 fs1 fc1 sc0 ls0 ws0 gsf8f\">-<span class=\"_ _1b\"> </span><span class=\"ff5\">Funzione di Risk Management, all\u2019interno del Servizio Enterprise Risk Manage<span class=\"_ _1\"></span>ment (ERISK).<span class=\"_ _df\"> </span></span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsf90\">La <span class=\"_ _f\"></span>Funzione <span class=\"_ _f\"></span>di <span class=\"_ _f\"></span>Risk M<span class=\"_ _1\"></span>anagement <span class=\"_ _1\"></span>\u00e8 <span class=\"_ _f\"></span>composta <span class=\"_ _1\"></span>oltre <span class=\"_ _f\"></span>che <span class=\"_ _f\"></span>dal <span class=\"_ _f\"></span>Team <span class=\"_ _f\"></span>Leader <span class=\"_ _1\"></span>di <span class=\"_ _f\"></span>Direzione <span class=\"_ _f\"></span>della <span class=\"_ _f\"></span>Fun<span class=\"_ _2\"></span>zione<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsf91\">Risk Management (c.d. Risk Officer),<span class=\"_ _1\"></span> individuato <span class=\"_ _2\"></span>nel responsabile de<span class=\"_ _1\"></span>l Servizio ERISK, da:<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff13 fs1 fc1 sc0 ls0 ws0 gsf92\">-<span class=\"_ _1b\"> </span><span class=\"ff4\">Team Modelli Rischi di Credito;<span class=\"_ _df\"> </span></span></div><div class=\"t m0 h5 ff13 fs1 fc1 sc0 ls0 ws0 gsf93\">-<span class=\"_ _1b\"> </span><span class=\"ff4\">Team Rating e Controlli Credito;<span class=\"_ _df\"> </span></span></div><div class=\"t m0 h5 ff13 fs1 fc1 sc0 ls0 ws0 gsf94\">-<span class=\"_ _1b\"> </span><span class=\"ff4\">Team Validazione;<span class=\"_ _df\"> </span></span></div><div class=\"t m0 h5 ff13 fs1 fc1 sc0 ls0 ws0 gsf95\">-<span class=\"_ _1b\"> </span><span class=\"ff4\">Team Governance, RAF, ESG e Operativi;<span class=\"_ _df\"> </span></span></div><div class=\"t m0 h5 ff13 fs1 fc1 sc0 ls0 ws0 gsf96\">-<span class=\"_ _1b\"> </span><span class=\"ff4\">Team Rischi Finanziari e Wealth;<span class=\"_ _df\"> </span></span></div><div class=\"t m0 h5 ff13 fs1 fc1 sc0 ls0 ws0 gsf97\">-<span class=\"_ _1b\"> </span><span class=\"ff4\">Information Security &amp; IT Risk Governance.<span class=\"_ _df\"> </span></span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsf98\">A  livel<span class=\"_ _1\"></span>lo  di  portafoglio,  le <span class=\"_ _16\"> </span>analisi  period<span class=\"_ _1\"></span>iche  e  i<span class=\"_ _1\"></span>l  monitoraggio  sono <span class=\"_ _16\"> </span>svolte  dall<span class=\"_ _1\"></span>a  funzione <span class=\"_ _16\"> </span>Risk<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsf99\">Management.<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsf9a\">Il Comitato Rischi svolge un ruolo di supporto <span class=\"_ _2\"></span><span class=\"ff5\">\u2013</span> che si esplica in una preventiva attivit\u00e0 consultiva,<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsf9b\">istruttoria <span class=\"_ _17\"> </span>e <span class=\"_ _14\"> </span>nella <span class=\"_ _17\"> </span>formulazione <span class=\"_ _17\"> </span>di <span class=\"_ _14\"> </span>proposte <span class=\"_ _17\"> </span>e <span class=\"_ _14\"> </span>pareri <span class=\"_ _14\"> </span><span class=\"ff5\">\u2013</span> <span class=\"_ _14\"> </span>al <span class=\"_ _14\"> </span>fine<span class=\"_ _1\"></span> <span class=\"_ _17\"> </span>di <span class=\"_ _14\"> </span>coadiuvare <span class=\"_ _17\"> </span>il <span class=\"_ _14\"> </span>Consiglio <span class=\"_ _17\"> </span>di </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsf9c\">Amministrazione nelle <span class=\"_ _2\"></span>sue valut<span class=\"_ _2\"></span>azioni e <span class=\"_ _2\"></span>decisioni r<span class=\"_ _2\"></span>elative<span class=\"_ _1\"></span> <span class=\"_ _2\"></span>alla gest<span class=\"_ _2\"></span>ione dei <span class=\"_ _2\"></span>rischi ed <span class=\"_ _2\"></span>in generale <span class=\"_ _2\"></span>al </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gsf9d\">sistema dei controlli <span class=\"_ _1\"></span>interni, pe<span class=\"_ _1\"></span>r garantirne l\u2019ade<span class=\"_ _1\"></span>guatezza rispetto alle caratteristiche<span class=\"_ _1\"></span> dell\u2019impresa </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsf9e\">in <span class=\"_ _2\"></span>relazione <span class=\"_ _2\"></span><span class=\"ff5\">all\u2019evoluzione <span class=\"_ _d\"></span>dell\u2019organizzazione <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>dell\u2019operativit\u00e0, <span class=\"_ _d\"></span>nonch\u00e9 <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>contesto<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>normativo <span class=\"_ _2\"></span>di </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsf9f\">riferimento. </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsfa0\">In <span class=\"_ _d\"></span>particolare, <span class=\"_ _0\"></span>la <span class=\"_ _d\"></span>funzione <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>Risk <span class=\"_ _d\"></span>Management <span class=\"_ _0\"></span>consente <span class=\"_ _d\"></span>a<span class=\"_ _2\"></span>l <span class=\"_ _d\"></span>Cons<span class=\"_ _2\"></span>iglio <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>Amministr<span class=\"_ _2\"></span>azione, <span class=\"_ _d\"></span>con <span class=\"_ _d\"></span>i<span class=\"_ _2\"></span>l </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsfa1\">supporto del Comitato <span class=\"_ _2\"></span>Rischi ed al <span class=\"_ _2\"></span>CA delle Societ\u00e0 (per la <span class=\"_ _2\"></span>parte di competenza) di <span class=\"_ _2\"></span>poter svolgere </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gsfa2\">un\u2019adeguata attivit\u00e0 valutativa volta a delibe<span class=\"_ _1\"></span>rare:<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff13 fs1 fc1 sc0 ls0 ws0 gsfa3\">-<span class=\"_ _1b\"> </span><span class=\"ff4\">il <span class=\"_ _2\"></span>Risk <span class=\"_ _2\"></span>Appetite <span class=\"_ _2\"></span>Framework <span class=\"_ _2\"></span>(con <span class=\"_ _2\"></span>particolare riferimento <span class=\"_ _2\"></span>alla <span class=\"_ _2\"></span>valutazione <span class=\"_ _2\"></span>degli <span class=\"_ _2\"></span>obiettivi <span class=\"_ _2\"></span>di r<span class=\"_ _2\"></span>ischio e<span class=\"_ _df\"> </span></span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsfa4\">delle <span class=\"_ _2\"></span>soglie d<span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>tolleranza) as<span class=\"_ _2\"></span>sicurando <span class=\"_ _2\"></span>che l'att<span class=\"_ _2\"></span>uazione sia <span class=\"_ _2\"></span>co<span class=\"_ _2\"></span>erente <span class=\"_ _2\"></span>con <span class=\"_ _2\"></span>gli <span class=\"_ _2\"></span>obiettivi <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>rischio <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>le </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsfa5\">soglie di tolleranza approvate;<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff13 fs1 fc1 sc0 ls0 ws0 gsfa6\">-<span class=\"_ _1b\"> </span><span class=\"ff5\">l\u2019andamento <span class=\"_ _d\"></span>trimestrale <span class=\"_ _2\"></span>del <span class=\"_ _d\"></span>profilo <span class=\"_ _2\"></span>di <span class=\"_ _d\"></span>rischio <span class=\"_ _d\"></span>assunto <span class=\"_ _2\"></span>nel <span class=\"_ _d\"></span>suo <span class=\"_ _d\"></span>compl<span class=\"_ _1\"></span>esso <span class=\"_ _d\"></span>rispetto <span class=\"_ _2\"></span>agli <span class=\"_ _d\"></span>obiettivi <span class=\"_ _2\"></span>di </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsfa7\">Risk <span class=\"_ _f\"></span>Appetite e<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>alle <span class=\"_ _1\"></span>soglie <span class=\"_ _1\"></span>di <span class=\"_ _f\"></span>toller<span class=\"_ _2\"></span>anza <span class=\"_ _f\"></span>relativamente <span class=\"_ _f\"></span>a tutti <span class=\"_ _f\"></span>gli i<span class=\"_ _1\"></span>ndicatori p<span class=\"_ _1\"></span>rev<span class=\"_ _2\"></span>isti <span class=\"_ _f\"></span>nel <span class=\"_ _1\"></span>RAF <span class=\"_ _1\"></span>di <span class=\"_ _f\"></span>Gruppo;<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff13 fs1 fc1 sc0 ls0 ws0 gsfa8\">-<span class=\"_ _1b\"> </span><span class=\"ff4\">il Piano di Recovery;<span class=\"_ _df\"> </span></span></div>i  criteri<span class=\"_ _1\"></span>  per <span class=\"_ _16\"> </span>indiv<span class=\"_ _1\"></span>iduare  le <span class=\"_ _9\"> </span>Operazioni  di <span class=\"_ _16\"> </span>Maggior <span class=\"_ _16\"> </span>Riliev<span class=\"_ _1\"></span>o  (OMR)  e<span class=\"_ _1\"></span>  approvare<span class=\"_ _f\"></span>  la <span class=\"_ _16\"> </span>rendicontazione<span class=\"_ _df\"> </span>annuale relativa;<span class=\"_ _df\"> </span>le <span class=\"_ _2\"></span>metodologie di <span class=\"_ _2\"></span>misurazione <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>controllo <span class=\"_ _2\"></span>dei <span class=\"_ _2\"></span>rischi <span class=\"_ _2\"></span>utilizzate <span class=\"_ _2\"></span>anch<span class=\"_ _1\"></span>e <span class=\"_ _2\"></span>ai <span class=\"_ _2\"></span>fini <span class=\"_ _2\"></span>del calcolo <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>ca<span class=\"_ _2\"></span>pitale<span class=\"_ _df\"> </span>interno e il perimetro dei rischi rile<span class=\"_ _1\"></span>vanti, nell\u2019ambito dei processi RAF, ICAAP e ILAAP.<span class=\"_ _df\"> </span>Il <span class=\"_ _2\"></span>2 <span class=\"_ _2\"></span>ot<span class=\"_ _2\"></span>tobre <span class=\"_ _2\"></span>2015 <span class=\"_ _d\"></span>la <span class=\"_ _2\"></span>Banca <span class=\"_ _d\"></span>d\u2019Italia <span class=\"_ _2\"></span>ha <span class=\"_ _2\"></span>autor<span class=\"_ _2\"></span>izzato <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>Gr<span class=\"_ _2\"></span>uppo <span class=\"_ _2\"></span>Credem <span class=\"_ _2\"></span>ad <span class=\"_ _2\"></span>utilizzare <span class=\"_ _d\"></span>dal <span class=\"_ _2\"></span>30 <span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>ettembre<span class=\"_ _df\"> </span>2015 <span class=\"_ _4\"> </span>il <span class=\"_ _4\"> </span>metodo <span class=\"_ _4\"> </span>IRB <span class=\"_ _22\"> </span>Advanced <span class=\"_ _4\"> </span>(parametri <span class=\"_ _4\"> </span>PD, <span class=\"_ _4\"> </span>LGD, <span class=\"_ _4\"> </span>EAD) <span class=\"_ _4\"> </span>per <span class=\"_ _22\"> </span>la <span class=\"_ _17\"> </span>quantificazione <span class=\"_ _4\"> </span>del <span class=\"_ _4\"> </span>requisito<span class=\"_ _df\"> </span>patrimoniale  a  fronte  de<span class=\"_ _1\"></span>l  rischio  di  credito  de<span class=\"_ _1\"></span>i  clienti  rientranti  nella  funzione<span class=\"_ _1\"></span>  regolamentare<span class=\"_ _df\"> </span>Corporate <span class=\"_ _4\"> </span>e <span class=\"_ _4\"> </span>Retail  di <span class=\"_ _4\"> </span>Credito <span class=\"_ _4\"> </span>Emiliano <span class=\"_ _22\"> </span>e <span class=\"_ _4\"> </span>Credemleasing. <span class=\"_ _4\"> </span>Relativamente <span class=\"_ _4\"> </span>ai <span class=\"_ _4\"> </span>modell<span class=\"_ _1\"></span>i <span class=\"_ _4\"> </span>interni, <span class=\"_ _4\"> </span>la<span class=\"_ _df\"> </span>funzione <span class=\"_ _2\"></span>di <span class=\"_ _d\"></span>Risk <span class=\"_ _d\"></span>management <span class=\"_ _2\"></span>consente <span class=\"_ _d\"></span>al <span class=\"_ _d\"></span>CA, <span class=\"_ _d\"></span>con <span class=\"_ _2\"></span>il <span class=\"_ _d\"></span>supporto <span class=\"_ _2\"></span>del <span class=\"_ _d\"></span>Comitato <span class=\"_ _d\"></span>Rischi <span class=\"_ _2\"></span>ed <span class=\"_ _d\"></span>al CA <span class=\"_ _d\"></span>delle<span class=\"_ _df\"> </span>Societ\u00e0 <span class=\"ff5\">(per  la  p<span class=\"_ _1\"></span>arte  di  competenza)  di<span class=\"_ _1\"></span>  poter  svolgere  un\u2019adegu<span class=\"_ _1\"></span>ata  attivit\u00e0  valutativa  volta  a<span class=\"_ _df\"> </span></span>deliberare:<span class=\"_ _df\"> </span>la <span class=\"_ _9\"> </span>confor<span class=\"_ _2\"></span>mit\u00e0 <span class=\"_ _9\"> </span>dei <span class=\"_ _9\"> </span>modelli <span class=\"_ _9\"> </span>inter<span class=\"_ _2\"></span>ni <span class=\"_ _9\"> </span>ai <span class=\"_ _16\"> </span>dettami <span class=\"_ _9\"> </span>previsti <span class=\"_ _16\"> </span>dalla <span class=\"_ _9\"> </span>regolamentazione <span class=\"_ _9\"> </span>prudenziale <span class=\"_ _9\"> </span>p<span class=\"_ _2\"></span>revio<span class=\"_ _df\"> </span>parere del Collegio Sindacale;<span class=\"_ _df\"> </span>i <span class=\"_ _d\"></span>parametri <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>ischio <span class=\"_ _2\"></span>relativi <span class=\"_ _2\"></span>ai <span class=\"_ _d\"></span>modelli <span class=\"_ _2\"></span>interni <span class=\"_ _d\"></span>utilizzati <span class=\"_ _2\"></span>previo <span class=\"_ _d\"></span>parere <span class=\"_ _d\"></span>preventivo <span class=\"_ _2\"></span>della <span class=\"_ _2\"></span>funzione <span class=\"_ _d\"></span>di<span class=\"_ _df\"> </span>convalida.<span class=\"_ _df\"> </span>Inoltre il team Validazione:<span class=\"_ _df\"> </span>effettua <span class=\"_ _0\"></span>la <span class=\"_ _0\"></span>convalida <span class=\"_ _9\"> </span>dei <span class=\"_ _0\"></span>modelli <span class=\"_ _9\"> </span>interni <span class=\"_ _0\"></span>come <span class=\"_ _0\"></span>previsto<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>dal <span class=\"_ _0\"></span>Regolamento <span class=\"_ _0\"></span>\u201c<span class=\"_ _2\"></span><span class=\"ff4\">G<span class=\"_ _2\"></span>estione <span class=\"_ _0\"></span>del <span class=\"_ _0\"></span>Sistema<span class=\"_ _df\"> </span></span>Interno di Rating\u201d e dal Regolamento Risk Manageme<span class=\"_ _1\"></span>nt di Gruppo;<span class=\"_ _df\"> </span>effettua verifiche sulle attivit\u00e0 di controllo andamentale d<span class=\"_ _1\"></span>el credito.<span class=\"_ _df\"> </span>2.3 M<span class=\"_ _1\"></span>etod<span class=\"_ _1\"></span>i di m<span class=\"_ _f\"></span>isurazio<span class=\"_ _1\"></span>ne del<span class=\"_ _1\"></span>le p<span class=\"_ _1\"></span>erdit<span class=\"_ _1\"></span>e atte<span class=\"_ _1\"></span>se<span class=\"_ _df\"> </span>Come <span class=\"_ _d\"></span>gi\u00e0 <span class=\"_ _d\"></span>esposto <span class=\"_ _d\"></span>nella <span class=\"_ _d\"></span>parte <span class=\"_ _d\"></span>A, <span class=\"_ _d\"></span>il <span class=\"_ _d\"></span>principio <span class=\"_ _d\"></span>contabile <span class=\"_ _d\"></span>IFRS <span class=\"_ _d\"></span>9 <span class=\"_ _d\"></span>pre<span class=\"_ _2\"></span>vede <span class=\"_ _2\"></span>cr<span class=\"_ _2\"></span>iteri <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>misurazione <span class=\"_ _d\"></span>delle<span class=\"_ _df\"> </span>perdite attese che <span class=\"_ _2\"></span>sono articolati su tr<span class=\"_ _2\"></span>e livelli<span class=\"_ _1\"></span> crescenti <span class=\"_ _2\"></span>di deterioramento <span class=\"_ _2\"></span>creditizi<span class=\"_ _1\"></span>o. Gli <span class=\"_ _2\"></span>strumenti<span class=\"_ _df\"> </span>finanziari <span class=\"_ _0\"></span>sono <span class=\"_ _0\"></span>raggruppati <span class=\"_ _0\"></span>in <span class=\"_ _0\"></span>tre <span class=\"_ _9\"> </span>Stage <span class=\"_ _0\"></span>(categorie <span class=\"_ _0\"></span>o <span class=\"_ _0\"></span>bucket), <span class=\"_ _0\"></span>sulla <span class=\"_ _0\"></span>base <span class=\"_ _0\"></span>del <span class=\"_ _0\"></span>r<span class=\"_ _2\"></span>ischio <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>credito <span class=\"_ _0\"></span>e<span class=\"_ _df\"> </span>dell'incremento del rischio di credito tra la rilev<span class=\"_ _1\"></span>azione iniziale e la data di riferimento del bilancio.<span class=\"_ _df\"> </span>Nel dettaglio:<span class=\"_ _df\"> </span>Stage <span class=\"_ _d\"></span>1: <span class=\"_ _0\"></span>strumenti <span class=\"_ _d\"></span>finanziari <span class=\"_ _0\"></span>performing <span class=\"_ _d\"></span>che <span class=\"_ _d\"></span>non <span class=\"_ _0\"></span>hanno <span class=\"_ _d\"></span>subito <span class=\"_ _d\"></span>un <span class=\"_ _0\"></span>significativo <span class=\"_ _d\"></span>incremento <span class=\"_ _d\"></span>della<span class=\"_ _df\"> </span>loro <span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>ischiosit\u00e0 <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>seguito <span class=\"_ _d\"></span>alla <span class=\"_ _d\"></span>rilev<span class=\"_ _1\"></span>azione<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>iniziale, <span class=\"_ _d\"></span>o <span class=\"_ _d\"></span>che <span class=\"_ _2\"></span>risultano <span class=\"_ _d\"></span>avere <span class=\"_ _2\"></span>una <span class=\"_ _d\"></span>bassa <span class=\"_ _2\"></span>rischiosit\u00e0 <span class=\"_ _d\"></span>alla<span class=\"_ _df\"> </span>data di mis<span class=\"_ _2\"></span>urazi<span class=\"_ _1\"></span>one (perimetro low <span class=\"_ _2\"></span>credit<span class=\"_ _1\"></span> risk). <span class=\"_ _2\"></span>In tal caso \u00e8 definita una rettifica <span class=\"_ _2\"></span>di valore pari alla<span class=\"_ _df\"> </span>perdita attesa entro i successivi 12 mesi de<span class=\"_ _1\"></span>lla vita residua dello strumento.<span class=\"_ _df\"> </span>Stage <span class=\"_ _d\"></span>2: <span class=\"_ _d\"></span>strumenti <span class=\"_ _d\"></span>finanziari <span class=\"_ _d\"></span>performing <span class=\"_ _d\"></span>che <span class=\"_ _d\"></span>hanno <span class=\"_ _d\"></span>subito <span class=\"_ _2\"></span>un <span class=\"_ _d\"></span>s<span class=\"_ _2\"></span>ig<span class=\"_ _1\"></span>nificativo <span class=\"_ _d\"></span>incremento <span class=\"_ _d\"></span>della <span class=\"_ _d\"></span>loro<span class=\"_ _df\"> </span>rischiosit\u00e0 <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>seguito <span class=\"_ _d\"></span>alla <span class=\"_ _d\"></span>rilevazione <span class=\"_ _d\"></span>iniziale <span class=\"_ _d\"></span>e <span class=\"_ _d\"></span>che <span class=\"_ _d\"></span>non <span class=\"_ _0\"></span>risultano <span class=\"_ _d\"></span>avere <span class=\"_ _d\"></span>una <span class=\"_ _d\"></span>bassa <span class=\"_ _d\"></span>rischiosit\u00e0 <span class=\"_ _0\"></span>alla<span class=\"_ _df\"> </span>data <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>misurazione. <span class=\"_ _d\"></span>In <span class=\"_ _d\"></span>tal <span class=\"_ _d\"></span>caso <span class=\"_ _d\"></span>\u00e8 <span class=\"_ _d\"></span>definita <span class=\"_ _d\"></span>una <span class=\"_ _d\"></span>rett<span class=\"_ _2\"></span>ifica <span class=\"_ _2\"></span>di <span class=\"_ _d\"></span>valore <span class=\"_ _d\"></span>p<span class=\"_ _2\"></span><span class=\"ff5\">ari <span class=\"_ _d\"></span>alla <span class=\"_ _d\"></span>perdita <span class=\"_ _d\"></span>at<span class=\"_ _2\"></span>tesa <span class=\"_ _d\"></span>nell\u2019<span class=\"_ _1\"></span>arco<span class=\"_ _df\"> </span></span>dell\u2019intera <span class=\"_ _f\"></span>vita <span class=\"_ _f\"></span>residua <span class=\"_ _f\"></span>dello stru<span class=\"_ _1\"></span>mento <span class=\"_ _f\"></span>(perdita <span class=\"_ _f\"></span>att<span class=\"_ _2\"></span>esa <span class=\"_ _f\"></span>sulla <span class=\"_ _f\"></span>vita <span class=\"_ _f\"></span>residua \u2013<span class=\"ff4\"> <span class=\"_ _f\"></span>lifetime <span class=\"_ _f\"></span>expected <span class=\"_ _f\"></span>losses).<span class=\"_ _df\"> </span></span>Stage 3: strumenti fi<span class=\"_ _1\"></span>nanziari deteriorati, che <span class=\"_ _1\"></span>mostrano oggettive e<span class=\"_ _1\"></span>videnze di una <span class=\"_ _1\"></span>perdita di v<span class=\"_ _1\"></span>alore.<span class=\"_ _df\"> </span>La <span class=\"_ _0\"></span>rettifica <span class=\"_ _0\"></span>di <span class=\"_ _9\"> </span>valore <span class=\"_ _0\"></span>\u00e8 <span class=\"_ _0\"></span>definita <span class=\"_ _9\"> </span>analiticamente <span class=\"_ _0\"></span>e <span class=\"_ _0\"></span>copre <span class=\"_ _0\"></span>la <span class=\"_ _9\"> </span>perdita <span class=\"_ _9\"> </span>attesa <span class=\"_ _0\"></span>nell'arco <span class=\"_ _0\"> </span>dell'intera <span class=\"_ _0\"></span>vita<span class=\"_ _df\"> </span>residua del credito (perdi<span class=\"_ _1\"></span>ta attesa <span class=\"_ _2\"></span>sulla vita residua <span class=\"ff5\">\u2013</span> lifetime expected losses).<span class=\"_ _df\"> </span>In  ge<span class=\"_ _1\"></span>nerale  le <span class=\"_ _16\"> </span>regole  d<span class=\"_ _1\"></span>i  allocazione <span class=\"_ _16\"> </span>nei <span class=\"_ _16\"> </span>tre  Stage <span class=\"_ _16\"> </span>definite <span class=\"_ _16\"> </span>dal  Grup<span class=\"_ _1\"></span>po  Crede<span class=\"_ _1\"></span>m,  si <span class=\"_ _16\"> </span>fondano  sui<span class=\"_ _df\"> </span>principali <span class=\"_ _15\"> </span>elementi <span class=\"_ _e\"> </span>forniti <span class=\"_ _e\"> </span>dal <span class=\"_ _15\"> </span>sistema <span class=\"_ _e\"> </span>di <span class=\"_ _15\"> </span>rating <span class=\"_ _e\"> </span>interno <span class=\"_ _15\"> </span>nonch\u00e9 <span class=\"_ _15\"> </span>sui <span class=\"_ _e\"> </span>principali <span class=\"_ _15\"> </span>indicatori <span class=\"_ _e\"> </span>di<span class=\"_ _df\"> </span>deterioramento creditizio monitorati dal Grupp<span class=\"_ _1\"></span>o Credem per la gestione del rischio.<span class=\"_ _df\"> </span>Il <span class=\"_ _0\"></span>Gruppo <span class=\"_ _0\"></span>identifica <span class=\"_ _0\"></span>la <span class=\"_ _0\"></span>presenza <span class=\"_ _9\"> </span>di <span class=\"_ _0\"></span>un <span class=\"_ _0\"></span>significativo <span class=\"_ _0\"></span>incremento <span class=\"_ _0\"></span>del <span class=\"_ _0\"></span>r<span class=\"_ _2\"></span>ischio <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>cr<span class=\"_ _2\"></span>edito <span class=\"_ _0\"></span>(SICR)<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>nella<span class=\"_ _df\"> </span>rilevazione di un de<span class=\"_ _1\"></span>terioramento di almeno 2 classi nel rating del<span class=\"_ _1\"></span>la controparte dal momento de<span class=\"_ _1\"></span>lla<span class=\"_ _df\"> </span>rilevazione <span class=\"_ _4\"> </span>iniziale. <span class=\"_ _4\"> </span>Se <span class=\"_ _4\"> </span>la <span class=\"_ _4\"> </span>controparte <span class=\"_ _4\"> </span>\u00e8 <span class=\"_ _4\"> </span>un <span class=\"_ _4\"> </span>Impresa <span class=\"_ _4\"> </span>operante <span class=\"_ _4\"> </span>in <span class=\"_ _4\"> </span>s<span class=\"_ _2\"></span>ettori <span class=\"_ _4\"> </span>ad <span class=\"_ _4\"> </span>elev<span class=\"_ _1\"></span>ata <span class=\"_ _4\"> </span>intensit\u00e0<span class=\"_ _df\"> </span>carbonica, <span class=\"_ _2\"></span>per <span class=\"_ _d\"></span>fattorizzare <span class=\"_ _2\"></span>nella <span class=\"_ _d\"></span>misurazione <span class=\"_ _2\"></span>del <span class=\"_ _d\"></span>SICR <span class=\"_ _2\"></span>gli <span class=\"_ _d\"></span>effetti <span class=\"_ _2\"></span>prospettici <span class=\"_ _d\"></span>dei <span class=\"_ _2\"></span>rischi <span class=\"_ _2\"></span>climatici, <span class=\"_ _0\"></span>la<span class=\"_ _df\"> </span>soglia <span class=\"_ _d\"></span>di <span class=\"_ _0\"></span>rilevazione <span class=\"_ _d\"></span>del <span class=\"_ _d\"></span>SICR <span class=\"_ _0\"></span>\u00e8 <span class=\"_ _d\"></span>modificata <span class=\"_ _0\"></span>a <span class=\"_ _d\"></span>un <span class=\"_ _0\"></span>deterioramento <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>almeno <span class=\"_ _0\"></span>1 <span class=\"_ _d\"></span>classe <span class=\"_ _0\"></span>di <span class=\"_ _d\"></span>rating.<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>Nel<span class=\"_ _df\"> </span>contempo le <span class=\"_ _1\"></span>classi di<span class=\"_ _1\"></span> rating as<span class=\"_ _1\"></span>similabili alla <span class=\"_ _1\"></span>categoria \u201cinve<span class=\"_ _1\"></span>stment<span class=\"_ _2\"></span><span class=\"ff4\">-</span>grade\u201d sono<span class=\"_ _1\"></span> consi<span class=\"ff4\">derate <span class=\"_ _1\"></span>profili<span class=\"_ _df\"> </span></span>di <span class=\"_ _d\"></span>bassa <span class=\"_ _d\"></span>r<span class=\"_ _2\"></span>ischiosit\u00e0; <span class=\"_ _d\"></span>le <span class=\"_ _d\"></span>esposizioni <span class=\"_ _d\"></span>che, <span class=\"_ _d\"></span>alla <span class=\"_ _0\"></span>data <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>misurazione, <span class=\"_ _0\"></span>rientrano <span class=\"_ _d\"></span>in <span class=\"_ _0\"></span>tali <span class=\"_ _d\"></span>categorie <span class=\"_ _d\"></span>sono<span class=\"_ _df\"> </span>classificate <span class=\"_ _14\"> </span>dall\u2019applicativo <span class=\"_ _15\"> </span>interno <span class=\"_ _15\"> </span>di <span class=\"_ _15\"> </span>riferimento <span class=\"_ _15\"> </span>in <span class=\"_ _15\"> </span>Stage <span class=\"_ _15\"> </span>1, <span class=\"_ _15\"> </span>senza <span class=\"_ _15\"> </span>necessit\u00e0 <span class=\"_ _14\"> </span>di <span class=\"_ _15\"> </span>verificare<span class=\"_ _df\"> </span>l\u2019eventuale <span class=\"_ _f\"></span>deterioramento del <span class=\"_ _f\"></span>merito <span class=\"_ _1\"></span>crediti<span class=\"ff4\">zio i<span class=\"_ _1\"></span>ntervenuto <span class=\"_ _f\"></span>a segu<span class=\"_ _1\"></span>ito d<span class=\"_ _1\"></span>ella <span class=\"_ _f\"></span>r<span class=\"_ _2\"></span>ilevazione <span class=\"_ _f\"></span>iniziale <span class=\"_ _f\"></span>(<span class=\"_ _2\"></span>c.d.<span class=\"_ _df\"> </span></span>low credit risk exemption).<span class=\"_ _df\"> </span>Inoltre <span class=\"_ _2\"></span>l\u2019inserimento <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>rapporto <span class=\"_ _2\"></span>nella <span class=\"_ _2\"></span>lista <span class=\"_ _2\"></span>dei <span class=\"_ _2\"></span>clienti <span class=\"_ _2\"></span>sotto<span class=\"_ _2\"></span> osservazione <span class=\"_ _2\"></span>perch\u00e9 <span class=\"_ _2\"></span>valutati <span class=\"_ _2\"></span>come <span class=\"_ _d\"></span>a<span class=\"_ _df\"> </span>maggior  rischio  di  deteriorament<span class=\"_ _2\"></span>o  (cd.  Watchlist),  la  presenza  di  m<span class=\"_ _2\"></span>isure  di <span class=\"_ _22\"> </span>for<span class=\"_ _2\"></span>bearance  o  di<span class=\"_ _df\"> </span>scaduto <span class=\"_ _0\"></span>continuativo <span class=\"_ _d\"></span>di <span class=\"_ _0\"></span>oltre <span class=\"_ _0\"></span>30 <span class=\"_ _9\"> </span>giorni <span class=\"_ _0\"></span>sono <span class=\"_ _d\"></span>considerati <span class=\"_ _0\"></span>segnali <span class=\"_ _0\"></span>oggettivi <span class=\"_ _d\"></span>d<span class=\"_ _2\"></span>i <span class=\"_ _d\"></span>deterioramento <span class=\"_ _0\"> </span>del<span class=\"_ _df\"> </span>merito <span class=\"_ _d\"></span>creditizio: <span class=\"_ _d\"></span>pertanto <span class=\"_ _d\"></span>gli <span class=\"_ _d\"></span>str<span class=\"_ _2\"></span>umenti <span class=\"_ _2\"></span>finanziari <span class=\"_ _d\"></span>c<span class=\"_ _2\"></span>he <span class=\"_ _2\"></span>pres<span class=\"_ _2\"></span>entano <span class=\"_ _d\"></span>tali <span class=\"_ _d\"></span>evidenze <span class=\"_ _d\"></span>sono <span class=\"_ _d\"></span>classificati<span class=\"_ _df\"> </span>direttamente <span class=\"_ _4\"> </span>in <span class=\"_ _4\"> </span>Stage <span class=\"_ _4\"> </span>2 <span class=\"_ _4\"> </span>senza <span class=\"_ _4\"> </span>valutare <span class=\"_ _17\"> </span>la <span class=\"_ _4\"> </span>contestuale <span class=\"_ _4\"> </span>presenza <span class=\"_ _4\"> </span>o <span class=\"_ _4\"> </span>meno <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>un <span class=\"_ _4\"> </span>significativo<span class=\"_ _df\"> </span>incremento <span class=\"_ _4\"> </span>del <span class=\"_ _4\"> </span>r<span class=\"_ _2\"></span>ischio <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>credito <span class=\"_ _17\"> </span>n\u00e9 <span class=\"_ _4\"> </span>tanto <span class=\"_ _17\"> </span>meno <span class=\"_ _4\"> </span>l\u2019aderenza <span class=\"_ _4\"> </span>ad <span class=\"_ _17\"> </span>un <span class=\"_ _17\"> </span>profilo <span class=\"_ _4\"> </span>ritenuto <span class=\"_ _17\"> </span>a <span class=\"_ _4\"> </span>bassa<span class=\"_ _df\"> </span>rischiosit\u00e0.<span class=\"_ _df\"> </span>Per <span class=\"_ _0\"></span>l\u2019identificazione <span class=\"_ _9\"> </span>dei <span class=\"_ _0\"> </span>cr<span class=\"_ _2\"></span>editi <span class=\"_ _0\"></span>deteriorati, <span class=\"_ _9\"> </span>e <span class=\"_ _0\"></span>la <span class=\"_ _9\"> </span>loro <span class=\"_ _9\"> </span>allocazione <span class=\"_ _0\"></span>nel <span class=\"_ _9\"> </span>bucket <span class=\"_ _0\"></span>di <span class=\"_ _9\"> </span>rischio <span class=\"_ _9\"> </span>Stage<span class=\"_ _2\"></span><span class=\"ff4\"> <span class=\"_ _9\"> </span>3, <span class=\"_ _9\"> </span>il<span class=\"_ _df\"> </span></span>Gruppo <span class=\"_ _4\"> </span>Credem <span class=\"_ _4\"> </span>fa <span class=\"_ _4\"> </span>riferimento <span class=\"_ _4\"> </span>alla <span class=\"_ _4\"> </span>definizione <span class=\"_ _4\"> </span>interna <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>credito <span class=\"_ _4\"> </span>deteriorato <span class=\"_ _17\"> </span>disciplinata <span class=\"_ _4\"> </span>nel regolamento <span class=\"_ _f\"></span>\u201cPolicy di<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>gruppo <span class=\"_ _f\"></span>Crediti\u201d. <span class=\"_ _1\"></span>Tale <span class=\"_ _f\"></span>regolamento spe<span class=\"_ _1\"></span>cifica <span class=\"_ _f\"></span>che sono <span class=\"_ _f\"></span>considerate <span class=\"_ _f\"></span>\u201cdefault\u201d<span class=\"_ _df\"> </span>le <span class=\"_ _d\"></span>categorie <span class=\"_ _d\"></span>di <span class=\"_ _0\"></span>crediti <span class=\"_ _d\"></span>deteriorati <span class=\"_ _d\"></span>in <span class=\"_ _0\"></span>conformit\u00e0 <span class=\"_ _d\"></span>a <span class=\"_ _d\"></span>quanto<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>previsto <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>materia <span class=\"_ _0\"></span>dalle <span class=\"_ _d\"></span>disposizioni <span class=\"_ _d\"></span>di Vigilanza <span class=\"_ _d\"></span>d<span class=\"_ _2\"></span>ella <span class=\"_ _d\"></span>Banca <span class=\"_ _0\"></span>d\u2019Italia <span class=\"_ _0\"></span>(Ci<span class=\"_ _2\"></span>rcolare <span class=\"_ _0\"></span>n. <span class=\"_ _d\"></span>272 <span class=\"_ _0\"></span>30<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>luglio <span class=\"_ _0\"></span>2008 <span class=\"_ _0\"></span>\u201cMatrice <span class=\"_ _0\"></span>dei <span class=\"_ _0\"></span>conti\u201d, <span class=\"_ _0\"></span>Sez. <span class=\"_ _0\"></span>B <span class=\"_ _0\"></span>Cap. <span class=\"_ _0\"></span>II, \u201cQualit\u00e0 <span class=\"_ _0\"></span>del <span class=\"_ _0\"></span>credito\u201d, <span class=\"_ _0\"> </span>1<span class=\"_ _2\"></span>6\u00b0 <span class=\"_ _0\"></span>aggiornamento <span class=\"_ _0\"></span>del <span class=\"_ _0\"></span>2 <span class=\"_ _0\"></span>novembre <span class=\"_ _0\"></span>2022)<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>dove <span class=\"_ _0\"></span>sono <span class=\"_ _9\"> </span>elencati <span class=\"_ _0\"></span>i <span class=\"_ _0\"></span>criteri <span class=\"_ _0\"></span>e <span class=\"_ _9\"> </span>le caratteristiche <span class=\"_ _4\"> </span>richiesti <span class=\"_ _4\"> </span>per <span class=\"_ _4\"> </span>ogni <span class=\"_ _4\"> </span>categoria. <span class=\"_ _4\"> </span>La <span class=\"_ _4\"> </span>definizione <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>default <span class=\"_ _4\"> </span>comprende <span class=\"_ _4\"> </span>le <span class=\"_ _4\"> </span>seguenti categorie, che rappresentano stati di \u201cdefault\u201d di severit\u00e0 crescente:<span class=\"ff4\"> </span>-<span class=\"_ _1b\"> </span><span class=\"ff4\">esposizioni scadute e/o sconfinanti deteriorate (PS);<span class=\"_ _df\"> </span></span>-<span class=\"_ _1b\"> </span><span class=\"ff4\">inadempienze probabili (IP);<span class=\"_ _df\"> </span></span>-<span class=\"_ _1b\"> </span><span class=\"ff4\">sofferenze (Z).<span class=\"_ _df\"> </span></span>Per g<span class=\"_ _1\"></span>li <span class=\"ff5\">st<span class=\"_ _1\"></span>rumenti fi<span class=\"_ _1\"></span>nanziari all<span class=\"_ _1\"></span>ocati in <span class=\"_ _f\"></span>Stage 3, <span class=\"_ _f\"></span>le <span class=\"_ _f\"></span>r<span class=\"_ _2\"></span>ettifiche <span class=\"_ _f\"></span>di valore <span class=\"_ _f\"></span>sono defini<span class=\"_ _1\"></span>te su <span class=\"_ _f\"></span>base \u201cesperta\u201d<span class=\"ff4\">, </span></span>ad <span class=\"_ _9\"> </span>esclusione <span class=\"_ _0\"> </span>d<span class=\"_ _2\"></span>elle <span class=\"_ _9\"> </span>posizioni <span class=\"_ _0\"> </span>s<span class=\"_ _2\"></span>cadute <span class=\"_ _0\"></span>deteriorate <span class=\"_ _16\"> </span>e <span class=\"_ _0\"> </span>delle <span class=\"_ _9\"> </span>posizioni <span class=\"_ _9\"> </span>classificate <span class=\"_ _9\"> </span>a <span class=\"_ _16\"> </span>sofferenza <span class=\"_ _0\"></span>ed<span class=\"_ _df\"> </span>inadempienza <span class=\"_ _2\"></span>probabile <span class=\"_ _d\"></span>di <span class=\"_ _2\"></span>valore <span class=\"_ _d\"></span>inferiore <span class=\"_ _d\"></span>a <span class=\"_ _d\"></span>25 <span class=\"_ _d\"></span>mila <span class=\"_ _2\"></span>euro<span class=\"_ _2\"></span><span class=\"ls1a\">in</span> <span class=\"_ _2\"></span><span class=\"ff5\">r<span class=\"_ _2\"></span>elazione<span class=\"_ _1\"></span> <span class=\"_ _d\"></span>alle <span class=\"_ _2\"></span>evidenze <span class=\"_ _d\"></span>dell\u2019attivit\u00e0 <span class=\"_ _d\"></span>di </span>gestione e recupero dei crediti deteriorati: per ciascun credito anomalo/deteriorato, \u00e8 identificata una <span class=\"_ _f\"></span>percentuale <span class=\"_ _1\"></span>di <span class=\"_ _f\"></span>copertura idone<span class=\"_ _1\"></span>a <span class=\"_ _f\"></span>a rappresentare <span class=\"_ _f\"></span>le <span class=\"_ _1\"></span>perdite <span class=\"_ _f\"></span>attese <span class=\"_ _1\"></span>nella <span class=\"_ _f\"></span>vita resid<span class=\"_ _1\"></span>ua <span class=\"_ _f\"></span>del <span class=\"_ _1\"></span>credito, in r<span class=\"_ _2\"></span>elazion<span class=\"ff5\">e all\u2019analisi di <span class=\"_ _2\"></span>caratteristiche <span class=\"_ _2\"></span>rilevanti quali: <span class=\"_ _2\"></span>tipologia di <span class=\"_ _2\"></span>prodotto <span class=\"_ _2\"></span>creditizio, ammontare<span class=\"_ _df\"> </span></span>dell\u2019esposizione creditizia, anzianit\u00e0 dello stato di de<span class=\"_ _1\"></span>terioramento, presenza o meno di garanzia a supporto (tipologia di garanzia e liv<span class=\"_ _1\"></span>ello di copertura \u201cloan t<span class=\"_ _2\"></span>o value\u201d).<span class=\"_ _df\"> </span>In <span class=\"_ _d\"></span>particolare, <span class=\"_ _0\"></span>il <span class=\"_ _d\"></span>Gruppo <span class=\"_ _d\"></span>ritiene <span class=\"_ _d\"></span>che <span class=\"_ _0\"></span>un <span class=\"_ _d\"></span>periodo <span class=\"_ _d\"></span>pro<span class=\"_ _2\"></span>lungato <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>stato <span class=\"_ _d\"></span>di <span class=\"_ _0\"></span>non <span class=\"_ _d\"></span>performing <span class=\"_ _0\"></span>loan <span class=\"_ _d\"></span>(NPL) aumenta <span class=\"_ _0\"></span>la <span class=\"_ _0\"></span>perdita <span class=\"_ _0\"></span>attesa <span class=\"_ _9\"> </span>e <span class=\"_ _d\"></span>pu\u00f2 <span class=\"_ _9\"> </span>influire <span class=\"_ _d\"></span>s<span class=\"_ _2\"></span>ul <span class=\"_ _0\"></span>valore <span class=\"_ _0\"></span>delle <span class=\"_ _d\"></span>gar<span class=\"_ _2\"></span>anzi<span class=\"_ _1\"></span>e. <span class=\"_ _0\"></span>La <span class=\"_ _0\"></span>data <span class=\"_ _9\"> </span>di <span class=\"_ _0\"></span>ingresso <span class=\"_ _0\"></span>a <span class=\"_ _0\"></span>default<span class=\"_ _df\"> </span>ininterrotto \u00e8 quindi identificata come indicatore chiave del deterioramento del credito.<span class=\"_ _df\"> </span>Sugli strumenti finanziari allocati in <span class=\"_ _2\"></span>Stage 1 e 2, la determinazione delle perdite <span class=\"_ _2\"></span>attese avviene per categorie di crediti omogenee in termini di rischio di credito. In particolare, a ciascuna attivit\u00e0 con caratteristiche simili in termini di rischio di credito, sono associa<span class=\"_ _1\"></span>te:<span class=\"_ _df\"> </span>-<span class=\"_ _1b\"> </span><span class=\"ff5\">una probabilit\u00e0 di inadempienza (PD, \u201cProbabili<span class=\"_ _1\"></span>t\u00e0 di Default\u201d);<span class=\"_ _df\"> </span></span>-<span class=\"_ _1b\"> </span><span class=\"ff5\">una perdita in caso di inadempi<span class=\"_ _1\"></span>enza (LGD, \u201cLoss Given Default\u201d) commisurata anche<span class=\"_ _1\"></span> alla tipologia </span>di finanziamento, ossia alla forma tecnica, alla tipologia di garanzia o ad altri fattori rilev<span class=\"_ _1\"></span>anti;<span class=\"_ _df\"> </span>-<span class=\"_ _1b\"> </span><span class=\"ff5\">una esposizione in caso di inadempienza (EAD, \u201cExposure at default\u201d)<span class=\"_ _df\"> </span></span>-<span class=\"_ _1b\"> </span><span class=\"ff4\">una scadenza stimata nel caso di esposizione<span class=\"_ _1\"></span> senza scadenza contr<span class=\"_ _2\"></span>attuale (M<span class=\"_ _1\"></span>aturity).<span class=\"_ _df\"> </span></span>In <span class=\"_ _2\"></span>generale, <span class=\"_ _2\"></span>i <span class=\"_ _d\"></span>parametri <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>ris<span class=\"_ _2\"></span>chio <span class=\"_ _2\"></span>adottati <span class=\"_ _2\"></span>dal <span class=\"_ _2\"></span>Gruppo <span class=\"_ _d\"></span>per <span class=\"_ _2\"></span>determinare <span class=\"_ _2\"></span>le <span class=\"_ _2\"></span>rettifiche <span class=\"_ _2\"></span>di <span class=\"_ _d\"></span>valore <span class=\"_ _2\"></span>sono basati <span class=\"_ _d\"></span>sulle <span class=\"_ _0\"></span>medesime <span class=\"_ _d\"></span>ipotesi <span class=\"_ _d\"></span>e <span class=\"_ _0\"></span>tecniche <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>st<span class=\"_ _2\"></span>ima <span class=\"_ _d\"></span>dei <span class=\"_ _d\"></span>modelli <span class=\"_ _0\"></span>interni, <span class=\"_ _d\"></span>nella <span class=\"_ _d\"></span>vers<span class=\"_ _2\"></span>ione <span class=\"_ _d\"></span>pi\u00f9 <span class=\"_ _d\"></span>recente<span class=\"_ _df\"> </span>condivisa <span class=\"_ _2\"></span>(o <span class=\"_ _d\"></span>comunque<span class=\"_ _1\"></span> <span class=\"_ _2\"></span>in <span class=\"_ _d\"></span>corso <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>condivisione) <span class=\"_ _2\"></span>con <span class=\"_ _d\"></span>l\u2019autorit\u00e0 <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>vigilanza, <span class=\"_ _2\"></span>per <span class=\"_ _d\"></span>la <span class=\"_ _2\"></span>quan<span class=\"_ _2\"></span><span class=\"ff4\">tificazione </span>del requi<span class=\"_ _1\"></span>sito patrimoniale a fronte del rischio di<span class=\"_ _f\"></span> <span class=\"_ _2\"></span>credito con met<span class=\"_ _1\"></span>odologia IRB Adv<span class=\"_ _1\"></span>anced (parametri PD, LGD, EAD)<span class=\"_ _1\"></span>. A differenza di <span class=\"_ _1\"></span>questi ultimi che sono de<span class=\"_ _1\"></span>finiti tramite un <span class=\"_ _1\"></span>approccio di media lu<span class=\"_ _1\"></span>ngo il ciclo <span class=\"_ _14\"> </span>(\u201ctr<span class=\"_ _2\"></span>uogh<span class=\"ff4\">-the-</span>cycle<span class=\"_ _1\"></span>\u201d) <span class=\"_ _15\"> </span>e <span class=\"_ _15\"> </span>di <span class=\"_ _15\"> </span>inclusione <span class=\"_ _14\"> </span><span class=\"ff4\">d<span class=\"_ _2\"></span>i <span class=\"_ _14\"> </span>condizioni <span class=\"_ _15\"> </span>macroeconomiche <span class=\"_ _15\"> </span>sfavorevoli <span class=\"_ _14\"> </span>(fase </span>recessiva <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>\u201cdownturn\u201d), <span class=\"_ _0\"></span>i <span class=\"_ _9\"> </span>parametri <span class=\"_ _0\"></span>adottati <span class=\"_ _0\"></span>per <span class=\"_ _0\"></span>la <span class=\"_ _0\"></span>determinazione <span class=\"_ _0\"></span>delle <span class=\"_ _0\"></span>rettifiche <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>valore <span class=\"_ _0\"> </span>ai sensi <span class=\"_ _f\"></span>dell\u2019IFRS <span class=\"_ _1\"></span>9, <span class=\"_ _f\"></span>sono fondati <span class=\"_ _f\"></span>su <span class=\"_ _f\"></span>una logi<span class=\"_ _1\"></span>ca <span class=\"_ _1\"></span>puntuale <span class=\"_ _f\"></span>(c.d. <span class=\"_ _f\"></span>\u201cpoint in <span class=\"_ _f\"></span>time\u201d) <span class=\"_ _f\"></span>e previ<span class=\"_ _1\"></span>sionale <span class=\"_ _f\"></span>(\u201cforwar<span class=\"_ _2\"></span>d<span class=\"ff4\">-<span class=\"_ _df\"> </span></span>lookin<span class=\"ff5\">g\u201d), <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>modo <span class=\"_ _d\"></span>da <span class=\"_ _2\"></span>essere <span class=\"_ _2\"></span>idonei <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>appresentare<span class=\"_ _1\"></span> <span class=\"_ _2\"></span>la <span class=\"_ _d\"></span>congiuntura <span class=\"_ _2\"></span>macroeconomica <span class=\"_ _2\"></span>presente <span class=\"_ _2\"></span>e </span>prevista <span class=\"_ _15\"> </span>nel <span class=\"_ _15\"> </span>breve-medio <span class=\"_ _e\"> </span>termine, <span class=\"_ _15\"> </span>nonch\u00e9 <span class=\"_ _15\"> </span>g<span class=\"_ _2\"></span>li <span class=\"_ _14\"> </span>e<span class=\"_ _2\"></span>ffetti <span class=\"_ _15\"> </span>climatici. <span class=\"_ _15\"> </span>Pertant<span class=\"_ _2\"></span>o <span class=\"_ _15\"> </span>essi <span class=\"_ _15\"> </span>sono <span class=\"_ _15\"> </span>stimati prendendo <span class=\"_ _4\"> </span>in<span class=\"_ _2\"></span> <span class=\"_ _17\"> </span>considerazione <span class=\"_ _17\"> </span>sia <span class=\"_ _17\"> </span>i <span class=\"_ _17\"> </span>dati <span class=\"_ _14\"> </span>storici, <span class=\"_ _17\"> </span>laddove <span class=\"_ _17\"> </span>siano <span class=\"_ _17\"> </span>st<span class=\"_ _2\"></span>ate <span class=\"_ _4\"> </span>identifica<span class=\"_ _2\"></span>te <span class=\"_ _17\"> </span>tendenze <span class=\"_ _17\"> </span>e correlazioni <span class=\"_ _0\"></span>con <span class=\"_ _0\"></span>il <span class=\"_ _0\"></span>rischio <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>credito, <span class=\"_ _0\"> </span>s<span class=\"_ _2\"></span>ia <span class=\"_ _d\"></span>indicatori <span class=\"_ _9\"> </span>previsionali <span class=\"_ _d\"></span>di <span class=\"_ _9\"> </span>eventi <span class=\"_ _d\"></span>at<span class=\"_ _2\"></span>tesi <span class=\"_ _0\"></span>nonch\u00e9 <span class=\"_ _0\"></span>previsioni sull\u2019andamento del ciclo macroeconomico e cambiamento climatico.<span class=\"_ _df\"> </span>Le rettifiche <span class=\"_ _2\"></span>di valore so<span class=\"_ _2\"></span>no quindi d<span class=\"_ _2\"></span>eterminate valutando una <span class=\"_ _2\"></span>gamma di pos<span class=\"_ _2\"></span>sibili <span class=\"_ _2\"></span>risultati in <span class=\"_ _2\"></span>modo da <span class=\"_ _0\"></span>riflettere <span class=\"_ _0\"></span>un <span class=\"_ _d\"></span>importo <span class=\"_ _0\"></span>obiettivo <span class=\"_ _0\"></span>ponderato <span class=\"_ _d\"></span>in <span class=\"_ _0\"></span>relazione <span class=\"_ _d\"></span>alle <span class=\"_ _0\"></span>rispettive <span class=\"_ _0\"></span>probabilit\u00e0 <span class=\"_ _0\"></span>di <span class=\"_ _d\"></span>r<span class=\"_ _2\"></span>ealizzo. <span class=\"_ _0\"></span>In particolare, <span class=\"_ _14\"> </span>per <span class=\"_ _14\"> </span>r<span class=\"_ _2\"></span>iflettere <span class=\"_ _17\"> </span>le <span class=\"_ _15\"> </span>implicaz<span class=\"_ _1\"></span>ioni <span class=\"_ _15\"> </span>legate <span class=\"_ _14\"> </span>alla <span class=\"_ _14\"> </span>s<span class=\"_ _2\"></span>ituazione <span class=\"_ _17\"> </span>climatica <span class=\"_ _15\"> </span>e <span class=\"_ _14\"> </span>valutare <span class=\"_ _14\"> </span>diverse traiettorie <span class=\"_ _0\"></span>di <span class=\"_ _d\"></span>de-carbonizzazione, <span class=\"_ _0\"></span>sono <span class=\"_ _0\"></span>considerati <span class=\"_ _0\"></span>tre <span class=\"_ _0\"></span>scenari<span class=\"ls1b\">, <span class=\"_ _0\"></span></span><span class=\"ff5\">tr<span class=\"_ _2\"></span>a <span class=\"_ _d\"></span>quelli <span class=\"_ _0\"></span>forniti <span class=\"_ _0\"></span>dall\u2019NGFS<span class=\"_ _df\"> </span></span>73: <span class=\"_ _0\"></span>uno scenario <span class=\"_ _9\"> </span>\u201cHot <span class=\"_ _9\"> </span>House <span class=\"_ _9\"> </span>Wor<span class=\"_ _2\"></span>ld\u201c <span class=\"_ _0\"></span>(privo <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>politiche <span class=\"_ _9\"> </span>climatiche <span class=\"_ _9\"> </span>efficaci), <span class=\"_ _9\"> </span>uno <span class=\"_ _9\"> </span>scenario <span class=\"_ _16\"> </span>di <span class=\"_ _0\"></span>t<span class=\"_ _2\"></span>ransizione ordinata <span class=\"_ _16\"> </span>ed <span class=\"_ _9\"> </span>uno  di <span class=\"_ _9\"> </span>tr<span class=\"_ _2\"></span>ansizione <span class=\"_ _16\"> </span>disordinata. <span class=\"_ _9\"> </span>L\u2019analisi  degli <span class=\"_ _9\"> </span>effetti  previsti <span class=\"_ _9\"> </span>su  ciascuno <span class=\"_ _9\"> </span>sce<span class=\"_ _2\"></span><span class=\"ff4\">nario<span class=\"_ _df\"> </span></span>consente <span class=\"_ _18\"> </span>la <span class=\"_ _18\"> </span>calibrazione <span class=\"_ _18\"> </span>di <span class=\"_ _18\"> </span>un <span class=\"_ _18\"> </span>effetto <span class=\"_ _19\"> </span>climatico <span class=\"_ _10\"> </span>s<span class=\"_ _2\"></span>intetico,<span class=\"_ _1\"></span> <span class=\"_ _18\"> </span>adottato <span class=\"_ _18\"> </span>per <span class=\"_ _18\"> </span>condizionare <span class=\"_ _19\"> </span>al cambiamento <span class=\"_ _1\"></span>climatico i<span class=\"_ _f\"></span> parametri <span class=\"_ _1\"></span>di <span class=\"_ _f\"></span>rischio adottati <span class=\"_ _f\"></span>per il <span class=\"_ _f\"></span>calcolo del<span class=\"_ _1\"></span>le <span class=\"_ _1\"></span>perdite <span class=\"_ _1\"></span>attese <span class=\"_ _1\"></span>su ciascu<span class=\"_ _1\"></span>no scenario macro<span class=\"_ _2\"></span>-economico. In relazione alle <span class=\"_ _2\"></span>previsioni finanziari<span class=\"_ _2\"></span>e e macro<span class=\"_ _2\"></span>-economiche il Grupp<span class=\"_ _2\"></span>o considera <span class=\"_ _9\"> </span>tr<span class=\"_ _2\"></span>e <span class=\"_ _9\"> </span>scenari <span class=\"_ _16\"> </span>di <span class=\"_ _9\"> </span>severit\u00e0 <span class=\"_ _9\"> </span>crescente <span class=\"_ _16\"> </span>e <span class=\"_ _9\"> </span>ne <span class=\"_ _16\"> </span>proietta <span class=\"_ _9\"> </span>l\u2019andamento  sui<span class=\"_ _1\"></span> <span class=\"_ _9\"> </span>paramet<span class=\"_ _2\"></span>ri <span class=\"_ _9\"> </span>di <span class=\"_ _16\"> </span>rischio<span class=\"_ _df\"> </span>adottati <span class=\"_ _14\"> </span>per <span class=\"_ _14\"> </span>la <span class=\"_ _17\"> </span>mis<span class=\"_ _2\"></span>urazione <span class=\"_ _17\"> </span>delle <span class=\"_ _14\"> </span>perdite <span class=\"_ _17\"> </span>att<span class=\"_ _2\"></span>ese, <span class=\"_ _17\"> </span>in <span class=\"_ _14\"> </span>modo <span class=\"_ _14\"> </span>che <span class=\"_ _14\"> </span>essi <span class=\"_ _14\"> </span>riflettano <span class=\"_ _14\"> </span>le <span class=\"_ _14\"> </span>condizioni macroeconomiche <span class=\"_ _5\"> </span>attese <span class=\"_ _6\"> </span>da <span class=\"_ _5\"> </span>t<span class=\"_ _2\"></span>ali <span class=\"_ _5\"> </span>scenari. <span class=\"_ _6\"> </span>Le <span class=\"_ _5\"> </span>tecniche <span class=\"_ _6\"> </span>di <span class=\"_ _5\"> </span>condizionamento <span class=\"_ _5\"> </span>al <span class=\"_ _6\"> </span>ciclo<span class=\"_ _df\"> </span>macroeconomico <span class=\"_ _f\"></span>ricalcano <span class=\"_ _f\"></span>le <span class=\"_ _f\"></span>lo<span class=\"_ _2\"></span>giche <span class=\"_ _11\"></span>a<span class=\"_ _2\"></span>dottate <span class=\"_ _f\"></span>dal <span class=\"_ _f\"></span>Gr<span class=\"_ _2\"></span>uppo <span class=\"_ _11\"></span>per <span class=\"_ _1\"></span>la <span class=\"_ _f\"></span>conduzione <span class=\"_ _f\"></span>d<span class=\"_ _2\"></span>egli <span class=\"_ _f\"></span>esercizi <span class=\"_ _f\"></span>di <span class=\"_ _f\"></span>str<span class=\"_ _2\"></span>ess testing indetti dagli organi europei di supervisione<span class=\"_ _f\"></span>:<span class=\"_ _df\"> </span>-<span class=\"_ _1b\"> </span><span class=\"ff4\">metodi di condizionamento <span class=\"_ _2\"></span>al ciclo <span class=\"_ _2\"></span>della probabilit\u00e0 di <span class=\"_ _2\"></span>inadempienza (PD), <span class=\"_ _2\"></span>che combinano ipote<span class=\"_ _2\"></span>s<span class=\"_ _df\"> </span></span>di variazione <span class=\"_ _1\"></span>nel merito creditizio de<span class=\"_ _1\"></span>lla controparte (i.e. <span class=\"_ _1\"></span>variazioni nella valutazione <span class=\"_ _1\"></span>di rating futura<span class=\"_ _df\"> </span>associata <span class=\"_ _2\"></span>alla <span class=\"_ _2\"></span>controparte) <span class=\"_ _2\"></span>con <span class=\"_ _2\"></span>ipotesi <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>variazioni <span class=\"_ _2\"></span>della <span class=\"_ _2\"></span>probabilit\u00e0 <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>inadempienza <span class=\"_ _2\"></span>associata <span class=\"_ _2\"></span>a<span class=\"_ _df\"> </span>ciascun <span class=\"_ _d\"></span><span class=\"ff5\">profilo <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>rischio <span class=\"_ _d\"></span>(adozione<span class=\"_ _1\"></span> <span class=\"_ _d\"></span>dei <span class=\"_ _d\"></span>c.d. <span class=\"_ _d\"></span>\u201cmodelli <span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>atellite\u201d <span class=\"_ _d\"></span>interni <span class=\"_ _d\"></span>che <span class=\"_ _2\"></span>esprimono <span class=\"_ _d\"></span>la <span class=\"_ _d\"></span>relazione<span class=\"_ _df\"> </span></span>esistente tra la probabilit\u00e0 di inade<span class=\"_ _1\"></span>mpienza ed i principali fattori macroeconomici);<span class=\"_ _df\"> </span>-<span class=\"_ _1b\"> </span><span class=\"ff5\">metodi <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>condizionamento <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>ciclo dell\u2019esposizione <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>default <span class=\"_ _2\"></span>(EAD) <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>le <span class=\"_ _2\"></span>l<span class=\"_ _2\"></span><span class=\"ff4\">inee di <span class=\"_ _2\"></span>credito <span class=\"_ _2\"></span>rateali,<span class=\"_ _df\"> </span></span></span>che  combinano  la <span class=\"_ _4\"> </span>tipologia  di <span class=\"_ _22\"> </span>prodott<span class=\"_ _2\"></span>o  e  di <span class=\"_ _4\"> </span>controparte  ed  ipotesi <span class=\"_ _22\"> </span>di <span class=\"_ _4\"> </span>verifi<span class=\"_ _1\"></span>carsi <span class=\"_ _22\"> </span>di <span class=\"_ _22\"> </span>ev<span class=\"_ _2\"></span>enti  di<span class=\"_ _df\"> </span>PrePayment, con conseguente influenza sull\u2019esposizi<span class=\"_ _1\"></span>one al rischio in caso di default.<span class=\"_ _df\"> </span>-<span class=\"_ _1b\"> </span><span class=\"ff4\">metodi di condizionamento al ciclo de<span class=\"_ _1\"></span>lla perdita in caso di default (LGD), che combinano ipotesi d<span class=\"_ _1\"></span>i<span class=\"_ _df\"> </span></span>variazione <span class=\"_ _d\"></span>nel <span class=\"_ _0\"></span>livello <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>deterioramento <span class=\"_ _0\"></span>del <span class=\"_ _d\"></span>credito <span class=\"_ _0\"></span>(i.e. <span class=\"_ _0\"></span>migrazioni <span class=\"_ _d\"></span>t<span class=\"_ _2\"></span>ra <span class=\"_ _d\"></span>diversi <span class=\"_ _0\"></span>stati <span class=\"_ _d\"></span>di <span class=\"_ _0\"></span>default) <span class=\"_ _0\"></span>ed<span class=\"_ _df\"> </span>ipotesi di variazioni nel <span class=\"_ _2\"></span>livello di copertura <span class=\"_ _2\"></span>delle<span class=\"_ _1\"></span> garanzie a <span class=\"_ _2\"></span>supporto del cr<span class=\"_ _2\"></span>edito, con conseguente<span class=\"_ _df\"> </span>i<span class=\"ff5\">nfluenza sulla capacit\u00e0 di recupero e sull\u2019ammontare di pe<span class=\"_ _1\"></span>rdita rilevato in caso di default.<span class=\"_ _df\"> </span></span>Nel corso del 2025<span class=\"ff5\">, l\u2019impianto dei modelli<span class=\"_ _1\"></span> contabili \u00e8 stato<span class=\"_ _2\"></span>:<span class=\"_ _df\"> </span></span>-<span class=\"_ _1b\"> </span><span class=\"ff4\">evoluto, <span class=\"_ _f\"></span>a partire <span class=\"_ _f\"></span>da <span class=\"_ _1\"></span>giugno <span class=\"_ _f\"></span>2025, per <span class=\"_ _f\"></span>includere <span class=\"_ _1\"></span>gli <span class=\"_ _1\"></span>effetti <span class=\"_ _1\"></span>delle <span class=\"_ _f\"></span>principali compone<span class=\"_ _1\"></span>nti <span class=\"_ _f\"></span>c<span class=\"_ _2\"></span>limatiche ne<span class=\"_ _df\"> </span></span>calcolo delle rettifiche di v<span class=\"_ _1\"></span>alore IFRS9.<span class=\"_ _df\"> </span>-<span class=\"_ _1b\"> </span><span class=\"ff5\">aggiornato, a <span class=\"_ _2\"></span>partire da dicembre 20<span class=\"_ _2\"></span>25, nell\u2019ottica di <span class=\"_ _2\"></span>recepire le ultime <span class=\"_ _2\"></span>modifiche all\u2019impianto IRB<span class=\"_ _df\"> </span></span>e  le  serie  st<span class=\"_ _2\"></span>oriche  pi\u00f9  recenti  sia  in  t<span class=\"_ _2\"></span>ermini  di  parametri  che  di  scenari  macr<span class=\"_ _2\"></span>oeconomici,  in<span class=\"_ _df\"> </span>particolare:<span class=\"_ _df\"> </span><span class=\"_ _2c\"> </span><span class=\"ff4 ls2\">so<span class=\"ls0\">no <span class=\"_ _2\"></span>state <span class=\"_ _2\"></span>aggiornate <span class=\"_ _2\"></span>le <span class=\"_ _2\"></span>proiezioni <span class=\"_ _2\"></span>dei <span class=\"_ _2\"></span>modelli <span class=\"_ _2\"></span>satellite <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>determinano <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>componente <span class=\"_ _2\"></span>forwar<span class=\"_ _2\"></span>d<span class=\"_ _df\"> </span></span></span>looking <span class=\"_ _f\"></span>dei parametri PD <span class=\"_ _f\"></span>e LGD <span class=\"_ _f\"></span>ed EAD, <span class=\"_ _f\"></span>prendendo come <span class=\"_ _1\"></span>riferimento lo <span class=\"_ _f\"></span>scenario macroeconomico<span class=\"_ _df\"> </span>di giugno 2025;<span class=\"_ _df\"> </span><span class=\"_ _2c\"> </span><span class=\"ff4\">sono <span class=\"_ _d\"></span>state <span class=\"_ _2\"></span>aggiornate <span class=\"_ _d\"></span>le <span class=\"_ _2\"></span>serie <span class=\"_ _2\"></span>sto<span class=\"_ _2\"></span>riche <span class=\"_ _2\"></span>sottostanti <span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>modelli <span class=\"_ _2\"></span>con <span class=\"_ _d\"></span>orizzonte <span class=\"_ _2\"></span>temporale <span class=\"_ _d\"></span>2011-2024<span class=\"_ _df\"> </span></span>per tutti i parametri;<span class=\"_ _df\"> </span><span class=\"_ _2c\"> </span><span class=\"ff4\">sono state <span class=\"_ _f\"></span>recepite <span class=\"_ _f\"></span>le <span class=\"_ _1\"></span>modifiche metodologich<span class=\"_ _1\"></span>e <span class=\"_ _f\"></span>a<span class=\"_ _2\"></span>pportate <span class=\"_ _f\"></span>ai modell<span class=\"_ _1\"></span>i IR<span class=\"_ _1\"></span>B <span class=\"_ _f\"></span>n<span class=\"_ _2\"></span>ella <span class=\"_ _f\"></span>versione pi\u00f9<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>recente<span class=\"_ _df\"> </span></span>in corso di condivisione con l\u2019Autorit\u00e0 di Vig<span class=\"_ _1\"></span>ilanza alla data di riferimento di dicembre <span class=\"_ _2\"></span><span class=\"ff4\">2025.<span class=\"_ _df\"> </span></span><span class=\"_ _2c\"> </span><span class=\"ff4\">aggiornati parametri PD e LGD<span class=\"_ _2\"></span> pe<span class=\"_ _1\"></span>r i portafogli</span>Sovereign e Financial/ Non-Finanancial Institution;<span class=\"_ _df\"> </span>In <span class=\"_ _1\"></span>aggiunta <span class=\"_ _1\"></span>alle <span class=\"_ _1\"></span>evoluzioni <span class=\"_ _f\"></span>dei modelli <span class=\"_ _f\"></span>di rischio <span class=\"_ _f\"></span>impiegati per <span class=\"_ _f\"></span>la quantificazi<span class=\"_ _1\"></span>one della <span class=\"_ _f\"></span>perdita attesa<span class=\"_ _df\"> </span>(come <span class=\"_ _17\"> </span>precedentemente <span class=\"_ _17\"> </span>descritto), <span class=\"_ _14\"> </span>si <span class=\"_ _17\"> </span>\u00e8 <span class=\"_ _17\"> </span>procedut<span class=\"_ _2\"></span>o <span class=\"_ _17\"> </span>all'anticipazione <span class=\"_ _17\"> </span>degli <span class=\"_ _17\"> </span>effetti <span class=\"_ _14\"> </span>economici,<span class=\"_ _df\"> </span>mediante <span class=\"_ _15\"> </span>specifici <span class=\"_ _15\"> </span>add-on <span class=\"_ _e\"> </span>di <span class=\"_ _e\"> </span>provisioning, <span class=\"_ _15\"> </span>derivanti <span class=\"_ _15\"> </span>da <span class=\"_ _e\"> </span>alcuni <span class=\"_ _15\"> </span>aggiornamenti <span class=\"_ _e\"> </span>metodologici<span class=\"_ _df\"> </span>programmati <span class=\"_ _19\"> </span>per <span class=\"_ _19\"> </span>il <span class=\"_ _19\"> </span>biennio <span class=\"_ _19\"> </span>2026/2027. <span class=\"_ _19\"> </span>Tra <span class=\"_ _1a\"> </span>questi, <span class=\"_ _18\"> </span>l'aggior<span class=\"_ _2\"></span>namento <span class=\"_ _19\"> </span>principale <span class=\"_ _18\"> </span>conc<span class=\"_ _2\"></span>erne<span class=\"_ _df\"> </span>l'evoluzione dei criteri di stagin<span class=\"ls1a\">g.</span> Per maggiori dettagli si rimanda alla Parte A <span class=\"ff5\">\u2013</span> Sezione 5.<span class=\"_ _df\"> </span>In <span class=\"_ _2\"></span>generale, <span class=\"_ _2\"></span>i <span class=\"_ _d\"></span>criteri <span class=\"_ _2\"></span>dettagliati <span class=\"_ _2\"></span>segui<span class=\"_ _1\"></span>ti <span class=\"_ _2\"></span>per <span class=\"_ _d\"></span>la <span class=\"_ _2\"></span>determinazione <span class=\"_ _2\"></span>delle <span class=\"_ _2\"></span>rett<span class=\"_ _2\"></span>ifiche<span class=\"_ _1\"></span> <span class=\"_ _2\"></span>di <span class=\"_ _d\"></span>valore <span class=\"_ _2\"></span>su <span class=\"_ _2\"></span>ciascuno<span class=\"_ _df\"> </span>Stage, <span class=\"_ _0\"></span>nonch\u00e9 <span class=\"_ _0\"></span>le <span class=\"_ _0\"></span>logiche <span class=\"_ _9\"> </span>di <span class=\"_ _0\"></span>gestione <span class=\"_ _0\"></span>delle <span class=\"_ _0\"></span>componenti <span class=\"_ _0\"> </span>climatic<span class=\"_ _2\"></span>he, <span class=\"_ _d\"></span>s<span class=\"_ _2\"></span>ono <span class=\"_ _0\"></span>disciplinati <span class=\"_ _0\"></span>nelle<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>policy<span class=\"_ _df\"> </span>interne  \u201cPolicy  Sv<span class=\"_ _1\"></span>alutazione  Crediti\u201d  e  \u201cLinee  Guida  e<span class=\"_ _1\"></span>  criteri  di  svalutazione  titoli\u201d  nell<span class=\"_ _1\"></span>\u2019ultimo<span class=\"_ _df\"> </span>aggiornamento <span class=\"_ _0\"></span>r<span class=\"_ _2\"></span>ilasciato <span class=\"_ _0\"></span>nel <span class=\"_ _9\"> </span>2025 <span class=\"_ _9\"> </span>che <span class=\"_ _0\"></span>\u00e8 <span class=\"_ _9\"> </span>stat<span class=\"_ _2\"></span>o <span class=\"_ _0\"></span>sottoposto <span class=\"_ _9\"> </span>anche <span class=\"_ _0\"></span>all\u2019approvazione <span class=\"_ _9\"> </span>da <span class=\"_ _9\"> </span>parte <span class=\"_ _9\"> </span>del<span class=\"_ _df\"> </span>Consiglio di Amministrazione. Valu<span class=\"_ _1\"></span>tazio<span class=\"_ _1\"></span>ne del<span class=\"_ _1\"></span>l\u2019incr<span class=\"_ _f\"></span>eme<span class=\"ff4\">nto <span class=\"_ _1\"></span>sign<span class=\"_ _1\"></span>ificat<span class=\"_ _1\"></span>ivo d<span class=\"_ _1\"></span>el ri<span class=\"_ _1\"></span>schio <span class=\"_ _1\"></span>di cre<span class=\"_ _1\"></span>dito <span class=\"_ _1\"></span>(SIC<span class=\"_ _1\"></span>R)<span class=\"_ _df\"> </span></span>L\u2019approccio <span class=\"_ _9\"> </span>adottato  si <span class=\"_ _9\"> </span>basa <span class=\"_ _9\"> </span>su <span class=\"_ _16\"> </span>un <span class=\"_ _16\"> </span>principio <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>c<span class=\"_ _2\"></span>lassificazione <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>t<span class=\"_ _2\"></span>ipo <span class=\"_ _9\"> </span>analitico, <span class=\"_ _16\"> </span>ovvero <span class=\"_ _9\"> </span>basato<span class=\"_ _df\"> </span>sull\u2019analisi delle singole posizioni. I drive<span class=\"_ _1\"></span>r distaging impiegati sono:<span class=\"_ _df\"> </span><span class=\"_ _2c\"> </span><span class=\"ff4\">valutazione <span class=\"_ _17\"> </span>del <span class=\"_ _4\"> </span>Significant <span class=\"_ _17\"> </span>Increase <span class=\"_ _17\"> </span>in <span class=\"_ _17\"> </span>Credit <span class=\"_ _17\"> </span>Risk <span class=\"_ _4\"> </span>(i.e. <span class=\"_ _17\"> </span>SICR) <span class=\"_ _17\"> </span>tramite <span class=\"_ _17\"> </span>misurazione <span class=\"_ _4\"> </span>della<span class=\"_ _df\"> </span></span>variazione del rating alla data di riferimento rispetto alla data di origination della posizione: in<span class=\"_ _df\"> </span>caso di rilevame<span class=\"_ _1\"></span>nto di un delta in peg<span class=\"_ _1\"></span>gioramento pari o superiore<span class=\"_ _1\"></span> a 2 notch sulla ma<span class=\"_ _1\"></span>sterscale<span class=\"_ _df\"> </span>dei <span class=\"_ _9\"> </span>rating, <span class=\"_ _16\"> </span>la <span class=\"_ _9\"> </span>posizione <span class=\"_ _9\"> </span>\u00e8  au<span class=\"_ _1\"></span>tomaticamente <span class=\"_ _16\"> </span>classificata <span class=\"_ _9\"> </span>a <span class=\"_ _9\"> </span>s<span class=\"_ _2\"></span>tage <span class=\"_ _9\"> </span>2.  Se<span class=\"_ _f\"></span>  la <span class=\"_ _9\"> </span>controparte <span class=\"_ _16\"> </span>\u00e8 <span class=\"_ _9\"> </span>un<span class=\"_ _df\"> </span>Impresa  ope<span class=\"_ _1\"></span>rante  in<span class=\"_ _1\"></span>  settori <span class=\"_ _9\"> </span>ad  elevata <span class=\"_ _16\"> </span>intensit\u00e0  ca<span class=\"_ _f\"></span>r<span class=\"_ _2\"></span>bonica, <span class=\"_ _16\"> </span>in <span class=\"_ _16\"> </span>deroga <span class=\"_ _16\"> </span>a <span class=\"_ _16\"> </span>quanto <span class=\"_ _16\"> </span>scritto <span class=\"_ _16\"> </span>in<span class=\"_ _df\"> </span>precedenza, <span class=\"_ _d\"></span>la <span class=\"_ _0\"></span>so<span class=\"_ _2\"></span>glia <span class=\"_ _d\"></span>di <span class=\"_ _0\"></span>rilevazione <span class=\"_ _d\"></span>del <span class=\"_ _0\"></span>SICR <span class=\"_ _0\"></span>\u00e8 <span class=\"_ _0\"></span>modificata <span class=\"_ _0\"></span>a <span class=\"_ _0\"></span>un <span class=\"_ _d\"></span>deterioramento <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>al<span class=\"_ _2\"></span>meno <span class=\"_ _0\"></span>1<span class=\"_ _df\"> </span>classe <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>ating<span class=\"ls1b\">. <span class=\"_ _2\"></span></span>Iin <span class=\"_ _d\"></span>caso <span class=\"_ _2\"></span>il <span class=\"_ _d\"></span>rating <span class=\"_ _2\"></span>alla <span class=\"_ _d\"></span>data <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>iferimento <span class=\"_ _2\"></span>sia <span class=\"_ _d\"></span>ricompreso <span class=\"_ _2\"></span>in <span class=\"_ _d\"></span>una <span class=\"_ _2\"></span>delle <span class=\"_ _2\"></span>prime <span class=\"_ _d\"></span>3<span class=\"_ _df\"> </span>classi, la <span class=\"_ _2\"></span>posizioni <span class=\"_ _2\"></span>\u00e8 automat<span class=\"_ _2\"></span>ica<span class=\"_ _1\"></span>mente mant<span class=\"_ _2\"></span>enuta in <span class=\"_ _2\"></span>stage 1 <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>virt\u00f9 della cd.<span class=\"_ _df\"> </span>Low <span class=\"_ _2\"></span>Credit Risk Exemption<span class=\"_ _df\"> </span>.  In  caso  cont<span class=\"_ _1\"></span>rario  la  posizione <span class=\"_ _16\"> </span>\u00e8  classificata  a  stage  1.  T<span class=\"_ _1\"></span>ale  criterio  risulta  d<span class=\"_ _1\"></span>i<span class=\"_ _df\"> </span>carattere <span class=\"_ _2\"></span>relativo, prevedendo <span class=\"_ _2\"></span>il confr<span class=\"_ _2\"></span>onto <span class=\"_ _2\"></span>con la <span class=\"_ _2\"></span>situazione creditizia <span class=\"_ _2\"></span>rilevata <span class=\"_ _2\"></span>all\u2019erogazione<span class=\"_ _df\"> </span>del credito;<span class=\"_ _df\"> </span><span class=\"_ _2c\"> </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=\"_ _d\"></span>in <span class=\"_ _0\"></span>caso <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>rilevamento <span class=\"_ _d\"></span>di <span class=\"_ _0\"></span>30 <span class=\"_ _0\"> </span>o<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>pi\u00f9 <span class=\"_ _0\"></span>giorni <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>scaduto<span class=\"_ _df\"> </span></span>continuativo la posizione \u00e8 automaticamente classificata a stage<span class=\"_ _1\"></span> 2;<span class=\"_ _df\"> </span><span class=\"_ _2c\"> </span><span class=\"ff4\">criterio back<span class=\"_ _1\"></span>stop <span class=\"_ _f\"></span>sulle <span class=\"_ _1\"></span>misure <span class=\"_ _f\"></span>di <span class=\"_ _f\"></span>for<span class=\"_ _2\"></span>bearance: <span class=\"_ _f\"></span>in <span class=\"_ _f\"></span>caso di <span class=\"_ _f\"></span>classificazione<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>a <span class=\"_ _f\"></span>for<span class=\"_ _2\"></span>borne <span class=\"_ _f\"></span>performing,<span class=\"_ _df\"> </span></span>la <span class=\"_ _2\"></span>posizione<span class=\"_ _1\"></span> <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _2\"></span>automaticamente <span class=\"_ _2\"></span>classificata a <span class=\"_ _2\"></span>st<span class=\"_ _2\"></span>age 2 <span class=\"_ _2\"></span>(per <span class=\"_ _2\"></span>maggiori informazioni <span class=\"_ _2\"></span>si <span class=\"_ _2\"></span>rimanda<span class=\"_ _df\"> </span>al <span class=\"_ _4\"> </span>paragrafo <span class=\"_ _4\"> </span>\u201c<span class=\"ff4\">4. <span class=\"_ _22\"> </span>At<span class=\"_ _2\"></span>tivit\u00e0 <span class=\"_ _4\"> </span>finanz<span class=\"_ _f\"></span>iarie <span class=\"_ _4\"> </span>oggetto <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>rinegoziazione <span class=\"_ _22\"> </span>comm<span class=\"_ _2\"></span>erciali  e <span class=\"_ _4\"> </span>esposizioni </span>oggetto di concessione\u201d);<span class=\"ff4\"> </span><span class=\"_ _2c\"> </span><span class=\"ff4\">criterio <span class=\"_ _4\"> </span>backstop <span class=\"_ _4\"> </span>sui  rapport<span class=\"_ _2\"></span>i  classificati <span class=\"_ _4\"> </span>nella <span class=\"_ _22\"> </span>cd. <span class=\"_ _4\"> </span>Watchlist: <span class=\"_ _4\"> </span>in <span class=\"_ _4\"> </span>caso <span class=\"_ _4\"> </span>di <span class=\"_ _22\"> </span>inserimento <span class=\"_ _4\"> </span>del<span class=\"_ _df\"> </span></span>rapporto <span class=\"_ _d\"></span>nella <span class=\"_ _d\"></span>lista <span class=\"_ _d\"></span>dei <span class=\"_ _d\"></span>clienti <span class=\"_ _d\"></span>sotto <span class=\"_ _d\"></span>osservazione <span class=\"_ _2\"></span>perch\u00e9 <span class=\"_ _d\"></span>val<span class=\"_ _2\"></span>utati <span class=\"_ _d\"></span>come <span class=\"_ _d\"></span>a <span class=\"_ _0\"></span>maggior <span class=\"_ _2\"></span>rischio <span class=\"_ _d\"></span>di deterioramento (cd. Watchlist) il rapporto \u00e8 automaticamente<span class=\"_ _1\"></span> classificato a stage 2.<span class=\"_ _df\"> </span>Misur<span class=\"_ _1\"></span>azione<span class=\"_ _f\"></span> delle p<span class=\"_ _f\"></span>erdite a<span class=\"_ _1\"></span>ttese Defini<span class=\"_ _f\"></span>zione dell<span class=\"_ _1\"></span>o sce<span class=\"_ _f\"></span>nario Gli  sce<span class=\"_ _1\"></span>nari  sono  f<span class=\"_ _f\"></span>or<span class=\"_ _2\"></span>niti <span class=\"_ _16\"> </span>da  un <span class=\"_ _9\"> </span>provider  e<span class=\"_ _1\"></span>sterno:  nel <span class=\"_ _16\"> </span>dettaglio,  v<span class=\"_ _1\"></span>engono  ind<span class=\"_ _f\"></span>i<span class=\"_ _d\"></span>viduati <span class=\"_ _16\"> </span>tre  Scenari: Baseline (come<span class=\"_ _1\"></span> indicato <span class=\"_ _f\"></span>dal fornitore), Bad <span class=\"lse\">e </span>Good (rispe<span class=\"_ _f\"></span>t<span class=\"_ _2\"></span>tivamente <span class=\"_ _f\"></span>individuati come <span class=\"_ _f\"></span>gli Scenari S3<span class=\"_ _df\"> </span>e S1 <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>me<span class=\"_ _2\"></span>desimo <span class=\"_ _2\"></span>fornitore). <span class=\"_ _2\"></span>Per <span class=\"_ _d\"></span>tali <span class=\"_ _2\"></span>diversi <span class=\"_ _2\"></span>scenari, <span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>ono <span class=\"_ _2\"></span>fornite <span class=\"_ _2\"></span>inoltre <span class=\"_ _d\"></span>le <span class=\"_ _2\"></span>relative <span class=\"_ _2\"></span>probabilit\u00e0 <span class=\"_ _d\"></span>di accadimento, <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>v<span class=\"_ _2\"></span>engono <span class=\"_ _2\"></span>utilizzate <span class=\"_ _d\"></span>per <span class=\"_ _2\"></span>ponderare <span class=\"_ _d\"></span>le <span class=\"_ _2\"></span>diverse <span class=\"_ _d\"></span>stime <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>EC<span class=\"_ _2\"></span>L <span class=\"_ _2\"></span>derivanti <span class=\"_ _2\"></span>e <span class=\"_ _d\"></span>pervenire alla stima complessiva. A  partire <span class=\"_ _16\"> </span>dall\u2019e<span class=\"_ _1\"></span>mergenza  sanitaria <span class=\"_ _16\"> </span>legata <span class=\"_ _16\"> </span>alla  p<span class=\"_ _1\"></span>andemia <span class=\"_ _16\"> </span>Covid<span class=\"ff4\">-19,  seguita <span class=\"_ _16\"> </span>poi  d<span class=\"_ _1\"></span>al  confli<span class=\"_ _1\"></span>tto  tra </span>Russia <span class=\"_ _f\"></span>e Ucraina, <span class=\"_ _f\"></span>le <span class=\"_ _f\"></span>tensioni <span class=\"_ _f\"></span>in M<span class=\"_ _f\"></span>edio Orie<span class=\"_ _1\"></span>nte <span class=\"_ _f\"></span>e l\u2019au<span class=\"_ _1\"></span>mento <span class=\"_ _1\"></span>delle <span class=\"_ _f\"></span>tensio<span class=\"ff4\">ni commerciali<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>gli <span class=\"_ _f\"></span>Istituti <span class=\"_ _f\"></span>sono </span>stati <span class=\"_ _d\"></span>chiamati <span class=\"_ _d\"></span>a <span class=\"_ _0\"></span>istituire <span class=\"_ _d\"></span>meccanismi <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>monitoraggio <span class=\"_ _d\"></span>degli <span class=\"_ _d\"></span>Scenari <span class=\"_ _0\"></span>sottostanti <span class=\"_ _d\"></span>ai <span class=\"_ _d\"></span>modelli <span class=\"_ _d\"></span>e <span class=\"_ _d\"></span>della relativa sensitivity in contesti di forte volatilit\u00e0. In tale conte<span class=\"_ _1\"></span>sto, il Gruppo <span class=\"_ _1\"></span>ha confermato l\u2019utilizz<span class=\"_ _1\"></span>o del provider g<span class=\"_ _1\"></span>i\u00e0 <span class=\"ff4\">in uso valutando tuttavia <span class=\"_ _1\"></span>tempo </span>per tempo la ponderazione da attribuire ai tre scenari macroeco<span class=\"_ _1\"></span>nomici disponibili.<span class=\"_ _2\"></span> L\u2019ultima d<span class=\"_ _1\"></span>elivery del provider, <span class=\"_ _1\"></span>impiegata pe<span class=\"_ _1\"></span>r l\u2019aggiornamento dei <span class=\"_ _f\"></span>mo<span class=\"_ _2\"></span>dell<span class=\"_ _1\"></span>i in u<span class=\"_ _1\"></span>so da dicembre <span class=\"_ _1\"></span>2025, si <span class=\"_ _d\"></span>riferisce <span class=\"_ _2\"></span>alla <span class=\"_ _d\"></span>situazione <span class=\"_ _2\"></span>dell\u2019Eurozona<span class=\"_ _2\"></span><span class=\"ff4\"> <span class=\"_ _d\"></span>al <span class=\"_ _d\"></span>30 <span class=\"_ _2\"></span>giugno <span class=\"_ _d\"></span>2025. <span class=\"_ _d\"></span>Tali <span class=\"_ _2\"></span>scenari <span class=\"_ _d\"></span>incorporano <span class=\"_ _d\"></span>previsioni <span class=\"_ _2\"></span>di </span>crescita leggermente meno ottimistiche,<span class=\"_ _1\"></span> rispetto alle release precedenti, a causa de<span class=\"_ _1\"></span>lle tensioni in Medio <span class=\"_ _d\"></span>Oriente <span class=\"_ _0\"></span>e <span class=\"_ _d\"></span>dell\u2019emergere <span class=\"_ _0\"></span>di <span class=\"_ _d\"></span>politiche <span class=\"_ _d\"></span>pro<span class=\"_ _2\"></span>tezionistiche <span class=\"_ _d\"></span>come <span class=\"_ _0\"></span>l\u2019introduzione <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>nuovi <span class=\"_ _0\"></span>dazi <span class=\"_ _0\"></span>da parte degli Stati Uniti. Di  seguito,  si  riportano,  gli<span class=\"_ _1\"></span>  andamenti  attesi  delle  variab<span class=\"_ _1\"></span>ili  PIL  ITA  e  Inflazione  Europea  nell<span class=\"_ _1\"></span>o scenario Baseline<span class=\"_ _f\"></span> delle ultime deliveries d<span class=\"_ _1\"></span>el provider i<span class=\"_ _1\"></span>mpiegati per la stima <span class=\"_ _1\"></span>dei p<span class=\"_ _1\"></span>arametri di rischi<span class=\"_ _1\"></span>o IFRS9, <span class=\"_ _f\"></span>inclusa q<span class=\"_ _1\"></span>uella <span class=\"_ _f\"></span>di giugn<span class=\"ff5\">o <span class=\"_ _f\"></span>2025, impi<span class=\"_ _1\"></span>egata <span class=\"_ _1\"></span>per <span class=\"_ _f\"></span>l\u2019aggiornamento dei<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>modelli <span class=\"_ _f\"></span>in <span class=\"_ _f\"></span>uso da <span class=\"_ _f\"></span>dicembre </span>2025.<span class=\"_ _df\"> </span>In <span class=\"_ _e\"> </span>cons<span class=\"_ _2\"></span>iderazione<span class=\"_ _1\"></span> <span class=\"_ _10\"> </span>del <span class=\"_ _10\"> </span>persistente <span class=\"_ _10\"> </span>clima <span class=\"_ _e\"> </span>di <span class=\"_ _10\"> </span>incertezza <span class=\"_ _10\"> </span>derivante <span class=\"_ _e\"> </span>dall\u2019acuirsi <span class=\"_ _10\"> </span>delle <span class=\"_ _10\"> </span>tensioni<span class=\"_ _df\"> </span>geopolitiche glo<span class=\"_ _2\"></span>bali, a<span class=\"_ _2\"></span>l <span class=\"_ _2\"></span>fine <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>riflettere <span class=\"_ _2\"></span>adeguatamente <span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>potenziali <span class=\"_ _2\"></span>rischi <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>ins<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>abilit\u00e0 <span class=\"_ _2\"></span>ed <span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>relativi<span class=\"_ _df\"> </span>impatti <span class=\"_ _1a\"> </span>economici, <span class=\"_ _1a\"> </span>Il <span class=\"_ _1a\"> </span>Gruppo <span class=\"_ _1a\"> </span>ha <span class=\"_ _1a\"> </span>ritenuto <span class=\"_ _1a\"> </span>opportuno <span class=\"_ _1a\"> </span>deliberare <span class=\"_ _19\"> </span>un <span class=\"_ _1a\"> </span>inseverimento <span class=\"_ _1a\"> </span>della<span class=\"_ _df\"> </span>ponderazione dello scenario BAD. Le ponderazioni deliberate per <span class=\"_ _2\"></span>gli scenari sono: 10% good, 40%<span class=\"_ _df\"> </span>bad, <span class=\"_ _d\"></span>50% <span class=\"_ _d\"></span>baseline <span class=\"_ _2\"></span>(la <span class=\"_ _d\"></span>ponderazione <span class=\"_ _d\"></span>st<span class=\"_ _2\"></span>andard <span class=\"_ _2\"></span>da <span class=\"_ _d\"></span>polic<span class=\"_ _2\"></span>y <span class=\"_ _d\"></span>prevede <span class=\"_ _d\"></span>i <span class=\"_ _d\"></span>pesi: <span class=\"_ _d\"></span>10% <span class=\"_ _d\"></span>good,<span class=\"_ _1\"></span> <span class=\"_ _d\"></span>10% <span class=\"_ _d\"></span>bad, <span class=\"_ _d\"></span>80%<span class=\"_ _df\"> </span>baseline). In <span class=\"_ _2\"></span>tale <span class=\"_ _2\"></span>configurazione, <span class=\"_ _2\"></span>lo s<span class=\"_ _2\"></span>cenario BAD <span class=\"_ _2\"></span>- <span class=\"_ _2\"></span>le <span class=\"_ _2\"></span>cui <span class=\"_ _2\"></span>assunzioni includono <span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>potenziali <span class=\"_ _2\"></span>impatti<span class=\"_ _df\"> </span>derivanti dall'inasprimento dei rischi geopoli<span class=\"_ _1\"></span>tici (ipotesi descritte in dettaglio nel paragrafo<span class=\"_ _df\"> </span>Analisi di <span class=\"_ _2\"></span>sensitivity <span class=\"_ _d\"></span>degli <span class=\"_ _2\"></span>scenari<span class=\"_ _df\"> </span>) <span class=\"_ _2\"></span><span class=\"ls0\">- <span class=\"_ _d\"></span>assume <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>uolo <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>secondo <span class=\"_ _2\"></span>scenario <span class=\"_ _2\"></span>per <span class=\"_ _d\"></span>probabilit\u00e0 <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>accadimento.<span class=\"_ _df\"> </span></span>Attraverso  questa  redistribuzione  dei  pesi,  tale  s<span class=\"_ _2\"></span>cenario  diventa  la  principale  alternativa  all<span class=\"_ _2\"></span>o<span class=\"_ _df\"> </span>scenario 'Baseline', riflettend<span class=\"_ _1\"></span>o la scelta del Gruppo di privile<span class=\"_ _1\"></span>gia<span class=\"_ _2\"></span>re una rappresentazione del rischio<span class=\"_ _df\"> </span>che colga con prudenza le possibili evoluzioni ne<span class=\"_ _1\"></span>gative del contesto macro<span class=\"_ _d\"></span>-economico.<table class=\"s wf1a h565\" id=\"_19b7dfeb-61b0-49df-96e7-c9552663e21e\"><tr><td class=\"c x8cf y32ca wf1b h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc4 sc3 ls0 ws0\">Scen<span class=\"_ _1\"></span>ari<span class=\"_ _1\"></span>o<span class=\"_ _df\"> </span></div></td><td class=\"c x8d0 y32cb w211 h2fc\"><div class=\"t m0 x8a h1f y10e9 ff4 fs7 fc4 sc3 ls0 ws0\">Descr<span class=\"_ _f\"></span>izione <span class=\"_ _f\"></span>dello sce<span class=\"_ _1\"></span>nar<span class=\"_ _f\"></span>io </div></td><td class=\"c x8d1 y32ca wf1c h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc4 sc3 ls0 ws0\">Peso<span class=\"_ _df\"> </span></div></td><td class=\"c x8d2 y32ca wf1c h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc4 sc3 ls0 ws0\">Peso<span class=\"_ _df\"> </span></div></td></tr><tr><td class=\"c x8cf y32cc wf1d h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc4 sc3 ls0 ws0\">IFRS<span class=\"_ _1\"></span> 9<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x8d1 y32cd wf12 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc4 sc3 ls0 ws0\">Stan<span class=\"_ _f\"></span>dard<span class=\"_ _df\"> </span></div></td><td class=\"c x8d2 y32cd wf1e h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc4 sc3 ls0 ws0\">appli<span class=\"_ _1\"></span>cato a<span class=\"_ _f\"></span>l<span class=\"_ _df\"> </span></div></td></tr><tr><td></td><td></td><td class=\"c x8d1 y32ce wf1f h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc4 sc3 ls0 ws0\">previ<span class=\"_ _f\"></span>sto<span class=\"_ _df\"> </span></div></td><td class=\"c x8d2 y32cf wdae h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/<span class=\"_ _f\"></span>2025<span class=\"_ _df\"> </span></div></td></tr><tr><td></td><td></td><td class=\"c x8d1 y32d0 wab1 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc4 sc3 ls0 ws0\">dalla<span class=\"_ _f\"></span> policy<span class=\"_ _df\"> </span></div></td><td></td></tr><tr><td class=\"c x8d3 y32d1 w1cc h2f8\"><div class=\"t m1 x8a h5b y19d5 ff5 fs19 fc4 sc3 ls0 ws0\">\u201cGoo<span class=\"_ _f\"></span>d\u201d<span class=\"ff4 fc1 sc2\"> </span></div></td><td class=\"c x8d5 y32d2 wf20 h564\"><div class=\"t m1 x250 h5b y32bf ff4 fs19 fc1 sc0 ls0 ws0\">Stronger Near-<span class=\"ff5\">Term <span class=\"_ _f\"></span>R<span class=\"_ _2\"></span>ecove<span class=\"_ _1\"></span>ry Scenario (\u201cS1\u201d)<span class=\"_ _df\"> </span></span></div><div class=\"t m0 x8d4 h1f y32bf ff4 fs7 fc1 sc0 ls0 ws0\">: scenar<span class=\"_ _1\"></span>io con<span class=\"_ _df\"> </span></div></td><td class=\"c x8d6 y32d1 w26c h2f8\"><div class=\"t m0 x8a h1f y19d5 ff4 fs7 fc1 sc0 ls9 ws0\">10%<span class=\"ls0\"> </span></div></td><td class=\"c x8d7 y32d1 wfc h2f8\"><div class=\"t m0 x8a h1f y19d5 ff4 fs7 fc1 sc0 ls9 ws0\">10%<span class=\"ls0\"> </span></div></td></tr><tr><td></td><td class=\"c x8d8 y32d3 wf21 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">probabilit\u00e0 del 10<span class=\"_ _1\"></span>% che si realizz<span class=\"_ _1\"></span>i uno scenario m<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span>gliore e de<span class=\"_ _1\"></span>l<span class=\"_ _df\"> </span></div></td><td></td><td></td></tr><tr><td></td><td class=\"c x8d8 y32d4 wf22 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">90% che se ne rea<span class=\"_ _f\"></span>l<span class=\"_ _2\"></span>izzi uno peg<span class=\"_ _f\"></span>giore<span class=\"_ _df\"> </span></div></td><td></td><td></td></tr><tr><td class=\"c x8d3 y32d5 w1cc h2be\"><div class=\"t m1 x8a h5b y289 ff5 fs19 fc4 sc3 ls0 ws0\">\u201cBas<span class=\"_ _f\"></span>eline\u201d<span class=\"_ _1\"></span><span class=\"ff4 fc1 sc2\"> </span></div></td><td class=\"c x8d5 y32d6 wf23 h564\"><div class=\"t m1 x250 h5b y32bf ff4 fs19 fc1 sc0 ls0 ws0\">Baseline Scenar<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span>o<span class=\"_ _df\"> </span></div><div class=\"t m0 x8cc h1f y32bf ff4 fs7 fc1 sc0 ls0 ws0\">: scenar<span class=\"_ _1\"></span>io con probabilit\u00e0 de<span class=\"_ _1\"></span>l 50% che si<span class=\"_ _df\"> </span></div></td><td class=\"c x8d6 y32d5 w26c h2be\"><div class=\"t m0 x8a h1f y289 ff4 fs7 fc1 sc0 ls0 ws0\">80% </div></td><td class=\"c x8d7 y32d5 wfc h2be\"><div class=\"t m0 x8a h1f y289 ff4 fs7 fc1 sc0 ls0 ws0\">50% </div></td></tr><tr><td></td><td class=\"c x8d8 y32d7 wf24 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">realizzi uno scena<span class=\"_ _f\"></span>r<span class=\"_ _2\"></span>io migl<span class=\"_ _1\"></span>iore e del 50% che se ne <span class=\"_ _f\"></span>r<span class=\"_ _2\"></span>ealizzi un<span class=\"_ _f\"></span>o<span class=\"_ _df\"> </span></div></td><td></td><td></td></tr><tr><td></td><td class=\"c x8d8 y32d8 wb46 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">peggiore<span class=\"_ _df\"> </span></div></td><td></td><td></td></tr><tr><td class=\"c x8d3 y32d9 w1cc h2be\"><div class=\"t m1 x8a h5b y289 ff5 fs19 fc4 sc3 ls0 ws0\">\u201cBad\u201d<span class=\"_ _f\"></span><span class=\"ff4 fc1 sc2\"> </span></div></td><td class=\"c x8d5 y32da wf25 h564\"><div class=\"t m1 x250 h5b y32bf ff5 fs19 fc1 sc0 ls0 ws0\">Deep Recessio<span class=\"_ _1\"></span>n Scenario (\u201cS3\u201d)<span class=\"_ _df\"> </span></div><div class=\"t m0 x8cd h1f y32bf ff4 fs7 fc1 sc0 ls0 ws0\">: scenario c<span class=\"_ _f\"></span>o<span class=\"_ _2\"></span>n prob<span class=\"_ _1\"></span>abilit\u00e0 del<span class=\"_ _df\"> </span></div></td><td class=\"c x8d6 y32d9 w26c h2be\"><div class=\"t m0 x8a h1f y289 ff4 fs7 fc1 sc0 ls9 ws0\">10%<span class=\"ls0\"> </span></div></td><td class=\"c x8d7 y32d9 wfc h2be\"><div class=\"t m0 x8a h1f y289 ff4 fs7 fc1 sc0 lsa ws0\">40%<span class=\"ls0\"> </span></div></td></tr><tr><td></td><td class=\"c x8d8 y2701 wf26 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">90% che si real<span class=\"_ _1\"></span>izzi uno scenari<span class=\"_ _1\"></span>o migliore e del 1<span class=\"_ _1\"></span>0% che se ne<span class=\"_ _df\"> </span></div></td><td></td><td></td></tr><tr><td></td><td class=\"c x8d8 y2491 wf27 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">realizzi uno peggi<span class=\"_ _1\"></span>ore<span class=\"_ _df\"> </span></div></td><td></td><td></td></tr></table>Inoltre, <span class=\"_ _0\"></span>per <span class=\"_ _0\"></span>riflettere <span class=\"_ _9\"> </span>le <span class=\"_ _0\"></span>implicazioni <span class=\"_ _0\"></span>futur<span class=\"_ _2\"></span>e <span class=\"_ _0\"></span>legate <span class=\"_ _0\"></span>alla <span class=\"_ _0\"></span>sit<span class=\"_ _2\"></span>uazione<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>climatica, <span class=\"_ _0\"></span>so<span class=\"_ _2\"></span>no <span class=\"_ _0\"></span>considerati <span class=\"_ _0\"></span>tre<span class=\"_ _df\"> </span>scenari climatici,<span class=\"_ _1\"></span> scelti tra quell<span class=\"_ _1\"></span>i forniti dal \u201cNetwork for Greening <span class=\"_ _f\"></span>t<span class=\"_ _2\"></span>he Finan<span class=\"_ _1\"></span>cial System\u201d (NGFS)<span class=\"ff4\">, al<span class=\"_ _df\"> </span></span>fine <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>considerare <span class=\"_ _d\"></span>diverse <span class=\"_ _d\"></span>tr<span class=\"_ _2\"></span>aiettorie <span class=\"_ _d\"></span>di <span class=\"_ _2\"></span>de<span class=\"_ _2\"></span>-carbonizzazione <span class=\"_ _d\"></span>valutandone <span class=\"_ _d\"></span>gli <span class=\"_ _d\"></span>effett<span class=\"_ _2\"></span>i <span class=\"_ _d\"></span>sul <span class=\"_ _d\"></span>risch<span class=\"_ _2\"></span>io <span class=\"_ _d\"></span>di<span class=\"_ _df\"> </span>credito del Gruppo. In particolare vengono selezionati tre scenari cl<span class=\"_ _1\"></span>imatici:<span class=\"_ _df\"> </span><span class=\"_ _2c\"> </span><span class=\"ff4\">Net <span class=\"_ _0\"></span>Zero <span class=\"_ _0\"></span>2050: <span class=\"_ _0\"></span>scenario <span class=\"_ _0\"></span>che <span class=\"_ _0\"></span>limita <span class=\"_ _0\"></span>il <span class=\"_ _0\"></span>riscaldamento <span class=\"_ _0\"></span>globale <span class=\"_ _d\"></span>a <span class=\"_ _0\"></span>1.5\u00b0C <span class=\"_ _0\"></span>attraverso <span class=\"_ _0\"></span>politiche<span class=\"_ _df\"> </span></span>climatiche <span class=\"_ _f\"></span>r<span class=\"_ _2\"></span>igorose <span class=\"_ _1\"></span>e l<span class=\"_ _1\"></span>'innovazione, raggiungendo <span class=\"_ _f\"></span>l<span class=\"_ _2\"></span>e <span class=\"_ _f\"></span>z<span class=\"_ _2\"></span>ero e<span class=\"_ _1\"></span>missioni ne<span class=\"_ _1\"></span>tte di <span class=\"_ _f\"></span>C<span class=\"_ _2\"></span>O<span class=\"ff1b\">\u2082</span> intorno al<span class=\"_ _df\"> </span>2050.<span class=\"_ _df\"> </span><span class=\"_ _2c\"> </span><span class=\"ff4\">Delayed <span class=\"_ _15\"> </span>Tr<span class=\"_ _2\"></span>ansition: <span class=\"_ _15\"> </span>scenario <span class=\"_ _15\"> </span>che <span class=\"_ _e\"> </span>presuppone <span class=\"_ _15\"> </span>che <span class=\"_ _e\"> </span>le <span class=\"_ _15\"> </span>em<span class=\"_ _2\"></span>issioni <span class=\"_ _15\"> </span>globali <span class=\"_ _15\"> </span>annue <span class=\"_ _e\"> </span>non<span class=\"_ _df\"> </span></span>diminuiscano <span class=\"_ _d\"></span>fino <span class=\"_ _d\"></span>al <span class=\"_ _0\"></span>2030 <span class=\"_ _d\"></span>rendendo <span class=\"_ _d\"></span>necessarie <span class=\"_ _0\"></span>politiche <span class=\"_ _d\"></span>molto <span class=\"_ _d\"></span>str<span class=\"_ _2\"></span>ingenti <span class=\"_ _d\"></span>per <span class=\"_ _d\"></span>limitare <span class=\"_ _d\"></span>il<span class=\"_ _df\"> </span>riscaldamento al di sotto dei 2\u00b0C.<span class=\"_ _df\"> </span><span class=\"_ _2c\"> </span><span class=\"ff5\">NDC: scenario <span class=\"_ _f\"></span>che prevede<span class=\"_ _1\"></span> l\u2019attuaz<span class=\"ff4\">ione <span class=\"_ _1\"></span>dei Contributi <span class=\"_ _f\"></span>Nazionali Determinati <span class=\"_ _f\"></span>(ND<span class=\"_ _2\"></span>C), <span class=\"_ _f\"></span>ovvero<span class=\"_ _df\"> </span></span></span>di tutte le politiche promesse, anche<span class=\"_ _1\"></span> se non ancora attuate.<span class=\"_ _df\"> </span>Questa <span class=\"_ _0\"></span>selezione <span class=\"_ _0\"></span>permette <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>confrontare: <span class=\"_ _0\"></span>una <span class=\"_ _0\"></span>transizione <span class=\"_ _0\"></span>ordinata <span class=\"_ _0\"></span>(Net <span class=\"_ _0\"></span>Zero), <span class=\"_ _9\"> </span>una <span class=\"_ _d\"></span>transizione<span class=\"_ _df\"> </span>disordinata (Delayed Transition) <span class=\"_ _2\"></span>ed uno sce<span class=\"_ _2\"></span>n<span class=\"ff5\">ario <span class=\"_ _2\"></span>\u201cHot House <span class=\"_ _2\"></span>World\u201d riflesso delle attuali pol<span class=\"_ _2\"></span>itiche<span class=\"_ _df\"> </span></span>(NDC), <span class=\"_ _16\"> </span>fornendo <span class=\"_ _9\"> </span>cos\u00ec  un <span class=\"_ _9\"> </span>quadro  comple<span class=\"_ _1\"></span>to  de<span class=\"_ _1\"></span>i <span class=\"_ _16\"> </span>possibili <span class=\"_ _9\"> </span>percorsi  futuri <span class=\"_ _9\"> </span>e  de<span class=\"_ _1\"></span>i <span class=\"_ _16\"> </span>relativi <span class=\"_ _9\"> </span>r<span class=\"_ _2\"></span>ischi. <span class=\"_ _9\"> </span>Agli<span class=\"_ _df\"> </span>scenari <span class=\"_ _f\"></span>climatici non <span class=\"_ _f\"></span>viene <span class=\"_ _f\"></span>as<span class=\"_ _2\"></span>segnata <span class=\"_ _1\"></span>una <span class=\"_ _f\"></span>probabilit\u00e0 di <span class=\"_ _f\"></span>realizzazione da <span class=\"_ _f\"></span>NGFS. Dunque, <span class=\"_ _f\"></span>ai <span class=\"_ _f\"></span>fin<span class=\"_ _2\"></span>i <span class=\"_ _f\"></span>della<div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs102a\">ponderazione <span class=\"_ _2\"></span>dei <span class=\"_ _d\"></span>risultati, <span class=\"_ _d\"></span>vengono <span class=\"_ _d\"></span>equi <span class=\"_ _d\"></span>ponderati, <span class=\"_ _2\"></span>non <span class=\"_ _d\"></span>essendo <span class=\"_ _d\"></span>disponibili <span class=\"_ _d\"></span>elementi <span class=\"_ _2\"></span>qualificanti<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs102b\">atti a guidare scelte differenti.<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc4 sc3 ls0 ws0 gs102c\">Analis<span class=\"_ _f\"></span>i di sens<span class=\"_ _1\"></span>itivity<span class=\"_ _f\"></span> degli Sce<span class=\"_ _f\"></span>nari<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs102d\">Si <span class=\"_ _22\"> </span>riport<span class=\"_ _2\"></span>ano <span class=\"_ _22\"> </span>di <span class=\"_ _4\"> </span>seguito  le <span class=\"_ _4\"> </span>informazioni  r<span class=\"_ _2\"></span>elative  ai <span class=\"_ _4\"> </span>valori  medi<span class=\"_ _2\"></span> <span class=\"_ _22\"> </span>dei <span class=\"_ _4\"> </span>principali  indica<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>ori <span class=\"_ _22\"> </span>macr<span class=\"_ _2\"></span>o-<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs102e\">economici e finanziari utilizzati negli<span class=\"_ _1\"></span> scenari di giugno 2025, relativamente al triennio 2026<span class=\"_ _2\"></span>-2028<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs102f\">Per <span class=\"_ _2\"></span>ogni <span class=\"_ _2\"></span>indicatore <span class=\"_ _d\"></span>\u00e8 <span class=\"_ _2\"></span>riportato <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>valore <span class=\"_ _2\"></span>base <span class=\"_ _d\"></span>consuntivo <span class=\"_ _2\"></span>(nella <span class=\"_ _2\"></span>fattispecie <span class=\"_ _2\"></span>giugno <span class=\"_ _2\"></span>2025) <span class=\"_ _2\"></span>in <span class=\"_ _d\"></span>termini<span class=\"_ _df\"> </span><span class=\"_ _f\"></span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1030\">assoluti, il valore <span class=\"_ _2\"></span>assunto delle s<span class=\"_ _2\"></span>tesse va<span class=\"_ _2\"></span>riabili nello Scenario <span class=\"_ _2\"></span>Baseline e la <span class=\"_ _2\"></span>variazione percentuale<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1031\">rispetto <span class=\"_ _0\"></span>ad <span class=\"_ _9\"> </span>esso <span class=\"_ _9\"> </span>degli <span class=\"_ _0\"></span>Scenari <span class=\"_ _9\"> </span>designati <span class=\"_ _0\"></span>come <span class=\"_ _9\"> </span>avverso <span class=\"_ _9\"> </span>e <span class=\"_ _0\"></span>favorevole <span class=\"_ _0\"></span>su <span class=\"_ _9\"> </span>ognuno <span class=\"_ _9\"> </span>dei <span class=\"_ _0\"></span>3 <span class=\"_ _9\"> </span>fine <span class=\"_ _9\"> </span>anno<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs1032\">compresi nell\u2019orizzonte temporale di<span class=\"_ _1\"></span>sponibile. <span class=\"_ _2\"></span><span class=\"ff4\"> </span></div><div class=\"t m1 h6 ff4 fs2 fc1 sc0 ls0 ws0 gs1033\">Scenario Baseline </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1034\">La risoluzione parziale d<span class=\"_ _1\"></span>elle tensioni geopolitiche e una politica economica prude<span class=\"_ _1\"></span>nte delineano un<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1035\">quadro <span class=\"_ _17\"> </span>di <span class=\"_ _17\"> </span>crescita <span class=\"_ _14\"> </span>economica <span class=\"_ _14\"> </span>contenuta. <span class=\"_ _17\"> </span>I <span class=\"_ _14\"> </span>dazi <span class=\"_ _17\"> </span>imposti <span class=\"_ _14\"> </span>dagli <span class=\"_ _17\"> </span>Stati <span class=\"_ _14\"> </span>Uniti <span class=\"_ _17\"> </span>s<span class=\"_ _2\"></span>u <span class=\"_ _17\"> </span>tutti <span class=\"_ _14\"> </span>i <span class=\"_ _17\"> </span>partner<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs1036\">commerciali (compresa l\u2019UE) <span class=\"_ _2\"></span>si attestano <span class=\"_ _2\"></span>attorno al 15%. Il <span class=\"_ _2\"></span>conflitto tra <span class=\"_ _2\"></span>Russia e Ucraina <span class=\"_ _2\"></span>continua<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1037\">c<span class=\"ff5\">on <span class=\"_ _9\"> </span>intensit\u00e0 <span class=\"_ _9\"> </span>variabile, <span class=\"_ _9\"> </span>ma <span class=\"_ _9\"> </span>si <span class=\"_ _9\"> </span>evita <span class=\"_ _9\"> </span>l\u2019espansione <span class=\"_ _9\"> </span>del <span class=\"_ _9\"> </span>conflitto, <span class=\"_ _9\"> </span>nonostante <span class=\"_ _9\"> </span>le <span class=\"_ _9\"> </span>tensioni <span class=\"_ _16\"> </span>del <span class=\"_ _0\"></span>Medio<span class=\"_ _df\"> </span></span><span class=\"ff5\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1038\">Oriente <span class=\"_ _d\"></span>persistano. <span class=\"_ _d\"></span>Le <span class=\"_ _d\"></span>forniture <span class=\"_ _2\"></span>energetiche <span class=\"_ _d\"></span>(petrolio <span class=\"_ _0\"></span>in <span class=\"_ _d\"></span>primis) <span class=\"_ _2\"></span>mantengono <span class=\"_ _d\"></span>prezzi <span class=\"_ _d\"></span>stabili <span class=\"_ _d\"></span>e <span class=\"_ _d\"></span>non<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs1039\">sono <span class=\"_ _22\"> </span>soggette <span class=\"_ _22\"> </span>a <span class=\"_ _4\"> </span>crisi.  I  tassi  d\u2019interesse <span class=\"_ _22\"> </span>della <span class=\"_ _4\"> </span>BCE  diminuis<span class=\"_ _2\"></span><span class=\"ff4\">cono  ancora <span class=\"_ _4\"> </span>e  successivamente<span class=\"_ _df\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs103a\">rimangono <span class=\"_ _2\"></span>invariati <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>un <span class=\"_ _2\"></span>periodo <span class=\"_ _2\"></span>prolungato. A <span class=\"_ _2\"></span>causa <span class=\"_ _d\"></span>dell'i<span class=\"_ _1\"></span>mpatto <span class=\"_ _2\"></span>della <span class=\"_ _2\"></span>guerra <span class=\"_ _2\"></span>commerciale, <span class=\"_ _2\"></span>la<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs103b\">ripresa dell'Eurozona si arresta quasi del tutto, ma si evita comunq<span class=\"_ _f\"></span>u<span class=\"_ _2\"></span>e la recessione.<span class=\"_ _df\"> </span><span class=\"_ _2\"></span> </div><div class=\"t m1 h6 ff4 fs2 fc1 sc0 ls0 ws0 gs103c\">Scenario Good<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs103d\">Il  quadro  macroeconomico  des<span class=\"_ _2\"></span>critto  prefigura  uno  scenario  ottimistico,  caratterizzato  da <span class=\"_ _22\"> </span>un<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs103e\">allentamento <span class=\"_ _1\"></span>delle <span class=\"_ _1\"></span>tensioni commerici<span class=\"_ _1\"></span>ali US<span class=\"_ _1\"></span>A e <span class=\"_ _f\"></span>da un <span class=\"_ _f\"></span>cessate il <span class=\"_ _1\"></span>fuoco p<span class=\"_ _1\"></span>arziale <span class=\"_ _1\"></span>nel <span class=\"_ _1\"></span>conflitto Russia-<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs103f\">Ucraina, che <span class=\"_ _f\"></span>r<span class=\"_ _2\"></span>ipristinano i flu<span class=\"_ _1\"></span>ssi di materie <span class=\"_ _1\"></span>prime. Una maggiore sicu<span class=\"_ _1\"></span>rezza energetica, la completa<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs1040\">eliminazione <span class=\"_ _c\"> </span>degli <span class=\"_ _c\"> </span>ostacoli <span class=\"_ _20\"> </span>nelle <span class=\"_ _c\"> </span>forniture <span class=\"_ _20\"> </span>e <span class=\"_ _c\"> </span>l\u2019aumento <span class=\"_ _c\"> </span>dell\u2019efficienza <span class=\"_ _c\"> </span>spinti <span class=\"_ _c\"> </span>dai <span class=\"_ _20\"> </span>fondi<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1041\">NextGenerationEU  e  dall<span class=\"_ _1\"></span>e  spese  della  di<span class=\"_ _1\"></span>fesa  determinano  un  periodo  di <span class=\"_ _16\"> </span>rapida  crescita  della<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1042\">produttivit\u00e0. <span class=\"_ _2\"></span>La <span class=\"_ _2\"></span>solidit\u00e0 <span class=\"_ _2\"></span>dell'economia <span class=\"_ _d\"></span>allenta <span class=\"_ _2\"></span>le <span class=\"_ _2\"></span>tensioni <span class=\"_ _2\"></span>politic<span class=\"_ _2\"></span>he <span class=\"_ _2\"></span>interne <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>Italia, <span class=\"_ _d\"></span>il <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>favorisce<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1043\">riforme efficaci e investimenti.<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs1044\">L\u2019Italia <span class=\"_ _15\"> </span>vede <span class=\"_ _15\"> </span>un <span class=\"_ _15\"> </span>raffor<span class=\"_ _2\"></span>zamento <span class=\"_ _14\"> </span>di <span class=\"_ _15\"> </span>consumi <span class=\"_ _e\"> </span>e <span class=\"_ _15\"> </span>investimenti, <span class=\"_ _15\"> </span>grazie <span class=\"_ _15\"> </span>all\u2019aumento <span class=\"_ _15\"> </span>dei <span class=\"_ _15\"> </span>salar<span class=\"_ _2\"></span>i <span class=\"_ _15\"> </span>e<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1045\">occupazione. L<span class=\"_ _1\"></span>a crescita solida i<span class=\"_ _1\"></span>n Europa si <span class=\"_ _f\"></span>riflette sui mercati fi<span class=\"_ _1\"></span>nanziari: l'e<span class=\"_ _1\"></span>uro si rafforza, i bilanci<span class=\"_ _df\"> </span><span class=\"_ _1\"></span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1046\">pubblici migliorano e lo spread Italia-Germania diminuisce.<span class=\"_ _df\"> </span> </div><div class=\"t m1 h6 ff4 fs2 fc1 sc0 ls0 ws0 gs1047\">Scenario Bad<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1048\">Questo scenario <span class=\"_ _2\"></span>negativo \u00e8 <span class=\"_ _2\"></span>dominato <span class=\"_ _2\"></span>da una <span class=\"_ _2\"></span>grave escalation <span class=\"_ _2\"></span>delle<span class=\"_ _1\"></span> <span class=\"_ _2\"></span>guerre comm<span class=\"_ _2\"></span>erciali (con <span class=\"_ _2\"></span>dazi<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1049\">che aumentano al <span class=\"_ _1\"></span>25%) e dall'aumento del<span class=\"_ _1\"></span>le tensioni geopolitiche (<span class=\"_ _1\"></span>Ucraina<span class=\"_ _2\"></span>, Medi<span class=\"_ _1\"></span>o Oriente, Stretto<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs104a\">di <span class=\"_ _1\"></span>Taiwan), che <span class=\"_ _f\"></span>danneggiano le <span class=\"_ _f\"></span>c<span class=\"_ _2\"></span>atene <span class=\"_ _f\"></span>di approvvigionamento <span class=\"_ _1\"></span>e la <span class=\"_ _f\"></span>fiducia. Le <span class=\"_ _f\"></span>tension<span class=\"_ _2\"></span>i <span class=\"_ _f\"></span>geopolitich<span class=\"_ _2\"></span>e<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs104b\">aumentano <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>il <span class=\"_ _d\"></span>timore <span class=\"_ _2\"></span>che <span class=\"_ _d\"></span>la <span class=\"_ _2\"></span>guerra <span class=\"_ _d\"></span>in <span class=\"_ _2\"></span>Ucraina <span class=\"_ _d\"></span>possa <span class=\"_ _2\"></span>estendersi <span class=\"_ _d\"></span>agli <span class=\"_ _2\"></span>stati <span class=\"_ _d\"></span>vicini <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>apporti <span class=\"_ _2\"></span>tra<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs104c\">Cina e Stati Uniti si acuiscono, portando a barriere temporanee alla nav<span class=\"_ _1\"></span>igazione lungo lo Stretto di<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs104d\">Taiwan. <span class=\"_ _d\"></span>I <span class=\"_ _d\"></span>r<span class=\"_ _2\"></span>ischi <span class=\"_ _d\"></span>politici <span class=\"_ _d\"></span>interni <span class=\"_ _0\"></span>in <span class=\"_ _d\"></span>Europa <span class=\"_ _0\"></span>si <span class=\"_ _d\"></span>intensificano <span class=\"_ _d\"></span>e <span class=\"_ _0\"></span>mettono <span class=\"_ _d\"></span>sotto <span class=\"_ _0\"></span>pressione <span class=\"_ _d\"></span>gli <span class=\"_ _d\"></span>spread. <span class=\"_ _0\"></span>Il<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs104e\">conseguente aumento dell'avversione <span class=\"_ _2\"></span>al rischio provoca una caduta dei mercati <span class=\"_ _2\"></span>finanziari <span class=\"_ _2\"></span>globali,<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs104f\">che <span class=\"_ _2\"></span>pone <span class=\"_ _2\"></span>le <span class=\"_ _2\"></span>basi <span class=\"_ _d\"></span>per <span class=\"_ _2\"></span>una <span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>ecess<span class=\"_ _1\"></span>ione <span class=\"_ _2\"></span>moderata <span class=\"_ _2\"></span>ma <span class=\"_ _d\"></span>prolungata. <span class=\"_ _2\"></span>La <span class=\"_ _2\"></span>BCE <span class=\"_ _2\"></span>risponde <span class=\"_ _d\"></span>anche <span class=\"_ _2\"></span>se <span class=\"_ _2\"></span>con <span class=\"_ _2\"></span>un<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1050\">certo <span class=\"_ _d\"></span>r<span class=\"_ _2\"></span>itardo, <span class=\"_ _d\"></span>tagliando <span class=\"_ _d\"></span>i <span class=\"_ _0\"></span>tassi <span class=\"_ _d\"></span>e <span class=\"_ _0\"></span>riprendendo <span class=\"_ _d\"></span>l'acquisto <span class=\"_ _0\"></span>di <span class=\"_ _d\"></span>tito<span class=\"_ _2\"></span>li <span class=\"_ _2\"></span>per <span class=\"_ _0\"></span>limitare <span class=\"_ _0\"></span>lo <span class=\"_ _d\"></span>str<span class=\"_ _2\"></span>ess <span class=\"_ _d\"></span>sui <span class=\"_ _d\"></span>mercati<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1051\">finanziari, <span class=\"_ _d\"></span>caratterizzati <span class=\"_ _0\"></span>da <span class=\"_ _d\"></span>una <span class=\"_ _d\"></span>svendita <span class=\"_ _d\"></span>gener<span class=\"_ _2\"></span>alizzata, <span class=\"_ _d\"></span>un <span class=\"_ _d\"></span>euro <span class=\"_ _0\"></span>debole <span class=\"_ _d\"></span>e <span class=\"_ _d\"></span>un <span class=\"_ _0\"></span>aumento <span class=\"_ _d\"></span>moderato<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1052\">dello spread sui titoli sovrani.<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1053\">Al  31 <span class=\"_ _4\"> </span>dicemb<span class=\"_ _1\"></span>re  2025<span class=\"_ _2\"></span>  la <span class=\"_ _22\"> </span>s<span class=\"_ _2\"></span>ensitivity  rilevata  dalle  perdit<span class=\"_ _2\"></span>e  attese,  al <span class=\"_ _4\"> </span>variare  della  probabilit\u00e0 <span class=\"_ _22\"> </span>d<span class=\"_ _2\"></span>i<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1054\">accadimento <span class=\"_ _d\"></span>attribuita <span class=\"_ _d\"></span>allo <span class=\"_ _2\"></span>scenario <span class=\"_ _d\"></span>Good <span class=\"_ _d\"></span>e <span class=\"_ _d\"></span>Bad <span class=\"_ _d\"></span>rispetto <span class=\"_ _d\"></span>allo <span class=\"_ _2\"></span>scenario <span class=\"_ _d\"></span>Basel<span class=\"_ _2\"></span>ine, <span class=\"_ _d\"></span>\u00e8 <span class=\"_ _d\"></span>compresa <span class=\"_ _d\"></span>nel<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1055\">range -3,39% / +11,67%.<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc4 sc3 ls0 ws0 gs1056\">Trat<span class=\"_ _1\"></span>tament<span class=\"_ _1\"></span>o ga<span class=\"_ _1\"></span>ranzi<span class=\"_ _f\"></span>e pubbli<span class=\"_ _f\"></span>che<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1057\">Nel cal<span class=\"_ _1\"></span>colo d<span class=\"_ _1\"></span>ell'ECL, <span class=\"_ _1\"></span>le garanzie <span class=\"_ _f\"></span>s<span class=\"_ _2\"></span>tatali (<span class=\"_ _1\"></span>incluse <span class=\"_ _f\"></span>q<span class=\"_ _2\"></span>uelle <span class=\"_ _f\"></span>assist<span class=\"_ _2\"></span>ite <span class=\"_ _1\"></span>dai <span class=\"_ _1\"></span>fondi e<span class=\"_ _f\"></span>mer<span class=\"_ _2\"></span>genziali) <span class=\"_ _f\"></span>s<span class=\"_ _2\"></span>ono <span class=\"_ _1\"></span>gestite<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1058\">secondo <span class=\"_ _9\"> </span>il <span class=\"_ _9\"> </span>principio <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>sostituzione: <span class=\"_ _0\"></span>la <span class=\"_ _16\"> </span>quota <span class=\"_ _9\"> </span>garantita <span class=\"_ _0\"></span>r<span class=\"_ _2\"></span>iflette <span class=\"_ _0\"></span>il <span class=\"_ _9\"> </span>profil<span class=\"_ _2\"></span>o <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>rischio <span class=\"_ _9\"> </span>dell'emittente </div><div class=\"gs1059\"><table class=\"s wf28 h566\" id=\"_731c8d2f-0c27-4429-9ea5-0675b448b345\"><tr><td class=\"c x8da y32db w54b h300\"><div class=\"t m6 x48 h2ff y19f5 ff2e fs29 fc1 sc0 ls0 ws0\">Macrov<span class=\"_ _2\"></span>ari<span class=\"_ _f\"></span>ab<span class=\"_ _2\"></span>il<span class=\"_ _f\"></span>e </div></td><td class=\"c x8db y32dd wf29 h567\"><div class=\"t m6 x250 h2ff y32dc ff2e fs29 fc1 sc0 ls0 ws0\">Con<span class=\"_ _2\"></span>suntivo<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x8dc y32de w54c h301\"><div class=\"t m6 x90 h2ff y19f7 ff2e fs29 fc1 sc0 ls0 ws0\">dic-26<span class=\"_ _df\"> </span></div></td><td></td><td></td><td class=\"c x8dd y32de w54d h301\"><div class=\"t m6 x36 h2ff y19f7 ff2e fs29 fc1 sc0 ls0 ws0\">dic-27<span class=\"_ _df\"> </span></div></td><td></td><td></td><td class=\"c x8de y32de w54e h301\"><div class=\"t m6 x31 h2ff y19f7 ff2e fs29 fc1 sc0 ls0 ws0\">dic-28<span class=\"_ _df\"> </span></div></td><td></td></tr><tr><td></td><td class=\"c x8df y32df wf2a h568\"><div class=\"t m6 x250 h2ff y32dc ff2e fs29 fc1 sc0 ls0 ws0\">giu-25<span class=\"_ _4\"> </span>Bad<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x8e0 y32df wf2b h568\"><div class=\"t m6 x250 h2ff y32dc ff2e fs29 fc1 sc0 ls0 ws0\">Baseline<span class=\"_ _df\"> </span></div></td><td class=\"c x8e1 y32df wf2c h568\"><div class=\"t m6 x250 h2ff y32dc ff2e fs29 fc1 sc0 ls0 ws0\">Good<span class=\"_ _df\"> </span></div></td><td class=\"c x8e2 y32df wf2d h568\"><div class=\"t m6 x250 h2ff y32dc ff2e fs29 fc1 sc0 ls0 ws0\">Bad<span class=\"_ _df\"> </span></div></td><td class=\"c x8e3 y32df wf2e h568\"><div class=\"t m6 x250 h2ff y32dc ff2e fs29 fc1 sc0 ls0 ws0\">Basel<span class=\"_ _1\"></span>ine<span class=\"_ _df\"> </span></div></td><td class=\"c x8e4 y32df wf2f h568\"><div class=\"t m6 x250 h2ff y32dc ff2e fs29 fc1 sc0 ls0 ws0\">G<span class=\"_ _f\"></span>oo<span class=\"_ _2\"></span>d<span class=\"_ _df\"> </span></div></td><td class=\"c x8e5 y32df wf30 h568\"><div class=\"t m6 x250 h2ff y32dc ff2e fs29 fc1 sc0 ls0 ws0\">B<span class=\"_ _1\"></span>ad<span class=\"_ _df\"> </span></div></td><td class=\"c x8e6 y32df wf31 h568\"><div class=\"t m6 x250 h2ff y32dc ff2e fs29 fc1 sc0 ls0 ws0\">Base<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>ne<span class=\"_ _df\"> </span></div></td><td class=\"c x8e7 y32df wf2c h568\"><div class=\"t m6 x250 h2ff y32dc ff2e fs29 fc1 sc0 ls0 ws0\">Good<span class=\"_ _df\"> </span></div></td></tr><tr><td class=\"c x262 y32e0 wf32 h568\"><div class=\"t m6 x250 h2ff y32dc ff2e fs29 fc1 sc0 ls0 ws0\">PIL<span class=\"_ _2\"></span> ITA<span class=\"_ _df\"> </span></div></td><td class=\"c x8e8 y32e0 wf33 h568\"><div class=\"t m6 x250 h2ff y32dc ff2e fs29 fc1 sc0 lsfd ws0\">1938</div></td><td class=\"c x8e9 y32e2 wf34 h569\"><div class=\"t m6 x250 h2ff y32e1 fff fs29 fc1 sc0 ls0 ws0\">5,3<span class=\"_ _1\"></span>6%<span class=\"_ _df\"> </span></div></td><td class=\"c x8ea y32e0 wf35 h568\"><div class=\"t m6 x250 h2ff y32dc ff2e fs29 fc1 sc0 lsfd ws0\">1948</div></td><td class=\"c x8eb y32e2 wf36 h569\"><div class=\"t m6 x250 h2ff y32e1 fff fs29 fc1 sc0 ls0 ws0\">-1,<span class=\"_ _f\"></span>92%</div></td><td class=\"c x8ec y32e2 wf34 h569\"><div class=\"t m6 x250 h2ff y32e1 fff fs29 fc1 sc0 ls0 ws0\">4,7<span class=\"_ _1\"></span>8%<span class=\"_ _df\"> </span></div></td><td class=\"c x8ed y32e0 wf37 h568\"><div class=\"t m6 x250 h2ff y32dc ff2e fs29 fc1 sc0 lsfd ws0\">1966</div></td><td class=\"c x8ee y32e2 wf38 h569\"><div class=\"t m6 x250 h2ff y32e1 fff fs29 fc1 sc0 ls0 ws0\">-1,72%</div></td><td class=\"c x8ef y32e2 wf39 h569\"><div class=\"t m6 x250 h2ff y32e1 fff fs29 fc1 sc0 ls0 ws0\">3,<span class=\"_ _f\"></span>88%<span class=\"_ _df\"> </span></div></td><td class=\"c x8f0 y32e0 wf33 h568\"><div class=\"t m6 x250 h2ff y32dc ff2e fs29 fc1 sc0 lsfd ws0\">1989</div></td><td class=\"c x8f1 y32e2 wf3a h569\"><div class=\"t m6 x250 h2ff y32e1 fff fs29 fc1 sc0 ls0 ws0\">-<span class=\"_ _2\"></span>1,6<span class=\"_ _1\"></span>1%<span class=\"_ _df\"> </span></div></td></tr><tr><td class=\"c x262 y32e3 wf3b h568\"><div class=\"t m6 x250 h2ff y32dc ff2e fs29 fc1 sc0 ls0 ws0\">PIL<span class=\"_ _2\"></span> EURO<span class=\"_ _df\"> </span></div></td><td class=\"c x8f2 y32e3 wf3c h568\"><div class=\"t m6 x250 h2ff y32dc ff2e fs29 fc1 sc0 lsfd ws0\">11462</div></td><td class=\"c x8f3 y32e4 wf3d h569\"><div class=\"t m6 x250 h2ff y32e1 fff fs29 fc1 sc0 ls0 ws0\">5,30%<span class=\"_ _df\"> </span></div></td><td class=\"c x8f4 y32e3 wf3e h568\"><div class=\"t m6 x250 h2ff y32dc ff2e fs29 fc1 sc0 lsfd ws0\">11612</div></td><td class=\"c x8f5 y32e4 wf3f h569\"><div class=\"t m6 x250 h2ff y32e1 fff fs29 fc1 sc0 ls0 ws0\">-<span class=\"_ _2\"></span>2,1<span class=\"_ _1\"></span>8%</div></td><td class=\"c x8f6 y32e4 wf39 h569\"><div class=\"t m6 x250 h2ff y32e1 fff fs29 fc1 sc0 ls0 ws0\">4,<span class=\"_ _f\"></span>73%<span class=\"_ _df\"> </span></div></td><td class=\"c x8f7 y32e3 wf3e h568\"><div class=\"t m6 x250 h2ff y32dc ff2e fs29 fc1 sc0 lsfd ws0\">11821</div></td><td class=\"c x8f8 y32e4 wf40 h569\"><div class=\"t m6 x250 h2ff y32e1 fff fs29 fc1 sc0 ls0 ws0\">-2,07%</div></td><td class=\"c x8f9 y32e4 wf41 h569\"><div class=\"t m6 x250 h2ff y32e1 fff fs29 fc1 sc0 ls0 ws0\">3,7<span class=\"_ _1\"></span>3%<span class=\"_ _df\"> </span></div></td><td class=\"c x8fa y32e3 wf3e h568\"><div class=\"t m6 x250 h2ff y32dc ff2e fs29 fc1 sc0 lsfd ws0\">12032</div></td><td class=\"c x8fb y32e4 wf38 h569\"><div class=\"t m6 x250 h2ff y32e1 fff fs29 fc1 sc0 ls0 ws0\">-1,96%<span class=\"_ _df\"> </span></div></td></tr><tr><td class=\"c x262 y32e5 wf42 h568\"><div class=\"t m6 x250 h2ff y32dc ff2e fs29 fc1 sc0 ls0 ws0\">Tasso di dis<span class=\"_ _f\"></span>o<span class=\"_ _2\"></span>ccu<span class=\"_ _2\"></span>pazione<span class=\"_ _df\"> </span></div></td><td class=\"c x8fc y32e5 wf43 h568\"><div class=\"t m6 x250 h2ff y32dc ff2e fs29 fc1 sc0 ls0 ws0\">6,30%</div></td><td class=\"c x8fd y32e6 wf44 h569\"><div class=\"t m6 x250 h2ff y32e1 fff fs29 fc1 sc0 ls0 ws0\">-<span class=\"_ _2\"></span>10,<span class=\"_ _1\"></span>32%<span class=\"_ _df\"> </span></div></td><td class=\"c x8fe y32e5 wf43 h568\"><div class=\"t m6 x250 h2ff y32dc ff2e fs29 fc1 sc0 ls0 ws0\">6,25%</div></td><td class=\"c x8ff y32e6 wf34 h569\"><div class=\"t m6 x250 h2ff y32e1 fff fs29 fc1 sc0 ls0 ws0\">2,9<span class=\"_ _1\"></span>9%</div></td><td class=\"c x900 y32e6 wf45 h569\"><div class=\"t m6 x250 h2ff y32e1 fff fs29 fc1 sc0 ls0 ws0\">-<span class=\"_ _2\"></span>18,<span class=\"_ _f\"></span>80%<span class=\"_ _df\"> </span></div></td><td class=\"c x901 y32e5 wf43 h568\"><div class=\"t m6 x250 h2ff y32dc ff2e fs29 fc1 sc0 ls0 ws0\">6,38%</div></td><td class=\"c x902 y32e6 wf34 h569\"><div class=\"t m6 x250 h2ff y32e1 fff fs29 fc1 sc0 ls0 ws0\">5,<span class=\"_ _1\"></span>43%</div></td><td class=\"c x903 y32e6 wf46 h569\"><div class=\"t m6 x250 h2ff y32e1 fff fs29 fc1 sc0 ls0 ws0\">-18,03%<span class=\"_ _df\"> </span></div></td><td class=\"c x904 y32e5 wf43 h568\"><div class=\"t m6 x250 h2ff y32dc ff2e fs29 fc1 sc0 ls0 ws0\">6,49%</div></td><td class=\"c x905 y32e6 wf41 h569\"><div class=\"t m6 x250 h2ff y32e1 fff fs29 fc1 sc0 ls0 ws0\">6,<span class=\"_ _1\"></span>66%<span class=\"_ _df\"> </span></div></td></tr><tr><td class=\"c x262 y32e7 wf47 h568\"><div class=\"t m6 x250 h2ff y32dc ff2e fs29 fc1 sc0 ls0 ws0\">Indice di produzione industri<span class=\"_ _1\"></span>ale<span class=\"_ _df\"> </span></div></td><td class=\"c x906 y32e7 wf48 h568\"><div class=\"t m6 x250 h2ff y32dc ff2e fs29 fc1 sc0 lsfd ws0\">94</div></td><td class=\"c x907 y32e9 wf49 h56a\"><div class=\"t m6 x250 h2ff y32e8 fff fs29 fc1 sc0 ls0 ws0\">10,<span class=\"_ _1\"></span>33%<span class=\"_ _df\"> </span></div></td><td class=\"c x908 y32e7 wf48 h568\"><div class=\"t m6 x250 h2ff y32dc ff2e fs29 fc1 sc0 lsfd ws0\">95</div></td><td class=\"c x909 y32e9 wf3f h56a\"><div class=\"t m6 x250 h2ff y32e8 fff fs29 fc1 sc0 ls0 ws0\">-<span class=\"_ _2\"></span>3,<span class=\"_ _1\"></span>58%</div></td><td class=\"c x90a y32e9 wf4a h56a\"><div class=\"t m6 x250 h2ff y32e8 fff fs29 fc1 sc0 ls0 ws0\">6,65%<span class=\"_ _df\"> </span></div></td><td class=\"c x90b y32e7 wf4b h568\"><div class=\"t m6 x250 h2ff y32dc ff2e fs29 fc1 sc0 lsfd ws0\">96</div></td><td class=\"c x90c y32e9 wf38 h56a\"><div class=\"t m6 x250 h2ff y32e8 fff fs29 fc1 sc0 ls0 ws0\">-2,73%</div></td><td class=\"c x90d y32e9 wf34 h56a\"><div class=\"t m6 x250 h2ff y32e8 fff fs29 fc1 sc0 ls0 ws0\">5,<span class=\"_ _1\"></span>13%<span class=\"_ _df\"> </span></div></td><td class=\"c x90e y32e7 wf48 h568\"><div class=\"t m6 x250 h2ff y32dc ff2e fs29 fc1 sc0 lsfd ws0\">97</div></td><td class=\"c x90f y32e9 wf3a h56a\"><div class=\"t m6 x250 h2ff y32e8 fff fs29 fc1 sc0 ls0 ws0\">-<span class=\"_ _2\"></span>2,4<span class=\"_ _1\"></span>3%<span class=\"_ _df\"> </span></div></td></tr><tr><td class=\"c x262 y32ea wf4c h568\"><div class=\"t m6 x250 h2ff y32dc ff2e fs29 fc1 sc0 ls0 ws0\">Indice immob<span class=\"_ _2\"></span>il<span class=\"_ _f\"></span>i resi<span class=\"_ _f\"></span>d<span class=\"_ _2\"></span>enzial<span class=\"_ _f\"></span>i<span class=\"_ _df\"> </span></div></td><td class=\"c x910 y32ea wf33 h568\"><div class=\"t m6 x250 h2ff y32dc ff2e fs29 fc1 sc0 lsfd ws0\">2266</div></td><td class=\"c x911 y32eb wf3d h56a\"><div class=\"t m6 x250 h2ff y32e8 fff fs29 fc1 sc0 ls0 ws0\">2,79%<span class=\"_ _df\"> </span></div></td><td class=\"c x912 y32ea wf35 h568\"><div class=\"t m6 x250 h2ff y32dc ff2e fs29 fc1 sc0 lsfd ws0\">2455</div></td><td class=\"c x913 y32eb wf3f h56a\"><div class=\"t m6 x250 h2ff y32e8 fff fs29 fc1 sc0 ls0 ws0\">-<span class=\"_ _2\"></span>0,<span class=\"_ _1\"></span>69%</div></td><td class=\"c x914 y32eb wf3d h56a\"><div class=\"t m6 x250 h2ff y32e8 fff fs29 fc1 sc0 ls0 ws0\">3,81%<span class=\"_ _df\"> </span></div></td><td class=\"c x915 y32ea wf33 h568\"><div class=\"t m6 x250 h2ff y32dc ff2e fs29 fc1 sc0 lsfd ws0\">2619</div></td><td class=\"c x916 y32eb wf4d h56a\"><div class=\"t m6 x250 h2ff y32e8 fff fs29 fc1 sc0 ls0 ws0\">-<span class=\"_ _2\"></span>0,9<span class=\"_ _f\"></span>5%</div></td><td class=\"c x917 y32eb wf4e h56a\"><div class=\"t m6 x250 h2ff y32e8 fff fs29 fc1 sc0 ls0 ws0\">5,<span class=\"_ _f\"></span>29%<span class=\"_ _df\"> </span></div></td><td class=\"c x918 y32ea wf33 h568\"><div class=\"t m6 x250 h2ff y32dc ff2e fs29 fc1 sc0 lsfd ws0\">2780</div></td><td class=\"c x919 y32eb wf4f h56a\"><div class=\"t m6 x250 h2ff y32e8 fff fs29 fc1 sc0 ls0 ws0\">-<span class=\"_ _2\"></span>1,<span class=\"_ _f\"></span>68%<span class=\"_ _df\"> </span></div></td></tr></table></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs105b\">sovrano <span class=\"_ _17\"> </span>anzich\u00e9 <span class=\"_ _14\"> </span>quello <span class=\"_ _17\"> </span>della <span class=\"_ _14\"> </span>contro<span class=\"_ _2\"></span>parte. <span class=\"_ _4\"> </span>L'effetto <span class=\"_ _14\"> </span>di <span class=\"_ _17\"> </span>mitig<span class=\"_ _2\"></span>azione <span class=\"_ _17\"> </span>\u00e8 <span class=\"_ _17\"> </span>parametr<span class=\"_ _2\"></span>ato <span class=\"_ _17\"> </span>al <span class=\"_ _14\"> </span>merito<span class=\"_ _df\"> </span> </div><div class=\"t m0 hc ff4 fs1 fc1 sc0 ls0 ws0 gs105c\">creditizio della Repubblica Italiana, monitorato tramite il rating de<span class=\"_ _1\"></span>lle principali agenzie.<span class=\"_ _2\"></span><span class=\"fs4\"> </span><span class=\"fs4\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc4 sc3 ls0 ws0 gs105d\">2.4 Te<span class=\"_ _1\"></span>cnic<span class=\"_ _f\"></span>he di mit<span class=\"_ _1\"></span>igazio<span class=\"_ _f\"></span>ne del ri<span class=\"_ _f\"></span>schio di cr<span class=\"_ _f\"></span>edito<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs105e\">I <span class=\"_ _f\"></span>collateral e <span class=\"_ _f\"></span>le <span class=\"_ _f\"></span>garanzie <span class=\"_ _1\"></span>rivestono <span class=\"_ _f\"></span>particolare <span class=\"_ _1\"></span>rilevanza <span class=\"_ _f\"></span>nelle <span class=\"_ _f\"></span>s<span class=\"_ _2\"></span>trategie <span class=\"_ _f\"></span>creditizie <span class=\"_ _f\"></span>del <span class=\"_ _1\"></span>Gruppo <span class=\"_ _f\"></span>Credem<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs105f\">in quanto consentono <span class=\"_ _2\"></span>la mitigazione <span class=\"_ _2\"></span>nel complessivo ciclo <span class=\"_ _2\"></span>di vita <span class=\"_ _2\"></span>del credito, pur <span class=\"_ _2\"></span>mantenendo un<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1060\">carattere <span class=\"_ _22\"> </span>accessor<span class=\"_ _2\"></span>io  nel <span class=\"_ _4\"> </span>processo  di <span class=\"_ _4\"> </span>valu<span class=\"_ _1\"></span>tazio<span class=\"_ _2\"></span><span class=\"ff5\">ne  e <span class=\"_ _4\"> </span>concessione <span class=\"_ _22\"> </span>del <span class=\"_ _4\"> </span>credito <span class=\"_ _22\"> </span>dove <span class=\"_ _4\"> </span>l\u2019elemento<span class=\"_ _df\"> </span></span><span class=\"ff5\"> </span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs1061\">fondante <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>valutazione <span class=\"_ _2\"></span>della <span class=\"_ _2\"></span>capacit\u00e0 <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>imborso <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>debitore. <span class=\"_ _2\"></span>In <span class=\"_ _2\"></span>tal <span class=\"_ _2\"></span>senso <span class=\"_ _2\"></span>l\u2019acquisizione <span class=\"_ _2\"></span>delle<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs1062\">stesse, comporta un\u2019approfondita attivi<span class=\"_ _1\"></span>t\u00e0 valutativa sia i<span class=\"_ _1\"></span>n fase di acqui<span class=\"_ _1\"></span>sizione sia di monitoraggio<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1063\">e gestion<span class=\"lse\">e.<span class=\"_ _df\"> </span></span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1064\">Per i collateral <span class=\"_ _2\"></span>immobiliari sono definiti, conformemente <span class=\"_ _2\"></span>ad i requisiti <span class=\"_ _2\"></span>normativi, i principi g<span class=\"_ _2\"></span>enerali<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1065\">che consentono un sano e prudente processo di valutazione<span class=\"_ _1\"></span> degli immobili oggetto dei collateral:<span class=\"_ _df\"> </span><span class=\"_ _2\"></span> </div><div class=\"t m0 h5 ff14 fs1 fc1 sc0 ls0 ws0 gs1066\"><span class=\"_ _2c\"> </span><span class=\"ff5\">Indipendenza <span class=\"_ _2\"></span>della <span class=\"_ _2\"></span>valutazione <span class=\"_ _2\"></span>tramite <span class=\"_ _2\"></span>l\u2019utilizz<span class=\"_ _1\"></span>o <span class=\"_ _2\"></span>di<span class=\"ff4\"> <span class=\"_ _2\"></span>periti <span class=\"_ _2\"></span>esterni <span class=\"_ _2\"></span>indipendenti dal <span class=\"_ _2\"></span>processo <span class=\"_ _2\"></span>di<span class=\"_ _df\"> </span></span></span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1067\">erogazione del credito.<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff14 fs1 fc1 sc0 ls0 ws0 gs1068\"><span class=\"_ _2c\"> </span><span class=\"ff5\">Conformit\u00e0 e <span class=\"_ _2\"></span>congruit\u00e0 della valutazione, adeguata alla <span class=\"_ _2\"></span>complessit\u00e0 dell\u2019ope<span class=\"_ _1\"></span>razione, alla <span class=\"_ _2\"></span>sua<span class=\"_ _df\"> </span></span><span class=\"ff5\"> </span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs1069\">dimensione, alla <span class=\"_ _f\"></span>t<span class=\"_ _2\"></span>ipologia <span class=\"_ _1\"></span>dell\u2019immobile p<span class=\"_ _1\"></span>er l\u2019individuazione de<span class=\"_ _1\"></span>l valore di <span class=\"_ _1\"></span>mercato su cui<span class=\"_ _1\"></span> v<span class=\"ff4\">iene<span class=\"_ _df\"> </span></span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs106a\">calcolato l\u2019indicatore di loan to value.<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff14 fs1 fc1 sc0 ls0 ws0 gs106b\"><span class=\"_ _2c\"> </span><span class=\"ff4\">Un <span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>obusto <span class=\"_ _2\"></span>sistema <span class=\"_ _2\"></span>di <span class=\"_ _d\"></span>controlli, <span class=\"_ _2\"></span>conforme <span class=\"_ _d\"></span>ad <span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>equi<span class=\"_ _1\"></span>siti <span class=\"_ _2\"></span>nor<span class=\"_ _2\"></span>mativi, <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>presidio <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>el <span class=\"_ _2\"></span>processo <span class=\"_ _2\"></span>di<span class=\"_ _df\"> </span></span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs106c\">valutazione.<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs106d\">Vista l\u2019importanza de<span class=\"_ _1\"></span>l comparto <span class=\"_ _1\"></span>mutui nel<span class=\"_ _1\"></span> portafoglio complessivo <span class=\"_ _1\"></span>e in ottica d<span class=\"_ _1\"></span>i adegu<span class=\"_ _1\"></span>amento alle<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs106e\">Disposizioni <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>Vigilanza \u00e8 <span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>tato <span class=\"_ _2\"></span>messo <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>punto <span class=\"_ _2\"></span>un <span class=\"_ _2\"></span>processo <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>monitoraggio <span class=\"_ _2\"></span>periodico <span class=\"_ _2\"></span>del va<span class=\"_ _2\"></span>lore<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs106f\">degli <span class=\"_ _0\"></span>immobili <span class=\"_ _9\"> </span>oggetto <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>ipoteca <span class=\"_ _0\"></span>al <span class=\"_ _9\"> </span>fine <span class=\"_ _0\"></span>di <span class=\"_ _9\"> </span>una <span class=\"_ _0\"></span>cor<span class=\"_ _2\"></span>retta <span class=\"_ _0\"></span>valutazione <span class=\"_ _0\"> </span>del <span class=\"_ _9\"> </span>grado <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>copertura <span class=\"_ _9\"> </span>dei<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1070\">collateral.<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs1071\">All\u2019interno d<span class=\"_ _1\"></span>el \u201cRegolamento pe<span class=\"_ _1\"></span>r l\u2019assunzione dei rischi di <span class=\"_ _f\"></span>cr<span class=\"_ _2\"></span>edito v<span class=\"_ _1\"></span>erso la clie<span class=\"_ _1\"></span>ntela\u201d \u00e8 codi<span class=\"_ _1\"></span>ficata la<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs1072\">ponderazione <span class=\"_ _d\"></span>da <span class=\"_ _d\"></span>applicare <span class=\"_ _0\"></span>alle <span class=\"_ _d\"></span>diverse <span class=\"_ _0\"></span>operazioni <span class=\"_ _d\"></span>ipotecarie <span class=\"_ _d\"></span>in <span class=\"_ _0\"></span>base <span class=\"_ _d\"></span>alla <span class=\"_ _0\"></span>natura <span class=\"_ _d\"></span>dell\u2019immobile. <span class=\"_ _d\"></span>Il<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1073\">Comitato di Cre<span class=\"_ _1\"></span>dit Strategy, i<span class=\"_ _1\"></span>noltre, propone p<span class=\"_ _1\"></span>eriodicamente le <span class=\"_ _1\"></span>linee guida <span class=\"_ _1\"></span>di indirizzo i<span class=\"_ _1\"></span>n termini di<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1074\">Loan <span class=\"_ _2\"></span>To Value <span class=\"_ _2\"></span>media d<span class=\"_ _2\"></span>el portafoglio <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>delle nuove <span class=\"_ _2\"></span>erogazioni. In <span class=\"_ _2\"></span>particolare, <span class=\"_ _2\"></span>proprio <span class=\"_ _2\"></span>per la <span class=\"_ _2\"></span>natura<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1075\">di intervento <span class=\"_ _2\"></span>a medio termine, <span class=\"_ _2\"></span>i mutui <span class=\"_ _2\"></span>ipotecari prevedono perc<span class=\"_ _2\"></span>entuali di iscrizione <span class=\"_ _2\"></span>della garanzia<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1076\">diversificate a seconda della tipologia de<span class=\"_ _1\"></span>l finanziamento.<span class=\"_ _df\"> </span><span class=\"_ _2\"></span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1077\">Per quanto r<span class=\"_ _2\"></span>iguarda le garanzie reali su <span class=\"_ _2\"></span>valori mobiliari sono previsti <span class=\"_ _2\"></span>scarti cauzionali da applicare<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs1078\">a seconda della tipologia del prodotto acqu<span class=\"_ _1\"></span>isito in garanzia e dell\u2019eventuale rating dell\u2019emittente.<span class=\"_ _df\"> </span><span class=\"_ _2\"></span><span class=\"ff4\"> </span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs1079\">E\u2019 inoltr<span class=\"_ _2\"></span>e previsto <span class=\"_ _2\"></span>il monitoraggio <span class=\"_ _2\"></span>costante dei <span class=\"_ _2\"></span>valo<span class=\"ff4\">ri <span class=\"_ _2\"></span>mobiliari a <span class=\"_ _2\"></span>garanzia e <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>valorizzazione ai <span class=\"_ _2\"></span>fini<span class=\"_ _df\"> </span></span><span class=\"ff4\"><span class=\"_ _1\"></span> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs107a\">di Credit Risk Mitigation.<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs107b\">In  riferimento <span class=\"_ _22\"> </span>alle <span class=\"_ _4\"> </span>garanzie  fidejussorie, <span class=\"_ _22\"> </span>os<span class=\"_ _2\"></span>serviamo  che  la <span class=\"_ _4\"> </span>loro <span class=\"_ _22\"> </span>valorizzazione <span class=\"_ _22\"> </span>viene <span class=\"_ _22\"> </span>s<span class=\"_ _2\"></span>empre<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs107c\">effettuata sulla base di una valutazione p<span class=\"_ _1\"></span>rudenziale del patrimonio responsabile dei garant<span class=\"_ _2\"></span>i.<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs107d\">Relativamente <span class=\"_ _16\"> </span>alle <span class=\"_ _16\"> </span>garanzie <span class=\"_ _16\"> </span>pubbliche,  il <span class=\"_ _16\"> </span>Gruppo <span class=\"_ _16\"> </span>Credem <span class=\"_ _16\"> </span>adotta  speci<span class=\"_ _1\"></span>fiche <span class=\"_ _16\"> </span>procedure  v<span class=\"_ _1\"></span>olte  a<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs107e\">rispettare <span class=\"_ _0\"></span>le <span class=\"_ _0\"></span>modalit\u00e0 <span class=\"_ _0\"></span>operative <span class=\"_ _d\"></span>richieste <span class=\"_ _0\"></span>dai <span class=\"_ _0\"></span>dettami <span class=\"_ _0\"></span>normativi <span class=\"_ _0\"></span>emanati <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<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs107f\">emittenti tali garanzie.<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc4 sc3 ls0 ws0 gs1080\">3.  Es<span class=\"_ _1\"></span>posizi<span class=\"_ _1\"></span>oni cr<span class=\"_ _1\"></span>edit<span class=\"_ _f\"></span>izie deter<span class=\"_ _1\"></span>ior<span class=\"_ _1\"></span>ate<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc4 sc3 ls0 ws0 gs1081\">3.1<span class=\"ff11 sc0\"> <span class=\"_ _20\"> </span></span>Str<span class=\"_ _1\"></span>ategi<span class=\"_ _1\"></span>e e p<span class=\"_ _1\"></span>olitich<span class=\"_ _1\"></span>e di <span class=\"_ _1\"></span>gestio<span class=\"_ _f\"></span>ne<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1082\">La <span class=\"_ _0\"></span>struttura <span class=\"_ _9\"> </span>di <span class=\"_ _0\"></span>Non-Performing <span class=\"_ _9\"> </span>Credit <span class=\"_ _0\"></span>supporta <span class=\"_ _0\"></span>da <span class=\"_ _9\"> </span>un <span class=\"_ _0\"></span>punto <span class=\"_ _9\"> </span>di <span class=\"_ _0\"></span>vista <span class=\"_ _9\"> </span>tecnico <span class=\"_ _0\"></span>la <span class=\"_ _0\"></span>rete <span class=\"_ _9\"> </span>Banca <span class=\"_ _0\"></span>e <span class=\"_ _0\"></span>l<span class=\"_ _2\"></span>e<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1083\">societ\u00e0 <span class=\"_ _d\"></span>del <span class=\"_ _2\"></span>Gruppo <span class=\"_ _d\"></span>e <span class=\"_ _2\"></span>nella <span class=\"_ _d\"></span>gestione <span class=\"_ _2\"></span>dei <span class=\"_ _d\"></span>crediti <span class=\"_ _2\"></span>anomali <span class=\"_ _d\"></span>e <span class=\"_ _d\"></span>deteriorati <span class=\"_ _d\"></span>e <span class=\"_ _2\"></span>nella <span class=\"_ _d\"></span>determinazione <span class=\"_ _2\"></span>delle<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1084\">svalutazioni.  </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 lsc4 ws0 gs1085\">Al<span class=\"ff5 ls0\">l\u2019interno <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>questa st<span class=\"_ _1\"></span>ruttura, la <span class=\"_ _f\"></span>gestione <span class=\"_ _1\"></span>dell\u2019attivit\u00e0 d<span class=\"_ _1\"></span>i recu<span class=\"_ _1\"></span>pero <span class=\"_ _f\"></span>crediti avviene <span class=\"_ _f\"></span>secondo processi<span class=\"_ _df\"> </span></span><span class=\"ff5 ls0\"><span class=\"_ _1\"></span> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1086\">definiti <span class=\"_ _1\"></span>in b<span class=\"_ _1\"></span>ase al <span class=\"_ _f\"></span>canale/segmento, alla tip<span class=\"_ _1\"></span>ologia d<span class=\"_ _1\"></span>i aff<span class=\"_ _1\"></span>idamenti <span class=\"_ _1\"></span>ed al <span class=\"_ _f\"></span>livello di <span class=\"_ _f\"></span>anomalia, ed <span class=\"_ _f\"></span>\u00e8 svolta<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1087\">da <span class=\"_ _9\"> </span>uffici <span class=\"_ _9\"> </span>centrali <span class=\"_ _9\"> </span>o <span class=\"_ _16\"> </span>loro <span class=\"_ _0\"></span>decentramenti <span class=\"_ _9\"> </span>sul <span class=\"_ _9\"> </span>terr<span class=\"_ _2\"></span>itorio. <span class=\"_ _0\"> </span>Il <span class=\"_ _16\"> </span>modello <span class=\"_ _0\"></span>operativo <span class=\"_ _9\"> </span>permette <span class=\"_ _16\"> </span>una <span class=\"_ _9\"> </span>visione<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1088\">omnicomprensiva <span class=\"_ _2\"></span>del credit<span class=\"_ _2\"></span>o <span class=\"_ _2\"></span><span class=\"ff5\">lungo <span class=\"_ _2\"></span>tutto <span class=\"_ _2\"></span>l\u2019arco <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>vita, valorizzando <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>fluidit\u00e0 <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>l\u2019integrazione <span class=\"_ _2\"></span>dei<span class=\"_ _df\"> </span></span><span class=\"ff5\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1089\">processi <span class=\"_ _1\"></span>e <span class=\"_ _f\"></span>la <span class=\"_ _1\"></span>continuit\u00e0 <span class=\"_ _f\"></span>di v<span class=\"_ _1\"></span>isione. <span class=\"_ _f\"></span>In <span class=\"_ _1\"></span>particolare <span class=\"_ _f\"></span>si <span class=\"_ _1\"></span>segnala <span class=\"_ _f\"></span>la p<span class=\"_ _1\"></span>resenza <span class=\"_ _f\"></span>di strutture<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>centrali <span class=\"_ _f\"></span>dedicat<span class=\"_ _2\"></span><span class=\"lse\">e<span class=\"_ _df\"> </span></span><span class=\"lse\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs108a\">alla <span class=\"_ _2\"></span>gestione, <span class=\"_ _2\"></span>al <span class=\"_ _d\"></span>monitoraggio <span class=\"_ _d\"></span>e <span class=\"_ _2\"></span>al <span class=\"_ _d\"></span>recupero <span class=\"_ _2\"></span>di <span class=\"_ _d\"></span>posizioni <span class=\"_ _2\"></span>secondo <span class=\"_ _d\"></span>una <span class=\"_ _2\"></span>organizzazione <span class=\"_ _d\"></span>orizzontale<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs108b\">che permette di avere modalit\u00e0 differenti di collection in base alla tipologia di controparte e entit\u00e0<span class=\"_ _df\"> </span><span class=\"_ _f\"></span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs108c\">di <span class=\"_ _2\"></span>impiego. <span class=\"_ _2\"></span>Nel <span class=\"_ _d\"></span>dettaglio <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _d\"></span>prevista <span class=\"_ _d\"></span>una <span class=\"_ _2\"></span>gestione <span class=\"_ _2\"></span>mass<span class=\"_ _2\"></span>iva <span class=\"_ _2\"></span>o <span class=\"_ _d\"></span>single <span class=\"_ _2\"></span>name <span class=\"_ _2\"></span>delle <span class=\"_ _2\"></span>posizioni. <span class=\"_ _d\"></span>\u00c8 <span class=\"_ _2\"></span>inoltre<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs108d\">prevista un\u2019altra <span class=\"_ _2\"></span>str<span class=\"_ _2\"></span>uttura dedicata <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>reporting gestionale <span class=\"_ _2\"></span>e r<span class=\"_ _2\"></span>egistrazioni cont<span class=\"_ _2\"></span>abili delle posiz<span class=\"_ _2\"></span>ioni<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs108e\">classificate a NPL.  </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs108f\">Nel <span class=\"_ _22\"> </span>cor<span class=\"_ _2\"></span>so <span class=\"_ _22\"> </span>del <span class=\"_ _4\"> </span>2025 <span class=\"_ _22\"> </span>\u00e8 <span class=\"_ _4\"> </span>stato <span class=\"_ _22\"> </span>completato <span class=\"_ _4\"> </span>il  progetto <span class=\"_ _4\"> </span>di  potenziamento <span class=\"_ _4\"> </span>dell'unit\u00e0  or<span class=\"_ _2\"></span>ganizz<span class=\"_ _2\"></span>ativa<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1090\">dedicata al <span class=\"_ _2\"></span>coordinamento <span class=\"_ _2\"></span>della <span class=\"_ _2\"></span>gestione dei cr<span class=\"_ _2\"></span>editi NPL <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>le societ\u00e0 <span class=\"_ _2\"></span>del Gruppo. <span class=\"_ _2\"></span>Tale <span class=\"_ _2\"></span>struttura<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs1092\">si  pone<span class=\"_ _1\"></span>  l\u2019obi<span class=\"_ _1\"></span>ettivo  di <span class=\"_ _9\"> </span>gestire  in  modalit\u00e0  acc<span class=\"_ _1\"></span>entrata  sia<span class=\"_ _1\"></span>  le <span class=\"_ _9\"> </span>posizioni  a  sofferenz<span class=\"_ _1\"></span>a  che <span class=\"_ _9\"> </span>i  crediti </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1093\">classificati <span class=\"_ _0\"></span>come <span class=\"_ _0\"></span>inadempienze <span class=\"_ _0\"> </span>pro<span class=\"_ _2\"></span>babil<span class=\"_ _1\"></span>i <span class=\"_ _0\"></span>(UTP) <span class=\"_ _0\"></span>facent<span class=\"_ _2\"></span>i <span class=\"_ _0\"></span>capo <span class=\"_ _0\"></span>alle <span class=\"_ _9\"> </span>societ\u00e0 <span class=\"_ _0\"></span>controllate <span class=\"_ _0\"></span>tenendo <span class=\"_ _0\"></span>in </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1094\">considerazione le peculiarit\u00e0 delle singol<span class=\"_ _1\"></span>e legal entity.  <span class=\"_ _2\"></span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1095\">La <span class=\"_ _d\"></span>valutazione <span class=\"_ _d\"></span>delle <span class=\"_ _0\"></span>perdite <span class=\"_ _d\"></span>\u00e8 <span class=\"_ _0\"></span>improntat<span class=\"_ _2\"></span>a <span class=\"_ _d\"></span>seguendo <span class=\"_ _d\"></span>le <span class=\"_ _d\"></span>indicazioni <span class=\"_ _0\"></span>del <span class=\"_ _d\"></span>documento <span class=\"_ _0\"></span>approvato <span class=\"_ _d\"></span>dal </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs1096\">Consiglio <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>Ammin<span class=\"_ _2\"></span>istrazione <span class=\"_ _d\"></span>e <span class=\"_ _0\"></span>denominato <span class=\"_ _d\"></span>\u201cRegolamento <span class=\"_ _d\"></span>di <span class=\"_ _9\"> </span>Gruppo <span class=\"_ _0\"></span>Svalutazione <span class=\"_ _d\"></span>Crediti\u201d; <span class=\"_ _0\"></span>tale </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs1097\">documento ha <span class=\"_ _2\"></span>lo <span class=\"_ _2\"></span>scopo di <span class=\"_ _2\"></span>indirizzare ed <span class=\"_ _2\"></span>uniformare l\u2019attivit\u00e0 <span class=\"_ _2\"></span>degli uffici <span class=\"_ _2\"></span>deputati alla <span class=\"_ _2\"></span>gestione <span class=\"_ _2\"></span>dei </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1098\">crediti deteriorati a <span class=\"_ _2\"></span>livello di Gr<span class=\"_ _2\"></span><span class=\"ls18\">uppo</span> nella d<span class=\"_ _2\"></span>eterminazione delle relative svalutazioni sia <span class=\"_ _2\"></span>civili<span class=\"_ _1\"></span>stiche </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1099\">che <span class=\"_ _2\"></span>attinenti <span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>tempi <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>recupero. <span class=\"_ _2\"></span>Le <span class=\"_ _d\"></span>Linee Gui<span class=\"_ _2\"></span>da <span class=\"_ _2\"></span>BCE <span class=\"_ _2\"></span>raccomandano <span class=\"_ _2\"></span>alle <span class=\"_ _2\"></span>Banche, <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>stabilire <span class=\"_ _2\"></span>una </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs109a\">chiara <span class=\"_ _2\"></span>strategia <span class=\"_ _2\"></span>volta <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>idurre <span class=\"_ _2\"></span>le <span class=\"_ _2\"></span>consistenze <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>NPL <span class=\"_ _d\"></span>in <span class=\"_ _2\"></span>modo <span class=\"_ _2\"></span>credibile, <span class=\"_ _2\"></span>sostenibile <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>tempestivo. </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs109b\">Le <span class=\"_ _d\"></span>stesse <span class=\"_ _0\"></span>sono <span class=\"_ _0\"></span>uno <span class=\"_ _d\"></span>strumento <span class=\"_ _d\"></span>non <span class=\"_ _0\"></span>vincolante, <span class=\"_ _d\"></span>t<span class=\"_ _2\"></span>uttavia <span class=\"_ _d\"></span>le <span class=\"_ _d\"></span>Banche <span class=\"_ _0\"></span>sono <span class=\"_ _0\"></span>ten<span class=\"_ _2\"></span>ute <span class=\"_ _d\"></span>a <span class=\"_ _0\"></span>promuovere <span class=\"_ _d\"></span>la </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs109c\">rapida convergenza verso le indicazioni fornite. </div><div class=\"t m0 h5 ff4 fs1 fc4 sc3 ls0 ws0 gs109d\">3.2<span class=\"ff11 sc0\"> <span class=\"_ _6\"> </span></span>Writ<span class=\"_ _1\"></span>e-off </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs109e\">Le <span class=\"_ _9\"> </span>aut<span class=\"_ _2\"></span>onomie <span class=\"_ _9\"> </span>r<span class=\"_ _2\"></span>elative<span class=\"_ _1\"></span>  alla <span class=\"_ _9\"> </span>valutazione  d<span class=\"_ _1\"></span>egli <span class=\"_ _16\"> </span>stralci  e<span class=\"_ _1\"></span> <span class=\"_ _16\"> </span>delle <span class=\"_ _9\"> </span>per<span class=\"_ _2\"></span>dite <span class=\"_ _9\"> </span>so<span class=\"_ _2\"></span>no <span class=\"_ _9\"> </span>quasi  completamente </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs109f\">accentrate <span class=\"_ _4\"> </span>su <span class=\"_ _17\"> </span>organi <span class=\"_ _17\"> </span>monocratici, <span class=\"_ _4\"> </span>peculiarit\u00e0 <span class=\"_ _4\"> </span>che <span class=\"_ _17\"> </span>permette <span class=\"_ _4\"> </span>tempi <span class=\"_ _17\"> </span>di <span class=\"_ _4\"> </span>rispost<span class=\"_ _2\"></span>a <span class=\"_ _4\"> </span>alle <span class=\"_ _14\"> </span>proposte </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs10a0\">transattive <span class=\"_ _4\"> </span>particolarmente <span class=\"_ _4\"> </span>ridotti; <span class=\"_ _4\"> </span>il <span class=\"_ _4\"> </span>ricorso <span class=\"_ _4\"> </span>a <span class=\"_ _4\"> </span>tale <span class=\"_ _4\"> </span>mis<span class=\"_ _2\"></span>ura <span class=\"_ _4\"> </span>riv<span class=\"_ _1\"></span>este <span class=\"_ _4\"> </span>in <span class=\"_ _4\"> </span>ogni <span class=\"_ _4\"> </span>caso <span class=\"_ _17\"> </span>carattere <span class=\"_ _4\"> </span>di </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs10a1\">marginalit\u00e0 <span class=\"_ _e\"> </span>e <span class=\"_ _10\"> </span>avviene <span class=\"_ _e\"> </span>soltanto <span class=\"_ _e\"> </span>qualora <span class=\"_ _10\"> </span>le <span class=\"_ _e\"> </span>azioni <span class=\"_ _10\"> </span>di <span class=\"_ _e\"> </span>recupero <span class=\"_ _e\"> </span>diretto <span class=\"_ _10\"> </span>(o <span class=\"_ _e\"> </span>per <span class=\"_ _e\"> </span>il <span class=\"_ _10\"> </span>tramite <span class=\"_ _e\"> </span>di </div><div class=\"t m1 h6 ff4 fs2 fc1 sc0 ls0 ws0 gs10a2\">outsourcer</div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs10a3\">/<span class=\"_ _df\"> </span></div><div class=\"t m1 h6 ff4 fs2 fc1 sc0 ls0 ws0 gs10a4\">legal <span class=\"_ _f\"></span>network<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs10a5\">) <span class=\"_ _f\"></span>o di <span class=\"_ _f\"></span>cessione <span class=\"_ _1\"></span>non <span class=\"_ _f\"></span>abb<span class=\"_ _2\"></span>iano <span class=\"_ _f\"></span>sort<span class=\"_ _2\"></span>ito <span class=\"_ _f\"></span>g<span class=\"ff5\">li eff<span class=\"_ _1\"></span>etti <span class=\"_ _1\"></span>auspicati. <span class=\"_ _f\"></span>In virt\u00f9 <span class=\"_ _f\"></span>dell\u2019utilizzo </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs10a6\">residuale/secondario rispetto <span class=\"_ _2\"></span>alle alt<span class=\"_ _2\"></span>re azioni <span class=\"_ _2\"></span>di collection <span class=\"_ _2\"></span>previste, nonch\u00e9 <span class=\"_ _2\"></span>in ragione <span class=\"_ _2\"></span>dello stock </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs10a7\">ridotto di NPL, l\u2019entit\u00e0 dei<span class=\"_ _1\"></span> write<span class=\"ff4\">-<span class=\"_ _2\"></span>off si mantiene su livelli contenuti. </span></div><div class=\"t m0 h5 ff4 fs1 fc4 sc3 ls0 ws0 gs10a8\">3.3 At<span class=\"_ _1\"></span>tivit\u00e0<span class=\"_ _f\"></span> finanzia<span class=\"_ _1\"></span>rie im<span class=\"_ _f\"></span>paired a<span class=\"_ _1\"></span>cquisit<span class=\"_ _f\"></span>e o orig<span class=\"_ _1\"></span>inate<span class=\"_ _1\"></span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs10a9\">Secondo <span class=\"_ _0\"> </span>q<span class=\"_ _2\"></span>uanto <span class=\"_ _9\"> </span>previsto <span class=\"_ _9\"> </span>dal <span class=\"_ _9\"> </span>principio <span class=\"_ _9\"> </span>contabile <span class=\"_ _9\"> </span>IFRS <span class=\"_ _9\"> </span>9, <span class=\"_ _9\"> </span>i <span class=\"_ _16\"> </span>crediti <span class=\"_ _9\"> </span>considerati <span class=\"_ _9\"> </span>deteriorati <span class=\"_ _16\"> </span>gi\u00e0 <span class=\"_ _9\"> </span>dal </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs10aa\">momento <span class=\"_ _d\"></span>della <span class=\"_ _2\"></span>rilevazione <span class=\"_ _d\"></span>iniziale <span class=\"_ _2\"></span>in <span class=\"_ _d\"></span>bilancio, <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>ragione <span class=\"_ _2\"></span>dell\u2019elevato <span class=\"_ _d\"></span>rischio <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>credito <span class=\"_ _2\"></span>associato, </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs10ab\">vengono <span class=\"_ _4\"> </span>definiti <span class=\"_ _4\"> </span>Purchased <span class=\"_ _17\"> </span>or <span class=\"_ _17\"> </span>Originated <span class=\"_ _4\"> </span>Credit <span class=\"_ _17\"> </span>Impaired <span class=\"_ _4\"> </span>Asset <span class=\"_ _17\"> </span>(POCI).<span class=\"_ _1\"></span> <span class=\"_ _4\"> </span>Cons<span class=\"_ _2\"></span>eguentemente, </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs10ac\">qualora  all\u2019atto <span class=\"_ _4\"> </span>dell<span class=\"_ _1\"></span>\u2019iscrizione  i<span class=\"_ _2\"></span>niziale  un\u2019esposizione  creditizia <span class=\"_ _4\"> </span>iscritta  nella  voce  30<span class=\"_ _2\"></span>  \u201cAtt<span class=\"_ _2\"></span>ivit\u00e0 </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs10ad\">finanziarie valutate al <span class=\"_ _1\"></span>fair value con imp<span class=\"_ _1\"></span>atto sulla redditiv<span class=\"_ _1\"></span>it\u00e0 complessiva\u201d o nella v<span class=\"_ _1\"></span>oce 40 \u201cAttivi<span class=\"_ _2\"></span><span class=\"ff4\">t\u00e0 </span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs10ae\">finanziarie valutate al costo a<span class=\"_ _1\"></span>mmortizzato\u201d, risulti essere d<span class=\"_ _1\"></span>eteriorata, la stessa \u00e8 qu<span class=\"_ _1\"></span>alificata quale </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs10af\">\u201cAttivit\u00e0 <span class=\"_ _2\"></span>finanziarie <span class=\"_ _2\"></span>deteriorate <span class=\"_ _d\"></span>acquisite <span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>or<span class=\"_ _2\"></span>iginate\u201d <span class=\"_ _2\"></span>(Purchased <span class=\"_ _2\"></span>or <span class=\"_ _d\"></span>Originated <span class=\"_ _2\"></span>Credit <span class=\"_ _2\"></span>Impaired <span class=\"_ _0\"></span>\u2013<span class=\"ff4\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs10b0\">POCI). </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs10b1\">Tali crediti, ai <span class=\"_ _2\"></span>sensi dell\u2019IFRS 9<span class=\"_ _2\"></span>, vengono<span class=\"ff4\"> <span class=\"_ _2\"></span>valutati appostando <span class=\"_ _2\"></span>sin dalla data <span class=\"_ _2\"></span>di rilevazione in<span class=\"_ _2\"></span>iziale <span class=\"_ _2\"></span></span>\u2013<span class=\"ff4\"> </span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs10b2\">fondi <span class=\"_ _d\"></span>a <span class=\"_ _d\"></span>copertura <span class=\"_ _d\"></span>delle <span class=\"_ _d\"></span>perdite <span class=\"_ _d\"></span>che <span class=\"_ _d\"></span>coprano <span class=\"_ _0\"></span>l\u2019intera <span class=\"_ _d\"></span>vita <span class=\"_ _d\"></span>residua <span class=\"_ _d\"></span>del <span class=\"_ _d\"></span>credito <span class=\"_ _d\"></span>(cd. <span class=\"_ _d\"></span>Expected <span class=\"_ _d\"></span>Credit </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs10b3\">Loss <span class=\"_ _2\"></span>lifetime). <span class=\"_ _2\"></span>Trattandosi <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>crediti <span class=\"_ _2\"></span>deteriorati, <span class=\"_ _2\"></span>ne <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _2\"></span>prevista <span class=\"_ _2\"></span>l\u2019is<span class=\"_ _2\"></span>crizione iniziale <span class=\"_ _2\"></span>nell\u2019am<span class=\"_ _d\"></span><span class=\"ff4\">bito <span class=\"_ _2\"></span>dello </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs10b4\">Stage 3, ferma <span class=\"_ _2\"></span>restando <span class=\"_ _2\"></span>la possibili<span class=\"_ _1\"></span>t\u00e0 <span class=\"_ _2\"></span>di essere s<span class=\"_ _2\"></span>postati, nel corso <span class=\"_ _2\"></span>della vita, a <span class=\"_ _2\"></span>Stage 2 nel cas<span class=\"_ _2\"></span>o in </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs10b5\">cui, <span class=\"_ _f\"></span>sul<span class=\"_ _2\"></span>la <span class=\"_ _f\"></span>base dell\u2019analisi <span class=\"_ _1\"></span>del rischio <span class=\"_ _f\"></span>creditizio, non <span class=\"_ _f\"></span>risultino pi\u00f9 <span class=\"_ _1\"></span>impaired. <span class=\"_ _1\"></span>Tali attivit\u00e0 <span class=\"_ _1\"></span>non sono <span class=\"_ _f\"></span>mai </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs10b6\">classificate  nell\u2019ambito <span class=\"_ _4\"> </span>dell<span class=\"_ _1\"></span>o <span class=\"_ _22\"> </span>S<span class=\"_ _2\"></span>ta<span class=\"ff4\">ge  1<span class=\"_ _2\"></span>  poich\u00e9  la <span class=\"_ _4\"> </span>perdita  creditizia <span class=\"_ _4\"> </span>attesa  deve <span class=\"_ _4\"> </span>essere  sempre </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs10b7\">calcolata considerando un orizzonte temporale pari alla durata re<span class=\"_ _1\"></span>sidua.<span class=\"_ _2\"></span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs10b8\">I crediti <span class=\"_ _1\"></span>POCI iscritti ne<span class=\"_ _1\"></span>l bilanc<span class=\"_ _1\"></span>io consolidato annu<span class=\"_ _1\"></span>ale, coerentemente <span class=\"_ _1\"></span>alle disp<span class=\"_ _1\"></span>osizioni del P<span class=\"_ _1\"></span>rincipio </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs10b9\">IFRS9, si distinguono due fattispecie di:  </div><div class=\"t m0 h5 ff14 fs1 fc1 sc0 ls0 ws0 gs10ba\"><span class=\"_ _2c\"> </span><span class=\"ff5\">Attivit\u00e0 finan<span class=\"_ _1\"></span>ziarie <span class=\"_ _f\"></span>acquistate d<span class=\"_ _1\"></span>eteriorate <span class=\"_ _f\"></span>(di <span class=\"_ _1\"></span>seguito, <span class=\"_ _f\"></span>anche <span class=\"_ _1\"></span>\u201cPCI\u201d), <span class=\"_ _f\"></span>le <span class=\"_ _1\"></span>esposizioni <span class=\"_ _f\"></span>creditizie <span class=\"_ _f\"></span>gi\u00e0<span class=\"_ _df\"> </span></span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs10bb\">deteriorate <span class=\"_ _17\"> </span>al <span class=\"_ _14\"> </span>momento <span class=\"_ _17\"> </span>dell\u2019acquisto, <span class=\"_ _17\"> </span>anche <span class=\"_ _17\"> </span>nell\u2019ambito <span class=\"_ _14\"> </span>di <span class=\"_ _17\"> </span>o<span class=\"_ _2\"></span>perazioni <span class=\"_ _4\"> </span>di <span class=\"_ _14\"> </span>aggregazione<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs10bc\">aziendale;<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff14 fs1 fc1 sc0 ls0 ws0 gs10bd\"><span class=\"_ _2c\"> </span><span class=\"ff4\">Attivit\u00e0  fi<span class=\"_ _f\"></span>nanziarie <span class=\"_ _16\"> </span>originate <span class=\"_ _9\"> </span>dete<span class=\"_ _2\"></span><span class=\"ff5\">riorate <span class=\"_ _16\"> </span>(di <span class=\"_ _0\"> </span>s<span class=\"_ _2\"></span>eguito, <span class=\"_ _9\"> </span>anche <span class=\"_ _9\"> </span>\u201c<span class=\"_ _2\"></span>OCI\u201d), <span class=\"_ _9\"> </span>le <span class=\"_ _16\"> </span>esposizioni <span class=\"_ _9\"> </span>creditizie<span class=\"_ _df\"> </span></span></span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs10be\">originate <span class=\"_ _4\"> </span>in <span class=\"_ _17\"> </span>caso <span class=\"_ _17\"> </span>di <span class=\"_ _4\"> </span>operazioni <span class=\"_ _17\"> </span>di <span class=\"_ _4\"> </span>r<span class=\"_ _2\"></span>istrutturazione <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>esposizioni <span class=\"_ _17\"> </span>deteriorate <span class=\"_ _17\"> </span>che <span class=\"_ _4\"> </span>hanno </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs10bf\">determinato <span class=\"_ _17\"> </span>l\u2019erogazione <span class=\"_ _4\"> </span>di <span class=\"_ _17\"> </span>nuova <span class=\"_ _17\"> </span>finanza, <span class=\"_ _17\"> </span>ovvero <span class=\"_ _17\"> </span>introdotto <span class=\"_ _17\"> </span>modifiche <span class=\"_ _4\"> </span>sostanziali <span class=\"_ _17\"> </span>alle<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs10c0\">condizioni originarie contrattuali.<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 lsc4 ws0 gs10c1\">A <span class=\"_ _14\"> </span><span class=\"ls0\">dicembre <span class=\"_ _15\"> </span>2025, <span class=\"_ _14\"> </span>i <span class=\"_ _15\"> </span>crediti <span class=\"_ _14\"> </span>appart<span class=\"_ _2\"></span>enenti <span class=\"_ _17\"> </span>a <span class=\"_ _15\"> </span>questa <span class=\"_ _15\"> </span>categoria, <span class=\"_ _14\"> </span>inclusi <span class=\"_ _14\"> </span>nell'at<span class=\"_ _2\"></span>tivo <span class=\"_ _14\"> </span>del <span class=\"_ _14\"> </span>bilancio </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs10c2\">consolidato <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>Gruppo <span class=\"_ _d\"></span>Credito <span class=\"_ _2\"></span>Emiliano, <span class=\"_ _2\"></span>prov<span class=\"_ _2\"></span>engono <span class=\"_ _2\"></span>interamente <span class=\"_ _2\"></span>dall'operazione <span class=\"_ _d\"></span>di <span class=\"_ _2\"></span>fusione <span class=\"_ _2\"></span>per </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs10c3\">incorporazione dell'Ex Cassa di Risparmio di Cento e dall'operativit\u00e0 di Avvera Spa.  </div>4. Att<span class=\"_ _f\"></span>ivit\u00e0 finan<span class=\"_ _f\"></span>ziarie o<span class=\"_ _1\"></span>ggetto<span class=\"_ _f\"></span> di rinego<span class=\"_ _f\"></span>ziazioni<span class=\"_ _1\"></span> comm<span class=\"_ _f\"></span>erciali<span class=\"_ _1\"></span> e es<span class=\"_ _f\"></span>posizioni <span class=\"_ _1\"></span>ogget<span class=\"_ _1\"></span>to di<span class=\"_ _1\"></span> conc<span class=\"_ _f\"></span>essioni Il <span class=\"_ _14\"> </span>Gr<span class=\"_ _2\"></span>upp<span class=\"_ _1\"></span>o <span class=\"_ _15\"> </span>disciplina <span class=\"_ _14\"> </span>l'individuazione <span class=\"_ _15\"> </span>e <span class=\"_ _15\"> </span>la <span class=\"_ _15\"> </span>gestione <span class=\"_ _14\"> </span>delle <span class=\"_ _15\"> </span>esposizioni <span class=\"_ _15\"> </span>oggetto <span class=\"_ _15\"> </span>di <span class=\"_ _14\"> </span>concessioni (Forborne) <span class=\"_ _d\"></span>all\u2019interno <span class=\"_ _d\"></span>de<span class=\"ff4\">lla <span class=\"_ _0\"></span>Policy <span class=\"_ _0\"></span>di <span class=\"_ _d\"></span>Gruppo <span class=\"_ _d\"></span>Crediti, <span class=\"_ _d\"></span>in <span class=\"_ _0\"></span>piena <span class=\"_ _d\"></span>conformit\u00e0 <span class=\"_ _d\"></span>agli <span class=\"_ _0\"></span>standard <span class=\"_ _d\"></span>dell'EBA <span class=\"_ _d\"></span>e </span>della <span class=\"_ _9\"> </span>Banca  Centrale <span class=\"_ _9\"> </span>Europea.In  conformit\u00e0 <span class=\"_ _9\"> </span>agli  standard <span class=\"_ _9\"> </span>dell\u2019EBA, <span class=\"_ _9\"> </span>si  definiscono <span class=\"_ _9\"> </span>Fo<span class=\"_ _2\"></span>rborne <span class=\"_ _9\"> </span>le esposizioni <span class=\"_ _2\"></span>nei confronti <span class=\"_ _2\"></span>delle <span class=\"_ _2\"></span>quali <span class=\"_ _2\"></span>sono <span class=\"_ _d\"></span>state <span class=\"_ _2\"></span>accordate <span class=\"_ _2\"></span>misure<span class=\"_ _1\"></span> <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>Forbearance, <span class=\"_ _2\"></span>ossia<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>misure <span class=\"_ _2\"></span>di sostegno <span class=\"_ _0\"></span>a <span class=\"_ _0\"></span>debitori <span class=\"_ _0\"> </span>che <span class=\"_ _9\"> </span>affrontano, <span class=\"_ _0\"></span>o <span class=\"_ _0\"></span>s<span class=\"_ _2\"></span>ono <span class=\"_ _d\"></span>prossimi <span class=\"_ _9\"> </span>ad <span class=\"_ _0\"></span>affrontare, <span class=\"_ _0\"></span>difficolt\u00e0 <span class=\"_ _0\"></span>ad <span class=\"_ _0\"></span>adempiere <span class=\"_ _0\"></span>alle<span class=\"_ _2\"></span> proprie obbligazioni finanziare (c.d.<span class=\"_ _1\"></span> stato <span class=\"_ _2\"></span>di diff<span class=\"_ _1\"></span>icolt\u00e0 finanziaria). <span class=\"_ _2\"></span> In <span class=\"_ _2\"></span>linea <span class=\"_ _d\"></span>generale, <span class=\"_ _2\"></span>le <span class=\"_ _d\"></span>possibili <span class=\"_ _2\"></span>misure <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>Forbearance <span class=\"_ _2\"></span>accordate <span class=\"_ _2\"></span>al <span class=\"_ _d\"></span>debitore <span class=\"_ _0\"></span>in <span class=\"_ _2\"></span>difficolt\u00e0 <span class=\"_ _d\"></span>finanziaria possono ricadere nelle seguenti fattispecie<span class=\"_ _1\"></span>:<span class=\"_ _2\"></span> <span class=\"_ _2c\"> </span><span class=\"ff5\">modifica <span class=\"_ _2\"></span>dei termini <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>delle <span class=\"_ _2\"></span>condizioni contr<span class=\"_ _2\"></span>attuali su <span class=\"_ _2\"></span>un\u2019esposizione ch<span class=\"_ _2\"></span>e la <span class=\"_ _2\"></span>controparte <span class=\"_ _2\"></span>non </span>\u00e8 <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>grado <span class=\"_ _d\"></span>di <span class=\"_ _2\"></span>ripagare, <span class=\"_ _2\"></span>con <span class=\"_ _d\"></span>nuove <span class=\"_ _2\"></span>condizioni <span class=\"_ _2\"></span>che <span class=\"_ _d\"></span>non <span class=\"_ _2\"></span>sarebbero <span class=\"_ _d\"></span>state <span class=\"_ _d\"></span>accordate <span class=\"_ _2\"></span>se <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>client<span class=\"_ _2\"></span><span class=\"ls2d\">e </span>non si fosse trovato in difficolt\u00e0 finanzi<span class=\"_ _1\"></span>aria;<span class=\"_ _df\"> </span><span class=\"_ _2c\"> </span><span class=\"ff4\">rifinanziamento <span class=\"_ _d\"></span>parziale <span class=\"_ _d\"></span>o <span class=\"_ _d\"></span>t<span class=\"_ _2\"></span>otale <span class=\"_ _d\"></span>del <span class=\"_ _d\"></span>debito <span class=\"_ _d\"></span>che <span class=\"_ _d\"></span>non <span class=\"_ _0\"></span>sarebbe <span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>tato <span class=\"_ _d\"></span>accor<span class=\"_ _2\"></span>dato <span class=\"_ _2\"></span>in <span class=\"_ _d\"></span>as<span class=\"_ _2\"></span>senza <span class=\"_ _d\"></span>di </span>difficolt\u00e0 finanziaria della controparte.<span class=\"_ _df\"> </span>In <span class=\"_ _2\"></span>coerenza <span class=\"_ _2\"></span>con <span class=\"_ _d\"></span>gli <span class=\"_ _2\"></span>st<span class=\"_ _2\"></span>andard <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>iferimento, <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>classificazione <span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>el <span class=\"_ _2\"></span>porta<span class=\"_ _2\"></span>foglio <span class=\"_ _2\"></span>Forborne <span class=\"_ _d\"></span>prescinde dallo <span class=\"_ _9\"> </span>s<span class=\"_ _2\"></span>tato <span class=\"_ _9\"> </span>di  de<span class=\"_ _1\"></span>fault <span class=\"_ _16\"> </span>o <span class=\"_ _9\"> </span>dalla  pr<span class=\"_ _1\"></span>esenza <span class=\"_ _9\"> </span>di  svalutazioni<span class=\"_ _1\"></span>  anal<span class=\"_ _1\"></span>itiche, <span class=\"_ _16\"> </span>basandosi <span class=\"_ _16\"> </span>su <span class=\"_ _9\"> </span>un  p<span class=\"_ _1\"></span>rocesso <span class=\"_ _16\"> </span>di valutazione <span class=\"_ _0\"></span>accentrato <span class=\"_ _9\"> </span>presso <span class=\"_ _9\"> </span>le <span class=\"_ _0\"></span>strutture <span class=\"_ _0\"> </span>deliberative <span class=\"_ _9\"> </span>centrali. <span class=\"_ _9\"> </span>Tale <span class=\"_ _0\"></span>processo <span class=\"_ _9\"> </span>\u00e8 <span class=\"_ _0\"></span>supportato <span class=\"_ _9\"> </span>da sistemi  evol<span class=\"_ _1\"></span>uti  di <span class=\"_ _9\"> </span>alerting  che  p<span class=\"_ _f\"></span>r<span class=\"_ _2\"></span>esid<span class=\"ff5\">iano  l\u2019<span class=\"_ _1\"></span>intero  ciclo <span class=\"_ _16\"> </span>di <span class=\"_ _16\"> </span>vita  d<span class=\"_ _f\"></span>ella  misura:  dall<span class=\"_ _f\"></span>\u2019<span class=\"_ _2\"></span>identificazione </span>proattiva <span class=\"_ _2\"></span>dei <span class=\"_ _2\"></span>for<span class=\"_ _2\"></span>borne <span class=\"_ _2\"></span>\u201cpotenziali\u201d <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>elativo <span class=\"_ _2\"></span>instradamento <span class=\"_ _2\"></span>verso <span class=\"_ _d\"></span>gli <span class=\"_ _2\"></span>organi <span class=\"_ _2\"></span>competenti, <span class=\"_ _2\"></span>fino <span class=\"_ _d\"></span>al monitoraggio rigoroso del decorso dei termini di cu<span class=\"_ _1\"></span>re e probation period.<span class=\"_ _2\"></span> In linea con le Guidelines BCE sui NPL, l'operativit\u00e0 \u00e8 integrata da strumenti analitici qu<span class=\"_ _1\"></span>ali gli Alberi Decisionali <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>i <span class=\"_ _d\"></span>modelli <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>Affordability <span class=\"_ _2\"></span>Assessment <span class=\"_ _2\"></span>(alimentati <span class=\"_ _d\"></span>dal <span class=\"_ _2\"></span>Questionario <span class=\"_ _2\"></span>Cliente <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>da <span class=\"_ _d\"></span>indici quali <span class=\"_ _14\"> </span>D<span class=\"_ _2\"></span>SCR <span class=\"_ _14\"> </span>e <span class=\"_ _e\"> </span>PFN/EBITDA), <span class=\"_ _14\"> </span>che <span class=\"_ _15\"> </span>garant<span class=\"_ _2\"></span>iscono <span class=\"_ _14\"> </span>l'omogeneit\u00e0 <span class=\"_ _15\"> </span>delle <span class=\"_ _15\"> </span>scelt<span class=\"_ _2\"></span>e <span class=\"_ _15\"> </span>e <span class=\"_ _15\"> </span>la <span class=\"_ _15\"> </span>verifica <span class=\"_ _15\"> </span>della sostenibilit\u00e0 <span class=\"_ _9\"> </span>economica <span class=\"_ _9\"> </span>per <span class=\"_ _9\"> </span>esposizioni <span class=\"_ _9\"> </span>superiori <span class=\"_ _9\"> </span>a <span class=\"_ _16\"> </span>25.000 <span class=\"_ _9\"> </span>euro. <span class=\"_ _9\"> </span>Per <span class=\"_ _16\"> </span>le <span class=\"_ _0\"></span>posizioni <span class=\"_ _9\"> </span>deteriorate, <span class=\"_ _16\"> </span>il framework <span class=\"_ _1\"></span>prevede <span class=\"_ _f\"></span>inoltre i<span class=\"_ _1\"></span>l <span class=\"_ _f\"></span>t<span class=\"_ _2\"></span>est <span class=\"_ _f\"></span>del <span class=\"_ _1\"></span>Net <span class=\"_ _1\"></span>Present <span class=\"_ _f\"></span>Val<span class=\"_ _2\"></span>ue <span class=\"_ _f\"></span>(NPV) per <span class=\"_ _f\"></span>confrontare la <span class=\"_ _f\"></span>misura con <span class=\"_ _f\"></span>opzioni alternative  di  workou<span class=\"_ _1\"></span>t  e  l'inserimento  di  clausole  di  rinegoziazione  per  le<span class=\"_ _1\"></span>  persone  giuridiche, assicurando al <span class=\"_ _2\"></span>contempo <span class=\"_ _2\"></span>un pre<span class=\"_ _2\"></span>sidio costant<span class=\"_ _2\"></span>e sui <span class=\"_ _2\"></span>trigger <span class=\"_ _2\"></span>di Inadempienza <span class=\"_ _2\"></span>Probabile attr<span class=\"_ _2\"></span>averso il parere vincolante della Funzione di Risk Manag<span class=\"_ _1\"></span>ement in caso di concessioni reiterate.<span class=\"_ _2\"></span> L\u2019informativa <span class=\"_ _15\"> </span>al <span class=\"_ _15\"> </span>pubblico <span class=\"_ _15\"> </span>per <span class=\"_ _e\"> </span>la <span class=\"_ _15\"> </span>pubblicazione <span class=\"_ _15\"> </span>delle <span class=\"_ _15\"> </span>informazioni <span class=\"_ _15\"> </span>riguardanti <span class=\"_ _15\"> </span>l\u2019adeguatezza patrimoniale, <span class=\"_ _9\"> </span>l\u2019esposizione <span class=\"_ _0\"></span>ai <span class=\"_ _16\"> </span>rischi <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>credito <span class=\"_ _16\"> </span>e <span class=\"_ _9\"> </span>le <span class=\"_ _9\"> </span>caratteristiche <span class=\"_ _9\"> </span>generali <span class=\"_ _9\"> </span>dei <span class=\"_ _9\"> </span>sist<span class=\"_ _2\"></span>emi <span class=\"_ _0\"> </span>preposti<span class=\"_ _2\"></span> all\u2019identificazione, <span class=\"_ _f\"></span>alla misurazione <span class=\"_ _f\"></span>e alla <span class=\"_ _f\"></span>gestione dei <span class=\"_ _f\"></span>rischi, previ<span class=\"_ _1\"></span>sta d<span class=\"ff4\">al <span class=\"_ _1\"></span>regolamento <span class=\"_ _f\"></span>UE 575/2013 </span>(CRR), <span class=\"_ _0\"></span>pubblicazione <span class=\"_ _0\"></span>della <span class=\"_ _0\"></span>disclosure <span class=\"_ _0\"></span>relativa <span class=\"_ _0\"> </span>al <span class=\"_ _0\"> </span>c.d. <span class=\"_ _0\"></span>\u201c<span class=\"_ _2\"></span>Pill<span class=\"_ _1\"></span>ar <span class=\"_ _0\"></span>3\u201d<span class=\"_ _2\"></span>, <span class=\"_ _d\"></span>verr\u00e0 <span class=\"_ _0\"> </span>comunicata <span class=\"_ _9\"> </span>al <span class=\"_ _0\"></span>mercato <span class=\"_ _0\"></span>nei termini di legge, sul sito www.credem.it. Inform<span class=\"_ _1\"></span>azio<span class=\"_ _f\"></span>ni di natura<span class=\"_ _f\"></span> quantita<span class=\"_ _f\"></span>tiva A Qua<span class=\"_ _f\"></span>lit\u00e0 del cre<span class=\"_ _1\"></span>dito  A.1 Esp<span class=\"_ _f\"></span>osizioni cre<span class=\"_ _1\"></span>ditizie<span class=\"_ _1\"></span> dete<span class=\"_ _f\"></span>riorate e <span class=\"_ _1\"></span>non d<span class=\"_ _f\"></span>eteriorate:<span class=\"_ _1\"></span> cons<span class=\"_ _1\"></span>istenz<span class=\"_ _1\"></span>e, rett<span class=\"_ _1\"></span>ifiche d<span class=\"_ _f\"></span>i valore, d<span class=\"_ _1\"></span>inamica<span class=\"_ _f\"></span> e<span class=\"_ _df\"> </span>distrib<span class=\"_ _1\"></span>uzione<span class=\"_ _f\"></span> economica<span class=\"_ _df\"> </span>A.1.1 Co<span class=\"_ _f\"></span>nsolidat<span class=\"_ _1\"></span>o pr<span class=\"_ _1\"></span>ude<span class=\"_ _1\"></span>nziale<span class=\"_ _1\"></span> <span class=\"ff5\">\u2013</span> Di<span class=\"_ _f\"></span>stribuzio<span class=\"_ _1\"></span>ne del<span class=\"_ _1\"></span>le a<span class=\"_ _1\"></span>ttivit<span class=\"_ _1\"></span>\u00e0 fina<span class=\"_ _f\"></span>nziarie<span class=\"_ _1\"></span> per <span class=\"_ _1\"></span>fasce<span class=\"_ _1\"></span> di s<span class=\"_ _1\"></span>cadut<span class=\"_ _f\"></span>o (valori<span class=\"_ _1\"></span> di bi<span class=\"_ _1\"></span>lancio<span class=\"_ _f\"></span>)<span class=\"_ _df\"> </span><table class=\"s wf50 h56b\" id=\"_ffb2962d-279e-43b7-bb18-263a4813c381\"><tr><td></td><td></td><td></td><td class=\"c x91a y32ec w550 h23c\"><div class=\"t m0 x2c h1f y8b7 ff4 fs7 fc4 sc3 ls0 ws0\">Prim<span class=\"_ _1\"></span>o sta<span class=\"_ _f\"></span>dio <span class=\"fc1 sc0\"> </span></div></td><td></td><td class=\"c x91b y32ec w116 h23c\"><div class=\"t m0 x2c h1f y8b7 ff4 fs7 fc4 sc3 ls0 ws0\">Secon<span class=\"_ _f\"></span>do sta<span class=\"_ _1\"></span>dio<span class=\"fc1 sc0\"> </span></div></td><td></td><td></td><td></td><td class=\"c x690 y32ec w551 h23c\"><div class=\"t m0 x97 h1f y8b7 ff4 fs7 fc4 sc3 ls0 ws0\">Terz<span class=\"_ _1\"></span>o sta<span class=\"_ _f\"></span>dio<span class=\"fc1 sc0\"> </span></div></td><td></td><td class=\"c x91c y32ed wf51 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">Impa<span class=\"_ _f\"></span>ired acq<span class=\"_ _f\"></span>uisite<span class=\"_ _df\"> </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></td><td></td><td class=\"c x91d y32ee wf52 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">o ori<span class=\"_ _1\"></span>gin<span class=\"_ _1\"></span>ate<span class=\"_ _df\"> </span></div></td><td></td><td></td></tr><tr><td class=\"c x387 y2909 wf53 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc4 sc3 ls0 ws0\">Port<span class=\"_ _1\"></span>afog<span class=\"_ _f\"></span>li/stadi <span class=\"_ _1\"></span>di<span class=\"_ _df\"> </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></tr><tr><td class=\"c x91e y2f6e wb35 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc4 sc3 ls0 ws0\">risch<span class=\"_ _1\"></span>io<span class=\"_ _df\"> </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></tr><tr><td class=\"c x254 y32ef wbca h4b7\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">1. Attivit\u00e0 finanz<span class=\"_ _1\"></span>iarie<span class=\"_ _df\"> </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></tr><tr><td class=\"c x262 y32f0 wbcf h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">valutate al c<span class=\"_ _1\"></span>osto<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x91a y32f1 w556 h89\"><div class=\"t m0 x8a h1f y15 ff4 fs7 fc1 sc0 ls0 ws0\">167.229 </div></td><td class=\"c x5d7 y32f1 w557 h89\"><div class=\"t m0 x55 h1f y15 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x91f y32f1 w503 h89\"><div class=\"t m0 xab h1f y15 ff4 fs7 fc1 sc0 ls0 ws0\">1.463 </div></td><td class=\"c x91b y32f1 w14a h89\"><div class=\"t m0 x8a h1f y15 ff4 fs7 fc1 sc0 ls0 ws0\">66.793 </div></td><td class=\"c x920 y32f1 w316 h89\"><div class=\"t m0 x8a h1f y15 ff4 fs7 fc1 sc0 lsa ws0\">40.<span class=\"ls0\">806</span><span class=\"ls0\"> </span></div></td><td class=\"c x50b y32f1 w4f7 h89\"><div class=\"t m0 x8a h1f y15 ff4 fs7 fc1 sc0 ls0 ws0\">5.948 </div></td><td class=\"c x690 y32f1 w1ce h89\"><div class=\"t m0 x8a h1f y15 ff4 fs7 fc1 sc0 ls0 ws0\">17.502 </div></td><td class=\"c x921 y32f1 w1e0 h89\"><div class=\"t m0 xab h1f y15 ff4 fs7 fc1 sc0 ls0 ws0\">17.357 </div></td><td class=\"c x922 y32f1 w321 h89\"><div class=\"t m0 xab h1f y15 ff4 fs7 fc1 sc0 ls0 ws0\">128.774 </div></td><td class=\"c x923 y32f1 w558 h89\"><div class=\"t m0 x8a h1f y15 ff4 fs7 fc1 sc0 ls0 ws0\">269 </div></td><td class=\"c x889 y32f1 w559 h89\"><div class=\"t m0 xab h1f y15 ff4 fs7 fc1 sc0 ls2a ws0\">23<span class=\"ls0\"> </span></div></td><td class=\"c x924 y32f1 w55a h89\"><div class=\"t m0 xab h1f y15 ff4 fs7 fc1 sc0 ls0 ws0\">2.700 </div></td></tr><tr><td class=\"c x262 y32f2 w988 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">ammortizzato<span class=\"_ _df\"> </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></tr><tr><td class=\"c x262 y32f3 wf54 h56c\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">2. Attivit\u00e0 finanz<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span>arie<span class=\"_ _df\"> </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></tr><tr><td class=\"c x262 y32f4 wbcb h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">valutate al fair va<span class=\"_ _1\"></span>lue<span class=\"_ _df\"> </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></tr><tr><td class=\"c x262 y32f5 wbcc h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">con impatto sul<span class=\"_ _1\"></span>la<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x91a y32f6 w556 h2f4\"><div class=\"t m0 x34 h1f y843 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5d7 y32f6 w557 h2f4\"><div class=\"t m0 x55 h1f y843 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x91f y32f6 w503 h2f4\"><div class=\"t m0 x33 h1f y843 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x91b y32f6 w14a h2f4\"><div class=\"t m0 x27 h1f y843 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x920 y32f6 w316 h2f4\"><div class=\"t m0 x26 h1f y843 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x50b y32f6 w4f7 h2f4\"><div class=\"t m0 x32 h1f y843 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x690 y32f6 w1ce h2f4\"><div class=\"t m0 x2c h1f y843 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x921 y32f6 w1e0 h2f4\"><div class=\"t m0 x2c h1f y843 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x922 y32f6 w321 h2f4\"><div class=\"t m0 x37 h1f y843 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x923 y32f6 w558 h2f4\"><div class=\"t m0 x55 h1f y843 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x889 y32f6 w559 h2f4\"><div class=\"t m0 x116 h1f y843 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x924 y32f6 w55a h2f4\"><div class=\"t m0 x32 h1f y843 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x262 y32f7 wbcd h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">redditivit\u00e0<span class=\"_ _df\"> </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></tr><tr><td class=\"c x262 y32f8 w902 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">complessiva<span class=\"_ _df\"> </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></tr><tr><td class=\"c x46b y32f9 w555 h23c\"><div class=\"t m0 x8a h1f y6ff ff4 fs7 fc1 sc0 ls0 ws0\">3. Attivit\u00e0 finanz<span class=\"_ _1\"></span>iarie in </div><div class=\"t m0 x8a h1f y823 ff4 fs7 fc1 sc0 ls0 ws0\">corso di dismiss<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span>one<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x91a y32f9 w556 h23c\"><div class=\"t m0 x34 h1f y8b7 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5d7 y32f9 w557 h23c\"><div class=\"t m0 x55 h1f y8b7 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x91f y32f9 w503 h23c\"><div class=\"t m0 x33 h1f y8b7 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x91b y32f9 w14a h23c\"><div class=\"t m0 x27 h1f y8b7 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x920 y32f9 w316 h23c\"><div class=\"t m0 x26 h1f y8b7 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x50b y32f9 w4f7 h23c\"><div class=\"t m0 x32 h1f y8b7 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x690 y32f9 w1ce h23c\"><div class=\"t m0 x2c h1f y8b7 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x921 y32f9 w1e0 h23c\"><div class=\"t m0 x2c h1f y8b7 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x922 y32f9 w321 h23c\"><div class=\"t m0 x37 h1f y8b7 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x923 y32f9 w558 h23c\"><div class=\"t m0 x55 h1f y8b7 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x889 y32f9 w559 h23c\"><div class=\"t m0 x116 h1f y8b7 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x924 y32f9 w55a h23c\"><div class=\"t m0 x32 h1f y8b7 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y32fa w29d hc8\"><div class=\"t m0 x8e h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale<span class=\"sc0\"> </span></div></td><td class=\"c x925 y32fa w2e4 hc8\"><div class=\"t m0 x8a h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">31/12/<span class=\"_ _f\"></span>2025<span class=\"sc0\"> </span></div></td><td class=\"c x91a y32fa w556 hc8\"><div class=\"t m0 x8a h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">167.<span class=\"_ _1\"></span><span class=\"ls2a\">229</span><span class=\"ls2a\"><span class=\"sc0 ls0\"> </span></span></div></td><td class=\"c x5d7 y32fa w557 hc8\"><div class=\"t m0 x55 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x91f y32fa w503 hc8\"><div class=\"t m0 xab h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">1.463<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x91b y32fa w14a hc8\"><div class=\"t m0 x8a h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">66.7<span class=\"_ _f\"></span>93<span class=\"sc0\"> </span></div></td><td class=\"c x920 y32fa w316 hc8\"><div class=\"t m0 xab h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">40.8<span class=\"_ _f\"></span>06<span class=\"sc0\"> </span></div></td><td class=\"c x50b y32fa w4f7 hc8\"><div class=\"t m0 x8a h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">5.948<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x690 y32fa w1ce hc8\"><div class=\"t m0 x8a h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">17.50<span class=\"_ _f\"></span>2<span class=\"sc0\"> </span></div></td><td class=\"c x921 y32fa w1e0 hc8\"><div class=\"t m0 xab h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">17.35<span class=\"_ _1\"></span>7<span class=\"sc0\"> </span></div></td><td class=\"c x922 y32fa w321 hc8\"><div class=\"t m0 xab h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">128.7<span class=\"_ _f\"></span>74<span class=\"sc0\"> </span></div></td><td class=\"c x923 y32fa w558 hc8\"><div class=\"t m0 xab h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">269<span class=\"sc0\"> </span></div></td><td class=\"c x889 y32fa w559 hc8\"><div class=\"t m0 xab h1f y28b ff4 fs7 fc1 sc2 ls2a ws0\">23<span class=\"sc0 ls0\"> </span></div></td><td class=\"c x924 y32fa w55a hc8\"><div class=\"t m0 xab h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">2.70<span class=\"_ _1\"></span>0<span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x46b y32fb w29d h4d\"><div class=\"t m0 x8e h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale<span class=\"sc0\"> </span></div></td><td class=\"c x925 y32fb w2e4 h4d\"><div class=\"t m0 x8a h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">31/12/<span class=\"_ _f\"></span>2024<span class=\"sc0\"> </span></div></td><td class=\"c x91a y32fb w556 h4d\"><div class=\"t m0 xac h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">173.6<span class=\"_ _f\"></span>17<span class=\"sc0\"> </span></div></td><td class=\"c x5d7 y32fb w557 h4d\"><div class=\"t m0 x8a h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">239<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x91f y32fb w503 h4d\"><div class=\"t m0 x8a h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">3.487<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x91b y32fb w14a h4d\"><div class=\"t m0 xab h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">79.7<span class=\"_ _f\"></span>54<span class=\"sc0\"> </span></div></td><td class=\"c x920 y32fb w316 h4d\"><div class=\"t m0 xac h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">72.1<span class=\"_ _1\"></span>04<span class=\"sc0\"> </span></div></td><td class=\"c x50b y32fb w4f7 h4d\"><div class=\"t m0 x8a h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">4.46<span class=\"_ _f\"></span>0<span class=\"sc0\"> </span></div></td><td class=\"c x690 y32fb w1ce h4d\"><div class=\"t m0 xac h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">19.113<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x921 y32fb w1e0 h4d\"><div class=\"t m0 x8a h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">16.435<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x922 y32fb w321 h4d\"><div class=\"t m0 xab h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">134.9<span class=\"_ _f\"></span>86<span class=\"sc0\"> </span></div></td><td class=\"c x923 y32fb w558 h4d\"><div class=\"t m0 xac h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">169<span class=\"sc0\"> </span></div></td><td class=\"c x889 y32fb w559 h4d\"><div class=\"t m0 xab h1f y28b ff4 fs7 fc1 sc2 lsa ws0\">44<span class=\"sc0 ls0\"> </span></div></td><td class=\"c x924 y32fb w55a h4d\"><div class=\"t m0 xab h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">3.75<span class=\"_ _1\"></span>7<span class=\"sc0\"> </span></div></td></tr></table>Da 1 giorno a 30 giorni<span class=\"fc1 sc0\"> </span>Da oltre 30 giorni fino a 90 giorni <span class=\"fc1 sc0\"> </span>Oltre 90 giorni<span class=\"fc1 sc0\"> </span>Da 1 giorno a 30 giorni<span class=\"fc1 sc0\"> </span>Da oltre 30 giorni fino a 90 giorni <span class=\"fc1 sc0\"> </span>Oltre 90 giorni<span class=\"fc1 sc0\"> </span>Da 1 giorno a 30 giorni<span class=\"fc1 sc0\"> </span>Da oltre 30 giorni fino a 90 giorni <span class=\"fc1 sc0\"> </span>Oltre 90 giorni<span class=\"fc1 sc0\"> </span>Da 1 giorno a 30 giorni<span class=\"fc1 sc0\"> </span>Da oltre 30 giorni fino a 90 giorni Oltre 90 giorni<span class=\"fc1 sc0\"> </span>Nella <span class=\"_ _1\"></span>tabella su <span class=\"_ _f\"></span>esposta viene <span class=\"_ _1\"></span>fornito il d<span class=\"_ _1\"></span>ettaglio, p<span class=\"_ _1\"></span>er ciacuno <span class=\"_ _f\"></span>stadio di <span class=\"_ _1\"></span>rischio, del<span class=\"_ _1\"></span> valore di bi<span class=\"_ _1\"></span>lancio relativi <span class=\"_ _0\"></span>alle <span class=\"_ _9\"> </span>attivit\u00e0 <span class=\"_ _9\"> </span>finanziarie <span class=\"_ _0\"></span>scadute <span class=\"_ _0\"></span>valutate <span class=\"_ _9\"> </span>al <span class=\"_ _9\"> </span>costo <span class=\"_ _9\"> </span>ammortizzato <span class=\"_ _0\"></span>e <span class=\"_ _9\"> </span>alle <span class=\"_ _0\"></span>attivit\u00e0 <span class=\"_ _9\"> </span>finanziarie scadute valutate al fair value con impatto sulla reddi<span class=\"_ _1\"></span>tivit\u00e0 complessiva.<div class=\"c w55c h306 gs10fd\"><div class=\"t m0 x8a h5 yab9 ff4 fs1 fc4 sc3 ls0 ws0\">A.1.2 <span class=\"_ _1\"></span>Conso<span class=\"_ _1\"></span>lidat<span class=\"_ _1\"></span>o pr<span class=\"_ _1\"></span>ude<span class=\"_ _1\"></span>nziale<span class=\"_ _1\"></span> <span class=\"ff5\">\u2013</span> At<span class=\"_ _f\"></span>tivit\u00e0 fina<span class=\"_ _1\"></span>nziari<span class=\"_ _1\"></span>e, im<span class=\"_ _1\"></span>pegni<span class=\"_ _f\"></span> a eroga<span class=\"_ _f\"></span>re fondi e g<span class=\"_ _1\"></span>ara<span class=\"_ _1\"></span>nzie fi<span class=\"_ _f\"></span>nanziari<span class=\"_ _1\"></span>e rila<span class=\"_ _f\"></span>sciate: dina<span class=\"_ _f\"></span>mica de<span class=\"_ _1\"></span>lle re<span class=\"_ _1\"></span>ttific<span class=\"_ _f\"></span>he di v<span class=\"_ _1\"></span>alore <span class=\"_ _f\"></span>compless<span class=\"_ _1\"></span>ive <span class=\"_ _f\"></span>e degli a<span class=\"_ _1\"></span>cca<span class=\"_ _1\"></span>ntona<span class=\"_ _1\"></span>menti<span class=\"_ _1\"></span> comp<span class=\"_ _f\"></span>lessivi<span class=\"_ _df\"> </span> </div></div><div class=\"gs10fe\"><table class=\"s wf55 h56d\" id=\"_2e4712df-29fe-4c2b-90bc-b216a0796b5d\"><tr><td class=\"c x926 y32fc wf56 h4bd\"><div class=\"t m0 x250 hd6 y2726 ff4 fs1b fc4 sc3 ls0 ws0\">Causali/ <span class=\"_ _f\"></span>stadi di<span class=\"_ _df\"> </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 class=\"c x927 y32fd w55d h4d\"><div class=\"t m0 x65 hd6 y302 ff4 fs1b fc4 sc3 ls0 ws0\">Rettifich<span class=\"_ _f\"></span>e<span class=\"_ _2\"></span> di <span class=\"_ _1\"></span>valore <span class=\"_ _f\"></span>complessive<span class=\"_ _df\"> </span><span class=\"_ _1\"></span><span class=\"fc1 sc0\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td class=\"c x928 y32fe wf57 h4bd\"><div class=\"t m0 x250 hd6 y2726 ff4 fs1b fc4 sc3 ls0 ws0\">Accant<span class=\"_ _f\"></span>o<span class=\"_ _2\"></span>nam<span class=\"_ _f\"></span>enti compl<span class=\"_ _1\"></span>essivi su<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x929 y32ff wf58 h4bd\"><div class=\"t m0 x250 hd6 y2726 ff4 fs1b fc4 sc3 ls0 ws0\">rischi<span class=\"_ _1\"></span>o<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x927 y3300 w55f h5a\"><div class=\"t m0 x31 hd6 y420 ff4 fs1b fc4 sc3 ls0 ws0\">Attivit\u00e0 r<span class=\"_ _f\"></span>ientranti nel <span class=\"_ _1\"></span>primo s<span class=\"_ _1\"></span>tadio<span class=\"_ _df\"> </span><span class=\"_ _1\"></span><span class=\"fc1 sc0\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td class=\"c x92a y3300 w560 h5a\"><div class=\"t m0 x35 hd6 y420 ff4 fs1b fc4 sc3 ls0 ws0\">Attivit\u00e0 r<span class=\"_ _f\"></span>ientranti nel <span class=\"_ _1\"></span>second<span class=\"_ _f\"></span>o<span class=\"_ _2\"></span> sta<span class=\"_ _f\"></span>dio<span class=\"_ _df\"> </span><span class=\"fc1 sc0\"> </span></div></td><td></td><td></td><td></td><td class=\"c x92b y3300 w561 h5a\"><div class=\"t m0 x34 hd6 y420 ff4 fs1b fc4 sc3 ls0 ws0\">Attivit\u00e0 r<span class=\"_ _f\"></span>ientranti nel t<span class=\"_ _1\"></span>erzo sta<span class=\"_ _f\"></span>dio<span class=\"_ _df\"> </span><span class=\"fc1 sc0\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td class=\"c x92c y3301 wf59 h4bd\"><div class=\"t m0 x250 hd6 y2726 ff4 fs1b fc4 sc3 ls0 ws0\">Attivit\u00e0 f<span class=\"_ _f\"></span>in<span class=\"_ _2\"></span>. i<span class=\"_ _1\"></span>mpaire<span class=\"_ _1\"></span>d acqui<span class=\"_ _1\"></span>site o<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x92d y3302 wf5a h4bd\"><div class=\"t m0 x250 hd6 y2726 ff4 fs1b fc4 sc3 ls0 ws0\">impeg<span class=\"_ _1\"></span>ni a er<span class=\"_ _1\"></span>ogare fo<span class=\"_ _1\"></span>ndi e gara<span class=\"_ _f\"></span>nzie<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x92e y3303 wf5b h4bd\"><div class=\"t m0 x250 hd6 y2726 ff4 fs1b fc4 sc3 ls0 ws0\">finanzia<span class=\"_ _f\"></span>rie rilasciate<span class=\"_ _df\"> </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></td><td></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=\"c x92f y3304 wccb h4bd\"><div class=\"t m0 x250 hd6 y2726 ff4 fs1b fc4 sc3 ls0 ws0\">originat<span class=\"_ _1\"></span>e<span class=\"_ _df\"> </span></div></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=\"c x930 y3305 w1e6 h307\"><div class=\"t m0 xac hd6 y1a02 ff4 fs1b fc4 sc3 ls0 ws0\">Totale<span class=\"_ _df\"> </span> </div></td></tr><tr><td class=\"c x262 y3306 wf5c h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc2 ls0 ws0\">Rettifich<span class=\"_ _f\"></span>e<span class=\"_ _df\"> </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 x262 y3307 wf5d h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc2 ls0 ws0\">comple<span class=\"_ _f\"></span>ssive<span class=\"_ _df\"> </span></div></td><td class=\"c x927 y3308 w56b h2e6\"><div class=\"t m0 xac hd6 y8b7 ff4 fs1b fc1 sc2 ls14 ws0\">28<span class=\"sc0 ls0\"> </span></div></td><td class=\"c x931 y3308 w1ac h2e6\"><div class=\"t m0 x116 hd6 y8b7 ff4 fs1b fc1 sc2 ls0 ws0\">47.511<span class=\"sc0\"> </span></div></td><td class=\"c x932 y3308 w56c h2e6\"><div class=\"t m0 x8e hd6 y8b7 ff4 fs1b fc1 sc2 ls0 ws0\">2.081<span class=\"sc0\"> </span></div></td><td class=\"c x933 y3308 w26f h2e6\"><div class=\"t m0 x2f hd6 y8b7 ff4 fs1b fc1 sc2 ls0 ws0\">-</div></td><td class=\"c x934 y3308 w26f h2e6\"><div class=\"t m0 x2f hd6 y8b7 ff4 fs1b fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x935 y3308 w1bb h2e6\"><div class=\"t m0 x2f hd6 y8b7 ff4 fs1b fc1 sc2 ls0 ws0\">49.62<span class=\"_ _1\"></span>1<span class=\"sc0\"> </span></div></td><td class=\"c x936 y3308 w26f h2e6\"><div class=\"t m0 xac hd6 y8b7 ff4 fs1b fc1 sc2 ls4a ws0\">15<span class=\"sc0 ls0\"> </span></div></td><td class=\"c x937 y3308 w19d h2e6\"><div class=\"t m0 x2f hd6 y8b7 ff4 fs1b fc1 sc2 ls0 ws0\">41.445<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x938 y3308 w56d h2e6\"><div class=\"t m0 x2f hd6 y8b7 ff4 fs1b fc1 sc2 ls0 ws0\">-</div></td><td class=\"c x939 y3308 w26f h2e6\"><div class=\"t m0 x2f hd6 y8b7 ff4 fs1b fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x93a y3308 w56d h2e6\"><div class=\"t m0 x2f hd6 y8b7 ff4 fs1b fc1 sc2 ls0 ws0\">-</div></td><td class=\"c x93b y3308 w1a6 h2e6\"><div class=\"t m0 x2f hd6 y8b7 ff4 fs1b fc1 sc2 ls0 ws0\">41.460<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x92b y3308 w56d h2e6\"><div class=\"t m0 x2f hd6 y8b7 ff4 fs1b fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x93c y3308 w155 h2e6\"><div class=\"t m0 x8e hd6 y8b7 ff4 fs1b fc1 sc2 ls0 ws0\">399.157<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x93d y3308 w26f h2e6\"><div class=\"t m0 x2f hd6 y8b7 ff4 fs1b fc1 sc2 ls0 ws0\">-</div></td><td class=\"c x93e y3308 w56e h2e6\"><div class=\"t m0 x2f hd6 y8b7 ff4 fs1b fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x93f y3308 w155 h2e6\"><div class=\"t m0 xac hd6 y8b7 ff4 fs1b fc1 sc2 ls0 ws0\">399.156<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x940 y3308 w26f h2e6\"><div class=\"t m0 x2f hd6 y8b7 ff4 fs1b fc1 sc2 ls0 ws0\">-</div></td><td class=\"c x941 y3308 w56f h2e6\"><div class=\"t m0 xac hd6 y8b7 ff4 fs1b fc1 sc2 ls0 ws0\">2.146<span class=\"sc0\"> </span></div></td><td class=\"c x942 y3308 w56d h2e6\"><div class=\"t m0 x2f hd6 y8b7 ff4 fs1b fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x943 y3308 w26f h2e6\"><div class=\"t m0 x2f hd6 y8b7 ff4 fs1b fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x944 y3308 w56f h2e6\"><div class=\"t m0 xac hd6 y8b7 ff4 fs1b fc1 sc2 ls0 ws0\">2.031<span class=\"sc0\"> </span></div></td><td class=\"c x945 y3308 w406 h2e6\"><div class=\"t m0 xac hd6 y8b7 ff4 fs1b fc1 sc2 ls0 ws0\">116<span class=\"sc0\"> </span></div></td><td class=\"c x946 y3308 w570 h2e6\"><div class=\"t m0 x8e hd6 y8b7 ff4 fs1b fc1 sc2 ls0 ws0\">2.289<span class=\"sc0\"> </span></div></td><td class=\"c x947 y3308 w166 h2e6\"><div class=\"t m0 x2f hd6 y8b7 ff4 fs1b fc1 sc2 ls0 ws0\">1.055<span class=\"sc0\"> </span></div></td><td class=\"c x948 y3308 w56f h2e6\"><div class=\"t m0 xac hd6 y8b7 ff4 fs1b fc1 sc2 ls0 ws0\">1.047<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x949 y3308 w396 h2e6\"><div class=\"t m0 x2e hd6 y8b7 ff4 fs1b fc1 sc2 ls0 ws0\">118<span class=\"sc0\"> </span></div></td><td class=\"c x930 y3308 w32f h2e6\"><div class=\"t m0 xab hd6 y8b7 ff4 fs1b fc1 sc2 ls0 ws0\">496.89<span class=\"_ _1\"></span>2<span class=\"_ _df\"> </span><span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x262 y3309 wd4f h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc2 ls0 ws0\">iniziali<span class=\"_ _df\"> </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 x262 y330a wb04 h4c3\"><div class=\"t m0 x250 hd6 y276e ff4 fs1b fc1 sc0 ls0 ws0\">Variazioni in<span class=\"_ _df\"> </span></div><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">aumento da<span class=\"_ _df\"> </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 x262 y330b wb10 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">attivit\u00e0<span class=\"_ _df\"> </span></div></td><td class=\"c x927 y330c w56b h170\"><div class=\"t m0 x116 hd6 y293 ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x931 y330c w1ac h170\"><div class=\"t m0 x2a hd6 y293 ff4 fs1b fc1 sc0 ls0 ws0\">9.401 </div></td><td class=\"c x932 y330c w56c h170\"><div class=\"t m0 x2e hd6 y293 ff4 fs1b fc1 sc0 ls0 ws0\">816 </div></td><td class=\"c x933 y330c w26f h170\"><div class=\"t m0 x2f hd6 y293 ff4 fs1b fc1 sc0 ls0 ws0\">-</div></td><td class=\"c x934 y330c w26f h170\"><div class=\"t m0 x2f hd6 y293 ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x935 y330c w1bb h170\"><div class=\"t m0 x16a hd6 y293 ff4 fs1b fc1 sc0 ls0 ws0\">10.218 </div></td><td class=\"c x936 y330c w26f h170\"><div class=\"t m0 x2f hd6 y293 ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x937 y330c w19d h170\"><div class=\"t m0 x116 hd6 y293 ff4 fs1b fc1 sc0 ls0 ws0\">4.805 </div></td><td class=\"c x938 y330c w56d h170\"><div class=\"t m0 x2f hd6 y293 ff4 fs1b fc1 sc0 ls0 ws0\">-</div></td><td class=\"c x939 y330c w26f h170\"><div class=\"t m0 x2f hd6 y293 ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x93a y330c w56d h170\"><div class=\"t m0 x2f hd6 y293 ff4 fs1b fc1 sc0 ls0 ws0\">-</div></td><td class=\"c x93b y330c w1a6 h170\"><div class=\"t m0 x116 hd6 y293 ff4 fs1b fc1 sc0 ls0 ws0\">4.805 </div></td><td class=\"c x92b y330c w56d h170\"><div class=\"t m0 x2f hd6 y293 ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span> </div></td><td class=\"c x93c y330c w155 h170\"><div class=\"t m0 x27 hd6 y293 ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x93d y330c w26f h170\"><div class=\"t m0 x2f hd6 y293 ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x93e y330c w56e h170\"><div class=\"t m0 x2f hd6 y293 ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span> </div></td><td class=\"c x93f y330c w155 h170\"><div class=\"t m0 x27 hd6 y293 ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x940 y330c w26f h170\"><div class=\"t m0 x2f hd6 y293 ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x941 y330c w56f h170\"><div class=\"t m0 x39 hd6 y293 ff4 fs1b fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x942 y330c w56d h170\"><div class=\"t m0 x8e hd6 y293 ff4 fs1b fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x943 y330c w26f h170\"><div class=\"t m0 x8e hd6 y293 ff4 fs1b fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x944 y330c w56f h170\"><div class=\"t m0 x39 hd6 y293 ff4 fs1b fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x945 y330c w406 h170\"><div class=\"t m0 x116 hd6 y293 ff4 fs1b fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x946 y330c w570 h170\"><div class=\"t m0 x8e hd6 y293 ff4 fs1b fc1 sc0 ls0 ws0\">2.626 </div></td><td class=\"c x947 y330c w166 h170\"><div class=\"t m0 x55 hd6 y293 ff4 fs1b fc1 sc0 ls0 ws0\">911 </div></td><td class=\"c x948 y330c w56f h170\"><div class=\"t m0 x14 hd6 y293 ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x949 y330c w396 h170\"><div class=\"t m0 x14 hd6 y293 ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x930 y330c w32f h170\"><div class=\"t m0 x116 hd6 y293 ff4 fs1b fc1 sc2 ls0 ws0\">18.55<span class=\"_ _1\"></span>9<span class=\"_ _df\"> </span><span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x262 y330d wf5e h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">finanziarie<span class=\"_ _df\"> </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 x262 y330e wf5f h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">acquisite o<span class=\"_ _df\"> </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 x262 y330f wa18 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">originate<span class=\"_ _df\"> </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 x262 y3310 we8c h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">Cancellazioni<span class=\"_ _df\"> </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 x262 y3313 wf60 h56e\"><div class=\"t m0 x250 hd6 y3311 ff4 fs1b fc1 sc0 ls0 ws0\">diverse dai write-<span class=\"_ _df\"> </span></div><div class=\"t m0 x250 hd6 y3312 ff4 fs1b fc1 sc0 ls0 ws0\">off<span class=\"_ _df\"> </span></div><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">Rett/riprese di<span class=\"_ _df\"> </span></div></td><td class=\"c x94a y3314 wf61 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x94b y3314 wf62 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">(9.249)<span class=\"_ _df\"> </span></div></td><td class=\"c x94c y3314 wf63 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">(1.829)<span class=\"_ _df\"> </span></div></td><td class=\"c x94d y3314 wf61 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x94e y3314 wf61 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x94f y3314 wf64 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">(11.080)<span class=\"_ _df\"> </span></div></td><td class=\"c x62d y3314 wf65 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">(2)<span class=\"_ _df\"> </span></div></td><td class=\"c x950 y3314 wf66 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">(2.940)<span class=\"_ _df\"> </span></div></td><td class=\"c x951 y3314 wf61 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x952 y3314 wf61 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x953 y3314 wf61 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x954 y3314 wf67 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">(2.942)<span class=\"_ _df\"> </span></div></td><td class=\"c x955 y3314 wf61 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x956 y3314 wf68 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">(58.568)<span class=\"_ _df\"> </span></div></td><td class=\"c x957 y3314 wf61 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x958 y3314 wf61 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x959 y3314 wf69 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">(58.568)<span class=\"_ _df\"> </span></div></td><td class=\"c x95a y3314 wf61 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x95b y3314 wf6a h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">(107)<span class=\"_ _df\"> </span></div></td><td class=\"c x95c y3314 wf61 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x95d y3314 wf61 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x95e y3314 wf6a h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">(107)<span class=\"_ _df\"> </span></div></td><td class=\"c x95f y3314 wf61 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x960 y3314 wf6b h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">(1.314)<span class=\"_ _df\"> </span></div></td><td class=\"c x961 y3314 w9e6 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">(443)<span class=\"_ _df\"> </span></div></td><td class=\"c x962 y3314 wf61 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x963 y3314 wf61 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x964 y3314 wf6c h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc2 ls0 ws0\">(74.452<span class=\"_ _1\"></span>)<span class=\"_ _df\"> </span><span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x262 y3315 wf6d h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">valore nette per<span class=\"_ _df\"> </span></div></td><td class=\"c x927 y3316 w56b ha2\"><div class=\"t m0 xac hd6 y3d ff4 fs1b fc1 sc0 ls0 ws0\">(8) </div></td><td class=\"c x931 y3316 w1ac ha2\"><div class=\"t m0 x8e hd6 y3d ff4 fs1b fc1 sc0 ls0 ws0\">(9.779) </div></td><td class=\"c x932 y3316 w56c ha2\"><div class=\"t m0 x2e hd6 y3d ff4 fs1b fc1 sc0 ls0 ws0\">316 </div></td><td class=\"c x933 y3316 w26f ha2\"><div class=\"t m0 x2f hd6 y3d ff4 fs1b fc1 sc0 ls0 ws0\">-</div></td><td class=\"c x934 y3316 w26f ha2\"><div class=\"t m0 x2f hd6 y3d ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x935 y3316 w1bb ha2\"><div class=\"t m0 x2f hd6 y3d ff4 fs1b fc1 sc0 ls0 ws0\">(9.471) </div></td><td class=\"c x936 y3316 w26f ha2\"><div class=\"t m0 x8e hd6 y3d ff4 fs1b fc1 sc0 ls0 ws0\">4 </div></td><td class=\"c x937 y3316 w19d ha2\"><div class=\"t m0 x16a hd6 y3d ff4 fs1b fc1 sc0 ls0 ws0\">11.069 </div></td><td class=\"c x938 y3316 w56d ha2\"><div class=\"t m0 x2f hd6 y3d ff4 fs1b fc1 sc0 ls0 ws0\">-</div></td><td class=\"c x939 y3316 w26f ha2\"><div class=\"t m0 x2f hd6 y3d ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x93a y3316 w56d ha2\"><div class=\"t m0 x2f hd6 y3d ff4 fs1b fc1 sc0 ls0 ws0\">-</div></td><td class=\"c x93b y3316 w1a6 ha2\"><div class=\"t m0 x16a hd6 y3d ff4 fs1b fc1 sc0 ls0 ws0\">11.074 </div></td><td class=\"c x92b y3316 w56d ha2\"><div class=\"t m0 x2f hd6 y3d ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x93c y3316 w155 ha2\"><div class=\"t m0 x16a hd6 y3d ff4 fs1b fc1 sc0 ls0 ws0\">55.610 </div></td><td class=\"c x93d y3316 w26f ha2\"><div class=\"t m0 x2f hd6 y3d ff4 fs1b fc1 sc0 ls0 ws0\">-</div></td><td class=\"c x93e y3316 w56e ha2\"><div class=\"t m0 x2f hd6 y3d ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x93f y3316 w155 ha2\"><div class=\"t m0 x16a hd6 y3d ff4 fs1b fc1 sc0 ls0 ws0\">55.610 </div></td><td class=\"c x940 y3316 w26f ha2\"><div class=\"t m0 x2f hd6 y3d ff4 fs1b fc1 sc0 ls0 ws0\">-</div></td><td class=\"c x941 y3316 w56f ha2\"><div class=\"t m0 x2f hd6 y3d ff4 fs1b fc1 sc0 ls0 ws0\">(49)</div></td><td class=\"c x942 y3316 w56d ha2\"><div class=\"t m0 x2f hd6 y3d ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x943 y3316 w26f ha2\"><div class=\"t m0 x2f hd6 y3d ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x944 y3316 w56f ha2\"><div class=\"t m0 x116 hd6 y3d ff4 fs1b fc1 sc0 ls0 ws0\">(21) </div></td><td class=\"c x945 y3316 w406 ha2\"><div class=\"t m0 x8a hd6 y3d ff4 fs1b fc1 sc0 ls0 ws0\">(29) </div></td><td class=\"c x946 y3316 w570 ha2\"><div class=\"t m0 x2a hd6 y3d ff4 fs1b fc1 sc0 ls0 ws0\">(39) </div></td><td class=\"c x947 y3316 w166 ha2\"><div class=\"t m0 x130 hd6 y3d ff4 fs1b fc1 sc0 ls1 ws0\">69<span class=\"ls0\"> </span></div></td><td class=\"c x948 y3316 w56f ha2\"><div class=\"t m0 x2e hd6 y3d ff4 fs1b fc1 sc0 ls4a ws0\">23<span class=\"ls0\"> </span></div></td><td class=\"c x949 y3316 w396 ha2\"><div class=\"t m0 x16a hd6 y3d ff4 fs1b fc1 sc0 ls0 ws0\">(28) </div></td><td class=\"c x930 y3316 w32f ha2\"><div class=\"t m0 x116 hd6 y3d ff4 fs1b fc1 sc2 ls0 ws0\">57.188<span class=\"_ _df\"> </span><span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x262 y3317 wf6e h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">rischio di credito<span class=\"_ _df\"> </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 x262 y3318 wf6f h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">(+/-)<span class=\"_ _df\"> </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 x262 y3319 wf70 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">Modifiche<span class=\"_ _df\"> </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 x262 y331a wd51 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">contrattuali<span class=\"_ _df\"> </span></div></td><td class=\"c x927 y331b w56b h89\"><div class=\"t m0 x116 hd6 y3d ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span> </div></td><td class=\"c x931 y331b w1ac h89\"><div class=\"t m0 x2c hd6 y3d ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x932 y331b w56c h89\"><div class=\"t m0 x48 hd6 y3d ff4 fs1b fc1 sc0 ls0 ws0\">-</div></td><td class=\"c x933 y331b w26f h89\"><div class=\"t m0 x2f hd6 y3d ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x934 y331b w26f h89\"><div class=\"t m0 x2f hd6 y3d ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x935 y331b w1bb h89\"><div class=\"t m0 x2c hd6 y3d ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x936 y331b w26f h89\"><div class=\"t m0 x2f hd6 y3d ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span> </div></td><td class=\"c x937 y331b w19d h89\"><div class=\"t m0 x2c hd6 y3d ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x938 y331b w56d h89\"><div class=\"t m0 x2f hd6 y3d ff4 fs1b fc1 sc0 ls0 ws0\">-</div></td><td class=\"c x939 y331b w26f h89\"><div class=\"t m0 x2f hd6 y3d ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x93a y331b w56d h89\"><div class=\"t m0 x2f hd6 y3d ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x93b y331b w1a6 h89\"><div class=\"t m0 x2c hd6 y3d ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x92b y331b w56d h89\"><div class=\"t m0 x2f hd6 y3d ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x93c y331b w155 h89\"><div class=\"t m0 x14 hd6 y3d ff4 fs1b fc1 sc0 ls0 ws0\">(87) </div></td><td class=\"c x93d y331b w26f h89\"><div class=\"t m0 x2f hd6 y3d ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x93e y331b w56e h89\"><div class=\"t m0 x2f hd6 y3d ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x93f y331b w155 h89\"><div class=\"t m0 x14 hd6 y3d ff4 fs1b fc1 sc0 ls0 ws0\">(87) </div></td><td class=\"c x940 y331b w26f h89\"><div class=\"t m0 x2f hd6 y3d ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x941 y331b w56f h89\"><div class=\"t m0 x14 hd6 y3d ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x942 y331b w56d h89\"><div class=\"t m0 x2f hd6 y3d ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x943 y331b w26f h89\"><div class=\"t m0 x2f hd6 y3d ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x944 y331b w56f h89\"><div class=\"t m0 x14 hd6 y3d ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x945 y331b w406 h89\"><div class=\"t m0 x2a hd6 y3d ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span> </div></td><td class=\"c x946 y331b w570 h89\"><div class=\"t m0 x33 hd6 y3d ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x947 y331b w166 h89\"><div class=\"t m0 x33 hd6 y3d ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x948 y331b w56f h89\"><div class=\"t m0 x14 hd6 y3d ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x949 y331b w396 h89\"><div class=\"t m0 x14 hd6 y3d ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x930 y331b w32f h89\"><div class=\"t m0 x14 hd6 y3d ff4 fs1b fc1 sc2 ls0 ws0\">(87)<span class=\"_ _df\"> </span><span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x262 y3299 wf71 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">senza<span class=\"_ _df\"> </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 x262 y331c wf72 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">cancellazioni<span class=\"_ _df\"> </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 x262 y331d wf73 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">Cambiamenti<span class=\"_ _df\"> </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 x262 y331e wf74 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">della metodologia<span class=\"_ _df\"> </span></div></td><td class=\"c x927 y331f w56b h7c\"><div class=\"t m0 x116 hd6 ybf4 ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span> </div></td><td class=\"c x931 y331f w1ac h7c\"><div class=\"t m0 x2c hd6 ybf4 ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x932 y331f w56c h7c\"><div class=\"t m0 x48 hd6 ybf4 ff4 fs1b fc1 sc0 ls0 ws0\">-</div></td><td class=\"c x933 y331f w26f h7c\"><div class=\"t m0 x2f hd6 ybf4 ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x934 y331f w26f h7c\"><div class=\"t m0 x2f hd6 ybf4 ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x935 y331f w1bb h7c\"><div class=\"t m0 x2c hd6 ybf4 ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x936 y331f w26f h7c\"><div class=\"t m0 x2f hd6 ybf4 ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span> </div></td><td class=\"c x937 y331f w19d h7c\"><div class=\"t m0 x2c hd6 ybf4 ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x938 y331f w56d h7c\"><div class=\"t m0 x2f hd6 ybf4 ff4 fs1b fc1 sc0 ls0 ws0\">-</div></td><td class=\"c x939 y331f w26f h7c\"><div class=\"t m0 x2f hd6 ybf4 ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x93a y331f w56d h7c\"><div class=\"t m0 x2f hd6 ybf4 ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x93b y331f w1a6 h7c\"><div class=\"t m0 x2c hd6 ybf4 ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x92b y331f w56d h7c\"><div class=\"t m0 x2f hd6 ybf4 ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span> </div></td><td class=\"c x93c y331f w155 h7c\"><div class=\"t m0 x27 hd6 ybf4 ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x93d y331f w26f h7c\"><div class=\"t m0 x2f hd6 ybf4 ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x93e y331f w56e h7c\"><div class=\"t m0 x2f hd6 ybf4 ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span> </div></td><td class=\"c x93f y331f w155 h7c\"><div class=\"t m0 x27 hd6 ybf4 ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x940 y331f w26f h7c\"><div class=\"t m0 x2f hd6 ybf4 ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x941 y331f w56f h7c\"><div class=\"t m0 x14 hd6 ybf4 ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x942 y331f w56d h7c\"><div class=\"t m0 x2f hd6 ybf4 ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x943 y331f w26f h7c\"><div class=\"t m0 x2f hd6 ybf4 ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x944 y331f w56f h7c\"><div class=\"t m0 x14 hd6 ybf4 ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x945 y331f w406 h7c\"><div class=\"t m0 x2a hd6 ybf4 ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span> </div></td><td class=\"c x946 y331f w570 h7c\"><div class=\"t m0 x33 hd6 ybf4 ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x947 y331f w166 h7c\"><div class=\"t m0 x33 hd6 ybf4 ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x948 y331f w56f h7c\"><div class=\"t m0 x14 hd6 ybf4 ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x949 y331f w396 h7c\"><div class=\"t m0 x14 hd6 ybf4 ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span> </div></td><td class=\"c x930 y331f w32f h7c\"><div class=\"t m0 x27 hd6 ybf4 ff4 fs1b fc1 sc2 ls0 ws0\">-<span class=\"_ _df\"> </span><span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x262 y31a0 wf75 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">di stima<span class=\"_ _df\"> </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 x262 y3320 wf76 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">Write-off non<span class=\"_ _df\"> </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 x262 y3321 wb31 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">rilevati<span class=\"_ _df\"> </span></div></td><td class=\"c x927 y3322 w56b h89\"><div class=\"t m0 x116 hd6 y3d ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span> </div></td><td class=\"c x931 y3322 w1ac h89\"><div class=\"t m0 x2c hd6 y3d ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x932 y3322 w56c h89\"><div class=\"t m0 x48 hd6 y3d ff4 fs1b fc1 sc0 ls0 ws0\">-</div></td><td class=\"c x933 y3322 w26f h89\"><div class=\"t m0 x2f hd6 y3d ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x934 y3322 w26f h89\"><div class=\"t m0 x2f hd6 y3d ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x935 y3322 w1bb h89\"><div class=\"t m0 x2c hd6 y3d ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x936 y3322 w26f h89\"><div class=\"t m0 x2f hd6 y3d ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span> </div></td><td class=\"c x937 y3322 w19d h89\"><div class=\"t m0 x2c hd6 y3d ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x938 y3322 w56d h89\"><div class=\"t m0 x2f hd6 y3d ff4 fs1b fc1 sc0 ls0 ws0\">-</div></td><td class=\"c x939 y3322 w26f h89\"><div class=\"t m0 x2f hd6 y3d ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x93a y3322 w56d h89\"><div class=\"t m0 x2f hd6 y3d ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x93b y3322 w1a6 h89\"><div class=\"t m0 x2c hd6 y3d ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x92b y3322 w56d h89\"><div class=\"t m0 x2f hd6 y3d ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x93c y3322 w155 h89\"><div class=\"t m0 xac hd6 y3d ff4 fs1b fc1 sc0 ls0 ws0\">(34.461) </div></td><td class=\"c x93d y3322 w26f h89\"><div class=\"t m0 x2f hd6 y3d ff4 fs1b fc1 sc0 ls0 ws0\">-</div></td><td class=\"c x93e y3322 w56e h89\"><div class=\"t m0 x2f hd6 y3d ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x93f y3322 w155 h89\"><div class=\"t m0 xac hd6 y3d ff4 fs1b fc1 sc0 ls0 ws0\">(34.461) </div></td><td class=\"c x940 y3322 w26f h89\"><div class=\"t m0 x2f hd6 y3d ff4 fs1b fc1 sc0 ls0 ws0\">-</div></td><td class=\"c x941 y3322 w56f h89\"><div class=\"t m0 x2f hd6 y3d ff4 fs1b fc1 sc0 ls0 ws0\">(43)</div></td><td class=\"c x942 y3322 w56d h89\"><div class=\"t m0 x2f hd6 y3d ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x943 y3322 w26f h89\"><div class=\"t m0 x2f hd6 y3d ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x944 y3322 w56f h89\"><div class=\"t m0 x2f hd6 y3d ff4 fs1b fc1 sc0 ls0 ws0\">(43)</div></td><td class=\"c x945 y3322 w406 h89\"><div class=\"t m0 x2a hd6 y3d ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x946 y3322 w570 h89\"><div class=\"t m0 x33 hd6 y3d ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x947 y3322 w166 h89\"><div class=\"t m0 x33 hd6 y3d ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x948 y3322 w56f h89\"><div class=\"t m0 x14 hd6 y3d ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x949 y3322 w396 h89\"><div class=\"t m0 x14 hd6 y3d ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x930 y3322 w32f h89\"><div class=\"t m0 xab hd6 y3d ff4 fs1b fc1 sc2 ls0 ws0\">(34.50<span class=\"_ _1\"></span>4)<span class=\"_ _df\"> </span><span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x262 y3323 wf77 h4c3\"><div class=\"t m0 x250 hd6 y276e ff4 fs1b fc1 sc0 ls0 ws0\">direttamente a<span class=\"_ _df\"> </span></div><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">conto economico<span class=\"_ _df\"> </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 x256 y3324 w2fa h279\"><div class=\"t m0 x8a hd6 y74a ff4 fs1b fc1 sc0 ls0 ws0\">Altre variazioni<span class=\"_ _df\"> </span> </div></td><td class=\"c x927 y3324 w56b h279\"><div class=\"t m0 x116 hd6 y74a ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span> </div></td><td class=\"c x931 y3324 w1ac h279\"><div class=\"t m0 x2c hd6 y74a ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x932 y3324 w56c h279\"><div class=\"t m0 x48 hd6 y74a ff4 fs1b fc1 sc0 ls0 ws0\">-</div></td><td class=\"c x933 y3324 w26f h279\"><div class=\"t m0 x2f hd6 y74a ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x934 y3324 w26f h279\"><div class=\"t m0 x2f hd6 y74a ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x935 y3324 w1bb h279\"><div class=\"t m0 x2c hd6 y74a ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x936 y3324 w26f h279\"><div class=\"t m0 x2f hd6 y74a ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span> </div></td><td class=\"c x937 y3324 w19d h279\"><div class=\"t m0 x2c hd6 y74a ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x938 y3324 w56d h279\"><div class=\"t m0 x2f hd6 y74a ff4 fs1b fc1 sc0 ls0 ws0\">-</div></td><td class=\"c x939 y3324 w26f h279\"><div class=\"t m0 x2f hd6 y74a ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x93a y3324 w56d h279\"><div class=\"t m0 x2f hd6 y74a ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x93b y3324 w1a6 h279\"><div class=\"t m0 x2c hd6 y74a ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x92b y3324 w56d h279\"><div class=\"t m0 x2f hd6 y74a ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x93c y3324 w155 h279\"><div class=\"t m0 x14 hd6 y74a ff4 fs1b fc1 sc0 ls0 ws0\">208 </div></td><td class=\"c x93d y3324 w26f h279\"><div class=\"t m0 x2f hd6 y74a ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x93e y3324 w56e h279\"><div class=\"t m0 x2f hd6 y74a ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x93f y3324 w155 h279\"><div class=\"t m0 x14 hd6 y74a ff4 fs1b fc1 sc0 ls0 ws0\">208 </div></td><td class=\"c x940 y3324 w26f h279\"><div class=\"t m0 x2f hd6 y74a ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x941 y3324 w56f h279\"><div class=\"t m0 x14 hd6 y74a ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x942 y3324 w56d h279\"><div class=\"t m0 x2f hd6 y74a ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x943 y3324 w26f h279\"><div class=\"t m0 x2f hd6 y74a ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x944 y3324 w56f h279\"><div class=\"t m0 x14 hd6 y74a ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x945 y3324 w406 h279\"><div class=\"t m0 x2a hd6 y74a ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span> </div></td><td class=\"c x946 y3324 w570 h279\"><div class=\"t m0 x33 hd6 y74a ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x947 y3324 w166 h279\"><div class=\"t m0 x33 hd6 y74a ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x948 y3324 w56f h279\"><div class=\"t m0 x14 hd6 y74a ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x949 y3324 w396 h279\"><div class=\"t m0 x14 hd6 y74a ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x930 y3324 w32f h279\"><div class=\"t m0 x14 hd6 y74a ff4 fs1b fc1 sc2 ls0 ws0\">208<span class=\"_ _df\"> </span><span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x262 y3325 wf5c h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc2 ls0 ws0\">Rettifich<span class=\"_ _f\"></span>e<span class=\"_ _df\"> </span></div></td><td class=\"c x927 y3326 w56b h308\"><div class=\"t m0 xac hd6 y1a0a ff4 fs1b fc1 sc2 ls14 ws0\">20<span class=\"sc0 ls0\"> </span></div></td><td class=\"c x931 y3326 w1ac h308\"><div class=\"t m0 x8e hd6 y1a0a ff4 fs1b fc1 sc2 ls0 ws0\">37.884<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x932 y3326 w56c h308\"><div class=\"t m0 x8e hd6 y1a0a ff4 fs1b fc1 sc2 ls0 ws0\">1.384<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x933 y3326 w26f h308\"><div class=\"t m0 x2f hd6 y1a0a ff4 fs1b fc1 sc2 ls0 ws0\">-</div></td><td class=\"c x934 y3326 w26f h308\"><div class=\"t m0 x2f hd6 y1a0a ff4 fs1b fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x935 y3326 w1bb h308\"><div class=\"t m0 x8e hd6 y1a0a ff4 fs1b fc1 sc2 ls0 ws0\">39.288<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x936 y3326 w26f h308\"><div class=\"t m0 xac hd6 y1a0a ff4 fs1b fc1 sc2 ls4a ws0\">17<span class=\"sc0 ls0\"> </span></div></td><td class=\"c x937 y3326 w19d h308\"><div class=\"t m0 x8e hd6 y1a0a ff4 fs1b fc1 sc2 ls0 ws0\">54.379<span class=\"sc0\"> </span></div></td><td class=\"c x938 y3326 w56d h308\"><div class=\"t m0 x2f hd6 y1a0a ff4 fs1b fc1 sc2 ls0 ws0\">-</div></td><td class=\"c x939 y3326 w26f h308\"><div class=\"t m0 x2f hd6 y1a0a ff4 fs1b fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x93a y3326 w56d h308\"><div class=\"t m0 x2f hd6 y1a0a ff4 fs1b fc1 sc2 ls0 ws0\">-</div></td><td class=\"c x93b y3326 w1a6 h308\"><div class=\"t m0 x8e hd6 y1a0a ff4 fs1b fc1 sc2 ls0 ws0\">54.397<span class=\"sc0\"> </span></div></td><td class=\"c x92b y3326 w56d h308\"><div class=\"t m0 x2f hd6 y1a0a ff4 fs1b fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x93c y3326 w155 h308\"><div class=\"t m0 xac hd6 y1a0a ff4 fs1b fc1 sc2 ls0 ws0\">361.859<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x93d y3326 w26f h308\"><div class=\"t m0 x2f hd6 y1a0a ff4 fs1b fc1 sc2 ls0 ws0\">-</div></td><td class=\"c x93e y3326 w56e h308\"><div class=\"t m0 x2f hd6 y1a0a ff4 fs1b fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x93f y3326 w155 h308\"><div class=\"t m0 xac hd6 y1a0a ff4 fs1b fc1 sc2 ls0 ws0\">361.858<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x940 y3326 w26f h308\"><div class=\"t m0 x2f hd6 y1a0a ff4 fs1b fc1 sc2 ls0 ws0\">-</div></td><td class=\"c x941 y3326 w56f h308\"><div class=\"t m0 xac hd6 y1a0a ff4 fs1b fc1 sc2 ls0 ws0\">1.947<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x942 y3326 w56d h308\"><div class=\"t m0 x2f hd6 y1a0a ff4 fs1b fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x943 y3326 w26f h308\"><div class=\"t m0 x2f hd6 y1a0a ff4 fs1b fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x944 y3326 w56f h308\"><div class=\"t m0 xac hd6 y1a0a ff4 fs1b fc1 sc2 ls0 ws0\">1.860<span class=\"sc0\"> </span></div></td><td class=\"c x945 y3326 w406 h308\"><div class=\"t m0 x8e hd6 y1a0a ff4 fs1b fc1 sc2 ls8c ws0\">87<span class=\"sc0 ls0\"> </span></div></td><td class=\"c x946 y3326 w570 h308\"><div class=\"t m0 x8e hd6 y1a0a ff4 fs1b fc1 sc2 ls0 ws0\">3.562<span class=\"sc0\"> </span></div></td><td class=\"c x947 y3326 w166 h308\"><div class=\"t m0 x2f hd6 y1a0a ff4 fs1b fc1 sc2 ls0 ws0\">1.592<span class=\"sc0\"> </span></div></td><td class=\"c x948 y3326 w56f h308\"><div class=\"t m0 xac hd6 y1a0a ff4 fs1b fc1 sc2 ls0 ws0\">1.070<span class=\"sc0\"> </span></div></td><td class=\"c x949 y3326 w396 h308\"><div class=\"t m0 x55 hd6 y1a0a ff4 fs1b fc1 sc2 ls1 ws0\">90<span class=\"sc0 ls0\"> </span></div></td><td class=\"c x930 y3326 w32f h308\"><div class=\"t m0 xab hd6 y1a0a ff4 fs1b fc1 sc2 ls0 ws0\">463.80<span class=\"_ _1\"></span>4<span class=\"_ _df\"> </span><span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x262 y3327 wf78 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc2 ls0 ws0\">comple<span class=\"_ _f\"></span>ssive fina<span class=\"ls6\">li<span class=\"_ _df\"> </span></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 x262 y2bb7 wf79 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">Recuperi da<span class=\"_ _df\"> </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 x262 y3328 wf7a h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">incasso su<span class=\"_ _df\"> </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 x262 y3329 wb10 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">attivit\u00e0<span class=\"_ _df\"> </span></div></td><td class=\"c x94a y332a wf61 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x965 y332a wf7b h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">1<span class=\"_ _df\"> </span></div></td><td class=\"c x966 y332a wf61 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x94d y332a wf61 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x94e y332a wf61 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x967 y332a wf7b h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">1<span class=\"_ _df\"> </span></div></td><td class=\"c x968 y332a wf61 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x969 y332a wf7c h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">3<span class=\"_ _df\"> </span></div></td><td class=\"c x951 y332a wf61 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x952 y332a wf61 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x953 y332a wf61 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x96a y332a wf7c h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">3<span class=\"_ _df\"> </span></div></td><td class=\"c x955 y332a wf61 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x96b y332a wf7d h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">639<span class=\"_ _df\"> </span></div></td><td class=\"c x957 y332a wf61 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x958 y332a wf61 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x96c y332a wf7e h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">639<span class=\"_ _df\"> </span></div></td><td class=\"c x95a y332a wf61 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x96d y332a wd2f h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">4<span class=\"_ _df\"> </span></div></td><td class=\"c x95c y332a wf61 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x95d y332a wf61 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x96e y332a wd2f h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">4<span class=\"_ _df\"> </span></div></td><td class=\"c x95f y332a wf61 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x96f y332a wf61 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x970 y332a wf61 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x962 y332a wf61 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x963 y332a wf61 h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x971 y332a wf7f h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc2 ls0 ws0\">647<span class=\"_ _df\"> </span></div></td></tr><tr><td class=\"c x262 y332b wf5e h4bd\"><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">finanziarie<span class=\"_ _df\"> </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 x262 y28bf wf80 h56e\"><div class=\"t m0 x250 hd6 y3311 ff4 fs1b fc1 sc0 ls0 ws0\">oggetto di write-<span class=\"_ _df\"> </span></div><div class=\"t m0 x250 hd6 y3312 ff4 fs1b fc1 sc0 ls0 ws0\">off<span class=\"_ _df\"> </span></div><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls8c ws0\">Wr<span class=\"ls0\">ite-off rilevati<span class=\"_ _df\"> </span></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 x262 y2491 wf77 h4c3\"><div class=\"t m0 x250 hd6 y276e ff4 fs1b fc1 sc0 ls0 ws0\">direttamente a<span class=\"_ _df\"> </span></div><div class=\"t m0 x250 hd6 y2736 ff4 fs1b fc1 sc0 ls0 ws0\">conto economico<span class=\"_ _df\"> </span></div></td><td class=\"c x927 y332c w56b h7c\"><div class=\"t m0 x116 hd6 ybf4 ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x931 y332c w1ac h7c\"><div class=\"t m0 x130 hd6 ybf4 ff4 fs1b fc1 sc0 ls0 ws0\">(22) </div></td><td class=\"c x932 y332c w56c h7c\"><div class=\"t m0 x48 hd6 ybf4 ff4 fs1b fc1 sc0 ls0 ws0\">-</div></td><td class=\"c x933 y332c w26f h7c\"><div class=\"t m0 x2f hd6 ybf4 ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x934 y332c w26f h7c\"><div class=\"t m0 x2f hd6 ybf4 ff4 fs1b fc1 sc0 ls0 ws0\">-</div></td><td class=\"c x935 y332c w1bb h7c\"><div class=\"t m0 x130 hd6 ybf4 ff4 fs1b fc1 sc0 ls0 ws0\">(22) </div></td><td class=\"c x936 y332c w26f h7c\"><div class=\"t m0 x2f hd6 ybf4 ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x937 y332c w19d h7c\"><div class=\"t m0 x39 hd6 ybf4 ff4 fs1b fc1 sc0 ls0 ws0\">(10) </div></td><td class=\"c x938 y332c w56d h7c\"><div class=\"t m0 x2f hd6 ybf4 ff4 fs1b fc1 sc0 ls0 ws0\">-</div></td><td class=\"c x939 y332c w26f h7c\"><div class=\"t m0 x2f hd6 ybf4 ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x93a y332c w56d h7c\"><div class=\"t m0 x2f hd6 ybf4 ff4 fs1b fc1 sc0 ls0 ws0\">-</div></td><td class=\"c x93b y332c w1a6 h7c\"><div class=\"t m0 x39 hd6 ybf4 ff4 fs1b fc1 sc0 ls0 ws0\">(10) </div></td><td class=\"c x92b y332c w56d h7c\"><div class=\"t m0 x2f hd6 ybf4 ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x93c y332c w155 h7c\"><div class=\"t m0 x16a hd6 ybf4 ff4 fs1b fc1 sc0 ls0 ws0\">(1.633) </div></td><td class=\"c x93d y332c w26f h7c\"><div class=\"t m0 x2f hd6 ybf4 ff4 fs1b fc1 sc0 ls0 ws0\">-</div></td><td class=\"c x93e y332c w56e h7c\"><div class=\"t m0 x2f hd6 ybf4 ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x93f y332c w155 h7c\"><div class=\"t m0 x16a hd6 ybf4 ff4 fs1b fc1 sc0 ls0 ws0\">(1.633) </div></td><td class=\"c x940 y332c w26f h7c\"><div class=\"t m0 x2f hd6 ybf4 ff4 fs1b fc1 sc0 ls0 ws0\">-</div></td><td class=\"c x941 y332c w56f h7c\"><div class=\"t m0 x16a hd6 ybf4 ff4 fs1b fc1 sc0 ls0 ws0\">(37) </div></td><td class=\"c x942 y332c w56d h7c\"><div class=\"t m0 x2f hd6 ybf4 ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x943 y332c w26f h7c\"><div class=\"t m0 x2f hd6 ybf4 ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x944 y332c w56f h7c\"><div class=\"t m0 x16a hd6 ybf4 ff4 fs1b fc1 sc0 ls0 ws0\">(37) </div></td><td class=\"c x945 y332c w406 h7c\"><div class=\"t m0 x2a hd6 ybf4 ff4 fs1b fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x946 y332c w570 h7c\"><div class=\"t m0 x33 hd6 ybf4 ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x947 y332c w166 h7c\"><div class=\"t m0 x33 hd6 ybf4 ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x948 y332c w56f h7c\"><div class=\"t m0 x14 hd6 ybf4 ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x949 y332c w396 h7c\"><div class=\"t m0 x14 hd6 ybf4 ff4 fs1b fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x930 y332c w32f h7c\"><div class=\"t m0 x16a hd6 ybf4 ff4 fs1b fc1 sc2 ls0 ws0\">(1.702)<span class=\"_ _df\"> </span><span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td></tr></table></div><div class=\"c w563 h307 gs10ff\"><div class=\"t m4 x2f hd6 y652 ff4 fs1b fc4 sc3 ls0 ws0\">Crediti verso banche e Banche </div><div class=\"t m4 x39 hd6 y1a01 ff4 fs1b fc4 sc3 ls0 ws0\">Centrali a vista<span class=\"fc1 sc0\"> </span></div></div><div class=\"c w19c h307 gs1100\"><div class=\"t m4 x2e hd6 y49 ff4 fs1b fc4 sc3 ls0 ws0\">Attivit\u00e0 finanziarie valutate al<span class=\"_ _2\"></span> costo </div><div class=\"t m4 x33 hd6 y18f7 ff4 fs1b fc4 sc3 ls0 ws0\">ammortizzato<span class=\"fc1 sc0\"> </span></div></div><div class=\"c w564 h307 gs1101\"><div class=\"t m4 x2f hd6 y2ef ff4 fs1b fc4 sc3 ls0 ws0\">Attivit\u00e0 finanziarie valutate al fair<span class=\"_ _df\"> </span><span class=\"_ _2\"></span></div><div class=\"t m4 x39 hd6 y302 ff4 fs1b fc4 sc3 ls0 ws0\">value con impatto sulla redditivit\u00e0 </div><div class=\"t m4 x3a hd6 yc5b ff4 fs1b fc4 sc3 ls0 ws0\">complessiva<span class=\"fc1 sc0\"> </span></div></div><div class=\"c w565 h307 gs1102\"><div class=\"t m4 x16a hd6 y1498 ff4 fs1b fc4 sc3 ls0 ws0\">Attivit\u00e0 finanziarie in corso di </div><div class=\"t m4 x14 hd6 yc8e ff4 fs1b fc4 sc3 ls0 ws0\">dismissione<span class=\"fc1 sc0\"> </span></div></div><div class=\"c w565 h307 gs1103\"><div class=\"t m4 x16a hd6 y66e ff4 fs1b fc4 sc3 ls0 ws0\">di cui: svalutazioni individuali<span class=\"fc1 sc0\"> </span></div></div><div class=\"c w1bb h307 gs1104\"><div class=\"t m4 x39 hd6 y3d ff4 fs1b fc4 sc3 ls0 ws0\">di cui: svalutazioni collettive<span class=\"_ _2\"></span><span class=\"fc1 sc0\"> </span></div></div><div class=\"c w565 h307 gs1105\"><div class=\"t m4 x2f hd6 y652 ff4 fs1b fc4 sc3 ls0 ws0\">Crediti verso banche e Ban<span class=\"_ _2\"></span>che </div><div class=\"t m4 x14 hd6 y1a01 ff4 fs1b fc4 sc3 ls0 ws0\">C<span class=\"_ _df\"> </span>entrali a vista<span class=\"_ _df\"> </span></div></div><div class=\"c w189 h307 gs1106\"><div class=\"t m4 x2e hd6 y49 ff4 fs1b fc4 sc3 ls0 ws0\">Attivit\u00e0 finanziarie valutate al cos<span class=\"_ _2\"></span>to </div><div class=\"t m4 x33 hd6 y18f7 ff4 fs1b fc4 sc3 ls0 ws0\">ammortizzato<span class=\"fc1 sc0\"> </span></div></div><div class=\"c w566 h307 gs1107\"><div class=\"t m4 x2f hd6 y2ef ff4 fs1b fc4 sc3 ls0 ws0\">Attivit\u00e0 finanziarie valutate al fair<span class=\"_ _df\"> </span><span class=\"_ _2\"></span></div><div class=\"t m4 x39 hd6 y302 ff4 fs1b fc4 sc3 ls0 ws0\">v<span class=\"_ _df\"> </span>alue con impatto sulla redditivit\u00e0 </div><div class=\"t m4 x3a hd6 yc5b ff4 fs1b fc4 sc3 ls0 ws0\">complessiva<span class=\"_ _df\"> </span></div></div><div class=\"c w565 h307 gs1108\"><div class=\"t m4 x2f hd6 y1498 ff4 fs1b fc4 sc3 ls0 ws0\">Attivit\u00e0 finanziarie in corso di </div><div class=\"t m4 x14 hd6 yc8e ff4 fs1b fc4 sc3 ls0 ws0\">dismissione<span class=\"fc1 sc0\"> </span></div></div><div class=\"c w565 h307 gs1109\"><div class=\"t m4 x16a hd6 y66e ff4 fs1b fc4 sc3 ls0 ws0\">di cui: svalutazioni individuali<span class=\"fc1 sc0\"> </span></div></div><div class=\"c w1ac h307 gs110a\"><div class=\"t m4 x14 hd6 y3d ff4 fs1b fc4 sc3 ls0 ws0\">di cui: svalutazioni colle<span class=\"_ _2\"></span>ttive<span class=\"fc1 sc0\"> </span></div></div><div class=\"c w565 h307 gs110b\"><div class=\"t m4 x16a hd6 y652 ff4 fs1b fc4 sc3 ls0 ws0\">Crediti verso banche e Banche </div><div class=\"t m4 x14 hd6 y1a01 ff4 fs1b fc4 sc3 ls0 ws0\">C<span class=\"_ _df\"> </span>entrali a vista<span class=\"_ _df\"> </span></div></div><div class=\"c w32f h307 gs110c\"><div class=\"t m4 x55 hd6 y49 ff4 fs1b fc4 sc3 ls0 ws0\">Attivit\u00e0 finanziarie valutate al cos<span class=\"_ _2\"></span>to </div><div class=\"t m4 x32 hd6 y18f7 ff4 fs1b fc4 sc3 ls0 ws0\">ammortizzato<span class=\"fc1 sc0\"> </span></div></div><div class=\"c w565 h307 gs110d\"><div class=\"t m4 x2f hd6 y2ef ff4 fs1b fc4 sc3 ls0 ws0\">Attivit\u00e0 finanziarie valutate al fair<span class=\"_ _df\"> </span><span class=\"_ _2\"></span></div><div class=\"t m4 x14 hd6 y302 ff4 fs1b fc4 sc3 ls0 ws0\">v<span class=\"_ _df\"> </span>alue con impatto sulla redditivit\u00e0 </div><div class=\"t m4 x3a hd6 yc5b ff4 fs1b fc4 sc3 ls0 ws0\">complessiva<span class=\"_ _df\"> </span></div></div><div class=\"c w567 h307 gs110e\"><div class=\"t m4 x2f hd6 y1498 ff4 fs1b fc4 sc3 ls0 ws0\">Attivit\u00e0 finanziarie in corso di </div><div class=\"t m4 x39 hd6 yc8e ff4 fs1b fc4 sc3 ls0 ws0\">dismissione<span class=\"fc1 sc0\"> </span></div></div><div class=\"c w32f h307 gs110f\"><div class=\"t m4 x14 hd6 y66e ff4 fs1b fc4 sc3 ls0 ws0\">di cui: svalutazioni individuali<span class=\"fc1 sc0\"> </span></div></div><div class=\"c w565 h307 gs1110\"><div class=\"t m4 x16a hd6 y3d ff4 fs1b fc4 sc3 ls0 ws0\">di cui: svalutazioni collettive<span class=\"_ _2\"></span><span class=\"fc1 sc0\"> </span></div></div><div class=\"c w568 h307 gs1111\"><div class=\"t m4 x16a hd6 y49 ff4 fs1b fc4 sc3 ls0 ws0\">Attivit\u00e0 finanziarie valutate al cos<span class=\"_ _2\"></span>to </div><div class=\"t m4 x14 hd6 y18f7 ff4 fs1b fc4 sc3 ls0 ws0\">ammortizzato<span class=\"fc1 sc0\"> </span></div></div><div class=\"c w566 h307 gs1112\"><div class=\"t m4 x2f hd6 y2ef ff4 fs1b fc4 sc3 ls0 ws0\">Attivit\u00e0 finanziarie valutate al fair<span class=\"_ _df\"> </span><span class=\"_ _2\"></span></div><div class=\"t m4 x39 hd6 y302 ff4 fs1b fc4 sc3 ls0 ws0\">v<span class=\"_ _df\"> </span>alue con impatto sulla redditivit\u00e0 </div><div class=\"t m4 x3a hd6 yc5b ff4 fs1b fc4 sc3 ls0 ws0\">complessiva<span class=\"_ _df\"> </span></div></div><div class=\"c w565 h307 gs1113\"><div class=\"t m4 x2f hd6 y1498 ff4 fs1b fc4 sc3 ls0 ws0\">Attivit\u00e0 finanziarie in corso di </div><div class=\"t m4 x14 hd6 yc8e ff4 fs1b fc4 sc3 ls0 ws0\">dismissione<span class=\"fc1 sc0\"> </span></div></div><div class=\"c w568 h307 gs1114\"><div class=\"t m4 x55 hd6 y66e ff4 fs1b fc4 sc3 ls0 ws0\">di cui: svalutazioni individuali<span class=\"fc1 sc0\"> </span></div></div><div class=\"c w27f h307 gs1115\"><div class=\"t m4 x116 hd6 y3d ff4 fs1b fc4 sc3 ls0 ws0\">di cui: svalutazioni collettive<span class=\"_ _2\"></span><span class=\"fc1 sc0\"> </span></div></div><div class=\"c w569 h307 gs1116\"><div class=\"t m4 x55 hd6 yc5b ff4 fs1b fc4 sc3 ls0 ws0\">Primo stadio<span class=\"fc1 sc0\"> </span></div></div><div class=\"c w1e9 h307 gs1117\"><div class=\"t m4 x55 hd6 yd60 ff4 fs1b fc4 sc3 ls0 ws0\">Secondo stadio <span class=\"fc1 sc0\"> </span></div></div><div class=\"c w56a h307 gs1118\"><div class=\"t m4 x55 hd6 y17f7 ff4 fs1b fc4 sc3 ls0 ws0\">Terzo stadio <span class=\"fc1 sc0\"> </span></div></div><div class=\"c w15a h307 gs1119\"><div class=\"t m4 x2f hd6 y56 ff4 fs1b fc4 sc3 ls0 ws0\">Impegni a erogare fondi e garanzie </div><div class=\"t m4 x39 hd6 y28e ff4 fs1b fc4 sc3 ls0 ws0\">fin. rilasciate impaired acquisiti/e<span class=\"_ _2\"></span> o </div><div class=\"t m4 x3a hd6 yc7c ff4 fs1b fc4 sc3 ls0 ws0\">originati/<span class=\"fc1 sc0\"> </span></div></div>A.1.3<span class=\"_ _1\"></span>  Conso<span class=\"_ _f\"></span>lidato p<span class=\"_ _1\"></span>rude<span class=\"_ _f\"></span>nziale - At<span class=\"_ _1\"></span>tivit\u00e0<span class=\"_ _f\"></span> finanzia<span class=\"_ _1\"></span>rie, i<span class=\"_ _1\"></span>mpeg<span class=\"_ _f\"></span>ni a ero<span class=\"_ _1\"></span>gare<span class=\"_ _1\"></span> fondi<span class=\"_ _1\"></span> e ga<span class=\"_ _f\"></span>ranzie fina<span class=\"_ _f\"></span>nziarie<span class=\"_ _1\"></span> rilasci<span class=\"_ _1\"></span>ate: t<span class=\"_ _1\"></span>rasfe<span class=\"_ _f\"></span>rimenti tra d<span class=\"_ _1\"></span>iversi<span class=\"_ _1\"></span> sta<span class=\"_ _1\"></span>di di r<span class=\"_ _1\"></span>ischio<span class=\"_ _1\"></span> di cr<span class=\"_ _1\"></span>edit<span class=\"_ _1\"></span>o (va<span class=\"_ _1\"></span>lori <span class=\"_ _1\"></span>lordi e<span class=\"_ _1\"></span> nom<span class=\"_ _1\"></span>inali)<span class=\"_ _1\"></span><span class=\"fc1 sc0\"> </span><table class=\"s wf81 h56f\" id=\"_4bed25a9-9bc5-459f-8343-e9b4b5440b68\"><tr><td></td><td></td><td></td><td></td><td></td><td class=\"c x80b y332d w574 h13\"><div class=\"t m0 xed h1f y80 ff4 fs7 fc4 sc3 ls0 ws0\">Espo<span class=\"_ _1\"></span>sizio<span class=\"_ _f\"></span>ne lor<span class=\"_ _1\"></span>da/va<span class=\"_ _f\"></span>lore nom<span class=\"_ _f\"></span>inale<span class=\"fc1 sc0\"> </span></div></td><td></td></tr><tr><td></td><td class=\"c x972 y332e wf82 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">Tras<span class=\"_ _1\"></span>feri<span class=\"_ _1\"></span>men<span class=\"_ _1\"></span>ti tra<span class=\"_ _f\"></span> primo<span class=\"_ _df\"> </span></div></td><td></td><td></td><td class=\"c x973 y332e wf83 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">Tras<span class=\"_ _1\"></span>feri<span class=\"_ _1\"></span>men<span class=\"_ _1\"></span>ti tra<span class=\"_ _df\"> </span></div></td><td class=\"c x974 y332e wf84 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">Tras<span class=\"_ _1\"></span>feri<span class=\"_ _1\"></span>men<span class=\"_ _1\"></span>ti tra<span class=\"_ _1\"></span> prim<span class=\"_ _1\"></span>o<span class=\"_ _df\"> </span></div></td><td></td></tr><tr><td></td><td class=\"c x975 y332f wf85 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">sta<span class=\"_ _1\"></span>dio e s<span class=\"_ _f\"></span>econdo<span class=\"_ _f\"></span> stadio<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x976 y332f wf86 h484\" colspan=\"2\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">secon<span class=\"_ _f\"></span>do sta<span class=\"_ _1\"></span>dio e<span class=\"_ _1\"></span> terz<span class=\"_ _1\"></span>o<span class=\"_ _df\"> </span></div></td><td class=\"c x977 y332f wf87 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">stadi<span class=\"_ _1\"></span>o e t<span class=\"_ _1\"></span>erzo<span class=\"_ _f\"></span> stadio<span class=\"_ _df\"> </span></div></td><td></td></tr><tr><td class=\"c x46b y3330 w573 h30a\"><div class=\"t m0 xf0 h1f y11f9 ff4 fs7 fc4 sc3 ls0 ws0\">Port<span class=\"_ _1\"></span>afog<span class=\"_ _f\"></span>li/stadi <span class=\"_ _1\"></span>di ris<span class=\"_ _f\"></span>chio<span class=\"fc1 sc0\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x46b y3331 w577 h13\"><div class=\"t m0 x8a h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">1. Attivit\u00e0 finanz<span class=\"_ _1\"></span>iarie valutate al co<span class=\"_ _1\"></span>sto ammortizzat<span class=\"_ _1\"></span>o</div></td><td class=\"c x80b y3331 w9d h13\"><div class=\"t m0 x16a h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">1.517.072 </div></td><td class=\"c x8a0 y3331 w38e h13\"><div class=\"t m0 x116 h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">484.320 </div></td><td class=\"c x74f y3331 w197 h13\"><div class=\"t m0 x33 h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">8.143 </div></td><td class=\"c x4ec y3331 w1a2 h13\"><div class=\"t m0 x39 h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">62.441 </div></td><td class=\"c x580 y3331 w89 h13\"><div class=\"t m0 x130 h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">87.282 </div></td><td class=\"c x978 y3331 w1a2 h13\"><div class=\"t m0 x33 h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">4.749 </div></td></tr><tr><td class=\"c x262 y3332 wf88 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">2. Attivit\u00e0 finanz<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span>arie valut<span class=\"_ _1\"></span>ate al fair <span class=\"_ _1\"></span>value con impatto<span class=\"_ _df\"> </span></div></td><td class=\"c x80b y3333 w9d had\"><div class=\"t m0 x13 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x8a0 y3333 w38e had\"><div class=\"t m0 x8f h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x74f y3333 w197 had\"><div class=\"t m0 x36 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x4ec y3333 w1a2 had\"><div class=\"t m0 x8f h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x580 y3333 w89 had\"><div class=\"t m0 x8f h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x978 y3333 w1a2 had\"><div class=\"t m0 x8f h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x262 y3334 wdd7 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">sulla redditivit\u00e0 c<span class=\"_ _f\"></span>o<span class=\"_ _2\"></span>mplessi<span class=\"_ _1\"></span>va<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x46b y3335 w577 h1b9\"><div class=\"t m0 x8a h1f y392 ff4 fs7 fc1 sc0 ls0 ws0\">3. Attivit\u00e0 finanz<span class=\"_ _1\"></span>iarie in corso d<span class=\"_ _1\"></span>i dismissione<span class=\"_ _df\"> </span></div></td><td class=\"c x80b y3335 w9d h1b9\"><div class=\"t m0 x13 h1f y392 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x8a0 y3335 w38e h1b9\"><div class=\"t m0 x8f h1f y392 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x74f y3335 w197 h1b9\"><div class=\"t m0 x36 h1f y392 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x4ec y3335 w1a2 h1b9\"><div class=\"t m0 x8f h1f y392 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x580 y3335 w89 h1b9\"><div class=\"t m0 x8f h1f y392 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x978 y3335 w1a2 h1b9\"><div class=\"t m0 x8f h1f y392 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x262 y3336 wf89 h570\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">4. Impegni a er<span class=\"_ _1\"></span>ogare fondi e garanzi<span class=\"_ _f\"></span>e fi<span class=\"_ _2\"></span>nanzia<span class=\"_ _1\"></span>rie<span class=\"_ _df\"> </span></div></td><td class=\"c x80b y3337 w9d hcd\"><div class=\"t m0 x55 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">699.571 </div></td><td class=\"c x8a0 y3337 w38e hcd\"><div class=\"t m0 x32 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">11.241 </div></td><td class=\"c x74f y3337 w197 hcd\"><div class=\"t m0 x34 h1f y420 ff4 fs7 fc1 sc0 ls29 ws0\">971<span class=\"ls0\"> </span></div></td><td class=\"c x4ec y3337 w1a2 hcd\"><div class=\"t m0 x36 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">2 </div></td><td class=\"c x580 y3337 w89 hcd\"><div class=\"t m0 x14 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">17.792 </div></td><td class=\"c x978 y3337 w1a2 hcd\"><div class=\"t m0 x33 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">5.839 </div></td></tr><tr><td class=\"c x262 y3338 wbc5 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">rilasciate<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x46b y3339 w577 h13\"><div class=\"t m0 x98 h1f y32 ff4 fs7 fc1 sc2 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale 3<span class=\"_ _1\"></span>1/12/<span class=\"_ _1\"></span>2025<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x80b y3339 w9d h13\"><div class=\"t m0 x8e h1f y80 ff4 fs7 fc1 sc2 ls0 ws0\">2.216<span class=\"_ _f\"></span>.643<span class=\"sc0\"> </span></div></td><td class=\"c x8a0 y3339 w38e h13\"><div class=\"t m0 x55 h1f y80 ff4 fs7 fc1 sc2 ls0 ws0\">495.5<span class=\"_ _1\"></span>61<span class=\"sc0\"> </span></div></td><td class=\"c x74f y3339 w197 h13\"><div class=\"t m0 x35 h1f y80 ff4 fs7 fc1 sc2 ls0 ws0\">9.114<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x4ec y3339 w1a2 h13\"><div class=\"t m0 x130 h1f y80 ff4 fs7 fc1 sc2 ls0 ws0\">62.4<span class=\"_ _f\"></span>43<span class=\"sc0\"> </span></div></td><td class=\"c x580 y3339 w89 h13\"><div class=\"t m0 x2e h1f y80 ff4 fs7 fc1 sc2 ls0 ws0\">105.07<span class=\"_ _f\"></span>4<span class=\"sc0\"> </span></div></td><td class=\"c x978 y3339 w1a2 h13\"><div class=\"t m0 x39 h1f y80 ff4 fs7 fc1 sc2 ls0 ws0\">10.58<span class=\"_ _f\"></span>8<span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x46b y333a w577 h13\"><div class=\"t m0 x98 h1f y80 ff4 fs7 fc1 sc2 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale 3<span class=\"_ _1\"></span>1/12/<span class=\"_ _1\"></span>202<span class=\"_ _1\"></span>4<span class=\"sc0\"> </span></div></td><td class=\"c x80b y333a w9d h13\"><div class=\"t m0 x8e h1f y80 ff4 fs7 fc1 sc2 ls0 ws0\">1.54<span class=\"_ _1\"></span>0.009<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x8a0 y333a w38e h13\"><div class=\"t m0 x2e h1f y80 ff4 fs7 fc1 sc2 ls0 ws0\">537.<span class=\"_ _1\"></span>697<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x74f y333a w197 h13\"><div class=\"t m0 x48 h1f y80 ff4 fs7 fc1 sc2 ls0 ws0\">9.22<span class=\"_ _f\"></span>0<span class=\"sc0\"> </span></div></td><td class=\"c x4ec y333a w1a2 h13\"><div class=\"t m0 x130 h1f y80 ff4 fs7 fc1 sc2 ls0 ws0\">69.8<span class=\"_ _1\"></span>55<span class=\"sc0\"> </span></div></td><td class=\"c x580 y333a w89 h13\"><div class=\"t m0 x39 h1f y80 ff4 fs7 fc1 sc2 ls0 ws0\">121.5<span class=\"_ _1\"></span>01<span class=\"sc0\"> </span></div></td><td class=\"c x978 y333a w1a2 h13\"><div class=\"t m0 x39 h1f y80 ff4 fs7 fc1 sc2 ls0 ws0\">10.80<span class=\"_ _f\"></span>3<span class=\"sc0\"> </span></div></td></tr></table>Da primo a secondo stadio<span class=\"fc1 sc0\"> </span>Da secondo stadio a primo stadio<span class=\"fc1 sc0\"> </span>Da secondo stadio a terzo stadio<span class=\"fc1 sc0\"> </span>Da terzo stadio a secondo stadio <span class=\"fc1 sc0\"> </span>Da primo stadio a terzo stadio<span class=\"fc1 sc0\"> </span>Da terzo stadio a primo stadio <span class=\"fc1 sc0\"> </span>A.1.4 <span class=\"_ _f\"></span>Consolida<span class=\"_ _f\"></span>to prude<span class=\"_ _1\"></span>nzia<span class=\"_ _1\"></span>le - E<span class=\"_ _f\"></span>sposizio<span class=\"_ _1\"></span>ni cred<span class=\"_ _1\"></span>itizie <span class=\"_ _f\"></span>per cas<span class=\"_ _f\"></span>sa e fuo<span class=\"_ _f\"></span>ri bilancio <span class=\"_ _f\"></span>verso ba<span class=\"_ _f\"></span>nche: va<span class=\"_ _f\"></span>lori lord<span class=\"_ _f\"></span>i e netti<span class=\"fc1 sc0\"> </span><table class=\"s wf8a h571\" id=\"_ed0777de-14cc-4f22-b2b4-b2b039bfb363\"><tr><td></td><td></td><td class=\"c x5c7 y333b w578 h94\"><div class=\"t m0 x49 hd6 y11c8 ff4 fs1b fc4 sc3 ls0 ws0\">Esposizi<span class=\"_ _f\"></span>one lorda<span class=\"fc1 sc2\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td class=\"c x979 y333c wf8b h4bd\"><div class=\"t m0 x250 hd6 y2726 ff4 fs1b fc4 sc3 ls0 ws0\">Rettifich<span class=\"_ _f\"></span>e<span class=\"_ _2\"></span> di <span class=\"_ _1\"></span>valore <span class=\"_ _f\"></span>complessive <span class=\"_ _1\"></span>e<span class=\"_ _df\"> </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></td><td></td><td class=\"c x97a y333d wf8c h4bd\" colspan=\"2\"><div class=\"t m0 x250 hd6 y2726 ff4 fs1b fc4 sc3 ls0 ws0\">accant<span class=\"_ _1\"></span>onam<span class=\"_ _1\"></span>enti com<span class=\"_ _f\"></span>plessivi<span class=\"_ _df\"> </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></td><td></td><td class=\"c x888 y333e wf8d h4bd\"><div class=\"t m0 x250 hd6 y2726 ff4 fs1b fc4 sc3 ls0 ws0\">Esposizi<span class=\"_ _f\"></span>one<span class=\"_ _df\"> </span></div></td><td class=\"c x97b y333e wf8e h4bd\"><div class=\"t m0 x250 hd6 y2726 ff4 fs1b fc4 sc3 ls0 ws0\">Write-<span class=\"_ _1\"></span>off parzia<span class=\"_ _f\"></span>li<span class=\"_ _df\"> </span></div></td></tr><tr><td class=\"c x46b y333f w14 h30c\"><div class=\"t m0 xac hd6 yd3a ff4 fs1b fc4 sc3 ls0 ws0\">Tipolo<span class=\"_ _1\"></span>gie espo<span class=\"_ _f\"></span>s<span class=\"_ _2\"></span>izio<span class=\"_ _1\"></span>ni/val<span class=\"_ _f\"></span>o<span class=\"_ _2\"></span>ri<span class=\"fc1 sc2\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td class=\"c x97c y3340 wf8f h4bd\"><div class=\"t m0 x250 hd6 y2726 ff4 fs1b fc4 sc3 ls0 ws0\">Netta<span class=\"_ _df\"> </span></div></td><td class=\"c x97d y3340 wf90 h4bd\"><div class=\"t m0 x250 hd6 y2726 ff4 fs1b fc4 sc3 ls0 ws0\">comple<span class=\"_ _f\"></span>ssivi*<span class=\"_ _df\"> </span></div></td></tr><tr><td class=\"c x262 y3341 wf91 h4aa\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc2 ls0 ws0\">A. Espos<span class=\"_ _1\"></span>izioni cred<span class=\"_ _1\"></span>itizie<span class=\"_ _df\"> </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=\"c x262 y3342 wf92 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc2 ls0 ws0\">per cass<span class=\"_ _1\"></span>a<span class=\"_ _df\"> </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=\"c x46b y3343 w57c hc8\"><div class=\"t m0 x8a h30 y74a ff4 fsb fc1 sc2 ls0 ws0\">A.1 A vista<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x5c7 y3343 w15f hc8\"><div class=\"t m0 x8e h30 y74a ff4 fsb fc1 sc2 ls0 ws0\">1.210.78<span class=\"_ _1\"></span>0<span class=\"sc0\"> </span></div></td><td class=\"c x468 y3343 w136 hc8\"><div class=\"t m0 xac h30 y74a ff4 fsb fc1 sc2 ls0 ws0\">1.203.478<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x5e1 y3343 w1aa hc8\"><div class=\"t m0 x2f h30 y74a ff4 fsb fc1 sc2 ls0 ws0\">7.302<span class=\"sc0\"> </span></div></td><td class=\"c x4c6 y3343 w26f hc8\"><div class=\"t m0 x2f h30 y74a ff4 fsb fc1 sc2 ls0 ws0\">-</div></td><td class=\"c x97e y3343 w56d hc8\"><div class=\"t m0 x2f h30 y74a ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x97f y3343 w397 hc8\"><div class=\"t m0 x2a h30 y74a ff4 fsb fc1 sc2 ls6c ws0\">38<span class=\"sc0 ls0\"> </span></div></td><td class=\"c x72d y3343 w156 hc8\"><div class=\"t m0 x2e h30 y74a ff4 fsb fc1 sc2 ls6a ws0\">20<span class=\"sc0 ls0\"> </span></div></td><td class=\"c x980 y3343 w4f4 hc8\"><div class=\"t m0 x2e h30 y74a ff4 fsb fc1 sc2 ls52 ws0\">18<span class=\"sc0 ls0\"> </span></div></td><td class=\"c x921 y3343 w57d hc8\"><div class=\"t m0 x2e h30 y74a ff4 fsb fc1 sc2 ls0 ws0\">-</div></td><td class=\"c x74f y3343 w57e hc8\"><div class=\"t m0 x2e h30 y74a ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x4fd y3343 wb6 hc8\"><div class=\"t m0 x2e h30 y74a ff4 fsb fc1 sc2 ls0 ws0\">1.210.74<span class=\"_ _1\"></span>2<span class=\"sc0\"> </span></div></td><td class=\"c x981 y3343 w505 hc8\"><div class=\"t m0 xe h30 y74a ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x46b y3344 w57c h4d\"><div class=\"t m0 x2f h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">a) Deteriorate<span class=\"_ _df\"> </span></div></td><td class=\"c x5c7 y3344 w15f h4d\"><div class=\"t m0 x31 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">-</div></td><td class=\"c x468 y3344 w136 h4d\"><div class=\"t m0 x14 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">X<span class=\"_ _df\"> </span></div></td><td class=\"c x5e1 y3344 w1aa h4d\"><div class=\"t m0 x35 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">-</div></td><td class=\"c x4c6 y3344 w26f h4d\"><div class=\"t m0 x2f h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x97e y3344 w56d h4d\"><div class=\"t m0 x2f h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">-</div></td><td class=\"c x97f y3344 w397 h4d\"><div class=\"t m0 x14 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x72d y3344 w156 h4d\"><div class=\"t m0 x16a h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x980 y3344 w4f4 h4d\"><div class=\"t m0 x130 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x921 y3344 w57d h4d\"><div class=\"t m0 x2e h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x74f y3344 w57e h4d\"><div class=\"t m0 x2e h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x4fd y3344 wb6 h4d\"><div class=\"t m0 x13 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x981 y3344 w505 h4d\"><div class=\"t m0 xe h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y3345 w57c hc8\"><div class=\"t m0 x2f h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">b) Non deteriorate<span class=\"_ _df\"> </span></div></td><td class=\"c x5c7 y3345 w15f hc8\"><div class=\"t m0 x8e h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">1.210.780 </div></td><td class=\"c x468 y3345 w136 hc8\"><div class=\"t m0 xab h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">1.203.478 </div></td><td class=\"c x5e1 y3345 w1aa hc8\"><div class=\"t m0 x8e h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">7.302 </div></td><td class=\"c x4c6 y3345 w26f hc8\"><div class=\"t m0 xab h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x97e y3345 w56d hc8\"><div class=\"t m0 x2f h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">-</div></td><td class=\"c x97f y3345 w397 hc8\"><div class=\"t m0 x2a h30 y74a ff4 fsb fc1 sc0 ls5c ws0\">38<span class=\"ls0\"> </span></div></td><td class=\"c x72d y3345 w156 hc8\"><div class=\"t m0 x2e h30 y74a ff4 fsb fc1 sc0 ls9b ws0\">20<span class=\"ls0\"> </span></div></td><td class=\"c x980 y3345 w4f4 hc8\"><div class=\"t m0 x2a h30 y74a ff4 fsb fc1 sc0 ls52 ws0\">18<span class=\"ls0\"> </span></div></td><td class=\"c x921 y3345 w57d hc8\"><div class=\"t m0 x8e h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x74f y3345 w57e hc8\"><div class=\"t m0 x2e h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">-</div></td><td class=\"c x4fd y3345 wb6 hc8\"><div class=\"t m0 x2e h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">1.210.742<span class=\"_ _df\"> </span></div></td><td class=\"c x981 y3345 w505 hc8\"><div class=\"t m0 xe h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y3346 w57c h4d\"><div class=\"t m0 x8a h30 y74a ff4 fsb fc1 sc2 ls0 ws0\">A.2 Altre<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x5c7 y3346 w15f h4d\"><div class=\"t m0 xac h30 y74a ff4 fsb fc1 sc2 ls0 ws0\">3.364.716<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x468 y3346 w136 h4d\"><div class=\"t m0 xac h30 y74a ff4 fsb fc1 sc2 ls0 ws0\">3.317.340<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x5e1 y3346 w1aa h4d\"><div class=\"t m0 xab h30 y74a ff4 fsb fc1 sc2 ls0 ws0\">45.336<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x4c6 y3346 w26f h4d\"><div class=\"t m0 x2f h30 y74a ff4 fsb fc1 sc2 ls0 ws0\">-</div></td><td class=\"c x97e y3346 w56d h4d\"><div class=\"t m0 x2f h30 y74a ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x97f y3346 w397 h4d\"><div class=\"t m0 x16a h30 y74a ff4 fsb fc1 sc2 ls0 ws0\">719<span class=\"sc0\"> </span></div></td><td class=\"c x72d y3346 w156 h4d\"><div class=\"t m0 x2a h30 y74a ff4 fsb fc1 sc2 ls0 ws0\">611<span class=\"sc0\"> </span></div></td><td class=\"c x980 y3346 w4f4 h4d\"><div class=\"t m0 x2f h30 y74a ff4 fsb fc1 sc2 ls52 ws0\">106<span class=\"sc0 ls0\"> </span></div></td><td class=\"c x921 y3346 w57d h4d\"><div class=\"t m0 x2e h30 y74a ff4 fsb fc1 sc2 ls0 ws0\">-</div></td><td class=\"c x74f y3346 w57e h4d\"><div class=\"t m0 x2e h30 y74a ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x4fd y3346 wb6 h4d\"><div class=\"t m0 x16a h30 y74a ff4 fsb fc1 sc2 ls0 ws0\">3.363.997<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x981 y3346 w505 h4d\"><div class=\"t m0 xe h30 y74a ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x46b y3347 w57c hc8\"><div class=\"t m0 x2f h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">a) Sofferenze<span class=\"_ _df\"> </span></div></td><td class=\"c x5c7 y3347 w15f hc8\"><div class=\"t m0 x31 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">-</div></td><td class=\"c x468 y3347 w136 hc8\"><div class=\"t m0 x14 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">X<span class=\"_ _df\"> </span></div></td><td class=\"c x5e1 y3347 w1aa hc8\"><div class=\"t m0 x35 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">-</div></td><td class=\"c x4c6 y3347 w26f hc8\"><div class=\"t m0 x2f h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x97e y3347 w56d hc8\"><div class=\"t m0 x2f h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">-</div></td><td class=\"c x97f y3347 w397 hc8\"><div class=\"t m0 x14 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x72d y3347 w156 hc8\"><div class=\"t m0 x16a h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x980 y3347 w4f4 hc8\"><div class=\"t m0 x130 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x921 y3347 w57d hc8\"><div class=\"t m0 x2e h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x74f y3347 w57e hc8\"><div class=\"t m0 x2e h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x4fd y3347 wb6 hc8\"><div class=\"t m0 x13 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x981 y3347 w505 hc8\"><div class=\"t m0 xe h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x370 y3348 wf93 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">- di cui: esposi<span class=\"_ _2\"></span>zioni<span class=\"_ _df\"> </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=\"c x370 y3349 wf94 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">oggetto di<span class=\"_ _df\"> </span></div></td><td class=\"c x5c7 y334a w15f h30d\"><div class=\"t m0 x31 h30 y35c ff4 fsb fc1 sc0 ls0 ws0\">-</div></td><td class=\"c x468 y334a w136 h30d\"><div class=\"t m0 x14 h30 y35c ff4 fsb fc1 sc0 ls0 ws0\">X<span class=\"_ _df\"> </span></div></td><td class=\"c x5e1 y334a w1aa h30d\"><div class=\"t m0 x35 h30 y35c ff4 fsb fc1 sc0 ls0 ws0\">-</div></td><td class=\"c x4c6 y334a w26f h30d\"><div class=\"t m0 x2f h30 y35c ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x97e y334a w56d h30d\"><div class=\"t m0 x2f h30 y35c ff4 fsb fc1 sc0 ls0 ws0\">-</div></td><td class=\"c x97f y334a w397 h30d\"><div class=\"t m0 x14 h30 y35c ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x72d y334a w156 h30d\"><div class=\"t m0 x16a h30 y35c ff4 fsb fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x980 y334a w4f4 h30d\"><div class=\"t m0 x130 h30 y35c ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x921 y334a w57d h30d\"><div class=\"t m0 x2e h30 y35c ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x74f y334a w57e h30d\"><div class=\"t m0 x2e h30 y35c ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x4fd y334a wb6 h30d\"><div class=\"t m0 x13 h30 y35c ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x981 y334a w505 h30d\"><div class=\"t m0 xe h30 y35c ff4 fsb fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x370 y334b wf95 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">concessioni<span class=\"_ _df\"> </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=\"c x46b y334c w57c hc8\"><div class=\"t m0 x2f h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">b) Inademp. probabili<span class=\"_ _df\"> </span></div></td><td class=\"c x5c7 y334c w15f hc8\"><div class=\"t m0 x31 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">-</div></td><td class=\"c x468 y334c w136 hc8\"><div class=\"t m0 x14 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">X<span class=\"_ _df\"> </span></div></td><td class=\"c x5e1 y334c w1aa hc8\"><div class=\"t m0 x35 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">-</div></td><td class=\"c x4c6 y334c w26f hc8\"><div class=\"t m0 x2f h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x97e y334c w56d hc8\"><div class=\"t m0 x2f h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">-</div></td><td class=\"c x97f y334c w397 hc8\"><div class=\"t m0 x14 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x72d y334c w156 hc8\"><div class=\"t m0 x16a h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x980 y334c w4f4 hc8\"><div class=\"t m0 x130 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x921 y334c w57d hc8\"><div class=\"t m0 x2e h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x74f y334c w57e hc8\"><div class=\"t m0 x2e h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x4fd y334c wb6 hc8\"><div class=\"t m0 x13 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x981 y334c w505 hc8\"><div class=\"t m0 xe h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x370 y334d wf93 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">- di cui: esposi<span class=\"_ _2\"></span>zioni<span class=\"_ _df\"> </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=\"c x370 y334e wf94 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">oggetto di<span class=\"_ _df\"> </span></div></td><td class=\"c x5c7 y334f w15f h23c\"><div class=\"t m0 x31 h30 y35c ff4 fsb fc1 sc0 ls0 ws0\">-</div></td><td class=\"c x468 y334f w136 h23c\"><div class=\"t m0 x14 h30 y35c ff4 fsb fc1 sc0 ls0 ws0\">X<span class=\"_ _df\"> </span></div></td><td class=\"c x5e1 y334f w1aa h23c\"><div class=\"t m0 x35 h30 y35c ff4 fsb fc1 sc0 ls0 ws0\">-</div></td><td class=\"c x4c6 y334f w26f h23c\"><div class=\"t m0 x2f h30 y35c ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x97e y334f w56d h23c\"><div class=\"t m0 x2f h30 y35c ff4 fsb fc1 sc0 ls0 ws0\">-</div></td><td class=\"c x97f y334f w397 h23c\"><div class=\"t m0 x14 h30 y35c ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x72d y334f w156 h23c\"><div class=\"t m0 x16a h30 y35c ff4 fsb fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x980 y334f w4f4 h23c\"><div class=\"t m0 x130 h30 y35c ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x921 y334f w57d h23c\"><div class=\"t m0 x2e h30 y35c ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x74f y334f w57e h23c\"><div class=\"t m0 x2e h30 y35c ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x4fd y334f wb6 h23c\"><div class=\"t m0 x13 h30 y35c ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x981 y334f w505 h23c\"><div class=\"t m0 xe h30 y35c ff4 fsb fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x370 y3350 wf95 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">concessioni<span class=\"_ _df\"> </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=\"c x36e y3351 wf96 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">c) Esposizioni scadute<span class=\"_ _df\"> </span></div></td><td class=\"c x5c7 y3352 w15f h98\"><div class=\"t m0 x31 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">-</div></td><td class=\"c x468 y3352 w136 h98\"><div class=\"t m0 x14 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">X<span class=\"_ _df\"> </span></div></td><td class=\"c x5e1 y3352 w1aa h98\"><div class=\"t m0 x35 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">-</div></td><td class=\"c x4c6 y3352 w26f h98\"><div class=\"t m0 x2f h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x97e y3352 w56d h98\"><div class=\"t m0 x2f h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">-</div></td><td class=\"c x97f y3352 w397 h98\"><div class=\"t m0 x14 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x72d y3352 w156 h98\"><div class=\"t m0 x16a h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x980 y3352 w4f4 h98\"><div class=\"t m0 x130 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x921 y3352 w57d h98\"><div class=\"t m0 x2e h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x74f y3352 w57e h98\"><div class=\"t m0 x2e h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x4fd y3352 wb6 h98\"><div class=\"t m0 x13 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x981 y3352 w505 h98\"><div class=\"t m0 xe h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x36e y3353 wf97 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">deteriorate<span class=\"_ _df\"> </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=\"c x370 y3354 wf93 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">- di cui: esposi<span class=\"_ _2\"></span>zioni<span class=\"_ _df\"> </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=\"c x370 y3355 wf94 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">oggetto di<span class=\"_ _df\"> </span></div></td><td class=\"c x5c7 y3356 w15f h23c\"><div class=\"t m0 x31 h30 y35c ff4 fsb fc1 sc0 ls0 ws0\">-</div></td><td class=\"c x468 y3356 w136 h23c\"><div class=\"t m0 x14 h30 y35c ff4 fsb fc1 sc0 ls0 ws0\">X<span class=\"_ _df\"> </span></div></td><td class=\"c x5e1 y3356 w1aa h23c\"><div class=\"t m0 x35 h30 y35c ff4 fsb fc1 sc0 ls0 ws0\">-</div></td><td class=\"c x4c6 y3356 w26f h23c\"><div class=\"t m0 x2f h30 y35c ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x97e y3356 w56d h23c\"><div class=\"t m0 x2f h30 y35c ff4 fsb fc1 sc0 ls0 ws0\">-</div></td><td class=\"c x97f y3356 w397 h23c\"><div class=\"t m0 x14 h30 y35c ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x72d y3356 w156 h23c\"><div class=\"t m0 x16a h30 y35c ff4 fsb fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x980 y3356 w4f4 h23c\"><div class=\"t m0 x130 h30 y35c ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x921 y3356 w57d h23c\"><div class=\"t m0 x2e h30 y35c ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x74f y3356 w57e h23c\"><div class=\"t m0 x2e h30 y35c ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x4fd y3356 wb6 h23c\"><div class=\"t m0 x13 h30 y35c ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x981 y3356 w505 h23c\"><div class=\"t m0 xe h30 y35c ff4 fsb fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x370 y3357 wf98 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">concessio<span class=\"_ _2\"></span>ni<span class=\"_ _df\"> </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=\"c x36e y3358 wf99 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">d) Esposizioni scadute<span class=\"_ _df\"> </span></div></td><td class=\"c x5c7 y3359 w15f h12\"><div class=\"t m0 x27 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">216 </div></td><td class=\"c x468 y3359 w136 h12\"><div class=\"t m0 x26 h30 y295 ff4 fsb fc1 sc0 ls5c ws0\">38<span class=\"ls0\"> </span></div></td><td class=\"c x5e1 y3359 w1aa h12\"><div class=\"t m0 x130 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">179 </div></td><td class=\"c x4c6 y3359 w26f h12\"><div class=\"t m0 xab h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x97e y3359 w56d h12\"><div class=\"t m0 x2f h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">-</div></td><td class=\"c x97f y3359 w397 h12\"><div class=\"t m0 x39 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">2</div></td><td class=\"c x72d y3359 w156 h12\"><div class=\"t m0 x14 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x980 y3359 w4f4 h12\"><div class=\"t m0 x130 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x921 y3359 w57d h12\"><div class=\"t m0 x8e h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x74f y3359 w57e h12\"><div class=\"t m0 x2e h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x4fd y3359 wb6 h12\"><div class=\"t m0 x38 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">214<span class=\"_ _df\"> </span></div></td><td class=\"c x981 y3359 w505 h12\"><div class=\"t m0 xe h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x36e y335a wf9a h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">non deteriorate<span class=\"_ _df\"> </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=\"c x370 y335b wf93 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">- di cui: esposi<span class=\"_ _2\"></span>zioni<span class=\"_ _df\"> </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=\"c x370 y335c wf94 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">oggetto di<span class=\"_ _df\"> </span></div></td><td class=\"c x5c7 y335d w15f h23c\"><div class=\"t m0 x31 h30 y35c ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x468 y335d w136 h23c\"><div class=\"t m0 x31 h30 y35c ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5e1 y335d w1aa h23c\"><div class=\"t m0 x35 h30 y35c ff4 fsb fc1 sc0 ls0 ws0\">-</div></td><td class=\"c x4c6 y335d w26f h23c\"><div class=\"t m0 xab h30 y35c ff4 fsb fc1 sc0 ls0 ws0\">X</div></td><td class=\"c x97e y335d w56d h23c\"><div class=\"t m0 x2f h30 y35c ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x97f y335d w397 h23c\"><div class=\"t m0 x14 h30 y35c ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x72d y335d w156 h23c\"><div class=\"t m0 x14 h30 y35c ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x980 y335d w4f4 h23c\"><div class=\"t m0 x130 h30 y35c ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x921 y335d w57d h23c\"><div class=\"t m0 x8e h30 y35c ff4 fsb fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x74f y335d w57e h23c\"><div class=\"t m0 x2e h30 y35c ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x4fd y335d wb6 h23c\"><div class=\"t m0 x13 h30 y35c ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x981 y335d w505 h23c\"><div class=\"t m0 xe h30 y35c ff4 fsb fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x370 y335e wf95 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">concessioni<span class=\"_ _df\"> </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=\"c x36e y335f wf9b h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">e) Altre esposizi<span class=\"_ _2\"></span>oni<span class=\"_ _df\"> </span></div></td><td class=\"c x5c7 y3360 w15f h12\"><div class=\"t m0 x8a h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">3.364.500 </div></td><td class=\"c x468 y3360 w136 h12\"><div class=\"t m0 xab h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">3.317.302 </div></td><td class=\"c x5e1 y3360 w1aa h12\"><div class=\"t m0 xac h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">45.157 </div></td><td class=\"c x4c6 y3360 w26f h12\"><div class=\"t m0 xab h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x97e y3360 w56d h12\"><div class=\"t m0 x2f h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">-</div></td><td class=\"c x97f y3360 w397 h12\"><div class=\"t m0 x16a h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">717</div></td><td class=\"c x72d y3360 w156 h12\"><div class=\"t m0 x116 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">611 </div></td><td class=\"c x980 y3360 w4f4 h12\"><div class=\"t m0 x8e h30 y295 ff4 fsb fc1 sc0 ls52 ws0\">106<span class=\"ls0\"> </span></div></td><td class=\"c x921 y3360 w57d h12\"><div class=\"t m0 x8e h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x74f y3360 w57e h12\"><div class=\"t m0 x2e h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">-</div></td><td class=\"c x4fd y3360 wb6 h12\"><div class=\"t m0 x16a h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">3.363.783<span class=\"_ _df\"> </span></div></td><td class=\"c x981 y3360 w505 h12\"><div class=\"t m0 xe h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x36e y3361 wf9a h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">non deteriorate<span class=\"_ _df\"> </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=\"c x370 y3362 wf93 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">- di cui: esposi<span class=\"_ _2\"></span>zioni<span class=\"_ _df\"> </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=\"c x370 y3363 wf94 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">oggetto di<span class=\"_ _df\"> </span></div></td><td class=\"c x5c7 y3364 w15f h2d3\"><div class=\"t m0 x31 h30 yab9 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x468 y3364 w136 h2d3\"><div class=\"t m0 x31 h30 yab9 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5e1 y3364 w1aa h2d3\"><div class=\"t m0 x35 h30 yab9 ff4 fsb fc1 sc0 ls0 ws0\">-</div></td><td class=\"c x4c6 y3364 w26f h2d3\"><div class=\"t m0 xab h30 yab9 ff4 fsb fc1 sc0 ls0 ws0\">X</div></td><td class=\"c x97e y3364 w56d h2d3\"><div class=\"t m0 x2f h30 yab9 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x97f y3364 w397 h2d3\"><div class=\"t m0 x14 h30 yab9 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x72d y3364 w156 h2d3\"><div class=\"t m0 x14 h30 yab9 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x980 y3364 w4f4 h2d3\"><div class=\"t m0 x130 h30 yab9 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x921 y3364 w57d h2d3\"><div class=\"t m0 x8e h30 yab9 ff4 fsb fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x74f y3364 w57e h2d3\"><div class=\"t m0 x2e h30 yab9 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x4fd y3364 wb6 h2d3\"><div class=\"t m0 x13 h30 yab9 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x981 y3364 w505 h2d3\"><div class=\"t m0 xe h30 yab9 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x370 y3365 wf95 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">concessioni<span class=\"_ _df\"> </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=\"c x46b y3366 w57c hc8\"><div class=\"t m0 xa3 h30 y74a ff4 fsb fc1 sc2 ls0 ws0\">Totale<span class=\"_ _1\"></span> (A)<span class=\"sc0\"> </span></div></td><td class=\"c x5c7 y3366 w15f hc8\"><div class=\"t m0 xab h30 y74a ff4 fsb fc1 sc2 ls0 ws0\">4.575.4<span class=\"_ _1\"></span>96<span class=\"sc0\"> </span></div></td><td class=\"c x468 y3366 w136 hc8\"><div class=\"t m0 xab h30 y74a ff4 fsb fc1 sc2 ls0 ws0\">4.520.818<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x5e1 y3366 w1aa hc8\"><div class=\"t m0 xab h30 y74a ff4 fsb fc1 sc2 ls0 ws0\">52.638<span class=\"sc0\"> </span></div></td><td class=\"c x4c6 y3366 w26f hc8\"><div class=\"t m0 x2f h30 y74a ff4 fsb fc1 sc2 ls0 ws0\">-</div></td><td class=\"c x97e y3366 w56d hc8\"><div class=\"t m0 x2f h30 y74a ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x97f y3366 w397 hc8\"><div class=\"t m0 x2f h30 y74a ff4 fsb fc1 sc2 ls0 ws0\">757<span class=\"sc0\"> </span></div></td><td class=\"c x72d y3366 w156 hc8\"><div class=\"t m0 x16a h30 y74a ff4 fsb fc1 sc2 ls0 ws0\">631<span class=\"sc0\"> </span></div></td><td class=\"c x980 y3366 w4f4 hc8\"><div class=\"t m0 x2f h30 y74a ff4 fsb fc1 sc2 ls0 ws0\">124<span class=\"sc0\"> </span></div></td><td class=\"c x921 y3366 w57d hc8\"><div class=\"t m0 x2e h30 y74a ff4 fsb fc1 sc2 ls0 ws0\">-</div></td><td class=\"c x74f y3366 w57e hc8\"><div class=\"t m0 x2e h30 y74a ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x4fd y3366 wb6 hc8\"><div class=\"t m0 x116 h30 y74a ff4 fsb fc1 sc2 ls0 ws0\">4.574.73<span class=\"_ _f\"></span>9<span class=\"_ _df\"> </span></div></td><td class=\"c x981 y3366 w505 hc8\"><div class=\"t m0 xe h30 y74a ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x262 y3367 wf9c h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc2 ls0 ws0\">B. Espo<span class=\"_ _1\"></span>sizioni cre<span class=\"_ _1\"></span>ditizie<span class=\"_ _df\"> </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=\"c x262 y3368 wf9d h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc2 ls0 ws0\">fuori bila<span class=\"_ _1\"></span>ncio<span class=\"_ _df\"> </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=\"c x46b y3369 w57c hc8\"><div class=\"t m0 x2f h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">a) Deteriorate<span class=\"_ _df\"> </span></div></td><td class=\"c x5c7 y3369 w15f hc8\"><div class=\"t m0 x31 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">-</div></td><td class=\"c x468 y3369 w136 hc8\"><div class=\"t m0 x14 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">X<span class=\"_ _df\"> </span></div></td><td class=\"c x5e1 y3369 w1aa hc8\"><div class=\"t m0 x35 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">-</div></td><td class=\"c x4c6 y3369 w26f hc8\"><div class=\"t m0 x2f h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x97e y3369 w56d hc8\"><div class=\"t m0 x2f h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">-</div></td><td class=\"c x97f y3369 w397 hc8\"><div class=\"t m0 x14 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x72d y3369 w156 hc8\"><div class=\"t m0 x16a h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x980 y3369 w4f4 hc8\"><div class=\"t m0 x130 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x921 y3369 w57d hc8\"><div class=\"t m0 x2e h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x74f y3369 w57e hc8\"><div class=\"t m0 x2e h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x4fd y3369 wb6 hc8\"><div class=\"t m0 x13 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x981 y3369 w505 hc8\"><div class=\"t m0 xe h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y336a w57c hc8\"><div class=\"t m0 x2f h30 y3e4 ff4 fsb fc1 sc0 ls0 ws0\">b) Non deteriorate<span class=\"_ _df\"> </span></div></td><td class=\"c x5c7 y336a w15f hc8\"><div class=\"t m0 x16a h30 y3e4 ff4 fsb fc1 sc0 ls0 ws0\">209.238 </div></td><td class=\"c x468 y336a w136 hc8\"><div class=\"t m0 x55 h30 y3e4 ff4 fsb fc1 sc0 ls0 ws0\">14.674 </div></td><td class=\"c x5e1 y336a w1aa hc8\"><div class=\"t m0 x8e h30 y3e4 ff4 fsb fc1 sc0 ls0 ws0\">5.946 </div></td><td class=\"c x4c6 y336a w26f hc8\"><div class=\"t m0 xab h30 y3e4 ff4 fsb fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x97e y336a w56d hc8\"><div class=\"t m0 x2f h30 y3e4 ff4 fsb fc1 sc0 ls0 ws0\">-</div></td><td class=\"c x97f y336a w397 hc8\"><div class=\"t m0 x130 h30 y3e4 ff4 fsb fc1 sc0 ls0 ws0\">6 </div></td><td class=\"c x72d y336a w156 hc8\"><div class=\"t m0 x39 h30 y3e4 ff4 fsb fc1 sc0 ls0 ws0\">4 </div></td><td class=\"c x980 y336a w4f4 hc8\"><div class=\"t m0 x55 h30 y3e4 ff4 fsb fc1 sc0 ls0 ws0\">3 </div></td><td class=\"c x921 y336a w57d hc8\"><div class=\"t m0 x8e h30 y3e4 ff4 fsb fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x74f y336a w57e hc8\"><div class=\"t m0 x2e h30 y3e4 ff4 fsb fc1 sc0 ls0 ws0\">-</div></td><td class=\"c x4fd y336a wb6 hc8\"><div class=\"t m0 x130 h30 y3e4 ff4 fsb fc1 sc0 ls0 ws0\">209.232<span class=\"_ _df\"> </span></div></td><td class=\"c x981 y336a w505 hc8\"><div class=\"t m0 xe h30 y3e4 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y336b w57c hc8\"><div class=\"t m0 xa3 h30 y74a ff4 fsb fc1 sc2 ls0 ws0\">Totale<span class=\"_ _1\"></span> (B)<span class=\"sc0\"> </span></div></td><td class=\"c x5c7 y336b w15f hc8\"><div class=\"t m0 x16a h30 y74a ff4 fsb fc1 sc2 ls0 ws0\">209.23<span class=\"_ _1\"></span>8<span class=\"sc0\"> </span></div></td><td class=\"c x468 y336b w136 hc8\"><div class=\"t m0 x130 h30 y74a ff4 fsb fc1 sc2 ls0 ws0\">14.674<span class=\"sc0\"> </span></div></td><td class=\"c x5e1 y336b w1aa hc8\"><div class=\"t m0 x8e h30 y74a ff4 fsb fc1 sc2 ls0 ws0\">5.946<span class=\"sc0\"> </span></div></td><td class=\"c x4c6 y336b w26f hc8\"><div class=\"t m0 x2f h30 y74a ff4 fsb fc1 sc2 ls0 ws0\">-</div></td><td class=\"c x97e y336b w56d hc8\"><div class=\"t m0 x2f h30 y74a ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x97f y336b w397 hc8\"><div class=\"t m0 x130 h30 y74a ff4 fsb fc1 sc2 ls0 ws0\">6<span class=\"sc0\"> </span></div></td><td class=\"c x72d y336b w156 hc8\"><div class=\"t m0 x39 h30 y74a ff4 fsb fc1 sc2 ls0 ws0\">4<span class=\"sc0\"> </span></div></td><td class=\"c x980 y336b w4f4 hc8\"><div class=\"t m0 x55 h30 y74a ff4 fsb fc1 sc2 ls0 ws0\">3<span class=\"sc0\"> </span></div></td><td class=\"c x921 y336b w57d hc8\"><div class=\"t m0 x2e h30 y74a ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x74f y336b w57e hc8\"><div class=\"t m0 x2e h30 y74a ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x4fd y336b wb6 hc8\"><div class=\"t m0 x130 h30 y74a ff4 fsb fc1 sc2 ls0 ws0\">209.232<span class=\"sc0\"> </span></div></td><td class=\"c x981 y336b w505 hc8\"><div class=\"t m0 xe h30 y74a ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x46b y336c w57c hc8\"><div class=\"t m0 x12 h30 y3e4 ff4 fsb fc1 sc2 ls0 ws0\">Totale<span class=\"_ _1\"></span> (A+B)<span class=\"sc0\"> </span></div></td><td class=\"c x5c7 y336c w15f hc8\"><div class=\"t m0 xab h30 y3e4 ff4 fsb fc1 sc2 ls0 ws0\">4.784.73<span class=\"_ _1\"></span>4<span class=\"sc0\"> </span></div></td><td class=\"c x468 y336c w136 hc8\"><div class=\"t m0 xab h30 y3e4 ff4 fsb fc1 sc2 ls0 ws0\">4.535.492<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x5e1 y336c w1aa hc8\"><div class=\"t m0 x8a h30 y3e4 ff4 fsb fc1 sc2 ls0 ws0\">58.584<span class=\"sc0\"> </span></div></td><td class=\"c x4c6 y336c w26f hc8\"><div class=\"t m0 x2f h30 y3e4 ff4 fsb fc1 sc2 ls0 ws0\">-</div></td><td class=\"c x97e y336c w56d hc8\"><div class=\"t m0 x2f h30 y3e4 ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x97f y336c w397 hc8\"><div class=\"t m0 x2f h30 y3e4 ff4 fsb fc1 sc2 ls0 ws0\">763<span class=\"sc0\"> </span></div></td><td class=\"c x72d y336c w156 hc8\"><div class=\"t m0 x2f h30 y3e4 ff4 fsb fc1 sc2 ls0 ws0\">635<span class=\"sc0\"> </span></div></td><td class=\"c x980 y336c w4f4 hc8\"><div class=\"t m0 x2f h30 y3e4 ff4 fsb fc1 sc2 ls0 ws0\">127<span class=\"sc0\"> </span></div></td><td class=\"c x921 y336c w57d hc8\"><div class=\"t m0 x2e h30 y3e4 ff4 fsb fc1 sc2 ls0 ws0\">-</div></td><td class=\"c x74f y336c w57e hc8\"><div class=\"t m0 x2e h30 y3e4 ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x4fd y336c wb6 hc8\"><div class=\"t m0 x2a h30 y3e4 ff4 fsb fc1 sc2 ls0 ws0\">4.783.971<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x981 y336c w505 hc8\"><div class=\"t m0 xe h30 y3e4 ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td></tr></table>Primo stadio<span class=\"fc1 sc2\"> </span>Secondo stadio<span class=\"fc1 sc2\"> </span>Terzo stadio<span class=\"fc1 sc2\"> </span>Impaired acquisite o originate<span class=\"fc1 sc2\"> </span>Primo stadio<span class=\"fc1 sc2\"> </span>Secondo stadio<span class=\"fc1 sc2\"> </span>Terzo stadio<span class=\"fc1 sc2\"> </span>Impaired acquisite o originate<span class=\"fc1 sc2\"> </span>Come <span class=\"_ _0\"></span> <span class=\"_ _11\"></span>da <span class=\"_ _0\"></span> <span class=\"_ _11\"></span><span class=\"ls1a\">in<span class=\"ls0\">d</span>ic<span class=\"ls0\">azioni <span class=\"_ _0\"></span> <span class=\"_ _f\"></span>della <span class=\"_ _d\"></span> <span class=\"_ _11\"></span>circolare <span class=\"_ _0\"></span> <span class=\"_ _11\"></span>di <span class=\"_ _0\"></span> <span class=\"_ _11\"></span>Banca <span class=\"_ _0\"></span> <span class=\"_ _11\"></span><span class=\"ff5\">d\u2019Italia <span class=\"_ _0\"></span><span class=\"ff4\"> <span class=\"_ _11\"></span>262 <span class=\"_ _0\"> </span> <span class=\"_ _f\"></span>del <span class=\"_ _d\"></span> <span class=\"_ _f\"></span><span class=\"ls4\">22 <span class=\"_ _0\"></span><span class=\"ls0\"> <span class=\"_ _11\"></span>dicembre <span class=\"_ _0\"></span> <span class=\"_ _11\"></span>2005, <span class=\"_ _0\"></span>e <span class=\"_ _d\"></span>s<span class=\"_ _2\"></span>uccessivi </span></span></span></span></span></span>aggiornamenti, <span class=\"_ _d\"></span><span class=\"lsfe\">le</span> <span class=\"_ _d\"></span>esposizioni <span class=\"_ _d\"></span> <span class=\"_ _13\"></span>c<span class=\"_ _d\"></span>r<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>d<span class=\"_ _d\"></span>i<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>i<span class=\"_ _d\"></span>z<span class=\"_ _2\"></span>i<span class=\"_ _d\"></span>e<span class=\"_ _2\"></span> <span class=\"_ _11\"></span>per <span class=\"_ _d\"></span> <span class=\"_ _13\"></span>cassa <span class=\"_ _d\"></span>compre<span class=\"ls13\">nd</span>o<span class=\"lsff\">no</span> <span class=\"_ _16\"> </span>tutte <span class=\"_ _9\"> </span><span class=\"ls1a\">le</span>  a<span class=\"_ _f\"></span>t<span class=\"_ _2\"></span>tivit\u00e0 <span class=\"_ _9\"> </span>finanziarie <span class=\"_ _9\"> </span><span class=\"ls39\">per</span> ca<span class=\"ls2\">ssa</span> <span class=\"_ _2\"></span>vantate <span class=\"_ _d\"></span>verso <span class=\"_ _d\"></span>b<span class=\"_ _2\"></span>a<span class=\"_ _d\"></span>n<span class=\"_ _d\"></span>c<span class=\"_ _2\"></span>h<span class=\"_ _d\"></span>e<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>o<span class=\"_ _d\"></span> <span class=\"_ _2\"></span>clientela <span class=\"_ _d\"></span>q<span class=\"ls18\">ua</span>lunque <span class=\"_ _d\"></span>sia <span class=\"_ _d\"></span><span class=\"ls1a\">il</span> <span class=\"_ _d\"></span>loro <span class=\"_ _2\"></span>portafo<span class=\"ls1a\">gl</span>io di <span class=\"_ _2\"></span>alloca<span class=\"lsc3\">zi</span>o<span class=\"ls13\">ne</span> <span class=\"_ _d\"></span>contabile (valutate <span class=\"_ _9\"> </span>al <span class=\"_ _9\"> </span>fair <span class=\"_ _16\"> </span>value <span class=\"_ _0\"></span>con <span class=\"_ _16\"> </span>impatto <span class=\"_ _0\"></span>a <span class=\"_ _16\"> </span>conto <span class=\"_ _9\"> </span>economico,  valutate <span class=\"_ _9\"> </span>al <span class=\"_ _9\"> </span>fair <span class=\"_ _16\"> </span>value<span class=\"_ _1\"></span> <span class=\"_ _9\"> </span>con <span class=\"_ _9\"> </span>impatto<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>sulla redditivit\u00e0 <span class=\"_ _14\"> </span>complessiva, <span class=\"_ _15\"> </span>valutate <span class=\"_ _15\"> </span>al <span class=\"_ _14\"> </span>costo <span class=\"_ _15\"> </span>ammortizzato, <span class=\"_ _15\"> </span>attivi<span class=\"_ _1\"></span>t\u00e0 <span class=\"_ _15\"> </span>in <span class=\"_ _15\"> </span>via <span class=\"_ _14\"> </span>di <span class=\"_ _15\"> </span>dismissione), <span class=\"_ _14\"> </span>ad eccezione <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>ei <span class=\"_ _d\"></span>titoli <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>capitale <span class=\"_ _d\"></span>e <span class=\"_ _d\"></span>delle <span class=\"_ _d\"></span>quote <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>O.I.C.R.;<span class=\"_ _2\"></span> <span class=\"_ _16\"> </span><span class=\"ls1a\">le</span> <span class=\"_ _9\"> </span><span class=\"lse\">es</span>posizio<span class=\"ls13\">ni</span> <span class=\"_ _16\"> </span>c<span class=\"_ _2\"></span>r<span class=\"_ _d\"></span>e<span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>i<span class=\"_ _d\"></span>t<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>z<span class=\"_ _d\"></span>i<span class=\"_ _2\"></span>e<span class=\"_ _d\"></span> <span class=\"_ _9\"> </span><span class=\"ff5 ls4c\">\u201cf</span><span class=\"ls18\">uo<span class=\"_ _2\"></span></span>ri <span class=\"_ _d\"></span>bilanc<span class=\"ff5\">io\u201d</span> includono <span class=\"_ _22\"> </span>t<span class=\"_ _2\"></span>utte <span class=\"_ _22\"> </span>le <span class=\"_ _4\"> </span><span class=\"ls1\">op</span>era<span class=\"lsc3\">zi</span>o<span class=\"ls13\">ni</span>  finanziarie <span class=\"_ _22\"> </span>diverse <span class=\"_ _4\"> </span><span class=\"ls39\">da</span> <span class=\"_ _4\"> </span><span class=\"ls39\">qu</span>e<span class=\"ls1a\">lle</span> <span class=\"_ _4\"> </span>per <span class=\"_ _4\"> </span>cassa  <span class=\"ls39\">(g</span>a<span class=\"ls4a\">ra</span>nzie  f<span class=\"_ _9\"> </span>i<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>a<span class=\"_ _9\"> </span>n<span class=\"_ _0\"></span>z<span class=\"_ _0\"></span>i<span class=\"_ _9\"> </span>a<span class=\"_ _0\"></span>r<span class=\"_ _9\"> </span>i<span class=\"_ _0\"></span>e<span class=\"_ _9\"> </span> rilasciate, <span class=\"_ _16\"> </span>impegni <span class=\"_ _9\"> </span>revocabili  e <span class=\"_ _16\"> </span>irrevocabili, <span class=\"_ _9\"> </span>derivati,  ecc.) <span class=\"_ _9\"> </span>  che  <span class=\"ff5\">comportano  l\u2019assunzi<span class=\"_ _1\"></span>one <span class=\"_ _16\"> </span>di <span class=\"_ _9\"> </span>u<span class=\"_ _2\"></span>n </span>rischio creditizio, qualunque<span class=\"_ _1\"></span> sia la finalit\u00e0 di ta<span class=\"_ _2\"></span>li operazioni (negoziazione, copertura, ecc.).  Le esposizi<span class=\"_ _1\"></span>oni creditizie <span class=\"_ _1\"></span>deteriorate (per cassa<span class=\"_ _1\"></span> e fu<span class=\"_ _1\"></span>ori bilancio)<span class=\"_ _1\"></span> non inclu<span class=\"_ _1\"></span>dono le <span class=\"_ _1\"></span>attivit\u00e0 finanziarie detenute <span class=\"_ _0\"></span>per <span class=\"_ _9\"> </span>la <span class=\"_ _9\"> </span>negoziazione <span class=\"_ _9\"> </span>e <span class=\"_ _9\"> </span>i <span class=\"_ _9\"> </span>derivati <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>copertura, <span class=\"_ _9\"> </span>che <span class=\"_ _0\"> </span>s<span class=\"_ _2\"></span>ono <span class=\"_ _0\"></span>pertanto<span class=\"_ _2\"></span>, <span class=\"_ _0\"></span>convenzionalmente, rilevati tra le esposizioni creditizie non deteriorate.<div class=\"c w2c2 h21c gs113b\"><div class=\"t m0 x10 h5 y1116 ff4 fs1 fc4 sc3 ls0 ws0\">A.1.5<span class=\"_ _1\"></span> Conso<span class=\"_ _f\"></span>lidato p<span class=\"_ _1\"></span>ruden<span class=\"_ _f\"></span>ziale - E<span class=\"_ _1\"></span>spos<span class=\"_ _1\"></span>izioni <span class=\"_ _1\"></span>credit<span class=\"_ _1\"></span>izie p<span class=\"_ _f\"></span>er cass<span class=\"_ _1\"></span>a e f<span class=\"_ _1\"></span>uori <span class=\"_ _f\"></span>bilancio ver<span class=\"_ _1\"></span>so cl<span class=\"_ _1\"></span>ient<span class=\"_ _1\"></span>ela: <span class=\"_ _f\"></span>valori lor<span class=\"_ _1\"></span>di e <span class=\"_ _1\"></span>netti<span class=\"_ _df\"> </span></div></div><div class=\"gs113c\"><table class=\"s wf9e h572\" id=\"_599a7115-d8e3-4c30-a8df-6a85f832873a\"><tr><td></td><td></td><td class=\"c x982 y336d w580 hc4\"><div class=\"t m0 x11d h200 y66a ff4 fs22 fc4 sc3 ls0 ws0\">Esposizio<span class=\"_ _1\"></span>ne lor<span class=\"_ _1\"></span>da </div></td><td></td><td></td><td></td><td></td><td></td><td class=\"c x983 y336e wf9f h48d\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc4 sc3 ls0 ws0\">Rettifiche<span class=\"_ _f\"></span> di valore com<span class=\"_ _f\"></span>plessive e<span class=\"_ _df\"> </span></div></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=\"c x984 y336f wfa0 h48d\" colspan=\"2\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc4 sc3 ls0 ws0\">accan<span class=\"_ _1\"></span>tonament<span class=\"_ _1\"></span>i comple<span class=\"_ _1\"></span>ssivi<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x985 y3370 wc73 h48d\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc4 sc3 ls0 ws0\">Tipolog<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span>e<span class=\"_ _df\"> </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 class=\"c x986 y3370 wfa1 h48d\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc4 sc3 ls0 ws0\">Esposizio<span class=\"_ _1\"></span>ne</div></td><td class=\"c x987 y3371 w90c h48d\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc4 sc3 ls0 ws0\">Write-of<span class=\"_ _1\"></span>f<span class=\"_ _df\"> </span></div></td></tr><tr><td class=\"c x2d6 y3372 wfa2 h48d\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc4 sc3 ls0 ws0\">esposizio<span class=\"_ _1\"></span>ni/valor<span class=\"_ _1\"></span>i<span class=\"_ _df\"> </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 class=\"c x988 y3372 wfa3 h48d\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc4 sc3 ls0 ws0\">Netta</div></td><td class=\"c x989 y3373 w93b h48d\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc4 sc3 ls0 ws0\">parziali<span class=\"_ _df\"> </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></td><td></td><td></td><td class=\"c x98a y3374 wfa4 h48d\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc4 sc3 ls0 ws0\">comple<span class=\"_ _1\"></span>ssivi*<span class=\"_ _df\"> </span></div></td></tr><tr><td class=\"c x262 y3375 wfa5 h48d\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc1 sc2 ls0 ws0\">A. Espos<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span>zion<span class=\"_ _1\"></span>i creditiz<span class=\"_ _1\"></span>ie<span class=\"_ _df\"> </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></tr><tr><td class=\"c x262 y3376 w9bd h48d\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc1 sc2 ls0 ws0\">per cas<span class=\"_ _1\"></span>sa<span class=\"_ _df\"> </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></tr><tr><td class=\"c x44e y3377 wda hc8\"><div class=\"t m0 x8e h200 y80 ff4 fs22 fc1 sc0 ls0 ws0\">a) Sofferenze<span class=\"_ _df\"> </span></div></td><td class=\"c x982 y3377 w34d hc8\"><div class=\"t m0 x55 h200 y80 ff4 fs22 fc1 sc0 ls0 ws0\">231.169 </div></td><td class=\"c x98b y3377 w2ce hc8\"><div class=\"t m0 x39 h200 y80 ff4 fs22 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x590 y3377 w155 hc8\"><div class=\"t m0 x26 h200 y80 ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x98c y3377 w24a hc8\"><div class=\"t m0 x10 h200 y80 ff4 fs22 fc1 sc0 ls0 ws0\">228.423 </div></td><td class=\"c x8b7 y3377 w4f9 hc8\"><div class=\"t m0 x8a h200 y80 ff4 fs22 fc1 sc0 ls0 ws0\">2.746</div></td><td class=\"c x4e6 y3377 w584 hc8\"><div class=\"t m0 x8a h200 y80 ff4 fs22 fc1 sc0 ls0 ws0\">193.795 </div></td><td class=\"c x98d y3377 w568 hc8\"><div class=\"t m0 x16a h200 y80 ff4 fs22 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x98e y3377 w156 hc8\"><div class=\"t m0 x33 h200 y80 ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x98f y3377 w585 hc8\"><div class=\"t m0 x10 h200 y80 ff4 fs22 fc1 sc0 ls0 ws0\">192.653 </div></td><td></td><td class=\"c x598 y3377 w586 hc8\"><div class=\"t m0 xab h200 y80 ff4 fs22 fc1 sc0 ls0 ws0\">1.143 </div></td><td class=\"c x990 y3377 w587 hc8\"><div class=\"t m0 x14 h200 y80 ff4 fs22 fc1 sc0 ls0 ws0\">37.374 </div></td><td class=\"c x991 y3377 w17b hc8\"><div class=\"t m0 x48 h200 y80 ff4 fs22 fc1 sc0 ls0 ws0\">20.507 </div></td></tr><tr><td class=\"c x992 y3378 wfa6 h48e\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc1 sc0 ls0 ws0\">- di cui: esposizioni<span class=\"_ _df\"> </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></tr><tr><td class=\"c x992 y3379 wc18 h48e\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc1 sc0 ls0 ws0\">oggetto di<span class=\"_ _df\"> </span></div></td><td class=\"c x982 y337a w34d h1d6\"><div class=\"t m0 x55 h200 ybf4 ff4 fs22 fc1 sc0 ls0 ws0\">55.344 </div></td><td class=\"c x98b y337a w2ce h1d6\"><div class=\"t m0 x39 h200 ybf4 ff4 fs22 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x590 y337a w155 h1d6\"><div class=\"t m0 x26 h200 ybf4 ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x98c y337a w24a h1d6\"><div class=\"t m0 xac h200 ybf4 ff4 fs22 fc1 sc0 ls0 ws0\">54.294 </div></td><td class=\"c x8b7 y337a w4f9 h1d6\"><div class=\"t m0 xab h200 ybf4 ff4 fs22 fc1 sc0 ls0 ws0\">1.051 </div></td><td class=\"c x4e6 y337a w584 h1d6\"><div class=\"t m0 xab h200 ybf4 ff4 fs22 fc1 sc0 ls0 ws0\">45.487 </div></td><td class=\"c x98d y337a w568 h1d6\"><div class=\"t m0 x16a h200 ybf4 ff4 fs22 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x98e y337a w156 h1d6\"><div class=\"t m0 x33 h200 ybf4 ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x98f y337a w585 h1d6\"><div class=\"t m0 xac h200 ybf4 ff4 fs22 fc1 sc0 ls0 ws0\">44.821<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x598 y337a w586 h1d6\"><div class=\"t m0 x8e h200 ybf4 ff4 fs22 fc1 sc0 ls62 ws0\">667<span class=\"ls0\"> </span></div></td><td class=\"c x990 y337a w587 h1d6\"><div class=\"t m0 x32 h200 ybf4 ff4 fs22 fc1 sc0 ls0 ws0\">9.857 </div></td><td class=\"c x991 y337a w17b h1d6\"><div class=\"t m0 x2c h200 ybf4 ff4 fs22 fc1 sc0 ls0 ws0\">2.557 </div></td></tr><tr><td class=\"c x992 y337b waa2 h48e\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc1 sc0 ls0 ws0\">concessioni<span class=\"_ _df\"> </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></tr><tr><td class=\"c x58f y337c wfa7 h48e\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc1 sc0 ls0 ws0\">b) Inadempienze<span class=\"_ _df\"> </span></div></td><td class=\"c x982 y337d w34d hf\"><div class=\"t m0 x116 h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">336.600 </div></td><td class=\"c x98b y337d w2ce hf\"><div class=\"t m0 x39 h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x590 y337d w155 hf\"><div class=\"t m0 x26 h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x98c y337d w24a hf\"><div class=\"t m0 x8a h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">331.022 </div></td><td class=\"c x8b7 y337d w4f9 hf\"><div class=\"t m0 x8a h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">5.579</div></td><td class=\"c x4e6 y337d w584 hf\"><div class=\"t m0 x8a h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">150.314 </div></td><td class=\"c x98d y337d w568 hf\"><div class=\"t m0 x16a h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x98e y337d w156 hf\"><div class=\"t m0 x33 h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x98f y337d w585 hf\"><div class=\"t m0 x10 h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">149.597<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x598 y337d w586 hf\"><div class=\"t m0 x2f h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">717 </div></td><td class=\"c x990 y337d w587 hf\"><div class=\"t m0 x55 h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">186.286 </div></td><td class=\"c x991 y337d w17b hf\"><div class=\"t m0 x31 h200 y153d ff4 fs22 fc1 sc0 ls79 ws0\">32<span class=\"ls0\"> </span></div></td></tr><tr><td class=\"c x58f y337e wfa8 h48e\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc1 sc0 ls0 ws0\">probabili<span class=\"_ _df\"> </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></tr><tr><td class=\"c x992 y337f wfa6 h48e\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc1 sc0 ls0 ws0\">- di cui: esposizioni<span class=\"_ _df\"> </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></tr><tr><td class=\"c x992 y3380 wc18 h48e\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc1 sc0 ls0 ws0\">oggetto di<span class=\"_ _df\"> </span></div></td><td class=\"c x982 y3381 w34d h266\"><div class=\"t m0 x2a h200 y655 ff4 fs22 fc1 sc0 ls0 ws0\">124.689 </div></td><td class=\"c x98b y3381 w2ce h266\"><div class=\"t m0 x39 h200 y655 ff4 fs22 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x590 y3381 w155 h266\"><div class=\"t m0 x26 h200 y655 ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x98c y3381 w24a h266\"><div class=\"t m0 xac h200 y655 ff4 fs22 fc1 sc0 ls0 ws0\">119.261 </div></td><td class=\"c x8b7 y3381 w4f9 h266\"><div class=\"t m0 x10 h200 y655 ff4 fs22 fc1 sc0 ls0 ws0\">5.428</div></td><td class=\"c x4e6 y3381 w584 h266\"><div class=\"t m0 xab h200 y655 ff4 fs22 fc1 sc0 ls0 ws0\">50.888 </div></td><td class=\"c x98d y3381 w568 h266\"><div class=\"t m0 x16a h200 y655 ff4 fs22 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x98e y3381 w156 h266\"><div class=\"t m0 x33 h200 y655 ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x98f y3381 w585 h266\"><div class=\"t m0 xab h200 y655 ff4 fs22 fc1 sc0 ls0 ws0\">50.243<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x598 y3381 w586 h266\"><div class=\"t m0 x8e h200 y655 ff4 fs22 fc1 sc0 ls0 ws0\">645 </div></td><td class=\"c x990 y3381 w587 h266\"><div class=\"t m0 x48 h200 y655 ff4 fs22 fc1 sc0 ls0 ws0\">73.801 </div></td><td class=\"c x991 y3381 w17b h266\"><div class=\"t m0 x36 h200 y655 ff4 fs22 fc1 sc0 ls0 ws0\">4 </div></td></tr><tr><td class=\"c x992 y3382 waa2 h48e\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc1 sc0 ls0 ws0\">concessioni<span class=\"_ _df\"> </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></tr><tr><td class=\"c x58f y3383 wfa9 h48e\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc1 sc0 ls0 ws0\">c) Esposizioni<span class=\"_ _df\"> </span></div></td><td class=\"c x982 y3384 w34d h2a6\"><div class=\"t m0 x55 h200 y1a17 ff4 fs22 fc1 sc0 ls0 ws0\">46.955 </div></td><td class=\"c x98b y3384 w2ce h2a6\"><div class=\"t m0 x39 h200 y1a17 ff4 fs22 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x590 y3384 w155 h2a6\"><div class=\"t m0 x26 h200 y1a17 ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x98c y3384 w24a h2a6\"><div class=\"t m0 xac h200 y1a17 ff4 fs22 fc1 sc0 ls0 ws0\">46.955</div></td><td class=\"c x8b7 y3384 w4f9 h2a6\"><div class=\"t m0 x16a h200 y1a17 ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x4e6 y3384 w584 h2a6\"><div class=\"t m0 xac h200 y1a17 ff4 fs22 fc1 sc0 ls0 ws0\">19.607</div></td><td class=\"c x98d y3384 w568 h2a6\"><div class=\"t m0 x16a h200 y1a17 ff4 fs22 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x98e y3384 w156 h2a6\"><div class=\"t m0 x33 h200 y1a17 ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x98f y3384 w585 h2a6\"><div class=\"t m0 xac h200 y1a17 ff4 fs22 fc1 sc0 ls0 ws0\">19.607<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x598 y3384 w586 h2a6\"><div class=\"t m0 x130 h200 y1a17 ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x990 y3384 w587 h2a6\"><div class=\"t m0 x14 h200 y1a17 ff4 fs22 fc1 sc0 ls0 ws0\">27.348 </div></td><td class=\"c x991 y3384 w17b h2a6\"><div class=\"t m0 x97 h200 y1a17 ff4 fs22 fc1 sc0 ls0 ws0\">120 </div></td></tr><tr><td class=\"c x58f y3385 wfaa h48e\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc1 sc0 ls0 ws0\">scadute deteriorate<span class=\"_ _df\"> </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></tr><tr><td class=\"c x992 y3386 wfa6 h48e\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc1 sc0 ls0 ws0\">- di cui: esposizioni<span class=\"_ _df\"> </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></tr><tr><td class=\"c x992 y3387 wc18 h48e\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc1 sc0 ls0 ws0\">oggetto di<span class=\"_ _df\"> </span></div></td><td class=\"c x982 y3388 w34d h266\"><div class=\"t m0 x2c h200 y655 ff4 fs22 fc1 sc0 ls0 ws0\">299 </div></td><td class=\"c x98b y3388 w2ce h266\"><div class=\"t m0 x39 h200 y655 ff4 fs22 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x590 y3388 w155 h266\"><div class=\"t m0 x26 h200 y655 ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x98c y3388 w24a h266\"><div class=\"t m0 x55 h200 y655 ff4 fs22 fc1 sc0 ls0 ws0\">299</div></td><td class=\"c x8b7 y3388 w4f9 h266\"><div class=\"t m0 x16a h200 y655 ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x4e6 y3388 w584 h266\"><div class=\"t m0 x130 h200 y655 ff4 fs22 fc1 sc0 ls0 ws0\">106</div></td><td class=\"c x98d y3388 w568 h266\"><div class=\"t m0 x16a h200 y655 ff4 fs22 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x98e y3388 w156 h266\"><div class=\"t m0 x33 h200 y655 ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x98f y3388 w585 h266\"><div class=\"t m0 x55 h200 y655 ff4 fs22 fc1 sc0 ls0 ws0\">106<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x598 y3388 w586 h266\"><div class=\"t m0 x130 h200 y655 ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x990 y3388 w587 h266\"><div class=\"t m0 x34 h200 y655 ff4 fs22 fc1 sc0 ls9e ws0\">193<span class=\"_ _df\"> </span></div></td><td class=\"c x991 y3388 w17b h266\"><div class=\"t m0 x8f h200 y655 ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x992 y3389 waa2 h48e\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc1 sc0 ls0 ws0\">concessioni<span class=\"_ _df\"> </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></tr><tr><td class=\"c x58f y338a wfab h48e\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc1 sc0 ls0 ws0\">d) Esposizioni<span class=\"_ _df\"> </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></tr><tr><td class=\"c x58f y338b wfac h48e\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc1 sc0 ls0 ws0\">scadute non<span class=\"_ _df\"> </span></div></td><td class=\"c x982 y338c w34d h16\"><div class=\"t m0 x2a h200 y409 ff4 fs22 fc1 sc0 ls0 ws0\">287.705 </div></td><td class=\"c x98b y338c w2ce h16\"><div class=\"t m0 x8e h200 y409 ff4 fs22 fc1 sc0 ls0 ws0\">169.214 </div></td><td class=\"c x590 y338c w155 h16\"><div class=\"t m0 xac h200 y409 ff4 fs22 fc1 sc0 ls0 ws0\">118.152 </div></td><td class=\"c x98c y338c w24a h16\"><div class=\"t m0 x2a h200 y409 ff4 fs22 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x8b7 y338c w4f9 h16\"><div class=\"t m0 x16a h200 y409 ff4 fs22 fc1 sc0 ls0 ws0\">258 </div></td><td class=\"c x4e6 y338c w584 h16\"><div class=\"t m0 x2f h200 y409 ff4 fs22 fc1 sc0 ls0 ws0\">5.347 </div></td><td class=\"c x98d y338c w568 h16\"><div class=\"t m0 x116 h200 y409 ff4 fs22 fc1 sc0 lse3 ws0\">559<span class=\"ls0\"> </span></div></td><td class=\"c x98e y338c w156 h16\"><div class=\"t m0 xac h200 y409 ff4 fs22 fc1 sc0 ls0 ws0\">4.783 </div></td><td class=\"c x98f y338c w585 h16\"><div class=\"t m0 x2a h200 y409 ff4 fs22 fc1 sc0 ls0 ws0\">X </div></td><td></td><td class=\"c x598 y338c w586 h16\"><div class=\"t m0 x55 h200 y409 ff4 fs22 fc1 sc0 ls0 ws0\">4 </div></td><td class=\"c x990 y338c w587 h16\"><div class=\"t m0 x2e h200 y409 ff4 fs22 fc1 sc0 ls0 ws0\">282.358 </div></td><td class=\"c x991 y338c w17b h16\"><div class=\"t m0 x8f h200 y409 ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x58f y338d wa16 h48e\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc1 sc0 ls0 ws0\">deteriorate<span class=\"_ _df\"> </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></tr><tr><td class=\"c x992 y338e wfa6 h48e\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc1 sc0 ls0 ws0\">- di cui: esposizioni<span class=\"_ _df\"> </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></tr><tr><td class=\"c x992 y338f wc18 h48e\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc1 sc0 ls0 ws0\">oggetto di<span class=\"_ _df\"> </span></div></td><td class=\"c x982 y3390 w34d h266\"><div class=\"t m0 x48 h200 y655 ff4 fs22 fc1 sc0 ls0 ws0\">3.333 </div></td><td class=\"c x98b y3390 w2ce h266\"><div class=\"t m0 x39 h200 y655 ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x590 y3390 w155 h266\"><div class=\"t m0 x8e h200 y655 ff4 fs22 fc1 sc0 ls0 ws0\">3.286</div></td><td class=\"c x98c y3390 w24a h266\"><div class=\"t m0 x2a h200 y655 ff4 fs22 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x8b7 y3390 w4f9 h266\"><div class=\"t m0 x55 h200 y655 ff4 fs22 fc1 sc0 lsef ws0\">47<span class=\"ls0\"> </span></div></td><td class=\"c x4e6 y3390 w584 h266\"><div class=\"t m0 x130 h200 y655 ff4 fs22 fc1 sc0 ls0 ws0\">100 </div></td><td class=\"c x98d y3390 w568 h266\"><div class=\"t m0 x48 h200 y655 ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x98e y3390 w156 h266\"><div class=\"t m0 x55 h200 y655 ff4 fs22 fc1 sc0 ls62 ws0\">99<span class=\"ls0\"> </span></div></td><td class=\"c x98f y3390 w585 h266\"><div class=\"t m0 x2a h200 y655 ff4 fs22 fc1 sc0 ls0 ws0\">X </div></td><td></td><td class=\"c x598 y3390 w586 h266\"><div class=\"t m0 x130 h200 y655 ff4 fs22 fc1 sc0 ls0 ws0\">1 </div></td><td class=\"c x990 y3390 w587 h266\"><div class=\"t m0 x32 h200 y655 ff4 fs22 fc1 sc0 ls79 ws0\">3.<span class=\"ls0\">233</span><span class=\"ls0\"> </span></div></td><td class=\"c x991 y3390 w17b h266\"><div class=\"t m0 x8f h200 y655 ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x992 y3391 waa2 h48e\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc1 sc0 ls0 ws0\">concessioni<span class=\"_ _df\"> </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></tr><tr><td class=\"c x58f y3392 wfad h48e\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc1 sc0 ls0 ws0\">e) Altre esposizioni<span class=\"_ _df\"> </span></div></td><td class=\"c x982 y3393 w34d hf\"><div class=\"t m0 x10 h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">48.921.804 </div></td><td class=\"c x98b y3393 w2ce hf\"><div class=\"t m0 x10 h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">46.337.819 </div></td><td class=\"c x590 y3393 w155 hf\"><div class=\"t m0 x10 h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">2.550.160 </div></td><td class=\"c x98c y3393 w24a hf\"><div class=\"t m0 x2a h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x8b7 y3393 w4f9 hf\"><div class=\"t m0 xab h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">6.238 </div></td><td class=\"c x4e6 y3393 w584 hf\"><div class=\"t m0 xab h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">87.669 </div></td><td class=\"c x98d y3393 w568 hf\"><div class=\"t m0 x10 h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">38.097 </div></td><td class=\"c x98e y3393 w156 hf\"><div class=\"t m0 x10 h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">49.489 </div></td><td class=\"c x98f y3393 w585 hf\"><div class=\"t m0 x2a h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">X </div></td><td></td><td class=\"c x598 y3393 w586 hf\"><div class=\"t m0 x116 h200 y153d ff4 fs22 fc1 sc0 lsf2 ws0\">83<span class=\"ls0\"> </span></div></td><td class=\"c x990 y3393 w587 hf\"><div class=\"t m0 xab h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">48.834.135 </div></td><td class=\"c x991 y3393 w17b hf\"><div class=\"t m0 x8f h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x58f y3394 wfae h48e\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc1 sc0 ls0 ws0\">non deteriorate<span class=\"_ _df\"> </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></tr><tr><td class=\"c x992 y3395 wfa6 h48e\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc1 sc0 ls0 ws0\">- di cui: esposizioni<span class=\"_ _df\"> </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></tr><tr><td class=\"c x992 y3396 wc18 h48f\"><div class=\"t m0 x250 h200 y24d8 ff4 fs22 fc1 sc0 ls0 ws0\">oggetto di<span class=\"_ _df\"> </span></div></td><td class=\"c x982 y3397 w34d h266\"><div class=\"t m0 x55 h200 y655 ff4 fs22 fc1 sc0 ls0 ws0\">55.502 </div></td><td class=\"c x98b y3397 w2ce h266\"><div class=\"t m0 x39 h200 y655 ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x590 y3397 w155 h266\"><div class=\"t m0 xac h200 y655 ff4 fs22 fc1 sc0 ls0 ws0\">52.112 </div></td><td class=\"c x98c y3397 w24a h266\"><div class=\"t m0 x2a h200 y655 ff4 fs22 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x8b7 y3397 w4f9 h266\"><div class=\"t m0 xab h200 y655 ff4 fs22 fc1 sc0 ls0 ws0\">3.389 </div></td><td class=\"c x4e6 y3397 w584 h266\"><div class=\"t m0 x116 h200 y655 ff4 fs22 fc1 sc0 ls0 ws0\">1.227 </div></td><td class=\"c x98d y3397 w568 h266\"><div class=\"t m0 x48 h200 y655 ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x98e y3397 w156 h266\"><div class=\"t m0 x16a h200 y655 ff4 fs22 fc1 sc0 ls0 ws0\">1.181 </div></td><td class=\"c x98f y3397 w585 h266\"><div class=\"t m0 x2a h200 y655 ff4 fs22 fc1 sc0 ls0 ws0\">X </div></td><td></td><td class=\"c x598 y3397 w586 h266\"><div class=\"t m0 x116 h200 y655 ff4 fs22 fc1 sc0 lsef ws0\">47<span class=\"ls0\"> </span></div></td><td class=\"c x990 y3397 w587 h266\"><div class=\"t m0 x14 h200 y655 ff4 fs22 fc1 sc0 ls0 ws0\">54.275 </div></td><td class=\"c x991 y3397 w17b h266\"><div class=\"t m0 x8f h200 y655 ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x992 y2eb5 waa2 h48f\"><div class=\"t m0 x250 h200 y24d8 ff4 fs22 fc1 sc0 ls0 ws0\">concessioni<span class=\"_ _df\"> </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></tr><tr><td class=\"c x44e y3398 wda hc8\"><div class=\"t m0 x7 h200 y392 ff4 fs22 fc1 sc2 ls0 ws0\">Totale (A<span class=\"_ _1\"></span>) </div></td><td class=\"c x982 y3398 w34d hc8\"><div class=\"t m0 x10 h200 y392 ff4 fs22 fc1 sc2 ls0 ws0\">49.824.<span class=\"_ _1\"></span>233 </div></td><td class=\"c x98b y3398 w2ce hc8\"><div class=\"t m0 x10 h200 y392 ff4 fs22 fc1 sc2 ls0 ws0\">46.507<span class=\"_ _f\"></span>.<span class=\"_ _2\"></span>033 </div></td><td class=\"c x590 y3398 w155 hc8\"><div class=\"t m0 x10 h200 y392 ff4 fs22 fc1 sc2 ls0 ws0\">2.668.31<span class=\"_ _1\"></span>2 </div></td><td class=\"c x98c y3398 w24a hc8\"><div class=\"t m0 x10 h200 y392 ff4 fs22 fc1 sc2 ls0 ws0\">606.400<span class=\"_ _f\"></span> </div></td><td class=\"c x8b7 y3398 w4f9 hc8\"><div class=\"t m0 x8a h200 y392 ff4 fs22 fc1 sc2 ls0 ws0\">14.821 </div></td><td class=\"c x4e6 y3398 w584 hc8\"><div class=\"t m0 x10 h200 y392 ff4 fs22 fc1 sc2 ls0 ws0\">456.73<span class=\"_ _1\"></span>2 </div></td><td class=\"c x98d y3398 w568 hc8\"><div class=\"t m0 x10 h200 y392 ff4 fs22 fc1 sc2 ls0 ws0\">38.656<span class=\"_ _f\"></span> </div></td><td class=\"c x98e y3398 w156 hc8\"><div class=\"t m0 x8a h200 y392 ff4 fs22 fc1 sc2 ls0 ws0\">54.272 </div></td><td></td><td class=\"c x98f y3398 w585 hc8\"><div class=\"t m0 x8a h200 y392 ff4 fs22 fc1 sc2 ls0 ws0\">361.857<span class=\"_ _1\"></span> </div></td><td class=\"c x598 y3398 w586 hc8\"><div class=\"t m0 x8a h200 y392 ff4 fs22 fc1 sc2 ls0 ws0\">1.947 </div></td><td class=\"c x990 y3398 w587 hc8\"><div class=\"t m0 xac h200 y392 ff4 fs22 fc1 sc2 ls0 ws0\">49.367<span class=\"_ _1\"></span>.501 </div></td><td class=\"c x991 y3398 w17b hc8\"><div class=\"t m0 x48 h200 y392 ff4 fs22 fc1 sc2 ls0 ws0\">20.659<span class=\"_ _1\"></span> </div></td></tr><tr><td class=\"c x262 y3399 wfaf h48f\"><div class=\"t m0 x250 h200 y24d8 ff4 fs22 fc1 sc2 ls0 ws0\">B. Espos<span class=\"_ _1\"></span>izioni cr<span class=\"_ _1\"></span>editizie<span class=\"_ _df\"> </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></tr><tr><td class=\"c x262 y339a wfb0 h48f\"><div class=\"t m0 x250 h200 y24d8 ff4 fs22 fc1 sc2 ls0 ws0\">fuori bilan<span class=\"_ _f\"></span>cio<span class=\"_ _df\"> </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></tr><tr><td class=\"c x44e y339b wda hc8\"><div class=\"t m0 x8e h200 y392 ff4 fs22 fc1 sc0 ls0 ws0\">a) Deteriorate<span class=\"_ _df\"> </span></div></td><td class=\"c x982 y339b w34d hc8\"><div class=\"t m0 x55 h200 y392 ff4 fs22 fc1 sc0 ls0 ws0\">43.543 </div></td><td class=\"c x98b y339b w2ce hc8\"><div class=\"t m0 x39 h200 y392 ff4 fs22 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x590 y339b w155 hc8\"><div class=\"t m0 x26 h200 y392 ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x98c y339b w24a hc8\"><div class=\"t m0 xac h200 y392 ff4 fs22 fc1 sc0 ls0 ws0\">42.960</div></td><td class=\"c x8b7 y339b w4f9 hc8\"><div class=\"t m0 xac h200 y392 ff4 fs22 fc1 sc0 ls0 ws0\">584 </div></td><td class=\"c x4e6 y339b w584 hc8\"><div class=\"t m0 x2e h200 y392 ff4 fs22 fc1 sc0 ls0 ws0\">1.127 </div></td><td></td><td class=\"c x98e y339b w156 hc8\"><div class=\"t m0 x33 h200 y392 ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x98d y339b w568 hc8\"><div class=\"t m0 x16a h200 y392 ff4 fs22 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x98f y339b w585 hc8\"><div class=\"t m0 x16a h200 y392 ff4 fs22 fc1 sc0 ls0 ws0\">1.070</div></td><td class=\"c x598 y339b w586 hc8\"><div class=\"t m0 x116 h200 y392 ff4 fs22 fc1 sc0 lse3 ws0\">58<span class=\"ls0\"> </span></div></td><td class=\"c x990 y339b w587 hc8\"><div class=\"t m0 x48 h200 y392 ff4 fs22 fc1 sc0 ls0 ws0\">42.416 </div></td><td class=\"c x991 y339b w17b hc8\"><div class=\"t m0 x8f h200 y392 ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y339c wda hc8\"><div class=\"t m0 x8e h200 y80 ff4 fs22 fc1 sc0 ls0 ws0\">b) Non deteriorate</div></td><td class=\"c x982 y339c w34d hc8\"><div class=\"t m0 xab h200 y80 ff4 fs22 fc1 sc0 ls0 ws0\">13.320.961 </div></td><td class=\"c x98b y339c w2ce hc8\"><div class=\"t m0 x8a h200 y80 ff4 fs22 fc1 sc0 ls0 ws0\">12.601.165 </div></td><td class=\"c x590 y339c w155 hc8\"><div class=\"t m0 x8a h200 y80 ff4 fs22 fc1 sc0 ls0 ws0\">703.405 </div></td><td class=\"c x98c y339c w24a hc8\"><div class=\"t m0 x2a h200 y80 ff4 fs22 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x8b7 y339c w4f9 hc8\"><div class=\"t m0 x2a h200 y80 ff4 fs22 fc1 sc0 lse3 ws0\">516<span class=\"ls0\"> </span></div></td><td class=\"c x4e6 y339c w584 hc8\"><div class=\"t m0 x116 h200 y80 ff4 fs22 fc1 sc0 lse3 ws0\">5.<span class=\"ls0\">178</span><span class=\"ls0\"> </span></div></td><td class=\"c x98d y339c w568 hc8\"><div class=\"t m0 xab h200 y80 ff4 fs22 fc1 sc0 ls0 ws0\">3.556 </div></td><td class=\"c x98e y339c w156 hc8\"><div class=\"t m0 x8e h200 y80 ff4 fs22 fc1 sc0 ls0 ws0\">1.589 </div></td><td class=\"c x98f y339c w585 hc8\"><div class=\"t m0 x2a h200 y80 ff4 fs22 fc1 sc0 ls0 ws0\">X </div></td><td></td><td class=\"c x598 y339c w586 hc8\"><div class=\"t m0 x116 h200 y80 ff4 fs22 fc1 sc0 ls79 ws0\">33<span class=\"ls0\"> </span></div></td><td class=\"c x990 y339c w587 hc8\"><div class=\"t m0 x8e h200 y80 ff4 fs22 fc1 sc0 ls0 ws0\">13.315.783 </div></td><td class=\"c x991 y339c w17b hc8\"><div class=\"t m0 x8f h200 y80 ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y339d wda h227\"><div class=\"t m0 x7 h200 y392 ff4 fs22 fc1 sc2 ls0 ws0\">Totale (B<span class=\"_ _f\"></span>) </div></td><td class=\"c x982 y339d w34d h227\"><div class=\"t m0 x8a h200 y392 ff4 fs22 fc1 sc2 ls0 ws0\">13.364.5<span class=\"_ _f\"></span>04 </div></td><td class=\"c x98b y339d w2ce h227\"><div class=\"t m0 xac h200 y392 ff4 fs22 fc1 sc2 ls0 ws0\">12.601<span class=\"_ _1\"></span>.165 </div></td><td class=\"c x590 y339d w155 h227\"><div class=\"t m0 xac h200 y392 ff4 fs22 fc1 sc2 ls0 ws0\">703.405<span class=\"_ _1\"></span> </div></td><td class=\"c x98c y339d w24a h227\"><div class=\"t m0 xac h200 y392 ff4 fs22 fc1 sc2 ls0 ws0\">42.960<span class=\"_ _f\"></span> </div></td><td class=\"c x8b7 y339d w4f9 h227\"><div class=\"t m0 x8e h200 y392 ff4 fs22 fc1 sc2 ls0 ws0\">1.100 </div></td><td class=\"c x4e6 y339d w584 h227\"><div class=\"t m0 x2f h200 y392 ff4 fs22 fc1 sc2 ls0 ws0\">6.305 </div></td><td class=\"c x98d y339d w568 h227\"><div class=\"t m0 xac h200 y392 ff4 fs22 fc1 sc2 ls0 ws0\">3.556 </div></td><td class=\"c x98e y339d w156 h227\"><div class=\"t m0 x8e h200 y392 ff4 fs22 fc1 sc2 ls0 ws0\">1.589 </div></td><td></td><td class=\"c x98f y339d w585 h227\"><div class=\"t m0 x16a h200 y392 ff4 fs22 fc1 sc2 ls0 ws0\">1.070 </div></td><td class=\"c x598 y339d w586 h227\"><div class=\"t m0 x2e h200 y392 ff4 fs22 fc1 sc2 ls62 ws0\">91<span class=\"ls0\"> </span></div></td><td class=\"c x990 y339d w587 h227\"><div class=\"t m0 x8e h200 y392 ff4 fs22 fc1 sc2 ls0 ws0\">13.358<span class=\"_ _1\"></span>.199 </div></td><td class=\"c x991 y339d w17b h227\"><div class=\"t m0 x8f h200 y392 ff4 fs22 fc1 sc2 ls0 ws0\">- </div></td></tr><tr><td class=\"c x44e y339e wda hc8\"><div class=\"t m0 x8f h200 y392 ff4 fs22 fc1 sc2 ls0 ws0\">Totale (A<span class=\"_ _1\"></span>+B) </div></td><td class=\"c x982 y339e w34d hc8\"><div class=\"t m0 x8a h200 y392 ff4 fs22 fc1 sc2 ls0 ws0\">63.188.7<span class=\"_ _1\"></span>37 </div></td><td class=\"c x98b y339e w2ce hc8\"><div class=\"t m0 xab h200 y392 ff4 fs22 fc1 sc2 ls0 ws0\">59.108.19<span class=\"_ _f\"></span>8 </div></td><td class=\"c x590 y339e w155 hc8\"><div class=\"t m0 xab h200 y392 ff4 fs22 fc1 sc2 ls0 ws0\">3.371.717<span class=\"_ _1\"></span> </div></td><td class=\"c x98c y339e w24a hc8\"><div class=\"t m0 x10 h200 y392 ff4 fs22 fc1 sc2 ls0 ws0\">649.360<span class=\"_ _f\"></span> </div></td><td class=\"c x8b7 y339e w4f9 hc8\"><div class=\"t m0 x8a h200 y392 ff4 fs22 fc1 sc2 ls0 ws0\">15.921 </div></td><td class=\"c x4e6 y339e w584 hc8\"><div class=\"t m0 x10 h200 y392 ff4 fs22 fc1 sc2 ls0 ws0\">463.037 </div></td><td class=\"c x98d y339e w568 hc8\"><div class=\"t m0 x8a h200 y392 ff4 fs22 fc1 sc2 ls0 ws0\">42.212 </div></td><td class=\"c x98e y339e w156 hc8\"><div class=\"t m0 x8a h200 y392 ff4 fs22 fc1 sc2 ls0 ws0\">55.861<span class=\"_ _f\"></span> </div></td><td></td><td class=\"c x98f y339e w585 hc8\"><div class=\"t m0 x10 h200 y392 ff4 fs22 fc1 sc2 ls0 ws0\">362.927<span class=\"_ _1\"></span> </div></td><td class=\"c x598 y339e w586 hc8\"><div class=\"t m0 x10 h200 y392 ff4 fs22 fc1 sc2 ls0 ws0\">2.038 </div></td><td class=\"c x990 y339e w587 hc8\"><div class=\"t m0 xab h200 y392 ff4 fs22 fc1 sc2 ls0 ws0\">62.725<span class=\"_ _f\"></span>.<span class=\"_ _2\"></span>700 </div></td><td class=\"c x991 y339e w17b hc8\"><div class=\"t m0 x48 h200 y392 ff4 fs22 fc1 sc2 ls0 ws0\">20.659<span class=\"_ _1\"></span> </div></td></tr></table></div><div class=\"c w199 h30f gs113d\"><div class=\"t m4 x33 h200 y5b ff4 fs22 fc4 sc3 ls0 ws0\">Primo stadio </div></div><div class=\"c w1da h30f gs113e\"><div class=\"t m4 x14 h200 y1a16 ff4 fs22 fc4 sc3 ls0 ws0\">Secondo stadio </div></div><div class=\"c w582 h30f gs113f\"><div class=\"t m4 x130 h200 y25f ff4 fs22 fc4 sc3 ls0 ws0\">Terzo stadio </div></div><div class=\"c w583 h30f gs1140\"><div class=\"t m4 x8e h200 y8b7 ff4 fs22 fc4 sc3 ls0 ws0\">Impaired </div><div class=\"t m4 x130 h200 y400 ff4 fs22 fc4 sc3 ls0 ws0\">acquisite o </div><div class=\"t m4 x2c h200 y9bd ff4 fs22 fc4 sc3 ls0 ws0\">o<span class=\"_ _df\"> </span>riginate </div></div><div class=\"c w4f4 h30f gs1141\"><div class=\"t m4 x55 h200 y5b ff4 fs22 fc4 sc3 ls0 ws0\">Primo stadio </div></div><div class=\"c w4f9 h30f gs1142\"><div class=\"t m4 x55 h200 y1a16 ff4 fs22 fc4 sc3 ls0 ws0\">Secondo stadio </div></div><div class=\"c w16f h30f gs1143\"><div class=\"t m4 x55 h200 y25f ff4 fs22 fc4 sc3 ls0 ws0\">Terzo stadio </div></div><div class=\"c w57d h30f gs1144\"><div class=\"t m4 x8e h200 y8b7 ff4 fs22 fc4 sc3 ls0 ws0\">Impaired </div><div class=\"t m4 x130 h200 y400 ff4 fs22 fc4 sc3 ls0 ws0\">acquisite o </div><div class=\"t m4 x2c h200 y9bd ff4 fs22 fc4 sc3 ls0 ws0\">o<span class=\"_ _df\"> </span>riginate </div></div><div class=\"c w2c2 h2f1 gs1146\"><div class=\"t m0 x8a h5 y849 ff4 fs1 fc4 sc3 lsc4 ws0\">A.<span class=\"ls0\">1.7 <span class=\"_ _1\"></span>Conso<span class=\"_ _1\"></span>lidat<span class=\"_ _1\"></span>o pr<span class=\"_ _1\"></span>uden<span class=\"_ _1\"></span>ziale<span class=\"_ _1\"></span> <span class=\"ff5\">\u2013</span> Esp<span class=\"_ _1\"></span>osizi<span class=\"_ _1\"></span>oni cr<span class=\"_ _1\"></span>editizi<span class=\"_ _1\"></span>e p<span class=\"_ _1\"></span>er ca<span class=\"_ _1\"></span>ssa ve<span class=\"_ _f\"></span>rso client<span class=\"_ _1\"></span>ela: <span class=\"_ _f\"></span>dinamica<span class=\"_ _f\"></span> delle e<span class=\"_ _1\"></span>spo<span class=\"_ _1\"></span>sizioni<span class=\"_ _1\"></span> dete<span class=\"_ _1\"></span>rior<span class=\"_ _1\"></span>ate<span class=\"_ _df\"> </span></span><span class=\"ls0\"> </span></div><div class=\"t m0 x8a h5 y302 ff4 fs1 fc4 sc3 ls0 ws0\">lorde<span class=\"_ _df\"> </span><span class=\"_ _1\"></span><span class=\"fc1 sc0\"> </span></div></div><div class=\"gs1147\"><table class=\"s wfb1 h573\" id=\"_538eae12-1d09-4d58-880c-fe9fdcbeccb1\"><tr><td class=\"c x46b y339f w588 h1f6\"><div class=\"t m0 x12a h1f y1220 ff4 fs7 fc4 sc3 ls0 ws0\">Caus<span class=\"_ _1\"></span>ali/C<span class=\"_ _1\"></span>ate<span class=\"_ _1\"></span>gori<span class=\"_ _1\"></span>e<span class=\"_ _df\"> </span><span class=\"fc1 sc0\"> </span></div></td><td class=\"c x5d1 y339f w589 h1f6\"><div class=\"t m0 x48 h1f y1220 ff4 fs7 fc4 sc3 ls0 ws0\">Soff<span class=\"_ _f\"></span>erenze<span class=\"_ _df\"> </span><span class=\"fc1 sc0\"> </span></div></td><td class=\"c x6a8 y33a0 wfb2 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">Inad<span class=\"_ _1\"></span>empi<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>ze<span class=\"_ _df\"> </span></div></td><td class=\"c x876 y33a0 wfb3 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">Espo<span class=\"_ _1\"></span>sizio<span class=\"_ _f\"></span>ni scad<span class=\"_ _1\"></span>ute<span class=\"_ _df\"> </span></div></td></tr><tr><td></td><td></td><td class=\"c x993 y33a1 wfb4 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">proba<span class=\"_ _f\"></span>bili<span class=\"_ _df\"> </span></div></td><td class=\"c x994 y33a1 wab1 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">deter<span class=\"_ _1\"></span>iora<span class=\"_ _f\"></span>te<span class=\"_ _df\"> </span></div></td></tr><tr><td class=\"c x46b y33a2 w58b hc8\"><div class=\"t m0 x8a h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">A. Es<span class=\"_ _1\"></span>pos<span class=\"_ _1\"></span>izion<span class=\"_ _f\"></span>e lorda<span class=\"_ _1\"></span> iniz<span class=\"_ _1\"></span>iale<span class=\"_ _df\"> </span><span class=\"sc0\"> </span></div></td><td class=\"c x5d1 y33a2 w58c hc8\"><div class=\"t m0 xe h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">267.<span class=\"_ _1\"></span>1<span class=\"ls9\">13<span class=\"_ _df\"> </span></span><span class=\"sc0\"> </span></div></td><td class=\"c x690 y33a2 w463 hc8\"><div class=\"t m0 xc7 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">363<span class=\"_ _1\"></span>.239<span class=\"_ _df\"> </span><span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x877 y33a2 w68 hc8\"><div class=\"t m0 xe6 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">38.2<span class=\"_ _df\"> </span>9<span class=\"_ _f\"></span>2<span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x46b y33a3 w58b hc8\"><div class=\"t m0 x130 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- di cui: esposizi<span class=\"_ _1\"></span>oni cedute non canc<span class=\"_ _f\"></span>ell<span class=\"_ _2\"></span>ate<span class=\"_ _df\"> </span> </div></td><td class=\"c x5d1 y33a3 w58c hc8\"><div class=\"t m0 xe8 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span> </div></td><td class=\"c x690 y33a3 w463 hc8\"><div class=\"t m0 x199 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span> </div></td><td class=\"c x877 y33a3 w68 hc8\"><div class=\"t m0 x114 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y33a4 w58b hc8\"><div class=\"t m0 x8a h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">B. Va<span class=\"_ _f\"></span>riazioni<span class=\"_ _1\"></span> in a<span class=\"_ _1\"></span>ume<span class=\"_ _1\"></span>nto<span class=\"_ _df\"> </span><span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x5d1 y33a4 w58c hc8\"><div class=\"t m0 xe h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">99.7<span class=\"_ _f\"></span>49<span class=\"_ _df\"> </span><span class=\"sc0\"> </span></div></td><td class=\"c x690 y33a4 w463 hc8\"><div class=\"t m0 xf0 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">171.5<span class=\"_ _f\"></span>08<span class=\"_ _df\"> </span><span class=\"sc0\"> </span></div></td><td class=\"c x877 y33a4 w68 hc8\"><div class=\"t m0 xe7 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">65.8<span class=\"_ _df\"> </span>6<span class=\"_ _f\"></span>6<span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x46b y33a5 w58b hc8\"><div class=\"t m0 x130 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">B.1 ingressi da esp<span class=\"_ _1\"></span>osizioni non dete<span class=\"_ _f\"></span>riorate<span class=\"_ _df\"> </span></div></td><td class=\"c x5d1 y33a5 w58c hc8\"><div class=\"t m0 xa3 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">10.766<span class=\"_ _df\"> </span> </div></td><td class=\"c x690 y33a5 w463 hc8\"><div class=\"t m0 x1af h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">101.258<span class=\"_ _df\"> </span> </div></td><td class=\"c x877 y33a5 w68 hc8\"><div class=\"t m0 xe5 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">51.9<span class=\"_ _df\"> </span>47 </div></td></tr><tr><td class=\"c x3b5 y33a6 wfb5 h4d6\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">B.2 ingressi da <span class=\"_ _1\"></span>attivit\u00e0 finanz<span class=\"_ _1\"></span>iarie impaired acqu<span class=\"_ _1\"></span>isite<span class=\"_ _df\"> </span></div></td><td class=\"c x5d1 y33a7 w58c had\"><div class=\"t m0 xe8 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span> </div></td><td class=\"c x690 y33a7 w463 had\"><div class=\"t m0 x199 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span> </div></td><td class=\"c x877 y33a7 w68 had\"><div class=\"t m0 x114 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x3b5 y33a8 wfb6 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">o originate<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td></tr><tr><td class=\"c x3b5 y33a9 wfb7 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">B.3 trasferime<span class=\"_ _1\"></span>nti da altre categ<span class=\"_ _f\"></span>o<span class=\"_ _2\"></span>rie di esp<span class=\"_ _f\"></span>o<span class=\"_ _2\"></span>sizioni<span class=\"_ _df\"> </span></div></td><td class=\"c x5d1 y33aa w58c h58\"><div class=\"t m0 xa3 h1f y2ea ff4 fs7 fc1 sc0 ls0 ws0\">85.166<span class=\"_ _df\"> </span> </div></td><td class=\"c x690 y33aa w463 h58\"><div class=\"t m0 xf0 h1f y2ea ff4 fs7 fc1 sc0 ls0 ws0\">23.500<span class=\"_ _df\"> </span> </div></td><td class=\"c x877 y33aa w68 h58\"><div class=\"t m0 xe3 h1f y2ea ff4 fs7 fc1 sc0 ls0 ws0\">1<span class=\"_ _df\"> </span>57 </div></td></tr><tr><td class=\"c x3b5 y3357 wfb8 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">deteriorate<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td></tr><tr><td class=\"c x46b y33ab w58b hc8\"><div class=\"t m0 x130 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">B.4 modifiche c<span class=\"_ _f\"></span>o<span class=\"_ _2\"></span>ntrattual<span class=\"_ _1\"></span>i senza canc<span class=\"_ _1\"></span>ellazioni<span class=\"_ _df\"> </span></div></td><td class=\"c x5d1 y33ab w58c hc8\"><div class=\"t m0 xe8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span> </div></td><td class=\"c x690 y33ab w463 hc8\"><div class=\"t m0 x66 h1f y28b ff4 fs7 fc1 sc0 ls32 ws0\">51<span class=\"_ _df\"> </span><span class=\"ls0\"> </span></div></td><td class=\"c x877 y33ab w68 hc8\"><div class=\"t m0 x114 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y33ac w58b hc8\"><div class=\"t m0 x130 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">B.5 altre variazi<span class=\"_ _1\"></span>oni in aumento<span class=\"_ _df\"> </span></div></td><td class=\"c x5d1 y33ac w58c hc8\"><div class=\"t m0 x1af h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">3.817<span class=\"_ _df\"> </span> </div></td><td class=\"c x690 y33ac w463 hc8\"><div class=\"t m0 xf0 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">46.699<span class=\"_ _df\"> </span> </div></td><td class=\"c x877 y33ac w68 hc8\"><div class=\"t m0 xe5 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">13.7<span class=\"_ _df\"> </span>62 </div></td></tr><tr><td class=\"c x46b y33ad w58b hc8\"><div class=\"t m0 x8a h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">C. Va<span class=\"_ _1\"></span>ria<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>i in di<span class=\"_ _1\"></span>min<span class=\"_ _1\"></span>uzion<span class=\"_ _f\"></span>e<span class=\"_ _df\"> </span><span class=\"sc0\"> </span></div></td><td class=\"c x5d1 y33ad w58c hc8\"><div class=\"t m0 xf h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">135.6<span class=\"_ _1\"></span>93<span class=\"_ _df\"> </span><span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x690 y33ad w463 hc8\"><div class=\"t m0 xf0 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">198.1<span class=\"_ _f\"></span>47<span class=\"_ _df\"> </span><span class=\"sc0\"> </span></div></td><td class=\"c x877 y33ad w68 hc8\"><div class=\"t m0 xe6 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">57.2<span class=\"_ _df\"> </span>0<span class=\"_ _f\"></span>3<span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x46b y33ae w58b hc8\"><div class=\"t m0 x130 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">C.1 uscite verso esp<span class=\"_ _f\"></span>o<span class=\"_ _2\"></span>sizion<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span> non dete<span class=\"_ _1\"></span>riorate<span class=\"_ _df\"> </span></div></td><td class=\"c x5d1 y33ae w58c hc8\"><div class=\"t m0 xe8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span> </div></td><td class=\"c x690 y33ae w463 hc8\"><div class=\"t m0 x11d h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">11.455<span class=\"_ _df\"> </span> </div></td><td class=\"c x877 y33ae w68 hc8\"><div class=\"t m0 x1e6 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">6.2<span class=\"_ _df\"> </span>92 </div></td></tr><tr><td class=\"c x46b y33af w58b h227\"><div class=\"t m0 x130 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">C.2 write-off<span class=\"_ _df\"> </span> </div></td><td class=\"c x5d1 y33af w58c h227\"><div class=\"t m0 xa3 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">28.477<span class=\"_ _df\"> </span> </div></td><td class=\"c x690 y33af w463 h227\"><div class=\"t m0 x11f h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">7.481<span class=\"_ _df\"> </span> </div></td><td class=\"c x877 y33af w68 h227\"><div class=\"t m0 x191 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">2 </div></td></tr><tr><td class=\"c x46b y33b0 w58b hc8\"><div class=\"t m0 x130 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">C.3 incassi<span class=\"_ _df\"> </span> </div></td><td class=\"c x5d1 y33b0 w58c hc8\"><div class=\"t m0 xc6 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">43.685<span class=\"_ _df\"> </span> </div></td><td class=\"c x690 y33b0 w463 hc8\"><div class=\"t m0 xf0 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">94.630<span class=\"_ _df\"> </span> </div></td><td class=\"c x877 y33b0 w68 hc8\"><div class=\"t m0 xe6 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">22.8<span class=\"_ _df\"> </span>01 </div></td></tr><tr><td class=\"c x46b y33b1 w58b hc8\"><div class=\"t m0 x130 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">C.4 realizzi per ce<span class=\"_ _1\"></span>ssioni<span class=\"_ _df\"> </span> </div></td><td class=\"c x5d1 y33b1 w58c hc8\"><div class=\"t m0 xa3 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">19.408<span class=\"_ _df\"> </span> </div></td><td class=\"c x690 y33b1 w463 hc8\"><div class=\"t m0 x124 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">3.264<span class=\"_ _df\"> </span> </div></td><td class=\"c x877 y33b1 w68 hc8\"><div class=\"t m0 x1b1 h1f y28b ff4 fs7 fc1 sc0 ls29 ws0\">69<span class=\"ls0\"> </span></div></td></tr><tr><td class=\"c x46b y33b2 w58b hc8\"><div class=\"t m0 x130 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">C.5 perdite da ce<span class=\"_ _1\"></span>ssione<span class=\"_ _df\"> </span></div></td><td class=\"c x5d1 y33b2 w58c hc8\"><div class=\"t m0 xee h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">174<span class=\"_ _df\"> </span> </div></td><td class=\"c x690 y33b2 w463 hc8\"><div class=\"t m0 x199 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span> </div></td><td class=\"c x877 y33b2 w68 hc8\"><div class=\"t m0 x114 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x3b5 y33b3 wfb9 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">C.6 trasferime<span class=\"_ _1\"></span>nti ad altre categ<span class=\"_ _f\"></span>o<span class=\"_ _2\"></span>rie di esp<span class=\"_ _1\"></span>osizioni<span class=\"_ _df\"> </span></div></td><td class=\"c x5d1 y33b4 w58c had\"><div class=\"t m0 xec h1f y420 ff4 fs7 fc1 sc0 ls2a ws0\">22<span class=\"_ _df\"> </span><span class=\"ls0\"> </span></div></td><td class=\"c x690 y33b4 w463 had\"><div class=\"t m0 xc3 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">80.821<span class=\"_ _df\"> </span> </div></td><td class=\"c x877 y33b4 w68 had\"><div class=\"t m0 xe7 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">27.9<span class=\"_ _df\"> </span>80 </div></td></tr><tr><td class=\"c x3b5 y33b5 wfb8 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">deteriorate<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td></tr><tr><td class=\"c x46b y33b6 w58b hc8\"><div class=\"t m0 x130 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">C.7 modifiche con<span class=\"_ _1\"></span>trattuali senza can<span class=\"_ _f\"></span>cellazioni<span class=\"_ _df\"> </span></div></td><td class=\"c x5d1 y33b6 w58c hc8\"><div class=\"t m0 xe8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span> </div></td><td class=\"c x690 y33b6 w463 hc8\"><div class=\"t m0 xe6 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">367<span class=\"_ _df\"> </span> </div></td><td class=\"c x877 y33b6 w68 hc8\"><div class=\"t m0 x114 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y33b7 w58b hc8\"><div class=\"t m0 x130 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">C.8 altre variazi<span class=\"_ _1\"></span>oni in diminuzione<span class=\"_ _df\"> </span> </div></td><td class=\"c x5d1 y33b7 w58c hc8\"><div class=\"t m0 xe h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">43.927<span class=\"_ _df\"> </span> </div></td><td class=\"c x690 y33b7 w463 hc8\"><div class=\"t m0 xe5 h1f y28b ff4 fs7 fc1 sc0 ls9 ws0\">129<span class=\"_ _df\"> </span><span class=\"ls0\"> </span></div></td><td class=\"c x877 y33b7 w68 hc8\"><div class=\"t m0 x1b1 h1f y28b ff4 fs7 fc1 sc0 ls32 ws0\">59<span class=\"ls0\"> </span></div></td></tr><tr><td class=\"c x46b y33b8 w58b hc8\"><div class=\"t m0 x8a h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">D. Es<span class=\"_ _f\"></span>posizion<span class=\"_ _1\"></span>e lo<span class=\"_ _1\"></span>rda f<span class=\"_ _1\"></span>inal<span class=\"_ _f\"></span>e<span class=\"_ _df\"> </span><span class=\"sc0\"> </span></div></td><td class=\"c x5d1 y33b8 w58c hc8\"><div class=\"t m0 xc6 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">231.16<span class=\"_ _1\"></span>9<span class=\"_ _df\"> </span><span class=\"sc0\"> </span></div></td><td class=\"c x690 y33b8 w463 hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">336<span class=\"_ _1\"></span>.600<span class=\"_ _df\"> </span><span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x877 y33b8 w68 hc8\"><div class=\"t m0 xe6 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">46.9<span class=\"_ _df\"> </span><span class=\"_ _1\"></span>55<span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x46b y33b9 w58b hc8\"><div class=\"t m0 x130 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- di cui: esposizi<span class=\"_ _1\"></span>oni cedute non canc<span class=\"_ _f\"></span>ell<span class=\"_ _2\"></span>ate<span class=\"_ _df\"> </span> </div></td><td class=\"c x5d1 y33b9 w58c hc8\"><div class=\"t m0 xe8 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span> </div></td><td class=\"c x690 y33b9 w463 hc8\"><div class=\"t m0 x199 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span> </div></td><td class=\"c x877 y33b9 w68 hc8\"><div class=\"t m0 x114 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr></table></div><div class=\"c w2c2 h310 gs1149\"><div class=\"t m0 x8a h5 y4bc ff4 fs1 fc4 sc3 ls0 ws0\">A.1.7<span class=\"_ _1\"></span>bis Co<span class=\"_ _1\"></span>nsoli<span class=\"_ _1\"></span>dato<span class=\"_ _1\"></span> prud<span class=\"_ _1\"></span>enzia<span class=\"_ _f\"></span>le <span class=\"ff5\">\u2013</span> Espo<span class=\"_ _f\"></span>sizioni cre<span class=\"_ _1\"></span>ditizi<span class=\"_ _f\"></span>e per ca<span class=\"_ _1\"></span>ssa <span class=\"_ _f\"></span>verso client<span class=\"_ _1\"></span>ela: <span class=\"_ _f\"></span>dinamica<span class=\"_ _f\"></span> delle e<span class=\"_ _1\"></span>sposi<span class=\"_ _1\"></span>zioni <span class=\"_ _1\"></span>lorde<span class=\"_ _df\"> </span><span class=\"_ _1\"></span> </div><div class=\"t m0 x8a h5 y1a1d ff4 fs1 fc4 sc3 ls0 ws0\">ogget<span class=\"_ _1\"></span>to d<span class=\"_ _1\"></span>i conce<span class=\"_ _1\"></span>ssio<span class=\"_ _f\"></span>ni distint<span class=\"_ _1\"></span>e p<span class=\"_ _1\"></span>er qu<span class=\"_ _1\"></span>alit\u00e0<span class=\"_ _1\"></span> credi<span class=\"_ _1\"></span>tizia<span class=\"_ _df\"> </span><span class=\"_ _1\"></span><span class=\"fc1 sc0\"> </span></div></div><div class=\"gs114a\"><table class=\"s wfba h574\" id=\"_0f24903b-f0cd-4053-9aa0-090bd6ebf017\"><tr><td></td><td class=\"c x995 y33ba wfbb h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">Espo<span class=\"_ _1\"></span>sizio<span class=\"_ _f\"></span>ni<span class=\"_ _df\"> </span></div></td><td class=\"c x996 y33ba wfbb h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">Espo<span class=\"_ _1\"></span>sizio<span class=\"_ _f\"></span>ni<span class=\"_ _df\"> </span></div></td></tr><tr><td class=\"c x46b y33bb w58d h311\"><div class=\"t m0 x1f h1f y1124 ff4 fs7 fc4 sc3 ls0 ws0\">Caus<span class=\"_ _1\"></span>ali/Q<span class=\"_ _f\"></span>ualit\u00e0<span class=\"_ _df\"> </span><span class=\"fc1 sc0\"> </span></div></td><td class=\"c x997 y33bc wdb2 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">ogg<span class=\"_ _f\"></span>etto di<span class=\"_ _df\"> </span></div></td><td class=\"c x998 y33bc wdb2 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">ogg<span class=\"_ _f\"></span>etto di<span class=\"_ _df\"> </span></div></td></tr><tr><td></td><td class=\"c x999 y33bd wfbc h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">conce<span class=\"_ _1\"></span>ssio<span class=\"_ _1\"></span>ni:<span class=\"_ _df\"> </span></div></td><td class=\"c x99a y33bd wfbc h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">conce<span class=\"_ _1\"></span>ssio<span class=\"_ _1\"></span>ni:<span class=\"_ _df\"> </span></div></td></tr><tr><td></td><td class=\"c x995 y33be wab1 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">deter<span class=\"_ _1\"></span>iora<span class=\"_ _f\"></span>te<span class=\"_ _df\"> </span></div></td><td class=\"c x99b y33be wfbd h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">non<span class=\"_ _1\"></span> deter<span class=\"_ _1\"></span>iora<span class=\"_ _f\"></span>te<span class=\"_ _df\"> </span></div></td></tr><tr><td class=\"c x46b y33bf w58f hc8\"><div class=\"t m0 x8a h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">A. Es<span class=\"_ _1\"></span>pos<span class=\"_ _1\"></span>izion<span class=\"_ _f\"></span>e lorda<span class=\"_ _1\"></span> iniz<span class=\"_ _1\"></span>iale<span class=\"_ _df\"> </span><span class=\"sc0\"> </span></div></td><td class=\"c x99c y33bf w590 hc8\"><div class=\"t m0 x8f h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">198.26<span class=\"_ _f\"></span>1<span class=\"_ _df\"> </span><span class=\"sc0\"> </span></div></td><td class=\"c x840 y33bf w591 hc8\"><div class=\"t m0 x13 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">72.35<span class=\"_ _f\"></span>8<span class=\"_ _df\"> </span><span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x46b y33c0 w58f hc8\"><div class=\"t m0 x116 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- di cui: esposizi<span class=\"_ _1\"></span>oni cedute non canc<span class=\"_ _f\"></span>ell<span class=\"_ _2\"></span>ate<span class=\"_ _df\"> </span> </div></td><td class=\"c x99c y33c0 w590 hc8\"><div class=\"t m0 x11d h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span> </div></td><td class=\"c x840 y33c0 w591 hc8\"><div class=\"t m0 x11d h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y33c1 w58f hc8\"><div class=\"t m0 x8a h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">B. Va<span class=\"_ _f\"></span>riazioni<span class=\"_ _1\"></span> in a<span class=\"_ _1\"></span>ume<span class=\"_ _1\"></span>nto<span class=\"_ _df\"> </span><span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x99c y33c1 w590 hc8\"><div class=\"t m0 x11 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">40.6<span class=\"_ _1\"></span>14<span class=\"_ _df\"> </span><span class=\"sc0\"> </span></div></td><td class=\"c x840 y33c1 w591 hc8\"><div class=\"t m0 x11 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">45.79<span class=\"_ _df\"> </span><span class=\"_ _f\"></span>5<span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x46b y33c2 w58f hc8\"><div class=\"t m0 x116 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">B.1 ingressi da esp<span class=\"_ _1\"></span>osizioni non dete<span class=\"_ _f\"></span>riorate non oggetto di c<span class=\"_ _f\"></span>o<span class=\"_ _2\"></span>ncessioni<span class=\"_ _df\"> </span></div></td><td class=\"c x99c y33c2 w590 hc8\"><div class=\"t m0 x7 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">7.013<span class=\"_ _df\"> </span> </div></td><td class=\"c x840 y33c2 w591 hc8\"><div class=\"t m0 x11 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">36.92<span class=\"_ _df\"> </span>1 </div></td></tr><tr><td class=\"c x46b y33c3 w58f hc8\"><div class=\"t m0 x116 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">B.2 ingressi da esp<span class=\"_ _1\"></span>osizioni non deter<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span>orate <span class=\"_ _1\"></span>oggetto di concess<span class=\"_ _1\"></span>ioni<span class=\"_ _df\"> </span></div></td><td class=\"c x99c y33c3 w590 hc8\"><div class=\"t m0 x90 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">6.091<span class=\"_ _df\"> </span> </div></td><td class=\"c x840 y33c3 w591 hc8\"><div class=\"t m0 xef h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td></tr><tr><td class=\"c x46b y33c4 w58f hc8\"><div class=\"t m0 x116 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">B.3 ingressi da esp<span class=\"_ _f\"></span>osizioni oggetto di conce<span class=\"_ _1\"></span>ssioni deteri<span class=\"_ _1\"></span>orate<span class=\"_ _df\"> </span></div></td><td class=\"c x99c y33c4 w590 hc8\"><div class=\"t m0 xef h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _df\"> </span> </div></td><td class=\"c x840 y33c4 w591 hc8\"><div class=\"t m0 x7 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">7.27<span class=\"_ _df\"> </span>1 </div></td></tr><tr><td class=\"c x46b y33c5 w58f hc8\"><div class=\"t m0 x116 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">B.4 ingressi da esp<span class=\"_ _1\"></span>osizioni deter<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span>orate non<span class=\"_ _1\"></span> oggetto d<span class=\"_ _1\"></span>i concessione<span class=\"_ _df\"> </span></div></td><td class=\"c x99c y33c5 w590 hc8\"><div class=\"t m0 xc7 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">171<span class=\"_ _df\"> </span> </div></td><td class=\"c x840 y33c5 w591 hc8\"><div class=\"t m0 x11d h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y33c6 w58f hc8\"><div class=\"t m0 x116 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">B.5 altre variazi<span class=\"_ _1\"></span>oni in aumento<span class=\"_ _df\"> </span></div></td><td class=\"c x99c y33c6 w590 hc8\"><div class=\"t m0 x13 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">27.339<span class=\"_ _df\"> </span> </div></td><td class=\"c x840 y33c6 w591 hc8\"><div class=\"t m0 x90 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">1.60<span class=\"_ _df\"> </span>3 </div></td></tr><tr><td class=\"c x46b y33c7 w58f hc8\"><div class=\"t m0 x8a h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">C. Va<span class=\"_ _1\"></span>ria<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>i in di<span class=\"_ _1\"></span>min<span class=\"_ _1\"></span>uzion<span class=\"_ _f\"></span>e<span class=\"_ _df\"> </span><span class=\"sc0\"> </span></div></td><td class=\"c x99c y33c7 w590 hc8\"><div class=\"t m0 x13 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">58.5<span class=\"_ _f\"></span>42<span class=\"_ _df\"> </span><span class=\"sc0\"> </span></div></td><td class=\"c x840 y33c7 w591 hc8\"><div class=\"t m0 x96 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">59.3<span class=\"_ _1\"></span>1<span class=\"_ _df\"> </span>8<span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x46b y33c8 w58f h227\"><div class=\"t m0 x116 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">C.1 uscite verso esp<span class=\"_ _f\"></span>o<span class=\"_ _2\"></span>sizion<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span> non dete<span class=\"_ _f\"></span>r<span class=\"_ _2\"></span>iorate no<span class=\"_ _1\"></span>n oggetto di conce<span class=\"_ _f\"></span>ssio<span class=\"_ _2\"></span>ni<span class=\"_ _df\"> </span></div></td><td class=\"c x99c y33c8 w590 h227\"><div class=\"t m0 xef h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _df\"> </span> </div></td><td class=\"c x840 y33c8 w591 h227\"><div class=\"t m0 x91 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">3.07<span class=\"_ _df\"> </span>8 </div></td></tr><tr><td class=\"c x46b y33c9 w58f hc8\"><div class=\"t m0 x116 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">C.2 uscite verso esp<span class=\"_ _f\"></span>o<span class=\"_ _2\"></span>sizion<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span> non det<span class=\"_ _1\"></span>eriorate oggetto<span class=\"_ _1\"></span> di concessioni<span class=\"_ _df\"> </span></div></td><td class=\"c x99c y33c9 w590 hc8\"><div class=\"t m0 x7 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">7.271<span class=\"_ _df\"> </span> </div></td><td class=\"c x840 y33c9 w591 hc8\"><div class=\"t m0 xef h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td></tr><tr><td class=\"c x46b y33ca w58f hc8\"><div class=\"t m0 x116 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">C.3 uscite vers<span class=\"_ _1\"></span>o esposizioni ogge<span class=\"_ _f\"></span>tto di concessioni deter<span class=\"_ _1\"></span>ior<span class=\"_ _2\"></span>ate<span class=\"_ _df\"> </span> </div></td><td class=\"c x99c y33ca w590 hc8\"><div class=\"t m0 xef h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _df\"> </span> </div></td><td class=\"c x840 y33ca w591 hc8\"><div class=\"t m0 x90 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">6.09<span class=\"_ _df\"> </span>1 </div></td></tr><tr><td class=\"c x46b y33cb w58f hc8\"><div class=\"t m0 x116 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">C.4 write-off<span class=\"_ _df\"> </span> </div></td><td class=\"c x99c y33cb w590 hc8\"><div class=\"t m0 x49 h1f y28b ff4 fs7 fc1 sc0 ls32 ws0\">57<span class=\"_ _df\"> </span><span class=\"ls0\"> </span></div></td><td class=\"c x840 y33cb w591 hc8\"><div class=\"t m0 x11d h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y33cc w58f hc8\"><div class=\"t m0 x116 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">C.5 incassi<span class=\"_ _df\"> </span> </div></td><td class=\"c x99c y33cc w590 hc8\"><div class=\"t m0 x11 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">47.767<span class=\"_ _df\"> </span> </div></td><td class=\"c x840 y33cc w591 hc8\"><div class=\"t m0 x8f h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">48.63<span class=\"_ _df\"> </span>2 </div></td></tr><tr><td class=\"c x46b y33cd w58f hc8\"><div class=\"t m0 x116 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">C.6 realizzi per ce<span class=\"_ _1\"></span>ssioni<span class=\"_ _df\"> </span> </div></td><td class=\"c x99c y33cd w590 hc8\"><div class=\"t m0 x7 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">1.895<span class=\"_ _df\"> </span> </div></td><td class=\"c x840 y33cd w591 hc8\"><div class=\"t m0 x11d h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y33ce w58f hc8\"><div class=\"t m0 x116 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">C.7 perdite da ce<span class=\"_ _1\"></span>ssione<span class=\"_ _df\"> </span> </div></td><td class=\"c x99c y33ce w590 hc8\"><div class=\"t m0 x11d h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span> </div></td><td class=\"c x840 y33ce w591 hc8\"><div class=\"t m0 x11d h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y33cf w58f hc8\"><div class=\"t m0 x116 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">C.8 altre variazi<span class=\"_ _1\"></span>oni in diminuzione<span class=\"_ _df\"> </span> </div></td><td class=\"c x99c y33cf w590 hc8\"><div class=\"t m0 x7 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">1.552<span class=\"_ _df\"> </span> </div></td><td class=\"c x840 y33cf w591 hc8\"><div class=\"t m0 x1c h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">1.51<span class=\"_ _df\"> </span>7 </div></td></tr><tr><td class=\"c x46b y33d0 w58f hc8\"><div class=\"t m0 x8a h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">D. Es<span class=\"_ _f\"></span>posizion<span class=\"_ _1\"></span>e lo<span class=\"_ _1\"></span>rda f<span class=\"_ _1\"></span>inal<span class=\"_ _f\"></span>e<span class=\"_ _df\"> </span><span class=\"sc0\"> </span></div></td><td class=\"c x99c y33d0 w590 hc8\"><div class=\"t m0 x15 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">180.3<span class=\"_ _1\"></span>33<span class=\"_ _df\"> </span><span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x840 y33d0 w591 hc8\"><div class=\"t m0 x13 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">58.8<span class=\"_ _1\"></span>3<span class=\"_ _df\"> </span>5<span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x46b y33d1 w58f hc8\"><div class=\"t m0 x116 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- di cui: esposizi<span class=\"_ _1\"></span>oni cedute non canc<span class=\"_ _f\"></span>el<span class=\"_ _2\"></span>late<span class=\"_ _df\"> </span> </div></td><td class=\"c x99c y33d1 w590 hc8\"><div class=\"t m0 x11d h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span> </div></td><td class=\"c x840 y33d1 w591 hc8\"><div class=\"t m0 x11d h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr></table></div>A.1.9 <span class=\"_ _1\"></span> Cons<span class=\"_ _1\"></span>olida<span class=\"_ _1\"></span>to p<span class=\"_ _1\"></span>ruden<span class=\"_ _f\"></span>ziale <span class=\"ff5\">\u2013</span> Es<span class=\"_ _f\"></span>posizioni <span class=\"_ _1\"></span>cred<span class=\"_ _1\"></span>itizie <span class=\"_ _f\"></span>per cass<span class=\"_ _1\"></span>a de<span class=\"_ _1\"></span>terio<span class=\"_ _1\"></span>rate v<span class=\"_ _1\"></span>erso<span class=\"_ _1\"></span> client<span class=\"_ _1\"></span>ela: <span class=\"_ _1\"></span>dinam<span class=\"_ _f\"></span>ica del<span class=\"_ _1\"></span>le re<span class=\"_ _1\"></span>ttifiche<span class=\"_ _1\"></span> di<span class=\"_ _df\"> </span> valo<span class=\"_ _1\"></span>re com<span class=\"_ _1\"></span>pless<span class=\"_ _1\"></span>ive<span class=\"_ _df\"> </span><span class=\"_ _f\"></span><span class=\"fc1 sc0\"> </span>Soff<span class=\"_ _f\"></span>erenze<span class=\"_ _df\"> </span><span class=\"_ _1\"></span><span class=\"fc1 sc0\"> </span>Inad<span class=\"_ _1\"></span>empi<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>ze pr<span class=\"_ _1\"></span>oba<span class=\"_ _1\"></span>bili<span class=\"_ _df\"> </span><span class=\"fc1 sc0\"> </span>Espo<span class=\"_ _1\"></span>sizio<span class=\"_ _f\"></span>ni scad<span class=\"_ _1\"></span>ute<span class=\"_ _df\"> </span>deter<span class=\"_ _1\"></span>iora<span class=\"_ _f\"></span>te<span class=\"_ _df\"> </span>Caus<span class=\"_ _1\"></span>ali/C<span class=\"_ _1\"></span>ate<span class=\"_ _1\"></span>gori<span class=\"_ _1\"></span>e<span class=\"_ _df\"> </span><span class=\"fc1 sc0\"> </span>di cui<span class=\"_ _f\"></span>: esposi<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>i<span class=\"_ _df\"> </span>di cui<span class=\"_ _f\"></span>: esposi<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>i<span class=\"_ _df\"> </span>di cui<span class=\"_ _f\"></span>: esposi<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>i<span class=\"_ _df\"> </span>To<span class=\"ls0\">tale<span class=\"_ _df\"> </span></span><span class=\"ls0\"><span class=\"_ _1\"></span><span class=\"fc1 sc0\"> </span></span>ogg<span class=\"_ _f\"></span>etto di<span class=\"_ _df\"> </span>Tot<span class=\"_ _1\"></span>ale<span class=\"_ _df\"> </span><span class=\"fc1 sc0\"> </span>ogg<span class=\"_ _f\"></span>etto di<span class=\"_ _df\"> </span>Tot<span class=\"_ _1\"></span>ale<span class=\"_ _df\"> </span><span class=\"fc1 sc0\"> </span>ogg<span class=\"_ _f\"></span>etto di<span class=\"_ _df\"> </span>conce<span class=\"_ _1\"></span>ssio<span class=\"_ _1\"></span>ni<span class=\"_ _df\"> </span>conce<span class=\"_ _1\"></span>ssio<span class=\"_ _1\"></span>ni<span class=\"_ _df\"> </span>conce<span class=\"_ _1\"></span>ssio<span class=\"_ _1\"></span>ni<span class=\"_ _df\"> </span>A. R<span class=\"_ _1\"></span>etti<span class=\"_ _1\"></span>fiche <span class=\"_ _1\"></span>com<span class=\"_ _f\"></span>plessiv<span class=\"_ _1\"></span>e iniz<span class=\"_ _1\"></span>iali<span class=\"_ _1\"></span><span class=\"sc0\"> </span>219.7<span class=\"_ _1\"></span>68<span class=\"_ _df\"> </span><span class=\"sc0\"> </span>58.4<span class=\"_ _1\"></span>45<span class=\"sc0\"> </span>166.<span class=\"_ _1\"></span>728<span class=\"_ _df\"> </span><span class=\"sc0\"> </span>47.7<span class=\"_ _1\"></span>06<span class=\"sc0\"> </span>14.69<span class=\"_ _1\"></span>1<span class=\"_ _df\"> </span><span class=\"sc0\"> </span>6<span class=\"_ _df\"> </span>3<span class=\"sc0 ls0\"> </span>- di cui: esposizi<span class=\"_ _1\"></span>oni cedute<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span> -<span class=\"_ _df\"> </span> -<span class=\"_ _df\"> </span> -<span class=\"_ _df\"> </span> -<span class=\"_ _df\"> </span> - no<span class=\"ls0\">n cancellate<span class=\"_ _df\"> </span></span>B. Va<span class=\"_ _f\"></span>riazioni<span class=\"_ _1\"></span> in a<span class=\"_ _1\"></span>ume<span class=\"_ _1\"></span>nto<span class=\"_ _df\"> </span><span class=\"_ _1\"></span><span class=\"sc0\"> </span>77.9<span class=\"_ _f\"></span>44<span class=\"_ _df\"> </span><span class=\"sc0\"> </span>11.009<span class=\"_ _f\"></span><span class=\"sc0\"> </span>69.9<span class=\"_ _f\"></span>82<span class=\"_ _df\"> </span><span class=\"sc0\"> </span>26.58<span class=\"_ _1\"></span>9<span class=\"sc0\"> </span>18.146<span class=\"_ _df\"> </span><span class=\"_ _f\"></span><span class=\"sc0\"> </span>1.94<span class=\"_ _df\"> </span>1<span class=\"_ _f\"></span><span class=\"sc0\"> </span>B.1 rettifiche di va<span class=\"_ _1\"></span>lore da attivit\u00e0<span class=\"_ _df\"> </span>finanziarie impa<span class=\"_ _1\"></span>ired acquisite <span class=\"_ _f\"></span>o<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span> X<span class=\"_ _df\"> </span> -<span class=\"_ _df\"> </span> X<span class=\"_ _df\"> </span> -<span class=\"_ _df\"> </span> X<span class=\"_ _df\"> </span> originate<span class=\"_ _df\"> </span>B.2 altre retti<span class=\"_ _1\"></span>fiche di valore<span class=\"_ _df\"> </span> 27.452<span class=\"_ _df\"> </span> 3.539 62.746<span class=\"_ _df\"> </span> 24.694 18.125<span class=\"_ _df\"> </span> 1.93<span class=\"_ _df\"> </span>9 B.3 perdite da ces<span class=\"_ _1\"></span>sione<span class=\"_ _df\"> </span> 174<span class=\"_ _df\"> </span> -<span class=\"_ _df\"> </span> -<span class=\"_ _df\"> </span> -<span class=\"_ _df\"> </span> -<span class=\"_ _df\"> </span> - B.4 trasferiment<span class=\"_ _1\"></span>i da altre<span class=\"_ _df\"> </span>categorie di esp<span class=\"_ _f\"></span>o<span class=\"_ _2\"></span>sizioni<span class=\"_ _df\"> </span>49.691<span class=\"_ _df\"> </span> 7.470 7.219<span class=\"_ _df\"> </span> 1.895 21<span class=\"_ _df\"> </span><span class=\"ls0\"> </span>2 deteriorate<span class=\"_ _df\"> </span>B.5 modifiche con<span class=\"_ _1\"></span>trattuali<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span> -<span class=\"_ _df\"> </span> 12<span class=\"_ _df\"> </span><span class=\"ls0\"> </span>-<span class=\"_ _df\"> </span> -<span class=\"_ _df\"> </span> - senza cancellazion<span class=\"_ _f\"></span>i<span class=\"_ _df\"> </span>B.6 altre variazi<span class=\"_ _1\"></span>oni in aumento<span class=\"_ _df\"> </span>627<span class=\"_ _df\"> </span> -<span class=\"_ _df\"> </span> 5<span class=\"_ _df\"> </span> -<span class=\"_ _df\"> </span> -<span class=\"_ _df\"> </span> - C. Va<span class=\"_ _1\"></span>ria<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>i in di<span class=\"_ _1\"></span>min<span class=\"_ _1\"></span>uzion<span class=\"_ _f\"></span>e<span class=\"_ _df\"> </span><span class=\"sc0\"> </span>103.917<span class=\"_ _df\"> </span><span class=\"_ _f\"></span><span class=\"sc0\"> </span>23.96<span class=\"_ _f\"></span>7<span class=\"sc0\"> </span>86.3<span class=\"_ _1\"></span>97<span class=\"_ _df\"> </span><span class=\"sc0\"> </span>23.4<span class=\"_ _1\"></span>07<span class=\"sc0\"> </span>13.2<span class=\"_ _1\"></span>29<span class=\"_ _df\"> </span><span class=\"sc0\"> </span>1.89<span class=\"_ _df\"> </span>8<span class=\"_ _f\"></span><span class=\"sc0\"> </span>C.1 riprese di val<span class=\"_ _f\"></span>o<span class=\"_ _2\"></span>re da<span class=\"_ _df\"> </span>4.135<span class=\"_ _df\"> </span> 1.770 14.351<span class=\"_ _df\"> </span> 9.620 2.029<span class=\"_ _df\"> </span> - valutazione<span class=\"_ _df\"> </span>C.2 riprese di val<span class=\"_ _f\"></span>o<span class=\"_ _2\"></span>re da inca<span class=\"_ _1\"></span>sso 15.215<span class=\"_ _df\"> </span> 5.980 16.720<span class=\"_ _df\"> </span> 6.313 2.034<span class=\"_ _df\"> </span> 3 C.3 utili da cess<span class=\"_ _1\"></span>ione<span class=\"_ _df\"> </span> 11.970<span class=\"_ _df\"> </span> 4.529<span class=\"_ _df\"> </span> -<span class=\"_ _df\"> </span> -<span class=\"_ _df\"> </span> -<span class=\"_ _df\"> </span> - C.4 write-off<span class=\"_ _df\"> </span> 28.477<span class=\"_ _df\"> </span> 10.925 7.481<span class=\"_ _df\"> </span> 2<span class=\"_ _df\"> </span> 2<span class=\"_ _df\"> </span> - C.5 trasferiment<span class=\"_ _1\"></span>i ad altre<span class=\"_ _df\"> </span>categorie di esp<span class=\"_ _f\"></span>o<span class=\"_ _2\"></span>sizioni<span class=\"_ _df\"> </span>21<span class=\"_ _df\"> </span><span class=\"ls0\"> </span>- 47.746<span class=\"_ _df\"> </span> 7.472 9.164<span class=\"_ _df\"> </span> 1.89<span class=\"_ _df\"> </span>5 deteriorate<span class=\"_ _df\"> </span>C.6 modifiche con<span class=\"_ _1\"></span>trattuali<span class=\"_ _df\"> </span>-<span class=\"_ _df\"> </span> - 99<span class=\"_ _df\"> </span><span class=\"ls0\"> </span>-<span class=\"_ _df\"> </span> -<span class=\"_ _df\"> </span> - senza cancellazion<span class=\"_ _f\"></span>i<span class=\"_ _df\"> </span>C.7 altre variazi<span class=\"_ _1\"></span>oni in<span class=\"_ _df\"> </span> diminuzione<span class=\"_ _df\"> </span> 44.099<span class=\"_ _df\"> </span> 763<span class=\"_ _df\"> </span><span class=\"ls0\"> </span>-<span class=\"_ _df\"> </span> -<span class=\"_ _df\"> </span> -<span class=\"_ _df\"> </span> - D. Ret<span class=\"_ _f\"></span>tifiche<span class=\"_ _1\"></span>  com<span class=\"_ _f\"></span>plessiv<span class=\"_ _f\"></span>e finali<span class=\"_ _1\"></span><span class=\"sc0\"> </span>193.7<span class=\"_ _f\"></span>95<span class=\"_ _df\"> </span><span class=\"sc0\"> </span>45.4<span class=\"_ _1\"></span>87<span class=\"sc0\"> </span>150.3<span class=\"_ _f\"></span>13<span class=\"_ _df\"> </span><span class=\"sc0\"> </span>50.8<span class=\"_ _1\"></span>88<span class=\"_ _1\"></span><span class=\"sc0\"> </span>19.6<span class=\"_ _1\"></span>08<span class=\"_ _df\"> </span><span class=\"sc0\"> </span>10<span class=\"_ _df\"> </span>6<span class=\"sc0 ls0\"> </span>- di cui: esposizi<span class=\"_ _1\"></span>oni cedute non<span class=\"_ _df\"> </span>cancellate<span class=\"_ _df\"> </span>A.2 Cla<span class=\"_ _f\"></span>ssifica<span class=\"_ _1\"></span>zione <span class=\"_ _1\"></span>delle <span class=\"_ _1\"></span>espo<span class=\"_ _1\"></span>sizio<span class=\"_ _f\"></span>ni in bas<span class=\"_ _1\"></span>e ai r<span class=\"_ _1\"></span>ating <span class=\"_ _f\"></span>esterni e<span class=\"_ _1\"></span> inter<span class=\"_ _1\"></span>ni<span class=\"fc1 sc0\"> </span>A.2.1 <span class=\"_ _1\"></span>Conso<span class=\"_ _1\"></span>lidat<span class=\"_ _1\"></span>o pr<span class=\"_ _1\"></span>ude<span class=\"_ _1\"></span>nziale<span class=\"_ _1\"></span> - D<span class=\"_ _1\"></span>istri<span class=\"_ _1\"></span>buzione<span class=\"_ _1\"></span> delle<span class=\"_ _1\"></span> att<span class=\"_ _1\"></span>ivit\u00e0<span class=\"_ _1\"></span> finanz<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>rie, d<span class=\"_ _1\"></span>egli i<span class=\"_ _1\"></span>mpeg<span class=\"_ _f\"></span>ni a eroga<span class=\"_ _f\"></span>re fondi<span class=\"_ _1\"></span> e dell<span class=\"_ _1\"></span>e gar<span class=\"_ _f\"></span>anzie finanzi<span class=\"_ _1\"></span>arie <span class=\"_ _f\"></span>rilascia<span class=\"_ _1\"></span>te: pe<span class=\"_ _1\"></span>r cla<span class=\"_ _f\"></span>ssi di rat<span class=\"_ _f\"></span>ing esterni<span class=\"_ _1\"></span> (va<span class=\"_ _1\"></span>lori <span class=\"_ _1\"></span>lordi<span class=\"_ _1\"></span>)<span class=\"_ _df\"> </span><table class=\"s wfd1 h576\" id=\"_0abb3fe8-c19e-4825-aa38-c9f4ec9c24ad\"><tr><td></td><td></td><td></td><td class=\"c x60f y33fc w27a hcb\"><div class=\"t m0 x114 h1f y80 ff4 fs7 fc4 sc3 ls0 ws0\">Clas<span class=\"_ _f\"></span>si di ratin<span class=\"_ _f\"></span>g ester<span class=\"_ _f\"></span>ni<span class=\"fc1 sc0\"> </span></div></td><td></td><td></td><td></td><td class=\"c x9aa y33fd wfd2 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">Sen<span class=\"_ _1\"></span>za<span class=\"_ _df\"> </span></div></td><td></td></tr><tr><td class=\"c x46b y33fe w59b h314\"><div class=\"t m0 x8f h1f y88f ff4 fs7 fc4 sc3 ls0 ws0\">Espo<span class=\"_ _1\"></span>sizio<span class=\"_ _f\"></span>ni<span class=\"fc1 sc0\"> </span></div></td><td class=\"c x60f y33fe w3cc h58\"><div class=\"t m0 x8e h1f y420 ff4 fs7 fc4 sc3 ls0 ws0\">Clas<span class=\"_ _f\"></span>se 1<span class=\"fc1 sc0\"> </span></div></td><td class=\"c x9ab y33fe w1be h58\"><div class=\"t m0 x8e h1f y420 ff4 fs7 fc4 sc3 ls0 ws0\">clas<span class=\"_ _1\"></span>se 2<span class=\"_ _1\"></span><span class=\"fc1 sc0\"> </span></div></td><td class=\"c x50b y33fe w191 h58\"><div class=\"t m0 xac h1f y41f ff4 fs7 fc4 sc3 ls0 ws0\">clas<span class=\"_ _1\"></span>se </div><div class=\"t m0 x55 h1f y32 ff4 fs7 fc4 sc3 ls0 ws0\">4<span class=\"fc1 sc0\"> </span></div></td><td class=\"c x635 y33fe w384 h58\"><div class=\"t m0 xac h1f y420 ff4 fs7 fc4 sc3 ls0 ws0\">clas<span class=\"_ _1\"></span>se 3<span class=\"_ _f\"></span><span class=\"fc1 sc0\"> </span></div></td><td class=\"c x9ac y33ff wfd3 h49c\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">clas<span class=\"_ _1\"></span>s<span class=\"lsc9\">e<span class=\"_ _df\"> </span></span></div></td><td class=\"c x9ad y33ff wfd4 h49c\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">clas<span class=\"_ _1\"></span>se<span class=\"_ _df\"> </span></div></td><td class=\"c x9aa y3400 wfd5 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">ratin<span class=\"_ _f\"></span>g<span class=\"_ _df\"> </span></div></td><td class=\"c x4f6 y33fe w48e h314\"><div class=\"t m0 x2e h1f y88f ff4 fs7 fc4 sc3 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale </div></td></tr><tr><td class=\"c x262 y3401 wfd6 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc1 sc2 ls0 ws0\">A. Att<span class=\"_ _f\"></span>ivit\u00e0 fin<span class=\"_ _f\"></span>anziarie<span class=\"_ _1\"></span> va<span class=\"_ _1\"></span>utat<span class=\"_ _f\"></span>e<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td class=\"c x9ae y3402 wfd7 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">5<span class=\"_ _df\"> </span></div></td><td class=\"c x9af y3402 wfd8 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">6<span class=\"_ _df\"> </span></div></td><td></td><td></td></tr><tr><td></td><td class=\"c x60f y3403 w8c had\"><div class=\"t m0 x8e h1f y420 ff4 fs7 fc1 sc2 ls0 ws0\">1.613.<span class=\"_ _1\"></span>522<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x728 y3403 w1cb had\"><div class=\"t m0 x8e h1f y420 ff4 fs7 fc1 sc2 ls0 ws0\">5.48<span class=\"_ _1\"></span>1.716<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x50b y3403 w185 had\"><div class=\"t m0 x116 h1f y420 ff4 fs7 fc1 sc2 ls0 ws0\">8.66<span class=\"_ _1\"></span>0<span class=\"sc0\"> </span></div></td><td class=\"c x635 y3403 w1be had\"><div class=\"t m0 x2e h1f y420 ff4 fs7 fc1 sc2 ls0 ws0\">150.79<span class=\"_ _f\"></span>7<span class=\"sc0\"> </span></div></td><td class=\"c x980 y3403 w1c0 had\"><div class=\"t m0 x2a h1f y420 ff4 fs7 fc1 sc2 ls0 ws0\">8.041<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x9b0 y3403 w1c0 had\"><div class=\"t m0 x34 h1f y420 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x71a y3403 w375 had\"><div class=\"t m0 xac h1f y420 ff4 fs7 fc1 sc2 ls0 ws0\">50.17<span class=\"_ _f\"></span>0.070<span class=\"sc0\"> </span></div></td><td class=\"c x4f6 y3403 w48e had\"><div class=\"t m0 xab h1f y420 ff4 fs7 fc1 sc2 ls0 ws0\">57.43<span class=\"_ _1\"></span>2.8<span class=\"_ _f\"></span>06<span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x262 y3404 wfd9 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc1 sc2 ls0 ws0\">al cos<span class=\"_ _f\"></span>to amm<span class=\"_ _f\"></span>ortizza<span class=\"_ _f\"></span>to<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x46b y3405 w59c hcc\"><div class=\"t m0 x116 h1f y74a ff4 fs7 fc1 sc0 ls0 ws0\">- Primo stadio </div></td><td class=\"c x60f y3405 w8c hcc\"><div class=\"t m0 xab h1f y74a ff4 fs7 fc1 sc0 ls0 ws0\">1.595.960 </div></td><td class=\"c x728 y3405 w1cb hcc\"><div class=\"t m0 xab h1f y74a ff4 fs7 fc1 sc0 ls0 ws0\">5.442.281 </div></td><td class=\"c x50b y3405 w185 hcc\"><div class=\"t m0 x116 h1f y74a ff4 fs7 fc1 sc0 ls0 ws0\">8.649 </div></td><td class=\"c x635 y3405 w1be hcc\"><div class=\"t m0 x2e h1f y74a ff4 fs7 fc1 sc0 ls0 ws0\">147.776 </div></td><td class=\"c x980 y3405 w1c0 hcc\"><div class=\"t m0 x116 h1f y74a ff4 fs7 fc1 sc0 ls0 ws0\">8.037 </div></td><td class=\"c x9b0 y3405 w1c0 hcc\"><div class=\"t m0 x34 h1f y74a ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x71a y3405 w375 hcc\"><div class=\"t m0 x8a h1f y74a ff4 fs7 fc1 sc0 ls0 ws0\">46.895.235 </div></td><td class=\"c x4f6 y3405 w48e hcc\"><div class=\"t m0 x8a h1f y74a ff4 fs7 fc1 sc0 ls0 ws0\">54.097.938 </div></td></tr><tr><td class=\"c x46b y3406 w59c hcb\"><div class=\"t m0 x116 h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">- Secondo stadio<span class=\"_ _1\"></span> </div></td><td class=\"c x60f y3406 w8c hcb\"><div class=\"t m0 x14 h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">17.562 </div></td><td class=\"c x728 y3406 w1cb hcb\"><div class=\"t m0 x55 h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">39.435 </div></td><td class=\"c x50b y3406 w185 hcb\"><div class=\"t m0 x27 h1f y80 ff4 fs7 fc1 sc0 ls9 ws0\">11<span class=\"ls0\"> </span></div></td><td class=\"c x635 y3406 w1be hcb\"><div class=\"t m0 x33 h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">3.021 </div></td><td class=\"c x980 y3406 w1c0 hcb\"><div class=\"t m0 x26 h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">4 </div></td><td class=\"c x9b0 y3406 w1c0 hcb\"><div class=\"t m0 x34 h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x71a y3406 w375 hcb\"><div class=\"t m0 x116 h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">2.653.617 </div></td><td class=\"c x4f6 y3406 w48e hcb\"><div class=\"t m0 x16a h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">2.713.650 </div></td></tr><tr><td class=\"c x46b y3407 w59c hcc\"><div class=\"t m0 x116 h1f y74a ff4 fs7 fc1 sc0 ls0 ws0\">- Terzo stadio </div></td><td class=\"c x60f y3407 w8c hcc\"><div class=\"t m0 x8f h1f y74a ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x728 y3407 w1cb hcc\"><div class=\"t m0 x36 h1f y74a ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x50b y3407 w185 hcc\"><div class=\"t m0 x34 h1f y74a ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x635 y3407 w1be hcc\"><div class=\"t m0 x36 h1f y74a ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x980 y3407 w1c0 hcc\"><div class=\"t m0 x34 h1f y74a ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9b0 y3407 w1c0 hcc\"><div class=\"t m0 x34 h1f y74a ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x71a y3407 w375 hcc\"><div class=\"t m0 x55 h1f y74a ff4 fs7 fc1 sc0 ls0 ws0\">606.398 </div></td><td class=\"c x4f6 y3407 w48e hcc\"><div class=\"t m0 x55 h1f y74a ff4 fs7 fc1 sc0 ls0 ws0\">606.398 </div></td></tr><tr><td class=\"c x9b1 y3408 wfda h48b\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">- Impaired acqu<span class=\"_ _1\"></span>isite o<span class=\"_ _df\"> </span></div></td><td class=\"c x60f y3409 w8c h58\"><div class=\"t m0 x8f h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x728 y3409 w1cb h58\"><div class=\"t m0 x36 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x50b y3409 w185 h58\"><div class=\"t m0 x34 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x635 y3409 w1be h58\"><div class=\"t m0 x36 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x980 y3409 w1c0 h58\"><div class=\"t m0 x34 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9b0 y3409 w1c0 h58\"><div class=\"t m0 x34 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x71a y3409 w375 h58\"><div class=\"t m0 x32 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">14.820 </div></td><td class=\"c x4f6 y3409 w48e h58\"><div class=\"t m0 x33 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">14.820 </div></td></tr><tr><td class=\"c x9b1 y340a wfc6 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">originate<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x262 y340b wfdb h4b7\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc2 ls0 ws0\">B. At<span class=\"_ _1\"></span>tivit<span class=\"_ _1\"></span>\u00e0 fin<span class=\"_ _f\"></span>anziarie<span class=\"_ _1\"></span> valu<span class=\"_ _1\"></span>tat<span class=\"_ _1\"></span>e<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x262 y340c wfdc h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc2 ls0 ws0\">al fai<span class=\"_ _1\"></span>r va<span class=\"_ _1\"></span>lue c<span class=\"_ _1\"></span>on im<span class=\"_ _f\"></span>patto<span class=\"_ _1\"></span> sulla<span class=\"_ _df\"> </span></div></td><td class=\"c x60f y340d w8c h89\"><div class=\"t m0 xab h1f y15 ff4 fs7 fc1 sc2 ls0 ws0\">3.09<span class=\"_ _f\"></span>0.473<span class=\"sc0\"> </span></div></td><td class=\"c x728 y340d w1cb h89\"><div class=\"t m0 xab h1f y15 ff4 fs7 fc1 sc2 ls0 ws0\">1.89<span class=\"_ _f\"></span>0.939<span class=\"sc0\"> </span></div></td><td class=\"c x50b y340d w185 h89\"><div class=\"t m0 x34 h1f y15 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x635 y340d w1be h89\"><div class=\"t m0 x39 h1f y15 ff4 fs7 fc1 sc2 ls0 ws0\">98.03<span class=\"_ _f\"></span>1<span class=\"sc0\"> </span></div></td><td class=\"c x980 y340d w1c0 h89\"><div class=\"t m0 x34 h1f y15 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x9b0 y340d w1c0 h89\"><div class=\"t m0 x34 h1f y15 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x71a y340d w375 h89\"><div class=\"t m0 x33 h1f y15 ff4 fs7 fc1 sc2 ls0 ws0\">37.85<span class=\"_ _f\"></span>3<span class=\"sc0\"> </span></div></td><td class=\"c x4f6 y340d w48e h89\"><div class=\"t m0 x2e h1f y15 ff4 fs7 fc1 sc2 ls0 ws0\">5.117.<span class=\"_ _1\"></span>296<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x262 y3100 wec1 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc2 ls0 ws0\">reddit<span class=\"_ _f\"></span>ivit\u00e0 co<span class=\"_ _1\"></span>mpl<span class=\"_ _f\"></span>essiva<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x46b y340e w59c h4e\"><div class=\"t m0 x116 h1f y71 ff4 fs7 fc1 sc0 ls0 ws0\">- Primo stadio </div></td><td class=\"c x60f y340e w8c h4e\"><div class=\"t m0 x8a h1f y71 ff4 fs7 fc1 sc0 ls0 ws0\">3.090.473 </div></td><td class=\"c x728 y340e w1cb h4e\"><div class=\"t m0 xab h1f y71 ff4 fs7 fc1 sc0 ls0 ws0\">1.890.939 </div></td><td class=\"c x50b y340e w185 h4e\"><div class=\"t m0 x34 h1f y71 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x635 y340e w1be h4e\"><div class=\"t m0 x130 h1f y71 ff4 fs7 fc1 sc0 ls0 ws0\">98.031 </div></td><td class=\"c x980 y340e w1c0 h4e\"><div class=\"t m0 x34 h1f y71 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9b0 y340e w1c0 h4e\"><div class=\"t m0 x34 h1f y71 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x71a y340e w375 h4e\"><div class=\"t m0 x33 h1f y71 ff4 fs7 fc1 sc0 ls0 ws0\">37.853 </div></td><td class=\"c x4f6 y340e w48e h4e\"><div class=\"t m0 x2a h1f y71 ff4 fs7 fc1 sc0 ls0 ws0\">5.117.296 </div></td></tr><tr><td class=\"c x46b y340f w59c h4d\"><div class=\"t m0 x116 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- Secondo stadio<span class=\"_ _1\"></span> </div></td><td class=\"c x60f y340f w8c h4d\"><div class=\"t m0 x8f h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x728 y340f w1cb h4d\"><div class=\"t m0 x36 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x50b y340f w185 h4d\"><div class=\"t m0 x34 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x635 y340f w1be h4d\"><div class=\"t m0 x36 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x980 y340f w1c0 h4d\"><div class=\"t m0 x34 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9b0 y340f w1c0 h4d\"><div class=\"t m0 x34 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x71a y340f w375 h4d\"><div class=\"t m0 x12 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x4f6 y340f w48e h4d\"><div class=\"t m0 x12 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y3410 w59c h28e\"><div class=\"t m0 x116 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- Terzo stadio </div></td><td class=\"c x60f y3410 w8c h28e\"><div class=\"t m0 x8f h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x728 y3410 w1cb h28e\"><div class=\"t m0 x36 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x50b y3410 w185 h28e\"><div class=\"t m0 x34 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x635 y3410 w1be h28e\"><div class=\"t m0 x36 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x980 y3410 w1c0 h28e\"><div class=\"t m0 x34 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9b0 y3410 w1c0 h28e\"><div class=\"t m0 x34 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x71a y3410 w375 h28e\"><div class=\"t m0 x12 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x4f6 y3410 w48e h28e\"><div class=\"t m0 x12 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x9b1 y3411 wfda h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">- Impaired acqu<span class=\"_ _1\"></span>isite o<span class=\"_ _df\"> </span></div></td><td class=\"c x60f y3412 w8c had\"><div class=\"t m0 x8f h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x728 y3412 w1cb had\"><div class=\"t m0 x36 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x50b y3412 w185 had\"><div class=\"t m0 x34 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x635 y3412 w1be had\"><div class=\"t m0 x36 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x980 y3412 w1c0 had\"><div class=\"t m0 x34 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9b0 y3412 w1c0 had\"><div class=\"t m0 x34 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x71a y3412 w375 had\"><div class=\"t m0 x12 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x4f6 y3412 w48e had\"><div class=\"t m0 x12 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x9b1 y3413 wfc6 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">originate<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x262 y3414 wfdd h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc2 ls0 ws0\">C. Att<span class=\"_ _f\"></span>ivit\u00e0 fin<span class=\"_ _f\"></span>anziari<span class=\"_ _1\"></span>e in c<span class=\"_ _f\"></span>orso<span class=\"_ _df\"> </span></div></td><td class=\"c x60f y3415 w8c h58\"><div class=\"t m0 x8f h1f y420 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x728 y3415 w1cb h58\"><div class=\"t m0 x36 h1f y420 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x50b y3415 w185 h58\"><div class=\"t m0 x34 h1f y420 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x635 y3415 w1be h58\"><div class=\"t m0 x36 h1f y420 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x980 y3415 w1c0 h58\"><div class=\"t m0 x34 h1f y420 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x9b0 y3415 w1c0 h58\"><div class=\"t m0 x34 h1f y420 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x71a y3415 w375 h58\"><div class=\"t m0 x12 h1f y420 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x4f6 y3415 w48e h58\"><div class=\"t m0 x12 h1f y420 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x262 y3416 wfde h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc2 ls0 ws0\">di dism<span class=\"_ _f\"></span>ission<span class=\"_ _f\"></span>e<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x46b y3417 w59c h4e\"><div class=\"t m0 x116 h1f y71 ff4 fs7 fc1 sc0 ls0 ws0\">- Primo stadio </div></td><td class=\"c x60f y3417 w8c h4e\"><div class=\"t m0 x8f h1f y71 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x728 y3417 w1cb h4e\"><div class=\"t m0 x36 h1f y71 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x50b y3417 w185 h4e\"><div class=\"t m0 x34 h1f y71 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x635 y3417 w1be h4e\"><div class=\"t m0 x36 h1f y71 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x980 y3417 w1c0 h4e\"><div class=\"t m0 x34 h1f y71 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9b0 y3417 w1c0 h4e\"><div class=\"t m0 x34 h1f y71 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x71a y3417 w375 h4e\"><div class=\"t m0 x12 h1f y71 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x4f6 y3417 w48e h4e\"><div class=\"t m0 x12 h1f y71 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y3418 w59c h4d\"><div class=\"t m0 x116 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- Secondo stadio<span class=\"_ _1\"></span> </div></td><td class=\"c x60f y3418 w8c h4d\"><div class=\"t m0 x8f h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x728 y3418 w1cb h4d\"><div class=\"t m0 x36 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x50b y3418 w185 h4d\"><div class=\"t m0 x34 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x635 y3418 w1be h4d\"><div class=\"t m0 x36 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x980 y3418 w1c0 h4d\"><div class=\"t m0 x34 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9b0 y3418 w1c0 h4d\"><div class=\"t m0 x34 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x71a y3418 w375 h4d\"><div class=\"t m0 x12 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x4f6 y3418 w48e h4d\"><div class=\"t m0 x12 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y3419 w59c h4d\"><div class=\"t m0 x116 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- Terzo stadio </div></td><td class=\"c x60f y3419 w8c h4d\"><div class=\"t m0 x8f h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x728 y3419 w1cb h4d\"><div class=\"t m0 x36 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x50b y3419 w185 h4d\"><div class=\"t m0 x34 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x635 y3419 w1be h4d\"><div class=\"t m0 x36 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x980 y3419 w1c0 h4d\"><div class=\"t m0 x34 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9b0 y3419 w1c0 h4d\"><div class=\"t m0 x34 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x71a y3419 w375 h4d\"><div class=\"t m0 x12 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x4f6 y3419 w48e h4d\"><div class=\"t m0 x12 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x9b1 y341a wfda h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">- Impaired acqu<span class=\"_ _1\"></span>isite o<span class=\"_ _df\"> </span></div></td><td class=\"c x60f y341b w8c had\"><div class=\"t m0 x8f h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x728 y341b w1cb had\"><div class=\"t m0 x36 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x50b y341b w185 had\"><div class=\"t m0 x34 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x635 y341b w1be had\"><div class=\"t m0 x36 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x980 y341b w1c0 had\"><div class=\"t m0 x34 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9b0 y341b w1c0 had\"><div class=\"t m0 x34 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x71a y341b w375 had\"><div class=\"t m0 x12 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x4f6 y341b w48e had\"><div class=\"t m0 x12 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x9b1 y341c wfc6 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">originate<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x46b y341d w59c hc8\"><div class=\"t m0 xef h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale (A<span class=\"_ _f\"></span>+B+C)<span class=\"sc0\"> </span></div></td><td class=\"c x60f y341d w8c hc8\"><div class=\"t m0 xab h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">4.703.<span class=\"_ _1\"></span>995<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x728 y341d w1cb hc8\"><div class=\"t m0 xab h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">7.37<span class=\"_ _f\"></span>2.655<span class=\"sc0\"> </span></div></td><td class=\"c x50b y341d w185 hc8\"><div class=\"t m0 x116 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">8.66<span class=\"_ _1\"></span>0<span class=\"sc0\"> </span></div></td><td class=\"c x635 y341d w1be hc8\"><div class=\"t m0 x16a h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">248.8<span class=\"_ _f\"></span>28<span class=\"sc0\"> </span></div></td><td class=\"c x980 y341d w1c0 hc8\"><div class=\"t m0 x2a h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">8.041<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x9b0 y341d w1c0 hc8\"><div class=\"t m0 x34 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x71a y341d w375 hc8\"><div class=\"t m0 xab h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">50.20<span class=\"_ _1\"></span>7.9<span class=\"_ _f\"></span>23<span class=\"sc0\"> </span></div></td><td class=\"c x4f6 y341d w48e hc8\"><div class=\"t m0 xac h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">62.55<span class=\"_ _f\"></span>0.102<span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x262 y341e wfdf h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc2 ls0 ws0\">D. Im<span class=\"_ _f\"></span>pegni a<span class=\"_ _f\"></span> erogar<span class=\"_ _f\"></span>e fondi<span class=\"_ _1\"></span> e<span class=\"_ _df\"> </span></div></td><td class=\"c x60f y341f w8c h23c\"><div class=\"t m0 x97 h1f y8b7 ff4 fs7 fc1 sc2 ls9 ws0\">115<span class=\"sc0 ls0\"> </span></div></td><td class=\"c x728 y341f w1cb h23c\"><div class=\"t m0 x33 h1f y8b7 ff4 fs7 fc1 sc2 ls0 ws0\">5.66<span class=\"_ _f\"></span>7<span class=\"sc0\"> </span></div></td><td class=\"c x50b y341f w185 h23c\"><div class=\"t m0 xac h1f y8b7 ff4 fs7 fc1 sc2 ls0 ws0\">34.59<span class=\"_ _f\"></span>3<span class=\"sc0\"> </span></div></td><td class=\"c x635 y341f w1be h23c\"><div class=\"t m0 x130 h1f y8b7 ff4 fs7 fc1 sc2 ls0 ws0\">39.5<span class=\"_ _1\"></span>73<span class=\"sc0\"> </span></div></td><td class=\"c x980 y341f w1c0 h23c\"><div class=\"t m0 x14 h1f y8b7 ff4 fs7 fc1 sc2 ls0 ws0\">802<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x9b0 y341f w1c0 h23c\"><div class=\"t m0 x34 h1f y8b7 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x71a y341f w375 h23c\"><div class=\"t m0 xac h1f y8b7 ff4 fs7 fc1 sc2 ls0 ws0\">14.89<span class=\"_ _f\"></span>6.576<span class=\"sc0\"> </span></div></td><td class=\"c x4f6 y341f w48e h23c\"><div class=\"t m0 xac h1f y8b7 ff4 fs7 fc1 sc2 ls0 ws0\">14.97<span class=\"_ _1\"></span>7.326<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x262 y3420 wfe0 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc2 ls0 ws0\">gara<span class=\"_ _f\"></span>nzie fin<span class=\"_ _1\"></span>anzi<span class=\"_ _f\"></span>arie rila<span class=\"_ _1\"></span>scia<span class=\"_ _1\"></span>te<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x46b y3421 w59c hc8\"><div class=\"t m0 x116 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- Primo stadio </div></td><td class=\"c x60f y3421 w8c hc8\"><div class=\"t m0 x38 h1f y28b ff4 fs7 fc1 sc0 ls2b ws0\">82<span class=\"ls0\"> </span></div></td><td class=\"c x728 y3421 w1cb hc8\"><div class=\"t m0 x32 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">5.617 </div></td><td class=\"c x50b y3421 w185 hc8\"><div class=\"t m0 x8e h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">31.455 </div></td><td class=\"c x635 y3421 w1be hc8\"><div class=\"t m0 x55 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">39.053 </div></td><td class=\"c x980 y3421 w1c0 hc8\"><div class=\"t m0 x26 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">3 </div></td><td class=\"c x9b0 y3421 w1c0 hc8\"><div class=\"t m0 x34 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x71a y3421 w375 hc8\"><div class=\"t m0 x8e h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">14.147.704 </div></td><td class=\"c x4f6 y3421 w48e hc8\"><div class=\"t m0 xac h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">14.223.914 </div></td></tr><tr><td class=\"c x46b y3422 w59c h4d\"><div class=\"t m0 x116 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- Secondo stadio<span class=\"_ _1\"></span> </div></td><td class=\"c x60f y3422 w8c h4d\"><div class=\"t m0 x38 h1f y28b ff4 fs7 fc1 sc0 ls27 ws0\">33<span class=\"ls0\"> </span></div></td><td class=\"c x728 y3422 w1cb h4d\"><div class=\"t m0 x38 h1f y28b ff4 fs7 fc1 sc0 ls32 ws0\">50<span class=\"ls0\"> </span></div></td><td class=\"c x50b y3422 w185 h4d\"><div class=\"t m0 x2e h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">3.138 </div></td><td class=\"c x635 y3422 w1be h4d\"><div class=\"t m0 x27 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">520 </div></td><td class=\"c x980 y3422 w1c0 h4d\"><div class=\"t m0 x14 h1f y28b ff4 fs7 fc1 sc0 ls34 ws0\">799<span class=\"ls0\"> </span></div></td><td class=\"c x9b0 y3422 w1c0 h4d\"><div class=\"t m0 x34 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x71a y3422 w375 h4d\"><div class=\"t m0 x48 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">704.811</div></td><td class=\"c x4f6 y3422 w48e h4d\"><div class=\"t m0 x39 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">709.351 </div></td></tr><tr><td class=\"c x46b y3423 w59c hc8\"><div class=\"t m0 x116 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- Terzo stadio </div></td><td class=\"c x60f y3423 w8c hc8\"><div class=\"t m0 x8f h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x728 y3423 w1cb hc8\"><div class=\"t m0 x36 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x50b y3423 w185 hc8\"><div class=\"t m0 x34 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x635 y3423 w1be hc8\"><div class=\"t m0 x36 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x980 y3423 w1c0 hc8\"><div class=\"t m0 x34 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9b0 y3423 w1c0 hc8\"><div class=\"t m0 x34 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x71a y3423 w375 hc8\"><div class=\"t m0 x48 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">42.960 </div></td><td class=\"c x4f6 y3423 w48e hc8\"><div class=\"t m0 x48 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">42.960 </div></td></tr><tr><td class=\"c x9b1 y3424 wfe1 h577\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">- Impaired acqu<span class=\"_ _1\"></span>isiti/e o<span class=\"_ _df\"> </span></div></td><td class=\"c x60f y3425 w8c hcd\"><div class=\"t m0 x8f h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x728 y3425 w1cb hcd\"><div class=\"t m0 x36 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x50b y3425 w185 hcd\"><div class=\"t m0 x34 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x635 y3425 w1be hcd\"><div class=\"t m0 x36 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x980 y3425 w1c0 hcd\"><div class=\"t m0 x34 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9b0 y3425 w1c0 hcd\"><div class=\"t m0 x34 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x71a y3425 w375 hcd\"><div class=\"t m0 x37 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">1.101 </div></td><td class=\"c x4f6 y3425 w48e hcd\"><div class=\"t m0 x37 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">1.101 </div></td></tr><tr><td class=\"c x9b1 y26d1 wfe2 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">originati/e<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x46b y3426 w59c hc8\"><div class=\"t m0 x199 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale (D<span class=\"_ _1\"></span>)<span class=\"sc0\"> </span></div></td><td class=\"c x60f y3426 w8c hc8\"><div class=\"t m0 x97 h1f y28b ff4 fs7 fc1 sc2 ls9 ws0\">115<span class=\"sc0 ls0\"> </span></div></td><td class=\"c x728 y3426 w1cb hc8\"><div class=\"t m0 x33 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">5.66<span class=\"_ _f\"></span>7<span class=\"sc0\"> </span></div></td><td class=\"c x50b y3426 w185 hc8\"><div class=\"t m0 xac h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">34.59<span class=\"_ _f\"></span>3<span class=\"sc0\"> </span></div></td><td class=\"c x635 y3426 w1be hc8\"><div class=\"t m0 x130 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">39.5<span class=\"_ _1\"></span>73<span class=\"sc0\"> </span></div></td><td class=\"c x980 y3426 w1c0 hc8\"><div class=\"t m0 x14 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">802<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x9b0 y3426 w1c0 hc8\"><div class=\"t m0 x34 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x71a y3426 w375 hc8\"><div class=\"t m0 xac h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">14.89<span class=\"_ _f\"></span>6.576<span class=\"sc0\"> </span></div></td><td class=\"c x4f6 y3426 w48e hc8\"><div class=\"t m0 xac h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">14.97<span class=\"_ _1\"></span>7.326<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x46b y3427 w59c hc8\"><div class=\"t m0 xc6 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale (A<span class=\"_ _f\"></span>+B+C+D<span class=\"_ _f\"></span>)<span class=\"sc0\"> </span></div></td><td class=\"c x60f y3427 w8c hc8\"><div class=\"t m0 x8e h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">4.70<span class=\"_ _1\"></span>4.110<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x728 y3427 w1cb hc8\"><div class=\"t m0 xab h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">7.37<span class=\"_ _f\"></span>8.322<span class=\"sc0\"> </span></div></td><td class=\"c x50b y3427 w185 hc8\"><div class=\"t m0 xac h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">43.2<span class=\"_ _1\"></span>53<span class=\"sc0\"> </span></div></td><td class=\"c x635 y3427 w1be hc8\"><div class=\"t m0 x2a h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">288.4<span class=\"_ _f\"></span>01<span class=\"sc0\"> </span></div></td><td class=\"c x980 y3427 w1c0 hc8\"><div class=\"t m0 x116 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">8.843<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x9b0 y3427 w1c0 hc8\"><div class=\"t m0 x34 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x71a y3427 w375 hc8\"><div class=\"t m0 xac h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">65.10<span class=\"_ _f\"></span>4.499<span class=\"sc0\"> </span></div></td><td class=\"c x4f6 y3427 w48e hc8\"><div class=\"t m0 xac h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">77.5<span class=\"_ _1\"></span>27.4<span class=\"_ _f\"></span>28<span class=\"sc0\"> </span></div></td></tr></table>Le <span class=\"_ _2\"></span>classi <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>rating <span class=\"_ _2\"></span>esterni <span class=\"_ _2\"></span>indicate <span class=\"_ _2\"></span>si <span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>iferiscono <span class=\"_ _2\"></span>alle class<span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>di me<span class=\"_ _2\"></span>rito <span class=\"_ _2\"></span>creditizio <span class=\"_ _2\"></span>dei d<span class=\"_ _2\"></span>ebitori/garanti di cui alla normativa prudenziale.  L\u2019agenzia di <span class=\"_ _2\"></span>rating <span class=\"_ _2\"></span>utilizzate sono <span class=\"_ _2\"></span>sotto riportate e <span class=\"_ _2\"></span>si for<span class=\"_ _2\"></span>nisce la tabella <span class=\"_ _2\"></span>di raccordo <span class=\"_ _2\"></span>tra le <span class=\"_ _2\"></span>classi di rischio e i rating delle agenzie. <table class=\"s wfe3 h578\" id=\"_239bd89a-a76b-450a-8765-95a0ed1eb578\"><tr><td class=\"c x46b y3428 w59e h221\"><div class=\"t m0 x8a h1f ye4c ff4 fs7 fc4 sc3 ls0 ws0\">Port<span class=\"_ _1\"></span>afog<span class=\"_ _f\"></span>li </div></td><td class=\"c x5d7 y3428 w59f h221\"><div class=\"t m0 x8a h1f ye4c ff4 fs7 fc4 sc3 ls0 ws0\">ECA/E<span class=\"_ _f\"></span>CAI </div></td></tr><tr><td class=\"c x262 y3429 wfe4 h579\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc1 sc0 ls0 ws0\">Esposizione vers<span class=\"_ _1\"></span>o<span class=\"_ _df\"> </span></div></td><td></td></tr><tr><td class=\"c x262 y342a wfe5 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc1 sc0 ls0 ws0\">Amministrazioni ce<span class=\"_ _f\"></span>nt<span class=\"_ _2\"></span>rali e<span class=\"_ _df\"> </span></div></td><td class=\"c x5d7 y342b w59f ha2\"><div class=\"t m0 x26 h1f y554 ff4 fs7 fc1 sc0 ls0 ws0\">DBRS Rating Lim<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span>ted </div></td></tr><tr><td class=\"c x262 y342c wfe6 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc1 sc0 ls0 ws0\">banche centrali<span class=\"_ _df\"> </span></div></td><td></td></tr><tr><td class=\"c x262 y342d wfe7 h4b7\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc1 sc0 ls0 ws0\">Esposizioni vers<span class=\"_ _f\"></span>o<span class=\"_ _2\"></span> organizz<span class=\"_ _1\"></span>azioni<span class=\"_ _df\"> </span></div></td><td class=\"c x9b2 y342d wfe8 h4b7\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc1 sc0 ls0 ws0\">Fitch Ratings<span class=\"_ _df\"> </span></div></td></tr><tr><td class=\"c x262 y342e wfe9 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc1 sc0 ls0 ws0\">internazionali<span class=\"_ _df\"> </span></div></td><td class=\"c x9b3 y342e wfea h484\"><div class=\"t m0 x250 h1f y2409 ff5 fs7 fc1 sc0 ls0 ws0\">Standard &amp; Poo<span class=\"_ _1\"></span>r\u2019s Rating<span class=\"_ _df\"> </span></div></td></tr><tr><td></td><td class=\"c x9b4 y342f wfeb h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc1 sc0 ls0 ws0\">Services*<span class=\"_ _df\"> </span></div></td></tr><tr><td class=\"c x262 y3430 wfec h51b\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc1 sc0 ls0 ws0\">Esposizioni vers<span class=\"_ _f\"></span>o<span class=\"_ _2\"></span> banche<span class=\"_ _df\"> </span></div></td><td class=\"c x9b2 y3430 wfe8 h51b\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc1 sc0 ls0 ws0\">Fitch Ratings<span class=\"_ _df\"> </span></div></td></tr><tr><td class=\"c x262 y3431 wfed h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc1 sc0 ls0 ws0\">multilaterali d<span class=\"_ _1\"></span>i svilup<span class=\"lsd7\">po<span class=\"_ _df\"> </span></span></div></td><td class=\"c x9b3 y3431 wfea h484\"><div class=\"t m0 x250 h1f y2409 ff5 fs7 fc1 sc0 ls0 ws0\">Standard &amp; Poo<span class=\"_ _1\"></span>r\u2019s Rating<span class=\"_ _df\"> </span></div></td></tr><tr><td></td><td class=\"c x9b4 y3432 wfeb h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc1 sc0 ls0 ws0\">Services*<span class=\"_ _df\"> </span></div></td></tr><tr><td class=\"c x262 y3433 wfee h49b\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc1 sc0 ls0 ws0\">Esposizioni vers<span class=\"_ _f\"></span>o<span class=\"_ _2\"></span> imprese e<span class=\"_ _1\"></span>d altri<span class=\"_ _df\"> </span></div></td><td class=\"c x9b2 y3433 wfe8 h49b\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc1 sc0 ls0 ws0\">Fitch Ratings<span class=\"_ _df\"> </span></div></td></tr><tr><td class=\"c x262 y2f4a wfef h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc1 sc0 ls0 ws0\">soggetti<span class=\"_ _df\"> </span></div></td><td class=\"c x9b3 y2f4a wfea h484\"><div class=\"t m0 x250 h1f y2409 ff5 fs7 fc1 sc0 ls0 ws0\">Standard &amp; Poo<span class=\"_ _1\"></span>r\u2019s Rating<span class=\"_ _df\"> </span></div></td></tr><tr><td></td><td class=\"c x9b4 y3434 wfeb h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc1 sc0 ls0 ws0\">Services*<span class=\"_ _df\"> </span></div></td></tr><tr><td class=\"c x262 y3435 wff0 h57a\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">Esposizioni vers<span class=\"_ _f\"></span>o<span class=\"_ _2\"></span> organis<span class=\"_ _1\"></span>mi di<span class=\"_ _df\"> </span></div></td><td class=\"c x9b2 y3435 wfe8 h57a\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">Fitch Ratings<span class=\"_ _df\"> </span></div></td></tr><tr><td class=\"c x262 y3436 wff1 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">investimento co<span class=\"_ _f\"></span>l<span class=\"_ _2\"></span>lettivo de<span class=\"_ _f\"></span>l<span class=\"_ _df\"> </span></div></td><td class=\"c x9b3 y3436 wff2 h484\"><div class=\"t m0 x250 h1f y2410 ff5 fs7 fc1 sc0 ls0 ws0\">Standard &amp; Poo<span class=\"_ _1\"></span>r\u2019s R<span class=\"ff4\">ating<span class=\"_ _df\"> </span></span></div></td></tr><tr><td class=\"c x262 y3437 wc57 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">risparmio (OICR)<span class=\"_ _df\"> </span></div></td><td class=\"c x9b4 y3437 wfeb h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">Services*<span class=\"_ _df\"> </span></div></td></tr><tr><td class=\"c x262 y3438 wff3 h4b6\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">Posizioni verso <span class=\"_ _1\"></span>le<span class=\"_ _df\"> </span></div></td><td class=\"c x9b2 y3438 wfe8 h4b6\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">Fitch Ratings<span class=\"_ _df\"> </span></div></td></tr><tr><td class=\"c x262 y3439 wff4 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">cartolarizzazion<span class=\"_ _1\"></span>i aventi un rating<span class=\"_ _df\"> </span></div></td><td class=\"c x9b3 y3439 wfea h484\"><div class=\"t m0 x250 h1f y2410 ff5 fs7 fc1 sc0 ls0 ws0\">Standard &amp; Poo<span class=\"_ _1\"></span>r\u2019s Rating<span class=\"_ _df\"> </span></div></td></tr><tr><td class=\"c x262 y343a wff5 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">a breve termine<span class=\"_ _df\"> </span></div></td><td class=\"c x9b5 y343a wff6 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">Services<span class=\"_ _df\"> </span></div></td></tr><tr><td></td><td class=\"c x9b6 y343b wff7 h484\"><div class=\"t m0 x250 h1f y2410 ff5 fs7 fc1 sc0 ls0 ws0\">Moody\u2019s<span class=\"_ _df\"> </span></div></td></tr><tr><td class=\"c x262 y343c wff3 h57b\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">Posizioni verso <span class=\"_ _1\"></span>le<span class=\"_ _df\"> </span></div></td><td class=\"c x9b2 y343c wfe8 h57b\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">Fitch Ratings<span class=\"_ _df\"> </span></div></td></tr><tr><td class=\"c x262 y2c08 wff8 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">cartolarizzazion<span class=\"_ _1\"></span>i diverse da<span class=\"_ _df\"> </span></div></td><td class=\"c x9b3 y2c08 wfea h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">Standard &amp; <span class=\"ff5\">Poor\u2019<span class=\"_ _1\"></span>s Rating<span class=\"_ _df\"> </span></span></div></td></tr><tr><td class=\"c x262 y2701 wff9 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">quelle aventi un ra<span class=\"_ _1\"></span>ting a breve<span class=\"_ _df\"> </span></div></td><td class=\"c x9b5 y2701 wff6 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">Services<span class=\"_ _df\"> </span></div></td></tr><tr><td class=\"c x262 y2491 wdc3 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">termine<span class=\"_ _df\"> </span></div></td><td class=\"c x9b6 y2491 wff7 h484\"><div class=\"t m0 x250 h1f y2410 ff5 fs7 fc1 sc0 ls0 ws0\">Moody\u2019s<span class=\"_ _df\"> </span></div></td></tr></table>*ECAI utilizzata solo nel<span class=\"_ _2\"></span>la mitigazione del ris<span class=\"_ _2\"></span>chio (CRM) su strumenti fi<span class=\"_ _2\"></span>nanziari accattati a garanzia<span class=\"_ _df\"> </span><table class=\"s wffa h57c\" id=\"_c0ec6344-acaa-412d-b110-bc473edf5615\"><tr><td class=\"c x262 y343d wffb h57d\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc2 ls0 ws0\">Clas<span class=\"_ _f\"></span>se di me<span class=\"_ _1\"></span>rito<span class=\"_ _f\"></span> di<span class=\"_ _df\"> </span></div></td><td class=\"c x4c4 y343e w13 ha6\"><div class=\"t m0 x8a h1f y474 ff4 fs7 fc1 sc0 ls0 ws0\">DBRS Rating Lim<span class=\"_ _1\"></span>ited </div></td><td class=\"c x5b8 y343e w13 ha6\"><div class=\"t m0 x8a h1f y474 ff4 fs7 fc1 sc0 ls0 ws0\">Fitch Ratings </div></td><td class=\"c x9b7 y343d wffc h57d\"><div class=\"t m0 x250 h1f y2410 ff5 fs7 fc1 sc0 ls0 ws0\">Standard &amp; Poo<span class=\"_ _1\"></span>r\u2019s<span class=\"_ _df\"> </span></div></td><td class=\"c x4c9 y343e w13 ha6\"><div class=\"t m0 x26 h1f y474 ff5 fs7 fc1 sc0 ls0 ws0\">Moody\u2019s<span class=\"ff4\"> </span></div></td></tr><tr><td class=\"c x262 y343f wffd h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc2 ls0 ws0\">credit<span class=\"_ _f\"></span>o<span class=\"_ _df\"> </span></div></td><td></td><td></td><td class=\"c x9b8 y343f wffe h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">Rating Services<span class=\"_ _df\"> </span></div></td><td></td></tr><tr><td class=\"c x46b y3440 w5a0 h2d\"><div class=\"t m0 x8a h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">1 </div></td><td class=\"c x4c4 y3440 w13 h2d\"><div class=\"t m0 x8a h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">da AAA a A<span class=\"ls42\">AL</span> </div></td><td class=\"c x5b8 y3440 w13 h2d\"><div class=\"t m0 x8a h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">da AAA a AA- </div></td><td class=\"c x5d3 y3440 w468 h2d\"><div class=\"t m0 x8a h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">da AAA a AA- </div></td><td class=\"c x4c9 y3440 w13 h2d\"><div class=\"t m0 x8a h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">da Aaa a Aa3 </div></td></tr><tr><td class=\"c x46b y3441 w5a0 h2d\"><div class=\"t m0 x8a h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">2 </div></td><td class=\"c x4c4 y3441 w13 h2d\"><div class=\"t m0 x8a h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">da AH a AL </div></td><td class=\"c x5b8 y3441 w13 h2d\"><div class=\"t m0 x8a h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">da A+ a A- </div></td><td class=\"c x5d3 y3441 w468 h2d\"><div class=\"t m0 x8a h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">da A+ a A- </div></td><td class=\"c x4c9 y3441 w13 h2d\"><div class=\"t m0 x8a h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">da A1 a A3 </div></td></tr><tr><td class=\"c x46b y3442 w5a0 h2d\"><div class=\"t m0 x8a h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">3 </div></td><td class=\"c x4c4 y3442 w13 h2d\"><div class=\"t m0 x8a h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">da BBBH a BBBL<span class=\"_ _1\"></span> </div></td><td class=\"c x5b8 y3442 w13 h2d\"><div class=\"t m0 x8a h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">da BBB+ a BBB-<span class=\"_ _f\"></span> </div></td><td class=\"c x5d3 y3442 w468 h2d\"><div class=\"t m0 x8a h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">da BBB+ a BBB-<span class=\"_ _f\"></span> </div></td><td class=\"c x4c9 y3442 w13 h2d\"><div class=\"t m0 x8a h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">da Baa1 a Baa3<span class=\"_ _1\"></span> </div></td></tr><tr><td class=\"c x46b y3443 w5a0 h2c\"><div class=\"t m0 x8a h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">4 </div></td><td class=\"c x4c4 y3443 w13 h2c\"><div class=\"t m0 x8a h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">da BBH a BBL </div></td><td class=\"c x5b8 y3443 w13 h2c\"><div class=\"t m0 x8a h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">da BB+ a BB- </div></td><td class=\"c x5d3 y3443 w468 h2c\"><div class=\"t m0 x8a h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">da BB+ a BB- </div></td><td class=\"c x4c9 y3443 w13 h2c\"><div class=\"t m0 x8a h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">da Ba1 a Ba3 </div></td></tr><tr><td class=\"c x46b y3444 w5a0 h2c\"><div class=\"t m0 x8a h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">5 </div></td><td class=\"c x4c4 y3444 w13 h2c\"><div class=\"t m0 x8a h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">da BH a BL </div></td><td class=\"c x5b8 y3444 w13 h2c\"><div class=\"t m0 x8a h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">da B+ a B- </div></td><td class=\"c x5d3 y3444 w468 h2c\"><div class=\"t m0 x8a h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">da B+ a B- </div></td><td class=\"c x4c9 y3444 w13 h2c\"><div class=\"t m0 x8a h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">da B1 a B3 </div></td></tr><tr><td class=\"c x46b y3445 w5a0 h2c\"><div class=\"t m0 x8a h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">6 </div></td><td class=\"c x4c4 y3445 w13 h2c\"><div class=\"t m0 x8a h1f y32 ff4 fs7 fc1 sc0 ls44 ws0\">CCC<span class=\"ls0\"> </span></div></td><td class=\"c x5b8 y3445 w13 h2c\"><div class=\"t m0 x8a h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">CCC+ e inferior<span class=\"_ _1\"></span>i </div></td><td class=\"c x5d3 y3445 w468 h2c\"><div class=\"t m0 x8a h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">CCC+ e inferior<span class=\"_ _1\"></span>i </div></td><td class=\"c x4c9 y3445 w13 h2c\"><div class=\"t m0 x8a h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">Caa1 e inferiori </div></td></tr></table>A.2.2 <span class=\"_ _f\"></span>Consolida<span class=\"_ _f\"></span>to prude<span class=\"_ _1\"></span>nzia<span class=\"_ _1\"></span>le - D<span class=\"_ _f\"></span>istribuzi<span class=\"_ _1\"></span>one d<span class=\"_ _1\"></span>elle a<span class=\"_ _f\"></span>ttivit\u00e0 <span class=\"_ _f\"></span>finanzia<span class=\"_ _1\"></span>rie, d<span class=\"_ _1\"></span>egli i<span class=\"_ _1\"></span>mpeg<span class=\"_ _f\"></span>ni a eroga<span class=\"_ _f\"></span>re fondi<span class=\"_ _1\"></span> e dell<span class=\"_ _1\"></span>e gar<span class=\"_ _f\"></span>anzie finanzi<span class=\"_ _1\"></span>arie <span class=\"_ _f\"></span>rilascia<span class=\"_ _1\"></span>te pe<span class=\"_ _1\"></span>r cla<span class=\"_ _1\"></span>ssi di <span class=\"_ _1\"></span>rating <span class=\"_ _1\"></span>inter<span class=\"_ _f\"></span>ni (valor<span class=\"_ _1\"></span>i lordi<span class=\"_ _1\"></span>)<span class=\"_ _df\"> </span><table class=\"s wfff h57e\" id=\"_b6b7f0fc-0e4b-4a7b-9149-2a940827043a\"><tr><td class=\"c x46b y3446 w5a1 h1a7\"><div class=\"t m0 x8a h30 y8d7 ff4 fsb fc4 sc3 ls0 ws0\">Esposizio<span class=\"_ _1\"></span>ni<span class=\"fc1 sc0\"> </span></div></td><td></td><td></td><td></td><td></td><td class=\"c x83d y3447 w5a2 h27c\"><div class=\"t m0 x14d h30 y25 ff4 fsb fc4 sc3 ls0 ws0\">Classi di r<span class=\"_ _f\"></span>a<span class=\"_ _2\"></span>ting i<span class=\"_ _1\"></span>nterni<span class=\"fc1 sc0\"> </span></div></td><td></td><td></td><td></td><td class=\"c x9b9 y3448 w1000 h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">Senza<span class=\"_ _df\"> </span></div></td><td class=\"c x459 y3446 w2de h1a7\"><div class=\"t m0 x2a h30 y8d7 ff4 fsb fc4 sc3 ls0 ws0\">Totale<span class=\"fc1 sc0\"> </span></div></td></tr><tr><td></td><td class=\"c x83d y3446 w2af hc2\"><div class=\"t m0 xac h30 y892 ff4 fsb fc4 sc3 ls0 ws0\">Classe 1<span class=\"_ _1\"></span><span class=\"fc1 sc0\"> </span></div></td><td class=\"c x688 y3446 w163 hc2\"><div class=\"t m0 x8e h30 y892 ff4 fsb fc4 sc3 ls0 ws0\">Classe 2<span class=\"_ _1\"></span><span class=\"fc1 sc0\"> </span></div></td><td class=\"c x9ba y3446 w1dc hc2\"><div class=\"t m0 xac h30 y892 ff4 fsb fc4 sc3 ls0 ws0\">Classe 3<span class=\"fc1 sc0\"> </span></div></td><td class=\"c x91b y3446 w154 hc2\"><div class=\"t m0 xac h30 y892 ff4 fsb fc4 sc3 ls0 ws0\">Classe 4<span class=\"_ _1\"></span><span class=\"fc1 sc0\"> </span></div></td><td class=\"c x457 y3446 w3b7 hc2\"><div class=\"t m0 xac h30 y892 ff4 fsb fc4 sc3 ls0 ws0\">Classe 5<span class=\"fc1 sc0\"> </span></div></td><td class=\"c x9bb y3446 w1f1 hc2\"><div class=\"t m0 xab h30 y892 ff4 fsb fc4 sc3 ls0 ws0\">Classe 6<span class=\"fc1 sc0\"> </span></div></td><td class=\"c x9bc y3446 w169 hc2\"><div class=\"t m0 x8a h30 y892 ff4 fsb fc4 sc3 ls0 ws0\">Classe 7<span class=\"_ _f\"></span><span class=\"fc1 sc0\"> </span></div></td><td class=\"c x62a y3446 w32e hc2\"><div class=\"t m0 xab h30 yf81 ff4 fsb fc4 sc3 ls0 ws0\">Classe </div><div class=\"t m0 x55 h30 y28b ff4 fsb fc4 sc3 ls0 ws0\">8<span class=\"fc1 sc0\"> </span></div></td><td class=\"c x9bd y3449 w1001 h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">rating<span class=\"_ _df\"> </span></div></td><td></td></tr><tr><td class=\"c x262 y344a w1002 h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc1 sc2 ls0 ws0\">A. Attivit<span class=\"_ _1\"></span>\u00e0<span class=\"_ _df\"> </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 x262 y344b w1003 h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc1 sc2 ls0 ws0\">finanziari<span class=\"_ _1\"></span>e<span class=\"_ _df\"> </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 x262 y344c w1004 h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc1 sc2 ls0 ws0\">valutate<span class=\"_ _f\"></span> a<span class=\"_ _2\"></span>l<span class=\"_ _df\"> </span></div></td><td class=\"c x83d y344d w182 h1d4\"><div class=\"t m0 xab h30 y9e3 ff4 fsb fc1 sc2 ls0 ws0\">4.572.3<span class=\"_ _f\"></span>1<span class=\"_ _2\"></span>2<span class=\"sc0\"> </span></div></td><td class=\"c x688 y344d w473 h1d4\"><div class=\"t m0 xac h30 y9e3 ff4 fsb fc1 sc2 ls0 ws0\">14.279.913<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x9ba y344d w177 h1d4\"><div class=\"t m0 xab h30 y9e3 ff4 fsb fc1 sc2 ls0 ws0\">6.695.606<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x91b y344d w136 h1d4\"><div class=\"t m0 xab h30 y9e3 ff4 fsb fc1 sc2 ls0 ws0\">5.159.648<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x457 y344d w587 h1d4\"><div class=\"t m0 xab h30 y9e3 ff4 fsb fc1 sc2 ls0 ws0\">3.627.078<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x9bb y344d w318 h1d4\"><div class=\"t m0 x8e h30 y9e3 ff4 fsb fc1 sc2 ls0 ws0\">1.117.313<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x9bc y344d w16c h1d4\"><div class=\"t m0 x8a h30 y9e3 ff4 fsb fc1 sc2 ls0 ws0\">288.366<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x62a y344d w14a h1d4\"><div class=\"t m0 xab h30 y9e3 ff4 fsb fc1 sc2 ls0 ws0\">143.180<span class=\"sc0\"> </span></div></td><td class=\"c x45f y344d w2bf h1d4\"><div class=\"t m0 xac h30 y9e3 ff4 fsb fc1 sc2 ls0 ws0\">21.549.3<span class=\"_ _1\"></span>90<span class=\"sc0\"> </span></div></td><td class=\"c x459 y344d w2de h1d4\"><div class=\"t m0 xab h30 y9e3 ff4 fsb fc1 sc2 ls0 ws0\">57.432<span class=\"_ _1\"></span>.806<span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x262 y344e w1005 h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc1 sc2 ls0 ws0\">costo<span class=\"_ _df\"> </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 x262 y344f we8f h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc1 sc2 ls0 ws0\">ammorti<span class=\"_ _1\"></span>zzato<span class=\"_ _df\"> </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 x46b y3450 w5a1 hc8\"><div class=\"t m0 x8a h30 y3e4 ff4 fsb fc1 sc0 ls0 ws0\">- Primo stadio</div></td><td class=\"c x83d y3450 w182 hc8\"><div class=\"t m0 xab h30 y3e4 ff4 fsb fc1 sc0 ls0 ws0\">4.571.769 </div></td><td class=\"c x688 y3450 w473 hc8\"><div class=\"t m0 x8a h30 y3e4 ff4 fsb fc1 sc0 ls0 ws0\">14.262.990<span class=\"_ _2\"></span> </div></td><td class=\"c x9ba y3450 w177 hc8\"><div class=\"t m0 xab h30 y3e4 ff4 fsb fc1 sc0 ls0 ws0\">6.679.403 </div></td><td class=\"c x91b y3450 w136 hc8\"><div class=\"t m0 x8a h30 y3e4 ff4 fsb fc1 sc0 ls0 ws0\">4.239.455 </div></td><td class=\"c x457 y3450 w587 hc8\"><div class=\"t m0 x8a h30 y3e4 ff4 fsb fc1 sc0 ls0 ws0\">2.857.643 </div></td><td class=\"c x9bb y3450 w318 hc8\"><div class=\"t m0 xac h30 y3e4 ff4 fsb fc1 sc0 ls0 ws0\">599.434 </div></td><td class=\"c x9bc y3450 w16c hc8\"><div class=\"t m0 x8e h30 y3e4 ff4 fsb fc1 sc0 ls0 ws0\">87.988 </div></td><td class=\"c x62a y3450 w14a hc8\"><div class=\"t m0 x16a h30 y3e4 ff4 fsb fc1 sc0 ls0 ws0\">33.211 </div></td><td class=\"c x45f y3450 w2bf hc8\"><div class=\"t m0 x8a h30 y3e4 ff4 fsb fc1 sc0 ls0 ws0\">20.766.045<span class=\"_ _2\"></span> </div></td><td class=\"c x459 y3450 w2de hc8\"><div class=\"t m0 x8a h30 y3e4 ff4 fsb fc1 sc0 ls0 ws0\">54.097.938 </div></td></tr><tr><td class=\"c x262 y3451 w1006 h4aa\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">- Secondo<span class=\"_ _df\"> </span></div></td><td class=\"c x83d y3452 w182 h98\"><div class=\"t m0 x32 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">543 </div></td><td class=\"c x688 y3452 w473 h98\"><div class=\"t m0 x14 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">16.858 </div></td><td class=\"c x9ba y3452 w177 h98\"><div class=\"t m0 x14 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">13.314 </div></td><td class=\"c x91b y3452 w136 h98\"><div class=\"t m0 x116 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">917.606 </div></td><td class=\"c x457 y3452 w587 h98\"><div class=\"t m0 x16a h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">769.429 </div></td><td class=\"c x9bb y3452 w318 h98\"><div class=\"t m0 x2f h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">517.685 </div></td><td class=\"c x9bc y3452 w16c h98\"><div class=\"t m0 xab h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">199.660 </div></td><td class=\"c x62a y3452 w14a h98\"><div class=\"t m0 x8a h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">109.932 </div></td><td class=\"c x45f y3452 w2bf h98\"><div class=\"t m0 x55 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">168.623 </div></td><td class=\"c x459 y3452 w2de h98\"><div class=\"t m0 x2f h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">2.713.650 </div></td></tr><tr><td class=\"c x262 y3453 w9ba h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">stadio<span class=\"_ _df\"> </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 x46b y3454 w5a1 hc8\"><div class=\"t m0 x8a h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- Terzo stadio<span class=\"_ _df\"> </span></div></td><td class=\"c x83d y3454 w182 hc8\"><div class=\"t m0 x38 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x688 y3454 w473 hc8\"><div class=\"t m0 x15 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9ba y3454 w177 hc8\"><div class=\"t m0 x30 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x91b y3454 w136 hc8\"><div class=\"t m0 x31 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x457 y3454 w587 hc8\"><div class=\"t m0 x31 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9bb y3454 w318 hc8\"><div class=\"t m0 x97 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9bc y3454 w16c hc8\"><div class=\"t m0 x26 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x62a y3454 w14a hc8\"><div class=\"t m0 x27 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x45f y3454 w2bf hc8\"><div class=\"t m0 x2e h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">606.398 </div></td><td class=\"c x459 y3454 w2de hc8\"><div class=\"t m0 x2e h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">606.398 </div></td></tr><tr><td class=\"c x262 y3455 w1007 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">- Impaired<span class=\"_ _df\"> </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 x262 y3456 w1008 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">acquisite o<span class=\"_ _df\"> </span></div></td><td class=\"c x83d y3457 w182 h136\"><div class=\"t m0 x38 h30 y9bd ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x688 y3457 w473 h136\"><div class=\"t m0 x97 h30 y9bd ff4 fsb fc1 sc0 ls53 ws0\">65</div></td><td class=\"c x9ba y3457 w177 h136\"><div class=\"t m0 x14 h30 y9bd ff4 fsb fc1 sc0 ls0 ws0\">2.889 </div></td><td class=\"c x91b y3457 w136 h136\"><div class=\"t m0 x14 h30 y9bd ff4 fsb fc1 sc0 ls0 ws0\">2.587 </div></td><td class=\"c x457 y3457 w587 h136\"><div class=\"t m0 x38 h30 y9bd ff4 fsb fc1 sc0 ls0 ws0\">6 </div></td><td class=\"c x9bb y3457 w318 h136\"><div class=\"t m0 x32 h30 y9bd ff4 fsb fc1 sc0 ls0 ws0\">194 </div></td><td class=\"c x9bc y3457 w16c h136\"><div class=\"t m0 x33 h30 y9bd ff4 fsb fc1 sc0 ls0 ws0\">718 </div></td><td class=\"c x62a y3457 w14a h136\"><div class=\"t m0 x33 h30 y9bd ff4 fsb fc1 sc0 ls5c ws0\">37<span class=\"ls0\"> </span></div></td><td class=\"c x45f y3457 w2bf h136\"><div class=\"t m0 x32 h30 y9bd ff4 fsb fc1 sc0 ls0 ws0\">8.324 </div></td><td class=\"c x459 y3457 w2de h136\"><div class=\"t m0 x48 h30 y9bd ff4 fsb fc1 sc0 ls0 ws0\">14.820 </div></td></tr><tr><td class=\"c x262 y3458 w9bd h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">originate<span class=\"_ _df\"> </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 x262 y3459 w1009 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc2 ls0 ws0\">B. Attivit<span class=\"_ _f\"></span>\u00e0<span class=\"_ _df\"> </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 x262 y345a w1003 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc2 ls0 ws0\">finanziari<span class=\"_ _1\"></span>e<span class=\"_ _df\"> </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 x262 y345b w100a h509\"><div class=\"t m0 x250 h30 y2ba3 ff4 fsb fc1 sc2 ls0 ws0\">valutate<span class=\"_ _f\"></span> a<span class=\"_ _2\"></span>l fair<span class=\"_ _df\"> </span></div><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc2 ls0 ws0\">value co<span class=\"_ _f\"></span>n<span class=\"_ _df\"> </span></div></td><td class=\"c x83d y345c w182 h11a\"><div class=\"t m0 x38 h30 y9d4 ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x688 y345c w473 h11a\"><div class=\"t m0 x15 h30 y9d4 ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x9ba y345c w177 h11a\"><div class=\"t m0 x30 h30 y9d4 ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x91b y345c w136 h11a\"><div class=\"t m0 x31 h30 y9d4 ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x457 y345c w587 h11a\"><div class=\"t m0 x31 h30 y9d4 ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x9bb y345c w318 h11a\"><div class=\"t m0 x97 h30 y9d4 ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x9bc y345c w16c h11a\"><div class=\"t m0 x26 h30 y9d4 ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x62a y345c w14a h11a\"><div class=\"t m0 x2e h30 y9d4 ff4 fsb fc1 sc2 ls0 ws0\">1.478<span class=\"sc0\"> </span></div></td><td class=\"c x45f y345c w2bf h11a\"><div class=\"t m0 x2e h30 y9d4 ff4 fsb fc1 sc2 ls0 ws0\">5.115.818<span class=\"sc0\"> </span></div></td><td class=\"c x459 y345c w2de h11a\"><div class=\"t m0 x2a h30 y9d4 ff4 fsb fc1 sc2 ls0 ws0\">5.117.296<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x262 y345d w100b h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc2 ls0 ws0\">impatto<span class=\"_ _1\"></span> sulla<span class=\"_ _df\"> </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 x262 y345e w100c h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc2 ls0 ws0\">redditivit<span class=\"_ _1\"></span>\u00e0<span class=\"_ _df\"> </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 x262 y345f we36 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc2 ls0 ws0\">comples<span class=\"_ _1\"></span>siva<span class=\"_ _df\"> </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 x46b y3460 w5a1 hc8\"><div class=\"t m0 x8a h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- Primo stadio<span class=\"_ _df\"> </span></div></td><td class=\"c x83d y3460 w182 hc8\"><div class=\"t m0 x38 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x688 y3460 w473 hc8\"><div class=\"t m0 x15 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9ba y3460 w177 hc8\"><div class=\"t m0 x30 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x91b y3460 w136 hc8\"><div class=\"t m0 x31 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x457 y3460 w587 hc8\"><div class=\"t m0 x31 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9bb y3460 w318 hc8\"><div class=\"t m0 x97 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9bc y3460 w16c hc8\"><div class=\"t m0 x26 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x62a y3460 w14a hc8\"><div class=\"t m0 x2a h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">1.478 </div></td><td class=\"c x45f y3460 w2bf hc8\"><div class=\"t m0 x2a h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">5.115.818 </div></td><td class=\"c x459 y3460 w2de hc8\"><div class=\"t m0 x116 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">5.117.296 </div></td></tr><tr><td class=\"c x262 y3461 w1006 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">- Secondo<span class=\"_ _df\"> </span></div></td><td class=\"c x83d y3462 w182 h98\"><div class=\"t m0 x38 h30 y27 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x688 y3462 w473 h98\"><div class=\"t m0 x15 h30 y27 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9ba y3462 w177 h98\"><div class=\"t m0 x30 h30 y27 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x91b y3462 w136 h98\"><div class=\"t m0 x31 h30 y27 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x457 y3462 w587 h98\"><div class=\"t m0 x31 h30 y27 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9bb y3462 w318 h98\"><div class=\"t m0 x97 h30 y27 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9bc y3462 w16c h98\"><div class=\"t m0 x26 h30 y27 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x62a y3462 w14a h98\"><div class=\"t m0 x27 h30 y27 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x45f y3462 w2bf h98\"><div class=\"t m0 x8f h30 y27 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x459 y3462 w2de h98\"><div class=\"t m0 x36 h30 y27 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x262 y3463 w9ba h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">stadio<span class=\"_ _df\"> </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 x46b y3464 w5a1 hc8\"><div class=\"t m0 x8a h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- Terzo stadio<span class=\"_ _df\"> </span></div></td><td class=\"c x83d y3464 w182 hc8\"><div class=\"t m0 x38 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x688 y3464 w473 hc8\"><div class=\"t m0 x15 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9ba y3464 w177 hc8\"><div class=\"t m0 x30 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x91b y3464 w136 hc8\"><div class=\"t m0 x31 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x457 y3464 w587 hc8\"><div class=\"t m0 x31 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9bb y3464 w318 hc8\"><div class=\"t m0 x97 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9bc y3464 w16c hc8\"><div class=\"t m0 x26 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x62a y3464 w14a hc8\"><div class=\"t m0 x27 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x45f y3464 w2bf hc8\"><div class=\"t m0 x8f h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x459 y3464 w2de hc8\"><div class=\"t m0 x36 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x262 y3465 w1007 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">- Impaired<span class=\"_ _df\"> </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 x262 y3466 w1008 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">acquisite o<span class=\"_ _df\"> </span></div></td><td class=\"c x83d y3467 w182 h136\"><div class=\"t m0 x38 h30 y9bd ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x688 y3467 w473 h136\"><div class=\"t m0 x15 h30 y9bd ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9ba y3467 w177 h136\"><div class=\"t m0 x30 h30 y9bd ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x91b y3467 w136 h136\"><div class=\"t m0 x31 h30 y9bd ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x457 y3467 w587 h136\"><div class=\"t m0 x31 h30 y9bd ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9bb y3467 w318 h136\"><div class=\"t m0 x97 h30 y9bd ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9bc y3467 w16c h136\"><div class=\"t m0 x26 h30 y9bd ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x62a y3467 w14a h136\"><div class=\"t m0 x27 h30 y9bd ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x45f y3467 w2bf h136\"><div class=\"t m0 x8f h30 y9bd ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x459 y3467 w2de h136\"><div class=\"t m0 x36 h30 y9bd ff4 fsb fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x262 y3468 w9bd h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">originate<span class=\"_ _df\"> </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 x262 y3469 w100d h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc2 ls0 ws0\">C. Attivit<span class=\"_ _1\"></span>\u00e0<span class=\"_ _df\"> </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 x262 y346a wab1 h509\"><div class=\"t m0 x250 h30 y2ba3 ff4 fsb fc1 sc2 ls0 ws0\">finanziari<span class=\"_ _1\"></span>e in<span class=\"_ _df\"> </span></div><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc2 ls0 ws0\">corso di<span class=\"_ _df\"> </span></div></td><td class=\"c x83d y346b w182 h17e\"><div class=\"t m0 x38 h30 y50 ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x688 y346b w473 h17e\"><div class=\"t m0 x15 h30 y50 ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x9ba y346b w177 h17e\"><div class=\"t m0 x30 h30 y50 ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x91b y346b w136 h17e\"><div class=\"t m0 x31 h30 y50 ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x457 y346b w587 h17e\"><div class=\"t m0 x31 h30 y50 ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x9bb y346b w318 h17e\"><div class=\"t m0 x97 h30 y50 ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x9bc y346b w16c h17e\"><div class=\"t m0 x26 h30 y50 ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x62a y346b w14a h17e\"><div class=\"t m0 x27 h30 y50 ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x45f y346b w2bf h17e\"><div class=\"t m0 x8f h30 y50 ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x459 y346b w2de h17e\"><div class=\"t m0 x36 h30 y50 ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x262 y346c w100e h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc2 ls0 ws0\">dismissi<span class=\"_ _1\"></span>one<span class=\"_ _df\"> </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 x46b y346d w5a1 hc8\"><div class=\"t m0 x8a h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- Primo stadio<span class=\"_ _df\"> </span></div></td><td class=\"c x83d y346d w182 hc8\"><div class=\"t m0 x38 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x688 y346d w473 hc8\"><div class=\"t m0 x15 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9ba y346d w177 hc8\"><div class=\"t m0 x30 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x91b y346d w136 hc8\"><div class=\"t m0 x31 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x457 y346d w587 hc8\"><div class=\"t m0 x31 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9bb y346d w318 hc8\"><div class=\"t m0 x97 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9bc y346d w16c hc8\"><div class=\"t m0 x26 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x62a y346d w14a hc8\"><div class=\"t m0 x27 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x45f y346d w2bf hc8\"><div class=\"t m0 x8f h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x459 y346d w2de hc8\"><div class=\"t m0 x36 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x262 y346e w1006 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">- Secondo<span class=\"_ _df\"> </span></div></td><td class=\"c x83d y346f w182 h12\"><div class=\"t m0 x38 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x688 y346f w473 h12\"><div class=\"t m0 x15 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9ba y346f w177 h12\"><div class=\"t m0 x30 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x91b y346f w136 h12\"><div class=\"t m0 x31 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x457 y346f w587 h12\"><div class=\"t m0 x31 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9bb y346f w318 h12\"><div class=\"t m0 x97 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9bc y346f w16c h12\"><div class=\"t m0 x26 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x62a y346f w14a h12\"><div class=\"t m0 x27 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x45f y346f w2bf h12\"><div class=\"t m0 x8f h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x459 y346f w2de h12\"><div class=\"t m0 x36 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x262 y3470 w9ba h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">stadio<span class=\"_ _df\"> </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 x46b y3471 w5a1 hc8\"><div class=\"t m0 x8a h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- Terzo stadio<span class=\"_ _df\"> </span></div></td><td class=\"c x83d y3471 w182 hc8\"><div class=\"t m0 x38 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x688 y3471 w473 hc8\"><div class=\"t m0 x15 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9ba y3471 w177 hc8\"><div class=\"t m0 x30 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x91b y3471 w136 hc8\"><div class=\"t m0 x31 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x457 y3471 w587 hc8\"><div class=\"t m0 x31 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9bb y3471 w318 hc8\"><div class=\"t m0 x97 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9bc y3471 w16c hc8\"><div class=\"t m0 x26 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x62a y3471 w14a hc8\"><div class=\"t m0 x27 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x45f y3471 w2bf hc8\"><div class=\"t m0 x8f h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x459 y3471 w2de hc8\"><div class=\"t m0 x36 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x262 y3472 w1007 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">- Impaired<span class=\"_ _df\"> </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 x262 y3473 w1008 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">acquisite o<span class=\"_ _df\"> </span></div></td><td class=\"c x83d y3474 w182 h17f\"><div class=\"t m0 x38 h30 y589 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x688 y3474 w473 h17f\"><div class=\"t m0 x15 h30 y589 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9ba y3474 w177 h17f\"><div class=\"t m0 x30 h30 y589 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x91b y3474 w136 h17f\"><div class=\"t m0 x31 h30 y589 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x457 y3474 w587 h17f\"><div class=\"t m0 x31 h30 y589 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9bb y3474 w318 h17f\"><div class=\"t m0 x97 h30 y589 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9bc y3474 w16c h17f\"><div class=\"t m0 x26 h30 y589 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x62a y3474 w14a h17f\"><div class=\"t m0 x27 h30 y589 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x45f y3474 w2bf h17f\"><div class=\"t m0 x8f h30 y589 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x459 y3474 w2de h17f\"><div class=\"t m0 x36 h30 y589 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x262 y3475 w9bd h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">originate<span class=\"_ _df\"> </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 x262 y3476 w100f h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc2 ls0 ws0\">Totale<span class=\"_ _df\"> </span></div></td><td class=\"c x83d y3477 w182 h12\"><div class=\"t m0 xab h30 y295 ff4 fsb fc1 sc2 ls0 ws0\">4.572.3<span class=\"_ _f\"></span>1<span class=\"_ _2\"></span>2<span class=\"sc0\"> </span></div></td><td class=\"c x688 y3477 w473 h12\"><div class=\"t m0 xac h30 y295 ff4 fsb fc1 sc2 ls0 ws0\">14.279.913<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x9ba y3477 w177 h12\"><div class=\"t m0 xab h30 y295 ff4 fsb fc1 sc2 ls0 ws0\">6.695.606<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x91b y3477 w136 h12\"><div class=\"t m0 xab h30 y295 ff4 fsb fc1 sc2 ls0 ws0\">5.159.648<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x457 y3477 w587 h12\"><div class=\"t m0 xab h30 y295 ff4 fsb fc1 sc2 ls0 ws0\">3.627.078<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x9bb y3477 w318 h12\"><div class=\"t m0 x8e h30 y295 ff4 fsb fc1 sc2 ls0 ws0\">1.117.313<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x9bc y3477 w16c h12\"><div class=\"t m0 x8a h30 y295 ff4 fsb fc1 sc2 ls0 ws0\">288.366<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x62a y3477 w14a h12\"><div class=\"t m0 x8a h30 y295 ff4 fsb fc1 sc2 ls0 ws0\">144.658<span class=\"sc0\"> </span></div></td><td class=\"c x45f y3477 w2bf h12\"><div class=\"t m0 xab h30 y295 ff4 fsb fc1 sc2 ls0 ws0\">26.665.2<span class=\"_ _1\"></span>08<span class=\"sc0\"> </span></div></td><td class=\"c x459 y3477 w2de h12\"><div class=\"t m0 xac h30 y295 ff4 fsb fc1 sc2 ls0 ws0\">62.550<span class=\"ls5e\">.102</span><span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x262 y331e w1010 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc2 ls0 ws0\">(A+B+C)<span class=\"_ _df\"> </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 x262 y3478 w1011 h509\"><div class=\"t m0 x250 h30 y2ba3 ff4 fsb fc1 sc2 ls0 ws0\">D. Impe<span class=\"_ _f\"></span>gni a<span class=\"_ _df\"> </span></div><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc2 ls0 ws0\">erogare<span class=\"_ _1\"></span> fondi<span class=\"_ _df\"> </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 x262 y3479 w1012 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc2 ls0 ws0\">e garanzi<span class=\"_ _1\"></span>e<span class=\"_ _df\"> </span></div></td><td class=\"c x83d y347a w182 h316\"><div class=\"t m0 xab h30 ya07 ff4 fsb fc1 sc2 ls0 ws0\">4.979.801<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x688 y347a w473 h316\"><div class=\"t m0 xac h30 ya07 ff4 fsb fc1 sc2 ls0 ws0\">3.907.862<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x9ba y347a w177 h316\"><div class=\"t m0 xac h30 ya07 ff4 fsb fc1 sc2 ls0 ws0\">2.071.2<span class=\"_ _1\"></span>99<span class=\"sc0\"> </span></div></td><td class=\"c x91b y347a w136 h316\"><div class=\"t m0 x16a h30 ya07 ff4 fsb fc1 sc2 ls0 ws0\">962.097<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x457 y347a w587 h316\"><div class=\"t m0 x16a h30 ya07 ff4 fsb fc1 sc2 ls0 ws0\">507.434<span class=\"sc0\"> </span></div></td><td class=\"c x9bb y347a w318 h316\"><div class=\"t m0 x8e h30 ya07 ff4 fsb fc1 sc2 ls0 ws0\">276.628<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x9bc y347a w16c h316\"><div class=\"t m0 x2f h30 ya07 ff4 fsb fc1 sc2 ls0 ws0\">26.394<span class=\"sc0\"> </span></div></td><td class=\"c x62a y347a w14a h316\"><div class=\"t m0 x116 h30 ya07 ff4 fsb fc1 sc2 ls0 ws0\">11.881<span class=\"sc0\"> </span></div></td><td class=\"c x45f y347a w2bf h316\"><div class=\"t m0 x2f h30 ya07 ff4 fsb fc1 sc2 ls0 ws0\">2.233<span class=\"_ _1\"></span>.930<span class=\"sc0\"> </span></div></td><td class=\"c x459 y347a w2de h316\"><div class=\"t m0 xac h30 ya07 ff4 fsb fc1 sc0 ls0 ws0\">14.977.326 </div></td></tr><tr><td class=\"c x262 y347b w1003 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc2 ls0 ws0\">finanziari<span class=\"_ _1\"></span>e<span class=\"_ _df\"> </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 x262 y347c w1013 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc2 ls0 ws0\">rilasciate<span class=\"_ _df\"> </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 x46b y347d w5a1 hc8\"><div class=\"t m0 x8a h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- Primo stadio</div></td><td class=\"c x83d y347d w182 hc8\"><div class=\"t m0 xab h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">4.979.315 </div></td><td class=\"c x688 y347d w473 hc8\"><div class=\"t m0 xab h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">3.906.580 </div></td><td class=\"c x9ba y347d w177 hc8\"><div class=\"t m0 x8a h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">2.068.080 </div></td><td class=\"c x91b y347d w136 hc8\"><div class=\"t m0 x116 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">716.939 </div></td><td class=\"c x457 y347d w587 hc8\"><div class=\"t m0 x2e h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">322.711 </div></td><td class=\"c x9bb y347d w318 hc8\"><div class=\"t m0 x2f h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">119.508 </div></td><td class=\"c x9bc y347d w16c hc8\"><div class=\"t m0 x2a h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">11.947 </div></td><td class=\"c x62a y347d w14a hc8\"><div class=\"t m0 x2a h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">1.836 </div></td><td class=\"c x45f y347d w2bf hc8\"><div class=\"t m0 x8e h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">2.096.998 </div></td><td class=\"c x459 y347d w2de hc8\"><div class=\"t m0 xac h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">14.223.914 </div></td></tr><tr><td class=\"c x262 y347e w1006 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">- Secondo<span class=\"_ _df\"> </span></div></td><td class=\"c x83d y347f w182 h12\"><div class=\"t m0 x32 h30 y295 ff4 fsb fc1 sc0 ls54 ws0\">486<span class=\"ls0\"> </span></div></td><td class=\"c x688 y347f w473 h12\"><div class=\"t m0 x32 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">1.282 </div></td><td class=\"c x9ba y347f w177 h12\"><div class=\"t m0 x33 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">3.219 </div></td><td class=\"c x91b y347f w136 h12\"><div class=\"t m0 x116 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">245.158 </div></td><td class=\"c x457 y347f w587 h12\"><div class=\"t m0 x116 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">184.596 </div></td><td class=\"c x9bb y347f w318 h12\"><div class=\"t m0 x16a h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">157.120 </div></td><td class=\"c x9bc y347f w16c h12\"><div class=\"t m0 x16a h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">14.447 </div></td><td class=\"c x62a y347f w14a h12\"><div class=\"t m0 x8e h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">10.045 </div></td><td class=\"c x45f y347f w2bf h12\"><div class=\"t m0 x14 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">92.998 </div></td><td class=\"c x459 y347f w2de h12\"><div class=\"t m0 x55 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">709.351 </div></td></tr><tr><td class=\"c x262 y3480 w9ba h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">stadio<span class=\"_ _df\"> </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 x46b y3481 w5a1 hc8\"><div class=\"t m0 x8a h30 y3e4 ff4 fsb fc1 sc0 ls0 ws0\">- Terzo stadio<span class=\"_ _df\"> </span></div></td><td class=\"c x83d y3481 w182 hc8\"><div class=\"t m0 x38 h30 y3e4 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x688 y3481 w473 hc8\"><div class=\"t m0 x15 h30 y3e4 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9ba y3481 w177 hc8\"><div class=\"t m0 x30 h30 y3e4 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x91b y3481 w136 hc8\"><div class=\"t m0 x31 h30 y3e4 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x457 y3481 w587 hc8\"><div class=\"t m0 x31 h30 y3e4 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9bb y3481 w318 hc8\"><div class=\"t m0 x97 h30 y3e4 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9bc y3481 w16c hc8\"><div class=\"t m0 x26 h30 y3e4 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x62a y3481 w14a hc8\"><div class=\"t m0 x27 h30 y3e4 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x45f y3481 w2bf hc8\"><div class=\"t m0 x14 h30 y3e4 ff4 fsb fc1 sc0 ls0 ws0\">42.960 </div></td><td class=\"c x459 y3481 w2de hc8\"><div class=\"t m0 x14 h30 y3e4 ff4 fsb fc1 sc0 ls0 ws0\">42.960 </div></td></tr><tr><td class=\"c x262 y3482 w1007 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">- Impaired<span class=\"_ _df\"> </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 x262 y30e4 w1014 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">acquisiti/e o<span class=\"_ _df\"> </span></div></td><td class=\"c x83d y3483 w182 h136\"><div class=\"t m0 x38 h30 y589 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x688 y3483 w473 h136\"><div class=\"t m0 x15 h30 y589 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9ba y3483 w177 h136\"><div class=\"t m0 x30 h30 y589 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x91b y3483 w136 h136\"><div class=\"t m0 x31 h30 y589 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x457 y3483 w587 h136\"><div class=\"t m0 x27 h30 y589 ff4 fsb fc1 sc0 ls0 ws0\">127 </div></td><td class=\"c x9bb y3483 w318 h136\"><div class=\"t m0 x97 h30 y589 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9bc y3483 w16c h136\"><div class=\"t m0 x26 h30 y589 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x62a y3483 w14a h136\"><div class=\"t m0 x27 h30 y589 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x45f y3483 w2bf h136\"><div class=\"t m0 x34 h30 y589 ff4 fsb fc1 sc0 ls0 ws0\">974 </div></td><td class=\"c x459 y3483 w2de h136\"><div class=\"t m0 x27 h30 y589 ff4 fsb fc1 sc0 ls52 ws0\">1.101<span class=\"ls0\"> </span></div></td></tr><tr><td class=\"c x262 y3484 w1015 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">originati/e<span class=\"_ _df\"> </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 x46b y3485 w5a1 hc8\"><div class=\"t m0 x33 h30 y3e4 ff4 fsb fc1 sc2 ls0 ws0\">Totale<span class=\"_ _1\"></span> (D)<span class=\"sc0\"> </span></div></td><td class=\"c x83d y3485 w182 hc8\"><div class=\"t m0 xab h30 y3e4 ff4 fsb fc1 sc2 ls0 ws0\">4.979.801<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x688 y3485 w473 hc8\"><div class=\"t m0 xac h30 y3e4 ff4 fsb fc1 sc2 ls0 ws0\">3.907.862<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x9ba y3485 w177 hc8\"><div class=\"t m0 xac h30 y3e4 ff4 fsb fc1 sc2 ls0 ws0\">2.071.2<span class=\"_ _1\"></span>99<span class=\"sc0\"> </span></div></td><td class=\"c x91b y3485 w136 hc8\"><div class=\"t m0 x16a h30 y3e4 ff4 fsb fc1 sc2 ls0 ws0\">962.097<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x457 y3485 w587 hc8\"><div class=\"t m0 x16a h30 y3e4 ff4 fsb fc1 sc2 ls6d ws0\">50<span class=\"ls0\">7.434</span><span class=\"ls0\"><span class=\"sc0\"> </span></span></div></td><td class=\"c x9bb y3485 w318 hc8\"><div class=\"t m0 x8e h30 y3e4 ff4 fsb fc1 sc2 ls0 ws0\">276.628<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x9bc y3485 w16c hc8\"><div class=\"t m0 x2f h30 y3e4 ff4 fsb fc1 sc2 ls0 ws0\">26.394<span class=\"sc0\"> </span></div></td><td class=\"c x62a y3485 w14a hc8\"><div class=\"t m0 x116 h30 y3e4 ff4 fsb fc1 sc2 ls0 ws0\">11.881<span class=\"sc0\"> </span></div></td><td class=\"c x45f y3485 w2bf hc8\"><div class=\"t m0 x2f h30 y3e4 ff4 fsb fc1 sc2 ls0 ws0\">2.233<span class=\"_ _1\"></span>.930<span class=\"sc0\"> </span></div></td><td class=\"c x459 y3485 w2de hc8\"><div class=\"t m0 xac h30 y3e4 ff4 fsb fc1 sc2 ls0 ws0\">14.977.32<span class=\"_ _1\"></span>6<span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x9be y3486 w100f h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc2 ls0 ws0\">Totale<span class=\"_ _df\"> </span></div></td><td class=\"c x83d y3487 w182 h98\"><div class=\"t m0 xac h30 y27 ff4 fsb fc1 sc2 ls0 ws0\">9.552.113<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x688 y3487 w473 h98\"><div class=\"t m0 xac h30 y27 ff4 fsb fc1 sc2 ls0 ws0\">18.187.7<span class=\"_ _1\"></span>75<span class=\"sc0\"> </span></div></td><td class=\"c x9ba y3487 w177 h98\"><div class=\"t m0 xab h30 y27 ff4 fsb fc1 sc2 ls0 ws0\">8.766.905<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x91b y3487 w136 h98\"><div class=\"t m0 x8e h30 y27 ff4 fsb fc1 sc2 ls0 ws0\">6.121.745<span class=\"sc0\"> </span></div></td><td class=\"c x457 y3487 w587 h98\"><div class=\"t m0 xac h30 y27 ff4 fsb fc1 sc2 ls0 ws0\">4.134.512<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x9bb y3487 w318 h98\"><div class=\"t m0 xab h30 y27 ff4 fsb fc1 sc2 ls0 ws0\">1.393.941<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x9bc y3487 w16c h98\"><div class=\"t m0 xac h30 y27 ff4 fsb fc1 sc2 ls0 ws0\">314.760<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x62a y3487 w14a h98\"><div class=\"t m0 xab h30 y27 ff4 fsb fc1 sc2 ls0 ws0\">156.539<span class=\"sc0\"> </span></div></td><td class=\"c x45f y3487 w2bf h98\"><div class=\"t m0 xab h30 y27 ff4 fsb fc1 sc2 ls0 ws0\">28.899.13<span class=\"_ _1\"></span>8<span class=\"sc0\"> </span></div></td><td class=\"c x459 y3487 w2de h98\"><div class=\"t m0 xab h30 y27 ff4 fsb fc1 sc2 ls0 ws0\">77.527<span class=\"_ _1\"></span>.428<span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x5ca y2491 w1010 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc2 ls0 ws0\">(A+B+C)<span class=\"_ _df\"> </span></div></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=\"_ _2\"></span>2 <span class=\"_ _2\"></span>ot<span class=\"_ _2\"></span>tobre <span class=\"_ _2\"></span>2015 <span class=\"_ _d\"></span>la <span class=\"_ _2\"></span>Banca <span class=\"_ _d\"></span>d\u2019Italia <span class=\"_ _2\"></span>ha <span class=\"_ _2\"></span>autor<span class=\"_ _2\"></span>izzato <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>Gr<span class=\"_ _2\"></span>uppo <span class=\"_ _2\"></span>Credem <span class=\"_ _2\"></span>ad <span class=\"_ _2\"></span>utilizz<span class=\"_ _2\"></span><span class=\"ff4\">are <span class=\"_ _d\"></span>dal <span class=\"_ _2\"></span>30 <span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>ettembre </span>2015 <span class=\"_ _4\"> </span>il <span class=\"_ _4\"> </span>metodo <span class=\"_ _4\"> </span>IRB <span class=\"_ _22\"> </span>Advanced <span class=\"_ _4\"> </span>(parametr<span class=\"_ _2\"></span>i <span class=\"_ _4\"> </span>PD, <span class=\"_ _22\"> </span>LGD, <span class=\"_ _4\"> </span>EAD) <span class=\"_ _4\"> </span>per <span class=\"_ _4\"> </span>la <span class=\"_ _4\"> </span>quantificazione <span class=\"_ _4\"> </span>del <span class=\"_ _4\"> </span>requisito patrimoniale  a  fronte  de<span class=\"_ _1\"></span>l  rischio  di  credito  dei  cl<span class=\"_ _1\"></span>ienti  rientranti  nella  funzione  reg<span class=\"_ _1\"></span>olamentare Corporate e Retail di Credito Emili<span class=\"_ _1\"></span>ano e Credemleasing. Le classi di <span class=\"_ _2\"></span>rating interni <span class=\"_ _2\"></span>vengono espost<span class=\"_ _2\"></span>e in quanto utilizzati <span class=\"_ _2\"></span>nella gestione d<span class=\"_ _2\"></span>el rischio di <span class=\"_ _2\"></span>credito; nel <span class=\"_ _d\"></span>calcolo <span class=\"_ _d\"></span>dei <span class=\"_ _d\"></span>requisiti <span class=\"_ _d\"></span>prudenziali <span class=\"_ _d\"></span>sono <span class=\"_ _d\"></span>utilizzati <span class=\"_ _d\"></span>solo <span class=\"_ _0\"></span>quell<span class=\"_ _1\"></span>i <span class=\"_ _d\"></span>relativi <span class=\"_ _d\"></span>alla <span class=\"_ _d\"></span>funzione <span class=\"_ _d\"></span>regolamentare Corporate e Retail. Si fornisce il de<span class=\"_ _1\"></span>ttag<span class=\"_ _2\"></span>lio delle varie<span class=\"_ _1\"></span> classi di rating utilizzate.<div class=\"c w192 h1c gs1162\"><div class=\"t m0 x10 h5 y40 ff4 fs1 fc1 sc0 lsc3 ws0\">C1<span class=\"_ _df\"> </span><span class=\"ls0\"> </span></div></div><div class=\"c w5a3 h1c gs1163\"><div class=\"t m0 xac h5 y40 ff4 fs1 fc1 sc0 ls0 ws0\">assenti problematiche di rischio sia al momento che, p<span class=\"_ _1\"></span>revedibilm<span class=\"_ _df\"> </span>ente, nel medio/lungo periodo<span class=\"_ _2\"></span> </div></div><div class=\"c w192 h1d gs1164\"><div class=\"t m0 x10 h5 y45 ff4 fs1 fc1 sc0 lsc3 ws0\">C2<span class=\"_ _df\"> </span><span class=\"ls0\"> </span></div></div><div class=\"c w5a3 h1d gs1165\"><div class=\"t m0 xac h5 y45 ff4 fs1 fc1 sc0 ls0 ws0\">assenti problematiche di rischio sia al momento che, p<span class=\"_ _1\"></span>revedibilm<span class=\"_ _df\"> </span>ente, nel medio periodo<span class=\"_ _2\"></span> </div></div><div class=\"c w192 h24 gs1166\"><div class=\"t m0 x10 h5 y40 ff4 fs1 fc1 sc0 lsc3 ws0\">C3<span class=\"_ _df\"> </span><span class=\"ls0\"> </span></div></div><div class=\"c w5a3 h24 gs1167\"><div class=\"t m0 xac h5 y40 ff4 fs1 fc1 sc0 ls0 ws0\">assenti problematiche di rischio sia al momento che, prev<span class=\"_ _1\"></span>edibilm<span class=\"_ _df\"> </span>ente, nel breve periodo<span class=\"_ _2\"></span> </div></div><div class=\"c w192 h4e gs1168\"><div class=\"t m0 x10 h5 y25c ff4 fs1 fc1 sc0 lsc3 ws0\">C4<span class=\"_ _df\"> </span><span class=\"ls0\"> </span></div></div><div class=\"c w5a3 h4e gs1169\"><div class=\"t m0 xac h5 y25c ff4 fs1 fc1 sc0 ls0 ws0\">rischio compatibile con possibilit\u00e0 di sua attenuazi<span class=\"_ _1\"></span>one/lieve peggi<span class=\"_ _df\"> </span>oramento nel breve<span class=\"_ _2\"></span> </div></div><div class=\"c w192 h1a2 gs116a\"><div class=\"t m0 x10 h5 y5b ff4 fs1 fc1 sc0 lsc3 ws0\">C5<span class=\"ls0\"> </span></div></div><div class=\"c w5a3 h1a2 gs116b\"><div class=\"t m0 x10 h5 y5b ff4 fs1 fc1 sc0 ls49 ws0\">  <span class=\"ls0\">situazione di rischio con sintomi<span class=\"_ _1\"></span> di peggioramento gi\u00e0 evidenti<span class=\"_ _df\"> </span></span><span class=\"ls0\"><span class=\"_ _2\"></span> </span></div></div><div class=\"c w192 h1a2 gs116c\"><div class=\"t m0 x10 h5 y5b ff4 fs1 fc1 sc0 lsc3 ws0\">C6<span class=\"_ _df\"> </span><span class=\"ls0\"> </span></div></div><div class=\"c w5a3 h1a2 gs116d\"><div class=\"t m0 xac h5 y2e7 ff4 fs1 fc1 sc0 ls0 ws0\">situazione che evidenzia aspetti di ev<span class=\"_ _1\"></span>idente problematicit\u00e0<span class=\"_ _df\"> </span><span class=\"_ _2\"></span> </div></div><div class=\"c w192 h1b9 gs116e\"><div class=\"t m0 x10 h5 y302 ff4 fs1 fc1 sc0 lsc3 ws0\">C7<span class=\"_ _df\"> </span><span class=\"ls0\"> </span></div></div><div class=\"c w5a3 h1b9 gs116f\"><div class=\"t m0 xac h5 y61e ff4 fs1 fc1 sc0 ls0 ws0\">situazione di marcata problematicit\u00e0, potenzi<span class=\"_ _1\"></span>ale rischio di default<span class=\"_ _df\"> </span><span class=\"_ _2\"></span> </div></div><div class=\"c w192 h1a2 gs1170\"><div class=\"t m0 x10 h5 y5b ff4 fs1 fc1 sc0 lsc3 ws0\">C8<span class=\"_ _df\"> </span><span class=\"ls0\"> </span></div></div><div class=\"c w5a3 h1a2 gs1171\"><div class=\"t m0 xac h5 y2e7 ff4 fs1 fc1 sc0 ls0 ws0\">situazione di forte problematicit\u00e0 con rischio di defau<span class=\"_ _1\"></span>lt nel breve<span class=\"_ _2\"></span> </div></div>A.3 Dis<span class=\"_ _1\"></span>tribuz<span class=\"_ _f\"></span>ione delle<span class=\"_ _1\"></span> espo<span class=\"_ _f\"></span>sizioni cred<span class=\"_ _1\"></span>itizie g<span class=\"_ _1\"></span>ara<span class=\"_ _1\"></span>ntite p<span class=\"_ _1\"></span>er tipolo<span class=\"_ _1\"></span>gia d<span class=\"_ _1\"></span>i garan<span class=\"_ _f\"></span>zia<span class=\"_ _df\"> </span>A.3.1<span class=\"_ _1\"></span> Cons<span class=\"_ _1\"></span>olida<span class=\"_ _f\"></span>to prude<span class=\"_ _1\"></span>nziale<span class=\"_ _1\"></span> <span class=\"ff5\">\u2013</span> E<span class=\"_ _1\"></span>spos<span class=\"_ _1\"></span>izioni <span class=\"_ _1\"></span>credit<span class=\"_ _1\"></span>izie p<span class=\"_ _f\"></span>er cass<span class=\"_ _1\"></span>a e f<span class=\"_ _1\"></span>uori <span class=\"_ _f\"></span>bilancio ver<span class=\"_ _f\"></span>so banc<span class=\"_ _f\"></span>he gara<span class=\"_ _1\"></span>ntit<span class=\"_ _1\"></span>e<span class=\"_ _df\"> </span>Esposizione lorda<span class=\"_ _f\"></span><span class=\"fc1 sc0\"> </span>Esposizione nett<span class=\"_ _1\"></span>a<span class=\"fc1 sc0\"> </span><table class=\"s w1016 h57f\" id=\"_79eac3b5-456c-4f5e-800d-96bca1702bca\"><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td class=\"c x9bf y3488 w5a6 h131\"><div class=\"t m0 x20 h262 y74a ff4 fs27 fc4 sc3 ls0 ws0\">Gara<span class=\"_ _f\"></span>nzie per<span class=\"_ _1\"></span>so<span class=\"_ _1\"></span>nali<span class=\"_ _1\"></span><span class=\"fc1 sc0\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td></td><td></td><td></td><td></td><td class=\"c x9c0 y3489 w1d2 h248\"><div class=\"t m0 x11d h262 y7b6 ff4 fs27 fc4 sc3 ls0 ws0\">Gara<span class=\"_ _f\"></span>nzie re<span class=\"_ _1\"></span>ali<span class=\"fc1 sc0\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td class=\"c x9bf y3489 w5a6 hcb\"><div class=\"t m0 x1ea h262 y392 ff4 fs27 fc4 sc3 ls0 ws0\">(2)<span class=\"fc1 sc0\"> </span></div></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=\"c x9bf y348a w5a7 h1b9\"><div class=\"t m0 xe5 h262 y30c ff4 fs27 fc4 sc3 ls0 ws0\">Deriv<span class=\"_ _f\"></span>ati su <span class=\"_ _1\"></span>credi<span class=\"_ _1\"></span>ti<span class=\"fc1 sc0\"> </span></div></td><td></td><td></td><td></td><td></td><td class=\"c x9c1 y348a w5a8 h1b9\"><div class=\"t m0 x49 h262 y30c ff4 fs27 fc4 sc3 ls0 ws0\">Credi<span class=\"_ _1\"></span>ti d<span class=\"_ _1\"></span>i firm<span class=\"_ _f\"></span>a<span class=\"fc1 sc0\"> </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 class=\"c x9c2 y348b w5a9 h1a2\"><div class=\"t m0 xef h262 y302 ff4 fs27 fc4 sc3 ls0 ws0\">Altri<span class=\"_ _1\"></span> deri<span class=\"_ _1\"></span>vat<span class=\"_ _1\"></span>i<span class=\"fc1 sc0\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td class=\"c x9c3 y348b w183 h285\"><div class=\"t m0 x116 h262 y7b6 ff4 fs27 fc4 sc3 ls0 ws0\">Tota<span class=\"_ _1\"></span>le<span class=\"fc1 sc0\"> </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></td><td></td><td></td><td></td><td></td><td></td><td class=\"c x9c3 y348c w183 h294\"><div class=\"t m0 x116 h262 y199b ff4 fs27 fc4 sc3 ls0 ws0\">(1)+<span class=\"_ _1\"></span>(2)<span class=\"fc1 sc0\"> </span></div></td></tr><tr><td class=\"c x262 y348d w1017 h580\"><div class=\"t m0 x250 h262 y2899 ff4 fs27 fc1 sc2 ls0 ws0\">1. Es<span class=\"_ _f\"></span>posizion<span class=\"_ _f\"></span>i credi<span class=\"_ _f\"></span>tizie pe<span class=\"_ _1\"></span>r<span class=\"_ _df\"> </span></div></td><td class=\"c x9c4 y348e w2de h159\"><div class=\"t m0 x2a h262 y40 ff4 fs27 fc1 sc2 ls0 ws0\">996.<span class=\"_ _1\"></span>24<span class=\"_ _1\"></span>2<span class=\"sc0\"> </span></div></td><td class=\"c x9c5 y348e w197 h159\"><div class=\"t m0 x2a h262 y40 ff4 fs27 fc1 sc2 ls0 ws0\">996.<span class=\"_ _1\"></span>24<span class=\"_ _1\"></span>2<span class=\"sc0\"> </span></div></td><td class=\"c x9c0 y348e w1db h159\"><div class=\"t m0 x97 h262 y40 ff4 fs27 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x9c6 y348e w2b3 h159\"><div class=\"t m0 x2c h262 y40 ff4 fs27 fc1 sc2 ls100 ws0\">88<span class=\"sc0 ls0\"> </span></div></td><td class=\"c x9c7 y348e w183 h159\"><div class=\"t m0 x2a h262 y40 ff4 fs27 fc1 sc2 ls0 ws0\">992.4<span class=\"_ _f\"></span>76<span class=\"sc0\"> </span></div></td><td class=\"c x9c8 y348e w2b3 h159\"><div class=\"t m0 x97 h262 y40 ff4 fs27 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x9bf y348e w2b3 h159\"><div class=\"t m0 x97 h262 y40 ff4 fs27 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x9c9 y348e w1b6 h159\"><div class=\"t m0 x97 h262 y40 ff4 fs27 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x9ca y348e w2b3 h159\"><div class=\"t m0 x97 h262 y40 ff4 fs27 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x9cb y348e w2b3 h159\"><div class=\"t m0 x97 h262 y40 ff4 fs27 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x9cc y348e w2b3 h159\"><div class=\"t m0 x97 h262 y40 ff4 fs27 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x9c1 y348e w1f1 h159\"><div class=\"t m0 x97 h262 y40 ff4 fs27 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x9cd y348e w1b6 h159\"><div class=\"t m0 x97 h262 y40 ff4 fs27 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x9ce y348e w2b3 h159\"><div class=\"t m0 x97 h262 y40 ff4 fs27 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x9cf y348e w1f1 h159\"><div class=\"t m0 x97 h262 y40 ff4 fs27 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x9c3 y348e w183 h159\"><div class=\"t m0 x2a h262 y40 ff4 fs27 fc1 sc2 ls0 ws0\">992.5<span class=\"_ _1\"></span>64<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x262 y348f w1018 h4cd\"><div class=\"t m0 x250 h262 y2899 ff4 fs27 fc1 sc2 ls0 ws0\">cass<span class=\"_ _f\"></span>a gara<span class=\"_ _1\"></span>ntit<span class=\"_ _1\"></span>e:<span class=\"_ _df\"> </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 x256 y3490 w5aa h82\"><div class=\"t m0 x16a h262 ye4c ff4 fs27 fc1 sc0 ls0 ws0\">1.1. totalmente<span class=\"_ _1\"></span> garant<span class=\"_ _1\"></span>ite  </div></td><td class=\"c x9c4 y3490 w2de h82\"><div class=\"t m0 x2a h262 ye4c ff4 fs27 fc1 sc0 ls0 ws0\">996.242 </div></td><td class=\"c x9c5 y3490 w197 h82\"><div class=\"t m0 x2a h262 ye4c ff4 fs27 fc1 sc0 ls0 ws0\">996.242 </div></td><td class=\"c x9c0 y3490 w1db h82\"><div class=\"t m0 x37 h262 ye4c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9c6 y3490 w2b3 h82\"><div class=\"t m0 x2c h262 ye4c ff4 fs27 fc1 sc0 ls6b ws0\">88<span class=\"ls0\"> </span></div></td><td class=\"c x9c7 y3490 w183 h82\"><div class=\"t m0 x2a h262 ye4c ff4 fs27 fc1 sc0 ls0 ws0\">992.476 </div></td><td class=\"c x9c8 y3490 w2b3 h82\"><div class=\"t m0 x97 h262 ye4c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9bf y3490 w2b3 h82\"><div class=\"t m0 x97 h262 ye4c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9c9 y3490 w1b6 h82\"><div class=\"t m0 x97 h262 ye4c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9ca y3490 w2b3 h82\"><div class=\"t m0 x97 h262 ye4c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9cb y3490 w2b3 h82\"><div class=\"t m0 x97 h262 ye4c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9cc y3490 w2b3 h82\"><div class=\"t m0 x97 h262 ye4c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9c1 y3490 w1f1 h82\"><div class=\"t m0 x37 h262 ye4c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9cd y3490 w1b6 h82\"><div class=\"t m0 x97 h262 ye4c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9ce y3490 w2b3 h82\"><div class=\"t m0 x97 h262 ye4c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9cf y3490 w1f1 h82\"><div class=\"t m0 x97 h262 ye4c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9c3 y3490 w183 h82\"><div class=\"t m0 x2a h262 ye4c ff4 fs27 fc1 sc0 ls0 ws0\">992.564 </div></td></tr><tr><td class=\"c x256 y3491 w5aa h82\"><div class=\"t m0 x39 h262 ye4c ff4 fs27 fc1 sc0 ls0 ws0\">- di cui deter<span class=\"_ _1\"></span>iorate </div></td><td class=\"c x9c4 y3491 w2de h82\"><div class=\"t m0 x36 h262 ye4c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9c5 y3491 w197 h82\"><div class=\"t m0 x36 h262 ye4c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9c0 y3491 w1db h82\"><div class=\"t m0 x37 h262 ye4c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9c6 y3491 w2b3 h82\"><div class=\"t m0 x37 h262 ye4c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9c7 y3491 w183 h82\"><div class=\"t m0 x36 h262 ye4c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9c8 y3491 w2b3 h82\"><div class=\"t m0 x97 h262 ye4c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9bf y3491 w2b3 h82\"><div class=\"t m0 x97 h262 ye4c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9c9 y3491 w1b6 h82\"><div class=\"t m0 x97 h262 ye4c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9ca y3491 w2b3 h82\"><div class=\"t m0 x97 h262 ye4c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9cb y3491 w2b3 h82\"><div class=\"t m0 x97 h262 ye4c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9cc y3491 w2b3 h82\"><div class=\"t m0 x97 h262 ye4c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9c1 y3491 w1f1 h82\"><div class=\"t m0 x37 h262 ye4c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9cd y3491 w1b6 h82\"><div class=\"t m0 x97 h262 ye4c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9ce y3491 w2b3 h82\"><div class=\"t m0 x97 h262 ye4c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9cf y3491 w1f1 h82\"><div class=\"t m0 x97 h262 ye4c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9c3 y3491 w183 h82\"><div class=\"t m0 x36 h262 ye4c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x256 y3492 w5aa h82\"><div class=\"t m0 x16a h262 y66c ff4 fs27 fc1 sc0 ls0 ws0\">1.2. parzialme<span class=\"_ _1\"></span>nte gara<span class=\"_ _f\"></span>n<span class=\"_ _2\"></span>tite </div></td><td class=\"c x9c4 y3492 w2de h82\"><div class=\"t m0 x36 h262 y66c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9c5 y3492 w197 h82\"><div class=\"t m0 x36 h262 y66c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9c0 y3492 w1db h82\"><div class=\"t m0 x37 h262 y66c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9c6 y3492 w2b3 h82\"><div class=\"t m0 x37 h262 y66c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9c7 y3492 w183 h82\"><div class=\"t m0 x36 h262 y66c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9c8 y3492 w2b3 h82\"><div class=\"t m0 x97 h262 y66c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9bf y3492 w2b3 h82\"><div class=\"t m0 x97 h262 y66c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9c9 y3492 w1b6 h82\"><div class=\"t m0 x97 h262 y66c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9ca y3492 w2b3 h82\"><div class=\"t m0 x97 h262 y66c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9cb y3492 w2b3 h82\"><div class=\"t m0 x97 h262 y66c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9cc y3492 w2b3 h82\"><div class=\"t m0 x97 h262 y66c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9c1 y3492 w1f1 h82\"><div class=\"t m0 x37 h262 y66c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9cd y3492 w1b6 h82\"><div class=\"t m0 x97 h262 y66c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9ce y3492 w2b3 h82\"><div class=\"t m0 x97 h262 y66c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9cf y3492 w1f1 h82\"><div class=\"t m0 x97 h262 y66c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9c3 y3492 w183 h82\"><div class=\"t m0 x36 h262 y66c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x256 y3493 w5aa h82\"><div class=\"t m0 x39 h262 y66c ff4 fs27 fc1 sc0 ls0 ws0\">- di cui deter<span class=\"_ _1\"></span>iorate </div></td><td class=\"c x9c4 y3493 w2de h82\"><div class=\"t m0 x36 h262 y66c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9c5 y3493 w197 h82\"><div class=\"t m0 x36 h262 y66c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9c0 y3493 w1db h82\"><div class=\"t m0 x37 h262 y66c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9c6 y3493 w2b3 h82\"><div class=\"t m0 x37 h262 y66c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9c7 y3493 w183 h82\"><div class=\"t m0 x36 h262 y66c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9c8 y3493 w2b3 h82\"><div class=\"t m0 x97 h262 y66c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9bf y3493 w2b3 h82\"><div class=\"t m0 x97 h262 y66c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9c9 y3493 w1b6 h82\"><div class=\"t m0 x97 h262 y66c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9ca y3493 w2b3 h82\"><div class=\"t m0 x97 h262 y66c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9cb y3493 w2b3 h82\"><div class=\"t m0 x97 h262 y66c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9cc y3493 w2b3 h82\"><div class=\"t m0 x97 h262 y66c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9c1 y3493 w1f1 h82\"><div class=\"t m0 x37 h262 y66c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9cd y3493 w1b6 h82\"><div class=\"t m0 x97 h262 y66c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9ce y3493 w2b3 h82\"><div class=\"t m0 x97 h262 y66c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9cf y3493 w1f1 h82\"><div class=\"t m0 x97 h262 y66c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9c3 y3493 w183 h82\"><div class=\"t m0 x36 h262 y66c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x262 y3494 w1019 h580\"><div class=\"t m0 x250 h262 y2899 ff4 fs27 fc1 sc2 ls0 ws0\">2. Es<span class=\"_ _1\"></span>posi<span class=\"_ _f\"></span>zioni cr<span class=\"_ _f\"></span>editiz<span class=\"_ _1\"></span>ie fu<span class=\"_ _1\"></span>ori<span class=\"_ _df\"> </span></div></td><td class=\"c x9c4 y3495 w2de h159\"><div class=\"t m0 x36 h262 y2e7 ff4 fs27 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x9c5 y3495 w197 h159\"><div class=\"t m0 x36 h262 y2e7 ff4 fs27 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x9c0 y3495 w1db h159\"><div class=\"t m0 x97 h262 y2e7 ff4 fs27 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x9c6 y3495 w2b3 h159\"><div class=\"t m0 x97 h262 y2e7 ff4 fs27 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x9c7 y3495 w183 h159\"><div class=\"t m0 x36 h262 y2e7 ff4 fs27 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x9c8 y3495 w2b3 h159\"><div class=\"t m0 x97 h262 y2e7 ff4 fs27 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x9bf y3495 w2b3 h159\"><div class=\"t m0 x97 h262 y2e7 ff4 fs27 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x9c9 y3495 w1b6 h159\"><div class=\"t m0 x97 h262 y2e7 ff4 fs27 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x9ca y3495 w2b3 h159\"><div class=\"t m0 x97 h262 y2e7 ff4 fs27 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x9cb y3495 w2b3 h159\"><div class=\"t m0 x97 h262 y2e7 ff4 fs27 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x9cc y3495 w2b3 h159\"><div class=\"t m0 x97 h262 y2e7 ff4 fs27 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x9c1 y3495 w1f1 h159\"><div class=\"t m0 x97 h262 y2e7 ff4 fs27 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x9cd y3495 w1b6 h159\"><div class=\"t m0 x97 h262 y2e7 ff4 fs27 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x9ce y3495 w2b3 h159\"><div class=\"t m0 x97 h262 y2e7 ff4 fs27 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x9cf y3495 w1f1 h159\"><div class=\"t m0 x97 h262 y2e7 ff4 fs27 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x9c3 y3495 w183 h159\"><div class=\"t m0 x36 h262 y2e7 ff4 fs27 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x262 y3496 w101a h4cd\"><div class=\"t m0 x250 h262 y2899 ff4 fs27 fc1 sc2 ls0 ws0\">bila<span class=\"_ _1\"></span>ncio g<span class=\"_ _f\"></span>aranti<span class=\"_ _1\"></span>te:<span class=\"_ _df\"> </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 x256 y3497 w5aa h82\"><div class=\"t m0 x16a h262 y66c ff4 fs27 fc1 sc0 ls0 ws0\">2.1. totalment<span class=\"_ _1\"></span>e garantit<span class=\"_ _1\"></span>e </div></td><td class=\"c x9c4 y3497 w2de h82\"><div class=\"t m0 x36 h262 y66c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9c5 y3497 w197 h82\"><div class=\"t m0 x36 h262 y66c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9c0 y3497 w1db h82\"><div class=\"t m0 x37 h262 y66c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9c6 y3497 w2b3 h82\"><div class=\"t m0 x37 h262 y66c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9c7 y3497 w183 h82\"><div class=\"t m0 x36 h262 y66c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9c8 y3497 w2b3 h82\"><div class=\"t m0 x97 h262 y66c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9bf y3497 w2b3 h82\"><div class=\"t m0 x97 h262 y66c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9c9 y3497 w1b6 h82\"><div class=\"t m0 x97 h262 y66c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9ca y3497 w2b3 h82\"><div class=\"t m0 x97 h262 y66c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9cb y3497 w2b3 h82\"><div class=\"t m0 x97 h262 y66c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9cc y3497 w2b3 h82\"><div class=\"t m0 x97 h262 y66c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9c1 y3497 w1f1 h82\"><div class=\"t m0 x37 h262 y66c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9cd y3497 w1b6 h82\"><div class=\"t m0 x97 h262 y66c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9ce y3497 w2b3 h82\"><div class=\"t m0 x97 h262 y66c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9cf y3497 w1f1 h82\"><div class=\"t m0 x97 h262 y66c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9c3 y3497 w183 h82\"><div class=\"t m0 x36 h262 y66c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x256 y3498 w5aa h82\"><div class=\"t m0 x39 h262 y66c ff4 fs27 fc1 sc0 ls0 ws0\">- di cui deter<span class=\"_ _1\"></span>iorate </div></td><td class=\"c x9c4 y3498 w2de h82\"><div class=\"t m0 x36 h262 y66c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9c5 y3498 w197 h82\"><div class=\"t m0 x36 h262 y66c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9c0 y3498 w1db h82\"><div class=\"t m0 x37 h262 y66c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9c6 y3498 w2b3 h82\"><div class=\"t m0 x37 h262 y66c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9c7 y3498 w183 h82\"><div class=\"t m0 x36 h262 y66c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9c8 y3498 w2b3 h82\"><div class=\"t m0 x97 h262 y66c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9bf y3498 w2b3 h82\"><div class=\"t m0 x97 h262 y66c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9c9 y3498 w1b6 h82\"><div class=\"t m0 x97 h262 y66c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9ca y3498 w2b3 h82\"><div class=\"t m0 x97 h262 y66c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9cb y3498 w2b3 h82\"><div class=\"t m0 x97 h262 y66c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9cc y3498 w2b3 h82\"><div class=\"t m0 x97 h262 y66c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9c1 y3498 w1f1 h82\"><div class=\"t m0 x37 h262 y66c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9cd y3498 w1b6 h82\"><div class=\"t m0 x97 h262 y66c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9ce y3498 w2b3 h82\"><div class=\"t m0 x97 h262 y66c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9cf y3498 w1f1 h82\"><div class=\"t m0 x97 h262 y66c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9c3 y3498 w183 h82\"><div class=\"t m0 x36 h262 y66c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x256 y3499 w5aa h254\"><div class=\"t m0 x16a h262 y1a44 ff4 fs27 fc1 sc0 ls0 ws0\">2.2. parzial<span class=\"_ _1\"></span>mente garantit<span class=\"_ _1\"></span>e </div></td><td class=\"c x9c4 y3499 w2de h254\"><div class=\"t m0 x36 h262 y1a44 ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9c5 y3499 w197 h254\"><div class=\"t m0 x36 h262 y1a44 ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9c0 y3499 w1db h254\"><div class=\"t m0 x37 h262 y1a44 ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9c6 y3499 w2b3 h254\"><div class=\"t m0 x37 h262 y1a44 ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9c7 y3499 w183 h254\"><div class=\"t m0 x36 h262 y1a44 ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9c8 y3499 w2b3 h254\"><div class=\"t m0 x97 h262 y1a44 ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9bf y3499 w2b3 h254\"><div class=\"t m0 x97 h262 y1a44 ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9c9 y3499 w1b6 h254\"><div class=\"t m0 x97 h262 y1a44 ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9ca y3499 w2b3 h254\"><div class=\"t m0 x97 h262 y1a44 ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9cb y3499 w2b3 h254\"><div class=\"t m0 x97 h262 y1a44 ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9cc y3499 w2b3 h254\"><div class=\"t m0 x97 h262 y1a44 ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9c1 y3499 w1f1 h254\"><div class=\"t m0 x37 h262 y1a44 ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9cd y3499 w1b6 h254\"><div class=\"t m0 x97 h262 y1a44 ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9ce y3499 w2b3 h254\"><div class=\"t m0 x97 h262 y1a44 ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9cf y3499 w1f1 h254\"><div class=\"t m0 x97 h262 y1a44 ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9c3 y3499 w183 h254\"><div class=\"t m0 x36 h262 y1a44 ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x256 y349a w5aa h82\"><div class=\"t m0 x39 h262 ye4c ff4 fs27 fc1 sc0 ls0 ws0\">- di cui deter<span class=\"_ _1\"></span>iorate </div></td><td class=\"c x9c4 y349a w2de h82\"><div class=\"t m0 x36 h262 ye4c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9c5 y349a w197 h82\"><div class=\"t m0 x36 h262 ye4c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9c0 y349a w1db h82\"><div class=\"t m0 x37 h262 ye4c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9c6 y349a w2b3 h82\"><div class=\"t m0 x37 h262 ye4c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9c7 y349a w183 h82\"><div class=\"t m0 x36 h262 ye4c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9c8 y349a w2b3 h82\"><div class=\"t m0 x97 h262 ye4c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9bf y349a w2b3 h82\"><div class=\"t m0 x97 h262 ye4c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9c9 y349a w1b6 h82\"><div class=\"t m0 x97 h262 ye4c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9ca y349a w2b3 h82\"><div class=\"t m0 x97 h262 ye4c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9cb y349a w2b3 h82\"><div class=\"t m0 x97 h262 ye4c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9cc y349a w2b3 h82\"><div class=\"t m0 x97 h262 ye4c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9c1 y349a w1f1 h82\"><div class=\"t m0 x37 h262 ye4c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9cd y349a w1b6 h82\"><div class=\"t m0 x97 h262 ye4c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9ce y349a w2b3 h82\"><div class=\"t m0 x97 h262 ye4c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9cf y349a w1f1 h82\"><div class=\"t m0 x97 h262 ye4c ff4 fs27 fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x9c3 y349a w183 h82\"><div class=\"t m0 x36 h262 ye4c ff4 fs27 fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td></tr></table>Immobili - ipoteche<span class=\"fc1 sc0\"> </span>Immobili - Finanziament<span class=\"_ _1\"></span>i per leasing<span class=\"fc1 sc0\"> </span>Titoli<span class=\"fc1 sc0\"> </span>Altre garanzie re<span class=\"_ _1\"></span>ali<span class=\"fc1 sc0\"> </span>CLN<span class=\"fc1 sc0\"> </span>Amministrazio<span class=\"_ _1\"></span>ni pubbliche <span class=\"fc1 sc0\"> </span>Banche<span class=\"fc1 sc0\"> </span>Altre societ\u00e0 finanziarie<span class=\"fc1 sc0\"> </span>Altri soggetti<span class=\"fc1 sc0\"> </span>Controparti centrali<span class=\"fc1 sc0\"> </span>Banche<span class=\"fc1 sc0\"> </span>Altre societ\u00e0 finanziarie<span class=\"fc1 sc0\"> </span>Altri soggetti<span class=\"fc1 sc0\"> </span>A.3.2 <span class=\"_ _1\"></span>Conso<span class=\"_ _1\"></span>lidat<span class=\"_ _f\"></span>o prude<span class=\"_ _1\"></span>nziale<span class=\"_ _1\"></span> - E<span class=\"_ _1\"></span>spos<span class=\"_ _1\"></span>izioni <span class=\"_ _1\"></span>credit<span class=\"_ _1\"></span>izie p<span class=\"_ _f\"></span>er cass<span class=\"_ _1\"></span>a e f<span class=\"_ _f\"></span>uori bilanc<span class=\"_ _1\"></span>io ve<span class=\"_ _1\"></span>rso <span class=\"_ _1\"></span>client<span class=\"_ _f\"></span>ela gar<span class=\"_ _1\"></span>antit<span class=\"_ _1\"></span>e<span class=\"fc1 sc0\"> </span>Esposizione lo<span class=\"_ _2\"></span>rda<span class=\"fc1 sc0\"> </span>Esposizione nett<span class=\"_ _2\"></span>a<span class=\"fc1 sc0\"> </span><table class=\"s w101b h581\" id=\"_cc05dc2a-85f0-4485-9c12-6956f7c43b15\"><tr><td></td><td></td><td></td><td></td><td class=\"c x9d0 y349b w5ad h13f\"><div class=\"t m0 xe4 h200 y7b1 ff4 fs22 fc4 sc3 ls0 ws0\">Garanz<span class=\"_ _1\"></span>ie reali<span class=\"fc1 sc0\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td class=\"c x9d1 y349b w5ae h13f\"><div class=\"t m0 x14d h200 y2ef ff4 fs22 fc4 sc3 ls0 ws0\">Garanz<span class=\"_ _1\"></span>ie person<span class=\"_ _f\"></span>ali<span class=\"fc1 sc0\"> </span></div></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td></td><td></td><td></td><td></td><td class=\"c x9d0 y349c w5ad h12\"><div class=\"t m0 x189 h200 y35c ff4 fs22 fc4 sc3 ls0 ws0\">(1)<span class=\"fc1 sc0\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td class=\"c x9d1 y349c w5ae h12\"><div class=\"t m0 x9 h200 y35c ff4 fs22 fc4 sc3 ls0 ws0\">(2)<span class=\"fc1 sc0\"> </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></td><td></td><td></td><td class=\"c x9d1 y349d w5af h1a2\"><div class=\"t m0 x90 h200 y394 ff4 fs22 fc4 sc3 ls0 ws0\">Derivat<span class=\"_ _1\"></span>i su credit<span class=\"_ _1\"></span>i<span class=\"fc1 sc0\"> </span></div></td><td></td><td></td><td></td><td></td><td class=\"c x9d2 y349d w5b0 h1a2\"><div class=\"t m0 xec h200 y394 ff4 fs22 fc4 sc3 ls0 ws0\">Crediti d<span class=\"_ _1\"></span>i firma<span class=\"fc1 sc0\"> </span></div></td><td></td><td class=\"c x9d3 y349d w8b h28d\"><div class=\"t m0 x130 h200 y7b1 ff4 fs22 fc4 sc3 ls0 ws0\">Totale<span class=\"_ _1\"></span><span class=\"fc1 sc0\"> </span></div></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td class=\"c x9d4 y349e w101c h48d\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc4 sc3 ls0 ws0\">Altri<span class=\"_ _df\"> </span></div></td><td class=\"c x9d5 y349f wcf h280\"><div class=\"t m0 x14 h200 y310 ff4 fs22 fc4 sc3 ls0 ws0\">Altri der<span class=\"_ _1\"></span>ivati<span class=\"fc1 sc0\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td class=\"c x9d3 y34a0 w269 h31a\"><div class=\"t m0 x130 h200 y1a4b ff4 fs22 fc4 sc3 ls0 ws0\">(1)+(2)<span class=\"fc1 sc0\"> </span></div></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td class=\"c x9d6 y34a1 w101d h48d\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc4 sc3 ls0 ws0\">deriva<span class=\"_ _1\"></span>ti<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x262 y34a2 w101e h48e\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc1 sc2 ls0 ws0\">1. Esposiz<span class=\"_ _1\"></span>ioni<span class=\"_ _df\"> </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 x262 y34a3 w101f h48e\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc1 sc2 ls0 ws0\">creditiz<span class=\"_ _1\"></span>ie per ca<span class=\"_ _1\"></span>ssa<span class=\"_ _df\"> </span></div></td><td class=\"c x9d7 y34a4 wb7 h16\"><div class=\"t m0 x55 h200 y409 ff4 fs22 fc1 sc2 ls0 ws0\">25.281.<span class=\"_ _1\"></span>486<span class=\"sc0\"> </span></div></td><td class=\"c x9d8 y34a4 w85 h16\"><div class=\"t m0 x55 h200 y409 ff4 fs22 fc1 sc2 ls0 ws0\">25.057.<span class=\"_ _1\"></span>827<span class=\"sc0\"> </span></div></td><td class=\"c x9d0 y34a4 w269 h16\"><div class=\"t m0 x55 h200 y409 ff4 fs22 fc1 sc2 ls0 ws0\">12.638<span class=\"_ _1\"></span>.852<span class=\"sc0\"> </span></div></td><td class=\"c x9d9 y34a4 wac h16\"><div class=\"t m0 x55 h200 y409 ff4 fs22 fc1 sc2 ls0 ws0\">1.890.900<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x9da y34a4 w152 h16\"><div class=\"t m0 x55 h200 y409 ff4 fs22 fc1 sc2 ls0 ws0\">2.337.63<span class=\"_ _f\"></span>0<span class=\"sc0\"> </span></div></td><td class=\"c x9db y34a4 w1ae h16\"><div class=\"t m0 x55 h200 y409 ff4 fs22 fc1 sc2 ls0 ws0\">3.841.<span class=\"_ _1\"></span>230<span class=\"sc0\"> </span></div></td><td class=\"c x9d1 y34a4 w5b4 h16\"><div class=\"t m0 x55 h200 y409 ff4 fs22 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x9dc y34a4 w2bd h16\"><div class=\"t m0 x38 h200 y409 ff4 fs22 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x9d5 y34a4 w5b4 h16\"><div class=\"t m0 x55 h200 y409 ff4 fs22 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x9dd y34a4 w5b5 h16\"><div class=\"t m0 x55 h200 y409 ff4 fs22 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x9de y34a4 w5b4 h16\"><div class=\"t m0 x55 h200 y409 ff4 fs22 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x9d2 y34a4 w162 h16\"><div class=\"t m0 x2e h200 y409 ff4 fs22 fc1 sc2 ls0 ws0\">1.211.489<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x9df y34a4 w1c3 h16\"><div class=\"t m0 x2a h200 y409 ff4 fs22 fc1 sc2 ls0 ws0\">122.945<span class=\"sc0\"> </span></div></td><td class=\"c x9e0 y34a4 w1c7 h16\"><div class=\"t m0 x2a h200 y409 ff4 fs22 fc1 sc2 ls0 ws0\">42.285<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x9e1 y34a4 w1a9 h16\"><div class=\"t m0 x55 h200 y409 ff4 fs22 fc1 sc2 ls0 ws0\">2.198.2<span class=\"_ _1\"></span>70<span class=\"sc0\"> </span></div></td><td class=\"c x9d3 y34a4 w269 h16\"><div class=\"t m0 x55 h200 y409 ff4 fs22 fc1 sc2 ls0 ws0\">24.283<span class=\"_ _1\"></span>.601<span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x262 y34a5 w1020 h48e\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc1 sc2 ls0 ws0\">garant<span class=\"_ _1\"></span>ite:<span class=\"_ _df\"> </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 x2a8 y34a6 w1021 h48e\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc1 sc0 ls0 ws0\">1.1. totalmente<span class=\"_ _df\"> </span></div></td><td class=\"c x9d7 y34a7 wb7 hf\"><div class=\"t m0 x55 h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">22.902.773 </div></td><td class=\"c x9d8 y34a7 w85 hf\"><div class=\"t m0 x55 h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">22.698.778 </div></td><td class=\"c x9d0 y34a7 w269 hf\"><div class=\"t m0 x55 h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">12.637.874 </div></td><td class=\"c x9d9 y34a7 wac hf\"><div class=\"t m0 x2e h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">1.890.900 </div></td><td class=\"c x9da y34a7 w152 hf\"><div class=\"t m0 x55 h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">2.255.823 </div></td><td class=\"c x9db y34a7 w1ae hf\"><div class=\"t m0 x2e h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">3.823.691 </div></td><td class=\"c x9d1 y34a7 w5b4 hf\"><div class=\"t m0 x55 h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9dc y34a7 w2bd hf\"><div class=\"t m0 x38 h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9d5 y34a7 w5b4 hf\"><div class=\"t m0 x55 h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9dd y34a7 w5b5 hf\"><div class=\"t m0 x55 h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9de y34a7 w5b4 hf\"><div class=\"t m0 x55 h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9d2 y34a7 w162 hf\"><div class=\"t m0 x55 h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">456.803</div></td><td class=\"c x9df y34a7 w1c3 hf\"><div class=\"t m0 x55 h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">43.945 </div></td><td class=\"c x9e0 y34a7 w1c7 hf\"><div class=\"t m0 x2a h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">37.679 </div></td><td class=\"c x9e1 y34a7 w1a9 hf\"><div class=\"t m0 x2e h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">1.587.896 </div></td><td class=\"c x9d3 y34a7 w269 hf\"><div class=\"t m0 x39 h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">22.734.611 </div></td></tr><tr><td class=\"c x2a8 y34a8 w1022 h48e\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc1 sc0 ls0 ws0\">garantite<span class=\"_ _df\"> </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 x46a y34a9 w1023 h48e\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc1 sc0 ls0 ws0\">- di cui<span class=\"_ _df\"> </span></div></td><td class=\"c x9d7 y34aa wb7 hf\"><div class=\"t m0 x35 h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">324.350 </div></td><td class=\"c x9d8 y34aa w85 hf\"><div class=\"t m0 x3a h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">169.723 </div></td><td class=\"c x9d0 y34aa w269 hf\"><div class=\"t m0 x2c h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">105.342 </div></td><td class=\"c x9d9 y34aa wac hf\"><div class=\"t m0 x35 h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">20.794 </div></td><td class=\"c x9da y34aa w152 hf\"><div class=\"t m0 x34 h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">1.754 </div></td><td class=\"c x9db y34aa w1ae hf\"><div class=\"t m0 x2c h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">21.223 </div></td><td class=\"c x9d1 y34aa w5b4 hf\"><div class=\"t m0 x55 h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9dc y34aa w2bd hf\"><div class=\"t m0 x38 h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9d5 y34aa w5b4 hf\"><div class=\"t m0 x55 h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9dd y34aa w5b5 hf\"><div class=\"t m0 x55 h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9de y34aa w5b4 hf\"><div class=\"t m0 x55 h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9d2 y34aa w162 hf\"><div class=\"t m0 x33 h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">14.779<span class=\"_ _df\"> </span></div></td><td class=\"c x9df y34aa w1c3 hf\"><div class=\"t m0 x31 h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9e0 y34aa w1c7 hf\"><div class=\"t m0 x26 h200 y153d ff4 fs22 fc1 sc0 ls9e ws0\">11<span class=\"ls0\"> </span></div></td><td class=\"c x9e1 y34aa w1a9 hf\"><div class=\"t m0 x3a h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">5.805 </div></td><td class=\"c x9d3 y34aa w269 hf\"><div class=\"t m0 x2c h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">169.708 </div></td></tr><tr><td class=\"c x46a y34ab wa16 h48e\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc1 sc0 ls0 ws0\">deteriorate<span class=\"_ _df\"> </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 x2a8 y34ac w1024 h48e\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc1 sc0 ls0 ws0\">1.2. parzialmente<span class=\"_ _df\"> </span></div></td><td class=\"c x9d7 y34ad wb7 hf\"><div class=\"t m0 x48 h200 y823 ff4 fs22 fc1 sc0 ls0 ws0\">2.378.713 </div></td><td class=\"c x9d8 y34ad w85 hf\"><div class=\"t m0 x14 h200 y823 ff4 fs22 fc1 sc0 ls0 ws0\">2.359.049 </div></td><td class=\"c x9d0 y34ad w269 hf\"><div class=\"t m0 x15 h200 y823 ff4 fs22 fc1 sc0 ls0 ws0\">978 </div></td><td class=\"c x9d9 y34ad wac hf\"><div class=\"t m0 x11 h200 y823 ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9da y34ad w152 hf\"><div class=\"t m0 x2c h200 y823 ff4 fs22 fc1 sc0 ls0 ws0\">81.807<span class=\"_ _df\"> </span></div></td><td class=\"c x9db y34ad w1ae hf\"><div class=\"t m0 x2c h200 y823 ff4 fs22 fc1 sc0 ls0 ws0\">17.539 </div></td><td class=\"c x9d1 y34ad w5b4 hf\"><div class=\"t m0 x55 h200 y823 ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9dc y34ad w2bd hf\"><div class=\"t m0 x38 h200 y823 ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9d5 y34ad w5b4 hf\"><div class=\"t m0 x55 h200 y823 ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9dd y34ad w5b5 hf\"><div class=\"t m0 x55 h200 y823 ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9de y34ad w5b4 hf\"><div class=\"t m0 x55 h200 y823 ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9d2 y34ad w162 hf\"><div class=\"t m0 x55 h200 y823 ff4 fs22 fc1 sc0 ls0 ws0\">754.686</div></td><td class=\"c x9df y34ad w1c3 hf\"><div class=\"t m0 x55 h200 y823 ff4 fs22 fc1 sc0 ls0 ws0\">79.000 </div></td><td class=\"c x9e0 y34ad w1c7 hf\"><div class=\"t m0 x55 h200 y823 ff4 fs22 fc1 sc0 ls0 ws0\">4.606 </div></td><td class=\"c x9e1 y34ad w1a9 hf\"><div class=\"t m0 x48 h200 y823 ff4 fs22 fc1 sc0 ls0 ws0\">610.374 </div></td><td class=\"c x9d3 y34ad w269 hf\"><div class=\"t m0 x14 h200 y823 ff4 fs22 fc1 sc0 ls0 ws0\">1.548.990 </div></td></tr><tr><td class=\"c x2a8 y34ae w1022 h48e\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc1 sc0 ls0 ws0\">garantite<span class=\"_ _df\"> </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 x46a y34af w1023 h48e\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc1 sc0 ls0 ws0\">- di cui<span class=\"_ _df\"> </span></div></td><td class=\"c x9d7 y34b0 wb7 hf\"><div class=\"t m0 x26 h200 y823 ff4 fs22 fc1 sc0 ls0 ws0\">50.492 </div></td><td class=\"c x9d8 y34b0 w85 hf\"><div class=\"t m0 x26 h200 y823 ff4 fs22 fc1 sc0 ls0 ws0\">33.562 </div></td><td class=\"c x9d0 y34b0 w269 hf\"><div class=\"t m0 x11 h200 y823 ff4 fs22 fc1 sc0 ls15 ws0\">75<span class=\"ls0\"> </span></div></td><td class=\"c x9d9 y34b0 wac hf\"><div class=\"t m0 x11 h200 y823 ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9da y34b0 w152 hf\"><div class=\"t m0 x31 h200 y823 ff4 fs22 fc1 sc0 ls9e ws0\">199<span class=\"_ _df\"> </span></div></td><td class=\"c x9db y34b0 w1ae hf\"><div class=\"t m0 x15 h200 y823 ff4 fs22 fc1 sc0 ls15 ws0\">70<span class=\"ls0\"> </span></div></td><td class=\"c x9d1 y34b0 w5b4 hf\"><div class=\"t m0 x55 h200 y823 ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9dc y34b0 w2bd hf\"><div class=\"t m0 x38 h200 y823 ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9d5 y34b0 w5b4 hf\"><div class=\"t m0 x55 h200 y823 ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9dd y34b0 w5b5 hf\"><div class=\"t m0 x55 h200 y823 ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9de y34b0 w5b4 hf\"><div class=\"t m0 x55 h200 y823 ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9d2 y34b0 w162 hf\"><div class=\"t m0 x48 h200 y823 ff4 fs22 fc1 sc0 ls0 ws0\">22.514 </div></td><td class=\"c x9df y34b0 w1c3 hf\"><div class=\"t m0 x31 h200 y823 ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9e0 y34b0 w1c7 hf\"><div class=\"t m0 x37 h200 y823 ff4 fs22 fc1 sc0 ls0 ws0\">1 </div></td><td class=\"c x9e1 y34b0 w1a9 hf\"><div class=\"t m0 x3a h200 y823 ff4 fs22 fc1 sc0 ls0 ws0\">8.973 </div></td><td class=\"c x9d3 y34b0 w269 hf\"><div class=\"t m0 x26 h200 y823 ff4 fs22 fc1 sc0 ls0 ws0\">31.832 </div></td></tr><tr><td class=\"c x46a y34b1 wa16 h48e\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc1 sc0 ls0 ws0\">deteriorate<span class=\"_ _df\"> </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 x262 y34b2 w1025 h48e\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc1 sc2 ls0 ws0\">2. Espos<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span>zion<span class=\"_ _1\"></span>i<span class=\"_ _df\"> </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 x262 y34b3 w1026 h48e\"><div class=\"t m0 x250 h200 y24a6 ff5 fs22 fc1 sc2 ls0 ws0\">creditiz<span class=\"_ _1\"></span>ie \u201cfuor<span class=\"_ _1\"></span>i<span class=\"_ _df\"> </span></div></td><td class=\"c x9d7 y34b4 wb7 h24f\"><div class=\"t m0 x35 h200 y88a ff4 fs22 fc1 sc2 ls0 ws0\">685.796<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x9d8 y34b4 w85 h24f\"><div class=\"t m0 x2c h200 y88a ff4 fs22 fc1 sc2 ls0 ws0\">685.367<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x9d0 y34b4 w269 h24f\"><div class=\"t m0 x26 h200 y88a ff4 fs22 fc1 sc2 ls0 ws0\">25.076<span class=\"sc0\"> </span></div></td><td class=\"c x9d9 y34b4 wac h24f\"><div class=\"t m0 x11 h200 y88a ff4 fs22 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x9da y34b4 w152 h24f\"><div class=\"t m0 x48 h200 y88a ff4 fs22 fc1 sc2 ls0 ws0\">200.292<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x9db y34b4 w1ae h24f\"><div class=\"t m0 x35 h200 y88a ff4 fs22 fc1 sc2 ls0 ws0\">76.479<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x9d1 y34b4 w5b4 h24f\"><div class=\"t m0 x55 h200 y88a ff4 fs22 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x9dc y34b4 w2bd h24f\"><div class=\"t m0 x38 h200 y88a ff4 fs22 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x9d5 y34b4 w5b4 h24f\"><div class=\"t m0 x55 h200 y88a ff4 fs22 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x9dd y34b4 w5b5 h24f\"><div class=\"t m0 x55 h200 y88a ff4 fs22 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x9de y34b4 w5b4 h24f\"><div class=\"t m0 x55 h200 y88a ff4 fs22 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x9d2 y34b4 w162 h24f\"><div class=\"t m0 x26 h200 y88a ff4 fs22 fc1 sc2 ls0 ws0\">390<span class=\"sc0\"> </span></div></td><td class=\"c x9df y34b4 w1c3 h24f\"><div class=\"t m0 x130 h200 y88a ff4 fs22 fc1 sc2 ls0 ws0\">30.170<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x9e0 y34b4 w1c7 h24f\"><div class=\"t m0 x55 h200 y88a ff4 fs22 fc1 sc2 ls0 ws0\">4.220<span class=\"sc0\"> </span></div></td><td class=\"c x9e1 y34b4 w1a9 h24f\"><div class=\"t m0 x48 h200 y88a ff4 fs22 fc1 sc2 ls0 ws0\">307.160<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x9d3 y34b4 w269 h24f\"><div class=\"t m0 x35 h200 y88a ff4 fs22 fc1 sc2 ls0 ws0\">643.787<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x262 y34b5 w1027 h48e\"><div class=\"t m0 x250 h200 y24a6 ff5 fs22 fc1 sc2 ls0 ws0\">bilancio<span class=\"_ _1\"></span>\u201d garan<span class=\"_ _f\"></span>tite:<span class=\"_ _df\"> </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 x2a8 y34b6 w1028 h48e\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc1 sc0 ls0 ws0\">2.1. totalmente<span class=\"_ _df\"> </span></div></td><td class=\"c x9d7 y34b7 wb7 hf\"><div class=\"t m0 x2c h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">617.686 </div></td><td class=\"c x9d8 y34b7 w85 hf\"><div class=\"t m0 x3a h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">617.270 </div></td><td class=\"c x9d0 y34b7 w269 hf\"><div class=\"t m0 x26 h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">25.076 </div></td><td class=\"c x9d9 y34b7 wac hf\"><div class=\"t m0 x11 h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9da y34b7 w152 hf\"><div class=\"t m0 x33 h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">189.920<span class=\"_ _df\"> </span></div></td><td class=\"c x9db y34b7 w1ae hf\"><div class=\"t m0 x32 h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">70.693 </div></td><td class=\"c x9d1 y34b7 w5b4 hf\"><div class=\"t m0 x55 h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9dc y34b7 w2bd hf\"><div class=\"t m0 x38 h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9d5 y34b7 w5b4 hf\"><div class=\"t m0 x55 h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9dd y34b7 w5b5 hf\"><div class=\"t m0 x55 h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9de y34b7 w5b4 hf\"><div class=\"t m0 x55 h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9d2 y34b7 w162 hf\"><div class=\"t m0 x38 h200 y153d ff4 fs22 fc1 sc0 lse3 ws0\">55</div></td><td class=\"c x9df y34b7 w1c3 hf\"><div class=\"t m0 x130 h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">30.170 </div></td><td class=\"c x9e0 y34b7 w1c7 hf\"><div class=\"t m0 x55 h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">3.743 </div></td><td class=\"c x9e1 y34b7 w1a9 hf\"><div class=\"t m0 x14 h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">284.570 </div></td><td class=\"c x9d3 y34b7 w269 hf\"><div class=\"t m0 x35 h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">604.227 </div></td></tr><tr><td class=\"c x2a8 y34b8 w1022 h48e\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc1 sc0 ls0 ws0\">garantite<span class=\"_ _df\"> </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 x46a y34b9 w1023 h48e\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc1 sc0 ls0 ws0\">- di cui<span class=\"_ _df\"> </span></div></td><td class=\"c x9d7 y34ba wb7 hf\"><div class=\"t m0 x38 h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">2.377 </div></td><td class=\"c x9d8 y34ba w85 hf\"><div class=\"t m0 x31 h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">2.011 </div></td><td class=\"c x9d0 y34ba w269 hf\"><div class=\"t m0 x13 h200 y153d ff4 fs22 fc1 sc0 ls15 ws0\">73<span class=\"ls0\"> </span></div></td><td class=\"c x9d9 y34ba wac hf\"><div class=\"t m0 x11 h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9da y34ba w152 hf\"><div class=\"t m0 x26 h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">1.460<span class=\"_ _df\"> </span></div></td><td class=\"c x9db y34ba w1ae hf\"><div class=\"t m0 x31 h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">187 </div></td><td class=\"c x9d1 y34ba w5b4 hf\"><div class=\"t m0 x55 h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9dc y34ba w2bd hf\"><div class=\"t m0 x38 h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9d5 y34ba w5b4 hf\"><div class=\"t m0 x55 h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9dd y34ba w5b5 hf\"><div class=\"t m0 x55 h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9de y34ba w5b4 hf\"><div class=\"t m0 x55 h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9d2 y34ba w162 hf\"><div class=\"t m0 x36 h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9df y34ba w1c3 hf\"><div class=\"t m0 x31 h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9e0 y34ba w1c7 hf\"><div class=\"t m0 x37 h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9e1 y34ba w1a9 hf\"><div class=\"t m0 x97 h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">290 </div></td><td class=\"c x9d3 y34ba w269 hf\"><div class=\"t m0 x38 h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">2.010 </div></td></tr><tr><td class=\"c x46a y34bb wa16 h48e\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc1 sc0 ls0 ws0\">deteriorate<span class=\"_ _df\"> </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 x2a8 y34bc w1029 h48e\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc1 sc0 ls0 ws0\">2.2. parzialmente<span class=\"_ _df\"> </span></div></td><td class=\"c x9d7 y34bd wb7 hf\"><div class=\"t m0 x37 h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">68.110 </div></td><td class=\"c x9d8 y34bd w85 hf\"><div class=\"t m0 x26 h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">68.097 </div></td><td class=\"c x9d0 y34bd w269 hf\"><div class=\"t m0 x90 h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9d9 y34bd wac hf\"><div class=\"t m0 x11 h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9da y34bd w152 hf\"><div class=\"t m0 x3a h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">10.372 </div></td><td class=\"c x9db y34bd w1ae hf\"><div class=\"t m0 x27 h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">5.786 </div></td><td class=\"c x9d1 y34bd w5b4 hf\"><div class=\"t m0 x55 h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9dc y34bd w2bd hf\"><div class=\"t m0 x38 h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9d5 y34bd w5b4 hf\"><div class=\"t m0 x55 h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9dd y34bd w5b5 hf\"><div class=\"t m0 x55 h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9de y34bd w5b4 hf\"><div class=\"t m0 x55 h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9d2 y34bd w162 hf\"><div class=\"t m0 x26 h200 y153d ff4 fs22 fc1 sc0 ls79 ws0\">335<span class=\"_ _df\"> </span></div></td><td class=\"c x9df y34bd w1c3 hf\"><div class=\"t m0 x31 h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9e0 y34bd w1c7 hf\"><div class=\"t m0 x32 h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">477 </div></td><td class=\"c x9e1 y34bd w1a9 hf\"><div class=\"t m0 x32 h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">22.590 </div></td><td class=\"c x9d3 y34bd w269 hf\"><div class=\"t m0 x27 h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">39.560 </div></td></tr><tr><td class=\"c x2a8 y34be w1022 h48f\"><div class=\"t m0 x250 h200 y24d8 ff4 fs22 fc1 sc0 ls0 ws0\">garantite<span class=\"_ _df\"> </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 x46a y2dd8 w1023 h48f\"><div class=\"t m0 x250 h200 y24d8 ff4 fs22 fc1 sc0 ls0 ws0\">- di cui<span class=\"_ _df\"> </span></div></td><td class=\"c x9d7 y34bf wb7 h13f\"><div class=\"t m0 x13 h200 y2ef ff4 fs22 fc1 sc0 ls61 ws0\">28<span class=\"ls0\"> </span></div></td><td class=\"c x9d8 y34bf w85 h13f\"><div class=\"t m0 x11 h200 y2ef ff4 fs22 fc1 sc0 ls61 ws0\">20<span class=\"ls0\"> </span></div></td><td class=\"c x9d0 y34bf w269 h13f\"><div class=\"t m0 x90 h200 y2ef ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9d9 y34bf wac h13f\"><div class=\"t m0 x11 h200 y2ef ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9da y34bf w152 h13f\"><div class=\"t m0 x11 h200 y2ef ff4 fs22 fc1 sc0 ls0 ws0\">4 </div></td><td class=\"c x9db y34bf w1ae h13f\"><div class=\"t m0 x13 h200 y2ef ff4 fs22 fc1 sc0 ls0 ws0\">5 </div></td><td class=\"c x9d1 y34bf w5b4 h13f\"><div class=\"t m0 x55 h200 y2ef ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9dc y34bf w2bd h13f\"><div class=\"t m0 x38 h200 y2ef ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9d5 y34bf w5b4 h13f\"><div class=\"t m0 x55 h200 y2ef ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9dd y34bf w5b5 h13f\"><div class=\"t m0 x55 h200 y2ef ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9de y34bf w5b4 h13f\"><div class=\"t m0 x55 h200 y2ef ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9d2 y34bf w162 h13f\"><div class=\"t m0 x36 h200 y2ef ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9df y34bf w1c3 h13f\"><div class=\"t m0 x31 h200 y2ef ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9e0 y34bf w1c7 h13f\"><div class=\"t m0 x37 h200 y2ef ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9e1 y34bf w1a9 h13f\"><div class=\"t m0 x8f h200 y2ef ff4 fs22 fc1 sc0 ls0 ws0\">6 </div></td><td class=\"c x9d3 y34bf w269 h13f\"><div class=\"t m0 x96 h200 y2ef ff4 fs22 fc1 sc0 ls9e ws0\">15<span class=\"ls0\"> </span></div></td></tr><tr><td class=\"c x46a y2491 wa16 h48f\"><div class=\"t m0 x250 h200 y24d8 ff4 fs22 fc1 sc0 ls0 ws0\">deteriorate<span class=\"_ _df\"> </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>Immobili - Ipo<span class=\"_ _2\"></span>teche<span class=\"fc1 sc0\"> </span>Immobili <span class=\"_ _2\"></span>- leasing finanziario<span class=\"fc1 sc0\"> </span>Titoli<span class=\"fc1 sc0\"> </span>Altre garanzie reali<span class=\"_ _2\"></span><span class=\"fc1 sc0\"> </span>CLN<span class=\"fc1 sc0\"> </span>Amministrazioni p<span class=\"_ _2\"></span>ubbliche<span class=\"fc1 sc0\"> </span>Banche<span class=\"fc1 sc0\"> </span>Altre socie<span class=\"_ _2\"></span>t\u00e0 finanziarie<span class=\"fc1 sc0\"> </span>Altri soggetti<span class=\"fc1 sc0\"> </span>Controparti centrali<span class=\"fc1 sc0\"> </span>Banche<span class=\"fc1 sc0\"> </span>Altre socie<span class=\"_ _2\"></span>t\u00e0 finanziarie<span class=\"fc1 sc0\"> </span>Altri soggetti<span class=\"fc1 sc0\"> </span>Nel <span class=\"_ _0\"></span>corso <span class=\"_ _9\"> </span>dell\u2019esercizio <span class=\"_ _0\"></span>sono <span class=\"_ _0\"></span>st<span class=\"_ _2\"></span>ate <span class=\"_ _0\"></span>esc<span class=\"ff4\">usse <span class=\"_ _9\"> </span>garanzie <span class=\"_ _0\"></span>ipotecarie <span class=\"_ _9\"> </span>per <span class=\"_ _0\"></span>9,9<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>milioni <span class=\"_ _0\"></span>di <span class=\"_ _9\"> </span>euro, <span class=\"_ _0\"></span>i <span class=\"_ _9\"> </span>cui <span class=\"_ _9\"> </span>incassi </span>presumibilmente <span class=\"_ _16\"> </span>avverranno  nei <span class=\"_ _16\"> </span>prossimi  anni<span class=\"_ _1\"></span>,  mentre  a  fronte  d<span class=\"_ _1\"></span>elle  escussioni <span class=\"_ _16\"> </span>di  pegni,  p<span class=\"_ _1\"></span>olizze assicurative  e<span class=\"_ _1\"></span>  fide<span class=\"_ _1\"></span>iussioni  sono <span class=\"_ _16\"> </span>stati <span class=\"_ _16\"> </span>incassati <span class=\"_ _16\"> </span>25,1  <span class=\"ff5\">milioni <span class=\"_ _9\"> </span>di  euro.  Nel<span class=\"_ _1\"></span>l\u2019esercizio <span class=\"_ _16\"> </span>sono  sta<span class=\"_ _1\"></span>ti  anc<span class=\"_ _1\"></span>he </span>incassati 1<span class=\"_ _1\"></span>4,5 mil<span class=\"_ _1\"></span>ioni d<span class=\"_ _1\"></span>i e<span class=\"_ _1\"></span>uro, a <span class=\"_ _f\"></span>fronte di <span class=\"_ _f\"></span>escussione di <span class=\"_ _f\"></span>garanzie ipotecarie <span class=\"_ _f\"></span>avviate neg<span class=\"_ _1\"></span>li anni <span class=\"_ _f\"></span>precedenti.<span class=\"_ _2\"></span> Nel cor<span class=\"_ _2\"></span>so <span class=\"_ _2\"></span>del 2025 s<span class=\"_ _2\"></span>ono state <span class=\"_ _2\"></span>poste <span class=\"_ _2\"></span>in essere <span class=\"_ _2\"></span>attivit\u00e0 giudiziali <span class=\"_ _2\"></span>di escussione <span class=\"_ _2\"></span>delle garanzie <span class=\"_ _2\"></span>mediante pignoramento <span class=\"_ _16\"> </span>immobiliare <span class=\"_ _9\"> </span>nei  casi <span class=\"_ _9\"> </span>in  cui<span class=\"_ _1\"></span>  non <span class=\"_ _9\"> </span>sia  s<span class=\"_ _1\"></span>tato  p<span class=\"_ _1\"></span>ossibile <span class=\"_ _9\"> </span>raggiungere  soluzioni <span class=\"_ _9\"> </span>transattive soddisfacenti.  Le  posizioni <span class=\"_ _22\"> </span>affi<span class=\"_ _2\"></span>date  alle  societ\u00e0 <span class=\"_ _4\"> </span>di  o<span class=\"_ _2\"></span><span class=\"ff5\">utsourcing,  costituite  da <span class=\"_ _4\"> </span>esposizioni<span class=\"_ _1\"></span>  &lt;<span class=\"_ _2\"></span>100  \u20ack </span>derivanti <span class=\"_ _2\"></span>da <span class=\"_ _d\"></span>mutui <span class=\"_ _d\"></span>ipotecari <span class=\"_ _d\"></span>sono <span class=\"_ _d\"></span>state <span class=\"_ _d\"></span>valutate <span class=\"_ _2\"></span>e <span class=\"_ _d\"></span>gestite <span class=\"_ _d\"></span>stragiudizialmente. <span class=\"_ _d\"></span>Si <span class=\"_ _d\"></span>precisa <span class=\"_ _2\"></span>infatti <span class=\"_ _d\"></span>che <span class=\"_ _d\"></span>la ricontrattualizzazione <span class=\"_ _0\"></span>di <span class=\"_ _9\"> </span>tali <span class=\"_ _9\"> </span>societ\u00e0 <span class=\"_ _9\"> </span>dal <span class=\"_ _0\"> </span>20<span class=\"_ _2\"></span>23 <span class=\"_ _0\"></span>ha <span class=\"_ _9\"> </span>previsto <span class=\"_ _9\"> </span>il <span class=\"_ _9\"> </span>loro <span class=\"_ _9\"> </span>intervento <span class=\"_ _0\"></span>limitatamente <span class=\"_ _9\"> </span>all'attivit\u00e0<span class=\"_ _2\"></span> stragiudiziale. <span class=\"_ _d\"></span>In <span class=\"_ _d\"></span>caso <span class=\"_ _0\"></span>di <span class=\"_ _d\"></span>esito <span class=\"_ _0\"></span>neg<span class=\"_ _1\"></span>ativo <span class=\"_ _d\"></span>di <span class=\"_ _0\"></span>quest'ultima, <span class=\"_ _d\"></span>infatti, <span class=\"_ _d\"></span>la <span class=\"_ _0\"></span>posizione <span class=\"_ _d\"></span>viene <span class=\"_ _d\"></span>restituita <span class=\"_ _0\"></span>agli <span class=\"_ _d\"></span>uffici interni competenti per l'attivazione giudi<span class=\"_ _1\"></span>ziale ovvero la cessione del credito.<span class=\"_ _2\"></span> <div class=\"t m0 hc ff4 fs4 fc4 sc3 ls0 ws0 gs11a4\">B. D<span class=\"_ _f\"></span>istrib<span class=\"_ _1\"></span>uzio<span class=\"_ _f\"></span>ne e co<span class=\"_ _f\"></span>nce<span class=\"_ _1\"></span>ntra<span class=\"_ _1\"></span>zion<span class=\"_ _f\"></span>e dell<span class=\"_ _1\"></span>e es<span class=\"_ _f\"></span>posiz<span class=\"_ _1\"></span>ioni <span class=\"_ _f\"></span>cred<span class=\"_ _1\"></span>itizie<span class=\"_ _df\"> </span></div><div class=\"c w5b8 h49 gs11a5\"><div class=\"t m0 x8a h5 y302 ff4 fs1 fc4 sc3 ls0 ws0\">B.1 <span class=\"_ _1\"></span>Conso<span class=\"_ _1\"></span>lidat<span class=\"_ _1\"></span>o pru<span class=\"_ _1\"></span>denzia<span class=\"_ _f\"></span>le - Dis<span class=\"_ _1\"></span>tribuzi<span class=\"_ _1\"></span>one s<span class=\"_ _f\"></span>ettoria<span class=\"_ _1\"></span>le del<span class=\"_ _1\"></span>le es<span class=\"_ _1\"></span>posizi<span class=\"_ _1\"></span>oni cr<span class=\"_ _1\"></span>editizi<span class=\"_ _1\"></span>e per<span class=\"_ _1\"></span> cass<span class=\"_ _f\"></span>a e \"fuor<span class=\"_ _1\"></span>i b<span class=\"_ _1\"></span>ilanci<span class=\"_ _1\"></span>o\" ver<span class=\"_ _1\"></span>so cl<span class=\"_ _1\"></span>ient<span class=\"_ _1\"></span>ela<span class=\"_ _df\"> </span><span class=\"fc1 sc0\"> </span></div></div><div class=\"gs11a6\"><table class=\"s w102a h582\" id=\"_961039c2-132b-4780-9dc5-4a5747c2d393\"><tr><td></td><td></td><td></td><td class=\"c x9e2 y34c0 w5ba h58\"><div class=\"t m0 x55 h1f y420 ff4 fs7 fc4 sc3 ls0 ws0\">Amm<span class=\"_ _f\"></span>inistra<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>i pub<span class=\"_ _f\"></span>bliche<span class=\"_ _df\"> </span><span class=\"fc1 sc0\"> </span></div></td><td></td><td class=\"c x9e3 y34c0 w599 h58\"><div class=\"t m0 x37 h1f y420 ff4 fs7 fc4 sc3 ls0 ws0\">Soci<span class=\"_ _1\"></span>et\u00e0 f<span class=\"_ _1\"></span>ina<span class=\"_ _1\"></span>nziar<span class=\"_ _1\"></span>ie<span class=\"_ _df\"> </span><span class=\"fc1 sc0\"> </span></div></td><td class=\"c x9e4 y34c1 w102b h49c\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">Soci<span class=\"_ _1\"></span>et\u00e0 f<span class=\"_ _1\"></span>ina<span class=\"_ _1\"></span>nziar<span class=\"_ _1\"></span>ie (di<span class=\"_ _1\"></span> cui:<span class=\"_ _df\"> </span></div></td><td></td><td></td><td class=\"c x9e5 y34c0 w2e3 h58\"><div class=\"t m0 x32 h1f y420 ff4 fs7 fc4 sc3 ls0 ws0\">Soci<span class=\"_ _1\"></span>et\u00e0 n<span class=\"_ _f\"></span>on fina<span class=\"_ _1\"></span>nzia<span class=\"_ _f\"></span>rie<span class=\"_ _df\"> </span><span class=\"fc1 sc0\"> </span></div></td><td class=\"c x9e6 y34c0 w5bc h58\"><div class=\"t m0 x1c h1f y420 ff4 fs7 fc4 sc3 ls0 ws0\">Fam<span class=\"_ _f\"></span>iglie<span class=\"_ _df\"> </span><span class=\"fc1 sc0\"> </span></div></td><td></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td class=\"c x9e4 y34c2 w102c h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">impr<span class=\"_ _f\"></span>ese di as<span class=\"_ _f\"></span>sicurazi<span class=\"_ _f\"></span>one)<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x24d y34c3 w5b9 h2a8\"><div class=\"t m0 x97 h1f y474 ff4 fs7 fc4 sc3 ls0 ws0\">Espo<span class=\"_ _1\"></span>sizio<span class=\"_ _f\"></span>ni/Cont<span class=\"_ _1\"></span>ropa<span class=\"_ _1\"></span>rti<span class=\"_ _df\"> </span><span class=\"fc1 sc0\"> </span></div></td><td></td><td></td><td class=\"c x9e7 y34c4 w102d h4b7\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">Rett<span class=\"_ _f\"></span>ifiche<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x9e8 y34c4 w102d h4b7\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">Rett<span class=\"_ _f\"></span>ifiche<span class=\"_ _df\"> </span></div></td><td class=\"c x9e9 y34c4 w102d h4b7\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">Rett<span class=\"_ _f\"></span>ifiche<span class=\"_ _df\"> </span></div></td><td></td><td></td><td class=\"c x9ea y34c4 w102d h4b7\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">Rett<span class=\"_ _f\"></span>ifiche<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x9eb y34c4 w102d h4b7\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">Rett<span class=\"_ _f\"></span>ifiche<span class=\"_ _df\"> </span></div></td></tr><tr><td></td><td></td><td class=\"c x9ec y34c5 w102e h484\" colspan=\"2\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">Espo<span class=\"_ _1\"></span>sizio<span class=\"_ _f\"></span>ne<span class=\"_ _df\"> </span></div></td><td class=\"c x9ed y34c5 w102e h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">Espo<span class=\"_ _1\"></span>sizio<span class=\"_ _f\"></span>ne<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x9ee y34c5 w102e h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">Espo<span class=\"_ _1\"></span>sizio<span class=\"_ _f\"></span>ne<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x9ef y34c5 w102e h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">Espo<span class=\"_ _1\"></span>sizio<span class=\"_ _f\"></span>ne<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x9f0 y34c5 w102e h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">Espo<span class=\"_ _1\"></span>sizio<span class=\"_ _f\"></span>ne<span class=\"_ _df\"> </span></div></td><td></td></tr><tr><td></td><td></td><td></td><td class=\"c x9f1 y34c6 w102f h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">val<span class=\"_ _1\"></span>ore<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x9f2 y34c6 w102f h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">val<span class=\"_ _1\"></span>ore<span class=\"_ _df\"> </span></div></td><td class=\"c x9f3 y34c6 w1030 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">val<span class=\"_ _1\"></span>ore<span class=\"_ _df\"> </span></div></td><td></td><td></td><td class=\"c x9f4 y34c6 w1030 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">val<span class=\"_ _1\"></span>ore<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x9f5 y34c6 w1030 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">val<span class=\"_ _1\"></span>ore<span class=\"_ _df\"> </span></div></td></tr><tr><td></td><td></td><td class=\"c x9f6 y34c7 w1031 h484\" colspan=\"2\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">net<span class=\"_ _1\"></span>ta<span class=\"_ _df\"> </span></div></td><td class=\"c x9f7 y34c7 w1031 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">net<span class=\"_ _1\"></span>ta<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x9f8 y34c7 w1031 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">net<span class=\"_ _1\"></span>ta<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x9f9 y34c7 w1031 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">net<span class=\"_ _1\"></span>ta<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x9fa y34c7 w1031 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">net<span class=\"_ _1\"></span>ta<span class=\"_ _df\"> </span></div></td><td></td></tr><tr><td class=\"c x262 y34c8 wb5f h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc1 sc2 ls0 ws0\">A. Es<span class=\"_ _1\"></span>pos<span class=\"_ _1\"></span>izion<span class=\"_ _f\"></span>i<span class=\"_ _df\"> </span></div></td><td></td><td></td><td class=\"c x9fb y34c9 w1032 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">com<span class=\"_ _f\"></span>plessiv<span class=\"_ _1\"></span>e<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x9fc y34c9 w1032 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">com<span class=\"_ _f\"></span>plessiv<span class=\"_ _1\"></span>e<span class=\"_ _df\"> </span></div></td><td class=\"c x9fd y34c9 w1033 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">com<span class=\"_ _f\"></span>plessiv<span class=\"_ _1\"></span>e<span class=\"_ _df\"> </span></div></td><td></td><td></td><td class=\"c x9fe y34c9 w1033 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">com<span class=\"_ _f\"></span>plessiv<span class=\"_ _1\"></span>e<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x9ff y34c9 w1033 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">com<span class=\"_ _f\"></span>plessiv<span class=\"_ _1\"></span>e<span class=\"_ _df\"> </span></div></td></tr><tr><td class=\"c x262 y34ca w1034 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc1 sc2 ls0 ws0\">credit<span class=\"_ _f\"></span>izie per<span class=\"_ _1\"></span> cas<span class=\"_ _f\"></span>sa<span class=\"_ _df\"> </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=\"c x256 y34cb w3f7 h49\"><div class=\"t m0 x8a h1f y25f ff4 fs7 fc1 sc0 ls0 ws0\">A.1 Sofferenze<span class=\"_ _df\"> </span><span class=\"_ _1\"></span> </div></td><td></td><td class=\"c x9e2 y34cb w73 h49\"><div class=\"t m0 x91 h1f y25f ff4 fs7 fc1 sc0 ls29 ws0\">93<span class=\"_ _df\"> </span><span class=\"ls0\"> </span></div></td><td class=\"c xa00 y34cb w5c0 h49\"><div class=\"t m0 xf h1f y25f ff4 fs7 fc1 sc0 ls0 ws0\">324<span class=\"_ _df\"> </span> </div></td><td class=\"c x9e3 y34cb w73 h49\"><div class=\"t m0 xf h1f y25f ff4 fs7 fc1 sc0 ls0 ws0\">5<span class=\"_ _df\"> </span> </div></td><td class=\"c xa01 y34cb w4e h49\"><div class=\"t m0 xa3 h1f y25f ff4 fs7 fc1 sc0 ls9 ws0\">114<span class=\"_ _df\"> </span><span class=\"ls0\"> </span></div></td><td class=\"c xa02 y34cb w4eb h49\"><div class=\"t m0 xc6 h1f y25f ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span> </div></td><td class=\"c xa03 y34cb w257 h49\"><div class=\"t m0 xc3 h1f y25f ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span> </div></td><td class=\"c x9e5 y34cb w73 h49\"><div class=\"t m0 x27 h1f y25f ff4 fs7 fc1 sc0 ls0 ws0\">24.048<span class=\"_ _df\"> </span> </div></td><td class=\"c xa04 y34cb wcb h49\"><div class=\"t m0 x36 h1f y25f ff4 fs7 fc1 sc0 ls0 ws0\">117.561<span class=\"_ _df\"> </span> </div></td><td class=\"c x9e6 y34cb w336 h49\"><div class=\"t m0 x34 h1f y25f ff4 fs7 fc1 sc0 ls0 ws0\">13.226<span class=\"_ _df\"> </span> </div></td><td class=\"c xa05 y34cb w21c h49\"><div class=\"t m0 x36 h1f y25f ff4 fs7 fc1 sc0 ls0 ws0\">75.79<span class=\"_ _df\"> </span>6 </div></td></tr><tr><td class=\"c x3b5 y34cc w1035 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">- di cui<span class=\"_ _df\"> </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=\"c x3b5 y34cd w1036 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">esposizioni<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x9e2 y34ce w73 h2e8\"><div class=\"t m0 xf h1f y2c4 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span> </div></td><td class=\"c xa00 y34ce w5c0 h2e8\"><div class=\"t m0 xc3 h1f y2c4 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span> </div></td><td class=\"c x9e3 y34ce w73 h2e8\"><div class=\"t m0 xf h1f y2c4 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span> </div></td><td class=\"c xa01 y34ce w4e h2e8\"><div class=\"t m0 xf0 h1f y2c4 ff4 fs7 fc1 sc0 ls0 ws0\">2<span class=\"_ _df\"> </span> </div></td><td class=\"c xa02 y34ce w4eb h2e8\"><div class=\"t m0 xc6 h1f y2c4 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span> </div></td><td class=\"c xa03 y34ce w257 h2e8\"><div class=\"t m0 xc3 h1f y2c4 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span> </div></td><td class=\"c x9e5 y34ce w73 h2e8\"><div class=\"t m0 x38 h1f y2c4 ff4 fs7 fc1 sc0 ls0 ws0\">5.570<span class=\"_ _df\"> </span> </div></td><td class=\"c xa04 y34ce wcb h2e8\"><div class=\"t m0 x8f h1f y2c4 ff4 fs7 fc1 sc0 ls0 ws0\">30.214<span class=\"_ _df\"> </span> </div></td><td class=\"c x9e6 y34ce w336 h2e8\"><div class=\"t m0 x38 h1f y2c4 ff4 fs7 fc1 sc0 ls0 ws0\">4.287<span class=\"_ _df\"> </span> </div></td><td class=\"c xa05 y34ce w21c h2e8\"><div class=\"t m0 x11 h1f y2c4 ff4 fs7 fc1 sc0 ls0 ws0\">15.2<span class=\"_ _df\"> </span>71 </div></td></tr><tr><td class=\"c x3b5 y34cf w1037 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">oggetto di<span class=\"_ _df\"> </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=\"c x3b5 y34d0 w1038 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">concessioni<span class=\"_ _df\"> </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=\"c x262 y34d1 w1039 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">A.2 Inadempienze<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x9e2 y34d2 w73 h58\"><div class=\"t m0 x8f h1f y2ea ff4 fs7 fc1 sc0 ls0 ws0\">9<span class=\"ls29\">68<span class=\"_ _df\"> </span></span> </div></td><td class=\"c xa00 y34d2 w5c0 h58\"><div class=\"t m0 x12 h1f y2ea ff4 fs7 fc1 sc0 ls0 ws0\">1.248<span class=\"_ _df\"> </span> </div></td><td class=\"c x9e3 y34d2 w73 h58\"><div class=\"t m0 x91 h1f y2ea ff4 fs7 fc1 sc0 ls34 ws0\">78<span class=\"_ _df\"> </span><span class=\"ls0\"> </span></div></td><td class=\"c xa01 y34d2 w4e h58\"><div class=\"t m0 xc6 h1f y2ea ff4 fs7 fc1 sc0 ls0 ws0\">150<span class=\"_ _df\"> </span> </div></td><td class=\"c xa02 y34d2 w4eb h58\"><div class=\"t m0 xc6 h1f y2ea ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span> </div></td><td class=\"c xa03 y34d2 w257 h58\"><div class=\"t m0 xc3 h1f y2ea ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span> </div></td><td class=\"c x9e5 y34d2 w73 h58\"><div class=\"t m0 x26 h1f y2ea ff4 fs7 fc1 sc0 ls0 ws0\">72.295<span class=\"_ _df\"> </span> </div></td><td class=\"c xa04 y34d2 wcb h58\"><div class=\"t m0 x8f h1f y2ea ff4 fs7 fc1 sc0 ls0 ws0\">55.165<span class=\"_ _df\"> </span> </div></td><td class=\"c x9e6 y34d2 w336 h58\"><div class=\"t m0 x3a h1f y2ea ff4 fs7 fc1 sc0 ls0 ws0\">112.946<span class=\"_ _df\"> </span> </div></td><td class=\"c xa05 y34d2 w21c h58\"><div class=\"t m0 x36 h1f y2ea ff4 fs7 fc1 sc0 ls0 ws0\">93.75<span class=\"_ _df\"> </span>0 </div></td></tr><tr><td class=\"c x262 y34d3 w9d8 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">probabili<span class=\"_ _df\"> </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=\"c x3b5 y34d4 w1035 h54b\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">- di cui<span class=\"_ _df\"> </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=\"c x3b5 y34d5 w1036 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">esposizioni<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x9e2 y34d6 w73 h24a\"><div class=\"t m0 xf h1f y2c4 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span> </div></td><td class=\"c xa00 y34d6 w5c0 h24a\"><div class=\"t m0 xf0 h1f y2c4 ff4 fs7 fc1 sc0 ls0 ws0\">7<span class=\"_ _df\"> </span> </div></td><td class=\"c x9e3 y34d6 w73 h24a\"><div class=\"t m0 x90 h1f y2c4 ff4 fs7 fc1 sc0 ls9 ws0\">18<span class=\"_ _df\"> </span><span class=\"ls0\"> </span></div></td><td class=\"c xa01 y34d6 w4e h24a\"><div class=\"t m0 xc7 h1f y2c4 ff4 fs7 fc1 sc0 lsa ws0\">41<span class=\"_ _df\"> </span><span class=\"ls0\"> </span></div></td><td class=\"c xa02 y34d6 w4eb h24a\"><div class=\"t m0 xc6 h1f y2c4 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span> </div></td><td class=\"c xa03 y34d6 w257 h24a\"><div class=\"t m0 xc3 h1f y2c4 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span> </div></td><td class=\"c x9e5 y34d6 w73 h24a\"><div class=\"t m0 x26 h1f y2c4 ff4 fs7 fc1 sc0 ls0 ws0\">26.956<span class=\"_ _df\"> </span> </div></td><td class=\"c xa04 y34d6 wcb h24a\"><div class=\"t m0 x36 h1f y2c4 ff4 fs7 fc1 sc0 ls0 ws0\">22.355<span class=\"_ _df\"> </span> </div></td><td class=\"c x9e6 y34d6 w336 h24a\"><div class=\"t m0 x26 h1f y2c4 ff4 fs7 fc1 sc0 ls0 ws0\">46.827<span class=\"_ _df\"> </span> </div></td><td class=\"c xa05 y34d6 w21c h24a\"><div class=\"t m0 x15 h1f y2c4 ff4 fs7 fc1 sc0 ls0 ws0\">28.48<span class=\"_ _df\"> </span>4 </div></td></tr><tr><td class=\"c x3b5 y34d7 w1037 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">oggetto di<span class=\"_ _df\"> </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=\"c x3b5 y34d8 w1038 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">concessioni<span class=\"_ _df\"> </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=\"c x262 y34d9 w103a h48b\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">A.3 Esposizioni<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x9e2 y34da w73 h58\"><div class=\"t m0 x8f h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">265<span class=\"_ _df\"> </span> </div></td><td class=\"c xa00 y34da w5c0 h58\"><div class=\"t m0 x8 h1f y420 ff4 fs7 fc1 sc0 ls32 ws0\">57<span class=\"_ _df\"> </span><span class=\"ls0\"> </span></div></td><td class=\"c x9e3 y34da w73 h58\"><div class=\"t m0 x1c h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">4<span class=\"_ _df\"> </span> </div></td><td class=\"c xa01 y34da w4e h58\"><div class=\"t m0 x1af h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">4<span class=\"_ _df\"> </span> </div></td><td class=\"c xa02 y34da w4eb h58\"><div class=\"t m0 xc6 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span> </div></td><td class=\"c xa03 y34da w257 h58\"><div class=\"t m0 xc3 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span> </div></td><td class=\"c x9e5 y34da w73 h58\"><div class=\"t m0 x38 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">6.865<span class=\"_ _df\"> </span> </div></td><td class=\"c xa04 y34da wcb h58\"><div class=\"t m0 x11 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">4.845<span class=\"_ _df\"> </span> </div></td><td class=\"c x9e6 y34da w336 h58\"><div class=\"t m0 x34 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">20.213<span class=\"_ _df\"> </span> </div></td><td class=\"c xa05 y34da w21c h58\"><div class=\"t m0 x8f h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">14.70<span class=\"_ _df\"> </span>2 </div></td></tr><tr><td class=\"c x262 y34db w103b h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">scadute deterio<span class=\"_ _1\"></span>rate<span class=\"_ _df\"> </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=\"c x3b5 y34dc w1035 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">- di cui<span class=\"_ _df\"> </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=\"c x3b5 y34dd w1036 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">esposizioni<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x9e2 y34de w73 h2e8\"><div class=\"t m0 xf h1f y1a60 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span> </div></td><td class=\"c xa00 y34de w5c0 h2e8\"><div class=\"t m0 xc3 h1f y1a60 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span> </div></td><td class=\"c x9e3 y34de w73 h2e8\"><div class=\"t m0 xf h1f y1a60 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span> </div></td><td class=\"c xa01 y34de w4e h2e8\"><div class=\"t m0 xc3 h1f y1a60 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span> </div></td><td class=\"c xa02 y34de w4eb h2e8\"><div class=\"t m0 xc6 h1f y1a60 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span> </div></td><td class=\"c xa03 y34de w257 h2e8\"><div class=\"t m0 xc3 h1f y1a60 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span> </div></td><td class=\"c x9e5 y34de w73 h2e8\"><div class=\"t m0 x11 h1f y1a60 ff4 fs7 fc1 sc0 ls0 ws0\">155<span class=\"_ _df\"> </span> </div></td><td class=\"c xa04 y34de wcb h2e8\"><div class=\"t m0 xa3 h1f y1a60 ff4 fs7 fc1 sc0 ls2b ws0\">88<span class=\"_ _df\"> </span><span class=\"ls0\"> </span></div></td><td class=\"c x9e6 y34de w336 h2e8\"><div class=\"t m0 x91 h1f y1a60 ff4 fs7 fc1 sc0 ls27 ws0\">38<span class=\"_ _df\"> </span><span class=\"ls0\"> </span></div></td><td class=\"c xa05 y34de w21c h2e8\"><div class=\"t m0 xc7 h1f y1a60 ff4 fs7 fc1 sc0 ls9 ws0\">18<span class=\"ls0\"> </span></div></td></tr><tr><td class=\"c x3b5 y34df w1037 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">oggetto di<span class=\"_ _df\"> </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=\"c x3b5 y34e0 w1038 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">concessioni<span class=\"_ _df\"> </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=\"c x262 y34e1 w103c h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">A.4 Esposizioni n<span class=\"_ _f\"></span>o<span class=\"_ _2\"></span>n<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x9e2 y34e2 w73 had\"><div class=\"t m0 x130 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">9.895.297<span class=\"_ _df\"> </span> </div></td><td class=\"c xa00 y34e2 w5c0 had\"><div class=\"t m0 x96 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">3.302 </div></td><td class=\"c x9e3 y34e2 w73 had\"><div class=\"t m0 x55 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">3.075.338<span class=\"_ _df\"> </span> </div></td><td class=\"c xa01 y34e2 w4e had\"><div class=\"t m0 x90 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">1.137<span class=\"_ _df\"> </span> </div></td><td class=\"c xa02 y34e2 w4eb had\"><div class=\"t m0 x32 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">260.293<span class=\"_ _df\"> </span> </div></td><td class=\"c xa03 y34e2 w257 had\"><div class=\"t m0 xf0 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">2 </div></td><td class=\"c x9e5 y34e2 w73 had\"><div class=\"t m0 x2e h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">17.905.268<span class=\"_ _df\"> </span> </div></td><td class=\"c xa04 y34e2 wcb had\"><div class=\"t m0 x36 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">27.860 </div></td><td class=\"c x9e6 y34e2 w336 had\"><div class=\"t m0 x2a h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">18.240.590<span class=\"_ _df\"> </span> </div></td><td class=\"c xa05 y34e2 w21c had\"><div class=\"t m0 x8f h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">60.7<span class=\"_ _df\"> </span>17 </div></td></tr><tr><td class=\"c x262 y2f6e wfb8 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">deteriorate<span class=\"_ _df\"> </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=\"c x3b5 y34e3 w1035 h54b\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">- di cui<span class=\"_ _df\"> </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=\"c x3b5 y27ac w1036 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">esposizioni<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x9e2 y34e4 w73 h24a\"><div class=\"t m0 xf h1f y2c4 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span> </div></td><td class=\"c xa00 y34e4 w5c0 h24a\"><div class=\"t m0 xa3 h1f y2c4 ff4 fs7 fc1 sc0 ls0 ws0\">(2)<span class=\"_ _df\"> </span> </div></td><td class=\"c x9e3 y34e4 w73 h24a\"><div class=\"t m0 x90 h1f y2c4 ff4 fs7 fc1 sc0 ls9 ws0\">14<span class=\"_ _df\"> </span><span class=\"ls0\"> </span></div></td><td class=\"c xa01 y34e4 w4e h24a\"><div class=\"t m0 xc3 h1f y2c4 ff4 fs7 fc1 sc0 ls0 ws0\">1<span class=\"_ _df\"> </span> </div></td><td class=\"c xa02 y34e4 w4eb h24a\"><div class=\"t m0 xc6 h1f y2c4 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span> </div></td><td class=\"c xa03 y34e4 w257 h24a\"><div class=\"t m0 xc3 h1f y2c4 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span> </div></td><td class=\"c x9e5 y34e4 w73 h24a\"><div class=\"t m0 x34 h1f y2c4 ff4 fs7 fc1 sc0 ls0 ws0\">21.053<span class=\"_ _df\"> </span> </div></td><td class=\"c xa04 y34e4 wcb h24a\"><div class=\"t m0 x1c h1f y2c4 ff4 fs7 fc1 sc0 ls0 ws0\">388<span class=\"_ _df\"> </span> </div></td><td class=\"c x9e6 y34e4 w336 h24a\"><div class=\"t m0 x27 h1f y2c4 ff4 fs7 fc1 sc0 ls0 ws0\">36.440<span class=\"_ _df\"> </span> </div></td><td class=\"c xa05 y34e4 w21c h24a\"><div class=\"t m0 x1c h1f y2c4 ff4 fs7 fc1 sc0 ls0 ws0\">94<span class=\"_ _df\"> </span>0 </div></td></tr><tr><td class=\"c x3b5 y34e5 w1037 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">oggetto di<span class=\"_ _df\"> </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=\"c x3b5 y34e6 w1038 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">concessioni<span class=\"_ _df\"> </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=\"c x256 y34e7 w3f7 h49\"><div class=\"t m0 x90 h1f y25f ff4 fs7 fc1 sc2 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale (A<span class=\"_ _f\"></span>)<span class=\"_ _df\"> </span><span class=\"sc0\"> </span></div></td><td></td><td class=\"c x9e2 y34e7 w73 h49\"><div class=\"t m0 x130 h1f y25f ff4 fs7 fc1 sc2 ls0 ws0\">9.89<span class=\"_ _1\"></span>6.623<span class=\"_ _df\"> </span><span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td><td class=\"c xa00 y34e7 w5c0 h49\"><div class=\"t m0 x91 h1f y25f ff4 fs7 fc1 sc2 ls0 ws0\">4.931<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x9e3 y34e7 w73 h49\"><div class=\"t m0 x130 h1f y25f ff4 fs7 fc1 sc2 ls0 ws0\">3.075<span class=\"_ _1\"></span>.425<span class=\"_ _df\"> </span><span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td><td class=\"c xa01 y34e7 w4e h49\"><div class=\"t m0 x91 h1f y25f ff4 fs7 fc1 sc2 ls0 ws0\">1.405<span class=\"_ _df\"> </span><span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td><td class=\"c xa02 y34e7 w4eb h49\"><div class=\"t m0 x35 h1f y25f ff4 fs7 fc1 sc2 ls0 ws0\">260.<span class=\"_ _1\"></span>293<span class=\"_ _df\"> </span><span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td><td class=\"c xa03 y34e7 w257 h49\"><div class=\"t m0 xf0 h1f y25f ff4 fs7 fc1 sc2 ls0 ws0\">2<span class=\"sc0\"> </span></div></td><td class=\"c x9e5 y34e7 w73 h49\"><div class=\"t m0 x2a h1f y25f ff4 fs7 fc1 sc2 ls0 ws0\">18.00<span class=\"_ _f\"></span>8.476<span class=\"_ _df\"> </span><span class=\"sc0\"> </span></div></td><td class=\"c xa04 y34e7 wcb h49\"><div class=\"t m0 x31 h1f y25f ff4 fs7 fc1 sc2 ls0 ws0\">205.<span class=\"_ _1\"></span>431<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x9e6 y34e7 w336 h49\"><div class=\"t m0 x2e h1f y25f ff4 fs7 fc1 sc2 ls0 ws0\">18.3<span class=\"_ _1\"></span>86.9<span class=\"_ _1\"></span>75<span class=\"_ _df\"> </span><span class=\"sc0\"> </span></div></td><td class=\"c xa05 y34e7 w21c h49\"><div class=\"t m0 x38 h1f y25f ff4 fs7 fc1 sc2 ls0 ws0\">244.9<span class=\"_ _f\"></span>6<span class=\"_ _df\"> </span>5<span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x262 y34e8 w103d h4b7\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc2 ls0 ws0\">B. Es<span class=\"_ _f\"></span>posizion<span class=\"_ _1\"></span>i<span class=\"_ _df\"> </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=\"c x262 y311a w103e h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc2 ls0 ws0\">credit<span class=\"_ _f\"></span>izie fuo<span class=\"_ _f\"></span>ri<span class=\"_ _df\"> </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=\"c x262 y34e9 wa60 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc2 ls0 ws0\">bilan<span class=\"_ _f\"></span>cio<span class=\"_ _df\"> </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=\"c x262 y34ea w103f h583\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">B.1 Esposizioni<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x9e2 y34eb w73 hbb\"><div class=\"t m0 x1c h1f y16ec ff4 fs7 fc1 sc0 ls0 ws0\">3<span class=\"_ _df\"> </span> </div></td><td class=\"c xa00 y34eb w5c0 hbb\"><div class=\"t m0 xc3 h1f y16ec ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span> </div></td><td class=\"c x9e3 y34eb w73 hbb\"><div class=\"t m0 x90 h1f y16ec ff4 fs7 fc1 sc0 ls9 ws0\">14<span class=\"_ _df\"> </span><span class=\"ls0\"> </span></div></td><td class=\"c xa01 y34eb w4e hbb\"><div class=\"t m0 xc3 h1f y16ec ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span> </div></td><td class=\"c xa02 y34eb w4eb hbb\"><div class=\"t m0 xc6 h1f y16ec ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span> </div></td><td class=\"c xa03 y34eb w257 hbb\"><div class=\"t m0 xc3 h1f y16ec ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span> </div></td><td class=\"c x9e5 y34eb w73 hbb\"><div class=\"t m0 x27 h1f y16ec ff4 fs7 fc1 sc0 ls0 ws0\">30.032<span class=\"_ _df\"> </span> </div></td><td class=\"c xa04 y34eb wcb hbb\"><div class=\"t m0 xc6 h1f y16ec ff4 fs7 fc1 sc0 ls0 ws0\">919<span class=\"_ _df\"> </span> </div></td><td class=\"c x9e6 y34eb w336 hbb\"><div class=\"t m0 x37 h1f y16ec ff4 fs7 fc1 sc0 ls0 ws0\">12.367<span class=\"_ _df\"> </span> </div></td><td class=\"c xa05 y34eb w21c hbb\"><div class=\"t m0 x1c h1f y16ec ff4 fs7 fc1 sc0 ls2a ws0\">20<span class=\"_ _df\"> </span>8<span class=\"ls0\"> </span></div></td></tr><tr><td class=\"c x262 y34ec wfb8 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">deteriorate<span class=\"_ _df\"> </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=\"c x262 y34ed w1040 h4b8\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">B.2 Esposizioni <span class=\"_ _1\"></span>non<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x9e2 y34ee w73 h58\"><div class=\"t m0 x34 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">14.095<span class=\"_ _df\"> </span> </div></td><td class=\"c xa00 y34ee w5c0 h58\"><div class=\"t m0 xc3 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span> </div></td><td class=\"c x9e3 y34ee w73 h58\"><div class=\"t m0 x35 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">389.747<span class=\"_ _df\"> </span> </div></td><td class=\"c xa01 y34ee w4e h58\"><div class=\"t m0 xa3 h1f y420 ff4 fs7 fc1 sc0 ls27 ws0\">38<span class=\"_ _df\"> </span><span class=\"ls0\"> </span></div></td><td class=\"c xa02 y34ee w4eb h58\"><div class=\"t m0 x2c h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">195.540<span class=\"_ _df\"> </span> </div></td><td class=\"c xa03 y34ee w257 h58\"><div class=\"t m0 xc3 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9e5 y34ee w73 h58\"><div class=\"t m0 x39 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">11.184.106<span class=\"_ _df\"> </span></div></td><td class=\"c xa04 y34ee wcb h58\"><div class=\"t m0 x96 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">3.733 </div></td><td class=\"c x9e6 y34ee w336 h58\"><div class=\"t m0 x14 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">1.727.835<span class=\"_ _df\"> </span> </div></td><td class=\"c xa05 y34ee w21c h58\"><div class=\"t m0 x91 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">1.4<span class=\"_ _df\"> </span>07 </div></td></tr><tr><td class=\"c x262 y2ed1 wfb8 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">deteriorate<span class=\"_ _df\"> </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=\"c x256 y34ef w3f7 h49\"><div class=\"t m0 x90 h1f y25c ff4 fs7 fc1 sc2 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale (B<span class=\"_ _1\"></span>)<span class=\"_ _df\"> </span><span class=\"sc0\"> </span></div></td><td></td><td class=\"c x9e2 y34ef w73 h49\"><div class=\"t m0 x34 h1f y25c ff4 fs7 fc1 sc2 ls0 ws0\">14.09<span class=\"_ _f\"></span>8<span class=\"_ _df\"> </span><span class=\"sc0\"> </span></div></td><td class=\"c xa00 y34ef w5c0 h49\"><div class=\"t m0 xc3 h1f y25c ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _df\"> </span><span class=\"sc0\"> </span></div></td><td class=\"c x9e3 y34ef w73 h49\"><div class=\"t m0 x2c h1f y25c ff4 fs7 fc1 sc2 ls0 ws0\">389.<span class=\"_ _1\"></span>761<span class=\"_ _df\"> </span><span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td><td class=\"c xa01 y34ef w4e h49\"><div class=\"t m0 x8 h1f y25c ff4 fs7 fc1 sc2 lsbc ws0\">38<span class=\"_ _df\"> </span><span class=\"sc0 ls0\"> </span></div></td><td class=\"c xa02 y34ef w4eb h49\"><div class=\"t m0 x2c h1f y25c ff4 fs7 fc1 sc2 ls0 ws0\">195.5<span class=\"_ _1\"></span>40<span class=\"_ _df\"> </span><span class=\"sc0\"> </span></div></td><td class=\"c xa03 y34ef w257 h49\"><div class=\"t m0 xc3 h1f y25c ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x9e5 y34ef w73 h49\"><div class=\"t m0 x14 h1f y25c ff4 fs7 fc1 sc2 ls0 ws0\">11.214.<span class=\"_ _f\"></span>138<span class=\"_ _df\"> </span><span class=\"sc0\"> </span></div></td><td class=\"c xa04 y34ef wcb h49\"><div class=\"t m0 x96 h1f y25c ff4 fs7 fc1 sc2 ls0 ws0\">4.652<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x9e6 y34ef w336 h49\"><div class=\"t m0 x14 h1f y25c ff4 fs7 fc1 sc2 ls0 ws0\">1.74<span class=\"_ _1\"></span>0.202<span class=\"_ _df\"> </span><span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td><td class=\"c xa05 y34ef w21c h49\"><div class=\"t m0 x90 h1f y25c ff4 fs7 fc1 sc2 ls0 ws0\">1.615<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x256 y34f0 w3f7 h49\"><div class=\"t m0 x30 h1f y25c ff4 fs7 fc1 sc2 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale (A<span class=\"_ _f\"></span>+B)<span class=\"sc0\"> </span></div></td><td class=\"c xa06 y34f0 w371 h49\"><div class=\"t m0 x39 h1f y25c ff4 fs7 fc1 sc2 ls0 ws0\">31/12/<span class=\"_ _f\"></span>2025<span class=\"sc0\"> </span></div></td><td class=\"c x9e2 y34f0 w73 h49\"><div class=\"t m0 x48 h1f y25c ff4 fs7 fc1 sc2 ls0 ws0\">9.910<span class=\"_ _1\"></span>.721<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td><td class=\"c xa00 y34f0 w5c0 h49\"><div class=\"t m0 x91 h1f y25c ff4 fs7 fc1 sc2 ls0 ws0\">4.931<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x9e3 y34f0 w73 h49\"><div class=\"t m0 x39 h1f y25c ff4 fs7 fc1 sc2 ls0 ws0\">3.465<span class=\"_ _f\"></span>.186<span class=\"sc0\"> </span></div></td><td class=\"c xa01 y34f0 w4e h49\"><div class=\"t m0 x91 h1f y25c ff4 fs7 fc1 sc2 ls0 ws0\">1.443<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td><td class=\"c xa02 y34f0 w4eb h49\"><div class=\"t m0 x35 h1f y25c ff4 fs7 fc1 sc2 ls0 ws0\">455.<span class=\"_ _f\"></span>833<span class=\"sc0\"> </span></div></td><td class=\"c xa03 y34f0 w257 h49\"><div class=\"t m0 xf0 h1f y25c ff4 fs7 fc1 sc2 ls0 ws0\">2<span class=\"sc0\"> </span></div></td><td class=\"c x9e5 y34f0 w73 h49\"><div class=\"t m0 x2e h1f y25c ff4 fs7 fc1 sc2 ls0 ws0\">29.2<span class=\"_ _1\"></span>22.6<span class=\"_ _f\"></span>14<span class=\"sc0\"> </span></div></td><td class=\"c xa04 y34f0 wcb h49\"><div class=\"t m0 x31 h1f y25c ff4 fs7 fc1 sc2 ls0 ws0\">210.0<span class=\"_ _f\"></span>83<span class=\"sc0\"> </span></div></td><td class=\"c x9e6 y34f0 w336 h49\"><div class=\"t m0 x130 h1f y25c ff4 fs7 fc1 sc2 ls0 ws0\">20.127<span class=\"_ _f\"></span>.177<span class=\"sc0\"> </span></div></td><td class=\"c xa05 y34f0 w21c h49\"><div class=\"t m0 x38 h1f y25c ff4 fs7 fc1 sc2 ls0 ws0\">246.5<span class=\"_ _f\"></span>80<span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x256 y34f1 w3f7 h49\"><div class=\"t m0 x30 h1f y25c ff4 fs7 fc1 sc2 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale (A<span class=\"_ _f\"></span>+B)<span class=\"sc0\"> </span></div></td><td class=\"c xa06 y34f1 w371 h49\"><div class=\"t m0 x39 h1f y25c ff4 fs7 fc1 sc2 ls0 ws0\">31/12/<span class=\"_ _f\"></span>2024<span class=\"sc0\"> </span></div></td><td class=\"c x9e2 y34f1 w73 h49\"><div class=\"t m0 x2e h1f y25c ff4 fs7 fc1 sc2 ls0 ws0\">10.67<span class=\"_ _1\"></span>4.6<span class=\"_ _1\"></span>03<span class=\"sc0\"> </span></div></td><td class=\"c xa00 y34f1 w5c0 h49\"><div class=\"t m0 x96 h1f y25c ff4 fs7 fc1 sc2 ls0 ws0\">9.232<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x9e3 y34f1 w73 h49\"><div class=\"t m0 x130 h1f y25c ff4 fs7 fc1 sc2 ls0 ws0\">2.05<span class=\"_ _1\"></span>8.6<span class=\"_ _1\"></span>05<span class=\"sc0\"> </span></div></td><td class=\"c xa01 y34f1 w4e h49\"><div class=\"t m0 x91 h1f y25c ff4 fs7 fc1 sc2 ls0 ws0\">1.50<span class=\"_ _1\"></span>0<span class=\"sc0\"> </span></div></td><td class=\"c xa02 y34f1 w4eb h49\"><div class=\"t m0 x35 h1f y25c ff4 fs7 fc1 sc2 ls0 ws0\">483.<span class=\"_ _1\"></span>423<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td><td class=\"c xa03 y34f1 w257 h49\"><div class=\"t m0 xf0 h1f y25c ff4 fs7 fc1 sc2 ls0 ws0\">4<span class=\"sc0\"> </span></div></td><td class=\"c x9e5 y34f1 w73 h49\"><div class=\"t m0 x55 h1f y25c ff4 fs7 fc1 sc2 ls0 ws0\">29.32<span class=\"_ _f\"></span>1.762<span class=\"sc0\"> </span></div></td><td class=\"c xa04 y34f1 wcb h49\"><div class=\"t m0 x30 h1f y25c ff4 fs7 fc1 sc2 ls0 ws0\">221.03<span class=\"_ _f\"></span>2<span class=\"sc0\"> </span></div></td><td class=\"c x9e6 y34f1 w336 h49\"><div class=\"t m0 x2e h1f y25c ff4 fs7 fc1 sc2 ls0 ws0\">19.4<span class=\"_ _1\"></span>07.56<span class=\"_ _f\"></span>4<span class=\"sc0\"> </span></div></td><td class=\"c xa05 y34f1 w21c h49\"><div class=\"t m0 x31 h1f y25c ff4 fs7 fc1 sc2 ls0 ws0\">263.3<span class=\"_ _f\"></span>55<span class=\"sc0\"> </span></div></td></tr></table></div>B.2 Co<span class=\"_ _1\"></span>nsoli<span class=\"_ _1\"></span>dato<span class=\"_ _1\"></span> prud<span class=\"_ _1\"></span>enzi<span class=\"_ _1\"></span>ale - <span class=\"_ _f\"></span>Distrib<span class=\"_ _1\"></span>uzione<span class=\"_ _1\"></span> terr<span class=\"_ _1\"></span>itori<span class=\"_ _1\"></span>ale d<span class=\"_ _f\"></span>elle espo<span class=\"_ _1\"></span>sizioni<span class=\"_ _1\"></span> credi<span class=\"_ _1\"></span>tizie <span class=\"_ _1\"></span>per ca<span class=\"_ _f\"></span>ssa e <span class=\"_ _1\"></span>\"fuori<span class=\"_ _f\"></span> bilancio<span class=\"_ _1\"></span>\" vers<span class=\"_ _1\"></span>o cliente<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span><span class=\"fc1 sc0\"> </span><table class=\"s w1041 h584\" id=\"_80a7ba81-74e2-49e9-b1bc-66d05796b7fa\"><tr><td></td><td></td><td class=\"c xa07 y34f2 w5c2 h4a\"><div class=\"t m0 x36 h1f y25c ff4 fs7 fc4 sc3 ls0 ws0\">Itali<span class=\"_ _1\"></span>a<span class=\"fc1 sc0\"> </span></div></td><td></td><td class=\"c x4c6 y34f2 w323 h4a\"><div class=\"t m0 x8a h1f y25c ff4 fs7 fc4 sc3 ls0 ws0\">Altri pa<span class=\"_ _f\"></span>esi eur<span class=\"_ _f\"></span>opei<span class=\"fc1 sc0\"> </span></div></td><td></td><td class=\"c xa08 y34f2 w591 h4a\"><div class=\"t m0 x48 h1f y25c ff4 fs7 fc4 sc3 ls0 ws0\">Amer<span class=\"_ _f\"></span>ica<span class=\"fc1 sc0\"> </span></div></td><td></td><td class=\"c x508 y34f2 w4c3 h4a\"><div class=\"t m0 x48 h1f y25c ff4 fs7 fc4 sc3 ls0 ws0\">Asia<span class=\"_ _f\"></span><span class=\"fc1 sc0\"> </span></div></td><td></td><td></td><td class=\"c xa09 y34f2 w5c3 h4a\"><div class=\"t m0 xab h1f y25c ff4 fs7 fc4 sc3 ls0 ws0\">Rest<span class=\"_ _f\"></span>o del mon<span class=\"_ _f\"></span>do<span class=\"fc1 sc0\"> </span></div></td></tr><tr><td class=\"c x5ca y34f3 w1042 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">Espo<span class=\"_ _1\"></span>sizio<span class=\"_ _f\"></span>ni/Aree<span class=\"_ _df\"> </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></td><td class=\"c xa0a y34f4 w1043 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">geog<span class=\"_ _f\"></span>rafiche<span class=\"_ _df\"> </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 x262 y33ba w1044 h4b7\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc1 sc2 ls0 ws0\">A. Es<span class=\"_ _1\"></span>pos<span class=\"_ _1\"></span>izion<span class=\"_ _f\"></span>i<span class=\"_ _df\"> </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=\"c x262 y33bc w1045 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc1 sc2 ls0 ws0\">credit<span class=\"_ _f\"></span>izie per<span class=\"_ _df\"> </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=\"c x262 y2820 w1046 h4d6\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc2 ls0 ws0\">cass<span class=\"_ _f\"></span>a<span class=\"_ _df\"> </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=\"c x46b y34f5 w33 h49\" colspan=\"2\"><div class=\"t m0 x8a h1f y25c ff4 fs7 fc1 sc0 ls0 ws0\">A.1 Sofferenze<span class=\"_ _f\"></span> </div></td><td class=\"c xa07 y34f5 w2c5 h49\"><div class=\"t m0 x32 h1f y25c ff4 fs7 fc1 sc0 ls0 ws0\">37.373 </div></td><td class=\"c x83e y34f5 w351 h49\"><div class=\"t m0 xac h1f y25c ff4 fs7 fc1 sc0 ls0 ws0\">193.792 </div></td><td class=\"c x4c6 y34f5 w408 h49\"><div class=\"t m0 x8f h1f y25c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x8a0 y34f5 w5c7 h49\"><div class=\"t m0 x39 h1f y25c ff4 fs7 fc1 sc0 ls0 ws0\">3 </div></td><td class=\"c x80d y34f5 w1a5 h49\"><div class=\"t m0 x15 h1f y25c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x921 y34f5 w557 h49\"><div class=\"t m0 x55 h1f y25c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x508 y34f5 w39b h49\"><div class=\"t m0 x2c h1f y25c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x45f y34f5 w5c8 h49\"><div class=\"t m0 x116 h1f y25c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa09 y34f5 w1a2 h49\"><div class=\"t m0 x31 h1f y25c ff4 fs7 fc1 sc0 ls28 ws0\">(1)<span class=\"ls0\"> </span></div></td><td class=\"c xa0b y34f5 w5c4 h49\"><div class=\"t m0 x55 h1f y25c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x262 y34f6 w1047 h49b\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">A.2<span class=\"_ _df\"> </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=\"c x262 y34f7 w1048 h484\" colspan=\"2\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">Inadempienze<span class=\"_ _df\"> </span></div></td><td class=\"c xa07 y34f8 w2c5 h89\"><div class=\"t m0 x33 h1f y41f ff4 fs7 fc1 sc0 ls0 ws0\">186.116 </div></td><td class=\"c x83e y34f8 w351 h89\"><div class=\"t m0 x8e h1f y41f ff4 fs7 fc1 sc0 ls0 ws0\">150.134 </div></td><td class=\"c x4c6 y34f8 w408 h89\"><div class=\"t m0 x36 h1f y41f ff4 fs7 fc1 sc0 ls0 ws0\">7 </div></td><td class=\"c x8a0 y34f8 w5c7 h89\"><div class=\"t m0 x2a h1f y41f ff4 fs7 fc1 sc0 ls27 ws0\">30<span class=\"ls0\"> </span></div></td><td class=\"c x80d y34f8 w1a5 h89\"><div class=\"t m0 x30 h1f y41f ff4 fs7 fc1 sc0 ls0 ws0\">3 </div></td><td class=\"c x921 y34f8 w557 h89\"><div class=\"t m0 x16a h1f y41f ff4 fs7 fc1 sc0 ls9 ws0\">12<span class=\"ls0\"> </span></div></td><td class=\"c x508 y34f8 w39b h89\"><div class=\"t m0 x2c h1f y41f ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x45f y34f8 w5c8 h89\"><div class=\"t m0 x116 h1f y41f ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa09 y34f8 w1a2 h89\"><div class=\"t m0 x97 h1f y41f ff4 fs7 fc1 sc0 ls0 ws0\">161 </div></td><td class=\"c xa0b y34f8 w5c4 h89\"><div class=\"t m0 xac h1f y41f ff4 fs7 fc1 sc0 ls0 ws0\">137 </div></td></tr><tr><td class=\"c x262 y34f9 w1049 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">probabili<span class=\"_ _df\"> </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=\"c x262 y34fa w104a h4b6\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">A.3<span class=\"_ _df\"> </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=\"c x262 y34fb w104b h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">Esposizioni<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c xa07 y34fc w2c5 h24a\"><div class=\"t m0 x32 h1f y2c4 ff4 fs7 fc1 sc0 ls0 ws0\">27.272 </div></td><td class=\"c x83e y34fc w351 h24a\"><div class=\"t m0 x16a h1f y2c4 ff4 fs7 fc1 sc0 ls0 ws0\">19.593 </div></td><td class=\"c x4c6 y34fc w408 h24a\"><div class=\"t m0 x36 h1f y2c4 ff4 fs7 fc1 sc0 ls0 ws0\">9 </div></td><td class=\"c x8a0 y34fc w5c7 h24a\"><div class=\"t m0 x39 h1f y2c4 ff4 fs7 fc1 sc0 ls0 ws0\">6 </div></td><td class=\"c x80d y34fc w1a5 h24a\"><div class=\"t m0 x15 h1f y2c4 ff4 fs7 fc1 sc0 ls0 ws0\">1 </div></td><td class=\"c x921 y34fc w557 h24a\"><div class=\"t m0 x55 h1f y2c4 ff4 fs7 fc1 sc0 ls0 ws0\">1 </div></td><td class=\"c x508 y34fc w39b h24a\"><div class=\"t m0 x35 h1f y2c4 ff4 fs7 fc1 sc0 ls0 ws0\">4 </div></td><td class=\"c x45f y34fc w5c8 h24a\"><div class=\"t m0 x2f h1f y2c4 ff4 fs7 fc1 sc0 ls0 ws0\">4 </div></td><td class=\"c xa09 y34fc w1a2 h24a\"><div class=\"t m0 x31 h1f y2c4 ff4 fs7 fc1 sc0 ls29 ws0\">61<span class=\"ls0\"> </span></div></td><td class=\"c xa0b y34fc w5c4 h24a\"><div class=\"t m0 x2e h1f y2c4 ff4 fs7 fc1 sc0 ls0 ws0\">4 </div></td></tr><tr><td class=\"c x262 y34fd w104c h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">scadute<span class=\"_ _df\"> </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=\"c x262 y34fe w104d h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">deteriorate<span class=\"_ _df\"> </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=\"c x262 y34ff w104e h54a\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">A.4<span class=\"_ _df\"> </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=\"c x262 y3500 w104b h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">Esposizioni<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c xa07 y3501 w2c5 h2e8\"><div class=\"t m0 xab h1f y2c4 ff4 fs7 fc1 sc0 ls0 ws0\">43.802.140 </div></td><td class=\"c x83e y3501 w351 h2e8\"><div class=\"t m0 x16a h1f y2c4 ff4 fs7 fc1 sc0 ls0 ws0\">91.424 </div></td><td class=\"c x4c6 y3501 w408 h2e8\"><div class=\"t m0 x8a h1f y2c4 ff4 fs7 fc1 sc0 ls0 ws0\">2.593.409 </div></td><td class=\"c x8a0 y3501 w5c7 h2e8\"><div class=\"t m0 xab h1f y2c4 ff4 fs7 fc1 sc0 ls0 ws0\">1.132 </div></td><td class=\"c x80d y3501 w1a5 h2e8\"><div class=\"t m0 x8e h1f y2c4 ff4 fs7 fc1 sc0 ls0 ws0\">634.230 </div></td><td class=\"c x921 y3501 w557 h2e8\"><div class=\"t m0 xac h1f y2c4 ff4 fs7 fc1 sc0 ls9 ws0\">125<span class=\"ls0\"> </span></div></td><td class=\"c x508 y3501 w39b h2e8\"><div class=\"t m0 xac h1f y2c4 ff4 fs7 fc1 sc0 ls0 ws0\">4.309 </div></td><td class=\"c x45f y3501 w5c8 h2e8\"><div class=\"t m0 x2f h1f y2c4 ff4 fs7 fc1 sc0 ls0 ws0\">3 </div></td><td class=\"c xa09 y3501 w1a2 h2e8\"><div class=\"t m0 x8a h1f y2c4 ff4 fs7 fc1 sc0 ls0 ws0\">2.082.405 </div></td><td class=\"c xa0b y3501 w5c4 h2e8\"><div class=\"t m0 x8a h1f y2c4 ff4 fs7 fc1 sc0 ls27 ws0\">332<span class=\"ls0\"> </span></div></td></tr><tr><td class=\"c x262 y3502 w104f h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">non<span class=\"_ _df\"> </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=\"c x262 y3503 w104d h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">deteriorate<span class=\"_ _df\"> </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=\"c x46b y3504 w33 h49\" colspan=\"2\"><div class=\"t m0 x32 h1f y25f ff4 fs7 fc1 sc2 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale (A<span class=\"_ _f\"></span>)<span class=\"sc0\"> </span></div></td><td class=\"c xa07 y3504 w2c5 h49\"><div class=\"t m0 xac h1f y25f ff4 fs7 fc1 sc2 ls0 ws0\">44.05<span class=\"_ _f\"></span>2.901<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x83e y3504 w351 h49\"><div class=\"t m0 x8a h1f y25f ff4 fs7 fc1 sc2 ls0 ws0\">454.9<span class=\"_ _f\"></span>43<span class=\"sc0\"> </span></div></td><td class=\"c x4c6 y3504 w408 h49\"><div class=\"t m0 xab h1f y25f ff4 fs7 fc1 sc2 ls0 ws0\">2.593<span class=\"_ _f\"></span>.425<span class=\"sc0\"> </span></div></td><td class=\"c x8a0 y3504 w5c7 h49\"><div class=\"t m0 xac h1f y25f ff4 fs7 fc1 sc2 ls0 ws0\">1.171<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x80d y3504 w1a5 h49\"><div class=\"t m0 x2f h1f y25f ff4 fs7 fc1 sc2 ls0 ws0\">634.23<span class=\"_ _f\"></span>4<span class=\"sc0\"> </span></div></td><td class=\"c x921 y3504 w557 h49\"><div class=\"t m0 xab h1f y25f ff4 fs7 fc1 sc2 ls0 ws0\">138<span class=\"sc0\"> </span></div></td><td class=\"c x508 y3504 w39b h49\"><div class=\"t m0 x2f h1f y25f ff4 fs7 fc1 sc2 ls0 ws0\">4.313<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x45f y3504 w5c8 h49\"><div class=\"t m0 x16a h1f y25f ff4 fs7 fc1 sc2 ls0 ws0\">7<span class=\"sc0\"> </span></div></td><td class=\"c xa09 y3504 w1a2 h49\"><div class=\"t m0 xab h1f y25f ff4 fs7 fc1 sc2 ls0 ws0\">2.08<span class=\"_ _f\"></span>2.626<span class=\"sc0\"> </span></div></td><td class=\"c xa0b y3504 w5c4 h49\"><div class=\"t m0 x8a h1f y25f ff4 fs7 fc1 sc2 ls0 ws0\">473<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x262 y3505 w1050 h4b7\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc2 ls0 ws0\">B. Es<span class=\"_ _f\"></span>posizion<span class=\"_ _1\"></span>i<span class=\"_ _df\"> </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=\"c x262 y3506 w1051 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc2 ls0 ws0\">credit<span class=\"_ _f\"></span>izie fuo<span class=\"_ _f\"></span>ri<span class=\"_ _df\"> </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=\"c x262 y3507 wb03 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc2 ls0 ws0\">bilan<span class=\"_ _f\"></span>cio<span class=\"_ _df\"> </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=\"c x262 y3508 w1052 h4b7\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">B.1<span class=\"_ _df\"> </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=\"c x262 y3509 w104b h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">Esposizioni<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c xa07 y350a w2c5 h89\"><div class=\"t m0 x33 h1f y15 ff4 fs7 fc1 sc0 ls0 ws0\">42.367 </div></td><td class=\"c x83e y350a w351 h89\"><div class=\"t m0 x14 h1f y15 ff4 fs7 fc1 sc0 ls0 ws0\">1.127 </div></td><td class=\"c x4c6 y350a w408 h89\"><div class=\"t m0 x38 h1f y15 ff4 fs7 fc1 sc0 ls27 ws0\">33<span class=\"ls0\"> </span></div></td><td class=\"c x8a0 y350a w5c7 h89\"><div class=\"t m0 x14 h1f y15 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x80d y350a w1a5 h89\"><div class=\"t m0 x30 h1f y15 ff4 fs7 fc1 sc0 ls0 ws0\">5 </div></td><td class=\"c x921 y350a w557 h89\"><div class=\"t m0 x55 h1f y15 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x508 y350a w39b h89\"><div class=\"t m0 x33 h1f y15 ff4 fs7 fc1 sc0 ls9 ws0\">12<span class=\"ls0\"> </span></div></td><td class=\"c x45f y350a w5c8 h89\"><div class=\"t m0 x116 h1f y15 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa09 y350a w1a2 h89\"><div class=\"t m0 x31 h1f y15 ff4 fs7 fc1 sc0 ls28 ws0\">(1)<span class=\"ls0\"> </span></div></td><td class=\"c xa0b y350a w5c4 h89\"><div class=\"t m0 x55 h1f y15 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x262 y31c0 w104d h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">deteriorate<span class=\"_ _df\"> </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=\"c x262 y350b w1053 h51d\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">B.2<span class=\"_ _df\"> </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=\"c x262 y350c w104b h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">Esposizioni<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c xa07 y350d w2c5 h2ba\"><div class=\"t m0 xac h1f ydae ff4 fs7 fc1 sc0 ls0 ws0\">13.294.076 </div></td><td class=\"c x83e y350d w351 h2ba\"><div class=\"t m0 x39 h1f ydae ff4 fs7 fc1 sc0 ls0 ws0\">5.161 </div></td><td class=\"c x4c6 y350d w408 h2ba\"><div class=\"t m0 x32 h1f ydae ff4 fs7 fc1 sc0 ls0 ws0\">4.138 </div></td><td class=\"c x8a0 y350d w5c7 h2ba\"><div class=\"t m0 x39 h1f ydae ff4 fs7 fc1 sc0 ls0 ws0\">9 </div></td><td class=\"c x80d y350d w1a5 h2ba\"><div class=\"t m0 x55 h1f ydae ff4 fs7 fc1 sc0 ls0 ws0\">12.929 </div></td><td class=\"c x921 y350d w557 h2ba\"><div class=\"t m0 x2e h1f ydae ff4 fs7 fc1 sc0 ls0 ws0\">6 </div></td><td class=\"c x508 y350d w39b h2ba\"><div class=\"t m0 x16a h1f ydae ff4 fs7 fc1 sc0 ls0 ws0\">1.081 </div></td><td class=\"c x45f y350d w5c8 h2ba\"><div class=\"t m0 x2f h1f ydae ff4 fs7 fc1 sc0 ls0 ws0\">2 </div></td><td class=\"c xa09 y350d w1a2 h2ba\"><div class=\"t m0 x33 h1f ydae ff4 fs7 fc1 sc0 ls0 ws0\">3.559 </div></td><td class=\"c xa0b y350d w5c4 h2ba\"><div class=\"t m0 x55 h1f ydae ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x262 y350e w104f h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">non<span class=\"_ _df\"> </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=\"c x262 y311f w104d h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">deteriorate<span class=\"_ _df\"> </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=\"c x46b y350f w33 hc8\" colspan=\"2\"><div class=\"t m0 x32 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale (B<span class=\"_ _1\"></span>)<span class=\"sc0\"> </span></div></td><td class=\"c xa07 y350f w2c5 hc8\"><div class=\"t m0 xac h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">13.33<span class=\"_ _1\"></span>6.4<span class=\"_ _1\"></span>43<span class=\"sc0\"> </span></div></td><td class=\"c x83e y350f w351 hc8\"><div class=\"t m0 x2e h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">6.28<span class=\"_ _f\"></span>8<span class=\"sc0\"> </span></div></td><td class=\"c x4c6 y350f w408 hc8\"><div class=\"t m0 x2c h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">4.171<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x8a0 y350f w5c7 hc8\"><div class=\"t m0 x39 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">9<span class=\"sc0\"> </span></div></td><td class=\"c x80d y350f w1a5 hc8\"><div class=\"t m0 x55 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">12.93<span class=\"_ _f\"></span>4<span class=\"sc0\"> </span></div></td><td class=\"c x921 y350f w557 hc8\"><div class=\"t m0 x2e h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">6 </div></td><td class=\"c x508 y350f w39b hc8\"><div class=\"t m0 x8e h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">1.093 </div></td><td class=\"c x45f y350f w5c8 hc8\"><div class=\"t m0 x2f h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">2 </div></td><td class=\"c xa09 y350f w1a2 hc8\"><div class=\"t m0 x33 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">3.558 </div></td><td class=\"c xa0b y350f w5c4 hc8\"><div class=\"t m0 x55 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y3510 w33 hc8\"><div class=\"t m0 x116 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale (A<span class=\"_ _f\"></span>+B)<span class=\"sc0\"> </span></div></td><td class=\"c xa0c y3510 w1b5 hc8\"><div class=\"t m0 x8a h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">31/12/<span class=\"_ _f\"></span>2025<span class=\"sc0\"> </span></div></td><td class=\"c xa07 y3510 w2c5 hc8\"><div class=\"t m0 xab h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">57.3<span class=\"_ _1\"></span>89.3<span class=\"_ _f\"></span>44<span class=\"sc0\"> </span></div></td><td class=\"c x83e y3510 w351 hc8\"><div class=\"t m0 x8e h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">461.2<span class=\"_ _f\"></span>31<span class=\"sc0\"> </span></div></td><td class=\"c x4c6 y3510 w408 hc8\"><div class=\"t m0 xab h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">2.597<span class=\"_ _f\"></span>.596<span class=\"sc0\"> </span></div></td><td class=\"c x8a0 y3510 w5c7 hc8\"><div class=\"t m0 x8a h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">1.180<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x80d y3510 w1a5 hc8\"><div class=\"t m0 x16a h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">647.<span class=\"_ _1\"></span>168<span class=\"sc0\"> </span></div></td><td class=\"c x921 y3510 w557 hc8\"><div class=\"t m0 xab h1f y28b ff4 fs7 fc1 sc2 ls9 ws0\">14<span class=\"ls0\">4</span><span class=\"ls0\"><span class=\"_ _1\"></span><span class=\"sc0\"> </span></span></div></td><td class=\"c x508 y3510 w39b hc8\"><div class=\"t m0 xac h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">5.406<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x45f y3510 w5c8 hc8\"><div class=\"t m0 x2f h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">9<span class=\"sc0\"> </span></div></td><td class=\"c xa09 y3510 w1a2 hc8\"><div class=\"t m0 xab h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">2.086<span class=\"_ _f\"></span>.184<span class=\"sc0\"> </span></div></td><td class=\"c xa0b y3510 w5c4 hc8\"><div class=\"t m0 x8a h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">473<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x46b y3511 w33 hc8\"><div class=\"t m0 x116 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale (A<span class=\"_ _f\"></span>+B)<span class=\"sc0\"> </span></div></td><td class=\"c xa0c y3511 w1b5 hc8\"><div class=\"t m0 x8a h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">31/12/<span class=\"_ _f\"></span>2024<span class=\"sc0\"> </span></div></td><td class=\"c xa07 y3511 w2c5 hc8\"><div class=\"t m0 xab h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">55.09<span class=\"_ _1\"></span>9.0<span class=\"_ _f\"></span>09<span class=\"sc0\"> </span></div></td><td class=\"c x83e y3511 w351 hc8\"><div class=\"t m0 xab h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">492.3<span class=\"_ _f\"></span>57<span class=\"sc0\"> </span></div></td><td class=\"c x4c6 y3511 w408 hc8\"><div class=\"t m0 xab h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">2.837<span class=\"_ _1\"></span>.30<span class=\"_ _f\"></span>2<span class=\"sc0\"> </span></div></td><td class=\"c x8a0 y3511 w5c7 hc8\"><div class=\"t m0 xab h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">1.914<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x80d y3511 w1a5 hc8\"><div class=\"t m0 xab h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">1.549.<span class=\"_ _f\"></span>457<span class=\"sc0\"> </span></div></td><td class=\"c x921 y3511 w557 hc8\"><div class=\"t m0 x8a h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">465<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x508 y3511 w39b hc8\"><div class=\"t m0 x8a h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">13.85<span class=\"_ _f\"></span>5<span class=\"sc0\"> </span></div></td><td class=\"c x45f y3511 w5c8 hc8\"><div class=\"t m0 xac h1f y28b ff4 fs7 fc1 sc2 ls2a ws0\">21<span class=\"sc0 ls0\"> </span></div></td><td class=\"c xa09 y3511 w1a2 hc8\"><div class=\"t m0 x16a h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">1.96<span class=\"_ _1\"></span>2.911<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td><td class=\"c xa0b y3511 w5c4 hc8\"><div class=\"t m0 x8a h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">362<span class=\"_ _f\"></span> </div></td></tr></table>Esposizione netta<span class=\"fc1 sc0\"> </span>Rettifiche valore complessive<span class=\"fc1 sc0\"> </span>Esposizione netta<span class=\"fc1 sc0\"> </span>Rettifiche valore complessive<span class=\"fc1 sc0\"> </span>Esposizione netta<span class=\"fc1 sc0\"> </span>Rettifiche valore complessive<span class=\"fc1 sc0\"> </span>Esposizione netta<span class=\"fc1 sc0\"> </span>Rettifiche valore complessive<span class=\"fc1 sc0\"> </span>Esposizione netta<span class=\"fc1 sc0\"> </span>Rettifiche valore complessive<span class=\"fc1 sc0\"> </span><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs11b5\">Si <span class=\"_ _d\"></span>allega <span class=\"_ _d\"></span>anche <span class=\"_ _2\"></span>la <span class=\"_ _0\"></span>ripartizione <span class=\"_ _d\"></span>geog<span class=\"_ _1\"></span>rafica <span class=\"_ _d\"></span>NORD<span class=\"_ _2\"></span>-OVEST,<span class=\"_ _1\"></span> <span class=\"_ _d\"></span>NORD-EST, <span class=\"_ _d\"></span>CENTRO, <span class=\"_ _d\"></span>SUD <span class=\"_ _d\"></span>e <span class=\"_ _d\"></span>ISOLE <span class=\"_ _d\"></span>per <span class=\"_ _d\"></span>le </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs11b6\">esposizioni ITALIA. </div><div class=\"c w2c2 h30d gs11b7\"><div class=\"t m0 x8a h5 y532 ff4 fs1 fc4 sc3 ls0 ws0\">B.2 Co<span class=\"_ _1\"></span>nsoli<span class=\"_ _1\"></span>dato<span class=\"_ _1\"></span> prud<span class=\"_ _1\"></span>enzi<span class=\"_ _1\"></span>ale <span class=\"ff5\">\u2013<span class=\"_ _1\"></span><span class=\"ff4\"> <span class=\"ff5\">Di<span class=\"_ _1\"></span>strib<span class=\"_ _1\"></span>uzione <span class=\"_ _f\"></span>territor<span class=\"_ _1\"></span>iale <span class=\"_ _1\"></span>delle <span class=\"_ _1\"></span>espo<span class=\"_ _1\"></span>sizioni<span class=\"_ _1\"></span> credi<span class=\"_ _1\"></span>tizie p<span class=\"_ _f\"></span>er cassa<span class=\"_ _f\"></span> e \u201cfuor<span class=\"_ _1\"></span>i bilanc<span class=\"_ _1\"></span>io\u201d v<span class=\"_ _1\"></span>erso<span class=\"_ _1\"></span> </span></span></span></div><div class=\"t m0 x8a h5 y30c ff4 fs1 fc4 sc3 ls0 ws0\">cliente<span class=\"_ _1\"></span>la </div></div><div class=\"gs11b8\"><table class=\"s w1054 h585\" id=\"_d3205346-6b2d-4554-ae1f-2d363026d6d5\"><tr><td></td><td></td><td></td><td class=\"c x657 y3512 w43b h49\"><div class=\"t m0 x2e h1f y25c ff4 fs7 fc4 sc3 ls0 ws0\">Itali<span class=\"_ _1\"></span>a Nor<span class=\"_ _f\"></span>d Ovest<span class=\"_ _f\"></span><span class=\"fc1 sc0\"> </span></div></td><td class=\"c xa0d y3512 w5c9 h49\"><div class=\"t m0 x14 h1f y25c ff4 fs7 fc4 sc3 ls0 ws0\">Itali<span class=\"_ _1\"></span>a Nor<span class=\"_ _f\"></span>d Est<span class=\"fc1 sc0\"> </span></div></td><td></td><td class=\"c x623 y3512 w259 h49\"><div class=\"t m0 x33 h1f y25c ff4 fs7 fc4 sc3 ls0 ws0\">Itali<span class=\"_ _1\"></span>a Cen<span class=\"_ _1\"></span>tro<span class=\"fc1 sc0\"> </span></div></td><td></td><td class=\"c x65a y3512 w5ca h49\"><div class=\"t m0 x55 h1f y25c ff4 fs7 fc4 sc3 ls0 ws0\">Itali<span class=\"_ _1\"></span>a Sud <span class=\"_ _f\"></span>e Isole<span class=\"_ _1\"></span><span class=\"fc1 sc0\"> </span></div></td><td></td></tr><tr><td class=\"c x46b y3513 w224 h321\"><div class=\"t m0 x116 h1f yd64 ff4 fs7 fc4 sc3 ls0 ws0\">Espo<span class=\"_ _1\"></span>sizio<span class=\"_ _f\"></span>ni / Are<span class=\"_ _1\"></span>e ge<span class=\"_ _1\"></span>ogr<span class=\"_ _1\"></span>afich<span class=\"_ _f\"></span>e<span class=\"fc1 sc0\"> </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 x262 y2e70 wb5f h57d\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc2 ls0 ws0\">A. Es<span class=\"_ _1\"></span>pos<span class=\"_ _1\"></span>izion<span class=\"_ _f\"></span>i<span class=\"_ _df\"> </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 x262 y3514 w1055 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc2 ls0 ws0\">credit<span class=\"_ _f\"></span>izie per<span class=\"_ _df\"> </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 x262 y3515 w1046 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc2 ls0 ws0\">cass<span class=\"_ _f\"></span>a<span class=\"_ _df\"> </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 x46b y3516 w5cb hc8\"><div class=\"t m0 x8a h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">A.1 Sofferenze<span class=\"_ _f\"></span> </div></td><td></td><td class=\"c x5d7 y3516 w2d7 hc8\"><div class=\"t m0 x35 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">6.204 </div></td><td class=\"c x80a y3516 w322 hc8\"><div class=\"t m0 xac h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">31.087 </div></td><td class=\"c xa0d y3516 w178 hc8\"><div class=\"t m0 x35 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">8.852 </div></td><td class=\"c x71f y3516 w12e hc8\"><div class=\"t m0 xac h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">40.313 </div></td><td class=\"c x623 y3516 w1d0 hc8\"><div class=\"t m0 x27 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">5.517 </div></td><td class=\"c xa0e y3516 w32e hc8\"><div class=\"t m0 xab h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">34.148 </div></td><td class=\"c x65a y3516 w89 hc8\"><div class=\"t m0 x39 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">16.800 </div></td><td class=\"c x625 y3516 w34c hc8\"><div class=\"t m0 x8e h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">88.244 </div></td></tr><tr><td class=\"c x262 y2dc0 w1056 h4b7\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">A.2<span class=\"_ _df\"> </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 x262 y3517 w9d3 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">Inadempienze<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x5d7 y3518 w2d7 h89\"><div class=\"t m0 x48 h1f y41f ff4 fs7 fc1 sc0 ls0 ws0\">34.557 </div></td><td class=\"c x80a y3518 w322 h89\"><div class=\"t m0 xab h1f y41f ff4 fs7 fc1 sc0 ls0 ws0\">25.686 </div></td><td class=\"c xa0d y3518 w178 h89\"><div class=\"t m0 x33 h1f y41f ff4 fs7 fc1 sc0 ls0 ws0\">52.510 </div></td><td class=\"c x71f y3518 w12e h89\"><div class=\"t m0 xab h1f y41f ff4 fs7 fc1 sc0 ls0 ws0\">38.349 </div></td><td class=\"c x623 y3518 w1d0 h89\"><div class=\"t m0 x32 h1f y41f ff4 fs7 fc1 sc0 ls0 ws0\">24.011 </div></td><td class=\"c xa0e y3518 w32e h89\"><div class=\"t m0 xab h1f y41f ff4 fs7 fc1 sc0 ls0 ws0\">19.205 </div></td><td class=\"c x65a y3518 w89 h89\"><div class=\"t m0 x130 h1f y41f ff4 fs7 fc1 sc0 ls0 ws0\">75.038 </div></td><td class=\"c x625 y3518 w34c h89\"><div class=\"t m0 x8e h1f y41f ff4 fs7 fc1 sc0 ls0 ws0\">66.894 </div></td></tr><tr><td class=\"c x262 y3519 w9d8 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">probabili<span class=\"_ _df\"> </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 x262 y2714 w103a h4b7\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">A.3 Esposizioni<span class=\"_ _df\"> </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 x262 y351a w9d9 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">scadute<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x5d7 y351b w2d7 h89\"><div class=\"t m0 x35 h1f y15 ff4 fs7 fc1 sc0 ls0 ws0\">5.422 </div></td><td class=\"c x80a y351b w322 h89\"><div class=\"t m0 x2f h1f y15 ff4 fs7 fc1 sc0 ls0 ws0\">3.842 </div></td><td class=\"c xa0d y351b w178 h89\"><div class=\"t m0 x32 h1f y15 ff4 fs7 fc1 sc0 ls0 ws0\">8.082 </div></td><td class=\"c x71f y351b w12e h89\"><div class=\"t m0 x2f h1f y15 ff4 fs7 fc1 sc0 ls0 ws0\">6.046 </div></td><td class=\"c x623 y351b w1d0 h89\"><div class=\"t m0 x3a h1f y15 ff4 fs7 fc1 sc0 ls0 ws0\">4.123 </div></td><td class=\"c xa0e y351b w32e h89\"><div class=\"t m0 x2f h1f y15 ff4 fs7 fc1 sc0 ls0 ws0\">2.762 </div></td><td class=\"c x65a y351b w89 h89\"><div class=\"t m0 x33 h1f y15 ff4 fs7 fc1 sc0 ls0 ws0\">9.645 </div></td><td class=\"c x625 y351b w34c h89\"><div class=\"t m0 x2a h1f y15 ff4 fs7 fc1 sc0 ls0 ws0\">6.943 </div></td></tr><tr><td class=\"c x262 y351c wfb8 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">deteriorate<span class=\"_ _df\"> </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 x262 y351d w1057 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">A.4 Esposizioni<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x5d7 y351e w2d7 hbb\"><div class=\"t m0 xab h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">10.391.589 </div></td><td class=\"c x80a y351e w322 hbb\"><div class=\"t m0 x8a h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">20.043 </div></td><td class=\"c xa0d y351e w178 hbb\"><div class=\"t m0 xac h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">10.815.723 </div></td><td class=\"c x71f y351e w12e hbb\"><div class=\"t m0 xac h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">23.104 </div></td><td class=\"c x623 y351e w1d0 hbb\"><div class=\"t m0 xab h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">13.028.916 </div></td><td class=\"c xa0e y351e w32e hbb\"><div class=\"t m0 xab h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">18.806 </div></td><td class=\"c x65a y351e w89 hbb\"><div class=\"t m0 xac h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">9.565.912 </div></td><td class=\"c x625 y351e w34c hbb\"><div class=\"t m0 x16a h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">29.471 </div></td></tr><tr><td class=\"c x262 y351f w1058 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">non deteriorate<span class=\"_ _df\"> </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 x46b y3520 w5cb hc8\"><div class=\"t m0 x37 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale (A<span class=\"_ _f\"></span>)<span class=\"sc0\"> </span></div></td><td></td><td class=\"c x5d7 y3520 w2d7 hc8\"><div class=\"t m0 xac h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">10.43<span class=\"_ _1\"></span>7.77<span class=\"_ _f\"></span>2<span class=\"sc0\"> </span></div></td><td class=\"c x80a y3520 w322 hc8\"><div class=\"t m0 x8a h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">80.6<span class=\"_ _f\"></span>58<span class=\"sc0\"> </span></div></td><td class=\"c xa0d y3520 w178 hc8\"><div class=\"t m0 xac h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">10.88<span class=\"_ _f\"></span>5.167<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x71f y3520 w12e hc8\"><div class=\"t m0 xab h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">107.<span class=\"_ _1\"></span>812<span class=\"sc0\"> </span></div></td><td class=\"c x623 y3520 w1d0 hc8\"><div class=\"t m0 xab h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">13.06<span class=\"_ _f\"></span>2.567<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td><td class=\"c xa0e y3520 w32e hc8\"><div class=\"t m0 xac h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">74.9<span class=\"_ _1\"></span>21<span class=\"sc0\"> </span></div></td><td class=\"c x65a y3520 w89 hc8\"><div class=\"t m0 xab h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">9.66<span class=\"_ _f\"></span>7.395<span class=\"sc0\"> </span></div></td><td class=\"c x625 y3520 w34c hc8\"><div class=\"t m0 x8e h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">191.55<span class=\"_ _f\"></span>2<span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x262 y3521 w103d h4b7\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc2 ls0 ws0\">B. Es<span class=\"_ _f\"></span>posizion<span class=\"_ _1\"></span>i<span class=\"_ _df\"> </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 x262 y3522 w103e h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc2 ls0 ws0\">credit<span class=\"_ _f\"></span>izie fuo<span class=\"_ _f\"></span>ri<span class=\"_ _df\"> </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 x262 y2c50 wa60 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc2 ls0 ws0\">bilan<span class=\"_ _f\"></span>cio<span class=\"_ _df\"> </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 x262 y3523 w103f h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">B.1 Esposizioni<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x5d7 y3524 w2d7 had\"><div class=\"t m0 x33 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">17.375 </div></td><td class=\"c x80a y3524 w322 had\"><div class=\"t m0 x14 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">167 </div></td><td class=\"c xa0d y3524 w178 had\"><div class=\"t m0 x48 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">13.503 </div></td><td class=\"c x71f y3524 w12e had\"><div class=\"t m0 x39 h1f y420 ff4 fs7 fc1 sc0 ls32 ws0\">554<span class=\"ls0\"> </span></div></td><td class=\"c x623 y3524 w1d0 had\"><div class=\"t m0 x35 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">3.296 </div></td><td class=\"c xa0e y3524 w32e had\"><div class=\"t m0 x39 h1f y420 ff4 fs7 fc1 sc0 ls9 ws0\">128<span class=\"ls0\"> </span></div></td><td class=\"c x65a y3524 w89 had\"><div class=\"t m0 x32 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">8.1<span class=\"ls29\">93</span> </div></td><td class=\"c x625 y3524 w34c had\"><div class=\"t m0 x48 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">278 </div></td></tr><tr><td class=\"c x262 y3525 wfb8 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">deteriorate<span class=\"_ _df\"> </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 x262 y350e w1059 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">B.2 Esposizioni<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x5d7 y3526 w2d7 h58\"><div class=\"t m0 xac h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">4.643.384 </div></td><td class=\"c x80a y3526 w322 h58\"><div class=\"t m0 x116 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">1.222 </div></td><td class=\"c xa0d y3526 w178 h58\"><div class=\"t m0 x2f h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">5.157.708 </div></td><td class=\"c x71f y3526 w12e h58\"><div class=\"t m0 x2e h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">1.713 </div></td><td class=\"c x623 y3526 w1d0 h58\"><div class=\"t m0 x8e h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">1.693.093 </div></td><td class=\"c xa0e y3526 w32e h58\"><div class=\"t m0 x55 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">890 </div></td><td class=\"c x65a y3526 w89 h58\"><div class=\"t m0 x8e h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">1.799.891 </div></td><td class=\"c x625 y3526 w34c h58\"><div class=\"t m0 x55 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">1.336 </div></td></tr><tr><td class=\"c x262 y311f w1058 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">non deteriorate<span class=\"_ _df\"> </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 x46b y3527 w5cb hc8\"><div class=\"t m0 x37 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale (B<span class=\"_ _1\"></span>)<span class=\"sc0\"> </span></div></td><td></td><td class=\"c x5d7 y3527 w2d7 hc8\"><div class=\"t m0 x8e h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">4.66<span class=\"_ _1\"></span>0.759<span class=\"_ _f\"></span> </div></td><td class=\"c x80a y3527 w322 hc8\"><div class=\"t m0 x116 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">1.389<span class=\"_ _f\"></span> </div></td><td class=\"c xa0d y3527 w178 hc8\"><div class=\"t m0 x55 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">5.171.<span class=\"_ _1\"></span>211<span class=\"_ _1\"></span> </div></td><td class=\"c x71f y3527 w12e hc8\"><div class=\"t m0 x116 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">2.267<span class=\"_ _f\"></span> </div></td><td class=\"c x623 y3527 w1d0 hc8\"><div class=\"t m0 x2f h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">1.69<span class=\"_ _1\"></span>6.389<span class=\"_ _f\"></span> </div></td><td class=\"c xa0e y3527 w32e hc8\"><div class=\"t m0 x116 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">1.018<span class=\"_ _f\"></span> </div></td><td class=\"c x65a y3527 w89 hc8\"><div class=\"t m0 xab h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">1.808<span class=\"_ _1\"></span>.0<span class=\"_ _1\"></span>84 </div></td><td class=\"c x625 y3527 w34c hc8\"><div class=\"t m0 x130 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">1.614<span class=\"_ _f\"></span> </div></td></tr><tr><td class=\"c x46b y3528 w5cb hc8\"><div class=\"t m0 x48 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale (A<span class=\"_ _f\"></span>+B)<span class=\"sc0\"> </span></div></td><td class=\"c xa0f y3528 w3be hc8\"><div class=\"t m0 x39 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">31/12/<span class=\"_ _f\"></span>2025<span class=\"sc0\"> </span></div></td><td class=\"c x5d7 y3528 w2d7 hc8\"><div class=\"t m0 xac h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">15.09<span class=\"_ _f\"></span>8.531<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x80a y3528 w322 hc8\"><div class=\"t m0 xab h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">82.0<span class=\"_ _f\"></span>47<span class=\"sc0\"> </span></div></td><td class=\"c xa0d y3528 w178 hc8\"><div class=\"t m0 xab h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">16.056<span class=\"_ _f\"></span>.378<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x71f y3528 w12e hc8\"><div class=\"t m0 x8a h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">110.07<span class=\"_ _f\"></span>9<span class=\"sc0\"> </span></div></td><td class=\"c x623 y3528 w1d0 hc8\"><div class=\"t m0 xab h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">14.75<span class=\"_ _f\"></span>8.956<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td><td class=\"c xa0e y3528 w32e hc8\"><div class=\"t m0 x8a h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">75.9<span class=\"_ _f\"></span>39<span class=\"sc0\"> </span></div></td><td class=\"c x65a y3528 w89 hc8\"><div class=\"t m0 xab h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">11.475.<span class=\"_ _f\"></span>479<span class=\"sc0\"> </span></div></td><td class=\"c x625 y3528 w34c hc8\"><div class=\"t m0 xac h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">193.16<span class=\"_ _f\"></span>6<span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x46b y3529 w5cb hc8\"><div class=\"t m0 x48 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale (A<span class=\"_ _f\"></span>+B)<span class=\"sc0\"> </span></div></td><td class=\"c xa0f y3529 w3be hc8\"><div class=\"t m0 x39 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">31/12/<span class=\"_ _f\"></span>2024<span class=\"sc0\"> </span></div></td><td class=\"c x5d7 y3529 w2d7 hc8\"><div class=\"t m0 xab h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">14.94<span class=\"_ _f\"></span>0.437<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x80a y3529 w322 hc8\"><div class=\"t m0 xac h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">81.79<span class=\"_ _1\"></span>5<span class=\"sc0\"> </span></div></td><td class=\"c xa0d y3529 w178 hc8\"><div class=\"t m0 xab h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">15.647<span class=\"_ _f\"></span>.733<span class=\"sc0\"> </span></div></td><td class=\"c x71f y3529 w12e hc8\"><div class=\"t m0 xab h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">116.9<span class=\"_ _1\"></span>77<span class=\"sc0\"> </span></div></td><td class=\"c x623 y3529 w1d0 hc8\"><div class=\"t m0 xab h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">13.479<span class=\"_ _f\"></span>.088<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td><td class=\"c xa0e y3529 w32e hc8\"><div class=\"t m0 xab h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">85.66<span class=\"_ _f\"></span>1<span class=\"sc0\"> </span></div></td><td class=\"c x65a y3529 w89 hc8\"><div class=\"t m0 x8e h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">11.03<span class=\"_ _1\"></span>1.751<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x625 y3529 w34c hc8\"><div class=\"t m0 x8a h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">207.9<span class=\"_ _f\"></span>24<span class=\"sc0\"> </span></div></td></tr></table></div><div class=\"c w143 h2d4 gs11b9\"><div class=\"t m4 x32 h1f y74a ff4 fs7 fc4 sc3 ls0 ws0\">Esposizione </div><div class=\"t m4 x38 h1f yd65 ff4 fs7 fc4 sc3 ls0 ws0\">netta<span class=\"fc1 sc0\"> </span></div></div><div class=\"c w2b1 h2d4 gs11ba\"><div class=\"t m4 x2a h1f y68b ff4 fs7 fc4 sc3 ls0 ws0\">Rettifiche </div><div class=\"t m4 x32 h1f yffc ff4 fs7 fc4 sc3 ls0 ws0\">valore </div><div class=\"t m4 x31 h1f y56 ff4 fs7 fc4 sc3 ls0 ws0\">complessive<span class=\"fc1 sc0\"> </span></div></div><div class=\"c w4b h2d4 gs11bb\"><div class=\"t m4 x32 h1f y74a ff4 fs7 fc4 sc3 ls0 ws0\">Esposizione </div><div class=\"t m4 x38 h1f yd65 ff4 fs7 fc4 sc3 ls0 ws0\">netta<span class=\"fc1 sc0\"> </span></div></div><div class=\"c w169 h2d4 gs11bc\"><div class=\"t m4 x2a h1f y68b ff4 fs7 fc4 sc3 ls0 ws0\">Rettifiche </div><div class=\"t m4 x32 h1f yffc ff4 fs7 fc4 sc3 ls0 ws0\">valore </div><div class=\"t m4 x31 h1f y56 ff4 fs7 fc4 sc3 ls0 ws0\">complessive<span class=\"fc1 sc0\"> </span></div></div><div class=\"c w10b h2d4 gs11bd\"><div class=\"t m4 x32 h1f y74a ff4 fs7 fc4 sc3 ls0 ws0\">Esposizione </div><div class=\"t m4 x38 h1f yd65 ff4 fs7 fc4 sc3 ls0 ws0\">netta<span class=\"fc1 sc0\"> </span></div></div><div class=\"c w158 h2d4 gs11be\"><div class=\"t m4 x2a h1f y68b ff4 fs7 fc4 sc3 ls0 ws0\">Rettifiche </div><div class=\"t m4 x32 h1f yffc ff4 fs7 fc4 sc3 ls0 ws0\">valore </div><div class=\"t m4 x31 h1f y56 ff4 fs7 fc4 sc3 ls0 ws0\">complessive<span class=\"fc1 sc0\"> </span></div></div><div class=\"c wa2 h2d4 gs11bf\"><div class=\"t m4 x33 h1f y74a ff4 fs7 fc4 sc3 ls0 ws0\">Esposizione </div><div class=\"t m4 x97 h1f yd65 ff4 fs7 fc4 sc3 ls0 ws0\">netta<span class=\"fc1 sc0\"> </span></div></div><div class=\"c w2b3 h2d4 gs11c0\"><div class=\"t m4 x2a h1f y68b ff4 fs7 fc4 sc3 ls0 ws0\">Rettifiche </div><div class=\"t m4 x32 h1f yffc ff4 fs7 fc4 sc3 ls0 ws0\">valore </div><div class=\"t m4 x31 h1f y56 ff4 fs7 fc4 sc3 ls0 ws0\">complessive<span class=\"fc1 sc0\"> </span></div></div>B.3 <span class=\"_ _1\"></span>Conso<span class=\"_ _1\"></span>lidat<span class=\"_ _1\"></span>o pr<span class=\"_ _1\"></span>uden<span class=\"_ _1\"></span>ziale <span class=\"_ _1\"></span>- Dis<span class=\"_ _1\"></span>tribuzi<span class=\"_ _1\"></span>one t<span class=\"_ _1\"></span>errit<span class=\"_ _1\"></span>oria<span class=\"_ _1\"></span>le de<span class=\"_ _1\"></span>lle es<span class=\"_ _1\"></span>posizi<span class=\"_ _1\"></span>oni cr<span class=\"_ _1\"></span>editizi<span class=\"_ _1\"></span>e per<span class=\"_ _1\"></span> cas<span class=\"_ _1\"></span>sa e<span class=\"_ _1\"></span> \"fuor<span class=\"_ _1\"></span>i b<span class=\"_ _1\"></span>ilancio<span class=\"_ _f\"></span>\" verso banch<span class=\"_ _f\"></span>e<span class=\"fc1 sc0\"> </span><table class=\"s w105a h586\" id=\"_16c6c63b-6907-4ff8-a4f2-2094101a0331\"><tr><td></td><td></td><td class=\"c xa10 y352a w5cd hbb\"><div class=\"t m0 x26 h1f y420 ff4 fs7 fc4 sc3 ls0 ws0\">Itali<span class=\"_ _1\"></span>a<span class=\"fc1 sc0\"> </span></div></td><td></td><td class=\"c x97e y352a wd8 hbb\"><div class=\"t m0 xab h1f y420 ff4 fs7 fc4 sc3 ls0 ws0\">Altri pa<span class=\"_ _f\"></span>esi eur<span class=\"_ _f\"></span>opei<span class=\"fc1 sc0\"> </span></div></td><td></td><td class=\"c x83f y352a w4bd hbb\"><div class=\"t m0 x2a h1f y420 ff4 fs7 fc4 sc3 ls0 ws0\">Amer<span class=\"_ _f\"></span>ica<span class=\"fc1 sc0\"> </span></div></td><td></td><td class=\"c x922 y352a w268 hbb\"><div class=\"t m0 x14 h1f y420 ff4 fs7 fc4 sc3 ls0 ws0\">Asia<span class=\"_ _f\"></span><span class=\"fc1 sc0\"> </span></div></td><td></td><td class=\"c xa11 y352b w105b h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">Rest<span class=\"_ _f\"></span>o del<span class=\"_ _df\"> </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></td><td class=\"c xa12 y352c w105c h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">mon<span class=\"_ _f\"></span>do<span class=\"_ _df\"> </span></div></td><td></td></tr><tr><td class=\"c x46b y352d w5cc h322\"><div class=\"t m0 x35 h1f yd5f ff4 fs7 fc4 sc3 ls0 ws0\">Espo<span class=\"_ _1\"></span>sizio<span class=\"_ _f\"></span>ni/Aree<span class=\"_ _f\"></span> geogra<span class=\"_ _f\"></span>fiche<span class=\"fc1 sc0\"> </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=\"c x262 y352e w105d h49c\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc1 sc2 ls0 ws0\">A. Es<span class=\"_ _1\"></span>pos<span class=\"_ _1\"></span>izion<span class=\"_ _f\"></span>i credit<span class=\"_ _1\"></span>izie<span class=\"_ _df\"> </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=\"c x262 y352f w105e h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc1 sc2 ls0 ws0\">per <span class=\"_ _1\"></span>cass<span class=\"_ _1\"></span>a<span class=\"_ _df\"> </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=\"c x46b y3530 w5d1 h49\"><div class=\"t m0 x8a h1f y25c ff4 fs7 fc1 sc0 ls0 ws0\">A.1 Sofferenze<span class=\"_ _f\"></span> </div></td><td></td><td class=\"c xa10 y3530 w190 h49\"><div class=\"t m0 x8f h1f y25c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5b8 y3530 w5d2 h49\"><div class=\"t m0 x55 h1f y25c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x97e y3530 w234 h49\"><div class=\"t m0 x8f h1f y25c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9bb y3530 w5d3 h49\"><div class=\"t m0 x48 h1f y25c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x636 y3530 w2b1 h49\"><div class=\"t m0 x27 h1f y25c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x99c y3530 w5d4 h49\"><div class=\"t m0 x116 h1f y25c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x922 y3530 w55a h49\"><div class=\"t m0 x32 h1f y25c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x659 y3530 w5c8 h49\"><div class=\"t m0 x116 h1f y25c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x71b y3530 w351 h49\"><div class=\"t m0 x97 h1f y25c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa0b y3530 w5b1 h49\"><div class=\"t m0 x2e h1f y25c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x262 y3531 w1039 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">A.2 Inadempienze<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c xa10 y3532 w190 had\"><div class=\"t m0 x8f h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5b8 y3532 w5d2 had\"><div class=\"t m0 x55 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x97e y3532 w234 had\"><div class=\"t m0 x8f h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9bb y3532 w5d3 had\"><div class=\"t m0 x48 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x636 y3532 w2b1 had\"><div class=\"t m0 x27 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x99c y3532 w5d4 had\"><div class=\"t m0 x116 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x922 y3532 w55a had\"><div class=\"t m0 x32 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x659 y3532 w5c8 had\"><div class=\"t m0 x116 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x71b y3532 w351 had\"><div class=\"t m0 x97 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa0b y3532 w5b1 had\"><div class=\"t m0 x2e h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x262 y3533 w9d8 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">probabili<span class=\"_ _df\"> </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=\"c x262 y3534 w105f h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">A.3 Esposizioni <span class=\"_ _1\"></span>scadute<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c xa10 y3535 w190 h58\"><div class=\"t m0 x8f h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5b8 y3535 w5d2 h58\"><div class=\"t m0 x55 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x97e y3535 w234 h58\"><div class=\"t m0 x8f h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9bb y3535 w5d3 h58\"><div class=\"t m0 x48 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x636 y3535 w2b1 h58\"><div class=\"t m0 x27 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x99c y3535 w5d4 h58\"><div class=\"t m0 x116 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x922 y3535 w55a h58\"><div class=\"t m0 x32 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x659 y3535 w5c8 h58\"><div class=\"t m0 x116 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x71b y3535 w351 h58\"><div class=\"t m0 x97 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa0b y3535 w5b1 h58\"><div class=\"t m0 x2e h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x262 y3536 wfb8 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">deteriorate<span class=\"_ _df\"> </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=\"c x262 y3537 w103c h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">A.4 Esposizioni n<span class=\"_ _f\"></span>o<span class=\"_ _2\"></span>n<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c xa10 y3538 w190 had\"><div class=\"t m0 x8a h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">2.058.503 </div></td><td class=\"c x5b8 y3538 w5d2 had\"><div class=\"t m0 x8a h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">348 </div></td><td class=\"c x97e y3538 w234 had\"><div class=\"t m0 x8a h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">2.388.946 </div></td><td class=\"c x9bb y3538 w5d3 had\"><div class=\"t m0 x2f h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">385 </div></td><td class=\"c x636 y3538 w2b1 had\"><div class=\"t m0 x8a h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">50.690 </div></td><td class=\"c x99c y3538 w5d4 had\"><div class=\"t m0 xac h1f y420 ff4 fs7 fc1 sc0 ls9 ws0\">12<span class=\"ls0\"> </span></div></td><td class=\"c x922 y3538 w55a had\"><div class=\"t m0 x39 h1f y420 ff4 fs7 fc1 sc0 ls34 ws0\">77<span class=\"ls0\"> </span></div></td><td class=\"c x659 y3538 w5c8 had\"><div class=\"t m0 x116 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x71b y3538 w351 had\"><div class=\"t m0 x2f h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">76.523 </div></td><td class=\"c xa0b y3538 w5b1 had\"><div class=\"t m0 x2f h1f y420 ff4 fs7 fc1 sc0 ls9 ws0\">14<span class=\"ls0\"> </span></div></td></tr><tr><td class=\"c x262 y3539 wfb8 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">deteriorate<span class=\"_ _df\"> </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=\"c x46b y353a w5d1 h49\"><div class=\"t m0 xee h1f y25f ff4 fs7 fc1 sc2 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale (A<span class=\"_ _f\"></span>)<span class=\"sc0\"> </span></div></td><td></td><td class=\"c xa10 y353a w190 h49\"><div class=\"t m0 xab h1f y25f ff4 fs7 fc1 sc2 ls0 ws0\">2.05<span class=\"_ _1\"></span>8.503<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x5b8 y353a w5d2 h49\"><div class=\"t m0 x8a h1f y25f ff4 fs7 fc1 sc2 ls0 ws0\">348<span class=\"sc0\"> </span></div></td><td class=\"c x97e y353a w234 h49\"><div class=\"t m0 xab h1f y25f ff4 fs7 fc1 sc2 ls0 ws0\">2.38<span class=\"_ _1\"></span>8.946<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x9bb y353a w5d3 h49\"><div class=\"t m0 x2f h1f y25f ff4 fs7 fc1 sc2 ls0 ws0\">385<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x636 y353a w2b1 h49\"><div class=\"t m0 x8a h1f y25f ff4 fs7 fc1 sc2 ls0 ws0\">50.69<span class=\"_ _f\"></span>0<span class=\"sc0\"> </span></div></td><td class=\"c x99c y353a w5d4 h49\"><div class=\"t m0 xac h1f y25f ff4 fs7 fc1 sc2 ls9 ws0\">12<span class=\"sc0 ls0\"> </span></div></td><td class=\"c x922 y353a w55a h49\"><div class=\"t m0 x39 h1f y25f ff4 fs7 fc1 sc2 ls35 ws0\">77<span class=\"sc0 ls0\"> </span></div></td><td class=\"c x659 y353a w5c8 h49\"><div class=\"t m0 x116 h1f y25f ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x71b y353a w351 h49\"><div class=\"t m0 x16a h1f y25f ff4 fs7 fc1 sc2 ls0 ws0\">76.5<span class=\"_ _f\"></span>23<span class=\"sc0\"> </span></div></td><td class=\"c xa0b y353a w5b1 h49\"><div class=\"t m0 x2f h1f y25f ff4 fs7 fc1 sc2 ls9 ws0\">14<span class=\"sc0 ls0\"> </span></div></td></tr><tr><td class=\"c x262 y353b w1060 h570\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc2 ls0 ws0\">B. Es<span class=\"_ _f\"></span>posizion<span class=\"_ _1\"></span>i cr<span class=\"_ _1\"></span>editi<span class=\"_ _1\"></span>zie<span class=\"_ _df\"> </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=\"c x262 y2c50 w1061 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc2 ls0 ws0\">fuor<span class=\"_ _1\"></span>i bila<span class=\"_ _1\"></span>ncio<span class=\"_ _df\"> </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=\"c x262 y3523 w103f h48b\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">B.1 Esposizioni<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c xa10 y353c w190 h58\"><div class=\"t m0 x8f h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5b8 y353c w5d2 h58\"><div class=\"t m0 x55 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x97e y353c w234 h58\"><div class=\"t m0 x8f h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9bb y353c w5d3 h58\"><div class=\"t m0 x48 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x636 y353c w2b1 h58\"><div class=\"t m0 x27 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x99c y353c w5d4 h58\"><div class=\"t m0 x116 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x922 y353c w55a h58\"><div class=\"t m0 x32 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x659 y353c w5c8 h58\"><div class=\"t m0 x116 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x71b y353c w351 h58\"><div class=\"t m0 x97 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa0b y353c w5b1 h58\"><div class=\"t m0 x2e h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x262 y3525 wfb8 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">deteriorate<span class=\"_ _df\"> </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=\"c x262 y350e w1040 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">B.2 Esposizioni <span class=\"_ _1\"></span>non<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c xa10 y353d w190 had\"><div class=\"t m0 x33 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">5.600 </div></td><td class=\"c x5b8 y353d w5d2 had\"><div class=\"t m0 x55 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x97e y353d w234 had\"><div class=\"t m0 x2e h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">192.595 </div></td><td class=\"c x9bb y353d w5d3 had\"><div class=\"t m0 x33 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">1 </div></td><td class=\"c x636 y353d w2b1 had\"><div class=\"t m0 x130 h1f y420 ff4 fs7 fc1 sc0 lsa ws0\">425<span class=\"ls0\"> </span></div></td><td class=\"c x99c y353d w5d4 had\"><div class=\"t m0 x116 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x922 y353d w55a had\"><div class=\"t m0 x8a h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">8.482 </div></td><td class=\"c x659 y353d w5c8 had\"><div class=\"t m0 x2f h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">4 </div></td><td class=\"c x71b y353d w351 had\"><div class=\"t m0 x55 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">2.130 </div></td><td class=\"c xa0b y353d w5b1 had\"><div class=\"t m0 x55 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">1 </div></td></tr><tr><td class=\"c x262 y353e wfb8 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">deteriorate<span class=\"_ _df\"> </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=\"c x46b y353f w5d1 hc8\"><div class=\"t m0 xee h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale (B<span class=\"_ _1\"></span>)<span class=\"sc0\"> </span></div></td><td></td><td class=\"c xa10 y353f w190 hc8\"><div class=\"t m0 x33 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">5.60<span class=\"_ _f\"></span>0<span class=\"sc0\"> </span></div></td><td class=\"c x5b8 y353f w5d2 hc8\"><div class=\"t m0 x55 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x97e y353f w234 hc8\"><div class=\"t m0 x2e h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">192.59<span class=\"_ _f\"></span>5<span class=\"sc0\"> </span></div></td><td class=\"c x9bb y353f w5d3 hc8\"><div class=\"t m0 x33 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">1<span class=\"sc0\"> </span></div></td><td class=\"c x636 y353f w2b1 hc8\"><div class=\"t m0 x130 h1f y28b ff4 fs7 fc1 sc2 lsa ws0\">425<span class=\"sc0 ls0\"> </span></div></td><td class=\"c x99c y353f w5d4 hc8\"><div class=\"t m0 x116 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x922 y353f w55a hc8\"><div class=\"t m0 x8a h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">8.482<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x659 y353f w5c8 hc8\"><div class=\"t m0 x2f h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">4<span class=\"sc0\"> </span></div></td><td class=\"c x71b y353f w351 hc8\"><div class=\"t m0 x55 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">2.13<span class=\"_ _1\"></span>0<span class=\"sc0\"> </span></div></td><td class=\"c xa0b y353f w5b1 hc8\"><div class=\"t m0 x55 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">1<span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x46b y3540 w5d1 hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale (A<span class=\"_ _f\"></span>+B)<span class=\"sc0\"> </span></div></td><td class=\"c xa13 y3540 wac hc8\"><div class=\"t m0 x8a h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">31/12/<span class=\"_ _f\"></span>2025<span class=\"sc0\"> </span></div></td><td class=\"c xa10 y3540 w190 hc8\"><div class=\"t m0 xac h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">2.06<span class=\"_ _1\"></span>4.103<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x5b8 y3540 w5d2 hc8\"><div class=\"t m0 x8a h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">348<span class=\"sc0\"> </span></div></td><td class=\"c x97e y3540 w234 hc8\"><div class=\"t m0 x8e h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">2.58<span class=\"_ _1\"></span>1.541<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x9bb y3540 w5d3 hc8\"><div class=\"t m0 x2f h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">386<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x636 y3540 w2b1 hc8\"><div class=\"t m0 x16a h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">51.11<span class=\"_ _1\"></span>5<span class=\"sc0\"> </span></div></td><td class=\"c x99c y3540 w5d4 hc8\"><div class=\"t m0 xac h1f y28b ff4 fs7 fc1 sc2 ls9 ws0\">12<span class=\"sc0 ls0\"> </span></div></td><td class=\"c x922 y3540 w55a hc8\"><div class=\"t m0 xab h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">8.559<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x659 y3540 w5c8 hc8\"><div class=\"t m0 x2f h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">4<span class=\"sc0\"> </span></div></td><td class=\"c x71b y3540 w351 hc8\"><div class=\"t m0 x2f h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">78.6<span class=\"_ _1\"></span>53<span class=\"sc0\"> </span></div></td><td class=\"c xa0b y3540 w5b1 hc8\"><div class=\"t m0 x2f h1f y28b ff4 fs7 fc1 sc2 ls9 ws0\">15<span class=\"sc0 ls0\"> </span></div></td></tr><tr><td class=\"c x46b y3541 w5d1 hc8\"><div class=\"t m0 x8 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale (A<span class=\"_ _f\"></span>+B)<span class=\"sc0\"> </span></div></td><td class=\"c xa13 y3541 wac hc8\"><div class=\"t m0 x8a h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">31/12/<span class=\"_ _f\"></span>2024<span class=\"sc0\"> </span></div></td><td class=\"c xa10 y3541 w190 hc8\"><div class=\"t m0 xab h1f y28b ff4 fs7 fc1 sc2 lsa ws0\">4.<span class=\"ls0\">895.<span class=\"_ _f\"></span>386</span><span class=\"ls0\"><span class=\"sc0\"> </span></span></div></td><td class=\"c x5b8 y3541 w5d2 hc8\"><div class=\"t m0 x8a h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">658<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x97e y3541 w234 hc8\"><div class=\"t m0 x2f h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">2.110.<span class=\"_ _1\"></span>937<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x9bb y3541 w5d3 hc8\"><div class=\"t m0 x8a h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">1.09<span class=\"_ _1\"></span>4<span class=\"sc0\"> </span></div></td><td class=\"c x636 y3541 w2b1 hc8\"><div class=\"t m0 xab h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">29.36<span class=\"_ _f\"></span>5<span class=\"sc0\"> </span></div></td><td class=\"c x99c y3541 w5d4 hc8\"><div class=\"t m0 xac h1f y28b ff4 fs7 fc1 sc2 ls9 ws0\">15<span class=\"sc0 ls0\"> </span></div></td><td class=\"c x922 y3541 w55a hc8\"><div class=\"t m0 xab h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">8.287<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x659 y3541 w5c8 hc8\"><div class=\"t m0 x2f h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">3<span class=\"sc0\"> </span></div></td><td class=\"c x71b y3541 w351 hc8\"><div class=\"t m0 x2f h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">82.66<span class=\"_ _f\"></span>8<span class=\"sc0\"> </span></div></td><td class=\"c xa0b y3541 w5b1 hc8\"><div class=\"t m0 x2a h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">9<span class=\"sc0\"> </span></div></td></tr></table>Esposizioni netta<span class=\"fc1 sc0\"> </span>Rettifiche valore complessive<span class=\"fc1 sc0\"> </span>Esposizioni netta<span class=\"fc1 sc0\"> </span>Rettifiche valore complessive<span class=\"fc1 sc0\"> </span>Esposizioni netta<span class=\"fc1 sc0\"> </span>Rettifiche valore complessive<span class=\"fc1 sc0\"> </span>Esposizioni netta<span class=\"fc1 sc0\"> </span>Rettifiche valore complessive<span class=\"fc1 sc0\"> </span>Esposizioni netta<span class=\"fc1 sc0\"> </span>Rettifiche valore complessive<span class=\"fc1 sc0\"> </span>B.4 G<span class=\"_ _f\"></span>randi es<span class=\"_ _1\"></span>posizi<span class=\"_ _1\"></span>oni<span class=\"fc1 sc0\"> </span><table class=\"s w1062 h587\" id=\"_10bb6b85-0c69-49af-afe0-b4a90423156a\"><tr><td></td><td class=\"c x736 y3542 w5d6 h324\"><div class=\"t m0 x11f h1f y15 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/<span class=\"_ _f\"></span>2025<span class=\"fc1 sc0\"> </span></div></td></tr><tr><td class=\"c x46b y3543 w5d7 h148\"><div class=\"t m0 x8a h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">Numero posizion<span class=\"_ _1\"></span>i </div></td><td class=\"c x736 y3543 w5d8 h148\"><div class=\"t m0 x1c2 h1f y80 ff4 fs7 fc1 sc0 ls9 ws0\">13<span class=\"ls0\"> </span></div></td></tr><tr><td class=\"c x46b y3544 w5d7 h150\"><div class=\"t m0 x8a h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">Esposizione </div></td><td class=\"c x736 y3544 w5d8 h150\"><div class=\"t m0 x155 h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">21.237.273 </div></td></tr><tr><td class=\"c x46b y3545 w5d7 h148\"><div class=\"t m0 x8a h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">Posizione di rischi<span class=\"_ _1\"></span>o </div></td><td class=\"c x736 y3545 w5d8 h148\"><div class=\"t m0 x3c h1f y80 ff4 fs7 fc1 sc0 ls0 ws0\">315.905 </div></td></tr></table>Sono consid<span class=\"_ _1\"></span>erate nel<span class=\"_ _1\"></span> calcol<span class=\"_ _1\"></span>o dei<span class=\"_ _1\"></span> \u201cgrandi <span class=\"_ _1\"></span>rischi\u201d tutte <span class=\"_ _f\"></span>le attivi<span class=\"_ _1\"></span>t\u00e0 di <span class=\"_ _f\"></span>risch<span class=\"_ _2\"></span><span class=\"ff4\">io, p<span class=\"_ _1\"></span>er cassa <span class=\"_ _f\"></span>e fuori b<span class=\"_ _1\"></span>ilancio, </span>nei <span class=\"_ _f\"></span>confronti di<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>un <span class=\"_ _f\"></span>singolo cli<span class=\"_ _1\"></span>ente <span class=\"_ _1\"></span>(ovvero <span class=\"_ _1\"></span>gruppo <span class=\"_ _f\"></span>di <span class=\"_ _1\"></span>clienti <span class=\"_ _f\"></span>conness<span class=\"_ _2\"></span>i) <span class=\"_ _f\"></span>senza <span class=\"_ _1\"></span>l'applicazione <span class=\"_ _f\"></span>dei <span class=\"_ _f\"></span>fat<span class=\"_ _2\"></span>tori di <span class=\"_ _0\"></span>ponderazione, <span class=\"_ _0\"></span>mentre <span class=\"_ _0\"></span>il <span class=\"_ _0\"></span>limite <span class=\"_ _9\"> </span>che <span class=\"_ _0\"></span>qualifica <span class=\"_ _0\"></span>un\u2019esposizione <span class=\"_ _0\"></span>come <span class=\"_ _0\"></span>\"grande <span class=\"_ _0\"> </span>r<span class=\"_ _2\"></span>ischio\", <span class=\"_ _0\"></span>\u00e8 <span class=\"_ _0\"></span>quando l\u2019esposizione, come sopr<span class=\"ff4\">a determinata, \u00e8 pari o superiore al 10% dei fondi<span class=\"_ _1\"></span> propri.<span class=\"_ _2\"></span> </span>La <span class=\"_ _f\"></span>disciplina, pe<span class=\"_ _1\"></span>r app<span class=\"_ _f\"></span>r<span class=\"_ _2\"></span>ezzare <span class=\"_ _f\"></span>in modo <span class=\"_ _f\"></span>pi\u00f9 <span class=\"_ _1\"></span>preciso i<span class=\"_ _1\"></span>l <span class=\"_ _f\"></span>grado di <span class=\"_ _f\"></span>concentrazione <span class=\"_ _1\"></span>dei <span class=\"_ _f\"></span>crediti<span class=\"_ _2\"></span>, <span class=\"_ _f\"></span>r<span class=\"_ _2\"></span>ileva <span class=\"_ _f\"></span>anche le <span class=\"_ _1\"></span>esposizioni <span class=\"_ _f\"></span>aventi un <span class=\"_ _f\"></span>fatt<span class=\"_ _2\"></span>ore <span class=\"_ _f\"></span>di ponderazione<span class=\"_ _1\"></span> pe<span class=\"_ _1\"></span>r il <span class=\"_ _f\"></span>rischio di <span class=\"_ _f\"></span>controparte pari <span class=\"_ _f\"></span>allo zero pe<span class=\"_ _1\"></span>r cento<span class=\"ls1b\">, </span>quali ad esempio le esposizi<span class=\"_ _1\"></span>oni verso <span class=\"_ _2\"></span>lo Stato italiano, ecc. Si s<span class=\"_ _2\"></span>ottolinea inoltre <span class=\"_ _2\"></span>che nel <span class=\"_ _2\"></span>perimetro <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>riferimento sono <span class=\"_ _2\"></span>comprese anche <span class=\"_ _2\"></span>le op<span class=\"_ _2\"></span>erazioni di <span class=\"_ _2\"></span>pronti contro  t<span class=\"_ _2\"></span>ermine  passive.  La <span class=\"_ _22\"> </span>normativa <span class=\"_ _4\"> </span>prev<span class=\"_ _1\"></span>ede  che <span class=\"_ _22\"> </span>t<span class=\"_ _2\"></span>ali  operazioni  concorr<span class=\"_ _2\"></span>ano  all'espo<span class=\"_ _2\"></span>sizione nominale <span class=\"_ _15\"> </span>verso <span class=\"_ _e\"> </span>la <span class=\"_ _e\"> </span>controparte <span class=\"_ _15\"> </span>per <span class=\"_ _e\"> </span>l'importo <span class=\"_ _e\"> </span>dei <span class=\"_ _e\"> </span>\u201ctitoli <span class=\"_ _e\"> </span>da <span class=\"_ _15\"> </span>ricevere\u201d, <span class=\"_ _e\"> </span>mentre <span class=\"_ _e\"> </span>l\u2019esposizione ponderata, in casi espressamente previsti, pu<span class=\"_ _1\"></span>\u00f2 prevedere la ponderazione a zero. <span class=\"_ _2\"></span> Si <span class=\"_ _4\"> </span>rilevano <span class=\"_ _4\"> </span>a <span class=\"_ _4\"> </span>fine <span class=\"_ _4\"> </span>periodo <span class=\"_ _4\"> </span><span class=\"ls1\">13</span> <span class=\"_ _17\"> </span><span class=\"ff5\">posizioni <span class=\"_ _4\"> </span>classificate <span class=\"_ _4\"> </span>come <span class=\"_ _4\"> </span>\u201cgrandi <span class=\"_ _4\"> </span>rischi\u201d,</span> <span class=\"_ _4\"> </span>per <span class=\"_ _4\"> </span>un <span class=\"_ _4\"> </span>ammo<span class=\"_ _2\"></span>ntare<span class=\"_ _f\"></span> complessivo di<span class=\"_ _1\"></span> 21.237,3 milioni <span class=\"_ _1\"></span>di euro, <span class=\"_ _1\"></span>corrispondenti a 31<span class=\"_ _1\"></span>5,9 milioni <span class=\"_ _1\"></span>di euro d<span class=\"_ _1\"></span>i valore p<span class=\"_ _1\"></span>onderato (a<span class=\"_ _f\"></span> fine <span class=\"_ _d\"></span>2024 <span class=\"_ _0\"></span>erano <span class=\"_ _d\"></span>presenti <span class=\"_ _0\"></span><span class=\"ls1\">17</span> <span class=\"_ _d\"></span>posizioni <span class=\"_ _d\"></span>per <span class=\"_ _d\"></span>un <span class=\"_ _0\"></span>ammontare <span class=\"_ _d\"></span>complessivo <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>26.410,1 <span class=\"_ _d\"></span>milioni <span class=\"_ _d\"></span>di <span class=\"_ _0\"></span>euro, corrispondenti a 795,7 milioni di euro di valore ponderato).  Tra <span class=\"_ _9\"> </span>le <span class=\"_ _0\"></span>posizioni <span class=\"_ _9\"> </span>rilevate <span class=\"_ _0\"></span>figurano <span class=\"_ _9\"> </span>il <span class=\"_ _9\"> </span>Ministero <span class=\"_ _9\"> </span>del <span class=\"_ _0\"></span>Tesoro, <span class=\"_ _9\"> </span>alcuni <span class=\"_ _9\"> </span>Stati <span class=\"_ _9\"> </span>UE <span class=\"_ _0\"></span>ed <span class=\"_ _9\"> </span>extra <span class=\"_ _9\"> </span>UE <span class=\"_ _9\"> </span>e <span class=\"_ _0\"></span>primarie banche nazionali ed internazionali. C. O<span class=\"_ _1\"></span>per<span class=\"_ _f\"></span>azioni <span class=\"_ _f\"></span>di car<span class=\"_ _f\"></span>tolariz<span class=\"_ _f\"></span>zazion<span class=\"_ _f\"></span>e<span class=\"_ _df\"> </span>Inform<span class=\"_ _1\"></span>azio<span class=\"_ _f\"></span>ni di natura<span class=\"_ _f\"></span> qualitativa Opera<span class=\"_ _f\"></span>zione Emilia<span class=\"_ _f\"></span> SPV Il Gruppo <span class=\"_ _1\"></span>detiene <span class=\"_ _1\"></span>una partecip<span class=\"_ _1\"></span>azione pari al 1<span class=\"_ _f\"></span>0<span class=\"_ _2\"></span>% in<span class=\"_ _f\"></span> Emilia SPV <span class=\"_ _1\"></span>S.r.l., societ\u00e0 <span class=\"_ _1\"></span>veicolo app<span class=\"_ _1\"></span>ositamente costituita <span class=\"_ _e\"> </span>ed <span class=\"_ _e\"> </span>avente <span class=\"_ _e\"> </span>quale <span class=\"_ _e\"> </span>oggetto <span class=\"_ _e\"> </span>esclusivo <span class=\"_ _e\"> </span>la <span class=\"_ _e\"> </span>realizzazione <span class=\"_ _e\"> </span>di <span class=\"_ _e\"> </span>una <span class=\"_ _e\"> </span>o <span class=\"_ _e\"> </span>pi\u00f9 <span class=\"_ _e\"> </span>operazioni <span class=\"_ _10\"> </span>di cartolarizzazione ai sensi della Legge n. 130 del 30 aprile 1999.  Emilia SP<span class=\"_ _1\"></span>V S.r.l. ha i<span class=\"_ _1\"></span>n essere un\u2019<span class=\"_ _1\"></span>operazione d<span class=\"_ _1\"></span>i cartolarizzazione revolving,<span class=\"_ _1\"></span> perfezionata da Cred<span class=\"_ _1\"></span>em nel corso <span class=\"_ _1\"></span>del 201<span class=\"_ _1\"></span>5, su mu<span class=\"_ _1\"></span>tui ipote<span class=\"_ _1\"></span>cari residenziali<span class=\"_ _1\"></span> in b<span class=\"_ _1\"></span>onis erogati d<span class=\"_ _1\"></span>alla Banca <span class=\"_ _1\"></span>alla p<span class=\"_ _1\"></span>ropria clie<span class=\"_ _1\"></span>ntela, non <span class=\"_ _d\"></span>eleggibili <span class=\"_ _2\"></span>ai <span class=\"_ _d\"></span>fini <span class=\"_ _2\"></span>dell\u2019utilizzo <span class=\"_ _d\"></span>nel <span class=\"_ _d\"></span>programma<span class=\"ff4\"> <span class=\"_ _d\"></span></span>di <span class=\"_ _d\"></span>emissioni <span class=\"_ _d\"></span>di <span class=\"_ _2\"></span>\u201cObbligazioni <span class=\"_ _d\"></span>Bancarie <span class=\"_ _2\"></span>Garantite\u201d dalla <span class=\"_ _2\"></span>societ\u00e0 <span class=\"_ _2\"></span>veicolo Cr<span class=\"_ _2\"></span>edem <span class=\"_ _2\"></span>CB <span class=\"_ _2\"></span>S.r.l. <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>selezionati <span class=\"_ _2\"></span>sulla base <span class=\"_ _2\"></span>di <span class=\"_ _d\"></span>criteri <span class=\"_ _2\"></span>predefiniti <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>modo <span class=\"_ _2\"></span>tale <span class=\"_ _2\"></span>da costituire un <span class=\"_ _f\"></span>\u201c<span class=\"_ _2\"></span>blocco\u201d <span class=\"_ _f\"></span>ai sensi e <span class=\"_ _f\"></span>per gli effetti d<span class=\"_ _1\"></span>ella le<span class=\"_ _1\"></span>gge applicabil<span class=\"_ _1\"></span>e in materia d<span class=\"_ _1\"></span>i cartola<span class=\"_ _1\"></span>rizzazi<span class=\"ff4\">one </span>dei crediti.  La <span class=\"_ _d\"></span>societ\u00e0 <span class=\"_ _2\"></span>veicolo <span class=\"_ _d\"></span>ha <span class=\"_ _d\"></span>finanziato <span class=\"_ _2\"></span>l\u2019operazione <span class=\"_ _d\"></span>attraverso <span class=\"_ _d\"></span>l\u2019emissione, <span class=\"_ _2\"></span>nel <span class=\"_ _d\"></span>corso <span class=\"_ _d\"></span>del <span class=\"_ _2\"></span>mese <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>aprile del 2015, di titoli obbligazi<span class=\"_ _1\"></span>onari \u201cRMBS\u201d di diversa classe (senior e junior). <span class=\"_ _2\"></span><span class=\"ff4\"> </span>Le <span class=\"_ _d\"></span>note <span class=\"_ _d\"></span>del <span class=\"_ _d\"></span>tipo <span class=\"_ _d\"></span>\u201csenior\u201d, <span class=\"_ _0\"></span>quotate <span class=\"_ _d\"></span>all\u2019Irish <span class=\"_ _d\"></span>Stock <span class=\"_ _d\"></span>Exchang<span class=\"_ _2\"></span><span class=\"ff4\">e <span class=\"_ _d\"></span>e <span class=\"_ _d\"></span>dotate <span class=\"_ _0\"></span>di <span class=\"_ _d\"></span>rating <span class=\"_ _d\"></span>ufficiale <span class=\"_ _d\"></span>assegnato </span>dalle <span class=\"_ _f\"></span>ag<span class=\"_ _2\"></span>enzie <span class=\"_ _f\"></span>accreditate DBRS <span class=\"_ _f\"></span>e Moody\u2019s I<span class=\"_ _1\"></span>nvestor Service<span class=\"_ _f\"></span>s<span class=\"_ _2\"></span> <span class=\"_ _1\"></span>(al <span class=\"_ _1\"></span>31 dice<span class=\"_ _1\"></span>mbre 2025, <span class=\"_ _f\"></span>giudizio \u201cA <span class=\"_ _f\"></span>high\u201d assegnato <span class=\"_ _2\"></span>da DBRS <span class=\"_ _2\"></span>e \u201cAa3\u201d<span class=\"_ _2\"></span> da <span class=\"_ _2\"></span>Moody\u2019s) pagano, <span class=\"_ _2\"></span>trimestralmente, interessi <span class=\"_ _2\"></span>variabili pari <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>tasso EURIBOR <span class=\"_ _d\"></span>3 <span class=\"_ _0\"></span>mesi, <span class=\"_ _0\"></span>aum<span class=\"ff5\">entato <span class=\"_ _9\"> </span>di <span class=\"_ _d\"></span>75 <span class=\"_ _0\"></span>bps, <span class=\"_ _0\"></span>mentre <span class=\"_ _0\"></span>le <span class=\"_ _d\"></span>not<span class=\"_ _2\"></span>e <span class=\"_ _d\"></span>\u201cjunior\u201d, <span class=\"_ _0\"></span>sprovviste <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>rating, <span class=\"_ _d\"></span>pagano <span class=\"_ _0\"></span>un </span>tasso <span class=\"_ _d\"></span>EURIBOR <span class=\"_ _d\"></span>3 <span class=\"_ _0\"></span>mesi, <span class=\"_ _0\"></span>aumentato <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>200 <span class=\"_ _d\"></span>bps. <span class=\"_ _0\"></span>I <span class=\"_ _d\"></span>detentori <span class=\"_ _d\"></span>dei <span class=\"_ _0\"></span>titoli <span class=\"_ _d\"></span>junior <span class=\"_ _d\"></span>hanno <span class=\"_ _d\"></span>inoltr<span class=\"_ _2\"></span>e <span class=\"_ _d\"></span>diritto <span class=\"_ _d\"></span>di ricevere <span class=\"_ _16\"> </span>a  ci<span class=\"_ _1\"></span>ascuna  data <span class=\"_ _16\"> </span>di <span class=\"_ _16\"> </span>pagamento  e, <span class=\"_ _9\"> </span>in  base  all<span class=\"_ _1\"></span>\u2019ordine  di <span class=\"_ _9\"> </span>prior<span class=\"_ _2\"></span>it\u00e0  d<span class=\"_ _1\"></span>ei  p<span class=\"_ _1\"></span>agame<span class=\"_ _2\"></span><span class=\"ff4\">nti  e<span class=\"_ _1\"></span>  fondi </span>disponibili, anche <span class=\"_ _2\"></span>un premio <span class=\"_ _2\"></span>determinato <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>via residuale, dopo <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>siano <span class=\"_ _2\"></span>stati corrisposti <span class=\"_ _2\"></span>tutti gli altri importi da corrispondersi in p<span class=\"_ _1\"></span>riorit\u00e0. I <span class=\"_ _0\"></span>titoli <span class=\"_ _0\"></span>sono <span class=\"_ _d\"></span>strutturati <span class=\"_ _0\"></span>nella <span class=\"_ _0\"></span>forma <span class=\"_ _0\"></span>di <span class=\"_ _d\"></span>part<span class=\"_ _2\"></span>ly <span class=\"_ _d\"></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=\"_ _d\"></span>emessi <span class=\"_ _0\"></span>per <span class=\"_ _0\"></span>il <span class=\"_ _0\"></span>l<span class=\"_ _2\"></span><span class=\"ff4\">oro </span>valore <span class=\"_ _f\"></span>nominale <span class=\"_ _1\"></span>alla <span class=\"_ _f\"></span>data d\u2019emissione <span class=\"_ _f\"></span>(Euro <span class=\"_ _f\"></span>3.0<span class=\"_ _2\"></span>00.000.000 <span class=\"_ _f\"></span>per le<span class=\"_ _f\"></span> note <span class=\"_ _f\"></span>senior e<span class=\"_ _1\"></span>d <span class=\"_ _f\"></span>Euro 900.000.000 per <span class=\"_ _0\"></span>le <span class=\"_ _0\"></span>note <span class=\"_ _9\"> </span>junior). <span class=\"_ _0\"></span>Il <span class=\"_ _0\"></span>prezzo <span class=\"_ _0\"></span>del<span class=\"_ _2\"></span>le <span class=\"_ _d\"></span>not<span class=\"_ _2\"></span>e <span class=\"_ _0\"></span>\u00e8 <span class=\"_ _0\"></span>stat<span class=\"_ _2\"></span>o <span class=\"_ _d\"></span>corrisposto <span class=\"_ _9\"> </span>solo <span class=\"_ _0\"></span>in <span class=\"_ _0\"></span>part<span class=\"_ _2\"></span>e <span class=\"_ _0\"></span>alla <span class=\"_ _0\"></span>data <span class=\"_ _0\"></span>di <span class=\"_ _0\"> </span>emissione, mentre <span class=\"_ _f\"></span>le res<span class=\"_ _1\"></span>tanti <span class=\"_ _f\"></span>quote di<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>prezzo <span class=\"_ _f\"></span>possono <span class=\"_ _f\"></span>essere pagate <span class=\"_ _f\"></span>in <span class=\"_ _1\"></span>pi\u00f9 <span class=\"_ _f\"></span>rate <span class=\"_ _1\"></span>successive <span class=\"_ _f\"></span>differite <span class=\"_ _f\"></span>nel <span class=\"_ _1\"></span>tempo secondo la logica revolving dell\u2019ope<span class=\"_ _1\"></span>razione.<span class=\"_ _2\"></span><span class=\"ff4\"> </span>Credem <span class=\"_ _9\"> </span>ha <span class=\"_ _9\"> </span>sottoscritto <span class=\"_ _16\"> </span>all\u2019atto<span class=\"_ _1\"></span> <span class=\"_ _9\"> </span>dell\u2019emissione, <span class=\"_ _9\"> </span>e <span class=\"_ _9\"> </span>detiene <span class=\"_ _9\"> </span>in <span class=\"_ _16\"> </span>portafoglio, <span class=\"_ _9\"> </span>il <span class=\"_ _9\"> </span>totale <span class=\"_ _9\"> </span>delle <span class=\"_ _9\"> </span>passivit\u00e0 emesse <span class=\"_ _f\"></span>dal <span class=\"_ _f\"></span>veicolo. <span class=\"_ _f\"></span>Pertant<span class=\"_ _2\"></span>o, <span class=\"_ _f\"></span>in <span class=\"_ _f\"></span>base <span class=\"_ _f\"></span>alle <span class=\"_ _f\"></span>norme <span class=\"_ _1\"></span>IFRS9 <span class=\"_ _f\"></span>in <span class=\"_ _f\"></span>mat<span class=\"_ _2\"></span>eria <span class=\"_ _f\"></span><span class=\"ff5\">di <span class=\"_ _f\"></span>\u201cderecognition\u201d (<span class=\"_ _1\"></span>cancellazione </span>contabile), <span class=\"_ _4\"> </span>i <span class=\"_ _14\"> </span>crediti <span class=\"_ _4\"> </span>o<span class=\"_ _2\"></span>ggetto <span class=\"_ _4\"> </span>della <span class=\"_ _17\"> </span>cartolarizzazione <span class=\"_ _17\"> </span>rimangono <span class=\"_ _17\"> </span>iscritti <span class=\"_ _17\"> </span>nell\u2019attivo <span class=\"_ _17\"> </span>del <span class=\"_ _17\"> </span>bilancio Credem. <span class=\"_ _f\"></span> La struttura revolving dell\u2019operazione <span class=\"_ _f\"></span>p<span class=\"_ _2\"></span>ermette, <span class=\"_ _1\"></span>inoltre, all<span class=\"_ _1\"></span>a Banca,<span class=\"_ _1\"></span> durante <span class=\"_ _f\"></span>un periodo d<span class=\"_ _1\"></span>i cosiddetto replenishme<span class=\"lsaa\">nt</span> <span class=\"_ _2\"></span>che pu\u00f2 <span class=\"_ _2\"></span>durare <span class=\"_ _2\"></span>fino a <span class=\"_ _2\"></span>5 <span class=\"_ _2\"></span>anni, di <span class=\"_ _2\"></span>cedere nuovi <span class=\"_ _2\"></span>portafogli di <span class=\"_ _2\"></span>crediti idonei<span class=\"_ _2\"></span> alla <span class=\"_ _0\"></span>societ\u00e0 <span class=\"_ _0\"></span>veicolo <span class=\"_ _0\"></span>che <span class=\"_ _0\"> </span>utilizza, <span class=\"_ _9\"> </span>per <span class=\"_ _0\"></span>il <span class=\"_ _0\"></span>loro <span class=\"_ _0\"></span>pagamento, <span class=\"_ _0\"></span>i <span class=\"_ _9\"> </span>proventi <span class=\"_ _0\"></span>del <span class=\"_ _0\"></span>portafoglio <span class=\"_ _0\"></span>esistente <span class=\"_ _0\"></span>e/o <span class=\"_ _0\"></span>i proventi del pagamento <span class=\"_ _2\"></span>da parte dei noteholder di ulteriori <span class=\"_ _2\"></span>quote del prezzo <span class=\"_ _2\"></span>dei titoli <span class=\"_ _2\"></span>emessi. Una volta concluso il <span class=\"_ _2\"></span>periodo di replenishment, rinnovato <span class=\"_ _2\"></span>nel 2021 con <span class=\"_ _2\"></span>scadenza maggio 2026, <span class=\"_ _2\"></span>le note sono rimborsate durante un periodo di ammortamento defi<span class=\"_ _1\"></span>nito in sede di emissione. <span class=\"_ _2\"></span> Al 31 dicembre 2025, a segu<span class=\"_ _1\"></span>ito del perfezionamento di due nuove cessioni di attivi relative a mu<span class=\"_ _1\"></span>tui ipotecari residenziali in bonis, il<span class=\"_ _1\"></span> circolante della tranche seni<span class=\"_ _1\"></span>or risulta pari ad Euro 2.127.641.192,37<span class=\"_ _1\"></span> mentre quello della tranche junior risulta pari ad Euro 644.423.646,06. La  tranche  senior  pu<span class=\"_ _1\"></span>\u00f2  essere  utilizzata  dalla  Banca  pe<span class=\"_ _1\"></span>r  operazioni  di  rifinanziamento  presso<span class=\"_ _1\"></span> l\u2019Eurosistema. L\u2019operazione <span class=\"_ _2\"></span>\u00e8, infatt<span class=\"_ _2\"></span>i, finalizzata <span class=\"_ _2\"></span>a costituire <span class=\"_ _2\"></span>una r<span class=\"_ _2\"></span>iserva di <span class=\"_ _2\"></span>liquid<span class=\"_ _1\"></span>it\u00e0 <span class=\"_ _2\"></span>e r<span class=\"_ _2\"></span>ientra tra le complessive attivit\u00e0 di gestione de<span class=\"_ _1\"></span>lla liquidit\u00e0 poste in essere da Credem.<span class=\"_ _2\"></span> A <span class=\"_ _d\"></span>Credem, <span class=\"_ _2\"></span>inoltre, <span class=\"_ _d\"></span>sono <span class=\"_ _2\"></span>state <span class=\"_ _d\"></span>riconosciute <span class=\"_ _2\"></span>dalla <span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>ociet\u00e0 <span class=\"_ _2\"></span>veicolo <span class=\"_ _d\"></span>le <span class=\"_ _2\"></span>seguenti <span class=\"_ _d\"></span>opzioni: <span class=\"_ _2\"></span>riacquisto <span class=\"_ _2\"></span>di singoli <span class=\"_ _4\"> </span>crediti <span class=\"_ _4\"> </span>entr<span class=\"_ _2\"></span>o <span class=\"_ _4\"> </span>determinati <span class=\"_ _17\"> </span>parametri, <span class=\"_ _4\"> </span>riacquisto <span class=\"_ _17\"> </span>in <span class=\"_ _4\"> </span>blocco <span class=\"_ _4\"> </span>per <span class=\"_ _17\"> </span>i <span class=\"_ _4\"> </span>cr<span class=\"_ _2\"></span>editi <span class=\"_ _4\"> </span>che <span class=\"_ _4\"> </span>dovessero diventare eleggibili <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>l\u2019utilizzo nel <span class=\"_ _2\"></span>programma <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>Obbligazioni Banca<span class=\"_ _2\"></span><span class=\"ff4\">rie <span class=\"_ _2\"></span>Garantite <span class=\"_ _2\"></span>da Credem <span class=\"_ _2\"></span>CB </span>S.r.l. <span class=\"_ _f\"></span>e <span class=\"_ _f\"></span>riacquisto di<span class=\"_ _1\"></span> <span class=\"_ _f\"></span>tutto<span class=\"_ _2\"></span> <span class=\"_ _f\"></span>il <span class=\"_ _f\"></span>portafoglio <span class=\"_ _f\"></span>crediti <span class=\"_ _f\"></span>in <span class=\"_ _f\"></span>ess<span class=\"_ _2\"></span>ere, <span class=\"_ _f\"></span>in <span class=\"_ _f\"></span>blocco <span class=\"_ _f\"></span>e<span class=\"_ _2\"></span> <span class=\"_ _f\"></span>pro <span class=\"_ _f\"></span>so<span class=\"_ _2\"></span>luto <span class=\"_ _f\"></span>(nel <span class=\"_ _f\"></span>rispetto <span class=\"_ _f\"></span>dei <span class=\"_ _f\"></span>vincoli contrattuali previsti). Nel <span class=\"_ _f\"></span>corso <span class=\"_ _1\"></span>del <span class=\"_ _f\"></span>2025 <span class=\"_ _f\"></span>non <span class=\"_ _1\"></span>sono <span class=\"_ _f\"></span>state <span class=\"_ _f\"></span>effettuate op<span class=\"_ _1\"></span>erazioni <span class=\"_ _f\"></span>di <span class=\"_ _f\"></span>riacquist<span class=\"_ _2\"></span>o <span class=\"_ _f\"></span>parziale <span class=\"_ _f\"></span>e/o <span class=\"_ _f\"></span>in <span class=\"_ _f\"></span>blocc<span class=\"_ _2\"></span>o <span class=\"_ _f\"></span>di <span class=\"_ _1\"></span>crediti dalla societ\u00e0 veicolo.<span class=\"_ _df\"> </span>Altre o<span class=\"_ _1\"></span>pera<span class=\"_ _1\"></span>zioni<span class=\"_ _1\"></span><span class=\"fs1\"> </span>Sono presenti nella <span class=\"_ _2\"></span>categoria contabile \u201cAt<span class=\"_ _2\"></span>tivit\u00e0 finanziarie valutate <span class=\"_ _2\"></span>al costo <span class=\"_ _2\"></span>ammortizzato\u201d, al <span class=\"_ _2\"></span>31 dicembre <span class=\"_ _d\"></span>2025, <span class=\"_ _d\"></span>557milioni <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>Euro <span class=\"_ _d\"></span>complessivi<span class=\"_ _1\"></span>. <span class=\"_ _d\"></span>Trattas<span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>di <span class=\"_ _d\"></span>strumenti <span class=\"_ _d\"></span>finanziari <span class=\"_ _d\"></span>collegati <span class=\"_ _2\"></span>a <span class=\"_ _0\"></span>crediti<span class=\"_ _2\"></span> originati <span class=\"_ _0\"></span>in <span class=\"_ _d\"></span>Europa, <span class=\"_ _0\"></span>con <span class=\"_ _0\"></span>prepon<span class=\"_ _2\"></span>deranza <span class=\"_ _d\"></span>della <span class=\"_ _0\"></span>componente <span class=\"_ _0\"></span>di origination <span class=\"_ _0\"></span>italiana <span class=\"_ _0\"></span>(191,4 <span class=\"_ _0\"></span>milioni <span class=\"_ _0\"></span>di Euro). <span class=\"_ _e\"> </span>Il <span class=\"_ _e\"> </span>port<span class=\"_ _2\"></span>afoglio <span class=\"_ _e\"> </span>\u00e8 <span class=\"_ _e\"> </span>costituito <span class=\"_ _e\"> </span>da <span class=\"_ _e\"> </span>differenti <span class=\"_ _e\"> </span>t<span class=\"_ _2\"></span>ipologie<span class=\"_ _1\"></span> <span class=\"_ _e\"> </span>di <span class=\"_ _10\"> </span>ABS <span class=\"_ _e\"> </span>con <span class=\"_ _10\"> </span>una <span class=\"_ _e\"> </span>prevalenza <span class=\"_ _e\"> </span>delle cartolarizzazioni di mutui residenziali,<span class=\"_ _1\"></span> che incidono per il 35,1%<span class=\"_ _2\"></span><span class=\"ls1b\">. </span> L\u2019attuale esposizione suddivisa pe<span class=\"_ _1\"></span>r rischio paese \u00e8 cos\u00ec composta:<span class=\"_ _2\"></span><span class=\"ff4\"> </span><table class=\"s w1063 h588\" id=\"_80cab7e5-fdba-4f1f-97c0-67b18bf4b1f6\"><tr><td></td><td class=\"c xa15 y3546 w9f6 h4b1\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">Cont<span class=\"_ _f\"></span>rovalo<span class=\"_ _1\"></span>re (m<span class=\"_ _f\"></span>igliaia<span class=\"_ _df\"> </span></div></td><td></td></tr><tr><td class=\"c xa16 y3547 w307 h23d\"><div class=\"t m0 x31 h1f y496 ff4 fs7 fc4 sc3 ls0 ws0\">Paes<span class=\"_ _1\"></span>e </div></td><td class=\"c xa17 y3548 w9f7 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">Euro<span class=\"_ _1\"></span>)<span class=\"_ _df\"> </span></div></td><td class=\"c xa18 y3547 w5d9 h23d\"><div class=\"t m0 x27 h1f y496 ff4 fs7 fc4 sc3 ls0 ws0\">% Es<span class=\"_ _1\"></span>pos<span class=\"_ _1\"></span>izion<span class=\"_ _f\"></span>e </div></td></tr><tr><td class=\"c xa16 y3549 w307 h243\"><div class=\"t m0 x31 h1f y496 ff4 fs7 fc1 sc0 ls0 ws0\">ITALIA </div></td><td class=\"c xa19 y3549 w339 h243\"><div class=\"t m0 x8f h1f y496 ff4 fs7 fc1 sc0 ls0 ws0\">191.403 </div></td><td class=\"c xa18 y3549 w5d9 h243\"><div class=\"t m0 x90 h1f y496 ff4 fs7 fc1 sc0 ls0 ws0\">34,3 </div></td></tr><tr><td class=\"c xa16 y354a w307 h243\"><div class=\"t m0 x26 h1f y496 ff4 fs7 fc1 sc0 ls0 ws0\">FRANCIA </div></td><td class=\"c xa19 y354a w339 h243\"><div class=\"t m0 x8f h1f y496 ff4 fs7 fc1 sc0 ls0 ws0\">127.869 </div></td><td class=\"c xa18 y354a w5d9 h243\"><div class=\"t m0 x90 h1f y496 ff4 fs7 fc1 sc0 ls0 ws0\">22,9 </div></td></tr><tr><td class=\"c xa16 y354b w307 h243\"><div class=\"t m0 x2c h1f y496 ff4 fs7 fc1 sc0 ls0 ws0\">GERMANIA </div></td><td class=\"c xa19 y354b w339 h243\"><div class=\"t m0 x8f h1f y496 ff4 fs7 fc1 sc0 ls0 ws0\">105.840 </div></td><td class=\"c xa18 y354b w5d9 h243\"><div class=\"t m0 x7 h1f y496 ff4 fs7 fc1 sc0 ls0 ws0\">19,1 </div></td></tr><tr><td class=\"c xa16 y354c w307 h17f\"><div class=\"t m0 x34 h1f y496 ff4 fs7 fc1 sc0 ls0 ws0\">SPAGNA </div></td><td class=\"c xa19 y354c w339 h17f\"><div class=\"t m0 x96 h1f y496 ff4 fs7 fc1 sc0 ls0 ws0\">87.101 </div></td><td class=\"c xa18 y354c w5d9 h17f\"><div class=\"t m0 x90 h1f y496 ff4 fs7 fc1 sc0 ls0 ws0\">15,6 </div></td></tr><tr><td class=\"c xa16 y354d w307 h326\"><div class=\"t m0 x33 h1f y1a8d ff4 fs7 fc1 sc0 ls0 ws0\">PAESI BASSI </div></td><td class=\"c xa19 y354d w339 h326\"><div class=\"t m0 x96 h1f y1a8d ff4 fs7 fc1 sc0 ls0 ws0\">45.112 </div></td><td class=\"c xa18 y354d w5d9 h326\"><div class=\"t m0 x1c h1f y1a8d ff4 fs7 fc1 sc0 ls0 ws0\">8,1 </div></td></tr><tr><td class=\"c xa16 y354e w307 h243\"><div class=\"t m0 x37 h1f y496 ff4 fs7 fc4 sc3 ls0 ws0\">TOTA<span class=\"_ _1\"></span>LE </div></td><td class=\"c xa19 y354e w339 h243\"><div class=\"t m0 x8f h1f y496 ff4 fs7 fc4 sc3 ls0 ws0\">557.<span class=\"_ _1\"></span>325 </div></td><td class=\"c xa18 y354e w5d9 h243\"><div class=\"t m0 x12 h1f y496 ff4 fs7 fc4 sc3 ls0 ws0\">100,<span class=\"_ _f\"></span>0 </div></td></tr></table><div class=\"c w2c2 h327 gs1229\"><div class=\"t m0 x0 h5 y1a90 ff5 fs1 fc4 sc3 ls0 ws0\">C.2 Es<span class=\"_ _1\"></span>posi<span class=\"_ _f\"></span>zioni deri<span class=\"_ _1\"></span>vanti <span class=\"_ _f\"></span>dalle pr<span class=\"_ _1\"></span>incipal<span class=\"_ _1\"></span>i ope<span class=\"_ _1\"></span>razio<span class=\"_ _f\"></span>ni di car<span class=\"_ _1\"></span>tola<span class=\"_ _1\"></span>rizzazi<span class=\"_ _1\"></span>one d<span class=\"_ _1\"></span>i \u201cte<span class=\"_ _1\"></span>rzi\u201d r<span class=\"_ _f\"></span>ipartite p<span class=\"_ _1\"></span>er ti<span class=\"_ _1\"></span>polog<span class=\"_ _1\"></span>ia de<span class=\"_ _1\"></span>lle at<span class=\"_ _1\"></span>tivit\u00e0<span class=\"_ _f\"></span> </div><div class=\"t m0 x0 h5 y1a91 ff4 fs1 fc4 sc3 ls0 ws0\">cart<span class=\"_ _1\"></span>olarizza<span class=\"_ _f\"></span>te e per<span class=\"_ _1\"></span> tipo<span class=\"_ _f\"></span> di espo<span class=\"_ _1\"></span>sizione<span class=\"_ _f\"></span><span class=\"fs7 fc1 sc0\"> </span></div></div><div class=\"gs122a\"><table class=\"s w1064 h589\" id=\"_8a0b20d3-cf05-45b7-bfd9-4807126fadd5\"><tr><td></td><td></td><td></td><td></td><td class=\"c xa1b y354f w40e h221\"><div class=\"t m0 x13 h1f y497 ff4 fs7 fc4 sc3 ls0 ws0\">Espo<span class=\"_ _1\"></span>sizio<span class=\"_ _f\"></span>ni per ca<span class=\"_ _f\"></span>ssa </div></td><td></td><td></td><td></td><td></td><td class=\"c xa1c y354f w5db h221\"><div class=\"t m0 x38 h1f y497 ff4 fs7 fc4 sc3 ls0 ws0\">Gara<span class=\"_ _1\"></span>nzie<span class=\"_ _1\"></span> rila<span class=\"_ _1\"></span>scia<span class=\"_ _1\"></span>te </div></td><td></td><td></td><td></td><td></td><td></td><td class=\"c xa1d y354f w5db h221\"><div class=\"t m0 x36 h1f y497 ff4 fs7 fc4 sc3 ls0 ws0\">Line<span class=\"_ _1\"></span>e di cr<span class=\"_ _f\"></span>edito<span class=\"_ _1\"></span> </div></td><td></td><td></td><td></td><td></td></tr><tr><td></td><td></td><td class=\"c xa1b y3550 w78 h221\"><div class=\"t m0 x2c h200 y54 ff4 fs22 fc4 sc3 ls0 ws0\">Senior </div></td><td></td><td class=\"c xa1e y3550 w1b0 h221\" colspan=\"2\"><div class=\"t m0 x8a h200 y54 ff4 fs22 fc4 sc3 ls0 ws0\">Mezzan<span class=\"_ _f\"></span>ine </div></td><td class=\"c xa1f y3550 w149 h221\"><div class=\"t m0 x16a h200 y54 ff4 fs22 fc4 sc3 ls0 ws0\">Junior </div></td><td></td><td class=\"c xa1c y3550 w1b0 h221\"><div class=\"t m0 x16a h200 y54 ff4 fs22 fc4 sc3 ls0 ws0\">Senior </div></td><td></td><td></td><td class=\"c xa20 y3550 w464 h221\"><div class=\"t m0 x8a h200 y54 ff4 fs22 fc4 sc3 ls0 ws0\">Mezzan<span class=\"_ _f\"></span>ine </div></td><td class=\"c xa21 y3550 w149 h221\"><div class=\"t m0 x16a h200 y54 ff4 fs22 fc4 sc3 ls0 ws0\">Junior </div></td><td></td><td class=\"c xa1d y3550 w1b0 h221\"><div class=\"t m0 x16a h200 y54 ff4 fs22 fc4 sc3 ls0 ws0\">Senior </div></td><td></td><td></td><td class=\"c xa22 y3550 w464 h221\"><div class=\"t m0 x8a h200 y54 ff4 fs22 fc4 sc3 ls0 ws0\">Mezzan<span class=\"_ _f\"></span>ine </div></td><td class=\"c xa23 y3550 w149 h221\"><div class=\"t m0 x16a h200 y54 ff4 fs22 fc4 sc3 ls0 ws0\">Junior </div></td><td></td></tr><tr><td class=\"c xa24 y3551 w1065 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">Tipol<span class=\"_ _f\"></span>ogia<span class=\"_ _df\"> </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 xa25 y3552 w96e h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">attiv<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span>t\u00e0<span class=\"_ _df\"> </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 x262 y3553 w1066 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">sotto<span class=\"_ _f\"></span>stanti/<span class=\"_ _df\"> </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 xa26 y3554 wfbb h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">Espo<span class=\"_ _1\"></span>sizio<span class=\"_ _f\"></span>ni<span class=\"_ _df\"> </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 xa27 y3555 w1067 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">Prestiti al<span class=\"_ _df\"> </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 xa27 y3556 w1068 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">consumo</div></td><td class=\"c xa1b y3557 w317 h98\"><div class=\"t m0 x8a h30 y7b1 ff4 fsb fc1 sc0 ls0 ws0\">  321.026 </div></td><td class=\"c xa28 y3556 w1069 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c xa29 y3556 w106a h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls5c ws0\">34<span class=\"_ _df\"> </span></div></td><td class=\"c xa1e y3557 w5d4 h98\"><div class=\"t m0 x116 h30 y7b1 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa2a y3557 w56b h98\"><div class=\"t m0 x116 h30 y7b1 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa1f y3557 w56b h98\"><div class=\"t m0 x116 h30 y7b1 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa2b y3557 w56b h98\"><div class=\"t m0 x116 h30 y7b1 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa1c y3557 w5d4 h98\"><div class=\"t m0 x116 h30 y7b1 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa2c y3557 w5d4 h98\"><div class=\"t m0 x116 h30 y7b1 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa20 y3557 w5dd h98\"><div class=\"t m0 x116 h30 y7b1 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa2d y3557 w56b h98\"><div class=\"t m0 x116 h30 y7b1 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa21 y3557 w56b h98\"><div class=\"t m0 x116 h30 y7b1 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa2e y3557 w56b h98\"><div class=\"t m0 x116 h30 y7b1 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa1d y3557 w5d4 h98\"><div class=\"t m0 x116 h30 y7b1 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa2f y3557 w5d4 h98\"><div class=\"t m0 x116 h30 y7b1 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa22 y3557 w5dd h98\"><div class=\"t m0 x116 h30 y7b1 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa30 y3557 w56b h98\"><div class=\"t m0 x116 h30 y7b1 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa23 y3557 w56b h98\"><div class=\"t m0 x116 h30 y7b1 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa31 y3557 w56b h98\"><div class=\"t m0 x116 h30 y7b1 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c xa27 y2844 w106b h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">Mutui<span class=\"_ _df\"> </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 xa27 y3558 w106c h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">ipotecari<span class=\"_ _df\"> </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 xa27 y3559 w106d h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">residenziali</div></td><td class=\"c xa1b y355a w317 h136\"><div class=\"t m0 x8a h30 y7b1 ff4 fsb fc1 sc0 ls0 ws0\"> <span class=\"_ _16\"> </span>216.745<span class=\"_ _2\"></span> </div></td><td class=\"c xa28 y3559 w1069 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c xa32 y3559 w106e h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls52 ws0\">14<span class=\"_ _df\"> </span></div></td><td class=\"c xa1e y355a w5d4 h136\"><div class=\"t m0 x116 h30 y7b1 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa2a y355a w56b h136\"><div class=\"t m0 x116 h30 y7b1 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa1f y355a w56b h136\"><div class=\"t m0 x116 h30 y7b1 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa2b y355a w56b h136\"><div class=\"t m0 x116 h30 y7b1 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa1c y355a w5d4 h136\"><div class=\"t m0 x116 h30 y7b1 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa2c y355a w5d4 h136\"><div class=\"t m0 x116 h30 y7b1 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa20 y355a w5dd h136\"><div class=\"t m0 x116 h30 y7b1 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa2d y355a w56b h136\"><div class=\"t m0 x116 h30 y7b1 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa21 y355a w56b h136\"><div class=\"t m0 x116 h30 y7b1 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa2e y355a w56b h136\"><div class=\"t m0 x116 h30 y7b1 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa1d y355a w5d4 h136\"><div class=\"t m0 x116 h30 y7b1 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa2f y355a w5d4 h136\"><div class=\"t m0 x116 h30 y7b1 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa22 y355a w5dd h136\"><div class=\"t m0 x116 h30 y7b1 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa30 y355a w56b h136\"><div class=\"t m0 x116 h30 y7b1 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa23 y355a w56b h136\"><div class=\"t m0 x116 h30 y7b1 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa31 y355a w56b h136\"><div class=\"t m0 x116 h30 y7b1 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c xa33 y355b w227 h221\"><div class=\"t m0 x8a h30 y7b1 ff4 fsb fc1 sc0 ls0 ws0\">Prestiti a PMI<span class=\"_ _2\"></span> </div></td><td class=\"c xa1b y355b w317 h221\"><div class=\"t m0 x55 h30 y7b1 ff4 fsb fc1 sc0 ls0 ws0\">1.486 </div></td><td></td><td class=\"c xa34 y355b w5dc h221\"><div class=\"t m0 x32 h30 y7b1 ff4 fsb fc1 sc0 ls0 ws0\">1 </div></td><td class=\"c xa1e y355b w5d4 h221\"><div class=\"t m0 x116 h30 y7b1 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa2a y355b w56b h221\"><div class=\"t m0 x116 h30 y7b1 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa1f y355b w56b h221\"><div class=\"t m0 x116 h30 y7b1 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa2b y355b w56b h221\"><div class=\"t m0 x116 h30 y7b1 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa1c y355b w5d4 h221\"><div class=\"t m0 x116 h30 y7b1 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa2c y355b w5d4 h221\"><div class=\"t m0 x116 h30 y7b1 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa20 y355b w5dd h221\"><div class=\"t m0 x116 h30 y7b1 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa2d y355b w56b h221\"><div class=\"t m0 x116 h30 y7b1 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa21 y355b w56b h221\"><div class=\"t m0 x116 h30 y7b1 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa2e y355b w56b h221\"><div class=\"t m0 x116 h30 y7b1 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa1d y355b w5d4 h221\"><div class=\"t m0 x116 h30 y7b1 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa2f y355b w5d4 h221\"><div class=\"t m0 x116 h30 y7b1 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa22 y355b w5dd h221\"><div class=\"t m0 x116 h30 y7b1 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa30 y355b w56b h221\"><div class=\"t m0 x116 h30 y7b1 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa23 y355b w56b h221\"><div class=\"t m0 x116 h30 y7b1 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa31 y355b w56b h221\"><div class=\"t m0 x116 h30 y7b1 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td></tr></table></div><div class=\"c w317 h329 gs122b\"><div class=\"t m4 x33 h1f yd43 ff4 fs7 fc4 sc3 ls0 ws0\">Valore di bilancio </div></div><div class=\"c w5dc h329 gs122c\"><div class=\"t m4 x39 h1f y655 ff4 fs7 fc4 sc3 ls0 ws0\">Rettifiche/riprese di valore </div></div><div class=\"c w5d4 h329 gs122d\"><div class=\"t m4 x2a h1f yd43 ff4 fs7 fc4 sc3 ls0 ws0\">Valore di bilancio </div></div><div class=\"c w56b h329 gs122e\"><div class=\"t m4 x2a h1f y655 ff4 fs7 fc4 sc3 ls0 ws0\">Rettifiche/riprese di valore </div></div><div class=\"c w56b h329 gs122f\"><div class=\"t m4 x2a h1f yd43 ff4 fs7 fc4 sc3 ls0 ws0\">Valore di bilancio </div></div><div class=\"c w56b h329 gs1230\"><div class=\"t m4 x2a h1f y655 ff4 fs7 fc4 sc3 ls0 ws0\">Rettifiche/riprese di valore </div></div><div class=\"c w5d4 h329 gs1231\"><div class=\"t m4 x2a h1f yd43 ff4 fs7 fc4 sc3 ls0 ws0\">Valore di bilancio </div></div><div class=\"c w5d4 h329 gs1232\"><div class=\"t m4 x2a h1f y655 ff4 fs7 fc4 sc3 ls0 ws0\">Rettifiche/riprese di valore </div></div><div class=\"c w5dd h329 gs1233\"><div class=\"t m4 x2a h1f yd43 ff4 fs7 fc4 sc3 ls0 ws0\">Valore di bilancio </div></div><div class=\"c w56b h329 gs1234\"><div class=\"t m4 x2a h1f y655 ff4 fs7 fc4 sc3 ls0 ws0\">Rettifiche/riprese di valore </div></div><div class=\"c w56b h329 gs1235\"><div class=\"t m4 x2a h1f yd43 ff4 fs7 fc4 sc3 ls0 ws0\">Valore di bilancio </div></div><div class=\"c w56b h329 gs1236\"><div class=\"t m4 x2a h1f y655 ff4 fs7 fc4 sc3 ls0 ws0\">Rettifiche/riprese di valore </div></div><div class=\"c w5d4 h329 gs1237\"><div class=\"t m4 x2a h1f yd43 ff4 fs7 fc4 sc3 ls0 ws0\">Valore di bilancio </div></div><div class=\"c w5d4 h329 gs1238\"><div class=\"t m4 x2a h1f y655 ff4 fs7 fc4 sc3 ls0 ws0\">Rettifiche/riprese di valore </div></div><div class=\"c w5dd h329 gs1239\"><div class=\"t m4 x2a h1f yd43 ff4 fs7 fc4 sc3 ls0 ws0\">Valore di bilancio </div></div><div class=\"c w56b h329 gs123a\"><div class=\"t m4 x2a h1f y655 ff4 fs7 fc4 sc3 ls0 ws0\">Rettifiche/riprese di valore </div></div><div class=\"c w56b h329 gs123b\"><div class=\"t m4 x2a h1f yd43 ff4 fs7 fc4 sc3 ls0 ws0\">Valore di bilancio </div></div><div class=\"c w56b h329 gs123c\"><div class=\"t m4 x2a h1f y655 ff4 fs7 fc4 sc3 ls0 ws0\">Rettifiche/riprese di valore </div></div>C.3 Co<span class=\"_ _1\"></span>nsolid<span class=\"_ _f\"></span>ato prude<span class=\"_ _f\"></span>nziale <span class=\"ff5\">\u2013</span> In<span class=\"_ _1\"></span>teress<span class=\"_ _1\"></span>enze<span class=\"_ _f\"></span> in societ\u00e0<span class=\"_ _1\"></span> veicolo<span class=\"_ _f\"></span> <span class=\"_ _2\"></span>per <span class=\"_ _1\"></span>la ca<span class=\"_ _1\"></span>rtola<span class=\"_ _1\"></span>rizzazio<span class=\"_ _f\"></span>ne<span class=\"_ _df\"> </span>Come g<span class=\"_ _1\"></span>i\u00e0 esp<span class=\"_ _1\"></span>osto nelle <span class=\"_ _f\"></span>informazioni di <span class=\"_ _f\"></span>nat<span class=\"_ _2\"></span>ura <span class=\"_ _1\"></span>qualitativa, ne<span class=\"_ _f\"></span>l Gruppo \u00e8 <span class=\"_ _f\"></span>presente un\u2019unica societ\u00e0 <span class=\"_ _17\"> </span>veicolo <span class=\"_ _17\"> </span>per <span class=\"_ _14\"> </span>la <span class=\"_ _17\"> </span>cartolarizzazione, <span class=\"_ _17\"> </span>Emilia <span class=\"_ _14\"> </span>Spv, <span class=\"_ _17\"> </span>partecipata <span class=\"_ _14\"> </span>al <span class=\"_ _17\"> </span>10% <span class=\"_ _17\"> </span>da <span class=\"_ _14\"> </span>Credito Emiliano; la societ\u00e0 non \u00e8 stata consolidata. D. O<span class=\"_ _f\"></span>pera<span class=\"_ _1\"></span>zioni<span class=\"_ _f\"></span> di ces<span class=\"_ _1\"></span>sio<span class=\"_ _1\"></span>ne<span class=\"_ _df\"> </span>A.<span class=\"_ _48\"> </span><span class=\"ls0\">Attivit\u00e0 fin<span class=\"_ _1\"></span>anzia<span class=\"_ _1\"></span>rie ced<span class=\"_ _1\"></span>ute e<span class=\"_ _1\"></span> non <span class=\"_ _1\"></span>cancella<span class=\"_ _1\"></span>te inte<span class=\"_ _1\"></span>gralm<span class=\"_ _1\"></span>ente<span class=\"_ _df\"> </span></span>Inform<span class=\"_ _1\"></span>azio<span class=\"_ _f\"></span>ni di natura<span class=\"_ _f\"></span> qualitativa Opera<span class=\"_ _f\"></span>zioni di cess<span class=\"_ _1\"></span>ione <span class=\"_ _f\"></span> Come <span class=\"_ _2\"></span>gi\u00e0 <span class=\"_ _2\"></span>ant<span class=\"_ _2\"></span>icipato <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>riferimento <span class=\"_ _d\"></span>alla <span class=\"_ _2\"></span>Cartolarizzazione<span class=\"_ _1\"></span> <span class=\"_ _2\"></span>Emilia <span class=\"_ _d\"></span>SPV <span class=\"_ _2\"></span>S.r.l., <span class=\"_ _2\"></span>nel <span class=\"_ _2\"></span>corso<span class=\"_ _2\"></span> <span class=\"_ _d\"></span><span class=\"ff5\">dell\u2019esercizio </span>2015 <span class=\"_ _17\"> </span>Credem <span class=\"_ _4\"> </span>ha <span class=\"_ _14\"> </span>perfezionato <span class=\"_ _17\"> </span>un\u2019operazione <span class=\"_ _4\"> </span>di <span class=\"_ _17\"> </span>carto<span class=\"_ _2\"></span>larizzazione<span class=\"_ _1\"></span> revolving, <span class=\"_ _17\"> </span>relativa <span class=\"_ _17\"> </span>a <span class=\"_ _17\"> </span>mutui ipotecari  residenziali<span class=\"_ _1\"></span> in  bonis non  eleggibili <span class=\"_ _16\"> </span>ai  fini  dell\u2019utilizzo  nel  p<span class=\"_ _1\"></span>rogramma  di  emissioni  di \u201cObbligazioni <span class=\"_ _22\"> </span>Bancari<span class=\"_ _2\"></span>e <span class=\"_ _22\"> </span>Gar<span class=\"_ _2\"></span>antite\u201d <span class=\"_ _22\"> </span>dalla <span class=\"_ _4\"> </span>societ\u00e0 <span class=\"_ _4\"> </span>ve<span class=\"ff4\">icolo <span class=\"_ _4\"> </span>Credem <span class=\"_ _4\"> </span>CB <span class=\"_ _4\"> </span>S.r.l.</span>, <span class=\"_ _4\"> </span>erogati <span class=\"_ _4\"> </span>alla <span class=\"_ _4\"> </span>prop<span class=\"_ _1\"></span>ria clientela e <span class=\"_ _1\"></span>selezionati sulla b<span class=\"_ _1\"></span>ase di criteri p<span class=\"_ _1\"></span>redefiniti in <span class=\"_ _1\"></span>modo tale da costituire un <span class=\"_ _f\"></span>\u201c<span class=\"_ _2\"></span>blocco\u201d ai <span class=\"_ _f\"></span>s<span class=\"_ _2\"></span>ensi e per gli effetti della legge<span class=\"_ _1\"></span> applicabile in materia di cartolarizzazione dei crediti. <span class=\"_ _2\"></span> A <span class=\"_ _2\"></span>seguito <span class=\"_ _2\"></span>della <span class=\"_ _2\"></span>pr<span class=\"_ _2\"></span>ima <span class=\"_ _2\"></span>cessione <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>at<span class=\"_ _2\"></span>tivi, <span class=\"_ _2\"></span>perfezionata <span class=\"_ _2\"></span>nel <span class=\"_ _2\"></span>quarto <span class=\"_ _d\"></span>trimestre <span class=\"_ _2\"></span>2014<span class=\"_ _df\"> </span>ad <span class=\"_ _2\"></span>un <span class=\"_ _2\"></span>prezzo <span class=\"_ _d\"></span>pari ad Euro <span class=\"_ _2\"></span>1.002.811.119,07, sono s<span class=\"_ _2\"></span>tate perfezionate, dal <span class=\"_ _2\"></span>2015 alla fi<span class=\"_ _2\"></span>ne del 2025, <span class=\"_ _2\"></span>nei periodi <span class=\"_ _2\"></span>di seguito indicati, <span class=\"_ _9\"> </span>quattordici <span class=\"_ _16\"> </span>cessioni <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>altrettanti <span class=\"_ _16\"> </span>portafogli <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>crediti <span class=\"_ _16\"> </span>idonei <span class=\"_ _16\"> </span>alla <span class=\"_ _9\"> </span>societ\u00e0  v<span class=\"_ _1\"></span>eicolo <span class=\"_ _9\"> </span>ad <span class=\"_ _16\"> </span>un prezzo pari a: -<span class=\"_ _38\"> </span>Quarto trimestre 2015: Euro 285.392.481,54<span class=\"_ _df\"> </span>-<span class=\"_ _38\"> </span>Quarto trimestre 2016: Euro 293.707.640,58<span class=\"_ _df\"> </span>-<span class=\"_ _38\"> </span>Quarto trimestre 2017: Euro 245.710.926,70<span class=\"_ _df\"> </span>-<span class=\"_ _38\"> </span>Quarto trimestre 2018: Euro 52.416.789,64<span class=\"_ _df\"> </span>-<span class=\"_ _38\"> </span>Secondo trimestre 2021: Euro 1.304.130.865,63<span class=\"_ _df\"> </span>-<span class=\"_ _38\"> </span>Quarto trimestre 2021: Euro 353.874.864,16<span class=\"_ _df\"> </span>-<span class=\"_ _38\"> </span>Secondo trimestre 2022: Euro 274.726.751,12<span class=\"_ _df\"> </span>-<span class=\"_ _38\"> </span>Quarto trimestre 2022: Euro 190.056.443,89 -<span class=\"_ _38\"> </span>Secondo trimestre 2023: Euro 163.629.812,82<span class=\"_ _df\"> </span>-<span class=\"_ _38\"> </span>Quarto trimestre 2023: Euro 271.235.442,14<span class=\"_ _df\"> </span>-<span class=\"_ _38\"> </span>Secondo trimestre 2024: Euro 140.344.103,48 -<span class=\"_ _38\"> </span>Quarto trimestre 2024: Euro 144.587.852,93<span class=\"_ _df\"> </span>-<span class=\"_ _38\"> </span>Secondo trimestre 2025: Euro 164.223.038,62<span class=\"_ _df\"> </span>-<span class=\"_ _38\"> </span>Quarto trimestre 2025: Euro 163.350.175,59<span class=\"_ _df\"> </span>I <span class=\"_ _2\"></span>crediti <span class=\"_ _2\"></span>sono <span class=\"_ _2\"></span>stati acquistati <span class=\"_ _2\"></span>\u201cpro <span class=\"_ _2\"></span>soluto\u201d, <span class=\"_ _2\"></span>ossia senza <span class=\"_ _2\"></span>garanzia <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>solvenza <span class=\"_ _2\"></span>dei debitori <span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>dei <span class=\"_ _2\"></span>loro eventuali <span class=\"_ _4\"> </span>garanti, <span class=\"_ _22\"> </span>dalla <span class=\"_ _4\"> </span>societ\u00e0 <span class=\"_ _4\"> </span>EMILIA <span class=\"_ _22\"> </span>S<span class=\"_ _2\"></span>PV <span class=\"_ _22\"> </span>S.r.l<span class=\"_ _2\"></span>., <span class=\"_ _22\"> </span>s<span class=\"_ _2\"></span>ociet\u00e0 <span class=\"_ _22\"> </span>veicolo <span class=\"_ _4\"> </span>appositamente <span class=\"_ _4\"> </span>costituita <span class=\"_ _4\"> </span>e partecipata <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>10% <span class=\"_ _2\"></span>da <span class=\"_ _2\"></span>Crede<span class=\"_ _1\"></span>m, <span class=\"_ _2\"></span>con <span class=\"_ _2\"></span>oggetto <span class=\"_ _2\"></span>esclusivo <span class=\"_ _2\"></span>consistente nella <span class=\"_ _2\"></span>realizzazione <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>una <span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>pi\u00f9 operazioni di cartolarizzazione ai sensi del<span class=\"_ _1\"></span>la Legge n. 130 del 30 aprile <span class=\"_ _2\"></span>1999. La <span class=\"_ _d\"></span>societ\u00e0 <span class=\"_ _2\"></span>veicolo <span class=\"_ _d\"></span>ha <span class=\"_ _d\"></span>finanziato <span class=\"_ _2\"></span>l\u2019operazione <span class=\"_ _d\"></span>attraverso <span class=\"_ _d\"></span>l\u2019emissione, <span class=\"_ _2\"></span>nel <span class=\"_ _d\"></span>corso <span class=\"_ _d\"></span>del <span class=\"_ _2\"></span>mese <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>aprile del 2015, di titoli obbligazi<span class=\"_ _1\"></span>onari \u201cRMBS\u201d di diversa classe (senior e junior).  Inform<span class=\"_ _1\"></span>azio<span class=\"_ _f\"></span>ni di natura<span class=\"_ _f\"></span> quantita<span class=\"_ _f\"></span>tiva D.1 <span class=\"_ _1\"></span>Conso<span class=\"_ _1\"></span>lidat<span class=\"_ _1\"></span>o pr<span class=\"_ _1\"></span>udenzia<span class=\"_ _f\"></span>le <span class=\"ff5\">\u2013</span> Att<span class=\"_ _f\"></span>ivit\u00e0 finan<span class=\"_ _f\"></span>ziarie ce<span class=\"_ _1\"></span>dute <span class=\"_ _1\"></span>rileva<span class=\"_ _f\"></span>te per int<span class=\"_ _f\"></span>ero e pas<span class=\"_ _f\"></span>sivit\u00e0 fi<span class=\"_ _1\"></span>nanzia<span class=\"_ _f\"></span>rie asso<span class=\"_ _f\"></span>ciate:  va<span class=\"_ _f\"></span>lori di bilanc<span class=\"_ _1\"></span>io <table class=\"s w106f h58a\" id=\"_874a0056-b6aa-4b35-ac02-7a7d16b53906\"><tr><td></td><td></td><td></td><td></td><td class=\"c x656 y355c w5de h57\"><div class=\"t m0 x31 h1f y2e7 ff4 fs7 fc4 sc3 ls0 ws0\">Atti<span class=\"_ _1\"></span>vit\u00e0 f<span class=\"_ _f\"></span>inanziar<span class=\"_ _f\"></span>ie cedute<span class=\"_ _f\"></span> rileva<span class=\"_ _f\"></span>te per<span class=\"_ _1\"></span> inter<span class=\"_ _1\"></span>o<span class=\"fc1 sc0\"> </span></div></td><td></td><td></td><td></td><td class=\"c xa35 y355c w5df h57\"><div class=\"t m0 x38 h1f y2e7 ff4 fs7 fc4 sc3 ls0 ws0\">Pass<span class=\"_ _f\"></span>ivit\u00e0 fin<span class=\"_ _f\"></span>anziarie<span class=\"_ _1\"></span> ass<span class=\"_ _1\"></span>ociat<span class=\"_ _f\"></span>e<span class=\"fc1 sc0\"> </span></div></td></tr><tr><td></td><td></td><td></td><td></td><td class=\"c x47c y355d w99d h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">di cui<span class=\"_ _f\"></span>:<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td class=\"c xa36 y355d w99d h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">di cui<span class=\"_ _f\"></span>:<span class=\"_ _df\"> </span></div></td></tr><tr><td></td><td></td><td></td><td></td><td class=\"c x476 y2d9c wdb2 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">ogg<span class=\"_ _f\"></span>etto di<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td class=\"c xa37 y2d9c wdb2 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">ogg<span class=\"_ _f\"></span>etto di<span class=\"_ _df\"> </span></div></td></tr><tr><td></td><td></td><td class=\"c x646 y355e wa5b h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">Val<span class=\"_ _1\"></span>ore di</div></td><td class=\"c xa38 y355f w1070 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">di cui<span class=\"_ _f\"></span>: oggett<span class=\"_ _f\"></span>o di<span class=\"_ _df\"> </span></div></td><td class=\"c x78d y355f w1071 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">cont<span class=\"_ _1\"></span>ratt<span class=\"_ _1\"></span>i<span class=\"_ _df\"> </span></div></td><td class=\"c xa39 y355e w1072 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">di cui<span class=\"_ _df\"> </span></div></td><td class=\"c xa3a y355e wa5b h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">Val<span class=\"_ _1\"></span>ore di</div></td><td class=\"c xa3b y355f w1073 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">di cui<span class=\"_ _f\"></span>: oggett<span class=\"_ _f\"></span>o di<span class=\"_ _df\"> </span></div></td><td class=\"c xa3c y355f w1074 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">cont<span class=\"_ _1\"></span>ratt<span class=\"_ _1\"></span>i<span class=\"_ _df\"> </span></div></td></tr><tr><td></td><td></td><td class=\"c xa3d y3560 wa60 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">bilan<span class=\"_ _f\"></span>cio</div></td><td class=\"c xa3e y3561 w1075 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">opera<span class=\"_ _f\"></span>zioni di<span class=\"_ _df\"> </span></div></td><td class=\"c x476 y3561 w1076 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">di ven<span class=\"_ _f\"></span>dita<span class=\"_ _df\"> </span></div></td><td class=\"c xa3f y3560 wab1 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">deter<span class=\"_ _1\"></span>iora<span class=\"_ _f\"></span>te<span class=\"_ _df\"> </span></div></td><td class=\"c xa40 y3560 wa60 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">bilan<span class=\"_ _f\"></span>cio</div></td><td class=\"c xa41 y3561 w1075 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">opera<span class=\"_ _f\"></span>zioni di<span class=\"_ _df\"> </span></div></td><td class=\"c xa37 y3561 w1077 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">di ven<span class=\"_ _f\"></span>dita<span class=\"_ _df\"> </span></div></td></tr><tr><td></td><td></td><td></td><td class=\"c xa42 y3562 w1078 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">cart<span class=\"_ _f\"></span>olarizzaz<span class=\"_ _1\"></span>ione<span class=\"_ _df\"> </span></div></td><td class=\"c x799 y3562 w1079 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">con <span class=\"_ _f\"></span>patto<span class=\"_ _df\"> </span></div></td><td></td><td></td><td class=\"c xa43 y3562 w107a h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">cart<span class=\"_ _f\"></span>olarizzaz<span class=\"_ _1\"></span>ione<span class=\"_ _df\"> </span></div></td><td class=\"c x2fa y3562 w107b h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">con <span class=\"_ _f\"></span>patto<span class=\"_ _df\"> </span></div></td></tr><tr><td></td><td></td><td></td><td></td><td class=\"c xa44 y3563 w107c h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">di<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td class=\"c xa45 y3563 w107c h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">di<span class=\"_ _df\"> </span></div></td></tr><tr><td class=\"c x262 y2e5a w107d h4b7\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc2 ls0 ws0\">A. Att<span class=\"_ _f\"></span>ivit\u00e0 fin<span class=\"_ _f\"></span>anziarie<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td class=\"c x476 y3564 w107e h4d6\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc4 sc3 ls0 ws0\">riacq<span class=\"_ _f\"></span>uisto<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td class=\"c xa37 y3564 w107e h4d6\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc4 sc3 ls0 ws0\">riacq<span class=\"_ _f\"></span>uisto<span class=\"_ _df\"> </span></div></td></tr><tr><td class=\"c x262 y3565 w107f h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc2 ls0 ws0\">deten<span class=\"_ _f\"></span>ute per<span class=\"_ _f\"></span> la<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x656 y3566 wa2 h89\"><div class=\"t m0 x8f h1f y41f ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c xa46 y3566 w3dd h89\"><div class=\"t m0 xec h1f y41f ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x483 y3566 w1b5 h89\"><div class=\"t m0 x11 h1f y41f ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x6a7 y3566 w375 h89\"><div class=\"t m0 x32 h1f y41f ff4 fs7 fc1 sc2 ls0 ws0\">X<span class=\"sc0\"> </span></div></td><td class=\"c xa35 y3566 w384 h89\"><div class=\"t m0 x36 h1f y41f ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c xa0e y3566 wa9 h89\"><div class=\"t m0 xec h1f y41f ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x5b7 y3566 w1b5 h89\"><div class=\"t m0 x11 h1f y41f ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x262 y3567 w981 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc2 ls0 ws0\">neg<span class=\"_ _1\"></span>ozia<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x46b y3568 w474 hc8\"><div class=\"t m0 x130 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">1. Titoli di debito<span class=\"_ _1\"></span> </div></td><td></td><td class=\"c x656 y3568 wa2 hc8\"><div class=\"t m0 x8f h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa46 y3568 w3dd hc8\"><div class=\"t m0 xec h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x483 y3568 w1b5 hc8\"><div class=\"t m0 x11 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x6a7 y3568 w375 hc8\"><div class=\"t m0 x32 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c xa35 y3568 w384 hc8\"><div class=\"t m0 x36 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa0e y3568 wa9 hc8\"><div class=\"t m0 xec h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5b7 y3568 w1b5 hc8\"><div class=\"t m0 x11 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x3b5 y3569 w1080 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">2. Titoli di<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x656 y356a wa2 had\"><div class=\"t m0 x8f h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa46 y356a w3dd had\"><div class=\"t m0 xec h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x483 y356a w1b5 had\"><div class=\"t m0 x11 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x6a7 y356a w375 had\"><div class=\"t m0 x32 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c xa35 y356a w384 had\"><div class=\"t m0 x36 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa0e y356a wa9 had\"><div class=\"t m0 xec h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5b7 y356a w1b5 had\"><div class=\"t m0 x11 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x3b5 y2c31 w1081 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">capitale<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x46b y356b w474 hc8\"><div class=\"t m0 x130 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">3. Finanziamenti<span class=\"_ _1\"></span> </div></td><td></td><td class=\"c x656 y356b wa2 hc8\"><div class=\"t m0 x8f h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa46 y356b w3dd hc8\"><div class=\"t m0 xec h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x483 y356b w1b5 hc8\"><div class=\"t m0 x11 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x6a7 y356b w375 hc8\"><div class=\"t m0 x32 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c xa35 y356b w384 hc8\"><div class=\"t m0 x36 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa0e y356b wa9 hc8\"><div class=\"t m0 xec h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5b7 y356b w1b5 hc8\"><div class=\"t m0 x11 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y356c w474 hc8\"><div class=\"t m0 x130 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">4. Derivati </div></td><td></td><td class=\"c x656 y356c wa2 hc8\"><div class=\"t m0 x8f h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa46 y356c w3dd hc8\"><div class=\"t m0 xec h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x483 y356c w1b5 hc8\"><div class=\"t m0 x11 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x6a7 y356c w375 hc8\"><div class=\"t m0 x32 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c xa35 y356c w384 hc8\"><div class=\"t m0 x36 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa0e y356c wa9 hc8\"><div class=\"t m0 xec h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5b7 y356c w1b5 hc8\"><div class=\"t m0 x11 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x262 y356d w1082 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc2 ls0 ws0\">B. Alt<span class=\"_ _f\"></span>re atti<span class=\"_ _1\"></span>vit\u00e0<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x262 y356e w971 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc2 ls0 ws0\">finan<span class=\"_ _f\"></span>ziarie<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x656 y356f wa2 h2e8\"><div class=\"t m0 x8f h1f y2c4 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c xa46 y356f w3dd h2e8\"><div class=\"t m0 xec h1f y2c4 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x483 y356f w1b5 h2e8\"><div class=\"t m0 x11 h1f y2c4 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x6a7 y356f w375 h2e8\"><div class=\"t m0 x12 h1f y2c4 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c xa35 y356f w384 h2e8\"><div class=\"t m0 x36 h1f y2c4 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c xa0e y356f wa9 h2e8\"><div class=\"t m0 xec h1f y2c4 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x5b7 y356f w1b5 h2e8\"><div class=\"t m0 x11 h1f y2c4 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x262 y3570 w1083 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc2 ls0 ws0\">obbl<span class=\"_ _1\"></span>igato<span class=\"_ _f\"></span>riamen<span class=\"_ _f\"></span>te<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x262 y3571 w1084 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc2 ls0 ws0\">val<span class=\"_ _1\"></span>utate a<span class=\"_ _f\"></span>l fair va<span class=\"_ _f\"></span>lue<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x46b y3572 w474 hc8\"><div class=\"t m0 x130 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">1. Titoli di debito<span class=\"_ _1\"></span> </div></td><td></td><td class=\"c x656 y3572 wa2 hc8\"><div class=\"t m0 x8f h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa46 y3572 w3dd hc8\"><div class=\"t m0 xec h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x483 y3572 w1b5 hc8\"><div class=\"t m0 x11 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x6a7 y3572 w375 hc8\"><div class=\"t m0 x12 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa35 y3572 w384 hc8\"><div class=\"t m0 x36 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa0e y3572 wa9 hc8\"><div class=\"t m0 xec h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5b7 y3572 w1b5 hc8\"><div class=\"t m0 x11 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x3b5 y3573 w1080 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">2. Titoli di<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x656 y3574 wa2 had\"><div class=\"t m0 x8f h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa46 y3574 w3dd had\"><div class=\"t m0 xec h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x483 y3574 w1b5 had\"><div class=\"t m0 x11 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x6a7 y3574 w375 had\"><div class=\"t m0 x32 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c xa35 y3574 w384 had\"><div class=\"t m0 x36 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa0e y3574 wa9 had\"><div class=\"t m0 xec h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5b7 y3574 w1b5 had\"><div class=\"t m0 x11 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x3b5 y3575 w1081 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">capitale<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x46b y3576 w474 hc8\"><div class=\"t m0 x130 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">3. Finanziamenti<span class=\"_ _1\"></span> </div></td><td></td><td class=\"c x656 y3576 wa2 hc8\"><div class=\"t m0 x8f h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa46 y3576 w3dd hc8\"><div class=\"t m0 xec h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x483 y3576 w1b5 hc8\"><div class=\"t m0 x11 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x6a7 y3576 w375 hc8\"><div class=\"t m0 x12 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa35 y3576 w384 hc8\"><div class=\"t m0 x36 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa0e y3576 wa9 hc8\"><div class=\"t m0 xec h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5b7 y3576 w1b5 hc8\"><div class=\"t m0 x11 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x262 y3577 w1085 h4b7\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc2 ls0 ws0\">C. Att<span class=\"_ _f\"></span>ivit\u00e0 fin<span class=\"_ _f\"></span>anziari<span class=\"_ _1\"></span>e<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x262 y3578 waef h540\"><div class=\"t m0 x250 h1f y313a ff4 fs7 fc1 sc2 ls0 ws0\">desig<span class=\"_ _f\"></span>nate a<span class=\"_ _1\"></span>l fai<span class=\"_ _1\"></span>r<span class=\"_ _df\"> </span></div><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc2 ls0 ws0\">val<span class=\"_ _1\"></span>ue<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x656 y3579 wa2 h89\"><div class=\"t m0 x8f h1f y41f ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c xa46 y3579 w3dd h89\"><div class=\"t m0 xec h1f y41f ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x483 y3579 w1b5 h89\"><div class=\"t m0 x11 h1f y41f ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x6a7 y3579 w375 h89\"><div class=\"t m0 x12 h1f y41f ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c xa35 y3579 w384 h89\"><div class=\"t m0 x36 h1f y41f ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c xa0e y3579 wa9 h89\"><div class=\"t m0 xec h1f y41f ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x5b7 y3579 w1b5 h89\"><div class=\"t m0 x11 h1f y41f ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x46b y357a w474 hc8\"><div class=\"t m0 x130 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">1. Titoli di debito<span class=\"_ _1\"></span> </div></td><td></td><td class=\"c x656 y357a wa2 hc8\"><div class=\"t m0 x8f h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa46 y357a w3dd hc8\"><div class=\"t m0 xec h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x483 y357a w1b5 hc8\"><div class=\"t m0 x11 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x6a7 y357a w375 hc8\"><div class=\"t m0 x12 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa35 y357a w384 hc8\"><div class=\"t m0 x36 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa0e y357a wa9 hc8\"><div class=\"t m0 xec h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5b7 y357a w1b5 hc8\"><div class=\"t m0 x11 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y357b w474 hc8\"><div class=\"t m0 x130 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">2. Finanziamenti </div></td><td></td><td class=\"c x656 y357b wa2 hc8\"><div class=\"t m0 x8f h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa46 y357b w3dd hc8\"><div class=\"t m0 xec h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x483 y357b w1b5 hc8\"><div class=\"t m0 x11 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x6a7 y357b w375 hc8\"><div class=\"t m0 x12 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa35 y357b w384 hc8\"><div class=\"t m0 x36 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa0e y357b wa9 hc8\"><div class=\"t m0 xec h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5b7 y357b w1b5 hc8\"><div class=\"t m0 x11 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x262 y357c w1086 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc2 ls0 ws0\">D. Att<span class=\"_ _f\"></span>ivit\u00e0 fin<span class=\"_ _f\"></span>anziari<span class=\"_ _1\"></span>e<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x262 y357d w1084 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc2 ls0 ws0\">val<span class=\"_ _1\"></span>utate a<span class=\"_ _f\"></span>l fair va<span class=\"_ _f\"></span>lue<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x262 y357e w1087 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc2 ls0 ws0\">con i<span class=\"_ _1\"></span>mpat<span class=\"_ _f\"></span>to sull<span class=\"_ _1\"></span>a<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x656 y357f wa2 h28d\"><div class=\"t m0 xac h1f y474 ff4 fs7 fc1 sc2 ls0 ws0\">1.498.7<span class=\"_ _f\"></span>84<span class=\"sc0\"> </span></div></td><td class=\"c xa46 y357f w3dd h28d\"><div class=\"t m0 xec h1f y474 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x483 y357f w1b5 h28d\"><div class=\"t m0 x8e h1f y474 ff4 fs7 fc1 sc2 ls0 ws0\">1.498.7<span class=\"_ _f\"></span>84<span class=\"sc0\"> </span></div></td><td class=\"c x6a7 y357f w375 h28d\"><div class=\"t m0 x12 h1f y474 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c xa35 y357f w384 h28d\"><div class=\"t m0 xab h1f y474 ff4 fs7 fc1 sc2 ls0 ws0\">1.497<span class=\"_ _1\"></span>.49<span class=\"_ _1\"></span>8<span class=\"sc0\"> </span></div></td><td class=\"c xa0e y357f wa9 h28d\"><div class=\"t m0 xec h1f y474 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x5b7 y357f w1b5 h28d\"><div class=\"t m0 x8e h1f y474 ff4 fs7 fc1 sc2 ls0 ws0\">1.497<span class=\"_ _1\"></span>.49<span class=\"_ _1\"></span>8<span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x262 y3580 w1088 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc2 ls0 ws0\">reddit<span class=\"_ _f\"></span>ivit\u00e0<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x262 y3581 w980 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc2 ls0 ws0\">com<span class=\"_ _f\"></span>plessiv<span class=\"_ _1\"></span>a<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x46b y3582 w474 h227\"><div class=\"t m0 x130 h1f y14d6 ff4 fs7 fc1 sc0 ls0 ws0\">1. Titoli di debito<span class=\"_ _1\"></span> </div></td><td></td><td class=\"c x656 y3582 wa2 h227\"><div class=\"t m0 xab h1f y14d6 ff4 fs7 fc1 sc0 ls0 ws0\">1.498.784 </div></td><td class=\"c xa46 y3582 w3dd h227\"><div class=\"t m0 xec h1f y14d6 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x483 y3582 w1b5 h227\"><div class=\"t m0 x8e h1f y14d6 ff4 fs7 fc1 sc0 ls0 ws0\">1.498.784 </div></td><td class=\"c x6a7 y3582 w375 h227\"><div class=\"t m0 x12 h1f y14d6 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa35 y3582 w384 h227\"><div class=\"t m0 xab h1f y14d6 ff4 fs7 fc1 sc0 ls0 ws0\">1.497.498 </div></td><td class=\"c xa0e y3582 wa9 h227\"><div class=\"t m0 xec h1f y14d6 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5b7 y3582 w1b5 h227\"><div class=\"t m0 x8e h1f y14d6 ff4 fs7 fc1 sc0 ls0 ws0\">1.497.498 </div></td></tr><tr><td class=\"c x3b5 y2599 w1080 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">2. Titoli di<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x656 y3583 wa2 had\"><div class=\"t m0 x8f h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa46 y3583 w3dd had\"><div class=\"t m0 xec h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x483 y3583 w1b5 had\"><div class=\"t m0 x11 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x6a7 y3583 w375 had\"><div class=\"t m0 x32 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c xa35 y3583 w384 had\"><div class=\"t m0 x36 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa0e y3583 wa9 had\"><div class=\"t m0 xec h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5b7 y3583 w1b5 had\"><div class=\"t m0 x11 h1f y420 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x3b5 y3584 w1081 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">capitale<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x46b y3585 w474 hc8\"><div class=\"t m0 x130 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">3. Finanziamenti<span class=\"_ _1\"></span> </div></td><td></td><td class=\"c x656 y3585 wa2 hc8\"><div class=\"t m0 x8f h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa46 y3585 w3dd hc8\"><div class=\"t m0 xec h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x483 y3585 w1b5 hc8\"><div class=\"t m0 x11 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x6a7 y3585 w375 hc8\"><div class=\"t m0 x12 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa35 y3585 w384 hc8\"><div class=\"t m0 x36 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa0e y3585 wa9 hc8\"><div class=\"t m0 xec h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5b7 y3585 w1b5 hc8\"><div class=\"t m0 x11 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x262 y3586 w1089 h49b\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc2 ls0 ws0\">E. At<span class=\"_ _1\"></span>tivit<span class=\"_ _1\"></span>\u00e0 fin<span class=\"_ _f\"></span>anziari<span class=\"_ _1\"></span>e<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x262 y2ae2 w108a h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc2 ls0 ws0\">val<span class=\"_ _1\"></span>utate a<span class=\"_ _f\"></span>l costo<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x656 y3587 wa2 h89\"><div class=\"t m0 xac h1f y41f ff4 fs7 fc1 sc2 ls0 ws0\">2.214.<span class=\"_ _1\"></span>606<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td><td class=\"c xa46 y3587 w3dd h89\"><div class=\"t m0 xec h1f y41f ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x483 y3587 w1b5 h89\"><div class=\"t m0 x8e h1f y41f ff4 fs7 fc1 sc2 ls0 ws0\">2.214.<span class=\"_ _1\"></span>606<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x6a7 y3587 w375 h89\"><div class=\"t m0 x12 h1f y41f ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c xa35 y3587 w384 h89\"><div class=\"t m0 xac h1f y41f ff4 fs7 fc1 sc2 ls0 ws0\">2.221.<span class=\"_ _f\"></span>225<span class=\"sc0\"> </span></div></td><td class=\"c xa0e y3587 wa9 h89\"><div class=\"t m0 xec h1f y41f ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x5b7 y3587 w1b5 h89\"><div class=\"t m0 x2f h1f y41f ff4 fs7 fc1 sc2 ls0 ws0\">2.221.<span class=\"_ _f\"></span>225<span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x262 y2ae4 wded h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc2 ls0 ws0\">amm<span class=\"_ _f\"></span>ortizzat<span class=\"_ _f\"></span>o<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x46b y3588 w474 hc8\"><div class=\"t m0 x130 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">1. Titoli di debito<span class=\"_ _1\"></span> </div></td><td></td><td class=\"c x656 y3588 wa2 hc8\"><div class=\"t m0 xab h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">2.214.606 </div></td><td class=\"c xa46 y3588 w3dd hc8\"><div class=\"t m0 xec h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x483 y3588 w1b5 hc8\"><div class=\"t m0 x8e h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">2.214.606<span class=\"_ _df\"> </span></div></td><td class=\"c x6a7 y3588 w375 hc8\"><div class=\"t m0 x12 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa35 y3588 w384 hc8\"><div class=\"t m0 xac h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">2.221.225<span class=\"_ _df\"> </span></div></td><td class=\"c xa0e y3588 wa9 hc8\"><div class=\"t m0 xec h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5b7 y3588 w1b5 hc8\"><div class=\"t m0 x2f h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">2.221.225<span class=\"_ _df\"> </span></div></td></tr><tr><td class=\"c x46b y3589 w474 hc8\"><div class=\"t m0 x130 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">2. Finanziamenti </div></td><td></td><td class=\"c x656 y3589 wa2 hc8\"><div class=\"t m0 x8f h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa46 y3589 w3dd hc8\"><div class=\"t m0 xec h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x483 y3589 w1b5 hc8\"><div class=\"t m0 x11 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x6a7 y3589 w375 hc8\"><div class=\"t m0 x12 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa35 y3589 w384 hc8\"><div class=\"t m0 x36 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa0e y3589 wa9 hc8\"><div class=\"t m0 xec h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x5b7 y3589 w1b5 hc8\"><div class=\"t m0 x11 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y358a w32b hc8\"><div class=\"t m0 xab h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale<span class=\"sc0\"> </span></div></td><td class=\"c xa47 y358a w36e hc8\"><div class=\"t m0 xac h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">31/12/<span class=\"_ _f\"></span>2025<span class=\"sc0\"> </span></div></td><td class=\"c x656 y358a wa2 hc8\"><div class=\"t m0 xac h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">3.713<span class=\"_ _f\"></span>.390<span class=\"sc0\"> </span></div></td><td class=\"c xa46 y358a w3dd hc8\"><div class=\"t m0 xec h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x483 y358a w1b5 hc8\"><div class=\"t m0 x2f h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">3.713<span class=\"_ _f\"></span>.390<span class=\"sc0\"> </span></div></td><td class=\"c x6a7 y358a w375 hc8\"><div class=\"t m0 x12 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c xa35 y358a w384 hc8\"><div class=\"t m0 xac h1f ye4c ff4 fs7 fc1 sc2 lsbc ws0\">3.<span class=\"ls0\">718.72<span class=\"_ _f\"></span>3</span><span class=\"ls0\"><span class=\"sc0\"> </span></span></div></td><td class=\"c xa0e y358a wa9 hc8\"><div class=\"t m0 xec h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x5b7 y358a w1b5 hc8\"><div class=\"t m0 x2f h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">3.718<span class=\"_ _1\"></span>.723<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x46b y358b w32b hc8\"><div class=\"t m0 xab h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale<span class=\"sc0\"> </span></div></td><td class=\"c xa47 y358b w36e hc8\"><div class=\"t m0 xac h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">31/12/<span class=\"_ _f\"></span>2024<span class=\"sc0\"> </span></div></td><td class=\"c x656 y358b wa2 hc8\"><div class=\"t m0 xab h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">6.84<span class=\"_ _f\"></span>2.872<span class=\"sc0\"> </span></div></td><td class=\"c xa46 y358b w3dd hc8\"><div class=\"t m0 xec h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x483 y358b w1b5 hc8\"><div class=\"t m0 xac h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">6.84<span class=\"_ _f\"></span>2.872<span class=\"sc0\"> </span></div></td><td class=\"c x6a7 y358b w375 hc8\"><div class=\"t m0 x12 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c xa35 y358b w384 hc8\"><div class=\"t m0 xab h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">6.80<span class=\"_ _f\"></span>8.201<span class=\"sc0\"> </span></div></td><td class=\"c xa0e y358b wa9 hc8\"><div class=\"t m0 xec h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x5b7 y358b w1b5 hc8\"><div class=\"t m0 x8e h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">6.80<span class=\"_ _f\"></span>8.201<span class=\"sc0\"> </span></div></td></tr></table>Lege<span class=\"_ _f\"></span>nda: A= attivit\u00e0 finanziarie cedut<span class=\"_ _2\"></span>e rilevate per intero (valor<span class=\"_ _2\"></span>e di bilancio)<span class=\"_ _2\"></span> B= attivit\u00e0 finanziarie ce<span class=\"_ _2\"></span>dute rilevate parzialm<span class=\"_ _2\"></span>ente (valore di bilancio)<span class=\"_ _2\"></span> C= attivit\u00e0 finanzi<span class=\"_ _2\"></span>arie cedute rilevate parzialm<span class=\"_ _2\"></span>ente (intero valore)<span class=\"_ _2\"></span> L\u2019operativit\u00e0 <span class=\"_ _0\"></span>\u00e8 <span class=\"_ _9\"> </span>riferibile <span class=\"_ _9\"> </span>all\u2019utilizzo <span class=\"_ _9\"> </span>di <span class=\"_ _0\"></span>t<span class=\"_ _2\"></span>itoli <span class=\"_ _0\"></span>in <span class=\"_ _9\"> </span>portafoglio <span class=\"_ _9\"> </span>per <span class=\"_ _9\"> </span>operazioni <span class=\"_ _9\"> </span>pronti <span class=\"_ _9\"> </span>contro <span class=\"_ _9\"> </span>termine <span class=\"_ _0\"></span>a breve termine<span class=\"_ _df\"> </span>.<span class=\"fc5 sc4\"> </span>D.3 <span class=\"_ _1\"></span>Conso<span class=\"_ _1\"></span>lidat<span class=\"_ _1\"></span>o pr<span class=\"_ _1\"></span>uden<span class=\"_ _1\"></span>ziale <span class=\"_ _1\"></span><span class=\"ff5\">\u2013<span class=\"ff4\"> Op<span class=\"_ _f\"></span>erazioni <span class=\"_ _1\"></span>di ces<span class=\"_ _f\"></span>sione con <span class=\"_ _f\"></span>passivit<span class=\"_ _f\"></span>\u00e0 aventi <span class=\"_ _f\"></span>rivalsa es<span class=\"_ _1\"></span>clusiva<span class=\"_ _f\"></span>mente <span class=\"_ _1\"></span>sul<span class=\"_ _1\"></span>le a<span class=\"_ _1\"></span>ttivit\u00e0<span class=\"_ _1\"></span> cedut<span class=\"_ _f\"></span>e e </span></span>non ca<span class=\"_ _f\"></span>ncellat<span class=\"_ _1\"></span>e inte<span class=\"_ _1\"></span>gralm<span class=\"_ _f\"></span>ente: fai<span class=\"_ _f\"></span>r value<span class=\"fc1 sc0\"> </span><table class=\"s w108b h58b\" id=\"_1cb4089f-3798-4cfe-8afd-d7e5a30a399e\"><tr><td></td><td class=\"c xa48 y358c w108c h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">Rilev<span class=\"_ _f\"></span>ate per<span class=\"_ _df\"> </span></div></td><td class=\"c xa49 y358c w108d h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">Rilev<span class=\"_ _f\"></span>ate<span class=\"_ _df\"> </span></div></td><td class=\"c xa4a y358d w3d1 h13\"><div class=\"t m0 x1c h1f y392 ff4 fs7 fc4 sc3 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale<span class=\"fc1 sc0\"> </span></div></td><td></td></tr><tr><td></td><td class=\"c xa4b y358e w108e h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">inter<span class=\"_ _1\"></span>o<span class=\"_ _df\"> </span></div></td><td class=\"c xa4c y358e w108f h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">parz<span class=\"_ _1\"></span>ialm<span class=\"_ _f\"></span>ente<span class=\"_ _df\"> </span></div></td><td class=\"c xa4a y358f w319 h8a\"><div class=\"t m0 x2f h1f y153d ff4 fs7 fc4 sc3 ls0 ws0\">31/12/<span class=\"_ _f\"></span>2025<span class=\"fc1 sc0\"> </span></div></td><td class=\"c xa4d y358f w336 h8a\"><div class=\"t m0 x2f h1f y153d ff4 fs7 fc4 sc3 ls0 ws0\">31/12/<span class=\"_ _f\"></span>2024<span class=\"fc1 sc0\"> </span></div></td></tr><tr><td class=\"c xa4e y3590 w5e3 h131\"><div class=\"t m0 x11f h1f y3e4 ff4 fs7 fc1 sc2 ls0 ws0\">A. Att<span class=\"_ _f\"></span>ivit\u00e0 fin<span class=\"_ _f\"></span>anziarie<span class=\"_ _1\"></span> det<span class=\"_ _1\"></span>enu<span class=\"_ _1\"></span>te pe<span class=\"_ _1\"></span>r la <span class=\"_ _f\"></span>negozi<span class=\"_ _1\"></span>azio<span class=\"_ _1\"></span>ne </div></td><td class=\"c xa4f y3590 w53e h131\"><div class=\"t m0 xf h1f y3e4 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c xa50 y3590 w50 h131\"><div class=\"t m0 xe h1f y3e4 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c xa4a y3590 w5be h131\"><div class=\"t m0 xc6 h1f y3e4 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c xa4d y3590 w508 h131\"><div class=\"t m0 xc6 h1f y3e4 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c xa4e y3591 w5e3 h131\"><div class=\"t m0 x16a h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">1. Titoli di debito<span class=\"_ _1\"></span> </div></td><td class=\"c xa4f y3591 w53e h131\"><div class=\"t m0 xf h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa50 y3591 w50 h131\"><div class=\"t m0 xe h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa4a y3591 w5be h131\"><div class=\"t m0 xc6 h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa4d y3591 w508 h131\"><div class=\"t m0 xc6 h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c xa4e y3592 w5e3 h131\"><div class=\"t m0 x16a h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">2. Titoli di capita<span class=\"_ _f\"></span>l<span class=\"_ _2\"></span>e<span class=\"_ _df\"> </span></div></td><td class=\"c xa4f y3592 w53e h131\"><div class=\"t m0 xf h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa50 y3592 w50 h131\"><div class=\"t m0 xe h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa4a y3592 w5be h131\"><div class=\"t m0 xc6 h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa4d y3592 w508 h131\"><div class=\"t m0 xc6 h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c xa4e y3593 w5e3 h131\"><div class=\"t m0 x16a h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">3. Finanziamenti<span class=\"_ _1\"></span> </div></td><td class=\"c xa4f y3593 w53e h131\"><div class=\"t m0 xf h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa50 y3593 w50 h131\"><div class=\"t m0 xe h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa4a y3593 w5be h131\"><div class=\"t m0 xc6 h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa4d y3593 w508 h131\"><div class=\"t m0 xc6 h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c xa4e y3594 w5e3 h131\"><div class=\"t m0 x16a h1f y74a ff4 fs7 fc1 sc0 ls0 ws0\">4. Derivati </div></td><td class=\"c xa4f y3594 w53e h131\"><div class=\"t m0 xf h1f y74a ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa50 y3594 w50 h131\"><div class=\"t m0 xe h1f y74a ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa4a y3594 w5be h131\"><div class=\"t m0 xc6 h1f y74a ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa4d y3594 w508 h131\"><div class=\"t m0 xc6 h1f y74a ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c xa4e y3595 w5e3 h131\"><div class=\"t m0 x2f h1f y3e4 ff4 fs7 fc1 sc2 ls0 ws0\">B. Alt<span class=\"_ _f\"></span>re atti<span class=\"_ _1\"></span>vit\u00e0 f<span class=\"_ _1\"></span>inan<span class=\"_ _1\"></span>ziar<span class=\"_ _1\"></span>ie ob<span class=\"_ _1\"></span>blig<span class=\"_ _1\"></span>atori<span class=\"_ _1\"></span>ame<span class=\"_ _1\"></span>nte v<span class=\"_ _f\"></span>alutat<span class=\"_ _1\"></span>e al fa<span class=\"_ _f\"></span>ir value<span class=\"_ _1\"></span> </div></td><td class=\"c xa4f y3595 w53e h131\"><div class=\"t m0 xf h1f y3e4 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c xa50 y3595 w50 h131\"><div class=\"t m0 xe h1f y3e4 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c xa4a y3595 w5be h131\"><div class=\"t m0 xc6 h1f y3e4 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c xa4d y3595 w508 h131\"><div class=\"t m0 xc6 h1f y3e4 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c xa4e y3596 w5e3 h131\"><div class=\"t m0 x16a h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">1. Titoli di debito<span class=\"_ _1\"></span> </div></td><td class=\"c xa4f y3596 w53e h131\"><div class=\"t m0 xf h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa50 y3596 w50 h131\"><div class=\"t m0 xe h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa4a y3596 w5be h131\"><div class=\"t m0 xc6 h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa4d y3596 w508 h131\"><div class=\"t m0 xc6 h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c xa4e y3597 w5e3 h131\"><div class=\"t m0 x16a h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">2. Titoli di capita<span class=\"_ _f\"></span>l<span class=\"_ _2\"></span>e<span class=\"_ _df\"> </span></div></td><td class=\"c xa4f y3597 w53e h131\"><div class=\"t m0 xf h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa50 y3597 w50 h131\"><div class=\"t m0 xe h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa4a y3597 w5be h131\"><div class=\"t m0 xc6 h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa4d y3597 w508 h131\"><div class=\"t m0 xc6 h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c xa4e y3598 w5e3 h131\"><div class=\"t m0 x16a h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">3. Finanziamenti<span class=\"_ _1\"></span> </div></td><td class=\"c xa4f y3598 w53e h131\"><div class=\"t m0 xf h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa50 y3598 w50 h131\"><div class=\"t m0 xe h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa4a y3598 w5be h131\"><div class=\"t m0 xc6 h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa4d y3598 w508 h131\"><div class=\"t m0 xc6 h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c xa4e y3599 w5e3 h131\"><div class=\"t m0 x191 h1f y3e4 ff4 fs7 fc1 sc2 ls0 ws0\">C. Att<span class=\"_ _f\"></span>ivit\u00e0 fin<span class=\"_ _f\"></span>anziari<span class=\"_ _1\"></span>e des<span class=\"_ _1\"></span>ign<span class=\"_ _1\"></span>ate a<span class=\"_ _f\"></span>l fair v<span class=\"_ _1\"></span>alue<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td><td class=\"c xa4f y3599 w53e h131\"><div class=\"t m0 xf h1f y3e4 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c xa50 y3599 w50 h131\"><div class=\"t m0 xe h1f y3e4 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c xa4a y3599 w5be h131\"><div class=\"t m0 xc6 h1f y3e4 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c xa4d y3599 w508 h131\"><div class=\"t m0 xc6 h1f y3e4 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c xa4e y359a w5e3 h131\"><div class=\"t m0 x16a h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">1. Titoli di debito<span class=\"_ _1\"></span> </div></td><td class=\"c xa4f y359a w53e h131\"><div class=\"t m0 xf h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa50 y359a w50 h131\"><div class=\"t m0 xe h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa4a y359a w5be h131\"><div class=\"t m0 xc6 h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa4d y359a w508 h131\"><div class=\"t m0 xc6 h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c xa4e y359b w5e3 h12f\"><div class=\"t m0 x16a h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">2. Finanziamenti </div></td><td class=\"c xa4f y359b w53e h12f\"><div class=\"t m0 xf h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa50 y359b w50 h12f\"><div class=\"t m0 xe h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa4a y359b w5be h12f\"><div class=\"t m0 xc6 h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa4d y359b w508 h12f\"><div class=\"t m0 xc6 h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c xa51 y359c w1090 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc2 ls0 ws0\">D. Att<span class=\"_ _f\"></span>ivit\u00e0 fin<span class=\"_ _f\"></span>anziari<span class=\"_ _1\"></span>e val<span class=\"_ _1\"></span>utat<span class=\"_ _f\"></span>e al fair<span class=\"_ _f\"></span> value co<span class=\"_ _1\"></span>n im<span class=\"_ _1\"></span>patt<span class=\"_ _f\"></span>o sulla<span class=\"_ _df\"> </span></div></td><td class=\"c xa4f y359d w53e had\"><div class=\"t m0 x39 h1f y420 ff4 fs7 fc1 sc2 ls0 ws0\">1.498.7<span class=\"_ _f\"></span>84<span class=\"sc0\"> </span></div></td><td class=\"c xa50 y359d w50 had\"><div class=\"t m0 xe h1f y420 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c xa4a y359d w5be had\"><div class=\"t m0 x14 h1f y420 ff4 fs7 fc1 sc2 ls0 ws0\">1.498.7<span class=\"_ _f\"></span>84<span class=\"sc0\"> </span></div></td><td class=\"c xa4d y359d w508 had\"><div class=\"t m0 x48 h1f y420 ff4 fs7 fc1 sc2 ls0 ws0\">3.30<span class=\"_ _f\"></span>8.117<span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c xa52 y359e wec1 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc2 ls0 ws0\">reddit<span class=\"_ _f\"></span>ivit\u00e0 co<span class=\"_ _1\"></span>mpl<span class=\"_ _f\"></span>essiva<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c xa4e y359f w5e3 h131\"><div class=\"t m0 x16a h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">1. Titoli di debito<span class=\"_ _1\"></span> </div></td><td class=\"c xa4f y359f w53e h131\"><div class=\"t m0 x130 h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">1.498.784 </div></td><td class=\"c xa50 y359f w50 h131\"><div class=\"t m0 xe h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa4a y359f w5be h131\"><div class=\"t m0 x39 h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">1.498.784 </div></td><td class=\"c xa4d y359f w508 h131\"><div class=\"t m0 x48 h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">3.308.117 </div></td></tr><tr><td class=\"c xa4e y35a0 w5e3 h131\"><div class=\"t m0 x16a h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">2. Titoli di capita<span class=\"_ _f\"></span>l<span class=\"_ _2\"></span>e<span class=\"_ _df\"> </span></div></td><td class=\"c xa4f y35a0 w53e h131\"><div class=\"t m0 xf h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa50 y35a0 w50 h131\"><div class=\"t m0 xe h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa4a y35a0 w5be h131\"><div class=\"t m0 xc6 h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa4d y35a0 w508 h131\"><div class=\"t m0 xc6 h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c xa4e y35a1 w5e3 h131\"><div class=\"t m0 x16a h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">3. Finanziamenti<span class=\"_ _1\"></span> </div></td><td class=\"c xa4f y35a1 w53e h131\"><div class=\"t m0 xf h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa50 y35a1 w50 h131\"><div class=\"t m0 xe h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa4a y35a1 w5be h131\"><div class=\"t m0 xc6 h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa4d y35a1 w508 h131\"><div class=\"t m0 xc6 h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c xa4e y35a2 w5e3 h131\"><div class=\"t m0 x39 h1f y3e4 ff4 fs7 fc1 sc2 ls0 ws0\">E. At<span class=\"_ _1\"></span>tivit<span class=\"_ _1\"></span>\u00e0 fin<span class=\"_ _f\"></span>anziari<span class=\"_ _1\"></span>e val<span class=\"_ _1\"></span>utat<span class=\"_ _1\"></span>e al co<span class=\"_ _1\"></span>st<span class=\"_ _f\"></span>o ammo<span class=\"_ _1\"></span>rtiz<span class=\"_ _1\"></span>zato<span class=\"_ _1\"></span> (fair<span class=\"_ _f\"></span> value)<span class=\"sc0\"> </span></div></td><td class=\"c xa4f y35a2 w53e h131\"><div class=\"t m0 x39 h1f y3e4 ff4 fs7 fc1 sc2 ls0 ws0\">2.214.<span class=\"_ _1\"></span>606<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td><td class=\"c xa50 y35a2 w50 h131\"><div class=\"t m0 xe h1f y3e4 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c xa4a y35a2 w5be h131\"><div class=\"t m0 x14 h1f y3e4 ff4 fs7 fc1 sc2 ls0 ws0\">2.214.<span class=\"_ _1\"></span>606<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td><td class=\"c xa4d y35a2 w508 h131\"><div class=\"t m0 x39 h1f y3e4 ff4 fs7 fc1 sc2 ls0 ws0\">3.53<span class=\"_ _1\"></span>4.75<span class=\"_ _f\"></span>5<span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c xa4e y35a3 w5e3 h131\"><div class=\"t m0 x16a h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">1. Titoli di debito<span class=\"_ _1\"></span> </div></td><td class=\"c xa4f y35a3 w53e h131\"><div class=\"t m0 x39 h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">2.214.606 </div></td><td class=\"c xa50 y35a3 w50 h131\"><div class=\"t m0 xe h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa4a y35a3 w5be h131\"><div class=\"t m0 x39 h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">2.214.606</div></td><td class=\"c xa4d y35a3 w508 h131\"><div class=\"t m0 x130 h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">3.534.755 </div></td></tr><tr><td class=\"c xa4e y35a4 w5e3 h131\"><div class=\"t m0 x16a h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">2. Finanziamenti </div></td><td class=\"c xa4f y35a4 w53e h131\"><div class=\"t m0 xf h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa50 y35a4 w50 h131\"><div class=\"t m0 xe h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa4a y35a4 w5be h131\"><div class=\"t m0 xc6 h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xa4d y35a4 w508 h131\"><div class=\"t m0 xc6 h1f y3e4 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c xa4e y35a5 w5e3 h131\"><div class=\"t m0 x9 h1f y3e4 ff4 fs7 fc1 sc2 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale at<span class=\"_ _1\"></span>tivit<span class=\"_ _1\"></span>\u00e0 fin<span class=\"_ _f\"></span>anziarie<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td><td class=\"c xa4f y35a5 w53e h131\"><div class=\"t m0 x39 h1f y3e4 ff4 fs7 fc1 sc2 ls0 ws0\">3.713<span class=\"_ _f\"></span>.390<span class=\"sc0\"> </span></div></td><td class=\"c xa50 y35a5 w50 h131\"><div class=\"t m0 xe h1f y3e4 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c xa4a y35a5 w5be h131\"><div class=\"t m0 x14 h1f y3e4 ff4 fs7 fc1 sc2 ls0 ws0\">3.713<span class=\"_ _f\"></span>.390<span class=\"sc0\"> </span></div></td><td class=\"c xa4d y35a5 w508 h131\"><div class=\"t m0 x130 h1f y3e4 ff4 fs7 fc1 sc2 ls0 ws0\">6.84<span class=\"_ _f\"></span>2.872<span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c xa4e y35a6 w5e3 h131\"><div class=\"t m0 x172 h1f y3e4 ff4 fs7 fc1 sc2 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale pa<span class=\"_ _f\"></span>ssivit\u00e0<span class=\"_ _1\"></span> fina<span class=\"_ _f\"></span>nziarie a<span class=\"_ _1\"></span>ssoc<span class=\"_ _1\"></span>iate<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td><td class=\"c xa4f y35a6 w53e h131\"><div class=\"t m0 x14 h1f y3e4 ff4 fs7 fc1 sc2 ls0 ws0\">3.718<span class=\"_ _1\"></span>.724<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td><td class=\"c xa50 y35a6 w50 h131\"><div class=\"t m0 xe h1f y3e4 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c xa4a y35a6 w5be h131\"><div class=\"t m0 x27 h1f y3e4 ff4 fs7 fc1 sc2 ls0 ws0\">X<span class=\"sc0\"> </span></div></td><td class=\"c xa4d y35a6 w508 h131\"><div class=\"t m0 x27 h1f y3e4 ff4 fs7 fc1 sc2 ls0 ws0\">X<span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c xa4e y271b w5e3 h131\"><div class=\"t m0 x14c h1f y3e4 ff4 fs7 fc1 sc2 ls0 ws0\">Val<span class=\"_ _1\"></span>ore n<span class=\"_ _1\"></span>etto<span class=\"_ _1\"></span> <span class=\"lsbc\">31</span>/12/2<span class=\"_ _f\"></span>025<span class=\"sc0\"> </span></div></td><td class=\"c xa4f y271b w53e h131\"><div class=\"t m0 x27 h1f y3e4 ff4 fs7 fc1 sc2 ls0 ws0\">(5.33<span class=\"_ _f\"></span>4)<span class=\"sc0\"> </span></div></td><td class=\"c xa50 y271b w50 h131\"><div class=\"t m0 xe h1f y3e4 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c xa4a y271b w5be h131\"><div class=\"t m0 x26 h1f y3e4 ff4 fs7 fc1 sc2 ls0 ws0\">(5.33<span class=\"_ _f\"></span>4)<span class=\"sc0\"> </span></div></td><td class=\"c xa4d y271b w508 h131\"><div class=\"t m0 x27 h1f y3e4 ff4 fs7 fc1 sc2 ls0 ws0\">X<span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c xa4e y35a7 w5e3 h13\"><div class=\"t m0 x14c h1f y392 ff4 fs7 fc1 sc2 ls0 ws0\">Val<span class=\"_ _1\"></span>ore n<span class=\"_ _1\"></span>etto<span class=\"_ _1\"></span> <span class=\"lsbc\">31</span>/12/2<span class=\"_ _f\"></span>024<span class=\"sc0\"> </span></div></td><td class=\"c xa4f y35a7 w53e h13\"><div class=\"t m0 x34 h1f y392 ff4 fs7 fc1 sc2 ls0 ws0\">34.67<span class=\"_ _f\"></span>1<span class=\"sc0\"> </span></div></td><td class=\"c xa50 y35a7 w50 h13\"><div class=\"t m0 xe h1f y392 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c xa4a y35a7 w5be h13\"><div class=\"t m0 x27 h1f y392 ff4 fs7 fc1 sc2 ls0 ws0\">X<span class=\"sc0\"> </span></div></td><td class=\"c xa4d y35a7 w508 h13\"><div class=\"t m0 x37 h1f y392 ff4 fs7 fc1 sc2 ls0 ws0\">34.67<span class=\"_ _f\"></span>1<span class=\"sc0\"> </span></div></td></tr></table>Le <span class=\"_ _16\"> </span>passivit\u00e0  finan<span class=\"_ _1\"></span>ziarie  a <span class=\"_ _9\"> </span>fr<span class=\"_ _2\"></span>onte <span class=\"_ _16\"> </span>di <span class=\"_ _16\"> </span>attivit\u00e0  finanziarie <span class=\"_ _16\"> </span>cedu<span class=\"_ _1\"></span>te  e <span class=\"_ _16\"> </span>non  can<span class=\"_ _1\"></span>cellate <span class=\"_ _16\"> </span>(riportate  nel<span class=\"_ _1\"></span>le colonne <span class=\"_ _2\"></span>Debiti <span class=\"_ _2\"></span>verso <span class=\"_ _2\"></span>Clientela <span class=\"_ _2\"></span>e <span class=\"_ _d\"></span>Debiti verso <span class=\"_ _d\"></span>Banche) s<span class=\"_ _2\"></span>ono <span class=\"_ _2\"></span>relative <span class=\"_ _2\"></span>ad <span class=\"_ _2\"></span>operazioni <span class=\"_ _2\"></span>di <span class=\"_ _d\"></span>pronti <span class=\"_ _2\"></span>contro termine passive a fronte di titoli iscritti nell\u2019attivo. <span class=\"ff4\"> </span>La <span class=\"_ _2\"></span>mancata <span class=\"_ _d\"></span>\u201cderecognition\u201d <span class=\"_ _2\"></span>per <span class=\"_ _d\"></span>le <span class=\"_ _2\"></span>operaz<span class=\"ff4\">ioni <span class=\"_ _d\"></span>di <span class=\"_ _2\"></span>cartolarizzazione, <span class=\"_ _d\"></span>gi\u00e0 <span class=\"_ _2\"></span>ampiamente <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>escritte <span class=\"_ _2\"></span>nel </span>paragrafo <span class=\"_ _2\"></span>\u201c<span class=\"_ _2\"></span>C.1 <span class=\"_ _2\"></span>Operazioni <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>car<span class=\"_ _2\"></span>tolarizzazione\u201d, <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _2\"></span>la <span class=\"_ _d\"></span>diretta <span class=\"_ _2\"></span>cons<span class=\"_ _2\"></span>eguenza <span class=\"_ _2\"></span>della <span class=\"_ _2\"></span>sottos<span class=\"_ _2\"></span>crizione,<span class=\"_ _1\"></span> <span class=\"_ _2\"></span>da parte <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>Gruppo, delle <span class=\"_ _2\"></span>tr<span class=\"_ _2\"></span>anche <span class=\"_ _2\"></span>dei t<span class=\"_ _2\"></span>itoli <span class=\"_ _2\"></span>Junior <span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>esposizioni similari, <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>comportano, <span class=\"_ _d\"></span>in <span class=\"_ _2\"></span>capo allo stesso, <span class=\"_ _2\"></span>il rischio delle prime <span class=\"_ _2\"></span>perdite e, analogamente, il <span class=\"_ _2\"></span>beneficio connesso al <span class=\"_ _2\"></span>rendimento del portafoglio <span class=\"_ _d\"></span>delle<span class=\"_ _1\"></span> <span class=\"_ _d\"></span>attivit\u00e0 <span class=\"_ _d\"></span>trasferite. <span class=\"_ _2\"></span>Tali <span class=\"_ _d\"></span>attivit\u00e0 <span class=\"_ _d\"></span>sono <span class=\"_ _d\"></span>oggetto <span class=\"_ _d\"></span>di <span class=\"_ _2\"></span>cessione <span class=\"_ _d\"></span>pro <span class=\"_ _d\"></span>soluto <span class=\"_ _d\"></span>mediante <span class=\"_ _2\"></span>un contratto <span class=\"_ _19\"> </span>di <span class=\"_ _19\"> </span>servicer, <span class=\"_ _18\"> </span>il <span class=\"_ _19\"> </span>Gruppo <span class=\"_ _19\"> </span>mantiene <span class=\"_ _18\"> </span>l\u2019impegno <span class=\"_ _19\"> </span>a <span class=\"_ _1a\"> </span><span class=\"ff4\">svolgere <span class=\"_ _18\"> </span>il <span class=\"_ _19\"> </span>servizio <span class=\"_ _19\"> </span>di <span class=\"_ _19\"> </span>gestione, </span>amministrazione, incasso, riscossione e recupe<span class=\"_ _1\"></span>ro crediti per conto del veicolo.<span class=\"_ _2\"></span> A fronte <span class=\"_ _f\"></span>del trasferimento, <span class=\"_ _f\"></span>il corri<span class=\"_ _1\"></span>spettivo inc<span class=\"_ _1\"></span>assato vie<span class=\"_ _1\"></span>ne ril<span class=\"_ _1\"></span>evato in <span class=\"_ _f\"></span>cont<span class=\"_ _2\"></span>ropartita <span class=\"_ _f\"></span>della rile<span class=\"_ _1\"></span>vazione di <span class=\"_ _f\"></span>un <span class=\"_ _f\"></span>debito <span class=\"_ _1\"></span>verso <span class=\"_ _f\"></span>la <span class=\"_ _f\"></span>s<span class=\"_ _2\"></span>ociet\u00e0 <span class=\"_ _f\"></span>veicolo, al <span class=\"_ _11\"></span>netto d<span class=\"_ _1\"></span>elle <span class=\"_ _f\"></span>tranche d<span class=\"_ _f\"></span>i titoli <span class=\"_ _f\"></span>sottoscritti. <span class=\"_ _f\"></span>Il <span class=\"_ _f\"></span>debito i<span class=\"_ _1\"></span>scritto <span class=\"_ _1\"></span>verso la societ\u00e0 <span class=\"_ _2\"></span>veicolo \u00e8 destinato a <span class=\"_ _2\"></span>ridu<span class=\"_ _f\"></span>r<span class=\"_ _2\"></span>si per effetto <span class=\"_ _2\"></span>delle somme incassat<span class=\"_ _2\"></span>e dall\u2019originator, in qualit\u00e0 di \u201cservicer\u201d, e riversate allo stesso veicolo.<div class=\"t m0 hc ff4 fs4 fc4 sc3 ls0 ws0 gs127c\">D.4 <span class=\"_ _f\"></span>Conso<span class=\"_ _f\"></span>lidato<span class=\"_ _f\"></span> prude<span class=\"_ _f\"></span>nzial<span class=\"_ _1\"></span>e - <span class=\"_ _1\"></span>oper<span class=\"_ _1\"></span>az<span class=\"_ _f\"></span>ioni di c<span class=\"_ _f\"></span>over<span class=\"_ _1\"></span>ed b<span class=\"_ _f\"></span>ond<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc4 sc3 ls0 ws0 gs127d\">Progr<span class=\"_ _f\"></span>amma <span class=\"_ _1\"></span>Credem<span class=\"_ _f\"></span> CB </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs127e\">Il <span class=\"_ _f\"></span>Consiglio di <span class=\"_ _f\"></span>Amministrazione <span class=\"_ _1\"></span>di <span class=\"_ _f\"></span>Credito Emili<span class=\"_ _1\"></span>ano, ne<span class=\"_ _1\"></span>lle <span class=\"_ _f\"></span>s<span class=\"_ _2\"></span>edute <span class=\"_ _f\"></span>d<span class=\"_ _2\"></span>el <span class=\"_ _f\"></span>26 <span class=\"_ _1\"></span>maggio 2<span class=\"_ _1\"></span>010 e <span class=\"_ _f\"></span>del <span class=\"_ _f\"></span>25 giugno </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs127f\">2010,  ha <span class=\"_ _9\"> </span>deliberato  di <span class=\"_ _16\"> </span>avviare <span class=\"_ _16\"> </span>la <span class=\"_ _16\"> </span>strutturazione <span class=\"_ _16\"> </span>di <span class=\"_ _16\"> </span>un <span class=\"_ _16\"> </span>programma <span class=\"_ _16\"> </span>di <span class=\"_ _16\"> </span>emissione <span class=\"_ _16\"> </span>di <span class=\"_ _9\"> </span>o<span class=\"_ _2\"></span>bbli<span class=\"_ _1\"></span>gazioni </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1280\">bancarie garantite per un ammontare massimo di Euro 5 miliardi. </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1281\">In data 22<span class=\"_ _1\"></span> ottobre 2010, il Consigl<span class=\"_ _1\"></span>io di Amministrazione ha <span class=\"_ _f\"></span>approvato la prima cessione d<span class=\"_ _1\"></span>a parte di </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1282\">Credem di <span class=\"_ _2\"></span>un <span class=\"_ _2\"></span>portafoglio di <span class=\"_ _2\"></span>crediti <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>un valore <span class=\"_ _2\"></span>massimo <span class=\"_ _2\"></span>di Euro <span class=\"_ _2\"></span>2,4 <span class=\"_ _2\"></span>miliardi in <span class=\"_ _2\"></span>favore <span class=\"_ _2\"></span>di Credem </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1283\">CB  S.r.l.,  Societ\u00e0 <span class=\"_ _4\"> </span>Veicolo  (<span class=\"_ _df\"> </span></div><div class=\"t m1 h6 ff4 fs2 fc1 sc0 ls0 ws0 gs1284\">Special  Purpose <span class=\"_ _4\"> </span>Vehicle<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1285\">,  SPV) <span class=\"_ _22\"> </span>s<span class=\"_ _2\"></span>elezionata  per <span class=\"_ _4\"> </span>la  partecipazione  al </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1286\">Programma e partecipata al 70% da Credem. </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1287\">Il quadro normat<span class=\"_ _2\"></span>ivo italiano in <span class=\"_ _2\"></span>materia di emissione di Obbligazioni <span class=\"_ _2\"></span>Bancarie Garantite (di seguito, </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs1288\">anche la \u201cNormativa\u201d) <span class=\"ff4\">\u00e8 costituito, in particolare: </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1289\">-<span class=\"_ _1d\"> </span><span class=\"ff5\">dalla <span class=\"_ _4\"> </span>Direttiva <span class=\"_ _4\"> </span>(UE) <span class=\"_ _4\"> </span>2019/2162 <span class=\"_ _17\"> </span>(la <span class=\"_ _4\"> </span>\u201cDirettiva <span class=\"_ _4\"> </span>OBG\u201d) <span class=\"_ _4\"> </span>e <span class=\"_ _4\"> </span>dal <span class=\"_ _4\"> </span>Regolamento <span class=\"_ _4\"> </span>(UE) <span class=\"_ _4\"> </span>2019/2160 <span class=\"_ _17\"> </span>(il </span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs128a\">\u201cRegolamento <span class=\"_ _0\"></span>OBG\u201d) <span class=\"_ _9\"> </span>che <span class=\"_ _9\"> </span>hanno <span class=\"_ _0\"></span>introdotto <span class=\"_ _9\"> </span>per <span class=\"_ _0\"></span>la <span class=\"_ _9\"> </span>prima <span class=\"_ _9\"> </span>volta <span class=\"_ _0\"></span>una <span class=\"_ _9\"> </span>disciplina <span class=\"_ _0\"></span>europea <span class=\"_ _9\"> </span>dello<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs128b\">strumento delle OBG emesse da banche europee, aven<span class=\"_ _2\"></span>do come finalit\u00e0 quella di uniformare i<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs128c\">differenti quadri normativi svilu<span class=\"_ _1\"></span>ppatisi negli anni nei Paesi dell\u2019Unione Europea;<span class=\"_ _df\"> </span></div><div class=\"t m0 h1a ff4 fs1 fc1 sc0 ls0 ws0 gs128d\">-<span class=\"_ _1d\"> </span>dal Titolo <span class=\"_ _f\"></span>I-<span class=\"ff5\">bis dell<span class=\"_ _1\"></span>a le<span class=\"_ _1\"></span>gge <span class=\"_ _1\"></span>n. 130 <span class=\"_ _f\"></span>del <span class=\"_ _1\"></span>30 aprile <span class=\"_ _f\"></span>1999 (il <span class=\"_ _f\"></span>\u201cTitolo I<span class=\"ff4\">-</span>bis\u201d <span class=\"_ _f\"></span>o <span class=\"ff4 fs6 fce\"> <span class=\"_ _f\"></span><span class=\"ff5 fs1 fc1\">la \u201cLeg<span class=\"_ _1\"></span>ge <span class=\"_ _1\"></span>130\u201d), introdot<span class=\"_ _1\"></span>to </span></span></span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs128e\">dal <span class=\"_ _14\"> </span>decreto <span class=\"_ _14\"> </span>legislativo <span class=\"_ _14\"> </span>n. <span class=\"_ _15\"> </span>190 <span class=\"_ _14\"> </span>del <span class=\"_ _14\"> </span>5 <span class=\"_ _14\"> </span>novembre <span class=\"_ _15\"> </span>2021 <span class=\"_ _14\"> </span>in <span class=\"_ _14\"> </span>attuazione <span class=\"_ _14\"> </span>della <span class=\"_ _14\"> </span>D<span class=\"_ _2\"></span>irettiva <span class=\"_ _17\"> </span>OBG, </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs128f\">interamente dedicato alle OBG, nonch\u00e9 dalle altre previsioni<span class=\"_ _1\"></span> della Legge 130 ivi richiamate;<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1290\">-<span class=\"_ _1d\"> </span><span class=\"ff5\">dall\u2019art. <span class=\"_ _1\"></span>129 <span class=\"_ _f\"></span>del R<span class=\"_ _1\"></span>egolamento <span class=\"_ _f\"></span>(UE) 575/2013<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>(il <span class=\"_ _f\"></span>\u201cCRR\u201d), <span class=\"_ _1\"></span>come <span class=\"_ _f\"></span>mo<span class=\"_ _2\"></span>dificato <span class=\"_ _f\"></span>dal <span class=\"_ _f\"></span>Regolamento OB<span class=\"_ _f\"></span>G<span class=\"_ _2\"></span>;<span class=\"_ _df\"> </span></span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1291\">-<span class=\"_ _1d\"> </span>dalle <span class=\"_ _2\"></span>dispo<span class=\"ff5\">sizioni <span class=\"_ _2\"></span>emanate <span class=\"_ _d\"></span>dalla <span class=\"_ _d\"></span>Banca <span class=\"_ _2\"></span>d\u2019Italia <span class=\"_ _2\"></span>in <span class=\"_ _d\"></span>tema <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>Obbligazioni <span class=\"_ _d\"></span>Bancarie <span class=\"_ _2\"></span>Garantite, <span class=\"_ _2\"></span>ai<span class=\"_ _df\"> </span></span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1292\">sensi <span class=\"_ _2\"></span>dell<span class=\"_ _1\"></span>a <span class=\"_ _2\"></span>Parte Terza, <span class=\"_ _2\"></span>Capitolo <span class=\"_ _2\"></span>3, della <span class=\"_ _2\"></span>Circolare n. <span class=\"_ _2\"></span>285 <span class=\"_ _2\"></span>del 17 <span class=\"_ _2\"></span>dicemb<span class=\"_ _1\"></span>re <span class=\"_ _2\"></span>2013, cont<span class=\"_ _2\"></span>enente le </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs1293\">\u201cDisposizioni <span class=\"_ _0\"></span>di <span class=\"_ _d\"></span>vigilanza <span class=\"_ _0\"></span>per <span class=\"_ _0\"></span>le <span class=\"_ _d\"></span>banche\u201d, <span class=\"_ _d\"></span>come <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>volta <span class=\"_ _0\"></span>in <span class=\"_ _0\"></span>volta <span class=\"_ _d\"></span>modificate<span class=\"ff4\"> <span class=\"_ _9\"> </span>e <span class=\"_ _0\"></span>aggiornate <span class=\"_ _d\"></span>(le<span class=\"_ _df\"> </span></span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs1294\">\u201cIstruzioni\u201d).<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs1295\">L\u2019emissione <span class=\"_ _f\"></span>di Obbligazioni <span class=\"_ _1\"></span>Bancarie Garantite da <span class=\"_ _f\"></span>parte di <span class=\"_ _f\"></span>Credem si <span class=\"_ _1\"></span>inserisce <span class=\"_ _1\"></span>nel <span class=\"_ _1\"></span>piano strategico </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs1296\">del <span class=\"_ _d\"></span>Gruppo, <span class=\"_ _2\"></span>finalizzato, <span class=\"_ _0\"></span>tra <span class=\"_ _d\"></span>l\u2019altro, <span class=\"_ _d\"></span>all\u2019ottenimento <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>alcuni <span class=\"_ _2\"></span>benefici <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>termini <span class=\"_ _d\"></span>di </div><div class=\"t m1 h6 ff4 fs2 fc1 sc0 ls0 ws0 gs1297\">funding</div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1298\">, <span class=\"_ _d\"></span>quali <span class=\"_ _d\"></span>la </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1299\">diversificazione <span class=\"ff5\">delle <span class=\"_ _2\"></span>fonti di rac<span class=\"_ _2\"></span>colta, la r<span class=\"_ _2\"></span>iduzi<span class=\"_ _1\"></span>one d<span class=\"_ _2\"></span>el relativo cos<span class=\"_ _2\"></span>to, nonch\u00e9 l\u2019allungamento <span class=\"_ _2\"></span>delle </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs129a\">scadenze del passivo.  </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs129b\">In linea generale, la struttura <span class=\"_ _2\"></span>ba<span class=\"_ _1\"></span>se di un\u2019emissione di obbligazioni bancarie garantite <span class=\"_ _2\"></span>\u2013<span class=\"_ _2\"></span><span class=\"ff4\"> secondo lo </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs129c\">schema delineato dalla normativa <span class=\"ff5\">\u2013</span> prevede che vengano realizzate le seguenti attivit\u00e0: </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs129d\">-<span class=\"_ _38\"> </span>la <span class=\"_ _4\"> </span>banca <span class=\"_ _17\"> </span>(Banca <span class=\"_ _4\"> </span>Cedente, <span class=\"_ _4\"> </span>Credem) <span class=\"_ _4\"> </span>t<span class=\"_ _2\"></span>rasferisce <span class=\"_ _4\"> </span>un <span class=\"_ _4\"> </span>insieme <span class=\"_ _4\"> </span>di </div><div class=\"t m1 h6 ff4 fs2 fc1 sc0 ls0 ws0 gs129e\">asset</div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs129f\"> <span class=\"_ _4\"> </span>aventi <span class=\"_ _17\"> </span>determinate </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs12a0\">caratteristiche <span class=\"_ _2\"></span>(il <span class=\"_ _d\"></span>\u201cPortafoglio\u201d) <span class=\"_ _d\"></span>ad <span class=\"_ _d\"></span>una <span class=\"_ _2\"></span>Societ\u00e0 <span class=\"_ _d\"></span>Veicolo <span class=\"_ _d\"></span>(Credem <span class=\"_ _d\"></span>CB <span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>rl). <span class=\"_ _2\"></span>Gli <span class=\"_ _d\"></span>attivi <span class=\"_ _d\"></span>ceduti <span class=\"_ _2\"></span>alla </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs12a1\">Societ\u00e0 Vei<span class=\"_ _1\"></span>colo costituiscono un p<span class=\"_ _1\"></span>atrimonio separato<span class=\"_ _1\"></span> da qu<span class=\"_ _1\"></span>ello de<span class=\"_ _1\"></span>lla Societ\u00e0 V<span class=\"_ _1\"></span>eicolo stessa a<span class=\"_ _f\"></span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs12a2\">beneficio dei <span class=\"_ _2\"></span>portatori delle <span class=\"_ _2\"></span>obbligazioni<span class=\"_ _1\"></span> <span class=\"_ _2\"></span>bancarie garantite <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>degl<span class=\"_ _1\"></span>i <span class=\"_ _2\"></span>altri soggetti <span class=\"_ _2\"></span>in favore <span class=\"_ _2\"></span>dei </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs12a3\">quali <span class=\"_ _4\"> </span>la <span class=\"_ _4\"> </span>garanzia <span class=\"_ _4\"> </span>\u00e8 <span class=\"_ _4\"> </span>rilasciata. <span class=\"_ _4\"> </span>La <span class=\"_ _4\"> </span>Banca <span class=\"_ _4\"> </span>Cedente <span class=\"_ _4\"> </span>eroga <span class=\"_ _4\"> </span>alla <span class=\"_ _4\"> </span>Societ\u00e0 <span class=\"_ _4\"> </span>Veicolo <span class=\"_ _4\"> </span>un <span class=\"_ _4\"> </span>prestito<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs12a4\">subordinato <span class=\"_ _2\"></span>finalizzato <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>finanziare <span class=\"_ _2\"></span>il pagamento <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>prezzo <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>acquisto <span class=\"_ _2\"></span>degli </div><div class=\"t m1 h6 ff4 fs2 fc1 sc0 ls0 ws0 gs12a5\">asset</div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs12a6\"> <span class=\"_ _2\"></span>da <span class=\"_ _2\"></span>parte </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs12a7\">della Societ\u00e0 Veicolo stessa;<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs12a8\">-<span class=\"_ _38\"> </span><span class=\"ff5\">Credem <span class=\"_ _2\"></span>(l\u2019Emittente) <span class=\"_ _d\"></span>emette <span class=\"_ _2\"></span>titoli <span class=\"_ _d\"></span>obbligazionari. <span class=\"_ _2\"></span>La <span class=\"_ _2\"></span>Societ\u00e0 <span class=\"_ _d\"></span>Veicolo <span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>ilascia <span class=\"_ _2\"></span>una <span class=\"_ _2\"></span>garanzia <span class=\"_ _2\"></span>in </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs12a9\">favore dei portatori dei titoli obbli<span class=\"_ _1\"></span>gaziona<span class=\"ff5\">r<span class=\"_ _2\"></span>i emessi dall\u2019Emittente. </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs12aa\">Come <span class=\"_ _d\"></span>consegue<span class=\"_ _1\"></span>nza <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>ci\u00f2, <span class=\"_ _2\"></span>il <span class=\"_ _d\"></span>rimborso <span class=\"_ _2\"></span>delle <span class=\"_ _d\"></span>obbligazioni <span class=\"_ _2\"></span>bancarie <span class=\"_ _d\"></span>garantite <span class=\"_ _d\"></span>che <span class=\"_ _d\"></span>saranno <span class=\"_ _2\"></span>emesse </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs12ab\">nell\u2019ambito <span class=\"_ _22\"> </span>dell\u2019operazione <span class=\"_ _4\"> </span>\u00e8  g<span class=\"_ _2\"></span>arantito,  olt<span class=\"_ _2\"></span>re  che <span class=\"_ _4\"> </span>dall\u2019emittente,  anche <span class=\"_ _4\"> </span>da  una <span class=\"_ _4\"> </span>garanzia <span class=\"_ _4\"> </span>non </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs12ac\">condizionata ed irrevocabile rilasciata dalla Societ\u00e0 Veicolo ad esclu<span class=\"_ _f\"></span>s<span class=\"_ _2\"></span>ivo beneficio deg<span class=\"_ _1\"></span>li investitori </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs12ad\">che sottoscriveranno le Obbli<span class=\"_ _1\"></span>gazioni Bancarie Garantite e delle controparti terze,<span class=\"_ _1\"></span> ivi incluse quelle </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs12ae\">di </div><div class=\"t m1 h6 ff4 fs2 fc1 sc0 ls0 ws0 gs12af\">hedging,</div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs12b0\"> <span class=\"_ _f\"></span><span class=\"ff5\">coin<span class=\"_ _2\"></span>volte <span class=\"_ _f\"></span>nell\u2019operazione. <span class=\"_ _f\"></span>Tale u<span class=\"_ _1\"></span>ltima <span class=\"_ _1\"></span>garanzia <span class=\"_ _f\"></span>\u00e8 rilasc<span class=\"_ _1\"></span>iata <span class=\"_ _1\"></span>dalla <span class=\"_ _f\"></span>Societ\u00e0 V<span class=\"_ _1\"></span>eicol<span class=\"ff4\">o a <span class=\"_ _f\"></span>valere </span></span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs12b1\">sul Portafoglio.  </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs12b2\">L\u2019operazione <span class=\"_ _2\"></span>di <span class=\"_ _d\"></span>covered <span class=\"_ _2\"></span>bond <span class=\"_ _2\"></span>illust<span class=\"_ _2\"></span>rata <span class=\"_ _2\"></span>rientra <span class=\"_ _d\"></span>nella <span class=\"_ _2\"></span>\u201cfattispecie <span class=\"_ _2\"></span>semplice\u201d, <span class=\"_ _d\"></span>in <span class=\"_ _2\"></span>quanto <span class=\"_ _d\"></span>la <span class=\"_ _2\"></span>figura <span class=\"_ _d\"></span>di </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs12b3\">banca </div><div class=\"t m1 h6 ff4 fs2 fc1 sc0 ls0 ws0 gs12b4\">originator</div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs12b5\">, <span class=\"_ _15\"> </span>banca <span class=\"_ _15\"> </span>finanziatrice <span class=\"_ _15\"> </span>e <span class=\"_ _15\"> </span>banca <span class=\"_ _15\"> </span>emittente <span class=\"_ _15\"> </span>coincide <span class=\"_ _15\"> </span>con <span class=\"_ _15\"> </span>un <span class=\"_ _e\"> </span>unico <span class=\"_ _15\"> </span>soggetto, </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs12b6\">rappresentato da Credem. </div><div class=\"t m0 h5 ff4 fs1 fc4 sc3 ls0 ws0 gs12b7\">Il Port<span class=\"_ _f\"></span>afoglio d<span class=\"_ _1\"></span>i ces<span class=\"_ _1\"></span>sione<span class=\"_ _f\"></span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs12b8\">Il <span class=\"_ _d\"></span>portafoglio <span class=\"_ _0\"></span>che <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>t<span class=\"_ _2\"></span>empo <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>t<span class=\"_ _2\"></span>empo <span class=\"_ _d\"></span>viene <span class=\"_ _d\"></span>ceduto <span class=\"_ _0\"></span>alla <span class=\"_ _d\"></span>Societ\u00e0 <span class=\"_ _d\"></span>Veicolo <span class=\"_ _d\"></span>d<span class=\"_ _2\"></span>eve <span class=\"_ _d\"></span>rispecchiare <span class=\"_ _d\"></span>alcun<span class=\"_ _2\"></span>e </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs12b9\">caratteristiche comuni.  </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs12ba\">I <span class=\"_ _9\"> </span>principali <span class=\"_ _9\"> </span>criteri <span class=\"_ _9\"> </span>comuni <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>identificazione <span class=\"_ _9\"> </span>e <span class=\"_ _9\"> </span>selezione <span class=\"_ _9\"> </span>dei <span class=\"_ _9\"> </span>mu<span class=\"_ _2\"></span>tui, <span class=\"_ _0\"></span>da <span class=\"_ _16\"> </span>cui <span class=\"_ _0\"></span>derivano <span class=\"_ _16\"> </span>i <span class=\"_ _0\"> </span>cr<span class=\"_ _2\"></span>editi <span class=\"_ _0\"></span>che </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs12bb\">costituiscono il </div><div class=\"t m1 h6 ff4 fs2 fc1 sc0 ls102 ws0 gs12bc\">Co<span class=\"ls0\">ver Pool</span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs12bd\">, sono stati individuati previa condi<span class=\"_ _1\"></span>visione con le agenzie di rating, cui \u00e8 </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs12be\">stata <span class=\"_ _1\"></span>richiesta <span class=\"_ _f\"></span>l\u2019assegnazione <span class=\"_ _f\"></span>d<span class=\"_ _2\"></span>el <span class=\"_ _f\"></span>rating all<span class=\"_ _1\"></span>e <span class=\"_ _f\"></span>O<span class=\"_ _2\"></span>bbligazioni <span class=\"_ _f\"></span>Bancarie Garantite <span class=\"_ _f\"></span>che <span class=\"_ _f\"></span>Cr<span class=\"_ _2\"></span>edem <span class=\"_ _f\"></span>emetter\u00e0 </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs12bf\">nel contesto del Programma.<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs12c1\">A <span class=\"_ _2\"></span>fine <span class=\"_ _2\"></span>ot<span class=\"_ _2\"></span>tobre <span class=\"_ _2\"></span>2010, <span class=\"_ _d\"></span>settembre <span class=\"_ _2\"></span>2011, <span class=\"_ _2\"></span>febbrai<span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>2012, <span class=\"_ _2\"></span>aprile <span class=\"_ _d\"></span>2014, <span class=\"_ _2\"></span>ot<span class=\"_ _2\"></span>tobre <span class=\"_ _2\"></span>2014, <span class=\"_ _2\"></span>ottobre <span class=\"_ _2\"></span>201<span class=\"_ _2\"></span>5, <span class=\"_ _2\"></span>aprile<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs12c2\">2016, <span class=\"_ _f\"></span>otto<span class=\"_ _2\"></span>bre<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>2016, <span class=\"_ _f\"></span>aprile <span class=\"_ _f\"></span>2017, n<span class=\"_ _f\"></span>o<span class=\"_ _2\"></span>vembre <span class=\"_ _f\"></span>2017, <span class=\"_ _f\"></span>maggio 2<span class=\"_ _1\"></span>018, <span class=\"_ _f\"></span>ottobre <span class=\"_ _f\"></span>2018<span class=\"_ _2\"></span>, <span class=\"_ _f\"></span>maggio <span class=\"_ _f\"></span>2019, <span class=\"_ _1\"></span>novembre<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs12c3\">2020, <span class=\"_ _d\"></span>novembre <span class=\"_ _2\"></span>2021, <span class=\"_ _d\"></span>novembre <span class=\"_ _d\"></span>2022, <span class=\"_ _d\"></span>novembre <span class=\"_ _d\"></span>2023, <span class=\"_ _d\"></span>novembre <span class=\"_ _2\"></span>2024<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>e <span class=\"_ _d\"></span>novembre <span class=\"_ _d\"></span>2025 <span class=\"_ _d\"></span>sono<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs12c4\">stati <span class=\"_ _2\"></span>selezionati <span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>crediti <span class=\"_ _2\"></span>ipotecari <span class=\"_ _2\"></span>derivanti da <span class=\"_ _2\"></span>contratti <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>mutuo <span class=\"_ _2\"></span>che, <span class=\"_ _2\"></span>alle r<span class=\"_ _2\"></span>elative<span class=\"_ _1\"></span> <span class=\"_ _2\"></span>date <span class=\"_ _2\"></span>di<span class=\"_ _df\"> </span> </div><div class=\"t m1 h6 ff4 fs2 fc1 sc0 ls0 ws0 gs12c5\">cut-off,<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs12c6\">soddisfacevano, a titolo non esaustivo, i segu<span class=\"_ _1\"></span>enti principali criteri cumulativi:<span class=\"_ _df\"> </span><span class=\"_ _2\"></span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs12c7\">-<span class=\"_ _38\"> </span>crediti <span class=\"_ _14\"> </span>non <span class=\"_ _14\"> </span>derivanti <span class=\"_ _14\"> </span>da <span class=\"_ _15\"> </span>contratti <span class=\"_ _15\"> </span>di <span class=\"_ _14\"> </span>mutuo <span class=\"_ _15\"> </span>che <span class=\"_ _14\"> </span>beneficiano <span class=\"_ _14\"> </span>di <span class=\"_ _14\"> </span>for<span class=\"_ _2\"></span>me <span class=\"_ _14\"> </span>di <span class=\"_ _14\"> </span>agevolazione<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs12c8\">finanziaria;<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs12c9\">-<span class=\"_ _38\"> </span>crediti <span class=\"_ _15\"> </span>non <span class=\"_ _15\"> </span>classificati <span class=\"_ _15\"> </span>come <span class=\"_ _15\"> </span>\"esposizioni <span class=\"_ _15\"> </span>creditizie <span class=\"_ _15\"> </span>deteriorate\", <span class=\"_ _15\"> </span>ai <span class=\"_ _15\"> </span>sensi <span class=\"_ _15\"> </span>delle <span class=\"_ _15\"> </span>vigenti<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs12ca\">\"Istruzioni di Vigilanza per le b<span class=\"_ _1\"></span>anche\" emanate dalla Banca d\u2019Italia;<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs12cb\">-<span class=\"_ _38\"> </span>crediti  non <span class=\"_ _9\"> </span>erogati  (neanche<span class=\"_ _f\"></span>  in  co-intestazione)  a<span class=\"_ _f\"></span>  dipendenti <span class=\"_ _16\"> </span>o  amminis<span class=\"_ _1\"></span>tratori  di<span class=\"_ _1\"></span>  Credito<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs12cc\">Emiliano o delle sue controllate facenti parte del Grupp<span class=\"_ _1\"></span>o Bancario Credem.<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs12cd\">Il<span class=\"_ _df\"> </span> </div><div class=\"t m1 h6 ff4 fs2 fc1 sc0 ls0 ws0 gs12ce\">Cover <span class=\"_ _0\"></span>Pool,</div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs12cf\"> <span class=\"_ _0\"></span>alla <span class=\"_ _0\"></span>data <span class=\"_ _0\"></span>contabile <span class=\"_ _0\"></span>del <span class=\"_ _d\"></span>31 <span class=\"_ _0\"> </span>di<span class=\"_ _2\"></span>cembre <span class=\"_ _d\"></span>2025, <span class=\"_ _0\"></span>consiste <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>crediti <span class=\"_ _0\"></span>derivanti <span class=\"_ _0\"></span>da <span class=\"_ _0\"></span>n. <span class=\"_ _0\"></span>63.511<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs12d0\">mutui <span class=\"_ _2\"></span>ipotecari, <span class=\"_ _2\"></span>con <span class=\"_ _2\"></span>un <span class=\"_ _2\"></span>deb<span class=\"_ _1\"></span>ito <span class=\"_ _2\"></span>residuo <span class=\"_ _2\"></span>complessivo di <span class=\"_ _2\"></span>circa <span class=\"_ _2\"></span>5.179 <span class=\"_ _2\"></span>milion<span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>Euro, <span class=\"_ _2\"></span>come <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>seguito<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs12d1\">meglio specificato. </div><div class=\"gs12d2\"><table class=\"s w1091 h58c\" id=\"_97296667-ebe2-4779-a2c1-d0404559772b\"><tr><td></td><td class=\"c xa54 y2cf4 w1092 h58d\"><div class=\"t m0 x250 h32e y35a8 ff11 fs5 fc1a sc0 ls0 ws0\">N\u00b0<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c xa55 y2cf4 w1093 h58d\"><div class=\"t m0 x250 h32e y35a8 ff11 fs5 fc1a sc0 ls0 ws0\">Debito Residuo</div></td><td class=\"c xa56 y35a9 w1094 h58d\"><div class=\"t m0 x250 h32e y35a8 ff11 fs5 fc1a sc0 ls103 ws0\">%<span class=\"_ _df\"> </span></div></td></tr><tr><td class=\"c xa57 y35aa w333 h32d\"><div class=\"t m0 x10 h32e y1aae ff11 fs5 fc1a sc0 ls0 ws0\">Regione Mu<span class=\"_ _2\"></span>tuatario </div></td><td class=\"c xa58 y35ab w1095 h58d\"><div class=\"t m0 x250 h32e y35a8 ff11 fs5 fc1a sc0 ls0 ws0\">Mutui<span class=\"_ _df\"> </span></div></td><td class=\"c xa59 y35aa w524 h32d\"><div class=\"t m0 x10 h32e y1aae ff11 fs5 fc1a sc0 ls0 ws0\">% N\u00b0 Mutu<span class=\"_ _2\"></span>i </div></td><td class=\"c xa5a y35ab w1096 h58d\"><div class=\"t m0 x250 h32e y35a8 ff11 fs5 fc1a sc0 ls0 ws0\">(migliaia Euro)</div></td><td class=\"c xa5b y35ac w1097 h58d\"><div class=\"t m0 x250 h32e y35a8 ff11 fs5 fc1a sc0 ls0 ws0\">Debito<span class=\"_ _df\"> </span></div></td></tr><tr><td></td><td></td><td></td><td></td><td class=\"c xa5c y35ad w1098 h58d\"><div class=\"t m0 x250 h32e y35a8 ff11 fs5 fc1a sc0 ls0 ws0\">Residuo<span class=\"_ _df\"> </span></div></td></tr><tr><td class=\"c xa57 y35ae w333 h69\"><div class=\"t m0 x163 h32f y71 ff10 fs5 fc1a sc0 ls0 ws0\">Abruzzo </div></td><td class=\"c xa5d y35ae w1ba h69\"><div class=\"t m0 x27 h32f y71 ff10 fs5 fc1a sc0 lsa5 ws0\">680<span class=\"ls0\"> </span></div></td><td class=\"c xa59 y35ae w524 h69\"><div class=\"t m0 x11 h32f y71 ff10 fs5 fc1a sc0 lsa5 ws0\">1,07<span class=\"ls0\"> </span></div></td><td class=\"c xa5e y35ae w5e5 h69\"><div class=\"t m0 x36 h32f y71 ff10 fs5 fc1a sc0 ls0 ws0\">51.851,66 </div></td><td class=\"c xa5f y35ae w335 h69\"><div class=\"t m0 x3a h32f y71 ff10 fs5 fc1a sc0 lsa5 ws0\">1,00<span class=\"ls0\"> </span></div></td></tr><tr><td class=\"c xa57 y35af w333 h69\"><div class=\"t m0 x163 h32f y71 ff10 fs5 fc1a sc0 ls0 ws0\">Basilicata </div></td><td class=\"c xa5d y35af w1ba h69\"><div class=\"t m0 x27 h32f y71 ff10 fs5 fc1a sc0 lsa5 ws0\">135<span class=\"ls0\"> </span></div></td><td class=\"c xa59 y35af w524 h69\"><div class=\"t m0 x11 h32f y71 ff10 fs5 fc1a sc0 lsa5 ws0\">0,21<span class=\"ls0\"> </span></div></td><td class=\"c xa5e y35af w5e5 h69\"><div class=\"t m0 x12 h32f y71 ff10 fs5 fc1a sc0 ls0 ws0\">9.875,39 </div></td><td class=\"c xa5f y35af w335 h69\"><div class=\"t m0 x3a h32f y71 ff10 fs5 fc1a sc0 lsa5 ws0\">0,19<span class=\"ls0\"> </span></div></td></tr><tr><td class=\"c xa57 y35b0 w333 h69\"><div class=\"t m0 x163 h32f y71 ff10 fs5 fc1a sc0 ls0 ws0\">Calabria </div></td><td class=\"c xa5d y35b0 w1ba h69\"><div class=\"t m0 x39 h32f y71 ff10 fs5 fc1a sc0 ls0 ws0\">2.333 </div></td><td class=\"c xa59 y35b0 w524 h69\"><div class=\"t m0 x11 h32f y71 ff10 fs5 fc1a sc0 lsa5 ws0\">3,67<span class=\"ls0\"> </span></div></td><td class=\"c xa5e y35b0 w5e5 h69\"><div class=\"t m0 x97 h32f y71 ff10 fs5 fc1a sc0 ls0 ws0\">136.172,37 </div></td><td class=\"c xa5f y35b0 w335 h69\"><div class=\"t m0 x3a h32f y71 ff10 fs5 fc1a sc0 lsa5 ws0\">2,63<span class=\"ls0\"> </span></div></td></tr><tr><td class=\"c xa57 y35b1 w333 h69\"><div class=\"t m0 x163 h32f y71 ff10 fs5 fc1a sc0 ls0 ws0\">Campania </div></td><td class=\"c xa5d y35b1 w1ba h69\"><div class=\"t m0 x39 h32f y71 ff10 fs5 fc1a sc0 ls0 ws0\">6.563 </div></td><td class=\"c xa59 y35b1 w524 h69\"><div class=\"t m0 x31 h32f y71 ff10 fs5 fc1a sc0 ls0 ws0\">10,33 </div></td><td class=\"c xa5e y35b1 w5e5 h69\"><div class=\"t m0 x97 h32f y71 ff10 fs5 fc1a sc0 ls0 ws0\">574.596,29 </div></td><td class=\"c xa5f y35b1 w335 h69\"><div class=\"t m0 x48 h32f y71 ff10 fs5 fc1a sc0 ls0 ws0\">11,09 </div></td></tr><tr><td class=\"c xa57 y35b2 w333 h69\"><div class=\"t m0 x163 h32f y71 ff10 fs5 fc1a sc0 ls0 ws0\">Emilia Rom<span class=\"_ _2\"></span>agna </div></td><td class=\"c xa5d y35b2 w1ba h69\"><div class=\"t m0 x39 h32f y71 ff10 fs5 fc1a sc0 ls0 ws0\">9.994 </div></td><td class=\"c xa59 y35b2 w524 h69\"><div class=\"t m0 x31 h32f y71 ff10 fs5 fc1a sc0 ls0 ws0\">15,74 </div></td><td class=\"c xa5e y35b2 w5e5 h69\"><div class=\"t m0 x97 h32f y71 ff10 fs5 fc1a sc0 ls0 ws0\">740.382,33 </div></td><td class=\"c xa5f y35b2 w335 h69\"><div class=\"t m0 x48 h32f y71 ff10 fs5 fc1a sc0 ls0 ws0\">14,30 </div></td></tr><tr><td class=\"c xa57 y35b3 w333 h69\"><div class=\"t m0 x163 h32f y71 ff10 fs5 fc1a sc0 ls0 ws0\">Friuli Venezia Giulia<span class=\"_ _2\"></span> </div></td><td class=\"c xa5d y35b3 w1ba h69\"><div class=\"t m0 x27 h32f y71 ff10 fs5 fc1a sc0 lsa5 ws0\">682<span class=\"ls0\"> </span></div></td><td class=\"c xa59 y35b3 w524 h69\"><div class=\"t m0 x11 h32f y71 ff10 fs5 fc1a sc0 lsa5 ws0\">1,07<span class=\"ls0\"> </span></div></td><td class=\"c xa5e y35b3 w5e5 h69\"><div class=\"t m0 x36 h32f y71 ff10 fs5 fc1a sc0 ls0 ws0\">47.671,59 </div></td><td class=\"c xa5f y35b3 w335 h69\"><div class=\"t m0 x3a h32f y71 ff10 fs5 fc1a sc0 lsa5 ws0\">0,92<span class=\"ls0\"> </span></div></td></tr><tr><td class=\"c xa57 y35b4 w333 h69\"><div class=\"t m0 x163 h32f y71 ff10 fs5 fc1a sc0 ls0 ws0\">Lazio </div></td><td class=\"c xa5d y35b4 w1ba h69\"><div class=\"t m0 x39 h32f y71 ff10 fs5 fc1a sc0 ls0 ws0\">6.514 </div></td><td class=\"c xa59 y35b4 w524 h69\"><div class=\"t m0 x31 h32f y71 ff10 fs5 fc1a sc0 ls0 ws0\">10,26 </div></td><td class=\"c xa5e y35b4 w5e5 h69\"><div class=\"t m0 x97 h32f y71 ff10 fs5 fc1a sc0 ls0 ws0\">669.697,61 </div></td><td class=\"c xa5f y35b4 w335 h69\"><div class=\"t m0 x48 h32f y71 ff10 fs5 fc1a sc0 ls0 ws0\">12,93 </div></td></tr><tr><td class=\"c xa57 y35b5 w333 h69\"><div class=\"t m0 x163 h32f y71 ff10 fs5 fc1a sc0 ls0 ws0\">Liguria </div></td><td class=\"c xa5d y35b5 w1ba h69\"><div class=\"t m0 x39 h32f y71 ff10 fs5 fc1a sc0 ls0 ws0\">1.404 </div></td><td class=\"c xa59 y35b5 w524 h69\"><div class=\"t m0 x11 h32f y71 ff10 fs5 fc1a sc0 lsa5 ws0\">2,21<span class=\"ls0\"> </span></div></td><td class=\"c xa5e y35b5 w5e5 h69\"><div class=\"t m0 x97 h32f y71 ff10 fs5 fc1a sc0 ls0 ws0\">105.863,92 </div></td><td class=\"c xa5f y35b5 w335 h69\"><div class=\"t m0 x3a h32f y71 ff10 fs5 fc1a sc0 lsa5 ws0\">2,04<span class=\"ls0\"> </span></div></td></tr><tr><td class=\"c xa57 y35b6 w333 h69\"><div class=\"t m0 x163 h32f y71 ff10 fs5 fc1a sc0 ls0 ws0\">Lombardia </div></td><td class=\"c xa5d y35b6 w1ba h69\"><div class=\"t m0 x39 h32f y71 ff10 fs5 fc1a sc0 ls0 ws0\">8.981 </div></td><td class=\"c xa59 y35b6 w524 h69\"><div class=\"t m0 x31 h32f y71 ff10 fs5 fc1a sc0 ls0 ws0\">14,14 </div></td><td class=\"c xa5e y35b6 w5e5 h69\"><div class=\"t m0 x97 h32f y71 ff10 fs5 fc1a sc0 ls0 ws0\">858.447,56 </div></td><td class=\"c xa5f y35b6 w335 h69\"><div class=\"t m0 x48 h32f y71 ff10 fs5 fc1a sc0 ls0 ws0\">16,58 </div></td></tr><tr><td class=\"c xa57 y35b7 w333 h69\"><div class=\"t m0 x163 h32f y71 ff10 fs5 fc1a sc0 ls0 ws0\">Marche </div></td><td class=\"c xa5d y35b7 w1ba h69\"><div class=\"t m0 x39 h32f y71 ff10 fs5 fc1a sc0 ls0 ws0\">1.176 </div></td><td class=\"c xa59 y35b7 w524 h69\"><div class=\"t m0 x11 h32f y71 ff10 fs5 fc1a sc0 lsa5 ws0\">1,85<span class=\"ls0\"> </span></div></td><td class=\"c xa5e y35b7 w5e5 h69\"><div class=\"t m0 x36 h32f y71 ff10 fs5 fc1a sc0 ls0 ws0\">90.134,07 </div></td><td class=\"c xa5f y35b7 w335 h69\"><div class=\"t m0 x3a h32f y71 ff10 fs5 fc1a sc0 lsa5 ws0\">1,74<span class=\"ls0\"> </span></div></td></tr><tr><td class=\"c xa57 y35b8 w333 h69\"><div class=\"t m0 x163 h32f y71 ff10 fs5 fc1a sc0 ls0 ws0\">Molise </div></td><td class=\"c xa5d y35b8 w1ba h69\"><div class=\"t m0 x27 h32f y71 ff10 fs5 fc1a sc0 lsa5 ws0\">137<span class=\"ls0\"> </span></div></td><td class=\"c xa59 y35b8 w524 h69\"><div class=\"t m0 x11 h32f y71 ff10 fs5 fc1a sc0 lsa5 ws0\">0,22<span class=\"ls0\"> </span></div></td><td class=\"c xa5e y35b8 w5e5 h69\"><div class=\"t m0 x12 h32f y71 ff10 fs5 fc1a sc0 ls0 ws0\">8.638,24 </div></td><td class=\"c xa5f y35b8 w335 h69\"><div class=\"t m0 x3a h32f y71 ff10 fs5 fc1a sc0 lsa5 ws0\">0,17<span class=\"ls0\"> </span></div></td></tr><tr><td class=\"c xa57 y35b9 w333 h69\"><div class=\"t m0 x163 h32f y71 ff10 fs5 fc1a sc0 ls0 ws0\">Piemonte </div></td><td class=\"c xa5d y35b9 w1ba h69\"><div class=\"t m0 x39 h32f y71 ff10 fs5 fc1a sc0 ls0 ws0\">1.936 </div></td><td class=\"c xa59 y35b9 w524 h69\"><div class=\"t m0 x11 h32f y71 ff10 fs5 fc1a sc0 lsa5 ws0\">3,05<span class=\"ls0\"> </span></div></td><td class=\"c xa5e y35b9 w5e5 h69\"><div class=\"t m0 x97 h32f y71 ff10 fs5 fc1a sc0 ls0 ws0\">148.223,98 </div></td><td class=\"c xa5f y35b9 w335 h69\"><div class=\"t m0 x3a h32f y71 ff10 fs5 fc1a sc0 lsa5 ws0\">2,86<span class=\"ls0\"> </span></div></td></tr><tr><td class=\"c xa57 y35ba w333 h6a\"><div class=\"t m0 x163 h32f y71 ff10 fs5 fc1a sc0 ls0 ws0\">Puglia </div></td><td class=\"c xa5d y35ba w1ba h6a\"><div class=\"t m0 x39 h32f y71 ff10 fs5 fc1a sc0 ls0 ws0\">4.609 </div></td><td class=\"c xa59 y35ba w524 h6a\"><div class=\"t m0 x11 h32f y71 ff10 fs5 fc1a sc0 lsa5 ws0\">7,26<span class=\"ls0\"> </span></div></td><td class=\"c xa5e y35ba w5e5 h6a\"><div class=\"t m0 x97 h32f y71 ff10 fs5 fc1a sc0 ls0 ws0\">292.149,50 </div></td><td class=\"c xa5f y35ba w335 h6a\"><div class=\"t m0 x3a h32f y71 ff10 fs5 fc1a sc0 lsa5 ws0\">5,64<span class=\"ls0\"> </span></div></td></tr><tr><td class=\"c xa57 y35bb w333 h69\"><div class=\"t m0 x163 h32f y71 ff10 fs5 fc1a sc0 ls0 ws0\">Sardegna </div></td><td class=\"c xa5d y35bb w1ba h69\"><div class=\"t m0 x39 h32f y71 ff10 fs5 fc1a sc0 ls0 ws0\">3.009 </div></td><td class=\"c xa59 y35bb w524 h69\"><div class=\"t m0 x11 h32f y71 ff10 fs5 fc1a sc0 lsa5 ws0\">4,74<span class=\"ls0\"> </span></div></td><td class=\"c xa5e y35bb w5e5 h69\"><div class=\"t m0 x97 h32f y71 ff10 fs5 fc1a sc0 ls0 ws0\">277.500,74 </div></td><td class=\"c xa5f y35bb w335 h69\"><div class=\"t m0 x3a h32f y71 ff10 fs5 fc1a sc0 lsa5 ws0\">5,36<span class=\"ls0\"> </span></div></td></tr><tr><td class=\"c xa57 y35bc w333 h69\"><div class=\"t m0 x163 h32f y71 ff10 fs5 fc1a sc0 ls0 ws0\">Sicilia </div></td><td class=\"c xa5d y35bc w1ba h69\"><div class=\"t m0 x39 h32f y71 ff10 fs5 fc1a sc0 ls0 ws0\">7.056 </div></td><td class=\"c xa59 y35bc w524 h69\"><div class=\"t m0 x31 h32f y71 ff10 fs5 fc1a sc0 ls0 ws0\">11,11 </div></td><td class=\"c xa5e y35bc w5e5 h69\"><div class=\"t m0 x97 h32f y71 ff10 fs5 fc1a sc0 ls0 ws0\">477.413,35 </div></td><td class=\"c xa5f y35bc w335 h69\"><div class=\"t m0 x3a h32f y71 ff10 fs5 fc1a sc0 lsa5 ws0\">9,22<span class=\"ls0\"> </span></div></td></tr><tr><td class=\"c xa57 y35bd w333 h69\"><div class=\"t m0 x163 h32f y71 ff10 fs5 fc1a sc0 ls0 ws0\">Toscana </div></td><td class=\"c xa5d y35bd w1ba h69\"><div class=\"t m0 x39 h32f y71 ff10 fs5 fc1a sc0 ls0 ws0\">4.250 </div></td><td class=\"c xa59 y35bd w524 h69\"><div class=\"t m0 x11 h32f y71 ff10 fs5 fc1a sc0 lsa5 ws0\">6,69<span class=\"ls0\"> </span></div></td><td class=\"c xa5e y35bd w5e5 h69\"><div class=\"t m0 x97 h32f y71 ff10 fs5 fc1a sc0 ls0 ws0\">346.365,50 </div></td><td class=\"c xa5f y35bd w335 h69\"><div class=\"t m0 x3a h32f y71 ff10 fs5 fc1a sc0 lsa5 ws0\">6,69<span class=\"ls0\"> </span></div></td></tr><tr><td class=\"c xa57 y35be w333 h69\"><div class=\"t m0 x163 h32f y71 ff10 fs5 fc1a sc0 ls0 ws0\">Trentino  Alto Adige<span class=\"_ _2\"></span> </div></td><td class=\"c xa5d y35be w1ba h69\"><div class=\"t m0 x27 h32f y71 ff10 fs5 fc1a sc0 lsa5 ws0\">268<span class=\"ls0\"> </span></div></td><td class=\"c xa59 y35be w524 h69\"><div class=\"t m0 x11 h32f y71 ff10 fs5 fc1a sc0 lsa5 ws0\">0,42<span class=\"ls0\"> </span></div></td><td class=\"c xa5e y35be w5e5 h69\"><div class=\"t m0 x36 h32f y71 ff10 fs5 fc1a sc0 ls0 ws0\">25.473,<span class=\"ls24\">65</span> </div></td><td class=\"c xa5f y35be w335 h69\"><div class=\"t m0 x3a h32f y71 ff10 fs5 fc1a sc0 lsa5 ws0\">0,49<span class=\"ls0\"> </span></div></td></tr><tr><td class=\"c xa57 y35bf w333 h69\"><div class=\"t m0 x163 h32f y71 ff10 fs5 fc1a sc0 ls0 ws0\">Umbria </div></td><td class=\"c xa5d y35bf w1ba h69\"><div class=\"t m0 x27 h32f y71 ff10 fs5 fc1a sc0 lsa5 ws0\">300<span class=\"ls0\"> </span></div></td><td class=\"c xa59 y35bf w524 h69\"><div class=\"t m0 x11 h32f y71 ff10 fs5 fc1a sc0 lsa5 ws0\">0,47<span class=\"ls0\"> </span></div></td><td class=\"c xa5e y35bf w5e5 h69\"><div class=\"t m0 x36 h32f y71 ff10 fs5 fc1a sc0 ls0 ws0\">19.904,89 </div></td><td class=\"c xa5f y35bf w335 h69\"><div class=\"t m0 x3a h32f y71 ff10 fs5 fc1a sc0 lsa5 ws0\">0,38<span class=\"ls0\"> </span></div></td></tr><tr><td class=\"c xa57 y35c0 w333 h69\"><div class=\"t m0 x163 h32f y71 ff10 fs5 fc1a sc0 ls0 ws0\">Val D'Aosta </div></td><td class=\"c xa5d y35c0 w1ba h69\"><div class=\"t m0 x31 h32f y71 ff10 fs5 fc1a sc0 lsa5 ws0\">16<span class=\"ls0\"> </span></div></td><td class=\"c xa59 y35c0 w524 h69\"><div class=\"t m0 x11 h32f y71 ff10 fs5 fc1a sc0 lsa5 ws0\">0,03<span class=\"ls0\"> </span></div></td><td class=\"c xa5e y35c0 w5e5 h69\"><div class=\"t m0 x12 h32f y71 ff10 fs5 fc1a sc0 ls0 ws0\">2.046,90 </div></td><td class=\"c xa5f y35c0 w335 h69\"><div class=\"t m0 x3a h32f y71 ff10 fs5 fc1a sc0 lsa5 ws0\">0,04<span class=\"ls0\"> </span></div></td></tr><tr><td class=\"c xa57 y35c1 w333 h69\"><div class=\"t m0 x163 h32f y71 ff10 fs5 fc1a sc0 ls0 ws0\">Veneto </div></td><td class=\"c xa5d y35c1 w1ba h69\"><div class=\"t m0 x39 h32f y71 ff10 fs5 fc1a sc0 ls0 ws0\">3.468 </div></td><td class=\"c xa59 y35c1 w524 h69\"><div class=\"t m0 x11 h32f y71 ff10 fs5 fc1a sc0 lsa5 ws0\">5,46<span class=\"ls0\"> </span></div></td><td class=\"c xa5e y35c1 w5e5 h69\"><div class=\"t m0 x97 h32f y71 ff10 fs5 fc1a sc0 ls0 ws0\">296.762,82 </div></td><td class=\"c xa5f y35c1 w335 h69\"><div class=\"t m0 x3a h32f y71 ff10 fs5 fc1a sc0 lsa5 ws0\">5,73<span class=\"ls0\"> </span></div></td></tr><tr><td class=\"c xa57 y35c2 w333 h69\"><div class=\"t m0 x163 h32e y3e4 ff11 fs5 fc1a sc0 ls0 ws0\">Totale portafo<span class=\"_ _2\"></span>glio </div></td><td class=\"c xa5d y35c2 w1ba h69\"><div class=\"t m0 x116 h32e y3e4 ff11 fs5 fc1a sc0 ls0 ws0\">63.511 </div></td><td class=\"c xa59 y35c2 w524 h69\"><div class=\"t m0 x31 h32e y3e4 ff11 fs5 fc1a sc0 ls0 ws0\">100% </div></td><td class=\"c xa5e y35c2 w5e5 h69\"><div class=\"t m0 x33 h32e y3e4 ff11 fs5 fc1a sc0 ls0 ws0\">5.179.172,35<span class=\"_ _2\"></span> </div></td><td class=\"c xa5f y35c2 w335 h69\"><div class=\"t m0 x48 h32e y3e4 ff11 fs5 fc1a sc0 ls0 ws0\">100% </div></td></tr></table></div><div class=\"t m0 h5 ff4 fs1 fc4 sc3 ls0 ws0 gs12d3\">Fina<span class=\"_ _1\"></span>nziam<span class=\"_ _1\"></span>ento<span class=\"_ _f\"></span> Subordina<span class=\"_ _f\"></span>to<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs12d4\">In occasione <span class=\"_ _2\"></span>della cessione <span class=\"_ _2\"></span>del Port<span class=\"_ _2\"></span>afoglio iniziale, in <span class=\"_ _2\"></span>data <span class=\"_ _2\"></span>29 ott<span class=\"_ _2\"></span>obre <span class=\"_ _2\"></span>2010, <span class=\"_ _2\"></span>Credem e <span class=\"_ _2\"></span>Credem CB<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs12d5\">hanno  sot<span class=\"_ _2\"></span>toscritto  un <span class=\"_ _22\"> </span>contratto <span class=\"_ _22\"> </span>di <span class=\"_ _22\"> </span>finanziamento <span class=\"_ _4\"> </span>subordinato,  mediante  il <span class=\"_ _4\"> </span>quale  Credem <span class=\"_ _22\"> </span>h<span class=\"_ _2\"></span>a<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs12d6\">concesso <span class=\"_ _22\"> </span>a <span class=\"_ _4\"> </span>Credem <span class=\"_ _22\"> </span>CB <span class=\"_ _4\"> </span>un <span class=\"_ _22\"> </span>finanziamento <span class=\"_ _4\"> </span>subordinato <span class=\"_ _22\"> </span>per <span class=\"_ _4\"> </span>il <span class=\"_ _22\"> </span>pagamento <span class=\"_ _4\"> </span>del  corr<span class=\"_ _2\"></span>ispettivo  di<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs12d7\">acquisto <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>Portafoglio <span class=\"_ _d\"></span>iniziale <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>si <span class=\"_ _d\"></span>\u00e8 <span class=\"_ _2\"></span>obbligata <span class=\"_ _d\"></span>a <span class=\"_ _2\"></span>concedere <span class=\"_ _2\"></span>a <span class=\"_ _d\"></span>Credem <span class=\"_ _2\"></span>CB <span class=\"_ _2\"></span>ulteriori <span class=\"_ _2\"></span>finanziamenti<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs12d8\">subordinati, <span class=\"_ _d\"></span>ciascuno <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>importo <span class=\"_ _0\"></span>pari <span class=\"_ _d\"></span>all\u2019ammontare <span class=\"_ _d\"></span>da <span class=\"_ _d\"></span>corrispondere <span class=\"_ _d\"></span>da <span class=\"_ _0\"></span>parte <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>Credem <span class=\"_ _d\"></span>CB <span class=\"_ _d\"></span>i<span class=\"_ _2\"></span>n<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs12d9\">relazione <span class=\"_ _2\"></span>all\u2019acquisto <span class=\"_ _2\"></span>dei <span class=\"_ _2\"></span>successivi <span class=\"_ _d\"></span>portafogli <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>crediti, <span class=\"_ _2\"></span>ceduti <span class=\"_ _2\"></span>da <span class=\"_ _2\"></span>Credem <span class=\"_ _d\"></span>secondo <span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>termini <span class=\"_ _2\"></span>e <span class=\"_ _d\"></span>le<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs12da\">condizioni previste dal contratto quadro disciplinante la cessione deg<span class=\"_ _1\"></span>li attivi. <span class=\"_ _2\"></span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs12db\">Un <span class=\"_ _22\"> </span>ulteriore <span class=\"_ _4\"> </span>finanziamento  subordinato <span class=\"_ _4\"> </span>\u00e8 <span class=\"_ _22\"> </span>pertanto <span class=\"_ _4\"> </span>stato  concesso <span class=\"_ _4\"> </span>in  sede <span class=\"_ _4\"> </span>di  ogni <span class=\"_ _4\"> </span>cession<span class=\"_ _1\"></span>e<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs12dc\">successiva, per un importo pari ai relativi<span class=\"_ _1\"></span> prezzi di cessione. <span class=\"_ _2\"></span> </div><div class=\"t m0 h5 ff4 fs1 fc4 sc3 ls0 ws0 gs12de\">Asset<span class=\"_ _1\"></span> Swa<span class=\"_ _f\"></span>p  </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs12df\">Tra <span class=\"_ _d\"></span>la <span class=\"_ _d\"></span>Societ\u00e0 <span class=\"_ _2\"></span>Veicolo <span class=\"_ _d\"></span>e <span class=\"_ _2\"></span>Cr<span class=\"_ _2\"></span>edem <span class=\"_ _d\"></span>possono <span class=\"_ _d\"></span>essere <span class=\"_ _2\"></span>stipulati <span class=\"_ _d\"></span>dei <span class=\"_ _2\"></span>cont<span class=\"_ _2\"></span>ratti <span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>wap, <span class=\"_ _2\"></span>per <span class=\"_ _d\"></span>un <span class=\"_ _2\"></span>ammo<span class=\"_ _2\"></span>ntare </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs12e0\">fino <span class=\"_ _2\"></span>alla <span class=\"_ _2\"></span>copertura <span class=\"_ _2\"></span>del </div><div class=\"t m1 h6 ff4 fs2 fc1 sc0 ls0 ws0 gs12e1\">Cover <span class=\"_ _2\"></span>Pool<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs12e2\">, <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>fine <span class=\"_ _2\"></span>di gar<span class=\"_ _2\"></span>antire alla <span class=\"_ _2\"></span>Societ\u00e0 <span class=\"_ _2\"></span>Veicolo <span class=\"_ _2\"></span>una <span class=\"_ _2\"></span>protezione<span class=\"_ _f\"></span> <span class=\"_ _d\"></span>contro <span class=\"_ _2\"></span>il </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs12e3\">rischio di tasso e/o di base, dovuto alla presenza di<span class=\"_ _1\"></span> attivi con diversa <span class=\"_ _2\"></span>indicizzazione. </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs12e4\">Al 31 dicembre 2025, non sono presenti contratti Asset Swap tra <span class=\"_ _f\"></span>la Societ\u00e0 Veicolo e Credem.<span class=\"_ _2\"></span> </div><div class=\"t m0 h5 ff4 fs1 fc4 sc3 ls0 ws0 gs12e5\">Cover<span class=\"_ _1\"></span>ed Bo<span class=\"_ _f\"></span>nd Swa<span class=\"_ _1\"></span>p (o<span class=\"_ _1\"></span> Liab<span class=\"_ _1\"></span>ility S<span class=\"_ _f\"></span>wap) </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs12e6\">In <span class=\"_ _0\"></span>occasione <span class=\"_ _0\"></span>dell\u2019emissione <span class=\"_ _0\"></span>sul <span class=\"_ _0\"></span>mercato <span class=\"_ _9\"> </span>di <span class=\"_ _0\"></span>Covered <span class=\"_ _0\"></span>Bond, <span class=\"_ _0\"></span>tra <span class=\"_ _0\"></span>la <span class=\"_ _9\"> </span>Societ\u00e0 <span class=\"_ _0\"></span>Veicolo <span class=\"_ _0\"></span>e <span class=\"_ _0\"></span>Credem <span class=\"_ _0\"></span>pu\u00f2 </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs12e7\">essere <span class=\"_ _0\"></span>stipulato <span class=\"_ _0\"></span>un <span class=\"_ _0\"></span>contratto <span class=\"_ _d\"></span>swap <span class=\"_ _0\"></span>al <span class=\"_ _d\"></span>fine <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>mitigare <span class=\"_ _0\"></span>il <span class=\"_ _0\"></span>rischio <span class=\"_ _d\"></span>di <span class=\"_ _0\"></span>tasso <span class=\"_ _0\"></span>tra <span class=\"_ _d\"></span>i <span class=\"_ _0\"></span>flussi <span class=\"_ _0\"></span>ricevuti <span class=\"_ _d\"></span>dalla </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs12e8\">Societ\u00e0 Veicolo e quanto dovuto dalla stessa agli inv<span class=\"_ _1\"></span>estitori in caso di default dell\u2019emittente.<span class=\"_ _2\"></span><span class=\"ff4\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs12e9\">Attualmente <span class=\"_ _d\"></span>\u00e8 <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>essere <span class=\"_ _d\"></span>un <span class=\"_ _d\"></span>contratto <span class=\"_ _2\"></span>swap <span class=\"_ _d\"></span>stipulato <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>fase <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>emissione <span class=\"_ _0\"></span>dei <span class=\"_ _2\"></span>Covered <span class=\"_ _d\"></span>Bond <span class=\"_ _d\"></span>con </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs12ea\">durata 30/08/2013-2028. </div><div class=\"t m0 h5 ff4 fs1 fc4 sc3 ls0 ws0 gs12eb\">Conti <span class=\"_ _1\"></span>corre<span class=\"_ _1\"></span>nti </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs12ec\">Il <span class=\"_ _2\"></span>Programma <span class=\"_ _2\"></span>preved<span class=\"_ _1\"></span>e <span class=\"_ _2\"></span>un\u2019articolata <span class=\"_ _2\"></span>struttura <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>conti <span class=\"_ _2\"></span>correnti sui <span class=\"_ _2\"></span>quali poggiano <span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>flussi <span class=\"_ _2\"></span>finanziari </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs12ed\">dell\u2019operazione. <span class=\"_ _2\"></span>Alla <span class=\"_ _d\"></span>strutturazione <span class=\"_ _d\"></span>dell\u2019<span class=\"_ _1\"></span>operazione, <span class=\"_ _d\"></span>sono <span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>tati <span class=\"_ _2\"></span>attivati <span class=\"_ _d\"></span>una<span class=\"_ _1\"></span> <span class=\"_ _d\"></span>serie <span class=\"_ _2\"></span>di <span class=\"_ _d\"></span>conti<span class=\"_ _2\"></span><span class=\"ff4\"> <span class=\"_ _d\"></span>intestati </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs12ee\">alla <span class=\"_ _4\"> </span>Societ\u00e0 <span class=\"_ _4\"> </span>Veicolo <span class=\"_ _4\"> </span>ed <span class=\"_ _4\"> </span>in <span class=\"_ _4\"> </span>particolare, <span class=\"_ _4\"> </span>a <span class=\"_ _4\"> </span>scopo <span class=\"_ _4\"> </span>non <span class=\"_ _4\"> </span>esaustivo: </div><div class=\"t m1 h6 ff4 fs2 fc1 sc0 ls0 ws0 gs12ef\">Collection <span class=\"_ _4\"> </span>Accounts</div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls1b ws0 gs12f0\">, </div><div class=\"t m1 h6 ff4 fs2 fc1 sc0 ls0 ws0 gs12f1\">Reserve </div><div class=\"t m1 h6 ff4 fs2 fc1 sc0 ls0 ws0 gs12f2\">Account</div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls1b ws0 gs12f3\">, </div><div class=\"t m1 h6 ff4 fs2 fc1 sc0 ls0 ws0 gs12f4\">Payments <span class=\"_ _9\"> </span>Account</div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls1b ws0 gs12f5\">, </div><div class=\"t m1 h6 ff4 fs2 fc1 sc0 ls0 ws0 gs12f6\">Eligible <span class=\"_ _0\"></span>In<span class=\"_ _2\"></span>vestment<span class=\"_ _df\"> </span></div><div class=\"t m1 h6 ff4 fs2 fc1 sc0 ls0 ws0 gs12f7\">Account</div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs12f8\"> <span class=\"_ _9\"> </span><span class=\"lse\">e </span></div><div class=\"t m1 h6 ff4 fs2 fc1 sc0 ls0 ws0 gs12f9\">Expenses <span class=\"_ _0\"></span>Account<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs12fa\">. <span class=\"_ _0\"></span>D<span class=\"_ _2\"></span>a <span class=\"_ _0\"></span>aprile <span class=\"_ _9\"> </span>2022 </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs12fb\">Credem riveste il ruolo di Account Bank de<span class=\"_ _1\"></span>lla societ\u00e0 veicolo. <span class=\"_ _2\"></span><span class=\"fc4 sc3\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc4 sc3 ls0 ws0 gs12fc\">Sogget<span class=\"_ _f\"></span>ti coinv<span class=\"_ _1\"></span>olti <span class=\"_ _1\"></span>nel Pr<span class=\"_ _1\"></span>ogra<span class=\"_ _1\"></span>mm<span class=\"_ _f\"></span>a </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs12fd\">Con <span class=\"_ _19\"> </span>riferimento <span class=\"_ _19\"> </span>a <span class=\"_ _19\"> </span>tale <span class=\"_ _19\"> </span>sezione <span class=\"_ _19\"> </span>si <span class=\"_ _19\"> </span>riassumono <span class=\"_ _19\"> </span>i <span class=\"_ _19\"> </span>principali <span class=\"_ _19\"> </span>ruoli <span class=\"_ _19\"> </span>e <span class=\"_ _19\"> </span>controparti <span class=\"_ _19\"> </span>coinvolte </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs12fe\">nell\u2019operazione:<span class=\"ff4\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs12ff\">-<span class=\"_ _df\"> </span></div><div class=\"t m1 h6 ff4 fs2 fc1 sc0 ls0 ws0 gs1300\">Servicer<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1301\">: <span class=\"_ _d\"></span>ruolo <span class=\"_ _d\"></span>svolto <span class=\"_ _d\"></span>da <span class=\"_ _d\"></span>Credem <span class=\"_ _d\"></span>che, <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>tale <span class=\"_ _d\"></span>qualit\u00e0, <span class=\"_ _d\"></span>\u00e8 <span class=\"_ _d\"></span>stato <span class=\"_ _d\"></span>incaricato <span class=\"_ _d\"></span>da <span class=\"_ _d\"></span>Credem <span class=\"_ _d\"></span>CB <span class=\"_ _d\"></span>delle<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1302\">attivit\u00e0 <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>incasso <span class=\"_ _9\"> </span>e <span class=\"_ _0\"></span>r<span class=\"_ _2\"></span>ecupero <span class=\"_ _0\"></span>dei <span class=\"_ _0\"></span>crediti <span class=\"_ _0\"> </span>inclusi <span class=\"_ _9\"> </span>nel <span class=\"_ _0\"></span>Portafoglio <span class=\"_ _9\"> </span>Iniziale <span class=\"_ _0\"></span>e <span class=\"_ _9\"> </span>nei <span class=\"_ _0\"></span>portafogli <span class=\"_ _9\"> </span>che<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1303\">Credem stessa cede a Credem CB ai sensi del<span class=\"_ _1\"></span> Contratto Quadro di Cessione;<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1304\">-<span class=\"_ _df\"> </span></div><div class=\"t m1 h6 ff4 fs2 fc1 sc0 ls0 ws0 gs1305\">Back-Up <span class=\"_ _0\"></span>Servicer<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs1306\">: <span class=\"_ _0\"></span>entit\u00e0 <span class=\"_ _0\"></span>che <span class=\"_ _9\"> </span>al <span class=\"_ _0\"></span>verificarsi <span class=\"_ _0\"></span>di <span class=\"_ _9\"> </span>determinati <span class=\"_ _0\"></span>eventi, <span class=\"_ _0\"></span>disciplinati <span class=\"_ _0\"> </span>ne<span class=\"_ _2\"></span>ll\u2019ambito <span class=\"_ _0\"></span>del </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1307\">Programma, pu\u00f2 subentrare a Credem nel ruolo di Servicer sopra descritto. Attualmente tale </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1308\">ruolo non viene agito da alcun sogge<span class=\"_ _1\"></span>tto;<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1309\">-<span class=\"_ _df\"> </span></div><div class=\"t m1 h6 ff4 fs2 fc1 sc0 ls0 ws0 gs130a\">Investment Manag<span class=\"_ _1\"></span>er<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs130b\">: ruolo<span class=\"_ _f\"></span> svolto d<span class=\"_ _1\"></span>a C<span class=\"_ _f\"></span>r<span class=\"_ _2\"></span>edem <span class=\"_ _f\"></span>che, in <span class=\"_ _f\"></span>tale quali<span class=\"_ _1\"></span>t\u00e0, \u00e8 <span class=\"_ _f\"></span>st<span class=\"_ _2\"></span>ato<span class=\"_ _1\"></span> incaricato<span class=\"_ _1\"></span> di <span class=\"_ _f\"></span>investire </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs130c\">la liqu<span class=\"_ _1\"></span>idit\u00e0 disponibile <span class=\"_ _1\"></span>sui conti c<span class=\"_ _f\"></span>or<span class=\"_ _2\"></span>renti aperti d<span class=\"_ _1\"></span>a Crede<span class=\"_ _1\"></span>m CB e<span class=\"_ _1\"></span> di <span class=\"_ _f\"></span>r<span class=\"_ _2\"></span>edige<span class=\"_ _f\"></span>r<span class=\"_ _2\"></span>e e <span class=\"_ _f\"></span>inviare alle parti di<span class=\"_ _f\"></span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs130d\">tale <span class=\"_ _17\"> </span>contratto <span class=\"_ _14\"> </span>il <span class=\"_ _17\"> </span>c.d. </div><div class=\"t m1 h6 ff4 fs2 fc1 sc0 ls0 ws0 gs130e\">Investment <span class=\"_ _14\"> </span>Manager <span class=\"_ _14\"> </span>Report</div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs130f\">, <span class=\"_ _17\"> </span>contenente <span class=\"_ _17\"> </span>l\u2019indicazione <span class=\"_ _14\"> </span>dei <span class=\"_ _17\"> </span>risultati </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs1310\">dell\u2019attivit\u00e0 di investimento;<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1311\">-<span class=\"_ _df\"> </span></div><div class=\"t m1 h6 ff4 fs2 fc1 sc0 ls0 ws0 gs1312\">Account <span class=\"_ _2\"></span>Bank<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1313\">: <span class=\"_ _2\"></span>ruolo <span class=\"_ _d\"></span>attualmente <span class=\"_ _2\"></span>svolto <span class=\"_ _d\"></span>da <span class=\"_ _2\"></span>Credem <span class=\"_ _2\"></span>che, <span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>n <span class=\"_ _2\"></span>tale <span class=\"_ _2\"></span>qualit\u00e0, <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _0\"></span>stato <span class=\"_ _d\"></span>incaricato <span class=\"_ _2\"></span>di </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1314\">investire <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>liquidit\u00e0 <span class=\"_ _2\"></span>disponibile <span class=\"_ _2\"></span>sui <span class=\"_ _2\"></span>conti <span class=\"_ _2\"></span>correnti <span class=\"_ _2\"></span>aperti <span class=\"_ _2\"></span>da <span class=\"_ _2\"></span>Credem <span class=\"_ _2\"></span>CB <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>redigere <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>inviare </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1315\">alle <span class=\"_ _0\"></span>parti <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>tale <span class=\"_ _9\"> </span>contratto <span class=\"_ _9\"> </span>il <span class=\"_ _9\"> </span>c.d. </div><div class=\"t m1 h6 ff4 fs2 fc1 sc0 ls0 ws0 gs1316\">Investment <span class=\"_ _9\"> </span>Manager <span class=\"_ _9\"> </span>Report<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs1317\">, <span class=\"_ _0\"></span>cont<span class=\"_ _2\"></span>enente<span class=\"_ _1\"></span> <span class=\"_ _9\"> </span>l\u2019indicazione <span class=\"_ _9\"> </span>dei </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs1318\">risultati dell\u2019attivit\u00e0 di inve<span class=\"_ _1\"></span>stimento;<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1319\">-<span class=\"_ _df\"> </span></div><div class=\"t m1 h6 ff4 fs2 fc1 sc0 ls0 ws0 gs131a\">Principal <span class=\"_ _d\"></span>Paying <span class=\"_ _d\"></span>Agent<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs131b\">: <span class=\"_ _d\"></span>ruolo <span class=\"_ _d\"></span>svolto <span class=\"_ _d\"></span>da <span class=\"_ _0\"></span>BNP <span class=\"_ _d\"></span>Parib<span class=\"_ _1\"></span>as <span class=\"_ _d\"></span>Securities <span class=\"_ _d\"></span>Services, <span class=\"_ _d\"></span>che <span class=\"_ _d\"></span>ha <span class=\"_ _d\"></span>il <span class=\"_ _d\"></span>principale </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs131c\">compito di determinare ed effettuare (sia per conto di Credem c<span class=\"_ _2\"></span>he per conto di Credem CB) i </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs131d\">pagamenti <span class=\"_ _f\"></span>dov<span class=\"_ _2\"></span>uti, <span class=\"_ _f\"></span>in linea capi<span class=\"_ _1\"></span>tale e <span class=\"_ _f\"></span>i<span class=\"_ _2\"></span>n <span class=\"_ _1\"></span>linea interessi, <span class=\"_ _f\"></span>in favore <span class=\"_ _1\"></span>dei portatori del<span class=\"_ _1\"></span>le Obb<span class=\"_ _1\"></span>ligazioni </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs131e\">Bancarie Garantite;<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs131f\">-<span class=\"_ _df\"> </span></div><div class=\"t m1 h6 ff4 fs2 fc1 sc0 ls0 ws0 gs1320\">Calculation <span class=\"_ _d\"></span>Agent</div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1321\">: <span class=\"_ _d\"></span>ruolo <span class=\"_ _0\"></span>svolto <span class=\"_ _d\"></span>da <span class=\"_ _d\"></span>BNP <span class=\"_ _0\"></span>Paribas <span class=\"_ _d\"></span>Securities <span class=\"_ _0\"></span>Services <span class=\"_ _d\"></span>che, <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>tale <span class=\"_ _0\"></span>qualit\u00e0, <span class=\"_ _d\"></span>ha <span class=\"_ _0\"></span>il </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1322\">principale  compito <span class=\"_ _22\"> </span>di <span class=\"_ _4\"> </span>redig<span class=\"_ _1\"></span>ere <span class=\"_ _22\"> </span>e <span class=\"_ _4\"> </span>inviare  alle  parti <span class=\"_ _22\"> </span>del <span class=\"_ _22\"> </span>contr<span class=\"_ _2\"></span>atto  il <span class=\"_ _22\"> </span>c.d. </div><div class=\"t m1 h6 ff4 fs2 fc1 sc0 ls0 ws0 gs1323\">Payments  Report</div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls7d ws0 gs1324\">, </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs1325\">contenente <span class=\"_ _d\"></span>l\u2019indicazion<span class=\"ff4\">e <span class=\"_ _0\"></span>dei <span class=\"_ _0\"></span>fondi <span class=\"_ _0\"></span>disponibili <span class=\"_ _d\"></span>di <span class=\"_ _0\"></span>titolarit\u00e0 <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>Crede<span class=\"_ _1\"></span>m <span class=\"_ _0\"></span>CB <span class=\"_ _0\"></span>e <span class=\"_ _d\"></span>dei <span class=\"_ _0\"></span>pagamenti <span class=\"_ _0\"></span>da </span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs1326\">effettuarsi, <span class=\"_ _2\"></span>secondo <span class=\"_ _2\"></span>l\u2019ordine <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>priorit\u00e0 <span class=\"_ _2\"></span>dei <span class=\"_ _2\"></span>pagamenti <span class=\"_ _2\"></span>determinato<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>ai <span class=\"_ _2\"></span>sensi <span class=\"_ _2\"></span>dell\u2019<span class=\"_ _df\"> </span></div><div class=\"t m1 h6 ff4 fs2 fc1 sc0 ls0 ws0 gs1327\">Intercreditor </div><div class=\"t m1 h6 ff4 fs2 fc1 sc0 ls0 ws0 gs1328\">Agreement</div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1329\">;<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs132a\">-<span class=\"_ _df\"> </span></div><div class=\"t m1 h6 ff4 fs2 fc1 sc0 ls0 ws0 gs132b\">Asset  M<span class=\"_ _1\"></span>onitor<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs132c\">: <span class=\"_ _16\"> </span>ruolo <span class=\"_ _9\"> </span>svolto  da <span class=\"_ _9\"> </span>BDO <span class=\"_ _16\"> </span>Italia <span class=\"_ _16\"> </span>S.p.<span class=\"_ _1\"></span>A. <span class=\"_ _16\"> </span>che, <span class=\"_ _16\"> </span>in <span class=\"_ _9\"> </span>t<span class=\"_ _2\"></span>ale <span class=\"_ _9\"> </span>q<span class=\"_ _2\"></span>ualit\u00e0, <span class=\"_ _9\"> </span>effettua<span class=\"_ _2\"></span>  i <span class=\"_ _9\"> </span>calcoli  e<span class=\"_ _1\"></span> <span class=\"_ _16\"> </span>le<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs132d\">verifiche <span class=\"_ _15\"> </span>s<span class=\"_ _2\"></span>ui <span class=\"_ _15\"> </span>Test <span class=\"_ _10\"> </span>Obbligatori <span class=\"_ _e\"> </span>e <span class=\"_ _e\"> </span>sull\u2019</div><div class=\"t m1 h6 ff4 fs2 fc1 sc0 ls0 ws0 gs132e\">Amortisation <span class=\"_ _10\"> </span>Test </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs132f\">svolti <span class=\"_ _15\"> </span>ai <span class=\"_ _10\"> </span>sensi <span class=\"_ _e\"> </span>del </div><div class=\"t m1 h6 ff4 fs2 fc1 sc0 ls0 ws0 gs1330\">Cover <span class=\"_ _e\"> </span>Pool<span class=\"_ _df\"> </span></div><div class=\"t m1 h6 ff4 fs2 fc1 sc0 ls0 ws0 gs1331\">Management <span class=\"_ _17\"> </span>Agreement</div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs1332\">, <span class=\"_ _17\"> </span>verificando <span class=\"_ _17\"> </span>l\u2019accuratezza <span class=\"_ _17\"> </span>dei <span class=\"_ _17\"> </span>calcoli <span class=\"_ _17\"> </span>effettuati <span class=\"_ _17\"> </span>dal </div><div class=\"t m1 h6 ff4 fs2 fc1 sc0 ls0 ws0 gs1333\">Calculation </div><div class=\"t m1 h6 ff4 fs2 fc1 sc0 ls0 ws0 gs1334\">Agent<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs1335\">. <span class=\"_ _16\"> </span>Con <span class=\"_ _16\"> </span>incarico <span class=\"_ _16\"> </span>separato, <span class=\"_ _16\"> </span>\u00e8 <span class=\"_ _16\"> </span>attualmente <span class=\"_ _9\"> </span>previst<span class=\"_ _2\"></span>o <span class=\"_ _16\"> </span>che <span class=\"_ _9\"> </span>l\u2019</div><div class=\"t m1 h6 ff4 fs2 fc1 sc0 ls0 ws0 gs1336\">Asset  Monitor </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1337\">svolga <span class=\"_ _16\"> </span>ulteriori </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1338\">verifiche <span class=\"_ _4\"> </span>aventi <span class=\"_ _17\"> </span>ad <span class=\"_ _4\"> </span>oggetto <span class=\"_ _17\"> </span>in <span class=\"_ _4\"> </span>particolare <span class=\"_ _17\"> </span>la <span class=\"_ _17\"> </span>conformit\u00e0 <span class=\"_ _4\"> </span>degli <span class=\"_ _4\"> </span>at<span class=\"_ _2\"></span>tivi <span class=\"_ _4\"> </span>idonei <span class=\"_ _4\"> </span>costituenti <span class=\"_ _17\"> </span>il </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs1339\">Portafoglio  ai <span class=\"_ _22\"> </span>r<span class=\"_ _2\"></span>equ<span class=\"_ _1\"></span>isiti  previsti <span class=\"_ _4\"> </span>dalla  Normativa <span class=\"_ _22\"> </span>e <span class=\"_ _4\"> </span>l\u2019integ<span class=\"_ _1\"></span>rit\u00e0 <span class=\"_ _22\"> </span>della  garanzia <span class=\"_ _4\"> </span>a  favore  degli<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs133a\">investitori;<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs133b\">-<span class=\"_ _df\"> </span></div><div class=\"t m1 h6 ff4 fs2 fc1 sc0 ls0 ws0 gs133c\">Representative <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>Bon<span class=\"_ _2\"></span>dholders<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs133d\">: <span class=\"_ _d\"></span>ruolo <span class=\"_ _d\"></span>svolto <span class=\"_ _d\"></span>da <span class=\"_ _0\"></span>BNP <span class=\"_ _d\"></span>Paribas <span class=\"_ _d\"></span>Securities <span class=\"_ _d\"></span>Services <span class=\"_ _d\"></span>che, <span class=\"_ _d\"></span>in<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs133e\">tale q<span class=\"_ _1\"></span>ualit\u00e0, <span class=\"_ _1\"></span>esercita nei<span class=\"_ _1\"></span> confron<span class=\"_ _1\"></span>ti di <span class=\"_ _f\"></span>Credem e <span class=\"_ _f\"></span>di Crede<span class=\"_ _1\"></span>m CB<span class=\"_ _1\"></span> i <span class=\"_ _f\"></span>diritti del<span class=\"_ _1\"></span>le <span class=\"_ _1\"></span>controparti coinvolte </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs133f\">nell\u2019operazione;<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1340\">-<span class=\"_ _df\"> </span></div><div class=\"t m1 h6 ff4 fs2 fc1 sc0 ls0 ws0 gs1341\">Listing  Agent<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1342\">:  ruolo <span class=\"_ _4\"> </span>svolto  da  BNP  Paribas <span class=\"_ _22\"> </span>Securities  Services <span class=\"_ _4\"> </span>che,  in  tale <span class=\"_ _4\"> </span>qu<span class=\"_ _1\"></span>ali<span class=\"_ _2\"></span>t\u00e0,  ha  il </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1343\">principale <span class=\"_ _f\"></span>compito <span class=\"_ _f\"></span>di <span class=\"_ _f\"></span>gestir<span class=\"_ _2\"></span>e, <span class=\"_ _11\"></span>p<span class=\"_ _2\"></span>er <span class=\"_ _f\"></span>conto <span class=\"_ _f\"></span>di <span class=\"_ _1\"></span>Credem <span class=\"_ _f\"></span>e <span class=\"_ _f\"></span>di <span class=\"_ _f\"></span>Cr<span class=\"_ _2\"></span>edem <span class=\"_ _f\"></span>CB, <span class=\"_ _f\"></span>i <span class=\"_ _1\"></span>rapporti <span class=\"_ _f\"></span>e <span class=\"_ _1\"></span>gli <span class=\"_ _f\"></span>adempimenti<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1344\">con la Borsa di quotazione delle<span class=\"_ _1\"></span> Obbligazioni Bancarie Garantite.<span class=\"_ _df\"> </span></div><div class=\"t m0 he ff4 fs5 fc1 sc0 ls0 ws0 gs1346\">-<span class=\"_ _df\"> </span></div><div class=\"t m1 h6 ff4 fs2 fc1 sc0 ls0 ws0 gs1347\">Arranger:</div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1348\"> <span class=\"_ _14\"> </span><span class=\"ff5\">istituzione <span class=\"_ _14\"> </span>finanziaria <span class=\"_ _14\"> </span>che <span class=\"_ _15\"> </span>riceve <span class=\"_ _14\"> </span>mandato <span class=\"_ _14\"> </span>dall\u2019emittente <span class=\"_ _14\"> </span>per <span class=\"_ _14\"> </span>assisterlo <span class=\"_ _14\"> </span>n<span class=\"_ _2\"></span></span>ella </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs1349\">strutturazione, <span class=\"_ _9\"> </span>nell\u2019esecuzione <span class=\"_ _9\"> </span>e <span class=\"_ _9\"> </span>nella <span class=\"_ _9\"> </span>gestione <span class=\"_ _9\"> </span>dell\u2019operazione <span class=\"_ _16\"> </span>e <span class=\"_ _0\"></span>della <span class=\"_ _16\"> </span>contrattualistica <span class=\"_ _9\"> </span>di </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs134a\">riferimento, <span class=\"_ _d\"></span>nonch\u00e9 <span class=\"_ _d\"></span>nei <span class=\"_ _d\"></span>rapporti <span class=\"_ _0\"></span>con <span class=\"_ _d\"></span>le <span class=\"_ _d\"></span>terze <span class=\"_ _d\"></span>part<span class=\"_ _2\"></span>i <span class=\"_ _d\"></span>rilevanti <span class=\"_ _d\"></span>per <span class=\"_ _d\"></span>l\u2019operazione <span class=\"_ _d\"></span>(i.e.: <span class=\"_ _d\"></span>Agenzie <span class=\"_ _d\"></span>di </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs134b\">Rating, mercati e autorit\u00e0 di vigilanza di riferime<span class=\"_ _1\"></span>nto).<span class=\"_ _df\"> </span></div><div class=\"t m0 h1a ff4 fs6 fc1 sc0 ls0 ws0 gs134c\">-<span class=\"_ _df\"> </span></div><div class=\"t m1 h6 ff4 fs2 fc1 sc0 ls0 ws0 gs134d\">Corporate Servicer:</div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs134e\"> societ\u00e0 che svolge funzioni di servizio per la societ\u00e0 Veicolo.<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs134f\">Si <span class=\"_ _1\"></span>specifica, <span class=\"_ _1\"></span>infine, <span class=\"_ _1\"></span>che <span class=\"_ _1\"></span>alcuni <span class=\"_ _f\"></span>d<span class=\"_ _2\"></span>ei cont<span class=\"_ _f\"></span>r<span class=\"_ _2\"></span>atti <span class=\"_ _1\"></span>del <span class=\"_ _f\"></span>Progr<span class=\"_ _2\"></span>amma <span class=\"_ _f\"></span>prevedono che<span class=\"_ _f\"></span> i <span class=\"_ _1\"></span>soggetti <span class=\"_ _f\"></span>incaricati dello<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1350\">svolgimento <span class=\"_ _d\"></span>di <span class=\"_ _0\"></span>a<span class=\"_ _2\"></span>lcune <span class=\"_ _d\"></span>att<span class=\"_ _2\"></span>ivit\u00e0 <span class=\"_ _d\"></span>e <span class=\"_ _0\"></span>alcuni <span class=\"_ _0\"></span>ruoli <span class=\"_ _0\"></span>sopra <span class=\"_ _0\"></span>indicati <span class=\"_ _0\"></span>s<span class=\"_ _2\"></span>iano <span class=\"_ _d\"></span>dotat<span class=\"_ _d\"></span>i, <span class=\"_ _d\"></span>ai <span class=\"_ _0\"></span>fini <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>tali <span class=\"_ _0\"></span>incarichi, <span class=\"_ _0\"></span>di<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1351\">determinati <span class=\"_ _4\"> </span>livelli <span class=\"_ _17\"> </span>di <span class=\"_ _17\"> </span>rating. <span class=\"_ _4\"> </span>Pe<span class=\"_ _2\"></span>rtanto, <span class=\"_ _4\"> </span>seppure <span class=\"_ _4\"> </span>al<span class=\"_ _2\"></span>cuni <span class=\"_ _4\"> </span>ruoli <span class=\"_ _17\"> </span>risultino <span class=\"_ _4\"> </span>at<span class=\"_ _2\"></span>tualmente <span class=\"_ _4\"> </span>ricoperti <span class=\"_ _4\"> </span>da<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1352\">Credem, \u00e8 possibile che <span class=\"_ _2\"></span>in futuro gli stessi <span class=\"_ _2\"></span>possano essere assegnati a <span class=\"_ _2\"></span>soggetti esterni al Gruppo </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1353\">Credem.<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc4 sc3 ls0 ws0 gs1354\">I rischi<span class=\"_ _1\"></span> con<span class=\"_ _1\"></span>nessi<span class=\"_ _1\"></span> <span class=\"ff5\">con l<span class=\"_ _1\"></span>\u2019oper<span class=\"_ _1\"></span>azio<span class=\"_ _f\"></span>ne<span class=\"ff4\"> </span></span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1355\">Il Programm<span class=\"_ _2\"></span>a di <span class=\"_ _2\"></span>emissioni di <span class=\"_ _2\"></span>Obbligazioni <span class=\"_ _2\"></span>Bancarie Garant<span class=\"_ _2\"></span>ite comporta <span class=\"_ _2\"></span>i seguenti <span class=\"_ _2\"></span>rischi finanzia<span class=\"_ _2\"></span>ri </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs1356\">rispetto <span class=\"_ _2\"></span>ai <span class=\"_ _d\"></span>quali <span class=\"_ _2\"></span>sono <span class=\"_ _d\"></span>state <span class=\"_ _2\"></span>adottate <span class=\"_ _2\"></span>varie <span class=\"_ _d\"></span>misure <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>mitigazione: <span class=\"_ _d\"></span>rischio <span class=\"_ _2\"></span>dell\u2019emittente, <span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>ischio <span class=\"_ _2\"></span>di </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1357\">tasso, rischio di credito, rischio d<span class=\"_ _1\"></span>i liquidit\u00e0, r<span class=\"_ _2\"></span>ischio di rifinanzi<span class=\"_ _1\"></span>amento, rischio di controparte, rischi<span class=\"_ _1\"></span> </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs1358\">legali legati all\u2019operazione.<span class=\"ff4\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1359\">La <span class=\"_ _2\"></span>funzione <span class=\"_ _2\"></span>di <span class=\"_ _d\"></span>revisione <span class=\"_ _2\"></span>interna <span class=\"_ _d\"></span>di <span class=\"_ _2\"></span>Credem <span class=\"_ _d\"></span>(Servizio <span class=\"_ _2\"></span>Auditing) <span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>ffettua, <span class=\"_ _2\"></span>almeno <span class=\"_ _d\"></span>ogni <span class=\"_ _2\"></span>12 <span class=\"_ _2\"></span>mesi<span class=\"_ _2\"></span>, <span class=\"_ _2\"></span>una </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs135a\">completa verifica dei presi<span class=\"_ _2\"></span>di posti in <span class=\"_ _2\"></span>essere, anche avval<span class=\"_ _2\"></span>endosi delle informazioni r<span class=\"_ _2\"></span>icevute e delle </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs135b\">valutazioni espresse <span class=\"_ _2\"></span>dall\u2019<span class=\"_ _2\"></span><span class=\"ff4\">Asset <span class=\"_ _2\"></span>Monitor. <span class=\"_ _2\"></span>I <span class=\"_ _2\"></span>risultati di <span class=\"_ _2\"></span>tali <span class=\"_ _2\"></span>verifiche <span class=\"_ _2\"></span>sono <span class=\"_ _2\"></span>portati <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>conoscenza <span class=\"_ _2\"></span>degl<span class=\"_ _1\"></span>i </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs135c\">organi aziendali competenti.  </div><div class=\"t m0 h5 ff4 fs1 fc4 sc3 ls0 ws0 gs135d\">Cara<span class=\"_ _f\"></span>tteristich<span class=\"_ _1\"></span>e pri<span class=\"_ _1\"></span>ncipali<span class=\"_ _1\"></span> del <span class=\"_ _1\"></span>Pro<span class=\"_ _1\"></span>gram<span class=\"_ _f\"></span>ma </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs135e\">La <span class=\"_ _0\"></span>struttura <span class=\"_ _9\"> </span>finanziaria <span class=\"_ _0\"></span>del <span class=\"_ _0\"></span>Programma<span class=\"_ _2\"></span> <span class=\"_ _0\"></span><span class=\"ff5\">prevede <span class=\"_ _0\"></span>che <span class=\"_ _0\"></span>Cre<span class=\"_ _2\"></span>dem <span class=\"_ _0\"></span>proceda <span class=\"_ _0\"></span>all\u2019emissione <span class=\"_ _0\"></span>in <span class=\"_ _9\"> </span>pi\u00f9 <span class=\"_ _0\"></span>serie </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs135f\">successive <span class=\"_ _19\"> </span>di <span class=\"_ _19\"> </span>Obbligazioni <span class=\"_ _19\"> </span>Bancarie <span class=\"_ _19\"> </span>Garantite <span class=\"_ _19\"> </span>con <span class=\"_ _19\"> </span>rating, <span class=\"_ _19\"> </span>pari <span class=\"_ _19\"> </span>a <span class=\"_ _19\"> </span>Aa3 <span class=\"_ _1a\"> </span>e <span class=\"_ _19\"> </span>AA, <span class=\"_ _19\"> </span>assegnati </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs1360\">rispettivamente <span class=\"_ _0\"></span>dalle <span class=\"_ _0\"></span>seguenti <span class=\"_ _9\"> </span>societ\u00e0 <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>r<span class=\"_ _2\"></span>ating: <span class=\"_ _0\"></span>Moody\u2019s <span class=\"_ _0\"></span>Investors <span class=\"_ _9\"> </span>Services <span class=\"_ _0\"></span>Inc. <span class=\"_ _0\"></span>e <span class=\"_ _0\"></span>Fitch <span class=\"_ _9\"> </span>Rating </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1361\">Limited.  </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1362\">Tali <span class=\"_ _f\"></span>obbligazioni <span class=\"_ _f\"></span>sono <span class=\"_ _1\"></span>state <span class=\"_ _f\"></span>collocate ad<span class=\"_ _1\"></span> <span class=\"_ _f\"></span>investitori i<span class=\"_ _1\"></span>stituzionali <span class=\"_ _f\"></span>con <span class=\"_ _f\"></span>il <span class=\"_ _f\"></span>s<span class=\"_ _2\"></span>upporto <span class=\"_ _f\"></span>dei </div><div class=\"t m1 h6 ff4 fs2 fc1 sc0 ls0 ws0 gs1363\">Dealers </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1364\">di <span class=\"_ _f\"></span>tempo </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1365\">in <span class=\"_ _2\"></span>tempo <span class=\"_ _2\"></span>selezionati. In <span class=\"_ _2\"></span>fase <span class=\"_ _2\"></span>iniziale <span class=\"_ _2\"></span>gli </div><div class=\"t m1 h6 ff4 fs2 fc1 sc0 ls0 ws0 gs1366\">Arrangers </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1367\">del <span class=\"_ _2\"></span>Programma <span class=\"_ _2\"></span>sono stat<span class=\"_ _2\"></span>i Barclays <span class=\"_ _2\"></span>Bank <span class=\"_ _2\"></span>PLC <span class=\"_ _2\"></span>e </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1368\">Soci\u00e9t\u00e9 G\u00e9n\u00e9rale; attualmente tale ruolo \u00e8 unico ed<span class=\"_ _1\"></span> \u00e8 svolto d<span class=\"_ _2\"></span>a Barclays. </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1369\">Credem <span class=\"_ _d\"></span>pu\u00f2 <span class=\"_ _d\"></span>emettere, <span class=\"_ _0\"></span>a <span class=\"_ _d\"></span>valere <span class=\"_ _0\"></span>sul <span class=\"_ _d\"></span>Programma, <span class=\"_ _0\"></span>Obblig<span class=\"_ _1\"></span>azioni <span class=\"_ _d\"></span>Ba<span class=\"_ _2\"></span>ncarie <span class=\"_ _d\"></span>Garantite <span class=\"_ _d\"></span>per <span class=\"_ _0\"></span>un <span class=\"_ _d\"></span>importo </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs136a\">complessivo di tempo <span class=\"_ _2\"></span>in tempo <span class=\"_ _2\"></span>in essere non <span class=\"_ _2\"></span>superiore ad Euro <span class=\"_ _2\"></span>5 miliardi. Tale im<span class=\"_ _2\"></span>porto massimo </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs136b\">potr\u00e0 ess<span class=\"_ _2\"></span>ere incrementato <span class=\"_ _2\"></span>in<span class=\"_ _1\"></span> <span class=\"_ _2\"></span>conformit\u00e0 con <span class=\"_ _2\"></span>quanto previst<span class=\"_ _2\"></span>o dalla documentazione cont<span class=\"_ _2\"></span>rattuale </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs136c\">del <span class=\"_ _2\"></span>Programma. <span class=\"_ _2\"></span>Nell\u2019ambito <span class=\"_ _2\"></span>del Programma, <span class=\"_ _2\"></span>Credem <span class=\"_ _2\"></span>pu\u00f2 <span class=\"_ _2\"></span>emette<span class=\"_ _1\"></span>re <span class=\"_ _2\"></span>un <span class=\"_ _2\"></span>ampio <span class=\"_ _2\"></span>spettro <span class=\"_ _2\"></span>di tipologie </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs136d\">di <span class=\"_ _0\"></span>tito<span class=\"_ _2\"></span>li; <span class=\"_ _0\"></span>tuttavia <span class=\"_ _0\"></span>le <span class=\"_ _9\"> </span>tipologie <span class=\"_ _0\"></span>attualmente <span class=\"_ _0\"></span>pi\u00f9 <span class=\"_ _9\"> </span>diffuse <span class=\"_ _9\"> </span>sul <span class=\"_ _9\"> </span>mercato <span class=\"_ _0\"></span>sono <span class=\"_ _9\"> </span>titoli <span class=\"_ _0\"></span>c.d. </div><div class=\"t m1 h6 ff4 fs2 fc1 sc0 ls0 ws0 gs136e\">soft <span class=\"_ _9\"> </span>bullet </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs136f\">che </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1370\">prevedono il pagamento <span class=\"_ _2\"></span>pe<span class=\"ff5\">riodico di interessi, <span class=\"_ _2\"></span>il rimborso in un\u2019unica soluzione alla scadenza <span class=\"_ _2\"></span>e la </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1371\">possibilit\u00e0 <span class=\"_ _d\"></span>per <span class=\"_ _d\"></span>la <span class=\"_ _0\"></span>Societ\u00e0 <span class=\"_ _d\"></span>Veicolo, <span class=\"_ _0\"></span>in <span class=\"_ _d\"></span>caso <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>inadempi<span class=\"_ _1\"></span>mento <span class=\"_ _d\"></span>di <span class=\"_ _0\"></span>Credem, <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>posticipare <span class=\"_ _0\"></span>la <span class=\"_ _d\"></span>data <span class=\"_ _0\"></span>di </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1372\">scadenza di un periodo aggiuntivo di tempo (di p<span class=\"_ _1\"></span>rassi, un anno). <span class=\"_ _2\"></span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1373\">Sono <span class=\"_ _0\"></span>state <span class=\"_ _0\"></span>effettuate <span class=\"_ _0\"></span>emissioni <span class=\"_ _9\"> </span>nel <span class=\"_ _0\"></span>2010, <span class=\"_ _0\"></span>2011, <span class=\"_ _0\"></span>2012, <span class=\"_ _0\"></span>2013, <span class=\"_ _0\"></span>2014, <span class=\"_ _0\"></span>2019, <span class=\"_ _0\"> </span>2021, <span class=\"_ _0\"></span>2022, <span class=\"_ _9\"> </span>2024 <span class=\"_ _d\"></span>e <span class=\"_ _9\"> </span>2025 </div><div class=\"t m0 he ff4 fs1 fc1 sc0 ls0 ws0 gs1374\">mentre non <span class=\"_ _1\"></span>sono state e<span class=\"_ _1\"></span>ffettuate nu<span class=\"_ _1\"></span>ove<span class=\"fs5\"> </span>emissioni di<span class=\"_ _1\"></span> Covered <span class=\"_ _1\"></span>Bond dal <span class=\"_ _1\"></span>2015 al 20<span class=\"_ _1\"></span>18, nel 2<span class=\"_ _1\"></span>020 e<span class=\"_ _1\"></span> nel </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1375\">2023. <span class=\"_ _f\"></span>Il valore <span class=\"_ _f\"></span>nominale comp<span class=\"_ _1\"></span>lessivo <span class=\"_ _1\"></span>dei <span class=\"_ _1\"></span>Covered <span class=\"_ _f\"></span>Bond in <span class=\"_ _f\"></span>circolazione <span class=\"_ _1\"></span>al <span class=\"_ _f\"></span>31<span class=\"_ _2\"></span> <span class=\"_ _f\"></span>dic<span class=\"_ _2\"></span>embre <span class=\"_ _1\"></span>2025, <span class=\"_ _1\"></span>emessi </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1376\">a vale<span class=\"_ _f\"></span>r<span class=\"_ _2\"></span>e <span class=\"_ _f\"></span>s<span class=\"_ _2\"></span>ul <span class=\"_ _f\"></span>programm<span class=\"_ _2\"></span>a <span class=\"_ _1\"></span>garantito d<span class=\"_ _1\"></span>a Crede<span class=\"_ _1\"></span>m CB <span class=\"_ _f\"></span>S.r.l., \u00e8 <span class=\"_ _f\"></span>pari a 3,6 <span class=\"_ _f\"></span>miliardi di <span class=\"_ _f\"></span>E<span class=\"_ _2\"></span>uro. <span class=\"_ _1\"></span>A d<span class=\"_ _1\"></span>icembre <span class=\"_ _f\"></span>20<span class=\"_ _2\"></span>25 </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1377\">\u00e8 <span class=\"_ _2\"></span>stat<span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>perfezionata <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>quindicesima<span class=\"_ _2\"></span> <span class=\"_ _2\"></span><span class=\"ff5\">emissione: <span class=\"_ _2\"></span>un\u2019emissione <span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>etained <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>un <span class=\"_ _d\"></span>ammontare <span class=\"_ _2\"></span>pari <span class=\"_ _2\"></span>a </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1378\">750 milioni di euro.  </div>E.<span class=\"_ _22\"> </span>Cons<span class=\"_ _1\"></span>olid<span class=\"_ _f\"></span>ato pr<span class=\"_ _f\"></span>udenz<span class=\"_ _f\"></span>iale - m<span class=\"_ _f\"></span>odelli<span class=\"_ _f\"></span> per la <span class=\"_ _f\"></span>misur<span class=\"_ _f\"></span>azion<span class=\"_ _f\"></span>e del ri<span class=\"_ _f\"></span>schio <span class=\"_ _f\"></span>di cred<span class=\"_ _f\"></span>ito<span class=\"_ _df\"> </span>Il <span class=\"_ _18\"> </span>23 <span class=\"_ _19\"> </span>febbraio <span class=\"_ _19\"> </span><span class=\"ff5\">2022 <span class=\"_ _19\"> </span>l\u2019Autorit\u00e0 <span class=\"_ _19\"> </span>di <span class=\"_ _18\"> </span>Vigilanza <span class=\"_ _19\"> </span>ha <span class=\"_ _19\"> </span>confermato <span class=\"_ _19\"> </span>con <span class=\"_ _19\"> </span>apposita <span class=\"_ _19\"> </span>comunicazione<span class=\"_ _df\"> </span></span>l\u2019autorizzazione <span class=\"_ _2\"></span>p<span class=\"_ _2\"></span>er <span class=\"_ _d\"></span>il <span class=\"_ _d\"></span>Gruppo <span class=\"_ _d\"></span>all\u2019uso <span class=\"_ _d\"></span>dei <span class=\"_ _2\"></span>mo<span class=\"_ _2\"></span>delli<span class=\"_ _1\"></span> <span class=\"_ _d\"></span>AIRB <span class=\"_ _d\"></span>((parametri <span class=\"_ _d\"></span>PD, <span class=\"_ _0\"></span>LGD, <span class=\"_ _2\"></span>EAD) <span class=\"_ _0\"></span>per <span class=\"_ _d\"></span>il <span class=\"_ _d\"></span>Rischio <span class=\"_ _d\"></span>di<span class=\"_ _df\"> </span>Credito a seguito delle domande di autorizzazione delle<span class=\"_ _1\"></span> modifiche dei modelli AIRB di <span class=\"_ _2\"></span>marzo 2020<span class=\"_ _df\"> </span>(modifiche <span class=\"_ _9\"> </span>i<span class=\"_ _2\"></span>n <span class=\"_ _9\"> </span>r<span class=\"_ _2\"></span>elazione <span class=\"_ _9\"> </span>alla  Targeted <span class=\"_ _9\"> </span>R<span class=\"_ _2\"></span>eview <span class=\"_ _9\"> </span>of  Internal <span class=\"_ _16\"> </span>Models)  e<span class=\"_ _1\"></span>  marzo  2021 <span class=\"_ _9\"> </span>(adeguamento<span class=\"_ _df\"> </span>secondo la <span class=\"_ _2\"></span>Nuova <span class=\"_ _2\"></span>Definizione di <span class=\"_ _2\"></span>Default e <span class=\"_ _2\"></span>Art. <span class=\"_ _2\"></span>500 <span class=\"_ _2\"></span>CRR),<span class=\"_ _1\"></span> <span class=\"_ _2\"></span>sottoposti successiv<span class=\"_ _2\"></span>amente <span class=\"_ _2\"></span>ad accesso<span class=\"_ _df\"> </span>ispettivo nello stesso anno.<span class=\"_ _df\"> </span>Periodicamente <span class=\"_ _d\"></span>sono <span class=\"_ _d\"></span>effettuate <span class=\"_ _d\"></span>attivit\u00e0 <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>convalida <span class=\"_ _d\"></span>sui <span class=\"_ _d\"></span>diversi <span class=\"_ _d\"></span>parametri <span class=\"_ _d\"></span>in <span class=\"_ _0\"></span>termini <span class=\"_ _2\"></span>di <span class=\"_ _d\"></span>at<span class=\"_ _2\"></span>tivit\u00e0 <span class=\"_ _d\"></span>di<span class=\"_ _df\"> </span>presidio <span class=\"_ _f\"></span>e monitoraggio al<span class=\"_ _f\"></span> fine <span class=\"_ _1\"></span>di valu<span class=\"_ _1\"></span>tare la <span class=\"_ _f\"></span>generale ade<span class=\"_ _1\"></span>guatezza del <span class=\"_ _f\"></span>processo di <span class=\"_ _1\"></span>misurazione <span class=\"_ _f\"></span>del<span class=\"_ _df\"> </span>rischio di credito. Modelli<span class=\"_ _1\"></span> e metodologie risultano adeguate e le<span class=\"_ _1\"></span> performance del sistema di rating<span class=\"_ _df\"> </span>si confermano elevate indicando quindi una b<span class=\"_ _1\"></span>uona capacit\u00e0 discriminante dei modelli di rating.",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-821": {
   "value": "A.1.2 <span class=\"_ _1\"></span>Distr<span class=\"_ _1\"></span>ibuzio<span class=\"_ _1\"></span>ne d<span class=\"_ _1\"></span>elle <span class=\"_ _1\"></span>attiv<span class=\"_ _1\"></span>it\u00e0 fina<span class=\"_ _f\"></span>nziarie p<span class=\"_ _1\"></span>er po<span class=\"_ _f\"></span>rtafogli <span class=\"_ _1\"></span>di a<span class=\"_ _1\"></span>ppar<span class=\"_ _1\"></span>tenen<span class=\"_ _f\"></span>za e per<span class=\"_ _1\"></span> qua<span class=\"_ _1\"></span>lit\u00e0 cre<span class=\"_ _1\"></span>ditizia<span class=\"_ _f\"></span> (val<span class=\"_ _1\"></span>ori lor<span class=\"_ _f\"></span>di e netti)<span class=\"_ _df\"> </span><table class=\"s wef0 h55d\" id=\"_e3e7da9e-84bb-4b0b-81a2-32b90543fb4a\"><tr><td></td><td></td><td></td><td></td><td class=\"c x8a2 y328a w53c h1a2\"><div class=\"t m0 x1b1 h262 y302 ff4 fs27 fc4 sc3 ls0 ws0\">Dete<span class=\"_ _1\"></span>riora<span class=\"_ _f\"></span>te </div></td><td></td><td></td><td class=\"c x8a3 y328a w53d h1a2\"><div class=\"t m0 xf h262 y302 ff4 fs27 fc4 sc3 ls0 ws0\">Non d<span class=\"_ _f\"></span>eterio<span class=\"_ _1\"></span>rate<span class=\"_ _f\"></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=\"c x8a4 y328b wef1 h4cd\"><div class=\"t m0 x250 h262 y2899 ff4 fs27 fc4 sc3 ls0 ws0\">Tota<span class=\"_ _1\"></span>le<span class=\"_ _df\"> </span></div></td></tr><tr><td class=\"c x44e y328c w56 h2f2\"><div class=\"t m0 x8a h1f y1994 ff4 fs7 fc4 sc3 ls0 ws0\">Port<span class=\"_ _1\"></span>afog<span class=\"_ _f\"></span>li/qualit<span class=\"_ _1\"></span>\u00e0 </div></td><td></td><td class=\"c x8a5 y328d w976 h4cd\"><div class=\"t m0 x250 h262 y2899 ff4 fs27 fc4 sc3 ls0 ws0\">Esp<span class=\"_ _f\"></span>osizion<span class=\"_ _1\"></span>e</div></td><td class=\"c x8a6 y328e wef2 h4cd\"><div class=\"t m0 x250 h262 y2899 ff4 fs27 fc4 sc3 ls0 ws0\">Rettif<span class=\"_ _1\"></span>ich<span class=\"_ _f\"></span>e di<span class=\"_ _df\"> </span></div></td><td class=\"c x8a7 y328d wef3 h4cd\"><div class=\"t m0 x250 h262 y2899 ff4 fs27 fc4 sc3 ls0 ws0\">Esp<span class=\"_ _f\"></span>osizion</div></td><td class=\"c x8a8 y328e wef4 h4cd\"><div class=\"t m0 x250 h262 y2899 ff4 fs27 fc4 sc3 ls0 ws0\">Writ<span class=\"_ _1\"></span>e-off*<span class=\"_ _df\"> </span></div></td><td class=\"c x8a9 y328d wef3 h4cd\"><div class=\"t m0 x250 h262 y2899 ff4 fs27 fc4 sc3 ls0 ws0\">Esp<span class=\"_ _f\"></span>osizion</div></td><td class=\"c x75e y328e wef2 h4cd\"><div class=\"t m0 x250 h262 y2899 ff4 fs27 fc4 sc3 ls0 ws0\">Rettif<span class=\"_ _1\"></span>ich<span class=\"_ _f\"></span>e di<span class=\"_ _df\"> </span></div></td><td class=\"c x8aa y328d w976 h4cd\"><div class=\"t m0 x250 h262 y2899 ff4 fs27 fc4 sc3 ls0 ws0\">Esp<span class=\"_ _f\"></span>osizion<span class=\"_ _1\"></span>e</div></td><td class=\"c x8ab y328f wef5 h4cd\"><div class=\"t m0 x250 h262 y2899 ff4 fs27 fc4 sc3 ls0 ws0\">(espo<span class=\"_ _1\"></span>siz<span class=\"_ _1\"></span>ione<span class=\"_ _df\"> </span></div></td></tr><tr><td></td><td></td><td class=\"c x8ac y3290 wef6 h4cd\"><div class=\"t m0 x250 h262 y2899 ff4 fs27 fc4 sc3 ls0 ws0\">lord<span class=\"_ _1\"></span>a<span class=\"_ _df\"> </span></div></td><td class=\"c x8ad y3291 wef7 h4cd\"><div class=\"t m0 x250 h262 y2899 ff4 fs27 fc4 sc3 ls0 ws0\">valor<span class=\"_ _1\"></span>e<span class=\"_ _df\"> </span></div></td><td class=\"c x8ae y3290 wef8 h4cd\"><div class=\"t m0 x250 h262 y2899 ff4 fs27 fc4 sc3 ls0 ws0\">e nett<span class=\"_ _1\"></span>a</div></td><td class=\"c x8af y3291 wef9 h4cd\"><div class=\"t m0 x250 h262 y2899 ff4 fs27 fc4 sc3 ls0 ws0\">par<span class=\"_ _1\"></span>ziali<span class=\"_ _df\"> </span></div></td><td class=\"c x8b0 y3290 wefa h4cd\"><div class=\"t m0 x250 h262 y2899 ff4 fs27 fc4 sc3 ls0 ws0\">e lord<span class=\"_ _f\"></span>a<span class=\"_ _df\"> </span></div></td><td class=\"c x8b1 y3291 wefb h4cd\"><div class=\"t m0 x250 h262 y2899 ff4 fs27 fc4 sc3 ls0 ws0\">valor<span class=\"_ _1\"></span>e<span class=\"_ _df\"> </span></div></td><td class=\"c x8b2 y3290 wefc h4cd\"><div class=\"t m0 x250 h262 y2899 ff4 fs27 fc4 sc3 ls0 ws0\">netta<span class=\"_ _df\"> </span></div></td><td class=\"c x8b3 y3292 wefd h4cd\"><div class=\"t m0 x250 h262 y2899 ff4 fs27 fc4 sc3 ls0 ws0\">netta<span class=\"_ _f\"></span>)<span class=\"_ _df\"> </span></div></td></tr><tr><td></td><td></td><td></td><td class=\"c x8a6 y3293 wefe h4cd\"><div class=\"t m0 x250 h262 y2899 ff4 fs27 fc4 sc3 ls0 ws0\">comp<span class=\"_ _1\"></span>less<span class=\"_ _f\"></span>ive<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x8b4 y3293 weff h4cd\"><div class=\"t m0 x250 h262 y2899 ff4 fs27 fc4 sc3 ls0 ws0\">comp<span class=\"_ _1\"></span>less<span class=\"_ _f\"></span>ivi<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x75e y3293 wf00 h4cd\"><div class=\"t m0 x250 h262 y2899 ff4 fs27 fc4 sc3 ls0 ws0\">comp<span class=\"_ _1\"></span>less<span class=\"_ _f\"></span>ive<span class=\"_ _df\"> </span></div></td><td></td><td></td></tr><tr><td class=\"c x262 y30c6 wf01 h4b6\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">1. Attivit\u00e0<span class=\"_ _df\"> </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 x262 y3294 wa02 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">finanziarie<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x8a2 y3295 w2d7 h24a\"><div class=\"t m0 x14 h1f y2c4 ff4 fs7 fc1 sc0 ls0 ws0\">614.722 </div></td><td class=\"c x8b5 y3295 w53e h24a\"><div class=\"t m0 x27 h1f y2c4 ff4 fs7 fc1 sc0 ls0 ws0\">363.717 </div></td><td class=\"c x8b6 y3295 w1c6 h24a\"><div class=\"t m0 x2a h1f y2c4 ff4 fs7 fc1 sc0 ls0 ws0\">251.005 </div></td><td class=\"c x8b7 y3295 w268 h24a\"><div class=\"t m0 x2c h1f y2c4 ff4 fs7 fc1 sc0 ls0 ws0\">20.659 </div></td><td class=\"c x8a3 y3295 w2de h24a\"><div class=\"t m0 x10 h1f y2c4 ff4 fs7 fc1 sc0 ls0 ws0\">47.548.751 </div></td><td class=\"c x8b8 y3295 w498 h24a\"><div class=\"t m0 x35 h1f y2c4 ff4 fs7 fc1 sc0 ls0 ws0\">92.437 </div></td><td class=\"c x8b9 y3295 w2d8 h24a\"><div class=\"t m0 xac h1f y2c4 ff4 fs7 fc1 sc0 ls0 ws0\">47.456.314 </div></td><td class=\"c x8ba y3295 w2e7 h24a\"><div class=\"t m0 x2f h1f y2c4 ff4 fs7 fc1 sc0 ls0 ws0\">47.707.319 </div></td></tr><tr><td class=\"c x262 y2f22 wbcf h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">valutate al c<span class=\"_ _1\"></span>osto<span class=\"_ _df\"> </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 x262 y2f24 w988 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">ammortizzato<span class=\"_ _df\"> </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 x262 y3296 w9cb h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">2. Attivit\u00e0<span class=\"_ _df\"> </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 x262 y3297 wa02 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">finanziarie<span class=\"_ _df\"> </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 x262 y321f wf02 h540\"><div class=\"t m0 x250 h1f y313a ff4 fs7 fc1 sc0 ls0 ws0\">valutate al fair<span class=\"_ _df\"> </span></div><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">value con impat<span class=\"_ _1\"></span>to<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x8a2 y3298 w2d7 h25e\"><div class=\"t m0 x91 h1f yed0 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x8b5 y3298 w53e h25e\"><div class=\"t m0 xe h1f yed0 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x8b6 y3298 w1c6 h25e\"><div class=\"t m0 x36 h1f yed0 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x8b7 y3298 w268 h25e\"><div class=\"t m0 x7 h1f yed0 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x8a3 y3298 w2de h25e\"><div class=\"t m0 xac h1f yed0 ff4 fs7 fc1 sc0 ls0 ws0\">9.661.700 </div></td><td class=\"c x8b8 y3298 w498 h25e\"><div class=\"t m0 x26 h1f yed0 ff4 fs7 fc1 sc0 ls0 ws0\">3.433 </div></td><td class=\"c x8b9 y3298 w2d8 h25e\"><div class=\"t m0 x2f h1f yed0 ff4 fs7 fc1 sc0 ls0 ws0\">9.658.267 </div></td><td class=\"c x8ba y3298 w2e7 h25e\"><div class=\"t m0 x116 h1f yed0 ff4 fs7 fc1 sc0 ls0 ws0\">9.658.267 </div></td></tr><tr><td class=\"c x262 y3299 wf03 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">sulla redditivit\u00e0<span class=\"_ _df\"> </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 x262 y329a w902 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">complessiva<span class=\"_ _df\"> </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 x262 y329b wf04 h51d\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">3. Attivit\u00e0<span class=\"_ _df\"> </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 x262 y329c wa02 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">finanziarie<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x8a2 y329d w2d7 h2ba\"><div class=\"t m0 x91 h1f ydae ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x8b5 y329d w53e h2ba\"><div class=\"t m0 xe h1f ydae ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x8b6 y329d w1c6 h2ba\"><div class=\"t m0 x36 h1f ydae ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x8b7 y329d w268 h2ba\"><div class=\"t m0 x7 h1f ydae ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x8a3 y329d w2de h2ba\"><div class=\"t m0 x48 h1f ydae ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x8b8 y329d w498 h2ba\"><div class=\"t m0 x32 h1f ydae ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x8b9 y329d w2d8 h2ba\"><div class=\"t m0 x91 h1f ydae ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x8ba y329d w2e7 h2ba\"><div class=\"t m0 x90 h1f ydae ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x262 y329f wf05 h55e\"><div class=\"t m0 x250 h1f y329e ff4 fs7 fc1 sc0 ls0 ws0\">designate al fair<span class=\"_ _df\"> </span></div><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">value<span class=\"_ _df\"> </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 x262 y32a0 wf06 h55f\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">4. Altre attivit\u00e0<span class=\"_ _df\"> </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 x262 y32a1 wa02 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">finanziarie<span class=\"_ _df\"> </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 x262 y32a2 wf07 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">obbligatoriament<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x8a2 y32a3 w2d7 h2f4\"><div class=\"t m0 x91 h1f y1602 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x8b5 y32a3 w53e h2f4\"><div class=\"t m0 xe h1f y1602 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x8b6 y32a3 w1c6 h2f4\"><div class=\"t m0 x36 h1f y1602 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x8b7 y32a3 w268 h2f4\"><div class=\"t m0 x7 h1f y1602 ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x8a3 y32a3 w2de h2f4\"><div class=\"t m0 x48 h1f y1602 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x8b8 y32a3 w498 h2f4\"><div class=\"t m0 x32 h1f y1602 ff4 fs7 fc1 sc0 ls0 ws0\">X </div></td><td class=\"c x8b9 y32a3 w2d8 h2f4\"><div class=\"t m0 x14 h1f y1602 ff4 fs7 fc1 sc0 ls0 ws0\">691.974 </div></td><td class=\"c x8ba y32a3 w2e7 h2f4\"><div class=\"t m0 x48 h1f y1602 ff4 fs7 fc1 sc0 ls0 ws0\">691.974 </div></td></tr><tr><td class=\"c x262 y32a5 wf08 h560\"><div class=\"t m0 x250 h1f y32a4 ff4 fs7 fc1 sc0 ls0 ws0\">e valutate al fai<span class=\"_ _1\"></span>r<span class=\"_ _df\"> </span></div><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">value<span class=\"_ _df\"> </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 x262 y32a6 wf09 h4b6\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">5. Attivit\u00e0<span class=\"_ _df\"> </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 x262 y32a7 wf0a h540\"><div class=\"t m0 x250 h1f y313a ff4 fs7 fc1 sc0 ls0 ws0\">finanziarie in<span class=\"_ _df\"> </span></div><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">corso di<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c x8a2 y32a8 w2d7 h24a\"><div class=\"t m0 x91 h1f ydae ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x8b5 y32a8 w53e h24a\"><div class=\"t m0 xe h1f ydae ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x8b6 y32a8 w1c6 h24a\"><div class=\"t m0 x36 h1f ydae ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x8b7 y32a8 w268 h24a\"><div class=\"t m0 x7 h1f ydae ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x8a3 y32a8 w2de h24a\"><div class=\"t m0 x8f h1f ydae ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x8b8 y32a8 w498 h24a\"><div class=\"t m0 x90 h1f ydae ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x8b9 y32a8 w2d8 h24a\"><div class=\"t m0 x91 h1f ydae ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x8ba y32a8 w2e7 h24a\"><div class=\"t m0 x90 h1f ydae ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x262 y32a9 w98d h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">dismissione<span class=\"_ _df\"> </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 x44e y32aa w409 h49\"><div class=\"t m0 x10 h30 y823 ff4 fsb fc1 sc2 ls0 ws0\">Totale </div></td><td class=\"c x8bb y32aa w25f h49\"><div class=\"t m0 x10 h1f y25f ff4 fs7 fc1 sc2 ls0 ws0\">31/12/<span class=\"_ _f\"></span>2025 </div></td><td class=\"c x8a2 y32aa w2d7 h49\"><div class=\"t m0 x14 h1f y25f ff4 fs7 fc1 sc2 ls0 ws0\">614.7<span class=\"_ _1\"></span>22<span class=\"_ _1\"></span> </div></td><td class=\"c x8b5 y32aa w53e h49\"><div class=\"t m0 x26 h1f y25f ff4 fs7 fc1 sc2 ls0 ws0\">363<span class=\"_ _1\"></span>.717 </div></td><td class=\"c x8b6 y32aa w1c6 h49\"><div class=\"t m0 x2a h1f y25f ff4 fs7 fc1 sc2 ls0 ws0\">251.<span class=\"_ _1\"></span>005<span class=\"_ _1\"></span> </div></td><td class=\"c x8b7 y32aa w268 h49\"><div class=\"t m0 x2c h1f y25f ff4 fs7 fc1 sc2 ls0 ws0\">20.6<span class=\"_ _1\"></span>59 </div></td><td class=\"c x8a3 y32aa w2de h49\"><div class=\"t m0 xab h1f y25f ff4 fs7 fc1 sc2 ls0 ws0\">57.21<span class=\"_ _f\"></span>0.451 </div></td><td class=\"c x8b8 y32aa w498 h49\"><div class=\"t m0 x35 h1f y25f ff4 fs7 fc1 sc2 ls0 ws0\">95.87<span class=\"_ _f\"></span>0 </div></td><td class=\"c x8b9 y32aa w2d8 h49\"><div class=\"t m0 xab h1f y25f ff4 fs7 fc1 sc2 ls0 ws0\">57.806<span class=\"_ _f\"></span>.555 </div></td><td class=\"c x8ba y32aa w2e7 h49\"><div class=\"t m0 xac h1f y25f ff4 fs7 fc1 sc2 ls0 ws0\">58.<span class=\"_ _1\"></span>057.56<span class=\"_ _f\"></span>0 </div></td></tr><tr><td class=\"c x44e y32ab w409 h49\"><div class=\"t m0 x10 h30 y823 ff4 fsb fc1 sc2 ls0 ws0\">Totale </div></td><td class=\"c x8bb y32ab w25f h49\"><div class=\"t m0 x10 h1f y25f ff4 fs7 fc1 sc2 ls0 ws0\">31/12/<span class=\"_ _f\"></span>2024 </div></td><td class=\"c x8a2 y32ab w2d7 h49\"><div class=\"t m0 x130 h1f y25f ff4 fs7 fc1 sc2 ls0 ws0\">668.<span class=\"_ _1\"></span>644<span class=\"_ _f\"></span> </div></td><td class=\"c x8b5 y32ab w53e h49\"><div class=\"t m0 x26 h1f y25f ff4 fs7 fc1 sc2 ls0 ws0\">401.1<span class=\"_ _f\"></span><span class=\"ls2b\">87</span><span class=\"ls2b\"><span class=\"ls0\"> </span></span></div></td><td class=\"c x8b6 y32ab w1c6 h49\"><div class=\"t m0 x116 h1f y25f ff4 fs7 fc1 sc2 ls0 ws0\">267.<span class=\"_ _1\"></span>457<span class=\"_ _1\"></span> </div></td><td class=\"c x8b7 y32ab w268 h49\"><div class=\"t m0 x26 h1f y25f ff4 fs7 fc1 sc2 ls0 ws0\">16.227<span class=\"_ _f\"></span> </div></td><td class=\"c x8a3 y32ab w2de h49\"><div class=\"t m0 x10 h1f y25f ff4 fs7 fc1 sc2 ls0 ws0\">54.55<span class=\"_ _f\"></span>1.606 </div></td><td class=\"c x8b8 y32ab w498 h49\"><div class=\"t m0 x35 h1f y25f ff4 fs7 fc1 sc2 ls0 ws0\">95.29<span class=\"_ _f\"></span>4 </div></td><td class=\"c x8b9 y32ab w2d8 h49\"><div class=\"t m0 x2f h1f y25f ff4 fs7 fc1 sc2 ls0 ws0\">55.1<span class=\"_ _f\"></span>05.718 </div></td><td class=\"c x756 y32ab w281 h49\"><div class=\"t m0 x16a h1f y25f ff4 fs7 fc1 sc2 ls0 ws0\">55.37<span class=\"_ _f\"></span>3.175<span class=\"_ _df\"> </span></div></td></tr></table><table class=\"s wf0c h562\" id=\"_c7923ac0-f9e3-4902-95af-0e3d0344c96f\"><tr><td class=\"c x8c0 y32b5 w53f h2f5\"><div class=\"t m0 xc6 h1f y199e ff4 fs7 fc4 sc3 ls0 ws0\">Port<span class=\"_ _1\"></span>afog<span class=\"_ _f\"></span>li/qualit<span class=\"_ _1\"></span>\u00e0 </div></td><td></td><td></td><td class=\"c x8c1 y32b6 w540 h58\"><div class=\"t m0 x37 h1f y420 ff4 fs7 fc4 sc3 ls0 ws0\">Atti<span class=\"_ _1\"></span>vit\u00e0 di<span class=\"_ _f\"></span> evident<span class=\"_ _f\"></span>e scar<span class=\"_ _1\"></span>sa qua<span class=\"_ _f\"></span>lit\u00e0 cre<span class=\"_ _f\"></span>ditizia<span class=\"_ _1\"></span> </div></td><td></td><td class=\"c x763 y32b6 w23f h58\"><div class=\"t m0 x97 h1f y420 ff4 fs7 fc4 sc3 ls0 ws0\">Altr<span class=\"_ _1\"></span>e atti<span class=\"_ _1\"></span>vit\u00e0 </div></td></tr><tr><td></td><td></td><td class=\"c x8c1 y32b5 w541 hcd\"><div class=\"t m0 x16a h1f ye44 ff4 fs7 fc4 sc3 ls0 ws0\">Minu<span class=\"_ _1\"></span>sva<span class=\"_ _1\"></span>lenz<span class=\"_ _1\"></span>e cum<span class=\"_ _f\"></span>ulate<span class=\"_ _f\"></span> </div></td><td class=\"c x8c2 y32b5 w541 hcd\"><div class=\"t m0 x33 h1f ye44 ff4 fs7 fc4 sc3 ls0 ws0\">Espo<span class=\"_ _1\"></span>sizio<span class=\"_ _f\"></span>ne nett<span class=\"_ _1\"></span>a </div></td><td></td><td class=\"c x763 y32b5 w23f hcd\"><div class=\"t m0 x33 h1f ye44 ff4 fs7 fc4 sc3 ls0 ws0\">Espo<span class=\"_ _1\"></span>sizio<span class=\"_ _f\"></span>ne nett<span class=\"_ _1\"></span>a </div></td></tr><tr><td class=\"c x262 y32b7 wf0d h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc1 sc0 ls0 ws0\">1. Attivit\u00e0 finanz<span class=\"_ _1\"></span>iarie detenute per<span class=\"_ _1\"></span> la<span class=\"_ _df\"> </span></div></td><td></td><td></td><td class=\"c x8c1 y32b8 w543 h1bb\"><div class=\"t m0 x120 h1f y68b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x8c2 y32b8 w544 h1bb\"><div class=\"t m0 x1ef h1f y68b ff4 fs7 fc1 sc0 ls2a ws0\">26<span class=\"ls0\"> </span></div></td><td class=\"c x763 y32b8 we6 h1bb\"><div class=\"t m0 x1e9 h1f y68b ff4 fs7 fc1 sc0 ls0 ws0\">40.897 </div></td></tr><tr><td class=\"c x262 y2d20 wf0e h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc1 sc0 ls0 ws0\">negoziazione<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x44e y32b9 w542 h49\"><div class=\"t m0 x10 h1f y25f ff4 fs7 fc1 sc0 ls0 ws0\">2. Derivati di coper<span class=\"_ _f\"></span>tura </div></td><td></td><td></td><td class=\"c x8c1 y32b9 w543 h49\"><div class=\"t m0 x120 h1f y25f ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x8c2 y32b9 w544 h49\"><div class=\"t m0 x120 h1f y25f ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x763 y32b9 we6 h49\"><div class=\"t m0 x12a h1f y25f ff4 fs7 fc1 sc0 ls0 ws0\">179.098 </div></td></tr><tr><td class=\"c x44e y32ba w545 h49\"><div class=\"t m0 x114 h1f y25f ff4 fs7 fc1 sc2 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale </div></td><td class=\"c x8c3 y32ba w484 h49\"><div class=\"t m0 x10 h1f y25f ff4 fs7 fc1 sc2 ls0 ws0\">31/12/<span class=\"_ _f\"></span>2025 </div></td><td></td><td class=\"c x8c1 y32ba w543 h49\"><div class=\"t m0 x120 h1f y25f ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td><td class=\"c x8c2 y32ba w544 h49\"><div class=\"t m0 x22 h1f y25f ff4 fs7 fc1 sc2 ls2a ws0\">26<span class=\"ls0\"> </span></div></td><td class=\"c x763 y32ba we6 h49\"><div class=\"t m0 x66 h1f y25f ff4 fs7 fc1 sc2 ls0 ws0\">219.9<span class=\"_ _1\"></span>95<span class=\"_ _1\"></span> </div></td></tr><tr><td class=\"c x44e y32bb w545 h49\"><div class=\"t m0 x114 h1f y25f ff4 fs7 fc1 sc2 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale </div></td><td class=\"c x8c3 y32bb w484 h49\"><div class=\"t m0 x10 h1f y25f ff4 fs7 fc1 sc2 ls0 ws0\">31/12/<span class=\"_ _f\"></span>2024 </div></td><td></td><td class=\"c x8c1 y32bb w543 h49\"><div class=\"t m0 x120 h1f y25f ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td><td class=\"c x8c2 y32bb w544 h49\"><div class=\"t m0 x1c1 h1f y25f ff4 fs7 fc1 sc2 lsf4 ws0\">51<span class=\"ls0\"> </span></div></td><td class=\"c x763 y32bb we6 h49\"><div class=\"t m0 xc h1f y25f ff4 fs7 fc1 sc2 ls0 ws0\">461.3<span class=\"_ _f\"></span>21 </div></td></tr></table>A.3 Dis<span class=\"_ _1\"></span>tribuz<span class=\"_ _f\"></span>ione delle<span class=\"_ _1\"></span> espo<span class=\"_ _f\"></span>sizioni cred<span class=\"_ _1\"></span>itizie g<span class=\"_ _1\"></span>ara<span class=\"_ _1\"></span>ntite p<span class=\"_ _1\"></span>er tipolo<span class=\"_ _1\"></span>gia d<span class=\"_ _1\"></span>i garan<span class=\"_ _f\"></span>zia<span class=\"_ _df\"> </span>A.3.1<span class=\"_ _1\"></span> Cons<span class=\"_ _1\"></span>olida<span class=\"_ _f\"></span>to prude<span class=\"_ _1\"></span>nziale<span class=\"_ _1\"></span> <span class=\"ff5\">\u2013</span> E<span class=\"_ _1\"></span>spos<span class=\"_ _1\"></span>izioni <span class=\"_ _1\"></span>credit<span class=\"_ _1\"></span>izie p<span class=\"_ _f\"></span>er cass<span class=\"_ _1\"></span>a e f<span class=\"_ _1\"></span>uori <span class=\"_ _f\"></span>bilancio ver<span class=\"_ _f\"></span>so banc<span class=\"_ _f\"></span>he gara<span class=\"_ _1\"></span>ntit<span class=\"_ _1\"></span>e<span class=\"_ _df\"> </span>Esposizione lorda<span class=\"_ _f\"></span><span class=\"fc1 sc0\"> </span>Esposizione nett<span class=\"_ _1\"></span>a<span class=\"fc1 sc0\"> </span><table class=\"s w1016 h57f\" id=\"_79eac3b5-456c-4f5e-800d-96bca1702bca\"><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td class=\"c x9bf y3488 w5a6 h131\"><div class=\"t m0 x20 h262 y74a ff4 fs27 fc4 sc3 ls0 ws0\">Gara<span class=\"_ _f\"></span>nzie per<span class=\"_ _1\"></span>so<span class=\"_ _1\"></span>nali<span class=\"_ _1\"></span><span class=\"fc1 sc0\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td></td><td></td><td></td><td></td><td class=\"c x9c0 y3489 w1d2 h248\"><div class=\"t m0 x11d h262 y7b6 ff4 fs27 fc4 sc3 ls0 ws0\">Gara<span class=\"_ _f\"></span>nzie re<span class=\"_ _1\"></span>ali<span class=\"fc1 sc0\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td class=\"c x9bf y3489 w5a6 hcb\"><div class=\"t m0 x1ea h262 y392 ff4 fs27 fc4 sc3 ls0 ws0\">(2)<span class=\"fc1 sc0\"> </span></div></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=\"c x9bf y348a w5a7 h1b9\"><div class=\"t m0 xe5 h262 y30c ff4 fs27 fc4 sc3 ls0 ws0\">Deriv<span class=\"_ _f\"></span>ati su <span class=\"_ _1\"></span>credi<span class=\"_ _1\"></span>ti<span class=\"fc1 sc0\"> </span></div></td><td></td><td></td><td></td><td></td><td class=\"c x9c1 y348a w5a8 h1b9\"><div class=\"t m0 x49 h262 y30c ff4 fs27 fc4 sc3 ls0 ws0\">Credi<span class=\"_ _1\"></span>ti d<span class=\"_ _1\"></span>i firm<span class=\"_ _f\"></span>a<span class=\"fc1 sc0\"> </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 class=\"c x9c2 y348b w5a9 h1a2\"><div class=\"t m0 xef h262 y302 ff4 fs27 fc4 sc3 ls0 ws0\">Altri<span class=\"_ _1\"></span> deri<span class=\"_ _1\"></span>vat<span class=\"_ _1\"></span>i<span class=\"fc1 sc0\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td class=\"c x9c3 y348b w183 h285\"><div class=\"t m0 x116 h262 y7b6 ff4 fs27 fc4 sc3 ls0 ws0\">Tota<span class=\"_ _1\"></span>le<span class=\"fc1 sc0\"> </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></td><td></td><td></td><td></td><td></td><td></td><td class=\"c x9c3 y348c w183 h294\"><div class=\"t m0 x116 h262 y199b ff4 fs27 fc4 sc3 ls0 ws0\">(1)+<span class=\"_ _1\"></span>(2)<span class=\"fc1 sc0\"> </span></div></td></tr><tr><td class=\"c x262 y348d w1017 h580\"><div class=\"t m0 x250 h262 y2899 ff4 fs27 fc1 sc2 ls0 ws0\">1. Es<span class=\"_ _f\"></span>posizion<span class=\"_ _f\"></span>i credi<span class=\"_ _f\"></span>tizie pe<span class=\"_ _1\"></span>r<span class=\"_ _df\"> </span></div></td><td class=\"c x9c4 y348e w2de h159\"><div class=\"t m0 x2a h262 y40 ff4 fs27 fc1 sc2 ls0 ws0\">996.<span class=\"_ _1\"></span>24<span class=\"_ _1\"></span>2<span class=\"sc0\"> </span></div></td><td class=\"c x9c5 y348e w197 h159\"><div class=\"t m0 x2a h262 y40 ff4 fs27 fc1 sc2 ls0 ws0\">996.<span class=\"_ _1\"></span>24<span class=\"_ _1\"></span>2<span class=\"sc0\"> </span></div></td><td class=\"c x9c0 y348e w1db h159\"><div class=\"t m0 x97 h262 y40 ff4 fs27 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x9c6 y348e w2b3 h159\"><div class=\"t m0 x2c h262 y40 ff4 fs27 fc1 sc2 ls100 ws0\">88<span class=\"sc0 ls0\"> </span></div></td><td class=\"c x9c7 y348e w183 h159\"><div class=\"t m0 x2a h262 y40 ff4 fs27 fc1 sc2 ls0 ws0\">992.4<span class=\"_ _f\"></span>76<span class=\"sc0\"> </span></div></td><td class=\"c x9c8 y348e w2b3 h159\"><div class=\"t m0 x97 h262 y40 ff4 fs27 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x9bf y348e w2b3 h159\"><div class=\"t m0 x97 h262 y40 ff4 fs27 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x9c9 y348e w1b6 h159\"><div class=\"t m0 x97 h262 y40 ff4 fs27 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x9ca y348e w2b3 h159\"><div class=\"t m0 x97 h262 y40 ff4 fs27 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x9cb y348e w2b3 h159\"><div class=\"t m0 x97 h262 y40 ff4 fs27 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x9cc y348e w2b3 h159\"><div class=\"t m0 x97 h262 y40 ff4 fs27 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x9c1 y348e w1f1 h159\"><div class=\"t m0 x97 h262 y40 ff4 fs27 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x9cd y348e w1b6 h159\"><div class=\"t m0 x97 h262 y40 ff4 fs27 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x9ce y348e w2b3 h159\"><div class=\"t m0 x97 h262 y40 ff4 fs27 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x9cf y348e w1f1 h159\"><div class=\"t m0 x97 h262 y40 ff4 fs27 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x9c3 y348e w183 h159\"><div class=\"t m0 x2a h262 y40 ff4 fs27 fc1 sc2 ls0 ws0\">992.5<span class=\"_ _1\"></span>64<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x262 y348f w1018 h4cd\"><div class=\"t m0 x250 h262 y2899 ff4 fs27 fc1 sc2 ls0 ws0\">cass<span class=\"_ _f\"></span>a gara<span class=\"_ _1\"></span>ntit<span class=\"_ _1\"></span>e:<span class=\"_ _df\"> </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 x256 y3490 w5aa h82\"><div class=\"t m0 x16a h262 ye4c ff4 fs27 fc1 sc0 ls0 ws0\">1.1. totalmente<span class=\"_ _1\"></span> garant<span class=\"_ _1\"></span>ite  </div></td><td class=\"c x9c4 y3490 w2de h82\"><div class=\"t m0 x2a h262 ye4c ff4 fs27 fc1 sc0 ls0 ws0\">996.242 </div></td><td class=\"c x9c5 y3490 w197 h82\"><div class=\"t m0 x2a h262 ye4c ff4 fs27 fc1 sc0 ls0 ws0\">996.242 </div></td><td class=\"c x9c0 y3490 w1db h82\"><div class=\"t m0 x37 h262 ye4c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9c6 y3490 w2b3 h82\"><div class=\"t m0 x2c h262 ye4c ff4 fs27 fc1 sc0 ls6b ws0\">88<span class=\"ls0\"> </span></div></td><td class=\"c x9c7 y3490 w183 h82\"><div class=\"t m0 x2a h262 ye4c ff4 fs27 fc1 sc0 ls0 ws0\">992.476 </div></td><td class=\"c x9c8 y3490 w2b3 h82\"><div class=\"t m0 x97 h262 ye4c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9bf y3490 w2b3 h82\"><div class=\"t m0 x97 h262 ye4c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9c9 y3490 w1b6 h82\"><div class=\"t m0 x97 h262 ye4c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9ca y3490 w2b3 h82\"><div class=\"t m0 x97 h262 ye4c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9cb y3490 w2b3 h82\"><div class=\"t m0 x97 h262 ye4c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9cc y3490 w2b3 h82\"><div class=\"t m0 x97 h262 ye4c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9c1 y3490 w1f1 h82\"><div class=\"t m0 x37 h262 ye4c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9cd y3490 w1b6 h82\"><div class=\"t m0 x97 h262 ye4c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9ce y3490 w2b3 h82\"><div class=\"t m0 x97 h262 ye4c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9cf y3490 w1f1 h82\"><div class=\"t m0 x97 h262 ye4c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9c3 y3490 w183 h82\"><div class=\"t m0 x2a h262 ye4c ff4 fs27 fc1 sc0 ls0 ws0\">992.564 </div></td></tr><tr><td class=\"c x256 y3491 w5aa h82\"><div class=\"t m0 x39 h262 ye4c ff4 fs27 fc1 sc0 ls0 ws0\">- di cui deter<span class=\"_ _1\"></span>iorate </div></td><td class=\"c x9c4 y3491 w2de h82\"><div class=\"t m0 x36 h262 ye4c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9c5 y3491 w197 h82\"><div class=\"t m0 x36 h262 ye4c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9c0 y3491 w1db h82\"><div class=\"t m0 x37 h262 ye4c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9c6 y3491 w2b3 h82\"><div class=\"t m0 x37 h262 ye4c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9c7 y3491 w183 h82\"><div class=\"t m0 x36 h262 ye4c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9c8 y3491 w2b3 h82\"><div class=\"t m0 x97 h262 ye4c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9bf y3491 w2b3 h82\"><div class=\"t m0 x97 h262 ye4c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9c9 y3491 w1b6 h82\"><div class=\"t m0 x97 h262 ye4c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9ca y3491 w2b3 h82\"><div class=\"t m0 x97 h262 ye4c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9cb y3491 w2b3 h82\"><div class=\"t m0 x97 h262 ye4c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9cc y3491 w2b3 h82\"><div class=\"t m0 x97 h262 ye4c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9c1 y3491 w1f1 h82\"><div class=\"t m0 x37 h262 ye4c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9cd y3491 w1b6 h82\"><div class=\"t m0 x97 h262 ye4c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9ce y3491 w2b3 h82\"><div class=\"t m0 x97 h262 ye4c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9cf y3491 w1f1 h82\"><div class=\"t m0 x97 h262 ye4c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9c3 y3491 w183 h82\"><div class=\"t m0 x36 h262 ye4c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x256 y3492 w5aa h82\"><div class=\"t m0 x16a h262 y66c ff4 fs27 fc1 sc0 ls0 ws0\">1.2. parzialme<span class=\"_ _1\"></span>nte gara<span class=\"_ _f\"></span>n<span class=\"_ _2\"></span>tite </div></td><td class=\"c x9c4 y3492 w2de h82\"><div class=\"t m0 x36 h262 y66c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9c5 y3492 w197 h82\"><div class=\"t m0 x36 h262 y66c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9c0 y3492 w1db h82\"><div class=\"t m0 x37 h262 y66c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9c6 y3492 w2b3 h82\"><div class=\"t m0 x37 h262 y66c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9c7 y3492 w183 h82\"><div class=\"t m0 x36 h262 y66c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9c8 y3492 w2b3 h82\"><div class=\"t m0 x97 h262 y66c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9bf y3492 w2b3 h82\"><div class=\"t m0 x97 h262 y66c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9c9 y3492 w1b6 h82\"><div class=\"t m0 x97 h262 y66c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9ca y3492 w2b3 h82\"><div class=\"t m0 x97 h262 y66c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9cb y3492 w2b3 h82\"><div class=\"t m0 x97 h262 y66c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9cc y3492 w2b3 h82\"><div class=\"t m0 x97 h262 y66c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9c1 y3492 w1f1 h82\"><div class=\"t m0 x37 h262 y66c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9cd y3492 w1b6 h82\"><div class=\"t m0 x97 h262 y66c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9ce y3492 w2b3 h82\"><div class=\"t m0 x97 h262 y66c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9cf y3492 w1f1 h82\"><div class=\"t m0 x97 h262 y66c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9c3 y3492 w183 h82\"><div class=\"t m0 x36 h262 y66c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x256 y3493 w5aa h82\"><div class=\"t m0 x39 h262 y66c ff4 fs27 fc1 sc0 ls0 ws0\">- di cui deter<span class=\"_ _1\"></span>iorate </div></td><td class=\"c x9c4 y3493 w2de h82\"><div class=\"t m0 x36 h262 y66c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9c5 y3493 w197 h82\"><div class=\"t m0 x36 h262 y66c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9c0 y3493 w1db h82\"><div class=\"t m0 x37 h262 y66c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9c6 y3493 w2b3 h82\"><div class=\"t m0 x37 h262 y66c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9c7 y3493 w183 h82\"><div class=\"t m0 x36 h262 y66c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9c8 y3493 w2b3 h82\"><div class=\"t m0 x97 h262 y66c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9bf y3493 w2b3 h82\"><div class=\"t m0 x97 h262 y66c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9c9 y3493 w1b6 h82\"><div class=\"t m0 x97 h262 y66c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9ca y3493 w2b3 h82\"><div class=\"t m0 x97 h262 y66c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9cb y3493 w2b3 h82\"><div class=\"t m0 x97 h262 y66c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9cc y3493 w2b3 h82\"><div class=\"t m0 x97 h262 y66c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9c1 y3493 w1f1 h82\"><div class=\"t m0 x37 h262 y66c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9cd y3493 w1b6 h82\"><div class=\"t m0 x97 h262 y66c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9ce y3493 w2b3 h82\"><div class=\"t m0 x97 h262 y66c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9cf y3493 w1f1 h82\"><div class=\"t m0 x97 h262 y66c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9c3 y3493 w183 h82\"><div class=\"t m0 x36 h262 y66c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x262 y3494 w1019 h580\"><div class=\"t m0 x250 h262 y2899 ff4 fs27 fc1 sc2 ls0 ws0\">2. Es<span class=\"_ _1\"></span>posi<span class=\"_ _f\"></span>zioni cr<span class=\"_ _f\"></span>editiz<span class=\"_ _1\"></span>ie fu<span class=\"_ _1\"></span>ori<span class=\"_ _df\"> </span></div></td><td class=\"c x9c4 y3495 w2de h159\"><div class=\"t m0 x36 h262 y2e7 ff4 fs27 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x9c5 y3495 w197 h159\"><div class=\"t m0 x36 h262 y2e7 ff4 fs27 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x9c0 y3495 w1db h159\"><div class=\"t m0 x97 h262 y2e7 ff4 fs27 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x9c6 y3495 w2b3 h159\"><div class=\"t m0 x97 h262 y2e7 ff4 fs27 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x9c7 y3495 w183 h159\"><div class=\"t m0 x36 h262 y2e7 ff4 fs27 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x9c8 y3495 w2b3 h159\"><div class=\"t m0 x97 h262 y2e7 ff4 fs27 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x9bf y3495 w2b3 h159\"><div class=\"t m0 x97 h262 y2e7 ff4 fs27 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x9c9 y3495 w1b6 h159\"><div class=\"t m0 x97 h262 y2e7 ff4 fs27 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x9ca y3495 w2b3 h159\"><div class=\"t m0 x97 h262 y2e7 ff4 fs27 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x9cb y3495 w2b3 h159\"><div class=\"t m0 x97 h262 y2e7 ff4 fs27 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x9cc y3495 w2b3 h159\"><div class=\"t m0 x97 h262 y2e7 ff4 fs27 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x9c1 y3495 w1f1 h159\"><div class=\"t m0 x97 h262 y2e7 ff4 fs27 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x9cd y3495 w1b6 h159\"><div class=\"t m0 x97 h262 y2e7 ff4 fs27 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x9ce y3495 w2b3 h159\"><div class=\"t m0 x97 h262 y2e7 ff4 fs27 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x9cf y3495 w1f1 h159\"><div class=\"t m0 x97 h262 y2e7 ff4 fs27 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x9c3 y3495 w183 h159\"><div class=\"t m0 x36 h262 y2e7 ff4 fs27 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x262 y3496 w101a h4cd\"><div class=\"t m0 x250 h262 y2899 ff4 fs27 fc1 sc2 ls0 ws0\">bila<span class=\"_ _1\"></span>ncio g<span class=\"_ _f\"></span>aranti<span class=\"_ _1\"></span>te:<span class=\"_ _df\"> </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 x256 y3497 w5aa h82\"><div class=\"t m0 x16a h262 y66c ff4 fs27 fc1 sc0 ls0 ws0\">2.1. totalment<span class=\"_ _1\"></span>e garantit<span class=\"_ _1\"></span>e </div></td><td class=\"c x9c4 y3497 w2de h82\"><div class=\"t m0 x36 h262 y66c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9c5 y3497 w197 h82\"><div class=\"t m0 x36 h262 y66c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9c0 y3497 w1db h82\"><div class=\"t m0 x37 h262 y66c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9c6 y3497 w2b3 h82\"><div class=\"t m0 x37 h262 y66c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9c7 y3497 w183 h82\"><div class=\"t m0 x36 h262 y66c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9c8 y3497 w2b3 h82\"><div class=\"t m0 x97 h262 y66c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9bf y3497 w2b3 h82\"><div class=\"t m0 x97 h262 y66c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9c9 y3497 w1b6 h82\"><div class=\"t m0 x97 h262 y66c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9ca y3497 w2b3 h82\"><div class=\"t m0 x97 h262 y66c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9cb y3497 w2b3 h82\"><div class=\"t m0 x97 h262 y66c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9cc y3497 w2b3 h82\"><div class=\"t m0 x97 h262 y66c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9c1 y3497 w1f1 h82\"><div class=\"t m0 x37 h262 y66c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9cd y3497 w1b6 h82\"><div class=\"t m0 x97 h262 y66c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9ce y3497 w2b3 h82\"><div class=\"t m0 x97 h262 y66c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9cf y3497 w1f1 h82\"><div class=\"t m0 x97 h262 y66c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9c3 y3497 w183 h82\"><div class=\"t m0 x36 h262 y66c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x256 y3498 w5aa h82\"><div class=\"t m0 x39 h262 y66c ff4 fs27 fc1 sc0 ls0 ws0\">- di cui deter<span class=\"_ _1\"></span>iorate </div></td><td class=\"c x9c4 y3498 w2de h82\"><div class=\"t m0 x36 h262 y66c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9c5 y3498 w197 h82\"><div class=\"t m0 x36 h262 y66c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9c0 y3498 w1db h82\"><div class=\"t m0 x37 h262 y66c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9c6 y3498 w2b3 h82\"><div class=\"t m0 x37 h262 y66c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9c7 y3498 w183 h82\"><div class=\"t m0 x36 h262 y66c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9c8 y3498 w2b3 h82\"><div class=\"t m0 x97 h262 y66c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9bf y3498 w2b3 h82\"><div class=\"t m0 x97 h262 y66c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9c9 y3498 w1b6 h82\"><div class=\"t m0 x97 h262 y66c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9ca y3498 w2b3 h82\"><div class=\"t m0 x97 h262 y66c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9cb y3498 w2b3 h82\"><div class=\"t m0 x97 h262 y66c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9cc y3498 w2b3 h82\"><div class=\"t m0 x97 h262 y66c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9c1 y3498 w1f1 h82\"><div class=\"t m0 x37 h262 y66c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9cd y3498 w1b6 h82\"><div class=\"t m0 x97 h262 y66c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9ce y3498 w2b3 h82\"><div class=\"t m0 x97 h262 y66c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9cf y3498 w1f1 h82\"><div class=\"t m0 x97 h262 y66c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9c3 y3498 w183 h82\"><div class=\"t m0 x36 h262 y66c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x256 y3499 w5aa h254\"><div class=\"t m0 x16a h262 y1a44 ff4 fs27 fc1 sc0 ls0 ws0\">2.2. parzial<span class=\"_ _1\"></span>mente garantit<span class=\"_ _1\"></span>e </div></td><td class=\"c x9c4 y3499 w2de h254\"><div class=\"t m0 x36 h262 y1a44 ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9c5 y3499 w197 h254\"><div class=\"t m0 x36 h262 y1a44 ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9c0 y3499 w1db h254\"><div class=\"t m0 x37 h262 y1a44 ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9c6 y3499 w2b3 h254\"><div class=\"t m0 x37 h262 y1a44 ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9c7 y3499 w183 h254\"><div class=\"t m0 x36 h262 y1a44 ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9c8 y3499 w2b3 h254\"><div class=\"t m0 x97 h262 y1a44 ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9bf y3499 w2b3 h254\"><div class=\"t m0 x97 h262 y1a44 ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9c9 y3499 w1b6 h254\"><div class=\"t m0 x97 h262 y1a44 ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9ca y3499 w2b3 h254\"><div class=\"t m0 x97 h262 y1a44 ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9cb y3499 w2b3 h254\"><div class=\"t m0 x97 h262 y1a44 ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9cc y3499 w2b3 h254\"><div class=\"t m0 x97 h262 y1a44 ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9c1 y3499 w1f1 h254\"><div class=\"t m0 x37 h262 y1a44 ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9cd y3499 w1b6 h254\"><div class=\"t m0 x97 h262 y1a44 ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9ce y3499 w2b3 h254\"><div class=\"t m0 x97 h262 y1a44 ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9cf y3499 w1f1 h254\"><div class=\"t m0 x97 h262 y1a44 ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9c3 y3499 w183 h254\"><div class=\"t m0 x36 h262 y1a44 ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x256 y349a w5aa h82\"><div class=\"t m0 x39 h262 ye4c ff4 fs27 fc1 sc0 ls0 ws0\">- di cui deter<span class=\"_ _1\"></span>iorate </div></td><td class=\"c x9c4 y349a w2de h82\"><div class=\"t m0 x36 h262 ye4c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9c5 y349a w197 h82\"><div class=\"t m0 x36 h262 ye4c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9c0 y349a w1db h82\"><div class=\"t m0 x37 h262 ye4c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9c6 y349a w2b3 h82\"><div class=\"t m0 x37 h262 ye4c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9c7 y349a w183 h82\"><div class=\"t m0 x36 h262 ye4c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9c8 y349a w2b3 h82\"><div class=\"t m0 x97 h262 ye4c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9bf y349a w2b3 h82\"><div class=\"t m0 x97 h262 ye4c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9c9 y349a w1b6 h82\"><div class=\"t m0 x97 h262 ye4c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9ca y349a w2b3 h82\"><div class=\"t m0 x97 h262 ye4c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9cb y349a w2b3 h82\"><div class=\"t m0 x97 h262 ye4c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9cc y349a w2b3 h82\"><div class=\"t m0 x97 h262 ye4c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9c1 y349a w1f1 h82\"><div class=\"t m0 x37 h262 ye4c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9cd y349a w1b6 h82\"><div class=\"t m0 x97 h262 ye4c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9ce y349a w2b3 h82\"><div class=\"t m0 x97 h262 ye4c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9cf y349a w1f1 h82\"><div class=\"t m0 x97 h262 ye4c ff4 fs27 fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x9c3 y349a w183 h82\"><div class=\"t m0 x36 h262 ye4c ff4 fs27 fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td></tr></table>Immobili - ipoteche<span class=\"fc1 sc0\"> </span>Immobili - Finanziament<span class=\"_ _1\"></span>i per leasing<span class=\"fc1 sc0\"> </span>Titoli<span class=\"fc1 sc0\"> </span>Altre garanzie re<span class=\"_ _1\"></span>ali<span class=\"fc1 sc0\"> </span>CLN<span class=\"fc1 sc0\"> </span>Amministrazio<span class=\"_ _1\"></span>ni pubbliche <span class=\"fc1 sc0\"> </span>Banche<span class=\"fc1 sc0\"> </span>Altre societ\u00e0 finanziarie<span class=\"fc1 sc0\"> </span>Altri soggetti<span class=\"fc1 sc0\"> </span>Controparti centrali<span class=\"fc1 sc0\"> </span>Banche<span class=\"fc1 sc0\"> </span>Altre societ\u00e0 finanziarie<span class=\"fc1 sc0\"> </span>Altri soggetti<span class=\"fc1 sc0\"> </span>A.3.2 <span class=\"_ _1\"></span>Conso<span class=\"_ _1\"></span>lidat<span class=\"_ _f\"></span>o prude<span class=\"_ _1\"></span>nziale<span class=\"_ _1\"></span> - E<span class=\"_ _1\"></span>spos<span class=\"_ _1\"></span>izioni <span class=\"_ _1\"></span>credit<span class=\"_ _1\"></span>izie p<span class=\"_ _f\"></span>er cass<span class=\"_ _1\"></span>a e f<span class=\"_ _f\"></span>uori bilanc<span class=\"_ _1\"></span>io ve<span class=\"_ _1\"></span>rso <span class=\"_ _1\"></span>client<span class=\"_ _f\"></span>ela gar<span class=\"_ _1\"></span>antit<span class=\"_ _1\"></span>e<span class=\"fc1 sc0\"> </span>Esposizione lo<span class=\"_ _2\"></span>rda<span class=\"fc1 sc0\"> </span>Esposizione nett<span class=\"_ _2\"></span>a<span class=\"fc1 sc0\"> </span><table class=\"s w101b h581\" id=\"_cc05dc2a-85f0-4485-9c12-6956f7c43b15\"><tr><td></td><td></td><td></td><td></td><td class=\"c x9d0 y349b w5ad h13f\"><div class=\"t m0 xe4 h200 y7b1 ff4 fs22 fc4 sc3 ls0 ws0\">Garanz<span class=\"_ _1\"></span>ie reali<span class=\"fc1 sc0\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td class=\"c x9d1 y349b w5ae h13f\"><div class=\"t m0 x14d h200 y2ef ff4 fs22 fc4 sc3 ls0 ws0\">Garanz<span class=\"_ _1\"></span>ie person<span class=\"_ _f\"></span>ali<span class=\"fc1 sc0\"> </span></div></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td></td><td></td><td></td><td></td><td class=\"c x9d0 y349c w5ad h12\"><div class=\"t m0 x189 h200 y35c ff4 fs22 fc4 sc3 ls0 ws0\">(1)<span class=\"fc1 sc0\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td class=\"c x9d1 y349c w5ae h12\"><div class=\"t m0 x9 h200 y35c ff4 fs22 fc4 sc3 ls0 ws0\">(2)<span class=\"fc1 sc0\"> </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></td><td></td><td></td><td class=\"c x9d1 y349d w5af h1a2\"><div class=\"t m0 x90 h200 y394 ff4 fs22 fc4 sc3 ls0 ws0\">Derivat<span class=\"_ _1\"></span>i su credit<span class=\"_ _1\"></span>i<span class=\"fc1 sc0\"> </span></div></td><td></td><td></td><td></td><td></td><td class=\"c x9d2 y349d w5b0 h1a2\"><div class=\"t m0 xec h200 y394 ff4 fs22 fc4 sc3 ls0 ws0\">Crediti d<span class=\"_ _1\"></span>i firma<span class=\"fc1 sc0\"> </span></div></td><td></td><td class=\"c x9d3 y349d w8b h28d\"><div class=\"t m0 x130 h200 y7b1 ff4 fs22 fc4 sc3 ls0 ws0\">Totale<span class=\"_ _1\"></span><span class=\"fc1 sc0\"> </span></div></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td class=\"c x9d4 y349e w101c h48d\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc4 sc3 ls0 ws0\">Altri<span class=\"_ _df\"> </span></div></td><td class=\"c x9d5 y349f wcf h280\"><div class=\"t m0 x14 h200 y310 ff4 fs22 fc4 sc3 ls0 ws0\">Altri der<span class=\"_ _1\"></span>ivati<span class=\"fc1 sc0\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td class=\"c x9d3 y34a0 w269 h31a\"><div class=\"t m0 x130 h200 y1a4b ff4 fs22 fc4 sc3 ls0 ws0\">(1)+(2)<span class=\"fc1 sc0\"> </span></div></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td class=\"c x9d6 y34a1 w101d h48d\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc4 sc3 ls0 ws0\">deriva<span class=\"_ _1\"></span>ti<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x262 y34a2 w101e h48e\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc1 sc2 ls0 ws0\">1. Esposiz<span class=\"_ _1\"></span>ioni<span class=\"_ _df\"> </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 x262 y34a3 w101f h48e\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc1 sc2 ls0 ws0\">creditiz<span class=\"_ _1\"></span>ie per ca<span class=\"_ _1\"></span>ssa<span class=\"_ _df\"> </span></div></td><td class=\"c x9d7 y34a4 wb7 h16\"><div class=\"t m0 x55 h200 y409 ff4 fs22 fc1 sc2 ls0 ws0\">25.281.<span class=\"_ _1\"></span>486<span class=\"sc0\"> </span></div></td><td class=\"c x9d8 y34a4 w85 h16\"><div class=\"t m0 x55 h200 y409 ff4 fs22 fc1 sc2 ls0 ws0\">25.057.<span class=\"_ _1\"></span>827<span class=\"sc0\"> </span></div></td><td class=\"c x9d0 y34a4 w269 h16\"><div class=\"t m0 x55 h200 y409 ff4 fs22 fc1 sc2 ls0 ws0\">12.638<span class=\"_ _1\"></span>.852<span class=\"sc0\"> </span></div></td><td class=\"c x9d9 y34a4 wac h16\"><div class=\"t m0 x55 h200 y409 ff4 fs22 fc1 sc2 ls0 ws0\">1.890.900<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x9da y34a4 w152 h16\"><div class=\"t m0 x55 h200 y409 ff4 fs22 fc1 sc2 ls0 ws0\">2.337.63<span class=\"_ _f\"></span>0<span class=\"sc0\"> </span></div></td><td class=\"c x9db y34a4 w1ae h16\"><div class=\"t m0 x55 h200 y409 ff4 fs22 fc1 sc2 ls0 ws0\">3.841.<span class=\"_ _1\"></span>230<span class=\"sc0\"> </span></div></td><td class=\"c x9d1 y34a4 w5b4 h16\"><div class=\"t m0 x55 h200 y409 ff4 fs22 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x9dc y34a4 w2bd h16\"><div class=\"t m0 x38 h200 y409 ff4 fs22 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x9d5 y34a4 w5b4 h16\"><div class=\"t m0 x55 h200 y409 ff4 fs22 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x9dd y34a4 w5b5 h16\"><div class=\"t m0 x55 h200 y409 ff4 fs22 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x9de y34a4 w5b4 h16\"><div class=\"t m0 x55 h200 y409 ff4 fs22 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x9d2 y34a4 w162 h16\"><div class=\"t m0 x2e h200 y409 ff4 fs22 fc1 sc2 ls0 ws0\">1.211.489<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x9df y34a4 w1c3 h16\"><div class=\"t m0 x2a h200 y409 ff4 fs22 fc1 sc2 ls0 ws0\">122.945<span class=\"sc0\"> </span></div></td><td class=\"c x9e0 y34a4 w1c7 h16\"><div class=\"t m0 x2a h200 y409 ff4 fs22 fc1 sc2 ls0 ws0\">42.285<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x9e1 y34a4 w1a9 h16\"><div class=\"t m0 x55 h200 y409 ff4 fs22 fc1 sc2 ls0 ws0\">2.198.2<span class=\"_ _1\"></span>70<span class=\"sc0\"> </span></div></td><td class=\"c x9d3 y34a4 w269 h16\"><div class=\"t m0 x55 h200 y409 ff4 fs22 fc1 sc2 ls0 ws0\">24.283<span class=\"_ _1\"></span>.601<span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x262 y34a5 w1020 h48e\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc1 sc2 ls0 ws0\">garant<span class=\"_ _1\"></span>ite:<span class=\"_ _df\"> </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 x2a8 y34a6 w1021 h48e\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc1 sc0 ls0 ws0\">1.1. totalmente<span class=\"_ _df\"> </span></div></td><td class=\"c x9d7 y34a7 wb7 hf\"><div class=\"t m0 x55 h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">22.902.773 </div></td><td class=\"c x9d8 y34a7 w85 hf\"><div class=\"t m0 x55 h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">22.698.778 </div></td><td class=\"c x9d0 y34a7 w269 hf\"><div class=\"t m0 x55 h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">12.637.874 </div></td><td class=\"c x9d9 y34a7 wac hf\"><div class=\"t m0 x2e h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">1.890.900 </div></td><td class=\"c x9da y34a7 w152 hf\"><div class=\"t m0 x55 h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">2.255.823 </div></td><td class=\"c x9db y34a7 w1ae hf\"><div class=\"t m0 x2e h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">3.823.691 </div></td><td class=\"c x9d1 y34a7 w5b4 hf\"><div class=\"t m0 x55 h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9dc y34a7 w2bd hf\"><div class=\"t m0 x38 h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9d5 y34a7 w5b4 hf\"><div class=\"t m0 x55 h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9dd y34a7 w5b5 hf\"><div class=\"t m0 x55 h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9de y34a7 w5b4 hf\"><div class=\"t m0 x55 h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9d2 y34a7 w162 hf\"><div class=\"t m0 x55 h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">456.803</div></td><td class=\"c x9df y34a7 w1c3 hf\"><div class=\"t m0 x55 h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">43.945 </div></td><td class=\"c x9e0 y34a7 w1c7 hf\"><div class=\"t m0 x2a h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">37.679 </div></td><td class=\"c x9e1 y34a7 w1a9 hf\"><div class=\"t m0 x2e h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">1.587.896 </div></td><td class=\"c x9d3 y34a7 w269 hf\"><div class=\"t m0 x39 h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">22.734.611 </div></td></tr><tr><td class=\"c x2a8 y34a8 w1022 h48e\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc1 sc0 ls0 ws0\">garantite<span class=\"_ _df\"> </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 x46a y34a9 w1023 h48e\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc1 sc0 ls0 ws0\">- di cui<span class=\"_ _df\"> </span></div></td><td class=\"c x9d7 y34aa wb7 hf\"><div class=\"t m0 x35 h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">324.350 </div></td><td class=\"c x9d8 y34aa w85 hf\"><div class=\"t m0 x3a h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">169.723 </div></td><td class=\"c x9d0 y34aa w269 hf\"><div class=\"t m0 x2c h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">105.342 </div></td><td class=\"c x9d9 y34aa wac hf\"><div class=\"t m0 x35 h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">20.794 </div></td><td class=\"c x9da y34aa w152 hf\"><div class=\"t m0 x34 h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">1.754 </div></td><td class=\"c x9db y34aa w1ae hf\"><div class=\"t m0 x2c h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">21.223 </div></td><td class=\"c x9d1 y34aa w5b4 hf\"><div class=\"t m0 x55 h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9dc y34aa w2bd hf\"><div class=\"t m0 x38 h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9d5 y34aa w5b4 hf\"><div class=\"t m0 x55 h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9dd y34aa w5b5 hf\"><div class=\"t m0 x55 h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9de y34aa w5b4 hf\"><div class=\"t m0 x55 h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9d2 y34aa w162 hf\"><div class=\"t m0 x33 h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">14.779<span class=\"_ _df\"> </span></div></td><td class=\"c x9df y34aa w1c3 hf\"><div class=\"t m0 x31 h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9e0 y34aa w1c7 hf\"><div class=\"t m0 x26 h200 y153d ff4 fs22 fc1 sc0 ls9e ws0\">11<span class=\"ls0\"> </span></div></td><td class=\"c x9e1 y34aa w1a9 hf\"><div class=\"t m0 x3a h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">5.805 </div></td><td class=\"c x9d3 y34aa w269 hf\"><div class=\"t m0 x2c h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">169.708 </div></td></tr><tr><td class=\"c x46a y34ab wa16 h48e\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc1 sc0 ls0 ws0\">deteriorate<span class=\"_ _df\"> </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 x2a8 y34ac w1024 h48e\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc1 sc0 ls0 ws0\">1.2. parzialmente<span class=\"_ _df\"> </span></div></td><td class=\"c x9d7 y34ad wb7 hf\"><div class=\"t m0 x48 h200 y823 ff4 fs22 fc1 sc0 ls0 ws0\">2.378.713 </div></td><td class=\"c x9d8 y34ad w85 hf\"><div class=\"t m0 x14 h200 y823 ff4 fs22 fc1 sc0 ls0 ws0\">2.359.049 </div></td><td class=\"c x9d0 y34ad w269 hf\"><div class=\"t m0 x15 h200 y823 ff4 fs22 fc1 sc0 ls0 ws0\">978 </div></td><td class=\"c x9d9 y34ad wac hf\"><div class=\"t m0 x11 h200 y823 ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9da y34ad w152 hf\"><div class=\"t m0 x2c h200 y823 ff4 fs22 fc1 sc0 ls0 ws0\">81.807<span class=\"_ _df\"> </span></div></td><td class=\"c x9db y34ad w1ae hf\"><div class=\"t m0 x2c h200 y823 ff4 fs22 fc1 sc0 ls0 ws0\">17.539 </div></td><td class=\"c x9d1 y34ad w5b4 hf\"><div class=\"t m0 x55 h200 y823 ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9dc y34ad w2bd hf\"><div class=\"t m0 x38 h200 y823 ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9d5 y34ad w5b4 hf\"><div class=\"t m0 x55 h200 y823 ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9dd y34ad w5b5 hf\"><div class=\"t m0 x55 h200 y823 ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9de y34ad w5b4 hf\"><div class=\"t m0 x55 h200 y823 ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9d2 y34ad w162 hf\"><div class=\"t m0 x55 h200 y823 ff4 fs22 fc1 sc0 ls0 ws0\">754.686</div></td><td class=\"c x9df y34ad w1c3 hf\"><div class=\"t m0 x55 h200 y823 ff4 fs22 fc1 sc0 ls0 ws0\">79.000 </div></td><td class=\"c x9e0 y34ad w1c7 hf\"><div class=\"t m0 x55 h200 y823 ff4 fs22 fc1 sc0 ls0 ws0\">4.606 </div></td><td class=\"c x9e1 y34ad w1a9 hf\"><div class=\"t m0 x48 h200 y823 ff4 fs22 fc1 sc0 ls0 ws0\">610.374 </div></td><td class=\"c x9d3 y34ad w269 hf\"><div class=\"t m0 x14 h200 y823 ff4 fs22 fc1 sc0 ls0 ws0\">1.548.990 </div></td></tr><tr><td class=\"c x2a8 y34ae w1022 h48e\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc1 sc0 ls0 ws0\">garantite<span class=\"_ _df\"> </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 x46a y34af w1023 h48e\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc1 sc0 ls0 ws0\">- di cui<span class=\"_ _df\"> </span></div></td><td class=\"c x9d7 y34b0 wb7 hf\"><div class=\"t m0 x26 h200 y823 ff4 fs22 fc1 sc0 ls0 ws0\">50.492 </div></td><td class=\"c x9d8 y34b0 w85 hf\"><div class=\"t m0 x26 h200 y823 ff4 fs22 fc1 sc0 ls0 ws0\">33.562 </div></td><td class=\"c x9d0 y34b0 w269 hf\"><div class=\"t m0 x11 h200 y823 ff4 fs22 fc1 sc0 ls15 ws0\">75<span class=\"ls0\"> </span></div></td><td class=\"c x9d9 y34b0 wac hf\"><div class=\"t m0 x11 h200 y823 ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9da y34b0 w152 hf\"><div class=\"t m0 x31 h200 y823 ff4 fs22 fc1 sc0 ls9e ws0\">199<span class=\"_ _df\"> </span></div></td><td class=\"c x9db y34b0 w1ae hf\"><div class=\"t m0 x15 h200 y823 ff4 fs22 fc1 sc0 ls15 ws0\">70<span class=\"ls0\"> </span></div></td><td class=\"c x9d1 y34b0 w5b4 hf\"><div class=\"t m0 x55 h200 y823 ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9dc y34b0 w2bd hf\"><div class=\"t m0 x38 h200 y823 ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9d5 y34b0 w5b4 hf\"><div class=\"t m0 x55 h200 y823 ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9dd y34b0 w5b5 hf\"><div class=\"t m0 x55 h200 y823 ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9de y34b0 w5b4 hf\"><div class=\"t m0 x55 h200 y823 ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9d2 y34b0 w162 hf\"><div class=\"t m0 x48 h200 y823 ff4 fs22 fc1 sc0 ls0 ws0\">22.514 </div></td><td class=\"c x9df y34b0 w1c3 hf\"><div class=\"t m0 x31 h200 y823 ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9e0 y34b0 w1c7 hf\"><div class=\"t m0 x37 h200 y823 ff4 fs22 fc1 sc0 ls0 ws0\">1 </div></td><td class=\"c x9e1 y34b0 w1a9 hf\"><div class=\"t m0 x3a h200 y823 ff4 fs22 fc1 sc0 ls0 ws0\">8.973 </div></td><td class=\"c x9d3 y34b0 w269 hf\"><div class=\"t m0 x26 h200 y823 ff4 fs22 fc1 sc0 ls0 ws0\">31.832 </div></td></tr><tr><td class=\"c x46a y34b1 wa16 h48e\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc1 sc0 ls0 ws0\">deteriorate<span class=\"_ _df\"> </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 x262 y34b2 w1025 h48e\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc1 sc2 ls0 ws0\">2. Espos<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span>zion<span class=\"_ _1\"></span>i<span class=\"_ _df\"> </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 x262 y34b3 w1026 h48e\"><div class=\"t m0 x250 h200 y24a6 ff5 fs22 fc1 sc2 ls0 ws0\">creditiz<span class=\"_ _1\"></span>ie \u201cfuor<span class=\"_ _1\"></span>i<span class=\"_ _df\"> </span></div></td><td class=\"c x9d7 y34b4 wb7 h24f\"><div class=\"t m0 x35 h200 y88a ff4 fs22 fc1 sc2 ls0 ws0\">685.796<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x9d8 y34b4 w85 h24f\"><div class=\"t m0 x2c h200 y88a ff4 fs22 fc1 sc2 ls0 ws0\">685.367<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x9d0 y34b4 w269 h24f\"><div class=\"t m0 x26 h200 y88a ff4 fs22 fc1 sc2 ls0 ws0\">25.076<span class=\"sc0\"> </span></div></td><td class=\"c x9d9 y34b4 wac h24f\"><div class=\"t m0 x11 h200 y88a ff4 fs22 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x9da y34b4 w152 h24f\"><div class=\"t m0 x48 h200 y88a ff4 fs22 fc1 sc2 ls0 ws0\">200.292<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x9db y34b4 w1ae h24f\"><div class=\"t m0 x35 h200 y88a ff4 fs22 fc1 sc2 ls0 ws0\">76.479<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x9d1 y34b4 w5b4 h24f\"><div class=\"t m0 x55 h200 y88a ff4 fs22 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x9dc y34b4 w2bd h24f\"><div class=\"t m0 x38 h200 y88a ff4 fs22 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x9d5 y34b4 w5b4 h24f\"><div class=\"t m0 x55 h200 y88a ff4 fs22 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x9dd y34b4 w5b5 h24f\"><div class=\"t m0 x55 h200 y88a ff4 fs22 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x9de y34b4 w5b4 h24f\"><div class=\"t m0 x55 h200 y88a ff4 fs22 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x9d2 y34b4 w162 h24f\"><div class=\"t m0 x26 h200 y88a ff4 fs22 fc1 sc2 ls0 ws0\">390<span class=\"sc0\"> </span></div></td><td class=\"c x9df y34b4 w1c3 h24f\"><div class=\"t m0 x130 h200 y88a ff4 fs22 fc1 sc2 ls0 ws0\">30.170<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x9e0 y34b4 w1c7 h24f\"><div class=\"t m0 x55 h200 y88a ff4 fs22 fc1 sc2 ls0 ws0\">4.220<span class=\"sc0\"> </span></div></td><td class=\"c x9e1 y34b4 w1a9 h24f\"><div class=\"t m0 x48 h200 y88a ff4 fs22 fc1 sc2 ls0 ws0\">307.160<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x9d3 y34b4 w269 h24f\"><div class=\"t m0 x35 h200 y88a ff4 fs22 fc1 sc2 ls0 ws0\">643.787<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x262 y34b5 w1027 h48e\"><div class=\"t m0 x250 h200 y24a6 ff5 fs22 fc1 sc2 ls0 ws0\">bilancio<span class=\"_ _1\"></span>\u201d garan<span class=\"_ _f\"></span>tite:<span class=\"_ _df\"> </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 x2a8 y34b6 w1028 h48e\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc1 sc0 ls0 ws0\">2.1. totalmente<span class=\"_ _df\"> </span></div></td><td class=\"c x9d7 y34b7 wb7 hf\"><div class=\"t m0 x2c h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">617.686 </div></td><td class=\"c x9d8 y34b7 w85 hf\"><div class=\"t m0 x3a h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">617.270 </div></td><td class=\"c x9d0 y34b7 w269 hf\"><div class=\"t m0 x26 h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">25.076 </div></td><td class=\"c x9d9 y34b7 wac hf\"><div class=\"t m0 x11 h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9da y34b7 w152 hf\"><div class=\"t m0 x33 h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">189.920<span class=\"_ _df\"> </span></div></td><td class=\"c x9db y34b7 w1ae hf\"><div class=\"t m0 x32 h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">70.693 </div></td><td class=\"c x9d1 y34b7 w5b4 hf\"><div class=\"t m0 x55 h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9dc y34b7 w2bd hf\"><div class=\"t m0 x38 h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9d5 y34b7 w5b4 hf\"><div class=\"t m0 x55 h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9dd y34b7 w5b5 hf\"><div class=\"t m0 x55 h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9de y34b7 w5b4 hf\"><div class=\"t m0 x55 h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9d2 y34b7 w162 hf\"><div class=\"t m0 x38 h200 y153d ff4 fs22 fc1 sc0 lse3 ws0\">55</div></td><td class=\"c x9df y34b7 w1c3 hf\"><div class=\"t m0 x130 h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">30.170 </div></td><td class=\"c x9e0 y34b7 w1c7 hf\"><div class=\"t m0 x55 h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">3.743 </div></td><td class=\"c x9e1 y34b7 w1a9 hf\"><div class=\"t m0 x14 h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">284.570 </div></td><td class=\"c x9d3 y34b7 w269 hf\"><div class=\"t m0 x35 h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">604.227 </div></td></tr><tr><td class=\"c x2a8 y34b8 w1022 h48e\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc1 sc0 ls0 ws0\">garantite<span class=\"_ _df\"> </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 x46a y34b9 w1023 h48e\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc1 sc0 ls0 ws0\">- di cui<span class=\"_ _df\"> </span></div></td><td class=\"c x9d7 y34ba wb7 hf\"><div class=\"t m0 x38 h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">2.377 </div></td><td class=\"c x9d8 y34ba w85 hf\"><div class=\"t m0 x31 h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">2.011 </div></td><td class=\"c x9d0 y34ba w269 hf\"><div class=\"t m0 x13 h200 y153d ff4 fs22 fc1 sc0 ls15 ws0\">73<span class=\"ls0\"> </span></div></td><td class=\"c x9d9 y34ba wac hf\"><div class=\"t m0 x11 h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9da y34ba w152 hf\"><div class=\"t m0 x26 h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">1.460<span class=\"_ _df\"> </span></div></td><td class=\"c x9db y34ba w1ae hf\"><div class=\"t m0 x31 h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">187 </div></td><td class=\"c x9d1 y34ba w5b4 hf\"><div class=\"t m0 x55 h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9dc y34ba w2bd hf\"><div class=\"t m0 x38 h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9d5 y34ba w5b4 hf\"><div class=\"t m0 x55 h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9dd y34ba w5b5 hf\"><div class=\"t m0 x55 h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9de y34ba w5b4 hf\"><div class=\"t m0 x55 h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9d2 y34ba w162 hf\"><div class=\"t m0 x36 h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9df y34ba w1c3 hf\"><div class=\"t m0 x31 h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9e0 y34ba w1c7 hf\"><div class=\"t m0 x37 h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9e1 y34ba w1a9 hf\"><div class=\"t m0 x97 h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">290 </div></td><td class=\"c x9d3 y34ba w269 hf\"><div class=\"t m0 x38 h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">2.010 </div></td></tr><tr><td class=\"c x46a y34bb wa16 h48e\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc1 sc0 ls0 ws0\">deteriorate<span class=\"_ _df\"> </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 x2a8 y34bc w1029 h48e\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc1 sc0 ls0 ws0\">2.2. parzialmente<span class=\"_ _df\"> </span></div></td><td class=\"c x9d7 y34bd wb7 hf\"><div class=\"t m0 x37 h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">68.110 </div></td><td class=\"c x9d8 y34bd w85 hf\"><div class=\"t m0 x26 h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">68.097 </div></td><td class=\"c x9d0 y34bd w269 hf\"><div class=\"t m0 x90 h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9d9 y34bd wac hf\"><div class=\"t m0 x11 h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9da y34bd w152 hf\"><div class=\"t m0 x3a h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">10.372 </div></td><td class=\"c x9db y34bd w1ae hf\"><div class=\"t m0 x27 h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">5.786 </div></td><td class=\"c x9d1 y34bd w5b4 hf\"><div class=\"t m0 x55 h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9dc y34bd w2bd hf\"><div class=\"t m0 x38 h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9d5 y34bd w5b4 hf\"><div class=\"t m0 x55 h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9dd y34bd w5b5 hf\"><div class=\"t m0 x55 h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9de y34bd w5b4 hf\"><div class=\"t m0 x55 h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9d2 y34bd w162 hf\"><div class=\"t m0 x26 h200 y153d ff4 fs22 fc1 sc0 ls79 ws0\">335<span class=\"_ _df\"> </span></div></td><td class=\"c x9df y34bd w1c3 hf\"><div class=\"t m0 x31 h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9e0 y34bd w1c7 hf\"><div class=\"t m0 x32 h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">477 </div></td><td class=\"c x9e1 y34bd w1a9 hf\"><div class=\"t m0 x32 h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">22.590 </div></td><td class=\"c x9d3 y34bd w269 hf\"><div class=\"t m0 x27 h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">39.560 </div></td></tr><tr><td class=\"c x2a8 y34be w1022 h48f\"><div class=\"t m0 x250 h200 y24d8 ff4 fs22 fc1 sc0 ls0 ws0\">garantite<span class=\"_ _df\"> </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 x46a y2dd8 w1023 h48f\"><div class=\"t m0 x250 h200 y24d8 ff4 fs22 fc1 sc0 ls0 ws0\">- di cui<span class=\"_ _df\"> </span></div></td><td class=\"c x9d7 y34bf wb7 h13f\"><div class=\"t m0 x13 h200 y2ef ff4 fs22 fc1 sc0 ls61 ws0\">28<span class=\"ls0\"> </span></div></td><td class=\"c x9d8 y34bf w85 h13f\"><div class=\"t m0 x11 h200 y2ef ff4 fs22 fc1 sc0 ls61 ws0\">20<span class=\"ls0\"> </span></div></td><td class=\"c x9d0 y34bf w269 h13f\"><div class=\"t m0 x90 h200 y2ef ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9d9 y34bf wac h13f\"><div class=\"t m0 x11 h200 y2ef ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9da y34bf w152 h13f\"><div class=\"t m0 x11 h200 y2ef ff4 fs22 fc1 sc0 ls0 ws0\">4 </div></td><td class=\"c x9db y34bf w1ae h13f\"><div class=\"t m0 x13 h200 y2ef ff4 fs22 fc1 sc0 ls0 ws0\">5 </div></td><td class=\"c x9d1 y34bf w5b4 h13f\"><div class=\"t m0 x55 h200 y2ef ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9dc y34bf w2bd h13f\"><div class=\"t m0 x38 h200 y2ef ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9d5 y34bf w5b4 h13f\"><div class=\"t m0 x55 h200 y2ef ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9dd y34bf w5b5 h13f\"><div class=\"t m0 x55 h200 y2ef ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9de y34bf w5b4 h13f\"><div class=\"t m0 x55 h200 y2ef ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9d2 y34bf w162 h13f\"><div class=\"t m0 x36 h200 y2ef ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9df y34bf w1c3 h13f\"><div class=\"t m0 x31 h200 y2ef ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9e0 y34bf w1c7 h13f\"><div class=\"t m0 x37 h200 y2ef ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9e1 y34bf w1a9 h13f\"><div class=\"t m0 x8f h200 y2ef ff4 fs22 fc1 sc0 ls0 ws0\">6 </div></td><td class=\"c x9d3 y34bf w269 h13f\"><div class=\"t m0 x96 h200 y2ef ff4 fs22 fc1 sc0 ls9e ws0\">15<span class=\"ls0\"> </span></div></td></tr><tr><td class=\"c x46a y2491 wa16 h48f\"><div class=\"t m0 x250 h200 y24d8 ff4 fs22 fc1 sc0 ls0 ws0\">deteriorate<span class=\"_ _df\"> </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>Immobili - Ipo<span class=\"_ _2\"></span>teche<span class=\"fc1 sc0\"> </span>Immobili <span class=\"_ _2\"></span>- leasing finanziario<span class=\"fc1 sc0\"> </span>Titoli<span class=\"fc1 sc0\"> </span>Altre garanzie reali<span class=\"_ _2\"></span><span class=\"fc1 sc0\"> </span>CLN<span class=\"fc1 sc0\"> </span>Amministrazioni p<span class=\"_ _2\"></span>ubbliche<span class=\"fc1 sc0\"> </span>Banche<span class=\"fc1 sc0\"> </span>Altre socie<span class=\"_ _2\"></span>t\u00e0 finanziarie<span class=\"fc1 sc0\"> </span>Altri soggetti<span class=\"fc1 sc0\"> </span>Controparti centrali<span class=\"fc1 sc0\"> </span>Banche<span class=\"fc1 sc0\"> </span>Altre socie<span class=\"_ _2\"></span>t\u00e0 finanziarie<span class=\"fc1 sc0\"> </span>Altri soggetti<span class=\"fc1 sc0\"> </span>Nel <span class=\"_ _0\"></span>corso <span class=\"_ _9\"> </span>dell\u2019esercizio <span class=\"_ _0\"></span>sono <span class=\"_ _0\"></span>st<span class=\"_ _2\"></span>ate <span class=\"_ _0\"></span>esc<span class=\"ff4\">usse <span class=\"_ _9\"> </span>garanzie <span class=\"_ _0\"></span>ipotecarie <span class=\"_ _9\"> </span>per <span class=\"_ _0\"></span>9,9<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>milioni <span class=\"_ _0\"></span>di <span class=\"_ _9\"> </span>euro, <span class=\"_ _0\"></span>i <span class=\"_ _9\"> </span>cui <span class=\"_ _9\"> </span>incassi </span>presumibilmente <span class=\"_ _16\"> </span>avverranno  nei <span class=\"_ _16\"> </span>prossimi  anni<span class=\"_ _1\"></span>,  mentre  a  fronte  d<span class=\"_ _1\"></span>elle  escussioni <span class=\"_ _16\"> </span>di  pegni,  p<span class=\"_ _1\"></span>olizze assicurative  e<span class=\"_ _1\"></span>  fide<span class=\"_ _1\"></span>iussioni  sono <span class=\"_ _16\"> </span>stati <span class=\"_ _16\"> </span>incassati <span class=\"_ _16\"> </span>25,1  <span class=\"ff5\">milioni <span class=\"_ _9\"> </span>di  euro.  Nel<span class=\"_ _1\"></span>l\u2019esercizio <span class=\"_ _16\"> </span>sono  sta<span class=\"_ _1\"></span>ti  anc<span class=\"_ _1\"></span>he </span>incassati 1<span class=\"_ _1\"></span>4,5 mil<span class=\"_ _1\"></span>ioni d<span class=\"_ _1\"></span>i e<span class=\"_ _1\"></span>uro, a <span class=\"_ _f\"></span>fronte di <span class=\"_ _f\"></span>escussione di <span class=\"_ _f\"></span>garanzie ipotecarie <span class=\"_ _f\"></span>avviate neg<span class=\"_ _1\"></span>li anni <span class=\"_ _f\"></span>precedenti.<span class=\"_ _2\"></span> Nel cor<span class=\"_ _2\"></span>so <span class=\"_ _2\"></span>del 2025 s<span class=\"_ _2\"></span>ono state <span class=\"_ _2\"></span>poste <span class=\"_ _2\"></span>in essere <span class=\"_ _2\"></span>attivit\u00e0 giudiziali <span class=\"_ _2\"></span>di escussione <span class=\"_ _2\"></span>delle garanzie <span class=\"_ _2\"></span>mediante pignoramento <span class=\"_ _16\"> </span>immobiliare <span class=\"_ _9\"> </span>nei  casi <span class=\"_ _9\"> </span>in  cui<span class=\"_ _1\"></span>  non <span class=\"_ _9\"> </span>sia  s<span class=\"_ _1\"></span>tato  p<span class=\"_ _1\"></span>ossibile <span class=\"_ _9\"> </span>raggiungere  soluzioni <span class=\"_ _9\"> </span>transattive soddisfacenti.  Le  posizioni <span class=\"_ _22\"> </span>affi<span class=\"_ _2\"></span>date  alle  societ\u00e0 <span class=\"_ _4\"> </span>di  o<span class=\"_ _2\"></span><span class=\"ff5\">utsourcing,  costituite  da <span class=\"_ _4\"> </span>esposizioni<span class=\"_ _1\"></span>  &lt;<span class=\"_ _2\"></span>100  \u20ack </span>derivanti <span class=\"_ _2\"></span>da <span class=\"_ _d\"></span>mutui <span class=\"_ _d\"></span>ipotecari <span class=\"_ _d\"></span>sono <span class=\"_ _d\"></span>state <span class=\"_ _d\"></span>valutate <span class=\"_ _2\"></span>e <span class=\"_ _d\"></span>gestite <span class=\"_ _d\"></span>stragiudizialmente. <span class=\"_ _d\"></span>Si <span class=\"_ _d\"></span>precisa <span class=\"_ _2\"></span>infatti <span class=\"_ _d\"></span>che <span class=\"_ _d\"></span>la ricontrattualizzazione <span class=\"_ _0\"></span>di <span class=\"_ _9\"> </span>tali <span class=\"_ _9\"> </span>societ\u00e0 <span class=\"_ _9\"> </span>dal <span class=\"_ _0\"> </span>20<span class=\"_ _2\"></span>23 <span class=\"_ _0\"></span>ha <span class=\"_ _9\"> </span>previsto <span class=\"_ _9\"> </span>il <span class=\"_ _9\"> </span>loro <span class=\"_ _9\"> </span>intervento <span class=\"_ _0\"></span>limitatamente <span class=\"_ _9\"> </span>all'attivit\u00e0<span class=\"_ _2\"></span> stragiudiziale. <span class=\"_ _d\"></span>In <span class=\"_ _d\"></span>caso <span class=\"_ _0\"></span>di <span class=\"_ _d\"></span>esito <span class=\"_ _0\"></span>neg<span class=\"_ _1\"></span>ativo <span class=\"_ _d\"></span>di <span class=\"_ _0\"></span>quest'ultima, <span class=\"_ _d\"></span>infatti, <span class=\"_ _d\"></span>la <span class=\"_ _0\"></span>posizione <span class=\"_ _d\"></span>viene <span class=\"_ _d\"></span>restituita <span class=\"_ _0\"></span>agli <span class=\"_ _d\"></span>uffici interni competenti per l'attivazione giudi<span class=\"_ _1\"></span>ziale ovvero la cessione del credito.<span class=\"_ _2\"></span> ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-843": {
   "value": "A.3 Dis<span class=\"_ _1\"></span>tribuz<span class=\"_ _f\"></span>ione delle<span class=\"_ _1\"></span> espo<span class=\"_ _f\"></span>sizioni cred<span class=\"_ _1\"></span>itizie g<span class=\"_ _1\"></span>ara<span class=\"_ _1\"></span>ntite p<span class=\"_ _1\"></span>er tipolo<span class=\"_ _1\"></span>gia d<span class=\"_ _1\"></span>i garan<span class=\"_ _f\"></span>zia<span class=\"_ _df\"> </span>A.3.1<span class=\"_ _1\"></span> Cons<span class=\"_ _1\"></span>olida<span class=\"_ _f\"></span>to prude<span class=\"_ _1\"></span>nziale<span class=\"_ _1\"></span> <span class=\"ff5\">\u2013</span> E<span class=\"_ _1\"></span>spos<span class=\"_ _1\"></span>izioni <span class=\"_ _1\"></span>credit<span class=\"_ _1\"></span>izie p<span class=\"_ _f\"></span>er cass<span class=\"_ _1\"></span>a e f<span class=\"_ _1\"></span>uori <span class=\"_ _f\"></span>bilancio ver<span class=\"_ _f\"></span>so banc<span class=\"_ _f\"></span>he gara<span class=\"_ _1\"></span>ntit<span class=\"_ _1\"></span>e<span class=\"_ _df\"> </span>Esposizione lorda<span class=\"_ _f\"></span><span class=\"fc1 sc0\"> </span>Esposizione nett<span class=\"_ _1\"></span>a<span class=\"fc1 sc0\"> </span><table class=\"s w1016 h57f\" id=\"_79eac3b5-456c-4f5e-800d-96bca1702bca\"><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td class=\"c x9bf y3488 w5a6 h131\"><div class=\"t m0 x20 h262 y74a ff4 fs27 fc4 sc3 ls0 ws0\">Gara<span class=\"_ _f\"></span>nzie per<span class=\"_ _1\"></span>so<span class=\"_ _1\"></span>nali<span class=\"_ _1\"></span><span class=\"fc1 sc0\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td></td><td></td><td></td><td></td><td class=\"c x9c0 y3489 w1d2 h248\"><div class=\"t m0 x11d h262 y7b6 ff4 fs27 fc4 sc3 ls0 ws0\">Gara<span class=\"_ _f\"></span>nzie re<span class=\"_ _1\"></span>ali<span class=\"fc1 sc0\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td class=\"c x9bf y3489 w5a6 hcb\"><div class=\"t m0 x1ea h262 y392 ff4 fs27 fc4 sc3 ls0 ws0\">(2)<span class=\"fc1 sc0\"> </span></div></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=\"c x9bf y348a w5a7 h1b9\"><div class=\"t m0 xe5 h262 y30c ff4 fs27 fc4 sc3 ls0 ws0\">Deriv<span class=\"_ _f\"></span>ati su <span class=\"_ _1\"></span>credi<span class=\"_ _1\"></span>ti<span class=\"fc1 sc0\"> </span></div></td><td></td><td></td><td></td><td></td><td class=\"c x9c1 y348a w5a8 h1b9\"><div class=\"t m0 x49 h262 y30c ff4 fs27 fc4 sc3 ls0 ws0\">Credi<span class=\"_ _1\"></span>ti d<span class=\"_ _1\"></span>i firm<span class=\"_ _f\"></span>a<span class=\"fc1 sc0\"> </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 class=\"c x9c2 y348b w5a9 h1a2\"><div class=\"t m0 xef h262 y302 ff4 fs27 fc4 sc3 ls0 ws0\">Altri<span class=\"_ _1\"></span> deri<span class=\"_ _1\"></span>vat<span class=\"_ _1\"></span>i<span class=\"fc1 sc0\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td class=\"c x9c3 y348b w183 h285\"><div class=\"t m0 x116 h262 y7b6 ff4 fs27 fc4 sc3 ls0 ws0\">Tota<span class=\"_ _1\"></span>le<span class=\"fc1 sc0\"> </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></td><td></td><td></td><td></td><td></td><td></td><td class=\"c x9c3 y348c w183 h294\"><div class=\"t m0 x116 h262 y199b ff4 fs27 fc4 sc3 ls0 ws0\">(1)+<span class=\"_ _1\"></span>(2)<span class=\"fc1 sc0\"> </span></div></td></tr><tr><td class=\"c x262 y348d w1017 h580\"><div class=\"t m0 x250 h262 y2899 ff4 fs27 fc1 sc2 ls0 ws0\">1. Es<span class=\"_ _f\"></span>posizion<span class=\"_ _f\"></span>i credi<span class=\"_ _f\"></span>tizie pe<span class=\"_ _1\"></span>r<span class=\"_ _df\"> </span></div></td><td class=\"c x9c4 y348e w2de h159\"><div class=\"t m0 x2a h262 y40 ff4 fs27 fc1 sc2 ls0 ws0\">996.<span class=\"_ _1\"></span>24<span class=\"_ _1\"></span>2<span class=\"sc0\"> </span></div></td><td class=\"c x9c5 y348e w197 h159\"><div class=\"t m0 x2a h262 y40 ff4 fs27 fc1 sc2 ls0 ws0\">996.<span class=\"_ _1\"></span>24<span class=\"_ _1\"></span>2<span class=\"sc0\"> </span></div></td><td class=\"c x9c0 y348e w1db h159\"><div class=\"t m0 x97 h262 y40 ff4 fs27 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x9c6 y348e w2b3 h159\"><div class=\"t m0 x2c h262 y40 ff4 fs27 fc1 sc2 ls100 ws0\">88<span class=\"sc0 ls0\"> </span></div></td><td class=\"c x9c7 y348e w183 h159\"><div class=\"t m0 x2a h262 y40 ff4 fs27 fc1 sc2 ls0 ws0\">992.4<span class=\"_ _f\"></span>76<span class=\"sc0\"> </span></div></td><td class=\"c x9c8 y348e w2b3 h159\"><div class=\"t m0 x97 h262 y40 ff4 fs27 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x9bf y348e w2b3 h159\"><div class=\"t m0 x97 h262 y40 ff4 fs27 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x9c9 y348e w1b6 h159\"><div class=\"t m0 x97 h262 y40 ff4 fs27 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x9ca y348e w2b3 h159\"><div class=\"t m0 x97 h262 y40 ff4 fs27 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x9cb y348e w2b3 h159\"><div class=\"t m0 x97 h262 y40 ff4 fs27 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x9cc y348e w2b3 h159\"><div class=\"t m0 x97 h262 y40 ff4 fs27 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x9c1 y348e w1f1 h159\"><div class=\"t m0 x97 h262 y40 ff4 fs27 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x9cd y348e w1b6 h159\"><div class=\"t m0 x97 h262 y40 ff4 fs27 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x9ce y348e w2b3 h159\"><div class=\"t m0 x97 h262 y40 ff4 fs27 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x9cf y348e w1f1 h159\"><div class=\"t m0 x97 h262 y40 ff4 fs27 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x9c3 y348e w183 h159\"><div class=\"t m0 x2a h262 y40 ff4 fs27 fc1 sc2 ls0 ws0\">992.5<span class=\"_ _1\"></span>64<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x262 y348f w1018 h4cd\"><div class=\"t m0 x250 h262 y2899 ff4 fs27 fc1 sc2 ls0 ws0\">cass<span class=\"_ _f\"></span>a gara<span class=\"_ _1\"></span>ntit<span class=\"_ _1\"></span>e:<span class=\"_ _df\"> </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 x256 y3490 w5aa h82\"><div class=\"t m0 x16a h262 ye4c ff4 fs27 fc1 sc0 ls0 ws0\">1.1. totalmente<span class=\"_ _1\"></span> garant<span class=\"_ _1\"></span>ite  </div></td><td class=\"c x9c4 y3490 w2de h82\"><div class=\"t m0 x2a h262 ye4c ff4 fs27 fc1 sc0 ls0 ws0\">996.242 </div></td><td class=\"c x9c5 y3490 w197 h82\"><div class=\"t m0 x2a h262 ye4c ff4 fs27 fc1 sc0 ls0 ws0\">996.242 </div></td><td class=\"c x9c0 y3490 w1db h82\"><div class=\"t m0 x37 h262 ye4c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9c6 y3490 w2b3 h82\"><div class=\"t m0 x2c h262 ye4c ff4 fs27 fc1 sc0 ls6b ws0\">88<span class=\"ls0\"> </span></div></td><td class=\"c x9c7 y3490 w183 h82\"><div class=\"t m0 x2a h262 ye4c ff4 fs27 fc1 sc0 ls0 ws0\">992.476 </div></td><td class=\"c x9c8 y3490 w2b3 h82\"><div class=\"t m0 x97 h262 ye4c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9bf y3490 w2b3 h82\"><div class=\"t m0 x97 h262 ye4c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9c9 y3490 w1b6 h82\"><div class=\"t m0 x97 h262 ye4c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9ca y3490 w2b3 h82\"><div class=\"t m0 x97 h262 ye4c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9cb y3490 w2b3 h82\"><div class=\"t m0 x97 h262 ye4c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9cc y3490 w2b3 h82\"><div class=\"t m0 x97 h262 ye4c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9c1 y3490 w1f1 h82\"><div class=\"t m0 x37 h262 ye4c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9cd y3490 w1b6 h82\"><div class=\"t m0 x97 h262 ye4c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9ce y3490 w2b3 h82\"><div class=\"t m0 x97 h262 ye4c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9cf y3490 w1f1 h82\"><div class=\"t m0 x97 h262 ye4c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9c3 y3490 w183 h82\"><div class=\"t m0 x2a h262 ye4c ff4 fs27 fc1 sc0 ls0 ws0\">992.564 </div></td></tr><tr><td class=\"c x256 y3491 w5aa h82\"><div class=\"t m0 x39 h262 ye4c ff4 fs27 fc1 sc0 ls0 ws0\">- di cui deter<span class=\"_ _1\"></span>iorate </div></td><td class=\"c x9c4 y3491 w2de h82\"><div class=\"t m0 x36 h262 ye4c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9c5 y3491 w197 h82\"><div class=\"t m0 x36 h262 ye4c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9c0 y3491 w1db h82\"><div class=\"t m0 x37 h262 ye4c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9c6 y3491 w2b3 h82\"><div class=\"t m0 x37 h262 ye4c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9c7 y3491 w183 h82\"><div class=\"t m0 x36 h262 ye4c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9c8 y3491 w2b3 h82\"><div class=\"t m0 x97 h262 ye4c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9bf y3491 w2b3 h82\"><div class=\"t m0 x97 h262 ye4c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9c9 y3491 w1b6 h82\"><div class=\"t m0 x97 h262 ye4c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9ca y3491 w2b3 h82\"><div class=\"t m0 x97 h262 ye4c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9cb y3491 w2b3 h82\"><div class=\"t m0 x97 h262 ye4c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9cc y3491 w2b3 h82\"><div class=\"t m0 x97 h262 ye4c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9c1 y3491 w1f1 h82\"><div class=\"t m0 x37 h262 ye4c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9cd y3491 w1b6 h82\"><div class=\"t m0 x97 h262 ye4c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9ce y3491 w2b3 h82\"><div class=\"t m0 x97 h262 ye4c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9cf y3491 w1f1 h82\"><div class=\"t m0 x97 h262 ye4c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9c3 y3491 w183 h82\"><div class=\"t m0 x36 h262 ye4c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x256 y3492 w5aa h82\"><div class=\"t m0 x16a h262 y66c ff4 fs27 fc1 sc0 ls0 ws0\">1.2. parzialme<span class=\"_ _1\"></span>nte gara<span class=\"_ _f\"></span>n<span class=\"_ _2\"></span>tite </div></td><td class=\"c x9c4 y3492 w2de h82\"><div class=\"t m0 x36 h262 y66c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9c5 y3492 w197 h82\"><div class=\"t m0 x36 h262 y66c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9c0 y3492 w1db h82\"><div class=\"t m0 x37 h262 y66c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9c6 y3492 w2b3 h82\"><div class=\"t m0 x37 h262 y66c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9c7 y3492 w183 h82\"><div class=\"t m0 x36 h262 y66c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9c8 y3492 w2b3 h82\"><div class=\"t m0 x97 h262 y66c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9bf y3492 w2b3 h82\"><div class=\"t m0 x97 h262 y66c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9c9 y3492 w1b6 h82\"><div class=\"t m0 x97 h262 y66c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9ca y3492 w2b3 h82\"><div class=\"t m0 x97 h262 y66c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9cb y3492 w2b3 h82\"><div class=\"t m0 x97 h262 y66c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9cc y3492 w2b3 h82\"><div class=\"t m0 x97 h262 y66c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9c1 y3492 w1f1 h82\"><div class=\"t m0 x37 h262 y66c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9cd y3492 w1b6 h82\"><div class=\"t m0 x97 h262 y66c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9ce y3492 w2b3 h82\"><div class=\"t m0 x97 h262 y66c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9cf y3492 w1f1 h82\"><div class=\"t m0 x97 h262 y66c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9c3 y3492 w183 h82\"><div class=\"t m0 x36 h262 y66c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x256 y3493 w5aa h82\"><div class=\"t m0 x39 h262 y66c ff4 fs27 fc1 sc0 ls0 ws0\">- di cui deter<span class=\"_ _1\"></span>iorate </div></td><td class=\"c x9c4 y3493 w2de h82\"><div class=\"t m0 x36 h262 y66c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9c5 y3493 w197 h82\"><div class=\"t m0 x36 h262 y66c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9c0 y3493 w1db h82\"><div class=\"t m0 x37 h262 y66c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9c6 y3493 w2b3 h82\"><div class=\"t m0 x37 h262 y66c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9c7 y3493 w183 h82\"><div class=\"t m0 x36 h262 y66c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9c8 y3493 w2b3 h82\"><div class=\"t m0 x97 h262 y66c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9bf y3493 w2b3 h82\"><div class=\"t m0 x97 h262 y66c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9c9 y3493 w1b6 h82\"><div class=\"t m0 x97 h262 y66c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9ca y3493 w2b3 h82\"><div class=\"t m0 x97 h262 y66c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9cb y3493 w2b3 h82\"><div class=\"t m0 x97 h262 y66c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9cc y3493 w2b3 h82\"><div class=\"t m0 x97 h262 y66c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9c1 y3493 w1f1 h82\"><div class=\"t m0 x37 h262 y66c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9cd y3493 w1b6 h82\"><div class=\"t m0 x97 h262 y66c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9ce y3493 w2b3 h82\"><div class=\"t m0 x97 h262 y66c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9cf y3493 w1f1 h82\"><div class=\"t m0 x97 h262 y66c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9c3 y3493 w183 h82\"><div class=\"t m0 x36 h262 y66c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x262 y3494 w1019 h580\"><div class=\"t m0 x250 h262 y2899 ff4 fs27 fc1 sc2 ls0 ws0\">2. Es<span class=\"_ _1\"></span>posi<span class=\"_ _f\"></span>zioni cr<span class=\"_ _f\"></span>editiz<span class=\"_ _1\"></span>ie fu<span class=\"_ _1\"></span>ori<span class=\"_ _df\"> </span></div></td><td class=\"c x9c4 y3495 w2de h159\"><div class=\"t m0 x36 h262 y2e7 ff4 fs27 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x9c5 y3495 w197 h159\"><div class=\"t m0 x36 h262 y2e7 ff4 fs27 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x9c0 y3495 w1db h159\"><div class=\"t m0 x97 h262 y2e7 ff4 fs27 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x9c6 y3495 w2b3 h159\"><div class=\"t m0 x97 h262 y2e7 ff4 fs27 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x9c7 y3495 w183 h159\"><div class=\"t m0 x36 h262 y2e7 ff4 fs27 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x9c8 y3495 w2b3 h159\"><div class=\"t m0 x97 h262 y2e7 ff4 fs27 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x9bf y3495 w2b3 h159\"><div class=\"t m0 x97 h262 y2e7 ff4 fs27 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x9c9 y3495 w1b6 h159\"><div class=\"t m0 x97 h262 y2e7 ff4 fs27 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x9ca y3495 w2b3 h159\"><div class=\"t m0 x97 h262 y2e7 ff4 fs27 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x9cb y3495 w2b3 h159\"><div class=\"t m0 x97 h262 y2e7 ff4 fs27 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x9cc y3495 w2b3 h159\"><div class=\"t m0 x97 h262 y2e7 ff4 fs27 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x9c1 y3495 w1f1 h159\"><div class=\"t m0 x97 h262 y2e7 ff4 fs27 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x9cd y3495 w1b6 h159\"><div class=\"t m0 x97 h262 y2e7 ff4 fs27 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x9ce y3495 w2b3 h159\"><div class=\"t m0 x97 h262 y2e7 ff4 fs27 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x9cf y3495 w1f1 h159\"><div class=\"t m0 x97 h262 y2e7 ff4 fs27 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x9c3 y3495 w183 h159\"><div class=\"t m0 x36 h262 y2e7 ff4 fs27 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x262 y3496 w101a h4cd\"><div class=\"t m0 x250 h262 y2899 ff4 fs27 fc1 sc2 ls0 ws0\">bila<span class=\"_ _1\"></span>ncio g<span class=\"_ _f\"></span>aranti<span class=\"_ _1\"></span>te:<span class=\"_ _df\"> </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 x256 y3497 w5aa h82\"><div class=\"t m0 x16a h262 y66c ff4 fs27 fc1 sc0 ls0 ws0\">2.1. totalment<span class=\"_ _1\"></span>e garantit<span class=\"_ _1\"></span>e </div></td><td class=\"c x9c4 y3497 w2de h82\"><div class=\"t m0 x36 h262 y66c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9c5 y3497 w197 h82\"><div class=\"t m0 x36 h262 y66c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9c0 y3497 w1db h82\"><div class=\"t m0 x37 h262 y66c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9c6 y3497 w2b3 h82\"><div class=\"t m0 x37 h262 y66c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9c7 y3497 w183 h82\"><div class=\"t m0 x36 h262 y66c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9c8 y3497 w2b3 h82\"><div class=\"t m0 x97 h262 y66c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9bf y3497 w2b3 h82\"><div class=\"t m0 x97 h262 y66c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9c9 y3497 w1b6 h82\"><div class=\"t m0 x97 h262 y66c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9ca y3497 w2b3 h82\"><div class=\"t m0 x97 h262 y66c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9cb y3497 w2b3 h82\"><div class=\"t m0 x97 h262 y66c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9cc y3497 w2b3 h82\"><div class=\"t m0 x97 h262 y66c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9c1 y3497 w1f1 h82\"><div class=\"t m0 x37 h262 y66c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9cd y3497 w1b6 h82\"><div class=\"t m0 x97 h262 y66c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9ce y3497 w2b3 h82\"><div class=\"t m0 x97 h262 y66c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9cf y3497 w1f1 h82\"><div class=\"t m0 x97 h262 y66c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9c3 y3497 w183 h82\"><div class=\"t m0 x36 h262 y66c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x256 y3498 w5aa h82\"><div class=\"t m0 x39 h262 y66c ff4 fs27 fc1 sc0 ls0 ws0\">- di cui deter<span class=\"_ _1\"></span>iorate </div></td><td class=\"c x9c4 y3498 w2de h82\"><div class=\"t m0 x36 h262 y66c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9c5 y3498 w197 h82\"><div class=\"t m0 x36 h262 y66c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9c0 y3498 w1db h82\"><div class=\"t m0 x37 h262 y66c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9c6 y3498 w2b3 h82\"><div class=\"t m0 x37 h262 y66c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9c7 y3498 w183 h82\"><div class=\"t m0 x36 h262 y66c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9c8 y3498 w2b3 h82\"><div class=\"t m0 x97 h262 y66c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9bf y3498 w2b3 h82\"><div class=\"t m0 x97 h262 y66c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9c9 y3498 w1b6 h82\"><div class=\"t m0 x97 h262 y66c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9ca y3498 w2b3 h82\"><div class=\"t m0 x97 h262 y66c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9cb y3498 w2b3 h82\"><div class=\"t m0 x97 h262 y66c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9cc y3498 w2b3 h82\"><div class=\"t m0 x97 h262 y66c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9c1 y3498 w1f1 h82\"><div class=\"t m0 x37 h262 y66c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9cd y3498 w1b6 h82\"><div class=\"t m0 x97 h262 y66c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9ce y3498 w2b3 h82\"><div class=\"t m0 x97 h262 y66c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9cf y3498 w1f1 h82\"><div class=\"t m0 x97 h262 y66c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9c3 y3498 w183 h82\"><div class=\"t m0 x36 h262 y66c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x256 y3499 w5aa h254\"><div class=\"t m0 x16a h262 y1a44 ff4 fs27 fc1 sc0 ls0 ws0\">2.2. parzial<span class=\"_ _1\"></span>mente garantit<span class=\"_ _1\"></span>e </div></td><td class=\"c x9c4 y3499 w2de h254\"><div class=\"t m0 x36 h262 y1a44 ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9c5 y3499 w197 h254\"><div class=\"t m0 x36 h262 y1a44 ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9c0 y3499 w1db h254\"><div class=\"t m0 x37 h262 y1a44 ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9c6 y3499 w2b3 h254\"><div class=\"t m0 x37 h262 y1a44 ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9c7 y3499 w183 h254\"><div class=\"t m0 x36 h262 y1a44 ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9c8 y3499 w2b3 h254\"><div class=\"t m0 x97 h262 y1a44 ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9bf y3499 w2b3 h254\"><div class=\"t m0 x97 h262 y1a44 ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9c9 y3499 w1b6 h254\"><div class=\"t m0 x97 h262 y1a44 ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9ca y3499 w2b3 h254\"><div class=\"t m0 x97 h262 y1a44 ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9cb y3499 w2b3 h254\"><div class=\"t m0 x97 h262 y1a44 ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9cc y3499 w2b3 h254\"><div class=\"t m0 x97 h262 y1a44 ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9c1 y3499 w1f1 h254\"><div class=\"t m0 x37 h262 y1a44 ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9cd y3499 w1b6 h254\"><div class=\"t m0 x97 h262 y1a44 ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9ce y3499 w2b3 h254\"><div class=\"t m0 x97 h262 y1a44 ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9cf y3499 w1f1 h254\"><div class=\"t m0 x97 h262 y1a44 ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9c3 y3499 w183 h254\"><div class=\"t m0 x36 h262 y1a44 ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x256 y349a w5aa h82\"><div class=\"t m0 x39 h262 ye4c ff4 fs27 fc1 sc0 ls0 ws0\">- di cui deter<span class=\"_ _1\"></span>iorate </div></td><td class=\"c x9c4 y349a w2de h82\"><div class=\"t m0 x36 h262 ye4c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9c5 y349a w197 h82\"><div class=\"t m0 x36 h262 ye4c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9c0 y349a w1db h82\"><div class=\"t m0 x37 h262 ye4c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9c6 y349a w2b3 h82\"><div class=\"t m0 x37 h262 ye4c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9c7 y349a w183 h82\"><div class=\"t m0 x36 h262 ye4c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9c8 y349a w2b3 h82\"><div class=\"t m0 x97 h262 ye4c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9bf y349a w2b3 h82\"><div class=\"t m0 x97 h262 ye4c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9c9 y349a w1b6 h82\"><div class=\"t m0 x97 h262 ye4c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9ca y349a w2b3 h82\"><div class=\"t m0 x97 h262 ye4c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9cb y349a w2b3 h82\"><div class=\"t m0 x97 h262 ye4c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9cc y349a w2b3 h82\"><div class=\"t m0 x97 h262 ye4c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9c1 y349a w1f1 h82\"><div class=\"t m0 x37 h262 ye4c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9cd y349a w1b6 h82\"><div class=\"t m0 x97 h262 ye4c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9ce y349a w2b3 h82\"><div class=\"t m0 x97 h262 ye4c ff4 fs27 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9cf y349a w1f1 h82\"><div class=\"t m0 x97 h262 ye4c ff4 fs27 fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x9c3 y349a w183 h82\"><div class=\"t m0 x36 h262 ye4c ff4 fs27 fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td></tr></table>Immobili - ipoteche<span class=\"fc1 sc0\"> </span>Immobili - Finanziament<span class=\"_ _1\"></span>i per leasing<span class=\"fc1 sc0\"> </span>Titoli<span class=\"fc1 sc0\"> </span>Altre garanzie re<span class=\"_ _1\"></span>ali<span class=\"fc1 sc0\"> </span>CLN<span class=\"fc1 sc0\"> </span>Amministrazio<span class=\"_ _1\"></span>ni pubbliche <span class=\"fc1 sc0\"> </span>Banche<span class=\"fc1 sc0\"> </span>Altre societ\u00e0 finanziarie<span class=\"fc1 sc0\"> </span>Altri soggetti<span class=\"fc1 sc0\"> </span>Controparti centrali<span class=\"fc1 sc0\"> </span>Banche<span class=\"fc1 sc0\"> </span>Altre societ\u00e0 finanziarie<span class=\"fc1 sc0\"> </span>Altri soggetti<span class=\"fc1 sc0\"> </span><div class=\"c w5ac he9 gs1186\"><div class=\"t m0 x8a h5 y15 ff4 fs1 fc4 sc3 ls0 ws0\">A.3.2 <span class=\"_ _1\"></span>Conso<span class=\"_ _1\"></span>lidat<span class=\"_ _f\"></span>o prude<span class=\"_ _1\"></span>nziale<span class=\"_ _1\"></span> - E<span class=\"_ _1\"></span>spos<span class=\"_ _1\"></span>izioni <span class=\"_ _1\"></span>credit<span class=\"_ _1\"></span>izie p<span class=\"_ _f\"></span>er cass<span class=\"_ _1\"></span>a e f<span class=\"_ _f\"></span>uori bilanc<span class=\"_ _1\"></span>io ve<span class=\"_ _1\"></span>rso <span class=\"_ _1\"></span>client<span class=\"_ _f\"></span>ela gar<span class=\"_ _1\"></span>antit<span class=\"_ _1\"></span>e<span class=\"fc1 sc0\"> </span></div></div><div class=\"c w98 h319 gs1187\"><div class=\"t m4 x26 h200 yac7 ff4 fs22 fc4 sc3 ls0 ws0\">Esposizione lo<span class=\"_ _2\"></span>rda<span class=\"fc1 sc0\"> </span></div></div><div class=\"c wae h319 gs1188\"><div class=\"t m4 x34 h200 y187a ff4 fs22 fc4 sc3 ls0 ws0\">Esposizione nett<span class=\"_ _2\"></span>a<span class=\"fc1 sc0\"> </span></div></div><div class=\"gs1189\"><table class=\"s w101b h581\" id=\"_cc05dc2a-85f0-4485-9c12-6956f7c43b15\"><tr><td></td><td></td><td></td><td></td><td class=\"c x9d0 y349b w5ad h13f\"><div class=\"t m0 xe4 h200 y7b1 ff4 fs22 fc4 sc3 ls0 ws0\">Garanz<span class=\"_ _1\"></span>ie reali<span class=\"fc1 sc0\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td class=\"c x9d1 y349b w5ae h13f\"><div class=\"t m0 x14d h200 y2ef ff4 fs22 fc4 sc3 ls0 ws0\">Garanz<span class=\"_ _1\"></span>ie person<span class=\"_ _f\"></span>ali<span class=\"fc1 sc0\"> </span></div></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td></td><td></td><td></td><td></td><td class=\"c x9d0 y349c w5ad h12\"><div class=\"t m0 x189 h200 y35c ff4 fs22 fc4 sc3 ls0 ws0\">(1)<span class=\"fc1 sc0\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td class=\"c x9d1 y349c w5ae h12\"><div class=\"t m0 x9 h200 y35c ff4 fs22 fc4 sc3 ls0 ws0\">(2)<span class=\"fc1 sc0\"> </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></td><td></td><td></td><td class=\"c x9d1 y349d w5af h1a2\"><div class=\"t m0 x90 h200 y394 ff4 fs22 fc4 sc3 ls0 ws0\">Derivat<span class=\"_ _1\"></span>i su credit<span class=\"_ _1\"></span>i<span class=\"fc1 sc0\"> </span></div></td><td></td><td></td><td></td><td></td><td class=\"c x9d2 y349d w5b0 h1a2\"><div class=\"t m0 xec h200 y394 ff4 fs22 fc4 sc3 ls0 ws0\">Crediti d<span class=\"_ _1\"></span>i firma<span class=\"fc1 sc0\"> </span></div></td><td></td><td class=\"c x9d3 y349d w8b h28d\"><div class=\"t m0 x130 h200 y7b1 ff4 fs22 fc4 sc3 ls0 ws0\">Totale<span class=\"_ _1\"></span><span class=\"fc1 sc0\"> </span></div></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td class=\"c x9d4 y349e w101c h48d\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc4 sc3 ls0 ws0\">Altri<span class=\"_ _df\"> </span></div></td><td class=\"c x9d5 y349f wcf h280\"><div class=\"t m0 x14 h200 y310 ff4 fs22 fc4 sc3 ls0 ws0\">Altri der<span class=\"_ _1\"></span>ivati<span class=\"fc1 sc0\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td class=\"c x9d3 y34a0 w269 h31a\"><div class=\"t m0 x130 h200 y1a4b ff4 fs22 fc4 sc3 ls0 ws0\">(1)+(2)<span class=\"fc1 sc0\"> </span></div></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td class=\"c x9d6 y34a1 w101d h48d\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc4 sc3 ls0 ws0\">deriva<span class=\"_ _1\"></span>ti<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x262 y34a2 w101e h48e\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc1 sc2 ls0 ws0\">1. Esposiz<span class=\"_ _1\"></span>ioni<span class=\"_ _df\"> </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 x262 y34a3 w101f h48e\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc1 sc2 ls0 ws0\">creditiz<span class=\"_ _1\"></span>ie per ca<span class=\"_ _1\"></span>ssa<span class=\"_ _df\"> </span></div></td><td class=\"c x9d7 y34a4 wb7 h16\"><div class=\"t m0 x55 h200 y409 ff4 fs22 fc1 sc2 ls0 ws0\">25.281.<span class=\"_ _1\"></span>486<span class=\"sc0\"> </span></div></td><td class=\"c x9d8 y34a4 w85 h16\"><div class=\"t m0 x55 h200 y409 ff4 fs22 fc1 sc2 ls0 ws0\">25.057.<span class=\"_ _1\"></span>827<span class=\"sc0\"> </span></div></td><td class=\"c x9d0 y34a4 w269 h16\"><div class=\"t m0 x55 h200 y409 ff4 fs22 fc1 sc2 ls0 ws0\">12.638<span class=\"_ _1\"></span>.852<span class=\"sc0\"> </span></div></td><td class=\"c x9d9 y34a4 wac h16\"><div class=\"t m0 x55 h200 y409 ff4 fs22 fc1 sc2 ls0 ws0\">1.890.900<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x9da y34a4 w152 h16\"><div class=\"t m0 x55 h200 y409 ff4 fs22 fc1 sc2 ls0 ws0\">2.337.63<span class=\"_ _f\"></span>0<span class=\"sc0\"> </span></div></td><td class=\"c x9db y34a4 w1ae h16\"><div class=\"t m0 x55 h200 y409 ff4 fs22 fc1 sc2 ls0 ws0\">3.841.<span class=\"_ _1\"></span>230<span class=\"sc0\"> </span></div></td><td class=\"c x9d1 y34a4 w5b4 h16\"><div class=\"t m0 x55 h200 y409 ff4 fs22 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x9dc y34a4 w2bd h16\"><div class=\"t m0 x38 h200 y409 ff4 fs22 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x9d5 y34a4 w5b4 h16\"><div class=\"t m0 x55 h200 y409 ff4 fs22 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x9dd y34a4 w5b5 h16\"><div class=\"t m0 x55 h200 y409 ff4 fs22 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x9de y34a4 w5b4 h16\"><div class=\"t m0 x55 h200 y409 ff4 fs22 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x9d2 y34a4 w162 h16\"><div class=\"t m0 x2e h200 y409 ff4 fs22 fc1 sc2 ls0 ws0\">1.211.489<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x9df y34a4 w1c3 h16\"><div class=\"t m0 x2a h200 y409 ff4 fs22 fc1 sc2 ls0 ws0\">122.945<span class=\"sc0\"> </span></div></td><td class=\"c x9e0 y34a4 w1c7 h16\"><div class=\"t m0 x2a h200 y409 ff4 fs22 fc1 sc2 ls0 ws0\">42.285<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x9e1 y34a4 w1a9 h16\"><div class=\"t m0 x55 h200 y409 ff4 fs22 fc1 sc2 ls0 ws0\">2.198.2<span class=\"_ _1\"></span>70<span class=\"sc0\"> </span></div></td><td class=\"c x9d3 y34a4 w269 h16\"><div class=\"t m0 x55 h200 y409 ff4 fs22 fc1 sc2 ls0 ws0\">24.283<span class=\"_ _1\"></span>.601<span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x262 y34a5 w1020 h48e\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc1 sc2 ls0 ws0\">garant<span class=\"_ _1\"></span>ite:<span class=\"_ _df\"> </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 x2a8 y34a6 w1021 h48e\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc1 sc0 ls0 ws0\">1.1. totalmente<span class=\"_ _df\"> </span></div></td><td class=\"c x9d7 y34a7 wb7 hf\"><div class=\"t m0 x55 h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">22.902.773 </div></td><td class=\"c x9d8 y34a7 w85 hf\"><div class=\"t m0 x55 h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">22.698.778 </div></td><td class=\"c x9d0 y34a7 w269 hf\"><div class=\"t m0 x55 h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">12.637.874 </div></td><td class=\"c x9d9 y34a7 wac hf\"><div class=\"t m0 x2e h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">1.890.900 </div></td><td class=\"c x9da y34a7 w152 hf\"><div class=\"t m0 x55 h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">2.255.823 </div></td><td class=\"c x9db y34a7 w1ae hf\"><div class=\"t m0 x2e h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">3.823.691 </div></td><td class=\"c x9d1 y34a7 w5b4 hf\"><div class=\"t m0 x55 h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9dc y34a7 w2bd hf\"><div class=\"t m0 x38 h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9d5 y34a7 w5b4 hf\"><div class=\"t m0 x55 h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9dd y34a7 w5b5 hf\"><div class=\"t m0 x55 h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9de y34a7 w5b4 hf\"><div class=\"t m0 x55 h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9d2 y34a7 w162 hf\"><div class=\"t m0 x55 h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">456.803</div></td><td class=\"c x9df y34a7 w1c3 hf\"><div class=\"t m0 x55 h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">43.945 </div></td><td class=\"c x9e0 y34a7 w1c7 hf\"><div class=\"t m0 x2a h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">37.679 </div></td><td class=\"c x9e1 y34a7 w1a9 hf\"><div class=\"t m0 x2e h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">1.587.896 </div></td><td class=\"c x9d3 y34a7 w269 hf\"><div class=\"t m0 x39 h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">22.734.611 </div></td></tr><tr><td class=\"c x2a8 y34a8 w1022 h48e\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc1 sc0 ls0 ws0\">garantite<span class=\"_ _df\"> </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 x46a y34a9 w1023 h48e\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc1 sc0 ls0 ws0\">- di cui<span class=\"_ _df\"> </span></div></td><td class=\"c x9d7 y34aa wb7 hf\"><div class=\"t m0 x35 h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">324.350 </div></td><td class=\"c x9d8 y34aa w85 hf\"><div class=\"t m0 x3a h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">169.723 </div></td><td class=\"c x9d0 y34aa w269 hf\"><div class=\"t m0 x2c h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">105.342 </div></td><td class=\"c x9d9 y34aa wac hf\"><div class=\"t m0 x35 h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">20.794 </div></td><td class=\"c x9da y34aa w152 hf\"><div class=\"t m0 x34 h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">1.754 </div></td><td class=\"c x9db y34aa w1ae hf\"><div class=\"t m0 x2c h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">21.223 </div></td><td class=\"c x9d1 y34aa w5b4 hf\"><div class=\"t m0 x55 h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9dc y34aa w2bd hf\"><div class=\"t m0 x38 h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9d5 y34aa w5b4 hf\"><div class=\"t m0 x55 h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9dd y34aa w5b5 hf\"><div class=\"t m0 x55 h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9de y34aa w5b4 hf\"><div class=\"t m0 x55 h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9d2 y34aa w162 hf\"><div class=\"t m0 x33 h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">14.779<span class=\"_ _df\"> </span></div></td><td class=\"c x9df y34aa w1c3 hf\"><div class=\"t m0 x31 h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9e0 y34aa w1c7 hf\"><div class=\"t m0 x26 h200 y153d ff4 fs22 fc1 sc0 ls9e ws0\">11<span class=\"ls0\"> </span></div></td><td class=\"c x9e1 y34aa w1a9 hf\"><div class=\"t m0 x3a h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">5.805 </div></td><td class=\"c x9d3 y34aa w269 hf\"><div class=\"t m0 x2c h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">169.708 </div></td></tr><tr><td class=\"c x46a y34ab wa16 h48e\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc1 sc0 ls0 ws0\">deteriorate<span class=\"_ _df\"> </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 x2a8 y34ac w1024 h48e\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc1 sc0 ls0 ws0\">1.2. parzialmente<span class=\"_ _df\"> </span></div></td><td class=\"c x9d7 y34ad wb7 hf\"><div class=\"t m0 x48 h200 y823 ff4 fs22 fc1 sc0 ls0 ws0\">2.378.713 </div></td><td class=\"c x9d8 y34ad w85 hf\"><div class=\"t m0 x14 h200 y823 ff4 fs22 fc1 sc0 ls0 ws0\">2.359.049 </div></td><td class=\"c x9d0 y34ad w269 hf\"><div class=\"t m0 x15 h200 y823 ff4 fs22 fc1 sc0 ls0 ws0\">978 </div></td><td class=\"c x9d9 y34ad wac hf\"><div class=\"t m0 x11 h200 y823 ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9da y34ad w152 hf\"><div class=\"t m0 x2c h200 y823 ff4 fs22 fc1 sc0 ls0 ws0\">81.807<span class=\"_ _df\"> </span></div></td><td class=\"c x9db y34ad w1ae hf\"><div class=\"t m0 x2c h200 y823 ff4 fs22 fc1 sc0 ls0 ws0\">17.539 </div></td><td class=\"c x9d1 y34ad w5b4 hf\"><div class=\"t m0 x55 h200 y823 ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9dc y34ad w2bd hf\"><div class=\"t m0 x38 h200 y823 ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9d5 y34ad w5b4 hf\"><div class=\"t m0 x55 h200 y823 ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9dd y34ad w5b5 hf\"><div class=\"t m0 x55 h200 y823 ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9de y34ad w5b4 hf\"><div class=\"t m0 x55 h200 y823 ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9d2 y34ad w162 hf\"><div class=\"t m0 x55 h200 y823 ff4 fs22 fc1 sc0 ls0 ws0\">754.686</div></td><td class=\"c x9df y34ad w1c3 hf\"><div class=\"t m0 x55 h200 y823 ff4 fs22 fc1 sc0 ls0 ws0\">79.000 </div></td><td class=\"c x9e0 y34ad w1c7 hf\"><div class=\"t m0 x55 h200 y823 ff4 fs22 fc1 sc0 ls0 ws0\">4.606 </div></td><td class=\"c x9e1 y34ad w1a9 hf\"><div class=\"t m0 x48 h200 y823 ff4 fs22 fc1 sc0 ls0 ws0\">610.374 </div></td><td class=\"c x9d3 y34ad w269 hf\"><div class=\"t m0 x14 h200 y823 ff4 fs22 fc1 sc0 ls0 ws0\">1.548.990 </div></td></tr><tr><td class=\"c x2a8 y34ae w1022 h48e\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc1 sc0 ls0 ws0\">garantite<span class=\"_ _df\"> </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 x46a y34af w1023 h48e\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc1 sc0 ls0 ws0\">- di cui<span class=\"_ _df\"> </span></div></td><td class=\"c x9d7 y34b0 wb7 hf\"><div class=\"t m0 x26 h200 y823 ff4 fs22 fc1 sc0 ls0 ws0\">50.492 </div></td><td class=\"c x9d8 y34b0 w85 hf\"><div class=\"t m0 x26 h200 y823 ff4 fs22 fc1 sc0 ls0 ws0\">33.562 </div></td><td class=\"c x9d0 y34b0 w269 hf\"><div class=\"t m0 x11 h200 y823 ff4 fs22 fc1 sc0 ls15 ws0\">75<span class=\"ls0\"> </span></div></td><td class=\"c x9d9 y34b0 wac hf\"><div class=\"t m0 x11 h200 y823 ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9da y34b0 w152 hf\"><div class=\"t m0 x31 h200 y823 ff4 fs22 fc1 sc0 ls9e ws0\">199<span class=\"_ _df\"> </span></div></td><td class=\"c x9db y34b0 w1ae hf\"><div class=\"t m0 x15 h200 y823 ff4 fs22 fc1 sc0 ls15 ws0\">70<span class=\"ls0\"> </span></div></td><td class=\"c x9d1 y34b0 w5b4 hf\"><div class=\"t m0 x55 h200 y823 ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9dc y34b0 w2bd hf\"><div class=\"t m0 x38 h200 y823 ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9d5 y34b0 w5b4 hf\"><div class=\"t m0 x55 h200 y823 ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9dd y34b0 w5b5 hf\"><div class=\"t m0 x55 h200 y823 ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9de y34b0 w5b4 hf\"><div class=\"t m0 x55 h200 y823 ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9d2 y34b0 w162 hf\"><div class=\"t m0 x48 h200 y823 ff4 fs22 fc1 sc0 ls0 ws0\">22.514 </div></td><td class=\"c x9df y34b0 w1c3 hf\"><div class=\"t m0 x31 h200 y823 ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9e0 y34b0 w1c7 hf\"><div class=\"t m0 x37 h200 y823 ff4 fs22 fc1 sc0 ls0 ws0\">1 </div></td><td class=\"c x9e1 y34b0 w1a9 hf\"><div class=\"t m0 x3a h200 y823 ff4 fs22 fc1 sc0 ls0 ws0\">8.973 </div></td><td class=\"c x9d3 y34b0 w269 hf\"><div class=\"t m0 x26 h200 y823 ff4 fs22 fc1 sc0 ls0 ws0\">31.832 </div></td></tr><tr><td class=\"c x46a y34b1 wa16 h48e\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc1 sc0 ls0 ws0\">deteriorate<span class=\"_ _df\"> </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 x262 y34b2 w1025 h48e\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc1 sc2 ls0 ws0\">2. Espos<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span>zion<span class=\"_ _1\"></span>i<span class=\"_ _df\"> </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 x262 y34b3 w1026 h48e\"><div class=\"t m0 x250 h200 y24a6 ff5 fs22 fc1 sc2 ls0 ws0\">creditiz<span class=\"_ _1\"></span>ie \u201cfuor<span class=\"_ _1\"></span>i<span class=\"_ _df\"> </span></div></td><td class=\"c x9d7 y34b4 wb7 h24f\"><div class=\"t m0 x35 h200 y88a ff4 fs22 fc1 sc2 ls0 ws0\">685.796<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x9d8 y34b4 w85 h24f\"><div class=\"t m0 x2c h200 y88a ff4 fs22 fc1 sc2 ls0 ws0\">685.367<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x9d0 y34b4 w269 h24f\"><div class=\"t m0 x26 h200 y88a ff4 fs22 fc1 sc2 ls0 ws0\">25.076<span class=\"sc0\"> </span></div></td><td class=\"c x9d9 y34b4 wac h24f\"><div class=\"t m0 x11 h200 y88a ff4 fs22 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x9da y34b4 w152 h24f\"><div class=\"t m0 x48 h200 y88a ff4 fs22 fc1 sc2 ls0 ws0\">200.292<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x9db y34b4 w1ae h24f\"><div class=\"t m0 x35 h200 y88a ff4 fs22 fc1 sc2 ls0 ws0\">76.479<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x9d1 y34b4 w5b4 h24f\"><div class=\"t m0 x55 h200 y88a ff4 fs22 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x9dc y34b4 w2bd h24f\"><div class=\"t m0 x38 h200 y88a ff4 fs22 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x9d5 y34b4 w5b4 h24f\"><div class=\"t m0 x55 h200 y88a ff4 fs22 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x9dd y34b4 w5b5 h24f\"><div class=\"t m0 x55 h200 y88a ff4 fs22 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x9de y34b4 w5b4 h24f\"><div class=\"t m0 x55 h200 y88a ff4 fs22 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c x9d2 y34b4 w162 h24f\"><div class=\"t m0 x26 h200 y88a ff4 fs22 fc1 sc2 ls0 ws0\">390<span class=\"sc0\"> </span></div></td><td class=\"c x9df y34b4 w1c3 h24f\"><div class=\"t m0 x130 h200 y88a ff4 fs22 fc1 sc2 ls0 ws0\">30.170<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x9e0 y34b4 w1c7 h24f\"><div class=\"t m0 x55 h200 y88a ff4 fs22 fc1 sc2 ls0 ws0\">4.220<span class=\"sc0\"> </span></div></td><td class=\"c x9e1 y34b4 w1a9 h24f\"><div class=\"t m0 x48 h200 y88a ff4 fs22 fc1 sc2 ls0 ws0\">307.160<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x9d3 y34b4 w269 h24f\"><div class=\"t m0 x35 h200 y88a ff4 fs22 fc1 sc2 ls0 ws0\">643.787<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x262 y34b5 w1027 h48e\"><div class=\"t m0 x250 h200 y24a6 ff5 fs22 fc1 sc2 ls0 ws0\">bilancio<span class=\"_ _1\"></span>\u201d garan<span class=\"_ _f\"></span>tite:<span class=\"_ _df\"> </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 x2a8 y34b6 w1028 h48e\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc1 sc0 ls0 ws0\">2.1. totalmente<span class=\"_ _df\"> </span></div></td><td class=\"c x9d7 y34b7 wb7 hf\"><div class=\"t m0 x2c h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">617.686 </div></td><td class=\"c x9d8 y34b7 w85 hf\"><div class=\"t m0 x3a h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">617.270 </div></td><td class=\"c x9d0 y34b7 w269 hf\"><div class=\"t m0 x26 h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">25.076 </div></td><td class=\"c x9d9 y34b7 wac hf\"><div class=\"t m0 x11 h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9da y34b7 w152 hf\"><div class=\"t m0 x33 h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">189.920<span class=\"_ _df\"> </span></div></td><td class=\"c x9db y34b7 w1ae hf\"><div class=\"t m0 x32 h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">70.693 </div></td><td class=\"c x9d1 y34b7 w5b4 hf\"><div class=\"t m0 x55 h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9dc y34b7 w2bd hf\"><div class=\"t m0 x38 h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9d5 y34b7 w5b4 hf\"><div class=\"t m0 x55 h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9dd y34b7 w5b5 hf\"><div class=\"t m0 x55 h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9de y34b7 w5b4 hf\"><div class=\"t m0 x55 h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9d2 y34b7 w162 hf\"><div class=\"t m0 x38 h200 y153d ff4 fs22 fc1 sc0 lse3 ws0\">55</div></td><td class=\"c x9df y34b7 w1c3 hf\"><div class=\"t m0 x130 h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">30.170 </div></td><td class=\"c x9e0 y34b7 w1c7 hf\"><div class=\"t m0 x55 h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">3.743 </div></td><td class=\"c x9e1 y34b7 w1a9 hf\"><div class=\"t m0 x14 h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">284.570 </div></td><td class=\"c x9d3 y34b7 w269 hf\"><div class=\"t m0 x35 h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">604.227 </div></td></tr><tr><td class=\"c x2a8 y34b8 w1022 h48e\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc1 sc0 ls0 ws0\">garantite<span class=\"_ _df\"> </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 x46a y34b9 w1023 h48e\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc1 sc0 ls0 ws0\">- di cui<span class=\"_ _df\"> </span></div></td><td class=\"c x9d7 y34ba wb7 hf\"><div class=\"t m0 x38 h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">2.377 </div></td><td class=\"c x9d8 y34ba w85 hf\"><div class=\"t m0 x31 h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">2.011 </div></td><td class=\"c x9d0 y34ba w269 hf\"><div class=\"t m0 x13 h200 y153d ff4 fs22 fc1 sc0 ls15 ws0\">73<span class=\"ls0\"> </span></div></td><td class=\"c x9d9 y34ba wac hf\"><div class=\"t m0 x11 h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9da y34ba w152 hf\"><div class=\"t m0 x26 h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">1.460<span class=\"_ _df\"> </span></div></td><td class=\"c x9db y34ba w1ae hf\"><div class=\"t m0 x31 h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">187 </div></td><td class=\"c x9d1 y34ba w5b4 hf\"><div class=\"t m0 x55 h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9dc y34ba w2bd hf\"><div class=\"t m0 x38 h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9d5 y34ba w5b4 hf\"><div class=\"t m0 x55 h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9dd y34ba w5b5 hf\"><div class=\"t m0 x55 h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9de y34ba w5b4 hf\"><div class=\"t m0 x55 h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9d2 y34ba w162 hf\"><div class=\"t m0 x36 h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9df y34ba w1c3 hf\"><div class=\"t m0 x31 h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9e0 y34ba w1c7 hf\"><div class=\"t m0 x37 h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9e1 y34ba w1a9 hf\"><div class=\"t m0 x97 h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">290 </div></td><td class=\"c x9d3 y34ba w269 hf\"><div class=\"t m0 x38 h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">2.010 </div></td></tr><tr><td class=\"c x46a y34bb wa16 h48e\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc1 sc0 ls0 ws0\">deteriorate<span class=\"_ _df\"> </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 x2a8 y34bc w1029 h48e\"><div class=\"t m0 x250 h200 y24a6 ff4 fs22 fc1 sc0 ls0 ws0\">2.2. parzialmente<span class=\"_ _df\"> </span></div></td><td class=\"c x9d7 y34bd wb7 hf\"><div class=\"t m0 x37 h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">68.110 </div></td><td class=\"c x9d8 y34bd w85 hf\"><div class=\"t m0 x26 h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">68.097 </div></td><td class=\"c x9d0 y34bd w269 hf\"><div class=\"t m0 x90 h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9d9 y34bd wac hf\"><div class=\"t m0 x11 h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9da y34bd w152 hf\"><div class=\"t m0 x3a h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">10.372 </div></td><td class=\"c x9db y34bd w1ae hf\"><div class=\"t m0 x27 h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">5.786 </div></td><td class=\"c x9d1 y34bd w5b4 hf\"><div class=\"t m0 x55 h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9dc y34bd w2bd hf\"><div class=\"t m0 x38 h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9d5 y34bd w5b4 hf\"><div class=\"t m0 x55 h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9dd y34bd w5b5 hf\"><div class=\"t m0 x55 h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9de y34bd w5b4 hf\"><div class=\"t m0 x55 h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9d2 y34bd w162 hf\"><div class=\"t m0 x26 h200 y153d ff4 fs22 fc1 sc0 ls79 ws0\">335<span class=\"_ _df\"> </span></div></td><td class=\"c x9df y34bd w1c3 hf\"><div class=\"t m0 x31 h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9e0 y34bd w1c7 hf\"><div class=\"t m0 x32 h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">477 </div></td><td class=\"c x9e1 y34bd w1a9 hf\"><div class=\"t m0 x32 h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">22.590 </div></td><td class=\"c x9d3 y34bd w269 hf\"><div class=\"t m0 x27 h200 y153d ff4 fs22 fc1 sc0 ls0 ws0\">39.560 </div></td></tr><tr><td class=\"c x2a8 y34be w1022 h48f\"><div class=\"t m0 x250 h200 y24d8 ff4 fs22 fc1 sc0 ls0 ws0\">garantite<span class=\"_ _df\"> </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 x46a y2dd8 w1023 h48f\"><div class=\"t m0 x250 h200 y24d8 ff4 fs22 fc1 sc0 ls0 ws0\">- di cui<span class=\"_ _df\"> </span></div></td><td class=\"c x9d7 y34bf wb7 h13f\"><div class=\"t m0 x13 h200 y2ef ff4 fs22 fc1 sc0 ls61 ws0\">28<span class=\"ls0\"> </span></div></td><td class=\"c x9d8 y34bf w85 h13f\"><div class=\"t m0 x11 h200 y2ef ff4 fs22 fc1 sc0 ls61 ws0\">20<span class=\"ls0\"> </span></div></td><td class=\"c x9d0 y34bf w269 h13f\"><div class=\"t m0 x90 h200 y2ef ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9d9 y34bf wac h13f\"><div class=\"t m0 x11 h200 y2ef ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9da y34bf w152 h13f\"><div class=\"t m0 x11 h200 y2ef ff4 fs22 fc1 sc0 ls0 ws0\">4 </div></td><td class=\"c x9db y34bf w1ae h13f\"><div class=\"t m0 x13 h200 y2ef ff4 fs22 fc1 sc0 ls0 ws0\">5 </div></td><td class=\"c x9d1 y34bf w5b4 h13f\"><div class=\"t m0 x55 h200 y2ef ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9dc y34bf w2bd h13f\"><div class=\"t m0 x38 h200 y2ef ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9d5 y34bf w5b4 h13f\"><div class=\"t m0 x55 h200 y2ef ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9dd y34bf w5b5 h13f\"><div class=\"t m0 x55 h200 y2ef ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9de y34bf w5b4 h13f\"><div class=\"t m0 x55 h200 y2ef ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9d2 y34bf w162 h13f\"><div class=\"t m0 x36 h200 y2ef ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9df y34bf w1c3 h13f\"><div class=\"t m0 x31 h200 y2ef ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9e0 y34bf w1c7 h13f\"><div class=\"t m0 x37 h200 y2ef ff4 fs22 fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9e1 y34bf w1a9 h13f\"><div class=\"t m0 x8f h200 y2ef ff4 fs22 fc1 sc0 ls0 ws0\">6 </div></td><td class=\"c x9d3 y34bf w269 h13f\"><div class=\"t m0 x96 h200 y2ef ff4 fs22 fc1 sc0 ls9e ws0\">15<span class=\"ls0\"> </span></div></td></tr><tr><td class=\"c x46a y2491 wa16 h48f\"><div class=\"t m0 x250 h200 y24d8 ff4 fs22 fc1 sc0 ls0 ws0\">deteriorate<span class=\"_ _df\"> </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=\"c w93 h31a gs118a\"><div class=\"t m4 x26 h200 y14f7 ff4 fs22 fc4 sc3 ls0 ws0\">Immobili - Ipo<span class=\"_ _2\"></span>teche<span class=\"fc1 sc0\"> </span></div></div><div class=\"c wa7 h31a gs118b\"><div class=\"t m4 x32 h200 y473 ff4 fs22 fc4 sc3 ls0 ws0\">Immobili <span class=\"_ _2\"></span>- leasing </div><div class=\"t m4 x37 h200 ycaa ff4 fs22 fc4 sc3 ls0 ws0\">finanziario<span class=\"fc1 sc0\"> </span></div></div><div class=\"c w2b4 h31a gs118c\"><div class=\"t m4 x27 h200 ydab ff4 fs22 fc4 sc3 ls0 ws0\">Titoli<span class=\"fc1 sc0\"> </span></div></div><div class=\"c w1d8 h31a gs118d\"><div class=\"t m4 x3a h200 y50 ff4 fs22 fc4 sc3 ls0 ws0\">Altre garanzie reali<span class=\"_ _2\"></span><span class=\"fc1 sc0\"> </span></div></div><div class=\"c w5b1 h31a gs118e\"><div class=\"t m4 x2e h200 y15ef ff4 fs22 fc4 sc3 ls0 ws0\">CLN<span class=\"fc1 sc0\"> </span></div></div><div class=\"c w1a5 h31a gs118f\"><div class=\"t m4 x2c h200 y497 ff4 fs22 fc4 sc3 ls0 ws0\">Amministrazioni p<span class=\"_ _2\"></span>ubbliche<span class=\"fc1 sc0\"> </span></div></div><div class=\"c w182 h31a gs1190\"><div class=\"t m4 x32 h200 ycc9 ff4 fs22 fc4 sc3 ls0 ws0\">Banche<span class=\"fc1 sc0\"> </span></div></div><div class=\"c w185 h31a gs1191\"><div class=\"t m4 x33 h200 y400 ff4 fs22 fc4 sc3 ls0 ws0\">Altre socie<span class=\"_ _2\"></span>t\u00e0 finanziarie<span class=\"fc1 sc0\"> </span></div></div><div class=\"c w1a9 h31a gs1192\"><div class=\"t m4 x3a h200 ya44 ff4 fs22 fc4 sc3 ls0 ws0\">Altri soggetti<span class=\"fc1 sc0\"> </span></div></div><div class=\"c w350 h31b gs1193\"><div class=\"t m4 x39 h200 y305 ff4 fs22 fc4 sc3 ls0 ws0\">Controparti </div><div class=\"t m4 x27 h200 y532 ff4 fs22 fc4 sc3 ls0 ws0\">centrali<span class=\"fc1 sc0\"> </span></div></div><div class=\"c w5b2 h31b gs1194\"><div class=\"t m4 x2e h200 yfd2 ff4 fs22 fc4 sc3 ls0 ws0\">Banche<span class=\"fc1 sc0\"> </span></div></div><div class=\"c w5b2 h31b gs1195\"><div class=\"t m4 x16a h200 y892 ff4 fs22 fc4 sc3 ls0 ws0\">Altre socie<span class=\"_ _2\"></span>t\u00e0 </div><div class=\"t m4 x14 h200 y66e ff4 fs22 fc4 sc3 ls0 ws0\">finanziarie<span class=\"fc1 sc0\"> </span></div></div><div class=\"c w5b2 h31b gs1196\"><div class=\"t m4 x2e h200 y692 ff4 fs22 fc4 sc3 ls0 ws0\">Altri soggetti<span class=\"fc1 sc0\"> </span></div></div>Nel <span class=\"_ _0\"></span>corso <span class=\"_ _9\"> </span>dell\u2019esercizio <span class=\"_ _0\"></span>sono <span class=\"_ _0\"></span>st<span class=\"_ _2\"></span>ate <span class=\"_ _0\"></span>esc<span class=\"ff4\">usse <span class=\"_ _9\"> </span>garanzie <span class=\"_ _0\"></span>ipotecarie <span class=\"_ _9\"> </span>per <span class=\"_ _0\"></span>9,9<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>milioni <span class=\"_ _0\"></span>di <span class=\"_ _9\"> </span>euro, <span class=\"_ _0\"></span>i <span class=\"_ _9\"> </span>cui <span class=\"_ _9\"> </span>incassi </span>presumibilmente <span class=\"_ _16\"> </span>avverranno  nei <span class=\"_ _16\"> </span>prossimi  anni<span class=\"_ _1\"></span>,  mentre  a  fronte  d<span class=\"_ _1\"></span>elle  escussioni <span class=\"_ _16\"> </span>di  pegni,  p<span class=\"_ _1\"></span>olizze assicurative  e<span class=\"_ _1\"></span>  fide<span class=\"_ _1\"></span>iussioni  sono <span class=\"_ _16\"> </span>stati <span class=\"_ _16\"> </span>incassati <span class=\"_ _16\"> </span>25,1  <span class=\"ff5\">milioni <span class=\"_ _9\"> </span>di  euro.  Nel<span class=\"_ _1\"></span>l\u2019esercizio <span class=\"_ _16\"> </span>sono  sta<span class=\"_ _1\"></span>ti  anc<span class=\"_ _1\"></span>he </span>incassati 1<span class=\"_ _1\"></span>4,5 mil<span class=\"_ _1\"></span>ioni d<span class=\"_ _1\"></span>i e<span class=\"_ _1\"></span>uro, a <span class=\"_ _f\"></span>fronte di <span class=\"_ _f\"></span>escussione di <span class=\"_ _f\"></span>garanzie ipotecarie <span class=\"_ _f\"></span>avviate neg<span class=\"_ _1\"></span>li anni <span class=\"_ _f\"></span>precedenti.<span class=\"_ _2\"></span> Nel cor<span class=\"_ _2\"></span>so <span class=\"_ _2\"></span>del 2025 s<span class=\"_ _2\"></span>ono state <span class=\"_ _2\"></span>poste <span class=\"_ _2\"></span>in essere <span class=\"_ _2\"></span>attivit\u00e0 giudiziali <span class=\"_ _2\"></span>di escussione <span class=\"_ _2\"></span>delle garanzie <span class=\"_ _2\"></span>mediante pignoramento <span class=\"_ _16\"> </span>immobiliare <span class=\"_ _9\"> </span>nei  casi <span class=\"_ _9\"> </span>in  cui<span class=\"_ _1\"></span>  non <span class=\"_ _9\"> </span>sia  s<span class=\"_ _1\"></span>tato  p<span class=\"_ _1\"></span>ossibile <span class=\"_ _9\"> </span>raggiungere  soluzioni <span class=\"_ _9\"> </span>transattive soddisfacenti.  Le  posizioni <span class=\"_ _22\"> </span>affi<span class=\"_ _2\"></span>date  alle  societ\u00e0 <span class=\"_ _4\"> </span>di  o<span class=\"_ _2\"></span><span class=\"ff5\">utsourcing,  costituite  da <span class=\"_ _4\"> </span>esposizioni<span class=\"_ _1\"></span>  &lt;<span class=\"_ _2\"></span>100  \u20ack </span>derivanti <span class=\"_ _2\"></span>da <span class=\"_ _d\"></span>mutui <span class=\"_ _d\"></span>ipotecari <span class=\"_ _d\"></span>sono <span class=\"_ _d\"></span>state <span class=\"_ _d\"></span>valutate <span class=\"_ _2\"></span>e <span class=\"_ _d\"></span>gestite <span class=\"_ _d\"></span>stragiudizialmente. <span class=\"_ _d\"></span>Si <span class=\"_ _d\"></span>precisa <span class=\"_ _2\"></span>infatti <span class=\"_ _d\"></span>che <span class=\"_ _d\"></span>la ricontrattualizzazione <span class=\"_ _0\"></span>di <span class=\"_ _9\"> </span>tali <span class=\"_ _9\"> </span>societ\u00e0 <span class=\"_ _9\"> </span>dal <span class=\"_ _0\"> </span>20<span class=\"_ _2\"></span>23 <span class=\"_ _0\"></span>ha <span class=\"_ _9\"> </span>previsto <span class=\"_ _9\"> </span>il <span class=\"_ _9\"> </span>loro <span class=\"_ _9\"> </span>intervento <span class=\"_ _0\"></span>limitatamente <span class=\"_ _9\"> </span>all'attivit\u00e0<span class=\"_ _2\"></span> stragiudiziale. <span class=\"_ _d\"></span>In <span class=\"_ _d\"></span>caso <span class=\"_ _0\"></span>di <span class=\"_ _d\"></span>esito <span class=\"_ _0\"></span>neg<span class=\"_ _1\"></span>ativo <span class=\"_ _d\"></span>di <span class=\"_ _0\"></span>quest'ultima, <span class=\"_ _d\"></span>infatti, <span class=\"_ _d\"></span>la <span class=\"_ _0\"></span>posizione <span class=\"_ _d\"></span>viene <span class=\"_ _d\"></span>restituita <span class=\"_ _0\"></span>agli <span class=\"_ _d\"></span>uffici interni competenti per l'attivazione giudi<span class=\"_ _1\"></span>ziale ovvero la cessione del credito.<span class=\"_ _2\"></span> ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfCollateralExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-794": {
   "value": "1.2. R<span class=\"_ _f\"></span>ischi di<span class=\"_ _f\"></span> merc<span class=\"_ _1\"></span>ato<span class=\"_ _f\"></span> 1.2.1 R<span class=\"_ _f\"></span>ischio di ta<span class=\"_ _f\"></span>sso di intere<span class=\"_ _f\"></span>sse e risch<span class=\"_ _f\"></span>io prezzo<span class=\"_ _f\"></span> <span class=\"ff5\">\u2013</span> portafo<span class=\"_ _1\"></span>glio d<span class=\"_ _1\"></span>i negoz<span class=\"_ _f\"></span>iazione d<span class=\"_ _1\"></span>i vigilan<span class=\"_ _f\"></span>za Inform<span class=\"_ _1\"></span>azio<span class=\"_ _f\"></span>ni di natura<span class=\"_ _f\"></span> qualitativa Il modello <span class=\"_ _2\"></span>organizzativo di <span class=\"_ _2\"></span>presidio dei r<span class=\"_ _2\"></span>ischi ha <span class=\"_ _2\"></span>lo scopo <span class=\"_ _2\"></span>di favorire <span class=\"_ _2\"></span>il raggiungimento <span class=\"_ _2\"></span>di una serie di obiettivi: -<span class=\"_ _1b\"> </span><span class=\"ff4\">ruolo <span class=\"_ _2\"></span>di <span class=\"_ _d\"></span>governo <span class=\"_ _2\"></span>e <span class=\"_ _d\"></span>indirizzo <span class=\"_ _2\"></span>della <span class=\"_ _d\"></span>Capogruppo <span class=\"_ _2\"></span>ne<span class=\"_ _2\"></span>l <span class=\"_ _d\"></span>presidio <span class=\"_ _2\"></span>dei <span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>ischi <span class=\"_ _2\"></span>per <span class=\"_ _d\"></span>singola <span class=\"_ _d\"></span>Societ\u00e0 <span class=\"_ _2\"></span>e <span class=\"_ _d\"></span>del </span>loro impatto sui rischi di Gruppo, in ottemp<span class=\"_ _1\"></span>eranza alle vigenti disposizioni di Vigilanz<span class=\"_ _1\"></span>a e al Risk<span class=\"_ _df\"> </span>Appetite Framework di Gruppo; -<span class=\"_ _1b\"> </span><span class=\"ff4\">controllo <span class=\"_ _9\"> </span>gestionale <span class=\"_ _16\"> </span>nel <span class=\"_ _9\"> </span>senso <span class=\"_ _9\"> </span>dell'ottimizzazione <span class=\"_ _9\"> </span>del <span class=\"_ _16\"> </span>profilo <span class=\"_ _9\"> </span>rischio<span class=\"_ _2\"></span>-rendimento <span class=\"_ _16\"> </span>a <span class=\"_ _9\"> </span>livello <span class=\"_ _9\"> </span>d<span class=\"_ _2\"></span>i<span class=\"_ _df\"> </span></span>Gruppo;<span class=\"_ _df\"> </span>-<span class=\"_ _1b\"> </span><span class=\"ff4\">uniformit\u00e0 <span class=\"_ _9\"> </span>della <span class=\"_ _9\"> </span>metodologia <span class=\"_ _16\"> </span>di <span class=\"_ _9\"> </span>analisi <span class=\"_ _16\"> </span>e <span class=\"_ _9\"> </span>del <span class=\"_ _16\"> </span>\"linguaggio\" <span class=\"_ _9\"> </span>utilizzato  p<span class=\"_ _f\"></span>er  tutte <span class=\"_ _9\"> </span>le <span class=\"_ _9\"> </span>Societ\u00e0 <span class=\"_ _16\"> </span>del<span class=\"_ _df\"> </span></span>gruppo.<span class=\"_ _df\"> </span>In  questo <span class=\"_ _22\"> </span>ambito <span class=\"_ _4\"> </span>il  Rischio  di  mercato, <span class=\"_ _4\"> </span>inteso  come  rischio  di  perdite  causate <span class=\"_ _4\"> </span>da  variazioni sfavorevoli dei <span class=\"_ _1\"></span>fattori di rischi<span class=\"_ _1\"></span>o (tasso<span class=\"_ _2\"></span>, p<span class=\"_ _1\"></span>rezzo, cambio e<span class=\"_ _1\"></span>d altri fattori d<span class=\"_ _1\"></span>i mercato), vi<span class=\"_ _1\"></span>ene misurato e<span class=\"_ _f\"></span> monitorato <span class=\"_ _9\"> </span>sia <span class=\"_ _9\"> </span>in <span class=\"_ _0\"> </span>r<span class=\"_ _2\"></span>iferimento <span class=\"_ _0\"></span>al <span class=\"_ _9\"> </span>banking <span class=\"_ _0\"> </span>book <span class=\"_ _16\"> </span>(poste <span class=\"_ _0\"></span>a <span class=\"_ _9\"> </span>vista <span class=\"_ _9\"> </span>e <span class=\"_ _9\"> </span>a <span class=\"_ _9\"> </span>scadenza) <span class=\"_ _0\"></span>sia <span class=\"_ _9\"> </span>a<span class=\"_ _2\"></span>l <span class=\"_ _0\"></span>tr<span class=\"_ _2\"></span>ading <span class=\"_ _0\"></span>book (strumenti finanziari negoziati con finalit\u00e0 di positioning,<span class=\"_ _1\"></span> trading e negoziazione).<span class=\"_ _2\"></span> Strutt<span class=\"_ _1\"></span>ura org<span class=\"_ _f\"></span>anizzativa<span class=\"_ _1\"></span> Di <span class=\"_ _f\"></span>s<span class=\"_ _2\"></span>egui<span class=\"_ _1\"></span>to v<span class=\"_ _1\"></span>engono <span class=\"_ _f\"></span>descritti i <span class=\"_ _f\"></span>principali <span class=\"_ _f\"></span>compiti de<span class=\"_ _1\"></span>lle <span class=\"_ _f\"></span>s<span class=\"_ _2\"></span>trutture <span class=\"_ _1\"></span>organizz<span class=\"_ _1\"></span>ative <span class=\"_ _1\"></span>coinvolte <span class=\"_ _f\"></span>nel processo<span class=\"_ _1\"></span> di controllo e gestione dei rischi di mercato.  Il <span class=\"_ _2\"></span>Consiglio <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>Amministr<span class=\"_ _2\"></span>azione <span class=\"_ _2\"></span>della <span class=\"_ _2\"></span>Capogruppo, <span class=\"_ _2\"></span>CA, <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _d\"></span>responsabile <span class=\"_ _2\"></span>della <span class=\"_ _2\"></span>definizio<span class=\"_ _2\"></span>ne <span class=\"_ _2\"></span>delle <span class=\"_ _d\"></span>linee generali <span class=\"_ _1\"></span>del <span class=\"_ _1\"></span>governo dei<span class=\"_ _1\"></span> rischi <span class=\"_ _f\"></span>pe<span class=\"_ _2\"></span>r ci<span class=\"_ _1\"></span>ascuna area <span class=\"_ _f\"></span>di busine<span class=\"_ _f\"></span>s<span class=\"_ _2\"></span>s; <span class=\"_ _1\"></span>delibera i <span class=\"_ _f\"></span>poteri riconosciuti <span class=\"_ _1\"></span>in merit<span class=\"_ _1\"></span>o a strategie operative, assunzione <span class=\"_ _2\"></span>di rischi e azioni <span class=\"_ _2\"></span>correttive;<span class=\"_ _1\"></span> individua l\u2019insieme <span class=\"_ _2\"></span>degli indicatori di Risk <span class=\"_ _d\"></span>Appetite <span class=\"_ _0\"></span>e <span class=\"_ _0\"></span>delle <span class=\"_ _d\"></span>r<span class=\"_ _2\"></span>elative <span class=\"_ _d\"></span>m<span class=\"_ _2\"></span>etriche <span class=\"_ _d\"></span>di <span class=\"_ _0\"></span>calcolo; <span class=\"_ _0\"></span>definisce <span class=\"_ _d\"></span>e <span class=\"_ _0\"></span>a<span class=\"_ _2\"></span>pprova <span class=\"_ _d\"></span>gli <span class=\"_ _0\"></span>obiettivi <span class=\"_ _0\"></span>di <span class=\"_ _d\"></span>r<span class=\"_ _2\"></span>ischio <span class=\"_ _d\"></span>e <span class=\"_ _0\"></span>le soglie di tolleranza valu<span class=\"_ _1\"></span>tando periodicamente l\u2019adeguatezza del Risk Appetite Framework (RAF) e la <span class=\"_ _2\"></span>compatibilit\u00e0 <span class=\"_ _d\"></span>tra <span class=\"_ _d\"></span>obiettivi <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>rischio <span class=\"_ _2\"></span>effettivo; <span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>pprova <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>truttura <span class=\"_ _2\"></span>generale <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>ei <span class=\"_ _2\"></span>limi<span class=\"_ _2\"></span>ti <span class=\"_ _d\"></span>operativi <span class=\"_ _2\"></span>e delle <span class=\"_ _d\"></span>deleghe, <span class=\"_ _2\"></span>nonc<span class=\"_ _2\"></span>h\u00e9 <span class=\"_ _d\"></span>le <span class=\"_ _d\"></span>linee <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>responsabilit\u00e0 <span class=\"_ _d\"></span>ed <span class=\"_ _d\"></span>autorit\u00e0 <span class=\"_ _0\"></span>in <span class=\"_ _2\"></span>merito <span class=\"_ _d\"></span>al <span class=\"_ _0\"></span>processo <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>gestione <span class=\"_ _2\"></span>dei rischi.  I <span class=\"_ _2\"></span>Cons<span class=\"_ _2\"></span>igli <span class=\"_ _2\"></span>di <span class=\"_ _d\"></span>Amministrazione <span class=\"_ _d\"></span>delle <span class=\"_ _d\"></span>singole <span class=\"_ _d\"></span>societ\u00e0 <span class=\"_ _d\"></span>recepiscono <span class=\"_ _2\"></span>l\u2019appetito <span class=\"_ _d\"></span>al <span class=\"_ _d\"></span>rischio <span class=\"_ _d\"></span>e <span class=\"_ _d\"></span>la <span class=\"_ _2\"></span>soglia <span class=\"_ _d\"></span>di tolleranza d<span class=\"_ _1\"></span>efiniti in <span class=\"_ _f\"></span>ambito RAF <span class=\"_ _f\"></span>dalla Capogruppo; <span class=\"_ _f\"></span>approvano gli <span class=\"_ _1\"></span>indirizzi <span class=\"_ _1\"></span>strategici e<span class=\"_ _f\"></span> le linee <span class=\"_ _f\"></span>guida di <span class=\"_ _9\"> </span>gestione <span class=\"_ _9\"> </span>dei <span class=\"_ _9\"> </span>rischi <span class=\"_ _9\"> </span>formulati <span class=\"_ _9\"> </span>dalla <span class=\"_ _9\"> </span>Capogruppo <span class=\"_ _9\"> </span>nonch\u00e9 <span class=\"_ _9\"> </span>la <span class=\"_ _9\"> </span>struttura <span class=\"_ _16\"> </span>dei <span class=\"_ _0\"></span>limiti <span class=\"_ _16\"> </span>e <span class=\"_ _0\"></span>delle <span class=\"_ _9\"> </span>deleghe operative inte<span class=\"_ _1\"></span>rne nell\u2019ambito d<span class=\"_ _1\"></span>i quanto fissato <span class=\"_ _1\"></span>dal Con<span class=\"_ _1\"></span>siglio di <span class=\"_ _1\"></span>amministrazione d<span class=\"_ _1\"></span>ella <span class=\"ff4\">Capogruppo.<span class=\"_ _df\"> </span></span>Le Direzioni delle singol<span class=\"_ _1\"></span>e societ\u00e0<span class=\"_ _2\"></span><span class=\"sc2\"> </span>realizzano le attivit\u00e0 di b<span class=\"_ _1\"></span>usiness di competenza nel rispe<span class=\"_ _1\"></span>tto delle deleghe e dei limiti operativi di<span class=\"_ _1\"></span> rischio assegnati dai rispettivi Consigli di Ammini<span class=\"_ _1\"></span>strazione.<span class=\"_ _2\"></span> Il <span class=\"_ _9\"> </span>Comitato <span class=\"_ _9\"> </span>Esecutivo <span class=\"_ _9\"> </span>(CE) <span class=\"_ _16\"> </span>della <span class=\"_ _9\"> </span>Capogruppo, <span class=\"_ _16\"> </span><span class=\"ff5\">quale <span class=\"_ _0\"> </span>o<span class=\"_ _2\"></span>rgano <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>gestione, <span class=\"_ _9\"> </span>cura <span class=\"_ _16\"> </span>l\u2019attuazione <span class=\"_ _0\"></span>d<span class=\"_ _2\"></span>egli </span>indirizzi strategici e delle politiche di gov<span class=\"_ _1\"></span>erno dei rischi definiti dal CA, ed in particolare definisce e cura <span class=\"_ _2\"></span>l\u2019attuazione del processo <span class=\"_ _2\"></span>di gestione <span class=\"_ _2\"></span>dei rischi. <span class=\"_ _2\"></span>Al <span class=\"_ _2\"></span>CE compete inoltr<span class=\"_ _2\"></span>e la <span class=\"_ _2\"></span>defini<span class=\"_ _1\"></span>zione <span class=\"_ _2\"></span>dei l<span class=\"_ _2\"></span><span class=\"ff4\">imiti </span>operativi coerenti con la propensione al rischio. I Comitati della Capogruppo coinvolti in ambito RAF hanno le segu<span class=\"_ _1\"></span>enti responsabilit\u00e0.<span class=\"_ _2\"></span> Il  Comi<span class=\"_ _1\"></span>tato  Consiliare <span class=\"_ _16\"> </span>Rischi <span class=\"_ _16\"> </span>e <span class=\"_ _16\"> </span>Sostenibilit\u00e0 <span class=\"_ _16\"> </span>di <span class=\"_ _16\"> </span>Gruppo <span class=\"_ _16\"> </span>svolge <span class=\"_ _16\"> </span>l\u2019attivit\u00e0  valutativa <span class=\"_ _16\"> </span>e <span class=\"_ _16\"> </span>propositiva necessaria  affinc<span class=\"_ _1\"></span>h\u00e9  i<span class=\"_ _1\"></span>l  CA <span class=\"_ _16\"> </span>possa <span class=\"_ _16\"> </span>approvare <span class=\"_ _16\"> </span>obiettivi <span class=\"_ _16\"> </span>di <span class=\"_ _9\"> </span>r<span class=\"_ _2\"></span>ischio <span class=\"_ _16\"> </span>e  s<span class=\"_ _f\"></span>oglie  di <span class=\"_ _16\"> </span>tolleranza  e<span class=\"_ _1\"></span>  valu<span class=\"_ _1\"></span>tare periodicamente l\u2019adeguatezza del RAF e la compatibili<span class=\"_ _1\"></span>t\u00e0 tra <span class=\"_ _2\"></span>obiettivi e rischio eff<span class=\"_ _1\"></span>ettivo.<span class=\"_ _2\"></span><span class=\"ff4\"> </span>Esprime inoltre parere per il CA sulle proposte relative alle metodologie di misura<span class=\"_ _2\"></span>zione <span class=\"_ _2\"></span>e controllo e <span class=\"_ _d\"></span>analisi <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>rilevanza <span class=\"_ _d\"></span>dei <span class=\"_ _d\"></span>rischi <span class=\"_ _d\"></span>anche <span class=\"_ _d\"></span>ai <span class=\"_ _d\"></span>fi<span class=\"_ _2\"></span>ni <span class=\"_ _d\"></span>del <span class=\"_ _d\"></span>calcolo <span class=\"_ _d\"></span>del <span class=\"_ _d\"></span>capitale <span class=\"_ _d\"></span>interno; <span class=\"_ _0\"></span>supporta <span class=\"_ _d\"></span>infine <span class=\"_ _d\"></span>il <span class=\"_ _d\"></span>CA della capogruppo con la proposizione<span class=\"_ _1\"></span> delle strategie generali per il governo dei rischi. <span class=\"_ _2\"></span> Il <span class=\"_ _15\"> </span>Comitat<span class=\"_ _2\"></span>o <span class=\"_ _15\"> </span>Risk <span class=\"_ _15\"> </span>Management, <span class=\"_ _e\"> </span>istituito <span class=\"_ _15\"> </span>al <span class=\"_ _e\"> </span>fine <span class=\"_ _15\"> </span>di <span class=\"_ _e\"> </span>informare <span class=\"_ _15\"> </span>il <span class=\"_ _e\"> </span>CE <span class=\"_ _e\"> </span>del <span class=\"_ _15\"> </span>presidio <span class=\"_ _15\"> </span>del <span class=\"_ _e\"> </span>rischio complessivamente  assunto  e<span class=\"_ _1\"></span>  del<span class=\"_ _1\"></span>  suo  monitoraggio  nel<span class=\"_ _1\"></span>l\u2019ambito  delle  strategi<span class=\"_ _1\"></span>e  e  metodologie<span class=\"_ _1\"></span> definite dalla Capogruppo nel RAF, effe<span class=\"_ _1\"></span>ttua le seguenti operazioni:<span class=\"_ _2\"></span> -<span class=\"_ _1d\"> </span><span class=\"ff4\">presidia <span class=\"_ _9\"> </span>il <span class=\"_ _16\"> </span>rischio <span class=\"_ _9\"> </span>compl<span class=\"_ _2\"></span>essivamente <span class=\"_ _9\"> </span>assunto  d<span class=\"_ _1\"></span>alle  sing<span class=\"_ _1\"></span>ole <span class=\"_ _9\"> </span>societ\u00e0  e<span class=\"_ _1\"></span> <span class=\"_ _16\"> </span>del <span class=\"_ _9\"> </span>suo <span class=\"_ _16\"> </span>monitoraggio<span class=\"_ _df\"> </span></span>nell\u2019ambito <span class=\"_ _15\"> </span>delle <span class=\"_ _e\"> </span>strategie <span class=\"_ _e\"> </span>e <span class=\"_ _15\"> </span>metodologie <span class=\"_ _e\"> </span>definite <span class=\"_ _15\"> </span>dalla <span class=\"_ _e\"> </span>Capogruppo <span class=\"_ _e\"> </span>nel <span class=\"_ _15\"> </span>Risk <span class=\"_ _e\"> </span>Appetite<span class=\"_ _df\"> </span>Framework; -<span class=\"_ _1d\"> </span><span class=\"ff4\">periodicamente <span class=\"_ _c\"> </span>valuta <span class=\"_ _c\"> </span>il <span class=\"_ _c\"> </span>livello <span class=\"_ _c\"> </span>di <span class=\"_ _c\"> </span>rischio <span class=\"_ _c\"> </span>complessivamente <span class=\"_ _c\"> </span>assunto, <span class=\"_ _c\"> </span>attraverso <span class=\"_ _c\"> </span>il<span class=\"_ _df\"> </span></span>monitoraggio degli indicatori RAF per tipologia di rischio; -<span class=\"_ _1d\"> </span><span class=\"ff4\">analizza inoltre ev<span class=\"_ _1\"></span>entuali eventi inte<span class=\"_ _1\"></span>rni o esterni <span class=\"_ _1\"></span>che possano <span class=\"_ _1\"></span>modificare <span class=\"_ _f\"></span>in maniera rilevante il<span class=\"_ _df\"> </span></span>profilo <span class=\"_ _f\"></span>di rischi<span class=\"_ _1\"></span>o <span class=\"_ _1\"></span>e <span class=\"_ _f\"></span>r<span class=\"_ _2\"></span>ichiede <span class=\"_ _f\"></span>quindi agli <span class=\"_ _f\"></span>organi <span class=\"_ _1\"></span>competenti, <span class=\"_ _f\"></span>p<span class=\"_ _2\"></span>er <span class=\"_ _f\"></span>il tramite <span class=\"_ _f\"></span>del R<span class=\"_ _1\"></span>isk <span class=\"_ _f\"></span>Of<span class=\"_ _2\"></span>ficer, <span class=\"_ _f\"></span>revisioni<span class=\"_ _df\"> </span>addizionali del RAF.<span class=\"_ _df\"> </span><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs13be\">La fu<span class=\"_ _f\"></span>nzion<span class=\"_ _2\"></span>e <span class=\"_ _f\"></span>di Risk Manag<span class=\"_ _1\"></span>ement supp<span class=\"_ _1\"></span>orta il <span class=\"_ _1\"></span>Comitato Consili<span class=\"_ _1\"></span>are <span class=\"_ _f\"></span>Rischi e <span class=\"_ _1\"></span>Sostenibilit\u00e0 d<span class=\"_ _1\"></span>i Grupp<span class=\"_ _1\"></span>o ed </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs13bf\">effettua le attivit\u00e0 di seguito descritte. In ambito RAF: </div><div class=\"t m0 h5 ff13 fs1 fc1 sc0 ls0 ws0 gs13c0\">-<span class=\"_ _1d\"> </span><span class=\"ff4\">verifica <span class=\"_ _2\"></span>almeno <span class=\"_ _d\"></span>annualmente <span class=\"_ _2\"></span>la <span class=\"_ _d\"></span>bont\u00e0 <span class=\"_ _2\"></span>delle <span class=\"_ _2\"></span>met<span class=\"_ _2\"></span>riche <span class=\"_ _2\"></span>utilizzate <span class=\"_ _2\"></span>sott<span class=\"_ _2\"></span>oponendo <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>backtesting <span class=\"_ _2\"></span>i<span class=\"_ _df\"> </span></span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs13c1\">modelli <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>stima <span class=\"_ _4\"> </span>del <span class=\"_ _4\"> </span>rischio, <span class=\"_ _4\"> </span>riportando <span class=\"_ _4\"> </span>nel <span class=\"_ _4\"> </span>RAF <span class=\"_ _17\"> </span>gli <span class=\"_ _4\"> </span>esiti, <span class=\"_ _4\"> </span>eventuali<span class=\"_ _1\"></span> <span class=\"_ _4\"> </span>carenze <span class=\"_ _4\"> </span>ed <span class=\"_ _4\"> </span>eventuali<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs13c2\">necessit\u00e0 di sviluppo di<span class=\"_ _1\"></span> nuove metodologie;<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff13 fs1 fc1 sc0 ls0 ws0 gs13c3\">-<span class=\"_ _1d\"> </span><span class=\"ff5\">rendiconta <span class=\"_ _0\"></span>almeno <span class=\"_ _0\"></span>trimestralmente <span class=\"_ _d\"></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\u2019andamento <span class=\"_ _d\"></span>del <span class=\"_ _0\"></span>profilo <span class=\"_ _0\"></span>di<span class=\"_ _df\"> </span></span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs13c4\">rischio <span class=\"_ _2\"></span>assunto <span class=\"_ _2\"></span>nel suo <span class=\"_ _2\"></span>complesso <span class=\"_ _2\"></span>rispetto <span class=\"_ _2\"></span>agli obiettivi <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>Risk <span class=\"_ _2\"></span>Appetite relat<span class=\"_ _2\"></span>ivamente a <span class=\"_ _2\"></span>tutti<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs13c5\">gli indicatori, compresi quelli inerenti il rischio di mercato.<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs13c6\">Si occupa inoltre: </div><div class=\"t m0 h5 ff13 fs1 fc1 sc0 ls0 ws0 gs13c7\">-<span class=\"_ _1d\"> </span><span class=\"ff4\">della <span class=\"_ _f\"></span>misurazione e<span class=\"_ _1\"></span> <span class=\"_ _f\"></span>rendicontazio<span class=\"_ _2\"></span>ne <span class=\"_ _f\"></span>dei <span class=\"_ _f\"></span>rischi <span class=\"_ _f\"></span>finanziari <span class=\"_ _f\"></span>p<span class=\"_ _2\"></span>er <span class=\"_ _f\"></span>singola <span class=\"_ _f\"></span>so<span class=\"_ _2\"></span>ciet\u00e0 <span class=\"_ _f\"></span>e <span class=\"_ _f\"></span>a <span class=\"_ _f\"></span>livello <span class=\"_ _1\"></span>di <span class=\"_ _f\"></span>Gruppo,<span class=\"_ _df\"> </span></span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs13c8\">utilizzando <span class=\"_ _16\"> </span>a  que<span class=\"_ _1\"></span>sto  fine  p<span class=\"_ _1\"></span>rincipalmente  misu<span class=\"_ _1\"></span>re  di <span class=\"_ _9\"> </span>r<span class=\"_ _2\"></span>ischio <span class=\"_ _16\"> </span>in  termini <span class=\"_ _9\"> </span>di  sensitivity,  v<span class=\"_ _1\"></span>olte  a<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs13c9\">verificare <span class=\"_ _0\"></span>il <span class=\"_ _0\"></span>rispetto <span class=\"_ _0\"> </span>dei <span class=\"_ _0\"></span>limiti <span class=\"_ _9\"> </span>assegnati <span class=\"_ _0\"></span>e <span class=\"_ _0\"></span>la <span class=\"_ _0\"></span>coerenza <span class=\"_ _9\"> </span>con <span class=\"_ _0\"></span>gli <span class=\"_ _0\"></span>obiettivi <span class=\"_ _d\"></span>di <span class=\"_ _0\"></span>r<span class=\"_ _2\"></span>ischio <span class=\"_ _0\"></span>rendimento<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs13ca\">assegnati; </div><div class=\"t m0 h5 ff13 fs1 fc1 sc0 ls0 ws0 gs13cb\">-<span class=\"_ _1d\"> </span><span class=\"ff4\">dello <span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>viluppo <span class=\"_ _2\"></span>e <span class=\"_ _d\"></span>della <span class=\"_ _2\"></span>g<span class=\"_ _2\"></span>estione <span class=\"_ _2\"></span>dei <span class=\"_ _d\"></span>sistemi <span class=\"_ _d\"></span>di <span class=\"_ _2\"></span>misurazione <span class=\"_ _d\"></span>dei <span class=\"_ _2\"></span>rischi <span class=\"_ _d\"></span>t<span class=\"_ _2\"></span><span class=\"ff5\">ramite <span class=\"_ _d\"></span>l\u2019acquisizione <span class=\"_ _2\"></span>dei<span class=\"_ _df\"> </span></span></span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs13cc\">dati di mercato necessari per il calcol<span class=\"_ _1\"></span>o;<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff13 fs1 fc1 sc0 ls0 ws0 gs13cd\">-<span class=\"_ _1d\"> </span><span class=\"ff4\">della definizione del profilo di rischio dei nuovi prodotti.<span class=\"_ _df\"> </span></span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs13ce\">Le <span class=\"_ _9\"> </span>risultanze <span class=\"_ _16\"> </span>dell\u2019attivit\u00e0 <span class=\"_ _9\"> </span>della <span class=\"_ _9\"> </span>f<span class=\"_ _2\"></span>unzione <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>Risk  M<span class=\"_ _1\"></span>anagement <span class=\"_ _16\"> </span>sono <span class=\"_ _16\"> </span>riportate <span class=\"_ _9\"> </span>periodicamente <span class=\"_ _9\"> </span>al </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs13cf\">Comitato Consiliare Rischi e Sostenibilit\u00e0 di Gruppo.<span class=\"_ _df\"> </span></div><div class=\"t m0 he ff4 fs5 fc4 sc3 ls0 ws0 gs13d0\">A. Asp<span class=\"_ _f\"></span>etti genera<span class=\"_ _f\"></span>li<span class=\"_ _df\"> </span></div><div class=\"t m0 he ff4 fs5 fc4 sc3 ls0 ws0 gs13d1\">Rischio<span class=\"_ _f\"></span> di tasso <span class=\"_ _1\"></span>di intere<span class=\"_ _f\"></span>sse </div><div class=\"t m0 h5 ff4 fs1 fc4 sc3 ls0 ws0 gs13d2\">Credem<span class=\"_ _f\"></span>banca<span class=\"_ _f\"></span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs13d3\">Il <span class=\"_ _1\"></span>presidio dei <span class=\"_ _f\"></span>rischi finanziari <span class=\"_ _1\"></span>avviene tramite <span class=\"_ _f\"></span>la definizione di<span class=\"_ _1\"></span> una struttura <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>limiti ch<span class=\"_ _1\"></span>e costituisce </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs13d4\">l\u2019espressione  diretta <span class=\"_ _22\"> </span>del <span class=\"_ _22\"> </span>l<span class=\"_ _2\"></span>ivello  di <span class=\"_ _22\"> </span>r<span class=\"_ _2\"></span>ischiosit\u00e0  ritenuto  ac<span class=\"_ _2\"></span><span class=\"ff4\">cettabile  con <span class=\"_ _22\"> </span>riferim<span class=\"_ _2\"></span>ento  alle  s<span class=\"_ _2\"></span>ingole </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs13d5\">aree/linee <span class=\"_ _2\"></span>di <span class=\"_ _d\"></span>business, <span class=\"_ _2\"></span>in <span class=\"_ _d\"></span>coerenza <span class=\"_ _d\"></span>con <span class=\"_ _2\"></span>il <span class=\"_ _d\"></span>Risk <span class=\"_ _2\"></span>Appetite <span class=\"_ _d\"></span>Framework <span class=\"_ _2\"></span>definito <span class=\"_ _d\"></span>a <span class=\"_ _2\"></span>livello <span class=\"_ _2\"></span>di <span class=\"_ _d\"></span>gruppo. <span class=\"_ _d\"></span>In </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs13d6\">particolare i rischi di mercato si gene<span class=\"_ _1\"></span>rano a seguito delle seguenti operativit\u00e0:<span class=\"_ _2\"></span> </div><div class=\"t m0 h5 ff13 fs1 fc1 sc0 ls0 ws0 gs13d7\">-<span class=\"_ _1b\"> </span><span class=\"ff4\">attivit\u00e0 tradizionale di<span class=\"_ _1\"></span> raccolta ed impiego;<span class=\"_ _df\"> </span></span></div><div class=\"t m0 h5 ff13 fs1 fc1 sc0 ls0 ws0 gs13d8\">-<span class=\"_ _1b\"> </span><span class=\"ff4\">attivit\u00e0 sui mercati finanziari con final<span class=\"_ _1\"></span>it\u00e0 di trading e di investimento; </span></div><div class=\"t m0 h5 ff13 fs1 fc1 sc0 ls0 ws0 gs13d9\">-<span class=\"_ _1b\"> </span><span class=\"ff4\">attivit\u00e0 di negoziazione<span class=\"_ _f\"></span> <span class=\"_ _2\"></span>di strumenti finanziari in contropartita con la clie<span class=\"_ _f\"></span>nt<span class=\"_ _2\"></span>ela.<span class=\"_ _df\"> </span></span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs13da\">Il <span class=\"_ _f\"></span>rischio tasso<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>di <span class=\"_ _f\"></span>interesse ne<span class=\"_ _1\"></span>l <span class=\"_ _f\"></span>portafoglio di<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>negoziazione<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>di <span class=\"_ _f\"></span>vigilanza \u00e8 <span class=\"_ _f\"></span>generat<span class=\"ff5\">o<span class=\"_ _2\"></span> <span class=\"_ _f\"></span>dall\u2019attivit\u00e0 <span class=\"_ _1\"></span>svolta </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs13db\">sui mercati obblig<span class=\"_ _1\"></span>azionari e derivati su tasso.<span class=\"_ _1\"></span> Il rischio di tasso g<span class=\"_ _f\"></span>enerato da tale attivit\u00e0 \u00e8 gestito e<span class=\"_ _1\"></span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs13dc\">controllato tramite limiti in termini di sensitivi<span class=\"_ _1\"></span>ty e di vega. <span class=\"_ _2\"></span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs13dd\">Il rischio specifico o emittente viene monitorato tramite appo<span class=\"_ _2\"></span>siti massimali di concentrazione per </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs13de\">settore e classe di rating<span class=\"_ _1\"></span> sia in termini di controvalore che di <span class=\"_ _1\"></span>sensitivity. Inoltre il model<span class=\"_ _1\"></span>lo di VaR in </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs13df\">uso <span class=\"_ _f\"></span>esclusivamente <span class=\"_ _f\"></span>ai <span class=\"_ _f\"></span>fini <span class=\"_ _f\"></span>g<span class=\"_ _2\"></span>estionali <span class=\"_ _f\"></span>include <span class=\"_ _f\"></span>il <span class=\"_ _f\"></span>rischio <span class=\"_ _f\"></span>emittente, med<span class=\"_ _1\"></span>iante <span class=\"_ _f\"></span>l\u2019utilizzo <span class=\"_ _f\"></span>di <span class=\"_ _f\"></span>s<span class=\"_ _2\"></span>erie <span class=\"_ _f\"></span>storiche </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs13e0\">specifiche sugli spread di mercato. </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs13e1\">La funzi<span class=\"_ _1\"></span>one di <span class=\"_ _1\"></span>Risk Management produce<span class=\"_ _1\"></span> reports di <span class=\"_ _f\"></span>r<span class=\"_ _2\"></span>ischio <span class=\"_ _1\"></span>con freq<span class=\"_ _1\"></span>uenza giornaliera, settimanal<span class=\"_ _1\"></span>e </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs13e2\">e <span class=\"_ _9\"> </span>trimestrale <span class=\"_ _9\"> </span>a <span class=\"_ _9\"> </span>s<span class=\"_ _2\"></span>econda <span class=\"_ _0\"></span>della <span class=\"_ _9\"> </span>funzione <span class=\"_ _9\"> </span>destinatar<span class=\"_ _2\"></span>ia, <span class=\"_ _0\"> </span>indicando <span class=\"_ _9\"> </span>gli <span class=\"_ _9\"> </span>eventuali <span class=\"_ _9\"> </span>sconfini <span class=\"_ _9\"> </span>r<span class=\"_ _2\"></span>ispetto <span class=\"_ _9\"> </span>ai </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs13e3\">massimali <span class=\"_ _2\"></span>assegnati <span class=\"_ _2\"></span>dal <span class=\"_ _2\"></span>Regolamento <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>mat<span class=\"_ _2\"></span>eria <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>assunzione <span class=\"_ _2\"></span>dei r<span class=\"_ _2\"></span>ischi fi<span class=\"_ _2\"></span>nanziari e <span class=\"_ _d\"></span>la <span class=\"_ _2\"></span>misura <span class=\"_ _2\"></span>di </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs13e4\">rischio gestionale in termini di VaR. </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs13e5\">Eventuali modifiche <span class=\"_ _2\"></span>al R<span class=\"_ _2\"></span>egolamento <span class=\"_ _2\"></span>ed ai <span class=\"_ _2\"></span>massimali <span class=\"_ _2\"></span>in esso <span class=\"_ _2\"></span>espressi poss<span class=\"_ _2\"></span>ono essere <span class=\"_ _2\"></span>sottoposte </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs13e6\">a <span class=\"_ _4\"> </span>delibera <span class=\"_ _17\"> </span>del <span class=\"_ _4\"> </span>Consiglio <span class=\"_ _4\"> </span>di <span class=\"_ _17\"> </span>Amministrazione <span class=\"_ _17\"> </span>o <span class=\"_ _4\"> </span>del <span class=\"_ _4\"> </span>Comita<span class=\"_ _2\"></span>to <span class=\"_ _4\"> </span>Esecutivo, <span class=\"_ _4\"> </span>per <span class=\"_ _17\"> </span>competenza, <span class=\"_ _17\"> </span>su </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs13e7\">proposta della Finanza, sentito preventivame<span class=\"_ _1\"></span>nte il parere della funzione di Risk Management.<span class=\"_ _2\"></span> </div><div class=\"t m0 h5 ff4 fs1 fc4 sc3 ls0 ws0 gs13e8\">Credem<span class=\"_ _f\"></span> Eurom<span class=\"_ _f\"></span>obiliare<span class=\"_ _1\"></span> Priva<span class=\"_ _f\"></span>te Banki<span class=\"_ _1\"></span>ng </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs13e9\">I <span class=\"_ _16\"> </span>rischi <span class=\"_ _16\"> </span>di <span class=\"_ _9\"> </span>m<span class=\"_ _2\"></span>ercato <span class=\"_ _16\"> </span>legati <span class=\"_ _9\"> </span>al  rischio <span class=\"_ _16\"> </span>tasso  s<span class=\"_ _1\"></span>ono  g<span class=\"_ _1\"></span>estiti  at<span class=\"_ _1\"></span>traverso  limiti <span class=\"_ _9\"> </span>in  termini <span class=\"_ _9\"> </span>di  sensitivit<span class=\"_ _2\"></span>y </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs13ea\">complessiva e su singoli time bucke<span class=\"_ _1\"></span>t.<span class=\"_ _2\"></span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs13eb\">La <span class=\"_ _4\"> </span>funzione <span class=\"_ _17\"> </span>Risk <span class=\"_ _17\"> </span>Management <span class=\"_ _17\"> </span>della <span class=\"_ _4\"> </span>capogruppo <span class=\"_ _17\"> </span>verifica <span class=\"_ _4\"> </span>il <span class=\"_ _17\"> </span>rispetto <span class=\"_ _17\"> </span>di <span class=\"_ _17\"> </span>tali <span class=\"_ _4\"> </span>limiti <span class=\"_ _17\"> </span>e <span class=\"_ _17\"> </span>monitora </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs13ec\">l\u2019andamento <span class=\"_ _e\"> </span>del <span class=\"_ _e\"> </span>requisito <span class=\"_ _e\"> </span>patrimoniale <span class=\"_ _15\"> </span>a <span class=\"_ _e\"> </span>fronte <span class=\"_ _e\"> </span>dei <span class=\"_ _e\"> </span>rischi <span class=\"_ _15\"> </span>di <span class=\"_ _e\"> </span>mercat<span class=\"_ _2\"></span>o, <span class=\"_ _15\"> </span>calcolato <span class=\"_ _e\"> </span>secondo </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs13ed\">l\u2019approccio standard.<span class=\"ff4\"> </span></div><div class=\"t m0 he ff4 fs5 fc4 sc3 ls0 ws0 gs13ee\">Rischio<span class=\"_ _f\"></span> di prezz<span class=\"_ _1\"></span>o </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs13ef\">Nell\u2019ambito <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>\u201cport<span class=\"_ _2\"></span>afoglio <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>negoziazione <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>vi<span class=\"_ _2\"></span>gilanza\u201d <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>principale <span class=\"_ _2\"></span>font<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>rischio <span class=\"_ _d\"></span>di <span class=\"_ _2\"></span>prezzo <span class=\"_ _2\"></span>\u00e8 </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs13f0\">costituita dai titoli azionari, fondi e dai relativi strumenti deriv<span class=\"_ _1\"></span>ati. <span class=\"_ _2\"></span> </div>Credem<span class=\"_ _f\"></span>banca<span class=\"_ _f\"></span> I <span class=\"_ _0\"></span>rischi <span class=\"_ _0\"></span>azionari <span class=\"_ _d\"></span>sono <span class=\"_ _0\"></span>assunti <span class=\"_ _0\"></span>nell\u2019ambito <span class=\"_ _d\"></span>delle <span class=\"_ _0\"></span>attiv<span class=\"_ _2\"></span><span class=\"ff4\">it\u00e0 <span class=\"_ _0\"></span>di <span class=\"_ _d\"></span>trading. <span class=\"_ _0\"></span>Tale <span class=\"_ _0\"></span>attivit\u00e0 <span class=\"_ _0\"></span>svolta <span class=\"_ _d\"></span>s<span class=\"_ _2\"></span>ui <span class=\"_ _d\"></span>mercati </span>azionari <span class=\"_ _0\"> </span>prevede <span class=\"_ _9\"> </span>l\u2019assunzione <span class=\"_ _0\"> </span>d<span class=\"_ _2\"></span>i <span class=\"_ _0\"></span>posizioni <span class=\"_ _9\"> </span>direzionali <span class=\"_ _0\"></span>g<span class=\"_ _2\"></span>estite <span class=\"_ _0\"></span>e <span class=\"_ _9\"> </span>controllate <span class=\"_ _9\"> </span>tramite <span class=\"_ _9\"> </span>massimali <span class=\"_ _0\"> </span>di posizione, <span class=\"_ _22\"> </span>sia <span class=\"_ _4\"> </span>lorda <span class=\"_ _4\"> </span>sia <span class=\"_ _4\"> </span>netta, <span class=\"_ _4\"> </span>limiti  in <span class=\"_ _4\"> </span>termini <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>greche <span class=\"_ _4\"> </span>e <span class=\"_ _22\"> </span>mass<span class=\"_ _2\"></span>imali <span class=\"_ _22\"> </span>di <span class=\"_ _4\"> </span>concentrazione <span class=\"_ _4\"> </span>per sottostante.  Credem<span class=\"_ _f\"></span> Eurom<span class=\"_ _f\"></span>obiliare<span class=\"_ _1\"></span> Priva<span class=\"_ _f\"></span>te Banki<span class=\"_ _1\"></span>ng Il <span class=\"_ _0\"></span>Regolamento <span class=\"_ _9\"> </span>in <span class=\"_ _9\"> </span>materia <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>assunzione <span class=\"_ _9\"> </span>dei <span class=\"_ _0\"></span>r<span class=\"_ _2\"></span>ischi <span class=\"_ _0\"></span>finanziari, <span class=\"_ _9\"> </span>mo<span class=\"_ _2\"></span>nitorato <span class=\"_ _0\"></span>dalla <span class=\"_ _9\"> </span>funzione <span class=\"_ _0\"> </span>di <span class=\"_ _16\"> </span>Risk Management, non prevede massimali ordinari per l\u2019ope<span class=\"_ _1\"></span>rativit\u00e0 sul rischio azionario.<span class=\"_ _2\"></span><span class=\"ff4\"> </span>Rischi <span class=\"_ _1\"></span>climati<span class=\"_ _f\"></span>ci e ambie<span class=\"_ _1\"></span>ntali<span class=\"_ _f\"></span> I rischi <span class=\"_ _2\"></span>climatici-ambi<span class=\"_ _1\"></span>entali (fisici <span class=\"_ _2\"></span>e di tr<span class=\"_ _2\"></span>ansizi<span class=\"_ _1\"></span>one), sono integrat<span class=\"_ _2\"></span>i nell<span class=\"_ _1\"></span>'analisi<span class=\"_ _2\"></span> <span class=\"ls39\">di</span> rilevanza <span class=\"_ _2\"></span>tramite la quale <span class=\"_ _9\"> </span>il <span class=\"_ _9\"> </span>Gruppo <span class=\"_ _9\"> </span>Credem <span class=\"_ _9\"> </span>valuta <span class=\"_ _9\"> </span>periodicamente <span class=\"_ _9\"> </span>la <span class=\"_ _16\"> </span>materialit\u00e0 <span class=\"ls39\">di<span class=\"_ _2\"></span></span> tutti <span class=\"_ _9\"> </span>i <span class=\"_ _9\"> </span>rischi <span class=\"_ _9\"> </span>a <span class=\"_ _16\"> </span>cui <span class=\"_ _0\"></span>\u00e8 <span class=\"_ _9\"> </span>espost<span class=\"_ _2\"></span>o. <span class=\"_ _9\"> </span>In particolare, <span class=\"_ _26\"> </span>il <span class=\"_ _6\"> </span>Gruppo <span class=\"_ _26\"> </span>ha <span class=\"_ _6\"> </span>sviluppato <span class=\"_ _26\"> </span>una <span class=\"_ _26\"> </span>metodologia <span class=\"_ _6\"> </span>qu<span class=\"_ _2\"></span>antitativa <span class=\"_ _26\"> </span>per <span class=\"_ _6\"> </span>misurar<span class=\"_ _2\"></span>e <span class=\"_ _6\"> </span>il livello <span class=\"ls39\">di</span> concentrazione <span class=\"_ _f\"></span>del portafoglio <span class=\"_ _f\"></span>investimenti <span class=\"_ _f\"></span>verso que<span class=\"_ _1\"></span>lle <span class=\"_ _1\"></span>imprese <span class=\"_ _f\"></span>la cu<span class=\"_ _1\"></span>i <span class=\"_ _f\"></span>at<span class=\"_ _2\"></span>tivit\u00e0 <span class=\"_ _f\"></span>economica \u00e8 <span class=\"_ _2\"></span>ritenuta <span class=\"_ _d\"></span>particolarmente <span class=\"_ _2\"></span>sensibi<span class=\"_ _1\"></span>le <span class=\"_ _2\"></span>ai <span class=\"_ _d\"></span>rischi <span class=\"ls39\">di</span> <span class=\"ff5\">tr<span class=\"_ _2\"></span>ansizione. <span class=\"_ _2\"></span>Nello <span class=\"_ _2\"></span>specifico, <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>valutare <span class=\"_ _2\"></span>l\u2019impatto </span>del  rischio <span class=\"_ _22\"> </span>climatico-<span class=\"ls73\">am</span>bientale <span class=\"_ _4\"> </span>sul  portafoglio  Investimenti  di  propriet\u00e0 <span class=\"_ _4\"> </span>del  Gruppo,<span class=\"_ _1\"></span> <span class=\"_ _22\"> </span>\u00e8 <span class=\"_ _4\"> </span>stata adottata <span class=\"_ _0\"></span>una <span class=\"_ _0\"></span>matrice <span class=\"_ _0\"> </span>s<span class=\"_ _2\"></span>ettoriale <span class=\"_ _d\"></span>che <span class=\"_ _9\"> </span>restituisce <span class=\"_ _0\"></span>una <span class=\"_ _0\"></span>valutazione <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>sintesi <span class=\"_ _9\"> </span>della <span class=\"_ _0\"></span>rischiosit\u00e0 <span class=\"_ _0\"></span>(alta, media, <span class=\"_ _d\"></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=\"_ _d\"></span>sul <span class=\"_ _0\"></span>Pillar <span class=\"_ _0\"></span>Environmental. <span class=\"_ _0\"></span>Al <span class=\"_ _0\"></span>fine <span class=\"_ _d\"></span>di<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>monitorare l\u2019esposizione <span class=\"_ _2\"></span>ai <span class=\"_ _2\"></span>rischi <span class=\"_ _2\"></span>Climate <span class=\"_ _2\"></span>\u2013<span class=\"ff4\"> </span>Environmental, <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _2\"></span>presente <span class=\"_ _2\"></span>un <span class=\"_ _2\"></span>indicatore <span class=\"_ _2\"></span>dedi<span class=\"_ _1\"></span>cato <span class=\"_ _2\"></span>nell\u2019ambito <span class=\"_ _2\"></span>del processo RAF.  B. Pro<span class=\"_ _f\"></span>cessi di ge<span class=\"_ _1\"></span>stione<span class=\"_ _f\"></span> e metodi d<span class=\"_ _1\"></span>i misura<span class=\"_ _f\"></span>zione d<span class=\"_ _1\"></span>el rischio<span class=\"_ _f\"></span> di tasso d<span class=\"_ _f\"></span>i interesse <span class=\"_ _1\"></span>e del <span class=\"_ _1\"></span>rischio<span class=\"_ _f\"></span> di prezzo<span class=\"_ _df\"> </span>Ri<span class=\"_ _f\"></span>sch<span class=\"_ _f\"></span>io <span class=\"_ _f\"></span>di<span class=\"_ _1\"></span> t<span class=\"_ _1\"></span>as<span class=\"_ _f\"></span>so <span class=\"_ _f\"></span>di<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>te<span class=\"_ _f\"></span>res<span class=\"_ _f\"></span>se<span class=\"_ _f\"></span> - <span class=\"_ _f\"></span>me<span class=\"_ _f\"></span>tod<span class=\"_ _f\"></span>olo<span class=\"_ _f\"></span>gi<span class=\"_ _1\"></span>e <span class=\"_ _f\"></span>e m<span class=\"_ _f\"></span>et<span class=\"_ _f\"></span>ric<span class=\"_ _f\"></span>he<span class=\"_ _1\"></span> d<span class=\"_ _f\"></span>i m<span class=\"_ _f\"></span>is<span class=\"_ _f\"></span>ura<span class=\"_ _f\"></span>zio<span class=\"_ _f\"></span>ne <span class=\"_ _f\"></span> Il <span class=\"_ _14\"> </span>rischio <span class=\"_ _14\"> </span>di <span class=\"_ _15\"> </span>tasso <span class=\"_ _15\"> </span>di <span class=\"_ _14\"> </span>interesse <span class=\"_ _14\"> </span>viene <span class=\"_ _14\"> </span>calcolato<span class=\"_ _2\"></span> <span class=\"_ _14\"> </span>giornalmente <span class=\"_ _14\"> </span>tramite <span class=\"_ _15\"> </span>metodologia <span class=\"_ _14\"> </span>VaR <span class=\"_ _14\"> </span>per Credembanca; la <span class=\"_ _2\"></span>misurazione ha <span class=\"_ _2\"></span>finalit\u00e0 <span class=\"_ _2\"></span>gestionali, non <span class=\"_ _2\"></span>viene<span class=\"_ _f\"></span> <span class=\"_ _2\"></span>utilizzata <span class=\"_ _2\"></span>per il <span class=\"_ _2\"></span>calcolo <span class=\"_ _2\"></span>del requisito patrimoniale su<span class=\"ff5\">i rischi di mercato pe<span class=\"_ _1\"></span>r il quale il<span class=\"_ _1\"></span> Gruppo Credem adotta l\u2019approccio standard. Il V<span class=\"_ _1\"></span>aR </span>misura la massima perdita potenziale<span class=\"_ _1\"></span> nella quale pu\u00f2 incorrere il portafoglio in base all'evoluzione<span class=\"_ _1\"></span> dei <span class=\"_ _d\"></span>fattori <span class=\"_ _0\"></span>di <span class=\"_ _d\"></span>mercato, <span class=\"_ _d\"></span>dato <span class=\"_ _d\"></span>un <span class=\"_ _d\"></span>certo <span class=\"_ _0\"></span>livello <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>confidenza, <span class=\"_ _d\"></span>nel <span class=\"_ _0\"></span>cors<span class=\"_ _2\"></span>o <span class=\"_ _d\"></span>di <span class=\"_ _0\"></span>un <span class=\"_ _d\"></span>determinato <span class=\"_ _d\"></span>orizzonte temporale. <span class=\"_ _f\"></span>La metodolog<span class=\"_ _1\"></span>ia <span class=\"_ _1\"></span>applicata ne<span class=\"_ _1\"></span>ll\u2019ambito <span class=\"_ _f\"></span>del Grup<span class=\"_ _1\"></span>po <span class=\"_ _f\"></span>Cr<span class=\"_ _2\"></span>edem <span class=\"_ _f\"></span>prevede i <span class=\"_ _f\"></span>seguenti <span class=\"_ _1\"></span>parametri:<span class=\"_ _2\"></span><span class=\"ff4\"> </span>-<span class=\"_ _1b\"> </span><span class=\"ff4\">livello di<span class=\"_ _1\"></span> confidenza 99%;<span class=\"_ _df\"> </span></span>-<span class=\"_ _1b\"> </span><span class=\"ff4\">orizzonte temporale 1 giorno;<span class=\"_ _df\"> </span></span>-<span class=\"_ _1b\"> </span><span class=\"ff4\">volatilit\u00e0 <span class=\"_ _2\"></span>calcolata <span class=\"_ _2\"></span>sulla base <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>2 <span class=\"_ _2\"></span>anni <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>osservazioni <span class=\"_ _2\"></span>giornaliere, <span class=\"_ _2\"></span>da<span class=\"_ _2\"></span>ndo maggior <span class=\"_ _d\"></span>peso <span class=\"_ _2\"></span>ai <span class=\"_ _2\"></span>dati </span>pi\u00f9 recenti (decay factor <span class=\"fff\">\u03bb</span>=0,94). Per il <span class=\"_ _2\"></span>calcolo <span class=\"_ _2\"></span>dell\u2019<span class=\"_ _1\"></span>assorbimento <span class=\"_ _2\"></span>in termini <span class=\"_ _2\"></span>di capitale <span class=\"_ _2\"></span>interno si <span class=\"_ _2\"></span>proced<span class=\"_ _1\"></span>e <span class=\"_ _2\"></span>inoltre a <span class=\"_ _2\"></span>convertire il <span class=\"_ _2\"></span>dato in un VaR a 10gg, applicando prudenzialmente<span class=\"_ _1\"></span> il coefficiente moltiplicativo 3.<span class=\"_ _2\"></span> Il dato di rischio \u00e8 anche<span class=\"_ _1\"></span> sottoposto ad analisi di stress test<span class=\"ff5\">ing nell\u2019ambito del processo di verifica </span>dell\u2019adeguatezza patrimoniale<span class=\"_ _1\"></span>, che mira <span class=\"_ _f\"></span>a verificare la<span class=\"_ _1\"></span> variazione <span class=\"_ _f\"></span>del capitale <span class=\"_ _1\"></span>(stimato in ter<span class=\"_ _1\"></span>mini di VaR) in caso di alta volatilit\u00e0 dei mercati finanziari.<span class=\"_ _1\"></span> <span class=\"_ _2\"></span> In <span class=\"_ _17\"> </span>r<span class=\"_ _2\"></span>elazione<span class=\"_ _1\"></span> <span class=\"_ _14\"> </span>a <span class=\"_ _14\"> </span>Credem <span class=\"_ _14\"> </span>Euromobiliare <span class=\"_ _17\"> </span>Private <span class=\"_ _14\"> </span>Banking <span class=\"_ _17\"> </span>il<span class=\"_ _2\"></span> <span class=\"_ _14\"> </span>rischio <span class=\"_ _17\"> </span>di <span class=\"_ _14\"> </span>tasso <span class=\"_ _14\"> </span>di <span class=\"_ _14\"> </span>interesse <span class=\"_ _17\"> </span>viene monitorato <span class=\"_ _17\"> </span>attraverso <span class=\"_ _4\"> </span>il <span class=\"_ _4\"> </span>requisito <span class=\"_ _17\"> </span>patrimoniale <span class=\"_ _17\"> </span>sui <span class=\"_ _4\"> </span>rischi <span class=\"_ _17\"> </span>di <span class=\"_ _4\"> </span>mercat<span class=\"_ _2\"></span>o, <span class=\"_ _4\"> </span>che <span class=\"_ _4\"> </span>s<span class=\"_ _2\"></span>egue<span class=\"_ _1\"></span> <span class=\"_ _4\"> </span>l\u2019a<span class=\"_ _2\"></span>pproccio standard. Inform<span class=\"_ _1\"></span>azio<span class=\"_ _f\"></span>ni di natura<span class=\"_ _f\"></span> quantita<span class=\"_ _f\"></span>tiva 1. Por<span class=\"_ _1\"></span>tafo<span class=\"_ _1\"></span>glio di <span class=\"_ _f\"></span>negozia<span class=\"_ _1\"></span>zione <span class=\"_ _1\"></span>di vig<span class=\"_ _1\"></span>ilanza<span class=\"_ _f\"></span>: distribu<span class=\"_ _1\"></span>zione <span class=\"_ _1\"></span>per d<span class=\"_ _1\"></span>urat<span class=\"_ _1\"></span>a res<span class=\"_ _1\"></span>idua <span class=\"_ _f\"></span>(<span class=\"_ _2\"></span>data <span class=\"_ _1\"></span>di ripr<span class=\"_ _1\"></span>ezza<span class=\"_ _1\"></span>mento<span class=\"_ _f\"></span>) delle a<span class=\"_ _f\"></span>t<span class=\"_ _2\"></span>tivi<span class=\"_ _1\"></span>t\u00e0<span class=\"_ _1\"></span> e del<span class=\"_ _1\"></span>le pa<span class=\"_ _f\"></span>ssivit\u00e0 fina<span class=\"_ _f\"></span>nziarie p<span class=\"_ _1\"></span>er c<span class=\"_ _f\"></span>assa e d<span class=\"_ _1\"></span>eriva<span class=\"_ _f\"></span>ti<span class=\"_ _2\"></span> fina<span class=\"_ _f\"></span>nziari<span class=\"_ _df\"> </span>La <span class=\"_ _f\"></span>presente <span class=\"_ _f\"></span>tavola <span class=\"_ _f\"></span>non \u00e8<span class=\"_ _1\"></span> <span class=\"_ _f\"></span>stat<span class=\"_ _2\"></span>a <span class=\"_ _f\"></span>redatta <span class=\"_ _f\"></span>poich\u00e9 <span class=\"_ _f\"></span>viene <span class=\"_ _f\"></span>di <span class=\"_ _f\"></span>seguito forni<span class=\"_ _1\"></span>ta <span class=\"_ _f\"></span>l\u2019analisi <span class=\"_ _f\"></span>di <span class=\"_ _f\"></span>se<span class=\"_ _2\"></span>nsitivit\u00e0 <span class=\"_ _f\"></span>al <span class=\"_ _f\"></span>rischio tasso di interesse basata sui model<span class=\"_ _1\"></span>li interni ed <span class=\"_ _2\"></span>altre metodologie.   <div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs141f\">Nella <span class=\"_ _d\"></span>presente <span class=\"_ _d\"></span>sezione <span class=\"_ _d\"></span>vengono <span class=\"_ _d\"></span>sinteticamente <span class=\"_ _d\"></span>esposti <span class=\"_ _d\"></span>i <span class=\"_ _0\"></span>risultati <span class=\"_ _d\"></span>delle<span class=\"_ _1\"></span> <span class=\"_ _d\"></span>analisi <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>r<span class=\"_ _2\"></span>ischio <span class=\"_ _2\"></span>di <span class=\"_ _d\"></span>t<span class=\"_ _2\"></span>asso<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs1420\">nell\u2019ambito <span class=\"_ _0\"></span>del <span class=\"_ _d\"></span>portafoglio <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>negoziazione. <span class=\"_ _d\"></span>In <span class=\"_ _0\"></span>particolare <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>seguito <span class=\"_ _0\"></span>sono <span class=\"_ _0\"></span>riportati <span class=\"_ _d\"></span>i <span class=\"_ _0\"></span>valori <span class=\"_ _0\"></span>medi,<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1421\">massimi <span class=\"_ _9\"> </span>e <span class=\"_ _9\"> </span>minimi <span class=\"_ _9\"> </span>del <span class=\"_ _9\"> </span>VaR <span class=\"_ _9\"> </span>g<span class=\"_ _2\"></span>enerato <span class=\"_ _16\"> </span>dal <span class=\"_ _0\"></span>fattor<span class=\"_ _2\"></span>e <span class=\"_ _0\"> </span>di <span class=\"_ _9\"> </span>r<span class=\"_ _2\"></span>ischio <span class=\"_ _0\"></span>tasso <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>interesse <span class=\"_ _9\"> </span>per <span class=\"_ _16\"> </span>Credembanca<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1422\">relativi agli esercizi 2023, 2024 e 2025.  </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs1423\">Nella figura sottostante \u00e8 riportato l\u2019andame<span class=\"_ _1\"></span>nto di tale dato di VaR per Credem ne<span class=\"_ _1\"></span>ll\u2019arco del 2025.<span class=\"_ _df\"> </span><span class=\"_ _d\"></span><span class=\"ff4\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1424\">Nel corso del 2025 il dato risulta in calo, portandosi a <span class=\"_ _2\"></span>valori molto contenu<span class=\"_ _1\"></span>ti e vicino allo zero negli<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs1425\">ultimi mesi dell\u2019anno.<span class=\"_ _df\"> </span><span class=\"ff4\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc4 sc3 ls0 ws0 gs1426\">Figur<span class=\"_ _1\"></span>a <span class=\"_ _d\"></span>1. <span class=\"_ _d\"></span>Anda<span class=\"_ _1\"></span>mento<span class=\"_ _1\"></span> <span class=\"_ _d\"></span>Inter<span class=\"_ _1\"></span>est <span class=\"_ _2\"></span>Rate <span class=\"_ _2\"></span>VaR <span class=\"_ _d\"></span>Credem<span class=\"_ _f\"></span> <span class=\"_ _0\"></span>(99%<span class=\"_ _f\"></span>, <span class=\"_ _d\"></span>10gg*coe<span class=\"_ _1\"></span>ff <span class=\"_ _d\"></span>mol<span class=\"_ _1\"></span>tiplica<span class=\"_ _f\"></span>tivo). <span class=\"_ _d\"></span>Dat<span class=\"_ _1\"></span>i <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>milioni<span class=\"_ _1\"></span> <span class=\"_ _d\"></span>di<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc4 sc3 lse ws0 gs1427\">euro<span class=\"_ _df\"> </span><span class=\"ls0\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1428\">Per <span class=\"_ _d\"></span>quanto <span class=\"_ _d\"></span>riguarda <span class=\"_ _d\"></span>la <span class=\"_ _d\"></span>shift <span class=\"_ _d\"></span>sensitivity <span class=\"_ _d\"></span>analysis <span class=\"_ _d\"></span>e <span class=\"_ _d\"></span>limitatamente <span class=\"_ _d\"></span>al <span class=\"_ _d\"></span>portafoglio <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>negoziazione <span class=\"_ _d\"></span>di<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs1429\">vigilanza, <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>tabella <span class=\"_ _2\"></span>sotto <span class=\"_ _2\"></span>riportata <span class=\"_ _2\"></span>mostra <span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>dati <span class=\"_ _2\"></span>relativi <span class=\"_ _2\"></span>all\u2019impatto <span class=\"_ _2\"></span>sul <span class=\"_ _2\"></span>margine di <span class=\"_ _2\"></span>interesse <span class=\"_ _2\"></span>su <span class=\"_ _2\"></span>un<span class=\"_ _df\"> </span><span class=\"_ _2\"></span> </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs142a\">orizzonte <span class=\"_ _2\"></span>temporale <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>12 <span class=\"_ _2\"></span>mesi, <span class=\"_ _2\"></span>nell\u2019ipotesi <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>una <span class=\"_ _d\"></span>variazione <span class=\"_ _2\"></span>parallela <span class=\"_ _2\"></span>dei <span class=\"_ _2\"></span>tassi <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>interes<span class=\"_ _2\"></span><span class=\"ff4\">se <span class=\"_ _2\"></span>di <span class=\"_ _d\"></span>+/-<span class=\"_ _df\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs142b\">100 punti base (dato riferito al Grup<span class=\"_ _1\"></span>po).<span class=\"_ _df\"> </span><span class=\"_ _2\"></span> </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs142c\">L\u2019analisi <span class=\"_ _9\"> </span>\u00e8  condotta  coe<span class=\"_ _f\"></span>r<span class=\"_ _2\"></span>entemente <span class=\"_ _9\"> </span>con  la <span class=\"_ _9\"> </span>metodologia  util<span class=\"_ _1\"></span>izzata  ai <span class=\"_ _9\"> </span>fini  d<span class=\"_ _1\"></span>ella <span class=\"_ _16\"> </span>misurazione <span class=\"_ _16\"> </span>del<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs142d\">rischio <span class=\"_ _0\"></span>tasso <span class=\"_ _d\"></span>del <span class=\"_ _0\"></span>portafoglio <span class=\"_ _0\"></span>bancario <span class=\"_ _d\"></span>in <span class=\"_ _0\"></span>ambito <span class=\"_ _0\"></span>Risk <span class=\"_ _0\"></span>Appetite <span class=\"_ _d\"></span>Framework <span class=\"_ _0\"></span>e <span class=\"_ _9\"> </span>con <span class=\"_ _0\"></span>le <span class=\"_ _d\"></span>segnalazioni<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs142e\">regolamentari sul rischio di tasso (IRRBB), in linea con le linee guida europee di<span class=\"_ _1\"></span> riferimento.<span class=\"_ _2\"></span> </div><div class=\"gs142f\"><table class=\"s w1099 h58e\" id=\"_e2429be2-1c8b-41dc-a2de-c69a2d51bcbe\"><tr><td></td><td class=\"c xa61 y35c3 w5e6 h331\"><div class=\"t m0 x92 h30 y8b6 ff5 fsb fc1 sc2 ls0 ws0\">Ipotesi<span class=\"_ _1\"></span> di shift para<span class=\"_ _1\"></span>llelo (da<span class=\"_ _1\"></span>ti mln di<span class=\"_ _1\"></span> \u20ac)<span class=\"ff4\"> </span></div></td><td></td></tr><tr><td></td><td class=\"c xa62 y35c4 w5e7 h242\"><div class=\"t m0 x30 h30 y1ad9 ff4 fsb fc1 sc2 ls0 ws0\">Shock -<span class=\"_ _1\"></span>100 b.p. </div></td><td class=\"c xa63 y35c4 w3d1 h242\"><div class=\"t m0 x31 h30 y1ad9 ff4 fsb fc1 sc2 ls0 ws0\">Shock +<span class=\"_ _f\"></span>100 b.p. </div></td></tr><tr><td class=\"c xa61 y35c5 w5e8 h243\"><div class=\"t m0 x13 h30 y305 ff4 fsb fc1 sc0 ls0 ws0\">Dati 12/2025<span class=\"_ _2\"></span> </div></td><td class=\"c xa62 y35c5 w5e7 h243\"><div class=\"t m0 x8 h30 y305 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"ls85\">0,4<span class=\"_ _df\"> </span></span></div></td><td class=\"c xa63 y35c5 w3d1 h243\"><div class=\"t m0 x8 h30 y305 ff4 fsb fc1 sc0 ls85 ws0\">0,4<span class=\"ls0\"> </span></div></td></tr></table></div><div class=\"t m0 he ff4 fs5 fc4 sc3 ls0 ws0 gs1430\">Ri<span class=\"_ _f\"></span>sch<span class=\"_ _f\"></span>io <span class=\"_ _f\"></span>di<span class=\"_ _1\"></span> p<span class=\"_ _f\"></span>rez<span class=\"_ _f\"></span>zo<span class=\"_ _1\"></span> -<span class=\"_ _f\"></span> me<span class=\"_ _f\"></span>to<span class=\"_ _f\"></span>dol<span class=\"_ _f\"></span>ogi<span class=\"_ _f\"></span>e <span class=\"_ _1\"></span>e <span class=\"_ _f\"></span>me<span class=\"_ _1\"></span>tr<span class=\"_ _f\"></span>ich<span class=\"_ _f\"></span>e d<span class=\"_ _f\"></span>i m<span class=\"_ _f\"></span>is<span class=\"_ _1\"></span>u<span class=\"_ _f\"></span>raz<span class=\"_ _f\"></span>ion<span class=\"_ _f\"></span>e  </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1431\">Il <span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>ischio <span class=\"_ _2\"></span>di <span class=\"_ _d\"></span>mercato <span class=\"_ _d\"></span>equity <span class=\"_ _2\"></span>viene <span class=\"_ _d\"></span>calcolato <span class=\"_ _d\"></span>con <span class=\"_ _2\"></span>le <span class=\"_ _d\"></span>stesse <span class=\"_ _d\"></span>frequ<span class=\"_ _1\"></span>enze <span class=\"_ _d\"></span>e <span class=\"_ _2\"></span>metodologie <span class=\"_ _d\"></span>indicata <span class=\"_ _d\"></span>per <span class=\"_ _2\"></span>il<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs12bf\">rischio tasso. </div><div class=\"t m0 he ff4 fs5 fc4 sc3 ls0 ws0 gs1433\">Inform<span class=\"_ _1\"></span>azio<span class=\"_ _f\"></span>ni di natura<span class=\"_ _f\"></span> quantita<span class=\"_ _f\"></span>tiva<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1434\">Nella <span class=\"_ _2\"></span>presente <span class=\"_ _2\"></span>sezione <span class=\"_ _2\"></span>vengono <span class=\"_ _2\"></span>sinteticamente <span class=\"_ _2\"></span>esposti <span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>risultati delle <span class=\"_ _2\"></span>analisi <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>rischio <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>prezzo<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs1435\">nell\u2019ambito <span class=\"_ _0\"></span>de<span class=\"ff4\">l <span class=\"_ _d\"></span>portafoglio <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>negoziazione. <span class=\"_ _d\"></span>In <span class=\"_ _0\"></span>particolare <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>seguito <span class=\"_ _0\"></span>sono <span class=\"_ _0\"></span>riportati <span class=\"_ _d\"></span>i <span class=\"_ _0\"></span>valori <span class=\"_ _0\"></span>medi,<span class=\"_ _df\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1436\">massimi <span class=\"_ _d\"></span>e <span class=\"_ _2\"></span>minimi <span class=\"_ _d\"></span>del <span class=\"_ _d\"></span>VaR <span class=\"_ _2\"></span>g<span class=\"_ _2\"></span>enerato <span class=\"_ _d\"></span>dal <span class=\"_ _2\"></span>fattor<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>di <span class=\"_ _d\"></span>rischio <span class=\"_ _d\"></span>prezzo <span class=\"_ _2\"></span>per <span class=\"_ _d\"></span>Credem <span class=\"_ _d\"></span>relativi <span class=\"_ _2\"></span>agli <span class=\"_ _d\"></span>esercizi<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1437\">2023, 2024 e 2025.<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1438\">Il <span class=\"_ _d\"></span>dato <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>Credem <span class=\"_ _d\"></span>risulta <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>lieve <span class=\"_ _d\"></span>aumento <span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>ispetto <span class=\"_ _d\"></span>alla <span class=\"_ _d\"></span>r<span class=\"_ _2\"></span>ilev<span class=\"_ _1\"></span>azione <span class=\"_ _d\"></span>precedente <span class=\"_ _2\"></span>e <span class=\"_ _d\"></span>s<span class=\"_ _2\"></span>empre <span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>u <span class=\"_ _d\"></span>livelli<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs1439\">molto contenuti.<span class=\"_ _1\"></span> Nella fig<span class=\"_ _1\"></span>ura sottostante \u00e8 <span class=\"_ _f\"></span>r<span class=\"_ _2\"></span>iportato <span class=\"_ _1\"></span>l\u2019andamento de<span class=\"_ _1\"></span>l VaR p<span class=\"_ _1\"></span>er Credem <span class=\"_ _1\"></span>nell\u2019arco de<span class=\"_ _1\"></span>l<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs143a\">2025.<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc4 sc3 ls0 ws0 gs143b\">Figur<span class=\"_ _1\"></span>a 2. <span class=\"_ _f\"></span>Andame<span class=\"_ _1\"></span>nto Eq<span class=\"_ _1\"></span>uity <span class=\"_ _1\"></span>VaR <span class=\"_ _f\"></span>Credem (<span class=\"_ _1\"></span>99%<span class=\"_ _1\"></span>, 10<span class=\"_ _1\"></span>gg*co<span class=\"_ _1\"></span>eff m<span class=\"_ _f\"></span>oltiplica<span class=\"_ _1\"></span>tivo)<span class=\"_ _1\"></span>. Dati <span class=\"_ _f\"></span>in milioni <span class=\"_ _f\"></span>di euro<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs143c\">I risultati dell\u2019attivit\u00e0 di back<span class=\"_ _1\"></span>testing sono riportati in calce al paragrafo 1.2.3 \u201cRischio di cambio\u201d.<span class=\"_ _df\"> </span><span class=\"_ _2\"></span><span class=\"ff4\"> </span></div><div class=\"t m0 he ff4 fs5 fc4 sc3 ls0 ws0 gs143d\">RISCH<span class=\"_ _1\"></span>IO SPE<span class=\"_ _f\"></span>CIFICO - INF<span class=\"_ _f\"></span>ORMA<span class=\"_ _f\"></span>ZIONI DI NA<span class=\"_ _f\"></span>TURA QUA<span class=\"_ _f\"></span>NTITATIVA<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs143e\">Il <span class=\"_ _0\"></span>rischio <span class=\"_ _0\"></span>specifico <span class=\"_ _0\"></span>\u00e8 <span class=\"_ _0\"></span>il <span class=\"_ _0\"></span>rischio <span class=\"_ _9\"> </span>di <span class=\"_ _d\"></span>perdite <span class=\"_ _0\"></span>causate <span class=\"_ _9\"> </span>da <span class=\"_ _0\"></span>una <span class=\"_ _0\"></span>sfavorevole<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>variazione <span class=\"_ _9\"> </span>del <span class=\"_ _0\"></span>prezzo <span class=\"_ _9\"> </span>degli<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs143f\">strumenti finanziari negoziati dovu<span class=\"_ _1\"></span>ta a fattori connessi con la situazione dell\u2019emittente. <span class=\"_ _2\"></span><span class=\"ff4\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1440\">Di <span class=\"_ _d\"></span>seguito <span class=\"_ _d\"></span>sono <span class=\"_ _d\"></span>riportati <span class=\"_ _d\"></span>i <span class=\"_ _d\"></span>valori <span class=\"_ _d\"></span>medi, <span class=\"_ _d\"></span>massimi <span class=\"_ _d\"></span>e <span class=\"_ _d\"></span>minimi <span class=\"_ _d\"></span>(in <span class=\"_ _d\"></span>milioni <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>euro) <span class=\"_ _d\"></span>del <span class=\"_ _d\"></span>rischio <span class=\"_ _d\"></span>specifico,<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1441\">calcolati sulla base delle ponderazioni di vigilanz<span class=\"_ _1\"></span>a, re<span class=\"_ _2\"></span>lativamente agli esercizi 2023, 2024 e 2025.<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs13ef\">Relativamente  a <span class=\"_ _4\"> </span>Credem <span class=\"_ _22\"> </span>Euromobiliare <span class=\"_ _22\"> </span>Private <span class=\"_ _4\"> </span>Banking  il <span class=\"_ _4\"> </span>requisito <span class=\"_ _22\"> </span>patrimoniale <span class=\"_ _4\"> </span>sui  rischi <span class=\"_ _22\"> </span>di<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs13f0\">mercato, generico e specifico, risulta sostanzialmente non rilevante. </div>1.2.2<span class=\"_ _f\"></span> Rischi<span class=\"_ _1\"></span>o di <span class=\"_ _f\"></span>tasso d<span class=\"_ _f\"></span>i inte<span class=\"_ _1\"></span>ress<span class=\"_ _f\"></span>e e risc<span class=\"_ _1\"></span>hio d<span class=\"_ _f\"></span>i prez<span class=\"_ _f\"></span>zo <span class=\"ff5\">\u2013</span> po<span class=\"_ _1\"></span>rtafo<span class=\"_ _f\"></span>glio ba<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ario<span class=\"_ _f\"></span><span class=\"fs1 fc1 sc0\"> </span>Inform<span class=\"_ _1\"></span>azio<span class=\"_ _f\"></span>ni di natura<span class=\"_ _f\"></span> qualitativa A. <span class=\"_ _f\"></span>Aspetti <span class=\"_ _f\"></span>genera<span class=\"_ _f\"></span>li, pro<span class=\"_ _f\"></span>cessi <span class=\"_ _1\"></span>di <span class=\"_ _f\"></span>gestio<span class=\"_ _1\"></span>ne <span class=\"_ _f\"></span>e <span class=\"_ _1\"></span>meto<span class=\"_ _1\"></span>di <span class=\"_ _f\"></span>di m<span class=\"_ _f\"></span>isurazio<span class=\"_ _1\"></span>ne <span class=\"_ _f\"></span>del <span class=\"_ _1\"></span>rischio <span class=\"_ _f\"></span>di <span class=\"_ _f\"></span>tasso<span class=\"_ _1\"></span> d<span class=\"_ _f\"></span>i inte<span class=\"_ _f\"></span>resse <span class=\"_ _f\"></span>e de<span class=\"_ _1\"></span>l<span class=\"_ _df\"> </span>rischio<span class=\"_ _1\"></span> di pre<span class=\"_ _f\"></span>zzo<span class=\"_ _df\"> </span>Rischio<span class=\"_ _f\"></span> di tasso Credem adotta <span class=\"_ _2\"></span>la definizione normativa <span class=\"_ _2\"></span>di r<span class=\"_ _2\"></span>ischio di tasso <span class=\"_ _2\"></span>di interesse sul banking book, <span class=\"_ _2\"></span>secondo cui  il  r<span class=\"_ _2\"></span>ischio  in  oggetto <span class=\"_ _4\"> </span>\u00e8:  \u201cil <span class=\"_ _22\"> </span>r<span class=\"_ _2\"></span>ischio  di  tas<span class=\"_ _2\"></span>so  di <span class=\"_ _22\"> </span>interesse <span class=\"_ _4\"> </span>derivante<span class=\"_ _1\"></span>  da <span class=\"_ _4\"> </span>attivit\u00e0  diverse  dalla negoziazione: rischio deriv<span class=\"_ _1\"></span>ante da variazioni potenziali dei tassi di interesse\u201d. <span class=\"_ _2\"></span><span class=\"ff4\"> </span>L\u2019esposizione al <span class=\"ff4\">rischio di tasso di interesse pu\u00f2 essere de<span class=\"_ _1\"></span>clinata in: <span class=\"_ _2\"></span> </span>-<span class=\"_ _1d\"> </span><span class=\"ff4\">rischio di reddi<span class=\"_ _1\"></span>to, derivante d<span class=\"_ _1\"></span>alla possibilit\u00e0 che<span class=\"_ _1\"></span> una v<span class=\"_ _1\"></span>ariazione inattesa <span class=\"_ _1\"></span>nei tassi <span class=\"_ _1\"></span>di interesse<span class=\"_ _1\"></span> </span>produca <span class=\"_ _2\"></span>una <span class=\"_ _d\"></span>riduzione <span class=\"_ _d\"></span>del <span class=\"_ _2\"></span>margine <span class=\"_ _d\"></span>di <span class=\"_ _2\"></span>interess<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>e <span class=\"_ _d\"></span>dipende <span class=\"_ _2\"></span>dal<span class=\"_ _2\"></span>lo <span class=\"_ _2\"></span>sfasamento <span class=\"_ _d\"></span>nella <span class=\"_ _d\"></span>struttura temporale delle <span class=\"_ _1\"></span>scadenze e pe<span class=\"_ _1\"></span>riodi di ridefinizione <span class=\"_ _f\"></span>d<span class=\"_ _2\"></span>elle cond<span class=\"_ _1\"></span>izioni di tasso di interesse <span class=\"_ _1\"></span>degli impieghi e della raccolta;<span class=\"_ _df\"> </span>-<span class=\"_ _1d\"> </span><span class=\"ff4\">rischio <span class=\"_ _4\"> </span>di  investimento,  ossia  di  subire  variazioni <span class=\"_ _22\"> </span>negative  n<span class=\"_ _2\"></span>ei  valori  di <span class=\"_ _4\"> </span>tutte  le  attivit\u00e0, </span>passivit\u00e0 <span class=\"_ _0\"></span>e <span class=\"_ _0\"></span>st<span class=\"_ _2\"></span>rumenti <span class=\"_ _0\"></span>fuori <span class=\"_ _0\"></span>bilancio, <span class=\"_ _0\"></span>in <span class=\"_ _0\"></span>seg<span class=\"_ _2\"></span>uito <span class=\"_ _9\"> </span>a <span class=\"_ _0\"></span>mutamenti <span class=\"_ _9\"> </span>nei <span class=\"_ _0\"></span>tassi <span class=\"_ _0\"> </span>di <span class=\"_ _9\"> </span>interesse, <span class=\"_ _0\"></span>con <span class=\"_ _0\"></span>un<span class=\"_ _df\"> </span>conseguente impatto destabilizzante sull\u2019equilib<span class=\"_ _1\"></span>rio patrimoniale.<span class=\"_ _df\"> </span>La <span class=\"_ _d\"></span>politica <span class=\"_ _2\"></span>di <span class=\"_ _d\"></span>gestione <span class=\"_ _2\"></span>del <span class=\"_ _d\"></span>rischio <span class=\"_ _d\"></span>di <span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>asso <span class=\"_ _2\"></span>d\u2019interesse <span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>ul <span class=\"_ _2\"></span>banking <span class=\"_ _d\"></span>book <span class=\"_ _2\"></span>di <span class=\"_ _d\"></span>Gruppo <span class=\"_ _d\"></span>\u00e8 <span class=\"_ _2\"></span>volta <span class=\"_ _d\"></span>ad <span class=\"_ _d\"></span>una sana <span class=\"_ _d\"></span>e <span class=\"_ _2\"></span>prudente <span class=\"_ _d\"></span>gestione <span class=\"_ _d\"></span>del <span class=\"_ _d\"></span>rischio <span class=\"_ _d\"></span>a <span class=\"_ _2\"></span>livello <span class=\"_ _d\"></span>d<span class=\"_ _2\"></span><span class=\"ff5\">i <span class=\"_ _d\"></span>Gruppo, <span class=\"_ _2\"></span>tale <span class=\"_ _d\"></span>da <span class=\"_ _d\"></span>ass<span class=\"_ _2\"></span>icurare <span class=\"_ _2\"></span>l\u2019ottimizzazione <span class=\"_ _d\"></span>degli </span>obiettivi <span class=\"_ _9\"> </span>di <span class=\"_ _16\"> </span>rischio/rendimento <span class=\"_ _9\"> </span>in  coe<span class=\"_ _1\"></span>renza <span class=\"_ _9\"> </span>con  il<span class=\"_ _1\"></span> <span class=\"_ _16\"> </span>Risk <span class=\"_ _9\"> </span>Appetit<span class=\"_ _2\"></span>e <span class=\"_ _9\"> </span>Framework <span class=\"_ _16\"> </span>definito <span class=\"_ _9\"> </span>a <span class=\"_ _16\"> </span>livello <span class=\"_ _9\"> </span>di Gruppo. <span class=\"_ _15\"> </span>Tali <span class=\"_ _e\"> </span>obiettivi <span class=\"_ _15\"> </span>sono <span class=\"_ _e\"> </span>perseguiti <span class=\"_ _15\"> </span>mantenendo <span class=\"_ _15\"> </span>uno <span class=\"_ _e\"> </span>sbilancio <span class=\"_ _15\"> </span>all\u2019interno <span class=\"_ _e\"> </span>dei <span class=\"_ _15\"> </span>massimali definitinel <span class=\"_ _17\"> </span>Risk <span class=\"_ _17\"> </span>Appetite <span class=\"_ _14\"> </span>Framework <span class=\"_ _17\"> </span>e <span class=\"_ _17\"> </span>nei <span class=\"_ _14\"> </span>Regolamenti <span class=\"_ _17\"> </span>in <span class=\"_ _17\"> </span>materia <span class=\"_ _14\"> </span>di <span class=\"_ _17\"> </span>assunzione <span class=\"_ _17\"> </span>dei <span class=\"_ _17\"> </span>rischi finanziari, in coerenza con le linee guida espresse dal Comitato ALM. Con <span class=\"_ _2\"></span>riferimento al <span class=\"_ _2\"></span>rischio di <span class=\"_ _2\"></span>tasso di <span class=\"_ _2\"></span>interesse <span class=\"_ _2\"></span>del banking <span class=\"_ _2\"></span>book (IRRBB) il <span class=\"_ _2\"></span>Gruppo <span class=\"_ _2\"></span>\u00e8 dotato <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>una Policy interna <span class=\"_ _2\"></span>dedicata <span class=\"_ _2\"></span>che ha <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>finalit\u00e0 di <span class=\"_ _2\"></span>definire le <span class=\"_ _2\"></span>linee guida <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>i principi <span class=\"_ _2\"></span>di governo <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>gestione del <span class=\"_ _f\"></span>rischio <span class=\"_ _f\"></span>di <span class=\"_ _f\"></span>tasso<span class=\"_ _2\"></span>, <span class=\"_ _f\"></span>delineando <span class=\"_ _11\"></span>l\u2019<span class=\"_ _2\"></span>insieme <span class=\"_ _f\"></span>delle <span class=\"_ _f\"></span>norme <span class=\"_ _1\"></span>e <span class=\"_ _f\"></span>processi <span class=\"_ _f\"></span>di <span class=\"_ _f\"></span>contr<span class=\"_ _2\"></span>ollo <span class=\"_ _f\"></span>finalizzati <span class=\"_ _f\"></span>a <span class=\"_ _f\"></span>stabilizzare il margine di interesse sul portafoglio bancario pe<span class=\"_ _1\"></span>r il Gr<span class=\"_ _2\"></span>uppo e per le singole societ\u00e0.  Le <span class=\"_ _0\"></span>linee <span class=\"_ _0\"></span>guida <span class=\"_ _9\"> </span>contenute <span class=\"_ _0\"></span>nella <span class=\"_ _9\"> </span>Policy <span class=\"_ _0\"></span>fanno <span class=\"_ _0\"></span>riferimento <span class=\"_ _0\"> </span>alle <span class=\"_ _9\"> </span>disposizioni <span class=\"_ _0\"></span>emanate <span class=\"_ _0\"></span>dalle <span class=\"_ _0\"></span>autor<span class=\"_ _2\"></span>it\u00e0 nazionali <span class=\"_ _d\"></span>ed <span class=\"_ _0\"></span>europee <span class=\"_ _0\"></span>relativamente <span class=\"_ _0\"></span>alle <span class=\"_ _d\"></span>istruzioni <span class=\"_ _0\"></span>in <span class=\"_ _0\"></span>termini <span class=\"_ _d\"></span>di <span class=\"_ _0\"></span>governo <span class=\"_ _0\"></span>e <span class=\"_ _d\"></span>gestione <span class=\"_ _0\"></span>del <span class=\"_ _d\"></span>r<span class=\"_ _2\"></span>ischio <span class=\"_ _d\"></span>di tasso di interesse e credit spread del banking book. La <span class=\"_ _d\"></span>Policy, <span class=\"_ _d\"></span>coerentemente <span class=\"_ _0\"></span>alla <span class=\"_ _d\"></span>n<span class=\"_ _2\"></span>ormativa <span class=\"_ _d\"></span>europea, <span class=\"_ _0\"></span>prevede <span class=\"_ _d\"></span>le <span class=\"_ _d\"></span>d<span class=\"_ _2\"></span>ue <span class=\"_ _d\"></span>metriche <span class=\"_ _d\"></span>di <span class=\"_ _0\"></span>riferimento <span class=\"_ _0\"></span>per <span class=\"_ _d\"></span>la misurazione  del  rischio  di  tasso,  Sensitivity  di  Valore  Economico  e  Sensitivity  del  Margine  d<span class=\"_ _1\"></span>i Interesse <span class=\"_ _19\"> </span>all\u2019inte<span class=\"_ _1\"></span>rno <span class=\"_ _19\"> </span>del <span class=\"_ _18\"> </span>Risk <span class=\"_ _19\"> </span>Appetite <span class=\"_ _18\"> </span>F<span class=\"_ _2\"></span><span class=\"ff4\">ramework <span class=\"_ _19\"> </span>nonch\u00e9 <span class=\"_ _18\"> </span>nei <span class=\"_ _19\"> </span>processi <span class=\"_ _18\"> </span>di <span class=\"_ _19\"> </span>Adegu<span class=\"_ _1\"></span>atezza </span>Patrimoniale (ICAAP).  Il <span class=\"_ _17\"> </span>Gr<span class=\"_ _2\"></span>uppo <span class=\"_ _17\"> </span>monitora <span class=\"_ _14\"> </span>inoltr<span class=\"_ _2\"></span>e <span class=\"_ _17\"> </span>il <span class=\"_ _14\"> </span>rischio <span class=\"_ _14\"> </span>di <span class=\"_ _17\"> </span>cr<span class=\"_ _2\"></span>edit <span class=\"_ _17\"> </span>s<span class=\"_ _2\"></span>pread <span class=\"_ _17\"> </span>(CSRBB) <span class=\"_ _14\"> </span>all\u2019interno <span class=\"_ _14\"> </span>del <span class=\"_ _14\"> </span>Risk <span class=\"_ _14\"> </span>Appetite Framework s<span class=\"_ _2\"></span>ul portafoglio titoli del <span class=\"_ _2\"></span>banking book, s<span class=\"_ _2\"></span>econdo la definizione <span class=\"_ _2\"></span>normativa e in <span class=\"_ _2\"></span>linea c<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>n la <span class=\"_ _f\"></span>Policy <span class=\"_ _f\"></span>interna <span class=\"_ _f\"></span>che, <span class=\"_ _f\"></span>come <span class=\"_ _1\"></span>sul <span class=\"_ _f\"></span>ris<span class=\"_ _2\"></span>chio <span class=\"_ _f\"></span>di <span class=\"_ _f\"></span>tasso <span class=\"_ _1\"></span>di <span class=\"_ _f\"></span>interesse, <span class=\"_ _f\"></span>disciplina <span class=\"_ _f\"></span>i <span class=\"_ _f\"></span>principi <span class=\"_ _f\"></span>di <span class=\"_ _f\"></span>governo e<span class=\"_ _1\"></span> <span class=\"_ _f\"></span>gestione di <span class=\"_ _0\"></span>tale <span class=\"_ _9\"> </span>rischio. <span class=\"_ _9\"> </span>Esso <span class=\"_ _0\"></span>rappresenta <span class=\"_ _9\"> </span>il <span class=\"_ _9\"> </span>rischio <span class=\"_ _0\"></span>determinato <span class=\"_ _9\"> </span>dalle <span class=\"_ _0\"></span>variazioni <span class=\"_ _9\"> </span>del <span class=\"_ _0\"></span>prezzo <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>mercato <span class=\"_ _0\"></span>a fronte <span class=\"_ _d\"></span>di <span class=\"_ _2\"></span>variazioni <span class=\"_ _d\"></span>dello <span class=\"_ _2\"></span>spread <span class=\"_ _d\"></span>creditizio <span class=\"_ _2\"></span>e <span class=\"_ _d\"></span>viene <span class=\"_ _d\"></span>monitorato <span class=\"_ _d\"></span>sia <span class=\"_ _2\"></span>in <span class=\"_ _d\"></span>termini <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>variazioni <span class=\"_ _2\"></span>di <span class=\"_ _d\"></span>valore economico che di margine di interesse. Tali <span class=\"_ _17\"> </span>metriche, <span class=\"_ _17\"> </span>calcolate <span class=\"_ _14\"> </span>dalla <span class=\"_ _17\"> </span>funzione <span class=\"_ _17\"> </span>Risk <span class=\"_ _14\"> </span>Management <span class=\"_ _17\"> </span>e <span class=\"_ _17\"> </span>rendicontate <span class=\"_ _17\"> </span>periodicamente <span class=\"_ _14\"> </span>ai comitati <span class=\"_ _d\"></span>di <span class=\"_ _2\"></span>riferimento74<span class=\"_ _df\"> </span>, <span class=\"_ _d\"></span>sono <span class=\"_ _2\"></span>affiancate <span class=\"_ _2\"></span>da <span class=\"_ _d\"></span>indicatori <span class=\"_ _d\"></span>operativi <span class=\"_ _2\"></span>disciplinati <span class=\"_ _d\"></span>nei <span class=\"_ _d\"></span>regolamenti <span class=\"_ _2\"></span>delle societ\u00e0 esistenti in materia di assunzione<span class=\"_ _1\"></span> Rischi Finanziari.<span class=\"_ _2\"></span> Le <span class=\"_ _d\"></span>principali <span class=\"_ _d\"></span>funzioni <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>cui <span class=\"_ _d\"></span>si <span class=\"_ _0\"></span>avvalgono <span class=\"_ _d\"></span>il <span class=\"_ _d\"></span>CA <span class=\"_ _d\"></span>della <span class=\"_ _d\"></span>Ca<span class=\"_ _2\"></span>pogruppo <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>virt\u00f9 <span class=\"_ _d\"></span>della <span class=\"_ _d\"></span>propria <span class=\"_ _d\"></span>funzione <span class=\"_ _d\"></span>d<span class=\"_ _2\"></span>i supervisione <span class=\"_ _2\"></span>Strategica <span class=\"_ _2\"></span>e <span class=\"_ _d\"></span>il <span class=\"_ _2\"></span>CE <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>qualit\u00e0 <span class=\"_ _2\"></span>di <span class=\"_ _d\"></span>organo <span class=\"_ _2\"></span>con <span class=\"_ _d\"></span>funzion<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>di <span class=\"_ _d\"></span>gestione <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>rischio <span class=\"_ _d\"></span>tasso <span class=\"_ _d\"></span>del banking <span class=\"_ _4\"> </span>book,  s<span class=\"_ _2\"></span>ono <span class=\"_ _4\"> </span>il <span class=\"_ _22\"> </span>Comitato <span class=\"_ _4\"> </span>Consiliare <span class=\"_ _4\"> </span>Rischi <span class=\"_ _4\"> </span>e <span class=\"_ _4\"> </span>Sostenibilit\u00e0 <span class=\"_ _22\"> </span>di <span class=\"_ _4\"> </span>Gruppo, <span class=\"_ _4\"> </span>il <span class=\"_ _4\"> </span>Comitato <span class=\"_ _4\"> </span>Risk Management (con <span class=\"_ _2\"></span>le <span class=\"_ _2\"></span>responsabilit\u00e0 di <span class=\"_ _2\"></span>cui al <span class=\"_ _2\"></span>paragrafo <span class=\"_ _2\"></span>2.1 <span class=\"_ _2\"></span>Rischio <span class=\"_ _2\"></span>di tasso <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>interesse e <span class=\"_ _2\"></span>rischio di prezzo <span class=\"ff5\">\u2013</span> portafogli<span class=\"_ _1\"></span>o di negozi<span class=\"_ _1\"></span>azione di v<span class=\"_ _1\"></span>igilanza) e <span class=\"_ _1\"></span>il comitato Asset &amp;<span class=\"_ _1\"></span> Liabil<span class=\"_ _1\"></span>ity Management (<span class=\"_ _1\"></span>ALM) il qu<span class=\"_ _1\"></span>ale, nell\u2019attivit\u00e0 propositiva <span class=\"_ _1\"></span>al CA, e<span class=\"_ _1\"></span>samina il profilo <span class=\"_ _1\"></span>di rischio d<span class=\"_ _1\"></span>el Grupp<span class=\"_ _1\"></span>o monitorando i limiti <span class=\"_ _1\"></span>di rischio <span class=\"_ _0\"></span>rispetto <span class=\"_ _d\"></span>agli <span class=\"_ _0\"></span>obiettivi <span class=\"_ _0\"></span>fissati <span class=\"_ _0\"></span>in <span class=\"_ _d\"></span>ambito <span class=\"_ _0\"></span>RAF <span class=\"_ _0\"></span>e <span class=\"_ _0\"></span>individua <span class=\"_ _d\"></span>le <span class=\"_ _0\"></span>linee<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>guida <span class=\"_ _d\"></span>e <span class=\"_ _0\"></span>le <span class=\"_ _0\"></span>strategie <span class=\"_ _d\"></span>per <span class=\"_ _0\"></span>la gestione del rischio di tasso di interesse. La gestione operativa del rischio di<span class=\"_ _1\"></span> tasso di interesse e credit spread<span class=\"_ _1\"></span> sul banking book \u00e8 attribuita alla Business Unit Finanza (BUF) alla qu<span class=\"_ _1\"></span>ale competono:<span class=\"_ _df\"> </span>-<span class=\"_ _1d\"> </span><span class=\"ff4\">la proposizione al Comitat<span class=\"_ _2\"></span>o ALM delle linee<span class=\"_ _1\"></span> guida di gestione del r<span class=\"_ _2\"></span>ischio di tasso di interesse </span>e <span class=\"_ _2\"></span>credit <span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>pread <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>banking <span class=\"_ _d\"></span>book <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>la <span class=\"_ _d\"></span>formulazione <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>propost<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>Risk <span class=\"_ _d\"></span>Management, <span class=\"_ _2\"></span>per <span class=\"_ _d\"></span>la<span class=\"_ _df\"> </span>successiva app<span class=\"_ _1\"></span>rovazione del <span class=\"_ _1\"></span>Comitato Consiliare Ri<span class=\"_ _1\"></span>schi e Sos<span class=\"_ _1\"></span>tenibilit\u00e0 di <span class=\"_ _1\"></span>Gruppo, di <span class=\"_ _f\"></span>indirizzo<span class=\"_ _df\"> </span>strategico del profilo di rischio di tasso di interesse del bank<span class=\"_ _f\"></span>ing b<span class=\"_ _2\"></span>ook;<span class=\"_ _df\"> </span>-<span class=\"_ _1d\"> </span><span class=\"ff4\">la <span class=\"_ _2\"></span>gestione del <span class=\"_ _2\"></span>rischio <span class=\"_ _2\"></span>di tasso <span class=\"_ _2\"></span>e credit <span class=\"_ _2\"></span>spread della <span class=\"_ _2\"></span>Capogruppo e <span class=\"_ _2\"></span>delle Societ\u00e0 <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>Gruppo,<span class=\"_ _df\"> </span></span>in coerenza <span class=\"_ _1\"></span>con il p<span class=\"_ _1\"></span>rofilo di rischi<span class=\"_ _1\"></span>o complessivo d<span class=\"_ _1\"></span>efinito e con <span class=\"_ _f\"></span>le linee guida ricev<span class=\"_ _1\"></span>ute da parte del Comitato ALM, nonch\u00e9 nell\u2019ambito dei massimali assegnati; -<span class=\"_ _1d\"> </span><span class=\"ff4\">la <span class=\"_ _9\"> </span>definizione, <span class=\"_ _0\"></span>congiuntamente <span class=\"_ _9\"> </span>al <span class=\"_ _9\"> </span>Risk <span class=\"_ _0\"> </span>Management, <span class=\"_ _9\"> </span>della <span class=\"_ _9\"> </span>struttura <span class=\"_ _9\"> </span>dei <span class=\"_ _0\"></span>limiti <span class=\"_ _9\"> </span>operativi <span class=\"_ _0\"></span>da<span class=\"_ _df\"> </span></span>sottoporre <span class=\"_ _f\"></span>al <span class=\"_ _f\"></span>CE, <span class=\"_ _f\"></span>in <span class=\"_ _1\"></span>coerenza <span class=\"_ _f\"></span>con il<span class=\"_ _1\"></span> <span class=\"_ _f\"></span>RAF <span class=\"_ _f\"></span>e <span class=\"_ _1\"></span>la <span class=\"_ _f\"></span>condivisione <span class=\"_ _f\"></span>dei mod<span class=\"_ _1\"></span>elli <span class=\"_ _f\"></span>di <span class=\"_ _f\"></span>misurazione <span class=\"_ _1\"></span>del <span class=\"_ _f\"></span>ris<span class=\"_ _2\"></span>chio<span class=\"_ _df\"> </span>definiti dal Risk Management.<span class=\"_ _df\"> </span>Nell\u2019attivit\u00e0 di <span class=\"_ _f\"></span>gestione operativa <span class=\"ff4\">la BUF si basa <span class=\"_ _f\"></span>s<span class=\"_ _2\"></span>u anali<span class=\"_ _1\"></span>si di i<span class=\"_ _1\"></span>nterest rate sensitiv<span class=\"_ _1\"></span>ity complessiv<span class=\"_ _1\"></span>a e </span>buckettizzata, <span class=\"_ _f\"></span>al fine<span class=\"_ _f\"></span> di <span class=\"_ _f\"></span>evidenziare il <span class=\"_ _f\"></span>grado <span class=\"_ _1\"></span>di <span class=\"_ _f\"></span>esposizione <span class=\"_ _f\"></span>as<span class=\"_ _2\"></span>set <span class=\"_ _f\"></span>o l<span class=\"_ _1\"></span>iability <span class=\"_ _f\"></span>sensitive <span class=\"_ _1\"></span>sui <span class=\"_ _f\"></span>singoli tratti di curva.  La (BUF) si occupa inoltre di proporre al Comitato ALM gli interventi ritenuti necessari a migliorare il <span class=\"_ _4\"> </span>profilo <span class=\"_ _22\"> </span>complessivo <span class=\"_ _4\"> </span>in <span class=\"_ _4\"> </span>termini <span class=\"_ _4\"> </span>di  r<span class=\"_ _2\"></span>ischio <span class=\"_ _22\"> </span>di <span class=\"_ _4\"> </span>tasso <span class=\"_ _4\"> </span>(e <span class=\"_ _4\"> </span>di <span class=\"_ _22\"> </span>liquidit\u00e0 <span class=\"_ _4\"> </span>strutturale) <span class=\"_ _4\"> </span>e <span class=\"_ _22\"> </span>di <span class=\"_ _4\"> </span>realizzare operativamente tali interventi.  Nell\u2019ambito <span class=\"_ _d\"></span>del <span class=\"_ _0\"></span>processo <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>gestione <span class=\"_ _d\"></span>dei <span class=\"_ _0\"></span>rischi <span class=\"_ _0\"></span>e <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>valutazione <span class=\"_ _d\"></span>dell\u2019adeguatezza <span class=\"_ _0\"></span>patrimoniale <span class=\"_ _d\"></span>e prospettica, la funzione di<span class=\"_ _1\"></span> Risk Management:<span class=\"_ _2\"></span> -<span class=\"_ _1d\"> </span><span class=\"ff5\">supporta il <span class=\"_ _f\"></span>CA nell\u2019attivit\u00e0 <span class=\"_ _f\"></span>valutativa volta <span class=\"_ _f\"></span>a deliberare <span class=\"_ _f\"></span>obiettivi di <span class=\"_ _f\"></span>rischio e <span class=\"_ _f\"></span>s<span class=\"_ _2\"></span>oglie <span class=\"_ _f\"></span>di tolleranza </span>nell\u2019ambito RAF, nonch\u00e9 nell<span class=\"ff4\">a verifica nel continuo della sua attuazi<span class=\"_ _1\"></span>one;<span class=\"_ _df\"> </span></span>-<span class=\"_ _1d\"> </span><span class=\"ff5\">propone al <span class=\"_ _f\"></span>Comitat<span class=\"_ _2\"></span>o <span class=\"_ _1\"></span>Rischi, <span class=\"_ _f\"></span>d<span class=\"_ _2\"></span>i <span class=\"_ _1\"></span>concerto con l<span class=\"_ _1\"></span>a funz<span class=\"_ _1\"></span>ione BUF <span class=\"_ _1\"></span>nell\u2019ambito del<span class=\"_ _1\"></span> processo d<span class=\"_ _1\"></span>i RAF, </span>l\u2019indirizzo <span class=\"_ _9\"> </span>strat<span class=\"_ _2\"></span>egico <span class=\"_ _9\"> </span>in <span class=\"_ _9\"> </span>merit<span class=\"_ _2\"></span>o <span class=\"_ _9\"> </span>al <span class=\"_ _16\"> </span>profilo <span class=\"_ _9\"> </span>di <span class=\"_ _16\"> </span>tasso <span class=\"_ _16\"> </span>del <span class=\"_ _9\"> </span>banking  b<span class=\"_ _1\"></span>ook <span class=\"_ _9\"> </span>e  ai <span class=\"_ _9\"> </span>livelli <span class=\"_ _16\"> </span>di <span class=\"_ _9\"> </span>soglia <span class=\"_ _16\"> </span>di<span class=\"_ _df\"> </span>tolleranza adottabili; -<span class=\"_ _1d\"> </span><span class=\"ff4\">definisce i <span class=\"_ _2\"></span>modelli di misurazione <span class=\"_ _2\"></span>del rischio di tas<span class=\"_ _2\"></span>so del banking <span class=\"_ _2\"></span>book, con il s<span class=\"_ _2\"></span>upporto della<span class=\"_ _df\"> </span></span>BUF, da sottoporre al CE; -<span class=\"_ _1d\"> </span><span class=\"ff4\">valida <span class=\"_ _d\"></span>i <span class=\"_ _0\"></span>modelli <span class=\"_ _d\"></span>utilizzati <span class=\"_ _0\"></span>per <span class=\"_ _d\"></span>quantificare <span class=\"_ _0\"></span>il <span class=\"_ _d\"></span>rischio <span class=\"_ _0\"></span>di <span class=\"_ _d\"></span>tass<span class=\"_ _2\"></span>o <span class=\"_ _d\"></span>e <span class=\"_ _d\"></span>la <span class=\"_ _0\"></span>valutazione <span class=\"_ _d\"></span>della <span class=\"_ _d\"></span>congruit<span class=\"_ _2\"></span>\u00e0 </span>delle ipotesi di stress sottostanti; -<span class=\"_ _1d\"> </span><span class=\"ff4\">definisce, congiuntamente a B<span class=\"_ _1\"></span>UF, la struttura dei <span class=\"_ _1\"></span>limiti, delle<span class=\"_ _1\"></span> deleghe operative e<span class=\"_ _1\"></span> delle prove </span>di stress da sottoporre al CE, in coerenza con la soglia di<span class=\"_ _1\"></span> tolleranza stabilita da CA;<span class=\"_ _df\"> </span>-<span class=\"_ _1d\"> </span><span class=\"ff4\">predispone <span class=\"_ _0\"></span>reporting <span class=\"_ _9\"> </span>per <span class=\"_ _0\"></span>la <span class=\"_ _0\"></span>g<span class=\"_ _2\"></span>estione <span class=\"_ _0\"></span>e <span class=\"_ _0\"></span>monitoraggio <span class=\"_ _0\"></span>del <span class=\"_ _0\"></span>r<span class=\"_ _2\"></span>ischio <span class=\"_ _0\"></span>di <span class=\"_ _9\"> </span>t<span class=\"_ _2\"></span>asso <span class=\"_ _0\"></span>per <span class=\"_ _0\"> </span>i <span class=\"_ _9\"> </span>Comitati <span class=\"_ _0\"></span>di </span>riferimento; -<span class=\"_ _1d\"> </span><span class=\"ff4\">monitora <span class=\"_ _2\"></span>giornalmente il rispetto <span class=\"_ _2\"></span>dei limiti operativi es<span class=\"_ _2\"></span>plicitati nei Regolamenti <span class=\"_ _2\"></span>in materia <span class=\"_ _2\"></span>di<span class=\"_ _df\"> </span></span>assunzione <span class=\"_ _f\"></span>dei rischi<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>finanziari, <span class=\"_ _f\"></span>i<span class=\"_ _2\"></span>vi <span class=\"_ _f\"></span>compreso il<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>presidio <span class=\"_ _f\"></span>del rientro <span class=\"_ _f\"></span>dagli <span class=\"_ _1\"></span>sconfini <span class=\"_ _1\"></span>rispetto a <span class=\"_ _f\"></span>tali limiti.<span class=\"_ _df\"> </span>Il <span class=\"_ _1\"></span>Report Giornali<span class=\"_ _1\"></span>ero di <span class=\"_ _f\"></span>sintesi d<span class=\"_ _1\"></span>el <span class=\"_ _1\"></span>rispetto de<span class=\"_ _f\"></span>i massimali <span class=\"_ _1\"></span>operativi <span class=\"_ _f\"></span>con riferimento <span class=\"_ _1\"></span>al <span class=\"_ _f\"></span>r<span class=\"_ _2\"></span>ischi<span class=\"_ _1\"></span>o di <span class=\"_ _f\"></span>tasso presenta, fra le altre, le seguenti informazioni: -<span class=\"_ _1d\"> </span><span class=\"ff4\">massimale di rischio tasso in termini di Interest rate sensitivity comple<span class=\"_ _1\"></span>ssiva;<span class=\"_ _df\"> </span></span>-<span class=\"_ _1d\"> </span><span class=\"ff4\">massimali in termini di Interest<span class=\"_ _2\"></span> rate sensitiv<span class=\"_ _1\"></span>ity per bucket;<span class=\"_ _df\"> </span></span>-<span class=\"_ _1d\"> </span><span class=\"ff5\">limite di Interest rate sensitivity delle posizioni<span class=\"_ _1\"></span> in divisa diversa dall\u2019Euro.<span class=\"_ _df\"> </span></span>Per <span class=\"_ _2\"></span>quanto <span class=\"_ _d\"></span>riguarda <span class=\"_ _d\"></span>le <span class=\"_ _2\"></span>post<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>a <span class=\"_ _d\"></span>vista, <span class=\"_ _d\"></span>il <span class=\"_ _2\"></span>Gruppo <span class=\"_ _d\"></span>adotta <span class=\"_ _d\"></span>un <span class=\"_ _2\"></span>modello <span class=\"_ _d\"></span>di <span class=\"_ _2\"></span>valutazione <span class=\"_ _d\"></span>che <span class=\"_ _d\"></span>permette <span class=\"_ _2\"></span>di quantificarne gli <span class=\"_ _2\"></span>effetti <span class=\"_ _2\"></span>di persistenza <span class=\"_ _2\"></span>nel te<span class=\"_ _2\"></span>mpo <span class=\"_ _2\"></span>e di <span class=\"_ _2\"></span>imperfetta elasticit\u00e0 <span class=\"_ _2\"></span>alla <span class=\"_ _2\"></span>variazione dei <span class=\"_ _2\"></span>tassi di  mercato  (effe<span class=\"_ _1\"></span>tto  vischiosit\u00e0).  La  model<span class=\"_ _1\"></span>lizzazione  \u00e8  basata  sulle  se<span class=\"_ _1\"></span>rie  storiche  interne,  per singolo <span class=\"_ _f\"></span>rapport<span class=\"_ _2\"></span>o, <span class=\"_ _f\"></span>dei <span class=\"_ _f\"></span>compor<span class=\"_ _2\"></span>tamenti <span class=\"_ _f\"></span>della <span class=\"_ _f\"></span>clientela, ed <span class=\"_ _f\"></span>\u00e8 costituita <span class=\"_ _f\"></span>da d<span class=\"_ _f\"></span>ue componenti <span class=\"_ _f\"></span>per <span class=\"_ _1\"></span>ciascun segmento di clientel<span class=\"_ _1\"></span>a: la stima dell<span class=\"_ _1\"></span>a relazione dei tassi delle p<span class=\"_ _1\"></span>oste a vista con i<span class=\"_ _1\"></span> tassi di mercato, i<span class=\"_ _1\"></span>n base <span class=\"_ _0\"></span>a <span class=\"_ _0\"></span>un <span class=\"_ _d\"></span>mo<span class=\"_ _2\"></span>dell<span class=\"_ _1\"></span>o <span class=\"_ _0\"></span>econometrico <span class=\"_ _d\"></span>che <span class=\"_ _0\"></span>prevede <span class=\"_ _d\"></span>differenti <span class=\"_ _0\"></span>tass<span class=\"_ _2\"></span>i <span class=\"_ _d\"></span>di <span class=\"_ _0\"></span>elasticit\u00e0 <span class=\"_ _0\"></span>per <span class=\"_ _0\"></span>differenti <span class=\"_ _d\"></span>livelli <span class=\"_ _d\"></span>di<span class=\"_ _2\"></span> tassi <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>mercato; <span class=\"_ _2\"></span>la stima <span class=\"_ _2\"></span>della <span class=\"_ _2\"></span>persistenza <span class=\"_ _2\"></span>dei volumi<span class=\"_ _2\"></span><span class=\"ff5\">, <span class=\"_ _2\"></span>mediante <span class=\"_ _2\"></span>l\u2019analisi multivariata <span class=\"_ _2\"></span>dei <span class=\"_ _2\"></span>flussi <span class=\"_ _2\"></span>di </span>cassa <span class=\"_ _1\"></span>in <span class=\"_ _f\"></span>uscita e<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>dei <span class=\"_ _f\"></span>tassi <span class=\"_ _f\"></span>di ch<span class=\"_ _1\"></span>iusura d<span class=\"_ _1\"></span>ei <span class=\"_ _f\"></span>conti co<span class=\"_ _1\"></span>rrenti, <span class=\"_ _1\"></span>attraverso <span class=\"_ _f\"></span>la <span class=\"_ _1\"></span>quale <span class=\"_ _f\"></span>l\u2019ammontare d<span class=\"_ _1\"></span>elle <span class=\"_ _f\"></span>poste a vista \u00e8 tradotto in un portafoglio di poste a tasso fisso a scadenz<span class=\"_ _1\"></span>a (replicating portfolio).<span class=\"_ _2\"></span> Il Gruppo <span class=\"_ _1\"></span>utilizza inoltre un <span class=\"_ _f\"></span>mo<span class=\"_ _2\"></span>dello di<span class=\"_ _1\"></span> prepayment sui mu<span class=\"_ _1\"></span>tui. La modellizzazione adottata \u00e8 d<span class=\"_ _1\"></span>i tipo comportamentale, <span class=\"_ _17\"> </span>basata <span class=\"_ _17\"> </span>sull\u2019analisi <span class=\"_ _4\"> </span>in <span class=\"_ _17\"> </span>serie <span class=\"_ _17\"> </span>st<span class=\"_ _2\"></span>orica <span class=\"_ _4\"> </span>degli <span class=\"_ _17\"> </span>eventi <span class=\"_ _17\"> </span>di <span class=\"_ _17\"> </span>estinzione <span class=\"_ _17\"> </span>anticipata <span class=\"_ _17\"> </span>e rinegoziazione d<span class=\"_ _1\"></span>el tasso. A di<span class=\"_ _1\"></span>fferenza de<span class=\"_ _1\"></span>i modelli d<span class=\"_ _1\"></span>i mercato, nei <span class=\"_ _f\"></span>mo<span class=\"_ _2\"></span>delli comportamentali i <span class=\"_ _f\"></span>fat<span class=\"_ _2\"></span>tori predominanti che <span class=\"_ _1\"></span>concorrono a determinare il valore <span class=\"_ _f\"></span>d<span class=\"_ _2\"></span>ell\u2019opzione d<span class=\"_ _1\"></span>i rimborso anticipato non sono<span class=\"_ _1\"></span> esclusivamente <span class=\"_ _c\"> </span>di <span class=\"_ _20\"> </span>tipo <span class=\"_ _20\"> </span>finanziario, <span class=\"_ _c\"> </span>ma <span class=\"_ _20\"> </span>includono <span class=\"_ _20\"> </span>variabi<span class=\"_ _1\"></span>li <span class=\"_ _20\"> </span>esplicative <span class=\"_ _c\"> </span>dipendenti <span class=\"_ _20\"> </span>dalle caratteristiche del mutuo (es. loan to <span class=\"_ _2\"></span>value<span class=\"_ _1\"></span>) e del mutuatario (es. et\u00e0).  Nel <span class=\"_ _d\"></span>corso <span class=\"_ _0\"></span>del <span class=\"_ _d\"></span>2025il <span class=\"_ _d\"></span>Gruppo <span class=\"_ _0\"></span>ha <span class=\"_ _d\"></span>segnalato <span class=\"_ _d\"></span>la <span class=\"_ _0\"></span>propria <span class=\"_ _d\"></span>esposizione <span class=\"_ _d\"></span>al <span class=\"_ _d\"></span>r<span class=\"_ _2\"></span>ischio<span class=\"_ _1\"></span> <span class=\"_ _d\"></span>di <span class=\"_ _0\"></span>tasso <span class=\"_ _d\"></span>attraverso <span class=\"_ _d\"></span>le segnalazioni di vigilanza IRRBB trimestrali e il reporting STE IRRBB <span class=\"ff5\">\u2013</span> CSRBB a BCE.<span class=\"_ _df\"> </span>Prosegue <span class=\"_ _0\"> </span>inoltr<span class=\"_ _2\"></span>e <span class=\"_ _0\"> </span>l\u2019att<span class=\"_ _2\"></span>ivit\u00e0 <span class=\"_ _0\"> </span>di  p<span class=\"_ _1\"></span>resid<span class=\"ff4\">io <span class=\"_ _9\"> </span>d<span class=\"_ _2\"></span>el <span class=\"_ _0\"></span>q<span class=\"_ _2\"></span>uadro <span class=\"_ _0\"> </span>r<span class=\"_ _2\"></span>egolamentare <span class=\"_ _0\"></span>europeo <span class=\"_ _9\"> </span>su<span class=\"_ _2\"></span>l <span class=\"_ _9\"> </span>rischio <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>tasso<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>di </span>interesse <span class=\"_ _0\"></span>nel <span class=\"_ _9\"> </span>banking <span class=\"_ _0\"> </span>book <span class=\"_ _9\"> </span>(IR<span class=\"_ _2\"></span>RBB), <span class=\"_ _0\"></span>tenendo <span class=\"_ _9\"> </span>conto <span class=\"_ _9\"> </span>delle <span class=\"_ _0\"></span>indicazioni <span class=\"_ _9\"> </span>dell\u2019Organo <span class=\"_ _0\"></span>di <span class=\"_ _9\"> </span>Vigilanza <span class=\"_ _9\"> </span>in ambito SREP. Inform<span class=\"_ _1\"></span>azio<span class=\"_ _f\"></span>ni di natura<span class=\"_ _f\"></span> quantita<span class=\"_ _f\"></span>tiva 1.<span class=\"_ _52\"> </span><span class=\"ls0\">Port<span class=\"_ _1\"></span>afogl<span class=\"_ _1\"></span>io <span class=\"_ _0\"></span>banca<span class=\"_ _1\"></span>rio: <span class=\"_ _d\"></span>distribuzi<span class=\"_ _1\"></span>one<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>per <span class=\"_ _0\"></span>durata<span class=\"_ _f\"></span> <span class=\"_ _9\"> </span>residua <span class=\"_ _d\"></span>(data <span class=\"_ _d\"></span>di <span class=\"_ _9\"> </span>riprezza<span class=\"_ _f\"></span>mento)<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>delle <span class=\"_ _0\"></span>attiv<span class=\"_ _1\"></span>it\u00e0 <span class=\"_ _d\"></span>e <span class=\"_ _9\"> </span>delle </span>pass<span class=\"_ _f\"></span>ivit\u00e0 finanz<span class=\"_ _1\"></span>iarie<span class=\"_ _1\"></span> La <span class=\"_ _f\"></span>presente <span class=\"_ _f\"></span>tavola <span class=\"_ _f\"></span>non \u00e8<span class=\"_ _1\"></span> <span class=\"_ _f\"></span>stat<span class=\"_ _2\"></span>a <span class=\"_ _f\"></span>redatta <span class=\"_ _f\"></span>poich\u00e9 <span class=\"_ _f\"></span>viene <span class=\"_ _f\"></span>di <span class=\"_ _f\"></span>seguito forni<span class=\"_ _1\"></span>ta <span class=\"_ _f\"></span>l\u2019analisi <span class=\"_ _f\"></span>di <span class=\"_ _f\"></span>se<span class=\"_ _2\"></span>nsitivit\u00e0 <span class=\"_ _f\"></span>al <span class=\"_ _f\"></span>rischio tasso di interesse basata sui model<span class=\"_ _1\"></span>li interni ed altre metodologie<span class=\"_ _2\"></span> 2.<span class=\"_ _53\"> </span><span class=\"ls0\">Port<span class=\"_ _1\"></span>afogl<span class=\"_ _1\"></span>io ba<span class=\"_ _f\"></span>ncario: m<span class=\"_ _f\"></span>odelli int<span class=\"_ _1\"></span>erni e<span class=\"_ _1\"></span> altre<span class=\"_ _1\"></span> met<span class=\"_ _1\"></span>odol<span class=\"_ _1\"></span>ogie p<span class=\"_ _f\"></span>er le ana<span class=\"_ _f\"></span>lisi di sens<span class=\"_ _f\"></span>itivit\u00e0 </span>Nella presente sezione vengono sinteticamente <span class=\"_ _2\"></span>esposti i risultati delle analisi di rischio <span class=\"_ _2\"></span>di tasso di interesse, limitatamente <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>portafoglio <span class=\"_ _2\"></span>bancario. In <span class=\"_ _2\"></span>particolare, <span class=\"_ _2\"></span>la <span class=\"_ _d\"></span>tabella sott<span class=\"_ _2\"></span>o r<span class=\"_ _2\"></span>ipo<span class=\"_ _1\"></span>rtata, <span class=\"_ _2\"></span>mostra i dati <span class=\"_ _17\"> </span>relativi <span class=\"_ _17\"> </span>all\u2019impatto <span class=\"_ _17\"> </span>sul <span class=\"_ _17\"> </span>margine <span class=\"_ _17\"> </span>di <span class=\"_ _4\"> </span>interess<span class=\"_ _2\"></span>e <span class=\"_ _4\"> </span>(shift <span class=\"_ _17\"> </span>s<span class=\"_ _2\"></span>ensitivity <span class=\"_ _4\"> </span>analysis), <span class=\"_ _17\"> </span>su <span class=\"_ _17\"> </span>un <span class=\"_ _17\"> </span>or<span class=\"_ _2\"></span>izzonte<span class=\"_ _1\"></span> temporale <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>12 <span class=\"_ _d\"></span>mesi, <span class=\"_ _2\"></span>nell\u2019ipotesi <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>una <span class=\"_ _d\"></span>variazione <span class=\"_ _2\"></span>parallela <span class=\"_ _2\"></span>dei <span class=\"_ _d\"></span>tassi <span class=\"_ _2\"></span>di <span class=\"_ _d\"></span>interesse <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>+/<span class=\"_ _d\"></span><span class=\"ff4\">- <span class=\"_ _2\"></span>100 <span class=\"_ _2\"></span>punti </span>base. <span class=\"_ _9\"> </span>La <span class=\"_ _9\"> </span>misura <span class=\"_ _9\"> </span>\u00e8 <span class=\"_ _16\"> </span>basata <span class=\"_ _9\"> </span>sulle <span class=\"_ _9\"> </span>posizioni <span class=\"_ _9\"> </span>a <span class=\"_ _9\"> </span>fine <span class=\"_ _9\"> </span>anno, <span class=\"_ _9\"> </span>senza <span class=\"_ _9\"> </span>in<span class=\"_ _2\"></span>cludere <span class=\"_ _0\"></span>dunque <span class=\"_ _16\"> </span>ipotesi <span class=\"_ _0\"></span>su <span class=\"_ _16\"> </span>futuri cambiamenti della composizione d<span class=\"_ _1\"></span>i attivit\u00e0 e passivit\u00e0. Ai<span class=\"_ _f\"></span> fini dell\u2019analisi \u00e8 impostato il floor a<span class=\"_ _1\"></span> zero sul tasso cliente delle poste con clientela. L\u2019analisi <span class=\"_ _9\"> </span>\u00e8  condotta  coe<span class=\"_ _f\"></span>r<span class=\"_ _2\"></span>entement<span class=\"ff4\">e <span class=\"_ _16\"> </span>con <span class=\"_ _16\"> </span>la <span class=\"_ _9\"> </span>metodologia  utili<span class=\"_ _1\"></span>zzata  ai <span class=\"_ _9\"> </span>fini  de<span class=\"_ _1\"></span>lla <span class=\"_ _16\"> </span>misurazione <span class=\"_ _16\"> </span>del </span>rischio <span class=\"_ _0\"></span>tasso <span class=\"_ _d\"></span>del <span class=\"_ _0\"></span>portafoglio <span class=\"_ _0\"></span>bancario <span class=\"_ _d\"></span>in <span class=\"_ _0\"></span>ambito <span class=\"_ _0\"></span>Risk <span class=\"_ _0\"></span>Appetite <span class=\"_ _d\"></span>Framework <span class=\"_ _0\"></span>e <span class=\"_ _d\"></span>con <span class=\"_ _0\"></span>le <span class=\"_ _0\"></span>segnalazioni regolamentari sul rischio di tasso (IRR<span class=\"_ _1\"></span>BB), in linea con le linee guida europee di riferimento.<span class=\"_ _2\"></span> <table class=\"s w1099 h58f\" id=\"_a31e4e35-8044-4ef4-ab86-b60cabc4b3e5\"><tr><td></td><td class=\"c xa61 y35c6 w5e6 h1ea\"><div class=\"t m0 x1a0 h5 yd66 ff4 fs1 fc1 sc2 ls40 ws0\">Ip<span class=\"ls0\">otes<span class=\"_ _1\"></span>i di shi<span class=\"_ _1\"></span>ft pa<span class=\"_ _1\"></span>ralle<span class=\"_ _f\"></span>lo (dati i<span class=\"_ _1\"></span>n mili<span class=\"_ _1\"></span>oni di<span class=\"_ _1\"></span> euro<span class=\"_ _f\"></span>)<span class=\"_ _2\"></span> </span></div></td><td></td></tr><tr><td></td><td class=\"c xa62 y35c7 w5e7 h339\"><div class=\"t m0 x30 h30 y110b ff4 fsb fc1 sc2 ls0 ws0\">Shock -<span class=\"_ _1\"></span>100 b.p. </div></td><td class=\"c xa63 y35c7 w3d1 h339\"><div class=\"t m0 x31 h30 y110b ff4 fsb fc1 sc2 ls0 ws0\">Shock +<span class=\"_ _f\"></span>100 b.p. </div></td></tr><tr><td class=\"c xa61 y35c8 w5e8 h243\"><div class=\"t m0 x13 h30 y305 ff4 fsb fc1 sc0 ls0 ws0\">Dati 12/2025<span class=\"_ _2\"></span> </div></td><td class=\"c xa62 y35c8 w5e7 h243\"><div class=\"t m0 xe h30 y305 ff4 fsb fc1 sc0 ls0 ws0\">-54,5<span class=\"_ _df\"> </span></div></td><td class=\"c xa63 y35c8 w3d1 h243\"><div class=\"t m0 xf h30 y305 ff4 fsb fc1 sc0 ls0 ws0\">+98,2<span class=\"_ _df\"> </span></div></td></tr></table>L\u2019esposizione al <span class=\"_ _f\"></span>r<span class=\"_ _2\"></span>ischio di<span class=\"_ _1\"></span> tasso di interesse <span class=\"_ _1\"></span>dal punto di vi<span class=\"_ _1\"></span>sta patrimoniale viene misurata a l<span class=\"_ _1\"></span>ivello consolidato <span class=\"_ _0\"></span>dalla <span class=\"_ _0\"></span>sensitivity <span class=\"_ _9\"> </span>del <span class=\"_ _0\"></span>valor<span class=\"_ _2\"></span>e <span class=\"_ _0\"></span>economico <span class=\"_ _0\"></span>(variazione <span class=\"_ _0\"></span>del <span class=\"_ _0\"></span>fair <span class=\"_ _9\"> </span>value <span class=\"_ _0\"></span>delle <span class=\"_ _0\"></span>poste <span class=\"_ _9\"> </span>attive <span class=\"_ _0\"></span>e passive), <span class=\"_ _f\"></span>secondo u<span class=\"_ _1\"></span>n <span class=\"_ _f\"></span>ap<span class=\"_ _2\"></span>proccio <span class=\"_ _f\"></span>full <span class=\"_ _f\"></span>e<span class=\"_ _2\"></span>valuation,<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>seguito <span class=\"_ _1\"></span>di <span class=\"_ _f\"></span>uno shock <span class=\"_ _f\"></span>parallelo <span class=\"_ _f\"></span>sulla <span class=\"_ _1\"></span>curva d<span class=\"_ _f\"></span>e<span class=\"_ _2\"></span>i <span class=\"_ _f\"></span>tass<span class=\"_ _2\"></span>i spot di <span class=\"_ _f\"></span>+/-200 basis p<span class=\"_ _1\"></span>oints. Nel <span class=\"_ _f\"></span>corso del <span class=\"_ _f\"></span>2025 la v<span class=\"_ _1\"></span>ariazione <span class=\"_ _1\"></span>media di <span class=\"_ _f\"></span>valore economico <span class=\"_ _1\"></span>in rapporto al Tier1 Capital \u00e8 risultata pari a 8,3%.  Oltre <span class=\"_ _0\"></span>all\u2019impatto <span class=\"_ _0\"></span>degli <span class=\"_ _0\"></span>shock <span class=\"_ _0\"> </span>paralleli <span class=\"_ _0\"></span>dei <span class=\"_ _0\"></span>tassi <span class=\"_ _9\"> </span>internamente <span class=\"_ _0\"></span>vengono <span class=\"_ _0\"></span>periodicamente <span class=\"_ _d\"></span>condott<span class=\"_ _2\"></span>e analisi <span class=\"_ _17\"> </span>di <span class=\"_ _4\"> </span>s<span class=\"_ _2\"></span>tress <span class=\"_ _17\"> </span>ipotizzando <span class=\"_ _17\"> </span>shock <span class=\"_ _4\"> </span>non <span class=\"_ _14\"> </span>paralleli <span class=\"_ _17\"> </span>basati <span class=\"_ _17\"> </span>sugli <span class=\"_ _17\"> </span>shock <span class=\"_ _17\"> </span>regolamentari <span class=\"_ _17\"> </span>standard normativi e definiti internamente. Le metodologie utilizzate per l\u2019analisi di <span class=\"_ _2\"></span>sensitivity al rischio di t<span class=\"_ _2\"></span>asso di interesse includono anche la <span class=\"_ _18\"> </span>modellizzazione <span class=\"_ _19\"> </span>delle <span class=\"_ _18\"> </span>poste <span class=\"_ _19\"> </span>a <span class=\"_ _18\"> </span>vista <span class=\"_ _19\"> </span>e <span class=\"_ _18\"> </span>del <span class=\"_ _18\"> </span>prepayment<span class=\"_ _2\"></span> <span class=\"_ _18\"> </span>sui <span class=\"_ _19\"> </span>mutui <span class=\"_ _18\"> </span>secondo <span class=\"_ _18\"> </span>i <span class=\"_ _19\"> </span>modelli comportamentali sopra descritti. Per il r<span class=\"_ _2\"></span>ischio di tasso <span class=\"_ _2\"></span>del portafoglio bancario si <span class=\"_ _2\"></span>riportano le medesime analisi di <span class=\"_ _2\"></span>VaR descritte <span class=\"_ _2\"></span>nel paragrafo <span class=\"_ _d\"></span>sul <span class=\"_ _d\"></span>portafoglio <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>Negoziazi<span class=\"_ _1\"></span>one, <span class=\"_ _d\"></span>a <span class=\"_ _d\"></span>cui <span class=\"_ _d\"></span>si <span class=\"_ _d\"></span>rimanda <span class=\"_ _d\"></span>per <span class=\"_ _d\"></span>la <span class=\"_ _d\"></span>descrizione <span class=\"_ _2\"></span>della <span class=\"_ _d\"></span>metodologia. Nelle <span class=\"_ _d\"></span>f<span class=\"_ _2\"></span>igure <span class=\"_ _d\"></span>sott<span class=\"_ _2\"></span>ostanti <span class=\"_ _d\"></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=\"_ _16\"> </span>Credem <span class=\"_ _d\"></span>nell\u2019arco <span class=\"_ _0\"></span>d<span class=\"_ _2\"></span>el 2025.  I risultati dell\u2019attivit\u00e0 di back<span class=\"_ _1\"></span>testing sono riportati in calce al paragrafo 1.2.3 \u201cRischio di cambio\u201d.<span class=\"_ _2\"></span><span class=\"ff4\"> </span><div class=\"t m0 h5 ff4 fs1 fc4 sc3 ls0 ws0 gs14d7\">Figur<span class=\"_ _1\"></span>a <span class=\"_ _f\"></span>3. <span class=\"_ _f\"></span>Andame<span class=\"_ _1\"></span>nto <span class=\"_ _f\"></span>Inter<span class=\"_ _1\"></span>est <span class=\"_ _f\"></span>Rate <span class=\"_ _f\"></span>VaR<span class=\"_ _1\"></span> <span class=\"_ _f\"></span>Credem <span class=\"_ _f\"></span><span class=\"ff5\">\u2013<span class=\"ff4\"> <span class=\"_ _f\"></span>banki<span class=\"_ _1\"></span>ng <span class=\"_ _f\"></span>book <span class=\"_ _f\"></span>(99%<span class=\"_ _1\"></span>, <span class=\"_ _f\"></span>10gg*coe<span class=\"_ _f\"></span>ff <span class=\"_ _f\"></span>moltiplica<span class=\"_ _f\"></span>tivo) <span class=\"_ _f\"></span>Dati<span class=\"_ _df\"> </span></span></span><span class=\"ff5\"><span class=\"ff4\"> </span></span></div><div class=\"t m0 h5 ff4 fs1 fc4 sc3 ls0 ws0 gs14d8\">in mi<span class=\"_ _1\"></span>lioni <span class=\"_ _1\"></span>di eur<span class=\"_ _1\"></span>o<span class=\"_ _df\"> </span><span class=\"fc1 sc0\"> </span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs14d9\">L\u2019andamento <span class=\"_ _d\"></span>del <span class=\"_ _2\"></span>VaR <span class=\"_ _d\"></span>nel <span class=\"_ _2\"></span>cor<span class=\"_ _2\"></span>so <span class=\"_ _2\"></span>del <span class=\"_ _d\"></span>202<span class=\"ff4\">5 <span class=\"_ _d\"></span></span>\u00e8 <span class=\"_ _d\"></span>riferibile <span class=\"_ _2\"></span>al<span class=\"_ _2\"></span>l\u2019andamento <span class=\"_ _d\"></span>delle <span class=\"_ _2\"></span>posizioni <span class=\"_ _d\"></span>del <span class=\"_ _d\"></span>portafoglio<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs14da\">bancario e alla volatilit\u00e0 dei tassi registrata sui mercati.<span class=\"_ _df\"> </span></div><div class=\"t m0 he ff4 fs5 fc4 sc3 ls0 ws0 gs14db\">Rischio<span class=\"_ _f\"></span> di prezz<span class=\"_ _1\"></span>o<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs14dc\">Nell\u2019ambito <span class=\"_ _10\"> </span>del <span class=\"_ _10\"> </span>portafoglio <span class=\"_ _10\"> </span>ba<span class=\"_ _2\"></span>ncario <span class=\"_ _10\"> </span>il <span class=\"_ _10\"> </span>Gruppo <span class=\"_ _10\"> </span>non <span class=\"_ _10\"> </span>ha <span class=\"_ _18\"> </span>posizioni <span class=\"_ _10\"> </span>significativ<span class=\"_ _2\"></span><span class=\"ff4\">e <span class=\"_ _10\"> </span>in <span class=\"_ _10\"> </span>azioni <span class=\"_ _18\"> </span>o<span class=\"_ _df\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs14dd\">partecipazioni quotate. <span class=\"_ _2\"></span>Sono <span class=\"_ _2\"></span>presenti 9,2 <span class=\"_ _2\"></span>milioni di <span class=\"_ _2\"></span>euro <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>un fondo <span class=\"_ _2\"></span>private equity <span class=\"_ _2\"></span>gestito <span class=\"_ _2\"></span>da una<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs14de\">societ\u00e0 <span class=\"_ _2\"></span>del gruppo e <span class=\"_ _2\"></span>quote <span class=\"_ _2\"></span>non rilevanti di <span class=\"_ _2\"></span>fondi r<span class=\"_ _2\"></span>iveni<span class=\"_ _1\"></span>enti <span class=\"_ _2\"></span>dalla fusione con <span class=\"_ _2\"></span>Cassa <span class=\"_ _2\"></span>di Risparmio <span class=\"_ _2\"></span>di<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs14df\">Cento, di cui 0,9 milioni di euro in fondi immobiliari.<span class=\"_ _df\"> </span> </div><div class=\"t m0 he ff4 fs5 fc4 sc3 ls0 ws0 gs14e0\">Attivit\u00e0<span class=\"_ _f\"></span> di copert<span class=\"_ _1\"></span>ura de<span class=\"_ _1\"></span>l rischi<span class=\"_ _1\"></span>o di pre<span class=\"_ _f\"></span>zzo<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs14e1\">Il Gruppo non ha posto in essere operazioni<span class=\"_ _1\"></span> di copertura.<span class=\"_ _df\"> </span><span class=\"_ _2\"></span> </div><div class=\"t m0 h1a ff4 fs6 fc4 sc3 ls0 ws0 gs14e2\">1.2.3<span class=\"_ _f\"></span> Rischi<span class=\"_ _1\"></span>o di<span class=\"_ _1\"></span> cam<span class=\"_ _f\"></span>bio<span class=\"_ _df\"> </span> </div><div class=\"t m0 he ff4 fs5 fc4 sc3 ls0 ws0 gs14e3\">Inform<span class=\"_ _1\"></span>azio<span class=\"_ _f\"></span>ni di natura<span class=\"_ _f\"></span> qualitativa<span class=\"_ _df\"> </span> </div><div class=\"t m0 he ff4 fs5 fc4 sc3 ls0 ws0 gs14e4\">A.<span class=\"_ _18\"> </span>Asp<span class=\"_ _1\"></span>etti ge<span class=\"_ _1\"></span>nerali,<span class=\"_ _1\"></span> proce<span class=\"_ _f\"></span>ssi di gestio<span class=\"_ _f\"></span>ne e meto<span class=\"_ _f\"></span>di di misu<span class=\"_ _1\"></span>razion<span class=\"_ _1\"></span>e del <span class=\"_ _1\"></span>rischio d<span class=\"_ _f\"></span>i cambio<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs14e5\">L\u2019<span class=\"_ _f\"></span>atti<span class=\"_ _1\"></span>vi<span class=\"_ _f\"></span>t\u00e0 <span class=\"_ _2\"></span>svo<span class=\"_ _f\"></span>lta sui <span class=\"_ _2\"></span>me<span class=\"_ _f\"></span>rca<span class=\"_ _f\"></span>ti <span class=\"_ _2\"></span>dei<span class=\"_ _f\"></span> <span class=\"_ _d\"></span>ca<span class=\"_ _f\"></span>mbi <span class=\"_ _2\"></span>pr<span class=\"_ _1\"></span>ev<span class=\"_ _f\"></span>ede<span class=\"_ _f\"></span> <span class=\"_ _d\"></span>l\u2019a<span class=\"_ _f\"></span>ssun<span class=\"_ _f\"></span>zio<span class=\"_ _f\"></span>ne <span class=\"_ _2\"></span>di<span class=\"_ _1\"></span> <span class=\"_ _2\"></span>pos<span class=\"_ _f\"></span>izi<span class=\"_ _1\"></span>oni<span class=\"_ _f\"></span> <span class=\"_ _d\"></span>ge<span class=\"_ _f\"></span>sti<span class=\"_ _f\"></span>te <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>con<span class=\"_ _f\"></span>trol<span class=\"_ _1\"></span>la<span class=\"_ _f\"></span>te <span class=\"_ _2\"></span>tr<span class=\"_ _1\"></span>am<span class=\"_ _1\"></span>it<span class=\"_ _f\"></span>e<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs14e6\">mas<span class=\"_ _f\"></span>sim<span class=\"_ _f\"></span>ali <span class=\"_ _1\"></span>di<span class=\"_ _f\"></span> po<span class=\"_ _f\"></span>sizi<span class=\"_ _1\"></span>one<span class=\"_ _f\"></span>, s<span class=\"_ _1\"></span>ia<span class=\"_ _f\"></span> lor<span class=\"_ _f\"></span>da <span class=\"_ _f\"></span>sia<span class=\"_ _1\"></span> ne<span class=\"_ _f\"></span>tta<span class=\"_ _1\"></span>, e<span class=\"_ _f\"></span> ma<span class=\"_ _f\"></span>ssim<span class=\"_ _f\"></span>ali<span class=\"_ _f\"></span> di <span class=\"_ _1\"></span>co<span class=\"_ _f\"></span>ncen<span class=\"_ _f\"></span>tra<span class=\"_ _1\"></span>zi<span class=\"_ _1\"></span>one<span class=\"_ _f\"></span> pe<span class=\"_ _1\"></span>r d<span class=\"_ _f\"></span>ivi<span class=\"_ _f\"></span>sa.<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs14e7\">Il rischio d<span class=\"_ _1\"></span>i mercato currency viene <span class=\"_ _1\"></span>calcolato con la stessa frequenza e<span class=\"_ _1\"></span> metodologia indicata pe<span class=\"_ _1\"></span>r il<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs14e8\">rischio tasso ed equity.<span class=\"_ _df\"> </span> </div><div class=\"t m0 he ff4 fs5 fc4 sc3 ls81 ws0 gs14e9\">B.<span class=\"_ _48\"> </span><span class=\"ls0\">Attivit\u00e0 d<span class=\"_ _1\"></span>i cop<span class=\"_ _1\"></span>ertura d<span class=\"_ _f\"></span>el rischio d<span class=\"_ _1\"></span>i camb<span class=\"_ _1\"></span>io<span class=\"_ _df\"> </span></span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gsbef\">Non sono presenti operazioni di copertura.<span class=\"_ _df\"> </span> </div><div class=\"t m0 he ff4 fs5 fc4 sc3 ls0 ws0 gs14eb\">Inform<span class=\"_ _1\"></span>azio<span class=\"_ _f\"></span>ni di natura<span class=\"_ _f\"></span> quantita<span class=\"_ _f\"></span>tiva<span class=\"_ _df\"> </span> </div><div class=\"c w2c2 h49 gs14ec\"><div class=\"t m0 x8a h5 y302 ff4 fs1 fc4 sc3 ls0 ws0\">1. Dis<span class=\"_ _1\"></span>tribuzi<span class=\"_ _1\"></span>one<span class=\"_ _1\"></span> per <span class=\"_ _1\"></span>valu<span class=\"_ _1\"></span>ta di <span class=\"_ _1\"></span>deno<span class=\"_ _1\"></span>mina<span class=\"_ _1\"></span>zione <span class=\"_ _1\"></span>delle <span class=\"_ _1\"></span>attivi<span class=\"_ _1\"></span>t\u00e0 e<span class=\"_ _1\"></span> pas<span class=\"_ _f\"></span>sivit\u00e0 e d<span class=\"_ _1\"></span>ei der<span class=\"_ _1\"></span>ivat<span class=\"_ _1\"></span>i<span class=\"_ _df\"> </span></div></div><div class=\"c w5ed h172 gs14ed\"><div class=\"t m0 xe6 h1f ye47 ff4 fs7 fc4 sc3 ls0 ws0\">Voci<span class=\"_ _df\"> </span><span class=\"_ _1\"></span><span class=\"fc1 sc0\"> </span></div></div><div class=\"gs14ee\"><table class=\"s w109a h590\" id=\"_5c6b6730-2921-4ca9-bf87-8faed242d687\"><tr><td></td><td></td><td></td><td></td><td class=\"c x91f y35c9 w5ee h1af\"><div class=\"t m0 xaf h1f y889 ff4 fs7 fc4 sc3 ls0 ws0\">Val<span class=\"_ _1\"></span>ute<span class=\"_ _df\"> </span><span class=\"fc1 sc0\"> </span></div></td><td></td><td></td></tr><tr><td></td><td class=\"c x91f y35ca w48a h1af\"><div class=\"t m0 x48 h1f y889 ff4 fs7 fc4 sc3 ls0 ws0\">USD<span class=\"_ _df\"> </span><span class=\"_ _f\"></span><span class=\"fc1 sc0\"> </span></div></td><td class=\"c xa64 y35ca w190 h1af\"><div class=\"t m0 x55 h1f y889 ff4 fs7 fc4 sc3 ls0 ws0\">GBP<span class=\"_ _df\"> </span><span class=\"_ _f\"></span><span class=\"fc1 sc0\"> </span></div></td><td class=\"c x50b y35ca wee h1af\"><div class=\"t m0 x130 h1f y889 ff4 fs7 fc4 sc3 ls0 ws0\">JPY<span class=\"_ _df\"> </span><span class=\"_ _f\"></span><span class=\"fc1 sc0\"> </span></div></td><td class=\"c xa65 y35ca w149 h1af\"><div class=\"t m0 x2a h1f y889 ff4 fs7 fc4 sc3 ls0 ws0\">CAD<span class=\"_ _df\"> </span><span class=\"_ _1\"></span><span class=\"fc1 sc0\"> </span></div></td><td class=\"c x508 y35ca w50a h1af\"><div class=\"t m0 x33 h1f y889 ff4 fs7 fc4 sc3 ls0 ws0\">CHF<span class=\"_ _df\"> </span><span class=\"_ _f\"></span><span class=\"fc1 sc0\"> </span></div></td><td class=\"c x892 y35ca w3ce h1af\"><div class=\"t m0 xac h1f y889 ff4 fs7 fc4 sc3 ls0 ws0\">ALT<span class=\"_ _df\"> </span>RE<span class=\"_ _f\"></span> VALU<span class=\"_ _1\"></span>TE<span class=\"_ _1\"></span><span class=\"fc1 sc0\"> </span></div></td></tr><tr><td class=\"c x46b y35cb w5ef hc8\"><div class=\"t m0 x8a h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">A. Att<span class=\"_ _f\"></span>ivit\u00e0 fin<span class=\"_ _f\"></span>anziarie<span class=\"_ _df\"> </span><span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x91f y35cb w4c6 hc8\"><div class=\"t m0 x33 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">728.<span class=\"_ _f\"></span>259<span class=\"sc0\"> </span></div></td><td class=\"c x5d1 y35cb w184 hc8\"><div class=\"t m0 x33 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">9.80<span class=\"_ _f\"></span>8<span class=\"_ _df\"> </span><span class=\"sc0\"> </span></div></td><td class=\"c x50b y35cb wb6 hc8\"><div class=\"t m0 x33 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">10.16<span class=\"_ _1\"></span>5<span class=\"sc0\"> </span></div></td><td class=\"c xa65 y35cb w1b0 hc8\"><div class=\"t m0 x130 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">3.505<span class=\"_ _df\"> </span><span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x508 y35cb w311 hc8\"><div class=\"t m0 x37 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">13.8<span class=\"_ _1\"></span>22<span class=\"_ _df\"> </span><span class=\"sc0\"> </span></div></td><td class=\"c x892 y35cb w5f0 hc8\"><div class=\"t m0 x90 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">3.14<span class=\"_ _1\"></span>4<span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x46b y35cc w5ef hc8\"><div class=\"t m0 x130 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">A.1 Titoli di debit<span class=\"_ _1\"></span>o<span class=\"_ _df\"> </span> </div></td><td class=\"c x91f y35cc w4c6 hc8\"><div class=\"t m0 x48 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">540.050<span class=\"_ _df\"> </span> </div></td><td class=\"c x5d1 y35cc w184 hc8\"><div class=\"t m0 x26 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">939<span class=\"_ _df\"> </span> </div></td><td class=\"c x50b y35cc wb6 hc8\"><div class=\"t m0 x8f h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">5<span class=\"_ _df\"> </span> </div></td><td class=\"c xa65 y35cc w1b0 hc8\"><div class=\"t m0 x26 h1f ye4c ff4 fs7 fc1 sc0 lsa ws0\">49<span class=\"_ _df\"> </span><span class=\"ls0\"> </span></div></td><td class=\"c x508 y35cc w311 hc8\"><div class=\"t m0 xc6 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span> </div></td><td class=\"c x892 y35cc w5f0 hc8\"><div class=\"t m0 x49 h1f ye4c ff4 fs7 fc1 sc0 ls2a ws0\">29<span class=\"ls0\"> </span></div></td></tr><tr><td class=\"c x46b y35cd w5ef hc8\"><div class=\"t m0 x130 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">A.2 Titoli di capitale<span class=\"_ _df\"> </span><span class=\"_ _1\"></span> </div></td><td class=\"c x91f y35cd w4c6 hc8\"><div class=\"t m0 x27 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">12.095<span class=\"_ _df\"> </span> </div></td><td class=\"c x5d1 y35cd w184 hc8\"><div class=\"t m0 x8f h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span> </div></td><td class=\"c x50b y35cd wb6 hc8\"><div class=\"t m0 x13 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span> </div></td><td class=\"c xa65 y35cd w1b0 hc8\"><div class=\"t m0 x31 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span> </div></td><td class=\"c x508 y35cd w311 hc8\"><div class=\"t m0 xc6 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span> </div></td><td class=\"c x892 y35cd w5f0 hc8\"><div class=\"t m0 x11d h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y35ce w5ef hc8\"><div class=\"t m0 x130 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">A.3 Finanziament<span class=\"_ _1\"></span>i a banche<span class=\"_ _df\"> </span> </div></td><td class=\"c x91f y35ce w4c6 hc8\"><div class=\"t m0 x35 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">125.951<span class=\"_ _df\"> </span> </div></td><td class=\"c x5d1 y35ce w184 hc8\"><div class=\"t m0 x32 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">8.164<span class=\"_ _df\"> </span> </div></td><td class=\"c x50b y35ce wb6 hc8\"><div class=\"t m0 x32 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">9.795 </div></td><td class=\"c xa65 y35ce w1b0 hc8\"><div class=\"t m0 x48 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">3.311<span class=\"_ _df\"> </span> </div></td><td class=\"c x508 y35ce w311 hc8\"><div class=\"t m0 x38 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">4.424<span class=\"_ _df\"> </span> </div></td><td class=\"c x892 y35ce w5f0 hc8\"><div class=\"t m0 x91 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">2.586 </div></td></tr><tr><td class=\"c x46b y35cf w5ef hc8\"><div class=\"t m0 x130 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">A.4 Finanziamenti <span class=\"_ _1\"></span>a clientela<span class=\"_ _df\"> </span> </div></td><td class=\"c x91f y35cf w4c6 hc8\"><div class=\"t m0 x27 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">50.163<span class=\"_ _df\"> </span> </div></td><td class=\"c x5d1 y35cf w184 hc8\"><div class=\"t m0 x26 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">705<span class=\"_ _df\"> </span> </div></td><td class=\"c x50b y35cf wb6 hc8\"><div class=\"t m0 x34 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">365<span class=\"_ _df\"> </span> </div></td><td class=\"c xa65 y35cf w1b0 hc8\"><div class=\"t m0 x2c h1f ye4c ff4 fs7 fc1 sc0 ls9 ws0\">145<span class=\"_ _df\"> </span><span class=\"ls0\"> </span></div></td><td class=\"c x508 y35cf w311 hc8\"><div class=\"t m0 x38 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">9.398<span class=\"_ _df\"> </span> </div></td><td class=\"c x892 y35cf w5f0 hc8\"><div class=\"t m0 xe h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">529 </div></td></tr><tr><td class=\"c x46b y35d0 w5ef hc8\"><div class=\"t m0 x130 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">A.5 Altre attivit\u00e0<span class=\"_ _1\"></span> finanziarie<span class=\"_ _df\"> </span> </div></td><td class=\"c x91f y35d0 w4c6 hc8\"><div class=\"t m0 x7 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span> </div></td><td class=\"c x5d1 y35d0 w184 hc8\"><div class=\"t m0 x8f h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span> </div></td><td class=\"c x50b y35d0 wb6 hc8\"><div class=\"t m0 x13 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span> </div></td><td class=\"c xa65 y35d0 w1b0 hc8\"><div class=\"t m0 x31 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span> </div></td><td class=\"c x508 y35d0 w311 hc8\"><div class=\"t m0 xc6 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span> </div></td><td class=\"c x892 y35d0 w5f0 hc8\"><div class=\"t m0 x11d h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y35d1 w5ef hc8\"><div class=\"t m0 x8a h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">B. Alt<span class=\"_ _f\"></span>re atti<span class=\"_ _1\"></span>vit\u00e0<span class=\"_ _df\"> </span><span class=\"sc0\"> </span></div></td><td class=\"c x91f y35d1 w4c6 hc8\"><div class=\"t m0 x38 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">7.157<span class=\"_ _df\"> </span><span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x5d1 y35d1 w184 hc8\"><div class=\"t m0 x34 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">737<span class=\"_ _df\"> </span><span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x50b y35d1 wb6 hc8\"><div class=\"t m0 x34 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">582<span class=\"_ _df\"> </span><span class=\"sc0\"> </span></div></td><td class=\"c xa65 y35d1 w1b0 hc8\"><div class=\"t m0 x35 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">527<span class=\"_ _df\"> </span><span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x508 y35d1 w311 hc8\"><div class=\"t m0 x30 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">2.15<span class=\"_ _1\"></span>2<span class=\"_ _df\"> </span><span class=\"sc0\"> </span></div></td><td class=\"c x892 y35d1 w5f0 hc8\"><div class=\"t m0 xe h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">435<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x46b y35d2 w5ef hc8\"><div class=\"t m0 x8a h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">C. Pas<span class=\"_ _1\"></span>sivi<span class=\"_ _f\"></span>t\u00e0 fina<span class=\"_ _f\"></span>nziarie<span class=\"_ _df\"> </span><span class=\"sc0\"> </span></div></td><td class=\"c x91f y35d2 w4c6 hc8\"><div class=\"t m0 x32 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">717.8<span class=\"_ _1\"></span>36<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x5d1 y35d2 w184 hc8\"><div class=\"t m0 x130 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">38.8<span class=\"_ _f\"></span>23<span class=\"_ _df\"> </span><span class=\"sc0\"> </span></div></td><td class=\"c x50b y35d2 wb6 hc8\"><div class=\"t m0 x32 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">9.53<span class=\"_ _1\"></span>0<span class=\"sc0\"> </span></div></td><td class=\"c xa65 y35d2 w1b0 hc8\"><div class=\"t m0 x2e h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">10.6<span class=\"_ _1\"></span>49<span class=\"_ _df\"> </span><span class=\"sc0\"> </span></div></td><td class=\"c x508 y35d2 w311 hc8\"><div class=\"t m0 x31 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">9.69<span class=\"_ _f\"></span>5<span class=\"_ _df\"> </span><span class=\"sc0\"> </span></div></td><td class=\"c x892 y35d2 w5f0 hc8\"><div class=\"t m0 x1c h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">6.181<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x46b y35d3 w5ef hc8\"><div class=\"t m0 x130 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">C.1 Debiti verso b<span class=\"_ _f\"></span>anche<span class=\"_ _df\"> </span> </div></td><td class=\"c x91f y35d3 w4c6 hc8\"><div class=\"t m0 x34 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">72.611<span class=\"_ _df\"> </span> </div></td><td class=\"c x5d1 y35d3 w184 hc8\"><div class=\"t m0 x35 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">5.817<span class=\"_ _df\"> </span> </div></td><td class=\"c x50b y35d3 wb6 hc8\"><div class=\"t m0 x34 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">544<span class=\"_ _df\"> </span> </div></td><td class=\"c xa65 y35d3 w1b0 hc8\"><div class=\"t m0 x2c h1f y28b ff4 fs7 fc1 sc0 ls9 ws0\">107<span class=\"_ _df\"> </span><span class=\"ls0\"> </span></div></td><td class=\"c x508 y35d3 w311 hc8\"><div class=\"t m0 x38 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">2.068<span class=\"_ _df\"> </span> </div></td><td class=\"c x892 y35d3 w5f0 hc8\"><div class=\"t m0 x7 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">1.001 </div></td></tr><tr><td class=\"c x46b y35d4 w5ef hc8\"><div class=\"t m0 x130 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">C.2 Debiti verso c<span class=\"_ _f\"></span>l<span class=\"_ _2\"></span>ientela<span class=\"_ _df\"> </span> </div></td><td class=\"c x91f y35d4 w4c6 hc8\"><div class=\"t m0 x48 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">643.056 </div></td><td class=\"c x5d1 y35d4 w184 hc8\"><div class=\"t m0 x55 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">33.006<span class=\"_ _df\"> </span> </div></td><td class=\"c x50b y35d4 wb6 hc8\"><div class=\"t m0 x33 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">8.986 </div></td><td class=\"c xa65 y35d4 w1b0 hc8\"><div class=\"t m0 x2e h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">10.542<span class=\"_ _df\"> </span> </div></td><td class=\"c x508 y35d4 w311 hc8\"><div class=\"t m0 x31 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">7.627<span class=\"_ _df\"> </span> </div></td><td class=\"c x892 y35d4 w5f0 hc8\"><div class=\"t m0 x90 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">5.180 </div></td></tr><tr><td class=\"c x46b y35d5 w5ef h227\"><div class=\"t m0 x130 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">C.3 Titoli di debi<span class=\"_ _1\"></span>to<span class=\"_ _df\"> </span></div></td><td class=\"c x91f y35d5 w4c6 h227\"><div class=\"t m0 x97 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">2.169<span class=\"_ _df\"> </span> </div></td><td class=\"c x5d1 y35d5 w184 h227\"><div class=\"t m0 x8f h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span> </div></td><td class=\"c x50b y35d5 wb6 h227\"><div class=\"t m0 x13 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span> </div></td><td class=\"c xa65 y35d5 w1b0 h227\"><div class=\"t m0 x31 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span> </div></td><td class=\"c x508 y35d5 w311 h227\"><div class=\"t m0 xc6 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span> </div></td><td class=\"c x892 y35d5 w5f0 h227\"><div class=\"t m0 x11d h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y35d6 w5ef hc8\"><div class=\"t m0 x130 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">C.4 Altre passi<span class=\"_ _1\"></span>vit\u00e0 finanziarie<span class=\"_ _df\"> </span> </div></td><td class=\"c x91f y35d6 w4c6 hc8\"><div class=\"t m0 x7 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span> </div></td><td class=\"c x5d1 y35d6 w184 hc8\"><div class=\"t m0 x8f h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span> </div></td><td class=\"c x50b y35d6 wb6 hc8\"><div class=\"t m0 x13 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span> </div></td><td class=\"c xa65 y35d6 w1b0 hc8\"><div class=\"t m0 x31 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span> </div></td><td class=\"c x508 y35d6 w311 hc8\"><div class=\"t m0 xc6 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span> </div></td><td class=\"c x892 y35d6 w5f0 hc8\"><div class=\"t m0 x11d h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y35d7 w5ef hc8\"><div class=\"t m0 x8a h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">D. Alt<span class=\"_ _f\"></span>re pass<span class=\"_ _f\"></span>ivit\u00e0<span class=\"_ _df\"> </span><span class=\"sc0\"> </span></div></td><td class=\"c x91f y35d7 w4c6 hc8\"><div class=\"t m0 x37 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">4.659<span class=\"_ _df\"> </span><span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x5d1 y35d7 w184 hc8\"><div class=\"t m0 x35 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">1.5<span class=\"ls2b\">85<span class=\"_ _df\"> </span></span><span class=\"ls2b\"><span class=\"_ _1\"></span><span class=\"sc0 ls0\"> </span></span></div></td><td class=\"c x50b y35d7 wb6 hc8\"><div class=\"t m0 x31 h1f y28b ff4 fs7 fc1 sc2 lsf4 ws0\">58<span class=\"_ _df\"> </span><span class=\"sc0 ls0\"> </span></div></td><td class=\"c xa65 y35d7 w1b0 hc8\"><div class=\"t m0 x35 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">270<span class=\"_ _df\"> </span><span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x508 y35d7 w311 hc8\"><div class=\"t m0 x90 h1f y28b ff4 fs7 fc1 sc2 lscf ws0\">62<span class=\"_ _df\"> </span><span class=\"sc0 ls0\"> </span></div></td><td class=\"c x892 y35d7 w5f0 hc8\"><div class=\"t m0 xc3 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">3<span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x46b y35d8 w5ef hc8\"><div class=\"t m0 x8a h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">E. De<span class=\"_ _1\"></span>riva<span class=\"_ _f\"></span>ti finan<span class=\"_ _1\"></span>ziari<span class=\"_ _df\"> </span><span class=\"sc0\"> </span></div></td><td class=\"c x91f y35d8 w4c6 hc8\"><div class=\"t m0 x7 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _df\"> </span><span class=\"sc0\"> </span></div></td><td class=\"c x5d1 y35d8 w184 hc8\"><div class=\"t m0 x8f h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _df\"> </span><span class=\"sc0\"> </span></div></td><td class=\"c x50b y35d8 wb6 hc8\"><div class=\"t m0 x13 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _df\"> </span><span class=\"sc0\"> </span></div></td><td class=\"c xa65 y35d8 w1b0 hc8\"><div class=\"t m0 x31 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _df\"> </span><span class=\"sc0\"> </span></div></td><td class=\"c x508 y35d8 w311 hc8\"><div class=\"t m0 xc6 h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _df\"> </span><span class=\"sc0\"> </span></div></td><td class=\"c x892 y35d8 w5f0 hc8\"><div class=\"t m0 x11d h1f ye4c ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x46b y35d9 w5ef hc8\"><div class=\"t m0 x130 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- Opzioni<span class=\"_ _df\"> </span> </div></td><td class=\"c x91f y35d9 w4c6 hc8\"><div class=\"t m0 x7 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span> </div></td><td class=\"c x5d1 y35d9 w184 hc8\"><div class=\"t m0 x8f h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span> </div></td><td class=\"c x50b y35d9 wb6 hc8\"><div class=\"t m0 x13 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span> </div></td><td class=\"c xa65 y35d9 w1b0 hc8\"><div class=\"t m0 x31 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span> </div></td><td class=\"c x508 y35d9 w311 hc8\"><div class=\"t m0 xc6 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span> </div></td><td class=\"c x892 y35d9 w5f0 hc8\"><div class=\"t m0 x11d h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y35da w5ef hc8\"><div class=\"t m0 x26 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">+ Posizioni lunghe<span class=\"_ _df\"> </span><span class=\"_ _f\"></span> </div></td><td class=\"c x91f y35da w4c6 hc8\"><div class=\"t m0 x7 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span> </div></td><td class=\"c x5d1 y35da w184 hc8\"><div class=\"t m0 x8f h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span> </div></td><td class=\"c x50b y35da wb6 hc8\"><div class=\"t m0 x13 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span> </div></td><td class=\"c xa65 y35da w1b0 hc8\"><div class=\"t m0 x31 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span> </div></td><td class=\"c x508 y35da w311 hc8\"><div class=\"t m0 xc6 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span> </div></td><td class=\"c x892 y35da w5f0 hc8\"><div class=\"t m0 x11d h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y35db w5ef hc8\"><div class=\"t m0 x26 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">+ Posizioni corte<span class=\"_ _df\"> </span><span class=\"_ _f\"></span> </div></td><td class=\"c x91f y35db w4c6 hc8\"><div class=\"t m0 x7 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span> </div></td><td class=\"c x5d1 y35db w184 hc8\"><div class=\"t m0 x8f h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span> </div></td><td class=\"c x50b y35db wb6 hc8\"><div class=\"t m0 x13 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span> </div></td><td class=\"c xa65 y35db w1b0 hc8\"><div class=\"t m0 x31 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span> </div></td><td class=\"c x508 y35db w311 hc8\"><div class=\"t m0 xc6 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span> </div></td><td class=\"c x892 y35db w5f0 hc8\"><div class=\"t m0 x11d h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y35dc w5ef hc8\"><div class=\"t m0 x130 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- Altri derivati<span class=\"_ _df\"> </span> </div></td><td class=\"c x91f y35dc w4c6 hc8\"><div class=\"t m0 x7 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span> </div></td><td class=\"c x5d1 y35dc w184 hc8\"><div class=\"t m0 x8f h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span> </div></td><td class=\"c x50b y35dc wb6 hc8\"><div class=\"t m0 x13 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span> </div></td><td class=\"c xa65 y35dc w1b0 hc8\"><div class=\"t m0 x31 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span> </div></td><td class=\"c x508 y35dc w311 hc8\"><div class=\"t m0 xc6 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span> </div></td><td class=\"c x892 y35dc w5f0 hc8\"><div class=\"t m0 x11d h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y35dd w5ef hc8\"><div class=\"t m0 x26 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">+ Posizioni lunghe<span class=\"_ _df\"> </span><span class=\"_ _f\"></span> </div></td><td class=\"c x91f y35dd w4c6 hc8\"><div class=\"t m0 x33 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">477.942 </div></td><td class=\"c x5d1 y35dd w184 hc8\"><div class=\"t m0 x130 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">90.250 </div></td><td class=\"c x50b y35dd wb6 hc8\"><div class=\"t m0 x55 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">156.325 </div></td><td class=\"c xa65 y35dd w1b0 hc8\"><div class=\"t m0 x14 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">7.321<span class=\"_ _df\"> </span> </div></td><td class=\"c x508 y35dd w311 hc8\"><div class=\"t m0 x34 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">21.040<span class=\"_ _df\"> </span> </div></td><td class=\"c x892 y35dd w5f0 hc8\"><div class=\"t m0 x13 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">37.780 </div></td></tr><tr><td class=\"c x46b y35de w5ef hc8\"><div class=\"t m0 x26 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">+ Posizioni corte<span class=\"_ _df\"> </span><span class=\"_ _f\"></span> </div></td><td class=\"c x91f y35de w4c6 hc8\"><div class=\"t m0 x33 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">551.888 </div></td><td class=\"c x5d1 y35de w184 hc8\"><div class=\"t m0 x14 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">60.219 </div></td><td class=\"c x50b y35de wb6 hc8\"><div class=\"t m0 x130 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">157.321<span class=\"_ _df\"> </span> </div></td><td class=\"c xa65 y35de w1b0 hc8\"><div class=\"t m0 x32 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">345<span class=\"_ _df\"> </span> </div></td><td class=\"c x508 y35de w311 hc8\"><div class=\"t m0 x38 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">27.181<span class=\"_ _df\"> </span> </div></td><td class=\"c x892 y35de w5f0 hc8\"><div class=\"t m0 x11 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">35.130 </div></td></tr><tr><td class=\"c x46b y35df w5ef hc8\"><div class=\"t m0 x8a h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale at<span class=\"_ _1\"></span>tivit<span class=\"_ _1\"></span>\u00e0<span class=\"_ _df\"> </span><span class=\"sc0\"> </span></div></td><td class=\"c x91f y35df w4c6 hc8\"><div class=\"t m0 x39 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">1.213.<span class=\"_ _f\"></span>358<span class=\"sc0\"> </span></div></td><td class=\"c x5d1 y35df w184 hc8\"><div class=\"t m0 x2e h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">100.7<span class=\"_ _1\"></span>95<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x50b y35df wb6 hc8\"><div class=\"t m0 x55 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">167.07<span class=\"_ _f\"></span>2<span class=\"sc0\"> </span></div></td><td class=\"c xa65 y35df w1b0 hc8\"><div class=\"t m0 x55 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">11.353<span class=\"_ _df\"> </span><span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x508 y35df w311 hc8\"><div class=\"t m0 x37 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">37.01<span class=\"_ _f\"></span>4<span class=\"_ _df\"> </span><span class=\"sc0\"> </span></div></td><td class=\"c x892 y35df w5f0 hc8\"><div class=\"t m0 x11 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">41.359<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x46b y35e0 w5ef hc8\"><div class=\"t m0 x8a h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale pa<span class=\"_ _f\"></span>ssivit\u00e0<span class=\"_ _df\"> </span><span class=\"sc0\"> </span></div></td><td class=\"c x91f y35e0 w4c6 hc8\"><div class=\"t m0 x55 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">1.274.<span class=\"_ _f\"></span>383<span class=\"sc0\"> </span></div></td><td class=\"c x5d1 y35e0 w184 hc8\"><div class=\"t m0 x2e h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">100.6<span class=\"_ _f\"></span>27<span class=\"sc0\"> </span></div></td><td class=\"c x50b y35e0 wb6 hc8\"><div class=\"t m0 x55 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">166.<span class=\"_ _1\"></span>909<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td><td class=\"c xa65 y35e0 w1b0 hc8\"><div class=\"t m0 x55 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">11.26<span class=\"_ _f\"></span>4<span class=\"_ _df\"> </span><span class=\"sc0\"> </span></div></td><td class=\"c x508 y35e0 w311 hc8\"><div class=\"t m0 x26 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">36.9<span class=\"_ _f\"></span>38<span class=\"_ _df\"> </span><span class=\"sc0\"> </span></div></td><td class=\"c x892 y35e0 w5f0 hc8\"><div class=\"t m0 x12 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">41.31<span class=\"_ _1\"></span>4<span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x46b y35e1 w5ef hc8\"><div class=\"t m0 x8a h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">Sbila<span class=\"_ _f\"></span>ncio (+/-<span class=\"_ _f\"></span>)<span class=\"_ _df\"> </span><span class=\"sc0\"> </span></div></td><td class=\"c x91f y35e1 w4c6 hc8\"><div class=\"t m0 x32 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">(61.0<span class=\"_ _1\"></span>25)<span class=\"_ _df\"> </span><span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x5d1 y35e1 w184 hc8\"><div class=\"t m0 x37 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">168<span class=\"_ _df\"> </span><span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x50b y35e1 wb6 hc8\"><div class=\"t m0 x97 h1f y28b ff4 fs7 fc1 sc2 ls0 ws0\">163<span class=\"_ _df\"> </span><span class=\"sc0\"> </span></div></td><td class=\"c xa65 y35e1 w1b0 hc8\"><div class=\"t m0 x26 h1f y28b ff4 fs7 fc1 sc2 ls2b ws0\">89<span class=\"_ _df\"> </span><span class=\"sc0 ls0\"> </span></div></td><td class=\"c x508 y35e1 w311 hc8\"><div class=\"t m0 x90 h1f y28b ff4 fs7 fc1 sc2 ls35 ws0\">76<span class=\"_ _df\"> </span><span class=\"sc0 ls0\"> </span></div></td><td class=\"c x892 y35e1 w5f0 hc8\"><div class=\"t m0 x49 h1f y28b ff4 fs7 fc1 sc2 lsa ws0\">45<span class=\"sc0 ls0\"> </span></div></td></tr></table></div><div class=\"t m0 h5 ff5 fs1 fc4 sc3 ls0 ws0 gs14ef\">Model<span class=\"_ _1\"></span>li inte<span class=\"_ _1\"></span>rni e <span class=\"_ _f\"></span>altre m<span class=\"_ _1\"></span>etodo<span class=\"_ _f\"></span>logie p<span class=\"_ _1\"></span>er l\u2019ana<span class=\"_ _f\"></span>li<span class=\"ff4\">si di se<span class=\"_ _f\"></span>nsitivit\u00e0<span class=\"_ _1\"></span> </span><span class=\"ff4\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs14f0\">Nella <span class=\"_ _f\"></span>presente <span class=\"_ _1\"></span>sezione <span class=\"_ _1\"></span>vengono sinteticame<span class=\"_ _1\"></span>nte <span class=\"_ _f\"></span>espost<span class=\"_ _2\"></span>i <span class=\"_ _f\"></span>i risul<span class=\"_ _1\"></span>tati <span class=\"_ _f\"></span>delle anal<span class=\"_ _1\"></span>isi <span class=\"_ _f\"></span>d<span class=\"_ _2\"></span>el <span class=\"_ _f\"></span>rischio d<span class=\"_ _f\"></span>i cambio.<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs14f1\">In <span class=\"_ _2\"></span>particolare <span class=\"_ _d\"></span>di <span class=\"_ _2\"></span>seguito <span class=\"_ _2\"></span>so<span class=\"_ _2\"></span>no <span class=\"_ _2\"></span>riportati <span class=\"_ _d\"></span>i <span class=\"_ _2\"></span>valori <span class=\"_ _d\"></span>medi, <span class=\"_ _2\"></span>massimi <span class=\"_ _2\"></span>e <span class=\"_ _d\"></span>minimi <span class=\"_ _2\"></span>del <span class=\"_ _d\"></span>VaR <span class=\"_ _2\"></span>(in <span class=\"_ _d\"></span>milioni <span class=\"_ _2\"></span>di <span class=\"_ _d\"></span>euro)<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs14f2\">generato dal fattore di rischio currency relativi agli esercizi 2023, 2024 e 2025.  </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs1152\">Nella figura sottostante \u00e8 riportato l\u2019andame<span class=\"_ _1\"></span>nto di tale dato di V<span class=\"_ _2\"></span>aR per Credem ne<span class=\"_ _1\"></span>ll\u2019arco del 2025<span class=\"ff4\">.<span class=\"_ _df\"> </span></span><span class=\"ff4\"><span class=\"_ _2\"></span> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs14f4\">La <span class=\"_ _2\"></span>tabella <span class=\"_ _2\"></span>sottostant<span class=\"_ _2\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _2\"></span>evidenzia <span class=\"_ _d\"></span>i <span class=\"_ _2\"></span>contributi <span class=\"_ _2\"></span>medi <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>rischio <span class=\"_ _d\"></span>equity, <span class=\"_ _2\"></span>rischio <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>cambio <span class=\"_ _d\"></span>e <span class=\"_ _2\"></span>rischio <span class=\"_ _0\"></span>di<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs14f5\">tasso nel corso del 2025 al VaR complessiv<span class=\"_ _1\"></span>o non diversificato. <span class=\"_ _2\"></span><span class=\"sc2\"> </span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs14f6\">Nell\u2019ambito <span class=\"_ _0\"></span>della <span class=\"_ _9\"> </span>pi\u00f9 <span class=\"_ _9\"> </span>complessiva <span class=\"_ _9\"> </span>analisi <span class=\"_ _0\"></span>annuale <span class=\"_ _9\"> </span>di <span class=\"_ _0\"> </span>bac<span class=\"_ _2\"></span>ktesting <span class=\"_ _0\"></span>dei <span class=\"_ _9\"> </span>modelli, <span class=\"_ _0\"></span>viene <span class=\"_ _9\"> </span>effettuato <span class=\"_ _9\"> </span>il<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs14f7\">confronto tra il dato di VaR e il P&amp;L effe<span class=\"_ _1\"></span>ttivamente conseguito. <span class=\"_ _2\"></span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs14f8\">Il backtesting <span class=\"_ _2\"></span>\u00e8 eseguit<span class=\"_ _2\"></span>o mett<span class=\"_ _2\"></span>end<span class=\"_ _f\"></span>o<span class=\"_ _2\"></span> a <span class=\"_ _2\"></span>confronto <span class=\"_ _2\"></span>i dati <span class=\"_ _2\"></span>di VaR <span class=\"_ _2\"></span>con i <span class=\"_ _2\"></span>dati di <span class=\"_ _2\"></span>P&amp;L <span class=\"_ _2\"></span>gestionali giornalieri<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs14f9\">(o<span class=\"_ _e\"> </span>settimanali, <span class=\"_ _16\"> </span>per <span class=\"_ _9\"> </span>i  portafogli  p<span class=\"_ _1\"></span>er <span class=\"_ _16\"> </span>i <span class=\"_ _16\"> </span>quali <span class=\"_ _9\"> </span>i<span class=\"_ _2\"></span>l <span class=\"_ _16\"> </span>calcolo <span class=\"_ _9\"> </span>d<span class=\"_ _2\"></span>i <span class=\"_ _9\"> </span>r<span class=\"_ _2\"></span>edditivit\u00e0 <span class=\"_ _16\"> </span>\u00e8 <span class=\"_ _9\"> </span>s<span class=\"_ _2\"></span>u <span class=\"_ _9\"> </span>base  weekly), <span class=\"_ _9\"> </span>e  si <span class=\"_ _9\"> </span>bas<span class=\"_ _2\"></span>a<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs14fa\">sull\u2019analisi <span class=\"_ _0\"></span>delle <span class=\"_ _0\"></span>\u201ceccezioni\u201d, <span class=\"_ _0\"></span>ov<span class=\"_ _2\"></span>vero <span class=\"_ _0\"></span>dei <span class=\"_ _0\"></span>casi <span class=\"_ _0\"></span>in <span class=\"_ _9\"> </span>cui <span class=\"_ _0\"></span>la <span class=\"_ _9\"> </span>perdita <span class=\"_ _0\"></span>registr<span class=\"_ _2\"></span>ata <span class=\"_ _9\"> </span><span class=\"ff4\">r<span class=\"_ _2\"></span>isul<span class=\"_ _1\"></span>ta <span class=\"_ _0\"></span>superiore <span class=\"_ _9\"> </span>al <span class=\"_ _0\"></span>VaR<span class=\"_ _df\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs14fb\">stimato <span class=\"_ _17\"> </span>per <span class=\"_ _4\"> </span>lo <span class=\"_ _17\"> </span>stesso <span class=\"_ _17\"> </span>periodo <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>riferimento, <span class=\"_ _17\"> </span>sia <span class=\"_ _4\"> </span>in <span class=\"_ _17\"> </span>termini <span class=\"_ _17\"> </span>di <span class=\"_ _4\"> </span>numerosit\u00e0 <span class=\"_ _17\"> </span>sia <span class=\"_ _17\"> </span>in <span class=\"_ _4\"> </span>t<span class=\"_ _2\"></span>ermini <span class=\"_ _4\"> </span>di<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs14fc\">distribuzione temporale.<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs14fd\">Il perimetro dell\u2019analisi di backte<span class=\"_ _2\"></span>st sono i <span class=\"_ _2\"></span>portafogli del Regolamento Finanza (trading e bancario)<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs14fe\">e <span class=\"_ _0\"></span>copre <span class=\"_ _9\"> </span>i <span class=\"_ _9\"> </span>ri<span class=\"ff5\">schi <span class=\"_ _9\"> </span>riportati <span class=\"_ _9\"> </span>nella <span class=\"_ _9\"> </span>presente <span class=\"_ _9\"> </span>sezione. <span class=\"_ _0\"></span>L\u2019orizzonte <span class=\"_ _9\"> </span>tempor<span class=\"_ _2\"></span>ale <span class=\"_ _0\"></span>del <span class=\"_ _9\"> </span>VaR <span class=\"_ _0\"></span>\u00e8 <span class=\"_ _9\"> </span>co<span class=\"_ _2\"></span>erente <span class=\"_ _0\"></span>con<span class=\"_ _df\"> </span></span><span class=\"ff5\"> </span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs14ff\">quello <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>calcolo <span class=\"_ _0\"></span>del <span class=\"_ _0\"></span>P&amp;L. <span class=\"_ _0\"></span>L\u2019esercizio <span class=\"_ _0\"></span>si <span class=\"_ _0\"></span>basa <span class=\"_ _0\"></span>s<span class=\"_ _2\"></span>u <span class=\"_ _d\"></span>12 <span class=\"_ _9\"> </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=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1500\">attraverso una serie di test:<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff13 fs4 fc1 sc0 ls0 ws0 gs1501\">-<span class=\"_ _2c\"> </span><span class=\"ff4 fs1\">Freque<span class=\"_ _f\"></span>ncy <span class=\"_ _2\"></span>Test: Basilea e Kupiec (o POF, Proportion of Failure);<span class=\"_ _df\"> </span></span><span class=\"ff4 fs1\"> </span></div><div class=\"t m0 h5 ff13 fs4 fc1 sc0 ls0 ws0 gs1502\">-<span class=\"_ _2c\"> </span><span class=\"ff4 fs1\">Ind<span class=\"_ _1\"></span>ipendence Test: Christoffersen e Mixed Kupiec;<span class=\"_ _df\"> </span></span></div><div class=\"t m0 h5 ff13 fs4 fc1 sc0 ls0 ws0 gs1503\">-<span class=\"_ _2c\"> </span><span class=\"ff4 fs1\">Joint Test: POF + Christoffe<span class=\"_ _1\"></span>rsen, POF + Mixed Kupiec.<span class=\"_ _df\"> </span></span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs1504\">Nell\u2019ambito <span class=\"_ _f\"></span>dell\u2019analisi <span class=\"_ _1\"></span>del <span class=\"_ _f\"></span>periodo di <span class=\"_ _f\"></span>backtesting <span class=\"_ _f\"></span>i test <span class=\"_ _f\"></span>effettuati <span class=\"_ _f\"></span>confermano <span class=\"_ _1\"></span>la <span class=\"_ _f\"></span>t<span class=\"_ _2\"></span>enuta <span class=\"_ _f\"></span>del <span class=\"_ _f\"></span>modello<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1505\">di VaR.<span class=\"_ _df\"> </span></div><div class=\"t m0 he ff4 fs5 fc4 sc3 ls0 ws0 gs1506\">1.3 Gli s<span class=\"_ _1\"></span>trume<span class=\"_ _1\"></span>nti deri<span class=\"_ _f\"></span>vati e le p<span class=\"_ _f\"></span>olitiche di co<span class=\"_ _f\"></span>pertura<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs1507\">L\u2019operativit\u00e0 <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>strumenti <span class=\"_ _d\"></span>finanziari <span class=\"_ _2\"></span>derivati <span class=\"_ _d\"></span>\u00e8 <span class=\"_ _d\"></span>gestita <span class=\"_ _d\"></span>dal <span class=\"_ _d\"></span>Gruppo <span class=\"_ _d\"></span>tramite <span class=\"_ _d\"></span>un <span class=\"_ _d\"></span>apposito <span class=\"_ _d\"></span>applicativ<span class=\"_ _1\"></span>o<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1508\">dedicato atto alle valorizzazioni giornaliere a </div><div class=\"t m1 h6 ff4 fs2 fc1 sc0 ls0 ws0 gs1509\">Mark to model</div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs150a\">. Il documento di riferimento \u201cAllegato<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs9d2\">tecnico alla Fa<span class=\"ff5\">ir <span class=\"_ _2\"></span>value Policy di Gruppo: Manuale modelli <span class=\"_ _2\"></span>di pricing\u201d disciplina i principali <span class=\"_ _2\"></span>modelli<span class=\"_ _1\"></span> <span class=\"_ _2\"></span>di<span class=\"_ _df\"> </span></span><span class=\"ff5\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs9d3\">pricing  comunemente <span class=\"_ _4\"> </span>utilizzati <span class=\"_ _22\"> </span>dal <span class=\"_ _4\"> </span>Gruppo  per <span class=\"_ _4\"> </span>i  propri <span class=\"_ _4\"> </span>derivati  valutati <span class=\"_ _4\"> </span>al  Mark <span class=\"_ _22\"> </span>to <span class=\"_ _4\"> </span>Model.  In<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs150b\">particolare una s<span class=\"_ _2\"></span>ezione dedicata descrive nel dettaglio t<span class=\"_ _2\"></span>ali modelli. L\u2019<span class=\"_ _2\"></span><span class=\"ff4\">insieme dei mo<span class=\"_ _2\"></span>delli descritti<span class=\"_ _df\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs150c\">individua le <span class=\"_ _2\"></span>metodologie <span class=\"_ _2\"></span>ad oggi<span class=\"_ _2\"></span> utilizzate <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>validate per <span class=\"_ _2\"></span>le <span class=\"_ _2\"></span>valutazioni degli <span class=\"_ _2\"></span>strumenti <span class=\"_ _2\"></span>detenuti <span class=\"_ _2\"></span>in<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs150d\">propriet\u00e0.<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs9d8\">Classificazione strumenti derivati e parametri di mercato<span class=\"_ _df\"> </span><span class=\"fc1b\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs9d9\">Il <span class=\"_ _f\"></span>Gruppo Cre<span class=\"_ _1\"></span>dem <span class=\"_ _f\"></span>si \u00e8<span class=\"_ _f\"></span> dotato <span class=\"_ _f\"></span>di <span class=\"_ _1\"></span>una <span class=\"_ _f\"></span>Fair <span class=\"_ _f\"></span>Value <span class=\"_ _1\"></span>Policy e <span class=\"_ _f\"></span>relativi <span class=\"_ _f\"></span>allegati <span class=\"_ _f\"></span>t<span class=\"_ _2\"></span>ecnici<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>che <span class=\"_ _f\"></span>disciplinano <span class=\"_ _f\"></span>anche<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs150e\">le <span class=\"_ _0\"></span>regole <span class=\"_ _0\"></span>contabili <span class=\"_ _0\"></span>per <span class=\"_ _0\"></span>la <span class=\"_ _9\"> </span>valorizzazione<span class=\"_ _f\"></span> <span class=\"_ _9\"> </span>degli <span class=\"_ _0\"></span>str<span class=\"_ _2\"></span>umenti<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>a <span class=\"_ _0\"></span>mark <span class=\"_ _0\"></span>to <span class=\"_ _0\"></span>model, <span class=\"_ _0\"></span>i <span class=\"_ _9\"> </span>relativi <span class=\"_ _0\"></span>parametri <span class=\"_ _d\"></span>e <span class=\"_ _9\"> </span>i<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs9db\">processi inerenti la valorizzazione degli strumenti.<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs150f\">In particolare il manuale si articola nelle segu<span class=\"_ _1\"></span>enti<span class=\"_ _2\"></span> sezioni:<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff13 fs1 fc1 sc0 ls0 ws0 gs1510\">-<span class=\"_ _1d\"> </span><span class=\"ff5\">classificazione degli strumenti derivati, storicizzati all\u2019interno dell\u2019applicativo;<span class=\"_ _df\"> </span></span></div><div class=\"t m0 h5 ff13 fs1 fc1 sc0 ls0 ws0 gs1511\">-<span class=\"_ _1d\"> </span><span class=\"ff5\">mappatura <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>dettaglio <span class=\"_ _2\"></span>dei <span class=\"_ _2\"></span>parametri <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>mercato alimentati <span class=\"_ _2\"></span>all\u2019interno <span class=\"_ _2\"></span>dell\u2019applicativo al <span class=\"_ _2\"></span>fine<span class=\"_ _df\"> </span></span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1512\">di valutare tutti gli strumenti;<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff13 fs1 fc1 sc0 ls0 ws0 gs1514\">-<span class=\"_ _1d\"> </span><span class=\"ff4\">descrizione procedure automatizzate per la storicizzazione dei prezzi.<span class=\"_ _df\"> </span></span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1515\">Parametri di mercato<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs1516\">I <span class=\"_ _16\"> </span>parametri <span class=\"_ _16\"> </span>di <span class=\"_ _9\"> </span>mercat<span class=\"_ _2\"></span>o <span class=\"_ _9\"> </span>utilizzati  p<span class=\"_ _1\"></span>er  l<span class=\"_ _1\"></span>e <span class=\"_ _16\"> </span>valutazioni <span class=\"_ _9\"> </span>e  gestiti <span class=\"_ _16\"> </span>all\u2019interno <span class=\"_ _9\"> </span>dell\u2019applicativo  p<span class=\"_ _1\"></span>ossono<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1517\">essere:<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff13 fs1 fc1 sc0 ls0 ws0 gs1518\">-<span class=\"_ _1d\"> </span><span class=\"ff4\">dati <span class=\"_ _f\"></span>acquisiti <span class=\"_ _f\"></span>automat<span class=\"_ _2\"></span>icamente, <span class=\"_ _11\"></span>i<span class=\"_ _2\"></span>nformazioni <span class=\"_ _f\"></span>scaricate <span class=\"_ _f\"></span>periodicamente <span class=\"_ _f\"></span>da <span class=\"_ _f\"></span>Info <span class=\"_ _1\"></span>Providers,<span class=\"_ _2\"></span> <span class=\"_ _f\"></span>(ad<span class=\"_ _df\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1519\">es: market parameter giornalieri);<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff13 fs1 fc1 sc0 ls0 ws0 gs151a\">-<span class=\"_ _1d\"> </span><span class=\"ff5\">dati <span class=\"_ _c\"> </span>di <span class=\"_ _c\"> </span>mercato <span class=\"_ _c\"> </span>stimati <span class=\"_ _1a\"> </span>dall\u2019applicativo, <span class=\"_ _c\"> </span>prevalentemente <span class=\"_ _c\"> </span>attraverso <span class=\"_ _1a\"> </span>dati <span class=\"_ _c\"> </span>acquisiti<span class=\"_ _df\"> </span></span><span class=\"ff5\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs151b\">automaticamente.<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs151c\">Generalmente, <span class=\"_ _17\"> </span>i <span class=\"_ _17\"> </span>parametri <span class=\"_ _14\"> </span>alimentati <span class=\"_ _17\"> </span>manualmente <span class=\"_ _17\"> </span>s<span class=\"_ _2\"></span>ono <span class=\"_ _17\"> </span>quelli <span class=\"_ _17\"> </span>che <span class=\"_ _17\"> </span>non <span class=\"_ _14\"> </span>necessitano <span class=\"_ _17\"> </span>di <span class=\"_ _17\"> </span>un<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs151d\">aggiornamento costante e giornaliero.<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs151e\">Processo di validazione modell<span class=\"_ _1\"></span>i e parametri<span class=\"_ _df\"> </span><span class=\"_ _2\"></span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs151f\">I d<span class=\"_ _1\"></span>ocumenti di<span class=\"_ _1\"></span> riferimento <span class=\"_ _1\"></span>riportano come <span class=\"_ _f\"></span>indicato tutti <span class=\"_ _1\"></span>i mode<span class=\"_ _1\"></span>lli di <span class=\"_ _f\"></span>pricing e <span class=\"_ _f\"></span>i parametri di<span class=\"_ _1\"></span> mercato<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1520\">validati e utilizzati dal Gruppo per la valutazione<span class=\"_ _1\"></span> degli strumenti derivati.<span class=\"_ _df\"> </span><span class=\"_ _2\"></span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1521\">Qualora <span class=\"_ _1a\"> </span>sia <span class=\"_ _1a\"> </span>necessario <span class=\"_ _1a\"> </span>introdurre <span class=\"_ _1a\"> </span>nuovi <span class=\"_ _1a\"> </span>parametri <span class=\"_ _1a\"> </span>e/o <span class=\"_ _1a\"> </span>modelli, <span class=\"_ _19\"> </span>il <span class=\"_ _1a\"> </span>processo <span class=\"_ _c\"> </span>prev<span class=\"_ _1\"></span>ede <span class=\"_ _1a\"> </span>il<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1522\">coinvolgimento <span class=\"_ _2\"></span>della <span class=\"_ _d\"></span>funzione <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>validazione <span class=\"_ _2\"></span>che <span class=\"_ _d\"></span>disciplina <span class=\"_ _d\"></span>un <span class=\"_ _2\"></span>apposito <span class=\"_ _d\"></span>parere <span class=\"_ _d\"></span>inerente <span class=\"_ _2\"></span>la <span class=\"_ _d\"></span>nuova<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs1523\">operativit\u00e0 <span class=\"_ _d\"></span>e <span class=\"_ _0\"></span>provvede<span class=\"_ _1\"></span> <span class=\"_ _d\"></span>alla <span class=\"_ _0\"></span>validazione <span class=\"_ _d\"></span>dei <span class=\"_ _0\"></span>modelli <span class=\"_ _d\"></span>come <span class=\"_ _0\"></span>disciplinato <span class=\"_ _d\"></span>nell\u2019 <span class=\"_ _d\"></span>apposito <span class=\"_ _0\"></span>regolam<span class=\"_ _2\"></span><span class=\"ff4\">ento<span class=\"_ _df\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1524\">Nuovi prodotti del Gruppo.<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs1525\">E\u2019 <span class=\"_ _d\"></span>cura <span class=\"_ _d\"></span>della <span class=\"_ _d\"></span>funzione <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>validazione <span class=\"_ _d\"></span>aggiornare <span class=\"_ _d\"></span>periodicamente <span class=\"_ _d\"></span>i <span class=\"_ _d\"></span>documenti <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>riferimento <span class=\"_ _d\"></span>con <span class=\"_ _d\"></span>i<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1526\">nuovi modelli e/o parametri utilizzati ed<span class=\"_ _1\"></span> effettuare analisi sulla validit\u00e0 dei modelli in uso.<span class=\"_ _df\"> </span><span class=\"_ _2\"></span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1527\">Procedure <span class=\"_ _2\"></span>automatiche <span class=\"_ _d\"></span>e <span class=\"_ _d\"></span>appositi <span class=\"_ _d\"></span>controlli <span class=\"_ _2\"></span>consentono <span class=\"_ _d\"></span>il <span class=\"_ _2\"></span>presidio <span class=\"_ _d\"></span>giornaliero <span class=\"_ _2\"></span>delle <span class=\"_ _d\"></span>valorizzazioni<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1528\">dei derivati e dei p<span class=\"_ _1\"></span>arametri utilizzati.<span class=\"_ _df\"> </span><span class=\"_ _2\"></span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1529\">Si <span class=\"_ _9\"> </span>riporta  per <span class=\"_ _0\"></span>ogni <span class=\"_ _16\"> </span>tipologia <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>s<span class=\"_ _2\"></span>trumento <span class=\"_ _9\"> </span>derivato <span class=\"_ _9\"> </span>il  tip<span class=\"_ _1\"></span>o <span class=\"_ _16\"> </span>di <span class=\"_ _9\"> </span>valutazione <span class=\"_ _9\"> </span>(tramite <span class=\"_ _16\"> </span>quotazione <span class=\"_ _9\"> </span>di<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs152a\">mercato - </div><div class=\"t m1 h6 ff4 fs2 fc1 sc0 ls0 ws0 gs152b\">Mark to market</div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs152c\"> o tramite valutazione a modello- </div><div class=\"t m1 h6 ff4 fs2 fc1 sc0 ls0 ws0 gs152d\">Mark to model<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs152e\">). Nel caso lo str<span class=\"_ _2\"></span>umento<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs152f\">sia valutato <span class=\"_ _1\"></span>tramite<span class=\"_ _df\"> </span> </div><div class=\"t m1 h6 ff4 fs2 fc1 sc0 ls0 ws0 gs1530\">Mark to M<span class=\"_ _1\"></span>odel</div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1531\"> si ind<span class=\"_ _1\"></span>icano: il model<span class=\"_ _1\"></span>lo di p<span class=\"_ _1\"></span>ricing utilizzato per la <span class=\"_ _1\"></span>valorizzazione e<span class=\"_ _df\"> </span><span class=\"_ _f\"></span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1532\">i parametri di mercato utilizzati per la valutazione.  </div><div class=\"gs1533\"><table class=\"s w109b h591\" id=\"_0ee191b2-1fc3-4a19-ab1f-5db9db08b622\"><tr><td class=\"c x44e y35e2 w8b h33a\"><div class=\"t m0 x10 h5 yce6 ff4 fs1 fc1 sc2 ls0 ws0\">Fam<span class=\"_ _f\"></span>ily </div></td><td class=\"c xa66 y35e2 w5f3 h33a\"><div class=\"t m0 x10 h5 yce6 ff4 fs1 fc1 sc2 ls0 ws0\">Grou<span class=\"_ _1\"></span>p </div></td><td class=\"c xa67 y35e3 w109c h592\"><div class=\"t m0 x250 h5 y254f ff4 fs1 fc1 sc2 ls0 ws0\">Trans<span class=\"_ _f\"></span>action<span class=\"_ _df\"> </span></div></td><td class=\"c x75f y35e2 w5f5 h33a\"><div class=\"t m0 x10 h5 yce6 ff4 fs1 fc1 sc2 ls0 ws0\">Descr<span class=\"_ _1\"></span>iptio<span class=\"_ _1\"></span>n </div></td><td class=\"c xa68 y35e3 w109d h592\"><div class=\"t m0 x250 h5 y254f ff4 fs1 fc1 sc2 ls0 ws0\">Mark<span class=\"_ _1\"></span> to <span class=\"_ _f\"></span>Model <span class=\"_ _1\"></span>/ Ma<span class=\"_ _f\"></span>rk to<span class=\"_ _df\"> </span></div></td><td class=\"c xa69 y35e3 w109e h592\"><div class=\"t m0 x250 h5 y254f ff4 fs1 fc1 sc2 ls0 ws0\">Model<span class=\"_ _1\"></span>lo <span class=\"_ _e\"> </span>di <span class=\"_ _e\"> </span>Pricing <span class=\"_ _e\"> </span>/ <span class=\"_ _10\"> </span>Para<span class=\"_ _f\"></span>metri <span class=\"_ _e\"> </span>di<span class=\"_ _df\"> </span></div></td><td></td></tr><tr><td></td><td></td><td class=\"c xa67 y35e4 w109f h593\"><div class=\"t m0 x250 h5 y254f ff4 fs1 fc1 sc2 ls0 ws0\">Type<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c xa68 y35e4 w10a0 h593\"><div class=\"t m0 x250 h5 y254f ff4 fs1 fc1 sc2 ls0 ws0\">Mark<span class=\"_ _1\"></span>et<span class=\"_ _df\"> </span></div></td><td class=\"c xa69 y35e4 w10a1 h593\"><div class=\"t m0 x250 h5 y254f ff4 fs1 fc1 sc2 ls0 ws0\">Merca<span class=\"_ _1\"></span>to<span class=\"_ _df\"> </span></div></td><td></td></tr><tr><td class=\"c x44e y35e5 w8b h33b\"><div class=\"t m0 x10 h5 yce6 ff4 fs1 fc1 sc0 lsc3 ws0\">CURR<span class=\"ls0\"> </span></div></td><td class=\"c xa66 y35e5 w5f3 h33b\"><div class=\"t m0 x10 h5 yce6 ff4 fs1 fc1 sc0 ls0 ws0\">FXD </div></td><td class=\"c xa6a y35e5 w5f4 h33b\"><div class=\"t m0 x10 h5 yce6 ff4 fs1 fc1 sc0 ls0 ws0\">FXD </div></td><td class=\"c x75f y35e5 w5f5 h33b\"><div class=\"t m0 x10 h5 yce6 ff4 fs1 fc1 sc0 ls0 ws0\">Spot-Forward </div></td><td class=\"c xa68 y35e6 w10a2 h593\"><div class=\"t m0 x250 h5 y254f ff4 fs1 fc1 sc0 ls0 ws0\">MARK_TO_MARKET,<span class=\"_ _df\"> </span></div></td><td class=\"c xa69 y35e6 w10a3 h593\"><div class=\"t m0 x250 h5 y254f ff4 fs1 fc1 sc2 ls0 ws0\">Model<span class=\"_ _1\"></span>li<span class=\"sc0\">: COST_OF_CARRY<span class=\"_ _df\"> </span></span></div></td><td></td></tr><tr><td></td><td></td><td></td><td></td><td class=\"c xa68 y35e7 w10a4 h593\"><div class=\"t m0 x250 h5 y254f ff4 fs1 fc1 sc0 ls0 ws0\">MARK_TO_MODEL<span class=\"_ _df\"> </span></div></td><td class=\"c xa69 y35e8 w10a5 h593\"><div class=\"t m0 x250 h5 y254f ff4 fs1 fc1 sc2 ls0 ws0\">Para<span class=\"_ _f\"></span>metri<span class=\"sc0\">: FX_SPOT_RATE,<span class=\"_ _df\"> </span></span></div></td><td></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td class=\"c xa69 y2f22 w10a6 h593\"><div class=\"t m0 x250 h5 y254f ff4 fs1 fc1 sc0 ls0 ws0\">FX_CURVE<span class=\"_ _df\"> </span></div></td><td></td></tr><tr><td class=\"c x44e y35e9 w8b h8f\"><div class=\"t m0 x10 h5 yd3f ff4 fs1 fc1 sc0 lsc3 ws0\">CURR<span class=\"ls0\"> </span></div></td><td class=\"c xa66 y35e9 w5f3 h8f\"><div class=\"t m0 x10 h5 yd3f ff4 fs1 fc1 sc0 ls0 ws0\">FXD </div></td><td class=\"c xa6a y35e9 w5f4 h8f\"><div class=\"t m0 x10 h5 yd3f ff4 fs1 fc1 sc0 ls0 ws0\">XSW </div></td><td class=\"c x75f y35e9 w5f5 h8f\"><div class=\"t m0 x10 h5 yd3f ff4 fs1 fc1 sc0 ls0 ws0\">Forex Swap </div></td><td class=\"c xa6b y35e9 w36a h8f\"><div class=\"t m0 x10 h5 yd3f ff4 fs1 fc1 sc0 ls0 ws0\">MARK_TO_MODEL </div></td><td class=\"c xa69 y35ea w10a3 h594\"><div class=\"t m0 x250 h5 y254f ff4 fs1 fc1 sc2 ls0 ws0\">Model<span class=\"_ _1\"></span>li<span class=\"sc0\">: COST_OF_CARRY<span class=\"_ _df\"> </span></span></div></td><td></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td class=\"c xa69 y35eb w10a5 h593\"><div class=\"t m0 x250 h5 y254f ff4 fs1 fc1 sc2 ls0 ws0\">Para<span class=\"_ _f\"></span>metri<span class=\"sc0\">: FX_SPOT_RATE,<span class=\"_ _df\"> </span></span></div></td><td></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td class=\"c xa69 y2909 w10a6 h593\"><div class=\"t m0 x250 h5 y254f ff4 fs1 fc1 sc0 ls0 ws0\">FX_CURVE<span class=\"_ _df\"> </span></div></td><td></td></tr><tr><td class=\"c x44e y35ec w8b h264\"><div class=\"t m0 x10 h5 y18c7 ff4 fs1 fc1 sc0 lsc3 ws0\">CURR<span class=\"ls0\"> </span></div></td><td class=\"c xa66 y35ec w5f3 h264\"><div class=\"t m0 x10 h5 y18c7 ff4 fs1 fc1 sc0 ls0 ws0\">OPT </div></td><td></td><td class=\"c x75f y35ec w5f5 h264\"><div class=\"t m0 x10 h5 y18c7 ff4 fs1 fc1 sc0 ls0 ws0\">FX Option </div></td><td class=\"c xa6b y35ec w36a h264\"><div class=\"t m0 x10 h5 y18c7 ff4 fs1 fc1 sc0 ls0 ws0\">MARK_TO_MODEL </div></td><td class=\"c xa69 y35ed w10a7 h595\"><div class=\"t m0 x250 h5 y254f ff4 fs1 fc1 sc2 ls0 ws0\">Model<span class=\"_ _1\"></span>li<span class=\"sc0\">: BLACK_EXOTIC (Solo Back<span class=\"_ _df\"> </span></span></div></td><td></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td class=\"c xa69 y35ee w10a8 h593\"><div class=\"t m0 x250 h5 y254f ff4 fs1 fc1 sc0 ls0 ws0\">to back)<span class=\"_ _df\"> </span></div></td><td></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td class=\"c xa69 y28d8 w10a5 h593\"><div class=\"t m0 x250 h5 y254f ff4 fs1 fc1 sc2 ls0 ws0\">Para<span class=\"_ _f\"></span>metri<span class=\"sc0\">: FX_SPOT_RATE,<span class=\"_ _df\"> </span></span></div></td><td></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td class=\"c xa69 y3537 w10a9 h593\"><div class=\"t m0 x250 h5 y254f ff4 fs1 fc1 sc0 ls0 ws0\">FX_CURVE, IR_CURVE,<span class=\"_ _df\"> </span></div></td><td></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td class=\"c xa69 y35ef w10aa h593\"><div class=\"t m0 x250 h5 y254f ff4 fs1 fc1 sc0 ls0 ws0\">FX_VOL_SURF<span class=\"_ _df\"> </span></div></td><td></td></tr><tr><td class=\"c x44e y35f0 w8b h170\"><div class=\"t m0 x10 h5 y1b0c ff4 fs1 fc1 sc0 ls0 ws0\">EQD </div></td><td class=\"c xa66 y35f0 w5f3 h170\"><div class=\"t m0 x10 h5 y1b0c ff4 fs1 fc1 sc0 ls0 ws0\">BOND </div></td><td class=\"c xa6a y35f0 w5f4 h170\"><div class=\"t m0 x10 h5 y1b0c ff4 fs1 fc1 sc0 ls0 ws0\">CNV </div></td><td class=\"c xa6c y35f1 w10ab h596\"><div class=\"t m0 x250 h5 y254f ff4 fs1 fc1 sc0 ls0 ws0\">Convertible<span class=\"_ _df\"> </span></div></td><td class=\"c xa68 y35f1 w10a2 h596\"><div class=\"t m0 x250 h5 y254f ff4 fs1 fc1 sc0 ls0 ws0\">MARK_TO_MARKET,<span class=\"_ _df\"> </span></div></td><td class=\"c xa69 y35f1 w10ac h596\"><div class=\"t m0 x250 h5 y254f ff4 fs1 fc1 sc2 ls0 ws0\">Model<span class=\"_ _1\"></span>li<span class=\"sc0\">: CN_CREDIT_ALL<span class=\"_ _1\"></span> (Solo<span class=\"_ _df\"> </span></span></div></td><td></td></tr><tr><td></td><td></td><td></td><td class=\"c xa6c y35f2 wef1 h593\"><div class=\"t m0 x250 h5 y254f ff4 fs1 fc1 sc0 ls0 ws0\">Bond<span class=\"_ _df\"> </span></div></td><td class=\"c xa68 y35f2 w10a4 h593\"><div class=\"t m0 x250 h5 y254f ff4 fs1 fc1 sc0 ls0 ws0\">MARK_TO_MODEL<span class=\"_ _df\"> </span></div></td><td class=\"c xa69 y35f3 w10ad h593\"><div class=\"t m0 x250 h5 y254f ff4 fs1 fc1 sc0 ls0 ws0\">Sensitivit<span class=\"ls15\">y)<span class=\"_ _df\"> </span></span></div></td><td></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td class=\"c xa69 y35f4 w10ae h593\"><div class=\"t m0 x250 h5 y254f ff4 fs1 fc1 sc2 ls0 ws0\">Para<span class=\"_ _f\"></span>metri<span class=\"sc0\">: BOND_PX, IR_CURVE,<span class=\"_ _df\"> </span></span></div></td><td></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td class=\"c xa69 y35f5 w10af h593\"><div class=\"t m0 x250 h5 y254f ff4 fs1 fc1 sc0 ls0 ws0\">EQ_VOL_SURF, EQ_DIV_CURVE<span class=\"_ _df\"> </span></div></td><td></td></tr><tr><td class=\"c x44e y35f6 w8b h323\"><div class=\"t m0 x10 h5 y110d ff4 fs1 fc1 sc0 ls0 ws0\">EQD </div></td><td class=\"c xa66 y35f6 w5f3 h323\"><div class=\"t m0 x10 h5 y110d ff4 fs1 fc1 sc0 ls0 ws0\">EQUIT </div></td><td></td><td class=\"c x75f y35f6 w5f5 h323\"><div class=\"t m0 x10 h5 y110d ff4 fs1 fc1 sc0 ls0 ws0\">Equities </div></td><td class=\"c xa6b y35f6 w36a h323\"><div class=\"t m0 x10 h5 y110d ff4 fs1 fc1 sc0 ls0 ws0\">MARK_TO_MARKET </div></td><td class=\"c xa69 y35f7 w10b0 h597\"><div class=\"t m0 x250 h5 y254f ff4 fs1 fc1 sc2 ls0 ws0\">Model<span class=\"_ _1\"></span>li<span class=\"sc0\">:<span class=\"_ _df\"> </span></span></div></td><td></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td class=\"c xa69 y35f8 w10b1 h593\"><div class=\"t m0 x250 h5 y254f ff4 fs1 fc1 sc2 ls0 ws0\">Para<span class=\"_ _f\"></span>metri<span class=\"sc0\">:<span class=\"_ _df\"> </span></span></div></td><td class=\"c xa6d y35f8 w10b2 h593\"><div class=\"t m0 x250 h5 y254f ff4 fs1 fc1 sc0 ls0 ws0\">EQ_STOCK_PX,<span class=\"_ _df\"> </span></div></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td class=\"c xa69 y2491 w10b3 h593\"><div class=\"t m0 x250 h5 y254f ff4 fs1 fc1 sc0 ls0 ws0\">EQ_INDEX_PX<span class=\"_ _df\"> </span></div></td><td></td></tr></table></div><table class=\"s w10b4 h598\" id=\"_2e945266-a6bf-4df9-91d4-2738ad116297\"><tr><td class=\"c x44e y35f9 w8b h33b\"><div class=\"t m0 x10 h5 yd09 ff4 fs1 fc1 sc2 ls0 ws0\">Fam<span class=\"_ _f\"></span>ily </div></td><td class=\"c xa66 y35f9 w5f3 h33b\"><div class=\"t m0 x10 h5 yd09 ff4 fs1 fc1 sc2 ls0 ws0\">Grou<span class=\"_ _1\"></span>p </div></td><td class=\"c xa67 y35fa w109c h599\"><div class=\"t m0 x250 h5 y254f ff4 fs1 fc1 sc2 ls0 ws0\">Trans<span class=\"_ _f\"></span>action<span class=\"_ _df\"> </span></div></td><td class=\"c x75f y35f9 w5f5 h33b\"><div class=\"t m0 x10 h5 yd09 ff4 fs1 fc1 sc2 ls0 ws0\">Descr<span class=\"_ _1\"></span>iptio<span class=\"_ _1\"></span>n </div></td><td></td><td class=\"c xa68 y35fa w109d h599\"><div class=\"t m0 x250 h5 y254f ff4 fs1 fc1 sc2 ls0 ws0\">Mark<span class=\"_ _1\"></span> to <span class=\"_ _f\"></span>Model <span class=\"_ _1\"></span>/ Ma<span class=\"_ _f\"></span>rk to<span class=\"_ _df\"> </span></div></td><td class=\"c xa69 y35fa w109e h599\"><div class=\"t m0 x250 h5 y254f ff4 fs1 fc1 sc2 ls0 ws0\">Model<span class=\"_ _1\"></span>lo <span class=\"_ _e\"> </span>di <span class=\"_ _e\"> </span>Pricing <span class=\"_ _e\"> </span>/ <span class=\"_ _10\"> </span>Para<span class=\"_ _f\"></span>metri <span class=\"_ _e\"> </span>di<span class=\"_ _df\"> </span></div></td><td></td><td></td></tr><tr><td></td><td></td><td class=\"c xa67 y35fb w109f h497\"><div class=\"t m0 x250 h5 y254f ff4 fs1 fc1 sc2 ls0 ws0\">Type<span class=\"_ _df\"> </span></div></td><td></td><td></td><td class=\"c xa68 y35fb w10a0 h497\"><div class=\"t m0 x250 h5 y254f ff4 fs1 fc1 sc2 ls0 ws0\">Mark<span class=\"_ _1\"></span>et<span class=\"_ _df\"> </span></div></td><td class=\"c xa69 y35fb w10a1 h497\"><div class=\"t m0 x250 h5 y254f ff4 fs1 fc1 sc2 ls0 ws0\">Merca<span class=\"_ _1\"></span>to<span class=\"_ _df\"> </span></div></td><td></td><td></td></tr><tr><td class=\"c x44e y35fc w8b h33c\"><div class=\"t m0 x10 h5 y150b ff4 fs1 fc1 sc0 ls0 ws0\">IRD </div></td><td class=\"c xa66 y35fc w5f3 h33c\"><div class=\"t m0 x10 h5 y150b ff4 fs1 fc1 sc0 ls0 ws0\">ASWP </div></td><td></td><td class=\"c x75f y35fc w5f5 h33c\"><div class=\"t m0 x10 h5 y150b ff4 fs1 fc1 sc0 ls0 ws0\">Asset Swap </div></td><td></td><td class=\"c xa6b y35fc w36a h33c\"><div class=\"t m0 x10 h5 y150b ff4 fs1 fc1 sc0 ls0 ws0\">MARK_TO_MODEL </div></td><td class=\"c xa69 y35fd w10b5 h59a\"><div class=\"t m0 x250 h5 y254f ff4 fs1 fc1 sc2 ls0 ws0\">Model<span class=\"_ _1\"></span>li<span class=\"sc0\">: DISC_CASH_FLOW<span class=\"_ _df\"> </span></span></div></td><td></td><td></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td class=\"c xa69 y35fe w10b6 h497\"><div class=\"t m0 x250 h5 y254f ff4 fs1 fc1 sc2 ls0 ws0\">Para<span class=\"_ _f\"></span>metri<span class=\"sc0\">: IR_CURVE<span class=\"_ _df\"> </span></span></div></td><td></td><td></td></tr><tr><td class=\"c x44e y35ff w8b h33d\"><div class=\"t m0 x10 h5 y199a ff4 fs1 fc1 sc0 ls0 ws0\">IRD </div></td><td class=\"c xa66 y35ff w5f3 h33d\"><div class=\"t m0 x10 h5 y199a ff4 fs1 fc1 sc0 ls0 ws0\">BOND </div></td><td></td><td class=\"c x75f y35ff w5f5 h33d\"><div class=\"t m0 x10 h5 y199a ff4 fs1 fc1 sc0 ls0 ws0\">Vanilla Bond </div></td><td></td><td class=\"c xa68 y3600 w10b7 h59b\"><div class=\"t m0 x250 h5 y254f ff4 fs1 fc1 sc0 ls0 ws0\">MARK_TO_MARK<span class=\"ls4\">ET,<span class=\"_ _df\"> </span></span></div></td><td class=\"c xa69 y3600 w10b5 h59b\"><div class=\"t m0 x250 h5 y254f ff4 fs1 fc1 sc2 ls0 ws0\">Model<span class=\"_ _1\"></span>li<span class=\"sc0\">: DISC_CASH_FLOW<span class=\"_ _df\"> </span></span></div></td><td></td><td></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td class=\"c xa68 y3601 w10a4 h497\"><div class=\"t m0 x250 h5 y254f ff4 fs1 fc1 sc0 ls0 ws0\">MARK_TO_MODEL<span class=\"_ _df\"> </span></div></td><td class=\"c xa69 y291b w10b1 h497\" colspan=\"2\"><div class=\"t m0 x250 h5 y254f ff4 fs1 fc1 sc2 ls0 ws0\">Para<span class=\"_ _f\"></span>metri<span class=\"sc0\">:<span class=\"_ _df\"> </span></span></div></td><td class=\"c xa6e y291b w10b8 h497\"><div class=\"t m0 x250 h5 y254f ff4 fs1 fc1 sc0 ls0 ws0\">BOND_PX,<span class=\"_ _df\"> </span></div></td><td class=\"c xa6f y291b w10b9 h497\"><div class=\"t m0 x250 h5 y254f ff4 fs1 fc1 sc0 ls0 ws0\">IR_CURVE<span class=\"_ _1\"></span>,<span class=\"_ _df\"> </span></div></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td class=\"c xa69 y2c16 w10ba h593\" colspan=\"2\"><div class=\"t m0 x250 h5 y254f ff4 fs1 fc1 sc0 ls0 ws0\">CREDIT_SPREAD_CURVE<span class=\"_ _df\"> </span></div></td><td></td></tr><tr><td class=\"c x44e y3602 w8b h33e\"><div class=\"t m0 x10 h5 y1b0e ff4 fs1 fc1 sc0 ls0 ws0\">IRD </div></td><td class=\"c xa66 y3602 w5f3 h33e\"><div class=\"t m0 x10 h5 y1b0e ff4 fs1 fc1 sc0 lsc3 ws0\">CF<span class=\"ls0\"> </span></div></td><td></td><td class=\"c x75f y3602 w5f5 h33e\"><div class=\"t m0 x10 h5 y1b0e ff4 fs1 fc1 sc0 ls0 ws0\">Cap/Floor </div></td><td></td><td class=\"c xa6b y3602 w36a h33e\"><div class=\"t m0 x10 h5 y1b0e ff4 fs1 fc1 sc0 ls0 ws0\">MARK_TO_MODEL </div></td><td class=\"c xa69 y3603 w10b0 h59c\" colspan=\"2\"><div class=\"t m0 x250 h5 y254f ff4 fs1 fc1 sc2 ls0 ws0\">Model<span class=\"_ _1\"></span>li<span class=\"sc0\">:<span class=\"_ _df\"> </span></span></div></td><td class=\"c xa70 y3603 w10bb h59c\"><div class=\"t m0 x250 h5 y254f ff4 fs1 fc1 sc0 ls0 ws0\">BLACK_NORM_YLD,<span class=\"_ _df\"> </span></div></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td class=\"c xa69 y2d3d w10bc h593\" colspan=\"2\"><div class=\"t m0 x250 h5 y254f ff4 fs1 fc1 sc0 ls0 ws0\">FISCHER_BLACK<span class=\"_ _df\"> </span></div></td><td></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td class=\"c xa69 y3604 w10b1 h593\" colspan=\"2\"><div class=\"t m0 x250 h5 y254f ff4 fs1 fc1 sc2 ls0 ws0\">Para<span class=\"_ _f\"></span>metri<span class=\"sc0\">:<span class=\"_ _df\"> </span></span></div></td><td class=\"c xa71 y3604 w10bd h593\"><div class=\"t m0 x250 h5 y254f ff4 fs1 fc1 sc0 ls0 ws0\">IR_CURVE,<span class=\"_ _df\"> </span></div></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td class=\"c xa69 y3605 w10be h593\" colspan=\"2\"><div class=\"t m0 x250 h5 y254f ff4 fs1 fc1 sc0 ls0 ws0\">IR_CAP_FLOOR_VOL_SURF<span class=\"_ _df\"> </span></div></td><td></td></tr><tr><td class=\"c x44e y3606 w8b h33d\"><div class=\"t m0 x10 h5 y199a ff4 fs1 fc1 sc0 ls0 ws0\">IRD </div></td><td class=\"c xa66 y3606 w5f3 h33d\"><div class=\"t m0 x10 h5 y199a ff4 fs1 fc1 sc0 lsc3 ws0\">CS<span class=\"ls0\"> </span></div></td><td></td><td class=\"c x75f y3606 w5f5 h33d\"><div class=\"t m0 x10 h5 y199a ff4 fs1 fc1 sc0 ls0 ws0\">Currency Swap </div></td><td></td><td class=\"c xa6b y3606 w36a h33d\"><div class=\"t m0 x10 h5 y199a ff4 fs1 fc1 sc0 ls0 ws0\">MARK_TO_MODEL </div></td><td class=\"c xa69 y3607 w10b5 h59d\" colspan=\"2\"><div class=\"t m0 x250 h5 y254f ff4 fs1 fc1 sc2 ls0 ws0\">Model<span class=\"_ _1\"></span>li<span class=\"sc0\">: DISC_CASH_FLOW<span class=\"_ _df\"> </span></span></div></td><td></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td class=\"c xa69 y3608 w10b1 h593\" colspan=\"2\"><div class=\"t m0 x250 h5 y254f ff4 fs1 fc1 sc2 ls0 ws0\">Para<span class=\"_ _f\"></span>metri<span class=\"sc0\">:<span class=\"_ _df\"> </span></span></div></td><td class=\"c xa72 y3608 w10bf h593\"><div class=\"t m0 x250 h5 y254f ff4 fs1 fc1 sc0 ls0 ws0\">FX_SPOT_RATE,<span class=\"_ _df\"> </span></div></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td class=\"c xa69 y3609 w10c0 h593\" colspan=\"2\"><div class=\"t m0 x250 h5 y254f ff4 fs1 fc1 sc0 ls0 ws0\">FX_CURVE, IR_CURVE<span class=\"_ _df\"> </span></div></td><td></td></tr><tr><td class=\"c x44e y360a w8b h33f\"><div class=\"t m0 x10 h5 y1122 ff4 fs1 fc1 sc0 ls0 ws0\">IRD </div></td><td class=\"c xa66 y360a w5f3 h33f\"><div class=\"t m0 x10 h5 y1122 ff4 fs1 fc1 sc0 ls0 ws0\">FRA </div></td><td></td><td class=\"c xa6c y360b w10c1 h59e\" colspan=\"2\"><div class=\"t m0 x250 h5 y254f ff4 fs1 fc1 sc0 ls0 ws0\">Forward<span class=\"_ _df\"> </span></div></td><td class=\"c xa73 y360b w10c2 h59e\"><div class=\"t m0 x250 h5 y254f ff4 fs1 fc1 sc0 ls0 ws0\">Rate<span class=\"_ _df\"> </span></div></td><td class=\"c xa6b y360a w36a h33f\"><div class=\"t m0 x10 h5 y1122 ff4 fs1 fc1 sc0 ls0 ws0\">MARK_TO_MODEL </div></td><td class=\"c xa69 y360b w10b5 h59e\" colspan=\"2\"><div class=\"t m0 x250 h5 y254f ff4 fs1 fc1 sc2 ls0 ws0\">Model<span class=\"_ _1\"></span>li<span class=\"sc0\">: DISC_CASH_FLOW<span class=\"_ _df\"> </span></span></div></td><td></td></tr><tr><td></td><td></td><td></td><td class=\"c xa6c y360c w10c3 h593\" colspan=\"2\"><div class=\"t m0 x250 h5 y254f ff4 fs1 fc1 sc0 ls0 ws0\">Agreement<span class=\"_ _df\"> </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 xa69 y360d w10b6 h593\" colspan=\"2\"><div class=\"t m0 x250 h5 y254f ff4 fs1 fc1 sc2 ls0 ws0\">Para<span class=\"_ _f\"></span>metri<span class=\"sc0\">: IR_CURVE<span class=\"_ _df\"> </span></span></div></td><td></td></tr><tr><td class=\"c x44e y360e w8b h33c\"><div class=\"t m0 x10 h5 y150b ff4 fs1 fc1 sc0 ls0 ws0\">IRD </div></td><td class=\"c xa66 y360e w5f3 h33c\"><div class=\"t m0 x10 h5 y150b ff4 fs1 fc1 sc0 ls0 ws0\">IRS </div></td><td></td><td class=\"c xa6c y360f wa11 h59f\"><div class=\"t m0 x250 h5 y254f ff4 fs1 fc1 sc0 ls0 ws0\">Interest<span class=\"_ _df\"> </span></div></td><td class=\"c xa74 y360f w10c4 h59f\"><div class=\"t m0 x250 h5 y254f ff4 fs1 fc1 sc0 ls0 ws0\">Rate<span class=\"_ _df\"> </span></div></td><td class=\"c xa6b y360e w36a h33c\"><div class=\"t m0 x10 h5 y150b ff4 fs1 fc1 sc0 ls0 ws0\">MARK_TO_MODEL </div></td><td class=\"c xa69 y360f w10b5 h59f\" colspan=\"2\"><div class=\"t m0 x250 h5 y254f ff4 fs1 fc1 sc2 ls0 ws0\">Model<span class=\"_ _1\"></span>li<span class=\"sc0\">: DISC_CASH_FLOW<span class=\"_ _df\"> </span></span></div></td><td></td></tr><tr><td></td><td></td><td></td><td class=\"c xa6c y3610 w10c5 h593\" colspan=\"2\"><div class=\"t m0 x250 h5 y254f ff4 fs1 fc1 sc0 ls0 ws0\">Swap<span class=\"_ _df\"> </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 xa69 y3611 w10b6 h593\" colspan=\"2\"><div class=\"t m0 x250 h5 y254f ff4 fs1 fc1 sc2 ls0 ws0\">Para<span class=\"_ _f\"></span>metri<span class=\"sc0\">: IR_CURVE<span class=\"_ _df\"> </span></span></div></td><td></td></tr><tr><td class=\"c x44e y3612 w8b h33d\"><div class=\"t m0 x10 h5 y199a ff4 fs1 fc1 sc0 ls0 ws0\">IRD </div></td><td class=\"c xa66 y3612 w5f3 h33d\"><div class=\"t m0 x10 h5 y199a ff4 fs1 fc1 sc0 ls0 ws0\">IRS </div></td><td></td><td class=\"c x75f y3612 w5f5 h33d\" colspan=\"2\"><div class=\"t m0 x10 h5 y199a ff4 fs1 fc1 sc0 ls0 ws0\">Inflation Sw<span class=\"ls73\">ap</span> </div></td><td class=\"c xa6b y3612 w36a h33d\"><div class=\"t m0 x10 h5 y199a ff4 fs1 fc1 sc0 ls0 ws0\">MARK_TO_MODEL </div></td><td class=\"c xa69 y3613 w10b5 h59d\" colspan=\"2\"><div class=\"t m0 x250 h5 y254f ff4 fs1 fc1 sc2 ls0 ws0\">Model<span class=\"_ _1\"></span>li<span class=\"sc0\">: DISC_CASH_FLOW<span class=\"_ _df\"> </span></span></div></td><td></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td class=\"c xa69 y3614 w10b1 h593\" colspan=\"2\"><div class=\"t m0 x250 h5 y254f ff4 fs1 fc1 sc2 ls0 ws0\">Para<span class=\"_ _f\"></span>metri<span class=\"sc0\">:<span class=\"_ _df\"> </span></span></div></td><td class=\"c xa75 y3614 w10c6 h593\"><div class=\"t m0 x250 h5 y254f ff4 fs1 fc1 sc0 ls0 ws0\">INFL_ZERO_CURV<span class=\"_ _1\"></span>E,<span class=\"_ _df\"> </span></div></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td class=\"c xa69 y3615 w10c7 h593\" colspan=\"2\"><div class=\"t m0 x250 h5 y254f ff4 fs1 fc1 sc0 ls0 ws0\">IR_CURVE<span class=\"_ _df\"> </span></div></td><td></td></tr><tr><td class=\"c x44e y3616 w8b h33d\"><div class=\"t m0 x10 h5 y199a ff4 fs1 fc1 sc0 ls0 ws0\">IRD </div></td><td class=\"c xa66 y3616 w5f3 h33d\"><div class=\"t m0 x10 h5 y199a ff4 fs1 fc1 sc0 ls0 ws0\">LFUT, SFUT </div></td><td></td><td class=\"c xa6c y3617 w10c8 h59d\" colspan=\"2\"><div class=\"t m0 x250 h5 y254f ff4 fs1 fc1 sc0 ls0 ws0\">Long/Short<span class=\"_ _df\"> </span></div></td><td class=\"c xa6b y3616 w36a h33d\"><div class=\"t m0 x10 h5 y199a ff4 fs1 fc1 sc0 ls0 ws0\">MARK_TO_MARKET </div></td><td class=\"c xa69 y3617 w10b0 h59d\" colspan=\"2\"><div class=\"t m0 x250 h5 y254f ff4 fs1 fc1 sc2 ls0 ws0\">Model<span class=\"_ _1\"></span>li<span class=\"sc0\">:<span class=\"_ _df\"> </span></span></div></td><td></td></tr><tr><td></td><td></td><td></td><td class=\"c xa6c y3618 w10c9 h593\" colspan=\"2\"><div class=\"t m0 x250 h5 y254f ff4 fs1 fc1 sc0 ls0 ws0\">Future<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c xa69 y3619 w10b1 h593\" colspan=\"2\"><div class=\"t m0 x250 h5 y254f ff4 fs1 fc1 sc2 ls0 ws0\">Para<span class=\"_ _f\"></span>metri<span class=\"sc0\">:<span class=\"_ _df\"> </span></span></div></td><td class=\"c xa76 y3619 w10ca h593\"><div class=\"t m0 x250 h5 y254f ff4 fs1 fc1 sc0 ls0 ws0\">IR_FUT_PX,<span class=\"_ _df\"> </span></div></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td class=\"c xa69 y361a w10cb h593\" colspan=\"2\"><div class=\"t m0 x250 h5 y254f ff4 fs1 fc1 sc0 ls0 ws0\">BOND_FUT_PX<span class=\"_ _df\"> </span></div></td><td></td></tr><tr><td class=\"c x44e y361b w8b h33f\"><div class=\"t m0 x10 h5 y1122 ff4 fs1 fc1 sc0 ls0 ws0\">IRD </div></td><td class=\"c xa66 y361b w5f3 h33f\"><div class=\"t m0 x10 h5 y1122 ff4 fs1 fc1 sc0 ls0 ws0\">LN_BR </div></td><td></td><td class=\"c xa6c y361c w10cc h59e\" colspan=\"2\"><div class=\"t m0 x250 h5 y254f ff4 fs1 fc1 sc0 ls0 ws0\">Loans/Deposit<span class=\"_ _df\"> </span></div></td><td class=\"c xa6b y361b w36a h33f\"><div class=\"t m0 x10 h5 y1122 ff4 fs1 fc1 sc0 ls0 ws0\">MARK_TO_MODEL </div></td><td class=\"c xa69 y361c w10b5 h59e\" colspan=\"2\"><div class=\"t m0 x250 h5 y254f ff4 fs1 fc1 sc2 ls0 ws0\">Model<span class=\"_ _1\"></span>li<span class=\"sc0\">: DISC_CASH_FLOW<span class=\"_ _df\"> </span></span></div></td><td></td></tr><tr><td></td><td></td><td></td><td class=\"c xa6c y361d w10cd h593\"><div class=\"t m0 x250 h5 y254f ff4 fs1 fc1 sc0 ls0 ws0\">s<span class=\"_ _df\"> </span></div></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 class=\"c xa69 y361e w10b6 h593\" colspan=\"2\"><div class=\"t m0 x250 h5 y254f ff4 fs1 fc1 sc2 ls0 ws0\">Para<span class=\"_ _f\"></span>metri<span class=\"sc0\">: IR_CURVE<span class=\"_ _df\"> </span></span></div></td><td></td></tr><tr><td class=\"c x44e y361f w8b h340\"><div class=\"t m0 x10 h5 y11 ff4 fs1 fc1 sc0 ls0 ws0\">IRD </div></td><td class=\"c xa66 y361f w5f3 h340\"><div class=\"t m0 x10 h5 y11 ff4 fs1 fc1 sc0 ls0 ws0\">OPT </div></td><td class=\"c xa6a y361f w5f4 h340\"><div class=\"t m0 x10 h5 y11 ff4 fs1 fc1 sc0 ls13 ws0\">OTC<span class=\"ls0\"> </span></div></td><td class=\"c x75f y361f w5f5 h340\"><div class=\"t m0 x10 h5 y11 ff4 fs1 fc1 sc0 ls0 ws0\">Bond Option </div></td><td></td><td class=\"c xa6b y361f w36a h340\"><div class=\"t m0 x10 h5 y11 ff4 fs1 fc1 sc0 ls0 ws0\">MARK_TO_MODEL </div></td><td class=\"c xa69 y3620 w10b0 h5a0\"><div class=\"t m0 x250 h5 y254f ff4 fs1 fc1 sc2 ls0 ws0\">Model<span class=\"_ _1\"></span>li<span class=\"sc0\">:<span class=\"_ _df\"> </span></span></div></td><td></td><td class=\"c xa70 y3620 w10bb h5a0\"><div class=\"t m0 x250 h5 y254f ff4 fs1 fc1 sc0 ls0 ws0\">BLACK_NORM_YLD,<span class=\"_ _df\"> </span></div></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td class=\"c xa69 y3621 w10bc h593\"><div class=\"t m0 x250 h5 y254f ff4 fs1 fc1 sc0 ls0 ws0\">FISCHER_BLACK<span class=\"_ _df\"> </span></div></td><td></td><td></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td class=\"c xa69 y35f8 w10b1 h593\"><div class=\"t m0 x250 h5 y254f ff4 fs1 fc1 sc2 ls0 ws0\">Para<span class=\"_ _f\"></span>metri<span class=\"sc0\">:<span class=\"_ _df\"> </span></span></div></td><td></td><td class=\"c xa71 y35f8 w10bd h593\"><div class=\"t m0 x250 h5 y254f ff4 fs1 fc1 sc0 ls0 ws0\">IR_CURVE,<span class=\"_ _df\"> </span></div></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td class=\"c xa69 y2491 w10ce h593\"><div class=\"t m0 x250 h5 y254f ff4 fs1 fc1 sc0 ls0 ws0\">BOND_VOL_SURF<span class=\"_ _df\"> </span></div></td><td></td><td></td></tr></table><table class=\"s w10cf h5a1\" id=\"_417eb71d-d753-419a-9cb4-0fe1533cb8b0\"><tr><td class=\"c x44e y3622 w8b h33b\"><div class=\"t m0 x10 h5 yd09 ff4 fs1 fc1 sc2 ls0 ws0\">Fam<span class=\"_ _f\"></span>ily </div></td><td class=\"c xa66 y3622 w5f3 h33b\"><div class=\"t m0 x10 h5 yd09 ff4 fs1 fc1 sc2 ls0 ws0\">Grou<span class=\"_ _1\"></span>p </div></td><td class=\"c xa67 y3623 w109c h599\"><div class=\"t m0 x250 h5 y254f ff4 fs1 fc1 sc2 ls0 ws0\">Trans<span class=\"_ _f\"></span>action<span class=\"_ _df\"> </span></div></td><td class=\"c x75f y3622 w5f5 h33b\"><div class=\"t m0 x10 h5 yd09 ff4 fs1 fc1 sc2 ls0 ws0\">Descr<span class=\"_ _1\"></span>iptio<span class=\"_ _1\"></span>n </div></td><td class=\"c xa68 y3623 w109d h599\"><div class=\"t m0 x250 h5 y254f ff4 fs1 fc1 sc2 ls0 ws0\">Mark<span class=\"_ _1\"></span> to <span class=\"_ _f\"></span>Model <span class=\"_ _1\"></span>/ Ma<span class=\"_ _f\"></span>rk to<span class=\"_ _df\"> </span></div></td><td class=\"c xa69 y3623 w109e h599\"><div class=\"t m0 x250 h5 y254f ff4 fs1 fc1 sc2 ls0 ws0\">Model<span class=\"_ _1\"></span>lo <span class=\"_ _e\"> </span>di <span class=\"_ _e\"> </span>Pricing <span class=\"_ _e\"> </span>/ <span class=\"_ _10\"> </span>Para<span class=\"_ _f\"></span>metri <span class=\"_ _e\"> </span>di<span class=\"_ _df\"> </span></div></td><td></td></tr><tr><td></td><td></td><td class=\"c xa67 y3220 w109f h497\"><div class=\"t m0 x250 h5 y254f ff4 fs1 fc1 sc2 ls0 ws0\">Type<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c xa68 y3220 w10a0 h497\"><div class=\"t m0 x250 h5 y254f ff4 fs1 fc1 sc2 ls0 ws0\">Mark<span class=\"_ _1\"></span>et<span class=\"_ _df\"> </span></div></td><td class=\"c xa69 y3220 w10a1 h497\"><div class=\"t m0 x250 h5 y254f ff4 fs1 fc1 sc2 ls0 ws0\">Merca<span class=\"_ _1\"></span>to<span class=\"_ _df\"> </span></div></td><td></td></tr><tr><td class=\"c x44e y3624 w8b h341\"><div class=\"t m0 x10 h5 yaab ff4 fs1 fc1 sc0 ls0 ws0\">IRD </div></td><td class=\"c xa66 y3624 w5f3 h341\"><div class=\"t m0 x10 h5 yaab ff4 fs1 fc1 sc0 ls13 ws0\">OSWP<span class=\"ls0\"> </span></div></td><td></td><td class=\"c xa6c y3626 w10d0 h5a2\"><div class=\"t m0 x250 h5 y3625 ff4 fs1 fc1 sc0 ls0 ws0\">Interest <span class=\"_ _30\"> </span>Rate </div></td><td class=\"c xa6b y3624 w36a h341\"><div class=\"t m0 x10 h5 yaab ff4 fs1 fc1 sc0 ls0 ws0\">MARK_TO_MODEL </div></td><td class=\"c xa69 y3627 w10b0 h5a3\"><div class=\"t m0 x250 h5 y254f ff4 fs1 fc1 sc2 ls0 ws0\">Model<span class=\"_ _1\"></span>li<span class=\"sc0\">:<span class=\"_ _df\"> </span></span></div></td><td class=\"c xa77 y3627 w10d1 h5a3\"><div class=\"t m0 x250 h5 y254f ff4 fs1 fc1 sc0 ls0 ws0\">BLACK_SHIFTED<span class=\"_ _df\"> </span></div></td></tr><tr><td></td><td></td><td></td><td class=\"c xa6c y30da w10d2 h497\"><div class=\"t m0 x250 h5 y254f ff4 fs1 fc1 sc0 ls0 ws0\">Swaption<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c xa69 y30da w10d3 h497\"><div class=\"t m0 x250 h5 y254f ff4 fs1 fc1 sc0 ls0 ws0\">(Componente<span class=\"_ _df\"> </span></div></td><td class=\"c xa78 y30da w10d4 h497\"><div class=\"t m0 x250 h5 y254f ff4 fs1 fc1 sc0 ls0 ws0\">opzionale<span class=\"_ _df\"> </span></div></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td class=\"c xa69 y3628 w10d5 h497\"><div class=\"t m0 x250 h5 y254f ff4 fs1 fc1 sc0 ls0 ws0\">(swaption)),<span class=\"_ _df\"> </span></div></td><td class=\"c xa79 y3628 w10d6 h497\"><div class=\"t m0 x250 h5 y254f ff4 fs1 fc1 sc0 ls0 ws0\">DISC_CASH_FLOW<span class=\"_ _df\"> </span></div></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td class=\"c xa69 y3629 w10d7 h497\" colspan=\"2\"><div class=\"t m0 x250 h5 y254f ff4 fs1 fc1 sc0 ls0 ws0\">(Componente cedolare dello swap)<span class=\"_ _df\"> </span></div></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td class=\"c xa69 y3480 w10b1 h497\"><div class=\"t m0 x250 h5 y254f ff4 fs1 fc1 sc2 ls0 ws0\">Para<span class=\"_ _f\"></span>metri<span class=\"sc0\">:<span class=\"_ _df\"> </span></span></div></td><td class=\"c xa71 y3480 w10bd h497\"><div class=\"t m0 x250 h5 y254f ff4 fs1 fc1 sc0 ls0 ws0\">IR_CURVE,<span class=\"_ _df\"> </span></div></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td class=\"c xa69 y362a w10d8 h497\"><div class=\"t m0 x250 h5 y254f ff4 fs1 fc1 sc0 ls0 ws0\">IR_SWAPTION_VOL_CUBE<span class=\"_ _df\"> </span></div></td><td></td></tr><tr><td class=\"c x44e y362b w8b h33c\"><div class=\"t m0 x10 h5 y150b ff4 fs1 fc1 sc0 ls0 ws0\">IRD </div></td><td class=\"c xa66 y362b w5f3 h33c\"><div class=\"t m0 x10 h5 y150b ff4 fs1 fc1 sc0 ls0 ws0\">REPO </div></td><td class=\"c xa6a y362b w5f4 h33c\"><div class=\"t m0 x10 h5 y150b ff4 fs1 fc1 sc0 ls0 ws0\">REPO </div></td><td class=\"c x75f y362b w5f5 h33c\"><div class=\"t m0 x10 h5 y150b ff4 fs1 fc1 sc0 ls0 ws0\">Bond Repo </div></td><td class=\"c xa6b y362b w36a h33c\"><div class=\"t m0 x10 h5 y150b ff4 fs1 fc1 sc0 ls0 ws0\">MARK_TO_MODEL </div></td><td class=\"c xa69 y362c w10b5 h59f\"><div class=\"t m0 x250 h5 y254f ff4 fs1 fc1 sc2 ls0 ws0\">Model<span class=\"_ _1\"></span>li<span class=\"sc0\">: DISC_CASH_FLOW<span class=\"_ _df\"> </span></span></div></td><td></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td class=\"c xa69 y2491 w10d9 h593\"><div class=\"t m0 x250 h5 y254f ff4 fs1 fc1 sc2 ls0 ws0\">Para<span class=\"_ _f\"></span>metri<span class=\"sc0\">: BOND_PX, IR_CURVE<span class=\"_ _df\"> </span></span></div></td><td></td></tr></table><div class=\"t m0 h5 ff4 fs1 fc4 sc3 ls0 ws0 gs18e9\">Rischi <span class=\"_ _1\"></span>di m<span class=\"_ _1\"></span>ercat<span class=\"_ _1\"></span>o<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs18ea\">Alla pi\u00f9 generale categoria del Rischio Mercato appartengono le <span class=\"_ _1\"></span>seguenti sotto<span class=\"_ _2\"></span>-categorie:<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff13 fs1 fc1 sc0 ls0 ws0 gs18eb\">-<span class=\"ff10\"> <span class=\"_ _24\"> </span><span class=\"ff4\">Rischio Mercato;<span class=\"_ _df\"> </span></span></span><span class=\"ff10\"><span class=\"ff4\"> </span></span></div><div class=\"t m0 h5 ff13 fs1 fc1 sc0 ls0 ws0 gs18ec\">-<span class=\"ff10\"> <span class=\"_ _24\"> </span><span class=\"ff4\">Rischio Asset &amp; Liability Management;<span class=\"_ _df\"> </span></span></span><span class=\"ff10\"><span class=\"ff4\"> </span></span></div><div class=\"t m0 h5 ff13 fs1 fc4 sc0 ls0 ws0 gs18ed\">-<span class=\"ff10\"> <span class=\"_ _24\"> </span><span class=\"ff4 fc1\">Rischio di Liquidit\u00e0,<span class=\"_ _df\"> </span></span></span><span class=\"ff10\"><span class=\"ff4 fc1\"><span class=\"fc4 sc3\"> </span></span></span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs18ee\">di seguito meglio esplici<span class=\"_ _1\"></span>tate.<span class=\"_ _df\"> </span><span class=\"_ _2\"></span><span class=\"fc4 sc3\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs18ef\">Si <span class=\"_ _9\"> </span>definisce <span class=\"_ _9\"> </span>rischio <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>mercato, <span class=\"_ _9\"> </span>il <span class=\"_ _16\"> </span>rischio <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>perdita <span class=\"_ _9\"> </span>o <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>variazione <span class=\"_ _9\"> </span>sfavorevole <span class=\"_ _9\"> </span>della <span class=\"_ _9\"> </span>situazione<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs18f0\">finanziaria derivante, <span class=\"_ _2\"></span>direttamente <span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>indirettamente, da <span class=\"_ _2\"></span>oscillazioni <span class=\"_ _2\"></span>del li<span class=\"_ _2\"></span>vello e <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>ella <span class=\"_ _2\"></span>volatilit\u00e0 d<span class=\"_ _2\"></span>ei<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs18f1\">prezzi di mercato delle attivit\u00e0, delle passivit\u00e0 e degli strumenti finanziari (cfr. articolo 1, comma 1,<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs18f2\">lettera vv-bis 3 del CAP).  </div>I <span class=\"_ _14\"> </span>r<span class=\"_ _2\"></span>ischi <span class=\"_ _14\"> </span>di <span class=\"_ _15\"> </span>mercato <span class=\"_ _15\"> </span>risentono <span class=\"_ _15\"> </span>dell\u2019andamento <span class=\"_ _15\"> </span>congiunturale <span class=\"_ _14\"> </span>del <span class=\"_ _15\"> </span>ciclo <span class=\"_ _15\"> </span>economico, <span class=\"_ _15\"> </span>che <span class=\"_ _15\"> </span>pu\u00f2<span class=\"_ _df\"> </span>amplificarne <span class=\"_ _2\"></span>o <span class=\"_ _d\"></span>eventualme<span class=\"_ _1\"></span>nte <span class=\"_ _2\"></span>diminuirne <span class=\"_ _d\"></span>la <span class=\"_ _2\"></span>significativit\u00e0, <span class=\"_ _2\"></span>soprattutto <span class=\"_ _2\"></span>se <span class=\"_ _d\"></span>il <span class=\"_ _2\"></span>portafoglio <span class=\"_ _2\"></span>titoli <span class=\"_ _2\"></span>della<span class=\"_ _df\"> </span>Compagnia  \u00e8 <span class=\"_ _4\"> </span>particolarmente <span class=\"_ _4\"> </span>concentrato <span class=\"_ _4\"> </span>in  determinati <span class=\"_ _4\"> </span>settori, <span class=\"_ _4\"> </span>valute  o <span class=\"_ _4\"> </span>aree  g<span class=\"_ _2\"></span>eografiche.<span class=\"_ _df\"> </span>Conseguentemente,  le <span class=\"_ _4\"> </span>imprese  s<span class=\"_ _2\"></span>ono  esposte <span class=\"_ _4\"> </span>al<span class=\"_ _1\"></span>  r<span class=\"_ _2\"></span>ischio  di <span class=\"_ _4\"> </span>consegu<span class=\"_ _1\"></span>ire <span class=\"_ _22\"> </span>r<span class=\"_ _2\"></span>endimenti <span class=\"_ _4\"> </span>diversi,  ed<span class=\"_ _df\"> </span>eventualmente <span class=\"_ _15\"> </span>anche <span class=\"_ _e\"> </span>inferiori, <span class=\"_ _e\"> </span>r<span class=\"_ _2\"></span>ispet<span class=\"_ _1\"></span>to <span class=\"_ _e\"> </span>al <span class=\"_ _e\"> </span>rendimento <span class=\"_ _e\"> </span>atteso <span class=\"_ _15\"> </span>al <span class=\"_ _e\"> </span>momento <span class=\"_ _e\"> </span>dell\u2019assunzione<span class=\"_ _df\"> </span>dell\u2019impegno, oppure rispetto ad un rendimento minimo defi<span class=\"_ _1\"></span>nito contr<span class=\"_ _2\"></span>attualmente.<span class=\"_ _1\"></span> Tale rischio pu\u00f2 essere distinto nei<span class=\"_ _1\"></span> seguenti fattori di rischio:<span class=\"_ _df\"> </span>-<span class=\"_ _1b\"> </span><span class=\"ff4\">Rischio <span class=\"_ _d\"></span>tas<span class=\"_ _2\"></span>so <span class=\"_ _d\"></span>di <span class=\"_ _0\"></span>interesse: <span class=\"_ _0\"></span>il <span class=\"_ _0\"></span>valore <span class=\"_ _d\"></span>degli <span class=\"_ _d\"></span>at<span class=\"_ _2\"></span>tivi <span class=\"_ _d\"></span>di <span class=\"_ _0\"></span>una <span class=\"_ _0\"></span>impresa <span class=\"_ _0\"></span>di <span class=\"_ _d\"></span>assicurazione <span class=\"_ _0\"></span>\u00e8 <span class=\"_ _0\"></span>sensibile <span class=\"_ _d\"></span>a<span class=\"_ _df\"> </span></span>variazioni <span class=\"_ _16\"> </span>dei <span class=\"_ _16\"> </span>tassi  di <span class=\"_ _16\"> </span>interesse. <span class=\"_ _16\"> </span>Inoltre, <span class=\"_ _16\"> </span>se  i <span class=\"_ _16\"> </span>flussi <span class=\"_ _16\"> </span>finanziari <span class=\"_ _16\"> </span>gene<span class=\"_ _1\"></span>rati  dalle <span class=\"_ _9\"> </span>at<span class=\"_ _2\"></span>tivit\u00e0  e<span class=\"_ _1\"></span>  que<span class=\"_ _1\"></span>lli<span class=\"_ _df\"> </span>generati <span class=\"_ _15\"> </span>dalle <span class=\"_ _14\"> </span>pass<span class=\"_ _2\"></span>ivit\u00e0 <span class=\"_ _14\"> </span>di <span class=\"_ _e\"> </span>un\u2019impresa <span class=\"_ _15\"> </span>non <span class=\"_ _15\"> </span>sono <span class=\"_ _15\"> </span>perfettamente <span class=\"_ _15\"> </span>a<span class=\"_ _2\"></span><span class=\"ff4\">llineati <span class=\"_ _15\"> </span>per <span class=\"_ _15\"> </span>scadenza,<span class=\"_ _df\"> </span></span>periodicit\u00e0 <span class=\"_ _4\"> </span>degli <span class=\"_ _4\"> </span>eventuali <span class=\"_ _4\"> </span>pagamenti <span class=\"_ _4\"> </span>e <span class=\"_ _17\"> </span>per <span class=\"_ _4\"> </span>natura <span class=\"_ _4\"> </span>dei <span class=\"_ _4\"> </span>tass<span class=\"_ _2\"></span>i <span class=\"_ _4\"> </span>degli <span class=\"_ _4\"> </span>investimenti <span class=\"_ _4\"> </span>(maturity<span class=\"_ _df\"> </span>mismatching, <span class=\"_ _d\"></span>interest<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>r<span class=\"_ _2\"></span>ate <span class=\"_ _d\"></span>mismatching, <span class=\"_ _0\"></span>reset <span class=\"_ _0\"></span>date <span class=\"_ _0\"></span>mismatching, <span class=\"_ _d\"></span>basic <span class=\"_ _0\"></span>mismatching), <span class=\"_ _0\"></span>uno<span class=\"_ _df\"> </span>shock (positivo o negativo) dei tassi di interesse pu\u00f2 <span class=\"_ _2\"></span>produrre v<span class=\"_ _2\"></span>ariazioni non sincronizzate nel<span class=\"_ _df\"> </span>valore d<span class=\"_ _1\"></span>elle <span class=\"_ _1\"></span>attivit\u00e0 e<span class=\"_ _1\"></span> de<span class=\"_ _1\"></span>lle <span class=\"_ _1\"></span>passivit\u00e0. Sostanzialme<span class=\"_ _f\"></span>nt<span class=\"_ _2\"></span>e <span class=\"_ _f\"></span>l'esposizione al <span class=\"_ _f\"></span>rischio tasso <span class=\"_ _f\"></span>di interes<span class=\"_ _1\"></span>se<span class=\"_ _df\"> </span>si  riferisce <span class=\"_ _9\"> </span>a  tutte <span class=\"_ _16\"> </span>le  a<span class=\"_ _f\"></span>tt<span class=\"_ _2\"></span>ivit\u00e0 <span class=\"_ _9\"> </span>e  le <span class=\"_ _16\"> </span>passivit\u00e0 <span class=\"_ _16\"> </span>il  cu<span class=\"_ _f\"></span>i  valore  \u00e8 <span class=\"_ _9\"> </span>\u201csensibile\u201d  ai <span class=\"_ _16\"> </span>cambiamenti <span class=\"_ _16\"> </span>nella<span class=\"_ _df\"> </span>struttura a termine dei tassi di interesse o alla volatilit\u00e0 de<span class=\"_ _1\"></span>i tassi di interesse;<span class=\"_ _df\"> </span>-<span class=\"_ _1b\"> </span><span class=\"ff5\">Rischio  azionario: <span class=\"_ _16\"> </span>i  valori  di<span class=\"_ _1\"></span>  mercato  dell<span class=\"_ _1\"></span>e  posizioni  assunte  d<span class=\"_ _f\"></span>all\u2019<span class=\"_ _2\"></span>impresa  possono <span class=\"_ _16\"> </span>essere<span class=\"_ _df\"> </span></span>sensibili <span class=\"_ _f\"></span>all\u2019andamento d<span class=\"_ _1\"></span>ei <span class=\"_ _f\"></span>merc<span class=\"_ _2\"></span>ati <span class=\"_ _f\"></span>azionari (p<span class=\"_ _1\"></span>er <span class=\"_ _1\"></span>esempio <span class=\"_ _f\"></span>nel <span class=\"_ _f\"></span>cas<span class=\"_ _2\"></span>o <span class=\"_ _1\"></span>di <span class=\"_ _f\"></span>contratti le <span class=\"_ _f\"></span>cui <span class=\"_ _f\"></span>prestazio<span class=\"_ _2\"></span><span class=\"ff4 ls13\">ni<span class=\"_ _df\"> </span></span>sono collegate al valore di un titolo azionario);<span class=\"_ _df\"> </span>-<span class=\"_ _1b\"> </span><span class=\"ff5\">Rischio <span class=\"_ _2\"></span>tass<span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>di <span class=\"_ _d\"></span>cambio: <span class=\"_ _d\"></span>il <span class=\"_ _2\"></span>valore <span class=\"_ _d\"></span>di <span class=\"_ _2\"></span>mer<span class=\"_ _2\"></span>cato <span class=\"_ _2\"></span>delle <span class=\"_ _d\"></span>posizioni <span class=\"_ _2\"></span>as<span class=\"_ _2\"></span>sunte <span class=\"_ _d\"></span>dall\u2019impresa <span class=\"_ _2\"></span>p<span class=\"_ _2\"></span>u\u00f2 <span class=\"_ _2\"></span>essere<span class=\"_ _df\"> </span></span>sensibile <span class=\"_ _1\"></span>a variazi<span class=\"_ _1\"></span>oni dei <span class=\"_ _f\"></span>tas<span class=\"_ _2\"></span>si <span class=\"_ _1\"></span>di cambio <span class=\"_ _f\"></span>(per esempio <span class=\"_ _f\"></span>n<span class=\"_ _2\"></span>el <span class=\"_ _f\"></span>caso di titoli <span class=\"_ _1\"></span>azionari o <span class=\"_ _f\"></span>obbligazionari<span class=\"_ _df\"> </span>denominati <span class=\"_ _f\"></span>in valuta estera). <span class=\"_ _f\"></span>Quest<span class=\"_ _2\"></span>o <span class=\"_ _1\"></span>fattore di <span class=\"_ _f\"></span>rischio, qui<span class=\"_ _1\"></span>ndi, assume <span class=\"_ _1\"></span>particolare rilev<span class=\"_ _1\"></span>anza per<span class=\"_ _df\"> </span>le <span class=\"_ _15\"> </span>imprese <span class=\"_ _e\"> </span>di <span class=\"_ _15\"> </span>ass<span class=\"_ _2\"></span>icurazione<span class=\"_ _1\"></span> <span class=\"_ _e\"> </span>in <span class=\"_ _15\"> </span>presenza <span class=\"_ _e\"> </span>di <span class=\"_ _15\"> </span>att<span class=\"_ _2\"></span>ivit\u00e0<span class=\"_ _1\"></span> <span class=\"_ _e\"> </span>a <span class=\"_ _15\"> </span>copertura <span class=\"_ _15\"> </span>delle <span class=\"_ _15\"> </span>r<span class=\"_ _2\"></span>iserve <span class=\"_ _15\"> </span>tecniche<span class=\"_ _df\"> </span>denominate <span class=\"_ _17\"> </span>in <span class=\"_ _14\"> </span>una <span class=\"_ _14\"> </span>va<span class=\"_ _2\"></span>luta <span class=\"_ _17\"> </span>div<span class=\"_ _2\"></span>ersa <span class=\"_ _14\"> </span>da <span class=\"_ _17\"> </span>quella <span class=\"_ _14\"> </span>dei <span class=\"_ _14\"> </span>corr<span class=\"_ _2\"></span>ispondenti<span class=\"_ _1\"></span> <span class=\"_ _14\"> </span>impegni <span class=\"_ _14\"> </span>tecnici <span class=\"_ _14\"> </span>a<span class=\"_ _2\"></span>ssunti<span class=\"_ _df\"> </span>contrattualmente. <span class=\"_ _d\"></span>Infatti, <span class=\"_ _d\"></span>poich\u00e9 <span class=\"_ _d\"></span>la <span class=\"_ _d\"></span>conversione <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>valute <span class=\"_ _d\"></span>avviene <span class=\"_ _d\"></span>alla <span class=\"_ _d\"></span>chiusura <span class=\"_ _d\"></span>d\u2019esercizio <span class=\"_ _d\"></span>al<span class=\"_ _df\"> </span>cambio corrente, in <span class=\"_ _2\"></span>corrispondenza di detta data possono r<span class=\"_ _2\"></span>ealizz<span class=\"_ _1\"></span>arsi <span class=\"_ _2\"></span>dell<span class=\"_ _1\"></span>e plus/minusvalenze<span class=\"_ _df\"> </span>a causa della variazione dei tassi di cambio;<span class=\"_ _df\"> </span>-<span class=\"_ _1b\"> </span><span class=\"ff4\">Rischio i<span class=\"_ _1\"></span>mmobi<span class=\"ff5\">liare: qualora gli attivi d<span class=\"_ _1\"></span>i un\u2019impresa di<span class=\"_ _1\"></span> assicurazione siano inv<span class=\"_ _1\"></span>estiti in immobili,<span class=\"_ _df\"> </span></span></span>i valori di tali attivit\u00e0 sono sensibili<span class=\"_ _1\"></span> all\u2019andamento dei prezzi di mercato degli stessi;<span class=\"_ _df\"> </span>-<span class=\"_ _1b\"> </span><span class=\"ff5\">Credit Sp<span class=\"_ _1\"></span>read: ogni <span class=\"_ _1\"></span>volta che u<span class=\"_ _f\"></span>n\u2019impresa di assicurazione s<span class=\"_ _f\"></span>o<span class=\"_ _2\"></span>ttoscrive<span class=\"_ _1\"></span> strumenti<span class=\"ff4\"> finanziari, pu\u00f2<span class=\"_ _df\"> </span></span></span>incorrere ne<span class=\"_ _1\"></span>l rischio <span class=\"_ _f\"></span>di insolvenza <span class=\"_ _1\"></span>del <span class=\"_ _f\"></span>proprio debitore il <span class=\"_ _f\"></span>quale potrebbe<span class=\"_ _1\"></span> non <span class=\"_ _f\"></span>essere in <span class=\"_ _f\"></span>gr<span class=\"_ _2\"></span>ado <span class=\"_ _f\"></span>s<span class=\"_ _2\"></span>ia<span class=\"_ _df\"> </span>di <span class=\"_ _2\"></span>adempiere <span class=\"_ _2\"></span>alle <span class=\"_ _d\"></span>proprie <span class=\"_ _2\"></span>obbligazioni <span class=\"_ _2\"></span>sia <span class=\"_ _d\"></span>di <span class=\"_ _2\"></span>incorrere <span class=\"_ _d\"></span>nel <span class=\"_ _2\"></span>rischio <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>un <span class=\"_ _d\"></span>peggioramento <span class=\"_ _2\"></span>merito<span class=\"_ _df\"> </span>creditizio, <span class=\"_ _d\"></span>con <span class=\"_ _d\"></span>conseguente <span class=\"_ _d\"></span>r<span class=\"_ _2\"></span>iduzione <span class=\"_ _d\"></span>del <span class=\"_ _d\"></span>val<span class=\"ff5\">or<span class=\"_ _2\"></span>e <span class=\"_ _d\"></span>del <span class=\"_ _d\"></span>titolo. <span class=\"_ _0\"></span>L\u2019esposizione<span class=\"_ _f\"></span> <span class=\"_ _0\"></span>al <span class=\"_ _0\"></span>rischio <span class=\"_ _d\"></span>credito <span class=\"_ _d\"></span>s<span class=\"_ _2\"></span>i<span class=\"_ _df\"> </span></span>riferisce <span class=\"_ _4\"> </span>ad <span class=\"_ _4\"> </span>attivit\u00e0, <span class=\"_ _4\"> </span>passivit\u00e0 <span class=\"_ _4\"> </span>e <span class=\"_ _4\"> </span>strumenti <span class=\"_ _4\"> </span>finanziari <span class=\"_ _4\"> </span>sensibili <span class=\"_ _4\"> </span>alla <span class=\"_ _4\"> </span>variazione <span class=\"_ _4\"> </span>degli<span class=\"_ _1\"></span> <span class=\"_ _4\"> </span>spread<span class=\"_ _df\"> </span>creditizi;<span class=\"_ _df\"> </span>-<span class=\"_ _1b\"> </span><span class=\"ff5\">Rischio <span class=\"_ _15\"> </span>concentrazione: <span class=\"_ _e\"> </span>l\u2019espos<span class=\"_ _2\"></span>izione <span class=\"_ _15\"> </span>al <span class=\"_ _e\"> </span>rischio <span class=\"_ _e\"> </span>di <span class=\"_ _e\"> </span>concentrazione, <span class=\"_ _e\"> </span>che <span class=\"_ _e\"> </span>deriva <span class=\"_ _e\"> </span>da <span class=\"_ _10\"> </span>una<span class=\"_ _df\"> </span></span>variazione <span class=\"_ _16\"> </span>inattesa  dei <span class=\"_ _16\"> </span>prezzi,  d<span class=\"_ _1\"></span>el  v<span class=\"_ _1\"></span>alore  delle  esp<span class=\"_ _1\"></span>osizioni  verso  e<span class=\"_ _1\"></span>mittenti  su <span class=\"_ _16\"> </span>cui <span class=\"_ _16\"> </span>si  ha <span class=\"_ _16\"> </span>un<span class=\"_ _df\"> </span>accumulo di <span class=\"_ _2\"></span>esposizione con <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>stessa <span class=\"_ _2\"></span>controparte, <span class=\"_ _2\"></span>si riferisce <span class=\"_ _2\"></span>alle attivit\u00e0 <span class=\"_ _2\"></span>soggette <span class=\"_ _2\"></span>al r<span class=\"_ _2\"></span>ischio<span class=\"_ _df\"> </span>azionario, al <span class=\"_ _2\"></span>tasso <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>interesse e <span class=\"_ _2\"></span>spread e <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>rischio immobiliare <span class=\"_ _2\"></span>inclusi ne<span class=\"_ _2\"></span>l <span class=\"_ _2\"></span>rischio <span class=\"_ _2\"></span>di mercato,<span class=\"_ _df\"> </span>ed <span class=\"_ _1\"></span>esclude le<span class=\"_ _1\"></span> attivit\u00e0 <span class=\"_ _f\"></span>s<span class=\"_ _2\"></span>oggette <span class=\"_ _f\"></span>al rischio d<span class=\"_ _1\"></span>i inad<span class=\"_ _1\"></span>empimento d<span class=\"_ _1\"></span>i controparte. Al <span class=\"_ _f\"></span>momento a <span class=\"_ _f\"></span>livello<span class=\"_ _df\"> </span>regolamentare sono esclusi anche i titoli di stato;<span class=\"_ _df\"> </span>-<span class=\"_ _1b\"> </span><span class=\"ff5\">Rischio <span class=\"_ _0\"></span>Sovrano: <span class=\"_ _0\"></span>\u00e8 <span class=\"_ _0\"></span>il <span class=\"_ _0\"></span>r<span class=\"_ _2\"></span>ischi<span class=\"_ _1\"></span>o <span class=\"_ _0\"></span>associato <span class=\"_ _0\"></span>all\u2019eventualit\u00e0 <span class=\"_ _0\"></span>che <span class=\"_ _0\"></span>un <span class=\"_ _0\"> </span>G<span class=\"_ _2\"></span>ove<span class=\"_ _1\"></span>rno <span class=\"_ _0\"></span>non <span class=\"_ _9\"> </span>rispetti <span class=\"_ _0\"></span>l<span class=\"_ _2\"></span><span class=\"ff4\">e <span class=\"_ _0\"></span>proprie<span class=\"_ _df\"> </span></span></span>obbligazioni <span class=\"_ _d\"></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=\"_ _2\"></span>i <span class=\"_ _d\"></span>economici, <span class=\"_ _0\"></span>finanziari <span class=\"_ _0\"></span>e <span class=\"_ _0\"></span>politici. <span class=\"_ _d\"></span>Pu\u00f2 <span class=\"_ _0\"></span>essere<span class=\"_ _df\"> </span>legato <span class=\"_ _f\"></span>alla <span class=\"_ _f\"></span>congiuntura <span class=\"_ _f\"></span>o <span class=\"_ _1\"></span>svilupparsi <span class=\"_ _f\"></span>nel <span class=\"_ _f\"></span>medio-lungo <span class=\"_ _1\"></span>periodo. <span class=\"_ _f\"></span>Il <span class=\"_ _f\"></span>rischio <span class=\"_ _1\"></span>sovrano <span class=\"_ _f\"></span>viene <span class=\"_ _f\"></span>associato<span class=\"_ _df\"> </span>ai <span class=\"_ _0\"></span>rendimenti <span class=\"_ _d\"></span>dei <span class=\"_ _0\"></span>titoli <span class=\"_ _0\"></span>pubblici <span class=\"_ _0\"></span>e <span class=\"_ _d\"></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=\"_ _d\"></span>cor<span class=\"_ _2\"></span>rispondere <span class=\"_ _d\"></span>agli<span class=\"_ _df\"> </span>investitori per potersi finanziare;<span class=\"_ _df\"> </span>-<span class=\"_ _1b\"> </span><span class=\"ff4\">Liquidi<span class=\"_ _1\"></span>t\u00e0 <span class=\"_ _16\"> </span>del <span class=\"_ _9\"> </span>titolo: <span class=\"_ _16\"> </span>La <span class=\"_ _9\"> </span>possibilit\u00e0 <span class=\"_ _9\"> </span>di <span class=\"_ _16\"> </span>procede<span class=\"_ _1\"></span>re <span class=\"_ _9\"> </span>allo  s<span class=\"_ _1\"></span>mobilizzo <span class=\"_ _9\"> </span>tempestivo <span class=\"_ _16\"> </span>del <span class=\"_ _0\"> </span>por<span class=\"_ _2\"></span>tafoglio <span class=\"_ _9\"> </span>\u00e8<span class=\"_ _df\"> </span></span>fortemente  condizionata  dall<span class=\"_ _1\"></span>a  liquidabilit\u00e0  de<span class=\"_ _1\"></span>i  titoli  in  cu<span class=\"_ _1\"></span>i  lo  stesso  \u00e8<span class=\"_ _1\"></span>  investit<span class=\"_ _2\"></span>o.  La <span class=\"_ _16\"> </span>scarsa<span class=\"_ _df\"> </span>liquidabilit\u00e0 <span class=\"_ _d\"></span>dei <span class=\"_ _d\"></span>titoli, <span class=\"_ _0\"></span>infatti, <span class=\"_ _d\"></span>pu\u00f2 <span class=\"_ _0\"></span>esporre <span class=\"_ _d\"></span>la <span class=\"_ _0\"></span>Compagnia <span class=\"_ _d\"></span>al <span class=\"_ _d\"></span>rischio <span class=\"_ _0\"></span>di <span class=\"_ _d\"></span>conseguire <span class=\"_ _d\"></span>delle <span class=\"_ _0\"></span>perdite<span class=\"_ _df\"> </span>connesse alla <span class=\"_ _2\"></span>difficolt\u00e0 <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>trovare <span class=\"_ _2\"></span>sul mercato <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>controparte <span class=\"_ _2\"></span>interessata <span class=\"_ _2\"></span>all\u2019acqui<span class=\"_ _1\"></span>sto <span class=\"_ _2\"></span>dei tit<span class=\"_ _2\"></span>oli<span class=\"_ _df\"> </span>che si intende smobilizzare. A li<span class=\"_ _1\"></span>vello regolamentare non \u00e8 at<span class=\"_ _2\"></span>tualme<span class=\"_ _1\"></span>nte previsto un requisito di<span class=\"_ _df\"> </span>capitale specifico;<span class=\"_ _df\"> </span>-<span class=\"_ _1b\"> </span><span class=\"ff4\">Altre <span class=\"_ _d\"></span>esposizioni <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>assets: <span class=\"_ _2\"></span>Tale <span class=\"_ _d\"></span>fattore <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>rischio <span class=\"_ _d\"></span>si <span class=\"_ _d\"></span>concretizza <span class=\"_ _d\"></span>nel <span class=\"_ _d\"></span>rischio <span class=\"_ _d\"></span>mercato <span class=\"_ _d\"></span>legato <span class=\"_ _d\"></span>a<span class=\"_ _df\"> </span></span>private equity, strumenti alternativi, infrastrutture, prodotti legati<span class=\"_ _1\"></span> all\u2019inflazione e<span class=\"ff4\"> <span class=\"_ _2\"></span>ibridi.<span class=\"_ _df\"> </span></span>I fat<span class=\"_ _2\"></span>tori di r<span class=\"_ _2\"></span>ischi<span class=\"_ _1\"></span>o <span class=\"_ _2\"></span>di mercato <span class=\"_ _2\"></span>vengono principalmente individuati <span class=\"_ _2\"></span>nelle classi <span class=\"_ _2\"></span>di bilancio <span class=\"_ _2\"></span>specifiche<span class=\"_ _df\"> </span>delle Gestioni Separate, Specifiche Provviste e del Portafoglio di Proprie<span class=\"_ _1\"></span>t\u00e0. <div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1922\">La t<span class=\"_ _2\"></span>abella riportata <span class=\"_ _2\"></span>di seguito rappresenta <span class=\"_ _2\"></span>la distr<span class=\"_ _2\"></span>ibuzi<span class=\"_ _1\"></span>one deg<span class=\"_ _2\"></span>li <span class=\"_ _2\"></span>strumenti <span class=\"_ _2\"></span>nei suddetti portafogli,<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1923\">alla <span class=\"_ _9\"> </span>data <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>valutazione <span class=\"_ _9\"> </span>per <span class=\"_ _16\"> </span>tipologia, <span class=\"_ _0\"></span>espressi <span class=\"_ _9\"> </span>in <span class=\"_ _16\"> </span>percentu<span class=\"_ _1\"></span>ale <span class=\"_ _16\"> </span>rispetto <span class=\"_ _9\"> </span>al <span class=\"_ _9\"> </span>controvalore <span class=\"_ _9\"> </span>totale <span class=\"_ _9\"> </span>di<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1924\">mercato. </div><div class=\"gs1925\"><table class=\"s w11a7 h5b9\" id=\"_cb69646c-bf67-4e54-89e1-dceed6848d54\"><tr><td class=\"c xb2f y384a w428 hcc\"><div class=\"t m0 x36 h5 y3e6 ff4 fs1 fc4 sc3 ls0 ws0\">Tipo <span class=\"_ _1\"></span>Titolo<span class=\"_ _1\"></span> </div></td><td class=\"c xb30 y384a wc8 hcc\"><div class=\"t m0 x35 h5 y3e6 ff4 fs1 fc4 sc3 ls0 ws0\">Tipo <span class=\"_ _1\"></span>Cedola<span class=\"_ _f\"></span> </div></td><td></td><td class=\"c xb31 y384a w229 hcc\"><div class=\"t m0 x2e h5 y3e6 ff4 fs1 fc4 sc3 ls0 ws0\">Tota<span class=\"_ _1\"></span>li </div></td></tr><tr><td class=\"c xb2f y384b w428 h4d\"><div class=\"t m0 x8a h5 y3e6 ff4 fs1 fc1 sc0 ls0 ws0\">Emittenti Governativi </div></td><td class=\"c xb30 y384b wc8 h4d\"><div class=\"t m0 x8a h5 y3e6 ff4 fs1 fc1 sc0 ls0 ws0\">Fixed </div></td><td class=\"c xb32 y384b w2d5 h4d\"><div class=\"t m0 x2e h5 y3e6 ff4 fs1 fc1 sc0 ls0 ws0\">70,52% </div></td><td></td></tr><tr><td></td><td class=\"c xb30 y384c wc8 h4e\"><div class=\"t m0 x8a h5 y3e6 ff4 fs1 fc1 sc0 ls0 ws0\">Floating </div></td><td class=\"c xb32 y384c w2d5 h4e\"><div class=\"t m0 x14 h5 y3e6 ff4 fs1 fc1 sc0 ls0 ws0\">0,07% </div></td><td></td></tr><tr><td></td><td class=\"c xb30 y384d wc8 hcc\"><div class=\"t m0 x8a h5 y3e6 ff4 fs1 fc1 sc0 ls0 ws0\">Totale </div></td><td></td><td class=\"c xb31 y384d w229 hcc\"><div class=\"t m0 x55 h5 y3e6 ff4 fs1 fc1 sc0 ls0 ws0\">70,59% </div></td></tr><tr><td class=\"c xb2f y384e w428 h4d\"><div class=\"t m0 x8a h5 y3e6 ff4 fs1 fc1 sc0 ls0 ws0\">Emittenti Obbligazionari </div></td><td class=\"c xb30 y384e wc8 h4d\"><div class=\"t m0 x8a h5 y3e6 ff4 fs1 fc1 sc0 ls0 ws0\">Fixed </div></td><td class=\"c xb32 y384e w2d5 h4d\"><div class=\"t m0 x55 h5 y3e6 ff4 fs1 fc1 sc0 ls0 ws0\">10,95% </div></td><td></td></tr><tr><td></td><td class=\"c xb30 y384f wc8 h4d\"><div class=\"t m0 x8a h5 y3e6 ff4 fs1 fc1 sc0 ls0 ws0\">Floating </div></td><td class=\"c xb32 y384f w2d5 h4d\"><div class=\"t m0 x14 h5 y3e6 ff4 fs1 fc1 sc0 ls0 ws0\">6,25% </div></td><td></td></tr><tr><td></td><td class=\"c xb30 y3850 wc8 hcb\"><div class=\"t m0 x8a h5 y3e6 ff4 fs1 fc1 sc0 ls0 ws0\">Totale </div></td><td></td><td class=\"c xb31 y3850 w229 hcb\"><div class=\"t m0 x130 h5 y3e6 ff4 fs1 fc1 sc0 ls0 ws0\">17,20% </div></td></tr><tr><td class=\"c xb2f y3851 w428 h4e\"><div class=\"t m0 x8a h5 y3e6 ff4 fs1 fc1 sc0 ls0 ws0\">OICR </div></td><td class=\"c xb30 y3851 wc8 h4e\"><div class=\"t m0 x8a h5 y3e6 ff4 fs1 fc1 sc0 ls0 ws0\">Totale </div></td><td></td><td class=\"c xb31 y3851 w229 h4e\"><div class=\"t m0 x14 h5 y93e ff4 fs1 fc1 sc0 ls0 ws0\">11,95% </div></td></tr><tr><td class=\"c xb2f y3852 w428 h4d\"><div class=\"t m0 x8a h5 y3e6 ff4 fs1 fc1 sc0 ls0 ws0\">C/C </div></td><td class=\"c xb30 y3852 wc8 h4d\"><div class=\"t m0 x8a h5 y3e6 ff4 fs1 fc1 sc0 ls0 ws0\">Totale </div></td><td></td><td class=\"c xb31 y3852 w229 h4d\"><div class=\"t m0 x48 h5 y28e ff4 fs1 fc1 sc0 ls0 ws0\">0,26% </div></td></tr></table></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1926\">Di cui la ripartizione in OICR risulta cos\u00ec composta: </div><div class=\"gs1927\"><table class=\"s w11a6 h5b8\" id=\"_3f1836a5-4ded-4a58-9ce1-92d7c2a98b7f\"><tr><td class=\"c xb2c y3842 w63c hcc\"><div class=\"t m0 x8f h5 y3e6 ff4 fs1 fc4 sc3 ls0 ws0\">Tipo <span class=\"_ _1\"></span>OICR<span class=\"_ _f\"></span> </div></td><td class=\"c xb2d y3842 w1d0 hcc\"><div class=\"t m0 x48 h5 y3e6 ff4 fs1 fc4 sc3 ls0 ws0\"> % </div></td></tr><tr><td class=\"c xb2c y3843 w63c hcb\"><div class=\"t m0 x8a h5 y80 ff4 fs1 fc1 sc0 ls0 ws0\">OICR Azionario </div></td><td class=\"c xb2d y3843 w1d0 hcb\"><div class=\"t m0 x39 h5 y80 ff4 fs1 fc1 sc0 ls0 ws0\">19,21% </div></td></tr><tr><td class=\"c xb2c y3844 w63c h4d\"><div class=\"t m0 x8a h5 y54 ff4 fs1 fc1 sc0 ls0 ws0\">OICR Governativo </div></td><td class=\"c xb2d y3844 w1d0 h4d\"><div class=\"t m0 x55 h5 y54 ff4 fs1 fc1 sc0 ls1 ws0\">18<span class=\"ls0\">,66%</span><span class=\"ls0\"> </span></div></td></tr><tr><td class=\"c xb2c y3845 w63c h4d\"><div class=\"t m0 x8a h5 y54 ff4 fs1 fc1 sc0 ls0 ws0\">OICR Immobiliare </div></td><td class=\"c xb2d y3845 w1d0 h4d\"><div class=\"t m0 x14 h5 y54 ff4 fs1 fc1 sc0 ls0 ws0\">9,02% </div></td></tr><tr><td class=\"c xb2c y3846 w63c hcc\"><div class=\"t m0 x8a h5 y74a ff4 fs1 fc1 sc0 ls0 ws0\">OICR Loans </div></td><td class=\"c xb2d y3846 w1d0 hcc\"><div class=\"t m0 x2e h5 y74a ff4 fs1 fc1 sc0 ls0 ws0\">26,98% </div></td></tr><tr><td class=\"c xb2c y3847 w63c hcc\"><div class=\"t m0 x8a h5 y74a ff4 fs1 fc1 sc0 ls0 ws0\">OICR Corporate </div></td><td class=\"c xb2d y3847 w1d0 hcc\"><div class=\"t m0 x39 h5 y74a ff4 fs1 fc1 sc0 ls0 ws0\">12,01% </div></td></tr><tr><td class=\"c xb2c y3848 w63c hcb\"><div class=\"t m0 x8a h5 y80 ff4 fs1 fc1 sc0 ls0 ws0\">OICR Infrastrutturali </div></td><td class=\"c xb2d y3848 w1d0 hcb\"><div class=\"t m0 x33 h5 y80 ff4 fs1 fc1 sc0 ls0 ws0\">8,17% </div></td></tr><tr><td class=\"c xb2c y3849 w63c hcc\"><div class=\"t m0 x8a h5 y74a ff4 fs1 fc1 sc0 ls0 ws0\">OICR Private Equity </div></td><td class=\"c xb2d y3849 w1d0 hcc\"><div class=\"t m0 x14 h5 y74a ff4 fs1 fc1 sc0 ls0 ws0\">5,95% </div></td></tr></table></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1928\">La percentuale esposta in valuta sul totale di portafoglio assets \u00e8<span class=\"_ _1\"></span> del 1,87%.<span class=\"_ _df\"> </span><span class=\"_ _2\"></span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1929\">Da <span class=\"_ _9\"> </span>un <span class=\"_ _9\"> </span>punto <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>vista <span class=\"_ _9\"> </span>della <span class=\"_ _9\"> </span>distribuzione <span class=\"_ _0\"></span>dei <span class=\"_ _9\"> </span>ri<span class=\"_ _2\"></span>schi <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>mercato <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>Credemvita <span class=\"_ _9\"> </span>secondo <span class=\"_ _9\"> </span>i <span class=\"_ _16\"> </span>dettami<span class=\"_ _df\"> </span><span class=\"_ _f\"></span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs192a\">normativi <span class=\"_ _2\"></span>Solvency <span class=\"_ _2\"></span>II <span class=\"_ _d\"></span>si <span class=\"_ _2\"></span>riporta <span class=\"_ _2\"></span>nella <span class=\"_ _2\"></span>tabella <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>seguito <span class=\"_ _2\"></span>la <span class=\"_ _d\"></span>miglior <span class=\"_ _2\"></span>stima <span class=\"_ _2\"></span>della <span class=\"_ _2\"></span>rappresentazione <span class=\"_ _2\"></span>del<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs192b\">rischio <span class=\"_ _2\"></span>disponibile <span class=\"_ _2\"></span>alla <span class=\"_ _2\"></span>data <span class=\"_ _d\"></span>di <span class=\"_ _2\"></span>valutazione <span class=\"_ _2\"></span>(si <span class=\"_ _d\"></span>precisa <span class=\"_ _2\"></span>che <span class=\"_ _d\"></span>il <span class=\"_ _2\"></span>peso <span class=\"_ _d\"></span>complessivo <span class=\"_ _2\"></span>dei <span class=\"_ _2\"></span>rischi <span class=\"_ _2\"></span>mar<span class=\"_ _2\"></span>ket <span class=\"_ _2\"></span>\u00e8<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs192c\">pari al 40,7%).<span class=\"_ _df\"> </span> </div><div class=\"c w63d ha4 gs192d\"><div class=\"t m1 x8a h6 y3e6 ff4 fs2 fc1 sc0 ls0 ws0\">Market risk - risk/sum of risk components - relativo e complessivo </div></div><div class=\"gs192e\"><table class=\"s w11a8 h5ba\" id=\"_ddc5bda4-9f48-4e09-a470-5cb92aa84cd4\"><tr><td></td><td class=\"c xb34 y3853 w63e ha4\"><div class=\"t m0 x33 h5 y3e4 ff4 fs1 fc4 sc3 ls0 ws0\">Relat<span class=\"_ _1\"></span>ivo</div><div class=\"t m1 xc7 h6 y3e4 ff4 fs2 fc1 sc2 ls0 ws0\"> </div></td><td class=\"c xb35 y3853 w63f ha4\"><div class=\"t m0 x116 h5 y3e4 ff4 fs1 fc4 sc3 ls0 ws0\">Comp<span class=\"_ _1\"></span>lessiv<span class=\"_ _1\"></span>o<span class=\"fc1 sc2\"> </span></div></td></tr><tr><td class=\"c xb36 y3854 w640 ha4\"><div class=\"t m0 x8a h5 y3e6 ff4 fs1 fc1 sc0 ls0 ws0\">Interest rate risk </div></td><td class=\"c xb34 y3854 w342 ha4\"><div class=\"t m0 x8 h5 y823 ff4 fs1 fc1 sc0 ls0 ws0\">9,9% </div></td><td class=\"c xb37 y3854 wa9 ha4\"><div class=\"t m0 xf h5 y823 ff4 fs1 fc1 sc0 ls0 ws0\">4,0% </div></td></tr><tr><td class=\"c xb36 y3855 w640 ha4\"><div class=\"t m0 x8a h5 y3e6 ff4 fs1 fc1 sc0 ls0 ws0\">Equity risk </div></td><td class=\"c xb34 y3855 w342 ha4\"><div class=\"t m0 x1c h5 y823 ff4 fs1 fc1 sc0 ls0 ws0\">43,4% </div></td><td class=\"c xb37 y3855 wa9 ha4\"><div class=\"t m0 x7 h5 y823 ff4 fs1 fc1 sc0 ls0 ws0\">17,7% </div></td></tr><tr><td class=\"c xb36 y3856 w640 ha4\"><div class=\"t m0 x8a h5 y3e6 ff4 fs1 fc1 sc0 ls0 ws0\">Property risk </div></td><td class=\"c xb34 y3856 w342 ha4\"><div class=\"t m0 x8 h5 y823 ff4 fs1 fc1 sc0 ls0 ws0\">4,4% </div></td><td class=\"c xb37 y3856 wa9 ha4\"><div class=\"t m0 xc6 h5 y823 ff4 fs1 fc1 sc0 ls0 ws0\">1,8% </div></td></tr><tr><td class=\"c xb36 y3857 w640 ha4\"><div class=\"t m0 x8a h5 y3e6 ff4 fs1 fc1 sc0 ls0 ws0\">Spread risk </div></td><td class=\"c xb34 y3857 w342 ha4\"><div class=\"t m0 x1c h5 y823 ff4 fs1 fc1 sc0 ls0 ws0\">26,3% </div></td><td class=\"c xb37 y3857 wa9 ha4\"><div class=\"t m0 x90 h5 y823 ff4 fs1 fc1 sc0 ls0 ws0\">10,7% </div></td></tr><tr><td class=\"c xb36 y3858 w640 hf\"><div class=\"t m0 x8a h5 y3e6 ff4 fs1 fc1 sc0 ls0 ws0\">Currency risk </div></td><td class=\"c xb34 y3858 w342 hf\"><div class=\"t m0 xc6 h5 y153d ff4 fs1 fc1 sc0 ls0 ws0\">15,4% </div></td><td class=\"c xb37 y3858 wa9 hf\"><div class=\"t m0 xf h5 y153d ff4 fs1 fc1 sc0 ls0 ws0\">6,3% </div></td></tr><tr><td class=\"c xb36 y3859 w640 h6c\"><div class=\"t m0 x8a h5 y3e6 ff4 fs1 fc1 sc0 ls0 ws0\">Concentration risk </div></td><td class=\"c xb34 y3859 w342 h6c\"><div class=\"t m0 x8 h5 y61e ff4 fs1 fc1 sc0 ls5 ws0\">0,<span class=\"ls3\">6%</span><span class=\"ls3\"><span class=\"ls0\"> </span></span></div></td><td class=\"c xb37 y3859 wa9 h6c\"><div class=\"t m0 xf h5 y61e ff4 fs1 fc1 sc0 ls0 ws0\">0,2% </div></td></tr></table></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs192f\">La <span class=\"_ _14\"> </span>Compagnia <span class=\"_ _14\"> </span>adotta, <span class=\"_ _14\"> </span>nei <span class=\"_ _15\"> </span>confronti <span class=\"_ _14\"> </span>dei <span class=\"_ _14\"> </span>fattori <span class=\"_ _14\"> </span>di <span class=\"_ _14\"> </span>rischio <span class=\"_ _14\"> </span>sopra <span class=\"_ _14\"> </span>enunciati, <span class=\"_ _14\"> </span>linee <span class=\"_ _14\"> </span>guida <span class=\"_ _14\"> </span>che<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs1930\">definiscono i <span class=\"_ _2\"></span>principi g<span class=\"_ _2\"></span>enerali per <span class=\"_ _2\"></span>l\u2019attivit\u00e0 <span class=\"_ _2\"></span>del Team <span class=\"_ _2\"></span>Finanza, la <span class=\"_ _2\"></span>periodicit\u00e0 dei <span class=\"_ _2\"></span>controlli <span class=\"_ _2\"></span>e le <span class=\"_ _2\"></span>azioni<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1931\">di <span class=\"_ _14\"> </span>ripristino <span class=\"_ _15\"> </span>in <span class=\"_ _14\"> </span>caso <span class=\"_ _15\"> </span>di <span class=\"_ _14\"> </span>superamento <span class=\"_ _15\"> </span>dei <span class=\"_ _14\"> </span>limiti <span class=\"_ _15\"> </span>(s<span class=\"_ _2\"></span>ia <span class=\"_ _14\"> </span>RAF <span class=\"_ _14\"> </span>si<span class=\"_ _2\"></span>a <span class=\"_ _14\"> </span>operativi). <span class=\"_ _14\"> </span>Nella <span class=\"_ _14\"> </span>composizio<span class=\"_ _2\"></span>ne<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs1932\">complessiva <span class=\"_ _0\"></span>del <span class=\"_ _0\"></span>portafoglio <span class=\"_ _0\"></span>d\u2019investimento <span class=\"_ _0\"></span>si <span class=\"_ _0\"></span>tiene <span class=\"_ _0\"></span>conto <span class=\"_ _9\"> </span>dell\u2019esp<span class=\"_ _1\"></span>osizione <span class=\"_ _0\"></span>al <span class=\"_ _0\"></span>rischio, <span class=\"_ _9\"> </span>dei <span class=\"_ _0\"></span>vincoli<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1933\">legati <span class=\"_ _2\"></span>alla <span class=\"_ _2\"></span>copertura <span class=\"_ _2\"></span>delle <span class=\"_ _2\"></span>riserve <span class=\"_ _d\"></span>tecniche <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>degli <span class=\"_ _2\"></span>effetti <span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>ul <span class=\"_ _2\"></span>Solve<span class=\"_ _1\"></span>ncy <span class=\"_ _2\"></span>Ratio. <span class=\"_ _d\"></span>I <span class=\"_ _2\"></span>limiti <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>gli <span class=\"_ _d\"></span>indicatori<span class=\"_ _df\"> </span><span class=\"_ _1\"></span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1934\">relativi <span class=\"_ _d\"></span>agli <span class=\"_ _d\"></span>in<span class=\"_ _2\"></span>vestimenti <span class=\"_ _d\"></span>sono <span class=\"_ _0\"></span>oggetto <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>verifica <span class=\"_ _d\"></span>e <span class=\"_ _0\"></span>controllo <span class=\"_ _0\"></span>su <span class=\"_ _d\"></span>base <span class=\"_ _d\"></span>cont<span class=\"_ _2\"></span>inuativa <span class=\"_ _d\"></span>da <span class=\"_ _d\"></span>parte <span class=\"_ _0\"></span>delle<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1935\">funzioni  aziendali  prep<span class=\"_ _1\"></span>oste  e,  con  frequenza  periodica,  i  risultati  di  tali  controlli  sono  p<span class=\"_ _1\"></span>ortati<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs1936\">all\u2019attenzione <span class=\"_ _2\"></span>del <span class=\"_ _d\"></span>Consiglio <span class=\"_ _d\"></span>di <span class=\"_ _2\"></span>A<span class=\"_ _2\"></span>mministrazione. <span class=\"_ _2\"></span>Il <span class=\"_ _d\"></span>processo <span class=\"_ _d\"></span>pre<span class=\"_ _2\"></span><span class=\"ff4\">vede <span class=\"_ _2\"></span>inoltre <span class=\"_ _d\"></span>una <span class=\"_ _d\"></span>fase <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>revisione<span class=\"_ _df\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1937\">dei suddetti limiti realizzata mediante analisi di sensitiv<span class=\"_ _1\"></span>it\u00e0 condotte sui portafogli attivi e passivi.<span class=\"_ _df\"> </span><span class=\"_ _2\"></span> </div>La <span class=\"_ _0\"></span>valutazione <span class=\"_ _d\"></span>dei <span class=\"_ _0\"></span>rischi <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>mercato <span class=\"_ _0\"></span>viene <span class=\"_ _d\"></span>effettuata <span class=\"_ _0\"></span>con <span class=\"_ _0\"></span>riferimento <span class=\"_ _0\"></span>al <span class=\"_ _0\"></span>portafoglio <span class=\"_ _0\"></span>investimenti<span class=\"_ _df\"> </span><span class=\"_ _f\"></span> mobiliare <span class=\"_ _2\"></span>gi\u00e0 <span class=\"_ _2\"></span>acquisito <span class=\"_ _d\"></span>e <span class=\"_ _2\"></span>agli <span class=\"_ _d\"></span>scenari <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>in<span class=\"_ _2\"></span>vestimento <span class=\"_ _2\"></span>futuro. <span class=\"_ _2\"></span>Tal<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>attivit\u00e0 <span class=\"_ _2\"></span>viene <span class=\"_ _d\"></span>realizzata <span class=\"_ _2\"></span>sia <span class=\"_ _2\"></span>con<span class=\"_ _df\"> </span> logiche di <span class=\"_ _f\"></span>Ass<span class=\"_ _2\"></span>et-Liability Manage<span class=\"_ _1\"></span>ment, al fi<span class=\"_ _1\"></span>ne di cogliere <span class=\"_ _1\"></span>le interrelazioni<span class=\"_ _1\"></span> esistenti fra le d<span class=\"_ _1\"></span>inamiche<span class=\"_ _df\"> </span> dei <span class=\"_ _d\"></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>att<span class=\"_ _2\"></span>ivi <span class=\"_ _d\"></span>a <span class=\"_ _0\"></span>copertura <span class=\"_ _0\"></span>delle <span class=\"_ _d\"></span>riserve <span class=\"_ _0\"></span>te<span class=\"_ _2\"></span>cniche, <span class=\"_ _0\"></span>sia <span class=\"_ _0\"></span>seguendo <span class=\"_ _0\"></span>i <span class=\"_ _d\"></span>princip<span class=\"_ _2\"></span>i<span class=\"_ _df\"> </span> Solvency <span class=\"_ _2\"></span>II <span class=\"_ _d\"></span>al <span class=\"_ _d\"></span>fine <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>cogliere <span class=\"_ _d\"></span>l\u2019eventuale <span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>equisito <span class=\"_ _2\"></span>di <span class=\"_ _d\"></span>capitale <span class=\"_ _2\"></span>as<span class=\"_ _2\"></span>sorbito <span class=\"_ _2\"></span>da <span class=\"_ _d\"></span>ogni <span class=\"_ _d\"></span>singolo <span class=\"_ _2\"></span>modulo <span class=\"_ _d\"></span>e<span class=\"_ _df\"> </span> sottomodulo di rischio.  L\u2019identificazione <span class=\"_ _d\"></span>dei <span class=\"_ _0\"></span>rischi <span class=\"_ _0\"></span>mercato <span class=\"_ _d\"></span>vita <span class=\"_ _0\"> </span>viene <span class=\"_ _0\"></span>effettuata <span class=\"_ _0\"></span>con <span class=\"_ _d\"></span>r<span class=\"_ _2\"></span>iferimento <span class=\"_ _d\"></span>ai <span class=\"_ _0\"></span>nuovi <span class=\"_ _0\"></span>investimenti <span class=\"_ _0\"></span><span class=\"ff4 lse\">e<span class=\"_ _df\"> </span></span><span class=\"ff4 lse\"> </span>asset allocation target, e al portafoglio in essere:<span class=\"_ _df\"> </span> -<span class=\"ff10\"> <span class=\"_ _24\"> </span><span class=\"ff5\">Nuovi  investimenti: <span class=\"_ _22\"> </span>con <span class=\"_ _4\"> </span>riferimento  ai <span class=\"_ _4\"> </span>nuovi  investimenti,  nell<span class=\"_ _2\"></span>\u2019ambito  del <span class=\"_ _4\"> </span>processo  ORSA<span class=\"_ _df\"> </span></span></span><span class=\"ff10\"><span class=\"ff5\"> </span></span>vengono <span class=\"_ _15\"> </span>ef<span class=\"_ _2\"></span>fettuate <span class=\"_ _e\"> </span>analisi <span class=\"_ _15\"> </span>r<span class=\"_ _2\"></span>elative <span class=\"_ _15\"> </span>a <span class=\"_ _10\"> </span>scenari <span class=\"_ _e\"> </span>di <span class=\"_ _e\"> </span>investimento <span class=\"_ _e\"> </span>futuro <span class=\"_ _e\"> </span>con <span class=\"_ _e\"> </span>l\u2019obiettivo <span class=\"_ _e\"> </span>di<span class=\"_ _df\"> </span> identificare <span class=\"_ _2\"></span>i <span class=\"_ _d\"></span>rischi <span class=\"_ _d\"></span>co<span class=\"ff5\">nnessi <span class=\"_ _d\"></span>a <span class=\"_ _2\"></span>tali <span class=\"_ _d\"></span>scelte <span class=\"_ _2\"></span>di <span class=\"_ _d\"></span>investimento <span class=\"_ _d\"></span>e <span class=\"_ _2\"></span>a <span class=\"_ _d\"></span>valutarne <span class=\"_ _d\"></span>l\u2019impatto <span class=\"_ _2\"></span>sul <span class=\"_ _d\"></span>profilo <span class=\"_ _d\"></span>di<span class=\"_ _df\"> </span></span><span class=\"ff5\"> </span>rischio <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>termini <span class=\"_ _2\"></span>quantitativi. <span class=\"_ _2\"></span>Inoltre, <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>gli <span class=\"_ _2\"></span>investimenti <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>\u201cnatura <span class=\"_ _d\"></span>occasionale\u201d <span class=\"_ _2\"></span>(secondo la<span class=\"_ _df\"> </span><span class=\"_ _2\"></span> definizione data nella Pol<span class=\"_ _2\"></span>icy e Regolamento Investimenti) <span class=\"_ _2\"></span>sulla base delle <span class=\"_ _2\"></span>informazioni <span class=\"_ _2\"></span>fornite<span class=\"_ _df\"> </span> dal <span class=\"_ _4\"> </span>Team <span class=\"_ _17\"> </span>Finanza <span class=\"_ _4\"> </span>viene <span class=\"_ _17\"> </span>effettuata <span class=\"_ _17\"> </span>dalla <span class=\"_ _4\"> </span>Funzione <span class=\"_ _4\"> </span>di <span class=\"_ _17\"> </span>Risk <span class=\"_ _17\"> </span>Management <span class=\"_ _4\"> </span>una <span class=\"_ _17\"> </span>valutazione<span class=\"_ _df\"> </span> quali/quantitativa <span class=\"_ _4\"> </span>ex-ante <span class=\"_ _4\"> </span>basat<span class=\"_ _2\"></span>a <span class=\"_ _4\"> </span>sia <span class=\"_ _4\"> </span>su <span class=\"_ _4\"> </span>logiche <span class=\"_ _4\"> </span>gest<span class=\"_ _2\"></span>ionali <span class=\"_ _4\"> </span>che <span class=\"_ _4\"> </span>regolamentari. <span class=\"_ _4\"> </span>Un <span class=\"_ _4\"> </span>iter <span class=\"_ _17\"> </span>di<span class=\"_ _df\"> </span> valutazione del rischio <span class=\"_ _2\"></span>ex-ante viene effettuata <span class=\"_ _2\"></span>dalla Funzione di <span class=\"_ _2\"></span>Risk Management anche per<span class=\"_ _df\"> </span> tutti <span class=\"_ _16\"> </span>gli <span class=\"_ _9\"> </span>attivi <span class=\"_ _16\"> </span>classificati <span class=\"_ _9\"> </span>come <span class=\"_ _16\"> </span>complessi, <span class=\"_ _9\"> </span>con  un <span class=\"_ _0\"> </span>focus  particolare <span class=\"_ _9\"> </span>su <span class=\"_ _16\"> </span>OICR <span class=\"_ _9\"> </span>non  UCITs <span class=\"_ _9\"> </span>(in<span class=\"_ _df\"> </span> particolare i FIA).  -<span class=\"ff10\"> <span class=\"_ _24\"> </span><span class=\"ff5\">Portafoglio in <span class=\"_ _2\"></span>essere: Con r<span class=\"_ _2\"></span>iferimento al port<span class=\"_ _2\"></span>afoglio in essere, l<span class=\"_ _2\"></span>\u2019identificazione dei r<span class=\"_ _2\"></span>ischi viene<span class=\"_ _df\"> </span></span></span><span class=\"ff10\"><span class=\"ff5\"> </span></span>effettuata sul<span class=\"_ _1\"></span>la base <span class=\"_ _f\"></span>dei dati <span class=\"_ _f\"></span>t<span class=\"_ _2\"></span>ecnici<span class=\"_ _1\"></span> del <span class=\"_ _f\"></span>port<span class=\"_ _2\"></span>afoglio, <span class=\"_ _f\"></span>dei dati <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>mercato e <span class=\"_ _f\"></span>delle misure <span class=\"_ _f\"></span>di rischio<span class=\"_ _df\"> </span> determinate attraverso lo strumento di calcolo del<span class=\"_ _1\"></span> SCR adottato.<span class=\"_ _df\"> </span><span class=\"_ _2\"></span> Si riportano di seguito i macro-indicatori analizzati per la valutazione<span class=\"_ _1\"></span> e il monitoraggio dei rischi di<span class=\"_ _df\"> </span> mercato:<span class=\"_ _df\"> </span> -<span class=\"ff10\"> <span class=\"_ _24\"> </span><span class=\"ff4\">SCR Maket <span class=\"_ _2\"></span>Risk- Based: indicator<span class=\"_ _2\"></span>i basati sulle grandezze regolamentar<span class=\"_ _2\"></span>i relative al r<span class=\"_ _2\"></span>equi<span class=\"_ _1\"></span>sito <span class=\"_ _2\"></span>di<span class=\"_ _df\"> </span></span></span><span class=\"ff10\"><span class=\"ff4\"> </span></span>capitale afferenti alla classe di rischio mercato;<span class=\"_ _df\"> </span> -<span class=\"ff10\"> <span class=\"_ _24\"> </span><span class=\"ff4\">Percentuale  di <span class=\"_ _16\"> </span>Esposizione <span class=\"_ _16\"> </span>in  Asset  Cl<span class=\"_ _1\"></span>ass:  indicatore <span class=\"_ _16\"> </span>volto  a<span class=\"_ _f\"></span>  quantificare  e <span class=\"_ _16\"> </span>monitorare  le<span class=\"_ _df\"> </span></span></span><span class=\"ff10\"><span class=\"ff4\"> </span></span>esposizi<span class=\"ff5\">oni nelle principali asset class declinate<span class=\"_ _1\"></span> all\u2019interno della Policy degli Investimenti;<span class=\"_ _df\"> </span></span><span class=\"ff5\"><span class=\"_ _2\"></span><span class=\"ff4\"> </span></span>-<span class=\"ff10\"> <span class=\"_ _24\"> </span><span class=\"ff4\">Percentuale di Concentrazione Emitt<span class=\"_ _2\"></span>enti Financial e Corporate: indicatore volto a <span class=\"_ _2\"></span>quantifi<span class=\"_ _1\"></span>care<span class=\"_ _df\"> </span></span></span><span class=\"ff10\"><span class=\"ff4\"> </span></span>e mo<span class=\"_ _2\"></span>nitorare la <span class=\"_ _2\"></span>concentrazione degli <span class=\"_ _2\"></span>emittenti <span class=\"_ _2\"></span>Corporate <span class=\"_ _2\"></span>in base a <span class=\"_ _2\"></span>specif<span class=\"_ _2\"></span>iche fasce <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>merito<span class=\"_ _df\"> </span> creditizio;<span class=\"_ _df\"> </span> -<span class=\"ff10\"> <span class=\"_ _24\"> </span><span class=\"ff4\">Limite esposizione in OICR e limite esposizione<span class=\"_ _1\"></span> per strategia in OICR;<span class=\"_ _df\"> </span></span></span><span class=\"ff10\"><span class=\"ff4\"><span class=\"_ _2\"></span> </span></span>-<span class=\"ff10\"> <span class=\"_ _24\"> </span><span class=\"ff4\">Sensitivities <span class=\"_ _d\"></span>Spread <span class=\"_ _2\"></span>Goverantivo <span class=\"_ _d\"></span>Italia <span class=\"_ _d\"></span>(al <span class=\"_ _2\"></span>fine <span class=\"_ _d\"></span>di <span class=\"_ _2\"></span>catturar<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>il <span class=\"_ _d\"></span>fattore <span class=\"_ _d\"></span>di <span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>ischio <span class=\"_ _2\"></span>spread <span class=\"_ _d\"></span>sui <span class=\"_ _d\"></span>titoli<span class=\"_ _df\"> </span></span></span><span class=\"ff10\"><span class=\"ff4\"> </span></span>governativi non incluso nella formula standard);<span class=\"_ _df\"> </span> -<span class=\"ff10\"> <span class=\"_ _24\"> </span><span class=\"ff4\">Sensitivity sui fattori di rischio mercato (es. tasso, spread)<span class=\"_ _1\"></span>.</span></span><span class=\"ff10\"><span class=\"ff4\"><span class=\"_ _2\"></span> </span></span>     <span class=\"fs1 ls0\">Di <span class=\"_ _9\"> </span>seguito <span class=\"_ _9\"> </span>si <span class=\"_ _9\"> </span>r<span class=\"_ _2\"></span>iportano <span class=\"_ _9\"> </span>le <span class=\"_ _9\"> </span>informazioni <span class=\"_ _9\"> </span>sulla <span class=\"_ _9\"> </span>sensitivit\u00e0 <span class=\"_ _9\"> </span>alle <span class=\"_ _16\"> </span>variazioni <span class=\"_ _0\"> </span>d<span class=\"_ _2\"></span>elle <span class=\"_ _9\"> </span>variabili <span class=\"_ _9\"> </span>legate <span class=\"_ _9\"> </span>al<span class=\"_ _df\"> </span></span><span class=\"fs1 ls0\"> </span>rischio <span class=\"_ _9\"> </span>di <span class=\"_ _0\"></span>mercato <span class=\"_ _9\"> </span>derivanti <span class=\"_ _0\"></span>dai <span class=\"_ _9\"> </span>contratti <span class=\"_ _0\"></span>rientranti <span class=\"_ _9\"> </span>nell\u2019ambi<span class=\"_ _1\"></span>to <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>applicazione <span class=\"_ _0\"></span>del<span class=\"_ _2\"></span>l\u2019IFRS <span class=\"_ _0\"></span>17. <span class=\"_ _9\"> </span>Con<span class=\"_ _df\"> </span> l\u2019obiettivo <span class=\"_ _0\"></span>di <span class=\"_ _d\"></span>valutare <span class=\"_ _0\"></span>la <span class=\"_ _0\"></span>reattivit\u00e0 <span class=\"_ _d\"></span>del <span class=\"_ _0\"></span>patrimonio <span class=\"_ _0\"></span>netto <span class=\"_ _0\"></span>e <span class=\"_ _0\"></span>del <span class=\"_ _d\"></span>risultato <span class=\"_ _0\"></span>d\u2019esercizio <span class=\"_ _d\"></span>al <span class=\"_ _0\"></span>verificarsi <span class=\"_ _0\"></span>di<span class=\"_ _df\"> </span> specifici <span class=\"_ _0\"></span>eventi <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>str<span class=\"_ _2\"></span>ess, <span class=\"_ _0\"></span>partend<span class=\"_ _1\"></span>o <span class=\"_ _0\"></span>dalla <span class=\"_ _0\"></span>composizione <span class=\"_ _0\"></span>del <span class=\"_ _9\"> </span>portafoglio <span class=\"_ _0\"></span>in <span class=\"_ _9\"> </span>essere <span class=\"_ _0\"></span>al <span class=\"_ _0\"></span>31 <span class=\"_ _0\"></span>dicembre<span class=\"_ _df\"> </span> 2025, sono stati definiti diversi live<span class=\"_ _1\"></span>lli di sensitivities r<span class=\"_ _2\"></span>ispetto ai se<span class=\"_ _1\"></span>guenti fattori di rischio:<span class=\"_ _df\"> </span> -<span class=\"ff10\"> <span class=\"_ _24\"> </span><span class=\"ff4\">Incremento d<span class=\"_ _1\"></span>ei <span class=\"_ _1\"></span>credit spread <span class=\"_ _f\"></span>di +100 b<span class=\"_ _f\"></span>ps, +200 b<span class=\"_ _1\"></span>ps e <span class=\"_ _f\"></span>+300 bp<span class=\"_ _1\"></span>s da <span class=\"_ _f\"></span>applicare ai <span class=\"_ _f\"></span>titoli governativi<span class=\"_ _df\"> </span></span></span><span class=\"ff10\"><span class=\"ff4\"> </span></span>italiani e del <span class=\"_ _2\"></span>Sud Europa; vengono <span class=\"_ _2\"></span>esclusi dall\u2019analisi i titoli <span class=\"_ _2\"></span>di emittenti Core Europe <span class=\"_ _2\"></span>ed USA i<span class=\"_ _2\"></span><span class=\"ff4 lsc6\">n<span class=\"_ _df\"> </span></span><span class=\"ff4 lsc6\"> </span>ragione dell\u2019elevato rating e dell<span class=\"_ _1\"></span>\u2019assenza di volatilit\u00e0 storiche cos\u00ec accentuate.<span class=\"_ _df\"> </span><span class=\"_ _2\"></span><span class=\"ff4\"> </span>-<span class=\"ff10\"> <span class=\"_ _24\"> </span><span class=\"ff4\">Incremento <span class=\"_ _d\"></span>delle <span class=\"_ _d\"></span>curve <span class=\"_ _d\"></span>dei <span class=\"_ _d\"></span>tassi <span class=\"_ _d\"></span>risk <span class=\"_ _d\"></span>free <span class=\"_ _d\"></span>EUR <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>+100 <span class=\"_ _d\"></span>bps <span class=\"_ _d\"></span>e <span class=\"_ _d\"></span>+200 <span class=\"_ _0\"></span>bps <span class=\"_ _2\"></span>da <span class=\"_ _d\"></span>applicare <span class=\"_ _d\"></span>a <span class=\"_ _d\"></span>tutto <span class=\"_ _0\"></span>il<span class=\"_ _df\"> </span></span></span><span class=\"ff10\"><span class=\"ff4\"> </span></span>portafoglio titoli<span class=\"_ _df\"> </span> -<span class=\"ff10\"> <span class=\"_ _24\"> </span><span class=\"ff4\">Incremento/diminuzione <span class=\"_ _4\"> </span>del <span class=\"_ _4\"> </span>rapporto <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>cambio <span class=\"_ _4\"> </span>EUR/USD <span class=\"_ _4\"> </span>del <span class=\"_ _17\"> </span><span class=\"ls1\">+/</span>- <span class=\"_ _4\"> </span>10% <span class=\"_ _4\"> </span>sulle <span class=\"_ _4\"> </span>posizioni <span class=\"_ _4\"> </span>ad<span class=\"_ _df\"> </span></span></span><span class=\"ff10\"><span class=\"ff4\"> </span></span>investimento diretto.<span class=\"_ _df\"> </span> Tali <span class=\"_ _f\"></span>sensitivites appartengono <span class=\"_ _f\"></span>al pi<span class=\"_ _1\"></span>\u00f9 <span class=\"_ _f\"></span>amp<span class=\"_ _2\"></span>io <span class=\"_ _f\"></span>sistema di <span class=\"_ _f\"></span>monitoraggio <span class=\"_ _1\"></span>e <span class=\"_ _f\"></span>cont<span class=\"_ _2\"></span>rollo <span class=\"_ _f\"></span>dei <span class=\"_ _f\"></span>r<span class=\"_ _2\"></span>ischi <span class=\"_ _f\"></span>di <span class=\"_ _f\"></span>G<span class=\"_ _2\"></span>ruppo<span class=\"_ _df\"> </span> oggetto di reporting trimestrale al Consigli<span class=\"_ _1\"></span>o di Amministrazione della controllante.<span class=\"_ _df\"> </span><span class=\"_ _2\"></span> Di seguito vengono riepilogate le variazioni percentuali conseguenti agli eventi sopra dettagliati.<span class=\"_ _df\"> </span> Analisi di sensitivit\u00e0 <span class=\"ff5\">\u2013</span> Variazioni di CSM, Contributo al Consolidato di Gruppo e Patrimonio Ne<span class=\"_ _1\"></span>tto<span class=\"_ _2\"></span> <table class=\"s w11a9 h5bb\" id=\"_1a69bfb8-0153-4119-add2-60ea61d7e36a\"><tr><td class=\"c xb39 y385a w642 h13\"><div class=\"t m1 x8a h6 y3e6 ff4 fs19 fc1 sc0 ls0 ws0\">(in migliaia di eu<span class=\"_ _1\"></span>ro)<span class=\"fs2\"> </span></div></td><td></td><td></td><td></td></tr><tr><td></td><td class=\"c xb3a y385b w11a0 h593\"><div class=\"t m0 x250 h5 y254f ff4 fs1 fc1 sc0 ls0 ws0\">Variazione di<span class=\"_ _df\"> </span></div></td><td class=\"c xb3b y385b w11aa h593\"><div class=\"t m0 x250 h5 y254f ff4 fs1 fc1 sc0 ls0 ws0\">Variazione d<span class=\"ls1a\">i<span class=\"_ _df\"> </span></span></div></td><td class=\"c xb3c y25a1 w11a0 h593\"><div class=\"t m0 x250 h5 y254f ff4 fs1 fc1 sc0 ls0 ws0\">Variazione di<span class=\"_ _df\"> </span></div></td></tr><tr><td class=\"c xb39 y385c w642 h1e1\"><div class=\"t m0 x13 h5 y10fa ff4 fs1 fc1 sc0 ls0 ws0\">Analisi di Sensitivit\u00e0 </div></td><td class=\"c xb3d y26d1 w11a2 h593\"><div class=\"t m0 x250 h5 y254f ff4 fs1 fc1 sc0 lsc3 ws0\">CSM<span class=\"_ _df\"> </span></div></td><td class=\"c xb3e y26d1 w11ab h593\"><div class=\"t m0 x250 h5 y254f ff4 fs1 fc1 sc0 ls0 ws0\">Utile<span class=\"_ _df\"> </span></div></td><td class=\"c xb3f y385d w11ac h593\"><div class=\"t m0 x250 h5 y254f ff4 fs1 fc1 sc0 ls0 ws0\">Patrimonio<span class=\"_ _df\"> </span></div></td></tr><tr><td></td><td></td><td class=\"c xb40 y385e w11a3 h593\"><div class=\"t m0 x250 h5 y254f ff4 fs1 fc1 sc0 ls0 ws0\">Consolidato di<span class=\"_ _df\"> </span></div></td><td class=\"c xb41 y385f w11ad h593\"><div class=\"t m0 x250 h5 y254f ff4 fs1 fc1 sc0 ls0 ws0\">Netto<span class=\"_ _df\"> </span></div></td></tr><tr><td></td><td></td><td class=\"c xb42 y2491 w11a5 h593\"><div class=\"t m0 x250 h5 y254f ff4 fs1 fc1 sc0 ls0 ws0\">Gruppo<span class=\"_ _df\"> </span></div></td><td></td></tr></table><div class=\"gs1939\"><table class=\"s w11ae h5bc\" id=\"_598c573f-d6a9-4108-a8b3-62eddbb0952f\"><tr><td class=\"c xb44 y3860 w642 h13\"><div class=\"t m0 x8a h5 y66c ff4 fs1 fc1 sc0 ls0 ws0\">Credit Spread + 100bps </div></td><td class=\"c xb45 y3860 w643 h13\"><div class=\"t m0 x35 h5 y66c ff4 fs1 fc1 sc0 ls0 ws0\">-19.486<span class=\"_ _df\"> </span></div></td><td class=\"c xb46 y3860 w644 h13\"><div class=\"t m0 x27 h5 y66c ff4 fs1 fc1 sc0 ls0 ws0\">-1.927<span class=\"_ _df\"> </span></div></td><td class=\"c xb47 y3860 w643 h13\"><div class=\"t m0 x2c h5 y66c ff4 fs1 fc1 sc0 ls0 ws0\">-17.573 </div></td></tr><tr><td class=\"c xb44 y3861 w642 h13\"><div class=\"t m0 x8a h5 y66c ff4 fs1 fc1 sc0 ls0 ws0\">Credit Spread + 200bps </div></td><td class=\"c xb45 y3861 w643 h13\"><div class=\"t m0 x32 h5 y66c ff4 fs1 fc1 sc0 ls0 ws0\">-38.972 </div></td><td class=\"c xb46 y3861 w644 h13\"><div class=\"t m0 x3a h5 y66c ff4 fs1 fc1 sc0 ls0 ws0\">-3.855 </div></td><td class=\"c xb47 y3861 w643 h13\"><div class=\"t m0 x35 h5 y66c ff4 fs1 fc1 sc0 ls0 ws0\">-35,146 </div></td></tr><tr><td class=\"c xb44 y3862 w642 h1f4\"><div class=\"t m0 x8a h5 y66c ff4 fs1 fc1 sc0 ls0 ws0\">Credit Spread + 300bps </div></td><td class=\"c xb45 y3862 w643 h1f4\"><div class=\"t m0 x32 h5 y66c ff4 fs1 fc1 sc0 ls0 ws0\">-58.459 </div></td><td class=\"c xb46 y3862 w644 h1f4\"><div class=\"t m0 x3a h5 y66c ff4 fs1 fc1 sc0 ls0 ws0\">-5.782 </div></td><td class=\"c xb47 y3862 w643 h1f4\"><div class=\"t m0 x35 h5 y66c ff4 fs1 fc1 sc0 ls0 ws0\">-52.718 </div></td></tr><tr><td class=\"c xb44 y3863 w642 h13\"><div class=\"t m0 x8a h5 ye4c ff4 fs1 fc1 sc0 ls0 ws0\">Rischio Tasso EUR +100bps </div></td><td class=\"c xb45 y3863 w643 h13\"><div class=\"t m0 x35 h5 ye4c ff4 fs1 fc1 sc0 ls0 ws0\">-16.922<span class=\"_ _df\"> </span></div></td><td class=\"c xb46 y3863 w644 h13\"><div class=\"t m0 x27 h5 ye4c ff4 fs1 fc1 sc0 ls0 ws0\">-1.674<span class=\"_ _df\"> </span></div></td><td class=\"c xb47 y3863 w643 h13\"><div class=\"t m0 x35 h5 ye4c ff4 fs1 fc1 sc0 ls0 ws0\">-19.802<span class=\"_ _df\"> </span></div></td></tr><tr><td class=\"c xb44 y3864 w642 h13\"><div class=\"t m0 x8a h5 ye4c ff4 fs1 fc1 sc0 ls4 ws0\">Ris<span class=\"ls0\">chio Tasso EUR +200bps</span><span class=\"ls0\"> </span></div></td><td class=\"c xb45 y3864 w643 h13\"><div class=\"t m0 x32 h5 ye4c ff4 fs1 fc1 sc0 ls0 ws0\">-33.845 </div></td><td class=\"c xb46 y3864 w644 h13\"><div class=\"t m0 x2c h5 ye4c ff4 fs1 fc1 sc0 ls0 ws0\">-3.348<span class=\"_ _df\"> </span></div></td><td class=\"c xb47 y3864 w643 h13\"><div class=\"t m0 x32 h5 ye4c ff4 fs1 fc1 sc0 ls0 ws0\">-39.604<span class=\"_ _df\"> </span></div></td></tr><tr><td class=\"c xb44 y3865 w642 h13\"><div class=\"t m0 x8a h5 ye4c ff4 fs1 fc1 sc0 ls0 ws0\">Rischio Cambio EUR/USD -10% </div></td><td class=\"c xb45 y3865 w643 h13\"><div class=\"t m0 x3a h5 ye4c ff4 fs1 fc1 sc0 ls0 ws0\">-4.564 </div></td><td class=\"c xb46 y3865 w644 h13\"><div class=\"t m0 x37 h5 ye4c ff4 fs1 fc1 sc0 ls0 ws0\">-451 </div></td><td class=\"c xb47 y3865 w643 h13\"><div class=\"t m0 x37 h5 ye4c ff4 fs1 fc1 sc0 ls0 ws0\">-<span class=\"ls2\">501</span> </div></td></tr><tr><td class=\"c xb44 y3866 w642 h13\"><div class=\"t m0 x8a h5 y66c ff4 fs1 fc1 sc0 ls0 ws0\">Rischio Cambio EUR/USD +10% </div></td><td class=\"c xb45 y3866 w643 h13\"><div class=\"t m0 x26 h5 y66c ff4 fs1 fc1 sc0 ls0 ws0\">4.564 </div></td><td class=\"c xb46 y3866 w644 h13\"><div class=\"t m0 x38 h5 y66c ff4 fs1 fc1 sc0 ls0 ws0\">451 </div></td><td class=\"c xb47 y3866 w643 h13\"><div class=\"t m0 x34 h5 y66c ff4 fs1 fc1 sc0 ls0 ws0\">+501 </div></td></tr></table></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs193a\">Le <span class=\"_ _0\"></span>analisi <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>sensitivit\u00e0 <span class=\"_ _9\"> </span>di <span class=\"_ _0\"></span>cui <span class=\"_ _0\"></span>sopra <span class=\"_ _9\"> </span>sono <span class=\"_ _0\"></span>state <span class=\"_ _0\"></span>effettuate <span class=\"_ _9\"> </span>tramite <span class=\"_ _0\"></span>elaborazioni <span class=\"_ _0\"></span>integrate <span class=\"_ _0\"></span>attivo<span class=\"_ _2\"></span>-<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs193b\">passivo <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>tenessero <span class=\"_ _d\"></span>pertanto <span class=\"_ _2\"></span>conto <span class=\"_ _2\"></span>congiuntamente <span class=\"_ _2\"></span>degli <span class=\"_ _2\"></span>effetti <span class=\"_ _d\"></span>dei <span class=\"_ _2\"></span>relativi <span class=\"_ _2\"></span>stress <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>mercato<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs193c\">sia <span class=\"_ _2\"></span>sul <span class=\"_ _2\"></span>portafoglio polizze <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>sul <span class=\"_ _2\"></span>portafoglio <span class=\"_ _2\"></span>titoli. <span class=\"_ _2\"></span>La valutazione <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _2\"></span>stata <span class=\"_ _2\"></span>effettuata al <span class=\"_ _2\"></span>lordo <span class=\"_ _2\"></span>della<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs193d\">riassicurazione <span class=\"_ _2\"></span>passiva <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>quanto poco <span class=\"_ _2\"></span>significativa <span class=\"_ _2\"></span>rispetto <span class=\"_ _2\"></span>agli s<span class=\"_ _2\"></span>cenari <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>stress <span class=\"_ _2\"></span>individuati ed <span class=\"_ _d\"></span>\u00e8<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs193e\">da intendersi <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>lordo dell\u2019impatto <span class=\"_ _2\"></span>fiscale con <span class=\"_ _2\"></span>riferimento <span class=\"_ _2\"></span>al CSM e <span class=\"_ _2\"></span>al nett<span class=\"_ _2\"></span>o dell\u2019effetto <span class=\"_ _2\"></span>fiscale con<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs193f\">riferimento a Patrimonio Netto e Contributo all\u2019Utile<span class=\"_ _1\"></span> Consolidato.<span class=\"_ _df\"> </span><span class=\"_ _2\"></span><span class=\"ff4\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc4 sc3 ls0 ws0 gs1940\">Rischio<span class=\"_ _f\"></span> Asset <span class=\"_ _f\"></span>Liability M<span class=\"_ _1\"></span>anag<span class=\"_ _f\"></span>ement <span class=\"_ _f\"></span>(ALM)<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1941\">Il  rischio  ALM  \u00e8<span class=\"_ _1\"></span>  un  rischio<span class=\"_ _1\"></span>  strettamente  correlato  ai  d<span class=\"_ _f\"></span>isallineamenti  tra  attivit\u00e0  e<span class=\"_ _f\"></span>  passivit\u00e0.  Il<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1942\">processo <span class=\"_ _e\"> </span>ALM <span class=\"_ _15\"> </span>include <span class=\"_ _15\"> </span>al <span class=\"_ _e\"> </span>suo <span class=\"_ _e\"> </span>interno <span class=\"_ _e\"> </span>dinamiche <span class=\"_ _15\"> </span>conness<span class=\"_ _2\"></span>e <span class=\"_ _15\"> </span>alla <span class=\"_ _e\"> </span>gestione <span class=\"_ _15\"> </span>dei <span class=\"_ _e\"> </span>rischi <span class=\"_ _e\"> </span>e <span class=\"_ _15\"> </span>alla<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1943\">pianificazione <span class=\"_ _4\"> </span>strategica. <span class=\"_ _4\"> </span>Si <span class=\"_ _4\"> </span>focalizza <span class=\"_ _4\"> </span>sul <span class=\"_ _4\"> </span>medio <span class=\"_ _4\"> </span>- <span class=\"_ _17\"> </span>lungo <span class=\"_ _4\"> </span>termine <span class=\"_ _4\"> </span>anzich\u00e9 <span class=\"_ _4\"> </span>offrire <span class=\"_ _4\"> </span>so<span class=\"_ _2\"></span>luzioni <span class=\"_ _22\"> </span>di<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs1944\">mitigazione <span class=\"_ _f\"></span>o copertura del <span class=\"_ _f\"></span>risc<span class=\"_ _2\"></span>hio. <span class=\"_ _1\"></span>L\u2019obiettivo d<span class=\"_ _1\"></span>i tale <span class=\"_ _f\"></span>gestione del rischio <span class=\"_ _f\"></span>\u00e8 quello di <span class=\"_ _f\"></span>mass<span class=\"_ _2\"></span>imizzare<span class=\"_ _df\"> </span><span class=\"_ _f\"></span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1945\">le attivit\u00e0 per soddisfare le passiv<span class=\"_ _1\"></span>it\u00e0 complesse che possono aumentare la redditivit\u00e0.<span class=\"_ _df\"> </span><span class=\"_ _2\"></span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1946\">Alla sottocategoria dei Rischi ALM appartengono i seguenti fattori di rischio:  </div><div class=\"t m0 h5 ff13 fs1 fc1 sc0 ls0 ws0 gs1947\">-<span class=\"ff10\"> <span class=\"_ _24\"> </span><span class=\"ff4\">Asset <span class=\"_ _40\"> </span>Al<span class=\"_ _1\"></span>location <span class=\"_ _29\"> </span>Str<span class=\"_ _2\"></span>ategi<span class=\"_ _1\"></span>ca <span class=\"_ _29\"> </span>(A<span class=\"_ _2\"></span>AT): <span class=\"_ _29\"> </span>consiste <span class=\"_ _40\"> </span>ne<span class=\"_ _f\"></span>l <span class=\"_ _40\"> </span>rischio <span class=\"_ _29\"> </span>risultante<span class=\"_ _df\"> </span></span></span><span class=\"ff10\"><span class=\"ff4\"> </span></span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs1948\">dall\u2019inadeguatezza/incoerenza dell\u2019<span class=\"_ _1\"></span>asset allocation per fare fronte alle passivit\u00e0.<span class=\"_ _df\"> </span><span class=\"_ _2\"></span><span class=\"ff4\"> </span></div><div class=\"t m0 h5 ff13 fs1 fc1 sc0 ls0 ws0 gs1949\">-<span class=\"_ _1b\"> </span><span class=\"ff4\">Asset &amp;<span class=\"_ _1\"></span> Li<span class=\"_ _1\"></span>ability mismatch: <span class=\"_ _f\"></span>corrisponde <span class=\"_ _f\"></span>al rischio di<span class=\"_ _1\"></span> di<span class=\"_ _1\"></span>sallineamento tra <span class=\"_ _f\"></span>atti<span class=\"_ _2\"></span>vi <span class=\"_ _1\"></span>e p<span class=\"_ _1\"></span>assivi ch<span class=\"_ _1\"></span>e p<span class=\"_ _1\"></span>u\u00f2<span class=\"_ _df\"> </span></span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs194a\">comportare <span class=\"_ _5\"> </span>un\u2019<span class=\"_ _1\"></span>esposizione <span class=\"_ _5\"> </span>dell\u2019impresa <span class=\"_ _20\"> </span>o <span class=\"_ _5\"> </span>al <span class=\"_ _5\"> </span>rischio <span class=\"_ _20\"> </span>disinvestimento <span class=\"_ _5\"> </span>o <span class=\"_ _5\"> </span>al <span class=\"_ _20\"> </span>rischio<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs194b\">reinvestimento.<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs194c\">La <span class=\"_ _14\"> </span>Compagnia <span class=\"_ _14\"> </span>adotta, <span class=\"_ _14\"> </span>nei <span class=\"_ _15\"> </span>confronti <span class=\"_ _14\"> </span>dei <span class=\"_ _14\"> </span>fattori <span class=\"_ _14\"> </span>di <span class=\"_ _14\"> </span>rischio <span class=\"_ _14\"> </span>sopra <span class=\"_ _14\"> </span>enunciati, <span class=\"_ _14\"> </span>linee <span class=\"_ _14\"> </span>guida <span class=\"_ _14\"> </span>che<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs194d\">definiscono <span class=\"_ _4\"> </span>i <span class=\"_ _17\"> </span>principi <span class=\"_ _4\"> </span>generali, <span class=\"_ _17\"> </span>la <span class=\"_ _4\"> </span>periodicit\u00e0 <span class=\"_ _17\"> </span>dei <span class=\"_ _4\"> </span>controlli <span class=\"_ _17\"> </span>e <span class=\"_ _4\"> </span>le <span class=\"_ _4\"> </span>azioni <span class=\"_ _17\"> </span>di <span class=\"_ _4\"> </span>r<span class=\"_ _2\"></span>ipristino <span class=\"_ _4\"> </span>in <span class=\"_ _4\"> </span>caso <span class=\"_ _4\"> </span>di<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs194e\">superamento dei limiti.  </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs194f\">Valutazione <span class=\"_ _d\"></span>dei <span class=\"_ _d\"></span>rischi <span class=\"_ _d\"></span>ALM <span class=\"_ _d\"></span>vien<span class=\"_ _2\"></span>e <span class=\"_ _d\"></span>effettuata <span class=\"_ _d\"></span>con <span class=\"_ _d\"></span>riferimento <span class=\"_ _d\"></span>al <span class=\"_ _d\"></span>por<span class=\"_ _2\"></span>tafoglio <span class=\"_ _d\"></span>investimenti <span class=\"_ _2\"></span>mobiliar<span class=\"_ _2\"></span>e<span class=\"_ _df\"> </span><span class=\"_ _1\"></span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1950\">gi\u00e0 <span class=\"_ _9\"> </span>acquisito <span class=\"_ _9\"> </span>e <span class=\"_ _9\"> </span>agli <span class=\"_ _9\"> </span>s<span class=\"_ _2\"></span>cenari <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>investimento <span class=\"_ _9\"> </span>futuro. <span class=\"_ _9\"> </span>Tale <span class=\"_ _9\"> </span>at<span class=\"_ _2\"></span>tivit\u00e0 <span class=\"_ _9\"> </span>viene <span class=\"_ _9\"> </span>realizz<span class=\"_ _2\"></span>ata <span class=\"_ _16\"> </span>con <span class=\"_ _9\"> </span>logiche <span class=\"_ _9\"> </span>di<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1951\">Asset-Liability <span class=\"_ _f\"></span>Management, <span class=\"_ _1\"></span>al <span class=\"_ _f\"></span>fi<span class=\"_ _2\"></span>ne <span class=\"_ _f\"></span>di <span class=\"_ _1\"></span>cogliere <span class=\"_ _f\"></span>le inte<span class=\"_ _1\"></span>rrelazioni e<span class=\"_ _1\"></span>sistenti fra <span class=\"_ _f\"></span>le <span class=\"_ _f\"></span>dinamiche <span class=\"_ _f\"></span>dei p<span class=\"_ _1\"></span>assivi<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1952\">e le dinamiche degli attivi a copertura delle riserve tecni<span class=\"_ _1\"></span>che. <span class=\"_ _2\"></span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1953\">Per quanto riguarda i macro-indicatori analizzati per la valutazione e monitoraggio dei rischi ALM:<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff13 fs1 fc1 sc0 ls0 ws0 gs1954\">-<span class=\"_ _1b\"> </span><span class=\"ff4\">SCR <span class=\"_ _9\"> </span>Interest  Rate <span class=\"_ _9\"> </span><span class=\"ff5\">\u2013<span class=\"_ _2\"></span></span> <span class=\"_ _16\"> </span><span class=\"ff5\">Based: <span class=\"_ _9\"> </span>indicatori  ch<span class=\"_ _1\"></span>e <span class=\"_ _16\"> </span>hanno <span class=\"_ _16\"> </span>lo <span class=\"_ _9\"> </span>scopo  d<span class=\"_ _1\"></span>i <span class=\"_ _16\"> </span>individu<span class=\"_ _1\"></span>are  l<span class=\"_ _1\"></span>\u2019assorbimento  d<span class=\"_ _1\"></span>i<span class=\"_ _df\"> </span></span></span><span class=\"ff4\"><span class=\"ff5\"> </span></span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1955\">capitale, secondo <span class=\"_ _2\"></span>le metriche <span class=\"_ _2\"></span>Solvency II, <span class=\"_ _2\"></span>del rischio <span class=\"_ _2\"></span>tasso di <span class=\"_ _2\"></span>interesse secondo <span class=\"_ _2\"></span>un approccio<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1956\">sia regolamentare che gestionale;<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff13 fs1 fc1 sc0 ls0 ws0 gs1957\">-<span class=\"_ _1b\"> </span><span class=\"ff4\">Dis<span class=\"ff5\">allineamento <span class=\"_ _0\"></span>rendimenti <span class=\"_ _0\"></span>delle <span class=\"_ _0\"></span>gestioni <span class=\"_ _0\"> </span>s<span class=\"_ _2\"></span>eparate: <span class=\"_ _0\"></span>l\u2019indicatore <span class=\"_ _0\"></span>misura <span class=\"_ _9\"> </span>il <span class=\"_ _0\"></span>disallinemento <span class=\"_ _0\"> </span>t<span class=\"_ _2\"></span>ra<span class=\"_ _df\"> </span></span></span><span class=\"ff4\"><span class=\"ff5\"> </span></span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1958\">rendimenti dalle gestioni separate e rendimenti mini<span class=\"_ _1\"></span>mi garantiti agli assicurati;<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff13 fs1 fc1 sc0 ls0 ws0 gs1959\">-<span class=\"_ _1b\"> </span><span class=\"ff5\">Cash Flow <span class=\"_ _2\"></span>Matching: l\u2019indicatore <span class=\"_ _2\"></span>descrive il <span class=\"_ _2\"></span>disallineamento, <span class=\"_ _2\"></span>tempo per <span class=\"_ _2\"></span>tempo, <span class=\"_ _2\"></span>tra <span class=\"_ _2\"></span><span class=\"ff4\">i <span class=\"_ _2\"></span>Cashflow<span class=\"_ _df\"> </span></span></span><span class=\"ff5\"><span class=\"ff4\"> </span></span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs195a\">degli attivi e i Cashflow del passiv<span class=\"_ _1\"></span>o;<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff13 fs1 fc1 sc0 ls0 ws0 gs195b\">-<span class=\"_ _1b\"> </span><span class=\"ff4\">Duration <span class=\"_ _4\"> </span>Matching: <span class=\"_ _17\"> </span>disalline<span class=\"_ _1\"></span>amento <span class=\"_ _17\"> </span>tra <span class=\"_ _17\"> </span>la <span class=\"_ _4\"> </span>duration <span class=\"_ _17\"> </span>dei <span class=\"_ _4\"> </span>Cashflow <span class=\"_ _4\"> </span>At<span class=\"_ _2\"></span>tivi <span class=\"_ _4\"> </span>e <span class=\"_ _4\"> </span>la <span class=\"_ _17\"> </span>duration <span class=\"_ _17\"> </span>dei<span class=\"_ _df\"> </span></span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs195c\">Cashflow Passivi;<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff13 fs1 fc1 sc0 ls0 ws0 gs195d\">-<span class=\"_ _1b\"> </span><span class=\"ff4\">Future <span class=\"_ _d\"></span>D<span class=\"_ _2\"></span>iscretionary <span class=\"_ _d\"></span>Benefit <span class=\"_ _0\"></span>(cd. <span class=\"_ _d\"></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=\"_ _d\"></span>di <span class=\"_ _0\"></span>monitor<span class=\"_ _2\"></span>are <span class=\"_ _d\"></span>in <span class=\"_ _0\"></span>maniera<span class=\"_ _df\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs195e\">indiretta <span class=\"_ _17\"> </span>la <span class=\"_ _17\"> </span>capacit\u00e0 <span class=\"_ _17\"> </span>di <span class=\"_ _17\"> </span>assorbimento <span class=\"_ _17\"> </span>delle <span class=\"_ _17\"> </span>perdite <span class=\"_ _17\"> </span>Solvency <span class=\"_ _14\"> </span>II <span class=\"_ _17\"> </span>da <span class=\"_ _17\"> </span>parte <span class=\"_ _17\"> </span>delle <span class=\"_ _17\"> </span>Technical<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs195f\">Provisions;<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff13 fs1 fc1 sc0 ls0 ws0 gs1960\">-<span class=\"_ _1b\"> </span><span class=\"ff4\">Sensitivities Spread Gove<span class=\"_ _1\"></span>rantivo Italia;<span class=\"_ _df\"> </span></span></div><div class=\"t m0 h5 ff13 fs1 fc1 sc0 ls0 ws0 gs1961\">-<span class=\"_ _1b\"> </span><span class=\"ff4\">Sensitivity sui fattori di rischio me<span class=\"_ _1\"></span>rcato e tecnici (es. tasso e riscatti).<span class=\"_ _df\"> </span></span></div><div class=\"t m0 h5 ff4 fs1 fc4 sc3 ls0 ws0 gs1c71\">Rischi <span class=\"_ _1\"></span>di m<span class=\"_ _1\"></span>ercat<span class=\"_ _1\"></span>o <span class=\"_ _1\"></span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1c72\">Alla pi\u00f9 generale categoria del Rischio Mercato appartengono le seguenti sotto-categorie:<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff13 fs1 fc1 sc0 ls0 ws0 gs1c73\">-<span class=\"ff10\"> <span class=\"_ _24\"> </span><span class=\"ff4\">Rischio Mercato;<span class=\"_ _df\"> </span></span></span><span class=\"ff10\"><span class=\"ff4\"> </span></span></div><div class=\"t m0 h5 ff13 fs1 fc1 sc0 ls0 ws0 gs1c74\">-<span class=\"ff10\"> <span class=\"_ _24\"> </span><span class=\"ff4\">Rischio Asset &amp; <span class=\"_ _2\"></span>Liabil<span class=\"_ _1\"></span>ity Management;<span class=\"_ _df\"> </span></span></span><span class=\"ff10\"><span class=\"ff4\"> </span></span></div><div class=\"t m0 h5 ff13 fs1 fc4 sc0 ls0 ws0 gs1c75\">-<span class=\"ff10\"> <span class=\"_ _24\"> </span><span class=\"ff4 fc1\">Rischio di Liquidit\u00e0,<span class=\"_ _df\"> </span></span></span><span class=\"ff10\"><span class=\"ff4 fc1\"><span class=\"fc4 sc3\"> </span></span></span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1c76\">di seguito meglio esplici<span class=\"_ _1\"></span>tate.<span class=\"_ _df\"> </span><span class=\"_ _2\"></span><span class=\"fc4 sc3\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1c77\">Si <span class=\"_ _9\"> </span>definisce <span class=\"_ _9\"> </span>rischio <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>mercato, <span class=\"_ _9\"> </span>il <span class=\"_ _16\"> </span>rischio <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>perdita <span class=\"_ _9\"> </span>o <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>variazione <span class=\"_ _9\"> </span>sfavorevole <span class=\"_ _9\"> </span>della <span class=\"_ _9\"> </span>situazione<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1c78\">finanziaria der<span class=\"_ _2\"></span>ivante, direttamente <span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>indirettamente, da <span class=\"_ _2\"></span>oscillazioni <span class=\"_ _2\"></span>del li<span class=\"_ _2\"></span>vello e <span class=\"_ _2\"></span>della <span class=\"_ _2\"></span>volatilit\u00e0 d<span class=\"_ _2\"></span>ei<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1c79\">prezzi di mercato delle attivit\u00e0, delle passivit\u00e0 e degli strumenti finanziari (cfr. articolo 1, comma 1,<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1c7a\">lettera vv-bis 3 del CAP).<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1c7b\">I <span class=\"_ _14\"> </span>r<span class=\"_ _2\"></span>ischi <span class=\"_ _14\"> </span>di <span class=\"_ _15\"> </span>mercato <span class=\"_ _15\"> </span>risentono <span class=\"_ _15\"> </span>del<span class=\"ff5\">l\u2019andam<span class=\"_ _2\"></span>ento <span class=\"_ _14\"> </span>congiunturale <span class=\"_ _15\"> </span>del <span class=\"_ _15\"> </span>ciclo <span class=\"_ _15\"> </span>economico, <span class=\"_ _15\"> </span>che <span class=\"_ _15\"> </span>pu\u00f2<span class=\"_ _df\"> </span></span><span class=\"ff5\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1c7c\">amplificarne <span class=\"_ _2\"></span>o <span class=\"_ _d\"></span>eventualme<span class=\"_ _f\"></span>nt<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>diminuirne <span class=\"_ _2\"></span>la <span class=\"_ _d\"></span>significativit\u00e0, <span class=\"_ _2\"></span>soprattutto <span class=\"_ _2\"></span>se <span class=\"_ _2\"></span>il <span class=\"_ _d\"></span>portafoglio t<span class=\"_ _2\"></span>itoli <span class=\"_ _2\"></span>della<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1c7d\">Compagnia \u00e8 particolarmente concentrato in determinati settori,<span class=\"_ _1\"></span> valute o aree geografiche. <span class=\"_ _2\"></span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1c7e\">Tale rischio pu\u00f2 essere distinto nei<span class=\"_ _1\"></span> seguenti fattori di rischio:<span class=\"_ _df\"> </span><span class=\"_ _2\"></span> </div><div class=\"t m0 h5 ff18 fs1 fc1 sc0 ls0 ws0 gs1c7f\">-<span class=\"ff10\"> <span class=\"_ _51\"> </span><span class=\"ff4\">Rischio <span class=\"_ _22\"> </span>tas<span class=\"_ _2\"></span>so  di  interesse:  il  v<span class=\"_ _1\"></span>alore  degli  attivi  di  una  impresa  di  assicurazione  \u00e8  sensibile<span class=\"_ _1\"></span>  a<span class=\"_ _df\"> </span></span></span><span class=\"ff10\"><span class=\"ff4\"> </span></span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1c80\">variazioni dei <span class=\"_ _2\"></span>tassi <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>interesse. Inoltr<span class=\"_ _2\"></span>e, se <span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>flussi finanziari <span class=\"_ _2\"></span>generati <span class=\"_ _2\"></span>dalle att<span class=\"_ _2\"></span>ivit\u00e0 e <span class=\"_ _2\"></span>quelli<span class=\"_ _2\"></span> g<span class=\"_ _2\"></span>enerati<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs1c81\">dalle <span class=\"_ _16\"> </span>passivit\u00e0 <span class=\"_ _9\"> </span>di  un\u2019impresa <span class=\"_ _9\"> </span>n<span class=\"_ _2\"></span>on <span class=\"_ _16\"> </span>sono <span class=\"_ _16\"> </span>perfettamente <span class=\"_ _9\"> </span>allineati  p<span class=\"_ _1\"></span>er  scad<span class=\"_ _1\"></span>enza, <span class=\"_ _16\"> </span>periodicit\u00e0 <span class=\"_ _16\"> </span>degli<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1c82\">eventuali pagamenti e per natura dei tassi degli investimenti (maturity <span class=\"_ _2\"></span>mismatching<span class=\"_ _1\"></span>, interest rate<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1c83\">mismatching, <span class=\"_ _d\"></span>reset <span class=\"_ _0\"></span>date <span class=\"_ _d\"></span>mismatching, <span class=\"_ _d\"></span>basic <span class=\"_ _d\"></span>mismat<span class=\"_ _2\"></span>ching), <span class=\"_ _d\"></span>uno <span class=\"_ _0\"></span>shock <span class=\"_ _d\"></span>(positivo <span class=\"_ _d\"></span>o <span class=\"_ _0\"></span>negativo) <span class=\"_ _d\"></span>dei<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1c84\">tassi <span class=\"_ _f\"></span>di <span class=\"_ _f\"></span>interess<span class=\"_ _2\"></span>e <span class=\"_ _f\"></span>pu\u00f2 <span class=\"_ _f\"></span>produrre <span class=\"_ _f\"></span>variazioni <span class=\"_ _f\"></span>non <span class=\"_ _1\"></span>sincronizzate <span class=\"_ _f\"></span>nel valore <span class=\"_ _f\"></span>delle <span class=\"_ _f\"></span>attivit\u00e0 <span class=\"_ _f\"></span>e <span class=\"_ _f\"></span>del<span class=\"_ _2\"></span>le <span class=\"_ _f\"></span>passivit\u00e0.<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1c85\">Sostanzialmente <span class=\"_ _f\"></span>l'esposizione <span class=\"_ _f\"></span>al <span class=\"_ _f\"></span>rischio <span class=\"_ _1\"></span>tasso <span class=\"_ _f\"></span>di <span class=\"_ _f\"></span>interesse <span class=\"_ _1\"></span>si <span class=\"_ _f\"></span>riferisce <span class=\"_ _f\"></span>a <span class=\"_ _f\"></span>tutt<span class=\"_ _2\"></span>e <span class=\"_ _f\"></span>le <span class=\"_ _f\"></span>attivit\u00e0 <span class=\"_ _f\"></span>e <span class=\"_ _f\"></span>le <span class=\"_ _f\"></span>passivit\u00e0<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1c86\">i<span class=\"ff5\">l <span class=\"_ _9\"> </span>cui <span class=\"_ _9\"> </span>valore <span class=\"_ _9\"> </span>\u00e8 <span class=\"_ _9\"> </span>\u201csensibile\u201d <span class=\"_ _9\"> </span>ai <span class=\"_ _16\"> </span>cambiamenti <span class=\"_ _0\"></span>nella <span class=\"_ _16\"> </span>struttura <span class=\"_ _9\"> </span>a <span class=\"_ _9\"> </span>termine <span class=\"_ _9\"> </span>dei <span class=\"_ _9\"> </span>tassi <span class=\"_ _16\"> </span>di <span class=\"_ _0\"> </span>interess<span class=\"_ _2\"></span>e <span class=\"_ _0\"></span>o <span class=\"_ _9\"> </span>alla<span class=\"_ _df\"> </span></span><span class=\"ff5\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1c87\">volatilit\u00e0 dei tassi di interesse;<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff18 fs1 fc1 sc0 ls0 ws0 gs1c88\">-<span class=\"ff10\"> <span class=\"_ _51\"> </span><span class=\"ff5\">Rischio <span class=\"_ _2\"></span>azionario: i valori <span class=\"_ _2\"></span>di mercato delle posizioni assunte <span class=\"_ _2\"></span>dall\u2019impresa possono essere sensibili<span class=\"_ _df\"> </span></span></span><span class=\"ff10\"><span class=\"ff5\"> </span></span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs1c89\">all\u2019andamento  d<span class=\"_ _1\"></span>ei  merc<span class=\"ff4\">ati <span class=\"_ _16\"> </span>azionari  (p<span class=\"_ _1\"></span>er  esempi<span class=\"_ _1\"></span>o  nel <span class=\"_ _9\"> </span>caso<span class=\"_ _2\"></span>  d<span class=\"_ _1\"></span>i  contratti <span class=\"_ _16\"> </span>le <span class=\"_ _16\"> </span>cui <span class=\"_ _16\"> </span>prestazioni  son<span class=\"_ _f\"></span>o<span class=\"_ _df\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1c8a\">collegate al valore di un titolo azionario);<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff18 fs1 fc1 sc0 ls0 ws0 gs1c8b\">-<span class=\"ff10\"> <span class=\"_ _51\"> </span><span class=\"ff5\">Rischio  tasso  di  camb<span class=\"_ _f\"></span>io:  il  valore <span class=\"_ _16\"> </span>di <span class=\"_ _16\"> </span>mercato  dell<span class=\"_ _1\"></span>e  posizioni  assunte <span class=\"_ _9\"> </span>dall\u2019impresa  pu\u00f2  e<span class=\"_ _1\"></span>ssere<span class=\"_ _df\"> </span></span></span><span class=\"ff10\"><span class=\"ff5\"> </span></span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1c8c\">sensibile <span class=\"_ _d\"></span>a <span class=\"_ _d\"></span>variazioni <span class=\"_ _d\"></span>dei <span class=\"_ _d\"></span>tassi <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>cambio <span class=\"_ _d\"></span>(p<span class=\"_ _2\"></span>er <span class=\"_ _d\"></span>esempio <span class=\"_ _d\"></span>nel <span class=\"_ _d\"></span>caso <span class=\"_ _0\"></span>di <span class=\"_ _d\"></span>titoli <span class=\"_ _d\"></span>azionari <span class=\"_ _d\"></span>o <span class=\"_ _d\"></span>obbligazionari<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1c8d\">denominati in <span class=\"_ _2\"></span>valuta <span class=\"_ _2\"></span>estera). Qu<span class=\"_ _2\"></span>esto <span class=\"_ _2\"></span>fattore di <span class=\"_ _2\"></span>rischio, <span class=\"_ _2\"></span>quind<span class=\"_ _f\"></span>i<span class=\"_ _2\"></span>, as<span class=\"_ _2\"></span>sume particolare <span class=\"_ _2\"></span>rilevanza per <span class=\"_ _2\"></span>le<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1c8e\">imprese <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>assicurazione <span class=\"_ _2\"></span>in <span class=\"_ _d\"></span>presenza <span class=\"_ _2\"></span>di <span class=\"_ _d\"></span>attivit\u00e0 <span class=\"_ _2\"></span>a <span class=\"_ _d\"></span>copertura <span class=\"_ _2\"></span>delle <span class=\"_ _2\"></span>riserve <span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>ecniche <span class=\"_ _2\"></span>denominate <span class=\"_ _2\"></span>in<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1c8f\">una <span class=\"_ _2\"></span>valuta <span class=\"_ _2\"></span>diversa <span class=\"_ _d\"></span>da <span class=\"_ _2\"></span>quella <span class=\"_ _2\"></span>dei <span class=\"_ _2\"></span>cor<span class=\"_ _2\"></span>rispondenti <span class=\"_ _2\"></span>impegni <span class=\"_ _2\"></span>tecnici <span class=\"_ _2\"></span>assunti <span class=\"_ _d\"></span>contrattualmente.<span class=\"_ _1\"></span> <span class=\"_ _2\"></span>Infatti,<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs1c90\">poich\u00e9 <span class=\"_ _e\"> </span>la <span class=\"_ _10\"> </span>conversione <span class=\"_ _10\"> </span>di <span class=\"_ _e\"> </span>valute <span class=\"_ _10\"> </span>avviene <span class=\"_ _e\"> </span>alla <span class=\"_ _10\"> </span>chiusura <span class=\"_ _10\"> </span>d\u2019esercizio <span class=\"_ _10\"> </span>al <span class=\"_ _10\"> </span>cambio <span class=\"_ _e\"> </span>corrente, <span class=\"_ _10\"> </span>in<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1c91\">corrispondenza di<span class=\"_ _1\"></span> detta data possono realizz<span class=\"_ _1\"></span>arsi delle plus/minusvalenze a causa d<span class=\"_ _1\"></span>ella variazione<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1c92\">dei tassi di cambio;<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff18 fs1 fc1 sc0 ls0 ws0 gs1c93\">-<span class=\"ff10\"> <span class=\"_ _51\"> </span><span class=\"ff5\">Rischio <span class=\"_ _d\"></span>immobiliare: <span class=\"_ _d\"></span>qualora <span class=\"_ _0\"></span>gli <span class=\"_ _2\"></span>at<span class=\"_ _2\"></span>tivi <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>un\u2019imp<span class=\"_ _1\"></span>resa <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>assicuraz<span class=\"_ _2\"></span>ione <span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>iano <span class=\"_ _d\"></span>investiti <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>immobili, <span class=\"_ _2\"></span>i<span class=\"_ _df\"> </span></span></span><span class=\"ff10\"><span class=\"ff5\"><span class=\"_ _2\"></span> </span></span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs1c94\">valori di tali attivit\u00e0 sono sensibili all\u2019and<span class=\"_ _1\"></span>amento dei prezzi di mercato degli stessi;<span class=\"_ _df\"> </span><span class=\"_ _2\"></span><span class=\"ff4\"> </span></div><div class=\"t m0 h5 ff18 fs1 fc1 sc0 ls0 ws0 gs1c95\">-<span class=\"ff10\"> <span class=\"_ _51\"> </span><span class=\"ff4\">Cr<span class=\"_ _2\"></span>edit <span class=\"_ _0\"></span>Spread: <span class=\"_ _0\"></span><span class=\"ff5\">ogni <span class=\"_ _9\"> </span>volta <span class=\"_ _0\"></span>che <span class=\"_ _9\"> </span>un\u2019impresa <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>assicurazione <span class=\"_ _9\"> </span>sottoscrive <span class=\"_ _0\"></span>st<span class=\"_ _2\"></span>rumenti <span class=\"_ _0\"></span>finanziari, <span class=\"_ _0\"></span>pu\u00f2<span class=\"_ _df\"> </span></span></span></span><span class=\"ff10\"><span class=\"ff4\"><span class=\"ff5\"> </span></span></span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1c96\">incorrere nel r<span class=\"_ _2\"></span>ischio di insolvenza <span class=\"_ _2\"></span>del proprio debitore <span class=\"_ _2\"></span>il quale potrebbe non <span class=\"_ _2\"></span>essere in grado <span class=\"_ _2\"></span>sia di<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1c97\">adempiere <span class=\"_ _4\"> </span>alle <span class=\"_ _4\"> </span>proprie <span class=\"_ _4\"> </span>obbligazioni <span class=\"_ _4\"> </span>sia <span class=\"_ _17\"> </span>di <span class=\"_ _4\"> </span>incorrere <span class=\"_ _4\"> </span>nel <span class=\"_ _4\"> </span>rischio <span class=\"_ _17\"> </span>di <span class=\"_ _4\"> </span>un <span class=\"_ _4\"> </span>pe<span class=\"_ _2\"></span>ggioramento <span class=\"_ _4\"> </span>merito<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs1c98\">creditizio,  con  conseguente  riduzione  del <span class=\"_ _22\"> </span>valore <span class=\"_ _4\"> </span>del<span class=\"_ _1\"></span>  titolo. <span class=\"_ _22\"> </span>L\u2019esposizione  al  risch<span class=\"_ _2\"></span>io  credito  si<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1c99\">riferisce ad attivit\u00e0, passivit\u00e0 e strumenti finanziari sensibi<span class=\"_ _1\"></span>li alla variazione degli spread creditizi;<span class=\"_ _df\"> </span><span class=\"_ _2\"></span> </div><div class=\"t m0 h5 ff18 fs1 fc1 sc0 ls0 ws0 gs1c9a\">-<span class=\"ff10\"> <span class=\"_ _51\"> </span><span class=\"ff5\">Rischio <span class=\"_ _d\"></span>conc<span class=\"_ _2\"></span>entrazione: <span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>\u2019esposizi<span class=\"ff4\">one <span class=\"_ _d\"></span>al <span class=\"_ _d\"></span>rischio <span class=\"_ _d\"></span>di <span class=\"_ _0\"></span>concentrazione, <span class=\"_ _d\"></span>che <span class=\"_ _d\"></span>deriva <span class=\"_ _0\"></span>da <span class=\"_ _d\"></span>una <span class=\"_ _d\"></span>variazione<span class=\"_ _df\"> </span></span></span></span><span class=\"ff10\"><span class=\"ff5\"><span class=\"ff4\"> </span></span></span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1c9b\">inattesa <span class=\"_ _22\"> </span>dei  prezzi, <span class=\"_ _4\"> </span>del  valore <span class=\"_ _22\"> </span>delle <span class=\"_ _22\"> </span>esposizioni <span class=\"_ _4\"> </span>verso  emittenti <span class=\"_ _22\"> </span>s<span class=\"_ _2\"></span>u  cui  si <span class=\"_ _4\"> </span>ha  un  accumulo <span class=\"_ _4\"> </span>di<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1c9c\">esposizione <span class=\"_ _f\"></span>con <span class=\"_ _1\"></span>la <span class=\"_ _f\"></span>s<span class=\"_ _2\"></span>tessa <span class=\"_ _f\"></span>cont<span class=\"_ _2\"></span>rop<span class=\"_ _1\"></span>arte, <span class=\"_ _1\"></span>si <span class=\"_ _f\"></span>r<span class=\"_ _2\"></span>iferisce <span class=\"_ _f\"></span>alle <span class=\"_ _f\"></span>att<span class=\"_ _2\"></span>ivit\u00e0 <span class=\"_ _f\"></span>soggette <span class=\"_ _1\"></span>al <span class=\"_ _1\"></span>rischio <span class=\"_ _f\"></span>azionario, al tasso<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1c9d\">di <span class=\"_ _2\"></span>interesse <span class=\"_ _2\"></span>e <span class=\"_ _d\"></span>spread <span class=\"_ _2\"></span>e <span class=\"_ _d\"></span>al <span class=\"_ _2\"></span>rischio <span class=\"_ _d\"></span>immobiliare <span class=\"_ _2\"></span>inclusi <span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>el <span class=\"_ _2\"></span>rischio <span class=\"_ _d\"></span>di <span class=\"_ _2\"></span>mercato, <span class=\"_ _d\"></span>ed <span class=\"_ _2\"></span>esclude <span class=\"_ _2\"></span>le <span class=\"_ _d\"></span>attivit\u00e0<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1c9e\">soggette <span class=\"_ _0\"></span>al <span class=\"_ _0\"></span>rischio <span class=\"_ _0\"></span>di <span class=\"_ _d\"></span>inadempimento <span class=\"_ _0\"> </span>di <span class=\"_ _0\"></span>contr<span class=\"_ _2\"></span>oparte. <span class=\"_ _d\"></span>Al <span class=\"_ _0\"></span>momento <span class=\"_ _0\"> </span>a <span class=\"_ _9\"> </span>livell<span class=\"_ _1\"></span>o <span class=\"_ _0\"></span>regolamentare <span class=\"_ _0\"></span>sono<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1c9f\">esclusi anche i titoli di stato;<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff18 fs1 fc1 sc0 ls0 ws0 gs1ca0\">-<span class=\"ff10\"> <span class=\"_ _51\"> </span><span class=\"ff5\">Rischio  Sovrano: <span class=\"_ _22\"> </span>E\u2019  i<span class=\"_ _2\"></span>l  rischio  ass<span class=\"_ _2\"></span>ociato  all\u2019eventuali<span class=\"_ _1\"></span>t\u00e0  che <span class=\"_ _22\"> </span>un <span class=\"_ _22\"> </span>G<span class=\"_ _2\"></span>overno  non  rispetti  le  proprie<span class=\"_ _df\"> </span></span></span><span class=\"ff10\"><span class=\"ff5\"> </span></span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1ca1\">obbligazioni finanzi<span class=\"_ _1\"></span>arie. Pu\u00f2 dipendere da fattori economici,<span class=\"_ _1\"></span> finanziari e politici. Pu<span class=\"_ _1\"></span>\u00f2 essere legato<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1ca2\">alla <span class=\"_ _22\"> </span>congiuntura <span class=\"_ _4\"> </span>o <span class=\"_ _22\"> </span>s<span class=\"_ _2\"></span>vilu<span class=\"_ _1\"></span>pparsi <span class=\"_ _4\"> </span>nel  medio<span class=\"_ _2\"></span>-lungo <span class=\"_ _22\"> </span>periodo. <span class=\"_ _4\"> </span>Il  rischio <span class=\"_ _4\"> </span>sovrano <span class=\"_ _4\"> </span>viene  as<span class=\"_ _2\"></span>sociato  ai<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1ca3\">rendimenti <span class=\"_ _f\"></span>dei titoli pu<span class=\"_ _1\"></span>bblici <span class=\"_ _f\"></span>e quindi <span class=\"_ _f\"></span>agli interessi <span class=\"_ _1\"></span>che <span class=\"_ _1\"></span>uno S<span class=\"_ _1\"></span>tato dev<span class=\"_ _1\"></span>e corrisponde<span class=\"_ _1\"></span>re agl<span class=\"_ _1\"></span>i investitori<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1ca4\">per potersi finanziare;<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff18 fs1 fc1 sc0 ls0 ws0 gs1ca5\">-<span class=\"ff10\"> <span class=\"_ _51\"> </span><span class=\"ff4\">Liquidit\u00e0 <span class=\"_ _17\"> </span>del <span class=\"_ _4\"> </span>t<span class=\"_ _2\"></span>itolo: <span class=\"_ _4\"> </span>La <span class=\"_ _17\"> </span>possibilit\u00e0 <span class=\"_ _17\"> </span>di <span class=\"_ _4\"> </span>procedere <span class=\"_ _17\"> </span>allo <span class=\"_ _17\"> </span>smobilizzo <span class=\"_ _17\"> </span>tempestivo <span class=\"_ _4\"> </span>del <span class=\"_ _17\"> </span>portafoglio <span class=\"_ _17\"> </span>\u00e8<span class=\"_ _df\"> </span></span></span><span class=\"ff10\"><span class=\"ff4\"> </span></span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1ca6\">fortemente <span class=\"_ _14\"> </span>condizionata <span class=\"_ _14\"> </span>dalla <span class=\"_ _17\"> </span>liquidabilit\u00e0 <span class=\"_ _14\"> </span>dei <span class=\"_ _17\"> </span>t<span class=\"_ _2\"></span>itoli <span class=\"_ _17\"> </span>in <span class=\"_ _14\"> </span>cui <span class=\"_ _14\"> </span>lo <span class=\"_ _14\"> </span>stesso <span class=\"_ _14\"> </span>\u00e8 <span class=\"_ _14\"> </span>investito. <span class=\"_ _17\"> </span>La <span class=\"_ _14\"> </span>scarsa<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1ca7\">liquidabilit\u00e0  dei  titoli,  infatti,  pu\u00f2  esporre  la  Compagnia  al  rischio  di  conseguire  delle  perdite<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1ca8\">connesse alla difficolt\u00e0 <span class=\"_ _2\"></span>di trovare <span class=\"_ _2\"></span>sul mercato <span class=\"_ _2\"></span>la controparte interessata <span class=\"_ _2\"></span>all<span class=\"ff5\">\u2019acquisto <span class=\"_ _2\"></span>dei titoli che<span class=\"_ _df\"> </span></span><span class=\"ff5\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1ca9\">si intende<span class=\"_ _1\"></span> smobilizzare. <span class=\"_ _1\"></span>A livello <span class=\"_ _1\"></span>regolamentare non \u00e8<span class=\"_ _1\"></span> attualmente<span class=\"_ _1\"></span> previsto un <span class=\"_ _f\"></span>r<span class=\"_ _2\"></span>equi<span class=\"_ _1\"></span>sito di capital<span class=\"_ _f\"></span>e<span class=\"_ _df\"> </span><span class=\"_ _2\"></span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1caa\">specifico;<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff18 fs1 fc1 sc0 ls0 ws0 gs1cab\">-<span class=\"ff10\"> <span class=\"_ _51\"> </span><span class=\"ff4\">Altr<span class=\"_ _2\"></span>e <span class=\"_ _f\"></span>esposizioni in <span class=\"_ _f\"></span>assets: Tale<span class=\"_ _1\"></span> f<span class=\"_ _1\"></span>attore di <span class=\"_ _f\"></span>rischio <span class=\"_ _f\"></span>s<span class=\"_ _2\"></span>i <span class=\"_ _f\"></span>concretizza nel<span class=\"_ _1\"></span> rischio <span class=\"_ _f\"></span>mercato leg<span class=\"_ _1\"></span>ato a <span class=\"_ _f\"></span>private<span class=\"_ _df\"> </span></span></span><span class=\"ff10\"><span class=\"ff4\"> </span></span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1cac\">equity, strume<span class=\"ff5\">nti alternativi, infrastrutture, prodotti legati all\u2019i<span class=\"_ _1\"></span>nflazione e ibridi.<span class=\"_ _df\"> </span></span><span class=\"ff5\"><span class=\"_ _2\"></span><span class=\"ff4\"> </span></span></div>I fattor<span class=\"_ _2\"></span>i di rischio <span class=\"_ _2\"></span>di mercato vengono <span class=\"_ _2\"></span>principalmente individuati <span class=\"_ _2\"></span>nelle classi d<span class=\"_ _2\"></span>i bilancio specifiche<span class=\"_ _df\"> </span>del Portafoglio di Propriet\u00e0. Da <span class=\"_ _0\"></span>un <span class=\"_ _0\"> </span>punto <span class=\"_ _0\"></span>di <span class=\"_ _9\"> </span>vista <span class=\"_ _0\"></span>della <span class=\"_ _0\"></span>distribuzione <span class=\"_ _0\"></span>dei <span class=\"_ _0\"></span>ris<span class=\"_ _2\"></span>chi <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>mercato <span class=\"_ _0\"> </span>di <span class=\"_ _0\"></span>Credemassicurazioni <span class=\"_ _0\"></span>secondo <span class=\"_ _0\"></span>i<span class=\"_ _df\"> </span>dettami <span class=\"_ _19\"> </span>normativi <span class=\"_ _18\"> </span>Solvency <span class=\"_ _19\"> </span>II <span class=\"_ _19\"> </span>si <span class=\"_ _19\"> </span>riporta <span class=\"_ _18\"> </span>nella <span class=\"_ _19\"> </span>tabella <span class=\"_ _18\"> </span>d<span class=\"_ _2\"></span>i <span class=\"_ _18\"> </span>seguito <span class=\"_ _19\"> </span>la <span class=\"_ _19\"> </span>miglior <span class=\"_ _19\"> </span>stima <span class=\"_ _19\"> </span>della<span class=\"_ _df\"> </span>rappresentazione <span class=\"_ _2\"></span>del <span class=\"_ _d\"></span>rischio <span class=\"_ _d\"></span>alla <span class=\"_ _2\"></span>data <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>redazione <span class=\"_ _d\"></span>della <span class=\"_ _2\"></span>presente <span class=\"_ _d\"></span>sezione <span class=\"_ _d\"></span>(si <span class=\"_ _d\"></span>precisa <span class=\"_ _2\"></span>che <span class=\"_ _d\"></span>il <span class=\"_ _d\"></span>peso<span class=\"_ _df\"> </span>complessivo dei rischi market \u00e8 pari al 14,3%).<table class=\"s w11e7 h5c5\" id=\"_daeeade3-8a00-4cd0-ac27-1d42e4bd958a\"><tr><td class=\"c xb94 y38d1 w11e8 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc1 sc0 ls0 ws0\">Market risk - risk<span class=\"_ _1\"></span>/sum of risk comp<span class=\"_ _f\"></span>onents <span class=\"_ _2\"></span>- re<span class=\"_ _1\"></span>lativo e<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c xb95 y38d2 w65a h1d\"><div class=\"t m0 x66 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">IVQ <span class=\"ls2a\">2025</span> </div></td></tr><tr><td class=\"c xb96 y38d3 w11e5 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc1 sc0 ls0 ws0\">complessivo<span class=\"_ _df\"> </span></div></td><td></td><td></td></tr><tr><td></td><td class=\"c xb95 y38d4 w65b h1d\"><div class=\"t m1 x14 h5b y32 ff4 fs19 fc1 sc0 ls0 ws0\">% Relativo </div></td><td class=\"c xb97 y38d4 w343 h1d\"><div class=\"t m1 x3a h5b y32 ff4 fs19 fc1 sc0 ls0 ws0\">% Complessiv<span class=\"_ _1\"></span>o </div></td></tr><tr><td class=\"c xb98 y38d5 w659 h1d\"><div class=\"t m0 x163 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">Interest rate r<span class=\"_ _1\"></span>isk </div></td><td class=\"c xb95 y38d5 w65b h1d\"><div class=\"t m0 x26 h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">67,1% </div></td><td class=\"c xb97 y38d5 w343 h1d\"><div class=\"t m0 x91 h1f y302 ff4 fs7 fc1 sc0 ls0 ws0\">9,6% </div></td></tr><tr><td class=\"c xb98 y38d6 w659 h1c\"><div class=\"t m0 x163 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">Equity risk </div></td><td class=\"c xb95 y38d6 w65b h1c\"><div class=\"t m0 x26 h1f y30c ff4 fs7 fc1 sc0 ls0 ws0\">0,0% </div></td><td class=\"c xb97 y38d6 w343 h1c\"><div class=\"t m0 x91 h1f y30c ff4 fs7 fc1 sc0 ls0 ws0\">0,0% </div></td></tr><tr><td class=\"c xb98 y38d7 w659 h1c\"><div class=\"t m0 x163 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">Property risk </div></td><td class=\"c xb95 y38d7 w65b h1c\"><div class=\"t m0 x26 h1f y30c ff4 fs7 fc1 sc0 ls0 ws0\">0,0% </div></td><td class=\"c xb97 y38d7 w343 h1c\"><div class=\"t m0 x91 h1f y30c ff4 fs7 fc1 sc0 ls0 ws0\">0,0% </div></td></tr><tr><td class=\"c xb98 y38d8 w659 h1c\"><div class=\"t m0 x163 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">Spread risk </div></td><td class=\"c xb95 y38d8 w65b h1c\"><div class=\"t m0 x27 h1f y30c ff4 fs7 fc1 sc0 ls0 ws0\">25,2% </div></td><td class=\"c xb97 y38d8 w343 h1c\"><div class=\"t m0 x91 h1f y30c ff4 fs7 fc1 sc0 ls0 ws0\">3,6% </div></td></tr><tr><td class=\"c xb98 y38d9 w659 h1d\"><div class=\"t m0 x163 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">Currency risk<span class=\"_ _1\"></span> </div></td><td class=\"c xb95 y38d9 w65b h1d\"><div class=\"t m0 x34 h1f y30c ff4 fs7 fc1 sc0 ls0 ws0\">7,7% </div></td><td class=\"c xb97 y38d9 w343 h1d\"><div class=\"t m0 x7 h1f y30c ff4 fs7 fc1 sc0 ls0 ws0\">1,1% </div></td></tr><tr><td class=\"c xb98 y38da w659 h1d\"><div class=\"t m0 x163 h1f y32 ff4 fs7 fc1 sc0 ls0 ws0\">Concentration ri<span class=\"_ _1\"></span>sk </div></td><td class=\"c xb95 y38da w65b h1d\"><div class=\"t m0 x26 h1f y30c ff4 fs7 fc1 sc0 ls0 ws0\">0,0% </div></td><td class=\"c xb97 y38da w343 h1d\"><div class=\"t m0 x91 h1f y30c ff4 fs7 fc1 sc0 ls0 ws0\">0,0% </div></td></tr></table>La <span class=\"_ _14\"> </span>Compagnia <span class=\"_ _14\"> </span>adotta, <span class=\"_ _14\"> </span>nei <span class=\"_ _15\"> </span>confronti <span class=\"_ _14\"> </span>dei <span class=\"_ _14\"> </span>fattori <span class=\"_ _14\"> </span>di <span class=\"_ _14\"> </span>rischio <span class=\"_ _14\"> </span>sopra <span class=\"_ _14\"> </span>enunciati, <span class=\"_ _14\"> </span>linee <span class=\"_ _14\"> </span>guida <span class=\"_ _14\"> </span>che<span class=\"_ _df\"> </span>definiscono i <span class=\"_ _2\"></span>principi g<span class=\"_ _2\"></span>enerali per <span class=\"_ _2\"></span>l\u2019attivit\u00e0 <span class=\"_ _2\"></span>del Team <span class=\"_ _2\"></span>Finanza<span class=\"ff4 ls1b\">, <span class=\"_ _2\"></span><span class=\"ls0\">la <span class=\"_ _2\"></span>periodicit\u00e0 dei <span class=\"_ _2\"></span>controlli <span class=\"_ _2\"></span>e le <span class=\"_ _2\"></span>azioni<span class=\"_ _df\"> </span></span></span>di <span class=\"_ _9\"> </span>ripristino <span class=\"_ _16\"> </span>in <span class=\"_ _9\"> </span>caso <span class=\"_ _9\"> </span>d<span class=\"_ _2\"></span>i <span class=\"_ _9\"> </span>superamento <span class=\"_ _9\"> </span>dei <span class=\"_ _16\"> </span>limiti. <span class=\"_ _9\"> </span>Nella <span class=\"_ _9\"> </span>composizione <span class=\"_ _16\"> </span>complessiva <span class=\"_ _9\"> </span>del <span class=\"_ _9\"> </span>portafoglio<span class=\"_ _df\"> </span>d\u2019investimento  si <span class=\"_ _9\"> </span>t<span class=\"_ _2\"></span>iene <span class=\"_ _9\"> </span>cont<span class=\"_ _2\"></span>o  d<span class=\"_ _1\"></span>ell\u2019esposizione  al <span class=\"_ _9\"> </span>r<span class=\"_ _2\"></span>ischio, <span class=\"_ _16\"> </span>dei  vinc<span class=\"_ _1\"></span>oli  legati <span class=\"_ _16\"> </span>alla  cope<span class=\"_ _1\"></span>rtura  delle<span class=\"_ _df\"> </span>riserve <span class=\"_ _d\"></span>tecniche <span class=\"_ _d\"></span>e <span class=\"_ _0\"></span>degli <span class=\"_ _d\"></span>effetti <span class=\"_ _0\"></span>sul <span class=\"_ _d\"></span>Solvency <span class=\"_ _0\"></span>Ratio. <span class=\"_ _d\"></span>I <span class=\"_ _0\"></span>limiti <span class=\"_ _d\"></span>e <span class=\"_ _0\"></span>gli <span class=\"_ _d\"></span>indicatori <span class=\"_ _0\"></span>relat<span class=\"_ _2\"></span>ivi <span class=\"_ _d\"></span>agli <span class=\"_ _d\"></span>investimenti<span class=\"_ _df\"> </span>sono oggetto di verifi<span class=\"_ _1\"></span>ca e controllo su base<span class=\"_ _1\"></span> continuativa da parte dell<span class=\"_ _1\"></span>e funzioni aziendali preposte<span class=\"_ _df\"> </span>e, <span class=\"_ _0\"></span>con <span class=\"_ _0\"></span>frequenza <span class=\"_ _9\"> </span>periodica, <span class=\"_ _0\"></span>i <span class=\"_ _9\"> </span>risultati <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>t<span class=\"_ _2\"></span>ali <span class=\"_ _0\"></span>controlli <span class=\"_ _0\"></span>sono <span class=\"_ _9\"> </span>portati <span class=\"_ _0\"></span>all\u2019attenzione <span class=\"_ _0\"></span>del <span class=\"_ _9\"> </span>Consiglio <span class=\"_ _0\"></span>di<span class=\"_ _df\"> </span>Amministrazione. <span class=\"_ _0\"></span>Il <span class=\"_ _0\"></span>processo <span class=\"_ _9\"> </span>prevede <span class=\"_ _0\"> </span>inoltr<span class=\"_ _2\"></span>e <span class=\"_ _0\"></span>una <span class=\"_ _0\"></span>fase <span class=\"_ _0\"></span>d<span class=\"_ _2\"></span>i <span class=\"_ _0\"></span>revisione <span class=\"_ _0\"></span>dei <span class=\"_ _0\"></span>suddetti <span class=\"_ _9\"> </span>limiti <span class=\"_ _0\"></span>realizzata<span class=\"_ _df\"> </span>mediante analisi di sensitivit\u00e0 condotte sui portafogli attivi e p<span class=\"_ _1\"></span>assivi.<span class=\"_ _df\"> </span>La <span class=\"_ _0\"></span>valutazione <span class=\"_ _d\"></span>dei <span class=\"_ _0\"></span>rischi <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>mercato <span class=\"_ _0\"></span>viene <span class=\"_ _d\"></span>effettuata <span class=\"_ _0\"></span>con <span class=\"_ _d\"></span>r<span class=\"_ _2\"></span>iferimento <span class=\"_ _d\"></span>al <span class=\"_ _0\"></span>portafoglio <span class=\"_ _0\"></span>investimenti<span class=\"_ _df\"> </span>mobiliare <span class=\"_ _2\"></span>gi\u00e0 <span class=\"_ _2\"></span>ac<span class=\"_ _2\"></span>quisito <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>agli <span class=\"_ _d\"></span>scenari <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>in<span class=\"_ _2\"></span>vestimento <span class=\"_ _2\"></span>futuro. <span class=\"_ _2\"></span>Tale <span class=\"_ _d\"></span>attivit\u00e0 <span class=\"_ _2\"></span>viene <span class=\"_ _2\"></span>rea<span class=\"_ _2\"></span>lizzata <span class=\"_ _2\"></span>sia <span class=\"_ _2\"></span>con<span class=\"_ _df\"> </span>logiche <span class=\"_ _1\"></span>di Asset-Liability Management, <span class=\"_ _1\"></span>al fine <span class=\"_ _f\"></span>d<span class=\"_ _2\"></span>i cogliere <span class=\"_ _1\"></span>le interrelazioni<span class=\"_ _1\"></span> esistenti fra le <span class=\"_ _f\"></span>dinamich<span class=\"_ _2\"></span>e<span class=\"_ _df\"> </span>dei <span class=\"_ _d\"></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>att<span class=\"_ _2\"></span>ivi <span class=\"_ _d\"></span>a <span class=\"_ _0\"></span>copertura <span class=\"_ _0\"></span>delle <span class=\"_ _d\"></span>riserve <span class=\"_ _9\"> </span>t<span class=\"_ _2\"></span>ecniche,<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>sia <span class=\"_ _0\"></span>seguendo <span class=\"_ _0\"></span>i <span class=\"_ _0\"></span>principi<span class=\"_ _df\"> </span>Solvency <span class=\"_ _2\"></span>II <span class=\"_ _d\"></span>al <span class=\"_ _d\"></span>fine <span class=\"_ _2\"></span>di <span class=\"_ _d\"></span>cogliere <span class=\"_ _d\"></span>l\u2019eventuale <span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>equisito <span class=\"_ _2\"></span>di <span class=\"_ _d\"></span>capitale <span class=\"_ _2\"></span>as<span class=\"_ _2\"></span>sorbito <span class=\"_ _2\"></span>da <span class=\"_ _d\"></span>ogni <span class=\"_ _d\"></span>singolo <span class=\"_ _2\"></span>mo<span class=\"_ _2\"></span>dulo <span class=\"_ _2\"></span>e<span class=\"_ _df\"> </span>sottomodulo di rischio. L\u2019identificazione <span class=\"_ _d\"></span>dei <span class=\"_ _0\"></span>rischi <span class=\"_ _0\"></span>mercato <span class=\"_ _d\"></span>vita <span class=\"_ _0\"> </span>viene <span class=\"_ _0\"></span>effettuata <span class=\"_ _0\"></span>con <span class=\"_ _d\"></span>r<span class=\"_ _2\"></span>if<span class=\"_ _1\"></span>erimento <span class=\"_ _0\"></span>ai <span class=\"_ _0\"></span>nuovi <span class=\"_ _d\"></span>investimenti<span class=\"_ _2\"></span><span class=\"ff4\"> <span class=\"_ _d\"></span><span class=\"ls2d\">e<span class=\"_ _df\"> </span></span></span>asset allocation target, e al portafoglio in essere:<span class=\"_ _df\"> </span>-<span class=\"_ _2b\"> </span><span class=\"ff5\">Nuovi investimenti: con riferimento ai nuovi investimenti, nell<span class=\"_ _1\"></span>\u2019ambito del processo ORSA vengono<span class=\"_ _df\"> </span></span>effettuate <span class=\"_ _0\"></span>analisi <span class=\"_ _9\"> </span>relative <span class=\"_ _9\"> </span>a <span class=\"_ _9\"> </span>scenari <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>investimento <span class=\"_ _9\"> </span>futuro <span class=\"_ _9\"> </span>con <span class=\"_ _9\"> </span>l\u2019obiettivo <span class=\"_ _9\"> </span>di <span class=\"_ _0\"></span>identificare <span class=\"_ _9\"> </span>i <span class=\"_ _9\"> </span>rischi<span class=\"_ _df\"> </span>c<span class=\"ff5\">onnessi  a  tali  scelte  di  investimento <span class=\"_ _22\"> </span>e <span class=\"_ _22\"> </span>a <span class=\"_ _22\"> </span>valutarne  l\u2019impatto <span class=\"_ _22\"> </span>sul  pro<span class=\"_ _2\"></span>filo  di  rischio  in  termini<span class=\"_ _df\"> </span></span>quantitativi.  Inoltre,  per  gli  investimenti  di  \u201cnatura  occasionale\u201d  sulla  base  delle  informazioni<span class=\"_ _df\"> </span>fornite <span class=\"_ _4\"> </span>dal <span class=\"_ _4\"> </span>Team <span class=\"_ _4\"> </span>Finanza <span class=\"_ _4\"> </span>(a <span class=\"_ _4\"> </span>t<span class=\"_ _2\"></span>itolo <span class=\"_ _4\"> </span>esemplificativo: <span class=\"_ _4\"> </span>obiettivo <span class=\"_ _17\"> </span><span class=\"ff5\">dell\u2019investimento, <span class=\"_ _4\"> </span>portafoglio <span class=\"_ _4\"> </span>di<span class=\"_ _df\"> </span></span>riferimento, <span class=\"_ _14\"> </span>size <span class=\"_ _15\"> </span>dell\u2019operazione) <span class=\"_ _15\"> </span>viene <span class=\"_ _15\"> </span>effettuata <span class=\"_ _15\"> </span>dalla <span class=\"_ _15\"> </span>funzione <span class=\"_ _15\"> </span>di <span class=\"_ _15\"> </span>Risk <span class=\"_ _15\"> </span>Management <span class=\"_ _15\"> </span>una<span class=\"_ _df\"> </span>valutazione <span class=\"_ _2\"></span>quali/quantitativa <span class=\"_ _2\"></span>ex-ante <span class=\"_ _d\"></span>basata <span class=\"_ _2\"></span>sia <span class=\"_ _2\"></span>su <span class=\"_ _2\"></span>logiche <span class=\"_ _2\"></span>gestionali <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>egolamentari. <span class=\"_ _2\"></span>Un <span class=\"_ _2\"></span>iter<span class=\"_ _df\"> </span>di <span class=\"_ _2\"></span>valutazione <span class=\"_ _2\"></span>del <span class=\"_ _d\"></span>rischio <span class=\"_ _2\"></span>ex<span class=\"_ _2\"></span>-ante <span class=\"_ _2\"></span>viene <span class=\"_ _2\"></span>effettuata <span class=\"_ _d\"></span>dalla <span class=\"_ _2\"></span>Funzione <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>Risk <span class=\"_ _d\"></span>Management <span class=\"_ _2\"></span>anche <span class=\"_ _d\"></span>per<span class=\"_ _df\"> </span>tutti gli OICR non UCITs sulla base de<span class=\"_ _1\"></span>lla Due Diligence predisposta dal Team Finanza.<span class=\"_ _df\"> </span>-<span class=\"_ _2b\"> </span><span class=\"ff5\">Portafoglio <span class=\"_ _9\"> </span>in <span class=\"_ _9\"> </span>essere: <span class=\"_ _9\"> </span>Con <span class=\"_ _9\"> </span>riferimento<span class=\"_ _2\"></span> <span class=\"_ _9\"> </span>al <span class=\"_ _9\"> </span>portafoglio <span class=\"_ _9\"> </span>in <span class=\"_ _9\"> </span>ess<span class=\"_ _2\"></span>ere, <span class=\"_ _0\"></span>l\u2019identificazione <span class=\"_ _9\"> </span>dei <span class=\"_ _9\"> </span>rischi  v<span class=\"_ _f\"></span>ie<span class=\"_ _2\"></span>ne<span class=\"_ _df\"> </span></span>effettuata <span class=\"_ _d\"></span>sulla <span class=\"_ _d\"></span>base <span class=\"_ _d\"></span>dei <span class=\"_ _d\"></span>dati <span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>ecn<span class=\"_ _1\"></span>ici <span class=\"_ _d\"></span>del <span class=\"_ _d\"></span>portafoglio, <span class=\"_ _d\"></span>dei <span class=\"_ _2\"></span>dati <span class=\"_ _0\"></span>di <span class=\"_ _2\"></span>mercato <span class=\"_ _d\"></span>e <span class=\"_ _d\"></span>delle <span class=\"_ _d\"></span>misure <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>rischio<span class=\"_ _df\"> </span>determinate attraverso lo strumento di calcolo del<span class=\"_ _1\"></span> SCR adottato.<span class=\"_ _df\"> </span>Si riportano di seguito i macro-indicatori analizzati per la valutazione<span class=\"_ _1\"></span> e il monitoraggio dei r<span class=\"_ _2\"></span>ischi d<span class=\"_ _f\"></span>i<span class=\"_ _df\"> </span>mercato:<span class=\"_ _df\"> </span>-<span class=\"_ _2b\"> </span><span class=\"ff4\">SCR Interest Rate <span class=\"ff5\">\u2013</span> <span class=\"ff5\">Based: indicatori che hanno lo scopo di indi<span class=\"_ _1\"></span>viduare l\u2019assorbimento di capitale,<span class=\"_ _df\"> </span></span></span>secondo <span class=\"_ _17\"> </span>le <span class=\"_ _14\"> </span>metrich<span class=\"_ _2\"></span>e <span class=\"_ _17\"> </span>Solvency <span class=\"_ _14\"> </span>II, <span class=\"_ _14\"> </span>del <span class=\"_ _14\"> </span>rischio <span class=\"_ _14\"> </span>tas<span class=\"_ _2\"></span>so <span class=\"_ _14\"> </span>di <span class=\"_ _17\"> </span>interesse <span class=\"_ _14\"> </span>secondo <span class=\"_ _14\"> </span>un <span class=\"_ _14\"> </span>approccio <span class=\"_ _14\"> </span>sia<span class=\"_ _df\"> </span>regolamentare che gestionale;<span class=\"_ _df\"> </span>-<span class=\"_ _2b\"> </span><span class=\"ff4\">Concentrazione relativa su singola controp<span class=\"_ _1\"></span>arte;<span class=\"_ _df\"> </span></span>-<span class=\"_ _2b\"> </span><span class=\"ff4\">Rating su singola controparte;<span class=\"_ _df\"> </span></span>-<span class=\"_ _2b\"> </span><span class=\"ff4\">Esposizione<span class=\"_ _1\"></span> assoluta in Equity;<span class=\"_ _df\"> </span></span>-<span class=\"_ _2b\"> </span><span class=\"ff4\">Esposizione<span class=\"_ _1\"></span> relativa in Obbligazioni Corporate;<span class=\"_ _df\"> </span></span>-<span class=\"_ _2b\"> </span><span class=\"ff4\">Esposizione<span class=\"_ _1\"></span> assoluta in valuta estera;<span class=\"_ _df\"> </span></span>-<span class=\"_ _2b\"> </span><span class=\"ff4\">Duration;<span class=\"_ _df\"> </span></span>-<span class=\"_ _2b\"> </span><span class=\"ff4\">Sensitivi<span class=\"_ _1\"></span>ties  Spread<span class=\"_ _1\"></span>  Goverantivo <span class=\"_ _16\"> </span>Italia <span class=\"_ _9\"> </span>(al  fine <span class=\"_ _16\"> </span>di <span class=\"_ _9\"> </span>cat<span class=\"_ _2\"></span>turare <span class=\"_ _16\"> </span>il  fattore <span class=\"_ _16\"> </span>di <span class=\"_ _9\"> </span>r<span class=\"_ _2\"></span>ischio <span class=\"_ _9\"> </span>spread  sui <span class=\"_ _9\"> </span>tito<span class=\"_ _2\"></span>li<span class=\"_ _df\"> </span></span>governativi non incluso nella formula standard);<span class=\"_ _df\"> </span>-<span class=\"_ _1b\"> </span><span class=\"ff4 fs1\">Sensitivity sui fattori di rischio mercato (es. tasso).<span class=\"_ _df\"> </span></span>Rischio<span class=\"_ _f\"></span> Asset <span class=\"_ _f\"></span>Liability M<span class=\"_ _1\"></span>anag<span class=\"_ _f\"></span>ement <span class=\"_ _f\"></span>(ALM)<span class=\"_ _df\"> </span>Il  rischio  ALM<span class=\"_ _1\"></span>  \u00e8  un  ri<span class=\"_ _f\"></span>s<span class=\"_ _2\"></span>chio  stre<span class=\"_ _f\"></span>t<span class=\"_ _2\"></span>tamente  correlato <span class=\"_ _16\"> </span>ai  disalline<span class=\"_ _f\"></span>amenti  tr<span class=\"_ _2\"></span>a  attivit\u00e0  e  p<span class=\"_ _1\"></span>assivit\u00e0.  Il<span class=\"_ _df\"> </span>processo <span class=\"_ _e\"> </span>ALM <span class=\"_ _15\"> </span>include <span class=\"_ _15\"> </span>al <span class=\"_ _e\"> </span>suo <span class=\"_ _e\"> </span>interno <span class=\"_ _e\"> </span>dinamiche <span class=\"_ _15\"> </span>connesse <span class=\"_ _e\"> </span>alla <span class=\"_ _15\"> </span>gestione <span class=\"_ _e\"> </span>dei <span class=\"_ _15\"> </span>rischi <span class=\"_ _e\"> </span>e <span class=\"_ _e\"> </span>alla<span class=\"_ _df\"> </span>pianificazione <span class=\"_ _4\"> </span>strategica. <span class=\"_ _4\"> </span>Si <span class=\"_ _4\"> </span>focalizza <span class=\"_ _4\"> </span>sul <span class=\"_ _4\"> </span>medio <span class=\"_ _4\"> </span>- <span class=\"_ _17\"> </span>lungo <span class=\"_ _4\"> </span>termine <span class=\"_ _4\"> </span>anzich\u00e9 <span class=\"_ _4\"> </span>offrire <span class=\"_ _4\"> </span>so<span class=\"_ _2\"></span>luzioni<span class=\"_ _1\"></span> <span class=\"_ _4\"> </span>di<span class=\"_ _df\"> </span>mitigazione <span class=\"_ _f\"></span>o copertura del <span class=\"_ _f\"></span>rischio. L\u2019obiettiv<span class=\"ff4\">o di <span class=\"_ _f\"></span>tal<span class=\"_ _2\"></span>e <span class=\"_ _f\"></span>gestione del rischio <span class=\"_ _f\"></span>\u00e8 quello di <span class=\"_ _f\"></span>mass<span class=\"_ _2\"></span>imizzare<span class=\"_ _df\"> </span></span>le attivit\u00e0 per soddisfare le passiv<span class=\"_ _1\"></span>it\u00e0 complesse che possono aumentare la redditivit\u00e0.<span class=\"_ _df\"> </span>Alla sottocategoria dei Rischi ALM appartengono i segue<span class=\"_ _1\"></span>nti fattori di rischio: -<span class=\"_ _2b\"> </span><span class=\"ff4\">Asset <span class=\"_ _0\"></span>Allocation <span class=\"_ _0\"></span>Strategica <span class=\"_ _0\"></span>(AAT<span class=\"ff5\">): <span class=\"_ _0\"></span>consist<span class=\"_ _2\"></span>e <span class=\"_ _0\"></span>nel <span class=\"_ _0\"></span>rischio <span class=\"_ _0\"></span>risultante <span class=\"_ _0\"></span>dall\u2019inadeguatezza/incoerenza<span class=\"_ _df\"> </span></span></span>dell\u2019asset allocation per fare fronte alle<span class=\"_ _1\"></span> passivit\u00e0.<span class=\"_ _df\"> </span>-<span class=\"_ _2b\"> </span><span class=\"ff4\">Asset <span class=\"_ _d\"></span>&amp; <span class=\"_ _d\"></span>Liability <span class=\"_ _d\"></span>mismatch: <span class=\"_ _d\"></span>corrisponde <span class=\"_ _d\"></span>al <span class=\"_ _d\"></span>rischio <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>disallineamento <span class=\"_ _d\"></span>t<span class=\"_ _2\"></span>ra <span class=\"_ _d\"></span>attivi <span class=\"_ _d\"></span>e <span class=\"_ _d\"></span>passivi <span class=\"_ _d\"></span>che <span class=\"_ _d\"></span>pu\u00f2<span class=\"_ _df\"> </span></span>comportare un\u2019esposizione dell\u2019impresa<span class=\"ff4\"> o al rischio disinvestimento o al rischio reinvestimento.<span class=\"_ _df\"> </span></span>La <span class=\"_ _14\"> </span>Compagnia <span class=\"_ _14\"> </span>adotta, <span class=\"_ _14\"> </span>nei <span class=\"_ _15\"> </span>confronti <span class=\"_ _14\"> </span>dei <span class=\"_ _14\"> </span>fattori <span class=\"_ _14\"> </span>di <span class=\"_ _14\"> </span>rischio <span class=\"_ _14\"> </span>sopra <span class=\"_ _14\"> </span>enunciati, <span class=\"_ _14\"> </span>linee <span class=\"_ _14\"> </span>guida <span class=\"_ _14\"> </span>che<span class=\"_ _df\"> </span>definiscono <span class=\"_ _4\"> </span>i <span class=\"_ _17\"> </span>principi <span class=\"_ _4\"> </span>generali<span class=\"ls4d\">, <span class=\"_ _4\"> </span></span>la <span class=\"_ _17\"> </span>periodicit\u00e0 <span class=\"_ _4\"> </span>dei <span class=\"_ _4\"> </span>controlli <span class=\"_ _17\"> </span>e <span class=\"_ _4\"> </span>le <span class=\"_ _4\"> </span>azioni <span class=\"_ _17\"> </span>di <span class=\"_ _4\"> </span>ripristino <span class=\"_ _17\"> </span>in <span class=\"_ _4\"> </span>caso <span class=\"_ _4\"> </span>di<span class=\"_ _df\"> </span>superamento dei limiti.<span class=\"_ _df\"> </span>Valutazione <span class=\"_ _d\"></span>dei <span class=\"_ _d\"></span>rischi <span class=\"_ _d\"></span>ALM <span class=\"_ _d\"></span>vien<span class=\"_ _2\"></span>e <span class=\"_ _d\"></span>effettuata <span class=\"_ _d\"></span>con <span class=\"_ _d\"></span>riferimento <span class=\"_ _d\"></span>al <span class=\"_ _d\"></span>portafoglio <span class=\"_ _d\"></span>investimenti <span class=\"_ _d\"></span>mobiliare<span class=\"_ _df\"> </span>gi\u00e0 <span class=\"_ _9\"> </span>acquisito <span class=\"_ _9\"> </span>e <span class=\"_ _9\"> </span>agli <span class=\"_ _9\"> </span>s<span class=\"_ _2\"></span>cenari <span class=\"_ _0\"></span>d<span class=\"_ _2\"></span>i <span class=\"_ _0\"> </span>i<span class=\"_ _2\"></span>nvestimento <span class=\"_ _9\"> </span>futuro. <span class=\"_ _9\"> </span>Tale <span class=\"_ _9\"> </span>attivit\u00e0 <span class=\"_ _16\"> </span>viene <span class=\"_ _9\"> </span>realizzata <span class=\"_ _9\"> </span>con <span class=\"_ _9\"> </span>logiche <span class=\"_ _16\"> </span>di<span class=\"_ _df\"> </span>Asset-Liability <span class=\"_ _f\"></span>Management, <span class=\"_ _1\"></span>al <span class=\"_ _f\"></span>fine d<span class=\"_ _1\"></span>i <span class=\"_ _f\"></span>co<span class=\"_ _2\"></span>gliere <span class=\"_ _f\"></span>le i<span class=\"_ _1\"></span>nterrelazioni e<span class=\"_ _1\"></span>sistenti <span class=\"_ _1\"></span>fra <span class=\"_ _f\"></span>le d<span class=\"_ _1\"></span>inamiche <span class=\"_ _f\"></span>dei <span class=\"_ _1\"></span>passivi<span class=\"_ _df\"> </span>e le dinamiche degli attivi a copertura delle riserve tecni<span class=\"_ _1\"></span>che.<span class=\"_ _df\"> </span>Per quanto riguarda i macro-indicatori analizzati per la valutazione e monitoraggio dei rischi AL<span class=\"_ _1\"></span>M:<span class=\"_ _df\"> </span>-<span class=\"_ _2b\"> </span><span class=\"ff4\">SCR Interest Rate <span class=\"ff5\">\u2013</span> Based: i<span class=\"ff5\">ndicatori che hanno lo scopo di indiv<span class=\"_ _1\"></span>iduare l\u2019assorbimento di capitale,<span class=\"_ _df\"> </span></span></span>secondo <span class=\"_ _17\"> </span>le <span class=\"_ _14\"> </span>metrich<span class=\"_ _2\"></span>e <span class=\"_ _17\"> </span>Solvency <span class=\"_ _14\"> </span>II, <span class=\"_ _14\"> </span>del <span class=\"_ _14\"> </span>rischio <span class=\"_ _14\"> </span>tas<span class=\"_ _2\"></span>so <span class=\"_ _14\"> </span>di <span class=\"_ _17\"> </span>interesse <span class=\"_ _14\"> </span>secondo <span class=\"_ _14\"> </span>un <span class=\"_ _14\"> </span>approccio <span class=\"_ _14\"> </span>sia<span class=\"_ _df\"> </span>regolamentare che gestionale;<span class=\"_ _df\"> </span>-<span class=\"_ _2b\"> </span><span class=\"ff5\">Cash <span class=\"_ _f\"></span>F<span class=\"_ _2\"></span>low <span class=\"_ _f\"></span>Matching: l\u2019indicatore <span class=\"_ _f\"></span>descrive il<span class=\"_ _1\"></span> disalline<span class=\"_ _1\"></span>amento, tem<span class=\"ff4\">po per <span class=\"_ _f\"></span>t<span class=\"_ _2\"></span>empo, <span class=\"_ _f\"></span>tr<span class=\"_ _2\"></span>a <span class=\"_ _f\"></span>i Cashflow <span class=\"_ _1\"></span>degli<span class=\"_ _df\"> </span></span></span>attivi e i Cashflow del passivo;<span class=\"_ _df\"> </span>-<span class=\"_ _2b\"> </span><span class=\"ff4\">Duration <span class=\"_ _2\"></span>Matching: <span class=\"_ _2\"></span>disallineamento <span class=\"_ _d\"></span>tra <span class=\"_ _d\"></span>la <span class=\"_ _d\"></span>duration <span class=\"_ _2\"></span>dei <span class=\"_ _2\"></span>Cas<span class=\"_ _2\"></span>hflow <span class=\"_ _2\"></span>Attivi <span class=\"_ _d\"></span>e <span class=\"_ _d\"></span>la <span class=\"_ _2\"></span>duration <span class=\"_ _d\"></span>dei <span class=\"_ _2\"></span>Cashflow<span class=\"_ _df\"> </span></span>Passivi.<span class=\"_ _df\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-795": {
   "value": "1.4 <span class=\"_ _f\"></span>Gruppo<span class=\"_ _f\"></span> banc<span class=\"_ _1\"></span>ario<span class=\"_ _1\"></span> - r<span class=\"_ _1\"></span>isch<span class=\"_ _f\"></span>io di l<span class=\"_ _1\"></span>iquid<span class=\"_ _f\"></span>it\u00e0 Inform<span class=\"_ _1\"></span>azio<span class=\"_ _f\"></span>ni di natura<span class=\"_ _f\"></span> qualitativa A. Asp<span class=\"_ _f\"></span>etti genera<span class=\"_ _f\"></span>li, process<span class=\"_ _1\"></span>i di ge<span class=\"_ _1\"></span>stione<span class=\"_ _f\"></span> e metod<span class=\"_ _1\"></span>i di misu<span class=\"_ _f\"></span>razione d<span class=\"_ _1\"></span>el risch<span class=\"_ _1\"></span>io di<span class=\"_ _df\"> </span>liquid<span class=\"_ _1\"></span>it\u00e0<span class=\"_ _df\"> </span>Si <span class=\"_ _0\"></span>definisce <span class=\"_ _d\"></span>rischio <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>liquidit\u00e0 <span class=\"_ _d\"></span>l\u2019eventualit\u00e0 <span class=\"_ _0\"></span>che <span class=\"_ _0\"></span>il <span class=\"_ _0\"></span>Gruppo <span class=\"_ _d\"></span>poss<span class=\"_ _2\"></span>a <span class=\"_ _d\"></span>trovarsi <span class=\"_ _0\"></span>nella <span class=\"_ _d\"></span>condizione <span class=\"_ _0\"></span>di <span class=\"_ _d\"></span>no<span class=\"_ _2\"></span>n riuscire a <span class=\"_ _2\"></span>far <span class=\"_ _2\"></span>fronte <span class=\"_ _2\"></span>ai propri <span class=\"_ _2\"></span>impegni di <span class=\"_ _2\"></span>pagamento <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>natura or<span class=\"_ _2\"></span>dinaria o <span class=\"_ _2\"></span>straordinaria, <span class=\"_ _2\"></span>quand<span class=\"_ _1\"></span>o <span class=\"_ _2\"></span>gli stessi  diventino  esigibili,  senza  incorrere  in  perdite  tali  da  pre<span class=\"_ _1\"></span>giudicare  la  propria  operativit\u00e0 quotidiana <span class=\"_ _d\"></span>o <span class=\"_ _0\"></span>le <span class=\"_ _0\"></span>condizioni <span class=\"_ _0\"></span>finanziarie <span class=\"_ _0\"></span>complessive <span class=\"_ _0\"></span>del <span class=\"_ _0\"></span>Gruppo <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 liq<span class=\"ls0\">uidit\u00e0 pu\u00f2 essere suddivisa fra:  </span>-<span class=\"_ _1b\"> </span>gestione <span class=\"_ _0\"></span>della <span class=\"_ _d\"></span>liquidit\u00e0 <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>breve <span class=\"_ _0\"></span>t<span class=\"_ _2\"></span>ermine, <span class=\"_ _d\"></span>ivi <span class=\"_ _0\"></span>compresa <span class=\"_ _0\"></span>la <span class=\"_ _0\"></span>liquid<span class=\"_ _1\"></span>it\u00e0 <span class=\"_ _0\"></span>intra<span class=\"_ _2\"></span>-day, <span class=\"_ _0\"></span>il <span class=\"_ _0\"></span>cui <span class=\"_ _d\"></span>obiettivo <span class=\"_ _0\"></span>\u00e8 quello <span class=\"_ _0\"></span>di <span class=\"_ _9\"> </span>garantire <span class=\"_ _9\"> </span>la <span class=\"_ _9\"> </span>capacit\u00e0 <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>far <span class=\"_ _9\"> </span>fronte <span class=\"_ _9\"> </span>agli <span class=\"_ _9\"> </span>impegni <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>pagamento <span class=\"_ _9\"> </span>per <span class=\"_ _0\"></span>cass<span class=\"_ _2\"></span>a <span class=\"_ _0\"></span>previsti <span class=\"_ _9\"> </span>e<span class=\"_ _df\"> </span>imprevisti tramite il mantenimento di un rapporto sostenib<span class=\"_ _1\"></span>ile tra i flussi di liquid<span class=\"_ _1\"></span>it\u00e0 in entrata e quelli <span class=\"_ _0\"></span>in <span class=\"_ _0\"></span>uscita; <span class=\"_ _0\"></span>tale <span class=\"_ _0\"> </span>gestione <span class=\"_ _9\"> </span>costituisce <span class=\"_ _0\"></span>la <span class=\"_ _0\"></span>condizione <span class=\"_ _0\"></span>essenziale <span class=\"_ _0\"></span>per <span class=\"_ _0\"></span>la <span class=\"_ _9\"> </span>normale <span class=\"_ _0\"></span>continuit\u00e0 operativa dell\u2019attivit\u00e0 bancaria; -<span class=\"_ _1b\"> </span>gestione della <span class=\"_ _2\"></span>liquidit\u00e0 strutturale, il <span class=\"_ _2\"></span>cui obiettivo <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _2\"></span>quello di mantenere <span class=\"_ _2\"></span>un adeguato rapporto tra p<span class=\"_ _1\"></span>assivit\u00e0 ed <span class=\"_ _f\"></span>attivit\u00e0 <span class=\"_ _1\"></span>complessive, <span class=\"_ _f\"></span>finalizzato ad <span class=\"_ _1\"></span>evitare p<span class=\"_ _1\"></span>ressioni <span class=\"_ _1\"></span>sulle <span class=\"_ _f\"></span>font<span class=\"_ _2\"></span>i <span class=\"_ _f\"></span>a breve <span class=\"_ _f\"></span>termine, attuali e prospettiche. Il Gruppo <span class=\"_ _1\"></span>Credito E<span class=\"_ _1\"></span>miliano si <span class=\"_ _1\"></span>\u00e8 da<span class=\"_ _1\"></span> tempo <span class=\"_ _1\"></span>dotato di<span class=\"_ _1\"></span> una Pol<span class=\"_ _1\"></span>icy per <span class=\"_ _1\"></span>la Ges<span class=\"_ _f\"></span>t<span class=\"_ _2\"></span>ione d<span class=\"_ _1\"></span>el rischio liquid<span class=\"_ _1\"></span>it\u00e0. La Policy approvata disciplina: -<span class=\"_ _1b\"> </span>i principi di governo e di gestione del rischio di liquidit\u00e0 adottati dal Gruppo, e<span class=\"_ _df\"> </span>-<span class=\"_ _1b\"> </span><span class=\"ff5\">l\u2019insieme <span class=\"_ _2\"></span>delle norme <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>dei processi di <span class=\"_ _2\"></span>controllo <span class=\"_ _2\"></span>finalizz<span class=\"_ _1\"></span>ati <span class=\"_ _2\"></span>a prevenire l\u2019insor<span class=\"_ _2\"></span>gere di <span class=\"_ _2\"></span>situazioni </span>di <span class=\"_ _2\"></span>crisi <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>liquidit\u00e0 <span class=\"_ _d\"></span>per <span class=\"_ _d\"></span><span class=\"ff5\">il <span class=\"_ _2\"></span>Gr<span class=\"_ _2\"></span>uppo <span class=\"_ _2\"></span>e <span class=\"_ _d\"></span>per <span class=\"_ _2\"></span>le <span class=\"_ _d\"></span>singole <span class=\"_ _d\"></span>societ\u00e0 <span class=\"_ _d\"></span>del <span class=\"_ _2\"></span>Gruppo, <span class=\"_ _d\"></span>con <span class=\"_ _d\"></span>l\u2019obiettivo <span class=\"_ _2\"></span>di <span class=\"_ _d\"></span>ispirare<span class=\"_ _df\"> </span></span>una sana <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>prudente g<span class=\"_ _2\"></span>estione del <span class=\"_ _2\"></span>rischio <span class=\"_ _2\"></span>di l<span class=\"_ _2\"></span>iquidit\u00e0 a <span class=\"_ _2\"></span>livello <span class=\"_ _2\"></span>consolidato, tale <span class=\"_ _2\"></span>da <span class=\"_ _2\"></span>assicurare <span class=\"_ _2\"></span>la stabilit\u00e0, la sicurezza delle operazioni aziendali, la solidit\u00e0 finanziaria e, conseguentemente, la<span class=\"_ _df\"> </span>solvibilit\u00e0 del Gruppo.<span class=\"_ _df\"> </span>I principi essenziali a cui si ispira la politica di ge<span class=\"_ _1\"></span>stione della liquidit\u00e0 sono:<span class=\"_ _2\"></span> -<span class=\"_ _1b\"> </span>definizione <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>un Risk <span class=\"_ _d\"></span>Appetite <span class=\"_ _d\"></span>e <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>u<span class=\"_ _2\"></span>na Risk <span class=\"_ _d\"></span>Tolerance <span class=\"_ _d\"></span>(o <span class=\"_ _d\"></span>s<span class=\"_ _2\"></span>oglia <span class=\"_ _d\"></span>di <span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>olleranza) <span class=\"_ _2\"></span>in <span class=\"_ _0\"></span>contesto <span class=\"_ _d\"></span>di normale  corso  degl<span class=\"_ _1\"></span>i  affari  e  di  scenari  di  st<span class=\"_ _1\"></span>ress  che  abbiano  opp<span class=\"_ _f\"></span>o<span class=\"_ _2\"></span>rtuni  buff<span class=\"_ _1\"></span>er  rispetto  ai requisiti normativi;<span class=\"_ _df\"> </span>-<span class=\"_ _1b\"> </span>definizione e formalizzazione di ruoli e funzioni, coerentemente con il principio di separatezza<span class=\"_ _df\"> </span>delle funzioni operative d<span class=\"_ _1\"></span>a quelle di controllo (c.d. segregation of duties);<span class=\"_ _df\"> </span>-<span class=\"_ _1b\"> </span>accentramento della funzione di governo del rischio di liquidit\u00e0 sul<span class=\"_ _1\"></span>la Capogruppo;<span class=\"_ _df\"> </span>-<span class=\"_ _1b\"> </span><span class=\"ff5\">attuazione <span class=\"_ _d\"></span>di <span class=\"_ _2\"></span>una <span class=\"_ _2\"></span>politica <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>trasformazione <span class=\"_ _2\"></span>delle <span class=\"_ _2\"></span>scadenze <span class=\"_ _2\"></span>gestita <span class=\"_ _d\"></span>nell\u2019ambito <span class=\"_ _2\"></span>dei <span class=\"_ _2\"></span>massimali </span>assegnati; -<span class=\"_ _1b\"> </span>adozione <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>una  politica <span class=\"_ _4\"> </span>di funding <span class=\"_ _4\"> </span>diversificata <span class=\"_ _4\"> </span>in <span class=\"_ _22\"> </span>t<span class=\"_ _2\"></span>ermini <span class=\"_ _22\"> </span>di <span class=\"_ _4\"> </span>fonti<span class=\"_ _2\"></span>, <span class=\"_ _4\"> </span>du<span class=\"_ _1\"></span>rata <span class=\"_ _4\"> </span>e <span class=\"_ _4\"> </span>tipologia <span class=\"_ _22\"> </span>di strumenti di raccolta; -<span class=\"_ _1b\"> </span>definizione <span class=\"_ _0\"></span>e <span class=\"_ _9\"> </span>formalizzazione <span class=\"_ _0\"></span>dei <span class=\"_ _0\"></span>principi <span class=\"_ _0\"></span>r<span class=\"_ _2\"></span>elativi <span class=\"_ _0\"></span>alla <span class=\"_ _0\"></span>definizione <span class=\"_ _0\"> </span>del <span class=\"_ _9\"> </span>sistema <span class=\"_ _9\"> </span>di <span class=\"_ _0\"></span>prezzi <span class=\"_ _0\"></span>per <span class=\"_ _0\"> </span>i<span class=\"_ _2\"></span>l<span class=\"_ _df\"> </span>trasferimento interno dei fondi;<span class=\"_ _df\"> </span>-<span class=\"_ _1b\"> </span>definizione e <span class=\"_ _f\"></span>formalizzazione di<span class=\"_ _1\"></span> un <span class=\"_ _f\"></span>piano di <span class=\"_ _f\"></span>emergenza da attivar<span class=\"_ _1\"></span>e i<span class=\"_ _1\"></span>n caso <span class=\"_ _f\"></span>di stress e/o<span class=\"_ _1\"></span> crisi <span class=\"_ _f\"></span>dei mercati o in caso di situazioni speci<span class=\"_ _1\"></span>fiche del Gruppo (Contingency Funding Plan);<span class=\"_ _df\"> </span>-<span class=\"_ _1b\"> </span>adozione di un sistema di controlli interni.<span class=\"_ _df\"> </span>Su <span class=\"_ _1\"></span>base g<span class=\"_ _1\"></span>iornaliera, mediante<span class=\"_ _1\"></span> un mode<span class=\"_ _1\"></span>llo d<span class=\"_ _1\"></span>i liquidity gap<span class=\"_ _df\"> </span>, v<span class=\"_ _1\"></span>iene esposta <span class=\"_ _1\"></span>l\u2019evoluzi<span class=\"_ _1\"></span>one temporale <span class=\"_ _f\"></span>dei flussi <span class=\"ff5\">di <span class=\"_ _2\"></span>cassa <span class=\"_ _2\"></span>per consentire <span class=\"_ _2\"></span>l\u2019attivazione di o<span class=\"_ _2\"></span>perazioni finalizzate <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>determinare un <span class=\"_ _2\"></span>equili<span class=\"_ _1\"></span>brio <span class=\"_ _2\"></span>fra </span>entrate ed uscite <span class=\"_ _2\"></span>di cassa. Inoltr<span class=\"_ _2\"></span>e, a partire <span class=\"_ _2\"></span>dal 2023 \u00e8 <span class=\"_ _2\"></span>in corso <span class=\"_ _2\"></span>l\u2019utilizzo della piattafor<span class=\"_ _2\"></span>ma Ilias per il monitoraggio gestionale degli<span class=\"_ _1\"></span> indicatori regolament<span class=\"_ _2\"></span>ari e gestionali interni. Al  Comitato <span class=\"_ _16\"> </span>Asset <span class=\"_ _16\"> </span>Liabili<span class=\"_ _1\"></span>ty  &amp; <span class=\"_ _9\"> </span>Management  di  Grup<span class=\"_ _1\"></span>po  sono <span class=\"_ _9\"> </span>assegnati  poteri  d<span class=\"_ _1\"></span>ecisionali <span class=\"_ _16\"> </span>per <span class=\"_ _9\"> </span>la declinazione <span class=\"_ _d\"></span>delle <span class=\"_ _0\"></span>str<span class=\"_ _2\"></span>ategie <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>merit<span class=\"_ _2\"></span>o <span class=\"_ _d\"></span>alle <span class=\"_ _0\"></span>politiche <span class=\"_ _0\"></span>di funding <span class=\"_ _0\"></span>del <span class=\"_ _d\"></span>Gr<span class=\"_ _2\"></span>uppo.<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>Periodicamente <span class=\"_ _d\"></span>s<span class=\"_ _2\"></span>ono analizzate, i<span class=\"_ _1\"></span>n sede di <span class=\"_ _f\"></span>Com<span class=\"_ _2\"></span>itato, l<span class=\"_ _1\"></span>e condizioni di <span class=\"_ _f\"></span>equilibrio finanziario per orientare <span class=\"_ _1\"></span>le deci<span class=\"_ _1\"></span>sioni circa le <span class=\"_ _17\"> </span>strategie <span class=\"_ _17\"> </span>di funding. <span class=\"_ _17\"> </span>Sempre <span class=\"_ _17\"> </span>in <span class=\"_ _17\"> </span>sede <span class=\"_ _17\"> </span>di <span class=\"_ _17\"> </span>Comitato, <span class=\"_ _14\"> </span>sono <span class=\"_ _17\"> </span>analizzati <span class=\"_ _4\"> </span>interventi <span class=\"_ _14\"> </span>straordinari eventualmente richiesti per le contingenti situazioni<span class=\"_ _1\"></span> di mercato.<span class=\"_ _2\"></span> Nell\u2019ambito del proce<span class=\"_ _1\"></span>sso RAF ven<span class=\"_ _2\"></span><span class=\"ff4\">gono, inoltre, definite le soglie<span class=\"_ _1\"></span> di </span>Risk Appetite <span class=\"lse\">e </span>Risk Tolerance, le metriche e le modalit\u00e0 di controllo dei seg<span class=\"_ _1\"></span>uenti indicatori di liquidit\u00e0:<span class=\"_ _2\"></span> -<span class=\"_ _1b\"> </span>Liquidity Coverage Ratio (LCR);<span class=\"_ _df\"> </span>-<span class=\"_ _1b\"> </span>Asset Encumbrance;<span class=\"_ _df\"> </span>-<span class=\"_ _1b\"> </span>Net Stable Funding Ratio (NSFR);<span class=\"_ _df\"> </span>-<span class=\"_ _1b\"> </span>Gap Cumulato a 1 mese su Tot<span class=\"_ _2\"></span>ale<span class=\"_ _1\"></span> Attivo.<span class=\"_ _df\"> </span><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs1624\">Le <span class=\"_ _16\"> </span>regole  di <span class=\"_ _9\"> </span>\u201c<span class=\"_ _2\"></span>Liquidity  M<span class=\"_ _1\"></span>anagement\u201d  adottate  prev<span class=\"_ _1\"></span>edono  limiti  di<span class=\"_ _1\"></span>  liquidit\u00e0 <span class=\"_ _16\"> </span>da  rispe<span class=\"_ _1\"></span>ttarsi  sulle<span class=\"_ _df\"> </span><span class=\"_ _1\"></span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1625\">scadenze <span class=\"_ _17\"> </span>di <span class=\"_ _17\"> </span>breve <span class=\"_ _17\"> </span>t<span class=\"_ _2\"></span>ermine <span class=\"_ _17\"> </span>ed <span class=\"_ _17\"> </span>altri <span class=\"_ _17\"> </span>indicatori <span class=\"_ _17\"> </span>per <span class=\"_ _14\"> </span>monitorare <span class=\"_ _4\"> </span>quotidianamente <span class=\"_ _17\"> </span>la <span class=\"_ _14\"> </span>posizione<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1626\">complessiva.  </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1627\">Relativamente alla <span class=\"_ _2\"></span>liquidit\u00e0 <span class=\"_ _2\"></span>strutturale <span class=\"_ _2\"></span>sono <span class=\"_ _2\"></span>previsti <span class=\"_ _2\"></span>limiti finalizzat<span class=\"_ _2\"></span>i a <span class=\"_ _2\"></span>controllare <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>gestire i <span class=\"_ _2\"></span>rischi<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1628\">derivanti dal </div><div class=\"t m1 h6 ff4 fs2 fc1 sc0 ls0 ws0 gs1629\">mismatch</div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs162a\"> di s<span class=\"_ _2\"></span>cadenze a me<span class=\"_ _2\"></span>dio-<span class=\"ff5\">lungo termine <span class=\"_ _2\"></span>dell\u2019attivo e <span class=\"_ _2\"></span>del passivo. Sono <span class=\"_ _2\"></span>previsti<span class=\"_ _df\"> </span></span><span class=\"ff5\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs162b\">dei gap ratio a 1, 2 e 5 anni.  </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs162c\">Questi <span class=\"_ _d\"></span>limiti <span class=\"_ _d\"></span>consentono <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>evitare <span class=\"_ _d\"></span>che <span class=\"_ _d\"></span>l\u2019operat<span class=\"_ _2\"></span>ivit\u00e0 <span class=\"_ _d\"></span>a <span class=\"_ _d\"></span>medi<span class=\"ff4\">o-l<span class=\"_ _2\"></span>ungo <span class=\"_ _d\"></span>termine <span class=\"_ _d\"></span>possa <span class=\"_ _d\"></span>dare <span class=\"_ _d\"></span>luogo <span class=\"_ _d\"></span>ad<span class=\"_ _df\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs162d\">eccessivi squilibri da finanziare a breve<span class=\"_ _1\"></span> termine.<span class=\"_ _df\"> </span><span class=\"_ _2\"></span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs162e\">Gli scenari di stress test previsti dal Re<span class=\"_ _1\"></span>golamento si distinguono in:<span class=\"_ _df\"> </span><span class=\"_ _2\"></span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs162f\">-<span class=\"_ _1b\"> </span><span class=\"ff5\">str<span class=\"_ _2\"></span>ess <span class=\"_ _14\"> </span>sistemico <span class=\"_ _14\"> </span>di <span class=\"_ _14\"> </span>severity <span class=\"_ _15\"> </span>lieve: <span class=\"_ _17\"> </span>cr<span class=\"_ _2\"></span>isi <span class=\"_ _14\"> </span>di <span class=\"_ _14\"> </span>liquidit\u00e0 <span class=\"_ _14\"> </span>s<span class=\"_ _2\"></span>istemica <span class=\"_ _14\"> </span>causata <span class=\"_ _14\"> </span>da <span class=\"_ _15\"> </span>un\u2019improvvisa<span class=\"_ _df\"> </span></span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1630\">instabilit\u00e0 s<span class=\"_ _2\"></span>ui mercati <span class=\"_ _2\"></span>monetari e <span class=\"_ _2\"></span>dei <span class=\"_ _2\"></span>capitali, tensioni <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>carattere <span class=\"_ _2\"></span>politico e/o <span class=\"_ _2\"></span>eventi climatic<span class=\"_ _2\"></span>i<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1631\">e ambientali, accompagnati da alti live<span class=\"_ _1\"></span>lli di intensit\u00e0 ed impatti globali;<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1632\">-<span class=\"_ _1b\"> </span>str<span class=\"_ _2\"></span>ess <span class=\"_ _16\"> </span>idiosincratico <span class=\"_ _16\"> </span>di <span class=\"_ _16\"> </span>severity <span class=\"_ _16\"> </span>media: <span class=\"_ _16\"> </span>crisi  d<span class=\"_ _1\"></span>i  liqui<span class=\"_ _1\"></span>dit\u00e0  causata  da <span class=\"_ _16\"> </span>eve<span class=\"_ _1\"></span>nti  particola<span class=\"_ _2\"></span>rmente<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1633\">negativi per il Gruppo;<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1634\">-<span class=\"_ _1b\"> </span>str<span class=\"_ _2\"></span>ess combinato d<span class=\"_ _1\"></span>i severity grave: \u00e8 la combinazione dei due p<span class=\"_ _1\"></span>recedenti scenari.<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs1635\">Le <span class=\"_ _d\"></span>procedure <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>Contingency <span class=\"_ _d\"></span>Funding <span class=\"_ _d\"></span>Plan, <span class=\"_ _d\"></span>costantemente <span class=\"_ _d\"></span>aggi<span class=\"_ _2\"></span>ornate, <span class=\"_ _d\"></span>si <span class=\"_ _d\"></span>pongono <span class=\"_ _d\"></span>l\u2019obiettivo <span class=\"_ _d\"></span>di<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1636\">salvaguardare <span class=\"_ _d\"></span>la <span class=\"_ _d\"></span>stabilit\u00e0 <span class=\"_ _d\"></span>del <span class=\"_ _d\"></span>gruppo <span class=\"_ _d\"></span>durante <span class=\"_ _d\"></span>l<span class=\"_ _2\"></span>e <span class=\"_ _d\"></span>fasi <span class=\"_ _d\"></span>iniziali <span class=\"_ _d\"></span>di <span class=\"_ _0\"></span>uno <span class=\"_ _d\"></span>stato <span class=\"_ _0\"></span>di <span class=\"_ _d\"></span>tensione <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>liquidit\u00e0 <span class=\"_ _d\"></span>e<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1637\">garantire la continuit\u00e0 del gruppo stesso nel caso di gravi crisi di <span class=\"_ _f\"></span>liquidit\u00e0. <span class=\"_ _d\"></span> </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs1638\">L\u2019attivit\u00e0 <span class=\"_ _0\"></span>di <span class=\"_ _d\"></span>gestione <span class=\"_ _0\"></span>della <span class=\"_ _0\"></span>liquidit\u00e0 <span class=\"_ _0\"></span>a <span class=\"_ _d\"></span>breve <span class=\"_ _0\"></span>e <span class=\"_ _0\"></span>del </div><div class=\"t m1 h6 ff4 fs2 fc1 sc0 ls0 ws0 gs1639\">funding</div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs163a\"> <span class=\"_ _0\"></span>strutturale <span class=\"_ _d\"></span>\u00e8 <span class=\"_ _0\"></span>svolta <span class=\"_ _0\"></span>dalla <span class=\"_ _0\"></span>Finanza <span class=\"_ _0\"></span>della<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs163b\">Capogruppo che complessivamente:<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs163c\">-<span class=\"_ _1b\"> </span>gestisce <span class=\"_ _2\"></span>i <span class=\"_ _d\"></span>flussi <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>liquidit\u00e0 <span class=\"_ _2\"></span>infragruppo <span class=\"_ _d\"></span>rivenienti <span class=\"_ _2\"></span>dai <span class=\"_ _2\"></span>fabbisogni/surplus <span class=\"_ _d\"></span>di <span class=\"_ _2\"></span>liquidit\u00e0 <span class=\"_ _2\"></span>netti <span class=\"_ _2\"></span>delle<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs163d\">Societ\u00e0 del Gruppo;<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs163e\">-<span class=\"_ _1b\"> </span>misura e monitora la posizione di liquidit\u00e0 del Gruppo e delle singole Socie<span class=\"_ _1\"></span>t\u00e0 del Gruppo;<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs163f\">-<span class=\"_ _1b\"> </span>coordina <span class=\"_ _0\"></span>ed <span class=\"_ _d\"></span>effettua <span class=\"_ _0\"></span>la <span class=\"_ _d\"></span>ra<span class=\"_ _2\"></span>ccolta <span class=\"_ _d\"></span>accedendo <span class=\"_ _0\"></span>direttamente <span class=\"_ _d\"></span>al <span class=\"_ _0\"></span>mercato <span class=\"_ _0\"></span>interbancario <span class=\"_ _d\"></span>al <span class=\"_ _0\"></span>fine <span class=\"_ _d\"></span>di<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1640\">mantenere condizioni adeguate di liquidit\u00e0 per il Gruppo;<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1641\">-<span class=\"_ _1b\"> </span>determina <span class=\"_ _2\"></span>periodicamente <span class=\"_ _2\"></span>gli <span class=\"_ _2\"></span>interventi <span class=\"_ _2\"></span>finanziari <span class=\"_ _2\"></span>utili <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>conseguire <span class=\"_ _2\"></span>gli <span class=\"_ _2\"></span>equilibri <span class=\"_ _2\"></span>nel <span class=\"_ _2\"></span>medio <span class=\"_ _2\"></span>e<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1642\">lungo termine, la sostenibilit\u00e0 della crescita e la maggior efficienza della p<span class=\"_ _1\"></span>rovvista;<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1643\">-<span class=\"_ _1b\"> </span>gestisce <span class=\"_ _0\"></span>i <span class=\"_ _d\"></span>rapporti <span class=\"_ _0\"></span>con <span class=\"_ _d\"></span>la <span class=\"_ _0\"></span>BCE <span class=\"_ _d\"></span>(<span class=\"_ _2\"></span>gestione <span class=\"_ _d\"></span>del <span class=\"_ _d\"></span>conto <span class=\"_ _0\"></span>di <span class=\"_ _d\"></span>gestione <span class=\"_ _0\"></span>e <span class=\"_ _0\"></span>di <span class=\"_ _d\"></span>ogni <span class=\"_ _0\"></span>attivit\u00e0 <span class=\"_ _0\"></span>di <span class=\"_ _d\"></span>impiego <span class=\"_ _d\"></span>o<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1644\">provvista di fondi) ed accede alle operazioni<span class=\"_ _1\"></span> di rifinanziamento della BCE.<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1645\">Questa <span class=\"_ _e\"> </span>impostazione <span class=\"_ _15\"> </span>consente <span class=\"_ _e\"> </span>di <span class=\"_ _e\"> </span>supportare <span class=\"_ _e\"> </span>adeguatamente <span class=\"_ _15\"> </span>i <span class=\"_ _e\"> </span>fabbisogni <span class=\"_ _e\"> </span>finanziari <span class=\"_ _e\"> </span>ed <span class=\"_ _15\"> </span>\u00e8<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1646\">finalizzata a:<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1647\">-<span class=\"_ _1b\"> </span>ridurre i fabbisogni complessivi di finanziamento da parte di controparti esterne al Grupp<span class=\"_ _1\"></span>o;<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1648\">-<span class=\"_ _1b\"> </span><span class=\"ff5\">ott<span class=\"_ _2\"></span>imizzare  l\u2019accesso <span class=\"_ _4\"> </span>ai  mercati <span class=\"_ _4\"> </span>e  cons<span class=\"_ _2\"></span>egue<span class=\"_ _1\"></span>ntemente <span class=\"_ _4\"> </span>minimizzare  i <span class=\"_ _4\"> </span>costi <span class=\"_ _4\"> </span>complessivi  di<span class=\"_ _df\"> </span></span><span class=\"ff5\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1649\">raccolta esterna.<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs164a\">Nel <span class=\"_ _c\"> </span>corso <span class=\"_ _c\"> </span>del<span class=\"_ _1\"></span>l\u2019esercizio <span class=\"_ _c\"> </span>2025, <span class=\"_ _c\"> </span>Il <span class=\"_ _c\"> </span>Grupp<span class=\"_ _1\"></span>o <span class=\"_ _c\"> </span>ha <span class=\"_ _c\"> </span>proseguito, <span class=\"_ _c\"> </span>ne<span class=\"_ _1\"></span>ll\u2019ambito <span class=\"_ _c\"> </span>delle <span class=\"_ _1a\"> </span>segnalazio<span class=\"_ _2\"></span>ni<span class=\"_ _df\"> </span><span class=\"_ _1\"></span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs164b\">regolamentari, a trasmettere alle autorit\u00e0 di vigilanz<span class=\"_ _1\"></span>a:<span class=\"_ _df\"> </span><span class=\"_ _2\"></span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs164c\">-<span class=\"_ _38\"> </span>con <span class=\"_ _2\"></span>cadenza <span class=\"_ _2\"></span>mensile <span class=\"_ _2\"></span>le s<span class=\"_ _2\"></span>egnalazioni r<span class=\"_ _2\"></span>elative<span class=\"_ _1\"></span> <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>Liquidity <span class=\"_ _2\"></span>Coverage <span class=\"_ _2\"></span>Ratio <span class=\"_ _2\"></span>(LCR),<span class=\"_ _1\"></span> <span class=\"_ _2\"></span>sulla <span class=\"_ _2\"></span>base<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs164d\">degli <span class=\"ff5\">schemi conformi <span class=\"_ _2\"></span>ai Reg. d<span class=\"_ _2\"></span>\u2019esecuzione UE rispett<span class=\"_ _2\"></span>ivamente n. 322/2016, <span class=\"_ _2\"></span>n.2114/2017 e<span class=\"_ _df\"> </span></span><span class=\"ff5\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs164e\">n. 2018/1620;<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs164f\">-<span class=\"_ _38\"> </span>con <span class=\"_ _d\"></span>cadenza <span class=\"_ _d\"></span>mensil<span class=\"_ _2\"></span>e <span class=\"_ _d\"></span>le <span class=\"_ _d\"></span>segnalazioni <span class=\"_ _0\"></span>relative <span class=\"_ _d\"></span>agli <span class=\"_ _d\"></span>Additional <span class=\"_ _0\"></span>Liquidity <span class=\"_ _d\"></span>Monitor<span class=\"_ _2\"></span>ing <span class=\"_ _d\"></span>Metrics<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs1650\">(ALMM) <span class=\"_ _9\"> </span>sulla <span class=\"_ _16\"> </span>base <span class=\"_ _16\"> </span>degli <span class=\"_ _9\"> </span>schemi <span class=\"_ _16\"> </span>conformi <span class=\"_ _9\"> </span>al <span class=\"_ _16\"> </span>Reg. <span class=\"_ _9\"> </span>d\u2019esecuzione  UE<span class=\"_ _1\"></span> <span class=\"_ _9\"> </span>n.<span class=\"_ _2\"></span> <span class=\"_ _9\"> </span>2<span class=\"_ _2\"></span><span class=\"ff4\">114/2017<span class=\"_ _2\"></span> <span class=\"_ _9\"> </span>e <span class=\"_ _16\"> </span>delle<span class=\"_ _df\"> </span></span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1651\">norme <span class=\"_ _2\"></span>tecniche <span class=\"_ _2\"></span>contenute <span class=\"_ _2\"></span>nel <span class=\"_ _d\"></span>documento <span class=\"_ _d\"></span><span class=\"ff5\">EBA\u201d <span class=\"_ _2\"></span>Final</span> <span class=\"_ _2\"></span>Report <span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>n <span class=\"_ _2\"></span>draft <span class=\"_ _2\"></span>ITS <span class=\"_ _2\"></span>on <span class=\"_ _2\"></span>Supervisory<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs1652\">Reporting regarding COREP, AE, ALMM<span class=\"_ _1\"></span> and GSIIs\u201d;<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1653\">-<span class=\"_ _38\"> </span>con cadenza <span class=\"_ _2\"></span>trimestrale, la <span class=\"_ _2\"></span>segnalazione<span class=\"_ _f\"></span> <span class=\"_ _2\"></span>di li<span class=\"_ _2\"></span>quidit\u00e0 Net St<span class=\"_ _2\"></span>able Funding Ratio <span class=\"_ _2\"></span>(c.d. \u00abNSFR<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1654\">CRR2\u00bb) come previsto dal Reg. UE 2019/876 (c.d. \u00abCRR2\u00bb).<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 lsc4 ws0 gs1655\">A <span class=\"_ _2\"></span><span class=\"ls0\">novembre 2025 <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>Grupp<span class=\"_ _1\"></span>o <span class=\"_ _2\"></span>ha part<span class=\"_ _2\"></span>ecipato al <span class=\"_ _2\"></span>Single Supervisory Mechanism <span class=\"_ _2\"></span>SSM annual <span class=\"_ _2\"></span>Liquidity<span class=\"_ _df\"> </span></span><span class=\"ls0\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1656\">Exercise <span class=\"_ _d\"></span>(SSM <span class=\"_ _d\"></span>Liquidity <span class=\"_ _d\"></span>Excercise) <span class=\"_ _d\"></span>attraverso <span class=\"_ _0\"></span>la <span class=\"_ _d\"></span>compilazione <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>el <span class=\"_ _d\"></span>Joint <span class=\"_ _d\"></span>Liquidity <span class=\"_ _d\"></span>Template, <span class=\"_ _d\"></span>sia <span class=\"_ _d\"></span>a<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1657\">livello <span class=\"_ _9\"> </span>conso<span class=\"_ _2\"></span>lidato <span class=\"_ _9\"> </span>s<span class=\"_ _2\"></span>ia <span class=\"_ _16\"> </span>a <span class=\"_ _9\"> </span>livello <span class=\"_ _16\"> </span>individu<span class=\"_ _1\"></span>ale  Cre<span class=\"_ _1\"></span>dem,  rich<span class=\"_ _1\"></span>iesto  cong<span class=\"_ _1\"></span>iuntamente <span class=\"_ _9\"> </span>da  BCE <span class=\"_ _9\"> </span>e  SRB. <span class=\"_ _9\"> </span>Il<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs1658\">Gruppo <span class=\"_ _2\"></span>inoltre, <span class=\"_ _2\"></span>nel <span class=\"_ _d\"></span>corso <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>tutto <span class=\"_ _d\"></span>il <span class=\"_ _2\"></span>2025, <span class=\"_ _2\"></span>ha <span class=\"_ _2\"></span>cont<span class=\"_ _2\"></span>inuato<span class=\"_ _1\"></span> <span class=\"_ _2\"></span>l\u2019invio <span class=\"_ _2\"></span>sett<span class=\"_ _2\"></span>imanale <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>Single <span class=\"_ _2\"></span>Supervisory<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1659\">Mechanism <span class=\"_ _2\"></span>Liquidity <span class=\"_ _2\"></span>Exercise <span class=\"_ _2\"></span>(SLT) a <span class=\"_ _d\"></span>livello <span class=\"_ _2\"></span>consolidato <span class=\"_ _2\"></span>richiesto <span class=\"_ _2\"></span>da <span class=\"_ _2\"></span>BCE <span class=\"_ _2\"></span>(a <span class=\"_ _2\"></span>par<span class=\"_ _2\"></span>tire <span class=\"_ _2\"></span>da <span class=\"_ _2\"></span>settembre<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs165a\">2023). </div>Riser<span class=\"_ _1\"></span>ve di <span class=\"_ _1\"></span>liquid<span class=\"_ _1\"></span>it\u00e0<span class=\"fc1 sc2\"> </span>Al <span class=\"_ _2\"></span>31 <span class=\"_ _2\"></span>dicembre <span class=\"_ _2\"></span><span class=\"ff5\">2025 <span class=\"_ _2\"></span>l\u2019importo <span class=\"_ _2\"></span>totale <span class=\"_ _2\"></span>delle <span class=\"_ _2\"></span>riserve <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>liquidit\u00e0 <span class=\"_ _2\"></span>libere, intese <span class=\"_ _2\"></span>come <span class=\"_ _2\"></span>att<span class=\"_ _2\"></span>ivit\u00e0 <span class=\"_ _2\"></span>liquide di<span class=\"_ _2\"></span> </span>elevata qualit\u00e0 calcolate <span class=\"_ _2\"></span>ai fini del calcolo <span class=\"_ _2\"></span>dell\u2019indicatore LCR, si <span class=\"_ _2\"></span>\u00e8 attestato <span class=\"_ _2\"></span>a 9,80 miliardi di eur<span class=\"_ _d\"></span><span class=\"ff4 ls11\">o </span>a <span class=\"_ _9\"> </span>valore <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>mercato. <span class=\"_ _9\"> </span>Il <span class=\"_ _9\"> </span>98% <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>tali <span class=\"_ _9\"> </span>riserve <span class=\"_ _9\"> </span>\u00e8 <span class=\"_ _9\"> </span>detenuto <span class=\"_ _9\"> </span>dalla <span class=\"_ _9\"> </span>Capogruppo <span class=\"_ _0\"></span>ed <span class=\"_ _9\"> </span>il <span class=\"_ _16\"> </span>restante <span class=\"_ _0\"> </span>2% <span class=\"_ _16\"> </span>dalle<span class=\"_ _f\"></span> controllate domestiche. Fundi<span class=\"_ _1\"></span>ng co<span class=\"_ _f\"></span>n BCE<span class=\"fc1 sc0\"> </span>L\u2019importo compl<span class=\"_ _1\"></span>essivo d<span class=\"_ _1\"></span>el fi<span class=\"_ _1\"></span>nanziamento con <span class=\"_ _f\"></span>BCE a <span class=\"_ _f\"></span>fine dice<span class=\"_ _1\"></span>mbre 2025 \u00e8<span class=\"_ _1\"></span> pa<span class=\"_ _f\"></span>r<span class=\"_ _2\"></span>i <span class=\"_ _f\"></span>a 700 mil<span class=\"_ _1\"></span>ioni <span class=\"_ _1\"></span>di e<span class=\"_ _1\"></span>uro e deriva da un\u2019operazioni di rifinanziamento principale \u201cMRO\u201d settimanale.<span class=\"ff4\"> </span>Altre <span class=\"_ _f\"></span>attivit\u00e0 <span class=\"_ _1\"></span>di fund<span class=\"_ _1\"></span>ing Nel <span class=\"_ _10\"> </span>corso <span class=\"_ _10\"> </span>dell\u2019esercizio <span class=\"_ _e\"> </span>2025, <span class=\"_ _10\"> </span>nell\u2019ambito <span class=\"_ _10\"> </span>dell\u2019operativit\u00e0 <span class=\"_ _e\"> </span>di<span class=\"_ _2\"></span> <span class=\"_ _e\"> </span>mo<span class=\"_ _2\"></span>ney <span class=\"_ _e\"> </span>market, <span class=\"_ _10\"> </span>\u00e8 <span class=\"_ _10\"> </span>continuata l\u2019operativit\u00e0 <span class=\"_ _f\"></span>di raccolta in <span class=\"_ _f\"></span>depositi unsecured a <span class=\"_ _f\"></span>breve termine <span class=\"_ _f\"></span>co<span class=\"_ _2\"></span>n <span class=\"_ _f\"></span>il Ministero d<span class=\"_ _1\"></span>ell'Economia <span class=\"_ _1\"></span>e d<span class=\"_ _1\"></span>elle Finanze <span class=\"_ _f\"></span>(MEF), <span class=\"_ _f\"></span>con <span class=\"_ _f\"></span>u<span class=\"_ _2\"></span>n <span class=\"_ _f\"></span>importo <span class=\"_ _f\"></span>medio <span class=\"_ _f\"></span>d<span class=\"_ _2\"></span>i <span class=\"_ _f\"></span>115 <span class=\"_ _f\"></span>milioni <span class=\"_ _f\"></span>d<span class=\"_ _2\"></span>i <span class=\"_ _f\"></span>euro. <span class=\"_ _f\"></span>L\u2019importo pu<span class=\"_ _1\"></span>ntuale <span class=\"_ _f\"></span>a <span class=\"_ _f\"></span>fine d<span class=\"_ _1\"></span>icembre <span class=\"_ _f\"></span>2025 \u00e8 risultato pari a 900 milioni di euro. Inoltre, <span class=\"_ _0\"></span>nel <span class=\"_ _0\"></span>cor<span class=\"_ _2\"></span>so <span class=\"_ _0\"></span>del <span class=\"_ _0\"></span>2025, <span class=\"_ _0\"></span>s<span class=\"_ _2\"></span>ono <span class=\"_ _0\"></span>state <span class=\"_ _0\"></span>negoziati <span class=\"_ _0\"></span>operazioni <span class=\"_ _9\"> </span>di <span class=\"_ _0\"></span>Repo <span class=\"_ _0\"></span>s<span class=\"_ _2\"></span>ul <span class=\"_ _0\"></span>Covered <span class=\"_ _0\"></span>Bond <span class=\"_ _0\"></span>retain<span class=\"_ _2\"></span>ed emesso <span class=\"_ _d\"></span>a <span class=\"_ _d\"></span>gennaio <span class=\"_ _d\"></span>2024, <span class=\"_ _d\"></span>per <span class=\"_ _d\"></span>un <span class=\"_ _0\"></span>valore <span class=\"_ _d\"></span>nominale <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>200 <span class=\"_ _d\"></span>milioni <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>euro <span class=\"_ _d\"></span>ed <span class=\"_ _0\"></span>ulteriori <span class=\"_ _d\"></span>200 <span class=\"_ _d\"></span>milioni <span class=\"_ _d\"></span>di Repo  con  sottostanti  titoli  senior financial.  Nel  complesso,  a  fine  dicembre  il  nominale  delle operazioni di pronti contro termine di raccolta con s<span class=\"_ _2\"></span>ottostanti t<span class=\"_ _2\"></span>itoli obbligazionari non governativi ammontava a 700 milioni di euro.  Con riferimento <span class=\"_ _1\"></span>all\u2019operativit\u00e0 d<span class=\"_ _1\"></span>i rifinan<span class=\"_ _1\"></span>ziamento in p<span class=\"_ _1\"></span>ronti contro <span class=\"_ _f\"></span>termine di Titoli <span class=\"_ _1\"></span>di S<span class=\"_ _1\"></span>tato e <span class=\"_ _f\"></span>Supras Europei, <span class=\"_ _16\"> </span>il <span class=\"_ _16\"> </span>Gruppo <span class=\"_ _16\"> </span>\u00e8  rimasto <span class=\"_ _16\"> </span>molto <span class=\"_ _16\"> </span>attivo <span class=\"_ _16\"> </span>nel <span class=\"_ _16\"> </span>corso  d<span class=\"_ _1\"></span>el  2<span class=\"_ _1\"></span>025  e <span class=\"_ _9\"> </span>la  raccolta outstanding  a <span class=\"_ _16\"> </span>fine<span class=\"_ _1\"></span> dicembre \u00e8 risultata pari a circa 3,5 miliardi di euro a controvalore di mercato. La quota di liquidit\u00e0 in <span class=\"_ _d\"></span>eccesso <span class=\"_ _d\"></span>rispetto <span class=\"_ _d\"></span>ai <span class=\"_ _d\"></span>fabbisogni <span class=\"_ _2\"></span>e <span class=\"_ _d\"></span>agli <span class=\"_ _d\"></span>impieghi <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>pronti <span class=\"_ _d\"></span>contro <span class=\"_ _d\"></span>termine <span class=\"_ _2\"></span>per <span class=\"_ _0\"></span>circa <span class=\"_ _2\"></span>2,3 <span class=\"_ _0\"></span>miliardi, <span class=\"_ _2\"></span>a garanzia <span class=\"_ _d\"></span>dei <span class=\"_ _d\"></span>quali <span class=\"_ _0\"></span>il <span class=\"_ _d\"></span>Gruppo <span class=\"_ _0\"></span>ha <span class=\"_ _d\"></span>ricevuto <span class=\"_ _0\"></span>principalmente <span class=\"_ _d\"></span>Titoli <span class=\"_ _0\"></span>di <span class=\"_ _d\"></span>Stato <span class=\"_ _0\"></span>Italiani, <span class=\"_ _d\"></span>\u00e8 <span class=\"_ _d\"></span>s<span class=\"_ _2\"></span>tata <span class=\"_ _d\"></span>depositata<span class=\"_ _1\"></span> presso la Banca Centrale Europea. In r<span class=\"_ _2\"></span>elazione all\u2019operativit\u00e0 <span class=\"_ _2\"></span>in divi<span class=\"_ _2\"></span>sa diversa <span class=\"_ _2\"></span>dall\u2019Euro <span class=\"_ _2\"></span>e in <span class=\"_ _2\"></span>particolare <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>USD, il <span class=\"_ _2\"></span>surplus d<span class=\"_ _2\"></span>i liquidit\u00e0 <span class=\"_ _2\"></span>\u00e8 stato <span class=\"_ _9\"> </span>prevalentemente <span class=\"_ _0\"></span>impiegato <span class=\"_ _9\"> </span>in <span class=\"_ _9\"> </span>pronti <span class=\"_ _9\"> </span>contro <span class=\"_ _9\"> </span>t<span class=\"_ _2\"></span><span class=\"ff5\">ermine. <span class=\"_ _0\"></span>L\u2019import<span class=\"_ _2\"></span>o <span class=\"_ _0\"></span>complessivo <span class=\"_ _9\"> </span>netto <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>tali </span>operazioni a fine dicembre 2025 ammonta a circa 100 milioni<span class=\"_ _1\"></span> di USD a controvalore di mercato. <span class=\"_ _2\"></span> Progr<span class=\"_ _f\"></span>amma <span class=\"_ _1\"></span>di em<span class=\"_ _1\"></span>issio<span class=\"_ _1\"></span>ni Obbl<span class=\"_ _1\"></span>iga<span class=\"_ _1\"></span>zioni <span class=\"_ _1\"></span>Banca<span class=\"_ _1\"></span>rie G<span class=\"_ _f\"></span>arantite<span class=\"fc1 sc0\"> </span>Nell\u2019ambito <span class=\"_ _17\"> </span>del <span class=\"_ _14\"> </span>programma <span class=\"_ _14\"> </span>di <span class=\"_ _14\"> </span>Obbligazi<span class=\"_ _1\"></span>oni <span class=\"_ _14\"> </span>Bancarie <span class=\"_ _14\"> </span>Garantite <span class=\"_ _15\"> </span><span class=\"ff4\">da <span class=\"_ _17\"> </span>Credem <span class=\"_ _14\"> </span>CB, <span class=\"_ _17\"> </span>il <span class=\"_ _14\"> </span>valore </span>nominale <span class=\"_ _2\"></span>delle <span class=\"_ _2\"></span>emissioni <span class=\"_ _d\"></span>in <span class=\"_ _2\"></span>circolazione <span class=\"_ _2\"></span>a <span class=\"_ _d\"></span>fine <span class=\"_ _2\"></span>dicembre <span class=\"_ _2\"></span>2025 <span class=\"_ _d\"></span>\u00e8 <span class=\"_ _2\"></span>risultato <span class=\"_ _2\"></span>pari <span class=\"_ _d\"></span>a <span class=\"_ _2\"></span>3,6 <span class=\"_ _2\"></span>miliardi <span class=\"_ _2\"></span>di euro,  dei  quali  1,75  miliardi  di  euro  rappresentati  da <span class=\"_ _22\"> </span>emissioni self-retained.  Nel  mese  di dicembre <span class=\"_ _d\"></span>2025 <span class=\"_ _9\"> </span>\u00e8 <span class=\"_ _0\"></span>stato <span class=\"_ _d\"></span>emesso <span class=\"_ _0\"></span>un <span class=\"_ _0\"></span>nuovo <span class=\"_ _0\"></span>European <span class=\"_ _0\"></span>Covered <span class=\"_ _d\"></span>B<span class=\"_ _2\"></span>ond <span class=\"_ _d\"></span>(Premium) <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>e <span class=\"_ _0\"></span>tipo self-<span class=\"_ _df\"> </span>retained <span class=\"_ _17\"> </span><span class=\"ff5\">per <span class=\"_ _17\"> </span>un <span class=\"_ _17\"> </span>valore <span class=\"_ _17\"> </span>nominale <span class=\"_ _17\"> </span>di <span class=\"_ _17\"> </span>750 <span class=\"_ _17\"> </span>milioni <span class=\"_ _17\"> </span>di <span class=\"_ _17\"> </span>euro. <span class=\"_ _4\"> </span>Quest\u2019ultima <span class=\"_ _17\"> </span>risulta <span class=\"_ _17\"> </span>idonea <span class=\"_ _17\"> </span>per </span>operazioni <span class=\"_ _d\"></span>di <span class=\"_ _0\"></span>rifinanziamento <span class=\"_ _0\"></span>presso <span class=\"_ _0\"></span>la <span class=\"_ _d\"></span>Banca <span class=\"_ _0\"></span>Centrale <span class=\"_ _0\"></span>Europea <span class=\"_ _0\"></span>e <span class=\"_ _0\"></span>si <span class=\"_ _d\"></span>presta <span class=\"_ _0\"></span>come <span class=\"_ _0\"></span>attivit\u00e0 <span class=\"_ _d\"></span>di livello 1 ai fini del Liquidity Co<span class=\"_ _2\"></span>verage Ratio per potenziali controparti prenditrici di collaterale in operazioni di repurchase agreement. Nel <span class=\"_ _d\"></span>mese <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>novembre <span class=\"_ _d\"></span>2025 <span class=\"_ _d\"></span>\u00e8 <span class=\"_ _d\"></span>stato <span class=\"_ _d\"></span>perfezionato <span class=\"_ _d\"></span>il <span class=\"_ _d\"></span>rinnovo <span class=\"_ _d\"></span>annu<span class=\"_ _1\"></span>ale <span class=\"_ _d\"></span>del <span class=\"_ _d\"></span>Programma <span class=\"_ _d\"></span>OBG. <span class=\"_ _d\"></span>Le modifiche <span class=\"_ _4\"> </span>al <span class=\"_ _22\"> </span>Base <span class=\"_ _4\"> </span>Prospectus <span class=\"_ _4\"> </span>hanno <span class=\"_ _22\"> </span>riguardato <span class=\"_ _4\"> </span>principalmente <span class=\"_ _4\"> </span><span class=\"ff5\">l\u2019aggiornamento <span class=\"_ _4\"> </span>dei <span class=\"_ _22\"> </span>dati </span>finanziari <span class=\"_ _9\"> </span>e <span class=\"_ _16\"> </span>l\u2019adeguamento <span class=\"_ _9\"> </span>normativo <span class=\"_ _16\"> </span>della <span class=\"_ _9\"> </span>documentazione <span class=\"_ _9\"> </span>d\u2019offerta  alla <span class=\"_ _9\"> </span>miglior <span class=\"_ _9\"> </span>prassi <span class=\"_ _16\"> </span>di mercato vigente. Progr<span class=\"_ _f\"></span>amma <span class=\"_ _1\"></span>di em<span class=\"_ _1\"></span>issio<span class=\"_ _1\"></span>ni \u201cEu<span class=\"_ _1\"></span>ro M<span class=\"_ _f\"></span>edium Te<span class=\"_ _1\"></span>rm N<span class=\"_ _1\"></span>ote\u201d<span class=\"_ _1\"></span> (EM<span class=\"_ _1\"></span>TN)<span class=\"ff4 fc1 sc0\"> </span>A maggio 2025, Credemholding S.p.A. ha collocato nel mercato uno str<span class=\"_ _2\"></span>umento subordinato Tier 2 da per nominali 200 milioni di euro con <span class=\"_ _2\"></span>scadenza maggi<span class=\"_ _1\"></span>o 2037 e possibilit\u00e0 di rimborso anticipato a <span class=\"_ _15\"> </span>maggio <span class=\"_ _14\"> </span>2032. <span class=\"_ _15\"> </span>Contest<span class=\"_ _2\"></span>ualmente,<span class=\"_ _1\"></span> <span class=\"_ _15\"> </span>\u00e8 <span class=\"_ _14\"> </span>s<span class=\"_ _2\"></span>tato <span class=\"_ _15\"> </span>emesso <span class=\"_ _15\"> </span>da <span class=\"_ _15\"> </span>parte <span class=\"_ _14\"> </span>di <span class=\"_ _14\"> </span>Cre<span class=\"_ _2\"></span>demBanca <span class=\"_ _14\"> </span>un <span class=\"_ _15\"> </span>prestito obbligazionario subordinato Tier 2 interamente sottoscritto da CredemHolding S.p.A. Nel me<span class=\"_ _1\"></span>se di<span class=\"_ _1\"></span> giu<span class=\"_ _1\"></span>gno 2025 <span class=\"_ _1\"></span>\u00e8 s<span class=\"_ _1\"></span>tato <span class=\"_ _1\"></span>perfezionato <span class=\"_ _1\"></span>il <span class=\"_ _1\"></span>rinnovo annu<span class=\"_ _1\"></span>ale <span class=\"_ _1\"></span>del Programma <span class=\"_ _1\"></span>EMTN <span class=\"_ _1\"></span>allineandolo alle pi\u00f9 recenti normative vigenti. Nel <span class=\"_ _2\"></span>mese <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>ottobre <span class=\"_ _2\"></span>2025, CredemHolding <span class=\"_ _2\"></span>ha <span class=\"_ _2\"></span>esercitato <span class=\"_ _2\"></span>l\u2019opzione <span class=\"_ _2\"></span>di r<span class=\"_ _2\"></span>imborso <span class=\"_ _2\"></span>anticipato pr<span class=\"_ _d\"></span><span class=\"ff4\">evista </span>per il prestito obbligazionario subordinato Tier 2 emesso nel 2020 per nominali 200 milioni di<span class=\"_ _1\"></span> euro e <span class=\"_ _d\"></span>contestualmente <span class=\"_ _0\"></span>CredemBanca <span class=\"_ _0\"></span>ha <span class=\"_ _d\"></span>rimbors<span class=\"_ _2\"></span>ato <span class=\"_ _d\"></span>anticipatamente <span class=\"_ _d\"></span>la <span class=\"_ _0\"></span>relativa <span class=\"_ _d\"></span>emiss<span class=\"_ _2\"></span>ione <span class=\"_ _d\"></span>\u201cmirror\u201d interamente sottoscritta da Cred<span class=\"_ _1\"></span>emholding. Opera<span class=\"_ _f\"></span>zioni di ca<span class=\"_ _f\"></span>rtolarizz<span class=\"_ _1\"></span>azion<span class=\"_ _f\"></span>e Con riferimento all<span class=\"_ _1\"></span>\u2019operazione di cartolarizzazi<span class=\"_ _1\"></span>one avente come <span class=\"_ _1\"></span>veicolo E<span class=\"_ _1\"></span>milia SPV S.r.l., ne<span class=\"_ _1\"></span>l corso del 2025 sono state effettuate due nuove cessioni di attivi relative a mutui ip<span class=\"_ _1\"></span>otecari residenziali in bonis. <span class=\"_ _d\"></span>Al <span class=\"_ _0\"></span>31 <span class=\"_ _0\"> </span>dicembre <span class=\"_ _0\"></span>2025, <span class=\"_ _0\"></span>il <span class=\"_ _0\"></span>circolante <span class=\"_ _0\"></span>della <span class=\"_ _0\"></span>tranche <span class=\"_ _0\"></span>senior <span class=\"_ _0\"></span>\u00e8 <span class=\"_ _d\"></span>pari <span class=\"_ _0\"></span>a <span class=\"_ _0\"></span>circa <span class=\"_ _0\"></span>2,13 <span class=\"_ _0\"></span>miliardi <span class=\"_ _d\"></span>di <span class=\"_ _0\"></span>Euro, mentre quello della tranche junior \u00e8 pari a circa 0,64 miliardi di<span class=\"_ _1\"></span> euro.<span class=\"_ _2\"></span> Progr<span class=\"_ _f\"></span>amma <span class=\"_ _1\"></span>di em<span class=\"_ _1\"></span>issio<span class=\"_ _1\"></span>ne di <span class=\"_ _f\"></span>Cambia<span class=\"_ _f\"></span>li<span class=\"_ _2\"></span> Fi<span class=\"_ _1\"></span>nanzia<span class=\"_ _f\"></span>rie (Com<span class=\"_ _f\"></span>mercial<span class=\"_ _1\"></span> Pap<span class=\"_ _1\"></span>er Pr<span class=\"_ _1\"></span>ogra<span class=\"_ _1\"></span>mme)<span class=\"_ _f\"></span><span class=\"fc1 sc0\"> </span>Nel <span class=\"_ _f\"></span>corso <span class=\"_ _1\"></span>del <span class=\"_ _f\"></span>2025, <span class=\"_ _f\"></span>a <span class=\"_ _f\"></span>valere <span class=\"_ _f\"></span>s<span class=\"_ _2\"></span>ul <span class=\"_ _f\"></span>Programma <span class=\"_ _1\"></span>di <span class=\"_ _f\"></span>Emissione <span class=\"_ _f\"></span>di <span class=\"_ _f\"></span>Cambiali <span class=\"_ _f\"></span>Finanziarie <span class=\"_ _f\"></span>di <span class=\"_ _1\"></span>Credito <span class=\"_ _f\"></span>Emiliano, che <span class=\"_ _d\"></span>d\u00e0 <span class=\"_ _0\"></span>la <span class=\"_ _0\"></span>possibilit\u00e0 <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>emettere <span class=\"_ _d\"></span>Commercial <span class=\"_ _0\"></span>Paper <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>diritto <span class=\"_ _0\"></span>Italiano <span class=\"_ _d\"></span>da <span class=\"_ _0\"></span>destinarsi <span class=\"_ _0\"></span>alla <span class=\"_ _d\"></span>clientela istituzionale <span class=\"_ _f\"></span>e <span class=\"_ _1\"></span>professionale, <span class=\"_ _f\"></span>son<span class=\"_ _2\"></span>o <span class=\"_ _f\"></span>st<span class=\"_ _2\"></span>ate <span class=\"_ _f\"></span>effettuate <span class=\"_ _f\"></span>12 emissioni <span class=\"_ _f\"></span>di <span class=\"_ _f\"></span>Cambiali <span class=\"_ _f\"></span>F<span class=\"_ _2\"></span>inanziarie, <span class=\"_ _f\"></span>ne<span class=\"_ _2\"></span>lla <span class=\"_ _f\"></span>for<span class=\"_ _2\"></span>ma di Zero Cou<span class=\"_ _1\"></span>pon con<span class=\"_ _1\"></span> durata me<span class=\"_ _1\"></span>dia pari<span class=\"_ _1\"></span> a circa <span class=\"_ _f\"></span>8 mesi e <span class=\"_ _1\"></span>per u<span class=\"_ _1\"></span>n ammontare <span class=\"_ _1\"></span>complessivo di<span class=\"_ _1\"></span> circa <span class=\"_ _1\"></span>380 milioni di euro e per un valore outstanding a fine di<span class=\"_ _1\"></span>cembre 2025 di circa 160 milioni di euro.<span class=\"_ _2\"></span> <div class=\"c w62c h354 gs16a8\"><div class=\"t m0 x8a h5 y27 ff4 fs1 fc4 sc3 ls0 ws0\">1. Dis<span class=\"_ _1\"></span>tribuzi<span class=\"_ _1\"></span>one<span class=\"_ _1\"></span> tem<span class=\"_ _1\"></span>pora<span class=\"_ _1\"></span>le pe<span class=\"_ _1\"></span>r du<span class=\"_ _f\"></span>rata res<span class=\"_ _1\"></span>idua <span class=\"_ _1\"></span>contr<span class=\"_ _1\"></span>attu<span class=\"_ _1\"></span>ale del<span class=\"_ _1\"></span>le a<span class=\"_ _1\"></span>ttivit<span class=\"_ _1\"></span>\u00e0 e pa<span class=\"_ _f\"></span>ssivit\u00e0 fina<span class=\"_ _f\"></span>nziarie<span class=\"fc1 sc0\"> </span></div></div><div class=\"c w62c h188 gs16a9\"><div class=\"t m0 x8a h5 y61e ff4 fs1 fc4 sc3 ls0 ws0\"> EUR<span class=\"_ _1\"></span>O<span class=\"fc1 sc0\"> </span></div></div><div class=\"gs16aa\"><table class=\"s w114e h5b4\" id=\"_a5caafcb-fd88-4a63-a239-65e0de704506\"><tr><td class=\"c x2a8 y37a4 w114f h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc4 sc3 ls0 ws0\">Voci/ Sc<span class=\"_ _1\"></span>aglioni<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c xaf4 y37a5 w1150 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc4 sc3 ls0 ws0\">Da oltre<span class=\"_ _1\"></span> 1<span class=\"_ _df\"> </span></div></td><td class=\"c xaf5 y37a5 w1151 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc4 sc3 ls0 ws0\">Da oltre<span class=\"_ _1\"></span> 7<span class=\"_ _df\"> </span></div></td><td class=\"c xaf6 y37a5 wdda h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc4 sc3 ls0 ws0\">Da oltre<span class=\"_ _df\"> </span></div></td><td class=\"c xaf7 y37a5 w1150 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc4 sc3 ls0 ws0\">Da oltre<span class=\"_ _1\"></span> 1<span class=\"_ _df\"> </span></div></td><td class=\"c xaf8 y37a5 w1152 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc4 sc3 ls0 ws0\">Da oltre<span class=\"_ _1\"></span> 3<span class=\"_ _df\"> </span></div></td><td class=\"c x45e y37a5 w1153 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc4 sc3 ls0 ws0\">Da oltre<span class=\"_ _1\"></span> 6<span class=\"_ _df\"> </span></div></td><td class=\"c x6cb y37a5 w1150 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc4 sc3 ls0 ws0\">Da oltre<span class=\"_ _1\"></span> 1<span class=\"_ _df\"> </span></div></td><td></td><td></td></tr><tr><td class=\"c xaf9 y37a6 w1154 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc4 sc3 ls0 ws0\">tempora<span class=\"_ _1\"></span>li<span class=\"_ _df\"> </span></div></td><td class=\"c xafa y37a7 wf0 h355\"><div class=\"t m0 x2a h30 y289 ff4 fsb fc4 sc3 ls0 ws0\">A vista<span class=\"fc1 sc0\"> </span></div></td><td class=\"c xafb y37a8 w1155 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc4 sc3 ls0 ws0\">giorno a<span class=\"_ _1\"></span> 7<span class=\"_ _df\"> </span></div></td><td class=\"c xafc y37a8 w1156 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc4 sc3 ls0 ws0\">giorni a<span class=\"_ _df\"> </span></div></td><td class=\"c xaf6 y37a8 w1157 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc4 sc3 ls0 ws0\">15 giorni<span class=\"_ _df\"> </span></div></td><td class=\"c xafd y37a8 w1158 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc4 sc3 ls0 ws0\">mese fino<span class=\"_ _df\"> </span></div></td><td class=\"c xafe y37a8 w1159 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc4 sc3 ls0 ws0\">mesi fino<span class=\"_ _df\"> </span></div></td><td class=\"c xaff y37a8 w1159 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc4 sc3 ls0 ws0\">mesi fino<span class=\"_ _df\"> </span></div></td><td class=\"c x6d9 y37a8 w115a h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc4 sc3 ls0 ws0\">anno fino<span class=\"_ _f\"></span> a<span class=\"_ _df\"> </span></div></td><td class=\"c x7a3 y37a7 w384 h355\"><div class=\"t m0 x8a h30 y289 ff4 fsb fc4 sc3 ls0 ws0\">Oltre 5 ann<span class=\"_ _1\"></span>i<span class=\"fc1 sc0\"> </span></div></td><td></td></tr><tr><td></td><td></td><td class=\"c xb00 y37a9 w115b h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc4 sc3 ls0 ws0\">giorni<span class=\"_ _df\"> </span></div></td><td class=\"c xafc y37a9 w1157 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc4 sc3 ls0 ws0\">15 giorni<span class=\"_ _df\"> </span></div></td><td class=\"c xaf6 y37a9 w115c h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc4 sc3 ls0 ws0\">a 1 mese<span class=\"_ _df\"> </span></div></td><td class=\"c xb01 y37a9 w115d h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc4 sc3 ls0 ws0\">3 mesi<span class=\"_ _df\"> </span></div></td><td class=\"c xafe y37a9 w115e h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc4 sc3 ls0 ws0\">a 6 mesi<span class=\"_ _df\"> </span></div></td><td class=\"c x64a y37a9 w115f h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc4 sc3 ls0 ws0\">a 1 anno<span class=\"_ _df\"> </span></div></td><td class=\"c xb02 y37a9 w1160 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc4 sc3 ls0 ws0\">5 anni<span class=\"_ _df\"> </span></div></td><td></td><td></td></tr><tr><td class=\"c x46b y37aa w62d h21\"><div class=\"t m0 x8a h30 y66c ff4 fsb fc1 sc2 ls0 ws0\">Attivit\u00e0<span class=\"_ _1\"></span> per cassa<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td><td class=\"c xafa y37aa w1d8 h21\"><div class=\"t m0 x16a h30 y66c ff4 fsb fc1 sc2 ls0 ws0\">5.880.487<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td><td class=\"c xb03 y37aa w3b6 h21\"><div class=\"t m0 xac h30 y66c ff4 fsb fc1 sc2 ls0 ws0\">2.793.02<span class=\"_ _1\"></span>0<span class=\"sc0\"> </span></div></td><td class=\"c x71c y37aa w351 h21\"><div class=\"t m0 x16a h30 y66c ff4 fsb fc1 sc2 ls0 ws0\">502.719<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x80b y37aa w1e3 h21\"><div class=\"t m0 x2f h30 y66c ff4 fsb fc1 sc2 ls0 ws0\">808.177<span class=\"sc0\"> </span></div></td><td class=\"c x682 y37aa w436 h21\"><div class=\"t m0 xac h30 y66c ff4 fsb fc1 sc2 ls0 ws0\">3.468.012<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td><td class=\"c xb04 y37aa w111 h21\"><div class=\"t m0 xac h30 y66c ff4 fsb fc1 sc2 ls0 ws0\">3.396.744<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x469 y37aa w17d h21\"><div class=\"t m0 x8e h30 y66c ff4 fsb fc1 sc2 ls0 ws0\">4.137.949<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x6ed y37aa w8c h21\"><div class=\"t m0 xac h30 y66c ff4 fsb fc1 sc2 ls0 ws0\">18.528.83<span class=\"_ _f\"></span>6<span class=\"sc0\"> </span></div></td><td class=\"c x7a3 y37aa w2df h21\"><div class=\"t m0 xac h30 y66c ff4 fsb fc1 sc2 ls0 ws0\">13.932.2<span class=\"_ _1\"></span>74<span class=\"sc0\"> </span></div></td><td class=\"c xb05 y37aa w2bb h21\"><div class=\"t m0 xac h30 y66c ff4 fsb fc1 sc2 ls0 ws0\">395.771<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x46b y37ab w62d h21\"><div class=\"t m0 x16a h30 y66c ff4 fsb fc1 sc0 ls0 ws0\">A.1 Titoli di Stato<span class=\"_ _2\"></span> </div></td><td class=\"c xafa y37ab w1d8 h21\"><div class=\"t m0 x13 h30 y66c ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xb03 y37ab w3b6 h21\"><div class=\"t m0 x15 h30 y66c ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x71c y37ab w351 h21\"><div class=\"t m0 x14 h30 y66c ff4 fsb fc1 sc0 ls0 ws0\">1.570 </div></td><td class=\"c x80b y37ab w1e3 h21\"><div class=\"t m0 x33 h30 y66c ff4 fsb fc1 sc0 ls0 ws0\">765 </div></td><td class=\"c x682 y37ab w436 h21\"><div class=\"t m0 x55 h30 y66c ff4 fsb fc1 sc0 ls0 ws0\">23.972 </div></td><td class=\"c xb04 y37ab w111 h21\"><div class=\"t m0 x116 h30 y66c ff4 fsb fc1 sc0 ls0 ws0\">450.992 </div></td><td class=\"c x469 y37ab w17d h21\"><div class=\"t m0 x2e h30 y66c ff4 fsb fc1 sc0 ls0 ws0\">157.876 </div></td><td class=\"c x6ed y37ab w8c h21\"><div class=\"t m0 x8e h30 y66c ff4 fsb fc1 sc0 ls0 ws0\">5.058.884 </div></td><td class=\"c x7a3 y37ab w2df h21\"><div class=\"t m0 x116 h30 y66c ff4 fsb fc1 sc0 ls0 ws0\">1.184.607 </div></td><td class=\"c xb05 y37ab w2bb h21\"><div class=\"t m0 x26 h30 y66c ff4 fsb fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2a8 y37ac w1161 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">A.2 Altri tit<span class=\"_ _2\"></span>oli di<span class=\"_ _df\"> </span></div></td><td class=\"c xafa y37ad w1d8 h98\"><div class=\"t m0 x13 h30 y27 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xb03 y37ad w3b6 h98\"><div class=\"t m0 x15 h30 y27 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x71c y37ad w351 h98\"><div class=\"t m0 x2a h30 y27 ff4 fsb fc1 sc0 ls0 ws0\">83.565 </div></td><td class=\"c x80b y37ad w1e3 h98\"><div class=\"t m0 x55 h30 y27 ff4 fsb fc1 sc0 ls0 ws0\">2.728 </div></td><td class=\"c x682 y37ad w436 h98\"><div class=\"t m0 x2e h30 y27 ff4 fsb fc1 sc0 ls0 ws0\">153.275 </div></td><td class=\"c xb04 y37ad w111 h98\"><div class=\"t m0 x2e h30 y27 ff4 fsb fc1 sc0 ls0 ws0\">157.762 </div></td><td class=\"c x469 y37ad w17d h98\"><div class=\"t m0 x2a h30 y27 ff4 fsb fc1 sc0 ls0 ws0\">267.973 </div></td><td class=\"c x6ed y37ad w8c h98\"><div class=\"t m0 x16a h30 y27 ff4 fsb fc1 sc0 ls0 ws0\">1.925.288 </div></td><td class=\"c x7a3 y37ad w2df h98\"><div class=\"t m0 x2f h30 y27 ff4 fsb fc1 sc0 ls0 ws0\">1.968.004 </div></td><td class=\"c xb05 y37ad w2bb h98\"><div class=\"t m0 x26 h30 y27 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2a8 y37ae w1162 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">debito<span class=\"_ _df\"> </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 x46b y37af w62d h21\"><div class=\"t m0 x16a h30 y66c ff4 fsb fc1 sc0 ls0 ws0\">A.3 Quote OICR </div></td><td class=\"c xafa y37af w1d8 h21\"><div class=\"t m0 x33 h30 y66c ff4 fsb fc1 sc0 ls0 ws0\">10.804 </div></td><td class=\"c xb03 y37af w3b6 h21\"><div class=\"t m0 x15 h30 y66c ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x71c y37af w351 h21\"><div class=\"t m0 x38 h30 y66c ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x80b y37af w1e3 h21\"><div class=\"t m0 x37 h30 y66c ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x682 y37af w436 h21\"><div class=\"t m0 x30 h30 y66c ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xb04 y37af w111 h21\"><div class=\"t m0 x30 h30 y66c ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x469 y37af w17d h21\"><div class=\"t m0 x30 h30 y66c ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x6ed y37af w8c h21\"><div class=\"t m0 x2c h30 y66c ff4 fsb fc1 sc0 ls0 ws0\">1.907 </div></td><td class=\"c x7a3 y37af w2df h21\"><div class=\"t m0 x8f h30 y66c ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xb05 y37af w2bb h21\"><div class=\"t m0 x26 h30 y66c ff4 fsb fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2a8 y37b0 wdde h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">A.4<span class=\"_ _df\"> </span></div></td><td class=\"c xafa y37b1 w1d8 h12\"><div class=\"t m0 x2f h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">5.869.683 </div></td><td class=\"c xb03 y37b1 w3b6 h12\"><div class=\"t m0 xac h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">2.793.020<span class=\"_ _2\"></span> </div></td><td class=\"c x71c y37b1 w351 h12\"><div class=\"t m0 x2f h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">417.584 </div></td><td class=\"c x80b y37b1 w1e3 h12\"><div class=\"t m0 xab h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">804.684 </div></td><td class=\"c x682 y37b1 w436 h12\"><div class=\"t m0 xab h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">3.290.765 </div></td><td class=\"c xb04 y37b1 w111 h12\"><div class=\"t m0 xab h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">2.787.990 </div></td><td class=\"c x469 y37b1 w17d h12\"><div class=\"t m0 x8e h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">3.712.100 </div></td><td class=\"c x6ed y37b1 w8c h12\"><div class=\"t m0 x2f h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">11.542.757 </div></td><td class=\"c x7a3 y37b1 w2df h12\"><div class=\"t m0 xac h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">10.779.663 </div></td><td class=\"c xb05 y37b1 w2bb h12\"><div class=\"t m0 xac h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">395.771 </div></td></tr><tr><td class=\"c x2a8 y37b2 w1163 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">Finanziamenti<span class=\"_ _df\"> </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 x46b y37b3 w62d h21\"><div class=\"t m0 x39 h30 y54 ff4 fsb fc1 sc0 ls0 ws0\">- Banche </div></td><td class=\"c xafa y37b3 w1d8 h21\"><div class=\"t m0 x2a h30 y54 ff4 fsb fc1 sc0 ls0 ws0\">1.466.576 </div></td><td class=\"c xb03 y37b3 w3b6 h21\"><div class=\"t m0 x2e h30 y54 ff4 fsb fc1 sc0 ls0 ws0\">813.409 </div></td><td class=\"c x71c y37b3 w351 h21\"><div class=\"t m0 x38 h30 y54 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x80b y37b3 w1e3 h21\"><div class=\"t m0 x33 h30 y54 ff4 fsb fc1 sc0 ls0 ws0\">755 </div></td><td class=\"c x682 y37b3 w436 h21\"><div class=\"t m0 x2a h30 y54 ff4 fsb fc1 sc0 ls0 ws0\">198.393 </div></td><td class=\"c xb04 y37b3 w111 h21\"><div class=\"t m0 x37 h30 y54 ff4 fsb fc1 sc0 ls53 ws0\">69<span class=\"ls0\"> </span></div></td><td class=\"c x469 y37b3 w17d h21\"><div class=\"t m0 x38 h30 y54 ff4 fsb fc1 sc0 ls9b ws0\">21<span class=\"ls0\"> </span></div></td><td class=\"c x6ed y37b3 w8c h21\"><div class=\"t m0 x31 h30 y54 ff4 fsb fc1 sc0 ls54 ws0\">46<span class=\"ls0\"> </span></div></td><td class=\"c x7a3 y37b3 w2df h21\"><div class=\"t m0 x8f h30 y54 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xb05 y37b3 w2bb h21\"><div class=\"t m0 xac h30 y54 ff4 fsb fc1 sc0 ls0 ws0\">395.771 </div></td></tr><tr><td class=\"c x46b y37b4 w62d h21\"><div class=\"t m0 x39 h30 y54 ff4 fsb fc1 sc0 ls0 ws0\">- Clientela </div></td><td class=\"c xafa y37b4 w1d8 h21\"><div class=\"t m0 x116 h30 y54 ff4 fsb fc1 sc0 ls0 ws0\">4.403.107 </div></td><td class=\"c xb03 y37b4 w3b6 h21\"><div class=\"t m0 x16a h30 y54 ff4 fsb fc1 sc0 ls0 ws0\">1.979.611 </div></td><td class=\"c x71c y37b4 w351 h21\"><div class=\"t m0 x2f h30 y54 ff4 fsb fc1 sc0 ls0 ws0\">417.584 </div></td><td class=\"c x80b y37b4 w1e3 h21\"><div class=\"t m0 xac h30 y54 ff4 fsb fc1 sc0 ls0 ws0\">803.929 </div></td><td class=\"c x682 y37b4 w436 h21\"><div class=\"t m0 xab h30 y54 ff4 fsb fc1 sc0 ls0 ws0\">3.092.372 </div></td><td class=\"c xb04 y37b4 w111 h21\"><div class=\"t m0 x8e h30 y54 ff4 fsb fc1 sc0 ls0 ws0\">2.787.921 </div></td><td class=\"c x469 y37b4 w17d h21\"><div class=\"t m0 x8e h30 y54 ff4 fsb fc1 sc0 ls0 ws0\">3.712.079 </div></td><td class=\"c x6ed y37b4 w8c h21\"><div class=\"t m0 x116 h30 y54 ff4 fsb fc1 sc0 ls0 ws0\">11.542.711 </div></td><td class=\"c x7a3 y37b4 w2df h21\"><div class=\"t m0 xac h30 y54 ff4 fsb fc1 sc0 ls0 ws0\">10.779.663 </div></td><td class=\"c xb05 y37b4 w2bb h21\"><div class=\"t m0 x26 h30 y54 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x262 y37b5 w1164 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc2 ls0 ws0\">Passivit<span class=\"_ _1\"></span>\u00e0 per<span class=\"_ _df\"> </span></div></td><td class=\"c xafa y37b6 w1d8 h12\"><div class=\"t m0 x8e h30 y295 ff4 fsb fc1 sc2 ls0 ws0\">35.239.416<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td><td class=\"c xb03 y37b6 w3b6 h12\"><div class=\"t m0 xac h30 y295 ff4 fsb fc1 sc2 ls0 ws0\">4.899.148<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x71c y37b6 w351 h12\"><div class=\"t m0 x2f h30 y295 ff4 fsb fc1 sc2 ls0 ws0\">292.78<span class=\"_ _1\"></span>4<span class=\"sc0\"> </span></div></td><td class=\"c x80b y37b6 w1e3 h12\"><div class=\"t m0 xab h30 y295 ff4 fsb fc1 sc2 ls0 ws0\">1.245.176<span class=\"sc0\"> </span></div></td><td class=\"c x682 y37b6 w436 h12\"><div class=\"t m0 xac h30 y295 ff4 fsb fc1 sc2 ls0 ws0\">1.887.484<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td><td class=\"c xb04 y37b6 w111 h12\"><div class=\"t m0 x8e h30 y295 ff4 fsb fc1 sc2 ls0 ws0\">1.540.52<span class=\"_ _1\"></span>6<span class=\"sc0\"> </span></div></td><td class=\"c x469 y37b6 w17d h12\"><div class=\"t m0 x55 h30 y295 ff4 fsb fc1 sc2 ls0 ws0\">610.921<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x6ed y37b6 w8c h12\"><div class=\"t m0 x2f h30 y295 ff4 fsb fc1 sc2 ls0 ws0\">3.759.893<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x7a3 y37b6 w2df h12\"><div class=\"t m0 x55 h30 y295 ff4 fsb fc1 sc2 ls0 ws0\">444.379<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td><td class=\"c xb05 y37b6 w2bb h12\"><div class=\"t m0 x26 h30 y295 ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x262 y37b7 wc14 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc2 ls0 ws0\">cassa<span class=\"_ _df\"> </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 x2a8 y37b8 w1165 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">B.1 Depositi e<span class=\"_ _df\"> </span></div></td><td class=\"c xafa y37b9 w1d8 h196\"><div class=\"t m0 xab h30 y1649 ff4 fsb fc1 sc0 ls0 ws0\">34.956.405 </div></td><td class=\"c xb03 y37b9 w3b6 h196\"><div class=\"t m0 x2a h30 y1649 ff4 fsb fc1 sc0 ls0 ws0\">1.111.979 </div></td><td class=\"c x71c y37b9 w351 h196\"><div class=\"t m0 x16a h30 y1649 ff4 fsb fc1 sc0 ls0 ws0\">291.759 </div></td><td class=\"c x80b y37b9 w1e3 h196\"><div class=\"t m0 x8e h30 y1649 ff4 fsb fc1 sc0 ls0 ws0\">794.201 </div></td><td class=\"c x682 y37b9 w436 h196\"><div class=\"t m0 xac h30 y1649 ff4 fsb fc1 sc0 ls0 ws0\">1.405.652 </div></td><td class=\"c xb04 y37b9 w111 h196\"><div class=\"t m0 x8e h30 y1649 ff4 fsb fc1 sc0 ls0 ws0\">1.252.057 </div></td><td class=\"c x469 y37b9 w17d h196\"><div class=\"t m0 x116 h30 y1649 ff4 fsb fc1 sc0 ls0 ws0\">455.966 </div></td><td class=\"c x6ed y37b9 w8c h196\"><div class=\"t m0 x14 h30 y1649 ff4 fsb fc1 sc0 ls0 ws0\">115.222 </div></td><td class=\"c x7a3 y37b9 w2df h196\"><div class=\"t m0 x8f h30 y1649 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xb05 y37b9 w2bb h196\"><div class=\"t m0 x26 h30 y1649 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2a8 y37ba w1166 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">conti correnti<span class=\"_ _df\"> </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 x46b y37bb w62d h21\"><div class=\"t m0 x39 h30 y66c ff4 fsb fc1 sc0 ls0 ws0\">- Banche </div></td><td class=\"c xafa y37bb w1d8 h21\"><div class=\"t m0 x32 h30 y66c ff4 fsb fc1 sc0 ls0 ws0\">12.793 </div></td><td class=\"c xb03 y37bb w3b6 h21\"><div class=\"t m0 x15 h30 y66c ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x71c y37bb w351 h21\"><div class=\"t m0 x38 h30 y66c ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x80b y37bb w1e3 h21\"><div class=\"t m0 x37 h30 y66c ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x682 y37bb w436 h21\"><div class=\"t m0 x48 h30 y66c ff4 fsb fc1 sc0 ls0 ws0\">2.756 </div></td><td class=\"c xb04 y37bb w111 h21\"><div class=\"t m0 x30 h30 y66c ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x469 y37bb w17d h21\"><div class=\"t m0 x30 h30 y66c ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x6ed y37bb w8c h21\"><div class=\"t m0 x8f h30 y66c ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x7a3 y37bb w2df h21\"><div class=\"t m0 x8f h30 y66c ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xb05 y37bb w2bb h21\"><div class=\"t m0 x26 h30 y66c ff4 fsb fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y37bc w62d h21\"><div class=\"t m0 x39 h30 y66c ff4 fsb fc1 sc0 ls0 ws0\">- Clientela </div></td><td class=\"c xafa y37bc w1d8 h21\"><div class=\"t m0 x8e h30 y66c ff4 fsb fc1 sc0 ls0 ws0\">34.943.612 </div></td><td class=\"c xb03 y37bc w3b6 h21\"><div class=\"t m0 x2a h30 y66c ff4 fsb fc1 sc0 ls0 ws0\">1.111.979 </div></td><td class=\"c x71c y37bc w351 h21\"><div class=\"t m0 x16a h30 y66c ff4 fsb fc1 sc0 ls0 ws0\">291.759 </div></td><td class=\"c x80b y37bc w1e3 h21\"><div class=\"t m0 x8e h30 y66c ff4 fsb fc1 sc0 ls0 ws0\">794.201 </div></td><td class=\"c x682 y37bc w436 h21\"><div class=\"t m0 xac h30 y66c ff4 fsb fc1 sc0 ls0 ws0\">1.402.896 </div></td><td class=\"c xb04 y37bc w111 h21\"><div class=\"t m0 x8e h30 y66c ff4 fsb fc1 sc0 ls0 ws0\">1.252.057 </div></td><td class=\"c x469 y37bc w17d h21\"><div class=\"t m0 x116 h30 y66c ff4 fsb fc1 sc0 ls0 ws0\">455.966 </div></td><td class=\"c x6ed y37bc w8c h21\"><div class=\"t m0 x14 h30 y66c ff4 fsb fc1 sc0 ls0 ws0\">115.222 </div></td><td class=\"c x7a3 y37bc w2df h21\"><div class=\"t m0 x8f h30 y66c ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xb05 y37bc w2bb h21\"><div class=\"t m0 x26 h30 y66c ff4 fsb fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2a8 y37bd w1167 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">B.2 Titoli di<span class=\"_ _df\"> </span></div></td><td class=\"c xafa y37be w1d8 h12\"><div class=\"t m0 x27 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">1.296 </div></td><td class=\"c xb03 y37be w3b6 h12\"><div class=\"t m0 x15 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x71c y37be w351 h12\"><div class=\"t m0 x38 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x80b y37be w1e3 h12\"><div class=\"t m0 x39 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">11.511 </div></td><td class=\"c x682 y37be w436 h12\"><div class=\"t m0 x116 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">238.375 </div></td><td class=\"c xb04 y37be w111 h12\"><div class=\"t m0 x116 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">267.500 </div></td><td class=\"c x469 y37be w17d h12\"><div class=\"t m0 x2a h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">138.986 </div></td><td class=\"c x6ed y37be w8c h12\"><div class=\"t m0 x2f h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">3.579.467 </div></td><td class=\"c x7a3 y37be w2df h12\"><div class=\"t m0 x2e h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">400.000 </div></td><td class=\"c xb05 y37be w2bb h12\"><div class=\"t m0 x26 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2a8 y37bf w1162 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">debito<span class=\"_ _df\"> </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 x2a8 y37c0 w1168 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">B.3 Altre<span class=\"_ _df\"> </span></div></td><td class=\"c xafa y37c1 w1d8 h12\"><div class=\"t m0 x48 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">281.715 </div></td><td class=\"c xb03 y37c1 w3b6 h12\"><div class=\"t m0 x8e h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">3.787.169 </div></td><td class=\"c x71c y37c1 w351 h12\"><div class=\"t m0 x14 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">1.025 </div></td><td class=\"c x80b y37c1 w1e3 h12\"><div class=\"t m0 xac h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">439.464 </div></td><td class=\"c x682 y37c1 w436 h12\"><div class=\"t m0 x116 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">243.457 </div></td><td class=\"c xb04 y37c1 w111 h12\"><div class=\"t m0 x55 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">20.969 </div></td><td class=\"c x469 y37c1 w17d h12\"><div class=\"t m0 x39 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">15.969 </div></td><td class=\"c x6ed y37c1 w8c h12\"><div class=\"t m0 x14 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">65.204 </div></td><td class=\"c x7a3 y37c1 w2df h12\"><div class=\"t m0 x14 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">44.379 </div></td><td class=\"c xb05 y37c1 w2bb h12\"><div class=\"t m0 x26 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2a8 y37c2 w1169 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">passivit\u00e0<span class=\"_ _df\"> </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 x262 y37c3 w116a h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc2 ls0 ws0\">Operazio<span class=\"_ _1\"></span>ni \"fuori<span class=\"_ _df\"> </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 x262 y37c4 w116b h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc2 ls0 ws0\">bilancio<span class=\"_ _1\"></span>\"<span class=\"_ _df\"> </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 x2a8 y37c5 w116c h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">C.1 Derivati<span class=\"_ _df\"> </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 x2a8 y37c6 w116d h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">finanziari con<span class=\"_ _df\"> </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 x2a8 y37c7 w116e h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">scambio di<span class=\"_ _df\"> </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 x2a8 y37c8 w116f h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">capitale<span class=\"_ _df\"> </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 x46a y37c9 w1170 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">- Posizioni<span class=\"_ _df\"> </span></div></td><td class=\"c xafa y37ca w1d8 h12\"><div class=\"t m0 x13 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xb03 y37ca w3b6 h12\"><div class=\"t m0 x2a h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">327.334 </div></td><td class=\"c x71c y37ca w351 h12\"><div class=\"t m0 x2f h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">122.305 </div></td><td class=\"c x80b y37ca w1e3 h12\"><div class=\"t m0 x2a h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">34.130 </div></td><td class=\"c x682 y37ca w436 h12\"><div class=\"t m0 x2e h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">132.975 </div></td><td class=\"c xb04 y37ca w111 h12\"><div class=\"t m0 x39 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">50.193 </div></td><td class=\"c x469 y37ca w17d h12\"><div class=\"t m0 x130 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">70.556 </div></td><td class=\"c x6ed y37ca w8c h12\"><div class=\"t m0 x48 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">19.348 </div></td><td class=\"c x7a3 y37ca w2df h12\"><div class=\"t m0 x32 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">18.215 </div></td><td class=\"c xb05 y37ca w2bb h12\"><div class=\"t m0 x26 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46a y37cb w1171 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">lunghe<span class=\"_ _df\"> </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 x46a y37cc w1170 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">- Posizioni<span class=\"_ _df\"> </span></div></td><td class=\"c xafa y37cd w1d8 h12\"><div class=\"t m0 x48 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">23.430 </div></td><td class=\"c xb03 y37cd w3b6 h12\"><div class=\"t m0 x2a h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">509.704 </div></td><td class=\"c x71c y37cd w351 h12\"><div class=\"t m0 x2a h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">35.648 </div></td><td class=\"c x80b y37cd w1e3 h12\"><div class=\"t m0 x14 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">5.101 </div></td><td class=\"c x682 y37cd w436 h12\"><div class=\"t m0 x55 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">113.965 </div></td><td class=\"c xb04 y37cd w111 h12\"><div class=\"t m0 x55 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">39.968 </div></td><td class=\"c x469 y37cd w17d h12\"><div class=\"t m0 x2e h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">105.590 </div></td><td class=\"c x6ed y37cd w8c h12\"><div class=\"t m0 x32 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">6.868 </div></td><td class=\"c x7a3 y37cd w2df h12\"><div class=\"t m0 x34 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">744 </div></td><td class=\"c xb05 y37cd w2bb h12\"><div class=\"t m0 x26 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46a y37ce w1172 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls7c ws0\">corte<span class=\"_ _df\"> </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 x2a8 y37cf w1173 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">C.2 Derivati<span class=\"_ _df\"> </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 x2a8 y37d0 w1174 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">finanziari senza<span class=\"_ _df\"> </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 x2a8 y37d1 w116e h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">scambio di<span class=\"_ _df\"> </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 x2a8 y37d2 w116f h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">capitale<span class=\"_ _df\"> </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 x46a y37d3 w1170 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">- Posizioni<span class=\"_ _df\"> </span></div></td><td class=\"c xafa y37d4 w1d8 h98\"><div class=\"t m0 x35 h30 y27 ff4 fsb fc1 sc0 ls0 ws0\">12.106 </div></td><td class=\"c xb03 y37d4 w3b6 h98\"><div class=\"t m0 x97 h30 y27 ff4 fsb fc1 sc0 ls5c ws0\">37<span class=\"ls0\"> </span></div></td><td class=\"c x71c y37d4 w351 h98\"><div class=\"t m0 x97 h30 y27 ff4 fsb fc1 sc0 ls0 ws0\">7 </div></td><td class=\"c x80b y37d4 w1e3 h98\"><div class=\"t m0 x37 h30 y27 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x682 y37d4 w436 h98\"><div class=\"t m0 x34 h30 y27 ff4 fsb fc1 sc0 ls53 ws0\">96<span class=\"ls0\"> </span></div></td><td class=\"c xb04 y37d4 w111 h98\"><div class=\"t m0 x34 h30 y27 ff4 fsb fc1 sc0 ls52 ws0\">117<span class=\"ls0\"> </span></div></td><td class=\"c x469 y37d4 w17d h98\"><div class=\"t m0 x26 h30 y27 ff4 fsb fc1 sc0 ls0 ws0\">217 </div></td><td class=\"c x6ed y37d4 w8c h98\"><div class=\"t m0 x8f h30 y27 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x7a3 y37d4 w2df h98\"><div class=\"t m0 x8f h30 y27 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xb05 y37d4 w2bb h98\"><div class=\"t m0 x26 h30 y27 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46a y37d5 w1171 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">lunghe<span class=\"_ _df\"> </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 x46a y37d6 w1170 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">- Posizioni<span class=\"_ _df\"> </span></div></td><td class=\"c xafa y37d7 w1d8 h99\"><div class=\"t m0 x2c h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">11.314 </div></td><td class=\"c xb03 y37d7 w3b6 h99\"><div class=\"t m0 x38 h30 y295 ff4 fsb fc1 sc0 ls52 ws0\">16<span class=\"ls0\"> </span></div></td><td class=\"c x71c y37d7 w351 h99\"><div class=\"t m0 x97 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">2 </div></td><td class=\"c x80b y37d7 w1e3 h99\"><div class=\"t m0 x37 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x682 y37d7 w436 h99\"><div class=\"t m0 x37 h30 y295 ff4 fsb fc1 sc0 ls9b ws0\">29<span class=\"ls0\"> </span></div></td><td class=\"c xb04 y37d7 w111 h99\"><div class=\"t m0 x37 h30 y295 ff4 fsb fc1 sc0 ls54 ws0\">45<span class=\"ls0\"> </span></div></td><td class=\"c x469 y37d7 w17d h99\"><div class=\"t m0 x97 h30 y295 ff4 fsb fc1 sc0 ls5 ws0\">72<span class=\"ls0\"> </span></div></td><td class=\"c x6ed y37d7 w8c h99\"><div class=\"t m0 x8f h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x7a3 y37d7 w2df h99\"><div class=\"t m0 x8f h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xb05 y37d7 w2bb h99\"><div class=\"t m0 x26 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46a y37d8 w1172 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls7c ws0\">corte<span class=\"_ _df\"> </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 x2a8 y37d9 w1175 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">C.3 Depositi e<span class=\"_ _df\"> </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 x2a8 y37da w1176 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">finanziamenti da<span class=\"_ _df\"> </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 x2a8 y37db w1177 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">ricevere<span class=\"_ _df\"> </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 x46a y37dc w1170 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">- Posizioni<span class=\"_ _df\"> </span></div></td><td class=\"c xafa y37dd w1d8 h98\"><div class=\"t m0 x13 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xb03 y37dd w3b6 h98\"><div class=\"t m0 x116 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">200.000 </div></td><td class=\"c x71c y37dd w351 h98\"><div class=\"t m0 x38 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x80b y37dd w1e3 h98\"><div class=\"t m0 x37 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x682 y37dd w436 h98\"><div class=\"t m0 x30 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xb04 y37dd w111 h98\"><div class=\"t m0 x30 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x469 y37dd w17d h98\"><div class=\"t m0 x30 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x6ed y37dd w8c h98\"><div class=\"t m0 x8f h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x7a3 y37dd w2df h98\"><div class=\"t m0 x8f h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xb05 y37dd w2bb h98\"><div class=\"t m0 x26 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46a y37de w1171 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">lunghe<span class=\"_ _df\"> </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 x46a y37df w1170 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">- Posizioni<span class=\"_ _df\"> </span></div></td><td class=\"c xafa y37e0 w1d8 h98\"><div class=\"t m0 x13 h30 y27 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xb03 y37e0 w3b6 h98\"><div class=\"t m0 x15 h30 y27 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x71c y37e0 w351 h98\"><div class=\"t m0 x38 h30 y27 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x80b y37e0 w1e3 h98\"><div class=\"t m0 x37 h30 y27 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x682 y37e0 w436 h98\"><div class=\"t m0 x30 h30 y27 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xb04 y37e0 w111 h98\"><div class=\"t m0 x30 h30 y27 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x469 y37e0 w17d h98\"><div class=\"t m0 x30 h30 y27 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x6ed y37e0 w8c h98\"><div class=\"t m0 x2e h30 y27 ff4 fsb fc1 sc0 ls0 ws0\">200.000 </div></td><td class=\"c x7a3 y37e0 w2df h98\"><div class=\"t m0 x8f h30 y27 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xb05 y37e0 w2bb h98\"><div class=\"t m0 x26 h30 y27 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46a y37e1 w1172 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls7c ws0\">corte<span class=\"_ _df\"> </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 x2a8 y37e2 w1178 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">C.4 Impegni<span class=\"_ _df\"> </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 x2a8 y37e3 w1179 h509\"><div class=\"t m0 x250 h30 y2ba3 ff4 fsb fc1 sc0 ls0 ws0\">irrevocabili<span class=\"_ _2\"></span> a<span class=\"_ _df\"> </span></div><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">erogare fondi<span class=\"_ _df\"> </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 x46a y37e4 w1170 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">- Posizioni<span class=\"_ _df\"> </span></div></td><td class=\"c xafa y37e5 w1d8 h12\"><div class=\"t m0 x3a h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">5.773 </div></td><td class=\"c xb03 y37e5 w3b6 h12\"><div class=\"t m0 x27 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">256 </div></td><td class=\"c x71c y37e5 w351 h12\"><div class=\"t m0 xac h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">200.000 </div></td><td class=\"c x80b y37e5 w1e3 h12\"><div class=\"t m0 x32 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">914 </div></td><td class=\"c x682 y37e5 w436 h12\"><div class=\"t m0 x14 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">2.480 </div></td><td class=\"c xb04 y37e5 w111 h12\"><div class=\"t m0 x39 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">23.319 </div></td><td class=\"c x469 y37e5 w17d h12\"><div class=\"t m0 x48 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">25.121 </div></td><td class=\"c x6ed y37e5 w8c h12\"><div class=\"t m0 x48 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">77.992 </div></td><td class=\"c x7a3 y37e5 w2df h12\"><div class=\"t m0 x55 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">444.407 </div></td><td class=\"c xb05 y37e5 w2bb h12\"><div class=\"t m0 x26 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46a y37e6 w1171 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">lunghe<span class=\"_ _df\"> </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 x46a y37e7 w1170 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">- Posizioni<span class=\"_ _df\"> </span></div></td><td class=\"c xafa y37e8 w1d8 h98\"><div class=\"t m0 x55 h30 y27 ff4 fsb fc1 sc0 ls0 ws0\">580.905 </div></td><td class=\"c xb03 y37e8 w3b6 h98\"><div class=\"t m0 x116 h30 y27 ff4 fsb fc1 sc0 ls0 ws0\">200.000 </div></td><td class=\"c x71c y37e8 w351 h98\"><div class=\"t m0 x38 h30 y27 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x80b y37e8 w1e3 h98\"><div class=\"t m0 x37 h30 y27 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x682 y37e8 w436 h98\"><div class=\"t m0 x30 h30 y27 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xb04 y37e8 w111 h98\"><div class=\"t m0 x30 h30 y27 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x469 y37e8 w17d h98\"><div class=\"t m0 x30 h30 y27 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x6ed y37e8 w8c h98\"><div class=\"t m0 x8f h30 y27 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x7a3 y37e8 w2df h98\"><div class=\"t m0 x8f h30 y27 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xb05 y37e8 w2bb h98\"><div class=\"t m0 x26 h30 y27 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46a y37e9 w1172 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls7c ws0\">corte<span class=\"_ _df\"> </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 x2a8 y37ea w117a h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">C.5 Garanzie<span class=\"_ _df\"> </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 x2a8 y37eb w117b h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">finanziarie<span class=\"_ _df\"> </span></div></td><td class=\"c xafa y37ec w1d8 h136\"><div class=\"t m0 x32 h30 y9bd ff4 fsb fc1 sc0 ls0 ws0\">67.641 </div></td><td class=\"c xb03 y37ec w3b6 h136\"><div class=\"t m0 x15 h30 y9bd ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x71c y37ec w351 h136\"><div class=\"t m0 x39 h30 y9bd ff4 fsb fc1 sc0 ls0 ws0\">1.059 </div></td><td class=\"c x80b y37ec w1e3 h136\"><div class=\"t m0 x33 h30 y9bd ff4 fsb fc1 sc0 ls9b ws0\">224<span class=\"ls0\"> </span></div></td><td class=\"c x682 y37ec w436 h136\"><div class=\"t m0 x33 h30 y9bd ff4 fsb fc1 sc0 ls0 ws0\">1.678 </div></td><td class=\"c xb04 y37ec w111 h136\"><div class=\"t m0 x26 h30 y9bd ff4 fsb fc1 sc0 ls0 ws0\">212 </div></td><td class=\"c x469 y37ec w17d h136\"><div class=\"t m0 x26 h30 y9bd ff4 fsb fc1 sc0 ls0 ws0\">731 </div></td><td class=\"c x6ed y37ec w8c h136\"><div class=\"t m0 x34 h30 y9bd ff4 fsb fc1 sc0 ls0 ws0\">505 </div></td><td class=\"c x7a3 y37ec w2df h136\"><div class=\"t m0 x34 h30 y9bd ff4 fsb fc1 sc0 ls0 ws0\">323 </div></td><td class=\"c xb05 y37ec w2bb h136\"><div class=\"t m0 x55 h30 y9bd ff4 fsb fc1 sc0 ls0 ws0\">1.413 </div></td></tr><tr><td class=\"c x2a8 y37ed w117c h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">rilasciate<span class=\"_ _df\"> </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 x2a8 y37ee w117d h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">C.6 Garanzie<span class=\"_ _df\"> </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 x2a8 y37ef w117b h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">finanziarie<span class=\"_ _df\"> </span></div></td><td class=\"c xafa y37f0 w1d8 h17f\"><div class=\"t m0 x13 h30 y589 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xb03 y37f0 w3b6 h17f\"><div class=\"t m0 x15 h30 y589 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x71c y37f0 w351 h17f\"><div class=\"t m0 x37 h30 y589 ff4 fsb fc1 sc0 ls0 ws0\">4 </div></td><td class=\"c x80b y37f0 w1e3 h17f\"><div class=\"t m0 x34 h30 y589 ff4 fsb fc1 sc0 ls0 ws0\">4 </div></td><td class=\"c x682 y37f0 w436 h17f\"><div class=\"t m0 x27 h30 y589 ff4 fsb fc1 sc0 ls52 ws0\">102<span class=\"ls0\"> </span></div></td><td class=\"c xb04 y37f0 w111 h17f\"><div class=\"t m0 x3a h30 y589 ff4 fsb fc1 sc0 ls9b ws0\">223<span class=\"ls0\"> </span></div></td><td class=\"c x469 y37f0 w17d h17f\"><div class=\"t m0 x26 h30 y589 ff4 fsb fc1 sc0 ls54 ws0\">441<span class=\"ls0\"> </span></div></td><td class=\"c x6ed y37f0 w8c h17f\"><div class=\"t m0 x34 h30 y589 ff4 fsb fc1 sc0 ls0 ws0\">249 </div></td><td class=\"c x7a3 y37f0 w2df h17f\"><div class=\"t m0 x37 h30 y589 ff4 fsb fc1 sc0 ls0 ws0\">193 </div></td><td class=\"c xb05 y37f0 w2bb h17f\"><div class=\"t m0 x39 h30 y589 ff4 fsb fc1 sc0 ls52 ws0\">1.117<span class=\"ls0\"> </span></div></td></tr><tr><td class=\"c x2a8 y37f1 w117e h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">ricevute<span class=\"_ _df\"> </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 x2a8 y37f2 w117f h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">C.7 Derivati<span class=\"_ _df\"> </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 x2a8 y37f3 w1180 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">creditizi con<span class=\"_ _df\"> </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 x2a8 y37f4 w116e h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">scambio di<span class=\"_ _df\"> </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 x2a8 y37f5 w116f h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">capitale<span class=\"_ _df\"> </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 x46a y37f6 w1170 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">- Posizioni<span class=\"_ _df\"> </span></div></td><td class=\"c xafa y37f7 w1d8 h12\"><div class=\"t m0 x13 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xb03 y37f7 w3b6 h12\"><div class=\"t m0 x15 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x71c y37f7 w351 h12\"><div class=\"t m0 x38 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x80b y37f7 w1e3 h12\"><div class=\"t m0 x37 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x682 y37f7 w436 h12\"><div class=\"t m0 x30 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xb04 y37f7 w111 h12\"><div class=\"t m0 x30 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x469 y37f7 w17d h12\"><div class=\"t m0 x30 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x6ed y37f7 w8c h12\"><div class=\"t m0 x8f h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x7a3 y37f7 w2df h12\"><div class=\"t m0 x8f h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xb05 y37f7 w2bb h12\"><div class=\"t m0 x26 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46a y37f8 w1171 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">lunghe<span class=\"_ _df\"> </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 x46a y37f9 w1170 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">- Posizioni<span class=\"_ _df\"> </span></div></td><td class=\"c xafa y37fa w1d8 h98\"><div class=\"t m0 x13 h30 y27 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xb03 y37fa w3b6 h98\"><div class=\"t m0 x15 h30 y27 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x71c y37fa w351 h98\"><div class=\"t m0 x38 h30 y27 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x80b y37fa w1e3 h98\"><div class=\"t m0 x37 h30 y27 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x682 y37fa w436 h98\"><div class=\"t m0 x30 h30 y27 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xb04 y37fa w111 h98\"><div class=\"t m0 x30 h30 y27 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x469 y37fa w17d h98\"><div class=\"t m0 x30 h30 y27 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x6ed y37fa w8c h98\"><div class=\"t m0 x8f h30 y27 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x7a3 y37fa w2df h98\"><div class=\"t m0 x8f h30 y27 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xb05 y37fa w2bb h98\"><div class=\"t m0 x26 h30 y27 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46a y37fb w1172 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls7c ws0\">corte<span class=\"_ _df\"> </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 x2a8 y37fc w1181 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">C.8 Derivati<span class=\"_ _df\"> </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 x2a8 y37fd w1182 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">creditizi senza<span class=\"_ _df\"> </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 x2a8 y37fe w116e h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">scambio di<span class=\"_ _df\"> </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 x2a8 y37ff w116f h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">capitale<span class=\"_ _df\"> </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 x46a y3800 w1170 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">- Posizioni<span class=\"_ _df\"> </span></div></td><td class=\"c xafa y3801 w1d8 h98\"><div class=\"t m0 x13 h30 y27 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xb03 y3801 w3b6 h98\"><div class=\"t m0 x15 h30 y27 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x71c y3801 w351 h98\"><div class=\"t m0 x38 h30 y27 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x80b y3801 w1e3 h98\"><div class=\"t m0 x37 h30 y27 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x682 y3801 w436 h98\"><div class=\"t m0 x30 h30 y27 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xb04 y3801 w111 h98\"><div class=\"t m0 x30 h30 y27 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x469 y3801 w17d h98\"><div class=\"t m0 x30 h30 y27 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x6ed y3801 w8c h98\"><div class=\"t m0 x8f h30 y27 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x7a3 y3801 w2df h98\"><div class=\"t m0 x8f h30 y27 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xb05 y3801 w2bb h98\"><div class=\"t m0 x26 h30 y27 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46a y3802 w1171 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">lunghe<span class=\"_ _df\"> </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 x46a y3803 w1170 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">- Posizioni<span class=\"_ _df\"> </span></div></td><td class=\"c xafa y3804 w1d8 h12\"><div class=\"t m0 x13 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xb03 y3804 w3b6 h12\"><div class=\"t m0 x15 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x71c y3804 w351 h12\"><div class=\"t m0 x38 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x80b y3804 w1e3 h12\"><div class=\"t m0 x37 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x682 y3804 w436 h12\"><div class=\"t m0 x30 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xb04 y3804 w111 h12\"><div class=\"t m0 x30 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x469 y3804 w17d h12\"><div class=\"t m0 x30 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x6ed y3804 w8c h12\"><div class=\"t m0 x8f h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x7a3 y3804 w2df h12\"><div class=\"t m0 x8f h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xb05 y3804 w2bb h12\"><div class=\"t m0 x26 h30 y295 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46a y3805 w1172 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls7c ws0\">corte<span class=\"_ _df\"> </span></div></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=\"c w316 h355 gs16ab\"><div class=\"t m4 x55 h30 ydae ff4 fsb fc4 sc3 ls0 ws0\">Durata </div><div class=\"t m4 x2c h30 y302 ff4 fsb fc4 sc3 ls0 ws0\">Indetermin<span class=\"_ _2\"></span>ata<span class=\"fc1 sc0\"> </span></div></div>1. Dis<span class=\"_ _1\"></span>tribuzi<span class=\"_ _1\"></span>one<span class=\"_ _1\"></span> tem<span class=\"_ _1\"></span>pora<span class=\"_ _1\"></span>le pe<span class=\"_ _1\"></span>r du<span class=\"_ _f\"></span>rata res<span class=\"_ _1\"></span>idua <span class=\"_ _f\"></span>contratt<span class=\"_ _1\"></span>uale d<span class=\"_ _1\"></span>elle a<span class=\"_ _f\"></span>ttivit\u00e0 e <span class=\"_ _1\"></span>pass<span class=\"_ _1\"></span>ivit\u00e0 <span class=\"_ _1\"></span>finanzia<span class=\"_ _f\"></span>rie<span class=\"fc1 sc0\"> </span> ALTR<span class=\"_ _f\"></span>E VALUT<span class=\"_ _1\"></span>E<span class=\"fc1 sc0\"> </span><table class=\"s w1183 h5b5\" id=\"_820ce237-cf5b-499f-adf5-b4b36b87f905\"><tr><td></td><td></td><td class=\"c xb06 y3806 wdda h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">Da oltre<span class=\"_ _df\"> </span></div></td><td class=\"c xb07 y3806 wdda h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">Da oltre<span class=\"_ _df\"> </span></div></td><td class=\"c xb08 y3806 wdda h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">Da oltre<span class=\"_ _df\"> </span></div></td><td class=\"c xb09 y3806 wdef h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">Da oltre<span class=\"_ _df\"> </span></div></td><td class=\"c xb0a y3806 wdef h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">Da oltre<span class=\"_ _df\"> </span></div></td><td class=\"c xb0b y3806 wdef h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">Da oltre<span class=\"_ _df\"> </span></div></td><td class=\"c xb0c y3806 wdef h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">Da oltre<span class=\"_ _df\"> </span></div></td><td></td><td></td></tr><tr><td class=\"c x46b y3807 w62e h16e\"><div class=\"t m0 x33 h30 yda0 ff4 fsb fc4 sc3 ls0 ws0\">Voci/ Sc<span class=\"_ _1\"></span>aglioni te<span class=\"_ _1\"></span>mporali<span class=\"fc1 sc0\"> </span></div></td><td class=\"c x60f y3807 w62f h16e\"><div class=\"t m0 xac h30 yda0 ff4 fsb fc4 sc3 ls0 ws0\">A vista<span class=\"fc1 sc0\"> </span></div></td><td class=\"c xb06 y3808 wef9 h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">1 giorno<span class=\"_ _df\"> </span></div></td><td class=\"c xb0d y3808 w1184 h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">7 giorni<span class=\"_ _df\"> </span></div></td><td class=\"c x874 y3808 w1185 h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">15<span class=\"_ _df\"> </span></div></td><td class=\"c x6de y3808 w1186 h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">1 mese<span class=\"_ _df\"> </span></div></td><td class=\"c xb0e y3808 w1187 h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">3 mesi<span class=\"_ _df\"> </span></div></td><td class=\"c x9ad y3808 w1188 h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">6 mesi<span class=\"_ _df\"> </span></div></td><td class=\"c xb0f y3808 w1189 h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">1 anno<span class=\"_ _df\"> </span></div></td><td class=\"c xb10 y3808 w118a h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">Oltre 5<span class=\"_ _df\"> </span></div></td><td></td></tr><tr><td></td><td></td><td class=\"c xb11 y3809 w118b h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">a 7<span class=\"_ _df\"> </span></div></td><td class=\"c xb12 y3809 w118c h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">a 15<span class=\"_ _df\"> </span></div></td><td class=\"c x871 y3809 w118d h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">giorni a<span class=\"_ _df\"> </span></div></td><td class=\"c x6c4 y3809 w118e h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">fino  3<span class=\"_ _df\"> </span></div></td><td class=\"c xb0e y3809 w118f h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">fino a 6<span class=\"_ _df\"> </span></div></td><td class=\"c xb13 y3809 w1190 h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">fino a 1<span class=\"_ _df\"> </span></div></td><td class=\"c xb0c y3809 w1191 h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">fino a <span class=\"ls6d\">5<span class=\"_ _df\"> </span></span></div></td><td class=\"c xb14 y3809 w1192 h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">anni<span class=\"_ _df\"> </span></div></td><td></td></tr><tr><td></td><td></td><td class=\"c xb15 y380a w115b h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">giorni<span class=\"_ _df\"> </span></div></td><td class=\"c xb16 y380a w115b h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">giorni<span class=\"_ _df\"> </span></div></td><td class=\"c x871 y380a w1186 h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">1 mese<span class=\"_ _df\"> </span></div></td><td class=\"c x6cf y380a w1193 h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">mesi<span class=\"_ _df\"> </span></div></td><td class=\"c x63a y380a w1194 h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">mesi<span class=\"_ _df\"> </span></div></td><td class=\"c x473 y380a w1195 h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">anno<span class=\"_ _df\"> </span></div></td><td class=\"c x6df y380a w1192 h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">anni<span class=\"_ _df\"> </span></div></td><td></td><td></td></tr><tr><td class=\"c x46b y380b w631 h4e\"><div class=\"t m0 x8a h30 y80 ff4 fsb fc1 sc2 ls0 ws0\">Attivit\u00e0<span class=\"_ _1\"></span> per cassa<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x60f y380b w427 h4e\"><div class=\"t m0 x8e h30 y80 ff4 fsb fc1 sc2 ls0 ws0\">64.496<span class=\"sc0\"> </span></div></td><td class=\"c xb17 y380b w16c h4e\"><div class=\"t m0 x8e h30 y80 ff4 fsb fc1 sc2 ls0 ws0\">88.678<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td><td class=\"c xb18 y380b w423 h4e\"><div class=\"t m0 x2e h30 y80 ff4 fsb fc1 sc2 ls0 ws0\">6.621<span class=\"sc0\"> </span></div></td><td class=\"c x457 y380b w32e h4e\"><div class=\"t m0 x2f h30 y80 ff4 fsb fc1 sc2 ls0 ws0\">11.963<span class=\"sc0\"> </span></div></td><td class=\"c x6c0 y380b w632 h4e\"><div class=\"t m0 x2f h30 y80 ff4 fsb fc1 sc2 ls0 ws0\">30.103<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x636 y380b w14a h4e\"><div class=\"t m0 x2f h30 y80 ff4 fsb fc1 sc2 ls0 ws0\">14.293<span class=\"sc0\"> </span></div></td><td class=\"c x9b0 y380b w2b1 h4e\"><div class=\"t m0 x8e h30 y80 ff4 fsb fc1 sc2 ls0 ws0\">45.257<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x56a y380b w167 h4e\"><div class=\"t m0 x8a h30 y80 ff4 fsb fc1 sc2 ls0 ws0\">330.848<span class=\"_ _f\"></span><span class=\"sc0\"> </span></div></td><td class=\"c xaa3 y380b w2bb h4e\"><div class=\"t m0 xab h30 y80 ff4 fsb fc1 sc2 ls0 ws0\">226.277<span class=\"sc0\"> </span></div></td><td class=\"c x7ea y380b w5d3 h4e\"><div class=\"t m0 x33 h30 y80 ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x46b y380c w631 h4d\"><div class=\"t m0 x16a h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">A.1 Titoli di Stato<span class=\"_ _df\"> </span></div></td><td class=\"c x60f y380c w427 h4d\"><div class=\"t m0 x26 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xb17 y380c w16c h4d\"><div class=\"t m0 x26 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xb18 y380c w423 h4d\"><div class=\"t m0 x33 h30 y74a ff4 fsb fc1 sc0 ls86 ws0\">83<span class=\"ls0\"> </span></div></td><td class=\"c x457 y380c w32e h4d\"><div class=\"t m0 x48 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">717 </div></td><td class=\"c x6c0 y380c w632 h4d\"><div class=\"t m0 x55 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">1.150 </div></td><td class=\"c x636 y380c w14a h4d\"><div class=\"t m0 x16a h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">3.088 </div></td><td class=\"c x9b0 y380c w2b1 h4d\"><div class=\"t m0 x8e h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">43.190 </div></td><td class=\"c x56a y380c w167 h4d\"><div class=\"t m0 xab h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">330.622 </div></td><td class=\"c xaa3 y380c w2bb h4d\"><div class=\"t m0 xab h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">140.898 </div></td><td class=\"c x7ea y380c w5d3 h4d\"><div class=\"t m0 x33 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y380d w631 h4d\"><div class=\"t m0 x16a h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">A.2 Altri tit<span class=\"_ _2\"></span>oli di debito<span class=\"_ _df\"> </span></div></td><td class=\"c x60f y380d w427 h4d\"><div class=\"t m0 x26 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xb17 y380d w16c h4d\"><div class=\"t m0 x26 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xb18 y380d w423 h4d\"><div class=\"t m0 x27 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x457 y380d w32e h4d\"><div class=\"t m0 x3a h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">5 </div></td><td class=\"c x6c0 y380d w632 h4d\"><div class=\"t m0 x14 h30 y74a ff4 fsb fc1 sc0 ls87 ws0\">533<span class=\"ls0\"> </span></div></td><td class=\"c x636 y380d w14a h4d\"><div class=\"t m0 x14 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">251 </div></td><td class=\"c x9b0 y380d w2b1 h4d\"><div class=\"t m0 x14 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">750 </div></td><td class=\"c x56a y380d w167 h4d\"><div class=\"t m0 x48 h30 y74a ff4 fsb fc1 sc0 ls9b ws0\">226<span class=\"ls0\"> </span></div></td><td class=\"c xaa3 y380d w2bb h4d\"><div class=\"t m0 x8e h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">85.379 </div></td><td class=\"c x7ea y380d w5d3 h4d\"><div class=\"t m0 x33 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y380e w631 h4e\"><div class=\"t m0 x16a h30 y80 ff4 fsb fc1 sc0 ls0 ws0\">A.3 Quote OICR<span class=\"_ _df\"> </span></div></td><td class=\"c x60f y380e w427 h4e\"><div class=\"t m0 x26 h30 y80 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xb17 y380e w16c h4e\"><div class=\"t m0 x26 h30 y80 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xb18 y380e w423 h4e\"><div class=\"t m0 x27 h30 y80 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x457 y380e w32e h4e\"><div class=\"t m0 x27 h30 y80 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x6c0 y380e w632 h4e\"><div class=\"t m0 x26 h30 y80 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x636 y380e w14a h4e\"><div class=\"t m0 x27 h30 y80 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9b0 y380e w2b1 h4e\"><div class=\"t m0 x26 h30 y80 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x56a y380e w167 h4e\"><div class=\"t m0 x26 h30 y80 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xaa3 y380e w2bb h4e\"><div class=\"t m0 x26 h30 y80 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x7ea y380e w5d3 h4e\"><div class=\"t m0 x33 h30 y80 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y380f w631 h4d\"><div class=\"t m0 x16a h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">A.4 Finanziamenti<span class=\"_ _df\"> </span></div></td><td class=\"c x60f y380f w427 h4d\"><div class=\"t m0 x8e h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">64.496 </div></td><td class=\"c xb17 y380f w16c h4d\"><div class=\"t m0 x8e h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">88.678 </div></td><td class=\"c xb18 y380f w423 h4d\"><div class=\"t m0 x116 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">6.538 </div></td><td class=\"c x457 y380f w32e h4d\"><div class=\"t m0 x116 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">11.241 </div></td><td class=\"c x6c0 y380f w632 h4d\"><div class=\"t m0 x8e h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">28.420 </div></td><td class=\"c x636 y380f w14a h4d\"><div class=\"t m0 x8e h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">10.954 </div></td><td class=\"c x9b0 y380f w2b1 h4d\"><div class=\"t m0 x55 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">1.317 </div></td><td class=\"c x56a y380f w167 h4d\"><div class=\"t m0 x26 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xaa3 y380f w2bb h4d\"><div class=\"t m0 x26 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x7ea y380f w5d3 h4d\"><div class=\"t m0 x33 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y3810 w631 h4d\"><div class=\"t m0 x39 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- Banche </div></td><td class=\"c x60f y3810 w427 h4d\"><div class=\"t m0 x8e h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">63.786 </div></td><td class=\"c xb17 y3810 w16c h4d\"><div class=\"t m0 x16a h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">87.521 </div></td><td class=\"c xb18 y3810 w423 h4d\"><div class=\"t m0 x27 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x457 y3810 w32e h4d\"><div class=\"t m0 x27 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x6c0 y3810 w632 h4d\"><div class=\"t m0 x26 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x636 y3810 w14a h4d\"><div class=\"t m0 x27 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9b0 y3810 w2b1 h4d\"><div class=\"t m0 x26 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x56a y3810 w167 h4d\"><div class=\"t m0 x26 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xaa3 y3810 w2bb h4d\"><div class=\"t m0 x26 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x7ea y3810 w5d3 h4d\"><div class=\"t m0 x33 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y3811 w631 h4e\"><div class=\"t m0 x39 h30 y80 ff4 fsb fc1 sc0 ls0 ws0\">- Clientela<span class=\"_ _df\"> </span></div></td><td class=\"c x60f y3811 w427 h4e\"><div class=\"t m0 x33 h30 y80 ff4 fsb fc1 sc0 ls0 ws0\">710 </div></td><td class=\"c xb17 y3811 w16c h4e\"><div class=\"t m0 x130 h30 y80 ff4 fsb fc1 sc0 ls0 ws0\">1.157 </div></td><td class=\"c xb18 y3811 w423 h4e\"><div class=\"t m0 x116 h30 y80 ff4 fsb fc1 sc0 ls0 ws0\">6.538 </div></td><td class=\"c x457 y3811 w32e h4e\"><div class=\"t m0 x116 h30 y80 ff4 fsb fc1 sc0 ls0 ws0\">11.241 </div></td><td class=\"c x6c0 y3811 w632 h4e\"><div class=\"t m0 x8e h30 y80 ff4 fsb fc1 sc0 ls0 ws0\">28.420 </div></td><td class=\"c x636 y3811 w14a h4e\"><div class=\"t m0 x8e h30 y80 ff4 fsb fc1 sc0 ls0 ws0\">10.954 </div></td><td class=\"c x9b0 y3811 w2b1 h4e\"><div class=\"t m0 x55 h30 y80 ff4 fsb fc1 sc0 ls0 ws0\">1.317 </div></td><td class=\"c x56a y3811 w167 h4e\"><div class=\"t m0 x26 h30 y80 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xaa3 y3811 w2bb h4e\"><div class=\"t m0 x26 h30 y80 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x7ea y3811 w5d3 h4e\"><div class=\"t m0 x33 h30 y80 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y3812 w631 h4d\"><div class=\"t m0 x8a h30 y74a ff4 fsb fc1 sc2 ls0 ws0\">Passivit<span class=\"_ _1\"></span>\u00e0 per cass<span class=\"_ _1\"></span>a<span class=\"sc0\"> </span></div></td><td class=\"c x60f y3812 w427 h4d\"><div class=\"t m0 xab h30 y74a ff4 fsb fc1 sc2 ls0 ws0\">505.973<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td><td class=\"c xb17 y3812 w16c h4d\"><div class=\"t m0 x2e h30 y74a ff4 fsb fc1 sc2 ls0 ws0\">3.235<span class=\"sc0\"> </span></div></td><td class=\"c xb18 y3812 w423 h4d\"><div class=\"t m0 x2a h30 y74a ff4 fsb fc1 sc2 ls0 ws0\">2.325<span class=\"sc0\"> </span></div></td><td class=\"c x457 y3812 w32e h4d\"><div class=\"t m0 x8e h30 y74a ff4 fsb fc1 sc2 ls0 ws0\">41.0<span class=\"ls85\">09</span><span class=\"sc0\"> </span></div></td><td class=\"c x6c0 y3812 w632 h4d\"><div class=\"t m0 x8e h30 y74a ff4 fsb fc1 sc2 ls0 ws0\">23.745<span class=\"_ _1\"></span><span class=\"sc0\"> </span></div></td><td class=\"c x636 y3812 w14a h4d\"><div class=\"t m0 x2f h30 y74a ff4 fsb fc1 sc2 ls0 ws0\">51.397<span class=\"sc0\"> </span></div></td><td class=\"c x9b0 y3812 w2b1 h4d\"><div class=\"t m0 x2f h30 y74a ff4 fsb fc1 sc2 ls0 ws0\">92.144<span class=\"sc0\"> </span></div></td><td class=\"c x56a y3812 w167 h4d\"><div class=\"t m0 x26 h30 y74a ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td><td class=\"c xaa3 y3812 w2bb h4d\"><div class=\"t m0 x32 h30 y74a ff4 fsb fc1 sc2 ls6a ws0\">28<span class=\"sc0 ls0\"> </span></div></td><td class=\"c x7ea y3812 w5d3 h4d\"><div class=\"t m0 x33 h30 y74a ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"sc0\"> </span></div></td></tr><tr><td class=\"c x46b y3813 w631 h28e\"><div class=\"t m0 x16a h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">B.1 Depositi e conti<span class=\"_ _2\"></span> correnti<span class=\"_ _df\"> </span></div></td><td class=\"c x60f y3813 w427 h28e\"><div class=\"t m0 x8a h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">505.859 </div></td><td class=\"c xb17 y3813 w16c h28e\"><div class=\"t m0 x2e h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">3.235 </div></td><td class=\"c xb18 y3813 w423 h28e\"><div class=\"t m0 x116 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">2.325 </div></td><td class=\"c x457 y3813 w32e h28e\"><div class=\"t m0 x8e h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">41.008 </div></td><td class=\"c x6c0 y3813 w632 h28e\"><div class=\"t m0 x8e h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">23.733 </div></td><td class=\"c x636 y3813 w14a h28e\"><div class=\"t m0 x16a h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">51.391 </div></td><td class=\"c x9b0 y3813 w2b1 h28e\"><div class=\"t m0 x2f h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">92.144 </div></td><td class=\"c x56a y3813 w167 h28e\"><div class=\"t m0 x26 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xaa3 y3813 w2bb h28e\"><div class=\"t m0 x26 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x7ea y3813 w5d3 h28e\"><div class=\"t m0 x33 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y3814 w631 h4e\"><div class=\"t m0 x39 h30 y80 ff4 fsb fc1 sc0 ls0 ws0\">- Banche </div></td><td class=\"c x60f y3814 w427 h4e\"><div class=\"t m0 x55 h30 y80 ff4 fsb fc1 sc0 ls0 ws0\">3.571 </div></td><td class=\"c xb17 y3814 w16c h4e\"><div class=\"t m0 x26 h30 y80 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xb18 y3814 w423 h4e\"><div class=\"t m0 x27 h30 y80 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x457 y3814 w32e h4e\"><div class=\"t m0 x27 h30 y80 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x6c0 y3814 w632 h4e\"><div class=\"t m0 x26 h30 y80 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x636 y3814 w14a h4e\"><div class=\"t m0 x27 h30 y80 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9b0 y3814 w2b1 h4e\"><div class=\"t m0 x26 h30 y80 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x56a y3814 w167 h4e\"><div class=\"t m0 x26 h30 y80 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xaa3 y3814 w2bb h4e\"><div class=\"t m0 x26 h30 y80 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x7ea y3814 w5d3 h4e\"><div class=\"t m0 x33 h30 y80 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y3815 w631 h4d\"><div class=\"t m0 x39 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- Clientela </div></td><td class=\"c x60f y3815 w427 h4d\"><div class=\"t m0 x8a h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">502.288 </div></td><td class=\"c xb17 y3815 w16c h4d\"><div class=\"t m0 x2e h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">3.235 </div></td><td class=\"c xb18 y3815 w423 h4d\"><div class=\"t m0 x116 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">2.325 </div></td><td class=\"c x457 y3815 w32e h4d\"><div class=\"t m0 x8e h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">41.008 </div></td><td class=\"c x6c0 y3815 w632 h4d\"><div class=\"t m0 x8e h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">23.733 </div></td><td class=\"c x636 y3815 w14a h4d\"><div class=\"t m0 x16a h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">51.391 </div></td><td class=\"c x9b0 y3815 w2b1 h4d\"><div class=\"t m0 x2f h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">92.144 </div></td><td class=\"c x56a y3815 w167 h4d\"><div class=\"t m0 x26 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xaa3 y3815 w2bb h4d\"><div class=\"t m0 x26 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x7ea y3815 w5d3 h4d\"><div class=\"t m0 x33 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y3816 w631 h4d\"><div class=\"t m0 x16a h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">B.2 Titoli di debito<span class=\"_ _df\"> </span></div></td><td class=\"c x60f y3816 w427 h4d\"><div class=\"t m0 x26 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xb17 y3816 w16c h4d\"><div class=\"t m0 x26 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xb18 y3816 w423 h4d\"><div class=\"t m0 x27 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x457 y3816 w32e h4d\"><div class=\"t m0 x27 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x6c0 y3816 w632 h4d\"><div class=\"t m0 x26 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x636 y3816 w14a h4d\"><div class=\"t m0 x27 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9b0 y3816 w2b1 h4d\"><div class=\"t m0 x26 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x56a y3816 w167 h4d\"><div class=\"t m0 x26 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xaa3 y3816 w2bb h4d\"><div class=\"t m0 x26 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x7ea y3816 w5d3 h4d\"><div class=\"t m0 x33 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y3817 w631 h4e\"><div class=\"t m0 x16a h30 y80 ff4 fsb fc1 sc0 ls0 ws0\">B.3 Altre passivit\u00e0<span class=\"_ _df\"> </span></div></td><td class=\"c x60f y3817 w427 h4e\"><div class=\"t m0 x32 h30 y80 ff4 fsb fc1 sc0 ls52 ws0\">114<span class=\"ls0\"> </span></div></td><td class=\"c xb17 y3817 w16c h4e\"><div class=\"t m0 x26 h30 y80 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xb18 y3817 w423 h4e\"><div class=\"t m0 x27 h30 y80 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x457 y3817 w32e h4e\"><div class=\"t m0 x27 h30 y80 ff4 fsb fc1 sc0 ls0 ws0\">1 </div></td><td class=\"c x6c0 y3817 w632 h4e\"><div class=\"t m0 x35 h30 y80 ff4 fsb fc1 sc0 ls52 ws0\">12<span class=\"ls0\"> </span></div></td><td class=\"c x636 y3817 w14a h4e\"><div class=\"t m0 x3a h30 y80 ff4 fsb fc1 sc0 ls0 ws0\">6 </div></td><td class=\"c x9b0 y3817 w2b1 h4e\"><div class=\"t m0 x26 h30 y80 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x56a y3817 w167 h4e\"><div class=\"t m0 x26 h30 y80 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xaa3 y3817 w2bb h4e\"><div class=\"t m0 x32 h30 y80 ff4 fsb fc1 sc0 ls9b ws0\">28<span class=\"ls0\"> </span></div></td><td class=\"c x7ea y3817 w5d3 h4e\"><div class=\"t m0 x33 h30 y80 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y3818 w631 h4d\"><div class=\"t m0 x8a h30 y74a ff4 fsb fc1 sc2 ls0 ws0\">Operazio<span class=\"_ _1\"></span>ni \"fuori<span class=\"_ _1\"></span> bilancio\"<span class=\"sc0\"> </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 x2a8 y3819 w1196 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">C.1 Derivati finanziari co<span class=\"_ _2\"></span>n<span class=\"_ _df\"> </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 x2a8 y381a w1197 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">scambio di capitale<span class=\"_ _df\"> </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 x46b y381b w631 h4d\"><div class=\"t m0 x39 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- Posizioni lu<span class=\"_ _2\"></span>nghe<span class=\"_ _df\"> </span></div></td><td class=\"c x60f y381b w427 h4d\"><div class=\"t m0 x26 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xb17 y381b w16c h4d\"><div class=\"t m0 xac h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">485.701 </div></td><td class=\"c xb18 y381b w423 h4d\"><div class=\"t m0 xac h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">35.038 </div></td><td class=\"c x457 y381b w32e h4d\"><div class=\"t m0 x16a h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">4.838 </div></td><td class=\"c x6c0 y381b w632 h4d\"><div class=\"t m0 x8e h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">114.102 </div></td><td class=\"c x636 y381b w14a h4d\"><div class=\"t m0 xac h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">40.279 </div></td><td class=\"c x9b0 y381b w2b1 h4d\"><div class=\"t m0 xab h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">105.759 </div></td><td class=\"c x56a y381b w167 h4d\"><div class=\"t m0 x2e h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">7.789 </div></td><td class=\"c xaa3 y381b w2bb h4d\"><div class=\"t m0 x2a h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">5.683 </div></td><td class=\"c x7ea y381b w5d3 h4d\"><div class=\"t m0 x33 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y381c w631 h4d\"><div class=\"t m0 x39 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- Posizioni cor<span class=\"_ _2\"></span>te </div></td><td class=\"c x60f y381c w427 h4d\"><div class=\"t m0 x2a h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">4.290 </div></td><td class=\"c xb17 y381c w16c h4d\"><div class=\"t m0 x8a h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">428.8<span class=\"ls53\">63</span> </div></td><td class=\"c xb18 y381c w423 h4d\"><div class=\"t m0 xac h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">121.369 </div></td><td class=\"c x457 y381c w32e h4d\"><div class=\"t m0 xac h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">32.620 </div></td><td class=\"c x6c0 y381c w632 h4d\"><div class=\"t m0 xab h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">128.749 </div></td><td class=\"c x636 y381c w14a h4d\"><div class=\"t m0 xac h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">44.908 </div></td><td class=\"c x9b0 y381c w2b1 h4d\"><div class=\"t m0 xac h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">64.605 </div></td><td class=\"c x56a y381c w167 h4d\"><div class=\"t m0 x16a h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">20.167 </div></td><td class=\"c xaa3 y381c w2bb h4d\"><div class=\"t m0 x32 h30 y74a ff4 fsb fc1 sc0 ls53 ws0\">92<span class=\"ls0\"> </span></div></td><td class=\"c x7ea y381c w5d3 h4d\"><div class=\"t m0 x33 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2a8 y381d w1198 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">C.2 Derivati finanziari senz<span class=\"_ _2\"></span>a<span class=\"_ _df\"> </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 x2a8 y381e w1197 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">scambio di capitale<span class=\"_ _df\"> </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 x46b y381f w631 h4d\"><div class=\"t m0 x39 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- Posizioni lu<span class=\"_ _2\"></span>nghe<span class=\"_ _df\"> </span></div></td><td class=\"c x60f y381f w427 h4d\"><div class=\"t m0 x32 h30 y74a ff4 fsb fc1 sc0 ls9b ws0\">20<span class=\"ls0\"> </span></div></td><td class=\"c xb17 y381f w16c h4d\"><div class=\"t m0 x26 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xb18 y381f w423 h4d\"><div class=\"t m0 x27 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x457 y381f w32e h4d\"><div class=\"t m0 x27 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x6c0 y381f w632 h4d\"><div class=\"t m0 x26 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x636 y381f w14a h4d\"><div class=\"t m0 x27 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9b0 y381f w2b1 h4d\"><div class=\"t m0 x26 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x56a y381f w167 h4d\"><div class=\"t m0 x26 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xaa3 y381f w2bb h4d\"><div class=\"t m0 x26 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x7ea y381f w5d3 h4d\"><div class=\"t m0 x33 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y3820 w631 h4e\"><div class=\"t m0 x39 h30 y80 ff4 fsb fc1 sc0 ls0 ws0\">- Posizioni cor<span class=\"_ _2\"></span>te </div></td><td class=\"c x60f y3820 w427 h4e\"><div class=\"t m0 x48 h30 y80 ff4 fsb fc1 sc0 ls0 ws0\">165 </div></td><td class=\"c xb17 y3820 w16c h4e\"><div class=\"t m0 x26 h30 y80 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xb18 y3820 w423 h4e\"><div class=\"t m0 x27 h30 y80 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x457 y3820 w32e h4e\"><div class=\"t m0 x27 h30 y80 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x6c0 y3820 w632 h4e\"><div class=\"t m0 x26 h30 y80 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x636 y3820 w14a h4e\"><div class=\"t m0 x27 h30 y80 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9b0 y3820 w2b1 h4e\"><div class=\"t m0 x26 h30 y80 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x56a y3820 w167 h4e\"><div class=\"t m0 x26 h30 y80 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xaa3 y3820 w2bb h4e\"><div class=\"t m0 x26 h30 y80 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x7ea y3820 w5d3 h4e\"><div class=\"t m0 x33 h30 y80 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2a8 y3821 w1199 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">C.3 Depositi e<span class=\"_ _2\"></span> finanziamenti da<span class=\"_ _df\"> </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 x2a8 y3822 w119a h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">ricevere<span class=\"_ _df\"> </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 x46b y3823 w631 h4d\"><div class=\"t m0 x39 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- Posizioni l<span class=\"_ _2\"></span>unghe<span class=\"_ _df\"> </span></div></td><td class=\"c x60f y3823 w427 h4d\"><div class=\"t m0 x26 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xb17 y3823 w16c h4d\"><div class=\"t m0 x26 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xb18 y3823 w423 h4d\"><div class=\"t m0 x27 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x457 y3823 w32e h4d\"><div class=\"t m0 x27 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x6c0 y3823 w632 h4d\"><div class=\"t m0 x26 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x636 y3823 w14a h4d\"><div class=\"t m0 x27 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9b0 y3823 w2b1 h4d\"><div class=\"t m0 x26 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x56a y3823 w167 h4d\"><div class=\"t m0 x26 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xaa3 y3823 w2bb h4d\"><div class=\"t m0 x26 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x7ea y3823 w5d3 h4d\"><div class=\"t m0 x33 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y3824 w631 h28e\"><div class=\"t m0 x39 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- Posizioni cor<span class=\"_ _2\"></span>te </div></td><td class=\"c x60f y3824 w427 h28e\"><div class=\"t m0 x26 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xb17 y3824 w16c h28e\"><div class=\"t m0 x26 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xb18 y3824 w423 h28e\"><div class=\"t m0 x27 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x457 y3824 w32e h28e\"><div class=\"t m0 x27 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x6c0 y3824 w632 h28e\"><div class=\"t m0 x26 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x636 y3824 w14a h28e\"><div class=\"t m0 x27 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9b0 y3824 w2b1 h28e\"><div class=\"t m0 x26 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x56a y3824 w167 h28e\"><div class=\"t m0 x26 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xaa3 y3824 w2bb h28e\"><div class=\"t m0 x26 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x7ea y3824 w5d3 h28e\"><div class=\"t m0 x33 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y3825 w631 h12\"><div class=\"t m0 x16a h30 y589 ff4 fsb fc1 sc0 ls0 ws0\">C.4 Impegni irrev<span class=\"_ _2\"></span>ocabili a </div><div class=\"t m0 x16a h30 y7b1 ff4 fsb fc1 sc0 ls0 ws0\">erogare fondi<span class=\"_ _df\"> </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 x46b y3826 w631 h4d\"><div class=\"t m0 x39 h30 y80 ff4 fsb fc1 sc0 ls0 ws0\">- Posizioni lu<span class=\"_ _2\"></span>nghe<span class=\"_ _df\"> </span></div></td><td class=\"c x60f y3826 w427 h4d\"><div class=\"t m0 x26 h30 y80 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xb17 y3826 w16c h4d\"><div class=\"t m0 x26 h30 y80 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xb18 y3826 w423 h4d\"><div class=\"t m0 x27 h30 y80 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x457 y3826 w32e h4d\"><div class=\"t m0 x27 h30 y80 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x6c0 y3826 w632 h4d\"><div class=\"t m0 x26 h30 y80 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x636 y3826 w14a h4d\"><div class=\"t m0 x27 h30 y80 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9b0 y3826 w2b1 h4d\"><div class=\"t m0 x26 h30 y80 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x56a y3826 w167 h4d\"><div class=\"t m0 x26 h30 y80 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xaa3 y3826 w2bb h4d\"><div class=\"t m0 x26 h30 y80 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x7ea y3826 w5d3 h4d\"><div class=\"t m0 x33 h30 y80 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y3827 w631 h4d\"><div class=\"t m0 x39 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- Posizioni cor<span class=\"_ _2\"></span>te </div></td><td class=\"c x60f y3827 w427 h4d\"><div class=\"t m0 x26 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xb17 y3827 w16c h4d\"><div class=\"t m0 x26 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xb18 y3827 w423 h4d\"><div class=\"t m0 x27 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x457 y3827 w32e h4d\"><div class=\"t m0 x27 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x6c0 y3827 w632 h4d\"><div class=\"t m0 x26 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x636 y3827 w14a h4d\"><div class=\"t m0 x27 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9b0 y3827 w2b1 h4d\"><div class=\"t m0 x26 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x56a y3827 w167 h4d\"><div class=\"t m0 x26 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xaa3 y3827 w2bb h4d\"><div class=\"t m0 x26 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x7ea y3827 w5d3 h4d\"><div class=\"t m0 x33 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2a8 y3828 w119b h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">C.5 Garanzie finanzi<span class=\"_ _2\"></span>arie<span class=\"_ _df\"> </span></div></td><td class=\"c x60f y3829 w427 h98\"><div class=\"t m0 x26 h30 y27 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xb17 y3829 w16c h98\"><div class=\"t m0 x26 h30 y27 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xb18 y3829 w423 h98\"><div class=\"t m0 x27 h30 y27 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x457 y3829 w32e h98\"><div class=\"t m0 x27 h30 y27 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x6c0 y3829 w632 h98\"><div class=\"t m0 x26 h30 y27 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x636 y3829 w14a h98\"><div class=\"t m0 x27 h30 y27 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9b0 y3829 w2b1 h98\"><div class=\"t m0 x26 h30 y27 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x56a y3829 w167 h98\"><div class=\"t m0 x26 h30 y27 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xaa3 y3829 w2bb h98\"><div class=\"t m0 x26 h30 y27 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x7ea y3829 w5d3 h98\"><div class=\"t m0 x33 h30 y27 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2a8 y382a w1013 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">rilasciate<span class=\"_ _df\"> </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 x46b y382b w631 h4d\"><div class=\"t m0 x16a h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">C.6 Garanzie finanziari<span class=\"_ _2\"></span>e ricevute<span class=\"_ _df\"> </span></div></td><td class=\"c x60f y382b w427 h4d\"><div class=\"t m0 x26 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xb17 y382b w16c h4d\"><div class=\"t m0 x26 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xb18 y382b w423 h4d\"><div class=\"t m0 x27 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x457 y382b w32e h4d\"><div class=\"t m0 x27 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x6c0 y382b w632 h4d\"><div class=\"t m0 x26 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x636 y382b w14a h4d\"><div class=\"t m0 x27 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9b0 y382b w2b1 h4d\"><div class=\"t m0 x26 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x56a y382b w167 h4d\"><div class=\"t m0 x26 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xaa3 y382b w2bb h4d\"><div class=\"t m0 x26 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x7ea y382b w5d3 h4d\"><div class=\"t m0 x33 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2a8 y382c w119c h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">C.7 Derivati crediti<span class=\"_ _2\"></span>zi con<span class=\"_ _df\"> </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 x2a8 y382d w1197 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">scambio di capitale<span class=\"_ _df\"> </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 x46b y382e w631 h4d\"><div class=\"t m0 x39 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- Posizioni lu<span class=\"_ _2\"></span>nghe<span class=\"_ _df\"> </span></div></td><td class=\"c x60f y382e w427 h4d\"><div class=\"t m0 x26 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xb17 y382e w16c h4d\"><div class=\"t m0 x26 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xb18 y382e w423 h4d\"><div class=\"t m0 x27 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x457 y382e w32e h4d\"><div class=\"t m0 x27 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x6c0 y382e w632 h4d\"><div class=\"t m0 x26 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x636 y382e w14a h4d\"><div class=\"t m0 x27 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9b0 y382e w2b1 h4d\"><div class=\"t m0 x26 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x56a y382e w167 h4d\"><div class=\"t m0 x26 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xaa3 y382e w2bb h4d\"><div class=\"t m0 x26 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x7ea y382e w5d3 h4d\"><div class=\"t m0 x33 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y382f w631 h4d\"><div class=\"t m0 x39 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- Posizioni cor<span class=\"_ _2\"></span>te </div></td><td class=\"c x60f y382f w427 h4d\"><div class=\"t m0 x26 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xb17 y382f w16c h4d\"><div class=\"t m0 x26 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xb18 y382f w423 h4d\"><div class=\"t m0 x27 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x457 y382f w32e h4d\"><div class=\"t m0 x27 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x6c0 y382f w632 h4d\"><div class=\"t m0 x26 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x636 y382f w14a h4d\"><div class=\"t m0 x27 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9b0 y382f w2b1 h4d\"><div class=\"t m0 x26 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x56a y382f w167 h4d\"><div class=\"t m0 x26 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xaa3 y382f w2bb h4d\"><div class=\"t m0 x26 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x7ea y382f w5d3 h4d\"><div class=\"t m0 x33 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x2a8 y3830 w119d h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">C.8 Derivati credi<span class=\"_ _2\"></span>tizi senza<span class=\"_ _df\"> </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 x2a8 y3831 w1197 h4a9\"><div class=\"t m0 x250 h30 y2653 ff4 fsb fc1 sc0 ls0 ws0\">scambio di capitale<span class=\"_ _df\"> </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 x46b y3832 w631 h4d\"><div class=\"t m0 x39 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- Posizioni lu<span class=\"_ _2\"></span>nghe<span class=\"_ _df\"> </span></div></td><td class=\"c x60f y3832 w427 h4d\"><div class=\"t m0 x26 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xb17 y3832 w16c h4d\"><div class=\"t m0 x26 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xb18 y3832 w423 h4d\"><div class=\"t m0 x27 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x457 y3832 w32e h4d\"><div class=\"t m0 x27 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x6c0 y3832 w632 h4d\"><div class=\"t m0 x26 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x636 y3832 w14a h4d\"><div class=\"t m0 x27 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9b0 y3832 w2b1 h4d\"><div class=\"t m0 x26 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x56a y3832 w167 h4d\"><div class=\"t m0 x26 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xaa3 y3832 w2bb h4d\"><div class=\"t m0 x26 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x7ea y3832 w5d3 h4d\"><div class=\"t m0 x33 h30 y74a ff4 fsb fc1 sc0 ls0 ws0\">- </div></td></tr><tr><td class=\"c x46b y3833 w631 hcb\"><div class=\"t m0 x39 h30 y302 ff4 fsb fc1 sc0 ls0 ws0\">- Posizioni cor<span class=\"_ _2\"></span>te </div></td><td class=\"c x60f y3833 w427 hcb\"><div class=\"t m0 x26 h30 y302 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xb17 y3833 w16c hcb\"><div class=\"t m0 x26 h30 y302 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xb18 y3833 w423 hcb\"><div class=\"t m0 x27 h30 y302 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x457 y3833 w32e hcb\"><div class=\"t m0 x27 h30 y302 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x6c0 y3833 w632 hcb\"><div class=\"t m0 x26 h30 y302 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x636 y3833 w14a hcb\"><div class=\"t m0 x27 h30 y302 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x9b0 y3833 w2b1 hcb\"><div class=\"t m0 x26 h30 y302 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c x56a y3833 w167 hcb\"><div class=\"t m0 x26 h30 y302 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td><td class=\"c xaa3 y3833 w2bb hcb\"><div class=\"t m0 x26 h30 y302 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div></td><td class=\"c x7ea y3833 w5d3 hcb\"><div class=\"t m0 x33 h30 y302 ff4 fsb fc1 sc0 ls0 ws0\">- </div></td></tr></table>Durata Indetermin<span class=\"_ _2\"></span>ata<span class=\"fc1 sc0\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-760": {
   "value": "Sezi<span class=\"_ _f\"></span>one 1<span class=\"_ _1\"></span> <span class=\"ff5\">\u2013</span> Il <span class=\"_ _1\"></span>pat<span class=\"_ _1\"></span>rim<span class=\"_ _1\"></span>onio<span class=\"_ _f\"></span> cons<span class=\"_ _1\"></span>olid<span class=\"_ _f\"></span>ato  A.<span class=\"ff11 sc0 ls0\"> <span class=\"_ _26\"> </span></span><span class=\"ls0\">Informaz<span class=\"_ _1\"></span>ioni d<span class=\"_ _1\"></span>i natura<span class=\"_ _f\"></span> qualitativa </span>Dal <span class=\"_ _2\"></span>1\u00b0 <span class=\"_ _d\"></span>gennaio <span class=\"_ _2\"></span>2014 <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _2\"></span>ent<span class=\"_ _2\"></span>ra<span class=\"_ _1\"></span>to <span class=\"_ _2\"></span>in <span class=\"_ _d\"></span>vigore<span class=\"_ _1\"></span> <span class=\"_ _2\"></span>il <span class=\"_ _d\"></span>regolamento <span class=\"_ _2\"></span>(UE<span class=\"_ _2\"></span>) <span class=\"_ _2\"></span>n. <span class=\"_ _d\"></span>575/2013 <span class=\"_ _d\"></span><span class=\"ls39\">(\u201c<span class=\"lsc3\">CRR</span></span>\u201d), <span class=\"_ _2\"></span>con <span class=\"_ _d\"></span>il <span class=\"_ _2\"></span>quale <span class=\"_ _d\"></span>sono state <span class=\"_ _9\"> </span>introdotte <span class=\"_ _16\"> </span>nell\u2019Unione<span class=\"_ _1\"></span> <span class=\"_ _16\"> </span>Europea <span class=\"_ _9\"> </span>le  re<span class=\"_ _1\"></span>gole <span class=\"_ _16\"> </span>definite <span class=\"_ _9\"> </span>dal  Comita<span class=\"_ _1\"></span>to <span class=\"_ _16\"> </span>di <span class=\"_ _9\"> </span>Basilea  pe<span class=\"_ _1\"></span>r  la <span class=\"_ _9\"> </span>vigilanz<span class=\"_ _1\"></span>a bancaria con l\u2019<span class=\"_ _1\"></span>articolato insie<span class=\"_ _1\"></span>me di <span class=\"_ _1\"></span>documenti uni<span class=\"_ _f\"></span>t<span class=\"_ _2\"></span>ariamente <span class=\"_ _1\"></span>denominato \u201cBasilea 3<span class=\"_ _f\"></span>\u201d<span class=\"_ _2\"></span> in<span class=\"_ _f\"></span> materia d<span class=\"_ _1\"></span>i adeguat<span class=\"_ _1\"></span>ezza pa<span class=\"_ _1\"></span>trimoniale (Primo pilastro) e informa<span class=\"_ _f\"></span>t<span class=\"_ _2\"></span>iva al pub<span class=\"_ _1\"></span>blico (T<span class=\"_ _f\"></span>erzo pilastro).<span class=\"ff4\"> </span>Il <span class=\"_ _1\"></span>regolament<span class=\"_ _1\"></span>o (UE) n. <span class=\"_ _f\"></span>575<span class=\"_ _2\"></span>/20<span class=\"_ _1\"></span>13 <span class=\"_ _f\"></span>e la <span class=\"_ _1\"></span>direttiva <span class=\"_ _f\"></span>2013/36/UE <span class=\"_ _1\"></span><span class=\"ls39\">(\u201c<span class=\"ls0\">CRD IV<span class=\"_ _1\"></span>\u201d) de<span class=\"_ _1\"></span>finiscono il <span class=\"_ _f\"></span>quadro nor<span class=\"_ _1\"></span>mativo<span class=\"_ _f\"></span> </span></span>di riferimento nell\u2019Unione Europea per banche e imprese di in<span class=\"_ _2\"></span>vestimento. Dal 1\u00b0 gennaio 2014 CRR e <span class=\"_ _0\"></span>CRDIV <span class=\"_ _0\"></span>sono <span class=\"_ _0\"></span>integrati <span class=\"_ _d\"></span>da <span class=\"_ _9\"> </span>norme <span class=\"_ _0\"></span>tecniche <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>regolamentazione <span class=\"_ _0\"> </span>o <span class=\"_ _9\"> </span>di <span class=\"_ _0\"></span>attuazione <span class=\"_ _d\"></span>approvate <span class=\"_ _d\"></span>dalla Commissione <span class=\"_ _9\"> </span>Europea <span class=\"_ _9\"> </span>su  p<span class=\"_ _1\"></span>roposta <span class=\"_ _16\"> </span>dell<span class=\"_ _1\"></span>e <span class=\"_ _9\"> </span>A<span class=\"_ _2\"></span>utorit\u00e0 <span class=\"_ _9\"> </span>europee <span class=\"_ _9\"> </span>di  sup<span class=\"_ _1\"></span>er<span class=\"_ _2\"></span>visione  <span class=\"ls39\">(\u201c<span class=\"ls4\">ESA</span></span>\u201d), <span class=\"_ _9\"> </span>che  d<span class=\"_ _1\"></span>anno attuazione<span class=\"_ _1\"></span> alla normativa primaria.<span class=\"ff4\"> </span>Dal <span class=\"_ _1\"></span>2014 <span class=\"_ _f\"></span>ad <span class=\"_ _f\"></span>oggi, <span class=\"_ _f\"></span>il CR<span class=\"_ _1\"></span>R <span class=\"_ _f\"></span>\u00e8 sta<span class=\"_ _1\"></span>to <span class=\"_ _f\"></span>aggiornato <span class=\"_ _f\"></span>in d<span class=\"_ _1\"></span>ue <span class=\"_ _f\"></span>fasi: <span class=\"_ _f\"></span>CRR2, <span class=\"_ _1\"></span>pubblicato <span class=\"_ _f\"></span>nel <span class=\"_ _f\"></span>2019, <span class=\"_ _f\"></span>e CRR3, <span class=\"_ _f\"></span>pubblicato<span class=\"_ _f\"></span> nel 202<span class=\"_ _f\"></span>4<span class=\"_ _2\"></span> con prima applica<span class=\"_ _f\"></span>zione <span class=\"_ _2\"></span>dal 2025.<span class=\"ff4\"> </span>Con <span class=\"_ _d\"></span>l\u2019entrata <span class=\"_ _d\"></span>in <span class=\"_ _0\"></span>vigore <span class=\"_ _d\"></span>il <span class=\"_ _d\"></span>1\u00b0 <span class=\"_ _d\"></span>gennaio <span class=\"_ _0\"></span>2025 <span class=\"_ _d\"></span>del <span class=\"_ _d\"></span>CRR3, <span class=\"_ _0\"></span>l\u2019EBA <span class=\"_ _d\"></span>ha <span class=\"_ _0\"></span>avviato <span class=\"_ _d\"></span>un <span class=\"_ _d\"></span>processo <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>due <span class=\"_ _0\"></span>fasi <span class=\"_ _d\"></span>per aggiornare e ampliare l\u2019inter<span class=\"_ _f\"></span>o<span class=\"_ _2\"></span> impianto inf<span class=\"_ _f\"></span>ormativo alla luce dei nuovi requisiti regolamentari. T<span class=\"_ _11\"></span>al<span class=\"_ _2\"></span><span class=\"lse\">e </span>proces<span class=\"_ _1\"></span>so ha <span class=\"_ _1\"></span>condotto <span class=\"_ _f\"></span>alla pubb<span class=\"_ _1\"></span>licazione, <span class=\"_ _1\"></span>a gi<span class=\"_ _1\"></span>ugno 2<span class=\"_ _1\"></span>024, d<span class=\"_ _1\"></span>i u<span class=\"_ _1\"></span>na nu<span class=\"_ _1\"></span>ova v<span class=\"_ _1\"></span>ersione <span class=\"_ _f\"></span>d<span class=\"_ _2\"></span>egli <span class=\"_ _f\"></span>Implementing T<span class=\"_ _11\"></span>echnical Standar<span class=\"_ _1\"></span>ds <span class=\"_ _f\"></span>Step <span class=\"_ _1\"></span>1, <span class=\"_ _f\"></span>recepita con <span class=\"_ _f\"></span>il <span class=\"_ _f\"></span>Regolamento <span class=\"_ _f\"></span>di <span class=\"_ _f\"></span>esecu<span class=\"_ _2\"></span>zione <span class=\"_ _f\"></span>(UE<span class=\"_ _2\"></span>) <span class=\"_ _f\"></span>2024/3172 <span class=\"_ _f\"></span>e appl<span class=\"_ _1\"></span>icabile dalla <span class=\"_ _2\"></span>data di <span class=\"_ _2\"></span>riferimento <span class=\"_ _2\"></span>31 <span class=\"_ _2\"></span>marz<span class=\"_ _1\"></span>o <span class=\"_ _2\"></span>2025, <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>introduce<span class=\"_ _1\"></span> <span class=\"_ _2\"></span>nuo<span class=\"_ _2\"></span>vi template <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>disclosure<span class=\"_ _1\"></span> <span class=\"_ _2\"></span>su <span class=\"_ _2\"></span>output floor<span class=\"_ _f\"></span>,  rischio  di <span class=\"_ _16\"> </span>cred<span class=\"_ _1\"></span>ito, <span class=\"_ _9\"> </span>r<span class=\"_ _2\"></span>ischio  oper<span class=\"_ _1\"></span>ativo,<span class=\"_ _1\"></span>  rischio <span class=\"_ _16\"> </span>CV<span class=\"_ _f\"></span>A,  leva  finanziaria  e<span class=\"_ _1\"></span>  f<span class=\"_ _1\"></span>ondi  prop<span class=\"_ _1\"></span>ri,  oltre <span class=\"_ _16\"> </span>ad aggiornare <span class=\"_ _2\"></span>le <span class=\"_ _2\"></span>informazioni <span class=\"_ _2\"></span>qualita<span class=\"_ _1\"></span>tive <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>quantitative <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>coerenza <span class=\"_ _2\"></span>con <span class=\"_ _2\"></span>i <span class=\"_ _d\"></span>cambiamenti <span class=\"_ _2\"></span>metodologici<span class=\"_ _f\"></span> previ<span class=\"_ _1\"></span>sti dal CRR3.<span class=\"ff4\"> </span>Il  Grup<span class=\"_ _1\"></span>po  ritiene<span class=\"_ _1\"></span>  prioritario  valu<span class=\"_ _f\"></span>t<span class=\"_ _2\"></span>are  l<span class=\"_ _1\"></span>a  prop<span class=\"_ _1\"></span>ria  struttura <span class=\"_ _16\"> </span>patrimoniale<span class=\"_ _1\"></span>  e <span class=\"_ _16\"> </span>tali <span class=\"_ _16\"> </span>analisi  sono <span class=\"_ _16\"> </span>svolte all\u2019interno <span class=\"_ _1\"></span>degli <span class=\"_ _1\"></span>specifici Comitati <span class=\"_ _f\"></span>di Governance <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>Gruppo. In <span class=\"_ _f\"></span>tale sede <span class=\"_ _1\"></span>vengono anche <span class=\"_ _f\"></span>evidenziati i principali impatti legati alle normative in v<span class=\"_ _1\"></span>ia di d<span class=\"_ _2\"></span>efinizione. I <span class=\"_ _4\"> </span>Comitat<span class=\"_ _2\"></span>i <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>Governance <span class=\"_ _4\"> </span>di <span class=\"_ _17\"> </span>Gruppo <span class=\"_ _4\"> </span>presentano <span class=\"_ _17\"> </span>sempre <span class=\"_ _4\"> </span>dei <span class=\"_ _17\"> </span>membri <span class=\"_ _4\"> </span>nominati <span class=\"_ _17\"> </span>dal <span class=\"_ _4\"> </span>Cons<span class=\"_ _2\"></span>iglio d\u2019Amministrazione <span class=\"_ _0\"></span>della <span class=\"_ _9\"> </span>Capogruppo, <span class=\"_ _0\"></span>s<span class=\"_ _2\"></span>celti <span class=\"_ _0\"></span>tra <span class=\"_ _9\"> </span>i <span class=\"_ _9\"> </span>componenti <span class=\"_ _0\"></span>il <span class=\"_ _9\"> </span>Consiglio <span class=\"_ _0\"></span>s<span class=\"_ _2\"></span>tesso, <span class=\"_ _0\"></span>e <span class=\"_ _9\"> </span>le <span class=\"_ _0\"></span>rispettive analisi vengono successivamente prodotte al Consiglio d\u2019Ammi<span class=\"ff4\">nistrazione della Capogruppo. </span>Sotto <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>profilo <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>Vigilanz<span class=\"_ _1\"></span>a <span class=\"_ _2\"></span>l\u2019assorbimento <span class=\"_ _2\"></span>viene <span class=\"_ _2\"></span>determinato <span class=\"_ _2\"></span>tenendo in <span class=\"_ _2\"></span>considerazione <span class=\"_ _2\"></span>le <span class=\"_ _2\"></span>att<span class=\"_ _2\"></span>uali \u201cregole\u201d di segnalazione.<span class=\"ff4\"> </span>Sotto <span class=\"_ _f\"></span>il profilo <span class=\"_ _f\"></span>gestionale <span class=\"_ _f\"></span>l\u2019assorbimento <span class=\"_ _1\"></span>viene <span class=\"_ _f\"></span>calcolato con <span class=\"_ _f\"></span>l\u2019utilizzo <span class=\"_ _f\"></span>di mod<span class=\"_ _1\"></span>elli <span class=\"_ _f\"></span>interni pe<span class=\"_ _1\"></span>r i<span class=\"_ _1\"></span>l<span class=\"_ _2\"></span><span class=\"ff4\"> <span class=\"_ _1\"></span>rischio </span>di credito e di mercato e l\u2019utilizzo di un metodo standard \u201cge<span class=\"_ _1\"></span>stionale\u201d.<span class=\"_ _2\"></span><span class=\"ff4\"> </span>I <span class=\"_ _f\"></span>rischi ve<span class=\"_ _1\"></span>ngono <span class=\"_ _f\"></span>esaminati sia <span class=\"_ _f\"></span>complessiv<span class=\"_ _1\"></span>amente <span class=\"_ _f\"></span>ch<span class=\"_ _2\"></span>e <span class=\"_ _f\"></span>dettagliatamente <span class=\"_ _f\"></span>all\u2019interno de<span class=\"_ _1\"></span>lle <span class=\"_ _f\"></span>s<span class=\"_ _2\"></span>ociet\u00e0 <span class=\"_ _f\"></span>del Gruppo (analisi dei portafogli specifici). Al <span class=\"_ _2\"></span>31<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>dicembre <span class=\"_ _d\"></span>2025 <span class=\"_ _d\"></span>i <span class=\"_ _d\"></span>Fondi <span class=\"_ _d\"></span>Propri <span class=\"_ _d\"></span>sono <span class=\"_ _d\"></span>stati <span class=\"_ _d\"></span>determinati <span class=\"_ _d\"></span>in <span class=\"_ _2\"></span>base <span class=\"_ _d\"></span>alle <span class=\"_ _d\"></span>disposizioni <span class=\"_ _2\"></span>cont<span class=\"_ _2\"></span>enute <span class=\"_ _2\"></span>nel<span class=\"_ _2\"></span> Regolamento (UE) n.575/2013 (CRR)",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-822": {
   "value": "<div class=\"t m0 h1a ff4 fs6 fc4 sc3 ls0 ws0 gs1ebe\">Sez<span class=\"_ _1\"></span>ione<span class=\"_ _1\"></span> 1 <span class=\"ff5\">\u2013<span class=\"_ _1\"></span><span class=\"ff4\"> <span class=\"ff5\">Op<span class=\"_ _1\"></span>erazi<span class=\"_ _1\"></span>oni<span class=\"_ _1\"></span> rea<span class=\"_ _1\"></span>lizz<span class=\"_ _1\"></span>ate d<span class=\"_ _1\"></span>ura<span class=\"_ _f\"></span>nte l\u2019<span class=\"ff4\">e<span class=\"_ _1\"></span>serc<span class=\"_ _1\"></span>izio<span class=\"_ _f\"></span> </span></span></span></span></div><div class=\"t m0 he ff4 fs5 fc4 sc3 ls0 ws0 gs1ebf\">1.1 Op<span class=\"_ _1\"></span>erazio<span class=\"_ _1\"></span>ni di a<span class=\"_ _f\"></span>ggregazio<span class=\"_ _f\"></span>ne aziend<span class=\"_ _1\"></span>ale </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1ec0\">Al <span class=\"_ _f\"></span>31 dice<span class=\"_ _1\"></span>mbre <span class=\"_ _f\"></span>2025<span class=\"_ _2\"></span> <span class=\"_ _f\"></span>non <span class=\"_ _f\"></span>s<span class=\"_ _2\"></span>ono <span class=\"_ _f\"></span>state <span class=\"_ _f\"></span>poste in<span class=\"_ _f\"></span> essere <span class=\"_ _f\"></span>operazioni <span class=\"_ _f\"></span>di <span class=\"_ _f\"></span>aggregazione azie<span class=\"_ _1\"></span>ndale <span class=\"_ _f\"></span>r<span class=\"_ _2\"></span>ientranti </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs1ec1\">nell\u2019ambito di applicazione dell\u2019IFRS 3.<span class=\"ff4\"> </span></div><div class=\"t m0 he ff4 fs5 fc4 sc3 ls0 ws0 gs1ec2\">1.2 Ope<span class=\"_ _f\"></span>razioni un<span class=\"_ _1\"></span>der co<span class=\"_ _f\"></span>mmon co<span class=\"_ _f\"></span>ntrol </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1ec3\">Non esistono operazioni. </div><div class=\"t m0 he ff5 fs5 fc4 sc3 ls0 ws0 gs1ec4\">1.2.1 Va<span class=\"_ _f\"></span>riazioni a<span class=\"_ _1\"></span>nnue <span class=\"_ _1\"></span>dell\u2019a<span class=\"_ _1\"></span>vvia<span class=\"_ _1\"></span>mento<span class=\"_ _1\"></span><span class=\"ff4\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1ec5\">Non esistono operazioni. </div><div class=\"t m0 h1a ff4 fs6 fc4 sc3 ls0 ws0 gs1ec6\">Sez<span class=\"_ _1\"></span>ione<span class=\"_ _1\"></span> 2 <span class=\"ff5\">\u2013<span class=\"_ _1\"></span><span class=\"ff4\"> <span class=\"ff5\">Op<span class=\"_ _1\"></span>eraz<span class=\"_ _f\"></span>ioni re<span class=\"_ _1\"></span>aliz<span class=\"_ _f\"></span>zate do<span class=\"_ _f\"></span>po la c<span class=\"_ _1\"></span>hius<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>a del<span class=\"_ _1\"></span>l\u2019es<span class=\"_ _f\"></span>ercizi<span class=\"_ _1\"></span>o<span class=\"ff4\"> </span></span></span></span></div><div class=\"t m0 he ff4 fs5 fc4 sc3 ls0 ws0 gs1ec7\">2.1 Ope<span class=\"_ _f\"></span>razioni di a<span class=\"_ _f\"></span>ggregazio<span class=\"_ _f\"></span>ne aziend<span class=\"_ _f\"></span>ale </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1ec8\">Sono <span class=\"_ _16\"> </span>state <span class=\"_ _16\"> </span>poste <span class=\"_ _9\"> </span>in  essere <span class=\"_ _9\"> </span>due <span class=\"_ _16\"> </span>operazioni <span class=\"_ _9\"> </span>di  aggregazione <span class=\"_ _9\"> </span>aziendale  rientranti  <span class=\"ff5\">nell<span class=\"_ _1\"></span>\u2019ambito  di<span class=\"_ _f\"></span> </span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs1ec9\">applicazione <span class=\"_ _1\"></span>dell\u2019IFRS 3 <span class=\"_ _f\"></span>successivamente al <span class=\"_ _f\"></span>31 dicembre <span class=\"_ _f\"></span>2025 ed entro <span class=\"_ _1\"></span>la d<span class=\"_ _1\"></span>ata d<span class=\"_ _1\"></span>i app<span class=\"_ _1\"></span>rovazione <span class=\"_ _1\"></span>del </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1eca\">Bilancio consolidato da parte del Consiglio di<span class=\"_ _1\"></span> Amministrazione della Capogruppo:<span class=\"_ _2\"></span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls1 ws0 gs1ecb\">1)<span class=\"_ _61\"> </span><span class=\"ls0\">l'acquisizione <span class=\"_ _1\"></span>da parte di <span class=\"_ _f\"></span>Cr<span class=\"_ _2\"></span>edemtel<span class=\"_ _1\"></span> Spa de<span class=\"_ _1\"></span>l ramo d'azi<span class=\"_ _1\"></span>enda e-Procurement (ge<span class=\"_ _1\"></span>stione digitale </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1ecc\">del rapporto con i fornitori) di Niuma Srl, avv<span class=\"_ _1\"></span>enuta nel mese di marzo 2026;<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls4 ws0 gs1ecd\">2)<span class=\"_ _3\"> </span><span class=\"ff5 ls0\">L\u2019acquisizione <span class=\"_ _0\"></span>di <span class=\"_ _9\"> </span>una <span class=\"_ _0\"></span>ulteriore <span class=\"_ _9\"> </span>quota <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>partecipazione,<span class=\"_ _1\"></span> <span class=\"_ _9\"> </span>pari <span class=\"_ _9\"> </span>al <span class=\"_ _9\"> </span>35% <span class=\"_ _9\"> </span>del <span class=\"_ _0\"></span>capitale <span class=\"_ _9\"> </span>sociale, <span class=\"_ _0\"></span>in </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1ece\">Andxor Soluzioni<span class=\"_ _1\"></span> Informatiche S<span class=\"_ _f\"></span>r<span class=\"_ _2\"></span>l da <span class=\"_ _f\"></span>parte di C<span class=\"_ _1\"></span>redemte<span class=\"ff5\">l. L\u2019acquisizione, av<span class=\"_ _1\"></span>venuta nel <span class=\"_ _1\"></span>mese di </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1ecf\">febbraio 2026 <span class=\"_ _2\"></span>porta <span class=\"_ _2\"></span>la partecipazione in <span class=\"_ _2\"></span>Andxor <span class=\"_ _2\"></span>al 75%, part<span class=\"_ _2\"></span>ecipazi<span class=\"_ _1\"></span>one che <span class=\"_ _2\"></span>pertanto <span class=\"_ _2\"></span>diventa </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1ed0\">di controllo.<span class=\"_ _df\"> </span></div><div class=\"t m0 he ff4 fs5 fc4 sc3 ls0 ws0 gs1ed1\">2.2 Ope<span class=\"_ _f\"></span>razioni u<span class=\"_ _f\"></span>nder comm<span class=\"_ _f\"></span>on contro<span class=\"_ _f\"></span>l </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1ed2\">Per i<span class=\"_ _1\"></span> de<span class=\"_ _1\"></span>ttagli sulle <span class=\"_ _f\"></span>operazioni effettuate succ<span class=\"_ _1\"></span>essivamente <span class=\"_ _1\"></span>al 31 <span class=\"_ _f\"></span>dicembr<span class=\"_ _2\"></span>e <span class=\"_ _1\"></span>2025 si <span class=\"_ _f\"></span>r<span class=\"_ _2\"></span>imanda <span class=\"_ _f\"></span>a quanto </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1ed3\">in dettaglio in Parte A <span class=\"ff5\">\u2013</span> <span class=\"ff5\">Sezione 4 \u201cEventi successivi alla data di rife<span class=\"_ _1\"></span>rimento del bilancio\u201d.<span class=\"_ _2\"></span><span class=\"ff4\"> </span></span></div><div class=\"t m0 h1a ff4 fs6 fc4 sc3 ls0 ws0 gs1ed4\">Sez<span class=\"_ _1\"></span>ione<span class=\"_ _1\"></span> 3 <span class=\"ff5\">\u2013<span class=\"_ _f\"></span><span class=\"ff4\"> <span class=\"_ _2\"></span>Re<span class=\"_ _f\"></span>ttifich<span class=\"_ _1\"></span>e re<span class=\"_ _f\"></span>trosp<span class=\"_ _1\"></span>ettiv<span class=\"_ _f\"></span>e </span></span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1ed5\">Non esistono operazioni. </div>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-796": {
   "value": "<div class=\"t m0 h1a ff4 fs6 fc4 sc3 ls0 ws0 gs1ed7\">Infor<span class=\"_ _f\"></span>mazio<span class=\"_ _1\"></span>ni su<span class=\"_ _1\"></span>i co<span class=\"_ _f\"></span>mpen<span class=\"_ _f\"></span>si dei di<span class=\"_ _1\"></span>rig<span class=\"_ _1\"></span>enti <span class=\"_ _1\"></span>con <span class=\"_ _f\"></span>respo<span class=\"_ _f\"></span>nsabil<span class=\"_ _1\"></span>it\u00e0 s<span class=\"_ _1\"></span>trat<span class=\"_ _1\"></span>egic<span class=\"_ _1\"></span>a </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1ed8\">Di <span class=\"_ _2\"></span>seguito vengono <span class=\"_ _2\"></span>fornite le <span class=\"_ _2\"></span>inf<span class=\"_ _1\"></span>ormazioni <span class=\"_ _2\"></span>sui compensi <span class=\"_ _2\"></span>corrisposti ai <span class=\"_ _2\"></span>dirigenti con r<span class=\"_ _2\"></span>esponsabilit\u00e0<span class=\"_ _f\"></span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1ed9\">strategiche, in coerenza con quanto previsto dallo IAS 24. </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1eda\">I <span class=\"_ _d\"></span>dirigenti <span class=\"_ _d\"></span>con <span class=\"_ _0\"></span>responsabilit\u00e0 <span class=\"_ _d\"></span>strategiche <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>Cr<span class=\"_ _2\"></span>edito <span class=\"_ _0\"></span>Emiliano <span class=\"_ _d\"></span>sono <span class=\"_ _d\"></span>i <span class=\"_ _d\"></span>s<span class=\"_ _2\"></span>oggetti <span class=\"_ _d\"></span>aventi <span class=\"_ _d\"></span>il <span class=\"_ _0\"></span>potere <span class=\"_ _d\"></span>e <span class=\"_ _d\"></span>la </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1edb\">responsabilit\u00e0, <span class=\"_ _2\"></span>direttamente <span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>indi<span class=\"_ _1\"></span>rettamente, <span class=\"_ _2\"></span>della <span class=\"_ _2\"></span>pianificazione, <span class=\"_ _2\"></span>della <span class=\"_ _2\"></span>direzione <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>del contro<span class=\"_ _2\"></span>llo<span class=\"_ _1\"></span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1edc\">delle attivit\u00e0 di Credito Emiliano. </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1edd\">In tale contesto rientrano nel<span class=\"_ _1\"></span> perimetro dei dirigenti con respons<span class=\"_ _f\"></span>abili<span class=\"_ _2\"></span>t\u00e0 strategiche: i Consiglieri di<span class=\"_ _1\"></span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1ede\">Amministrazione, i Sindaci, <span class=\"_ _2\"></span>il Direttore <span class=\"_ _2\"></span>Generale, i Condirettori <span class=\"_ _2\"></span>Gene<span class=\"_ _f\"></span>r<span class=\"_ _2\"></span>ali, il Vice <span class=\"_ _2\"></span>Direttore <span class=\"_ _2\"></span>Generale,<span class=\"_ _1\"></span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1edf\">gli <span class=\"_ _d\"></span>altr<span class=\"_ _2\"></span>i <span class=\"_ _d\"></span>componenti <span class=\"_ _0\"></span>della <span class=\"_ _0\"></span>Direzione <span class=\"_ _0\"></span>Centrale, <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=\"_ _d\"></span>dei <span class=\"_ _0\"></span>documenti </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1ee0\">contabili <span class=\"_ _2\"></span>societari, <span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>Responsabili <span class=\"_ _2\"></span>delle <span class=\"_ _2\"></span>Funzioni <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>Controllo <span class=\"_ _2\"></span>Interno <span class=\"_ _2\"></span>(Responsabile <span class=\"_ _2\"></span>Servizio <span class=\"_ _2\"></span>Audit, </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1ee1\">Responsabile <span class=\"_ _f\"></span>Funzione <span class=\"_ _f\"></span>Antiriciclaggio, <span class=\"_ _f\"></span>Compliance <span class=\"_ _f\"></span>Officer <span class=\"_ _f\"></span>e <span class=\"_ _f\"></span>Ris<span class=\"_ _2\"></span>k <span class=\"_ _f\"></span>Officer), <span class=\"_ _f\"></span>il <span class=\"_ _f\"></span>Responsabile <span class=\"_ _f\"></span>Business </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1ee2\">Unit  Commerciale<span class=\"_ _1\"></span>,  il <span class=\"_ _9\"> </span>R<span class=\"_ _2\"></span>esponsabile<span class=\"_ _1\"></span>  Business  Unit <span class=\"_ _16\"> </span>Finanza, <span class=\"_ _16\"> </span>il <span class=\"_ _16\"> </span>Dirigente <span class=\"_ _16\"> </span>Coord<span class=\"_ _2\"></span>inatore  de<span class=\"_ _1\"></span>lle  aree </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1ee3\">Amministrazione, Corporate <span class=\"_ _1\"></span>Governance <span class=\"_ _1\"></span>e Relazioni <span class=\"_ _1\"></span>Esterne e Gove<span class=\"_ _1\"></span>rno del Valore,<span class=\"_ _1\"></span> il Cap<span class=\"_ _1\"></span>o Servizio </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs1ee4\">preposto all\u2019area Crediti e il Capo Servizi<span class=\"_ _1\"></span>o preposto all\u2019area Organizzazione.<span class=\"_ _2\"></span><span class=\"ff4\"> </span></div><div class=\"gs1ee5\"><table class=\"s w11fd h5ce\" id=\"_606ebdc9-3359-449f-8ec7-60d08af999c2\"><tr><td class=\"c xbac y3937 w669 h49\"><div class=\"t m0 x163 h1f y32 ff4 fs7 fc1 sc2 ls0 ws0\"> <span class=\"fc4 sc3\">Riepil<span class=\"_ _f\"></span>ogo com<span class=\"_ _f\"></span>pens<span class=\"_ _f\"></span>i </span></div></td><td></td><td class=\"c xbad y3937 w668 h49\"><div class=\"t m0 x3a h1f y32 ff4 fs7 fc4 sc3 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale </div></td><td class=\"c xbae y3937 w280 h49\"><div class=\"t m0 x3a h1f y32 ff4 fs7 fc4 sc3 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale </div></td></tr><tr><td></td><td></td><td class=\"c xbaf y3938 w30f h49\"><div class=\"t m0 x14 h1f y25 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/<span class=\"_ _f\"></span>2025 </div></td><td class=\"c xbae y3938 w280 h49\"><div class=\"t m0 x14 h1f y25 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/<span class=\"_ _f\"></span>2024 </div></td></tr><tr><td class=\"c xbb0 y3939 w667 hc8\"><div class=\"t m0 x10 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">Amministrator<span class=\"_ _1\"></span>i </div></td><td></td><td class=\"c xbad y3939 w668 hc8\"><div class=\"t m0 xe h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">2.338 </div></td><td class=\"c xbae y3939 wb5 hc8\"><div class=\"t m0 xc7 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">2.172 </div></td></tr><tr><td class=\"c xbb0 y393a w667 hc8\"><div class=\"t m0 x10 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">Sindaci </div></td><td></td><td class=\"c xbad y393a w668 hc8\"><div class=\"t m0 xf0 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">595 </div></td><td class=\"c xbae y393a wb5 hc8\"><div class=\"t m0 xef h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">512 </div></td></tr><tr><td class=\"c xbb0 y393b w667 hc8\"><div class=\"t m0 x10 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">Dirigenti  </div></td><td></td><td class=\"c xbad y393b w668 hc8\"><div class=\"t m0 x1c h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">12.890 </div></td><td class=\"c xbae y393b wb5 hc8\"><div class=\"t m0 xf h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">10.362 </div></td></tr><tr><td></td><td class=\"c xbb0 y393c w66b hc8\"><div class=\"t m0 x1e7 h1f y32 ff4 fs7 fc1 sc2 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale </div></td><td class=\"c xbad y393c w668 hc8\"><div class=\"t m0 xf h1f y32 ff4 fs7 fc1 sc2 ls0 ws0\">15.8<span class=\"_ _1\"></span>23 </div></td><td class=\"c xbb1 y393c w37 hc8\"><div class=\"t m0 xf h1f y32 ff4 fs7 fc1 sc2 ls0 ws0\">13.0<span class=\"_ _1\"></span>46 </div></td></tr></table></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1ee6\">I <span class=\"_ _2\"></span>compensi <span class=\"_ _2\"></span>dei d<span class=\"_ _2\"></span>irigenti compre<span class=\"_ _2\"></span>ndono <span class=\"_ _2\"></span>benefici<span class=\"_ _1\"></span> <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>breve <span class=\"_ _2\"></span>termine <span class=\"_ _2\"></span>per <span class=\"_ _d\"></span>8.283 <span class=\"_ _2\"></span>mila <span class=\"_ _2\"></span>euro, <span class=\"_ _2\"></span>altri <span class=\"_ _2\"></span>benefici </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1ee7\">per <span class=\"_ _d\"></span>207 <span class=\"_ _d\"></span>mila <span class=\"_ _d\"></span>euro <span class=\"_ _0\"></span>e <span class=\"_ _d\"></span>pagamenti <span class=\"_ _d\"></span>basati <span class=\"_ _d\"></span>su <span class=\"_ _0\"></span>azioni <span class=\"_ _d\"></span>per <span class=\"_ _d\"></span>4.400 <span class=\"_ _0\"></span>mila <span class=\"_ _d\"></span>euro. <span class=\"_ _d\"></span>Non <span class=\"_ _d\"></span>sono <span class=\"_ _0\"></span>stati <span class=\"_ _d\"></span>riconosciuti<span class=\"_ _1\"></span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1ee8\">benefici successivi <span class=\"_ _2\"></span>alla fine <span class=\"_ _2\"></span>del rapporto <span class=\"_ _2\"></span>di lavoro <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>bene<span class=\"_ _1\"></span>fici dovuti <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>la cessazione <span class=\"_ _2\"></span>del rapporto </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1ee9\">di lavoro. </div><div class=\"t m0 he ff4 fs5 fc4 sc3 ls0 ws0 gs1eea\">2. Info<span class=\"_ _1\"></span>rmaz<span class=\"_ _f\"></span>ioni sulle tra<span class=\"_ _f\"></span>nsazioni co<span class=\"_ _f\"></span>n parti corr<span class=\"_ _1\"></span>elate<span class=\"_ _1\"></span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1eeb\">In ottemperanza alle disposizioni normativ<span class=\"_ _1\"></span>e riguardanti le operazioni con parti correlate, il Grupp<span class=\"_ _1\"></span>o </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1eec\">Credito <span class=\"_ _e\"> </span>Emiliano <span class=\"_ _e\"> </span>ha <span class=\"_ _e\"> </span>adottato <span class=\"_ _15\"> </span>s<span class=\"_ _2\"></span>pecifi<span class=\"_ _1\"></span>che <span class=\"_ _e\"> </span>procedure <span class=\"_ _e\"> </span>per <span class=\"_ _e\"> </span>disciplinare <span class=\"_ _15\"> </span>s<span class=\"_ _2\"></span>iffatta <span class=\"_ _15\"> </span>operativit\u00e0 <span class=\"_ _e\"> </span>ed </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1eed\">assicurare idonei flussi informativ<span class=\"_ _1\"></span>i.<span class=\"_ _2\"></span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1eee\">In  attuazione  all<span class=\"_ _1\"></span>a  delibe<span class=\"_ _1\"></span>ra  Consob  n.  17221  d<span class=\"_ _1\"></span>el  12 <span class=\"_ _16\"> </span>marzo  2<span class=\"_ _1\"></span>010  e  dell<span class=\"_ _1\"></span>a<span class=\"_ _2\"></span>  <span class=\"ff5\">Circolare  Banca  d<span class=\"_ _1\"></span>\u2019Italia </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1eef\">285/2013, <span class=\"_ _d\"></span>Credito <span class=\"_ _d\"></span>Emiliano <span class=\"_ _d\"></span>ha <span class=\"_ _d\"></span>adot<span class=\"_ _2\"></span>tato <span class=\"_ _d\"></span>apposite <span class=\"_ _d\"></span>Procedure <span class=\"_ _d\"></span>per <span class=\"_ _d\"></span>la <span class=\"_ _d\"></span>gestione <span class=\"_ _d\"></span>delle <span class=\"_ _0\"></span>operazioni <span class=\"_ _d\"></span>con </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1ef0\">parti correlate e per le operazioni con soggetti colleg<span class=\"_ _1\"></span>ati.<span class=\"_ _2\"></span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1ef1\">Il <span class=\"_ _18\"> </span>r<span class=\"_ _2\"></span>egolamento <span class=\"_ _18\"> </span>\u00e8 <span class=\"_ _19\"> </span>disponibile <span class=\"_ _18\"> </span>per <span class=\"_ _19\"> </span>la <span class=\"_ _19\"> </span>consultazione <span class=\"_ _18\"> </span>sul <span class=\"_ _19\"> </span>sito <span class=\"_ _19\"> </span>internet <span class=\"_ _18\"> </span>di <span class=\"_ _19\"> </span>Cred<span class=\"_ _2\"></span>ito <span class=\"_ _19\"> </span>Emiliano<span class=\"_ _1\"></span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1ef2\">www.credem.it. </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1ef3\">I <span class=\"_ _9\"> </span>rapport<span class=\"_ _2\"></span>i <span class=\"_ _9\"> </span>e <span class=\"_ _16\"> </span>le <span class=\"_ _9\"> </span>operazioni <span class=\"_ _9\"> </span>perfezionate  con <span class=\"_ _9\"> </span>parti <span class=\"_ _9\"> </span>cor<span class=\"_ _2\"></span>relate <span class=\"_ _9\"> </span>e <span class=\"_ _16\"> </span>sogge<span class=\"_ _1\"></span>tti <span class=\"_ _16\"> </span>collegati <span class=\"_ _9\"> </span>non <span class=\"_ _16\"> </span>presentano </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs1ef4\">criticit\u00e0 <span class=\"_ _2\"></span>e <span class=\"_ _d\"></span>sono <span class=\"_ _2\"></span>riconducibili <span class=\"_ _2\"></span>all\u2019ordinaria <span class=\"_ _2\"></span>at<span class=\"_ _2\"></span>tivit\u00e0 <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>servizio <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>di <span class=\"_ _d\"></span>credito. <span class=\"_ _2\"></span>Le <span class=\"_ _2\"></span>condizio<span class=\"_ _2\"></span><span class=\"ff4\">ni <span class=\"_ _2\"></span>applicate <span class=\"_ _d\"></span>ai </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1ef5\">singoli <span class=\"_ _0\"></span>rapporti <span class=\"_ _9\"> </span>ed <span class=\"_ _9\"> </span>alle <span class=\"_ _9\"> </span>operazioni <span class=\"_ _9\"> </span>con <span class=\"_ _9\"> </span>parti <span class=\"_ _9\"> </span>correlate <span class=\"_ _9\"> </span>e <span class=\"_ _0\"></span>s<span class=\"_ _2\"></span>oggetti <span class=\"_ _0\"></span>collegati <span class=\"_ _9\"> </span>non <span class=\"_ _9\"> </span>si <span class=\"_ _9\"> </span>discostano <span class=\"_ _9\"> </span>da </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1ef6\">quelle correnti di mercato. </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs1ef7\">Ai sensi dell\u2019art.5 comma 8 del Regolamento CONSOB Operazioni con part<span class=\"_ _2\"></span>i Correlate (nr. 17221 del </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1ef8\">12.03.2010  e<span class=\"_ _1\"></span>  ss.mm. <span class=\"_ _9\"> </span>ii)  si <span class=\"_ _9\"> </span>segnala  che <span class=\"_ _9\"> </span>nel  corso <span class=\"_ _16\"> </span>del <span class=\"_ _16\"> </span>2025 <span class=\"_ _16\"> </span>sono <span class=\"_ _16\"> </span>state <span class=\"_ _16\"> </span>effettuate <span class=\"_ _9\"> </span>operazioni  di </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1ef9\">maggiore <span class=\"_ _2\"></span>rilevanza unicamente <span class=\"_ _2\"></span>con <span class=\"_ _2\"></span>Societ\u00e0 <span class=\"_ _2\"></span>appartenenti <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>Gruppo Credito <span class=\"_ _2\"></span>Emiliano <span class=\"_ _2\"></span>ed <span class=\"_ _2\"></span>attinenti </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1efa\">a normali ed ordinarie dinamiche di funding.  </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1efb\">Nello <span class=\"_ _4\"> </span>stess<span class=\"_ _2\"></span>o <span class=\"_ _4\"> </span>periodo <span class=\"_ _4\"> </span>il <span class=\"_ _17\"> </span>Consiglio <span class=\"_ _4\"> </span>di <span class=\"_ _17\"> </span>A<span class=\"_ _2\"></span><span class=\"ff5\">mministrazione <span class=\"_ _4\"> </span>ha <span class=\"_ _17\"> </span>adottato <span class=\"_ _17\"> </span>una <span class=\"_ _17\"> </span>\u201cdelibera <span class=\"_ _4\"> </span>quadro\u201d. <span class=\"_ _17\"> </span>In </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1efc\">particolare <span class=\"_ _9\"> </span>la <span class=\"_ _16\"> </span>deli<span class=\"_ _1\"></span>bera <span class=\"_ _16\"> </span>ha <span class=\"_ _9\"> </span>riguardato <span class=\"_ _16\"> </span>la <span class=\"_ _9\"> </span>concessione <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>affidamenti <span class=\"_ _16\"> </span>a <span class=\"_ _9\"> </span>parti <span class=\"_ _16\"> </span>correlate <span class=\"_ _9\"> </span>e <span class=\"_ _9\"> </span>soggetti </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1efd\">collegati riconducibili <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>Vice Pre<span class=\"_ _2\"></span>sidente Luigi <span class=\"_ _2\"></span>Maramotti <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>al Consigliere <span class=\"_ _2\"></span>Edoardo <span class=\"_ _2\"></span>Prezioso per <span class=\"_ _2\"></span>un </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1efe\">importo <span class=\"_ _16\"> </span>massimo <span class=\"_ _9\"> </span>complessivo <span class=\"_ _9\"> </span>non <span class=\"_ _16\"> </span>superiore <span class=\"_ _9\"> </span>a <span class=\"_ _16\"> </span>100 <span class=\"_ _9\"> </span>milioni <span class=\"_ _16\"> </span>di <span class=\"_ _9\"> </span>euro <span class=\"_ _16\"> </span>e <span class=\"_ _9\"> </span>comunque <span class=\"_ _9\"> </span>entr<span class=\"_ _2\"></span>o <span class=\"_ _9\"> </span>il <span class=\"_ _16\"> </span>limite<span class=\"_ _1\"></span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1eff\">normativo del 5% del p<span class=\"_ _1\"></span>atrimonio di vigilanz<span class=\"_ _1\"></span>a consolidato, erogabile dal Gruppo Credito Emiliano in<span class=\"_ _1\"></span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1f00\">pi\u00f9 operazioni, anche rotative.  </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1f01\">Nel <span class=\"_ _19\"> </span>corso <span class=\"_ _19\"> </span>del <span class=\"_ _19\"> </span>2025 <span class=\"_ _19\"> </span>so<span class=\"_ _2\"></span>no <span class=\"_ _19\"> </span>state <span class=\"_ _19\"> </span>poste <span class=\"_ _19\"> </span>in <span class=\"_ _1a\"> </span>essere <span class=\"_ _19\"> </span>operazioni <span class=\"_ _19\"> </span>infragruppo <span class=\"_ _19\"> </span>e/o <span class=\"_ _19\"> </span>con <span class=\"_ _19\"> </span>parti </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs1f02\">correlate/soggetti collegati, rientranti nell\u2019ordinario esercizi<span class=\"_ _1\"></span>o dell\u2019attivit\u00e0.<span class=\"_ _df\"> </span><span class=\"_ _2\"></span><span class=\"ff4\"> </span></div><div class=\"c w66d h376 gs1f04\"><div class=\"t m0 x10 he y969 ff4 fs5 fc4 sc3 ls0 ws0\">2. Info<span class=\"_ _1\"></span>rmaz<span class=\"_ _f\"></span>ioni sulle tra<span class=\"_ _f\"></span>nsazioni co<span class=\"_ _f\"></span>n parti corr<span class=\"_ _1\"></span>elate<span class=\"_ _df\"> </span></div></div><div class=\"c w523 h376 gs1f05\"><div class=\"t m0 x26 he y969 ff4 fs5 fc4 sc3 ls0 ws0\">p.1<span class=\"_ _df\"> </span></div></div><div class=\"gs1f06\"><table class=\"s w1206 h5d1\" id=\"_5f6a9107-81bb-45f4-802d-34ea22a31cbc\"><tr><td></td><td class=\"c xbc6 y3946 w254 h377\"><div class=\"t m0 x32 h30 y88f ff4 fsb fc4 sc3 ls0 ws0\">Crediti </div></td><td class=\"c xbc7 y3946 w256 h377\"><div class=\"t m0 x2c h30 y88f ff4 fsb fc4 sc3 ls0 ws0\">Debiti </div></td><td class=\"c xbc8 y3946 w253 h377\"><div class=\"t m0 x48 h30 y88f ff4 fsb fc4 sc3 ls0 ws0\">Garanzie<span class=\"_ _1\"></span> </div></td><td class=\"c xbc9 y3947 w1207 h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">Raccolt<span class=\"_ _1\"></span>a<span class=\"_ _df\"> </span></div></td><td class=\"c xbca y3946 w66e h377\"><div class=\"t m0 xac h30 y88f ff4 fsb fc4 sc3 ls0 ws0\">Raccolt<span class=\"_ _1\"></span>a gestita </div></td></tr><tr><td></td><td></td><td></td><td></td><td class=\"c xbcb y3948 w1208 h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">ammi<span class=\"_ _1\"></span>nistrata<span class=\"_ _df\"> </span></div></td><td></td></tr><tr><td class=\"c xbcc y3949 w66f h70\"><div class=\"t m0 x10 h30 y25f ff4 fsb fc4 sc0 ls10c ws0\">Am<span class=\"ls0\">ministr<span class=\"_ _2\"></span>atori, sindaci e dirigenti</span><span class=\"ls0\"> </span></div></td><td class=\"c xbc6 y3949 w66e h70\"><div class=\"t m0 xc6 h200 y2ef ff4 fs22 fc4 sc0 ls0 ws0\">1.306  </div></td><td class=\"c xbc7 y3949 w670 h70\"><div class=\"t m0 x7 h200 y2ef ff4 fs22 fc4 sc0 ls0 ws0\">15.494  </div></td><td class=\"c xbc8 y3949 w671 h70\"><div class=\"t m0 x49 h200 y2ef ff4 fs22 fc4 sc0 ls0 ws0\">186  </div></td><td class=\"c xbcd y3949 w670 h70\"><div class=\"t m0 x12 h200 y2ef ff4 fs22 fc4 sc0 ls0 ws0\">166.434  </div></td><td class=\"c xbca y3949 w66e h70\"><div class=\"t m0 x90 h200 y2ef ff4 fs22 fc4 sc0 ls0 ws0\">33.322  </div></td></tr><tr><td class=\"c xbcc y394a w66f h70\"><div class=\"t m0 x10 h30 y25f ff4 fsb fc4 sc0 ls0 ws0\">Stretti fami<span class=\"_ _2\"></span>liari </div></td><td class=\"c xbc6 y394a w66e h70\"><div class=\"t m0 xa3 h200 y2ef ff4 fs22 fc4 sc0 ls0 ws0\">1.614  </div></td><td class=\"c xbc7 y394a w670 h70\"><div class=\"t m0 x7 h200 y2ef ff4 fs22 fc4 sc0 ls0 ws0\">16.385  </div></td><td class=\"c xbc8 y394a w671 h70\"><div class=\"t m0 xc7 h200 y2ef ff4 fs22 fc4 sc0 ls0 ws0\">332  </div></td><td class=\"c xbcd y394a w670 h70\"><div class=\"t m0 x12 h200 y2ef ff4 fs22 fc4 sc0 ls0 ws0\">124.434  </div></td><td class=\"c xbca y394a w66e h70\"><div class=\"t m0 x1c h200 y2ef ff4 fs22 fc4 sc0 ls0 ws0\">19.139  </div></td></tr><tr><td class=\"c xbcc y394b w66f h70\"><div class=\"t m0 x10 h30 y25f ff4 fsb fc4 sc0 ls0 ws0\">Societ\u00e0 control<span class=\"_ _2\"></span>late e collegate </div></td><td class=\"c xbc6 y394b w66e h70\"><div class=\"t m0 x90 h200 y2ef ff4 fs22 fc4 sc0 ls0 ws0\">33.853  </div></td><td class=\"c xbc7 y394b w670 h70\"><div class=\"t m0 x11 h200 y2ef ff4 fs22 fc4 sc0 ls0 ws0\">342.282  </div></td><td class=\"c xbc8 y394b w671 h70\"><div class=\"t m0 x90 h200 y2ef ff4 fs22 fc4 sc0 ls0 ws0\">95.860  </div></td><td class=\"c xbcd y394b w670 h70\"><div class=\"t m0 x12 h200 y2ef ff4 fs22 fc4 sc0 ls0 ws0\">221.368  </div></td><td class=\"c xbca y394b w66e h70\"><div class=\"t m0 x12 h200 y2ef ff4 fs22 fc4 sc0 ls0 ws0\">173.970  </div></td></tr><tr><td class=\"c xbcc y394c w672 h70\"><div class=\"t m0 x10 h30 y25f ff4 fsb fc4 sc0 ls0 ws0\">Altre parti corre<span class=\"_ _2\"></span>late </div></td><td class=\"c xbc6 y394c w66e h70\"><div class=\"t m0 x124 h200 y153d ff4 fs22 fc4 sc0 ls0 ws0\">-  </div></td><td class=\"c xbc7 y394c w670 h70\"><div class=\"t m0 x124 h200 y153d ff4 fs22 fc4 sc0 ls0 ws0\">-  </div></td><td class=\"c xbc8 y394c w671 h70\"><div class=\"t m0 x124 h200 y153d ff4 fs22 fc4 sc0 ls0 ws0\">-  </div></td><td class=\"c xbcd y394c w670 h70\"><div class=\"t m0 x124 h200 y153d ff4 fs22 fc4 sc0 ls0 ws0\">-  </div></td><td class=\"c xbca y394c w66e h70\"><div class=\"t m0 x124 h200 y153d ff4 fs22 fc4 sc0 ls0 ws0\">-  </div></td></tr><tr><td class=\"c xbcc y394d w66f h2a\"><div class=\"t m0 x22 h30 y25c ff4 fsb fc4 sc3 ls0 ws0\">Totale </div></td><td class=\"c xbc6 y394d w66e h2a\"><div class=\"t m0 x7 h200 y153d ff4 fs22 fc4 sc3 ls0 ws0\">36.773  </div></td><td class=\"c xbc7 y394d w670 h2a\"><div class=\"t m0 x90 h200 y153d ff4 fs22 fc4 sc3 ls0 ws0\">374.161<span class=\"_ _1\"></span>  </div></td><td class=\"c xbc8 y394d w671 h2a\"><div class=\"t m0 x7 h200 y153d ff4 fs22 fc4 sc3 ls0 ws0\">96.378<span class=\"_ _1\"></span>  </div></td><td class=\"c xbce y394d w670 h2a\"><div class=\"t m0 x91 h200 y153d ff4 fs22 fc4 sc3 ls0 ws0\">512.236<span class=\"_ _1\"></span>  </div></td><td class=\"c xbca y394d w3cf h2a\"><div class=\"t m0 x91 h200 y153d ff4 fs22 fc4 sc3 ls0 ws0\">226.431 <span class=\"_ _1\"></span> </div></td></tr></table></div><div class=\"c w673 hf6 gs1f07\"><div class=\"t m0 x10 he y61e ff4 fs5 fc4 sc3 ls0 ws0\">2. Info<span class=\"_ _1\"></span>rmaz<span class=\"_ _f\"></span>ioni sulle tra<span class=\"_ _f\"></span>nsazioni co<span class=\"_ _f\"></span>n parti corr<span class=\"_ _1\"></span>elate<span class=\"_ _df\"> </span></div></div><div class=\"c w674 hf6 gs1f08\"><div class=\"t m0 xa3 he y61e ff4 fs5 fc4 sc3 ls0 ws0\">p.2<span class=\"_ _df\"> </span></div></div><div class=\"gs1f09\"><table class=\"s w1209 h5d2\" id=\"_c01eb829-3bbb-4d7e-905a-2f981ab112eb\"><tr><td></td><td class=\"c x98b y394e w206 h56\"><div class=\"t m0 x8a h30 y2ea ff4 fsb fc4 sc3 ls0 ws0\">Interes<span class=\"_ _1\"></span>si attivi </div></td><td class=\"c xbcf y394e w639 h56\"><div class=\"t m0 x8a h30 y2ea ff4 fsb fc4 sc3 ls0 ws0\">Interes<span class=\"_ _1\"></span>si passivi </div></td><td class=\"c xbd0 y394e wc0 h56\"><div class=\"t m0 xab h30 y2ea ff4 fsb fc4 sc3 ls0 ws0\">Commis<span class=\"_ _1\"></span>sioni attiv<span class=\"_ _f\"></span>e <span class=\"_ _2\"></span>e alt<span class=\"_ _1\"></span>ri ricavi </div></td><td class=\"c xbd1 y394e w674 h56\"><div class=\"t m0 xab h30 y2ea ff4 fsb fc4 sc3 ls0 ws0\">Commis<span class=\"_ _1\"></span>sioni pa<span class=\"_ _1\"></span>ssive e altri<span class=\"_ _f\"></span> <span class=\"_ _2\"></span>oneri </div></td></tr><tr><td class=\"c x44e y394f w675 hc3\"><div class=\"t m0 x10 h30 y3e6 ff4 fsb fc4 sc0 ls0 ws0\">Amministr<span class=\"_ _2\"></span>atori, sindaci e dirigenti </div></td><td class=\"c xbd2 y394f w206 hc3\"><div class=\"t m0 x91 h200 y2a ff4 fs22 fc4 sc0 ls0 ws0\">31  </div></td><td class=\"c xbcf y394f w639 hc3\"><div class=\"t m0 x90 h200 y2a ff4 fs22 fc4 sc0 ls0 ws0\">200  </div></td><td class=\"c xbd3 y394f wc0 hc3\"><div class=\"t m0 x1c1 h200 y2a ff4 fs22 fc4 sc0 ls0 ws0\">236  </div></td><td class=\"c x5f0 y394f w5fa hc3\"><div class=\"t m0 x28 h200 y2a ff4 fs22 fc4 sc0 ls0 ws0\">31  </div></td></tr><tr><td class=\"c x44e y3950 w675 hc3\"><div class=\"t m0 x10 h30 y49 ff4 fsb fc4 sc0 ls0 ws0\">Stretti fami<span class=\"_ _2\"></span>liari </div></td><td class=\"c xbd2 y3950 w206 hc3\"><div class=\"t m0 x91 h200 y2a ff4 fs22 fc4 sc0 ls0 ws0\">18  </div></td><td class=\"c xbcf y3950 w639 hc3\"><div class=\"t m0 x7 h200 y2a ff4 fs22 fc4 sc0 ls9e ws0\">196 <span class=\"ls0\"> </span></div></td><td class=\"c xbd3 y3950 wc0 hc3\"><div class=\"t m0 x2 h200 y2a ff4 fs22 fc4 sc0 ls0 ws0\">160  </div></td><td class=\"c x5f0 y3950 w5fa hc3\"><div class=\"t m0 x18 h200 y2a ff4 fs22 fc4 sc0 ls9e ws0\">11 <span class=\"ls0\"> </span></div></td></tr><tr><td class=\"c x44e y3951 w675 h378\"><div class=\"t m0 x10 h30 y3e6 ff4 fsb fc4 sc0 ls0 ws0\">Societ\u00e0 control<span class=\"_ _2\"></span>late e collegate </div></td><td class=\"c xbd2 y3951 w206 h378\"><div class=\"t m0 x8f h200 y2a ff4 fs22 fc4 sc0 ls0 ws0\">463  </div></td><td class=\"c xbcf y3951 w639 h378\"><div class=\"t m0 x13 h200 y2a ff4 fs22 fc4 sc0 ls0 ws0\">3.323  </div></td><td class=\"c xbd3 y3951 wc0 h378\"><div class=\"t m0 x24 h200 y2a ff4 fs22 fc4 sc0 ls0 ws0\">1.270  </div></td><td class=\"c x5f0 y3951 w5fa h378\"><div class=\"t m0 x1de h200 y2a ff4 fs22 fc4 sc0 ls0 ws0\">158  </div></td></tr><tr><td class=\"c x44e y3952 w676 hc3\"><div class=\"t m0 x10 h30 y3e6 ff4 fsb fc4 sc0 ls0 ws0\">Altre parti corre<span class=\"_ _2\"></span>late </div></td><td class=\"c x98b y3952 w385 hc3\"><div class=\"t m0 xf h200 y2a ff4 fs22 fc4 sc0 ls0 ws0\">-  </div></td><td class=\"c xbcf y3952 w639 hc3\"><div class=\"t m0 xc7 h200 y2a ff4 fs22 fc4 sc0 ls0 ws0\">-  </div></td><td class=\"c xbd3 y3952 wc0 hc3\"><div class=\"t m0 x58 h200 y2a ff4 fs22 fc4 sc0 ls0 ws0\">-  </div></td><td class=\"c x5f0 y3952 w5fa hc3\"><div class=\"t m0 xa1 h200 y2a ff4 fs22 fc4 sc0 ls0 ws0\">-  </div></td></tr><tr><td class=\"c x44e y3953 w675 hc3\"><div class=\"t m0 x2 h30 y7b6 ff4 fsb fc4 sc3 ls0 ws0\">Totale </div></td><td class=\"c xbd2 y3953 w206 hc3\"><div class=\"t m0 x11 h200 y2a ff4 fs22 fc4 sc3 ls0 ws0\">512  </div></td><td class=\"c xbcf y3953 w639 hc3\"><div class=\"t m0 x12 h200 y2a ff4 fs22 fc4 sc3 ls0 ws0\">3.719  </div></td><td class=\"c xbd0 y3953 w677 hc3\"><div class=\"t m0 x24 h200 y2a ff4 fs22 fc4 sc3 ls0 ws0\">1.666  </div></td><td class=\"c xbd1 y3953 w678 hc3\"><div class=\"t m0 x1de h200 y2a ff4 fs22 fc4 sc3 ls0 ws0\">200  </div></td></tr></table></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs1f0a\">L\u2019incidenza <span class=\"_ _f\"></span>dei v<span class=\"_ _1\"></span>olumi, <span class=\"_ _f\"></span>delle operazioni <span class=\"_ _f\"></span>con <span class=\"_ _f\"></span>le controparti <span class=\"_ _f\"></span>correlate <span class=\"_ _f\"></span>s<span class=\"_ _2\"></span>opra <span class=\"_ _f\"></span>indica<span class=\"ff4\">te, sul<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>totale d<span class=\"_ _1\"></span>el <span class=\"_ _f\"></span>Gruppo risul<span class=\"_ _1\"></span>ta </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1f0b\">essere pari (%): </div><div class=\"gs1f0c\"><table class=\"s w11fe h5cf\" id=\"_b6c5a851-33a1-4311-becb-38d325ad7b38\"><tr><td></td><td class=\"c xbb3 y393d w679 h7d\"><div class=\"t m0 xc7 h1f y656 ff4 fs7 fc4 sc3 ls0 ws0\">Dat<span class=\"_ _1\"></span>i pat<span class=\"_ _1\"></span>rimon<span class=\"_ _f\"></span>iali </div></td><td class=\"c xbb4 y393d w3e0 h7d\"><div class=\"t m0 xc6 h1f y656 ff4 fs7 fc4 sc3 ls0 ws0\">Credi<span class=\"_ _1\"></span>ti </div></td><td class=\"c xbb5 y393d w67a h7d\"><div class=\"t m0 xa3 h1f y656 ff4 fs7 fc4 sc3 ls0 ws0\">Debit<span class=\"_ _f\"></span>i </div></td><td class=\"c xbb6 y393d w3e0 h7d\"><div class=\"t m0 x8a h1f y656 ff4 fs7 fc4 sc3 ls0 ws0\">Gara<span class=\"_ _1\"></span>nzie<span class=\"_ _1\"></span> e im<span class=\"_ _f\"></span>pegni </div></td><td class=\"c xbb7 y26d1 w11ff h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc4 sc3 ls0 ws0\">Racco<span class=\"_ _1\"></span>lta<span class=\"_ _df\"> </span></div></td><td class=\"c xbb8 y393d w67b h7d\"><div class=\"t m0 x55 h1f y656 ff4 fs7 fc4 sc3 ls0 ws0\">Racco<span class=\"_ _1\"></span>lta g<span class=\"_ _f\"></span>estita<span class=\"_ _f\"></span> </div></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td class=\"c xbb9 y393e w1200 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc4 sc3 ls0 ws0\">amm<span class=\"_ _f\"></span>inistrat<span class=\"_ _f\"></span>a<span class=\"_ _df\"> </span></div></td><td></td></tr><tr><td class=\"c xbb3 y393f w679 hcc\"><div class=\"t m0 x10 h1f y2ea ff4 fs7 fc1 sc2 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale  </div></td><td></td><td class=\"c xbb4 y393f w3e0 hcc\"><div class=\"t m0 xee h1f y2ea ff4 fs7 fc1 sc2 ls0 ws0\">0,1 </div></td><td class=\"c xbb5 y393f w67a hcc\"><div class=\"t m0 x124 h1f y2ea ff4 fs7 fc1 sc2 lsb ws0\">0,<span class=\"ls0\">7</span><span class=\"ls0\"> </span></div></td><td class=\"c xbb6 y393f w3e0 hcc\"><div class=\"t m0 x124 h1f y2ea ff4 fs7 fc1 sc2 lsb ws0\">0,<span class=\"ls0\">7</span><span class=\"ls0\"> </span></div></td><td class=\"c xbba y393f w63f hcc\"><div class=\"t m0 x124 h1f y2ea ff4 fs7 fc1 sc2 ls0 ws0\">2,0 </div></td><td class=\"c xbb8 y393f w67b hcc\"><div class=\"t m0 x11d h1f y2ea ff4 fs7 fc1 sc2 lsb ws0\">0,<span class=\"ls0\">6</span><span class=\"ls0\"> </span></div></td></tr></table></div><div class=\"gs1f0d\"><table class=\"s w1201 h5d0\" id=\"_664ec1fd-4b69-4bbb-a826-4ece0fdbee3e\"><tr><td></td><td class=\"c xbbc y3943 w67c h379\"><div class=\"t m0 x26 h1f y11e3 ff4 fs7 fc4 sc3 ls0 ws0\">Dat<span class=\"_ _1\"></span>i econ<span class=\"_ _1\"></span>omi<span class=\"_ _1\"></span>ci </div></td><td class=\"c xbbd y3943 w50d h379\"><div class=\"t m0 xc6 h1f y11e3 ff4 fs7 fc4 sc3 ls0 ws0\">Inter<span class=\"_ _1\"></span>essi<span class=\"_ _1\"></span> atti<span class=\"_ _1\"></span>vi </div></td><td class=\"c xbbe y3943 w50d h379\"><div class=\"t m0 x12 h1f y11e3 ff4 fs7 fc4 sc3 ls0 ws0\">Inter<span class=\"_ _1\"></span>essi<span class=\"_ _1\"></span> pass<span class=\"_ _f\"></span>ivi </div></td><td class=\"c xbbf y3941 w1202 h5af\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc4 sc3 ls0 ws0\">Com<span class=\"_ _1\"></span>mis<span class=\"_ _1\"></span>sion<span class=\"_ _1\"></span>i at<span class=\"_ _1\"></span>tive e<span class=\"_ _f\"></span>d altri<span class=\"_ _df\"> </span></div></td><td class=\"c xbc0 y3941 w1203 h5af\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc4 sc3 ls0 ws0\">Com<span class=\"_ _1\"></span>mis<span class=\"_ _1\"></span>sion<span class=\"_ _1\"></span>i pas<span class=\"_ _1\"></span>sive<span class=\"_ _1\"></span> ed<span class=\"_ _df\"> </span></div></td></tr><tr><td></td><td></td><td></td><td></td><td class=\"c xbc1 y3944 w1205 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc4 sc3 lsec ws0\">ri<span class=\"ls0\">cav<span class=\"_ _f\"></span>i<span class=\"_ _df\"> </span></span></div></td><td class=\"c xbc2 y3944 w1204 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc4 sc3 ls0 ws0\">altre<span class=\"_ _1\"></span> spe<span class=\"_ _1\"></span>se<span class=\"_ _df\"> </span></div></td></tr><tr><td class=\"c xbbc y3945 w67c h352\"><div class=\"t m0 x10 h1f y11c6 ff4 fs7 fc1 sc2 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale  </div></td><td></td><td class=\"c xbbd y3945 w50d h352\"><div class=\"t m0 x2 h1f y11c6 ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td><td class=\"c xbbe y3945 w50d h352\"><div class=\"t m0 x191 h1f y11c6 ff4 fs7 fc1 sc2 lsb ws0\">0,<span class=\"ls0\">7</span><span class=\"ls0\"> </span></div></td><td class=\"c xbc3 y3945 w50d h352\"><div class=\"t m0 x114 h1f y11c6 ff4 fs7 fc1 sc2 ls0 ws0\">0<span class=\"ls3f\">,1</span> </div></td><td class=\"c xbc4 y3945 w67d h352\"><div class=\"t m0 x2 h1f y11c6 ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td></tr></table></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1f0e\">Si provvede di seguito a fornire i dettagli (i<span class=\"_ _1\"></span>n migliaia di euro) dei rapporti verso le imprese collegate:<span class=\"_ _2\"></span><span class=\"sc2\"> </span></div><div class=\"gs1f0f\"><table class=\"s w120a h5d4\" id=\"_7ee0df99-0556-4ec2-927e-4bcb7055d748\"><tr><td></td><td class=\"c xbb3 y3957 w679 h7c\"><div class=\"t m0 xc7 h1f y656 ff4 fs7 fc4 sc3 ls0 ws0\">Dat<span class=\"_ _1\"></span>i pat<span class=\"_ _1\"></span>rimon<span class=\"_ _f\"></span>iali </div></td><td class=\"c xbb4 y3957 w3e0 h7c\"><div class=\"t m0 xc6 h1f y656 ff4 fs7 fc4 sc3 ls0 ws0\">Credi<span class=\"_ _1\"></span>ti </div></td><td class=\"c xbb5 y3957 w67a h7c\"><div class=\"t m0 xa3 h1f y656 ff4 fs7 fc4 sc3 ls0 ws0\">Debit<span class=\"_ _f\"></span>i </div></td><td class=\"c xbb6 y3957 w3e0 h7c\"><div class=\"t m0 x8a h1f y656 ff4 fs7 fc4 sc3 ls0 ws0\">Gara<span class=\"_ _1\"></span>nzie<span class=\"_ _1\"></span> e im<span class=\"_ _f\"></span>pegni </div></td><td class=\"c xbb7 y3955 w9d8 h5d5\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc4 sc3 ls0 ws0\">Racco<span class=\"_ _1\"></span>lta<span class=\"_ _df\"> </span></div></td><td class=\"c xbb8 y3957 w67b h7c\"><div class=\"t m0 x55 h1f y656 ff4 fs7 fc4 sc3 ls5d ws0\">Ra<span class=\"ls0\">ccolt<span class=\"_ _f\"></span>a gesti<span class=\"_ _1\"></span>ta</span><span class=\"ls0\"> </span></div></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td class=\"c xbb9 y3958 w1200 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc4 sc3 ls0 ws0\">amm<span class=\"_ _f\"></span>inistrat<span class=\"_ _f\"></span>a<span class=\"_ _df\"> </span></div></td><td></td></tr><tr><td class=\"c xbb3 y3959 w679 hcc\"><div class=\"t m0 x10 h1f y2ea ff4 fs7 fc1 sc2 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale  </div></td><td></td><td class=\"c xbb4 y3959 w3e0 hcc\"><div class=\"t m0 x8 h1f y2ea ff4 fs7 fc1 sc2 ls0 ws0\">7.060<span class=\"_ _f\"></span> </div></td><td class=\"c xbb5 y3959 w67a hcc\"><div class=\"t m0 xc7 h1f y2ea ff4 fs7 fc1 sc2 ls0 ws0\">1.866<span class=\"_ _f\"></span> </div></td><td class=\"c xbb6 y3959 w3e0 hcc\"><div class=\"t m0 xc7 h1f y2ea ff4 fs7 fc1 sc2 ls0 ws0\">1.024<span class=\"_ _f\"></span> </div></td><td class=\"c xbba y3959 w63f hcc\"><div class=\"t m0 x7 h1f y2ea ff4 fs7 fc1 sc2 ls0 ws0\">197.5<span class=\"_ _f\"></span>26 </div></td><td class=\"c xbb8 y3959 w67b hcc\"><div class=\"t m0 xe6 h1f y2ea ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td></tr></table></div><div class=\"gs1f10\"><table class=\"s w1201 h5d0\" id=\"_9cddafee-ed83-4c7b-b270-c2da23bbfabe\"><tr><td></td><td class=\"c xbbc y3940 w67c h379\"><div class=\"t m0 x26 h1f ye59 ff4 fs7 fc4 sc3 ls0 ws0\">Dat<span class=\"_ _1\"></span>i econ<span class=\"_ _1\"></span>omi<span class=\"_ _1\"></span>ci </div></td><td class=\"c xbbd y3940 w50d h379\"><div class=\"t m0 xc6 h1f ye59 ff4 fs7 fc4 sc3 ls0 ws0\">Inter<span class=\"_ _1\"></span>essi<span class=\"_ _1\"></span> atti<span class=\"_ _1\"></span>vi </div></td><td class=\"c xbbe y3940 w50d h379\"><div class=\"t m0 x12 h1f ye59 ff4 fs7 fc4 sc3 ls0 ws0\">Inter<span class=\"_ _1\"></span>essi<span class=\"_ _1\"></span> pass<span class=\"_ _f\"></span>ivi </div></td><td class=\"c xbbf y3941 w1202 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc4 sc3 ls0 ws0\">Com<span class=\"_ _1\"></span>mis<span class=\"_ _1\"></span>sion<span class=\"_ _1\"></span>i at<span class=\"_ _1\"></span>tive e<span class=\"_ _f\"></span>d altri<span class=\"_ _df\"> </span></div></td><td class=\"c xbc0 y3941 w1203 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc4 sc3 ls0 ws0\">Com<span class=\"_ _1\"></span>mis<span class=\"_ _1\"></span>sion<span class=\"_ _1\"></span>i pas<span class=\"_ _1\"></span>sive<span class=\"_ _1\"></span> ed<span class=\"_ _df\"> </span></div></td></tr><tr><td></td><td></td><td></td><td></td><td class=\"c xbc1 y259f w1031 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc4 sc3 ls0 ws0\">ricav<span class=\"_ _1\"></span>i<span class=\"_ _df\"> </span></div></td><td class=\"c xbc2 y259f w1204 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc4 sc3 ls0 ws0\">altre<span class=\"_ _1\"></span> spe<span class=\"_ _1\"></span>se<span class=\"_ _df\"> </span></div></td></tr><tr><td class=\"c xbbc y3942 w67c hcb\"><div class=\"t m0 x10 h1f y2ea ff4 fs7 fc1 sc2 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale  </div></td><td></td><td class=\"c xbbd y3942 w50d hcb\"><div class=\"t m0 x1c1 h1f y2ea ff4 fs7 fc1 sc2 ls0 ws0\">4 </div></td><td class=\"c xbbe y3942 w50d hcb\"><div class=\"t m0 x114 h1f y2ea ff4 fs7 fc1 sc2 lsa ws0\">44<span class=\"ls0\"> </span></div></td><td class=\"c xbc3 y3942 w50d hcb\"><div class=\"t m0 x66 h1f y2ea ff4 fs7 fc1 sc2 ls0 ws0\">24.849<span class=\"_ _f\"></span> </div></td><td class=\"c xbc4 y3942 w67d hcb\"><div class=\"t m0 x191 h1f y2ea ff4 fs7 fc1 sc2 ls0 ws0\">131 </div></td></tr></table></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs1f11\">L\u2019incidenza dei volumi, delle operazi<span class=\"ff4\">oni con le imprese collegate, sul totale del Gruppo risulta essere pari (%<span class=\"_ _1\"></span>):<span class=\"_ _df\"> </span></span></div><div class=\"gs1f12\"><table class=\"s w11fe h5d3\" id=\"_e4a569f0-693a-4c2e-abc3-8740009c9d15\"><tr><td></td><td class=\"c xbb3 y3954 w679 h7c\"><div class=\"t m0 xc7 h1f yd3c ff4 fs7 fc4 sc3 ls0 ws0\">Dat<span class=\"_ _1\"></span>i pat<span class=\"_ _1\"></span>rimon<span class=\"_ _f\"></span>iali </div></td><td class=\"c xbb4 y3954 w3e0 h7c\"><div class=\"t m0 xc6 h1f yd3c ff4 fs7 fc4 sc3 ls0 ws0\">Credi<span class=\"_ _1\"></span>ti </div></td><td class=\"c xbb5 y3954 w67a h7c\"><div class=\"t m0 xa3 h1f yd3c ff4 fs7 fc4 sc3 ls0 ws0\">Debit<span class=\"_ _f\"></span>i </div></td><td class=\"c xbb6 y3954 w3e0 h7c\"><div class=\"t m0 x8a h1f yd3c ff4 fs7 fc4 sc3 ls0 ws0\">Gara<span class=\"_ _1\"></span>nzie<span class=\"_ _1\"></span> e im<span class=\"_ _f\"></span>pegni </div></td><td class=\"c xbb7 y3955 w11ff h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc4 sc3 ls0 ws0\">Racco<span class=\"_ _1\"></span>lta<span class=\"_ _df\"> </span></div></td><td class=\"c xbb8 y3954 w67b h7c\"><div class=\"t m0 x55 h1f yd3c ff4 fs7 fc4 sc3 ls0 ws0\">Racco<span class=\"_ _1\"></span>lta g<span class=\"_ _f\"></span>estita<span class=\"_ _f\"></span> </div></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td class=\"c xbb9 y3484 w1200 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc4 sc3 ls0 ws0\">amm<span class=\"_ _f\"></span>inistrat<span class=\"_ _f\"></span>a<span class=\"_ _df\"> </span></div></td><td></td></tr><tr><td class=\"c xbb3 y3956 w679 hcb\"><div class=\"t m0 x10 h1f y2ea ff4 fs7 fc1 sc2 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale  </div></td><td></td><td class=\"c xbb4 y3956 w3e0 hcb\"><div class=\"t m0 xe6 h1f y2ea ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td><td class=\"c xbb5 y3956 w67a hcb\"><div class=\"t m0 xe6 h1f y2ea ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td><td class=\"c xbb6 y3956 w3e0 hcb\"><div class=\"t m0 xe6 h1f y2ea ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td><td class=\"c xbba y3956 w63f hcb\"><div class=\"t m0 x11d h1f y2ea ff4 fs7 fc1 sc2 lsb ws0\">0,<span class=\"ls0\">8</span><span class=\"ls0\"> </span></div></td><td class=\"c xbb8 y3956 w67b hcb\"><div class=\"t m0 xe6 h1f y2ea ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td></tr></table></div><table class=\"s w120b h5d6\" id=\"_44515e03-a3b7-4815-bd8e-416d44191ca6\"><tr><td></td><td class=\"c xbb3 y395a w67c h379\"><div class=\"t m0 x26 h1f ye59 ff4 fs7 fc4 sc3 ls0 ws0\">Dat<span class=\"_ _1\"></span>i econ<span class=\"_ _1\"></span>omi<span class=\"_ _1\"></span>ci </div></td><td class=\"c xbd4 y395a w50d h379\"><div class=\"t m0 xc6 h1f ye59 ff4 fs7 fc4 sc3 ls0 ws0\">Inter<span class=\"_ _1\"></span>essi<span class=\"_ _1\"></span> atti<span class=\"_ _1\"></span>vi </div></td><td class=\"c xbd5 y395a w50d h379\"><div class=\"t m0 x12 h1f ye59 ff4 fs7 fc4 sc3 ls0 ws0\">Inter<span class=\"_ _1\"></span>essi<span class=\"_ _1\"></span> pass<span class=\"_ _f\"></span>ivi </div></td><td class=\"c xbd6 y2cb9 w1202 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">Com<span class=\"_ _1\"></span>mis<span class=\"_ _1\"></span>sion<span class=\"_ _1\"></span>i at<span class=\"_ _1\"></span>tive e<span class=\"_ _f\"></span>d altri<span class=\"_ _df\"> </span></div></td><td class=\"c xbd7 y2cb9 w1203 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">Com<span class=\"_ _1\"></span>mis<span class=\"_ _1\"></span>sion<span class=\"_ _1\"></span>i pas<span class=\"_ _1\"></span>sive<span class=\"_ _1\"></span> ed<span class=\"_ _df\"> </span></div></td></tr><tr><td></td><td></td><td></td><td></td><td class=\"c xbd8 y395b w1031 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">ricav<span class=\"_ _1\"></span>i<span class=\"_ _df\"> </span></div></td><td class=\"c xbd9 y395b w1204 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">altre<span class=\"_ _1\"></span> spe<span class=\"_ _1\"></span>se<span class=\"_ _df\"> </span></div></td></tr><tr><td class=\"c xbb3 y395c w67c hcb\"><div class=\"t m0 x10 h1f y2ea ff4 fs7 fc1 sc2 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale  </div></td><td></td><td class=\"c xbd4 y395c w50d hcb\"><div class=\"t m0 x2 h1f y2ea ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td><td class=\"c xbd5 y395c w50d hcb\"><div class=\"t m0 x2 h1f y2ea ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td><td class=\"c xbda y395c w50d hcb\"><div class=\"t m0 x191 h1f y2ea ff4 fs7 fc1 sc2 ls0 ws0\">2,0 </div></td><td class=\"c xbdb y395c w67d hcb\"><div class=\"t m0 x2 h1f y2ea ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td></tr></table>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-823": {
   "value": "Infor<span class=\"_ _f\"></span>mazio<span class=\"_ _1\"></span>ni su<span class=\"_ _1\"></span>i co<span class=\"_ _f\"></span>mpen<span class=\"_ _f\"></span>si dei di<span class=\"_ _1\"></span>rig<span class=\"_ _1\"></span>enti <span class=\"_ _1\"></span>con <span class=\"_ _f\"></span>respo<span class=\"_ _f\"></span>nsabil<span class=\"_ _1\"></span>it\u00e0 s<span class=\"_ _1\"></span>trat<span class=\"_ _1\"></span>egic<span class=\"_ _1\"></span>a Di <span class=\"_ _2\"></span>seguito vengono <span class=\"_ _2\"></span>fornite le <span class=\"_ _2\"></span>inf<span class=\"_ _1\"></span>ormazioni <span class=\"_ _2\"></span>sui compensi <span class=\"_ _2\"></span>corrisposti ai <span class=\"_ _2\"></span>dirigenti con r<span class=\"_ _2\"></span>esponsabilit\u00e0<span class=\"_ _f\"></span> strategiche, in coerenza con quanto previsto dallo IAS 24. I <span class=\"_ _d\"></span>dirigenti <span class=\"_ _d\"></span>con <span class=\"_ _0\"></span>responsabilit\u00e0 <span class=\"_ _d\"></span>strategiche <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>Cr<span class=\"_ _2\"></span>edito <span class=\"_ _0\"></span>Emiliano <span class=\"_ _d\"></span>sono <span class=\"_ _d\"></span>i <span class=\"_ _d\"></span>s<span class=\"_ _2\"></span>oggetti <span class=\"_ _d\"></span>aventi <span class=\"_ _d\"></span>il <span class=\"_ _0\"></span>potere <span class=\"_ _d\"></span>e <span class=\"_ _d\"></span>la responsabilit\u00e0, <span class=\"_ _2\"></span>direttamente <span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>indi<span class=\"_ _1\"></span>rettamente, <span class=\"_ _2\"></span>della <span class=\"_ _2\"></span>pianificazione, <span class=\"_ _2\"></span>della <span class=\"_ _2\"></span>direzione <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>del contro<span class=\"_ _2\"></span>llo<span class=\"_ _1\"></span> delle attivit\u00e0 di Credito Emiliano. In tale contesto rientrano nel<span class=\"_ _1\"></span> perimetro dei dirigenti con respons<span class=\"_ _f\"></span>abili<span class=\"_ _2\"></span>t\u00e0 strategiche: i Consiglieri di<span class=\"_ _1\"></span> Amministrazione, i Sindaci, <span class=\"_ _2\"></span>il Direttore <span class=\"_ _2\"></span>Generale, i Condirettori <span class=\"_ _2\"></span>Gene<span class=\"_ _f\"></span>r<span class=\"_ _2\"></span>ali, il Vice <span class=\"_ _2\"></span>Direttore <span class=\"_ _2\"></span>Generale,<span class=\"_ _1\"></span> gli <span class=\"_ _d\"></span>altr<span class=\"_ _2\"></span>i <span class=\"_ _d\"></span>componenti <span class=\"_ _0\"></span>della <span class=\"_ _0\"></span>Direzione <span class=\"_ _0\"></span>Centrale, <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=\"_ _d\"></span>dei <span class=\"_ _0\"></span>documenti contabili <span class=\"_ _2\"></span>societari, <span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>Responsabili <span class=\"_ _2\"></span>delle <span class=\"_ _2\"></span>Funzioni <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>Controllo <span class=\"_ _2\"></span>Interno <span class=\"_ _2\"></span>(Responsabile <span class=\"_ _2\"></span>Servizio <span class=\"_ _2\"></span>Audit, Responsabile <span class=\"_ _f\"></span>Funzione <span class=\"_ _f\"></span>Antiriciclaggio, <span class=\"_ _f\"></span>Compliance <span class=\"_ _f\"></span>Officer <span class=\"_ _f\"></span>e <span class=\"_ _f\"></span>Ris<span class=\"_ _2\"></span>k <span class=\"_ _f\"></span>Officer), <span class=\"_ _f\"></span>il <span class=\"_ _f\"></span>Responsabile <span class=\"_ _f\"></span>Business Unit  Commerciale<span class=\"_ _1\"></span>,  il <span class=\"_ _9\"> </span>R<span class=\"_ _2\"></span>esponsabile<span class=\"_ _1\"></span>  Business  Unit <span class=\"_ _16\"> </span>Finanza, <span class=\"_ _16\"> </span>il <span class=\"_ _16\"> </span>Dirigente <span class=\"_ _16\"> </span>Coord<span class=\"_ _2\"></span>inatore  de<span class=\"_ _1\"></span>lle  aree Amministrazione, Corporate <span class=\"_ _1\"></span>Governance <span class=\"_ _1\"></span>e Relazioni <span class=\"_ _1\"></span>Esterne e Gove<span class=\"_ _1\"></span>rno del Valore,<span class=\"_ _1\"></span> il Cap<span class=\"_ _1\"></span>o Servizio preposto all\u2019area Crediti e il Capo Servizi<span class=\"_ _1\"></span>o preposto all\u2019area Organizzazione.<span class=\"_ _2\"></span><span class=\"ff4\"> </span><table class=\"s w11fd h5ce\" id=\"_606ebdc9-3359-449f-8ec7-60d08af999c2\"><tr><td class=\"c xbac y3937 w669 h49\"><div class=\"t m0 x163 h1f y32 ff4 fs7 fc1 sc2 ls0 ws0\"> <span class=\"fc4 sc3\">Riepil<span class=\"_ _f\"></span>ogo com<span class=\"_ _f\"></span>pens<span class=\"_ _f\"></span>i </span></div></td><td></td><td class=\"c xbad y3937 w668 h49\"><div class=\"t m0 x3a h1f y32 ff4 fs7 fc4 sc3 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale </div></td><td class=\"c xbae y3937 w280 h49\"><div class=\"t m0 x3a h1f y32 ff4 fs7 fc4 sc3 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale </div></td></tr><tr><td></td><td></td><td class=\"c xbaf y3938 w30f h49\"><div class=\"t m0 x14 h1f y25 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/<span class=\"_ _f\"></span>2025 </div></td><td class=\"c xbae y3938 w280 h49\"><div class=\"t m0 x14 h1f y25 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/<span class=\"_ _f\"></span>2024 </div></td></tr><tr><td class=\"c xbb0 y3939 w667 hc8\"><div class=\"t m0 x10 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">Amministrator<span class=\"_ _1\"></span>i </div></td><td></td><td class=\"c xbad y3939 w668 hc8\"><div class=\"t m0 xe h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">2.338 </div></td><td class=\"c xbae y3939 wb5 hc8\"><div class=\"t m0 xc7 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">2.172 </div></td></tr><tr><td class=\"c xbb0 y393a w667 hc8\"><div class=\"t m0 x10 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">Sindaci </div></td><td></td><td class=\"c xbad y393a w668 hc8\"><div class=\"t m0 xf0 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">595 </div></td><td class=\"c xbae y393a wb5 hc8\"><div class=\"t m0 xef h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">512 </div></td></tr><tr><td class=\"c xbb0 y393b w667 hc8\"><div class=\"t m0 x10 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">Dirigenti  </div></td><td></td><td class=\"c xbad y393b w668 hc8\"><div class=\"t m0 x1c h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">12.890 </div></td><td class=\"c xbae y393b wb5 hc8\"><div class=\"t m0 xf h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">10.362 </div></td></tr><tr><td></td><td class=\"c xbb0 y393c w66b hc8\"><div class=\"t m0 x1e7 h1f y32 ff4 fs7 fc1 sc2 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale </div></td><td class=\"c xbad y393c w668 hc8\"><div class=\"t m0 xf h1f y32 ff4 fs7 fc1 sc2 ls0 ws0\">15.8<span class=\"_ _1\"></span>23 </div></td><td class=\"c xbb1 y393c w37 hc8\"><div class=\"t m0 xf h1f y32 ff4 fs7 fc1 sc2 ls0 ws0\">13.0<span class=\"_ _1\"></span>46 </div></td></tr></table>I <span class=\"_ _2\"></span>compensi <span class=\"_ _2\"></span>dei d<span class=\"_ _2\"></span>irigenti compre<span class=\"_ _2\"></span>ndono <span class=\"_ _2\"></span>benefici<span class=\"_ _1\"></span> <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>breve <span class=\"_ _2\"></span>termine <span class=\"_ _2\"></span>per <span class=\"_ _d\"></span>8.283 <span class=\"_ _2\"></span>mila <span class=\"_ _2\"></span>euro, <span class=\"_ _2\"></span>altri <span class=\"_ _2\"></span>benefici per <span class=\"_ _d\"></span>207 <span class=\"_ _d\"></span>mila <span class=\"_ _d\"></span>euro <span class=\"_ _0\"></span>e <span class=\"_ _d\"></span>pagamenti <span class=\"_ _d\"></span>basati <span class=\"_ _d\"></span>su <span class=\"_ _0\"></span>azioni <span class=\"_ _d\"></span>per <span class=\"_ _d\"></span>4.400 <span class=\"_ _0\"></span>mila <span class=\"_ _d\"></span>euro. <span class=\"_ _d\"></span>Non <span class=\"_ _d\"></span>sono <span class=\"_ _0\"></span>stati <span class=\"_ _d\"></span>riconosciuti<span class=\"_ _1\"></span> benefici successivi <span class=\"_ _2\"></span>alla fine <span class=\"_ _2\"></span>del rapporto <span class=\"_ _2\"></span>di lavoro <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>bene<span class=\"_ _1\"></span>fici dovuti <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>la cessazione <span class=\"_ _2\"></span>del rapporto di lavoro. 2. Info<span class=\"_ _1\"></span>rmaz<span class=\"_ _f\"></span>ioni sulle tra<span class=\"_ _f\"></span>nsazioni co<span class=\"_ _f\"></span>n parti corr<span class=\"_ _1\"></span>elate<span class=\"_ _1\"></span> In ottemperanza alle disposizioni normativ<span class=\"_ _1\"></span>e riguardanti le operazioni con parti correlate, il Grupp<span class=\"_ _1\"></span>o Credito <span class=\"_ _e\"> </span>Emiliano <span class=\"_ _e\"> </span>ha <span class=\"_ _e\"> </span>adottato <span class=\"_ _15\"> </span>s<span class=\"_ _2\"></span>pecifi<span class=\"_ _1\"></span>che <span class=\"_ _e\"> </span>procedure <span class=\"_ _e\"> </span>per <span class=\"_ _e\"> </span>disciplinare <span class=\"_ _15\"> </span>s<span class=\"_ _2\"></span>iffatta <span class=\"_ _15\"> </span>operativit\u00e0 <span class=\"_ _e\"> </span>ed assicurare idonei flussi informativ<span class=\"_ _1\"></span>i.<span class=\"_ _2\"></span> In  attuazione  all<span class=\"_ _1\"></span>a  delibe<span class=\"_ _1\"></span>ra  Consob  n.  17221  d<span class=\"_ _1\"></span>el  12 <span class=\"_ _16\"> </span>marzo  2<span class=\"_ _1\"></span>010  e  dell<span class=\"_ _1\"></span>a<span class=\"_ _2\"></span>  <span class=\"ff5\">Circolare  Banca  d<span class=\"_ _1\"></span>\u2019Italia </span>285/2013, <span class=\"_ _d\"></span>Credito <span class=\"_ _d\"></span>Emiliano <span class=\"_ _d\"></span>ha <span class=\"_ _d\"></span>adot<span class=\"_ _2\"></span>tato <span class=\"_ _d\"></span>apposite <span class=\"_ _d\"></span>Procedure <span class=\"_ _d\"></span>per <span class=\"_ _d\"></span>la <span class=\"_ _d\"></span>gestione <span class=\"_ _d\"></span>delle <span class=\"_ _0\"></span>operazioni <span class=\"_ _d\"></span>con parti correlate e per le operazioni con soggetti colleg<span class=\"_ _1\"></span>ati.<span class=\"_ _2\"></span> Il <span class=\"_ _18\"> </span>r<span class=\"_ _2\"></span>egolamento <span class=\"_ _18\"> </span>\u00e8 <span class=\"_ _19\"> </span>disponibile <span class=\"_ _18\"> </span>per <span class=\"_ _19\"> </span>la <span class=\"_ _19\"> </span>consultazione <span class=\"_ _18\"> </span>sul <span class=\"_ _19\"> </span>sito <span class=\"_ _19\"> </span>internet <span class=\"_ _18\"> </span>di <span class=\"_ _19\"> </span>Cred<span class=\"_ _2\"></span>ito <span class=\"_ _19\"> </span>Emiliano<span class=\"_ _1\"></span> www.credem.it. I <span class=\"_ _9\"> </span>rapport<span class=\"_ _2\"></span>i <span class=\"_ _9\"> </span>e <span class=\"_ _16\"> </span>le <span class=\"_ _9\"> </span>operazioni <span class=\"_ _9\"> </span>perfezionate  con <span class=\"_ _9\"> </span>parti <span class=\"_ _9\"> </span>cor<span class=\"_ _2\"></span>relate <span class=\"_ _9\"> </span>e <span class=\"_ _16\"> </span>sogge<span class=\"_ _1\"></span>tti <span class=\"_ _16\"> </span>collegati <span class=\"_ _9\"> </span>non <span class=\"_ _16\"> </span>presentano criticit\u00e0 <span class=\"_ _2\"></span>e <span class=\"_ _d\"></span>sono <span class=\"_ _2\"></span>riconducibili <span class=\"_ _2\"></span>all\u2019ordinaria <span class=\"_ _2\"></span>at<span class=\"_ _2\"></span>tivit\u00e0 <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>servizio <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>di <span class=\"_ _d\"></span>credito. <span class=\"_ _2\"></span>Le <span class=\"_ _2\"></span>condizio<span class=\"_ _2\"></span><span class=\"ff4\">ni <span class=\"_ _2\"></span>applicate <span class=\"_ _d\"></span>ai </span>singoli <span class=\"_ _0\"></span>rapporti <span class=\"_ _9\"> </span>ed <span class=\"_ _9\"> </span>alle <span class=\"_ _9\"> </span>operazioni <span class=\"_ _9\"> </span>con <span class=\"_ _9\"> </span>parti <span class=\"_ _9\"> </span>correlate <span class=\"_ _9\"> </span>e <span class=\"_ _0\"></span>s<span class=\"_ _2\"></span>oggetti <span class=\"_ _0\"></span>collegati <span class=\"_ _9\"> </span>non <span class=\"_ _9\"> </span>si <span class=\"_ _9\"> </span>discostano <span class=\"_ _9\"> </span>da quelle correnti di mercato. Ai sensi dell\u2019art.5 comma 8 del Regolamento CONSOB Operazioni con part<span class=\"_ _2\"></span>i Correlate (nr. 17221 del 12.03.2010  e<span class=\"_ _1\"></span>  ss.mm. <span class=\"_ _9\"> </span>ii)  si <span class=\"_ _9\"> </span>segnala  che <span class=\"_ _9\"> </span>nel  corso <span class=\"_ _16\"> </span>del <span class=\"_ _16\"> </span>2025 <span class=\"_ _16\"> </span>sono <span class=\"_ _16\"> </span>state <span class=\"_ _16\"> </span>effettuate <span class=\"_ _9\"> </span>operazioni  di maggiore <span class=\"_ _2\"></span>rilevanza unicamente <span class=\"_ _2\"></span>con <span class=\"_ _2\"></span>Societ\u00e0 <span class=\"_ _2\"></span>appartenenti <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>Gruppo Credito <span class=\"_ _2\"></span>Emiliano <span class=\"_ _2\"></span>ed <span class=\"_ _2\"></span>attinenti a normali ed ordinarie dinamiche di funding.  Nello <span class=\"_ _4\"> </span>stess<span class=\"_ _2\"></span>o <span class=\"_ _4\"> </span>periodo <span class=\"_ _4\"> </span>il <span class=\"_ _17\"> </span>Consiglio <span class=\"_ _4\"> </span>di <span class=\"_ _17\"> </span>A<span class=\"_ _2\"></span><span class=\"ff5\">mministrazione <span class=\"_ _4\"> </span>ha <span class=\"_ _17\"> </span>adottato <span class=\"_ _17\"> </span>una <span class=\"_ _17\"> </span>\u201cdelibera <span class=\"_ _4\"> </span>quadro\u201d. <span class=\"_ _17\"> </span>In </span>particolare <span class=\"_ _9\"> </span>la <span class=\"_ _16\"> </span>deli<span class=\"_ _1\"></span>bera <span class=\"_ _16\"> </span>ha <span class=\"_ _9\"> </span>riguardato <span class=\"_ _16\"> </span>la <span class=\"_ _9\"> </span>concessione <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>affidamenti <span class=\"_ _16\"> </span>a <span class=\"_ _9\"> </span>parti <span class=\"_ _16\"> </span>correlate <span class=\"_ _9\"> </span>e <span class=\"_ _9\"> </span>soggetti collegati riconducibili <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>Vice Pre<span class=\"_ _2\"></span>sidente Luigi <span class=\"_ _2\"></span>Maramotti <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>al Consigliere <span class=\"_ _2\"></span>Edoardo <span class=\"_ _2\"></span>Prezioso per <span class=\"_ _2\"></span>un importo <span class=\"_ _16\"> </span>massimo <span class=\"_ _9\"> </span>complessivo <span class=\"_ _9\"> </span>non <span class=\"_ _16\"> </span>superiore <span class=\"_ _9\"> </span>a <span class=\"_ _16\"> </span>100 <span class=\"_ _9\"> </span>milioni <span class=\"_ _16\"> </span>di <span class=\"_ _9\"> </span>euro <span class=\"_ _16\"> </span>e <span class=\"_ _9\"> </span>comunque <span class=\"_ _9\"> </span>entr<span class=\"_ _2\"></span>o <span class=\"_ _9\"> </span>il <span class=\"_ _16\"> </span>limite<span class=\"_ _1\"></span> normativo del 5% del p<span class=\"_ _1\"></span>atrimonio di vigilanz<span class=\"_ _1\"></span>a consolidato, erogabile dal Gruppo Credito Emiliano in<span class=\"_ _1\"></span> pi\u00f9 operazioni, anche rotative.  Nel <span class=\"_ _19\"> </span>corso <span class=\"_ _19\"> </span>del <span class=\"_ _19\"> </span>2025 <span class=\"_ _19\"> </span>so<span class=\"_ _2\"></span>no <span class=\"_ _19\"> </span>state <span class=\"_ _19\"> </span>poste <span class=\"_ _19\"> </span>in <span class=\"_ _1a\"> </span>essere <span class=\"_ _19\"> </span>operazioni <span class=\"_ _19\"> </span>infragruppo <span class=\"_ _19\"> </span>e/o <span class=\"_ _19\"> </span>con <span class=\"_ _19\"> </span>parti correlate/soggetti collegati, rientranti nell\u2019ordinario esercizi<span class=\"_ _1\"></span>o dell\u2019attivit\u00e0.<span class=\"_ _df\"> </span>2. Info<span class=\"_ _1\"></span>rmaz<span class=\"_ _f\"></span>ioni sulle tra<span class=\"_ _f\"></span>nsazioni co<span class=\"_ _f\"></span>n parti corr<span class=\"_ _1\"></span>elate<span class=\"_ _df\"> </span>p.1<span class=\"_ _df\"> </span><table class=\"s w1206 h5d1\" id=\"_5f6a9107-81bb-45f4-802d-34ea22a31cbc\"><tr><td></td><td class=\"c xbc6 y3946 w254 h377\"><div class=\"t m0 x32 h30 y88f ff4 fsb fc4 sc3 ls0 ws0\">Crediti </div></td><td class=\"c xbc7 y3946 w256 h377\"><div class=\"t m0 x2c h30 y88f ff4 fsb fc4 sc3 ls0 ws0\">Debiti </div></td><td class=\"c xbc8 y3946 w253 h377\"><div class=\"t m0 x48 h30 y88f ff4 fsb fc4 sc3 ls0 ws0\">Garanzie<span class=\"_ _1\"></span> </div></td><td class=\"c xbc9 y3947 w1207 h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">Raccolt<span class=\"_ _1\"></span>a<span class=\"_ _df\"> </span></div></td><td class=\"c xbca y3946 w66e h377\"><div class=\"t m0 xac h30 y88f ff4 fsb fc4 sc3 ls0 ws0\">Raccolt<span class=\"_ _1\"></span>a gestita </div></td></tr><tr><td></td><td></td><td></td><td></td><td class=\"c xbcb y3948 w1208 h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">ammi<span class=\"_ _1\"></span>nistrata<span class=\"_ _df\"> </span></div></td><td></td></tr><tr><td class=\"c xbcc y3949 w66f h70\"><div class=\"t m0 x10 h30 y25f ff4 fsb fc4 sc0 ls10c ws0\">Am<span class=\"ls0\">ministr<span class=\"_ _2\"></span>atori, sindaci e dirigenti</span><span class=\"ls0\"> </span></div></td><td class=\"c xbc6 y3949 w66e h70\"><div class=\"t m0 xc6 h200 y2ef ff4 fs22 fc4 sc0 ls0 ws0\">1.306  </div></td><td class=\"c xbc7 y3949 w670 h70\"><div class=\"t m0 x7 h200 y2ef ff4 fs22 fc4 sc0 ls0 ws0\">15.494  </div></td><td class=\"c xbc8 y3949 w671 h70\"><div class=\"t m0 x49 h200 y2ef ff4 fs22 fc4 sc0 ls0 ws0\">186  </div></td><td class=\"c xbcd y3949 w670 h70\"><div class=\"t m0 x12 h200 y2ef ff4 fs22 fc4 sc0 ls0 ws0\">166.434  </div></td><td class=\"c xbca y3949 w66e h70\"><div class=\"t m0 x90 h200 y2ef ff4 fs22 fc4 sc0 ls0 ws0\">33.322  </div></td></tr><tr><td class=\"c xbcc y394a w66f h70\"><div class=\"t m0 x10 h30 y25f ff4 fsb fc4 sc0 ls0 ws0\">Stretti fami<span class=\"_ _2\"></span>liari </div></td><td class=\"c xbc6 y394a w66e h70\"><div class=\"t m0 xa3 h200 y2ef ff4 fs22 fc4 sc0 ls0 ws0\">1.614  </div></td><td class=\"c xbc7 y394a w670 h70\"><div class=\"t m0 x7 h200 y2ef ff4 fs22 fc4 sc0 ls0 ws0\">16.385  </div></td><td class=\"c xbc8 y394a w671 h70\"><div class=\"t m0 xc7 h200 y2ef ff4 fs22 fc4 sc0 ls0 ws0\">332  </div></td><td class=\"c xbcd y394a w670 h70\"><div class=\"t m0 x12 h200 y2ef ff4 fs22 fc4 sc0 ls0 ws0\">124.434  </div></td><td class=\"c xbca y394a w66e h70\"><div class=\"t m0 x1c h200 y2ef ff4 fs22 fc4 sc0 ls0 ws0\">19.139  </div></td></tr><tr><td class=\"c xbcc y394b w66f h70\"><div class=\"t m0 x10 h30 y25f ff4 fsb fc4 sc0 ls0 ws0\">Societ\u00e0 control<span class=\"_ _2\"></span>late e collegate </div></td><td class=\"c xbc6 y394b w66e h70\"><div class=\"t m0 x90 h200 y2ef ff4 fs22 fc4 sc0 ls0 ws0\">33.853  </div></td><td class=\"c xbc7 y394b w670 h70\"><div class=\"t m0 x11 h200 y2ef ff4 fs22 fc4 sc0 ls0 ws0\">342.282  </div></td><td class=\"c xbc8 y394b w671 h70\"><div class=\"t m0 x90 h200 y2ef ff4 fs22 fc4 sc0 ls0 ws0\">95.860  </div></td><td class=\"c xbcd y394b w670 h70\"><div class=\"t m0 x12 h200 y2ef ff4 fs22 fc4 sc0 ls0 ws0\">221.368  </div></td><td class=\"c xbca y394b w66e h70\"><div class=\"t m0 x12 h200 y2ef ff4 fs22 fc4 sc0 ls0 ws0\">173.970  </div></td></tr><tr><td class=\"c xbcc y394c w672 h70\"><div class=\"t m0 x10 h30 y25f ff4 fsb fc4 sc0 ls0 ws0\">Altre parti corre<span class=\"_ _2\"></span>late </div></td><td class=\"c xbc6 y394c w66e h70\"><div class=\"t m0 x124 h200 y153d ff4 fs22 fc4 sc0 ls0 ws0\">-  </div></td><td class=\"c xbc7 y394c w670 h70\"><div class=\"t m0 x124 h200 y153d ff4 fs22 fc4 sc0 ls0 ws0\">-  </div></td><td class=\"c xbc8 y394c w671 h70\"><div class=\"t m0 x124 h200 y153d ff4 fs22 fc4 sc0 ls0 ws0\">-  </div></td><td class=\"c xbcd y394c w670 h70\"><div class=\"t m0 x124 h200 y153d ff4 fs22 fc4 sc0 ls0 ws0\">-  </div></td><td class=\"c xbca y394c w66e h70\"><div class=\"t m0 x124 h200 y153d ff4 fs22 fc4 sc0 ls0 ws0\">-  </div></td></tr><tr><td class=\"c xbcc y394d w66f h2a\"><div class=\"t m0 x22 h30 y25c ff4 fsb fc4 sc3 ls0 ws0\">Totale </div></td><td class=\"c xbc6 y394d w66e h2a\"><div class=\"t m0 x7 h200 y153d ff4 fs22 fc4 sc3 ls0 ws0\">36.773  </div></td><td class=\"c xbc7 y394d w670 h2a\"><div class=\"t m0 x90 h200 y153d ff4 fs22 fc4 sc3 ls0 ws0\">374.161<span class=\"_ _1\"></span>  </div></td><td class=\"c xbc8 y394d w671 h2a\"><div class=\"t m0 x7 h200 y153d ff4 fs22 fc4 sc3 ls0 ws0\">96.378<span class=\"_ _1\"></span>  </div></td><td class=\"c xbce y394d w670 h2a\"><div class=\"t m0 x91 h200 y153d ff4 fs22 fc4 sc3 ls0 ws0\">512.236<span class=\"_ _1\"></span>  </div></td><td class=\"c xbca y394d w3cf h2a\"><div class=\"t m0 x91 h200 y153d ff4 fs22 fc4 sc3 ls0 ws0\">226.431 <span class=\"_ _1\"></span> </div></td></tr></table>2. Info<span class=\"_ _1\"></span>rmaz<span class=\"_ _f\"></span>ioni sulle tra<span class=\"_ _f\"></span>nsazioni co<span class=\"_ _f\"></span>n parti corr<span class=\"_ _1\"></span>elate<span class=\"_ _df\"> </span>p.2<span class=\"_ _df\"> </span><table class=\"s w1209 h5d2\" id=\"_c01eb829-3bbb-4d7e-905a-2f981ab112eb\"><tr><td></td><td class=\"c x98b y394e w206 h56\"><div class=\"t m0 x8a h30 y2ea ff4 fsb fc4 sc3 ls0 ws0\">Interes<span class=\"_ _1\"></span>si attivi </div></td><td class=\"c xbcf y394e w639 h56\"><div class=\"t m0 x8a h30 y2ea ff4 fsb fc4 sc3 ls0 ws0\">Interes<span class=\"_ _1\"></span>si passivi </div></td><td class=\"c xbd0 y394e wc0 h56\"><div class=\"t m0 xab h30 y2ea ff4 fsb fc4 sc3 ls0 ws0\">Commis<span class=\"_ _1\"></span>sioni attiv<span class=\"_ _f\"></span>e <span class=\"_ _2\"></span>e alt<span class=\"_ _1\"></span>ri ricavi </div></td><td class=\"c xbd1 y394e w674 h56\"><div class=\"t m0 xab h30 y2ea ff4 fsb fc4 sc3 ls0 ws0\">Commis<span class=\"_ _1\"></span>sioni pa<span class=\"_ _1\"></span>ssive e altri<span class=\"_ _f\"></span> <span class=\"_ _2\"></span>oneri </div></td></tr><tr><td class=\"c x44e y394f w675 hc3\"><div class=\"t m0 x10 h30 y3e6 ff4 fsb fc4 sc0 ls0 ws0\">Amministr<span class=\"_ _2\"></span>atori, sindaci e dirigenti </div></td><td class=\"c xbd2 y394f w206 hc3\"><div class=\"t m0 x91 h200 y2a ff4 fs22 fc4 sc0 ls0 ws0\">31  </div></td><td class=\"c xbcf y394f w639 hc3\"><div class=\"t m0 x90 h200 y2a ff4 fs22 fc4 sc0 ls0 ws0\">200  </div></td><td class=\"c xbd3 y394f wc0 hc3\"><div class=\"t m0 x1c1 h200 y2a ff4 fs22 fc4 sc0 ls0 ws0\">236  </div></td><td class=\"c x5f0 y394f w5fa hc3\"><div class=\"t m0 x28 h200 y2a ff4 fs22 fc4 sc0 ls0 ws0\">31  </div></td></tr><tr><td class=\"c x44e y3950 w675 hc3\"><div class=\"t m0 x10 h30 y49 ff4 fsb fc4 sc0 ls0 ws0\">Stretti fami<span class=\"_ _2\"></span>liari </div></td><td class=\"c xbd2 y3950 w206 hc3\"><div class=\"t m0 x91 h200 y2a ff4 fs22 fc4 sc0 ls0 ws0\">18  </div></td><td class=\"c xbcf y3950 w639 hc3\"><div class=\"t m0 x7 h200 y2a ff4 fs22 fc4 sc0 ls9e ws0\">196 <span class=\"ls0\"> </span></div></td><td class=\"c xbd3 y3950 wc0 hc3\"><div class=\"t m0 x2 h200 y2a ff4 fs22 fc4 sc0 ls0 ws0\">160  </div></td><td class=\"c x5f0 y3950 w5fa hc3\"><div class=\"t m0 x18 h200 y2a ff4 fs22 fc4 sc0 ls9e ws0\">11 <span class=\"ls0\"> </span></div></td></tr><tr><td class=\"c x44e y3951 w675 h378\"><div class=\"t m0 x10 h30 y3e6 ff4 fsb fc4 sc0 ls0 ws0\">Societ\u00e0 control<span class=\"_ _2\"></span>late e collegate </div></td><td class=\"c xbd2 y3951 w206 h378\"><div class=\"t m0 x8f h200 y2a ff4 fs22 fc4 sc0 ls0 ws0\">463  </div></td><td class=\"c xbcf y3951 w639 h378\"><div class=\"t m0 x13 h200 y2a ff4 fs22 fc4 sc0 ls0 ws0\">3.323  </div></td><td class=\"c xbd3 y3951 wc0 h378\"><div class=\"t m0 x24 h200 y2a ff4 fs22 fc4 sc0 ls0 ws0\">1.270  </div></td><td class=\"c x5f0 y3951 w5fa h378\"><div class=\"t m0 x1de h200 y2a ff4 fs22 fc4 sc0 ls0 ws0\">158  </div></td></tr><tr><td class=\"c x44e y3952 w676 hc3\"><div class=\"t m0 x10 h30 y3e6 ff4 fsb fc4 sc0 ls0 ws0\">Altre parti corre<span class=\"_ _2\"></span>late </div></td><td class=\"c x98b y3952 w385 hc3\"><div class=\"t m0 xf h200 y2a ff4 fs22 fc4 sc0 ls0 ws0\">-  </div></td><td class=\"c xbcf y3952 w639 hc3\"><div class=\"t m0 xc7 h200 y2a ff4 fs22 fc4 sc0 ls0 ws0\">-  </div></td><td class=\"c xbd3 y3952 wc0 hc3\"><div class=\"t m0 x58 h200 y2a ff4 fs22 fc4 sc0 ls0 ws0\">-  </div></td><td class=\"c x5f0 y3952 w5fa hc3\"><div class=\"t m0 xa1 h200 y2a ff4 fs22 fc4 sc0 ls0 ws0\">-  </div></td></tr><tr><td class=\"c x44e y3953 w675 hc3\"><div class=\"t m0 x2 h30 y7b6 ff4 fsb fc4 sc3 ls0 ws0\">Totale </div></td><td class=\"c xbd2 y3953 w206 hc3\"><div class=\"t m0 x11 h200 y2a ff4 fs22 fc4 sc3 ls0 ws0\">512  </div></td><td class=\"c xbcf y3953 w639 hc3\"><div class=\"t m0 x12 h200 y2a ff4 fs22 fc4 sc3 ls0 ws0\">3.719  </div></td><td class=\"c xbd0 y3953 w677 hc3\"><div class=\"t m0 x24 h200 y2a ff4 fs22 fc4 sc3 ls0 ws0\">1.666  </div></td><td class=\"c xbd1 y3953 w678 hc3\"><div class=\"t m0 x1de h200 y2a ff4 fs22 fc4 sc3 ls0 ws0\">200  </div></td></tr></table>L\u2019incidenza <span class=\"_ _f\"></span>dei v<span class=\"_ _1\"></span>olumi, <span class=\"_ _f\"></span>delle operazioni <span class=\"_ _f\"></span>con <span class=\"_ _f\"></span>le controparti <span class=\"_ _f\"></span>correlate <span class=\"_ _f\"></span>s<span class=\"_ _2\"></span>opra <span class=\"_ _f\"></span>indica<span class=\"ff4\">te, sul<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>totale d<span class=\"_ _1\"></span>el <span class=\"_ _f\"></span>Gruppo risul<span class=\"_ _1\"></span>ta </span>essere pari (%): <table class=\"s w11fe h5cf\" id=\"_b6c5a851-33a1-4311-becb-38d325ad7b38\"><tr><td></td><td class=\"c xbb3 y393d w679 h7d\"><div class=\"t m0 xc7 h1f y656 ff4 fs7 fc4 sc3 ls0 ws0\">Dat<span class=\"_ _1\"></span>i pat<span class=\"_ _1\"></span>rimon<span class=\"_ _f\"></span>iali </div></td><td class=\"c xbb4 y393d w3e0 h7d\"><div class=\"t m0 xc6 h1f y656 ff4 fs7 fc4 sc3 ls0 ws0\">Credi<span class=\"_ _1\"></span>ti </div></td><td class=\"c xbb5 y393d w67a h7d\"><div class=\"t m0 xa3 h1f y656 ff4 fs7 fc4 sc3 ls0 ws0\">Debit<span class=\"_ _f\"></span>i </div></td><td class=\"c xbb6 y393d w3e0 h7d\"><div class=\"t m0 x8a h1f y656 ff4 fs7 fc4 sc3 ls0 ws0\">Gara<span class=\"_ _1\"></span>nzie<span class=\"_ _1\"></span> e im<span class=\"_ _f\"></span>pegni </div></td><td class=\"c xbb7 y26d1 w11ff h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc4 sc3 ls0 ws0\">Racco<span class=\"_ _1\"></span>lta<span class=\"_ _df\"> </span></div></td><td class=\"c xbb8 y393d w67b h7d\"><div class=\"t m0 x55 h1f y656 ff4 fs7 fc4 sc3 ls0 ws0\">Racco<span class=\"_ _1\"></span>lta g<span class=\"_ _f\"></span>estita<span class=\"_ _f\"></span> </div></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td class=\"c xbb9 y393e w1200 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc4 sc3 ls0 ws0\">amm<span class=\"_ _f\"></span>inistrat<span class=\"_ _f\"></span>a<span class=\"_ _df\"> </span></div></td><td></td></tr><tr><td class=\"c xbb3 y393f w679 hcc\"><div class=\"t m0 x10 h1f y2ea ff4 fs7 fc1 sc2 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale  </div></td><td></td><td class=\"c xbb4 y393f w3e0 hcc\"><div class=\"t m0 xee h1f y2ea ff4 fs7 fc1 sc2 ls0 ws0\">0,1 </div></td><td class=\"c xbb5 y393f w67a hcc\"><div class=\"t m0 x124 h1f y2ea ff4 fs7 fc1 sc2 lsb ws0\">0,<span class=\"ls0\">7</span><span class=\"ls0\"> </span></div></td><td class=\"c xbb6 y393f w3e0 hcc\"><div class=\"t m0 x124 h1f y2ea ff4 fs7 fc1 sc2 lsb ws0\">0,<span class=\"ls0\">7</span><span class=\"ls0\"> </span></div></td><td class=\"c xbba y393f w63f hcc\"><div class=\"t m0 x124 h1f y2ea ff4 fs7 fc1 sc2 ls0 ws0\">2,0 </div></td><td class=\"c xbb8 y393f w67b hcc\"><div class=\"t m0 x11d h1f y2ea ff4 fs7 fc1 sc2 lsb ws0\">0,<span class=\"ls0\">6</span><span class=\"ls0\"> </span></div></td></tr></table><table class=\"s w1201 h5d0\" id=\"_664ec1fd-4b69-4bbb-a826-4ece0fdbee3e\"><tr><td></td><td class=\"c xbbc y3943 w67c h379\"><div class=\"t m0 x26 h1f y11e3 ff4 fs7 fc4 sc3 ls0 ws0\">Dat<span class=\"_ _1\"></span>i econ<span class=\"_ _1\"></span>omi<span class=\"_ _1\"></span>ci </div></td><td class=\"c xbbd y3943 w50d h379\"><div class=\"t m0 xc6 h1f y11e3 ff4 fs7 fc4 sc3 ls0 ws0\">Inter<span class=\"_ _1\"></span>essi<span class=\"_ _1\"></span> atti<span class=\"_ _1\"></span>vi </div></td><td class=\"c xbbe y3943 w50d h379\"><div class=\"t m0 x12 h1f y11e3 ff4 fs7 fc4 sc3 ls0 ws0\">Inter<span class=\"_ _1\"></span>essi<span class=\"_ _1\"></span> pass<span class=\"_ _f\"></span>ivi </div></td><td class=\"c xbbf y3941 w1202 h5af\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc4 sc3 ls0 ws0\">Com<span class=\"_ _1\"></span>mis<span class=\"_ _1\"></span>sion<span class=\"_ _1\"></span>i at<span class=\"_ _1\"></span>tive e<span class=\"_ _f\"></span>d altri<span class=\"_ _df\"> </span></div></td><td class=\"c xbc0 y3941 w1203 h5af\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc4 sc3 ls0 ws0\">Com<span class=\"_ _1\"></span>mis<span class=\"_ _1\"></span>sion<span class=\"_ _1\"></span>i pas<span class=\"_ _1\"></span>sive<span class=\"_ _1\"></span> ed<span class=\"_ _df\"> </span></div></td></tr><tr><td></td><td></td><td></td><td></td><td class=\"c xbc1 y3944 w1205 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc4 sc3 lsec ws0\">ri<span class=\"ls0\">cav<span class=\"_ _f\"></span>i<span class=\"_ _df\"> </span></span></div></td><td class=\"c xbc2 y3944 w1204 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc4 sc3 ls0 ws0\">altre<span class=\"_ _1\"></span> spe<span class=\"_ _1\"></span>se<span class=\"_ _df\"> </span></div></td></tr><tr><td class=\"c xbbc y3945 w67c h352\"><div class=\"t m0 x10 h1f y11c6 ff4 fs7 fc1 sc2 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale  </div></td><td></td><td class=\"c xbbd y3945 w50d h352\"><div class=\"t m0 x2 h1f y11c6 ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td><td class=\"c xbbe y3945 w50d h352\"><div class=\"t m0 x191 h1f y11c6 ff4 fs7 fc1 sc2 lsb ws0\">0,<span class=\"ls0\">7</span><span class=\"ls0\"> </span></div></td><td class=\"c xbc3 y3945 w50d h352\"><div class=\"t m0 x114 h1f y11c6 ff4 fs7 fc1 sc2 ls0 ws0\">0<span class=\"ls3f\">,1</span> </div></td><td class=\"c xbc4 y3945 w67d h352\"><div class=\"t m0 x2 h1f y11c6 ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td></tr></table>Si provvede di seguito a fornire i dettagli (i<span class=\"_ _1\"></span>n migliaia di euro) dei rapporti verso le imprese collegate:<span class=\"_ _2\"></span><span class=\"sc2\"> </span><table class=\"s w120a h5d4\" id=\"_7ee0df99-0556-4ec2-927e-4bcb7055d748\"><tr><td></td><td class=\"c xbb3 y3957 w679 h7c\"><div class=\"t m0 xc7 h1f y656 ff4 fs7 fc4 sc3 ls0 ws0\">Dat<span class=\"_ _1\"></span>i pat<span class=\"_ _1\"></span>rimon<span class=\"_ _f\"></span>iali </div></td><td class=\"c xbb4 y3957 w3e0 h7c\"><div class=\"t m0 xc6 h1f y656 ff4 fs7 fc4 sc3 ls0 ws0\">Credi<span class=\"_ _1\"></span>ti </div></td><td class=\"c xbb5 y3957 w67a h7c\"><div class=\"t m0 xa3 h1f y656 ff4 fs7 fc4 sc3 ls0 ws0\">Debit<span class=\"_ _f\"></span>i </div></td><td class=\"c xbb6 y3957 w3e0 h7c\"><div class=\"t m0 x8a h1f y656 ff4 fs7 fc4 sc3 ls0 ws0\">Gara<span class=\"_ _1\"></span>nzie<span class=\"_ _1\"></span> e im<span class=\"_ _f\"></span>pegni </div></td><td class=\"c xbb7 y3955 w9d8 h5d5\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc4 sc3 ls0 ws0\">Racco<span class=\"_ _1\"></span>lta<span class=\"_ _df\"> </span></div></td><td class=\"c xbb8 y3957 w67b h7c\"><div class=\"t m0 x55 h1f y656 ff4 fs7 fc4 sc3 ls5d ws0\">Ra<span class=\"ls0\">ccolt<span class=\"_ _f\"></span>a gesti<span class=\"_ _1\"></span>ta</span><span class=\"ls0\"> </span></div></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td class=\"c xbb9 y3958 w1200 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc4 sc3 ls0 ws0\">amm<span class=\"_ _f\"></span>inistrat<span class=\"_ _f\"></span>a<span class=\"_ _df\"> </span></div></td><td></td></tr><tr><td class=\"c xbb3 y3959 w679 hcc\"><div class=\"t m0 x10 h1f y2ea ff4 fs7 fc1 sc2 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale  </div></td><td></td><td class=\"c xbb4 y3959 w3e0 hcc\"><div class=\"t m0 x8 h1f y2ea ff4 fs7 fc1 sc2 ls0 ws0\">7.060<span class=\"_ _f\"></span> </div></td><td class=\"c xbb5 y3959 w67a hcc\"><div class=\"t m0 xc7 h1f y2ea ff4 fs7 fc1 sc2 ls0 ws0\">1.866<span class=\"_ _f\"></span> </div></td><td class=\"c xbb6 y3959 w3e0 hcc\"><div class=\"t m0 xc7 h1f y2ea ff4 fs7 fc1 sc2 ls0 ws0\">1.024<span class=\"_ _f\"></span> </div></td><td class=\"c xbba y3959 w63f hcc\"><div class=\"t m0 x7 h1f y2ea ff4 fs7 fc1 sc2 ls0 ws0\">197.5<span class=\"_ _f\"></span>26 </div></td><td class=\"c xbb8 y3959 w67b hcc\"><div class=\"t m0 xe6 h1f y2ea ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td></tr></table><table class=\"s w1201 h5d0\" id=\"_9cddafee-ed83-4c7b-b270-c2da23bbfabe\"><tr><td></td><td class=\"c xbbc y3940 w67c h379\"><div class=\"t m0 x26 h1f ye59 ff4 fs7 fc4 sc3 ls0 ws0\">Dat<span class=\"_ _1\"></span>i econ<span class=\"_ _1\"></span>omi<span class=\"_ _1\"></span>ci </div></td><td class=\"c xbbd y3940 w50d h379\"><div class=\"t m0 xc6 h1f ye59 ff4 fs7 fc4 sc3 ls0 ws0\">Inter<span class=\"_ _1\"></span>essi<span class=\"_ _1\"></span> atti<span class=\"_ _1\"></span>vi </div></td><td class=\"c xbbe y3940 w50d h379\"><div class=\"t m0 x12 h1f ye59 ff4 fs7 fc4 sc3 ls0 ws0\">Inter<span class=\"_ _1\"></span>essi<span class=\"_ _1\"></span> pass<span class=\"_ _f\"></span>ivi </div></td><td class=\"c xbbf y3941 w1202 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc4 sc3 ls0 ws0\">Com<span class=\"_ _1\"></span>mis<span class=\"_ _1\"></span>sion<span class=\"_ _1\"></span>i at<span class=\"_ _1\"></span>tive e<span class=\"_ _f\"></span>d altri<span class=\"_ _df\"> </span></div></td><td class=\"c xbc0 y3941 w1203 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc4 sc3 ls0 ws0\">Com<span class=\"_ _1\"></span>mis<span class=\"_ _1\"></span>sion<span class=\"_ _1\"></span>i pas<span class=\"_ _1\"></span>sive<span class=\"_ _1\"></span> ed<span class=\"_ _df\"> </span></div></td></tr><tr><td></td><td></td><td></td><td></td><td class=\"c xbc1 y259f w1031 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc4 sc3 ls0 ws0\">ricav<span class=\"_ _1\"></span>i<span class=\"_ _df\"> </span></div></td><td class=\"c xbc2 y259f w1204 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc4 sc3 ls0 ws0\">altre<span class=\"_ _1\"></span> spe<span class=\"_ _1\"></span>se<span class=\"_ _df\"> </span></div></td></tr><tr><td class=\"c xbbc y3942 w67c hcb\"><div class=\"t m0 x10 h1f y2ea ff4 fs7 fc1 sc2 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale  </div></td><td></td><td class=\"c xbbd y3942 w50d hcb\"><div class=\"t m0 x1c1 h1f y2ea ff4 fs7 fc1 sc2 ls0 ws0\">4 </div></td><td class=\"c xbbe y3942 w50d hcb\"><div class=\"t m0 x114 h1f y2ea ff4 fs7 fc1 sc2 lsa ws0\">44<span class=\"ls0\"> </span></div></td><td class=\"c xbc3 y3942 w50d hcb\"><div class=\"t m0 x66 h1f y2ea ff4 fs7 fc1 sc2 ls0 ws0\">24.849<span class=\"_ _f\"></span> </div></td><td class=\"c xbc4 y3942 w67d hcb\"><div class=\"t m0 x191 h1f y2ea ff4 fs7 fc1 sc2 ls0 ws0\">131 </div></td></tr></table>L\u2019incidenza dei volumi, delle operazi<span class=\"ff4\">oni con le imprese collegate, sul totale del Gruppo risulta essere pari (%<span class=\"_ _1\"></span>):<span class=\"_ _df\"> </span></span><table class=\"s w11fe h5d3\" id=\"_e4a569f0-693a-4c2e-abc3-8740009c9d15\"><tr><td></td><td class=\"c xbb3 y3954 w679 h7c\"><div class=\"t m0 xc7 h1f yd3c ff4 fs7 fc4 sc3 ls0 ws0\">Dat<span class=\"_ _1\"></span>i pat<span class=\"_ _1\"></span>rimon<span class=\"_ _f\"></span>iali </div></td><td class=\"c xbb4 y3954 w3e0 h7c\"><div class=\"t m0 xc6 h1f yd3c ff4 fs7 fc4 sc3 ls0 ws0\">Credi<span class=\"_ _1\"></span>ti </div></td><td class=\"c xbb5 y3954 w67a h7c\"><div class=\"t m0 xa3 h1f yd3c ff4 fs7 fc4 sc3 ls0 ws0\">Debit<span class=\"_ _f\"></span>i </div></td><td class=\"c xbb6 y3954 w3e0 h7c\"><div class=\"t m0 x8a h1f yd3c ff4 fs7 fc4 sc3 ls0 ws0\">Gara<span class=\"_ _1\"></span>nzie<span class=\"_ _1\"></span> e im<span class=\"_ _f\"></span>pegni </div></td><td class=\"c xbb7 y3955 w11ff h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc4 sc3 ls0 ws0\">Racco<span class=\"_ _1\"></span>lta<span class=\"_ _df\"> </span></div></td><td class=\"c xbb8 y3954 w67b h7c\"><div class=\"t m0 x55 h1f yd3c ff4 fs7 fc4 sc3 ls0 ws0\">Racco<span class=\"_ _1\"></span>lta g<span class=\"_ _f\"></span>estita<span class=\"_ _f\"></span> </div></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td class=\"c xbb9 y3484 w1200 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc4 sc3 ls0 ws0\">amm<span class=\"_ _f\"></span>inistrat<span class=\"_ _f\"></span>a<span class=\"_ _df\"> </span></div></td><td></td></tr><tr><td class=\"c xbb3 y3956 w679 hcb\"><div class=\"t m0 x10 h1f y2ea ff4 fs7 fc1 sc2 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale  </div></td><td></td><td class=\"c xbb4 y3956 w3e0 hcb\"><div class=\"t m0 xe6 h1f y2ea ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td><td class=\"c xbb5 y3956 w67a hcb\"><div class=\"t m0 xe6 h1f y2ea ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td><td class=\"c xbb6 y3956 w3e0 hcb\"><div class=\"t m0 xe6 h1f y2ea ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td><td class=\"c xbba y3956 w63f hcb\"><div class=\"t m0 x11d h1f y2ea ff4 fs7 fc1 sc2 lsb ws0\">0,<span class=\"ls0\">8</span><span class=\"ls0\"> </span></div></td><td class=\"c xbb8 y3956 w67b hcb\"><div class=\"t m0 xe6 h1f y2ea ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td></tr></table><table class=\"s w120b h5d6\" id=\"_44515e03-a3b7-4815-bd8e-416d44191ca6\"><tr><td></td><td class=\"c xbb3 y395a w67c h379\"><div class=\"t m0 x26 h1f ye59 ff4 fs7 fc4 sc3 ls0 ws0\">Dat<span class=\"_ _1\"></span>i econ<span class=\"_ _1\"></span>omi<span class=\"_ _1\"></span>ci </div></td><td class=\"c xbd4 y395a w50d h379\"><div class=\"t m0 xc6 h1f ye59 ff4 fs7 fc4 sc3 ls0 ws0\">Inter<span class=\"_ _1\"></span>essi<span class=\"_ _1\"></span> atti<span class=\"_ _1\"></span>vi </div></td><td class=\"c xbd5 y395a w50d h379\"><div class=\"t m0 x12 h1f ye59 ff4 fs7 fc4 sc3 ls0 ws0\">Inter<span class=\"_ _1\"></span>essi<span class=\"_ _1\"></span> pass<span class=\"_ _f\"></span>ivi </div></td><td class=\"c xbd6 y2cb9 w1202 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">Com<span class=\"_ _1\"></span>mis<span class=\"_ _1\"></span>sion<span class=\"_ _1\"></span>i at<span class=\"_ _1\"></span>tive e<span class=\"_ _f\"></span>d altri<span class=\"_ _df\"> </span></div></td><td class=\"c xbd7 y2cb9 w1203 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">Com<span class=\"_ _1\"></span>mis<span class=\"_ _1\"></span>sion<span class=\"_ _1\"></span>i pas<span class=\"_ _1\"></span>sive<span class=\"_ _1\"></span> ed<span class=\"_ _df\"> </span></div></td></tr><tr><td></td><td></td><td></td><td></td><td class=\"c xbd8 y395b w1031 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">ricav<span class=\"_ _1\"></span>i<span class=\"_ _df\"> </span></div></td><td class=\"c xbd9 y395b w1204 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">altre<span class=\"_ _1\"></span> spe<span class=\"_ _1\"></span>se<span class=\"_ _df\"> </span></div></td></tr><tr><td class=\"c xbb3 y395c w67c hcb\"><div class=\"t m0 x10 h1f y2ea ff4 fs7 fc1 sc2 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale  </div></td><td></td><td class=\"c xbd4 y395c w50d hcb\"><div class=\"t m0 x2 h1f y2ea ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td><td class=\"c xbd5 y395c w50d hcb\"><div class=\"t m0 x2 h1f y2ea ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td><td class=\"c xbda y395c w50d hcb\"><div class=\"t m0 x191 h1f y2ea ff4 fs7 fc1 sc2 ls0 ws0\">2,0 </div></td><td class=\"c xbdb y395c w67d hcb\"><div class=\"t m0 x2 h1f y2ea ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td></tr></table>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-761": {
   "value": "Infor<span class=\"_ _f\"></span>mazio<span class=\"_ _1\"></span>ni su<span class=\"_ _1\"></span>i co<span class=\"_ _f\"></span>mpen<span class=\"_ _f\"></span>si dei di<span class=\"_ _1\"></span>rig<span class=\"_ _1\"></span>enti <span class=\"_ _1\"></span>con <span class=\"_ _f\"></span>respo<span class=\"_ _f\"></span>nsabil<span class=\"_ _1\"></span>it\u00e0 s<span class=\"_ _1\"></span>trat<span class=\"_ _1\"></span>egic<span class=\"_ _1\"></span>a Di <span class=\"_ _2\"></span>seguito vengono <span class=\"_ _2\"></span>fornite le <span class=\"_ _2\"></span>inf<span class=\"_ _1\"></span>ormazioni <span class=\"_ _2\"></span>sui compensi <span class=\"_ _2\"></span>corrisposti ai <span class=\"_ _2\"></span>dirigenti con r<span class=\"_ _2\"></span>esponsabilit\u00e0<span class=\"_ _f\"></span> strategiche, in coerenza con quanto previsto dallo IAS 24. I <span class=\"_ _d\"></span>dirigenti <span class=\"_ _d\"></span>con <span class=\"_ _0\"></span>responsabilit\u00e0 <span class=\"_ _d\"></span>strategiche <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>Cr<span class=\"_ _2\"></span>edito <span class=\"_ _0\"></span>Emiliano <span class=\"_ _d\"></span>sono <span class=\"_ _d\"></span>i <span class=\"_ _d\"></span>s<span class=\"_ _2\"></span>oggetti <span class=\"_ _d\"></span>aventi <span class=\"_ _d\"></span>il <span class=\"_ _0\"></span>potere <span class=\"_ _d\"></span>e <span class=\"_ _d\"></span>la responsabilit\u00e0, <span class=\"_ _2\"></span>direttamente <span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>indi<span class=\"_ _1\"></span>rettamente, <span class=\"_ _2\"></span>della <span class=\"_ _2\"></span>pianificazione, <span class=\"_ _2\"></span>della <span class=\"_ _2\"></span>direzione <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>del contro<span class=\"_ _2\"></span>llo<span class=\"_ _1\"></span> delle attivit\u00e0 di Credito Emiliano. In tale contesto rientrano nel<span class=\"_ _1\"></span> perimetro dei dirigenti con respons<span class=\"_ _f\"></span>abili<span class=\"_ _2\"></span>t\u00e0 strategiche: i Consiglieri di<span class=\"_ _1\"></span> Amministrazione, i Sindaci, <span class=\"_ _2\"></span>il Direttore <span class=\"_ _2\"></span>Generale, i Condirettori <span class=\"_ _2\"></span>Gene<span class=\"_ _f\"></span>r<span class=\"_ _2\"></span>ali, il Vice <span class=\"_ _2\"></span>Direttore <span class=\"_ _2\"></span>Generale,<span class=\"_ _1\"></span> gli <span class=\"_ _d\"></span>altr<span class=\"_ _2\"></span>i <span class=\"_ _d\"></span>componenti <span class=\"_ _0\"></span>della <span class=\"_ _0\"></span>Direzione <span class=\"_ _0\"></span>Centrale, <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=\"_ _d\"></span>dei <span class=\"_ _0\"></span>documenti contabili <span class=\"_ _2\"></span>societari, <span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>Responsabili <span class=\"_ _2\"></span>delle <span class=\"_ _2\"></span>Funzioni <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>Controllo <span class=\"_ _2\"></span>Interno <span class=\"_ _2\"></span>(Responsabile <span class=\"_ _2\"></span>Servizio <span class=\"_ _2\"></span>Audit, Responsabile <span class=\"_ _f\"></span>Funzione <span class=\"_ _f\"></span>Antiriciclaggio, <span class=\"_ _f\"></span>Compliance <span class=\"_ _f\"></span>Officer <span class=\"_ _f\"></span>e <span class=\"_ _f\"></span>Ris<span class=\"_ _2\"></span>k <span class=\"_ _f\"></span>Officer), <span class=\"_ _f\"></span>il <span class=\"_ _f\"></span>Responsabile <span class=\"_ _f\"></span>Business Unit  Commerciale<span class=\"_ _1\"></span>,  il <span class=\"_ _9\"> </span>R<span class=\"_ _2\"></span>esponsabile<span class=\"_ _1\"></span>  Business  Unit <span class=\"_ _16\"> </span>Finanza, <span class=\"_ _16\"> </span>il <span class=\"_ _16\"> </span>Dirigente <span class=\"_ _16\"> </span>Coord<span class=\"_ _2\"></span>inatore  de<span class=\"_ _1\"></span>lle  aree Amministrazione, Corporate <span class=\"_ _1\"></span>Governance <span class=\"_ _1\"></span>e Relazioni <span class=\"_ _1\"></span>Esterne e Gove<span class=\"_ _1\"></span>rno del Valore,<span class=\"_ _1\"></span> il Cap<span class=\"_ _1\"></span>o Servizio preposto all\u2019area Crediti e il Capo Servizi<span class=\"_ _1\"></span>o preposto all\u2019area Organizzazione.<span class=\"_ _2\"></span><span class=\"ff4\"> </span><table class=\"s w11fd h5ce\" id=\"_606ebdc9-3359-449f-8ec7-60d08af999c2\"><tr><td class=\"c xbac y3937 w669 h49\"><div class=\"t m0 x163 h1f y32 ff4 fs7 fc1 sc2 ls0 ws0\"> <span class=\"fc4 sc3\">Riepil<span class=\"_ _f\"></span>ogo com<span class=\"_ _f\"></span>pens<span class=\"_ _f\"></span>i </span></div></td><td></td><td class=\"c xbad y3937 w668 h49\"><div class=\"t m0 x3a h1f y32 ff4 fs7 fc4 sc3 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale </div></td><td class=\"c xbae y3937 w280 h49\"><div class=\"t m0 x3a h1f y32 ff4 fs7 fc4 sc3 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale </div></td></tr><tr><td></td><td></td><td class=\"c xbaf y3938 w30f h49\"><div class=\"t m0 x14 h1f y25 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/<span class=\"_ _f\"></span>2025 </div></td><td class=\"c xbae y3938 w280 h49\"><div class=\"t m0 x14 h1f y25 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/<span class=\"_ _f\"></span>2024 </div></td></tr><tr><td class=\"c xbb0 y3939 w667 hc8\"><div class=\"t m0 x10 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">Amministrator<span class=\"_ _1\"></span>i </div></td><td></td><td class=\"c xbad y3939 w668 hc8\"><div class=\"t m0 xe h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">2.338 </div></td><td class=\"c xbae y3939 wb5 hc8\"><div class=\"t m0 xc7 h1f ye4c ff4 fs7 fc1 sc0 ls0 ws0\">2.172 </div></td></tr><tr><td class=\"c xbb0 y393a w667 hc8\"><div class=\"t m0 x10 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">Sindaci </div></td><td></td><td class=\"c xbad y393a w668 hc8\"><div class=\"t m0 xf0 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">595 </div></td><td class=\"c xbae y393a wb5 hc8\"><div class=\"t m0 xef h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">512 </div></td></tr><tr><td class=\"c xbb0 y393b w667 hc8\"><div class=\"t m0 x10 h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">Dirigenti  </div></td><td></td><td class=\"c xbad y393b w668 hc8\"><div class=\"t m0 x1c h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">12.890 </div></td><td class=\"c xbae y393b wb5 hc8\"><div class=\"t m0 xf h1f y28b ff4 fs7 fc1 sc0 ls0 ws0\">10.362 </div></td></tr><tr><td></td><td class=\"c xbb0 y393c w66b hc8\"><div class=\"t m0 x1e7 h1f y32 ff4 fs7 fc1 sc2 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale </div></td><td class=\"c xbad y393c w668 hc8\"><div class=\"t m0 xf h1f y32 ff4 fs7 fc1 sc2 ls0 ws0\">15.8<span class=\"_ _1\"></span>23 </div></td><td class=\"c xbb1 y393c w37 hc8\"><div class=\"t m0 xf h1f y32 ff4 fs7 fc1 sc2 ls0 ws0\">13.0<span class=\"_ _1\"></span>46 </div></td></tr></table>I <span class=\"_ _2\"></span>compensi <span class=\"_ _2\"></span>dei d<span class=\"_ _2\"></span>irigenti compre<span class=\"_ _2\"></span>ndono <span class=\"_ _2\"></span>benefici<span class=\"_ _1\"></span> <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>breve <span class=\"_ _2\"></span>termine <span class=\"_ _2\"></span>per <span class=\"_ _d\"></span>8.283 <span class=\"_ _2\"></span>mila <span class=\"_ _2\"></span>euro, <span class=\"_ _2\"></span>altri <span class=\"_ _2\"></span>benefici per <span class=\"_ _d\"></span>207 <span class=\"_ _d\"></span>mila <span class=\"_ _d\"></span>euro <span class=\"_ _0\"></span>e <span class=\"_ _d\"></span>pagamenti <span class=\"_ _d\"></span>basati <span class=\"_ _d\"></span>su <span class=\"_ _0\"></span>azioni <span class=\"_ _d\"></span>per <span class=\"_ _d\"></span>4.400 <span class=\"_ _0\"></span>mila <span class=\"_ _d\"></span>euro. <span class=\"_ _d\"></span>Non <span class=\"_ _d\"></span>sono <span class=\"_ _0\"></span>stati <span class=\"_ _d\"></span>riconosciuti<span class=\"_ _1\"></span> benefici successivi <span class=\"_ _2\"></span>alla fine <span class=\"_ _2\"></span>del rapporto <span class=\"_ _2\"></span>di lavoro <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>bene<span class=\"_ _1\"></span>fici dovuti <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>la cessazione <span class=\"_ _2\"></span>del rapporto di lavoro. 2. Info<span class=\"_ _1\"></span>rmaz<span class=\"_ _f\"></span>ioni sulle tra<span class=\"_ _f\"></span>nsazioni co<span class=\"_ _f\"></span>n parti corr<span class=\"_ _1\"></span>elate<span class=\"_ _1\"></span> In ottemperanza alle disposizioni normativ<span class=\"_ _1\"></span>e riguardanti le operazioni con parti correlate, il Grupp<span class=\"_ _1\"></span>o Credito <span class=\"_ _e\"> </span>Emiliano <span class=\"_ _e\"> </span>ha <span class=\"_ _e\"> </span>adottato <span class=\"_ _15\"> </span>s<span class=\"_ _2\"></span>pecifi<span class=\"_ _1\"></span>che <span class=\"_ _e\"> </span>procedure <span class=\"_ _e\"> </span>per <span class=\"_ _e\"> </span>disciplinare <span class=\"_ _15\"> </span>s<span class=\"_ _2\"></span>iffatta <span class=\"_ _15\"> </span>operativit\u00e0 <span class=\"_ _e\"> </span>ed assicurare idonei flussi informativ<span class=\"_ _1\"></span>i.<span class=\"_ _2\"></span> In  attuazione  all<span class=\"_ _1\"></span>a  delibe<span class=\"_ _1\"></span>ra  Consob  n.  17221  d<span class=\"_ _1\"></span>el  12 <span class=\"_ _16\"> </span>marzo  2<span class=\"_ _1\"></span>010  e  dell<span class=\"_ _1\"></span>a<span class=\"_ _2\"></span>  <span class=\"ff5\">Circolare  Banca  d<span class=\"_ _1\"></span>\u2019Italia </span>285/2013, <span class=\"_ _d\"></span>Credito <span class=\"_ _d\"></span>Emiliano <span class=\"_ _d\"></span>ha <span class=\"_ _d\"></span>adot<span class=\"_ _2\"></span>tato <span class=\"_ _d\"></span>apposite <span class=\"_ _d\"></span>Procedure <span class=\"_ _d\"></span>per <span class=\"_ _d\"></span>la <span class=\"_ _d\"></span>gestione <span class=\"_ _d\"></span>delle <span class=\"_ _0\"></span>operazioni <span class=\"_ _d\"></span>con parti correlate e per le operazioni con soggetti colleg<span class=\"_ _1\"></span>ati.<span class=\"_ _2\"></span> Il <span class=\"_ _18\"> </span>r<span class=\"_ _2\"></span>egolamento <span class=\"_ _18\"> </span>\u00e8 <span class=\"_ _19\"> </span>disponibile <span class=\"_ _18\"> </span>per <span class=\"_ _19\"> </span>la <span class=\"_ _19\"> </span>consultazione <span class=\"_ _18\"> </span>sul <span class=\"_ _19\"> </span>sito <span class=\"_ _19\"> </span>internet <span class=\"_ _18\"> </span>di <span class=\"_ _19\"> </span>Cred<span class=\"_ _2\"></span>ito <span class=\"_ _19\"> </span>Emiliano<span class=\"_ _1\"></span> www.credem.it. I <span class=\"_ _9\"> </span>rapport<span class=\"_ _2\"></span>i <span class=\"_ _9\"> </span>e <span class=\"_ _16\"> </span>le <span class=\"_ _9\"> </span>operazioni <span class=\"_ _9\"> </span>perfezionate  con <span class=\"_ _9\"> </span>parti <span class=\"_ _9\"> </span>cor<span class=\"_ _2\"></span>relate <span class=\"_ _9\"> </span>e <span class=\"_ _16\"> </span>sogge<span class=\"_ _1\"></span>tti <span class=\"_ _16\"> </span>collegati <span class=\"_ _9\"> </span>non <span class=\"_ _16\"> </span>presentano criticit\u00e0 <span class=\"_ _2\"></span>e <span class=\"_ _d\"></span>sono <span class=\"_ _2\"></span>riconducibili <span class=\"_ _2\"></span>all\u2019ordinaria <span class=\"_ _2\"></span>at<span class=\"_ _2\"></span>tivit\u00e0 <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>servizio <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>di <span class=\"_ _d\"></span>credito. <span class=\"_ _2\"></span>Le <span class=\"_ _2\"></span>condizio<span class=\"_ _2\"></span><span class=\"ff4\">ni <span class=\"_ _2\"></span>applicate <span class=\"_ _d\"></span>ai </span>singoli <span class=\"_ _0\"></span>rapporti <span class=\"_ _9\"> </span>ed <span class=\"_ _9\"> </span>alle <span class=\"_ _9\"> </span>operazioni <span class=\"_ _9\"> </span>con <span class=\"_ _9\"> </span>parti <span class=\"_ _9\"> </span>correlate <span class=\"_ _9\"> </span>e <span class=\"_ _0\"></span>s<span class=\"_ _2\"></span>oggetti <span class=\"_ _0\"></span>collegati <span class=\"_ _9\"> </span>non <span class=\"_ _9\"> </span>si <span class=\"_ _9\"> </span>discostano <span class=\"_ _9\"> </span>da quelle correnti di mercato. Ai sensi dell\u2019art.5 comma 8 del Regolamento CONSOB Operazioni con part<span class=\"_ _2\"></span>i Correlate (nr. 17221 del 12.03.2010  e<span class=\"_ _1\"></span>  ss.mm. <span class=\"_ _9\"> </span>ii)  si <span class=\"_ _9\"> </span>segnala  che <span class=\"_ _9\"> </span>nel  corso <span class=\"_ _16\"> </span>del <span class=\"_ _16\"> </span>2025 <span class=\"_ _16\"> </span>sono <span class=\"_ _16\"> </span>state <span class=\"_ _16\"> </span>effettuate <span class=\"_ _9\"> </span>operazioni  di maggiore <span class=\"_ _2\"></span>rilevanza unicamente <span class=\"_ _2\"></span>con <span class=\"_ _2\"></span>Societ\u00e0 <span class=\"_ _2\"></span>appartenenti <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>Gruppo Credito <span class=\"_ _2\"></span>Emiliano <span class=\"_ _2\"></span>ed <span class=\"_ _2\"></span>attinenti a normali ed ordinarie dinamiche di funding.  Nello <span class=\"_ _4\"> </span>stess<span class=\"_ _2\"></span>o <span class=\"_ _4\"> </span>periodo <span class=\"_ _4\"> </span>il <span class=\"_ _17\"> </span>Consiglio <span class=\"_ _4\"> </span>di <span class=\"_ _17\"> </span>A<span class=\"_ _2\"></span><span class=\"ff5\">mministrazione <span class=\"_ _4\"> </span>ha <span class=\"_ _17\"> </span>adottato <span class=\"_ _17\"> </span>una <span class=\"_ _17\"> </span>\u201cdelibera <span class=\"_ _4\"> </span>quadro\u201d. <span class=\"_ _17\"> </span>In </span>particolare <span class=\"_ _9\"> </span>la <span class=\"_ _16\"> </span>deli<span class=\"_ _1\"></span>bera <span class=\"_ _16\"> </span>ha <span class=\"_ _9\"> </span>riguardato <span class=\"_ _16\"> </span>la <span class=\"_ _9\"> </span>concessione <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>affidamenti <span class=\"_ _16\"> </span>a <span class=\"_ _9\"> </span>parti <span class=\"_ _16\"> </span>correlate <span class=\"_ _9\"> </span>e <span class=\"_ _9\"> </span>soggetti collegati riconducibili <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>Vice Pre<span class=\"_ _2\"></span>sidente Luigi <span class=\"_ _2\"></span>Maramotti <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>al Consigliere <span class=\"_ _2\"></span>Edoardo <span class=\"_ _2\"></span>Prezioso per <span class=\"_ _2\"></span>un importo <span class=\"_ _16\"> </span>massimo <span class=\"_ _9\"> </span>complessivo <span class=\"_ _9\"> </span>non <span class=\"_ _16\"> </span>superiore <span class=\"_ _9\"> </span>a <span class=\"_ _16\"> </span>100 <span class=\"_ _9\"> </span>milioni <span class=\"_ _16\"> </span>di <span class=\"_ _9\"> </span>euro <span class=\"_ _16\"> </span>e <span class=\"_ _9\"> </span>comunque <span class=\"_ _9\"> </span>entr<span class=\"_ _2\"></span>o <span class=\"_ _9\"> </span>il <span class=\"_ _16\"> </span>limite<span class=\"_ _1\"></span> normativo del 5% del p<span class=\"_ _1\"></span>atrimonio di vigilanz<span class=\"_ _1\"></span>a consolidato, erogabile dal Gruppo Credito Emiliano in<span class=\"_ _1\"></span> pi\u00f9 operazioni, anche rotative.  Nel <span class=\"_ _19\"> </span>corso <span class=\"_ _19\"> </span>del <span class=\"_ _19\"> </span>2025 <span class=\"_ _19\"> </span>so<span class=\"_ _2\"></span>no <span class=\"_ _19\"> </span>state <span class=\"_ _19\"> </span>poste <span class=\"_ _19\"> </span>in <span class=\"_ _1a\"> </span>essere <span class=\"_ _19\"> </span>operazioni <span class=\"_ _19\"> </span>infragruppo <span class=\"_ _19\"> </span>e/o <span class=\"_ _19\"> </span>con <span class=\"_ _19\"> </span>parti correlate/soggetti collegati, rientranti nell\u2019ordinario esercizi<span class=\"_ _1\"></span>o dell\u2019attivit\u00e0.<span class=\"_ _df\"> </span>2. Info<span class=\"_ _1\"></span>rmaz<span class=\"_ _f\"></span>ioni sulle tra<span class=\"_ _f\"></span>nsazioni co<span class=\"_ _f\"></span>n parti corr<span class=\"_ _1\"></span>elate<span class=\"_ _df\"> </span>p.1<span class=\"_ _df\"> </span><table class=\"s w1206 h5d1\" id=\"_5f6a9107-81bb-45f4-802d-34ea22a31cbc\"><tr><td></td><td class=\"c xbc6 y3946 w254 h377\"><div class=\"t m0 x32 h30 y88f ff4 fsb fc4 sc3 ls0 ws0\">Crediti </div></td><td class=\"c xbc7 y3946 w256 h377\"><div class=\"t m0 x2c h30 y88f ff4 fsb fc4 sc3 ls0 ws0\">Debiti </div></td><td class=\"c xbc8 y3946 w253 h377\"><div class=\"t m0 x48 h30 y88f ff4 fsb fc4 sc3 ls0 ws0\">Garanzie<span class=\"_ _1\"></span> </div></td><td class=\"c xbc9 y3947 w1207 h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">Raccolt<span class=\"_ _1\"></span>a<span class=\"_ _df\"> </span></div></td><td class=\"c xbca y3946 w66e h377\"><div class=\"t m0 xac h30 y88f ff4 fsb fc4 sc3 ls0 ws0\">Raccolt<span class=\"_ _1\"></span>a gestita </div></td></tr><tr><td></td><td></td><td></td><td></td><td class=\"c xbcb y3948 w1208 h4a9\"><div class=\"t m0 x250 h30 y264a ff4 fsb fc4 sc3 ls0 ws0\">ammi<span class=\"_ _1\"></span>nistrata<span class=\"_ _df\"> </span></div></td><td></td></tr><tr><td class=\"c xbcc y3949 w66f h70\"><div class=\"t m0 x10 h30 y25f ff4 fsb fc4 sc0 ls10c ws0\">Am<span class=\"ls0\">ministr<span class=\"_ _2\"></span>atori, sindaci e dirigenti</span><span class=\"ls0\"> </span></div></td><td class=\"c xbc6 y3949 w66e h70\"><div class=\"t m0 xc6 h200 y2ef ff4 fs22 fc4 sc0 ls0 ws0\">1.306  </div></td><td class=\"c xbc7 y3949 w670 h70\"><div class=\"t m0 x7 h200 y2ef ff4 fs22 fc4 sc0 ls0 ws0\">15.494  </div></td><td class=\"c xbc8 y3949 w671 h70\"><div class=\"t m0 x49 h200 y2ef ff4 fs22 fc4 sc0 ls0 ws0\">186  </div></td><td class=\"c xbcd y3949 w670 h70\"><div class=\"t m0 x12 h200 y2ef ff4 fs22 fc4 sc0 ls0 ws0\">166.434  </div></td><td class=\"c xbca y3949 w66e h70\"><div class=\"t m0 x90 h200 y2ef ff4 fs22 fc4 sc0 ls0 ws0\">33.322  </div></td></tr><tr><td class=\"c xbcc y394a w66f h70\"><div class=\"t m0 x10 h30 y25f ff4 fsb fc4 sc0 ls0 ws0\">Stretti fami<span class=\"_ _2\"></span>liari </div></td><td class=\"c xbc6 y394a w66e h70\"><div class=\"t m0 xa3 h200 y2ef ff4 fs22 fc4 sc0 ls0 ws0\">1.614  </div></td><td class=\"c xbc7 y394a w670 h70\"><div class=\"t m0 x7 h200 y2ef ff4 fs22 fc4 sc0 ls0 ws0\">16.385  </div></td><td class=\"c xbc8 y394a w671 h70\"><div class=\"t m0 xc7 h200 y2ef ff4 fs22 fc4 sc0 ls0 ws0\">332  </div></td><td class=\"c xbcd y394a w670 h70\"><div class=\"t m0 x12 h200 y2ef ff4 fs22 fc4 sc0 ls0 ws0\">124.434  </div></td><td class=\"c xbca y394a w66e h70\"><div class=\"t m0 x1c h200 y2ef ff4 fs22 fc4 sc0 ls0 ws0\">19.139  </div></td></tr><tr><td class=\"c xbcc y394b w66f h70\"><div class=\"t m0 x10 h30 y25f ff4 fsb fc4 sc0 ls0 ws0\">Societ\u00e0 control<span class=\"_ _2\"></span>late e collegate </div></td><td class=\"c xbc6 y394b w66e h70\"><div class=\"t m0 x90 h200 y2ef ff4 fs22 fc4 sc0 ls0 ws0\">33.853  </div></td><td class=\"c xbc7 y394b w670 h70\"><div class=\"t m0 x11 h200 y2ef ff4 fs22 fc4 sc0 ls0 ws0\">342.282  </div></td><td class=\"c xbc8 y394b w671 h70\"><div class=\"t m0 x90 h200 y2ef ff4 fs22 fc4 sc0 ls0 ws0\">95.860  </div></td><td class=\"c xbcd y394b w670 h70\"><div class=\"t m0 x12 h200 y2ef ff4 fs22 fc4 sc0 ls0 ws0\">221.368  </div></td><td class=\"c xbca y394b w66e h70\"><div class=\"t m0 x12 h200 y2ef ff4 fs22 fc4 sc0 ls0 ws0\">173.970  </div></td></tr><tr><td class=\"c xbcc y394c w672 h70\"><div class=\"t m0 x10 h30 y25f ff4 fsb fc4 sc0 ls0 ws0\">Altre parti corre<span class=\"_ _2\"></span>late </div></td><td class=\"c xbc6 y394c w66e h70\"><div class=\"t m0 x124 h200 y153d ff4 fs22 fc4 sc0 ls0 ws0\">-  </div></td><td class=\"c xbc7 y394c w670 h70\"><div class=\"t m0 x124 h200 y153d ff4 fs22 fc4 sc0 ls0 ws0\">-  </div></td><td class=\"c xbc8 y394c w671 h70\"><div class=\"t m0 x124 h200 y153d ff4 fs22 fc4 sc0 ls0 ws0\">-  </div></td><td class=\"c xbcd y394c w670 h70\"><div class=\"t m0 x124 h200 y153d ff4 fs22 fc4 sc0 ls0 ws0\">-  </div></td><td class=\"c xbca y394c w66e h70\"><div class=\"t m0 x124 h200 y153d ff4 fs22 fc4 sc0 ls0 ws0\">-  </div></td></tr><tr><td class=\"c xbcc y394d w66f h2a\"><div class=\"t m0 x22 h30 y25c ff4 fsb fc4 sc3 ls0 ws0\">Totale </div></td><td class=\"c xbc6 y394d w66e h2a\"><div class=\"t m0 x7 h200 y153d ff4 fs22 fc4 sc3 ls0 ws0\">36.773  </div></td><td class=\"c xbc7 y394d w670 h2a\"><div class=\"t m0 x90 h200 y153d ff4 fs22 fc4 sc3 ls0 ws0\">374.161<span class=\"_ _1\"></span>  </div></td><td class=\"c xbc8 y394d w671 h2a\"><div class=\"t m0 x7 h200 y153d ff4 fs22 fc4 sc3 ls0 ws0\">96.378<span class=\"_ _1\"></span>  </div></td><td class=\"c xbce y394d w670 h2a\"><div class=\"t m0 x91 h200 y153d ff4 fs22 fc4 sc3 ls0 ws0\">512.236<span class=\"_ _1\"></span>  </div></td><td class=\"c xbca y394d w3cf h2a\"><div class=\"t m0 x91 h200 y153d ff4 fs22 fc4 sc3 ls0 ws0\">226.431 <span class=\"_ _1\"></span> </div></td></tr></table>2. Info<span class=\"_ _1\"></span>rmaz<span class=\"_ _f\"></span>ioni sulle tra<span class=\"_ _f\"></span>nsazioni co<span class=\"_ _f\"></span>n parti corr<span class=\"_ _1\"></span>elate<span class=\"_ _df\"> </span>p.2<span class=\"_ _df\"> </span><table class=\"s w1209 h5d2\" id=\"_c01eb829-3bbb-4d7e-905a-2f981ab112eb\"><tr><td></td><td class=\"c x98b y394e w206 h56\"><div class=\"t m0 x8a h30 y2ea ff4 fsb fc4 sc3 ls0 ws0\">Interes<span class=\"_ _1\"></span>si attivi </div></td><td class=\"c xbcf y394e w639 h56\"><div class=\"t m0 x8a h30 y2ea ff4 fsb fc4 sc3 ls0 ws0\">Interes<span class=\"_ _1\"></span>si passivi </div></td><td class=\"c xbd0 y394e wc0 h56\"><div class=\"t m0 xab h30 y2ea ff4 fsb fc4 sc3 ls0 ws0\">Commis<span class=\"_ _1\"></span>sioni attiv<span class=\"_ _f\"></span>e <span class=\"_ _2\"></span>e alt<span class=\"_ _1\"></span>ri ricavi </div></td><td class=\"c xbd1 y394e w674 h56\"><div class=\"t m0 xab h30 y2ea ff4 fsb fc4 sc3 ls0 ws0\">Commis<span class=\"_ _1\"></span>sioni pa<span class=\"_ _1\"></span>ssive e altri<span class=\"_ _f\"></span> <span class=\"_ _2\"></span>oneri </div></td></tr><tr><td class=\"c x44e y394f w675 hc3\"><div class=\"t m0 x10 h30 y3e6 ff4 fsb fc4 sc0 ls0 ws0\">Amministr<span class=\"_ _2\"></span>atori, sindaci e dirigenti </div></td><td class=\"c xbd2 y394f w206 hc3\"><div class=\"t m0 x91 h200 y2a ff4 fs22 fc4 sc0 ls0 ws0\">31  </div></td><td class=\"c xbcf y394f w639 hc3\"><div class=\"t m0 x90 h200 y2a ff4 fs22 fc4 sc0 ls0 ws0\">200  </div></td><td class=\"c xbd3 y394f wc0 hc3\"><div class=\"t m0 x1c1 h200 y2a ff4 fs22 fc4 sc0 ls0 ws0\">236  </div></td><td class=\"c x5f0 y394f w5fa hc3\"><div class=\"t m0 x28 h200 y2a ff4 fs22 fc4 sc0 ls0 ws0\">31  </div></td></tr><tr><td class=\"c x44e y3950 w675 hc3\"><div class=\"t m0 x10 h30 y49 ff4 fsb fc4 sc0 ls0 ws0\">Stretti fami<span class=\"_ _2\"></span>liari </div></td><td class=\"c xbd2 y3950 w206 hc3\"><div class=\"t m0 x91 h200 y2a ff4 fs22 fc4 sc0 ls0 ws0\">18  </div></td><td class=\"c xbcf y3950 w639 hc3\"><div class=\"t m0 x7 h200 y2a ff4 fs22 fc4 sc0 ls9e ws0\">196 <span class=\"ls0\"> </span></div></td><td class=\"c xbd3 y3950 wc0 hc3\"><div class=\"t m0 x2 h200 y2a ff4 fs22 fc4 sc0 ls0 ws0\">160  </div></td><td class=\"c x5f0 y3950 w5fa hc3\"><div class=\"t m0 x18 h200 y2a ff4 fs22 fc4 sc0 ls9e ws0\">11 <span class=\"ls0\"> </span></div></td></tr><tr><td class=\"c x44e y3951 w675 h378\"><div class=\"t m0 x10 h30 y3e6 ff4 fsb fc4 sc0 ls0 ws0\">Societ\u00e0 control<span class=\"_ _2\"></span>late e collegate </div></td><td class=\"c xbd2 y3951 w206 h378\"><div class=\"t m0 x8f h200 y2a ff4 fs22 fc4 sc0 ls0 ws0\">463  </div></td><td class=\"c xbcf y3951 w639 h378\"><div class=\"t m0 x13 h200 y2a ff4 fs22 fc4 sc0 ls0 ws0\">3.323  </div></td><td class=\"c xbd3 y3951 wc0 h378\"><div class=\"t m0 x24 h200 y2a ff4 fs22 fc4 sc0 ls0 ws0\">1.270  </div></td><td class=\"c x5f0 y3951 w5fa h378\"><div class=\"t m0 x1de h200 y2a ff4 fs22 fc4 sc0 ls0 ws0\">158  </div></td></tr><tr><td class=\"c x44e y3952 w676 hc3\"><div class=\"t m0 x10 h30 y3e6 ff4 fsb fc4 sc0 ls0 ws0\">Altre parti corre<span class=\"_ _2\"></span>late </div></td><td class=\"c x98b y3952 w385 hc3\"><div class=\"t m0 xf h200 y2a ff4 fs22 fc4 sc0 ls0 ws0\">-  </div></td><td class=\"c xbcf y3952 w639 hc3\"><div class=\"t m0 xc7 h200 y2a ff4 fs22 fc4 sc0 ls0 ws0\">-  </div></td><td class=\"c xbd3 y3952 wc0 hc3\"><div class=\"t m0 x58 h200 y2a ff4 fs22 fc4 sc0 ls0 ws0\">-  </div></td><td class=\"c x5f0 y3952 w5fa hc3\"><div class=\"t m0 xa1 h200 y2a ff4 fs22 fc4 sc0 ls0 ws0\">-  </div></td></tr><tr><td class=\"c x44e y3953 w675 hc3\"><div class=\"t m0 x2 h30 y7b6 ff4 fsb fc4 sc3 ls0 ws0\">Totale </div></td><td class=\"c xbd2 y3953 w206 hc3\"><div class=\"t m0 x11 h200 y2a ff4 fs22 fc4 sc3 ls0 ws0\">512  </div></td><td class=\"c xbcf y3953 w639 hc3\"><div class=\"t m0 x12 h200 y2a ff4 fs22 fc4 sc3 ls0 ws0\">3.719  </div></td><td class=\"c xbd0 y3953 w677 hc3\"><div class=\"t m0 x24 h200 y2a ff4 fs22 fc4 sc3 ls0 ws0\">1.666  </div></td><td class=\"c xbd1 y3953 w678 hc3\"><div class=\"t m0 x1de h200 y2a ff4 fs22 fc4 sc3 ls0 ws0\">200  </div></td></tr></table>L\u2019incidenza <span class=\"_ _f\"></span>dei v<span class=\"_ _1\"></span>olumi, <span class=\"_ _f\"></span>delle operazioni <span class=\"_ _f\"></span>con <span class=\"_ _f\"></span>le controparti <span class=\"_ _f\"></span>correlate <span class=\"_ _f\"></span>s<span class=\"_ _2\"></span>opra <span class=\"_ _f\"></span>indica<span class=\"ff4\">te, sul<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>totale d<span class=\"_ _1\"></span>el <span class=\"_ _f\"></span>Gruppo risul<span class=\"_ _1\"></span>ta </span>essere pari (%): <table class=\"s w11fe h5cf\" id=\"_b6c5a851-33a1-4311-becb-38d325ad7b38\"><tr><td></td><td class=\"c xbb3 y393d w679 h7d\"><div class=\"t m0 xc7 h1f y656 ff4 fs7 fc4 sc3 ls0 ws0\">Dat<span class=\"_ _1\"></span>i pat<span class=\"_ _1\"></span>rimon<span class=\"_ _f\"></span>iali </div></td><td class=\"c xbb4 y393d w3e0 h7d\"><div class=\"t m0 xc6 h1f y656 ff4 fs7 fc4 sc3 ls0 ws0\">Credi<span class=\"_ _1\"></span>ti </div></td><td class=\"c xbb5 y393d w67a h7d\"><div class=\"t m0 xa3 h1f y656 ff4 fs7 fc4 sc3 ls0 ws0\">Debit<span class=\"_ _f\"></span>i </div></td><td class=\"c xbb6 y393d w3e0 h7d\"><div class=\"t m0 x8a h1f y656 ff4 fs7 fc4 sc3 ls0 ws0\">Gara<span class=\"_ _1\"></span>nzie<span class=\"_ _1\"></span> e im<span class=\"_ _f\"></span>pegni </div></td><td class=\"c xbb7 y26d1 w11ff h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc4 sc3 ls0 ws0\">Racco<span class=\"_ _1\"></span>lta<span class=\"_ _df\"> </span></div></td><td class=\"c xbb8 y393d w67b h7d\"><div class=\"t m0 x55 h1f y656 ff4 fs7 fc4 sc3 ls0 ws0\">Racco<span class=\"_ _1\"></span>lta g<span class=\"_ _f\"></span>estita<span class=\"_ _f\"></span> </div></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td class=\"c xbb9 y393e w1200 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc4 sc3 ls0 ws0\">amm<span class=\"_ _f\"></span>inistrat<span class=\"_ _f\"></span>a<span class=\"_ _df\"> </span></div></td><td></td></tr><tr><td class=\"c xbb3 y393f w679 hcc\"><div class=\"t m0 x10 h1f y2ea ff4 fs7 fc1 sc2 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale  </div></td><td></td><td class=\"c xbb4 y393f w3e0 hcc\"><div class=\"t m0 xee h1f y2ea ff4 fs7 fc1 sc2 ls0 ws0\">0,1 </div></td><td class=\"c xbb5 y393f w67a hcc\"><div class=\"t m0 x124 h1f y2ea ff4 fs7 fc1 sc2 lsb ws0\">0,<span class=\"ls0\">7</span><span class=\"ls0\"> </span></div></td><td class=\"c xbb6 y393f w3e0 hcc\"><div class=\"t m0 x124 h1f y2ea ff4 fs7 fc1 sc2 lsb ws0\">0,<span class=\"ls0\">7</span><span class=\"ls0\"> </span></div></td><td class=\"c xbba y393f w63f hcc\"><div class=\"t m0 x124 h1f y2ea ff4 fs7 fc1 sc2 ls0 ws0\">2,0 </div></td><td class=\"c xbb8 y393f w67b hcc\"><div class=\"t m0 x11d h1f y2ea ff4 fs7 fc1 sc2 lsb ws0\">0,<span class=\"ls0\">6</span><span class=\"ls0\"> </span></div></td></tr></table><table class=\"s w1201 h5d0\" id=\"_664ec1fd-4b69-4bbb-a826-4ece0fdbee3e\"><tr><td></td><td class=\"c xbbc y3943 w67c h379\"><div class=\"t m0 x26 h1f y11e3 ff4 fs7 fc4 sc3 ls0 ws0\">Dat<span class=\"_ _1\"></span>i econ<span class=\"_ _1\"></span>omi<span class=\"_ _1\"></span>ci </div></td><td class=\"c xbbd y3943 w50d h379\"><div class=\"t m0 xc6 h1f y11e3 ff4 fs7 fc4 sc3 ls0 ws0\">Inter<span class=\"_ _1\"></span>essi<span class=\"_ _1\"></span> atti<span class=\"_ _1\"></span>vi </div></td><td class=\"c xbbe y3943 w50d h379\"><div class=\"t m0 x12 h1f y11e3 ff4 fs7 fc4 sc3 ls0 ws0\">Inter<span class=\"_ _1\"></span>essi<span class=\"_ _1\"></span> pass<span class=\"_ _f\"></span>ivi </div></td><td class=\"c xbbf y3941 w1202 h5af\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc4 sc3 ls0 ws0\">Com<span class=\"_ _1\"></span>mis<span class=\"_ _1\"></span>sion<span class=\"_ _1\"></span>i at<span class=\"_ _1\"></span>tive e<span class=\"_ _f\"></span>d altri<span class=\"_ _df\"> </span></div></td><td class=\"c xbc0 y3941 w1203 h5af\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc4 sc3 ls0 ws0\">Com<span class=\"_ _1\"></span>mis<span class=\"_ _1\"></span>sion<span class=\"_ _1\"></span>i pas<span class=\"_ _1\"></span>sive<span class=\"_ _1\"></span> ed<span class=\"_ _df\"> </span></div></td></tr><tr><td></td><td></td><td></td><td></td><td class=\"c xbc1 y3944 w1205 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc4 sc3 lsec ws0\">ri<span class=\"ls0\">cav<span class=\"_ _f\"></span>i<span class=\"_ _df\"> </span></span></div></td><td class=\"c xbc2 y3944 w1204 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc4 sc3 ls0 ws0\">altre<span class=\"_ _1\"></span> spe<span class=\"_ _1\"></span>se<span class=\"_ _df\"> </span></div></td></tr><tr><td class=\"c xbbc y3945 w67c h352\"><div class=\"t m0 x10 h1f y11c6 ff4 fs7 fc1 sc2 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale  </div></td><td></td><td class=\"c xbbd y3945 w50d h352\"><div class=\"t m0 x2 h1f y11c6 ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td><td class=\"c xbbe y3945 w50d h352\"><div class=\"t m0 x191 h1f y11c6 ff4 fs7 fc1 sc2 lsb ws0\">0,<span class=\"ls0\">7</span><span class=\"ls0\"> </span></div></td><td class=\"c xbc3 y3945 w50d h352\"><div class=\"t m0 x114 h1f y11c6 ff4 fs7 fc1 sc2 ls0 ws0\">0<span class=\"ls3f\">,1</span> </div></td><td class=\"c xbc4 y3945 w67d h352\"><div class=\"t m0 x2 h1f y11c6 ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td></tr></table>Si provvede di seguito a fornire i dettagli (i<span class=\"_ _1\"></span>n migliaia di euro) dei rapporti verso le imprese collegate:<span class=\"_ _2\"></span><span class=\"sc2\"> </span><table class=\"s w120a h5d4\" id=\"_7ee0df99-0556-4ec2-927e-4bcb7055d748\"><tr><td></td><td class=\"c xbb3 y3957 w679 h7c\"><div class=\"t m0 xc7 h1f y656 ff4 fs7 fc4 sc3 ls0 ws0\">Dat<span class=\"_ _1\"></span>i pat<span class=\"_ _1\"></span>rimon<span class=\"_ _f\"></span>iali </div></td><td class=\"c xbb4 y3957 w3e0 h7c\"><div class=\"t m0 xc6 h1f y656 ff4 fs7 fc4 sc3 ls0 ws0\">Credi<span class=\"_ _1\"></span>ti </div></td><td class=\"c xbb5 y3957 w67a h7c\"><div class=\"t m0 xa3 h1f y656 ff4 fs7 fc4 sc3 ls0 ws0\">Debit<span class=\"_ _f\"></span>i </div></td><td class=\"c xbb6 y3957 w3e0 h7c\"><div class=\"t m0 x8a h1f y656 ff4 fs7 fc4 sc3 ls0 ws0\">Gara<span class=\"_ _1\"></span>nzie<span class=\"_ _1\"></span> e im<span class=\"_ _f\"></span>pegni </div></td><td class=\"c xbb7 y3955 w9d8 h5d5\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc4 sc3 ls0 ws0\">Racco<span class=\"_ _1\"></span>lta<span class=\"_ _df\"> </span></div></td><td class=\"c xbb8 y3957 w67b h7c\"><div class=\"t m0 x55 h1f y656 ff4 fs7 fc4 sc3 ls5d ws0\">Ra<span class=\"ls0\">ccolt<span class=\"_ _f\"></span>a gesti<span class=\"_ _1\"></span>ta</span><span class=\"ls0\"> </span></div></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td class=\"c xbb9 y3958 w1200 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc4 sc3 ls0 ws0\">amm<span class=\"_ _f\"></span>inistrat<span class=\"_ _f\"></span>a<span class=\"_ _df\"> </span></div></td><td></td></tr><tr><td class=\"c xbb3 y3959 w679 hcc\"><div class=\"t m0 x10 h1f y2ea ff4 fs7 fc1 sc2 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale  </div></td><td></td><td class=\"c xbb4 y3959 w3e0 hcc\"><div class=\"t m0 x8 h1f y2ea ff4 fs7 fc1 sc2 ls0 ws0\">7.060<span class=\"_ _f\"></span> </div></td><td class=\"c xbb5 y3959 w67a hcc\"><div class=\"t m0 xc7 h1f y2ea ff4 fs7 fc1 sc2 ls0 ws0\">1.866<span class=\"_ _f\"></span> </div></td><td class=\"c xbb6 y3959 w3e0 hcc\"><div class=\"t m0 xc7 h1f y2ea ff4 fs7 fc1 sc2 ls0 ws0\">1.024<span class=\"_ _f\"></span> </div></td><td class=\"c xbba y3959 w63f hcc\"><div class=\"t m0 x7 h1f y2ea ff4 fs7 fc1 sc2 ls0 ws0\">197.5<span class=\"_ _f\"></span>26 </div></td><td class=\"c xbb8 y3959 w67b hcc\"><div class=\"t m0 xe6 h1f y2ea ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td></tr></table><table class=\"s w1201 h5d0\" id=\"_9cddafee-ed83-4c7b-b270-c2da23bbfabe\"><tr><td></td><td class=\"c xbbc y3940 w67c h379\"><div class=\"t m0 x26 h1f ye59 ff4 fs7 fc4 sc3 ls0 ws0\">Dat<span class=\"_ _1\"></span>i econ<span class=\"_ _1\"></span>omi<span class=\"_ _1\"></span>ci </div></td><td class=\"c xbbd y3940 w50d h379\"><div class=\"t m0 xc6 h1f ye59 ff4 fs7 fc4 sc3 ls0 ws0\">Inter<span class=\"_ _1\"></span>essi<span class=\"_ _1\"></span> atti<span class=\"_ _1\"></span>vi </div></td><td class=\"c xbbe y3940 w50d h379\"><div class=\"t m0 x12 h1f ye59 ff4 fs7 fc4 sc3 ls0 ws0\">Inter<span class=\"_ _1\"></span>essi<span class=\"_ _1\"></span> pass<span class=\"_ _f\"></span>ivi </div></td><td class=\"c xbbf y3941 w1202 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc4 sc3 ls0 ws0\">Com<span class=\"_ _1\"></span>mis<span class=\"_ _1\"></span>sion<span class=\"_ _1\"></span>i at<span class=\"_ _1\"></span>tive e<span class=\"_ _f\"></span>d altri<span class=\"_ _df\"> </span></div></td><td class=\"c xbc0 y3941 w1203 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc4 sc3 ls0 ws0\">Com<span class=\"_ _1\"></span>mis<span class=\"_ _1\"></span>sion<span class=\"_ _1\"></span>i pas<span class=\"_ _1\"></span>sive<span class=\"_ _1\"></span> ed<span class=\"_ _df\"> </span></div></td></tr><tr><td></td><td></td><td></td><td></td><td class=\"c xbc1 y259f w1031 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc4 sc3 ls0 ws0\">ricav<span class=\"_ _1\"></span>i<span class=\"_ _df\"> </span></div></td><td class=\"c xbc2 y259f w1204 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc4 sc3 ls0 ws0\">altre<span class=\"_ _1\"></span> spe<span class=\"_ _1\"></span>se<span class=\"_ _df\"> </span></div></td></tr><tr><td class=\"c xbbc y3942 w67c hcb\"><div class=\"t m0 x10 h1f y2ea ff4 fs7 fc1 sc2 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale  </div></td><td></td><td class=\"c xbbd y3942 w50d hcb\"><div class=\"t m0 x1c1 h1f y2ea ff4 fs7 fc1 sc2 ls0 ws0\">4 </div></td><td class=\"c xbbe y3942 w50d hcb\"><div class=\"t m0 x114 h1f y2ea ff4 fs7 fc1 sc2 lsa ws0\">44<span class=\"ls0\"> </span></div></td><td class=\"c xbc3 y3942 w50d hcb\"><div class=\"t m0 x66 h1f y2ea ff4 fs7 fc1 sc2 ls0 ws0\">24.849<span class=\"_ _f\"></span> </div></td><td class=\"c xbc4 y3942 w67d hcb\"><div class=\"t m0 x191 h1f y2ea ff4 fs7 fc1 sc2 ls0 ws0\">131 </div></td></tr></table>L\u2019incidenza dei volumi, delle operazi<span class=\"ff4\">oni con le imprese collegate, sul totale del Gruppo risulta essere pari (%<span class=\"_ _1\"></span>):<span class=\"_ _df\"> </span></span><table class=\"s w11fe h5d3\" id=\"_e4a569f0-693a-4c2e-abc3-8740009c9d15\"><tr><td></td><td class=\"c xbb3 y3954 w679 h7c\"><div class=\"t m0 xc7 h1f yd3c ff4 fs7 fc4 sc3 ls0 ws0\">Dat<span class=\"_ _1\"></span>i pat<span class=\"_ _1\"></span>rimon<span class=\"_ _f\"></span>iali </div></td><td class=\"c xbb4 y3954 w3e0 h7c\"><div class=\"t m0 xc6 h1f yd3c ff4 fs7 fc4 sc3 ls0 ws0\">Credi<span class=\"_ _1\"></span>ti </div></td><td class=\"c xbb5 y3954 w67a h7c\"><div class=\"t m0 xa3 h1f yd3c ff4 fs7 fc4 sc3 ls0 ws0\">Debit<span class=\"_ _f\"></span>i </div></td><td class=\"c xbb6 y3954 w3e0 h7c\"><div class=\"t m0 x8a h1f yd3c ff4 fs7 fc4 sc3 ls0 ws0\">Gara<span class=\"_ _1\"></span>nzie<span class=\"_ _1\"></span> e im<span class=\"_ _f\"></span>pegni </div></td><td class=\"c xbb7 y3955 w11ff h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc4 sc3 ls0 ws0\">Racco<span class=\"_ _1\"></span>lta<span class=\"_ _df\"> </span></div></td><td class=\"c xbb8 y3954 w67b h7c\"><div class=\"t m0 x55 h1f yd3c ff4 fs7 fc4 sc3 ls0 ws0\">Racco<span class=\"_ _1\"></span>lta g<span class=\"_ _f\"></span>estita<span class=\"_ _f\"></span> </div></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td class=\"c xbb9 y3484 w1200 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc4 sc3 ls0 ws0\">amm<span class=\"_ _f\"></span>inistrat<span class=\"_ _f\"></span>a<span class=\"_ _df\"> </span></div></td><td></td></tr><tr><td class=\"c xbb3 y3956 w679 hcb\"><div class=\"t m0 x10 h1f y2ea ff4 fs7 fc1 sc2 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale  </div></td><td></td><td class=\"c xbb4 y3956 w3e0 hcb\"><div class=\"t m0 xe6 h1f y2ea ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td><td class=\"c xbb5 y3956 w67a hcb\"><div class=\"t m0 xe6 h1f y2ea ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td><td class=\"c xbb6 y3956 w3e0 hcb\"><div class=\"t m0 xe6 h1f y2ea ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td><td class=\"c xbba y3956 w63f hcb\"><div class=\"t m0 x11d h1f y2ea ff4 fs7 fc1 sc2 lsb ws0\">0,<span class=\"ls0\">8</span><span class=\"ls0\"> </span></div></td><td class=\"c xbb8 y3956 w67b hcb\"><div class=\"t m0 xe6 h1f y2ea ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td></tr></table><div class=\"gs1f14\"><table class=\"s w120b h5d6\" id=\"_44515e03-a3b7-4815-bd8e-416d44191ca6\"><tr><td></td><td class=\"c xbb3 y395a w67c h379\"><div class=\"t m0 x26 h1f ye59 ff4 fs7 fc4 sc3 ls0 ws0\">Dat<span class=\"_ _1\"></span>i econ<span class=\"_ _1\"></span>omi<span class=\"_ _1\"></span>ci </div></td><td class=\"c xbd4 y395a w50d h379\"><div class=\"t m0 xc6 h1f ye59 ff4 fs7 fc4 sc3 ls0 ws0\">Inter<span class=\"_ _1\"></span>essi<span class=\"_ _1\"></span> atti<span class=\"_ _1\"></span>vi </div></td><td class=\"c xbd5 y395a w50d h379\"><div class=\"t m0 x12 h1f ye59 ff4 fs7 fc4 sc3 ls0 ws0\">Inter<span class=\"_ _1\"></span>essi<span class=\"_ _1\"></span> pass<span class=\"_ _f\"></span>ivi </div></td><td class=\"c xbd6 y2cb9 w1202 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">Com<span class=\"_ _1\"></span>mis<span class=\"_ _1\"></span>sion<span class=\"_ _1\"></span>i at<span class=\"_ _1\"></span>tive e<span class=\"_ _f\"></span>d altri<span class=\"_ _df\"> </span></div></td><td class=\"c xbd7 y2cb9 w1203 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">Com<span class=\"_ _1\"></span>mis<span class=\"_ _1\"></span>sion<span class=\"_ _1\"></span>i pas<span class=\"_ _1\"></span>sive<span class=\"_ _1\"></span> ed<span class=\"_ _df\"> </span></div></td></tr><tr><td></td><td></td><td></td><td></td><td class=\"c xbd8 y395b w1031 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">ricav<span class=\"_ _1\"></span>i<span class=\"_ _df\"> </span></div></td><td class=\"c xbd9 y395b w1204 h484\"><div class=\"t m0 x250 h1f y2409 ff4 fs7 fc4 sc3 ls0 ws0\">altre<span class=\"_ _1\"></span> spe<span class=\"_ _1\"></span>se<span class=\"_ _df\"> </span></div></td></tr><tr><td class=\"c xbb3 y395c w67c hcb\"><div class=\"t m0 x10 h1f y2ea ff4 fs7 fc1 sc2 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale  </div></td><td></td><td class=\"c xbd4 y395c w50d hcb\"><div class=\"t m0 x2 h1f y2ea ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td><td class=\"c xbd5 y395c w50d hcb\"><div class=\"t m0 x2 h1f y2ea ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td><td class=\"c xbda y395c w50d hcb\"><div class=\"t m0 x191 h1f y2ea ff4 fs7 fc1 sc2 ls0 ws0\">2,0 </div></td><td class=\"c xbdb y395c w67d hcb\"><div class=\"t m0 x2 h1f y2ea ff4 fs7 fc1 sc2 ls0 ws0\">- </div></td></tr></table></div>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithRelatedPartiesExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-762": {
   "value": "<div class=\"t m0 he ff4 fs5 fc4 sc3 ls5b ws0 gs1f16\">1.<span class=\"_ _61\"> </span><span class=\"ls0\">Descrizio<span class=\"_ _f\"></span>ne degli a<span class=\"_ _f\"></span>ccordi di p<span class=\"_ _f\"></span>agamento<span class=\"_ _f\"></span> basati su<span class=\"_ _1\"></span> prop<span class=\"_ _f\"></span>r<span class=\"_ _2\"></span>i stru<span class=\"_ _1\"></span>menti p<span class=\"_ _f\"></span>atrimonia<span class=\"_ _f\"></span>li<span class=\"_ _df\"> </span></span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs1f17\">Coerentemente <span class=\"_ _e\"> </span>con <span class=\"_ _e\"> </span>le <span class=\"_ _10\"> </span>politiche <span class=\"_ _e\"> </span>r<span class=\"_ _2\"></span>etributive <span class=\"_ _15\"> </span>ap<span class=\"_ _2\"></span>provate <span class=\"_ _e\"> </span>dall\u2019Assemblea <span class=\"_ _e\"> </span>e <span class=\"_ _10\"> </span>nel <span class=\"_ _e\"> </span>rispetto <span class=\"_ _10\"> </span>delle </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1f18\">disposizioni <span class=\"ls1a\">in</span> <span class=\"_ _1\"></span>materia <span class=\"ls37\">di</span> remunerazione e<span class=\"_ _1\"></span> <span class=\"ls37\">di</span> i<span class=\"_ _1\"></span>ncentivazione della Banca <span class=\"ff5\">d\u2019Italia</span> <span class=\"ls2\">si</span> <span class=\"_ _f\"></span>\u00e8 proceduto alla </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1f19\">definizione <span class=\"_ _2\"></span><span class=\"ls39\">di</span> <span class=\"_ _d\"></span><span class=\"ls18\">un</span> <span class=\"_ _2\"></span>sist<span class=\"_ _2\"></span>ema <span class=\"_ _2\"></span>retributivo <span class=\"_ _2\"></span>variabile <span class=\"_ _2\"></span>basato <span class=\"_ _d\"></span>in <span class=\"_ _2\"></span>parte <span class=\"_ _2\"></span><span class=\"ls2\">su</span> <span class=\"_ _2\"></span>pagamenti <span class=\"_ _2\"></span><span class=\"ls1a\">in</span> <span class=\"_ _d\"></span>contanti <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span><span class=\"ls1a\">in</span> <span class=\"_ _d\"></span>parte </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1f1a\">attraverso <span class=\"_ _f\"></span><span class=\"ff5\">l\u2019assegnazione<span class=\"ff4\"> <span class=\"_ _f\"></span>gratuita <span class=\"_ _f\"></span><span class=\"ls39\">di<span class=\"ls0\"> <span class=\"_ _f\"></span>azioni. <span class=\"_ _11\"></span><span class=\"ls40\">Il<span class=\"ls0\"> <span class=\"_ _f\"></span>s<span class=\"_ _2\"></span>istema <span class=\"_ _f\"></span>incentivante <span class=\"_ _11\"></span>\u00e8 <span class=\"_ _f\"></span>corr<span class=\"_ _2\"></span>elato <span class=\"_ _f\"></span><span class=\"ls73\">al<span class=\"ls0\"> <span class=\"_ _11\"></span>raggiungimento d<span class=\"_ _f\"></span>i </span></span></span></span></span></span></span></span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1f1b\">obiettivi <span class=\"_ _d\"></span><span class=\"ls37\">di</span> <span class=\"_ _d\"></span>p<span class=\"_ _2\"></span>erformance <span class=\"_ _d\"></span>misurati <span class=\"_ _0\"></span><span class=\"ls73\">al</span> <span class=\"_ _d\"></span>netto <span class=\"_ _9\"> </span><span class=\"ls39\">dei</span> <span class=\"_ _0\"></span>rischi <span class=\"_ _d\"></span><span class=\"lse\">ed</span> <span class=\"_ _0\"></span>alla <span class=\"_ _0\"></span>sussistenza <span class=\"_ _0\"></span><span class=\"ls39\">di</span> <span class=\"_ _0\"></span><span class=\"ls18\">un</span> <span class=\"_ _0\"></span>adeguato <span class=\"_ _9\"> </span>livello <span class=\"_ _0\"></span>di </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs1f1c\">patrimonializzazione e liquidit\u00e0 dell\u2019Azienda.<span class=\"ff4\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1f1d\">Il sist<span class=\"_ _2\"></span>ema \u00e8 <span class=\"_ _2\"></span>volto <span class=\"_ _2\"></span>a motivare <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>fidel<span class=\"_ _1\"></span>izzare <span class=\"_ _2\"></span>le p<span class=\"_ _2\"></span>ersone che <span class=\"_ _2\"></span>occupano <span class=\"_ _2\"></span>posizioni chiave <span class=\"_ _2\"></span>in azienda <span class=\"_ _2\"></span>ed </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1f1e\">\u00e8 <span class=\"_ _9\"> </span>destinato  ai<span class=\"_ _f\"></span>  t<span class=\"_ _1\"></span>op <span class=\"_ _9\"> </span>manager <span class=\"_ _16\"> </span>rientranti <span class=\"_ _9\"> </span>nella <span class=\"_ _9\"> </span>categoria <span class=\"_ _16\"> </span>del <span class=\"_ _9\"> </span>Personale <span class=\"_ _9\"> </span>pi\u00f9 <span class=\"_ _9\"> </span>rilevante. <span class=\"_ _16\"> </span>La <span class=\"_ _9\"> </span>quota <span class=\"_ _16\"> </span>del<span class=\"_ _1\"></span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1f1f\">premio <span class=\"_ _2\"></span><span class=\"ff5\">complessivo assegnata <span class=\"_ _2\"></span>ai destinatari <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>azioni \u00e8, <span class=\"_ _2\"></span>per l\u2019anno <span class=\"_ _2\"></span>2025, <span class=\"_ _2\"></span>pari <span class=\"_ _2\"></span>o superiore <span class=\"_ _2\"></span>al 50%, </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1f20\">subordinatamente <span class=\"_ _10\"> </span>alla <span class=\"_ _19\"> </span>verifi<span class=\"_ _1\"></span>ca <span class=\"_ _18\"> </span>del <span class=\"_ _18\"> </span>raggiungimento <span class=\"_ _18\"> </span>degli <span class=\"_ _18\"> </span>obiettivi <span class=\"_ _18\"> </span>fissati <span class=\"_ _18\"> </span>dal <span class=\"_ _18\"> </span>Consiglio <span class=\"_ _18\"> </span>di </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1f21\">Amministrazione <span class=\"_ _4\"> </span>sentito <span class=\"_ _17\"> </span>il <span class=\"_ _4\"> </span>parere <span class=\"_ _17\"> </span>del <span class=\"_ _4\"> </span>Comitato <span class=\"_ _17\"> </span>Remunerazioni. <span class=\"_ _4\"> </span>Pi\u00f9 <span class=\"_ _4\"> </span>in <span class=\"_ _17\"> </span>part<span class=\"_ _2\"></span>icolare, <span class=\"_ _4\"> </span>i <span class=\"_ _17\"> </span>piani <span class=\"_ _4\"> </span>di </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1f22\">remunerazione riservati <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>Personale pi\u00f9 <span class=\"_ _2\"></span>rilevante <span class=\"_ _2\"></span>del Gruppo <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>prevedono il <span class=\"_ _2\"></span>pagamento <span class=\"_ _2\"></span>di una </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs1f23\">parte del premio mediante l\u2019<span class=\"_ _1\"></span>assegnazione gratuita <span class=\"_ _2\"></span>di azioni sono i segue<span class=\"_ _1\"></span>nti:<span class=\"_ _2\"></span><span class=\"ff4\"> </span></div><div class=\"t m0 h5 ff14 fs1 fc1 sc0 ls0 ws0 gs1f24\"><span class=\"_ _30\"> </span><span class=\"ff4\">Sis<span class=\"_ _1\"></span>tem<span class=\"_ _f\"></span>a pre<span class=\"_ _f\"></span>miante<span class=\"_ _f\"></span> 2025<span class=\"_ _1\"></span>;<span class=\"_ _df\"> </span></span></div><div class=\"t m0 h5 ff14 fs1 fc1 sc0 ls0 ws0 gs1f25\"><span class=\"_ _27\"> </span><span class=\"ff4\">Sistemi <span class=\"_ _1\"></span>premianti e<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>altre forme <span class=\"_ _f\"></span><span class=\"ls37\">di<span class=\"ls0\"> <span class=\"_ _f\"></span>remunerazione variabile <span class=\"_ _f\"></span><span class=\"ls39\">di<span class=\"_ _2\"></span><span class=\"ls0\"> <span class=\"_ _1\"></span>breve e<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>medio periodo <span class=\"_ _f\"></span>r<span class=\"_ _2\"></span>elativi agli<span class=\"_ _df\"> </span></span></span></span></span></span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1f26\">anni precedenti.<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1f27\">Il <span class=\"_ _1\"></span>numero d<span class=\"_ _1\"></span>i azioni<span class=\"_ _1\"></span> \u00e8 <span class=\"_ _f\"></span>determinato sulla b<span class=\"_ _1\"></span>ase de<span class=\"_ _1\"></span>lla <span class=\"_ _1\"></span>quotazione del <span class=\"_ _f\"></span>tito<span class=\"_ _2\"></span>lo <span class=\"_ _f\"></span>nel momento in <span class=\"_ _f\"></span>cui i<span class=\"_ _1\"></span>l premio<span class=\"_ _f\"></span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1f28\">\u00e8 assegnato. </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1f29\">Sono <span class=\"_ _d\"></span>previsti <span class=\"_ _2\"></span>meccanismi <span class=\"_ _d\"></span>di <span class=\"_ _d\"></span>correzione, <span class=\"_ _2\"></span>durant<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>il <span class=\"_ _d\"></span>periodo <span class=\"_ _d\"></span>di <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>if<span class=\"_ _2\"></span>ferimento, <span class=\"_ _2\"></span>per <span class=\"_ _d\"></span>effetto <span class=\"_ _d\"></span>dei <span class=\"_ _2\"></span>quali <span class=\"_ _d\"></span>i </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1f2a\">premi maturati potranno ridursi ovve<span class=\"_ _1\"></span>ro azzerarsi.<span class=\"_ _2\"></span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1f2b\">In <span class=\"_ _d\"></span>particolare, <span class=\"_ _0\"></span>le <span class=\"_ _d\"></span>singole <span class=\"_ _0\"></span>quote <span class=\"_ _0\"></span>differite <span class=\"_ _d\"></span>gi\u00e0 <span class=\"_ _0\"></span>assegnate <span class=\"_ _d\"></span>potranno <span class=\"_ _0\"></span>non <span class=\"_ _0\"></span>essere <span class=\"_ _d\"></span>erogate <span class=\"_ _0\"></span>o <span class=\"_ _0\"></span>ridotte <span class=\"_ _d\"></span>in </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1f2c\">presenza di determinate condizioni di utile<span class=\"_ _1\"></span>, redditivit\u00e0 corretta per il <span class=\"_ _2\"></span>rischio, livelli patrimoniali e di<span class=\"_ _1\"></span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1f2d\">liquidit\u00e0 <span class=\"_ _2\"></span>non <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>linea. Il <span class=\"_ _2\"></span>premio <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _2\"></span>altr<span class=\"_ _2\"></span>es\u00ec <span class=\"_ _2\"></span>non <span class=\"_ _2\"></span>erogato <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>caso di <span class=\"_ _2\"></span>risoluzione d<span class=\"_ _2\"></span>el r<span class=\"_ _2\"></span>apporto <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>lavoro <span class=\"_ _2\"></span>o </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1f2e\">prestazioni professionali contrarie agl<span class=\"_ _1\"></span>i obblighi di buona fede e correttezza. </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1f2f\">Ai <span class=\"_ _d\"></span>fini <span class=\"_ _0\"></span>della <span class=\"_ _d\"></span>rappresent<span class=\"_ _2\"></span>azione <span class=\"_ _d\"></span>in <span class=\"_ _0\"></span>bilancio, <span class=\"_ _d\"></span>p<span class=\"_ _2\"></span>er <span class=\"_ _d\"></span>tener <span class=\"_ _0\"></span>conto <span class=\"_ _d\"></span>delle <span class=\"_ _0\"></span>condizioni <span class=\"_ _d\"></span>di <span class=\"_ _0\"></span>assegnazione <span class=\"_ _0\"></span>delle </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1f30\">varie quote <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>bonus <span class=\"_ _2\"></span>\u00e8 st<span class=\"_ _2\"></span>ata utilizzata <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>simulazione con <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>Metodo <span class=\"_ _2\"></span>Monte Carlo <span class=\"_ _2\"></span>che, s<span class=\"_ _2\"></span>ulla base <span class=\"_ _2\"></span>di </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs1f31\">opportune ipotesi, <span class=\"_ _2\"></span>ha <span class=\"_ _2\"></span>consentito di <span class=\"_ _2\"></span>defini<span class=\"_ _1\"></span>re <span class=\"_ _2\"></span>un consistente <span class=\"_ _2\"></span>numero <span class=\"_ _2\"></span>di scenari <span class=\"_ _2\"></span>alternativi nell\u2019<span class=\"_ _2\"></span><span class=\"ff4\">arco </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1f32\">temporale considerato. I<span class=\"_ _1\"></span>n particolare, in <span class=\"_ _f\"></span>ogni scenario la proiezione <span class=\"_ _1\"></span>dei parametri che <span class=\"_ _1\"></span>definiscono </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs1f33\">gli <span class=\"_ _4\"> </span>obiettivi <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>performance <span class=\"_ _4\"> </span>viene <span class=\"_ _4\"> </span>e<span class=\"_ _2\"></span>ffettuata <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>anno <span class=\"_ _4\"> </span>in <span class=\"_ _4\"> </span>anno, <span class=\"_ _17\"> </span>a <span class=\"_ _4\"> </span>partire <span class=\"_ _4\"> </span>dall\u2019ultimo <span class=\"_ _4\"> </span>valore <span class=\"_ _4\"> </span>di </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1f34\">rendiconto, secondo un moto geometrico Browniano. </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1f35\">La metodologia di calcolo pu\u00f2 essere schematizzata nelle seg<span class=\"_ _1\"></span>uenti fasi:<span class=\"_ _2\"></span> </div><div class=\"t m0 h5 ff14 fs1 fc1 sc0 ls0 ws0 gs1f36\"><span class=\"_ _27\"> </span><span class=\"ff5\">proiezione <span class=\"_ _f\"></span>dei parametri di<span class=\"_ _f\"></span> bilancio <span class=\"_ _1\"></span>e d<span class=\"_ _1\"></span>el p<span class=\"_ _1\"></span>rezzo d<span class=\"_ _1\"></span>ell\u2019azione <span class=\"_ _f\"></span>nell\u2019orizzonte temporale <span class=\"_ _1\"></span>prescelto;<span class=\"_ _df\"> </span></span></div><div class=\"t m0 h5 ff14 fs1 fc1 sc0 ls0 ws0 gs1f37\"><span class=\"_ _27\"> </span><span class=\"ff4\">verifica dei parametri di performance;<span class=\"_ _df\"> </span></span></div><div class=\"t m0 h5 ff14 fs1 fc1 sc0 ls0 ws0 gs1f38\"><span class=\"_ _27\"> </span><span class=\"ff4\">calcolo <span class=\"_ _22\"> </span>del <span class=\"_ _4\"> </span>bonus  per <span class=\"_ _4\"> </span>ogni <span class=\"_ _22\"> </span>partecipante <span class=\"_ _22\"> </span>al <span class=\"_ _4\"> </span>piano <span class=\"_ _22\"> </span>e <span class=\"_ _4\"> </span>proiezione <span class=\"_ _22\"> </span>delle <span class=\"_ _4\"> </span>traiettorie <span class=\"_ _22\"> </span>individuali<span class=\"_ _df\"> </span></span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1f39\">verificando  il  r<span class=\"_ _2\"></span>aggiungimento  delle  p<span class=\"_ _2\"></span>erformance  individuali <span class=\"_ _22\"> </span>e <span class=\"_ _4\"> </span>per  ogni <span class=\"_ _22\"> </span>anno <span class=\"_ _4\"> </span>la  continuit\u00e0<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs1f3a\">dell\u2019attivit\u00e0 lavorativa e la sopravvivenz<span class=\"_ _1\"></span>a;<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff14 fs1 fc1 sc0 ls0 ws0 gs1f3b\"><span class=\"_ _27\"> </span><span class=\"ff4\">calcolo delle quote individuali secondo le modalit\u00e0 di pagame<span class=\"_ _1\"></span>nto individuali del b<span class=\"_ _2\"></span>onus;<span class=\"_ _df\"> </span></span></div><div class=\"t m0 h5 ff14 fs1 fc1 sc0 ls0 ws0 gs1f3c\"><span class=\"_ _27\"> </span><span class=\"ff4\">determinazione <span class=\"_ _0\"> </span>in <span class=\"_ _9\"> </span>funzione <span class=\"_ _9\"> </span>del <span class=\"_ _9\"> </span>prezzo <span class=\"_ _0\"></span>st<span class=\"_ _2\"></span>imato <span class=\"_ _0\"></span>del <span class=\"_ _0\"> </span>t<span class=\"_ _2\"></span>itolo <span class=\"_ _0\"></span>del <span class=\"_ _0\"></span>numero <span class=\"_ _9\"> </span>di <span class=\"_ _9\"> </span>azioni <span class=\"_ _0\"> </span>necessarie <span class=\"_ _9\"> </span>a </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1f3d\">corrispondere la parte di bonus in azioni (laddov<span class=\"_ _1\"></span>e non gi\u00e0 determinato);<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff14 fs1 fc1 sc0 ls0 ws0 gs1f3e\"><span class=\"_ _27\"> </span><span class=\"ff4\">imputazione proporzionale in base al vesting period<span class=\"_ _1\"></span> delle azioni assegnate;<span class=\"_ _df\"> </span></span></div>reiterazione del procedimento per il numero di repliche stabilite.<span class=\"_ _df\"> </span><div class=\"t m0 h5 ff4 fs1 fc16 scf ls0 ws0 gs1f40\">In<span class=\"_ _f\"></span>form<span class=\"_ _f\"></span>azi<span class=\"_ _f\"></span>oni<span class=\"_ _f\"></span><span class=\"sc0\"> <span class=\"scf lsb2\">di</span> <span class=\"scf\">nat<span class=\"_ _f\"></span>ura<span class=\"_ _1\"></span><span class=\"sc0\"> <span class=\"scf\">q<span class=\"_ _f\"></span>uan<span class=\"_ _f\"></span>tita<span class=\"_ _f\"></span>tiv<span class=\"_ _1\"></span>e<span class=\"fc1 sc2\"> </span></span></span></span></span></div><div class=\"gs1f41\"><table class=\"s w120c h5d7\" id=\"_b970023b-0bb7-4eb3-b9b6-bb6b1d0d6a5e\"><tr><td></td><td></td><td class=\"c xbdd y395d w680 h2b2\"><div class=\"t m0 x0 h1a0 y1ca7 ff32 fs7 fc16 sc0 ls0 ws0\">quota<span class=\"ff18\"> <span class=\"_ _f\"></span><span class=\"ff32 ls2b\">di<span class=\"ff18 ls0\"> <span class=\"_ _f\"></span><span class=\"ff32\">compet<span class=\"_ _1\"></span>enza</span></span></span></span><span class=\"ff18\"><span class=\"ff32 ls2b\"><span class=\"ff18 ls0\"><span class=\"ff32\"><span class=\"ff18\"> </span></span></span></span></span></div></td><td></td></tr><tr><td></td><td class=\"c xbde y395e w40a h58\"><div class=\"t m0 x0 h37b y1ca5 ff32 fs7 fc16 sc0 ls0 ws0\">Pi<span class=\"_ _f\"></span>an<span class=\"_ _f\"></span>o<span class=\"fc1\"> </span></div></td><td class=\"t m0 xbdf h37b y395f ff32 fs7 fc16 sc0 ls0 ws0\">del<span class=\"_ _f\"></span>l'ese<span class=\"_ _f\"></span>rcizi<span class=\"_ _f\"></span>o<span class=\"fc1\"> </span></td><td class=\"c xbe0 y395e w681 h58\"><div class=\"t m0 x0 h1a0 y1ca5 ff32 fs7 fc16 sc0 ls0 ws0\">impatto<span class=\"ff18\"> <span class=\"_ _f\"></span><span class=\"ff32\">a<span class=\"ff18\"> <span class=\"_ _f\"></span><span class=\"ff32\">pat<span class=\"_ _f\"></span>rim<span class=\"_ _f\"></span>onio</span></span></span></span><span class=\"ff18\"><span class=\"ff32\"><span class=\"ff18\"><span class=\"ff32\"><span class=\"fc1\"> </span></span></span></span></span></div></td></tr><tr><td></td><td class=\"c xbe1 y3960 w120d h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">- Sis<span class=\"_ _1\"></span>tem<span class=\"_ _f\"></span>a <span class=\"_ _2\"></span>pre<span class=\"_ _f\"></span>mian<span class=\"_ _1\"></span>te <span class=\"lsda\">202</span>5<span class=\"_ _df\"> </span></div></td><td></td><td></td></tr><tr><td></td><td class=\"c xbe1 y3962 w120e h5d8\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _df\"> </span></div><div class=\"t m0 xbe2 h1f y3961 ff4 fs7 fc1 sc0 ls0 ws0\">Sistemi <span class=\"_ _f\"></span>premianti <span class=\"_ _11\"></span>e <span class=\"_ _1\"></span>altre <span class=\"_ _f\"></span>forme <span class=\"_ _f\"></span><span class=\"lsd8\">di<span class=\"ls0\"> <span class=\"_ _f\"></span>remunerazione<span class=\"_ _df\"> </span></span></span></div></td><td></td><td></td></tr><tr><td></td><td class=\"c xbe1 y3963 w120f h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">variabile <span class=\"_ _1\"></span><span class=\"lsd8\">di<span class=\"ls0\"> breve <span class=\"_ _1\"></span>e <span class=\"_ _f\"></span>medio periodo <span class=\"_ _f\"></span>relativi agli <span class=\"_ _1\"></span>anni<span class=\"_ _df\"> </span></span></span></div></td><td class=\"c xbe3 y3964 w1f2 h58\"><div class=\"t m0 x0 h1f y1cb0 ff4 fs7 fc1 sc0 ls0 ws0\">4.<span class=\"_ _f\"></span>530,2<span class=\"_ _1\"></span> </div></td><td class=\"c xbe4 y3964 w19e h58\"><div class=\"t m0 x0 h1f y1cb0 ff4 fs7 fc1 sc0 ls0 ws0\">36.<span class=\"_ _f\"></span>638,<span class=\"_ _1\"></span>8 </div></td></tr><tr><td class=\"c xbe5 y3965 w16f h212\"><div class=\"t m0 x0 h1f y1ca9 ff4 fs7 fc1 sc0 ls0 ws0\">Gru<span class=\"_ _f\"></span>pp<span class=\"ff18\">o</span><span class=\"ff18\"> </span></div></td><td class=\"c xbe1 y2491 w1210 h484\"><div class=\"t m0 x250 h1f y2410 ff4 fs7 fc1 sc0 ls0 ws0\">pre<span class=\"_ _f\"></span>ced<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>ti</div></td><td></td><td></td></tr></table></div>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-763": {
   "value": "<div class=\"t m0 hd3 ff4 fs1a fc16 scf ls0 ws0 gs1f43\">P<span class=\"_ _f\"></span>A<span class=\"_ _1\"></span>R<span class=\"_ _1\"></span>T<span class=\"_ _f\"></span>E<span class=\"_ _f\"></span> <span class=\"_ _13\"></span>L <span class=\"_ _13\"></span><span class=\"ff5\">\u2013<span class=\"_ _f\"></span><span class=\"ff4\"> <span class=\"_ _11\"></span>I<span class=\"_ _1\"></span>N<span class=\"_ _f\"></span>FO<span class=\"_ _11\"></span>RM<span class=\"_ _11\"></span>AT<span class=\"_ _f\"></span>I<span class=\"_ _f\"></span>VA<span class=\"_ _11\"></span> <span class=\"_ _11\"></span><span class=\"ls10d\">DI<span class=\"ls0\"> <span class=\"_ _11\"></span>S<span class=\"_ _f\"></span>E<span class=\"_ _1\"></span>T<span class=\"_ _f\"></span>TO<span class=\"_ _11\"></span>RE<span class=\"_ _f\"></span><span class=\"fc1 sc2\"> </span></span></span></span></span></div><div class=\"t m0 hc ff4 fs4 fc16 scf ls0 ws0 gs1f44\">I<span class=\"_ _1\"></span>NF<span class=\"_ _f\"></span>O<span class=\"_ _f\"></span>RM<span class=\"_ _f\"></span>A<span class=\"_ _1\"></span>T<span class=\"_ _1\"></span>IV<span class=\"_ _f\"></span>A<span class=\"_ _f\"></span> <span class=\"_ _f\"></span><span class=\"ls10e\">DI<span class=\"ls0\"> S<span class=\"_ _f\"></span>ET<span class=\"_ _f\"></span>TO<span class=\"_ _f\"></span>R<span class=\"_ _f\"></span>E <span class=\"_ _f\"></span><span class=\"ff5\">\u2013<span class=\"_ _f\"></span><span class=\"ff4\"> d<span class=\"_ _f\"></span>is<span class=\"_ _f\"></span>tr<span class=\"_ _f\"></span>ib<span class=\"_ _f\"></span>uz<span class=\"_ _f\"></span>io<span class=\"_ _f\"></span>ne<span class=\"_ _f\"></span> <span class=\"_ _f\"></span>pe<span class=\"_ _f\"></span>r<span class=\"_ _1\"></span> s<span class=\"_ _f\"></span>e<span class=\"_ _1\"></span>tt<span class=\"_ _f\"></span>o<span class=\"_ _f\"></span>ri<span class=\"_ _1\"></span> o<span class=\"_ _f\"></span>p<span class=\"_ _f\"></span>er<span class=\"_ _f\"></span>at<span class=\"_ _f\"></span>iv<span class=\"_ _f\"></span>i<span class=\"fc1 sc2\"> </span></span></span></span></span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1f45\">Nel Gruppo Credem operano due settori operativi, Bank<span class=\"_ _f\"></span>in<span class=\"_ _2\"></span>g e We<span class=\"_ _2\"></span>alth Management: </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs1f46\">\u2022<span class=\"_ _27\"> </span><span class=\"ff4 sc2\">Banking:<span class=\"_ _1\"></span><span class=\"sc0\"> Commercial Banking,<span class=\"_ _1\"></span> Private Banking, Parabancario, Consumer Credit e Altro/Technology<span class=\"_ _df\"> </span></span></span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs1f47\">\u2022<span class=\"_ _27\"> </span><span class=\"ff4 sc2\">Wealt<span class=\"_ _1\"></span>h Ma<span class=\"_ _1\"></span>nagem<span class=\"_ _1\"></span>ent:<span class=\"sc0\"> As<span class=\"_ _1\"></span>set Management e Insurance.<span class=\"_ _df\"> </span></span></span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1f48\">Questi <span class=\"_ _f\"></span>due <span class=\"_ _1\"></span>settori <span class=\"_ _1\"></span>operativi <span class=\"_ _f\"></span>aggregano <span class=\"_ _f\"></span>i princ<span class=\"_ _1\"></span>ipali <span class=\"_ _f\"></span>ambiti di <span class=\"_ _f\"></span>business <span class=\"_ _1\"></span>in <span class=\"_ _f\"></span>cui <span class=\"_ _1\"></span>operano <span class=\"_ _1\"></span>le dive<span class=\"_ _1\"></span>rse <span class=\"_ _1\"></span>societ\u00e0 <span class=\"_ _1\"></span>del <span class=\"_ _f\"></span>Gruppo. </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1f49\">In particolare:  </div><div class=\"t m0 h5 ff4 fs1 fc16 scf ls0 ws0 gs1f4a\">B<span class=\"_ _1\"></span>A<span class=\"_ _1\"></span>N<span class=\"_ _1\"></span>KI<span class=\"_ _f\"></span>NG<span class=\"_ _f\"></span> </div><div class=\"t m0 h5 ff4 fs1 fc4 sc3 ls0 ws0 gs1f4b\">Comm<span class=\"_ _f\"></span>ercial <span class=\"_ _1\"></span>Banki<span class=\"_ _1\"></span>ng<span class=\"sc0\">: </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1f4c\">- <span class=\"_ _25\"> </span><span class=\"ff5\">Credito <span class=\"_ _4\"> </span>Emiliano  S.p.A.: <span class=\"_ _4\"> </span>\u00e8  la <span class=\"_ _4\"> </span>Capogruppo  del <span class=\"_ _4\"> </span>Gruppo  Credem <span class=\"_ _4\"> </span>specializzata  nell\u2019attivit\u00e0 <span class=\"_ _4\"> </span>di  commercial<span class=\"_ _df\"> </span></span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs1f4d\">banking <span class=\"_ _d\"></span>at<span class=\"_ _2\"></span>traverso <span class=\"_ _d\"></span>l\u2019erogazione <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>servizi <span class=\"_ _0\"></span>indirizzati <span class=\"_ _0\"></span>a <span class=\"_ _0\"></span>clientela <span class=\"_ _d\"></span>r<span class=\"_ _2\"></span>etail <span class=\"_ _d\"></span>e <span class=\"_ _0\"></span>co<span class=\"_ _2\"></span><span class=\"ff4\">rporate. <span class=\"_ _0\"></span>Tali <span class=\"_ _0\"></span>servizi <span class=\"_ _d\"></span>sono <span class=\"_ _9\"> </span>forniti </span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs1f4e\">anche  attraverso<span class=\"_ _2\"></span>  reti  di <span class=\"_ _4\"> </span>consule<span class=\"_ _1\"></span>nti  finanziari <span class=\"_ _22\"> </span>ab<span class=\"_ _2\"></span>ilitati  all\u2019offerta <span class=\"_ _22\"> </span>fuori <span class=\"_ _4\"> </span>sede  con  rapporto<span class=\"_ _2\"></span>  agenziale.  La<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1f4f\">Capogruppo gestisce, in <span class=\"_ _2\"></span>modalit\u00e0 accentrata, <span class=\"_ _2\"></span>la tesoreria ed <span class=\"_ _2\"></span>il rischio di t<span class=\"_ _2\"></span>asso del Gr<span class=\"_ _2\"></span>uppo, interfacciand<span class=\"_ _1\"></span>osi<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1f50\">con i mercati finanziari istituzionali;<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1f51\">- <span class=\"_ _25\"> </span>Credem <span class=\"_ _0\"></span>CB <span class=\"_ _0\"></span>S.r.l.: <span class=\"_ _d\"></span>societ\u00e0 <span class=\"_ _0\"></span>veicolo <span class=\"_ _0\"></span>ex <span class=\"_ _0\"></span>L. <span class=\"_ _0\"></span>130 <span class=\"_ _0\"></span>del <span class=\"_ _d\"></span>30 <span class=\"_ _0\"></span>aprile <span class=\"_ _d\"></span>1999 <span class=\"_ _0\"></span>per <span class=\"_ _0\"></span>supportare <span class=\"_ _d\"></span>la <span class=\"_ _0\"></span>strutturazione <span class=\"_ _0\"></span>di <span class=\"_ _d\"></span>specifici<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1f52\">programmi di emissione di Obbl<span class=\"_ _1\"></span>igazioni Bancarie Garantite (Covered Bonds).<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc4 sc3 ls0 ws0 gs1f53\">Priva<span class=\"_ _f\"></span>te Banking<span class=\"_ _1\"></span>: </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1f54\">- <span class=\"_ _25\"> </span>Credem - Euromobiliare Private Banking S.p.A.: \u00e8 la Private Bank<span class=\"_ _f\"></span> <span class=\"_ _2\"></span>del Grupp<span class=\"_ _1\"></span>o Bancario Credem, attiva sia nel </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1f55\">private banking che nella promozione fi<span class=\"_ _1\"></span>nanziaria.<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc4 sc3 ls0 ws0 gs1f56\">Para<span class=\"_ _f\"></span>b<span class=\"_ _2\"></span>anc<span class=\"_ _1\"></span>ario<span class=\"_ _1\"></span>, Cons<span class=\"_ _f\"></span>umer Cr<span class=\"_ _1\"></span>edit <span class=\"_ _1\"></span>e Al<span class=\"_ _1\"></span>tro/<span class=\"_ _1\"></span>Technolo<span class=\"_ _f\"></span>gy </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1f57\">- <span class=\"_ _25\"> </span>Credemleasing <span class=\"_ _2\"></span>S.p.A.: s<span class=\"_ _2\"></span>ociet\u00e0 <span class=\"_ _2\"></span>speci<span class=\"_ _1\"></span>alizzata <span class=\"_ _2\"></span>nello <span class=\"_ _2\"></span>sviluppo <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span><span class=\"ff5\">nell\u2019offerta <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>pacchetti <span class=\"_ _2\"></span>integrati <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>leasing. La<span class=\"_ _df\"> </span></span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1f58\">stessa opera in tutti i comparti di attivit\u00e0 della locazione<span class=\"_ _1\"></span> finanziaria: tar<span class=\"_ _2\"></span>gato (le<span class=\"_ _1\"></span>asing, long renting, leasing a<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1f59\">privati), strumentale, immobili<span class=\"_ _1\"></span>are e navale;<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1f5a\">- <span class=\"_ _25\"> </span>Credemfactor <span class=\"_ _2\"></span>S.p.A.: societ\u00e0 <span class=\"_ _2\"></span>specializzat<span class=\"ff5\">a <span class=\"_ _2\"></span>nell\u2019attivit\u00e0 <span class=\"_ _2\"></span>di factoring, <span class=\"_ _2\"></span>offre <span class=\"_ _2\"></span>una gamma <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>servizi c<span class=\"_ _2\"></span>he va <span class=\"_ _2\"></span>dalla<span class=\"_ _df\"> </span></span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1f5b\">gestione dei <span class=\"_ _2\"></span>crediti <span class=\"_ _2\"></span>commerciali, al <span class=\"_ _2\"></span>monitoraggio <span class=\"_ _2\"></span>continuo del <span class=\"_ _2\"></span>rischio, alla <span class=\"_ _2\"></span>garanzia <span class=\"_ _2\"></span>e alla <span class=\"_ _2\"></span>anticipazione del </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1f5c\">credito. <span class=\"_ _2\"></span>Credemfactor <span class=\"_ _d\"></span>S.p.A. <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _d\"></span>inoltr<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>specializzata <span class=\"_ _d\"></span>nella <span class=\"_ _2\"></span>gestione <span class=\"_ _d\"></span>dei <span class=\"_ _2\"></span>cre<span class=\"_ _2\"></span>diti <span class=\"_ _d\"></span>verso <span class=\"_ _d\"></span>gli <span class=\"_ _2\"></span>Enti <span class=\"_ _d\"></span>Pubblici <span class=\"_ _d\"></span>e <span class=\"_ _2\"></span>nello<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1f5d\">sviluppo di convenzioni con i fornitori;<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1f5e\">- <span class=\"_ _25\"> </span><span class=\"ff5\">Avvera S.p.A.: societ\u00e0 di credito al consumo, spe<span class=\"_ _1\"></span>cializzata nell\u2019intermediazione<span class=\"_ _1\"></span> di mutui e nel collocamento<span class=\"_ _df\"> </span></span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1f5f\">di prodotti di cessione del q<span class=\"_ _1\"></span>uinto e erogazione di prestiti persona<span class=\"_ _2\"></span>li e finalizzati;<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1f60\">- <span class=\"_ _25\"> </span>Magazzini G<span class=\"_ _2\"></span>enerali delle Tagliat<span class=\"_ _2\"></span>e S.p.A.: <span class=\"_ _2\"></span>azienda operante <span class=\"_ _2\"></span>nel settore <span class=\"_ _2\"></span>della stagionatura <span class=\"_ _2\"></span>e dello <span class=\"_ _2\"></span>stoccaggio<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1f61\">di <span class=\"_ _2\"></span>formaggio <span class=\"_ _2\"></span>Parmigiano<span class=\"_ _2\"></span>-Reggiano <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>Gr<span class=\"_ _2\"></span>ana <span class=\"_ _2\"></span>Padano. <span class=\"_ _2\"></span>La <span class=\"_ _d\"></span>societ\u00e0 <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _2\"></span>part<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>integrante <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>Gruppo <span class=\"_ _d\"></span>in <span class=\"_ _2\"></span>quanto <span class=\"_ _d\"></span>le<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs1f62\">\u201cforme\u201d di formaggio rap<span class=\"ff4\">presentano il collaterale per finanziamenti ai produttori;<span class=\"_ _df\"> </span></span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1f63\">- <span class=\"_ _25\"> </span><span class=\"ff5\">Credemtel <span class=\"_ _4\"> </span>S.p.A.: <span class=\"_ _4\"> </span>azienda <span class=\"_ _4\"> </span>att<span class=\"_ _2\"></span>iva <span class=\"_ _4\"> </span>nell\u2019<span class=\"_ _1\"></span>offerta <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>servizi <span class=\"_ _4\"> </span>telematici <span class=\"_ _4\"> </span>rivolti <span class=\"_ _4\"> </span>a <span class=\"_ _4\"> </span>banche, <span class=\"_ _4\"> </span>aziende <span class=\"_ _4\"> </span>e <span class=\"_ _4\"> </span>Pubblica<span class=\"_ _df\"> </span></span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1f64\">Amministrazione e sue eventuali Societ\u00e0 controllate.<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc16 scf ls0 ws0 gs1f65\">W<span class=\"_ _f\"></span>EA<span class=\"_ _f\"></span>LT<span class=\"_ _f\"></span>H <span class=\"_ _1\"></span>M<span class=\"_ _1\"></span>AN<span class=\"_ _f\"></span>A<span class=\"_ _1\"></span>G<span class=\"_ _1\"></span>E<span class=\"_ _1\"></span>M<span class=\"_ _1\"></span>EN<span class=\"_ _f\"></span>T<span class=\"_ _f\"></span> </div><div class=\"t m0 h5 ff4 fs1 fc4 sc3 ls0 ws0 gs1f66\">Asset<span class=\"_ _1\"></span> Mana<span class=\"_ _f\"></span>gement<span class=\"_ _f\"></span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1f67\">- <span class=\"_ _25\"> </span>Euromobiliare <span class=\"_ _0\"></span>Asset <span class=\"_ _9\"> </span>Management <span class=\"_ _9\"> </span>SGR <span class=\"_ _0\"></span>S.p.A.: <span class=\"_ _0\"></span>societ\u00e0 <span class=\"_ _9\"> </span>attiva <span class=\"_ _9\"> </span>nel <span class=\"_ _0\"></span>campo <span class=\"_ _0\"></span>della <span class=\"_ _0\"></span>g<span class=\"_ _2\"></span>estione <span class=\"_ _0\"></span>collettiva <span class=\"_ _0\"></span>(fondi <span class=\"_ _9\"> </span>e<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs1f68\">comparti <span class=\"_ _18\"> </span>SICAV). <span class=\"_ _10\"> </span>Svol<span class=\"_ _2\"></span>ge <span class=\"_ _10\"> </span>i <span class=\"_ _18\"> </span>r<span class=\"_ _2\"></span>uoli <span class=\"_ _10\"> </span>di <span class=\"_ _18\"> </span>\u201cManagement <span class=\"_ _18\"> </span>Company\u201d<span class=\"_ _2\"></span> <span class=\"_ _18\"> </span>e <span class=\"_ _10\"> </span>\u201cFund <span class=\"_ _18\"> </span>Administrator\u201d <span class=\"_ _18\"> </span>della <span class=\"_ _18\"> </span>SICAV<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1f69\">Lussemburghese <span class=\"_ _2\"></span>Euromobiliare <span class=\"_ _d\"></span>International <span class=\"_ _2\"></span>Fund <span class=\"_ _d\"></span>Sicav, <span class=\"_ _2\"></span>i <span class=\"_ _d\"></span>cui <span class=\"_ _d\"></span>compart<span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>sono <span class=\"_ _d\"></span>distribu<span class=\"_ _1\"></span>iti <span class=\"_ _d\"></span>attraverso <span class=\"_ _d\"></span>le <span class=\"_ _2\"></span>filiali </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1f6a\">ed i consulenti finanziari di<span class=\"_ _1\"></span> Credit<span class=\"_ _2\"></span>o Emiliano e di Cred<span class=\"_ _1\"></span>em <span class=\"_ _2\"></span>- Euromobiliare Private Banking;<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1f6b\">- <span class=\"_ _25\"> </span><span class=\"ff5\">Euromobiliare Advisory SIM S.p.A.: societ\u00e0 il cu<span class=\"_ _1\"></span>i oggetto sociale <span class=\"_ _1\"></span>prevede l\u2019esercizio professionale<span class=\"_ _1\"></span> dei servizi<span class=\"_ _df\"> </span></span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1f6c\">di <span class=\"_ _4\"> </span>gestione <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>portafogli, <span class=\"_ _4\"> </span>ricezione <span class=\"_ _4\"> </span>e <span class=\"_ _17\"> </span>trasmissione <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>or<span class=\"_ _2\"></span>dini,<span class=\"_ _1\"></span> <span class=\"_ _4\"> </span>consulenza <span class=\"_ _4\"> </span>in <span class=\"_ _4\"> </span>mat<span class=\"_ _2\"></span>eria <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>investimenti <span class=\"_ _4\"> </span>e </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1f6d\">patrimoniale, <span class=\"_ _16\"> </span>anche <span class=\"_ _16\"> </span>mediante  lo <span class=\"_ _16\"> </span>svilupp<span class=\"_ _1\"></span>o  di <span class=\"_ _16\"> </span>prodotti  e <span class=\"_ _9\"> </span>s<span class=\"_ _2\"></span>ervizi <span class=\"_ _9\"> </span>innovativi  ad <span class=\"_ _16\"> </span>alto  valore <span class=\"_ _9\"> </span>tecnologico  nei<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1f6e\">confronti del pubblico ed alle<span class=\"_ _1\"></span> reti Credem;<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1f6f\">- <span class=\"_ _25\"> </span>Euromobiliare <span class=\"_ _d\"></span>Fiduciaria <span class=\"_ _d\"></span>S.p.A.: <span class=\"_ _d\"></span>\u00e8 <span class=\"_ _d\"></span>un <span class=\"_ _d\"></span>o<span class=\"_ _2\"></span>peratore <span class=\"_ _d\"></span>che <span class=\"_ _d\"></span>rientra <span class=\"_ _d\"></span>tra <span class=\"_ _d\"></span>le <span class=\"_ _d\"></span>societ\u00e0 <span class=\"_ _d\"></span>fiduciarie <span class=\"_ _2\"></span>previste <span class=\"_ _d\"></span>dalla <span class=\"_ _0\"></span>Legge <span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>.<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1f70\">1966 <span class=\"_ _d\"></span>del <span class=\"_ _2\"></span>23 <span class=\"_ _d\"></span>novembre <span class=\"_ _2\"></span>1939 <span class=\"_ _d\"></span>e <span class=\"_ _2\"></span>svolge <span class=\"_ _d\"></span>attivit\u00e0 <span class=\"_ _2\"></span>di <span class=\"_ _d\"></span>custodia <span class=\"_ _d\"></span>ed <span class=\"_ _2\"></span>amministrazione <span class=\"_ _2\"></span>dei <span class=\"_ _d\"></span>beni <span class=\"_ _2\"></span>affidati <span class=\"_ _d\"></span>dai <span class=\"_ _2\"></span>fiducianti<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1f71\">sulla base di un mandato fiduciario;<span class=\"_ _df\"> </span> </div>- <span class=\"_ _25\"> </span>Credem Private <span class=\"_ _2\"></span>Equity SGR <span class=\"_ _2\"></span>S.p.A.: societ\u00e0 autorizzata alla <span class=\"_ _2\"></span>prestazione del servizio di gestione <span class=\"_ _2\"></span>collettiva del<span class=\"_ _df\"> </span>risparmio, <span class=\"_ _2\"></span>che svolge <span class=\"_ _2\"></span>attivit\u00e0 <span class=\"_ _2\"></span>di investimento <span class=\"_ _2\"></span>in capitale <span class=\"_ _2\"></span>di r<span class=\"_ _2\"></span>ischio <span class=\"_ _2\"></span>mediante l\u2019istituzione <span class=\"_ _2\"></span>e l\u2019organizzazione<span class=\"_ _df\"> </span>di fondi comuni di investimento mobiliare chiusi.<span class=\"_ _df\"> </span> Insur<span class=\"_ _1\"></span>ance:<span class=\"_ _f\"></span> - <span class=\"_ _25\"> </span>Credemvita <span class=\"_ _d\"></span>S.p.A.: <span class=\"_ _2\"></span>impresa <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>ssicurazioni <span class=\"_ _2\"></span>attiva <span class=\"_ _d\"></span>nei <span class=\"_ _2\"></span>rami <span class=\"_ _2\"></span>vita <span class=\"_ _d\"></span>e <span class=\"_ _2\"></span>previdenziale, <span class=\"_ _2\"></span>ch<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>opera <span class=\"_ _2\"></span>esclus<span class=\"_ _2\"></span>ivamente<span class=\"_ _df\"> </span>attraverso le reti distributive de<span class=\"_ _1\"></span>l Gruppo Credem; - <span class=\"_ _25\"> </span>Credemassicurazioni  S.p.A.: <span class=\"_ _22\"> </span>im<span class=\"_ _2\"></span>presa  di <span class=\"_ _22\"> </span>assicurazioni  at<span class=\"_ _2\"></span>tiva  nei  r<span class=\"_ _2\"></span>ami  danni, <span class=\"_ _22\"> </span>che <span class=\"_ _22\"> </span>opera <span class=\"_ _4\"> </span>esclusivame<span class=\"_ _1\"></span>nte<span class=\"_ _df\"> </span>attraverso  le <span class=\"_ _16\"> </span>reti  d<span class=\"_ _1\"></span>istributive <span class=\"_ _16\"> </span>del  Grupp<span class=\"_ _1\"></span>o  Credem.  La <span class=\"_ _9\"> </span>s<span class=\"_ _2\"></span>ociet\u00e0  \u00e8<span class=\"_ _f\"></span>  partecipata  pariteticamente  d<span class=\"_ _1\"></span>a  Credi<span class=\"_ _1\"></span>to<span class=\"_ _df\"> </span>Emiliano S.p.A. e da Reale Mutua Assicurazioni S.p.A.<span class=\"_ _df\"> </span>IN<span class=\"_ _f\"></span>FO<span class=\"_ _1\"></span>RM<span class=\"_ _f\"></span>AT<span class=\"_ _1\"></span>IV<span class=\"_ _f\"></span>A D<span class=\"_ _f\"></span>I S<span class=\"_ _f\"></span>ET<span class=\"_ _f\"></span>TO<span class=\"_ _f\"></span>RE <span class=\"_ _f\"></span>- c<span class=\"_ _f\"></span>om<span class=\"_ _1\"></span>m<span class=\"_ _f\"></span>ento<span class=\"_ _f\"></span> Si<span class=\"_ _f\"></span> <span class=\"_ _9\"> </span>fa <span class=\"_ _d\"></span>rifer<span class=\"_ _1\"></span>ime<span class=\"_ _f\"></span>nto <span class=\"_ _0\"></span>a <span class=\"_ _0\"></span>qu<span class=\"_ _f\"></span>anto <span class=\"_ _0\"></span>amp<span class=\"_ _1\"></span>iame<span class=\"_ _f\"></span>nte <span class=\"_ _d\"></span>ripo<span class=\"_ _1\"></span>rtat<span class=\"_ _1\"></span>o <span class=\"_ _d\"></span>nella<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>rela<span class=\"_ _f\"></span>zione<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>sul<span class=\"_ _f\"></span>la <span class=\"_ _0\"></span>gest<span class=\"_ _f\"></span>ione <span class=\"_ _d\"></span>sui <span class=\"_ _0\"></span>va<span class=\"_ _f\"></span>ri <span class=\"_ _d\"></span>setto<span class=\"_ _f\"></span>ri <span class=\"_ _2\"></span><span class=\"lsb2\">di<span class=\"_ _2\"></span></span> <span class=\"_ _d\"></span>atti<span class=\"_ _f\"></span>vit\u00e0<span class=\"_ _1\"></span> <span class=\"_ _2\"></span>e <span class=\"_ _d\"></span>alle<span class=\"_ _f\"></span> sin<span class=\"_ _f\"></span>gole<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>soc<span class=\"_ _f\"></span>iet\u00e0 <span class=\"_ _f\"></span>del<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>G<span class=\"_ _f\"></span>ruppo. Si<span class=\"_ _f\"></span> prec<span class=\"_ _1\"></span>isa<span class=\"_ _f\"></span> inol<span class=\"_ _1\"></span>tre<span class=\"_ _1\"></span> che<span class=\"_ _f\"></span> non<span class=\"_ _1\"></span> vi<span class=\"_ _1\"></span>ene<span class=\"_ _f\"></span> ripor<span class=\"_ _1\"></span>tata<span class=\"_ _f\"></span> la s<span class=\"_ _1\"></span>ud<span class=\"_ _f\"></span>divis<span class=\"_ _1\"></span>ione<span class=\"_ _f\"></span> per <span class=\"_ _f\"></span>area <span class=\"_ _f\"></span>geog<span class=\"_ _f\"></span>rafic<span class=\"_ _1\"></span>a i<span class=\"_ _f\"></span>n quan<span class=\"_ _f\"></span>to la<span class=\"_ _f\"></span> maggi<span class=\"_ _f\"></span>or pa<span class=\"_ _f\"></span>rte d<span class=\"_ _f\"></span>ei r<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>avi e <span class=\"_ _1\"></span>cos<span class=\"_ _1\"></span>ti <span class=\"_ _1\"></span>\u00e8 p<span class=\"_ _f\"></span>rodott<span class=\"_ _1\"></span>a i<span class=\"_ _f\"></span>n Ita<span class=\"_ _1\"></span>lia<span class=\"_ _1\"></span>.<span class=\"_ _df\"> </span>Si rimanda alla Relazione sulla gestione consolidata <span class=\"ff5\">\u2013</span> Capitolo 8 per maggiori dettagli sulla composizione de<span class=\"_ _1\"></span>lle singole voci riportate nelle tabelle soprastanti.<table class=\"s w1262 h5dd\" id=\"_55dc9e88-18c3-40c0-bfa0-a234a1016957\"><tr><td></td><td></td><td></td><td class=\"c xbe7 y3985 w1212 h5de\"><div class=\"t m9 x250 h382 y3984 ff4 fs30 fc1 sc0 ls0 ws0\">Paraba<span class=\"_ _2\"></span>nc<span class=\"_ _f\"></span>a<span class=\"_ _2\"></span>rio,<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td class=\"c xbe8 y3986 w1213 h5df\"><div class=\"t m9 x250 h382 y3966 ff4 fs30 fc1 sc0 ls0 ws0\">El<span class=\"_ _f\"></span>isioni<span class=\"_ _f\"></span>,<span class=\"_ _df\"> </span></div></td><td></td></tr><tr><td class=\"c xbe9 y3987 w685 h380\"><div class=\"t m8 xe8 h381 y1cc1 ff4 fs2f fc1 sc2 ls0 ws0\">D<span class=\"_ _2\"></span>I<span class=\"_ _2\"></span>C<span class=\"_ _d\"></span>E<span class=\"_ _2\"></span>M<span class=\"_ _d\"></span>B<span class=\"_ _d\"></span>R<span class=\"_ _2\"></span>E<span class=\"_ _d\"></span> <span class=\"_ _2\"></span>2<span class=\"_ _d\"></span>0<span class=\"_ _2\"></span>2<span class=\"_ _d\"></span>5<span class=\"_ _df\"> </span></div></td><td class=\"c xbea y3988 w1214 h5df\"><div class=\"t m9 x250 h382 y3966 ff4 fs30 fc1 sc0 ls0 ws0\">Com<span class=\"_ _2\"></span>me<span class=\"_ _2\"></span>rc<span class=\"_ _f\"></span>ia<span class=\"_ _2\"></span>l<span class=\"_ _df\"> </span></div></td><td class=\"c xbeb y3988 w1215 h5df\"><div class=\"t m9 x250 h382 y3966 ff4 fs30 fc1 sc0 ls0 ws0\">Pr<span class=\"_ _1\"></span>ivate<span class=\"_ _df\"> </span></div></td><td class=\"c xbec y3988 w1216 h5df\"><div class=\"t m9 x250 h382 y3966 ff4 fs30 fc1 sc0 ls0 ws0\">Consume<span class=\"_ _2\"></span>r<span class=\"_ _df\"> </span></div></td><td class=\"c xbe9 y3987 w685 h380\"><div class=\"t m8 xf4 h381 y1cc1 ff4 fs2f fc1 sc2 ls0 ws0\">B<span class=\"_ _d\"></span>A<span class=\"_ _2\"></span>N<span class=\"_ _2\"></span>K<span class=\"_ _d\"></span>I<span class=\"_ _2\"></span>N<span class=\"_ _2\"></span>G<span class=\"_ _df\"> </span></div></td><td class=\"c xbed y3988 w1217 h5df\"><div class=\"t m9 x250 h382 y3966 ff4 fs30 fc1 sc0 ls0 ws0\">Asset<span class=\"_ _df\"> </span></div></td><td class=\"c xbe9 y3987 w685 h380\"><div class=\"t m9 x17c h382 y1cc1 ff4 fs30 fc1 sc0 ls0 ws0\">I<span class=\"_ _1\"></span>nsurance<span class=\"_ _df\"> </span></div></td><td class=\"c xbee y398a w1218 h58d\"><div class=\"t m8 x250 h381 y3989 ff4 fs2f fc1 sc2 ls0 ws0\">W<span class=\"_ _d\"></span>e<span class=\"_ _d\"></span>a<span class=\"_ _d\"></span>l<span class=\"_ _d\"></span>t<span class=\"_ _2\"></span>h<span class=\"_ _df\"> </span></div></td><td class=\"c xbef y398b w1219 h5df\"><div class=\"t m9 x250 h382 y3966 ff4 fs30 fc1 sc0 ls0 ws0\">rettifi<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>he e<span class=\"_ _df\"> </span></div></td><td class=\"c xbe9 y3987 w685 h380\"><div class=\"t m8 x1c9 h381 y1cc1 ff4 fs2f fc1 sc2 ls0 ws0\">C<span class=\"_ _d\"></span>o<span class=\"_ _2\"></span>n<span class=\"_ _d\"></span>s<span class=\"_ _2\"></span>o<span class=\"_ _d\"></span>l<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>d<span class=\"_ _d\"></span>a<span class=\"_ _d\"></span>t<span class=\"_ _2\"></span>o<span class=\"_ _df\"> </span></div></td></tr><tr><td></td><td class=\"c xbf0 y398c w121a h5df\"><div class=\"t m9 x250 h382 y3966 ff4 fs30 fc1 sc0 ls0 ws0\">Ba<span class=\"_ _2\"></span>nk<span class=\"_ _f\"></span>ing<span class=\"_ _df\"> </span></div></td><td class=\"c xbf1 y398c w121a h5df\"><div class=\"t m9 x250 h382 y3966 ff4 fs30 fc1 sc0 ls0 ws0\">Ba<span class=\"_ _2\"></span>nk<span class=\"_ _f\"></span>ing<span class=\"_ _df\"> </span></div></td><td class=\"c xbf2 y398c w121b h5df\"><div class=\"t m9 x250 h382 y3966 ff4 fs30 fc1 sc0 ls0 ws0\">Credit, I<span class=\"_ _f\"></span>T<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c xbf3 y398c w121c h5df\"><div class=\"t m9 x250 h382 y3966 ff4 fs30 fc1 sc0 ls0 ws0\">Ma<span class=\"_ _2\"></span>nagem<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>nt<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c xbf4 y398d w121d h58d\"><div class=\"t m8 x250 h381 y3989 ff4 fs2f fc1 sc2 ls0 ws0\">M<span class=\"_ _d\"></span>a<span class=\"_ _d\"></span>n<span class=\"_ _2\"></span>a<span class=\"_ _0\"></span>g<span class=\"_ _2\"></span>e<span class=\"_ _d\"></span>m<span class=\"_ _0\"></span>e<span class=\"_ _d\"></span>n<span class=\"_ _2\"></span>t<span class=\"_ _df\"> </span></div></td><td class=\"c xbf5 y398e w121e h5df\"><div class=\"t m9 x250 h382 y3966 ff4 fs30 fc1 sc0 ls0 ws0\">ric<span class=\"_ _f\"></span>lassifi<span class=\"_ _f\"></span>che<span class=\"_ _df\"> </span></div></td><td></td></tr><tr><td></td><td></td><td></td><td class=\"c xbf6 y398f w121f h5df\"><div class=\"t m9 x250 h382 y3966 ff4 fs30 fc1 sc0 ls0 ws0\">Tec<span class=\"_ _1\"></span>hnology<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x262 y3075 w1220 h58d\"><div class=\"t m8 x250 h381 y3989 ff4 fs2f fc1 sc2 ls0 ws0\">I<span class=\"_ _2\"></span>M<span class=\"_ _2\"></span>P<span class=\"_ _2\"></span>I<span class=\"_ _2\"></span>E<span class=\"_ _2\"></span>G<span class=\"_ _d\"></span>H<span class=\"_ _d\"></span>I<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>A<span class=\"_ _d\"></span> <span class=\"_ _2\"></span>C<span class=\"_ _d\"></span>L<span class=\"_ _2\"></span>I<span class=\"_ _2\"></span>E<span class=\"_ _2\"></span>N<span class=\"_ _2\"></span>T<span class=\"_ _2\"></span>E<span class=\"_ _2\"></span>L<span class=\"_ _2\"></span>A<span class=\"_ _df\"> </span></div></td><td class=\"c xbf7 y3972 w1263 h5df\"><div class=\"t m9 x250 h382 y3966 ff4 fs30 fc1 sc2 ls0 ws0\">3<span class=\"_ _2\"></span>6<span class=\"_ _d\"></span>.<span class=\"_ _d\"></span>0<span class=\"_ _d\"></span>9<span class=\"_ _2\"></span>0<span class=\"_ _df\"> </span></div></td><td class=\"c xc2f y3972 w1264 h5df\"><div class=\"t m9 x250 h382 y3966 ff4 fs30 fc1 sc2 ls0 ws0\">8<span class=\"_ _2\"></span>6<span class=\"_ _2\"></span>6<span class=\"_ _df\"> </span></div></td><td class=\"c xc30 y3972 w1265 h5df\"><div class=\"t m9 x250 h382 y3966 ff4 fs30 fc1 sc2 ls0 ws0\">8<span class=\"_ _2\"></span>.<span class=\"_ _d\"></span>8<span class=\"_ _2\"></span>5<span class=\"_ _d\"></span>8<span class=\"_ _df\"> </span></div></td><td class=\"c x70d y3075 w1266 h58d\"><div class=\"t m8 x250 h381 y3989 ff4 fs2f fc1 sc2 ls0 ws0\">4<span class=\"_ _2\"></span>5<span class=\"_ _d\"></span>.<span class=\"_ _d\"></span>8<span class=\"_ _2\"></span>1<span class=\"_ _d\"></span>5<span class=\"_ _df\"> </span></div></td><td class=\"c xc31 y3972 w1267 h5df\"><div class=\"t m9 x250 h382 y3966 ff4 fs30 fc1 sc2 ls10f ws0\">24<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c xc32 y3075 w1268 h58d\"><div class=\"t m8 x250 h381 y3989 ff4 fs2f fc1 sc2 ls110 ws0\">24<span class=\"_ _df\"> </span></div></td><td class=\"c xc33 y3972 w1269 h5df\"><div class=\"t m9 x250 h382 y3966 ff4 fs30 fc1 sc2 ls0 ws0\">-<span class=\"_ _d\"></span>8<span class=\"_ _2\"></span>.<span class=\"_ _d\"></span>1<span class=\"_ _d\"></span>6<span class=\"_ _d\"></span>5<span class=\"_ _df\"> </span></div></td><td class=\"c xc34 y3075 w126a h58d\"><div class=\"t m8 x250 h381 y3989 ff4 fs2f fc1 sc2 ls0 ws0\">3<span class=\"_ _2\"></span>7<span class=\"_ _d\"></span>.<span class=\"_ _d\"></span>6<span class=\"_ _2\"></span>7<span class=\"_ _d\"></span>4<span class=\"_ _df\"> </span></div></td></tr><tr><td class=\"c x262 y2ec9 w126b h58d\"><div class=\"t m8 x250 h381 y3989 ff4 fs2f fc1 sc0 ls0 ws0\">Ra<span class=\"_ _2\"></span>c<span class=\"_ _f\"></span>colt<span class=\"_ _1\"></span>a DIRE<span class=\"_ _1\"></span>TT<span class=\"_ _f\"></span>A DIRE<span class=\"_ _f\"></span>TTA CL<span class=\"_ _f\"></span>IE<span class=\"_ _1\"></span>NT<span class=\"_ _f\"></span>ELA<span class=\"_ _df\"> </span></div></td><td class=\"c xc35 y3973 w126c h5df\"><div class=\"t m9 x250 h382 y3966 ff4 fs30 fc1 sc0 ls0 ws0\">32.<span class=\"_ _2\"></span>392<span class=\"_ _df\"> </span></div></td><td class=\"c xc36 y3973 w126d h5df\"><div class=\"t m9 x250 h382 y3966 ff4 fs30 fc1 sc0 ls0 ws0\">8<span class=\"_ _1\"></span>.683<span class=\"_ _df\"> </span></div></td><td class=\"c xc37 y3973 w126e h5df\"><div class=\"t m9 x250 h382 y3966 ff4 fs30 fc1 sc0 ls0 ws0\">121<span class=\"_ _df\"> </span></div></td><td class=\"c xc38 y3974 w126f h58d\"><div class=\"t m8 x250 h381 y3989 ff4 fs2f fc1 sc0 ls0 ws0\">41.196<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td class=\"c xc39 y3973 w1270 h5df\"><div class=\"t m9 x250 h382 y3966 ff4 fs30 fc1 sc0 ls0 ws0\">-473<span class=\"_ _df\"> </span></div></td><td class=\"c xc3a y3974 w1271 h58d\"><div class=\"t m8 x250 h381 y3989 ff4 fs2f fc1 sc0 ls0 ws0\">40<span class=\"_ _1\"></span>.72<span class=\"_ _2\"></span>3<span class=\"_ _df\"> </span></div></td></tr><tr><td class=\"c x262 y3056 w122f h58d\"><div class=\"t m8 x250 h381 y3989 ff4 fs2f fc1 sc2 ls0 ws0\">T<span class=\"_ _2\"></span>O<span class=\"_ _2\"></span>T<span class=\"_ _2\"></span>A<span class=\"_ _d\"></span>L<span class=\"_ _2\"></span>E<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>R<span class=\"_ _d\"></span>A<span class=\"_ _d\"></span>C<span class=\"_ _2\"></span>C<span class=\"_ _d\"></span>O<span class=\"_ _2\"></span>L<span class=\"_ _2\"></span>T<span class=\"_ _2\"></span>A<span class=\"_ _d\"></span> <span class=\"_ _2\"></span>D<span class=\"_ _d\"></span>I<span class=\"_ _2\"></span>R<span class=\"_ _2\"></span>E<span class=\"_ _d\"></span>T<span class=\"_ _2\"></span>T<span class=\"_ _2\"></span>A<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>C<span class=\"_ _d\"></span>L<span class=\"_ _2\"></span>IE<span class=\"_ _d\"></span>N<span class=\"_ _2\"></span>T<span class=\"_ _2\"></span>E<span class=\"_ _2\"></span>L<span class=\"_ _2\"></span>A<span class=\"_ _df\"> </span></div></td><td class=\"c xbf7 y3975 w1272 h5df\"><div class=\"t m9 x250 h382 y3966 ff4 fs30 fc1 sc2 ls0 ws0\">3<span class=\"_ _2\"></span>2<span class=\"_ _0\"></span>.<span class=\"_ _d\"></span>3<span class=\"_ _d\"></span>9<span class=\"_ _d\"></span>2<span class=\"_ _df\"> </span></div></td><td class=\"c xc3b y3975 w1273 h5df\"><div class=\"t m9 x250 h382 y3966 ff4 fs30 fc1 sc2 ls0 ws0\">8<span class=\"_ _2\"></span>.<span class=\"_ _d\"></span>6<span class=\"_ _d\"></span>8<span class=\"_ _2\"></span>3<span class=\"_ _df\"> </span></div></td><td class=\"c xc3c y3975 w1274 h5df\"><div class=\"t m9 x250 h382 y3966 ff4 fs30 fc1 sc2 ls0 ws0\">1<span class=\"_ _d\"></span>2<span class=\"_ _d\"></span>1<span class=\"_ _df\"> </span></div></td><td class=\"c xc3d y3976 w1275 h58d\"><div class=\"t m8 x250 h381 y3989 ff4 fs2f fc1 sc2 ls0 ws0\">4<span class=\"_ _2\"></span>1<span class=\"_ _d\"></span>.<span class=\"_ _d\"></span>1<span class=\"_ _d\"></span>9<span class=\"_ _2\"></span>6<span class=\"_ _df\"> </span></div></td><td class=\"c xc3e y3975 w1234 h5df\"><div class=\"t m9 x250 h382 y3966 ff4 fs30 fc1 sc2 ls0 ws0\">0<span class=\"_ _df\"> </span></div></td><td class=\"c xc3f y3975 w1234 h5df\"><div class=\"t m9 x250 h382 y3966 ff4 fs30 fc1 sc2 ls0 ws0\">0<span class=\"_ _df\"> </span></div></td><td class=\"c xc40 y3976 w1276 h58d\"><div class=\"t m8 x250 h381 y3989 ff4 fs2f fc1 sc2 ls0 ws0\">0<span class=\"_ _df\"> </span></div></td><td class=\"c xc41 y3975 w1235 h5df\"><div class=\"t m9 x250 h382 y3966 ff4 fs30 fc1 sc2 ls0 ws0\">-<span class=\"_ _d\"></span>4<span class=\"_ _d\"></span>7<span class=\"_ _2\"></span>3<span class=\"_ _df\"> </span></div></td><td class=\"c xbfe y3976 w1277 h58d\"><div class=\"t m8 x250 h381 y3989 ff4 fs2f fc1 sc2 ls0 ws0\">4<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>.<span class=\"_ _d\"></span>7<span class=\"_ _d\"></span>2<span class=\"_ _d\"></span>3<span class=\"_ _df\"> </span></div></td></tr><tr><td class=\"c x262 y3977 w1237 h5e0\"><div class=\"t m8 x250 h381 y396b ff4 fs2f fc1 sc0 ls0 ws0\">Ra<span class=\"_ _2\"></span>c<span class=\"_ _f\"></span>colt<span class=\"_ _1\"></span>a GEST<span class=\"_ _f\"></span>IT<span class=\"_ _1\"></span>A + ASS<span class=\"_ _1\"></span>I<span class=\"_ _1\"></span>CURATI<span class=\"_ _f\"></span>VA<span class=\"_ _df\"> </span></div></td><td class=\"c xc05 y3978 w1278 h5df\"><div class=\"t m9 x250 h382 y3966 ff4 fs30 fc1 sc0 ls0 ws0\">22<span class=\"_ _2\"></span>.35<span class=\"_ _2\"></span>1<span class=\"_ _df\"> </span></div></td><td class=\"c xc42 y3978 w1279 h5df\"><div class=\"t m9 x250 h382 y3966 ff4 fs30 fc1 sc0 ls0 ws0\">25<span class=\"_ _2\"></span>.694<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c xc3d y3977 w127a h5e0\"><div class=\"t m8 x250 h381 y396b ff4 fs2f fc1 sc0 ls0 ws0\">48<span class=\"_ _1\"></span>.045<span class=\"_ _df\"> </span></div></td><td class=\"c xc2a y3978 w127b h5df\"><div class=\"t m9 x250 h382 y3966 ff4 fs30 fc1 sc0 ls0 ws0\">16.839<span class=\"_ _df\"> </span></div></td><td class=\"c xc43 y3978 w127c h5df\"><div class=\"t m9 x250 h382 y3966 ff4 fs30 fc1 sc0 ls0 ws0\">10.518<span class=\"_ _df\"> </span></div></td><td class=\"c xc2c y3977 w127d h5e0\"><div class=\"t m8 x250 h381 y396b ff4 fs2f fc1 sc2 ls0 ws0\">2<span class=\"_ _d\"></span>7<span class=\"_ _2\"></span>.<span class=\"_ _0\"></span>3<span class=\"_ _2\"></span>5<span class=\"_ _d\"></span>7<span class=\"_ _df\"> </span></div></td><td class=\"c xc33 y3978 w127e h5df\"><div class=\"t m9 x250 h382 y3966 ff4 fs30 fc1 sc0 ls0 ws0\">-2<span class=\"_ _2\"></span>7.183<span class=\"_ _df\"> </span></div></td><td class=\"c xc17 y3977 w127f h5e0\"><div class=\"t m8 x250 h381 y396b ff4 fs2f fc1 sc0 ls0 ws0\">48<span class=\"_ _1\"></span>.2<span class=\"_ _2\"></span>19<span class=\"_ _df\"> </span></div></td></tr><tr><td class=\"c x262 y3979 w1280 h5db\"><div class=\"t m8 x250 h381 y396b ff4 fs2f fc1 sc0 ls0 ws0\">Ra<span class=\"_ _2\"></span>c<span class=\"_ _f\"></span>colt<span class=\"_ _1\"></span>a IN<span class=\"_ _f\"></span>DIRET<span class=\"_ _f\"></span>TA AMMI<span class=\"_ _f\"></span>NI<span class=\"_ _1\"></span>ST<span class=\"_ _1\"></span>RATA CL<span class=\"_ _f\"></span>IE<span class=\"_ _f\"></span>NTE<span class=\"_ _1\"></span>L<span class=\"_ _1\"></span>A<span class=\"_ _df\"> </span></div></td><td class=\"c xc13 y397a w1281 h5dc\"><div class=\"t m9 x250 h382 y3966 ff4 fs30 fc1 sc0 ls0 ws0\">8.721<span class=\"_ _df\"> </span></div></td><td class=\"c xc44 y397a w1282 h5dc\"><div class=\"t m9 x250 h382 y3966 ff4 fs30 fc1 sc0 ls0 ws0\">16.42<span class=\"_ _2\"></span>3<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c xc45 y397b w1283 h5db\"><div class=\"t m8 x250 h381 y396b ff4 fs2f fc1 sc0 ls0 ws0\">25<span class=\"_ _2\"></span>.144<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td class=\"c xc46 y397a w1284 h5dc\"><div class=\"t m9 x250 h382 y3966 ff4 fs30 fc1 sc0 ls0 ws0\">-12<span class=\"_ _df\"> </span></div></td><td class=\"c xc17 y397b w1285 h5db\"><div class=\"t m8 x250 h381 y396b ff4 fs2f fc1 sc0 ls0 ws0\">25<span class=\"_ _2\"></span>.132<span class=\"_ _df\"> </span></div></td></tr><tr><td class=\"c x262 y397c w1246 h5db\"><div class=\"t m8 x250 h381 y396b ff4 fs2f fc1 sc2 ls0 ws0\">T<span class=\"_ _2\"></span>O<span class=\"_ _2\"></span>T<span class=\"_ _2\"></span>A<span class=\"_ _d\"></span>L<span class=\"_ _2\"></span>E<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>R<span class=\"_ _d\"></span>A<span class=\"_ _d\"></span>C<span class=\"_ _2\"></span>C<span class=\"_ _d\"></span>O<span class=\"_ _2\"></span>L<span class=\"_ _2\"></span>T<span class=\"_ _2\"></span>A<span class=\"_ _d\"></span> <span class=\"_ _2\"></span>I<span class=\"_ _2\"></span>N<span class=\"_ _2\"></span>D<span class=\"_ _d\"></span>IR<span class=\"_ _d\"></span>E<span class=\"_ _2\"></span>T<span class=\"_ _d\"></span>T<span class=\"_ _2\"></span>A<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>C<span class=\"_ _d\"></span>LI<span class=\"_ _2\"></span>E<span class=\"_ _2\"></span>N<span class=\"_ _2\"></span>T<span class=\"_ _d\"></span>E<span class=\"_ _2\"></span>L<span class=\"_ _2\"></span>A<span class=\"_ _df\"> </span></div></td><td class=\"c xc47 y397d w1286 h5dc\"><div class=\"t m9 x250 h382 y3966 ff4 fs30 fc1 sc2 ls0 ws0\">3<span class=\"_ _2\"></span>1<span class=\"_ _d\"></span>.<span class=\"_ _0\"></span>0<span class=\"_ _2\"></span>7<span class=\"_ _2\"></span>3<span class=\"_ _df\"> </span></div></td><td class=\"c xc48 y397d w1287 h5dc\"><div class=\"t m9 x250 h382 y3966 ff4 fs30 fc1 sc2 ls0 ws0\">4<span class=\"_ _2\"></span>2<span class=\"_ _0\"></span>.<span class=\"_ _d\"></span>1<span class=\"_ _d\"></span>1<span class=\"_ _d\"></span>7<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c xc49 y397e w1288 h5db\"><div class=\"t m8 x250 h381 y396b ff4 fs2f fc1 sc2 ls0 ws0\">7<span class=\"_ _2\"></span>3<span class=\"_ _d\"></span>.<span class=\"_ _d\"></span>1<span class=\"_ _d\"></span>8<span class=\"_ _2\"></span>9<span class=\"_ _df\"> </span></div></td><td class=\"c xc4a y397d w1289 h5dc\"><div class=\"t m9 x250 h382 y3966 ff4 fs30 fc1 sc2 ls0 ws0\">1<span class=\"_ _d\"></span>6<span class=\"_ _2\"></span>.<span class=\"_ _d\"></span>8<span class=\"_ _d\"></span>3<span class=\"_ _2\"></span>9<span class=\"_ _df\"> </span></div></td><td class=\"c xc4b y397d w128a h5dc\"><div class=\"t m9 x250 h382 y3966 ff4 fs30 fc1 sc2 ls0 ws0\">1<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>.<span class=\"_ _0\"></span>5<span class=\"_ _d\"></span>1<span class=\"_ _d\"></span>8<span class=\"_ _df\"> </span></div></td><td class=\"c xc2c y397e w127d h5db\"><div class=\"t m8 x250 h381 y396b ff4 fs2f fc1 sc2 ls0 ws0\">2<span class=\"_ _d\"></span>7<span class=\"_ _2\"></span>.<span class=\"_ _0\"></span>3<span class=\"_ _2\"></span>5<span class=\"_ _d\"></span>7<span class=\"_ _df\"> </span></div></td><td class=\"c xc4c y397d w128b h5dc\"><div class=\"t m9 x250 h382 y3966 ff4 fs30 fc1 sc2 ls0 ws0\">-<span class=\"_ _d\"></span>2<span class=\"_ _d\"></span>7<span class=\"_ _d\"></span>.<span class=\"_ _d\"></span>1<span class=\"_ _d\"></span>9<span class=\"_ _d\"></span>5<span class=\"_ _df\"> </span></div></td><td class=\"c xc4d y397e w128c h5db\"><div class=\"t m8 x250 h381 y396b ff4 fs2f fc1 sc2 ls0 ws0\">7<span class=\"_ _2\"></span>3<span class=\"_ _d\"></span>.<span class=\"_ _d\"></span>3<span class=\"_ _d\"></span>5<span class=\"_ _d\"></span>1<span class=\"_ _df\"> </span></div></td></tr><tr><td class=\"c x262 y397f w128d h5db\"><div class=\"t m8 x250 h381 y396b ff4 fs2f fc1 sc2 ls0 ws0\">T<span class=\"_ _2\"></span>O<span class=\"_ _2\"></span>T<span class=\"_ _2\"></span>A<span class=\"_ _d\"></span>L<span class=\"_ _2\"></span>E<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>R<span class=\"_ _d\"></span>A<span class=\"_ _d\"></span>C<span class=\"_ _2\"></span>C<span class=\"_ _d\"></span>O<span class=\"_ _2\"></span>L<span class=\"_ _2\"></span>T<span class=\"_ _2\"></span>A<span class=\"_ _d\"></span> <span class=\"_ _2\"></span>C<span class=\"_ _d\"></span>O<span class=\"_ _2\"></span>M<span class=\"_ _d\"></span>P<span class=\"_ _2\"></span>L<span class=\"_ _2\"></span>E<span class=\"_ _2\"></span>S<span class=\"_ _2\"></span>S<span class=\"_ _d\"></span>IV<span class=\"_ _2\"></span>A<span class=\"_ _d\"></span> <span class=\"_ _2\"></span>C<span class=\"_ _d\"></span>L<span class=\"_ _2\"></span>I<span class=\"_ _2\"></span>E<span class=\"_ _2\"></span>N<span class=\"_ _2\"></span>T<span class=\"_ _2\"></span>E<span class=\"_ _2\"></span>L<span class=\"_ _2\"></span>A<span class=\"_ _df\"> </span></div></td><td class=\"c xbf7 y3980 w128e h5dc\"><div class=\"t m9 x250 h382 y3966 ff4 fs30 fc1 sc2 ls0 ws0\">6<span class=\"_ _2\"></span>3<span class=\"_ _d\"></span>.<span class=\"_ _d\"></span>4<span class=\"_ _d\"></span>6<span class=\"_ _d\"></span>5<span class=\"_ _df\"> </span></div></td><td class=\"c xc4e y3980 w128f h5dc\"><div class=\"t m9 x250 h382 y3966 ff4 fs30 fc1 sc2 ls0 ws0\">5<span class=\"_ _d\"></span>0<span class=\"_ _2\"></span>.<span class=\"_ _d\"></span>8<span class=\"_ _2\"></span>0<span class=\"_ _d\"></span>0<span class=\"_ _df\"> </span></div></td><td class=\"c xc4f y3980 w1274 h5dc\"><div class=\"t m9 x250 h382 y3966 ff4 fs30 fc1 sc2 ls0 ws0\">1<span class=\"_ _d\"></span>2<span class=\"_ _d\"></span>1<span class=\"_ _df\"> </span></div></td><td class=\"c xc29 y3981 w1290 h5db\"><div class=\"t m8 x250 h381 y396b ff4 fs2f fc1 sc2 ls0 ws0\">1<span class=\"_ _2\"></span>1<span class=\"_ _d\"></span>4<span class=\"_ _d\"></span>.<span class=\"_ _d\"></span>3<span class=\"_ _2\"></span>8<span class=\"_ _2\"></span>5<span class=\"_ _df\"> </span></div></td><td class=\"c xc4a y3980 w1289 h5dc\"><div class=\"t m9 x250 h382 y3966 ff4 fs30 fc1 sc2 ls0 ws0\">1<span class=\"_ _d\"></span>6<span class=\"_ _2\"></span>.<span class=\"_ _d\"></span>8<span class=\"_ _d\"></span>3<span class=\"_ _2\"></span>9<span class=\"_ _df\"> </span></div></td><td class=\"c xc4b y3980 w128a h5dc\"><div class=\"t m9 x250 h382 y3966 ff4 fs30 fc1 sc2 ls0 ws0\">1<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>.<span class=\"_ _0\"></span>5<span class=\"_ _d\"></span>1<span class=\"_ _d\"></span>8<span class=\"_ _df\"> </span></div></td><td class=\"c xc2c y3981 w127d h5db\"><div class=\"t m8 x250 h381 y396b ff4 fs2f fc1 sc2 ls0 ws0\">2<span class=\"_ _d\"></span>7<span class=\"_ _2\"></span>.<span class=\"_ _0\"></span>3<span class=\"_ _2\"></span>5<span class=\"_ _d\"></span>7<span class=\"_ _df\"> </span></div></td><td class=\"c xc50 y3980 w1291 h5dc\"><div class=\"t m9 x250 h382 y3966 ff4 fs30 fc1 sc2 ls0 ws0\">-<span class=\"_ _d\"></span>2<span class=\"_ _d\"></span>7<span class=\"_ _d\"></span>.<span class=\"_ _d\"></span>6<span class=\"_ _d\"></span>6<span class=\"_ _2\"></span>8<span class=\"_ _df\"> </span></div></td><td class=\"c xc2e y3981 w1292 h5db\"><div class=\"t m8 x250 h381 y396b ff4 fs2f fc1 sc2 ls0 ws0\">1<span class=\"_ _2\"></span>1<span class=\"_ _d\"></span>4<span class=\"_ _d\"></span>.<span class=\"_ _d\"></span>0<span class=\"_ _2\"></span>7<span class=\"_ _2\"></span>4<span class=\"_ _df\"> </span></div></td></tr><tr><td class=\"c x262 y2491 w1259 h5db\"><div class=\"t m8 x250 h381 y396b ff4 fs2f fc1 sc2 ls0 ws0\">T<span class=\"_ _2\"></span>O<span class=\"_ _2\"></span>T<span class=\"_ _2\"></span>A<span class=\"_ _d\"></span>L<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>B<span class=\"_ _d\"></span>U<span class=\"_ _2\"></span>S<span class=\"_ _2\"></span>I<span class=\"_ _2\"></span>N<span class=\"_ _2\"></span>E<span class=\"_ _2\"></span>S<span class=\"_ _2\"></span>S<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>C<span class=\"_ _d\"></span>L<span class=\"_ _2\"></span>IE<span class=\"_ _2\"></span>N<span class=\"_ _2\"></span>T<span class=\"_ _d\"></span>E<span class=\"_ _2\"></span>L<span class=\"_ _2\"></span>A<span class=\"_ _df\"> </span></div></td><td class=\"c xbf7 y3982 w1293 h5dc\"><div class=\"t m9 x250 h382 y3966 ff4 fs30 fc1 sc2 ls0 ws0\">9<span class=\"_ _2\"></span>9<span class=\"_ _d\"></span>.<span class=\"_ _d\"></span>5<span class=\"_ _0\"></span>5<span class=\"_ _d\"></span>5<span class=\"_ _df\"> </span></div></td><td class=\"c xc51 y3982 w1294 h5dc\"><div class=\"t m9 x250 h382 y3966 ff4 fs30 fc1 sc2 ls0 ws0\">5<span class=\"_ _d\"></span>1<span class=\"_ _d\"></span>.<span class=\"_ _d\"></span>6<span class=\"_ _d\"></span>6<span class=\"_ _2\"></span>6<span class=\"_ _df\"> </span></div></td><td class=\"c xc52 y3982 w1295 h5dc\"><div class=\"t m9 x250 h382 y3966 ff4 fs30 fc1 sc2 ls0 ws0\">8<span class=\"_ _2\"></span>.<span class=\"_ _d\"></span>9<span class=\"_ _d\"></span>7<span class=\"_ _2\"></span>9<span class=\"_ _df\"> </span></div></td><td class=\"c xc53 y3983 w1296 h5db\"><div class=\"t m8 x250 h381 y396b ff4 fs2f fc1 sc2 ls0 ws0\">1<span class=\"_ _2\"></span>6<span class=\"_ _d\"></span>0<span class=\"_ _2\"></span>.<span class=\"_ _d\"></span>2<span class=\"_ _d\"></span>0<span class=\"_ _2\"></span>0<span class=\"_ _df\"> </span></div></td><td class=\"c xc4a y3982 w1289 h5dc\"><div class=\"t m9 x250 h382 y3966 ff4 fs30 fc1 sc2 ls0 ws0\">1<span class=\"_ _d\"></span>6<span class=\"_ _2\"></span>.<span class=\"_ _d\"></span>8<span class=\"_ _d\"></span>6<span class=\"_ _2\"></span>3<span class=\"_ _df\"> </span></div></td><td class=\"c xc4b y3982 w128a h5dc\"><div class=\"t m9 x250 h382 y3966 ff4 fs30 fc1 sc2 ls0 ws0\">1<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>.<span class=\"_ _0\"></span>5<span class=\"_ _d\"></span>1<span class=\"_ _d\"></span>8<span class=\"_ _df\"> </span></div></td><td class=\"c xc54 y3983 w1297 h5db\"><div class=\"t m8 x250 h381 y396b ff4 fs2f fc1 sc2 ls0 ws0\">2<span class=\"_ _d\"></span>7<span class=\"_ _2\"></span>.<span class=\"_ _0\"></span>3<span class=\"_ _2\"></span>8<span class=\"_ _2\"></span>1<span class=\"_ _df\"> </span></div></td><td class=\"c xc55 y3982 w1298 h5dc\"><div class=\"t m9 x250 h382 y3966 ff4 fs30 fc1 sc2 ls0 ws0\">-<span class=\"_ _d\"></span>3<span class=\"_ _d\"></span>5<span class=\"_ _d\"></span>.<span class=\"_ _d\"></span>8<span class=\"_ _2\"></span>3<span class=\"_ _d\"></span>3<span class=\"_ _df\"> </span></div></td><td class=\"c xc2e y3983 w1299 h5db\"><div class=\"t m8 x250 h381 y396b ff4 fs2f fc1 sc2 ls0 ws0\">1<span class=\"_ _2\"></span>5<span class=\"_ _0\"></span>1<span class=\"_ _2\"></span>.<span class=\"_ _d\"></span>7<span class=\"_ _d\"></span>4<span class=\"_ _2\"></span>8<span class=\"_ _df\"> </span></div></td></tr></table><table class=\"s w1211 h5d9\" id=\"_c581fbae-6a57-4320-9e63-4ca3e76c2d96\"><tr><td></td><td></td><td></td><td class=\"c xbe7 y3967 w1212 h5da\"><div class=\"t m9 x250 h382 y3966 ff4 fs30 fc1 sc0 ls0 ws0\">Paraba<span class=\"_ _2\"></span>nc<span class=\"_ _f\"></span>a<span class=\"_ _2\"></span>rio,<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td class=\"c xbe8 y3968 w1213 h5da\"><div class=\"t m9 x250 h382 y3966 ff4 fs30 fc1 sc0 ls0 ws0\">El<span class=\"_ _f\"></span>isioni<span class=\"_ _f\"></span>,<span class=\"_ _df\"> </span></div></td><td></td></tr><tr><td class=\"c xbe9 y3969 w685 h380\"><div class=\"t m8 xe8 h381 y1cc1 ff4 fs2f fc1 sc2 ls0 ws0\">D<span class=\"_ _2\"></span>I<span class=\"_ _2\"></span>C<span class=\"_ _d\"></span>E<span class=\"_ _2\"></span>M<span class=\"_ _d\"></span>B<span class=\"_ _d\"></span>R<span class=\"_ _2\"></span>E<span class=\"_ _d\"></span> <span class=\"_ _2\"></span>2<span class=\"_ _d\"></span>0<span class=\"_ _2\"></span>2<span class=\"_ _d\"></span>4<span class=\"_ _df\"> </span></div></td><td class=\"c xbea y396a w1214 h5da\"><div class=\"t m9 x250 h382 y3966 ff4 fs30 fc1 sc0 ls0 ws0\">Com<span class=\"_ _2\"></span>me<span class=\"_ _2\"></span>rc<span class=\"_ _f\"></span>ia<span class=\"_ _2\"></span>l<span class=\"_ _df\"> </span></div></td><td class=\"c xbeb y396a w1215 h5da\"><div class=\"t m9 x250 h382 y3966 ff4 fs30 fc1 sc0 ls0 ws0\">Pr<span class=\"_ _1\"></span>ivate<span class=\"_ _df\"> </span></div></td><td class=\"c xbec y396a w1216 h5da\"><div class=\"t m9 x250 h382 y3966 ff4 fs30 fc1 sc0 ls0 ws0\">Consume<span class=\"_ _2\"></span>r<span class=\"_ _df\"> </span></div></td><td class=\"c xbe9 y3969 w685 h380\"><div class=\"t m8 xf4 h381 y1cc1 ff4 fs2f fc1 sc2 ls0 ws0\">B<span class=\"_ _d\"></span>A<span class=\"_ _2\"></span>N<span class=\"_ _2\"></span>K<span class=\"_ _d\"></span>I<span class=\"_ _2\"></span>N<span class=\"_ _2\"></span>G<span class=\"_ _df\"> </span></div></td><td class=\"c xbed y396a w1217 h5da\"><div class=\"t m9 x250 h382 y3966 ff4 fs30 fc1 sc0 ls0 ws0\">Asset<span class=\"_ _df\"> </span></div></td><td class=\"c xbe9 y3969 w685 h380\"><div class=\"t m9 x17c h382 y1cc1 ff4 fs30 fc1 sc0 ls0 ws0\">I<span class=\"_ _1\"></span>nsurance<span class=\"_ _df\"> </span></div></td><td class=\"c xbee y396c w1218 h5db\"><div class=\"t m8 x250 h381 y396b ff4 fs2f fc1 sc2 ls0 ws0\">W<span class=\"_ _d\"></span>e<span class=\"_ _d\"></span>a<span class=\"_ _d\"></span>l<span class=\"_ _d\"></span>t<span class=\"_ _2\"></span>h<span class=\"_ _df\"> </span></div></td><td class=\"c xbef y396d w1219 h5da\"><div class=\"t m9 x250 h382 y3966 ff4 fs30 fc1 sc0 ls0 ws0\">rettifi<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>he e<span class=\"_ _df\"> </span></div></td><td class=\"c xbe9 y3969 w685 h380\"><div class=\"t m8 x1c9 h381 y1cc1 ff4 fs2f fc1 sc2 ls0 ws0\">C<span class=\"_ _d\"></span>o<span class=\"_ _2\"></span>n<span class=\"_ _d\"></span>s<span class=\"_ _2\"></span>o<span class=\"_ _d\"></span>l<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>d<span class=\"_ _d\"></span>a<span class=\"_ _d\"></span>t<span class=\"_ _2\"></span>o<span class=\"_ _df\"> </span></div></td></tr><tr><td></td><td class=\"c xbf0 y396e w121a h5da\"><div class=\"t m9 x250 h382 y3966 ff4 fs30 fc1 sc0 ls0 ws0\">Ba<span class=\"_ _2\"></span>nk<span class=\"_ _f\"></span>ing<span class=\"_ _df\"> </span></div></td><td class=\"c xbf1 y396e w121a h5da\"><div class=\"t m9 x250 h382 y3966 ff4 fs30 fc1 sc0 ls0 ws0\">Ba<span class=\"_ _2\"></span>nk<span class=\"_ _f\"></span>ing<span class=\"_ _df\"> </span></div></td><td class=\"c xbf2 y396e w121b h5da\"><div class=\"t m9 x250 h382 y3966 ff4 fs30 fc1 sc0 ls0 ws0\">Credit, I<span class=\"_ _f\"></span>T<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c xbf3 y396e w121c h5da\"><div class=\"t m9 x250 h382 y3966 ff4 fs30 fc1 sc0 ls0 ws0\">Ma<span class=\"_ _2\"></span>nagem<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>nt<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c xbf4 y396f w121d h5db\"><div class=\"t m8 x250 h381 y396b ff4 fs2f fc1 sc2 ls0 ws0\">M<span class=\"_ _d\"></span>a<span class=\"_ _d\"></span>n<span class=\"_ _2\"></span>a<span class=\"_ _0\"></span>g<span class=\"_ _2\"></span>e<span class=\"_ _d\"></span>m<span class=\"_ _0\"></span>e<span class=\"_ _d\"></span>n<span class=\"_ _2\"></span>t<span class=\"_ _df\"> </span></div></td><td class=\"c xbf5 y3970 w121e h5da\"><div class=\"t m9 x250 h382 y3966 ff4 fs30 fc1 sc0 ls0 ws0\">ric<span class=\"_ _f\"></span>lassifi<span class=\"_ _f\"></span>che<span class=\"_ _df\"> </span></div></td><td></td></tr><tr><td></td><td></td><td></td><td class=\"c xbf6 y3971 w121f h5da\"><div class=\"t m9 x250 h382 y3966 ff4 fs30 fc1 sc0 ls0 ws0\">Tec<span class=\"_ _1\"></span>hnology<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x262 y3075 w1220 h5db\"><div class=\"t m8 x250 h381 y396b ff4 fs2f fc1 sc2 ls0 ws0\">I<span class=\"_ _2\"></span>M<span class=\"_ _2\"></span>P<span class=\"_ _2\"></span>I<span class=\"_ _2\"></span>E<span class=\"_ _2\"></span>G<span class=\"_ _d\"></span>H<span class=\"_ _d\"></span>I<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>A<span class=\"_ _d\"></span> <span class=\"_ _2\"></span>C<span class=\"_ _d\"></span>L<span class=\"_ _2\"></span>I<span class=\"_ _2\"></span>E<span class=\"_ _2\"></span>N<span class=\"_ _2\"></span>T<span class=\"_ _2\"></span>E<span class=\"_ _2\"></span>L<span class=\"_ _2\"></span>A<span class=\"_ _df\"> </span></div></td><td class=\"c xbf7 y3972 w1221 h5dc\"><div class=\"t m9 x250 h382 y3966 ff4 fs30 fc1 sc2 ls0 ws0\">3<span class=\"_ _2\"></span>4<span class=\"_ _d\"></span>.<span class=\"_ _d\"></span>9<span class=\"_ _d\"></span>9<span class=\"_ _d\"></span>8<span class=\"_ _df\"> </span></div></td><td class=\"c xbf8 y3972 w1222 h5dc\"><div class=\"t m9 x250 h382 y3966 ff4 fs30 fc1 sc2 ls0 ws0\">7<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>6<span class=\"_ _df\"> </span></div></td><td class=\"c xbf9 y3972 w1223 h5dc\"><div class=\"t m9 x250 h382 y3966 ff4 fs30 fc1 sc2 ls0 ws0\">8<span class=\"_ _2\"></span>.<span class=\"_ _d\"></span>0<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>7<span class=\"_ _df\"> </span></div></td><td class=\"c xbfa y3972 w1224 h5dc\"><div class=\"t m9 x250 h382 y3966 ff4 fs30 fc1 sc2 ls0 ws0\">4<span class=\"_ _2\"></span>3<span class=\"_ _d\"></span>.<span class=\"_ _d\"></span>7<span class=\"_ _2\"></span>1<span class=\"_ _d\"></span>1<span class=\"_ _df\"> </span></div></td><td class=\"c xbfb y3972 w1225 h5dc\"><div class=\"t m9 x250 h382 y3966 ff4 fs30 fc1 sc2 ls111 ws0\">40<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c xbfc y3972 w1225 h5dc\"><div class=\"t m9 x250 h382 y3966 ff4 fs30 fc1 sc2 ls111 ws0\">40<span class=\"_ _df\"> </span></div></td><td class=\"c xbfd y3972 w1226 h5dc\"><div class=\"t m9 x250 h382 y3966 ff4 fs30 fc1 sc2 ls0 ws0\">-<span class=\"_ _d\"></span>7<span class=\"_ _2\"></span>.<span class=\"_ _0\"></span>3<span class=\"_ _2\"></span>8<span class=\"_ _d\"></span>8<span class=\"_ _df\"> </span></div></td><td class=\"c xbfe y3075 w1227 h5db\"><div class=\"t m8 x250 h381 y396b ff4 fs2f fc1 sc2 ls0 ws0\">3<span class=\"_ _2\"></span>6<span class=\"_ _d\"></span>.<span class=\"_ _d\"></span>3<span class=\"_ _d\"></span>6<span class=\"_ _2\"></span>3<span class=\"_ _df\"> </span></div></td></tr><tr><td class=\"c x262 y2ec9 w1228 h5db\"><div class=\"t m8 x250 h381 y396b ff4 fs2f fc1 sc0 ls0 ws0\">Ra<span class=\"_ _2\"></span>c<span class=\"_ _f\"></span>colt<span class=\"_ _1\"></span>a DIRE<span class=\"_ _1\"></span>TT<span class=\"_ _f\"></span>A BANCARI<span class=\"_ _1\"></span>A<span class=\"_ _df\"> </span></div></td><td class=\"c xbff y3973 w1229 h5dc\"><div class=\"t m9 x250 h382 y3966 ff4 fs30 fc1 sc0 ls0 ws0\">31.611<span class=\"_ _df\"> </span></div></td><td class=\"c xc00 y3973 w122a h5dc\"><div class=\"t m9 x250 h382 y3966 ff4 fs30 fc1 sc0 ls0 ws0\">7.88<span class=\"_ _f\"></span>8<span class=\"_ _df\"> </span></div></td><td class=\"c xc01 y3973 w122b h5dc\"><div class=\"t m9 x250 h382 y3966 ff4 fs30 fc1 sc0 ls0 ws0\">123<span class=\"_ _df\"> </span></div></td><td class=\"c xc02 y3973 w122c h5dc\"><div class=\"t m9 x250 h382 y3966 ff4 fs30 fc1 sc0 ls0 ws0\">39.<span class=\"_ _2\"></span>623<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td class=\"c xc03 y3973 w122d h5dc\"><div class=\"t m9 x250 h382 y3966 ff4 fs30 fc1 sc0 ls0 ws0\">-374<span class=\"_ _df\"> </span></div></td><td class=\"c xc04 y3974 w122e h5db\"><div class=\"t m8 x250 h381 y396b ff4 fs2f fc1 sc0 ls0 ws0\">39.2<span class=\"_ _2\"></span>49<span class=\"_ _df\"> </span></div></td></tr><tr><td class=\"c x262 y3056 w122f h5db\"><div class=\"t m8 x250 h381 y396b ff4 fs2f fc1 sc2 ls0 ws0\">T<span class=\"_ _2\"></span>O<span class=\"_ _2\"></span>T<span class=\"_ _2\"></span>A<span class=\"_ _d\"></span>L<span class=\"_ _2\"></span>E<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>R<span class=\"_ _d\"></span>A<span class=\"_ _d\"></span>C<span class=\"_ _2\"></span>C<span class=\"_ _d\"></span>O<span class=\"_ _2\"></span>L<span class=\"_ _2\"></span>T<span class=\"_ _2\"></span>A<span class=\"_ _d\"></span> <span class=\"_ _2\"></span>D<span class=\"_ _d\"></span>I<span class=\"_ _2\"></span>R<span class=\"_ _2\"></span>E<span class=\"_ _d\"></span>T<span class=\"_ _2\"></span>T<span class=\"_ _2\"></span>A<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>C<span class=\"_ _d\"></span>L<span class=\"_ _2\"></span>IE<span class=\"_ _d\"></span>N<span class=\"_ _2\"></span>T<span class=\"_ _2\"></span>E<span class=\"_ _2\"></span>L<span class=\"_ _2\"></span>A<span class=\"_ _df\"> </span></div></td><td class=\"c xc05 y3975 w1230 h5dc\"><div class=\"t m9 x250 h382 y3966 ff4 fs30 fc1 sc2 ls0 ws0\">3<span class=\"_ _2\"></span>1<span class=\"_ _d\"></span>.<span class=\"_ _0\"></span>6<span class=\"_ _2\"></span>1<span class=\"_ _d\"></span>1<span class=\"_ _df\"> </span></div></td><td class=\"c xc06 y3975 w1231 h5dc\"><div class=\"t m9 x250 h382 y3966 ff4 fs30 fc1 sc2 ls0 ws0\">7<span class=\"_ _2\"></span>.<span class=\"_ _d\"></span>8<span class=\"_ _2\"></span>8<span class=\"_ _2\"></span>8<span class=\"_ _df\"> </span></div></td><td class=\"c xc07 y3975 w1232 h5dc\"><div class=\"t m9 x250 h382 y3966 ff4 fs30 fc1 sc2 ls0 ws0\">1<span class=\"_ _d\"></span>2<span class=\"_ _d\"></span>3<span class=\"_ _df\"> </span></div></td><td class=\"c xc08 y3975 w1233 h5dc\"><div class=\"t m9 x250 h382 y3966 ff4 fs30 fc1 sc2 ls0 ws0\">3<span class=\"_ _2\"></span>9<span class=\"_ _d\"></span>.<span class=\"_ _d\"></span>6<span class=\"_ _d\"></span>2<span class=\"_ _d\"></span>3<span class=\"_ _df\"> </span></div></td><td class=\"c xc09 y3975 w1234 h5dc\"><div class=\"t m9 x250 h382 y3966 ff4 fs30 fc1 sc2 ls0 ws0\">0<span class=\"_ _df\"> </span></div></td><td class=\"c xc0a y3975 w1234 h5dc\"><div class=\"t m9 x250 h382 y3966 ff4 fs30 fc1 sc2 ls0 ws0\">0<span class=\"_ _df\"> </span></div></td><td class=\"c xc0b y3975 w1234 h5dc\"><div class=\"t m9 x250 h382 y3966 ff4 fs30 fc1 sc2 ls0 ws0\">0<span class=\"_ _df\"> </span></div></td><td class=\"c xc0c y3975 w1235 h5dc\"><div class=\"t m9 x250 h382 y3966 ff4 fs30 fc1 sc2 ls0 ws0\">-<span class=\"_ _d\"></span>3<span class=\"_ _d\"></span>7<span class=\"_ _2\"></span>4<span class=\"_ _df\"> </span></div></td><td class=\"c xbfe y3976 w1236 h5db\"><div class=\"t m8 x250 h381 y396b ff4 fs2f fc1 sc2 ls0 ws0\">3<span class=\"_ _2\"></span>9<span class=\"_ _d\"></span>.<span class=\"_ _d\"></span>2<span class=\"_ _d\"></span>4<span class=\"_ _d\"></span>9<span class=\"_ _df\"> </span></div></td></tr><tr><td class=\"c x262 y3977 w1237 h5db\"><div class=\"t m8 x250 h381 y396b ff4 fs2f fc1 sc0 ls0 ws0\">Ra<span class=\"_ _2\"></span>c<span class=\"_ _f\"></span>colt<span class=\"_ _1\"></span>a GEST<span class=\"_ _f\"></span>IT<span class=\"_ _1\"></span>A + ASS<span class=\"_ _1\"></span>I<span class=\"_ _1\"></span>CURATI<span class=\"_ _f\"></span>VA<span class=\"_ _df\"> </span></div></td><td class=\"c xc05 y3978 w1238 h5dc\"><div class=\"t m9 x250 h382 y3966 ff4 fs30 fc1 sc0 ls0 ws0\">20.744<span class=\"_ _df\"> </span></div></td><td class=\"c xc0d y3978 w1239 h5dc\"><div class=\"t m9 x250 h382 y3966 ff4 fs30 fc1 sc0 ls0 ws0\">23.186<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c xc0e y3978 w123a h5dc\"><div class=\"t m9 x250 h382 y3966 ff4 fs30 fc1 sc0 ls0 ws0\">43.92<span class=\"_ _2\"></span>9<span class=\"_ _df\"> </span></div></td><td class=\"c xc0f y3978 w123b h5dc\"><div class=\"t m9 x250 h382 y3966 ff4 fs30 fc1 sc0 ls0 ws0\">15.<span class=\"_ _2\"></span>111<span class=\"_ _df\"> </span></div></td><td class=\"c xc10 y3978 w123c h5dc\"><div class=\"t m9 x250 h382 y3966 ff4 fs30 fc1 sc0 ls0 ws0\">9.<span class=\"_ _2\"></span>396<span class=\"_ _df\"> </span></div></td><td class=\"c xc11 y3978 w123d h5dc\"><div class=\"t m9 x250 h382 y3966 ff4 fs30 fc1 sc0 ls0 ws0\">24.5<span class=\"_ _2\"></span>06<span class=\"_ _df\"> </span></div></td><td class=\"c xc12 y3978 w123e h5dc\"><div class=\"t m9 x250 h382 y3966 ff4 fs30 fc1 sc0 ls0 ws0\">-<span class=\"_ _2\"></span>24.<span class=\"_ _2\"></span>393<span class=\"_ _df\"> </span></div></td><td class=\"c xc04 y3977 w123f h5db\"><div class=\"t m8 x250 h381 y396b ff4 fs2f fc1 sc0 ls0 ws0\">44.043<span class=\"_ _df\"> </span></div></td></tr><tr><td class=\"c x262 y3979 w1240 h5db\"><div class=\"t m8 x250 h381 y396b ff4 fs2f fc1 sc0 ls0 ws0\">Ra<span class=\"_ _2\"></span>c<span class=\"_ _f\"></span>colt<span class=\"_ _1\"></span>a AMMIN<span class=\"_ _1\"></span>I<span class=\"_ _1\"></span>ST<span class=\"_ _1\"></span>RATA<span class=\"_ _df\"> </span></div></td><td class=\"c xc13 y397a w1241 h5dc\"><div class=\"t m9 x250 h382 y3966 ff4 fs30 fc1 sc0 ls0 ws0\">8.109<span class=\"_ _df\"> </span></div></td><td class=\"c xc14 y397a w1242 h5dc\"><div class=\"t m9 x250 h382 y3966 ff4 fs30 fc1 sc0 ls0 ws0\">13.<span class=\"_ _2\"></span>824<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c xc15 y397a w1243 h5dc\"><div class=\"t m9 x250 h382 y3966 ff4 fs30 fc1 sc0 ls0 ws0\">21.<span class=\"_ _2\"></span>933<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td class=\"c xc16 y397a w1244 h5dc\"><div class=\"t m9 x250 h382 y3966 ff4 fs30 fc1 sc0 ls0 ws0\">-10<span class=\"_ _df\"> </span></div></td><td class=\"c xc17 y397b w1245 h5db\"><div class=\"t m8 x250 h381 y396b ff4 fs2f fc1 sc0 ls0 ws0\">21.<span class=\"_ _2\"></span>923<span class=\"_ _df\"> </span></div></td></tr><tr><td class=\"c x262 y397c w1246 h5db\"><div class=\"t m8 x250 h381 y396b ff4 fs2f fc1 sc2 ls0 ws0\">T<span class=\"_ _2\"></span>O<span class=\"_ _2\"></span>T<span class=\"_ _2\"></span>A<span class=\"_ _d\"></span>L<span class=\"_ _2\"></span>E<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>R<span class=\"_ _d\"></span>A<span class=\"_ _d\"></span>C<span class=\"_ _2\"></span>C<span class=\"_ _d\"></span>O<span class=\"_ _2\"></span>L<span class=\"_ _2\"></span>T<span class=\"_ _2\"></span>A<span class=\"_ _d\"></span> <span class=\"_ _2\"></span>I<span class=\"_ _2\"></span>N<span class=\"_ _2\"></span>D<span class=\"_ _d\"></span>IR<span class=\"_ _d\"></span>E<span class=\"_ _2\"></span>T<span class=\"_ _d\"></span>T<span class=\"_ _2\"></span>A<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>C<span class=\"_ _d\"></span>LI<span class=\"_ _2\"></span>E<span class=\"_ _2\"></span>N<span class=\"_ _2\"></span>T<span class=\"_ _d\"></span>E<span class=\"_ _2\"></span>L<span class=\"_ _2\"></span>A<span class=\"_ _df\"> </span></div></td><td class=\"c xbf7 y397d w1247 h5dc\"><div class=\"t m9 x250 h382 y3966 ff4 fs30 fc1 sc2 ls0 ws0\">2<span class=\"_ _d\"></span>8<span class=\"_ _2\"></span>.<span class=\"_ _d\"></span>8<span class=\"_ _2\"></span>5<span class=\"_ _0\"></span>3<span class=\"_ _df\"> </span></div></td><td class=\"c xc18 y397d w1248 h5dc\"><div class=\"t m9 x250 h382 y3966 ff4 fs30 fc1 sc2 ls0 ws0\">3<span class=\"_ _2\"></span>7<span class=\"_ _d\"></span>.<span class=\"_ _d\"></span>0<span class=\"_ _2\"></span>1<span class=\"_ _d\"></span>0<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c xc19 y397d w1249 h5dc\"><div class=\"t m9 x250 h382 y3966 ff4 fs30 fc1 sc2 ls0 ws0\">6<span class=\"_ _2\"></span>5<span class=\"_ _0\"></span>.<span class=\"_ _d\"></span>8<span class=\"_ _2\"></span>6<span class=\"_ _d\"></span>2<span class=\"_ _df\"> </span></div></td><td class=\"c xc1a y397d w124a h5dc\"><div class=\"t m9 x250 h382 y3966 ff4 fs30 fc1 sc2 ls0 ws0\">1<span class=\"_ _d\"></span>5<span class=\"_ _d\"></span>.<span class=\"_ _d\"></span>1<span class=\"_ _d\"></span>1<span class=\"_ _d\"></span>1<span class=\"_ _df\"> </span></div></td><td class=\"c xc1b y397d w124b h5dc\"><div class=\"t m9 x250 h382 y3966 ff4 fs30 fc1 sc2 ls0 ws0\">9<span class=\"_ _2\"></span>.<span class=\"_ _d\"></span>3<span class=\"_ _d\"></span>9<span class=\"_ _d\"></span>6<span class=\"_ _df\"> </span></div></td><td class=\"c xc1c y397d w124c h5dc\"><div class=\"t m9 x250 h382 y3966 ff4 fs30 fc1 sc2 ls0 ws0\">2<span class=\"_ _d\"></span>4<span class=\"_ _d\"></span>.<span class=\"_ _d\"></span>5<span class=\"_ _d\"></span>0<span class=\"_ _2\"></span>6<span class=\"_ _df\"> </span></div></td><td class=\"c xc1d y397d w124d h5dc\"><div class=\"t m9 x250 h382 y3966 ff4 fs30 fc1 sc2 ls0 ws0\">-<span class=\"_ _d\"></span>2<span class=\"_ _d\"></span>4<span class=\"_ _2\"></span>.<span class=\"_ _0\"></span>4<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>3<span class=\"_ _df\"> </span></div></td><td class=\"c xbfe y397e w124e h5db\"><div class=\"t m8 x250 h381 y396b ff4 fs2f fc1 sc2 ls0 ws0\">6<span class=\"_ _2\"></span>5<span class=\"_ _d\"></span>.<span class=\"_ _0\"></span>9<span class=\"_ _2\"></span>6<span class=\"_ _d\"></span>5<span class=\"_ _df\"> </span></div></td></tr><tr><td class=\"c x262 y397f w124f h5db\"><div class=\"t m8 x250 h381 y396b ff4 fs2f fc1 sc2 ls0 ws0\">T<span class=\"_ _2\"></span>O<span class=\"_ _2\"></span>T<span class=\"_ _2\"></span>A<span class=\"_ _d\"></span>L<span class=\"_ _2\"></span>E<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>R<span class=\"_ _d\"></span>A<span class=\"_ _d\"></span>C<span class=\"_ _2\"></span>C<span class=\"_ _d\"></span>O<span class=\"_ _2\"></span>L<span class=\"_ _2\"></span>T<span class=\"_ _2\"></span>A<span class=\"_ _d\"></span> <span class=\"_ _2\"></span>C<span class=\"_ _d\"></span>L<span class=\"_ _2\"></span>I<span class=\"_ _2\"></span>E<span class=\"_ _2\"></span>N<span class=\"_ _2\"></span>T<span class=\"_ _2\"></span>E<span class=\"_ _2\"></span>L<span class=\"_ _2\"></span>A<span class=\"_ _df\"> </span></div></td><td class=\"c xbf7 y3980 w1250 h5dc\"><div class=\"t m9 x250 h382 y3966 ff4 fs30 fc1 sc2 ls0 ws0\">6<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>.<span class=\"_ _0\"></span>4<span class=\"_ _2\"></span>6<span class=\"_ _d\"></span>4<span class=\"_ _df\"> </span></div></td><td class=\"c xc1e y3980 w1251 h5dc\"><div class=\"t m9 x250 h382 y3966 ff4 fs30 fc1 sc2 ls0 ws0\">4<span class=\"_ _2\"></span>4<span class=\"_ _d\"></span>.<span class=\"_ _d\"></span>8<span class=\"_ _2\"></span>9<span class=\"_ _d\"></span>8<span class=\"_ _df\"> </span></div></td><td class=\"c xc1f y3980 w1252 h5dc\"><div class=\"t m9 x250 h382 y3966 ff4 fs30 fc1 sc2 ls0 ws0\">1<span class=\"_ _2\"></span>2<span class=\"_ _0\"></span>3<span class=\"_ _df\"> </span></div></td><td class=\"c xc20 y3980 w1253 h5dc\"><div class=\"t m9 x250 h382 y3966 ff4 fs30 fc1 sc2 ls0 ws0\">1<span class=\"_ _d\"></span>0<span class=\"_ _2\"></span>5<span class=\"_ _d\"></span>.<span class=\"_ _d\"></span>4<span class=\"_ _d\"></span>8<span class=\"_ _2\"></span>5<span class=\"_ _df\"> </span></div></td><td class=\"c xc21 y3980 w1254 h5dc\"><div class=\"t m9 x250 h382 y3966 ff4 fs30 fc1 sc2 ls0 ws0\">1<span class=\"_ _2\"></span>5<span class=\"_ _0\"></span>.<span class=\"_ _d\"></span>1<span class=\"_ _d\"></span>1<span class=\"_ _d\"></span>1<span class=\"_ _df\"> </span></div></td><td class=\"c xc22 y3980 w1255 h5dc\"><div class=\"t m9 x250 h382 y3966 ff4 fs30 fc1 sc2 ls0 ws0\">9<span class=\"_ _2\"></span>.<span class=\"_ _d\"></span>3<span class=\"_ _d\"></span>9<span class=\"_ _d\"></span>6<span class=\"_ _df\"> </span></div></td><td class=\"c xc23 y3980 w1256 h5dc\"><div class=\"t m9 x250 h382 y3966 ff4 fs30 fc1 sc2 ls0 ws0\">2<span class=\"_ _d\"></span>4<span class=\"_ _d\"></span>.<span class=\"_ _d\"></span>5<span class=\"_ _d\"></span>0<span class=\"_ _2\"></span>6<span class=\"_ _df\"> </span></div></td><td class=\"c xc24 y3980 w1257 h5dc\"><div class=\"t m9 x250 h382 y3966 ff4 fs30 fc1 sc2 ls0 ws0\">-<span class=\"_ _d\"></span>2<span class=\"_ _0\"></span>4<span class=\"_ _2\"></span>.<span class=\"_ _0\"></span>7<span class=\"_ _2\"></span>7<span class=\"_ _d\"></span>7<span class=\"_ _df\"> </span></div></td><td class=\"c xc25 y3981 w1258 h5db\"><div class=\"t m8 x250 h381 y396b ff4 fs2f fc1 sc2 ls0 ws0\">1<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>5<span class=\"_ _0\"></span>.<span class=\"_ _d\"></span>2<span class=\"_ _d\"></span>1<span class=\"_ _d\"></span>4<span class=\"_ _df\"> </span></div></td></tr><tr><td class=\"c x262 y2491 w1259 h5db\"><div class=\"t m8 x250 h381 y396b ff4 fs2f fc1 sc2 ls0 ws0\">T<span class=\"_ _2\"></span>O<span class=\"_ _2\"></span>T<span class=\"_ _2\"></span>A<span class=\"_ _d\"></span>L<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>B<span class=\"_ _d\"></span>U<span class=\"_ _2\"></span>S<span class=\"_ _2\"></span>I<span class=\"_ _2\"></span>N<span class=\"_ _2\"></span>E<span class=\"_ _2\"></span>S<span class=\"_ _2\"></span>S<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>C<span class=\"_ _d\"></span>L<span class=\"_ _2\"></span>IE<span class=\"_ _2\"></span>N<span class=\"_ _2\"></span>T<span class=\"_ _d\"></span>E<span class=\"_ _2\"></span>L<span class=\"_ _2\"></span>A<span class=\"_ _df\"> </span></div></td><td class=\"c xc26 y3982 wa2d h5dc\"><div class=\"t m9 x250 h382 y3966 ff4 fs30 fc1 sc2 ls0 ws0\">9<span class=\"_ _2\"></span>5<span class=\"_ _0\"></span>.<span class=\"_ _d\"></span>4<span class=\"_ _2\"></span>6<span class=\"_ _d\"></span>1<span class=\"_ _df\"> </span></div></td><td class=\"c xc27 y3982 w125a h5dc\"><div class=\"t m9 x250 h382 y3966 ff4 fs30 fc1 sc2 ls0 ws0\">4<span class=\"_ _2\"></span>5<span class=\"_ _0\"></span>.<span class=\"_ _d\"></span>6<span class=\"_ _d\"></span>0<span class=\"_ _2\"></span>4<span class=\"_ _df\"> </span></div></td><td class=\"c xc28 y3982 w125b h5dc\"><div class=\"t m9 x250 h382 y3966 ff4 fs30 fc1 sc2 ls0 ws0\">8<span class=\"_ _2\"></span>.<span class=\"_ _d\"></span>1<span class=\"_ _d\"></span>3<span class=\"_ _d\"></span>1<span class=\"_ _df\"> </span></div></td><td class=\"c xc29 y3983 w125c h5db\"><div class=\"t m8 x250 h381 y396b ff4 fs2f fc1 sc2 ls0 ws0\">1<span class=\"_ _2\"></span>4<span class=\"_ _d\"></span>9<span class=\"_ _2\"></span>.<span class=\"_ _0\"></span>1<span class=\"_ _2\"></span>9<span class=\"_ _d\"></span>6<span class=\"_ _df\"> </span></div></td><td class=\"c xc2a y3982 w125d h5dc\"><div class=\"t m9 x250 h382 y3966 ff4 fs30 fc1 sc2 ls0 ws0\">1<span class=\"_ _d\"></span>5<span class=\"_ _d\"></span>.<span class=\"_ _d\"></span>1<span class=\"_ _d\"></span>5<span class=\"_ _d\"></span>1<span class=\"_ _df\"> </span></div></td><td class=\"c xc2b y3982 w125e h5dc\"><div class=\"t m9 x250 h382 y3966 ff4 fs30 fc1 sc2 ls0 ws0\">9<span class=\"_ _2\"></span>.<span class=\"_ _0\"></span>3<span class=\"_ _2\"></span>9<span class=\"_ _d\"></span>6<span class=\"_ _df\"> </span></div></td><td class=\"c xc2c y3983 w125f h5db\"><div class=\"t m8 x250 h381 y396b ff4 fs2f fc1 sc2 ls0 ws0\">2<span class=\"_ _d\"></span>4<span class=\"_ _2\"></span>.<span class=\"_ _0\"></span>5<span class=\"_ _d\"></span>4<span class=\"_ _2\"></span>7<span class=\"_ _df\"> </span></div></td><td class=\"c xc2d y3982 w1260 h5dc\"><div class=\"t m9 x250 h382 y3966 ff4 fs30 fc1 sc2 ls0 ws0\">-<span class=\"_ _d\"></span>3<span class=\"_ _d\"></span>2<span class=\"_ _d\"></span>.<span class=\"_ _d\"></span>1<span class=\"_ _d\"></span>6<span class=\"_ _d\"></span>6<span class=\"_ _df\"> </span></div></td><td class=\"c xc2e y3983 w1261 h5db\"><div class=\"t m8 x250 h381 y396b ff4 fs2f fc1 sc2 ls0 ws0\">1<span class=\"_ _2\"></span>4<span class=\"_ _d\"></span>1<span class=\"_ _d\"></span>.<span class=\"_ _d\"></span>5<span class=\"_ _d\"></span>7<span class=\"_ _2\"></span>7<span class=\"_ _df\"> </span></div></td></tr></table><div class=\"gsa39\"><table class=\"s w129a h5e1\" id=\"_73b247dc-c8df-48ca-bab2-2e4d1fd87035\"><tr><td></td><td></td><td></td><td class=\"c xc56 y3991 w129b h5e2\"><div class=\"t mb x250 h388 y3990 ff4 fs32 fc1 sc0 ls0 ws0\">Paraba<span class=\"_ _2\"></span>nc<span class=\"_ _f\"></span>a<span class=\"_ _2\"></span>rio,</div></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c xbe9 y3992 w68a h386\"><div class=\"t ma x36 h387 y1ce8 ff4 fs31 fc1 sc2 ls0 ws0\">D<span class=\"_ _2\"></span>I<span class=\"_ _2\"></span>C<span class=\"_ _d\"></span>E<span class=\"_ _2\"></span>M<span class=\"_ _d\"></span>B<span class=\"_ _d\"></span>R<span class=\"_ _2\"></span>E<span class=\"_ _d\"></span> <span class=\"_ _2\"></span>2<span class=\"_ _d\"></span>0<span class=\"_ _2\"></span>2<span class=\"_ _d\"></span>5</div></td><td class=\"c xc57 y3993 w129c h5e2\"><div class=\"t mb x250 h388 y3990 ff4 fs32 fc1 sc0 ls0 ws0\">Com<span class=\"_ _2\"></span>me<span class=\"_ _2\"></span>rc<span class=\"_ _f\"></span>ia<span class=\"_ _2\"></span>l</div></td><td class=\"c xbe9 y3992 w68a h386\"><div class=\"t mb xf3 h388 y1ce8 ff4 fs32 fc1 sc0 ls0 ws0\">Pr<span class=\"_ _1\"></span>ivate Ba<span class=\"_ _2\"></span>nk<span class=\"_ _1\"></span>ing</div></td><td class=\"c xc58 y3993 w129d h5e2\"><div class=\"t mb x250 h388 y3990 ff4 fs32 fc1 sc0 ls0 ws0\">Consume<span class=\"_ _2\"></span>r</div></td><td class=\"c xbe9 y3992 w68a h386\"><div class=\"t ma x3f h387 y1ce8 ff4 fs31 fc1 sc2 ls0 ws0\">B<span class=\"_ _d\"></span>A<span class=\"_ _2\"></span>N<span class=\"_ _2\"></span>K<span class=\"_ _d\"></span>I<span class=\"_ _2\"></span>N<span class=\"_ _2\"></span>G</div></td><td class=\"c xc59 y3993 w129e h5e2\"><div class=\"t mb x250 h388 y3990 ff4 fs32 fc1 sc0 ls0 ws0\">Asset</div></td><td class=\"c xbe9 y3992 w68a h386\"><div class=\"t mb x126 h388 y1ce8 ff4 fs32 fc1 sc0 ls0 ws0\">I<span class=\"_ _1\"></span>nsurance</div></td><td class=\"c xc5a y3995 w129f h58d\"><div class=\"t ma x250 h387 y3994 ff4 fs31 fc1 sc2 ls0 ws0\">W<span class=\"_ _d\"></span>e<span class=\"_ _d\"></span>a<span class=\"_ _d\"></span>l<span class=\"_ _d\"></span>t<span class=\"_ _2\"></span>h</div></td><td class=\"c xc5b y3993 w12a0 h5e2\"><div class=\"t mb x250 h388 y3990 ff4 fs32 fc1 sc0 ls0 ws0\">El<span class=\"_ _f\"></span>isioni<span class=\"_ _f\"></span>,<span class=\"_ _2\"></span> retti<span class=\"_ _1\"></span>fic<span class=\"_ _f\"></span>he</div></td><td class=\"c xc5c y3995 w12a1 h58d\"><div class=\"t ma x250 h387 y3994 ff4 fs31 fc1 sc2 ls0 ws0\">C<span class=\"_ _d\"></span>o<span class=\"_ _2\"></span>n<span class=\"_ _d\"></span>s<span class=\"_ _2\"></span>o<span class=\"_ _d\"></span>l<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>d<span class=\"_ _d\"></span>a<span class=\"_ _d\"></span>t<span class=\"_ _2\"></span>o</div></td></tr><tr><td></td><td class=\"c xc5d y3996 w12a2 h5e2\"><div class=\"t mb x250 h388 y3990 ff4 fs32 fc1 sc0 ls0 ws0\">Ba<span class=\"_ _2\"></span>nk<span class=\"_ _f\"></span>ing</div></td><td></td><td class=\"c xc5e y3996 w12a3 h5e2\"><div class=\"t mb x250 h388 y3990 ff4 fs32 fc1 sc0 ls0 ws0\">Credit, I<span class=\"_ _f\"></span>T</div></td><td></td><td class=\"c xc5f y3996 w12a4 h5e2\"><div class=\"t mb x250 h388 y3990 ff4 fs32 fc1 sc0 ls0 ws0\">Ma<span class=\"_ _2\"></span>nagem<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>nt</div></td><td></td><td class=\"c xc60 y3997 w12a5 h58d\"><div class=\"t ma x250 h387 y3994 ff4 fs31 fc1 sc2 ls0 ws0\">M<span class=\"_ _d\"></span>a<span class=\"_ _d\"></span>n<span class=\"_ _2\"></span>a<span class=\"_ _0\"></span>g<span class=\"_ _2\"></span>e<span class=\"_ _d\"></span>m<span class=\"_ _0\"></span>e<span class=\"_ _d\"></span>n<span class=\"_ _2\"></span>t</div></td><td class=\"c xc61 y3996 w12a6 h5e2\"><div class=\"t mb x250 h388 y3990 ff4 fs32 fc1 sc0 ls0 ws0\">e ric<span class=\"_ _f\"></span>lassific<span class=\"_ _f\"></span>he</div></td><td class=\"c xc62 y3997 w12a7 h58d\"><div class=\"t ma x250 h387 y3994 ff4 fs31 fc1 sc2 ls0 ws0\">r<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>a<span class=\"_ _0\"></span>s<span class=\"_ _2\"></span>s<span class=\"_ _d\"></span>i<span class=\"_ _2\"></span>f<span class=\"_ _d\"></span>i<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>a<span class=\"_ _d\"></span>t<span class=\"_ _2\"></span>o</div></td></tr><tr><td></td><td></td><td></td><td class=\"c xc63 y3998 w12a8 h5e2\"><div class=\"t mb x250 h388 y3990 ff4 fs32 fc1 sc0 ls0 ws0\">Tec<span class=\"_ _1\"></span>hnology</div></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x262 y3999 w12a9 h58d\"><div class=\"t ma x250 h387 y3994 ff4 fs31 fc1 sc0 ls0 ws0\">Ma<span class=\"_ _2\"></span>rgi<span class=\"_ _f\"></span>ne<span class=\"_ _2\"></span> finanziari<span class=\"_ _1\"></span>o</div></td><td class=\"c xc64 y399a w12aa h5e2\"><div class=\"t mb x250 h388 y3990 ff4 fs32 fc1 sc0 ls0 ws0\">719,2</div></td><td class=\"c xc65 y399a w12ab h5e2\"><div class=\"t mb x250 h388 y3990 ff4 fs32 fc1 sc0 ls0 ws0\">72,8</div></td><td class=\"c xc66 y399a w12ac h5e2\"><div class=\"t mb x250 h388 y3990 ff4 fs32 fc1 sc0 ls0 ws0\">154,<span class=\"_ _2\"></span>6</div></td><td class=\"c xc67 y3999 w12ad h58d\"><div class=\"t ma x250 h387 y3994 ff4 fs31 fc1 sc0 ls0 ws0\">946,6</div></td><td class=\"c xc68 y399a w12ae h5e2\"><div class=\"t mb x250 h388 y3990 ff4 fs32 fc1 sc0 ls0 ws0\">13,0</div></td><td class=\"c xc69 y399a w12af h5e2\"><div class=\"t mb x250 h388 y3990 ff4 fs32 fc1 sc0 ls0 ws0\">6,7</div></td><td class=\"c xc6a y3999 w12b0 h58d\"><div class=\"t ma x250 h387 y3994 ff4 fs31 fc1 sc0 ls0 ws0\">19,7</div></td><td class=\"c xc6b y399a w12b1 h5e2\"><div class=\"t mb x250 h388 y3990 ff4 fs32 fc1 sc0 ls0 ws0\">7,6</div></td><td class=\"c xc6c y3999 w12b2 h58d\"><div class=\"t ma x250 h387 y3994 ff4 fs31 fc1 sc0 ls0 ws0\">973,9</div></td></tr><tr><td class=\"c x262 y399b w12b3 h58d\"><div class=\"t ma x250 h387 y3994 ff4 fs31 fc1 sc0 ls0 ws0\">Ma<span class=\"_ _2\"></span>rgi<span class=\"_ _f\"></span>ne<span class=\"_ _2\"></span> serviz<span class=\"_ _1\"></span>i</div></td><td class=\"c xc6d y399c w12b4 h5e2\"><div class=\"t mb x250 h388 y3990 ff4 fs32 fc1 sc0 ls0 ws0\">514,<span class=\"_ _2\"></span>6</div></td><td class=\"c xc6e y399c w12b5 h5e2\"><div class=\"t mb x250 h388 y3990 ff4 fs32 fc1 sc0 ls0 ws0\">206,7</div></td><td class=\"c xc6f y399c w12b6 h5e2\"><div class=\"t mb x250 h388 y3990 ff4 fs32 fc1 sc0 ls0 ws0\">12<span class=\"_ _2\"></span>3,8</div></td><td class=\"c xc70 y399b w12b7 h58d\"><div class=\"t ma x250 h387 y3994 ff4 fs31 fc1 sc0 ls0 ws0\">84<span class=\"_ _1\"></span>5,<span class=\"_ _2\"></span>1</div></td><td class=\"c xc71 y399c w12b8 h5e2\"><div class=\"t mb x250 h388 y3990 ff4 fs32 fc1 sc0 ls0 ws0\">107<span class=\"_ _1\"></span>,0</div></td><td class=\"c xc72 y399c w12b9 h5e2\"><div class=\"t mb x250 h388 y3990 ff4 fs32 fc1 sc0 ls0 ws0\">95,<span class=\"_ _2\"></span>7</div></td><td class=\"c xc73 y399b w12ba h58d\"><div class=\"t ma x250 h387 y3994 ff4 fs31 fc1 sc0 ls0 ws0\">202,<span class=\"_ _2\"></span>6</div></td><td class=\"c xc74 y399c w12bb h5e2\"><div class=\"t mb x250 h388 y3990 ff4 fs32 fc1 sc0 ls0 ws0\">-138,2</div></td><td class=\"c xc6c y399b w12bc h58d\"><div class=\"t ma x250 h387 y3994 ff4 fs31 fc1 sc0 ls0 ws0\">909,6</div></td></tr><tr><td class=\"c x262 y399d w12bd h58d\"><div class=\"t ma x250 h387 y3994 ff4 fs31 fc1 sc2 ls0 ws0\">M<span class=\"_ _d\"></span>a<span class=\"_ _d\"></span>r<span class=\"_ _2\"></span>g<span class=\"_ _d\"></span>i<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>e<span class=\"_ _0\"></span> <span class=\"_ _2\"></span>d<span class=\"_ _d\"></span>'<span class=\"_ _d\"></span>i<span class=\"_ _2\"></span>n<span class=\"_ _d\"></span>t<span class=\"_ _2\"></span>e<span class=\"_ _d\"></span>r<span class=\"_ _d\"></span>m<span class=\"_ _d\"></span>e<span class=\"_ _d\"></span>d<span class=\"_ _d\"></span>i<span class=\"_ _2\"></span>a<span class=\"_ _d\"></span>z<span class=\"_ _d\"></span>i<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>n<span class=\"_ _d\"></span>e</div></td><td class=\"c xc75 y399e w12be h5e2\"><div class=\"t mb x250 h388 y3990 ff4 fs32 fc1 sc2 ls0 ws0\">1<span class=\"_ _d\"></span>.<span class=\"_ _d\"></span>2<span class=\"_ _d\"></span>3<span class=\"_ _d\"></span>3<span class=\"_ _d\"></span>,<span class=\"_ _d\"></span>8</div></td><td class=\"c xc76 y399e w12bf h5e2\"><div class=\"t mb x250 h388 y3990 ff4 fs32 fc1 sc2 ls0 ws0\">2<span class=\"_ _d\"></span>7<span class=\"_ _2\"></span>9<span class=\"_ _d\"></span>,<span class=\"_ _d\"></span>5</div></td><td class=\"c xc77 y399e w12c0 h5e2\"><div class=\"t mb x250 h388 y3990 ff4 fs32 fc1 sc2 ls0 ws0\">2<span class=\"_ _d\"></span>7<span class=\"_ _2\"></span>8<span class=\"_ _2\"></span>,<span class=\"_ _0\"></span>4</div></td><td class=\"c xc78 y399d w12c1 h58d\"><div class=\"t ma x250 h387 y3994 ff4 fs31 fc1 sc2 ls0 ws0\">1<span class=\"_ _2\"></span>.<span class=\"_ _0\"></span>7<span class=\"_ _2\"></span>9<span class=\"_ _d\"></span>1<span class=\"_ _2\"></span>,<span class=\"_ _0\"></span>7</div></td><td class=\"c xc79 y399e w12c2 h5e2\"><div class=\"t mb x250 h388 y3990 ff4 fs32 fc1 sc2 ls0 ws0\">1<span class=\"_ _d\"></span>2<span class=\"_ _d\"></span>0<span class=\"_ _2\"></span>,<span class=\"_ _d\"></span>0</div></td><td class=\"c xc7a y399e w12c3 h5e2\"><div class=\"t mb x250 h388 y3990 ff4 fs32 fc1 sc2 ls0 ws0\">1<span class=\"_ _d\"></span>0<span class=\"_ _2\"></span>2<span class=\"_ _d\"></span>,<span class=\"_ _d\"></span>3</div></td><td class=\"c xc7b y399d w12c4 h58d\"><div class=\"t ma x250 h387 y3994 ff4 fs31 fc1 sc2 ls112 ws0\">222,3</div></td><td class=\"c xc7c y399e w12c5 h5e2\"><div class=\"t mb x250 h388 y3990 ff4 fs32 fc1 sc2 ls0 ws0\">-<span class=\"_ _d\"></span>1<span class=\"_ _d\"></span>3<span class=\"_ _d\"></span>0<span class=\"_ _2\"></span>,<span class=\"_ _d\"></span>5</div></td><td class=\"c xc2e y399d w12c6 h58d\"><div class=\"t ma x250 h387 y3994 ff4 fs31 fc1 sc2 ls0 ws0\">1<span class=\"_ _2\"></span>.<span class=\"_ _0\"></span>8<span class=\"_ _2\"></span>8<span class=\"_ _2\"></span>3<span class=\"_ _2\"></span>,<span class=\"_ _0\"></span>5</div></td></tr><tr><td class=\"c x262 y399f w12c7 h58d\"><div class=\"t ma x250 h387 y3994 ff4 fs31 fc1 sc0 ls0 ws0\">Spese personale</div></td><td class=\"c xc7d y39a1 w12c8 h5e3\"><div class=\"t mb x250 h388 y39a0 ff4 fs32 fc1 sc0 ls0 ws0\">-45<span class=\"_ _2\"></span>3,6</div></td><td class=\"c xc7e y39a1 w12c9 h5e3\"><div class=\"t mb x250 h388 y39a0 ff4 fs32 fc1 sc0 ls0 ws0\">-<span class=\"_ _2\"></span>108<span class=\"_ _f\"></span>,<span class=\"_ _2\"></span>6</div></td><td class=\"c xc7f y39a1 w12ca h5e3\"><div class=\"t mb x250 h388 y39a0 ff4 fs32 fc1 sc0 ls0 ws0\">-5<span class=\"_ _2\"></span>4,2</div></td><td class=\"c xc80 y399f w12cb h58d\"><div class=\"t ma x250 h387 y3994 ff4 fs31 fc1 sc0 ls0 ws0\">-616,<span class=\"_ _2\"></span>4</div></td><td class=\"c xc81 y39a1 w12cc h5e3\"><div class=\"t mb x250 h388 y39a0 ff4 fs32 fc1 sc0 ls0 ws0\">-17,<span class=\"_ _2\"></span>6</div></td><td class=\"c xc82 y39a1 w12cd h5e3\"><div class=\"t mb x250 h388 y39a0 ff4 fs32 fc1 sc0 ls113 ws0\">-2,1</div></td><td class=\"c xc83 y399f w12ce h58d\"><div class=\"t ma x250 h387 y3994 ff4 fs31 fc1 sc0 ls0 ws0\">-19,<span class=\"_ _2\"></span>7</div></td><td class=\"c xc84 y39a1 w12ae h5e3\"><div class=\"t mb x250 h388 y39a0 ff4 fs32 fc1 sc0 ls0 ws0\">15,<span class=\"_ _2\"></span>3</div></td><td class=\"c xc3a y399f w12cf h58d\"><div class=\"t ma x250 h387 y3994 ff4 fs31 fc1 sc0 ls0 ws0\">-62<span class=\"_ _2\"></span>0,9</div></td></tr><tr><td class=\"c x262 y39a2 w12d0 h58d\"><div class=\"t ma x250 h387 y3994 ff4 fs31 fc1 sc0 ls0 ws0\">Spese am<span class=\"_ _2\"></span>minist<span class=\"_ _1\"></span>rative</div></td><td class=\"c xc7d y39a3 w12d1 h5e3\"><div class=\"t mb x250 h388 y39a0 ff4 fs32 fc1 sc0 ls0 ws0\">-2<span class=\"_ _2\"></span>50,3</div></td><td class=\"c xc85 y39a3 w12d2 h5e3\"><div class=\"t mb x250 h388 y39a0 ff4 fs32 fc1 sc0 ls0 ws0\">-<span class=\"_ _2\"></span>72,<span class=\"_ _2\"></span>8</div></td><td class=\"c xc86 y39a3 w12d3 h5e3\"><div class=\"t mb x250 h388 y39a0 ff4 fs32 fc1 sc0 ls0 ws0\">-5<span class=\"_ _2\"></span>1,9</div></td><td class=\"c xc87 y39a2 w12d4 h58d\"><div class=\"t ma x250 h387 y3994 ff4 fs31 fc1 sc0 ls0 ws0\">-375,<span class=\"_ _2\"></span>1</div></td><td class=\"c xc81 y39a3 w12d5 h5e3\"><div class=\"t mb x250 h388 y39a0 ff4 fs32 fc1 sc0 ls0 ws0\">-2<span class=\"_ _2\"></span>1,9</div></td><td class=\"c xc88 y39a3 w12d6 h5e3\"><div class=\"t mb x250 h388 y39a0 ff4 fs32 fc1 sc0 ls0 ws0\">-<span class=\"_ _2\"></span>9,2</div></td><td class=\"c xc89 y39a2 w12d7 h58d\"><div class=\"t ma x250 h387 y3994 ff4 fs31 fc1 sc0 ls0 ws0\">-31,<span class=\"_ _2\"></span>1</div></td><td class=\"c xc8a y39a3 w12d8 h5e3\"><div class=\"t mb x250 h388 y39a0 ff4 fs32 fc1 sc0 ls0 ws0\">92,<span class=\"_ _2\"></span>9</div></td><td class=\"c xc8b y39a2 w12d9 h58d\"><div class=\"t ma x250 h387 y3994 ff4 fs31 fc1 sc0 ls0 ws0\">-313,<span class=\"_ _2\"></span>3</div></td></tr><tr><td class=\"c x262 y39a4 w12da h58d\"><div class=\"t ma x250 h387 y3994 ff4 fs31 fc1 sc2 ls0 ws0\">C<span class=\"_ _d\"></span>o<span class=\"_ _2\"></span>s<span class=\"_ _d\"></span>t<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>o<span class=\"_ _2\"></span>p<span class=\"_ _d\"></span>e<span class=\"_ _d\"></span>r<span class=\"_ _2\"></span>a<span class=\"_ _0\"></span>t<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>v<span class=\"_ _d\"></span>i</div></td><td class=\"c xc8c y39a5 w12db h5e3\"><div class=\"t mb x250 h388 y39a0 ff4 fs32 fc1 sc2 ls0 ws0\">-<span class=\"_ _d\"></span>7<span class=\"_ _d\"></span>0<span class=\"_ _2\"></span>3<span class=\"_ _2\"></span>,<span class=\"_ _0\"></span>9</div></td><td class=\"c xc8d y39a5 w12dc h5e3\"><div class=\"t mb x250 h388 y39a0 ff4 fs32 fc1 sc2 ls0 ws0\">-<span class=\"_ _d\"></span>1<span class=\"_ _d\"></span>8<span class=\"_ _2\"></span>1<span class=\"_ _d\"></span>,<span class=\"_ _d\"></span>4</div></td><td class=\"c xc8e y39a5 w12dd h5e3\"><div class=\"t mb x250 h388 y39a0 ff4 fs32 fc1 sc2 ls0 ws0\">-<span class=\"_ _d\"></span>1<span class=\"_ _d\"></span>0<span class=\"_ _2\"></span>6<span class=\"_ _d\"></span>,<span class=\"_ _d\"></span>2</div></td><td class=\"c xc8f y39a4 w12de h58d\"><div class=\"t ma x250 h387 y3994 ff4 fs31 fc1 sc2 ls0 ws0\">-<span class=\"_ _d\"></span>9<span class=\"_ _d\"></span>9<span class=\"_ _2\"></span>1<span class=\"_ _d\"></span>,<span class=\"_ _d\"></span>5</div></td><td class=\"c xc90 y39a5 w12df h5e3\"><div class=\"t mb x250 h388 y39a0 ff4 fs32 fc1 sc2 ls0 ws0\">-<span class=\"_ _d\"></span>3<span class=\"_ _d\"></span>9<span class=\"_ _2\"></span>,<span class=\"_ _0\"></span>5</div></td><td class=\"c xc91 y39a5 w12e0 h5e3\"><div class=\"t mb x250 h388 y39a0 ff4 fs32 fc1 sc2 ls0 ws0\">-<span class=\"_ _d\"></span>1<span class=\"_ _d\"></span>1<span class=\"_ _2\"></span>,<span class=\"_ _0\"></span>4</div></td><td class=\"c xc2c y39a4 w12e1 h58d\"><div class=\"t ma x250 h387 y3994 ff4 fs31 fc1 sc2 ls0 ws0\">-<span class=\"_ _d\"></span>5<span class=\"_ _d\"></span>0<span class=\"_ _2\"></span>,<span class=\"_ _d\"></span>8</div></td><td class=\"c xc92 y39a5 w12e2 h5e3\"><div class=\"t mb x250 h388 y39a0 ff4 fs32 fc1 sc2 ls0 ws0\">1<span class=\"_ _d\"></span>0<span class=\"_ _2\"></span>8<span class=\"_ _2\"></span>,<span class=\"_ _d\"></span>1</div></td><td class=\"c xbfe y39a4 w12e3 h58d\"><div class=\"t ma x250 h387 y3994 ff4 fs31 fc1 sc2 ls0 ws0\">-<span class=\"_ _d\"></span>9<span class=\"_ _d\"></span>3<span class=\"_ _2\"></span>4<span class=\"_ _d\"></span>,<span class=\"_ _d\"></span>2</div></td></tr><tr><td class=\"c x262 y39a6 w12e4 h58d\"><div class=\"t ma x250 h387 y3994 ff4 fs31 fc1 sc2 ls0 ws0\">R<span class=\"_ _d\"></span>i<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>u<span class=\"_ _d\"></span>l<span class=\"_ _2\"></span>t<span class=\"_ _d\"></span>a<span class=\"_ _d\"></span>t<span class=\"_ _2\"></span>o<span class=\"_ _d\"></span> <span class=\"_ _2\"></span>l<span class=\"_ _d\"></span>o<span class=\"_ _2\"></span>r<span class=\"_ _d\"></span>d<span class=\"_ _2\"></span>o<span class=\"_ _d\"></span> <span class=\"_ _2\"></span>d<span class=\"_ _d\"></span>i<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>g<span class=\"_ _d\"></span>e<span class=\"_ _d\"></span>s<span class=\"_ _2\"></span>t<span class=\"_ _d\"></span>i<span class=\"_ _2\"></span>o<span class=\"_ _d\"></span>n<span class=\"_ _2\"></span>e</div></td><td class=\"c xc7d y39a7 w12e5 h5e3\"><div class=\"t mb x250 h388 y39a0 ff4 fs32 fc1 sc2 ls0 ws0\">5<span class=\"_ _d\"></span>2<span class=\"_ _d\"></span>9<span class=\"_ _d\"></span>,<span class=\"_ _d\"></span>9</div></td><td class=\"c xc93 y39a7 w12e6 h5e3\"><div class=\"t mb x250 h388 y39a0 ff4 fs32 fc1 sc2 ls0 ws0\">9<span class=\"_ _2\"></span>8<span class=\"_ _2\"></span>,<span class=\"_ _0\"></span>1</div></td><td class=\"c xc94 y39a7 w12e7 h5e3\"><div class=\"t mb x250 h388 y39a0 ff4 fs32 fc1 sc2 ls0 ws0\">1<span class=\"_ _d\"></span>7<span class=\"_ _2\"></span>2<span class=\"_ _0\"></span>,<span class=\"_ _d\"></span>2</div></td><td class=\"c xc95 y39a6 w12e8 h58d\"><div class=\"t ma x250 h387 y3994 ff4 fs31 fc1 sc2 ls0 ws0\">8<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>,<span class=\"_ _d\"></span>2</div></td><td class=\"c xc71 y39a7 w12e9 h5e3\"><div class=\"t mb x250 h388 y39a0 ff4 fs32 fc1 sc2 ls0 ws0\">8<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>,<span class=\"_ _d\"></span>5</div></td><td class=\"c xc96 y39a7 w12ea h5e3\"><div class=\"t mb x250 h388 y39a0 ff4 fs32 fc1 sc2 ls0 ws0\">9<span class=\"_ _d\"></span>1<span class=\"_ _d\"></span>,<span class=\"_ _d\"></span>0</div></td><td class=\"c xc97 y39a6 w12eb h58d\"><div class=\"t ma x250 h387 y3994 ff4 fs31 fc1 sc2 ls0 ws0\">1<span class=\"_ _2\"></span>7<span class=\"_ _d\"></span>1<span class=\"_ _d\"></span>,<span class=\"_ _d\"></span>4</div></td><td class=\"c xc98 y39a7 w12ec h5e3\"><div class=\"t mb x250 h388 y39a0 ff4 fs32 fc1 sc2 ls114 ws0\">-22,4</div></td><td class=\"c xc3a y39a6 w12ed h58d\"><div class=\"t ma x250 h387 y3994 ff4 fs31 fc1 sc2 ls0 ws0\">9<span class=\"_ _2\"></span>4<span class=\"_ _d\"></span>9<span class=\"_ _2\"></span>,<span class=\"_ _d\"></span>3</div></td></tr><tr><td class=\"c x262 y39a8 w12ee h58d\"><div class=\"t ma x250 h387 y3994 ff4 fs31 fc1 sc0 ls0 ws0\">Amm<span class=\"_ _2\"></span>ortam<span class=\"_ _2\"></span>enti</div></td><td class=\"c xc6d y39a9 w12ef h5e3\"><div class=\"t mb x250 h388 y39a0 ff4 fs32 fc1 sc0 ls0 ws0\">-89,7</div></td><td class=\"c xc99 y39a9 w12f0 h5e3\"><div class=\"t mb x250 h388 y39a0 ff4 fs32 fc1 sc0 ls0 ws0\">-8,8</div></td><td class=\"c xc9a y39a9 w12f1 h5e3\"><div class=\"t mb x250 h388 y39a0 ff4 fs32 fc1 sc0 ls0 ws0\">-<span class=\"_ _2\"></span>14,8</div></td><td class=\"c xc67 y39a8 w12f2 h58d\"><div class=\"t ma x250 h387 y3994 ff4 fs31 fc1 sc0 ls0 ws0\">-113,<span class=\"_ _2\"></span>3</div></td><td class=\"c xc68 y39a9 w12f3 h5e3\"><div class=\"t mb x250 h388 y39a0 ff4 fs32 fc1 sc0 ls0 ws0\">-0,7</div></td><td class=\"c xc9b y39a9 w12f4 h5e3\"><div class=\"t mb x250 h388 y39a0 ff4 fs32 fc1 sc0 ls0 ws0\">-<span class=\"_ _2\"></span>1,8</div></td><td class=\"c xc9c y39a8 w12f5 h58d\"><div class=\"t ma x250 h387 y3994 ff4 fs31 fc1 sc0 ls115 ws0\">-2,6</div></td><td class=\"c xc6b y39a9 w12f6 h5e3\"><div class=\"t mb x250 h388 y39a0 ff4 fs32 fc1 sc0 ls0 ws0\">4,7</div></td><td class=\"c xc9d y39a8 w12f7 h58d\"><div class=\"t ma x250 h387 y3994 ff4 fs31 fc1 sc0 ls0 ws0\">-111,<span class=\"_ _2\"></span>2</div></td></tr><tr><td class=\"c x262 y39aa w12f8 h58d\"><div class=\"t ma x250 h387 y3994 ff4 fs31 fc1 sc2 ls0 ws0\">R<span class=\"_ _d\"></span>i<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>u<span class=\"_ _d\"></span>l<span class=\"_ _2\"></span>t<span class=\"_ _d\"></span>a<span class=\"_ _d\"></span>t<span class=\"_ _2\"></span>o<span class=\"_ _d\"></span> <span class=\"_ _2\"></span>o<span class=\"_ _d\"></span>p<span class=\"_ _d\"></span>e<span class=\"_ _d\"></span>r<span class=\"_ _2\"></span>a<span class=\"_ _d\"></span>t<span class=\"_ _d\"></span>i<span class=\"_ _2\"></span>v<span class=\"_ _d\"></span>o</div></td><td class=\"c xc7d y39ab w12f9 h5e3\"><div class=\"t mb x250 h388 y39a0 ff4 fs32 fc1 sc2 ls0 ws0\">4<span class=\"_ _2\"></span>4<span class=\"_ _d\"></span>0<span class=\"_ _2\"></span>,<span class=\"_ _d\"></span>3</div></td><td class=\"c xc9e y39ab w12fa h5e3\"><div class=\"t mb x250 h388 y39a0 ff4 fs32 fc1 sc2 ls0 ws0\">8<span class=\"_ _2\"></span>9<span class=\"_ _2\"></span>,<span class=\"_ _0\"></span>3</div></td><td class=\"c xc9f y39ab w12fb h5e3\"><div class=\"t mb x250 h388 y39a0 ff4 fs32 fc1 sc2 ls0 ws0\">1<span class=\"_ _d\"></span>5<span class=\"_ _d\"></span>7<span class=\"_ _d\"></span>,<span class=\"_ _d\"></span>4</div></td><td class=\"c xc95 y39aa w12fc h58d\"><div class=\"t ma x250 h387 y3994 ff4 fs31 fc1 sc2 ls0 ws0\">6<span class=\"_ _2\"></span>8<span class=\"_ _2\"></span>6<span class=\"_ _d\"></span>,<span class=\"_ _d\"></span>9</div></td><td class=\"c xc71 y39ab w12fd h5e3\"><div class=\"t mb x250 h388 y39a0 ff4 fs32 fc1 sc2 ls0 ws0\">7<span class=\"_ _2\"></span>9<span class=\"_ _d\"></span>,<span class=\"_ _d\"></span>8</div></td><td class=\"c xca0 y39ab w12fe h5e3\"><div class=\"t mb x250 h388 y39a0 ff4 fs32 fc1 sc2 ls0 ws0\">89<span class=\"_ _d\"></span>,<span class=\"_ _d\"></span>1</div></td><td class=\"c xc2c y39aa w12ff h58d\"><div class=\"t ma x250 h387 y3994 ff4 fs31 fc1 sc2 ls0 ws0\">1<span class=\"_ _2\"></span>6<span class=\"_ _d\"></span>8<span class=\"_ _2\"></span>,<span class=\"_ _d\"></span>9</div></td><td class=\"c xc92 y39ab w1300 h5e3\"><div class=\"t mb x250 h388 y39a0 ff4 fs32 fc1 sc2 ls0 ws0\">-<span class=\"_ _d\"></span>1<span class=\"_ _d\"></span>7<span class=\"_ _2\"></span>,<span class=\"_ _0\"></span>7</div></td><td class=\"c xc8b y39aa w1301 h58d\"><div class=\"t ma x250 h387 y3994 ff4 fs31 fc1 sc2 ls0 ws0\">8<span class=\"_ _2\"></span>3<span class=\"_ _2\"></span>8<span class=\"_ _2\"></span>,<span class=\"_ _0\"></span>1</div></td></tr><tr><td class=\"c x262 y39ac w1302 h58d\"><div class=\"t ma x250 h387 y3994 ff4 fs31 fc1 sc0 ls0 ws0\">Rettific<span class=\"_ _f\"></span>he ne<span class=\"_ _2\"></span>tte su c<span class=\"_ _f\"></span>rediti</div></td><td class=\"c xca1 y39ad w1303 h5e3\"><div class=\"t mb x250 h388 y39a0 ff4 fs32 fc1 sc0 ls0 ws0\">-19,<span class=\"_ _2\"></span>9</div></td><td class=\"c xca2 y39ad w1304 h5e3\"><div class=\"t mb x250 h388 y39a0 ff4 fs32 fc1 sc0 ls0 ws0\">0,0</div></td><td class=\"c xca3 y39ad w1305 h5e3\"><div class=\"t mb x250 h388 y39a0 ff4 fs32 fc1 sc0 ls0 ws0\">-2<span class=\"_ _2\"></span>7,7</div></td><td class=\"c xc70 y39ac w1306 h58d\"><div class=\"t ma x250 h387 y3994 ff4 fs31 fc1 sc0 ls0 ws0\">-47,6</div></td><td class=\"c xca4 y39ad w1307 h5e3\"><div class=\"t mb x250 h388 y39a0 ff4 fs32 fc1 sc0 ls0 ws0\">0,0</div></td><td class=\"c xca5 y39ad w1308 h5e3\"><div class=\"t mb x250 h388 y39a0 ff4 fs32 fc1 sc0 ls0 ws0\">0<span class=\"_ _f\"></span>,<span class=\"_ _2\"></span>0</div></td><td class=\"c xca6 y39ac w1309 h58d\"><div class=\"t ma x250 h387 y3994 ff4 fs31 fc1 sc0 ls0 ws0\">0,0</div></td><td class=\"c xca7 y39ad w1307 h5e3\"><div class=\"t mb x250 h388 y39a0 ff4 fs32 fc1 sc0 ls0 ws0\">0,0</div></td><td class=\"c xc9d y39ac w130a h58d\"><div class=\"t ma x250 h387 y3994 ff4 fs31 fc1 sc0 ls0 ws0\">-47,6</div></td></tr><tr><td class=\"c x262 y39ae w130b h58d\"><div class=\"t ma x250 h387 y3994 ff4 fs31 fc1 sc0 ls0 ws0\">Ac<span class=\"_ _f\"></span>cantona<span class=\"_ _2\"></span>me<span class=\"_ _2\"></span>nti<span class=\"_ _f\"></span> pe<span class=\"_ _2\"></span>r r<span class=\"_ _f\"></span>isc<span class=\"_ _1\"></span>hi ed oneri</div></td><td class=\"c xca1 y39af w130c h5e3\"><div class=\"t mb x250 h388 y39a0 ff4 fs32 fc1 sc0 ls0 ws0\">-10,2</div></td><td class=\"c xca8 y39af w130d h5e3\"><div class=\"t mb x250 h388 y39a0 ff4 fs32 fc1 sc0 ls0 ws0\">-0,4</div></td><td class=\"c xca9 y39af w130e h5e3\"><div class=\"t mb x250 h388 y39a0 ff4 fs32 fc1 sc0 ls0 ws0\">-<span class=\"_ _2\"></span>1,8</div></td><td class=\"c xcaa y39ae w130f h58d\"><div class=\"t ma x250 h387 y3994 ff4 fs31 fc1 sc0 ls0 ws0\">-12<span class=\"_ _2\"></span>,5</div></td><td class=\"c xca4 y39af w1307 h5e3\"><div class=\"t mb x250 h388 y39a0 ff4 fs32 fc1 sc0 ls0 ws0\">0,0</div></td><td class=\"c xcab y39af w1310 h5e3\"><div class=\"t mb x250 h388 y39a0 ff4 fs32 fc1 sc0 ls0 ws0\">0,1</div></td><td class=\"c xcac y39ae w1311 h58d\"><div class=\"t ma x250 h387 y3994 ff4 fs31 fc1 sc0 ls0 ws0\">0,1</div></td><td class=\"c xca7 y39af w1307 h5e3\"><div class=\"t mb x250 h388 y39a0 ff4 fs32 fc1 sc0 ls0 ws0\">0,0</div></td><td class=\"c xcad y39ae w1312 h58d\"><div class=\"t ma x250 h387 y3994 ff4 fs31 fc1 sc0 ls0 ws0\">-12<span class=\"_ _2\"></span>,4</div></td></tr><tr><td class=\"c x262 y39b0 w1313 h58d\"><div class=\"t ma x250 h387 y3994 ff4 fs31 fc1 sc0 ls0 ws0\">Proventi<span class=\"_ _1\"></span> / oneri s<span class=\"_ _1\"></span>traordinari</div></td><td class=\"c xcae y39b1 w1314 h5e3\"><div class=\"t mb x250 h388 y39a0 ff4 fs32 fc1 sc0 ls0 ws0\">93,1</div></td><td class=\"c xcaf y39b1 w1315 h5e3\"><div class=\"t mb x250 h388 y39a0 ff4 fs32 fc1 sc0 ls0 ws0\">-<span class=\"_ _2\"></span>1,<span class=\"_ _2\"></span>0</div></td><td class=\"c xcb0 y39b1 w1316 h5e3\"><div class=\"t mb x250 h388 y39a0 ff4 fs32 fc1 sc0 ls0 ws0\">0,5</div></td><td class=\"c xcb1 y39b0 w1317 h58d\"><div class=\"t ma x250 h387 y3994 ff4 fs31 fc1 sc0 ls0 ws0\">92,<span class=\"_ _2\"></span>6</div></td><td class=\"c xcb2 y39b1 w1318 h5e3\"><div class=\"t mb x250 h388 y39a0 ff4 fs32 fc1 sc0 ls0 ws0\">1,6</div></td><td class=\"c xcb3 y39b1 w1319 h5e3\"><div class=\"t mb x250 h388 y39a0 ff4 fs32 fc1 sc0 ls0 ws0\">-<span class=\"_ _2\"></span>3,6</div></td><td class=\"c xc9c y39b0 w131a h58d\"><div class=\"t ma x250 h387 y3994 ff4 fs31 fc1 sc0 ls115 ws0\">-2,0</div></td><td class=\"c xca7 y39b1 w1307 h5e3\"><div class=\"t mb x250 h388 y39a0 ff4 fs32 fc1 sc0 ls0 ws0\">0,0</div></td><td class=\"c xcb4 y39b0 w131b h58d\"><div class=\"t ma x250 h387 y3994 ff4 fs31 fc1 sc0 ls0 ws0\">90,5</div></td></tr><tr><td class=\"c x262 y39b2 w131c h58d\"><div class=\"t ma x250 h387 y3994 ff4 fs31 fc1 sc2 ls0 ws0\">U<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>i<span class=\"_ _d\"></span>l<span class=\"_ _2\"></span>e<span class=\"_ _d\"></span> <span class=\"_ _2\"></span>p<span class=\"_ _d\"></span>r<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>m<span class=\"_ _0\"></span>a<span class=\"_ _d\"></span> <span class=\"_ _2\"></span>d<span class=\"_ _d\"></span>e<span class=\"_ _d\"></span>l<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>e<span class=\"_ _d\"></span> <span class=\"_ _d\"></span>i<span class=\"_ _2\"></span>m<span class=\"_ _d\"></span>p<span class=\"_ _d\"></span>o<span class=\"_ _d\"></span>s<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>e</div></td><td class=\"c xc7d y39b3 w131d h5e3\"><div class=\"t mb x250 h388 y39a0 ff4 fs32 fc1 sc2 ls0 ws0\">5<span class=\"_ _d\"></span>0<span class=\"_ _2\"></span>3<span class=\"_ _d\"></span>,<span class=\"_ _d\"></span>3</div></td><td class=\"c xcb5 y39b3 w131e h5e3\"><div class=\"t mb x250 h388 y39a0 ff4 fs32 fc1 sc2 ls0 ws0\">8<span class=\"_ _2\"></span>7<span class=\"_ _2\"></span>,<span class=\"_ _0\"></span>8</div></td><td class=\"c xcb6 y39b3 w131f h5e3\"><div class=\"t mb x250 h388 y39a0 ff4 fs32 fc1 sc2 ls0 ws0\">1<span class=\"_ _2\"></span>2<span class=\"_ _d\"></span>8<span class=\"_ _2\"></span>,<span class=\"_ _0\"></span>3</div></td><td class=\"c xc87 y39b2 w1320 h58d\"><div class=\"t ma x250 h387 y3994 ff4 fs31 fc1 sc2 ls0 ws0\">7<span class=\"_ _2\"></span>1<span class=\"_ _d\"></span>9<span class=\"_ _2\"></span>,<span class=\"_ _0\"></span>5</div></td><td class=\"c xc81 y39b3 w1321 h5e3\"><div class=\"t mb x250 h388 y39a0 ff4 fs32 fc1 sc2 ls0 ws0\">8<span class=\"_ _2\"></span>1<span class=\"_ _d\"></span>,<span class=\"_ _d\"></span>4</div></td><td class=\"c xcb7 y39b3 w12d5 h5e3\"><div class=\"t mb x250 h388 y39a0 ff4 fs32 fc1 sc2 ls0 ws0\">85<span class=\"_ _0\"></span>,<span class=\"_ _d\"></span>6</div></td><td class=\"c xc54 y39b2 w1322 h58d\"><div class=\"t ma x250 h387 y3994 ff4 fs31 fc1 sc2 ls0 ws0\">1<span class=\"_ _2\"></span>6<span class=\"_ _d\"></span>7<span class=\"_ _2\"></span>,<span class=\"_ _0\"></span>0</div></td><td class=\"c xc92 y39b3 w1323 h5e3\"><div class=\"t mb x250 h388 y39a0 ff4 fs32 fc1 sc2 ls0 ws0\">-<span class=\"_ _d\"></span>1<span class=\"_ _d\"></span>7<span class=\"_ _2\"></span>,<span class=\"_ _0\"></span>8</div></td><td class=\"c xc3a y39b2 w1324 h58d\"><div class=\"t ma x250 h387 y3994 ff4 fs31 fc1 sc2 ls0 ws0\">8<span class=\"_ _2\"></span>6<span class=\"_ _2\"></span>8<span class=\"_ _2\"></span>,<span class=\"_ _d\"></span>6</div></td></tr><tr><td class=\"c x262 y39b4 w1325 h58d\"><div class=\"t ma x250 h387 y3994 ff4 fs31 fc1 sc0 ls0 ws0\">Uti<span class=\"_ _f\"></span>le di t<span class=\"_ _1\"></span>erzi</div></td><td class=\"c xcb8 y39b5 w1307 h5e3\"><div class=\"t mb x250 h388 y39a0 ff4 fs32 fc1 sc0 ls0 ws0\">0,0</div></td><td class=\"c xcb9 y39b5 w1307 h5e3\"><div class=\"t mb x250 h388 y39a0 ff4 fs32 fc1 sc0 ls0 ws0\">0,0</div></td><td class=\"c xcba y39b5 w1304 h5e3\"><div class=\"t mb x250 h388 y39a0 ff4 fs32 fc1 sc0 ls0 ws0\">0,0</div></td><td class=\"c xcbb y39b4 w1309 h58d\"><div class=\"t ma x250 h387 y3994 ff4 fs31 fc1 sc0 ls0 ws0\">0,0</div></td><td class=\"c xca4 y39b5 w1307 h5e3\"><div class=\"t mb x250 h388 y39a0 ff4 fs32 fc1 sc0 ls0 ws0\">0,0</div></td><td class=\"c xcbc y39b5 w1307 h5e3\"><div class=\"t mb x250 h388 y39a0 ff4 fs32 fc1 sc0 ls0 ws0\">0,0</div></td><td class=\"c xca6 y39b4 w1309 h58d\"><div class=\"t ma x250 h387 y3994 ff4 fs31 fc1 sc0 ls0 ws0\">0,0</div></td><td class=\"c xca7 y39b5 w1307 h5e3\"><div class=\"t mb x250 h388 y39a0 ff4 fs32 fc1 sc0 ls0 ws0\">0,0</div></td><td class=\"c xcbd y39b4 w1309 h58d\"><div class=\"t ma x250 h387 y3994 ff4 fs31 fc1 sc0 ls0 ws0\">0,0</div></td></tr><tr><td class=\"c x262 y39b6 w1326 h58d\"><div class=\"t ma x250 h387 y3994 ff4 fs31 fc1 sc0 ls0 ws0\">I<span class=\"_ _1\"></span>mposte sul reddi<span class=\"_ _f\"></span>to</div></td><td class=\"c xcbe y39b7 w1327 h5e3\"><div class=\"t mb x250 h388 y39a0 ff4 fs32 fc1 sc0 ls0 ws0\">-12<span class=\"_ _2\"></span>9,6</div></td><td class=\"c xcbf y39b7 w1328 h5e3\"><div class=\"t mb x250 h388 y39a0 ff4 fs32 fc1 sc0 ls0 ws0\">-2<span class=\"_ _2\"></span>9,5</div></td><td class=\"c xcc0 y39b7 w1329 h5e3\"><div class=\"t mb x250 h388 y39a0 ff4 fs32 fc1 sc0 ls0 ws0\">-<span class=\"_ _2\"></span>42,<span class=\"_ _2\"></span>3</div></td><td class=\"c xc80 y39b6 w12d9 h58d\"><div class=\"t ma x250 h387 y3994 ff4 fs31 fc1 sc0 ls0 ws0\">-2<span class=\"_ _2\"></span>01,3</div></td><td class=\"c xcc1 y39b7 w132a h5e3\"><div class=\"t mb x250 h388 y39a0 ff4 fs32 fc1 sc0 ls0 ws0\">-2<span class=\"_ _2\"></span>3,8</div></td><td class=\"c xcc2 y39b7 w132b h5e3\"><div class=\"t mb x250 h388 y39a0 ff4 fs32 fc1 sc0 ls0 ws0\">-<span class=\"_ _2\"></span>26,<span class=\"_ _2\"></span>4</div></td><td class=\"c xc97 y39b6 w132c h58d\"><div class=\"t ma x250 h387 y3994 ff4 fs31 fc1 sc0 ls0 ws0\">-5<span class=\"_ _2\"></span>0,2</div></td><td class=\"c xca7 y39b7 w132d h5e3\"><div class=\"t mb x250 h388 y39a0 ff4 fs32 fc1 sc0 ls0 ws0\">4,3</div></td><td class=\"c xc17 y39b6 w132e h58d\"><div class=\"t ma x250 h387 y3994 ff4 fs31 fc1 sc0 ls0 ws0\">-2<span class=\"_ _2\"></span>47,2</div></td></tr><tr><td class=\"c x262 y2491 w132f h58d\"><div class=\"t ma x250 h387 y3994 ff4 fs31 fc1 sc2 ls0 ws0\">U<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>i<span class=\"_ _d\"></span>l<span class=\"_ _2\"></span>e<span class=\"_ _d\"></span> <span class=\"_ _2\"></span>n<span class=\"_ _d\"></span>e<span class=\"_ _d\"></span>t<span class=\"_ _2\"></span>t<span class=\"_ _d\"></span>o</div></td><td class=\"c xcbe y39b8 w1330 h5e3\"><div class=\"t mb x250 h388 y39a0 ff4 fs32 fc1 sc2 ls0 ws0\">3<span class=\"_ _2\"></span>7<span class=\"_ _d\"></span>3<span class=\"_ _d\"></span>,<span class=\"_ _d\"></span>7</div></td><td class=\"c xcc3 y39b8 w1331 h5e3\"><div class=\"t mb x250 h388 y39a0 ff4 fs32 fc1 sc2 ls0 ws0\">5<span class=\"_ _0\"></span>8<span class=\"_ _2\"></span>,<span class=\"_ _d\"></span>4</div></td><td class=\"c xcc4 y39b8 w1332 h5e3\"><div class=\"t mb x250 h388 y39a0 ff4 fs32 fc1 sc2 ls0 ws0\">8<span class=\"_ _2\"></span>6<span class=\"_ _2\"></span>,<span class=\"_ _d\"></span>1</div></td><td class=\"c xc80 y2491 w1333 h58d\"><div class=\"t ma x250 h387 y3994 ff4 fs31 fc1 sc2 ls0 ws0\">5<span class=\"_ _d\"></span>1<span class=\"_ _d\"></span>8<span class=\"_ _2\"></span>,<span class=\"_ _d\"></span>2</div></td><td class=\"c xc71 y39b8 w1334 h5e3\"><div class=\"t mb x250 h388 y39a0 ff4 fs32 fc1 sc2 ls0 ws0\">5<span class=\"_ _d\"></span>7<span class=\"_ _2\"></span>,<span class=\"_ _0\"></span>5</div></td><td class=\"c xcc5 y39b8 w1335 h5e3\"><div class=\"t mb x250 h388 y39a0 ff4 fs32 fc1 sc2 ls0 ws0\">5<span class=\"_ _d\"></span>9<span class=\"_ _d\"></span>,<span class=\"_ _d\"></span>2</div></td><td class=\"c xc97 y2491 w1336 h58d\"><div class=\"t ma x250 h387 y3994 ff4 fs31 fc1 sc2 ls0 ws0\">1<span class=\"_ _2\"></span>1<span class=\"_ _d\"></span>6<span class=\"_ _d\"></span>,<span class=\"_ _d\"></span>7</div></td><td class=\"c xcc6 y39b8 w1337 h5e3\"><div class=\"t mb x250 h388 y39a0 ff4 fs32 fc1 sc2 ls0 ws0\">-<span class=\"_ _d\"></span>1<span class=\"_ _d\"></span>3<span class=\"_ _d\"></span>,<span class=\"_ _d\"></span>4</div></td><td class=\"c xc8b y2491 w1338 h58d\"><div class=\"t ma x250 h387 y3994 ff4 fs31 fc1 sc2 ls0 ws0\">6<span class=\"_ _2\"></span>2<span class=\"_ _d\"></span>1<span class=\"_ _d\"></span>,<span class=\"_ _d\"></span>5</div></td></tr></table></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs1f88\">In data 2<span class=\"_ _f\"></span>0 gennaio 2025, Cre<span class=\"_ _1\"></span>dito <span class=\"_ _1\"></span>Emiliano S.p<span class=\"_ _1\"></span>.A. ha conclu<span class=\"_ _1\"></span>so l\u2019ope<span class=\"ff4\">razione <span class=\"_ _1\"></span>di trasferimento d<span class=\"_ _1\"></span>elle attivit\u00e0 <span class=\"_ _1\"></span>di me<span class=\"_ _1\"></span>rchant acqui<span class=\"_ _1\"></span>ring meglio <span class=\"_ _1\"></span>descritta nel<span class=\"_ _1\"></span>la Relazione<span class=\"_ _1\"></span> sulla Gestione<span class=\"_ _df\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1f89\">cui si <span class=\"_ _1\"></span>rimanda. Si evidenzia <span class=\"_ _1\"></span>che tale operazione <span class=\"_ _1\"></span>ha comportato una p<span class=\"_ _1\"></span>lusvalenza complessiva di <span class=\"_ _1\"></span>100 milioni di <span class=\"_ _f\"></span>euro allocata ne<span class=\"_ _2\"></span>l settore operativo Bank<span class=\"_ _1\"></span>ing (ambito di<span class=\"_ _1\"></span> Business<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1f8a\">Commercial Banking).<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs1f8b\">In <span class=\"_ _1\"></span>adempimento a <span class=\"_ _1\"></span>quanto p<span class=\"_ _1\"></span>revisto dal <span class=\"_ _f\"></span>principio contabile I<span class=\"_ _1\"></span>FRS 8, <span class=\"_ _1\"></span>si preci<span class=\"_ _1\"></span>sa che <span class=\"_ _f\"></span>nel corso dell\u2019esercizi<span class=\"_ _1\"></span>o il <span class=\"_ _f\"></span>Gru<span class=\"_ _2\"></span>ppo <span class=\"ff4\">Credem non <span class=\"_ _f\"></span>ha conseguito ricav<span class=\"_ _1\"></span>i deriv<span class=\"_ _1\"></span>anti da <span class=\"_ _1\"></span>operazioni con<span class=\"_ _df\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1f8c\">un singolo cliente esterno di ammontare pari o superiore al 10% de<span class=\"_ _1\"></span>l totale dei ricavi consolidati del Gruppo.<span class=\"_ _df\"> </span><span class=\"_ _2\"></span><span class=\"fcc\"> </span></div><div class=\"gs1f8d\"><table class=\"s w1339 h5e4\" id=\"_92cd1746-1035-4a1b-a076-5a20c5b77c55\"><tr><td></td><td></td><td></td><td class=\"c xcc8 y39ba w133a h5e5\"><div class=\"t md x250 h38c y39b9 ff4 fs34 fc1 sc0 ls0 ws0\">Paraba<span class=\"_ _2\"></span>nc<span class=\"_ _f\"></span>a<span class=\"_ _2\"></span>rio,</div></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c xcc9 y39bb w68d h38a\"><div class=\"t mc x36 h38b y1d06 ff4 fs33 fc1 sc2 ls0 ws0\">D<span class=\"_ _2\"></span>I<span class=\"_ _2\"></span>C<span class=\"_ _d\"></span>E<span class=\"_ _2\"></span>M<span class=\"_ _d\"></span>B<span class=\"_ _d\"></span>R<span class=\"_ _2\"></span>E<span class=\"_ _d\"></span> <span class=\"_ _2\"></span>2<span class=\"_ _d\"></span>0<span class=\"_ _2\"></span>2<span class=\"_ _d\"></span>4</div></td><td class=\"c xcca y39bc w133b h5e5\"><div class=\"t md x250 h38c y39b9 ff4 fs34 fc1 sc0 ls0 ws0\">Com<span class=\"_ _2\"></span>me<span class=\"_ _2\"></span>rc<span class=\"_ _f\"></span>ia<span class=\"_ _2\"></span>l</div></td><td class=\"c xcc9 y39bb w68d h38a\"><div class=\"t md xf3 h38c y1d06 ff4 fs34 fc1 sc0 ls0 ws0\">Pr<span class=\"_ _1\"></span>ivate Ba<span class=\"_ _2\"></span>nk<span class=\"_ _1\"></span>ing</div></td><td class=\"c xccb y39bc w133c h5e5\"><div class=\"t md x250 h38c y39b9 ff4 fs34 fc1 sc0 ls0 ws0\">Consume<span class=\"_ _2\"></span>r</div></td><td class=\"c xcc9 y39bb w68d h38a\"><div class=\"t mc x3f h38b y1d06 ff4 fs33 fc1 sc2 ls0 ws0\">B<span class=\"_ _d\"></span>A<span class=\"_ _2\"></span>N<span class=\"_ _2\"></span>K<span class=\"_ _d\"></span>I<span class=\"_ _2\"></span>N<span class=\"_ _2\"></span>G</div></td><td class=\"c xccc y39bc w133d h5e5\"><div class=\"t md x250 h38c y39b9 ff4 fs34 fc1 sc0 ls0 ws0\">Asset</div></td><td class=\"c xcc9 y39bb w68d h38a\"><div class=\"t md x126 h38c y1d06 ff4 fs34 fc1 sc0 ls0 ws0\">I<span class=\"_ _1\"></span>nsurance</div></td><td class=\"c xccd y39bd w133e h58d\"><div class=\"t mc x250 h38b y3989 ff4 fs33 fc1 sc2 ls0 ws0\">W<span class=\"_ _d\"></span>e<span class=\"_ _d\"></span>a<span class=\"_ _d\"></span>l<span class=\"_ _d\"></span>t<span class=\"_ _2\"></span>h</div></td><td class=\"c xcce y39bc w133f h5e5\"><div class=\"t md x250 h38c y39b9 ff4 fs34 fc1 sc0 ls0 ws0\">El<span class=\"_ _f\"></span>isioni<span class=\"_ _f\"></span>,<span class=\"_ _2\"></span> retti<span class=\"_ _1\"></span>fic<span class=\"_ _f\"></span>he</div></td><td class=\"c xccf y39bd w1340 h58d\"><div class=\"t mc x250 h38b y3989 ff4 fs33 fc1 sc2 ls0 ws0\">C<span class=\"_ _d\"></span>o<span class=\"_ _2\"></span>n<span class=\"_ _d\"></span>s<span class=\"_ _2\"></span>o<span class=\"_ _d\"></span>l<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>d<span class=\"_ _d\"></span>a<span class=\"_ _d\"></span>t<span class=\"_ _2\"></span>o</div></td></tr><tr><td></td><td class=\"c xcd0 y39be w1341 h5e5\"><div class=\"t md x250 h38c y39b9 ff4 fs34 fc1 sc0 ls0 ws0\">Ba<span class=\"_ _2\"></span>nk<span class=\"_ _f\"></span>ing</div></td><td></td><td class=\"c xcd1 y39be w1342 h5e5\"><div class=\"t md x250 h38c y39b9 ff4 fs34 fc1 sc0 ls0 ws0\">Credit, I<span class=\"_ _f\"></span>T</div></td><td></td><td class=\"c xcd2 y39be w1343 h5e5\"><div class=\"t md x250 h38c y39b9 ff4 fs34 fc1 sc0 ls0 ws0\">Ma<span class=\"_ _2\"></span>nagem<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>nt</div></td><td></td><td class=\"c xcd3 y39bf w1344 h58d\"><div class=\"t mc x250 h38b y3989 ff4 fs33 fc1 sc2 ls0 ws0\">M<span class=\"_ _d\"></span>a<span class=\"_ _d\"></span>n<span class=\"_ _2\"></span>a<span class=\"_ _0\"></span>g<span class=\"_ _2\"></span>e<span class=\"_ _d\"></span>m<span class=\"_ _0\"></span>e<span class=\"_ _d\"></span>n<span class=\"_ _2\"></span>t</div></td><td class=\"c xcd4 y39be w1345 h5e5\"><div class=\"t md x250 h38c y39b9 ff4 fs34 fc1 sc0 ls0 ws0\">e ric<span class=\"_ _f\"></span>lassific<span class=\"_ _f\"></span>he</div></td><td class=\"c xcd5 y39bf w1346 h58d\"><div class=\"t mc x250 h38b y3989 ff4 fs33 fc1 sc2 ls0 ws0\">r<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>a<span class=\"_ _0\"></span>s<span class=\"_ _2\"></span>s<span class=\"_ _d\"></span>i<span class=\"_ _2\"></span>f<span class=\"_ _d\"></span>i<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>a<span class=\"_ _d\"></span>t<span class=\"_ _2\"></span>o</div></td></tr><tr><td></td><td></td><td></td><td class=\"c xcd6 y39c0 w1347 h5e5\"><div class=\"t md x250 h38c y39b9 ff4 fs34 fc1 sc0 ls0 ws0\">Tec<span class=\"_ _1\"></span>hnology</div></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x262 y39c1 w1348 h58d\"><div class=\"t mc x250 h38b y3989 ff4 fs33 fc1 sc0 ls0 ws0\">Ma<span class=\"_ _2\"></span>rgi<span class=\"_ _f\"></span>ne<span class=\"_ _2\"></span> finanziari<span class=\"_ _1\"></span>o</div></td><td class=\"c xcd7 y39c2 w1349 h5e5\"><div class=\"t md x250 h38c y39b9 ff4 fs34 fc1 sc0 ls0 ws0\">855,<span class=\"_ _2\"></span>0</div></td><td class=\"c xcd8 y39c2 w134a h5e5\"><div class=\"t md x250 h38c y39b9 ff4 fs34 fc1 sc0 ls0 ws0\">96,<span class=\"_ _2\"></span>7</div></td><td class=\"c xcd9 y39c2 w134b h5e5\"><div class=\"t md x250 h38c y39b9 ff4 fs34 fc1 sc0 ls0 ws0\">138,2</div></td><td class=\"c xcda y39c2 w134c h5e5\"><div class=\"t md x250 h38c y39b9 ff4 fs34 fc1 sc0 ls0 ws0\">1.08<span class=\"_ _f\"></span>9,<span class=\"_ _2\"></span>9</div></td><td class=\"c xcdb y39c2 w134d h5e5\"><div class=\"t md x250 h38c y39b9 ff4 fs34 fc1 sc0 ls0 ws0\">16,7</div></td><td class=\"c xcdc y39c2 w134e h5e5\"><div class=\"t md x250 h38c y39b9 ff4 fs34 fc1 sc0 ls0 ws0\">7,5</div></td><td class=\"c xcdd y39c2 w134f h5e5\"><div class=\"t md x250 h38c y39b9 ff4 fs34 fc1 sc0 ls0 ws0\">2<span class=\"_ _2\"></span>4,2</div></td><td class=\"c xcde y39c2 w1350 h5e5\"><div class=\"t md x250 h38c y39b9 ff4 fs34 fc1 sc0 ls0 ws0\">5,<span class=\"_ _2\"></span>4</div></td><td class=\"c xc8b y39c1 w1351 h58d\"><div class=\"t mc x250 h38b y3989 ff4 fs33 fc1 sc0 ls0 ws0\">1.119,<span class=\"_ _2\"></span>5</div></td></tr><tr><td class=\"c x262 y39c3 w1352 h58d\"><div class=\"t mc x250 h38b y3989 ff4 fs33 fc1 sc0 ls0 ws0\">Ma<span class=\"_ _2\"></span>rgi<span class=\"_ _f\"></span>ne<span class=\"_ _2\"></span> serviz<span class=\"_ _1\"></span>i</div></td><td class=\"c xcd7 y39c4 w1353 h5e5\"><div class=\"t md x250 h38c y39b9 ff4 fs34 fc1 sc0 ls0 ws0\">48<span class=\"_ _1\"></span>7,3</div></td><td class=\"c xcdf y39c4 w1354 h5e5\"><div class=\"t md x250 h38c y39b9 ff4 fs34 fc1 sc0 ls0 ws0\">2<span class=\"_ _2\"></span>07<span class=\"_ _1\"></span>,0</div></td><td class=\"c xce0 y39c4 w1355 h5e5\"><div class=\"t md x250 h38c y39b9 ff4 fs34 fc1 sc0 ls0 ws0\">115<span class=\"_ _2\"></span>,3</div></td><td class=\"c xce1 y39c4 w1356 h5e5\"><div class=\"t md x250 h38c y39b9 ff4 fs34 fc1 sc0 ls0 ws0\">809,6</div></td><td class=\"c xce2 y39c4 w1357 h5e5\"><div class=\"t md x250 h38c y39b9 ff4 fs34 fc1 sc0 ls0 ws0\">144,3</div></td><td class=\"c xce3 y39c4 w1358 h5e5\"><div class=\"t md x250 h38c y39b9 ff4 fs34 fc1 sc0 ls0 ws0\">8<span class=\"_ _1\"></span>7,8</div></td><td class=\"c xce4 y39c4 w1359 h5e5\"><div class=\"t md x250 h38c y39b9 ff4 fs34 fc1 sc0 ls0 ws0\">232<span class=\"_ _2\"></span>,2</div></td><td class=\"c xce5 y39c4 w135a h5e5\"><div class=\"t md x250 h38c y39b9 ff4 fs34 fc1 sc0 ls0 ws0\">-12<span class=\"_ _2\"></span>8,9</div></td><td class=\"c xc9d y39c3 w135b h58d\"><div class=\"t mc x250 h38b y3989 ff4 fs33 fc1 sc0 ls0 ws0\">912,<span class=\"_ _2\"></span>8</div></td></tr><tr><td class=\"c x262 y39c5 w135c h58d\"><div class=\"t mc x250 h38b y3989 ff4 fs33 fc1 sc2 ls0 ws0\">M<span class=\"_ _d\"></span>a<span class=\"_ _d\"></span>r<span class=\"_ _2\"></span>g<span class=\"_ _d\"></span>i<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>e<span class=\"_ _0\"></span> <span class=\"_ _2\"></span>d<span class=\"_ _d\"></span>'<span class=\"_ _d\"></span>i<span class=\"_ _2\"></span>n<span class=\"_ _d\"></span>t<span class=\"_ _2\"></span>e<span class=\"_ _d\"></span>r<span class=\"_ _d\"></span>m<span class=\"_ _d\"></span>e<span class=\"_ _d\"></span>d<span class=\"_ _d\"></span>i<span class=\"_ _2\"></span>a<span class=\"_ _d\"></span>z<span class=\"_ _d\"></span>i<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>n<span class=\"_ _d\"></span>e</div></td><td class=\"c xce6 y39c6 w135d h5e5\"><div class=\"t md x250 h38c y39b9 ff4 fs34 fc1 sc2 ls0 ws0\">1<span class=\"_ _d\"></span>.<span class=\"_ _d\"></span>3<span class=\"_ _d\"></span>4<span class=\"_ _2\"></span>2<span class=\"_ _d\"></span>,<span class=\"_ _0\"></span>2</div></td><td class=\"c xce7 y39c6 w135e h5e5\"><div class=\"t md x250 h38c y39b9 ff4 fs34 fc1 sc2 ls0 ws0\">3<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>3<span class=\"_ _d\"></span>,<span class=\"_ _d\"></span>7</div></td><td class=\"c xce8 y39c6 w135f h5e5\"><div class=\"t md x250 h38c y39b9 ff4 fs34 fc1 sc2 ls0 ws0\">2<span class=\"_ _0\"></span>5<span class=\"_ _d\"></span>3<span class=\"_ _2\"></span>,<span class=\"_ _0\"></span>5</div></td><td class=\"c xce9 y39c6 w1360 h5e5\"><div class=\"t md x250 h38c y39b9 ff4 fs34 fc1 sc2 ls0 ws0\">1<span class=\"_ _d\"></span>.<span class=\"_ _d\"></span>8<span class=\"_ _2\"></span>9<span class=\"_ _d\"></span>9<span class=\"_ _2\"></span>,<span class=\"_ _d\"></span>5</div></td><td class=\"c xcea y39c6 w1361 h5e5\"><div class=\"t md x250 h38c y39b9 ff4 fs34 fc1 sc2 ls0 ws0\">1<span class=\"_ _d\"></span>6<span class=\"_ _2\"></span>1<span class=\"_ _d\"></span>,<span class=\"_ _d\"></span>1</div></td><td class=\"c xceb y39c6 w1362 h5e5\"><div class=\"t md x250 h38c y39b9 ff4 fs34 fc1 sc2 ls0 ws0\">9<span class=\"_ _d\"></span>5<span class=\"_ _d\"></span>,<span class=\"_ _d\"></span>3</div></td><td class=\"c xcec y39c6 w1363 h5e5\"><div class=\"t md x250 h38c y39b9 ff4 fs34 fc1 sc2 ls0 ws0\">2<span class=\"_ _0\"></span>5<span class=\"_ _d\"></span>6<span class=\"_ _2\"></span>,<span class=\"_ _0\"></span>4</div></td><td class=\"c xced y39c6 w1364 h5e5\"><div class=\"t md x250 h38c y39b9 ff4 fs34 fc1 sc2 ls0 ws0\">-<span class=\"_ _d\"></span>1<span class=\"_ _d\"></span>2<span class=\"_ _d\"></span>3<span class=\"_ _d\"></span>,<span class=\"_ _d\"></span>6</div></td><td class=\"c xc25 y39c5 w1365 h58d\"><div class=\"t mc x250 h38b y3989 ff4 fs33 fc1 sc2 ls0 ws0\">2<span class=\"_ _d\"></span>.<span class=\"_ _d\"></span>0<span class=\"_ _2\"></span>3<span class=\"_ _d\"></span>2<span class=\"_ _d\"></span>,<span class=\"_ _d\"></span>3</div></td></tr><tr><td class=\"c x262 y39c7 w1366 h58d\"><div class=\"t mc x250 h38b y3989 ff4 fs33 fc1 sc0 ls0 ws0\">Spese personale</div></td><td class=\"c xcee y39c8 w1367 h5e5\"><div class=\"t md x250 h38c y39b9 ff4 fs34 fc1 sc0 ls0 ws0\">-45<span class=\"_ _2\"></span>2,<span class=\"_ _2\"></span>9</div></td><td class=\"c xcef y39c8 w1368 h5e5\"><div class=\"t md x250 h38c y39b9 ff4 fs34 fc1 sc0 ls0 ws0\">-99,<span class=\"_ _2\"></span>4</div></td><td class=\"c xcf0 y39c8 w1369 h5e5\"><div class=\"t md x250 h38c y39b9 ff4 fs34 fc1 sc0 ls0 ws0\">-5<span class=\"_ _2\"></span>3,3</div></td><td class=\"c xcf1 y39c8 w136a h5e5\"><div class=\"t md x250 h38c y39b9 ff4 fs34 fc1 sc0 ls0 ws0\">-605,6</div></td><td class=\"c xcf2 y39c8 w136b h5e5\"><div class=\"t md x250 h38c y39b9 ff4 fs34 fc1 sc0 ls0 ws0\">-19,<span class=\"_ _2\"></span>2</div></td><td class=\"c xcf3 y39c8 w136c h5e5\"><div class=\"t md x250 h38c y39b9 ff4 fs34 fc1 sc0 ls0 ws0\">-3,<span class=\"_ _2\"></span>3</div></td><td class=\"c xcf4 y39c8 w136d h5e5\"><div class=\"t md x250 h38c y39b9 ff4 fs34 fc1 sc0 ls116 ws0\">-22,4</div></td><td class=\"c xcf5 y39c8 w136e h5e5\"><div class=\"t md x250 h38c y39b9 ff4 fs34 fc1 sc0 ls0 ws0\">14,<span class=\"_ _2\"></span>3</div></td><td class=\"c xc8b y39c7 w136f h58d\"><div class=\"t mc x250 h38b y3989 ff4 fs33 fc1 sc0 ls0 ws0\">-613,<span class=\"_ _2\"></span>8</div></td></tr><tr><td class=\"c x262 y39c9 w1370 h58d\"><div class=\"t mc x250 h38b y3989 ff4 fs33 fc1 sc0 ls0 ws0\">Spese am<span class=\"_ _2\"></span>minist<span class=\"_ _1\"></span>rative</div></td><td class=\"c xcee y39ca w1371 h5e5\"><div class=\"t md x250 h38c y39b9 ff4 fs34 fc1 sc0 ls0 ws0\">-2<span class=\"_ _2\"></span>34,6</div></td><td class=\"c xcf6 y39ca w1372 h5e5\"><div class=\"t md x250 h38c y39b9 ff4 fs34 fc1 sc0 ls0 ws0\">-67,<span class=\"_ _2\"></span>7</div></td><td class=\"c xcf7 y39ca w1373 h5e5\"><div class=\"t md x250 h38c y39b9 ff4 fs34 fc1 sc0 ls0 ws0\">-<span class=\"_ _2\"></span>45,<span class=\"_ _2\"></span>6</div></td><td class=\"c xcf8 y39ca w1374 h5e5\"><div class=\"t md x250 h38c y39b9 ff4 fs34 fc1 sc0 ls0 ws0\">-<span class=\"_ _2\"></span>347,9</div></td><td class=\"c xcf9 y39ca w1375 h5e5\"><div class=\"t md x250 h38c y39b9 ff4 fs34 fc1 sc0 ls0 ws0\">-<span class=\"_ _2\"></span>20,1</div></td><td class=\"c xcfa y39ca w1376 h5e5\"><div class=\"t md x250 h38c y39b9 ff4 fs34 fc1 sc0 ls0 ws0\">-<span class=\"_ _2\"></span>6,6</div></td><td class=\"c xcfb y39ca w1377 h5e5\"><div class=\"t md x250 h38c y39b9 ff4 fs34 fc1 sc0 ls0 ws0\">-<span class=\"_ _2\"></span>26,<span class=\"_ _2\"></span>7</div></td><td class=\"c xcfc y39ca w1378 h5e5\"><div class=\"t md x250 h38c y39b9 ff4 fs34 fc1 sc0 ls0 ws0\">84<span class=\"_ _1\"></span>,8</div></td><td class=\"c xc3a y39c9 w1379 h58d\"><div class=\"t mc x250 h38b y3989 ff4 fs33 fc1 sc0 ls0 ws0\">-2<span class=\"_ _2\"></span>89,8</div></td></tr><tr><td class=\"c x262 y39cb w137a h5db\"><div class=\"t mc x250 h38b y396b ff4 fs33 fc1 sc2 ls0 ws0\">C<span class=\"_ _d\"></span>o<span class=\"_ _2\"></span>s<span class=\"_ _d\"></span>t<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>o<span class=\"_ _2\"></span>p<span class=\"_ _d\"></span>e<span class=\"_ _d\"></span>r<span class=\"_ _2\"></span>a<span class=\"_ _0\"></span>t<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>v<span class=\"_ _d\"></span>i</div></td><td class=\"c xcfd y39cc w137b h5e5\"><div class=\"t md x250 h38c y3966 ff4 fs34 fc1 sc2 ls0 ws0\">-<span class=\"_ _d\"></span>6<span class=\"_ _d\"></span>8<span class=\"_ _2\"></span>7<span class=\"_ _2\"></span>,<span class=\"_ _0\"></span>5</div></td><td class=\"c xcfe y39cc w137c h5e5\"><div class=\"t md x250 h38c y3966 ff4 fs34 fc1 sc2 ls0 ws0\">-<span class=\"_ _d\"></span>1<span class=\"_ _d\"></span>6<span class=\"_ _d\"></span>7<span class=\"_ _2\"></span>,<span class=\"_ _d\"></span>0</div></td><td class=\"c xcff y39cc w137d h5e5\"><div class=\"t md x250 h38c y3966 ff4 fs34 fc1 sc2 ls0 ws0\">-<span class=\"_ _0\"></span>9<span class=\"_ _d\"></span>9<span class=\"_ _2\"></span>,<span class=\"_ _d\"></span>0</div></td><td class=\"c xd00 y39cc w137e h5e5\"><div class=\"t md x250 h38c y3966 ff4 fs34 fc1 sc2 ls0 ws0\">-<span class=\"_ _d\"></span>9<span class=\"_ _d\"></span>5<span class=\"_ _d\"></span>3<span class=\"_ _d\"></span>,<span class=\"_ _d\"></span>5</div></td><td class=\"c xd01 y39cc w137f h5e5\"><div class=\"t md x250 h38c y3966 ff4 fs34 fc1 sc2 ls0 ws0\">-<span class=\"_ _0\"></span>3<span class=\"_ _d\"></span>9<span class=\"_ _2\"></span>,<span class=\"_ _0\"></span>3</div></td><td class=\"c xd02 y39cc w1380 h5e5\"><div class=\"t md x250 h38c y3966 ff4 fs34 fc1 sc2 ls0 ws0\">-<span class=\"_ _d\"></span>9<span class=\"_ _d\"></span>,<span class=\"_ _d\"></span>8</div></td><td class=\"c xd03 y39cc w1381 h5e5\"><div class=\"t md x250 h38c y3966 ff4 fs34 fc1 sc2 ls0 ws0\">-<span class=\"_ _d\"></span>4<span class=\"_ _2\"></span>9<span class=\"_ _d\"></span>,<span class=\"_ _d\"></span>1</div></td><td class=\"c xd04 y39cc w1382 h5e5\"><div class=\"t md x250 h38c y3966 ff4 fs34 fc1 sc2 ls0 ws0\">9<span class=\"_ _d\"></span>9<span class=\"_ _2\"></span>,<span class=\"_ _0\"></span>1</div></td><td class=\"c xbfe y39cb w1383 h5db\"><div class=\"t mc x250 h38b y396b ff4 fs33 fc1 sc2 ls0 ws0\">-<span class=\"_ _d\"></span>9<span class=\"_ _d\"></span>0<span class=\"_ _2\"></span>3<span class=\"_ _2\"></span>,<span class=\"_ _d\"></span>5</div></td></tr><tr><td class=\"c x262 y39cd w1384 h5db\"><div class=\"t mc x250 h38b y396b ff4 fs33 fc1 sc2 ls0 ws0\">R<span class=\"_ _d\"></span>i<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>u<span class=\"_ _d\"></span>l<span class=\"_ _2\"></span>t<span class=\"_ _d\"></span>a<span class=\"_ _d\"></span>t<span class=\"_ _2\"></span>o<span class=\"_ _d\"></span> <span class=\"_ _2\"></span>l<span class=\"_ _d\"></span>o<span class=\"_ _2\"></span>r<span class=\"_ _d\"></span>d<span class=\"_ _2\"></span>o<span class=\"_ _d\"></span> <span class=\"_ _2\"></span>d<span class=\"_ _d\"></span>i<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>g<span class=\"_ _d\"></span>e<span class=\"_ _d\"></span>s<span class=\"_ _2\"></span>t<span class=\"_ _d\"></span>i<span class=\"_ _2\"></span>o<span class=\"_ _d\"></span>n<span class=\"_ _2\"></span>e</div></td><td class=\"c xcee y39ce w1385 h5e5\"><div class=\"t md x250 h38c y3966 ff4 fs34 fc1 sc2 ls0 ws0\">6<span class=\"_ _2\"></span>5<span class=\"_ _0\"></span>4<span class=\"_ _2\"></span>,<span class=\"_ _d\"></span>7</div></td><td class=\"c xd05 y39ce w1386 h5e5\"><div class=\"t md x250 h38c y3966 ff4 fs34 fc1 sc2 ls0 ws0\">1<span class=\"_ _d\"></span>3<span class=\"_ _d\"></span>6<span class=\"_ _d\"></span>,<span class=\"_ _d\"></span>7</div></td><td class=\"c xd06 y39ce w1387 h5e5\"><div class=\"t md x250 h38c y3966 ff4 fs34 fc1 sc2 ls0 ws0\">1<span class=\"_ _2\"></span>5<span class=\"_ _0\"></span>4<span class=\"_ _2\"></span>,<span class=\"_ _d\"></span>6</div></td><td class=\"c xd07 y39ce w1388 h5e5\"><div class=\"t md x250 h38c y3966 ff4 fs34 fc1 sc2 ls0 ws0\">9<span class=\"_ _2\"></span>4<span class=\"_ _d\"></span>6<span class=\"_ _2\"></span>,<span class=\"_ _0\"></span>0</div></td><td class=\"c xd08 y39ce w1389 h5e5\"><div class=\"t md x250 h38c y3966 ff4 fs34 fc1 sc2 ls0 ws0\">1<span class=\"_ _2\"></span>2<span class=\"_ _0\"></span>1<span class=\"_ _d\"></span>,<span class=\"_ _d\"></span>8</div></td><td class=\"c xd09 y39ce w138a h5e5\"><div class=\"t md x250 h38c y3966 ff4 fs34 fc1 sc2 ls0 ws0\">8<span class=\"_ _2\"></span>5<span class=\"_ _d\"></span>,<span class=\"_ _0\"></span>5</div></td><td class=\"c xd0a y39ce w138b h5e5\"><div class=\"t md x250 h38c y3966 ff4 fs34 fc1 sc2 ls0 ws0\">2<span class=\"_ _0\"></span>0<span class=\"_ _2\"></span>7<span class=\"_ _2\"></span>,<span class=\"_ _d\"></span>3</div></td><td class=\"c xd0b y39ce w138c h5e5\"><div class=\"t md x250 h38c y3966 ff4 fs34 fc1 sc2 ls0 ws0\">-<span class=\"_ _0\"></span>2<span class=\"_ _d\"></span>4<span class=\"_ _d\"></span>,<span class=\"_ _d\"></span>4</div></td><td class=\"c xbfe y39cd w138d h5db\"><div class=\"t mc x250 h38b y396b ff4 fs33 fc1 sc2 ls0 ws0\">1<span class=\"_ _2\"></span>.<span class=\"_ _0\"></span>1<span class=\"_ _2\"></span>2<span class=\"_ _0\"></span>8<span class=\"_ _2\"></span>,<span class=\"_ _d\"></span>8</div></td></tr><tr><td class=\"c x262 y39cf w138e h5db\"><div class=\"t mc x250 h38b y396b ff4 fs33 fc1 sc0 ls0 ws0\">Amm<span class=\"_ _2\"></span>ortam<span class=\"_ _2\"></span>enti</div></td><td class=\"c xd0c y39d0 w138f h5e5\"><div class=\"t md x250 h38c y3966 ff4 fs34 fc1 sc0 ls0 ws0\">-87,5</div></td><td class=\"c xd0d y39d0 w1390 h5e5\"><div class=\"t md x250 h38c y3966 ff4 fs34 fc1 sc0 ls0 ws0\">-<span class=\"_ _2\"></span>8<span class=\"_ _1\"></span>,2</div></td><td class=\"c xd0e y39d0 w1391 h5e5\"><div class=\"t md x250 h38c y3966 ff4 fs34 fc1 sc0 ls0 ws0\">-<span class=\"_ _2\"></span>13,<span class=\"_ _2\"></span>4</div></td><td class=\"c xd0f y39d0 w1392 h5e5\"><div class=\"t md x250 h38c y3966 ff4 fs34 fc1 sc0 ls0 ws0\">-109,1</div></td><td class=\"c xd10 y39d0 w1393 h5e5\"><div class=\"t md x250 h38c y3966 ff4 fs34 fc1 sc0 ls0 ws0\">-0,8</div></td><td class=\"c xd11 y39d0 w1394 h5e5\"><div class=\"t md x250 h38c y3966 ff4 fs34 fc1 sc0 ls116 ws0\">-2,0</div></td><td class=\"c xd12 y39d0 w1395 h5e5\"><div class=\"t md x250 h38c y3966 ff4 fs34 fc1 sc0 ls116 ws0\">-2,8</div></td><td class=\"c xd13 y39d0 w1396 h5e5\"><div class=\"t md x250 h38c y3966 ff4 fs34 fc1 sc0 ls0 ws0\">4,6</div></td><td class=\"c xc8b y39cf w1397 h5db\"><div class=\"t mc x250 h38b y396b ff4 fs33 fc1 sc0 ls0 ws0\">-107,4</div></td></tr><tr><td class=\"c x262 y39d1 w1398 h5db\"><div class=\"t mc x250 h38b y396b ff4 fs33 fc1 sc2 ls0 ws0\">R<span class=\"_ _d\"></span>i<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>u<span class=\"_ _d\"></span>l<span class=\"_ _2\"></span>t<span class=\"_ _d\"></span>a<span class=\"_ _d\"></span>t<span class=\"_ _2\"></span>o<span class=\"_ _d\"></span> <span class=\"_ _2\"></span>o<span class=\"_ _d\"></span>p<span class=\"_ _d\"></span>e<span class=\"_ _d\"></span>r<span class=\"_ _2\"></span>a<span class=\"_ _d\"></span>t<span class=\"_ _d\"></span>i<span class=\"_ _2\"></span>v<span class=\"_ _d\"></span>o</div></td><td class=\"c xcee y39d2 w1399 h5e5\"><div class=\"t md x250 h38c y3966 ff4 fs34 fc1 sc2 ls0 ws0\">5<span class=\"_ _d\"></span>6<span class=\"_ _d\"></span>7<span class=\"_ _2\"></span>,<span class=\"_ _d\"></span>2</div></td><td class=\"c xd14 y39d2 w139a h5e5\"><div class=\"t md x250 h38c y3966 ff4 fs34 fc1 sc2 ls0 ws0\">1<span class=\"_ _2\"></span>2<span class=\"_ _d\"></span>8<span class=\"_ _2\"></span>,<span class=\"_ _0\"></span>5</div></td><td class=\"c xd15 y39d2 w139b h5e5\"><div class=\"t md x250 h38c y3966 ff4 fs34 fc1 sc2 ls0 ws0\">1<span class=\"_ _d\"></span>4<span class=\"_ _2\"></span>1<span class=\"_ _d\"></span>,<span class=\"_ _d\"></span>2</div></td><td class=\"c xd16 y39d2 w139c h5e5\"><div class=\"t md x250 h38c y3966 ff4 fs34 fc1 sc2 ls0 ws0\">8<span class=\"_ _2\"></span>3<span class=\"_ _d\"></span>6<span class=\"_ _d\"></span>,<span class=\"_ _d\"></span>8</div></td><td class=\"c xd17 y39d2 w139d h5e5\"><div class=\"t md x250 h38c y3966 ff4 fs34 fc1 sc2 ls0 ws0\">1<span class=\"_ _2\"></span>2<span class=\"_ _d\"></span>0<span class=\"_ _2\"></span>,<span class=\"_ _0\"></span>9</div></td><td class=\"c xd18 y39d2 w139e h5e5\"><div class=\"t md x250 h38c y3966 ff4 fs34 fc1 sc2 ls0 ws0\">83<span class=\"_ _d\"></span>,<span class=\"_ _d\"></span>5</div></td><td class=\"c xd19 y39d2 w139f h5e5\"><div class=\"t md x250 h38c y3966 ff4 fs34 fc1 sc2 ls0 ws0\">2<span class=\"_ _0\"></span>0<span class=\"_ _2\"></span>4<span class=\"_ _2\"></span>,<span class=\"_ _0\"></span>4</div></td><td class=\"c xd1a y39d2 w13a0 h5e5\"><div class=\"t md x250 h38c y3966 ff4 fs34 fc1 sc2 ls0 ws0\">-<span class=\"_ _d\"></span>1<span class=\"_ _d\"></span>9<span class=\"_ _d\"></span>,<span class=\"_ _d\"></span>9</div></td><td class=\"c xbfe y39d1 w13a1 h5db\"><div class=\"t mc x250 h38b y396b ff4 fs33 fc1 sc2 ls0 ws0\">1<span class=\"_ _2\"></span>.<span class=\"_ _0\"></span>0<span class=\"_ _2\"></span>2<span class=\"_ _d\"></span>1<span class=\"_ _d\"></span>,<span class=\"_ _d\"></span>4</div></td></tr><tr><td class=\"c x262 y39d3 w13a2 h5db\"><div class=\"t mc x250 h38b y396b ff4 fs33 fc1 sc0 ls0 ws0\">Rettific<span class=\"_ _f\"></span>he ne<span class=\"_ _2\"></span>tte su c<span class=\"_ _f\"></span>rediti</div></td><td class=\"c xd0c y39d4 w13a3 h5e5\"><div class=\"t md x250 h38c y3966 ff4 fs34 fc1 sc0 ls0 ws0\">-2<span class=\"_ _2\"></span>4,8</div></td><td class=\"c xd1b y39d4 w13a4 h5e5\"><div class=\"t md x250 h38c y3966 ff4 fs34 fc1 sc0 ls0 ws0\">0,1</div></td><td class=\"c xd1c y39d4 w13a5 h5e5\"><div class=\"t md x250 h38c y3966 ff4 fs34 fc1 sc0 ls0 ws0\">-18,1</div></td><td class=\"c xd1d y39d4 w13a6 h5e5\"><div class=\"t md x250 h38c y3966 ff4 fs34 fc1 sc0 ls0 ws0\">-42<span class=\"_ _2\"></span>,8</div></td><td class=\"c xd1e y39d4 w13a7 h5e5\"><div class=\"t md x250 h38c y3966 ff4 fs34 fc1 sc0 ls0 ws0\">0,0</div></td><td class=\"c xd1f y39d4 w13a7 h5e5\"><div class=\"t md x250 h38c y3966 ff4 fs34 fc1 sc0 ls0 ws0\">0,0</div></td><td class=\"c xd20 y39d4 w13a7 h5e5\"><div class=\"t md x250 h38c y3966 ff4 fs34 fc1 sc0 ls0 ws0\">0,0</div></td><td class=\"c xd21 y39d4 w13a7 h5e5\"><div class=\"t md x250 h38c y3966 ff4 fs34 fc1 sc0 ls0 ws0\">0,0</div></td><td class=\"c xc6c y39d3 w13a8 h5db\"><div class=\"t mc x250 h38b y396b ff4 fs33 fc1 sc0 ls0 ws0\">-42<span class=\"_ _2\"></span>,8</div></td></tr><tr><td class=\"c x262 y39d5 w13a9 h5db\"><div class=\"t mc x250 h38b y396b ff4 fs33 fc1 sc0 ls0 ws0\">Ac<span class=\"_ _f\"></span>cantona<span class=\"_ _2\"></span>me<span class=\"_ _2\"></span>nti<span class=\"_ _f\"></span> pe<span class=\"_ _2\"></span>r r<span class=\"_ _f\"></span>isc<span class=\"_ _1\"></span>hi ed oneri</div></td><td class=\"c xd22 y39d6 w13aa h5e5\"><div class=\"t md x250 h38c y3966 ff4 fs34 fc1 sc0 ls0 ws0\">-12<span class=\"_ _2\"></span>,1</div></td><td class=\"c xd23 y39d6 w13ab h5e5\"><div class=\"t md x250 h38c y3966 ff4 fs34 fc1 sc0 ls0 ws0\">-<span class=\"_ _2\"></span>4,0</div></td><td class=\"c xd24 y39d6 w13ac h5e5\"><div class=\"t md x250 h38c y3966 ff4 fs34 fc1 sc0 ls116 ws0\">-2,8</div></td><td class=\"c xd25 y39d6 w13ad h5e5\"><div class=\"t md x250 h38c y3966 ff4 fs34 fc1 sc0 ls0 ws0\">-<span class=\"_ _2\"></span>18<span class=\"_ _1\"></span>,9</div></td><td class=\"c xd26 y39d6 w13ae h5e5\"><div class=\"t md x250 h38c y3966 ff4 fs34 fc1 sc0 ls0 ws0\">-<span class=\"_ _2\"></span>1,<span class=\"_ _2\"></span>6</div></td><td class=\"c xd27 y39d6 w13af h5e5\"><div class=\"t md x250 h38c y3966 ff4 fs34 fc1 sc0 ls0 ws0\">0,1</div></td><td class=\"c xd28 y39d6 w13b0 h5e5\"><div class=\"t md x250 h38c y3966 ff4 fs34 fc1 sc0 ls0 ws0\">-<span class=\"_ _2\"></span>1,6</div></td><td class=\"c xd29 y39d6 w13a7 h5e5\"><div class=\"t md x250 h38c y3966 ff4 fs34 fc1 sc0 ls0 ws0\">0,0</div></td><td class=\"c xc6c y39d5 w13b1 h5db\"><div class=\"t mc x250 h38b y396b ff4 fs33 fc1 sc0 ls0 ws0\">-2<span class=\"_ _2\"></span>0,4</div></td></tr><tr><td class=\"c x262 y2e2f w13b2 h5db\"><div class=\"t mc x250 h38b y396b ff4 fs33 fc1 sc0 ls0 ws0\">Proventi<span class=\"_ _1\"></span> / oneri s<span class=\"_ _1\"></span>traordinari</div></td><td class=\"c xd0c y39d8 w13b3 h5e6\"><div class=\"t md x250 h38c y39d7 ff4 fs34 fc1 sc0 ls0 ws0\">-38,5</div></td><td class=\"c xd2a y39d8 w13b4 h5e6\"><div class=\"t md x250 h38c y39d7 ff4 fs34 fc1 sc0 ls0 ws0\">-<span class=\"_ _2\"></span>5,<span class=\"_ _2\"></span>0</div></td><td class=\"c xd2b y39d8 w13af h5e6\"><div class=\"t md x250 h38c y39d7 ff4 fs34 fc1 sc0 ls0 ws0\">0,1</div></td><td class=\"c xd2c y39d8 w13b5 h5e6\"><div class=\"t md x250 h38c y39d7 ff4 fs34 fc1 sc0 ls0 ws0\">-<span class=\"_ _2\"></span>43,4</div></td><td class=\"c xd2d y39d8 w13b6 h5e6\"><div class=\"t md x250 h38c y39d7 ff4 fs34 fc1 sc0 ls0 ws0\">-<span class=\"_ _2\"></span>0,5</div></td><td class=\"c xd2e y39d8 w13b7 h5e6\"><div class=\"t md x250 h38c y39d7 ff4 fs34 fc1 sc0 ls0 ws0\">-<span class=\"_ _2\"></span>3,1</div></td><td class=\"c xd2f y39d8 w13b8 h5e6\"><div class=\"t md x250 h38c y39d7 ff4 fs34 fc1 sc0 ls0 ws0\">-<span class=\"_ _2\"></span>3,6</div></td><td class=\"c xd30 y39d8 w13a7 h5e6\"><div class=\"t md x250 h38c y39d7 ff4 fs34 fc1 sc0 ls0 ws0\">0,0</div></td><td class=\"c xc9d y2e2f w13b9 h5db\"><div class=\"t mc x250 h38b y396b ff4 fs33 fc1 sc0 ls0 ws0\">-47,0</div></td></tr><tr><td class=\"c x262 y39d9 w13ba h5db\"><div class=\"t mc x250 h38b y396b ff4 fs33 fc1 sc2 ls0 ws0\">U<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>i<span class=\"_ _d\"></span>l<span class=\"_ _2\"></span>e<span class=\"_ _d\"></span> <span class=\"_ _2\"></span>p<span class=\"_ _d\"></span>r<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>m<span class=\"_ _0\"></span>a<span class=\"_ _d\"></span> <span class=\"_ _2\"></span>d<span class=\"_ _d\"></span>e<span class=\"_ _d\"></span>l<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>e<span class=\"_ _d\"></span> <span class=\"_ _d\"></span>i<span class=\"_ _2\"></span>m<span class=\"_ _d\"></span>p<span class=\"_ _d\"></span>o<span class=\"_ _d\"></span>s<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>e</div></td><td class=\"c xd31 y39da w13bb h5e6\"><div class=\"t md x250 h38c y39d7 ff4 fs34 fc1 sc2 ls0 ws0\">4<span class=\"_ _2\"></span>9<span class=\"_ _d\"></span>1<span class=\"_ _d\"></span>,<span class=\"_ _d\"></span>9</div></td><td class=\"c xd32 y39da w13bc h5e6\"><div class=\"t md x250 h38c y39d7 ff4 fs34 fc1 sc2 ls0 ws0\">1<span class=\"_ _d\"></span>1<span class=\"_ _d\"></span>9<span class=\"_ _2\"></span>,<span class=\"_ _0\"></span>5</div></td><td class=\"c xd33 y39da w13bd h5e6\"><div class=\"t md x250 h38c y39d7 ff4 fs34 fc1 sc2 ls0 ws0\">1<span class=\"_ _d\"></span>2<span class=\"_ _d\"></span>0<span class=\"_ _d\"></span>,<span class=\"_ _d\"></span>3</div></td><td class=\"c xd34 y39da w13be h5e6\"><div class=\"t md x250 h38c y39d7 ff4 fs34 fc1 sc2 ls0 ws0\">7<span class=\"_ _d\"></span>3<span class=\"_ _2\"></span>1<span class=\"_ _d\"></span>,<span class=\"_ _d\"></span>7</div></td><td class=\"c xd35 y39da w13bf h5e6\"><div class=\"t md x250 h38c y39d7 ff4 fs34 fc1 sc2 ls0 ws0\">1<span class=\"_ _2\"></span>1<span class=\"_ _d\"></span>8<span class=\"_ _2\"></span>,<span class=\"_ _0\"></span>8</div></td><td class=\"c xd36 y39da w13c0 h5e6\"><div class=\"t md x250 h38c y39d7 ff4 fs34 fc1 sc2 ls0 ws0\">8<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>,<span class=\"_ _d\"></span>4</div></td><td class=\"c xd37 y39da w13c1 h5e6\"><div class=\"t md x250 h38c y39d7 ff4 fs34 fc1 sc2 ls0 ws0\">1<span class=\"_ _d\"></span>9<span class=\"_ _2\"></span>9<span class=\"_ _d\"></span>,<span class=\"_ _d\"></span>3</div></td><td class=\"c xd38 y39da w13a0 h5e6\"><div class=\"t md x250 h38c y39d7 ff4 fs34 fc1 sc2 ls0 ws0\">-<span class=\"_ _d\"></span>1<span class=\"_ _d\"></span>9<span class=\"_ _d\"></span>,<span class=\"_ _d\"></span>9</div></td><td class=\"c xc9d y39d9 w13c2 h5db\"><div class=\"t mc x250 h38b y396b ff4 fs33 fc1 sc2 ls0 ws0\">9<span class=\"_ _2\"></span>1<span class=\"_ _d\"></span>1<span class=\"_ _d\"></span>,<span class=\"_ _d\"></span>1</div></td></tr><tr><td class=\"c x262 y39db w13c3 h5db\"><div class=\"t mc x250 h38b y396b ff4 fs33 fc1 sc0 ls0 ws0\">Uti<span class=\"_ _f\"></span>le di t<span class=\"_ _1\"></span>erzi</div></td><td class=\"c xd39 y39dc w13a7 h5e6\"><div class=\"t md x250 h38c y39d7 ff4 fs34 fc1 sc0 ls0 ws0\">0,0</div></td><td class=\"c xd3a y39dc w13a7 h5e6\"><div class=\"t md x250 h38c y39d7 ff4 fs34 fc1 sc0 ls0 ws0\">0,0</div></td><td class=\"c xd3b y39dc w13a7 h5e6\"><div class=\"t md x250 h38c y39d7 ff4 fs34 fc1 sc0 ls0 ws0\">0,0</div></td><td class=\"c xd3c y39dc w13a7 h5e6\"><div class=\"t md x250 h38c y39d7 ff4 fs34 fc1 sc0 ls0 ws0\">0,0</div></td><td class=\"c xd3d y39dc w13a7 h5e6\"><div class=\"t md x250 h38c y39d7 ff4 fs34 fc1 sc0 ls0 ws0\">0,0</div></td><td class=\"c xd3e y39dc w13a7 h5e6\"><div class=\"t md x250 h38c y39d7 ff4 fs34 fc1 sc0 ls0 ws0\">0,0</div></td><td class=\"c xd3f y39dc w13a7 h5e6\"><div class=\"t md x250 h38c y39d7 ff4 fs34 fc1 sc0 ls0 ws0\">0,0</div></td><td class=\"c xd40 y39dc w13a7 h5e6\"><div class=\"t md x250 h38c y39d7 ff4 fs34 fc1 sc0 ls0 ws0\">0,0</div></td><td class=\"c xcbd y39db w13c4 h5db\"><div class=\"t mc x250 h38b y396b ff4 fs33 fc1 sc0 ls0 ws0\">0,0</div></td></tr><tr><td class=\"c x262 y39dd w13c5 h5db\"><div class=\"t mc x250 h38b y396b ff4 fs33 fc1 sc0 ls0 ws0\">I<span class=\"_ _1\"></span>mposte sul reddi<span class=\"_ _f\"></span>to</div></td><td class=\"c xcd7 y39de w1142 h5e6\"><div class=\"t md x250 h38c y39d7 ff4 fs34 fc1 sc0 ls0 ws0\">-15<span class=\"_ _2\"></span>7,1</div></td><td class=\"c xd41 y39de w13c6 h5e6\"><div class=\"t md x250 h38c y39d7 ff4 fs34 fc1 sc0 ls0 ws0\">-<span class=\"_ _2\"></span>40,8</div></td><td class=\"c xd42 y39de w13c7 h5e6\"><div class=\"t md x250 h38c y39d7 ff4 fs34 fc1 sc0 ls0 ws0\">-<span class=\"_ _2\"></span>39,6</div></td><td class=\"c xd43 y39de w13c8 h5e6\"><div class=\"t md x250 h38c y39d7 ff4 fs34 fc1 sc0 ls0 ws0\">-<span class=\"_ _2\"></span>237,5</div></td><td class=\"c xd44 y39de w13c9 h5e6\"><div class=\"t md x250 h38c y39d7 ff4 fs34 fc1 sc0 ls0 ws0\">-<span class=\"_ _2\"></span>34,8</div></td><td class=\"c xd45 y39de w13ca h5e6\"><div class=\"t md x250 h38c y39d7 ff4 fs34 fc1 sc0 ls0 ws0\">-2<span class=\"_ _2\"></span>4,2</div></td><td class=\"c xd46 y39de w13cb h5e6\"><div class=\"t md x250 h38c y39d7 ff4 fs34 fc1 sc0 ls0 ws0\">-<span class=\"_ _2\"></span>59,<span class=\"_ _2\"></span>0</div></td><td class=\"c xd47 y39de w1350 h5e6\"><div class=\"t md x250 h38c y39d7 ff4 fs34 fc1 sc0 ls0 ws0\">5,<span class=\"_ _2\"></span>4</div></td><td class=\"c xc8b y39dd w13cc h5db\"><div class=\"t mc x250 h38b y396b ff4 fs33 fc1 sc0 ls0 ws0\">-2<span class=\"_ _2\"></span>91,0</div></td></tr><tr><td class=\"c x262 y2491 w13cd h5db\"><div class=\"t mc x250 h38b y396b ff4 fs33 fc1 sc2 ls0 ws0\">U<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>i<span class=\"_ _d\"></span>l<span class=\"_ _2\"></span>e<span class=\"_ _d\"></span> <span class=\"_ _2\"></span>n<span class=\"_ _d\"></span>e<span class=\"_ _d\"></span>t<span class=\"_ _2\"></span>t<span class=\"_ _d\"></span>o</div></td><td class=\"c xcee y39df w13ce h5e6\"><div class=\"t md x250 h38c y39d7 ff4 fs34 fc1 sc2 ls0 ws0\">3<span class=\"_ _2\"></span>3<span class=\"_ _d\"></span>4<span class=\"_ _d\"></span>,<span class=\"_ _d\"></span>8</div></td><td class=\"c xd48 y39df w13cf h5e6\"><div class=\"t md x250 h38c y39d7 ff4 fs34 fc1 sc2 ls0 ws0\">7<span class=\"_ _2\"></span>8<span class=\"_ _2\"></span>,<span class=\"_ _d\"></span>7</div></td><td class=\"c xd49 y39df w13d0 h5e6\"><div class=\"t md x250 h38c y39d7 ff4 fs34 fc1 sc2 ls0 ws0\">8<span class=\"_ _2\"></span>0<span class=\"_ _d\"></span>,<span class=\"_ _d\"></span>7</div></td><td class=\"c xd4a y39df w13d1 h5e6\"><div class=\"t md x250 h38c y39d7 ff4 fs34 fc1 sc2 ls0 ws0\">4<span class=\"_ _2\"></span>9<span class=\"_ _d\"></span>4<span class=\"_ _2\"></span>,<span class=\"_ _0\"></span>2</div></td><td class=\"c xd4b y39df w13d2 h5e6\"><div class=\"t md x250 h38c y39d7 ff4 fs34 fc1 sc2 ls0 ws0\">8<span class=\"_ _2\"></span>4<span class=\"_ _d\"></span>,<span class=\"_ _d\"></span>0</div></td><td class=\"c xd4c y39df w1362 h5e6\"><div class=\"t md x250 h38c y39d7 ff4 fs34 fc1 sc2 ls0 ws0\">5<span class=\"_ _d\"></span>6<span class=\"_ _d\"></span>,<span class=\"_ _d\"></span>3</div></td><td class=\"c xd4d y39df w13d3 h5e6\"><div class=\"t md x250 h38c y39d7 ff4 fs34 fc1 sc2 ls0 ws0\">1<span class=\"_ _d\"></span>4<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>,<span class=\"_ _0\"></span>3</div></td><td class=\"c xd4e y39df w13d4 h5e6\"><div class=\"t md x250 h38c y39d7 ff4 fs34 fc1 sc2 ls0 ws0\">-<span class=\"_ _0\"></span>1<span class=\"_ _2\"></span>4<span class=\"_ _d\"></span>,<span class=\"_ _d\"></span>4</div></td><td class=\"c xc8b y2491 w13d5 h5db\"><div class=\"t mc x250 h38b y396b ff4 fs33 fc1 sc2 ls0 ws0\">6<span class=\"_ _2\"></span>2<span class=\"_ _d\"></span>0<span class=\"_ _d\"></span>,<span class=\"_ _d\"></span>1</div></td></tr></table></div><div class=\"t m0 h5 ff4 fs1 fc4 sc3 ls0 ws0 gs1f8f\">LEGEN<span class=\"_ _f\"></span>DA:<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc2 ls0 ws0 gs1f90\">Marg<span class=\"_ _1\"></span>ine fina<span class=\"_ _f\"></span>nziario<span class=\"_ _df\"> </span><span class=\"_ _f\"></span> </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs1f91\">+ Voce 30 Margine d\u2019interesse<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1f92\">+<span class=\"_ _4\"> </span>Voce <span class=\"_ _2\"></span>70 <span class=\"_ _d\"></span>Divide<span class=\"_ _1\"></span>ndi <span class=\"_ _2\"></span>e <span class=\"_ _d\"></span>proventi <span class=\"_ _2\"></span>simili <span class=\"_ _d\"></span>(al <span class=\"_ _2\"></span>netto <span class=\"_ _d\"></span>della <span class=\"_ _2\"></span>quota <span class=\"_ _2\"></span>relativa <span class=\"_ _2\"></span>ai <span class=\"_ _d\"></span>dividendi <span class=\"_ _2\"></span>dei <span class=\"_ _2\"></span>tit<span class=\"_ _2\"></span>oli <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>cap<span class=\"_ _2\"></span>itale<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1f93\">classificate in HTCS)<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1f94\">+<span class=\"_ _51\"> </span>Voce <span class=\"_ _6\"> </span>250 <span class=\"_ _6\"> </span>Utile/p<span class=\"_ _1\"></span>erdita <span class=\"_ _6\"> </span>delle <span class=\"_ _6\"> </span>partecipazioni <span class=\"_ _6\"> </span>escluso <span class=\"_ _6\"> </span>gli <span class=\"_ _6\"> </span>utile/perdite <span class=\"_ _6\"> </span>deriv<span class=\"_ _1\"></span>anti <span class=\"_ _6\"> </span>da<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1f95\">cessioni/valutazioni<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1f96\">-<span class=\"_ _10\"> </span><span class=\"ff5\">Margine d\u2019interesse Credemvita<span class=\"_ _df\"> </span></span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc2 ls0 ws0 gs1f97\">Marg<span class=\"_ _1\"></span>ine se<span class=\"_ _1\"></span>rvizi<span class=\"_ _df\"> </span><span class=\"_ _1\"></span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1f98\">+ Voce 60 Commissioni nette<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1f99\">+ Voce 80 Risultato netto dell'attivit\u00e0 di ne<span class=\"_ _1\"></span>goziazione<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1f9a\">+ Vo<span class=\"ff5\">ce 90 Risultato netto dell\u2019attivit\u00e0 di cope<span class=\"_ _1\"></span>rtura<span class=\"_ _df\"> </span></span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1f9b\">+ Voce 100 Utili (perdite)<span class=\"_ _1\"></span> da cessione o riacquisto<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1f9c\">+ Voce 110 Risultato netto delle attivit\u00e0 e passivit\u00e0 finanziarie v<span class=\"_ _1\"></span>alutate al fair value<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1f9d\">+ Voce 1<span class=\"_ _2\"></span>30<span class=\"_ _1\"></span> a) <span class=\"_ _2\"></span>Rettifiche di valore nette per r<span class=\"_ _2\"></span>ischio di credito di <span class=\"_ _2\"></span>attivi<span class=\"_ _1\"></span>t\u00e0 <span class=\"_ _2\"></span>finanziarie<span class=\"_ _1\"></span> valutate <span class=\"_ _2\"></span>al costo<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1f9e\">ammortizzato (per la parte relativa a titoli iscritti in tale categoria<span class=\"_ _1\"></span> di attivit\u00e0 finanziarie)<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls1 ws0 gs1f9f\">+ <span class=\"_ _d\"></span><span class=\"ls0\">Voce <span class=\"_ _2\"></span>130 <span class=\"_ _d\"></span>b) <span class=\"_ _2\"></span>Rettifiche <span class=\"_ _d\"></span>di <span class=\"_ _2\"></span>valore <span class=\"_ _d\"></span>nette <span class=\"_ _d\"></span>per <span class=\"_ _d\"></span>rischio <span class=\"_ _2\"></span>di <span class=\"_ _d\"></span>credito <span class=\"_ _2\"></span>di <span class=\"_ _d\"></span>attivit\u00e0 <span class=\"_ _d\"></span>finanziarie <span class=\"_ _2\"></span>valutate <span class=\"_ _d\"></span>al <span class=\"_ _2\"></span>fair<span class=\"_ _df\"> </span></span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1fa0\">value con impatto sulla redditivit\u00e0<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1fa1\">+ Voce 160 Risultato dei servizi assicurativi<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1fa2\">+ Voce 170 Saldo dei ricavi e<span class=\"_ _1\"></span> costi di natura finanziaria relativi<span class=\"_ _2\"></span> alla gestione assicurativa<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1fa3\">+ Voce 230 Altri oneri/proventi di gestione<span class=\"_ _1\"></span> (al netto delle componenti di natura straordinaria<span class=\"_ _2\"></span>)<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1fa4\">+ Voce 70 Div<span class=\"_ _1\"></span>idendi e p<span class=\"_ _1\"></span>roventi simili (per la <span class=\"_ _1\"></span>sola quota relativa <span class=\"_ _1\"></span>ai dividendi dei <span class=\"_ _1\"></span>titoli di capitale ne<span class=\"_ _1\"></span>lle<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1fa5\">attivit\u00e0 finanziarie classificate in HTCS)<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs1fa6\">+ Margine d\u2019interesse Credemvita<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc2 ls0 ws0 gs1fa7\">Risult<span class=\"_ _1\"></span>ato<span class=\"_ _1\"></span> oper<span class=\"_ _1\"></span>ativo<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs1fa8\">+ Margine d\u2019intermediazione<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1fa9\">+ Voce 190 Spese amministrative (spese per il personale e altre spese amministrative)<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1faa\">+ Voce 210 Rettifiche /riprese di valore nette su attivit\u00e0 materiali<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1fab\">+ Voce 220 Rettifiche /riprese di valore ne<span class=\"_ _1\"></span>tte su attivit\u00e0 immateriali<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc2 ls0 ws0 gs1fac\">Utile <span class=\"_ _1\"></span>prima<span class=\"_ _f\"></span> delle im<span class=\"_ _f\"></span>poste<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1fad\">+ Risultato operativo<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls1 ws0 gs1fae\">+ <span class=\"_ _d\"></span><span class=\"ls0\">Voce <span class=\"_ _0\"></span>130 <span class=\"_ _d\"></span>Rettifiche/Riprese <span class=\"_ _d\"></span>di <span class=\"_ _0\"></span>valore <span class=\"_ _d\"></span>nette <span class=\"_ _0\"></span>per <span class=\"_ _d\"></span>rischio <span class=\"_ _d\"></span>di <span class=\"_ _0\"></span>credito <span class=\"_ _d\"></span>(al <span class=\"_ _d\"></span>netto <span class=\"_ _0\"></span>di <span class=\"_ _d\"></span>quelle <span class=\"_ _d\"></span>iscritte <span class=\"_ _0\"></span>nel<span class=\"_ _df\"> </span></span><span class=\"ls0\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1faf\">margine servizi)<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1fb0\">+ Voce 140 Utili/perdite da modifiche contrattuali senza cancel<span class=\"_ _1\"></span>lazioni<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1fb1\">+ Voce 200 Accantonamenti netti a fondi per rischi ed oneri<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1fb2\">+ Oneri/proventi straordinari:<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1fb3\">+<span class=\"_ _14\"> </span>Voce <span class=\"_ _0\"></span>230 <span class=\"_ _9\"> </span>Altri <span class=\"_ _d\"></span>o<span class=\"_ _2\"></span>neri/proventi <span class=\"_ _d\"></span>di <span class=\"_ _9\"> </span>gestione <span class=\"_ _0\"></span>(solo <span class=\"_ _0\"></span>componenti <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>natura <span class=\"_ _9\"> </span>straordinaria <span class=\"_ _9\"> </span>- <span class=\"_ _9\"> </span>sbilancio<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1fb4\">sopravvenienze)<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs1fb5\">+ Voce 270 Rettifiche di valore del<span class=\"_ _1\"></span>l\u2019avviamento<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1fb6\">+ Voce 280 Utili/perdite da cessione di<span class=\"_ _1\"></span> investimenti<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1fb7\">+ Voce 320 Utili/perdite delle attivit\u00e0 operative cessate al netto delle imposte<span class=\"_ _df\"> </span></div><div class=\"t m0 h1f ff4 fs7 fc1 sc0 ls0 ws0 gs1fb8\">La riclassifica \u00e8 stata effettuat<span class=\"_ _1\"></span>a considerando anche<span class=\"_ _1\"></span> dati gestionali non desumibili dirett<span class=\"_ _1\"></span>amente dagli schem<span class=\"_ _f\"></span>i<span class=\"_ _df\"> </span> </div><div class=\"t m0 h1f ff4 fs7 fc1 sc0 ls0 ws0 gs1fb9\">di bilancio e dalla <span class=\"_ _1\"></span>nota integrat<span class=\"_ _1\"></span>iva. </div>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-824": {
   "value": "P<span class=\"_ _f\"></span>A<span class=\"_ _1\"></span>R<span class=\"_ _1\"></span>T<span class=\"_ _f\"></span>E<span class=\"_ _f\"></span> <span class=\"_ _13\"></span>L <span class=\"_ _13\"></span><span class=\"ff5\">\u2013<span class=\"_ _f\"></span><span class=\"ff4\"> <span class=\"_ _11\"></span>I<span class=\"_ _1\"></span>N<span class=\"_ _f\"></span>FO<span class=\"_ _11\"></span>RM<span class=\"_ _11\"></span>AT<span class=\"_ _f\"></span>I<span class=\"_ _f\"></span>VA<span class=\"_ _11\"></span> <span class=\"_ _11\"></span><span class=\"ls10d\">DI<span class=\"ls0\"> <span class=\"_ _11\"></span>S<span class=\"_ _f\"></span>E<span class=\"_ _1\"></span>T<span class=\"_ _f\"></span>TO<span class=\"_ _11\"></span>RE<span class=\"_ _f\"></span><span class=\"fc1 sc2\"> </span></span></span></span></span>I<span class=\"_ _1\"></span>NF<span class=\"_ _f\"></span>O<span class=\"_ _f\"></span>RM<span class=\"_ _f\"></span>A<span class=\"_ _1\"></span>T<span class=\"_ _1\"></span>IV<span class=\"_ _f\"></span>A<span class=\"_ _f\"></span> <span class=\"_ _f\"></span><span class=\"ls10e\">DI<span class=\"ls0\"> S<span class=\"_ _f\"></span>ET<span class=\"_ _f\"></span>TO<span class=\"_ _f\"></span>R<span class=\"_ _f\"></span>E <span class=\"_ _f\"></span><span class=\"ff5\">\u2013<span class=\"_ _f\"></span><span class=\"ff4\"> d<span class=\"_ _f\"></span>is<span class=\"_ _f\"></span>tr<span class=\"_ _f\"></span>ib<span class=\"_ _f\"></span>uz<span class=\"_ _f\"></span>io<span class=\"_ _f\"></span>ne<span class=\"_ _f\"></span> <span class=\"_ _f\"></span>pe<span class=\"_ _f\"></span>r<span class=\"_ _1\"></span> s<span class=\"_ _f\"></span>e<span class=\"_ _1\"></span>tt<span class=\"_ _f\"></span>o<span class=\"_ _f\"></span>ri<span class=\"_ _1\"></span> o<span class=\"_ _f\"></span>p<span class=\"_ _f\"></span>er<span class=\"_ _f\"></span>at<span class=\"_ _f\"></span>iv<span class=\"_ _f\"></span>i<span class=\"fc1 sc2\"> </span></span></span></span></span>Nel Gruppo Credem operano due settori operativi, Bank<span class=\"_ _f\"></span>in<span class=\"_ _2\"></span>g e We<span class=\"_ _2\"></span>alth Management: \u2022<span class=\"_ _27\"> </span><span class=\"ff4 sc2\">Banking:<span class=\"_ _1\"></span><span class=\"sc0\"> Commercial Banking,<span class=\"_ _1\"></span> Private Banking, Parabancario, Consumer Credit e Altro/Technology<span class=\"_ _df\"> </span></span></span>\u2022<span class=\"_ _27\"> </span><span class=\"ff4 sc2\">Wealt<span class=\"_ _1\"></span>h Ma<span class=\"_ _1\"></span>nagem<span class=\"_ _1\"></span>ent:<span class=\"sc0\"> As<span class=\"_ _1\"></span>set Management e Insurance.<span class=\"_ _df\"> </span></span></span>Questi <span class=\"_ _f\"></span>due <span class=\"_ _1\"></span>settori <span class=\"_ _1\"></span>operativi <span class=\"_ _f\"></span>aggregano <span class=\"_ _f\"></span>i princ<span class=\"_ _1\"></span>ipali <span class=\"_ _f\"></span>ambiti di <span class=\"_ _f\"></span>business <span class=\"_ _1\"></span>in <span class=\"_ _f\"></span>cui <span class=\"_ _1\"></span>operano <span class=\"_ _1\"></span>le dive<span class=\"_ _1\"></span>rse <span class=\"_ _1\"></span>societ\u00e0 <span class=\"_ _1\"></span>del <span class=\"_ _f\"></span>Gruppo. In particolare:  B<span class=\"_ _1\"></span>A<span class=\"_ _1\"></span>N<span class=\"_ _1\"></span>KI<span class=\"_ _f\"></span>NG<span class=\"_ _f\"></span> Comm<span class=\"_ _f\"></span>ercial <span class=\"_ _1\"></span>Banki<span class=\"_ _1\"></span>ng<span class=\"sc0\">: </span>- <span class=\"_ _25\"> </span><span class=\"ff5\">Credito <span class=\"_ _4\"> </span>Emiliano  S.p.A.: <span class=\"_ _4\"> </span>\u00e8  la <span class=\"_ _4\"> </span>Capogruppo  del <span class=\"_ _4\"> </span>Gruppo  Credem <span class=\"_ _4\"> </span>specializzata  nell\u2019attivit\u00e0 <span class=\"_ _4\"> </span>di  commercial<span class=\"_ _df\"> </span></span>banking <span class=\"_ _d\"></span>at<span class=\"_ _2\"></span>traverso <span class=\"_ _d\"></span>l\u2019erogazione <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>servizi <span class=\"_ _0\"></span>indirizzati <span class=\"_ _0\"></span>a <span class=\"_ _0\"></span>clientela <span class=\"_ _d\"></span>r<span class=\"_ _2\"></span>etail <span class=\"_ _d\"></span>e <span class=\"_ _0\"></span>co<span class=\"_ _2\"></span><span class=\"ff4\">rporate. <span class=\"_ _0\"></span>Tali <span class=\"_ _0\"></span>servizi <span class=\"_ _d\"></span>sono <span class=\"_ _9\"> </span>forniti </span>anche  attraverso<span class=\"_ _2\"></span>  reti  di <span class=\"_ _4\"> </span>consule<span class=\"_ _1\"></span>nti  finanziari <span class=\"_ _22\"> </span>ab<span class=\"_ _2\"></span>ilitati  all\u2019offerta <span class=\"_ _22\"> </span>fuori <span class=\"_ _4\"> </span>sede  con  rapporto<span class=\"_ _2\"></span>  agenziale.  La<span class=\"_ _df\"> </span>Capogruppo gestisce, in <span class=\"_ _2\"></span>modalit\u00e0 accentrata, <span class=\"_ _2\"></span>la tesoreria ed <span class=\"_ _2\"></span>il rischio di t<span class=\"_ _2\"></span>asso del Gr<span class=\"_ _2\"></span>uppo, interfacciand<span class=\"_ _1\"></span>osi<span class=\"_ _df\"> </span>con i mercati finanziari istituzionali;<span class=\"_ _df\"> </span>- <span class=\"_ _25\"> </span>Credem <span class=\"_ _0\"></span>CB <span class=\"_ _0\"></span>S.r.l.: <span class=\"_ _d\"></span>societ\u00e0 <span class=\"_ _0\"></span>veicolo <span class=\"_ _0\"></span>ex <span class=\"_ _0\"></span>L. <span class=\"_ _0\"></span>130 <span class=\"_ _0\"></span>del <span class=\"_ _d\"></span>30 <span class=\"_ _0\"></span>aprile <span class=\"_ _d\"></span>1999 <span class=\"_ _0\"></span>per <span class=\"_ _0\"></span>supportare <span class=\"_ _d\"></span>la <span class=\"_ _0\"></span>strutturazione <span class=\"_ _0\"></span>di <span class=\"_ _d\"></span>specifici<span class=\"_ _df\"> </span>programmi di emissione di Obbl<span class=\"_ _1\"></span>igazioni Bancarie Garantite (Covered Bonds).<span class=\"_ _df\"> </span>Priva<span class=\"_ _f\"></span>te Banking<span class=\"_ _1\"></span>: - <span class=\"_ _25\"> </span>Credem - Euromobiliare Private Banking S.p.A.: \u00e8 la Private Bank<span class=\"_ _f\"></span> <span class=\"_ _2\"></span>del Grupp<span class=\"_ _1\"></span>o Bancario Credem, attiva sia nel private banking che nella promozione fi<span class=\"_ _1\"></span>nanziaria.<span class=\"_ _df\"> </span>Para<span class=\"_ _f\"></span>b<span class=\"_ _2\"></span>anc<span class=\"_ _1\"></span>ario<span class=\"_ _1\"></span>, Cons<span class=\"_ _f\"></span>umer Cr<span class=\"_ _1\"></span>edit <span class=\"_ _1\"></span>e Al<span class=\"_ _1\"></span>tro/<span class=\"_ _1\"></span>Technolo<span class=\"_ _f\"></span>gy - <span class=\"_ _25\"> </span>Credemleasing <span class=\"_ _2\"></span>S.p.A.: s<span class=\"_ _2\"></span>ociet\u00e0 <span class=\"_ _2\"></span>speci<span class=\"_ _1\"></span>alizzata <span class=\"_ _2\"></span>nello <span class=\"_ _2\"></span>sviluppo <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span><span class=\"ff5\">nell\u2019offerta <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>pacchetti <span class=\"_ _2\"></span>integrati <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>leasing. La<span class=\"_ _df\"> </span></span>stessa opera in tutti i comparti di attivit\u00e0 della locazione<span class=\"_ _1\"></span> finanziaria: tar<span class=\"_ _2\"></span>gato (le<span class=\"_ _1\"></span>asing, long renting, leasing a<span class=\"_ _df\"> </span>privati), strumentale, immobili<span class=\"_ _1\"></span>are e navale;<span class=\"_ _df\"> </span>- <span class=\"_ _25\"> </span>Credemfactor <span class=\"_ _2\"></span>S.p.A.: societ\u00e0 <span class=\"_ _2\"></span>specializzat<span class=\"ff5\">a <span class=\"_ _2\"></span>nell\u2019attivit\u00e0 <span class=\"_ _2\"></span>di factoring, <span class=\"_ _2\"></span>offre <span class=\"_ _2\"></span>una gamma <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>servizi c<span class=\"_ _2\"></span>he va <span class=\"_ _2\"></span>dalla<span class=\"_ _df\"> </span></span>gestione dei <span class=\"_ _2\"></span>crediti <span class=\"_ _2\"></span>commerciali, al <span class=\"_ _2\"></span>monitoraggio <span class=\"_ _2\"></span>continuo del <span class=\"_ _2\"></span>rischio, alla <span class=\"_ _2\"></span>garanzia <span class=\"_ _2\"></span>e alla <span class=\"_ _2\"></span>anticipazione del credito. <span class=\"_ _2\"></span>Credemfactor <span class=\"_ _d\"></span>S.p.A. <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _d\"></span>inoltr<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>specializzata <span class=\"_ _d\"></span>nella <span class=\"_ _2\"></span>gestione <span class=\"_ _d\"></span>dei <span class=\"_ _2\"></span>cre<span class=\"_ _2\"></span>diti <span class=\"_ _d\"></span>verso <span class=\"_ _d\"></span>gli <span class=\"_ _2\"></span>Enti <span class=\"_ _d\"></span>Pubblici <span class=\"_ _d\"></span>e <span class=\"_ _2\"></span>nello<span class=\"_ _df\"> </span>sviluppo di convenzioni con i fornitori;<span class=\"_ _df\"> </span>- <span class=\"_ _25\"> </span><span class=\"ff5\">Avvera S.p.A.: societ\u00e0 di credito al consumo, spe<span class=\"_ _1\"></span>cializzata nell\u2019intermediazione<span class=\"_ _1\"></span> di mutui e nel collocamento<span class=\"_ _df\"> </span></span>di prodotti di cessione del q<span class=\"_ _1\"></span>uinto e erogazione di prestiti persona<span class=\"_ _2\"></span>li e finalizzati;<span class=\"_ _df\"> </span>- <span class=\"_ _25\"> </span>Magazzini G<span class=\"_ _2\"></span>enerali delle Tagliat<span class=\"_ _2\"></span>e S.p.A.: <span class=\"_ _2\"></span>azienda operante <span class=\"_ _2\"></span>nel settore <span class=\"_ _2\"></span>della stagionatura <span class=\"_ _2\"></span>e dello <span class=\"_ _2\"></span>stoccaggio<span class=\"_ _df\"> </span>di <span class=\"_ _2\"></span>formaggio <span class=\"_ _2\"></span>Parmigiano<span class=\"_ _2\"></span>-Reggiano <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>Gr<span class=\"_ _2\"></span>ana <span class=\"_ _2\"></span>Padano. <span class=\"_ _2\"></span>La <span class=\"_ _d\"></span>societ\u00e0 <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _2\"></span>part<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>integrante <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>Gruppo <span class=\"_ _d\"></span>in <span class=\"_ _2\"></span>quanto <span class=\"_ _d\"></span>le<span class=\"_ _df\"> </span>\u201cforme\u201d di formaggio rap<span class=\"ff4\">presentano il collaterale per finanziamenti ai produttori;<span class=\"_ _df\"> </span></span>- <span class=\"_ _25\"> </span><span class=\"ff5\">Credemtel <span class=\"_ _4\"> </span>S.p.A.: <span class=\"_ _4\"> </span>azienda <span class=\"_ _4\"> </span>att<span class=\"_ _2\"></span>iva <span class=\"_ _4\"> </span>nell\u2019<span class=\"_ _1\"></span>offerta <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>servizi <span class=\"_ _4\"> </span>telematici <span class=\"_ _4\"> </span>rivolti <span class=\"_ _4\"> </span>a <span class=\"_ _4\"> </span>banche, <span class=\"_ _4\"> </span>aziende <span class=\"_ _4\"> </span>e <span class=\"_ _4\"> </span>Pubblica<span class=\"_ _df\"> </span></span>Amministrazione e sue eventuali Societ\u00e0 controllate.<span class=\"_ _df\"> </span>W<span class=\"_ _f\"></span>EA<span class=\"_ _f\"></span>LT<span class=\"_ _f\"></span>H <span class=\"_ _1\"></span>M<span class=\"_ _1\"></span>AN<span class=\"_ _f\"></span>A<span class=\"_ _1\"></span>G<span class=\"_ _1\"></span>E<span class=\"_ _1\"></span>M<span class=\"_ _1\"></span>EN<span class=\"_ _f\"></span>T<span class=\"_ _f\"></span> Asset<span class=\"_ _1\"></span> Mana<span class=\"_ _f\"></span>gement<span class=\"_ _f\"></span> - <span class=\"_ _25\"> </span>Euromobiliare <span class=\"_ _0\"></span>Asset <span class=\"_ _9\"> </span>Management <span class=\"_ _9\"> </span>SGR <span class=\"_ _0\"></span>S.p.A.: <span class=\"_ _0\"></span>societ\u00e0 <span class=\"_ _9\"> </span>attiva <span class=\"_ _9\"> </span>nel <span class=\"_ _0\"></span>campo <span class=\"_ _0\"></span>della <span class=\"_ _0\"></span>g<span class=\"_ _2\"></span>estione <span class=\"_ _0\"></span>collettiva <span class=\"_ _0\"></span>(fondi <span class=\"_ _9\"> </span>e<span class=\"_ _df\"> </span>comparti <span class=\"_ _18\"> </span>SICAV). <span class=\"_ _10\"> </span>Svol<span class=\"_ _2\"></span>ge <span class=\"_ _10\"> </span>i <span class=\"_ _18\"> </span>r<span class=\"_ _2\"></span>uoli <span class=\"_ _10\"> </span>di <span class=\"_ _18\"> </span>\u201cManagement <span class=\"_ _18\"> </span>Company\u201d<span class=\"_ _2\"></span> <span class=\"_ _18\"> </span>e <span class=\"_ _10\"> </span>\u201cFund <span class=\"_ _18\"> </span>Administrator\u201d <span class=\"_ _18\"> </span>della <span class=\"_ _18\"> </span>SICAV<span class=\"_ _df\"> </span>Lussemburghese <span class=\"_ _2\"></span>Euromobiliare <span class=\"_ _d\"></span>International <span class=\"_ _2\"></span>Fund <span class=\"_ _d\"></span>Sicav, <span class=\"_ _2\"></span>i <span class=\"_ _d\"></span>cui <span class=\"_ _d\"></span>compart<span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>sono <span class=\"_ _d\"></span>distribu<span class=\"_ _1\"></span>iti <span class=\"_ _d\"></span>attraverso <span class=\"_ _d\"></span>le <span class=\"_ _2\"></span>filiali ed i consulenti finanziari di<span class=\"_ _1\"></span> Credit<span class=\"_ _2\"></span>o Emiliano e di Cred<span class=\"_ _1\"></span>em <span class=\"_ _2\"></span>- Euromobiliare Private Banking;<span class=\"_ _df\"> </span>- <span class=\"_ _25\"> </span><span class=\"ff5\">Euromobiliare Advisory SIM S.p.A.: societ\u00e0 il cu<span class=\"_ _1\"></span>i oggetto sociale <span class=\"_ _1\"></span>prevede l\u2019esercizio professionale<span class=\"_ _1\"></span> dei servizi<span class=\"_ _df\"> </span></span>di <span class=\"_ _4\"> </span>gestione <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>portafogli, <span class=\"_ _4\"> </span>ricezione <span class=\"_ _4\"> </span>e <span class=\"_ _17\"> </span>trasmissione <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>or<span class=\"_ _2\"></span>dini,<span class=\"_ _1\"></span> <span class=\"_ _4\"> </span>consulenza <span class=\"_ _4\"> </span>in <span class=\"_ _4\"> </span>mat<span class=\"_ _2\"></span>eria <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>investimenti <span class=\"_ _4\"> </span>e patrimoniale, <span class=\"_ _16\"> </span>anche <span class=\"_ _16\"> </span>mediante  lo <span class=\"_ _16\"> </span>svilupp<span class=\"_ _1\"></span>o  di <span class=\"_ _16\"> </span>prodotti  e <span class=\"_ _9\"> </span>s<span class=\"_ _2\"></span>ervizi <span class=\"_ _9\"> </span>innovativi  ad <span class=\"_ _16\"> </span>alto  valore <span class=\"_ _9\"> </span>tecnologico  nei<span class=\"_ _df\"> </span>confronti del pubblico ed alle<span class=\"_ _1\"></span> reti Credem;<span class=\"_ _df\"> </span>- <span class=\"_ _25\"> </span>Euromobiliare <span class=\"_ _d\"></span>Fiduciaria <span class=\"_ _d\"></span>S.p.A.: <span class=\"_ _d\"></span>\u00e8 <span class=\"_ _d\"></span>un <span class=\"_ _d\"></span>o<span class=\"_ _2\"></span>peratore <span class=\"_ _d\"></span>che <span class=\"_ _d\"></span>rientra <span class=\"_ _d\"></span>tra <span class=\"_ _d\"></span>le <span class=\"_ _d\"></span>societ\u00e0 <span class=\"_ _d\"></span>fiduciarie <span class=\"_ _2\"></span>previste <span class=\"_ _d\"></span>dalla <span class=\"_ _0\"></span>Legge <span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>.<span class=\"_ _df\"> </span>1966 <span class=\"_ _d\"></span>del <span class=\"_ _2\"></span>23 <span class=\"_ _d\"></span>novembre <span class=\"_ _2\"></span>1939 <span class=\"_ _d\"></span>e <span class=\"_ _2\"></span>svolge <span class=\"_ _d\"></span>attivit\u00e0 <span class=\"_ _2\"></span>di <span class=\"_ _d\"></span>custodia <span class=\"_ _d\"></span>ed <span class=\"_ _2\"></span>amministrazione <span class=\"_ _2\"></span>dei <span class=\"_ _d\"></span>beni <span class=\"_ _2\"></span>affidati <span class=\"_ _d\"></span>dai <span class=\"_ _2\"></span>fiducianti<span class=\"_ _df\"> </span>sulla base di un mandato fiduciario;<span class=\"_ _df\"> </span><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1f73\">- <span class=\"_ _25\"> </span>Credem Private <span class=\"_ _2\"></span>Equity SGR <span class=\"_ _2\"></span>S.p.A.: societ\u00e0 autorizzata alla <span class=\"_ _2\"></span>prestazione del servizio di gestione <span class=\"_ _2\"></span>collettiva del<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff5 fs1 fc1 sc0 ls0 ws0 gs1f74\">risparmio, <span class=\"_ _2\"></span>che svolge <span class=\"_ _2\"></span>attivit\u00e0 <span class=\"_ _2\"></span>di investimento <span class=\"_ _2\"></span>in capitale <span class=\"_ _2\"></span>di r<span class=\"_ _2\"></span>ischio <span class=\"_ _2\"></span>mediante l\u2019istituzione <span class=\"_ _2\"></span>e l\u2019organizzazione<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1f75\">di fondi comuni di investimento mobiliare chiusi.<span class=\"_ _df\"> </span> </div><div class=\"t m0 h5 ff4 fs1 fc4 sc3 ls0 ws0 gs1f77\">Insur<span class=\"_ _1\"></span>ance:<span class=\"_ _f\"></span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1f78\">- <span class=\"_ _25\"> </span>Credemvita <span class=\"_ _d\"></span>S.p.A.: <span class=\"_ _2\"></span>impresa <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>ssicurazioni <span class=\"_ _2\"></span>attiva <span class=\"_ _d\"></span>nei <span class=\"_ _2\"></span>rami <span class=\"_ _2\"></span>vita <span class=\"_ _d\"></span>e <span class=\"_ _2\"></span>previdenziale, <span class=\"_ _2\"></span>ch<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>opera <span class=\"_ _2\"></span>esclus<span class=\"_ _2\"></span>ivamente<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1f79\">attraverso le reti distributive de<span class=\"_ _1\"></span>l Gruppo Credem; </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1f7a\">- <span class=\"_ _25\"> </span>Credemassicurazioni  S.p.A.: <span class=\"_ _22\"> </span>im<span class=\"_ _2\"></span>presa  di <span class=\"_ _22\"> </span>assicurazioni  at<span class=\"_ _2\"></span>tiva  nei  r<span class=\"_ _2\"></span>ami  danni, <span class=\"_ _22\"> </span>che <span class=\"_ _22\"> </span>opera <span class=\"_ _4\"> </span>esclusivame<span class=\"_ _1\"></span>nte<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1f7b\">attraverso  le <span class=\"_ _16\"> </span>reti  d<span class=\"_ _1\"></span>istributive <span class=\"_ _16\"> </span>del  Grupp<span class=\"_ _1\"></span>o  Credem.  La <span class=\"_ _9\"> </span>s<span class=\"_ _2\"></span>ociet\u00e0  \u00e8<span class=\"_ _f\"></span>  partecipata  pariteticamente  d<span class=\"_ _1\"></span>a  Credi<span class=\"_ _1\"></span>to<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1f7c\">Emiliano S.p.A. e da Reale Mutua Assicurazioni S.p.A.<span class=\"_ _df\"> </span></div><div class=\"t m0 hc ff4 fs4 fc4 sc3 ls0 ws0 gs1f7d\">IN<span class=\"_ _f\"></span>FO<span class=\"_ _1\"></span>RM<span class=\"_ _f\"></span>AT<span class=\"_ _1\"></span>IV<span class=\"_ _f\"></span>A D<span class=\"_ _f\"></span>I S<span class=\"_ _f\"></span>ET<span class=\"_ _f\"></span>TO<span class=\"_ _f\"></span>RE <span class=\"_ _f\"></span>- c<span class=\"_ _f\"></span>om<span class=\"_ _1\"></span>m<span class=\"_ _f\"></span>ento<span class=\"_ _f\"></span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1f7e\">Si<span class=\"_ _f\"></span> <span class=\"_ _9\"> </span>fa <span class=\"_ _d\"></span>rifer<span class=\"_ _1\"></span>ime<span class=\"_ _f\"></span>nto <span class=\"_ _0\"></span>a <span class=\"_ _0\"></span>qu<span class=\"_ _f\"></span>anto <span class=\"_ _0\"></span>amp<span class=\"_ _1\"></span>iame<span class=\"_ _f\"></span>nte <span class=\"_ _d\"></span>ripo<span class=\"_ _1\"></span>rtat<span class=\"_ _1\"></span>o <span class=\"_ _d\"></span>nella<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>rela<span class=\"_ _f\"></span>zione<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>sul<span class=\"_ _f\"></span>la <span class=\"_ _0\"></span>gest<span class=\"_ _f\"></span>ione <span class=\"_ _d\"></span>sui <span class=\"_ _0\"></span>va<span class=\"_ _f\"></span>ri <span class=\"_ _d\"></span>setto<span class=\"_ _f\"></span>ri <span class=\"_ _2\"></span><span class=\"lsb2\">di<span class=\"_ _2\"></span></span> <span class=\"_ _d\"></span>atti<span class=\"_ _f\"></span>vit\u00e0<span class=\"_ _1\"></span> <span class=\"_ _2\"></span>e <span class=\"_ _d\"></span>alle<span class=\"_ _f\"></span> </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1f7f\">sin<span class=\"_ _f\"></span>gole<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>soc<span class=\"_ _f\"></span>iet\u00e0 <span class=\"_ _f\"></span>del<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>G<span class=\"_ _f\"></span>ruppo. </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1f80\">Si<span class=\"_ _f\"></span> prec<span class=\"_ _1\"></span>isa<span class=\"_ _f\"></span> inol<span class=\"_ _1\"></span>tre<span class=\"_ _1\"></span> che<span class=\"_ _f\"></span> non<span class=\"_ _1\"></span> vi<span class=\"_ _1\"></span>ene<span class=\"_ _f\"></span> ripor<span class=\"_ _1\"></span>tata<span class=\"_ _f\"></span> la s<span class=\"_ _1\"></span>ud<span class=\"_ _f\"></span>divis<span class=\"_ _1\"></span>ione<span class=\"_ _f\"></span> per <span class=\"_ _f\"></span>area <span class=\"_ _f\"></span>geog<span class=\"_ _f\"></span>rafic<span class=\"_ _1\"></span>a i<span class=\"_ _f\"></span>n quan<span class=\"_ _f\"></span>to la<span class=\"_ _f\"></span> maggi<span class=\"_ _f\"></span>or pa<span class=\"_ _f\"></span>rte d<span class=\"_ _f\"></span>ei r<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>avi </div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1f81\">e <span class=\"_ _1\"></span>cos<span class=\"_ _1\"></span>ti <span class=\"_ _1\"></span>\u00e8 p<span class=\"_ _f\"></span>rodott<span class=\"_ _1\"></span>a i<span class=\"_ _f\"></span>n Ita<span class=\"_ _1\"></span>lia<span class=\"_ _1\"></span>.<span class=\"_ _df\"> </span></div><div class=\"t m0 h5 ff4 fs1 fc1 sc0 ls0 ws0 gs1f83\">Si rimanda alla Relazione sulla gestione consolidata <span class=\"ff5\">\u2013</span> Capitolo 8 per maggiori dettagli sulla composizione de<span class=\"_ _1\"></span>lle singole voci riportate nelle tabelle soprastanti. </div><div class=\"gs1f84\"><table class=\"s w1262 h5dd\" id=\"_55dc9e88-18c3-40c0-bfa0-a234a1016957\"><tr><td></td><td></td><td></td><td class=\"c xbe7 y3985 w1212 h5de\"><div class=\"t m9 x250 h382 y3984 ff4 fs30 fc1 sc0 ls0 ws0\">Paraba<span class=\"_ _2\"></span>nc<span class=\"_ _f\"></span>a<span class=\"_ _2\"></span>rio,<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td class=\"c xbe8 y3986 w1213 h5df\"><div class=\"t m9 x250 h382 y3966 ff4 fs30 fc1 sc0 ls0 ws0\">El<span class=\"_ _f\"></span>isioni<span class=\"_ _f\"></span>,<span class=\"_ _df\"> </span></div></td><td></td></tr><tr><td class=\"c xbe9 y3987 w685 h380\"><div class=\"t m8 xe8 h381 y1cc1 ff4 fs2f fc1 sc2 ls0 ws0\">D<span class=\"_ _2\"></span>I<span class=\"_ _2\"></span>C<span class=\"_ _d\"></span>E<span class=\"_ _2\"></span>M<span class=\"_ _d\"></span>B<span class=\"_ _d\"></span>R<span class=\"_ _2\"></span>E<span class=\"_ _d\"></span> <span class=\"_ _2\"></span>2<span class=\"_ _d\"></span>0<span class=\"_ _2\"></span>2<span class=\"_ _d\"></span>5<span class=\"_ _df\"> </span></div></td><td class=\"c xbea y3988 w1214 h5df\"><div class=\"t m9 x250 h382 y3966 ff4 fs30 fc1 sc0 ls0 ws0\">Com<span class=\"_ _2\"></span>me<span class=\"_ _2\"></span>rc<span class=\"_ _f\"></span>ia<span class=\"_ _2\"></span>l<span class=\"_ _df\"> </span></div></td><td class=\"c xbeb y3988 w1215 h5df\"><div class=\"t m9 x250 h382 y3966 ff4 fs30 fc1 sc0 ls0 ws0\">Pr<span class=\"_ _1\"></span>ivate<span class=\"_ _df\"> </span></div></td><td class=\"c xbec y3988 w1216 h5df\"><div class=\"t m9 x250 h382 y3966 ff4 fs30 fc1 sc0 ls0 ws0\">Consume<span class=\"_ _2\"></span>r<span class=\"_ _df\"> </span></div></td><td class=\"c xbe9 y3987 w685 h380\"><div class=\"t m8 xf4 h381 y1cc1 ff4 fs2f fc1 sc2 ls0 ws0\">B<span class=\"_ _d\"></span>A<span class=\"_ _2\"></span>N<span class=\"_ _2\"></span>K<span class=\"_ _d\"></span>I<span class=\"_ _2\"></span>N<span class=\"_ _2\"></span>G<span class=\"_ _df\"> </span></div></td><td class=\"c xbed y3988 w1217 h5df\"><div class=\"t m9 x250 h382 y3966 ff4 fs30 fc1 sc0 ls0 ws0\">Asset<span class=\"_ _df\"> </span></div></td><td class=\"c xbe9 y3987 w685 h380\"><div class=\"t m9 x17c h382 y1cc1 ff4 fs30 fc1 sc0 ls0 ws0\">I<span class=\"_ _1\"></span>nsurance<span class=\"_ _df\"> </span></div></td><td class=\"c xbee y398a w1218 h58d\"><div class=\"t m8 x250 h381 y3989 ff4 fs2f fc1 sc2 ls0 ws0\">W<span class=\"_ _d\"></span>e<span class=\"_ _d\"></span>a<span class=\"_ _d\"></span>l<span class=\"_ _d\"></span>t<span class=\"_ _2\"></span>h<span class=\"_ _df\"> </span></div></td><td class=\"c xbef y398b w1219 h5df\"><div class=\"t m9 x250 h382 y3966 ff4 fs30 fc1 sc0 ls0 ws0\">rettifi<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>he e<span class=\"_ _df\"> </span></div></td><td class=\"c xbe9 y3987 w685 h380\"><div class=\"t m8 x1c9 h381 y1cc1 ff4 fs2f fc1 sc2 ls0 ws0\">C<span class=\"_ _d\"></span>o<span class=\"_ _2\"></span>n<span class=\"_ _d\"></span>s<span class=\"_ _2\"></span>o<span class=\"_ _d\"></span>l<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>d<span class=\"_ _d\"></span>a<span class=\"_ _d\"></span>t<span class=\"_ _2\"></span>o<span class=\"_ _df\"> </span></div></td></tr><tr><td></td><td class=\"c xbf0 y398c w121a h5df\"><div class=\"t m9 x250 h382 y3966 ff4 fs30 fc1 sc0 ls0 ws0\">Ba<span class=\"_ _2\"></span>nk<span class=\"_ _f\"></span>ing<span class=\"_ _df\"> </span></div></td><td class=\"c xbf1 y398c w121a h5df\"><div class=\"t m9 x250 h382 y3966 ff4 fs30 fc1 sc0 ls0 ws0\">Ba<span class=\"_ _2\"></span>nk<span class=\"_ _f\"></span>ing<span class=\"_ _df\"> </span></div></td><td class=\"c xbf2 y398c w121b h5df\"><div class=\"t m9 x250 h382 y3966 ff4 fs30 fc1 sc0 ls0 ws0\">Credit, I<span class=\"_ _f\"></span>T<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c xbf3 y398c w121c h5df\"><div class=\"t m9 x250 h382 y3966 ff4 fs30 fc1 sc0 ls0 ws0\">Ma<span class=\"_ _2\"></span>nagem<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>nt<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c xbf4 y398d w121d h58d\"><div class=\"t m8 x250 h381 y3989 ff4 fs2f fc1 sc2 ls0 ws0\">M<span class=\"_ _d\"></span>a<span class=\"_ _d\"></span>n<span class=\"_ _2\"></span>a<span class=\"_ _0\"></span>g<span class=\"_ _2\"></span>e<span class=\"_ _d\"></span>m<span class=\"_ _0\"></span>e<span class=\"_ _d\"></span>n<span class=\"_ _2\"></span>t<span class=\"_ _df\"> </span></div></td><td class=\"c xbf5 y398e w121e h5df\"><div class=\"t m9 x250 h382 y3966 ff4 fs30 fc1 sc0 ls0 ws0\">ric<span class=\"_ _f\"></span>lassifi<span class=\"_ _f\"></span>che<span class=\"_ _df\"> </span></div></td><td></td></tr><tr><td></td><td></td><td></td><td class=\"c xbf6 y398f w121f h5df\"><div class=\"t m9 x250 h382 y3966 ff4 fs30 fc1 sc0 ls0 ws0\">Tec<span class=\"_ _1\"></span>hnology<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x262 y3075 w1220 h58d\"><div class=\"t m8 x250 h381 y3989 ff4 fs2f fc1 sc2 ls0 ws0\">I<span class=\"_ _2\"></span>M<span class=\"_ _2\"></span>P<span class=\"_ _2\"></span>I<span class=\"_ _2\"></span>E<span class=\"_ _2\"></span>G<span class=\"_ _d\"></span>H<span class=\"_ _d\"></span>I<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>A<span class=\"_ _d\"></span> <span class=\"_ _2\"></span>C<span class=\"_ _d\"></span>L<span class=\"_ _2\"></span>I<span class=\"_ _2\"></span>E<span class=\"_ _2\"></span>N<span class=\"_ _2\"></span>T<span class=\"_ _2\"></span>E<span class=\"_ _2\"></span>L<span class=\"_ _2\"></span>A<span class=\"_ _df\"> </span></div></td><td class=\"c xbf7 y3972 w1263 h5df\"><div class=\"t m9 x250 h382 y3966 ff4 fs30 fc1 sc2 ls0 ws0\">3<span class=\"_ _2\"></span>6<span class=\"_ _d\"></span>.<span class=\"_ _d\"></span>0<span class=\"_ _d\"></span>9<span class=\"_ _2\"></span>0<span class=\"_ _df\"> </span></div></td><td class=\"c xc2f y3972 w1264 h5df\"><div class=\"t m9 x250 h382 y3966 ff4 fs30 fc1 sc2 ls0 ws0\">8<span class=\"_ _2\"></span>6<span class=\"_ _2\"></span>6<span class=\"_ _df\"> </span></div></td><td class=\"c xc30 y3972 w1265 h5df\"><div class=\"t m9 x250 h382 y3966 ff4 fs30 fc1 sc2 ls0 ws0\">8<span class=\"_ _2\"></span>.<span class=\"_ _d\"></span>8<span class=\"_ _2\"></span>5<span class=\"_ _d\"></span>8<span class=\"_ _df\"> </span></div></td><td class=\"c x70d y3075 w1266 h58d\"><div class=\"t m8 x250 h381 y3989 ff4 fs2f fc1 sc2 ls0 ws0\">4<span class=\"_ _2\"></span>5<span class=\"_ _d\"></span>.<span class=\"_ _d\"></span>8<span class=\"_ _2\"></span>1<span class=\"_ _d\"></span>5<span class=\"_ _df\"> </span></div></td><td class=\"c xc31 y3972 w1267 h5df\"><div class=\"t m9 x250 h382 y3966 ff4 fs30 fc1 sc2 ls10f ws0\">24<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c xc32 y3075 w1268 h58d\"><div class=\"t m8 x250 h381 y3989 ff4 fs2f fc1 sc2 ls110 ws0\">24<span class=\"_ _df\"> </span></div></td><td class=\"c xc33 y3972 w1269 h5df\"><div class=\"t m9 x250 h382 y3966 ff4 fs30 fc1 sc2 ls0 ws0\">-<span class=\"_ _d\"></span>8<span class=\"_ _2\"></span>.<span class=\"_ _d\"></span>1<span class=\"_ _d\"></span>6<span class=\"_ _d\"></span>5<span class=\"_ _df\"> </span></div></td><td class=\"c xc34 y3075 w126a h58d\"><div class=\"t m8 x250 h381 y3989 ff4 fs2f fc1 sc2 ls0 ws0\">3<span class=\"_ _2\"></span>7<span class=\"_ _d\"></span>.<span class=\"_ _d\"></span>6<span class=\"_ _2\"></span>7<span class=\"_ _d\"></span>4<span class=\"_ _df\"> </span></div></td></tr><tr><td class=\"c x262 y2ec9 w126b h58d\"><div class=\"t m8 x250 h381 y3989 ff4 fs2f fc1 sc0 ls0 ws0\">Ra<span class=\"_ _2\"></span>c<span class=\"_ _f\"></span>colt<span class=\"_ _1\"></span>a DIRE<span class=\"_ _1\"></span>TT<span class=\"_ _f\"></span>A DIRE<span class=\"_ _f\"></span>TTA CL<span class=\"_ _f\"></span>IE<span class=\"_ _1\"></span>NT<span class=\"_ _f\"></span>ELA<span class=\"_ _df\"> </span></div></td><td class=\"c xc35 y3973 w126c h5df\"><div class=\"t m9 x250 h382 y3966 ff4 fs30 fc1 sc0 ls0 ws0\">32.<span class=\"_ _2\"></span>392<span class=\"_ _df\"> </span></div></td><td class=\"c xc36 y3973 w126d h5df\"><div class=\"t m9 x250 h382 y3966 ff4 fs30 fc1 sc0 ls0 ws0\">8<span class=\"_ _1\"></span>.683<span class=\"_ _df\"> </span></div></td><td class=\"c xc37 y3973 w126e h5df\"><div class=\"t m9 x250 h382 y3966 ff4 fs30 fc1 sc0 ls0 ws0\">121<span class=\"_ _df\"> </span></div></td><td class=\"c xc38 y3974 w126f h58d\"><div class=\"t m8 x250 h381 y3989 ff4 fs2f fc1 sc0 ls0 ws0\">41.196<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td class=\"c xc39 y3973 w1270 h5df\"><div class=\"t m9 x250 h382 y3966 ff4 fs30 fc1 sc0 ls0 ws0\">-473<span class=\"_ _df\"> </span></div></td><td class=\"c xc3a y3974 w1271 h58d\"><div class=\"t m8 x250 h381 y3989 ff4 fs2f fc1 sc0 ls0 ws0\">40<span class=\"_ _1\"></span>.72<span class=\"_ _2\"></span>3<span class=\"_ _df\"> </span></div></td></tr><tr><td class=\"c x262 y3056 w122f h58d\"><div class=\"t m8 x250 h381 y3989 ff4 fs2f fc1 sc2 ls0 ws0\">T<span class=\"_ _2\"></span>O<span class=\"_ _2\"></span>T<span class=\"_ _2\"></span>A<span class=\"_ _d\"></span>L<span class=\"_ _2\"></span>E<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>R<span class=\"_ _d\"></span>A<span class=\"_ _d\"></span>C<span class=\"_ _2\"></span>C<span class=\"_ _d\"></span>O<span class=\"_ _2\"></span>L<span class=\"_ _2\"></span>T<span class=\"_ _2\"></span>A<span class=\"_ _d\"></span> <span class=\"_ _2\"></span>D<span class=\"_ _d\"></span>I<span class=\"_ _2\"></span>R<span class=\"_ _2\"></span>E<span class=\"_ _d\"></span>T<span class=\"_ _2\"></span>T<span class=\"_ _2\"></span>A<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>C<span class=\"_ _d\"></span>L<span class=\"_ _2\"></span>IE<span class=\"_ _d\"></span>N<span class=\"_ _2\"></span>T<span class=\"_ _2\"></span>E<span class=\"_ _2\"></span>L<span class=\"_ _2\"></span>A<span class=\"_ _df\"> </span></div></td><td class=\"c xbf7 y3975 w1272 h5df\"><div class=\"t m9 x250 h382 y3966 ff4 fs30 fc1 sc2 ls0 ws0\">3<span class=\"_ _2\"></span>2<span class=\"_ _0\"></span>.<span class=\"_ _d\"></span>3<span class=\"_ _d\"></span>9<span class=\"_ _d\"></span>2<span class=\"_ _df\"> </span></div></td><td class=\"c xc3b y3975 w1273 h5df\"><div class=\"t m9 x250 h382 y3966 ff4 fs30 fc1 sc2 ls0 ws0\">8<span class=\"_ _2\"></span>.<span class=\"_ _d\"></span>6<span class=\"_ _d\"></span>8<span class=\"_ _2\"></span>3<span class=\"_ _df\"> </span></div></td><td class=\"c xc3c y3975 w1274 h5df\"><div class=\"t m9 x250 h382 y3966 ff4 fs30 fc1 sc2 ls0 ws0\">1<span class=\"_ _d\"></span>2<span class=\"_ _d\"></span>1<span class=\"_ _df\"> </span></div></td><td class=\"c xc3d y3976 w1275 h58d\"><div class=\"t m8 x250 h381 y3989 ff4 fs2f fc1 sc2 ls0 ws0\">4<span class=\"_ _2\"></span>1<span class=\"_ _d\"></span>.<span class=\"_ _d\"></span>1<span class=\"_ _d\"></span>9<span class=\"_ _2\"></span>6<span class=\"_ _df\"> </span></div></td><td class=\"c xc3e y3975 w1234 h5df\"><div class=\"t m9 x250 h382 y3966 ff4 fs30 fc1 sc2 ls0 ws0\">0<span class=\"_ _df\"> </span></div></td><td class=\"c xc3f y3975 w1234 h5df\"><div class=\"t m9 x250 h382 y3966 ff4 fs30 fc1 sc2 ls0 ws0\">0<span class=\"_ _df\"> </span></div></td><td class=\"c xc40 y3976 w1276 h58d\"><div class=\"t m8 x250 h381 y3989 ff4 fs2f fc1 sc2 ls0 ws0\">0<span class=\"_ _df\"> </span></div></td><td class=\"c xc41 y3975 w1235 h5df\"><div class=\"t m9 x250 h382 y3966 ff4 fs30 fc1 sc2 ls0 ws0\">-<span class=\"_ _d\"></span>4<span class=\"_ _d\"></span>7<span class=\"_ _2\"></span>3<span class=\"_ _df\"> </span></div></td><td class=\"c xbfe y3976 w1277 h58d\"><div class=\"t m8 x250 h381 y3989 ff4 fs2f fc1 sc2 ls0 ws0\">4<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>.<span class=\"_ _d\"></span>7<span class=\"_ _d\"></span>2<span class=\"_ _d\"></span>3<span class=\"_ _df\"> </span></div></td></tr><tr><td class=\"c x262 y3977 w1237 h5e0\"><div class=\"t m8 x250 h381 y396b ff4 fs2f fc1 sc0 ls0 ws0\">Ra<span class=\"_ _2\"></span>c<span class=\"_ _f\"></span>colt<span class=\"_ _1\"></span>a GEST<span class=\"_ _f\"></span>IT<span class=\"_ _1\"></span>A + ASS<span class=\"_ _1\"></span>I<span class=\"_ _1\"></span>CURATI<span class=\"_ _f\"></span>VA<span class=\"_ _df\"> </span></div></td><td class=\"c xc05 y3978 w1278 h5df\"><div class=\"t m9 x250 h382 y3966 ff4 fs30 fc1 sc0 ls0 ws0\">22<span class=\"_ _2\"></span>.35<span class=\"_ _2\"></span>1<span class=\"_ _df\"> </span></div></td><td class=\"c xc42 y3978 w1279 h5df\"><div class=\"t m9 x250 h382 y3966 ff4 fs30 fc1 sc0 ls0 ws0\">25<span class=\"_ _2\"></span>.694<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c xc3d y3977 w127a h5e0\"><div class=\"t m8 x250 h381 y396b ff4 fs2f fc1 sc0 ls0 ws0\">48<span class=\"_ _1\"></span>.045<span class=\"_ _df\"> </span></div></td><td class=\"c xc2a y3978 w127b h5df\"><div class=\"t m9 x250 h382 y3966 ff4 fs30 fc1 sc0 ls0 ws0\">16.839<span class=\"_ _df\"> </span></div></td><td class=\"c xc43 y3978 w127c h5df\"><div class=\"t m9 x250 h382 y3966 ff4 fs30 fc1 sc0 ls0 ws0\">10.518<span class=\"_ _df\"> </span></div></td><td class=\"c xc2c y3977 w127d h5e0\"><div class=\"t m8 x250 h381 y396b ff4 fs2f fc1 sc2 ls0 ws0\">2<span class=\"_ _d\"></span>7<span class=\"_ _2\"></span>.<span class=\"_ _0\"></span>3<span class=\"_ _2\"></span>5<span class=\"_ _d\"></span>7<span class=\"_ _df\"> </span></div></td><td class=\"c xc33 y3978 w127e h5df\"><div class=\"t m9 x250 h382 y3966 ff4 fs30 fc1 sc0 ls0 ws0\">-2<span class=\"_ _2\"></span>7.183<span class=\"_ _df\"> </span></div></td><td class=\"c xc17 y3977 w127f h5e0\"><div class=\"t m8 x250 h381 y396b ff4 fs2f fc1 sc0 ls0 ws0\">48<span class=\"_ _1\"></span>.2<span class=\"_ _2\"></span>19<span class=\"_ _df\"> </span></div></td></tr><tr><td class=\"c x262 y3979 w1280 h5db\"><div class=\"t m8 x250 h381 y396b ff4 fs2f fc1 sc0 ls0 ws0\">Ra<span class=\"_ _2\"></span>c<span class=\"_ _f\"></span>colt<span class=\"_ _1\"></span>a IN<span class=\"_ _f\"></span>DIRET<span class=\"_ _f\"></span>TA AMMI<span class=\"_ _f\"></span>NI<span class=\"_ _1\"></span>ST<span class=\"_ _1\"></span>RATA CL<span class=\"_ _f\"></span>IE<span class=\"_ _f\"></span>NTE<span class=\"_ _1\"></span>L<span class=\"_ _1\"></span>A<span class=\"_ _df\"> </span></div></td><td class=\"c xc13 y397a w1281 h5dc\"><div class=\"t m9 x250 h382 y3966 ff4 fs30 fc1 sc0 ls0 ws0\">8.721<span class=\"_ _df\"> </span></div></td><td class=\"c xc44 y397a w1282 h5dc\"><div class=\"t m9 x250 h382 y3966 ff4 fs30 fc1 sc0 ls0 ws0\">16.42<span class=\"_ _2\"></span>3<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c xc45 y397b w1283 h5db\"><div class=\"t m8 x250 h381 y396b ff4 fs2f fc1 sc0 ls0 ws0\">25<span class=\"_ _2\"></span>.144<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td class=\"c xc46 y397a w1284 h5dc\"><div class=\"t m9 x250 h382 y3966 ff4 fs30 fc1 sc0 ls0 ws0\">-12<span class=\"_ _df\"> </span></div></td><td class=\"c xc17 y397b w1285 h5db\"><div class=\"t m8 x250 h381 y396b ff4 fs2f fc1 sc0 ls0 ws0\">25<span class=\"_ _2\"></span>.132<span class=\"_ _df\"> </span></div></td></tr><tr><td class=\"c x262 y397c w1246 h5db\"><div class=\"t m8 x250 h381 y396b ff4 fs2f fc1 sc2 ls0 ws0\">T<span class=\"_ _2\"></span>O<span class=\"_ _2\"></span>T<span class=\"_ _2\"></span>A<span class=\"_ _d\"></span>L<span class=\"_ _2\"></span>E<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>R<span class=\"_ _d\"></span>A<span class=\"_ _d\"></span>C<span class=\"_ _2\"></span>C<span class=\"_ _d\"></span>O<span class=\"_ _2\"></span>L<span class=\"_ _2\"></span>T<span class=\"_ _2\"></span>A<span class=\"_ _d\"></span> <span class=\"_ _2\"></span>I<span class=\"_ _2\"></span>N<span class=\"_ _2\"></span>D<span class=\"_ _d\"></span>IR<span class=\"_ _d\"></span>E<span class=\"_ _2\"></span>T<span class=\"_ _d\"></span>T<span class=\"_ _2\"></span>A<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>C<span class=\"_ _d\"></span>LI<span class=\"_ _2\"></span>E<span class=\"_ _2\"></span>N<span class=\"_ _2\"></span>T<span class=\"_ _d\"></span>E<span class=\"_ _2\"></span>L<span class=\"_ _2\"></span>A<span class=\"_ _df\"> </span></div></td><td class=\"c xc47 y397d w1286 h5dc\"><div class=\"t m9 x250 h382 y3966 ff4 fs30 fc1 sc2 ls0 ws0\">3<span class=\"_ _2\"></span>1<span class=\"_ _d\"></span>.<span class=\"_ _0\"></span>0<span class=\"_ _2\"></span>7<span class=\"_ _2\"></span>3<span class=\"_ _df\"> </span></div></td><td class=\"c xc48 y397d w1287 h5dc\"><div class=\"t m9 x250 h382 y3966 ff4 fs30 fc1 sc2 ls0 ws0\">4<span class=\"_ _2\"></span>2<span class=\"_ _0\"></span>.<span class=\"_ _d\"></span>1<span class=\"_ _d\"></span>1<span class=\"_ _d\"></span>7<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c xc49 y397e w1288 h5db\"><div class=\"t m8 x250 h381 y396b ff4 fs2f fc1 sc2 ls0 ws0\">7<span class=\"_ _2\"></span>3<span class=\"_ _d\"></span>.<span class=\"_ _d\"></span>1<span class=\"_ _d\"></span>8<span class=\"_ _2\"></span>9<span class=\"_ _df\"> </span></div></td><td class=\"c xc4a y397d w1289 h5dc\"><div class=\"t m9 x250 h382 y3966 ff4 fs30 fc1 sc2 ls0 ws0\">1<span class=\"_ _d\"></span>6<span class=\"_ _2\"></span>.<span class=\"_ _d\"></span>8<span class=\"_ _d\"></span>3<span class=\"_ _2\"></span>9<span class=\"_ _df\"> </span></div></td><td class=\"c xc4b y397d w128a h5dc\"><div class=\"t m9 x250 h382 y3966 ff4 fs30 fc1 sc2 ls0 ws0\">1<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>.<span class=\"_ _0\"></span>5<span class=\"_ _d\"></span>1<span class=\"_ _d\"></span>8<span class=\"_ _df\"> </span></div></td><td class=\"c xc2c y397e w127d h5db\"><div class=\"t m8 x250 h381 y396b ff4 fs2f fc1 sc2 ls0 ws0\">2<span class=\"_ _d\"></span>7<span class=\"_ _2\"></span>.<span class=\"_ _0\"></span>3<span class=\"_ _2\"></span>5<span class=\"_ _d\"></span>7<span class=\"_ _df\"> </span></div></td><td class=\"c xc4c y397d w128b h5dc\"><div class=\"t m9 x250 h382 y3966 ff4 fs30 fc1 sc2 ls0 ws0\">-<span class=\"_ _d\"></span>2<span class=\"_ _d\"></span>7<span class=\"_ _d\"></span>.<span class=\"_ _d\"></span>1<span class=\"_ _d\"></span>9<span class=\"_ _d\"></span>5<span class=\"_ _df\"> </span></div></td><td class=\"c xc4d y397e w128c h5db\"><div class=\"t m8 x250 h381 y396b ff4 fs2f fc1 sc2 ls0 ws0\">7<span class=\"_ _2\"></span>3<span class=\"_ _d\"></span>.<span class=\"_ _d\"></span>3<span class=\"_ _d\"></span>5<span class=\"_ _d\"></span>1<span class=\"_ _df\"> </span></div></td></tr><tr><td class=\"c x262 y397f w128d h5db\"><div class=\"t m8 x250 h381 y396b ff4 fs2f fc1 sc2 ls0 ws0\">T<span class=\"_ _2\"></span>O<span class=\"_ _2\"></span>T<span class=\"_ _2\"></span>A<span class=\"_ _d\"></span>L<span class=\"_ _2\"></span>E<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>R<span class=\"_ _d\"></span>A<span class=\"_ _d\"></span>C<span class=\"_ _2\"></span>C<span class=\"_ _d\"></span>O<span class=\"_ _2\"></span>L<span class=\"_ _2\"></span>T<span class=\"_ _2\"></span>A<span class=\"_ _d\"></span> <span class=\"_ _2\"></span>C<span class=\"_ _d\"></span>O<span class=\"_ _2\"></span>M<span class=\"_ _d\"></span>P<span class=\"_ _2\"></span>L<span class=\"_ _2\"></span>E<span class=\"_ _2\"></span>S<span class=\"_ _2\"></span>S<span class=\"_ _d\"></span>IV<span class=\"_ _2\"></span>A<span class=\"_ _d\"></span> <span class=\"_ _2\"></span>C<span class=\"_ _d\"></span>L<span class=\"_ _2\"></span>I<span class=\"_ _2\"></span>E<span class=\"_ _2\"></span>N<span class=\"_ _2\"></span>T<span class=\"_ _2\"></span>E<span class=\"_ _2\"></span>L<span class=\"_ _2\"></span>A<span class=\"_ _df\"> </span></div></td><td class=\"c xbf7 y3980 w128e h5dc\"><div class=\"t m9 x250 h382 y3966 ff4 fs30 fc1 sc2 ls0 ws0\">6<span class=\"_ _2\"></span>3<span class=\"_ _d\"></span>.<span class=\"_ _d\"></span>4<span class=\"_ _d\"></span>6<span class=\"_ _d\"></span>5<span class=\"_ _df\"> </span></div></td><td class=\"c xc4e y3980 w128f h5dc\"><div class=\"t m9 x250 h382 y3966 ff4 fs30 fc1 sc2 ls0 ws0\">5<span class=\"_ _d\"></span>0<span class=\"_ _2\"></span>.<span class=\"_ _d\"></span>8<span class=\"_ _2\"></span>0<span class=\"_ _d\"></span>0<span class=\"_ _df\"> </span></div></td><td class=\"c xc4f y3980 w1274 h5dc\"><div class=\"t m9 x250 h382 y3966 ff4 fs30 fc1 sc2 ls0 ws0\">1<span class=\"_ _d\"></span>2<span class=\"_ _d\"></span>1<span class=\"_ _df\"> </span></div></td><td class=\"c xc29 y3981 w1290 h5db\"><div class=\"t m8 x250 h381 y396b ff4 fs2f fc1 sc2 ls0 ws0\">1<span class=\"_ _2\"></span>1<span class=\"_ _d\"></span>4<span class=\"_ _d\"></span>.<span class=\"_ _d\"></span>3<span class=\"_ _2\"></span>8<span class=\"_ _2\"></span>5<span class=\"_ _df\"> </span></div></td><td class=\"c xc4a y3980 w1289 h5dc\"><div class=\"t m9 x250 h382 y3966 ff4 fs30 fc1 sc2 ls0 ws0\">1<span class=\"_ _d\"></span>6<span class=\"_ _2\"></span>.<span class=\"_ _d\"></span>8<span class=\"_ _d\"></span>3<span class=\"_ _2\"></span>9<span class=\"_ _df\"> </span></div></td><td class=\"c xc4b y3980 w128a h5dc\"><div class=\"t m9 x250 h382 y3966 ff4 fs30 fc1 sc2 ls0 ws0\">1<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>.<span class=\"_ _0\"></span>5<span class=\"_ _d\"></span>1<span class=\"_ _d\"></span>8<span class=\"_ _df\"> </span></div></td><td class=\"c xc2c y3981 w127d h5db\"><div class=\"t m8 x250 h381 y396b ff4 fs2f fc1 sc2 ls0 ws0\">2<span class=\"_ _d\"></span>7<span class=\"_ _2\"></span>.<span class=\"_ _0\"></span>3<span class=\"_ _2\"></span>5<span class=\"_ _d\"></span>7<span class=\"_ _df\"> </span></div></td><td class=\"c xc50 y3980 w1291 h5dc\"><div class=\"t m9 x250 h382 y3966 ff4 fs30 fc1 sc2 ls0 ws0\">-<span class=\"_ _d\"></span>2<span class=\"_ _d\"></span>7<span class=\"_ _d\"></span>.<span class=\"_ _d\"></span>6<span class=\"_ _d\"></span>6<span class=\"_ _2\"></span>8<span class=\"_ _df\"> </span></div></td><td class=\"c xc2e y3981 w1292 h5db\"><div class=\"t m8 x250 h381 y396b ff4 fs2f fc1 sc2 ls0 ws0\">1<span class=\"_ _2\"></span>1<span class=\"_ _d\"></span>4<span class=\"_ _d\"></span>.<span class=\"_ _d\"></span>0<span class=\"_ _2\"></span>7<span class=\"_ _2\"></span>4<span class=\"_ _df\"> </span></div></td></tr><tr><td class=\"c x262 y2491 w1259 h5db\"><div class=\"t m8 x250 h381 y396b ff4 fs2f fc1 sc2 ls0 ws0\">T<span class=\"_ _2\"></span>O<span class=\"_ _2\"></span>T<span class=\"_ _2\"></span>A<span class=\"_ _d\"></span>L<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>B<span class=\"_ _d\"></span>U<span class=\"_ _2\"></span>S<span class=\"_ _2\"></span>I<span class=\"_ _2\"></span>N<span class=\"_ _2\"></span>E<span class=\"_ _2\"></span>S<span class=\"_ _2\"></span>S<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>C<span class=\"_ _d\"></span>L<span class=\"_ _2\"></span>IE<span class=\"_ _2\"></span>N<span class=\"_ _2\"></span>T<span class=\"_ _d\"></span>E<span class=\"_ _2\"></span>L<span class=\"_ _2\"></span>A<span class=\"_ _df\"> </span></div></td><td class=\"c xbf7 y3982 w1293 h5dc\"><div class=\"t m9 x250 h382 y3966 ff4 fs30 fc1 sc2 ls0 ws0\">9<span class=\"_ _2\"></span>9<span class=\"_ _d\"></span>.<span class=\"_ _d\"></span>5<span class=\"_ _0\"></span>5<span class=\"_ _d\"></span>5<span class=\"_ _df\"> </span></div></td><td class=\"c xc51 y3982 w1294 h5dc\"><div class=\"t m9 x250 h382 y3966 ff4 fs30 fc1 sc2 ls0 ws0\">5<span class=\"_ _d\"></span>1<span class=\"_ _d\"></span>.<span class=\"_ _d\"></span>6<span class=\"_ _d\"></span>6<span class=\"_ _2\"></span>6<span class=\"_ _df\"> </span></div></td><td class=\"c xc52 y3982 w1295 h5dc\"><div class=\"t m9 x250 h382 y3966 ff4 fs30 fc1 sc2 ls0 ws0\">8<span class=\"_ _2\"></span>.<span class=\"_ _d\"></span>9<span class=\"_ _d\"></span>7<span class=\"_ _2\"></span>9<span class=\"_ _df\"> </span></div></td><td class=\"c xc53 y3983 w1296 h5db\"><div class=\"t m8 x250 h381 y396b ff4 fs2f fc1 sc2 ls0 ws0\">1<span class=\"_ _2\"></span>6<span class=\"_ _d\"></span>0<span class=\"_ _2\"></span>.<span class=\"_ _d\"></span>2<span class=\"_ _d\"></span>0<span class=\"_ _2\"></span>0<span class=\"_ _df\"> </span></div></td><td class=\"c xc4a y3982 w1289 h5dc\"><div class=\"t m9 x250 h382 y3966 ff4 fs30 fc1 sc2 ls0 ws0\">1<span class=\"_ _d\"></span>6<span class=\"_ _2\"></span>.<span class=\"_ _d\"></span>8<span class=\"_ _d\"></span>6<span class=\"_ _2\"></span>3<span class=\"_ _df\"> </span></div></td><td class=\"c xc4b y3982 w128a h5dc\"><div class=\"t m9 x250 h382 y3966 ff4 fs30 fc1 sc2 ls0 ws0\">1<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>.<span class=\"_ _0\"></span>5<span class=\"_ _d\"></span>1<span class=\"_ _d\"></span>8<span class=\"_ _df\"> </span></div></td><td class=\"c xc54 y3983 w1297 h5db\"><div class=\"t m8 x250 h381 y396b ff4 fs2f fc1 sc2 ls0 ws0\">2<span class=\"_ _d\"></span>7<span class=\"_ _2\"></span>.<span class=\"_ _0\"></span>3<span class=\"_ _2\"></span>8<span class=\"_ _2\"></span>1<span class=\"_ _df\"> </span></div></td><td class=\"c xc55 y3982 w1298 h5dc\"><div class=\"t m9 x250 h382 y3966 ff4 fs30 fc1 sc2 ls0 ws0\">-<span class=\"_ _d\"></span>3<span class=\"_ _d\"></span>5<span class=\"_ _d\"></span>.<span class=\"_ _d\"></span>8<span class=\"_ _2\"></span>3<span class=\"_ _d\"></span>3<span class=\"_ _df\"> </span></div></td><td class=\"c xc2e y3983 w1299 h5db\"><div class=\"t m8 x250 h381 y396b ff4 fs2f fc1 sc2 ls0 ws0\">1<span class=\"_ _2\"></span>5<span class=\"_ _0\"></span>1<span class=\"_ _2\"></span>.<span class=\"_ _d\"></span>7<span class=\"_ _d\"></span>4<span class=\"_ _2\"></span>8<span class=\"_ _df\"> </span></div></td></tr></table></div><div class=\"gs1f85\"><table class=\"s w1211 h5d9\" id=\"_c581fbae-6a57-4320-9e63-4ca3e76c2d96\"><tr><td></td><td></td><td></td><td class=\"c xbe7 y3967 w1212 h5da\"><div class=\"t m9 x250 h382 y3966 ff4 fs30 fc1 sc0 ls0 ws0\">Paraba<span class=\"_ _2\"></span>nc<span class=\"_ _f\"></span>a<span class=\"_ _2\"></span>rio,<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td class=\"c xbe8 y3968 w1213 h5da\"><div class=\"t m9 x250 h382 y3966 ff4 fs30 fc1 sc0 ls0 ws0\">El<span class=\"_ _f\"></span>isioni<span class=\"_ _f\"></span>,<span class=\"_ _df\"> </span></div></td><td></td></tr><tr><td class=\"c xbe9 y3969 w685 h380\"><div class=\"t m8 xe8 h381 y1cc1 ff4 fs2f fc1 sc2 ls0 ws0\">D<span class=\"_ _2\"></span>I<span class=\"_ _2\"></span>C<span class=\"_ _d\"></span>E<span class=\"_ _2\"></span>M<span class=\"_ _d\"></span>B<span class=\"_ _d\"></span>R<span class=\"_ _2\"></span>E<span class=\"_ _d\"></span> <span class=\"_ _2\"></span>2<span class=\"_ _d\"></span>0<span class=\"_ _2\"></span>2<span class=\"_ _d\"></span>4<span class=\"_ _df\"> </span></div></td><td class=\"c xbea y396a w1214 h5da\"><div class=\"t m9 x250 h382 y3966 ff4 fs30 fc1 sc0 ls0 ws0\">Com<span class=\"_ _2\"></span>me<span class=\"_ _2\"></span>rc<span class=\"_ _f\"></span>ia<span class=\"_ _2\"></span>l<span class=\"_ _df\"> </span></div></td><td class=\"c xbeb y396a w1215 h5da\"><div class=\"t m9 x250 h382 y3966 ff4 fs30 fc1 sc0 ls0 ws0\">Pr<span class=\"_ _1\"></span>ivate<span class=\"_ _df\"> </span></div></td><td class=\"c xbec y396a w1216 h5da\"><div class=\"t m9 x250 h382 y3966 ff4 fs30 fc1 sc0 ls0 ws0\">Consume<span class=\"_ _2\"></span>r<span class=\"_ _df\"> </span></div></td><td class=\"c xbe9 y3969 w685 h380\"><div class=\"t m8 xf4 h381 y1cc1 ff4 fs2f fc1 sc2 ls0 ws0\">B<span class=\"_ _d\"></span>A<span class=\"_ _2\"></span>N<span class=\"_ _2\"></span>K<span class=\"_ _d\"></span>I<span class=\"_ _2\"></span>N<span class=\"_ _2\"></span>G<span class=\"_ _df\"> </span></div></td><td class=\"c xbed y396a w1217 h5da\"><div class=\"t m9 x250 h382 y3966 ff4 fs30 fc1 sc0 ls0 ws0\">Asset<span class=\"_ _df\"> </span></div></td><td class=\"c xbe9 y3969 w685 h380\"><div class=\"t m9 x17c h382 y1cc1 ff4 fs30 fc1 sc0 ls0 ws0\">I<span class=\"_ _1\"></span>nsurance<span class=\"_ _df\"> </span></div></td><td class=\"c xbee y396c w1218 h5db\"><div class=\"t m8 x250 h381 y396b ff4 fs2f fc1 sc2 ls0 ws0\">W<span class=\"_ _d\"></span>e<span class=\"_ _d\"></span>a<span class=\"_ _d\"></span>l<span class=\"_ _d\"></span>t<span class=\"_ _2\"></span>h<span class=\"_ _df\"> </span></div></td><td class=\"c xbef y396d w1219 h5da\"><div class=\"t m9 x250 h382 y3966 ff4 fs30 fc1 sc0 ls0 ws0\">rettifi<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>he e<span class=\"_ _df\"> </span></div></td><td class=\"c xbe9 y3969 w685 h380\"><div class=\"t m8 x1c9 h381 y1cc1 ff4 fs2f fc1 sc2 ls0 ws0\">C<span class=\"_ _d\"></span>o<span class=\"_ _2\"></span>n<span class=\"_ _d\"></span>s<span class=\"_ _2\"></span>o<span class=\"_ _d\"></span>l<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>d<span class=\"_ _d\"></span>a<span class=\"_ _d\"></span>t<span class=\"_ _2\"></span>o<span class=\"_ _df\"> </span></div></td></tr><tr><td></td><td class=\"c xbf0 y396e w121a h5da\"><div class=\"t m9 x250 h382 y3966 ff4 fs30 fc1 sc0 ls0 ws0\">Ba<span class=\"_ _2\"></span>nk<span class=\"_ _f\"></span>ing<span class=\"_ _df\"> </span></div></td><td class=\"c xbf1 y396e w121a h5da\"><div class=\"t m9 x250 h382 y3966 ff4 fs30 fc1 sc0 ls0 ws0\">Ba<span class=\"_ _2\"></span>nk<span class=\"_ _f\"></span>ing<span class=\"_ _df\"> </span></div></td><td class=\"c xbf2 y396e w121b h5da\"><div class=\"t m9 x250 h382 y3966 ff4 fs30 fc1 sc0 ls0 ws0\">Credit, I<span class=\"_ _f\"></span>T<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c xbf3 y396e w121c h5da\"><div class=\"t m9 x250 h382 y3966 ff4 fs30 fc1 sc0 ls0 ws0\">Ma<span class=\"_ _2\"></span>nagem<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>nt<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c xbf4 y396f w121d h5db\"><div class=\"t m8 x250 h381 y396b ff4 fs2f fc1 sc2 ls0 ws0\">M<span class=\"_ _d\"></span>a<span class=\"_ _d\"></span>n<span class=\"_ _2\"></span>a<span class=\"_ _0\"></span>g<span class=\"_ _2\"></span>e<span class=\"_ _d\"></span>m<span class=\"_ _0\"></span>e<span class=\"_ _d\"></span>n<span class=\"_ _2\"></span>t<span class=\"_ _df\"> </span></div></td><td class=\"c xbf5 y3970 w121e h5da\"><div class=\"t m9 x250 h382 y3966 ff4 fs30 fc1 sc0 ls0 ws0\">ric<span class=\"_ _f\"></span>lassifi<span class=\"_ _f\"></span>che<span class=\"_ _df\"> </span></div></td><td></td></tr><tr><td></td><td></td><td></td><td class=\"c xbf6 y3971 w121f h5da\"><div class=\"t m9 x250 h382 y3966 ff4 fs30 fc1 sc0 ls0 ws0\">Tec<span class=\"_ _1\"></span>hnology<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x262 y3075 w1220 h5db\"><div class=\"t m8 x250 h381 y396b ff4 fs2f fc1 sc2 ls0 ws0\">I<span class=\"_ _2\"></span>M<span class=\"_ _2\"></span>P<span class=\"_ _2\"></span>I<span class=\"_ _2\"></span>E<span class=\"_ _2\"></span>G<span class=\"_ _d\"></span>H<span class=\"_ _d\"></span>I<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>A<span class=\"_ _d\"></span> <span class=\"_ _2\"></span>C<span class=\"_ _d\"></span>L<span class=\"_ _2\"></span>I<span class=\"_ _2\"></span>E<span class=\"_ _2\"></span>N<span class=\"_ _2\"></span>T<span class=\"_ _2\"></span>E<span class=\"_ _2\"></span>L<span class=\"_ _2\"></span>A<span class=\"_ _df\"> </span></div></td><td class=\"c xbf7 y3972 w1221 h5dc\"><div class=\"t m9 x250 h382 y3966 ff4 fs30 fc1 sc2 ls0 ws0\">3<span class=\"_ _2\"></span>4<span class=\"_ _d\"></span>.<span class=\"_ _d\"></span>9<span class=\"_ _d\"></span>9<span class=\"_ _d\"></span>8<span class=\"_ _df\"> </span></div></td><td class=\"c xbf8 y3972 w1222 h5dc\"><div class=\"t m9 x250 h382 y3966 ff4 fs30 fc1 sc2 ls0 ws0\">7<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>6<span class=\"_ _df\"> </span></div></td><td class=\"c xbf9 y3972 w1223 h5dc\"><div class=\"t m9 x250 h382 y3966 ff4 fs30 fc1 sc2 ls0 ws0\">8<span class=\"_ _2\"></span>.<span class=\"_ _d\"></span>0<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>7<span class=\"_ _df\"> </span></div></td><td class=\"c xbfa y3972 w1224 h5dc\"><div class=\"t m9 x250 h382 y3966 ff4 fs30 fc1 sc2 ls0 ws0\">4<span class=\"_ _2\"></span>3<span class=\"_ _d\"></span>.<span class=\"_ _d\"></span>7<span class=\"_ _2\"></span>1<span class=\"_ _d\"></span>1<span class=\"_ _df\"> </span></div></td><td class=\"c xbfb y3972 w1225 h5dc\"><div class=\"t m9 x250 h382 y3966 ff4 fs30 fc1 sc2 ls111 ws0\">40<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c xbfc y3972 w1225 h5dc\"><div class=\"t m9 x250 h382 y3966 ff4 fs30 fc1 sc2 ls111 ws0\">40<span class=\"_ _df\"> </span></div></td><td class=\"c xbfd y3972 w1226 h5dc\"><div class=\"t m9 x250 h382 y3966 ff4 fs30 fc1 sc2 ls0 ws0\">-<span class=\"_ _d\"></span>7<span class=\"_ _2\"></span>.<span class=\"_ _0\"></span>3<span class=\"_ _2\"></span>8<span class=\"_ _d\"></span>8<span class=\"_ _df\"> </span></div></td><td class=\"c xbfe y3075 w1227 h5db\"><div class=\"t m8 x250 h381 y396b ff4 fs2f fc1 sc2 ls0 ws0\">3<span class=\"_ _2\"></span>6<span class=\"_ _d\"></span>.<span class=\"_ _d\"></span>3<span class=\"_ _d\"></span>6<span class=\"_ _2\"></span>3<span class=\"_ _df\"> </span></div></td></tr><tr><td class=\"c x262 y2ec9 w1228 h5db\"><div class=\"t m8 x250 h381 y396b ff4 fs2f fc1 sc0 ls0 ws0\">Ra<span class=\"_ _2\"></span>c<span class=\"_ _f\"></span>colt<span class=\"_ _1\"></span>a DIRE<span class=\"_ _1\"></span>TT<span class=\"_ _f\"></span>A BANCARI<span class=\"_ _1\"></span>A<span class=\"_ _df\"> </span></div></td><td class=\"c xbff y3973 w1229 h5dc\"><div class=\"t m9 x250 h382 y3966 ff4 fs30 fc1 sc0 ls0 ws0\">31.611<span class=\"_ _df\"> </span></div></td><td class=\"c xc00 y3973 w122a h5dc\"><div class=\"t m9 x250 h382 y3966 ff4 fs30 fc1 sc0 ls0 ws0\">7.88<span class=\"_ _f\"></span>8<span class=\"_ _df\"> </span></div></td><td class=\"c xc01 y3973 w122b h5dc\"><div class=\"t m9 x250 h382 y3966 ff4 fs30 fc1 sc0 ls0 ws0\">123<span class=\"_ _df\"> </span></div></td><td class=\"c xc02 y3973 w122c h5dc\"><div class=\"t m9 x250 h382 y3966 ff4 fs30 fc1 sc0 ls0 ws0\">39.<span class=\"_ _2\"></span>623<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td class=\"c xc03 y3973 w122d h5dc\"><div class=\"t m9 x250 h382 y3966 ff4 fs30 fc1 sc0 ls0 ws0\">-374<span class=\"_ _df\"> </span></div></td><td class=\"c xc04 y3974 w122e h5db\"><div class=\"t m8 x250 h381 y396b ff4 fs2f fc1 sc0 ls0 ws0\">39.2<span class=\"_ _2\"></span>49<span class=\"_ _df\"> </span></div></td></tr><tr><td class=\"c x262 y3056 w122f h5db\"><div class=\"t m8 x250 h381 y396b ff4 fs2f fc1 sc2 ls0 ws0\">T<span class=\"_ _2\"></span>O<span class=\"_ _2\"></span>T<span class=\"_ _2\"></span>A<span class=\"_ _d\"></span>L<span class=\"_ _2\"></span>E<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>R<span class=\"_ _d\"></span>A<span class=\"_ _d\"></span>C<span class=\"_ _2\"></span>C<span class=\"_ _d\"></span>O<span class=\"_ _2\"></span>L<span class=\"_ _2\"></span>T<span class=\"_ _2\"></span>A<span class=\"_ _d\"></span> <span class=\"_ _2\"></span>D<span class=\"_ _d\"></span>I<span class=\"_ _2\"></span>R<span class=\"_ _2\"></span>E<span class=\"_ _d\"></span>T<span class=\"_ _2\"></span>T<span class=\"_ _2\"></span>A<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>C<span class=\"_ _d\"></span>L<span class=\"_ _2\"></span>IE<span class=\"_ _d\"></span>N<span class=\"_ _2\"></span>T<span class=\"_ _2\"></span>E<span class=\"_ _2\"></span>L<span class=\"_ _2\"></span>A<span class=\"_ _df\"> </span></div></td><td class=\"c xc05 y3975 w1230 h5dc\"><div class=\"t m9 x250 h382 y3966 ff4 fs30 fc1 sc2 ls0 ws0\">3<span class=\"_ _2\"></span>1<span class=\"_ _d\"></span>.<span class=\"_ _0\"></span>6<span class=\"_ _2\"></span>1<span class=\"_ _d\"></span>1<span class=\"_ _df\"> </span></div></td><td class=\"c xc06 y3975 w1231 h5dc\"><div class=\"t m9 x250 h382 y3966 ff4 fs30 fc1 sc2 ls0 ws0\">7<span class=\"_ _2\"></span>.<span class=\"_ _d\"></span>8<span class=\"_ _2\"></span>8<span class=\"_ _2\"></span>8<span class=\"_ _df\"> </span></div></td><td class=\"c xc07 y3975 w1232 h5dc\"><div class=\"t m9 x250 h382 y3966 ff4 fs30 fc1 sc2 ls0 ws0\">1<span class=\"_ _d\"></span>2<span class=\"_ _d\"></span>3<span class=\"_ _df\"> </span></div></td><td class=\"c xc08 y3975 w1233 h5dc\"><div class=\"t m9 x250 h382 y3966 ff4 fs30 fc1 sc2 ls0 ws0\">3<span class=\"_ _2\"></span>9<span class=\"_ _d\"></span>.<span class=\"_ _d\"></span>6<span class=\"_ _d\"></span>2<span class=\"_ _d\"></span>3<span class=\"_ _df\"> </span></div></td><td class=\"c xc09 y3975 w1234 h5dc\"><div class=\"t m9 x250 h382 y3966 ff4 fs30 fc1 sc2 ls0 ws0\">0<span class=\"_ _df\"> </span></div></td><td class=\"c xc0a y3975 w1234 h5dc\"><div class=\"t m9 x250 h382 y3966 ff4 fs30 fc1 sc2 ls0 ws0\">0<span class=\"_ _df\"> </span></div></td><td class=\"c xc0b y3975 w1234 h5dc\"><div class=\"t m9 x250 h382 y3966 ff4 fs30 fc1 sc2 ls0 ws0\">0<span class=\"_ _df\"> </span></div></td><td class=\"c xc0c y3975 w1235 h5dc\"><div class=\"t m9 x250 h382 y3966 ff4 fs30 fc1 sc2 ls0 ws0\">-<span class=\"_ _d\"></span>3<span class=\"_ _d\"></span>7<span class=\"_ _2\"></span>4<span class=\"_ _df\"> </span></div></td><td class=\"c xbfe y3976 w1236 h5db\"><div class=\"t m8 x250 h381 y396b ff4 fs2f fc1 sc2 ls0 ws0\">3<span class=\"_ _2\"></span>9<span class=\"_ _d\"></span>.<span class=\"_ _d\"></span>2<span class=\"_ _d\"></span>4<span class=\"_ _d\"></span>9<span class=\"_ _df\"> </span></div></td></tr><tr><td class=\"c x262 y3977 w1237 h5db\"><div class=\"t m8 x250 h381 y396b ff4 fs2f fc1 sc0 ls0 ws0\">Ra<span class=\"_ _2\"></span>c<span class=\"_ _f\"></span>colt<span class=\"_ _1\"></span>a GEST<span class=\"_ _f\"></span>IT<span class=\"_ _1\"></span>A + ASS<span class=\"_ _1\"></span>I<span class=\"_ _1\"></span>CURATI<span class=\"_ _f\"></span>VA<span class=\"_ _df\"> </span></div></td><td class=\"c xc05 y3978 w1238 h5dc\"><div class=\"t m9 x250 h382 y3966 ff4 fs30 fc1 sc0 ls0 ws0\">20.744<span class=\"_ _df\"> </span></div></td><td class=\"c xc0d y3978 w1239 h5dc\"><div class=\"t m9 x250 h382 y3966 ff4 fs30 fc1 sc0 ls0 ws0\">23.186<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c xc0e y3978 w123a h5dc\"><div class=\"t m9 x250 h382 y3966 ff4 fs30 fc1 sc0 ls0 ws0\">43.92<span class=\"_ _2\"></span>9<span class=\"_ _df\"> </span></div></td><td class=\"c xc0f y3978 w123b h5dc\"><div class=\"t m9 x250 h382 y3966 ff4 fs30 fc1 sc0 ls0 ws0\">15.<span class=\"_ _2\"></span>111<span class=\"_ _df\"> </span></div></td><td class=\"c xc10 y3978 w123c h5dc\"><div class=\"t m9 x250 h382 y3966 ff4 fs30 fc1 sc0 ls0 ws0\">9.<span class=\"_ _2\"></span>396<span class=\"_ _df\"> </span></div></td><td class=\"c xc11 y3978 w123d h5dc\"><div class=\"t m9 x250 h382 y3966 ff4 fs30 fc1 sc0 ls0 ws0\">24.5<span class=\"_ _2\"></span>06<span class=\"_ _df\"> </span></div></td><td class=\"c xc12 y3978 w123e h5dc\"><div class=\"t m9 x250 h382 y3966 ff4 fs30 fc1 sc0 ls0 ws0\">-<span class=\"_ _2\"></span>24.<span class=\"_ _2\"></span>393<span class=\"_ _df\"> </span></div></td><td class=\"c xc04 y3977 w123f h5db\"><div class=\"t m8 x250 h381 y396b ff4 fs2f fc1 sc0 ls0 ws0\">44.043<span class=\"_ _df\"> </span></div></td></tr><tr><td class=\"c x262 y3979 w1240 h5db\"><div class=\"t m8 x250 h381 y396b ff4 fs2f fc1 sc0 ls0 ws0\">Ra<span class=\"_ _2\"></span>c<span class=\"_ _f\"></span>colt<span class=\"_ _1\"></span>a AMMIN<span class=\"_ _1\"></span>I<span class=\"_ _1\"></span>ST<span class=\"_ _1\"></span>RATA<span class=\"_ _df\"> </span></div></td><td class=\"c xc13 y397a w1241 h5dc\"><div class=\"t m9 x250 h382 y3966 ff4 fs30 fc1 sc0 ls0 ws0\">8.109<span class=\"_ _df\"> </span></div></td><td class=\"c xc14 y397a w1242 h5dc\"><div class=\"t m9 x250 h382 y3966 ff4 fs30 fc1 sc0 ls0 ws0\">13.<span class=\"_ _2\"></span>824<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c xc15 y397a w1243 h5dc\"><div class=\"t m9 x250 h382 y3966 ff4 fs30 fc1 sc0 ls0 ws0\">21.<span class=\"_ _2\"></span>933<span class=\"_ _df\"> </span></div></td><td></td><td></td><td></td><td class=\"c xc16 y397a w1244 h5dc\"><div class=\"t m9 x250 h382 y3966 ff4 fs30 fc1 sc0 ls0 ws0\">-10<span class=\"_ _df\"> </span></div></td><td class=\"c xc17 y397b w1245 h5db\"><div class=\"t m8 x250 h381 y396b ff4 fs2f fc1 sc0 ls0 ws0\">21.<span class=\"_ _2\"></span>923<span class=\"_ _df\"> </span></div></td></tr><tr><td class=\"c x262 y397c w1246 h5db\"><div class=\"t m8 x250 h381 y396b ff4 fs2f fc1 sc2 ls0 ws0\">T<span class=\"_ _2\"></span>O<span class=\"_ _2\"></span>T<span class=\"_ _2\"></span>A<span class=\"_ _d\"></span>L<span class=\"_ _2\"></span>E<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>R<span class=\"_ _d\"></span>A<span class=\"_ _d\"></span>C<span class=\"_ _2\"></span>C<span class=\"_ _d\"></span>O<span class=\"_ _2\"></span>L<span class=\"_ _2\"></span>T<span class=\"_ _2\"></span>A<span class=\"_ _d\"></span> <span class=\"_ _2\"></span>I<span class=\"_ _2\"></span>N<span class=\"_ _2\"></span>D<span class=\"_ _d\"></span>IR<span class=\"_ _d\"></span>E<span class=\"_ _2\"></span>T<span class=\"_ _d\"></span>T<span class=\"_ _2\"></span>A<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>C<span class=\"_ _d\"></span>LI<span class=\"_ _2\"></span>E<span class=\"_ _2\"></span>N<span class=\"_ _2\"></span>T<span class=\"_ _d\"></span>E<span class=\"_ _2\"></span>L<span class=\"_ _2\"></span>A<span class=\"_ _df\"> </span></div></td><td class=\"c xbf7 y397d w1247 h5dc\"><div class=\"t m9 x250 h382 y3966 ff4 fs30 fc1 sc2 ls0 ws0\">2<span class=\"_ _d\"></span>8<span class=\"_ _2\"></span>.<span class=\"_ _d\"></span>8<span class=\"_ _2\"></span>5<span class=\"_ _0\"></span>3<span class=\"_ _df\"> </span></div></td><td class=\"c xc18 y397d w1248 h5dc\"><div class=\"t m9 x250 h382 y3966 ff4 fs30 fc1 sc2 ls0 ws0\">3<span class=\"_ _2\"></span>7<span class=\"_ _d\"></span>.<span class=\"_ _d\"></span>0<span class=\"_ _2\"></span>1<span class=\"_ _d\"></span>0<span class=\"_ _df\"> </span></div></td><td></td><td class=\"c xc19 y397d w1249 h5dc\"><div class=\"t m9 x250 h382 y3966 ff4 fs30 fc1 sc2 ls0 ws0\">6<span class=\"_ _2\"></span>5<span class=\"_ _0\"></span>.<span class=\"_ _d\"></span>8<span class=\"_ _2\"></span>6<span class=\"_ _d\"></span>2<span class=\"_ _df\"> </span></div></td><td class=\"c xc1a y397d w124a h5dc\"><div class=\"t m9 x250 h382 y3966 ff4 fs30 fc1 sc2 ls0 ws0\">1<span class=\"_ _d\"></span>5<span class=\"_ _d\"></span>.<span class=\"_ _d\"></span>1<span class=\"_ _d\"></span>1<span class=\"_ _d\"></span>1<span class=\"_ _df\"> </span></div></td><td class=\"c xc1b y397d w124b h5dc\"><div class=\"t m9 x250 h382 y3966 ff4 fs30 fc1 sc2 ls0 ws0\">9<span class=\"_ _2\"></span>.<span class=\"_ _d\"></span>3<span class=\"_ _d\"></span>9<span class=\"_ _d\"></span>6<span class=\"_ _df\"> </span></div></td><td class=\"c xc1c y397d w124c h5dc\"><div class=\"t m9 x250 h382 y3966 ff4 fs30 fc1 sc2 ls0 ws0\">2<span class=\"_ _d\"></span>4<span class=\"_ _d\"></span>.<span class=\"_ _d\"></span>5<span class=\"_ _d\"></span>0<span class=\"_ _2\"></span>6<span class=\"_ _df\"> </span></div></td><td class=\"c xc1d y397d w124d h5dc\"><div class=\"t m9 x250 h382 y3966 ff4 fs30 fc1 sc2 ls0 ws0\">-<span class=\"_ _d\"></span>2<span class=\"_ _d\"></span>4<span class=\"_ _2\"></span>.<span class=\"_ _0\"></span>4<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>3<span class=\"_ _df\"> </span></div></td><td class=\"c xbfe y397e w124e h5db\"><div class=\"t m8 x250 h381 y396b ff4 fs2f fc1 sc2 ls0 ws0\">6<span class=\"_ _2\"></span>5<span class=\"_ _d\"></span>.<span class=\"_ _0\"></span>9<span class=\"_ _2\"></span>6<span class=\"_ _d\"></span>5<span class=\"_ _df\"> </span></div></td></tr><tr><td class=\"c x262 y397f w124f h5db\"><div class=\"t m8 x250 h381 y396b ff4 fs2f fc1 sc2 ls0 ws0\">T<span class=\"_ _2\"></span>O<span class=\"_ _2\"></span>T<span class=\"_ _2\"></span>A<span class=\"_ _d\"></span>L<span class=\"_ _2\"></span>E<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>R<span class=\"_ _d\"></span>A<span class=\"_ _d\"></span>C<span class=\"_ _2\"></span>C<span class=\"_ _d\"></span>O<span class=\"_ _2\"></span>L<span class=\"_ _2\"></span>T<span class=\"_ _2\"></span>A<span class=\"_ _d\"></span> <span class=\"_ _2\"></span>C<span class=\"_ _d\"></span>L<span class=\"_ _2\"></span>I<span class=\"_ _2\"></span>E<span class=\"_ _2\"></span>N<span class=\"_ _2\"></span>T<span class=\"_ _2\"></span>E<span class=\"_ _2\"></span>L<span class=\"_ _2\"></span>A<span class=\"_ _df\"> </span></div></td><td class=\"c xbf7 y3980 w1250 h5dc\"><div class=\"t m9 x250 h382 y3966 ff4 fs30 fc1 sc2 ls0 ws0\">6<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>.<span class=\"_ _0\"></span>4<span class=\"_ _2\"></span>6<span class=\"_ _d\"></span>4<span class=\"_ _df\"> </span></div></td><td class=\"c xc1e y3980 w1251 h5dc\"><div class=\"t m9 x250 h382 y3966 ff4 fs30 fc1 sc2 ls0 ws0\">4<span class=\"_ _2\"></span>4<span class=\"_ _d\"></span>.<span class=\"_ _d\"></span>8<span class=\"_ _2\"></span>9<span class=\"_ _d\"></span>8<span class=\"_ _df\"> </span></div></td><td class=\"c xc1f y3980 w1252 h5dc\"><div class=\"t m9 x250 h382 y3966 ff4 fs30 fc1 sc2 ls0 ws0\">1<span class=\"_ _2\"></span>2<span class=\"_ _0\"></span>3<span class=\"_ _df\"> </span></div></td><td class=\"c xc20 y3980 w1253 h5dc\"><div class=\"t m9 x250 h382 y3966 ff4 fs30 fc1 sc2 ls0 ws0\">1<span class=\"_ _d\"></span>0<span class=\"_ _2\"></span>5<span class=\"_ _d\"></span>.<span class=\"_ _d\"></span>4<span class=\"_ _d\"></span>8<span class=\"_ _2\"></span>5<span class=\"_ _df\"> </span></div></td><td class=\"c xc21 y3980 w1254 h5dc\"><div class=\"t m9 x250 h382 y3966 ff4 fs30 fc1 sc2 ls0 ws0\">1<span class=\"_ _2\"></span>5<span class=\"_ _0\"></span>.<span class=\"_ _d\"></span>1<span class=\"_ _d\"></span>1<span class=\"_ _d\"></span>1<span class=\"_ _df\"> </span></div></td><td class=\"c xc22 y3980 w1255 h5dc\"><div class=\"t m9 x250 h382 y3966 ff4 fs30 fc1 sc2 ls0 ws0\">9<span class=\"_ _2\"></span>.<span class=\"_ _d\"></span>3<span class=\"_ _d\"></span>9<span class=\"_ _d\"></span>6<span class=\"_ _df\"> </span></div></td><td class=\"c xc23 y3980 w1256 h5dc\"><div class=\"t m9 x250 h382 y3966 ff4 fs30 fc1 sc2 ls0 ws0\">2<span class=\"_ _d\"></span>4<span class=\"_ _d\"></span>.<span class=\"_ _d\"></span>5<span class=\"_ _d\"></span>0<span class=\"_ _2\"></span>6<span class=\"_ _df\"> </span></div></td><td class=\"c xc24 y3980 w1257 h5dc\"><div class=\"t m9 x250 h382 y3966 ff4 fs30 fc1 sc2 ls0 ws0\">-<span class=\"_ _d\"></span>2<span class=\"_ _0\"></span>4<span class=\"_ _2\"></span>.<span class=\"_ _0\"></span>7<span class=\"_ _2\"></span>7<span class=\"_ _d\"></span>7<span class=\"_ _df\"> </span></div></td><td class=\"c xc25 y3981 w1258 h5db\"><div class=\"t m8 x250 h381 y396b ff4 fs2f fc1 sc2 ls0 ws0\">1<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>5<span class=\"_ _0\"></span>.<span class=\"_ _d\"></span>2<span class=\"_ _d\"></span>1<span class=\"_ _d\"></span>4<span class=\"_ _df\"> </span></div></td></tr><tr><td class=\"c x262 y2491 w1259 h5db\"><div class=\"t m8 x250 h381 y396b ff4 fs2f fc1 sc2 ls0 ws0\">T<span class=\"_ _2\"></span>O<span class=\"_ _2\"></span>T<span class=\"_ _2\"></span>A<span class=\"_ _d\"></span>L<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>B<span class=\"_ _d\"></span>U<span class=\"_ _2\"></span>S<span class=\"_ _2\"></span>I<span class=\"_ _2\"></span>N<span class=\"_ _2\"></span>E<span class=\"_ _2\"></span>S<span class=\"_ _2\"></span>S<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>C<span class=\"_ _d\"></span>L<span class=\"_ _2\"></span>IE<span class=\"_ _2\"></span>N<span class=\"_ _2\"></span>T<span class=\"_ _d\"></span>E<span class=\"_ _2\"></span>L<span class=\"_ _2\"></span>A<span class=\"_ _df\"> </span></div></td><td class=\"c xc26 y3982 wa2d h5dc\"><div class=\"t m9 x250 h382 y3966 ff4 fs30 fc1 sc2 ls0 ws0\">9<span class=\"_ _2\"></span>5<span class=\"_ _0\"></span>.<span class=\"_ _d\"></span>4<span class=\"_ _2\"></span>6<span class=\"_ _d\"></span>1<span class=\"_ _df\"> </span></div></td><td class=\"c xc27 y3982 w125a h5dc\"><div class=\"t m9 x250 h382 y3966 ff4 fs30 fc1 sc2 ls0 ws0\">4<span class=\"_ _2\"></span>5<span class=\"_ _0\"></span>.<span class=\"_ _d\"></span>6<span class=\"_ _d\"></span>0<span class=\"_ _2\"></span>4<span class=\"_ _df\"> </span></div></td><td class=\"c xc28 y3982 w125b h5dc\"><div class=\"t m9 x250 h382 y3966 ff4 fs30 fc1 sc2 ls0 ws0\">8<span class=\"_ _2\"></span>.<span class=\"_ _d\"></span>1<span class=\"_ _d\"></span>3<span class=\"_ _d\"></span>1<span class=\"_ _df\"> </span></div></td><td class=\"c xc29 y3983 w125c h5db\"><div class=\"t m8 x250 h381 y396b ff4 fs2f fc1 sc2 ls0 ws0\">1<span class=\"_ _2\"></span>4<span class=\"_ _d\"></span>9<span class=\"_ _2\"></span>.<span class=\"_ _0\"></span>1<span class=\"_ _2\"></span>9<span class=\"_ _d\"></span>6<span class=\"_ _df\"> </span></div></td><td class=\"c xc2a y3982 w125d h5dc\"><div class=\"t m9 x250 h382 y3966 ff4 fs30 fc1 sc2 ls0 ws0\">1<span class=\"_ _d\"></span>5<span class=\"_ _d\"></span>.<span class=\"_ _d\"></span>1<span class=\"_ _d\"></span>5<span class=\"_ _d\"></span>1<span class=\"_ _df\"> </span></div></td><td class=\"c xc2b y3982 w125e h5dc\"><div class=\"t m9 x250 h382 y3966 ff4 fs30 fc1 sc2 ls0 ws0\">9<span class=\"_ _2\"></span>.<span class=\"_ _0\"></span>3<span class=\"_ _2\"></span>9<span class=\"_ _d\"></span>6<span class=\"_ _df\"> </span></div></td><td class=\"c xc2c y3983 w125f h5db\"><div class=\"t m8 x250 h381 y396b ff4 fs2f fc1 sc2 ls0 ws0\">2<span class=\"_ _d\"></span>4<span class=\"_ _2\"></span>.<span class=\"_ _0\"></span>5<span class=\"_ _d\"></span>4<span class=\"_ _2\"></span>7<span class=\"_ _df\"> </span></div></td><td class=\"c xc2d y3982 w1260 h5dc\"><div class=\"t m9 x250 h382 y3966 ff4 fs30 fc1 sc2 ls0 ws0\">-<span class=\"_ _d\"></span>3<span class=\"_ _d\"></span>2<span class=\"_ _d\"></span>.<span class=\"_ _d\"></span>1<span class=\"_ _d\"></span>6<span class=\"_ _d\"></span>6<span class=\"_ _df\"> </span></div></td><td class=\"c xc2e y3983 w1261 h5db\"><div class=\"t m8 x250 h381 y396b ff4 fs2f fc1 sc2 ls0 ws0\">1<span class=\"_ _2\"></span>4<span class=\"_ _d\"></span>1<span class=\"_ _d\"></span>.<span class=\"_ _d\"></span>5<span class=\"_ _d\"></span>7<span class=\"_ _2\"></span>7<span class=\"_ _df\"> </span></div></td></tr></table></div><table class=\"s w129a h5e1\" id=\"_73b247dc-c8df-48ca-bab2-2e4d1fd87035\"><tr><td></td><td></td><td></td><td class=\"c xc56 y3991 w129b h5e2\"><div class=\"t mb x250 h388 y3990 ff4 fs32 fc1 sc0 ls0 ws0\">Paraba<span class=\"_ _2\"></span>nc<span class=\"_ _f\"></span>a<span class=\"_ _2\"></span>rio,</div></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c xbe9 y3992 w68a h386\"><div class=\"t ma x36 h387 y1ce8 ff4 fs31 fc1 sc2 ls0 ws0\">D<span class=\"_ _2\"></span>I<span class=\"_ _2\"></span>C<span class=\"_ _d\"></span>E<span class=\"_ _2\"></span>M<span class=\"_ _d\"></span>B<span class=\"_ _d\"></span>R<span class=\"_ _2\"></span>E<span class=\"_ _d\"></span> <span class=\"_ _2\"></span>2<span class=\"_ _d\"></span>0<span class=\"_ _2\"></span>2<span class=\"_ _d\"></span>5</div></td><td class=\"c xc57 y3993 w129c h5e2\"><div class=\"t mb x250 h388 y3990 ff4 fs32 fc1 sc0 ls0 ws0\">Com<span class=\"_ _2\"></span>me<span class=\"_ _2\"></span>rc<span class=\"_ _f\"></span>ia<span class=\"_ _2\"></span>l</div></td><td class=\"c xbe9 y3992 w68a h386\"><div class=\"t mb xf3 h388 y1ce8 ff4 fs32 fc1 sc0 ls0 ws0\">Pr<span class=\"_ _1\"></span>ivate Ba<span class=\"_ _2\"></span>nk<span class=\"_ _1\"></span>ing</div></td><td class=\"c xc58 y3993 w129d h5e2\"><div class=\"t mb x250 h388 y3990 ff4 fs32 fc1 sc0 ls0 ws0\">Consume<span class=\"_ _2\"></span>r</div></td><td class=\"c xbe9 y3992 w68a h386\"><div class=\"t ma x3f h387 y1ce8 ff4 fs31 fc1 sc2 ls0 ws0\">B<span class=\"_ _d\"></span>A<span class=\"_ _2\"></span>N<span class=\"_ _2\"></span>K<span class=\"_ _d\"></span>I<span class=\"_ _2\"></span>N<span class=\"_ _2\"></span>G</div></td><td class=\"c xc59 y3993 w129e h5e2\"><div class=\"t mb x250 h388 y3990 ff4 fs32 fc1 sc0 ls0 ws0\">Asset</div></td><td class=\"c xbe9 y3992 w68a h386\"><div class=\"t mb x126 h388 y1ce8 ff4 fs32 fc1 sc0 ls0 ws0\">I<span class=\"_ _1\"></span>nsurance</div></td><td class=\"c xc5a y3995 w129f h58d\"><div class=\"t ma x250 h387 y3994 ff4 fs31 fc1 sc2 ls0 ws0\">W<span class=\"_ _d\"></span>e<span class=\"_ _d\"></span>a<span class=\"_ _d\"></span>l<span class=\"_ _d\"></span>t<span class=\"_ _2\"></span>h</div></td><td class=\"c xc5b y3993 w12a0 h5e2\"><div class=\"t mb x250 h388 y3990 ff4 fs32 fc1 sc0 ls0 ws0\">El<span class=\"_ _f\"></span>isioni<span class=\"_ _f\"></span>,<span class=\"_ _2\"></span> retti<span class=\"_ _1\"></span>fic<span class=\"_ _f\"></span>he</div></td><td class=\"c xc5c y3995 w12a1 h58d\"><div class=\"t ma x250 h387 y3994 ff4 fs31 fc1 sc2 ls0 ws0\">C<span class=\"_ _d\"></span>o<span class=\"_ _2\"></span>n<span class=\"_ _d\"></span>s<span class=\"_ _2\"></span>o<span class=\"_ _d\"></span>l<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>d<span class=\"_ _d\"></span>a<span class=\"_ _d\"></span>t<span class=\"_ _2\"></span>o</div></td></tr><tr><td></td><td class=\"c xc5d y3996 w12a2 h5e2\"><div class=\"t mb x250 h388 y3990 ff4 fs32 fc1 sc0 ls0 ws0\">Ba<span class=\"_ _2\"></span>nk<span class=\"_ _f\"></span>ing</div></td><td></td><td class=\"c xc5e y3996 w12a3 h5e2\"><div class=\"t mb x250 h388 y3990 ff4 fs32 fc1 sc0 ls0 ws0\">Credit, I<span class=\"_ _f\"></span>T</div></td><td></td><td class=\"c xc5f y3996 w12a4 h5e2\"><div class=\"t mb x250 h388 y3990 ff4 fs32 fc1 sc0 ls0 ws0\">Ma<span class=\"_ _2\"></span>nagem<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>nt</div></td><td></td><td class=\"c xc60 y3997 w12a5 h58d\"><div class=\"t ma x250 h387 y3994 ff4 fs31 fc1 sc2 ls0 ws0\">M<span class=\"_ _d\"></span>a<span class=\"_ _d\"></span>n<span class=\"_ _2\"></span>a<span class=\"_ _0\"></span>g<span class=\"_ _2\"></span>e<span class=\"_ _d\"></span>m<span class=\"_ _0\"></span>e<span class=\"_ _d\"></span>n<span class=\"_ _2\"></span>t</div></td><td class=\"c xc61 y3996 w12a6 h5e2\"><div class=\"t mb x250 h388 y3990 ff4 fs32 fc1 sc0 ls0 ws0\">e ric<span class=\"_ _f\"></span>lassific<span class=\"_ _f\"></span>he</div></td><td class=\"c xc62 y3997 w12a7 h58d\"><div class=\"t ma x250 h387 y3994 ff4 fs31 fc1 sc2 ls0 ws0\">r<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>a<span class=\"_ _0\"></span>s<span class=\"_ _2\"></span>s<span class=\"_ _d\"></span>i<span class=\"_ _2\"></span>f<span class=\"_ _d\"></span>i<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>a<span class=\"_ _d\"></span>t<span class=\"_ _2\"></span>o</div></td></tr><tr><td></td><td></td><td></td><td class=\"c xc63 y3998 w12a8 h5e2\"><div class=\"t mb x250 h388 y3990 ff4 fs32 fc1 sc0 ls0 ws0\">Tec<span class=\"_ _1\"></span>hnology</div></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x262 y3999 w12a9 h58d\"><div class=\"t ma x250 h387 y3994 ff4 fs31 fc1 sc0 ls0 ws0\">Ma<span class=\"_ _2\"></span>rgi<span class=\"_ _f\"></span>ne<span class=\"_ _2\"></span> finanziari<span class=\"_ _1\"></span>o</div></td><td class=\"c xc64 y399a w12aa h5e2\"><div class=\"t mb x250 h388 y3990 ff4 fs32 fc1 sc0 ls0 ws0\">719,2</div></td><td class=\"c xc65 y399a w12ab h5e2\"><div class=\"t mb x250 h388 y3990 ff4 fs32 fc1 sc0 ls0 ws0\">72,8</div></td><td class=\"c xc66 y399a w12ac h5e2\"><div class=\"t mb x250 h388 y3990 ff4 fs32 fc1 sc0 ls0 ws0\">154,<span class=\"_ _2\"></span>6</div></td><td class=\"c xc67 y3999 w12ad h58d\"><div class=\"t ma x250 h387 y3994 ff4 fs31 fc1 sc0 ls0 ws0\">946,6</div></td><td class=\"c xc68 y399a w12ae h5e2\"><div class=\"t mb x250 h388 y3990 ff4 fs32 fc1 sc0 ls0 ws0\">13,0</div></td><td class=\"c xc69 y399a w12af h5e2\"><div class=\"t mb x250 h388 y3990 ff4 fs32 fc1 sc0 ls0 ws0\">6,7</div></td><td class=\"c xc6a y3999 w12b0 h58d\"><div class=\"t ma x250 h387 y3994 ff4 fs31 fc1 sc0 ls0 ws0\">19,7</div></td><td class=\"c xc6b y399a w12b1 h5e2\"><div class=\"t mb x250 h388 y3990 ff4 fs32 fc1 sc0 ls0 ws0\">7,6</div></td><td class=\"c xc6c y3999 w12b2 h58d\"><div class=\"t ma x250 h387 y3994 ff4 fs31 fc1 sc0 ls0 ws0\">973,9</div></td></tr><tr><td class=\"c x262 y399b w12b3 h58d\"><div class=\"t ma x250 h387 y3994 ff4 fs31 fc1 sc0 ls0 ws0\">Ma<span class=\"_ _2\"></span>rgi<span class=\"_ _f\"></span>ne<span class=\"_ _2\"></span> serviz<span class=\"_ _1\"></span>i</div></td><td class=\"c xc6d y399c w12b4 h5e2\"><div class=\"t mb x250 h388 y3990 ff4 fs32 fc1 sc0 ls0 ws0\">514,<span class=\"_ _2\"></span>6</div></td><td class=\"c xc6e y399c w12b5 h5e2\"><div class=\"t mb x250 h388 y3990 ff4 fs32 fc1 sc0 ls0 ws0\">206,7</div></td><td class=\"c xc6f y399c w12b6 h5e2\"><div class=\"t mb x250 h388 y3990 ff4 fs32 fc1 sc0 ls0 ws0\">12<span class=\"_ _2\"></span>3,8</div></td><td class=\"c xc70 y399b w12b7 h58d\"><div class=\"t ma x250 h387 y3994 ff4 fs31 fc1 sc0 ls0 ws0\">84<span class=\"_ _1\"></span>5,<span class=\"_ _2\"></span>1</div></td><td class=\"c xc71 y399c w12b8 h5e2\"><div class=\"t mb x250 h388 y3990 ff4 fs32 fc1 sc0 ls0 ws0\">107<span class=\"_ _1\"></span>,0</div></td><td class=\"c xc72 y399c w12b9 h5e2\"><div class=\"t mb x250 h388 y3990 ff4 fs32 fc1 sc0 ls0 ws0\">95,<span class=\"_ _2\"></span>7</div></td><td class=\"c xc73 y399b w12ba h58d\"><div class=\"t ma x250 h387 y3994 ff4 fs31 fc1 sc0 ls0 ws0\">202,<span class=\"_ _2\"></span>6</div></td><td class=\"c xc74 y399c w12bb h5e2\"><div class=\"t mb x250 h388 y3990 ff4 fs32 fc1 sc0 ls0 ws0\">-138,2</div></td><td class=\"c xc6c y399b w12bc h58d\"><div class=\"t ma x250 h387 y3994 ff4 fs31 fc1 sc0 ls0 ws0\">909,6</div></td></tr><tr><td class=\"c x262 y399d w12bd h58d\"><div class=\"t ma x250 h387 y3994 ff4 fs31 fc1 sc2 ls0 ws0\">M<span class=\"_ _d\"></span>a<span class=\"_ _d\"></span>r<span class=\"_ _2\"></span>g<span class=\"_ _d\"></span>i<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>e<span class=\"_ _0\"></span> <span class=\"_ _2\"></span>d<span class=\"_ _d\"></span>'<span class=\"_ _d\"></span>i<span class=\"_ _2\"></span>n<span class=\"_ _d\"></span>t<span class=\"_ _2\"></span>e<span class=\"_ _d\"></span>r<span class=\"_ _d\"></span>m<span class=\"_ _d\"></span>e<span class=\"_ _d\"></span>d<span class=\"_ _d\"></span>i<span class=\"_ _2\"></span>a<span class=\"_ _d\"></span>z<span class=\"_ _d\"></span>i<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>n<span class=\"_ _d\"></span>e</div></td><td class=\"c xc75 y399e w12be h5e2\"><div class=\"t mb x250 h388 y3990 ff4 fs32 fc1 sc2 ls0 ws0\">1<span class=\"_ _d\"></span>.<span class=\"_ _d\"></span>2<span class=\"_ _d\"></span>3<span class=\"_ _d\"></span>3<span class=\"_ _d\"></span>,<span class=\"_ _d\"></span>8</div></td><td class=\"c xc76 y399e w12bf h5e2\"><div class=\"t mb x250 h388 y3990 ff4 fs32 fc1 sc2 ls0 ws0\">2<span class=\"_ _d\"></span>7<span class=\"_ _2\"></span>9<span class=\"_ _d\"></span>,<span class=\"_ _d\"></span>5</div></td><td class=\"c xc77 y399e w12c0 h5e2\"><div class=\"t mb x250 h388 y3990 ff4 fs32 fc1 sc2 ls0 ws0\">2<span class=\"_ _d\"></span>7<span class=\"_ _2\"></span>8<span class=\"_ _2\"></span>,<span class=\"_ _0\"></span>4</div></td><td class=\"c xc78 y399d w12c1 h58d\"><div class=\"t ma x250 h387 y3994 ff4 fs31 fc1 sc2 ls0 ws0\">1<span class=\"_ _2\"></span>.<span class=\"_ _0\"></span>7<span class=\"_ _2\"></span>9<span class=\"_ _d\"></span>1<span class=\"_ _2\"></span>,<span class=\"_ _0\"></span>7</div></td><td class=\"c xc79 y399e w12c2 h5e2\"><div class=\"t mb x250 h388 y3990 ff4 fs32 fc1 sc2 ls0 ws0\">1<span class=\"_ _d\"></span>2<span class=\"_ _d\"></span>0<span class=\"_ _2\"></span>,<span class=\"_ _d\"></span>0</div></td><td class=\"c xc7a y399e w12c3 h5e2\"><div class=\"t mb x250 h388 y3990 ff4 fs32 fc1 sc2 ls0 ws0\">1<span class=\"_ _d\"></span>0<span class=\"_ _2\"></span>2<span class=\"_ _d\"></span>,<span class=\"_ _d\"></span>3</div></td><td class=\"c xc7b y399d w12c4 h58d\"><div class=\"t ma x250 h387 y3994 ff4 fs31 fc1 sc2 ls112 ws0\">222,3</div></td><td class=\"c xc7c y399e w12c5 h5e2\"><div class=\"t mb x250 h388 y3990 ff4 fs32 fc1 sc2 ls0 ws0\">-<span class=\"_ _d\"></span>1<span class=\"_ _d\"></span>3<span class=\"_ _d\"></span>0<span class=\"_ _2\"></span>,<span class=\"_ _d\"></span>5</div></td><td class=\"c xc2e y399d w12c6 h58d\"><div class=\"t ma x250 h387 y3994 ff4 fs31 fc1 sc2 ls0 ws0\">1<span class=\"_ _2\"></span>.<span class=\"_ _0\"></span>8<span class=\"_ _2\"></span>8<span class=\"_ _2\"></span>3<span class=\"_ _2\"></span>,<span class=\"_ _0\"></span>5</div></td></tr><tr><td class=\"c x262 y399f w12c7 h58d\"><div class=\"t ma x250 h387 y3994 ff4 fs31 fc1 sc0 ls0 ws0\">Spese personale</div></td><td class=\"c xc7d y39a1 w12c8 h5e3\"><div class=\"t mb x250 h388 y39a0 ff4 fs32 fc1 sc0 ls0 ws0\">-45<span class=\"_ _2\"></span>3,6</div></td><td class=\"c xc7e y39a1 w12c9 h5e3\"><div class=\"t mb x250 h388 y39a0 ff4 fs32 fc1 sc0 ls0 ws0\">-<span class=\"_ _2\"></span>108<span class=\"_ _f\"></span>,<span class=\"_ _2\"></span>6</div></td><td class=\"c xc7f y39a1 w12ca h5e3\"><div class=\"t mb x250 h388 y39a0 ff4 fs32 fc1 sc0 ls0 ws0\">-5<span class=\"_ _2\"></span>4,2</div></td><td class=\"c xc80 y399f w12cb h58d\"><div class=\"t ma x250 h387 y3994 ff4 fs31 fc1 sc0 ls0 ws0\">-616,<span class=\"_ _2\"></span>4</div></td><td class=\"c xc81 y39a1 w12cc h5e3\"><div class=\"t mb x250 h388 y39a0 ff4 fs32 fc1 sc0 ls0 ws0\">-17,<span class=\"_ _2\"></span>6</div></td><td class=\"c xc82 y39a1 w12cd h5e3\"><div class=\"t mb x250 h388 y39a0 ff4 fs32 fc1 sc0 ls113 ws0\">-2,1</div></td><td class=\"c xc83 y399f w12ce h58d\"><div class=\"t ma x250 h387 y3994 ff4 fs31 fc1 sc0 ls0 ws0\">-19,<span class=\"_ _2\"></span>7</div></td><td class=\"c xc84 y39a1 w12ae h5e3\"><div class=\"t mb x250 h388 y39a0 ff4 fs32 fc1 sc0 ls0 ws0\">15,<span class=\"_ _2\"></span>3</div></td><td class=\"c xc3a y399f w12cf h58d\"><div class=\"t ma x250 h387 y3994 ff4 fs31 fc1 sc0 ls0 ws0\">-62<span class=\"_ _2\"></span>0,9</div></td></tr><tr><td class=\"c x262 y39a2 w12d0 h58d\"><div class=\"t ma x250 h387 y3994 ff4 fs31 fc1 sc0 ls0 ws0\">Spese am<span class=\"_ _2\"></span>minist<span class=\"_ _1\"></span>rative</div></td><td class=\"c xc7d y39a3 w12d1 h5e3\"><div class=\"t mb x250 h388 y39a0 ff4 fs32 fc1 sc0 ls0 ws0\">-2<span class=\"_ _2\"></span>50,3</div></td><td class=\"c xc85 y39a3 w12d2 h5e3\"><div class=\"t mb x250 h388 y39a0 ff4 fs32 fc1 sc0 ls0 ws0\">-<span class=\"_ _2\"></span>72,<span class=\"_ _2\"></span>8</div></td><td class=\"c xc86 y39a3 w12d3 h5e3\"><div class=\"t mb x250 h388 y39a0 ff4 fs32 fc1 sc0 ls0 ws0\">-5<span class=\"_ _2\"></span>1,9</div></td><td class=\"c xc87 y39a2 w12d4 h58d\"><div class=\"t ma x250 h387 y3994 ff4 fs31 fc1 sc0 ls0 ws0\">-375,<span class=\"_ _2\"></span>1</div></td><td class=\"c xc81 y39a3 w12d5 h5e3\"><div class=\"t mb x250 h388 y39a0 ff4 fs32 fc1 sc0 ls0 ws0\">-2<span class=\"_ _2\"></span>1,9</div></td><td class=\"c xc88 y39a3 w12d6 h5e3\"><div class=\"t mb x250 h388 y39a0 ff4 fs32 fc1 sc0 ls0 ws0\">-<span class=\"_ _2\"></span>9,2</div></td><td class=\"c xc89 y39a2 w12d7 h58d\"><div class=\"t ma x250 h387 y3994 ff4 fs31 fc1 sc0 ls0 ws0\">-31,<span class=\"_ _2\"></span>1</div></td><td class=\"c xc8a y39a3 w12d8 h5e3\"><div class=\"t mb x250 h388 y39a0 ff4 fs32 fc1 sc0 ls0 ws0\">92,<span class=\"_ _2\"></span>9</div></td><td class=\"c xc8b y39a2 w12d9 h58d\"><div class=\"t ma x250 h387 y3994 ff4 fs31 fc1 sc0 ls0 ws0\">-313,<span class=\"_ _2\"></span>3</div></td></tr><tr><td class=\"c x262 y39a4 w12da h58d\"><div class=\"t ma x250 h387 y3994 ff4 fs31 fc1 sc2 ls0 ws0\">C<span class=\"_ _d\"></span>o<span class=\"_ _2\"></span>s<span class=\"_ _d\"></span>t<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>o<span class=\"_ _2\"></span>p<span class=\"_ _d\"></span>e<span class=\"_ _d\"></span>r<span class=\"_ _2\"></span>a<span class=\"_ _0\"></span>t<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>v<span class=\"_ _d\"></span>i</div></td><td class=\"c xc8c y39a5 w12db h5e3\"><div class=\"t mb x250 h388 y39a0 ff4 fs32 fc1 sc2 ls0 ws0\">-<span class=\"_ _d\"></span>7<span class=\"_ _d\"></span>0<span class=\"_ _2\"></span>3<span class=\"_ _2\"></span>,<span class=\"_ _0\"></span>9</div></td><td class=\"c xc8d y39a5 w12dc h5e3\"><div class=\"t mb x250 h388 y39a0 ff4 fs32 fc1 sc2 ls0 ws0\">-<span class=\"_ _d\"></span>1<span class=\"_ _d\"></span>8<span class=\"_ _2\"></span>1<span class=\"_ _d\"></span>,<span class=\"_ _d\"></span>4</div></td><td class=\"c xc8e y39a5 w12dd h5e3\"><div class=\"t mb x250 h388 y39a0 ff4 fs32 fc1 sc2 ls0 ws0\">-<span class=\"_ _d\"></span>1<span class=\"_ _d\"></span>0<span class=\"_ _2\"></span>6<span class=\"_ _d\"></span>,<span class=\"_ _d\"></span>2</div></td><td class=\"c xc8f y39a4 w12de h58d\"><div class=\"t ma x250 h387 y3994 ff4 fs31 fc1 sc2 ls0 ws0\">-<span class=\"_ _d\"></span>9<span class=\"_ _d\"></span>9<span class=\"_ _2\"></span>1<span class=\"_ _d\"></span>,<span class=\"_ _d\"></span>5</div></td><td class=\"c xc90 y39a5 w12df h5e3\"><div class=\"t mb x250 h388 y39a0 ff4 fs32 fc1 sc2 ls0 ws0\">-<span class=\"_ _d\"></span>3<span class=\"_ _d\"></span>9<span class=\"_ _2\"></span>,<span class=\"_ _0\"></span>5</div></td><td class=\"c xc91 y39a5 w12e0 h5e3\"><div class=\"t mb x250 h388 y39a0 ff4 fs32 fc1 sc2 ls0 ws0\">-<span class=\"_ _d\"></span>1<span class=\"_ _d\"></span>1<span class=\"_ _2\"></span>,<span class=\"_ _0\"></span>4</div></td><td class=\"c xc2c y39a4 w12e1 h58d\"><div class=\"t ma x250 h387 y3994 ff4 fs31 fc1 sc2 ls0 ws0\">-<span class=\"_ _d\"></span>5<span class=\"_ _d\"></span>0<span class=\"_ _2\"></span>,<span class=\"_ _d\"></span>8</div></td><td class=\"c xc92 y39a5 w12e2 h5e3\"><div class=\"t mb x250 h388 y39a0 ff4 fs32 fc1 sc2 ls0 ws0\">1<span class=\"_ _d\"></span>0<span class=\"_ _2\"></span>8<span class=\"_ _2\"></span>,<span class=\"_ _d\"></span>1</div></td><td class=\"c xbfe y39a4 w12e3 h58d\"><div class=\"t ma x250 h387 y3994 ff4 fs31 fc1 sc2 ls0 ws0\">-<span class=\"_ _d\"></span>9<span class=\"_ _d\"></span>3<span class=\"_ _2\"></span>4<span class=\"_ _d\"></span>,<span class=\"_ _d\"></span>2</div></td></tr><tr><td class=\"c x262 y39a6 w12e4 h58d\"><div class=\"t ma x250 h387 y3994 ff4 fs31 fc1 sc2 ls0 ws0\">R<span class=\"_ _d\"></span>i<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>u<span class=\"_ _d\"></span>l<span class=\"_ _2\"></span>t<span class=\"_ _d\"></span>a<span class=\"_ _d\"></span>t<span class=\"_ _2\"></span>o<span class=\"_ _d\"></span> <span class=\"_ _2\"></span>l<span class=\"_ _d\"></span>o<span class=\"_ _2\"></span>r<span class=\"_ _d\"></span>d<span class=\"_ _2\"></span>o<span class=\"_ _d\"></span> <span class=\"_ _2\"></span>d<span class=\"_ _d\"></span>i<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>g<span class=\"_ _d\"></span>e<span class=\"_ _d\"></span>s<span class=\"_ _2\"></span>t<span class=\"_ _d\"></span>i<span class=\"_ _2\"></span>o<span class=\"_ _d\"></span>n<span class=\"_ _2\"></span>e</div></td><td class=\"c xc7d y39a7 w12e5 h5e3\"><div class=\"t mb x250 h388 y39a0 ff4 fs32 fc1 sc2 ls0 ws0\">5<span class=\"_ _d\"></span>2<span class=\"_ _d\"></span>9<span class=\"_ _d\"></span>,<span class=\"_ _d\"></span>9</div></td><td class=\"c xc93 y39a7 w12e6 h5e3\"><div class=\"t mb x250 h388 y39a0 ff4 fs32 fc1 sc2 ls0 ws0\">9<span class=\"_ _2\"></span>8<span class=\"_ _2\"></span>,<span class=\"_ _0\"></span>1</div></td><td class=\"c xc94 y39a7 w12e7 h5e3\"><div class=\"t mb x250 h388 y39a0 ff4 fs32 fc1 sc2 ls0 ws0\">1<span class=\"_ _d\"></span>7<span class=\"_ _2\"></span>2<span class=\"_ _0\"></span>,<span class=\"_ _d\"></span>2</div></td><td class=\"c xc95 y39a6 w12e8 h58d\"><div class=\"t ma x250 h387 y3994 ff4 fs31 fc1 sc2 ls0 ws0\">8<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>,<span class=\"_ _d\"></span>2</div></td><td class=\"c xc71 y39a7 w12e9 h5e3\"><div class=\"t mb x250 h388 y39a0 ff4 fs32 fc1 sc2 ls0 ws0\">8<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>,<span class=\"_ _d\"></span>5</div></td><td class=\"c xc96 y39a7 w12ea h5e3\"><div class=\"t mb x250 h388 y39a0 ff4 fs32 fc1 sc2 ls0 ws0\">9<span class=\"_ _d\"></span>1<span class=\"_ _d\"></span>,<span class=\"_ _d\"></span>0</div></td><td class=\"c xc97 y39a6 w12eb h58d\"><div class=\"t ma x250 h387 y3994 ff4 fs31 fc1 sc2 ls0 ws0\">1<span class=\"_ _2\"></span>7<span class=\"_ _d\"></span>1<span class=\"_ _d\"></span>,<span class=\"_ _d\"></span>4</div></td><td class=\"c xc98 y39a7 w12ec h5e3\"><div class=\"t mb x250 h388 y39a0 ff4 fs32 fc1 sc2 ls114 ws0\">-22,4</div></td><td class=\"c xc3a y39a6 w12ed h58d\"><div class=\"t ma x250 h387 y3994 ff4 fs31 fc1 sc2 ls0 ws0\">9<span class=\"_ _2\"></span>4<span class=\"_ _d\"></span>9<span class=\"_ _2\"></span>,<span class=\"_ _d\"></span>3</div></td></tr><tr><td class=\"c x262 y39a8 w12ee h58d\"><div class=\"t ma x250 h387 y3994 ff4 fs31 fc1 sc0 ls0 ws0\">Amm<span class=\"_ _2\"></span>ortam<span class=\"_ _2\"></span>enti</div></td><td class=\"c xc6d y39a9 w12ef h5e3\"><div class=\"t mb x250 h388 y39a0 ff4 fs32 fc1 sc0 ls0 ws0\">-89,7</div></td><td class=\"c xc99 y39a9 w12f0 h5e3\"><div class=\"t mb x250 h388 y39a0 ff4 fs32 fc1 sc0 ls0 ws0\">-8,8</div></td><td class=\"c xc9a y39a9 w12f1 h5e3\"><div class=\"t mb x250 h388 y39a0 ff4 fs32 fc1 sc0 ls0 ws0\">-<span class=\"_ _2\"></span>14,8</div></td><td class=\"c xc67 y39a8 w12f2 h58d\"><div class=\"t ma x250 h387 y3994 ff4 fs31 fc1 sc0 ls0 ws0\">-113,<span class=\"_ _2\"></span>3</div></td><td class=\"c xc68 y39a9 w12f3 h5e3\"><div class=\"t mb x250 h388 y39a0 ff4 fs32 fc1 sc0 ls0 ws0\">-0,7</div></td><td class=\"c xc9b y39a9 w12f4 h5e3\"><div class=\"t mb x250 h388 y39a0 ff4 fs32 fc1 sc0 ls0 ws0\">-<span class=\"_ _2\"></span>1,8</div></td><td class=\"c xc9c y39a8 w12f5 h58d\"><div class=\"t ma x250 h387 y3994 ff4 fs31 fc1 sc0 ls115 ws0\">-2,6</div></td><td class=\"c xc6b y39a9 w12f6 h5e3\"><div class=\"t mb x250 h388 y39a0 ff4 fs32 fc1 sc0 ls0 ws0\">4,7</div></td><td class=\"c xc9d y39a8 w12f7 h58d\"><div class=\"t ma x250 h387 y3994 ff4 fs31 fc1 sc0 ls0 ws0\">-111,<span class=\"_ _2\"></span>2</div></td></tr><tr><td class=\"c x262 y39aa w12f8 h58d\"><div class=\"t ma x250 h387 y3994 ff4 fs31 fc1 sc2 ls0 ws0\">R<span class=\"_ _d\"></span>i<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>u<span class=\"_ _d\"></span>l<span class=\"_ _2\"></span>t<span class=\"_ _d\"></span>a<span class=\"_ _d\"></span>t<span class=\"_ _2\"></span>o<span class=\"_ _d\"></span> <span class=\"_ _2\"></span>o<span class=\"_ _d\"></span>p<span class=\"_ _d\"></span>e<span class=\"_ _d\"></span>r<span class=\"_ _2\"></span>a<span class=\"_ _d\"></span>t<span class=\"_ _d\"></span>i<span class=\"_ _2\"></span>v<span class=\"_ _d\"></span>o</div></td><td class=\"c xc7d y39ab w12f9 h5e3\"><div class=\"t mb x250 h388 y39a0 ff4 fs32 fc1 sc2 ls0 ws0\">4<span class=\"_ _2\"></span>4<span class=\"_ _d\"></span>0<span class=\"_ _2\"></span>,<span class=\"_ _d\"></span>3</div></td><td class=\"c xc9e y39ab w12fa h5e3\"><div class=\"t mb x250 h388 y39a0 ff4 fs32 fc1 sc2 ls0 ws0\">8<span class=\"_ _2\"></span>9<span class=\"_ _2\"></span>,<span class=\"_ _0\"></span>3</div></td><td class=\"c xc9f y39ab w12fb h5e3\"><div class=\"t mb x250 h388 y39a0 ff4 fs32 fc1 sc2 ls0 ws0\">1<span class=\"_ _d\"></span>5<span class=\"_ _d\"></span>7<span class=\"_ _d\"></span>,<span class=\"_ _d\"></span>4</div></td><td class=\"c xc95 y39aa w12fc h58d\"><div class=\"t ma x250 h387 y3994 ff4 fs31 fc1 sc2 ls0 ws0\">6<span class=\"_ _2\"></span>8<span class=\"_ _2\"></span>6<span class=\"_ _d\"></span>,<span class=\"_ _d\"></span>9</div></td><td class=\"c xc71 y39ab w12fd h5e3\"><div class=\"t mb x250 h388 y39a0 ff4 fs32 fc1 sc2 ls0 ws0\">7<span class=\"_ _2\"></span>9<span class=\"_ _d\"></span>,<span class=\"_ _d\"></span>8</div></td><td class=\"c xca0 y39ab w12fe h5e3\"><div class=\"t mb x250 h388 y39a0 ff4 fs32 fc1 sc2 ls0 ws0\">89<span class=\"_ _d\"></span>,<span class=\"_ _d\"></span>1</div></td><td class=\"c xc2c y39aa w12ff h58d\"><div class=\"t ma x250 h387 y3994 ff4 fs31 fc1 sc2 ls0 ws0\">1<span class=\"_ _2\"></span>6<span class=\"_ _d\"></span>8<span class=\"_ _2\"></span>,<span class=\"_ _d\"></span>9</div></td><td class=\"c xc92 y39ab w1300 h5e3\"><div class=\"t mb x250 h388 y39a0 ff4 fs32 fc1 sc2 ls0 ws0\">-<span class=\"_ _d\"></span>1<span class=\"_ _d\"></span>7<span class=\"_ _2\"></span>,<span class=\"_ _0\"></span>7</div></td><td class=\"c xc8b y39aa w1301 h58d\"><div class=\"t ma x250 h387 y3994 ff4 fs31 fc1 sc2 ls0 ws0\">8<span class=\"_ _2\"></span>3<span class=\"_ _2\"></span>8<span class=\"_ _2\"></span>,<span class=\"_ _0\"></span>1</div></td></tr><tr><td class=\"c x262 y39ac w1302 h58d\"><div class=\"t ma x250 h387 y3994 ff4 fs31 fc1 sc0 ls0 ws0\">Rettific<span class=\"_ _f\"></span>he ne<span class=\"_ _2\"></span>tte su c<span class=\"_ _f\"></span>rediti</div></td><td class=\"c xca1 y39ad w1303 h5e3\"><div class=\"t mb x250 h388 y39a0 ff4 fs32 fc1 sc0 ls0 ws0\">-19,<span class=\"_ _2\"></span>9</div></td><td class=\"c xca2 y39ad w1304 h5e3\"><div class=\"t mb x250 h388 y39a0 ff4 fs32 fc1 sc0 ls0 ws0\">0,0</div></td><td class=\"c xca3 y39ad w1305 h5e3\"><div class=\"t mb x250 h388 y39a0 ff4 fs32 fc1 sc0 ls0 ws0\">-2<span class=\"_ _2\"></span>7,7</div></td><td class=\"c xc70 y39ac w1306 h58d\"><div class=\"t ma x250 h387 y3994 ff4 fs31 fc1 sc0 ls0 ws0\">-47,6</div></td><td class=\"c xca4 y39ad w1307 h5e3\"><div class=\"t mb x250 h388 y39a0 ff4 fs32 fc1 sc0 ls0 ws0\">0,0</div></td><td class=\"c xca5 y39ad w1308 h5e3\"><div class=\"t mb x250 h388 y39a0 ff4 fs32 fc1 sc0 ls0 ws0\">0<span class=\"_ _f\"></span>,<span class=\"_ _2\"></span>0</div></td><td class=\"c xca6 y39ac w1309 h58d\"><div class=\"t ma x250 h387 y3994 ff4 fs31 fc1 sc0 ls0 ws0\">0,0</div></td><td class=\"c xca7 y39ad w1307 h5e3\"><div class=\"t mb x250 h388 y39a0 ff4 fs32 fc1 sc0 ls0 ws0\">0,0</div></td><td class=\"c xc9d y39ac w130a h58d\"><div class=\"t ma x250 h387 y3994 ff4 fs31 fc1 sc0 ls0 ws0\">-47,6</div></td></tr><tr><td class=\"c x262 y39ae w130b h58d\"><div class=\"t ma x250 h387 y3994 ff4 fs31 fc1 sc0 ls0 ws0\">Ac<span class=\"_ _f\"></span>cantona<span class=\"_ _2\"></span>me<span class=\"_ _2\"></span>nti<span class=\"_ _f\"></span> pe<span class=\"_ _2\"></span>r r<span class=\"_ _f\"></span>isc<span class=\"_ _1\"></span>hi ed oneri</div></td><td class=\"c xca1 y39af w130c h5e3\"><div class=\"t mb x250 h388 y39a0 ff4 fs32 fc1 sc0 ls0 ws0\">-10,2</div></td><td class=\"c xca8 y39af w130d h5e3\"><div class=\"t mb x250 h388 y39a0 ff4 fs32 fc1 sc0 ls0 ws0\">-0,4</div></td><td class=\"c xca9 y39af w130e h5e3\"><div class=\"t mb x250 h388 y39a0 ff4 fs32 fc1 sc0 ls0 ws0\">-<span class=\"_ _2\"></span>1,8</div></td><td class=\"c xcaa y39ae w130f h58d\"><div class=\"t ma x250 h387 y3994 ff4 fs31 fc1 sc0 ls0 ws0\">-12<span class=\"_ _2\"></span>,5</div></td><td class=\"c xca4 y39af w1307 h5e3\"><div class=\"t mb x250 h388 y39a0 ff4 fs32 fc1 sc0 ls0 ws0\">0,0</div></td><td class=\"c xcab y39af w1310 h5e3\"><div class=\"t mb x250 h388 y39a0 ff4 fs32 fc1 sc0 ls0 ws0\">0,1</div></td><td class=\"c xcac y39ae w1311 h58d\"><div class=\"t ma x250 h387 y3994 ff4 fs31 fc1 sc0 ls0 ws0\">0,1</div></td><td class=\"c xca7 y39af w1307 h5e3\"><div class=\"t mb x250 h388 y39a0 ff4 fs32 fc1 sc0 ls0 ws0\">0,0</div></td><td class=\"c xcad y39ae w1312 h58d\"><div class=\"t ma x250 h387 y3994 ff4 fs31 fc1 sc0 ls0 ws0\">-12<span class=\"_ _2\"></span>,4</div></td></tr><tr><td class=\"c x262 y39b0 w1313 h58d\"><div class=\"t ma x250 h387 y3994 ff4 fs31 fc1 sc0 ls0 ws0\">Proventi<span class=\"_ _1\"></span> / oneri s<span class=\"_ _1\"></span>traordinari</div></td><td class=\"c xcae y39b1 w1314 h5e3\"><div class=\"t mb x250 h388 y39a0 ff4 fs32 fc1 sc0 ls0 ws0\">93,1</div></td><td class=\"c xcaf y39b1 w1315 h5e3\"><div class=\"t mb x250 h388 y39a0 ff4 fs32 fc1 sc0 ls0 ws0\">-<span class=\"_ _2\"></span>1,<span class=\"_ _2\"></span>0</div></td><td class=\"c xcb0 y39b1 w1316 h5e3\"><div class=\"t mb x250 h388 y39a0 ff4 fs32 fc1 sc0 ls0 ws0\">0,5</div></td><td class=\"c xcb1 y39b0 w1317 h58d\"><div class=\"t ma x250 h387 y3994 ff4 fs31 fc1 sc0 ls0 ws0\">92,<span class=\"_ _2\"></span>6</div></td><td class=\"c xcb2 y39b1 w1318 h5e3\"><div class=\"t mb x250 h388 y39a0 ff4 fs32 fc1 sc0 ls0 ws0\">1,6</div></td><td class=\"c xcb3 y39b1 w1319 h5e3\"><div class=\"t mb x250 h388 y39a0 ff4 fs32 fc1 sc0 ls0 ws0\">-<span class=\"_ _2\"></span>3,6</div></td><td class=\"c xc9c y39b0 w131a h58d\"><div class=\"t ma x250 h387 y3994 ff4 fs31 fc1 sc0 ls115 ws0\">-2,0</div></td><td class=\"c xca7 y39b1 w1307 h5e3\"><div class=\"t mb x250 h388 y39a0 ff4 fs32 fc1 sc0 ls0 ws0\">0,0</div></td><td class=\"c xcb4 y39b0 w131b h58d\"><div class=\"t ma x250 h387 y3994 ff4 fs31 fc1 sc0 ls0 ws0\">90,5</div></td></tr><tr><td class=\"c x262 y39b2 w131c h58d\"><div class=\"t ma x250 h387 y3994 ff4 fs31 fc1 sc2 ls0 ws0\">U<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>i<span class=\"_ _d\"></span>l<span class=\"_ _2\"></span>e<span class=\"_ _d\"></span> <span class=\"_ _2\"></span>p<span class=\"_ _d\"></span>r<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>m<span class=\"_ _0\"></span>a<span class=\"_ _d\"></span> <span class=\"_ _2\"></span>d<span class=\"_ _d\"></span>e<span class=\"_ _d\"></span>l<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>e<span class=\"_ _d\"></span> <span class=\"_ _d\"></span>i<span class=\"_ _2\"></span>m<span class=\"_ _d\"></span>p<span class=\"_ _d\"></span>o<span class=\"_ _d\"></span>s<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>e</div></td><td class=\"c xc7d y39b3 w131d h5e3\"><div class=\"t mb x250 h388 y39a0 ff4 fs32 fc1 sc2 ls0 ws0\">5<span class=\"_ _d\"></span>0<span class=\"_ _2\"></span>3<span class=\"_ _d\"></span>,<span class=\"_ _d\"></span>3</div></td><td class=\"c xcb5 y39b3 w131e h5e3\"><div class=\"t mb x250 h388 y39a0 ff4 fs32 fc1 sc2 ls0 ws0\">8<span class=\"_ _2\"></span>7<span class=\"_ _2\"></span>,<span class=\"_ _0\"></span>8</div></td><td class=\"c xcb6 y39b3 w131f h5e3\"><div class=\"t mb x250 h388 y39a0 ff4 fs32 fc1 sc2 ls0 ws0\">1<span class=\"_ _2\"></span>2<span class=\"_ _d\"></span>8<span class=\"_ _2\"></span>,<span class=\"_ _0\"></span>3</div></td><td class=\"c xc87 y39b2 w1320 h58d\"><div class=\"t ma x250 h387 y3994 ff4 fs31 fc1 sc2 ls0 ws0\">7<span class=\"_ _2\"></span>1<span class=\"_ _d\"></span>9<span class=\"_ _2\"></span>,<span class=\"_ _0\"></span>5</div></td><td class=\"c xc81 y39b3 w1321 h5e3\"><div class=\"t mb x250 h388 y39a0 ff4 fs32 fc1 sc2 ls0 ws0\">8<span class=\"_ _2\"></span>1<span class=\"_ _d\"></span>,<span class=\"_ _d\"></span>4</div></td><td class=\"c xcb7 y39b3 w12d5 h5e3\"><div class=\"t mb x250 h388 y39a0 ff4 fs32 fc1 sc2 ls0 ws0\">85<span class=\"_ _0\"></span>,<span class=\"_ _d\"></span>6</div></td><td class=\"c xc54 y39b2 w1322 h58d\"><div class=\"t ma x250 h387 y3994 ff4 fs31 fc1 sc2 ls0 ws0\">1<span class=\"_ _2\"></span>6<span class=\"_ _d\"></span>7<span class=\"_ _2\"></span>,<span class=\"_ _0\"></span>0</div></td><td class=\"c xc92 y39b3 w1323 h5e3\"><div class=\"t mb x250 h388 y39a0 ff4 fs32 fc1 sc2 ls0 ws0\">-<span class=\"_ _d\"></span>1<span class=\"_ _d\"></span>7<span class=\"_ _2\"></span>,<span class=\"_ _0\"></span>8</div></td><td class=\"c xc3a y39b2 w1324 h58d\"><div class=\"t ma x250 h387 y3994 ff4 fs31 fc1 sc2 ls0 ws0\">8<span class=\"_ _2\"></span>6<span class=\"_ _2\"></span>8<span class=\"_ _2\"></span>,<span class=\"_ _d\"></span>6</div></td></tr><tr><td class=\"c x262 y39b4 w1325 h58d\"><div class=\"t ma x250 h387 y3994 ff4 fs31 fc1 sc0 ls0 ws0\">Uti<span class=\"_ _f\"></span>le di t<span class=\"_ _1\"></span>erzi</div></td><td class=\"c xcb8 y39b5 w1307 h5e3\"><div class=\"t mb x250 h388 y39a0 ff4 fs32 fc1 sc0 ls0 ws0\">0,0</div></td><td class=\"c xcb9 y39b5 w1307 h5e3\"><div class=\"t mb x250 h388 y39a0 ff4 fs32 fc1 sc0 ls0 ws0\">0,0</div></td><td class=\"c xcba y39b5 w1304 h5e3\"><div class=\"t mb x250 h388 y39a0 ff4 fs32 fc1 sc0 ls0 ws0\">0,0</div></td><td class=\"c xcbb y39b4 w1309 h58d\"><div class=\"t ma x250 h387 y3994 ff4 fs31 fc1 sc0 ls0 ws0\">0,0</div></td><td class=\"c xca4 y39b5 w1307 h5e3\"><div class=\"t mb x250 h388 y39a0 ff4 fs32 fc1 sc0 ls0 ws0\">0,0</div></td><td class=\"c xcbc y39b5 w1307 h5e3\"><div class=\"t mb x250 h388 y39a0 ff4 fs32 fc1 sc0 ls0 ws0\">0,0</div></td><td class=\"c xca6 y39b4 w1309 h58d\"><div class=\"t ma x250 h387 y3994 ff4 fs31 fc1 sc0 ls0 ws0\">0,0</div></td><td class=\"c xca7 y39b5 w1307 h5e3\"><div class=\"t mb x250 h388 y39a0 ff4 fs32 fc1 sc0 ls0 ws0\">0,0</div></td><td class=\"c xcbd y39b4 w1309 h58d\"><div class=\"t ma x250 h387 y3994 ff4 fs31 fc1 sc0 ls0 ws0\">0,0</div></td></tr><tr><td class=\"c x262 y39b6 w1326 h58d\"><div class=\"t ma x250 h387 y3994 ff4 fs31 fc1 sc0 ls0 ws0\">I<span class=\"_ _1\"></span>mposte sul reddi<span class=\"_ _f\"></span>to</div></td><td class=\"c xcbe y39b7 w1327 h5e3\"><div class=\"t mb x250 h388 y39a0 ff4 fs32 fc1 sc0 ls0 ws0\">-12<span class=\"_ _2\"></span>9,6</div></td><td class=\"c xcbf y39b7 w1328 h5e3\"><div class=\"t mb x250 h388 y39a0 ff4 fs32 fc1 sc0 ls0 ws0\">-2<span class=\"_ _2\"></span>9,5</div></td><td class=\"c xcc0 y39b7 w1329 h5e3\"><div class=\"t mb x250 h388 y39a0 ff4 fs32 fc1 sc0 ls0 ws0\">-<span class=\"_ _2\"></span>42,<span class=\"_ _2\"></span>3</div></td><td class=\"c xc80 y39b6 w12d9 h58d\"><div class=\"t ma x250 h387 y3994 ff4 fs31 fc1 sc0 ls0 ws0\">-2<span class=\"_ _2\"></span>01,3</div></td><td class=\"c xcc1 y39b7 w132a h5e3\"><div class=\"t mb x250 h388 y39a0 ff4 fs32 fc1 sc0 ls0 ws0\">-2<span class=\"_ _2\"></span>3,8</div></td><td class=\"c xcc2 y39b7 w132b h5e3\"><div class=\"t mb x250 h388 y39a0 ff4 fs32 fc1 sc0 ls0 ws0\">-<span class=\"_ _2\"></span>26,<span class=\"_ _2\"></span>4</div></td><td class=\"c xc97 y39b6 w132c h58d\"><div class=\"t ma x250 h387 y3994 ff4 fs31 fc1 sc0 ls0 ws0\">-5<span class=\"_ _2\"></span>0,2</div></td><td class=\"c xca7 y39b7 w132d h5e3\"><div class=\"t mb x250 h388 y39a0 ff4 fs32 fc1 sc0 ls0 ws0\">4,3</div></td><td class=\"c xc17 y39b6 w132e h58d\"><div class=\"t ma x250 h387 y3994 ff4 fs31 fc1 sc0 ls0 ws0\">-2<span class=\"_ _2\"></span>47,2</div></td></tr><tr><td class=\"c x262 y2491 w132f h58d\"><div class=\"t ma x250 h387 y3994 ff4 fs31 fc1 sc2 ls0 ws0\">U<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>i<span class=\"_ _d\"></span>l<span class=\"_ _2\"></span>e<span class=\"_ _d\"></span> <span class=\"_ _2\"></span>n<span class=\"_ _d\"></span>e<span class=\"_ _d\"></span>t<span class=\"_ _2\"></span>t<span class=\"_ _d\"></span>o</div></td><td class=\"c xcbe y39b8 w1330 h5e3\"><div class=\"t mb x250 h388 y39a0 ff4 fs32 fc1 sc2 ls0 ws0\">3<span class=\"_ _2\"></span>7<span class=\"_ _d\"></span>3<span class=\"_ _d\"></span>,<span class=\"_ _d\"></span>7</div></td><td class=\"c xcc3 y39b8 w1331 h5e3\"><div class=\"t mb x250 h388 y39a0 ff4 fs32 fc1 sc2 ls0 ws0\">5<span class=\"_ _0\"></span>8<span class=\"_ _2\"></span>,<span class=\"_ _d\"></span>4</div></td><td class=\"c xcc4 y39b8 w1332 h5e3\"><div class=\"t mb x250 h388 y39a0 ff4 fs32 fc1 sc2 ls0 ws0\">8<span class=\"_ _2\"></span>6<span class=\"_ _2\"></span>,<span class=\"_ _d\"></span>1</div></td><td class=\"c xc80 y2491 w1333 h58d\"><div class=\"t ma x250 h387 y3994 ff4 fs31 fc1 sc2 ls0 ws0\">5<span class=\"_ _d\"></span>1<span class=\"_ _d\"></span>8<span class=\"_ _2\"></span>,<span class=\"_ _d\"></span>2</div></td><td class=\"c xc71 y39b8 w1334 h5e3\"><div class=\"t mb x250 h388 y39a0 ff4 fs32 fc1 sc2 ls0 ws0\">5<span class=\"_ _d\"></span>7<span class=\"_ _2\"></span>,<span class=\"_ _0\"></span>5</div></td><td class=\"c xcc5 y39b8 w1335 h5e3\"><div class=\"t mb x250 h388 y39a0 ff4 fs32 fc1 sc2 ls0 ws0\">5<span class=\"_ _d\"></span>9<span class=\"_ _d\"></span>,<span class=\"_ _d\"></span>2</div></td><td class=\"c xc97 y2491 w1336 h58d\"><div class=\"t ma x250 h387 y3994 ff4 fs31 fc1 sc2 ls0 ws0\">1<span class=\"_ _2\"></span>1<span class=\"_ _d\"></span>6<span class=\"_ _d\"></span>,<span class=\"_ _d\"></span>7</div></td><td class=\"c xcc6 y39b8 w1337 h5e3\"><div class=\"t mb x250 h388 y39a0 ff4 fs32 fc1 sc2 ls0 ws0\">-<span class=\"_ _d\"></span>1<span class=\"_ _d\"></span>3<span class=\"_ _d\"></span>,<span class=\"_ _d\"></span>4</div></td><td class=\"c xc8b y2491 w1338 h58d\"><div class=\"t ma x250 h387 y3994 ff4 fs31 fc1 sc2 ls0 ws0\">6<span class=\"_ _2\"></span>2<span class=\"_ _d\"></span>1<span class=\"_ _d\"></span>,<span class=\"_ _d\"></span>5</div></td></tr></table>In data 2<span class=\"_ _f\"></span>0 gennaio 2025, Cre<span class=\"_ _1\"></span>dito <span class=\"_ _1\"></span>Emiliano S.p<span class=\"_ _1\"></span>.A. ha conclu<span class=\"_ _1\"></span>so l\u2019ope<span class=\"ff4\">razione <span class=\"_ _1\"></span>di trasferimento d<span class=\"_ _1\"></span>elle attivit\u00e0 <span class=\"_ _1\"></span>di me<span class=\"_ _1\"></span>rchant acqui<span class=\"_ _1\"></span>ring meglio <span class=\"_ _1\"></span>descritta nel<span class=\"_ _1\"></span>la Relazione<span class=\"_ _1\"></span> sulla Gestione<span class=\"_ _df\"> </span></span>cui si <span class=\"_ _1\"></span>rimanda. Si evidenzia <span class=\"_ _1\"></span>che tale operazione <span class=\"_ _1\"></span>ha comportato una p<span class=\"_ _1\"></span>lusvalenza complessiva di <span class=\"_ _1\"></span>100 milioni di <span class=\"_ _f\"></span>euro allocata ne<span class=\"_ _2\"></span>l settore operativo Bank<span class=\"_ _1\"></span>ing (ambito di<span class=\"_ _1\"></span> Business<span class=\"_ _df\"> </span>Commercial Banking).<span class=\"_ _df\"> </span>In <span class=\"_ _1\"></span>adempimento a <span class=\"_ _1\"></span>quanto p<span class=\"_ _1\"></span>revisto dal <span class=\"_ _f\"></span>principio contabile I<span class=\"_ _1\"></span>FRS 8, <span class=\"_ _1\"></span>si preci<span class=\"_ _1\"></span>sa che <span class=\"_ _f\"></span>nel corso dell\u2019esercizi<span class=\"_ _1\"></span>o il <span class=\"_ _f\"></span>Gru<span class=\"_ _2\"></span>ppo <span class=\"ff4\">Credem non <span class=\"_ _f\"></span>ha conseguito ricav<span class=\"_ _1\"></span>i deriv<span class=\"_ _1\"></span>anti da <span class=\"_ _1\"></span>operazioni con<span class=\"_ _df\"> </span></span>un singolo cliente esterno di ammontare pari o superiore al 10% de<span class=\"_ _1\"></span>l totale dei ricavi consolidati del Gruppo.<span class=\"_ _df\"> </span><table class=\"s w1339 h5e4\" id=\"_92cd1746-1035-4a1b-a076-5a20c5b77c55\"><tr><td></td><td></td><td></td><td class=\"c xcc8 y39ba w133a h5e5\"><div class=\"t md x250 h38c y39b9 ff4 fs34 fc1 sc0 ls0 ws0\">Paraba<span class=\"_ _2\"></span>nc<span class=\"_ _f\"></span>a<span class=\"_ _2\"></span>rio,</div></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c xcc9 y39bb w68d h38a\"><div class=\"t mc x36 h38b y1d06 ff4 fs33 fc1 sc2 ls0 ws0\">D<span class=\"_ _2\"></span>I<span class=\"_ _2\"></span>C<span class=\"_ _d\"></span>E<span class=\"_ _2\"></span>M<span class=\"_ _d\"></span>B<span class=\"_ _d\"></span>R<span class=\"_ _2\"></span>E<span class=\"_ _d\"></span> <span class=\"_ _2\"></span>2<span class=\"_ _d\"></span>0<span class=\"_ _2\"></span>2<span class=\"_ _d\"></span>4</div></td><td class=\"c xcca y39bc w133b h5e5\"><div class=\"t md x250 h38c y39b9 ff4 fs34 fc1 sc0 ls0 ws0\">Com<span class=\"_ _2\"></span>me<span class=\"_ _2\"></span>rc<span class=\"_ _f\"></span>ia<span class=\"_ _2\"></span>l</div></td><td class=\"c xcc9 y39bb w68d h38a\"><div class=\"t md xf3 h38c y1d06 ff4 fs34 fc1 sc0 ls0 ws0\">Pr<span class=\"_ _1\"></span>ivate Ba<span class=\"_ _2\"></span>nk<span class=\"_ _1\"></span>ing</div></td><td class=\"c xccb y39bc w133c h5e5\"><div class=\"t md x250 h38c y39b9 ff4 fs34 fc1 sc0 ls0 ws0\">Consume<span class=\"_ _2\"></span>r</div></td><td class=\"c xcc9 y39bb w68d h38a\"><div class=\"t mc x3f h38b y1d06 ff4 fs33 fc1 sc2 ls0 ws0\">B<span class=\"_ _d\"></span>A<span class=\"_ _2\"></span>N<span class=\"_ _2\"></span>K<span class=\"_ _d\"></span>I<span class=\"_ _2\"></span>N<span class=\"_ _2\"></span>G</div></td><td class=\"c xccc y39bc w133d h5e5\"><div class=\"t md x250 h38c y39b9 ff4 fs34 fc1 sc0 ls0 ws0\">Asset</div></td><td class=\"c xcc9 y39bb w68d h38a\"><div class=\"t md x126 h38c y1d06 ff4 fs34 fc1 sc0 ls0 ws0\">I<span class=\"_ _1\"></span>nsurance</div></td><td class=\"c xccd y39bd w133e h58d\"><div class=\"t mc x250 h38b y3989 ff4 fs33 fc1 sc2 ls0 ws0\">W<span class=\"_ _d\"></span>e<span class=\"_ _d\"></span>a<span class=\"_ _d\"></span>l<span class=\"_ _d\"></span>t<span class=\"_ _2\"></span>h</div></td><td class=\"c xcce y39bc w133f h5e5\"><div class=\"t md x250 h38c y39b9 ff4 fs34 fc1 sc0 ls0 ws0\">El<span class=\"_ _f\"></span>isioni<span class=\"_ _f\"></span>,<span class=\"_ _2\"></span> retti<span class=\"_ _1\"></span>fic<span class=\"_ _f\"></span>he</div></td><td class=\"c xccf y39bd w1340 h58d\"><div class=\"t mc x250 h38b y3989 ff4 fs33 fc1 sc2 ls0 ws0\">C<span class=\"_ _d\"></span>o<span class=\"_ _2\"></span>n<span class=\"_ _d\"></span>s<span class=\"_ _2\"></span>o<span class=\"_ _d\"></span>l<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>d<span class=\"_ _d\"></span>a<span class=\"_ _d\"></span>t<span class=\"_ _2\"></span>o</div></td></tr><tr><td></td><td class=\"c xcd0 y39be w1341 h5e5\"><div class=\"t md x250 h38c y39b9 ff4 fs34 fc1 sc0 ls0 ws0\">Ba<span class=\"_ _2\"></span>nk<span class=\"_ _f\"></span>ing</div></td><td></td><td class=\"c xcd1 y39be w1342 h5e5\"><div class=\"t md x250 h38c y39b9 ff4 fs34 fc1 sc0 ls0 ws0\">Credit, I<span class=\"_ _f\"></span>T</div></td><td></td><td class=\"c xcd2 y39be w1343 h5e5\"><div class=\"t md x250 h38c y39b9 ff4 fs34 fc1 sc0 ls0 ws0\">Ma<span class=\"_ _2\"></span>nagem<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>nt</div></td><td></td><td class=\"c xcd3 y39bf w1344 h58d\"><div class=\"t mc x250 h38b y3989 ff4 fs33 fc1 sc2 ls0 ws0\">M<span class=\"_ _d\"></span>a<span class=\"_ _d\"></span>n<span class=\"_ _2\"></span>a<span class=\"_ _0\"></span>g<span class=\"_ _2\"></span>e<span class=\"_ _d\"></span>m<span class=\"_ _0\"></span>e<span class=\"_ _d\"></span>n<span class=\"_ _2\"></span>t</div></td><td class=\"c xcd4 y39be w1345 h5e5\"><div class=\"t md x250 h38c y39b9 ff4 fs34 fc1 sc0 ls0 ws0\">e ric<span class=\"_ _f\"></span>lassific<span class=\"_ _f\"></span>he</div></td><td class=\"c xcd5 y39bf w1346 h58d\"><div class=\"t mc x250 h38b y3989 ff4 fs33 fc1 sc2 ls0 ws0\">r<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>a<span class=\"_ _0\"></span>s<span class=\"_ _2\"></span>s<span class=\"_ _d\"></span>i<span class=\"_ _2\"></span>f<span class=\"_ _d\"></span>i<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>a<span class=\"_ _d\"></span>t<span class=\"_ _2\"></span>o</div></td></tr><tr><td></td><td></td><td></td><td class=\"c xcd6 y39c0 w1347 h5e5\"><div class=\"t md x250 h38c y39b9 ff4 fs34 fc1 sc0 ls0 ws0\">Tec<span class=\"_ _1\"></span>hnology</div></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x262 y39c1 w1348 h58d\"><div class=\"t mc x250 h38b y3989 ff4 fs33 fc1 sc0 ls0 ws0\">Ma<span class=\"_ _2\"></span>rgi<span class=\"_ _f\"></span>ne<span class=\"_ _2\"></span> finanziari<span class=\"_ _1\"></span>o</div></td><td class=\"c xcd7 y39c2 w1349 h5e5\"><div class=\"t md x250 h38c y39b9 ff4 fs34 fc1 sc0 ls0 ws0\">855,<span class=\"_ _2\"></span>0</div></td><td class=\"c xcd8 y39c2 w134a h5e5\"><div class=\"t md x250 h38c y39b9 ff4 fs34 fc1 sc0 ls0 ws0\">96,<span class=\"_ _2\"></span>7</div></td><td class=\"c xcd9 y39c2 w134b h5e5\"><div class=\"t md x250 h38c y39b9 ff4 fs34 fc1 sc0 ls0 ws0\">138,2</div></td><td class=\"c xcda y39c2 w134c h5e5\"><div class=\"t md x250 h38c y39b9 ff4 fs34 fc1 sc0 ls0 ws0\">1.08<span class=\"_ _f\"></span>9,<span class=\"_ _2\"></span>9</div></td><td class=\"c xcdb y39c2 w134d h5e5\"><div class=\"t md x250 h38c y39b9 ff4 fs34 fc1 sc0 ls0 ws0\">16,7</div></td><td class=\"c xcdc y39c2 w134e h5e5\"><div class=\"t md x250 h38c y39b9 ff4 fs34 fc1 sc0 ls0 ws0\">7,5</div></td><td class=\"c xcdd y39c2 w134f h5e5\"><div class=\"t md x250 h38c y39b9 ff4 fs34 fc1 sc0 ls0 ws0\">2<span class=\"_ _2\"></span>4,2</div></td><td class=\"c xcde y39c2 w1350 h5e5\"><div class=\"t md x250 h38c y39b9 ff4 fs34 fc1 sc0 ls0 ws0\">5,<span class=\"_ _2\"></span>4</div></td><td class=\"c xc8b y39c1 w1351 h58d\"><div class=\"t mc x250 h38b y3989 ff4 fs33 fc1 sc0 ls0 ws0\">1.119,<span class=\"_ _2\"></span>5</div></td></tr><tr><td class=\"c x262 y39c3 w1352 h58d\"><div class=\"t mc x250 h38b y3989 ff4 fs33 fc1 sc0 ls0 ws0\">Ma<span class=\"_ _2\"></span>rgi<span class=\"_ _f\"></span>ne<span class=\"_ _2\"></span> serviz<span class=\"_ _1\"></span>i</div></td><td class=\"c xcd7 y39c4 w1353 h5e5\"><div class=\"t md x250 h38c y39b9 ff4 fs34 fc1 sc0 ls0 ws0\">48<span class=\"_ _1\"></span>7,3</div></td><td class=\"c xcdf y39c4 w1354 h5e5\"><div class=\"t md x250 h38c y39b9 ff4 fs34 fc1 sc0 ls0 ws0\">2<span class=\"_ _2\"></span>07<span class=\"_ _1\"></span>,0</div></td><td class=\"c xce0 y39c4 w1355 h5e5\"><div class=\"t md x250 h38c y39b9 ff4 fs34 fc1 sc0 ls0 ws0\">115<span class=\"_ _2\"></span>,3</div></td><td class=\"c xce1 y39c4 w1356 h5e5\"><div class=\"t md x250 h38c y39b9 ff4 fs34 fc1 sc0 ls0 ws0\">809,6</div></td><td class=\"c xce2 y39c4 w1357 h5e5\"><div class=\"t md x250 h38c y39b9 ff4 fs34 fc1 sc0 ls0 ws0\">144,3</div></td><td class=\"c xce3 y39c4 w1358 h5e5\"><div class=\"t md x250 h38c y39b9 ff4 fs34 fc1 sc0 ls0 ws0\">8<span class=\"_ _1\"></span>7,8</div></td><td class=\"c xce4 y39c4 w1359 h5e5\"><div class=\"t md x250 h38c y39b9 ff4 fs34 fc1 sc0 ls0 ws0\">232<span class=\"_ _2\"></span>,2</div></td><td class=\"c xce5 y39c4 w135a h5e5\"><div class=\"t md x250 h38c y39b9 ff4 fs34 fc1 sc0 ls0 ws0\">-12<span class=\"_ _2\"></span>8,9</div></td><td class=\"c xc9d y39c3 w135b h58d\"><div class=\"t mc x250 h38b y3989 ff4 fs33 fc1 sc0 ls0 ws0\">912,<span class=\"_ _2\"></span>8</div></td></tr><tr><td class=\"c x262 y39c5 w135c h58d\"><div class=\"t mc x250 h38b y3989 ff4 fs33 fc1 sc2 ls0 ws0\">M<span class=\"_ _d\"></span>a<span class=\"_ _d\"></span>r<span class=\"_ _2\"></span>g<span class=\"_ _d\"></span>i<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>e<span class=\"_ _0\"></span> <span class=\"_ _2\"></span>d<span class=\"_ _d\"></span>'<span class=\"_ _d\"></span>i<span class=\"_ _2\"></span>n<span class=\"_ _d\"></span>t<span class=\"_ _2\"></span>e<span class=\"_ _d\"></span>r<span class=\"_ _d\"></span>m<span class=\"_ _d\"></span>e<span class=\"_ _d\"></span>d<span class=\"_ _d\"></span>i<span class=\"_ _2\"></span>a<span class=\"_ _d\"></span>z<span class=\"_ _d\"></span>i<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>n<span class=\"_ _d\"></span>e</div></td><td class=\"c xce6 y39c6 w135d h5e5\"><div class=\"t md x250 h38c y39b9 ff4 fs34 fc1 sc2 ls0 ws0\">1<span class=\"_ _d\"></span>.<span class=\"_ _d\"></span>3<span class=\"_ _d\"></span>4<span class=\"_ _2\"></span>2<span class=\"_ _d\"></span>,<span class=\"_ _0\"></span>2</div></td><td class=\"c xce7 y39c6 w135e h5e5\"><div class=\"t md x250 h38c y39b9 ff4 fs34 fc1 sc2 ls0 ws0\">3<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>3<span class=\"_ _d\"></span>,<span class=\"_ _d\"></span>7</div></td><td class=\"c xce8 y39c6 w135f h5e5\"><div class=\"t md x250 h38c y39b9 ff4 fs34 fc1 sc2 ls0 ws0\">2<span class=\"_ _0\"></span>5<span class=\"_ _d\"></span>3<span class=\"_ _2\"></span>,<span class=\"_ _0\"></span>5</div></td><td class=\"c xce9 y39c6 w1360 h5e5\"><div class=\"t md x250 h38c y39b9 ff4 fs34 fc1 sc2 ls0 ws0\">1<span class=\"_ _d\"></span>.<span class=\"_ _d\"></span>8<span class=\"_ _2\"></span>9<span class=\"_ _d\"></span>9<span class=\"_ _2\"></span>,<span class=\"_ _d\"></span>5</div></td><td class=\"c xcea y39c6 w1361 h5e5\"><div class=\"t md x250 h38c y39b9 ff4 fs34 fc1 sc2 ls0 ws0\">1<span class=\"_ _d\"></span>6<span class=\"_ _2\"></span>1<span class=\"_ _d\"></span>,<span class=\"_ _d\"></span>1</div></td><td class=\"c xceb y39c6 w1362 h5e5\"><div class=\"t md x250 h38c y39b9 ff4 fs34 fc1 sc2 ls0 ws0\">9<span class=\"_ _d\"></span>5<span class=\"_ _d\"></span>,<span class=\"_ _d\"></span>3</div></td><td class=\"c xcec y39c6 w1363 h5e5\"><div class=\"t md x250 h38c y39b9 ff4 fs34 fc1 sc2 ls0 ws0\">2<span class=\"_ _0\"></span>5<span class=\"_ _d\"></span>6<span class=\"_ _2\"></span>,<span class=\"_ _0\"></span>4</div></td><td class=\"c xced y39c6 w1364 h5e5\"><div class=\"t md x250 h38c y39b9 ff4 fs34 fc1 sc2 ls0 ws0\">-<span class=\"_ _d\"></span>1<span class=\"_ _d\"></span>2<span class=\"_ _d\"></span>3<span class=\"_ _d\"></span>,<span class=\"_ _d\"></span>6</div></td><td class=\"c xc25 y39c5 w1365 h58d\"><div class=\"t mc x250 h38b y3989 ff4 fs33 fc1 sc2 ls0 ws0\">2<span class=\"_ _d\"></span>.<span class=\"_ _d\"></span>0<span class=\"_ _2\"></span>3<span class=\"_ _d\"></span>2<span class=\"_ _d\"></span>,<span class=\"_ _d\"></span>3</div></td></tr><tr><td class=\"c x262 y39c7 w1366 h58d\"><div class=\"t mc x250 h38b y3989 ff4 fs33 fc1 sc0 ls0 ws0\">Spese personale</div></td><td class=\"c xcee y39c8 w1367 h5e5\"><div class=\"t md x250 h38c y39b9 ff4 fs34 fc1 sc0 ls0 ws0\">-45<span class=\"_ _2\"></span>2,<span class=\"_ _2\"></span>9</div></td><td class=\"c xcef y39c8 w1368 h5e5\"><div class=\"t md x250 h38c y39b9 ff4 fs34 fc1 sc0 ls0 ws0\">-99,<span class=\"_ _2\"></span>4</div></td><td class=\"c xcf0 y39c8 w1369 h5e5\"><div class=\"t md x250 h38c y39b9 ff4 fs34 fc1 sc0 ls0 ws0\">-5<span class=\"_ _2\"></span>3,3</div></td><td class=\"c xcf1 y39c8 w136a h5e5\"><div class=\"t md x250 h38c y39b9 ff4 fs34 fc1 sc0 ls0 ws0\">-605,6</div></td><td class=\"c xcf2 y39c8 w136b h5e5\"><div class=\"t md x250 h38c y39b9 ff4 fs34 fc1 sc0 ls0 ws0\">-19,<span class=\"_ _2\"></span>2</div></td><td class=\"c xcf3 y39c8 w136c h5e5\"><div class=\"t md x250 h38c y39b9 ff4 fs34 fc1 sc0 ls0 ws0\">-3,<span class=\"_ _2\"></span>3</div></td><td class=\"c xcf4 y39c8 w136d h5e5\"><div class=\"t md x250 h38c y39b9 ff4 fs34 fc1 sc0 ls116 ws0\">-22,4</div></td><td class=\"c xcf5 y39c8 w136e h5e5\"><div class=\"t md x250 h38c y39b9 ff4 fs34 fc1 sc0 ls0 ws0\">14,<span class=\"_ _2\"></span>3</div></td><td class=\"c xc8b y39c7 w136f h58d\"><div class=\"t mc x250 h38b y3989 ff4 fs33 fc1 sc0 ls0 ws0\">-613,<span class=\"_ _2\"></span>8</div></td></tr><tr><td class=\"c x262 y39c9 w1370 h58d\"><div class=\"t mc x250 h38b y3989 ff4 fs33 fc1 sc0 ls0 ws0\">Spese am<span class=\"_ _2\"></span>minist<span class=\"_ _1\"></span>rative</div></td><td class=\"c xcee y39ca w1371 h5e5\"><div class=\"t md x250 h38c y39b9 ff4 fs34 fc1 sc0 ls0 ws0\">-2<span class=\"_ _2\"></span>34,6</div></td><td class=\"c xcf6 y39ca w1372 h5e5\"><div class=\"t md x250 h38c y39b9 ff4 fs34 fc1 sc0 ls0 ws0\">-67,<span class=\"_ _2\"></span>7</div></td><td class=\"c xcf7 y39ca w1373 h5e5\"><div class=\"t md x250 h38c y39b9 ff4 fs34 fc1 sc0 ls0 ws0\">-<span class=\"_ _2\"></span>45,<span class=\"_ _2\"></span>6</div></td><td class=\"c xcf8 y39ca w1374 h5e5\"><div class=\"t md x250 h38c y39b9 ff4 fs34 fc1 sc0 ls0 ws0\">-<span class=\"_ _2\"></span>347,9</div></td><td class=\"c xcf9 y39ca w1375 h5e5\"><div class=\"t md x250 h38c y39b9 ff4 fs34 fc1 sc0 ls0 ws0\">-<span class=\"_ _2\"></span>20,1</div></td><td class=\"c xcfa y39ca w1376 h5e5\"><div class=\"t md x250 h38c y39b9 ff4 fs34 fc1 sc0 ls0 ws0\">-<span class=\"_ _2\"></span>6,6</div></td><td class=\"c xcfb y39ca w1377 h5e5\"><div class=\"t md x250 h38c y39b9 ff4 fs34 fc1 sc0 ls0 ws0\">-<span class=\"_ _2\"></span>26,<span class=\"_ _2\"></span>7</div></td><td class=\"c xcfc y39ca w1378 h5e5\"><div class=\"t md x250 h38c y39b9 ff4 fs34 fc1 sc0 ls0 ws0\">84<span class=\"_ _1\"></span>,8</div></td><td class=\"c xc3a y39c9 w1379 h58d\"><div class=\"t mc x250 h38b y3989 ff4 fs33 fc1 sc0 ls0 ws0\">-2<span class=\"_ _2\"></span>89,8</div></td></tr><tr><td class=\"c x262 y39cb w137a h5db\"><div class=\"t mc x250 h38b y396b ff4 fs33 fc1 sc2 ls0 ws0\">C<span class=\"_ _d\"></span>o<span class=\"_ _2\"></span>s<span class=\"_ _d\"></span>t<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span> <span class=\"_ _d\"></span>o<span class=\"_ _2\"></span>p<span class=\"_ _d\"></span>e<span class=\"_ _d\"></span>r<span class=\"_ _2\"></span>a<span class=\"_ _0\"></span>t<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>v<span class=\"_ _d\"></span>i</div></td><td class=\"c xcfd y39cc w137b h5e5\"><div class=\"t md x250 h38c y3966 ff4 fs34 fc1 sc2 ls0 ws0\">-<span class=\"_ _d\"></span>6<span class=\"_ _d\"></span>8<span class=\"_ _2\"></span>7<span class=\"_ _2\"></span>,<span class=\"_ _0\"></span>5</div></td><td class=\"c xcfe y39cc w137c h5e5\"><div class=\"t md x250 h38c y3966 ff4 fs34 fc1 sc2 ls0 ws0\">-<span class=\"_ _d\"></span>1<span class=\"_ _d\"></span>6<span class=\"_ _d\"></span>7<span class=\"_ _2\"></span>,<span class=\"_ _d\"></span>0</div></td><td class=\"c xcff y39cc w137d h5e5\"><div class=\"t md x250 h38c y3966 ff4 fs34 fc1 sc2 ls0 ws0\">-<span class=\"_ _0\"></span>9<span class=\"_ _d\"></span>9<span class=\"_ _2\"></span>,<span class=\"_ _d\"></span>0</div></td><td class=\"c xd00 y39cc w137e h5e5\"><div class=\"t md x250 h38c y3966 ff4 fs34 fc1 sc2 ls0 ws0\">-<span class=\"_ _d\"></span>9<span class=\"_ _d\"></span>5<span class=\"_ _d\"></span>3<span class=\"_ _d\"></span>,<span class=\"_ _d\"></span>5</div></td><td class=\"c xd01 y39cc w137f h5e5\"><div class=\"t md x250 h38c y3966 ff4 fs34 fc1 sc2 ls0 ws0\">-<span class=\"_ _0\"></span>3<span class=\"_ _d\"></span>9<span class=\"_ _2\"></span>,<span class=\"_ _0\"></span>3</div></td><td class=\"c xd02 y39cc w1380 h5e5\"><div class=\"t md x250 h38c y3966 ff4 fs34 fc1 sc2 ls0 ws0\">-<span class=\"_ _d\"></span>9<span class=\"_ _d\"></span>,<span class=\"_ _d\"></span>8</div></td><td class=\"c xd03 y39cc w1381 h5e5\"><div class=\"t md x250 h38c y3966 ff4 fs34 fc1 sc2 ls0 ws0\">-<span class=\"_ _d\"></span>4<span class=\"_ _2\"></span>9<span class=\"_ _d\"></span>,<span class=\"_ _d\"></span>1</div></td><td class=\"c xd04 y39cc w1382 h5e5\"><div class=\"t md x250 h38c y3966 ff4 fs34 fc1 sc2 ls0 ws0\">9<span class=\"_ _d\"></span>9<span class=\"_ _2\"></span>,<span class=\"_ _0\"></span>1</div></td><td class=\"c xbfe y39cb w1383 h5db\"><div class=\"t mc x250 h38b y396b ff4 fs33 fc1 sc2 ls0 ws0\">-<span class=\"_ _d\"></span>9<span class=\"_ _d\"></span>0<span class=\"_ _2\"></span>3<span class=\"_ _2\"></span>,<span class=\"_ _d\"></span>5</div></td></tr><tr><td class=\"c x262 y39cd w1384 h5db\"><div class=\"t mc x250 h38b y396b ff4 fs33 fc1 sc2 ls0 ws0\">R<span class=\"_ _d\"></span>i<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>u<span class=\"_ _d\"></span>l<span class=\"_ _2\"></span>t<span class=\"_ _d\"></span>a<span class=\"_ _d\"></span>t<span class=\"_ _2\"></span>o<span class=\"_ _d\"></span> <span class=\"_ _2\"></span>l<span class=\"_ _d\"></span>o<span class=\"_ _2\"></span>r<span class=\"_ _d\"></span>d<span class=\"_ _2\"></span>o<span class=\"_ _d\"></span> <span class=\"_ _2\"></span>d<span class=\"_ _d\"></span>i<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>g<span class=\"_ _d\"></span>e<span class=\"_ _d\"></span>s<span class=\"_ _2\"></span>t<span class=\"_ _d\"></span>i<span class=\"_ _2\"></span>o<span class=\"_ _d\"></span>n<span class=\"_ _2\"></span>e</div></td><td class=\"c xcee y39ce w1385 h5e5\"><div class=\"t md x250 h38c y3966 ff4 fs34 fc1 sc2 ls0 ws0\">6<span class=\"_ _2\"></span>5<span class=\"_ _0\"></span>4<span class=\"_ _2\"></span>,<span class=\"_ _d\"></span>7</div></td><td class=\"c xd05 y39ce w1386 h5e5\"><div class=\"t md x250 h38c y3966 ff4 fs34 fc1 sc2 ls0 ws0\">1<span class=\"_ _d\"></span>3<span class=\"_ _d\"></span>6<span class=\"_ _d\"></span>,<span class=\"_ _d\"></span>7</div></td><td class=\"c xd06 y39ce w1387 h5e5\"><div class=\"t md x250 h38c y3966 ff4 fs34 fc1 sc2 ls0 ws0\">1<span class=\"_ _2\"></span>5<span class=\"_ _0\"></span>4<span class=\"_ _2\"></span>,<span class=\"_ _d\"></span>6</div></td><td class=\"c xd07 y39ce w1388 h5e5\"><div class=\"t md x250 h38c y3966 ff4 fs34 fc1 sc2 ls0 ws0\">9<span class=\"_ _2\"></span>4<span class=\"_ _d\"></span>6<span class=\"_ _2\"></span>,<span class=\"_ _0\"></span>0</div></td><td class=\"c xd08 y39ce w1389 h5e5\"><div class=\"t md x250 h38c y3966 ff4 fs34 fc1 sc2 ls0 ws0\">1<span class=\"_ _2\"></span>2<span class=\"_ _0\"></span>1<span class=\"_ _d\"></span>,<span class=\"_ _d\"></span>8</div></td><td class=\"c xd09 y39ce w138a h5e5\"><div class=\"t md x250 h38c y3966 ff4 fs34 fc1 sc2 ls0 ws0\">8<span class=\"_ _2\"></span>5<span class=\"_ _d\"></span>,<span class=\"_ _0\"></span>5</div></td><td class=\"c xd0a y39ce w138b h5e5\"><div class=\"t md x250 h38c y3966 ff4 fs34 fc1 sc2 ls0 ws0\">2<span class=\"_ _0\"></span>0<span class=\"_ _2\"></span>7<span class=\"_ _2\"></span>,<span class=\"_ _d\"></span>3</div></td><td class=\"c xd0b y39ce w138c h5e5\"><div class=\"t md x250 h38c y3966 ff4 fs34 fc1 sc2 ls0 ws0\">-<span class=\"_ _0\"></span>2<span class=\"_ _d\"></span>4<span class=\"_ _d\"></span>,<span class=\"_ _d\"></span>4</div></td><td class=\"c xbfe y39cd w138d h5db\"><div class=\"t mc x250 h38b y396b ff4 fs33 fc1 sc2 ls0 ws0\">1<span class=\"_ _2\"></span>.<span class=\"_ _0\"></span>1<span class=\"_ _2\"></span>2<span class=\"_ _0\"></span>8<span class=\"_ _2\"></span>,<span class=\"_ _d\"></span>8</div></td></tr><tr><td class=\"c x262 y39cf w138e h5db\"><div class=\"t mc x250 h38b y396b ff4 fs33 fc1 sc0 ls0 ws0\">Amm<span class=\"_ _2\"></span>ortam<span class=\"_ _2\"></span>enti</div></td><td class=\"c xd0c y39d0 w138f h5e5\"><div class=\"t md x250 h38c y3966 ff4 fs34 fc1 sc0 ls0 ws0\">-87,5</div></td><td class=\"c xd0d y39d0 w1390 h5e5\"><div class=\"t md x250 h38c y3966 ff4 fs34 fc1 sc0 ls0 ws0\">-<span class=\"_ _2\"></span>8<span class=\"_ _1\"></span>,2</div></td><td class=\"c xd0e y39d0 w1391 h5e5\"><div class=\"t md x250 h38c y3966 ff4 fs34 fc1 sc0 ls0 ws0\">-<span class=\"_ _2\"></span>13,<span class=\"_ _2\"></span>4</div></td><td class=\"c xd0f y39d0 w1392 h5e5\"><div class=\"t md x250 h38c y3966 ff4 fs34 fc1 sc0 ls0 ws0\">-109,1</div></td><td class=\"c xd10 y39d0 w1393 h5e5\"><div class=\"t md x250 h38c y3966 ff4 fs34 fc1 sc0 ls0 ws0\">-0,8</div></td><td class=\"c xd11 y39d0 w1394 h5e5\"><div class=\"t md x250 h38c y3966 ff4 fs34 fc1 sc0 ls116 ws0\">-2,0</div></td><td class=\"c xd12 y39d0 w1395 h5e5\"><div class=\"t md x250 h38c y3966 ff4 fs34 fc1 sc0 ls116 ws0\">-2,8</div></td><td class=\"c xd13 y39d0 w1396 h5e5\"><div class=\"t md x250 h38c y3966 ff4 fs34 fc1 sc0 ls0 ws0\">4,6</div></td><td class=\"c xc8b y39cf w1397 h5db\"><div class=\"t mc x250 h38b y396b ff4 fs33 fc1 sc0 ls0 ws0\">-107,4</div></td></tr><tr><td class=\"c x262 y39d1 w1398 h5db\"><div class=\"t mc x250 h38b y396b ff4 fs33 fc1 sc2 ls0 ws0\">R<span class=\"_ _d\"></span>i<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>u<span class=\"_ _d\"></span>l<span class=\"_ _2\"></span>t<span class=\"_ _d\"></span>a<span class=\"_ _d\"></span>t<span class=\"_ _2\"></span>o<span class=\"_ _d\"></span> <span class=\"_ _2\"></span>o<span class=\"_ _d\"></span>p<span class=\"_ _d\"></span>e<span class=\"_ _d\"></span>r<span class=\"_ _2\"></span>a<span class=\"_ _d\"></span>t<span class=\"_ _d\"></span>i<span class=\"_ _2\"></span>v<span class=\"_ _d\"></span>o</div></td><td class=\"c xcee y39d2 w1399 h5e5\"><div class=\"t md x250 h38c y3966 ff4 fs34 fc1 sc2 ls0 ws0\">5<span class=\"_ _d\"></span>6<span class=\"_ _d\"></span>7<span class=\"_ _2\"></span>,<span class=\"_ _d\"></span>2</div></td><td class=\"c xd14 y39d2 w139a h5e5\"><div class=\"t md x250 h38c y3966 ff4 fs34 fc1 sc2 ls0 ws0\">1<span class=\"_ _2\"></span>2<span class=\"_ _d\"></span>8<span class=\"_ _2\"></span>,<span class=\"_ _0\"></span>5</div></td><td class=\"c xd15 y39d2 w139b h5e5\"><div class=\"t md x250 h38c y3966 ff4 fs34 fc1 sc2 ls0 ws0\">1<span class=\"_ _d\"></span>4<span class=\"_ _2\"></span>1<span class=\"_ _d\"></span>,<span class=\"_ _d\"></span>2</div></td><td class=\"c xd16 y39d2 w139c h5e5\"><div class=\"t md x250 h38c y3966 ff4 fs34 fc1 sc2 ls0 ws0\">8<span class=\"_ _2\"></span>3<span class=\"_ _d\"></span>6<span class=\"_ _d\"></span>,<span class=\"_ _d\"></span>8</div></td><td class=\"c xd17 y39d2 w139d h5e5\"><div class=\"t md x250 h38c y3966 ff4 fs34 fc1 sc2 ls0 ws0\">1<span class=\"_ _2\"></span>2<span class=\"_ _d\"></span>0<span class=\"_ _2\"></span>,<span class=\"_ _0\"></span>9</div></td><td class=\"c xd18 y39d2 w139e h5e5\"><div class=\"t md x250 h38c y3966 ff4 fs34 fc1 sc2 ls0 ws0\">83<span class=\"_ _d\"></span>,<span class=\"_ _d\"></span>5</div></td><td class=\"c xd19 y39d2 w139f h5e5\"><div class=\"t md x250 h38c y3966 ff4 fs34 fc1 sc2 ls0 ws0\">2<span class=\"_ _0\"></span>0<span class=\"_ _2\"></span>4<span class=\"_ _2\"></span>,<span class=\"_ _0\"></span>4</div></td><td class=\"c xd1a y39d2 w13a0 h5e5\"><div class=\"t md x250 h38c y3966 ff4 fs34 fc1 sc2 ls0 ws0\">-<span class=\"_ _d\"></span>1<span class=\"_ _d\"></span>9<span class=\"_ _d\"></span>,<span class=\"_ _d\"></span>9</div></td><td class=\"c xbfe y39d1 w13a1 h5db\"><div class=\"t mc x250 h38b y396b ff4 fs33 fc1 sc2 ls0 ws0\">1<span class=\"_ _2\"></span>.<span class=\"_ _0\"></span>0<span class=\"_ _2\"></span>2<span class=\"_ _d\"></span>1<span class=\"_ _d\"></span>,<span class=\"_ _d\"></span>4</div></td></tr><tr><td class=\"c x262 y39d3 w13a2 h5db\"><div class=\"t mc x250 h38b y396b ff4 fs33 fc1 sc0 ls0 ws0\">Rettific<span class=\"_ _f\"></span>he ne<span class=\"_ _2\"></span>tte su c<span class=\"_ _f\"></span>rediti</div></td><td class=\"c xd0c y39d4 w13a3 h5e5\"><div class=\"t md x250 h38c y3966 ff4 fs34 fc1 sc0 ls0 ws0\">-2<span class=\"_ _2\"></span>4,8</div></td><td class=\"c xd1b y39d4 w13a4 h5e5\"><div class=\"t md x250 h38c y3966 ff4 fs34 fc1 sc0 ls0 ws0\">0,1</div></td><td class=\"c xd1c y39d4 w13a5 h5e5\"><div class=\"t md x250 h38c y3966 ff4 fs34 fc1 sc0 ls0 ws0\">-18,1</div></td><td class=\"c xd1d y39d4 w13a6 h5e5\"><div class=\"t md x250 h38c y3966 ff4 fs34 fc1 sc0 ls0 ws0\">-42<span class=\"_ _2\"></span>,8</div></td><td class=\"c xd1e y39d4 w13a7 h5e5\"><div class=\"t md x250 h38c y3966 ff4 fs34 fc1 sc0 ls0 ws0\">0,0</div></td><td class=\"c xd1f y39d4 w13a7 h5e5\"><div class=\"t md x250 h38c y3966 ff4 fs34 fc1 sc0 ls0 ws0\">0,0</div></td><td class=\"c xd20 y39d4 w13a7 h5e5\"><div class=\"t md x250 h38c y3966 ff4 fs34 fc1 sc0 ls0 ws0\">0,0</div></td><td class=\"c xd21 y39d4 w13a7 h5e5\"><div class=\"t md x250 h38c y3966 ff4 fs34 fc1 sc0 ls0 ws0\">0,0</div></td><td class=\"c xc6c y39d3 w13a8 h5db\"><div class=\"t mc x250 h38b y396b ff4 fs33 fc1 sc0 ls0 ws0\">-42<span class=\"_ _2\"></span>,8</div></td></tr><tr><td class=\"c x262 y39d5 w13a9 h5db\"><div class=\"t mc x250 h38b y396b ff4 fs33 fc1 sc0 ls0 ws0\">Ac<span class=\"_ _f\"></span>cantona<span class=\"_ _2\"></span>me<span class=\"_ _2\"></span>nti<span class=\"_ _f\"></span> pe<span class=\"_ _2\"></span>r r<span class=\"_ _f\"></span>isc<span class=\"_ _1\"></span>hi ed oneri</div></td><td class=\"c xd22 y39d6 w13aa h5e5\"><div class=\"t md x250 h38c y3966 ff4 fs34 fc1 sc0 ls0 ws0\">-12<span class=\"_ _2\"></span>,1</div></td><td class=\"c xd23 y39d6 w13ab h5e5\"><div class=\"t md x250 h38c y3966 ff4 fs34 fc1 sc0 ls0 ws0\">-<span class=\"_ _2\"></span>4,0</div></td><td class=\"c xd24 y39d6 w13ac h5e5\"><div class=\"t md x250 h38c y3966 ff4 fs34 fc1 sc0 ls116 ws0\">-2,8</div></td><td class=\"c xd25 y39d6 w13ad h5e5\"><div class=\"t md x250 h38c y3966 ff4 fs34 fc1 sc0 ls0 ws0\">-<span class=\"_ _2\"></span>18<span class=\"_ _1\"></span>,9</div></td><td class=\"c xd26 y39d6 w13ae h5e5\"><div class=\"t md x250 h38c y3966 ff4 fs34 fc1 sc0 ls0 ws0\">-<span class=\"_ _2\"></span>1,<span class=\"_ _2\"></span>6</div></td><td class=\"c xd27 y39d6 w13af h5e5\"><div class=\"t md x250 h38c y3966 ff4 fs34 fc1 sc0 ls0 ws0\">0,1</div></td><td class=\"c xd28 y39d6 w13b0 h5e5\"><div class=\"t md x250 h38c y3966 ff4 fs34 fc1 sc0 ls0 ws0\">-<span class=\"_ _2\"></span>1,6</div></td><td class=\"c xd29 y39d6 w13a7 h5e5\"><div class=\"t md x250 h38c y3966 ff4 fs34 fc1 sc0 ls0 ws0\">0,0</div></td><td class=\"c xc6c y39d5 w13b1 h5db\"><div class=\"t mc x250 h38b y396b ff4 fs33 fc1 sc0 ls0 ws0\">-2<span class=\"_ _2\"></span>0,4</div></td></tr><tr><td class=\"c x262 y2e2f w13b2 h5db\"><div class=\"t mc x250 h38b y396b ff4 fs33 fc1 sc0 ls0 ws0\">Proventi<span class=\"_ _1\"></span> / oneri s<span class=\"_ _1\"></span>traordinari</div></td><td class=\"c xd0c y39d8 w13b3 h5e6\"><div class=\"t md x250 h38c y39d7 ff4 fs34 fc1 sc0 ls0 ws0\">-38,5</div></td><td class=\"c xd2a y39d8 w13b4 h5e6\"><div class=\"t md x250 h38c y39d7 ff4 fs34 fc1 sc0 ls0 ws0\">-<span class=\"_ _2\"></span>5,<span class=\"_ _2\"></span>0</div></td><td class=\"c xd2b y39d8 w13af h5e6\"><div class=\"t md x250 h38c y39d7 ff4 fs34 fc1 sc0 ls0 ws0\">0,1</div></td><td class=\"c xd2c y39d8 w13b5 h5e6\"><div class=\"t md x250 h38c y39d7 ff4 fs34 fc1 sc0 ls0 ws0\">-<span class=\"_ _2\"></span>43,4</div></td><td class=\"c xd2d y39d8 w13b6 h5e6\"><div class=\"t md x250 h38c y39d7 ff4 fs34 fc1 sc0 ls0 ws0\">-<span class=\"_ _2\"></span>0,5</div></td><td class=\"c xd2e y39d8 w13b7 h5e6\"><div class=\"t md x250 h38c y39d7 ff4 fs34 fc1 sc0 ls0 ws0\">-<span class=\"_ _2\"></span>3,1</div></td><td class=\"c xd2f y39d8 w13b8 h5e6\"><div class=\"t md x250 h38c y39d7 ff4 fs34 fc1 sc0 ls0 ws0\">-<span class=\"_ _2\"></span>3,6</div></td><td class=\"c xd30 y39d8 w13a7 h5e6\"><div class=\"t md x250 h38c y39d7 ff4 fs34 fc1 sc0 ls0 ws0\">0,0</div></td><td class=\"c xc9d y2e2f w13b9 h5db\"><div class=\"t mc x250 h38b y396b ff4 fs33 fc1 sc0 ls0 ws0\">-47,0</div></td></tr><tr><td class=\"c x262 y39d9 w13ba h5db\"><div class=\"t mc x250 h38b y396b ff4 fs33 fc1 sc2 ls0 ws0\">U<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>i<span class=\"_ _d\"></span>l<span class=\"_ _2\"></span>e<span class=\"_ _d\"></span> <span class=\"_ _2\"></span>p<span class=\"_ _d\"></span>r<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>m<span class=\"_ _0\"></span>a<span class=\"_ _d\"></span> <span class=\"_ _2\"></span>d<span class=\"_ _d\"></span>e<span class=\"_ _d\"></span>l<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>e<span class=\"_ _d\"></span> <span class=\"_ _d\"></span>i<span class=\"_ _2\"></span>m<span class=\"_ _d\"></span>p<span class=\"_ _d\"></span>o<span class=\"_ _d\"></span>s<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>e</div></td><td class=\"c xd31 y39da w13bb h5e6\"><div class=\"t md x250 h38c y39d7 ff4 fs34 fc1 sc2 ls0 ws0\">4<span class=\"_ _2\"></span>9<span class=\"_ _d\"></span>1<span class=\"_ _d\"></span>,<span class=\"_ _d\"></span>9</div></td><td class=\"c xd32 y39da w13bc h5e6\"><div class=\"t md x250 h38c y39d7 ff4 fs34 fc1 sc2 ls0 ws0\">1<span class=\"_ _d\"></span>1<span class=\"_ _d\"></span>9<span class=\"_ _2\"></span>,<span class=\"_ _0\"></span>5</div></td><td class=\"c xd33 y39da w13bd h5e6\"><div class=\"t md x250 h38c y39d7 ff4 fs34 fc1 sc2 ls0 ws0\">1<span class=\"_ _d\"></span>2<span class=\"_ _d\"></span>0<span class=\"_ _d\"></span>,<span class=\"_ _d\"></span>3</div></td><td class=\"c xd34 y39da w13be h5e6\"><div class=\"t md x250 h38c y39d7 ff4 fs34 fc1 sc2 ls0 ws0\">7<span class=\"_ _d\"></span>3<span class=\"_ _2\"></span>1<span class=\"_ _d\"></span>,<span class=\"_ _d\"></span>7</div></td><td class=\"c xd35 y39da w13bf h5e6\"><div class=\"t md x250 h38c y39d7 ff4 fs34 fc1 sc2 ls0 ws0\">1<span class=\"_ _2\"></span>1<span class=\"_ _d\"></span>8<span class=\"_ _2\"></span>,<span class=\"_ _0\"></span>8</div></td><td class=\"c xd36 y39da w13c0 h5e6\"><div class=\"t md x250 h38c y39d7 ff4 fs34 fc1 sc2 ls0 ws0\">8<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>,<span class=\"_ _d\"></span>4</div></td><td class=\"c xd37 y39da w13c1 h5e6\"><div class=\"t md x250 h38c y39d7 ff4 fs34 fc1 sc2 ls0 ws0\">1<span class=\"_ _d\"></span>9<span class=\"_ _2\"></span>9<span class=\"_ _d\"></span>,<span class=\"_ _d\"></span>3</div></td><td class=\"c xd38 y39da w13a0 h5e6\"><div class=\"t md x250 h38c y39d7 ff4 fs34 fc1 sc2 ls0 ws0\">-<span class=\"_ _d\"></span>1<span class=\"_ _d\"></span>9<span class=\"_ _d\"></span>,<span class=\"_ _d\"></span>9</div></td><td class=\"c xc9d y39d9 w13c2 h5db\"><div class=\"t mc x250 h38b y396b ff4 fs33 fc1 sc2 ls0 ws0\">9<span class=\"_ _2\"></span>1<span class=\"_ _d\"></span>1<span class=\"_ _d\"></span>,<span class=\"_ _d\"></span>1</div></td></tr><tr><td class=\"c x262 y39db w13c3 h5db\"><div class=\"t mc x250 h38b y396b ff4 fs33 fc1 sc0 ls0 ws0\">Uti<span class=\"_ _f\"></span>le di t<span class=\"_ _1\"></span>erzi</div></td><td class=\"c xd39 y39dc w13a7 h5e6\"><div class=\"t md x250 h38c y39d7 ff4 fs34 fc1 sc0 ls0 ws0\">0,0</div></td><td class=\"c xd3a y39dc w13a7 h5e6\"><div class=\"t md x250 h38c y39d7 ff4 fs34 fc1 sc0 ls0 ws0\">0,0</div></td><td class=\"c xd3b y39dc w13a7 h5e6\"><div class=\"t md x250 h38c y39d7 ff4 fs34 fc1 sc0 ls0 ws0\">0,0</div></td><td class=\"c xd3c y39dc w13a7 h5e6\"><div class=\"t md x250 h38c y39d7 ff4 fs34 fc1 sc0 ls0 ws0\">0,0</div></td><td class=\"c xd3d y39dc w13a7 h5e6\"><div class=\"t md x250 h38c y39d7 ff4 fs34 fc1 sc0 ls0 ws0\">0,0</div></td><td class=\"c xd3e y39dc w13a7 h5e6\"><div class=\"t md x250 h38c y39d7 ff4 fs34 fc1 sc0 ls0 ws0\">0,0</div></td><td class=\"c xd3f y39dc w13a7 h5e6\"><div class=\"t md x250 h38c y39d7 ff4 fs34 fc1 sc0 ls0 ws0\">0,0</div></td><td class=\"c xd40 y39dc w13a7 h5e6\"><div class=\"t md x250 h38c y39d7 ff4 fs34 fc1 sc0 ls0 ws0\">0,0</div></td><td class=\"c xcbd y39db w13c4 h5db\"><div class=\"t mc x250 h38b y396b ff4 fs33 fc1 sc0 ls0 ws0\">0,0</div></td></tr><tr><td class=\"c x262 y39dd w13c5 h5db\"><div class=\"t mc x250 h38b y396b ff4 fs33 fc1 sc0 ls0 ws0\">I<span class=\"_ _1\"></span>mposte sul reddi<span class=\"_ _f\"></span>to</div></td><td class=\"c xcd7 y39de w1142 h5e6\"><div class=\"t md x250 h38c y39d7 ff4 fs34 fc1 sc0 ls0 ws0\">-15<span class=\"_ _2\"></span>7,1</div></td><td class=\"c xd41 y39de w13c6 h5e6\"><div class=\"t md x250 h38c y39d7 ff4 fs34 fc1 sc0 ls0 ws0\">-<span class=\"_ _2\"></span>40,8</div></td><td class=\"c xd42 y39de w13c7 h5e6\"><div class=\"t md x250 h38c y39d7 ff4 fs34 fc1 sc0 ls0 ws0\">-<span class=\"_ _2\"></span>39,6</div></td><td class=\"c xd43 y39de w13c8 h5e6\"><div class=\"t md x250 h38c y39d7 ff4 fs34 fc1 sc0 ls0 ws0\">-<span class=\"_ _2\"></span>237,5</div></td><td class=\"c xd44 y39de w13c9 h5e6\"><div class=\"t md x250 h38c y39d7 ff4 fs34 fc1 sc0 ls0 ws0\">-<span class=\"_ _2\"></span>34,8</div></td><td class=\"c xd45 y39de w13ca h5e6\"><div class=\"t md x250 h38c y39d7 ff4 fs34 fc1 sc0 ls0 ws0\">-2<span class=\"_ _2\"></span>4,2</div></td><td class=\"c xd46 y39de w13cb h5e6\"><div class=\"t md x250 h38c y39d7 ff4 fs34 fc1 sc0 ls0 ws0\">-<span class=\"_ _2\"></span>59,<span class=\"_ _2\"></span>0</div></td><td class=\"c xd47 y39de w1350 h5e6\"><div class=\"t md x250 h38c y39d7 ff4 fs34 fc1 sc0 ls0 ws0\">5,<span class=\"_ _2\"></span>4</div></td><td class=\"c xc8b y39dd w13cc h5db\"><div class=\"t mc x250 h38b y396b ff4 fs33 fc1 sc0 ls0 ws0\">-2<span class=\"_ _2\"></span>91,0</div></td></tr><tr><td class=\"c x262 y2491 w13cd h5db\"><div class=\"t mc x250 h38b y396b ff4 fs33 fc1 sc2 ls0 ws0\">U<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>i<span class=\"_ _d\"></span>l<span class=\"_ _2\"></span>e<span class=\"_ _d\"></span> <span class=\"_ _2\"></span>n<span class=\"_ _d\"></span>e<span class=\"_ _d\"></span>t<span class=\"_ _2\"></span>t<span class=\"_ _d\"></span>o</div></td><td class=\"c xcee y39df w13ce h5e6\"><div class=\"t md x250 h38c y39d7 ff4 fs34 fc1 sc2 ls0 ws0\">3<span class=\"_ _2\"></span>3<span class=\"_ _d\"></span>4<span class=\"_ _d\"></span>,<span class=\"_ _d\"></span>8</div></td><td class=\"c xd48 y39df w13cf h5e6\"><div class=\"t md x250 h38c y39d7 ff4 fs34 fc1 sc2 ls0 ws0\">7<span class=\"_ _2\"></span>8<span class=\"_ _2\"></span>,<span class=\"_ _d\"></span>7</div></td><td class=\"c xd49 y39df w13d0 h5e6\"><div class=\"t md x250 h38c y39d7 ff4 fs34 fc1 sc2 ls0 ws0\">8<span class=\"_ _2\"></span>0<span class=\"_ _d\"></span>,<span class=\"_ _d\"></span>7</div></td><td class=\"c xd4a y39df w13d1 h5e6\"><div class=\"t md x250 h38c y39d7 ff4 fs34 fc1 sc2 ls0 ws0\">4<span class=\"_ _2\"></span>9<span class=\"_ _d\"></span>4<span class=\"_ _2\"></span>,<span class=\"_ _0\"></span>2</div></td><td class=\"c xd4b y39df w13d2 h5e6\"><div class=\"t md x250 h38c y39d7 ff4 fs34 fc1 sc2 ls0 ws0\">8<span class=\"_ _2\"></span>4<span class=\"_ _d\"></span>,<span class=\"_ _d\"></span>0</div></td><td class=\"c xd4c y39df w1362 h5e6\"><div class=\"t md x250 h38c y39d7 ff4 fs34 fc1 sc2 ls0 ws0\">5<span class=\"_ _d\"></span>6<span class=\"_ _d\"></span>,<span class=\"_ _d\"></span>3</div></td><td class=\"c xd4d y39df w13d3 h5e6\"><div class=\"t md x250 h38c y39d7 ff4 fs34 fc1 sc2 ls0 ws0\">1<span class=\"_ _d\"></span>4<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>,<span class=\"_ _0\"></span>3</div></td><td class=\"c xd4e y39df w13d4 h5e6\"><div class=\"t md x250 h38c y39d7 ff4 fs34 fc1 sc2 ls0 ws0\">-<span class=\"_ _0\"></span>1<span class=\"_ _2\"></span>4<span class=\"_ _d\"></span>,<span class=\"_ _d\"></span>4</div></td><td class=\"c xc8b y2491 w13d5 h5db\"><div class=\"t mc x250 h38b y396b ff4 fs33 fc1 sc2 ls0 ws0\">6<span class=\"_ _2\"></span>2<span class=\"_ _d\"></span>0<span class=\"_ _d\"></span>,<span class=\"_ _d\"></span>1</div></td></tr></table>LEGEN<span class=\"_ _f\"></span>DA:<span class=\"_ _df\"> </span> Marg<span class=\"_ _1\"></span>ine fina<span class=\"_ _f\"></span>nziario<span class=\"_ _df\"> </span><span class=\"_ _f\"></span> + Voce 30 Margine d\u2019interesse<span class=\"_ _df\"> </span>+<span class=\"_ _4\"> </span>Voce <span class=\"_ _2\"></span>70 <span class=\"_ _d\"></span>Divide<span class=\"_ _1\"></span>ndi <span class=\"_ _2\"></span>e <span class=\"_ _d\"></span>proventi <span class=\"_ _2\"></span>simili <span class=\"_ _d\"></span>(al <span class=\"_ _2\"></span>netto <span class=\"_ _d\"></span>della <span class=\"_ _2\"></span>quota <span class=\"_ _2\"></span>relativa <span class=\"_ _2\"></span>ai <span class=\"_ _d\"></span>dividendi <span class=\"_ _2\"></span>dei <span class=\"_ _2\"></span>tit<span class=\"_ _2\"></span>oli <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>cap<span class=\"_ _2\"></span>itale<span class=\"_ _df\"> </span>classificate in HTCS)<span class=\"_ _df\"> </span>+<span class=\"_ _51\"> </span>Voce <span class=\"_ _6\"> </span>250 <span class=\"_ _6\"> </span>Utile/p<span class=\"_ _1\"></span>erdita <span class=\"_ _6\"> </span>delle <span class=\"_ _6\"> </span>partecipazioni <span class=\"_ _6\"> </span>escluso <span class=\"_ _6\"> </span>gli <span class=\"_ _6\"> </span>utile/perdite <span class=\"_ _6\"> </span>deriv<span class=\"_ _1\"></span>anti <span class=\"_ _6\"> </span>da<span class=\"_ _df\"> </span>cessioni/valutazioni<span class=\"_ _df\"> </span>-<span class=\"_ _10\"> </span><span class=\"ff5\">Margine d\u2019interesse Credemvita<span class=\"_ _df\"> </span></span>Marg<span class=\"_ _1\"></span>ine se<span class=\"_ _1\"></span>rvizi<span class=\"_ _df\"> </span><span class=\"_ _1\"></span> + Voce 60 Commissioni nette<span class=\"_ _df\"> </span> + Voce 80 Risultato netto dell'attivit\u00e0 di ne<span class=\"_ _1\"></span>goziazione<span class=\"_ _df\"> </span>+ Vo<span class=\"ff5\">ce 90 Risultato netto dell\u2019attivit\u00e0 di cope<span class=\"_ _1\"></span>rtura<span class=\"_ _df\"> </span></span>+ Voce 100 Utili (perdite)<span class=\"_ _1\"></span> da cessione o riacquisto<span class=\"_ _df\"> </span>+ Voce 110 Risultato netto delle attivit\u00e0 e passivit\u00e0 finanziarie v<span class=\"_ _1\"></span>alutate al fair value<span class=\"_ _df\"> </span>+ Voce 1<span class=\"_ _2\"></span>30<span class=\"_ _1\"></span> a) <span class=\"_ _2\"></span>Rettifiche di valore nette per r<span class=\"_ _2\"></span>ischio di credito di <span class=\"_ _2\"></span>attivi<span class=\"_ _1\"></span>t\u00e0 <span class=\"_ _2\"></span>finanziarie<span class=\"_ _1\"></span> valutate <span class=\"_ _2\"></span>al costo<span class=\"_ _df\"> </span> ammortizzato (per la parte relativa a titoli iscritti in tale categoria<span class=\"_ _1\"></span> di attivit\u00e0 finanziarie)<span class=\"_ _df\"> </span>+ <span class=\"_ _d\"></span><span class=\"ls0\">Voce <span class=\"_ _2\"></span>130 <span class=\"_ _d\"></span>b) <span class=\"_ _2\"></span>Rettifiche <span class=\"_ _d\"></span>di <span class=\"_ _2\"></span>valore <span class=\"_ _d\"></span>nette <span class=\"_ _d\"></span>per <span class=\"_ _d\"></span>rischio <span class=\"_ _2\"></span>di <span class=\"_ _d\"></span>credito <span class=\"_ _2\"></span>di <span class=\"_ _d\"></span>attivit\u00e0 <span class=\"_ _d\"></span>finanziarie <span class=\"_ _2\"></span>valutate <span class=\"_ _d\"></span>al <span class=\"_ _2\"></span>fair<span class=\"_ _df\"> </span></span>value con impatto sulla redditivit\u00e0<span class=\"_ _df\"> </span>+ Voce 160 Risultato dei servizi assicurativi<span class=\"_ _df\"> </span>+ Voce 170 Saldo dei ricavi e<span class=\"_ _1\"></span> costi di natura finanziaria relativi<span class=\"_ _2\"></span> alla gestione assicurativa<span class=\"_ _df\"> </span> + Voce 230 Altri oneri/proventi di gestione<span class=\"_ _1\"></span> (al netto delle componenti di natura straordinaria<span class=\"_ _2\"></span>)<span class=\"_ _df\"> </span> + Voce 70 Div<span class=\"_ _1\"></span>idendi e p<span class=\"_ _1\"></span>roventi simili (per la <span class=\"_ _1\"></span>sola quota relativa <span class=\"_ _1\"></span>ai dividendi dei <span class=\"_ _1\"></span>titoli di capitale ne<span class=\"_ _1\"></span>lle<span class=\"_ _df\"> </span> attivit\u00e0 finanziarie classificate in HTCS)<span class=\"_ _df\"> </span>+ Margine d\u2019interesse Credemvita<span class=\"_ _df\"> </span>Risult<span class=\"_ _1\"></span>ato<span class=\"_ _1\"></span> oper<span class=\"_ _1\"></span>ativo<span class=\"_ _df\"> </span> + Margine d\u2019intermediazione<span class=\"_ _df\"> </span>+ Voce 190 Spese amministrative (spese per il personale e altre spese amministrative)<span class=\"_ _df\"> </span>+ Voce 210 Rettifiche /riprese di valore nette su attivit\u00e0 materiali<span class=\"_ _df\"> </span>+ Voce 220 Rettifiche /riprese di valore ne<span class=\"_ _1\"></span>tte su attivit\u00e0 immateriali<span class=\"_ _df\"> </span>Utile <span class=\"_ _1\"></span>prima<span class=\"_ _f\"></span> delle im<span class=\"_ _f\"></span>poste<span class=\"_ _df\"> </span> + Risultato operativo<span class=\"_ _df\"> </span>+ <span class=\"_ _d\"></span><span class=\"ls0\">Voce <span class=\"_ _0\"></span>130 <span class=\"_ _d\"></span>Rettifiche/Riprese <span class=\"_ _d\"></span>di <span class=\"_ _0\"></span>valore <span class=\"_ _d\"></span>nette <span class=\"_ _0\"></span>per <span class=\"_ _d\"></span>rischio <span class=\"_ _d\"></span>di <span class=\"_ _0\"></span>credito <span class=\"_ _d\"></span>(al <span class=\"_ _d\"></span>netto <span class=\"_ _0\"></span>di <span class=\"_ _d\"></span>quelle <span class=\"_ _d\"></span>iscritte <span class=\"_ _0\"></span>nel<span class=\"_ _df\"> </span></span><span class=\"ls0\"> </span>margine servizi)<span class=\"_ _df\"> </span>+ Voce 140 Utili/perdite da modifiche contrattuali senza cancel<span class=\"_ _1\"></span>lazioni<span class=\"_ _df\"> </span>+ Voce 200 Accantonamenti netti a fondi per rischi ed oneri<span class=\"_ _df\"> </span>+ Oneri/proventi straordinari:<span class=\"_ _df\"> </span>+<span class=\"_ _14\"> </span>Voce <span class=\"_ _0\"></span>230 <span class=\"_ _9\"> </span>Altri <span class=\"_ _d\"></span>o<span class=\"_ _2\"></span>neri/proventi <span class=\"_ _d\"></span>di <span class=\"_ _9\"> </span>gestione <span class=\"_ _0\"></span>(solo <span class=\"_ _0\"></span>componenti <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>natura <span class=\"_ _9\"> </span>straordinaria <span class=\"_ _9\"> </span>- <span class=\"_ _9\"> </span>sbilancio<span class=\"_ _df\"> </span>sopravvenienze)<span class=\"_ _df\"> </span>+ Voce 270 Rettifiche di valore del<span class=\"_ _1\"></span>l\u2019avviamento<span class=\"_ _df\"> </span>+ Voce 280 Utili/perdite da cessione di<span class=\"_ _1\"></span> investimenti<span class=\"_ _df\"> </span>+ Voce 320 Utili/perdite delle attivit\u00e0 operative cessate al netto delle imposte<span class=\"_ _df\"> </span>La riclassifica \u00e8 stata effettuat<span class=\"_ _1\"></span>a considerando anche<span class=\"_ _1\"></span> dati gestionali non desumibili dirett<span class=\"_ _1\"></span>amente dagli schem<span class=\"_ _f\"></span>i<span class=\"_ _df\"> </span> di bilancio e dalla <span class=\"_ _1\"></span>nota integrat<span class=\"_ _1\"></span>iva. ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-4": {
   "value": "Credito Emiliano S.p.A.",
   "dimensions": {
    "concept": "ifrs-full:NameOfUltimateParentOfGroup",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-5": {
   "value": "Credito Emiliano - CREDEM",
   "dimensions": {
    "concept": "ifrs-full:NameOfParentEntity",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-6": {
   "value": "Italia",
   "dimensions": {
    "concept": "ifrs-full:DomicileOfEntity",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-735": {
   "value": "Italia",
   "dimensions": {
    "concept": "ifrs-full:CountryOfIncorporation",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "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": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-8": {
   "value": "Corrisp<span class=\"_ _1\"></span>ettivi d<span class=\"_ _1\"></span>i revis<span class=\"_ _1\"></span>ione <span class=\"_ _1\"></span>cont<span class=\"_ _f\"></span>abile e dei s<span class=\"_ _1\"></span>ervizi d<span class=\"_ _f\"></span>iversi da<span class=\"_ _1\"></span>lla revis<span class=\"_ _f\"></span>ione<span class=\"_ _df\"> </span>Informazioni ai sensi dell\u2019art.149<span class=\"ff4\">-duodecies del Regolamento Emittenti Consob<span class=\"_ _df\"> </span></span>Il <span class=\"_ _d\"></span>prospetto, <span class=\"_ _d\"></span>redatto <span class=\"_ _d\"></span>ai <span class=\"_ _d\"></span>sensi <span class=\"_ _d\"></span>dell\u2019art.149<span class=\"ff4\">-duodecies <span class=\"_ _d\"></span>del <span class=\"_ _d\"></span>Regolamento <span class=\"_ _d\"></span>Emittenti <span class=\"_ _d\"></span>Consob <span class=\"_ _2\"></span>(delibera<span class=\"_ _df\"> </span></span>11971), <span class=\"_ _0\"></span>evidenzia <span class=\"_ _0\"></span>i <span class=\"_ _0\"></span>corrispettivi <span class=\"_ _9\"> </span>di <span class=\"_ _0\"></span>competenza <span class=\"_ _0\"></span>dell\u2019esercizio <span class=\"_ _0\"></span>202<span class=\"_ _2\"></span><span class=\"ff4\">5 <span class=\"_ _0\"></span>per <span class=\"_ _9\"> </span>i <span class=\"_ _0\"></span>servizi <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>revisione <span class=\"_ _0\"></span>e <span class=\"_ _0\"></span>per<span class=\"_ _df\"> </span></span>quelli <span class=\"_ _f\"></span>d<span class=\"_ _2\"></span>iversi, <span class=\"_ _1\"></span>resi dall<span class=\"_ _1\"></span>a Soci<span class=\"_ _1\"></span>et\u00e0 di <span class=\"_ _f\"></span>r<span class=\"_ _2\"></span>evisione<span class=\"_ _1\"></span> e <span class=\"_ _f\"></span>da societ\u00e0 <span class=\"_ _1\"></span>appartenenti all<span class=\"_ _1\"></span>a sua <span class=\"_ _f\"></span>rete. Tali <span class=\"_ _f\"></span>cor<span class=\"_ _2\"></span>rispett<span class=\"_ _2\"></span>ivi<span class=\"_ _df\"> </span>rappresentano <span class=\"_ _9\"> </span>i <span class=\"_ _9\"> </span>costi <span class=\"_ _9\"> </span>sostenuti <span class=\"_ _9\"> </span>ed <span class=\"_ _9\"> </span>iscrit<span class=\"_ _2\"></span>ti <span class=\"_ _9\"> </span>in <span class=\"_ _9\"> </span>bilancio <span class=\"_ _9\"> </span>d\u2019esercizio, <span class=\"_ _9\"> </span>al <span class=\"_ _9\"> </span>netto <span class=\"_ _16\"> </span>dei <span class=\"_ _0\"></span>rimbors<span class=\"_ _2\"></span>i <span class=\"_ _0\"></span>spese <span class=\"_ _9\"> </span>e<span class=\"_ _df\"> </span>dell\u2019IVA indetraibile (dati in migliaia di eu<span class=\"_ _1\"></span>ro).<table class=\"s w13ec h5ee\" id=\"_5521e321-c91f-4685-ae14-8ecd4232db89\"><tr><td class=\"c xd7d y3a2a w6b3 h275\"><div class=\"t m0 x8a h5 y477 ff4 fs1 fc4 sc3 ls0 ws0\">T<span class=\"_ _2\"></span>ip<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>lo<span class=\"_ _2\"></span>gi<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span> d<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>se<span class=\"_ _2\"></span>rv<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>z<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span> </div></td><td class=\"c xd7e y3a2a w49c h275\"><div class=\"t m0 x8a h5 y477 ff4 fs1 fc4 sc3 ls0 ws0\">S<span class=\"_ _2\"></span>oc<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>et<span class=\"_ _2\"></span>\u00e0<span class=\"_ _2\"></span> c<span class=\"_ _2\"></span>he<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>er<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>ga<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span> S<span class=\"_ _2\"></span>er<span class=\"_ _2\"></span>v<span class=\"_ _2\"></span>iz<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span> </div></td><td class=\"c xd7f y3a2a w240 h275\"><div class=\"t m0 x8a h5 y477 ff4 fs1 fc4 sc3 ls0 ws0\">C<span class=\"_ _2\"></span>om<span class=\"_ _2\"></span>pen<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span> </div></td></tr><tr><td class=\"c xd7d y3a2b w6b3 h148\"><div class=\"t m0 x8a h5 y295 ff4 fs1 fc1 sc0 ls0 ws0\">R<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>vi<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>nt<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>b<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span> </div></td><td class=\"c xd7e y3a2b w49c h148\"><div class=\"t m0 x8a h5 y295 ff4 fs1 fc1 sc0 ls0 ws0\">D<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>lo<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>&amp;<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>T<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>ch<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>S<span class=\"_ _2\"></span>p<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span> </div></td><td class=\"c xd7f y3a2b w240 h148\"><div class=\"t m0 x1a0 h5 y295 ff4 fs1 fc1 sc0 ls0 ws0\">1<span class=\"_ _2\"></span>.<span class=\"_ _2\"></span>25<span class=\"_ _2\"></span>5<span class=\"_ _2\"></span> </div></td></tr><tr><td class=\"c xd7d y3a2c w6b3 h1d\"><div class=\"t m0 x8a h5 y45 ff4 fs1 fc1 sc0 ls0 ws0\">S<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>vi<span class=\"_ _2\"></span>z<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>A<span class=\"_ _2\"></span>tt<span class=\"_ _d\"></span>es<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>z<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>on<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span> </div></td><td class=\"c xd7e y3a2c w49c h1d\"><div class=\"t m0 x8a h5 y45 ff4 fs1 fc1 sc0 ls0 ws0\">D<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>lo<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>&amp;<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>T<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>ch<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>S<span class=\"_ _2\"></span>pa<span class=\"_ _d\"></span> </div></td><td class=\"c xd7f y3a2c w240 h1d\"><div class=\"t m0 x24 h5 y45 ff4 fs1 fc1 sc0 ls0 ws0\">2<span class=\"_ _2\"></span>7<span class=\"_ _2\"></span>4 </div></td></tr><tr><td class=\"c xd7d y3a2d w6b3 h1c\"><div class=\"t m0 x8a h5 y40 ff4 fs1 fc1 sc0 ls0 ws0\">A<span class=\"_ _2\"></span>lt<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>er<span class=\"_ _2\"></span>v<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>z<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span> </div></td><td class=\"c xd7e y3a2d w49c h1c\"><div class=\"t m0 x8a h5 y40 ff4 fs1 fc1 sc0 ls0 ws0\">D<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>lo<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>&amp;<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>T<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>ch<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>S<span class=\"_ _2\"></span>pa<span class=\"_ _d\"></span> </div></td><td class=\"c xd7f y3a2d w240 h1c\"><div class=\"t m0 x2 h5 y40 ff4 fs1 fc1 sc0 ls11b ws0\">49<span class=\"ls0\"> </span></div></td></tr><tr><td class=\"c xd7d y3a2e w6b3 h275\"><div class=\"t m0 x8a h5 y477 ff4 fs1 fc4 sc3 ls0 ws0\">T<span class=\"_ _2\"></span>ot<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>le<span class=\"_ _2\"></span> </div></td><td></td><td class=\"c xd7f y3a2e w240 h275\"><div class=\"t m0 x1a0 h5 y477 ff4 fs1 fc4 sc3 ls0 ws0\">1<span class=\"_ _2\"></span>.5<span class=\"_ _2\"></span><span class=\"lsad\">78</span> </div></td></tr></table>Si precisa che i corrispettivi relativi al servizio di revisione contabile includono <span class=\"_ _2\"></span><span class=\"ls6e\">36</span> mila euro relativi<span class=\"_ _df\"> </span>alla revisione contabile<span class=\"_ _1\"></span> dei fondi <span class=\"_ _2\"></span>Credem Ve<span class=\"_ _1\"></span>nture Capital II, Fondo Elite e Fondo EltifPlus gestiti d<span class=\"_ _f\"></span>a<span class=\"_ _df\"> </span>Credem <span class=\"_ _16\"> </span>Private <span class=\"_ _16\"> </span>Equity  SGR,  38<span class=\"_ _1\"></span>7  mila <span class=\"_ _16\"> </span>euro <span class=\"_ _16\"> </span>relativi <span class=\"_ _16\"> </span>alla <span class=\"_ _16\"> </span>revisione <span class=\"_ _16\"> </span>contabile <span class=\"_ _16\"> </span>dei <span class=\"_ _16\"> </span>fondi <span class=\"_ _16\"> </span>gestiti  da<span class=\"_ _df\"> </span>Euromobiliare <span class=\"_ _16\"> </span>Asset  Manage<span class=\"_ _1\"></span>ment  SGR,  <span class=\"ls2\">51<span class=\"_ _f\"></span><span class=\"ls0\">  mila  euro<span class=\"_ _1\"></span> <span class=\"_ _16\"> </span>relativi <span class=\"_ _16\"> </span>alla  rev<span class=\"_ _1\"></span>isione  contabi<span class=\"_ _1\"></span>le  d<span class=\"_ _1\"></span>el  fondo<span class=\"_ _df\"> </span></span></span>Pensione <span class=\"_ _2\"></span>Aperto, <span class=\"_ _2\"></span>delle <span class=\"_ _2\"></span>gestioni <span class=\"_ _2\"></span>separate, <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>dei <span class=\"_ _2\"></span>fondi <span class=\"_ _2\"></span>Interni <span class=\"_ _2\"></span>Assicurativi <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>Credemvita <span class=\"_ _2\"></span>e <span class=\"_ _0\"></span><span class=\"ls1\">180</span> <span class=\"_ _2\"></span><span class=\"ls6\">mi</span>la<span class=\"_ _df\"> </span>euro <span class=\"_ _0\"></span>r<span class=\"_ _2\"></span>elativi <span class=\"_ _0\"></span>alla <span class=\"_ _0\"></span>revisione, <span class=\"_ _0\"></span>svolta <span class=\"_ _9\"> </span>da <span class=\"_ _9\"> </span>Deloitte <span class=\"_ _0\"> </span>Luxembourg, <span class=\"_ _16\"> </span>delle <span class=\"_ _0\"></span>Sicav <span class=\"_ _0\"></span>gestite <span class=\"_ _9\"> </span>da <span class=\"_ _9\"> </span>Euromobiliare<span class=\"_ _df\"> </span>Asset Management SGR. <span class=\"_ _2\"></span>Detti compensi non trovano risc<span class=\"_ _2\"></span>ontro nel conto <span class=\"_ _2\"></span>economico consolidato,<span class=\"_ _df\"> </span>essendo gli stessi a carico del singolo fondo.",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  }
 }
}